富美實 (FMC) 2025 Q2 法說會逐字稿

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

早上好，歡迎參加 FMC Corporation 2025 年第二季財報電話會議。此事件正在被記錄。（操作員指示）

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

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

Good morning, everyone, and welcome to FMC Corporation's second 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. Today, Pierre will review our second quarter performance and provide outlooks for the third quarter and fourth quarter. Andrew will provide an overview of select financial results. After our prepared remarks, we will take questions.

大家早安，歡迎參加 FMC 公司第二季財報電話會議。與我一起出席的還有董事長兼首席執行官皮埃爾·布朗多 (Pierre Brondeau)、執行副總裁兼首席財務官安德魯·桑迪弗 (Andrew Sandifer) 和總裁羅納爾多·佩雷拉 (Ronaldo Pereira)。今天，皮埃爾將回顧我們第二季的業績並對第三季和第四季進行展望。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.

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找到，今天討論的準備好的發言稿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 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. Actual results may vary based on 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，這些陳述受特定因素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, organic revenue growth and revenue excluding India, all of which are non-GAAP financial measures. Please note that as used in today's discussion, earnings means adjusted earnings, 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.

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、有機收入增長和不包括印度的收入，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，收益是指調整後的收益，EBITDA 是指調整後的 EBITDA。我們在網站上提供了這些術語以及其他非 GAAP 財務術語的對帳和定義，供我們在今天的電話會議中參考。

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. Our goal during the first half of the year was to take a number of actions that would favorably position the company to deliver growth starting in the second half of the year and beyond. These are listed on slide 3.

謝謝你，Curt，大家早安。我們上半年的目標是採取一系列行動，使公司在下半年及以後實現成長。這些列在投影片 3 上。

We have accomplished these critical objectives while delivering on all of our financial commitments. We believe the level of FMC products in the distribution channels has normalized in most countries which will enable the implementation of our growth strategy. We have laid out a clear strategy for Rynaxypyr with key components well underway, including lower manufacturing costs and introducing new formulations.

我們在履行所有財務承諾的同時，也實現了這些關鍵目標。我們相信，大多數國家分銷管道中的 FMC 產品水準已正常化，這將有助於我們實施成長策略。我們已經為 Rynaxypyr 制定了明確的策略，關鍵組成部分正在順利實施，包括降低製造成本和引入新配方。

Our additional sales route in Brazil focused on direct sales to large corn and soybean growers has a fully trained staff which -- with initial customer engagements already underway. Commercial activities have commenced and we anticipate seeing early results starting in the third quarter as Brazil's next growing season begins.

我們在巴西的額外銷售管道專注於直接向大型玉米和大豆種植者銷售，擁有經過全面培訓的員工，並且已經開始了初步的客戶合作。商業活動已經開始，我們預計隨著巴西下一個生長季節的開始，我們將在第三季看到早期成果。

The strategies for our core portfolio and growth portfolio platforms are clearly defined and Q2 results are in line with these plans. Each region, subregion and countries have actionable strategies in place unique to their geographies. Demand for our new actives, fluindapyr and Isoflex is very strong, and we have put the appropriate level of support in place to deliver on our target.

我們的核心投資組合和成長投資組合平台的策略明確，第二季的績效符合這些計畫。每個地區、次區域和國家都有適合其地理環境的可行策略。市場對我們的新活性成分 fluindapyr 和 Isoflex 的需求非常強勁，我們已提供適當程度的支持以實現我們的目標。

Just today, we received registration for fluindapyr herbicide containing Isoflex active in Great Britain. The team is prepared for launch, and we anticipate sales beginning in August. Dodhylex active has been introduced with meaningful sales expected to begin in 2027. In fact, the first shipment was invoiced this month. Finally, Q4 of this year, we'll see the first full-scale commercial pilot of pheromones.

就在今天，我們在英國獲得了含有 Isoflex 活性成分的氟吲哚除草劑的註冊。團隊已做好發布準備，我們預計銷售將於 8 月開始。Dodhylex active 現已推出，預計 2027 年開始大規模銷售。事實上，第一批貨物已於本月開立發票。最後，今年第四季度，我們將看到信息素的首次全面商業試點。

With these objectives completed, we are focusing on additional ways to improve the business, starting with addressing the challenges that we face in India. I will speak to the actions we are taking regarding our commercial business in that country in more detail in a moment. But first, I will walk through some highlights from our second quarter.

完成這些目標後，我們將專注於改善業務的其他方法，首先是解決我們在印度面臨的挑戰。稍後我將更詳細地介紹我們在該國開展商業業務所採取的行動。但首先，我將介紹我們第二季的一些亮點。

Our second quarter results are detailed on slide 4, 5 and 6. Results overall were at the higher end of our expectations with EBITDA and EPS slightly exceeding the high end of our guidance. Second quarter sales were 1% higher than prior year, driven by volume growth of 6%. We view channel destocking for a product as completed in most countries as we believe customers have reached their targeted levels of inventory.

我們的第二季業績詳見投影片 4、5 和 6。整體績效達到我們預期的較高水平，EBITDA 和 EPS 略高於我們預期的較高水準。第二季銷售額比去年同期成長 1%，受銷售成長 6% 的推動。我們認為大多數國家的產品管道去庫存已經完成，因為我們相信客戶已經達到了他們的目標庫存水準。

In the first half of the year, our active management of FMC product sales into the channel, combined with strong use of products on the ground, laid a solid foundation for growth in the second half. Price in the second quarter was down 3% with over half of the decline due to pricing adjustments made to diamide partners on cost-plus contract to account for lower manufacturing costs. FX was a mild headwind of 1%.

上半年，我們積極管理FMC產品進入管道，結合當地強大的產品使用能力，為下半年的成長奠定了堅實的基礎。第二季價格下降了 3%，其中超過一半的降幅是由於對成本加成合約中的二醯胺合作夥伴進行了價格調整，以降低製造成本。FX 受到 1% 的輕微逆風影響。

Our growth portfolio was the driver of higher sales with the core portfolio essentially flat. The growth portfolios high single-digit increase confirms the strong expectation we have for the new active ingredients.

我們的成長投資組合是銷售成長的驅動力，而核心投資組合基本上持平。成長組合的高個位數成長證實了我們對新活性成分的強烈期望。

Our second quarter adjusted EBITDA of $207 million was 2% higher than prior year. As shown on slide 5, gains were driven by lower costs attributed to COGS tailwinds from lower raw materials, better fixed cost absorption and restructuring actions. Cost favorability more than offset price and FX headwinds as well as a modestly unfavorable product mix within the core portfolio.

我們第二季的調整後 EBITDA 為 2.07 億美元，比去年同期高出 2%。如投影片 5 所示，收益是由成本降低所推動的，這歸因於原物料價格下降、固定成本吸收改善和重組行動帶來的 COGS 順風。成本優勢足以抵銷價格和外匯不利因素以及核心產品組合中略微不利的產品組合。

Our second quarter adjusted earnings per share of $0.69 was $0.10 higher than prior year, driven mainly by EBITDA growth and lower interest expense. On a regional basis, our strongest growth came from EMEA, driven by higher volume of herbicides, diamide partner sales and branded Cyazypyr. This was not surprising as many countries in the EMEA were the first to reach targeted inventory levels in the channel.

我們第二季的調整後每股收益為 0.69 美元，比去年同期高出 0.10 美元，主要得益於 EBITDA 成長和利息支出降低。從地區來看，我們最強勁的成長來自歐洲、中東和非洲地區，這得益於除草劑銷量的增加、二酰胺合作夥伴的銷售以及品牌 Cyazypyr 的推動。這並不奇怪，因為歐洲、中東和非洲地區的許多國家都是率先達到通路庫存目標水準的國家。

Latin America revenues increased slightly versus prior year as the region wrapped up the 2024-2025 growing season. North America sales declined 5% due to expected destocking in Canada. In the US, there was a solid volume growth of branded product following destocking actions and delayed purchases during the first quarter. Asia was down due to lower pricing as well as lower volumes, driven by ongoing destocking in India.

隨著 2024-2025 年生長季的結束，拉丁美洲的收入較上年略有增加。由於加拿大預計去庫存，北美銷售額下降了 5%。在美國，由於第一季採取了去庫存行動和推遲購買，品牌產品的銷售量穩步增長。由於印度持續去庫存，導致價格下跌和銷售下降，亞洲銷售出現下滑。

You have heard me talking about challenges in India since I have been back. I believe that for FMC, there is a much stronger way to operate in this country. India has always been a difficult market to operate in. It is characterized by a fragmented distribution channel, serving tens of millions of growers, intense generic competition and a complex regulatory environment. This market requires a high level of working capital in a challenging price environment.

自從我回國以來，你們一直聽到我談論印度面臨的挑戰。我相信，對於 FMC 來說，在這個國家有更強大的運作方式。印度一直是個難以經營的市場。其特點是分銷管道分散，服務數千萬種植者，仿製藥競爭激烈，監管環境複雜。在充滿挑戰的價格環境下，這個市場需要高水準的營運資金。

Between 2021 and 2023, we anticipated strong growth of Rynaxypyr as we expected continued process, patent protection post the expiration of the composition of matter patents. However, generics penetrated much faster than expected when unlike in almost all other countries, we were unable to enforce our process patterns. This prevented us from executing a strategy and significantly increased an already high level of working capital while slowing down the movement of the product through the distribution channel.

2021 年至 2023 年間，我們預計 Rynaxypyr 將實現強勁成長，因為我們預計在物質成分專利到期後，該製程和專利保護將繼續進行。然而，與幾乎所有其他國家不同，我們無法強制執行我們的流程模式，因此仿製藥的滲透速度比預期的要快得多。這阻礙了我們執行策略，並大大增加了本已很高的營運資金水平，同時減緩了產品通過分銷管道的流動。

Given that India generates very limited EBITDA and has substantial working capital, we have made the decision to change how we operate in this market. After a thorough process that considered multiple options, management and the Board made the decision to initiate the divestment of our commercial business in India.

鑑於印度的 EBITDA 非常有限且擁有大量營運資金，我們決定改變我們在這個市場的運作方式。經過全面考慮多種選擇後，管理層和董事會決定剝離我們在印度的商業業務。

Following the sale of the business, we expect to quickly regain commercial momentum in India via a business-to-business model. As soon as the transaction is closed, we expect to supply for the short and midterm, the eventual buyer products requiring FMC-owned registration as well as products where FMC has favorable manufacturing costs.

出售業務後，我們期望透過企業對企業的模式迅速恢復在印度的商業動能。交易完成後，我們預計將在短期和中期內向最終買家供應需要 FMC 擁有註冊的產品以及 FMC 具有優惠製造成本的產品。

Most importantly, we expect to provide the buyer access to our IP-protected products, including our 4 new active ingredients and advanced diamide formulation. With a partner better structured for growth in India, we expect molecules like Dodhylex, which have a strong potential in the country to gain strong growth as soon as we get the registration.

最重要的是，我們希望讓買家能夠使用我們受智慧財產權保護的產品，包括我們的 4 種新活性成分和先進的二醯胺配方。有了在印度擁有更佳成長結構的合作夥伴，我們預計像 Dodhylex 這樣在印度擁有巨大潛力的分子，一旦獲得註冊，就會實現強勁成長。

In addition, we retained our active ingredients, global manufacturing and global research in India. We believe that the decision will enable faster resolution of the current challenges, reduce risk and volatility in future periods, free up cash for debt repayment, result in a stronger balance sheet and allow us to more readily deploy resources to other growth areas. Over time, it will also permit us to shift our India portfolio toward differentiated technologies with less working capital exposure.

此外，我們在印度保留了我們的活性成分、全球製造和全球研究。我們相信，這項決定將有助於我們更快地解決當前的挑戰，降低未來的風險和波動性，釋放現金用於償還債務，增強資產負債表，並使我們能夠更輕鬆地將資源部署到其他成長領域。隨著時間的推移，它還將使我們能夠將印度投資組合轉向差異化技術，並減少營運資本風險。

Turning to slide 7, our full year guidance. As Andrew will explain further in a moment, our reported revenue will include India. However, we are excluding India from revenue guidance given the uncertainty of managing that business while selling it. India will be excluded from adjusted EBITDA and EPS.

翻到第 7 張投影片，這是我們全年的指導。正如安德魯稍後將進一步解釋的那樣，我們報告的收入將包括印度。然而，考慮到出售印度業務的同時管理該業務的不確定性，我們將印度業務排除在收入指導之外。印度將被排除在調整後的 EBITDA 和 EPS 之外。

Revenue, excluding India, is guided to be down 2% versus prior reported results as a mid-single-digit price decline and a flat to low single-digit FX headwinds are anticipated to be offset by volume growth, mainly in the second half. Adjusted EBITDA is expected to be 1% higher at the midpoint as lower cost and volume growth are mostly offset by price and FX headwinds. Adjusted earnings per share are expected to be flat to prior year at the midpoint.

預計不包括印度在內的收入將比先前報告的結果下降 2%，因為中等個位數的價格下降和持平至低個位數的外匯逆風預計將被銷售成長所抵消，主要是在下半年。調整後的 EBITDA 預計中位數將成長 1%，因為較低的成本和銷售成長大部分被價格和外匯逆風所抵消。預計調整後的每股盈餘中位數與上年持平。

In summary, the only change to our guidance is to remove second half sales from India. Other than this, we are maintaining guidance across all metrics, sales, EBITDA, EPS and free cash flow.

總而言之，我們指導意見的唯一變化是取消了印度下半年的銷售額。除此之外，我們還將維持所有指標、銷售、EBITDA、EPS 和自由現金流的指導。

Turning to slide 8. In Q3, we expect revenue, excluding India, to be down 1% versus reported prior year results. We anticipate healthy growth -- volume growth and a minor tailwind from FX. Price is expected to be down mid-single digits, including adjustments to diamide product contracts. The India exclusion is a 6% reduction. For branded products, price headwinds are amplified by the fact that volume growth in LatAm is increasing the numbers of customers qualifying for rebates versus last year. It is not a like-for-like price decrease.

翻到幻燈片 8。我們預計第三季（不包括印度）的營收將比去年同期下降 1%。我們預計會出現健康的成長——交易量的成長和來自外匯的輕微順風。預計價格將下降中位數個位數，包括對二醯胺產品合約的調整。印度除外則減少了 6%。對於品牌產品而言，由於拉美地區的銷售成長導致有資格獲得折扣的客戶數量與去年相比有所增加，因此價格阻力被放大。這並不是同類價格的下降。

Adjusted EBITDA is expected to grow substantially up 14% at the midpoint as significant cost favorability and volume growth more than offset pricing FX headwinds. Lower costs are expected from COGS tailwinds, including lower raw materials, better fixed cost absorption and restructuring actions. Adjusted EPS is expected to be 28% higher than prior year at the midpoint, driven by higher EBITDA.

由於成本優勢和銷售成長顯著抵消了定價外匯逆風的影響，預計調整後的 EBITDA 中期將大幅成長 14%。預計 COGS 順風將降低成本，包括降低原料價格、更好的固定成本吸收和重組行動。受 EBITDA 成長的推動，調整後的每股盈餘預計比去年同期中位數高出 28%。

slide 9 shows our guidance for the fourth quarter. We anticipate revenue, excluding India, to be 5% higher at the midpoint as strong volume growth and a minor FX tailwind are partially offset by a low single-digit price decline and a negative 6% impact from the India exclusion. Volume growth is estimated to come mostly from the growth portfolio.

投影片 9 展示了我們對第四季的指導。我們預計，不包括印度在內的營收中期將成長 5%，因為強勁的銷售成長和輕微的外匯順風被較低的個位數價格下跌和印度排除帶來的 6% 的負面影響部分抵消。預計銷售成長主要來自於成長投資組合。

Adjusted EBITDA is expected to be 4% higher at the midpoint as lower costs more than offset lower pricing. Costs are expected to be favorable, but not to the same magnitude that we're expecting in the third quarter. Adjusted EPS is expected to be 3% lower than prior year as the EBITDA increase is more than offset by higher taxes and interest expense.

調整後的 EBITDA 預計中位數將高出 4%，因為成本降低足以抵銷定價降低的影響。預計成本將會有利，但不會達到我們預期的第三季的水平。調整後的每股盈餘預計將比上年低 3%，因為 EBITDA 的成長被更高的稅收和利息支出所抵消。

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. Before I review the customary key financial items, I'd like to provide some additional context on the guidance and financial reporting implications of the sale of our India commercial business. We have concluded that the India sale meets the conditions to treat the assets of the business as held for sale for financial reporting purposes effective with the third quarter. However, the business is not material enough to FMC's results to be classified as a discontinued operation. As such, the results of the business will continue to be presented in the company's GAAP operating results until a transaction is completed.

謝謝，皮埃爾。在回顧常規關鍵財務項目之前，我想提供一些有關出售我們的印度商業業務的指導和財務報告影響的額外背景資訊。我們得出的結論是，從第三季開始，印度的出售符合將該業務資產視為持有待售的條件，以用於財務報告目的。然而，該業務對 FMC 的業績而言不夠重要，因此不能歸類為終止經營業務。因此，在交易完成之前，該業務的結果將繼續呈現在公司的 GAAP 經營業績中。

As Pierre described earlier, our guidance for the remainder of 2025 excludes India. Our reported revenue will continue to include the sales of India and the India commercial business. However, we will also provide revenue excluding India, as we report each quarter. Guided and reported adjusted EBITDA and adjusted EPS will exclude the results of the business.

正如皮埃爾之前所述，我們對 2025 年剩餘時間的預測不包括印度。我們報告的收入將繼續包括印度的銷售額和印度商業業務。不過，我們每季都會報告不包括印度的收入。指導和報告的調整後 EBITDA 和調整後 EPS 將不包括業務結果。

During the third quarter, we will evaluate the assets related to the sale for impairment. And if necessary, we will record the assets at the lower of their carrying value or estimated fair value less cost to sell in our third quarter financial statements. While we have not yet completed this analysis, it is possible that we will record an impairment of the business in the third quarter.

在第三季度，我們將對出售相關的資產進行減損評估。如有必要，我們將在第三季財務報表中以帳面價值或估計公允價值減去出售成本中的較低者記錄資產。雖然我們尚未完成這項分析，但我們有可能在第三季記錄業務減損。

With that additional context, let me proceed to the review of some key income statement items. FX was an overall 1% headwind to revenue growth in the second quarter with tailwinds from a strengthening euro more than offset by a weakening Brazilian real. Interest expense for the second quarter was $61 million, down over $2 million compared to the prior year period, primarily driven by lower debt balances. The effective tax rate on adjusted earnings was 14% in the second quarter, in line with our continued expectation of a full year effective tax rate of 13% to 15%.

在了解了這些額外的背景資訊後，讓我繼續回顧一些關鍵的損益表項目。外匯對第二季度的收入成長造成了 1% 的整體阻力，歐元走強帶來的順風被巴西雷亞爾走弱所抵消。第二季利息支出為 6,100 萬美元，比去年同期減少 200 多萬美元，主要原因是債務餘額減少。第二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。

For full year 2025, we expect FX to be a flat to minor headwind at revenue, with continued weakness in the Brazilian real and Canadian dollar more than offsetting a strong euro. We now expect full year 2025 interest expense to be in the range of $215 million to $235 million, down more than $10 million compared to the prior year, but up slightly from our prior guidance, reflecting the higher interest rate on the recently completed subordinated debt offering.

對於 2025 年全年而言，我們預計外匯對營收的影響將持平或略有下降，巴西雷亞爾和加幣的持續疲軟將足以抵消歐元的強勢。我們現在預計 2025 年全年利息支出將在 2.15 億美元至 2.35 億美元之間，比前一年減少 1,000 多萬美元，但略高於我們先前的預期，這反映了最近完成的次級債務發行的較高利率。

We've also revised our outlook for depreciation and amortization for full year 2025 to $170 million to $180 million, a slight reduction from prior guidance to reflect the timing of new assets coming online. The net result of these refinements is that our full year 2025 EPS guidance is unchanged.

我們也將 2025 年全年折舊和攤提預期修改為 1.7 億美元至 1.8 億美元，較先前的預期略有下降，以反映新資產上線的時間。這些改進的最終結果是，我們對 2025 年全年每股盈餘的預期保持不變。

Moving next to the balance sheet and leverage. In May, we successfully completed the sale of $750 million of subordinated notes due in 2055. The transaction was leverage neutral, with proceeds from the offering used to redeem the May 2026 senior notes and to pay down commercial paper. The structures of these notes is such that they are treated as 50% equity by all 3 rating agencies, immediately improving our metrics with them.

接下來討論資產負債表和槓桿。5月份，我們成功完成了2055年到期的7.5億美元次級票據的出售。該交易的槓桿為中性，發行所得用於贖回 2026 年 5 月的優先票據並償還商業票據。這些票據的結構使得它們被所有 3 家評級機構視為 50% 的股權，從而立即改善了我們的指標。

This offering was an important step in supporting our investment-grade credit rating as we transition to more substantial EBITDA growth in the second half of 2025 and into 2026. All 3 rating agencies reaffirmed their investment-grade ratings in conjunction with this offering.

此次發行是我們支持投資等級信用評等的重要一步，因為我們將在 2025 年下半年和 2026 年實現更大幅的 EBITDA 成長。針對此次發行，三家評級機構均重申了其投資級評等。

We ended the second quarter with gross debt of approximately $4.2 billion, up $160 million from the prior quarter. Cash on hand increased $123 million to $438 million, resulting in net debt of approximately $3.7 billion, essentially flat to the prior quarter.

我們第二季的總債務約為 42 億美元，比上一季增加了 1.6 億美元。現金增加 1.23 億美元至 4.38 億美元，導致淨債務約 37 億美元，與上一季基本持平。

Gross debt to trailing 12-month EBITDA was 4.8 times at quarter end, while net debt-to-EBITDA was 4.3 times. Relative to our leverage covenant, which includes adjustments to both the numerator and denominator, leverage was 4.8 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 continue to expect covenant leverage to return to approximately 3.7 times by year-end, essentially flat to the prior year.

季度末總債務與過去 12 個月 EBITDA 比率為 4.8 倍，淨債務與 EBITDA 比率為 4.3 倍。相對於我們的槓桿契約（包括對分子和分母的調整），槓桿為 4.8 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。我們仍預期契約槓桿率到年底將回升至約 3.7 倍，與前一年基本持平。

We expect to show a meaningful improvement in our leverage metrics in 2026 from a combination of EBITDA growth and debt reduction. Debt reduction will come from proceeds from the sale of our India commercial business as well as free cash flow above that required to fund the dividend.

我們預計，到 2026 年，透過 EBITDA 成長和債務減少，我們的槓桿指標將顯著改善。債務減少將來自出售我們印度商業業務的收益以及支付股息所需的自由現金流。

Moving on to free cash flow on slide 10. Free cash flow in the second quarter was $40 million, $241 million lower than the prior year period. Cash from operations was down significantly primarily due to the absence of the significant inventory reduction seen in the prior year. We continue to expect free cash flow of $200 million to $400 million for 2025, a decrease of $313 million at the midpoint.

轉到第 10 張投影片上的自由現金流。第二季自由現金流為 4,000 萬美元，比去年同期減少 2.41 億美元。經營現金流大幅下降，主要是因為沒有像前一年那樣大幅減少庫存。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。

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 with 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.

經營現金流是下降的主要驅動因素，2024 年大幅調整後，營運資金將恢復正常。由於繼續關注最重要的項目和新產品的產能擴張，預計資本增加也將增加。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

好了，我把電話轉回皮埃爾

Thank you, Andrew. We are now at an inflection point where we are shifting our focus towards revenue and EBITDA growth for the second half of the year and 2026. The reset of the company announced at the beginning of the year is essentially done. We have met all of the objectives we set for the first half of the year.

謝謝你，安德魯。我們現在正處於一個轉折點，我們將把重點轉向今年下半年和 2026 年的營收和 EBITDA 成長。年初宣布的公司重組工作已基本完成。我們上半年訂定的目標都完成了。

The execution of the India plant will complete the turnaround of the company. We are now positioned for strong performance going forward and our confidence in reaching our 2025 targets with our 2027 outlook intact.

印度工廠的投產將完成該公司的轉型。我們現在已經做好準備，在未來取得強勁表現，並且有信心在 2027 年展望不變的情況下實現 2025 年的目標。

With that, we're now ready to take your questions.

現在，我們就可以回答您的問題了。

(Operator Instructions). Richard Garchitorena, Wells Fargo.

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

Great. Nice quarter. Pierre, you talked about this quarter signaling an inflection points. You provided Q3, Q4 guidance, which was in line with expectations. What should we think about in terms of where volume and pricing move into in terms of the growth phase entering 2026, and you're also talking about 2027 targets intact. So if you could just remind us what you're expecting for' 2027 as well?

偉大的。不錯的季度。皮埃爾，您談到本季度標誌著一個轉折點。您提供了第三季、第四季的指導，符合預期。就進入 2026 年的成長階段而言，我們應該考慮銷售量和價格走向，您也談到了 2027 年目標的實現。那麼，您能否也提醒我們對 2027 年的期望呢？

There is multiple year and quarters here. So I think in -- first of all, 2026-2027 targets are remaining in line with what we have said at the last earnings call, leading, if I remember well, to an EBITDA of $1.2 billion in 2027. That number is not changing.

這裡有多個年份和季度。所以我認為——首先，2026-2027 年的目標與我們在上次財報電話會議上所說的一致，如果我沒記錯的話，2027 年的 EBITDA 將達到 12 億美元。這個數字沒有改變。

From a growth in 2026 and 2027, I think it will be mostly driven by a growth portfolio. We have very strong confidence for those two years in our branded Cyazypyr in our 3 active ingredients fluindapyr and Isoflex like this year, but we're adding Dodhylex, as I said in my prepared comments, which has just been introduced with the first billing happening this month, and then by our plant health business, Biologicals. So still the same type of expectation with this product leading to double-digit growth.

從 2026 年和 2027 年的成長來看，我認為這將主要由成長投資組合推動。我們對這兩年我們品牌 Cyazypyr 的 3 種活性成分 fluindapyr 和 Isoflex 非常有信心，但正如我在準備好的評論中所說的那樣，我們正在添加 Dodhylex，該產品剛剛推出，第一個賬單將於本月發放，然後由我們的植物健康業務 Biologicals 發放。因此，人們對該產品仍抱持同樣的期望，認為它將實現兩位數的成長。

From a core portfolio, I think the fundamental difference you're going to see in 2026 and 2027 versus 2025, is Rynaxypyr. Today, the portfolio ex Rynaxypyr is growing under multiple sets of actions. But of course, there is a negative impact of the pricing with our diamide partner. I think we are in a place right now where Rynaxypyr strategy based on a much lower manufacturing cost competitive with generics.

從核心投資組合來看，我認為 2026 年和 2027 年與 2025 年相比，根本差異在於 Rynaxypyr。如今，除 Rynaxypyr 之外的投資組合在多組行動下正在成長。但當然，我們的二醯胺合作夥伴的定價會產生負面影響。我認為我們現在正處於這樣一個階段，即 Rynaxypyr 的策略基於更低的製造成本，可以與仿製藥競爭。

And I must add to that, a generic situation where there is not as much product available as there used to be in the past and certainly at increasing price, we have developed a strategy which is allowing Rynaxypyr growth year-on-year in 2026 and 2027 versus 2025. So all of those are the pieces of the component of the growth in 2026 and 2027.

我必須補充一點，在產品供應不如過去那麼多、價格肯定上漲的普遍情況下，我們制定了一項策略，使 Rynaxypyr 在 2026 年和 2027 年的產量較 2025 年實現同比增長。因此，所有這些都是 2026 年和 2027 年成長組成部分。

For the second half of the year, as we said before, the growth is coming from essentially Brazil, because that's a big season for them, new route to market and direct sales and new co-op strategy. And once again, fluindapyr and Isoflex, which are seeing very, very strong demand.

正如我們之前所說，下半年的成長主要來自巴西，因為這對他們來說是一個重要的季節，有新的市場途徑和直接銷售以及新的合作策略。再次，fluindapyr 和 Isoflex 的需求非常非常強勁。

Josh Spector, UBS

瑞銀集團喬希·斯佩克特

I was wondering if you could deconstruct the cost side of the basket for Q2 and kind of as we look in the second half. So you had about $69 million in savings. If you could help us think about how much of that is around the fixed cost absorption headwinds coming off Q2, what carries into Q3 raw materials and cost savings, that would be helpful.

我想知道您是否可以分析一下第二季以及下半年的籃子成本方面。所以你有大約 6900 萬美元的儲蓄。如果您能幫助我們思考其中有多少是圍繞第二季度的固定成本吸收阻力，以及對第三季原材料和成本節約的影響，那將會很有幫助。

Josh, it's Andrew. I think the story for costs as we go through the year, the drivers are the same in each period. It's the balance among them. Certainly, lower raw material costs are a key driver, and we're the largest driver in Q2. That is both from lower purchase materials, but also from the restructuring actions we've taken to fundamentally change the cost position that we have in our Rynaxypyr business.

喬希，我是安德魯。我認為，隨著一年的過去，成本狀況的變化在每個時期都是相同的。這是它們之間的平衡。當然，原料成本降低是關鍵驅動因素，而我們是第二季最大的驅動因素。這既來自於較低的材料採購成本，也來自於我們採取的重組措施，從根本上改變了 Rynaxypyr 業務的成本狀況。

Second to that is certainly improved fixed cost absorption as we are running the plants much more -- at a much more normal capacity than the more depressed levels of production we had in 2024. And then we do, of course, have continued benefit from the restructuring actions that we took in 2024, some of which are continuing to be implemented, particularly in the first half of 2025.

其次，隨著我們工廠的運作時間大大增加，固定成本吸收率也肯定會提高——與 2024 年較低迷的生產水準相比，我們的工廠的產能要正常得多。當然，我們確實繼續受益於我們在 2024 年採取的重組行動，其中一些行動將繼續實施，特別是在 2025 年上半年。

As we get into Q3 and Q4, it's just the balance among those levers that's different. I would say, certainly, all three continue to be key contributors to our cost tailwinds and those cost tailwinds are quite substantial in Q3 and Q4.

當我們進入第三季和第四季時，這些槓桿之間的平衡就不同了。我想說，當然，這三個因素繼續成為我們成本順風的關鍵因素，而這些成本順風在第三季和第四季相當可觀。

The absence of fixed cost absorption challenges is a bigger tailwind in Q3 than it is in Q4. And net-net, costs are a stronger tailwind in Q3 than they are in Q4, but it is still those three drivers, lower raw material costs, better fixed cost absorption and the benefits of restructuring actions, not only in manufacturing costs, but also across SG&A that are contributing to the cost tailwind starting this year.

與第四季相比，第三季不存在固定成本吸收挑戰，這對第三季來說是更大的利多。整體而言，第三季的成本順風比第四季更強，但仍是這三個驅動因素，即更低的原材料成本、更好的固定成本吸收和重組行動的好處，不僅在製造成本方面，而且在銷售、一般及行政費用方面，都促成了今年開始的成本順風。

Frank Mitsch, Fermium Research

弗蘭克米奇，費米研究中心

Thank you, good morning and a nice result. Pierre, I want to follow up on the India announcement. Can you provide some of the parameters on 2024 in terms of sales EBITDA for that business so we can better tie in the new guidance versus the prior guidance. And along with that, have the bankers already been marketing this business? And if so, any comments in terms of the receptivity of, I assume, strategics that would be interested in purchasing the India commercial business.

謝謝，早安，結果很好。皮埃爾，我想跟進一下印度的公告。您能否提供該業務 2024 年銷售 EBITDA 的一些參數，以便我們更好地將新指南與先前的指南結合。除此之外，銀行家們是否已經開始推銷這項業務了？如果是這樣，我認為，對於有意購買印度商業業務的策略人士，您有何評論？

All right. Let me start by the second part of your question, that's the easiest one. We have not officially started to market the property, but we have done all of the preparation. We're working on the marketing books. I believe we're already getting front calls, but I cannot be overly precise on that. Since we just announced that. So it seems like the use is growing fast, but can't tell more than that.

好的。讓我從問題的第二部分開始，這是最簡單的部分。我們尚未正式開始行銷該房產，但我們已經做好了所有準備。我們正在編寫行銷書籍。我相信我們已經接到了前台電話，但我無法對此給出太精確的說明。因為我們剛剛宣布了這一點。因此看起來使用量正在快速增長，但無法透露更多。

To answer your first part of the question, I'm going to ask you to bear with me because I'm going to try to give you as many details as I can to help you guys. So it's going to take a minute. First, why no more information than what we gave in the earnings release. India, from an SEC standpoint, is viewed as not material to FMC. So it does not qualify as a discontinued operation. It's classified as a carve-out. Consequently, we're not going to do a recast of 2023, 2024, 2025. But still, I can still give you some colors for you to be able to establish your model.

為了回答你問題的第一部分，請你耐心聽我說完，因為我將嘗試向你提供盡可能多的細節來幫助你們。所以這需要一分鐘。首先，為什麼沒有比我們在收益報告中提供的更多資訊。從美國證券交易委員會 (SEC) 的角度來看，印度對 FMC 來說並不重要。因此它不符合終止經營的條件。它被歸類為豁免。因此，我們不會重新制定 2023 年、2024 年、2025 年的計畫。但是，我仍然可以給你一些顏色，以便你可以建立你的模型。

First, let me talk about India in the second half in 2024 and 2025. What we did in H2 2024 for India was $140 million of sales. What we were forecasting to do in H2 in 2025 was $70 million of sales. So if you look at those two numbers, to achieve our ex India 2025 second half target, we would need business in the second half of 2025 versus the second half of 2024 to grow by 9%, which is about $190 million. So if we grew by $190 million, we'll achieve our guidance ex India for H2 2025.

首先我來講一下2024年、2025年下半年的印度。2024 年下半年我們在印度的銷售額為 1.4 億美元。我們預測 2025 年下半年的銷售額將達到 7,000 萬美元。因此，如果你看一下這兩個數字，為了實現我們在印度以外的 2025 年下半年的目標，我們需要 2025 年下半年的業務與 2024 年下半年相比增長 9%，即約 1.9 億美元。因此，如果我們的成長額達到 1.9 億美元，我們將實現 2025 年下半年印度以外的預期目標。

How do we get there? First, our growth portfolio. Today, what we have in front of us for our growth portfolio in the second half is over $200 million of growth with more than half of this $200 million coming from fluindapyr and Isoflex. For the core portfolio, it's overall flattish.

我們怎樣才能到達那裡？首先，我們的成長投資組合。今天，我們下半年的成長組合將實現超過 2 億美元的成長，其中超過一半來自 fluindapyr 和 Isoflex。對於核心投資組合而言，整體而言較為平穩。

The non-Rynaxypyr part of the core portfolio is growing, and it's growing and we have confidence in the growth for three key reasons. First, we have talked many times about the actions we are taking in Brazil to improve our direct route to market as well as co-ops. We also have strong confidence in EMEA and in North America, where the channel inventory is really in a very good place today.

核心產品組合中非 Rynaxypyr 部分正在成長，我們對其成長充滿信心，主要原因有三。首先，我們已經多次談到我們在巴西採取的行動，以改善我們的直接市場管道以及合作社。我們對歐洲、中東和非洲地區以及北美地區也充滿信心，目前這些地區的通路庫存確實處於非常好的狀態。

It was proven and demonstrated by the EMEA results in the second quarter. Against that growth of the core portfolio ex Rynaxypyr, we have the Rynaxypyr headwinds mostly driven by pricing to diamide partners. So those two pretty much cancel each other out.

EMEA 第二季度的業績已證明並證明了這一點。與 Rynaxypyr 以外的核心投資組合的成長相比，Rynaxypyr 面臨的阻力主要來自於對二醯胺合作夥伴的定價。所以這兩者基本上互相抵消了。

If I look at this growth, this sales growth, in addition, if we put a cost benefit, it will lead to an EBITDA increase on a like-for-like basis, excluding Asia of about $80 million -- not Asia, sorry, India, of about $80 million H2 2025 versus H2 2024. So that's what I'm trying to recast a little bit the numbers, excluding India in our forecasting..

如果我看一下這種增長，這種銷售增長，此外，如果我們加上成本效益，它將導致 EBITDA 在同類基礎上增加，不包括亞洲約 8000 萬美元 - 不是亞洲，對不起，是印度，2025 年下半年與 2024 年下半年相比約為 8000 萬美元。因此，我嘗試重新計算一些數字，將印度排除在我們的預測之外。

Vincent Andrews, Morgan Stanley

文森安德魯斯（Vincent Andrews），摩根士丹利

Thank you. Good morning, everyone.

謝謝。大家早安。

Pierre, in years past, you've been able to give us a sense looking into the third quarter at how your order book is shaping up, particularly in the Brazilian market and how much you have in hand versus yet to invoice. So I'm wondering if you could just give us an update there and particularly also just comment on where farmer economics are there and sort of how the credit situation has evolved there.

皮埃爾，過去幾年裡，您能夠讓我們了解一下第三季度您的訂單情況，特別是在巴西市場，以及您手頭有多少訂單以及尚未開具發票的數量。所以我想知道您是否可以向我們提供最新情況，特別是評論一下那裡的農民經濟狀況以及那裡的信貸狀況是如何發展的。

Yes. I think Brazil right now is looking good. I think I would say actual orders, I'm not talking negotiations, okay? I'm talking orders for the second half, which have been booked is about 35% to 40% of what we need for the entire second half. It's a much higher number than what we've been having in the last couple of years. So at this stage, it's very early. It's only July, but we're feeling quite good about Brazil.

是的。我認為巴西現在看起來不錯。我想我會說實際訂單，而不是談判，好嗎？我說的是下半年的訂單，已經預訂的訂單大約佔整個下半年需求的 35% 到 40%。這個數字比過去幾年的數字要高得多。所以現階段還太早。雖然現在才七月，但我們對巴西的感覺還是相當不錯的。

Farmers economics in Brazil, do you want to -- Ronaldo, maybe you want to comment?

巴西的農民經濟，你想──羅納多，也許你想評論一下？

Yes. Not dramatically different than what we're seeing in the rest of the world. Farmers had very strong harvest for corn. So I think the corn side of the row crops is more exciting than soybean at this stage. They do expect to plant another very strong season on corn. Cotton is not as high as it was a couple of years ago or even a year ago, but it's still incentivizing growers to, at a minimum, maintain their planted area, if not a slight increase, and sugarcane is stable. So all in all, I would say margins are tighter than they were 2.5 years ago, but not to a point that would drive growers to influence their decision on planted area. We do expect a full season in the coming season in Brazil.

是的。與我們在世界其他地方看到的情況並沒有太大不同。農民的玉米收成非常好。因此我認為，目前玉米作物比大豆作物更令人興奮。他們確實希望今年的玉米種植季能夠非常豐收。棉花價格不像幾年前甚至一年前那麼高，但它仍然激勵種植者至少維持其種植面積，如果不是略有增加的話，甘蔗價格保持穩定。總而言之，我認為利潤率比兩年半前要低，但還沒有達到迫使種植者改變種植面積決定的程度。我們確實期待在即將到來的巴西賽季中有一個完整的賽季。

Duffy Fischer, Goldman Sachs.

高盛的達菲費雪。

Two questions. First is the new direct sales program in Brazil. The expectation for size this year, does that contribute this year? Or will that take a couple of years before it really contributes anything? And then the second one is the headwinds you're facing from the diamide partners price down, when does that anniversary? Is it basically a 1-year impact? Or will there be kind of 2 years of step-down as far as that being a headwind for pricing for you guys?

兩個問題。首先是巴西的新直銷計畫。今年的規模預期，對今年有貢獻嗎？或者說這需要幾年的時間才能真正產生作用？第二個問題是，您面臨的阻力來自二醯胺合作夥伴價格下跌，週年紀念日是什麼時候？基本上是1年的影響嗎？或者說，對你們來說，這是否會成為定價方面的阻力，從而出現兩年的降價？

Yes, Duffy, first -- to your first question, we are expecting to see the impact of the new sales organization for direct sales to farmers in Brazil to be visible in the third quarter, this quarter. Certainly, we'll not get the full potential. We will grow year after year. But yes, we should see the impact immediately as our sales organization is already currently in negotiation and having some commercial activity.

是的，達菲，首先－回答您的第一個問題，我們預計新的銷售組織對巴西農民直銷的影響將在本季第三季顯現。當然，我們無法發揮全部潛能。我們將逐年成長。但是的，我們應該立即看到影響，因為我們的銷售組織目前正在談判並進行一些商業活動。

The way the diamide partners contract work is annual. So every year, we review manufacturing costs, and we adjust our pricing to our partners. By far, the most dramatic decrease in pricing took place from 2025 -- from 2024 to 2025. That's where we had the very, very significant reduction in manufacturing costs, which led to the significant decrease in pricing. As we continue to decrease our cost, we will continue to decrease pricing to our partners, but the order of magnitude has got nothing to do with what we saw this year. It will be very incremental.

二醯胺合作夥伴合約的工作方式是年度合約。因此，我們每年都會審查製造成本，並根據合作夥伴調整定價。到目前為止，價格最大幅的下降發生在 2025 年——從 2024 年到 2025 年。這就是我們大幅降低製造成本的原因，這導致價格大幅下降。隨著我們不斷降低成本，我們將繼續降低對合作夥伴的價格，但幅度與我們今年看到的情況無關。它將是非常漸進的。

Chris Parkinson, Wolfe Research

克里斯帕金森，沃爾夫研究公司

When you take a step back and you look at your volume algo for the next few years, I mean, there are a bunch of moving parts, but it seems that the TAMs of fluindapyr and Isoflex are pretty obvious. And Ronaldo had done an in-depth look at kind of the broadening addressable market for Rynaxypyr off-patent, especially some of the, let's say, higher end or higher-value acres across the globe. Can you just give us a better sense of where your assessment of those TAMs stands now? Do you feel better about them? Do you feel the same about them just as we're approaching the second half and into that 2026-2027 time period

當你退一步看看未來幾年的交易量演算法時，我的意思是，有很多活動部件，但似乎 fluindapyr 和 Isoflex 的 TAM 非常明顯。羅納多對 Rynaxypyr 非專利產品的擴大目標市場進行了深入研究，特別是全球一些高端或高價值的土地。您能否讓我們更了解您對這些 TAM 的評估現況如何？你對他們感覺好些了嗎？當我們即將進入下半場，進入 2026-2027 年的時期時，你對他們也有同樣的感覺嗎？

Thank you.

謝謝。

Yes. I think about the new product, we're feeling better. There is no doubt that the demand on Isoflex and fluindapyr is strong and stronger than we're expecting. We've signed, as you know, important contracts to supply some of our competitors or partners. When they sign contracts, they are partners. When they go against us, they are competitors. So there is no doubt that the demand on fluindapyr and Isoflex is stronger than what we're expecting.

是的。想到新產品，我們感覺好多了。毫無疑問，對 Isoflex 和 fluindapyr 的需求非常強勁，甚至超出了我們的預期。如您所知，我們已經簽署了重要的合同，為一些競爭對手或合作夥伴提供供貨。當他們簽訂合約時，他們就是合作夥伴。當他們與我們對抗時，他們就是競爭對手。因此毫無疑問，對 fluindapyr 和 Isoflex 的需求比我們預期的要強烈。

The other good news is we are launching and getting the registration in time for Dodhylex. So we do have the official launch, and that will impact 2027. So on the side of the new product, very high level of confidence.

另一個好消息是，我們將及時推出 Dodhylex 並完成註冊。所以我們確實已經正式啟動，這將影響到 2027 年。因此，對於新產品，我們信心非常高。

Regarding Rynaxypyr, we feel very confident. There is no fundamental change to the strategy we have discussed. The only change is we have moved to a different place. We had multiple meetings and gathering. And now we are at a place where every single country in the world or every single region or subregion do have a Rynaxypyr strategy which is in line with our market. So we moved from a broad directional global strategy to now a ready-to-implement regional, subregional or country strategy for Rynaxypyr. So it's holding true, and we have no negative view of what we're doing.

對於 Rynaxypyr，我們非常有信心。我們討論過的策略沒有根本性的改變。唯一的變化是我們搬到了不同的地方。我們舉行了多次會議和聚會。現在，世界上每個國家、每個地區或次區域都有符合我們市場的 Rynaxypyr 策略。因此，我們從廣泛的方向性全球策略轉向了現在可立即實施的 Rynaxypyr 區域、次區域或國家戰略。所以這是事實，我們對我們所做的事情沒有任何負面看法。

The last comment I would make around Rynaxypyr is our confirmation of the cost road map, which is getting more and more attractive and making us more and more competitive with generics. So that's also a positive evolution of the Rynaxypyr strategy.

關於 Rynaxypyr，我要說的最後一點是我們對成本路線圖的確認，該路線圖越來越有吸引力，使我們在與仿製藥的競爭中越來越有競爭力。這也是 Rynaxypyr 策略的積極演變。

Plus, I have to say, I mean, that's not by our own doing, but the generic Rynaxypyr situation has changed. There is less supply on the market of generic Rynaxypyr. You're aware of the Youdao plant explosion. Not only it limits the products in the market, but that plant was also making intermediates, which were used by other generics to make Rynaxypyr. So they are lacking intermediates to make their product. And we've seen the price increasing and some very significant announcement.

另外，我必須說，這不是我們自己造成的，而是 Rynaxypyr 的通用情況已經改變了。市面上仿製的 Rynaxypyr 供應較少。您知道有道工廠爆炸事件。這不僅限制了市場上的產品，而且該工廠還生產中間體，其他仿製藥公司使用這些中間體來生產 Rynaxypyr。因此他們缺乏生產產品的中間體。我們看到價格上漲，也看到一些非常重要的公告。

There is also the fact that many of the generics who are not producing, but making a formulation were using the Youdao registration, which, of course, is not usable any longer. So at this stage, we have a way less competitive Rynaxypyr market from the generic, and we are continuing on our road map.

還有一個事實是，許多不生產藥品但製造製劑的仿製藥廠都在使用有道註冊，當然，這種註冊已經不再可用了。因此，在現階段，我們的 Rynaxypyr 市場與仿製藥的競爭程度要小得多，我們將繼續按照我們的路線圖前進。

Kevin McCarthy, VRP

凱文·麥卡錫，VRP

Maybe two quick ones from my side. Pierre, just to follow up on the prior comments that you made. If we take into account Rynaxypyr dynamics as well as your diamide partner agreement renegotiations, would it be reasonable to expect the pricing function overall for the company to stabilize and perhaps turn positive in the first half of 2026? My second question would be for Andrew. Just if you could walk through maybe the working capital and other key cash flow assumptions that you've embedded within your $200 million to $400 million range for free cash flow.

也許我這邊有兩個快速的問題。皮埃爾，只是想跟進一下你之前的評論。如果我們考慮到 Rynaxypyr 的動態以及您的二醯胺合作夥伴協議重新談判，那麼預期公司整體定價功能在 2026 年上半年穩定下來並可能轉為正值是否合理？我的第二個問題是問安德魯的。如果您可以詳細介紹您在 2 億至 4 億美元自由現金流範圍內嵌入的營運資本和其他關鍵現金流假設，那該怎麼辦？

The Rynaxypyr strategy. There is two parts to it. One is with the partners and one is the branded product. I think for the partners, there is some sort of stabilization in the sense that most of the -- the vast majority of the price decrease having taken place, the adjustment we're going to have going forward are going to be pretty minor. So we do expect more of a stabilization of the pricing at this level. For branded Rynaxypyr, we are still expecting a price decrease because the competition with generics is going to be more open.

Rynaxypyr 策略。它分為兩部分。一個是與合作夥伴，一個是品牌產品。我認為對於合作夥伴來說，存在某種穩定的局面，因為大部分價格已經下降，我們未來要進行的調整將會非常小。因此，我們確實預計價格將在這個水平上更加穩定。對於品牌 Rynaxypyr，我們仍然預期價格會下降，因為與仿製藥的競爭將更加激烈。

That being said, we are still developing higher tech formulation, which could be commanding a different pricing and a changing competitive situation. So the price increase may not be as dramatic as what we might have expected at some point. But we still believe that we have to cast a strategy within the context of a branded Rynaxypyr pricing going down in 2026 versus 2025, where most countries which are protected by process pattern today will not be protected. But we are ready for it. The strategy is in place. Manufacturing cost is in place. And we still believe that we can protect earnings in 2026 versus 2025 for Rynaxypyr. Andrew?

話雖如此，我們仍在開發更高科技的配方，這可能會帶來不同的定價和不斷變化的競爭情況。因此，價格上漲可能不會像我們預期的那樣劇烈。但我們仍然認為，我們必須在 2026 年品牌 Rynaxypyr 價格相對於 2025 年下降的背景下制定策略，屆時大多數目前受製程模式保護的國家將不再受到保護。但我們已經做好準備了。策略已經到位。製造成本已到位。我們仍然相信，我們可以確保 Rynaxypyr 在 2026 年（而非 2025 年）的收益。安德魯？

Yes. Some quick comments on working capital and cash flow. Certainly, seasonality of our cash flow is very, very heavily tilted to the second half and in particular, Q4. I think you're seeing that trend in our actual performance through Q2 and what we're signaling for the rest of the year.

是的。關於營運資金和現金流的一些簡短評論。當然，我們的現金流的季節性非常傾向於下半年，特別是第四季。我認為您從我們第二季度的實際表現以及我們為今年剩餘時間發出的信號中看到了這一趨勢。

When we think about the key drivers here, certainly, operating cash flow is the big driver in free cash flow this year, and it's really working capital, right? Our guidance EBITDA is relatively flat, just slightly up for the year. So it really is around working capital is a key driver.

當我們考慮這裡的關鍵驅動因素時，當然，經營現金流是今年自由現金流的主要驅動力，而且它實際上是營運資金，對嗎？我們的指導 EBITDA 相對平穩，今年僅略有上升。因此，營運資金確實是關鍵驅動因素。

From a balance sheet perspective, I think if you think about the 3 key elements. Certainly, payables were continuing to work to rebuild payable levels as we get operations to more stable, steady-state operation. We do still have some noise year-on-year from timing of purchases that is making them at a bit noisy, but you should see improvement in payables.

從資產負債表的角度來看，我認為如果你考慮這 3 個關鍵要素。當然，隨著我們的營運變得更加穩定、更加穩定，應付款項將繼續努力重建應付款項水準。我們確實仍然存在一些與去年同期相比因購買時間而產生的噪音，這使得它們有點嘈雜，但你應該會看到應付款項的改善。

Inventory, I think we'll end up the year probably pretty flattish on the balance sheet. I think the inventory level we're at is appropriate for the sales we have planned for the second half and going into what we expect to be growth in 2026.

庫存，我認為我們今年的資產負債表可能會相當穩定。我認為我們目前的庫存水準適合我們下半年的銷售計劃，並且適合我們預計的 2026 年的成長。

And then the area we're going to continue to push on and is always a challenge in the ag chem business is receivables. And certainly, with sales growth in the second half, we've got a lot of work to do to and make sure we collect. I think collections have been very solid through year-to-date. We've had good success with normal collections, but also with certain -- providing certain incentive or collections in certain markets as well. So that is the challenge with the growth in the second half is to keep receivables to a manageable level.

我們將繼續推進的領域是應收帳款，這也是農業化學業務中始終面臨的挑戰。當然，隨著下半年銷售額的成長，我們還有很多工作要做，以確保我們能夠收回成本。我認為今年迄今的收藏情況非常穩固。我們在正常的收款方面取得了良好的成功，但在某些市場提供某些激勵或收款方面也取得了一定的成功。因此，下半年成長面臨的挑戰是將應收帳款保持在可控水準。

I think when you factor all of those in with very modest capital expense growth and a very modest increase in discontinued ops spending, operating cash flow, and those 3 factors would get us pretty comfortably in that $200 million to $400 million. But it's going to depend on how we execute in the second half of the year. Unfortunately, it is the nature of the seasonality of our cash flow. So we'll continue to drive that and watch that very closely.

我認為，如果將所有這些因素都考慮進去，再加上非常適度的資本支出成長、非常適度的停止營運支出成長、營運現金流，那麼這三個因素就能讓我們輕鬆獲得 2 億到 4 億美元的收入。但這將取決於我們下半年的執行情況。不幸的是，這是我們現金流的季節性的本質。因此，我們將繼續推動並密切關注此事。

Aleksey Yefremov, KeyBanc

阿列克謝·葉夫列莫夫，KeyBanc

Could you talk about diamide pricing outside of partner agreements this year? So your branded Rynaxypyr, how is it doing this year pricing-wise and Cyazypyr as well?

您能談談今年合作夥伴協議之外的二醯胺定價嗎？那麼，您品牌的 Rynaxypyr 今年的定價狀況如何？ Cyazypyr 的情況又如何？

Yes. We we're not breaking it precisely, but Cyazypyr is in a very different situation. Cyazypyr is data protected, so we do not have all the same competitive situation in Cyazypyr. Rynaxypyr pricing even for the brand one is

是的。我們並沒有準確地打破它，但 Cyazypyr 的情況卻截然不同。Cyazypyr 受到資料保護，因此我們在 Cyazypyr 方面並不擁有完全相同的競爭局面。Rynaxypyr 的定價即使是品牌的

It's been -- pricing in Q2 for Rynaxypyr -- branded Rynaxypyr was relatively flat. The real pricing headwinds in Rynaxypyr are the partner contracts in the current period.

Rynaxypyr 品牌產品第二季的定價相對穩定。Rynaxypyr 的真正定價阻力是當前時期的合作夥伴合約。

Rynaxypyr this year, except in India, China, Turkey, Argentina, a few countries, is still protected by process patent. So there is not yet the penetration outside of those countries of generics.

今年，Rynaxypyr除在印度、中國、土耳其、阿根廷等少數國家外，仍受方法專利保護。因此，仿製藥尚未在這些國家以外普及。

Mike Harrison, Seaport Research Partners

麥克哈里森，海港研究合作夥伴

I was hoping, Pierre, that you could give a little bit more detail on the pheromones offering. It sounds like there's a pilot that's going to be going into action later this year. Curious, are you expecting to see a meaningful commercial contribution in 2026, and where do you think you are on the path to $1 billion in revenue in 2030. Is that still a realistic outlook longer term?

皮埃爾，我希望您能更詳細地介紹一下信息素。聽起來今年稍後將會有一個試點計畫投入實施。好奇的是，您是否預計在 2026 年會看到有意義的商業貢獻，並且您認為您在 2030 年實現 10 億美元收入的道路上處於什麼位置。從長遠來看這仍然是一個現實的前景嗎？

It's -- the answer, if it's realistic or not, will highly depend upon the results of what we are doing this quarter. I think these 2 quarters are very important. The first full-scale commercial operation we have with pheromones. So it's the first time we're going to learn how pheromones perform versus a regular product and will tell us if the $1 billion forecast or plan was based on pheromones operating as expected and well. So I think we're going to have to wait to answer your question. It will be a much better answer based on fact at the end of the year once this campaign is over, and we have the first full-scale results. We don't have it right now, we're shipping the product. We're starting. It's an H2 event in Brazil, and we're not close to having the first result.

答案是——無論它是否現實，都將高度取決於我們本季所做工作的結果。我認為這兩個季度非常重要。這是我們首次全面開展資訊素商業化運作。因此，這是我們第一次了解信息素與常規產品相比的表現，並將告訴我們 10 億美元的預測或計劃是否基於信息素的預期良好運作。所以我認為我們必須等待才能回答你的問題。一旦這次活動結束，我們將在今年年底獲得第一個全面成果，這將是一個基於事實的更好的答案。我們現在沒有，我們正在運送產品。我們開始了。這是巴西的一場 H2 賽事，我們距離第一場結果還很遠。

Arun Viswanathan, RBC Capital Markets

Arun Viswanathan，加拿大皇家銀行資本市場

I guess just looking at the second half, it looks like the implied guide for Q4 is $354 million. So I guess maybe you can just talk to kind of some of the building blocks there. If you could maybe break it up into maybe new revenue from new products or maybe the Brazil route to market as well. Yes, that would be helpful.

我想，僅從下半年來看，第四季的隱含指導價似乎是 3.54 億美元。所以我想也許你可以談談那裡的一些基本要素。如果您可以將其分解為新產品帶來的新收入或巴西市場路線。是的，那會很有幫助。

I think the reasoning for Q4 and Q3, and maybe Ronaldo,, you'll add, but is the same. For Q4, it's going to be driven by the growth portfolio. Fluindapyr is going to be very critical in the fourth half. And most of the growth is going to come from a growth portfolio. And mostly from fluindapyr and Isoflex. Then the new route to market will allow to grow the core part of that market. But certainly, it will be -- the impact will be decreased by the reduction in Rynaxypyr due to partner pricing.

我認為 Q4 和 Q3 的理由，也許還有羅納多的理由，你會補充說，但是一樣的。對於第四季度，它將受到成長投資組合的推動。Fluindapyr 在下半場將發揮至關重要的作用。大部分成長將來自成長投資組合。主要來自 fluindapyr 和 Isoflex。然後，新的市場途徑將促進該市場的核心部分的成長。但可以肯定的是，由於合作夥伴定價的原因，Rynaxypyr 的減少會降低其影響。

So a very high growth driven by new products and of course, the new route to market as well as the co-op, we tend to forget that, but we've put in place a very different system with co-ops to increase sales. And those are the drivers for Brazil.

因此，新產品和新的市場途徑以及合作社推動了非常高的成長，我們往往會忘記這一點，但我們已經與合作社建立了一個非常不同的系統來增加銷售。這些就是巴西的驅動力。

Now let's not forget when we talk about Q4, North America is very important. Last year, it was a very big part of the growth we had. This is when we load the wholesaler with the products before they supply in Q1, the retailers. So it's not only Brazil, but it's also North America with about the same drivers.

現在我們不要忘記，當我們談論第四季時，北美非常重要。去年，這是我們實現成長的很大一部分。這是我們在第一季向批發商（即零售商）供貨之前將產品裝上去的時候。因此，不僅巴西如此，北美也有大致相同的驅動因素。

Joel Jackson, BMO Capital Markets

喬爾傑克遜，蒙特利爾銀行資本市場

Good morning, Pierre, I wanted to ask you a question. So in the decision that you made to show India the way you're showing, I know the investor base really wants to understand the visibility of your company. And obviously, there's a lot of moving parts and why visibility may be hard this year and next year. But I want to know why you did decide to add a little bit of complexity to this year's numbers by doing this. And as part of that, why didn't you do this when you sold GSS last year? Why didn't you exclude GSS earnings ahead of the ultimate sale closing?

早安，皮埃爾，我想問你一個問題。因此，當您決定以這樣的方式向印度展示時，我知道投資者群體確實想了解貴公司的知名度。顯然，有很多因素在起作用，這也是為什麼今年和明年的可見性可能會很差。但我想知道為什麼你決定透過這種方式為今年的數字增加一點複雜性。那麼，為什麼您在去年出售 GSS 時沒有這樣做呢？為什麼你們沒有在最終銷售結束前排除 GSS 收益？

GSS, the decision was made before I was the CEO. I came in, the decision was made. So maybe, Andrew, you can add more detail.

GSS，這個決定是在我擔任執行長之前做出的。我一進來，決定就做了。所以，安德魯，也許你可以添加更多細節。

Joe, I think we came to the conclusion on held for sale with the GSS business later in the process. And because of the way GSS was organized, GSS was a collection of product lines across multiple geographies. It was not a discrete business unit. It was not as simple to be able to carve out and/or to identify all the pieces as we were moving through. So that certainly is one difference between the 2 situations. In both cases, the business is being sold qualified for held for sale at certain points, but did not meet the conditions of discontinued ops. So there's no ability to recast. So we can provide color in both cases, but we're not able to do a recast.

喬，我認為我們在後期就 GSS 業務持有待售一事得出了結論。由於 GSS 的組織方式，GSS 是跨多個地區的產品線的集合。它不是一個獨立的業務部門。當我們前進時，要雕刻出和/或識別所有的碎片並不是那麼簡單。所以這肯定是兩種情況之間的一個區別。在這兩種情況下，出售的業務在某些時候符合持有待售的條件，但不符合停止經營的條件。所以沒有重鑄的能力。因此，我們可以在兩種情況下提供顏色，但我們無法進行重鑄。

I think the second piece with the India business and certainly looking at why we think carve-out is appropriate here, operating the India business while we're preparing it for sale is different from operating it if we were going to continue to own it, right.

我認為第二點與印度業務有關，當然，我們要考慮為什麼我們認為在這裡進行剝離是合適的，在我們準備出售印度業務時運營印度業務與我們繼續擁有它時運營印度業務是不同的，對吧。

There are decisions we might make that would make it more attractive or easier for a buyer to integrate the business that would might not be in the best interest of our results if we were to operate the business over a longer-term horizon. Because of that, it makes it very difficult for us to forecast the performance of the India business for the next several periods. So we thought it would be more important to be able to give guidance numbers that we can stand behind and deliver upon.

我們可能會做出一些決定，讓買家更容易或更有興趣整合業務，但如果我們長期經營該業務，這可能不符合我們的最佳業績。因此，我們很難預測未來幾個時期印度業務的表現。因此，我們認為能夠提供我們可以支持和實現的指導數字更為重要。

And importantly, that represent the future operations of the company, right, what the value driver of this business is going forward. We've made that decision. The Board has made the decision to exit this commercial business. It is not a part of FMC's future in its current configuration. With through supply agreements and partnerships, there will certainly be some ongoing economic benefit. But we do feel that the presentation of excluding the India business from adjusted EBITDA and EPS helps investors see more clearly what the go-forward earnings base of the company is. So that's the reason for the presentation.

重要的是，這代表了公司未來的運營，對吧，這項業務未來的價值驅動力是什麼。我們已經做出這個決定了。董事會已決定退出該商業業務。在目前的配置下，它不屬於 FMC 的未來。透過供應協議和合作夥伴關係，肯定會帶來一些持續的經濟效益。但我們確實認為，將印度業務排除在調整後的 EBITDA 和 EPS 之外有助於投資者更清楚地了解公司未來的獲利基礎。這就是本次演講的原因。

And in terms of the complexity to try to simplify, what we are doing in the second half of the year, we are removing from sales, the $70 million we are forecasting for India. And India was at about breakeven on EBITDA. So we are not changing our EBITDA and EPS target. That's all we are doing. So when you look at the numbers for 2025, they're essentially the same. We are not moving on earnings, and we are just removing the contribution to sales of India, which was about $70 million. Besides that, everything else is the same.This concludes the FMC Corporation conference call. Thank you for attending. You may now disconnect.

就試圖簡化的複雜性而言，我們下半年要做的是，從銷售額中剔除我們預測的印度 7,000 萬美元的銷售額。印度的 EBITDA 基本上達到損益兩平。因此我們不會改變我們的 EBITDA 和 EPS 目標。這就是我們正在做的一切。因此，當你查看 2025 年的數字時，它們基本上是相同的。我們不會改變獲利，我們只是取消了印度的銷售貢獻，約 7,000 萬美元。除此之外，其他一切都相同。 FMC 公司電話會議到此結束。感謝您的參與。您現在可以斷開連線了。

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。