Management remarks
Call period: 2026 Q2 · 2026-07-31
Guidance: Charles Victor Magro: We now expect operating EBITDA of $4.1 billion to $4.3 billion and operating EPS of $3.60 to $3.80 per share.Demand and orders: Charles Victor Magro: We saw organic growth across all regions, in the first half, which speaks to the durability and the basic need of that technology demand.Margins: David Johnson: Overall, we delivered a strong first half with continued execution across both seed and crop protection translating into higher sales meaningful EBITDA growth, and nearly 200 basis points of margin expansion.Analyst Q&A
Analyst Patrick Cunningham asked: Hi. Good morning. This is Rachel on for Patrick David Cunningham. How should we think about your normalized free cash flow levels maybe next year compared to the $2.1 billion to $2.3 billion framework you laid out at the last Investor Day. Management David Johnson answered: We would expect that our if you looked at what our company would have been on a combined basis, we would be well within those targets that we set, kind of the 45 to 50% of EBITDA for free cash flow. For this year, obviously, a little bit if you look at our first half and you look at operating cash flow, we are down a couple billion dollars, and most of that being the $1.1 billion that we contributed to the pension plan, the Bayer agreement, restructuring, and so on.管理层陈述
电话会期间：2026 Q2 · 2026-07-31
指引：查尔斯·维克多·马格罗称：我们当前预计营运息税折旧摊销前利润区间为41亿至43亿美元，营运每股收益区间为3.60至3.80美元。需求与订单：查尔斯·维克多·马格罗称：上半年我们所有地区均实现有机增长，这表明该技术需求具有持久性和基本刚需。利润率：大卫·约翰逊称：总体而言，我们上半年表现强劲，种子和作物保护业务均持续推进，实现销售额增长、息税折旧摊销前利润大幅增长，利润率扩张近200个基点。分析师问答
分析师帕特里克·坎宁安提问：大家早上好，我是替帕特里克·大卫·坎宁安发言的雷切尔，我们应如何看待明年的正常化自由现金流水平，对比上次投资者日公布的21亿至23亿美元的框架？管理层戴维·约翰逊回应：合并后的公司将完全符合该目标，自由现金流占息税折旧摊销前利润的45%至50%。今年上半年运营现金流减少数亿美元，大部分源于向养老金计划、拜耳相关协议及重组事项支付的11亿美元。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
