Ampco-Pittsburgh Corp (AP) 2025 Q3 法說會逐字稿

Welcome to the Ampco-Pittsburgh Corporation third-quarter 2025 earnings results conference call.

歡迎參加 Ampco-Pittsburgh 公司 2025 年第三季財報業績電話會議。

(Operator Instructions)

（操作說明）

Please note this event is being recorded.

請注意，本次活動正在錄影。

I would now like to turn the conference over to Kim Knox, Corporate Secretary. Please go ahead.

現在我將把會議交給公司秘書金·諾克斯女士。請繼續。

Thank you, Gary, and good morning to everyone joining us on today's 3rd quarter 2025 conference call. Joining me today are Brett McBrayer, our Chief Executive Officer and Mike McAuley, Senior Vice President, Chief Financial Officer, and Treasurer. Also joining us on the call today are Sam Lyon, President of Union Electric Steel Corporation and Dave Anderson, President of Air & Liquid Systems Corporation.

謝謝 Gary，也祝各位早安，今天參加 2025 年第三季電話會議的各位朋友一切順利。今天與我一同出席的有我們的執行長布雷特·麥克布雷爾，以及高級副總裁、財務長兼財務主管麥克·麥考利。今天與我們一起參加電話會議的還有聯合電鋼公司總裁 Sam Lyon 和空氣與液體系統公司總裁 Dave Anderson。

Before we begin, I would like to remind everyone that participants on this call may make statements or comments that are forward-looking. And may include financial projections or other statements of the corporation's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties, many of which are outside of the corporation's control. The corporation's actual results may differ significantly from those projected or suggested in any forward-looking statements due to various risk factors, including those discussed in the corporation's most recently filed, Form 10-K. And its subsequent filings with the Securities and Exchange Commission.

在開始之前，我想提醒大家，本次電話會議的參與者可能會發表一些前瞻性的聲明或評論。可能包括財務預測或公司計劃、目標、預期或意圖的其他聲明。這些事項涉及一定的風險和不確定性，其中許多風險和不確定性超出了公司的控制範圍。由於各種風險因素，包括公司最近提交的 10-K 表格中討論的風險因素，公司的實際業績可能與任何前瞻性聲明中預測或建議的業績存在重大差異。以及隨後向美國證券交易委員會提交的文件。

We do not undertake any obligation to update or otherwise release publicly any revision to our forward-looking statements. A replay of this call will be posted on our website later today. To access the earnings release or webcast replay, please consult the investor section of our website at amcopgh.com.

我們不承擔任何義務更新或以其他方式公開發布對我們前瞻性聲明的任何修訂。本次通話的錄音回放將於今日稍後發佈在我們的網站上。如需查看收益報告或網路直播回放，請造訪我們網站 amcopgh.com 的投資者關係部分。

With that, I'd like to now turn the call over to Brett McBrayer, Ampco-Pittsburgh's CEO. Brett?

接下來，我想把電話交給安普科匹茲堡公司執行長布雷特‧麥克布雷爾。布雷特？

Thank you, Kim. Good morning and thank you for joining our call. This was a strong quarter for AMco Pittsburgh, both in our underlying financial performance and in the decisive strategic actions we've taken to transform the company.

謝謝你，金。早安，感謝各位參加我們的電話會議。對於 AMco Pittsburgh 來說，這是一個強勁的季度，無論是在基本財務表現方面，還是在我們為公司轉型而採取的果斷策略行動方面。

As reported in our press release, consolidated adjusted EBITDA for the third quarter was $9.2 million, up 35% from the prior year. This was driven by the best year-to-date results in our air and liquid segment's history. Our third quarter adjusted earnings per share of $0.04, up $0.14 from the prior year.

正如我們在新聞稿中報導的那樣，第三季合併調整後的 EBITDA 為 920 萬美元，比去年同期成長 35%。這是得益於我們空氣和液體業務部門今年迄今為止的歷史最佳業績。我們第三季調整後每股收益為 0.04 美元，比去年同期成長 0.14 美元。

This strong underlying performance gives us a solid foundation, and we have taken major steps to quicken that momentum into 2026.

這種強勁的基礎表現為我們奠定了堅實的基礎，我們已經採取了重大措施，以加快這一勢頭，直至 2026 年。

After the quarter closed in October, we accelerate the exit from our UK facility. We are also nearing completion of our exit from a small steel distribution business, AUP.

10 月季度結束後，我們將加快撤出我們在英國的工廠。我們即將完成從小型鋼鐵分銷企業 AUP 的退出。

The impact from our UK exit alone is expected to improve full year adjusted EBITDA by $7 million to $8 million. These two actions remove our most significant operational drag and position us for dramatically improved profitability as we move forward.

光是退出英國市場一項，預計就能使全年調整後 EBITDA 增加 700 萬至 800 萬美元。這兩項措施消除了我們最大的營運阻力，並為我們未來的獲利能力大幅提高奠定了基礎。

For further details regarding our segment performance, I'll turn the call over to Sam Lyon, President of our forge and cast engineer product segment. Sam?

有關我們業務部門業績的更多詳情，我將把電話轉交給鍛造和鑄造工程產品部門總裁 Sam Lyon。山姆？

Thank you, Brett, and good morning.

謝謝你，布雷特，早安。

For the third quarter of 2025, FCEP's net sales were $71.5 million, $6.4 million lower than Q2 2025 and $4.3 million ahead of Q3 2024. We had our typical summer shutdowns of our European facilities in Q3. The Q3 revenue includes about $0.9 million in tariff pass-throughs.

2025 年第三季度，FCEP 的淨銷售額為 7,150 萬美元，比 2025 年第二季減少了 640 萬美元，比 2024 年第三季增加了 430 萬美元。第三季度，我們歐洲工廠像往常一樣進行了夏季停產檢修。第三季收入包含約 90 萬美元的關稅轉嫁收入。

Segment adjusted EBITDA, which excludes the exit charges associated with the UK cast facility and the AUP steel distribution operations, was $7.1 million, $0.3 million higher than Q2 and $0.3 million better than Q3 of 2024.

調整後的分部 EBITDA（不包括與英國鑄造廠和 AUP 鋼鐵分銷業務相關的退出費用）為 710 萬美元，比 2024 年第二季高出 30 萬美元，比 2024 年第三季高出 30 萬美元。

FEP demand And shipments have improved. Year to date, FEP revenue increased approximately 40% to $14.4 million compared to $10.2 million last year. We continue to raise prices on this product, improving margins as import barriers have increased.

FEP需求和出貨量均有所改善。今年迄今為止，FEP 收入成長了約 40%，達到 1,440 萬美元，而去年同期為 1,020 萬美元。由於進口壁壘增加，我們將繼續提高該產品的價格，以提高利潤率。

Looking at the rule market in North America, some customers temporarily postponed rule purchases due to tariff uncertainty, and as a result have lowered their existing rule inventory. This supports our view that a return to more normal rule ordering patterns is approaching as inventory levels deplete.

從北美的規則市場來看，由於關稅的不確定性，一些客戶暫時推遲了規則購買，因此降低了他們現有的規則庫存。這印證了我們的觀點，即隨著庫存水準的下降，規則訂購模式將逐漸恢復正常。

Overall, tariffs are expected to have a neutral impact on rural demand in North America, as our US customers will benefit. Conversely, tariffs will negatively affect our Canadian and Mexican customers as their imports into the US are affected. To date, we've passed all tariffs on to our customers.

總體而言，關稅預計對北美農村需求的影響為中性，因為我們的美國客戶將從中受益。反之，關稅將對我們的加拿大和墨西哥客戶產生負面影響，因為他們對美國的進口將受到影響。迄今為止，我們已將所有關稅轉嫁給了我們的客戶。

The tariff environment for our European imports remains a key focus. Our imports to the US from Sweden now face tariffs between 15% and 27%, and products from Slovenia face rates as high as 50%.

歐洲進口商品的關稅環境仍是我們關注的重點。我們從瑞典進口到美國的商品現在面臨 15% 到 27% 的關稅，而從斯洛維尼亞進口的商品則面臨高達 50% 的關稅。

The casserole market in North America continues to exceed domestic capacity, so long-term demand for our European casseroles should not be affected by these tariffs. We expect that the roll tariff effect will be temporary. In addition, our European customers have lean inventory. Any uptick in demand will require additional roll orders.

北美砂鍋菜市場持續供不應求，因此這些關稅不會影響我們歐洲砂鍋菜的長期需求。我們預期滾動關稅的影響是暫時的。此外，我們的歐洲客戶庫存水準較低。任何需求的成長都需要追加訂單。

Europe recently announced plans to modify its quota and tariff system for steel, which when implemented in July of 2026, will result in dramatically increased utilization of European mills. The quotas will reset to lower volumes, and any steel imports above these quotas will be subject to a 50% tariff, up from 25% currently. This new system has the potential to be a significant tailwind for our rural business.

歐洲最近宣布了修改其鋼鐵配額和關稅制度的計劃，該計劃將於 2026 年 7 月實施，屆時將大幅提高歐洲鋼廠的利用率。配額將重置為較低的數量，任何超過這些配額的鋼鐵進口都將徵收 50% 的關稅，高於目前的 25%。這套新系統有可能成為我們農村業務發展的重要助力。

Long-term fundamentals remain strong, construction spending, automotive production, and Kanchi demand are all expected to grow at mid-single-digit rates over the next five years. As formally disclosed, we have placed our UK castor plant into administration.

長期基本面依然強勁，預計未來五年建築支出、汽車生產和 Kanchi 需求都將以中等個位數的速度成長。正如正式披露的那樣，我們已將我們在英國的蓖麻工廠置於破產管理之下。

The insolvency commenced on October 14, 2025 and is being managed by appointed administrators. This action accelerated our timeline for closure. Our losses stopped as of October 14, much earlier than our original solvent wind-down plan, which had us operating through the first quarter of 2026.

破產程序於 2025 年 10 月 14 日開始，由指定的管理人進行管理。此舉加快了我們完成結案的進程。截至 10 月 14 日，我們的虧損已經停止，比我們最初的償付能力逐步停止計劃提前了很多，該計劃原本計劃讓我們運營到 2026 年第一季。

We now expect the UK facility to complete all work and process inventory and ship these orders by year end 2025, minimizing disruption to our customers.

我們現在預計英國工廠將在 2025 年底前完成所有工作、處理庫存並交付這些訂單，從而最大限度地減少對客戶的干擾。

As a result of the UK closure, our Sweden plant will run at a higher utilization rate in 2026, improving its profitability.

由於英國工廠關閉，我們位於瑞典的工廠將在 2026 年以更高的利用率運行，從而提高其獲利能力。

Further improve the CEP segment, we have decided to wind down our small, unprofitable and non-core Alloys Unlimited steel distribution facility. That exit will conclude by the end of November.

為了進一步改善 CEP 業務，我們決定關閉規模較小、無利可圖且非核心的 Alloys Unlimited 鋼鐵分銷設施。該退出程序將於11月底完成。

The actions we took this quarter to address underperforming assets will deliver meaningful improvements in operating income and adjusted EBITDA for the segment.

本季我們為解決表現不佳的資產問題而採取的措施，將為該業務部門帶來營業收入和調整後 EBITDA 的顯著改善。

Brett, back to you.

布雷特，把機會交還給你。

Thank you, Sam. David Anderson, President of Air & Liquid Systems, will now cover his segment's results.

謝謝你，山姆。空氣與液體系統總裁大衛安德森將介紹他所在部門的表現。

Thank you, Brett. Good morning. 2025 continues to be a positive year for air and liquid. In Q3, revenue was 26% higher than prior year, while year-to-date revenue was nearly 7% above prior year. The Q3 revenue increase was driven by higher revenue in all product lines while year-to-date revenue was higher due to increased revenue for pumps.

謝謝你，布雷特。早安. 2025年對於空氣和液體燃料產業來說仍然是積極的一年。第三季營收比上年同期成長 26%，而今年迄今的營收比去年同期成長近 7%。第三季營收成長主要得益於所有產品線營收的成長，而年初至今的營收成長則主要歸功於泵類產品營收的成長。

Segment adjusted EBITDA in Q3 was $4.4 million versus $3.4 million in the prior year. The 31% increase versus prior year was driven by higher revenue and improved product mix. Year-to-date segment adjusted EBITDA of $12.1 million was the highest in air and liquids history and a $3.1 million increase over prior year.

第三季分部調整後 EBITDA 為 440 萬美元，而去年同期為 340 萬美元。與上年相比成長 31%，主要得益於收入增加和產品組合改善。今年迄今為止，該業務部門調整後的 EBITDA 為 1,210 萬美元，創空氣和液體業務歷史新高，比去年同期成長 310 萬美元。

We continue to see positive activity in the nuclear market for our heat exchange product line.

我們的熱交換產品線在核能市場持續保持積極態勢。

Orders and shipments have already exceeded any prior full year. From restarting legacy plants to the new small modular reactors, nuclear power appears to be at the beginning of significant long-term market growth.

訂單量和出貨量已經超過了以往任何一個完整年份。從重啟老舊核電廠到新型小型模組化反應堆，核電似乎正處於長期市場顯著成長的開端。

Our engineering and manufacturing capabilities positions us well as this market continues to grow.

隨著市場持續成長，我們的工程和製造能力使我們處於有利地位。

There continues to be strong demand from the US Navy, and we expect this demand to continue as the Navy moves forward with fleet expansion plans.

美國海軍的需求依然強勁，我們預計隨著海軍推進艦隊擴建計劃，這種需求也將持續。

The manufacturing equipment installed in 2024 has already increased manufacturing capacity for a pump product line, and there is more capacity expansion in process.

2024 年安裝的生產設備已經提高了泵浦產品線的生產能力，並且還有更多的產能擴張正在進行中。

In the weeks ahead, new manufacturing equipment from the Navy funding program is expected to arrive at our facility, and there will be more equipment arriving in 2026 from the same Navy program.

在接下來的幾周里，來自海軍資助計畫的新製造設備預計將運抵我廠，2026 年還將有更多來自同一海軍計畫的設備運抵。

This equipment along with the equipment we installed in 2024 will position us to meet the expected growth in this market.

這套設備以及我們在 2024 年安裝的設備將使我們能夠滿足該市場預期的成長。

Demand for custom air handlers remains strong, from upgrading existing facilities to increasing research and manufacturing capabilities in the United States, there continues to be tremendous demand in the pharmaceutical market for our custom air handling products.

從升級現有設施到提高美國的研發和製造能力，對客製化空氣處理設備的需求依然強勁，製藥市場對我們的客製化空氣處理產品的需求依然龐大。

Tariffs continue to be a major subject in the last few months. The tariff on copper, which is a main component of our heat exchangers, has been in place for a few months now. We have been able to adjust our supply chain to avoid most of the tariff costs and are passing on any remaining tariff costs to our customers.

近幾個月來，關稅問題一直是人們關注的焦點。銅是我們熱交換器的主要部件，而銅的關稅已經實施了幾個月。我們已調整供應鏈，以避免大部分關稅成本，並將剩餘的關稅成本轉嫁給客戶。

While there may be some short-term fluctuations as the supply chain adjusts, in the long-term, anything that results in increased manufacturing in the United States will increase demand for our products.

雖然供應鏈調整過程中可能會出現一些短期波動，但從長遠來看，任何導緻美國製造業成長的因素都會增加對我們產品的需求。

In summary, demand for our products remains strong. 2025 will be the best year in air and liquids history, and we are well positioned in markets that are showing significant long-term growth potential.

總而言之，市場對我們產品的需求依然強勁。 2025年將是空氣和液體燃料產業史上業績最好的一年，我們在那些展現出巨大長期成長潛力的市場中佔據了有利地位。

Thank you, Dave. At this time, Mike McCauley, our Chief Financial Officer, will now share more details regarding our financial performance for the quarter.

謝謝你，戴夫。此時，我們的財務長麥克·麥考利將分享更多關於本季財務表現的細節。

Thank you, Brett, as indicated in both our Form 10-Q and in our press release 8-K filed yesterday while we have recorded charges totaling (technical difficulty) $3.1 million in the quarter relating to reducing our operational footprint for significant future projected earnings improvements, the underlying business has improved with significantly higher consolidated adjusted EBITDA and adjusted EPS in Q3 2025 than in the prior year which is true for the year-to-date period as well.

謝謝 Brett，正如我們在昨天提交的 10-Q 表格和 8-K 新聞稿中所述，雖然我們本季度提列了總計 310 萬美元的費用（技術問題），用於減少我們的運營規模，以期在未來實現顯著的盈利增長，但基本業務已經有所改善，2025 年年初第三季度的調整後 EBITDA 和調整後每股收益。

And all while we have navigated some short-term disruptions from tariff policy in our customer base. In October we issued a press release and filed a Form 8-K which detailed the accelerated exit from our UK Carole facility through a structured insolvency process. This removes that subsidiary's operating results from our consolidated results immediately from that date forward.

同時，我們也應對了關稅政策對客戶群造成的一些短期影響。10 月份，我們發布了一份新聞稿，並提交了一份 8-K 表格，詳細說明了我們透過結構化破產程序加速退出英國 Carole 融資機構的情況。從該日起，該子公司的經營業績將立即從我們的合併績效中剔除。

This represents a departure from our previous plan to unwind it more gradually into early 2026, stopping those losses sooner. In conjunction with that action, we will deconsolidate the UK subsidiary in Q4, and when we and we reported that we expect a significant non-cash writedown as itemized in the report, and again in note 2 to our Q3 Form 10-Q.

這與我們先前計劃在 2026 年初逐步解除合約、儘早停損的方案有所不同。同時，我們將於第四季度取消對英國子公司的合併，並且我們已報告預計會產生重大的非現金減值，如報告中所述，並在我們第三季度 10-Q 表格的附註 2 中再次提及。

The major benefits of this approach beyond sooner operating loss reduction is avoidance of significant cash plant closure costs and an expectation for a material revolving credit facility borrowing reduction as distributions from the administrators from liquidation proceeds are remitted to the secured creditor which is expected by around mid 2026. To reiterate, we expect adjusted EBITDA to improve by $7 million to $8 million per full year post the UK deconsolidation, and that begins in early Q4 2025.

除了能更快地減少經營虧損外，這種方法的主要好處是避免了巨額現金工廠關閉成本，並且預計到 2026 年年中左右，隨著管理人將清算所得款項匯給擔保債權人，循環信貸額度借款將大幅減少。重申一下，我們預計英國業務剝離後，調整後的 EBITDA 每年將增加 700 萬至 800 萬美元，而這從 2025 年第四季初開始。

Now back to Q3 results. AMO's net sales for the third quarter of 2025 were $108 million an increase of 12% compared to net sales for the third quarter of 2024. The increase was primarily driven by higher sales in all three divisions of air and liquid processing. Higher net roll pricing and higher shipments of forged engineered products in the forged and cast engineered product segment, which more than offset softer roll shipment volumes during the quarter.

現在回到第三季業績。AMO 2025 年第三季的淨銷售額為 1.08 億美元，比 2024 年第三季的淨銷售額成長了 12%。成長主要得益於空氣和液體處理三大部門銷售額的成長。鍛造和鑄造工程產品領域淨卷材價格上漲，鍛造工程產品出貨量增加，足以抵銷本季卷材出貨量疲軟的影響。

As I mentioned, we recorded $3.1 million in non-cash accelerated depreciation and other expenses in Q3 related to the exit of our UK cash roll business and our small Alloys Unlimited steel distribution business.

正如我之前提到的，第三季我們提列了 310 萬美元的非現金加速折舊和其他費用，這些費用與我們退出英國現金滾動業務和小型 Alloys Unlimited 鋼鐵分銷業務有關。

These expenses are spread by the pertinent income statement line item in the consolidated P&L, but are summarized for you in note 2 to our Q3 Form 10-Q. And in the non-GAAP reconciliation table attached to the Q3 earnings press release.

這些費用在合併損益表中按相關的損益表項目進行分攤，但我們在第三季 10-Q 表格的附註 2 中為您進行了匯總。以及在第三季財報新聞稿所附的非GAAP財務報表調整表中。

Referring to that non-GAAP reconciliation schedule, please note that consolidated adjusted EBITDA of $9.2 million for the third quarter of 2025 improved by $2.4 million versus prior year. This was driven by a few primary reasons higher pricing and surcharges, net of changes in manufacturing costs in the forest and gas engineered product segment. Higher shipment volumes of forage engineered products which help to partially mitigate the impact of lower mill roll shipment volumes.

參考此非GAAP調整表，請注意，2025年第三季合併調整EBITDA為920萬美元，比上年同期成長240萬美元。這主要是由幾個主要原因造成的：更高的價格和附加費，以及森林和天然氣工程產品領域製造成本的變化。飼料工程產品的出貨量增加，有助於部分緩解軋輥出貨量減少的影響。

Unfavorable manufacturing overhead absorption compared to the prior year quarter related to temporary plant shutdowns typically taken in Q3 of each year in the forest and cast engineered product segment.

與去年同期相比，由於森林和鑄造工程產品部門每年第三季通常發生的臨時工廠停工，導致製造費用吸收不利。

And the higher shipment volumes and improved product mix experienced in the air and liquid processing segment.

空氣和液體處理領域的出貨量增加，產品組合也得到改善。

2025 year-to-date adjusted EBITDA of $26 million remains up versus prior year. Total selling and administrative expenses declined $0.6 million or 4% for Q3 2025 versus prior year due to lower employee-related costs offset in part by professional fees associated with our efforts to exit the UK operations and higher sales commissions in both segments.

2025 年迄今的調整後 EBITDA 為 2,600 萬美元，比去年同期有所成長。2025 年第三季銷售和管理總費用較上年同期下降 60 萬美元，降幅為 4%，原因是員工相關成本降低，但部分被我們退出英國業務相關的專業費用以及兩個業務部門更高的銷售佣金所抵消。

Depreciation and amortization expense for the quarter and for the year-to-date are higher than prior year periods due to the accelerated depreciation portion of those exit charges associated with the UK and Allies Unlimited steel distribution business.

由於與英國和 Allies Unlimited 鋼鐵分銷業務相關的退出費用中加速折舊部分，本季和年初至今的折舊和攤銷費用高於往年同期。

Severance charges and loss on disposal of assets stem from the exit as well. And again, are part of those exit charges itemized in note 2 in Form 10-Q and in that non-GAAP reconciliation table. Interest expense for the 3rd quarter is approximately flat with prior year.

遣散費和資產處置損失也源自於退出。此外，這些費用也包含在 10-Q 表格的附註 2 和非 GAAP 調整表中列出的退出費用中。第三季利息支出與上年同期基本持平。

Change in other expense income net was driven primarily by lower foreign exchange transaction losses but also by lower pension income. Given the lower expected long-term asset returns, given the asset allocation changes we've made to protect a much higher funded status of our US defined benefit plan. The income tax provision for 2025 is benefiting from a lower statutory tax rate in one of our foreign taxpaying jurisdictions.

其他支出收入淨額的變動主要受外匯交易損失減少和退休金收入減少的影響。鑑於預期長期資產報酬率較低，鑑於我們已做出資產配置調整以保障美國固定收益計畫更高的資金充足率。2025 年的所得稅準備金受惠於我們某個外國納稅管轄區較低的法定稅率。

As a result, net loss attributable to Ampco-Pittsburgh for the three months ended September 30, 2025, was $2.2 million or $0.11 per share, which includes $3.1 million or $0.15 per share for the exit charges. Referring to the non-GAAP reconciliation schedule attached to the earnings release, please note that adjusted earnings per share of $0.04 for Q3 2025 was up $0.14 from prior year, and for the year-to-date period ended September 30, 2025, adjusted EPS of $0.03 was up 16% -- $0.16 per share, so significant underlying improvement there. At September 30, 2025, the corporation's liquidity position included cash on hand of $15 million and undrawn availability on our revolving credit facility of $28.2 million.

因此，截至 2025 年 9 月 30 日止三個月，歸屬於 Ampco-Pittsburgh 的淨虧損為 220 萬美元，即每股虧損 0.11 美元，其中包括 310 萬美元，即每股虧損 0.15 美元的退出費用。請參閱隨附於獲利報告的非GAAP調整表，請注意，2025年第三季調整後每股收益為0.04美元，比上年同期增長0.14美元；截至2025年9月30日的年初至今，調整後每股收益為0.03美元，增長16%——即每股0.16美元，因此基本面顯著改善。截至 2025 年 9 月 30 日，公司流動性狀況包括手頭現金 1500 萬美元和循環信貸額度中未提取的可用額度 2820 萬美元。

Operator, at least this time we would now like to open the line for questions.

接線員，至少這次我們想開通提問專線。

(Operator Instructions)

（操作說明）

David Wright, Henry Investment Trust.

David Wright，亨利投資信託公司。

I couldn't let you go without anyone asking you questions because that's about the best report you've had in a long time.

我不能讓你一個人走，因為這是你在很長一段時間以來收到的最好的報告。

So congratulations. 2 for Mike, on the UK closure and the question on the difference between.

所以恭喜。給麥克2分，關於英國關閉以及兩者之間的區別的問題。

Bankruptcy filing in the US and this.

在美國申請破產，以及這件事。

Filing in the UK, you address the operating results and being absolved of them, is the subsidiary's debt.

在英國提交文件時，您需要說明經營業績，並免除這些業績的責任，這才是子公司的債務問題。

Is the parent also absolved of that as a result of the filing?

提交申請後，父母是否也免除了這方面的責任？

Yes Yes, in fact, there's going along with that process. First of all, this, the insolvency is exclusively related to the subsidiary, has nothing to do, doesn't affect any other, subsidiary segment or or the entire or Ampco-Pittsburgh.

是的，事實上，我們正​​在參與這個過程。首先，此次破產僅與該子公司有關，與任何其他子公司部門或整個 Ampco-Pittsburgh 無關，也不影響任何其他子公司部門或整個 Ampco-Pittsburgh。

But, that process, is something we had been thinking about, but it, as we got into more investigations on it became more evident that it was the best answer for Amco it did accelerate our exit.

但是，這個過程我們一直在考慮，但隨著我們對此進行更多調查，越來越明顯的是，這對 Amco 來說是最好的答案，這確實加速了我們的退出。

And.

和。

Yeah, with there is no material local debt other than the like the pension obligations which which are now, we're part of that business, and its other liabilities, but, we didn't have, direct debt, it never issued direct debt itself, but it, we had significant closure costs which were, liabilities that we expected to incur which we're no longer going to incur, David.

是的，除了退休金義務（我們現在是該業務的一部分）和其他負債之外，沒有其他實質性的本地債務，但我們沒有直接債務，它本身也從未發行過直接債務，但我們有巨額的關閉成本，這些成本是我們預期會產生的負債，而我們現在不會再產生了，大衛。

You can see those, if you look back at what we've recorded earlier in the year as charges, for example, severance charge, something in the range of $7 million. That's that's going to be reversed and is part of the Q4 deconsolidation.

如果你回顧我們今年早些時候記錄的費用，你就可以看到這些，例如遣散費，大約是 700 萬美元。這種情況將會逆轉，這是第四季拆分合併計畫的一部分。

So the secured debt is, it's just secured against the UK assets.

所以，這筆有擔保債務就是以英國的資產作為擔保。

Are you secured debt, are you talking about the corporation's revolving credit facility?

您指的是有擔保債務，還是指公司的循環信貸額度？

No, the.

不，是。

The debt that has to be liquidated, the debt that has to be paid off as the assets of the UK operation are liquidated.

必須清算的債務，即隨著英國業務資產的清算而必須償還的債務。

.

。

Yeah, those are primarily be, accounts payable incurred, accounts payable, not, that hadn't been paid yet.

是的，這些主要是已發生的應付帳款，而不是尚未支付的應付帳款。

Any other liabilities that are on the balance sheet of that of that subsidiary, any liabilities which materialize.

該子公司資產負債表上的任何其他負債，以及任何已實現的負債。

As the real estate, eventually gets liquidated.

就像房地產最終會被清算一樣。

And any costs for the administration, any commissions for the sale of the assets.

以及任何行政費用、任何資產出售佣金。

Okay.

好的。

I, I'll be handled out of the out of the, the remaining assets of the of the subsidiary, yes.

我，我會處理掉子公司的剩餘資產，是的。

Okay, the other question for you, Mike, is you alluded to the pension plan. Are you doing a, an evaluation again this year?

好的，麥克，我的另一個問題是，你剛才提到了退休金計畫。今年你們還要進行評估嗎？

The pension plan, excuse me, the asbestos liability.

退休金計劃，抱歉，是石棉責任。

Yes, we will.

是的，我們會的。

Okay, so is that going to be an annual thing now?

好的，那以後每年都會舉辦嗎？

It has been in the last couple of years we've we've migrated to an annual.

在過去的幾年裡，我們已經過渡到了年度編制。

Of that, David, and we're going to do it again in Q4.

大衛，我們會在第四季再次這樣做。

Okay. And then one for Dave, looks like your run rate based off the last quarter's sales were $140 million annualized, and I know you undertook a capacity expansion. You talk about the demand from pharmaceutical companies continuing.

好的。然後是給戴夫的問題，根據上一季的銷售額來看，你的年化營業額似乎達到了 1.4 億美元，我知道你進行了產能擴張。您提到製藥公司的需求持續存在。

How much more can you put through the system?

你還能讓系統處理多少東西？

We can put significantly more through the system, David, and we're addressing that in multiple ways. The equipment coming in through the Navy funding program is state of the art, so we're getting significant improvements in manufacturing efficiencies.

戴維，我們可以讓更多的數據通過這個系統，我們正在透過多種方式解決這個問題。透過海軍資助計畫引進的設備都是最先進的，因此我們在生產效率方面獲得了顯著提高。

We're also looking at other projects at our facilities to improve our utilization, improve our efficiencies.

我們也在研究我們設施的其他項目，以提高利用率和效率。

We still have a long runway.

我們還有很長的路要走。

And remind me, on the nuclear plants, like where are you in the food chain if they want to restart a plant or they want to build a new one? Are you early or late?

還有，提醒我一下，關於核電站，如果他們想重啟一座核電廠或建造一座新核電廠，你在食物鏈中處於什麼位置？你來早了還是遲到了？

We're usually early. Often we have supplied the heat exchangers well in advance before they're opening the facility.

我們通常都到得早。我們經常在工廠開業前很早就把熱交換器供應給他們。

We've already been to some of the ones that are reopening, and that was a while ago. We were up in Michigan to the first one.

我們已經去過一些重新開放的餐廳了，那已經是好一陣子的事了。第一場比賽我們在密西根州舉行。

So we're early in the process.

所以我們目前還處於早期階段。

Okay. All right, great. Well, like I said, best quarter you've reported in a long time and hope lots of people see it. Thanks very much.

好的。好的，太好了。正如我所說，這是你們近年來業績最好的一個季度，希望很多人都能看到。非常感謝。

Thanks David.

謝謝你，大衛。

John Bair, Ascend Wealth Advisors.

John Bair，Ascend Wealth Advisors。

Thank you. Good morning, and I'll echo the congrats on a good quarter here. My question kind of cycles back to the, discontinued operations. Well, do you anticipate, getting any kind Of, monetization I guess from the liquidation of properties and so forth in those operations, or will it all go to the trustee that's.

謝謝。早安，我也要祝賀你們本季業績出色。我的問題其實又回到了「已停止運作」這個話題。那麼，您是否預期能從這些操作中的房產清算等中獲得任何形式的收益，還是所有收益都將歸受託人所有？

The receivership, I guess, that, that's settling that out.

我想，接管人應該就是為了解決這個問題。

Yeah, that's a very, that's a good question and actually we part of the answer to that is disclosed any 8-K that we issued, so you can read more about it there, but I'll give the overview really is, as the assets get liquidated, the there's a priority of payments that the administrator will follow according to UK solvency law and the secured creditors are.

是的，這是一個很好的問題，實際上，部分答案已在我們發布的 8-K 文件中披露，您可以在那裡閱讀更多相關資訊。但我可以簡單概括一下：隨著資產的清算，管理人將根據英國償付能力法遵循一定的支付優先順序，優先考慮有擔保債權人。

Are settled first and the secured claims are principally bank debt, those are the claims, those are the the charge holders for the on that legal entity.

首先解決的是擔保債權，擔保債權主要是銀行債務，這些債權是該法人實體的擔保持有人。

And so that would be our bank group and so the liquidation proceeds would first go and be remitted to the bank group who would then reduce our our loan, our outstanding asset based loan. Balance our our which is our revolving credit facility. So yes, we do expect we had some projections from the administrator and we've we've analyzed those and we've we've included those in our assessment of the net charge we will record in Q4 and we'll net that charge down by an estimated proceeds amount which is $8 million to $9 million expected in in net proceeds that process.

因此，清算所得將首先匯給該銀行集團，然後該銀行集團將用這筆錢來減少我們的貸款，即我們未償還的資產抵押貸款。平衡我們的循環信用額度。所以，是的，我們確實從管理人那裡得到了一些預測，我們已經分析了這些預測，並將這些預測納入了我們對第四季度將記錄的淨費用的評估中，我們將從該過程中預計獲得的淨收益金額（預計為 800 萬至 900 萬美元）中扣除該費用。

And.

和。

Just.

只是。

One.

一。

11 comment part of that is just SAM, the administrator, they have continued to run the plant, so anything that was not that has already been through the melting process, they're finishing those rules, turning them into finished goods and shipping them and monetizing that. Which ends up being part of the funds that will end up funneling back through, so it's a double benefit number one that generates more value, and number 2, it actually, helps with our customers in the transition, of closing the plant.

11 條評論中的一部分是 SAM，也就是管理員，他們一直在運營這家工廠，所以任何沒有經過熔煉過程的東西，他們正在完成這些規則，將它們變成成品並運輸，從而獲利。最終，這部分資金會回流，因此這是雙重好處：第一，它創造了更多價值；第二，它實際上幫助我們的客戶順利過渡，並關閉工廠。

Okay, so just high altitude, you're looking at possibly somewhere in the $89 million that could flow back to you.

好的，所以只是高海拔地區，你可能會得到大約 8900 萬美元的回報。

After this is all closed out.

等這一切都結束了之後。

Right, yes, in the form of reduced bank debt, yes, okay.

沒錯，以減少銀行債務的形式，是的，好的。

Okay, and then.

好的，然後。

Following up on that, then my understanding is that you'd be supplying or hoping to supply existing customers that have been served by that facility from, your other European operations, is that right?

那麼，我的理解是，您將從您在歐洲的其他業務部門向該設施服務的現有客戶提供或希望提供產品，是這樣嗎？

Portion of it, John, this is SAM again. The work rules, we will maximize the Sweden plant, so the utilization there will definitely increase, significantly, and then there was 11 type of rule that we made that cannot be made, in Sweden. Some of them will be converted to forge rules. There's very limited supply in the marketplace, so we'll see some of that come to the US.

約翰，這是其中的一部分，而我是SAM。根據工作規則，我們將最大限度地利用瑞典工廠，因此那裡的利用率肯定會大幅提高，然後我們制定了 11 種在瑞典無法實施的規則。其中一些將被轉換為鍛造規則。市場上的供應非常有限，所以我們會看到其中一些產品流入美國。

But there'll be an overall slight reduction in.

但整體上會略有減少。

Revenue, but obviously a big gain in profitability.

營收有所成長，但獲利能力顯然大幅提升。

Okay, so the Sweden plan will be more efficient and more higher utilization. Is that a fair way to look at it?

好的，所以瑞典的方案效率更高，利用率也更高。這樣看待這個問題是否公平？

That is a fair way to look at it, yes.

是的，這種看待問題的方式很合理。

Okay. Great.

好的。偉大的。

Thank you very much for taking the questions.

非常感謝您回答這些問題。

All right, thanks.

好的，謝謝。

John.

約翰。

This concludes our question-and-answer session. I would like to turn the conference back over to Brett McBrayer for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給布雷特·麥克布雷爾，請他作總結發言。

In closing, I want to share an important corporate update and then leave you with a final thought on our path forward. We recently announced that David Anderson will become our new CFO on January 1, 2026 while also continuing his duties as President of air and liquid processing.

最後，我想和大家分享一個重要的公司最新動態，並就我們未來的發展方向提出一些最終想法。我們最近宣布，David Anderson 將於 2026 年 1 月 1 日成為我們的新任財務官，同時繼續擔任空氣和液體處理總裁的職務。

Dave's prior CFO experience in both of our segments positions him uniquely well for this expanded role.

Dave 之前在我們兩個業務部門都擔任過財務官，這使他非常適合這個擴展後的角色。

Dave has a deep and tenured team at A and liquid Processing, which gives us full confidence in his ability to manage both responsibilities and drive strong performance across the organization.

Dave 在 A 和液體處理方面擁有一支經驗豐富、實力雄厚的團隊，這讓我們對他管理這兩項職責並推動整個組織取得優異業績的能力充滿信心。

I also want to acknowledge and thank Mike McCauley for his significant contributions.

我還要感謝麥克·麥考利做出的重大貢獻。

Mike will continue working for me as a strategic advisor for the first half of 2026, to ensure a seamless transition.

2026 年上半年，Mike 將繼續擔任我的策略顧問，以確保平穩過渡。

Finally, I want to thank our employees who are making the positive improvements you heard about today.

最後，我要感謝我們的員工，正是他們的努力帶來了今天大家聽到的正面改善。

Our message this quarter is clear. Our core business is improving, and we have taken the difficult but necessary steps to address our underperforming assets. By exiting the UK in our small steel distribution business AUP.

本季我們傳遞的訊息很明確。我們的核心業務正在改善，我們已經採取了艱難但必要的措施來解決表現不佳的資產問題。透過退出英國，我們小型鋼鐵分銷業務 AUP。

We are removing the most significant drags on our profitability. We entered 2026 stronger, more focused, and a more profitable company. I want to thank the board of directors and our shareholders for your continued support.

我們正在消除對獲利能力影響最大的因素。進入2026年，我們成為了一家更強大、更專注、更有利可圖的公司。我要感謝董事會和股東們一直以來的支持。

Thank you for joining our call this morning.

感謝您今天上午參加我們的電話會議。

The conference is now concluded.

會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。