International Flavors & Fragrances Inc (IFF) 2025 Q3 法說會逐字稿

At this time, I would like to welcome everyone to the IFF third-quarter 2025 earnings call. (Operator Instructions).

此時此刻，我謹代表IFF歡迎各位參加2025年第三季財報電話會議。（操作說明）

I would now like to introduce Michael Bender, Head of Investor Relations. You may begin.

現在我謹向大家介紹投資人關係主管麥可‧本德。你可以開始了。

Thank you. Good morning, good afternoon, and good evening, everyone. Welcome to IFF's third-quarter 2025 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. Please note that this call is being recorded live and will be available for replay.

謝謝。各位早安、下午好、晚上好。歡迎參加 IFF 2025 年第三季電話會議。昨天下午，我們發布新聞稿公佈了財務業績。您可以在我們的投資者關係網站ir.iff.com上找到新聞稿副本。請注意，本次電話會議將進行現場錄音，並可進行回放。

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.

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。這些說法是基於我們今天的看法，其中包含一些不確定因素。有關可能導致實際結果與預期結果存在重大差異的因素的更多信息，請參閱我們的 10-K 表格和新聞稿中包含的警示聲明和風險因素，這兩份文件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. Also, please note that all the sales and adjusted operating EBITDA growth numbers that we will be speaking to on the call are all on a comparable currency-neutral basis unless otherwise noted.

今天的報告將包含非GAAP財務指標，其中不包括我們認為會影響可比較性的項目。新聞稿中列出了這些非GAAP財務指標與其各自GAAP指標的調節表。另外，請注意，除非另有說明，否則我們將在電話會議上談到的所有銷售額和調整後經營 EBITDA 成長數據均以可比較的固定匯率為基礎。

With me on the call today is our CEO, Erik Fyrwald; and our CFO, Michael DeVeau. We will begin with prepared remarks and then take questions at the end.

今天和我一起參加電話會議的有我們的執行長 Erik Fyrwald 和我們的財務長 Michael DeVeau。我們將先作準備好的發言，最後回答問題。

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

接下來，我想把電話交給艾瑞克。

Thank you, Mike, and hello, everyone. Thanks for joining us today. IFF's third quarter results demonstrate continued execution. Our performance this quarter shows that we continue to make progress towards our goals, operate with efficiency and discipline and further strengthen our financial position. In a more challenging environment, we are doing what we said we would do as we expect to deliver financial results in line with our full year guidance that we outlined in February.

謝謝你，麥克，大家好。感謝您今天收看我們的節目。IFF第三季業績顯示其持續高效運作。本季業績表明，我們繼續朝著目標穩步前進，高效嚴謹地運營，並進一步鞏固了財務狀況。在更具挑戰性的環境下，我們正在履行承諾，預計將實現我們在 2 月公佈的全年財務業績預期。

We will do this as we continue reinvesting in our business and advancing our growth strategy while driving productivity. I'll start today's call by briefly summarizing the third quarter, and then I'll talk about some of the key strategic progress we have made so far this year, and then I'll turn it over to Mike DeVeau, who will provide for a detailed look at our results and segment performance in the third quarter in addition to our outlook for the remainder of 2025. We will then open the call to answer your questions.

我們將繼續加大對業務的再投資，推動成長策略，同時提高生產力，從而實現這一目標。今天，我將首先簡要總結第三季度的情況，然後談談我們今年迄今為止取得的一些關鍵戰略進展，之後我會把發言權交給邁克·德沃，他將詳細介紹我們第三季度的業績和各部門的表現，以及我們對 2025 年剩餘時間的展望。接下來我們將開啟通話，回答您的問題。

Turning to slide 6. We are seeing encouraging results as we build a stronger IFF. Through the actions we've taken to strengthen our customer focus and enhance productivity, IFF is improving its position to compete effectively and deliver value for all our stakeholders. We're operating in a dynamic environment with ongoing macro headwinds, geopolitical challenges and market uncertainty influencing our customers and end consumers, plus we had a strong 9% comparable from last year.

翻到第6張投影片。隨著我們建立更強大的IFF，我們看到了令人鼓舞的成果。透過我們採取的加強客戶關注和提高生產力的措施，IFF 正在提升自身競爭力，從而為所有利害關係人創造價值。我們身處在一個動態的環境中，宏觀經濟持續面臨不利因素，地緣政治充滿挑戰，市場也存在不確定性，這些因素都會影響我們的客戶和終端消費者。此外，我們今年的業績比去年同期成長了9%。

We anticipated this and have been clear that the second half would likely be more challenging than the first. And even so, sales remained steady, holding flat for the quarter. Our Scent and Taste businesses both continued to deliver solid growth in the third quarter, which helped offset softness in food ingredients and short-term pressures in Health & Biosciences.

我們預料到了這一點，並且一直很清楚下半季可能會比上半季更具挑戰性。即便如此，銷售額依然保持穩定，本季基本持平。第三季度，我們的香氛和味覺業務均持續保持穩健成長，這有助於抵消食品配料業務的疲軟以及健康和生物科學領域的短期壓力。

As I spoke about last quarter, most of the H&B pressure was related to expected slowdowns in the health business isolated to North America. To address this, we are investing to increase innovation and expand our commercial capabilities to ensure IFF is set up to address the needs of customers now and in the future. We continue to remain focused on what we can control in the current environment.

正如我上個季度所說，H&B 的大部分壓力都與北美地區醫療保健業務預期放緩有關。為了解決這個問題，我們正在投資以增加創新並擴大我們的商業能力，以確保 IFF 能夠滿足客戶現在和未來的需求。我們將繼續專注於在當前環境下我們能夠控制的事情。

IFF delivered strong adjusted operating EBITDA growth of 7% this quarter with a margin that improved by 130 basis points. Our focus on profitability continues to bear fruit as our results demonstrated strong profitability even in this lower growth environment. I am particularly encouraged as we are also doing this while our teams are reinvesting into our core businesses to position the company for long-term success.

IFF本季調整後營運EBITDA成長強勁，達到7%，利潤率提高了130個基點。我們對獲利能力的關注持續取得成效，即使在當前成長放緩的環境下，我們的業績也證明了我們擁有強勁的獲利能力。令我特別感到鼓舞的是，同時，我們的團隊也在對核心業務進行再投資，以確保公司能取得長期成功。

On slide 7, I'd like to share some of the exciting strategic progress we've made in the first nine-months of 2025. Earlier this year, we opened a Scent creative center in Dubai, a Citrus Innovation Center in Florida and expanded our LMR Natural site in Grasse, France. All are significant initiatives that will further advance our innovation offerings and strengthen our go-to-market capabilities. Our customers are at the heart of everything we do, and these strategic investments are increasing our commercial pipeline that will start to bear fruit in mid- to late 2026 and into 2027.

在第 7 張投影片中，我想分享我們在 2025 年前九個月取得的一些令人興奮的策略進展。今年早些時候，我們在杜拜開設了香氛創意中心，在佛羅裡達州開設了柑橘創新中心，並擴大了我們在法國格拉斯的 LMR Natural 工廠。這些都是意義重大的舉措，將進一步推動我們的創新產品和服務，並增強我們的市場推廣能力。我們的客戶是我們一切工作的核心，這些投資正在增加我們的商業管道，這些管道將在 2026 年中後期和 2027 年開始取得成果。

We also deepened our commitment to innovation through external collaborations. We recently announced an exciting strategic collaboration with BASF to drive next-generation enzyme and polymer innovation, including our Designed Enzymatic Biomaterial or DEB technology.

我們也透過外部合作加深了對創新的投入。我們最近宣布與巴斯夫公司達成令人興奮的策略合作，以推動下一代酵素和聚合物的創新，包括我們的設計酵素生物材料或 DEB 技術。

This partnership enables us to develop more market-driven solutions that create sustainable value for both industry and the environment. Also, earlier this year, we announced a joint venture with Kemira to provide high-performance, sustainable alternatives to fossil fuel-based ingredients, also utilizing our DEB technology.

透過此次合作，我們可以開發更多以市場為導向的解決方案，為產業和環境創造永續價值。此外，今年早些時候，我們宣布與凱米拉公司成立合資企業，利用我們的 DEB 技術，提供高性能、永續的化石燃料基成分替代品。

Applying this technology not only provides superior purity and consistency compared to traditional biopolymers, but also enhances performance across various applications. We are already seeing commercial applications of this technology as we also announced that a major multinational CPG company has launched a new laundry detergent formulation enhanced by DEB technology, which delivers improved fabric softness and cleaning performance while replacing nonbiodegradable ingredients with a readily biodegradable alternative.

應用此技術不僅可以提供比傳統生物聚合物更高的純度和一致性，還能提高各種應用領域的性能。我們已經看到這項技術的商業應用，因為我們也宣布，一家大型跨國消費品公司推出了一種採用 DEB 技術增強的新型洗衣液配方，該配方在改善織物柔軟度和清潔性能的同時，用易於生物降解的替代品取代了不可生物降解的成分。

In addition, during the year, we reduced our leverage significantly, reaching approximately 2.5 times net debt to EBITDA. After strengthening our balance sheet, we announced on our second quarter call a $500 million share repurchase authorization, making an initial move toward a more balanced and disciplined approach to capital allocation.

此外，在這一年中，我們大幅降低了槓桿率，淨負債與 EBITDA 的比率達到約 2.5 倍。在加強資產負債表之後，我們在第二季電話會議上宣布了 5 億美元的股票回購授權，這是朝著更平衡和有紀律的資本配置方式邁出的第一步。

Over the past few years, we have made significant progress streamlining our portfolio, which has allowed us to reinvest in our core business, achieve our deleveraging targets and strengthen our financial flexibility.

過去幾年，我們在精簡投資組合方面取得了顯著進展，這使我們能夠重新投資於核心業務，實現去槓桿化目標，並增強財務靈活性。

During 2025, we made significant progress on this as we completed the divestitures of Pharma Solutions and Nitrocellulose and announced the divestiture of our Soy Crush, Concentrates & Lecithin business to Bunge, which is aligned with our margin enhancement strategy. We continue to evaluate potential strategic alternatives for our Food Ingredients business as we look to drive our portfolio optimization strategy.

2025 年，我們在這方面取得了重大進展，完成了 Pharma Solutions 和 Nitrocellulose 的剝離，並宣布將我們的 Soy Crush, Concentrates & Lecithin 業務剝離給 Bunge，這符合我們的利潤率提升策略。我們將繼續評估食品配料業務的潛在策略選擇，以推進我們的產品組合優化策略。

While we do not have any additional information to share today, we are making very good progress, generating significant interest, and we'll keep you updated as we make further progress.

雖然我們今天沒有更多資訊可以分享，但我們取得了非常好的進展，引起了廣泛關注，我們將隨著進展的進展及時向您報告。

On a year-to-date basis, we've delivered sales growth of 2% and achieved adjusted operating EBITDA growth of 7%. This is primarily due to the immense efforts of IFF-er's all around all globe, continuously striving to innovate, deliver results for their customers and communities and elevate everyday products used by millions of consumers worldwide.

今年迄今為止，我們的銷售額成長了 2%，調整後的營業 EBITDA 成長了 7%。這主要歸功於IFF員工在全球範圍內的巨大努力，他們不斷追求創新，為客戶和社區帶來成果，並提升全球數百萬消費者使用的日常產品。

With that, I'll pass the call over to Mike to offer a closer look at this quarter's consolidated results. Mike?

接下來，我將把電話交給麥克，讓他更詳細地分析本季的綜合業績。麥克風？

Thank you, Erik, and thanks, everyone, for joining us today. In the third quarter, IFF delivered revenue of nearly $2.7 billion, led by mid-single-digit growth in Scent and low single-digit growth in Taste. Our sales were flat against a strong 9% comparable and were up approximately 4.5% on a two-year average basis. We continue to focus on driving EBITDA growth through disciplined execution and margin improvement initiatives.

謝謝艾瑞克，也謝謝各位今天能來參加我們的節目。第三季度，IFF 的收入接近 27 億美元，其中氣味業務實現了中等個位數的成長，味道業務實現了低個位數的成長。我們的銷售額與同期強勁的 9% 的成長率持平，但以兩年平均計算，成長了約 4.5%。我們將繼續專注於透過嚴謹的執行和利潤率提升措施來推動 EBITDA 成長。

In the third quarter, we delivered adjusted operating EBITDA of $519 million a strong 7% increase. Our adjusted EBITDA margin also increased 130 basis points to 19.3%. Also worth noting is that our operational improvement plan continues to yield results in our Food Ingredients business.

第三季度，我們實現了調整後營運 EBITDA 5.19 億美元，年增 7%。我們的調整後 EBITDA 利潤率也提高了 130 個基點，達到 19.3%。值得一提的是，我們的營運改善計畫在食品配料業務中持續取得成效。

In the third quarter, Food Ingredients delivered a strong adjusted operating EBITDA margin improvement of 230 basis points compared to last year. The team has done an excellent job on improving the margin profile over the past two years, where they increased adjusted operating EBITDA margin by over 400 basis points and are on track to achieve their mid-teen EBITDA margin profile.

第三季度，食品配料業務的調整後營業 EBITDA 利潤率較去年同期大幅提升 230 個基點。過去兩年，該團隊在改善利潤率方面做得非常出色，調整後的營業 EBITDA 利潤率提高了 400 多個基點，並且預計將實現 15% 左右的 EBITDA 利潤率。

On slide 9, I will share additional details about this quarter's performance in each of our business segments. In Taste, sales increased 2% to $635 million with strong growth in Latin America and Europe, Africa and the Middle East. On a two-year average basis, growth remained strong at approximately 8.5%. The segment also delivered profitability gains of roughly 2%, driven by favorable net pricing and cost discipline. Our Food Ingredients segment achieved sales of $830 million, down 3% versus the year ago period, with strong growth in inclusions that were more than offset by softness primarily in Protein Solutions.

在第 9 張投影片中，我將分享有關本季我們各個業務部門業績的更多細節。在口味方面，銷售額成長了 2%，達到 6.35 億美元，其中拉丁美洲、歐洲、非洲和中東地區實現了強勁成長。兩年平均成長率維持強勁，約 8.5%。由於有利的淨定價和成本控制，該業務板塊的獲利能力也提高了約 2%。我們的食品配料業務部門實現了 8.3 億美元的銷售額，比去年同期下降了 3%，其中配料業務的強勁增長被蛋白質解決方案業務的疲軟所抵消。

As I mentioned, Food Ingredients had an excellent quarter in terms of profitability, where the team delivered adjusted operating EBITDA of $106 million, a 24% increase year-over-year. Our Health & Biosciences segment achieved $577 million in sales, which was flat versus the prior year. On a two-year average basis, growth remained solid at approximately 6%. Growth in Food, Biosciences, Home & Personal Care and Animal Nutrition was offset primarily by expected softness in Health, specifically in North America.

正如我之前提到的，食品配料業務在盈利能力方面取得了非常優異的季度業績，團隊調整後的營運 EBITDA 為 1.06 億美元，同比增長 24%。我們的健康與生物科學部門實現了 5.77 億美元的銷售額，與前一年持平。兩年平均成長率維持在 6% 左右。食品、生物科學、家居及個人護理和動物營養領域的成長主要被預期中的健康領域疲軟所抵消，尤其是在北美地區。

In this market, we've improved our leadership team, placing a strong emphasis on commercial and marketing capabilities. Their objective is to leverage our strong R&D pipeline and win with a broader set of customers to capture strong growth potential in that market. And while the fourth quarter will remain a challenge, we expect trends to improve in 2026.

在這個市場中，我們加強了領導團隊建設，並專注於提升了商業和行銷能力。他們的目標是利用我們強大的研發實力，贏得更廣泛的客戶群，從而抓住該市場強勁的成長潛力。儘管第四季仍將充滿挑戰，但我們預計到 2026 年趨勢將會改善。

In the third quarter, H&B adjusted operating EBITDA grew 3%, driven primarily by productivity. Scent delivered a strong quarter of sales growth with net sales of $652 million, up 5% year-over-year. On a two-year average basis, growth remained strong at approximately 7%. Third quarter performance was driven by 20% increase in Fine Fragrance and a low single-digit performance in Consumer Fragrance.

第三季度，H&B調整後營業EBITDA成長3%，主要得益於生產力的提升。香氛業務本季銷售成長強勁，淨銷售額達 6.52 億美元，較去年同期成長 5%。兩年平均成長率維持強勁，約 7%。第三季業績主要得益於高級香水20%的成長，以及日常香水個位數低成長。

As expected, Fragrance Ingredients was under pressure and declined low single digits as growth in specialties were more than offset by declines in commodities. As a reminder, we are strategically shifting our Fragrance Ingredients portfolio towards higher growth and higher value-added specialties. We will do this by leveraging R&D and biotech for new molecule development.

正如預期的那樣，香料原料產業面臨壓力，出現個位數低幅下滑，因為特種原料的成長被大宗商品原料的下滑所抵消。再次提醒大家，我們正在策略性地調整香料原料組合，轉向成長更快、附加價值更高的特種產品。我們將利用研發和生物技術進行新分子開發來實現這一目標。

Our goal is to accelerate the pace of our captive releases to ensure we can differentiate ourselves and grow disproportionately in this margin-accretive business. Within Scent, volume growth drove the segment's $135 million in adjusted operating EBITDA, a 6% increase year-over-year.

我們的目標是加快自有產品發布速度，以確保我們能夠脫穎而出，並在這項利潤成長型業務中實現不成比例的成長。在香氛業務方面，銷售成長推動該業務部門調整後的營業 EBITDA 達到 1.35 億美元，較去年同期成長 6%。

Turning to slide 10. Our cash flow from operations totaled $532 million year-to-date, and CapEx was $406 million or roughly 5% of sales. Our free cash flow position in the third quarter totaled $126 million. This year, we have paid $306 million in dividends through the end of the third quarter, and our cash and cash equivalents was $621 million.

翻到第10張投影片。今年迄今為止，我們的營運活動現金流總計 5.32 億美元，資本支出為 4.06 億美元，約佔銷售額的 5%。第三季我們的自由現金流總額為 1.26 億美元。今年截至第三季末，我們已支付股利 3.06 億美元，現金及現金等價物為 6.21 億美元。

As of quarter end, our gross debt was approximately $6 billion, a roughly $200 million decrease from last year and more than $3 billion decrease year-over-year. Our trailing 12-month credit adjusted EBITDA totaled roughly $2.15 billion, in line with last quarter, while our net debt to credit adjusted EBITDA remained constant at 2.5 times.

截至季末，我們的總債務約為 60 億美元，比去年減少了約 2 億美元，比前一年減少了 30 多億美元。過去 12 個月的信貸調整後 EBITDA 總額約為 21.5 億美元，與上一季持平，而我們的淨債務與信貸調整後 EBITDA 比率保持在 2.5 倍不變。

We will continue to be disciplined in our capital allocation priorities. Reaching our deleveraging goals was a strong achievement, and we are now focused on preserving this foundation through operational performance, specifically driving improvements in profitability and net working capital.

我們將繼續嚴格把控資本配置優先事項。實現去槓桿化目標是一項重大成就，我們現在專注於透過營運績效來鞏固這一基礎，特別是推動獲利能力和淨營運資本的改善。

Lastly, on slide 11, I will walk you through our outlook for the balance of the year. We have talked today and in prior quarters about the environment in which we are currently operating. Our touch points across our global business and with our customers have allowed us to forecast this year well as our teams are delivering results in line with the guidance ranges we communicated in February.

最後，在第 11 張投影片中，我將帶您了解我們對今年剩餘時間的展望。今天以及之前的幾個季度，我們都討論過我們目前所處的經營環境。我們透過遍佈全球的業務和與客戶的接觸，能夠很好地預測今年的業績，因為我們的團隊正在按照我們在 2 月公佈的指導範圍交付成果。

Based on our year-to-date actuals and expected fourth quarter performance, we are reiterating our full year 2025 guidance. As a reminder, we are expecting sales to be in the range of $10.6 billion to $10.9 billion and adjusted operating EBITDA to be between $2 billion and $2.15 billion.

根據我們今年迄今的實際業績和對第四季業績的預期，我們重申 2025 年全年業績指引。再次提醒，我們預計銷售額將在 106 億美元至 109 億美元之間，調整後的營業 EBITDA 將在 20 億美元至 21.5 億美元之間。

On a comparable currency-neutral basis, we expect to finish the year at the low end of our 1% to 4% sales growth guidance range as shared last quarter and near the midpoint of our 5% to 10% EBITDA growth range. We believe that this is the right call to maintain our full year guidance even with a wider range implied for the fourth quarter. It is consistent with the message we have shared all year, which is staying focused on what we said we would deliver even in a challenging environment.

以可比匯率中性計算，我們預計今年銷售額成長將達到上季公佈的 1% 至 4% 的指導範圍的下限，EBITDA 成長將接近 5% 至 10% 的指導範圍的中點。我們認為，即使第四季業績預期範圍可能擴大，維持全年業績預期也是正確的決定。這與我們全年傳遞的訊息一致，那就是即使在充滿挑戰的環境下，也要始終專注於我們承諾要實現的目標。

For the fourth quarter, we expect our typical seasonality, resulting in a step down in absolute sales and margin. And as a reminder, we again face another strong comparable versus the prior year with 12% growth in Taste, 7% growth in Scent and 6% growth in H&B.

第四季度，我們預計將受到典型的季節性因素影響，導致絕對銷售額和利潤率下降。再次提醒大家，與前一年相比，我們又面臨著強勁的可比增長，其中口味增長了 12%，香氛增長了 7%，H&B 增長了 6%。

With that, I would now like to turn the call back to Erik for closing remarks.

接下來，我想把電話轉回給艾瑞克，請他做總結發言。

Thanks, Mike. Taking a look at the year so far, our global team has delivered in a difficult environment with revenue and profitability increasing year-over-year. I'm proud of what our team has accomplished, yet we continue to strive for more. We are continuing to serve our customers with excellence while investing in an exciting innovation pipeline and positioning IFF to deliver stronger profitable growth on a sustained basis. We are focusing on what we can control.

謝謝你，麥克。回顧今年迄今為止，我們的全球團隊在艱難的環境下取得了優異成績，收入和盈利能力均同比增長。我為我們團隊的成就感到自豪，但我們仍將繼續努力追求更大的目標。我們將繼續以卓越的服務回饋客戶，同時投資於令人振奮的創新項目，並使 IFF 能夠持續實現更強勁的獲利成長。我們專注於我們能夠控制的事情。

Our strategy is clear. Our team is executing, and we have confidence in our ability to deliver increasing value for our shareholders and all stakeholders. I know we are building a stronger IFF that will be well positioned for 2026 and beyond.

我們的策略很明確。我們的團隊正在積極執行任務，我們有信心為股東和所有利害關係人創造更大的價值。我知道我們正在建立一個更強大的IFF，這將為2026年及以後的發展奠定良好的基礎。

Thank you, and I'll now open the call for your questions.

謝謝大家，現在開始接受提問。

(Operator Instructions) Fulvio Cazzol, Berenberg.

（操作說明）Fulvio Cazzol，貝倫貝格。

It's in relation to the Health & Biosciences business. I was wondering if you can provide a bit more color on what's exactly going on in the North America region for the Health business unit. I know that the decline in Q3 was well anticipated, and you highlighted this at the Q2 results presentation.

它與健康與生物科學業務相關。我想請您詳細介紹一下北美地區健康業務部門的具體情況。我知道第三季業績下滑是意料之中的，您在第二季業績發表會上也重點強調了這一點。

But I was also wondering if you still expect to see an improvement starting in 2026 or if there is more uncertainty today on the outlook for this business compared to, say, three months ago?

但我還想知道，您是否仍預期從 2026 年開始情況會有所改善，或者與三個月前相比，如今該行業的前景是否更加不確定？

Thanks for the question, Fulvio. This is Erik. In Health & Biosciences, the Health business in North America has been slow for us. And what we've been doing to turn that around is we've put in place new leadership with strong commercial and marketing capability. And you'll recall last year, we step changed our investment in innovation pipeline in Health, that's going well.

謝謝你的提問，富爾維奧。這是埃里克。在健康與生物科學領域，我們在北美的健康業務發展緩慢。為了扭轉這種局面，我們採取的措施是，我們任命了具有強大商業和行銷能力的新領導層。您可能還記得，去年我們加大了對醫療健康領域創新產品線的投資，目前進展順利。

We're connecting with our existing customers to help them grow faster, and we're finding new customers to serve in North America. So bottom line is I absolutely expect to see improvements, particularly in the second half of '26 going into '27 and then a full recovery fully back on track in 2027.

我們正在與現有客戶建立聯繫，幫助他們更快地發展，同時也在北美尋找新的客戶來服務。所以總而言之，我絕對期待看到改善，尤其是在 2026 年下半年到 2027 年，然後在 2027 年全面復甦並重回正軌。

Nicola Tang, BNP Paribas.

Nicola Tang，法國巴黎銀行。

I wanted to ask about the top line guidance. The bottom end, so the 1% currency-neutral growth implies a negative low single digit for Q4 versus the flat year-on-year that you did in Q3 despite slightly easier comps. What are the main headwinds to top line in Q4? And how much of your cautious outlook relates to the weak end market macro geopolitical trends that you referred to versus IFF-specific exposures? And to what extent do we need to see end market recovery to see a top line acceleration in 2026?

我想詢問一下整體指導意見。底部而言，1% 的匯率中性成長率意味著第四季度出現個位數負成長，而第三季儘管基數略低，但同比持平。第四季營收成長面臨的主要不利因素是什麼？你的謹慎態度有多少是源自於你所提到的疲軟的終端市場宏觀地緣政治趨勢，又有多少是源自於IFF的具體風險暴露？我們需要看到終端市場復甦到什麼程度，才能在 2026 年看到營收加速成長？

Great. Nicola, thanks for the question. Yes, you are correct. While comparable is 6% in the fourth quarter, which is down from 9% in the third quarter, we are being a little bit more prudent on our top line projection this quarter. The largest part of this -- the driver of this is really the macro environment. And so when you look at the end market demand, specifically on volumes, you'll see in the Food Ingredients category in HPC, it has been soft.

偉大的。尼古拉，謝謝你的提問。是的，你說得對。雖然第四季可比成長率為 6%，低於第三季的 9%，但我們對本季的營收預測則更加謹慎。其中最重要的部分——或者說驅動因素——實際上是宏觀環境。因此，當你觀察終端市場需求，特別是銷售量時，你會發現 HPC 的食品配料類別一直疲軟。

And so what we did is we kind of continue this trend through the balance of the year just to make sure that we're fully forecasting it correctly. In our core portfolio, Erik touched on it, and I think I touched on it in our prepared remarks as well. We continue to work on Fragrance Ingredients and Health, North America. And so the team is making good progress there. We still got a little bit more work that we have to do to really get back to recover, as Erik suggested.

因此，我們採取的做法是，在今年剩餘的時間裡延續這種趨勢，以確保我們能夠做出完全正確的預測。在我們的核心投資組合中，Erik 提到了這一點，我想我在準備好的演講稿中也提到了這一點。我們持續致力於北美地區的香料成分與健康研究。因此，該團隊在這方面取得了良好進展。正如埃里克所建議的那樣，我們還需要做一些工作才能真正恢復過來。

I do want to note, though, as a point of reference, in these areas when we put the two businesses together, it's about 5% of our total company sales. So it's small in nature, but a lot of emphasis and attention on that going forward. So as we move into 2026, we are cautiously optimistic that we will get to a point where we'll see growth acceleration as the market does normalize and some of the self-help work that we're doing over the last 18 months start to yield results.

不過，作為參考，我想指出，在這些領域，當我們把這兩個業務加在一起時，大約占我們公司總銷售額的 5%。所以雖然規模不大，但未來會給予很多重視和關注。因此，展望 2026 年，我們謹慎樂觀地認為，隨著市場趨於正常化，以及我們在過去 18 個月所做的一些自助工作開始取得成效，我們將看到成長加速。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

This is Emily Fusco on for David Begleiter. On Food Ingredients, are we still on track for an update on this business with the Q4 earnings call in February? And also just a follow-up, have you begun to engage with private equity and strategics on this business?

這裡是艾米莉·富斯科，替大衛·貝格萊特為您報道。關於食品配料業務，我們是否仍計劃在2月份的第四季度財報電話會議上獲得該業務的最新進展？另外，還有一個後續問題，您是否已經開始與私募股權和策略投資者就這項業務進行接洽？

Thanks, Emily. Absolutely, you'll get an update, and I'll give you a quick update now. We are seeing strong interest by both private equity and strategics. And fortunately, the business transformation that Andy Mueller is leading with his team is on a strong track, which obviously is very helpful to this process. This is a very good business that keeps getting better and has a bright future, and we'll update where we are in February.

謝謝你，艾米麗。當然，你會收到最新消息，我現在就給你簡單介紹一下。我們看到私募股權和策略投資者都對此表現出濃厚的興趣。幸運的是，安迪·穆勒和他的團隊領導的業務轉型進展順利，這顯然對這個過程非常有幫助。這是一個非常好的企業，發展勢頭良好，前景光明，我們將在二月份更新我們的進展。

Lisa De Neve, Morgan Stanley.

Lisa De Neve，摩根士丹利。

I have one question. Can you please reiterate your free cash flow outlook for this year and the components of how we should expect the different free cash flow components to move into the fourth quarter and if you expect to see an improvement? That's my first question.

我有一個問題。請您重申今年的自由現金流預期，以及我們應該預期自由現金流的各個組成部分在第四季度將如何變化，您是否預期會有改善？這是我的第一個問題。

And I have a small follow-up on Fulvio's question. You talked about investments in H&B. Could you please remind us of where specifically you're making the investments, most notably if you're opening any new plants in certain regions?

我還有一個關於富爾維奧問題的後續問題。你談到了對H&B的投資。請問您能否具體說明您的投資地點，特別是您是否在某些地區開設了新工廠？

Sure. So maybe I'll start on the cash flow question. Thanks, Lisa. In terms of the free cash flow expectation for 2025, we do expect to be modestly below our target that we gave earlier in the year, which is about $500 million. There are some puts and takes in there that are worth noting.

當然。那我或許可以先從現金流問題著手。謝謝你，麗莎。就 2025 年的自由現金流預期而言，我們預計會略低於我們今年稍早給出的目標，約 5 億美元。這裡面有一些值得注意的買賣交易。

On the positive side, we are expecting CapEx to be a bit lower as we've implemented a little bit more stricter policy just given our cash flow generation. So that's a good gut, a positive aspect. There's two offsetting factors to that.

從正面的方面來看，由於我們現金流狀況良好，並實施了更嚴格的政策，我們預計資本支出會略有下降。所以這是個好兆頭，一個正面的面向。這裡有兩個相互抵消的因素。

One being inventories are higher in some areas of our business. Part of this is around building some strategic stock in some key areas to take advantage of current costs and availability of materials. And the second piece of it is really around some of the Reg G or onetime costs are elevated really because of the portfolio work that we're doing overall.

其中一個原因是，我們業務的某些領域的庫存較高。其中一部分是圍繞在一些關鍵領域建立一些戰略庫存，以利用當前的材料成本和供應情況。第二點實際上是，由於我們整體上進行的投資組合工作，一些 Reg G 或一次性成本有所上升。

And so when we put those two together, I think it gets you to kind of be a little bit modestly below that $500 million. But I do want to note that in terms of overall net working capital, you will see an improvement in the fourth quarter, and it is a big focus for us as we go into 2026. And so there is an opportunity for us to improve our free cash flow generation, which is in our control, and the team is committed to making strong improvements as we go forward.

所以當我們把這兩個數字加在一起時，我認為最終的結果會比 5 億美元略低。但我確實想指出，就整體淨營運資本而言，第四季將會有所改善，這也是我們進入 2026 年的重點領域。因此，我們有機會改善自由現金流的產生，而這完全在我們的掌控之中，團隊也致力於在未來取得顯著的進步。

So maybe I'll -- that's the flow. Erik, I'll pass over for you.

所以也許我會——這就是流程。艾瑞克，我替你過去。

Sure. On Health & Biosciences investment, as we said last year, we've significantly increased our spend in R&D and commercial capabilities, both for our Health business, next-generation probiotics and other products as well as our enzyme business and our DEB technology. We've announced and we're making great progress that we're building a DEB plant together with Kemira with our joint venture and called AlphaBio. And it's on track, and we expect to start that up in 2027 and look forward to that. But significant investment into Health & Biosciences, and we see that starting to pay off, as we said, significantly in the second half of 2026 and very strong into '27.

當然。關於健康與生物科學領域的投資，正如我們去年所說，我們大幅增加了在研發和商業能力方面的投入，包括我們的健康業務、下一代益生菌和其他產品，以及我們的酵素業務和DEB技術。我們已經宣布，並且正在取得巨大進展，我們將與凱米拉公司透過我們的合資企業 AlphaBio 共同建造一座 DEB 工廠。一切進展順利，我們預計將於 2027 年啟動該項目，並對此充滿期待。但對健康和生物科學的大量投資，正如我們所說，開始產生回報，在 2026 年下半年將顯著產生回報，並在 2027 年保持強勁勢頭。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

So I wanted to ask about the new wins that you cited in both Taste and Scent. We continue to hear about how challenging the volume backdrop has been. So I'm hoping you can elaborate on maybe what contributed to those wins in this backdrop?

所以我想問您在《味覺》和《嗅覺》雜誌中提到的那些新勝利。我們不斷聽到有關音量背景有多麼具有挑戰性的消息。所以，我希望您能詳細說明一下，在這種背景下，是什麼促成了這些勝利？

Thanks for the question, Kristen. Obviously, there's economic challenges across the businesses, especially in North America, we see right now. But in all our four BUs, including Taste and Scent, we've got a heavy focus on strengthening our commercial pipeline, really strong focus on customers, and increasing our win rate as well as our innovation pipeline.

謝謝你的提問，克里斯汀。顯然，各行各業都面臨著經濟挑戰，尤其是在北美，我們現在就看到了這一點。但在我們所有四個業務部門（包括味覺和嗅覺部門）中，我們都非常注重加強商業管道，並真正重視客戶，提高中標率以及創新管道。

And we're seeing really good progress across segments, across businesses and across geographies. And just to give you a couple of examples of wins in Scent and Taste. The first one is our new environment -- excuse me, our new ENVIROCAP, Scent encapsulation technology was recently commercialized in laundry with a major CPG company. The performance is great. They're very excited about it and the sustainability benefits are tremendous. So we'll see that technology add to our growth going forward.

我們看到各個領域、各個企業和各個地區都取得了非常好的進展。舉幾個嗅覺和味覺方面的得獎例子。首先是我們的新環境——抱歉，是我們的新型 ENVIROCAP 香味封裝技術，最近已與一家大型消費品公司合作，在洗衣領域實現了商業化。演出非常精彩。他們對此感到非常興奮，而且其永續發展帶來的益處是巨大的。因此，我們將看到科技在未來為我們的發展做出貢獻。

And then the second example I really, really like is we've been successful winning a Miu Miu by L'Oreal Fine Fragrance with -- from our master perfumer, Dominique Ropion, and that's going to be a nice business for us going forward, a great product, and I think we'll do well in any economic scenario that we see.

其次，我非常喜歡的第二個例子是我們成功贏得了 Miu Miu 與歐萊雅合作推出的高級香水——由我們的首席調香師 Dominique Ropion 調製，這將為我們未來的發展帶來不錯的業務，這是一款很棒的產品，我認為無論在何種經濟環境下，我們都能取得成功。

So good progress on our commercial pipeline, our innovation pipeline and things that we can control by bringing great technology innovation to customers. And that's how we're going to grow these -- continue to grow these businesses.

因此，我們在商業通路、創新管道以及我們能夠透過為客戶帶來卓越的技術創新而控制的方面都取得了良好進展。這就是我們發展這些企業的方式——繼續發展這些企業。

Salvator Tiano, Bank of America.

薩爾瓦托·蒂亞諾，美國銀行。

You spoke a little bit about 2026, hopefully, growth accelerating a bit. But can you also mention any other major or discrete items that you see affecting your income statement or your cash flow next year versus 2025?

您剛才稍微談到了2026年，希望屆時經濟成長能加速一些。但您能否也提及您認為會影響明年（與 2025 年相比）損益表或現金流量的其他重大或特殊項目？

Yes. Thanks, Sal. Great question. We are, to be fair, in the middle of the planning process for 2026. So we can't go into much details. We'll provide the full guidance update as part of our year-end or Q4 call in February for 2026. That said, there -- in terms of moving parts, there's probably just one that I just want to remind everybody. I think it's pretty self-explanatory.

是的。謝謝你，薩爾。問得好。公平地說，我們目前正處於 2026 年規劃過程的中間階段。所以我們不能透露太多細節。我們將在2月份的年終或第四季電話會議上提供完整的2026年業績指引更新。也就是說，就各個環節而言，可能只有一個環節我想提醒大家。我覺得這已經很清楚了。

But if you remember, we closed the Pharma transaction on May 1. And so when you think about 2026, I think through the first five months of the year, four months of the year, it was about $369 million in sales and $76 million of EBITDA. So that will go away as we cycle that in the first half of the year. So I just -- I flagged that. In terms of the rest of it, it is pretty normal course in terms of operations. So there's not really any big discretionary items that we flag at this point in time.

但如果你還記得的話，我們是在 5 月 1 日完成了這筆醫藥交易。所以，當你展望 2026 年時，我認為在這一年的前五個月，也就是前四個月，銷售額約為 3.69 億美元，EBITDA 約為 7,600 萬美元。所以隨著我們在今年上半年輪換，這個問題就會消失。所以我就——我標記了這個問題。至於其他方面，營運方面一切正常。所以目前我們並沒有特別需要特別關注的大項支出。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Erik, can you just give us an update on the internal initiatives you have going on and as it relates to both cost optimization and growth? You called out capacity being tight in certain areas in the past. And I know you asked the question on Health & Biosciences, but what about across the rest of the portfolio?

Erik，你能否向我們介紹一下你們公司正在進行的內部舉措，以及這些舉措在成本優化和成長方面的情況？你之前曾指出某些地區的容量緊張。我知道您問的是健康與生物科學領域的問題，但其他領域的問題呢？

And just on the cost savings side, as it relates to productivity, et cetera, can you give us a sense as to the savings that is likely to flow into 2026 in context of just the operating environment not being very helpful?

就成本節約方面而言，考慮到生產力等因素，在當前營運環境不太有利的情況下，您能否讓我們了解一下 2026 年可能會實現的成本節約情況？

Yes. Thanks for the question. I'll have Mike go through the details here.

是的。謝謝你的提問。我會讓麥克詳細解釋一下。

Yes. Appreciate it, Ghansham. Over the last 18 months, we've done a lot of work to improve our competitiveness as an organization. And so specifically, Erik has highlighted specifically around the H&B, Health business that we put a lot of money in terms of R&D and commercial capabilities starting really in the second half of '24 and over the course of 2025. And that's really to build and bolster some of the innovation pipeline and really strengthen again the commercial capabilities.

是的。謝謝你，甘沙姆。在過去的18個月裡，我們做了很多工作來提高組織的競爭力。因此，Erik 特別強調，在 H&B（健康與美容）業務方面，我們將從 2024 年下半年開始，在研發和商業能力方面投入大量資金，並持續到 2025 年。這確實是為了建立和加強一些創新管道，並真正再次加強商業能力。

In addition, we've also increased and will continue to increase our CapEx in the areas to improve capacity, specifically in H&B, where we think we have a good growth potential and really good incremental margins associated with that. And so that's something we've done and we'll continue to do as we go forward from here in that business to really generate the value there.

此外，我們也增加了資本支出，並將繼續增加在提高產能領域的資本支出，尤其是在健康與美容領域，我們認為該領域具有良好的成長潛力，並能帶來非常好的增量利潤。所以，我們已經這樣做了，而且今後在這個業務領域，我們也會繼續這樣做，以真正創造價值。

As we go into 2026, we believe we're positioned well, and we are cautiously optimistic that we will lead to improved growth trajectories going forward. At the same time, we're also working on just generating better incremental productivity that comes with improving margins going forward as a focus.

展望 2026 年，我們相信我們已經做好了充分的準備，並謹慎樂觀地認為，我們將引領未來更好的成長軌跡。同時，我們也正致力於提高生產效率，從而在未來提高利潤率，並將此作為工作的重點。

And so I don't want to go into too much of the details here. Again, we'll come back in February when we give our overall guidance. But I think the team has made a tremendous amount of progress both in reinvesting, really trying to get the growth aspect of it and targeting incremental productivity opportunities to continue to expand margin and reinvest in the business as needed through a self-funding mechanism. So feel good about the progress being made.

所以我不想在這裡贅述太多細節。我們將在二月再次發布整體指導意見。但我認為團隊在再投資方面取得了巨大的進步，真正努力實現成長，並致力於尋找提高生產力的機會，以繼續擴大利潤率，並透過自籌資金機制根據需要對業務進行再投資。所以，請為目前的進展感到欣慰。

Patrick Cunningham, Citigroup.

派崔克‧坎寧安，花旗集團。

This is Alex on for Patrick. I guess, we're hearing more about the economy taking a key shape where lower income households are spending less. I guess, I'm wondering if you're seeing -- if this is something you're seeing across your business segments and maybe what that implies for volumes in 2026?

這裡是Alex替Patrick報道。我想，我們現在更多地聽到的是關於經濟正在發生重大變化，即低收入家庭的支出減少。我想問的是，您是否在各個業務部門都觀察到了這種情況，以及這對 2026 年的銷售意味著什麼？

Thanks, Patrick. Yes, we are seeing some of this, and we've talked to the weakness overall in volumes in North America. But the good news is we've got a diverse customer base, both in size of customers, geography base and categories. And we're adapting our focus around the world. And just to give you some examples, on the lower end and private label area, we're seeing growth, and we've put more emphasis on that.

謝謝你，派崔克。是的，我們已經看到了一些這樣的情況，我們也討論過北美整體銷售疲軟的問題。但好消息是，我們的客戶群非常多元化，無論從客戶規模、地理分佈或產品類別來看都是如此。我們正在調整全球範圍內的策略重點。舉幾個例子來說，在低端市場和自有品牌領域，我們看到了成長，我們也更加重視這個領域。

On the high end, the Fine Fragrance business continues to do well. So we've put a lot of emphasis on making sure that we're a partner of choice in Fine Fragrances, and we talked about the Miu Miu win with L'Oreal, very important for us. We're seeing geographies even in Fine Fragrance, like the Middle East growing very rapidly. We're putting more emphasis there. We opened a creative center there.

高端香水市場依然表現良好。因此，我們非常重視確保我們成為高級香水領域的首選合作夥伴，我們也談到了 Miu Miu 與歐萊雅的合作，這對我們來說非常重要。即使在高級香水領域，我們也看到一些地區，例如中東，發展非常迅速。我們正在加大對該領域的重視程度。我們在那裡開設了一個創意中心。

And we continue to obviously stay focused on ensuring that we do well with global key accounts but also increasing our emphasis on regional and smaller customers in geographies that are fast growing. So yes, there's a K-shaped economy more today than there was before, but we're adapting our model to make sure that we grow at or ahead of the market going forward.

我們顯然將繼續專注於確保我們在全球重點客戶方面取得成功，同時也將更加重視快速成長地區的區域性和小型客戶。所以，是的，如今的經濟模式比以前更符合 K 型經濟的特徵，但我們正在調整我們的模式，以確保我們未來的成長能夠與市場持平或超過市場。

Joshua Spector, UBS.

約書亞‧斯佩克特，瑞銀集團。

I wanted to try again a little bit on '26 and just thinking about really the range of scenarios and your ability to respond and specifically that if we stay in this kind of, call it, 1% growth environment, maybe from a consumer perspective, do you have actions and levers that you think would deliver earnings growth higher than that, be it self-help or other things in flight that we should be considering?

我想再稍微談談 2026 年的情況，思考一下各種可能的情況以及你們的應對能力，特別是如果我們繼續處於這種，比如說 1% 的增長環境，從消費者的角度來看，你們是否有任何措施和槓桿可以帶來高於這個水平的盈利增長，無論是自助措施還是其他我們應該考慮的措施？

Yes. Great question, Joshua. I'll take this one, if that's okay. Growth is an important part of the algorithm. And so the more growth we get, the incremental margins associated with that growth in terms of fixed cost leverage, it's nice. So the more you can grow, the better you are. So that's ultimately what we're striving to, which is why some of those reinvestments were so important to make sure we accelerate the growth.

是的。問得好，約書亞。如果可以的話，我想要這個。成長是演算法的重要組成部分。因此，我們獲得的成長越多，與這種成長相關的固定成本槓桿作用所帶來的增量利潤就越好。所以，你成長得越多，你就越優秀。所以，這最終就是我們努力的目標，這也是為什麼一些再投資對於確保我們加速成長如此重要的原因。

At the same time, you do need to prepare that if the event that the market is still in that 1% to 2% range, how do you work on your cost structure to ensure you generate profitability improvement. We are fully focused on that. The team has done a very good job over the last couple of years to drive productivity, but it's something that is paramount now as we go forward to continue to do that. And so areas like streamlining corporate functions, leveraging automation, redesigning processes that will allow us to be more effective and more efficient.

同時，你也需要做好準備，如果市場仍處於 1% 到 2% 的範圍內，你該如何調整成本結構以確保獲利能力的提升。我們正全力以赴地投入這項工作。過去幾年，團隊在提高生產力方面做得非常出色，但隨著我們繼續前進，保持這一優勢至關重要。因此，我們需要在精簡公司職能、利用自動化、重新設計流程等領域進行努力，以提高效率和效益。

And so I do believe we still have some opportunities there. There is contingency planning associated with that. So as we think about the context going forward, we will include that as areas to accelerate to make sure we maximize profitability as we go forward even in a lower growth environment.

所以我相信我們仍然有一些機會。這方面有相應的緊急應變計畫。因此，在考慮未來發展環境時，我們將把這些領域納入加速發展的範圍，以確保即使在成長放緩的環境下，我們也能最大限度地提高獲利能力。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

Have we been seeing any acceleration in the reformulation of food products? And is that maybe part of the reason for the continued strength in the Flavors business?

我們是否看到食品配方改良的進程加快？這或許是香精香料產業持續強勁發展的部分原因？

We haven't seen a big shift yet. What I would call it is a continued move towards cleaner labels and reformulation for that, which we like. And if that accelerates, that's good for us. But what we've been doing is following what our customers and consumers want, which are cleaner labels, and we've got a very strong capability, both in Scent and in Taste and Naturals. And that's played well for us, and that's why you're seeing growth because of our focus on the innovation, but also on our commercial capabilities to help customers delight consumers.

我們尚未看到重大轉變。我稱之為朝著更清潔的標籤和配方改進方向的持續轉變，我們對此表示歡迎。如果這種情況加速發展，對我們來說是件好事。但我們一直在做的，是遵循客戶和消費者的需求，也就是更乾淨的標籤，而且我們在香味、味道和天然成分方面都擁有非常強大的能力。這對我們來說是有利的，這也是為什麼你們會看到成長的原因，因為我們專注於創新，同時也專注於我們的商業能力，以幫助客戶取悅消費者。

Yes. Maybe just to add on that. When you look at it, John, the pipeline has actually improved and continue to improve. And so what that's a good barometer is that the customers are looking for more innovation, which is very good for our business overall. So I think that's the buoyancy that you've seen over the last couple of quarters within Scent and Taste overall, which has provided a bit of tailwind there.

是的。或許可以補充一點。約翰，你仔細想想，這條管道實際上已經得到改善，而且還在不斷改善。因此，這很好地表明，顧客正在尋求更多創新，這對我們整體業務來說非常有利。所以我認為，這就是為什麼過去幾個季度以來，嗅覺和味覺整體呈現上升勢頭的原因，這為該領域帶來了一些順風。

Yes. As the customers see lower volume growth in the market, they're pushing for more innovation to be able to profitably grow themselves, and we're there to help.

是的。隨著客戶看到市場銷售成長放緩，他們正在推動更多創新以實現自身獲利成長，而我們正是為了幫助他們。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

This is Matt Hetwer on for Kevin McCarthy. Would you comment on two items: a, the potential pace of execution against the $500 million share repurchase authorization that you announced last quarter; and then b, the expected cash proceeds from the pending divestiture of the deal with Bunge?

這裡是馬特·赫特沃，他代替凱文·麥卡錫為您報道。請您就以下兩點發表評論：a，您上個季度宣布的 5 億美元股票回購授權的潛在執行速度；b，與邦吉公司即將進行的資產剝離交易的預期現金收益？

Sure. Thanks, Matt, for the question. In terms of the share buyback program, we actually started or commenced it on October 1. And so that was per our trading plan. And so that's now have been implemented. As a reminder, the program is geared towards dilution plus model, which means at a minimum of -- our plan is to target offsetting dilution, which for us on a yearly basis is about $80 million.

當然。謝謝馬特的提問。關於股票回購計劃，我們實際上是從10月1日開始實施的。所以，這完全符合我們的交易計畫。所以現在已經實施了。提醒一下，該計劃旨在實現稀釋加模型，這意味著至少——我們的計劃是抵消稀釋，這對我們來說每年大約是 8000 萬美元。

Then we have some flexibility based on intrinsic value, free cash flow generation that we can increase or decrease the purchases within the trading grid. So we do have some of that flexibility. But as you think about modeling for the fourth quarter, just given that we started on October 1, I would assume at this point, we're offsetting dilution, which is the $80 million divided by 4 essentially, which is call it about $20 million. We will give more update as we get to the guidance call in February, but that's kind of part number one.

然後，我們可以根據內在價值和自由現金流的產生情況，在交易體系內進行一定的彈性調整，增加或減少購買量。所以我們確實有一定的彈性。但是，在考慮第四季度的建模時，考慮到我們是從 10 月 1 日開始的，我認為目前我們正在抵消稀釋效應，也就是 8000 萬美元除以 4，大約是 2000 萬美元。我們將在二月的指導電話會議上提供更多最新消息，但這算是第一部分。

I think part number two, of your question was the expected proceeds of the pending deal with Bunge. In terms of gross proceeds, I think it's about $110 million in gross proceeds, and I would estimate around $90 million in terms of net cash proceeds after tax and some of the deal fees associated with it.

我認為你問題的第二部分是關於與邦吉即將進行的交易的預期收益。就總收益而言，我認為約為 1.1 億美元，扣除稅款和相關交易費用後，我估計淨現金收益約為 9,000 萬美元。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

I just had two questions actually. First was on Taste. In the slides, you mentioned you had favorable net pricing. I was just curious if that's comparable to what peers are doing. I just -- I was surprised to see that there was positive pricing in this environment. So that was the first question.

我其實只有兩個問題。首先是在 Taste 網站上。在幻燈片中，您提到您有優惠的淨價。我只是好奇這是否與同行們的做法類似。我只是——我很驚訝地發現，在這種環境下居然出現了正定價。這是第一個問題。

And the second one is if you could just offer any observations on growth of multinationals versus local and regionals. And also the pipeline -- sorry, and also like just the pipeline activity from those two subsets.

第二個問題是，您能否就跨國公司與本地及區域性公司的發展發表一些看法？還有管道——抱歉，也包括這兩個子集的管道活動。

So maybe, Erik, I'll start on the Taste piece of it. The team has really done a good job. And so when I think about the net pricing comment, Lauren, when there's areas of inflation and one area, there is some tariff inflation that we get, the team has done a really good job of offsetting that as part of their pricing areas. At the same time, it's a net pricing number.

所以，艾瑞克，或許我可以先從口味部分入手。團隊做得非常出色。所以，勞倫，當我想到淨定價的評論時，當某些地區出現通貨膨脹，而我們又面臨一些關稅上漲時，團隊在定價方面做得非常好，已經很好地抵消了這一點。同時，這也是淨價。

So in terms of the inflationary environment that we've seen throughout 2025, which was about low single-digit inflation, the team did a really good job of productivity to drive some of those costs down. And so when you combine productivity with the raw material cost exposure and the pricing strategy, that's how you got to your net pricing benefits there. And so I think I can't speak to the competition, but I can speak that the team has done a very good job at executing on that piece of it.

因此，就我們在 2025 年看到的通膨環境而言（通膨率在個位數以下），團隊在提高生產力方面做得非常好，從而降低了部分成本。因此，當你把生產力與原物料成本風險和定價策略結合時，你就得到了你的淨定價收益。所以我覺得我無法評價其他競爭對手，但我可以說，我的團隊在那一部分的執行上做得非常好。

In terms of the global versus local regional, Erik?

就全球與地方區域而言，艾瑞克？

Yes, we're seeing the regional and locals growing faster, and we put more emphasis on growing with them and accelerating our pipelines with them. But the global key accounts are still critically important to us, and they're increasing their focus on innovation. So our pipelines with them are very strong and robust. So we're not decreasing our emphasis on global key accounts, but we're increasing our focus on the regional and locals.

是的，我們看到區域和本地市場成長更快，我們也更重視與他們共同成長，並加快與他們合作的步伐。但全球重點客戶對我們仍然至關重要，而且他們越來越重視創新。因此，我們與他們的合作關係非常牢固可靠。因此，我們並沒有降低對全球重點客戶的重視程度，反而增加了對區域和本地客戶的關注。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Can you give us some color on what your customers are telling you about inventory levels and their patience on reformulations? And what I mean is, are they seeing the evidence that reformulations are driving significant organic growth acceleration? And if not, how long will they keep reformulating before they switch to other ways to protect earnings and cash flow in a slow growth environment?

您能否詳細介紹一下您的客戶對庫存水準以及他們對產品配方調整的耐心程度的回饋？我的意思是，他們是否看到了產品配方調整正在顯著加速內生成長的證據？如果不是這樣，在經濟成長緩慢的環境下，他們會持續調整配方多久才會轉向其他方式來保護收益和現金流？

So maybe I'll start, and feel free to add on. The inventory question is a good question, Laurence. I think when you get into a slower growth environment, specifically with some of the global accounts, you always have to make sure the inventory management aspect doesn't have the impact on the business.

那或許我可以先拋磚引玉，歡迎大家來補充。勞倫斯，庫存問題問得好。我認為，當企業進入成長放緩的時期，特別是面對一些全球客戶時，必須始終確保庫存管理方面不會對業務產生影響。

I think based on the feedback that we've heard from the team, there are some markets very candidly, like North America is a little bit higher inventory levels. So I think embedded in our forecast is a little bit of a deceleration in that market specifically because of inventory levels.

我認為根據我們從團隊那裡得到的回饋，坦白說，有些市場，例如北美，庫存水準略高一些。所以我認為，我們的預測中已經包含了該市場成長略微放緩的預期，這主要是由於庫存水準的原因。

Broadly speaking, if you take a step back, inventories feel like they are in a good spot globally. But like I said, there are some markets like in North America that there could be some inventory management that could potentially happen there. So I think that's part number one. Part number two, in terms of the patients, I think your question around patience of reformulation, it's an opportunity. And so when you look at the customer set, over the last several years, pricing has a big part of their algorithm.

總的來說，從整體來看，全球庫存狀況良好。但就像我說的，在北美等一些市場，可能會出現一些庫存管理的問題。所以，我想這就是第一部分。第二部分，就病人而言，我認為你關於重新配方耐心的問題，是一個機會。因此，從過去幾年的客戶群來看，定價在其演算法中佔據了很大一部分。

And so really -- and I think Erik just alluded to it, to really differentiate yourself in a market where pricing becomes more challenging in the overall market, innovation becomes a key part of the driver going forward. And so I don't think you're going to see them throw up their hands and say innovation is not important. And I think they're going to continue to make sure that is a central part of their algorithm going forward. And for us at IFF, that's a good thing because we like the portfolio, we like the R&D that we have, and we're focused on that. And so I think those are the two -- I would give, Erik, I'll pass to you if there's anything.

所以，實際上——我想埃里克剛才也暗示了這一點——要在定價更具挑戰性的市場中真正脫穎而出，創新將成為未來發展的關鍵驅動力。所以我認為你不會看到他們舉手投降，說創新不重要。我認為他們會繼續確保這成為他們未來演算法的核心部分。對 IFF 來說，這是一件好事，因為我們喜歡我們的產品組合，喜歡我們擁有的研發成果，我們也專注於此。所以我覺得就是這兩個——艾瑞克，如果有什麼事的話，我會把球傳給你。

And the only thing I would add then is on the inventory side, there's a lot of uncertainty with our customers, and they're trying to operate with lower inventory levels. So we absolutely can and will do a better job of managing our inventory levels, but we're also trying to make sure that we're not missing order opportunities. So we're really trying to stay close to our customers and understand what their needs are so that we're able to operate with lower inventories, but not miss any delivery reliability goals.

我唯一要補充的是，在庫存方面，我們的客戶有很多不確定因素，他們正在努力降低庫存水準。因此，我們絕對可以而且將會更好地管理庫存水平，但我們也正在努力確保不會錯過訂單機會。因此，我們正努力與客戶保持密切聯繫，了解他們的需求，以便我們能夠在庫存較低的情況下運營，同時又不影響交付可靠性目標的實現。

Silke Kueck, JPMorgan.

Silke Kueck，摩根大通。

When you look at 2026, what do you think are the bigger product launches? So the collaboration with BASF sounds that there are like product opportunities on the detergent side. And is that something that will affect consumer fragrances and in Scent? Or is that something that will be -- that we'll see in the enzyme category under H&B? That's my first question.

展望 2026 年，你認為會有哪些規模較大的產品發表會？所以與巴斯夫的合作聽起來像是洗滌劑的產品機會。這是否會影響消費者的香水和香氛產品？或者說，那會是——我們會在 H&B 下的酶類產品中看到的東西？這是我的第一個問題。

Secondly, the beverage can companies have spoken about growth in like protein-enriched beverages like protein being added to essentially like everything. Is that an opportunity for IFF? And again, is that something when it's beverages, do you see that as like a taste opportunity or because it's protein will then up in H&B.

其次，飲料罐公司談到了富含蛋白質的飲料的成長，因為蛋白質幾乎被添加到所有東西中。這對IFF來說是個機會嗎？再說一遍，如果是飲料的話，你認為這是一個口味上的機會，還是因為其中含有蛋白質，所以會在健康與營養方面有所提升？

And my third question is you, talked about regionals and locals growing faster than multinationals. Does that mean private label is also growing faster? And how do you approach going after the private label business?

我的第三個問題是，您剛才提到區域性和地方性企業的成長速度比跨國公司更快。這是否意味著自有品牌的成長速度也更快？那麼，您該如何著手開拓自有品牌業務呢？

Well, thanks for those questions, Silke. I'll try to take them one at a time, and Mike, please pitch in any time. So let's talk, first of all, about the BASF collaboration. I think it's really important. BASF has a very strong position in chemistry with many home and personal care companies. And we've got a very strong capability in enzymes and have very good positions with a number of customers, but haven't reached the broader market as well as we would like to.

謝謝你的提問，西爾克。我會盡量一個一個解決，麥克，隨時歡迎你來幫忙。那麼，我們先來談談與巴斯夫的合作。我認為這非常重要。巴斯夫在化學領域擁有非常強大的地位，與許多家居和個人護理公司建立了合作關係。我們在酵素領域擁有非常強大的能力，並且與許多客戶建立了非常好的關係，但我們還沒有像我們希望的那樣打入更廣泛的市場。

And so the combination of us plus BASF's really strong commercial capability, our enzymes and their chemistry is, we believe, a very strong opportunity to serve customers better for both of us. So we'll see that play out, and it should start to see enzyme growth toward the end of '26, but more in '27, I would say.

因此，我們相信，我們與巴斯夫強大的商業能力、我們的酵素及其化學特性相結合，將為我們雙方更好地服務客戶創造一個非常好的機會。所以我們將拭目以待，酵素的成長應該會在 2026 年底開始，但我認為會在 2027 年更加明顯。

And with that, we'll improve our relationships and connections with customers for Scent. On the protein movement, I would say it's very strong, and it obviously helps our protein business. We're the leaders in plant-based proteins, which are very much in vogue and desired, less so in the alternate meats that is rebased and growing, but off of a smaller base.

透過這些措施，我們將改善與香氛客戶的​​關係和聯繫。關於蛋白質消費熱潮，我認為它非常強勁，而且顯然對我們的蛋白質業務有所幫助。我們在植物蛋白領域處於領先地位，植物蛋白非常流行，備受青睞；而人造肉類雖然也在不斷發展壯大，但基數較小，因此受到的關注度相對較低。

But certainly in beverages, bars and other areas, we see growth opportunities for our protein business, but also for our broader food ingredients business to make sure that the protein drinks and other products have the great mouth feel, the right taste, don't settle out -- the protein doesn't settle out and very importantly, the taste, the flavors, which gives us an opportunity to go in with our protein and our other Food Ingredients capabilities and bring more total solutions to customers that -- or at least open the door for not only our Food Ingredients people, but for our taste capabilities.

但可以肯定的是，在飲料、酒吧和其他領域，我們看到了蛋白質業務的增長機會，也看到了更廣泛的食品配料業務的增長機會，以確保蛋白質飲料和其他產品具有良好的口感、合適的味道，不會沉澱——蛋白質不會沉澱，而且非常重要的是，味道和風味，這讓我們有機會利用我們的蛋白質和其他食品配料

So this protein dynamic, I think, is -- was strong and is further accelerating with the GLP-1s, and we see that continuing, and we see us well positioned. And we're already seeing good growth from them. The last one was on the regional and locals. Yes, private label is increasingly important. That's back to the K-economy.

所以我認為，這種蛋白質動態變化非常強烈，隨著 GLP-1 的出現而進一步加速，我們看到這種趨勢仍在繼續，我們看到我們處於有利地位。我們已經看到它們取得了良好的成長。最後一篇是關於區域性和地方性的。是的，自有品牌越來越重要。這又回到K經濟時代了。

And we're putting more emphasis on working with the private label retailers, but also the co-manufacturers who make the products and making sure that our capabilities are helping them achieve what they want to help.

我們更專注於與自有品牌零售商合作，同時也與生產產品的代工製造商合作，確保我們的能力能夠幫助他們實現他們想要的目標。

[Apkio Evers], Wells Fargo.

[Apkio Evers]，富國銀行。

I know this was touched on already, but I wanted to push a little bit further on Fine Fragrance. You obviously reported 20% growth this year -- this quarter and double-digit growth last quarter. It's been growing very strongly. And I know you mentioned wins, but I'm wondering if there's something else and underlying trends driving this growth?

我知道之前已經有人提到過這一點，但我還想就高級香水這個主題再深入探討一下。你們顯然報告稱，今年本季成長了 20%，上季成長了兩位數。它的成長勢頭非常強勁。我知道你提到了勝利，但我很好奇是否還有其他因素和潛在趨勢在推動這種成長？

And then looking forward, is this a level of growth that we should expect going forward? I know you mentioned upside from your Scent center in Dubai and Florida bearing fruit in mid- to late 2026. But how should we think about this next quarter or this coming quarter and then the first half of 2026?

展望未來，這是否是我們未來應該期待的成長水準？我知道您提到過，您在杜拜和佛羅裡達的香氛中心將在 2026 年中後期取得成果。但是，我們該如何看待下一個季度，或者說接下來的這個季度，以及2026年上半年呢？

The Fine Fragrance business has shown tremendous growth rates. I don't expect to have that strong growth going forward, but I do expect continued solid growth from Fine Fragrances. And I think that's because of our capabilities. We've got great perfumers. We've got great molecules. We've got significantly enhanced investment in innovation that's going to be coming more in 2026 and '27.

高級香水產業展現了驚人的成長速度。我預計未來不會出現如此強勁的成長，但我預計高級香水業務將繼續保持穩健成長。我認為這是因為我們的能力。我們擁有優秀的調香師。我們擁有很棒的分子。我們將在2026年和2027年大幅增加對創新領域的投資。

And we've invested in places like Dubai, the creative center and creative centers in other parts of the world, Shanghai and others. And so we are absolutely committed to this market, and we are absolutely want to serve our customers with -- to help them have great products.

我們已經在杜拜（創意中心）以及世界其他地區的創意中心、上海等地進行了投資。因此，我們對這個市場充滿信心，並且我們真心希望為我們的客戶提供服務，幫助他們擁有優質的產品。

But I think another dynamic here is the whole social media dynamic where you're seeing influencers really trying -- starting to -- have been and I think will continue to expand the marketplace, expand to new generations to not only females, but more to males, younger generation and more diverse groups. And I think that's fueling the growth, and we see that continuing.

但我認為另一個動態是整個社群媒體的動態，你會看到有影響力的人正在努力——開始——並且我認為會繼續擴大市場，擴展到新一代，不僅是女性，還有更多的男性、年輕一代和更多元化的群體。我認為這正在推動成長，而且我們看到這種趨勢還在繼續。

Christopher Parkinson, Wolfe Research.

克里斯托弗·帕金森，沃爾夫研究公司。

This is Harris Fein on for Chris. I mean there's been some solid year-on-year margin comps in Food Ingredients. Just wondering if you could maybe talk about the line of sight to bridge that margin to the mid-teens next year. And we're also all looking forward to the strategic update early next year.

這裡是哈里斯費恩，替克里斯報道。我的意思是，食品配料行業的利潤率比去年同期一直保持穩健成長。我想知道您是否可以談談明年如何將差距縮小到十幾個百分點。我們也都非常期待明年初的策略更新。

But in the interim, maybe if you could talk about any opportunities you have to prune maybe more along the lines of what you did with the Soy Crush business in the interim, that would also be helpful.

但在此期間，如果您能談談您有哪些機會可以進行精簡，例如像您在此期間對 Soy Crush 業務所做的那樣，那也會很有幫助。

Harris, thanks for the question. Look, I think the Food Ingredients team has done a fantastic job really emphasizing margin improvement. And so just kind of bringing it back, if you remember, at the lows, it was about 9% EBITDA -- so the trajectory now, it was 9%, 12%, moving towards 14% if you adjust for portfolio gets towards that 15%. And so the line of sight is actually pretty strong in terms of overall recovery, and the team has done an excellent job.

哈里斯，謝謝你的提問。我認為食品配料團隊在提高利潤率方面做得非常出色。所以，讓我們回顧一下，如果你還記得的話，在低谷時期，EBITDA 大約是 9%——所以現在的趨勢是 9%、12%，如果考慮到投資組合，它將接近 15%，並向 14% 邁進。因此，從整體恢復情況來看，前景相當樂觀，團隊也做得非常好。

As they go forward, what's really important because not only do we divest business, we were also very strategic in, I'd say, ongoing pruning of our overall portfolio. So we're very selective. So some of the lower-margin businesses, we kind of walked away, which is embedded in some of our top line performance this year in 2025.

隨著他們繼續前進，真正重要的是，我們不僅剝離了業務，而且在持續精簡整體投資組合方面也採取了非常具有戰略意義的做法。所以我們非常挑剔。因此，我們放棄了一些利潤率較低的業務，這影響了我們今年的營收業績，並影響 2025 年的業績。

I think -- so as you go -- but as you go into 2026, the more growth you can get into that business and return to growth, that's where you get nice leverage with the P&L. So that's kind of priority number one is how to get the business back towards that growth number. So one. Two, we started basically two years ago on a big productivity push.

我認為——所以隨著你不斷前進——但到了 2026 年，你在該業務中取得的成長越多，恢復成長的速度就越快，你就能更好地利用損益表。所以，首要任務是如何讓業務重回成長軌道。所以，一個。第二，我們基本上兩年前就開始大力提高生產力。

And so looking at plant optimization, raw material optimization, the team has done a good job, and that's a big driver of what you're seeing in the performance in 2025, but that will also continue into 2026. And so between those two levers, I think you still have a line of sight to continue to improve that business, both from a top line perspective, but also from a margin perspective. I think then you'll get back to that mid-teen, and the team is focused and fully focused on that as they drive going forward.

因此，從工廠優化、原材料優化來看，團隊做得很好，這是 2025 年業績取得顯著成效的重要驅動因素，而且這種勢頭還將延續到 2026 年。因此，我認為透過這兩個槓桿，你仍然有希望繼續改善這項業務，無論是從營收角度還是利潤率角度來看。我認為之後你們會回到十幾歲左右的水平，而球隊也正全力以赴朝著這個目標前進。

And I'd just add one other thing, is we are investing where we see high profit margin growth opportunities. For example, the TAURA fruit inclusions business segment is we're expanding the capacity significantly there. The current capacity is sold out, high margins, high growth. So Andy and his team are really driving also growth in the higher-margin areas.

我還要補充一點，我們投資的領域是那些我們看到高利潤率成長機會的地方。例如，在 TAURA 果仁添加業務領域，我們正在大幅擴大產能。現有產能已售罄，利潤率高，成長潛力大。因此，安迪和他的團隊也積極推動高利潤領域的成長。

There are currently no questions registered at this time. So I'd like to pass the call back over to Erik for any further remarks.

目前暫無任何問題登記。那麼，我想把電話轉回給艾瑞克，讓他再補充一些內容。

Well, thank you all for joining today's call. Let me close by saying that I'm very proud of the progress the IFF team has made over the last 18 months. We are a much stronger company with a bright future. We have a solid balance sheet, a clear strategy, a strong and strengthening innovation pipeline, a strong focus on serving customers and consumers, and we're executing better and better and doing what we say we are going to do. So I look forward to the road ahead, and thank you very much.

感謝各位參加今天的電話會議。最後我想說，我對 IFF 團隊在過去 18 個月裡的進步感到非常自豪。我們現在是一家實力更強、前景更光明的公司。我們擁有穩健的資產負債表、清晰的策略、強大且不斷增強的創新管道、對服務客戶和消費者的高度重視，而且我們的執行力越來越強，說到做到。所以我很期待未來的路，非常感謝。

Thank you all. At this time, this will now conclude today's conference call. We appreciate your participation. We hope you all have an amazing rest of your day, and you may now disconnect your lines.

謝謝大家。今天的電話會議到此結束。感謝您的參與。祝您今天餘下的時間愉快，現在可以斷開線路了。