富美實 (FMC) 2025 Q3 法說會逐字稿

Good morning, and welcome to the third quarter 2025 earnings call for FMC Corporation. This event is being recorded and all participants are in listen only mode. (Operator Instructions) I would now like to turn the conference over to Mr. Curt Brooks, Director of Investor Relations for FMC Corporation. Please go ahead.

早安，歡迎參加FMC公司2025年第三季財報電話會議。本次活動正在錄音，所有參與者均處於只聽模式。（操作員指示）現在我將會議交給 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 third quarter earnings call. Joining me are Pierre Brondeau, Chairman and Chief Executive Officer; Andrew Sandifer, Executive Vice President and Chief Financial Officer. Today, Pierre will provide an overview of our third quarter performance as well as an outlook for the fourth quarter.

各位早安，歡迎參加FMC公司第三季財報電話會議。與我一同出席的有董事長兼執行長皮耶‧布龍多；執行副總裁兼財務長安德魯‧桑迪弗。今天，皮埃爾將概述我們第三季的業績，並展望第四季。

Andrew will provide an overview of select financial results. After our prepared remarks, we will take questions. Our earnings release and today's slide presentation are available on our website, and the prepared remarks from today's discussion will be made available after the call.

Andrew 將概述部分財務表現。在我們發言完畢後，我們將接受提問。我們的獲利報告和今天的幻燈片簡報已發佈在我們的網站上，今天討論的準備好的演講稿將在電話會議結束後公佈。

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.

我要提醒各位，今天的演示和討論將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，涉及特定因素，包括但不限於我們在盈利報告和提交給美國證券交易委員會的文件中確定的因素。

Information presented represents our best judgment based on today's understanding. 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, organic revenue growth and revenue excluding India, all of which are non-GAAP financial measures.

所提供的資訊代表了我們基於當前認知所做的最佳判斷。實際結果可能因這些風險和不確定因素而異。今天的討論和輔助材料將包括對調整後每股收益、調整後 EBITDA、自由現金流、有機收入增長和不包括印度的收入的參考，所有這些都是非公認會計準則財務指標。

Please note that as used in today's discussion, earnings means adjusted earnings and EBITDA means adjusted EBITDA. A reconciliation and definition of these terms as well as other non-GAAP financial terms to which we may refer during today's conference call are provided on our website.

請注意，在今天的討論中，「收益」指的是調整後的收益，「EBITDA」指的是調整後的EBITDA。這些術語以及我們在今天的電話會議中可能會提到的其他非GAAP財務術語的調節和定義，都可以在我們的網站上找到。

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

接下來，我將把電話交給皮埃爾。

Thanks, Curt, and good morning, everyone. Before we get into the details of our third quarter results, I want to acknowledge that our sales this quarter were below our expectation. Two factors led to these results. The first is constrained credit for our customers in Brazil and Argentina as a result of liquidity.

謝謝你，科特，大家早安。在詳細介紹第三季業績之前，我想先說明一下，本季我們的銷售額低於預期。導致這些結果的原因有兩個。首先，由於流動性問題，我們在巴西和阿根廷的客戶的信貸受到限制。

The second is pricing pressure from generics, mainly in Latin America. These issues became apparent as we neared the end of the quarter, and at the planting season was getting underway in Latin America. We expect both dynamics to persist in the fourth quarter.

第二點是來自仿製藥的價格壓力，主要來自拉丁美洲。隨著季度末的臨近，以及拉丁美洲播種季節的開始，這些問題變得顯而易見。我們預計這兩種趨勢將在第四季度持續。

Consequently, we're accelerating planned cost actions similar to what we did with Rynaxypyr in order to keep a less differentiated core portfolio product competitive. Our belief remains that being a pure-play agricultural sciences company is the right focus, and we have a strong pipeline of innovative technologies to support that.

因此，我們正在加快實施與 Rynaxypyr 類似的計畫成本控制措施，以維持差異化程度較低的核心產品組合的競爭力。我們仍然認為，專注於農業科學領域才是正確的方向，而且我們擁有強大的創新技術儲備來支持這一方向。

Slide 3 provide details on our third quarter performance. We reported third quarter GAAP net sales of $542 million, which is 49% lower than prior year. The vast majority of the year-over-year decline is attributed to significant long-term actions taken in India to better position the commercial business for sale.

投影片 3 詳細介紹了我們第三季的業績。我們公佈的第三季GAAP淨銷售額為5.42億美元，較上年同期下降49%。同比下降的絕大部分原因是印度採取了重大的長期措施，以便更好地為出售商業業務做好準備。

During our last earnings call, has shared that we are not operating our business in India differently. Following the designation of that country's commercial business as held for sale. We've also discussed elevated inventory in the India channel many times.

在上次財報電話會議上，他表示我們在印度的業務運作方式並沒有改變。在該國商業企業被指定為待售資產後。我們也多次討論過印度通路庫存過剩的問題。

Over the course of the third quarter, we made the decision to take back a substantial amount of channel inventory in the form of returns. To further clear inventory from the channel, we offered pricing credit to distributors, encouraging faster movement of products. These actions are intended to support the sale of our India commercial business.

在第三季期間，我們決定以退貨的形式收回大量通路庫存。為了進一步清理渠道庫存，我們向經銷商提供價格優惠，鼓勵產品更快流通。這些舉措旨在支持我們出售在印度的商業業務。

The process is moving forward smoothly with strong interest and a high volume of inbound inquiries. Excluding India, from current and prior year sales, third quarter revenue of $961 million, down 4% year-on-year on a like-for-like basis.

流程進展順利，各方興趣濃厚，諮詢量很大。剔除印度市場，本年度及上年度銷售額第三季營收為 9.61 億美元，年減 4%。

This was driven by a 6% price decline, half from adjustments in certain cost plus contracts with specific diamide partners and half from intensified competition in market. Despite increased competitiveness, volume grew 2%. The company's growth portfolio increased by mid-single-digit percent, with sales of new active ingredients nearly doubling versus prior year. This is evidence of the strong demand for this technology.

這主要是由於價格下降了 6%，其中一半是由於與特定二酰胺合作夥伴的某些成本加成合約的調整，另一半是由於市場競爭加劇。儘管競爭加劇，但銷量仍成長了 2%。該公司的成長組合實現了中等個位數百分比的成長，其中新活性成分的銷售額比前一年幾乎翻了一番。這證明了市場對這項技術有強勁的需求。

We remain confident in reaching a target of $250 million of new active ingredient sales by the end of the year. Overall, sales were below our expectations. Much of the shortfall was driven by Latin America where our sales lagged prior year by 8%. The market landscape in that region is more challenging than we expected due to the two factors I touched on earlier.

我們仍有信心在年底前實現2.5億美元的新活性成分銷售額目標。整體而言，銷售額低於我們的預期。大部分缺口是由拉丁美洲造成的，該地區的銷售額比去年同期下降了 8%。由於我前面提到的兩個因素，該地區的市場環境比我們預期的更具挑戰性。

Low liquidity, leading to constrained credit for our customers in Brazil and Argentina and pressure from generics. About half of our sales shortfall in Latin America was driven by an unwillingness on our part to sell full volumes to customers with credit risk.

流動性不足，導致我們在巴西和阿根廷的客戶的信貸受到限制，並面臨來自仿製藥的壓力。我們在拉丁美洲的銷售額下降約有一半是由於我們不願意向有信用風險的客戶銷售全部數量造成的。

The other half was due to lost sales mainly to mega farmers, where we were not willing to lower price to levels offered by generics for off-patent product. Generics have always been active in this region, but their impact is increasing in large part because of the favorable registration environment.

另一半損失主要歸因於對大型農場的銷售損失，因為我們不願意將價格降低到仿製藥在非專利產品中提供的水平。仿製藥在該地區一直很活躍，但由於有利的註冊環境，其影響力正在不斷擴大。

For example, product registration in the EU or the US can cost upwards of $1 million, whereas in Brazil, the cost of registration is approximately $70,000. This, in combination with recent regulatory legislation, make it faster and cheaper for generics to obtain registration.

例如，在歐盟或美國進行產品註冊可能需要花費超過 100 萬美元，而在巴西，註冊費用約為 7 萬美元。這一點，再加上最近的監管立法，使得仿製藥獲得註冊的速度更快、成本更低。

On a positive note, our decision to invest in an additional route to market in Brazil to serve large soybean and corn growers is proving to be worthwhile. Sales are still ramping up, but we're seeing good results with over 300 new customers invoiced to date.

從積極的方面來看，我們決定投資巴西市場，為大型大豆和玉米種植者提供服務，事實證明這一決定是值得的。銷售額仍在成長，但我們已經取得了不錯的成績，迄今已向 300 多位新客戶開立了發票。

The other regions performed more in line with expectations. While not as intense as Latin America, we did observe generic pressure in Asia, and to a lesser extent, North America and EMEA.

其他地區的表現更符合預期。雖然不如拉丁美洲那麼強烈，但我們確實觀察到亞洲存在普遍的壓力，北美和歐洲、中東及非洲地區也存在一定程度的壓力。

Sales improved in North America and EMEA, driven by higher volumes, including contribution from the recent launch of Isoflex active in Great Britain. We reported adjusted EBITDA of $236 million, with EBITDA margin of approximately 25%.

北美和歐洲、中東及非洲地區的銷售額有所提高，這主要得益於銷售量的成長，其中也包括最近在英國推出的 Isoflex active 的貢獻。我們公佈的調整後 EBITDA 為 2.36 億美元，EBITDA 利潤率約為 25%。

Adjusted EBITDA was 17% higher than the prior year on an as-reported basis and 23% higher than prior year on a like-for-like basis, adjusting for India. The $6 million above the midpoint of our guidance, our strong EBITDA performance reflects disciplined cost control and a focused approach to pricing that prioritize margin and credit quality.

以報告基準計算，調整後的 EBITDA 比上年增長 17%；以可比較基準計算（剔除印度的影響），調整後的 EBITDA 比上年增長 23%。比我們預期中位數高出 600 萬美元，我們強勁的 EBITDA 業績反映了嚴格的成本控制和以利潤率和信貸品質為優先的定價策略。

The year-over-year improvement was driven mainly by cost of goods sold, including lower raw materials, improved fixed cost absorption and restructuring benefits. EBITDA also benefited from higher volumes and a favorable product mix as our new products saw greater demand. This was partially offset by lower price and an FX headwind.

年比改善主要得益於銷售成本的降低，包括原材料成本降低、固定成本吸收率提高以及重組帶來的效益。EBITDA 也受益於更高的銷售量和有利的產品組合，因為我們的新產品需求更大。價格下跌和匯率不利因素部分抵消了這一影響。

Adjusted earnings per share was $0.89, up 30% from prior year and just above the midpoint of our guidance. The year-over-year improvement was driven by higher adjusted EBITDA.

調整後每股收益為 0.89 美元，比上年增長 30%，略高於我們預期的中點。年比改善主要得益於調整後 EBITDA 的成長。

Slide 6 and 7 provide detail on our outlook for the remainder of the year. We're anticipating the condition we observed in the third quarter to continue in the fourth quarter. We're now expecting fourth quarter sales, excluding India, to be in the $1.12 billion to $1.22 billion. On a like-for-like basis, that represents a 2% increase at the midpoint after adjusting for India. We're expecting higher volume to be driven by the growth portfolio.

第 6 頁和第 7 頁詳細介紹了我們對今年剩餘時間的展望。我們預計第三季觀察到的情況將在第四季繼續發生。我們現在預計，第四季銷售額（不包括印度）將在 11.2 億美元至 12.2 億美元之間。以同等條件計算，在剔除印度因素後，中間值增加了 2%。我們預期成長型產品組合將推動銷售成長。

Fourth quarter price is expected to be a mid- to high single-digit headwind due to competitive pricing as well as the impact of cost-plus contract to diamide partners. FX is expected to be a low single-digit tailwind. Fourth quarter adjusted EBITDA is expected to be in the $265 million to $305 million, a decline of 16% at the midpoint on an as-reported basis and a decline of 7% on a like-for-like basis.

由於競爭激烈的定價以及成本加成合約對二醯胺合作夥伴的影響，預計第四季度價格將出現中高個位數的下行壓力。預計外匯市場將出現個位數百分比的利多。預計第四季度調整後 EBITDA 為 2.65 億美元至 3.05 億美元，以報告基準計算，中間值下降 16%，以可比基準計算，下降 7%。

Lower cost, higher volume and a minor FX tailwind are expected to be more than offset by lower price. Adjusted EPS is forecasted to be $1.14 to $1.36, a decline of 30% at the midpoint due to a lower EBITDA and abnormally low tax rate in the prior year.

預計成本降低、銷售量增加以及輕微的匯率利多因素將被價格下跌所抵銷。調整後的每股盈餘預計為 1.14 美元至 1.36 美元，中位數下降 30%，原因是去年 EBITDA 較低且稅率異常低。

We are adjusting our full year guidance to include third quarter results and updated fourth quarter guidance. Revenue is now expected to be between $3.92 billion and $4.02 billion. Full year adjusted EBITDA is now expected to be $830 million to $870 million with the reduction to prior guidance mainly due to lower sales. Adjusted EPS is now forecasted to be $2.92 to $3.14.

我們正在調整全年業績預期，以納入第三季業績和更新後的第四季業績預期。目前預計營收將在 39.2 億美元至 40.2 億美元之間。全年調整後 EBITDA 預計為 8.3 億美元至 8.7 億美元，較先前預期有所下調，主要是由於銷售額下降。調整後每股收益預計為 2.92 美元至 3.14 美元。

As a reminder, these guidance ranges include contribution from the India business for the first half only. Free cash flow guidance has been lowered to a range of negative $200 million to $0, driven by lower cash from operations. The reduction in guidance reflects the increased pricing pressure we are facing in our core portfolio. To address this issue, we are taking cost action to improve the competitiveness of our off-patent ingredients.

需要提醒的是，這些業績指引範圍僅包含印度業務上半年的貢獻。受經營活動現金流減少的影響，自由現金流預期下調至負 2 億至 0 美元。下調業績預期反映了我們核心產品組合面臨的價格壓力不斷增加。為了解決這個問題，我們正在採取成本控制措施，以提高我們非專利成分的競爭力。

When I returned as CEO, my focus was on completing several transformation initiatives. These included correcting FMC inventory in the channel to align with customer target levels, implementing a post-patent strategy Rynaxypyr, establishing an additional route to market in Brazil, ensuring the right resources were in place for our growth portfolio to deliver its full potential and initiating the sale of the India business.

當我重返CEO職位時，我的工作重點是完成幾個轉型計劃。這些措施包括：調整通路中的 FMC 庫存，使其與客戶目標水準保持一致；實施專利後策略 Rynaxypyr；在巴西建立額外的市場管道；確保為我們的成長組合提供合適的資源，使其充分發揮潛力；以及啟動印度業務的出售。

With those initiatives now complete, we are continuing to evaluate business to ensure alignment with the strategic priorities and long-term objective. Over the last two years, we've removed about $250 million in cost from the business to navigate the challenges of destocking and adjust Rynaxypyr costs to prepare for its off-patent life cycle.

隨著這些舉措的完成，我們將繼續評估業務，以確保其與策略重點和長期目標保持一致。過去兩年，我們已從業務中削減了約 2.5 億美元的成本，以應對去庫存的挑戰，並調整 Rynaxypyr 的成本，為專利到期後的生命週期做好準備。

We now need to apply that same discipline across our core portfolio, particularly for a non-differentiated product where we are competing directly on price. We are taking two key actions. First, we have initiated a strategic review of our manufacturing footprint.

現在我們需要將相同的紀律應用到我們的核心產品組合中，特別是對於我們直接在價格上競爭的非差異化產品。我們正在採取兩項關鍵措施。首先，我們啟動了對生產佈局的策略審查。

Our intent is to exit active ingredients and formulation plants as well as other sources that are too expensive to operate and transition that production to lower-cost sources. This is a major undertaking. We've already begun the work to identify and develop those alternative sources, and we expect to plan to be fully in place by the end of 2026.

我們的目標是退出營運成本過高的活性成分和製劑工廠以及其他生產基地，並將生產轉移到成本較低的基地。這是一項重大工程。我們已經開始著手尋找和開發這些替代能源，並計劃在 2026 年底前全面實施。

Earlier this month, we moved production of two active ingredients from one of our facility to other manufacturing locations, where lower cost will strengthen FMC's ability to compete in this post-patents market.

本月初，我們將兩種活性成分的生產從我們的一家工廠轉移到其他生產地點，較低的成本將增強 FMC 在專利到期後的市場中的競爭力。

Second, we're implementing a broader cost reduction plan across Asia to account for a reduced size of the business following the India sale. Our objective is straightforward: become a cost competitive company capable of competing with generic on less differentiated products in the region, while also growing a portfolio of IP-protected products that command higher margin.

其次，由於印度業務出售後公司規模縮小，我們正在亞洲範圍內實施更廣泛的成本削減計劃。我們的目標很明確：成為一家具有成本競爭力的公司，能夠在該地區與通用產品競爭差異化程度較低的產品，同時發展擁有更高利潤率的智慧財產權保護產品組合。

By 2028, we expect to have four new active ingredients in commercialization alongside a growing family of biological products. Some are already launched in select markets such as Isoflex active and fluindapyr, which are tracking in line with expectations. We continue to strongly believe in the power of our new product pipeline.

到 2028 年，我們預計將有四種新的活性成分實現商業化，同時生物製品系列也將持續壯大。部分藥物，如 Isoflex active 和 fluindapyr，已在特定市場上市，目前銷售情況符合預期。我們依然堅信我們新產品線的實力。

In a world with more generic products and increasing resistance, new active ingredients will become even more of a true differentiator for FMC. I'll now turn the call over to Andrew to provide more detail on our India results for the quarter and on the cash outlook.

在仿製藥越來越多、抗藥性日益增強的世界裡，新的活性成分將成為FMC真正的差異化優勢。現在我將把電話交給安德魯，讓他詳細介紹我們本季在印度的業績以及現金流前景。

Thanks, Pierre. Let me start with some additional details on the impact of the India held for sale business on this quarter's financial statements. As Pierre noted earlier, we reported GAAP revenue of $542 million for the third quarter. This reflects negative revenue of $419 million in our India held for sale business. The substantial channel inventory in the country was reflected in our financial statements, primarily as receivables.

謝謝你，皮埃爾。首先，讓我補充一些關於印度待售業務對本季財務報表的影響的細節。正如皮埃爾之前提到的，我們第三季的 GAAP 收入為 5.42 億美元。這反映出我們在印度的待售業務虧損 4.19 億美元。該國大量的通路庫存反映在我們的財務報表中，主要以應收帳款的形式反映。

During the quarter, we took several one-time actions to prepare the business for sale. These included physical product returns, taking provisions for additional product returns that will be completed in the fourth quarter and granting price credits to customers on the remaining channel inventory to encourage faster clearing of that channel inventory.

本季度，我們採取了幾項一次性措施，為出售公司做好準備。這些措施包括實體產品退貨、為第四季度將完成的額外產品退貨預留資金，以及向剩餘渠道庫存的客戶提供價格抵扣，以鼓勵更快地清理該渠道庫存。

Each of these actions had the effect of reducing revenue as well as receivables. The net result was negative revenue for India for the quarter. This will also result in a substantial reduction in inventory held in the channel to much more normalized levels with excess inventory to be held directly on FMC India's books as FMC-owned inventory.

這些措施均導致收入和應收帳款減少。該季度印度業務淨收入為負。這將使通路中的庫存大幅減少到更正常的水平，多餘的庫存將直接作為 FMC 印度公司的自有庫存存放在帳簿上。

We are doing this as we believe it is much easier for a buyer to ascribe more certain value to physical inventory being purchased in a business sale than the receivables, which are subject to collection and other risks.

我們這樣做是因為我們認為，對於買家而言，在企業出售中，實體庫存的價值比應收帳款的價值更容易確定，因為應收帳款存在收款風險和其他風險。

Further, rapidly correcting channel inventory reduces risks associated with recent changes in the application of local indirect taxation rules. We intend to manage the India business with a heightened focus on liquidation of inventory in advance of completing the sale of the business.

此外，快速修正通路庫存可以降低近期地方間接稅規則實施變更所帶來的風險。我們計劃在完成業務出售之前，更加重視清算庫存，以此來管理印度業務。

Third quarter GAAP net loss of $569 million reflects approximately $510 million of charges and write-downs for the India held for sale business. Of this, $282 million reflects the channel inventory actions I just described. The remaining $227 million represents an impairment charge to bring the carrying value of the business to its estimated fair market value.

第三季 GAAP 淨虧損 5.69 億美元，其中約 5.1 億美元為印度待售業務的費用和減損。其中，2.82億美元反映了我剛才描述的通路庫存行動。剩餘的 2.27 億美元是減損費用，目的是使企業的帳面價值達到其估計的公允市場價值。

The combination of the channel inventory actions and the impairment charge led to a write-down of the net assets identified as held for sale on our September 30 balance sheet to $450 million. As a reminder, third quarter total company adjusted EBITDA of $236 million excludes the results of the India held for sale business.

通路庫存調整和減損費用的綜合影響，導致我們在 9 月 30 日的資產負債表上確認為持有待售的淨資產減記至 4.5 億美元。提醒一下，第三季公司調整後 EBITDA 總額為 2.36 億美元，不包括印度待售業務的表現。

Moving now to some other specific income and statement items. Third quarter revenue, excluding the India held for sale business, was $961 million, which reflects a 1% currency tailwind with benefit primarily coming from strengthening of the Brazilian real and the euro.

接下來來看一些其他具體的收入和報表項目。第三季營收（不包括印度待售業務）為 9.61 億美元，這反映了 1% 的匯率利好，主要受益於巴西雷亞爾和歐元的走強。

We now expect the minor FX tailwinds to revenue experienced in the third quarter to continue in the fourth quarter, primarily driven by the Brazilian real and to a lesser degree, by the euro and Mexican peso. For the full year, FX remains a minor headwind to revenue due to the 2% headwind in the first half.

我們現在預計，第三季度出現的輕微外匯利好因素將持續到第四季度，主要受巴西雷亞爾的推動，其次是歐元和墨西哥比索。全年來看，由於上半年匯率波動幅度為 2%，匯率波動仍將對收入造成輕微不利影響。

Third quarter interest expense of $64.1 million was up $5.4 million, with the impact of the higher rate on our recent subordinated debt offering, only partially offset by lower short-term domestic rates and balance. We now expect full year 2025 interest expense to be in the range of $230 million to $240 million, essentially in line with the prior year, but up from our prior guidance, reflecting slightly higher than previously expected interest expense in the third quarter.

第三季利息支出為 6,410 萬美元，比上一季增加了 540 萬美元，原因是近期次級債務發行利率上升的影響，但短期國內利率下降和餘額減少僅部分抵消了這一影響。我們現在預計 2025 年全年利息支出將在 2.3 億美元至 2.4 億美元之間，與前一年基本持平，但高於我們先前的預期，反映出第三季利息支出略高於先前預期。

We continue to expect depreciation and amortization for full year 2025 to be between $170 million and $180 million. The effective tax rate on adjusted earnings in the third quarter was 12%, which brings our year-to-date effective tax rate in line with the midpoint of our updated expected full year effective tax rate of 12% to 14%.

我們仍然預計 2025 年全年折舊和攤提費用將在 1.7 億美元至 1.8 億美元之間。第三季調整後收益的實際稅率為 12%，這使得我們年初至今的實際稅率與我們更新後的全年預期實際稅率 12% 至 14% 的中點相符。

Moving next to the balance sheet and leverage. We ended the third quarter with gross debt of approximately $4.5 billion, up $379 million from the prior quarter. Cash on hand increased $60 million to $498 million, resulting in net debt of approximately $4.0 billion, up $319 million from the prior quarter.

接下來我們來看資產負債表和槓桿比率。第三季末，我們的總債務約為 45 億美元，比上一季增加了 3.79 億美元。現金餘額增加 6,000 萬美元至 4.98 億美元，導致淨債務約 40 億美元，比上一季增加 3.19 億美元。

Gross debt to trailing 12 month EBITDA was 5 times at quarter end, while net debt to EBITDA was 4.5 times. Relative to our leverage covenant, which includes adjustments to both the numerator and denominator, leverage was 4.94 times as compared to a covenant limit of 5.25 times.

截至季末，總債務與過去 12 個月 EBITDA 比率為 5 倍，而淨債務與 EBITDA 比率為 4.5 倍。相對於我們的槓桿率契約（包括對分子和分母的調整），槓桿率為 4.94 倍，而契約限制為 5.25 倍。

Moving on now to free cash flow on slide 8. Free cash flow in the third quarter was negative $233 million, $365 million lower than the prior year period. Cash from operations was down significantly due to the absence of working capital release from payables seen in the prior year period as well as due to delays in collections.

接下來，我們來看第 8 頁的自由現金流。第三季自由現金流為負 2.33 億美元，比去年同期減少了 3.65 億美元。由於上年同期應付帳款釋放營運資金的情況沒有出現，以及收款延遲，經營活動產生的現金流量大幅下降。

Free cash flow year-to-date is negative $789 million with the absence of the working capital improvement seen in the prior year being the key driver. Relative to our internal expectations, free cash flow in the third quarter was significantly impacted by collection delays.

今年迄今的自由現金流為負 7.89 億美元，主要原因是去年營運資本改善的缺失。與我們的內部預期相比，第三季的自由現金流受到收款延遲的顯著影響。

In Latin America, these delays are a result of both reduced liquidity in the channel as well as delays in growers monetizing the cotton crop. Elsewhere, collection delays are coming primarily from intensified competitive pressures going beyond price competition to include payment terms as well.

在拉丁美洲，這些延誤既是由於渠道流動性減少造成的，也是由於種植者延遲將棉花作物變現造成的。在其他方面，收款延遲主要是由於競爭壓力加劇，這種競爭不僅限於價格競爭，還包括付款條件。

In light of actual performance year-to-date, our reduced outlook for EBITDA and our expectation of continued working capital pressures in the fourth quarter, we've reduced our outlook for full year free cash flow to a range of negative $200 million to $0. This updated free cash flow outlook, combined with the $291 million in dividends paid thus far this year, suggests an increase in net debt of roughly $400 million at year-end.

鑑於今年迄今的實際業績、我們下調的 EBITDA 預期以及我們預計第四季度營運資金壓力將持續存在，我們將全年自由現金流預期下調至負 2 億美元至 0 美元。根據更新後的自由現金流預期，加上今年迄今已支付的 2.91 億美元股息，預計到年底淨債務將增加約 4 億美元。

As such, we are taking two immediate actions. First, our Board of Directors has changed the company's dividend policy to establish a new quarterly dividend payout of $0.08 per share effective with the pending declaration of our next dividend payable in January of 2026.

因此，我們正在採取兩項緊急措施。首先，我們的董事會已改變公司股利政策，設立新的季度股利支付方案，每股股利支付 0.08 美元，該方案將於 2026 年 1 月宣布派發下一筆股利時生效。

This is an over 85% reduction in quarterly dividend, which will reduce the funding need for the dividend by $250 million in 2026. This will allow significantly more of the free cash flow we generate in 2026 to be debt directed to debt reduction.

這將使季度股息減少 85% 以上，到 2026 年，股息的資金需求將減少 2.5 億美元。這將使我們在 2026 年產生的更多自由現金流能夠用於償還債務，從而減少債務。

Second, we've begun discussions with our bank group to further amend the financial covenants in our revolving credit facility agreement to provide us with additional flexibility as we navigate these challenges. We anticipate completing this amendment in the fourth quarter, and we'll provide further updates at that time.

其次，我們已經開始與銀行集團進行討論，以進一步修改循環信貸協議中的財務契約，從而在應對這些挑戰時為我們提供更大的靈活性。我們預計將在第四季度完成這項修訂，屆時我們將提供進一步的更新資訊。

These actions are in addition to the cost reduction efforts Pierre described earlier in the call, which will also help increase future free cash flow generation, though they will require a use of cash in the short term. And to be abundantly clear, all free cash flow generated beyond the roughly $40 million required annually to fund the reduced dividend will be directed to debt repayment until we return leverage to healthier investment-grade levels.

除了皮埃爾在電話會議中早些時候描述的成本削減措施之外，這些措施也將有助於增加未來的自由現金流，儘管短期內需要動用現金。需要明確的是，除每年用於支付減少的股息所需的約 4000 萬美元之外，所有產生的自由現金流都將用於償還債務，直到我們的槓桿率恢復到更健康的投資等級。

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

這樣，我就把電話轉回皮埃爾了。

Thank you, Andrew. Normally, at this time of the year, we would provide some directional commentary for the upcoming year. However, as we look ahead to 2026, there are still a number of uncertainties, not at least of which are tariffs for China and India.

謝謝你，安德魯。通常情況下，在每年的這個時候，我們會對即將到來的一年做出一些方向性評論。然而，展望 2026 年，仍存在許多不確定因素，其中最不確定的莫過於對中國和印度徵收關稅。

On our February earnings call, we will be in a better position to provide formal numerical guidance for '26 as well as new multiyear outlook. Taking a step back, FMC's second half guidance is consistent with last year on a like-for-like basis, excluding India, with sales down 1%, and EBITDA up 4% at the midpoints of guidance.

在二月的財報電話會議上，我們將能夠更好地提供 2026 年的正式數位指引以及新的多年展望。從整體來看，FMC 下半年業績預期與去年同期基本一致（不包括印度），銷售額下降 1%，EBITDA 成長 4%（預期中位數）。

Despite a challenging market, volume is growing in the second half as the industry recovers. And while growth is below our initial expectations, performance remains solid, and we are taking decisive actions to strengthen our position. We're adapting our strategy. We're redefining our manufacturing footprint.

儘管市場充滿挑戰，但隨著行業復甦，下半年銷量有所成長。雖然成長低於我們最初的預期，但業績依然穩健，我們正在採取果斷措施來鞏固我們的地位。我們正在調整策略。我們正在重新定義我們的生產佈局。

We're reducing cost. We're making the necessary capital allocation decisions. The growth engine of the company, new active ingredients is intact, and we are protecting our ability to invest in the innovation that differentiate us. With that, we're ready to take your questions.

我們正在降低成本。我們正在做出必要的資金配置決策。公司的成長引擎——新的活性成分——依然完好無損，我們正在保護我們投資於使我們脫穎而出的創新的能力。那麼，我們就可以回答你們的問題了。

(Operator Instructions) Duffy Fisher, Goldman Sachs.

（操作說明）Duffy Fisher，高盛。

Yes, good morning, guys. So on the free cash flow guide, at the midpoint, you're down $400 million versus what you expected last quarter. Can you just talk about the buckets of what's eating up that cash flow? I know some of it is working capital.

是的，各位早安。因此，根據自由現金流指南，中點數值比上一季預期值減少了 4 億美元。能具體說說哪些方面在消耗現金流嗎？我知道其中一部分是營運資金。

And then do you think you get a one-time release of that back next year? Or is this going to be a new going forward, higher commitment of cash needed for your EBITDA delivery?

那你認為明年會有一次性的版本重新發行嗎？或者，這是否意味著未來需要投入更多現金才能實現 EBITDA？

Thanks. Hey, it's Andrew. I'll take this question. Look, in terms of changes got from last guidance to current guidance on free cash flow for '25. Look, it starts with a $60 million reduction in full year EBITDA guidance, right?

謝謝。嗨，我是安德魯。我來回答這個問題。請看，從上次指導方針到目前對 2025 年自由現金流的指導意見，發生了哪些變化。你看，這首先是全年 EBITDA 預期下調了 6000 萬美元，對吧？

So let's be clear, we've taken down sales by over $200 million and EBITDA by $60 million since our prior guidance. And that has an impact on collections, which bluntly collections are predominance of the move in guidance between the two calls.

所以讓我們明確一點，自我們先前的預期以來，我們的銷售額減少了 2 億美元以上，EBITDA 減少了 6000 萬美元。這會對收款產生影響，坦白說，收款是兩次電話會議之間指導意見轉變的主要因素。

Lower sales in Q3 and Q4 means less that will be collected. Not all would be collected in those quarters by any means, but we would have collected some of those sales. We're also because of liquidity conditions seeing fewer cash sales. There's a portion of our mix that is sold. It's basically immediate payment as cash sales. Liquidity constraints are limiting that part of the collections mix in Q3 and Q4.

第三季和第四季銷售額下降意味著回收的款項也會減少。當然，這些季度不可能全部收回款項，但我們會收回部分銷售款項。由於流動性狀況不佳，我們也看到現金銷售額下降。我們的混合料一部分是出售的。基本上就是現金交易，即立即付款。流動性限制了第三季和第四季部分收款組合的實現。

And we are seeing competitive pressure that's pushing for longer terms. So the biggest part of the bridge between past guidance and current guidance is collections. There are a couple of other factors. There are certainly some noise around our India exit. There were certain amounts of cash that were built into our guidance being collected in the second half into our prior guidance for India.

我們看到競爭壓力正在推動更長期限的合約達成。因此，過去指導方針與當前指導方針之間最大的橋樑是收款。還有其他一些因素。我們退出印度市場確實​​存在一些爭議。我們先前的印度業績指引中已包含下半年收回的部分現金。

As we've made adjustments and decisions on how we want to operate that business to better prepare for sale, there is some friction there. And we are seeing some higher cash spending than we had previously anticipated. And this is things like higher tariffs.

為了更好地為出售做好準備，我們對該業務的運作方式進行了一些調整和決定，但在此過程中出現了一些摩擦。我們發現現金支出比之前預期的要高。例如，提高關稅就是其中的一些措施。

The India tariffs that are currently in place were not a part of our thinking when we last gave cash guidance. We've taken some additional restructuring actions. As Pierre mentioned, we shut down a manufacturing line that has cash cost for the shutdown of that manufacturing line.

上次我們給出現金流預測時，並沒有考慮到目前印度的關稅政策。我們採取了一些額外的重組措施。正如皮埃爾所提到的，我們關閉了一條生產線，這條生產線的關閉會產生現金成本。

And we are seeing higher cash interest expense as we're higher -- carrying higher commercial paper balances or higher working capital. But that bridge, again, the primary piece is collections. So as we look ahead to '26, certainly, we would expect to see delayed collections from the cotton crop in Brazil to be caught up in the early part of '26.

我們看到，隨著商業票據餘額或營運資金的增加，現金利息支出也隨之增加。但是，這座橋樑的關鍵在於收藏。因此，展望 2026 年，我們當然可以預期，巴西棉花作物延遲收割的情況將在 2026 年初解決。

But we do anticipate continued competitive pressure on terms. So we're still working through as we think through budget for '26, how we see those dynamics playing out. There's also considerable uncertainty around tariffs.

但我們預計在條款方面仍將面臨持續的競爭壓力。所以，我們在製定 2026 年預算時，仍在研究這些動態將如何發展。關稅方面也存在相當大的不確定性。

And just as a reminder, we pay tariffs upfront. It takes a long time for that to flow through our P&L to be recognized as revenue and profit through the long supply chain that we have, but those tariffs are paid very early in that process.

再次提醒一下，我們預先支付關稅。在我們漫長的供應鏈中，這筆費用需要很長時間才能透過損益表確認為收入和利潤，但這些關稅在這個過程的早期就已經支付了。

And then we will have further restructuring expenses in 2026 as we reconfigure our manufacturing network and streamline our Asia operations. So I would expect that we'll have meaningful free cash flow, particularly with the lower funding need for the dividend in '26 to allow for significant debt reduction. But bluntly, at this point, it's just too early to give too strong of an indication for 2026 cash flow.

然後，隨著我們重新配置製造網路和精簡亞洲業務，我們將在 2026 年產生進一步的重組費用。因此，我預計我們將有可觀的自由現金流，尤其是在 2026 年股息資金需求降低的情況下，這將允許我們大幅減少債務。但坦白說，目前要對 2026 年的現金流做出過於明確的預測還為時過早。

Great, thank you.

太好了，謝謝。

Win Doerr, Barclays.

溫·多爾，巴克萊銀行。

Yeah, good morning, and thank you very much for taking my question. Could you give us maybe a little bit of an indication what you expect the sale price for that India business might be and more color on the buyer interest, that would be appreciated. Thank you.

是的，早上好，非常感謝您回答我的問題。能否稍微透露一下您對印度業務售價的預期，以及買家興趣方面的更多細節，我們將不勝感激。謝謝。

So right now, as you could see in the way we are presenting the results, the number of the value -- for the value of that business is about $450 million as a total value. The interest level is very high, and I would say, higher than what we were expecting.

所以現在，正如您從我們展示結果的方式中看到的那樣，該企業的價值數字——總價值約為 4.5 億美元。大家的興趣非常高，可以說比我們預期的還要高。

The number of inbound request is higher than we're expecting. Vast majority of local companies, but still some international companies and sponsors looking into the business. So the business is -- the process is proceeding quite well. Anything, Andrew, you want to add on the value of the business?

收到的請求數量高於預期。絕大多數是本地公司，但也有一些國際公司和贊助商正在關注這項業務。所以，業務進展——整個過程進展得相當順利。安德魯，你還有什麼想補充的，以​​提升公司的價值嗎？

Just to note that we did write down the business to its fair market value of $450 million. That reflects the value of the business, which includes substantial value for the brands as well as the existing business infrastructure that would be transferred to a buyer. It also reflects the value of the working capital that is invested in that business.

需要說明的是，我們已將該業務的估值減記至其公允市場價值 4.5 億美元。這反映了企業的價值，其中包括品牌的巨大價值以及將轉移給買家的現有業務基礎設施。它也反映了投入該企業的營運資本的價值。

Okay, perfect. Thank you very much.

好的，完美。非常感謝。

Matthew DeYoe, Bank of America.

馬修‧德約，美國銀行。

Good morning. I appreciate there's a lot of uncertainty in the outlook. And I know there's some patent issues, obviously approaching. But just as we think about the credit position and the expectation for working capital headwinds, tailwinds next year, do you remain committed to the IG rating? And like how do you think about backstopping that? Is equity issuance to protect IG on the table or not? Maybe that's too early to talk about. I just wanted to get a sense.

早安.我知道前景存在著許多不確定性。我知道顯然會面臨一些專利問題。但當我們考慮信用狀況以及明年營運資金面臨的不利因素和有利因素時，您是否仍堅持投資等級？那麼，您覺得應該如何提供後備支援呢？是否考慮透過發行股票來保護投資等級債券？或許現在談論這個還為時過早。我只是想了解一下狀況。

Yeah, thanks, Matt. It's Andrew again. I think it's a bit early to talk about all the potential actions. I think certainly, we've done a number of things that we were taking with the specific intention of supporting the investment-grade rating.

謝謝你，馬特。又是安德魯。我認為現在討論所有可能的行動方案還為時過早。我認為，我們確實採取了一些措施，其目的就是為了支持投資等級。

We did the hybrid subordinated offering in May. We've just announced a very significant cut in the dividend. I think at this point, we recognize that our metrics are not currently in line with an investment-grade rating. The agencies have been supportive of working with us as we continue to work through our transformation. We've started discussions with them, but it's a bit of a work in progress at this point.

我們在五月進行了混合型次級債券發行。我們剛剛宣布大幅削減股息。我認為，目前我們已經意識到，我們的各項指標還不符合投資級評級標準。各機構一直支持我們推動轉型工作。我們已經開始與他們進行討論，但目前仍處於進行中。

So look, I think we're focused on making sure we're doing the right things for the business and the long-term health and returning over a period of time to investment-grade ratings. How the agencies view that, we influence but don't control.

所以你看，我認為我們現在的重點是確保我們做的是對公司業務和長期健康發展有利的事情，並在一段時間內恢復到投資級評級。我們可以影響各機構如何看待這個問題，但無法控制。

But we're going to do the right things in terms of reducing the use of cash to fund the dividend. So it will allow us time to pay down debt and also to support the restructuring costs that we need to get the manufacturing footprint in its right place.

但是，我們將採取正確的措施，減少使用現金來支付股利。這樣一來，我們就有時間償還債務，也能支付重組所需的費用，讓我們的生產佈局達到適當的水平。

So at this point, I think we expect to end the year, if you take the midpoint of our guidance range for EBITDA and for free cash flow and the implied debt that implies net debt at year-end at about 4 times net debt. At that point, it will take a couple of years to get that back into more in line with investment-grade ratings.

因此，我認為目前我們預計，如果取 EBITDA 和自由現金流指引範圍的中點，以及隱含債務，則年底淨債務約為淨債務的 4 倍。到那時，還需要幾年時間才能使其恢復到更符合投資等級評級的標準。

So we're going to continue to do everything we can to manage cash conservatively, effectively, direct all the available cash to debt redeployment and debt reduction, and we'll keep working with the agencies to show them the path that we see to returning to healthier metrics.

因此，我們將繼續盡一切努力保守、有效地管理現金，將所有可用現金用於債務再部署和債務削減，我們將繼續與各機構合作，向他們展示我們認為能夠恢復到更健康指標的道路。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Thanks very much. There are different structural changes going on in the crop chemical industry. Your competitor, Corteva is going to plans to split into a seed business and a crop chemical business. As you think of competing against them, do you think it will be easier to compete against an entity that's a pure crop chemical company? Or do you think that it will be harder? They'll lack the seed component. Do the seeds make any difference in selling crop chemicals?

非常感謝。農業化學品產業正在發生不同的結構性變化。你的競爭對手科迪華計劃分拆為種子業務和農業化學品業務。當你考慮與他們競爭時，你認為與純粹的農業化學品公司競爭會更容易嗎？還是你認為會更難？它們將缺少種子成分。種子對農藥銷售有影響嗎？

Of course, it's a question we've been asking ourselves and which is difficult to answer. My initial reaction and once again, until we are in the situation, it will be difficult to say, but it might not change how difficult it is to compete against the crop chemical company as a standalone.

當然，這也是我們一直在問自己的問題，而且很難回答。我的第一個反應是，而且再次強調，在真正面對這種情況之前，很難說，但這可能不會改變作為一家獨立企業與農業化學品公司競爭的難度。

It might have a benefit for us, and I'm highly speculating here, is that it might open more for us in the future, the Corteva seed hectares to sell our crop chemical products. So not expecting much of a change. I think Corteva crop chemical will be as good in the future as they are today. Could we be in a situation where we have more opportunities on the seed front of Corteva with their crop chemicals being maybe less captive. That is a possibility.

這或許對我們有利，我在這裡只是大膽猜測，未來或許能為我們打開更多機會，讓我們能夠從 Corteva 的種子種植園銷售我們的農作物化學產品。所以不指望會有太大變化。我認為科迪華農用化學品公司未來會和現在一樣出色。我們是否會面臨這樣一種局面：隨著科迪華的作物化學品業務不再那麼封閉，我們在種子領域會有更多機會？這有可能。

Thank you.

謝謝。

Edlain Rodriguez, Mizuho.

埃德蘭·羅德里格斯，瑞穗。

Thank you, and good morning, everyone. My quick question, Pierre. Like how much of what's going on right now do you think is FMC specific versus how much is like industry issues? And related to that, like when do you think you'll have a good sense of what's really going on with the portfolio?

謝謝大家，大家早安。皮埃爾，我有個問題想問你。你認為目前發生的事情有多少是FMC特有的，又有多少是業界普遍存在的問題？與此相關的是，你認為什麼時候才能真正了解投資組合的實際情況？

Because it seems like you play in a game of whack-a-mole. Problems keeps resurfing and then you have to put the fire out. Like when do you think you have a better sense of what's going on with the portfolio? And is it like company-specific versus industry specific?

因為感覺就像在玩打地鼠遊戲一樣。問題不斷重現，然後你不得不去滅火。你覺得什麼時候才能更了解投資組合的運作？這是否類似於公司特定因素與產業特定因素的差異？

All right. I'm going to try to answer it. It's an important question. We are obviously looking at. First, let me talk about what is, I would say, industries -- let's face it. We still are in a slow market. The market is not worsening. I think we're at the bottom of the cycle, but the market is not improving.

好的。我來試著回答一下。這是一個重要的問題。我們顯然正在關注。首先，讓我談談什麼是，我認為的，產業——讓我們面對現實。我們仍然處於低迷的市場環境中。市場狀況並未惡化。我認為我們已經處於週期底部，但市場並沒有好轉。

So we are facing a situation where the demand is soft and there is ample capacity mostly due to generics increasing their capacity. So there is -- and especially in places where it's easy for generics to get registration like Asia or Latin America, there is an intensified competition on the non-IP protected product with generic and especially for direct sales to customers. So it's a broader industry statement.

因此，我們目前面臨的情況是需求疲軟，而產能充足，這主要是因為仿製藥生產商提高了產能。因此，尤其是在像亞洲或拉丁美洲這樣仿製藥容易獲得註冊的地方，非智慧財產權保護產品的仿製藥競爭更加激烈，尤其是在直接銷售給客戶方面。所以這是一份更廣泛的行業聲明。

Now what is more FMC specific? I think there is a positive FMC portfolio. This is our new technologies. Our new technologies are growing very fast, and there is a very strong demand. Unfortunately, it's not growing fast enough because registration in our industry takes time.

那麼，FMC 的具體特徵是什麼？我認為FMC的投資組合是正面的。這是我們的新技術。我們的新技術發展非常迅速，市場需求也非常強勁。遺憾的是，它的成長速度不夠快，因為我​​們產業的註冊需要時間。

So as important as those products are and as important as our growth portfolio is, it is not today large enough to impact significantly the performance of the companies. On the negative front, there is two events which are happening. Rynaxypyr, and we talked about it.

因此，儘管這些產品很重要，我們的成長組合也很重要，但目前規模還不足以對公司的業績產生重大影響。不利方面，有兩件事正在發生。Rynaxypyr，我們討論過它。

We don't view that as a growth molecule, and it's a molecule for which we have developed a strategy to protect earnings, but not to grow earnings. Now comes the last point we talked about in our remarks. We were hoping about a year ago to see a market ramping up and being able to defend better a non-IP protected product using branding, using service, using mixtures, IP-protected mixtures.

我們不認為這是一種成長型分子，我們針對這種分子製定了保護收益的策略，而不是成長利益的策略。現在到了我們發言中提到的最後一點。大約一年前，我們希望看到市場發展壯大，並能夠利用品牌、服務、混合物、受智慧財產權保護的混合物來更好地保護不受智慧財產權保護的產品。

It is a fact that we knew that we had a manufacturing cost, which was not very competitive for part of our portfolio. We believe for the next two, three years, we could live with that. It is not happening. I think with the market remaining soft, we are seeing generics being more and more aggressive, and we are forced to do maybe a bit earlier in a more aggressive way, a complete rethinking of our manufacturing portfolio.

事實上，我們知道我們部分產品的製造成本並不具競爭力。我們認為，在未來兩三年內，我們可以接受這種情況。這事不會發生。我認為，由於市場依然疲軟，仿製藥生產商的攻勢越來越猛，我們也被迫以更積極的方式，更早地對我們的生產組合進行徹底的重新思考。

So I would say there is a part which is industry linked. And then on the FMC side, there is a lot of positive, but '26, '27 are a bit early to see those products influencing strongly. And specifically to FMC is the Rynaxypyr situation we've discussed and our manufacturing costs, which need to be addressed.

所以我覺得這其中有一部分是與產業相關。至於 FMC 方面，有許多正面的消息，但 2026 年和 2027 年還為時過早，現在判斷這些產品是否會產生重大影響還為時過早。具體到 FMC，我們需要解決我們討論過的 Rynaxypyr 問題以及我們的製造成本問題。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Good morning. How much of your portfolio is now in the category of reassessing the production costs and likely bringing prices down in '26 and '27? And then related to that, does the season in Brazil and the generic pressure, is that also leading you to rethink how much of a diamide reset you might have in '26 and '27?

早安.目前您的投資組合中有多少屬於重新評估生產成本並可能在 2026 年和 2027 年降低價格的範疇？與此相關的是，巴西賽季和普遍的壓力是否也讓你重新考慮在 2026 年和 2027 年你會進行多少二醯胺重置？

So to answer your first question, I want to be careful because we are just starting this work. And changing manufacturing in our world is not only a matter of changing manufacturing. You also have to take into account new sources and registration. So it's a very involved process.

所以，要回答你的第一個問題，我想謹慎一些，因為我們才剛開始這項工作。改變我們世界的製造業，不只是改變製造業本身的問題。你還需要考慮新的資源和註冊問題。所以這是一個非常複雜的過程。

I would say, for sure, we will retain in our manufacturing portfolio, Rynaxypyr, Cyazypyr, the four new active ingredients. And there is also two important molecule today, which are multi-hundred million barrels, which are produced in some of our low-cost plants, which will stay with us. All of the rest in the analysis is candidates for being moved to a different manufacturing location or different sourcing.

我可以肯定地說，我們將在我們的生產組合中保留 Rynaxypyr、Cyazypyr 和四種新的活性成分。目前還有兩種重要的分子，年產量達數億桶，在我們一些低成本工廠中生產，它們將繼續留在我們這裡。分析中其餘所有產品可能轉移到不同的生產地點或不同的採購管道。

Regarding diamides, at this stage, we do not believe what we are talking about is changing our strategy or make us believe we should go further in terms of pricing. That dynamic around Rynaxypyr, especially was very much in place, was already happening. There is nothing changing here. So at this stage, we do not believe it will have an impact. That being said, we've developed a strategy.

關於二醯胺，目前我們並不認為我們正在討論的內容會改變我們的策略，也不會讓我們相信我們應該在定價方面採取進一步措施。圍繞著 Rynaxypyr 的那種動態，尤其已經非常明顯，並且正在發生。這裡沒有任何變化。因此，現階段我們認為不會產生影響。也就是說，我們已經制定了一項策略。

We are starting implementation, and we will be adjusting as we need between cost to take share over other type of insecticide or lower-end market and high-end mixtures to reinforce our position on the high-end market for Rynaxypyr. So we will adjust, but there is nothing jumping at us right now requiring a change in our strategy.

我們將開始實施，並根據需要調整成本，以在低端市場和高端混合物之間取得份額，以鞏固我們在 Rynaxypyr 高端市場的地位。所以我們會做出調整，但目前還沒有什麼迫在眉睫的事情需要我們改變策略。

Thank you.

謝謝。

Joel Jackson, BMO Capital Markets.

Joel Jackson，BMO資本市場。

Good morning, Pierre and team. Pierre, you're describing a lot going on obviously at the company. You're talking about redoing maybe how you manufacture for a larger portfolio, you're exiting at India. You've got things with (inaudible) going on next year.

早安，皮埃爾和各位同事。皮埃爾，你描述的顯然是公司裡發生的很多事情。你們可能在討論如何重新設計生產方式以適應更大的產品組合，並且正在退出印度市場。明年你和（聽不清楚）有一些事情要辦。

You made some management changes recently. As you go through all this, are you starting to think about in any fragmented industry in crop chems, does FMC have the right structure? Should it be acquisitive? Should you start looking at if you should partner with others? I mean, tell me about how deep your thoughts are going here into all the scenarios that could happen.

您最近進行了一些管理層變動。在思考這一切的過程中，你是否開始思考，在農業化學品這個分散的產業中，FMC 是否擁有合適的組織結構？它應該具有佔有慾嗎？你是否應該開始考慮是否應該與他人合作？我的意思是，跟我說說你對所有可能發生的情況都考慮得有多深入。

Yes. I think we believe we have a clear path on where the company is going. It's evolving in terms of the speed at which we should do it, but we have a clear path. We do believe if we project ourselves by 2028, we have a very high level of comfort in the way the company should be operating.

是的。我認為我們對公司的發展方向已經有了清楚的規劃。雖然推進速度還在不斷變化，但我們前進的方向很明確。我們相信，如果我們展望 2028 年，我們對公司的運作方式會有非常高的信心。

Because at that time, between biological, the four new active ingredients and sales up here, we will have a very significant growth portfolio, which will be generating strong growth and profit. With all of the work we are doing and it's very heavy lifting in 2026, we would be able to protect our core portfolio, including Rynaxypyr to grow at market speed.

因為到那時，憑藉生物製劑、四種新的活性成分以及目前的銷售額，我們將擁有一個非常重要的成長組合，這將帶來強勁的成長和利潤。鑑於我們正在進行的所有工作，以及 2026 年的艱鉅任務，我們將能夠保護我們的核心產品組合，包括 Rynaxypyr，使其能夠以市場速度成長。

And I think at that time -- by this time in 2028, when our growth portfolio is significant enough, we will be in a position to be a company which will be looking much more like the company we were in 2018, and the model is showing it.

我認為到 2028 年這個時候，當我們的成長組合足夠重要時，我們將能夠成為一家更像 2018 年的公司，模型也顯示了這一點。

The very positive thing is we know how to change the manufacturing process and structure, and we have a very solid demand on the new technologies which are coming at us, including the one which are not commercialized yet, where we have demand from customers to get accelerated registration from authorities.

非常積極的一點是，我們知道如何改變製造流程和結構，而且我們對正在湧現的新技術有著非常強勁的需求，包括那些尚未商業化的技術，客戶要求加快相關部門的註冊審批。

So I think that is fairly straightforward. I have to be completely honest, the difficult period for us is 2026, while we are readjusting the companies to be able to get to the point I just described. Partnership, I think partnership will be more and more.

所以我覺得很簡單明了。我必須坦誠地說，對我們來說最艱難的時期是 2026 年，因為我們正在調整公司，以達到我剛才描述的目標。我認為合作模式會越來越普遍。

And also on the technology front will be more and more part of the way we do business. We could see, for example, the discussion and partnership we had on fluindapyr with Corteva. This is working very well. And I think it's going to be the name of the game for crop chemical company in the future.

此外，科技也將越來越成為我們經營業務的方式的一部分。例如，我們可以看到我們與科迪華公司就氟吡啶進行的討論和合作。效果非常好。我認為這將是未來農業化學品公司的發展方向。

Patrick Cunningham, Citigroup.

派崔克‧坎寧安，花旗集團。

Hi, good morning. Thanks for taking my question. What are the cost reduction initiatives you have in Asia following the India sale? And would exiting more countries in the region potentially be on the table for you or perhaps other regions as well?

您好，早安。謝謝您回答我的問題。印度業務出售後，你們在亞洲有哪些降低成本的措施？那麼，退出該地區的更多國家，或者其他地區，是否也在你們的考慮範圍之內？

I didn't get the first part, there. I can answer the second part. Right now, India is an isolated case and is the only country for which we intend to take the type of action we are taking. Other countries in Asia or even for that matter, in Latin America are for historical reasons, not performing as well as we would like.

第一部分我沒聽懂。第二部分我可以回答。目前，印度是一個孤立案例，也是我們打算採取這種行動的唯一國家。亞洲其他國家，甚至拉丁美洲國家，由於歷史原因，其表現都沒有達到我們的預期。

But all of them are fixable, and we have a plan for them. So to the second part of your question, India is an isolated case and the only one for which we are intending to have a sale process. First part of the question?

但所有這些問題都可以解決，我們已經有了相應的解決方案。所以對於你問題的第二部分，印度就是一個特例，也是我們唯一打算進行銷售流程的國家。問題的第一部分是什麼？

What are some of the cost actions in Asia?

亞洲有哪些成本控制措施？

Cost action in Asia. It's quite simple. I mean think about a region where India reached multi-hundred peak sales with quite a large infrastructure to support India, to support manufacturing there, to support research and development and was a very significant part of the region.

亞洲的成本控制行動。很簡單。我的意思是，想想印度曾經達到數百億美元的銷售峰值，並且擁有相當龐大的基礎設施來支持印度的生產製造、研發，是該地區非常重要的一部分。

We have not fundamentally changed the way that region is structured with way significant sales. You do not need the same R&D as before. You do not need the same marketing. You do not need the same sales structure, and you don't need the same administration. So we need to resize the region to something which is much smaller than what it used to be.

我們並沒有從根本上改變該地區的結構，也沒有帶來顯著的銷售額。你不再需要像以前那樣投入研發。你不需要同樣的行銷方式。你不需要同樣的銷售結構，也不需要同樣的管理模式。因此，我們需要將該區域調整得比以前小得多。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great. Thank you so much. Pierre, there's still a lot of things in terms of your R&D pipeline that have significant value. And obviously, we're seeing good things out of Isoflex, fluindapyr. There are a lot of things in '26, '27, I believe, in the pheromones, nematodes.

偉大的。太感謝了。皮埃爾，你的研發管線中仍然有很多具有重要價值的項目。顯然，我們看到了 Isoflex 和 fluindapyr 帶來的良好效果。我相信，26 年、27 年有很多東西，像是費洛蒙、線蟲。

I mean there's a lot of things that are still there that the market perhaps is overlooking. What is your willingness or aversion to potentially try to monetize or partner with some of the value that's there just to alleviate some of the pressures that the company is currently facing. Is that at all on the table? Or is that something that's just not a consideration? Thank you.

我的意思是，還有很多東西仍然存在，但市場可能忽略了它們。您是否願意或不願意嘗試將公司現有的一些價值貨幣化或與之合作，以緩解公司目前面臨的一些壓力？這是否在考慮範圍內？或者說，這根本不在考慮範圍？謝謝。

Interesting question, Chris. As you can guess, this is something we talk about. It always depends where the products stand in its development, and it could generate a different type of partnership. At this stage, we are excluding selling any of the active ingredients, which are the closest to commercialization, and you name the four of them as well as some which are in the pipeline getting closer to commercialization.

克里斯，這個問題很有意思。正如你所料，這是我們討論的話題。這始終取決於產品所處的研發階段，並且可能產生不同類型的合作關係。現階段，我們暫時不出售任何活性成分，這些成分最接近商業化，您可以列舉其中的四種，以及一些正在研發中、即將商業化的成分。

But we very much consider partnership with other companies, we had multiple inbounds in terms of interest for those molecules, and it is something we would not ignore. I could not tell what will be the structure of those partnerships, but it's absolutely something which is on the table, but not selling the molecule and us not participating in the growth of those molecules, which represent the future of FMC.

但我們非常重視與其他公司的合作，我們收到了多家公司對這些分子的合作意向，這是我們不會忽視的。我無法確定這些合作關係的具體結構，但這絕對是我們正在考慮的選項，但我們不會出售該分子，也不會參與該分子的發展，因為該分子代表了 FMC 的未來。

Very helpful color. Thank you.

非常實用的顏色。謝謝。

Aleksey Yefremov, KeyCorp.

Aleksey Yefremov，KeyCorp。

Thanks. Good morning. Pierre, in light of this shifting environment, you had a goal of keeping Rynaxypyr earnings flat next year. What are your latest thoughts on that?

謝謝。早安.皮埃爾，鑑於這種不斷變化的環境，你的目標是使 Rynaxypyr 明年的收益保持不變。你對此最新的看法是什麼？

At this stage, we believe it is still a valid strategy. We've been starting the implementation of a strategy at the end of the third quarter not because we are seeing a major change in the way generics are penetrating new territories because we are still patent protected.

現階段，我們認為這仍然是一個有效的策略。我們在第三季末開始實施一項策略，並不是因為我們看到仿製藥打入新市場的方式發生了重大變化，因為我們仍然受到專利保護。

But we see customers rightfully so putting their purchase of Rynaxypyr on hold until they see what will be happening early '26 when generics will be coming. So for us, it's a prelude to what we will be facing in 2026. Hence, we put in place -- started to put in place our strategic plan for Rynaxypyr.

但我們看到，客戶理所當然地暫停購買 Rynaxypyr，直到他們看到 2026 年初仿製藥上市時會發生什麼事。所以對我們來說，這是 2026 年我們將面臨的挑戰的前奏。因此，我們開始製定——為 Rynaxypyr 制定策略計劃。

And if you look at the third quarter number, it's demonstrating that what we do and the way we think about it is valid. Sales are flat. Volumes are up and price is down, which is the fundamental of what we want to do when we implement that strategy in 2026. So at this stage, we are staying with the same plan. We have no indication that we should change it. But as I said before, we shall adapt depending upon this is unfolding.

如果你看一下第三季的數據，你會發現它證明了我們所做的事情以及我們思考的方式都是正確的。銷售額持平。銷售量上升，價格下降，這正是我們在 2026 年實施該策略時想要達到的基本目標。所以現階段，我們仍將維持原計劃。我們沒有任何跡象表明應該改變它。但正如我之前所說，我們將根據事態發展做出調整。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Thank you. Good morning, everyone. Andrew, could I ask you on the $2.3 billion of non-India receivables. Is there a way you can help us understand what percentage of those have already been consumed by a grower and you're waiting for them to monetize the crop to be paid versus what percentage is maybe still in the supply chain and hasn't been sold yet and could still be subject to some type of price rebate if market prices have moved negatively versus what that inventory is originally sold for?

謝謝。各位早安。安德魯，我可以問你關於23億美元的非印度應收帳款的問題嗎？您能否幫助我們了解其中有多少百分比的作物已被種植者消耗，您正在等待他們將作物變現以獲得付款；又有多少百分比的作物可能仍在供應鏈中，尚未售出，如果市場價格相對於該庫存的原始售價出現負面變化，這些作物可能仍需獲得某種價格回扣？

Interesting question, not something I can directly answer today, Vincent. I think certainly, as we look at where we are with working capital right now, we're building working capital as we sell into the new seasons in Latin America, in particular.

文森特，這個問題很有意思，但我今天無法直接回答。我認為，就我們目前的營運資金狀況而言，隨著我們在拉丁美洲等地新一季產品的銷售，我們的營運資金肯定會增加。

We are seeing an increase like-for-like, excluding India, in receivables year-on-year. So we are watching that closely with what's going on with competitive pressure on terms, et cetera. But I'm not able to characterize the receivables in the way that you're asking today.

除印度以外，我們看到應收帳款年增。所以我們正在密切關注競爭壓力對條款等方面的影響。但我無法按照您今天所要求的方式來描述這些應收帳款。

I think just some general proportions, certainly, in this part of the year and as we get to year-end, you should expect that 40% to 50% of our receivables are in Latin America, which is seasonally appropriate as we are growing.

我認為，就一些總體比例而言，當然，在每年的這個時候以及臨近年底的時候，您應該會發現我們 40% 到 50% 的應收賬款來自拉丁美洲，這符合季節性規律，因為我們正在增長。

We have seen some delays in collection in Latin America, particularly around the monetization of the cotton crop, as we've talked about. That's led to a modest uptick in past dues, but past dues of short duration in that 30- to 60-day window as we're waiting for farmers to get paid by the commodity houses for their crop.

正如我們之前討論過的，我們在拉丁美洲的收款方面出現了一些延誤，尤其是在棉花作物貨幣化方面。這導致過去的欠款略有增加，但這些欠款的期限較短，在 30 到 60 天的窗口期內，因為我們還在等待農民從商品公司收到農作物的款項。

So that's a little bit of color there on working capital, but just I certainly would reinforce working capital receivable is something to get an incredible amount of focus from the management team as we navigate what's going on with market dynamics today.

以上是對營運資本的一些簡要介紹，但我必須強調，在應對當前市場動態變化時，營運資本應收款是管理團隊需要重點關注的問題。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Yeah, hi, good morning. I have two quick ones. One kind of related to the past one slightly, just around fourth quarter cash from ops. I mean, basically, you need about a $700 million uplift, it looks like to hit your guidance. I mean, is that all net working capital reduction and collections? And do you have visibility towards that with high confidence?

是啊，你好，早安。我有兩個簡短的問題。其中一項與上一項略有相關，即第四季度營運現金流。我的意思是，基本上，看起來你需要大約 7 億美元的成長才能達到你的目標。我的意思是，這些就是全部的淨營運資本減少和收款嗎？你對此有高度的把握嗎？

And then second, kind of related more around inventory dynamics with weaker demand and more generics pressure, are you taking inventory action that's impacting fourth quarter EBITDA? And is there any carryover risk of that into 2026? Thanks.

其次，這與庫存動態有關，需求疲軟，仿製藥壓力增大，您是否採取了影響第四季度 EBITDA 的庫存措施？那麼，這種風險是否會延續到2026年呢？謝謝。

So look, Q4 is always a profoundly positive cash flow quarter for us with the seasonality of working capital, including significant prepayments in the US business. So the proportions you're pointing to, yeah, I mean, you're looking at a circa $700 million free cash flow fourth quarter.

所以你看，由於營運資金的季節性波動，包括美國業務的大量預付款，第四季度對我們來說始終是一個非常積極的現金流季度。所以你提到的比例，是的，我的意思是，第四季自由現金流約為 7 億美元。

That is in no ways unprecedented and very much our normal seasonality. Certainly, we are watching closely the pressures on terms and particularly the mix of our sales that are sold sort of on a cash basis collected within the quarter that can impact that.

這並非史無前例，而是我們正常的季節性現象。當然，我們正在密切關注付款條款方面的壓力，特別是那些以現金方式銷售並在季度內收款的銷售組合，這些都可能產生影響。

To your second question around inventory, we do expect to end the year with a bit more inventory now than what we had originally contemplated because of lower sales. We have a very long supply chain. So a lot of the active ingredient for those sales was already procured and is in inventory. It may not be all the way into formulated product, but we have that material on hand.

關於您提出的第二個庫存問題，由於銷售額下降，我們預計年底的庫存量會比我們最初設想的要多一些。我們的供應鏈很長。因此，這些銷售所需的大部分活性成分已經採購完畢並存放在庫存中。雖然可能還沒完全開發成配方產品，但我們手邊已經有了這些原料。

And that does impact the way we are thinking about the working capital build that's traditional in the first half of the year for us in terms of what production we need to have materials available to meet the sales plan for the first half of next year.

這確實會影響我們對上半年傳統營運資金累積方式的思考，也就是我們需要生產多少原料才能滿足明年上半年的銷售計畫。

So too early to be too specific on that. But certainly, what's happening with inventory right now will influence our production plans is that for product needed in the first half and will impact what the magnitude of the working capital build in the first half will be next year.

現在談論這個問題還為時過早。但可以肯定的是，目前的庫存狀況將影響我們上半年所需產品的生產計劃，並將影響明年上半年營運資金的累積規模。

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。謝謝各位的出席。您現在可以斷開連線了。