Cabot Corp (CBT) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q4 FY 2025 Cabot earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加卡博特公司2025財年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Steve Delahunt, Vice President, Investor Relations and Treasurer. Please go ahead, sir.

現在我謹將會議交給今天的主講人，投資者關係副總裁兼財務主管史蒂夫·德拉亨特。請繼續，先生。

Thanks, Michelle, and good morning. I would like to welcome you to the Cabot Corporation earnings teleconference. With me today are Sean Keohane, CEO and President; and Erica McLaughlin, Executive Vice President and CFO.

謝謝你，米歇爾，早安。歡迎各位參加卡博特公司財報電話會議。今天陪同我的是執行長兼總裁肖恩·基奧漢，以及執行副總裁兼財務長埃里卡·麥克勞克林。

Last night, we released results for our fourth-quarter of fiscal 2025, copies of which are posted in the Investor Relations section of our website. The slide deck that accompanies this call is also available on the Investor Relations portion of our website and will be available in conjunction with the replay of the call.

昨晚，我們發布了 2025 財年第四季業績報告，報告副本已發佈在我們網站的投資者關係部分。本次電話會議的幻燈片資料也可在公司網站的投資者關係版塊找到，並將與電話會議的錄音一同提供。

During this conference call, we will make forward-looking statements about our expected future operational and financial performance. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Additional information regarding these factors appears under the heading Forward-Looking Statements in the press release we issued last night and in our annual report on Form 10-K for the fiscal year-ended September 30, 2024, and in subsequent filings we make with the SEC, all of which are also available on the company's website.

在本次電話會議中，我們將對我們預期的未來營運和財務表現做出前瞻性聲明。每項前瞻性陳述都存在風險和不確定性，可能導致實際結果與此類陳述中預測的結果有重大差異。有關這些因素的更多信息，請參閱我們昨晚發布的新聞稿中“前瞻性聲明”標題下的內容，以及截至 2024 年 9 月 30 日的財政年度的 10-K 表格年度報告，以及我們隨後向美國證券交易委員會提交的文件，所有這些文件也可以在公司網站上查閱。

In order to provide greater transparency regarding our operating performance, we refer to certain non-GAAP financial measures that involve adjustments to GAAP results. Any non-GAAP financial measures presented should not be considered to be an alternative to financial measures required by GAAP. Any non-GAAP financial measures referenced on this call are reconciled to the most directly comparable GAAP financial measure in the table at the end of our earnings release issued last night and available in the Investors section of our website.

為了提高我們經營績效的透明度，我們參考了一些非GAAP財務指標，這些指標涉及GAAP結果的調整。任何列示的非GAAP財務指標均不應被視為GAAP所要求的財務指標的替代指標。本次電話會議中提及的任何非GAAP財務指標均已在昨晚發布的盈利報告末尾的表格中與最直接可比的GAAP財務指標進行了核對，該表格可在我們網站的投資者關係部分查閱。

Also, as we do typically each year, I would like to remind you that over the next several weeks, in connection with the vesting of restricted stock awards issued under our long-term incentive equity program, officers of the company will be selling shares to pay tax and other obligations related to their rewards.

另外，正如我們每年通常的做法一樣，我想提醒各位，在接下來的幾週內，由於根據我們的長期激勵股權計劃頒發的限制性股票獎勵即將歸屬，公司高管將出售股票以支付與其獎勵相關的稅款和其他義務。

I will now turn the call over to Sean, who will discuss the fiscal 2025 highlights, our cash flow results, and our strategic highlights for the year. Erica will review the corporate financial details and business segment results for the fourth quarter and fiscal year. Following this, Sean will provide a 2026 outlook and some closing comments and then open the floor to questions. Sean?

現在我將把電話交給肖恩，他將討論 2025 財年的亮點、現金流結果以及我們今年的戰略亮點。艾麗卡將審查第四季和本財年的公司財務詳情和業務部門業績。接下來，肖恩將展望 2026 年並作總結發言，然後開放提問環節。肖恩？

Thank you, Steve. Good morning, ladies and gentlemen, and welcome to our call. Before we move into year-end highlights, I'd like to take a moment to share an important update regarding our Investor Relations leadership. As announced earlier, Robert Rist will be stepping into the role of Vice President of Investor Relations and Corporate Planning. He'll be transitioning into the role over the course of the first quarter of fiscal year 2026, succeeding Steve Delahunt, who will continue with Cabot as Vice President and Treasurer.

謝謝你，史蒂夫。女士們、先生們，早安，歡迎參加我們的電話會議。在進入年終亮點環節之前，我想花一點時間分享關於我們投資者關係領導層的重要更新。正如之前宣布的那樣，羅伯特·里斯特將擔任投資者關係和企業規劃副總裁。他將在 2026 財年第一季逐步過渡到該職位，接替 Steve Delahunt，後者將繼續留在 Cabot 擔任副總裁兼財務主管。

Rob has been with Cabot since 2007 and has held a number of key leadership roles across the company in corporate strategy, corporate planning, and within our Reinforcement Materials segment and finance organization. He brings a strong understanding of our business and financial priorities, and his strategic insight and financial acumen will be instrumental as he helps lead our engagement with the investor community.

Rob 自 2007 年加入 Cabot 公司以來，曾在公司策略、公司規劃、增強材料部門和財務部門擔任多個關鍵領導職務。他對我們的業務和財務重點有著深刻的理解，他的策略洞察力和財務才能將在他幫助我們領導與投資者群體的互動中發揮重要作用。

I want to sincerely thank Steve for his many contributions to our Investor Relations function over the past nine years. His leadership has built a strong foundation for our investor engagement, and we are grateful for his continued service and treasury. Steve and I have worked together in this capacity for my entire tenure as CEO, and I've always been impressed with his intellect, teamwork, and most of all, how he lives our Cabot values of integrity, respect, excellence, and responsibility. I'm confident that this transition will be seamless, and we look forward to continued momentum in our IR efforts.

我衷心感謝史蒂夫在過去九年中為我們的投資者關係部門做出的許多貢獻。他的領導為我們的投資者關係奠定了堅實的基礎，我們感謝他一直以來的服務和財務支持。在我擔任執行長的整個任期內，我和史蒂夫一直以這種身份合作，我一直對他的才智、團隊合作精神以及最重要的是他如何實踐卡博特公司的價值觀——誠信、尊重、卓越和責任——印象深刻。我相信這次過渡將會非常順利，我們期待在投資者關係方面繼續保持良好勢頭。

Fiscal year 2025 was characterized by a turbulent macroeconomic, geopolitical and global trade environment, but it was a year in which the enduring strengths of Cabot were exhibited. We executed well and delivered strong results. In fiscal year 2025, we delivered a record adjusted earnings per share of $7.25, which represents an increase of 3% year over year. I'm very pleased with our performance, particularly in light of the fact that volumes across both segments were down year over year and substantially below our expectations at the beginning of the fiscal year.

2025 財年的特點是宏觀經濟、地緣政治和全球貿易環境動盪不安，但卡博特的持久優勢在這一年中得到了體現。我們執行到位，取得了優異的成績。在 2025 財年，我們實現了創紀錄的調整後每股收益 7.25 美元，年增 3%。我對我們的業績非常滿意，尤其考慮到兩個業務板塊的銷量同比均有所下降，並且遠低於我們年初的預期。

Total consolidated EBIT increased year over year with Reinforcement Materials EBIT down 5% and Performance Chemicals EBIT up 18%. We continue to generate strong cash flow, which supported our capital priorities and a significant return of cash to shareholders. I'm immensely proud of the Cabot team for the resilience they demonstrated and the countermeasure mindset that they brought to their daily work to support our customers and deliver earnings growth in a very difficult and dynamic environment.

合併後的總息稅前利潤較去年同期成長，其中增強材料息稅前利潤下降 5%，高性能化學品息稅前利潤成長 18%。我們持續產生強勁的現金流，這為我們的資本優先事項提供了支持，並向股東返還了大量現金。我為卡博特團隊所展現出的韌性和應對策略的思維方式感到無比自豪，他們在如此艱難和瞬息萬變的環境中，為支持我們的客戶並實現盈利增長做出了貢獻。

Looking a bit deeper at our financial metrics, fiscal year 2025 marked another year of strong overall performance in terms of profitability, cash flow generation, and balance sheet strength. For the year, we generated adjusted EBITDA of $804 million, which was up 3% year over year and represents a 22% margin.

更深入了解我們的財務指標，2025 財年標誌著我們在獲利能力、現金流產生和資產負債表實力方面又一個表現強勁的年份。本年度，我們實現了調整後的 EBITDA 8.04 億美元，年增 3%，利潤率為 22%。

While our end market volumes were down, we were able to more than offset this weakness by optimizing across our global footprint of assets, reducing costs, and driving disciplined execution across our operating platform of commercial and operational excellence. The quality of our returns remained strong with an adjusted ROIC of 18%, and we delivered these results while maintaining our strong balance sheet. In dynamic and turbulent times, balance sheet strength and liquidity are essential, and Cabot continues to exhibit these distinguishing features.

雖然我們的終端市場銷售量有所下降，但我們透過優化全球資產佈局、降低成本以及在商業和營運卓越營運平台上推行嚴格的執行，彌補了這一不足。我們的收益品質依然強勁，調整後的 ROIC 為 18%，而且我們在維持穩健資產負債表的同時實現了這些業績。在瞬息萬變的時代，資產負債表的實力和流動性至關重要，而卡博特公司繼續展現出這些顯著特徵。

We finished fiscal 2025 with net debt-to-EBITDA of 1.2 times and liquidity of $1.5 billion, which gives us tremendous flexibility to invest in strategic organic and inorganic projects to grow the long-term earnings of the company while returning a significant amount of cash to shareholders. Overall, I am very pleased with our performance across our financial metrics, and this puts us in a good position to navigate these uncertain times and remain committed to our long-term strategic growth priorities.

截至 2025 財年末，我們的淨債務與 EBITDA 比率為 1.2 倍，流動資金為 15 億美元，這使我們能夠靈活地投資於戰略性的有機和無機項目，以提高公司的長期收益，同時向股東返還大量現金。整體而言，我對我們各項財務指標的表現非常滿意，這使我們能夠更好地應對當前不確定的時期，並繼續致力於我們的長期策略成長重點。

The Cabot portfolio has robust cash flow characteristics and fiscal 2025 marked another year of strong performance, where we generated operating cash flow of $665 million and free cash flow of $391 million. The cash-generation power of our portfolio is a central element of our shareholder value creation strategy.

Cabot 的產品組合具有強勁的現金流特徵，2025 財年又是一個業績強勁的年份，我們產生了 6.65 億美元的經營現金流和 3.91 億美元的自由現金流。我們投資組合的現金流量產生能力是我們股東價值創造策略的核心要素。

With these strong cash flows, we seek to allocate capital inside a balanced framework focused on three priorities. First, ensuring our asset base is well maintained to provide a reliable and sustainable offering to our customers; second, underwriting high-confidence organic and inorganic growth investments to deliver long-term earnings growth; and third, returning capital to shareholders through dividends and share repurchases. The strength of our cash flows allows us to execute against these priorities while maintaining our strong investment-grade balance sheet.

憑藉這些強勁的現金流，我們力求在以三個優先事項為重點的平衡框架內配置資本。首先，確保我們的資產基礎得到良好維護，從而為客戶提供可靠和可持續的服務；其次，承銷高信心的有機和無機增長投資，以實現長期盈利增長；第三，透過分紅和股票回購向股東返還資本。我們強勁的現金流使我們能夠在保持穩健的投資等級資產負債表的同時，優先執行這些優先事項。

In fiscal year 2025, we paid $96 million in dividends, including a 5% increase announced in May, reflecting our confidence in the long-term cash flow outlook of the company. We've maintained a continuous and growing dividend since 1968, and we would expect to continue raising the dividend over time as our earnings and cash flows grow.

2025 財年，我們支付了 9,600 萬美元的股息，其中包括 5 月宣布的 5% 的成長，這反映了我們對公司長期現金流前景的信心。自 1968 年以來，我們一直保持著持續成長的股息，隨著我們的獲利和現金流的成長，我們預計股息也會隨著時間的推移而繼續提高。

We also repurchased $168 million of shares in fiscal year 2025, which reduced our outstanding share count by 3%, and when combined with dividends, totaled $264 million of capital returned to shareholders. Overall, we feel very good about our long-term cash generation power and balance sheet strength, which provides us with great strategic flexibility.

我們在 2025 財年也回購了價值 1.68 億美元的股票，使我們的流通股數量減少了 3%，加上股息，總共向股東返還了 2.64 億美元的資本。整體而言，我們對公司的長期現金流產生能力和資產負債表實力感到非常滿意，這為我們提供了極大的策略靈活性。

During our fiscal year, we also made important progress on key elements of our Creating for Tomorrow strategy. I'll spend a few minutes now highlighting some important accomplishments that are part of our strategy to deliver long-term shareholder value creation. In July, we announced that Cabot has entered into a definitive agreement to acquire Bridgestone's reinforcing carbon plant in Mexico.

在本財年，我們在「創造未來」策略的關鍵要素方面也取得了重要進展。接下來，我將花幾分鐘時間重點介紹一些重要的成就，這些成就是我們實現長期股東價值創造策略的一部分。7 月，我們宣布 Cabot 已達成最終協議，收購普利司通位於墨西哥的增強碳素工廠。

This manufacturing facility is located in close proximity to Cabot's current reinforcing carbons facility in Altamira, Mexico and strengthens our partnership with Bridgestone through the long-term supply of reinforcing carbon products from this plant. The facility also has the capacity to manufacture additional reinforcing carbons, providing flexibility to support broader customer needs and future growth opportunities for Cabot.

該製造工廠位於墨西哥阿爾塔米拉，毗鄰卡博特現有的增強碳工廠，並透過該工廠長期供應增強碳產品，加強了我們與普利司通的合作關係。該工廠還具備生產更多增強碳的能力，從而能夠靈活地滿足更廣泛的客戶需求，並為卡博特未來的成長機會提供保障。

The transaction is expected to close in the second fiscal quarter, subject to regulatory approvals and to be accretive in the first year. This is an example of how we are deploying our strong cash flow to fund an attractive acquisition that strengthens our portfolio, drives incremental growth, and is accretive to earnings.

該交易預計將在第二財季完成，但需獲得監管部門批准，並預計在第一年實現盈利增長。這是我們如何利用強勁的現金流來資助一項有吸引力的收購的一個例子，這項收購可以加強我們的投資組合，推動增量成長，並增加收益。

We are pleased with the earnings progression and strategic developments in our Performance Chemicals segment despite persistent end market weakness in certain important sectors such as automotive and construction. While we believe the end markets of automotive and construction will improve over time from their current cyclical lows, we are focused on targeted applications where the macro trends are favorable.

儘管汽車和建築等某些重要行業的終端市場持續疲軟，但我們對高性能化學品業務的獲利成長和策略發展感到滿意。雖然我們相信汽車和建築等終端市場會隨著時間的推移而從目前的周期性低谷中改善，但我們專注於宏觀趨勢有利的特定應用領域。

Specific sectors include infrastructure and alternative energy, digitalization, and consumer-driven applications. Success across these sectors was an important contributor to the earnings -- increased earnings in the segment in fiscal '25. The demand for conductive carbons for power distribution cables is supported by growth in power generation and distribution, and this application is expected to grow in the 8% range through the end of the decade.

具體領域包括基礎設施和替代能源、數位化以及消費者驅動應用。這些領域的成功是獲利的重要貢獻因素——2025 財年該部門的獲利有所成長。電力生產和分配的成長支撐了電力分配電纜對導電碳的需求，預計到本十年末，該應用將以 8% 的速度成長。

Fumed silica for the CMP application is one where we saw a strong double-digit growth in 2025 as broad digitalization and automation trends drive a greater need for semiconductor chips. And finally, consumer spending has been a pretty resilient driver of economic growth globally and our specialty carbons, specialty compounds, fumed silicas, and aerogel materials are all benefiting from this strength.

2025 年，隨著數位化和自動化趨勢的廣泛發展，半導體晶片的需求不斷增長，我們預計用於 CMP 應用的氣相二氧化矽將實現兩位數的強勁增長。最後，消費支出一直是全球經濟成長的強勁動力，我們的特殊碳、特殊化合物、氣相二氧化矽和氣凝膠材料都從中受益。

Sustainability is central to who we are at Cabot, and we continue to be recognized for excellence. As we discussed last quarter, we are proud to have received a Platinum rating from EcoVadis for the fifth consecutive year. EcoVadis is the world's largest and most trusted provider of business sustainability ratings with more than 150,000 rated companies. A platinum rating is the highest level of achievement and places Cabot among the top 1% of companies in the manufacturing of basic chemicals. This prestigious recognition underscores Cabot's commitment to transparency and provides our customers with visibility into our sustainability performance.

永續發展是卡博特公司企業文化的核心，我們也因此不斷獲得卓越認可。正如我們上個季度所討論的，我們很自豪能夠連續第五年獲得 EcoVadis 的白金評級。EcoVadis 是全球最大、最值得信賴的企業永續發展評級供應商，擁有超過 15 萬家評級企業。白金級評級是最高級別的成就，使卡博特躋身基礎化學品製造領域前 1% 的公司之列。這項殊榮彰顯了卡博特對透明度的承諾，並讓我們的客戶了解我們在永續發展方面的表現。

In the fourth quarter, we also published our 2025 sustainability report, outlining our progress to date and our direction for the future. In this publication, we reported our strong progress against our calendar year 2025 goals and also unveiled our 2030 sustainability targets, which reflect our ambition to continuously drive measurable impact for our stakeholders.

第四季度，我們也發布了 2025 年永續發展報告，概述了我們迄今為止的進展以及未來的發展方向。在本出版物中，我們報告了我們在實現 2025 年日曆年目標方面取得的巨大進展，並公佈了我們的 2030 年永續發展目標，這體現了我們不斷為利益相關者帶來可衡量影響的雄心。

And finally, we continue to make strong progress in building a leading Battery Materials business that we believe can become a material contributor to Cabot over the long-term. Our strategic development approach is based on a mix of organic technology development efforts that build on our core conductive carbons and thermos management technologies, coupled with strategic M&A to broaden our product lines and access new technologies.

最後，我們在打造領先的電池材料業務方面繼續取得顯著進展，我們相信該業務能夠長期為卡博特做出重要貢獻。我們的策略發展方針是結合了有機技術開發（以我們核心的導電碳和熱管理技術為基礎）和策略併購，以拓寬我們的產品線並獲得新技術。

In fiscal 2025, we executed well against our strategy, growing total contribution margin by 20% year over year. We continue to pursue what we call a bifurcation strategy with tailored approaches to China, coupled with a focus on building incumbency in the western geographies, where local supply and service is of strategic value.

2025財年，我們很好地執行了策略，總貢獻毛利年增20%。我們繼續推行我們所謂的“分流策略”，針對中國市場採取量身定制的方法，同時注重在西方地區建立市場地位，因為在這些地區，本地供應和服務具有戰略價值。

Product development is essential in this fast-cycle industry, and we made important progress on this front in 2025. We recently launched a new conductive carbon product developed for use in lithium-ion batteries for energy storage systems, or ESS. This high-performance conductive additive delivers enhanced conductivity, longer cycle life, and improved processability for ESS cells used in residential, commercial, and industrial applications.

在這個快速迭代的產業中，產品開發至關重要，我們在 2025 年在這方面取得了重要進展。我們最近推出了一種新型導電碳產品，該產品專為儲能係統（ESS）中的鋰離子電池而開發。這種高性能導電添加劑可提高住宅、商業和工業應用中儲能電池的導電性、延長循環壽命並改善其加工性能。

The global ESS market is growing rapidly, driven by the rising demand for grid flexibility, the transition to renewable energy, and the need for storage solutions that support the rapid buildout of data centers. Our LITX 95F solution addresses these challenges by delivering key performance and efficiency advantages that are vital for accelerating ESS adoption.

受電網靈活性需求不斷增長、向再生能源轉型以及支援資料中心快速建設的儲能解決方案需求等因素的推動，全球儲能係統市場正在快速成長。我們的 LITX 95F 解決方案透過提供關鍵的效能和效率優勢來應對這些挑戰，這些優勢對於加速 ESS 的普及至關重要。

In addition to our segmented efforts to capture the ESS opportunity, we continue to realize strong volume growth in our high-performance conductive additive blends. This was a core thesis of our decision to acquire [Shenzhen Sanshun Nano Materials], and I'm very pleased with the strong growth in sales of these products to leading global battery producers in 2025.

除了我們為抓住儲能係統 (ESS) 機會而採取的分階段努力之外，我們的高性能導電添加劑混合物也繼續實現強勁的銷售成長。這是我們決定收購[深圳三順奈米材料]的核心論點，我對這些產品在2025年向全球領先的電池生產商的強勁銷售成長感到非常滿意。

As we look ahead in this business, our outlook remains positive, supported by the expectation that the lithium-ion battery market will grow at a compound annual rate of approximately 20% over the next three years. We believe we are well positioned to capitalize on this growth opportunity and build a global leadership position that creates significant long-term value for our shareholders.

展望未來，我們對該業務的前景仍然樂觀，因為我們預計未來三年鋰離子電池市場將以約 20% 的複合年增長率成長。我們相信，我們已做好充分準備，抓住這一成長機遇，建立全球領先地位，為股東創造巨大的長期價值。

I'll now turn the call over to Erica to discuss the financial and performance results of the quarter in more detail.

現在我將把電話交給 Erica，讓她更詳細地討論本季的財務和業績結果。

Thanks, Sean. Adjusted EPS in the fourth quarter was $1.70. This performance was 6% below the same quarter last year, driven by lower EBIT in both our Reinforcement Materials and Performance Chemicals segments. Cash flow from operations was strong at $219 million in the quarter, which included a working capital decrease of $69 million. Free cash flow was $155 million in the quarter.

謝謝你，肖恩。第四季調整後每股收益為 1.70 美元。這一業績比去年同期下降了 6%，主要原因是增強材料和高性能化學品兩個業務部門的息稅前利潤下降。本季經營活動產生的現金流強勁，達到 2.19 億美元，其中包括營運資金減少 6,900 萬美元。本季自由現金流為1.55億美元。

We ended the quarter with a cash balance of $258 million, and our liquidity position remains strong at approximately $1.5 billion. Capital expenditures for the fourth quarter of fiscal 2025 were $64 million, and we expect capital expenditures in fiscal 2026 to be between $200 million to $250 million. Additional uses of cash during the fourth quarter were $25 million for dividends and $39 million for share repurchases. Our debt balance was $1.1 billion, and our net debt-to-EBITDA remained at 1.2 times.

本季末，我們的現金餘額為 2.58 億美元，流動性狀況依然強勁，約 15 億美元。2025 財年第四季的資本支出為 6,400 萬美元，我們預計 2026 財年的資本支出將在 2 億至 2.5 億美元之間。第四季現金的其他用途包括：2,500萬美元用於支付股息，3,900萬美元用於股票回購。我們的債務餘額為 11 億美元，淨債務與 EBITDA 的比率維持在 1.2 倍。

The operating tax rate for fiscal year 2025 was 27% as compared to 26% in fiscal 2024. The higher tax rate was driven by the geographic mix of earnings and the new OECD global minimum tax implementation, which increased our tax rate in certain lower tax jurisdictions. We anticipate our operating tax rate for fiscal 2026 to be in the range of 27% to 29%.

2025 財年的營業稅率為 27%，而 2024 財年為 26%。稅率上升的原因是收入的地理分佈以及經合組織新的全球最低稅收政策的實施，這提高了我們在某些​​低稅收地區的稅率。我們預計 2026 財年的營業稅率將在 27% 至 29% 之間。

Now moving to Reinforcement Materials, EBIT decreased by $4 million in the fourth quarter compared to the same period last year, primarily due to lower volumes, which were down 5% year over year. The decline in volumes was due to weaker customer demand driven by the uncertainty from tariffs and a weaker global macroeconomic environment.

現在來看增強材料業務，第四季息稅前利潤比去年同期減少了 400 萬美元，主要原因是銷量下降，年減了 5%。銷售下降是由於關稅不確定性和全球宏觀經濟環境疲軟導致客戶需求下降。

In the Americas, the lower volumes were also driven by the continuation of elevated level of Asian tire imports. Regionally, volumes were down 7% in the Americas and 6% in Asia Pacific, while volumes in Europe were up 5%. The lower volumes were partially offset by continued optimization and cost reduction efforts in the segment. EBIT for fiscal 2025 was $29 million below the prior year, driven by 5% lower volumes. Volumes declined in both the Americas and Asia, and the decline in volumes was partially offset by lower costs and favorable foreign currency impacts.

在美洲，銷售量下降也是由於亞洲輪胎進口量持續居高不下所致。從區域來看，美洲的銷量下降了 7%，亞太地區的銷量下降了 6%，而歐洲的銷量則增加了 5%。銷售量下降的部分原因是該業務領域持續的最佳化和成本削減措施。2025 財年息稅前利潤比前一年減少 2,900 萬美元，主要原因是銷售量下降 5%。美洲和亞洲的銷售量均有所下降，但銷售量的下降部分被成本降低和有利的匯率影響所抵消。

Looking to the first quarter of fiscal 2026, we expect a sequential decrease in EBIT of approximately $15 million to $20 million, driven by lower volumes in the Americas and Europe and increased competitive intensity in Asia. Seasonally lower volumes in the Americas and Europe are also expected to negatively impact regional mix. Volumes are also expected to be sequentially lower as customers manage their year-end inventory levels.

展望 2026 財年第一季度，我們預計息稅前利潤將環比下降約 1500 萬美元至 2000 萬美元，主要原因是美洲和歐洲的銷量下降以及亞洲競爭加劇。預計美洲和歐洲季節性銷售下降也將對區域產品組合產生負面影響。由於客戶需要管理年末庫存水平，預計銷售量也將逐週下降。

Now turning to Performance Chemicals, during the fourth quarter of fiscal 2025, EBIT for the segment decreased by $2 million as compared to the same period in the prior year. The decrease in the fourth quarter was due to lower volumes. Volumes were lower by 5% year over year, primarily due to lower volumes in the European region, particularly in construction-related applications.

現在來看高性能化學品業務，在 2025 財年第四季度，該業務部門的息稅前利潤 (EBIT) 比去年同期減少了 200 萬美元。第四季銷售下降是由於成交量減少所致。銷量較去年同期下降 5%，主要原因是歐洲地區的銷售下降，特別是建築相關應用領域的銷售下降。

EBIT in fiscal 2025 was $30 million higher than the prior year. The increase was driven by higher volumes in the fumed metal oxides and battery materials product lines. The segment also benefited from continued optimization and cost-reduction efforts throughout the year. Looking ahead to the first quarter of fiscal 2026, we expect EBIT to remain relatively consistent with the fourth quarter, as modest sequential volume improvement is expected to be largely offset by the timing of higher costs.

2025 財年息稅前利潤比前一年高出 3,000 萬美元。成長主要由氣相金屬氧化物和電池材料產品線的銷售增加所驅動。該業務板塊也受益於全年持續的優化和成本削減措施。展望 2026 財年第一季度，我們預計息稅前利潤將與第四季度保持相對穩定，因為銷量環比小幅增長預計將被成本上升的時間因素基本抵消。

I'll now turn it back to Sean to discuss the 2026 outlook. Sean?

現在我將把話題交還給肖恩，讓他來討論2026年的展望。肖恩？

Thanks, Erica. Fiscal year 2025 certainly developed differently than we expected just one year ago. Automotive production in the Western economies contracted in 2025 and elevated Asian tire imports into Western geographies continue to persist. Additionally, global manufacturing PMI was in or near contraction territory for most of 2025, and the expected interest rate cut cycle was slower than expected, leaving the housing and construction sector in a trough.

謝謝你，艾麗卡。2025財年的發展與我們一年前的預期截然不同。2025年西方經濟體的汽車產量出現萎縮，而亞洲輪胎向西方地區的進口量持續增加。此外，2025 年大部分時間裡，全球製造業採購經理人指數 (PMI) 都處於或接近收縮區間，而且預期的降息週期比預期要慢，導致住房和建築業陷入低谷。

In addition, 2025 was characterized by global trade turbulence, which is making it very difficult to determine long-term durable demand levels. As we look to 2026, we don't yet see signs of improvement across these dimensions. While trade policy is trending toward regionalization, and this aligns well with our model of make in region, sell in region, it will likely take some time for end markets and supply chains to find their new normal.

此外，2025 年全球貿易動盪，使得確定長期持久需求水準變得非常困難。展望 2026 年，我們尚未看到這些方面有任何改善的跡象。雖然貿易政策正朝著區域化方向發展，這與我們「區域內製造，區域內銷售」的模式非常契合，但終端市場和供應鏈可能需要一些時間才能找到新的常態。

In 2026, we now expect light vehicle auto production in North America and Europe to decline for a third year in a row. In terms of the tire sector, the persistent elevated level of tire imports from Asia has reduced domestic tire production in the Americas and Europe, thereby creating a more challenging competitive environment for tire manufacturers and their suppliers, including carbon black producers.

我們現在預計，到 2026 年，北美和歐洲的輕型汽車產量將連續第三年下降。就輪胎產業而言，亞洲輪胎進口量持續高企，導緻美洲和歐洲的國內輪胎產量下降，從而為輪胎製造商及其供應商（包括炭黑生產商）創造了更具挑戰性的競爭環境。

Furthermore, global manufacturing PMI continues to straddle 50 with no clear catalyst to move firmly above 50 and into expansionary territory. With this as a market backdrop, we expect adjusted earnings per share in fiscal year 2026 to take a step back from our strong performance in 2025. Acknowledging there is significant uncertainty in both end market demand and the range of outcomes in our annual tire contract negotiations, we expect fiscal year 2026 adjusted earnings per share to be between $6 and $7.

此外，全球製造業採購經理人指數 (PMI) 繼續在 50 附近徘徊，沒有明顯的催化劑使其穩步突破 50 進入擴張區間。在這種市場背景下，我們預期 2026 財年調整後的每股盈餘將比 2025 年的強勁表現有所回落。考慮到終端市場需求和年度輪胎合約談判結果存在很大的不確定性，我們預計 2026 財年調整後每股收益將在 6 美元至 7 美元之間。

Our range includes various scenarios related to volumes and pricing outcomes across our businesses. The lower end of the range would reflect a weak demand environment and pricing pressures in 2026. The higher end of the range would reflect the ability to largely offset pricing pressures with volumes, optimization, cost savings, and benefits from our growth investments.

我們的產品範圍涵蓋了我們各項業務中與銷售和定價結果相關的各種場景。該區間的下限反映了 2026 年疲軟的需求環境和價格壓力。該範圍的高端將反映出我們能夠透過銷售、優化、成本節約以及成長投資帶來的收益，在很大程度上抵消價格壓力。

As we think about the segment outlook for fiscal 2026, in Reinforcement Materials, we are currently negotiating our calendar year contracts. While we expect outcomes to be varied across customers, our expectation is that overall contract outcomes will be lower than the prior year. Our customers are facing challenges in the Western regions from Asian tire imports along with macroeconomic uncertainty and are pushing hard on suppliers given these dynamics. This is causing challenging contract discussions with our customers that are taking longer to close.

在展望 2026 財年業務前景時，就增強材料業務而言，我們目前正在洽談年度合約。雖然我們預計不同客戶的結果會有所不同，但我們預計整體合約結果將低於前一年。鑑於這些情況，我們的客戶在西方地區面臨來自亞洲輪胎進口以及宏觀經濟不確定性的挑戰，並正在向供應商施加壓力。這導致我們與客戶的合約談判變得困難，成交時間也因此延長。

In addition, I would say the utilization situation in the Western regions is similar or slightly worse than the prior year. Tire imports from Asia have increased modestly year to date into the US. They've decreased modestly into South America, and they have risen more materially into Europe in 2025. Therefore, it is a challenging picture for local production of tires in the Americas and Europe, which in turn impacts our business in those regions. Our capacity in Asia enables participation in demand in Asia, but it is a competitive market at this time, requiring us to balance volumes and margins.

此外，我認為西部地區的利用情況與上一年相似或略有惡化。今年迄今為止，美國從亞洲進口的輪胎數量略有增加。到 2025 年，它們在南美洲的佔比略有下降，而在歐洲的佔比則大幅上升。因此，美洲和歐洲的輪胎在地化生產面臨嚴峻挑戰，這反過來又影響了我們在這些地區的業務。我們在亞洲的產能使我們能夠參與亞洲的需求，但目前這是一個競爭激烈的市場，需要我們在銷售和利潤之間取得平衡。

Regarding Performance Chemicals, in 2025, we have seen rather strong demand in Asia, muted levels of demand in the Americas, and challenging demand patterns in Europe. We anticipate these trends will continue in 2026. The challenges in Europe are also related to end product imports from Asia into Europe, which is impacting demand pull-through from our customers in the region. We are seeing positive demand in Asia as our customers benefit from strong export levels, and we're utilizing our capacity there quite well.

關於高性能化學品，我們看到 2025 年亞洲的需求相當強勁，美洲的需求較為疲軟，而歐洲的需求模式則充滿挑戰。我們預計這些趨勢將在2026年繼續。歐洲面臨的挑戰也與亞洲最終產品進口到歐洲有關，這影響了該地區客戶的需求拉動。我們看到亞洲市場需求積極，因為我們的客戶受益於強勁的出口水平，而且我們在那裡的產能也得到了很好的利用。

While end market demand in construction and auto remains in a cyclical trough, we are seeing strong and improving demand in attractive end markets like battery materials as well as specific sectors, including infrastructure and alternative energy, digitalization and consumer-driven applications.

雖然建築和汽車行業的終端市場需求仍處於週期性低谷，但我們看到電池材料等有吸引力的終端市場以及基礎設施和替代能源、數位化和消費者驅動型應用等特定行業的需求強勁且不斷改善。

We expect these growth areas, along with continued optimization across the segment to enable year-over-year growth in segment EBIT. We expect cash flow from operations to remain strong and our net debt to EBITDA to remain in a similar range to 2025. We expect the cash flows from operations will fund our capital expenditures, a strong dividend and share repurchases in the range of $100 million to $200 million.

我們預計這些成長領域，以及整個業務部門的持續優化，將使該業務部門的息稅前利潤實現年增。我們預計經營活動產生的現金流將保持強勁，淨債務與 EBITDA 的比率將與 2025 年基本持平。我們預計經營活動產生的現金流將為我們的資本支出、高額股息和股票回購提供資金，金額在 1 億美元至 2 億美元之間。

As we think about our longer-term outlook and the targets we set for 2027 at our Investor Day last year, it is clear that the assumptions we had one year ago are not playing out as planned. The targets were established based on a certain set of assumptions for our key end markets. Specifically, automotive production was forecasted to grow at a higher rate than we now see, and the Western markets were projected to be positive, which has not been the case in 2025 or the 2026 forecast.

當我們思考長期前景以及去年投資者日上為 2027 年設定的目標時，很明顯，我們一年前的假設並沒有按計劃實現。這些目標的製定是基於我們主要終端市場的一系列假設。具體來說，汽車產量預計成長速度將高於我們現在所看到的水平，西方市場也預計將呈現積極態勢，但2025年或2026年的預測並未實現這一目標。

We expected tire production to grow globally, including in the Western markets, but the persistent level of Asian tire imports has impacted demand for our product in the Americas and Europe, resulting in a negative regional mix. With the change in the US administration's policy towards electric vehicles, the outlook for batteries in the US has also been reduced. And finally, the interest rate cut cycle that was projected at that time has been slower to develop, resulting in a delayed pick up in housing and construction sector.

我們原本預期全球輪胎產量會成長，包括西方市場，但亞洲輪胎進口持續成長，影響了美洲和歐洲對我們產品的需求，導致區域組合出現負面影響。隨著美國政府對電動車政策的改變，美國電池產業的前景也隨之黯淡。最後，當時預測的降息週期發展較為緩慢，導致住房和建築業的復甦延遲。

In addition to these end market factors, the global trade negotiations are creating significant uncertainty, and we have not yet seen a stable period to interpret a new normal for our key end markets. Given where we are today and our expectation for 2026, the implied recovery needed to achieve these targets by 2027 is not expected. We will, of course, monitor the external environment and its impacts on our business and continue to update you as our visibility improves.

除了這些終端市場因素外，全球貿易談判也造成了很大的不確定性，我們還沒有看到一個穩定的時期來解讀我們主要終端市場的新常態。鑑於我們目前的處境以及我們對 2026 年的預期，預計到 2027 年實現這些目標所需的隱含復甦不會發生。我們當然會密切關注外部環境及其對我們業務的影響，並隨著我們對外部環境的了解加深，繼續向您通報最新情況。

Certain of our end markets are suffering from cyclical headwinds, particularly the automotive and the building and construction sector, but we expect volumes in these applications will improve over time as interest rates are cut and strengthen the consumer. The biggest dynamic that is yet unclear is the impact of Asian tire imports on tire production volumes in the Western markets. At this point, we are observing mixed signs.

我們的一些終端市場正遭受週期性不利因素的影響，特別是汽車和建築業，但我們預期隨著利率下降和消費者信心增強，這些應用領域的銷售量會隨著時間的推移而改善。目前最大的不確定因素是亞洲輪胎進口對西方市場輪胎產量的影響。目前來看，情況比較複雜。

In the US, there is a range of tariff levels that impact tires and anti-dumping duties have been levied on certain producers. We have not seen a decrease in imports into the US based on the most recent data, which is year-to-date July, and it remains too early to determine if these actions will have a material impact on the flow of tires.

在美國，輪胎受到不同程度的關稅影響，並且對某些生產商徵收了反傾銷稅。根據最新數據（截至7月份），我們尚未看到美國進口量下降，現在判斷這些措施是否會對輪胎流通產生實質影響還為時過早。

In South America, we are seeing some evidence that trade actions are having a positive impact on the level of tire imports into Brazil. Currently, there are tariffs on passenger car and truck tires as well as anti-dumping duties on tires from certain countries, including China and Thailand. On a year-to-date basis through August, we have seen a decline in tire imports into Brazil, so that sign is encouraging.

在南美洲，我們看到一些證據表明，貿易措施對巴西的輪胎進口水平產生了積極影響。目前，乘用車和卡車輪胎需繳納關稅，來自中國和泰國等某些國家的輪胎仍需繳納反傾銷稅。截至 8 月份，今年以來巴西的輪胎進口量有所下降，這是一個令人鼓舞的跡象。

In Europe, there are very modest tariffs in place at this time on passenger car and truck tires. The EU is currently investigating allegations of dumping of passenger car tires from China, and potential provisional measures may be introduced as early as December 2025. On truck tires, there are currently anti-dumping duties (technical difficulty)

目前歐洲對乘用車和卡車輪胎徵收的關稅非常低。歐盟目前正在調查有關中國傾銷乘用車輪胎的指控，最快可能在 2025 年 12 月出台臨時措施。目前對卡車輪胎徵收反傾卸稅。（技術難題）

In addition to trade policy by different countries, we are also observing that the global tire majors appear to be taking steps to improve competitiveness and defend their Tier 2 brands. Both trade policy and actions by the global tire majors to defend their brands could have a favorable effect on tire production (technical difficulty) and remain uncertain at this time.

除了各國的貿易政策外，我們還觀察到，全球輪胎巨頭似乎正在採取措施提高競爭力，捍衛其二線品牌。貿易政策和全球輪胎巨頭為捍衛其品牌而採取的行動都可能對輪胎生產產生有利影響（技術難題），但目前仍存在不確定性。

While there is uncertainty from the global trade dynamics and its impact on our end market demand, we are focused on leveraging our strengths to navigate the situation and position Cabot for long-term success. It starts with our capability as a strong operator (technical difficulty) through disciplined execution of our operating platform of commercial and operational excellence. In this turbulent time, our efforts on operational excellence will skew more towards yield and cost rather than asset availability.

儘管全球貿易動態及其對終端市場需求的影響存在不確定性，但我們專注於發揮自身優勢來應對這種情況，並使卡博特公司取得長期成功。首先，我們憑藉強大的營運能力（技術難度）克服了商業和營運方面的困難，嚴格執行我們的營運平台，實現了卓越營運。在這個動盪的時期，我們在卓越營運方面的努力將更專注於收益和成本，而不是資產可用性。

On the commercial excellence front, our strategy will seek to balance pricing and volume, and we will remain laser-focused on executing in key end markets where there are favorable tailwinds. As a global leader in our respective product lines, we have a large network of competitive assets and leading technologies that enable optimization to best serve our customers and maximize returns. In the current environment, our focus will be on global asset optimization, efficiency programs, and cost reductions.

在商業卓越方面，我們的策略將力求平衡價格和銷售量，我們將繼續專注於在具有有利發展趨勢的關鍵終端市場中執行策略。作為各自產品線的全球領導者，我們擁有龐大的競爭性資產網絡和領先技術，能夠進行最佳化，從而更好地服務客戶並實現最大化收益。在當前環境下，我們的重點將放在全球資產優化、效率提升計畫和成本降低。

Despite the more challenging environment, we expect cash flow and liquidity to (technical difficulty) great strategic flexibility to execute our Creating for Tomorrow strategy. And finally, we will continue to be disciplined in our allocation of capital. We expect to deploy capital against high-confidence strategic growth areas such as battery materials while maintaining a meaningful return of capital to shareholders. Cabot is well positioned to navigate the current uncertainty, and this management team brings a track record of experience and disciplined execution, both of which are important in these dynamic times.

儘管環境更具挑戰性，但我們預期現金流和流動性將（克服技術困難）帶來極大的策略靈活性，以執行我們的「創造未來」策略。最後，我們將繼續嚴格把控資本配置。我們計劃將資金投入電池材料等高信心策略成長領域，同時維持對股東的實質資本回報。Cabot 有能力應對當前的不確定性，其管理團隊擁有豐富的經驗和嚴謹的執行力，這兩點在當今瞬息萬變的時代都至關重要。

Thank you, and I will now turn the call back over for our question-and-answer session.

謝謝，現在我會把通話轉回問答環節。

(Operator Instructions) John Roberts, Mizuho.

（操作說明）John Roberts，瑞穗。

Thank you. Are you seeing any volatility in your rubber black operating rates regionally? Or is it relatively stable? I know it's shifted, but I don't know if it's shifted and it's stabilized or it's still volatile.

謝謝。你們的橡膠黑料生產率在區域範圍內是否有波動？或者說它相對穩定？我知道它發生了變化，但我不知道它是發生了變化並且穩定下來了，還是仍然不穩定。

Yes, John, I would say it's largely stable, but stable in the context of the elevated tire imports and how those have had an impact on demand in any given region. But if you look, for example, in North America, you'll see that tire imports were up modestly on a year-to-date basis. So that translated into largely stable operating levels in North America. So that's really the factor that's at play here, but we've been largely stable.

是的，約翰，我認為總體上是穩定的，但這種穩定是在輪胎進口量增加以及這些進口量對任何特定地區的需求產生影響的背景下得出的。但例如，如果你看一下北美的情況，你會發現今年迄今為止輪胎進口量略有增加。因此，北美地區的營運水準基本上保持穩定。所以這才是真正起作用的因素，但我們總體上一直保持穩定。

And then are you being impacted at all by Dow's silicone rationalization efforts in Europe?

那麼，陶氏化學在歐洲的矽油合理化措施是否對您產生了任何影響？

So as you know, Dow has announced the closure of their siloxanes plant in Barry, Wales, and we have a fumed silica plant next door to them where we exchange some feedstock and materials as part of a long-term agreement that goes out through the end of 2028. And we're currently in discussions with Dow on exactly how they'll perform against that contract.

如您所知，陶氏化學已宣布關閉其位於威爾斯巴里的矽氧烷工廠，而我們隔壁有一家氣相二氧化矽工廠，我們根據一項長期協議（有效期至 2028 年底）與他們交換一些原料和材料。我們目前正在與陶氏化學公司討論他們將如何履行該合約。

Thank you.

謝謝。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Hi. This is Emily Fusco on for Dave Begleiter. Maybe a question on tire contract prices. How much do you expect 2026 prices to be down or expectations by region? And maybe if you could give some color on what percentage of negotiations have been settled. Thank you.

你好。這裡是艾米莉·富斯科，代戴夫·貝格萊特為您報道。或許可以問一下輪胎合約價格方面的問題。您預計 2026 年價格會下降多少？或各地區的預期價格是多少？或許您還能透露一下談判已經達成的百分比是多少。謝謝。

Sure. So what I can tell you is that we have completed roughly 25% of our contracts at this point, which is behind where we were at this time last year, where we were closer to 45% of the negotiations complete. And I think it's taking a little longer this year in part because everyone is having a difficult time trying to project exactly where their demand expectations should be for 2026, given all of the turbulence. I can't comment on final outcomes here as we're obviously far from done, and this is competitive information.

當然。我可以告訴大家的是，目前我們大約完成了 25% 的合同，這比去年同期落後，當時我們完成了近 45% 的談判。我認為今年所需時間稍長一些，部分原因是鑑於各種動盪，每個人都很難準確預測 2026 年的需求預期。我無法對最終結果發表評論，因為我們顯然還遠未完成，而且這是競爭訊息。

Joshua Spector, UBS.

約書亞‧斯佩克特，瑞銀集團。

Good morning. It's Chris Perrella on for Josh. Could you elaborate on the -- for the Performance Chemicals, the underlying assumptions that you have baked into the guidance for this year in terms of volume and growth -- volume and price expectations or mix expectations?

早安.克里斯·佩雷拉代替喬許上場。您能否詳細說明一下—對於高性能化學品，您在今年的銷售和成長預期（包括銷售量和價格預期或產品組合預期）中納入的基本假設是什麼？

Sure. So in Performance Chemicals, if you think about the basket of applications that we sell into, it typically, over a longer period of time, will grow at sort of 1.5 to 2 times GDP. Now what we are seeing in this segment is certain applications, particularly those in automotive and construction related, are currently in what I would say is a cyclical trough.

當然。因此，在高性能化學品領域，如果你考慮我們銷售的產品應用範圍，從長遠來看，它通常會以GDP的1.5到2倍的速度成長。現在我們看到，在這個領域，某些應用，特別是汽車和建築相關的應用，目前正處於我所說的周期性低谷期。

And so over time, we certainly expect those to improve, but the expectation of any material improvement into 2026, I think, is fairly limited. Now where we do have very positive expectations is in our targeted growth areas that I commented on in my prepared remarks, areas including battery materials, the infrastructure applications, the broad trends around digitalization, and how that's driving increased demand for our fumed silica for the CMP application for chip manufacturing.

因此，隨著時間的推移，我們當然期望這些情況會有所改善，但我認為，到 2026 年出現任何實質改善的預期都相當有限。現在，我們對目標成長領域抱有非常積極的期望，這些領域我在準備好的演講稿中已經提到過，包括電池材料、基礎設施應用、數位化的廣泛趨勢，以及這些趨勢如何推動對我們用於晶片製造的 CMP 應用的氣相二氧化矽的需求增加。

Those types of applications continue to exhibit strong growth, and we are performing well there. So when we look at the overall expectation for volumes, we certainly expect volumes to be up in 2026. But again, a mix of some headwinds that are more than being offset by these targeted applications with strong tailwinds.

這些類型的應用持續保持強勁成長勢頭，而我們在這方面也表現出色。因此，當我們審視整體銷售預期時，我們當然預計 2026 年銷售量將會成長。但同樣，一些不利因素被這些有針對性的應用帶來的強勁順風所抵消。

And is there -- with -- depending on the application mix and your expectations, is there a mix uplift? Or is this -- I know the battery materials is kind of higher value, but is there a mix uplift expected this year?

而且，根據應用組合和您的預期，是否存在組合提升？或者說——我知道電池材料的價值較高，但今年預計會有產品組合提升嗎？

Yes. I would say the mix is probably pretty balanced. These applications that are growing well have good strong margins. But as you might recall, volumes that get pulled through from the automotive sector typically have pretty high margins as well because that business tends to be specified. So I would say the margin uplift from mix would be fairly, I would say, fairly balanced. The trade-offs would be fairly balanced there.

是的。我覺得這個組合應該要相當均衡。這些成長良好的應用都擁有可觀的利潤率。但您可能還記得，從汽車產業拉過來的銷售通常利潤率也很高，因為該業務往往是特定領域的。所以我認為，混合搭配帶來的利潤提升應該是相當平衡的。那裡的權衡取捨會相當平衡。

All right. Thank you, Sean.

好的。謝謝你，肖恩。

(Operator Instructions) Kevin Estok, Jefferies.

（操作說明）凱文·埃斯托克，傑富瑞。

Hi, thank you. I'm asking on behalf of Laurence. I was wondering if you could share a little bit about how maybe the regional utilization rates kind of shook out during the quarter, maybe by region, if you have that sort of data? Thanks.

您好，謝謝。我替勞倫斯問一下。我想請您分享一下本季各地區的使用率情況，如果您有相關數據的話，可以按地區列出一些資訊嗎？謝謝。

Sure, sure. So the regional picture has not really changed much from our prior comments. Certainly, in the Western regions, the impact from tire imports from Asia has reduced domestic production from our customers. I think if you go around the world, what you'll see in North America is that utilizations are somewhere between 75% and 80%.

當然，當然。所以，區域情勢與我們之前的評論相比並沒有太大變化。當然，在西方地區，來自亞洲的輪胎進口影響了我們客戶的國內產量，導致產量下降。我認為，如果你環顧世界，你會發現北美地區的利用率在 75% 到 80% 之間。

They're higher in Europe. I would say somewhere in the 85-ish percent range, in part because Europe is a region that is net short of carbon black capacity and there's value that's placed on local supply. And we also had some contract volume pick up in last year's agreements. So overall, the utilizations are running in a higher place there.

歐洲的數值較高。我認為大概在 85% 左右，部分原因是歐洲地區炭黑產能淨短缺，而且當地供應很有價值。去年的合約數量也有所增加。所以總體而言，那裡的利用率較高。

South America, they are lower, and South America is a region that has been impacted by tire imports. But as I commented, we're starting to see trade policy and tariff policy begin to impact the level of tire imports. They're reducing the level of tire imports in the most recent data. So that's encouraging and hopefully will shift things back a bit in the region there to improve utilizations. But right now, those remain in the 70s at this point.

南美洲的輪胎進口量較低，而南美洲是受輪胎進口影響的地區。但正如我之前所說，我們開始看到貿易政策和關稅政策開始影響輪胎進口水準。根據最新數據，輪胎進口量正在下降。所以這令人鼓舞，希望能稍微改善該地區的能源利用率。但目前，這些數字仍停留在 70 多歲。

And then if you look at Asia Pacific, we're running at quite high utilizations across our Asia assets as we typically do. And here, we're really choosing carefully the customers and products that we are supplying to maximize the value out of our Asian assets and to align our capacity with customers that really value our value proposition of product performance and quality and supply reliability.

然後，如果你看看亞太地區，你會發現我們亞洲資產的利用率一如既往地很高。在這裡，我們非常謹慎地選擇客戶和產品，以最大限度地發揮我們在亞洲的資產價值，並將我們的產能與真正重視我們產品性能、品質和供應可靠性價值主張的客戶相匹配。

So that's a bit of a walk around the world in terms of utilization. I would say that's largely been the story throughout 2025. So no recent shift in that. And again, the question as we move forward is, how do regional volumes develop in large part, given how tire imports are likely to play out.

所以，從利用率的角度來看，這算是全球概覽。我認為這在很大程度上概括了2025年的發展趨勢。所以最近這方面沒有改變。再次強調，隨著我們不斷深入研究，區域銷售將如何發展，很大程度上取決於輪胎進口的走向。

Understood. Thank you very much.

明白了。非常感謝。

Thank you, and I would like to hand the conference back over to Sean Keohane for closing remarks.

謝謝大家，現在我把會議交還給肖恩·基奧漢，請他作閉幕致詞。

Great. Thank you very much for joining us today. Apologies for the technical difficulty at the very beginning there, but glad we were able to get back connected here. Thank you for joining. Appreciate your support of Cabot, and we look forward to talking to you again throughout the next quarter. Thank you.

偉大的。非常感謝您今天蒞臨。很抱歉一開始出現了技術故障，但很高興我們能夠重新連線。感謝您的參與。感謝您對卡博特的支持，我們期待在下個季度再次與您交流。謝謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。