ATI Inc (ATI) 2025 Q4 法說會逐字稿

Hello and welcome everyone to the ATI fourth quarter and full year 2025 results conference call. My name is Becky and I will be your operator today. (Operator Instructions)

大家好，歡迎參加ATI 2025年第四季及全年業績電話會議。我叫貝基，今天將由我為您接聽電話。（操作說明）

I will now hand over to your host, David Weston to begin. Please go ahead.

現在我將把發言權交給主持人戴維·韋斯頓，由他開始。請繼續。

Good morning and welcome to ATI's fourth quarter 2025 earnings call. Today's discussion is being webcast at atimaterials.com.

早安，歡迎參加ATI 2025年第四季財報電話會議。今天的討論會正在 atimaterials.com 網站上進行網路直播。

Joining me are Kim Fields, President and CEO; Rob Foster, Senior Vice President and CFO; and Don Newman, ATI's retiring CFO, now Senior Advisor to the CEO. Before starting our prepared remarks, I would like to draw your attention to the supplemental presentation that accompanies this call.

與我一同出席的有：總裁兼執行長 Kim Fields；資深副總裁兼財務長 Rob Foster；以及即將退休的 ATI 財務長、現任執行長高級顧問 Don Newman。在開始我們準備好的發言之前，我想提請各位注意本次通話附帶的補充簡報。

Those slides provide additional color and details on her results, capabilities, and outlook and can also be found on her website at atimaterials.com. After our prepared remarks, we'll open the line for questions. As a reminder, all forward-looking statements are subject to various assumptions and caveats. These are noted in the earnings release and in the accompanying presentation. Now I'll turn the call over to Kim.

這些幻燈片更詳細地介紹了她的成果、能力和前景，也可以在她的網站atimaterials.com上找到。在我們發言結束後，我們將開放提問環節。需要提醒的是，所有前瞻性陳述均受各種假設和限制條件的約束。這些內容在獲利報告和隨附的簡報中均有提及。現在我把電話交給金。

Good morning everyone and thank you for joining us. Before I begin, I'd like to welcome Rob Foster as ATI's new Chief Financial Officer. Rob brings deep operational experience, strong financial discipline, and proven leadership to this role after more than a decade at ATI. He has been a trusted financial partner of mine since 2019, and I'm confident he will help lead ATI into its next phase of profitable growth.

各位早安，感謝各位的參與。在正式開始之前，我謹歡迎羅伯·福斯特擔任ATI的新任財務長。Rob 在 ATI 工作超過十年，積累了豐富的營運經驗、強大的財務紀律和久經考驗的領導才能，非常適合擔任這一職位。自 2019 年以來，他一直是我值得信賴的財務合作夥伴，我相信他將幫助 ATI 進入下一個獲利成長階段。

I also want to thank Don Newman for his leadership over the past six years. Under Don's tenure, ATI completed a successful transformation, expanding margins, strengthening cash flow, and sharpening our focus on differentiated aerospace and defense markets.

我還要感謝唐紐曼在過去六年的領導。在唐的領導下，ATI 成功完成了轉型，擴大了利潤率，增強了現金流，並更專注於差異化的航空航太和國防市場。

Don will share highlights from her 2025 performance shortly. Turning to our results, the fourth quarter capped a very successful full year. We exceeded profit and free cash flow expectations, expanded margins, improved operational reliability, and deepened our customer relationships. We are entering 2026 with momentum across our core markets in aerospace and defense.

唐恩很快就會分享她2025年演出的精彩片段。從業績來看，第四季為非常成功的全年畫上了圓滿的句點。我們超額完成了利潤和自由現金流目標，擴大了利潤率，提高了營運可靠性，並加深了與客戶的關係。進入 2026 年，我們在航空航太和國防等核心市場都保持著強勁的發展勢頭。

Let me start with the key results in the fourth quarter. Q4 revenue was $1.2 billion. Adjusted EBITDA was $232 million above the high end of our guidance range. Adjusted detail margin was 19.7%, an increase of 180 basis points from Q4 2024, demonstrating continued progress toward our 2027 margin goals.

讓我先從第四季的關鍵成果說起。第四季營收為12億美元。調整後 EBITDA 比我們預期範圍的上限高出 2.32 億美元。經調整後的細節利潤率為 19.7%，比 2024 年第四季成長了 180 個基點，顯示我們在實現 2027 年利潤率目標方面持續取得進展。

For full year 2025, revenue was $4.6 billion, up 5% year over year, driven by 14% growth in aerospace and defense. Adjusted EBITTA exceeded $859 million up 18% year over year. Adjusted EPS was $3.24 up 32% from 2024. Adjusted free cash flow totaled $380 million up 53% from 2024, also exceeding the high end of our guidance.

2025 年全年營收為 46 億美元，年增 5%，主要得益於航空航太和國防領域 14% 的成長。調整後 EBITTA 超過 8.59 億美元，年增 18%。調整後每股收益為 3.24 美元，比 2024 年增長 32%。經過調整後的自由現金流總計 3.8 億美元，比 2024 年成長 53%，也超過了我們預期的上限。

We returned $470 million to shareholders this year, representing 124% of free cash flow. These results reflect disciplined execution, strong pricing, and favorable mix driven by our most differentiated products. Given our confidence in customer demand and our ability to execute the ramp, we are guiding to $1 billion of adjusted EBITDA at the midpoint of our guidance range for 2026, a 16% increase year over year.

今年我們向股東返還了 4.7 億美元，佔自由現金流的 124%。這些成果反映了我們嚴謹的執行、強有力的定價以及由我們最具差異化的產品所驅動的有利的產品組合。鑑於我們對客戶需求的信心以及我們執行產能爬坡的能力，我們預計 2026 年調整後 EBITDA 將達到 10 億美元（在我們指導範圍的中點），同比增長 16%。

There are three key reasons we are confident in this outlook. First, aerospace and defense demand continues to be strong entering 2026.

我們對此前景充滿信心，主要有三個原因。首先，進入 2026 年，航空航太和國防需求仍然強勁。

Commercial aerospace demand is accelerating across narrow body and wide body platforms. Next generation engines continue to gain share. Airframes and engines rely on ATIs, proprietary alloys, forging, and specialty materials.

窄體和寬體飛機的商業航空航太需求正在加速成長。新一代引擎市場份額持續成長。飛機機身和發動機依賴先進材料、專有合金、鍛造製程和特殊材料。

We're seeing a step change increase in order activity beyond what we would normally see in seasonal first quarter strength across both long-term agreements and transactional demand.

我們看到訂單活動出現了遠超往年第一季季節性強勁成長的顯著變化，無論是長期協議還是交易需求都出現了成長。

Within A&D, full-year jet engine sales grew 21% as fleets transition from legacy to next gen engines. ATI's content per engine is increasing. With these newer platforms moving into service, we also see aftermarket demand growing. Together, these dynamics create compounding growth that strengthens our position year after year.

在航空航太與國防領域，隨著機隊從傳統發動機過渡到下一代發動機，全年噴射發動機銷量增加了 21%。ATI每台引擎的含量都在增加。隨著這些新型平台投入使用，我們也看到售後市場需求不斷成長。這些因素共同作用，創造了複合成長，使我們的地位逐年鞏固。

A clear example of the growth we've seen is isothermal foraging deliveries to Pratt and Whitney, where ATI's content has grown 6x from 2023 to 2025, with further growth ahead. This is largely in support of Pratt's GTF accelerated shop visit programs.

我們看到的成長的一個明顯例子是向普惠公司提供的等溫覓食設備，ATI 的產品含量從 2023 年到 2025 年增長了 6 倍，而且未來還會進一步增長。這主要是為了支持普拉特的 GTF 加速車間訪問計劃。

As a priority supplier to our key aerospace customers, we continue to gain share and expand content as customers increasingly value on-time delivery, execution, quality, and reliability, particularly in areas where other suppliers have experienced constraints, meeting ramp up requirements. In defense, demand remains strong and diversified, with increasing governmental spend across naval, air, missile, and ground systems.

作為我們主要航空航太客戶的優先供應商，隨著客戶越來越重視準時交付、執行、品質和可靠性，我們不斷擴大市場份額並拓展業務範圍，尤其是在其他供應商遇到限制、無法滿足產能提升要求的領域。在國防領域，需求仍然強勁且多樣化，政府在海軍、空軍、飛彈和地面系統方面的支出不斷增加。

ATI's annual defense revenue grew 14% year over year, with its missiles up 127%, driven by sustained demand for alloys like C-103 and titanium 64 across multiple programs.

ATI 的年度國防收入年增 14%，其中飛彈收入成長 127%，這得益於多個項目對 C-103 和鈦 64 等合金的持續需求。

In 2025, aerospace and defense represented 68% of our full year revenue, up from 62% in 2024. With forecasted double-digit growth in jet engines alongside continued strength in defense and airframe demand, this mix will continue to increase over time. Beyond aerospace and defense, specialty Energy is emerging as a meaningful growth driver for ATI, delivering 9% year over year growth in Q4. While it remains a smaller portion of our portfolio today, the growth is supported by multi-year customer commitments.

2025 年，航空航太和國防業務占我們全年收入的 68%，高於 2024 年的 62%。由於預計噴射發動機將實現兩位數成長，加上國防和飛機機身需求持續強勁，這種組合將隨著時間的推移而不斷擴大。除了航空航太和國防領域，專業能源領域正在成為 ATI 的重要成長動力，第四季度實現了 9% 的年成長。雖然目前它在我們投資組合中所佔比例仍然較小，但多年的客戶承諾為成長提供了支持。

The business is ramping as demand for AI-driven power infrastructure accelerates across nuclear and land-based gas turbine markets.

隨著核能和陸上燃氣渦輪機市場對人工智慧驅動的電力基礎設施的需求加速成長，該業務也在蓬勃發展。

We recently renewed a long-term specialty energy contract that expanded our share by more than 20%, establishing ATI as their majority supplier and further strengthening our visibility and pricing position as this demand cycle continues to build.

我們最近續簽了一份長期特種能源合同，使我們的市場份額擴大了 20% 以上，使 ATI 成為其主要供應商，並隨著需求週期的持續增長，進一步加強了我們的市場可見性和定價地位。

ATIs differentiate capabilities in zirconium, [cafnium], and other exotic alloys position us as a preferred and increasingly key supplier. The second thing driving our confidence, ATI's growth is anchored in proprietary products and long-term agreements that expand share, improve mix, and secure enhanced pricing.

ATI 在鋯、[鈣鎂]和其他特殊合金方面的獨特能力使我們成為首選且日益重要的供應商。第二個增強我們信心的因素是，ATI 的成長建立在專有產品和長期協議之上，這些協議擴大了市場份額，改善了產品組合，並確保了更高的定價。

Turning to slide 6, I'm pleased to announce that ATI is now producing six of the seven most advanced jet engine nickel alloys, with the remaining alloy produced exclusively by the OEM. We're expanding our proprietary portfolio and reinforcing ATI's competitive mode on the key components of next generation engines.

翻到第 6 張幻燈片，我很高興地宣布，ATI 目前正在生產七種最先進的噴射發動機鎳合金中的六種，其餘的合金則由 OEM 獨家生產。我們正在擴展我們的專有產品組合，並加強 ATI 在下一代引擎關鍵部件方面的競爭優勢。

These products are supported by long-term agreements that secure volume, pricing, and returns and align capital deployment with customer demand. Very few suppliers can match our capabilities at scale. Number 3, capital discipline and operational execution remain central to our strategy.

這些產品均有長期協議支持，以確保銷售量、價格和回報，並使資本部署與客戶需求保持一致。很少有供應商能夠像我們一樣具備如此大規模的產能。第三，資本紀律和營運執行仍然是我們策略的核心。

As I've shared in the past, our top priority is unlocking capacity through productivity, yield improvements, de-bottlenecking, and equipment reliability. In 2025, these actions delivered measurable results, including double-digit increases in remelt output, significant cycle time reductions in downstream heat treatment, and increased equipment uptime, all without significant incremental capital.

正如我之前分享過的，我們的首要任務是透過提高生產效率、提高產量、消除瓶頸和提高設備可靠性來釋放產能。到 2025 年，這些措施取得了可衡量的成果，包括重熔產量兩位數的增長、下游熱處理週期時間的顯著縮短以及設備正常運行時間的增加，所有這些都無需大量的額外資本投入。

When we do invest, projects are secured with long-term customer commitments, often a decade or longer. Many include direct customer funding, enhancing predictability, and increasing returns above our 30% return threshold.

當我們進行投資時，我們會與客戶簽訂長期合約來保障項目，合約期限通常為十年或更久。許多措施包括直接客戶融資、提高可預測性，以及將回報提高到超過我們 30% 的回報門檻。

And each investment is evaluated holistically to ensure durable pricing and protect long-term returns.

每項投資都會進行全面評估，以確保價格的穩定性並保護長期回報。

In 2026, capital investment net of customer funding will be in the range of $220 million to $240 million with growth CapEx focused on proprietary engine alloys and higher return opportunities.

2026 年，扣除客戶資金後的淨資本投資將在 2.2 億美元至 2.4 億美元之間，成長資本支出將集中在專有發動機合金和更高回報的機會上。

This CapEx guidance includes investment in our nickel melt system, including a new primary melt bim furnace, along with the previously announced remelt equipment. We are modernizing and upgrading our melting systems, expanding capability, improving quality, and delivering operating efficiencies for our differentiated engine alloys our customers rely on.

此資本支出指導包括對我們的鎳熔煉系統的投資，包括一台新的初級熔煉爐，以及先前宣布的重熔設備。我們正在對熔煉系統進行現代化改造和升級，擴大產能，提高質量，並提高營運效率，以滿足客戶對差異化引擎合金的需求。

The new capacity will come online in the second half of 2027. Contract backed with customer co-funding. These projects target a run rate of about $350 million of incremental nickel revenue by mid 2028. Our targeted phase investment strategy is focused on differentiated nickel capability, not broad capacity expansion.

新增產能將於 2027 年下半年投入使用。合約由客戶共同出資支持。這些項目的目標是到 2028 年年中實現約 3.5 億美元的新增鎳收入。我們分階段的投資策略著重於差異化的鎳產能，而不是大規模的產能擴張。

These commitments reflect strong demand for ATI's proprietary hot section alloys and customers' willingness to partner with us to secure essential supply. 2026 is off to a strong start. Incremental operational improvements are already underway, and we see tangible opportunities to streamline processes, reduce costs, and expand margins.

這些訂單反映了市場對ATI專有熱端合金的強勁需求，以及客戶與我們合作確保關鍵供應的意願。 2026年開局良好。營運方面的逐步改善已經開始，我們看到了簡化流程、降低成本和擴大利潤空間的實際機會。

As an operations leader at heart, I know the value created by integrating our capabilities and delivering as one ATI, and I'm confident that opportunity remains firmly within our control. I'll now turn the call over to Don.

身為營運領導者，我深知整合我們的能力並以一個 ATI 的名義交付成果所創造的價值，並且我相信這一機會仍然牢牢掌握在我們手中。現在我將把電話交給唐。

Thanks, Kim. 2025 was a proof point for ATI. Strong aerospace and defense demand translated into a richer mix, sustained margins, robust cash flow, and a stronger balance sheet.

謝謝，Kim。 2025年對ATI來說是一個重要的里程碑。強勁的航空航太和國防需求轉化為更豐富的產品組合、持續的利潤率、強勁的現金流和更穩健的資產負債表。

In the fourth quarter, we finished the year with solid execution across the business and strong cash generation. This reinforces our confidence in ATI's long-term strategy. Revenue for the full year totaled $4.6 billion our highest annual revenue since 2012.

第四季度，我們以穩健的業務執行和強勁的現金流為全年畫上了圓滿的句號。這增強了我們對ATI長期策略的信心。全年營收總計 46 億美元，是自 2012 年以來最高的年度營收。

Sales were up 5% over 2024, powered by 14% growth in aerospace and defense overall. Within A&D, jet engine sales grew 21% year over year, and defense grew 14%.

受航空航太和國防領域整體成長 14% 的推動，銷售額比 2024 年成長 5%。在航空航太與國防領域，噴射發動機銷售額年增 21%，國防銷售額較去年同期成長 14%。

Our transformation continues as we focus our mix on ATI's most valuable products and customers.

我們將繼續轉型，把業務重點放在 ATI 最有價值的產品和客戶身上。

Full year adjusted EBITDA exceeded $859 million up 18% over 2024. Adjusted EBITA was $232 million in the fourth quarter, $1 million above the high end of our guidance. This is a 3% sequential increase over a strong third quarter and up 11% over last year's fourth quarter.

全年調整後 EBITDA 超過 8.59 億美元，比 2024 年成長 18%。第四季調整後 EBITA 為 2.32 億美元，比我們預期的上限高出 100 萬美元。這比強勁的第三季環比成長了 3%，比去年第四季成長了 11%。

Free cash flow for the full year total $380 million up 53% year over year. Full year operating cash flow increased more than 50% to $614 million. Managed working capital improved sequentially to 32.5% of sales in the fourth quarter. Capital expenditures for the year totaled $281 million of which customers funded $25 million for a net expenditure of $256 million.

全年自由現金流總計 3.8 億美元，較去年同期成長 53%。全年經營現金流成長超過 50%，達到 6.14 億美元。第四季度，營運資本佔銷售額的比例較上季改善至 32.5%。該年度資本支出總額為 2.81 億美元，其中客戶出資 2,500 萬美元，淨支出為 2.56 億美元。

These investments supported growth, reliability, and improved product flow focused on our highest return differentiated products. Other deployments include repayment of $150 million of debt in Q4 and repurchasing a total of $470 million of our shares during the year.

這些投資促進了成長、提高了可靠性，並改善了產品流程，重點放在我們回報最高的差異化產品上。其他措施包括第四季償還 1.5 億美元的債務，以及年內回購總計 4.7 億美元的股票。

We are pleased with the continued progress in expanding margins. In 2019, our adjusted EBITDA margins were 10.7%. Then we launched our strategic transformation. The strategy to focus on our differentiated products in the A&D markets along with improving operations resulted in adjusted EBITDA margins of 19.7% this quarter.

我們對利潤率持續擴大的進展感到滿意。2019 年，我們調整後的 EBITDA 利潤率為 10.7%。然後我們啟動了策略轉型。本季度，我們採取了專注於航空航太和國防市場差異化產品的策略，並改進了運營，最終實現了調整後 EBITDA 利潤率 19.7%。

A 900 basis point increase in profitability. The momentum is building. Full year 2025 consolidated adjusted EBITDA margins were 18.7%. That's a full year increase of 200 basis points up from 16.7% in 2024.

獲利能力提升900個基點。勢頭正在增強。2025 年全年合併調整後 EBITDA 利潤率為 18.7%。這意味著比 2024 年的 16.7% 增長了整整一年，增幅為 200 個基點。

Both segments are contributing. In HBMC our full year margin was 23.6%, up 330 basis points over 2024.

兩個部分都在貢獻。HBMC 的全年利潤率為 23.6%，比 2024 年成長了 330 個基點。

Q4 margins were 24%, up 400 basis points from the same period last year. The AAAS segment continued its strong A&D expansion with a full year margin of 16.3%, up 90 basis points over 2024. ANS Q4's margin was 18.5%, an increase of 220 basis points from the same period in 2024.

第四季利潤率為 24%，比去年同期成長 400 個基點。AAAS 業務部門持續保持強勁的航空航太與國防擴張勢頭，全年利潤率為 16.3%，比 2024 年增長 90 個基點。ANS Q4 的利潤率為 18.5%，比 2024 年同期成長了 220 個基點。

Let me say it's been an absolute pleasure and honor to be ATI CFO these past six years.

在過去的六年裡，能夠擔任 ATI 的財務官，我感到無比榮幸和快樂。

I am confident the strategy we have put in place will be successful. The transformation we've achieved together in my time here is nothing short of extraordinary, and there is much more to come.

我相信我們制定的策略一定會成功。在我任職期間，我們共同達成的成就堪稱非凡，未來還有更多成就等待我們實現。

This is a business with unique and integral capabilities perfectly positioned in key markets that will see robust growth for years to come. I have absolute faith in Kim, Rob, and the team to take ATI to its full potential.

這是一家擁有獨特且不可或缺的能力，並在關鍵市場佔據完美地位的企業，未來幾年將實現強勁成長。我對 Kim、Rob 和團隊充滿信心，相信他們能夠將 ATI 的潛力發揮到極致。

Thank you to our entire ATI team for their tremendous performance. This is only the start. As Kim and Rob will outline, there's a long runway for growth ahead with a fantastic next chapter beginning in 2026. Now I will turn the call over to Rob.

感謝ATI團隊全體成員的優異表現。這只是個開始。正如 Kim 和 Rob 將要概述的那樣，未來還有很長的成長之路，精彩的下一個篇章將於 2026 年開啟。現在我將把通話交給羅布。

Thank you, Don. I am honored and privileged to serve as the next Chief Financial Officer for ATI building upon the record of success you and Kim have delivered for many years.

謝謝你，唐。我很榮幸也很榮幸能夠擔任 ATI 的下一任首席財務官，在您和 Kim 多年來取得的成功基礎上繼續發展。

Let's jump right in with our 2026 guidance. As I look at 2026, I see ATI growing the top and bottom lines, expanding margins every quarter.

讓我們直接進入2026年的指導方針。展望 2026 年，我認為 ATI 的營收和利潤都會成長，每季的利潤率都會擴大。

That growth and margin expansion reflect price capture under LTPAs, volume increases, improved mix, as well as operating efficiencies.

這種成長和利潤率擴張反映了長期協議下的價格獲取、銷售成長、產品組合改善以及營運效率的提高。

For the first quarter of 2026, we are positioned for adjusted EBITDA of $216 million to $226 million which equates to an EPS range of $0.83 to $0.89.

2026 年第一季度，我們預計調整後 EBITDA 為 2.16 億美元至 2.26 億美元，相當於每股收益 0.83 美元至 0.89 美元。

At the midpoint, this represents a 14% increase in adjusted EBITDA over Q1 2025. The guidance for Q1 reflects seasonality, including planned maintenance and HPMC. For the full year we are setting initial adjusted eBay guidance of $975 million to $125 million.

以中點計算，這意味著 2025 年第一季調整後的 EBITDA 將成長 14%。第一季業績指引反映了季節性因素，包括計畫維護和HPMC。我們對全年eBay的初步調整後營收預期設定為9.75億美元至1.25億美元。

The midpoint of $1 billion is a 16% increase over 2025 as we extend the path for profitable growth in our core markets beyond aerospace and defense to include specialty energy. These earnings translate into initial full year range of adjusted EPS of $3.99 to $4.27.

10億美元的中點意味著比2025年成長16%，因為我們將核心市場的獲利成長路徑從航空航太和國防擴展到特種能源領域。這些收益轉化為第一財年調整後每股收益範圍為 3.99 美元至 4.27 美元。

Turning to adjusted free cash flow, we target a full year range of $430 million to $490 million. The $460 million midpoint. Is $80 million higher than 2025, a 21% year over year increase. Embedded in this range are gross CapEx investments of $280 million to $300 million which will be partially offset with customer CapEx funding of about $60 million.

調整後的自由現金流目標為全年 4.3 億美元至 4.9 億美元。4.6億美元的中點。比 2025 年高出 8,000 萬美元，年增 21%。該範圍內包含 2.8 億美元至 3 億美元的資本支出總投資，其中約 6,000 萬美元的客戶資本支出資金將部分抵銷。

As we've said before, growth plans include substantial commitments from our customers. Net of customer funding, which is the most meaningful representation of cash invested by ATI, our adjusted 2026 CapEx range is $220 million to $240 million. These investments prioritize our differentiated products and are supported by customer product purchase commitments under LTAs with contracted prices.

正如我們之前所說，成長計畫需要客戶的大量承諾。扣除客戶資金（這是 ATI 投資現金的最有意義的體現），我們調整後的 2026 年資本支出範圍為 2.2 億美元至 2.4 億美元。這些投資優先考慮我們的差異化產品，並得到客戶根據長期協議以合約價格作出的產品購買承諾的支持。

Our adjusted free cash flow range reflects reduction in managed working capital as a percentage of sales to 31% or lower in 2026. We continue to build upon the efficiencies we are unlocking in inventory and receivables management.

我們調整後的自由現金流範圍反映了到 2026 年，管理營運資本佔銷售額的比例將下降至 31% 或更低。我們將持續提高庫存和應收帳款管理的效率。

The successes we've achieved in 2025 point us towards more consistent cash flow generation by quarter as we work to reduce the seasonality in our cash flows. In terms of capital deployment beyond CapEx, we have no meaningful debt maturities until December 2027. And no significant planned debt repayments in 2026.

我們在 2025 年的成功表明，隨著我們努力減少現金流的季節性波動，我們將實現更穩定的季度現金流。就資本支出以外的資本部署而言，我們在 2027 年 12 月之前沒有重要的債務到期。2026年沒有重大債務償還計畫。

Returning capital to shareholders has been and will continue to be a priority for ATI. Since 2022, we have repurchased about $1 billion of our shares at an average price of $51 per share. We currently have $120 million remaining under our existing share repurchase authorization to be completed in 2026.

向股東返還資本一直是並將繼續是 ATI 的首要任務。自 2022 年以來，我們已回購了約 10 億美元的股票，平均價格為每股 51 美元。我們目前還有 1.2 億美元的現有股票回購授權額度，將於 2026 年完成。

As this program completes, we intend to seek board approval for additional share repurchase authorization. Let me share some of the key building blocks and the financial metrics that support our 2026 outlook. Here's how we see growth for the year, starting with end markets. In jet engines, our largest end market, we see rates in the mid-teens for the full year 2026 as we leverage price and mix to our advantage.

隨著該計劃的完成，我們打算尋求董事會批准，以進行額外的股份回購授權。讓我來分享一些支持我們 2026 年展望的關鍵要素和財務指標。以下是我們對今年成長情況的預測，首先從終端市場說起。在噴射引擎領域，這是我們最大的終端市場，我們預計 2026 年全年利率將達到十幾個百分點，因為我們將利用價格和產品組合優勢。

In airframe products, we see mid to upper single-digit growth, with most growth occurring in the second half of the year as OEM production rates increase and customer inventory balances normalize. The projected increase in defense spending is well represented in our diversified portfolio of defense products.

在飛機機身產品方面，我們看到個位數中高成長，大部分成長發生在下半年，因為 OEM 生產率提高，客戶庫存餘額恢復正常。預計國防開支的成長在我們多元化的國防產品組合中得到了充分體現。

We are on track for 2026 to mark our fourth consecutive year of double-digit growth in defense, with growth rates in the mid-teens. Our A&D sales mix will continue to increase in 2026 with our A&D portfolio in line to represent more than 70% of our sales for full year 2026.

我們預計在 2026 年實現國防領域連續第四年兩位數成長，成長率將達到 15% 左右。到 2026 年，我們的航空航太與國防銷售組合將持續成長，預計到 2026 年全年，航空航太與國防產品組合將占我們銷售額的 70% 以上。

We're evolving into a model of sustainable and profitable growth in specialty energy targeting double-digit growth in 2026. This will be underpinned by an expanding portfolio of long-term contracts with accretive margins similar to our A&D LTA portfolio.

我們正在發展成為特種能源領域可持續獲利成長的典範，目標是在 2026 年實現兩位數成長。這將以不斷擴大的長期合約組合為基礎，這些合約具有與我們的航空航太和國防長期協議組合類似的增值利潤。

We are purposely prioritizing A&D and specialty energy using 80/20 and allocating differentiated production capacity to focus on our highest value markets. We're strategically reducing capacity allocations in industrial, medical, and electronics, where 2026 sales are trending down by low to mid-single-digits.

我們特意優先發展航空航太與國防和特種能源，採用 80/20 的比例，並分配差異化產能，專注於我們價值最高的市場。我們正在有策略地減少工業、醫療和電子領域的產能分配，這些領域 2026 年的銷售額預計將出現個位數低至中等的下降趨勢。

As a reminder, medical and electronics each represent only 3% to 4% of our total sales. Turning to adjusted EBITA margins, we see continued margin expansion in 2026 with fully consolidated margins in the range of 20%.

需要提醒的是，醫療和電子產品分別只占我們總銷售額的 3% 到 4%。從調整後的 EBITA 利潤率來看，我們預期 2026 年利潤率將持續擴張，完全合併後的利潤率將在 20% 左右。

To put a finer point on it, margins are tracking to the upper teams in the first half of the year, then above 20% in the second half. That reflects planned maintenance in the 1st quarter. In the second half, price increases under LTAs will lift sales, profits, and margins.

更確切地說，上半年各隊的利潤率都較高，下半年則超過 20%。這反映了第一季的計劃維護。下半年，長期協議下的價格上漲將提升銷售額、利潤和利潤率。

For modeling purposes, consider the first quarter consolidated EBITA margins to be between 18.5 and 19%. At the segment level, full year margins for HPMC will be in the range of 25% and A&S in the upper 10s, with sequential expansion each quarter. Building out the model a bit further, plan for consolidated incremental margins for the full year to average 40%.

為了建模目的，假設第一季合併 EBITA 利潤率在 18.5% 到 19% 之間。從業務板塊來看，HPMC 的全年利潤率將在 25% 左右，A&S 的全年利潤率將在 10% 以上，並且每個季度都會持續成長。進一步完善此模型，預計全年綜合增量利潤率平均為 40%。

The second half, 2026 margins above 40% due to LTA price increases. As noted in the past, HPMC incremental margins are typically higher than AA&S, reflecting sales mix and end market pricing dynamics. Both are general guidelines that can vary by product and marketing customer but serve as top-level indicators of ATI's anticipated growth impact this year. These incremental margins are higher than we have signaled in the past. That increase reflects improved mix, price, volumes, and operational performance delivered across our portfolio.

2026 年下半年利潤率將超過 40%，原因是 LTA 價格上漲。如前所述，HPMC 的增量利潤率通常高於 AA&S，這反映了銷售組合和終端市場定價動態。兩者都是一般性指導原則，可能會因產品和市場客戶而異，但可以作為 ATI 今年預期成長影響的最高級別指標。這些增量利潤率高於我們過去預期的水平。這一成長反映了我們產品組合在產品組合、價格、銷售和營運績效方面的提升。

There are additional elements to our guidance, including the slide deck we shared this morning that will help with modeling 2026. As I begin my tenure as ATI's Chief Financial Officer, I'm confident in our opportunities and energized to extend and build upon the performance of this highly differentiated and capable enterprise. Kim, I will turn the call back over to you.

我們的指導方針中還有其他一些要素，包括我們今天早上分享的幻燈片，這將有助於對 2026 年進行建模。在我擔任 ATI 財務長之際，我對我們的機會充滿信心，並充滿熱情地致力於拓展和提升這家極具差異化和能力的企業的業績。金，我把電話轉回給你。

Thanks, Rob. ATI enters 2026 with a strong foundation. Differentiated capabilities, robust contractual partnerships, disciplined capital deployment, and a proven ability to execute. Over the past several years we've transformed ATI into a business where these strengths reinforce one another. Differentiated materials lead to long-term contracts.

謝謝你，羅伯。ATI 以堅實的基礎邁入 2026 年。差異化的能力、穩固的合約夥伴關係、嚴謹的資本部署以及已被證明的執行能力。在過去的幾年裡，我們把 ATI 打造成了一家能讓這些優勢相互促進的企業。差異化材料有助於簽訂長期合約。

Those contracts secure premium pricing, expand share, and generate cash, and that cash is reinvested with discipline, expanding capacity, improving reliability, and deepening our role across the most strategic customer platforms.

這些合約確保了溢價定價、擴大了市場份額並產生了現金，而這些現金會受到嚴格控制地進行再投資，以擴大產能、提高可靠性並深化我們在最具戰略意義的客戶平台上的作用。

The world increasingly relies on ATIs differentiated capabilities to support next generation aircraft, advanced defense systems, and expanding energy generation, and we are delivering to meet that demand. With that, let's open the line for your question.

世界越來越依賴 ATI 的差異化能力來支援下一代飛機、先進的國防系統和不斷擴大的能源生產，而我們正在努力滿足這一需求。那麼，現在讓我們開始回答您的問題。

Thank you. (Operator Instructions) Seth Seifman, JP Morgan.

謝謝。（操作說明）Seth Seifman，摩根大通。

Hey, thanks very much and good morning, everyone, Don, just want to say thanks for all the help, over the years and congratulations and best of luck. Wanted to start off maybe with a little bit of a big picture question. I know you probably can't talk about a lot of the details, but, when we're thinking about, expanding capacity with customer support, how do we think about how much. Of the new capacity is dedicated to the customer versus how much you have at at your disposal to serve other customers and then also you know the customer support helps to reduce the the denominator in the ROI how do we think about the impact on the on the numerator?

嘿，非常感謝，大家早上好，唐，我想感謝你多年來的幫助，恭喜你，祝你好運。我想先從一個比較宏觀的問題開始。我知道您可能不能談論很多細節，但是，當我們考慮擴大客戶支援能力時，我們該如何考慮擴大多少？在新增產能中，有多少是專門用於服務客戶的，又有多少是您可用於服務其他客戶的？此外，您也知道客戶支援有助於降低投資報酬率中的分母，那麼我們該如何考慮這對分子的影響呢？

Hey Seth, yeah, and you're right, we can't share a lot of details around what products or or what projects these go to, unless we've, done a public press release which we have on some of these in the past. The way to think about that and the way that these are structured, these agreements is that it's really around security of access to highly constrained differentiated materials, and so, as we are partnering to do these investments, the customers are one looking to ensure that that capacity is available and they have right of first refusal for you know whatever that negotiated amount is but beyond that as we are managing our mix and managing demand we're able to flex and move that to support whatever business at the time makes the most sense for us so.

嘿，Seth，是的，你說得對，除非我們發佈公開新聞稿（過去我們也發布過一些），否則我們不能透露太多關於這些資金將用於哪些產品或項目的細節。思考這些協議的方式以及它們的結構，實際上都圍繞著對高度受限的差異化材料的獲取保障。因此，當我們合作進行這些投資時，客戶希望確保產能可用，並且他們擁有優先購買權，無論協商的數量是多少。除此之外，隨著我們管理產品組合和管理需求，我們能夠靈活調整，以支援當時對我們來說最有意義的業務。

It does give them, like I said, that surety that there's investment and supply coming. We work very closely. I think the other benefit for us, maybe twofold one is that alignment around customer demand when they need it, so it's coming on exactly when that demand's coming, but also the qualification becomes much more abbreviated because of the focus around resourcing and the investment and alignment of interest there.

正如我所說，這確實讓他們確信會有投資和供應到來。我們合作非常密切。我認為對我們來說，另一個好處可能是雙重的：一是能夠圍繞客戶需求進行協調，在他們需要的時候及時滿足需求；二是由於資源配置、投資和利益協調方面的重點，資格審查流程也大大簡化。

On your question around the returns, I've shared in the past our threshold for, returns on our projects are all 30% plus, and obviously with this contributed capital from our customers that helps drive those projects even more, robust returns for us, over the over the project timeline.

關於您提出的回報問題，我之前已經分享過，我們專案的回報率門檻都在 30% 以上，顯然，有了客戶的投入資金，就能更好地推動這些項目，在整個專案週期內為我們帶來穩健的回報。

Excellent excellent thanks and maybe just as a quick follow-up if you could provide an update on I think you talked about airframe growth being more pronounced in the second half of the year to just maybe an update on the stocking situation there and what kind of visibility that you have.

非常感謝！另外，我想快速跟進一下，您之前提到下半年機身增長會更加明顯，能否提供一下庫存情況的最新進展以及您對庫存的了解程度？

Yeah, I would say Airframe inventories are getting much closer to being in line inventory alignment has progressed meaningfully through 2025 as I shared in the past.

是的，我認為飛機庫存正越來越接近正常水平，庫存調整計劃在2025年之前取得了顯著進展，正如我之前分享的那樣。

They only had pockets where the inventory they're working to normalize that and so from. Our perspective as we see inventories across that supply chain, it's largely will be right size by 2026 and that's where we are anticipating that we'll start to see some modest improvement in order rates and demand as we get into the second half and. And clearly, Boeing had some great news to share this week. They're on a great path and as they continue to pull and increase their ramp build rates, we anticipate that normalization, moving even quicker.

他們只有一些零散的庫存，他們正在努力使庫存正常化等等。從我們的角度來看，整個供應鏈的庫存到 2026 年將基本達到合適的規模，我們預計，隨著下半年的到來，訂單率和需求將開始出現一些溫和的改善。顯然，波音公司本周有一些好消息要宣布。他們正走在一條正確的道路上，隨著他們不斷提高產能利用率，我們預計這種正常化進程將會更快。

Great. Thank you very much.

偉大的。非常感謝。

Yeah. Thank you. Peter Skibitski, Alembic Global

是的。謝謝。Peter Skibitski，Alembic Global

Hey, good morning, guys. Nice quarter.

嘿，大家早安。不錯的街區。

Hey, Kim, you've had some great, history here in terms of defense sales and, nice projection, and we still, it seems like there's still a lot of runway there with this reconciliation bill spend yet to come. I was wondering if you could parse out some of the pieces of defense revenue. I think naval is about 50% of defense for you, but, maybe you could talk about missiles some more in terms of how big that could be because we've seen some. Some historic, contracts for pack 3 and FA, items that you guys have content on. So we just wondering if you could parse through some of the, growth drivers in defense there.

嘿，金，你在國防銷售方面取得了輝煌的成就，預測也很準確，而且我們仍然認為，隨著即將到來的預算協調法案支出，這方面還有很大的發展空間。我想請您詳細分析一下國防收入的組成。我認為海軍對你們來說大約佔國防的 50%，但是，也許你們可以再談談飛彈，說說它的重要性，因為我們已經看到了一些飛彈。一些歷史性的、第三包和FA的合同，你們有相關的內容。所以，我們想知道您能否分析一下國防領域的一些成長驅動因素。

Thank you.

謝謝。

Yeah, sure, and yeah, I'm very excited about defense, for the full year '25, it was up 14%. We're expecting that growth to accelerate into the mid-teens in 26, and as you said, the spending that is coming in the programs that we have content and are supported are going to just continue to accelerate that. So as you said, as we break down and I look at the defense markets just generally. Neal nuclear is probably a little bit less than you said, closer to, 35% to 40% of that overall, and then missiles today is around, say, 20% of that total. And as I mentioned, we're continuing to win new content on both.

是的，當然，而且，我對防守非常興奮，2025 年全年防守提高了 14%。我們預計到 2026 年，這一增長將加速到 15% 左右，正如您所說，我們擁有內容並得到支持的項目中的支出將繼續加速這一增長。正如你所說，當我們深入分析並全面審視國防市場時，就會發現這一點。尼爾的核武可能比你說的要少一些，大約佔總量的 35% 到 40%，而如今的飛彈大約佔總量的 20%。正如我之前提到的，我們正在繼續在這兩個平台上贏得新的內容。

Current programs as well as development in new programs and so you know I mentioned in the prepared remarks specifically around [pack 3 and TA] utilizing our very specialized C103 material we're one of the few US suppliers and producers of that material and that really goes into that high.

目前的項目以及新項目的開發，正如我在準備好的發言稿中特別提到的[pack 3 和 TA]，我們使用了非常專業的 C103 材料，我們是美國為數不多的這種材料的供應商和生產商之一，這確實對高水平的實現起到了作用。

Temperature high strength applications and then the titanium 6.4 which goes to helping support the EB investment that we made over the last few years. It's coming online very well. It's right at the right time and as you said, both of those missile programs, I think they're up 3x to 4x in spending as we work to replenish our stockpile so defense is an area that, has continued to grow. It's a, it's a very attractive market for us and it does have a lot of, improvement and opportunity as we go into into '26 and beyond, frankly.

高溫高強度應用，以及鈦 6.4，這有助於支持我們在過去幾年中進行的 EB 投資。它上線運行非常順利。現在正是時候，正如你所說，這兩個導彈項目的支出都增加了 3 到 4 倍，因為我們正在努力補充庫存，所以國防領域一直在持續增長。坦白說，這是一個非常有吸引力的市場，隨著我們進入 2026 年及以後，它還有很多改進和機會。

Great thanks guys.

非常感謝各位。

Thank you. Richard Safran, Seaport Research Partners.

謝謝。Richard Safran，Seaport Research Partners。

Thanks very much. Good morning, everybody. Don, it's been great working with you. Best of luck.

非常感謝。大家早安。唐，和你一起工作非常愉快。祝你好運。

First question, I have I think it's the obvious one. Are you still good with your 2027 guide, that you have out there? I'm kind of curious if you'd like to update it right now. I mean, you're guiding to, $1 billion to $1.2 billion in even on in '27, and as Kim, you said you're guiding to $1 billion and '26. At the midpoint and you know if I heard you right, you're expecting 40% incremental margins in '26, so I guess, what does this all say about your 27 guide?

我的第一個問題，我覺得應該是最顯而易見的。你覺得你之前發布的 2027 年指南還適用嗎？我很好奇你現在是否想更新它。我的意思是，你預計到 2027 年將達到 10 億至 12 億美元，而金，你說過你預計到 2026 年將達到 10 億美元。到了年中，而且如果我沒聽錯的話，你預計 2026 年的利潤率將成長 40%，那麼，這一切對你 2027 年的業績指引意味著什麼呢？

Yeah, hi Rich, this is Rob. I'll jump in here. When I think about the 2027 guidance, I'm really confident in the, guidance, it's not, I guess everyone doesn't know, but I was a part of the team, prior to being the President of our specialty hours and components business. I was running the operational finance group, so been very closely involved with these numbers and very confident in our ability to achieve these kind of targets. At this point, I'm going to spend some time in the chair and we're going to get to reviewing the outlook in longer range and normal course, and I'll be in a position to give you an update whenever, we get to that point. I'm not there yet, but I will say that I do have some bias to the top end of the EBITA margin percent, and I do feel really confident with those 2027s, but we're in a position right now to give an update.

嗨，Rich，我是Rob。我來插一句。當我思考 2027 年的指導意見時，我對該指導意見非常有信心，雖然可能不是每個人都知道，但在擔任我們特種工時和零件業務總裁之前，我曾是該團隊的一員。我當時負責營運財務部門，所以對這些數字非常熟悉，並且對我們實現這類目標的能力非常有信心。接下來，我將花點時間坐在椅子上，我們將回顧長期前景和正常進程，屆時我將隨時向大家報告最新情況。我還沒完全確定，但我可以說我對 EBITA 利潤率的上限有一些偏好，而且我對 2027 年的預測非常有信心，但我們現在還無法給出最新進展。

Okay. Thanks. Second, Him, I this is following up on some of your comments about defense, but possibly, but past few years have been, pretty good for share gains, Pratt, VS MPO, you picked up, I'm kind of curious, what the opportunity set is for share gains in 2026, and I'm thinking, given spending levels, are most of them in defense right now? I mean, that, that's just my take on things, but I'm very interested in. In in what you're seeing, thanks.

好的。謝謝。其次，Him，我這是在跟進你關於國防的一些評論，但或許，過去幾年對於市場份額的增長來說相當不錯，Pratt，VS MPO，你提到了這一點，我有點好奇，2026 年的市場份額增長機會是什麼，而且我在想，考慮到支出水平，它們現在大部分都在國防領域嗎？我的意思是，這只是我個人的看法，但我對此非常感興趣。謝謝你所看到的。

Yeah, Rich, that's, it's an interesting perspective because you know as I look at 2026 I see opportunities for share gains and in fact we've already had a couple here early in the year across three key markets. One is defense, as you mentioned, and I talked. About some of those programs in the missiles but also in the jets and rotor hub areas as well where I know we are we are winning share taking share winning new programs and new parts on those on those on that equipment but the other two areas that I think we still have opportunities are one in in jet engine.

是的，Rich，這是一個有趣的視角，因為你知道，當我展望 2026 年時，我看到了市場份額增長的機會，事實上，今年年初我們在三個主要市場已經實現了幾次增長。正如你所提到的，一個是防禦，我也談到了這一點。關於導彈、噴射機和旋翼輪轂領域的一些項目，我知道我們正在贏得市場份額，不斷贏得新項目和新零件，但我認為我們仍然有機會的另外兩個領域是噴氣發動機。

And second in specialty energy. Both of those, I would say over just the last 30 to 60 days we won significant new share positions and really those are related to where our peers maybe are challenged to meet the requirements of the ramp, are challenged to meet the requirements of the OEM so to support those rates and when that, and again. I mentioned, those materials on slide 6 that we've got the proprietary differentiated materials those gives us an opportunity then to grow and continue to grow that content on each of those engines and you know I'm very pleased that our customers do. Feel like they can rely on us to deliver reliability, high-quality products, and I'm seeing share gains across all three of those, and again, the tailwinds for the growth of those three markets as well and increasing demand, I think are going to continue to open up new opportunities for us to go in and win share and win new program positions.

其次是特種能源領域。在過去的 30 到 60 天裡，我們在這兩方面都贏得了重要的市場份額，這實際上與我們的同行可能面臨的挑戰有關，即滿足產能爬坡的要求，滿足原始設備製造商 (OEM) 的要求，以支持這些增長率，以及當這種情況再次發生時。我在第 6 張投影片上提到了那些材料，我們擁有專有的差異化材料，這給了我們機會在每個引擎上發展並繼續發展這些內容，你知道，我很高興我們的客戶也這樣做。他們覺得我們可以信賴我們，提供可靠、高品質的產品。我看到這三個領域的市佔率都在成長。此外，這三個市場的成長勢頭良好，需求不斷增加，我認為這將繼續為我們創造新的機會，讓我們進入市場，贏得市場份額，贏得新的項目。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you. Scott Deuschle, Deutsche Bank.

謝謝。史考特‧德施勒，德意志銀行。

Hey, good morning, Kim. Based on the $350 million revenue disclosure you offered, it looks like you'd be adding around 9,000 tons of annual nickel melt capacity with this new vim, at least based on my napkin math.

嘿，早上好，金。根據你提供的 3.5 億美元的收入披露，這台新的 Vim 設備似乎每年可以增加約 9000 噸鎳熔煉產能，至少根據我的粗略計算是這樣。

Does that sound roughly right in the right ballpark?

這個數字大致正確嗎？

Hey, Scott, Generally it's a little bit mixed dependent, right? So the materials that this purpose built capital is going in for have differences around melt rates around production time. And so you're in the ballpark, but again that's part of the reason we shared the revenue targets because some of these are very difficult and complicated to make and so it doesn't equate to what you may see as a general purpose, capacity or run rates.

嘿，斯科特，一般來說，情況有點複雜，對吧？因此，這座專用資本所投入使用的材料在生產時間附近的熔化速率上存在差異。所以你的估計大致正確，但這也是我們公佈收入目標的部分原因，因為其中一些目標的實現非常困難和複雜，因此它並不等同於你可能看到的通用目標、產能或運行率。

Just as a follow-up, can you share how the melt times typically compare for one of these exotic alloys like Rene 65 versus more standard alloy like [718]?

作為後續問題，您能否分享像Rene 65這樣的特殊合金與更常見的合金（例如普通合金）相比，熔化時間通常有何不同？[718]？

Yeah, I would say if you take kind of a 718 versus maybe one of those proprietary alloys on that slide 6, it could be up to 3 times to 4 times longer melt times. They're all, these are all specified controlled melts to get that quality and grain structure requirements that the OMs are looking for.

是的，我想說，如果你拿 718 合金和幻燈片 6 上的那些專有合金相比，熔化時間可能會延長 3 到 4 倍。這些都是經過嚴格控制的熔煉過程，以達到製造商所期望的品質和晶粒結構要求。

That's really helpful.

這真的很有幫助。

Thank you. And then Rob, I was just wondering if you could walk us through the 2026 pricing outlook specifically for the exotic alloys that A&S makes zirconium, hafnium, and niobium. Obviously some big moves on the hafnium market. So curious, what that pricing outlook looks like for 26.

謝謝。羅布，我想請你詳細介紹一下 A&S 公司生產的鋯、鉿和鈮等特種合金在 2026 年的價格前景。顯然，鉿市場出現了一些重大波動。很好奇，26年的價格前景如何。

Yeah, so you know at a high level when I think about the walk from the 2025 EBITDA to the 2026 guidance.

是的，所以你知道，從宏觀層面來說，當我考慮從 2025 年 EBITDA 到 2026 年預期值的轉變時。

The way to think about it is roughly 50% pricing, 50% volume, and yeah, there has been some pretty significant movement, with some of the alloys, within our specialty alloys and components, business as well as some of the other businesses that we have, we don't really disclose, that detail, we do talk about, zirconium and related products, thinking about that in the context, it's just under 10% of our kind of volumes in terms of revenue. But I will say that the pricing, assumptions that were used in the 2026 guidance aren't too far from, the current, information available, so we've considered a lot of that movement into our 2026 guide.

可以這樣理解：價格約佔 50%，銷售量佔 50%。是的，我們的一些特殊合金和零件業務，以及我們的一些其他業務（我們不會透露具體細節，但我們會談到鋯及相關產品），都出現了相當大的變化。考慮到這一點，就收入而言，它僅占我們此類銷量的不到 10%。但我要說的是，2026 年指導方針中使用的定價和假設與目前可獲得的資訊相差不大，因此我們在 2026 年指導方針中考慮了許多此類變化。

Thank you.

謝謝。

Thank you. Andre Madrid, BTIG.

謝謝。安德烈·馬德里，BTIG。

Yes, good morning, everybody, and Don, thank you again for everything and best of luck in future endeavors.

是的，大家早安，唐，再次感謝你所做的一切，祝你未來一切順利。

Thank you. [Not to nitpick, not to nitpick, but when], looking at airframe.

謝謝。 [並非吹毛求疵，並非吹毛求疵，但何時]，檢視機身。

I think you guys are now projecting mid to high single-digit, but before it was just high single-digit for 26. I mean, what's giving you any pause there and what would need to happen for.

我認為你們現在預測的是個位數中高段位，但之前預測26年只有個位數高段位。我的意思是，是什麼讓你猶豫不決？需要發生什麼才能讓你猶豫？

You guys to come in on the lower side of that range.

你們的報價應該在這個範圍的下限。

Yeah I'd say you know our guidance is built on executed customer production schedules and contractual commitments and not necessarily those headline build rate targets so you know as you said we're coming in at that, mid to.

是的，我想說的是，我們的指導方針是基於已執行的客戶生產計劃和合約承諾，而不是那些表面上的生產力目標，所以正如你所說，我們目前處於中期到後期的水平。

Mid to high single-digit growth rates, but specifically what we base our outlook on is the OEM order rates, the schedules that they've given us for both Airbus and Boeing, contractual minimums. I'll just remind you that our Boeing contract has contractual minimums. There's order frameworks and timing for both of those at high demand material demand to those actual production plans. And I would say what's really coloring this is maybe a conservative view of the timing, particularly early in the year where we are today, rather than assuming, immediate full rate execution.

中高個位數成長率，但我們具體依據的是原始設備製造商的訂單率，以及他們為空中巴士和波音提供的進度計劃和合約最低要求來做出預測。我只想提醒你，我們與波音公司的合約中有最低合約限額。對於這兩類高需求材料，都有相應的訂單架構和時間安排，以落實到實際生產計畫中。我認為真正影響這結果的，或許是對時機的保守看法，尤其是在今年年初，而不是假設會立即全額執行。

And so, we'll continue to update that as we go through the year. But we're encouraged by that progress Boeing shared on production. But we're not assuming best case rate acceleration as we go through the year so the guidance is really a measured ramp airframe weighted toward that second half of 2026 with production rates that convert to orders and shipments and as far as upside or, what would have to be true, these contracts that I shared with you expanded both our mix, our participation, our product portfolio, we want price, we want share, and so as they start to accelerate those build rates, we anticipate capturing that share and that volume as we go into the back half of the year. So together, it's taking all of this together, supports really, we're looking at a steady airframe growth throughout the year, modest in the first half, accelerating in the second half, resulting in that mid to high single-digit growth for 2026.

因此，我們將在今年持續更新相關資訊。但波音公司在生產方面的進展令我們感到鼓舞。但我們並沒有假設全年生產速度都會加速提升，因此，我們的指導方針實際上是穩步提高飛機產量，重點放在 2026 年下半年，生產速度將轉化為訂單和出貨量。至於成長空間，或者說，必須滿足的條件，我之前和你們分享的這些合約擴大了我們的產品組合、參與度和產品組合，我們想要價格優勢，我們想要市場份額，因此，隨著他們開始加快生產速度，我們預計在下半年能夠獲得相應的市場份額和銷售量。因此，綜合所有這些因素來看，我們預計全年機身數量將穩定成長，上半年成長較為溫和，下半年成長加速，到 2026 年將實現中高個位數成長。

Got it. That's helpful, Cloe.

知道了。那很有幫助，克洛伊。

Thank you, Kim. And if I could just squeeze one more in, I mean, looking at jet engine, it looks like, this was a second quarter of MRO coming in at about half of Jet Engine. Do you expect similar contribution into 26? Is that what, is that what's baked into the guide?

謝謝你，金。如果我能再擠出一點時間，我的意思是，看看噴射發動機，看起來，MRO 的第二季度大約是噴射發動機的一半。你預計第 26 任也會有類似的貢獻嗎？這就是指南裡明確寫明的內容嗎？

Yes, Scott, so when I look at the frame, I would say that the jet engine growth in 2026, assumes roughly that continuation of mix being 50%, MRO 50%, OEM.

是的，斯科特，所以當我查看框架時，我認為 2026 年噴氣發動機的增長大致假設混合比例繼續為 50% MRO 50% OEM。

Got it, awesome. I appreciate the call everybody and have a great day.

明白了，太棒了。感謝大家的來電，祝大家今天過得愉快。

Thank you. Myles Walton, Wolf Research.

謝謝。邁爾斯·沃爾頓，狼研究公司。

Thanks, good morning. Kim, you commented on the non-seasonal nature of pickup of order activity at the start of the year. Can you maybe expand upon that, directionally, where that's coming from, how unusual it is in a quantification manner, and then where did the backlog end up, at your end?

謝謝，早安。Kim，你曾評論年初訂單提取活動的非季節性特點。您能否詳細說明一下，從哪個方面來看，這個問題是如何產生的，它有多麼不尋常（以量化的方式），以及在您那邊，積壓的工作最終去了哪裡？

Sure, I can definitely talk through that. So, we did see an uptick in orders in strength in order inquiries as well as order placements just in the first, 30 days here of the year already, and what we're attributing and what it looks like is that it's related to supply chain readiness moves as people are moving and and are taking, the positive feedback and and Boeing's progress, to get in position for upcoming radio. Increases, I will say, from a magnitude standpoint, it's coming in very strong, maybe stronger than we've seen in the last few years for these products and for these, for the airframe applications, but we really don't rely on that short-term transactional buying, nearly most of our exposure is governed by that air frame and long-term agreements that very closely tied to customer production plans.

當然，我完全可以跟你詳細談談。因此，我們確實看到訂單量上升，無論是訂單諮詢量還是訂單量，都在今年的前 30 天增加。我們認為，這似乎與供應鏈的準備工作有關，因為人們正在採取行動，並利用波音公司的正面回饋和進展，為即將推出的無線電產品做好準備。從規模上看，成長非常強勁，可能比過去幾年我們看到的這些產品以及這些機身應用的成長都要強勁，但我們實際上並不依賴這種短期交易性購買，我們幾乎所有的風險敞口都受制於與客戶生產計劃密切相關的機身和長期協議。

But you know we're going to continue to monitor that kind of goes to my earlier comments around the airframe market and you know we'll monitor as they continue to make those rate increases both Boeing and Airbus and and update that as we see opportunities.

但你知道，我們會繼續關注這一點，這與我之前關於機身市場的評論有關，我們會密切關注波音和空中巴士繼續提高價格的情況，並在發現機會時更新資訊。

In the backlog do you provide that at your end sequence.

在待辦事項清單中，您是否會在最後階段提供該內容？

Yes, from a backlog standpoint, our backlog today remains just under one year of revenue, which is about where we'd like to see that that backlog at, the one thing that I would anticipate seeing, when I look at lead times for those materials as we just talked about and those proprietary materials around. PQ titanium, nickel, alloys, those specialized nickel alloys.

是的，從積壓訂單的角度來看，我們目前的積壓訂單仍然略低於一年的收入，這大致符合我們的預期。我預計，當我們查看我們剛才討論的那些材料以及那些專有材料的交貨週期時，就會出現這種情況。PQ 鈦、鎳、合金，那些特殊的鎳合金。

And the exotic alloys like hafnium and zirconium, all of those are extending, some up to 2 x since a quarter ago, and so I, we are looking and we would expect to see that backlog start to come up a little bit as we continue to implement productivity improvements and efficiency improvements to, produce those orders and get those shipped. I say in general.

而像鉿和鋯這樣的特種合金，它們的產量都在增長，有些甚至比一個季度前增長了2倍，因此，我們正在觀察，並預計隨著我們繼續實施生產力和效率的改進措施，生產和交付這些訂單，積壓訂單將會開始有所增加。我一般是這麼說。

Those are up. It's up about 3%, but as I said, we can, we target around 1 year of backlog generally. I think the other thing I just mentioned is that the backlog is not a universal indicator, as we've talked about, many times before. A lot of our customer demand is contracted, and with those contracts, what that affords our customers is a reserved place in line.

這些都上傳了。成長了約 3%，但正如我所說，我們可以做到，我們的目標是通常能處理大約 1 年的積壓訂單。我認為我剛才提到的另一點是，積壓工作量並不是一個普遍適用的指標，正如我們之前多次討論過的那樣。我們許多客戶需求都是透過合約滿足的，而這些合約賦予了我們的客戶一個預留的排隊位置。

And so what I say. It's been the supply chains have stabilized. I've seen some really nice order patterns generally, coming in, but what we don't have is you don't have customers coming in and maybe speculative buying or putting in their orders extra early because they know when we get to the lead times and frozen windows that they've got a spot and they can load those against their forecast and what we've reserved for them, so the one pop was that early in the year watching the supply chain ready for the airframe ramp and that might have some impact but generally we'll stay in about the range that we're at today.

所以，我就是這麼說的。供應鏈已經穩定下來了。我看到整體上訂單模式相當不錯，但我們目前沒有遇到的是客戶進行投機性購買或提前下單的情況，因為他們知道一旦到了交貨週期和凍結窗口期，他們就能搶到位置，並根據他們的預測和我們為他們預留的訂單量來安排訂單。今年早些時候，由於供應鏈為飛機生產做好準備，訂單量出現了一次波動，這可能會產生一些影響，但總的來說，我們的訂單量將保持在目前的水平範圍內。

Thank you.

謝謝。

Thank you. Gautam Khanna, TD Cowen.

謝謝。Gautam Khanna，TD Cowen。

Hi, good morning guys.

大家好，早安。

Morning.

早晨。

And congrats to both Rob and Dan. I had two quick ones. First, I was wondering if you could just characterize the VIM capacity add as a percentage of your capacity. So how much does it add to it, and maybe if you could give us some context on how many nickel alloy VINs you actually have as well, and the answer, and have a follow-up.

恭喜羅布和丹。我吃了兩份速食。首先，我想知道您是否可以將 VIM 容量增加量表示為您的容量的百分比。那麼它能增加多少呢？或許您還能提供一些背景信息，例如您實際擁有多少鎳合金 VIN 碼，以及答案，並進行後續跟進。

Sure, so, we aren't really sharing the total capacity at as I said it's difficult to measure given the product portfolio and how that mix can change, depending on which products that we're making as I said, we're.

當然，我們並沒有真正分享總產能，正如我所說，考慮到產品組合以及該組合會如何變化，根據我們正在生產的產品而變化，這很難衡量。

We're adding this capacity. It's targeted and it's phased. It's going to focus on supporting those next gen alloy platforms like LA and GTF with that different shape rotating part, alloys that are shown on slide 6. So that's the $350 million run rate in 28 is a good way to think about incremental revenue, as you start to model and look forward. From a VM capacity standpoint or the number of VIMs that we have currently 4 VMs, but what I might, caution is obviously the this investment allows us to upgrade with state of the art equipment and technology, helping to drive, the highest quality product and cost competitive production. And so we anticipate that there will be some improvements in productivity and output from the brand new equipment and new controls and so forth. So, today we have 4, this would be our 5th.

我們正在增加這項產能。它是有針對性的，也是分階段進行的。它將專注於支援下一代合金平台，如 LA 和 GTF，以及不同形狀的旋轉部件，這些合金在第 6 張幻燈片中展示。所以，28 年 3.5 億美元的年化收入是一個不錯的思考增量收入的方式，當你開始建模並展望未來時。從虛擬機容量或虛擬機數量的角度來看，我們目前有 4 台虛擬機，但我需要謹慎的是，這項投資顯然使我們能夠升級到最先進的設備和技術，從而有助於推動生產最高品質的產品和具有成本競爭力的產品。因此，我們預期全新的設備和新的控制系統等將提高生產效率和產量。所以，今天我們有4個，這將是我們的第5個。

And just to put a finer point on it, I mean, I know it depends on mix and the like, and therefore you're talking about revenue and not tonnage, but do you have a ballpark sense of what the capacity increase is? Is it like 10%, 15%? Is it simple to say you go to 4 to 5, it's 25%?

更確切地說，我知道這取決於產品組合等等，因此你談論的是收入而不是噸位，但你對產能成長有一個大致的概念嗎？大概是10%還是15%？如果簡單地說你升到 4 到 5 級，降幅是 25%，這樣簡單嗎？

I'm just ballpark. I'm not asking for specifics.

我只是大概估算一下。我不是詢問具體細節。

Yeah, well, I'd say, I shared, previously the remount gives us kind of 8 to 10, and I would say this is in that ballpark.

是的，嗯，我之前說過，重新上映後大概可以達到 8 到 10 分，我覺得這次也差不多在這個範圍內。

And again, part of that revenue, yeah, I was just going to say part of that revenue uptick is really around, the price and mix, that we're winning with the LTAs that are supporting this asset, and we're about 80% contracted right now for that capacity.

再次強調，部分收入的成長，是的，我剛才想說，部分收入的成長實際上與價格和組合有關，我們透過與支持該資產的長期航空運輸協議 (LTA) 達成了協議，目前我們已經簽訂了約 80% 的運力合約。

Thanks Kim and I was just curious also as we looked at 27 and beyond, what's your ballpark sense of how much price we as outsiders should anticipate the company will get, company wide if you will, pricing year over year, 26 to 27 and beyond.

謝謝 Kim，我也很好奇，當我們展望 27 年及以後的時候，作為局外人，您認為我們大概應該預期公司整體價格會是多少？從 26 年到 27 年及以後，逐年比較價格走勢。

As I, well, as I look at 26, we see substantial price opportunities and mix as we're going forward, these assets and, the products that we're making. As I shared a couple of times, proprietary hot section rotating parts, they go into both MRO and OE. Almost every shop visit's going to be looking at those com compressor disks and turbine disks, and so, as we're going forward, we're continuing to maintain that value pre value based pricing. It's protected under long-term agreements, I would say as you look at our.

就我而言，就 26 號資產而言，我們看到了未來發展中巨大的價格機會和組合優勢，這些資產以及我們正在生產的產品。正如我之前幾次提到的，專有的熱端旋轉部件，它們既用於 MRO（維護、維修和大修），也用於 OE（原廠設備）。幾乎每次到店檢查都會關注壓縮機盤和渦輪盤，因此，我們將繼續保持這種基於價值的定價策略。我認為，正如你所看到的，它受到長期協議的保護。

Guide for 2026 for example, you can say half of that is related to price and mix that uptick and and the other half is volume, and I would anticipate that continuing throughout the decade as we bring on these new assets and and bring these new materials to our customers.

例如，以 2026 年的指導為例，可以說其中一半與價格和產品組合的成長有關，另一半與銷售量有關，我預計隨著我們引入這些新資產並將這些新材料帶給我們的客戶，這種情況將在未來十年持續下去。

Thank you.

謝謝。

Sure. Thank you.

當然。謝謝。

Philip Gibbs, Key Bank Capital Markets.

Philip Gibbs，Key Bank Capital Markets。

Hey, good morning.

嘿，早安。

Morning. Morning, Phil.

早晨。早上好，菲爾。

Just wanted to just ask a general question on headcount and what are your plans on staffing for '26 as you meet some of these growth aspirations.

我只是想問一下關於員工人數的一般性問題，以及為了實現這些成長目標，你們在 2026 年的員工配備計劃是什麼。

Yeah, thanks Phil. I'd say, we're we're stable on headcount as I look at and that really stabilized through 2025 and you saw the efficiency and the equipment reliability and that improvement that was then flowing through our financials as our employees moved up the learning curve and became more experienced. So, from an overall metric we're not seeing any spikes in hiring or a lot of new hiring coming in. Now as you mentioned for this new capacity we are, we've got some open positions to help support that even today, but I will tell you support from our current experienced workforce has been overwhelming.

謝謝你，菲爾。我認為，就我觀察，我們的人員數量保持穩定，而且這種情況在 2025 年之前確實已經穩定下來。隨著員工學習能力的提高和經驗的積累，效率和設備可靠性都得到了提升，這些改進也反映在我們的財務狀況中。因此，從整體指標來看，我們沒有看到招募人數激增，也沒有看到大量新員工加入。正如您所提到的，為了支持這項新的產能，我們目前有一些空缺職位，但我必須告訴您，我們現有經驗豐富的員工給予的支持非常巨大。

For example, I know they they posted 6 positions here just in the last two weeks and they had 60 of our current employees that are excited and want to be part of this project and moving over and so our goal. Is to bring in our most experienced operators, that know how to make these very tough to produce and long qualification times, and that's really where I'm focused as we think about how do we accelerate the qualification of these new, this new equipment that we've brought in. I've given you kind of a six to nine month qualification time with the with the revenue run rate.

例如，我知道他們在過去兩週內在這裡發布了 6 個職位，我們現有員工中有 60 人對此感到興奮，並希望參與這個專案並調過來，這就是我們的目標。就是引進我們經驗最豐富的操作人員，他們知道如何製造這些生產難度很高、認證時間很長的設備，這正是我關注的重點，因為我們正在思考如何加快我們引進的這些新設備的認證速度。我給了你們大約六到九個月的時間來檢驗收入成長率。

But I do anticipate given the experience operators will be moving in and the install base and quality systems that already support these products and obviously the alignment with our customers that will be able to accelerate that. So overall not huge hiring demands we'll do it in in a measured, disciplined way, but we've got a lot of, enthusiasm I'd say from our current workforce that want to be part of these investments in this new project.

但我確實預計，憑藉著營運商的經驗、現有安裝基礎和品質系統的支持，以及與客戶的良好合作，這將能夠加速這一進程。所以總的來說，招募需求並不大，我們會以穩健、有條不紊的方式進行，但我認為我們現有的員工都充滿熱情，希望參與這個新專案的投資。

No, this is a follow-up on iso thermal forging, you've got jet engine growth in the mid-teens for 2026, is the isothermal forging. Piece, likely to grow beyond that as you continue to gain share and content and new expanded wins with folks like Pratt. And I think you also have.

不，這是等溫鍛造的後續研究，預計到 2026 年噴射引擎的成長率將達到 15% 左右，這就是等溫鍛造。隨著你不斷獲得市場份額和內容，並與 Pratt 等人取得新的突破性勝利，這筆收入很可能會繼續增長。我認為你也有。

Maybe more engine manufacturers and growing in that portfolio even beyond Pratt with capabilities, to maybe talk to to some of that because I know it's an important differentiator for you. Thank you.

或許可以和更多引擎製造商談談，拓展產品組合，甚至超越普惠公司，因為我知道這對你們來說是一個重要的差異化優勢。謝謝。

Yeah, ISO forging is, it's a very important part. It's in high demand. Our lead times are out beyond 18 months at this point, as you look at the engine OEMs, we support all three, almost as close to an even mix between the three, especially as you mentioned with the GTF and the growth in the share we've had over the last two years with them. That will continue to grow. I do see continued increased demand from all three, where they're looking for things between MRO, upgrade packages, modifications.

是的，ISO鍛造是其中非常重要的一環。它非常搶手。目前我們的交貨週期已超過 18 個月。就引擎 OEM 而言，我們支援所有三家，三家之間的份額幾乎相等，尤其是正如您提到的 GTF，以及我們在過去兩年中與 GTF 的合作份額的增長。這種趨勢還會持續成長。我確實看到這三者的需求持續增長，他們正在尋找介於 MRO（維護、維修和大修）、升級包和改裝之間的產品。

So those are continuing to come in and we're really focused on the productivity, the de-bottlenecking, continuing to expand the new heat treats and ultrasonic testing capabilities that we brought online so we do see growth there. I do think as we work through this year, but as we think about the rest of this decade that will be an area that you know we'll be talking with our customers closely around making sure that we've got the right capacity in place to continue to support their their needs.

所以這些訂單還在不斷增加，我們真正關注的是生產效率、消除瓶頸、繼續擴大我們新引進的熱處理和超音波檢測能力，因此我們確實看到了這方面的成長。我認為，在我們努力完成今年的工作，以及展望未來十年時，這將是我們與客戶密切討論的一個領域，以確保我們擁有足夠的產能來繼續滿足他們的需求。

Thank you.

謝謝。

Thank you, we currently have no further questions, so I'll hand that over to Kim for closing remarks.

謝謝，目前我們沒有其他問題了，接下來我將把發言權交給金，請她做總結發言。

Thank you. So as ATI enters 2026, we're entering from a position of strength and momentum. I want to thank our customers for their continued trust, our shareholders for their support, and most importantly, our ATI team for another outstanding year of execution. We're confident in the path ahead and look forward to updating you on our progress.

謝謝。因此，隨著 ATI 進入 2026 年，我們正處於實力和發展勢頭強勁的階段。我要感謝客戶們一直以來的信任，感謝股東們的支持，最重要的是，感謝ATI團隊又一個優秀的一年。我們對未來的道路充滿信心，並期待向您報告我們的進展。

This concludes today's call, thank you for joining, you may now disconnect your lines.

今天的電話會議到此結束，感謝各位的參與，你們現在可以掛斷電話了。