富美實 (FMC) 2024 Q4 法說會逐字稿

Good afternoon and welcome to the fourth quarter of 2024 call for FMC Corporation. This event is being recorded. (Operator Instructions)

下午好，歡迎參加 FMC 公司 2024 年第四季電話會議。正在記錄此事件。（操作員指令）

And I would now like to turn the conference over to Mr. Curt Brooks, Director of Investor Relations for FMC Corporation. Please go ahead.

現在，我想將會議交給 FMC 公司投資者關係總監 Curt Brooks 先生。請繼續。

Thanks. Good afternoon, and welcome to FMC Corporation's fourth quarter earnings call. Joining me today are Pierre Brondeau, Chairman and Chief Executive Officer; Andrew Sandifer, Executive Vice President and Chief Financial Officer; and Ronaldo Pereira, President. Pierre will review our fourth-quarter performance, provide an outlook for first-quarter and full-year 2025 performance and share our 2027 financial targets. Andrew will provide an overview of select financial results followed by a strategy update from Ronaldo.

謝謝。下午好，歡迎參加 FMC 公司第四季財報電話會議。今天與我一起出席的還有董事長兼執行長 Pierre Brondeau；安德魯‧桑迪弗 (Andrew Sandifer)，執行副總裁兼財務長；以及總裁羅納多·佩雷拉。皮埃爾將回顧我們第四季的業績，並對 2025 年第一季和全年的業績進行展望，並分享我們 2027 年的財務目標。安德魯將概述部分財務業績，隨後羅納多將介紹策略最新情況。

After our prepared remarks, we will take questions. Our earnings release and today's slide presentation are available on our website, and the prepared remarks from today's discussion will be made available after the call.

在我們發表準備好的發言後，我們將回答問題。我們的收益報告和今天的幻燈片演示可在我們的網站上查閱，今天討論的準備好的發言將在電話會議結束後提供。

Let me remind you that today's presentation and discussion will include forward-looking statements that are subject to various risks and uncertainties concerning specific factors including, but not limited to those that are identified in our earnings release and in our filings with the Securities and Exchange Commission. Information presented represents our best judgment based on today's understanding. Actual results may vary based upon these risks and uncertainties.

讓我提醒您，今天的演示和討論將包括前瞻性陳述，這些陳述受與特定因素有關的各種風險和不確定性的影響，包括但不限於我們的收益報告和向美國證券交易委員會提交的文件中確定的因素。所提供的資訊代表了我們根據今天的理解做出的最佳判斷。實際結果可能因這些風險和不確定性而有所不同。

Today's discussion and the supporting materials will include references to adjusted EPS, adjusted EBITDA, free cash flow, and organic revenue growth, all of which are non-GAAP financial measures. Please note that as used in today's discussion, earnings means adjusted earnings and EBITDA means adjusted EBITDA. A reconciliation and definition of these terms as well as other non-GAAP financial terms to which we may refer during today's conference call are provided on our website. I'll now turn the call over to Pierre.

今天的討論和支持材料將包括調整後的每股收益、調整後的息稅折舊攤銷前利潤、自由現金流和有機收入增長，所有這些都是非公認會計準則財務指標。請注意，在今天的討論中，收益意味著調整後的收益，EBITDA 意味著調整後的 EBITDA。我們的網站上提供了這些術語的對帳和定義以及我們在今天的電話會議中可能參考的其他非 GAAP 財務術語。我現在將電話轉給皮埃爾。

Thank you, Curt, and good afternoon, everyone. When I returned as CEO, we started the process to improve our market visibility and deliver a more predictable performance for FMC. Equally important, we also focused the organization on defining and implementing a diamides growth strategy and accelerating the introduction of fluindapyr and Isoflex actives, all while increasing our cost-cutting targets.

謝謝你，Curt，大家下午好。當我重返執行長職位時，我們開始了提高市場知名度和為 FMC 提供更可預測的績效的進程。同樣重要的是，我們也專注於制定和實施二醯胺成長策略，加速引進 fluindapyr 和 Isoflex 活性成分，同時提高我們的成本削減目標。

We are seeing good headways here and delivered two strong quarters with earnings above our guidance. The work we have done has also led to a new way of thinking about the portfolio with products being considered as either parts of our core portfolio or growth portfolio. Framing the products, as you can see on slide 3, in this way will shape a lot our commentary on today's call.

我們看到了良好的進展，並實現了兩個強勁的季度收益高於我們的預期。我們所做的工作也帶來了一種新的投資組合思維方式，產品被視為我們核心投資組合或成長投資組合的一部分。正如您在幻燈片 3 上看到的那樣，以這種方式建立產品將對我們今天電話會議的評論產生很大的影響。

Our efforts to improve market visibility and deliver more predictable performance have progressed. However, after eight months in a row, I have modified my view of what needs to be done for FMC to fully benefit from the market upturn when it happens and the quality of our portfolio. The company needs a stronger reset than what I thought initially. We learned a lot in the fourth quarter, and it has become clear that we need to take more aggressive actions to reposition FMC.

我們為提高市場知名度和提供更可預測的業績所做的努力已經取得進展。然而，經過連續八個月的努力，我改變了自己的看法，當市場好轉時，FMC 需要做些什麼才能充分受益於市場好轉，以及我們的投資組合的品質。公司需要比我原想的更強有力的重塑。我們在第四季學到了很多東西，很明顯我們需要採取更積極的行動來重新定位FMC。

Above all, we need to significantly lower FMC inventory in the channel much beyond what we were expecting. We also need to give a higher priority to the implementation of our newly developed strategy for Rynaxypyr and Cyazypyr, including accelerating the implementation of a manufacturing cost reduction efforts. These actions will have pronounced negative impact on 2025 performance -- financial performance beyond what we anticipated. Additionally, we will need to provide additional resources to strengthen the commercial development of our new active ingredients, or AIs, which is critical to 2025 revenue and beyond.

最重要的是，我們需要大幅降低通路中的 FMC 庫存，遠遠超出我們的預期。我們還需要更優先地實施我們為Rynaxypyr和Cyazypyr新制定的策略，包括加快實施製造成本降低措施。這些行動將對 2025 年的業績產生明顯的負面影響——財務表現超出我們的預期。此外，我們需要提供額外的資源來加強我們新活性成分（AI）的商業開發，這對 2025 年及以後的收入至關重要。

It also became clear to us that beyond inventory level, we missed the impact of an evolving distribution channel in LatAm, which will require us to invest to expand a sales organization to explore new routes to market in that region. We will go into more detail on this topic later in the presentation.

我們也清楚地認識到，除了庫存水準之外，我們忽略了拉丁美洲不斷發展的分銷管道的影響，這將需要我們投資擴大銷售組織，探索該地區新的市場途徑。我們將在後面的演示中更詳細地討論這個主題。

2025 is a pivotal year. Let me give some more details about the actions we are undertaking. It is highly feasible to have all of these in place in the next few months. We will greatly benefit from these actions starting in 2026, but it will penalize our short-term financial performance.

2025年是關鍵的一年。讓我詳細介紹一下我們正在採取的行動。在接下來的幾個月內，實現所有這些都是完全可行的。從 2026 年開始，這些行動將為我們帶來巨大益處，但它將損害我們的短期財務表現。

First, we are committed to decreasing the level of FMC products in the channel. We will make certain that our products move from the channel to the ground faster than our sales to the channel. This will be a high priority for the company. Critically, this means the volume growth we are forecasting will be heavily driven by new routes to market and new products, where channel inventory is not an issue.

首先，我們致力於降低通路中FMC產品的層級。我們將確保我們的產品從通路到地面的運輸速度比我們的銷售到通路的速度更快。這將是公司的首要任務。至關重要的是，這意味著我們預測的銷售成長將主要受到新市場途徑和新產品的推動，而通路庫存不是問題。

Second, the quarter, we are completing the first phase of significant manufacturing cost reduction of Rynaxpyr and Cyazypyr. These cost reductions are critical to delivering our future growth plan, but as I mentioned earlier, it will create some year-on-year negative comparison in revenue in 2025.

第二，本季度，我們正在完成Rynaxpyr和Cyazypyr製造成本大幅降低的第一階段。這些成本削減對於實現我們未來的成長計畫至關重要，但正如我之前提到的，它將導致 2025 年的收入年比出現一些負面變化。

It is important to remember that Rynaxypyr and Cyazypyr have two critical components, which are managed separately. They are branded diamide products that are sold directly to the market by FMC. In 2024, this was about 75% of our diamide sales. Then there are partner sales, which are solo molecules sold to competitors. A number of the most significant contracts are based on cost-plus pricing. Our significant manufacturing cost decrease will impact the sales value to our partners, as product prices will decrease with manufacturing cost reductions.

重要的是要記住，Rynaxypyr 和 Cyazypyr 有兩個關鍵元件，它們是分開管理的。它們是 FMC 直接向市場銷售的品牌二醯胺產品。2024年，這約占我們二醯胺銷售額的75%。然後還有合作夥伴銷售，即將單一分子出售給競爭對手。許多最重要的合約都是基於成本加成定價的。我們製造成本的大幅下降將影響我們合作夥伴的銷售價值，因為產品價格將隨著製造成本的降低而下降。

In 2025, we expect branded Cyazypyr sales to continue to grow. However, we are forecasting overall Rynaxypyr sales to be down as a key partner sales are impacted by a cost-plus contracts and as we position a branded lines for a new market strategy. In addition, we continue to see generic versions over the Rynaxypyr sold in India and China as well as generic offering now in countries such as Argentina, Turkey, Mexico, Pakistan, and Peru. The presence of this generic is not unexpected but negatively impacts price and initially some volume.

2025 年，我們預計品牌 Cyazypyr 的銷售將持續成長。然而，我們預測 Rynaxypyr 的整體銷售將會下降，因為主要合作夥伴的銷售受到成本加成合約的影響，而且我們為新的市場策略定位了品牌產品線。此外，我們繼續看到 Rynaxypyr 的仿製藥在印度和中國銷售，並且現在在阿根廷、土耳其、墨西哥、巴基斯坦和秘魯等國家也有仿製藥出售。這種仿製藥的存在並不意外，但會對價格和最初的銷售產生負面影響。

Third, we are preparing our diamide product lines for the next phase of their evolution. We view FMC's products as two-parts: the core portfolio and the growth portfolio. The core portfolio includes products for which the base molecules used to develop new formulations are already or about to be without patent or data protection. The growth portfolio, by contrast, includes products for which the base molecules are data or IP protected.

第三，我們正在為二醯胺產品線的下一階段發展做準備。我們將FMC的產品分為兩部分：核心產品組合與成長產品組合。核心產品組合包括用於開發新配方的基礎分子已經或即將失去專利或資料保護的產品。相較之下，成長產品組合包括基礎分子受數據或智慧財產權保護的產品。

Cyazypyr, the four new active ingredients: fluindapyr, Isoflex, Dodhylex, and rimisoxafen, and plant health portfolio construct our growth portfolio. Rynaxypyr is a part of the core portfolio, along with the rest of our legacy products. As we'll explain later, the market for Rynaxypyr will transform in the next few years, expanding to new markets and offering strong growth opportunities.

Cyazypyr、四種新活性成分：fluindapyr、Isoflex、Dodhylex 和 rimisoxafen 以及植物健康產品組合構成了我們的成長產品組合。Rynaxypyr 和我們的其他傳統產品一起構成了核心產品組合的一部分。正如我們稍後將解釋的那樣，Rynaxypyr 的市場將在未來幾年發生轉變，擴展到新的市場並提供強勁的成長機會。

The other diamide product, Cyazypyr, is a differentiated product with longer patent and data protection, stronger performance and a more complex manufacturing process. Cyazypyr also offers opportunities to develop higher-performing formulation. Today, no generic companies are selling this molecule in any major markets.

另一種二醯胺產品Cyazypyr是一種差異化產品，具有更長的專利和資料保護期、更強的性能和更複雜的製造流程。Cyazypyr 也提供了開發更高性能配方的機會。目前，沒有仿製藥公司在任何主要市場上銷售這種分子。

Fourth, as we have delivered savings well beyond our restructuring target, we are investing in the expansion of the sales organization to support the growth of new active ingredients and to begin -- to develop new routes market we have not explored, especially in LatAm and EMEA.

第四，由於我們實現的節約遠超重組目標，我們正在投資擴大銷售組織，以支持新活性成分的成長，並開始開發我們尚未探索的新路線市場，特別是在拉丁美洲和歐洲、中東和非洲地區。

As we'll discuss further in a moment, LatAm Q4 sales were disappointing. In addition to the channel inventory situation, we believe the shifting market structure is also impacting sales. The distribution channel in Brazil has gone through a strong wave of consolidation. Territories that we are well covered and served are not performing as well anymore.

正如我們稍後將進一步討論的那樣，拉丁美洲第四季的銷售情況令人失望。除了通路庫存外，我們認為市場結構的變化也會影響銷售。巴西的分銷管道經歷了強勁的整合浪潮。我們曾經覆蓋和服務良好的地區現在表現不再那麼好。

This is one of the reasons we have decided new routes to market, including a more direct approach to large growers. That will require increased investments which will be reflecting in our selling cost this year. This is a critical part of the strategy as it generates growth without impacting our efforts to lower FMC channel inventory.

這是我們決定採用新途徑進入市場的原因之一，包括採取更直接的方式接觸大型種植者。這將需要增加投資，這將反映在我們今年的銷售成本中。這是該策略的關鍵部分，因為它可以在不影響我們降低 FMC 通路庫存的努力的情況下促進成長。

With these four steps in place, we believe we are well positioned for growth in 2026 and 2027. And we have strong confidence in our products. FMC, like all technology-based companies, has an evolving product portfolio. Our strategy is to drive commercialization of innovative growth platforms, while maximizing the value over older, off-patent core product through formulations and mixture.

透過實施這四個步驟，我們相信我們已為 2026 年和 2027 年的成長做好了準備。我們對我們的產品充滿信心。與所有技術型公司一樣，FMC 擁有不斷發展的產品組合。我們的策略是推動創新成長平台的商業化，同時透過配方和混合最大限度地提高舊的、非專利核心產品的價值。

We view our core and growth portfolio as well balanced with the core portfolio able to grow at or slightly above the market, while the growth portfolio is expected to grow significantly above market. Sales in the core portfolio will be driven by market demand, new formulation developments, and new routes to market. As you will hear later, Rynaxpyr has high-single-digit growth potential after the planned 2025 correction with the market growing exponentially.

我們認為，我們的核心投資組合和成長投資組合是均衡的，核心投資組合能夠以與市場持平或略高於市場的速度成長，而成長投資組合預計將以遠高於市場的速度成長。核心產品組合的銷售將受到市場需求、新配方開發和新市場途徑的推動。正如您稍後會聽到的那樣，在計劃的 2025 年調整之後，Rynaxpyr 具有高個位數的成長潛力，市場將呈指數級增長。

In the growth portfolio, the four new AIs have excellent sales potential. The market introduction of the first two molecules, fluindapyr and Isoflex is progressing as planned, with sales approaching $130 million in 2024. The other two molecules Dodhylex and rimisoxafen have at least an equivalent peak sales potential but have later introduction dates.

在成長組合中，四款新 AI 均具有出色的銷售潛力。首批兩種分子 fluindapyr 和 Isoflex 的市場推廣正在按計劃進行，2024 年的銷售額將接近 1.3 億美元。另外兩種分子 Dodhylex 和 rimisoxafen 至少具有同等的峰值銷售潛力，但推出日期較晚。

In addition and most importantly, all four of these new products allow us to penetrate large market we don't participate in today. The combined sales of these four molecules at maturity is expected to be substantially larger than the total diamide portfolio today and potentially beyond the $2 billion we previously announced as we find more applications for these products.

此外，最重要的是，這四款新產品使我們能夠進入目前尚未參與的大型市場。隨著我們為這些產品找到更多的應用，這四種分子在到期時的總銷售額預計將大大高於目前的二醯胺產品組合總額，並且可能超過我們先前宣布的 20 億美元。

Regarding plant health, we expect the platform to grow at an annual rate in the mid-20% range out to 2027, with growth rate potentially exceeding that in later years as pheromones scale up. The actions we take in 2025 will allow our portfolio to deliver substantial growth in 2026 and 2027. I want to shift now and provide more detail on our fourth quarter, which are detailed in slide 4 through 6.

關於植物健康，我們預計到 2027 年該平台的年增長率將達到 20% 左右，隨著信息素規模的擴大，未來幾年的增長率可能會超過這一水平。我們在 2025 年採取的行動將使我們的投資組合在 2026 年和 2027 年實現大幅成長。我現在想轉而提供有關我們第四季度的更多細節，這些細節在幻燈片 4 至 6 中有詳細說明。

Q4 revenue of $1.22 billion were below our guidance range. Revenue grew 7% versus 2023 and 9% excluding sales forgone from the divestiture of our Global Specialty Solutions or GSS business in November 2024. The sales increased was heavily attributed to volume gains in our growth portfolio. Sales of these products accounted for over 75% of the growth. That includes Cyazypyr and new AIs as well as the plant health business, which grew 33%, mainly from biological. Lower pricing of 3% was slightly better than we expected, but an FX headwind of 5% was higher than the low single digit we have forecasted.

第四季營收為 12.2 億美元，低於我們的預期範圍。與 2023 年相比，收入增長了 7%，若不包括 2024 年 11 月剝離全球專業解決方案或 GSS 業務所損失的銷售額，則收入增長了 9%。銷售額的成長主要歸功於我們成長產品組合的銷售成長。這些產品的銷售額佔成長的75%以上。其中包括Cyazypyr和新的活性成分以及植物健康業務，該業務成長了33%，主要來自生物業務。3%的較低定價略優於我們的預期，但 5% 的外匯逆風高於我們預測的低個位數。

LatAm sales were most disappointing as high competition to prices and terms that we were unwilling to meet, which in addition to credit risks led us to pass on some sales. As we were confident that we would meet our EBITDA and EPS targets, we had the flexibility to walk away from unattractive sales opportunities.

拉丁美洲的銷售最令人失望，因為價格競爭激烈，我們不願滿足某些條款，再加上信用風險，導致我們放棄了一些銷售。由於我們有信心實現 EBITDA 和 EPS 目標，因此我們可以靈活地放棄沒有吸引力的銷售機會。

Additionally, we saw lower-than-expected demand across most regions, as customers lowered the amount of inventory they are willing to hold versus historical level. While we did anticipate customers will hold less inventory in an environment of higher interest rates, lower commodity prices and a perception of secure supply, we were not expecting behavior to change to such a degree. Given the above assumptions and the current high levels of FMC product in the channel, we now believe we have elevated channel inventories in some countries in LatAm, including Brazil, Asia, including India as well as Canada and Eastern Europe.

此外，我們發現大多數地區的需求低於預期，因為客戶相對於歷史水準降低了願意持有的庫存量。雖然我們確實預計，在利率上升、商品價格下降和供應有保障的環境下，客戶將持有更少的庫存，但我們並沒有預料到行為會發生如此程度的改變。鑑於上述假設以及目前通路中 FMC 產品的高水平，我們現在認為我們已經在拉丁美洲一些國家（包括巴西）、亞洲（包括印度）以及加拿大和東歐提升了渠道庫存。

We reported fourth-quarter EBITDA of $339 million, which was 33% higher than last year and $3 million higher than our guidance midpoint. Lower pricing and FX headwinds were more than offset by higher volumes as well as favorable costs, including continued contribution from a restructuring program. Input costs were favorable due to lower raw material costs with much lower unabsorbed fixed costs than we recorded in previous quarters. The reduced cost, coupled with sales growth, led to a strong EBITDA margin of 27.7%, an all-time Q4 high.

我們公佈第四季度的 EBITDA 為 3.39 億美元，比去年同期高出 33%，比我們的預期中位數高出 300 萬美元。較低的價格和外匯不利因素被更高的銷售和優惠的成本（包括重組計劃的持續貢獻）所抵消。由於原料成本較低且未吸收固定成本遠低於我們前幾季所記錄的水平，因此投入成本較為有利。成本降低加上銷售額成長，使得 EBITDA 利潤率達到 27.7%，創下第四季歷史新高。

Slide 7 shows the return of full year -- the results of full year 2024. Sales declined 5% as higher volume, mainly in the second half of the year, was more than offset by lower pricing and FX headwinds. Although EBITDA declined 8%, we posted EBITDA margin of 21%, which was only a slight decline versus prior year despite the drop in sales. Part of this was due to the strong cost including $165 million of cost benefits from our restructuring actions.

幻燈片 7 顯示了全年回報——2024 年全年業績。銷售額下降 5%，主要是因為下半年銷售增加，但被價格下跌和外匯不利因素所抵銷。雖然 EBITDA 下降了 8%，但我們的 EBITDA 利潤率為 21%，與前一年相比僅略有下降。部分原因在於強勁的成本投入，包括我們重組措施帶來的 1.65 億美元的成本效益。

Looking at 2025, we can see our full-year expectations on slide 8. We are expecting full-year sales of $4.15 billion to $4.35 billion, which is flat to prior year at the midpoint and up 3%, excluding approximately $110 million of lost sales from the GSS sale. We are forecasting moderate gains in volumes driven by our growth portfolio as well as the expansion of our customer base. This volume growth is forecasted to be partially offset by deliberate actions we are taking to reduce channel inventory in many countries.

展望 2025 年，我們可以在第 8 張投影片上看到我們的全年預期。我們預計全年銷售額為 41.5 億美元至 43.5 億美元，與去年同期持平，成長 3%，不包括 GSS 銷售造成的約 1.1 億美元的銷售損失。我們預計，受產品組合成長和客戶群擴大的推動，銷售將溫和成長。我們在許多國家採取的減少渠道庫存的措施預計將部分抵消這一銷售增長。

Pricing is expected to be down low- to mid-single digits with the majority of the pricing headwinds due to our diamide partners. As we discussed earlier, those contract adjustments will have the most impact in the first half of the year due to the timing of those sales. We are forecasting FX to be a low- to mid-single-digit headwinds for the year as the US dollar is projected to remain strong.

預計價格將下降低至中等個位數，大部分價格阻力來自於我們的二醯胺合作夥伴。正如我們之前所討論的，由於銷售時間的原因，這些合約調整將在上半年產生最大影響。由於美元預計將保持強勢，我們預測今年外匯市場將面臨低至中等個位數的阻力。

Despite these challenges to sales, we expect to deliver higher EBITDA versus the prior year with an expected range of $870 million to $950 million, which is up 1% at the midpoint. Excluding the GSS impact, midpoint of guidance is up about 4%.

儘管銷售面臨這些挑戰，我們預計 EBITDA 將比前一年更高，預計在 8.7 億美元至 9.5 億美元之間，中間值將上漲 1%。除去 GSS 的影響，預期中位數上漲約 4%。

We expect COGS to be favorable $175 million to $200 million due to lower raw materials, favorable fixed cost absorption, and restructuring benefits. Offsetting these benefits are expected to be lower price, the $65 million to $75 million FX headwind, and investment in sales organization. Adjusted earnings share is expected to be between $3.26 and $3.70, which is flat at the midpoint to prior year.

我們預計，由於原物料價格較低、固定成本吸收有利以及重組效益，銷售成本將達到 1.75 億至 2 億美元。預計抵銷這些好處的因素包括價格下降、6,500 萬至 7,500 萬美元的外匯不利因素以及對銷售組織的投資。調整後的收益份額預計在 3.26 美元至 3.70 美元之間，與上年中位數持平。

As shown in our Q1 guidance on slide 9, we expect a low first quarter as we aggressively start the correction process early in the year. Sales are expected to be $750 million and $800 million, a decline of 16% against prior year due to negative price, FX, and volume. Excluding an estimated $24 million of lost GSS sales, the decline is 13% at the midpoint.

正如幻燈片 9 中第一季的指引所示，我們預期第一季的業績會比較低，因為我們在年初就積極啟動了調整過程。預計銷售額為 7.5 億美元至 8 億美元，由於價格、外匯和銷量不佳，較上年下降 16%。除去預計 2,400 萬美元的 GSS 銷售損失，中間值降幅為 13%。

We expect lower volume for two reasons. One is excess levels of FMC inventory in the channel in many countries, which is amplified by customer prioritizing much lower than historical inventory level.

我們預期交易量會下降，原因有二。一是許多國家的通路中 FMC 庫存水準過剩，而客戶優先考慮的庫存水準遠低於歷史庫存水平，進一步加劇了這個問題。

The other is specific to the United States. In the second half of 2024, our distribution customers in the United States replenished their depleted inventory in advance of the growing season. Normally, retailers and growers would start pulling that volume through during Q1. However, this year, due to initiatives to keep inventory low and cautious purchasing from low commodity prices, we are making the assumption that pull-through by retailers and growth will occur more evenly over the three-quarter season than in prior years. This is expected to delay reorders from distributors and will result in weaker volume in Q1.

另一個是美國特有的。2024 年下半年，我們的美國分銷客戶在生長季節到來之前補充了耗盡的庫存。通常情況下，零售商和種植者會在第一季開始消化這些產量。然而，今年，由於採取了保持低庫存的舉措，以及在商品價格較低時謹慎採購，我們預計，與前幾年相比，零售商的拉動和增長在前三個季度將更加均勻。預計這將延遲分銷商的重新訂購，並導致第一季銷售下降。

While this creates a significant challenge for our Q1 outlook, we want to make sure we are setting expectations that reflect our belief of how the US market could behave this year, which is much different than our historical view of this market. We expect Q1 price to be lower in the mid- to high-single digits with over two-third of this due to the price adjustment for diamide partner contracts. FX is also expected to be a mid-single-digit headwind.

雖然這對我們的第一季前景帶來了重大挑戰，但我們希望確保我們設定的預期能夠反映我們對今年美國市場表現的看法，這與我們對這個市場的歷史看法有很大不同。我們預計第一季的價格將下降到中高個位數，其中超過三分之二是由於二醯胺合作夥伴合約的價格調整。預計外匯也將帶來中等個位數的逆風。

Similar to our full-year expectation, we are forecasting continued expansion of a growth portfolio in the quarter. We are gaining Q1 EBITDA at $105 million to $125 million, which is a decline of 28% at the midpoint. Lower pricing and FX headwinds are expected to be partially offset by reduced COGS, including lower material and favorable fixed cost absorption. Adjusted EPS is expected to be between $0.05 and $0.15.

與我們的全年預期類似，我們預測本季成長投資組合將繼續擴大。我們第一季的 EBITDA 為 1.05 億美元至 1.25 億美元，中間值下降了 28%。預計較低的定價和外匯不利因素將部分被降低的銷貨成本所抵消，包括較低的材料成本和有利的固定成本吸收。調整後的每股盈餘預計在 0.05 美元至 0.15 美元之間。

I'll now turn the call over to Andrew to cover some financial items and how this guidance impacts our balance sheet.

現在我將把電話轉給安德魯，討論一些財務項目以及指南對我們的資產負債表的影響。

Thank you, Pierre. Before I get into the normal review of key financial results, let me start this afternoon with an update on our restructuring program on slide 10. When we initially announced our restructuring program in late 2023, we targeted delivering $50 million to $75 million of net savings in the 2024 P&L, with $150 million in run rate savings by the end of 2025, both measured against the 2023 baseline.

謝謝你，皮埃爾。在我開始對關鍵財務結果進行正常審查之前，今天下午我先從第 10 張投影片上介紹我們的重組計畫的最新情況。當我們在 2023 年底首次宣布重組計畫時，我們的目標是在 2024 年損益表中實現 5,000 萬至 7,500 萬美元的淨節約，到 2025 年底實現 1.5 億美元的運行率節約，這兩項指標均以 2023 年為基準。

As we progress through 2024, we identified a number of areas where we could move more aggressively to reduce our cost structure, raising our targets at our second-quarter earnings call and again on our third-quarter call to $125 million to $150 million in 2024 net savings and more than $225 million in run rate savings by the end of 2025. While there were many factors that contributed to these increased targets, the biggest factor was a major revamping of sourcing for raw materials for our diamide products.

隨著我們進入 2024 年，我們確定了一些可以更積極地採取行動以降低成本結構的領域，並在第二季度財報電話會議和第三季度電話會議上再次將我們的目標提高到 2024 年淨節約 1.25 億美元至 1.5 億美元，到 2025 年底實現超過 2.25 億美元的運行率。雖然導致這些目標增加的因素有很多，但最大的因素是我們對二醯胺產品原料採購的重大改革。

I'm pleased to report we exceeded our increased targets, finishing 2024 with net savings delivered in the P&L of $165 million, largely in operating expenses but with savings in cost of goods sold as well. We also now have a clear line of sight to run rate savings of more than $250 million by the end of 2025 with a very significant contribution from lower cost of goods.

我很高興地報告，我們超額完成了增加的目標，到 2024 年底，損益表中的淨節約額為 1.65 億美元，主要是營運費用，但也有銷售成本的節約。我們也明確表示，到 2025 年底，營運費用將節省超過 2.5 億美元，其中很大一部分來自商品成本的降低。

Our restructuring program has impacted every part of the company, resulting in fundamental changes in our operating model, including how we are organized, where we operate and the way we work. While we do have some remaining in-flight projects to finish delivering the full savings run rate in 2025, we've incorporated the expected year-on-year benefits of our restructuring actions and our outlook for 2025. As such, we consider our restructuring program to be essentially complete, and we will ensure delivery of the remaining savings through our normal management of delivery of our guidance.

我們的重組計畫影響了公司的每個部分，導致我們的營運模式發生根本性變化，包括我們的組織方式、營運地點和工作方式。雖然我們還有一些正在進行的項目需要在 2025 年實現全部節約運行率，但我們已經將重組行動的預期同比收益和 2025 年的展望納入其中。因此，我們認為我們的重組計劃基本上已經完成，我們將透過正常的指導管理來確保實現剩餘的節省。

Moving back to key income statement items. FX was a 5% headwind to revenue growth in the fourth quarter, primarily stemming from the Brazilian reais. For full year 2024, FX was a 2% headwind at revenue with the Brazilian reais and the Turkish lira as the largest contributors, followed by smaller headwinds across a number of Asian currencies. For 2025, we anticipate a low to mid-single-digit headwind on revenue from FX with the Brazilian reais, the Turkish lira, and the euro being the most significant drivers.

回到關鍵的損益表項目。外匯對第四季度的營收成長造成了 5% 的阻力，主要源自於巴西雷亞爾的匯率。就 2024 年全年而言，外匯對收入造成 2% 的阻力，其中巴西雷亞爾和土耳其里拉是最大阻力，其次是多種亞洲貨幣的阻力較小。到 2025 年，我們預計外匯收入將遭遇低至中等個位數的阻力，其中巴西雷亞爾、土耳其里拉和歐元是最主要的推動因素。

Unlike 2024, we anticipate a meaningful EBITDA headwind from FX in 2025 in the range of $65 million to $75 million. 2024 EBITDA benefited from the timing of currency movements during the year that created favorability against the hedges we had in place.

與 2024 年不同的是，我們預計 2025 年外匯業務的 EBITDA 將面臨顯著下降，幅度在 6,500 萬美元至 7,500 萬美元之間。 2024EBITDA 受益於年內貨幣變動的時機，這為我們所實施的避險創造了有利條件。

In 2025, we continue our normal systematic approach to hedging, but with the strengthening of the dollar that happened in late 2024 and into 2025 and with the current forward curves, we do not expect to see a repeat of the favorability we saw in 2024. Rather, we expect to see a more normal relationship between FX impacts at revenue and EBITDA, with our hedging program dampening, but not limiting the impact on EBITDA and negative FX movements.

2025 年，我們將繼續採取正常的系統性對沖方法，但隨著美元在 2024 年末至 2025 年的走強，以及當前的遠期曲線，我們預計不會再出現 2024 年那樣的有利局面。相反，我們預計外匯對收入和 EBITDA 的影響之間將呈現更正常的關係，我們的對沖計劃將抑制但不會限制對 EBITDA 和負面外匯變動的影響。

Interest expense for the fourth quarter was $51.8 million, down nearly $5 million compared to the prior-year period, driven by lower debt balances and lower interest rates. For full year 2025, we expect interest expense to be in the range of $210 million to $230 million, down roughly $15 million year on year at the midpoint, reflecting the benefit of debt reduction in 2024 and modestly lower interest rates in 2025.

第四季利息支出為 5,180 萬美元，較去年同期下降近 500 萬美元，原因是債務餘額減少和利率下降。對於 2025 年全年，我們預計利息支出將在 2.1 億美元至 2.3 億美元之間，年比中間值下降約 1500 萬美元，這反映了 2024 年債務減少和 2025 年利率略有下降的好處。

We ended 2024 with a lower-than-expected effective tax rate on adjusted earnings of 10.9%. The mix of earnings by jurisdiction shifted meaningfully versus our expectations in the fourth quarter, with substantially less profit attributed to high tax jurisdictions like Brazil. The fourth-quarter effective tax rate of 7.9% reflects the true-up to the full-year rate relative to the 14% rate that had been accrued through the third quarter.

截至 2024 年，我們的調整後收益有效稅率低於預期，為 10.9%。第四季度，各司法管轄區的獲利結構與我們的預期相比發生了重大變化，巴西等高稅收司法管轄區的利潤大幅減少。第四季 7.9% 的有效稅率反映了相對於第三季 14% 的全年實際稅率。

With the impacts of lower effective tax rate for 2024, adjusted earnings per share for Q4 were up $0.72 or 67% versus the prior period, a significantly higher increase than seen at EBITDA. The biggest driver of increased earnings per share remains increased EBITDA, representing $0.59 of the $0.72 increase in EPS year over year, while lower tax contributed $0.11. For 2025, we anticipate that our effective tax rate should be in the range of 13% to 15% with the approximately 3 percentage point increase at the midpoint, driven by the expected mix of profit by jurisdiction.

受 2024 年較低有效稅率的影響，第四季度調整後每股收益較上期上漲 0.72 美元，增幅達 67%，增幅顯著高於 EBITDA。每股收益成長的最大驅動力仍然是 EBITDA 的成長，佔每股收益同比 0.72 美元增加的 0.59 美元，而較低的稅率貢獻了 0.11 美元。至 2025 年，我們預計有效稅率應在 13% 至 15% 之間，中間值增加約 3 個百分點，這受各司法管轄區預期利潤組合的影響。

Moving next to the balance sheet and leverage on slide 11. Gross debt at December 31 was approximately $3.4 billion, down nearly $600 million versus the prior year. Debt reduction came both from the proceeds from the sale of our GSS business, which closed on November 1, as well as from discretionary cash flow.

接下來轉到投影片 11 上的資產負債表和槓桿率。12 月 31 日的總債務約 34 億美元，比前一年減少近 6 億美元。債務減少既來自我們出售 GSS 業務（11 月 1 日完成）的收益，也來自可自由支配的現金流。

Cash on hand increased $55 million to $357 million resulting in net debt of approximately $3 billion. Gross debt to trailing 12-month EBITDA was 3.7 times at year-end, while net debt to EBITDA was 3.3 times. Relative to our covenant, which measures leverage with a number of adjustments to both the numerator and denominator, leverage was 3.7 times as compared to a covenant of 5.0 times.

現金餘額增加了 5,500 萬美元，達到 3.57 億美元，導致淨債務達到約 30 億美元。截至年底，總債務與過去 12 個月 EBITDA 的比率為 3.7 倍，而淨債務與 EBITDA 的比率為 3.3 倍。相對於我們的契約，該契約透過對分子和分母進行一些調整來衡量槓桿率，槓桿率為 3.7 倍，而契約為 5.0 倍。

As we announced a short while ago, we recently amended the leverage covenant of our credit agreement to provide additional headroom and duration covenant relief given our outlook for 2025 through 2027. We expect to end 2025 with leverage metrics essentially flat to 2024 and then to show improving metrics with rapidly accelerating EBITDA growth in 2026 and 2027. This is coupled with disciplined cash management, including continuing to direct all discretionary free cash flow to debt reduction.

正如我們不久前宣布的那樣，我們最近修改了信用協議的槓桿契約，以根據我們對 2025 年至 2027 年的展望提供額外的空間和期限契約減免。我們預計，到 2025 年底，槓桿率指標將基本持平，到 2024 年將有所改善，2026 年和 2027 年 EBITDA 成長將快速加速。這與嚴格的現金管理相結合，包括繼續將所有可自由支配的現金流用於減債。

We remain committed to returning our leverage to levels consistent with our targeted BBB/Baa2 long-term credit ratings. While this will take a bit longer than we previously hoped we are confident we're on the right path to get our leverage metrics back in line as our business more fully recovers.

我們仍致力於將我們的槓桿率恢復到與我們的目標 BBB/Baa2 長期信用評級一致的水平。雖然這將比我們之前希望的要花費更長的時間，但我們相信，隨著業務的全面復甦，我們正走在使槓桿指標恢復正常的正確道路上。

Moving on to free cash flow on slides 12 and 13, free cash flow for full year 2024 was $614 million, an increase of more than $1.1 billion versus the prior year. The year-on-year increase was driven by a $1.04 billion improvement in cash from operations, which benefited particularly from improved payables and inventory, despite over $100 million of cash restructuring spending.

讓我們來看第 12 和 13 頁投影片上的自由現金流，2024 年全年的自由現金流為 6.14 億美元，比前一年增加了 11 億美元以上。年成長主要得益於經營活動現金流增加 10.4 億美元，儘管現金重組支出超過 1 億美元，但主要受益於應付帳款和庫存的改善。

Capital additions and other investing activities were down substantially as we constrained spending to only the most critical projects. Cash flow from discontinued operations improved, in part due to a one-time insurance element.

由於我們將支出限制在最關鍵的項目上，資本增加和其他投資活動大幅下降。來自停止經營的現金流有所改善，部分原因是一次性保險因素。

For 2025, we expect free cash flow of $200 million to $400 million, a decrease of $314 million at the midpoint. Cash from operations is the key driver of the decrease with normalization of working capital after the pronounced correction in 2024. Capital additions are also expected to be up somewhat, but with continued focus on only the most essential projects, including capacity expansion to support new products.

到 2025 年，我們預計自由現金流將達到 2 億至 4 億美元，中間值減少 3.14 億美元。營運現金流是下降的主要驅動因素，在 2024 年出現明顯調整後，營運資本逐漸恢復正常。資本增加預計也會增加，但重點仍集中在最重要的項目上，包括支持新產品的產能擴張。

Cash flow from discontinued operations is also up slightly but in line with our multi-year average. Free cash flow conversion from adjusted earnings is expected to be approximately 69% at the midpoint.

來自停止經營的現金流也略有增加，但與我們的多年平均一致。調整後收益的自由現金流轉換率預計中間值約為 69%。

With that, I'll hand the call over to Ronaldo.

說完這些，我將把電話交給羅納多。

Thanks, Andrew. I want to start off by providing an update on our diamide strategy, which is supported by slides 14 through 21. As we look ahead, it's clear that our commercial strategy is evolving, driven primarily by the upcoming patent expirations, particularly for Rynaxypyr. While this presents challenges, we see it as an opportunity to transform, compete, and advance in new ways.

謝謝，安德魯。首先，我想介紹我們的二醯胺策略的最新進展，第 14 至 21 頁投影片介紹了這個策略。展望未來，我們可以清楚地看到，我們的商業策略正在發生變化，這主要受到即將到期的專利（尤其是 Rynaxypyr 的專利）的推動。雖然這帶來了挑戰，但我們也將其視為以新方式轉型、競爭和進步的機會。

Like other products that transition to the post-patent phase of life, when we look back at the makeup of our diamide business years from now, it will look much different than it does today. Over the past several quarters, we have spoken to the broad strategy for these products as they shift to their post-patent life cycle.

與其他進入專利期後的產品一樣，當我們多年後回顧二酰胺業務的組成時，它會與今天大不相同。在過去的幾個季度中，我們已經討論了這些產品進入後專利生命週期的整體策略。

At a high level, this strategy that we've communicated, which you can see on slide 15, is that we will continue to offer the basic solo formulations under the trusted FMC brand names at lower price points to compete with generics entering the market. At the same time, we will offer high-value versions of diamides via new, often patented formulations and mixtures. This evening, I'll share in more detail how we are enacting this strategy and share how we see the next few years unfolding for this product class.

從高層次來看，我們所傳達的這一策略（您可以在幻燈片 15 上看到）是，我們將繼續以較低的價格提供值得信賴的 FMC 品牌下的單一基本配方，以與進入市場的仿製藥競爭。同時，我們將透過新的、通常是專利的配方和混合物提供高價值的二醯胺。今晚，我將更詳細地分享我們如何實施這項策略，以及我們對未來幾年此類產品發展的看法。

Going forward, you will hear us start talking about the two distinct products, Rynaxypyr and Cyazypyr rather than imply referring to them as the diamides as we've done in the past. Both products are very potent tools for growers to control insects. But as you can see in slide 16, there are some key differences between the two products.

展望未來，您將聽到我們開始談論兩種不同的產品，Rynaxypyr 和 Cyazypyr，而不是像我們過去所做的那樣將它們暗示為二酰胺。這兩種產品對種植者來說都是控制昆蟲非常有效的工具。但正如您在第 16 張投影片中所看到的，這兩種產品之間存在一些關鍵差異。

Rynaxypyr has a more limited spectrum, but that spectrum is focused on controlling lepidoptera insects or caterpillars, which is the most valuable addressable market at nearly $5 billion. Cyazypyr, on the other hand, has a much broader scope in terms of types of insects it can control.

Rynaxypyr 的作用範圍較有限，但主要集中在控制鱗翅目昆蟲或毛蟲，這是最有價值的潛在市場，價值近 50 億美元。另一方面，Cyazypyr 在可控制的昆蟲種類方面具有更廣泛的範圍。

Our Rynaxypyr sales have outpaced Cyazypyr with roughly a 70-30 split. This is part due to Rynaxypyr's larger market share for caterpillar control and also has been by our own design due to its somewhat simpler manufacturing process and lower cost profile. The market for chlorantraniliprole, or CTPR, which is a chemical name for the active ingredient behind Rynaxypyr will undergo a series of changes over the next few years, and our strategy reflects that.

我們的 Rynaxypyr 銷量超過 Cyazypyr，兩者的比例約為 70：30。這部分是由於 Rynaxypyr 在毛蟲控制市場佔有較大的份額，同時也是我們自己設計的，因為它的製造流程比較簡單，成本較低。氯蟲苯甲醯胺（CTPR，Rynaxypyr 活性成分的化學名稱）市場將在未來幾年經歷一系列變化，我們的策略也反映了這一點。

As Rynaxpyr enters the next phase of its product life, it has been included in the core portfolio, along with the other legacy products that are off-patent, like sulfentrazone. All composition of matter patents have expired for Rynaxpyr. And by the end of 2025, almost all process patents will also have expired. We expect generics to enter all major markets with Rynaxpyr with solo formulations of CTPR by the end of 2026.

隨著 Rynaxpyr 進入其產品生命週期的下一階段，它已與其他非專利傳統產品（如磺胺草酮）一起納入核心產品組合。Rynaxpyr 的所有物質組成專利均已過期。到2025年底，幾乎所有的製程專利也將到期。我們預計，到 2026 年底，仿製藥將透過 Rynaxpyr 和單獨使用 CTPR 配方進入所有主要市場。

As we mentioned earlier, we are already observing generic CTPR sales in some countries today. As generics enter the market, we will continue to offer solo formulations at lower price point under the trusted FMC brand to compete with the new market entrants. Based on the latest data from international shipments, we believe we are competitive on costs with lower price generics offering the solo molecule, thanks to our recent restructuring actions which have significantly lowered our cost of sales. Lower pricing for the solo formulation will coincide with a significant expansion of acres treated with CTPR. Slide 17 and 18 illustrate how this is likely to occur.

正如我們之前提到的，我們目前已經觀察到一些國家的仿製 CTPR 銷售情況。隨著仿製藥進入市場，我們將繼續以值得信賴的 FMC 品牌提供價格較低的單一配方，與新進業者的市場競爭。根據最新的國際出貨量數據，我們相信，由於我們最近的重組行動大大降低了我們的銷售成本，我們在成本上與提供單一分子的低價仿製藥相比具有競爭力。單一配方價格的降低將與 CTPR 治療面積的大幅擴大相一致。投影片 17 和 18 說明了這種情況可能發生的方式。

Slide 17 shows the global foliar insecticide market, which is about $22 billion at the farmgate. Diamides, as a class of chemistry, are estimated to be about 9% or a little under $2 billion of that overall market with FMC's branded diamides making up about 55% of that share. The remaining 45% is made up of FMC partner sales, generic CTPR, and competitor products within the diamide class that are not Rynaxypyr or Cyazypyr.

幻燈片 17 展示了全球葉面殺蟲劑市場，農場銷售額約 220 億美元。作為一種化學品，二醯胺估計佔整個市場的 9% 左右，即略低於 20 億美元，而 FMC 品牌的二醯胺約佔該份額的 55%。剩餘 45% 由 FMC 合作夥伴銷售、仿製 CTPR 以及二醯胺類中非 Rynaxypyr 或 Cyazypyr 的競爭產品組成。

As you can see that -- you can see that the majority of diamide offerings are on the higher end of the treatment per acre price curve with prices ranging from $20 to over $40 per acre. There are almost no diamide products offered below $10, and FMC's diamides are really non-existent in this space. When generics first enter the market, we expect growers who are solely driven by price to be their key customers, which should be less impactful to FMC.

正如您所看到的——您可以看到大多數二酰胺產品的價格都處於每英畝處理價格曲線的高端，價格從每英畝 20 美元到 40 美元以上不等。幾乎沒有價格低於 10 美元的二醯胺產品，而 FMC 的二醯胺在這個領域確實不存在。當仿製藥首次進入市場時，我們預計僅受價格驅動的種植者將成為其主要客戶，這對 FMC 的影響較小。

The entrance of generics will certainly create competitive pressure against some existing FMC products. But as Slide 18 shows, with our lower manufacturing costs and technology road map, there will be substantial opportunities for Rynaxypyr and Cyazypyr to take share across all points of the price curve from other insecticides such as neonicotinoids and organophosphates. The more favorable environmental profile of both Rynaxypyr and Cyazypyr versus these other insecticide classes would further aid market expansion.

仿製藥的進入必將對一些現有的FMC產品造成競爭壓力。但如幻燈片 18 所示，憑藉我們較低的製造成本和技術路線圖，Rynaxypyr 和 Cyazypyr 將有很大機會在價格曲線的所有點上從新菸鹼和有機磷酸酯等其他殺蟲劑中奪取份額。與其他類別的殺蟲劑相比，Rynaxypyr 和 Cyazypyr 具有更有利的環境特性，這將進一步促進市場擴張。

As seen on slide 18, we expect that the diamide market will grow from $2 billion up to an estimated $5 billion over time. As volume expands, we will continue to differentiate our Rynaxypyr products from other CTPR offerings with new formulations and mixtures.

正如幻燈片 18 所示，我們預計二醯胺市場規模將隨著時間的推移從 20 億美元增長至 50 億美元。隨著產量的擴大，我們將繼續透過新的配方和混合物將我們的 Rynaxypyr 產品與其他 CTPR 產品區分開來。

These new products, which are listed on slide 19, will deliver additional attributes. This innovation can be in the form of adding a second mode of action to combat potential resistance or adding a mixed partner to broaden the spectrum of control while expanding the addressable market. Rynaxypyr is expected to continue to show sales growth, although not at the high levels we observed when the product was earlier in its life cycle. Following the 2025 correction year, we expect overall Rynaxypyr to report a growth rate in the high single digits.

第 19 頁列出的這些新產品將提供額外的屬性。這種創新可以是增加第二種作用模式來對抗潛在的抵抗力，也可以是增加混合夥伴來拓寬控制範圍並擴大可尋址市場。預計 Rynaxypyr 的銷售將繼續成長，儘管不會達到該產品生命週期早期所觀察到的較高水準。在 2025 年修正年之後，我們預期 Rynaxypyr 的整體成長率將達到個位數。

On slide 20, you can see the upcoming products in our Rynaxypyr pipeline. Many of these products -- these new products will offer additional value to growers. This can be in the form of reduced labor for application by offering rice growers a much lighter weight tablet formulation or -- it can be through new mixtures with pheromones and insecticides from other groups that combat resistance and strengthens performance in existing segments.

在投影片 20 上，您可以看到我們 Rynaxypyr 產品線即將推出的產品。這些產品中的許多產品——這些新產品將為種植者提供額外的價值。這可以透過向水稻種植者提供更輕的藥片配方來減少施用勞動力，或者可以透過與其他集團的費洛蒙和殺蟲劑混合使用來對抗抗藥性並增強現有細分市場的性能。

Finally, we plan to introduce seed treatment products, which is an unexplored segment of the market for our branded offerings as well as a mixture with the bionematicide.

最後，我們計劃推出種子處理產品，這是我們品牌產品市場中尚未開發的領域，也是與生物殺線蟲劑的混合。

While the core portfolio grows at or above the market, we expect Cyazypyr and the rest of our growth portfolio to grow at multiples of the market. For Cyazypyr, we have process patents in place in major markets through 2025, with Brazil not expiring until the middle of 2026. In addition to the process patents, we also have a key formulation path enforce Cyazypyr through 2027 in key markets and data protection in place in major regions such as Brazil, the US, and Europe. Depending on the country, this can extend the protection granted to the regional molecule. Data protection creates an additional and costly hurdle for generics to register products even after process patents have expired.

雖然核心投資組合的成長率等於或高於市場成長率，但我們預期 Cyazypyr 和我們其餘的成長投資組合的成長率將是市場的數倍。對於 Cyazypyr，我們在主要市場擁有至 2025 年的製程專利，而巴西的專利要到 2026 年中期才會到期。除了製程專利之外，我們還有一條關鍵配方路徑，將在 2027 年之前在主要市場實施 Cyazypyr，並在巴西、美國和歐洲等主要地區實施資料保護。根據國家不同，這可以擴大對區域分子的保護。即使在製程專利到期後，資料保護仍會為仿製藥產品的註冊帶來額外的、昂貴的障礙。

Slide 21, shows some of the products in our Cyazypyr pipeline, including mixtures within insecticides from other groups that will broaden the spectrum of control as well as slowdown resistance. Our high load formulations are not only easier to handle for growers, they also improve our cost position. To serve growers in the fruits and vegetables space, we'll be offering a fruit fly bait that is a unique and sustainable solution that leaves no residues and has no restrictions for export.

幻燈片 21 展示了我們 Cyazypyr 產品線中的部分產品，包括與其他集團的殺蟲劑的混合物，這些混合物將拓寬控制範圍並增強抗減緩能力。我們的高負荷配方不僅更容易種植者處理，而且還改善了我們的成本狀況。為了服務水果和蔬菜領域的種植者，我們將提供一種果蠅誘餌，這是一種獨特且可持續的解決方案，不會留下任何殘留物，也沒有出口限制。

Compared to Rynaxypyr, Cyazypyr has a more complex and more expensive manufacturing process. These factors may cause fewer generics to enter the market compared to Rynaxypyr. Cyazypyr has a broadened spectrum of pests it can strongly control, including white fly, fruit fly, leafminer and psyllid. Given the broader spectrum and our reduced manufacturing costs, we believe we have a sizable opportunity to expand the market for this product.

與 Rynaxypyr 相比，Cyazypyr 的製造流程更為複雜，成本也更高。這些因素可能導致與 Rynaxypyr 相比，較少的仿製藥進入市場。Cyazypyr 可以強力控制多種害蟲，包括白蠅、果蠅、潛葉蟲和木蝨。鑑於更廣泛的範圍和我們降低的製造成本，我們相信我們有相當大的機會擴大該產品的市場。

Similar to Rynaxypyr, we are actively promoting and developing new formulations and mixtures to position ourselves well when all patent protection has expired and generics enter the market. Following the 2025 production year, we expect sales of Cyazypyr to grow in the low- to mid-teens.

與 Rynaxypyr 類似，我們正在積極推廣和開發新的配方和混合物，以便在所有專利保護到期且仿製藥進入市場時佔據有利地位。到 2025 年生產年之後，我們預計 Cyazypyr 的銷量將成長 10% 左右。

The most exciting part of the growth portfolio are the new AIs that we're launching and expanding over the next few years. We have mentioned before our high expectations for the contribution of these molecules, and will now share more details about what these expectations are and what supports them.

成長組合中最令人興奮的部分是未來幾年我們將推出和擴展的新人工智慧。我們之前提到我們對這些分子的貢獻寄予厚望，現在我們將分享更多有關這些期望是什麼以及支持這些期望的因素的細節。

Let me start with the two products already in commercialization. The first one is fluindapyr. It is one of the newest active ingredients of the SDHI fungicides, a class of very active products with a strong commercial success. Together, SDHI fungicides represent 15% of the global fungicide market with around $3 billion in combined sales in 2023.

我先從兩種已經商業化的產品開始說。第一個是 fluindapyr。它是 SDHI 殺菌劑的最新活性成分之一，是一類具有巨大商業成功的高活性產品。總的來說，SDHI 殺菌劑佔了全球殺菌劑市場的 15%，2023 年的總銷售額約為 30 億美元。

SDHI fungicides, are known for being very effective when used to prevent crop disease. This is also the case for fluindapyr. However, what sets it apart from the other active ingredients is the especially broad spectrum of control that covers many diseases of economic importance, such as Asian soybean rust, corn tar spot, coffee rust and damping off in young cotton plants. Fluindapyr also protects crops for ended period, lowering the need to re-spray.

SDHI 殺菌劑因在預防農作物疾病方面非常有效而聞名。fluindapyr 的情況也是如此。然而，它與其他活性成分的不同之處在於其防治範圍特別廣泛，涵蓋了許多具有經濟重要性的疾病，例如亞洲大豆銹病、玉米焦油斑病、咖啡銹病和棉苗猝倒病。Fluindapyr 還能在農藥過期前保護農作物，減少重新噴灑的需要。

These technical attributes are enough to support our confidence in the success of Fluindapyr. But there is another aspect that is equally important. Fluindapyr has given us access to some large market segments that we have never served before. In aggregate, we believe that its addressable market exceeds $2 billion. Soybean rust in Brazil alone is a $3.5 billion market, just to mention one example.

這些技術屬性足以支持我們對Fluindapyr成功的信心。但還有一個面向也同樣重要。Fluindapyr 讓我們能夠進入一些以前從未涉足過的大型細分市場。總體而言，我們認為其潛在市場超過 20 億美元。僅舉一例，光是巴西的大豆銹病市場就高達 35 億美元。

In many of these market segments, fluindapyr will be the first technology that we will sell. Going into these new segments with a product that is patent-protected, technically differentiated, and biologically strong will open access to sales of other FMC products.

在許多細分市場中，fluindapyr 將是我們銷售的第一種技術。憑藉受專利保護、技術差異化、生物特性強的產品進入這些新領域，將為其他 FMC 產品的銷售打開大門。

As shown on slide 22, fluindapyr already registered in Brazil, Argentina, the United States and Paraguay, with some other important countries pending registration in the next three years. Sales are expected to be more than $150 million in 2025, exceeding $300 million by 2027.

如投影片22所示，fluindapyr已經在巴西、阿根廷、美國和巴拉圭登記，還有一些其他重要國家即將在未來三年內登記。預計 2025 年銷售額將超過 1.5 億美元，到 2027 年將超過 3 億美元。

The second product is Isoflex active, a herbicide based on bixlozone that offers a new mode of action in cereals, such as wheat and barley. It's most effective at controlling difficult grasses as well as some key broadleaf weeds. We have been selling this product in Australia with a strong result.

第二種產品是 Isoflex active，這是一種基於 bixlozone 的除草劑，為小麥和大麥等穀物提供了一種新的作用方式。它對於控制難以治理的草類以及一些主要的闊葉雜草非常有效。我們一直在澳洲銷售該產品，並取得了良好的業績。

With recently approved registration, it has expanded to Brazil, Argentina, India, and the UK. European Union registrations have been submitted, and we expect to begin selling there during 2027. Given the size of cereals market in the EU, Isoflex sales in those countries will provide a substantial boost to the product's global sales. We estimate that the addressable market for cereals in Europe to be about $5 billion.

隨著最近獲得註冊批准，該公司已將業務擴展到巴西、阿根廷、印度和英國。我們已經提交了歐盟註冊，預計將於 2027 年開始在那裡銷售。考慮到歐盟穀物市場的規模，Isoflex 在這些國家的銷售將大大促進該產品的全球銷售。我們估計歐洲穀物的潛在市場規模約為 50 億美元。

Isoflex sales are expected to be about $100 million in 2025 with sales approaching $250 million by 2027. We expect sales to continue strong growth beyond 2027 as the product becomes more widely used.

Isoflex 的銷售額預計在 2025 年將達到約 1 億美元，到 2027 年將接近 2.5 億美元。隨著產品的廣泛應用，我們預計 2027 年後銷售額將持續強勁成長。

Our third product is Dodhylex, the first herbicide to be introduced in the market with a new mode of action in over 30 years. In our Q2 call, we described it as a patented rice herbicide. I want to correct that statement. Dodhylex is a novel, patented and versatile herbicide.

我們的第三款產品是Dodhylex，這是30多年來第一個以新作用方式引進市場的除草劑。在我們的第二季電話會議上，我們將其描述為一種專利水稻除草劑。我想糾正一下這句話。Dodhylex 是一種新型、專利且用途廣泛的除草劑。

While its development in rice is more advanced, our confidence that it will be sold on other crops in the future keeps growing every day. Suffice to say that it can be safely applied on several broadleaf crops, such as soybean, sunflower and others. And we believe there are meaningful opportunities to expand the product to these crops beyond 2027. But for today's discussion, let's just stay with rice.

雖然該技術在水稻上的開發較為先進，但我們對未來該技術在其他作物上的銷售信心與日俱增。可以這麼說，它可以安全地應用於幾種闊葉作物，如大豆、向日葵等。我們相信，2027 年以後，仍有機會將產品擴展到這些作物。不過，我們今天的討論主題還是集中在米上。

There are 165 million hectares of rice planted globally. To put this in perspective, this is 25% more land than soybeans and not so far from corn. Because of cultural reasons, the vast majority of the countries currently have strict regulations that prevent the introduction of genetically modified rice varieties.

全球水稻種植面積為1.65億公頃。從這個角度來看，這比大豆的種植面積多出 25%，與玉米的種植面積相差不大。由於文化原因，目前絕大多數國家都有嚴格的規定，禁止引進基改水稻品種。

As a result, decades of weed control with herbicides with similar modes of action have led to a substantial increase in weed resistance, probably more so than in any other major crops. Although it's hard to estimate the size of global rice are infected with resistant weeds, in US alone, some of universities estimate that resistant weeds are present in more than half of all the rice fields.

結果，幾十年來使用具有類似作用方式的除草劑進行雜草控制，導致雜草抗性大幅增加，可能比任何其他主要作物都要嚴重。儘管很難估計全球感染抗性雜草的水稻的數量，但僅在美國，一些大學估計超過一半的稻田都存在抗性雜草。

Weeds like barnyard grass and the sprangletop are present in virtually every rice field. And in many of them, they have become resistant to existing herbicides.

幾乎每一塊稻田裡都會出現稗草和大麥草之類的雜草。其中許多植物已經對現有的除草劑產生了抗藥性。

Differently from other crops, there are many agronomic variations on how rice is planted from country to country: direct-seeded versus transplanted, variety types, irrigated versus rain fed, different irrigation methods, et cetera. Today, all these variables result in limitations on which herbicide can be used. A product that can be safely used on transplanted rice can be harmful to the crop when used on direct-seeded fields.

與其他作物不同，不同國家的水稻種植方式有許多農藝差異：直接播種與移植、品種種類、灌溉與雨養、不同的灌溉方法等等。如今，所有這些變數都限制了除草劑的使用。可以安全用於移植水稻的產品，如果用於直播田，可能會對作物造成危害。

Dodhylex is highly safe on rice plants independently of the agronomic practices. Once we launch it, almost all the rice growers will be able to use it without being forced to choose between their herbicides side and their preferred agronomic practices.

無論農藝措施如何，Dodhylex 對水稻都是高度安全的。一旦我們推出它，幾乎所有的水稻種植者都將能夠使用它，而不必被迫在除草劑和他們喜歡的農藝實踐之間做出選擇。

High versatility, strong performance on resistant weeds, unparalleled crop safety on a crop that is planted in all continents and potential to expand even further in traditional crops, these are the key reasons behind our high expectations on Dodhylex's commercial performance in the next few years. Looking forward into the future, we continue to believe that our new active ingredients can achieve or surpassed $2 billion in revenue at maturity.

多功能性強、對抗性雜草的強大性能、對各大洲種植作物無與倫比的作物安全性以及在傳統作物中進一步擴展的潛力，這些是我們對 Dodhylex 未來幾年商業表現寄予厚望的關鍵原因。展望未來，我們仍然相信我們的新活性成分在成熟時可以實現或超過 20 億美元的收入。

Beyond our new synthetic pipeline, our plant health business is expected to grow at a rate in the mid-20% range out to 2027, led by biologicals with a smaller contribution from pheromones. We still believe there is an excellent opportunity for outsized growth for pheromones, but meaningful growth is not likely to occur until after 2027.

除了我們新的合成產品線外，到 2027 年，我們的植物健康業務預計將以 20% 左右的速度增長，其中生物製劑占主導地位，信息素的貢獻較小。我們仍然相信費洛蒙仍有極佳的發展機會，但真正意義上的成長可能要等到 2027 年之後。

In summary, there is a normal potential for expanded sales from our growth portfolio when you consider the new active ingredients and the potential for Cyazypyr to broaden its market reach. In addition, we also have a growing portfolio of biological products, including pheromones that are positioned to provide even further growth.

總之，考慮到新的活性成分和 Cyazypyr 擴大其市場範圍的潛力，我們的成長產品組合具有正常的銷售擴大潛力。此外，我們還擁有不斷增長的生物產品組合，其中包括有望進一步促進成長的費洛蒙。

With our core portfolio providing a solid foundation for sales and earnings in a market that is in the midst of recovery, the differentiated nature of our growth portfolio puts us in a strong position to outgrow the market over the coming years.

我們的核心產品組合為復甦市場的銷售和盈利奠定了堅實的基礎，而我們成長產品組合的差異化特性則使我們在未來幾年中佔據了超越市場的優勢。

Pierre will now discuss specifically what our expectations are for the next three years and provide some closing remarks.

皮埃爾現在將具體討論我們對未來三年的期望，並發表一些結束語。

Thank you, Ronaldo. Our 2027 targets are laid out on slide 23. We are focusing here on the growth of the company post 2025, which we believe will act as a correction year to reposition our portfolio. The growth rates post-2025 are more representative of the future growth of FMC. The sales of our core portfolio from '24 to '27 are expected to grow at 2% per year.

謝謝你，羅納多。我們的 2027 年目標列在第 23 張投影片上。我們關注的是 2025 年後的公司成長，我們相信這將是我們重新定位投資組合的調整年。2025年以後的成長率更能代表FMC未來的成長。我們的核心產品組合的銷售額從 2024 年到 2027 年預計每年將成長 2%。

Following the 2025 correction year, we expect total Rynaxpyr growth in the high single digits. The rest of the core portfolio is forecasted to grow at the market rate of about 3% every year.

我們預計，在 2025 年修正年之後，Rynaxpyr 的整體成長率將達到個位數。預計其餘核心投資組合每年將以約 3% 的市場速度成長。

Our growth portfolio is expected to grow at an annual rate of about 24% from '24 to '27. Following the '25 correction year, Cyazypyr growth is projected to be in the low- to mid-teens with growth of both branded and partner sales. The new active ingredients are expected to reach $600 million by 2027.

我們的成長投資組合預計從2024年到2027年的年增長率約為24%。經過 25 年的調整後，Cyazypyr 的成長預計將達到低至中等水平，品牌和合作夥伴的銷售額都將實現成長。預計到 2027 年，新型活性成分的市場規模將達到 6 億美元。

The growth was mostly coming from fluindapyr and Isoflex with a small contribution of Dodhylex based on the launch calendar. The plant health growth rate is expected to be in the mid-20% range with a potentially high-growth pheromones product expected to meaningfully accelerate growth of plant health after 2027. From '24 to '27, the growth portfolio contribution to total company sales is expected to grow from 19% of total company to 30%.

根據上市日程，成長主要來自 fluindapyr 和 Isoflex，Dodhylex 也有少量貢獻。植物健康成長率預計在 20% 左右，具有高成長潛力的費洛蒙產品預計在 2027 年後顯著加速植物健康的成長。從24年到27年，成長組合對公司總銷售額的貢獻預計將從公司總銷售額的19%成長到30%。

Looking beyond 2027, the ramp-up of Dodhylex and addition of new products such as extended biological offerings, the pheromones and the new dual mode of action herbicide rimisoxafen will all contribute to further growth for the company. Combining the core and growth portfolio leads to expected 2027 sales of about $5.2 billion. EBITDA is expected to be about $1.2 billion, equating to a 23% EBITDA margin, which is at the higher end of our industry. This is a revenue annual growth of 7% from '24 to '27 with EBITDA growth at 10%. From '25 to '27, revenue grows at an annual rate of 11%, with EBITDA growing at 15% rate.

展望2027年後，Dodhylex的產能提升以及新產品的增加，例如擴展的生物產品、信息素和新型雙重作用模式除草劑利美沙芬，都將有助於公司的進一步發展。核心產品組合和成長產品組合的結合，預計 2027 年的銷售額將達到約 52 億美元。EBITDA 預計約 12 億美元，相當於 23% 的 EBITDA 利潤率，處於行業較高水平。從 24 年到 27 年，營收年增率為 7%，EBITDA 成長率為 10%。從 25 年到 27 年，營收以每年 11% 的速度成長，EBITDA 以 15% 的速度成長。

We are highly confident in the growth path of the company. This confidence comes from the already strong performance of our growth portfolio. I believe FMC has the strongest pipeline in its history, but we are also conscious that taking full advantage of it requires a repositioning of the company in 2025. That is why we will realign our inventory level, implement the newly developed diamide strategy, and invest in our sales organization to support our growth portfolio and develop new routes to market.

我們對公司的成長之路充滿信心。這種信心源自於我們成長投資組合的強勁表現。我相信 FMC 擁有歷史上最強大的產品線，但我們也意​​識到，要充分利用它需要在 2025 年重新定位公司。這就是為什麼我們要重新調整庫存水平，實施新開發的二酰胺策略，並投資我們的銷售組織以支持我們的成長組合併開發新的市場途徑。

We can now open the line for questions.

我們現在可以開通熱線來回答問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you and good afternoon, everyone. Pierre, could you help us understand how you expect Rynaxpyr from 2026 and beyond to evolve? You're talking about high single-digit sales growth, but could you maybe help us think about the shape of volume and price over the coming years? And within that, could you let us know your view of price gaps and how do you expect to manage them as the generics proliferate? Thank you very much.

謝謝大家，下午好。皮埃爾，您能否幫助我們了解您預計 2026 年及以後 Rynaxpyr 將如何發展？您談到了高個位數的銷售成長，但您能否幫助我們思考未來幾年銷售和價格的趨勢？在此範圍內，您能否讓我們知道您對價格差距的看法，以及隨著仿製藥的激增，您預計如何管理這些價格差距？非常感謝。

Sure. From a pricing standpoint, we believe we are in a place right now, where we can compete with generics at the price we understand are the prices which are being practiced by generic company as reported in the latest import data we have.

當然。從定價的角度來看，我們相信我們現在處於一個可以與仿製藥競爭的價格範圍內，我們所了解的價格就是仿製藥公司所實行的價格，正如我們掌握的最新進口數據所報告的那樣。

So there is two aspects of it. There is the aspect of the market where we will sell the solo molecule. And there, we will have to make a decision of how deep we go into this market to go further into hectares, which are lower cost -- using lower-cost product and to decide where we go and how much of this market we decide to take versus today where we do not have any of this market. So that's what a lower manufacturing cost and new pricing will allow us to do to expand the market we will reach in terms of hectares by going after different type of pesticide.

因此，這有兩個面向。在市場上，我們將銷售單一分子。然後，我們必須決定要深入這個市場到什麼程度，進一步開拓成本更低的土地，使用成本更低的產品，並決定我們要去哪裡以及要佔領多少市場份額，而目前我們還沒有佔領這個市場。因此，較低的製造成本和新的定價將使我們能夠透過推廣不同類型的農藥來擴大我們的市場面積。

Then there is the high end. As you've seen on the slide presented by Ronaldo, we are actively working on new mixtures of products, which are increasing the efficacy of the product, fighting the resistance, and those products will allow us to differentiate ourselves from the solo molecule, which will have a way less efficacy and do that at a price premium.

然後還有高端。正如您在羅納多展示的幻燈片上看到的，我們正在積極研究新的產品混合物，以提高產品的功效，抵抗抗藥性，這些產品將使我們能夠與單一分子產品區分開來，單一分子產品的功效要低得多，而且價格更高。

And finally, we're going to be developing products which will be beneficial from the cost standpoint for us and growers. We talk about high concentrate [and palet]. So it's a mixture of moving our products in two direction. One is to the high end with high-level formulation, which are significantly increasing the efficacy of the product together with having the capability to expand to lower end market because we will have a much lower price, allowing us to go into those markets.

最後，我們將開發從成本角度對我們和種植者均有利的產品。我們談論高濃度[和調色板]。因此，這是我們產品在兩個方向上發展的混合體。一是走向高端，採用高級配方，這顯著提高了產品的功效，同時有能力擴展到低端市場，因為我們的價格會低得多，這使我們能夠進入這些市場。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特（Josh Spector）

Yeah, hi. I had a question on your volume guidance for 2025. So a lot of the prepared remarks talk about weakness at the end of the year, more channel inventory you're dealing with in the first quarter, and that's clear in your 1Q guidance. But if our math is correct, it looks like you're expecting volume growth of something like high single digits for 2025 as a year.

是的，你好。我對您 2025 年的銷售預期有疑問。因此，許多準備好的評論都談到了年底的疲軟，第一季您要處理的更多通路庫存，這在您的第一季指引中已經明確指出。但如果我們計算正確的話，看起來你預計 2025 年的銷售成長率將達到個位數左右。

Previously, you talked about that as 5%, something in that range. So it just seems really odd to us that you're increasing confidence in volumes when the near-term outlook looks a lot worse than you previously anticipated. So can you help us out there, please?

之前您談到的是 5%，大概在這個範圍內。因此，在短期前景比您之前預期的要糟糕得多的情況下，您卻對銷量信心增強，這對我們來說真的很奇怪。那你能幫我們嗎？

Yes, absolutely. It's a very appropriate question. We are -- one of the very key decision we made is to lower inventory of FMC products in the channel. So all of the core products we have or the product -- part of the core portfolio, we're going to make sure that we are selling more on the ground than we are selling into the channel.

是的，絕對是如此。這是一個非常恰當的問題。我們做出的一個非常關鍵的決定是降低通路中 FMC 產品的庫存。因此，對於我們擁有的所有核心產品或產品（核心產品組合的一部分），我們將確保我們在當地銷售的量比在通路銷售的量多。

Initially, when we gave some directional numbers, we talked about volume growth in the 6% range. Today, we are at a higher number. But it is a strategy we have developed during the fourth quarter when we understood better the market we were facing.

最初，當我們給出一些方向性數字時，我們談論的是 6% 左右的銷售成長。如今，這個數字更高了。但這是我們在第四季對所面臨的市場有了更好的了解後所製定的策略。

If you think about -- when we talked about 6%, we are thinking more of the general growth of the demand from the market, which would have recovered. Here, we are excluding that part of the growth. And if you think about the range of growth, it is something like $250 million to $350 million. That's the kind of range we talk about today in terms of volume growth. 75% of that is coming from our growth portfolio, and it is coming from mostly from the new molecules, the new AIs, and also from the biological product.

如果你想想——當我們談到 6% 時，我們更多地考慮的是市場需求的整體成長，而市場需求將會恢復。這裡，我們排除了那部分成長。如果你考慮成長範圍，它大約是 2.5 億美元到 3.5 億美元。這就是我們今天所談論的銷量成長範圍。其中 75% 來自我們的成長組合，主要來自新分子、新 AI 以及生物產品。

The rest is coming -- and the vast majority of the remaining growth is coming from the plant health portfolio. So there is very little growth -- in the $250 million to $350 million, there is growth, which is coming from the core portfolio. So it's a very different profile. It's a very different approach.

其餘的正在到來——剩餘的增長絕大部分來自植物健康產品組合。因此成長很小——在 2.5 億到 3.5 億美元之間，有成長，這些成長來自核心投資組合。所以，這是一個非常不同的情況。這是一種非常不同的方法。

There is a downside to it; let's face it. It requires investments in the first quarter to develop a new sales organization to go after the growth in the new routes, which is more direct sales to large growers, but it's a very different growth profile than what we're expecting. And where we intend to grow the $250 million to $350 million do not touch places where we have high inventory level.

它有一個缺點；讓我們面對現實吧。它需要在第一季進行投資來建立一個新的銷售組織，以追求新途徑的成長，即向大型種植者進行更多的直接銷售，但這與我們的預期的成長截然不同。我們計劃將 2.5 億至 3.5 億美元的成長目標不會觸及庫存水準較高的領域。

If I may add to that, Pierre. Josh, we are investing in expanding and exploring new routes to market. The combination of new products and new customers, that is really where the growth comes from. It is not from traditional products and traditional customers as we just stated that our focus there is actually to decrease the existing inventory. So it's new products to new customers driving the volume growth.

如果我可以補充一點的話，皮埃爾。喬希，我們正在投資擴張並探索新的市場途徑。新產品和新客戶的結合才是成長的真正來源。這不是來自傳統產品和傳統客戶，正如我們剛才所說，我們的重點實際上是減少現有庫存。因此，向新客戶提供新產品推動了銷售量的成長。

Chris Parkinson, Wolfe Research.

克里斯·帕金森（Chris Parkinson），沃爾夫研究公司。

Hey, guys. I was just hoping you could help me triangulate a few things. It just seems like the 1Q guide is the vast majority of the delta of what The Street was increasingly kind of factoring in for your '25 guidance. and we all understand there's a lot going on with Brazilian credit and increasing competition, not only across the Big Six, but also generics within the Americas, wholesale/retail holding less inventory.

嘿，大家好。我只是希望你能幫我理清一些事情。看起來，第一季的指引似乎佔了華爾街在考慮 25 年指引時所考慮的增量的絕大部分。我們都知道巴西的信貸情況很不樂觀，競爭也越來越激烈，不僅是六大製藥公司之間的競爭，而且美洲地區的仿製藥批發/零售企業的庫存也越來越少。

But just can you help us just -- given even Latin America is a smaller portion of the first calendar quarter, just what's your confidence 2Q onwards that you're doing everything in FMC's power to ensure that you can ultimately hit that annual guide, if not exceed it, once all the dust settles? Thank you.

但您能否幫助我們—考慮到拉丁美洲在第一季只佔很小的份額，您對第二季及以後的業績有何信心？謝謝。

I think, Chris, the -- I would say the first-quarter number are showing that we are taking very significant market approach to lower the level of FMC products in the channel. So certainly, our numbers for the first quarter are showing that we're going to have a very, very prudent approach to the market with a high focus on preparing the following quarters.

克里斯，我認為第一季的數據顯示，我們正在採取非常重要的市場方式來降低通路中的 FMC 產品水準。因此，我們第一季的數據當然表明，我們將採取非常非常謹慎的市場態度，高度重視為接下來的幾季做好準備。

The second half of the year will also benefit a lot of the new products the new route to market -- for the new product, because lots of the registration except the US are coming from countries in Latin America, where you will have the growing season. And the new routes to market with the new growers we are targeting are also in Latin America.

下半年也將使許多新產品受益，新的上市途徑——對於新產品來說，因為除美國以外的許多登記都來自拉丁美洲國家，那裡將有生長季節。我們瞄準的新種植者進入市場的新途徑也在拉丁美洲。

So the two actions, structuring and sales, for growth in the second half, plus the actions we are taking in the first half of the year should make us successful to deliver what we are planning in the second half of the year.

因此，下半年為實現成長而採取的結構化和銷售兩項行動，加上我們上半年採取的行動，應該能夠讓我們成功實現下半年的計畫。

Do you want to add something, Andrew?

安德魯，你還有什麼要補充的嗎？

Yeah. Chris, I'd just add as well, just as Pierre commented, we do have some major timing shifts in the US business happening this year as well that caused for some shift of sales we would normally expect to make in Q1 to happen later in the year. So I think that's a part of this low Q1 and stronger Q2 through Q4 that you're pointing to in your question. It is that combination of both the back-end weighted new product growth that Pierre mentioned, the actions we're taking earlier in the year, broadly speaking, to reduce channel inventories, and then finally, the bit of the change in sequence during the year of sales in the US market, with later replenishment by growers and retailers pulling from distribution.

是的。克里斯，我還要補充一點，正如皮埃爾所說，今年我們美國業務的時間確實發生了一些重大變化，這導致我們通常預計在第一季度實現的銷售轉移到了今年晚些時候。所以我認為這是您在問題中提到的第一季表現較低、第二季至第四季表現較強的部分原因。這是 Pierre 提到的後端加權新產品成長的結合，我們在今年稍早採取的行動，大致上是為了減少通路庫存，最後，是美國市場銷售年度內順序的一點變化，隨後由種植者和零售商從分銷管道進行補貨。

Richard Garchitorena, Wells Fargo.

富國銀行的理查德‧加奇托雷納 (Richard Garchitorena)。

Great, thanks. Okay, good afternoon, everybody. I just wanted to touch on the pricing outlook. And it looks like in the fourth quarter, you saw pricing decline across basically most of the segments -- most of the regions, with the exception of EMEA. In terms of the outlook, you talked about cost-plus contract adjustments. Was that in a specific region?

太好了，謝謝。好的，大家下午好。我只是想談談定價前景。在第四季度，除了歐洲、中東和非洲地區以外，基本上大部分細分市場、大部分地區的價格都在下降。在前景方面，您談到了成本加成合約的調整。那是在某個特定區域嗎？

How is pricing currently in Latin America, which has been the weakest, I guess, that you had been seeing. And then when you look at the 2027 revenue guide, is expectations that these contracts are reset in '25? And then they're going to be flat to potentially higher as you move forward over the next couple of years. Thank you.

目前拉丁美洲的定價情況如何？ 我猜，這是你所見過的最弱的。然後，當您查看 2027 年的收入指南時，是否預計這些合約會在 25 年重置？然後，隨著未來幾年的發展，它們將會持平或可能走高。謝謝。

So to answer your last question about the contract, there is for some of the very critical contracts a indexation of the pricing to customers to our manufacturing cost. The biggest jump in terms of lowering manufacturing cost is taking place now from '24 to '25. After '25, we're going to have incremental evolution of our cost, which will go lower and beyond where we will be in '25, but not at all to the same extent. So there will be less of an impact of the price adjustment to the technical sales in '26 and '27 versus '25 as most of the hit will be taken in 2025.

因此，回答您關於合約的最後一個問題，對於一些非常關鍵的合同，客戶定價是與我們的製造成本掛鉤的。在降低製造成本方面，最大的飛躍發生在 24 年到 25 年之間。25年後，我們的成本將逐步降低，降至並超過25年的水平，但幅度不會相同。因此，與 2025 年相比，2026 年和 2027 年價格調整對技術銷售的影響較小，因為大部分影響將在 2025 年顯現。

From a pricing standpoint, I think the guidance we are giving -- and Andrew, correct me if I'm wrong -- but I think the guidance we are giving for 2025 is 3% with about two-third of that coming from those manufacturing contracts or the sales contract to our partners.

從定價的角度來看，我認為我們給出的指導 - 安德魯，如果我錯了請糾正我 - 但我認為我們給出的 2025 年指導是 3％，其中約三分之二來自製造合約或我們合作夥伴的銷售合約。

And on Q4 (technical difficulty) commenting about Q4 and the 3% decline, which was slightly better than what we were expecting. And that's related to the comment I made initially. We had good line of sight in the fourth quarter to deliver the EBITDA and the EPS. We decided to walk away from sales when there was too much of a demand for price or term. We did not want to get into a situation where we would be competing at any cost to -- to go as high as we could on the selling front and just rather stay there below the number we gave as our expectation from the price decrease, knowing that we could deliver our earnings without doing it.

關於第四季度（技術難度），我們對第四季度和 3% 的降幅進行了評論，這比我們預期的要好一些。這與我最初發表的評論有關。我們在第四季度有很好的前景來實現 EBITDA 和 EPS。當價格或期限要求過高時，我們決定放棄銷售。我們不想陷入這樣一種境地：不惜一切代價去競爭——在銷售方面盡可能地提高價格，而寧願將價格保持在我們預期的價格下降以下，因為我們知道，即使不這樣做，我們也能夠實現盈利。

Arun Viswanathan, RBC.

阿倫·維斯瓦納坦（Arun Viswanathan），RBC。

Great. Thanks for the question. Understanding that you guys have done a lot of work to get inside the channel a little bit more. It sounds like you will be continuing to increase your visibility there. But maybe you can just highlight, Pierre, some of the learnings that you have found there.

偉大的。謝謝你的提問。我了解到你們已經做了很多工作來進一步深入該頻道。聽起來你會繼續提高你在那裡的知名度。但是皮埃爾，也許您可以強調一下您在那裡發現的一些知識。

It sounds like that was an area of particular interest, but now you're also shifting your strategy as well and further solidifying the growth versus core strategy. But what else are you doing on the inventory side to get a better handle on the channel? And will all of those issues be mainly addressed through your Q1 actions? Thanks.

聽起來那是一個特別感興趣的領域，但現在您也正在轉變策略，並進一步鞏固成長與核心策略。但是，您在庫存方面還做了什麼來更好地掌握管道？所有這些問題是否主要透過您第一季的行動來解決？謝謝。

Yeah. Thank you. I would say most of our inventory actions are going to take place in the first half. And I think that it will take more than one quarter. We're going to be very aggressive in the first quarter. We'll carry that on the second quarter, I think.

是的。謝謝。我想說，我們大部分的庫存行動將在上半年進行。我認為這將需要一個多季度的時間。我們將在第一季採取非常積極的措施。我想，我們會在第二季延續這股勢頭。

There is two issues I did not personally appreciate in the first couple of months I was here. I focused a lot on the overall inventory. But there is clearly some places for different reasons, where we would have higher than the average inventory level, higher FMC inventory level. So we have now identified, and it's a country per country set of action. And it's going to be India; it's going to be Brazil. It's Eastern Europe; it's Asian.

我到這裡的頭幾個月裡，有兩個問題我自己都沒有意識到。我非常關注整體庫存。但顯然，由於不同的原因，有些地方的庫存水準會高於平均水平，FMC 的庫存水準也會更高。因此，我們現在已確定，這是針對每個國家採取的行動。那就是印度；那就是巴西。這是東歐；它是亞洲的。

So we have a series of six or seven countries where we went in depth to tackle the inventory issue. And the way we truly realize that was going through -- studying the selling process and why things were not happening the way we were expecting.

因此，我們對六到七個國家進行了深入研究，以解決庫存問題。我們真正意識到這一點的方式是研究銷售過程以及為什麼事情沒有按照我們預期的方式發生。

There is also the fact we spent a lot of time talking to our customers that we are dealing with the moving target. Inventory target at the end of the season, we believe, is not the same today as it was in the past. I think people are -- well, I mean, there is some regions -- I'll give you an example. There is some regions where people were comfortable ending the season in the 30%, 35% range of a full-year or full-season inventory at the end of the season. But those people now are targeting the 20%, 25% range.

事實上，我們花了很多時間與客戶溝通，我們正在處理不斷變化的目標。我們認為，季末的庫存目標與過去不同。我認為人們 — — 嗯，我的意思是，有一些地區 — — 我給你舉個例子。在某些地區，人們願意在季末以全年或全季庫存的 30% 或 35% 左右來結束該季。但現在這些人的目標是20%、25%的範圍。

So it's a moving target. So we have to deal with those two issues. The moving target in terms of what our customers want plus the identified places, maybe six or seven countries, including some large countries like India and Brazil, where there is a specifically high level of FMC inventory.

所以這是一個移動的目標。所以我們必須處理這兩個問題。就我們的客戶需求和已確定的地點而言，我們的移動目標可能是六到七個國家，其中包括一些大國，如印度和巴西，這些國家的 FMC 庫存水準特別高。

Ben Theurer, Barclays.

巴克萊銀行的本‧圖勒 (Ben Theurer)。

Yeah. Good afternoon and thanks for taking my question. Just wanted to kind of get a little bit more of the medium-term picture as you think about the roll-out and the cadence for '25 and into '26, obviously, with the backdrop of what you've just guided for Q1.

是的。下午好，感謝您回答我的問題。您只是想更多地了解中期情況，考慮一下 2025 年和 2026 年的推出和節奏，顯然，要以您剛剛為第一季度提供指引的背景為基礎。

So if things move the way you suspect right now and as you would have to anticipate maybe a little bit of that step in between versus what is this year's outlook and the '27 after it, how should we think about the cadence into 2026, just given the roll-out of products and your ability to gain back some market share and to gain back some customers that seem to be lost for now?

因此，如果事情按照您現在猜測的方式發展，並且您必須預測今年和之後的 27 年前景之間的一些變化，那麼考慮到產品的推出和您重新獲得一些市場份額和重新獲得一些目前似乎失去的客戶的能力，我們應該如何考慮 2026 年的節奏？

Yeah. I think the -- it is not -- if I look at the three-year plan, it's not a back-end-loaded three-year plan. You will see a significant improvement of the numbers starting in 2026. The new products -- you've seen the numbers shown by Ronaldo going to $600 million -- it's going to be a pretty evenly growth you're going to see over the three-year period.

是的。我認為 — — 它不是 — — 如果我看一下三年計劃，它不是一個後端加載的三年計劃。從 2026 年開始，您將看到數字的顯著改善。新產品——正如羅納多所展示的數字，其銷售額將達到 6 億美元——在三年內，它將呈現相當平穩的成長。

The new routes to market, we hope to be ready to have that in place in the second quarter to start to be very active in the third quarter and be even more implanted in 2026. So certainly, there is an acceleration of the growth from '26 to '27, but there will be a significant step-up coming from a correction year.

我們希望新的市場途徑能夠在第二季做好準備，在第三季開始變得非常活躍，並在 2026 年進一步落實。因此，從26年到27年，成長肯定會加速，但在調整年份之後，成長將顯著加快。

By '26, we will benefit from a market growth of the core business and the full growth of our growth business. So it is not a back-end type of three-year plan.

到2026年，我們將受益於核心業務的市場成長和成長業務的全面成長。所以它不是一個後端類型的三年計劃。

Steve Byrne, Bank of America.

美國銀行的史蒂夫伯恩。

Yeah. Thank you. For Rynaxypyr volumes in 2025, what are you expecting the percent decline to be? And what was the change in your outlook for the global Rynaxypyr market versus your prior expectations? Was this primarily due to just greater-than-expected capacity expansions in China? Is that what was the primary change? And if so, why do you think you could get back to high-single-digit growth in 2026?

是的。謝謝。對於 2025 年的 Rynaxypyr 產量，您預計下降的百分比是多少？與先前的預期相比，您對全球 Rynaxypyr 市場的展望有何變化？這主要是因為中國產能擴張超出預期嗎？這就是主要的改變嗎？如果是這樣，為什麼您認為到 2026 年可以恢復高個位數成長？

Yes. I think we want to be careful in not talking about specific percentage for products. In next year, we do expect Rynaxypyr to be down, both branded Rynaxpyr and Rynaxypyr sold to our partners. We do expect Cyazypyr sales -- branded Cyazypyr sales to be up.

是的。我認為我們要謹慎，不要談論產品的具體百分比。明年，我們確實預期 Rynaxypyr 的銷售量會下降，品牌 Rynaxypyr 和銷售給合作夥伴的 Rynaxypyr 的銷售都會下降。我們確實預計 Cyazypyr 的銷量——品牌 Cyazypyr 的銷量會上升。

Going forward, I think, first, the different thinking we have about the Rynaxypyr business is two-fold. First, we believe that we can expand with a new manufacturing cost. The market we can address with the Rynaxypyr as a solo molecule formulations like I talked about -- we talked about. We talked about the high concentration or the mixtures -- with mixture partners.

展望未來，我認為，首先，我們對Rynaxypyr業務的不同看法是雙重的。首先，我們相信我們可以用新的製造成本來擴張。我們可以使用 Rynaxypyr 作為單一分子配方來針對的市場，就像我之前談到的——我們之前談到的。我們討論了高濃度或混合物—與混合夥伴。

So we do believe that we can expand the number of acres where we can be competitive and we can also improve the efficacy of this product, allowing us to go to market, which will be beneficial from a usage standpoint to growers. So we do believe to play in a much larger market starting this year and mostly in 2026 than we've done before without moving away from staying in the high end with a specific formulation, which are giving benefits to growers.

因此，我們確實相信，我們可以擴大種植面積，從而保持競爭力，同時還可以提高產品的功效，使我們能夠進入市場，從使用角度來看，這對種植者是有益的。因此，我們確實相信，從今年開始，尤其是在 2026 年，我們將在比以前更大的市場中開展業務，而無需放棄採用特定配方的高端產品，這將為種植者帶來好處。

To your question around the change in the landscape, what I believe is, like it is very often the case, when you have a patent protection, which is a composition of matter -- very, very solid across the world. When you have a patent protection which is process based, not all jurisdictions or countries do have the same attitude toward those patents. And I believe that with India and China starting to sell products even if we are taking legal actions and even if there is a high priority, we will win those legal actions.

對於你提到的格局變化的問題，我認為，就像通常的情況一樣，當你擁有專利保護時，它就是一種物質的組成部分，在世界範圍內非常、非常穩固。當你擁有基於流程的專利保護時，並非所有司法管轄區或國家都對這些專利採取相同的態度。我相信，隨著印度和中國開始銷售產品，即使我們採取法律行動，即使優先權很高，我們也會贏得這些法律行動。

There is no injunction. Competitors are not stopped by court, and that gave the example and the courage to those companies to expand that behavior into other countries. And that's why we saw them coming into Argentina, for example, into Turkey. So I think there is an expansion when you are just one year away from the end of your process patent protection, where people are less worried about the legal action we could be taking. And it's happening maybe faster than what we're expecting.

沒有禁令。競爭對手並沒有被法庭阻止，這為這些公司提供了榜樣和勇氣，將這種行為擴展到其他國家。這就是為什麼我們看到他們進入阿根廷、土耳其等國家。因此，我認為，當距離製程專利保護結束僅剩一年時，專利保護就會延長，人們不再那麼擔心我們可能採取的法律行動。而且它發生的速度可能比我們預期的還要快。

Frank Mitsch, Fermium Research.

米奇 (Frank Mitsch)，鋤研究機構。

Thank you and good afternoon. I want to come back to the price question. Pierre, you indicated that two-thirds of the price decline you're anticipating to come from the manufacturing contracts with your diamide partners. So if you could talk a little bit about the other third, where you're seeing the price declines in that area.

謝謝您，下午好。我想回到價格問題。皮埃爾，您表示，預計價格下降的三分之二將來自與二酰胺合作夥伴簽訂的製造合約。因此，如果您可以稍微談論一下另外三分之一的情況，您會看到該地區的價格下降。

But coming back to the diamide partners, am I to understand that as you improve your manufacturing process that you are giving that back to the diamide partners. So as you spend money to improve your manufacturing for the restructuring costs, et cetera, that that is flowing through in a lower price to the diamide partners.

但回到二醯胺合作夥伴的問題，我的理解是，當你改進製造流程時，你會把這些回饋給二醯胺合作夥伴。因此，當您花錢改善製造以支付重組成本等時，這些成本就會以較低的價格流向二醯胺合作夥伴。

I certainly can understand if raw material costs come down and so forth that, that would flow through to your partners, but I was just struck that it sounded like it was also if you're making improvements and spending money to do so, that you're giving some of that up. So any color there would be very helpful? Thank you.

我當然可以理解，如果原材料成本下降等等，這些成本就會轉嫁給你的合作夥伴，但我只是覺得，這聽起來好像如果你在進行改進並花錢這樣做，你就放棄了其中的一些。那麼任何顏色都會有幫助嗎？謝謝。

Absolutely. So yes, the contract we have with those diamide partners are the fact that -- and also, again, it's not all of them. There is some of our diamide partners, where we have a very different cost structure. But important diamide partners to have what we call a cost-plus, which is not the exact terminology. That's a fact we -- the way we called it, but the pricing is indexed on manufacturing cost.

絕對地。所以是的，我們與這些二醯胺合作夥伴簽訂的合約是事實——而且，再說一次，這並不是全部。我們與一些二醯胺合作夥伴的成本結構非常不同。但重要的二醯胺合作夥伴具有我們所說的成本加成，這並不是準確的術語。事實上，我們是這麼稱呼的，但定價是根據製造成本來定價的。

And it is a commercial decision we have taken. We knew that over time, those partners will have the choice between working with us and working with people who potentially would come with price which would be more competitive. So when you sign mid-term, long-term contract with those partners, they are willing to stay with you. But they also have to be sure that their source of product will remain competitive.

這是我們所做的商業決定。我們知道，隨著時間的推移，這些合作夥伴將可以選擇與我們合作，也可以選擇與可能提供更具價格競爭力的人合作。所以當你和這些合作夥伴簽訂中期、長期合約時，他們願意繼續和你合作。但他們也必須確保其產品來源保持競爭力。

So in some cases, there is no cost-plus contracts, but then what you end up doing is having a commercial negotiation every year or every other year when the contract has to be renewed. With some other partners, we do have longer-term contracts. And one of the benefits they get is they give us longer-term contract, and we give those a guarantee that we will optimize the price, even if we are the one spending money to lower the cost. It's just a commercial practice. We had to secure some large contracts with important partners over a longer period of time.

因此，在某些情況下，沒有成本加成合同，但最終你需要做的是每年或每隔一年在合約續約時進行一次商業談判。我們與其他一些合作夥伴確實簽訂了長期合約。他們獲得的好處之一就是與我們簽訂了長期合同，我們向他們保證將優化價格，即使我們是花錢降低成本的人。這只是一種商業做法。我們必須與重要的合作夥伴簽訂一些長期的大合約。

Regarding the remaining -- the one-third of the price decrease, it is actually, we believe, some of the normal market competitiveness, which will still exist for the time being until the market has completely recovered. And the fact that in Asia, we still are in a very, very competitive situation, where the -- especially India, where the channel is very full. So I would say it's not as simple as two-thirds technical --- what we call technical product sales to a partner and one-third of Asia, but it's not far from being the truth.

至於剩下的三分之一的降價幅度，其實我們認為是屬於市場正常的競爭的一部分，在市場完全恢復之前，這種正常的競爭暫時還會存在。事實上，在亞洲，我們仍然處於競爭非常激烈的境地，尤其是印度，那裡的管道非常擁擠。因此，我想說這並不像三分之二的技術那麼簡單——我們稱之為將技術產品銷售給合作夥伴，三分之一銷售給亞洲，但這與事實相去不遠。

Mike Harrison, Seaport Research Partners.

麥克‧哈里森（Mike Harrison），海港研究夥伴。

Hi, good evening. I was hoping, Ronaldo, given your experience in Latin America, maybe you can give us a little bit more detail on the changes. That you're seeing in the Latin America distribution channel. I know that your restructuring plan included some rightsizing of the organization in Brazil, and now it sounds like you're seeing a need to invest in new routes to markets or a different way to access that market.

嗨，晚上好。羅納多，我希望，鑑於你在拉丁美洲的經歷，也許你可以向我們詳細介紹這些變化。這是您在拉丁美洲分銷管道中看到的。我知道您的重組計劃包括對巴西組織進行一些適當的調整，現在聽起來您認為有必要投資新的市場途徑或進入該市場的不同方式。

So can you help us understand what has changed in the market and also what has changed about your approach to the market in Latin America and your organization. Thank you.

那麼您能否幫助我們了解市場發生了哪些變化，以及您對拉丁美洲市場和組織的態度發生了哪些變化？謝謝。

Sure, Michael. A few years ago, the retail distribution system went through a consolidation -- a wave of consolidation. And some of the consolidators started acquiring some retailers that were family-owned businesses, very traditional and small -- covering the small territories. And these platforms became large and very diverse in terms of geographic expansion and also the making of their, I'll call, network for lack of better name.

當然，邁克爾。幾年前，零售分銷系統經歷了整合浪潮。一些整合者開始收購一些家族式零售商，這些企業非常傳統，規模較小，覆蓋範圍較小。這些平台在地理擴展以及（我稱之為）網絡（因為沒有更好的名字）的構建方面變得龐大且非常多樣化。

What we have seen is that the market share that some of those regional businesses have with our products is not the same that we are seeing with the consolidators today. Because the market is evolving, the compliance need is different. The credit requirements are different. And as a result of that, there are more and more growers going directly to companies or we could put in reverse as well more and more companies going direct to growers, and approaching them directly and establishing that direct relationship between manufacturers and large growers.

我們看到，一些區域性企業所佔有的市場份額與我們今天所看到的整合者的市場份額並不相同。由於市場不斷發展，合規需求也各不相同。信用要求不同。因此，越來越多的種植者直接與公司聯繫，或者我們可以反過來說，越來越多的公司直接與種植者聯繫，直接與他們聯繫，建立製造商和大型種植者之間的直接關係。

You may ask, well then, why didn't you follow that way before or you adjusted before? And the answer is actually pretty simple. To go -- I'm talking about soybean and corn -- and to go and approach growers directly, you need a technology that is specifically important to those growers. We now have it. I talked about fluindapyr and I talked about that product being the key tool in controlling Asia soybean rust. There are new or renewed brands and versions of our diamide.

您可能會問，那麼為什麼以前您不這樣做或進行調整呢？答案其實很簡單。要想——我指的是大豆和玉米——並直接接觸種植者，你需要對這些種植者特別重要的技術。現在我們已經擁有它了。我談到了氟吲哚，並談到該產品是控制亞洲大豆銹病的關鍵工具。我們的二醯胺有新的或更新的品牌和版本。

We are now approaching those growers with some new technology to show them. So the difference between where we were before, before optimizing and now that we're making investments, is one, when we rightsize the organization, we rightsize it to the total size of the market. Now the type of investment that we're making -- the people that are joining the company are people that are more skilled on soybean and corn, segments that we didn't serve before, and especially approaching directly growers not focusing 100% on retailers.

我們現在正在向這些種植者展示一些新技術。因此，我們之前（在優化之前）和現在進行投資之間的差異在於，當我們調整組織規模時，我們會根據整個市場的規模進行調整。現在，我們正在進行的投資類型是——加入公司的人員對大豆和玉米有更深入的了解，這是我們以前沒有服務過的領域，尤其是直接接觸種植者，而不是 100% 關注零售商。

In other words, though the skills are not the same and the fact that we let go people before and now we are adding, it's not the same type of people. It's just different skills, different networks, and different connections that are required to implement this new stage of this strategy. But I do want to stress, we can only do that now because we have the right technologies to do so.

換句話說，雖然技能不一樣，而且我們之前解僱的人和現在招募的人不是同一類型的人。只是實施這項策略的新階段需要不同的技能、不同的人脈和不同的連結。但我想強調的是，我們現在之所以能夠做到這一點，是因為我們擁有正確的技術。

Kevin McCarthy, VRP.

凱文·麥卡錫，VRP。

Yeah. Thank you and good evening. Pierre, if I look at slide number 8, you're guiding to adjusted EBITDA that's either side of flat. And that is the case, notwithstanding what looks to be $175 million to $200 million of favorability on COGS. I think you have additional restructuring benefits flowing through as well.

是的。謝謝您，晚上好。皮埃爾，如果我看第 8 張投影片，你正在指導調整後的 EBITDA 處於平穩狀態。事實就是如此，儘管看起來 COGS 的優惠幅度有 1.75 億到 2 億美元。我認為您還會獲得額外的重組利益。

So my question would be, can you speak to some of the headwinds that would cause the flat EBITDA? I do see the foreign exchange that you quantified, but perhaps you could speak to the level of the incremental investments you're making in SG&A to go direct in Latin America and other cost headwinds that would complete the bridge, so to speak.

所以我的問題是，您能談談導致 EBITDA 持平的一些不利因素嗎？我確實看到了您量化的外匯，但也許您可以談談您在銷售、一般及行政費用 (SG&A) 方面進行的增量投資的水平，以便直接進入拉丁美洲，以及完成橋樑建設的其他成本阻力，可以這麼說。

Sure. I think I would say there is multiple ways to look at it, but there is three key headwinds. One is price -- with what we explained around the price we have to give back to our -- to some of our partners on diamide. So price is overall $130 million, I think, in the range of $130 million of headwind.

當然。我認為可以從多個角度來看待這個問題，但主要有三個不利因素。一個是價格——我們已經解釋了我們必須將價格回饋給我們的一些二酰胺合作夥伴。所以我認為價格總體上是 1.3 億美元，在 1.3 億美元逆風範圍內。

Secondly, we do have FX which is much beyond what we would have thought a few months ago in the range of about $70 million. And we believe we're going to be investing in the first quarter about $25 million to create a new sales organization. So you have here about $200 million to $250 million of headwinds for the three main ones.

其次，我們的外匯確實遠遠超出我們幾個月前的預期，約為 7,000 萬美元。我們相信我們將在第一季投資約 2500 萬美元來創建一個新的銷售機構。因此，對於這三個主要企業來說，他們面臨的阻力大約是 2 億到 2.5 億美元。

Andrew, have I missed any or those are the three biggest ones?

安德魯，我是否遺漏了什麼，或者這三個是最重要的？

Yeah, the biggest ones. And obviously, we did forgo about $25 million in profit we've made in the GSS business in the prior year that we obviously won't have this year to finish out the (multiple speakers)

是的，最大的那些。顯然，我們確實放棄了去年在 GSS 業務中賺取的約 2,500 萬美元利潤，而今年我們顯然無法完成（多位發言者）

That's the full thing --

這就是全部內容--

It's a smaller piece.

這是一個較小的碎片。

So those together are beyond $250 million.

所以這些加起來超過了2.5億美元。

This concludes the FMC Corporation conference call. Thank you for attending. You may now disconnect.

FMC 公司電話會議到此結束。感謝您的參加。您現在可以斷開連線。