富美實 (FMC) 2025 Q4 法說會逐字稿

Good morning, and welcome to the fourth-quarter 2025 earnings call for the FMC Corporation. This event is being recorded. I would now like to turn the conference over to Mr. Curt Brooks, Director of Investor Relations for FMC Corporation. Please go ahead.

早上好，歡迎參加FMC公司2025年第四季財報電話會議。本次活動正在錄影。現在我謹將會議交給FMC公司投資人關係總監柯特‧布魯克斯先生。請繼續。

Good morning, and welcome to FMC Corporation's fourth-quarter earnings call. Joining me today to provide today's prepared remarks are Pierre Brondeau, Chairman, Chief Executive Officer and President; and Andrew Sandifer, Executive Vice President and Chief Financial Officer. After their comments, we will take questions. Our earnings release and today's slide presentation are available on the FMC Investor Relations website, and the prepared remarks from today's discussion will be made available after the call.

早上好，歡迎參加FMC公司第四季財報電話會議。今天與我一起發表準備好的演講的是董事長、執行長兼總裁皮埃爾·布朗多，以及執行副總裁兼財務長安德魯·桑迪弗。他們發言結束後，我們將回答問題。我們的獲利報告和今天的幻燈片簡報可在 FMC 投資者關係網站上查閱，今天討論的準備好的發言稿將在電話會議結束後公佈。

Let me remind you that today's presentation nd 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.

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。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。

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, CTPR means chlorinerenllprol, 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.

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。請注意，在今天的討論中，CTPR 指的是氯代苯丙醇，收益指的是調整後的效益，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. Last night, FMC announced our fourth quarter and full year 2025 results as well as our 2026 priorities. Importantly, we also announced that our Board of Directors has authorized exploring strategic options, including, but not limited to a potential sale of the company. To strengthen our business and position ourselves for success, we are laser-focused on executing our operational priorities in 2026. Those include strengthening the balance sheet, improving the competitiveness of our core portfolio, managing our post-patent Rynaxypyr strategy and driving growth of new active ingredients.

謝謝你，科特，大家早安。昨晚，FMC公佈了2025年第四季和全年業績，以及2026年的工作重點。更重要的是，我們也宣布，董事會已授權探索策略選擇，包括但不限於出售公司。為了加強我們的業務並為成功做好準備，我們將全力以赴地執行 2026 年的營運重點。這些措施包括加強資產負債表、提高核心產品組合的競爭力、管理專利到期後的 Rynaxypyr 策略以及推動新活性成分的成長。

In parallel, the company is working to evaluate the best path forward for the benefit of the business and to maximize shareholder value. Accordingly, the Board of Directors has decided that a formal proactive process to evaluate strategic options makes sense to undertake at this time. The strategic review is at a preliminary stage. We have retained financial and legal advisers to assist us with this process.

同時，公司正努力評估對公司有利、能最大限度提升股東價值的最佳發展路徑。因此，董事會決定，此時開展正式的主動流程來評估策略選擇是明智之舉。戰略評估尚處於初步階段。我們已聘請財務和法律顧問協助我們完成此過程。

This strategic review does not impact the process underway to sell our India commercial business. As we look ahead, we are committed to position FMC for long-term success, and that starts with working toward our 2026 priorities as laid out on slide 4. To strengthen our balance sheet, we are targeting paying down over $1 billion of debt through asset sales and licensing agreements. This includes the sale of our India commercial business, which continues to progress with binding bids expected to be received in the second quarter.

此次策略評估不會影響我們正在進行的出售印度商業業務的流程。展望未來，我們致力於使 FMC 取得長期成功，而這首先要從努力實現我們在幻燈片 4 中列出的 2026 年優先事項開始。為了增強我們的資產負債表，我們計劃透過資產出售和許可協議償還超過10億美元的債務。這其中包括出售我們在印度的商業業務，該業務正在持續推進，預計將在第二季收到具有約束力的報價。

In addition, we are in active discussions regarding licensing agreements, which include upfront payments. Increasing the competitiveness of our off-patent portfolio product remains a top priority. Our goal is to lower the cost of non-diamide products to more effectively compete against generics. 2025 sales of this core product, excluding Rynaxypyr, were approximately $2.2 billion. Nearly $1 billion of these sales came from products manufactured in high-cost facilities.

此外，我們正在積極洽談許可協議事宜，其中包括預付款。提高我們非專利產品組合的競爭力仍然是我們的首要任務。我們的目標是降低非二醯胺類藥物的成本，以便更有效地與仿製藥競爭。截至2025年，該核心產品（不包括Rynaxypyr）的銷售額約為22億美元。其中近 10 億美元的銷售額來自高成本工廠生產的產品。

We expect to lower the manufacturing cost of these products by at least 35% by 2027. This is a complex process, which will require a reregistration for most products as well as a buildup of inventory in advance of the transition.

我們預計到 2027 年，這些產品的製造成本將降低至少 35%。這是一個複雜的過程，大多數產品需要重新註冊，並且需要在過渡之前儲備庫存。

As a result, we will be limited in our ability to adapt to manufacturing mix to the changing needs of our customers. We believe this reduced flexibility will act as a sales headwind in 2026 and has been reflected in our forward guidance. In addition, we are executing a post-patent strategy for Rynaxypyr. 2025 sales were just over $800 million and in line with our expectation.

因此，我們將難以根據客戶不斷變化的需求調整生產組合。我們認為這種靈活性的降低將在 2026 年對銷售構成不利影響，並且已經反映在我們的未來預期中。此外，我們正在執行Rynaxypyr的專利後策略。 2025年的銷售額略高於8億美元，符合我們的預期。

Beginning 2026, there will be generic offerings of CTPR in all markets. As CTPR becomes more widely available through generics, resistance is likely to increase. For example, we are seeing past resistance in rice crops in China and Japan. Our advanced formulations and mixture are designed to address this challenge. As the owner of the original molecule, we have viewers of historical proprietary data which benefits our development of formulations and mixtures to combat resistance.

從 2026 年開始，所有市場都將提供通用的 CTPR 產品。隨著 CTPR 透過仿製藥更廣泛地普及，抗藥性可能會增加。例如，我們看到中國和日本的水稻作物出現了抗藥性。我們先進的配方和混合物旨在應對這項挑戰。作為原始分子的所有者，我們擁有歷史專有數據的查看者，這有助於我們開發配方和混合物以對抗抗藥性。

For a more basic formulations over the next year, our plan remains to lower price and grew volume by capturing market share from all the classes of insecticides. We are already observing success with this strategy in a number of countries. We anticipate branded Rynaxypyr earnings barrels in 2026 to be in line with prior year as higher volume, particularly for more advanced offerings and lower costs offset lower price.

在接下來的一年裡，對於更基礎的配方，我們的計劃仍然是透過從所有類別的殺蟲劑中奪取市場份額來降低價格並增加銷售量。我們已經看到這項策略在一些國家取得了成功。我們預計 2026 年 Rynaxypyr 品牌收益桶數將與前一年持平，因為更高的銷售量（尤其是更先進的產品）和更低的成本將抵消價格的下降。

Finally, we are committed to the continued sales growth of four new active ingredients. We are only in the early stages of sales for four new molecules, but we are already seeing solid growth. Sales have increased from approximately $130 million in 2024 to approximately $200 million in 2025. For sales are almost entirely driven by Frontier and Isoflex. Dodhylex received emergency registration in two countries, which resulted in modest sales in 2025, while sales of new active ingredients grew 54% in 2025, they were below our expectations of $250 million.

最後，我們致力於四種新活性成分的持續銷售成長。我們目前只有四種新分子藥物處於銷售初期階段，但已經看到了穩健的成長。銷售額已從 2024 年的約 1.3 億美元增加到 2025 年的約 2 億美元。銷售額幾乎完全由 Frontier 和 Isoflex 推動。Dodhylex 在兩國獲得了緊急註冊，這導致其在 2025 年的銷售額略有下降，而 2025 年新活性成分的銷售額增長了 54%，但仍低於我們預期的 2.5 億美元。

This was mainly due to impact from later-than-expected registration for Isoflex in great retail. We estimate 2026 sales for new active ingredients to be between $300 million and $400 million barrels. These actives are in high demand with 3 of them offering a new mode of action. We still expect sales of the 4 actives to exceed $2 billion by 2035. We believe executing these priorities position us to enter 2027 with a stronger balance sheet, a more competitive portfolio and growing sales of higher-margin differentiated products.

這主要是由於 Isoflex 在大型零售通路的註冊時間晚於預期所致。我們預計 2026 年新活性成分的銷售額將在 3 億至 4 億美元桶之間。這些活性成分需求量大，其中 3 種成分具有全新的作用機制。我們仍預計到 2035 年，這 4 種活性成分的銷售額將超過 20 億美元。我們相信，執行這些優先事項將使我們在 2027 年擁有更強勁的資產負債表、更具競爭力的產品組合以及更高利潤率的差異化產品不斷增長的銷售額。

Our 2026 full year guidance is provided on slide 5. We're expecting full-year sales of $3.6 billion to $3.8 billion to be down 5% at the midpoint versus prior year. Price is expected to be a mid-single-digit headwind driven by Rynaxypyr, which is consistent with the post-patent strategy. The removal of India is expected to be a 2% full year headwind that will only impact the first half. Excluding India, we expect volume to be modestly higher, driven by new actives and branded Rynaxypyr. Full year adjusted EBITDA is expected to be between $670 million to $730 million.

我們的 2026 年全年業績指引見第 5 頁。我們預計全年銷售額為 36 億美元至 38 億美元，較上年同期下降 5%（取中間值）。受 Rynaxypyr 的影響，價格預計將面臨中等個位數的阻力，這與專利到期後的策​​略一致。預計印度的退出將帶來全年 2% 的不利影響，但只會影響上半年。除印度以外，我們預計銷售量將略有成長，這主要得益於新的活性成分和品牌 Rynaxypyr 的推動。預計全年調整後 EBITDA 將在 6.7 億美元至 7.3 億美元之間。

As you can see on slide 6, the main headwind versus prior is in our legacy portfolio due to competitive mix. Product appear overall is expected to decline, driven by diamide partner sales. It is important to note that branded Rynaxypyr earnings are expected to be in line with prior year as implemented strategy. Tariffs are expected to be a $20 million headwind, nearly all of which will impact first quarter results. We expect positive impact from a growth portfolio with particularly strong contribution from new active ingredients.

如您在投影片 6 中看到的，與以前相比，主要不利因素在於我們的傳統產品組合，這是由於競爭格局造成的。受二醯胺類伴侶產品銷售的拖累，產品整體銷售量預計將下降。值得注意的是，由於已實施相關策略，品牌 Rynaxypyr 的收益預計將與去年持平。關稅預計將帶來 2000 萬美元的不利影響，幾乎全部都會影響第一季的業績。我們預期成長型產品組合將帶來正面影響，其中新活性成分的貢獻尤其顯著。

Our first-quarter sales guidance outlined on slide 7 is $725 million to $775 million, 5% lower than prior year. Price is expected to be lower by mid-single-digit which is consistent with our expectation for all quarters this year. The removal of India represents an additional 5% headwind. We do expect some volume growth as modest increases across most regions are largely offset by a few significant factors. There have been a large number of generic CTPR offerings announced, particularly in the US and Brazil as the last other patents expired at year-end.

我們在投影片 7 中概述的第一季銷售預期為 7.25 億美元至 7.75 億美元，比去年同期下降 5%。預計價格將下降個位數中段，這與我們對今年所有季度的預期一致。剔除印度意味著額外5%的不利因素。我們預計銷售量會有一些成長，因為大多數地區的溫和成長很大程度上被一些重要因素所抵消。隨著其他專利在年底到期，美國和巴西等地已宣布推出大量通用型 CTPR 產品。

Distributors and retailers have been reluctant to fully stock Rynaxypyr until they better understand the quality, availability and grow a response to these generic offerings. We believe Generic Country is also impacting our diamide partners from whom we are expecting lower orders in the first quarter. Finally, land registration losses in Europe will impact volume growth. We expect adjusted EBITDA to be between $45 million and $50 million, which is 58% lower than prior year and represents about half of the total EBITDA network headwind we expect for the year.

經銷商和零售商一直不願全面進貨 Rynaxypyr，直到他們更了解這些仿製藥的品質、供應情況以及市場反應。我們認為通用國家也對我們的二醯胺合作夥伴產生了影響，我們預計第一季來自他們的訂單會減少。最後，歐洲土地登記數量的減少將影響交易量的成長。我們預計調整後的 EBITDA 將在 4,500 萬美元至 5,000 萬美元之間，比上年下降 58%，約占我們預計全年 EBITDA 網路不利因素總量的一半。

The expected EBITDA reduction is largely due to lower price as well as cost factors that are unique to Q1. For example, manufacturing costs are unfavorable to prior year in the first quarter. But as the year progresses, manufacturing costs are forecasted to become scorable. In addition, the full year $20 million tariff charges are recorded almost entirely in Q1. EBITDA margin in the first quarter is expected to be around 7%.

預計 EBITDA 下降主要是因為價格走低以及第一季特有的成本因素。例如，第一季的製造成本不如去年同期。但隨著時間的推移，預計製造成本將變得可得分。此外，全年 2,000 萬美元的關稅費用幾乎全部計入第一季。預計第一季 EBITDA 利潤率約為 7%。

This abnormally low margin is caused by the combination of lower sales on which to absorb relatively flat fixed cost and the unique cost headwind I just noted. We expect this margin profile to be unique to Q1 with subsequent quarter margins returning to more normal levels as a result of the sales and favorable manufacturing costs.

這種異常低的利潤率是由銷售額下降（不足以抵消相對穩定的固定成本）和我剛才提到的獨特的成本逆風共同造成的。我們預計這種利潤率狀況將是第一季獨有的，隨著銷售額的成長和製造成本的降低，後續季度的利潤率將恢復到更正常的水平。

I will now turn the call over to Andrew.

現在我將把通話轉給安德魯。

Thanks, Pierre. I'll start this morning with a brief overview of our fourth quarter results. Let me note that you can find more detailed description of our fourth quarter and full year 2025 results on Slides 12 through 18 of today's presentation. During the fourth quarter, we continued to operate in challenging market conditions, including intense competition from generics and weaker grower margins. These conditions affected the timing of purchases and product mix for crop protection.

謝謝你，皮埃爾。今天早上我先簡單概述我們第四季的業績。請注意，您可以在今天簡報的第 12 至 18 頁中找到關於我們 2025 年第四季和全年業績的更詳細說明。第四季度，我們繼續在充滿挑戰的市場環境下運營，包括來自仿製藥的激烈競爭和種植者利潤率下降。這些情況影響了作物保護產品的採購時間和產品組合。

While we delivered adjusted EBITDA and adjusted EPS near our guidance midpoints, sales came in below our guidance range. We recorded $1.08 million in Q4 sales, a decline of 11% year-over-year or 5% on a like-for-like basis, excluding India. Price declined 6%, driven by lower Rynaxypyr and strong market competition, particularly in Latin America, which led to pricing headwinds for our core portfolio of products. Volumes were weaker than anticipated with a decline of 1% due to high competitive pressure.

雖然我們實現了調整後的 EBITDA 和調整後的 EPS，接近我們預期的中位數，但銷售額低於我們的預期範圍。第四季銷售額為 108 萬美元，年減 11%，若不計入印度市場，則年減 5%。受 Rynaxypyr 價格下跌和市場競爭激烈（尤其是在拉丁美洲）的影響，價格下降了 6%，這為我們的核心產品組合帶來了價格方面的不利因素。由於競爭壓力較大，銷量低於預期，下降了1%。

Fourth quarter adjusted EBITDA was $280 million, a decline of 17% versus the prior year quarter, down 8% on a like-for-like basis, excluding India from the prior year. Lower price and volume were partially offset by lower costs and FX. Adjusted earnings per share for the quarter was $1.20, a 33% decline due to lower adjusted EBITDA and higher interest.

第四季調整後 EBITDA 為 2.8 億美元，較上年同期下降 17%，若不計入上年同期印度的數據，則年減 8%。價格和銷售量的下降部分被成本和匯率的下降所抵銷。本季調整後每股收益為 1.20 美元，下降 33%，原因是調整後 EBITDA 下降和利息支出增加。

Moving on to free cash flow and the balance sheet. We reported GAAP cash from operations of $657 million for the fourth quarter, up $230 million versus the prior year period. The increase was driven by a release of working capital, particularly from receivables. This led to free cash flow of $623 million for the quarter. We ended 2025 with cash from operations of negative $6 million, which included $103 million of cash restructuring spending.

接下來我們來看自由現金流和資產負債表。我們公佈的第四季GAAP經營活動現金流為6.57億美元，比去年同期成長2.3億美元。此次成長主要得益於營運資金的釋放，特別是應收帳款的釋放。這使得該公司本季自由現金流達到 6.23 億美元。截至 2025 年底，我們的營運活動現金流為負 600 萬美元，其中包括 1.03 億美元的現金重組支出。

2025 free cash flow was negative $165 million. We ended the fourth quarter with net debt of approximately $3.5 billion, down over $550 million from the third quarter due to strong free cash flow. Net debt to trailing 12-month EBITDA was 4.1 times at year-end, while covenant leverage was 4.6 times. As a reminder, our covenant limit is 6 times through the third quarter of 2026 and then steps down to 5.5 times at year-end.

2025 年自由現金流為負 1.65 億美元。第四季末，我們的淨債務約為 35 億美元，比第三季減少了 5.5 億美元以上，這主要得益於強勁的自由現金流。年末淨債務與過去 12 個月 EBITDA 比率為 4.1 倍，而契約槓桿率為 4.6 倍。再次提醒，我們的契約限額在 2026 年第三季之前為 6 倍，然後在年底降至 5.5 倍。

Turning to slide 8 and the cash flow outlook for 2026, free cash flow for 2026 is expected to be in the range of negative $65 million to positive $65 million or breakeven at the midpoint, including an expected $130 million in restructuring spending. Lower EBITDA, higher restructuring spending and modestly higher capital expense are expected to be offset by the liquidation of India working capital, lower cash taxes and improved working capital performance in the ongoing business.

翻到第 8 張投影片，來看 2026 年的現金流展望。預計 2026 年的自由現金流將在負 6,500 萬美元到正 6,500 萬美元之間，或以中間值為準達到盈虧平衡，其中包括預計 1.3 億美元的重組支出。預計 EBITDA 下降、重組支出增加和資本支出略有增加將被印度營運資金的清算、現金稅收減少以及持續經營業務營運資金表現的改善所抵消。

Despite breakeven free cash flow and lower EBITDA, with the successful execution of our debt paydown plan, we expect to end 2026 with a reduction in net leverage of approximately one-half turn. We would then expect leverage to further improve in subsequent years with higher free cash flow from growing EBITDA and reduced restructuring spending.

儘管自由現金流收支平衡且 EBITDA 較低，但隨著我們債務償還計畫的成功執行，我們預計到 2026 年底淨槓桿率將降低約 0.5 倍。我們預計，隨著 EBITDA 成長和重組支出減少，未來幾年槓桿率將進一步改善，自由現金流也將增加。

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

這樣，我就把電話轉回皮埃爾了。

As we look ahead, a key driver of our growth and what differentiates us from the majority of other crop chemical providers is our R&D pipeline of new active ingredients. This pipeline is the result of years of dedicated work by research and development teams, and it represents a significant competitive advantage for FMC.

展望未來，我們成長的關鍵驅動力以及我們與其他大多數農作物化學品供應商的差異在於我們不斷研發新的活性成分。這條生產線是研發團隊多年辛勤工作的成果，它代表了FMC公司的一項重大競爭優勢。

On slide 9, we have provided base sales expectation using the current targeted crops. But we believe there is substantial upside to sales through application on additional crops. Funatogicide has been registered and launched in all major countries where we intend to sell, including the US and Brazil. Going forward, the focus will be on expanding sales through continued grower education.

在第 9 張投影片中，我們提供了使用當前目標作物的基本銷售預期。但我們相信，透過將其應用於更多作物，銷售額還有很大的成長空間。Funatogicide 已在我們計劃銷售的所有主要國家（包括美國和巴西）註冊並上市。展望未來，我們將專注於透過持續的種植者教育來擴大銷售。

So flex active, we already registered and selling in a number of countries. Sales are expected to increase in 2026, in particular due to a full growing season of sales in great Britain, following a delayed registration in 2025.

所以，Flex Active，我們已經在多個國家註冊並開始銷售。預計 2026 年銷售額將有所增長，尤其是在英國迎來完整的銷售旺季之後，此前 2025 年的註冊工作有所延遲。

Further growth is expected in 2027 following product registration in the EU. We remain on track to receive this important registrations as we recently received accrual for the active ingredient last week. DADIlex-active is the first new mode of action herbicide in over 30 years. We are confident that this herbicide can be useful in other crops like sugarcane and expect meaningful contribution from Goodix beginning in 2027. Finally, Rimisoxafen is expected to begin receiving registration in 2028.

預計在歐盟註冊產品後，2027 年將進一步成長。我們仍按計劃獲得這項重要的註冊，因為我們上週剛收到了活性成分的累積註冊。DADIlex-active 是 30 多年來第一個全新作用機制的除草劑。我們相信這種除草劑對甘蔗等其他作物也有用，並期待 Goodix 從 2027 年開始做出有意義的貢獻。最後，Rimisoxafen 預計將於 2028 年開始獲得註冊。

Rimisoxafen is the first herbicide ever to be classified as a dual mode of action. It is primarily targeted with farmer emerald and is now resistant to 8 herbicide classes.

利米草靈是首個被歸類為雙重作用機制的除草劑。它主要以農家翡翠為目標，目前已對 8 類除草劑產生抗性。

This preemergent herbicide will offer corn and soybean growers a new solution to an increasingly challenging problem. In addition to these 4 molecules, we have 2 more active ingredients in development. While we expect sales of these 2 active to begin during the early 2030s, that contribution is not included in the $2 billion of expected 2035 sales listed in the slide. The growth of these active ingredients are an implant part of our key dynamics for 2027 and 2028, which are outlined on Slide 10.

這種芽前除草劑將為玉米和大豆種植者提供一種新的解決方案，以應對日益嚴峻的問題。除了這 4 種分子之外，我們還有 2 種活性成分正在研發中。雖然我們預計這兩款產品的銷售將在 2030 年代初期開始，但這項貢獻並未計入幻燈片中列出的 2035 年預計銷售額 20 億美元。這些活性成分的增長是我們 2027 年和 2028 年關鍵動態的重要組成部分，這些動態已在第 10 頁幻燈片中概述。

In addition to accelerating the growth of the new actives, it is important for us to also stabilize our core portfolio by executing a Rynaxypyr post patent strategy and by improving the competitiveness of our legacy core. We expect margins to improve with SG&A and R&D spend growing much slower on top line sales. The combination of these actions is expected to result in EBITDA growth in the mid-teens percent in both 2027 and 2028.

除了加速新活性成分的成長外，對我們來說，透過執行 Rynaxypyr 專利後策略和提高我們傳統核心產品的競爭力來穩定我們的核心產品組合也很重要。我們預計，隨著銷售、管理及行政費用和研發支出成長遠低於營收成長速度，利潤率將會提高。預計這些措施的綜合作用將使公司在 2027 年和 2028 年的 EBITDA 成長率達到 15% 左右。

In closing, we are committed to position FMC for long-term success. Our teams across the company are focused on executing our operational priorities for the same -- with the same dedication and innovation that has always defined FMC. At the same time, we are undertaking a process to explore strategic alternatives. We believe that pursuing both paths simultaneously best position us to maximize value for shareholders.

最後，我們致力於使FMC取得長期成功。本公司各團隊都致力於執行各項營運重點－秉持FMC一貫的奉獻精神與創新精神。同時，我們正在進行探索策略替代方案的工作。我們認為，同時推進這兩條路徑最有利於我們為股東創造最大價值。

With that, we are ready to take your questions.

那麼，我們就可以回答你們的問題了。

(Operator Instructions) Josh Spector, UBS.

（操作說明）Josh Spector，瑞銀集團。

This is Lucas Beaumont on for Josh. So just firstly, like I mean you're targeting $700 million in EBITDA this year. I guess, just given the volatility that we've seen in the portfolio the past couple of years. I was wondering if you could kind of just help us think about the different relative contributions there that are coming from the products in the portfolio. So I mean, we have the key product groups for Rynaxypyr, your new product sales biologicals in the legacy court, it's like off patent.

這是盧卡斯·博蒙特替喬許報道。首先，我的意思是，你們今年的目標是實現 7 億美元的 EBITDA。我想，這大概是因為過去幾年我們在投資組合中看到的波動性。我想請您幫我們思考一下投資組合中各個產品各自的相對貢獻。我的意思是，對於 Rynaxypyr 的關鍵產品組，你們的新產品銷售生物製品在傳統法庭上，就像專利過期了一樣。

. So I mean it seems like potentially you're implying maybe $400 million on legacy $80 million to $90 million on each of like Rynaxypyr, Cyazypyr and the growth buckets have about $40 million on biologicals. So I mean I know you guys talked about the sales a lot. There's been a lot of volatility in there with the pricing and the earnings outlook. So I mean anything you kind of share to help sort of understand the components would be correct.

。所以我的意思是，你似乎暗示著，傳統業務可能投入 4 億美元，Rynaxypyr、Cyazypyr 等業務每個投入 8000 萬到 9000 萬美元，而增長業務板塊在生物製劑方面投入了大約 4000 萬美元。我知道你們一直在討論銷售情況。價格和獲利前景都出現了很大的波動。所以我的意思是，任何有助於理解各個組成部分的資訊都是正確的。

It's Andrew. I'll take the first crack at this one. Look, we don't break out profitability by product line. I think when we think about what's going on in the business this year, certainly, profitability of the core portfolio, the non-Rynaxypyr portfolio is a big contributor. It's a big part of the portfolio, and we've given those dimensions previously.

是安德魯。我先來嘗試一下。你看，我們不按產品線細分獲利能力。我認為，當我們思考今年公司業務的發展時，核心投資組合的獲利能力，以及非 Rynaxypyr 投資組合的獲利能力，都是重要的貢獻者。這是投資組合的重要組成部分，我們之前已經給出過這些方面的具體數據。

It's about half the sales of the company. So it's obviously a big contributor to profitability. The Rynaxypyr, as Per stated in the prepared comments, -- we're expecting the branded Rynaxypyr business to deliver earnings that are essentially flat year on year.

這大約占公司銷售額的一半。因此，這顯然是獲利能力的重要貢獻者。正如 Per 在準備好的評論中所述，我們預計 Rynaxypyr 品牌業務的收益將與去年基本持平。

We do see a decline in the partner sales portion of the Rynaxypyr business, both in price as our continued efforts to improve cost for Rynaxypyr are shared with our partners through the cost plus pricing contract mechanism as well as lower volumes. Again, as Pierre mentioned in his prepared comments. For the rest of the portfolio, we will see increasing contribution from the growth portfolio from all three elements of the growth portfolio, both at sales and in profitability with contributions from Cyazypyr, certainly from the new as we have meaningful growth from the year before and from plant health.

我們看到 Rynaxypyr 業務的合作夥伴銷售部分有所下降，一方面是價格下降，因為我們持續努力降低 Rynaxypyr 的成本，並透過成本加成定價合約機制與合作夥伴分享成本；另一方面是銷售下降。正如皮埃爾在他準備好的演講稿中提到的那樣。對於其餘產品組合，我們將看到增長型產品組合的所有三個組成部分在銷售額和盈利能力方面都有所增加的貢獻，其中 Cyazypyr 的貢獻尤為顯著，因為我們與上一年相比實現了顯著增長，而且植物健康業務也有所貢獻。

Just to answer at a high level around the volatility and our level of confidence I think we have very high level of confidence in our total growth portfolio. The 4 new actives, plant health, the sales appear. We also have a high level of confidence in our ability to keep earnings flat from 25% for branded Rynaxypyr and we're already seeing how this is going to be deployed. The 2 places, really, which are challenging outperformance are very well identified. The first one is our core portfolio.

關於波動性和我們的信心水平，我只想概括地回答一下，我認為我們對整體成長型投資組合非常有信心。4 種新活性成分，植物健康，銷售額出現成長。我們對保持品牌藥 Rynaxypyr 的收益在 25% 不變的能力也充滿信心，而且我們已經看到了這將如何實施。真正具有挑戰性的兩大領域已經非常明確。第一個是我們的核心投資組合。

We know that we do have about $1 billion of the production, which is not cost competitive and for which we are challenging -- we are being challenged to grow and losing market share. That's the number-one contributor, and that's where we have a high level of focus.

我們知道我們擁有價值約 10 億美元的產能，但這不具備成本競爭力，我們正在努力應對挑戰——我們面臨著成長的挑戰，並且正在失去市場份額。這是最大的貢獻者，也是我們高度關注的領域。

The number two is sales to a diamide partner. We had to lower the Rynaxypyr cost. We had no way around that. And on top of that, I believe a partner must be challenged also on Rynaxypyr sales with less volume. So those are the 2 factors today, which are creating the most headwind in 2026 and which are being addressed to go away in 2027.

第二項是向二醯胺合作夥伴的銷售。我們必須降低 Rynaxypyr 的成本。我們別無選擇。此外，我認為即使銷量較小，也應該對合作夥伴在 Rynaxypyr 的銷售方面提出質疑。所以，以上就是目前在 2026 年造成最大阻力的兩個因素，而這兩個因素正在努力解決，以期在 2027 年消除。

We Great. I mean I guess just following on from that then, I mean you called out that you think you're going to be able to drive kind of mid-teens EBITDA growth into '27 and '28. So maybe if you can just talk us through you see the drivers to achieve that sort of off this year's base. And I guess, what's giving you the confidence there that you can deliver on that given the challenging environment that we've seen in the past couple of years?

我們很棒。我的意思是，我想接著剛才的話題，你提到你認為你能夠在 2027 年和 2028 年實現 15% 左右的 EBITDA 成長。所以，如果您能為我們講解一下您認為車手們如何在今年的基礎上實現這樣的目標，那就太好了。我想，鑑於過去幾年我們所看到的充滿挑戰的環境，是什麼讓你有信心完成這項工作？

I think if you look into -- the question was a bit hard to follow, but if you look today at the 2026 challenges, they are very clearly identified in 2 buckets. Going into 2027, we know and we have confidence in our growth portfolio. It's been the growth of those products have been stable for the last 2 years. So the two factors we really do have to -- and that will continue. There is no reason for that not to continue to provide growth, and that's where most of the growth is going to come in 2027. It's a continuation of what's been happening in the last two or three years.

我認為，如果你仔細研究一下——這個問題有點難懂，但如果你看看今天 2026 年的挑戰，它們可以非常清楚地分為兩大類。展望2027年，我們了解並對我們的成長型投資組合充滿信心。過去兩年，這些產品的成長一直保持穩定。所以，我們確實需要考慮這兩個因素——而且這種情況還會持續下去。沒有理由認為這不會繼續帶來成長，而且2027年大部分成長都將來自這方面。這是過去兩三年來發生的事情的延續。

Where we have been underperforming is, as I said, the core portfolio, excluding Rynaxypyr. This one is only an issue of manufacturing cost. Our products are good. Our network is good. Our customers are confidence.

正如我所說，我們表現不佳的是核心投資組合，不包括 Rynaxypyr。這只是製造成本的問題。我們的產品品質很好。我們的網路狀況良好。我們的客戶充滿信心。

We are just not competitive at the price level. We are correcting that. We are completely redoing a manufacturing footprint in high-cost countries, and this is well on its way. The number two is the Rynaxypyr partner contracts. We -- there is a limit to how much we can increase the cost of Rynaxypyr. We are getting close to the end of this price reduction, which can reduce the impact it will have on pricing to a partner.

我們在價格方面缺乏競爭力。我們正在糾正這一點。我們正在徹底改造高成本國家的生產佈局，目前進展順利。第二項是Rynaxypyr合作夥伴合約。我們－Rynaxypyr 的價格上漲幅度是有限的。此次降價活動即將結束，這可能會降低其對合作夥伴定價的影響。

And in addition, the size of those contracts is becoming smaller and smaller. So the impact in '27 is going to be very minor. So delivering a 15% EBITDA growth in 2027 has to be done by a continuation of what we have done over the last 2 years on the growth platform, which we are confident we can do and really, really get a core product competitive from a manufacturing standpoint, which we expect to do by the end of 2026 or early '27.

此外，這些合約的規模也越來越小。因此，2027年的影響將非常小。因此，要實現 2027 年 15% 的 EBITDA 成長，就必須延續過去兩年我們在成長平台上所做的工作，我們有信心能夠做到這一點，並且真正地從製造角度打造出具有競爭力的核心產品，我們預計到 2026 年底或 2027 年初就能實現這一點。

Aleksey Yefremov, KeyCorp.

Aleksey Yefremov，KeyCorp。

Just wanted to follow up on the sale of the entire company. Have you had any discussions so far? Any interest? And was this prompted by any inbound inquiries?

想跟進一下公司整體出售的進度。你們目前為止有進行過任何討論嗎？有興趣嗎？這是收到的問詢引發的嗎？

No. We -- what we've done, Aleksey, is a normal process. We worked with our Board, and we presented to the Board a business plan, which I have described and that business plan includes $1 billion of reduction of our debt. That is part of the base plan, which also include improving the competitiveness of the core portfolio, the Rynaxypyr strategy and the growth of Active. That's the base plan which lead to a $700 million EBITDA target.

不。阿列克謝，我們所做的一切都是一個正常的流程。我們與董事會合作，並向董事會提交了一份商業計劃，我已經對此進行了描述，該商業計劃包括減少10億美元的債務。這是基本計劃的一部分，該計劃還包括提高核心投資組合的競爭力、Rynaxypyr 策略以及 Active 的成長。這是實現 7 億美元 EBITDA 目標的基本計劃。

Once we presented to the Board, we also discussed is there a way to increase shareholder return. Is there a way to maybe improve the growth of the sales of our new active ingredients and speed up the development process of the actives we have in development currently.

在向董事會報告後，我們也討論了是否有辦法提高股東回報。有沒有辦法提高我們新活性成分的銷售成長速度，並加快我們目前正在研發的活性成分的開發進程？

And should we think about having our company operating under a different ownership, which could be beneficial to shareholders and which could be beneficial to the performance of our portfolio. That discussion with the Board led us to say we need to go to pursue 2 paths: Path number one, the plan I presented to you, path number two, an entire sale of the company. And for this, we are getting structured we've hired advisers (inaudible) legal, and the process is being put in place right now.

我們是否應該考慮讓公司在不同的所有權下運營，這可能對股東有利，也可能有利於我們投資組合的表現？與董事會的討論使我們決定採取兩條道路：第一條道路，即我向你們提出的計劃；第二條道路，即出售整個公司。為此，我們正在進行架構設計，我們已經聘請了顧問（聽不清楚）和法律顧問，目前正在實施相關流程。

Christopher Parkinson, Wolfe Research.

克里斯托弗·帕金森，沃爾夫研究公司。

This is Harris Fein on for Chris. I guess following up on the last one. Looking out to 2027 and 2028, still looks like you're confident in building some momentum. Can you just talk about the thought process around the timing of initiating a strategic review? And any more color about how you're weighing a full sale versus an asset sale licensing agreement, what those different structures might look like?

這裡是哈里斯費恩替克里斯發言。我想這是對上一個問題的後續。展望 2027 年和 2028 年，看來你仍然有信心保持發展勢頭。您能否談談啟動戰略評估的時機選擇過程？關於您如何權衡全面出售和資產出售許可協議，以及這些不同的結構可能是什麼樣的，您能否提供更多細節？

Yes. So the $1 billion of debt reduction which is the sale of India, which is taking place. We are waiting for binding offers right now. The licensing of all of our new molecules as well as other assets we have identified, this is going on with the basic plan. That is independent from the sale of the entire company.

是的。因此，正在進行的10億美元債務減免計劃，實際上是出售印度。我們現在正在等待具有約束力的報價。我們正在按照基本計劃，對所有新分子以及其他已確定的資產進行許可授權。這與整個公司的出售無關。

That's the base operating plan. On the side, there is another path which is mostly focused on the entire sale of the company.

這是基本營運計劃。另一方面，還有另一條道路，這條道路主要側重於將整個公司出售。

And this is for the reason I said before, shareholder return as well as potentially giving more potential for the company to a period in a better way. So the process of partial divestiture versus full divestiture are separate. One is taking place with the base plan. The other one is a separate process. We are currently undertaking right now.

原因正如我之前所說，是為了股東回報，同時也有可能在一段時間內以更好的方式為公司帶來更大的發展潛力。因此，部分剝離和全部剝離的過程是不同的。其中一項是按照基本計劃進行的。另一個是獨立的流程。我們目前正在進行中。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

I wanted to follow up on the strategic alternatives in a couple of ways. First, Pierre, could you just clarify, is it only possible to do a licensing deal or all the entire company? Or is it possible that somebody could buy the new molecules in the pipeline, somebody else could buy the diamides and somebody else could buy the balance of the business or other types of permutations or are there limitations just in terms of the way that the company is set up from a manufacturing perspective that would make it too difficult to do something like that?

我想從幾個方面跟進探討一下戰略選擇。皮埃爾，首先你能澄清一下嗎？是只能進行授權許可交易，還是可以收購整個公司？或者，是否有可能有人收購正在研發中的新分子，有人收購二醯胺，有人收購剩餘的業務，或其他類型的組合？或者，從生產角度來看，公司目前的組織方式是否有限制，使得這樣的收購過於困難？

So I believe the company is set up in a way where multiple things could be happening. I would never say and never close any option, which would be beneficial to the company and the way we operate and which would be beneficial to shareholders. But from a probability or level today. I think the two highest probability we have in front of us. One is the base plan, which include licensing, a sale of asset and the sale of India.

所以我認為，這家公司的組織架構允許多種事情同時發生。我絕對不會說，也絕不會排除任何有利於公司及其運作方式、有利於股東的選擇。但從今天的機率或水平來看。我認為擺在我們面前的是兩個最有可能的情況。其中一項是基本計劃，包括許可、資產出售和出售印度。

The other one is the full sale of the company. There could be things in between. But right now, they are not part of the way we are thinking about the company. Obviously, if people come with interesting ideas about things we could do, we would listen. But right now, we are focusing on two paths as the principal actions we are taking.

另一種選擇是將公司全部出售。也可能存在介於兩者之間的情況。但就目前而言，它們並不在我們考慮公司發展的方式之內。顯然，如果有人提出有趣的建議，我們會認真聽取。但目前，我們主要採取的行動是聚焦在兩條路徑。

Joel Jackson, BMO Capital Markets.

Joel Jackson，BMO資本市場。

Pierre and team, I'm just trying to reconcile some of the guidance you're giving some of the different product buckets in '26. There was kind of a prior question on this earlier, but I just want to focus on revenue. I'm looking also, of course, of the good nuance guidance you gave last year for all the product buckets going out for a few years. So if I understand, I mean, you said what you think the new AIs will do in the growth portfolio in '26, but there's some other product buckets.

皮埃爾和團隊，我只是想協調你們在 2026 年對不同產品類別給予的一些指導意見。之前有人問過類似的問題，但我只想專注在收入方面。當然，我也在關注您去年針對未來幾年即將推出的所有產品類別所給出的良好細緻的指導。所以如果我理解正確的話，我的意思是，您說了您認為新的人工智慧將在 2026 年的成長組合中發揮什麼作用，但還有一些其他的產品類別。

Like so I think you're saying Rynaxypyr sales will be down this year, partnered and nonpartnered. So that's the first question. Then the rest of the portfolio, nonrecurring core would also be down this year. And then in growth, would SaaS appear be down in 26% for sales and then would be roughly flat to up for the plant health. Like can you just -- those other buckets?

所以我覺得你的意思是說，今年 Rynaxypyr 的銷售額將會下降，包括合作銷售和非合作銷售。這是第一個問題。那麼，投資組合中的其餘部分，即非經常性核心部分，今年也會下降。然後，在成長方面，SaaS 的銷售額似乎下降了 26%，而植物健康狀況則大致持平或上升。你能不能把其他那些桶子也換掉？

So Rynaxypyr, noncore Rynaxypyr, Cyazypyr and plant health. Talk about how you see '26 to '25 specifically, individually, sorry.

所以，Rynaxypyr、非核心 Rynaxypyr、Cyazypyr 和植物健康。請具體談談您對 2025 年至 2026 年這段時間的看法，抱歉。

Joe, it's Andrew. I'm going to take the first track at this, and Pierre will chime in with some additional comments. When we think about the sort of the core versus the growth portfolio and big strokes for revenue. For Rynaxypyr, as Pierre mentioned, we're expecting flat earnings from the branded business. Revenue could be slightly down, but it's not a tremendous difference.

喬，我是安德魯。我先來談談我的看法，皮埃爾隨後會補充一些評論。當我們思考核心業務與成長業務組合，以及如何大幅提升收入。正如皮埃爾所提到的，對於 Rynaxypyr 而言，我們預計品牌業務的收益將持平。收入可能會略有下降，但差異不大。

Where you have the shrink year-on-year in the Active business is in partner sales. That's both from price, from the cost plus pricing mechanism and from volume with the partners.

Active 業務中，逐年萎縮的領域是合作夥伴銷售額。這既包括價格因素（成本加成定價機制），也包括與合作夥伴的銷售因素。

For our legacy core, all the remaining core products, we are expecting a slight contraction drop year-on-year, that's pricing and volume, right? So overall, the core portfolio is down year-on-year from '26 versus '25. When we look at the growth portfolio, we have growth in all aspects of the growth portfolio. led by the 4 new active ingredients. They're growing strongly, right?

對於我們的傳統核心產品，即所有剩餘的核心產品，我們預計價格和銷售量將比去年同期略有下降，對嗎？因此，總體而言，核心投資組合從 2026 年到 2025 年年減。當我們審視增長型產品組合時，會發現其各個方面都實現了成長，這主要得益於四種新活性成分的加入。它們生長勢頭強勁，對吧？

And again, Pierre walked through in the detail of the slide, some very, very good momentum with Fluindapyr having been registered in all the core countries and with accelerating growth of Isoflex, particularly with having a full selling season in Great Britain this year.

皮埃爾再次詳細地展示了幻燈片，指出 Fluindapyr 在所有核心國家都已註冊，而 Isoflex 的成長勢頭非常強勁，尤其是今年在英國迎來了完整的銷售季。

Plant health also grows. So all 3 pieces of the core portfolio are growing in '26, but it's really differentially impacted by the new active ingredients.

植物健康狀況也隨之改善。因此，核心產品組合的 3 個部分在 2026 年都實現了成長，但新活性成分對它們的影響卻截然不同。

I think it's important what Andrew said is, the growth portfolio, there is no part of the growth portfolio, including branded sales appear the 4 active ingredients and plant health, all of them are growing. Rynaxypyr, the strategy is focused on earnings and we do expect Branded Rynaxypyr earnings to be flat versus '25. And then where we have a contraction it's in partner sales for Rynaxypyr and the core portfolio.

我認為安德魯所說的很重要，成長組合中沒有任何一部分，包括品牌銷售額，都顯示4種活性成分和植物健康產品都在成長。Rynaxypyr 的策略重點是獲利，我們預期品牌 Rynaxypyr 的獲利將與 2025 年持平。然後，我們萎縮的地方是 Rynaxypyr 的合作夥伴銷售和核心產品組合。

Edlain Rodriguez, Mizuho.

埃德蘭·羅德里格斯，瑞穗。

Pierre, just one quick one for me. like how confident are you that you have a good sense of the challenges facing the company? Because, again, things keep popping up here and there. So yes, I mean, your confidence level that you have -- you know exactly what the challenges are. And looking on year out that you have -- that you see a path out of this funk and you have a solution to fix it.

皮埃爾，我問你一個問題。你對公司面臨的挑戰有多大把握？因為，再一次，各種各樣的事情不斷湧現。所以，是的，我的意思是，你的自信程度──你很清楚自己面臨的挑戰是什麼。展望未來，你會發現──你看到了擺脫困境的出路，並且找到了解決問題的方法。

Listen, it's a valid and it's a good question. I'm going to answer that in a very, very straight manner. I think we've done a lot since I've been back in the company. There is 1 part which I missed. It is the risk we had to see a core portfolio outside of Rynaxypyr being as challenged as it's been by generic.

聽著，這確實是個合理的好問題。我會非常直截了當地回答這個問題。自從我回到公司以來，我認為我們已經取得了巨大的成就。有一部分我漏掉了。我們面臨的風險是，除 Rynaxypyr 之外的核心產品組合可能會像受到仿製藥的挑戰一樣受到挑戰。

And if you look at the performance of the company, we pretty much performed as expected in every aspect, except the core portfolio outside of Rynaxypyr. The problem is that it's a big part of the company. It's $2.2 billion. So just shrinking on this part of the company by 3%, 4% is a significant impact. I was not anticipating that the downturn would last that long and that there will be that amount of competitiveness in that part of our portfolio especially in place like Latin America.

如果你看一下公司的業績，除了 Rynaxypyr 以外的核心產品組合之外，我們幾乎在所有方面都達到了預期。問題在於，這部分業務在公司中佔比很大。是22億美元。因此，公司這一部門縮減 3% 或 4% 會產生重大影響。我沒想到經濟低迷會持續這麼久，也沒想到我們投資組合中的這部分業務競爭會如此激烈，尤其是在拉丁美洲這樣的地區。

I would have to do it again. I will have started the restructuring of manufacturing footprint earlier. It is what it is, but if you look today at the portfolio of the company, the entire growth portfolio, the three parts are in great shape and performing exactly as we are expecting. The Rynaxypyr branded strategy is clearly in place. We have one thing to fix. It's the core portfolio. We know how to do it. It's ongoing. The plan is in place and is started.

我得再做一次。我本應更早開始調整生產佈局。事實就是如此，但如果你看看公司目前的投資組合，整個成長型投資組合，這三個部分都狀況良好，表現完全符合我們的預期。Rynaxypyr的品牌策略已明確到位。我們還有一件事要解決。這是核心投資組合。我們知道該怎麼做。仍在進行中。計劃已製定並開始實施。

So why am I so confident? It's because the number of things we have to fix is limited. It's one thing. The rest, it's in place. The problem, this thing, we have to fix with better fix it because it's big, but it's not that complicated to know what we have to do.

那我為什麼如此自信呢？這是因為我們需要修復的事情數量有限。這是一件事。其餘部分都已就位。這個問題，或者說這件事，我們必須更好地解決它，因為它很大，但知道該怎麼做並不複雜。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

Pierre, I would assume that you're thinking 2026 is a bottom for the company. And so I'm just curious in terms of the timing of the sale of the company, I mean, it would seem like you're having these discussions at the bottom of the cycle, which might not be -- get the best value for shareholders at this particular point in time. Can you just address the timing and why not wait until your restructuring program is yielding tangible results?

皮埃爾，我猜你認為2026年是公司的底部。所以我很好奇公司出售的時機，我的意思是，你們似乎是在周期的底部進行這些討論，這可能並非——在此時此刻為股東爭取最大價值。您能否只談談時間安排的問題，為什麼不等到重組計畫取得實際成果後再做決定呢？

Thanks, Frank. Yes, I think we do have a base plan, which allows us to go through 2026, which I expect at this point is at the bottom of the cycle for the company. And I also believe that getting through 2026, we were doing it, will create growth starting in '27, '28. That's the base plan we need to execute on reducing our debt. And this process, we need to bring in $1 billion into the company. Like any plan, you always have to raise the risk and the certainty you have to deliver it.

謝謝你，弗蘭克。是的，我認為我們確實有一個基本計劃，可以讓我們撐到 2026 年，而我預計 2026 年將是公司週期的底部。而且我相信，如果我們能順利度過 2026 年，那麼從 2027 年、2028 年開始，我們將迎來成長。這是我們需要執行的減少債務的基本計劃。而透過這個過程，我們需要為公司帶來10億美元的資金。任何計劃都有其風險和實現目標的確定性。

We are pretty confident about this plan and believe it will take us the right place in '27. So that being said, we have a Board and this board has the responsibility to look for shareholders and how to get the best from the portfolio we have in the company. So when you think about that as an operator, clearly focused on 2026 will be the bottom of the company and should allow us to go back to growth in '27.

我們對這個計劃相當有信心，相信它會在 2027 年帶我們走向成功。因此，我們有董事會，董事會的職責是尋找股東，以及如何從公司現有的投資組合中獲得最大利益。所以，作為營運商，當你考慮到這一點時，顯然應該專注於 2026 年，這將是公司的谷底，並應該能夠讓我們在 2027 年恢復成長。

Working with the Board, we also believe it is important to always look at a double path. A parallel path will allow benefit for the shareholders and potentially thinking about doing more things with the portfolio of the company that we can do alone. When you take money to restructure a company like we are doing, it is money you don't stand in accelerating the growth of your new active ingredients, including the one in research.

與董事會合作時，我們也認為始終考慮雙管齊下的方法非常重要。並行發展將使股東受益，並有可能考慮利用公司投資組合做更多我們單獨無法完成的事情。當你像我們現在這樣用資金重組公司時，你就不會把這些錢用於加速新活性成分（包括正在研發的成分）的成長。

So the question we have to ask ourselves is will this company operate better, grow faster under a different ownership, which will have maybe more flexibility financially than FMC has today. So having both brands are valid. It is not like not selling the company would be a disaster because we don't have a plan to go through '26. I think the '26 plan is robust, and will put us in a good place in '27, but the alternative could be highly beneficial for shareholders and would allow the company potentially to operate better and faster. That's why the two process are being followed in parallel.

因此，我們必須問自己，這家公司在不同的所有權下是否會運作得更好、發展得更快，而新的所有權在財務上可能比 FMC 現在擁有更大的靈活性。所以同時擁有這兩個品牌是合理的。不賣公司並不是什麼災難，因為我們沒有計劃撐到 2026 年。我認為 2026 年的計劃很穩健，將使我們在 2027 年處於有利地位，但另一種選擇可能對股東大有裨益，並有可能使公司運作得更好、更快。這就是為什麼這兩個流程要並行的原因。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

This is Matthew Hettwer on for Kevin McCarthy. Could you provide an update on your upcoming debt maturities and covenant obligations? What's your plan for the next tranches of debt that are coming due?

這裡是馬修·赫特沃，代凱文·麥卡錫為您報道。能否提供一下您即將到期的債務和契約義務的最新情況？對於即將到期的下一批債務，你們有什麼計劃？

Sure. Thanks, Matt, it's Andrew. I'll take that one. Look, we have $500 million bonds maturing in October. Obviously, our intent to refinance them in advance of their maturity.

當然。謝謝你，馬特，我是安德魯。我選那個。你看，我們有5億美元的債券將於10月到期。顯然，我們的目的是在債務到期前進行再融資。

Fall back, we can absorb that into the existing revolver capacity. But our intent is to replace them with new financing well in advance of that. We're in discussions with our financial advisers in the best form that we might pursue to do that.

退而求其次，我們可以將其納入現有的轉輪彈藥容量中。但我們的目標是在此之前用新的融資來取代它們。我們正在與財務顧問討論，以找到實現這一目標的最佳方法。

But certainly, our intent is to refinance those here in the first half. When we look at our overall debt levels, as Pierre has made very clear, we are intensely focused on reducing total debt of the company. We have a plan to reduce that debt by $1 billion this year through a mix of asset sales, licensing agreements, et cetera. We have very strong confidence in that, very advanced discussions on the sale of the India business. discussions underway on licensing and on other asset disposals, we're not at liberty to go into any further detail at the day, but good progress in all of those dimensions.

但可以肯定的是，我們的目標是在上半年為這些專案進行再融資。當我們審視公司的整體債務水平時，正如皮埃爾明確指出的那樣，我們正全力以赴降低公司的總債務。我們計劃今年透過資產出售、許可協議等方式減少10億美元的債務。我們對此非常有信心，關於出售印度業務的討論已經取得了非常深入的進展。關於許可和其他資產處置的討論也在進行中，目前我們不方便透露更多細節，但所有這些方面都取得了良好的進展。

So that's an important part of getting the company on a much stronger footing by the end of '26, During '26, we will obviously have to manage closely our debt levels and our working capital. We recently renegotiated our revolving credit facility to get much higher covenants, that amendment was finalized in early December. We asked for a very high covenant 6 times to allow us the flexibility to work through the things that we need to do in '26. And that will require us, given the seasonality of our EBITDA outlook with a very light first quarter and then building through the year to manage the traditional working capital build very carefully. And the team is laser-focused on managing inflows and outflows of cash in the company to keep debt within those covenants.

所以，這是讓公司在 2026 年底前站穩腳步的重要一步。在 2026 年期間，我們顯然需要密切管理我們的債務水準和營運資金。我們最近重新協商了循環信貸安排，以獲得更高的契約條款，該修訂案已於 12 月初最終敲定。我們曾經六次要求制定非常高的契約，以便讓我們有彈性來完成我們在 2026 年需要做的事情。鑑於 EBITDA 預期具有季節性，第一季業績非常疲軟，然後全年業績逐漸增長，因此我們需要非常謹慎地管理傳統的營運資本累積。該團隊正全力以赴地管理公司現金的流入和流出，以使債務保持在契約規定的範圍內。

So I think we have a good plan to address the upcoming maturity. I think we have a good plan to continue managing within the existing covenants. But we are looking at all kinds of financing options and how we might put the company on better footing faster, right? And that's something that will be very active discussions over the next -- particularly the first half of this year. Again, to directly address the maturities, but also just to make sure that as we're paying down debt, we have the right overall capital structure for the company.

所以我認為我們有一個很好的計劃來應對即將到來的成熟期。我認為我們有一個很好的計劃，可以在現有契約範圍內繼續進行管理。但我們正在研究各種融資方案，以及如何更快地讓公司走上更好的發展道路，對吧？這將是未來一段時間內，特別是今年上半年，人們會積極討論的話題。再次強調，這樣做是為了直接解決債務到期問題，同時也是為了確保在償還債務的同時，公司擁有正確的整體資本結構。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴公司。

I was hoping, Pierre, that you could talk a little bit more about the new products coming in at $200 million rather than the $250 million you expected. It seems like that's a fairly large shortfall that just be related to a registration delay in the UK. And I guess maybe looking forward, can you discuss some of the factors that might drive that new product revenue toward the higher end or lower end of the $300 million to $400 million range that you've given for 2026.

皮埃爾，我原本希望你能多談談那些即將上市的新產品，它們的銷售額達到了 2 億美元，而不是你預期的 2.5 億美元。這似乎是一個相當大的缺口，很可能與英國的註冊延遲有關。展望未來，您能否討論一下哪些因素可能會推動新產品收入達到您預測的 2026 年 3 億美元至 4 億美元區間的上限或下限？

Yes. First, for the $50 million shortfall, your comment is correct. It is not all the delay in registration for Isoflex. The delay in registration in Isoflex is a big part of this shortfall. But you also know that our sales in Brazil, especially the direct sales to growers fell short of what we were expecting. It was still for a new market penetration, what I would consider a success but not as successful as you were expecting. And part of those sales we didn't do were including through an appeal.

是的。首先，對於5000萬美元的資金缺口，你的評論是正確的。不僅僅是Isoflex註冊延遲的問題。Isoflex註冊的延遲是造成這一缺口的主要原因。但您也知道，我們在巴西的銷售額，特別是直接面向種植者的銷售額，並沒有達到我們的預期。雖然這仍然是一次新的市場滲透，我認為算是成功，但並沒有達到你預期的成功程度。而我們未能完成的銷售中，有一部分是透過募款來實現的。

So the majority of the shortfall is the registration delay, and the -- there is an additional shortfall influence year because of direct sales being a bit lower than what we are expecting. Now the range of $300 million to $400 million seems to be wide what would drive us toward the higher end is mostly registrations. The speed at which we get registration, how much of them we had not for (inaudible) but for Isoflex.

因此，大部分缺口是由於註冊延遲造成的，此外，由於直接銷售額略低於預期，還會產生額外的缺口影響。現在看來，3億美元到4億美元的範圍似乎很廣，推動我們向更高區間靠攏的主要是註冊量。我們獲得註冊的速度，其中有多少不是為（聽不清楚）而是為了 Isoflex。

There is a place where we have, for example, exception to registration, which have been requested by our customers. We don't know if they will be granted or not. So there is a registration aspect, which moves a lot in terms of timing. It doesn't change the fundamentals when you go two, three years down the road, but on a short period of time, six months could matter.

例如，對於客戶提出的註冊例外要求，我們有一些例外。我們不知道他們的申請是否會被批准。所以註冊環節的時間安排經常變動。兩三年後，基本情況不會改變；但短期內，六個月的時間可能會產生重大影響。

Matt Deer, Bank of America.

馬特·迪爾，美國銀行。

This is Salvator Tiano filling in for Matt. Sorry, I just want to go back to Rynaxypyr trying to understand a couple of things. Number one, based on the flow chart, you mentioned that the EBITDA decline this year on Rynaxypyr will be from your partner sales. If I'm reading that waterfall chart correctly, it looks like it's kind of a $50 million EBITDA, and last, I remember the idea was partner sales for Rynaxypyr were $200 million. So that's in terms of revenue, not even earnings.

這是薩爾瓦托·蒂亞諾，他代替馬特出場。抱歉，我只是想回到 Rynaxypyr 去弄清楚一些事情。第一，根據流程圖，您提到今年 Rynaxypyr 的 EBITDA 下降將來自合作夥伴的銷售。如果我正確解讀了那張瀑布圖，看起來 EBITDA 大約是 5000 萬美元，最後，我記得 Rynaxypyr 的合作夥伴銷售額是 2 億美元。所以這是就收入而言，還不是利潤。

So that implies a massive, massive reduction in margin. So are these numbers correct? And why are the earnings on that small bucket declining as much? And the second is, I get the branded Rynaxypyr earnings target of being flat year-on-year. But can you talk a little bit about the top line for branded Rynaxypyr earnings.

這意味著利潤率將大幅下降。這些數字準確嗎？為什麼這個小型專案的收入下降幅度如此之大？其次，我得到的 Rynaxypyr 品牌收益目標與去年持平。但您能否談談 Rynaxypyr 品牌收益的整體情況？

What gives you confidence that the volumes will be flat given the competition? And also, what is your assumption on price, especially since we noticed that you started lowering the price in Q4, as mentioned in some of the slides, right?

鑑於目前的競爭情勢，是什麼讓你確信銷量會保持穩定？另外，您對價格有何預期？特別是考慮到我們在一些幻燈片中看到，您在第四季度開始降低價格，對嗎？

All right. So it's Andrew. I'll start this off and Pierre will take the second part of this. I think, look, for Rynaxypyr in particular, as we think about the partner sales, we're looking at a reduction in volume and price.

好的。原來是安德魯。我先開始，皮埃爾接著說第二部分。我認為，特別是對於 Rynaxypyr 而言，當我們考慮合作夥伴銷售時，我們面臨的是銷售和價格的下降。

And when we look at the slide -- let's be clear, we are intentionally not giving those numbers. We gave you a dimensional view of the drivers. So I would not -- I'm not going to comment directly on estimates that people might try to infer from that slide. What we're trying to give you is a directional sense of the major drivers and what's happening with the EBITDA this year.

當我們看這張投影片時——需要明確的是，我們故意不給出這些數字。我們為您呈現了驅動因素的立體視圖。所以我不會——我不會直接評論人們可能試圖從那張投影片中推斷出的估計值。我們想向您展示的是主要驅動因素的方向性資訊以及今年 EBITDA 的發展趨勢。

So certainly, volume and price or impacts on the partner sales for Rynaxypyr and reduced both sales and profitability year-on-year for that piece of business. For the branded Rynaxypyr business, we have a combination of factors at play. We are reducing price, particularly on less differentiated solar formulations that directly compete with low-cost generic entrants. We are also seeing a mix shift where we're putting much more emphasis on our advanced formulations, mixtures and high concentration product offerings. The combination of that mix shift volume gains as we're increasing penetration of Rynaxypyr more broadly, not just into the existing markets and a significantly lower cost, right?

因此，銷量和價格肯定對 Rynaxypyr 的合作夥伴銷售產生了影響，導致該業務的銷售額和盈利能力同比下降。對於 Rynaxypyr 品牌業務而言，我們受到多種因素的影響。我們正在降低價格，特別是那些差異化程度較低、直接與低成本仿製藥競爭的太陽能產品。我們也看到產品組合發生了變化，我們更加重視先進的配方、混合物和高濃度產品。這種組合的結合，隨著我們更廣泛地提高 Rynaxypyr 的滲透率，而不僅僅是進入現有市場，成本大幅降低，銷售成長將會加快，對吧？

We continue to have cost reduction from '24 to '25 to '26 allow us to deliver a relatively flat profitability of branded Rynaxypyr year over year. At the top line, it's a similar kind of story and it's again, that combination of volume and price -- volume, including the mix shifts. Pierre, do you want to add some things to the outlook for Rynaxypyr?

從 2024 年到 2025 年再到 2026 年，我們持續降低成本，這使得 Rynaxypyr 品牌產品的獲利能力逐年保持相對穩定。從整體來看，情況類似，這再次體現了銷售量和價格的結合——銷量，包括產品組合的變化。皮埃爾，你想對 Rynaxypyr 的前景補充一些內容嗎？

Yes. The only thing I would add is you cannot make a straight calculation, lower price, higher volume, where do we land in profitability because you have a change in the mix which is enormous with the work we are doing. I'll give you an example. I believe for Rynaxypyr in 2026, 50% of our sales will shift to advance formulation. So it is not at all the same portfolio in 2026 that we would have in 2025.

是的。我唯一要補充的是，你不能直接計算降低價格、提高銷量最終能帶來怎樣的盈利，因為我們正在進行的工作對產品組合產生了巨大的影響。我給你舉個例子。我相信到 2026 年，Rynaxypyr 公司 50% 的銷售額將轉向先進配方產品。因此，2026 年的投資組合與 2025 年的投資組合完全不同。

And this 50% advanced formulation command a higher price. So there is no price decrease for those formulations. That's why we have to be very careful that -- it is not -- the price will be lower, the cost will be lower, and we'll have to increase the volume to compensate for the lower price. There is a very large part of the portfolio, which doesn't see a lower price. As I said before, it's at least 50% in 2026.

這種配方改進了 50%，因此價格也更高。因此，這些配方的價格不會下降。所以我們必須非常小心——事實並非如此——價格會降低，成本會降低，然後我們必須增加銷售量來彌補價格降低的影響。投資組合中很大一部分股票的價格並沒有下降。正如我之前所說，到 2026 年至少會達到 50%。

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

謝謝。FMC公司電話會議到此結束。感謝各位的出席。您現在可以斷開連線了。