富美實 (FMC) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the third-quarter 2026 earnings call for FMC Corporation. This event is being recorded and all participants are currently in listen-only mode. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

各位女士、先生，感謝各位參與，歡迎收聽FMC Corporation 2026年第三季財報電話會議。本活動將進行錄音，所有與會者目前皆為僅收聽模式。在今天的預備發言之後，我們將進行問答環節。（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 third-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 live 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年第三季財報電話會議。今天的預備發言將由董事長、執行長兼總裁Pierre Brondeau，以及執行副總裁兼財務長Andrew Sandifer提供。在預備評論之後，我們將開放提問。我們的財報新聞稿與今天的線上簡報可於FMC投資人關係網站取得，而今天討論的預備發言內容也將在會後提供。

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，並受各種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文件中所辨識的因素。所呈現的資訊代表我們基於目前理解所做的最佳判斷。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, 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 you may refer during today's conference call are provided on our website.

今天的討論與相關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，在今天的討論中，「earnings」指調整後盈餘，「EBITDA」指調整後EBITDA，而「sales」指不含印度的銷售額。上述名詞及其他可能在今天電話會議中提及之非GAAP財務名詞的定義與調節表，已提供於我們的網站。

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

接下來，我把電話交給Pierre。

Thank you, Curt. Today, I want to spend most of my time on the commercial actions we announced on October 15, why we decided to take them, and what they mean for the business going forward. I'll then walk through our third quarter results in more detail and a forward outlook.

謝謝你，Curt。今天我想把大部分時間用在我們於10月15日宣布的商業措施、我們為何決定採取這些措施，以及這些措施對未來業務的意義。接著我會更詳細說明第三季業績以及未來展望。

First, some brief context on the quarter. Our underlying performance was below our expectations before considering the impact of the commercial actions. Through the early part of September, third-quarter performance was tracking broadly in line. However, during the final weeks of the quarter, channel customers in several key markets sharply reduced replenishment orders as they sought to close the season with lower inventory levels. Given the importance of September to Q3 results, the impact on sales was significant. But the underlying shortfall does not explain the magnitude of the actions we announced on October 15.

首先，先簡要說明本季背景。在不考慮商業措施影響之前，我們的基本表現低於預期。截至9月上旬，第三季表現大致符合進度。然而，在本季最後幾週，數個關鍵市場的通路客戶為了在季末以較低庫存水位結束銷售季，急劇降低補貨訂單。鑑於9月對第三季業績的重要性，對銷售的影響相當顯著。但僅以基本面的落差，仍不足以解釋我們在10月15日宣布措施的規模。

Apart from weaker demand, there is a second issue, which is having an outsized impact on the business. In response to high financing costs, the perception of ample supply and demand uncertainty, channel customers are seeking to hold the lowest inventory values we have ever seen. For FMC, this creates a specific constraint for two reasons.

除了需求轉弱之外，還有第二個問題，對業務造成了不成比例的影響。因應高融資成本、供給充裕的觀感以及需求不確定性，通路客戶正試圖維持我們前所未見的最低庫存價值。對FMC而言，這會形成特定限制，原因有二。

First, our North America business model has been based on a higher gross price followed by significant rebates. As a result, the gross invoice price carried in customers’ inventory can remain above the expected net price until those rebates are earned and paid.

第一，我們北美的商業模式一直是先採較高的毛價，之後再提供可觀的回扣。因此，客戶庫存中所承載的發票毛價，在回扣達成並支付之前，可能仍高於預期的淨價。

Second, some customers are holding FMC products that enter the channel at prices above current market levels. These products were sold on different cost structures, competitive conditions, and levels of patent protection. The elevated price of these products can delay their movement downstream to growers. Both reasons increase the value of FMC inventory held by customers. This limits customers' ability or willingness to place orders across the FMC portfolio.

第二，部分客戶持有的FMC產品進入通路時的價格高於目前市場水準。這些產品是在不同的成本結構、競爭條件以及專利保護程度下售出。這些產品的較高價格可能延緩其向下游種植戶的流動。這兩個原因都會提高客戶所持有FMC庫存的價值。這限制了客戶在FMC全產品組合上的下單能力或意願。

To address this issue, we are taking two actions to reduce the value of their FMC channel inventory. These actions are resulting in the third quarter EBITDA impact of $672 million.

為了解決此問題，我們採取兩項行動，以降低通路端客戶所持有FMC通路庫存的價值。這些行動在第三季造成EBITDA影響為6.72億美元。

First, we are transitioning the North America business model to a framework that brings the upfront price closer to the expected net price. This change resulted in approximately $500 million charge in the third quarter. This is a non-cash charge, which does not change future cash obligations. This charge related to the first commercial actions consists of two component.

第一，我們正將北美商業模式轉換為一個架構，使前端價格更接近預期淨價。此變更在第三季產生約5億美元的費用。這是一項非現金費用，不會改變未來的現金義務。與第一項商業措施相關的這筆費用包含兩個組成部分。

The first and larger component reflects pricing and rebate adjustments associated with the transition to the new model. Under the previous model, fourth quarter sales would have continued at a higher gross price with high rebates paid after the end of the crop season. Since we moved to the new model on October 1, which is the start of the North America ag season, that same gross price and rebate cycle will not continue in the fourth quarter.

第一個且較大的部分，反映了轉換至新模式所伴隨的定價與回扣調整。在先前模式下，第四季銷售將會持續以較高的毛價進行，並在作物季結束後支付高額回扣。由於我們在10月1日（亦即北美農業季的開始）轉換至新模式，因此第四季將不再延續相同的毛價與回扣循環。

As a result, the remaining adjustments associated with the recently completed crop season were recognized in the third quarter. The second component reflects adjustments needed to bring inventory already in the North America channel from the higher gross price closer to post-rebate net price. The new model is expected to materially reduce the volatility associated with future rebate payments.

因此，與近期已結束作物季相關的其餘調整已在第三季認列。第二個部分反映了為使北美通路中既有庫存從較高毛價調整至更接近回扣後淨價所需的調整。預期新模式將大幅降低未來回扣支付所帶來的波動性。

It should also provide a simpler pricing structure for FMC and their customers while allowing those customers to manage the value of the FMC inventory more closely to the current market condition. In addition, bringing the upfront price closer to the expected net price should make it easier for customers to position FMC products competitively against generic alternatives downstream.

同時，這也應能為FMC及其客戶提供更簡化的定價結構，並讓客戶能更貼近當前市場狀況來管理FMC庫存價值。此外，將前端價格拉近預期淨價，應可讓客戶更容易在下游將FMC產品相對於學名藥替代品進行具競爭力的定位。

The second commercial action we are taking is to reduce the price. of select high-priced products held by channel customers in Brazil, Argentina, the US and Canada. These adjustments are intended to bring the value of that inventory closer to FMC’s current pricing. To be clear, we are only adjusting the value of high-priced products already in the channel.

我們採取的第二項商業措施是降價。針對巴西、阿根廷、美國與加拿大通路客戶所持有的部分高價產品。這些調整旨在使該等庫存的價值更接近FMC目前的定價。需要說明的是，我們僅調整通路中既有的高價產品之價值。

Our objective is to support movement of these affected products downstream to growers and remove the constraint on future replenishment of FMC products. These actions represent the remaining approximately $175 million EBITDA impact. and apply to select products sold into the channel since 2023. It is the only component of the total charge that is expected to reduce future cash collection. These pricing adjustments will be booked against accounts receivable or via pricing credits on new orders.

我們的目標是支持這些受影響產品向下游種植戶的流動，並解除未來FMC產品補貨所受的限制。這些行動構成其餘約1.75億美元的EBITDA影響。並適用於自2023年以來售入通路的特定產品。這是整體費用中唯一預期會降低未來現金回收的部分。這些定價調整將透過應收帳款沖減入帳，或以新訂單的價格抵減（pricing credits）方式入帳。

We have managed these high-priced products in the channel as part of our ongoing business operations, expecting to bring down their pricing incrementally over time. After assessing our third quarter results, the industry outlook and the need to change our North America business model, it became clear that more comprehensive actions were needed given the priority customers are placing on holding very low inventory values.

我們一直將通路中的這些高價產品納入日常營運管理，原本預期隨時間逐步下調其定價。在評估第三季業績、產業展望以及調整北美商業模式的必要性後，我們清楚意識到，鑑於客戶將維持極低庫存價值視為優先事項，需要採取更全面的行動。

We have spent the past several years making significant changes to the company. We have lowered costs, changed our manufacturing footprint, generated significant proceeds to support our balance sheet. and advanced new products to market. Allowing this inventory issue to continue constraining the business would limit our ability to fully realize the benefits of that work.

過去幾年，我們對公司進行了重大變革。我們降低成本、調整製造布局、創造可觀資金以支撐資產負債表。並推進新產品上市。若讓此庫存問題持續對業務形成限制，將會削弱我們充分實現上述工作成果的能力。

Therefore, we have decided to address the issue more comprehensively now. The faster products move downstream to growers. The quicker we can start to realize the benefit of our current competitive pricing. Moreover, the manufacturing changes underway across our legacy portfolio are expected to further improve our cost position and our ability to compete.

因此，我們決定現在以更全面的方式處理此問題。產品越快向下游種植戶流動。我們就能越快開始實現目前具競爭力定價所帶來的效益。此外，針對我們既有產品組合所進行的製造變革，預期將進一步改善我們的成本地位與競爭能力。

While the financial impact of these actions is reflected in the third-quarter results. Implementation is just beginning. Discussions with customers are taking place now, and we expect the transition to occur over the next three quarters. Initial customer feedback has been very positive and reinforces our view that these actions address an important commercial constraint.

雖然這些行動的財務影響已反映在第三季業績中。但執行才剛開始。目前正與客戶進行討論，我們預期轉換將在接下來三個季度內完成。客戶初步回饋非常正面，並強化了我們的看法：這些行動可解決一項重要的商業限制。

Our priority is now on implementing them in a disciplined and structured way. With that context, let me turn to the third quarter results I outlined on slides 4, 5 and 6. Third quarter revenue was $106 million, including approximately $639 million of impact from the commercial actions. Excluding the commercial actions and India, underlying sales were $745 million. This was below the low end of our original guidance due to lower than expected volumes.

我們目前的優先事項是以嚴謹且有架構的方式落實執行。在此背景下，讓我轉到我在投影片4、5與6所概述的第三季業績。第三季營收為1.06億美元，其中包含約6.39億美元來自商業行動的影響。排除商業行動與印度後，基礎銷售額為7.45億美元。由於銷量低於預期，該結果低於我們原先指引區間的下緣。

Price was a year-over-year headwind, including the effect of strategic pricing actions for products, which have recently lost IP protection. Third quarter adjusted EBITDA was negative $559 million, including approximately $672 million associated with the commercial action. Excluding those actions, underlying EBITDA was $113 million. This was below the low end of original guidance as weaker-than-expected volumes were partially offset by better than expected cost.

價格對比去年同期形成逆風，其中包含針對近期失去智慧財產權保護之產品所採取的策略性定價行動影響。第三季調整後EBITDA為負5.59億美元，其中約6.72億美元與商業行動相關。排除這些行動後，基礎EBITDA為1.13億美元。由於銷量弱於預期，儘管成本優於預期而部分抵銷，該結果仍低於原先指引區間的下緣。

Adjusted earnings per share were negative $4.41, which was well below our initial guidance due mainly to the impact from the commercial actions.

調整後每股盈餘為負4.41美元，主要因商業行動的影響，遠低於我們最初的指引。

Turning now to slide 7 for an updated fourth quarter outlook. We expect the challenging market conditions that we observed. In the third quarter to continue. This includes strained grower margins, a highly competitive market and demand uncertainty in multiple regions stemming from potential El Nino impact.

接著請看投影片7，了解更新後的第四季展望。我們預期第三季所觀察到的嚴峻市場狀況。將會延續。其中包括種植戶利潤率受壓、競爭激烈的市場，以及多個地區因潛在聖嬰現象影響而產生的需求不確定性。

We are guiding fourth quarter revenue between $1.04 billion and $1.14 billion, which is about flat versus prior year at the midpoint as volume growth is offset by a high single-digit price decline. The pricing headwind is mostly driven by strategic pricing actions, thus transitioning to the post-patent phase. Higher volumes are expected to be driven by increased direct-to-grower sales in Brazil, growth of new products and more competitive FMC pricing.

我們預估第四季營收介於10.4億至11.4億美元，中位數約與去年同期持平，因為銷量成長被高個位數的價格下滑所抵銷。價格逆風主要來自策略性定價行動，因此正轉入專利到期後階段。較高的銷量預期將由巴西直銷種植戶業務增加、新產品成長，以及FMC更具競爭力的定價所帶動。

Adjusted EBITDA is expected to be between $210 million and $230 million, so a decline of 22% versus the prior. Lower pricing and an FX headwind are expected to be partially offset by higher volume and favorable costs. This is lower than a prior Q4 guidance due mainly to an increase in the pricing headwind. Adjusted earnings per share is expected to be between $0.56 and $0.70.

調整後EBITDA預期介於2.10億至2.30億美元，較去年下降22%。較低的定價與匯率逆風，預期將由較高的銷量與有利的成本而部分抵銷。此展望低於先前的第四季指引，主要因價格逆風增加。調整後每股盈餘預期介於0.56至0.70美元。

I will now turn the call over to Andrew.

接下來我把電話會議交給Andrew。

Thanks, Pierre. I'll start this morning with some income statement items.

謝謝你，Pierre。今天早上我先從損益表的幾個項目開始。

Third-quarter sales reflect a minor FX tailwind, with favorability from the Brazilian real partially offset by modest strengthening of several EMEA currencies. FX was a modest headwind to EBITDA due to shifts in currency values versus how we were hedged. Looking forward to the rest of the year, we expect a similar profile, a minor FX tailwind at revenue combined with a modest FX headwind at EBITDA.

第三季銷售反映出輕微的匯率順風，巴西雷亞爾帶來的有利影響，部分被若干歐非中東（EMEA）貨幣的小幅走強所抵銷。由於貨幣價值變動與我們避險方式之間的差異，匯率對EBITDA形成小幅逆風。展望今年剩餘期間，我們預期類似的型態：營收端有輕微匯率順風，同時EBITDA端有小幅匯率逆風。

Third-quarter interest expense of $73.6 million was up $9 million versus the prior year period, with the impact of financing activity earlier in the year only partially offset by lower foreign borrowing and higher interest income. We expect full-year 2026 interest expense to be in the range of $270 million to $280 million, up approximately $35 million versus the prior year at the midpoint due to the impacts of the recent financing activity, partially offset by lower foreign interest expense.

第三季利息費用為7,360萬美元，較去年同期增加900萬美元；年初融資活動的影響僅部分被較低的外幣借款與較高的利息收入所抵銷。我們預期2026全年利息費用將介於2.70億至2.80億美元，中位數較去年約增加3,500萬美元，主要因近期融資活動的影響，並由較低的外幣利息費用部分抵銷。

We continue to expect depreciation and amortization for full-year 2026 to be between $160 million and $170 million. There were several extraordinary charges in the third quarter. We took charges of $639 million against revenue and $672 million against EBITDA, stemming from the commercial actions that Pierre described a few moments ago. These charges impact both GAAP and adjusted metrics as reported.

我們仍預期2026全年折舊與攤銷介於1.60億至1.70億美元。第三季有數項非常規費用。我們針對營收認列6.39億美元費用，並針對EBITDA認列6.72億美元費用，源自Pierre稍早所描述的商業行動。如所報導，這些費用同時影響GAAP與調整後指標。

There are two additional charges that impact our GAAP earnings this quarter that are excluded from our adjusted metrics, consistent with our non-GAAP reporting policy.

本季另有兩項會影響我們GAAP盈餘的費用，依據我們的非GAAP報導政策，這兩項費用會自調整後指標中排除。

We recorded non-cash adjustments of approximately $809 million to deferred tax assets in the United States and Switzerland, as well as a non-cash impairment charge against our indefinite-lived intangible assets related to our Rynaxypyr business of $288 million. These charges reflect revised expectations regarding future operating results and cash flows that reduce the book value of these assets.

我們對美國與瑞士的遞延所得稅資產認列約8.09億美元的非現金調整，並就與Rynaxypyr業務相關、使用年限不確定之無形資產認列2.88億美元的非現金減損費用。這些費用反映我們對未來營運結果與現金流的預期已修正，因而降低了這些資產的帳面價值。

As a result of the commercial charges and expected negative reported earnings before tax for full-year 2026, we now expect a full-year effective tax rate on adjusted earnings of 12% to 14%. The effective tax rate on adjusted earnings through the third quarter is now 13%, the midpoint of this range.

由於商業費用以及預期2026全年稅前報導盈餘為負，我們目前預期2026全年調整後盈餘的有效稅率為12%至14%。截至第三季，調整後盈餘的有效稅率目前為13%，為此區間的中位數。

Moving next to free cash flow on slide 8. Free cash flow in the third quarter was negative $18 million, $214 million better than the prior year period. Significantly lower EBITDA, in part due to the commercial action charges, was more than offset by working capital improvement. Free cash flow before restructuring was modestly positive after considering the $23 million in cash restructuring spending in the quarter.

接著看投影片8的自由現金流。第三季自由現金流為負1,800萬美元，較去年同期改善2.14億美元。EBITDA大幅降低（部分因商業行動費用）所造成的影響，已被營運資金改善所大幅抵銷。在考量本季2,300萬美元的現金重整支出後，重整前自由現金流小幅為正。

In light of year-to-date performance and the conditions that led to our taking the commercial actions discussed, we have updated our outlook for free cash flow for 2026. We now expect full-year 2026 free cash flow to be in the range of negative $350 million to negative $150 million.

鑑於年初至今的表現，以及促使我們採取前述商業行動的相關條件，我們已更新2026年的自由現金流展望。我們目前預期2026全年自由現金流將介於負3.50億至負1.50億美元。

This change in outlook for free cash flow is driven by several factors, including lower than previously expected Q3 results, lower than previously expected Q4 EBITDA outlook, lower collections in Q4, and somewhat higher restructuring spending. We traditionally received large advanced payments from customers, particularly in the United States, during the fourth quarter.

自由現金流展望的變動由多項因素所致，包括第三季結果低於先前預期、第四季EBITDA展望低於先前預期、第四季回款較少，以及重整支出略高。傳統上，我們在第四季會收到客戶的大額預付款，尤其是在美國。

Our free cash flow forecast assumes similar levels of customer prepayments as in 2025. Further, our full-year free cash flow guidance includes an expected $180 million in restructuring spending. Therefore, free cash flow before restructuring is expected to be negative $170 million to positive $30 million.

我們的自由現金流預測假設客戶預付款水準與2025年相近。此外，我們的全年自由現金流指引包含預期1.80億美元的重整支出。因此，重整前自由現金流預期介於負1.70億至正3,000萬美元。

Moving next to the balance sheet, leverage and liquidity. We ended the third quarter with gross debt of approximately $4.2 billion, up $103 million from year-end 2025. Cash on hand increased $259 million to $736 million. This resulted in net debt of approximately $3.4 billion, $48 million lower than at year-end 2025.

接著談資產負債表、槓桿與流動性。第三季末我們的總負債約為42億美元，較2025年年底增加1.03億美元。手上現金增加2.59億美元至7.36億美元。因此，淨負債約為34億美元，較2025年年底減少4,800萬美元。

Cash and net debt this quarter reflects the $403 million equity investment by Tessenderlo Group that closed on September 23. With this investment, Tessenderlo Group now owns approximately 20% of FMC's outstanding common stock.

本季的現金與淨負債反映了Tessenderlo Group於9月23日完成交割的4.03億美元股權投資。透過此投資，Tessenderlo Group目前持有約FMC已發行普通股的20%。

We were in compliance with all covenants at September 30. Covenant EBITDA is calculated differently from reported adjusted EBITDA and the definition allows charges like the commercial action charges taken in the third quarter to be added back for covenant purposes. Secured debt to covenant EBITDA was 1.4 times, well below the 3.5 times covenant limit. Interest coverage was 2.3 times, above the minimum 2.0 times.

截至9月30日，我們符合所有契約條款（covenants）。契約EBITDA的計算方式不同於所報導的調整後EBITDA，其定義允許將第三季認列的商業行動費用等項目加回，以供契約目的使用。擔保負債對契約EBITDA倍數為1.4倍，遠低於3.5倍的契約上限。利息保障倍數為2.3倍，高於最低要求的2.0倍。

And while total debt to covenant EBITDA is not formally measured for the third quarter, this metric would have been 6.1 times as compared to the 6.75 times covenant limit that will be reinstated at December 31, 2026.

此外，雖然第三季並未正式衡量「總負債對契約 EBITDA」這項指標，但若以該口徑計算，該指標將為 6.1 倍，相較於將於 2026 年 12 月 31 日恢復適用的 6.75 倍契約上限。

We continue to make good progress on the two transactions we expect to close in the fourth quarter, both of which will generate additional cash proceeds. The sale of our India business remains on track for a planned December 1 close, and the sale leaseback of our Delaware site is also expected to close by year-end. Cash and debt at September 30 reflect the proceeds from the rimisoxafen licensing deal and the Tessenderlo Group equity investment.

我們在預計於第四季完成交割的兩筆交易上持續取得良好進展，兩者都將帶來額外的現金收入。我們出售印度業務仍按計畫推進，預計於 12 月 1 日完成交割；而我們德拉瓦據點的售後回租交易也預計在年底前完成。截至 9 月 30 日的現金與負債反映了 rimisoxafen 授權交易以及 Tessenderlo Group 股權投資所帶來的款項。

Assuming the India and Delaware transactions close in the fourth quarter as expected and considering our updated outlook for free cash flow, we expect to end 2026 with a net debt of approximately $3.1 billion with no outstanding revolver balance. At this level of debt and guided EBITDA, we expect to remain in compliance with all covenants at year-end.

假設印度與德拉瓦交易如預期於第四季完成，並考量我們更新後的自由現金流展望，我們預期在 2026 年底的淨負債約為 31 億美元，且循環信貸額度（revolver）將無未償餘額。在此負債水準以及我們所指引的 EBITDA 下，我們預期年底將持續符合所有契約條款。

Further, we expect to remain in compliance with all covenants through 2027. We have a solid liquidity position supported by meaningful cash on hand and available borrowing capacity under our facilities. We are confident this position positions us well to meet the needs of the business.

此外，我們預期在 2027 年期間也將持續符合所有契約條款。我們擁有穩健的流動性部位，並由可觀的手上現金以及在各項融資安排下可動用的借款額度所支撐。我們有信心，這樣的部位能讓我們很好地滿足業務需求。

While the commercial actions take effect, we will prioritize liquidity, and as such, we intend to largely self-finance the seasonal working capital build first half of 2027.

在商業行動逐步發揮效果的同時，我們將優先確保流動性；因此，我們打算在 2027 年上半年季節性營運資金增加的部分，主要以自籌資金方式支應。

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

接下來，我把電話交回給 Pierre。

Thank you, Andrew. Before I close and following Andrew's comments on the Tessenderlo Group investment, I want to formally welcome Luc Tack, CEO of Tessenderlo Group to our board of directors. We look forward to working with him.

謝謝你，Andrew。在我結語之前，並延續 Andrew 對 Tessenderlo Group 投資的評論，我想正式歡迎 Tessenderlo Group 執行長 Luc Tack 加入我們的董事會。我們期待與他合作。

The commercial actions we discussed earlier are directly connected to our four operational priorities, but do not represent a change in our strategy. Instead, they enable their implementation and form the basis for how we are thinking about performance in 2027 and 2028.

我們先前討論的商業行動與我們的四項營運優先事項直接相關，但並不代表我們策略有所改變。相反地，這些行動使策略得以落實，並構成我們思考 2027 與 2028 年績效的基礎。

With that as a backdrop, let me provide some preliminary perspective on these two years. We will provide formal 2027 guidance and additional perspective in 2028 in February. At that point, planning will be complete and we’ll have had time to assess how quickly our commercial actions are taking effect. For today, I want to share the preliminary ranges reflected in our current planning.

在此背景下，讓我先就這兩年提供一些初步觀點。我們將在 2 月提供正式的 2027 年指引，並就 2028 年提供更多觀點。屆時規劃將完成，我們也將有時間評估商業行動開始發揮效果的速度。就今天而言，我想分享目前規劃中反映的初步區間。

We expect 2027 to mark the beginning of a financial inflection for FMC. Sales of the new actives ingredients are expected to increase, led mainly by fluindapyr. Where we have new registration pending in six new countries, along with continued expansion in existing markets. Potential derogations for Isoflex in Spain, France, and Belgium will also contribute to growth of new activess.

我們預期 2027 年將標誌著 FMC 財務面的轉折點開始。新有效成分（active ingredients）的銷售預期將增加，主要由 fluindapyr 帶動。目前我們在 6 個新國家仍有新的登記待核准，同時也將持續擴大既有市場的布局。Isoflex 在西班牙、法國與比利時可能取得的特許（derogations）也將有助於新有效成分的成長。

In addition, differentiated Rynaxypyr formulation and mixtures are also expected to support the branded portfolio. The benefits of the commercial action should build over the year as FMC products move more quickly through the channel. These actions will lower our costs by reducing product return and rework. In addition, we expect partial year benefits from our ongoing manufacturing changes, weighted toward the second half of the year.

此外，具差異化的 Rynaxypyr 配方與混配產品也預期將支撐品牌產品組合。隨著 FMC 產品在通路中的流轉速度加快，商業行動的效益預期將在全年逐步累積。這些行動將透過降低產品退貨與返工來降低我們的成本。另外，我們也預期正在進行的製造調整將帶來部分年度效益，且效益將偏重於下半年。

Together, these actions are expected to support improved competitiveness and growth across the portfolio. As part of our manufacturing footprint redesign, Rynaxypyr manufacturing will move to one of our low-cost manufacturing sites. While this will negatively impact 2027 partner sales as cost reduction through cost-plus arrangements. The much larger branded business will benefit from the lower costs base.

綜合而言，這些行動預期將支持整體產品組合競爭力提升與成長。作為我們製造據點重新設計的一部分，Rynaxypyr 的製造將移轉至我們其中一個低成本製造基地。雖然這將因成本加成（cost-plus）安排下的成本降低，而對 2027 年的合作夥伴銷售造成負面影響。但規模更大的品牌業務將受益於較低的成本基礎。

Based on our preliminary planning, we currently see 2027 adjusted EBITDA of at least $650 million and as much as $730 million. We recognize this is a broad range. Where we land within it will depend on how quickly the commercial actions we discussed today improve the flow of our products through the channel to growers.

根據我們的初步規劃，目前我們預估 2027 年調整後 EBITDA 至少為 6.5 億美元，最高可達 7.3 億美元。我們知道這是一個相當寬的區間。最終落點將取決於我們今天所討論的商業行動，能多快改善產品透過通路流向種植戶的速度。

Looking ahead to 2028, we expect a greater contribution from the same drivers described for 2027. The transition associated with the commercial actions is expected to be largely complete. And the new manufacturing footprint should be delivering a broader cost benefit across the core portfolio for the full-year.

展望 2028 年，我們預期上述 2027 年的相同驅動因素將帶來更大的貢獻。與商業行動相關的轉換預期將大致完成。而新的製造據點布局應可在全年為核心產品組合帶來更廣泛的成本效益。

Growth from new actives ingredients is expected to accelerate further through the continued expansion of fluindapyr, with increased contribution from Isoflex and Dodhylex. Isoflex is expected to gain. key registrations in Europe and Dodhylex in Brazil and Asia during 2028.

新有效成分帶來的成長預期將進一步加速，主要來自 fluindapyr 的持續擴張，並由 Isoflex 與 Dodhylex 的貢獻增加所帶動。Isoflex 預期將取得歐洲的關鍵登記，而 Dodhylex 則預期於 2028 年在巴西與亞洲取得登記。

We also expect the first launch of rimisoxafen. The headwind from Diamide partner contracts is expected to be much smaller. As shown on Slide 10, these factors are expected to support a stronger growth and earnings profile for FMC. Based on our preliminary planning, we currently expect 2028 adjusted EBITDA of approximately $760 million to $840 million.

我們也預期 rimisoxafen 將首次上市。來自 Diamide 合作夥伴合約的逆風預期將小得多。如投影片 10 所示，這些因素預期將支持 FMC 更強勁的成長與獲利輪廓。根據我們的初步規劃，目前我們預期 2028 年調整後 EBITDA 約為 7.6 億至 8.4 億美元。

We also expect 2028 to be a year with much stronger cash generation helped by greatly reduced cash restructuring spending. We recognize confidence in FMC can only be rebuilt through execution and results. Our priorities are clear. Complete the commercial actions, protect liquidity, lower the cost of the core portfolio and continue growing new technologies.

我們也預期 2028 年將是現金創造顯著更強的一年，主要受惠於現金重整支出大幅降低。我們明白，市場對 FMC 的信心只能透過執行力與成果來重建。我們的優先事項很清楚。完成商業行動、維護流動性、降低核心產品組合成本，並持續推動新技術成長。

With that, we are ready to take your questions.

接下來，我們準備回答各位的提問。

(Operator Instructions) Vincent Andrews, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Vincent Andrews。

Thank you and good morning, everyone. Wanted to try to get a sense of what cash flow will look like for 2027. I guess a couple of things. Andrew, I think you made a comment about what you thought prepayments would be in the fourth quarter, but I wasn't clear whether you thought they'd be the same as flat or you thought they'd be a lot lower than last year.

謝謝，大家早安。我想試著了解 2027 年的現金流大概會是什麼樣子。我想有幾點。Andrew，我記得你提到你認為第四季的預收款（prepayments）會是多少，但我不太確定你是認為會與去年持平，還是會比去年低很多。

And if you could also talk to the $175 million from the third-quarter actions, the future cash effect of that, is that that you will have to forego cash collection in 2027 or beyond to provide that $175 back to your customers or some of that just a write-down of receivables? And any other bridge items for cash flow next year as well would be helpful and any sort of sense of how positive it could be would be helpful.

另外也請你談談第三季行動所涉及的 1.75 億美元，其未來的現金影響：是否代表你們在 2027 年或更晚必須放棄部分現金回收，才能把這 1.75 億美元返還給客戶？或者其中一部分只是應收帳款的減記？此外，若能提供明年現金流的其他銜接項目（bridge items）也會很有幫助，以及任何對現金流可能轉正幅度的概念也會很有幫助。

Sure. That's a lot there. I'll try to see if we can knock that out in various pieces to start with a simple one. Our free cash flow guidance for 2026 assume flat prepays to the prior year, so the same level of customer prepays that we received in 2025. As we look ahead to 2027, obviously, EBITDA growth will be a big contributor to the free cash flow prospects.

好的。這裡面問題很多。我會嘗試分成幾個部分來回答，先從比較簡單的一點開始。我們 2026 年自由現金流指引假設預收款與前一年持平，也就是與 2025 年收到的客戶預收款水準相同。展望 2027 年，顯然 EBITDA 的成長將是自由現金流前景的重要貢獻來源。

We do have some relatively fixed pieces of our walk from EBITDA to free cash flow, particularly when we look at interest expense, cash taxes, legacy expenses, et cetera. We're continuing to work through the budget for 2027, so we're not prepared to give formal guidance on free cash flow today.

我們從 EBITDA 走到自由現金流的調節中，有一些相對固定的項目，特別是利息費用、現金稅、歷史遺留費用等。我們仍在進行 2027 年預算編製，因此今天尚未準備好提供自由現金流的正式指引。

I would suggest certainly that there is a continued high level of restructuring spending in 2027, though at a lower level. What we're experiencing in 2026. We have guided to roughly $180 million of cash spending on restructuring in 2026. It will be lower than that in 2027, but still a meaningful drag on cash flow.

我確實會建議，2027 年仍將持續維持高水準的重整支出，但會低於我們在 2026 年所經歷的水準。我們已指引 2026 年重整相關的現金支出約為 1.8 億美元。2027 年會低於此數，但仍會對現金流造成顯著拖累。

At this point in our budgeting process, we believe it's possible to get to a free cash flow before restructuring that's breakeven, but at this point, it's going to be premature to give too much of a guidance.

就我們目前的預算編製進度而言，我們認為在扣除重整前要達到自由現金流損益兩平是有可能的，但在此時點就給出過多指引仍為時過早。

To your specific question around the commercial actions, I'll get a brief answer here, the $175 million which is really adjusting the value of inventory held by customers that was sold under very different market conditions and at much higher prices, that will be executed through credit notes or pricing credits against future orders. Credit notes would reduce the value of accounts receivable that's not yet been collected.

針對你關於商業行動的具體問題，我簡短回答：這 1.75 億美元主要是調整客戶所持有庫存的價值，這些庫存是在非常不同的市場條件下、以更高價格售出的；我們將透過貸項通知單（credit notes）或對未來訂單的價格抵減（pricing credits）來執行。貸項通知單會降低尚未收回的應收帳款價值。

So that is theoretically at least a reduction in future cash flows. The time it may in fact actually accelerate collection in places where that product may not have moved as quickly, may allow us to bring cash forward more than without taking those incentives. And in other places where that inventory has been paid for by customers, it would be a pricing credit against future sales.

因此，至少在理論上，這會降低未來的現金流入。但在某些產品流動較慢的地區，這些措施實際上可能加速收款，讓我們比不提供這些誘因時更早回收現金。而在其他客戶已經付款的地區，則會以未來銷售的價格抵減方式處理。

So it just reduces the amount of cash we will receive from customers on those future sales. So over a four to six quarter period. That probably is a cash headwind for the company.

因此，這只會降低我們在那些未來銷售中從客戶收到的現金金額。所以在四到六個季度的期間內，這大概會是公司現金面的逆風。

But again, there may be some offsets there in terms of collections that would have either been further delayed or potential bad debt write-offs or other issues if that product were not repriced and enabled to move through the channel more quickly. So I don't personally view that as a 100% cash headwind over the long-term horizon.

但同樣地，若不重新定價、讓產品能更快在通路中流動，收款可能會進一步延後，或可能發生呆帳沖銷或其他問題；在收款面可能會有一些抵銷效果。因此，我個人不會把它視為在長期期間內 100% 的現金逆風。

Salvator Tiano, KeyBanc.

Salvator Tiano，KeyBanc。

Yes, thank you very much. I just want to continue a little bit on the free cash flow. As you said, the $175 is pretty much foregoing receivables. $500, if understood correctly, is the timing. So theoretically, you were going to give these rebates, I believe, correct me if I'm wrong, they are accrued already in your liabilities, it's just that you're giving them earlier.

是的，非常感謝。我想就自由現金流再追問一下。如你所說，1.75 億美元基本上是放棄應收款項。如果我理解正確，5 億美元則是時點問題。所以理論上，你們原本就會給這些回饋/折讓（rebates），我想（如有誤請指正）它們已經在你們的負債中提列，只是你們把發放時間提前了。

So can you tell us, in your updated 2026 guidance for free cash flow, how much of that $175 million do you assume essentially, you're not getting back this year versus the next few quarters that you said over four to six quarters? And out of the $500 million as well, how much do you think this is a hit this year versus next year as it's brought forward versus when was originally supposed to affect your cash flow?

那麼在你們更新後的 2026 年自由現金流指引中，這 1.75 億美元你們假設有多少基本上是今年就收不回來、而是落在你提到的未來四到六個季度？另外就 5 億美元而言，你們認為其中有多少是今年的衝擊、多少是明年的衝擊（因為提前發生，相對於原本預期影響現金流的時間點）？

So why don't we take that in reverse order and Pierre certainly jump in anywhere here. On the $500 million, there is no impact to '26 cash flow. The rebates that we have to pay, cash rebates we'll pay in December. In the US are earned on sales that our customers made to their customers in the market year from October 1, 2025 to September 30, 2026. That payment of those rebates has always been in our free cash outlook for 2026. There is no change from that action and what we expect to have at cash outflows in 2026.

那我們就倒過來回答，Pierre 也請隨時補充。關於 5 億美元，對 2026 年現金流沒有影響。我們必須支付的回饋（現金回饋）會在 12 月支付。在美國，這些回饋是依據我們客戶在作物年度（crop year）從 2025 年 10 月 1 日到 2026 年 9 月 30 日期間，對其客戶的銷售所賺取的。支付這些回饋一直都已納入我們對 2026 年自由現金流的展望。這項行動不會改變我們對 2026 年現金流出金額的預期。

In 2027, we will be selling at a lower gross price. But we'll also be paying substantially lower rebates as that difference between the gross price and the net price is much lower. We don't believe there's any impact on our cash flow from that change in rebates over the crop year.

在 2027 年，我們將以較低的毛價（gross price）銷售。但我們也會支付顯著較低的回饋，因為毛價與淨價（net price）之間的差距會小很多。我們不認為在作物年度內，這項回饋變動會對我們的現金流造成任何影響。

There may be some timing impacts. Where historically in North America, we would sell in particularly Q4, Q1, Q2, we would collect that we would sell at a high gross price historically. We would collect those sales in the second and third quarters, and then we would pay a very large rebate in the fourth quarter. This year, we'll sell in a similar kind of timing, but we will sell at a lower gross price.

可能會有一些時點上的影響。過去在北美，我們通常會在特別是第四季、第一季、第二季銷售，歷史上會以較高的毛價出售。我們會在第二季與第三季收回這些銷售款，然後在第四季支付非常大筆的回饋。今年，我們的銷售時點大致類似，但我們會以較低的毛價銷售。

So we will collect a lower amount in Q2 and Q3. But we will pay out a substantially lower rebate in Q4 such that by the time we get to Q4 of '27, we don't believe there's really a net impact from that $500 million in rebate charges to the cash of the company. It does change between quarter to quarter, but not over the crop season. So I think that's an important thing to understand about the changes in the pricing structure and the rebate in North America.

因此我們在第二季與第三季收到的金額會較低；但我們在第四季支付的回饋也會大幅降低，因此到 2027 年第四季時，我們認為這 5 億美元回饋費用對公司現金不會有實質的淨影響。它確實會造成季度之間的變化，但不會改變整個作物季的總體結果。所以我認為，理解北美定價結構與回饋變動的這一點很重要。

I think let me add a comment around how much of the $175 million cash leakage could be expected in 2026. It is still a number we are looking at is not a large part of the $175 million because. As you can understand, we are at the end of October and we are starting to implement commercial actions now.

我想補充一下，關於 1.75 億美元的現金流失在 2026 年可能會發生多少。這仍是我們正在評估的數字；其中不會是 1.75 億美元中的很大一部分，因為如你所理解的，我們現在是 10 月底，才剛開始推動商業行動。

So we are right now putting in place the plan for the next two weeks to be discussed with the customers. Of those actions will lead to issuance of credit notes during maybe the second half of November and December to get this process started. But it is not a very significant amount of the $175 million we are overall expecting to generate as credit notes.

所以我們目前正在制定未來兩週要與客戶討論的方案。其中部分行動可能會在 11 月下半月與 12 月開立貸項通知單，以啟動這個流程。但就我們整體預期將以貸項通知單形式產生的 1.75 億美元而言，這部分金額並不會非常顯著。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行。

Good morning. Pierre, we get a lot of questions about go-forward revenues and the cost structure of the company. And this may be somewhat of a hard forum for it. But clearly, as sales have come under pressure, some of your overhead costs have ballooned a bit as a percent of revenue, maybe not so much on an absolute dollar basis.

早安。Pierre，我們收到很多關於未來營收走勢以及公司成本結構的問題。而這可能不是最容易深入討論的場合。但顯然，隨著銷售承壓，你們的一些間接費用（overhead）占營收比重有所膨脹，雖然以絕對金額來看可能沒有增加那麼多。

But if you think about the cost structure of FMC, you shifted from mid-teens SG&A to sales to over 20%. So what can you do to address that cost structure from an overhead perspective? I know you're obviously very focused on the operational side of the business, but from an overhead, obviously, what can you do there? And then, can FMC still support the same amount of just overall R&D spend that it has, or is that something that you also have to kind of take some measures on to be more efficient?

但如果你思考 FMC 的成本結構，你們的銷售、一般及行政費用（SG&A）占銷售比重，已從十幾個百分點提高到超過 20%。那麼從間接費用的角度，你們能做些什麼來改善這個成本結構？我知道你們顯然非常專注在營運面，但就間接費用而言，你們能做什麼？另外，FMC 是否仍能支撐目前整體研發（R&D）支出水準，或你們也需要在這方面採取一些措施以提升效率？

Yes. The percentage increase in SG&A versus sales comes more from the decline in sales than increase in SG&A. If you look over the last few years, our SG&A cost has remained in dollar terms, roughly flattish, which means we've been more than absorbing all of the inflation, which has been significant. We had a cost restructuring in '24, '25 to eliminate $300 million of SG&A cost.

是的。SG&A 占銷售比重的上升，更多是因為銷售下滑，而不是 SG&A 增加。若你回顧過去幾年，我們的 SG&A 成本以美元金額計大致持平，這表示我們已吸收了所有通膨影響，而通膨其實相當顯著。我們在 2024、2025 年進行了成本重整，以削減 3 億美元的 SG&A 成本。

We then had the manufacturing footprint where we have eliminated about 1,000 positions shut down three plants. We had another restructuring in September where we've been eliminated another 50 positions, and we've just made a move where we've been eliminating among the top 100 position about 20 to 25 highly compensated positions.

接著在製造據點方面，我們已裁減約 1,000 個職位並關閉三座工廠。我們在 9 月又進行了一次重整，另外裁減了 50 個職位；而且我們剛採取一項措施，在前 100 個職位中裁減約 20 到 25 個高薪職位。

So we are getting to a place where we will not improve the performance of the company. through future cost savings. It is absolutely vital. And that’s central to what we do now. FMC will return to high performance only depending upon our ability to grow. And that's where, if you look at our strategic priorities and the commercial actions we are taking, that is where all of our focus will be.

因此，我們正走到一個階段：公司績效將無法再透過未來的成本節省來改善。透過未來的成本節省。這是絕對至關重要的。而這正是我們目前所做工作的核心。FMC 要回到高績效，唯有取決於我們的成長能力。而如果你看我們的策略優先事項以及我們正在採取的商業行動，我們所有的重心都會放在那裡。

We certainly intend to maintain flat SG&A spend, which means absorbing inflation going forward.

我們確實打算維持 SG&A（銷售、一般及行政費用）支出持平，這意味著未來將自行吸收通膨。

That being said, the focus has to be to return to growth in '27 and '28. We do believe very strongly and only the next few quarters will prove that. the actions we are taking are absolutely vital in terms of returning back to growth. We have a portfolio with a new manufacturing cost, which will be cost competitive. We do have new technologies for which we are getting more and more registration.

話雖如此，重點必須是於 '27 與 '28 重返成長。我們非常堅信這一點，而接下來幾個季度將會證明。我們正在採取的行動，對於回到成長而言絕對至關重要。我們擁有一個具備新製造成本的產品組合，將具備成本競爭力。我們也有新技術，且正在取得越來越多的登記核准。

By 2028, we will have three of those products fully commercial. We are going to see the benefit in '27 and '28 thanks to the commercial actions of less return, less rework, less of an impact of credit notes. So we have a pretty strong certainty that we are heading in '27 and '28 back to growth. That will obviously result in a decrease in SG&A as a percent of sales.

到 2028 年，我們將有其中三項產品完全商業化。由於商業行動帶來較少退貨、較少返工，以及貸項通知單影響降低，我們將在 '27 與 '28 看到效益。因此，我們相當有把握在 '27 與 '28 正朝著重返成長的方向前進。這顯然會使 SG&A 佔銷售額的比例下降。

But where I am focused right now after all of the restructuring we've done over the last three years is getting the corporation back to growth. And that's why this last action we took, and I tell you, it's been in my mind for the last month. I just needed a point where I felt. There was no other way to move forward to bring back growth to the company that we took those actions and they will be vital to go back to growth.

但在過去三年完成所有重組之後，我目前的重點是讓公司回到成長。這也是我們採取最後這項行動的原因；我告訴你，這在我腦中已經盤旋了過去一個月。我只是需要一個我覺得。沒有其他前進方式、能讓公司恢復成長的時點，因此我們採取了那些行動，而它們將對回到成長至關重要。

So that's where the focus is. I think we've done a lot in cost structure. Obviously, if we do not succeed in growing the top-line, then we're facing another problem. And then you're right, we're going to have to look at infrastructure costs for the company.

所以重點就在這裡。我認為我們在成本結構方面已經做了很多。顯然，如果我們無法成功推動營收（top-line）成長，那我們就會面臨另一個問題。那麼你說得對，我們就必須檢視公司的基礎設施成本。

But right now, almost solely focused with the actions we are taking on top-line growth, which we believe is very achievable with the last set of actions we have taken, which are very critical. And by the way, to make a comment, I can tell you I was myself with customers over the last few days. We are meeting with all of our customers. We are preparing plan per customer. It is very well received.

但目前幾乎是把全部重心放在我們為營收成長所採取的行動上；我們相信，憑藉我們最後採取的那一系列非常關鍵的行動，這是非常可達成的。順帶一提，我補充一下：過去幾天我本人也和客戶在一起。我們正在與所有客戶會面。我們正在為每位客戶準備計畫。反應非常正面。

On the point, the last point you made around R&D, at this stage, R&D is a very solid contributor to growth. We do have four new actives we are bringing on the market. We have multiple products in the pipeline, which are very interesting and we need to keep on accelerating formulation research in the region. I would like to hold R&D spending where it is today.

關於你最後提到的研發（R&D）部分，在現階段，研發是成長非常穩健的貢獻者。我們確實有四個新的有效成分（actives）將推向市場。我們的產品管線中有多個非常有意思的產品，我們需要持續加速該地區的配方研究。我希望將研發支出維持在目前水準。

Now, I am not excluding the fact that we might have to think in the future and maybe the very near future about R&D with a different model, which is all based on partnership. That is what is more critical today, which is developing single molecule new actives by yourself as a company. Might be a story of the past and in the future, I believe we're going to have to join forces with partners on specific projects to increase the speed of development and reduce the cost.

當然，我不排除未來、甚至可能在不久的將來，我們必須以不同模式來思考研發，也就是完全以合作夥伴關係為基礎。因為今天更關鍵的是：由公司自行開發單一分子的新有效成分。可能已成為過去式；而在未來，我相信我們必須在特定專案上與夥伴聯手，以提升開發速度並降低成本。

Duffy Fischer, Goldman Sachs.

Duffy Fischer，高盛。

Good morning, guys. Can we just go back to the $500 million charge, that part of it? Roughly, what’s the split between the transition to new pricing model and adjusting the gross price would be question one? And then two, for each of those transactions, can you walk through the double-entry accounting, basically what happened in Q3 through the P&L, balance sheet and cash flow statement and then what happens going forward.

各位早安。我們能否回到那筆 5 億美元費用，談談其中的構成？大致上，轉換到新定價模式與調整毛價（gross price）之間的拆分比例是多少，這是第一個問題。第二，針對每一筆交易，你能否帶我們走一遍複式記帳（double-entry accounting），也就是在第三季透過損益表、資產負債表與現金流量表發生了什麼，以及未來將如何呈現。

Hey, Duffy, it’s Andrew. Let me take a crack at some of this. Certainly, the $500 million charge in the quarter, that splits about 60-40 between the change in the pricing structure, the mechanics itself versus the change in the gross and net price on historic inventory.

嗨，Duffy，我是 Andrew。我先嘗試回答其中一部分。第三季的 5 億美元費用，大約以 60/40 拆分：60% 來自定價結構變更（也就是機制本身），40% 來自對歷史庫存的毛價與淨價（net price）變更。

In terms of the flow-through of those items from the income statement to the balance sheet, a big chunk of it goes against accrued rebates, next biggest piece goes against trade receivables, and then there's some minor adjustments to advanced payments and current liabilities.

就這些項目從損益表流入資產負債表的方式而言，其中很大一部分會沖減應計回扣（accrued rebates），其次最大的一部分會沖減應收帳款（trade receivables），另外還有一些對預付款（advanced payments）與流動負債（current liabilities）的小幅調整。

But when we publish the more detailed balance sheet and company notes with 10-Q later today, that will be a little more transparent. But really, those are the three lines on the balance sheet that are most directly impacted from these charges in Q3. And again, from a Q3 perspective, there's really no cash impact.

不過，當我們今天稍晚隨 10-Q 一併發布更詳細的資產負債表與公司附註時，會更透明一些。但基本上，資產負債表上最直接受到第三季這些費用影響的，就是這三個科目。再重申一次，從第三季角度來看，實際上沒有現金影響。

These are non-cash charges. The only time that there's a cash impact is in the future periods, and it's really not related to the $500 million rebate pricing structure change in North America, as we just described a few questions ago. It's much more related to where we're giving credit notes and pricing for channel inventory held by customers that was sold at much higher prices and is held in inventory value by our customers at much higher prices.

這些都是非現金費用。唯一會產生現金影響的時間點是在未來期間，而且這其實與我們剛在前幾個問題所描述、北美 5 億美元回扣定價結構變更無關。它更多與我們向客戶就其通路庫存（channel inventory）提供貸項通知單（credit notes）與定價調整有關；這些庫存是以更高價格售出，且在客戶端仍以更高的庫存價值持有。

Kevin McCarthy, Vertical Research Partners. .

Kevin McCarthy，Vertical Research Partners。。

Yes, thank you for taking my question and good morning. Andrew, maybe a couple for you. With regard to the pending divestiture of your India business, are you still expecting to extract $200 million of working capital in addition to $252 million transaction value?

是的，謝謝讓我提問，早安。Andrew，我有幾個問題想請教你。關於你們即將出售印度業務一事，你們是否仍預期除了 2.52 億美元交易價值之外，還能釋出 2 億美元的營運資金（working capital）？

And then secondly, I'd welcome your thoughts on what you're baking into your guidance for any foreign exchange-related impacts given the volatility in the Brazilian real post-election.

第二，我也想聽聽你對於在巴西大選後雷亞爾波動之下，你們在財測指引中納入了哪些外匯相關影響的看法。

Great questions. We'll start with India. Look, we are we’re currently updating our carrying value for the India held-for-sale business to a fair value of $260 million at the September 30 print date. You will see this in the 10-Q that we file later today. We started the year with a carrying value of about $450 million with the gross proceeds that we expect, the terms of the initial signing of the deal about $250 million, cash collected of about we're expecting to collect about $130 million this year before closing. We've collected $115 million in cash year-to-date from the India business.

問題很好。我們先從印度開始。你看，我們目前正在把印度待售業務（held-for-sale business）的帳面價值更新為 9 月 30 日列報日的公允價值 2.6 億美元。你會在我們今天稍晚提交的 10-Q 中看到。我們年初的帳面價值大約是 4.5 億美元；就我們預期的總收款而言，依照交易初次簽署時的條款，總價約 2.5 億美元；在交割前，我們預期今年將收取約 1.3 億美元現金。截至目前，我們已從印度業務累計收取 1.15 億美元現金。

The remaining difference is deal fees, FX, some other frictions that come with the execution of the transaction. But essentially, we've been around a 400 number for the value of that transaction from the beginning and the headline price plus the cash received. Obviously, there's always frictions with executing a transaction, but we're still in that same ballpark. So we're very pleased with progress.

剩餘差額主要是交易費用、外匯（FX）以及執行交易時伴隨的其他摩擦成本。但基本上，從一開始我們對這筆交易的價值就大約在 4 億美元左右（包含交易對價與已收現金）。當然，執行交易總會有一些摩擦，但我們仍在同一個大致區間內。因此，我們對進展非常滿意。

Like I said, we're on track for the December 1 close. We think we have a very good partner in Crystal Crop in terms of as a route to market for our new technology going forward in India. So we think they're going to be a very good partner to work with over the long-term in addition to this initial transaction. So we're very excited about that.

如我所說，我們仍按計畫在 12 月 1 日完成交割。我們認為 Crystal Crop 是非常好的合作夥伴，能作為我們未來在印度推進新技術的市場通路（route to market）。因此，除了這筆初始交易之外，我們也認為他們將是我們長期合作的優質夥伴。所以我們對此非常期待。

Your next question. BRL, sorry, I paused there, the trickier part of your question, but obviously last weekend's election in Brazil has caused a bit of a market upset with the BRL. It's basically, I think from our viewpoint, it's basically reversed strengthening the Brazilian real with expectations in the polls that the election might go the other way. So for a lot of our planning purposes for '26 and the rest of '26, '27, we were planning at levels pre that run-up.

下一個問題。巴西雷亞爾（BRL），抱歉，我剛剛停頓了一下，你問題裡比較棘手的部分。不過很明顯，上週末巴西的選舉確實讓BRL引發了一些市場波動。基本上，我想從我們的角度來看，這等於是把先前因民調預期選舉結果可能往另一個方向而帶動的巴西雷亞爾升值，給反轉了。因此，就我們對2026年以及2026年剩餘期間、2027年的許多規劃而言，我們原本是以那波上漲之前的水準來做規劃。

So not a specific headwind that I would point to in our Q4 outlook related to the BRL and certainly the current rates factor in very much in the way we’re thinking about 2027.

所以，我不會特別指出在我們第四季展望中，有任何與BRL相關的特定逆風；而且目前的匯率水準也已經非常充分地納入我們對2027年的思考之中。

Laurent Favre, BNP Paribas.

Laurent Favre，法國巴黎銀行（BNP Paribas）。

Yes, hi, good morning. I'd like to go back to, I guess, the 2027 early look that you provided and more thinking about the industry backdrop. So wondering how you've been sort of penciling in price against variable costs. I understand you would have benefits on manufacturing costs, but I would have assumed that the disruptions related to the Middle East would start to sort of show up into the variable cost inflation side. Are you assuming you get pricing back into those territories into '27?

是的，嗨，早安。我想回到你們提供的2027年初步展望，並更著重於產業背景來思考。想請教你們在價格相對於變動成本方面，是如何做初步假設的。我理解你們在製造成本上會有一些效益，但我原本以為與中東相關的干擾，會開始在變動成本通膨那一端顯現出來。你們是否假設到2027年能在那些地區把定價拉回來？

Let me take this opportunity, Laurent, to give you an overall view of how we think about '27. Just to break it down along the lines of the way we describe the company, we believe a core business should be back to growth even at a low level because we will not yet be benefiting. The full year from the manufacturing cost. Today, there is some level of inflation of raw materials, but for some reason, it is not a number, which is dramatically impacting manufacturing cost. It is to some extent, but it is not a big driver.

Laurent，我藉這個機會給你一個我們如何看待2027年的整體觀點。先按照我們描述公司業務的方式來拆解：我們認為核心業務應該會回到成長，即使成長幅度不高，因為我們尚未能享受到製造成本的全年效益。製造成本的全年效益。目前原物料確實有一定程度的通膨，但不知為何，它並不是一個會對製造成本造成劇烈影響的數字。它在某種程度上有影響，但不是主要驅動因素。

So when we look at our business, the core business will be growing in the low single-digit, mostly driven for us by a normalized channel with the commercial actions we are taking and we continue to grow direct sales in Brazil and that includes pricing. Into the equation, but not expecting a major cost increase from raw material. Then we’re looking at the growth platform. I think it's going to be up in the mid-teens and that is driven by new actives ingredients, which we believe will be growing 50%, mostly driven by fluindapyr.

因此，當我們看我們的業務時，核心業務將以低個位數成長，對我們而言主要由通路正常化、我們正在採取的商業行動所帶動；同時我們也會持續在巴西擴大直銷，這其中也包含定價。把這些納入方程式，但我們不預期原物料會帶來顯著的成本上升。接著我們看成長平台。我認為會在十幾%的中段水準，這是由新有效成分所驅動；我們相信新有效成分將成長50%，主要由fluindapyr帶動。

And then when you look at cost, much more important than raw material inflation on raw material, we're expecting a very significant decrease of cost because of the fact we would have cleaned up the channel inventory. We're going to be way less return. Of products, which we've been getting over the last few years, which impact top-line. We will be getting obviously less rework to do when we receive those products.

然後當你看成本時，相較於原物料通膨，更重要的是：我們預期成本會大幅下降，原因在於我們將把通路庫存清理乾淨。我們的退貨會少很多。過去幾年我們收到的產品退回，會影響營收。當我們收到那些產品時，顯然也會需要更少的返工處理。

And of course, with the actions we have taken, way less impact of credit notes. If you think about cost of the corporation. That is going to have a much greater impact and much more a much greater impact than the inflation we are seeing today with the Strait of Hormuz with the Strait of Hormuz situation. (multiple speakers)

當然，隨著我們已採取的行動，貸項通知單（credit notes）的影響也會小很多。如果你想到公司層面的成本。這些因素的影響會大得多，而且遠大於我們今天因荷姆茲海峽（Strait of Hormuz）情勢所看到的通膨影響。（多位講者）

Just finish one single comment, maybe to guide you toward EBITDA. If you take the three comments I made around core, around growth and the improvement linked to the change of the channel and the lower costs, we've applied to those three and we've quantified each of those three and applied to EBITDA. 18% to 19%, and that is what is driving us to the kind of range we are giving for '27.

我再補充一句，或許可以引導你們理解EBITDA。把我剛才對核心業務、成長，以及通路變化與成本降低所帶來改善的三點評論放在一起，我們已把這三項各自量化，並反映到EBITDA上：18%到19%。這就是我們給出2027年區間的主要驅動因素。

Lawrence Alexander, Jefferies.

Lawrence Alexander，Jefferies。

So good morning. So just to clarify one of the comments about the core business, when you say it's back to growth, is your intention for '27 and '28 that both volume and price will be net positive or will it be back to growth in the sense of volumes are positive, but net price is probably negative or negative relative to inflation and you're making up for that elsewhere in the portfolio?

早安。我想釐清你們對核心業務的一個說法：當你說「回到成長」，你們對2027年與2028年的意圖是量與價都會呈現淨正貢獻嗎？還是所謂回到成長是指銷量為正，但淨價格可能為負，或相對於通膨為負，而你們在產品組合的其他地方把它補回來？

So the first one, we're impacting that the price and volume will be a net positive for us and even greater in '28 where we will have a full-year impact of the new manufacturing footprint.

是第一種。我們預期價格與銷量對我們而言都會是淨正貢獻；而且在2028年會更強，因為我們將能享受到新製造佈局的全年影響。

Lucas Beaumont, UBS.

Lucas Beaumont，瑞銀（UBS）。

Thanks. Can you hear me now? Yes, we can hear you. Yeah, I just wanted to follow up on the free cash flow. So I mean, for the year, you've sort of reduced the outlook by $400 million there. It seems like maybe $70 million of that is kind of associated with the cut to the second half EBITDA. Can you kind of just walk us through the buckets of what the rest is sort of baked in there, please?

謝謝。你們現在聽得到我嗎？是的，聽得到。我想追問自由現金流。也就是說，你們把全年展望下修了4億美元。看起來其中大約7,000萬美元可能與下半年EBITDA下修有關。能否請你們帶我們拆解一下，其餘部分大概分別落在哪些項目（bucket）？

Yeah, so if we look at the full-year cash flow outlook versus our prior guide, certainly it starts with the reduction in EBITDA, right? We underperformed the midpoint of our prior guidance for Q3 by about $17 million. We reduced the outlook for Q4 by $75 million, so it's nearly $100 million reduction in the EBITDA outlook for the full-year on an underlying basis.

好的，如果我們看全年現金流展望相對於先前指引的變化，當然首先是從EBITDA下修開始，對吧？我們第三季的表現比先前指引中位數低了約1,700萬美元。我們把第四季展望下修了7,500萬美元，所以在可比基礎上，全年EBITDA展望合計下修接近1億美元。

The second thing I'd point to is sales also lagged in the third quarter and it's compound lower sales that we experienced earlier in the year to where the collections that we will collect from sales made earlier in the year, particularly from the under-delivery of sales in Q3 and say things we sold in Q3 that portion of which we would have collected in Q4 are lower than what we had previously expected.

第二點我要指出的是，第三季銷售也落後，而這是在今年稍早較低銷售的基礎上進一步疊加；因此，我們原本預期在第四季會回收的應收款——特別是第三季銷售交付不足所導致的，以及我們在第三季賣出的產品中原本有一部分會在第四季收款的——都比我們先前預期的要少。

For sales that we make in Q4 that we collect in Q4. Which is non-trivial portion of our US business. Because of the shift in gross pricing, we can sell the same number of units, collect a lower amount of gross sales in the fourth quarter, and certainly from forecast to forecast, that is a reduction in collections in Q4.

至於我們在第四季銷售、並在第四季收款的部分——這在我們美國業務中占比不小。由於總定價（gross pricing）的變動，我們可以賣出相同數量的單位，但在第四季收到的總銷售額會更低；而且從一版預測到下一版預測，這就會反映為第四季收款的下修。

Now, the natural offset to that is in Q4 of '27, we will be paying significantly lower rebates. That's my earlier comment about over the cycle, those rebate changes in North America really should be cash flow neutral. And then finally, there is some amount of credit notes that will be applied in Q4 as Pierre described earlier. That's a very active discussion.

而自然的抵銷因素是，在2027年第四季，我們將支付顯著較低的回扣（rebates）。這就是我先前提到的：從整個週期來看，北美回扣變動理應對現金流是中性的。最後，正如Pierre先前所描述，第四季也會有一定金額的貸項通知單（credit notes）會被入帳/適用。這是一個正在積極討論的議題。

We have an estimate in there. It could be higher and lower based on how timing and how agreements are reached with customers, but that does factor in as well. So those combination of four factors are essentially how we shift from the prior free cash flow guidance to our current guidance.

我們在裡面有一個估計值。依據時點以及與客戶達成協議的方式，金額可能更高或更低，但這也確實被納入考量。所以，這四個因素的組合，基本上就是我們如何從先前的自由現金流指引，調整到目前指引的原因。

Just one comment about the 175, the last comment Andrew made. The more we use is not necessarily bad news because that would mean that we are reaching agreement with customers. So there would be some level of payment, but there would be some significant level of increased revenues from those transactions. So we have made some assumption, but going beyond what we have is not at all bad news from a potential growth in Q4 above what we have in the plan should those contracts be reached with customers faster than what we have in the plan.

關於Andrew最後提到的1.75億（175）的部分，我補充一句：我們使用得更多不一定是壞消息，因為那代表我們正在與客戶達成協議。因此會有一定程度的付款，但同時這些交易也會帶來相當程度的營收增加。所以我們做了一些假設，但如果實際超過我們目前的假設，這完全不是壞消息；若能比計畫更快與客戶敲定合約，第四季的成長潛力可能會高於我們計畫中的水準。

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

以上為FMC Corporation財報電話會議。感謝各位參與。您現在可以斷線。