富美實 (FMC) 2025 Q1 法說會逐字稿

Good morning and welcome to the first quarter 2025 earnings calls for the FMC Corporation. This event is being recorded. (Operator Instructions)

早安，歡迎參加 FMC 公司 2025 年第一季財報電話會議。此事件正在被記錄。（操作員指示）

I'd 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。

Thank you. Good morning, everyone, and welcome to FMC Corporation's first quarter earnings call. Joining me are Pierre Brondeau, Chairman and Chief Executive Officer; Andrew Sandifer, Executive Vice President and Chief Financial Officer; and Ronaldo Pereira, President.

謝謝。大家早安，歡迎參加 FMC 公司第一季財報電話會議。與我一起出席的還有董事長兼首席執行官 Pierre Brondeau；安德魯·桑迪弗 (Andrew Sandifer)，執行副總裁兼首席財務官；以及總裁羅納爾多·佩雷拉 (Ronaldo Pereira)。

Today, Pierre will review our first quarter performance and provide an outlook for the second quarter. He will also comment on our full year outlook for 2025. Andrew will provide an overview of select financial results. After our prepared remarks, we will take questions.

今天，皮埃爾將回顧我們第一季的業績並對第二季進行展望。他也將對我們 2025 年全年的展望發表評論。安德魯將概述部分財務表現。在我們準備好發言之後，我們將回答問題。

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. 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 factors 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.

我們的收益報告和今天的幻燈片演示可以在我們的網站上查閱，今天討論的準備好的發言稿將在電話會議結束後提供。讓我提醒您，今天的演示和討論將包括前瞻性陳述，這些陳述受各種風險和不確定性的影響，涉及特定因素，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。

Actual results may vary based on these risks and uncertainties. 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, CTPR means Chlorantraniliprole, earnings means adjusted earnings and EBITDA means adjusted EBITDA.

實際結果可能因這些風險和不確定性而有所不同。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，CTPR 表示氯蟲苯甲醯胺，收益表示調整後的收益，EBITDA 表示調整後的 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.

我們在網站上提供了這些術語以及我們在今天的電話會議中可能參考的其他非 GAAP 財務術語的對帳和定義。

With that, I will now turn the call over to Pierre.

說完這些，我現在將電話轉給皮埃爾。

Thank you, Curt, and good morning, everyone. I have stressed that 2025 will be a pivotal year for the company, highlighting four critical focus areas, including decreasing the amount of FMC products in the channel to align with customer target inventory levels, implementing a post-patent strategy for the next year, establishing an additional route to market in Brazil by selling directly to large corn and soybean growers, and ensuring that a growth portfolio consisting of Rynaxypyr, the four new active ingredients, and Plant Health has appropriate resources in place to meet their targets.

謝謝你，Curt，大家早安。我強調2025年將是公司的關鍵一年，突出四個關鍵關注領域，包括減少渠道中的FMC產品數量以與客戶目標庫存水平保持一致、實施明年的後專利戰略、通過直接向大型玉米和大豆種植者銷售在巴西建立額外的市場途徑，並確保由Rynaxypyr、四種新活性成分和植物健康組成的增長產品組合擁有適當的資源來實現其四種目標。

I would like to start by providing a brief update on the strong progress we made in these four areas during the first quarter. Prudent selling in Q1 supported the high focus on moving a product from the channel to the ground has allowed the company to approach appropriate levels of channel inventory in all regions, excluding Asia.

首先，我想簡要介紹一下我們在第一季在這四個領域取得的重大進展。第一季的謹慎銷售支持了將產品從通路轉移到地面的高度關注，這使得該公司能夠在亞洲以外的所有地區達到適當的通路庫存水準。

While this stocking is nearly complete in most countries, we will maintain the same deliberate sales strategy that we had in Q1 during Q2 for countries where we have not yet reached targeted levels. This will put us in a strong position for the second half of the year.

雖然大多數國家的備貨已基本完成，但對於尚未達到目標水準的國家，我們將在第二季繼續採用與第一季相同的銷售策略。這將使我們在今年下半年處於有利地位。

Our Rynaxypyr strategy has been implemented and is gaining momentum. Simply put, our strategy is to offer basic solo formulations of Rynaxypyr and the trusted FMC brand names at lower prices to compete with generic, while also providing higher value versions of the molecule through new, often patented, formulations and mixtures.

我們的 Rynaxypyr 策略已經實施，並且正在獲得發展動力。簡而言之，我們的策略是以較低的價格提供 Rynaxypyr 的基本單一配方和值得信賴的 FMC 品牌，以與仿製藥競爭，同時透過新的、通常是專利的配方和混合物提供更高價值的分子版本。

Regarding a new product, we have already commercialized a new mixture for Rynaxypyr and Bifenthrin for pest spectrum enhancement, as well as a high-load product for ease of use and lower cost for the grower. During the second half of this year, we will launch the large effervescent granule, a tablet for rice application. This patented and innovative technology offers a concentrated effervescent formulation that disperses upon contact with water, is lightweight, and can be applied to handheld dispensers.

關於新產品，我們已經將 Rynaxypyr 和 Bifenthrin 的新混合物商業化，以增強害蟲防治範圍，同時也推出了一種高負荷產品，方便種植者使用並降低成本。今年下半年，我們將推出大泡騰片，一種適用於米的片劑。這項專利的創新技術提供了一種濃縮的泡騰配方，在與水接觸時會分散，重量輕，並且可以應用於手持分配器。

Sales of this new generation product are expected to reach $200 million to $250 million in 2025. In addition, we're expecting three new mixtures in 2026 that will address resistance issues and broaden the spectrum of control.

該新一代產品的銷售額預計到2025年將達到2億至2.5億美元。此外，我們預計 2026 年將出現三種新混合物，以解決抗藥性問題並擴大控制範圍。

It is also worth noting that a large part of FMC cells have a strong level of protection against generic products as these cells are tied to high-value crops where substitution is more difficult and riskier for growers. These include tree nuts, fruits, and vegetables, which represent about 35% of FMC's total brand.

另外值得注意的是，很大一部分 FMC 細胞對仿製藥具有很強的保護作用，因為這些細胞與高價值作物有關，而對於種植者來說，替代更加困難且風險更大。其中包括樹堅果、水果和蔬菜，佔 FMC 品牌總量的 35% 左右。

Rynaxypyr sales and as much as 60% of branded Rynaxypyr sales in North America. Our low-cost diamide manufacturing is now fully in place. This will allow us to protect existing applications, expand solar formulation to new markets, and become competitive for all applications in a global CTPR market that we expect will grow exponentially.

Rynaxypyr 的銷售額佔北美品牌 Rynaxypyr 銷售額的 60%。我們的低成本二醯胺生產現已全面到位。這將使我們能夠保護現有的應用，將太陽能配方擴展到新的市場，並在我們預計將呈指數級增長的全球 CTPR 市場中對所有應用具有競爭力。

The end result of our strategy is that we expect sales of Rynaxypyr to grow from 2025 to 2027 as volume increases more than offset price erosion, with resulting gross profit dollars remaining flat at 2025 levels. A company three-year plan is not reliant on bottom-line growth of Rynaxypyr.

我們的策略的最終結果是，我們預計 Rynaxypyr 的銷售額將在 2025 年至 2027 年期間成長，因為銷量的成長超過了價格的下降，因此毛利將保持在 2025 年的水平。該公司的三年計劃並不依賴 Rynaxypyr 的底線成長。

Moving on, let me address a progress on establishing a new route to market to Brazil. We are capitalizing on our expanded product portfolio, including recently launched active ingredients to sell directly to large corn and soybean growers that we could not supply in the past.

接下來，讓我來談談建立通往巴西市場的新路線的進展。我們正在利用擴大的產品組合，包括最近推出的活性成分，直接銷售給過去無法供應的大型玉米和大豆種植者。

A new sales and text service organization is in place and will be fully operational in Q2, in time for Brazil's next growing season in September. Access to this new market is expected to provide a multi-hundred million dollars growth opportunity over time.

新的銷售和文字服務組織已經成立，並將於第二季度全面投入運營，以趕上巴西 9 月的下一個生長季節。隨著時間的推移，進入這個新市場預計將帶來數億美元的成長機會。

To be very clear, nothing else will change in a business model for FMC Brazil. We will maintain our other current routes to market, including selling to co-ops and retailers, as well as selling directly to large sugarcane and cotton farms, as we have done in the past.

需要明確的是，FMC 巴西的商業模式不會有其他變化。我們將維持目前的其他市場管道，包括向合作社和零售商銷售，以及像過去一樣直接向大型甘蔗和棉花農場銷售。

Finally, regarding our growth portfolio, the three growth platforms are well positioned to deliver their full potential. Our new active ingredients are well on track. We expect strong growth of fluindapyr and Isoflex in 2025, and have recently received registration for fluindapyr in Argentina.

最後，關於我們的成長組合，三個成長平台都已做好準備，充分發揮其潛力。我們的新活性成分進展順利。我們預計 2025 年氟吲哚和 Isoflex 將實現強勁增長，並且最近已在阿根廷獲得了氟吲哚的註冊。

In addition, we were recently granted a first registration globally for Dodhylex, active under the brand name Keenali in Peru. In the case of Cyazypyr, while we expect data protection and registration processes to create barriers for generics to enter some markets until '28 or '29, we are already implementing a strategy for these products well in advance of potential generic entries.

此外，我們最近獲得了 Dodhylex 的全球首次註冊，在秘魯以 Keenali 品牌名稱進行銷售。就 Cyazypyr 而言，雖然我們預計資料保護和註冊流程將在 2028 年或 2029 年之前為仿製藥進入某些市場設置障礙，但我們早在潛在的仿製藥進入之前就已在實施針對這些產品的策略。

As it relates to Plant Health, with a recent registration of Sofero for pheromone in Brazil, we have received our first orders and anticipate initial sales of this product in Q3. While our three financial targets do not include any main field contribution from pheromones, this product could provide substantial sales and earnings in the future.

就植物健康而言，隨著 Sofero 最近在巴西註冊費洛蒙產品，我們已收到首批訂單，預計該產品將在第三季首次銷售。雖然我們的三個財務目標不包括信息素對任何主要領域的貢獻，但該產品未來可能會帶來可觀的銷售額和收益。

The progress we made in these four area will put us in a much stronger position to deliver growth in the second half of 2025 and into '26 and '27. Before we turn to our guidance, I will make a few more detailed comments on our first quarter results.

我們在這四個領域取得的進展將使我們在 2025 年下半年以及 2026 年和 2027 年實現成長方面處於更有利的地位。在我們轉向指導之前，我將對我們的第一季業績做一些更詳細的評論。

Our Q1 results are detailed on slide 3, 4, and 5. The first quarter unfolded mostly as we expected. Overall weather conditions were favorable and application rates were strong for FMC products, which advanced our channel destocking in most countries. Consistent with Q1 guidance, retailers and growers in the US were slower to place orders in response to lower commodity price, the perception of import supply, and uncertainty as a result of recent trade dynamics.

我們的第一季業績詳見投影片 3、4 和 5。第一季的進展基本上符合我們的預期。整體天氣條件良好，FMC 產品的應用率很高，這促進了我們在大多數國家的通路去庫存。與第一季的指引一致，由於商品價格下跌、進口供應的認知以及近期貿易動態造成的不確定性，美國零售商和種植者下訂單的速度較慢。

Company sales declined 14% versus the prior year. Pricing was down 9%, with over half of the decline due to adjustments in certain cost plus contracts for significant diamide partners to account for lower manufacturing costs.

公司銷售額較上年下降14%。價格下降了 9%，其中超過一半的降幅是由於對重要二醯胺合作夥伴的某些成本加成合約進行了調整，以降低製造成本。

A strong US dollar led to an FX headwind of 4%. Volume was down 1% versus the week prior year comparison, as prudent selling into the channel in many countries was mostly offset by volume growth in Latin America. Our Plant Health business outperformed the portfolio with sales up 1% versus prior year driven by biologicals.

美元走強導致外匯逆風達 4%。與去年同期相比，銷量下降了 1%，因為許多國家的謹慎銷售大部分被拉丁美洲的銷售成長所抵消。我們的植物保健業務表現優於投資組合，在生物製劑的推動下，銷售額較上年增長 1%。

Looking at regional results on slide 5, North America performed as expected, with sales decline of 28%, mainly from lower volume as cautious processes from retailers and growers delayed restocking orders from distributor customers. Latin America grew 17%, excluding FX headwinds. On the surface, it appears counterintuitive that we grew volume in regions where we were actively seeking to lower channel inventory.

從幻燈片 5 上的區域結果來看，北美的表現符合預期，銷售額下降了 28%，主要原因是零售商和種植者的謹慎處理推遲了分銷商客戶的補貨訂單，導致銷量下降。除去外匯不利因素，拉丁美洲成長了 17%。從表面上看，我們在積極尋求降低渠道庫存的地區卻增加了銷量，這似乎有悖常理。

Higher volume mostly came from increased direct sales to cotton growers in Brazil, which do not impact the channel inventory. It's also important to note that with a strong focus on grower consumption, product on the ground or POG, as we refer to it, far outpaced our sales into the channel.

銷售增加主要來自於對巴西棉花種植者的直接銷售增加，不會影響通路庫存。值得注意的是，由於我們高度重視種植者的消費，地面產品或 POG（我們稱之為）的銷售量遠遠超過了我們進入通路的銷售額。

Shifting to Asia, the region performed as expected, with a sales decline of 21%, excluding currency impacts, driven by intentional prudent selling and lower price. Finally, in EMEA, we reported 7% lower sales, excluding currency impact due to lower volumes, largely from the expected loss of registration from triflusulfuron herbicide.

轉向亞洲，該地區的表現符合預期，銷售額下降 21%，不包括貨幣影響，原因是有意謹慎銷售和價格下降。最後，在歐洲、中東和非洲地區，我們報告銷售額下降了 7%，這不包括由於銷量下降而導致的貨幣影響，主要原因是預計三氟磺隆除草劑的登記損失。

Turning to slide 6, our first quarter EBITDA declined 25% due to lower price and FX headwinds and reduced volume. Costs were a tailwind as favorability in COGS more than offset increased investment in SG&A and earnings. The increased spending in those areas helped establish the additional salesforce in Brazil and further support for our own new product.

轉到投影片 6，由於價格下跌、外匯不利因素和交易量減少，我們的第一季 EBITDA 下降了 25%。成本是順風，因為 COGS 的優惠足以抵消 SG&A 和收益投資的增加。這些地區支出的增加有助於在巴西建立額外的銷售團隊並進一步支持我們自己的新產品。

Turning now to slide 7, we provide our expectations for the second quarter. We are getting a revenue decline of 2% at the midpoint. Lower sales are expected to be driven by low to mid-single-digit declining price and low single-digit FX headwind. (technical difficulty) carry over a strategy from the first quarter of carefully managing sales into the channel in many countries, while focusing on POG to set up for solid growth in the second half of the year.

現在翻到第 7 張投影片，我們提供了對第二季的預期。我們的收入中位數下降了 2%。預計銷售額下降將受到低至中等個位數價格下降和低個位數外匯逆風的影響。 （技術難度）延續第一季的策略，謹慎管理多個國家的通路銷售，同時專注於 POG，為下半年的穩健成長做好準備。

EBITDA is lower by 6% at the midpoint, with lower price and an FX headwind partially offset by favorable cost and higher volume. Adjusted earnings per share is expected to be lower by 5% at the midpoint.

EBITDA 中間值下降了 6%，較低的價格和外匯不利因素被有利的成本和更高的銷售部分抵消。預計調整後每股收益中位數將下降 5%。

On slide 8, we provide our updated full-year guidance, which is unchanged from our prior record. Full-year sales are expected to be flat to prior year at the midpoint as higher volume, mostly in the second half, offsets unfavorable price and FX. Adjusted EBITDA is expected to grow 1% at the midpoint as favorable cost and higher volume are mostly offset by lower price and an FX headwind.

在第 8 張投影片上，我們提供了更新的全年指引，與先前的記錄相比沒有變化。預計全年銷售額將與去年同期持平，因為下半年的銷售增加抵消了不利的價格和外匯影響。調整後的 EBITDA 預計中期將成長 1%，因為優惠的成本和更高的銷售量大部分被更低的價格和外匯逆風所抵消。

Adjusted earnings per share is expected to be flat to prior year at the midpoint. Over the last few weeks, there has been a lot of focus on recently announced tariffs and the potential impact to our business. Slide 9 gives a brief overview of the tariffs in place or announced as of yesterday. These include the Section 301 tariffs implemented during the first Trump administration and the new tariffs announced under the International Emergency Economic Powers Act.

預計調整後每股收益中位數與上年持平。過去幾週，人們一直在關注最近宣布的關稅及其對我們業務的潛在影響。第 9 張幻燈片簡要概述了截至昨天實施或宣布的關稅。其中包括川普第一任政府實施的301條款關稅以及根據《國際緊急經濟權力法》宣布的新關稅。

Key to determining the magnitude of the impact of the recently announced tariffs is whether the product we import into the US are eligible for exemption or duty drawback under the specific tariff in question. Exemptions allow companies like FMC to import without paying tariff specified material that are not readily available from alternate sources.

確定最近宣布的關稅影響程度的關鍵在於我們進口到美國的產品是否有資格根據特定關稅獲得免稅或退稅。豁免允許 FMC 等公司免繳關稅進口不易從其他來源取得的特定材料。

Duty drawback is a refund of import duties that were paid on materials that are later exported from the US either in the same form or as part of a finished product. Exemptions and duty drawbacks are product specific and not company specific.

關稅退稅是指後來以相同形式或作為成品的一部分從美國出口的材料支付的進口關稅的退還。豁免和退稅是針對特定產品的，而不是針對特定公司的。

Slide 10 lists the tariffs that are currently in place for FMC materials and whether there are opportunities for exemptions or duty drawback. It is important to avoid applying a blanket percentage to a total imported volume as the real impact is much lower. For example, most materials fall under reciprocal tariffs are either exempt or eligible for duty drawback.

投影片 10 列出了目前對 FMC 材料實施的關稅以及是否有豁免或退稅的機會。重要的是避免對總進口量應用統一的百分比，因為實際影響要低得多。例如，大多數屬於互惠關稅範圍的資料都可以免稅或享有退稅。

After a detailed review of the materials we import into the US and applying the rules currently proposed or in place, we estimate an incremental cost headwind of $15 million to $20 million. This was a rigorous bottom-up analysis, so we are confident in the estimated impact.

在對我們進口到美國的材料進行詳細審查並應用目前提議或實施的規則後，我們估計增量成本阻力為 1500 萬至 2000 萬美元。這是一次嚴格的自下而上的分析，因此我們對估計的影響充滿信心。

As we did these calculations, applying the rules as we understand them today and which may evolve as trade negotiations between the United States and other countries progress. We will continue to monitor new development and re-evaluate the potential impact on our business.

當我們進行這些計算時，我們應用了我們今天所理解的規則，這些規則可能會隨著美國與其他國家之間的貿易談判的進展而演變。我們將繼續專注於新的發展並重新評估對我們業務的潛在影響。

As we understand them today, we do not expect tariffs to be a significant obstacle to reaching a full 2025 goals. We have flexibility in sourcing depending on how the situation continues to unfold. Further, we have improved cost favorability and additional volume opportunities that will offset the impact we currently anticipate for 2025. Nevertheless, as we become more certain on the longer-term tariff impact, we will adjust our pricing to cover those costs.

根據我們今天的理解，我們預計關稅不會成為實現2025年全部目標的重大障礙。根據情勢的進展，我們可以靈活地選擇採購方式。此外，我們提高了成本優惠度並增加了銷售機會，這將抵消我們目前預計的 2025 年的影響。儘管如此，隨著我們對長期關稅影響的更加確定，我們將調整定價以彌補這些成本。

Our guidance implies solid growth in the second half of the year. We expect revenue growth of 7% driven by higher volume from fluindapyr, Isoflex and biological, as well as by the newly established additional route to market in Brazil.

我們的預期意味著下半年將穩健成長。我們預計營收將成長 7%，這得益於氟因達吡、Isoflex 和生物製品銷售的增加，以及巴西新建立的額外市場途徑。

With these actions we have taken in the first half of the year, we expect to enter the next growing season in Latin America without the destocking headwinds we faced over the last two seasons. However, we do expect headwinds from price and effects.

透過我們在今年上半年採取的這些行動，我們預計拉丁美洲將在進入下一個生長季節時不會再面臨過去兩個生長季節所面臨的去庫存逆風。然而，我們確實預期價格和效應方面將出現阻力。

As you can see in slide 11, we expect second half EBITDA growth of 11% as lower cost and higher volume, primarily from new products and the new route to market in Brazil, are partially offset by lower price and affected winds. Lower costs are expected to be driven by COGS favorability, including lower raw materials and improved fixed cost absorption.

正如您在投影片 11 中看到的，我們預計下半年 EBITDA 將成長 11%，因為成本降低和銷售量增加（主要來自新產品和巴西市場的新路線）被價格降低和風力受影響部分抵消。預計成本降低將受到 COGS 優惠的推動，包括原材料價格降低和固定成本吸收改善。

We are highly confident in our path to second half growth as it is driven by cost favorability, a large portion of which is already locked in, as well as sales of new products and the additional route to market, neither of which have channel inventory concerns. Additionally, we will benefit from the current selling strategy and our focus on POG in the first half.

我們對下半年的成長之路充滿信心，因為它是由成本優惠（其中很大一部分已經鎖定）以及新產品的銷售和額外的市場途徑推動的，這兩者都不存在通路庫存問題。此外，我們將受益於目前的銷售策略以及上半年對 POG 的關注。

I will now turn it over to Andrew to cover details on cash flow and other items.

現在我將把主題交給安德魯，讓他介紹現金流和其他項目的細節。

Thanks, Pierre. I'll start this morning with a review of some key income statement items. FX was a 4% headwind to revenue growth in the first quarter, largely driven by the Brazilian real and various European currencies, most significantly the euro. For full year 2025, we continue to expect a low to mid-single-digit FX headwind to revenue, again driven primarily by the Brazilian real and various European currencies.

謝謝，皮埃爾。今天早上我將首先回顧一些關鍵的損益表項目。外匯對第一季的營收成長造成了 4% 的阻力，主要受到巴西雷亞爾和各種歐洲貨幣（其中最顯著的是歐元）的影響。對於 2025 年全年，我們仍然預期收入將受到低至中等個位數的外匯阻力，主要原因仍然是巴西雷亞爾和各種歐洲貨幣。

Interest expense for the first quarter was $50.1 million, down over $11 million compared to the prior year period, driven by lower debt balances. For full year 2025, we continue to 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.

第一季利息支出為 5,010 萬美元，較去年同期減少 1,100 萬美元，原因是債務餘額減少。對於 2025 年全年，我們繼續預期利息支出將在 2.1 億美元至 2.3 億美元之間，年比中位數下降約 1,500 萬美元，這反映了 2024 年債務減少和 2025 年利率適度下降的好處。

The effective tax rate on adjusted earnings was 14% in the first quarter, in line with our continued expectation of a full year effective tax rate of 13% to 15%.

第一季調整後收益的有效稅率為 14%，與我們對全年有效稅率 13% 至 15% 的持續預期一致。

Moving next to the balance sheet and leverage, gross debt at March 31 was approximately $4 billion, up roughly $640 million from the prior quarter due to a normal seasonal working capital bill. Cash on hand decreased $42 million to $315 million, resulting in net debt of approximately $3.7 billion. Gross debt to trailing 12 month EBITDA was 4.6 times in quarter end, while net debt to EBITDA was 4.3 times.

接下來看看資產負債表和槓桿率，3 月 31 日的總債務約為 40 億美元，由於正常的季節性營運資金支出，比上一季增加了約 6.4 億美元。現金減少 4,200 萬美元至 3.15 億美元，導致淨債務約 37 億美元。季度末，總負債與過去 12 個月 EBITDA 的比率為 4.6 倍，而淨負債與 EBITDA 的比率為 4.3 倍。

Relative to our leverage covenant, which includes adjustments to both the numerator and denominator, leverage was 4.77 times as compared to a covenant limit of 5.25 times. As a reminder, our covenant leverage limit will remain at 5.25 times through September 30, then step down to 5.0 times at year end. We expect covenant leverage to return to approximately 3.7 times by year end, essentially flat to the prior year.

相對於我們的槓桿契約（包括對分子和分母的調整），槓桿為 4.77 倍，而契約限制為 5.25 倍。提醒一下，我們的契約槓桿限額到 9 月 30 日將保持在 5.25 倍，然後在年底降至 5.0 倍。我們預計到年底契約槓桿率將回升至約 3.7 倍，與上年基本持平。

Moving on to free cash flow in slide 11. Free cash flow in the first quarter was negative $596 million, $408 million lower than the prior year period. Cash from operations was down significantly, primarily due to lower inventory reduction as compared to the prior year, while capital additions were somewhat higher, as anticipated. The negative cash from operations in the first quarter reflects a return to a more normal cadence of working capital, with a large build in the first part of the year, followed by a release in the second half.

轉到投影片 11 的自由現金流。第一季自由現金流為負5.96億美元，比去年同期低4.08億美元。經營現金流大幅下降，主要原因是庫存減少量與前一年相比有所下降，而資本增加量則略高，符合預期。第一季經營活動產生的現金流量為負，反映出營運資本的節奏正在恢復正常，即上半年營運資本大量增加，下半年則有所釋放。

We continue to expect free cash flow of $200 million to $400 million for 2025, a decrease of $313 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.

我們繼續預期 2025 年的自由現金流將達到 2 億至 4 億美元，中間值將減少 3.13 億美元。營運現金流是下降的主要原因，2024 年明顯調整後營運資金將恢復正常。

Capital additions are also expected to be up somewhat, with a continued focus on only the most essential projects and capacity expansion for new products. Cash used by discontinued operations is also up slightly, but in line with our multiyear average.

預計資本增加也將增加，並將繼續專注於最重要的項目和新產品的產能擴張。已終止經營業務所使用的現金也略有增加，但與我們的多年平均值一致。

And with that, I'll hand the call back to Pierre.

說完這些，我就把電話轉回皮埃爾。

Thank you, Andrew. The first quarter unfolded as expected, with all objectives reached. The first step of a company reset went as well as possible. We will need to do the same now in Q2. While the midpoint of our Q2 gains does not show overall growth, the financial targets are stronger than the first quarter, and we expect to see some volume improvement in the quarter. However, during the second quarter, we will continue to carefully manage sales into the channel, particularly in countries where FMC channel inventory remains elevated.

謝謝你，安德魯。第一季進度如預期，各項目標均已達成。公司重組的第一步進展非常順利。我們現在需要在第二季做同樣的事情。雖然我們第二季收益的中點並未顯示出整體成長，但財務目標比第一季更強，我們預計本季銷售量會有所改善。然而，在第二季度，我們將繼續謹慎管理通路銷售，特別是在 FMC 通路庫存仍然較高國家。

By the end of the first half, we will have completed the most critical step of a reset, which will allow us to enter the second half of the year in a strong position. We expect to see significant momentum building during Q3 at the financial, operational, and strategic level, with the new FMC organization fully up and running. We expect to reach a financial objective this year with growth in the second half built on a strong foundation.

到上半年結束時，我們將完成重置的最關鍵一步，這將使我們能夠以強勁的勢頭進入下半年。隨著新的 FMC 組織全面啟動並運行，我們預計第三季在財務、營運和策略層面將出現顯著的發展勢頭。我們預計今年將實現財務目標，並在強勁基礎上實現下半年的成長。

We plan to be in a position at the Q3 earnings core to give an outlook for 2026 as a strategic and operational reset should be well advanced and provide us with greater clarity on next year's potential. With that, we are now ready to take your questions.

我們計劃在第三季獲利核心中對 2026 年做出展望，因為策略和營運重置應該會取得很大進展，並讓我們更清楚地了解明年的潛力。現在，我們就可以回答你們的問題了。

(Operator Instructions)

（操作員指示）

Aleksey Yefremov, Key Corp.

阿列克謝·葉夫列莫夫（Key Corp）

Good morning. Thank you, Pierre. Can you describe the price trends in the crop production market outside of diamide? Has the pricing bottomed? What would you expect from price? Going forward this year?

早安.謝謝你，皮埃爾。您能描述一下二醯胺以外的農作物生產市場的價格趨勢嗎？價格已經觸底了嗎？您對價格有何期望？今年還有進展嗎？

Yeah, thanks, Aleksey. In terms of pricing, let me make two comments. One, specific to FMC pricing in Q1 and the way we see pricing going through the year. When we made our forecast pricing, we were forecasting a mid to high single digit. We ended up in the high single digit. What we had in the forecast was the pricing to diamide partners we knew would be lower, and we also knew there would be a tough comparison to Q1 2024 where price was still very high.

是的，謝謝，阿列克謝。關於定價，我提出兩點意見。第一，具體來說第一季的 FMC 定價以及我們對全年定價的看法。當我們進行預測價格時，我們預測的價格將是一個中高個位數。我們最終的成績是高個位數。我們在預測中知道，對二酰胺合作夥伴的定價會較低，而且我們也知道，與 2024 年第一季的價格相比，這將是一個艱難的比較，因為那時的價格仍然很高。

What was not in the forecast for us was stronger sales in Brazil, which we know is always a more competitive market. If I think about pricing for the year, pricing comparisons are going to ease as the year goes, and especially in the second half. For a very simple reason, if you remember, and especially true for FMC, we did the vast majority of price correction in the second half of Q2 and through Q3 and Q4.

我們沒有預料到巴西的銷售會更加強勁，我們知道巴西的市場競爭一直比較激烈。如果我考慮全年的定價，隨著時間的推移，價格比較將會變得容易，尤其是在下半年。原因很簡單，如果你還記得的話，尤其是對於 FMC 來說，我們在第二季後半段以及第三季和第四季進行了絕大多數價格調整。

If you think about Q1 this year, beside the country mixed, it is not that we took very specific pricing actions sequentially. It is just a year on year comparison, which is unfavorable, where we see more stability going into the rest of the year, especially in H2, with much better or much easier comp versus 2024.

如果你考慮今年第一季度，除了國家狀況好壞參半之外，我們並沒有連續採取非常具體的定價行動。這只是同比的比較，這是不利的，我們預計今年剩餘時間將更加穩定，尤其是下半年，與 2024 年相比，情況會好得多或容易得多。

Joel Jackson, BMO Capital.

喬爾·傑克遜（Joel Jackson），BMO Capital。

Hi. Good morning. Can you gave a bit of guidance about why you expect to have really strong growth in the second half of the year to make your numbers this year. It is historically an extremely back end loaded second half.

你好。早安.您能否稍微解釋一下為什麼您預計今年下半年將出現強勁成長，從而實現今年的業績？從歷史上看，這是一個極其後端密集的下半場。

Can you maybe break down a bit more about why you have the confidence in your costs in the second half of the year? I know you have lags and you see things coming in and your new strategy in Brazil and other initiatives you have. Just maybe give some more confidence to the street why you can get this second half done.

您能否進一步解釋為什麼您對下半年的成本有信心？我知道你們有滯後，但你看到了事情的進展以及你在巴西的新策略和其他舉措。也許可以讓華爾街更有信心相信你們能夠完成下半年的工作。

Certainly. I think I would qualify the level of confidence in H2 as very high. Let me talk first about what you just say, revenues. Revenues, the growth is mostly coming from new products, and new products demand, we already know, is very high, if anything. If we don't get to the number we are forecasting, it is because we are going to be higher. There is a bias toward a higher end than what we have very, very solid demand already for Q2 for a new technology fluindapyr and Isoflex.

當然。我認為 H2 的信心水準非常高。我先來談談你剛才說的收入。收入成長主要來自新產品，而我們已經知道，新產品的需求非常高。如果我們沒有達到我們預測的數字，那是因為我們的目標會更高。對於新技術 fluindapyr 和 Isoflex，我們在第二季已經看到了非常非常穩固的需求，但目前來看，這種需求偏向高端。

Second of all, we do have a new route to market which did not exist before. It is a brand-new market for us. The sales organization is in place. The contacts are being taken. Everything, all lights are green. So this new opportunity seems to be highly, highly feasible.

其次，我們確實擁有了一條以前不存在的新的市場途徑。對我們來說這是一個全新的市場。銷售組織已到位。聯絡方式正在被取得。一切，所有的燈都是綠色的。因此，這個新機會看起來是高度可行的。

So on the revenue front, because we are not forecasting growth due to market growth, but more to specific FMC actions, we have quite a high level of confidence. On the price side, why do we believe we will be in a less challenging situation?

因此，在收入方面，由於我們預測的成長不是由於市場成長，而更多的是由於特定的 FMC 行動，因此我們有相當高的信心。從價格方面來看，為什麼我們認為我們面臨的情況不會那麼嚴峻？

Two critical reason. One is we will be operating following the actions we have taken in Q1, which were very, very strong around channel inventory, and the one we are going to keep on doing in Q2. We will be in a very, very healthy channel situation starting in Q3, which is positive for pricing. Second of all, we will be in a very low comp versus 2024 as by H2, we had a lot of the price correction done.

兩個關鍵原因。一是我們將按照第一季採取的行動進行運營，這些行動在通路庫存方面非常強勁，我們也將在第二季度繼續這樣做。從第三季開始，我們的通路狀況將非常非常健康，這對定價有利。其次，與 2024 年相比，我們的股價將處於非常低的水平，因為到下半年，我們已經完成了大量價格調整。

And on the cost front, we have talked about our cost restructuring we have put in place, but let me remind you of something which is already booked. It is mathematical. We have $50 million of absence of negative impact we had in 2024 coming from 2023 volume variance. This is an automatic $50 million growth at EBITDA level in H2 2025. So you bring all of these together, and the probability of missing in my mind is quite low because most of those are in our hands.

在成本方面，我們已經討論了已經實施的成本重組，但讓我提醒您一些已經預訂的事情。它是數學的。2023 年銷售差異為我們帶來了 5000 萬美元的負面影響。這意味著 2025 年下半年 EBITDA 水準將自動成長 5,000 萬美元。所以，如果你把所有這些放在一起，我認為丟失的可能性相當低，因為其中大部分都在我們手中。

Actually, I want to give you an example of why we feel so confident about our position in the channel, getting into Brazil season in the second half. In Brazil, it is counterintuitive, as I said, how fast we grew in Q1, but let me explain to you a bit how the growth took place. We sold about $110 million of product. Part of those sales went directly to growers, so it did not go into the channel. So we had less than $100 million of product sold into the channel.

實際上，我想給你一個例子來說明為什麼我們對自己在頻道中的地位如此有信心，進入巴西賽季的下半場。在巴西，正如我所說，我們在第一季的成長速度之快是違反直覺的，但讓我向你們稍微解釋一下這種成長是如何發生的。我們的產品銷售量約為 1.1 億美元。其中一部分銷售額直接流向了種植者，因此沒有進入通路。因此，我們透過該通路銷售的產品價值不到 1 億美元。

We removed from the channel into the ground about $350 million of product, which means we removed from the channel of FMC product in Q1 over $250 million of product. I mean that is the kind of actions we have been taking in Q1 and still are taking in Q2, which are going to put us in a very, very clean position when we start H2.

我們從通路中撤出了價值約 3.5 億美元的產品，這意味著我們在第一季從 FMC 產品通路中撤出了價值超過 2.5 億美元的產品。我的意思是，這就是我們在第一季採取的行動，並且在第二季度仍在採取的行動，這將使我們在開始下半年時處於非常非常乾淨的位置。

Edlain Rodriguez, Mizuho.

瑞穗的埃德萊恩·羅德里格斯 (Edlain Rodriguez)。

Okay. Thank you, and good morning, everyone. Pierre, you have talked about the tariff impact of $15 million to $20 million headwind. So what exactly are you doing to offset that headwind? You said you will be able to do that, and the cost savings actions you have taken to offset some of that, would you have taken them regardless of the tariff impact you will see this year?

好的。謝謝大家，早安。皮埃爾，您談到了 1500 萬至 2000 萬美元逆風帶來的關稅影響。那麼，您究竟採取了什麼措施來抵銷這種不利因素呢？您說您將能夠做到這一點，並且您已採取了成本節約措施來抵消其中的部分影響，無論今年關稅的影響如何，您都會採取這些措施嗎？

So it is not actions we are taking because of tariffs. We always give a range in terms of how our cost saving plans are going to be unfolding, and we are going to end up on the higher end of the cost savings. So those cost savings are coming at the top end of what we are expecting. They are not anything special or additional we are doing to offset the current tariffs, but we were on the favorable side.

因此，我們採取的行動並不是因為關稅。對於如何實施成本節約計劃，我們總是給出一個範圍，最終我們會達到成本節約的較高水準。因此，這些成本節省達到了我們預期的最高水準。我們並沒有採取任何特殊或額外的措施來抵消當前的關稅，但我們對此持積極態度。

Volume, same thing. We believe that we have shifted a bit from previous years in the way we look at the market. I think in previous years, there was a very, very high focus of the organization to selling into the channel and to retailers.

音量，同樣的事情。我們相信，我們看待市場的方式與前幾年相比有所轉變。我認為在前幾年，該組織非常重視向通路和零售商的銷售。

We have moved a lot of our energy to get a pool from the growers from the channel. So by creating that pool and promoting a product to the growers, then buy from the retailers, we are creating more and more space into the channel for a product.

我們投入了大量的精力從渠道種植者那裡獲得一個資金池。因此，透過創建這個池子並向種植者推廣產品，然後從零售商那裡購買，我們正在為產品管道創造越來越多的空間。

That strategy might not be as strong in the quarters to come when most of the destocking is done, but it is still something we are going to keep on doing the way we are going to organize our sales organization. And this is giving space for new products. So that is why there is some positive on the growth side on the second half, including new technologies for which we have more and more demand. So nothing specific we are doing to address tariffs. They would have been there even without the tariffs, but it will be offsetting the tariffs.

在大部分去庫存工作完成的未來幾季中，這項策略可能不會那麼強勁，但我們仍將按照我們組織銷售組織的方式繼續執行這項策略。這為新產品提供了空間。這就是為什麼下半年的成長方面會出現一些積極跡象，包括我們對新技術的需求越來越大。因此，我們沒有採取任何具體措施來解決關稅問題。即使沒有關稅，他們也會在那裡，但這將抵消關稅。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Hi, this is Daniel Rizzo on for Lawrence. Thanks for taking my question. I was just wondering, you mentioned reducing channel inventories. Does that involve I don't know, giving significant rebates or discounting to customers? And do you have to kind of write off any of your own inventory?

大家好，我是 Lawrence 的 Daniel Rizzo。感謝您回答我的問題。我只是想知道，您提到了減少渠道庫存。我不知道這是否涉及向客戶提供大量回扣或折扣？您是否需要註銷自己的任何庫存？

Sorry, could you repeat the question, please? You broke it a little bit.

抱歉，您能重複這個問題嗎？你把它弄壞了一點。

Sure. Yeah, that is okay. You talked about reducing channel inventories. I was wondering if that includes having to give significant rebates or discounts to customers or for future orders or kind of how you kind of really what steps do you take to reduce the inventories in the channel?

當然。是的，沒關係。您談到了減少渠道庫存。我想知道這是否包括向客戶或未來的訂單提供大量回扣或折扣，或者您採取什麼措施來減少通路中的庫存？

Yes. So that is good you are asking me to repeat that because it is very, very important. What we did is we shift almost entirely the activity of our sales organization, agronomist, tech service organization to work with the end users of a product, the growers. By doing this, you promote your product, explain your product, demonstrate the capability of your portfolio, and then create a pool from the growers from the retailers.

是的。所以你讓我重複這一點很好，因為這非常非常重要。我們所做的是，我們幾乎完全將銷售組織、農學家、技術服務組織的活動轉移到與產品的最終用戶即種植者合作。透過這樣做，您可以推廣您的產品、解釋您的產品、展示您的產品組合的能力，然後從零售商的種植者中創建一個池。

So it is growers who are asking for a product from the retailers. We do not have to act on price or give rebate because we are not intervening in this process. All we create is the growers to pool the product from retailers, but the sale, the financial transaction is between the grower and the retailer. So it is a promotion of a product at the level of the end user, which creates more product on the ground. And then what we did is we replenished those products extremely carefully to avoid to rebuild inventory.

因此，種植者向零售商索取產品。我們不必對價格採取行動或給予回扣，因為我們沒有介入這個過程。我們所創造的只是種植者將產品從零售商那裡集中起來，但銷售和金融交易是在種植者和零售商之間進行的。因此，這是在最終用戶層面對產品的推廣，從而在實際中創造更多的產品。然後我們所做的就是非常小心地補充這些產品以避免重新產生庫存。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great. Thank you so much for the question. Can you talk a little bit more about the diamide strategy and any updates you may have there? And I would specifically like to focus on your confidence on the growth run rate coming off patent, especially some of the charts that you shared with us last quarter, as well as your ability to further reduce your cost structure and your openness to manufacturing with any of their partners. Thank you so much.

偉大的。非常感謝您的提問。您能否再多談談二醯胺策略以及您可能掌握的任何最新進展？我特別想專注於您對專利到期後的成長率的信心，特別是您上個季度與我們分享的一些圖表，以及您進一步降低成本結構的能力和與任何合作夥伴進行製造的開放性。太感謝了。

All right. Let me start with the back end of your question in terms of pricing. Our pricing right now, lower pricing, significantly lower pricing versus last year is fully in place, and we are continuing to lower cost. I do believe that by the end of this year, if not before, we will be on par with the high-end generic manufacturers. At this point, it allows us to develop a strategy to protect and grow our solar molecule, because this market is going to be growing exponentially with Rynaxypyr taking over other insecticides.

好的。讓我先從價格方面來回答你的問題。我們目前的定價，較低的定價，與去年相比明顯較低的定價已經完全到位，而且我們正在繼續降低成本。我確實相信，到今年年底，甚至更早，我們將能夠與高端仿製藥製造商相提並論。此時，它使我們能夠制定策略來保護和發展我們的太陽能分子，因為隨著 Rynaxypyr 取代其他殺蟲劑，這個市場將呈指數級增長。

So that piece to take the price manufacturing cost down is in place and improving and is going to put us at parity with generic manufacturers. The solo strategy in terms of growth will benefit from this cost, and we will lower our price and compensate that by a much higher volume. At the same time, the new product we are putting in place, either for ease of use or broader spectrum or resistance, which is becoming a bigger and bigger issue, are being developed, and some are already on the market.

因此，降低製造成本的措施已經到位，並且正在不斷改進，這將使我們與仿製藥製造商處於同等水平。就成長而言，單獨策略將受益於這一成本，我們將降低價格並透過更高的銷售來彌補這一損失。同時，我們正在推出的新產品，無論是為了易於使用，還是為了擴大範圍，還是為了抵抗越來越嚴重的問題，都在開發中，有些產品已經上市。

To give you a sense for how fast our high-end growers are willing to switch the three products I talked to you about, out of the $600 million of branded Rynaxypyr we have this year, we are selling this year, we expect $200 million to $250 million be the new Rynaxypyr mixture, the high load, and the tablets, but the tablets will be a very small number because they'll be introduced toward the end of the year. So that's the speed at which you can replace your older technology by your new technology.

為了讓您了解我們的高端種植者願意多快轉換我與您談到的三種產品，我們今年銷售的價值 6 億美元的品牌 Rynaxypyr 中，我們預計 2 億至 2.5 億美元是新的 Rynaxypyr 混合物、高負載和片劑，但片劑的數量將非常少，因為它們將在年底前推出。這就是新技術取代舊技術的速度。

At this stage, there is nothing in front of us which is telling me that the Rynaxypyr strategy, as we explained it, to grow volume, to compensate for lower price with a lower manufacturing cost and introduction of new products, I forgot to say three new products are going to be registered next year, will not be working.

在現階段，我們面前沒有任何跡象表明，我們所解釋的 Rynaxypyr 策略，即增加產量，以較低的製造成本和推出新產品來彌補較低的價格，我忘了說明年將註冊三種新產品，將不會奏效。

Important point, I want to remind everybody the three-year plan does not expect growth of earnings coming from Rynaxypyr. We are just protecting the current bottom line from Rynaxypyr in the next three years by the strategy I just described. Ronaldo, anything you want to add on the Rynaxypyr strategy here?

重要的一點，我想提醒大家，三年計畫並不期望來自 Rynaxypyr 的收益成長。我們只是透過我剛才描述的策略來保護當前底線免受 Rynaxypyr 在未來三年的影響。羅納多，你想對 Rynaxypyr 策略補充什麼嗎？

Only the velocity of adoption of Rynaxypyr that we're seeing, the new formulations, as you highlighted, and increase in some markets as we evolve on our strategy, it becomes very clear that there is a lot of elasticity there. As we move prices, we're seeing that volume adoption, especially by customers that did not use Chlorantraniliprole before.

正如您所強調的，我們看到 Rynaxypyr 的採用速度、新配方以及隨著我們策略的發展在某些市場的成長，很明顯那裡有很大的彈性。隨著價格的調整，我們看到了批量採用，特別是以前沒有使用過氯蟲苯甲醯胺的客戶。

Benjamin Theurer, Barclays.

巴克萊銀行的本傑明‧圖爾 (Benjamin Theurer)。

Yeah, good morning and thank you very much for taking my question. I just wanted to follow up a little bit on some of the outlook pieces in terms of your strategy as it relates to the tariffs. And by the way, thank you very much for all the clarification you've already given and some of the estimates here.

是的，早上好，非常感謝您回答我的問題。我只是想稍微跟進一下你們關於關稅戰略的一些展望。順便說一句，非常感謝您已經給出的所有澄清和一些估計。

Can you help us understand a little bit more as to the alternatives, like just thinking of this as being to be a longer-lasting issue, headwind, however you want to call it? How could we think about alternative sourcing for some of the raw materials that are significantly impacted? You quantified it already at close to $20 million for this year, but if we were to move into 2026, is there any opportunity to find alternative sources for some of these raw materials, and what would the cost of that be?

您能否幫助我們更多地了解其他選擇，例如，就把這看作是一個長期存在的問題，逆風，不管您想怎麼稱呼它？我們如何考慮為一些受到嚴重影響的原料尋找替代來源？您已經將其量化為今年接近 2000 萬美元，但如果我們進入 2026 年，是否有機會找到其中一些原材料的替代來源，其成本是多少？

Hey Benjamin, it's Andrew. I'll take this one. It's a great question. I think certainly part of the way we're limiting the impact in '25 and will continue to limit the impact in '26 is that we have built a great deal of flexibility in our supply chain with multiple sources for all our critical raw materials. This is something that we learned before COVID and perfected during COVID, including doing a lot of heavy lifting to include those sources in our registrations in all our key markets to allow us to be able to switch sources of production.

嘿，班傑明，我是安德魯。我要這個。這是一個很好的問題。我認為，我們在 2025 年限制影響並將繼續限制 2026 年影響的部分原因是，我們在供應鏈中建立了巨大的靈活性，所有關鍵原材料都有多個來源。這是我們在新冠疫情之前學到的，並在疫情期間完善了這一點，包括做了大量繁重的工作，將這些來源納入我們所有主要市場的註冊中，以使我們能夠切換生產來源。

Certainly, when we think and you look back at that tariff page, while we focus a lot on China, tariffs impact sourcing that we do from the United Kingdom, from Mexico, from India, as well as from China, but we have the ability to move some production around to help limit some of the impacts of tariffs as they become more certain.

當然，當我們思考並回顧關稅頁面時，雖然我們非常關注中國，但關稅會影響我們從英國、墨西哥、印度以及中國的採購，但我們有能力轉移一些生產，以幫助限制關稅的一些影響，因為關稅變得更加確定。

I think we have high confidence in the outlook for 2025 in part because sitting here on May 1, we turn inventory about twice a year, so we've purchased the material that will cover us largely well into the fourth quarter.

我認為我們對 2025 年的前景充滿信心，部分原因是因為今天是 5 月 1 日，我們每年大約進行兩次庫存週轉，因此我們購買的材料將在很大程度上滿足我們第四季度的需求。

So we have a pretty high visibility into the cost base that we have and the tariff impacts that we have that are sitting in inventory or will sit in inventory during that time period. As we look to '26, certainly, we're going to continue to look at the balance of different sources that we have, and we're going to look to see how the tariffs themselves evolve. I mean, certainly, the government has stated that they intend to negotiate trade deals with various countries.

因此，我們對現有的成本基礎以及庫存中或在此期間將要庫存的關稅影響有相當高的了解。展望26年，我們當然會繼續關注我們擁有的不同來源的平衡，並關注關稅本身如何演變。我的意思是，政府當然已經表示他們打算與各國進行貿易談判。

Our hope is that will result in both more clarity, but also lower than currently published tariff rates for many of those countries that would help reduce those tariff headwinds. I would just finish off with this. Beyond sources, beyond working and following closely how these tariffs develop, over a period of time as the tariffs become more certain, we will have to move prices to offset tariffs. We did that with the first Trump administration tariffs. They're part of our ongoing cost structure.

我們希望這不僅能使關稅更加明確，而且能降低許多國家目前公佈的關稅稅率，有助於減少關稅阻力。我就以此結束吧。除了消息來源、工作和密切關注這些關稅如何發展之外，隨著時間的推移，隨著關稅變得更加確定，我們將不得不調整價格以抵消關稅。我們在川普政府第一次徵收關稅時就做到了這一點。它們是我們持續成本結構的一部分。

They were absorbed through pricing over time. We need more certainty and some trade deals in place to really be able to do that at this point, and then relative to the timing of the seasons when it's a more natural point to make some price changes.

它們隨著時間的推移透過定價被吸收。我們需要更多的確定性和一些貿易協議才能真正做到這一點，然後相對於季節的時間，這是一個更自然的價格調整點。

But while we have the additional cost savings and a little extra volume within the ranges we had initially guided, as Pierre mentioned earlier in the call, that will help us absorb tariff headwinds in 2025, in 2026, should significant tariff headwinds persist, we will have to move pricing to help offset those costs.

但是，雖然我們在最初指導的範圍內節省了額外的成本並增加了一些產量，但正如皮埃爾在電話會議中早些時候提到的那樣，這將有助於我們在 2025 年吸收關稅阻力，但如果到 2026 年，重大關稅阻力持續存在，我們將不得不調整價格以幫助抵消這些成本。

So it'll be a combination of all those factors, managing across the sources, working through carefully how the tariffs are fully implemented, including the use of exemptions and duty of drawback, and then with the residual tariff cost inflation, passing that on to customers.

因此，這將是所有這些因素的組合，管理各個來源，仔細研究如何全面實施關稅，包括使用豁免和退稅，然後將剩餘的關稅成本通膨轉嫁給客戶。

Patrick Cunningham, Citigroup.

花旗集團的派崔克‧坎寧安。

Hey, good morning. This is [Rachel Leon] on for Patrick. Can you share more about what you're hearing from customers in terms of order patterns? It seems like North American volumes were impacted pretty heavily by the cautious customer behavior, so I'm curious to see what you're seeing for the full year. Thank you.

嘿，早安。我是 [Rachel Leon]，替 Patrick 轉播。您能否分享更多有關您從客戶那裡了解到的有關訂單模式的資訊？看起來北美的銷售受到了謹慎的客戶行為的嚴重影響，所以我很想知道全年的情況如何。謝謝。

You broke a little bit. I think you asked -- could you repeat your question? Because you broke during your question, so I'm not sure what was the -- we couldn't hear you.

你有點崩潰了。我想你問過──你能重複你的問題嗎？因為你在提問時停頓了，所以我不確定是什麼——我們聽不到你說話。

Can you share more about the customer order patterns? 1Q North American volumes were impacted pretty heavily by the cautious customer behavior, as you call that, so curious to see for a full year.

您能否分享更多有關客戶訂單模式的資訊？正如你所說，第一季北美的銷售受到了謹慎的客戶行為的嚴重影響，因此我們對全年的銷售情況很感興趣。

Yeah. I think customer -- it depends on the regions. Generally speaking, customers today tend to -- in the first quarter, were buying a bit closer to planting time, so the movement from, for example, in the US, from wholesalers to retailers to growers, it doesn't mean that the total number by the end of the season will not be the same, but the speed at which it's happening has been slower in Q1. In Q2, things seem to be picking up. I think there is demand.

是的。我認為客戶—這取決於地區。一般來說，今天的客戶傾向於——在第一季度，購買時間更接近種植時間，因此，例如在美國，從批發商到零售商再到種植者的流動，並不意味著到季末的總數不會相同，但第一季度發生的速度較慢。在第二季度，情況似乎正在好轉。我認為有需求。

As I said, a Q2 number is prudent. We are still highly focused on our inventory, but there is a dynamic which is much more positive. I'll give you an example. In Europe today, one month into the quarter, we do have already 51% of the orders we need for the quarter, so that's a much faster speed of purchase that we've seen in a long time and we've seen in the first quarter.

正如我所說，第二季的數據是謹慎的。我們仍然高度關注我們的庫存，但情況更加積極。我給你舉個例子。今天在歐洲，本季已經過去一個月，我們已經完成了本季所需訂單的 51%，因此，這是我們長期以來以及第一季看到的購買速度要快得多。

So the order pattern is prudent, but let's not forget that we committed for two quarters to get back to a normal inventory situation in the middle of the year, which is very specific to FMC. But yes, things were slow from a speed, not a quantity, and I would say picking up speed into Q2 as we are clearly seeing happening in Europe right now.

因此訂單模式是謹慎的，但我們不要忘記，我們承諾用兩個季度的時間在年中恢復正常的庫存狀況，這對 FMC 來說非常具體。但是，是的，事情從速度上看很慢，而不是從數量上看，我想說，第二季度的速度正在加快，正如我們現在清楚地看到歐洲正在發生的那樣。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Thank you, and good morning, everyone. I'm wondering if you can just help us understand or maybe compare and contrast the difference between selling directly to the farmer and selling through the channel. And I guess I'm just kind of trying to think through the line items. The ASPs different? Obviously, the COGs are the same, but maybe SG&A is higher or lower. I don't know if you'd want to pay the channel. And do the terms in terms of cash conversion, are they better? Are they worse? Are they about the same? Just maybe help us understand how that's going to play out.

謝謝大家，早安。我想知道您是否可以幫助我們理解或比較和對比直接向農民銷售和透過通路銷售之間的差異。我想我只是想仔細考慮這些項目。ASP 不同嗎？顯然，COG 是相同的，但 SG&A 可能更高或更低。我不知道您是否願意為該頻道付費。現金轉換方面的條件是否較好？它們更糟嗎？它們差不多嗎？也許可以幫助我們了解事情將如何發展。

All right. I'll let Andrew make more comments. First, the cash conversion is much more linked to the regions of the world where you operate rather than the people, the customer to which you are selling. From a fundamental EBIT margin on the product, it's about the same if you sell direct or if you sell into the retail system. There is not a meaningful difference in terms of the profit you will get. Those are parallel channels, but the economics are about the same. Andrew or Ronaldo, you want to add to that?

好的。我會讓安德魯發表更多評論。首先，現金轉換與您經營所在的世界地區聯繫更為緊密，而不是與您銷售產品的對象（即客戶）聯繫更為緊密。從產品的基本息稅前利潤率來看，直接銷售和透過零售系統銷售的利潤率大致相同。就您所獲得的利潤而言，並沒有什麼顯著差異。這些是平行管道，但經濟效益大致相同。安德魯或羅納多，你想補充嗎？

No, the net contribution is very, very similar. Those growers are larger than average growers, and they tend to buy at a discounted rate or a discounted price in comparison to the average of the market. If you take that into consideration, our net price to them is very similar to the net price that we already put in place on average in those countries.

不，淨貢獻非常非常相似。這些種植者的規模比平均水平的種植者更大，而且他們傾向於以比市場平均更低的折扣價或折扣價購買。如果考慮到這一點，我們對他們的淨價與我們在這些國家已經實施的平均淨價非常相似。

So it's not a meaningful difference. It does require, and we said that in prior quarters, it does require dedicated people. So there is an SG&A component there, but it's not dissimilar to the SG&A we would have to serve additional customers in the traditional model. As of terms, terms are similar. They are mostly crop terms, so there's no disconnection. There's no real difference there between selling to retail or selling to growers.

所以這並不是一個有意義的差異。它確實需要，而且我們在前幾季也說過，它確實需要專門的人員。因此，這其中存在銷售、一般和行政費用 (SG&A) 組成部分，但它與我們在傳統模式下為服務更多客戶而必須支付的銷售、一般和行政費用並無不同。就條款而言，條款類似。它們大多是農作物術語，因此不存在脫節。向零售商銷售和向種植者銷售之間並沒有真正的區別。

Joshua Spector, UBS.

瑞銀的 Joshua Spector。

Good morning. This is Lucas Beaumont on for Josh. I just wanted to ask about the second half EBITDA Bridge on slide 11. There's $100 million headwind on there from price and FX. Looks like it's likely to be down $40 million to $50 million on sales in the second half with a similar impact to EBITDA. FX looks like it's probably going to be flat now on sales with 3Q down and 4Q potentially positive where the current rates are.

早安.這是喬希的替補，由盧卡斯·博蒙特 (Lucas Beaumont) 上場。我只是想問幻燈片 11 上的下半年 EBITDA Bridge。價格和外匯方面存在 1 億美元的不利因素。看起來下半年的銷售額可能會下降 4,000 萬至 5,000 萬美元，對 EBITDA 的影響類似。外匯看起來現在可能因銷售額而持平，第三季下降，而第四季在當前利率水準下可能為正。

So could you please just help us understand where that other $50 million from the headwind is coming from in the second half? Does that imply that your price assumption is more like down $100 million or is there hedging in place on the FX side that's sort of offsetting that? I'd just like to understand your assumptions there, please. Thanks.

那麼，您能否幫助我們了解下半年另外 5,000 萬美元的逆風來自哪裡？這是否意味著您的價格假設更像是下降 1 億美元，或者外匯方面是否存在對沖來抵消這一影響？我只是想了解你的假設。謝謝。

Hey, Lucas, this is Andrew. I'll try to help you here. We're intentionally not guiding quarters for the second half. It's too early for that. And the reason we showed the price and FX together is because in many markets, there's an interconnection between FX movements and local price. We see that a lot, particularly in European markets.

嘿，盧卡斯，這是安德魯。我會盡力幫助你。我們有意不為下半年做出任何預測。現在說這個還為時過早。我們將價格和外匯一起顯示的原因是，在許多市場中，外匯走勢和當地價格之間存在相互聯繫。我們經常看到這種情況，尤其是在歐洲市場。

Certainly, we've guided for the full year that we expect a low to mid-single-digit headwind at revenue from price. Similar kind of headwind in Q2. We had a higher headwind in the first quarter. So just basic math would be a little less headwind in the second half than that low mid-single-digit for pricing.

當然，我們對全年的預期是，我們預期價格將為收入帶來低至中等個位數的阻力。第二季也面臨類似的逆風。我們在第一季遇到了更大的阻力。因此，從基本數學角度來看，下半年的定價阻力會比中低個位數的阻力小。

And then to the second-party question of FX, yeah historically, FX drops to EBITDA from revenue headwind at about 50% for us. With the way currencies are currently moving and what forward rates look like and where we're hedged, that drop-through is going to be a bit heavier this year. So it's going to be more than 50%. So I think you need to think about the drop-through on FX being a bit higher.

然後關於外匯的第二方問題，是的，從歷史上看，外匯會因收入逆風而下降到 EBITDA，對我們來說大約有 50%。考慮到目前貨幣的走勢、遠期利率的狀況以及我們的對沖情況，今年的跌幅將會更大一些。所以這個比例將會超過50%。所以我認為你需要考慮 FX 的下降幅度稍微高一點。

I'm not going to be perfectly precise here, but I think, again, you think about that pricing in the second half being a little less than low mid-single-digit kind of headwind would be appropriate. And then FX headwind dropping through a bit more than our historical 50%. That'll balance out how we get to that [95% to 105%] range.

我不會在這裡說得非常精確，但我認為，再次強調，你認為下半年的定價略低於中低個位數的逆風是合適的。然後外匯逆風跌至略高於我們歷史上的 50%。這將平衡我們如何達到 [95% 到 105%] 的範圍。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

Thank you for saving the best for last. I really appreciate the confidence on the second half EBITDA uplift. The conversation about the new products seems relatively straightforward and seems like you have a really good line of sight there. I wanted to focus in on the new route to market in Brazil. A couple of things. One is how much did that negatively impact the first quarter results and what's your expectations in terms of that being a drain? When do you think that that flips to being a positive?

感謝您把最好的留到最後。我真的很欣賞對下半年 EBITDA 成長的信心。關於新產品的討論似乎相對簡單，而且似乎你對此有很好的了解。我想專注於巴西市場的新途徑。有幾件事。一是這對第一季業績產生了多大的負面影響，以及您對這會產生怎樣的損失有何預期？您認為什麼時候這種情況會轉變為正面的？

And frankly, Pierre, you sounded pretty upbeat about the ability this year, so second half of '25, to really penetrate the large corn and soybean farmers. If you could give any more color there, that would be very helpful since this is, as you indicated, a new route to market. Thank you.

坦白說，皮埃爾，你對今年（也就是 25 年下半年）真正打入大型玉米和大豆種植者的能力非常樂觀。如果您能提供更多細節，那將會非常有幫助，因為正如您所說，這是一條新的市場途徑。謝謝。

Sure. I'm going to let Ronaldo answer more precisely than I do. The negative impact in Q1 this year of this was mostly the S&R cost, the selling, because we've been hiring a significant number of people to do two things in Brazil. First, to accelerate sales into co-op by doing what I explained before, more activity to increase product on the ground with our final growers. And then we created a sales force for this new market.

當然。我會讓羅納多比我更準確地回答。今年第一季的負面影響主要是 S&R 成本和銷售，因為我們一直在僱用大量人員在巴西做兩件事。首先，按照我之前解釋的方式，加大與最終種植者合作，增加當地產品供應，從而加速合作社的銷售。然後我們為這個新市場創造了一支銷售團隊。

We are finally able to penetrate after decades of not being able or entitled to penetrate. The organization is ready. The people have been hired. The people have been trained. The contacts are being taken. I'm going to let Ronaldo talk about the confidence of realizing those new sales when the season starts in Brazil.

在數十年無法或無權滲透之後，我們終於能夠滲透了。該組織已做好準備。人員已被聘用。人們已經接受了訓練。聯絡方式正在被取得。我打算讓羅納多談談在巴西賽季開始時實現這些新銷售的信心。

Very high, Frank. As Pierre just pointed out, the organization is already in place. They've been trained and they have already been assigned territories and specific customers to cover. As you may remember, we said in that earnings call that what enabled us to do this now is the new technologies we're bringing to the market.

很高，弗蘭克。正如皮埃爾剛才指出的，該組織已經到位。他們已經接受過培訓，並被分配了負責的區域和特定客戶。您可能還記得，我們​​在那次收益電話會議上說過，我們現在能夠做到這一點的原因是我們正在向市場推出的新技術。

And that combination of more people, more presence, and the new technologies, for which we have very high confidence, that's what brings us confidence. You asked about when it turns positive? We start to invoice for soybean and corn in the later part of Q2 and into Q3, primarily in Q3. So that is when we expect this to become positive. And honestly, I have no doubt that it's going to be positive in 2025.

我們對此充滿信心，因為更多的人、更多的存在和新科技結合在一起，為我們帶來了信心。您問的是什麼時候變成正數？我們在第二季後期和第三季開始開立大豆和玉米的發票，主要是在第三季。因此，我們預計那時情況將會變得積極。老實說，我毫不懷疑 2025 年將會取得正面進展。

Yeah. And I want to reiterate with your comments, Frank, my very, very high confidence in H2. I know the numbers look big compared to Q1, Q2, but it's a deliberate strategy. I am as happy as I could be from the way Q1 happened. We met all of our objectives. We're going to carry on that to maybe a smaller extent in Q2, because you've done the vast majority of the work in Q1. We're going to start Q3 with a very, very clean channel.

是的。弗蘭克，我想透過你的評論重申我對 H2 非常非常有信心。我知道與第一季和第二季相比，這些數字看起來很大，但這是一個深思熟慮的策略。我對 Q1 的進展感到非常高興。我們實現了所有目標。我們將在第二季度繼續進行這項工作，但程度可能較小，因為您已經在第一季完成了絕大部分工作。我們將以一個非常非常乾淨的管道開始第三季。

We have two source of revenue growth, which are very well identified, with not a lot of expectation from the market moving, but us moving. The price, we're going to be comparing to a very low pricing situation in the back end of last year. And the EBITDA, as I said before, a big part of it is already in the book. So I know the number looks big, but it's not as big of a stretch as the numbers seem to show.

我們的收入成長來源有兩個，這兩個來源都非常明確，不是市場對成長的期望很大，而是我們自己在成長。我們將把這個價格與去年年底的非常低的價格情況進行比較。正如我之前所說，EBITDA 的很大一部分已經記在帳上了。所以我知道這個數字看起來很大，但它並不像數字顯示的那麼大。

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。謝謝您的出席。您現在可以斷開連線。