Ampco-Pittsburgh Corp (AP) 2025 Q4 法說會逐字稿

Welcome to the Ampco-Pittsburgh Corporation fourth-quarter 2025 earnings results conference call. (Operator Instructions) Please note, this event is being recorded.

歡迎參加 Ampco-Pittsburgh Corporation 2025 年第四季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I'd now like to turn the conference over to Kim Knox, Corporate Secretary. Please go ahead, ma'am.

現在我想把會議交給公司秘書 Kim Knox。請開始，女士。

Thank you, Nick, and good morning to everyone joining us on today's fourth-quarter 2025 conference call. Joining me today are Brett McBrayer, our Chief Executive Officer; and Dave Anderson, Vice President, Chief Financial Officer and President of Air and Liquid Systems Corporation. Also joining us on the call today is Sam Lyon, President of Union Electric Steel Corporation.

謝謝你，Nick，也向今天參加我們 2025 年第四季電話會議的各位道早安。今天與我一同出席的有：我們的執行長 Brett McBrayer；以及 Dave Anderson，副總裁、財務長兼 Air and Liquid Systems Corporation 總裁。此外，今天也有 Sam Lyon 參與，他是 Union Electric Steel Corporation 總裁。

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 the corporation's control.

在開始之前，我想提醒各位，本次電話會議的與會者可能會發表或評論前瞻性陳述，並可能包含財務預測或公司計畫、目標、預期或意圖的其他陳述。這些事項涉及若干風險與不確定性，其中許多超出公司控制範圍。

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 in subsequent filings with the Securities and Exchange Commission.

由於各種風險因素，公司實際結果可能與任何前瞻性陳述中所預測或暗示者有重大差異；這些風險因素包括公司最近提交的 Form 10-K 以及其後向美國證券交易委員會提交之文件中所討論者。

We do not undertake any obligation to update or otherwise release publicly any revision to our forward-looking statements.

我們不承擔更新或以其他方式公開發布任何前瞻性陳述修訂的義務。

A replay of this call will be posted on our website later today. To access the earnings release or the webcast replay, please consult the Investors section of our website at ampcopgh.com.

本次電話會議的重播將於今日稍晚發布於我們的網站。如需取得財報新聞稿或網路直播重播，請至 ampcopgh.com 網站的投資人專區查詢。

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

接下來，我想把電話會議交給 Ampco-Pittsburgh 執行長 Brett McBrayer。Brett？

Thank you, Kim. Good morning, and thank you for joining our call.

謝謝你，Kim。各位早安，感謝各位參加我們的電話會議。

The fourth quarter was a busy quarter for Ampco-Pittsburgh, where we initiated and completed the removal of significant underperforming assets from our portfolio. As we emerge from the slowdown in the steel market, we expect these actions to improve adjusted EBITDA by $7 million to $8 million annually.

第四季對 Ampco-Pittsburgh 而言相當忙碌，我們啟動並完成了將多項嚴重表現不佳的資產自投資組合中移除。隨著我們走出鋼鐵市場的放緩期，我們預期這些行動每年可提升調整後 EBITDA 700 萬至 800 萬美元。

As reported in our press release, consolidated adjusted EBITDA for the fourth quarter was $3.2 million, down from $6 million the prior year. This anticipated dip in performance was driven by the pause in customer orders in our Forged and Cast segment after the announcement of new global tariffs.

如我們新聞稿所述，第四季合併調整後 EBITDA 為 320 萬美元，低於去年同期的 600 萬美元。這項預期中的績效下滑，主要是因在宣布新的全球關稅後，我們鍛造與鑄造（Forged and Cast）部門的客戶訂單暫停所致。

Consolidated adjusted EBITDA for the full year was $29.2 million. This performance is an improvement from the prior year despite the revenue impact FCEP experienced during the second half of 2025.

全年合併調整後 EBITDA 為 2,920 萬美元。儘管 FCEP 在 2025 年下半年受到營收影響，該表現仍較前一年改善。

With strong demand continuing in our Air and Liquid Processing segment, ALP achieved record revenue and income for 2025. As we shared in a recent press release, bookings for both operating segments have accelerated in the first two months of this year.

在我們 Air and Liquid Processing 部門需求持續強勁的帶動下，ALP 於 2025 年創下營收與獲利新高。正如我們近期新聞稿所分享，今年前兩個月兩個營運部門的接單均加速成長。

I'm now going to turn the call over to Dave Anderson, Chief Financial Officer and President of our Air and Liquids segment for further comments on this quarter's results for Air and Liquid.

接下來我將把電話會議交給 Dave Anderson，他是財務長並兼任我們 Air and Liquids 部門總裁，請他就本季 Air and Liquid 的業績提供進一步評論。

Thank you, Brett. Good morning. As Brett mentioned, 2025 was a record-breaking year for Air and Liquid as we achieved new highs in both revenue and adjusted EBITDA.

謝謝你，Brett。各位早安。如 Brett 所提，2025 年是 Air and Liquid 的破紀錄年度，我們在營收與調整後 EBITDA 兩方面都創下新高。

In Q4, revenue was 10% higher than prior year, while full year revenue was 7% above prior year. The Q4 revenue increase was driven by higher revenue in air handlers and heat exchangers, while full year revenue was higher in all product lines.

第四季營收較去年同期成長 10%，全年營收則較去年同期成長 7%。第四季營收成長主要來自空氣處理機（air handlers）與熱交換器（heat exchangers）營收增加；而全年營收則在所有產品線均高於去年。

Adjusted EBITDA in Q4 was $3.3 million versus $3.7 million in the prior year. The decrease versus prior year was driven by unfavorable product mix. Full year adjusted EBITDA of $15.4 million was the highest in Air and Liquid's history and a 21% increase over prior year.

第四季調整後 EBITDA 為 330 萬美元，去年同期為 370 萬美元。相較去年同期的下降主要由不利的產品組合所致。全年調整後 EBITDA 為 1,540 萬美元，為 Air and Liquid 歷史新高，並較去年成長 21%。

Backlog declined year over year by $8 million, primarily driven by the US Navy's decision to terminate production of the Constellation frigate program, which resulted in $7.1 million of orders being removed from the backlog in late 2025. Costs related to the terminated orders are expected to be paid by the Navy along with normal profit margins.

積壓訂單（backlog）較去年同期減少 800 萬美元，主要原因是美國海軍決定終止 Constellation 護衛艦計畫的生產，導致 2025 年底有 710 萬美元訂單自積壓訂單中移除。與終止訂單相關的成本預期將由海軍支付，並包含正常利潤率。

While backlog ended $8 million lower, we did see significant order activity at the start of 2026, as referenced in our press release dated March 10. Order activity was up 73% for the first two months of 2026 compared to prior year.

雖然期末積壓訂單減少 800 萬美元，但我們確實在 2026 年初看到顯著的接單活動，正如我們 3 月 10 日新聞稿所提及。2026 年前兩個月的接單活動較去年同期增加 73%。

Bookings in the first two months of 2026 for the US Navy market was over $9 million, which more than replaced the $7.1 million from the Constellation frigate program termination.

2026 年前兩個月來自美國海軍市場的接單超過 900 萬美元，已不僅補回 Constellation 護衛艦計畫終止所移除的 710 萬美元。

We continue to see positive activity in multiple markets across our product lines. 2025 orders and shipments for heat exchangers in the nuclear market were the highest in our history as this market continues to show long-term growth potential.

我們在多個市場與各產品線持續看到正向動能。2025 年核能市場的熱交換器接單與出貨量為我們歷史最高，該市場持續展現長期成長潛力。

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

美國海軍的需求仍然強勁，我們預期隨著海軍推進艦隊擴張計畫，該需求將持續。2024 年安裝的製造設備已提升我們泵浦產品線的製造產能，且仍有更多產能擴充正在進行中。

Additional manufacturing equipment from the Navy funding program arrived at our facility in early 2026 and is expected to begin producing products in the second quarter of 2026. There is additional equipment expected later this year. This equipment will position us to meet the expected growth in the market.

海軍資金計畫所提供的額外製造設備於 2026 年初抵達我們的廠區，預期將於 2026 年第二季開始生產產品。今年稍晚預期還會有更多設備到位。這些設備將使我們能夠滿足市場預期的成長。

We are also seeing significant demand for our commercial pumps due to the AI data center market. Our commercial pumps are used in the gas turbine market, which is seeing extremely high demand due to the need for additional power for data centers.

由於 AI 資料中心市場，我們也看到商用泵浦需求顯著增加。我們的商用泵浦用於燃氣渦輪機市場；由於資料中心需要額外電力，該市場正呈現極高需求。

Bookings for commercial pumps were at a record high in 2025. Demand for custom air handlers remains strong as there continues to be significant demand in the pharmaceutical market for our custom air handling products.

商用泵浦在 2025 年的接單創下歷史新高。客製化空氣處理機的需求仍然強勁，因為製藥市場對我們客製化空氣處理產品的需求持續顯著。

In summary, 2025 was the best year in Air and Liquid's history, and we are well positioned in markets that are showing significant long-term growth potential.

總結而言，2025 年是 Air and Liquid 歷史上表現最佳的一年，而我們在展現顯著長期成長潛力的市場中已具備良好布局。

Thank you, David. Sam Lyon, President of Forged and Cast Engineered Products segment, will now share more details regarding his group's performance.

謝謝你，David。接下來將由鍛造與鑄造工程產品（Forged and Cast Engineered Products）部門總裁 Sam Lyon，分享其團隊績效的更多細節。

Thank you, Brett, and good morning, everyone.

謝謝你，Brett，各位早安。

For the fourth quarter of 2025, the Forged and Cast Engineered Products division, FCEP, reported net sales of $70.9 million compared to $66.5 million in the fourth quarter of 2024. For the full year, we achieved total net sales of $292.6 million, representing a stable top-line performance compared to $286.6 million in the prior year.

2025 年第四季，鍛造與鑄造工程產品事業部（FCEP）淨銷售額為 7,090 萬美元，較 2024 年第四季的 6,650 萬美元增加。全年方面，我們達成淨銷售總額 2.926 億美元，與前一年的 2.866 億美元相比，營收表現維持穩定。

Our operating results reflect the strategic transformation of our footprint. On a GAAP basis, the FCEP segment reported an operating loss of $44.7 million for the full year. As Brett mentioned, this was primarily driven by onetime exit costs, including a $41.4 million deconsolidation charge associated with the closure of our UK facility.

我們的營運結果反映了我們據點布局的策略性轉型。按 GAAP 基礎，FCEP 部門全年營業損失為 4,470 萬美元。如 Brett 所提，主要原因為一次性退出成本，包括與關閉英國廠相關的 4,140 萬美元除列合併（deconsolidation）費用。

Given these large onetime charges, we believe adjusted EBITDA provides a clearer picture of our underlying performance. For the full year of 2025, FCEP generated $24.4 million in adjusted EBITDA.

鑑於這些大額一次性費用，我們認為調整後 EBITDA 能更清楚反映我們的基本面表現。2025 年全年，FCEP 產生調整後 EBITDA 2,440 萬美元。

In the fourth quarter, adjusted results were $2.2 million compared to $5.5 million in the prior year. This Q4 decrease was primarily driven by fewer operating days in the US than in Q4 of 2024, higher FEP production relative to rolls, and FX headwinds and ramp-up costs in Sweden.

在第四季，調整後業績為220萬美元，相較於前一年度的550萬美元。本次第四季下滑主要係因美國營運天數較2024年第四季減少、FEP 產量相對於輥筒（rolls）較高，以及瑞典的匯率逆風與產能爬坡成本所致。

In the US, we proactively curtailed production days in response to temporary softness in roll demand driven by the digestion of steel tariffs.

在美國，我們因應由鋼鐵關稅消化所帶來的輥筒需求短期疲弱，主動縮減生產天數。

With the UK closure behind us, one of our primary focus is optimizing our Sweden facility. We have a clear roadmap for improvements in Sweden throughout 2026 that will begin to materialize in our results this year and be fully realized in 2027.

隨著英國關廠已告一段落，我們的主要重點之一是優化瑞典廠。我們已擬定一份清晰的瑞典改善路線圖，將在2026年持續推進，並將於今年開始反映在業績中，於2027年全面實現。

The recent weakening of the dollar to the SEK has created a short-term headwind as supplies and labor are in SEK and euros, while approximately 40% of our product is sold to the US in dollars. We are adjusting 2027 pricing to account for this and moving some European customers to purchase in SEK.

近期美元兌瑞典克朗（SEK）走弱，短期內形成逆風，因為供應與勞動成本以瑞典克朗與歐元計價，而約40%的產品以美元售往美國。我們正調整2027年的定價以反映此因素，並將部分歐洲客戶改為以瑞典克朗採購。

We are executing a production ramp-up in Sweden and expect to reach a production level of approximately 20% higher than 2025 by Q3 of 2026. Sweden is also improving its mix by removing some lower-margin rolls originally destined for the UK and is currently finishing lower margin backlog orders from 2025.

我們正在瑞典執行產能爬坡，預期於2026年第三季達到較2025年約高出20%的產量水準。瑞典也正透過移除部分原本供應英國、毛利較低的輥筒來改善產品組合，目前正在完成2025年留下的較低毛利積壓訂單。

We expect the order book to be fully normalized by the end of Q2, positioning us for full margin realization starting in Q3 of 2026.

我們預期訂單簿將於第二季末前完全恢復正常，使我們自2026年第三季起得以充分實現毛利。

Our North American customers remain optimistic about 2027 and expect improved volumes, which will translate into higher demand for our roll products. While European market softness persists, consolidating our cast operations in Sweden allows us to better manage utilization.

我們的北美客戶對2027年仍保持樂觀，並預期出貨量改善，這將轉化為對我們輥筒產品更高的需求。儘管歐洲市場疲弱仍在，將鑄造業務整併至瑞典可使我們更有效管理產能利用率。

Further consolidation is occurring globally. Recently, two competitors have begun winding down operations, creating opportunities for both cast and forged rolls. Additionally, stricter European quotas and increased tariffs set to take effect in the second half of 2026, should meaningfully increase utilization for our customers driving higher roll demand in 2027.

全球也正在進一步整併。近期有兩家競爭對手開始逐步結束營運，為鑄造與鍛造輥筒帶來機會。此外，更嚴格的歐洲配額以及預計於2026年下半年生效的更高關稅，應可顯著提高我們客戶的產能利用率，進而在2027年帶動更高的輥筒需求。

For our US forged operations, our backlog and pricing have increased meaningfully for our non-rolled FEP as a result of the Section 232 tariffs, which have provided additional diversification in our backlog.

就我們美國鍛造業務而言，受第232條關稅影響，我們非軋製（non-rolled）FEP 的在手訂單與定價均顯著提升，並為我們的在手訂單帶來更多元化。

In summary, 2025 was a pivotal year. With the UK facility closure, the operational roadmap for Sweden and tariff protection for our US-made products shipping to US customers supporting pricing, we are well positioned for significant margin expansion in the second half of 2026 and full year 2027.

總結而言，2025年是關鍵的一年。隨著英國廠關閉、瑞典的營運路線圖，以及對我們在美國製造並出貨給美國客戶的產品提供關稅保護以支撐定價，我們已為2026年下半年及2027年全年顯著的毛利擴張做好準備。

Thanks, Sam. I'll now turn the call over to Dave Anderson, our Chief Financial Officer, for more detail regarding our financial performance for the quarter. Dave?

謝謝，Sam。接下來我把電話交給我們的財務長 Dave Anderson，請他就本季財務表現提供更多細節。Dave？

Thank you, Brett. As indicated in both our Form 10-K and in our press release 8-K filed yesterday, there was a great deal of onetime primarily noncash items recorded in the quarter related to the previously disclosed decisions to exit the unprofitable UK operations and the small steel distribution business in the US.

謝謝你，Brett。如同我們的 Form 10-K 以及昨日提交的新聞稿 8-K 所示，本季認列了大量一次性、且主要為非現金的項目，與先前已揭露的決策相關：退出虧損的英國業務，以及退出美國的小型鋼材配銷業務。

In mid-October, we issued a press release and filed a Form 8-K, which detailed the accelerated exit from our UK cast roll facility through a structured insolvency process. The mostly noncash deconsolidation and other costs related primarily to the UK exit totaled $42.4 million in Q4 and $52.2 million full year.

在10月中旬，我們發布新聞稿並提交 Form 8-K，詳細說明透過結構性破產程序加速退出英國鑄造輥筒廠。與英國退出相關、主要為非現金的除併（deconsolidation）及其他成本，在第四季合計為4,240萬美元，全年合計為5,220萬美元。

We also recorded a noncash $11.9 million after tax expense in Q4 related to a revaluation charge of our asbestos accrual. All of this certainly causes a great deal of noise in our Q4 results, which, when we move to discuss adjusted EBITDA, it becomes much easier to see the core business, how it performed in 2025 and expectations of what it looks like going forward.

我們亦於第四季認列一筆稅後1,190萬美元的非現金費用，係因石綿準備金（asbestos accrual）重估所產生的費用。這些項目確實使我們第四季結果出現大量雜訊；當我們轉而討論調整後 EBITDA 時，就更容易看清核心業務、其在2025年的表現，以及對未來的展望。

I do want to provide some details on the noncash asbestos expense, what it means, and perhaps more importantly, what it does not mean.

我確實想就這筆非現金石綿費用提供一些細節：它代表什麼，以及或許更重要的是，它不代表什麼。

For December 31, 2025, we had a third party evaluate our asbestos accrual and provide the adjustment needed based on their projection of payments in the years ahead. This does not mean that we expect our asbestos payments to increase in the years ahead. It is quite the opposite.

截至2025年12月31日，我們委託第三方評估石綿準備金，並依其對未來年度支付金額的預測提供所需調整。這並不表示我們預期未來幾年石綿支付將增加。事實恰恰相反。

The estimate projects we will begin to see our asbestos payments decrease starting in 2027. The reason for the increased asbestos accrual at the end of 2025 is because their projection shows the decrease will be slower than what they projected as of December 31, 2024.

該估計預測我們將自2027年起開始看到石綿支付金額下降。2025年底石綿準備金增加的原因，是因為其預測顯示下降速度將比其在2024年12月31日所預測的更慢。

Ampco's net sales for the fourth quarter of 2025 were $108.8 million, an increase of $7.8 million compared to net sales for the fourth quarter of 2024. Full year 2025 net sales of $434.2 million, an increase of $3.8 million compared to prior year. The increase in both Q4 and full year was driven by higher sales in both operating segments.

Ampco 於2025年第四季的淨銷售額為1億0,880萬美元，較2024年第四季淨銷售額增加780萬美元。2025年全年淨銷售額為4億3,420萬美元，較前一年增加380萬美元。第四季與全年之成長，均由兩個營運部門的銷售增加所帶動。

As shown in our press release yesterday, Q4 adjusted EBITDA of $3.2 million was lower than prior year, primarily due to reducing the number of operating days in our FCEP facilities due to the temporary lower roll demand caused by the tariffs.

如同我們昨日新聞稿所示，第四季調整後 EBITDA 為320萬美元，低於前一年，主要係因關稅造成輥筒需求短期下降，我們因此減少 FCEP 廠區的營運天數。

Full-year adjusted EBITDA of $29.2 million was $1.1 million higher than prior year and has increased for the third consecutive year. The higher adjusted EBITDA was driven by increased revenue and lower SG&A expenses and was partially offset by lower overhead absorption caused by reducing the operating days.

全年調整後 EBITDA 為2,920萬美元，較前一年增加110萬美元，且已連續第三年成長。調整後 EBITDA 增加主要由營收提升與 SG&A（銷售、一般及行政）費用下降所帶動，但部分被因減少營運天數而導致的間接費用吸收（overhead absorption）下降所抵銷。

Total selling and administrative expenses declined $2.8 million or 5% for the full year 2025 versus the prior year and was lower primarily due to lower employee-related costs, partially offset by higher sales commission expenses in both segments.

2025年全年銷售與管理費用較前一年減少280萬美元或5%，主要因員工相關成本降低，部分被兩個部門較高的銷售佣金費用所抵銷。

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

本季及全年折舊與攤銷費用高於前一年同期，係因與英國業務及鋼材配銷業務退出費用相關的加速折舊部分所致。

The change in other expense income was primarily driven by lower foreign exchange transaction losses, but also lower pension income given the lower expected long-term asset returns due to the asset allocation changes made to protect the higher retained funded status of our US defined benefit plan.

其他費用／收入的變動主要由外匯交易損失降低所驅動，但同時也因我們為保護美國確定給付制退休金計畫較高的保留資金狀態（retained funded status）而進行資產配置調整，導致預期長期資產報酬率下降，進而使退休金收入降低。

At the end of 2025, our pension plan was nearing fully funded status and in early 2026, did achieve fully funded status.

在2025年底，我們的退休金計畫已接近完全提撥（fully funded）狀態，並於2026年初達成完全提撥。

At December 31, 2025, the corporation's liquidity position included cash on hand of $10.7 million and undrawn availability on our revolving credit facility of $25.5 million.

截至2025年12月31日，公司流動性部位包括手上現金1,070萬美元，以及循環信用額度（revolving credit facility）未動用可用額度2,550萬美元。

As I mentioned at the beginning, there was a great deal of noise in Q4 and full year 2025, including the UK and steel distribution business shutdowns, and the impact to our overhead absorption caused by the pause in roll orders due to the tariff impact. However, as we enter 2026, the roll market is showing that it is recovering, and the shutdown costs are behind us now.

如我一開始提到的，2025年第四季與全年存在大量雜訊，包括英國與鋼材配銷業務的關閉，以及因關稅影響導致輥筒訂單暫停而對間接費用吸收造成的影響。然而，進入2026年後，輥筒市場顯示正在復甦，而關閉成本也已成為過去。

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

接線員，現在我們想開放電話線供提問。

(Operator Instructions) Justin Bergner, Gabelli Funds.

（接線員指示）Justin Bergner，Gabelli Funds。

Just wanted to delve a little bit more into the Air and Liquid Processing margins. Could you just rereview the mix dynamic in the fourth quarter? And should I think of the mix for the full year and the margins for the full year as being more representative of Air and Liquid Processing as the company grows off of the 2025 base in that business?

我想再更深入了解一下 Air and Liquid Processing 的毛利率。你能否再回顧一下第四季的產品組合變化？另外，若公司在該業務以2025年為基礎持續成長，我是否應將全年組合與全年毛利率視為更能代表 Air and Liquid Processing 的常態水準？

Yes. So I would say the full year is definitely more representative of what we would typically see. Q4 just was a little bit of an unusual mix for us, and it's really timing of just what orders are shipping when, into which markets, but it's just a short-term Q4 issue. I think the full year is much more representative of typically what you would see.

是的。所以我會說，全年數據絕對更能代表我們通常會看到的情況。第四季對我們來說只是組合上有點不尋常，主要是訂單何時出貨、出到哪些市場的時點問題，但這只是短期的第四季狀況。我認為全年表現更能代表你通常會看到的情況。

Okay. Any color you can give on what sort of incrementals this business should generate as it grows? If you don't want to go there, I totally understand, but figured I'd put that out there.

好的。隨著這項業務成長，你能否提供一些它應該能產生多少增量（貢獻）的線索？如果你不想談這個我完全理解，但我想還是提出來問一下。

The margins are generally good. What I can tell you is in the growth markets that we're seeing, nuclear, the Navy markets, those are all good markets for us. There's very limited competition because it's -- there's a lot of barriers to entry. It's very difficult to supply into those markets. So that's favorable for us.

毛利率通常不錯。我能告訴你的是，我們看到的成長市場——核能、海軍相關市場——對我們來說都是很好的市場。競爭非常有限，因為——進入門檻很高。要供應到那些市場非常困難。所以這對我們有利。

Okay. Fantastic. And with respect to forged and cast rolls, help me understand the inflection from the headwinds in the second half of '25 to the strong orders in the first half of '26. I mean, the tariffs were in place in the second half of '25. So what's changing in terms of customer behavior or market behavior?

好的。太棒了。另外關於鍛造與鑄造轆輥，請幫我理解一下，為什麼在25年下半年面臨逆風之後，26年上半年訂單卻很強勁，出現了轉折？我的意思是，關稅在25年下半年就已經實施了。那麼客戶行為或市場行為到底改變了什麼？

Justin, there was a lot of noise because, first of all, the tariffs had to be calculated. On the cast side, almost all the rolls we make are -- they're composite, some part of them is cast iron and part of them is steel. So you had to calculate what the tariff is, and the whole industry had to figure out what the tariff was going to be, so you didn't even know what your pricing was going to be.

Justin，當時雜音很多，因為首先必須先把關稅算清楚。在鑄造端，我們做的幾乎所有轆輥都是——複合式的，一部分是鑄鐵，一部分是鋼。所以你必須計算關稅是多少，而整個產業都得弄清楚關稅會是多少，因此你甚至不知道你的定價會是什麼。

So a lot of customers, particularly in the US sort of paused what they were doing, what they were taking until that was figured out. And just on the large roll side, which is our most profitable product line, the demand for those kind of slowed down as well as people digested what was happening. So now that's all digested and you can see that the US continues to raise pricing on -- hot rolled coil is an indicator. [Nucor] is about $1,000 a ton now. And demand has been slowly increasing in the US.

所以很多客戶，特別是在美國的客戶，在那件事釐清之前，某種程度上暫停了他們正在做的事、暫停了他們的提貨/採購。另外在大型轆輥這一端——這是我們獲利最高的產品線——這類需求也放緩了，因為大家都在消化正在發生的事情。現在這些都消化完了，你可以看到美國持續上調價格——熱軋鋼捲是一個指標。[Nucor]現在大約每噸1,000美元。而且美國的需求一直在緩步增加。

One other thing I didn't mention is the other thing happened when the US increased tariffs, Canada and Mexico reduced their material coming into the US. They have since put tariff protections in place as well to support their markets. And so we're seeing everybody kind of follow the model of the US, which should all be positive for us as our biggest markets are North America and Europe.

還有一件我沒提到的事是，當美國提高關稅時，加拿大和墨西哥輸入美國的材料減少了。他們之後也已經採取關稅保護措施來支撐其本國市場。因此我們看到大家某種程度上都在跟隨美國的模式；這對我們應該都是正面的，因為我們最大的市場是北美和歐洲。

Okay. And one more follow-on on Forged and Cast Engineered Products. With respect to the costs in euros and the revenue in dollars, I think you said that's 40% of --

好的。再追問一個關於鍛造與鑄造工程產品（Forged and Cast Engineered Products）的问题。關於以歐元計價的成本與以美元計價的收入，我記得你說那是40%的--

40% is Sweden only, but yes.

40%只指瑞典，但沒錯。

Okay. So 40% of Sweden incurs costs in euros and revenue is in dollars. Will that get resolved this year or next year in terms of pricing?

好的。所以瑞典有40%的業務是以歐元發生成本、以美元取得收入。就定價而言，這會在今年或明年解決嗎？

Well, pricing will be in 2027, but we've already seen kind of a recovery from the low point. The SEK to the dollar was as low as SEK8.8, SEK8.9. It's SEK9.3 this morning. So it's already kind of -- we don't know what it's going to do. But right now, it's kind of reverting to the mean a little bit.

嗯，定價會在2027年反映，但我們已經看到從低點回升。瑞典克朗兌美元曾低到SEK8.8、SEK8.9；今天早上是SEK9.3。所以它已經有點——我們不知道接下來會怎麼走。但目前看起來有點回歸均值。

But we run almost all exclusively on yearly contracts. So there was some adjustment for 2026. There'd be further adjustment for 2027 as all of our -- it hasn't been as significant in euro to dollar, but there has also been a decrease there. And so our competitors will be in the same boat as us from a pricing perspective.

但我們幾乎全部都是按年度合約運作。所以2026年會有一些調整。隨著我們所有的——歐元兌美元的變動雖然沒那麼顯著，但那邊也有下滑——2027年還會有進一步調整。因此從定價角度來看，我們的競爭對手也會和我們處於同樣的情況。

John Bair, Ascend Wealth Advisors, LLC.

John Bair，Ascend Wealth Advisors, LLC。

Got a question on -- saw an article not too long ago about Westinghouse's AP1000 reactors. I was wondering if you're involved in supplying any components there or any involvement with that?

有個問題——不久前我看到一篇關於西屋（Westinghouse）AP1000反應爐的文章。我想請問你們是否有參與供應那邊的任何零組件，或有任何相關參與？

Hi, John, it's Dave. I can answer that. The short answer is yes. We have supplied to Westinghouse in the past, and we've supplied to that particular product. So that would definitely fall under our heat exchangers.

嗨，John，我是Dave。我可以回答。簡短的答案是：有。我們過去曾供應西屋，也供應過那個特定產品。所以那肯定屬於我們的熱交換器業務範疇。

We don't know the timing yet of when they're expecting those, but we've certainly seen some of the same indicators that they're expecting to ramp up a lot of building those. So that's a positive for us for sure.

我們還不知道他們預期何時需要那些產品的時程，但我們確實看到一些相同的跡象，顯示他們預期會大幅提升建造量。所以這對我們肯定是正面的。

How much of a lead time is there in that? I mean, I'm sure it's a long build cycle, but where would you fit into the order cycle of that?

那方面的前置期大概有多長？我的意思是，我確定建造週期很長，但你們會在那個訂單週期的哪個階段介入？

We usually fit in fairly early because they want to secure things like heat exchangers fairly early in the process. So once they have their timetable, then we'll start to see activity from them.

我們通常會在相當早期就介入，因為他們希望在流程早期就先確保像熱交換器這類的關鍵設備。所以一旦他們有了時間表，我們就會開始看到他們的活動。

And is there very much of inquiry in that regards? Or is that just kind of out in the distance at this point?

那在這方面目前詢問（inquiry）多嗎？還是說目前還只是比較遠期的事情？

Still a little bit in the distance for that particular, the Westinghouse, the AP1s. We're certainly seeing continued activity in the nuclear market though, across from the plant restarts to all the other things that I've talked about on some of the other calls, the small modular units. The nuclear market continues to be quite active.

就那個特定項目——西屋的AP1——目前還是稍微偏遠期。不過我們確實看到核能市場持續有活動，從電廠重啟到我在其他電話會議提過的各種事項，例如小型模組化機組。核能市場仍然相當活躍。

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

問答環節到此結束。我想把電話會議交回給Brett McBrayer，請他做結語。

Thank you, Nick.

謝謝你，Nick。

In closing, I want to thank our employees who are making the positive improvements you heard about today. With the actions taken in the fourth quarter, our core business is improving. We anticipate improved profitability as we emerge from the slowdown in the steel market. We're excited to demonstrate the improved results for these strategic actions in 2026.

最後，我要感謝我們的員工，正是他們帶來了你們今天聽到的正向改善。隨著第四季採取的行動，我們的核心業務正在改善。隨著我們走出鋼鐵市場的放緩，我們預期獲利能力將提升。我們很期待在2026年展現這些策略性行動所帶來的改善成果。

I want to thank the Board of Directors and our shareholders for your continued support. Thank you for joining our call this morning.

我也要感謝董事會與股東持續的支持。感謝各位今天早上參加我們的電話會議。

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

本次電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。