富美實 (FMC) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the first-quarter 2026 earnings call for FMC Corporation. This event is being recorded. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加FMC Corporation 2026年第一季財報電話會議。本活動將進行錄音。(接線員指示)

I will now hand the conference over to Mr. Curt Brooks, Director of Investor Relations for FMC Corporation. Please go ahead.

現在我將把會議交給FMC Corporation投資人關係總監Curt Brooks先生。請開始。

Good morning, and welcome to FMC Corporation's 2026 first-quarter earnings call. Today's prepared remarks will be provided by Pierre Brondeau, Chairman, Chief Executive Officer, and President; and Andrew Sandifer, Executive Vice President and Chief Financial Officer. After prepared 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.

各位早安，歡迎參加FMC Corporation 2026年第一季財報電話會議。今天的事先準備發言將由董事長、執行長兼總裁Pierre Brondeau，以及執行副總裁兼財務長Andrew Sandifer提供。在準備發言之後，我們將進行問答。我們的財報新聞稿與今日的投影片簡報可於FMC投資人關係網站取得，而今日討論的準備發言稿將於會後提供。

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

提醒各位，今天的簡報與討論將包含前瞻性陳述，並受多項風險與不確定性影響，涉及特定因素，包括但不限於我們財報新聞稿及向美國證券交易委員會提交之文件中所識別的因素。所呈現資訊係基於我們對今日情況的理解所作之最佳判斷。實際結果可能因上述風險與不確定性而有所不同。

Today's discussion and the supporting materials will include references to adjusted EPS, adjusted EBITDA, free cash flow, organic revenue growth, and revenue excluding India, all of which are non-GAAP financial measures. Please note that as used in today's discussion, CTPR means chlorantraniliprole. Earnings means adjusted earnings, EBITDA means adjusted EBITDA, and sales refers to sales excluding India. 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.

今天的討論及相關輔助資料將提及調整後每股盈餘（adjusted EPS）、調整後EBITDA、自由現金流、有機營收成長，以及不含印度的營收，以上皆為非GAAP財務衡量指標。請注意，在今日討論中，CTPR係指chlorantraniliprole（氯蟲苯甲醯胺）。「Earnings」係指調整後盈餘，「EBITDA」係指調整後EBITDA，而「sales」係指不含印度的銷售額。上述名詞及我們在今日電話會議中可能提及之其他非GAAP財務名詞的定義與調節表，已公布於我們的網站。

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

接下來，我將把電話交給Pierre。

Thank you, Curt. And good morning, everyone. During the first quarter, we delivered results that exceeded the midpoint of our guidance. In addition, we made good progress on our 2026 operational priorities, which are listed on slide 3. These are strengthening the balance sheet through targeted debt reduction of approximately $1 billion, improving the competitiveness of our core portfolio, managing the post-patent transition for Rynaxypyr, and supporting sales growth of new active ingredients, including Isoflex Active, Fluindapyr, and Dodhylex Active.

謝謝你，Curt。各位早安。第一季我們交出超過指引中位數的成果。此外，我們在2026年的營運優先事項上也取得良好進展，相關內容列於投影片第3頁。這些優先事項包括：透過約10億美元的目標性減債來強化資產負債表、提升核心產品組合的競爭力、管理Rynaxypyr專利到期後的轉型，以及支持新有效成分的銷售成長，包括Isoflex Active、Fluindapyr與Dodhylex Active。

I will start by providing an update on the progress of these four operational priorities, beginning with the debt reduction. We are continuing to target approximately $1 billion of debt paydown during 2026. The sale of our India commercial business continues to progress very well. We are in late stages with several potential buyers and expect to sign a definitive agreement in May.

我將先就這四項營運優先事項的進展提供更新，首先是減債。我們仍以在2026年償還約10億美元債務為目標。我們出售印度商業業務的進程持續非常順利。我們已與數位潛在買方進入後期階段，並預期於5月簽署具約束力的最終協議。

In addition, we're in an advanced discussion with multiple potential partners regarding licensing of one of our new active ingredients, which we expect would include an upfront payment. We anticipate concluding talks in the coming weeks. The remainder of the debt paydown is expected to come from proceeds from the sales of non-core assets. Including potential sales of non-core businesses and/or molecules, as well as multiple sizable real estate opportunities, some of which are in advanced negotiation.

此外，我們正就其中一項新有效成分的授權，與多家潛在合作夥伴進行深入討論，預期將包含一筆預付款。我們預計在未來幾週內完成談判。其餘的減債資金預期將來自非核心資產出售所得。包括可能出售非核心業務及／或分子，以及多項具規模的不動產機會，其中部分已進入深入協商階段。

Next, FMC continues to take decisive action. To optimize our manufacturing cost structure and rebuild the competitiveness of a non-diamide core portfolio in a market increasingly impacted by low-cost generic competitors. We intend to shift products from high-cost plants to lower-cost sources in Asia. We expect this transition will be completed by Q1 2027. And that will result in a more competitive core portfolio.

接下來，FMC持續採取果斷行動。以優化我們的製造成本結構，並在一個日益受到低成本學名藥競爭者影響的市場中，重建非二醯胺類核心產品組合的競爭力。我們計畫將產品從高成本工廠轉移至亞洲較低成本的來源。我們預期此一轉移將於2027年第一季完成。並將帶來更具競爭力的核心產品組合。

Additionally, in advance of the sale of our India commercial business, we have already completed the restructuring in Asia to account for the reduced size of the business. We continue to look for opportunities to further optimize our cost structure across the company in 2026.

此外，在出售印度商業業務之前，我們已完成亞洲地區的重整，以反映業務規模縮小。我們也持續在2026年尋找機會，進一步優化全公司的成本結構。

Regarding Rynaxypyr, we continue to advance our post-patent strategy with a clear focus, driving sales growth while keeping overall branded earnings that are flat. Our strategy is progressing, and we're seeing early signals that give us confidence. For example, we are observing positive reaction to a price repositioning, with strong volume growth for high-load formulations and differentiated mixtures. In addition, we are already seeing some small, early share gains from other classes of insecticides.

關於Rynaxypyr，我們持續以明確的重點推進專利到期後策略，在推動銷售成長的同時，維持整體品牌盈餘持平。我們的策略正在推進，且已看到一些早期訊號，使我們更具信心。例如，我們觀察到市場對價格重新定位反應正面，高含量配方與差異化混配產品的銷量強勁成長。此外，我們也已看到自其他類別殺蟲劑取得一些小幅、早期的市占提升。

On the earnings side, ongoing cost improvements are supporting margins that are in line with our expectations. We continue to pursue additional opportunities for cost reduction, which will further improve the competitiveness of our Rynaxypyr business.

在盈餘方面，持續的成本改善正支撐毛利率表現符合我們的預期。我們仍在尋求更多降本機會，將進一步提升Rynaxypyr業務的競爭力。

We are still in the early stage of a post-patent Rynaxypyr market and believe that some customers are adopting a wait-and-see approach as they gauge the availability and efficacy of CTPR generic offerings. Our strategy will pay out over the coming quarters as we implement our plan.

我們仍處於Rynaxypyr專利到期後市場的早期階段，並認為部分客戶正採取觀望態度，以評估CTPR學名藥產品的供應情況與效能。隨著我們落實計畫，我們的策略將在未來幾季逐步展現成效。

And finally, regarding our new active ingredients, we are seeing solid growth. Sales of these products doubled year over year in the first quarter, highlighting the increasing demand from growers. The growth of these products is expected to build momentum, driven in part by new launches and additional registration.

最後，關於我們的新有效成分，我們看到穩健的成長。第一季這些產品的銷售額年增一倍，凸顯種植戶需求正在提升。在新產品上市與新增登記的帶動下，這些產品的成長預期將持續累積動能。

For example, we recently received regulatory approval for Isoflex Active in the EU. This is a significant achievement as it is the first new herbicide approved in the EU since 2019. We expect product launches to begin in 2027, giving us new or expanded access to more than 55 million planted hectares of cereals, corn, oilseed rape, and potato in the EU.

例如，我們近期已取得Isoflex Active在歐盟的監管核准。這是一項重大里程碑，因為這是自2019年以來歐盟核准的第一個新除草劑。我們預期產品將於2027年開始上市，使我們在歐盟對超過5,500萬公頃的穀物、玉米、油菜籽與馬鈴薯種植面積取得新的或擴大的市場進入。

In addition, many of our customers have requested pre-registration exemptions to use Isoflex in Italy, Germany, France and Spain this year. If granted. This will represent upside to our outlook for the second half. We continue to concentrate on these four operational priorities as the basis for improved results. In parallel, the Board authorized evaluation of strategic alternatives announced in February 2026 is progressing, and multiple options are being evaluated.

此外，我們許多客戶已要求今年在義大利、德國、法國與西班牙取得使用Isoflex的登記前豁免。若獲核准。這將為我們下半年展望帶來上行空間。我們將持續聚焦這四項營運優先事項，作為改善成果的基礎。同時，董事會已授權評估於2026年2月宣布的策略替代方案，目前進展中，且正評估多個選項。

Turning to our first-quarter results, slide 4, 5 and 6 provide details on our performance. First quarter crop protection market conditions were mostly in line with our expectations. Challenging margins and stressed liquidity for customers and growers led to cautious purchasing in most countries. Lower grower margins also increased the willingness to use generic products or skip some preventative applications.

接著看第一季業績，投影片第4、5與6頁提供了我們表現的細節。第一季作物保護市場狀況大致符合我們的預期。客戶與種植戶面臨具挑戰性的利潤率與緊繃的流動性，導致多數國家採購趨於保守。種植戶利潤率下降也提高了使用學名藥產品或略過部分預防性施用的意願。

As expected, the regions with more pronounced competitive pressure were LatAm and Asia, where generics are more prevalent. First quarter sales of $762 million were $12 million above the midpoint of the guidance, driven by better-than-expected effects and volume. While sales were 4% lower than prior year, sales were up 1% on a like-for-like basis after excluding India from both current and prior year periods.

如預期，競爭壓力較為明顯的地區為拉丁美洲與亞洲，因學名藥更為普遍。第一季銷售額為7.62億美元，較指引中位數高出1,200萬美元，主要受惠於優於預期的價格／組合影響與銷量。雖然銷售額較去年同期下降4%，但在同時排除本期與去年同期的印度後，以同口徑計算銷售額成長1%。

Sales made under the FMC brand grew 6% on a like-for-like basis and included strong volume growth in EMEA and North America in herbicides and Cyazypyr. This was mostly offset by lower sales to diamide partners. These partners accounted for nearly half of our overall price decline of 6%. The remaining drivers of lower price were branded when accepted price, repositioning to support our post-patent strategy and a complete market for legacy core products. Volume grew 2% and FX was a 5% tailwind.

FMC 品牌下的銷售以同店基礎計算成長 6%，其中除草劑與 Cyazypyr 在 EMEA 與北美的銷量成長強勁。這些成長大多被對二醯胺合作夥伴的銷售下滑所抵銷。這些合作夥伴幾乎占我們整體 6% 價格下滑的一半。其餘導致價格走低的因素包括：品牌產品在可接受價格下的定價、為支持我們專利到期後策略而進行的重新定位，以及傳統核心產品的市場全面競爭。銷量成長 2%，匯率帶來 5% 的順風。

The growth portfolio significantly outperformed the core portfolio due to higher sales of branded Cyazypyr, new active ingredients, and plant health. First-quarter EBITDA of $72 million was $17 million higher than the high end of our guidance range with FX, cost and volume all favorable to expectations. Adjusted loss per share of $0.23 was $0.15 better than the guidance midpoint due to higher EBITDA.

由於品牌 Cyazypyr、新活性成分與植物健康產品的銷售較高，成長型產品組合的表現顯著優於核心產品組合。第一季 EBITDA 為 7,200 萬美元，較我們指引區間上緣高出 1,700 萬美元，主要因匯率、成本與銷量皆優於預期。調整後每股虧損 0.23 美元，較指引中點好 0.15 美元，原因在於 EBITDA 較高。

Looking ahead to Q2, our financial outlook is listed on slide 7. We expect second-quarter revenue to be between $850 million and $900 million. A 17% decline at the midpoint is almost entirely due to lower sales to diamide partners and the removal of India. Excluding these two factors, the results would be similar to prior year as branded volume growth in most regions and the low single-digit FX tailwinds are offset by lower branded pricing due to a competitive market in our core products, as well as the brand Rynaxypyr pricing action.

展望第二季，我們的財務展望列於投影片 7。我們預期第二季營收介於 8.5 億至 9.0 億美元。以中點計算的 17% 下滑幾乎完全來自對二醯胺合作夥伴的銷售降低以及印度業務的剔除。若排除這兩項因素，由於多數地區品牌銷量成長與匯率帶來的低個位數順風，將被核心產品競爭市場導致的品牌定價下滑，以及 Rynaxypyr 品牌的定價措施所抵銷，結果將與去年同期相近。

Adjusted EBITDA is expected to be $130 million to $150 million, down 32% at the midpoint to prior year. Lower sales are driving the decline, partially offset by favorable costs. Adjusted earnings per sale is expected to be between $0.16 and $0.26. This represents a decline of 70% at the midpoint to prior year, due mainly to lower EBITDA and higher interest expense.

調整後 EBITDA 預期為 1.3 億至 1.5 億美元，以中點計算較去年同期下滑 32%。下滑主要由較低的銷售所驅動，部分由有利的成本所抵銷。調整後每股盈餘預期介於 0.16 至 0.26 美元。以中點計算較去年同期下滑 70%，主要因 EBITDA 較低及利息費用較高。

Turning to slide 8, our full-year 2026 financial guidance ranges are unchanged from our last call. Sales of $3.6 billion to $3.8 billion represents a decline of 5% at the midpoint as a mid-single-digit price decline and the removal of India sales are partially offset by the volume growth, including strong contribution from new products. EBITDA is expected to be $670 million to $730 million. At the midpoint, this is a 17% decline, mostly in the first half as lower price and the FX headwind are partially offset by lower cost and volume growth.

接著看投影片 8，我們 2026 全年財務指引區間與上次電話會議相比維持不變。銷售額 36 億至 38 億美元，以中點計算下滑 5%；其中，中個位數的價格下滑與印度銷售的剔除，部分被銷量成長（包含新產品的強勁貢獻）所抵銷。EBITDA 預期為 6.7 億至 7.3 億美元。以中點計算下滑 17%，主要發生在上半年，因較低價格與匯率逆風部分被較低成本與銷量成長所抵銷。

Adjusted EPS is expected to be $1.63 to $1.89, which is a 41% decline at the midpoint, mostly due to lower EBITDA and higher interest expense. We are maintaining our full-year guidance despite the increased uncertainty related to tariffs and the conflict in Iran. We are beginning to see higher energy, transportation, and petrochemical costs flow through the product costs. At the same time, current tariffs are lower and there is potential to recover previously paid tariffs.

調整後 EPS 預期為 1.63 至 1.89 美元，以中點計算下滑 41%，主要因 EBITDA 較低及利息費用較高。儘管與關稅及伊朗衝突相關的不確定性增加，我們仍維持全年指引。我們開始看到較高的能源、運輸與石化成本逐步反映在產品成本中。同時，目前關稅較低，且有機會收回先前已支付的關稅。

At this stage, it remains difficult to forecast product cost or the magnitude and timing of future tariffs impact or recoveries, given the uncertainty around the duration of the conflict in Iran and potential additional US trade actions. As a result, we are currently assuming that the Iran-related cost pressure and tariff-related benefits largely offset each other. We expect to provide an updated outlook at our next earnings score as we gain greater clarity on how these factors may affect full-year results.

在此階段，鑑於伊朗衝突持續時間的不確定性以及美國可能採取額外貿易行動，仍難以預測產品成本，或未來關稅影響／回收的幅度與時點。因此，我們目前假設與伊朗相關的成本壓力與關稅相關的利益大致相互抵銷。隨著我們對這些因素可能如何影響全年結果有更清晰的掌握，我們預期在下一次財報電話會議提供更新的展望。

Slide 9 provides our implied second-half guidance using our first-quarter results and our second-quarter outlook. At the midpoint, we are expecting sales and EBITDA to be largely consistent with last year's second-half. Sales, excluding India, are expected to be up 1% at the midpoint versus last year, with volume growth outpacing a mid-single-digit price decline and a minor FX headwind.

投影片 9 依據第一季結果與第二季展望，提供我們推導出的下半年指引。以中點計算，我們預期銷售與 EBITDA 大致與去年下半年一致。銷售（不含印度）以中點計算預期較去年成長 1%，其中銷量成長將超過中個位數的價格下滑與輕微的匯率逆風。

EBITDA is expected to decline 6% at the midpoint as lower price and minor effects and wins are partially offset by volume growth and lower costs. Adjusted EPS is expected to be down 15% due to lower EBITDA, higher tax, and higher interest expense.

EBITDA 以中點計算預期下滑 6%，因較低價格以及輕微的匯率影響與不利因素，部分被銷量成長與較低成本所抵銷。調整後 EPS 預期下滑 15%，原因為 EBITDA 較低、稅負較高以及利息費用較高。

Turning to slide 10, I'll walk through the key factors bridging second-half 2025 EBITDA to 2026 and why we are confident in our expectations for the second half. We expect volume contribution to EBITDA to grow with roughly two-thirds driven by new active ingredients, particularly in LatAm and EMEA. We anticipate the mean single-digit price decline, which is consistent across the full year. An FX headwind is expected to be mostly offset by cost favorability.

接著看投影片 10，我將說明把 2025 年下半年 EBITDA 銜接到 2026 年的關鍵因素，以及我們為何對下半年展望有信心。我們預期銷量對 EBITDA 的貢獻將成長，其中約三分之二由新活性成分帶動，特別是在拉丁美洲與 EMEA。我們預期中個位數的價格下滑，且全年趨勢一致。預期匯率逆風將大多被成本有利因素所抵銷。

Our expectations for the second-half volume growth are reinforced by positive signals we are seeing in LatAm. At the end of April, we already have orders representing 32% of our H2 direct sales in Brazil, which validates our confidence in the second-half outlook. By the end of June, we are expecting orders representing about half of second-half direct sales. We have a higher percentage of commitment on a higher sales number versus last year, reflecting the impact of the new direct sales organization put in place in 2025, which is now in full action.

我們對下半年銷量成長的預期，受到我們在拉丁美洲看到的正向訊號所支持。截至 4 月底，我們在巴西已取得的訂單相當於下半年巴西直銷額的 32%，這驗證了我們對下半年展望的信心。到 6 月底，我們預期訂單將約占下半年直銷額的一半。相較去年，在更高的銷售規模下，我們取得更高比例的承諾，反映 2025 年建立的新直銷組織所帶來的影響，且目前已全面運作。

The positive signals we are seeing in LatAm, combined with the demand for new active ingredients, give us confidence in achieving our [summer health targets]. By the end of Q2, we also expect to have more clarity on a review of strategic options as well as debt paydown progress. We anticipate communicating these updates at next earnings call.

我們在拉丁美洲看到的正向訊號，加上對新活性成分的需求，使我們有信心達成我們的[summer health targets]。在第二季末，我們也預期能更清楚掌握策略選項的檢視以及償債進度。我們預期在下一次財報電話會議溝通這些更新。

I will now turn the call over to Andrew.

我現在把電話會議交給 Andrew。

Thanks, Pierre. I'll start this morning with a few income statement items. First-quarter sales benefited from a 5% currency tailwind, primarily coming from strengthening of the euro and the Brazilian riyal. As we progress through 2026, we expect FX to move from being a tailwind in the first half to being a minor headwind in the second half, resulting in an FX impact on revenue for the full year that is roughly neutral.

謝謝你，Pierre。我今天早上先從幾個損益表項目開始。第一季銷售受惠於 5% 的匯率順風，主要來自歐元與巴西里亞爾走強。隨著 2026 年推進，我們預期匯率將從上半年的順風轉為下半年的輕微逆風，使得全年匯率對營收的影響大致持平。

First-quarter interest expense of $64.8 million was up $14.7 million. This increase is driven by two factors: a higher rate on the subordinated debt we issued last May and higher short-term domestic borrowing costs. We continue to expect full-year 2026 interest expense to be in the range of $255 million to $275 million, up approximately $25 million versus the prior year at the midpoint due to higher borrowing costs of our senior and subordinated notes following the redemption of the notes maturing in October of '26.

第一季利息費用為 6,480 萬美元，增加 1,470 萬美元。此增幅由兩項因素驅動：我們去年 5 月發行的次順位債務利率較高，以及國內短期借款成本較高。我們仍預期 2026 全年利息費用介於 2.55 億至 2.75 億美元，以中點計算較去年增加約 2,500 萬美元，原因在於贖回 2026 年 10 月到期票據後，我們的優先票據與次順位票據借款成本上升。

We continue to expect depreciation and amortization for full-year 2026 to be between $160 million and $170 million. The effective tax rate on adjusted earnings in Q1 was 17%, in line with our expected full-year effective tax rate of 16% to 18%.

我們仍預期 2026 全年折舊與攤銷介於 1.6 億至 1.7 億美元。第一季調整後盈餘的有效稅率為 17%，符合我們預期的全年有效稅率 16% 至 18%。

Moving next to the balance sheet and leverage, we ended the first quarter with gross debt of approximately $4.5 billion, up $459 million from year-end. Cash on hand decreased $194 million to $391 million, resulting in net debt of approximately $4.1 billion, up $652 million from year-end, consistent with our normal seasonal working capital build. Gross debt to trailing 12-month EBITDA was 5.7 times at quarter-end, while net debt to EBITDA was 5.2 times.

接著看資產負債表與槓桿，我們在第一季結束時的總負債約為45億美元，較年末增加4.59億美元。手上現金減少1.94億美元至3.91億美元，使得淨負債約為41億美元，較年末增加6.52億美元，符合我們正常的季節性營運資金增加。截至季末，總負債對過去12個月EBITDA為5.7倍，而淨負債對EBITDA為5.2倍。

We've continued to work with our bank group to further evolve our revolving credit facility to be more in line with our current credit ratings. On April 16, a further amendment to the revolver became effective. This amendment transitions the revolver to being fully secured, moving away from the springing collateral concept included in the prior amendment.

我們持續與銀行團合作，進一步調整我們的循環信用額度，使其更符合我們目前的信用評等。4月16日，循環額度的進一步修訂生效。此修訂使循環額度轉為完全擔保，並不再採用先前修訂中所包含的「觸發式擔保」（springing collateral）概念。

The amended agreement maintains the current capacity of $2 billion and the current maturity of June 2028. We added a collateral package to secure revolver lenders worth approximately $6 billion through direct liens and up to approximately $9 billion, including subsidiary guarantees and pledges of stock of subsidiaries. As a result, we are substantially over-collateralized.

修訂後的協議維持目前20億美元的額度規模，以及2028年6月到期日不變。我們新增一套擔保品組合，透過直接留置權提供約60億美元以擔保循環額度貸方，若加計子公司保證與子公司股權質押，最高約可達90億美元。因此，我們的擔保覆蓋程度顯著超額。

With the latest amendment, we now have two maximum leverage covenants. The first is maximum allowable total leverage, which considers all of FMC's outstanding debt. This total leverage covenant will not be measured until December 31, 2026, when it will be reinstated at 6.75 times through December 31, 2027.

在最新修訂下，我們現在有兩項最高槓桿比率的財務約束條款（covenants）。第一項是允許的最高總槓桿，涵蓋FMC所有未償債務。此總槓桿條款在2026年12月31日之前不會進行衡量，屆時將恢復適用，並在2026年12月31日至2027年12月31日期間維持6.75倍的上限。

The second is the newly added secured leverage covenant, which limits the amount of secured borrowing allowable to 3.5 times trailing 12-month EBITDA over the life of the credit agreement. On March 31, our secured leverage would have been about 1.3 times, well below the new covenant.

第二項是新增的擔保槓桿條款，於整個信貸協議期間，將可允許的擔保借款金額限制在過去12個月EBITDA的3.5倍以內。截至3月31日，我們的擔保槓桿約為1.3倍，遠低於新的條款上限。

To be clear, while the maximum total leverage covenant was technically waived for the first quarter, we were in compliance with the previous covenant. Total leverage was 5.67 times at March 31, as compared to the prior total leverage covenant limit of 6.0 times. We are appreciative of the 100% support from our bank group for these changes.

需要說明的是，雖然最高總槓桿條款在第一季技術上被豁免，但我們仍符合先前條款的要求。截至3月31日，總槓桿為5.67倍，低於先前總槓桿條款6.0倍的上限。我們感謝銀行團對這些變更提供100%的支持。

We intend to go to market this quarter with a secured high-yield bond offering to redeem $500 million of notes that mature in October, market conditions permitting. Should market conditions turn unfavorable, we have more than adequate available liquidity to redeem the maturing notes if necessary. As we move through the rest of 2026, we will use all proceeds from asset disposals, licensing agreements, real estate opportunities, et cetera, to pay down debt.

在市場狀況允許的前提下，我們計畫於本季進入市場發行擔保型高收益債券，以贖回將於10月到期的5億美元票據。若市場狀況轉為不利，我們也擁有充足的可用流動性，必要時可贖回到期票據。在2026年剩餘期間，我們將把資產處分、授權協議、不動產機會等所取得的所有款項用於償還債務。

Moving on to free cash flow in slide 11, free cash flow in the first quarter was negative $628 million, $32 million lower than the prior-year period. Lower EBITDA drove a decline in cash from operations year over year, which was only partially offset by lower capital spending.

接著看第11頁的自由現金流，第一季自由現金流為負6.28億美元，較去年同期少3,200萬美元。EBITDA較低導致營運活動現金流年減，而較低的資本支出僅能部分抵銷。

We continue to expect free cash flow for 2026 to be in the range of negative $65 million to positive $65 million or breakeven at the midpoint. This includes approximately $150 million in restructuring cash spending. Compared to the prior year, lower EBITDA, higher restructuring spending, higher cash interest expense, and modestly higher capital expense are expected to be offset by improved working capital performance in the ongoing business, the liquidation of India working capital, and lower cash taxes.

我們仍預期2026年自由現金流將落在負6,500萬美元至正6,500萬美元之間，中點約為損益兩平。其中包含約1.5億美元的重整相關現金支出。相較去年，較低的EBITDA、較高的重整支出、較高的現金利息費用，以及略高的資本支出，預期將由持續經營業務的營運資金表現改善、印度營運資金的清算，以及較低的現金稅負所抵銷。

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

接下來我把電話交回給Pierre。

Thank you, Andrew. I'll close by simply saying that we remain focused on improving the business and results through the four operational priorities. I am happy with the progress we have made so far, and I expect that starting 2027, we will see more meaningful benefits reflected in our sales, earnings, and balance sheet.

謝謝你，Andrew。最後我想簡單說，我們仍專注於透過四項營運優先事項來改善業務與成果。我對目前取得的進展感到滿意，並預期自2027年起，我們將在銷售、獲利與資產負債表上看到更具實質意義的效益反映。

Based on the actions we are taking. I believe the first half will represent an earnings strength for the business with higher sequential earnings in the second half of this year, followed by improved full-year results in 2027 and 2028.

基於我們正在採取的行動。我相信上半年將呈現公司獲利的強勢表現，而今年下半年獲利將逐季走高，並在2027年與2028年帶來更佳的全年成果。

With that, we are happy to take your questions.

接下來，我們很樂意回答各位的問題。

(Operator Instructions) Mike Sison, Wells Fargo.

(接線員指示) Wells Fargo 的 Mike Sison。

Hey, good morning, guys. Good start to the year. Pierre, you gave good detail on your second-half outlook. Where do you think the biggest challenges are going to be to sort of hit that? Obviously, Brazil is going to be the biggest part of that. And then I'm just curious, it sounded like you were more confident in racking up orders for the second half. Maybe a little bit more color on the new sales organization and why those orders are coming in maybe better than last year. Thank you.

各位早安。今年開局不錯。Pierre，你對下半年展望提供了很好的細節。你認為要達成該目標最大的挑戰會是什麼？顯然巴西會是其中最重要的一部分。另外我也好奇，聽起來你對下半年接單更有信心。能否再多談一些新的銷售組織，以及為什麼這些訂單的進來情況可能比去年更好。謝謝。

Yes, thanks, Mike. Let me try to do one thing because I think that maybe the best way to explain H2 is to tell why we do expect such a ramp up coming from H1 and what are the very key drivers. So I'm going to try to put that into a few buckets and tell you why we are confident.

好的，謝謝你，Mike。我先嘗試做一件事，因為我認為解釋下半年（H2）最好的方式，或許是說明為什麼我們預期會從上半年（H1）出現這樣的拉升，以及最關鍵的驅動因素是什麼。所以我會把它歸納成幾個面向，並告訴你我們為何有信心。

I'm going to take -- if you think about it, a forecast in H2 at the midpoint is about $425 million of sales improvement in H2 versus H1. So I'm going to try to take the three main buckets, allowing us to have the expectation of this $425 million increase. The first one is the non-diamide core. We are expecting $150 million to $200 million of improvement, and the main driver is direct sales in Brazil.

如果你這樣想，下半年在中點的預測，相較上半年約有4.25億美元的銷售改善。因此我會用三個主要面向來說明，為何我們預期能增加這4.25億美元。第一個是非二醯胺（non-diamide）核心業務。我們預期改善1.5億至2億美元，主要驅動因素是巴西的直銷。

As I said in prepared comments, we already have a very significant number of orders in hand. By the middle of the year, we should have half of the orders required to deliver our H2 number in Brazil, and that is because the new sales organization is now fully in action. Remember last year, we made that decision. That organization was ready to act by April, May. But as you can see with the numbers we are giving of the orders we have in hand, we missed a big part of the season, not this year, and our orders in hand are already much higher than last year on a much bigger target number.

如同我在事先準備的發言中所說，我們手上已經有相當可觀的訂單量。到年中時，我們應該能取得在巴西交付下半年目標所需訂單的一半，這是因為新的銷售組織現在已全面運作。請記得去年我們做了那個決定。該組織在4月、5月才準備好開始行動。但從我們目前提供的在手訂單數字可以看到，我們去年錯過了旺季的一大部分；今年不會如此，而且在目標數字更高的情況下，我們目前的在手訂單已遠高於去年。

Number two of the improvement, but about $50 million to $80 million in Rynaxypyr. Number-one driver, and we see that every year, there is nothing new to it, it's always the same sequence, there is significantly less partner headwind in the second half than what we see in the first half. We also have a stronger branded performance in the second half.

第二個改善來源是Rynaxypyr，約5,000萬至8,000萬美元。第一大驅動因素，而且我們每年都看到、並沒有什麼新意，總是同樣的節奏：下半年來自合作夥伴的逆風顯著小於上半年。我們在下半年的品牌表現也更強。

And the last one, the third one, maybe the most important is our new active ingredients, which are accounting for about $175 million to $200 million, mostly LatAm, North America, but also remember the cereal season in the EMEA. In Great Britain, where we sell Isoflex is in the third quarter. So non-dyamide core, [$150 million to $200 million]; Rynaxypyr, mostly with the less headwind from partners, [$50 million to $80 million]; and new AIs, about [$175 million to $200 million].

最後第三個、也許最重要的是我們的新有效成分（AIs），約貢獻1.75億至2億美元，主要來自拉丁美洲、北美，但也別忘了歐洲、中東與非洲（EMEA）的穀物季。在英國，我們銷售Isoflex的時間是在第三季。因此，非二醯胺核心業務，[1.5億至2億美元]；Rynaxypyr，主要是合作夥伴逆風減少，[5,000萬至8,000萬美元]；以及新有效成分，約[1.75億至2億美元]。

On the, AI it's very consistent with what we are seeing in the first quarter in terms of demand. Now that gives you a range of [$375 million to $480 million] for a guidance of [$425 million]. Puts and takes obviously will not be everything at the low end or at the high end, and we do have growth expected in Cyazypyr and plant health. So that gives us a comfortable range versus a targeted number.

關於 AI，這與我們在第一季所看到的需求情況非常一致。因此，這會給你一個介於[3.75 億美元至 4.80 億美元]的區間，對應的指引為[4.25 億美元]。當然，上下變動不會全部落在區間低端或高端，而且我們預期 Cyazypyr 與植物健康業務會有成長。因此，相較於一個目標數字，這讓我們有一個更安心的區間。

If I would do the H2 to H2 '25-'26, that's a very simple story. That's what we had in the prepared remarks. Basically, direct sales are the driver with new active ingredients, and that's offset by FX and price. So Mike, that's about as precisely as I can do of a bridge with much higher level of confidence in each of those three buckets with what we are seeing right now.

如果我把 H2 對 H2 的 '25-'26 做比較，那就是一個非常簡單的故事。這也是我們在事先準備的講稿裡提到的。基本上，直銷在新有效成分的帶動下是主要驅動力，而外匯與價格則形成抵銷。所以，Mike，這大概就是我能做出的最精準的橋接；就我們目前所看到的情況而言，我對這三個項目各自的判斷都有更高層級的信心。

Duffy Fischer, Goldman Sachs.

Duffy Fischer，高盛。

Yes, great. Thanks, guys. So question on Rynaxypyr, and in particular, the partner sales. I think you've talked about that being $200 million in revenue, which for the company would, let's say, be 5% or 6% of total sales. But last year on Q1, your price was down 9% and you called out partner sales as being half of that. You also called out this Q1, partner sales being half of your price decline of 6%.

是的，很好。謝謝，各位。我想問 Rynaxypyr，特別是合作夥伴銷售的部分。我記得你們談過那大約是 2 億美元的營收，對公司而言，假設約占總銷售的 5% 或 6%。但去年第一季，你們的價格下滑 9%，並指出合作夥伴銷售約占其中一半。而你們也提到今年第一季，合作夥伴銷售約占你們 6% 價格下滑的一半。

So it seems like collectively on a two-year stack, that's been like 7% of total company sales price down on something that's like only 6% or 7% of the company's sales. So the math doesn't triangulate for me at least. So can you talk about how big was that partner sales at the peak? How big is it on the run rate today? And roughly, how much has the price fallen for partner sales in particular?

所以看起來合併兩年來看，這相當於公司總銷售價格下滑約 7%，但這項業務本身只占公司銷售約 6% 或 7%。所以至少對我而言，這個數學關係對不上。你們能否談談合作夥伴銷售在高峰時有多大？目前的常態化（run rate）規模有多大？以及大致上，合作夥伴銷售這一塊的價格到底下跌了多少？

Yes, I'm trying to reconcile those numbers, especially using '25 to '26. That's the easiest comparison. First, in '25 versus '24, remember, that's where we had the highest price drop because that is the time when we had the highest cost reduction in the manufacturing of Rynaxypyr. So we're still seeing an impact as we continue to lower price, but less in '26 than it was in '25. We do expect to keep on reducing costs in '27, so you will also see price down on partner sales, but it will be even less than it is this year.

是的，我也在嘗試把這些數字對起來，尤其用 '25 對 '26 來看。那是最容易比較的。首先，'25 相較 '24，請記得那是我們價格降幅最大的時期，因為那段時間我們在 Rynaxypyr 製造端的成本降幅也最大。所以，隨著我們持續降價，我們仍然看到影響，但 '26 的影響會比 '25 小。我們確實預期 '27 仍會持續降成本，因此你也會看到合作夥伴銷售的價格下滑，但幅度會比今年更小。

From a size standpoint, maybe to summarize, if you remember what we said last year, total Rynaxypyr sales were about $800 million, and that was made of $600 million of branded sales and about $200 million of partner sales. If we look at 2026, we are forecasting $700 million of Rynaxypyr sales. That will be $600 million of branded Rynaxypyr, flat number versus $25 million, but partner sales decreasing to a number lower than $100 million.

就規模而言，或許總結一下：如果你還記得我們去年說過的，Rynaxypyr 的總銷售約為 8 億美元，其中 6 億美元是品牌銷售，約 2 億美元是合作夥伴銷售。如果看 2026 年，我們預測 Rynaxypyr 銷售為 7 億美元。其中品牌 Rynaxypyr 會是 6 億美元，與 '25 年相比持平；而合作夥伴銷售則會下降到低於 1 億美元的水準。

So as you can see, partner sales because of price and also volume are going to be accounting in '26 for less than half of what it was last year. We believe that is a trend we're going to keep on seeing. At this point, the partner sales, $100 million going down next year is going to be a very small part of our company.

所以你可以看到，由於價格以及銷量的因素，'26 年合作夥伴銷售的貢獻將不到去年的一半。我們認為這個趨勢會持續。就目前而言，合作夥伴銷售從 1 億美元再往下走到明年，對我們公司來說將會是非常小的一部分。

And regarding the brand sales, I think we believe that our earnings for this year will be similar to prior year on similar sales. And that's what we are seeing right now is, in fact, as we were expecting, the volume gain, the improved mix, as I said in the prepared comment, a significant move toward high-end mixtures and high load with the new pricing, lower pricing, the cost reduction compensates for the lower price. So flat branded sales at $600 million, flat earnings for branded Rynaxypyr is the target for this year, partner sales going from $200 million to $100 million.

至於品牌銷售，我們認為今年在相近的銷售水準下，獲利會與去年相近。而我們現在看到的確實是如此：如同我們預期，銷量增加、組合改善；正如我在事先準備的評論中所說，產品明顯轉向高端混配與高含量（high load），在新的定價、較低的價格之下，成本下降足以補償較低的售價。因此，今年的目標是品牌銷售持平在 6 億美元、品牌 Rynaxypyr 的獲利持平；合作夥伴銷售則從 2 億美元降至 1 億美元。

Josh Spector, UBS.

Josh Spector，瑞銀。

Yes, hi, good morning. I'm curious if you could talk a little bit about your views around input costs and what that means, particularly out of Asia broadly for your second half and fourth quarter. Is that something that you're going to have to get additional pricing for to offset this year, or is that more of a 2027 event? And I'm honestly not sure that if generic prices are going up and maybe supply is more constrained. Is that a risk or an opportunity for you in the second half? Thank you.

是的，嗨，早安。我想請你們談談對投入成本的看法，以及這對下半年、特別是第四季（廣泛而言，尤其是來自亞洲）的意涵。這是否會是你們今年需要透過額外漲價來抵消的因素，還是比較像是 2027 年才會發生的事件？另外我也不太確定：如果學名藥（generic）價格正在上升、供應可能更受限，那對你們下半年而言是風險還是機會？謝謝。

Thanks, Josh. Listen, we talked a lot about that when we are doing the forecast for the second half, and we felt we do not have enough information on the future impact on inputs for business. I mean, we all know the situation for fertilizers, but for crop protection today, we are seeing some impact of the Iran War. We have impact at the level of the transportation, distribution, delays plus cost. There is higher energy cost in some of the plants, especially in India. And we are seeing some of the raw material price increase.

謝謝，Josh。聽著，我們在做下半年預測時已經談了很多，但我們覺得對於投入成本未來對業務的影響，目前資訊仍不足。我的意思是，我們都知道肥料的情況；但就目前的作物保護而言，我們看到伊朗戰爭帶來一些影響。在運輸、配送層面有影響，包含延誤與成本增加。部分工廠的能源成本更高，尤其在印度。我們也看到部分原物料價格上升。

But at this stage, we've put a number in a forecast but left it not at a significant level. It's very hard. If the war stopped in the next few weeks, we believe the impact on us will be fairly minor. If it lasts for a long time, then that's going to be another story, but we do not have enough information. So at this stage, we're looking at the impact being pretty muted. We see some impact, but nothing major. We're going to have to be watching very carefully how it's evolving depending upon the length of the conflict.

但在這個階段，我們在預測中放入了一個數字，但並未把它設得很顯著。這非常難判斷。如果戰爭在接下來幾週內停止，我們認為對我們的影響會相當有限。如果持續很長時間，那就會是另一個故事，但我們目前沒有足夠資訊。所以在此階段，我們認為影響會相對溫和。我們確實看到一些影響，但沒有什麼重大變化。我們必須非常密切地觀察其演變，取決於衝突持續的時間長短。

Regarding generics, there is two aspects. One is the information we are getting, the data we are given and what we see on the market. What we see on the market is pricing from generic leveling off. We do not have this pricing spiral down that we've seen over the last two years. So it seems like we are at a time at the market level where we are seeing the stable situation.

關於學名藥，有兩個面向。一個是我們收到的資訊、提供給我們的數據，以及我們在市場上看到的情況。我們在市場上看到的是，學名藥的定價正在趨於持平。我們沒有看到過去兩年那種價格螺旋式下跌。所以看起來在市場層面，我們正處於一個相對穩定的階段。

Now information we have would tend to prove that there could be or there should be a price increase in the second half. We have not factored that in our H2 forecast because it's not reached the market yet. For example, I'm sure you've seen the announcement on Rynaxypyr moving from the low 20s to $47 to $50 a kilogram.

而我們掌握的資訊則傾向於證明，下半年可能會、或應該會出現價格上漲。但我們尚未把這點納入下半年（H2）預測，因為它還沒有真正反映到市場上。例如，我相信你已經看到關於 Rynaxypyr 的公告，價格從 20 美元出頭上調到每公斤 47 至 50 美元。

Those are information which have not yet reached the market. We have not seen a significant jump, but all indication on exports and local pricing is that they are moving up. So to answer your question, we have not factored anything in the forecast, neither in terms of opportunity due to pricing of generics or significant impacts of the war.

那些是尚未傳到市場的資訊。我們尚未看到顯著的跳升，但所有關於出口與本地定價的跡象都顯示它們正在上行。因此回答你的問題，我們在預測中尚未納入任何因素，無論是因學名藥定價帶來的機會，或是戰爭造成的重大影響。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

Thank you. Pierre, you mentioned potential other assets for sale. You spoke about real estate. Is there anything else within the FMC portfolio? I don't know, plant health, just to throw something out there. What else are you thinking of monetizing? And can you give us an order of magnitude of roughly what you think potential proceeds could be? And if you could give us a little description of some of the non-core real estate or other types of assets, so just we can have an understanding of what you're looking at. Thank you.

謝謝。Pierre，你提到可能還有其他資產可出售。你談到不動產。FMC 的產品組合裡還有其他東西嗎？我不知道，例如植物健康之類的，只是隨便舉個例。你還在考慮將哪些項目變現？你能否給我們一個大致的量級，說明你認為潛在的處分收益可能是多少？另外，如果你能稍微描述一下部分非核心不動產或其他類型的資產，讓我們了解你在看哪些標的。謝謝。

Yes. I'm going to give you as much detail as I can because, of course, negotiations being ongoing. They are confidential as much the requests of the people with whom are negotiating than for us. But basically, where we are today, on the target of $1 billion.

好的。我會在我能提供的範圍內給你盡可能多的細節，因為當然談判仍在進行中。基於我們正在談判的對象的要求以及我們自身的考量，這些內容都屬於機密。但基本上，就我們目前的狀況而言，目標是 10 億美元。

Number one is, as I said, is India. We are expecting to close on the India deal in the month of May. We are very advanced. There is not that many issues remaining. We have a few players still in the race, but we are weeks, maybe days away from signing an agreement. That's number one. Regarding the licensing of an active ingredient, we are in negotiation with multiple parties. We also -- it's a matter of weeks before we make a decision which partner to go with. The negotiations are ongoing.

第一，如我所說，是印度。我們預期在 5 月完成印度這筆交易的交割。我們已經進展到非常後期。剩下的問題不多。仍有少數競爭者在角逐，但我們距離簽署協議只剩幾週，甚至可能是幾天。這是第一項。至於某個有效成分的授權，我們正在與多方洽談。我們也——再過幾週就會決定要與哪一家夥伴合作。談判仍在進行中。

Then there is some -- we've been establishing a list of molecules, which are non-core forests but which are of significant interest to some companies, either because of the market they serve or because they have a specific strength in some crops where we do not play. So we have a few of those, which are right now a few molecules, which are right now in negotiation.

接著還有一些——我們一直在建立一份分子清單，這些分子屬於非核心資產，但對某些公司具有相當大的吸引力，可能是因為它們所服務的市場，或是因為它們在某些作物上有特定優勢，而我們並未涉足。因此我們有幾個這樣的項目，目前有幾個分子正在談判中。

And finally, we do have a few negotiations which are going on, and some are quite advanced on real estate deal, which would be sale and leaseback of sites we have where, first of all, we do not need to own them. Second of all, it's easier to lease back. And third of all, they are much bigger than what we would need. If I put all of these together and I'm only listing the things which are in active negotiation and will advance, we have about line of sight to $700 million, about 70% of our target. That's what is currently in a very active negotiation.

最後，我們確實也有幾項談判正在進行，其中一些不動產交易已相當成熟，將以售後回租的方式處理我們持有的場址；首先，我們不需要擁有這些資產。其次，回租更容易。第三，這些場址的規模遠大於我們實際所需。如果把這些全部加總，而且我只列出那些正在積極談判且會持續推進的項目，我們目前大約可望看到 7 億美元的可見度，約占目標的 70%。這些就是目前正在非常積極談判中的項目。

Mike Harrison, Seaport Research Partners.

Mike Harrison，Seaport Research Partners。

Hi, good morning. I was hoping, Pierre, that you could talk a little bit more about what you're seeing with Rynaxypyr taking share from other classes of insecticides. I know the strategy that you guys put in place by trying to reduce costs and take the price lower to make it more competitive. But maybe just give a little more detail on which specific classes you're seeing some share gains from, and if that gives you confidence that you're going to see further traction with that strategy.

嗨，早安。Pierre，我希望你能再多談一點你們看到 Rynaxypyr 從其他類別殺蟲劑手中搶占市占的情況。我知道你們採取的策略是試圖降低成本並下調價格，使其更具競爭力。但能否再多提供一些細節，具體是從哪些類別看到市占提升？以及這是否讓你更有信心該策略會帶來進一步的成效？

Yes. You will understand I'm going to be a little bit discreet around which specific class of insecticide because that would be talking directly to the competitors who are leading those leaders in those different type of insecticide, but yes. We have seen that actually the only place where we are seeing concrete results right now of the extension of sales into different type of insecticide for Q1 is in North America.

是的。你會理解，我會對具體是哪一類殺蟲劑稍微保留一些，因為那等於直接對在那些不同類型殺蟲劑領域居於領先地位的競爭對手喊話；但答案是肯定的。我們看到目前第一季在「把銷售延伸到不同類型殺蟲劑」方面，唯一出現具體成果的地區是在北美。

Indications we have is with what a sales force right now, with a new pricing is targeting is a strong level of confidence that this is going to work, but North America was the place where we saw that the most in the first quarter. Now it's early stage. Lots of players are taking a wait-and-see attitude. So the real proof of how well our Rynaxypyr strategy is working will be in Q3 and Q4. But yes, we have actual sales we have taken from other class of insecticide.

我們目前的跡象顯示，銷售團隊以新定價所鎖定的方向，讓我們對這項策略會奏效有很高的信心，但北美是第一季最明顯看到這點的地方。不過這仍是早期階段。許多參與者仍採取觀望態度。因此，Rynaxypyr 策略成效的真正驗證會在第三季與第四季。但確實，我們已經從其他類別的殺蟲劑那裡拿到實際的銷售。

The other thing which is going very well and maybe a bit better than we're expecting is the mix. With the new pricing we have for Rynaxypyr, we are seeing more and more of the growers moving toward the high-end part of our portfolio. Those are the high load and those are the advanced mixture.

另一個進展非常好、甚至可能比我們預期更好的，是產品組合的結構（mix）。在 Rynaxypyr 的新定價下，我們看到越來越多種植戶轉向我們產品組合中高階的部分。那是高含量（high load）以及先進的混配（advanced mixture）產品。

Now it's always the same. It's Q1. It's not the biggest quarter for Rynaxypyr. It's an early stage, but I would say that the percentage of sales in the new mix for advanced technology is higher than we're expecting, which is very positive for us because it's despite the lower price still a place where we have a solid price premium. I'd say in the first quarter, about half of the sales moved toward the high-end part of the portfolio.

一如往常，這是第一季。第一季並不是 Rynaxypyr 最大的季度。仍屬早期階段，但我會說，採用先進技術的新配方組合的銷售占比高於我們預期，這對我們非常正面，因為即使價格較低，這一塊我們仍有穩固的溢價能力。我會說第一季大約有一半的銷售轉向了產品組合的高階部分。

Chris Parkinson, Wolfe Research.

Chris Parkinson，Wolfe Research。

Thank you so muich. Pierre, I'd really like to dive a little bit more into some of the new products, which haven't necessarily been the greatest focus but seem to be progressing pretty well, beginning with Isoflex with the new registration and the kind of the tangible market opportunity, can you just kind of give a framework on how you're thinking about the initial opportunity as well as kind of the longer-term opportunity there?

非常感謝。Pierre，我很想再更深入談談一些新產品。這些產品未必一直是最大的焦點，但看起來進展相當不錯。先從 Isoflex 開始：在新的登記核准之後，以及可具體落地的市場機會方面，你能否提供一個思考框架，說明你如何看待初期機會以及較長期的機會？

And then understanding that, Brazil is obviously challenging for pretty much everybody at the end of last season. What's the update on Fluindapyr in terms of how your order book that you've been referencing, the progress paired? How does Fluindapyr fit into that as well? Thank you so much.

另外，考量到巴西在上一季末對幾乎所有人而言都很具挑戰性。關於 Fluindapyr，你之前提到的訂單簿進展如何？最新狀況是什麼？Fluindapyr 在其中又是如何定位與融入的？非常感謝。

Thanks. Listen, Isoflex is going to be a very critical product. Obviously, in Latin America, but it's going to be a very critical product in Europe. We believe that in not too long, that's what our team in Europe would say. Isoflex will be very quickly bigger than Rynaxypyr and Cyazypyr together.

謝謝。聽著，Isoflex 會是一個非常關鍵的產品。顯然在拉丁美洲如此，但在歐洲也會是非常關鍵的產品。我們相信在不久的將來——這也是我們歐洲團隊的看法——Isoflex 很快就會比 Rynaxypyr 和 Cyazypyr 加起來還要大。

Where are we on Isoflex? And that's the process which is a bit more complicated in Europe is, first, you need to obtain the registration of the active in the EU, which we just got a few weeks ago. So that's a very important step because only when you have that step, you can start to get registration for the product you would sell in each of the countries, the formulation you would sell in each of the countries.

Isoflex 目前進展到哪裡？而在歐洲，流程稍微更複雜：首先，你需要取得該有效成分在歐盟的登記核准，而我們幾週前剛拿到。這是非常重要的一步，因為只有完成這一步，你才能開始在各個國家取得你要銷售的產品登記，以及在各個國家要銷售的配方登記。

Great Britain is different. We obtained the registration for the formulation last year, and that's going to be the bulk of our sales in 2026. Now that being said, the product is working so well. We're going to have 100% of reorder and growth in Great Britain for this product, and our customers in multiple countries are asking for exemption to be able to use the product. So we don't know if that is going to happen on that.

英國的情況不同。我們去年取得了該配方的登記，而這將成為我們在2026年的主要銷售貢獻。話雖如此，這個產品的表現非常好。我們預期在英國，這個產品的再訂購率與成長將達到100%，而且我們在多個國家的客戶都在要求豁免，以便能夠使用該產品。因此我們不確定這件事是否會發生。

But all in all, going very well, confirming the performance of the product. And the target numbers we've been giving so far are being confirmed. There is no showstopper here. Fluindapyr, same thing. Fluindapyr is growing fast. The only limitation to growth of Fluindapyr, including in Brazil, is the registration process. We do have 19 right now pending registration, which, as we get them, it allows the product to grow.

但總體而言，進展非常順利，並且驗證了產品的表現。我們迄今提供的目標數字也正在被確認。這裡沒有任何致命阻礙。Fluindapyr 也是同樣情況。Fluindapyr 成長很快。Fluindapyr 的成長唯一限制（包括在巴西）是登記流程。我們目前有19項正在等待登記；隨著我們取得這些登記，產品就能進一步成長。

It's a part of the direct sales also, it's one of the driver for the success of the -- for direct sales in Brazil. So as I said, Rynaxypyr, we're going to have to see and wait on the Q3, Q4, we have a good level of confidence. Fluindapyr and new product, the level of confidence is higher. I mean, that's a -- the demand is very strong, so there is no issue here, only the speed at which we are getting the registration.

這也是直銷的一部分，也是巴西直銷成功的驅動因素之一。所以如我所說，Rynaxypyr 我們還得看並等待第三季、第四季的情況，我們有相當程度的信心。至於 Fluindapyr 和新產品，我們的信心更高。我的意思是——需求非常強勁，所以這裡沒有問題，唯一的問題只是我們取得登記的速度。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Thanks very much. In the first quarter, your prices on average were down 6%. If you exclude diamides, what would prices have done? And secondly, in the first quarter, were Cyazypyr prices up or down or flat?

非常感謝。第一季，你們的平均價格下跌了6%。如果排除二醯胺類（diamides），價格會是什麼表現？第二，第一季 Cyazypyr 的價格是上升、下降，還是持平？

Hey, Jeff, it's Andrew. I'll take that one. In first quarter, for the non-diamide products, prices were down in the low single-digits percent on data sales. We saw significant price reductions in branded Rynaxypyr and the partner Rynaxypyr business. But across the non-diamide core portfolio, which is the bulk of the rest of it, it's in the low single-digits.

嗨，Jeff，我是 Andrew。我來回答這題。第一季，就非二醯胺類產品而言，依據數據銷售（data sales），價格下跌了低個位數百分比。我們看到品牌 Rynaxypyr 以及合作夥伴的 Rynaxypyr 業務出現顯著的降價。但在非二醯胺核心產品組合（其餘大部分）方面，降幅屬於低個位數。

It was a very good quarter in terms of repositioning. Volume not great; we'll keep working that. But I think as we continue to improve competitiveness of those costs, you'll start to see improvement there for the non-diamide core portfolio. For Cyazypyr, prices were relatively flat, but we did see good volume growth, particularly in Europe. So it's been it was a good quarter for Cyazypyr.

就重新定位而言，這是一個非常好的季度。銷量不算理想；我們會持續努力改善。但我認為，隨著我們持續提升這些成本的競爭力，你會開始看到非二醯胺核心產品組合在那方面有所改善。至於 Cyazypyr，價格相對持平，但我們確實看到良好的銷量成長，尤其是在歐洲。所以這一季對 Cyazypyr 來說表現不錯。

Joel Jackson, BMO Capital Markets.

Joel Jackson，BMO 資本市場。

Following up on the partnering, the licensing deal you're trying to do for the one AI with the upfront payment, if I heard correctly, it's one AI that you're looking at getting something close. I imagine you're looking at all of your new AIs. Could you maybe -- if that's correct, could you maybe elaborate a little bit on why one particular AI seems more likely with partners wanting to license it, or is there something else happening, or just talk about that dynamically?

延續合作夥伴的問題，你們正在嘗試為某個 AI（有效成分）做一筆包含預付款的授權交易；如果我沒聽錯的話，你們正在針對一個 AI，談到接近成案的程度。我想你們也在評估所有新的 AI。如果上述理解正確，你能否多談一點：為什麼某一個特定 AI 看起來更可能被合作夥伴想要授權？還是有其他因素在發生？或請談談這個動態。

Yes. It is -- I'm going to give by answering that if you think about it more information maybe than I should, but actually, there is two different ways to think about licensing. When a product has full registration, you license the product or mixtures, but it's not a broad licensing of the molecule. For example, you take a product like Fluindapyr. Fluindapyr is a product for which we have the active being registered, and then people can develop formulations and get registration for formulation.

是的。我會回答這題——如果你仔細想，可能我提供的資訊比我應該提供的還多；但其實，對授權有兩種不同的思考方式。當一個產品已完成全面登記時，你授權的是產品或混配，但不是對該分子的廣泛授權。例如，以 Fluindapyr 這樣的產品來說。Fluindapyr 是我們正在為其有效成分辦理登記的產品，之後其他人可以開發配方並取得配方登記。

So for this kind of product, you go with multiple licensing as you see opportunities. So for example, Fluindapyr, we licensed part of the products to Bayer and to Corteva last year and Bayer two years ago. So it's a very different approach. When you have the most advanced technology for which one of your partner is very interested, it's a broader licensing, which is done because you don't have yet the registration. This work still needs to be done.

因此，對這類產品，你會在看到機會時進行多方授權。例如 Fluindapyr，我們去年將部分產品授權給拜耳（Bayer）與科迪華（Corteva），而拜耳是在兩年前就已授權。所以這是非常不同的做法。當你擁有最先進的技術、且某個合作夥伴非常感興趣時，授權會更為廣泛；之所以如此，是因為你尚未取得登記。這些工作仍需要完成。

So it's a full access to the molecule, but it's a very different type of approach because the product is not yet at a point of being commercial. So that's why if you think about a product, there is three products for which we have a significant number or start to have some registration and one which is steer away from commercialization and registration. It doesn't mean -- by no means does it say that we will not be licensing the other products, but it will most often be licensing without upfront payments. And the royalty is being paid as the product is being sold.

因此這是對該分子的全面使用權，但這是一種非常不同的方式，因為產品尚未達到可商業化的階段。所以如果你從產品角度來看，有三個產品我們已取得相當數量、或開始取得一些登記；另有一個則距離商業化與登記更遠。但這絕不表示我們不會授權其他產品；只是多數情況下會是沒有預付款的授權。而權利金會在產品銷售時支付。

Laurence Alexander, Jefferies.

Laurence Alexander，Jefferies。

So good morning. Just on the new product pipeline approvals, what do you need to see in the back half of this year to know that 2027 is on track? Which ones are still pending that you think are particularly important?

早安。關於新產品管線的核准，下半年你們需要看到什麼，才能確認2027年仍在軌道上？你認為哪些仍在等待核准、且特別重要？

I don't have the list on top of my mind. We have a roadmap with all of the registrations which need to happen for '27. As I say, the number is 19. We have the exact roadmap. We know exactly where they are for the products. I could not go through each of the country right now, but there is no place where we see specific delay which would concern us in terms of 2027 targets.

我腦中沒有那份清單。我們有一份路線圖，列出所有為了2027年所需要完成的登記。如我所說，數量是19項。我們有非常明確的路線圖。我們清楚知道各產品目前進展到哪裡。我現在無法逐一說明每個國家的情況，但我們沒有看到任何會讓我們對2027年目標感到擔憂的特定延遲。

Yes, I'll just build on that, Pierre. I think when you look at Fluindapyr, a lot of that growth will be growth with existing registrations in existing countries. As we've said, we've gotten pretty much all the registrations for the active ingredient Fluindapyr by country that we're targeting. So there's a lot more of introduction of new formulations and just penetration of those countries to drive growth from '27 to '26 with Fluindapyr.

是的，我再補充一下，Pierre。我認為就 Fluindapyr 而言，很多成長將來自既有國家、既有登記下的成長。如我們所說，針對我們鎖定的各國，Fluindapyr 的有效成分登記幾乎都已取得。因此，從2026到2027，將有更多新配方的導入，以及在這些國家的滲透率提升，來推動 Fluindapyr 的成長。

With Isoflex, it's really getting the product formulated product registrations in the EU. As Pierre commented earlier, we are seeing formal requests from growers in multiple European countries to try to get exemptions to use those products in advance of getting them fully registered. But certainly in '27, we would hope to have full product registrations for all of the Isoflex-based products for particularly EU 27 countries, and that's a big driver of growth.

至於 Isoflex，關鍵在於取得歐盟的配方產品登記。如 Pierre 先前提到的，我們看到多個歐洲國家的種植者正式提出申請，希望在完全登記之前，能透過豁免提前使用這些產品。但當然，在2027年，我們希望以 Isoflex 為基礎的所有產品，特別是在歐盟27國，都能取得完整的產品登記，而這將是成長的一大驅動力。

The only really other place where there's big growth in the new active ingredients, we do expect a little bit more growth from Dodhylex. We do anticipate a few new registrations for Dodhylex in 2027. It's not nearly on the same scale of year-on-year growth as the growth from Fluindapyr and Isoflex. So I think as we look to '27, it's really a continuation of the trend of Fluindapyr and Isoflex that will drive new active ingredient growth with a little extra spice thrown into the mix from first early introductions of Dodhylex in a few other countries.

新活性成分方面，真正另一個有顯著成長的領域，我們確實預期 Dodhylex 會有一些額外成長。我們也預期在 2027 年 Dodhylex 會有幾項新的登記核准。但其年對年成長規模，遠不及 Fluindapyr 與 Isoflex 的成長。因此我認為，展望 2027 年，推動新活性成分成長的，主要仍會是 Fluindapyr 與 Isoflex 的趨勢延續，另外再加上一點來自 Dodhylex 在少數其他國家初期導入的助力。

And as Andrew said, as we think about Fluindapyr, it's going to be mostly in North America and Latin America, and that's where we are getting -- we should be obtaining new formulation registration. Isoflex, we have the EU. It's all of the major countries where we should get early in 2027 the registration for Isoflex. And Dodhylex, it's registration in ADA. That's the -- for Dodhylex, I would say 90% of the market is in Asia. So that's where we are expecting and watching the new registration.

另外如 Andrew 所說，談到 Fluindapyr，主要會在北美與拉丁美洲，而我們也將在那裡取得——我們應該會取得新的配方登記。Isoflex 方面，我們有歐盟。在所有主要國家，我們應該會在 2027 年初取得 Isoflex 的登記核准。而 Dodhylex，則是在 ADA 的登記。也就是——就 Dodhylex 而言，我會說 90% 的市場在亞洲。因此我們預期並密切關注的新登記，會主要發生在那裡。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行。

Good morning. Yes. I am very far from being a tariff lawyer or anything like that, but is there any possibility that you get refunds that we're seeing kind of along the lines of some of these other companies that have been reporting that an opportunity set? And then you said you're seeing some positive signs on next improvement in Rynaxypyr in 1Q.

早安。是的。我離關稅律師或類似專業還差得很遠，但是否有任何可能性，讓你們能像我們看到其他一些公司所提到的那樣，獲得退款，形成某種機會集合？另外你提到在第一季看到 Rynaxypyr 下一步改善的一些正面跡象。

I'm assuming the hope is that continues in the second half. And ultimately, the point is it will be a bigger book of business in 2H. What drives the variance around the success of that 2H? Is it the same mix shift? Is there a risk that the price premium you have on the lower hand doesn't hold up in Brazil? How do we gauge the upside-downside of what this 2H might look like for Rynaxypyr.

我想希望是這種改善能在下半年延續。而最終重點是，下半年會是一個更大的業務量。那麼，影響下半年成功與否的差異因素是什麼？是同樣的產品組合轉移嗎？你們在較低端產品上的價格溢價，在巴西是否有無法維持的風險？我們該如何衡量 Rynaxypyr 下半年可能呈現的上行與下行？

Yes. Okay, let me start with tariffs and then I'll go to Rynaxypyr. Tariffs, I'm not a tariff lawyer either. There's two types of tariffs which we have paid. There's tariffs which have been -- what's it called?

是的。好，我先從關稅談起，然後再談 Rynaxypyr。關稅方面，我也不是關稅律師。我們已支付的關稅有兩種類型。有一種關稅是已經——那叫什麼來著？

Liquidated.

已結算（Liquidated）。

Liquidated, which means tariffs which have been through the process of being paid, collected, and transferred to different place of usage. And they are out of the custom. For these, there is no process in place to even file to recover them. It does not mean that we will not recover them, but right now there is not a defined process.

已結算（Liquidated），意思是關稅已經走完付款、徵收並轉移到不同用途地點的流程。而且它們已經完成通關。對於這一類，目前甚至沒有任何既定流程可以提出申請以追回。這不代表我們不會追回，但就目前而言，尚未有明確的程序。

The other choice, the one which have not been liquidated, which means that which have been collected by our customer, but which have not been gone through the process of being dispatched and are still there, there is a process in place by which you can apply. Applying doesn't mean you get it, but you can apply for it. Those seem to have a higher probability to be collected faster than the other.

另一類是尚未結算的，也就是已由我們的客戶代為繳納，但尚未走完放行流程、仍停留在那裡的，這一類有一套可以提出申請的程序。提出申請不代表一定拿得到，但你可以申請。這一類看起來比另一類更有機會、更快被追回。

Ultimately, all of them should be, with a court decision, should be recoverable. One category seem to be faster than the other, but frankly, we do not know. We do not know. It's still something we are watching very closely. We're working with the lawyers who are giving us their input. As I say, one category is very likely, one is don't know if a process will be put in place.

最終來看，所有這些在法院裁決之後，理論上都應該可以追回。其中一類看起來會比另一類更快，但坦白說，我們不知道。我們不知道。這仍是我們非常密切關注的事項。我們正與律師合作，聽取他們的意見。如我所說，一類的可能性很高，另一類則是不知道是否會建立相應程序。

Regarding Rynaxypyr, I think whether it's Brazil or North America in H2, for the strategy to be fully successful, I think the number-one criteria is how we're going to be performing in growing the percentage of sales on the high-end part, which is higher the high concentration or the measures and positioning them at the right price to still be competitive.

關於 Rynaxypyr，我認為不論是巴西或北美的下半年，要讓策略完全成功，第一個關鍵標準是：我們在提升高端產品銷售占比方面的表現如何——也就是更高濃度的產品或相關方案，並以合適的價格定位，使其仍具競爭力。

The reason for that is because Rynaxypyr has been on the market for a while. There is resistance. Very much in China, starting to be significant in Latin America. Those formulations very often help positioning the product and address the resistance issue or the efficacy issue. So I'd say a significant part of the strategy and maybe in H2 more important than the gain of volume against generic with a single is that piece, succeeding in growing as much as we can the high-end part of our portfolio, which we are selling at a premium.

原因在於 Rynaxypyr 已在市場上有一段時間。存在抗藥性。在中國非常明顯，在拉丁美洲也開始變得顯著。這些配方往往有助於產品定位，並解決抗藥性問題或藥效問題。因此我會說，策略中很重要的一部分——而且在下半年可能比以單一品項對抗學名藥、爭取量的提升更重要——就是這一塊：盡可能成功地擴大我們產品組合中的高端部分，而我們是以溢價在銷售的。

It is what happened beyond expectation in Q1, but of course, on a lower volume than what we will see in Q3 and Q4. Also, because the patent just ran out at the end of '25, generics are starting to be active in some countries like Brazil, North America. But let's face it, they will be more active in Q3, Q4 than they were in Q1. So the real test is in the second half of the year.

這正是第一季超出預期的部分，但當然其量仍低於我們在第三季與第四季將看到的水準。此外，由於專利在 25 年底才到期，學名藥正開始在巴西、北美等國家變得活躍。但坦白說，它們在第三季、第四季會比第一季更活躍。因此真正的考驗在今年下半年。

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

FMC Corporation 法說會到此結束。感謝各位參與。您現在可以中斷連線。