AZZ Inc (AZZ) 2026 Q4 法說會逐字稿

Good day, and welcome to the AZZ Inc., fourth-quarter fiscal year 2026 earnings conference call and webcast. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 AZZ Inc. 2026 會計年度第四季財報電話會議與網路直播。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Phillip Kupper, Managing Director of Three Part Advisors. Please go ahead.

現在我想把會議交給 Three Part Advisors 董事總經理 Phillip Kupper。請開始。

Good morning. Thank you for joining us today to review AZZ's fiscal 2026 fourth-quarter and full-year results for the period ended February 28, 2026. Joining the call today are Tom Ferguson, President and Chief Executive Officer; Jason Crawford, Chief Financial Officer; and David Nark, Chief Marketing, Communications and Investor Relations Officer.

各位早安。感謝各位今天加入我們，一同回顧 AZZ 截至 2026 年 2 月 28 日止期間的 2026 會計年度第四季與全年業績。今天與會者包括總裁暨執行長 Tom Ferguson、財務長 Jason Crawford，以及行銷、傳播與投資人關係長 David Nark。

After today's prepared remarks, we will open the call for questions. Please note that the live webcast of today's call is available at www.azz.com/investor-events.

在今天的事先準備發言之後，我們將開放提問。請注意，今天電話會議的即時網路直播可於 www.azz.com/investor-events 收看。

Before we begin, I would like to remind everyone that our discussion today will include forward-looking statements made in accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements are uncertain and outside the company's control.

在開始之前，我想提醒各位，我們今天的討論將包含依據 1995 年《私人證券訴訟改革法》安全港條款所作的前瞻性陳述。前瞻性陳述本質上具有不確定性，且不在公司控制範圍內。

Except for actual results, AZZ's comments containing forward-looking statements may involve risks and uncertainties, some of which are detailed from time to time in documents filed by AZZ with the Securities and Exchange Commission, including delays in the annual report on Form 10-K. These statements are not guarantees of future performance, therefore, undue reliance should not be placed upon them. Actual results could differ materially from these expectations.

除實際結果外，AZZ 含有前瞻性陳述的評論可能涉及風險與不確定性，其中部分風險會不時在 AZZ 向美國證券交易委員會提交的文件中詳述，包括 Form 10-K 年度報告的延遲。這些陳述並非對未來績效的保證，因此不應過度依賴。實際結果可能與這些預期有重大差異。

In addition, today's call will discuss non-GAAP financial measures, which should be considered supplemental and not as a substitute for GAAP financial measures. We refer shareholders to our reconciliations from GAAP to non-GAAP measures contained in today's earnings press release.

此外，今天的電話會議將討論非 GAAP 財務衡量指標，這些指標應視為補充資訊，而非 GAAP 財務衡量指標的替代。我們請股東參閱今日財報新聞稿中所載 GAAP 與非 GAAP 指標之調節表。

I would now like to turn the call over to Tom Ferguson.

現在我想把電話會議交給 Tom Ferguson。

Thanks, Philip. Good morning, everyone, and thank you for joining us today. We delivered a strong close to the year and achieved record sales and profitability for the third consecutive year. I'm especially proud of how our teams recovered from the major winter storm in late January to finish a strong fourth quarter.

謝謝你，Philip。各位早安，感謝各位今天加入我們。我們以強勁表現為本年度畫下句點，並連續第三年創下銷售與獲利新高。我特別為我們的團隊感到自豪，他們在一月底的重大冬季風暴後迅速恢復，並以強勢表現完成第四季。

Full-year sales totaled $1.65 billion, adjusted EBITDA surpassed $367 million, and adjusted earnings per share grew 19% year over year to $6.19. Our performance reflects the strength of our strategy, disciplined execution, operational excellence, and commitment of teamwork and values-based culture across the organization.

全年銷售額合計 16.5 億美元，調整後 EBITDA 超過 3.67 億美元，調整後每股盈餘年增 19% 至 6.19 美元。我們的表現反映了策略的強度、嚴謹的執行、卓越的營運，以及全公司對團隊合作與以價值為本文化的承諾。

During fiscal 2026 we further fortified our competitive position by driving market share gains across our segments. AZZ continue to win by delivering superior customer service and operating with discipline and consistency while leveraging our proprietary technologies and galvanizing research capabilities to create differentiated value.

在 2026 會計年度期間，我們透過在各事業部推動市占提升，進一步鞏固競爭地位。AZZ 持續以提供卓越客戶服務、以紀律與一致性營運，並運用我們的專有技術與鍍鋅研發能力創造差異化價值而勝出。

Throughout the year, we made organic investments across both of our segments to enhance operating efficiencies and support our long-term growth. A key milestone was the completion of our greenfield precoat metals facility in Washington, Missouri, this investment advances our organic growth strategy and strengthens our Precoat Metals segment, expanding AZZ's participation in the growing aluminum coatings and beverage-related end markets.

全年我們在兩個事業部皆進行有機投資，以提升營運效率並支持長期成長。一項重要里程碑是我們在密蘇里州華盛頓市新建（greenfield）的預塗金屬（precoat metals）廠完工；此投資推進我們的有機成長策略並強化預塗金屬事業部，擴大 AZZ 在成長中的鋁材塗層與飲料相關終端市場的參與度。

We further expanded our Metal Coatings platform last year through the acquisition of a galvanizing facility in Canton, Ohio, which extended our footprint and broadened our service offering for new and existing customers. At the same time, we continue to evaluate acquisition opportunities through a disciplined capital allocation framework while growing an active strategic pipeline of deals.

去年我們也透過收購俄亥俄州坎頓市的一座鍍鋅廠，進一步擴展金屬塗層平台，延伸我們的據點並擴大對新舊客戶的服務內容。同時，我們持續在嚴謹的資本配置框架下評估併購機會，並建立活躍的策略性交易案源管線。

Jason will cover our fourth-quarter results in detail, so I'll focus my remaining comments on the significant secular tailwinds that continue to propel our long-term growth. We are seeing momentum across our end markets, driven by infrastructure-related investment themes that are reshaping the industrial landscape.

Jason 將詳細說明第四季業績，因此我接下來的重點將放在持續推動我們長期成長的重大結構性順風因素。我們看到終端市場動能持續增強，主要受基礎建設相關投資主題帶動，這些主題正在重塑工業版圖。

These include industrial reshoring, bridge and highway investments, hyperscale data center expansion, investments in power generation, transmission and distribution, and continued growth in renewable energy. Each of these trends are structural, multiyear, and increasingly central to our customers' capital spending priorities.

這些主題包括製造業回流、橋梁與公路投資、超大規模資料中心擴張、發電／輸電／配電投資，以及再生能源的持續成長。上述每一項趨勢皆屬結構性、跨多年，且在客戶資本支出優先順序中愈發核心。

As we've seen throughout the year, these markets rely heavily on galvanized steel and coated metal solutions, areas where AZZ brings meaningful scale, deep coating experience, operational reliability, and exceptional value. Our diversified portfolio positions us uniquely to be able to support large-scale, complex projects across multiple end markets and states, often, simultaneously, and to do so with consistency and speed.

如同我們全年所見，這些市場高度依賴鍍鋅鋼材與金屬塗層解決方案，而這正是 AZZ 具備顯著規模、深厚塗層經驗、營運可靠性與卓越價值的領域。我們多元化的產品組合使我們具備獨特定位，能在多個終端市場與多個州同時支援大型且複雜的專案，並以一致性與速度交付。

Together, these demand drivers and our differentiated operating model allows AZZ to capture market share and deepen existing customer relationships. Dave will share additional details on how industry dynamics translate into project activity in just a moment.

綜合這些需求驅動因素與我們差異化的營運模式，使 AZZ 得以取得市占並深化既有客戶關係。稍後 Dave 將進一步分享產業動態如何轉化為專案活動的更多細節。

We continue to drive incremental improvements across our network using our digital galvanizing system in metal coating plants and coat them in pre-coat metals. These systems strengthen customer engagement, while driving productivity and margin improvement across our operations. Together, these custom digital capabilities reinforce our competitive advantages and support consistent profitable growth.

我們持續透過在金屬塗層廠導入數位鍍鋅系統，以及在預塗金屬業務中應用相關系統，推動整體網路的漸進式改善。這些系統強化客戶互動，同時提升我們營運的生產力與利潤率。整體而言，這些客製化的數位能力鞏固我們的競爭優勢，並支持穩健且持續的獲利成長。

With that, I'll turn it over to Jason.

接下來我把時間交給 Jason。

Thank you, Tom, and good morning. Starting with a summary of results for the year. In fiscal 2026, which ended February 28, 2026, we reported record sales of $1.65 billion up 4.6% from the prior year. For our core segments, we increased Metal Coating sales 14.1% and generated strong EBITDA of over $235 million or 31% of sales.

謝謝你，Tom，各位早安。我先從全年業績摘要開始。在截至 2026 年 2 月 28 日止的 2026 會計年度，我們報告創紀錄的銷售額 16.5 億美元，較前一年成長 4.6%。就核心事業部而言，我們的金屬塗層（Metal Coating）銷售成長 14.1%，並創造超過 2.35 億美元的強勁 EBITDA，約占銷售額的 31%。

For Precoat Metals, despite a modest 2.3% sales decline, driven by industry-wide softness in residential and other key markets, we generated solid EBITDA of $176 million or 19.8% of sales. Consolidated gross margins remained robust at 23.9% and operating income from the year rose by 12% to $265 million.

就預塗金屬（Precoat Metals）而言，儘管受住宅與其他主要市場的產業性疲弱影響，銷售小幅下滑 2.3%，我們仍創造穩健的 EBITDA 1.76 億美元，約占銷售額的 19.8%。合併毛利率維持強勁於 23.9%，全年營業利益成長 12% 至 2.65 億美元。

Also, for the full year, GAAP net income comparisons included two noteworthy matters. First, in 2026, our Avail joint venture generated equity and earnings from unconsolidated subsidiaries totaled $210 million, primarily driven by successfully divesting businesses within the joint venture, which I will discuss in more detail in a moment.

另外，就全年而言，GAAP 淨利的比較包含兩項值得注意的事項。第一，於 2026 年，我們的 Avail 合資企業所產生之未合併子公司權益法收益合計 2.10 億美元，主要來自成功處分該合資企業內的業務，我稍後將更詳細說明。

Second, for the fiscal year 2025, GAAP net income available to common shareholders included our preferred stock redemption premium expense totaling $75 million. Adjusted net income, excluding these items, plus intangible asset amortization and restructuring charges, resulted in adjusted EPS of $6.19, an increase of 19% on the prior year. In addition, consolidated adjusted EBITDA increased year over year to $367.6 million or 22.3% of sales, up from 22% of sales a year ago.

第二，於 2025 會計年度，提供給普通股股東的 GAAP 淨利包含我們的特別股贖回溢價費用合計 7,500 萬美元。調整後淨利（排除上述項目，並加回無形資產攤銷與重整費用）使調整後 EPS 達 6.19 美元，較前一年增加 19%。此外，合併調整後 EBITDA 年增至 3.676 億美元，約占銷售額的 22.3%，高於一年前的 22%。

Shifting to our quarterly results. We reported record fourth-quarter sales of $385.1 million, represent a 9.4% increase from $351.9 million in the prior year period. This was supported by strong double-digit sales growth from our Metal Coatings segment, up 25.7% year over year. Compared to the prior year, Q4 results benefited from continued momentum from higher infrastructure-related demand and less impact from inclement weather.

接著看季度業績。我們第四季銷售額創新高，達 3.851 億美元，較前一年同期的 3.519 億美元成長 9.4%。此表現受金屬塗層事業部強勁的雙位數銷售成長所支撐，年增 25.7%。相較前一年，第四季業績受惠於基礎建設相關需求持續增溫，以及惡劣天候影響較小。

Precoat Metal sales were down 2.4% for the same quarter of the prior year, primarily due to continued lower-end market demand and pockets of construction, transportation, and HVAC. The company's fourth-quarter gross profit was $87.6 million or 22.7% of sales, up 30 basis points from 22.4% of sales in the same quarter of the prior year.

預塗金屬（Precoat Metal）銷售額較去年同期同一季度下滑 2.4%，主要由於低端市場需求持續疲弱，以及建築、運輸與暖通空調（HVAC）等領域的部分需求疲軟。公司第四季度毛利為 8,760 萬美元，占銷售額的 22.7%，較去年同期同一季度占銷售額 22.4% 提升 30 個基點。

Selling, general and administrative expenses totaled $30.5 million in the fourth quarter or 7.9% of sales. This compares favorably with last year's fourth quarter which reported $38.3 million or 10.9% of sales, inclusive of $6.7 million in accrued costs related to legal, retirement, and severance expenses. Operating income for the quarter was $57.1 million or 14.8% of sales, an exceptional 330-basis-point improvement compared with $40.4 million or 11.5% of sales in the fourth quarter of the prior year.

第四季度銷售、一般及行政費用合計 3,050 萬美元，占銷售額的 7.9%。相較之下，去年第四季度為 3,830 萬美元，占銷售額的 10.9%，其中包含 670 萬美元與法律、退休及資遣費用相關的應計成本。本季度營業利益為 5,710 萬美元，占銷售額的 14.8%，相較去年第四季度的 4,040 萬美元（占銷售額 11.5%）大幅改善 330 個基點。

Also in the fourth quarter, we reported a net loss from the Avail joint venture equity and earnings of $21.7 million, primarily reflecting a loss in the sale of the Welding Services businesses and an unfavorable prior period adjustment from Avail. Excluding the loss on sale and prior period adjustment transactions, the Avail joint venture's equity and earnings for the quarter was approximately $700,000 compared with $3.7 million for the fourth quarter of the prior year.

同樣在第四季度，我們認列 Avail 合資企業權益法投資與損益淨損 2,170 萬美元，主要反映出售焊接服務（Welding Services）業務的處分損失，以及來自 Avail 的不利前期調整。若排除處分損失與前期調整交易，Avail 合資企業本季度的權益法投資與損益約為 70 萬美元，去年同期第四季度則為 370 萬美元。

Interest expense for the fourth quarter was $11.2 million, an improvement of $6.2 million from the prior year, driven by debt paydown from continuing operations, debt paydown from the Avail joint venture distribution, the issuance of an AR securitization loan with favorable pricing, and a favorable repricing of the term loan. The fourth-quarter's income tax expense was $8.7 million and GAAP net income was $15.9 million compared to GAAP net income of $20.2 million for the fourth quarter of the prior year.

第四季度利息費用為 1,120 萬美元，較去年改善 620 萬美元，主要受持續營運償還債務、Avail 合資企業分配款用於償債、發行具較佳定價的應收帳款（AR）證券化貸款，以及定期貸款利率重新定價帶來的有利影響所驅動。第四季度所得稅費用為 870 萬美元，GAAP 淨利為 1,590 萬美元，去年同期第四季度 GAAP 淨利為 2,020 萬美元。

We reported adjusted net income of $40.4 million, excluding intangible asset amortization and the Avail equity loss discussed earlier, resulting in adjusted diluted EPS of $1.34, up 36.7% versus a year ago. Fourth-quarter adjusted EBITDA was $81.3 million or 21.1% of sales compared to $71.2 million or 20.2% of sales for the same period last year.

我們報告調整後淨利為 4,040 萬美元，排除無形資產攤銷及前述 Avail 權益法損失後，調整後稀釋每股盈餘（EPS）為 1.34 美元，較一年前成長 36.7%。第四季度調整後 EBITDA 為 8,130 萬美元，占銷售額的 21.1%，去年同期為 7,120 萬美元，占銷售額的 20.2%。

Turning to our financial position and balance sheet. Consistent with our capital allocation priorities for the year, we executed with discipline across our balance sheet, growth investments, and shareholder returns. We reduced debt by $385 million, and ended the year with a net debt-to-EBITDA ratio of 1.4 times, providing significant financial flexibility moving forward.

接著談我們的財務狀況與資產負債表。依循我們本年度的資本配置優先順序，我們在資產負債表管理、成長投資與股東回饋方面皆以紀律執行。我們將債務降低 3.85 億美元，並以淨負債對 EBITDA 比率 1.4 倍結束本年度，為未來提供顯著的財務彈性。

We continue to invest in the foundations of the core businesses. During the year, we invested $80.8 million in capital expenditures, a growing portion of which was dedicated to internal growth initiatives. Also included in the year within our capital expenditures was approximately $7.9 million on our new Washington, Missouri facility. Over the past three years, we've invested approximately $125 million in this aluminum coil coating facility with the team delivering the project on time and on budget. With the facility now fully operational, volume continues to ramp in alignment with our partner customer, and was profitable at the contribution margin level in Q4.

我們持續投資於核心業務的基礎建設。本年度我們投入資本支出 8,080 萬美元，其中愈來愈大的一部分用於內生成長計畫。本年度資本支出亦包含約 790 萬美元，用於我們位於密蘇里州華盛頓（Washington, Missouri）的新廠。過去三年，我們在這座鋁捲塗裝（aluminum coil coating）設施上累計投資約 1.25 億美元，團隊按期且按預算完成專案。目前該設施已全面投產，產量持續依照合作客戶的節奏爬坡，且在第四季度於貢獻毛利層級已實現獲利。

Finally, rounding off our investments for the year, we further strengthened our Metal Coatings segment by acquiring a galvanizing facility in Canton, Ohio for approximately $30 million, demonstrating our commitment to grow the core businesses organically and inorganically. At the same time, we remain committed to returning capital to our shareholders. During the year, we paid $23 million in cash dividends and repurchased $20 million and shares at an average price of $99.28 per share.

最後，作為本年度投資的收尾，我們以約 3,000 萬美元收購俄亥俄州坎頓（Canton, Ohio）的一座鍍鋅（galvanizing）設施，進一步強化金屬塗層（Metal Coatings）事業部，展現我們以有機與無機方式成長核心業務的承諾。同時，我們仍致力於向股東返還資本。本年度我們支付 2,300 萬美元現金股利，並以每股平均 99.28 美元回購 2,000 萬美元的股票。

Together, these actions reflect a disciplined approach to capital deployment and our focus on creating long-term shareholder value. For the remaining Avail joint venture investment, we account for 40% interest as equity and earnings on unconsolidated subsidiaries, which also constitutes a separate operating segment.

綜合而言，這些行動反映我們在資本部署上的紀律，以及對創造長期股東價值的專注。就剩餘的 Avail 合資企業投資而言，我們以 40% 持股按權益法認列為未合併子公司之權益法投資與損益，並構成一個獨立的營運部門。

In 2026, Avail generated equity and earnings of $210 million, which includes the sale of its electrical and welding businesses, and provided cash distributions of $287 million during the year. AZZ's cash flows from operations of $525 million includes $273 million of cash distributions from Avail, net of the associated taxes paid. The remaining $14 million of cash distributions from Avail were classified as cash flows from investing activities.

2026 年，Avail 產生權益法投資與損益 2.10 億美元，其中包含出售其電氣與焊接業務，並於年度內提供 2.87 億美元的現金分配。AZZ 來自營運活動的現金流量為 5.25 億美元，其中包含 Avail 的現金分配 2.73 億美元（已扣除相關已支付稅款）。其餘來自 Avail 的 1,400 萬美元現金分配則分類為投資活動的現金流量。

Finally, as expected, 2026 cash taxes were higher in the year associated with higher equity and earnings from Avail, offset somewhat by positive effects from the One Big Beautiful Bill Act on depreciation, R&D expenses, and interest expense.

最後，如預期所示，2026 年現金稅款因 Avail 權益法投資與損益較高而在年度內增加，但部分被《One Big Beautiful Bill Act》在折舊、研發費用與利息費用方面帶來的正面影響所抵銷。

With that, I'll turn the call over to David.

接下來，我把電話會議交給 David。

Thank you, Jason. Good morning, everyone. Consistent with our disclosures found in the company's 10-K, total sales for the full year grew at 5% as compared to the prior fiscal year. Construction, our largest end market, grew at 3%, while electrical and industrial delivered strong double-digit sales growth, resulting in 17% and 15% growth rates, respectively.

謝謝你，Jason。各位早安。依據公司 10-K 中的揭露內容，本年度總銷售額較前一財年成長 5%。建築（Construction）作為我們最大的終端市場，成長 3%；電氣（Electrical）與工業（Industrial）則帶來強勁的雙位數銷售成長，成長率分別為 17% 與 15%。

As Tom noted, AZZ continues to benefit from early stages of a longer investment cycle driven by sustained US infrastructure-related spending and the continued expansion of large data centers. These often pair with the construction of significant co-located power generation, driving our electrical, industrial, and construction end market results.

如 Tom 所提，AZZ 持續受惠於較長期投資循環的早期階段，該循環由美國基礎建設相關支出持續，以及大型資料中心的持續擴張所驅動。這些投資往往伴隨大量共址（co-located）發電設施的建置，進而帶動我們在電氣、工業與建築終端市場的表現。

Our consumer end market performed well, growing at 6% on higher volume of coated aluminum, driven by the shift from plastic to aluminum in the beverage market and the continued ramp of the new Washington, Missouri facility. While our transportation category declined by 3% due to weaker overall end demand for semi-trailers.

我們的消費者終端市場表現良好，受塗層鋁材（coated aluminum）出貨量增加帶動而成長 6%，主要驅動因素包括飲料市場由塑膠轉向鋁材，以及密蘇里州華盛頓新廠持續爬坡。而我們的運輸（Transportation）類別則因半拖車（semi-trailers）整體終端需求較弱而下滑 3%。

Looking forward, industry research characterizes the AI data center build-out as more structural rather than cyclical and the US data center electricity demand is expected to roughly double by the end of the decade. Despite ongoing geopolitical and interest rate uncertainties, we believe AZZ's demand is driven by fundamental shifts in the economy rather than traditional construction cycles.

展望未來，產業研究將 AI 資料中心建置描述為較偏結構性而非循環性，美國資料中心用電需求預期在本十年末前大致翻倍。儘管地緣政治與利率不確定性仍在，我們認為 AZZ 的需求是由經濟中的基本結構性轉變所驅動，而非傳統的建築景氣循環。

External forecasts indicate that the US hyperscale data-related spending will be approximately $700 billion in calendar year 2026, with AI investments accounting for the majority of that capital. This infrastructure-heavy spending environment aligns well with our end markets. Modern data center construction requires advanced corrosion protection and usually drive significant investments in on-site power generation, grid reinforcement, and transmission infrastructure.

外部預測顯示，2026 曆年美國超大規模（hyperscale）資料相關支出約為 7,000 億美元，其中 AI 投資占該資本支出的大部分。這種以基礎建設為主的支出環境，與我們的終端市場高度契合。現代資料中心建造需要先進的防腐蝕保護，且通常會帶動對現場發電、電網強化與輸電基礎設施的大量投資。

These are complex multiyear projects that require substantial hot-dip galvanized content. As a result, our Metal Coatings segment is well positioned to support this expanding market. Excluding data centers, we anticipate non-residential construction will continue to remain subdued in fiscal year 2027, primarily driven by interest rates, geopolitical, and lingering tariff-related uncertainties.

這些是複雜的多年期專案，需要大量熱浸鍍鋅（hot-dip galvanized）用量。因此，我們的金屬塗層（Metal Coatings）事業部具備良好條件以支援此一擴張中的市場。若排除資料中心，我們預期 2027 財年非住宅建築仍將維持低迷，主要受利率、地緣政治以及關稅相關不確定性持續影響。

Within the residential housing market, current industry research indicates that single-family housing starts are expected to be flat to down low single digits as a large stock of homes already under construction dampens new starts. Additionally, current estimates project 30-year fixed mortgage rates will remain above 6%, limiting affordability and slowing demand for new construction.

在住宅市場方面，目前產業研究指出，由於大量住宅仍在施工中抑制新開工，獨棟住宅（single-family）開工量預期持平至小幅下滑（低個位數）。此外，現行估計顯示 30 年期固定房貸利率將維持在 6% 以上，限制可負擔性並放緩新建需求。

As a result, builders are increasingly focused on finishing existing projects and offering incentives to reduce current inventory. We expect the softness in both non-residential and residential construction may provide a headwind for our Precoat Metals segment in the current fiscal year.

因此，建商愈來愈專注於完成既有專案，並提供各項誘因以降低目前庫存。我們預期，本會計年度非住宅與住宅建築的疲弱，可能會對我們的 Precoat Metals 事業部帶來逆風。

With that, I will now turn the call back over to Tom.

接下來，我把電話交回給 Tom。

Thank you, Dave. We anticipate the number of data center projects entering the construction phase in 2026 will increase, which will drive further infrastructure build-out. Importantly, our customer demand is not isolated to data centers. We are seeing continued strength across key end markets, including bridge and highway construction, power generation, and electrical transmission and distribution, all of which are supported by long-term secular tailwinds.

謝謝你，Dave。我們預期，於 2026 年進入施工階段的資料中心專案數量將增加，進而帶動更多基礎設施建置。重要的是，我們的客戶需求並非僅限於資料中心。我們在多個關鍵終端市場持續看到強勁表現，包括橋梁與公路建設、發電，以及電力輸電與配電；這些皆受長期結構性順風所支撐。

These projects drive sustained demand for hot-dip galvanizing services and may create incremental opportunities for precoat metal solutions. We win in competitive markets because we provide delivery, reliability, high quality, and speed of execution.

這些專案帶動對熱浸鍍鋅服務的持續需求，並可能為預塗金屬解決方案創造額外機會。我們能在競爭市場中勝出，是因為我們提供交付能力、可靠性、高品質與執行速度。

While we are off to a good start in the first quarter, it is early in the year. So today, we are reiterating our fiscal 2027 guidance. Sales are expected to be in the range of $1.725 billion to $1.775 billion, adjusted EBITDA in the range of $360 million to $400 million, and adjusted diluted earnings per share in the range of $6.50 to $7. We estimate debt reduction in range from $130 million to $170 million in fiscal 2027.

雖然我們第一季開局良好，但目前仍在年初階段。因此今天，我們重申 2027 會計年度的財測指引。預期銷售額介於 17.25 億至 17.75 億美元，調整後 EBITDA 介於 3.60 億至 4.00 億美元，調整後稀釋每股盈餘介於 6.50 至 7.00 美元。我們估計 2027 會計年度的減債金額介於 1.30 億至 1.70 億美元。

We are confident that our strong financial and market positions will enable us to capitalize on strategic growth opportunities, while executing on our broader capital allocation plans. Due to our strong balance sheet and desire to provide above-market growth, we will remain selectively aggressive in our approach to M&A opportunities.

我們有信心，憑藉強勁的財務與市場地位，我們將能把握策略性成長機會，同時推進更廣泛的資本配置計畫。基於我們強健的資產負債表，以及希望提供高於市場的成長，我們在面對併購（M&A）機會時將維持選擇性且更積極的策略。

We focus on investments to strengthen our Metal Coatings and Precoat Metal segments, expand our geographic reach, and deepen customer relationships. Using a proven disciplined playbook, we are pursuing opportunities that reinforce our competitive advantages and deliver sustainable returns for our shareholders. As we look ahead, we are confident in AZZ's ability to consistently improve performance and execute at a high level, while delivering profitable growth and long-term value for our shareholders.

我們聚焦於投資以強化 Metal Coatings 與 Precoat Metal 兩大事業部、擴大地理覆蓋範圍，並深化客戶關係。透過一套經驗證且嚴謹自律的作戰手冊，我們正追求能強化競爭優勢並為股東帶來可持續回報的機會。展望未來，我們對 AZZ 持續提升績效並以高水準執行的能力充滿信心，同時為股東帶來獲利成長與長期價值。

Finally, I'm proud to recognize AZZ's 39th consecutive year of growth and profitability from continuing operations. This achievement is a direct result of the dedication, expertise, and commitment of our employees across the organization. Our focus on safety, quality, customer service, and execution continues to differentiate AZZ, and I want to sincerely thank our teams for the outstanding work they do every single day.

最後，我很自豪地表揚 AZZ 來自持續營運的連續第 39 年成長與獲利。這項成就直接歸功於全體員工的投入、專業與承諾。我們對安全、品質、客戶服務與執行力的專注，持續讓 AZZ 脫穎而出；我也要由衷感謝各團隊每天所做的傑出工作。

Now operator, we would like to open the call for questions.

現在，接線員，我們想開放提問。

(Operator Instructions) Ghansham Panjabi, Baird.

(接線員指示) Ghansham Panjabi，Baird。

I guess, first off, on Metal Coatings, obviously, a very big year last year from a volume standpoint, including what you delivered in the fourth quarter. If you could just share with us, what are you embedding for growth specific to fiscal year '27 for the segment?

我想先從 Metal Coatings 談起，顯然去年在出貨量方面是非常大的一年，包括你們在第四季交付的表現。如果可以的話，能否跟我們分享一下，你們對該事業部在 2027 會計年度的成長預期（內嵌假設）是什麼？

And then for precoat, if I understood you correctly, I know you called out some headwinds as it relates to residential construction. Are you expecting a worsening of the trend in terms of volumes or just headwinds that may be offset with other tailwinds, including your Washington, Missouri plant?

另外就 precoat 而言，如果我理解正確，我知道你們提到與住宅建築相關的一些逆風。你們預期趨勢在量的方面會進一步惡化，還是只是存在一些逆風，但可能會被其他順風所抵銷，包括你們位於密蘇里州華盛頓（Washington, Missouri）的工廠？

Yeah. I can pick that up. So from a Metal Coatings point of view, if you look at the projections for the next year, somewhere in the mid-single to upper single digits for that business. Obviously, ending the year very strongly, and that builds momentum coming into the year.

是的。我可以先回答這題。就 Metal Coatings 而言，如果你看明年的預測，該業務大約是中個位數到高個位數的成長。顯然我們在年底收官非常強勁，這也為新年度帶來動能。

As you look at the Precoat Metals business, probably in and around where we've seen them. So relatively flat year on year as you look at the overall market. Where we have the benefit is, obviously, they've got better comps year on year to compare against versus the Metal Coatings business. We've got a little bit more difficult comps. So one high -- mid- to high-single digits, they are relatively flat.

至於 Precoat Metals 業務，大致會落在我們目前所看到的水準附近。因此，從整體市場來看，年對年大致持平。我們的有利之處在於，顯然相較於 Metal Coatings 業務，他們年對年的比較基期更有利。我們的比較基期則稍微更具挑戰。所以一個是中到高個位數成長，另一個則相對持平。

Okay. And then for Precoat, just to clarify, what is your exposure towards residential construction for that segment?

了解。那就 Precoat 再確認一下，該事業部對住宅建築的曝險比重是多少？

Yeah. I think if you look at overall, the market that they cover, so if you look around 75% of their end markets are driven by construction. And then around about a third of that has that residential exposure.

是的。我想如果看整體而言，他們所涵蓋的市場——也就是說，大約 75% 的終端市場是由建築所驅動。而其中大約三分之一具有住宅端曝險。

Okay. And then just for my second question, as it relates to zinc prices and just maybe you can comment on your [rumtrial] basket trends in context of what's been happening with commodities more broadly, obviously, the events in the Middle East, et cetera, what are you seeing at this point? And how are you managing through that?

了解。那我的第二個問題是，關於鋅價，以及也許你可以在更廣泛的大宗商品背景下，評論一下你們的 [rumtrial] 組合趨勢；顯然中東事件等等正在發生，你們目前看到的是什麼？你們又是如何因應管理的？

Yeah. I think from a zinc perspective, there hasn't been much effect. Prices were trending up before all of the disruption. And as you know, that's about six to eight months in our kettles and we were feeling that coming into the year anyway.

是的。我認為就鋅而言，影響不大。在所有干擾發生之前，價格就已呈上升趨勢。而如你所知，這在我們的鍍鋅鍋中大約有 6 到 8 個月的滯後期，所以我們本來在進入新年度時就已感受到這個影響。

But there's general inflation going on within both segments, whether it's pay prices going up, which is more of a pass-through on the Precoat side. But on the galvanizing side, it's acids, caustics, chemicals, as I like to call it, soap, rope, and dope, all that stuff is inflating. And that's why we call it value pricing. We try to keep up with pricing.

但兩個事業部都存在整體通膨，不論是薪資上升——在 Precoat 端較偏向轉嫁——但在鍍鋅端，則是酸、鹼、化學品，我喜歡把它稱作 soap、rope、and dope，這些東西都在漲價。這也是為什麼我們稱之為價值定價（value pricing）。我們會努力讓價格跟上。

The one thing we're doing from a surcharge perspective is in relation to transportation, fuel costs, things like that because we do have a large fleet of our own trucks and trailers. So there, we're using surcharges to offset that and make sure we protect our margins.

我們在附加費（surcharge）方面做的一件事，是針對運輸、燃料成本等，因為我們自有一支規模很大的卡車與拖車車隊。因此在這部分，我們透過附加費來抵銷成本，並確保保護我們的利潤率。

We're not seeing that change. There's hardly a day goes by anymore that we don't get some price increase from suppliers. And so both segments are pushing price to offset that and maintain margin. And it seems to be expected in the marketplace now because everybody is facing the same issues.

我們沒有看到這種情況有改變。現在幾乎沒有一天不會收到供應商的漲價通知。因此兩個事業部都在推動漲價，以抵銷成本並維持利潤率。而且現在市場似乎也預期會如此，因為每個人都面臨相同的問題。

Daniel Rizzo, Jefferies.

Daniel Rizzo，Jefferies。

So just thinking about the precoat market, obviously, higher interest rates are an issue, but are there other meaningful affordability issues that you can pinpoint for the commercial market? I mean, I think we all understand what happens with residential, but for non-res, I was wondering if there's other things that are kind of a factor that are hindrance besides, again, high interest rates?

就 precoat 市場來看，顯然高利率是一個問題，但在商用市場方面，是否還有其他你們能指出的、重要的可負擔性問題？我的意思是，我想我們都理解住宅端會發生什麼，但對於非住宅端，我想知道除了高利率之外，是否還有其他因素在造成阻礙？

Yeah, Daniel, really pretty much everything we've described in the remarks. When you think about non-residential, we've seen project costs overall from some of our end markets and customers go slightly up and get inflated due to some of the things that Tom mentioned.

是的，Daniel，基本上就是我們在談話重點中所描述的那些。當你想到非住宅端時，我們看到部分終端市場與客戶的整體專案成本略有上升，並因 Tom 提到的一些因素而出現通膨。

Obviously, when we put our budget together, the war in Iran had not started yet. So we've seen some escalation there. And again, interest rate uncertainties, I think, are going to be the main thing on the residential side.

顯然，當我們編列預算時，伊朗戰爭尚未爆發。因此我們看到那邊出現一些升級情勢。另外，我認為利率不確定性將會是住宅端最主要的因素。

And I would add that one of the things we are facing is availability of substrate. It's with tariffs on imports, domestic supply ramping up. There are some constraints in terms of available substrate to be painted. So some of our customers are experiencing that, which drives them to wait and probably to inventory less, wait until it's closer to the demand for the season to go ahead and place orders to be able to best utilize the substrate that's available.

我還要補充，我們目前面臨的其中一件事是基材的供應可得性。在進口關稅之下，國內供應正在提升。就可供塗裝的基材而言，確實存在一些限制。因此我們的一些客戶正在經歷這種情況，這會促使他們選擇等待，並且可能降低庫存，等到更接近季節性需求時再下單，以便能最有效地利用現有可取得的基材。

So that's one of the things we're seeing, which tends to drive us to -- it fits our profile; quick turnarounds, small lots, lots of customization. So that's a little bit of an underlying trend, which does increase cost on projects and also makes demand a little less harder to predict because they're not buying to the normal inventory trends.

所以這是我們看到的其中一個現象，這反而會推動我們——也符合我們的定位：快速交期、小批量、以及高度客製化。因此這算是一個底層趨勢，確實會提高專案成本，也讓需求更難以預測，因為他們不再依照正常的庫存模式採購。

More so for Metal Coatings, are backlogs a thing, just given the size of your projects and what people are planning out, I assume years ahead? But I was wondering if you have a sizable backlog or that's not something that's not part of your business?

就金屬塗裝而言，考量到你們專案規模以及客戶規劃通常是提前好幾年，積壓訂單（backlog）會是一個議題嗎？我想問的是，你們是否有相當可觀的在手訂單，還是這並不是你們業務的一部分？

Yeah, it's really not part of our business. I say this jokingly, a lot of our sites, they look out on the yard and then that's their demand and backlog for the week. And we're really good at turning stuff. And so our customers depend on the fact that we're very, very reliable. They get it to us on Monday. We're going to have it back to them on Friday.

是的，這真的不是我們業務的一部分。我開玩笑地說，我們很多廠區只要往場內堆場看一眼，那就是他們這一週的需求與「在手訂單」。而我們非常擅長快速周轉。因此客戶仰賴的是我們非常、非常可靠。他們週一把貨送來。我們週五就會交回給他們。

So we're aware of it because in our sales process we're forecasting it. So as customers are communicating to us what their demand is going to be month in, month out, and even week in, week out. So we feel really good on the Metal Coating side right now.

所以我們是有掌握的，因為在銷售流程中我們會做預測。當客戶與我們溝通他們逐月、甚至逐週的需求時。因此就金屬塗裝業務而言，我們目前感覺非常良好。

Most of our customers, it's a broad-based growth profile in infrastructure. So it's not any one -- whether it's data centers, poles, towers, substations, and then all the stuff that has to go in, whether it's roads, lighting, electrical systems to support data centers in substations and things like that.

我們的大多數客戶在基礎建設方面呈現廣泛的成長輪廓。所以不是單一領域——無論是資料中心、電桿、塔架、變電站，以及所有必須配套投入的項目，像是道路、照明、電力系統，用以支援資料中心、變電站等相關需求。

So it's a really broad-based market and our network of facilities play well to it. So we don't record backlog that way, but we can look forward and say, our customers are bullish on demand in the metal coatings space.

因此這是一個非常廣泛的市場，而我們的廠房網絡也很契合。所以我們不會用那種方式去記錄在手訂單，但我們可以往前看並說：我們的客戶對金屬塗裝領域的需求持樂觀態度。

Adam Thalhimer, Thompson Davis Co.

Adam Thalhimer，Thompson Davis Co.（湯普森戴維斯公司）

Congrats on the strong quarter and the strong year. Hey, on the data center piece, how are you guys handling the demand? I mean, do you have certain facilities that seem to be dedicated towards those projects? And then from a disaggregated sales standpoint, do you put that revenue into construction or into industrial or some other bucket?

恭喜本季表現強勁、全年也很強勁。我想問資料中心這一塊，你們如何因應需求？我的意思是，你們是否有某些廠區看起來是專門服務這些專案？另外，從拆分後的銷售分類角度，你們會把這部分營收歸在建築、工業，或其他類別？

I'll let David answer the second part of it. On the first part, we just had our annual Metal Coatings plant managers and sales managers meeting and so we've got 120 folks in there, and there was hardly one single plant manager or sales manager I talked to that isn't working on one, two, or three data center projects at any given time right now.

第二部分我讓David來回答。第一部分，我們剛開完年度金屬塗裝廠長與業務經理會議，現場大約有120位同仁；而我幾乎沒有跟任何一位廠長或業務經理聊到，他們不是在同一時間手上正在做一個、兩個或三個資料中心專案。

So very, very broad-based. What they like about us is we've got a network of facilities and so we can handle large projects across multiple facilities or, in many cases, one facility can handle the entire project. So gives them surety of delivery, reliability of execution, all those kind of things that just play well for pick and AZZ for your galvanizing.

所以非常、非常廣泛。客戶喜歡我們的原因是我們有一個廠房網絡，因此我們可以跨多個廠區承接大型專案；或者在很多情況下，單一廠區就能完成整個專案。這讓他們對交付更有把握、對執行可靠性更有信心，諸如此類的優勢，對於選擇AZZ來做鍍鋅都非常契合。

In terms of how we coat it, that gets a little dicier, so I'll turn that over to David.

至於我們如何進行塗裝，這部分就比較棘手一些，所以我把這題交給David。

Yeah. Thanks, Tom. There's some variation in how it gets coated based upon how the order really comes to us, whether it's from a general fabricator or a dedicated project development team, et cetera. So sometimes you'll see that show up as you can see in our end results by electrical and industrial because we know we can visually see it.

好的。謝謝，Tom。塗裝方式會有一些差異，取決於訂單實際是如何進到我們這裡的——例如是由一般加工製造商（fabricator）下單，或是由專案開發團隊直接下單等等。因此有時你會在我們最終結果中看到它被歸在電力與工業類別，因為我們可以從外觀上辨識出來。

And we know that, for instance, it's a monopole and that's obviously going to be in electrical. Whereas some of the structures, and you've been to some of our plants, Adam, so you've seen some of the things that we're working with. It can be a little more unclear as to if it's going into a data center or if it's going into an LNG project, for instance. So that sometimes will get a little bit more clouded and will go into either construction or industrial as a result.

而且我們知道，例如它是一支單管桿（monopole），那顯然會歸在電力類。但有些結構件——你也來過我們一些工廠，Adam，所以你看過我們正在處理的一些東西。有時就比較不清楚它是要用在資料中心，還是例如用在LNG專案。因此這部分有時會比較模糊，結果就可能被歸到建築或工業類別。

Okay. Good color on that. And then I wanted to ask about M&A, potential M&A. You mentioned a pipeline of deals. Can you just update us on what the pipeline looks like and potential timing?

了解。這個說明很有幫助。接著我想問併購（M&A），潛在的併購。你提到有一個交易管線。能否更新一下目前管線的樣貌以及可能的時間點？

Yeah, the pipeline is looking good, particularly on the Metal Coatings side. They're mostly what we're looking at, they're one-off sites. And so if you just kind of take our average fleet sales and EBITDA, call it $15 million in sales, $4 million to $6 million in EBITDA. That's kind of the size that we're looking at in terms of bolt-ons. We've got three or four in fairly active discussions. We've got one underway in due diligence. So love to get one closed in -- before we talk again and then see if David and his team can get a couple more closed this year.

好的，管線看起來不錯，尤其是在金屬塗裝這一端。我們主要在看的多半是單點據點（one-off sites）。如果用我們平均單一據點的營收與EBITDA來看，大概是1,500萬美元營收、400萬到600萬美元EBITDA。這大致就是我們在尋找的加掛式併購（bolt-ons）規模。目前有三到四個案子在相當積極的討論中。其中有一個正在進行盡職調查。所以希望能在我們下次再對談之前先完成一件，然後看看David和他的團隊今年是否能再完成幾件。

On the precoat side, we've got one that I'll call in active discussions. It's not a big one. So it's kind of a single line sort of thing. And that about sums it up. There's obviously the bigger things that we're looking at, but they're going to be further out. I don't know that I project any of the larger ones for this year.

在預塗（precoat）這一端，我們有一個我會稱之為正在積極討論中的案子。它不是很大。所以比較像是單一產線那種。大概就是這樣。當然我們也在看更大的案子，但那些會是更後面的事。我不認為今年會有任何大型案子。

Awesome. Good luck closing out Q1.

太好了。祝你們第一季收尾順利。

Nick Giles, B. Riley.

Nick Giles，B. Riley。

My first question was just CapEx is around $90 million at the midpoint. I saw in the assumptions that hot-dip capacity expansions are part of that. Can you just speak to what the potential EBITDA impact could be? And how much of those expansions are embedded in this year's guide versus something that may be more visible next year?

我第一個問題是資本支出（CapEx）在中位數大約是9,000萬美元。我在假設條件中看到熱浸鍍鋅產能擴充也包含在內。你能談談這可能對EBITDA帶來的影響嗎？以及這些擴產有多少已經反映在今年的指引中，還是說可能要到明年才會更明顯？

Yeah. I think as we're looking at adding kettles, we're adding one here in North Texas because of demand. It will be starting up here in the next month or so. So it's going to have some impact. I'm struggling to what to publicly say what a new kettle is worth in terms of EBITDA. But it is going to have an impact. It's at a large site. So it's going to give us incremental capacity.

好的。我想就我們新增鍍鋅鍋（kettle）的規劃而言，我們因應需求在北德州新增了一座。大約在接下來一個月左右就會啟動投產。所以會帶來一些影響。我有點難以在公開場合說一座新鍋在EBITDA上大概值多少。但它確實會帶來影響。那是一個大型據點。因此它會為我們帶來額外的產能。

The other things we're doing, and we are looking at other locations to add kettles, those are fairly quick. We could put them in, and we approved the one I talked about just a few months ago, and it will be up and running this quarter or June 1. So not long cycle times on these things. Hopefully, has a couple of million impact in EBITDA.

我們正在做的其他事情，以及我們也在評估其他地點以新增鍍鋅鍋（kettles），這些都相當快。我們可以把設備裝上去；我幾個月前提到的那一座我們已經核准了，將在本季或 6 月 1 日前上線運轉。所以這些事情的週期時間不長。希望能對 EBITDA 帶來數百萬美元的影響。

If you ask the Metal Coatings team, they would say it's embedded in their forecast. If you ask me, I'd say maybe, maybe not. Other things we're doing in ground line coating, that's common with poles and towers and things like that. So doing more of that just because transmission distribution continues to boom. So adding that capability -- once again, $2 million or $3 million investments for nice incremental sales and EBITDA.

如果你問金屬塗層（Metal Coatings）團隊，他們會說這已經反映在他們的預測裡。如果你問我，我會說也許有、也許沒有。我們在地線塗層（ground line coating）方面做的其他事情，這在電桿、鐵塔之類的產品上很常見。所以我們會多做一些，因為輸電與配電持續蓬勃成長。因此新增那項產能——同樣是 200 萬到 300 萬美元的投資，能帶來不錯的增量營收與 EBITDA。

Jason, do you want to add any color to that?

Jason，你要不要補充說明一下？

I mean, I think it's -- if you look at the growth in that business continues to go in the right direction, and some of these kettles are getting ahead of the curve and making sure when the volume hits then we're in the right place to go deliver against that. I would say the forecast and guidance that we have at the moment, plus or minus, includes it. Really, you look, it's more kind of long-term returns.

我的意思是，我認為——如果你看那個業務的成長，仍然朝著正確方向前進；而其中一些鍍鋅鍋的投資是超前部署，確保當量能上來時，我們已在正確的位置能夠交付。我會說，我們目前的預測與指引，大致上（正負一些）已經包含了它。真的要看，這更偏向長期報酬。

I mean, the good news is they're really low-risk investments because the demand is already there.

我的意思是，好消息是這些投資風險非常低，因為需求已經在那裡了。

Understood. Appreciate that, guys. And the stock has obviously been on the nice run. So just was curious to ask about your appetite to do more buybacks here? Or would you prefer to keep more cash on the balance sheet just for some of those M&A opportunities that you mentioned?

了解。謝謝你們的說明。而且股價顯然走了一段不錯的漲勢。所以我想問一下，你們現在對於進一步回購股票的意願如何？還是你們會更傾向在資產負債表上保留更多現金，以因應你們提到的一些併購（M&A）機會？

Yeah. I think given the activity we've got on the acquisition side, we're committed to minimizing the dilution with stock buybacks. And so we remain committed to that. So that remains in terms of capital allocation strategy.

是的。我認為，考量我們在併購端的活動，我們承諾會透過股票回購把以股票支付造成的稀釋降到最低。因此我們仍然會堅持這點。所以就資本配置策略而言，這點不變。

Given the list of possible or even becoming more probable deals that we can get done, I like using the cash for that because that's going to set us up. It brings immediate EBITDA uptick for us. And as you know, our guidance does not include the M&A incremental that we would pick up.

鑑於我們可能、甚至更有機會完成的一系列交易，我更喜歡把現金用在那上面，因為那會讓我們站穩更好的位置。它能為我們帶來立即的 EBITDA 增量提升。而且如你所知，我們的指引並未包含我們可能透過併購取得的額外增量。

Very helpful. Guys, appreciate all the color and continue with best of luck.

非常有幫助。各位，謝謝你們提供的所有補充資訊，祝你們接下來一切順利。

Gerry Sweeney, Roth Capital.

Gerry Sweeney，Roth Capital。

We've hit upon Metal Coatings quite a bit. But just one follow-up question, especially on the transmission and distribution. It sounds like you talk a lot to some of the metal fabricators, et cetera. But I'm just curious as to do you ever talk to some of the end users or the end purchasers and how much visibility you have on that? Or how forward out can you see or at least some discussions in general terms?

我們談了不少金屬塗層（Metal Coatings）。但我還有一個追問，特別是關於輸電與配電。聽起來你們和一些金屬加工製造商等有很多交流。但我想知道，你們是否也會和一些終端使用者或終端採購方交流？你們對那端的能見度有多高？或者說，你們大概能看到多遠的前景，或至少在一般層面上有哪些討論？

Yeah, we look at the general end user trends in terms of their spending and where they're going to be adding capacity and things like that. David can add more to it. But we attend a variety of conferences where we're in touch with that. And a lot of that is generally available capacity additions in terms of gigawatt additions, so that kind of stuff. We're in contact with them. We compare that to what our customers are telling us and then we look at the general available market trending data.

是的，我們會看終端使用者的整體趨勢，例如他們的支出，以及他們將在哪些地方新增產能之類的。David 可以補充更多。但我們會參加各式各樣的會議，並在那裡與他們保持聯繫。其中很多資訊是一般可取得的產能擴增資料，例如以新增多少 GW（gigawatt）來衡量的擴增，這類資訊。我們也會與他們保持聯繫。我們把這些與客戶告訴我們的內容做對照，然後再看整體市場可取得的趨勢數據。

And David can put some color on it.

David 也可以補充一些細節。

Yeah. Thanks, Tom. Yeah, Gerry, I would add to that. We've been more active than we have in the past and marketing directly to the industry and end users of it. The Metal Coatings team, in particular, has put together a nice bit of marketing materials.

是的。謝謝，Tom。是的，Gerry，我補充一下。我們比過去更積極，直接對產業以及其終端使用者進行行銷。金屬塗層團隊尤其整理了一套很不錯的行銷資料。

And as Tom mentioned, has recently been to some industry conferences as well to showcase our capabilities for that market. So we're pretty pleased with what we're seeing there. And again, it shows up in the results and it also shows up in some of the backlog that those GCs and others that are calling on them share with us that give us a good forecast.

而且如 Tom 提到的，他們最近也參加了一些產業會議，來展示我們在該市場的能力。所以我們對目前看到的情況相當滿意。同樣地，這反映在業績結果上，也反映在一些積壓訂單（backlog）上；那些總承包商（GCs）以及其他拜訪他們的單位會與我們分享，讓我們能做出不錯的預測。

Got you. And then just one more quick question. Just on the Washington facility. I think you mentioned that it was profitable on a contribution basis in the fourth quarter. What utilization is that running at? And how should we think about that ramping up through the rest of the year, if it's not already there?

了解。再一個很快的問題。關於華盛頓廠。我記得你提到第四季以貢獻毛利（contribution）基礎來看已經是獲利的。目前的產能利用率大概是多少？如果還沒到位的話，我們應該如何看待它在今年剩餘時間的爬坡？

I'd say it's at about 40% now. It's going to continue to ramp and we've got -- yeah, it's got to produce around 45,000 to 50,000 tonnes this year and we're feeling pretty comfortable with the trends that it's going to get there. And so that's really going to ramp up as we get to second quarter, third quarter, fourth quarter. But we're watching that positive trend month in, month out.

我會說現在大約在 40%。它會持續爬坡；我們——是的——今年需要生產大約 45,000 到 50,000 公噸，我們對目前的趨勢相當有信心，應該能達到。因此當我們進入第二季、第三季、第四季時，會明顯加速爬坡。但我們每個月都在觀察這個正向趨勢。

Jason, I don't know if you want to add something there?

Jason，我不知道你要不要補充？

Yeah. No. I mean, it's very much ramping up to our expectations, getting to that 40%, 50% here in the first quarter -- or sorry, getting beyond the 40% closer to the 50%. There's three different processes and the three processes are at slightly different stages. But all signs in terms of the plans for the year are very much in alignment with expectations.

是的。不用。我的意思是，它的爬坡非常符合我們的預期，在第一季達到 40%、50%——或抱歉，是從超過 40% 往更接近 50% 的方向走。那裡有三種不同的製程，而三種製程目前處在略有不同的階段。但就今年的計畫而言，各項跡象都非常符合預期。

John Franzreb, Sidoti & Company.

John Franzreb，Sidoti & Company。

Congratulations on a great year, guys. Just want to stick with the Washington facility. What was the revenue contribution of that business in fiscal 2026?

恭喜各位今年表現很出色。我想繼續問華盛頓廠的部分。該業務在 2026 財年的營收貢獻是多少？

I think it was about $11 million or so in revenue.

我想營收大約是 1,100 萬美元左右。

For the full year?

是全年嗎？

Yeah, for the full year. I believe that's [correct].

是的，全年。我相信那是[正確]。

Got it. All right. And I'm curious about filling the balance of the plant. I think you had about 75% of it allocated. Where do you stand on the remaining 25%?

了解。好。我也想問一下把工廠剩餘產能填滿的情況。我記得你們大概已經配置了 75%。剩下的 25% 目前進展如何？

We've got a lot of interest in it. We're trying to make sure we take care of our partner first. And so we're continuing to ramp their volume up. As you know, the aluminum business is booming. But yeah, we won't have any trouble filling that capacity once we've taken care of our partner first. And so we would hope to, call it, by the end of the third quarter to be in a position to start filling the balance of that.

我們收到很多興趣。我們正努力確保先照顧好我們的合作夥伴。因此我們會持續把他們的量拉上來。如你所知，鋁業務正蓬勃發展。不過是的，一旦我們先把合作夥伴的需求照顧好，要把那部分產能填滿不會有任何問題。因此我們希望，大概在第三季底前，能夠開始填補剩餘的那部分產能。

Got it. Understood. And I just got off a conference call where the company mentioned that there was a concern about municipality spending in the coming year. Is that something that you share any kind of commonality with? I'm just kind of curious about your thoughts there.

了解。明白。我剛結束一場電話會議，公司提到對明年市政支出有所擔憂。這點你們是否也有類似的看法或共鳴？我只是想聽聽你對此的想法。

Yes, it's interesting because a lot of the communities we're in, we tend to be heavily concentrated in the Midwest, the South, and the West, a little bit up in Canada. Most of the municipalities we're talking to are in good shape. Like here in DFW, there's still a lot of growth in housing, multi-unit housing commercial construction.

是的，這很有意思，因為我們所在的許多社區，我們的布局往往高度集中在美國中西部、南部與西部，另外在加拿大也有一些。我們正在接觸的大多數市政單位狀況都不錯。像在達拉斯—沃斯堡（DFW）這裡，住宅成長、多戶住宅以及商業建築施工仍然很旺。

So we still got a lot of companies moving. And that's kind of the story throughout Texas, which is our biggest concentration of capacity for galvanizing. So every one of those communities is struggling with their budgets, but every one of the communities has to make these investments. So it's yeah, it just is what it is.

所以仍有很多公司在遷入。而這基本上也是德州各地的情況；德州是我們鍍鋅產能最集中的地區。因此，這些社區每一個都在為預算吃緊而苦惱，但同時每一個社區也都必須進行這些投資。所以，是的，情況就是如此。

As you move up further through the Midwest, mostly, I'd say two-thirds are very comfortable. They're moving forward with these infrastructure projects because they have to. And then even in the other areas, the difficulty, I think the difficulty here is if you've got a big data center moving in, and it's going to require you to expand roads, you're going to have different demands on your electric utilities. I think those are still being sorted out.

再往中西部更北一些走，大致上我會說有三分之二的地區都相當從容。他們仍在推進這些基礎建設專案，因為他們必須這麼做。而即便在其他地區，我認為困難在於：如果有一座大型資料中心要進駐，且需要你擴建道路，電力公用事業也會面臨不同的需求。我想這些問題仍在釐清與協調中。

So not that we're having direct conversations with those municipalities, but just kind of looking at the challenges that they're facing, how do they balance their budget when you've got this big facility coming in, which -- and it's going to require infrastructure. It's going to require water. It's going to require electricity.

所以我們並不是在和那些市政單位直接對話，而是從他們面臨的挑戰來看：當有這樣一個大型設施進駐時，他們要如何在需要基礎建設的情況下平衡預算。它需要供水。它需要電力。

Some of the bigger data centers, they're building, as David pointed out, they're now building the power generation concurrently with it. But you still got to get roads and other infrastructure things to it. So I don't know. It's a challenge. I don't see it creating problems for us this year. But I think as you go out further, that's going to become a bigger question for a lot of these municipalities.

一些更大型的資料中心，正如 David 指出的，他們現在會同步建置發電設施。但你仍然得把道路和其他基礎設施配套做到位。所以我也不確定。這是一項挑戰。我不認為今年會因此對我們造成問題。但我想再往後看，這會成為許多市政單位更大的疑問。

(Operator Instructions) Eric Boyes, Evercore.

(接線員指示) Eric Boyes，Evercore。

First, could you please remind how paint cost pass-through is typically incorporated in precoat? Is it directly itemized for customers? And how many months of paid inventory does precoat generally carry?

首先，能否請你提醒一下，預塗（precoat）業務中通常如何納入塗料成本的轉嫁（pass-through）？會直接向客戶逐項列示嗎？另外，預塗業務一般會持有幾個月的已付款庫存？

Yeah, Eric, I can pick that up. So generally, the paint is not itemized and obviously the end customers have a very good understanding and typically have a relationship with the paint companies. So any paint pricing that comes from the paint companies has generally passed one for one through to the end customer. And that's something that's within the industry and not just within AZZ.

好的，Eric，我來回答。一般而言，塗料不會逐項列示；而且終端客戶對此非常了解，通常也與塗料公司本身有合作關係。因此，塗料公司端的任何塗料定價變動，通常都會一比一轉嫁給終端客戶。這是整個產業的做法，不僅限於 AZZ。

And then sorry, you asked about inventory, sorry. We have very, very tight in inventory. All inventory is bought to customer order. So as you can appreciate there isn't any speculation in terms of the manufacturing within that business, given it's all custom colors, et cetera, et cetera.

然後抱歉，你問到庫存，抱歉。我們的庫存控管非常、非常緊。所有庫存都是依客戶訂單採購。所以你可以理解，在那個業務裡，製造端不會做任何投機性備貨，因為全部都是客製顏色等等。

So generally, we have around about three or four weeks' worth of inventory on hand. We hold a little bit more of the common product in terms of primers and backers, but when you really get to the top coats and the customization, then it's pretty much coming in the door to align with the production schedules.

因此一般而言，我們手上大約只有三到四週的庫存。就底漆（primers）和背塗（backers）等常用產品，我們會多備一點；但一旦到面漆（top coats）與客製化部分，基本上就是配合生產排程，貨一進門就直接銜接生產。

Got it. I appreciate that. And then second follow-up. I think you said earlier on the call that Precoat is expected to be roughly flat year over year. But on a quarterly cadence, is that assuming some contraction in the first half? And then in the back half, we see some end market normalization? Or is that more kind of flattish across the year?

了解。謝謝你的說明。第二個追問：我想你稍早在電話會議中提到，預塗（Precoat）預期年對年大致持平。但若以季度節奏來看，這是否意味著上半年會有些收縮？然後下半年我們會看到終端市場回歸常態？還是說全年都會比較平坦？

Yeah. I mean, I think we're looking at it more flat across the year. And I would say, from a conservative point of view, we keep getting signals, things are turning and not quite a transition into results, et cetera. The only thing I feel to mention in the first part of that question that Ghansham had provided is the addition and growth associated with the new Washington facility really. So when you start to add that into the equation, then Precoat should show growth quarter on quarter as we go through the year.

是的。我的意思是，我們更傾向於把它看作全年都比較持平。而且我會說，從保守的角度來看，我們持續收到一些訊號，顯示情況正在轉向好轉，但尚未完全反映到結果上等等。至於你問題前半段中 Ghansham 提到的那點，我覺得唯一值得補充的是：新華盛頓廠帶來的新增與成長。所以當你把這個因素納入後，預塗業務在今年推進過程中，應該會呈現逐季成長。

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

我們的問答環節到此結束。我想把電話會議交回給 Tom Ferguson，請他做結語。

I just want to thank everybody for joining us today. Hopefully, what you're taking away is we feel like we're off to a good start this quarter, feel good about the year at this point. Even with all the external things that may be going on out there, what's within our control, we feel very good about, and we feel that we've got great teams working real hard to do everything they can for our shareholders. So look forward to talking to you at the end of the first quarter. Thank you. Have a great day.

我只想感謝各位今天加入我們。希望各位的重點收穫是：我們覺得本季開局良好，就目前而言也對今年感到樂觀。即使外部可能發生各種事情，但對於我們可控的部分，我們非常有信心；我們也相信我們有很棒的團隊正非常努力，竭盡所能為股東創造價值。期待在第一季結束時再與各位交流。謝謝。祝各位有美好的一天。

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。感謝各位參加今天的簡報。您現在可以掛線。