美盛公司 (MOS) 2025 Q3 法說會逐字稿

Good morning, and welcome to The Mosaic Company's third-quarter 2025 earnings conference call. (Operator Instructions)

早上好，歡迎參加 Mosaic 公司 2025 年第三季財報電話會議。（操作說明）

And now I'll turn the call over to Jason Tremblay. Please go ahead.

現在我將把電話交給傑森·特倫布萊。請繼續。

Thank you, and welcome to our third-quarter 2025 earnings call. Opening comments will be provided by Bruce Bodine, President and Chief Executive Officer; Jenny Wang, Executive Vice President, Commercial, will then cover the market update; and Luciano Siani Pires, Executive Vice President and Chief Financial Officer, will review financial results and capital allocation progress. We will then open the floor for questions.

謝謝大家，歡迎參加我們2025年第三季財報電話會議。總裁兼執行長 Bruce Bodine 將發表開幕致詞；隨後，商業執行副總裁 Jenny Wang 將介紹市場最新情況；執行副總裁兼財務長 Luciano Siani Pires 將回顧財務業績和資本配置進展。接下來我們將開放提問環節。

We will be making forward-looking statements during this conference call. The statements include, but are not limited to statements about future financial and operating results. They are based on management's beliefs and expectations as of today's date and are subject to significant risks and uncertainties. Actual results may differ materially from projected results. Factors that could cause actual results to differ materially from those in the forward-looking statements are included in our press release published yesterday and in our reports filed with the Securities and Exchange Commission. We will also be presenting certain non-GAAP financial measures. Our press release and performance data also contain important information on these non-GAAP measures.

我們將在本次電話會議中發表一些前瞻性聲明。這些聲明包括但不限於有關未來財務和經營業績的聲明。這些預測是基於管理階層截至今日的信念和預期，並存在重大風險和不確定性。實際結果可能與預期結果有重大差異。可能導致實際結果與前瞻性聲明中的結果有重大差異的因素已包含在我們昨天發布的新聞稿和我們向美國證券交易委員會提交的報告中。我們也將公佈一些非GAAP財務指標。我們的新聞稿和業績數據也包含有關這些非GAAP指標的重要資訊。

Now I'd like to turn the call over to Bruce.

現在我想把電話交給布魯斯。

Good morning. Thank you for joining our call. Mosaic's third quarter results reflect the resilience and strength of our global business as well as the extraordinary work our teams are delivering to help us operate effectively in a highly dynamic market and geopolitical environment. We've demonstrated the ability to shift tonnes to regions with the strongest demand and capture value across agricultural and industrial markets, and we are navigating near-term fertilizer affordability issues while looking ahead to positive structural market trends.

早安.感謝您參加我們的電話會議。Mosaic 第三季的業績反映了我們全球業務的韌性和實力，以及我們的團隊為幫助我們在高度動態的市場和地緣政治環境中有效運作而做出的卓越貢獻。我們已經證明有能力將噸位產品轉移到需求最強勁的地區，並在農業和工業市場中獲取價值，我們正在應對近期化肥價格可承受性問題，同時展望積極的市場結構性趨勢。

We remain focused on achieving reliable and consistent production from our assets, leveraging our market access advantage and executing our capital reallocation strategy, all in the service of creating shareholder value.

我們將繼續專注於實現資產的可靠和穩定生產，利用我們的市場准入優勢，執行我們的資本重新配置策略，所有這些都是為了創造股東價值。

Let me begin with our key messages for the quarter. First, we've made major investments in asset health, and we are seeing improving reliability. US phosphate production has improved sequentially throughout the year and we remain focused on driving consistent performance across our phosphate assets.

首先，我想和大家分享一下本季的主要訊息。首先，我們對資產健康進行了大量投資，我們看到可靠性正在提高。美國磷酸鹽產量今年以來持續改善，我們將持續致力於推動旗下所有磷酸鹽資產的穩定績效。

Second, our business in Brazil continues to deliver excellent performance. Adjusted EBITDA increased year-over-year, and we are managing well despite a challenging credit environment.

其次，我們在巴西的業務持續取得優異的業績。調整後 EBITDA 年成長，儘管信貸環境充滿挑戰，但我們仍能維持良好的營運狀況。

Third, global potash demand remains very strong, especially in the Eastern Hemisphere, and we are running near record operating rates to meet that demand and capture value.

第三，全球鉀肥需求仍然非常強勁，尤其是在東半球，我們正在以接近歷史最高水準的開工率來滿足這項需求並創造價值。

Fourth, cost discipline remains a priority. We've achieved $150 million in initial cost savings and are on track to achieve our revised $250 million cost savings target by the end of 2026, driven by automation, supply chain optimization and improved fixed cost absorption as production increases.

第四，成本控制仍是重中之重。我們已實現 1.5 億美元的初步成本節約，並且隨著生產增加，自動化、供應鏈優化和固定成本吸收的改善，預計在 2026 年底前實現修訂後的 2.5 億美元的成本節約目標。

And finally, we remain committed to disciplined capital allocation. Recent divestments, including the Taquari potash mine and the Patos de Minas asset reflect our commitment to streamlining the portfolio and redeploying capital toward higher return opportunities.

最後，我們仍然堅持審慎的資本配置原則。近期剝離的資產，包括 Taquari 鉀礦和 Patos de Minas 資產，體現了我們致力於精簡投資組合並將資本重新部署到更高回報機會的決心。

To cover our third quarter results, net income for the third quarter increased to $411 million versus $122 million in the prior year. While adjusted EBITDA in the third quarter rose to $806 million from $448 million a year ago, driven by higher prices across all segments and very strong performance in Mosaic Fertilizantes.

為反映我們第三季的業績，第三季淨收入增至 4.11 億美元，而去年同期為 1.22 億美元。第三季調整後 EBITDA 從去年同期的 4.48 億美元增至 8.06 億美元，這主要得益於所有業務板塊價格上漲以及 Mosaic Fertilizantes 的強勁表​​現。

Let's look briefly at market dynamics. I'll leave the details to Jenny. Phosphate markets remain tight as global supply constraints persist. Key long-term drivers remain intact, including continued growth in LFP battery demand, rising domestic fertilizer demand in China which is likely to further erode exports and limited new capacity additions over the next few years.

讓我們簡單了解一下市場動態。細節就交給珍妮處理吧。由於全球供應受限，磷酸鹽市場依然緊張。關鍵的長期驅動因素仍然存在，包括磷酸鐵鋰電池需求的持續成長、中國國內化肥需求的上升（這可能會進一步削弱出口）以及未來幾年新增產能有限。

Despite coming off recent highs, phosphate prices remain elevated and affordability pressure remains a concern. We've seen growers in the US and Brazil cautiously approach seasonal buying, which has moderated prices and impacted the timing of sales volumes. The challenging farm credit situation in Brazil continues to exacerbate this trend. In India, strong shipments in 2025 have largely recovered back closer to historical norms, but we still see a need for substantial replenishment after multiple years of tight supply and under application.

儘管磷酸鹽價格近期有所回落，但仍處於高位，消費者負擔能力仍令人擔憂。我們看到美國和巴西的種植者謹慎地對待季節性採購，這抑制了價格上漲，並影響了銷售的時間。巴西嚴峻的農業信貸狀況持續加劇了這一趨勢。在印度，2025 年強勁的出貨量已基本恢復到接近歷史正常水平，但經過多年的供應緊張和應用不足，我們仍然認為需要大量補充。

Potash markets are balanced as good affordability drives demand around the world, particularly in China and Southeast Asia. Potash and phosphate demand should benefit from the strong yields US and Brazilian farmers have generated this year. We expect big crops in North America and Brazil to remove an additional 1.5 million tonnes of potash and similar amount of phosphate from the soil compared to last year. Growers will need to replenish these nutrients to avoid lower yields next year.

鉀肥市場供需平衡，良好的價格優勢推動了全球需求，尤其是在中國和東南亞地區。今年美國和巴西農民的豐收將提振鉀肥和磷肥的需求。我們預計北美和巴西的大豐收將比去年從土壤中額外去除 150 萬噸鉀肥和類似數量的磷酸鹽。種植者需要補充這些營養物質，以避免明年產量下降。

For Mosaic, the focus on US phosphate asset health is allowing us to run more reliably and at increased rates. We have experienced three consecutive quarters of production volumes improvement, and volumes for the trailing three-month period ending October have reached approximately 1.8 million tonnes, which is further improved from the third quarter.

對於 Mosaic 而言，專注於美國磷酸鹽資產的健康狀況使我們能夠更可靠地運行，並提高運行速度。我們已經連續三個季度實現了產量成長，截至 10 月底的過去三個月產量已達到約 180 萬噸，比第三季進一步成長。

We remain committed to return to previously achieved normalized production rates. Our focus now is on consistent and sustainable performance. In potash, we completed the Esterhazy turnaround in the second quarter, and the new HydroFloat system is delivering incremental tonnes.

我們仍致力於恢復到先前達到的正常生產水準。我們現在的重點是保持穩定和可持續的業績。在鉀肥方面，我們在第二季完成了埃斯特哈齊工廠的改造，新的HydroFloat系統正在增加產量。

The resilience of our Brazil business demonstrates our effective commercial strategy and disciplined risk management, including a focus on sales to customers with strong credit profiles. Our team's deep local expertise and long-standing presence in Brazil have been instrumental in navigating market complexities and maintaining profitable growth.

我們在巴西的業務展現出的韌性，體現了我們有效的商業策略和嚴謹的風險管理，包括專注於向信用良好的客戶進行銷售。我們團隊深厚的本地專業知識和在巴西的長期發展，對於應對市場複雜性和維持獲利成長起到了至關重要的作用。

While we expect the usual seasonally slower fourth quarter, we expect earnings in this year's fourth quarter to be higher than a year ago. Cost initiatives are progressing across the company. Mosaic Fertilizantes continues to generate cost reductions and selling, general and administrative expenses declined year-over-year in the third quarter without the impact of the bad debt expense.

雖然我們預計第四季通常會出現季節性放緩，但我們預計今年第四季的收益將高於去年同期。公司各部門都在推動成本控制措施。Mosaic Fertilizantes 持續降低成本，第三季銷售、一般及行政費用較去年同期下降，未計入壞帳支出的影響。

We continue to leverage our market access, which is a key strategic advantage for Mosaic to accelerate growth in Mosaic Biosciences. Revenues for the first nine months more than doubled year-over-year. We anticipate Mosaic Biosciences will contribute positively to consolidated adjusted EBITDA beginning in the fourth quarter.

我們將繼續利用我們的市場准入優勢，這是 Mosaic 加速 Mosaic Biosciences 成長的關鍵策略優勢。前九個月的營收年增超過一倍。我們預計 Mosaic Biosciences 將從第四季度開始對合併調整後的 EBITDA 做出積極貢獻。

In addition to strong growth in the Americas, the market for biologicals is growing quickly in China, and we expect India to follow. All in all, we are well positioned for a strong finish to 2025 and a promising 2026 and beyond.

除了美洲市場強勁成長外，中國的生物製品市場也在快速成長，我們預期印度也將緊跟其後。總而言之，我們已做好充分準備，迎接 2025 年的強勁收官以及充滿希望的 2026 年及以後。

Now I'll turn the call over to Jenny for more detail on agriculture and fertilizer markets.

現在我將把電話交給珍妮，讓她詳細介紹農業和化肥市場的情況。

Thank you, Bruce. We continue to navigate a very dynamic global agriculture environment. Commodity values and trade uncertainty have impacted near-term sentiment in North America, but the recent recovery of corn soybean prices should encourage more fertilizer activity, particularly with China now looking to purchase US soybeans and wheat. Any additional direct government help to farmers could provide further support to the market.

謝謝你，布魯斯。我們仍在應對瞬息萬變的全球農業環境。大宗商品價格和貿易不確定性影響了北美地區的短期市場情緒，但近期玉米大豆價格的回升應該會刺激化肥生產活動增加，尤其是中國現在正尋求購買美國大豆和小麥。政府向農民提供的任何額外直接援助都可能為市場提供進一步的支持。

In Brazil, growers have had to navigate tighter credit availability and higher interest rate, but have benefited from expanded trade opportunities, particularly with China. Brazilian fertilizer demand is still growing this year and will likely expand again next year as growers replenish soils and expand acreage for upcoming seasons.

在巴西，種植者必須應對信貸緊縮和利率上升的問題，但也受益於貿易機會的擴大，特別是與中國的貿易。今年巴西的化肥需求仍在成長，隨著種植者為即將到來的種植季補充土壤養分和擴大種植面積，明年化肥需求可能會持續成長。

Our customers remain engaged and are actively buying fertilizers for the upcoming safrinha core and the 2026 Safra soybean. Ag economics remain more constructive in other parts of the world, and Mosaic has pivoted to active markets. Longer term, we continue to see ag fundamentals as supportive to fertilizer demand, driven by growing demand on food, feed and fuel, which we have seen supportive biofuel legislation around globe.

我們的客戶仍然積極參與，並正在為即將到來的 Safrinha 核心作物和 2026 年 Safra 大豆積極購買肥料。世界其他地區的農業經濟情勢依然較為樂觀，Mosaic 已轉向活躍市場。從長遠來看，我們仍然認為農業基本面將支撐化肥需求，這主要得益於食品、飼料和燃料需求的增長，而我們已經看到全球範圍內出台了支持生物燃料的立法。

Moving to the fertilizer market. On phosphate, markets have been very constructive for March 2025, given robust demand for nutrients, which in turn has supported prices. Prices of phosphate have moderated from recent peaks, but remain elevated, driven by tight global supplies and strong demand. Stripping margins also remain above historical norms. Chinese export of DAP, MAP and TSP are expected to decrease more than 1.5 million tonnes this year, and China has recently pulled back phosphate export approvals.

轉戰化肥市場。鑑於對營養物質的強勁需求，磷酸鹽市場對 2025 年 3 月的預期非常樂觀，這反過來也支撐了價格。磷酸鹽價格已從近期的高峰有所回落，但受全球供應緊張和需求強勁的影響，價格仍居高不下。剝離利潤率也仍然高於歷史平均。今年中國磷酸二銨 (DAP)、磷酸一銨 (MAP) 和磷酸三鈉 (TSP) 的出口量預計將減少超過 150 萬噸，而且中國最近也撤回了磷酸鹽出口許可。

Like Bruce mentioned, LFP battery demand has continued its growth. In the first three quarters, Chinese LFP production has already surpassed the full year production in 2024 and representing over 40% year-over-year growth. While Chinese demand for fertilizer and the industrial phosphate continues to grow, we see limited new capacity expansion in other regions over the medium term.

正如布魯斯所提到的那樣，磷酸鐵鋰電池的需求持續增長。前三個季度，中國磷酸鐵鋰電池產量已經超過了 2024 年全年產量，年增超過 40%。儘管中國對化肥和工業磷酸鹽的需求持續成長，但我們認為中期內其他地區的新增產能擴張有限。

In the case of potash, markets are balanced after a first half supply deficit. Global demand has been steady and expected to approach another record as affordability has encouraged strong Chinese consumption, healthy Brazilian import and the growing Southeast Asian demand, which is tracking up to 50% higher input in some of the key countries.

以鉀肥為例，市場在經歷了上半年的供應短缺後趨於平衡。全球需求一直保持穩定，預計將再次創下紀錄，因為價格因素刺激了中國強勁的消費、巴西健康的進口以及東南亞不斷增長的需求，其中一些主要國家的投入增長高達 50%。

Given this persistent global appetite, we expect record Canpotex shipments this year and the further strength heading into 2026. North American potash demand has held relatively consistent this year on healthy affordability and fall application tonnes are moving to the ground as we speak. However, given potash is often applied with phosphate, we may see some modest fall deferral into Q1.

鑑於全球對這種持續的需求，我們預計 Canpotex 今年的出貨量將創歷史新高，並且到 2026 年將保持強勁勢頭。今年北美鉀肥需求在價格合理的情況下保持相對穩定，秋季施用的鉀肥噸數正在陸續下田。然而，鑑於鉀肥通常與磷酸鹽一起施用，我們可能會看到鉀肥施用量略有推遲到第一季。

In summary, we are optimistic heading into 2026 as growers look to replenish soils and fulfill any pent-up demand. Long-term food security and the industrial use continue to support a constructive outlook for phosphate markets, particularly absent any significant capacity additions. Potash markets are stable on balanced fundamentals, and we expect demand growth to reach to a new record.

總而言之，我們對 2026 年充滿信心，因為種植者希望恢復土壤肥力並滿足任何積壓的需求。長期糧食安全和工業用途繼續支撐著磷酸鹽市場的建設性前景，尤其是在沒有任何重大產能成長的情況下。鉀肥市場基本面均衡穩定，我們預期需求成長將創下新紀錄。

Thank you, Jenny. Let us take a deeper dive into our performance. You will remember that Q2 EBITDA came below expectations due to a number of larger than usual provisions, inventory adjustments, environmental reserves, legal reserves, and also due to a sharp increase in turnaround expenses. We said these effects were going to reverse in Q3, and they did.

謝謝你，珍妮。讓我們深入分析一下我們的表現。您應該還記得，由於提列了比平常更多的準備金、庫存調整、環境準備金、法律準備金，以及大修費用的大幅增加，第二季 EBITDA 低於預期。我們曾說過這些影響會在第三季逆轉，事實也的確如此。

Q3 was more of a clean quarter, minimal onetime items and a reversal of turnaround expenses from USD144 million in Q2 to $85 million in Q3. You should expect idle and turnaround expenses to remain at normal levels in Q4.

第三季情況較為平穩，一次性專案極少，且轉虧為盈費用從第二季的 1.44 億美元降至第三季的 8,500 萬美元。預計第四季閒置和周轉費用將保持在正常水平。

Despite being a clean quarter, Q3 EBITDA was impacted by lower sales volumes, which reflect a shortfall in phosphate production and an intentional slowdown of sales from Fertilizantes given the credit challenges in Brazil.

儘管第三季業績良好，但由於銷量下降，導致磷酸鹽產量不足，以及巴西信貸挑戰導致 Fertilizantes 有意放緩銷售，第三季 EBITDA 受到影響。

Let's address phosphates. On the revenue side, for Q4, we expect phosphate sales to be between 1.7 million to 1.9 million tonnes with risk to the downside due to demand referral. On the cost side, you saw the significant decline in idle and turnaround expenses from $84 million in Q2 to $42 million in Q3 as expected. But we still had a lot of repair work mostly in July, recording into cash conversion costs, which were at $131 per tonne, which is about the same level of $126 per tonne in the second quarter.

我們來談談磷酸鹽。在營收方面，我們預計第四季磷酸鹽銷量將在 170 萬至 190 萬噸之間，但由於需求下降，存在下行風險。成本方面，正如預期的那樣，閒置和檢修費用從第二季的 8,400 萬美元大幅下降到第三季的 4,200 萬美元。但我們仍然有很多維修工作，主要集中在 7 月份，這些工作計入了現金轉換成本，每噸 131 美元，與第二季度的每噸 126 美元大致相同。

The next step is to have a meaningful decline of cash conversion costs in the fourth quarter, given that the asset health and repair work will be normalized and also due to our expectation of higher production and fixed cost absorption. So for phosphates in Q4, higher sales volumes, historically elevated stripping margins and anticipated lower conversion costs should support results.

下一步的目標是在第四季度實現現金轉換成本的顯著下降，因為資產健康狀況和維修工作將恢復正常，而且我們預計產量和固定成本吸收率將有所提高。因此，第四季度磷酸鹽銷量增加、歷史上較高的剝離利潤率以及預計較低的轉換成本應該會支撐業績。

In Potash, cash production cost per tonne of $71 was down from $75 from Q2 as production volume increased. We expect the fourth quarter unit costs to be similar to Q3 and finish the year at low to mid-70s. If you recall, we guided 2025 unit production costs in the $64 to $69 range on Investor Day earlier this year. Since then, we kept operating at higher cost Colonsay mine for longer than expected and the Canadian dollar has strengthened against the US dollar.

鉀肥方面，由於產量增加，每噸現金生產成本從第二季的 75 美元下降至 71 美元。我們預計第四季單位成本將與第三季類似，全年將維持在70美元左右。如果你還記得的話，我們在今年稍早的投資者日上曾預測 2025 年的單位生產成本將在 64 美元至 69 美元之間。從那時起，我們在成本較高的科隆賽礦的運作時間比預期要長，而且加幣對美元也走強。

If we adjust the Investor Day targets to reflect the current exchange rate, our full year forecast would be on track to hit the targets. Potash continues to be a very stable business in terms of production volumes, costs and capital intensity.

如果我們調整投資者日目標以反映當前的匯率，我們的全年預測將有望實現目標。鉀肥產業在產量、成本和資本密集度方面仍然是一個非常穩定的產業。

Fertilizantes, our results were driven by two opposing forces. On one hand, strong underlying business performance, but on the other hand, a softening market in the near term. EBITDA came in at USD241 million, above the $200 million that we have guided even after we strip out the $27 million recovery of the bad debt recorded in Q2.

Fertilizantes，我們的結果是由兩種相反的力量所驅動的。一方面，公司基本面表現強勁；但另一方面，短期內市場疲軟。EBITDA 為 2.41 億美元，高於我們先前預期的 2 億美元，即使扣除第二季收回的 2,700 萬美元壞帳後也是如此。

That performance was achieved despite distribution margins at about $20 per tonne, which is, again, below our targeted $30 to $40 range as we had to make margin concessions because of the weakening market. The new level of EBITDA generation of Fertilizantes is a testament to the strong cost performance of the business in 2025 despite the strengthening of the Brazilian real.

儘管分銷利潤率約為每噸 20 美元，低於我們設定的 30 至 40 美元的目標範圍，但由於市場疲軟，我們不得不做出利潤率讓步，但仍然取得了這樣的業績。儘管巴西雷亞爾走強，但 Fertilizantes 2025 年 EBITDA 的全新水準證明了該公司強勁的成本控制能力。

What do you expect for Q4? Well, we expect an important drop in EBITDA due to a number of factors. Lower prices, still compressed distribution margins, normal for the season, but still compressed, higher raw materials costs, seasonally lower overall sales volumes and product mix. These uncertainties in volumes, prices and margins are very high in the quarter. So EBITDA could be in a wide range.

您對第四季有何預期？由於多種因素的影響，我們預計 EBITDA 將大幅下降。價格降低，分銷利潤率仍然較低，雖然這是季節性的正常現象，但仍然較低；原材料成本較高；整體銷售量和產品組合在季節性上有所下降。本季銷售、價格和利潤率的不確定性非常高。因此，EBITDA 的取值範圍可能很廣。

But in any scenario, we still expect it to be above the same quarter prior year. Thanks to the sustained cost improvements. A few words on cash flows. Cash flow from operations was only USD229 million for the third quarter because of over $400 million increase in working capital driven by several factors: higher physical inventories of the end products in North America and Brazil due to the slowdown in sales at the end of the quarter, higher prices for such inventories and for raw materials, and the buildup of inventory of phosphate rock to support future production plans.

但無論如何，我們仍然預計它將高於去年同期水準。得益於成本的持續改善。關於現金流的幾點說明。由於以下幾個因素導致營運資金增加超過 4 億美元，第三季經營活動產生的現金流僅為 2.29 億美元：由於季度末銷售放緩，北美和巴西的最終產品實體庫存增加；此類庫存和原材料價格上漲；以及為支持未來生產計劃而積累的磷礦石庫存。

We expect these effects to partially reverse in Q4, supporting cash flows. But even with that reversal in Q4, if you look at the full year, and we have a slide in the deck for that, working capital will continue to post a large increase. And therefore, 2025 cash flows will be well below what is intrinsic to the business.

我們預計這些影響將在第四季部分逆轉，從而支撐現金流。但即使第四季出現逆轉，如果你縱觀全年（我們在簡報中有相關投影片），營運資本仍將繼續大幅成長。因此，2025 年的現金流量將遠低於企業固有的現金流。

In 2026, with raw materials prices stabilizing, phosphate rock inventories being consumed by higher production and the adjustment in inventories in Brazil and North America, cash flow from operations and free cash flow is expected to improve significantly. Therefore, we're prudently deferring any extraordinary dividends or buybacks to 2026.

2026 年，隨著原物料價格趨於穩定，磷礦石庫存因產量增加而被消耗，以及巴西和北美庫存的調整，經營活動現金流預計和自由現金流將顯著改善。因此，我們謹慎地將任何特別股利或股票回購延後到 2026 年。

Finally, a note on non-core asset sales and capital reallocation. You saw Mosaic announcing the completion of the Taquari transaction yesterday. We sold this potash mine in Brazil for USD27 million. But the transaction is also expected to eliminate capital investments exceeding USD20 million in the short term. We will avoid significant capital investments to extend life of mine beyond 2030 in the medium term, and we will transfer asset retirement obligations of USD22 million. So a lot of capital that is not going to be deployed anymore in this asset.

最後，關於非核心資產出售和資本重新配置的問題，需要說明幾點。昨天，您已經看到 Mosaic 宣布完成對 Taquari 的收購。我們以2700萬美元的價格出售了位於巴西的這座鉀礦。但預計該交易也將在短期內消除超過 2,000 萬美元的資本投資。在中期內，我們將避免為延長礦山壽命至 2030 年以後而進行重大資本投資，並將轉移 2,200 萬美元的資產報廢義務。因此，許多資金將不再投入這項資產。

Mosaic also announced the closing of the sales of Patos de Minas idle phosphate mine early October with proceeds of $111 million with $51 million already received. The rest will be collected over four years. We have many assets under review and several strategic talks ongoing, and we expect 2026 to be a year when capital reallocation will gather steam.

Mosaic公司也宣布，已於10月初完成Patos de Minas閒置磷酸鹽礦的出售，所得款項為1.11億美元，其中5,100萬美元已收到。剩餘款項將在四年內分批收取。我們正在審查多項資產，並進行多項策略談判，我們預計 2026 年將是資本重新配置加速發展的一年。

So in conclusion, we are highly confident in our ability to finish the year on a high note, and we encourage you shareholders to focus on the strong momentum we expect to enter in 2026.

總之，我們對今年能夠取得優異成績充滿信心，並鼓勵各位股東關注我們預計在 2026 年將迎來的強勁發展勢頭。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator instructions) Chris Parkinson, Wolfe Research.

（操作說明）克里斯·帕金森，沃爾夫研究公司。

Just given, obviously, you've been on a pretty long-term fixing of the turnaround schedule across the four primary facilities. Can we just get an update on after the issues in late September, how you performed in October versus expectations, how you're thinking about initial November? And just what's your degree of confidence that you should be within that 4Q production guide? And how we should think about the cadence of such given the outlines that you projected at the CMD back in March, how we should be thinking about the confidence level as it relates to 2026?

顯然，你們一直在對四個主要工廠的檢修計劃進行相當長期的調整。能否請您回報九月下旬出現問題後的情況，十月份您的表現與預期相比如何，以及您對十一月初的展望？那麼，您對實現第四季生產目標有多大信心？鑑於您在三月的CMD會議上提出的綱要，我們該如何看待這種節奏？我們該如何看待與2026年相關的信心程度？

Chris, thanks for your question. First off, we're committed to achieving our normalized production rates that we've been talking about. We did have those issues that we had a press release out in September, those are behind us. But I think as I've reflected on this, things are taking a little longer than anticipated. As we did, as you pointed out, get to our normalized turnaround schedule, which was the big issue for us was to do that first.

克里斯，謝謝你的提問。首先，我們致力於實現我們一直以來所說的正常生產力。我們確實遇到過一些問題，並在9月發布了新聞稿，但那些問題已經過去了。但仔細想想，我覺得事情進展比預期的慢。正如您所指出的，我們做到了，恢復了正常的周轉時間，這對我們來說是最大的問題，首先要做的就是做到這一點。

And as we remove that macro asset health issue, it shined a light on some other issues, mostly that for me, and this is my terminology, that we kind of lost some muscle memory, and I'll give you some examples.

當我們解決了宏觀資產健康狀況問題後，其他一些問題也隨之浮現出來，對我來說，最主要的問題是，用我的話來說，我們有點失去了一些肌肉記憶，我舉幾個例子。

Since we haven't run at these rates for five-ish years, we've kind of stumbled on just starting back up out of normal repair days, stumbled on making product shifts. So now that asset health on the big unit operations are not the issue anymore, it's really with high turnover in our workforce over the last five years that institutional knowledge is a place that we've got to focus. The good news is that we are seeing full rates a lot of the time.

由於我們已經有大約五年沒有以這樣的速度運轉了，所以我們在恢復正常的維修工作和產品轉型方面都有些磕磕絆絆。既然大型單元營運的資產健康狀況不再是問題，那麼過去五年我們員工的高流動率，使得機構知識成為我們必須關注的重點。好消息是，我們很多時候都能看到全額租金。

And in fact, at times even over full rates. We just need to lock in on more consistency and then sustain that for longer periods of time. But as I reflect for me in the past 18 months, to your point, we've made significant progress and sulfuric acid plant turnarounds were accelerated to kind of eliminate that really macro asset health issue.

事實上，有時甚至超過全額利率。我們只需要提高穩定性，並長時間保持這種穩定性。但就我過去 18 個月的經歷而言，正如您所說，我們取得了重大進展，硫酸廠的檢修速度加快，從而消除了這一宏觀資產健康問題。

But during that time, we advanced several improvement projects in potash and granulation and more importantly, some of our critical support facilities around water and electrical infrastructure. All in all, we've invested an additional $100 million in CapEx and an additional $100 million this year in maintenance expense that are above and beyond just kind of normal for these operational enhancements and asset health improvements.

但在此期間，我們在鉀肥和造粒方面推進了幾個改進項目，更重要的是，我們在水和電力基礎設施方面的一些關鍵支持設施也得到了改善。總而言之，今年我們在資本支出方面額外投入了 1 億美元，在維護費用方面額外投入了 1 億美元，這些投入遠遠超出了這些營運改善和資產健康改善的正常範圍。

In addition to that, to leave no stone unturned, we have brought on board some external consultants to make sure that we are leveraging everything we can do to get back to those rates. So as you pointed out, all the work has led to three consecutive quarters of sequential improvements. And with those consistent gains, as we reported in the earnings presentation, the trailing three-month period ending in October is at that 1.8 million tonnes, which is in the middle of our guidance range.

除此之外，為了確保萬無一失，我們還聘請了一些外部顧問，以確保我們能夠利用一切可以利用的資源來恢復到這些水準。正如你所指出的，所有這些努力都帶來了連續三個季度的持續改進。正如我們在獲利報告中所述，隨著這些持續成長，截至 10 月的過去三個月產量達到 180 萬噸，處於我們預期範圍的中間水平。

So we are changing our guidance philosophy a little bit, and I think that's important is that we're going to base guidance on the forward quarter based on kind of how we have proven in the past months. And so that trailing three-month was critical for us to set kind of that guidance range of 1.7 million tonnes to 1.9 million tonnes phosphate because we were actually at that 1.8 million tonnes rate right now.

因此，我們正在稍微改變我們的業績指引理念，我認為重要的是，我們將根據過去幾個月的業績表現來製定未來一個季度的業績指引。因此，過去三個月的數據對於我們設定磷酸鹽產量指引範圍（170萬噸至190萬噸）至關重要，因為我們目前的產量實際上達到了180萬噸。

But looking ahead, we're going to continue to focus, Chris, on our processes and instilling operational discipline across the organization. We've got work ongoing and a lot of emphasis on strengthening our institutional knowledge at the front line. And then we've got a lot of work also on further leveraging technology across our ops and maintenance teams to put better data and decision-making at their fingertips.

但展望未來，克里斯，我們將繼續專注於我們的流程，並在整個組織中灌輸營運紀律。我們正在進行相關工作，並非常重視加強第一線人員的機構知識。此外，我們還有很多工作要做，那就是進一步在我們的營運和維護團隊中利用技術，讓他們能夠更便捷地獲取數據和進行決策。

So we're optimistic and very excited about what the future is bringing. It's just a little unfortunate, it's taking longer to get there. But where we are right now, we feel very comfortable and confident achieving the guidance range that we've set forward.

所以我們對未來充滿樂觀和期待。有點可惜，到達那裡需要更長時間。但就我們目前的情況而言，我們感到非常有信心和把握實現我們設定的目標範圍。

Joel Jackson, BMO Capital Markets.

Joel Jackson，BMO資本市場。

If I could follow up on your answer to Chris' question. Can you maybe Bruce dive into what is the difference between a good day and a bad day? So good days says you're at full rates or better; a bad day, you're not there. Is it a certain asset? Is it a certain thing going on? Can you elaborate good day and a bad day versus your targets?

我想就您對克里斯問題的回答做個後續說明。布魯斯，你能否深入探討好日子和壞日子之間的差異？所以，好的一天意味著你的收入達到或超過正常水準；不好的一天則達不到。它是確定性資產嗎？是不是發生了什麼事？你能分別描述一下你認為表現好和表現不佳的一天與你的目標之間的差異嗎？

Yes. Thanks, Joel. A good day, bad day is very nuanced, as you can well imagine. And it depends on the facility in the suite. But right now, bad days are not where something is catastrophically failing prematurely or that we're holding it together until we can get to a turnaround. Those are not the structural issues. Today, the difference between good and bad is did we actually run without an upset more from operational decision-making at the front line in phos acid, particularly ore granulation.

是的。謝謝你，喬爾。好的一天和壞的一天是非常微妙的，你可以想像。這取決於套房內的設施。但就目前而言，糟糕的日子並不是指事情過早發生災難性故障，也不是指我們勉強維持現狀直到情況好轉。這些都不是結構性問題。今天，好與壞的區別在於，我們是否真的在磷酸生產一線，特別是礦石造粒方面，沒有任何意外。

So again, a perfect example would be, hey, we have to switch from map to MicroEssentials product at -- it doesn't matter what facility, facility X. The quality wasn't immediate at that start-up as quickly as it should be. We lost product from that standpoint or we had to actually shut down kind of [reseat] granulator as an example.

所以，舉個例子，我們需要在某個工廠（不管是哪個工廠，像是 X 工廠）將地圖系統切換到 MicroEssentials 產品。在那個啟動階段，產品品質並沒有像預期那樣迅速到位。從這個角度來看，我們損失了產品，或者我們必須實際關閉某種[重新安裝]造粒機，例如。

So it's more of those institutional operating practices that really right now are separating good from bad. It's not structural asset health. It's more on operational practice and just -- and then delivering on that consistency.

所以，真正區分好壞的，更多的是這些機構的營運實務。這不是資產結構健康狀況的問題。更重要的是操作實踐，以及維持這種一致性。

So every time we switch or start up from a repair day, which happened frequently within the month, that's just normal ops and maintenance practices is that getting up to that full rate quickly, add quality performance and then sustaining it until the next cycle for repair or product switch.

因此，每次我們從維修日切換或啟動時（這種情況在一個月內經常發生），這只是正常的運營和維護實踐，目的是快速達到滿負荷運轉，提高品質性能，然後保持這種性能，直到下一個維修或產品切換週期。

Hopefully, that provides some color that it's no longer structural asset health as the big issue. It's more operational knowledge, institutional knowledge and consistency of delivering on that day in and day out at these high rates.

希望這能說明，結構性資產健康狀況不再是主要問題。更重要的是營運知識、機構知識以及日復一日以高效率持續交付成果的能力。

Andrew Wong, RBC Capital Markets.

Andrew Wong，加拿大皇家銀行資本市場。

So maybe can I just clarify on the expected phosphate run rate? Is that now 1.8 million tonnes? Or is that just for the very near-term upcoming quarter and then there's longer-term upside to that, like more on a normalized basis as some of that institutional knowledge comes back and you're able to work on those processes?

那麼，我能澄清一下預期的磷酸鹽運作速率嗎？現在是180萬噸嗎？或者這只是指即將到來的這個季度，而從長遠來看，隨著一些機構知識的回歸以及你能夠改進這些流程，情況會有更大的改善，例如更加正常化？

And then just on phosphate margins, can you just think -- help us think about all the different moving pieces as we kind of get into Q4 versus Q3? Because obviously, there's lot of changes on prices and input costs and asset health. But as production goes up, that should also help with fixed cost per tonne. So can you just help us understand that?

然後，就磷酸鹽利潤率而言，您能否幫我們思考一下——當我們進入第四季度與第三季度相比時，所有不同的變動因素是什麼？因為很顯然，價格、投入成本和資產狀況都會發生很多變化。但隨著產量的增加，這也有助於降低每噸的固定成本。所以您能幫我們理解一下嗎？

Yes. As I said, Andrew, our guidance philosophy has switched to more proven. But at the end of the day, we're committed to get back to full rates. There's no question about that. So there's no wavering on that. It's just rather than guide to the promise we're going to guide to actually what's delivered and then the upside is there as we achieve all those gaps that you just mentioned that we talked about in the last two questions as well.

是的。正如我之前所說，安德魯，我們的指導理念已經轉變為更行之有效的方法。但歸根結底，我們致力於恢復到全額收費標準。這點毋庸置疑。所以這點毋庸置疑。與其說是引導我們實現承諾，不如說是引導我們實現實際交付的內容，而好處在於，當我們彌補了你剛才提到的、我們在前兩個問題中也討論過的所有差距時，就能獲得回報。

So yes, to your point on cost, fixed cost absorption is the biggest thing. And we're not seeing any more unusual expenses in the script. Luciano talked about the higher cost of putting in these new gyp handling systems at New Wales. Those things are behind us from an expense standpoint. So normalized turnaround costs, normalized maintenance costs, labor and all those things being fixed with the higher cost of production as we go from what we've demonstrated now 1.8 million tonnes towards that 2 million tonnes, all are going to go to the bottom line, fixed cost absorption.

所以，是的，關於成本問題，固定成本的吸收是最重要的。而且我們在劇本中沒有看到任何其他不尋常的費用。盧西亞諾談到了在新威爾斯安裝這些新的石膏處理系統的較高成本。從費用角度來看，那些事情都已成為過去。因此，隨著產量從目前的 180 萬噸增長到 200 萬噸，生產成本的增加，所有正常的周轉成本、正常的維護成本、勞動成本等都將計入利潤，以實現固定成本的吸收。

Luciano, you got more to say?

盧西亞諾，你還有什麼要說的嗎？

Yes. Andrew, we posted $131 per tonne of conversion cash costs. But if you look August and September, the number was actually a little under $120. And the rule of thumb is for every 100,000 tonnes additional in the quarter, you should see about $7 per tonne reduction. So if we were to post 2 million tonnes in a single quarter, which is our long-term aspiration, that sub-$120 would be somehow between $100 and $105, which is still kind of $5 above our Investor Day targets.

是的。Andrew，我們公佈的轉換現金成本為每噸 131 美元。但如果你看一下八月和九月的數據，你會發現實際數字略低於 120 美元。根據經驗法則，每季產量增加 10 萬噸，每噸成本應該會降低約 7 美元。因此，如果我們在一個季度內實現 200 萬噸的產量（這是我們的長期目標），那麼低於 120 美元的價格將在 100 美元到 105 美元之間，這仍然比我們的投資者日目標高出 5 美元左右。

So we still have maybe $5 of extraordinary small repair work that we need to shave, but that gives you kind of a ballpark thinking about how the costs should progress. In addition, I would like to call attention to the operational leverage in phosphates. So because most of the costs are fixed, the marginal tonne earns way more than the average tonne, which means that, for example, if you were to increase production by 25%, so for example, coming from 6.4 million tonnes to an 8 million tonnes rate, theoretically, EBITDA could improve by more than 50%, and the impact on cash flows would even be even more magnified. So that is something to bear in mind that the results of phosphates are very, very leveraged to volumes.

所以，我們可能還需要削減 5 美元左右的額外小修小補費用，但這可以讓你大致了解成本應該如何變化。此外，我還想提請大家注意磷酸鹽產業的營運槓桿作用。由於大部分成本是固定的，因此每噸邊際收益遠高於每噸平均收益，這意味著，例如，如果產量增加 25%，例如從 640 萬噸增加到 800 萬噸，理論上，EBITDA 可以提高 50% 以上，對現金流的影響甚至會更加顯著。所以要記住的是，磷酸鹽的效果與用量有密切關係。

Lucas Beaumont, UBS.

盧卡斯·博蒙特，瑞銀集團。

I just wanted to touch on the cash flow again. So I mean the operating cash flow to EBITDA conversion this year has been about 45%. Typically, your long-run range is in sort of the 80s. So I just wanted to kind of -- you talked about it improving next year, but I just wanted to get your thoughts on where you think that conversion should go?

我只是想再談談現金流的問題。我的意思是，今年的經營現金流與 EBITDA 的轉換率約為 45%。通常情況下，你的長期波動範圍在 80 左右。所以我想問的是——你提到明年情況會有所改善，但我只是想聽聽你對轉換率應該如何提升的看法？

And then just secondly, sort of you guys have also sort of talked about trying to get OpEx down after fixing the production issues. But I mean, this year is kind of tracking towards sort of that $1.3 billion, which is pretty much in line with where it's been in the past kind of seven years. So just how much scope do you think there is to kind of help free cash flow into next year on that side as well.

其次，你們也討論過在解決生產問題後如何降低營運成本。但我的意思是，今年的預期目標大概是 13 億美元，這與過去七年的水準基本一致。那麼，您認為明年在這方面，究竟有多少空間可以幫助增加自由現金流呢？

Yes, Lucas, thanks. I'll just start and then turn it over to Luciano, he's got a lot to say about this issue particularly. But yes, cash flow is a little weaker than we wanted or anticipated for the quarter, mostly because of the kind of slowdown in sales in the Americas, which caused a little bit of a build in inventory and then the higher pricing in inventory and our buildup of rock inventory, particularly in North America for phosphates anticipated higher production kind of added some of that cash into inventory, but that will revert as production starts to materialize and sales start to move into spring season. So feel good about that, and they will improve on the cash conversion.

是的，盧卡斯，謝謝。我先開始，然後把麥克風交給盧西亞諾，他尤其對這個問題有很多話要說。是的，本季的現金流比我們預期的要弱一些，主要是因為美洲地區的銷售放緩，導致庫存略有增加，庫存價格上漲，以及我們岩石庫存的增加，尤其是在北美地區，磷酸鹽的預期產量增加，都使部分現金流入了庫存，但隨著生產開始恢復，銷售進入春季，這種情況將會好轉。所以，對此感到欣慰吧，他們的現金轉換率也會提高。

But go ahead, Luciano, maybe you want to talk about that.

不過，盧西亞諾，說吧，或許你想談談這件事。

Yes. So Lucas, you're probably referring to an annual cash conversion rate. And I understand you're referring to the conversion between EBITDA and operating cash flow, which, yes, this year should be in the year at around 50%. You referenced 45%, like maybe a little more than that with the recovery in the fourth quarter.

是的。所以盧卡斯，你指的可能是年現金轉換率。我明白您指的是 EBITDA 和經營現金流之間的轉換，是的，今年應該在 50% 左右。你提到了 45%，考慮到第四季的復甦，可能還會更高。

But that's because inventories and working capital are kind of taking up about 20% of that EBITDA in the year. So if you were to adjust for working capital/inventory changes, it would be at a level of around 70%, which we believe is kind of the industry norm, like we see some competitors around that level as well. And which means that looking forward to '26, we actually have an expectation of a wind down and a positive contribution of working capital.

但這主要是因為庫存和營運資金約佔當年 EBITDA 的 20%。因此，如果考慮到營運資本/庫存變化，其水準約為 70%，我們認為這算是行業標準，我們看到一些競爭對手也處於這個水準附近。這意味著展望 2026 年，我們實際上預期業務將逐步結束，並且營運資金將增加。

So we may be in '26 above the 70%, maybe who knows close to 80%. But that's before CapEx, as you pointed out. It happens that capital expenditures this year are also close to 50% of EBITDA. So your net cash conversion of 50% with CapEx running at 50%, you're basically at a free cash flow for '25, which is very close to zero.

所以，我們可能在 2026 年達到 70% 以上，誰知道呢，也許接近 80%。但正如你所指出的，這還不包括資本支出。今年的資本支出也接近 EBITDA 的 50%。因此，在資本支出佔比為 50% 的情況下，淨現金轉換率為 50%，那麼 2025 年的自由現金流基本上接近零。

But again, in 2026, with the -- an improvement in EBITDA with higher volumes and the cash conversion going more above 70% towards 80%, it is possible that you're going to have like a free cash flow to conversion rate of 25% to 30%. So that's the situation in the short term.

但是，到了 2026 年，隨著 EBITDA 的改善和銷售量的提高，現金轉換率從 70% 提高到 80%，自由現金流轉換率可能會達到 25% 到 30%。這就是短期內的情況。

Over the long term, we see already a positive trend in reduction of ARO and legal and environmental reserves. This is one line that we've been spending around $400 million this year, and we expect next year to be the first of a long-term trend of decline. So this is a tailwind to cash flows.

從長遠來看，我們已經看到 ARO 和法定及環境儲備的減少呈現正面趨勢。今年我們在這條產品線上投入了約 4 億美元，我們預計明年將是長期下滑趨勢的開始。所以這對現金流來說是個利好因素。

But in terms of CapEx, we have this long-term view of reducing capital expenditures. We're exactly now in our budgeting process. We're seeing what's going to be the rate for next year, and we will inform you appropriately once we make our decisions. But the good remark would be like asset retirement obligations, environmental reserves, or the reclamation work is already showing declines in cash outflows.

但就資本支出而言，我們著眼於長期減少資本支出。我們現在正處於預算編制階段。我們正在觀察明年的利率，一旦做出決定，我們會及時通知您。但好的評估應該是，資產報廢義務、環境儲備金或土地復墾工作已經顯示出現金流出減少的趨勢。

Matthew DeYoe, Bank of America.

馬修‧德約，美國銀行。

If I'm just looking at ore grades at the mine site, particularly in Florida and the degradation, is it like realistic to hit 2 million tonnes per quarter for phosphate? And I say because I assume with like higher throughput, it means you're probably driving up asset where you're probably burning out pumps more quickly, and that probably plays into just uptime in general. So can you manage these issues? Has that already been handled and that's really not the issue anymore? Is that a nonfactor? How does that just in general play into this?

如果我只從礦場的礦石品位來看，特別是佛羅裡達州的礦石品位和降解情況，磷酸鹽每季達到 200 萬噸的產量現實嗎？我說這話是因為我假設，更高的吞吐量意味著你可能正在增加資產負荷，導致泵浦的損耗速度更快，這可能會影響整體的正常運作時間。那麼，你能處理這些問題嗎？這個問題已經解決了嗎？這真的已經不是問題了嗎？那是不是無關緊要的事？這大體上與此事有何關係？

Yes. Thanks, Matthew. Ore -- the chemistry of the ore is not really a concern for us. Yes, on the margins, you're right. Where that played out this year was particularly at New Wales when we needed to upgrade the gypsum handling system because we did have more waste generated per tonne of feed and hadn't tested those systems in the last, say, five, six years at these higher rates.

是的。謝謝你，馬修。礦石－礦石的化學成分並不是我們真正關心的問題。是的，從邊緣角度來看，你是對的。今年，新威爾斯的情況尤其如此，我們需要升級石膏處理系統，因為每噸飼料產生的廢料更多了，而過去五、六年裡，我們還沒有以如此高的廢料率測試過這些系統。

But P2O5 quality, the chemistry of the ore, definitely not a concern about hitting those rates. It does limit catch-up capacity. So it forces us to be that much more precise on operating discipline to your point. But from a rock quality standpoint, it's more the geology drives some of the issues on cost for mined rock, particularly in Florida. And those things come down to stripping ratio, how much overburden do you have to remove, what's your pumping distance, things like that, that may affect cost that goes into total profitability on finished product.

但是，P2O5 的質量，也就是礦石的化學性質，絕對不是達到這些產量的顧慮。這確實限制了追趕能力。所以，正如您所說，這迫使我們在操作紀律方面更加嚴謹。但從岩石品質的角度來看，地質因素更影響開採岩石的成本，尤其是在佛羅裡達州。而這些因素最終都歸結於剝離率、需要移除多少表土、泵送距離等等，這些都會影響最終產品的總利潤成本。

But those are pretty stable as well. So ore grade, the chemistry of it is not the biggest concern. Even though it does create challenges, we just have to be very consistent and more disciplined on being better operators as we were processing that.

但這些也相當穩定。所以礦石品位，以及它的化學成分，並不是最令人擔憂的問題。儘管這確實帶來了挑戰，但我們只需要在處理這些問題時保持高度的一致性和自律性，並努力成為更好的操作人員。

Maybe, Bruce, to your point, in order to reduce the risks, we actually are building up rock inventories this year as well. So there's ample buffer to absorb any variations. And indeed, back to the cash flow conversation, about $160 million of increase in working capital this year comes from rock inventory that we are preparing to fire in all cylinders when we can in the concentration plants.

布魯斯，也許你說得對，為了降低風險，我們今年確實也在增加岩石庫存。因此，有足夠的緩衝空間來應對任何變化。回到現金流的話題，今年營運資金增加約 1.6 億美元，這主要來自我們準備在選礦廠全力開採的岩石庫存。

Jordan Lee, Goldman Sachs.

Jordan Lee，高盛集團。

Regarding the fourth quarter phosphate sales volume guide, I wanted to clarify whether the potential demand deferral that you called out is reflected in that range? Or would it be lower if that occurs? And could you maybe try to size that potential impact?

關於第四季磷酸鹽銷售量預期，我想確認您提到的潛在需求延遲是否已反映在該預期範圍內？如果出現這種情況，數值會更低嗎？您能否嘗試估算一下這種潛在影響？

Yes. Let me start, Jordan. Appreciate that. Our guidance is really based on production at this point. We did mention in the commentary that any deferral could be risk. And let me just turn it over to Jenny to kind of talk about what that is, it looks like.

是的。我先來，喬丹。謝謝。目前我們的指導方針主要依據生產。我們在評論中提到過，任何延期都可能有風險。接下來就交給珍妮來談談那是什麼吧。

Sure. So I'd like to start to talk about overall of North America phosphate shipment this year. I know there have been a lot of discussions on demand change. I want to remind ourselves that the import to the US market to North America market year-to-date October has reduced by 1.1 million tonnes, which is 36% of reduction.

當然。所以我想先談談今年北美磷酸鹽的整體出貨情況。我知道關於需求變化已經有很多討論了。我想提醒大家，截至10月份，今年以來美國市場和北美市場的進口量減少了110萬噸，降幅達36%。

And if there's no more import into this country by end of the year, the total import reduction will be 1.3 million tonnes. So meaning the shipment or demand in North America, likely going to be impacted by supply. So that's a fact.

如果到年底這個國家不再進口任何產品，那麼進口總量將減少130萬噸。這意味著北美地區的出貨量或需求可能會受到供應的影響。這是事實。

And I also want to remind ourselves, spring application were very normal in terms of the shipment and the summer field subscription that we have seen very strong. And at this moment, the fall applications are very well underway.

我還要提醒大家，春季的種植應用在出貨量方面非常正常，夏季的田間種植需求也非常強勁。目前，秋季入學申請正在如火如荼地進行中。

Now understand the customers' cautiousness in getting into the winter fill period, given the farmers' economic situation and uncertainties related to the government payment, we've been cautious on potential deferral of phosphate application into -- from Q4, from December, basically into Q1. That deferral possibility could be depending on several factors. We would say if the government payment, which is likely going to come out, we just don't know when, and we don't know how much, that will impact the customer's decision on when they want to step in for winter fill.

現在我們理解客戶在進入冬季施肥期時的謹慎態度，考慮到農民的經濟狀況以及與政府付款相關的不確定性，我們一直對磷酸鹽施用可能推遲到——從第四季度，從十二月，基本上推遲到第一季度——持謹慎態度。延期的可能性可能取決於多種因素。我們認為，政府的撥款（很可能會發放，只是我們不知道何時發放，也不知道金額是多少）將會影響客戶決定何時進行冬季補給。

The second factor is weather condition. In the normal November, December, if the weather is dry and warm and farmers tend to get out to get fertilizers on the ground before the winter weather really impacts them. So these two major factors we're watching very closely, so as our customers. And they are going to say whether the tonnes are going to go -- going to get purchased in November, December or pushed back into Q1 next year.

第二個因素是天氣狀況。通常情況下，11 月、12 月天氣乾燥溫暖，農民往往會在冬季天氣真正影響他們之前，到地裡施肥。因此，我們和我們的客戶都在密切關注這兩個主要因素。他們將決定這些噸貨物是會在 11 月、12 月購買，還是推遲到明年第一季購買。

So in summary, for phosphate, I want to call out, the potential deferral is depending on these two factors. The demand impact has been driven by supply, meaning import, reduced import. Potash is a very different story. The affordability itself isn't really an issue. We are cautious on the potential deferral just because of some of the customers and farmers when they apply potash in North America, they go together with phosphate. So if there was a deferral, some part of the potash application could be deferred into Q1 as well.

綜上所述，關於磷酸鹽，我想指出，是否可能延期取決於以下兩個因素。需求受到的衝擊是由供應造成的，即進口減少。鉀肥的情況則截然不同。價格本身並不是問題。我們對可能出現的延期持謹慎態度，因為北美的一些客戶和農民在施用鉀肥時，會同時施用磷酸鹽。因此，如果出現延期，鉀肥施用的一部分也可以延期到第一季。

I would end to say with a very big harvest that we are seeing in North America and also for a fact in Brazil as well, there are significant removal of nutrients for phosphate and potash. This additional removal of phosphate and potash from soil need to be replenished into the soil in order to not impact productivity and yield for next year. The farmers in the US, in Canada and in Brazil, they know that. So I'll end with that.

最後我想說的是，北美和巴西都迎來了非常大的收成，這導致磷酸鹽和鉀肥等營養素大量流失。土壤中額外移除的磷酸鹽和鉀肥需要補充到土壤中，以免影響來年的生產力和產量。美國、加拿大和巴西的農民都知道這一點。我就以這些話作為結尾吧。

Ben Theurer, Barclays.

本·圖雷爾，巴克萊銀行。

I wanted to come back to Fertilizantes. I mean, I remember about a year ago at the Investor Day, you've talked about it how you want to bring this business into a level of somewhere north of $100 million, like $120 million, $130 million, I think, was target on a quarterly basis. And you've been on a nice track as it relates to the delivery in Q1, Q2 and then significantly surpassed Q3.

我想回到 Fertilizantes。我的意思是，我記得大約一年前的投資者日上，你曾談到你想把這項業務的規模提升到 1 億美元以上，比如 1.2 億美元、1.3 億美元，我想那是季度目標。你們在第一季、第二季的交付方面都表現良好，第三季更是大幅超出預期。

So maybe explain us a little bit more what drives your expectation for the fourth quarter so much down, particularly considering that this is actually a relatively important quarter in Brazil. So help us understand what is taking it back to square one so to speak? And then how should we think about it as we look into 2026?

那麼，能否再詳細解釋一下是什麼原因導致您對第四季度的預期大幅下調，尤其考慮到這實際上是巴西一個相對重要的季度。那麼，請您幫我們理解一下，究竟是什麼讓一切回到了原點？那麼，當我們展望2026年時，我們該如何看待這個問題呢？

Yes. Thanks, Ben. I think we may disagree that it's not going back to square one, as I think we put in our earnings material kind of a comparison to last year. But we do believe that fourth quarter this year will be significantly better than last year. But the credit situation in Brazil is definitely driving some risks in buying in Brazil, particularly for small farmers. So that is maybe more of it.

是的。謝謝你，本。我認為我們可能對「一切並非回到原點」這一點存在分歧，因為我認為我們在盈利報告中已經將去年的情況進行了某種程度的比較。但我們相信，今年第四季的情況將比去年同期好得多。但巴西的信貸狀況無疑為在巴西購物帶來了一些風險，尤其是對小農戶而言。所以，這或許就是更多原因了。

And then quarter four, historically, and that's why you see is a lower distribution margin quarter based on product mix, the products that we sell, more nitrogen products, less phosphate products for the growing season. So that is an impact as well. But north of $100 million and we said approximately $100 million is actually -- we feel not a bad quarter given the backdrop of what's going on in that business.

然後，從歷史角度來看，第四季度通常是分銷利潤率較低的季度，這是由於產品組合的原因，我們銷售的產品中，氮肥產品較多，而生長季的磷肥產品較少。所以這也是一種影響。但超過 1 億美元，我們之前說過大約 1 億美元——考慮到該行業目前的形勢，我們認為這不是一個糟糕的季度。

And when you average all that out quarter by quarter, I think we would expect north of $100 million, would you say, $120 million of EBITDA on a quarterly basis. But you're going to see seasonality in first quarter and fourth quarter as they are always our lowest quarters based on mostly product mix in Brazil.

如果按季度平均計算，我認為我們預計每季 EBITDA 將超過 1 億美元，或者說 1.2 億美元。但第一季和第四季會出現季節性波動，因為根據巴西的產品組合，這兩個季度通常是我們業績最差的季度。

But Jenny, do you want to add anything? Luciano, go ahead.

珍妮，你還有什麼要補充的嗎？盧西亞諾，請講。

Most of the decline is going to be driven by the production business in Brazil because of product mix that was mentioned. And so because the Brazilian market these days have been purchasing way more low analysis products, SSP, for example, even through imports. And because part of our production in Brazil is of higher value products, we're kind of baking in the forecast lower sales, especially of these higher-margin products. So that's affecting a lot. So we're making around $70 million of decline in the results of the production side of it.

由於前面提到的產品組合問題，巴西的生產業務將受到很大程度的影響。因此，如今巴西市場購買了更多低分析產品，例如SSP，甚至透過進口的方式購買。由於我們在巴西的部分生產是高價值產品，所以我們已經預料到銷售量會下降，尤其是這些高利潤產品的銷售量。所以這影響很大。因此，我們在生產方面的業績下降了約 7,000 萬美元。

The other thing, which is seasonal, just to remind, is the co-products. So we -- third quarter is kind of a peak season for sales of co-products. They should about decline by another like USD20 million-something, just the co-products sales. And again, we won't have the tailwind of the bad debt recovery. So when you bake all of this and admittedly with a little bit of a hedge to see how the sale of the higher-margin products are going to behave, that's why we're being a little more cautious on the guidance.

另一件事，也是季節性的，需要提醒一下，就是副產品。所以，第三季是副產品銷售的旺季。光是副產品銷售額就應該再下降 2,000 萬美元左右。而且，我們也不會受益於壞帳回收帶來的利多。所以，當你把所有這些因素綜合起來考慮，並且不得不承認，為了觀察高利潤產品的銷售情況，我們還是會採取一些對沖措施，這就是為什麼我們對業績指引更加謹慎的原因。

Edlain Rodriguez, Mizuho.

埃德蘭·羅德里格斯，瑞穗。

This is for Bruce or even Jenny. So given all the puts and takes in the ag market right now, crop prices, inventory levels, supply/demand and so forth, in your view, like what drives fertilizer prices higher in the near term?

這既可以給布魯斯，也可以給珍妮。鑑於目前農業市場的各種波動，例如農作物價格、庫存水準、供需關係等等，您認為短期內哪些因素會推高化肥價格？

Yes, Edlain, thanks. I'm going to actually -- let me just start and then turn it over to Jenny because she's got some data points on what's happening in various geographies. But I think it comes down to the macros, Edlain. And I know you're focused on, maybe part of your question is, how do you separate that from ag fundamentals and maybe ag farmer affordability, but on the two commodities that we make, the S&Ds for fertilizer, as Jenny did say in phosphate, supply is constrained. They just -- the prices have to come up in order to make demand meet the supply, right?

是的，埃德萊恩，謝謝。實際上，我先開始，然後把麥克風交給珍妮，因為她掌握了一些關於不同地區正在發生的事情的數據。但我認為關鍵在於宏觀因素，艾德萊恩。我知道你關注的重點可能是，你的問題的一部分是如何將它與農業基本面以及農民的承受能力區分開來，但是就我們生產的兩種商品而言，化肥的供應和分銷，正如珍妮在磷酸鹽方面所說的那樣，供應是有限的。價格必須上漲才能使需求與供給達到平衡，對吧？

And until something fundamentally changes there, and in phosphate, particularly, as I said in the opening script, with China's demand continuing to grow, not only for ag inputs, but also on LFP industrial, less Chinese phosphate is going to actually be exported.

除非情況發生根本性改變，尤其是在磷酸鹽領域，正如我在開場白中所說，隨著中國對磷酸鹽的需求持續增長，不僅是對農業投入品的需求，還有對磷酸鐵鋰工業的需求，中國實際出口的磷酸鹽數量將會減少。

And I know Jenny is going to talk a little bit maybe about what is coming out on further restrictions potentially, but without new supply of significance coming on, fundamentally changing the fertilizer supply and demand, it's just not happening on the supply side.

我知道珍妮可能會談到一些關於可能出台的進一步限制措施，但如果沒有大量新的供應，從根本上改變化肥的供需關係，那麼供應方面就不會發生這種情況。

So we actually see demand continuing to be constrained in the near term because of lack of supply. And that likely is not going to change in our forecast anyways of significance for quite some time. And the first time, you might start to see a little bit more supply coming, 2028, I think, Jenny, as OCP starts to ramp up some of their announced increases as well as Ma'aden. So that's phosphate.

因此，由於供應不足，我們預計短期內需求將繼續受到限制。而且，在相當長的一段時間內，我們的預測可能不會有顯著變化。第一次，你可能會看到供應量在 2028 年增加，Jenny，因為 OCP 和 Ma'aden 都將開始逐步增加一些已宣布的增產。這就是磷酸鹽。

And on potash, it's not a heck of a lot different. It's a very constructive supply and demand. And it's that S&D that we see driving fertilizer prices on each of those 2 sides, the potash and the phosphate. So with the first half of this year and the former FSU kind of down, supply was tight. Prices picked up. We didn't see as much come out of Laos this year. So FSU was down. China, Chile were down this year from a supply standpoint. But China's appetite continues to grow on potash as well.

至於鉀肥，情況也沒有太大不同。這是非常有益的供需關係。正是供需關係推動了鉀肥和磷肥這兩個肥料的價格上漲。所以，由於今年上半年以及前佛羅裡達州立大學的戰績下滑，供應變得緊張。價格上漲。今年老撾的產品產量不如往年。所以佛羅裡達州立大學輸了。從供應角度來看，中國和智利今年的產量有所下降。但中國對鉀肥的需求也持續成長。

So again, you get down to the puts and takes. And Southeast Asia was a huge consumer this year of potash, keeping things tight. So the S&D is very constructive. Again, don't see that dramatically changing in 2026. In fact, continuing more of the same as BHP has pushed out their start-up. We do see a little bit of tonnes coming out of Laos additional, a little bit out of EuroChem and maybe BPC with Nezhinsky project near the tail end of this year. But demand, we can see continuing to grow to suck up that supply. So things stay very constructive on the S&D for fertilizer.

所以，歸根究底還是看投拿球。今年東南亞是鉀肥消費大國，導致鉀肥供應緊張。所以社民黨是非常有建設性的。再次強調，預計到 2026 年這種情況不會發生顯著變化。事實上，BHP 繼續沿用先前的做法，已經推遲了他們的創業計畫。我們看到寮國會額外生產一些噸，EuroChem 也會生產一些，今年年底 BPC 的 Nezhinsky 計畫可能也會生產一些。但是，我們可以看到需求將繼續成長，以消化這些供應。因此，化肥議題上的社會民主黨立場依然非常正面。

Jenny, I turn it over to you as I've maybe covered some of your stuff, but go ahead.

珍妮，現在輪到你了，因為我可能已經涵蓋了你的一些內容，但請繼續。

I probably want to add some data points. Firstly, when we talk about ag economics and farm economics, we tend to only focus in U.S. and Brazil. I would say the ag economics are very variable across the globe. Well, it is pressured in Americas.

我可能需要添加一些數據點。首先，當我們談論農業經濟和農場經濟時，我們往往只關注美國和巴西。我認為全球各地的農業經濟狀況差異很大。嗯，在美洲，這方面有壓力。

We have seen much more favorable conditions in the rest of the world. And if you look into the major ag market, China and India are very supportive from the government policies. So ag economics are not really a challenge. Therefore, we have seen very big growth -- significant growth on the consumptions of potash in both markets and also phosphate.

世界其他地區的條件要有利得多。如果你觀察主要的農業市場，你會發現中國和印度的政府政策都非常支持農業發展。所以農業經濟其實不是什麼難題。因此，我們看到鉀肥和磷酸鹽在兩個市場的消費量都出現了顯著成長。

So that's a reminder and let alone some of the other markets in Asia due to different crop dynamics, right? The other data -- very quick data point on phosphate. Chinese exports of phosphate is likely going to continuously to be restricted. This year, year-to-date, already we've seen reduced -- reduction of 18% over 1 million tonnes. For the rest of the year, we are going to see very little exports out of China.

所以，這提醒我們，更不用說亞洲其他一些市場由於作物生長動態不同而受到的影響了，對吧？其他數據－關於磷酸鹽的簡要數據點。中國磷酸鹽出口很可能將繼續受到限制。今年迄今為止，我們已經看到產量下降——100萬噸產量下降了18%。今年剩餘時間裡，我們將看到中國出口量非常少。

So the full year, we are going to see over 1.5 million tonnes reduction. So that hold, there's nobody this year on phosphate supply is able to put in. So the market for phosphate is really demand is constrained by supply.

因此，全年來看，我們將看到減排量超過150萬噸。所以，今年磷酸鹽供應方面沒有人能夠投入。因此，磷酸鹽市場其實是供需失衡。

Looking into 2026, the economics are really supportive for further demand growth. But again, that is going to be depending on how much supply is going to be improved and partially it's coming from Mosaic ourselves. For potash, I think Bruce, you covered very well, very stable market. And the nutrient itself, affordability is very good. And that's the reason we see the growth across the board, and this is going to continue in 2026.

展望2026年，經濟情勢非常有利於需求的進一步成長。但話說回來，這取決於供應情況能改善多少，而部分改善來自 Mosaic 自身。關於鉀肥，我認為布魯斯，你介紹得非常好，市場非常穩定。而這種營養成分本身價格也很實惠。這就是我們看到各方面都實現成長的原因，而且這種成長勢頭將在 2026 年繼續下去。

David Symonds, BNP Paribas.

David Symonds，法國巴黎銀行。

Yes. Just one on sulfur, please. So -- or sort of phosphate inputs more generally. So Russia sulfur export ban seems to be pushing sulfur prices higher. There's some outages in ammonia, which are also pushing ammonia prices higher some. Just curious, obviously, the spot stripping margin that you showed in your presentation has come down to, I guess, more normalized levels.

是的。請給我一份關於硫磺的。所以——或者更廣義地說，是磷酸鹽的輸入。因此，俄羅斯的硫磺出口禁令似乎推高了硫磺價格。氨供應出現一些中斷，這也推高了氨的價格。我只是好奇，您在演示文稿中展示的現貨剝皮利潤率，我想現在已經下降到更正常的水平了。

Is there a risk that, that goes further with very weak farmer economics, making it harder to pass through some of these prices in DAP? Do you see that sort of risk in the short term on stripping margins?

是否有這樣的風險：在農民經濟狀況非常疲軟的情況下，這些成本可能會進一步增加，導致DAP（磷酸二銨）的價格更難轉嫁出去？你認為短期內這種風險會對利潤率造成影響嗎？

Thanks, David. Good question, something we talk about a lot. We definitely do see stripping margins coming down because of exactly what you said on raw materials. Sulfur is -- we see some of these higher costs sticking into early next year, for sure. Ammonia, we do see that trending down in time as new capacity comes on.

謝謝你，大衛。問得好，這也是我們常討論的話題。正如你所說，由於原材料成本的原因，我們確實看到剝離利潤率下降。硫磺價格－我們預計這些較高的價格會持續到明年年初，這是肯定的。我們看到，隨著新產能的投產，氨的用量呈現下降趨勢。

But in the short term, as you mentioned, certain restrictions have caused prices to increase. But stripping margins right now and particularly realized for Mosaic are still above historical norms. They have come down, but they're coming down from a five-handle number to maybe low 4s or upper 3s potentially, but that is still very healthy stripping margins for phosphate based on history.

但正如您所提到的，短期內某些限制措施導致價格上漲。但就目前而言，尤其是 Mosaic 的利潤率仍然高於歷史平均水平。雖然價格有所下降，但可能從五把手柄降到了四把手柄左右，或者三把手柄左右，但根據歷史數據來看，這仍然是磷酸鹽非常健康的剝離利潤率。

So Jenny, maybe you want to comment a little bit more on what you're hearing on the raw material side.

珍妮，或許你想就原料方面聽到的情況再多說幾句。

Yes, sure. Some data point. Sulfur export out of Russia post the war has significantly reduced. So the recent attack of Ukrainian to refineries in Russia has, for sure, contributed to the tightness of the export of sulfur out of Russia. I would also say the overall sulfur being used on fertilizer production is over 50%.

當然可以。一些數據點。戰後俄羅斯的硫磺出口量大幅減少。因此，烏克蘭最近對俄羅斯煉油廠的襲擊無疑加劇了俄羅斯硫磺出口的緊張局面。我還想說，化肥生產中硫的總用量超過 50%。

So if the price of phosphate is under pressure and that will have impact to the sulfur price as well. So I would say not only the sulfur price is not only driven by supply/demand itself, it will also be impacted by the demand from phosphate. If any pressure on the prices of phosphate that will eventually impact the sulfur prices as well. So that happened many times in history. It will just take a bit of time to work through the S&D dynamics between phosphate S&D and also sulfur S&D.

因此，如果磷酸鹽價格承壓，也會對硫磺價格產生影響。所以我認為，硫磺價格不僅受供需關係本身的影響，還會受到磷酸鹽需求的影響。如果磷酸鹽價格面臨任何壓力，最終也會影響硫磺價格。歷史上這種情況發生過很多次。需要花點時間來理清磷酸鹽的供應與分銷動態以及硫的供應與分銷動態。

Kristen Owen, Oppenheimer.

克里斯汀歐文，奧本海默。

Just wanted to revisit the critical minerals. I think the comment period for that ends this month. So just remind us, puts and takes on whether phosphate has any implication for you? What -- how we should think about the puts and takes on that being added to the list?

想再回顧一下關鍵礦物。我認為該項意見徵詢期將於本月結束。那麼，請各位提醒一下，磷酸鹽是否對您有任何影響？我們應該如何看待添加到清單中的這些買賣交易？

Yes, Kristen, great question. We're active in Washington, not only ourselves, but through industry associations to advocating for that. And it seems that there is momentum to add it. I know even at some of the Senate hearings recently talking about that seems to indicate more momentum than not.

是的，克里斯汀，問得好。我們積極參與華盛頓的活動，不僅我們自己參與，也透過產業協會進行倡議。而且似乎有勢頭將其納入其中。我知道，最近在參議院的一些聽證會上，人們也在談論這個問題，這似乎表明勢頭強勁。

What does it do for us? I think what we're hoping for is that it brings a spotlight to the criticality of that, obviously, being a critical mineral. But it keeps that education within government that we need streamlined regulatory frameworks, maybe less burden, quicker permitting times to bring things to market. That is probably where the biggest advantage is for us to make sure that at the end of the day, we keep good supply within North America for good pre-trade and competitiveness for farmers to maximize the food that they grow. And that's what we're interested in by adding phosphate to the critical minerals list.

它對我們有什麼好處？我認為我們希望的是，這能讓人們更加關注這種重要礦物的重要性，顯然，它是一種關鍵礦物。但這有助於政府內部意識到，我們需要簡化監管框架，減輕負擔，並加快審批速度，以便將產品推向市場。這可能是我們最大的優勢所在：確保最終北美地區保持良好的供應，從而為農民提供良好的貿易前期和競爭力，使他們能夠最大限度地提高糧食產量。這就是我們把磷酸鹽加入關鍵礦物質清單的原因。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

I just wanted to ask on the finished goods inventory. I think it's about 1.7 billion. How much of that is at the mine or one of your facilities versus perhaps on consignment with the customer?

我只是想問一下成品庫存狀況。我認為大約是17億。其中有多少是在礦場或你們的某個工廠生產的，又有多少是寄存在客戶那裡生產的？

Yes, Vincent, thanks. Luciano, I'm just going to turn it over to him as he's got that handy here.

是的，文森特，謝謝。盧西亞諾，我就把這個交給他了，他手邊剛好有這個。

So I would say the inventories are mostly spread around the entire supply chain, right? So we have our warehouses in the Midwest. We have barges on the river. We have our finished good yards in our Florida facility. So there's -- it's ready to be moved and it's well positioned as soon as demand comes back to be sold.

所以我覺得庫存主要分佈在整個供應鏈中，對吧？所以我們在美國中西部地區設有倉庫。我們在河上有駁船。我們在佛羅裡達州的工廠設有成品堆場。所以，它已經準備好搬遷，一旦需求恢復，它就能迅速售出。

I think with that, we're going to close the call as we're at time. So thank you for your questions, everyone. To conclude our call, I'd like to reiterate a few of our key points.

我認為，就此，我們結束今天的通話吧。謝謝大家的提問。通話結束前，我想重申幾個要點。

First, our work to improve phosphate asset reliability is definitely paying off, and we're seeing that day in and day out with phosphate production climbing as the year moves along. We intend to reach our targeted rates, and we intend to sustain our production at high levels once we get there.

首先，我們為提高磷酸鹽資產可靠性所做的工作確實取得了成效，隨著時間的推移，磷酸鹽產量不斷攀升，我們每天都能看到這一點。我們計劃達到目標產量，一旦達到目標，我們將保持高水準的產量。

Our business in Brazil is performing very well despite the difficult credit environment. And Mosaic's potash business continues to deliver very strong results. We are producing at high rates to meet robust global demand. And we remain focused on our financial foundation. We're reducing costs and remaining committed to disciplined capital allocation. In all, Mosaic is in excellent position to deliver compelling returns through 2026 and beyond.

儘管信貸環境艱難，但我們在巴西的業務表現非常出色。Mosaic公司的鉀肥業務持續取得非常強勁的業績。我們正在高速生產，以滿足強勁的全球需求。我們將繼續專注於夯實財務基礎。我們正在降低成本，並繼續堅持嚴格的資本配置。總而言之，Mosaic 處於非常有利的地位，預計在 2026 年及以後帶來可觀的回報。

So thank you for joining the call, and have a great and safe day.

感謝您參加本次通話，祝您有美好且安全的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。