International Flavors & Fragrances Inc (IFF) 2024 Q4 法說會逐字稿

Good morning. At this time, I would like to welcome everyone to the IFF fourth-quarter and full year 2024 earnings conference call. (Operator Instructions) I would like to introduce Michael Bender, Head of Investor Relations. You may begin, Michael.

早安.現在，我歡迎大家參加 IFF 2024 年第四季和全年財報電話會議。（操作員指示）我想介紹投資人關係主管 Michael Bender。你可以開始了，麥可。

Thank you. Good morning, good afternoon and good evening, everyone. Welcome to IFF's fourth-quarter and full year 2024 conference call. Yesterday afternoon, we issued a press release announcing our financial results. A copy of the release can be found on our IR website at ir.iff.com.

謝謝。大家早安，下午好，晚上好。歡迎參加 IFF 2024 年第四季和全年電話會議。昨天下午，我們發布了一份新聞稿，宣布了我們的財務表現。您可在我們 IR 網站 ir.iff.com 上找到此新聞稿的副本。

Please note that this call is being recorded live and will be available for replay. During the call, we'll be making forward-looking statements about the company's performance and business outlook. These statements are based on how we see things today and contain elements of uncertainty. For additional information concerning the factors that can cause actual results to differ materially, please refer to our cautionary statement and risk factors contained in our 10-K and press release, both of which can be found on our website.

請注意，本次通話正在現場錄音，可供重播。在電話會議中，我們將對公司的業績和業務前景做出前瞻性陳述。這些表述是基於我們今天對事物的看法，包含不確定因素。有關可能導致實際結果大不相同的因素的更多信息，請參閱我們的 10-K 和新聞稿中包含的警告聲明和風險因素，兩者均可在我們的網站上找到。

Today's presentation will include non-GAAP financial measures, which exclude those items that we believe affect comparability. A reconciliation of these non-GAAP financial measures to their respective GAAP measures is set forth in the press release that we issued yesterday. With me on the call today is our CEO, Erik Fyrwald; and our CFO, Michael DeVeau. We will begin with prepared remarks and to take questions at the end.

今天的報告將包括非公認會計準則財務指標，其中不包括我們認為影響可比性的項目。我們昨天發布的新聞稿中列出了這些非 GAAP 財務指標與各自的 GAAP 指標的對帳表。今天與我一起參加電話會議的是我們的執行長 Erik Fyrwald；以及我們的財務長 Michael DeVeau。我們將以準備好的發言開始，並在最後回答問題。

With that, I would now like to turn the call over to Erik.

說完這些，我現在想把電話轉給艾瑞克。

Thanks, Mike, and hello, everyone. I'm excited to walk through our full year 2024 financial results and reflect on the progress we've made over the past year. I'll then turn the call over to Michael DeVeau, who will provide a more detailed look at our fourth quarter and our financial outlook for 2025. Then I'll come back to discuss our go-forward priorities in 2025 to maintain our momentum and continue to drive long-term profitable growth.

謝謝，麥克，大家好。我很高興回顧我們 2024 年全年財務表現並回顧我們在過去一年的進展。然後，我將把電話轉給 Michael DeVeau，他將更詳細地介紹我們的第四季和 2025 年的財務展望。然後，我會回來討論我們 2025 年的未來重點，以保持我們的發展勢頭並繼續推動長期獲利成長。

We'll then open the call for questions. Starting with slide 6, I'd like to recap the significant improvement and progress achieved by IFF over the past year, supported by consistent execution across the businesses. One year ago, when I joined IFF, I found an exciting company that was not delivering on its full potential with a new perspective on our priorities and renewed focus on execution by our executive leadership team, we got back to basics in 2024. The renewed commitment to operational discipline by our global teams led to improved financial results, including strong growth in both revenue and profit.

然後我們將開始回答問題。從第 6 張投影片開始，我想回顧 IFF 在過去一年中取得的重大改進和進步，這得益於各業務部門的一致執行。一年前，當我加入 IFF 時，我發現這家令人興奮的公司並未充分發揮其潛力。我們全球團隊對營運紀律的重新承諾帶來了財務表現的改善，包括收入和利潤的強勁成長。

The transition to our end-to-end business-led operating model, splitting nourish into focused taste and food ingredients business units and our new operating system, have better connected us to customer end markets and increased our line of sight into customer dynamics.

我們向端到端業務主導的營運模式轉變，將營養分為重點口味和食品配料業務部門以及我們的新營運系統，使我們更好地與客戶終端市場聯繫起來，並提高了我們對客戶動態的觀察力。

These initiatives have driven greater accountability across the organization, while enabling our global teams to be faster, more efficient and more responsive to the evolving needs of our customers. As part of our updated strategy, we have increased emphasis on biotechnology as an important differentiator and capability across our core business segments.

這些措施增強了整個組織的責任感，同時使我們的全球團隊能夠更快、更有效率地回應客戶不斷變化的需求。作為我們更新的策略的一部分，我們更加重視生物技術作為我們核心業務部門的重要差異化和能力。

This focus ensures that we are investing in the necessary resources to leverage this competitive advantage and serve our customers more effectively. Now alongside this effort, we also implemented a program to increase investments across research and development, commercial capabilities and CapEx, focused on our high-growth, high-margin Health & Biosciences, Taste and Scent businesses to enhance our infrastructure and drive innovation at scale.

這一重點確保我們投入必要的資源來利用這一競爭優勢並更有效地服務我們的客戶。除了這項努力之外，我們還實施了一項計劃，增加對研發、商業能力和資本支出的投資，重點關注高成長、高利潤的健康和生物科學、味覺和香味業務，以增強我們的基礎設施並推動大規模創新。

We are also continuing to strengthen our talent with several key hires and internal promotions that solidify the next generation of IFF leadership. I'm also pleased to share that our employee engagement levels improved significantly compared to 2023, demonstrating the success of our return to focus on bringing leading innovation to customers.

我們也將繼續透過幾項關鍵招募和內部晉升來加強我們的人才，以鞏固下一代 IFF 領導層。我還很高興地告訴大家，與 2023 年相比，我們的員工敬業度水準有了顯著提高，這表明我們重新專注於為客戶帶來領先的創新取得了成功。

Lastly, we announced the next phase in the evolution of our Board of Directors, appointing three new Board members with the backgrounds, expertise and proven track records to support management to fulfill our long-term strategic vision and unlock greater value for our stakeholders.

最後，我們宣布了董事會發展的下一階段，任命三名具有背景、專業知識和良好業績記錄的新董事會成員，以支持管理層實現我們的長期戰略願景並為我們的利益相關者創造更大的價值。

We are excited to welcome Cynthia Jamison, Dr. Mehmood Khan and Vincent Intrieri, to our Board. We also announced that Kevin O'Byrne will become our new Board Chair. He will succeed our current Chair, Roger Ferguson, who decided not to stand for reelection at the 2025 Annual Shareholder Meeting after 14 years of distinguished service. I thank Roger for all his support and guidance and look forward to working with Kevin in his new role. Taken together, all these efforts, focus on our people, customers, innovation and operational excellence form the foundation of our long-term profitable growth approach.

我們非常高興地歡迎 Cynthia Jamison、Mehmood Khan 博士和 Vincent Intrieri 加入我們的董事會。我們也宣布 Kevin O'Byrne 將成為我們的新董事會主席。他將接替我們的現任主席羅傑·弗格森 (Roger Ferguson)，後者在為公司做出了 14 年的傑出貢獻後，決定在 2025 年年度股東大會上不再競選連任。我感謝羅傑的所有支持和指導，並期待與凱文在新的職位上合作。總而言之，所有這些努力，重點關注我們的員工、客戶、創新和卓越運營，構成了我們長期獲利成長策略的基礎。

On slide 7, we'll take a closer look at our financial results in 2024. In 2024, IFF delivered $11.5 billion in sales, representing 6% comparable currency-neutral growth, our profitability also improved as IFF delivered over $2.2 billion in adjusted operating EBITDA, representing 16% comparable growth. Broad-based volume improvement across our portfolio, strong execution by our commercial teams and the absence of destocking, drove growth across all our businesses.

在第 7 張投影片上，我們將仔細研究 2024 年的財務表現。2024 年，IFF 的銷售額達到 115 億美元，以貨幣中性運算成長 6%，我們的獲利能力也得到改善，因為 IFF 的調整後營業 EBITDA 超過 22 億美元，以貨幣中性運算成長 16%。我們整個產品組合的銷售普遍改善、我們商業團隊的強大執行力以及沒有去庫存，推動了我們所有業務的成長。

At the beginning of 2024, we also adjusted our dividend policy to better support our deleveraging efforts and give us greater financial flexibility to invest in key growth areas across IFF. On the portfolio optimization front, we continue to progress towards completing the sale of pharma solutions, which we expect will occur in the first half of 2025.

2024 年初，我們也調整了股利政策，以更好地支持我們的去槓桿工作，並賦予我們更大的財務靈活性，以投資於 IFF 的關鍵成長領域。在投資組合優化方面，我們繼續朝著完成製藥解決方案銷售的方向前進，預計在 2025 年上半年完成。

From a leverage standpoint, our net debt to credit adjusted EBITDA ended 2024 at 3.8 times, improving from 4.5 times at the end of 2023. We continue to be committed to further deleveraging and the completed sale of Pharma Solutions will help achieve that goal. I'm very proud of our results and the growth we achieved in the past year and what has continued to be a dynamic market and geopolitical environment. Our businesses achieved solid financial performance and we've made very good progress delivering on our strategic and operational initiatives.

從槓桿率的角度來看，我們的淨負債與信用調整後的 EBITDA 比率在 2024 年底為 3.8 倍，高於 2023 年底的 4.5 倍。我們將繼續致力於進一步去槓桿，而Pharma Solutions的出售將有助於實現這一目標。我對我們的業績和過去一年的成長以及持續充滿活力的市場和地緣政治環境感到非常自豪。我們的業務取得了穩健的財務業績，我們在實施策略和營運計劃方面也取得了非常好的進展。

While I'm pleased with the significant progress we've made over the last year, we still have a lot more work to do. In 2025, we plan to continue to strategically reinvest in R&D, commercial, capacity and technology as we aim to strengthen IFF and build a long-term sustainable platform that will deliver strong value creation for all our stakeholders. We are also focused on simplifying our business process and IT systems to improve efficiency and effectiveness.

雖然我對我們在過去一年裡取得的重大進展感到高興，但我們還有很多工作要做。2025 年，我們計劃繼續對研發、商業、產能和技術進行策略性再投資，以加強 IFF 並建立一個長期可持續的平台，為我們所有利益相關者創造強大的價值。我們也致力於簡化業務流程和 IT 系統，以提高效率和效力。

I want to also take a moment to thank our IFFers across the globe whose passion and relentless focus have been the reason for the value we've created and the innovation we've achieved. And as I mentioned on the previous slide, developing and promoting strong internal talent is a priority. Michael DeVeau is the kind of leader we elevate, and I would like to congratulate him on his appointment to IFF's Chief Financial Officer.

我還想花點時間感謝我們遍布全球的 IFF 員工，他們的熱情和不懈的專注是我們創造價值和實現創新的原因。正如我在上一張投影片中提到的，培養和提拔強大的內部人才是當務之急。麥可‧德沃 (Michael DeVeau) 是我們提拔的那種領導者，我謹祝賀他被任命為 IFF 的財務長。

Mike has been an integral part of IFF's global finance leadership over the last 15 years, he brings a deep understanding of the needs of our global finance operations and the value IFF delivers for the world's consumer product companies. I know Mike will continue to be an even more incredible asset to our team in this key role.

在過去 15 年裡，Mike 一直是 IFF 全球財務領導層不可或缺的一部分，他對我們的全球財務營運需求以及 IFF 為全球消費品公司帶來的價值有著深刻的理解。我知道麥克將繼續在這一關鍵角色上為我們團隊帶來更寶貴的財富。

I'll now pass it over to him to share a closer look at our fourth quarter results. Mike?

現在我將把它交給他，讓他更詳細地介紹我們的第四季業績。麥克風？

Thank you for the kind words, Erik, and hello, everyone. After more than 15 years at IFF, it is an honor to join my first call as CFO, and I look forward to working closely with all of you in my new role. Moving to slide 8. As Erik noted, our strong performance and execution through 2024 continued in the fourth quarter and drove solid results. IFF generated revenue of $2.7 billion in the fourth quarter, an increase of 6% on a comparable currency-neutral basis, driven by broad-based growth across all our businesses and led by mid-single-digit volume improvement.

謝謝你的友好話語，埃里克，大家好。在 IFF 工作了 15 年多之後，我很榮幸能夠以首席財務官的身份參加我的第一個電話會議，我期待在新的職位上與大家密切合作。移至幻燈片 8。正如艾瑞克所指出的，我們在 2024 年的強勁表現和執行力在第四季度得以延續，並帶來了穩健的業績。IFF 在第四季度實現營收 27 億美元，以可比貨幣中性基礎計算增長 6%，這得益於所有業務的廣泛增長，並由中等個位數的銷量增長所推動。

We continue to realize the benefits from our ongoing productivity initiatives. Leading to the third consecutive quarter of margin expansion on a comparable basis. Adjusted operating EBITDA totaled $471 million in the quarter, a 5% increase on a comparable basis and their comparable adjusted operating EBITDA margin expanded by roughly 30 basis points. This performance was led by volume growth and our ongoing productivity initiatives that were partly offset by increased incentive compensation expense and business reinvestment.

我們持續的生產力提升措施不斷為我們帶來益處。導致利潤率連續第三個季度在可比較基礎上擴大。本季調整後營業 EBITDA 總計 4.71 億美元，年增 5%，可比調整後營業 EBITDA 利潤率擴大了約 30 個基點。這項業績主要得益於銷售成長和我們持續的生產力舉措，但激勵薪酬費用和業務再投資的增加部分抵消了這一成長。

On Slide 9, I'll provide a closer look at our performance by segment. In Nourish, sales were $1.4 billion, a 4% increase year-over-year on a comparable currency-neutral basis. Comparable adjusted operating EBITDA also increased by 4%. This was led by the fourth consecutive quarter of double-digit growth in flavors, a testament to that team's continued outperformance. In Functional Ingredients, mid-single-digit volume growth was mostly offset by our pricing actions. This was consistent with our previously announced price strategy for 2024.

在投影片 9 上，我將詳細介紹我們各部分的表現。Nourish 的銷售額為 14 億美元，以可比較貨幣中性基礎計算，較去年同期成長 4%。可比調整後經營性 EBITDA 也成長了 4%。這是由於口味連續第四個季度實現兩位數增長，證明了該團隊持續的出色表現。在功能性成分方面，中等個位數的銷售成長大部分被我們的定價行動所抵銷。這與我們先前宣布的 2024 年價格策略一致。

Double-digit gains in home and personal care and grain processing alongside growth across nearly all our businesses resulted in another solid quarter for our Health & Biosciences segment. Sales came in at $553 million, a 6% year-over-year increase on a comparable currency-neutral basis. Comparable adjusted operating EBITDA decreased by 3%, largely due to strong year-ago comparable as well as business reinvestments that Erik mentioned earlier.

家庭和個人護理以及穀物加工業務均實現了兩位數成長，同時幾乎所有業務都實現了成長，這使得我們的健康和生物科學部門迎來了一個強勁的季度。銷售額達到 5.53 億美元，以可比較貨幣中性基礎計算，較去年同期成長 6%。可比調整後營業 EBITDA 下降了 3%，這主要歸因於去年同期強勁的可比性以及 Erik 之前提到的業務再投資。

In Scent, broad-based growth was led by double-digit increase in Fragrance Ingredients and high single-digit growth in Fine Fragrance. Net sales in the quarter totaled $579 million, up 7% year-over-year on a comparable currency-neutral basis, and we delivered adjusted operating EBITDA of $97 million, up 1% on a comparable basis, as volume growth and productivity gains were partially offset by higher reinvestment.

在香味領​​域，全面成長是由香精原料的兩位數成長和精細香水的高個位數成長所推動的。本季淨銷售額總計 5.79 億美元，以可比貨幣中性基礎計算，年增 7%，調整後營業 EBITDA 為 9,700 萬美元，以可比基礎計算增長 1%，因為銷量增長和生產率提高被更高的再投資部分抵消。

Finally, Pharma Solutions delivered another strong quarter, achieving sales of $228 million, a 12% year-over-year increase on a comparable basis while also recording excellent profitability growth of 81% to $47 million. Strong margin expansion was driven by volume and productivity gains and a favorable year-ago comparable.

最後，Pharma Solutions 又度過了一個強勁的季度，實現銷售額 2.28 億美元，年增 12%，同時也實現了 81% 的優異盈利增長，達到 4,700 萬美元。利潤率的強勁成長得益於銷量和生產力的提高以及去年同期的良好業績。

Turning to slide 10. Cash flow from operations totaled $1.1 billion for the full year and CapEx totaled $463 million or approximately 4% of sales. Our free cash flow position for the full year totaled $606 million, which is consistent to where we expected it to be at the beginning of the year. Year to date, we also distributed $514 million in dividends to our shareholders.

翻到第 10 張投影片。全年經營現金流總計 11 億美元，資本支出總計 4.63 億美元，約佔銷售額的 4%。我們全年的自由現金流狀況總計 6.06 億美元，這與我們年初的預期一致。今年迄今，我們也向股東發放了 5.14 億美元的股息。

Our cash and cash equivalents finished at $471 million at the end of the fourth quarter, including $2 million in assets held for sale. Our gross debt at the year-end was approximately $9 billion, a decrease of more than $1 billion compared to the year ago period following the completion of our divestiture of the cosmetic ingredients business.

截至第四季末，我們的現金和現金等價物總額為 4.71 億美元，其中包括 200 萬美元的持有待售資產。我們年底的總債務約為 90 億美元，在我們完成對化妝品成分業務的剝離後，比去年同期減少了 10 多億美元。

Our trailing 12-month credit adjusted EBITDA totaled $2.2 billion, in line with last quarter, and our net debt to credit adjusted EBITDA improved to 3.8 times. We remain committed to achieving our net debt to credit adjusted EBITDA target of below 3 times following the completion of our Pharma Solutions divestiture, which we expect to be complete in the first half of 2025.

我們過去 12 個月的信貸調整後 EBITDA 總計 22 億美元，與上一季持平，而我們的淨債務與信貸調整後 EBITDA 比率改善至 3.8 倍。在完成製藥解決方案業務剝離後，我們仍致力於實現淨債務與調整後 EBITDA 比率低於 3 倍的目標，我們預計將在 2025 年上半年完成剝離。

On slide 11, I'd like to share our outlook for 2025. While the current operating environment remains dynamic, we are cautiously optimistic about the year ahead as we look to build on our recent momentum. Coming off the strong year we had in 2024, we believe our 2025 plan strikes the right balance as we're targeting strong year-over-year improvements on a currency-neutral basis and investing for the future growth of our business.

在第 11 張投影片上，我想分享我們對 2025 年的展望。儘管當前的營運環境仍然充滿活力，但我們對未來一年持謹慎樂觀的態度，因為我們希望延續近期的勢頭。繼 2024 年強勁增長之後，我們相信我們的 2025 年計劃取得了適當的平衡，因為我們的目標是在貨幣中性的基礎上實現強勁的同比增長，並投資於我們業務的未來增長。

Please note that our full year guidance includes six months of Pharma Solutions with the divestiture assumed to close June 30, 2025. For comparability purposes, we expect that divestitures will have approximately a 5 percentage point adverse impact to sales growth and approximately a 6 percentage point adverse impact to adjusted EBITDA growth in 2025.

請注意，我們的全年指引包括六個月的製藥解決方案，假設資產剝離將於 2025 年 6 月 30 日完成。為了便於比較，我們預期資產剝離將對 2025 年的銷售額成長產生約 5 個百分點的不利影響，對調整後的 EBITDA 成長產生約 6 個百分點的不利影響。

In the event that we enclosed the pharma transaction earlier, we will adjust our guidance accordingly and reflect the lower contribution of the business. For the full year 2025, we expect sales to be in the range of $10.6 billion to $10.9 billion representing comparable currency-neutral growth of 1% to 4%.

如果我們提前完成製藥交易，我們將相應調整我們的指導方針，並反映出該業務的較低貢獻。我們預計 2025 年全年銷售額將在 106 億美元至 109 億美元之間，相當於可比貨幣中性成長率為 1% 至 4%。

We believe that this will be driven by continued volume growth against a strong year ago comparable with increases across all our divisions, led by H&B, Taste and Scent, it should be noted that we expect the 2025 operating environment to be more normalized relative to 2024, which did benefit from the absence of destocking.

我們相信，這將得益於銷量持續增長，與去年同期的強勁增長相比，與我們所有部門（以 H&B、味覺和香味為首）的增長相當，值得注意的是，我們預計 2025 年的運營環境將比 2024 年更加正常化，這確實受益於沒有去庫存。

Pricing is expected to be modestly favorable inclusive of FX-related pricing as raw material costs remain elevated and, in some cases, increasing year-over-year. On the bottom line, we expect to deliver full year 2025 adjusted operating EBITDA between $2 billion to $2.15 billion.

由於原物料成本仍居高不下，且在某些情況下同比增長，包括外匯相關定價在內的定價預計會略有優惠。整體而言，我們預計 2025 年全年調整後營業 EBITDA 將達到 20 億至 21.5 億美元之間。

On a comparable currency-neutral basis, this translates to 5% to 10% EBITDA growth, which will be driven by gross margin expansion as a result of volume leverage and strong COGS productivity. Following a year of strong margin expansion and double-digit profitability growth in 2024, we will continue to reinvest in long-term value creation opportunities while balancing our near-term profitability objectives.

以可比貨幣中性計算，這相當於 EBITDA 成長 5% 至 10%，這將受到銷售槓桿和強勁的 COGS 生產率帶來的毛利率擴大的推動。在經歷了 2024 年利潤率強勁增長和盈利能力實現兩位數增長之後，我們將繼續重新投資於長期價值創造機會，同時平衡我們的近期盈利目標。

What this means is that we will continue to drive strong productivity to mitigate general inflationary pressures and, at the same time, reinvest a large portion of our incentive compensation reset in R&D, innovation and commercial capabilities across our businesses, similar to the actions we've taken in the second half of 2024.

這意味著，我們將繼續推動強勁的生產力，以減輕整體通膨壓力，同時將我們激勵薪酬重置的很大一部分重新投資於我們各業務的研發、創新和商業能力，類似於我們在 2024 年下半年採取的行動。

We believe that by doing so, not only will we drive short-term performance, we will further enhance our competitive position and generate strong returns on these organic investments. Based on foreign exchange rates, we expect foreign exchange will have approximately 4% full year adverse impact to sales growth and a 6% full year adverse impact to adjusted operating EBITDA growth.

我們相信，透過這樣做，我們不僅會推動短期業績，還將進一步增強我們的競爭地位，並從這些有機投資中獲得豐厚的回報。根據外匯匯率，我們預計外匯將對全年銷售成長產生約 4% 的不利影響，對全年調整後營業 EBITDA 成長產生約 6% 的不利影響。

This is primarily driven by the strength of the euro, where the current rate is down relative to the [$1.09] average in 2024. In addition, there are several other emerging market currencies such as the Brazilian real and the Argentine peso, where we have sued a modest devaluation versus the USD over the course of 2025. As previously communicated, we plan to increase our CapEx investments targeting approximately 6% of sales in 2025.

這主要是由於歐元走強，當前歐元匯率相對於 2024 年的平均值 [1.09 美元] 有所下降。此外，還有其他幾種新興市場貨幣，如巴西雷亞爾和阿根廷比索，我們預計到 2025 年，這些貨幣兌美元將出現小幅貶值。如同先前所傳達的，我們計劃增加資本支出，目標是到 2025 年達到銷售額的約 6%。

Approximately half of this investment is maintenance CapEx, while the rest is split evenly between deferred investment catch-up, specifically in food ingredients, growth investments, such as capacity expansion in H&B, in India creative center in Scent and a creative center in Mexico in both taste and Scent as well as digital transformation, specifically related to our SAP HANA upgrade.

這筆投資中約有一半是維護資本支出，其餘部分則平均分配給延期追趕投資，特別是在食品配料方面，以及成長投資，例如 H&B 的產能擴張、印度香味創意中心和墨西哥味覺和香味創意中心以及數位轉型，具體涉及我們的 SAP HANA 升級。

We believe these investments will yield strong returns providing us with incremental growth and efficiency opportunities. As a reminder, we have re-segmented the business into five divisions: Taste, Food Ingredients, Scent, H&B and Pharma and have adjusted our corporate allocations starting in 2025. Prior to the first quarter of 2025 earnings release, we plan to provide historical information for comparable purposes so that when we report first quarter earnings, you will have the appropriate baseline.

我們相信這些投資將產生豐厚的回報，為我們提供增量成長和效率機會。提醒一下，我們已將業務重新細分為五個部門：口味、食品配料、香味、H&B 和製藥，並從 2025 年開始調整我們的公司分配。在發布 2025 年第一季收益之前，我們計劃提供用於可比目的的歷史信息，以便當我們報告第一季收益時，您將擁有適當的基準。

Let me close by sharing that we are pleased with the strong progress and foundation we built in 2024. Our recent success gives us confidence in our outlook as we continue to execute our strategic and financial priorities.

最後，我要說的是，我們對 2024 年的巨大進步和基礎感到非常高興。我們最近的成功使我們對我們的前景充滿信心，因為我們將繼續執行我們的策略和財務重點。

With that, I'd like to turn the call back to Erik.

說完這些，我想把電話轉回給艾瑞克。

Thanks, Mike. Our outlook for the year reflects our confidence in our businesses and our ability to navigate macro uncertainties, while continuing to deliver for our customers. I want to turn to the priorities that will guide our strategy for 2025 and help us reach the goals we've outlined for the year. In 2025, our focus will continue to be on creating sustainable growth and returns on capital. We will continue to improve our businesses while also ensuring we have competitive cost, best-in-class support functions.

謝謝，麥克。我們對今年的展望反映了我們對業務的信心以及應對宏觀不確定性的能力，同時繼續為客戶提供服務。我想談談指導我們 2025 年策略並幫助我們實現今年所製定的目標的優先事項。2025年，我們的重點將繼續放在創造永續成長和資本回報。我們將繼續改善我們的業務，同時確保我們擁有有競爭力的成本和一流的支援功能。

As we've discussed, this will require some investment. At the same time, we will continue to drive growth and returns by increasing our investment in R&D, value-enhancing capital projects, and commercial actions to deliver profitable market share growth over time.

正如我們所討論的，這將需要一些投資。同時，我們將繼續透過增加對研發、增值資本項目和商業行動的投資來推動成長和回報，以實現隨著時間的推移而獲利的市場份額成長。

We will also keep exploring ways for our teams to better innovate, providing greater visibility and transparency into our sales pipeline and formalizing our sales targets and expectations across teams. We will continue to deliver cost savings through productivity initiatives and improvements in execution and processes throughout our businesses as we strengthen our continuous improvement culture.

我們也將繼續探索讓我們的團隊更好地創新的方法，提高我們的銷售管道的可見度和透明度，並正式確定我們團隊的銷售目標和期望。隨著我們加強持續改善文化，我們將繼續透過提高生產力的舉措以及整個業務的執行和流程的改進來節約成本。

In addition to completing our planned divestiture of Pharma Solutions in the first half of the year, we will continue our ongoing portfolio assessment, including exploring appropriate opportunities to bolster our portfolio through value-creating bolt-on acquisitions. But I can assure you, we will not do anything like another [food drop] Importantly, we remain committed to consistently delivering solid financial results and meeting the goals we've outlined for 2025.

除了在今年上半年完成計劃中的 Pharma Solutions 資產剝離之外，我們還將繼續進行投資組合評估，包括探索適當的機會，透過創造價值的額外收購來增強我們的投資組合。但我可以向你們保證，我們不會再做類似 [ 食品空投 ] 的事情。

Lastly, our people are the core of our success. And we will continue to invest time in developing talent and strengthening employee engagement to drive greater innovation and productivity. This, in turn, will enable us to better serve our customers enhancing customer satisfaction, which will help us capture new growth and market share over time. I am confident that these priorities with the collective efforts of our world-class global teams will make it happen.

最後，我們的員工是我們成功的核心。我們將繼續投入時間培養人才和加強員工敬業度，以推動更大的創新和生產力。這反過來使我們能夠更好地服務客戶，提高客戶滿意度，從而幫助我們隨著時間的推移獲得新的成長和市場份額。我相信，這些優先事項加上我們世界一流的全球團隊的共同努力將使這一目標成為現實。

Now to close us out on slide 13. Our solid performance in 2024 speaks to the success of our reinvigorated strategy and our focus on operational execution. All of us at IFF are excited to build on this foundation to further strengthen the business and reinforce our market position in 2025. We are well on our way to unlocking our full potential and continuing to deliver innovative and sustainable solutions for our customers and communities all around the world.

現在讓我們在第 13 張投影片上結束我們的演講。我們在 2024 年的穩健表現證明了我們重振策略的成功以及我們對營運執行的關注。IFF 全體同仁都很高興能在此基礎上進一步加強業務，並在 2025 年鞏固我們的市場地位。我們正在充分發揮我們的潛力，並繼續為世界各地的客戶和社區提供創新和永續的解決方案。

Thank you. And I'll now open up the call to your questions.

謝謝。現在我開始回答你們的提問。

(Operator Instructions)

（操作員指令）

Kristen Owen, Oppenheimer.

奧本海默的克里斯汀歐文。

Hi. Good morning. Thank you for taking the question. I wanted to ask if you can elaborate on the sources wins versus underlying demand of your volume growth expected in 2025. Just for context, we're hearing from CAGNY, many of the CPGs are saying that volume is getting harder to come by. So we're just trying to understand what's sustaining that volume growth expectation? And any specific areas of relative strength that you would call out? Thank you.

你好。早安.感謝您回答這個問題。我想問您是否可以詳細說明一下來源勝利與 2025 年預計銷量增長的潛在需求。僅就背景而言，我們從 CAGNY 獲悉，許多 CPG 都表示，數量越來越少。所以我們只是想了解是什麼支撐了這個銷售成長預期？您認為哪些具體領域具有相對優勢？謝謝。

Sure. Thanks, Kristen. This is Erik. I'll take this question. So first of all, we're saying that for 2025, our volumes will be 1% to 4% growth. Which, if you recall, in 2026, we had 6% growth, which about half of it was destocking. So a normalized growth rate is in the range of 3%.

當然。謝謝，克里斯汀。這是埃里克。我來回答這個問題。首先，我們預計到 2025 年，我們的銷量將成長 1% 到 4%。如果你還記得的話，到 2026 年，我們的成長率為 6%，其中約一半是去庫存化的。因此正常化成長率在3%左右。

We believe that our volume increases will be mainly in Health & Biosciences, Scent and Taste. And we see now that we have strong commercial pipelines in each of those businesses and a high win rate, and that means that we're winning more than our fair share in many cases. And that's really important, and that's the drive.

我們相信，我們的銷售成長將主要集中在健康與生物科學、氣味和風味領域。我們現在看到，我們在每個業務領域都擁有強大的商業管道和很高的中標率，這意味著在許多情況下，我們贏得的份額超過了我們應得的份額。這真的很重要，這就是動力。

Food ingredients will be much lower volume increases but we still see some volume increase there. But I think it's really important to step back and see what we're doing over the next three years, what our focus is, and I'll start by saying, I think we made really good progress in 2024, getting back to basics, getting the fundamentals in place.

食品原料的銷售量增幅會低很多，但我們仍會看到一些銷量增加。但我認為，回顧過去，看看我們未來三年要做什麼、我們的重點是什麼，這一點非常重要。

But over the next three years, we must keep driving to get to growth rates while we narrow the margin gap versus our best-in-class competition in each business. And we're going to do that by continuing to invest in R&D commercial capabilities and capacity, particularly in Health & Biosciences, Scent and Taste businesses. Those are three great businesses with high margins, and we want to keep making sure that we're fully investing to be fully competitive with best-in-class competition.

但在未來三年，我們必須繼續努力實現成長率，同時縮小與各業務領域一流競爭對手的利潤差距。為了實現這一目標，我們將繼續投資於研發商業能力和產能，特別是在健康與生物科學、氣味和味覺業務方面。這三家公司都是利潤率很高的優秀企業，我們希望繼續確保全力投資，以便與同類最佳企業保持充分競爭力。

And our functional -- excuse me, Food Ingredients business, we are investing selectively in areas like technical service and upgrading some of our facilities that badly need it, but at the same time, we're driving an aggressive productivity program across our food ingredients business. And then even across the entire company, we're driving strong productivity programs across each business unit and across the corporate functions to make sure that we're fully cost competitive, but also fully effective.

而我們的功能性——對不起，是食品配料業務，我們正在選擇性地投資於技術服務等領域，併升級一些急需的設施，但與此同時，我們正在整個食品配料業務中推行積極的生產力計劃。即使在整個公司，我們都在各個業務部門和公司職能部門推行強有力的生產力計劃，以確保我們具有充分的成本競爭力，同時也完全有效。

And then as we do all that, we are also leveraging our uniquely strong biotech capabilities into our Scent and Flavors businesses and continuing to drive the other Health & Biosciences application areas. So we have a great plan for the next three years. We're going to keep investing. We're going to keep delivering year-by-year. But we're going to keep investing so that in three years, we are very strong versus our best-in-class competition.

當我們做這些的時候，我們也將把我們獨特而強大的生物技術能力運用到我們的香味和口味業務中，並繼續推動其他健康和生物科學應用領域的發展。我們對未來三年有一個很好的計劃。我們將繼續投資。我們會繼續逐年實現目標。但我們將繼續投資，以便三年後，我們能夠比同級別的競爭對手更強大。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特（Josh Spector）

Yeah, hi. Good morning. I wanted to ask two things, if I could. First, just on the EBITDA bridge for 2025. I mean, understanding the pharma divestment and FX or negative I guess we thought that volume and the incentive comp reset could get you to about neutral. So there's obviously something else investments or price cost or otherwise, which is adding a negative variance in that bridge that we're not accounting for how do you build that bridge? And then secondly, just around seasonality and your expectations for 1Q versus the rest of the year EBITDA specifically? Thanks.

是的，你好。早安.如果可以的話，我想問兩個問題。首先，我們來看看 2025 年的 EBITDA 橋。我的意思是，了解製藥業的撤資和外匯或負面影響，我想我們認為交易量和激勵補償重置可以讓你達到中立。因此，顯然還有其他投資或價格成本或其他因素，這會增加這座橋的負差異，而我們沒有考慮到如何建造這座橋？其次，關於季節性，您對第一季與今年剩餘時間的 EBITDA 有何預期？謝謝。

Great. Thanks, Josh. I'll take this one. In terms of the EBITDA bridge to the midpoint of our 2025 guidance, it's really around just two things. It's around volume growth and productivity. So if you assume the midpoint of our guidance range, sales will grow 2.5% on the comparable base of $11 billion, with an incremental margin of about 35%. That's yielding you around 4 to 5 points of EBITDA growth.

偉大的。謝謝，喬希。我要這個。就 EBITDA 達到我們 2025 年指引中點而言，實際上只涉及兩件事。它與產量成長和生產力有關。因此，如果採用我們指導範圍的中點，銷售額將在 110 億美元的可比較基礎上成長 2.5%，增量利潤率約為 35%。這將為您帶來約 4 到 5 個點的 EBITDA 成長。

The second piece of it is that we're really trying to target and drive productivity within the organization. And so you're getting another about 2% net productivity benefit, which is more than offsetting the inflationary piece.

第二點是，我們確實在努力瞄準並推動組織內的生產力。因此，您又獲得了約 2% 的淨生產力效益，這足以抵消通貨膨脹的影響。

In terms of net pricing to people costs, they're expected to be neutrality, so flat when you net them together, and in terms of the incentive compensation reset, we have about $100 million of a reset and we're fully or essentially reset offsetting that by reinvestment in the business. And so there's about a $30 million carryover for 2024 and a $70 million incremental investment in 2025. So we netted two together in net to zero.

就人力成本的淨定價而言，預計它們是中性的，所以當你將它們淨加在一起時是持平的，而在激勵薪酬重置方面，我們有大約 1 億美元的重置，我們正在全部或基本重置，通過對業務的再投資來抵消這一重置。因此，2024 年的結轉投資約為 3,000 萬美元，2025 年的增量投資約為 7,000 萬美元。因此，我們在淨勝球數為零的比賽中一起進了兩球。

In terms of the EBITDA cadence, again, if you take the midpoint, the first half of the year will be stronger in natural dollar basis because we're assuming the pharma transaction will be completed at the end of Q2. Also, just remember that Q2 is usually our seasonally strongest quarter. So on an absolute dollar basis, EBITDA will be the highest in Q2 of 2025.

就 EBITDA 節奏而言，如果取中點，那麼上半年的自然美元基礎將會更加強勁，因為我們假設製藥交易將在第二季末完成。另外，請記住，第二季通常是我們季度表現最強勁的季度。因此，以絕對美元計算，EBITDA 將在 2025 年第二季最高。

Nicola Tang, BNP Paribas.

法國巴黎銀行的 Nicola Tang。

Hi, everyone. Thanks for the question. I wanted to dig a little bit more into your comments around volume or, I guess, the currency-neutral 1% to 4% expectation for the year. Would you be able to talk a little bit more about what you expect across the core divisions? Thanks.

大家好。謝謝你的提問。我想更深入地探討您關於交易量的評論，或者我猜，關於今年貨幣中性的 1% 到 4% 的預期。能否進一步談談您對核心部門的期望？謝謝。

Yeah. Thank you, Nicola. So first of all, it's going to be primarily volume driven. With modest pricing with some gives and takes in pricing across businesses and across geographies. But primarily, the volume growth will be driven by Health & Biosciences, Scent and Taste. Food ingredients volume will be much more moderate with a focus on increasing margins in that business.

是的。謝謝你，尼古拉。首先，它將主要由數量驅動。定價適中，但不同企業和不同地區的定價有些讓步。但主要推動力是健康與生物科學、氣味和味道。食品配料的銷量將更加適中，重點是提高該業務的利潤率。

Emily Fusco, Deutsche Bank.

德意志銀行的艾米莉‧富斯科 (Emily Fusco)。

Hi. This is Emily Fusco on for David Begleiter with Deutsche Bank. I wanted to ask what are your expectations for input inflation this year? And how should we expect net pricing to develop through the year? Thank you.

你好。我是德意志銀行 David Begleiter 的 Emily Fusco。我想問一下您對今年投入通膨的預期是多少？我們應該預期全年淨定價將如何發展？謝謝。

Thanks again for the question, Emily. Maybe just to start by saying that import costs from an IFS standpoint remain at historical levels, historically high levels. In some parts of our business, we are seeing continued modest inflation, specifically in taste and Scent and this is really driven by natural ingredients.

再次感謝您的提問，艾蜜莉。也許首先要說的是，從 IFS 的角度來看，進口成本仍然處於歷史水平，歷史高點。在我們業務的某些部分，我們看到持續適度的通膨，特別是在口味和香氣方面，這實際上是由天然成分推動的。

In Food & Ingredients, there is a bit of deflation that the team is working with customers and on an H&B perspective, it's generally flat. And so net-net, on a consolidated basis, we expect our input cost basket to be flat to up slightly.

在食品和配料方面，團隊與客戶合作時出現了一些通貨緊縮的情況，而從 H＆B 的角度來看，情況總體持平。因此，從淨值來看，我們預計投入成本籃將保持穩定或略有上漲。

In all instances, we will continue to work and collaborate with our customers to make sure we have the opportunities to mitigate. This includes reformulations but also price discussions as well. In terms of pricing contribution over the course of 2025, we expect pricing to be relatively consistent over each of the 4 quarters as we go forward.

在所有情況下，我們都將繼續與客戶合作，以確保我們有機會減輕影響。這包括配方調整，也包括價格討論。就 2025 年的價格貢獻而言，我們預計未來 4 個季度的價格將保持相對一致。

Patrick Cunningham, Citigroup.

花旗集團的 Patrick Cunningham。

Hi. Good morning. This is Eric Zhang on for Patrick. You mentioned last quarter about getting functional ingredients to 15% plus margins in the coming years. Are you on track for this margin expansion given the pricing actions? And what are the cost and productivity initiatives savings underpinning this growth? Thank you.

你好。早安.我是 Eric Zhang，代替 Patrick 發言。您在上個季度提到，未來幾年功能性成分的利潤率將達到 15% 以上。從定價行為來看，你們的利潤率是否能提升？那麼，支撐這項成長的成本和生產力節約措施有哪些呢？謝謝。

Thanks, Eric. We are on track towards this target, and we made very good progress. If you'll recall, in 2023, we talked about high single-digit EBITDA margins in Food Ingredients. In 2024, we achieved solid low double digits margins -- EBITDA margins. And I would say, under the new leadership of Andy Muller with a strong team, we are confident in our plans to get to the mid-teens in the next few years.

謝謝，埃里克。我們正在朝著這個目標前進，並且取得了非常好的進展。如果你還記得的話，2023 年，我們談到了食品配料領域的高個位數 EBITDA 利潤率。2024 年，我們實現了穩固的低兩位數利潤率—EBITDA 利潤率。我想說，在安迪·穆勒 (Andy Muller) 的新領導下，我們擁有一支強大的團隊，我們對未來幾年達到十幾歲的計劃充滿信心。

And we're doing that with a combination of better serving customers, so growing our business with attractive margins and driving aggressive productivity plans. Both are making progress. Andy has a strong background in this business. and is helping the team to further strengthen those plans and the execution of those plans. So we are on track.

我們透過更好地服務客戶、以誘人的利潤率發展業務和推行積極的生產力計劃來實現這一目標。雙方都在取得進展。安迪在這個行業有豐富的背景。並幫助團隊進一步加強這些計劃以及這些計劃的執行。所以我們一切順利。

Lisa De Neve, Morgan Stanley.

摩根士丹利的麗莎‧德內夫 (Lisa De Neve)。

Hi. Thank you for taking my question. I have a question on free cash flow. Can you please give some details and granularity on how you expect free cash flow to play out for especially concerning the net working capital movements and CapEx spend that's required? And also more in the light of the limited deleveraging we've seen in the second half of this year, which clearly will improve first Pharma, but just the underlying movements would be helpful.

你好。感謝您回答我的問題。我對自由現金流有疑問。您能否提供一些細節和細節，說明您預期自由現金流將如何發揮作用，特別是有關淨營運資本變動和所需的資本支出？而且，鑑於我們在今年下半年看到的有限的去槓桿化，這顯然會改善第一製藥公司的狀況，但僅僅是潛在的走勢就會有所幫助。

And a small second question I'm just trying to slide in, I mean, you've now been with the company as a CEO for over a year. I mean is there any intention to set new midterm targets given you keep referring to your presentation towards the next three years were driving improvement. So are you willing to set any financial targets against that? Thank you.

我想問的第二個小問題是，您現在已在公司擔任執行長一年多了。我的意思是，鑑於您在演講中不斷提到未來三年將推動改進，是否有意設定新的中期目標？那麼您願意為此設定任何財務目標嗎？謝謝。

Thank you, maybe I'll start with the first. Yeah, perfect. I'll start a brief cash flow, and then I'll pass it back to you. In terms of the full year for 2025, we expect free cash flow to be about $500 million. Note that this does include a significant impact of taxes related to the pharma divestiture. So that's about $350 million is our estimate at this point in time.

謝謝，也許我應該從第一個開始。是的，完美。我將開始簡短的現金流，然後將其返還給您。就 2025 年全年而言，我們預計自由現金流約為 5 億美元。請注意，這確實包括與製藥業務剝離相關的稅收的重大影響。所以，我們目前的估計約為 3.5 億美元。

If you adjust for that, our free cash flow will be about $350 million, which is kind of consistent to the last couple of years, but more importantly, an improvement versus where we finished 2024. In terms of net working capital, we are targeting a slight inflow versus an outflow in 2024. And this is really driven by the work that we're doing around payables and selective strategic inventory reductions.

如果對此進行調整，我們的自由現金流將約為 3.5 億美元，這與過去幾年的情況基本一致，但更重要的是，與 2024 年結束時的情況相比有所改善。在淨營運資本方面，我們的目標是 2024 年實現小幅流入而非流出。這實際上是由我們在應付款項和選擇性策略性庫存減少方面所做的工作所推動的。

As we stated on the call, we expect CapEx to be about 6% of sales, and this is really around increasing investments to catch up on some deferred spend. Erik mentioned it a moment ago, specifically in Food Ingredients.

正如我們在電話會議上所說，我們預計資本支出將佔銷售額的 6% 左右，這實際上是為了增加投資以彌補一些遞延支出。Erik 剛才提到了這一點，特別是在食品成分中。

Also to make some growth investments and so capacity expansion, new technologies and H&B, some commercial facing operations for Taste and Scent. And Then lastly, really start to drive the migration of our digital transformation. And so those are the biggest drivers from a CapEx piece of it going forward. And so maybe, Erik, I'll turn it over to you for the second part of the question.

同時也要進行一些成長投資，例如產能擴張、新技術和 H&B，以及一些面向味覺和香味的商業運作。最後，真正開始推動我們的數位轉型。所以這些都是未來資本支出最大的驅動力。所以，艾瑞克，也許我會把問題的第二部分交給你。

Yeah. So in terms of long-term targets, we'll come back later in the year with more clarity on that. But let me just say that I feel like we are a very strengthened company now versus a year ago. We've got absolute clarity on our organization model, our end-to-end business model. We've separated Nourish into taste and food ingredients, two very different businesses with different strategies.

是的。因此，就長期目標而言，我們將在今年稍後對此進行更清晰的闡述。但我只想說，我覺得跟一年前相比，我們現在是一家實力非常強大的公司。我們對我們的組織模式、端到端業務模式非常清楚。我們將 Nourish 分為口味和食品原料兩個部分，這是兩個截然不同的業務，有著不同的策略。

We've got a strong team, a clear 5-year plan and clear investment plan with both growth investment and driving productivity. So I am confident that we have the right direction. Now we need to execute very well. And I think we did that in 2024. Now we need to do it in 2025, and you'll hear more later in the year about our longer-term aspirations.

我們擁有強大的團隊、明確的五年計劃和明確的投資計劃，既有成長投資，也有推動生產力。因此我相信我們的方向是正確的。現在我們需要很好地執行。我認為我們在 2024 年就做到了這一點。現在我們需要在 2025 年實現這一目標，今年稍後您將聽到更多關於我們長期願景的消息。

Alan of Steve Byrne, Bank of America.

美國銀行史蒂夫伯恩的艾倫。

Yes. Thank you. I'm curious, how would you characterize the potential impact on your businesses or perhaps some regulatory approvals from RFK now running HHS and the staff cuts at FDA, any near-term impact from that? And then, Erik, you mentioned new investments in biotechnology and R&D. I assume that, that could include the use of gene editing for natural product expression levels, et cetera, do you think RFK could block this?

是的。謝謝。我很好奇，您如何描述對您的業務的潛在影響，或者現在負責 HHS 的 RFK 的一些監管批准以及 FDA 的人員裁減，這會產生什麼近期影響？然後，埃里克，您提到了對生物技術和研發的新投資。我認為，這可能包括使用基因編輯來改變天然產物的表達量等等，你認為 RFK 可以阻止這一點嗎？

So first of all, thank you, Steve. We don't see any of our products as targets. In fact, what we do see is that many of our customers may reformulate products to have cleaner labels which, by the way, plays into our strengths. And we've been making very good progress with customers that are working on cleaner labels, which has been a great growth opportunity for us already, and we see that as a continued opportunity going forward. In terms of biotech, R&D, I think there's lots of opportunities in many areas, and you'll be hearing more about that at CAGNY, we're going to talk specifically about our biotech platform.

首先，謝謝你，史蒂夫。我們不認為我們的任何產品是目標。事實上，我們確實看到，許多客戶可能會重新配製產品，以獲得更清晰的標籤，而這也發揮了我們的優勢。我們在與致力於清潔標籤的客戶合作方面取得了非常好的進展，這對我們來說已經是一個巨大的成長機會，我們認為這將是一個持續的未來機會。在生物技術和研發方面，我認為很多領域都有很多機會，您會在 CAGNY 聽到更多有關這方面的信息，我們將專門討論我們的生物技術平台。

And we see that as having opportunities in Scent, Taste, but also in the current areas that we're playing in and other areas with our DEB, design enzymatic biomaterials which plays right into the heart of what the world wants, consumers want our customers want the world wants and biodegradable materials that are sustainable and sustainably grown sustainably produced. So I see this as a bit of uncertainty about what will happen when. But in the general direction, I see it as significantly more opportunity than risk.

我們認為這不僅在氣味和味道方面有機會，而且在我們正在涉足的當前領域以及我們 DEB 的其他領域也有機會，設計酶生物材料，以滿足世界的需求、消費者的需求、客戶的需求、世界的需求，以及可持續、可持續生長和可持續生產的可生物降解材料。因此，我認為對於何時會發生什麼存在一些不確定性。但從整體來看，我認為機會遠大於風險。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

Thanks, and first, congrats, Michael. Back to raw materials, how much of IFF's raw material spend is potentially exposed to tariffs here? And should we only be thinking about imported materials into the US? Or do you worry about something reciprocal so that it's more than just a US issue?

謝謝，首先恭喜你，麥可。回到原料問題，IFF 的原料支出有多少可能受到關稅影響？我們是否應該只考慮進口材料到美國？或者您擔心的是一些互惠問題，所以這不僅僅是一個美國的問題？

Hey. Thanks, John. I appreciate that very much. In terms of the tariff situation, it's ever evolving. Changes on a constant basis. When we assess the various situations or potential situations, we do not expect to have a material impact from any tariff change.

嘿。謝謝，約翰。我非常感激。就關稅情況而言，它是不斷變化發展的。不斷發生變化。當我們評估各種情況或潛在情況時，我們預計任何關稅變化都不會產生重大影響。

As you know, John, we have an expansive in global supply chain, which provides us with a lot of flexibility to adapt. So should things change, we're working with our customers to make sure we mitigate that to the fullest. We lived through this a couple of years ago in this administration's first term.

約翰，如你所知，我們擁有廣泛的全球供應鏈，這為我們提供了很大的適應靈活性。因此，如果情況發生變化，我們將與客戶合作，以確保最大限度地緩解這種影響。幾年前，在本屆政府的第一個任期內，我們就經歷過這樣的情況。

And so similar to that approach we've taken now is that we're going to work with our customers, our mitigation strategies and including price surcharges as appropriate, but that will become a secondary methodology to it. The focus is really seeing what we can do on supply chain mitigate a lot of our exposure. Again, in material in nature, more to come as things develop, and we'll keep you updated there.

與我們現在採取的方法類似的是，我們將與客戶合作，制定緩解策略，並在適當的情況下收取價格附加費，但這將成為次要方法。真正的重點是看我們能在供應鏈上做些什麼來減輕我們的風險。再次，就材料性質而言，隨著事態的發展，將會有更多內容，我們將隨時向您更新最新情況。

Mike Sison, Wells Fargo.

富國銀行的麥克·西森。

Hey. Good morning. Nice end of the year, and congrats to you, Mike. Erik, with the year-end you're about. And I understand you might want to wait a little bit. But where do you think IFF's EBITDA should get over time? It's expected to be a pretty big number when you bought N&B but with divestitures, maybe framework, where it could be?

嘿。早安.今年真是美好的結束，恭喜你，麥克。埃里克，你快到年底了。我知道你可能需要等一會兒。但您認為 IFF 的 EBITDA 隨著時間的推移應該達到什麼水平？當您收購 N&B 時，預計這個數字會相當大，但是隨著資產剝離或框架的完善，這個數字會達到什麼程度？

And then -- and just maybe stepping back a little bit with N&B. Do you think this is a good business for IFF longer term -- what are the risks? Because certainly, it had a little bit -- it certainly had a tough time on the get-go, but what are the risks to the business? And maybe just talk about where -- what parts of the business now fit really well with -- or have good synergies with the legacy IFF? Thank you.

然後 — — 也許 N&B 會稍微退後一步。您認為從長遠來看這對 IFF 來說是一筆好生意嗎？因為確實，一開始的時候確實有點困難，但對企業來說風險是什麼呢？也許只是談論一下——現在業務的哪些部分與傳統的 IFF 真正契合——或者俱有良好的協同作用？謝謝。

Sure. Thanks, Mike, for the question. I mean I see with our current portfolio over time, us getting to the low 20s EBITDA margin with Food Ingredients being the most challenged and Health & Biosciences being the highest and Scent and Taste being very solid. And as I look at it, we -- I came to the company a year ago, there was a lot of complexity, a lot of performance challenges. A lot of companies have been brought together. So there was a lot to clean up and a lot to get the executive team together and clarify for the organization.

當然。謝謝邁克提出這個問題。我的意思是，我看到我們目前的投資組合隨著時間的推移，我們的 EBITDA 利潤率將達到 20% 以下，其中食品配料面臨的挑戰最大，健康與生物科學面臨的挑戰最高，而香味和味道面臨的挑戰非常穩固。在我看來，一年前我來到公司時，情況非常複雜，面臨許多績效挑戰。許多公司已經聯合起來。因此，有很多事情需要清理，也有很多事情需要讓執行團隊聚集在一起並為組織澄清。

I think we've made very good progress. I think we've got a very solid H&B, Health & Biosciences team and business very strong Scent and Taste teams and businesses with very good -- very strong, very competitive capabilities. And so we just need to continue to strengthen those and move them along in the next three years. And I think they'll compete very favorably within that period with the leading benchmarks.

我認為我們已經取得了非常好的進展。我認為我們擁有非常堅實的 H&B、健康與生物科學團隊以及業務非常強大的香味和味覺團隊，以及具有非常好——非常強大、非常有競爭力的能力的企業。因此，我們只需要繼續加強這些措施並在未來三年內推動其發展。我認為他們將在那段時期內與領先的基準展開非常有利的競爭。

Food Ingredients is still a turnaround situation low single-digit EBITDA margins in 2023, low double-digit EBITDA margins in 2024. Andy Moore and his team are absolutely focused on continuing that turnaround and getting those margins up significantly this year as another point of progress. And I'm confident in that team to make that happen.

食品配料仍處於扭虧為盈的局面，2023 年 EBITDA 利潤率將達到低個位數，2024 年 EBITDA 利潤率將達到低兩位數。安迪摩爾 (Andy Moore) 和他的團隊全心全意地致力於延續這種轉變，並在今年大幅提高利潤率，作為另一個進步點。我相信這個團隊能夠實現這個目標。

So I think that our focus right now is delivering 2025 but doing it in a way that we make smart investments that have good returns and get us increasingly competitive and deliver what we say we're going to deliver. And I think we're on a good track to make that happen.

因此，我認為我們現在的重點是實現 2025 年的目標，但我們要採取明智的投資方式，獲得豐厚的回報，增強我們的競爭力，並兌現我們承諾的目標。我認為我們正朝著這個目標邁進。

Thank you.

謝謝。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），垂直研究夥伴。

Hi. This is Matt Hutter on for Kevin McCarthy. Can you help us to understand why the FX headwind to EBITDA is 2% higher than the impact on sales? How do your margins on international business compared to US domestic margins?

你好。這是 Matt Hutter，取代 Kevin McCarthy。您能否幫助我們理解為何外匯不利因素對 EBITDA 的影響比對銷售額的影響高出 2% 呢？與美國國內利潤率相比，你們的國際業務利潤率如何？

I'll take this one. Thank you for the question. In terms of the incremental impact on EBITDA relative to sales, entirely driven by our purchases. Our sales are based in local currency, while a larger portion of our input costs are denominated in Euro and US dollar.

我要這個。感謝您的提問。就 EBITDA 相對於銷售額的增量影響而言，完全由我們的採購所驅動。我們的銷售以當地貨幣計算，而我們大部分的投入成本以歐元和美元計價。

And so essentially, that's what's driving the multiplier effect between the sales piece of it and the EBITDA contribution. I think your second question was around margin structure globally, internationally versus domestic operations. it's actually pretty agnostic and pretty constant.

因此，從本質上講，這就是推動銷售部分和 EBITDA 貢獻之間的乘數效應的因素。我認為您的第二個問題是關於全球利潤結構、國際業務與國內業務的利潤結構。它實際上是相當不可知且相當恆定的。

The real differential comes when you compare the category exposures. And so just let me give you an example. In EV you have the strongest margin profile, just given exposure to fine fragrance, while India, you'll have a lower margin profile just because the portfolio is geared towards savory as an example. So really, when you look at it on a kind of a like-for-like basis -- adjusting for the portfolio, you're pretty agnostic on the met margin aspect of it, it really comes down to the category percentages within each one of these.

當你比較類別曝光度時，你會發現真正的差異。讓我給你舉個例子。在印度，由於產品組合主要針對鹹味食品，因此利潤率最高，而在印度，利潤率會較低。因此，實際上，當您以類似方式來調整投資組合時，您會對它的滿足保證金方面相當不確定，它實際上取決於每個類別中的類別百分比。

Mark Astrachan, Stifel.

馬克‧阿斯特拉坎 (Mark Astrachan)，Stifel。

Yeah, thanks. Morning, everybody. Two questions for me. One, just could you talk about the growth rates between local, regional and private label customers compared to multinationals and maybe just give a rough split of the business as it seems the former group seems to be growing faster and taking share away from the latter.

是的，謝謝。大家早安。我有兩個問題。第一，您能否談談本地、區域和自有品牌客戶與跨國公司的成長率，並粗略地劃分業務，因為前者似乎增長更快，並搶佔了後者的份額。

And then Erik, you had talked about prioritizing best-in-class margins compared to sales growth. You're obviously accelerating investment, I guess, with flexibility in early '25 in terms of the wraparound reinvestment. Maybe talk a bit about how you manage the two. And if you want to sit there and try to think about prioritizing one versus the other, how quickly can you get to the margins versus how quickly can you get to run rate sales growth to grow at least in line consistently with peers? Thank you.

然後埃里克，你談到了優先考慮一流的利潤率而不是銷售成長。我想，您顯然正在加速投資，並且在 25 年初具有環繞式再投資的靈活性。也許可以談談你是如何處理這兩者的。如果您坐下來嘗試思考優先考慮哪一項，那麼您能多快達到利潤率，以及您能多快實現銷售增長以至少與同行保持同步增長？謝謝。

Mike, do you want to start and I'll take the second half.

麥克，你想先開始嗎？

Sure. So thanks, Mark, for the question. When you look at the portfolio, the way I would categorize it is you basically have one-third global customers, one-third kind of midsized and one-third small local customers, including some of the private labor aspects. And so when you look at the dynamics across there on global perspective, the growth is a little bit more muted than you see at some of the kind of regional local and coding private label customers.

當然。所以感謝馬克提出這個問題。當你查看作品集時，我的分類方式是，基本上有三分之一是全球客戶，三分之一是中型客戶，三分之一是小型本地客戶，其中包括一些私人勞動力方面。因此，當你從全球視角觀察那裡的動態時，你會發現，與某些區域本地和編碼自有品牌客戶相比，其成長速度稍微緩慢一些。

And so for us, a big part of the focus on the -- I'll give you an example on the Taste strategy is really to prioritize private label and smaller customers as we go forward. And so that dynamic, that growth that you referenced, Mark, is true. The good thing is that there's still a lot of growth opportunities at the big global customers, that's much more geared towards new innovation. What we can do to help them have winning products or consumer preferred products in the market.

因此對我們來說，重點關注的重點——我給你一個關於品味策略的例子，實際上是在我們前進的過程中優先考慮自有品牌和小客戶。所以馬克，你提到的這種動態、這種成長是真的。好消息是，全球大客戶仍有許多成長機會，這些機會更有利於創新。我們可以做些什麼來幫助他們在市場上推出暢銷產品或消費者喜愛的產品。

So on the second half of your question -- yeah, on the second half of the question, we want to continue to work towards best-in-class margins and growth rates. So what I would say is track us on how we're doing to have growth rates in line with the best-in-class and gross margins that are improving and EBITDA margins that may improve a little bit slower because of our investments, our aggressive investments in research, particularly, but also in commercial investments in Health & Biosciences, Taste and Scent.

所以關於你問題的後半部分——是的，關於問題的後半部分，我們希望繼續努力實現一流的利潤率和成長率。所以我想說的是，追蹤我們的表現，看看我們的成長率是否與一流水準保持一致，毛利率是否不斷提高，而 EBITDA 利潤率的提高可能會稍微慢一些，這要歸功於我們的投資，特別是對研究的積極投資，同時也包括對健康和生物科學、味覺和氣味的商業投資。

And let me just give you an example. In 2024, we had nice margin improvements, but we could have delivered even more EBITDA and higher EBITDA margins if we wouldn't have made additional investments beyond what we had planned, particularly in research and commercial capabilities.

讓我給你舉一個例子。2024 年，我們的利潤率取得了不錯的改善，但如果我們沒有進行超出計劃的額外投資，特別是在研究和商業能力方面，我們本可以實現更多的 EBITDA 和更高的 EBITDA 利潤率。

So what we're going to do is continue to make progress but probably not as fast the progress on EBITDA as we could if we weren't making these additional investments, but the investments that we're making, we are absolutely sure that in the next three years, we'll have a very attractive payout and will strengthen us against our best-in-class competitors. And we're absolutely committed to becoming leaders in innovation across these businesses. Health & Biosciences Taste and Scent while we continue to turn around the Food Ingredients business.

因此，我們要做的是繼續取得進展，但如果我們不進行這些額外投資，EBITDA 的進展可能不會那麼快，但我們正在進行的投資，我們絕對有信心在未來三年內，我們將獲得非常有吸引力的回報，並將增強我們與一流競爭對手的競爭力。我們絕對致力於成為這些業務領域的創新領導者。我們將繼續扭轉食品配料業務，同時研究健康與生物科學的味道和香氣。

Kate Grafstein, Barclays.

巴克萊銀行的凱特‧格拉夫斯坦 (Kate Grafstein)。

Thanks. Just a couple of questions on the Scent business. I was wondering why fragrance ingredients growth was so strong this quarter, up double digits. And how we should be thinking about growth for 2025 if there's some pricing pressure on the business? And then on Fine Fragrances, we were wondering what your expectation is for growth next year and if you're expecting any growth in Fine to normalize? Thank you.

謝謝。我只想問幾個關於香味業務的問題。我想知道為什麼本季香料成分的成長如此強勁，達到兩位數。如果業務面臨一些定價壓力，我們該如何考慮 2025 年的成長？然後關於高級香水，我們想知道您對明年的成長有何預期，以及您是否預計高級香水的成長會正常化？謝謝。

Mike, do you want to start.

麥克，你想開始嗎？

Yeah, I'll start on this one and then pass it over to you for more comments. Look, the team has done a fantastic job in the Fragrance Ingredients business. They really looked at their portfolio. When you look at that portfolio, there's really high-value ingredients and I would say more general kind of industry-led ingredients. And so what they did, they bifurcate that and they target the market to go after some of the high-value ingredients.

是的，我將從這一部分開始，然後將其交給您以獲取更多評論。你看，這個團隊在香料成分業務上做得非常出色。他們確實審視了自己的投資組合。當你查看該產品組合時，你會發現其中確實包含高價值成分，而且我會說其中包含更為普遍的行業主導成分。他們的做法是，將其分為兩個部分，並瞄準目標市場去追求一些高價值的成分。

And so what we've seen over the course of this year and 2024 -- my apologies in 2024, performance has been strong, as you noted. And for the quarter, we actually finished kind of in that mid-teens range. So very, very good. And that's really being proactive and making sure they have adequate capacity to ship product for that. When they had some good success there in 2024.

因此，正如您所說，我們在今年和 2024 年看到的情況——抱歉，2024 年的表現一直很強勁。就本季而言，我們的業績實際上處於十幾歲的中段水準。非常非常好。這確實是積極主動的，並確保他們有足夠的能力來運送產品。2024 年他們在那裡取得了一些成功。

In 2025, I think you'll see the growth start to subside a bit. Obviously, that is a business that's going to be driven by the end market consumption. And so as you go forward from here, I think the team has some good volume growth, but they will have some reductions in overall price because of some of the deflationary environment that we see in the fragrance ingredients market overall.

到 2025 年，我認為你會看到成長開始放緩。顯然，這是一個由終端市場消費驅動的業務。因此，從現在開始，我認為團隊的銷售量會有一些良好的成長，但由於我們在整個香料成分市場看到的通貨緊縮環境，他們的整體價格會有所下降。

But they're working through that. I think their long-term strategy is very, very strong. And I think it's still going to be a growth driver as we go forward. It's just managing the next couple of quarters in terms of overall growth. So that's fragrance ingredients.

但他們正在努力解決這個問題。我認為他們的長期策略非常非常強大。我認為，隨著我們不斷前進，它仍將成為成長動力。這只是從整體成長角度來管理接下來的幾個季度。這就是香料成分。

On the Fine Fragrance side, the business is performing very, very well. And so I think it finished the quarter at high single-digit growth rates. On a two-year basis, it's kind of in the mid-single-digit basis kind of factoring the year ago comparable and so very, very strong.

在高級香水方面，業務表現非常非常好。因此我認為本季的成長率將達到個位數的高水準。以兩年期計算，其成長率處於中等個位數水平，與去年同期相比有所可比，因此非常非常強勁。

And based on the access to business and new win potential that they have, they expect growth to continue into 2025. And be one of the areas that will lead the tent in terms of overall growth. And that's really around the strategy they have in some of the emerging markets like the Middle East and Africa and winning some of the core big businesses and brands that are in Europe and North America.

並且基於他們所擁有的業務管道和新的獲勝潛力，他們預計成長將持續到 2025 年。並成為引領整體成長的領域之一。這實際上圍繞著他們在中東和非洲等一些新興市場的策略，以及贏得歐洲和北美的一些核心大企業和品牌。

Yeah. The only thing I would add is that I think overall, the dynamics for the Scent business are favorable and for the Scent industry. The -- both the consumer goods companies are putting more emphasis on sent as a driver of superiority for their products, whether it's shampoo, body wash laundry detergent, et cetera, all their products, that is a critical element of superiority and a low part of the cost -- product cost. So I think that's going to continue and consumers love to have great sense in their products.

是的。我唯一想補充的是，我認為總體而言，香味業務的動態對香味產業來說是有利的。兩家消費品公司都更加重視發送作為其產品優勢的驅動力，無論是洗髮精、沐浴露、洗衣粉等，所有產品都是優勢的關鍵要素，也是降低產品成本的一部分。所以我認為這種情況將會持續下去，消費者喜歡擁有良好感覺的產品。

I think on the Fine Fragrance, the digital media and the desire to have better experiences through the day, not just an evening stent for a woman when she's going out, but people of all ages, both sexes increasingly wanting find fragrances to enhance their day, whether it's an energizing Scent that makes you feel more energy, whether it's a relaxing sent, whether it's a romantic, these emotional drivers that are being expounded upon are being talked about by people like Charlotte Tilbury on digital media are helping to expand the market for fine fragrances all around the world.

我認為，在高級香水、數位媒體和人們希望擁有更美好體驗的願望方面，這不僅僅是女性外出時的晚間香水，而且各個年齡段、無論男女，人們都越來越希望找到香水來改善他們的一天，無論是令人精力充沛的提神香味，還是令人放鬆的香味，還是浪漫的香味，這些正在被闡述的情感驅動因素都被 Charlotte Tilbury 等人在全球範圍內談論香水。

So I see the general direction of growth for the scent industry continuing to be very positive, and we're taking advantage of that.

因此，我認為香味產業的整體成長方向仍然非常積極，我們正在利用這一點。

(inaudible) JPMorgan.

（聽不清楚）摩根大通。

Hi. Good morning. I have another peeling back the onion question. In Nourish you have your legacy flavor of what you call Taste business, and maybe that's like $2.5 billion in size. And then there's the Functional Ingredients business, which is that's like $3.3 billion in size. So if you have Functional Ingredients business, which is the smaller one, grow slowly, maybe grows 1% like the Taste business really has to grow something like 5% to get to the midpoint of your organic growth, which is 2.5%.

你好。早安.我還有另一個關於剝洋蔥的問題。在 Nourish 中，您保留了所謂的 Taste 業務的傳統風味，其規模可能達到 25 億美元。然後還有功能性成分業務，規模約 33 億美元。因此，如果你擁有功能性成分業務（規模較小），並且增長緩慢，可能增長 1%，但像味覺業務一樣，實際上必須增長 5% 左右才能達到有機增長的中間點，即 2.5%。

Is that the way to think about you have like just much higher growth in Taste, maybe like closer in the single digits and very slow growth in function fragrances. And I have a similar question for the Health & Biosciences business, which I think maybe (inaudible) [leads] to enzymes and maybe 45% to probiotics. Is it a similar dynamic where you think your enzyme in thematic business is going to grow more like mid-single digits and probiotics. At a very low end.

您是否認為口味香水的成長速度較快，但可能接近個位數，而功能性香水的成長速度卻非常緩慢？我對健康與生物科學業務也有類似的疑問，我認為可能（聽不清楚）[導致]酶，也許 45% 導致益生菌。您是否認為主題業務中的酵素將以中等個位數和益生菌的速度增長，這是一種類似的動態嗎？處於非常低端。

Mike, why don't you start, and I'll add if any.

麥克，你先開始吧，如果有的話我再補充。

Yeah. I'll start that. First, maybe let me just start with the Flavors or Taste business. So it is -- you're absolutely right. The way I think about $6 billion, $2.5 billion is going to be Taste side, $3.5 billion Food Ingredients side. The Flavors or Taste side of the business has been running very, very strong. And so their performance over the course of the year, if you see, it's basically at four quarters of very strong double-digit growth.

是的。我來開始。首先，我先從風味或口感事業開始。確實如此——你完全正確。我認為，60 億美元中，25 億美元用於口味方面，35 億美元用於食品原料方面。口味或口感方面的業務一直運作得非常非常強勁。所以如果你看的話，他們全年的表現基本上都是四個季度都保持了強勁的兩位數成長。

As you go into 2025, I think the Taste business growth will more normalize relative to say, historical averages just because the comp could be strong. And so that is going to be a big piece of it in terms of growth for the total company.

進入 2025 年，我認為 Taste 業務成長將相對於歷史平均值更加正常化，因為競爭對手的實力可能很強勁。所以從整個公司的成長來看，這將會是其中很重要的一部分。

Food ingredients will be a little bit more muted as some of volume gains are going to be offset by a little bit of price reductions that are associated with the deflation. And so to your point, you have to grow disproportionately faster on the Taste side. The one X factor caveat is that in the rest of the business, we expect growth. And so that's making it up and is actually taking us into what I'd say, a better detect trajectory in 2025 overall and offsetting some of the food ingredient softness that we have year-over-year in terms of total top line growth.

食品配料的銷售成長將會稍微被通貨緊縮導致的價格下降所抵消，因此食品配料的銷售成長將會稍微平淡一些。正如您所說，您必須在口味方面以更快的速度增長。一個不確定因素是，我們預期其餘業務將成長。因此，這彌補了這些不足，實際上，正如我所說的，2025 年總體上將呈現更好的檢測軌跡，並抵消了我們總體營收成長方面同比下降的部分食品成分疲軟。

In H&B, with respect to enzymes versus probiotics in the subcategory levels, I think, broadly speaking, all the businesses are targeting kind of modest growth year-over-year. The health business, the one area on the probiotic side that has been a little bit of a pain point to be very frank, over the last couple of years, is expecting to recover a bit as we go into 2025 as well. So that will help -- that will help us both from a top line perspective, but it's also accretive from a margin aspect as well.

在 H&B，就子類別層級的酵素與益生菌而言，我認為，從廣義上講，所有業務的目標都是實現同比適度成長。在健康領域，坦白說，益生菌在過去幾年中一直是人們的痛點，但預計到 2025 年這一領域也會有所復甦。所以這會有所幫助——從營收角度來看這對我們都有幫助，而且從利潤角度來看也會有所幫助。

Laurence Alexander, Jefferies.

勞倫斯·亞歷山大（Laurence Alexander），傑富瑞（Jefferies）。

Hi. This is [Dan] on for Laurence. Thanks for fitting me in. Just to kind of revisit tariffs from the tariff issues, but just from a little bit of term perspective. I was just wondering what your customers are saying their near-term impacts might be on order patterns and how you should think about where margins and ROI should be in three to five years?

你好。這是勞倫斯的 [丹]。謝謝你給我安排。只是從關稅問題的角度重新審視關稅，但只是從一點術語的角度來看。我只是想知道您的客戶認為他們的近期影響可能會對訂單模式產生什麼影響，以及您應該如何考慮三到五年後的利潤率和投資回報率？

Can you repeat that second part of the question? I'm not sure I heard the second --

你能重複問題的第二部分嗎？我不確定我聽到了第二個--

The second one is just how do you think where margins in ROIC should be in three to five years?

第二個問題是，您認為未來三到五年內 ROIC 的利潤率應該是多少？

Yeah. Perfect. Erik, do you want to -- from a customer standpoint, I know you've engaged a lot from customers, have you.

是的。完美的。艾瑞克，你想——從客戶的角度來看，我知道你與客戶進行了很多接觸，是嗎？

What I would say is -- if you listen to the customers' calls there. They're very conservative about volume growth. I think it's not -- it's separate from tariff issues, but tariff issues, make people concerned about the economy. With the uncertainty today, I think that uncertainty will hopefully get cleared up in the not-too-distant future, and we'll get back to more normalized growth.

我想說的是──如果你傾聽那裡的顧客的電話。他們對銷量成長非常保守。我認為這不是——這與關稅問題無關，但關稅問題讓人們擔心經濟。對於今天的不確定性，我認為這種不確定性預計在不久的將來得到消除，我們將恢復到更正常化的成長。

But I think what our customers -- what we're hearing from our customers, which is really important is that they expect volumes to be soft and therefore, they won't grow with innovation. And that's increasing the opportunity for us to work with them to deliver that innovation that excites consumers that gives their products. And by the way, drives value in their products as well. So I think that's very positive. But anything to add to that, specifically on tariffs, Mike?

但我認為，我們從客戶那裡聽到的真正重要的是，他們預計銷量會很疲軟，因此，他們不會隨著創新而成長。這增加了我們與他們合作的機會，以提供讓消費者興奮的創新產品。順便說一句，這也提高了其產品的價值。所以我認為這是非常積極的。但是，麥克，還有什麼要補充的嗎，特別是關於關稅的問題？

No. I think that's good, covered well. I think the second point just on the margin, ROIC evolution of IFF for the next three years, I think Erik addressed it before, the simple answer is higher, up on both. I think for us, we're making a concentrated effort to really on return on invested capital as we go into 2025.

不。我認為這很好，涵蓋得很好。我認為第二點只是關於邊際，即未來三年 IFF 的 ROIC 演變，我認為 Erik 之前已經提到過它，簡單的答案是更高，兩者都上升。我認為對我們來說，在邁入 2025 年時，我們正在集中精力真正實現投資資本的回報。

And so we're making a big investment in terms of both carryover and reinvestment incrementally. This year. But the reality is, as we go forward, we are being very diligent on how we're thinking about return on every dollar we put in the business.

因此，我們正在逐步進行結轉和再投資的大筆投資。今年。但現實是，隨著我們不斷前進，我們會非常認真地考慮如何為我們在業務上投入的每一美元獲得回報。

This is both OpEx and on a CapEx basis. And so the team trajectory, we don't have a formal target yet, and we'll come back later in the year, as Erik alluded to it. But over time, we would expect improvements in terms of, again, the margin piece of it, but also return on invested capital.

這既是營運支出 (OpEx)，也是資本支出 (CapEx)。因此，對於團隊的發展軌跡，我們還沒有正式的目標，正如艾瑞克所提到的那樣，我們將在今年晚些時候回來。但隨著時間的推移，我們預期利潤率會有所提高，投資報酬率也會提高。

Artem Chubarov, Redburn.

阿特姆·丘巴羅夫，雷德伯恩。

Good morning. Thanks for taking my question. I've got a follow-up on the Health & Biosciences. Could you remind us of the current sales breakdown by businesses across that just would be helpful. And then looking ahead, do you see the future for some of those at crossing cost utilization? Or could they potentially be considered for a review (inaudible) Thank you.

早安.感謝您回答我的問題。我對健康與生物科學進行了追蹤。您能否提醒我們各企業目前的銷售明細，這將會很有幫助。展望未來，您是否預見了交叉成本利用率的未來？或他們是否有可能被考慮進行審查（聽不清楚）謝謝。

I'll start, and then Mike, please add anything. First of all, our Health & Biosciences business is on very solid ground today. It's been growing nicely. In 2024, we grew, I would say, consistent with the leading benchmark and had strong solid growth across businesses, the lowest growth but still growing was the health business. As Mike alluded to, we expect that to start to increase again as we put more innovation into that business, part of the business.

我先開始，然後 Mike，請補充一些內容。首先，我們的健康與生物科學業務目前基礎非常穩固。它一直生長得很好。到 2024 年，我想說，我們的成長與領先基準保持一致，各項業務都實現了強勁穩健的成長，其中成長最低但仍在成長的是健康業務。正如麥克所提到的，我們預計，隨著我們在該業務（部分業務）中投入更多創新，這一數字將再次開始成長。

But overall, the dynamics are solid in all the different areas, all the different application areas. We have this new area and designed enzymatic biomaterials that we're excited about. We've started to get our first commercialization there. that's going to add to the growth.

但整體而言，所有不同領域、所有不同應用領域的動態都是穩固的。我們有這個新領域並設計了令我們興奮的酵素生物材料。我們已經開始在那裡實現首次商業化。這將促進增長。

And we've got a lot of emphasis now on how do we turbocharge our Scent and our Taste business with our biotech capabilities. And we've got resources focused on that, that will take some time to get through. But is on a solid start. And I'm very, very optimistic about Health & Biosciences in the near term, but even more so in the three- to five-year time frame.

我們現在非常重視如何利用我們的生物技術能力來增強我們的香味和味覺業務。我們已經將資源集中用於此，但這需要一些時間來實現。但開局良好。我對近期健康與生物科學領域的前景非常樂觀，但對未來三到五年的前景則更加樂觀。

Christopher Parkinson, Wolf Research.

克里斯托弗·帕金森，沃爾夫研究公司。

Great. Thanks. This is Harris Fein on for Chris. Thanks for taking the question. So there have been a lot of active asset sales, divestitures within Food & Nutrition over the past year. I guess when you look at what's happened, what does that price discovery mean to you in terms of maybe whether you could prune a little bit more from your portfolio? And you also mentioned potential for small bolt-ons, I guess, what are the implications for your M&A pipeline? Thank you.

偉大的。謝謝。以下是哈里斯費恩 (Harris Fein) 代替克里斯上場的節目。感謝您回答這個問題。因此，在過去一年中，食品和營養領域出現了大量活躍的資產出售和資產剝離。我想，當您回顧所發生的事情時，這種價格發現對您來說意味著什麼？而且您也提到了小型附加裝置的潛力，我想，這對您的併購管道有何影響？謝謝。

Yeah. So first of all, on our Food Ingredients business, Andy Miller here. He knows the business in depth -- he spent many years with Denisco, actually before the with IFF. He knows the industry very well. He's working with his team to turn around the total business, and there are some pieces of it that may likely not fit long term.

是的。首先，關於我們的食品配料業務，我是安迪米勒。他對這個行業有著深入的了解——實際上，在加入 IFF 之前，他就曾在丹尼斯科 (Denisco) 工作多年。他非常了解這個行業。他正在與他的團隊合作扭轉整個業務，但其中的一些部分可能不適合長期發展。

So we're working on that, working through that. But we're looking at bolt-on acquisitions, as I referred to, that specifically in Health & Biosciences more related to technologies to further enhancing our technology breadth, Scent and Taste which is more to enhance our geographic footprint.

所以我們正在努力解決這個問題。但正如我所提到的，我們正在考慮附加收購，特別是在健康與生物科學領域，更多地與技術相關，以進一步增強我們的技術廣度，氣味和味覺則更多地是為了增強我們的地理覆蓋範圍。

And -- but we will only do bolt-ons that make absolute sense that have good returns and that really fill strategic voids. But I think what, the most important is to understand that we're focused on really driving the businesses that we have today and getting the pharmaceuticals solution sale finished and continuing to execute really well this year.

而且——但我們只會做那些絕對有意義、能帶來良好回報並真正填補戰略空白的附加措施。但我認為，最重要的是要明白，我們專注於真正推動我們現有的業務，完成藥品解決方案的銷售，並在今年繼續保持良好的執行效果。

And I'll just finish, I'll -- my closing remark is that I believe I joined the company excited about IFF and even more excited today. I believe we are much stronger than we were a year ago, and I believe we will be much stronger a year from now, thanks to our 22,000 colleagues around the world that are now, I believe, much more focused on serving customers with leading innovation while we also drive productivity.

我就要結束了，我的結論是，我相信我加入這家公司時對 IFF 感到很興奮，而今天我更加興奮。我相信，我們現在比一年前強大得多，而且我相信，一年後，我們會更加強大，這要歸功於我們遍布全球的 22,000 名同事，我相信，現在他們更加專注於以領先的創新服務客戶，同時也提高生產力。

And I would suggest if you know IFF employees, talk to IFF employees, talk to our customers, ask them about it, we've got positive momentum, and we're going to continue to build on that positive momentum and we're going to deliver what we say we're going to deliver in 2025, but we're going to do it in a way that further strengthens us for '26 and beyond. And in the three-year period, I think you'll find us very competitive with the leading competitive benchmarks. Thank you.

我建議，如果你認識 IFF 員工，就和 IFF 員工交談，和我們的客戶交談，向他們詢問，我們已經有了積極的勢頭，我們將繼續在此積極勢頭的基礎上再接再厲，實現我們在 2025 年所承諾的目標，但我們會以一種進一步增強我們實力的方式，為 2026 年及以後準備。在這三年中，我認為你會發現我們在領先的競爭基準下非常有競爭力。謝謝。

Thank you all. At this time, this will now conclude today's IFF Q4 FY 2024 earnings conference call. We appreciate your participation. We hope you all have a wonderful day, and you may now disconnect your lines.

謝謝大家。至此，今天的 IFF 2024 財年第四季財報電話會議就到此結束。我們感謝您的參與。我們希望你們都能度過美好的一天，現在你們可以斷開連結了。