雅保公司 (ALB) 2026 Q3 法說會逐字稿

Hello, and welcome to Albemarle Corporation's Q3 2026 earnings call. I will now hand it over to Meredith Bandy, Vice President of Investor Relations and Sustainability.

您好，歡迎參加雅保公司（Albemarle Corporation）2026 年第三季財報電話會議。現在我將把電話交給投資人關係與永續發展副總裁 Meredith Bandy。

Thank you, and welcome, everyone, to Albemarle's third quarter 2026 earnings conference call. Our earnings released after market close yesterday, and you'll find the press release and earnings presentation posted to our website under the Investors section at albemarle.com. Joining me on the call today are Kent Masters, Chairman and Chief Executive Officer; and Neal Sheorey, Chief Financial Officer. Eric Norris, Chief Commercial Officer, will also be available for Q&A. As a reminder, some of the statements made during this call including our outlook, expected company performance and strategic initiatives may constitute forward-looking statements.

謝謝，並歡迎各位參加雅保 2026 年第三季財報電話會議。我們的財報已於昨日收盤後發布，您可在 albemarle.com 網站「投資人」專區找到新聞稿與財報簡報。今天與我一同出席的有董事長兼執行長 Kent Masters，以及財務長 Neal Sheorey。商務長 Eric Norris 也將出席問答環節。提醒各位，本次電話會議中所作的部分陳述，包括我們的展望、預期公司表現與策略性措施，可能構成前瞻性陳述。

Please note the cautionary language about forward-looking statements contained in our press release and earnings presentation. That same language applies to this call. Please also note that some of our comments today refer to non-GAAP financial measures, you'll find reconciliations in our earnings materials.

請留意我們新聞稿與財報簡報中關於前瞻性陳述的警示性語言。同樣的語言也適用於本次電話會議。另外也請注意，我們今天的部分評論會提及非 GAAP 財務衡量指標，您可在我們的財報資料中找到對帳表。

And now I'll turn the call over to Kent.

現在我把電話交給 Kent。

Thank you, Meredith. Albemarle delivered another solid quarter, supported by disciplined execution across the enterprise. We reported third quarter net sales of $1.6 billion and adjusted EBITDA of $646 million. Energy Storage results were supported by higher lithium pricing year-over-year and Specialties outperformed with both higher pricing and volumes. Both segments are benefiting from ongoing cost and productivity efforts.

謝謝你，Meredith。雅保在全公司嚴謹執行的支持下，再次交出穩健的一季表現。我們第三季淨銷售額為 16 億美元，調整後 EBITDA 為 6.46 億美元。能源儲存業務的表現受惠於鋰價較去年同期上升；特用化學品（Specialties）則在價格與銷量雙雙提升下表現優於預期。兩個事業部門皆持續受益於成本與生產力提升措施。

Year-to-date, our teams have delivered more than $150 million in run rate cost and productivity improvements, achieving the high end of our full year target. Importantly, we have converted those strong earnings into cash. Year-to-date, we've generated $1.5 billion of cash from operations and $1.2 billion of free cash flow. Our year-to-date operating cash conversion rate of 67% is at the high end of our benchmarking range. We are also improving our 2026 outlook considerations.

年初至今，我們的團隊已實現超過 1.5 億美元的年化成本與生產力改善，達成全年目標區間的上緣。更重要的是，我們已將這些強勁獲利轉化為現金。年初至今，我們已產生 15 億美元的營運活動現金流，以及 12 億美元的自由現金流。年初至今 67% 的營運現金轉換率位於我們同業對標區間的上緣。我們也正在改善對 2026 年展望的考量。

We are increasing our adjusted EBITDA outlook for specialties based on strong year-to-date performance, steady market demand and continued cost and productivity improvements. We are also reducing expected full year capital expenditures through focused capital efficiency and the resequencing of some early-stage project spending. End market fundamentals remain strong for both our businesses. Global lithium consumption increased 48% year-to-date, led by continued strong demand for energy storage systems and rebounding demand for electric vehicles. Lithium demand continues to outpace supply growth.

基於年初至今的強勁表現、穩定的市場需求，以及持續的成本與生產力改善，我們上調特用化學品的調整後 EBITDA 展望。我們也透過聚焦資本效率，以及重新排序部分早期專案支出時程，降低全年資本支出預期。我們兩項業務的終端市場基本面仍然強勁。全球鋰消費量年初至今成長 48%，主要由能源儲存系統需求持續強勁，以及電動車需求回升所帶動。鋰需求仍持續超越供給成長。

Finally, at our world-class resources, the Greenbushes CGP3 expansion project achieved 30 days of nameplate performance in September. We are also progressing near-term growth opportunities at Greenbushes, Wodgina and the Salar de Atacama. Now I'll turn it over to Neal to discuss our financial results and outlook, then I'll return to cover market trends, our resource position and a few closing comments before opening the call for Q&A.

最後，在我們世界級資源方面，Greenbushes 的 CGP3 擴建專案於 9 月達成連續 30 天的設計產能（nameplate）表現。我們也正推進 Greenbushes、Wodgina 與 Salar de Atacama 的近期成長機會。接下來我將把電話交給 Neal，說明我們的財務結果與展望；之後我會回來談市場趨勢、我們的資源布局，以及幾點結語，然後開放問答。

Thank you, Kent, and good morning, everyone. I'll begin with our third quarter results on slide 5. Net sales were $1.6 billion, up 19% year-over-year driven primarily by higher pricing in Energy Storage and higher pricing and volumes in Specialties. Adjusted EBITDA was $646 million, up 186% reflecting improved market conditions and continued cost and productivity improvements in both segments. As a result, adjusted EBITDA margin expanded to 42%.

謝謝你，Kent，各位早安。我先從第 5 頁的第三季業績開始。淨銷售額為 16 億美元，年增 19%，主要由能源儲存較高的價格，以及特用化學品較高的價格與銷量所帶動。調整後 EBITDA 為 6.46 億美元，年增 186%，反映市場狀況改善，以及兩個事業部門持續的成本與生產力提升。因此，調整後 EBITDA 利潤率擴大至 42%。

Net income attributable to Albemarle was $297 million or $2.15 per share. Adjusted earnings per share, which primarily excluded restructuring and other related charges were $2.58 per share. Turning to slide 6. As usual, we provide the key drivers of our adjusted EBITDA growth year-over-year. Higher cost of goods sold primarily reflects the processing of higher-priced spodumene inventory and increased Chilean commission payments due to higher lithium pricing. As you see here, increased equity income from our Talison joint venture offset the impact of the higher spodumene pricing running through COGS.

歸屬於雅保的淨利為 2.97 億美元，或每股 2.15 美元。調整後每股盈餘主要排除重組及其他相關費用後為每股 2.58 美元。接著看第 6 頁。如同以往，我們提供調整後 EBITDA 年增的主要驅動因素。銷貨成本上升主要反映較高價格的鋰輝石（spodumene）庫存加工，以及因鋰價上升而增加的智利佣金支付。如您所見，來自 Talison 合資企業的權益法投資收益增加，抵銷了較高鋰輝石價格反映在銷貨成本中的影響。

By segment, Energy Storage adjusted EBITDA increased 351% due to higher lithium pricing. Specialties adjusted EBITDA increased 31% on higher pricing and volumes, driven by increased demand for bromine products. In both segments, cost and productivity improvements helped offset increased fuel and raw material costs driven by the conflict in the Middle East. Corporate and Other declined primarily because the prior year period included EBITDA from the Ketjen refining catalyst solutions business that was divested in the first quarter of 2026.

按事業部門來看，能源儲存調整後 EBITDA 因鋰價上升而增加 351%。特用化學品調整後 EBITDA 在價格與銷量提升下增加 31%，主要由溴產品需求增加所帶動。在兩個事業部門中，成本與生產力改善有助於抵銷因中東衝突所推升的燃料與原物料成本上升。公司與其他（Corporate and Other）下滑主要因去年同期包含 Ketjen 煉油觸媒解決方案業務的 EBITDA，而該業務已於 2026 年第一季完成出售。

Turning to slide 7. Thanks to our disciplined execution, Albemarle's year-to-date results have trended toward the higher end of the $20 scenario. This is due to Specialties outperformance higher volumes at Wodgina and successful cost and productivity improvements. Year-to-date, lithium market pricing has averaged approximately $20 per kilogram lithium carbonate equivalent or LCE.

接著看第 7 頁。得益於我們嚴謹的執行，雅保年初至今的表現已趨近每公斤 20 美元情境（$20 scenario）的上緣。這主要來自特用化學品優於預期、Wodgina 較高的產量，以及成功的成本與生產力改善。年初至今，鋰市場價格平均約為每公斤碳酸鋰當量（LCE）20 美元。

Moving to slide 8. In Specialties, geographic and end market diversity has helped us manage through notable headwinds, such as the conflict in the Middle East. We are the only bromine producer with access to world-class reserves in both Jordan and the US, which has given us flexibility to meet dynamic customer needs. As with most companies, we have seen higher costs related to the conflict, including select raw materials and logistics.

接著看第 8 頁。在特用化學品方面，地理與終端市場的多元化協助我們因應顯著逆風，例如中東衝突。我們是唯一同時可取得約旦與美國世界級儲量的溴生產商，這使我們能更具彈性地滿足客戶的動態需求。與多數公司相同，我們也看到與衝突相關的成本上升，包括部分原物料與物流。

At the same time, a tighter petrochemical supply chain has led to concerns around security of supply, supporting demand for our bromine products. In spite of the geopolitical volatility in the region, our Jordan Bromine Company joint venture achieved record quarterly production in the third quarter, which further enabled our ability to capture market growth. For the full year, we are increasing the Specialties adjusted EBITDA outlook to $350 million to $375 million, reflecting strong year-to-date performance our expectation of steady demand in the fourth quarter and further focus on cost and productivity actions.

同時，石化供應鏈趨緊引發對供應安全的疑慮，進而支撐對我們溴產品的需求。儘管該地區地緣政治波動，我們的 Jordan Bromine Company 合資企業在第三季創下單季產量新高，進一步提升我們掌握市場成長的能力。就全年而言，我們將特用化學品調整後 EBITDA 展望上調至 3.5 億至 3.75 億美元，反映年初至今的強勁表現、我們對第四季需求穩定的預期，以及對成本與生產力行動的進一步聚焦。

Moving to Energy Storage on slide 9. Third quarter revenues and adjusted EBITDA were up significantly year-over-year, primarily due to higher pricing. I'll note that last year's third quarter set a high bar for sales volumes given the timing of spodumene shipments and inventory destocking. By comparison, third quarter 2026 shipments of 56,000 tons LCE were down year-over-year. This is in line with our full year volume expectations following the outage at CGP3 earlier this year.

接著看第 9 頁的能源儲存業務。第三季營收與調整後 EBITDA 較去年同期大幅成長，主要由較高的價格所帶動。我也要指出，去年第三季因鋰輝石出貨時點與去庫存（inventory destocking）的影響，銷售量基期較高。相較之下，2026 年第三季出貨量為 56,000 噸 LCE，較去年同期下降。這與我們對全年出貨量的預期一致，反映今年稍早 CGP3 停機事件後的影響。

For the fourth quarter, we expect Energy Storage net sales and adjusted EBITDA to decrease sequentially, assuming today's lower market pricing persists for the remainder of the quarter, while volumes will be steady with the third quarter. Margins are also expected to decrease sequentially as higher priced spodumene from our Talison JV flows through inventory and into production costs at a time when pricing is trending lower.

就第四季而言，我們預期能源儲存業務的淨銷售額與調整後 EBITDA 將較前一季下滑，假設目前較低的市場定價在本季剩餘期間持續；而銷量將與第三季持平。由於我們 Talison 合資企業較高價格的鋰輝石（spodumene）將透過庫存流轉並進入生產成本，同時市場價格走勢轉弱，毛利率亦預期將較前一季下滑。

Expected full year sales volumes remain in the range of 225,000 to 235,000 tons LCE as the outage at CGP3 earlier this year is mostly offset by higher production and sales at Wodgina. Our contract versus spot mix for 2026 is also unchanged. Slide 10 highlights our continued progress on cost and productivity improvements and cash management actions.

全年預期銷售量仍維持在 225,000 至 235,000 噸 LCE 的區間，因今年稍早 CGP3 的停機影響大多已被 Wodgina 較高的產量與銷售所抵銷。我們 2026 年合約與現貨的組合亦維持不變。投影片 10 強調我們在成本與生產力改善，以及現金管理措施方面持續取得進展。

Year-to-date, we have achieved more than $150 million in run rate cost and productivity improvements, reaching the high end of our full year target. The improvements span manufacturing cost, incremental volume and yield gains and supply chain and back-office initiatives. Our focus on cash conversion and generation continues to show through. Year-to-date, we have generated $1.5 billion in cash from operations, representing an operating cash flow conversion of 67%.

年初至今，我們已達成超過 1.5 億美元的年度化（run rate）成本與生產力改善，達到全年目標的高端。改善範圍涵蓋製造成本、增量產量與收率提升，以及供應鏈與後勤（back-office）措施。我們對現金轉換與現金創造的聚焦持續展現成效。年初至今，我們已自營運活動產生 15 億美元現金，營運現金流轉換率為 67%。

Our conversion metric remains at the higher end of our benchmark target range of 60% to 70%. We continue to highlight our focus on cost, productivity and cash not only because we believe it's prudent, but also because it bolsters our competitiveness and continues to provide us with financial flexibility.

我們的轉換率指標仍位於基準目標區間 60% 至 70% 的高端。我們持續強調對成本、生產力與現金的關注，不僅因為我們認為這是審慎之舉，也因為這能強化我們的競爭力，並持續為我們提供財務彈性。

Turning to slide 11. We are reducing our expected 2026 total capital expenditures to $300 million to $350 million from approximately $500 million. This is a meaningful reduction, and it is the result of purposeful analysis and focus that we have put on our capital spending for some time. We are capturing the benefits from our work to improve capital efficiency including initiatives like best cost country sourcing, third-party spend optimization and streamlining our capital planning processes.

接著看投影片 11。我們將 2026 年預期總資本支出由約 5 億美元下調至 3 億至 3.5 億美元。這是一項具實質意義的下調，源自我們一段時間以來對資本支出所進行的有目的分析與聚焦。我們正取得提升資本效率工作的效益，包括最佳成本國家採購（best cost country sourcing）、第三方支出最佳化，以及精簡資本規劃流程等措施。

The reduction reflects a mix of two things. First, capital efficiency improvements that benefit both growth and sustaining capital projects; and second, resequencing early-stage project spending to better align with project timelines, which primarily impacts growth CapEx. To be clear, these improvements still prioritize the must-do capital for safety, critical maintenance and regulatory purposes that our assets require. As a result of our efforts, we are now targeting less than $300 million of sustaining capital spending in 2026.

此下調反映兩項因素的組合。第一，資本效率改善，同時有利於成長型與維持性資本專案；第二，將早期階段專案支出重新排序，以更貼合專案時程，主要影響成長型資本支出（growth CapEx）。需要說明的是，這些改善仍優先保障我們資產所需、必須投入的資本支出，用於安全、關鍵維護與法規遵循目的。在我們努力之下，我們目前目標是在 2026 年將維持性資本支出控制在低於 3 億美元。

With that, I'll turn the call back to Kent to discuss demand and our resource position.

接下來我把電話交回給 Kent，請他說明需求與我們的資源布局。

Thanks, Neal. I'll start with an update on the lithium market. We're maintaining our lithium demand forecast, which you can find in the appendix of these slides. We are encouraged that lithium demand continues to diversify across end markets and geographies, giving us greater confidence in the industry's long-term growth.

謝謝，Neal。我先更新鋰市場狀況。我們維持鋰需求預測不變，相關內容可在本簡報附錄中找到。我們樂見鋰需求持續在終端市場與地理區域上多元化，這讓我們對產業長期成長更具信心。

Starting on slide 12. Stationary storage production nearly doubled year-over-year through September, maintaining the strong growth rate that we have seen throughout 2026. This significant demand growth is supported by global electricity demand, the need for grid reliability and energy security, storage project economics and policy support in regions such as China, Europe and Australia. The broader driver is robust end-use demand for grid resilience and power generation as renewables paired with storage are among the lowest cost and fastest ways to add energy to the grid.

從投影片 12 開始。截至 9 月，固定式儲能（stationary storage）電池產量年增近一倍，維持我們在 2026 年以來所見的強勁成長率。此顯著的需求成長受到全球用電需求、電網可靠性與能源安全需求、儲能專案經濟性，以及中國、歐洲與澳洲等地區政策支持所帶動。更廣泛的驅動因素是對電網韌性與發電的強勁終端需求，因為再生能源搭配儲能是向電網新增能源供給成本最低且速度最快的方法之一。

Turning to slide 13 for additional perspective on the durability of the stationary storage outlook. Lithium battery demand for stationary storage is expected to grow at a 25% CAGR through 2030. This high growth rate has made stationary storage as significant demand driver as EVs in 2026. At its core, this demand is driven by economics. Due to the reduced cost and increased global scale for lithium-ion batteries, stationary storage installations deliver attractive returns across most major end markets, such as China and Europe.

接著看投影片 13，以進一步說明固定式儲能展望的韌性。預期固定式儲能用鋰電池需求至 2030 年的年複合成長率（CAGR）為 25%。如此高的成長率，使固定式儲能在 2026 年成為與電動車（EV）同等重要的需求驅動因素。其核心驅動來自經濟性。由於鋰離子電池成本下降且全球規模擴大，固定式儲能裝置在多數主要終端市場（如中國與歐洲）可帶來具吸引力的報酬。

These returns are supported by multiple revenue streams, improving project bankability and access to financing. As a result, approximately 1,000 gigawatt hours of stationary storage projects are in the pipeline for 2027. This is in line with 2026 battery production as the global average lead time between battery production and installation is more than one year.

這些報酬由多元收入來源支撐，提升專案的可融資性（bankability）與取得融資的能力。因此，約有 1,000 GWh 的固定式儲能專案正處於 2027 年的開發管線中。這與 2026 年電池產量相符，因為全球平均從電池生產到安裝的前置時間超過一年。

Current stationary storage inventories are needed to support significantly higher 2027 installations. With our level of downstream visibility, we see battery producer order books remaining solid in the first half of 2027. We are still in the early stages of global stationary storage adoption. The long-term need for storage is substantial, supporting a five year lithium demand CAGR of approximately 25% for stationary storage. This growth is underpinned by growing electricity demand as renewables continue to increase in share of global energy production.

目前的固定式儲能庫存是支撐 2027 年顯著更高安裝量所必需的。以我們對下游的可視度來看，我們預期電池製造商的訂單簿在 2027 年上半年仍將維持穩健。我們仍處於全球固定式儲能採用的早期階段。長期儲能需求相當可觀，支撐固定式儲能在未來五年的鋰需求 CAGR 約為 25%。此成長由用電需求增加所支撐，因為再生能源在全球能源生產中的占比持續提升。

Most third-party forecasts expect 30 to 40 terawatts of storage are needed by 2050, 20 times what has been produced to date. Turning to slide 14. Global electric vehicle sales increased 11% year-over-year through September, continuing the demand inflection that started in the second quarter. This improvement was led by strong demand in Europe and rest of world. Europe remained strong, up 35%, supported by policy initiatives and higher oil costs. In China, increased exports and larger battery sizes offset weaker domestic EV sales.

多數第三方預測認為，到 2050 年需要 30 至 40 太瓦（TW）的儲能規模，為迄今累計產出量的 20 倍。接著看投影片 14。截至 9 月，全球電動車銷量年增 11%，延續第二季開始的需求拐點。此改善主要由歐洲與世界其他地區的強勁需求帶動。歐洲維持強勁，年增 35%，受政策措施與油價上升支撐。在中國，出口增加與電池容量變大抵銷了國內電動車銷售較弱的影響。

Rest of World remained the fastest-growing region, up 94% year-over-year as EV penetration continues to diversify globally. Slide 15 shows this geographic diversification in more detail. The rest of the world EV sales have nearly doubled year-over-year and now represent 14% of global EV sales through September up 8% in the prior year period.

世界其他地區仍是成長最快的區域，年增 94%，因電動車滲透率持續在全球多元化。投影片 15 更詳細呈現此地理多元化。世界其他地區的電動車銷量年增近一倍，截至 9 月已占全球電動車銷量的 14%，高於前一年同期的 8%。

Recent shocks in oil pricing and availability have driven an increase in EV penetration. Oil importing countries increasingly view EV adoption as an energy security measure. This growth is broad-based across Southeast Asia, Japan and Korea, South America and other markets, like Australia and India.

近期油價與供應可得性的衝擊推動電動車滲透率上升。石油進口國愈來愈將電動車採用視為一項能源安全措施。此成長在東南亞、日本與韓國、南美以及澳洲、印度等其他市場呈現廣泛分布。

Chinese exports account approximately 60% of Rest of World sales, while policies in markets like Vietnam, Thailand, Indonesia and Brazil are supporting domestic manufacturing. Turning to slide 16. Our world-class resource base provides multiple capital-efficient growth options.

中國出口約占世界其他地區銷量的 60%，同時越南、泰國、印尼與巴西等市場的政策正支持本土製造。接著看投影片 16。我們世界級的資源基礎提供多種具資本效率的成長選項。

We've seen good improvements across our resources in the third quarter and promising developments for both near- and long-term growth. At Greenbushes, CGP3 achieved 30 days of nameplate performance in September. We are pleased CGP3 has resumed a successful ramp and expect to see the full benefit of that expansion in 2027.

第三季我們在各項資源上看到良好改善，且在近、中長期成長方面都有令人鼓舞的進展。在 Greenbushes，CGP3 於 9 月達成連續 30 天的名目產能（nameplate）表現。我們很高興 CGP3 已恢復成功爬坡，並預期在 2027 年充分體現該擴建的效益。

The Greenbushes management team continues to progress optimization studies and has identified opportunities across the mine. The team is now working to incorporate these opportunities into life-of-mine planning as they are assessed and approved by the JV partners.

Greenbushes 管理團隊持續推進最佳化研究，並已在礦山各環節辨識出機會。團隊目前正將這些機會在評估並獲合資夥伴核准後，納入礦山全壽期（life-of-mine）規劃。

Wodgina continues to operate three trains successfully with higher production and recoveries. The team at Wodgina is also progressing expansion studies. Chile delivered solid operating progress with lithium production up year-over-year at the Salar and La Negra through September. We also advanced the DLE project into feasibility stage and continue to progress permitting on schedule.

Wodgina 持續成功運行三條生產線，產量與回收率均有所提升。Wodgina 團隊也正在推進擴產研究。截至 9 月，智利在 Salar 與 La Negra 的鋰產量較去年同期增加，營運進展穩健。我們也已將 DLE 專案推進至可行性研究階段，並持續按計畫推動許可申請進度。

Together, these results demonstrate strong execution of current operations while advancing our high-return brownfield growth opportunities. As previously announced, on February 1, Rag Udd will join Albemarle as CEO, and at that time, I will move to Executive Chairman to ensure a smooth transition.

綜合而言，這些成果展現了我們在推進現有營運強力執行的同時，也在推動高報酬的棕地成長機會。如先前宣布，2 月 1 日 Rag Udd 將加入 Albemarle 擔任執行長，屆時我將轉任執行董事長，以確保順利交接。

As this is my last earnings call as CEO, I want to take this opportunity to say what a privilege it has been to lead the Albemarle team. Over the past six years, we have accomplished a great deal together. We've established Albemarle as a global leader in lithium and bromine with expanded scale, even stronger financial flexibility and global market leadership. We've delivered strong performance through the cycle by moving decisively as conditions changed to reposition the portfolio, reduce cost and increased earnings power and cash flow generation.

由於這是我以執行長身分主持的最後一次財報電話會議，我想藉此機會表示，能夠領導 Albemarle 團隊是我的榮幸。在過去六年中，我們一起完成了許多成就。我們擴大規模，建立 Albemarle 作為全球鋰與溴領導者的地位，並具備更強的財務彈性與全球市場領導力。我們也在景氣循環中展現強勁表現，隨著環境變化果斷行動，重新調整投資組合、降低成本，並提升獲利能力與現金流創造能力。

Finally, and perhaps most importantly, we positioned Albemarle for even stronger performance and growth by putting in place a lower and more competitive cost structure, a simpler organization and portfolio, stronger capital discipline and a world-class resource and asset base that can support disciplined high-return growth. I'm excited for Albemarle's future, leveraging our strong position today and looking forward to our next chapter under Rag's leadership.

最後，也許最重要的是，我們透過建立更低且更具競爭力的成本結構、更精簡的組織與投資組合、更強的資本紀律，以及世界級的資源與資產基礎，讓 Albemarle 具備更強的表現與成長動能，並能支持有紀律的高報酬成長。我對 Albemarle 的未來感到振奮，將善用我們今日的強勢地位，並期待在 Rag 的領導下迎接下一個篇章。

With that, I'll turn the call over to the operator for Q&A.

接下來，我把電話交給接線員進行問答。

(Operator Instructions)

(接線員指示)

Patrick Cunningham, Citi.

Patrick Cunningham，花旗。

Hi. Good morning. This is Alex on for Patrick. I guess, it seems like there's an increasingly strong focus on the cost discipline in the specialty side. Can you maybe walk us through some of the actions you're taking there? And how much incremental benefit we should expect in '27?

嗨，早安。我是 Alex，代替 Patrick 發言。我想，似乎在特用化學品業務這一端，對成本紀律的關注正在持續加強。你們能否帶我們了解一下在那方面正在採取哪些行動？以及到 2027 年我們應該預期有多少額外效益？

Okay. So let me -- I'll start with that. So I would -- my first comment would be it's across the whole organization, not just specialties. So we're trying to get very focused, make us a kind of a leaner organization and that's kind of across everything, so operations, productions. I think you saw in the comments, we had a record production quarter, third quarter at JBC in spite of kind of the disruptions happening in the region.

好的。那我先—我先從這個問題開始。我首先想說的是，這是涵蓋整個組織的重點，不只是特用化學品。我們正努力更聚焦，讓組織更精實，這是全面性的，包括營運、產量等各方面。我想你們在我們的評論中也看到，儘管該地區出現一些干擾，JBC 在第三季仍創下單季產量新高。

So there's a lot of focus on operating costs, on productivity, on efficiency throughout the enterprise. So and it goes back office, supply chain, we're getting pretty focused and have been on that path for the last, I would say, three years and we're getting better at it. You see doing the same thing on capital. That's a big program that we have of getting much more focused, particularly on sustaining capital.

因此，我們在整個企業範圍內都非常聚焦於營運成本、生產力與效率提升。同時也延伸到後勤支援部門與供應鏈；我們在這方面相當聚焦，且我會說過去大約三年一直走在這條路上，現在也做得越來越好。你們也看到我們在資本支出上採取同樣作法。我們有一個大型計畫，讓資本支出管理更聚焦，特別是在維持性資本支出上。

Looking at benchmarks, trying to be best-in-class around how we maintain our assets and looking significantly a different way between growth capital and sustaining capital. A lot of focus on both, but looking at different ways and benchmarking, sustaining capital against other manufacturing organizations that we think are similar and world-class.

我們會參考同業基準，力求在資產維護方式上達到同業最佳水準，並以顯著不同的方式區分成長型資本支出與維持性資本支出。兩者都高度重視，但會用不同的方法與基準比較；我們將維持性資本支出與我們認為相近且世界級的製造型企業進行對標。

So it's not just specialties, but there is a focus on specialties, but I think it goes across the enterprise.

所以不只是特用化學品，雖然特用化學品確實也是重點之一，但我認為這是全企業範圍的工作。

Great. And then just as a follow-up. I think pricing was higher quarter-on-quarter despite some declines in the spot market. I'm just curious, was there less spot volume or spodumene volumes sold sequentially?

很好。接著追問一下。我認為即使現貨市場有些下滑，你們的定價仍較上一季提高。我想了解的是，是否相較前一季出售的現貨量或鋰輝石（spodumene）銷量較少？

Yeah. Hi there, Alex, this is Neal. I can take a little bit of this. So remember that our pricing in a particular quarter can be above the market for reasons actually different than what you mentioned with regards to mix. I mean, yes, mix is one part.

是的。嗨 Alex，我是 Neal。我可以先回應一部分。請記得，我們在某一季的定價有時會高於市場，原因其實不一定是你提到的產品組合因素。當然，組合確實是其中一個因素。

But also remember that our contract volume has a three month lag to it. So actually, for some of that contract volume that came through in the third quarter, what you what we actually saw was pricing that was more indicative of the second quarter. And so there are things like that, that also come through in our numbers, which would drive our pricing at times to be above the market.

但也請記得，我們的合約銷量有三個月的落後期。因此，第三季入帳的部分合約銷量，其實反映的是更接近第二季的價格水準。所以也會有這類因素反映在我們的數字中，導致我們的定價在某些時點看起來高於市場。

Josh Spector, UBS.

Josh Spector，瑞銀。

Hey, guys. This is James Cannon on for Josh. I kind of wanted to dig in on lithium prices as well. Just thinking about the price declines we're seeing in China against some of the commentary about consumption outpacing supply growth. Can you just unpack a little for us what you're seeing that's potentially driving some of those price declines?

嗨，各位。我是 James Cannon，代替 Josh 發言。我也想更深入談談鋰價。我們看到中國鋰價下跌，但同時也有一些評論指出消費增長正在超過供給增長。你們能否為我們拆解一下，你們觀察到可能驅動這些價格下跌的因素是什麼？

Yes. So let me -- I'll start on it. Eric can add some detail around that. But Look, we see it. It's a little kind of see what you see in the trading markets is a little disconnected from the physical market. So inventories are at a level that would typically indicate a fairly tight market. We see that in the numbers that we see in our own inventories as well.

好的。那我先—我先談一下。Eric 也可以補充一些細節。不過你看，我們確實也看到了。交易市場上看到的情況，與實體市場之間有點脫節。目前庫存水位通常會顯示市場相當吃緊。我們從自身庫存數據中也看到同樣的情況。

And then we see comments from customers that are asking us questions around the same thing. So as you said, the lithium demand has been higher than supply growth, and that would it seems strange with the market moving it is. So it has to be people or the traders looking further out and assuming that, that's going to shift in a year's time or so. But it's unusual to see that happening in the near term. So we're a little surprised by that as well. Eric, you want to --

此外，我們也聽到客戶提出類似問題。如你所說，鋰需求增長高於供給增長，而市場卻出現這樣的走勢，確實看起來有些奇怪。因此可能是市場參與者或交易員在看更遠的未來，假設大約一年後供需會發生轉變。但在短期內看到這種情況並不尋常。所以我們也有點意外。Eric，你要不要—

Just to reiterate, I mean, the demand this year has been very strong to date. Supply has had challenge keeping up with that at the rate of supply growth lower than demand and inventories are healthy. So getting underneath all of that I think there is as Kent said, it's a speculation on what might happen, but what is happening, what we're hearing from our customers is strong demand continuing in the ESS sector.

我再重申一次：今年迄今需求確實非常強勁。供給端在追趕上面臨挑戰，供給增長速度低於需求增長，而庫存水位仍屬健康。因此，深入看這些因素之後，我認為如 Kent 所說，這更多是對未來可能發生什麼的投機；但就正在發生的事情而言，我們從客戶那裡聽到的是，ESS（儲能系統）領域的強勁需求仍在延續。

Kent described during his prepared remarks that demand growth has been significant this year, about 840 gigawatt hours of production, but that is forecasted against or is going to be applied against demand that's 12 months ahead, which are the up to 1,000 gigawatt hours of announced capacity in installations. That's not unusual.

Kent 在事先準備的發言中提到，今年需求增長相當顯著，約 840 GWh 的產量，但這是對應到 12 個月後的需求預測，也就是已宣布的裝機容量最高可達 1,000 GWh。這並不罕見。

I mean, so I think there's been some speculation on inventory build. We don't see the inventory build unusual. What's happening is this is planned production against future demand that feels very solid, that's what we're hearing from the market. We're also seeing significant growth outside of China for electric vehicles. While the China market is gradually improving and is still the workhorse of demand for the EV sector, but Europe is up significantly.

我的意思是，我認為市場上有一些對庫存增加的揣測。但我們並未看到不尋常的庫存累積。目前發生的是：這是針對未來需求所規劃的生產，而我們從市場聽到的未來需求非常扎實。我們也看到中國以外的電動車市場顯著成長。雖然中國市場正在逐步改善，且仍是電動車需求的主力，但歐洲的增幅相當明顯。

The rest of the world is nearly double. And by rest of world we mean everywhere, but Europe, China and the United States. And as we've said many times, US is a very small, almost not very relevant market to the EV picture. And all of this is being driven by the affordability of EVs coupled with high oil prices. So the demand side doesn't fit with what we're hearing on -- or what we're seeing in the speculation in futures markets for lithium. On the supply side, we have a similar disconnect.

世界其他地區幾乎是其兩倍。而我們所說的世界其他地區，是指除歐洲、中國與美國以外的所有地方。而且如同我們多次提到的，美國在電動車版圖中是一個非常小、幾乎不太相關的市場。而這一切主要是由電動車可負擔性提升加上油價高企所驅動。因此，需求面與我們聽到的——或我們在鋰期貨市場投機所看到的情況——並不相符。在供給面，我們也看到類似的脫節。

On the supply side, as I said, the supply has had trouble keeping up. We've seen a lot of marginal cash cost capacity announced to come on, largely the Australian spodumene, that was announced when pricing was significantly higher than it is today. At today's prices, that supply is going to be much less economic, if economic at all. And these are companies that have balance sheets that have to be focused on whether they can operate at that level successfully, so we see that as being a challenge.

在供給面，如我所說，供給一直難以跟上。我們看到宣布將投產的許多邊際現金成本產能，主要是澳洲的鋰輝石（spodumene），這些是在價格顯著高於今日水準時宣布的。以目前價格來看，那些供給的經濟性將大幅降低，甚至可能完全不具經濟性。而這些公司必須關注其資產負債表，評估是否能在該成本水準下成功營運，因此我們認為這會是一項挑戰。

I think we also see challenges on the supply side of Africa. Africa is very important to supporting the growth and the appetite that China has for spodumene consumption. Zimbabwe export ban has been reaffirmed, and we doubt that many producers are going to be able to comply with the downstream beneficiation requirement that the government wants there.

我認為我們也看到非洲供給面存在挑戰。非洲對於支撐中國對鋰輝石消耗的成長與需求非常重要。辛巴威的出口禁令已再次被確認，而我們懷疑有多少生產商能符合政府要求的下游選礦／增值加工（beneficiation）規定。

And other projects throughout the region are challenged by inland and port logistics. So we see the supply is needed, but it is that we see more challenges than what is then versus the sort of the face announcement of what would come on from a supply standpoint. Bottom line, you'll never hear us get out and try to predict price ourselves, but the fundamentals in the physical market don't support what we're seeing in the spot market now.

此外，該地區其他專案也受到內陸與港口物流的限制。因此我們認為供給確實需要增加，但我們看到的挑戰多於供給端表面上宣布將投產的那些內容。總結來說，你永遠不會聽到我們出來嘗試自行預測價格，但實體市場的基本面並不支持我們目前在現貨市場看到的情況。

Got it. Thank you very much.

了解。非常感謝。

John Roberts, Mizuho.

John Roberts，瑞穗（Mizuho）。

Thank you. At the end customer level for stationary storage and EV sales what would you guess the regional breakdown currently is, where the lithium finally ends up being installed or consumed in a car purchase?

謝謝。在終端客戶層級，就固定式儲能與電動車銷售而言，您推測目前各區域的分布大概是如何——也就是鋰最終安裝在哪裡，或在購車時最終在哪裡被消耗？

So those are going to be different answers between EV and the fixed storage market. And the fixed storage market is becoming a bigger part. You heard in our comments that the growth year-on-year was kind of the same with EV and fixed storage, and fixed storage is about 30% of the overall market now as well. And I'm not sure if I can go around the world in each segment and tell you where the market is. Eric, can you cover that?

所以電動車與固定式儲能市場的答案會不同。而固定式儲能市場正變得更為重要。你在我們的評論中也聽到，電動車與固定式儲能的年增成長大致相同，而固定式儲能目前也約占整體市場的30%。我不確定我是否能在每個細分領域把全球各地的市場狀況都講清楚。Eric，你可以補充說明嗎？

There's a lot of this might require several slides and maybe not be able to be addressed adequately in a Q&A session, John. But I think the first thing you have to remember is that China is both a large market in itself, it is -- I don't have the numbers in front of me. It's approximately let's put it this way, most of the world's lithium is moving through at a cathode level, moving through China. So if you look at EV sector about half of that -- of the demand stays in China domestically. And the rest that gets processed is moving into other parts of the world, where Europe is about 27% or so.

John，這裡面很多內容可能需要好幾張投影片，可能也不太能在Q&A環節充分回答。但我認為首先你必須記住，中國本身就是一個很大的市場——我手邊沒有具體數字。大致上可以這麼說：全球大部分鋰在正極材料（cathode）層級的流轉，都會經過中國。因此如果看電動車領域，大約有一半的需求留在中國內需市場。其餘被加工的部分則流向世界其他地區，其中歐洲約占27%左右。

This is in one of our slides, by the way. North America, as we've consistently said, is 10% or less of the market and the rest of the world is 14%. What Kent commented upon in his remarks is that, that 14% was 8% last year, so the rest of the world is the big growth driver for us at the moment.

順帶一提，這在我們其中一張投影片裡有。北美如我們一貫所說，占市場10%或更低，而世界其他地區占14%。Kent在他的發言中提到的是，這個14%去年是8%，所以目前對我們而言，世界其他地區是最大的成長驅動力。

When it comes to the grid demand, it's far more globally dispersed. China is the largest market at about 50%. The US in installations this year is actually about 7% or less, that is, by the way, the market where you see a lot of the data center demand or if there's going to be a lack of it there as well. And that, I think, is appropriately what we should point out is a pretty small driver of what's going on in grid storage.

至於電網端需求，分布就更為全球化、更加分散。中國是最大的市場，約占50%。而美國今年的安裝量其實約占7%或更低；順帶一提，那也是你會看到許多資料中心需求數據的市場——或者也可能看到其不足之處。我認為我們應該適當指出的是，這其實是電網儲能所發生事情的一個相當小的驅動因素。

It's really the rest of the world, it's industrialization, growth of consumer demand. Even in Europe, the growth of transportation demand and storage thereof, the pairing of renewables with storage, grid reliability. Those are the big drivers in this sector. And there, again, on one of our slides, I think on slide 12, you can see that those pieces that I just referenced with Europe being 19% and the rest of the world being a very big contributor to grid storage demand relatively speaking, it's about a quarter of global demand. So you can reference those slides in the deck, John, Hopefully, that gives you some commentary that's helpful.

真正的驅動力是世界其他地區：工業化、消費需求成長。即使在歐洲，運輸需求及其儲能的成長、再生能源與儲能的搭配、電網可靠性，這些才是這個領域的主要驅動因素。而且同樣地，在我們其中一張投影片上——我想是第12頁——你可以看到我剛提到的那些部分：歐洲占19%，而世界其他地區相對而言對電網儲能需求的貢獻非常大，約占全球需求的四分之一。所以你可以參考簡報中的那些投影片，John，希望這些評論對你有所幫助。

Thank you.

謝謝。

Ben Isaacson, Scotiabank.

Ben Isaacson，加拿大豐業銀行（Scotiabank）。

Thank you very much and good morning, everyone. Just one question for me. I'd like to come back to specialties. Your revised guide is about $350 million to $375 million, which is almost exactly $100 million higher than your three year average. So my question is, of that $100 million, can you parse out how much is productivity gains or removal of cost structure versus temporary pricing? Thank you.

非常感謝，各位早安。我只有一個問題。我想回到特用產品（specialties）。你們修訂後的指引約為3.5億至3.75億美元，幾乎正好比你們三年平均高出1億美元。所以我的問題是，在這1億美元之中，你們能否拆分一下有多少來自生產力提升或成本結構移除， versus 暫時性的定價因素？謝謝。

So I think in the well, in the specialty, so as you look out for the rest of the year, so there is some pricing, there is volume, which we talked about, we've had good performance, and there are some cost out pieces associated with that. So specifically about which one is contributing both. I think -- I mean it's a combination of everything. I don't know if I can parse specifically, which is which, but there is some productivity and cost around that. There's a little bit of pricing, and there is some volume as well.

我想在特用產品方面，當你展望今年剩餘時間，確實有一些定價因素，也有我們談到的量的因素——我們表現不錯——同時也有一些與此相關的降本項目。至於具體是哪一項在貢獻、或兩者各自的貢獻，我想——我是說，這是各種因素的組合。我不確定我能否具體拆分哪個是哪個，但確實有一些生產力提升與相關成本改善。也有一點定價因素，另外也有一些量的因素。

And maybe just to add, look, I don't think I can parse it out exactly as you're looking for it. But I mean a couple of things to think about that has benefited specialties. And it's not the entire story around specialties. I agree with what Kent said that we definitely have cost and productivity showing through.

我再補充一下：坦白說，我不認為我能像你希望的那樣精確拆分。但有幾點可以思考，這些確實讓特用產品受益。而且這也不是特用產品的全部故事。我同意Kent所說，我們確實看到成本與生產力改善反映在結果上。

Just as a reminder, we started the year, and we still believe that we have $70 million to $90 million of unmitigated cost escalation that is coming through as a result of the situation in the Middle East. And so you can see through our specialties numbers that we are largely finding ways to mitigate that through our own ability to offset some of the logistics costs as well as we have seen pricing move up in certain areas, particularly where we have spot business like in China, we have seen pricing move up.

提醒一下，我們在年初時就提出，而且現在仍然相信，因中東局勢影響，我們將面臨7,000萬至9,000萬美元尚未被完全抵消的成本上升。

So we've been able to pass some of those costs along. Maybe the other thing that I would kind of highlight is the demand picture does continue to be quite robust as we've gone through the year. We have definitely seen petrochemical chains nervous, just about security of supply, and that's where for us as a producer with locations in two major geographies, we can actually capture that demand regardless from either geography as we need to, to make sure that we have those stable supply chains for our customers.

因此，我們已能將其中一部分成本轉嫁出去。另外我想特別強調的是，隨著我們走過今年，需求面仍然相當強勁。我們確實看到石化產業鏈對供應安全感到緊張；而對我們而言，作為在兩大主要地理區域都有據點的生產商，我們可以視需要從任一地區滿足需求，以確保為客戶提供穩定的供應鏈。

But maybe I'll ask Eric if he wants to add anything else to that.

不過也許我請 Eric 看看是否還想補充其他內容。

Yeah, you're not going to again, we can't give you the question you're asking of the apportionment by driver cost versus market. There are a couple of stories going on in specialties. The near-term story is the pressure on the market from the Middle East crisis. And what that means for oil as the oil end market is an important market for us in oilfield.

是的，你不會——再說一次，我們無法回答你所問的、按驅動因素拆分的分攤：成本驅動相對於市場因素各占多少。在特用化學品方面有幾個故事同時在發生。短期的故事是中東危機對市場造成的壓力。而這對原油的意涵——因為原油終端市場對我們的油田業務而言是重要市場——也很關鍵。

And then you add on top of that, what Neal just talked about, which is we have the dual source supply around the world, and that gives us opportunities to actually gain some share in a few cases with those customers for whom that risk diversification is important.

然後再加上 Neal 剛剛提到的：我們在全球具備雙來源供應，這讓我們在某些情況下有機會，對那些重視風險分散的客戶實際上取得一些市占。

That's one part of the story. The longer term part of the story is what we're doing on cost, Kent went into that already. On the commercial side, we have more attractive a broad mix of markets. We have some that are more attractive in growing and profitable than others. Neal alluded to that, those might be markets such as semiconductor, pharmaceutical, and so pivoting our mix to a higher value those segments as they grow in the current market conditions is also a part of both the top line and the margin expansion we expect going forward.

這是故事的一部分。較長期的部分則是我們在成本方面所做的事，Kent 已經談過了。在商業面，我們擁有更具吸引力且更廣泛的市場組合。其中有些市場比其他市場更具吸引力、成長更快且獲利更佳。Neal 也提到過，這些可能包括半導體、製藥等市場；因此，隨著這些區隔在目前市場環境下成長，我們將產品組合轉向更高價值的區隔，也是我們預期未來營收成長與毛利率擴張的一部分。

That's helpful. Thanks so much.

這很有幫助。非常感謝。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Kent and Eric, on lithium demand growth, it looks like '26, will end up at the high end or above 40% level you put out there. Do you think demand growth in '27, could approach that number, i.e., close to 40%?

Kent 和 Eric，關於鋰需求成長，看起來 2026 年最終會落在你們提出的 40% 水準的高端，甚至高於 40%。你們認為 2027 年的需求成長是否可能接近那個數字，也就是接近 40%？

Yes. So look, you see in the forecast we do, we've got a pretty wide range in that, and it -- and we were actually we were a bit below that this year. And we feel pretty good about the long-term forecast kind of spotting that year-to-year. But the drivers seem to be there. There's recovery in the EV market.

是的。你看，在我們做的預測裡，這個區間其實相當寬——而且今年我們實際上略低於那個水準。但我們對長期預測、以及逐年觀察的方式仍然相當有信心。不過驅動因素看起來都在。電動車（EV）市場正在復甦。

We went -- we talked about each one of those just a moment ago, so that's looks like it's coming back. And the fixed storage market is strong. And we don't expect it to grow, to double this year. We don't forecast that level of growth by any means, but we see it growing 25% over the next number of years, right, a CAGR through the end of the decade in that range.

我們剛才已逐一談過那些因素，所以看起來正在回來。而固定式儲能市場也很強勁。我們不預期它今年會成長到翻倍。我們完全沒有預測那種成長幅度，但我們看到未來幾年它將成長 25%，也就是到本十年末大約落在那個區間的年複合成長率（CAGR）。

And it seems supported by the activity that we see. I mean I know there is a conversation about is there inventory building up, but that's not how we see it. There's a year lag in the supply chain for that, so the lithium made goes into batteries that get installed in one year. And all of that seems to be on track. It looks from our perspective.

而且這似乎也受到我們所看到的活動量所支撐。我的意思是，我知道外界在討論是否有庫存正在累積，但我們的觀察不是這樣。供應鏈在這方面有一年的時間落差，因此生產出的鋰會進入電池，而電池會在一年內被安裝。而這一切看起來都在正軌上。至少從我們的角度看是如此。

We can see about six months into that, and that looks on track. So we think that growth is there. So it should be strong in '27, it's hard for us to say what a number is going to be, right? It's easier we feel better about the long-term forecast and those CAGRs than we do on specifically on year-to-year.

我們大概可以看到未來六個月的情況，而看起來也都在正軌上。所以我們認為成長動能是存在的。因此 2027 年應該會很強，但要我們說出一個確切數字很難，對吧？相較於逐年精準預測，我們對長期預測與那些年複合成長率（CAGR）反而更有把握。

And I think probably, John, what's most notable about this and what makes or I'm sorry, David, what makes us most notable about this the maturity of the market is its breadth of demand by region and by application and how that's developing. So that means it's going to be hard to -- we have a range because there's uncertainty of how all these things play out. I don't think anybody would have expected that a weak China EV market would lead to anything but significant oversupply in the market, and that has not happened.

而我想，John——抱歉，David——這件事最值得注意、也讓我們覺得市場成熟度最突出的地方，在於需求在不同地區與不同應用上的廣度，以及這種發展的態勢。因此要——我們之所以給出一個區間，是因為這些因素如何演變仍有不確定性。我想沒有人會預期，中國電動車市場疲弱會導致市場出現除了嚴重供給過剩以外的結果，但事實並沒有發生那樣的情況。

That's an important market, but its growth is being offset by other diversification in this market. And so I think the bottom line message is it's more about the development of this lithium market and its breadth and the sustainability of that growth in general than it is trying to pinpoint whether we're going to be at the high end or the low end, it's the healthy market in that regard.

中國是重要市場，但其成長放緩正被這個市場其他面向的多元化所抵消。所以我認為最核心的訊息是：與其試圖精準判斷我們會落在高端或低端，不如說重點在於鋰市場的發展、其需求廣度，以及整體成長的可持續性；就這點而言，市場是健康的。

Yeah, the diversification of that of our markets, right, both on applications, so fixed storage and EVs and other applications, and then geographically, that diversification, we think, is very healthy. It's we're not just riding one particular market in one geography.

是的，我們市場的多元化——無論是應用面（固定式儲能、電動車以及其他應用），或是地理分布——我們認為都非常健康。我們不是只押注在單一地區的單一市場。

No, very helpful. And just similarly, lithium supply growth in '27, what are your updated thoughts, including the resumption of the CATL mine in China? Thank you.

不，非常有幫助。同樣地，關於 2027 年鋰供給成長，你們更新後的看法是什麼？也請把中國 CATL 礦場恢復運作的情況納入考量。謝謝。

Yeah, So the CATL mine gets there's a lot of conversation about that. And Eric kind of we talked about this in some of the detail around the -- when we're talking about supply-demand balance around that. The CATL mine, when it was operating historically, it's about 3% of '26 supply, so it's not as big of a factor as it was a few years ago. So it is -- it has a permit for -- from an environmental perspective, but there's a number of permits they have to go through it.

好的，關於 CATL 礦場，市場上有很多討論。而 Eric 也——我們在談供需平衡時，已就此做過一些更細的說明。CATL 礦場在過去歷史上運作時，大約占 2026 年供給的 3%，所以它不像幾年前那樣是那麼大的因素。因此它——從環境角度來看它有一個許可，但他們還需要走完一系列其他許可程序。

To our knowledge, it's not started back. This is opaque. We don't have perfect information on that. But I think there are some hurdles both around the CATL, lepidolite mines but other lepidolite mines as well, whether they come on as people anticipate in the next year, I think, which is part of that why there's a disconnect between the market and what you see in the traded market and the physical market today is some of these mines may or may not come on.

就我們所知，它尚未重新啟動。這部分資訊不透明。我們沒有完全的資訊。但我認為，無論是 CATL 的鋰雲母（lepidolite）礦，或其他鋰雲母礦，都存在一些障礙；它們是否會如外界預期在明年投產，我認為仍有變數。這也是為什麼市場之間會出現落差——也就是交易市場與當前實體市場之間的落差——因為其中一些礦場可能會投產，也可能不會。

There are some challenges. Eric talked about the challenges in Africa and Australia as prices come down, the economics are not quite there. So it's difficult to say exactly, but there are probably more questions in our mind on downside to supply than our upside for '27.

確實存在一些挑戰。Eric 談到，隨著價格下滑，非洲與澳洲的一些項目在經濟性上就沒那麼站得住腳。所以很難精確判斷；但就我們對 2027 年的看法而言，供給端下行風險的疑問可能比上行空間還要多。

Aleksey Yefremov, Barclays.

Aleksey Yefremov，巴克萊。

This is Ryan Weis on for Aleksey. First, I just kind of wanted to talk about the structure of volumes in energy storage heading into '27. So should we still be thinking about roughly one-third of volumes kind of on the LTAs? Or is that changing? I think you had a couple of contracts rolling off, so I just want to get an update there.

我是 Ryan Weis，代替 Aleksey 發言。首先，我想先談談在邁向 2027 年之際，儲能業務的出貨量結構。所以我們是否仍應該把大約三分之一的出貨量視為來自長期協議（LTA）？還是這個比例正在改變？我記得你們有幾份合約到期，所以我想請你更新一下。

Do you want to answer that?

你想回答這個問題嗎？

Well, I can start and then you can talk a little bit. I mean we are -- I mean I would say it hasn't -- it's not really changed. We do have a couple of contracts that are need to be renewed kind of toward the end of this year. We're in conversations about that. We can't comment exactly how that will go.

嗯，我可以先開頭，然後你再補充一些。我的意思是，我會說它——基本上沒有——並沒有真正改變。我們確實有幾份合約需要在今年年底左右續約。我們正在就此進行討論。我們無法評論具體會如何發展。

But our view on that is that we will have a mix of kind of spot and longer-term contract volumes as we go forward, there will always be a mix. And we have I guess the point we really want to make is we need value in those contracts. We have to see some value for us to do contracts because it ties our volume up. And we like having a mix of those volumes, but we need to see value for that.

但我們的看法是，未來我們仍會維持現貨與較長期合約量的組合，始終都會是混合的。而我想我們真正想強調的一點是：這些合約必須對我們有價值。我們必須看到一些價值才會簽合約，因為那會把我們的出貨量綁住。我們喜歡保有這種量的組合，但我們需要看到相應的價值。

And I think you couple that with some of the natural trends that are happening in the market, meaning that we have significant growth more in terms of ship to location, like I answered John Roberts' question earlier by talking about the diversity of where it lands ultimately in a battery, but the actual ship to location is increasingly China location, which is a spot type of market. It's not a market that engages in long-term contracts, generally speaking. So that's a factor that will play into how '27, looks. We'll give more in the next call on exactly what we expect.

另外再結合市場上正在發生的一些自然趨勢，也就是我們在「出貨目的地」方面有顯著成長——就像我先前回答 John Roberts 的問題時提到的，最終進入電池的落地地點具有多樣性——但實際的出貨目的地正愈來愈多是中國，這屬於一種現貨型市場。一般而言，那不是一個會簽長期合約的市場。所以這也是影響 2027 年樣貌的一個因素。我們會在下一次電話會議更具體說明我們的預期。

In addition to these contracts that Kent said that are expiring and the fact that we to renew or roll over or gain any new contracts, we need to see value for the -- in the -- in what we get for that contract for the value we're providing in that contract of security of supply, Western supply, et cetera.

除了 Kent 提到的這些即將到期的合約之外，以及我們是否續約、展期或取得任何新合約這件事，我們也需要在合約中看到價值——也就是在我們提供的價值（供應安全、西方供應等）所換得的條件上，必須對我們有利。

Understood. That's all very helpful. And then I think there are some expansions being discussed, both at Greenbushes and Wodgina. Just kind of curious like what the scope of that might be? And just high-level speaking, like what the direction of CapEx on like potential expansion could be relative to what it was in history?

了解。這些都非常有幫助。另外我想 Greenbushes 和 Wodgina 似乎都在討論擴產。我有點好奇那可能的範圍會是什麼？以及從高層次來看，潛在擴產的資本支出（CapEx）方向，和過去歷史水準相比大概會如何？

So the expansions, we call brownfield expansion. So there's we've just done CGP3, and that doesn't show up in our capital, so you wouldn't see that in our capital. But CGP has just been -- it's online now, and it's operating pretty close to full rates. That and we don't -- you don't normally you don't see that because it doesn't come through in our capital, but that's part of those brownfield investments.

所以這些擴產，我們稱之為棕地擴建（brownfield expansion）。我們剛完成 CGP3，而那不會反映在我們的資本支出裡，所以你不會在我們的資本支出中看到它。但 CGP 現在已經上線，運轉也幾乎接近滿載。而且你通常不會看到它，因為它不會透過我們的資本支出呈現，但那是這些棕地投資的一部分。

And then we still have others we're looking at. At Wodgina as an example, we're not ready to tell you the capital or the exact scope of that. We're still doing planning and engineering work around that, but we would expect to move that forward during '27, and then the next project at Wodgina, we need to line out CGP3, but we're looking -- we're doing studies around that, but we've not agreed on exactly the scope of the next project, but it would be if you're thinking about sequencing, it's probably Wodgina, so CGP3 now Wodgina, another at Greenbushes in the future.

然後我們還有其他項目在評估。以 Wodgina 為例，我們還沒準備好告訴你資本金額或確切範圍。我們仍在做規劃與工程工作，但我們預期會在 2027 年推進；至於 Wodgina 的下一個項目，我們需要先把 CGP3 的安排釐清，但我們正在做相關研究；我們尚未就下一個項目的確切範圍達成一致。不過如果你在想時程排序，大概會是 Wodgina——也就是現在 CGP3，接著 Wodgina，未來再在 Greenbushes 做另一個。

And then we have the project at the Salar de Atacama for DLE, which we are working on engineering at the moment. And then we've submitted for permitting, we're in that process. It's going according to plan. That is a it's a longer-term permitting process, but the Kast administration has permitting reform as one of their big initiatives, and we've had conversations around that. So we're optimistic we can shorten that permitting cycle.

另外我們在 Salar de Atacama 有一個 DLE（直接鋰萃取）項目，目前正在進行工程作業。我們也已提交許可申請，正在走流程。進展符合計畫。那是一個較長期的許可流程，但 Kast 政府把許可改革列為其重大倡議之一，我們也就此進行過溝通。因此我們樂觀認為可以縮短該許可週期。

So those are probably the next three investments. And we have Kings Mountain and Antofalla as well as more greenfield projects that we're progressing. So there's we have a pretty big opportunity for organic growth on resources that we own in jurisdictions that we know and with partners that we're familiar with. So we feel pretty good about that, the prospects for growth within Albemarle.

所以這大概是接下來三項投資。此外我們還有 Kings Mountain 和 Antofalla，以及更多我們正在推進的綠地（greenfield）項目。因此，我們在自有資源上、在我們熟悉的司法管轄區、並與我們熟悉的合作夥伴一起，擁有相當大的有機成長機會。所以我們對 Albemarle 內部的成長前景感到相當有信心。

Joel Jackson, BMO.

BMO 的 Joel Jackson。

First question, I just want to clarify the last question, Kent. So you said CGP3 a lot, but can you just clarify, would your next most likely brownfield be Wodgina or CGP4? And as part of that question, you've done such a great job to lower your capital intensity. You're putting a lot of money here. It doesn't seem like you're anywhere close to spending real growth capital here. What are you going to do with all that money?

第一個問題，我想釐清上一題，Kent。你提到很多次 CGP3，但你能否說明一下，你們下一個最可能的棕地項目會是 Wodgina 還是 CGP4？另外作為這個問題的一部分，你們在降低資本強度方面做得非常好。你們手上有很多資金。看起來你們離真正投入成長資本還差很遠。你們打算拿這些錢做什麼？

Yeah, so we are well, since you brought it up, so look, we're pretty proud of the fact that we've gotten our balance sheet position where that it is. So we do have and we do have growth projects and I just went through kind of a pretty long list of those, which is quite a bit would be quite a bit of capital. Now it does take time to do that. But we said we'll be thoughtful as we start back reinvesting in this, and I'm not going to -- I don't want to sequence the projects.

是的，既然你提到了——我們對目前資產負債表所達到的狀態感到相當自豪。我們確實有成長項目，我剛才也列了一長串，那會需要相當多的資本。當然，推進這些需要時間。但我們說過，當我們重新開始投入再投資時會審慎行事，而我不打算——我不想把項目排序講得太死。

I kind of did in the last answer anymore. But we do have opportunities, so three brownfield projects that I mentioned, Wodgina, Greenbushes and the Salar de Atacama. So those are probably the three that you'll see us moving forward with next from a brownfield standpoint.

我在上一個回答其實已經稍微提到一些了。但我們確實有機會：我提到的三個棕地項目——Wodgina、Greenbushes，以及 Salar de Atacama。所以從棕地的角度來看，接下來你們大概會看到我們推進的就是這三個。

And then further out, you have Antofalla and then Kings Mountain is closer in that. So it is -- it's quite a bit of capital. It's not immediate. But we're going to be a little cautious. If we hold a little bit on the balance sheet in the near term, we don't see that as a problem. But we do have good growth prospects and places for that capital, and we think that's the best place to invest that money.

再更往後看，還有 Antofalla，而 Kings Mountain 的時程相對更近一些。所以——這會需要相當多的資本。但不會是立刻發生。我們會稍微保守一些。如果短期內我們在資產負債表上多保留一些資金，我們不認為那是問題。但我們確實有很好的成長前景，也有資本可以投放的地方，而我們認為把這些錢投到那裡是最好的選擇。

Okay. Just following up on that, like the conviction, like I guess the question is what conviction do you have to do these brownfields? And then are you willing to maybe buyback stock in the short term, if things drag out on the expansion. The second question I was actually going to ask was so that I won't ask that, too. The second question I was going to ask was, you talked about ESS economics, they just work.

好的。就這點再追問一下，像是你們的信念（conviction），我想問題是你們對做這些棕地（brownfield）專案有多大的把握？另外，如果擴產進度拖延，短期內你們是否願意回購股票？我原本要問的第二個問題其實是這個，所以我就不再另外問了。我原本要問的第二個問題是，你們談到 ESS 的經濟性，它們就是行得通。

Did we learn something this year that as you get to about $25,000 a ton LCE or whatever price you want to use that at that point, the IRRs on ESS are lower than what people would have thought maybe 6 or 12 months ago because of fixed charges, electricity costs, changing policies in China, like how did we learn that $25,000 give or take the IRRs don't look so attractive on ESS in China?

我們今年是否學到一些事情：當價格到大約每噸 25,000 美元的 LCE（或你想用的任何價格）時，由於固定費用、電力成本、中國政策變動等因素，ESS 的 IRR 其實比大家在 6 或 12 個月前想的要低？也就是說，我們是否得出結論：在中國，LCE 約 25,000 美元上下時，ESS 的 IRR 看起來就沒那麼吸引人？

Okay. So let's -- you have to remind me the first part of the question. But on the energy storage, I don't think --

好的。那我們——你得提醒我第一部分的問題。但就儲能而言，我不認為——

It's conviction. The first question is, if you don't have money to if you're not really going to spend more capital the next while, would you buy back stock? Or how are you going to use that money? And then the energy storage question.

是信念（conviction）。第一個問題是，如果你們沒有資金、或短期內不打算再投入更多資本支出，你們會回購股票嗎？或者你們打算怎麼使用那筆錢？然後是儲能的問題。

So let me do I'll do energy storage because I was kind of starting on that. So I don't think we've learned anything about that. I think the point we were making in the prepared remarks is the economics on these end-use projects are good for a variety of reasons. Part of it is because the efficiency of the cost of lithium-ion technology has come down to the technology curve.

那我先講儲能，因為我剛剛正要開始講這個。所以我不認為我們在這方面學到了什麼新的東西。我認為我們在事先準備的發言中要表達的是，這些終端應用專案的經濟性之所以好，有多種原因。其中一部分是因為鋰離子技術的成本效率沿著技術曲線下降了。

Lithium is some of that, but not the biggest piece of it. So the fact that I don't think it changes the economics at $25,000 versus $15,000. The learning curve, the experience curve and the scale that automotive scale has given to lithium-ion technology is now being applied across fixed storage, so I think that's the benefit there.

鋰的確是其中一部分，但不是最大的一塊。所以我不認為在 25,000 美元相較於 15,000 美元時，經濟性會有改變。學習曲線、經驗曲線，以及汽車規模帶給鋰離子技術的規模效應，現在正被應用到固定式儲能上，所以我認為那就是這裡的好處。

So the other question, conviction -- look, I think we can execute on these brownfield projects. We feel pretty good about that. They're in again, I said it before, in jurisdictions we know and resources that we know and partners that we have been working with for quite some time, so we feel like we can execute those. We've done those projects already, right? So it's not the first time we've done projects at Wodgina at Greenbushes or the Salar de Atacama.

那另一個問題，信念——你看，我認為我們能把這些棕地專案執行好。我們對此感覺相當不錯。它們同樣地——我之前說過——位於我們熟悉的司法管轄區、我們熟悉的資源，以及我們合作已久的夥伴之中，所以我們覺得能把它們執行到位。我們已經做過這些專案了，對吧？所以這不是我們第一次在 Wodgina、Greenbushes 或 Salar de Atacama 做專案。

So it's probably as good as you get from a project execution perspective and our confidence and conviction. So I feel -- I have strong confidence in executing projects like that. And then the question is really about how does that layer in? How does capital get spent? What's that profile and what does price look like, right? So look, buybacks are something that we look at.

所以從專案執行的角度，以及我們的信心與信念來看，這大概已經是最好的情況了。所以我——我對執行這類專案有很強的信心。接下來真正的問題是，這要怎麼疊加進來？資本要怎麼花？那個支出曲線是什麼樣子？價格又會是什麼樣子，對吧？所以你看，回購是我們會考慮的事情。

We will look at it on a regular basis. But we have these big projects. We think that's a better investment for us long term. But if the timing is not right, we will look at buybacks. And that's definitely part of our capital allocation strategy. Prices are moving down right now. We want to see where this -- where we are in this particular cycle before we commit, but it's part of our thinking.

我們會定期評估。但我們有這些大型專案。我們認為長期來看，那對我們是更好的投資。但如果時點不對，我們也會考慮回購。而且那絕對是我們資本配置策略的一部分。目前價格正在下行。在我們承諾之前，我們想先看看這一輪週期我們處在什麼位置，但這確實在我們的思考範圍內。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC 資本市場。

Yeah, great. Thanks for taking my question, congrats on the strong results. I guess first question is just could you comment on maybe the Zimbabwe export, and apologies if this was asked before. But it seems like those restrictions will return again in '27, and that should add some tightness in the market, but it doesn't appear that pricing and customers are acting that way. So maybe I can just get your thoughts on those dynamics.

是的，很好。謝謝讓我提問，也恭喜你們的強勁業績。我想第一個問題是，你們能否評論一下辛巴威的出口情況？如果之前有人問過也先致歉。但看起來那些限制會在 2027 年再次回來，這應該會讓市場更緊一些，但價格與客戶似乎沒有那樣反應。所以我想聽聽你們對這些動態的看法。

Yeah, so maybe, Eric, you can come back. We talked about it a little bit already. So the ban has been reaffirmed. Now they could change their mind and there are people working to do sulfate projects, and so they can -- we'll be able to export within that ban.

好的，所以也許，Eric，你可以再補充一下。我們之前已經稍微談過。所以禁令已被再次確認。當然他們也可能改變主意，而且有人正在推動硫酸鹽（sulfate）專案，因此他們可以——在該禁令框架下仍能出口。

Our understanding is that very few of those are ready to go on January 1. So we think there's going to be a disconnect there. The government could change that perspective and give them more time. We don't know. But it feels like, as I said before, there's more downside to upside on that supply, particularly coming from Africa. Eric, you have more detail?

我們的理解是，這些專案中很少有能在 1 月 1 日準備就緒。所以我們認為那裡會出現落差。政府可能會改變看法並給他們更多時間。我們不知道。但就像我之前說的，那部分供給（尤其是來自非洲的）下行風險大於上行空間。Eric，你有更多細節嗎？

No. I mean I think that covers it. Arun, the second part of your question talked about what our customers think. And I think it's an important question to ask and something I'm glad you did. It goes back to Kent's earlier comments around physically, this is a strong market.

沒有。我想這已經涵蓋了。Arun，你問題的第二部分談到我們的客戶怎麼看。我認為這是個重要的問題，也很高興你問了。這回到 Kent 先前的評論：從實體面來看，這是一個強勁的市場。

Futures wise, it's not showing that on price. That is a reflection of any conversation I have with a customer. They have the same confusion that you do and that we do as to why there'd be a disconnect. They see the market as strong, their order books are strong. Yes, there are parts of the market that are stronger than others. But nonetheless, on the whole, it is perplexing to them.

但從期貨面來看，價格並沒有反映出來。這也反映在我與客戶的任何對話中。他們跟你、跟我們一樣困惑，為什麼會有這種脫節。他們認為市場很強，他們的訂單簿也很強。是的，市場中有些部分比其他部分更強。但即便如此，整體而言，這仍讓他們感到困惑。

And of course, to our customers, what you might argue they always like low prices, of course, but they all -- what they hate more than anything is the volatility. And they don't understand this level of volatility. And so bringing that back to Africa. I mean I think we have to be careful about taking every supply announcement, including what you see in Zimbabwe on face value. There are a host of things that have proven over time to make it harder than the announcement says it's going to be. And what Kent just described on Zimbabwe is one example of that.

當然，對我們的客戶來說，你可以說他們一向喜歡低價格，這沒錯，但他們最討厭的其實是波動。他們不理解為什麼會有這種程度的波動。所以再把話題帶回非洲。我的意思是，我們必須小心，不要把每一個供給公告——包括你在辛巴威看到的——都照單全收。隨著時間推移，已經證明有一大堆因素會讓事情比公告所說的更難達成。而 Kent 剛剛描述的辛巴威情況，就是其中一個例子。

Thanks a lot. And then if I could just ask one follow-up. How has that impacted or maybe even some of the other announcements, what you're seeing on the return side. So does do you think that your cost of capital is still relatively high for many of the producers and they're still operating at a loss? It just doesn't really square with high levels of capital or high levels of cost of capital to bring on supply at $14,000 LCE. It's just a little unusual, but have you seen maybe reductions or cost of capital? Or are those producers operating at a loss?

非常感謝。如果可以的話我再追問一個問題。這對回報端的影響如何，或是你們從其他公告中看到的回報情況如何？所以你們是否認為，對許多生產商而言，他們的資本成本仍然相對偏高，而且他們仍在虧損營運？在 LCE 每噸 14,000 美元的情況下，仍以高資本投入或高資本成本去新增供給，這看起來不太合理，確實有點不尋常；但你們是否看到資本成本下降？還是那些生產商其實是在虧損營運？

Look, there's a wide range of different players in the space. And you see some are speculating, and they're willing to make investments around that. If they've got start-ups that have been funded, they're going to do their projects as long as they have money to do it. But it's a big range between how we think about it and how some of the other players in the market think about it. So it's hard to there's not one answer to that.

你看，這個領域裡有各式各樣的參與者。你會看到有些人在投機，並且願意圍繞此進行投資。如果他們有已獲資金挹注的新創公司，只要還有資金可用，他們就會繼續推進專案。但我們的思考方式與市場上其他一些參與者的思考方式之間，差異範圍很大。所以很難——這件事沒有單一答案。

It is a wide range. I don't think the cost of capital is changing for any of these players, getting higher, if anything, but it doesn't seem to change their perspective on investment or restarting assets that are -- would be marginal in this price structure, unless they're betting on the price going up, which a lot harder.

確實差異很大。我不認為這些參與者的資本成本正在改變、變得更高；如果有的話也許是更高，但看起來並沒有改變他們對投資或重啟資產的看法——那些在目前價格結構下本來會是邊際的資產——除非他們是在押注價格會上漲，而這就難多了。

Yeah, I think some of that might be that people saw the price recovery, a little surprised by how quickly now it's come back down again. That's a catch-22 for anybody that's on the high end of the cost curve.

是的，我想其中一部分原因可能是，人們看到價格回升，對於它回升得這麼快感到有點意外，而現在又這麼快回落。對於處在成本曲線高端的任何人來說，這是一個兩難。

But you can't move on a dime on these projects. These are big projects that take a lot of planning and you just can't start and stop on a dime.

但你不可能在這些專案上說變就變。這些都是需要大量規劃的大型專案，你不可能說停就停、說開就開。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

Thank you, and good morning, everyone. First of all, congratulations, Kent and best wishes going forward. Neal, could I ask you on 2027? Could you just give us the puts and takes that we should consider if we're using your existing 2026 scenario framework? I know there's already been some conversation about maybe the contract mix is going to shift. It sounds like it might shift a little bit more towards spot, so we can make our assumption there.

謝謝，各位早安。首先，恭喜你，Kent，也祝你未來一切順利。Neal，我可以就2027年問你一個問題嗎？如果我們沿用你們現有的2026年情境框架，你能否把我們在推估時應該考量的利多與利空因素（puts and takes）簡要說明一下？我知道先前已經有一些討論，提到合約組合可能會改變。聽起來可能會稍微往現貨（spot）傾斜一些，這樣我們就能在假設中納入。

And obviously, we'll make our own price assumptions. But could you just talk about maybe is there more productivity cost savings that you're carrying forward into '27? What you think volume might be in energy storage? We have to make our own assumption on what we think happens with the war and that $70 million to $90 million of cost you've absorbed this year. But what are the other puts and takes that we should think about if we're trying to use that framework to think about '27?

當然，我們也會自行做價格假設。但你能否談談，例如是否還有更多的生產力提升／成本節省會延續到2027年？你認為能源儲存的出貨量可能會是多少？至於戰爭的走向，以及你們今年吸收的7,000萬到9,000萬美元成本，我們必須自行假設。但如果我們想用那個框架來思考2027年，還有哪些其他利多與利空因素是我們應該納入考量的？

Thanks, Vincent. You actually kind of hit everything that was going through my head as you were asking that question. Maybe I'll start with volumes, particularly in energy storage. So as you know, we've said this year, due to the CGP3 outage that our LCE sales volume this year will be somewhere between 225,000 and 235,000 tons.

謝謝你，Vincent。你在提問時，其實把我腦中想到的重點幾乎都點到了。也許我先從出貨量談起，特別是能源儲存方面。如你所知，我們今年已經說過，由於CGP3停機，我們今年的LCE銷售量將落在22.5萬到23.5萬噸之間。

We've already given you a guide for 2027, between 240,000 and 260,000 tons. So there will be growth next year in terms of our LCEs and we'll, obviously, on the next call, we'll give you more kind of detail about how we're seeing that.

我們也已經給了你們2027年的指引，介於24萬到26萬噸之間。因此，明年我們的LCE將會成長；當然，在下一次電話會議上，我們會提供更多我們如何看待這件事的細節。

But you should expect 2027 will be somewhere in that 240,000 to 260,000 kind of range. A lot of that is, of course, driven by CGP3 and having that fully up and running and having that contribution in the year. But I would be remiss if I didn't say we've got some other incremental production that we're squeezing out of our assets like in the Salar, for example, that we'll continue to benefit from next year.

但你應該預期2027年會落在24萬到26萬噸這個區間。其中很大一部分當然是由CGP3驅動，因為它將全面投運，並在全年貢獻產量。不過我也必須補充，我們還在從既有資產中擠出一些額外的增量產出，例如在Salar（鹽湖）那邊，明年我們也會持續受益。

The other piece is, you're right. The $150 million of cost and productivity you should see that translate into next year as well. Now I wouldn't go so far as to say all of it is going to translate next year. Some of that is actually going to help us offset other cost escalations and things that we will see. And you brought up a very good point about the conflict in the Middle East, and we're going to have to take some kind of view, I guess, on the next call about how we're seeing that in 2027, but if it continues, there will obviously continue to be -- we expect a cost push that we will have to offset in 2027.

另一個部分，你說得沒錯。那1.5億美元的成本與生產力改善，你也應該會看到它在明年有所反映。不過我不會說全部都會在明年完全反映出來。其中一部分其實是用來抵消我們將看到的其他成本上升與相關因素。你也提到中東衝突這個很好的點；我想在下一次電話會議上，我們必須對2027年可能的影響做出某種判斷，但如果衝突持續，顯然也會持續——我們預期會有成本推升（cost push），而我們必須在2027年加以抵消。

And then maybe a couple of other things that I would point you to is what Eric said, we're not yet ready to give you that spot versus contract mix in our energy storage book. But I will go back to what Eric said is that increasingly, as more and more of the demand pull and the business is in China, there is a certain way that business is done in China, and that just naturally as our business grows, that will have some kind of influence on our spot versus contract mix. You've seen that over the last couple of years as China continues to be a larger and larger demand center in this market, our mix of spot business. The business that's done in China has grown as a percentage of our overall business.

另外還有幾點我想提醒你：如Eric所說，我們目前還沒準備好提供能源儲存業務中現貨與合約的組合比例。但我會回到Eric的說法：隨著需求拉動與業務越來越集中在中國，而中國有其特定的商業運作方式，隨著我們業務成長，這自然會對我們的現貨與合約組合產生某種影響。過去幾年你已經看到，隨著中國持續成為這個市場越來越大的需求中心，我們現貨業務的占比也隨之變化。在中國進行的業務，占我們整體業務的比例已經提高。

So maybe those are a few things I would give you on the let's say, that would impact the EBITDA side of things. Just on the other side, just remember this year, you had almost a quarter of Ketjen in our numbers that won't repeat, obviously next year because Ketjen is no longer in the portfolio.

所以，以上大概是幾個我會提供給你、假設會影響EBITDA面的因素。另外在另一面，請記得今年你們在我們數字裡看到幾乎一季的Ketjen貢獻，明年顯然不會重複，因為Ketjen已不在投資組合中。

We also took out some debt earlier this year. So we might have slightly less interest expense as well. And then, of course, as you know, we have a share conversion event that's going to happen in March. So I always think about that as you're thinking about down to the EPS line. But maybe I'll stop there. That gives you some puts and takes, and we'll obviously have a lot more to say on the next call.

我們也在今年稍早償還了一部分債務。因此利息費用也可能會略低一些。然後當然，如你所知，我們在3月會有一次股份轉換事件。所以當你往每股盈餘（EPS）那一行去思考時，我總是會把這點納入考量。不過我先說到這裡。這些就是一些利多與利空因素；我們在下一次電話會議上當然還會有更多要說。

That's great. I really appreciate that. And maybe just one follow-up on '27. Just from a CapEx perspective, obviously, we've all seen the good work you've done on getting that number down. but it is about 50% of depreciation and amortization.

很好。我非常感謝。另外就2027年再追問一點。從資本支出（CapEx）的角度來看，顯然我們都看到你們在把這個數字降下來方面做得很好。但它大約只有折舊與攤銷（D&A）的50%。

So can you remind us why that is? Is that related to some of the assets that have been written down or sold? And does it need to move back over time to a D&A level? And if you have any initial thoughts on where it might be in '27, that would be helpful.

所以你能提醒我們為什麼會這樣嗎？這是否與某些資產已被減記或出售有關？而且它是否需要隨時間回到接近D&A的水準？如果你對2027年可能落點有任何初步想法，也會很有幫助。

Thank you, Vincent, for bringing that up because I just realized I did forget to bring up the CapEx point. So a couple of things: number one that drives our CapEx a bit lower is, first of all, remember, we do have some brand-new assets and so their requirement of CapEx at the moment is not very high, and so that's why from a sustaining CapEx level, it allows us to be very efficient with our sustaining CapEx across our entire network. The other piece is that we obviously have some assets that are in care and maintenance right now. So that does flow through our D&A line.

謝謝你，Vincent，提到這點，因為我剛剛才意識到我確實忘了談CapEx這個重點。所以有幾件事：第一個讓我們CapEx偏低的原因是，首先請記得，我們有一些全新的資產，因此它們目前對CapEx的需求並不高；所以在維持性資本支出（sustaining CapEx）的層面，這讓我們能在整個網路中非常有效率地配置維持性CapEx。另一個因素是，我們顯然也有一些資產目前處於保養維護（care and maintenance）狀態。因此這也會反映在我們的折舊與攤銷（D&A）項目上。

But you can imagine, we're not spending a lot of CapEx on those kinds of assets as well. So that's another reason for the gap there. As you think about 2027, the way I would describe our CapEx outlook right now is you should expect our CapEx will go up but go up modestly next year, so not a spike in CapEx. As Kent kind of mentioned, we are still in the design phase of many of these brownfield growth opportunities. So we're not really into the heavy capital spending, but we will start keep progressing those projects.

但你可以想像，我們在這類資產上的資本支出（CapEx）也不會花很多。所以這也是造成那個差距的另一個原因。談到 2027 年，我目前對我們資本支出展望的描述是：你應該預期我們的資本支出明年會上升，但只會小幅上升，因此不會出現資本支出激增。正如 Kent 提到的，我們仍處於許多這些棕地成長機會的設計階段。所以我們還沒有進入大量資本支出的階段，但我們會開始持續推進這些專案。

We talked about resequencing some CapEx. That's really a shift of some of the spending from '26, to '27. So for all those reasons, I'm not yet ready, Vincent to give you a number, but you should expect that next year, our CapEx will go up modestly.

我們談到重新排序部分資本支出。那其實是把部分支出從 2026 年移到 2027 年。因此基於所有這些原因，Vincent，我現在還沒準備好給你一個數字，但你應該預期明年我們的資本支出會小幅上升。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Hi, this is Matt Hettwer on for Kevin McCarthy. I appreciate all the previous commentary you gave on different possible capacity expansion opportunities. I was wondering if you could maybe just double-click on the Salar de Atacama and efficiency improvements in the lithium instruction there. Could you size that opportunity for us? And maybe just see where what the time line looks for that?

你好，我是 Matt Hettwer，代替 Kevin McCarthy 發言。感謝你先前就不同可能的產能擴張機會所做的所有評論。我想請你或許可以再深入談談阿塔卡馬鹽湖（Salar de Atacama）以及那裡鋰業務的效率改善。你能否為我們量化一下那個機會的規模？另外也想了解一下那個時間表大概會是什麼樣子？

Right. So there's actually, when you talk about the efficiency, there's a couple of things that are happening there, right? So there is -- we did the Salar yield project, and we -- that project has gone well. That's improved efficiency or lithium recovery out of the Salar without pumping more, which is a huge deal for us from an environmental perspective and that's trending. There's still work to be done on that to get it up even better than we had anticipated, but we continue to do work, and that's happening now.

好的。所以其實談到效率，裡面有幾件事情正在發生，對吧？我們做了 Salar 的收率（yield）專案，而那個專案進展得很順利。它在不增加抽取量的情況下，提高了從 Salar 的效率或鋰回收率；從環境角度來看，這對我們非常重要，而且這個趨勢正在持續。要把它提升到比我們原先預期更好的水準，仍然還有一些工作要做，但我們會持續推進，而這些工作正在進行中。

And then the bigger project is DLE, and that's kind of at the feasibility stage. We've applied for permits, and we -- so that's probably the gating factor. But we've got still got to do work. We're operating a pilot plant. We've run two different pilot plants on the technology now, and we've operating one at the moment.

然後更大的專案是 DLE（直接鋰萃取），目前大致處於可行性研究階段。我們已經申請許可，而——所以這可能是主要的限制因素。但我們仍然還有工作要做。我們正在運行一座試驗工廠。我們目前已針對該技術運行過兩座不同的試驗工廠，現在此刻正在運行其中一座。

It's been running for quite some time. We're getting great results for that and we get great recovery out of the DLE system. So just a reminder, so the project that we're planning there is a combination of using the ponds and DLE, so you don't get the full DLE recovery, which is pretty high rates compared to what we get in the Salar now, but it is a combination of a solar pond system with DLE and we would start with one train. And then ultimately, we think we could do up to six trains. Now that's a long project when you go through it.

它已經運行了相當長一段時間。我們取得了非常好的結果，並且在 DLE 系統中獲得很高的回收率。提醒一下，我們在那裡規劃的專案是結合使用鹽田（ponds）與 DLE，因此你不會得到完整的 DLE 回收率——相較於我們目前在 Salar 的回收率，DLE 的回收率其實相當高——但它會是太陽能鹽田系統與 DLE 的組合，而且我們會先從一條產線（train）開始。然後最終，我們認為最多可以做到六條產線。不過當你一路推進時，那會是一個很長期的專案。

So when we talk about a new project, it would be the one particular train. We're not ready we're at feasibility. We're not ready to size that for you or even talk about exactly what we think the capital would be, but we're progressing on that. The work we've done in the pilot plant gives us pretty good confidence around that, around the project, but it would be one train first ultimately would be could potentially be six trains.

所以當我們談到一個新專案時，會是指其中一條特定的產線。我們目前還在可行性研究階段。我們還沒準備好為你量化其規模，甚至也還不能談我們認為資本支出會是多少，但我們正在推進。我們在試驗工廠所做的工作，讓我們對該專案有相當不錯的信心，但會先做一條產線，最終則可能做到六條產線。

And we've talked about that in the permitting that we've asked for the government. And we're on track with permitting. There's a lot of hoops that you have to jump through around permits in Chile, and we've been through all of those so far on schedule and on plan.

而且我們在向政府提出的許可申請中也談到了這點。我們的許可進度符合計畫。在智利，許可方面你必須跨過很多門檻，而到目前為止，我們都按時、按計畫完成了。

Thank you.

謝謝。

Thank you. That's all the time we have for questions. I will now pass it back to Kent Masters for closing remarks.

謝謝。我們的提問時間到此為止。我現在把時間交回給 Kent Masters 做結語。

Thank you, operator, and thank you, everyone, for joining us today. In summary, Albemarle delivered another solid quarter with year-over-year improvements in net sales, adjusted EBITDA, margins and cash flow. Our end markets remain strong, with year-to-date global lithium demand continuing to outpace supply. We are executing with discipline to advance growth options across our world-class resources.

謝謝主持人，也謝謝各位今天加入我們。總結來說，Albemarle 又交出了一個穩健的季度表現，淨銷售額、調整後 EBITDA、利潤率與現金流均較去年同期改善。我們的終端市場依然強勁，今年以來全球鋰需求持續超過供給。我們以嚴謹的紀律執行，推進我們世界級資源的各項成長選項。

As we remain focused on operational excellence, balanced capital allocation and durable value creation through the cycle. Thank you for your continued support. We look forward to sharing our progress next quarter when our new CEO, Rag Udd will join the call. Thank you.

我們仍專注於卓越營運、均衡的資本配置，以及在景氣循環中創造可持續的價值。感謝各位持續的支持。我們期待在下個季度分享我們的進展，屆時我們的新任執行長 Rag Udd 也將加入電話會議。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。