ICL Group Ltd (ICL) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to the ICL third-quarter 2024 earnings call. (Operator Instructions)

大家好，歡迎參加 ICL 2024 年第三季財報電話會議。（操作員說明）

Please note this call is being recorded, and I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to Peggy Reilly Tharp. Please go ahead.

請注意，此通話正在錄音，如果您需要任何幫助，我將隨時待命。現在我很高興將會議交給佩吉·賴利·撒普。請繼續。

Thank you. Hello, everyone. I'm Peggy Reilly Tharp, Vice President of Global Investor Relations for ICL Group. I'd like to welcome you and thank you for joining us today for our earnings conference call. This event is being webcast live on our website at icl-group.com, and there will be a replay available a few hours after the live call and a transcript shortly thereafter.

謝謝。大家好。我是佩吉‧賴利‧撒普 (Peggy Reilly Tharp)，ICL 集團全球投資者關係副總裁。我歡迎您並感謝您今天參加我們的收益電話會議。活動正在我們的網站 icl-group.com 上進行網路直播，直播後幾個小時內將進行重播，並在不久後提供文字記錄。

Earlier today, we filed our reports and presentation with the securities authorities and the stock exchange in Israel. And tomorrow, when the SEC EDGAR website reopens, we will do so in the US. Those reports as well as the press release and our presentation are available on our website as of this morning.

今天早些時候，我們向以色列證券監管機構和證券交易所提交了報告和簡報。明天，當 SEC EDGAR 網站重新開放時，我們將在美國這樣做。截至今天上午，這些報告以及新聞稿和我們的簡報可在我們的網站上取得。

Please be sure to review the disclaimer on slide 2. Our comments today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are not guarantees of future performance.

請務必查看投影片 2 上的免責聲明。我們今天的評論將包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述是基於管理層目前的預期，並非對未來業績的保證。

The company undertakes no obligation to update any information discussed on this call at any time. We will begin with the presentation by our CEO, Mr. Raviv Zoller, followed by Mr. Aviram Lahav, our CFO. After the presentation, we will open the line for the Q&A session.

該公司沒有義務隨時更新本次電話會議中討論的任何資訊。我們將首先由我們的執行長 Raviv Zoller 先生進行演講，然後是我們的財務長 Aviram Lahav 先生。演示結束後，我們將開通問答環節。

I would now like to turn the call over to Raviv.

我現在想把電話轉給拉維夫。

Thanks, Peggy, and welcome, everyone.

謝謝佩吉，歡迎大家。

I would like to begin by providing a brief update on the situation in Israel, which is now in its 14th month. We have continued to address the challenges caused by the war, including fluctuations in the number of reserves called service and ongoing logistics-related issues. We remain committed to delivering against our 2024 plan, while continuing to manage all areas under our control and preparing for potential external risks and scenarios.

首先，我想簡要介紹一下以色列局勢的最新情況，該局勢現已進入第 14 個月。我們繼續應對戰爭帶來的挑戰，包括服務儲備數量的波動以及持續的後勤相關問題。我們仍然致力於實現 2024 年計劃，同時繼續管理我們控制下的所有領域，並為潛在的外部風險和情況做好準備。

Now if you will please turn to slide 3 for a brief overview of third-quarter results, which continued the positive trend we saw in the first half of the year. Sales of $1,753 million were up for the third consecutive quarter while adjusted EBITDA of $383 million was up for the fourth consecutive quarter. EBITDA was also up 11% on a year-over-year basis as EBITDA margin expanded from 19% to 22%.

現在，請翻到投影片 3，簡要概述第三季的業績，該業績延續了我們在上半年看到的正面趨勢。銷售額連續第三季成長 17.53 億美元，調整後 EBITDA 連續第四季成長 3.83 億美元。EBITDA 也年增 11%，EBITDA 利潤率從 19% 擴大至 22%。

Throughout the first nine months of 2024, as always, we maintained our focus on cash generation. As a result, our free cash flow strengthened throughout the year with a year-to-date free cash flow of $572 million. Adjusted earnings per share has also improved quarter this year. And for the third quarter, we delivered adjusted EPS of $0.11, up 10% on a sequential basis.

2024 年前 9 個月，我們一如既往地繼續關注現金產生。因此，我們的自由現金流全年有所增強，年初至今的自由現金流為 5.72 億美元。今年季度調整後每股收益也有所改善。第三季度，調整後每股收益為 0.11 美元，季增 10%。

In the third quarter, our specialty-driven business divisions, industrial products, phosphate solutions, and growing solutions, reported a 37% year-over-year increase in EBITDA. For the third quarter, our potash business division represented approximately 30% of total EBITDA versus nearly 50% in the same quarter last year.

第三季度，我們的專業驅動業務部門、工業產品、磷酸鹽解決方案和種植解決方案的 EBITDA 年成長 37%。第三季度，我們的鉀肥業務部門約佔 EBITDA 總額的 30%，而去年同期則接近 50%。

We continue to return value to our shareholders via our industry-leading dividend. And next month, we will distribute another dividend payment of approximately $0.05 per share. We also maintained our focus on expanding ICL's innovative product pipeline across all of our specialties driven businesses during the quarter. In addition to our focus on strong cash generation, we continue to target cost savings and efficiency efforts as well.

我們繼續透過業界領先的股利為股東回報價值。下個月，我們將再次派發每股約 0.05 美元的股息。本季我們也持續致力於在所有專業驅動業務中擴展 ICL 的創新產品線。除了專注於強勁的現金產生之外，我們還繼續致力於節省成本和提高效率。

I would ask you to turn now to slide 4 and a look at both year-over-year and quarter-over-quarter trends for some key financial metrics. As you can see, we once again delivered quarter-over-quarter improvement across the board. Consolidated adjusted EBITDA was up on both a quarterly and annual basis, and our specialties driven business divisions achieved improvement in both sales and EBITDA versus both prior periods.

我想請您現在翻到投影片 4，看看一些關鍵財務指標的年比和環比趨勢。正如您所看到的，我們再次實現了全面的季度環比改善。合併調整後 EBITDA 按季度和年度計算均有所增長，我們的專業驅動業務部門在銷售額和 EBITDA 方面均較前期有所改善。

Let's start with the review of our divisions and begin with our industrial products business on slide 5. For the third quarter of 2024, sales of $309 million were up 16% year over year. Over the same time frame, EBITDA increased 55% to $65 million. EBITDA margin of 21% improved versus 16% in the prior year, when the bromine market reached its bottom, driven by scale and efficiencies.

讓我們先回顧一下我們的部門，然後從幻燈片 5 上的工業產品業務開始。2024 年第三季銷售額為 3.09 億美元，年增 16%。同一時期內，EBITDA 成長了 55%，達到 6,500 萬美元。EBITDA 利潤率為 21%，而去年溴市場在規模和效率的推動下觸底時為 16%。

In the third quarter, we continued to reap benefits from our efforts to gain market share in plan retardants with higher volumes for both brominated and phosphorus-based solutions. Sales of clear brine fluids for use in the oil and gas industry decreased year-over-year due to a normal shift in the oil and gas drilling cycles in Europe and the Eastern Hemisphere.

第三季度，我們繼續從努力獲得計劃阻燃劑的市場份額中獲益，溴化和磷基解決方案的銷售量更高。由於歐洲和東半球石油和天然氣鑽探週期的正常變化，用於石油和天然氣行業的透明鹽水銷量較去年同期下降。

Specialty minerals sales increased year-over-year, driven by higher volumes for industrial applications and steady demand from the fluid and pharma end markets. The new product pipeline, which spans from apparel to construction and into battery materials is expected to benefit from an expansion into the North American energy storage supply chain through a phosphorus compound for use in the production of LiPF6, a critical raw material for lithium-ion batteries.

在工業應用銷量增加以及流體和製藥終端市場穩定需求的推動下，特種礦物銷售額較去年同期成長。新產品線涵蓋服裝、建築和電池材料，預計將受益於透過用於生產鋰離子關鍵原料 LiPF6 的磷化合物向北美儲能供應鏈的擴張。

On slide 6, you will see our potash division results for the third quarter of 2024, with sales of $389 million and EBITDA of $120 million. Our average potash price was down $45 CIF per ton year over year, while total sales volume was down approximately 220,000 metric tons for the same time frame.

在投影片 6 上，您將看到我們的鉀肥部門 2024 年第三季的業績，銷售額為 3.89 億美元，EBITDA 為 1.2 億美元。我們的鉀肥平均價格較去年同期下降 45 美元（到岸價），而同期總銷量下降約 22 萬噸。

As I mentioned earlier, at our Dead Sea operations, we continue to face intermittent challenges related to the war. We have continued to adapt to fluctuations in staffing and remain flexible in the face of shipping constraints, which presents a challenge for ICL and other gold companies.

正如我之前提到的，在我們的死海行動中，我們繼續面臨與戰爭有關的間歇性挑戰。我們不斷適應人員配置的波動，並在運輸限制面前保持靈活性，這對 ICL 和其他黃金公司構成了挑戰。

In Spain, we are benefiting from ongoing operational and efficiency efforts, which have driven record third-quarter production. For 2024, we intend to limit our total annual potash sales volumes to the 4.6 million metric tons, which have already been committed. This is similar to 2023 volumes and in anticipation of improving conditions in 2025.

在西班牙，我們受益於持續的營運和效率努力，這推動了第三季產量創紀錄。到 2024 年，我們計劃將年度鉀肥銷售總量限制在 460 萬噸，這一目標已經承諾。這與 2023 年的數量相似，預計 2025 年情況會有所改善。

Turning to slide 7 in our phosphate solutions division, where third-quarter sales were $577 million. EBITDA of $140 million increased on a year-over-year basis, while EBITDA margin expanded to 24% from 20%. In the quarter, growth in specialties market share more than offset lower prices related to a decrease in cost inputs.

轉向我們磷酸鹽解決方案部門的幻燈片 7，該部門第三季的銷售額為 5.77 億美元。EBITDA 年成長 1.4 億美元，EBITDA 利潤率從 20% 擴大至 24%。本季度，特種產品市場佔有率的成長足以抵銷因成本投入減少而導致的價格下降。

On a portfolio basis, we continue to expand into new and adjacent products in food, industrial and pharma end markets. On a regional basis, we saw continued growth at YPH, our joint venture in China with increased demand for battery grade phosphate.

在產品組合的基礎上，我們繼續擴展到食品、工業和製藥終端市場的新產品和相關產品。從區域來看，我們在中國的合資企業 YPH 持續成長，對電池級磷酸鹽的需求不斷增加。

We are two months away from completing our customer innovation qualification center in St. Louis, which will allow us to begin qualifying battery materials products for customers. This big step forward puts us in an optimal position for growth in the Western Hemisphere, as it will allow us to prove our product at scale and strengthen our customer relationships.

距離我們位於聖路易斯的客戶創新鑑定中心還有兩個月的時間竣工，這將使我們能夠開始為客戶鑑定電池材料產品。這一重大進步使我們處於西半球成長的最佳位置，因為它將使我們能夠大規模證明我們的產品並加強我們的客戶關係。

For our commercial LSP plant in North America, we continue to align our construction timeline and capital spend to match anticipated customer demand. Looking more globally, we are now selling specialty phosphate solutions to a battery customer in Argentina, and we're also looking at barring material partnership opportunities in Europe. In terms of commodity phosphate, prices firmed in the third quarter with tight stock positions in key markets.

對於我們在北美的商業 LSP 工廠，我們繼續調整建造時間表和資本支出，以滿足預期的客戶需求。放眼全球，我們現在正在向阿根廷的電池客戶銷售特殊磷酸鹽解決方案，我們也正在歐洲尋找禁止材料合作機會。商品磷酸鹽方面，第三季價格堅挺，主要市場庫存緊張。

Turning to slide 8 and a growing solutions business division where third quarter 2024 sales of $538 million were somewhat down year over year, while EBITDA of $64 million increased more than 70% for the same time frame.

轉向幻燈片 8 和不斷增長的解決方案業務部門，其中 2024 年第三季銷售額為 5.38 億美元，同比有所下降，而 EBITDA 為 6,400 萬美元，同期增長超過 70%。

EBITDA margin of 12% expanded significantly versus the prior year, driven by efficiency efforts and improved product mix. Our strategy of offering innovative products targeted to meet regional needs continues to prove itself as we delivered our third sequential quarter of sales and EBITDA growth.

在效率提升和產品組合改善的推動下，EBITDA 利潤率較上年大幅成長 12%。隨著我們實現連續第三季的銷售額和 EBITDA 成長，我們提供旨在滿足區域需求的創新產品的策略繼續證明了自己。

In China, we really signed a five-year agreement with one of the top agricultural distribution companies. The agreement, valued at approximately $170 million is for specialty water sellable fertilizers, which have seen a substantial increase in demand in China. In North America, we have made good progress on the integration of custom ag formulators, a provider of liquid adjuvants and enhanced nutrients as well as various other specialty products.

在中國，我們確實與一家頂級農產品分銷公司簽署了為期五年的協議。該協議價值約 1.7 億美元，涉及特種水溶肥料，中國對該肥料的需求大幅增加。在北美，我們在客製化農業配方設計師、液體佐劑和強化營養素以及各種其他特殊產品的供應商的整合方面取得了良好進展。

I would now like to wrap up with a few highlights on slide 9. While I'm pleased that we delivered sequential EBITDA improvement for the fourth consecutive quarter, our future growth relies on our passion to strive forward and to disrupt our own markets when necessary. This attitude has enabled us to continuously enhance our already robust product pipeline with innovative new solutions. Simultaneously, we have worked to manage costs and drive efficiency efforts.

現在我想用投影片 9 中的一些要點來結束。雖然我很高興我們連續第四個季度實現 EBITDA 連續改善，但我們未來的成長依賴於我們努力前進的熱情，並在必要時擾亂我們自己的市場。這種態度使我們能夠透過創新的新解決方案不斷增強我們已經強大的產品線。同時，我們努力管理成本並提高效率。

There are no sacred cows at ICL and two additional small sites were closed this quarter for efficiency considerations. We have also worked together to leverage opportunities across business segments, and we will continue to do so as we look to target new and adjacent end markets through innovative product solutions.

ICL 沒有什麼神聖的東西，出於效率考慮，本季還關閉了另外兩個小型站點。我們也共同努力利用跨業務部門的機會，並且我們將繼續這樣做，因為我們希望透過創新的產品解決方案瞄準新的和鄰近的終端市場。

One example of this is our [battery deals] business. We have the potential to leverage our expertise in a variety of ways and to expand our presence as a global leader in this space through new products and offerings.

我們的[電池交易]業務就是一個例子。我們有潛力以多種方式利用我們的專業知識，並透過新產品和服務擴大我們作為該領域全球領導者的地位。

In North America, our customer innovation and qualification center is nearing completion, and we currently expect commercial production to begin in 2027. Another example of our dedication to innovation is ADMATIC, our ASTEC digital startup, which was recently recognized by Fortune as one of the 10 companies that are changing the world and was featured in an important scientific publication in Nature on Regenerative Agriculture.

在北美，我們的客戶創新和資格中心即將竣工，目前我們預計將於 2027 年開始商業生產。我們致力於創新的另一個例子是我們的ASTEC 數位新創公司ADMATIC，它最近被《財富》雜誌評為正在改變世界的10 家公司之一，並在《自然》再生農業的重要科學出版物中獲得了專題報導。

The new Region IQ platform helps agronomists and suppliers implement an environmentally friendly crop strategies and enables them to tailor regenerative practices to specific crops and conditions. These are just two examples that demonstrate how ICL is working to improve lives and protect the planet and neither would be possible without the hard work, dedication and support of each and every ICL employee. To all of our team, I say thank you.

新的 Region IQ 平台可協助農學家和供應商實施環保作物策略，並使他們能夠根據特定作物和條件客製化再生實踐。這只是兩個例子，展示了 ICL 如何努力改善生活和保護地球，如果沒有每位 ICL 員工的辛勤工作、奉獻和支持，這一切都是不可能實現的。我對我們團隊的所有成員表示感謝。

And with that, I would now like to turn the call over to Aviram.

現在，我想將電話轉給阿維拉姆。

Thank you, Raviv, and to all of you for joining us today. Let us get started on slide 11 and take a look at some key market metrics.

謝謝拉維夫和大家今天加入我們。讓我們從幻燈片 11 開始，看看一些關鍵的市場指標。

Since we are a truly global company, serving the variety end markets, we look beyond fertilizer prices to a wider area of macro indicators, stung with inflation, where the US and EU saw decreases in the third quarter, while China, Brazil and Israel also increase, which range to 20 to 60 basis points. Interest rates decreased versus the prior quarter in the US, EU, and UK remained steady in Israel and India, an increase in Brazil.

由於我們是一家真正的全球性公司，服務於各種終端市場，因此我們的目光不僅限於化肥價格，還包括受通貨膨脹影響的更廣泛的宏觀指標，美國和歐盟在第三季度出現了下降，而中國、巴西和以色列也出現了下降。美國、歐盟的利率較上一季下降，以色列和印度的英國利率維持穩定，巴西的利率上升。

Global industrial production was stable in the quarter, with improving trends expected into the next few quarters. On a sequential basis, housing starts picked up slightly in the US in both the second and third quarters this year.

本季全球工業生產保持穩定，預計未來幾季將出現改善趨勢。從環比來看，美國今年第二季和第三季的新屋開工量均略有回升。

Turning to slide 12, the key fertilizer market metrics. Across the board, grain prices ended the third quarter lower, while farmer sentiment significantly softened. However, data for October showed a surprise in preelection bouncing sentiment as farmers express some optimism that the economic conditions will improve and that there will not be an extended downturn in the farm economy.

轉向投影片 12，關鍵肥料市場指標。第三季糧食價格全面走低，農民情緒明顯疲軟。然而，10月份的數據顯示，選舉前的情緒反彈出人意料，因為農民對經濟狀況將有所改善以及農業經濟不會出現長期低迷表示樂觀。

Potash and phosphate prices continue to diverge with potash prices maintaining their decent while phosphate prices increased slightly versus the second quarter and significantly year over year. While ocean freight rates decreased in the quarter, reaching the lowest level since the third quarter of 2023, at ICL, we continue to see higher overall logistical costs.

鉀肥和磷酸鹽價格持續分化，鉀肥價格維持在較高水平，而磷酸鹽價格較第二季小幅上漲，較第二季大幅上漲。儘管本季海運費下降，達到 2023 年第三季以來的最低水平，但在 ICL，我們仍然看到整體物流成本上升。

On slide 13, you can see some key market metrics for energy storage and electric vehicles, while both are growing at roughly the same pace over the next few years, the most significant increase in demand is still expected later in the decade.

在投影片13 中，您可以看到能源儲存和電動車的一些關鍵市場指標，雖然兩者在未來幾年內的成長速度大致相同，但預計需求最顯著的成長仍將在本十年晚點時候出現。

As Raviv mentioned, in addition to our current North American battery materials project, which is in line with our customers' current expected production timelines, we are also looking at battery material expansion opportunities in other regions.

正如拉維夫所提到的，除了我們目前的北美電池材料專案符合客戶當前的預期生產時間表外，我們還在尋找其他地區的電池材料擴張機會。

If you will now turn to slide 14 for a look at our third quarter sales bridges. On the left side, you can see the year-over-year change for each of our business divisions with potash having an outside impact on the year-over-year decrease in sales, which came in at $1.8 billion.

現在請翻到投影片 14，看看我們第三季的銷售橋樑。在左側，您可以看到我們每個業務部門的同比變化，其中鉀肥對銷售額同比下降產生了外部影響，銷售額為 18 億美元。

Turning to the right side of the slide, you can see the impact of lower prices, especially for potash and the effect exchange rates had on sales. In addition, due to onetime logistics adjustments, which will allow for greater flexibility of a location between Ports and Israel going forward. We deferred approximately 120,000 metric tons of quarter sales volumes to China.

轉向幻燈片右側，您可以看到價格下降的影響，尤其是鉀肥，以及匯率對銷售的影響。此外，由於一次性的物流調整，這將使港口和以色列之間的地點未來具有更大的靈活性。我們將季度約 12 萬噸的銷量延後到中國。

On slide 15, you can see the impact lower potash prices had on our third quarter 2024 EBITDA of $383 million. We were able to offset lower prices in general through higher quantities and lower raw material costs in our specialty-driven businesses.

在投影片 15 上，您可以看到鉀肥價格下跌對我們 2024 年第三季 EBITDA 3.83 億美元的影響。我們能夠透過專業驅動業務中更高的數量和更低的原材料成本來抵消整體較低的價格。

Turning to slide 16. You can see that even as potash prices continued to decrease in the third quarter, ICL remained a leader in terms of average realized price. Once again, we maximize the profitability of our cost-efficient resources. Demand for potash is currently constructive due to soil replenishment needs and we are seeing some firming in the global market.

轉到投影片 16。可以看到，儘管第三季鉀肥價格繼續下跌，但 ICL 的平均實現價格仍然處於領先地位。我們再次最大限度地提高具有成本效益的資源的獲利能力。由於土壤補充需求，目前對鉀肥的需求具有建設性，我們看到全球市場出現一些強勢。

On slide 17, I would like to remind you of ICL's leadership position in the global bromine market while growing prices have been under pressure for more than a year. The Dead Sea remains the most cost competitive source of roaming and accounts for approximately 2/3 of global supply capacity.

在投影片 17 中，我想提醒您 ICL 在全球溴市場的領導地位，而一年多來，價格上漲一直面臨壓力。死海仍是最具成本競爭力的漫遊來源，約佔全球供應能力的 2/3。

If you turn to slide 18, you can see how our business breaks out on both the regional basis and business division. As a truly global company, we maintain solid foundations in Europe and North America, while participating in high-growth markets like Brazil, China, and India, as a truly diverse company, our four business segments serve a wide array of end markets from automotive to food and beverage, to pharma and beyond.

如果你翻到投影片 18，你可以看到我們的業務在區域基礎和業務部門上是如何突破的。作為一家真正的全球化公司，我們在歐洲和北美保持著堅實的基礎，同時參與巴西、中國和印度等高成長市場，作為一家真正多元化的公司，我們的四個業務部門服務於汽車等廣泛的終端市場食品和飲料、製藥等。

Before we wrap up, I would like to share a few highlights on slide 19. We continue to prioritize cash generation and ended the quarter with available resources of approximately $1.7 billion. Our cost savings and efficient CFO are ahead of our expectations. Our net debt to adjusted EBITDA at quarter end was 1.2 times, and S&P recently reassured our BBB- rating with a stable outlook.

在結束之前，我想分享幻燈片 19 上的一些要點。我們繼續優先考慮現金生成，本季末可用資源約為 17 億美元。我們的成本節省和高效的 CFO 超出了我們的預期。季末我們的淨債務與調整後 EBITDA 比率為 1.2 倍，標準普爾最近以穩定的前景再次保證了我們的 BBB- 評級。

And of course, we are once again distributing 50% of adjusted net income to our shareholders in December. We will pay out $68 million as a dividend to our shareholders, keeping our trailing 12-month dividend yield at 4.6%.

當然，我們將在 12 月再次將調整後淨利潤的 50% 分配給股東。我們將向股東支付 6,800 萬美元股息，將過去 12 個月的股息殖利率維持在 4.6%。

Finally, if you will turn to slide 20, I would like to update you on our 2024 guidance. For our specialty-driven business division, which includes industrial products, growing solutions, and phosphate solutions, we now expect EBITDA to be between [$0.95 billion to $1.05 billion] in 2024. This is up on previous guidance of [$0.8 billion to $1 billion].

最後，如果您翻到投影片 20，我想向您介紹我們 2024 年指導的最新情況。對於我們的專業驅動業務部門（包括工業產品、種植解決方案和磷酸鹽解決方案），我們現在預計 2024 年 EBITDA 將在 [9.5 億美元至 10.5 億美元]之間。這是根據之前的指導[8億至10億美元]。

As Raviv mentioned earlier, for 2024, we intend to limit our total annual potash sales volumes to 4.6 million metric tons, which is in line with 2023 volumes and in anticipation of improving conditions in 2025.

正如拉維夫之前提到的，到 2024 年，我們打算將鉀肥年度總銷量限制在 460 萬噸，這與 2023 年的銷量一致，並預計 2025 年情況會有所改善。

We continue to expect our effective tax rate for 2024 to be approximately 28%, which was our rate in the third quarter. And with that, we can begin the Q&A.

我們仍然預計 2024 年的有效稅率約為 28%，這是我們第三季的稅率。這樣，我們就可以開始問答了。

(Operator Instructions) Rahi Parikh, Barclays.

（操作員指示）Rahi Parikh，巴克萊銀行。

I'm obviously coming in for Ben. And the first question that we have is, do you have any preliminary Specialty outlook for 2025, given that 2024 is coming together much better than initially anticipated? And I have a follow-up after that.

我顯然是來支持本的。我們的第一個問題是，考慮到 2024 年的情況比最初預期的要好得多，您對 2025 年的專業前景有什麼初步的展望嗎？之後我有一個後續行動。

First of all, hi. How are you? And I hope we get to touch base. Yeah, we do have preliminary results about 2025. It hasn't filled up budget for '25, but we definitely -- the ideas and the actions to '25, if I go industry by industry, we suggest that we see basically sort of stabilization or firming up around the potash starting from that.

首先，你好。你好嗎？我希望我們能取得聯繫。是的，我們確實有 2025 年的初步結果。它還沒有填滿 25 年的預算，但我們絕對 - 25 年的想法和行動，如果我逐個行業地進行分析，我們建議從那時起我們會看到鉀肥周圍基本上出現穩定或堅挺。

Hopefully, a continuation of the good track record that we have on phosphate and its derivatives, on better product, as you know, a lot of it depends on the market side and the demand that's going to firm up. We believe that during the year, demand should be picking up.

希望我們在磷酸鹽及其衍生物、更好的產品方面能夠延續良好的記錄，正如你所知，這在很大程度上取決於市場方面和將要堅挺的需求。我們認為，今年需求應該會回升。

We are not waiting for the demand. As you know, we are supplying basically a full scheme, but they should drive prices up. And finally, on the growing solutions side, we are hopeful that we continue a very positive journey that we about upon '25 is going to be a better year. So again, we're going to work on it. We don't have a version that we're ready to share at this time, but the trends basically look okay.

我們不是在等待需求。如您所知，我們基本上提供了完整的方案，但它們應該會推高價格。最後，在不斷增長的解決方案方面，我們希望能夠繼續一段非常積極的旅程，25 年將會是更好的一年。因此，我們將再次努力解決這個問題。目前我們還沒準備好分享的版本，但趨勢看起來基本上不錯。

Any thing I missed Raviv?

我有什麼想念拉維夫的嗎？

No.

不。

Okay. So that's '25. And of course, once we have a better picture, as always, we find a way to share it and we will culminate in the guidance that obviously, we will come out with Q4 and '24, we will also force give a guidance for '25 as we did in the previous two years.

好的。那是'25。當然，一旦我們像往常一樣有了更好的了解，我們就會找到一種方法來分享它，我們最終將提供指導，顯然，我們將推出第四季度和“24”，我們還將強制為“提供指導」 25 正如我們前兩年所做的那樣。

Okay. Thanks, Aviram. And then also just on geopolitics. Do you see -- is the impact still just on increased shipping costs? Or are there issues getting tons out in the area? And then what's your take on the Belarus notion to cut 10% of production? Thanks so much.

好的。謝謝，阿維拉姆。然後還有地緣政治。您看到了嗎—影響仍然只是增加運輸成本嗎？或者在該地區進行大量出行是否有問題？那麼您對白俄羅斯削減 10% 產量的想法有何看法？非常感謝。

Okay. So thanks for the question. On geopolitics, of course, nobody has a crystal ball, but the main issue for us is logistics and shipping.

好的。謝謝你的提問。當然，在地緣政治方面，沒有人有水晶球，但我們面臨的主要問題是物流和運輸。

And during the third quarter, we made certain adjustments to make sure that if necessary, we could get all our products out of port instead of two. That has a certain cost to it. We saw -- if you look at the bridge of quarter versus quarter last year, there was an increase of $13 million in transportation costs. So a huge chunk of that has to do with the adjustment to move out of one port.

在第三季度，我們進行了一些調整，以確保如有必要，我們可以將所有產品而不是兩個產品出港。這是有一定成本的。我們看到，如果你看一下季度與去年季度的對比，你會發現運輸成本增加了 1300 萬美元。因此，其中很大一部分與移出一個連接埠的調整有關。

So we're hoping, of course, that in the coming months, things will work out to the better, and we lose that -- we lose that problem that we don't like to face. But in terms of our abilities, we're much more flexible now because we can actually shift all of our products from one port. It means that part of the adjustment that was made this year was that we're shipping more to the Western Hemisphere than we did before.

當然，我們希望在接下來的幾個月裡，事情會變得更好，但我們會失去它——我們失去了我們不喜歡面對的問題。但就我們的能力而言，我們現在更加靈活，因為我們實際上可以從一個港口轉移所有產品。這意味著今年做出的部分調整是我們向西半球運送的貨物比以前更多。

So -- but the negative is that we have less flexibility on our shipping destination. The positive is we get better -- we actually got a better return from the Western Hemisphere. And given that the current situation is that we see that the price for the beginning of next year when we sell product for January, we get a better return than the stock price, then we prefer to defer product to any product left, which is not a whole lot, to next year. So that's on geopolitics and transportation.

所以 - 但負面的是我們在運輸目的地方面的靈活性較低。積極的一面是我們變得更好——我們實際上從西半球得到了更好的回報。鑑於目前的情況是，我們看到當我們出售一月份的產品時，我們獲得了比股票價格更好的回報，那麼我們寧願將產品推遲到剩餘的任何產品，這不是一大堆，到明年。這就是地緣政治和交通的問題。

In terms of Boulby of Russia, we don't really know. There were certain things said. There are a lot of rumors in the market that if they were said, there probably is reason for that, but we don't actually know. We do understand that the marginal price of shipping products from Boulby of Russia to China by train is at its very low, which means there isn't -- there isn't any profitability there or at least that's what we understand.

至於俄羅斯的鮑比，我們真的不知道。說了一些話。市場上有很多傳言，如果這麼說，可能是有原因的，但我們其實並不知道。我們確實知道，透過火車從俄羅斯布爾比到中國運輸產品的邊際價格非常低，這意味著那裡沒有任何盈利能力，或者至少我們是這麼理解的。

So if that's the case, then I guess the Boulby of Russia have to do something and what exactly they do is the big question.

所以如果是這樣的話，那麼我想俄羅斯的布爾比必須做點什麼，而他們到底做了什麼是一個大問題。

But all in all, the trends in the potash market look like prices are firming. The Eastern prices are firming in all markets other than China, but inland China also looks like getting tightened. And Brazil future sales are a higher price than the spot sales. So all in all looks like potash market was firmly.

但總而言之，鉀肥市場的趨勢看起來價格正在堅挺。除中國以外的所有市場的東部價格都在堅挺，但中國內陸地區的價格似乎也在趨緊。且巴西期貨銷售的價格高於現貨銷售。總而言之，鉀肥市場走勢堅挺。

The only place where I don't know at this point is Europe off-season, and we don't see any particular demand. But in all other regions, there's significant potash demand given the need for replenishment. So things are looking good on the potash side with or without Boulby Russian news.

目前我唯一不知道的地方是歐洲淡季，我們沒有看到任何特殊需求。但在所有其他地區，由於需要補充，鉀肥需求量很大。因此，無論有沒有布爾比俄羅斯新聞，鉀肥方面的情況看起來都不錯。

Alex Jones, Bank of America.

亞歷克斯瓊斯，美國銀行。

Two, if I can. The first one, the guidance for the year on the specialties EBITDA. Could you talk about what the sensitivity is within that range, the $100 million sort of top to bottom and then what would drive that to the bottom end or the top end, please?

兩個，如果可以的話。第一個是本年度專業 EBITDA 的指導。您能否談談該範圍內的敏感度是多少，從上到下是 1 億美元，然後什麼因素會將其推向底部或頂部？

And then the second question, specifically on industrial products. If I look at the pricing this quarter, it was sequentially improved, still down 6% year on year, but much better than the double-digit declines you've reported in recent quarters.

然後是第二個問題，特別是關於工業產品的問題。如果我看一下本季的定價，會發現環比有所改善，同比仍然下降了 6%，但比你們最近幾季報告的兩位數下降要好得多。

Is that indicative of a trend? Should we expect pricing to return positive into next year from what you're currently seeing in the market? Or any comments you have there would be helpful.

這是否預示著一種趨勢？從您目前在市場上看到的情況來看，我們是否應該預期明年定價會恢復正值？或者您在那裡提出的任何意見都會有幫助。

Which part of the business, Alex, if I may? (multiple speakers)

亞歷克斯，請問是哪一部分業務？（多個發言者）

Industrial products. I'll start with the second question. I'm not sure that I heard the first question, so I'll pass it on to you. On industrial products, the price is relatively stable and -- there's a little bit of seasonality like for now, there's a little bit price going up because of winter stoppage in China.

工業產品。我從第二個問題開始。我不確定我是否聽到了第一個問題，所以我將其轉告給您。工業品方面，價格相對穩定，而且有一點季節性，例如現在，由於中國冬季停工，價格有一點上漲。

But the prices are pretty much stabilized in the past few months, and there's no meaningful change in price in recent months. There is a little bit less of sales of clear brine fluids in the quarter, has to do again with seasonal effects, nothing real.

但過去幾個月價格基本上穩定，近幾個月價格並沒有發生有意義的變化。本季透明鹽水的銷售量略有減少，這又與季節性影響有關，這與事實無關。

In terms of output, we're almost at full output. So I guess, as long as we're at the full output, there's no reason for too much price appreciation -- price appreciation will probably appear once the demand strengthens on the electronics side. Real estate is going to take a little more -- building real estate will take a little longer. I didn't actually hear the whole first question --

在輸出方面，我們幾乎處於滿輸出狀態。所以我想，只要我們處於滿產狀態，價格就沒有理由大幅升值——一旦電子產品的需求增強，價格可能就會出現升值。房地產將需要更多的時間——建造房地產將需要更長的時間。我實際上並沒有聽到第一個問題的全部內容--

That I can do. Alex, thank you for the question. Basically, when we look at Q4, the way it is shaping up, in many ways, it should be a similar quarter -- EBITDA wise now, 2Q for Q3 -- Q3 and Q4. Maybe to some extent, this will be a bit -- seasonality will kick in maybe a little bit lower than we saw. Obviously, a lot of the differential vis-a-vis the quarter will potentially come from the potash, which Raviv spoke about and also our release spoke about.

我能做到的。亞歷克斯，謝謝你的提問。基本上，當我們看第四季度時，它的發展方式在許多方面都應該是一個相似的季度——現在就 EBITDA 而言，第二季度對應第三季度——第三季度和第四季度。也許在某種程度上，季節性因素可能會比我們看到的要低一些。顯然，與本季相比，許多差異可能來自鉀肥，拉維夫談到了這一點，我們的新聞稿也談到了這一點。

So if I zero-in on the three divisions that comprise the specialty side of the business. And I would say that if I look at them each -- all of them should be some degree, seasonally adjusted, not as strong as Q3. Differences are not that big.

因此，如果我將注意力集中在構成業務專業方面的三個部門。我想說，如果我逐一查看它們，所有這些都應該在某種程度上經過季節性調整，而不是像第三季度那麼強勁。差異並沒有那麼大。

And if I -- if we do the math, we compile Q4 to what we come to what we came out in the three quarters, this this one that we are reporting today in hand, then we should be firmly in the territory of our new guidance. So what can drive it to the upper side is results that will be somewhat better in the business market.

如果我——如果我們進行數學計算，我們將第四季度的數據編制為我們在三個季度中得出的結果，這是我們今天手頭報告的，那麼我們應該牢牢地處於我們新的領域。指導。因此，能夠推動其上漲的是商業市場上會有所改善的結果。

Each of them is their own story, which could drive it a little bit down. It would be obviously the other the side, but we should rotate with the guidance that we shared with the market, which is definitely better than what we saw after Q2.

他們每個人都有自己的故事，這可能會降低一點。顯然是另一邊，但我們應該按照我們與市場分享的指導進行輪換，這肯定比我們在第二季之後看到的更好。

That's also on the back of, obviously, the Q3, which were coming out today, which is basically a good quarter. We normally tend to be, as we all know, quite conservative and take extra care to fulfill our deviation to the market, so they have it.

顯然，這也是基於今天發布的第三季度，基本上是一個不錯的季度。眾所周知，我們通常傾向於相當保守，並且會格外小心地滿足我們對市場的偏差，所以他們就有了。

And maybe just to add on the fourth quarter that typically the seasonality of right to the last moment. So on industrial product, there's a real question on how December looks and also growing solutions typically at the end of the year, we see a drop in the strength of demand. So we see -- typically, Q4 is a little weaker than Q3.

也許只是在第四季度添加通常到最後一刻的季節性。因此，在工業產品方面，一個真正的問題是 12 月的情況如何，而且解決方案通常在年底不斷增長，我們看到需求強度下降。所以我們看到——通常情況下，第四季的表現略弱於第三季。

Also, there's Brazil, if I may, just a quick note, which Raviv reminded you basically the Brazilian market, which obviously in the second half of the year, there's a lot of importance in the Southern Hemisphere of course. And Brazil is obviously so important from the agricultural point of view, but it's quite volatile.

另外，請容許我簡單介紹一下巴西，拉維夫基本上提醒您巴西市場，顯然在今年下半年，南半球當然非常重要。從農業的角度來看，巴西顯然非常重要，但它的波動性很大。

So I think adding to what Raviv said, a lot will be determined -- how strong is the very end of the year, and that we will know, obviously, only in the early days of 2025. But we seem to be one off track.

因此，我認為，除了拉維夫所說的之外，很多事情都將被確定——到今年年底有多強，顯然，我們只有在 2025 年初才會知道。但我們似乎偏離了軌道。

Joel Jackson, BMO Capital Markets.

喬爾傑克遜，BMO 資本市場。

I'm going to ask a few questions one by one. Could we talk about when you've raised the specialties guidance for the year here to about $100 million. Can you break that down as much as you can between specialty phosphate, commodity phosphates, bromine and potash and specialty -- excuse me, not potash with growing solutions? How have $100 million has improved -- business improved up by $100 million?

我將一一問幾個問題。我們能否談談您何時將今年的專業指導提高到約 1 億美元。您能否盡可能詳細地將其分解為特種磷酸鹽、商品磷酸鹽、溴和鉀鹽以及特殊鹽——對不起，不是帶有生長溶液的鉀鹽？1 億美元如何改善—業務改善了 1 億美元？

So growing solutions is going to be a little weaker than third quarter, and industrial product is going to be a little weaker than the third quarter, like we mentioned before, because of seasonality --

因此，成長的解決方案將略弱於第三季度，工業產品將略弱於第三季度，正如我們之前提到的，由於季節性因素--

Sorry to interrupt. But what I'm saying is for the full year over the two quarters, Q3 and Q4, you said it's $100 million more. So I'm sort of asking across the second half of the year, not repeating the question, the prior person asked about Q4, sorry.

抱歉打擾。但我所說的是全年的兩個季度，即第三季度和第四季度，您說增加了 1 億美元。所以我想問的是下半年的情況，而不是重複這個問題，之前的人問過第四季度，抱歉。

Yeah. So again, on industrial products and growing solutions, we see fourth quarter being a little weaker than Q3. And phosphate solutions will be relatively similar to Q3. We don't break up specialties and commodities and phosphates for a simple reason that we leave ourselves the flexibility to sell whatever makes sense in the market.

是的。因此，在工業產品和不斷增長的解決方案方面，我們認為第四季的表現略弱於第三季。磷酸鹽溶液將與Q3相對相似。我們不會分解特種產品、大宗商品和磷酸鹽，原因很簡單，我們可以靈活地銷售市場上任何有意義的產品。

We're short in both specialties and commodities. So we look at the best alternative at the time and the year still has almost two months to go, so it's too early to break them up.

我們的特產和大宗商品都短缺。所以我們會考慮當時最好的選擇，距離今年還有近兩個月的時間，所以現在分手還太早。

Maybe I could ask it differently, versus three months ago between growing solutions, phosphate, and IP, which business that surprised you most of the upside?

也許我可以用不同的方式問這個問題，與三個月前在不斷增長的解決方案、磷酸鹽和智慧財產權之間相比，哪項業務的成長最讓您感到驚訝？

I think that the surprises that we got -- some of them are surprise -- surprise was in phosphate. Phosphate is enjoying a good period. Good period versus what we internally budgeted. And I think we all understand the macro side that is contributing to that. That is both automotive and specialty side without going to breakdown there.

我認為我們得到的驚喜——其中一些是驚喜——驚喜在於磷酸鹽。磷酸鹽正享受著美好的時期。與我們內部預算相比，這是一個很好的時期。我認為我們都了解造成這種情況的宏觀因素。這既是汽車方面的，也是專業方面的，這裡不做細分。

What we -- I'm not sure it surprised that, but what we are getting more and more confident with and happy with, is going on in the agriculture side in the company. This strategy basically has always been to differentiate and to grow the specialty fertilizer side, to grow the biostimulants, et cetera, side, and it is working. And we see that we are getting a healthy margin. And that is -- I'm not sure it's a surprise, Joel, but it's -- we're very happy with it.

我不確定這是否令我們感到驚訝，但我們對公司農業方面正在發生的事情越來越有信心和滿意。這項策略基本上一直是差異化並發展特種肥料、生物刺激劑等方面，而且它正在發揮作用。我們看到我們正在獲得可觀的利潤。那就是——喬爾，我不確定這是否令人驚訝，但我們對此感到非常滿意。

On the industrial products, basically, we also had a good quarter -- and this is -- as we know, it's a site inside the market that the demand is not healthy. So we are supplying, obviously, a high capacity but the selling prices is no more near.

在工業產品方面，基本上，我們也有一個不錯的季度——正如我們所知，這是市場內部需求不健康的一個面向。因此，顯然我們的供應量很大，但售價卻相差甚遠。

But notwithstanding that, we were able to deliver a solid quarter. I'm not sure it surprised that, but we were happy with that -- basically the three, if I sum up, the three divisions that they did better. And I think it's a highlight of the quarter itself.

但儘管如此，我們還是能夠交付一個穩定的季度業績。我不確定這是否令人驚訝，但我們對此感到滿意——如果我總結一下，基本上是三個部門，他們做得更好。我認為這是本季本身的一大亮點。

That's helpful. And my final question is in your release and presentation, used language like you intend to limit total potash sales this year to 4.6 million tons in expectation of improved conditions. Now if I look at your last four quarters of production, you've done about 4.5 million tons. The run rate is lower in the first three quarters in 2024. So it looks like you don't have the production to do more than 4.6 million tons.

這很有幫助。我的最後一個問題是在您的新聞稿和演示中，使用了類似您打算將今年鉀肥銷售總量限制在 460 萬噸以期改善狀況的措辭。現在，如果我看看你們過去四個季度的產量，你們的產量約為 450 萬噸。2024年前三季開工率較低。所以看來你們的產量不能超過 460 萬噸。

You said in expectation of improved conditions. What does that mean? Are you talking about, oh, you're holding back volume to get better price next year, though we just talked about what the production has been. Is this improved conditions and logistics? I'm just trying to understand what the exact message you're putting out there today in terms of production sales, anything you want to talk about.

你說的是期待條件的改善。這意味著什麼？你是在說，哦，你正在抑制產量以獲得明年更好的價格，儘管我們剛剛討論了產量。這是否改善了條件和物流？我只是想了解您今天在生產銷售方面發布的確切信息是什麼，以及您想談論的任何內容。

So the message is simple. Currently, we're capable of producing about 4.65 million tons this year, and we're capable of selling about 4.75 million tons. But at this point, it doesn't make sense to sell any more than we've already committed. So -- the reason is twofold. One is because prices are firming for next year. So we actually have already sold for January and February.

所以這個消息很簡單。目前，我們今年的生產能力約為465萬噸，銷售量約475萬噸。但在這一點上，出售超出我們已經承諾的數量是沒有意義的。所以——原因是雙重的。一是因為明年價格堅挺。所以我們實際上已經銷售了一月和二月的產品。

And second, is that due to the current logistic challenges, we feel that if we can defer sales certain sales, we can get better transportation costs, hopefully, if the security situation improves, if it doesn't improve and it's only the pricing. But if it does improve, but it's also the logistics, which are very significant.

其次，由於當前的物流挑戰，我們認為，如果我們可以推遲某些銷售，我們可以獲得更好的運輸成本，如果安全狀況有所改善，如果沒有改善，這只是定價。但如果確實有所改善，也是非常重要的物流。

Just to understand in order to in order to transport to the East in some cases, across double if we send the product out of the port that is further from the plant. So it makes sense from both of those perspectives. And at a certain point, we decided to stop and -- actually part of our -- part of the fact that we're stopping means that we're actually capable of less production.

只是為了了解，在某些情況下，如果我們將產品從距離工廠較遠的港口運送到東部，則需要跨越兩倍。所以從這兩個角度來看，這是有道理的。在某個時刻，我們決定停止——實際上是我們的一部分——我們停止的事實意味著我們實際上能夠減少產量。

We would have been capable of more production, but we added additional preventive maintenance because in the past year or so because of a lot of people being on reserve duty, then we had to take some calculated risks and do less preventive maintenance and you can't keep on going that way for a long time without paying a deal price.

我們本可以提高產量，但我們增加了額外的預防性維護，因為在過去一年左右的時間裡，由於很多人都在擔任預備役，所以我們必須承擔一些經過計算的風險，並減少預防性維護，你可以'如果不付出交易代價，就不能長期這樣下去。

So we took some preventive steps this year this year -- this quarter -- infact not this quarter, it's September and October. And due to that, our maximum production for this year could be a little over 4.6 million tons. It was more than that a little while ago, but we're comfortable with what we did because we sort of cleaned up everything that needed to be done in order to minimize the risk going forward. I hope that answers.

因此，我們今年採取了一些預防措施，今年——這個季度——事實上不是這個季度，而是九月和十月。因此，我們今年的最大產量可能略高於 460 萬噸。不久前的情況不只這些，但我們對我們所做的感到滿意，因為我們清理了所有需要做的事情，以盡量減少未來的風險。我希望能得到答案。

Kevin Estok, Jefferies.

凱文·埃斯托克，傑弗里斯。

I guess with respect to the innovation platform, I'm just curious what your guys' appetite may be for investing in like white spaces. So for example, like if you go forward with allowing gene editing for fruits, vegetables, et cetera, I guess, could ICL get into that space as a way to maybe hedge risk on, I mean, improvements in nutrient efficiency?

我想關於創新平台，我只是好奇你們對投資這樣的空白空間的興趣是什麼。舉例來說，如果你繼續允許對水果、蔬菜等進行基因編輯，我想，ICL 是否可以進入這個領域，作為對沖風險的一種方式，我的意思是，提高營養效率？

Could you repeat the question because it was difficult for us to hear?

你能重複一下這個問題嗎，因為我們很難聽清楚？

Apologies. Basically, just curious to know like more about, I guess, your appetite in investing in white spaces. So if you moved forward in like gene editing, right, for fruits, vegetables, wheat, rice, et cetera, just wanted to know what you guys -- if you guys would invest in those areas basically to hedge the risk against increasing nutrient efficiency.

抱歉。基本上，我想更多地了解您對投資空白空間的興趣。因此，如果你們在基因編輯方面取得進展，對吧，對於水果、蔬菜、小麥、大米等，只是想知道你們會做什麼——你們是否會投資這些領域，基本上是為了對沖提高營養效率的風險。

So okay. I'll take that. I'll try to answer you. And I'm taking it a little bit broader maybe than you meant, so you will keep me in line. So basically, as you know, starting from the near setup of the growing solutions, it's our flag to do -- to be innovative and to differentiate ourselves.

那麼好吧。我會接受的。我會盡力回答你。我的理解可能比你的意思更廣泛，所以你會讓我保持一致。因此，基本上，如您所知，從不斷增長的解決方案的近期設置開始，我們要做的就是創新並脫穎而出。

That's a given. Second is we are investing in areas that we believe that will be significant or very significant in the future of agriculture. And that obviously is the area of the biologicals, some in delivery systems and better uptake inside the plant, et cetera. However, and that's a big however, what we do is applied R&D. We are taking steps, gradual steps to build up the portfolio.

這是既定的。其次，我們正在投資我們認為對農業未來具有重要或非常重要意義的領域。這顯然是生物製品的領域，其中一些在輸送系統中，以及在植物內部更好的吸收等。然而，這是一個很大的問題，我們所做的就是應用研發。我們正在採取步驟、漸進的步驟來建立投資組合。

What we are not doing is that to do leapfrogs and go into areas which today are really exploratory. And we will come into -- I guess we will come into these areas, but we are stretching the limits of GS, but we are not going into things which are today quite remote from the core of our essence.

我們所做的並不是跨越式發展，進入當今真正具有探索性的領域。我們將進入——我想我們將進入這些領域，但我們正在突破 GS 的限制，但我們不會進入今天與我們本質核心相距甚遠的事情。

And that's why if you -- if I understand you correctly, you're talking about white spaces. It's really, really going to the forefront of interalia gene editing and things like that, which I know from my past that companies have gone into, but it's -- I would say it's in the agrochemical space, it has a way to go there. I mean it's not as advanced, obviously, as the pharma world.

這就是為什麼如果你——如果我理解正確的話，你正在談論空白。它真的非常非常前沿，特別是基因編輯和類似的事情，我從過去知道公司已經進入了這些領域，但它是——我想說它是在農業化學領域，它有很長的路要走。我的意思是，顯然，它不像製藥界那麼先進。

And the long answer to a short question was we are careful to build block after block in our innovation and not jump too far ahead if we don't have the pool to get there yet. Is that --

對一個簡短問題的長篇回答是，我們在創新中小心翼翼地構建一個又一個模組，如果我們還沒有足夠的資金來實現這一目標，就不會跳得太遠。是那個--

And then I guess my last. Yes, that was helpful. appreciate it. And I guess just -- apologies if you've covered this already, but I guess near term, do you guys have a sense of how much Chinese bromine capacity has exited the market, if any?

然後我猜是我的最後一次。是的，這很有幫助。欣賞它。我想，如果您已經介紹過這一點，我很抱歉，但我想近期，您是否了解中國有多少溴產能退出市場（如果有的話）？

We think very little has actually completely exited, but there's quite a lot of production tons that are muted now. So it could be a matter of time until some exits. So the answer is there's about, I'd say, all in all, about (technical difficulty) to 70,000 tons that's been muted so far. But in terms of bankruptcies or actually companies leaving the market, probably about 15,000 tons so far. Again, these are rough estimates. They're not accurate, but they're pretty accurate.

我們認為實際上完全退出的產量很少，但現在有相當多的產量處於停滯狀態。因此，有些人退出可能只是時間問題。所以答案是，我想說，總而言之，大約（技術難度）到 70,000 噸，到目前為止一直被壓制。但就破產或實際退出市場的公司而言，到目前為止可能約為 15,000 噸。再次強調，這些都是粗略的估計。它們並不準確，但相當準確。

It's basically Chinese ownership in China.

這基本上是中國人在中國的所有權。

Correct. Yeah. Some of those tons are non-Chinese.

正確的。是的。其中一些不是中國人。

They are high-cost tonnage. So our, let's say, assumption basically is when the prices stick around the low end, and we have such a great cost position, which is superior to everybody else. There's a limit of time and there's a limit of prices that those Chinese can sustain. That's exactly the strategy that we're deploying, and you see the results.

它們是高成本噸位。因此，我們的假設基本上是當價格保持在低端時，並且我們擁有如此出色的成本地位，這優於其他所有人。中國人能夠負擔的時間和價格都是有限的。這正是我們正在部署的策略，您會看到結果。

Thank you. And we show no further questions at this time. I will turn the call back to Raviv Zoller for closing comments.

謝謝。目前我們沒有提出任何進一步的問題。我會將電話轉回拉維夫·佐勒 (Raviv Zoller) 以徵求結束意見。

Okay. So thank you very much for joining us for our conference call for Q3.

好的。非常感謝您參加我們第三季的電話會議。

I want to thank ICL employees for their great contribution to a fine quarter. We're very positive about the way we're positioned for future growth now with the markets looking the way they are. And hopefully, when the geopolitical constraints go away, we're ready to take off.

我要感謝 ICL 員工為美好季度做出的巨大貢獻。鑑於市場目前的情況，我們對未來成長的定位非常樂觀。希望當地緣政治限制消失時，我們已經準備好起飛。

So looking forward to reporting back to you on fourth quarter results and full year results. Thank you very much for joining us today, and have a great rest of the day. Thank you.

因此，期待向您報告第四季度業績和全年業績。非常感謝您今天加入我們，祝您今天休息愉快。謝謝。

And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。