Cabot Corp (CBT) 2026 Q2 法說會逐字稿

Thank you for standing by and welcome to Cabot's second-quarter fiscal year 2026 earnings conference call. (Operator Instructions) I would now like to hand the call over to Robert Rist, Vice President of Investor Relations. Please go ahead.

感謝各位耐心等候，歡迎參加卡博特（Cabot）2026 會計年度第二季財報電話會議。（接線員指示）現在我將把電話交給投資人關係副總裁 Robert Rist。請開始。

Thank you, Latif. Good morning. I'd like to welcome you to the Cabot Corporation's earnings teleconference. With me today are Sean Keohane, CEO and President; and Erica McLaughlin, Executive Vice President and CFO. Last night, we released results for our second quarter of fiscal 2026, copies of which are posted in the Investor Relations section of our website. The slide deck that accompanies this call is also available in the Investor Relations portion of our website and will be available in conjunction with the replay of this call.

謝謝你，Latif。各位早安。歡迎各位參加卡博特公司的財報電話會議。今天與我一同出席的有執行長兼總裁 Sean Keohane，以及執行副總裁兼財務長 Erica McLaughlin。昨晚我們公布了 2026 會計年度第二季的業績，相關資料已張貼於我們網站的投資人關係專區。本次電話會議所搭配的簡報也可在我們網站的投資人關係專區取得，並將在本次會議重播時一併提供。

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 state. 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 ending September 30, 2025, and the subsequent violence we make with the SEC. All of which are available on the company's website.

在本次電話會議中，我們將就預期的未來營運與財務表現發表前瞻性陳述。每一項前瞻性陳述均受風險與不確定性影響，可能導致實際結果與該等陳述所預測者出現重大差異。關於這些因素的更多資訊，載於我們昨晚發布之新聞稿中「前瞻性陳述」標題下，以及截至 2025 年 9 月 30 日止會計年度的 Form 10-K 年報，與其後我們向美國證券交易委員會（SEC）提交的文件中。上述資料皆可於公司網站取得。

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 measure presented should not be considered to be an alternative to a financial measure required by GAAP. Any non-GAAP financial measure referenced on this call are reconciled to the most direct comparable GAAP financial measure in a table at the end of our earnings release issued last night and available in the Investors section of our website.

為了更透明地呈現我們的營運表現，我們會引用若干非 GAAP 財務衡量指標，該等指標包含對 GAAP 結果的調整。任何所呈現的非 GAAP 財務衡量指標，不應被視為 GAAP 所要求之財務衡量指標的替代方案。本次電話會議中提及的任何非 GAAP 財務衡量指標，均已在我們昨晚發布的財報新聞稿末尾之表格中，與最直接可比的 GAAP 財務衡量指標進行調節，並可於我們網站的投資人專區取得。

I will now turn the call over to Sean, who will discuss the second quarter highlights, followed by several company and business updates. Erica will review the second quarter financial highlights and the business segment results. Following this, Sean will provide closing comments on our fiscal 2026 outlook and then open the floor to questions. Sean?

接下來我將把電話交給 Sean，他將說明第二季重點，並提供若干公司與業務更新。Erica 將回顧第二季財務重點與各事業部門的業績表現。之後，Sean 將就 2026 會計年度展望提供結語，並開放提問。Sean？

Thank you, Rob. Good morning, ladies and gentlemen, and welcome to our call today. I am pleased with our strong execution during the second quarter as we continue to operate at a high level on a challenging and very dynamic environment, delivering adjusted earnings per share of $1.61.

謝謝你，Rob。各位女士、先生早安，歡迎參加今天的電話會議。我對我們在第二季的強勁執行力感到滿意；在充滿挑戰且高度動態的環境中，我們仍持續以高水準營運，並交出調整後每股盈餘 1.61 美元的成績。

While the Iran conflict introduced a new dimension of geopolitical uncertainty during the quarter, the resilience of the Cabot team and our enduring strengths as a company once again served as the foundation for strong execution. Our global footprint and highly developed operating platform of commercial and operational excellence enabled us to take quick actions to support our customers' evolving needs and implement countermeasures to address rapidly rising energy and transportation costs to protect profitability.

雖然伊朗衝突在本季帶來新的地緣政治不確定性面向，但卡博特團隊的韌性以及公司長期以來的優勢，再次成為強勁執行的基礎。我們的全球布局，以及高度成熟、兼具商務與營運卓越的作業平台，使我們能迅速採取行動以支援客戶不斷演變的需求，並推動因應措施來處理能源與運輸成本快速上升，以保護獲利能力。

While we have an unwavering commitment to disciplined daily execution, we also remain focused on the long term, guided by our Creating for Tomorrow strategy and the pillars of growth, innovate, and optimize.

在我們堅定承諾以紀律落實每日執行的同時，也持續聚焦長期發展，並以我們的「Creating for Tomorrow」策略以及成長、創新與最佳化三大支柱為指引。

During these dynamic times, we continue to make important strategic choices that will strengthen the company and build long-term shareholder value. I will highlight a few of these areas to focus in my upcoming remarks, but I will first provide a bit of color on business performance in the quarter.

在這些動態時期，我們持續做出重要的策略性選擇，以強化公司並建立長期股東價值。我將在接下來的談話中強調其中幾個重點領域，但首先我會先補充一些本季業務表現的背景說明。

EBIT in Reinforcement Materials segment was $93 million, down 29% from the prior-year quarter and in line with our expectations. The segment's 3% higher volumes, as compared to the prior year, were more than offset by lower gross profit per tonne, driven by calendar year 2026 customer agreement outcomes and increased competitive intensity in Asia Pacific.

補強材料（Reinforcement Materials）事業部門的 EBIT 為 9,300 萬美元，較去年同期下降 29%，符合我們的預期。該部門銷量較去年同期增加 3%，但被每噸毛利下降所抵銷；每噸毛利下降主要受 2026 曆年客戶協議結果，以及亞太地區競爭強度上升所影響。

The Performance Chemicals segment delivered a strong quarter with EBIT of $59 million, up 18% from a year ago, supported by continued momentum in our high-value battery materials and specialty carbons product lines, combined with higher gross profit per tonne from an improved product mix and optimization efforts. This result was ahead of our expectation as demand levels were stronger than expected, particularly in March.

性能化學品（Performance Chemicals）事業部門本季表現強勁，EBIT 為 5,900 萬美元，較去年同期成長 18%；主要受我們高價值電池材料與特種碳材產品線的動能延續所支撐，並受惠於產品組合改善與最佳化措施帶來的每噸毛利提升。由於需求水準高於預期（尤其在 3 月），此結果優於我們的預期。

Operating cash flow was again solid in the quarter. We generated $77 million in cash from operations, which allowed us to return $73 million to shareholders through a combination of dividends and share repurchases.

本季營運現金流再次維持穩健。我們自營運活動產生 7,700 萬美元現金，使我們得以透過股利與庫藏股回購的組合，向股東回饋 7,300 萬美元。

Given the strength of our underlying cash flow generation and our confidence in the long-term, earlier this week, we announced a 5% increase in our quarterly dividend. On an annualized basis, the new dividend rate will be $1.89 per share versus $1.80 per share previously. This increase is consistent with our balanced capital allocation framework where we seek to allocate cash to support long-term strategic growth and return capital to shareholders.

鑑於我們基本面的現金流創造能力強勁，且對長期前景具信心，本週稍早我們宣布將季度股利提高 5%。以年化計算，新股利率為每股 1.89 美元，先前為每股 1.80 美元。此一調升符合我們均衡的資本配置架構：我們致力於配置現金以支持長期策略性成長，並回饋資本予股東。

As we did last quarter, I want to briefly highlight our battery materials product line which delivered another strong quarter and continues to be an increasingly important strategic growth driver for Cabot. We remain very well-positioned in this space with a differentiated portfolio of conductive additives, formulations, and blends supported by deep customer relationships across the global battery value chain.

如同上季，我想簡要強調我們的電池材料產品線：本季再度交出強勁表現，並持續成為卡博特日益重要的策略性成長驅動力。我們在此領域具備良好定位，擁有差異化的導電添加劑、配方與混配產品組合，並由橫跨全球電池價值鏈的深厚客戶關係所支撐。

While the foundation of our battery materials product line is built around our strength in conductive additives, we continue to broaden our participation in this application to our few metal oxide products used in cathode and separator coatings and aerogel for thermal management. Our strategy is to leverage our deep application know-how, strong customer relationships, and global footprint to support customers as they build gigafactories globally.

雖然我們電池材料產品線的基礎建立在導電添加劑的優勢之上，我們也持續擴大在此應用領域的參與，涵蓋少數用於正極與隔離膜塗層的金屬氧化物產品，以及用於熱管理的氣凝膠（aerogel）。我們的策略是運用深厚的應用專業知識、強健的客戶關係與全球布局，支援客戶在全球建置超級工廠（gigafactories）。

In the second quarter, battery materials delivered 43% revenue growth year over year, driven by continued growth in China as well as Europe. Trailing 12-month EBITDA margins were approximately 24%. Performance was driven by strong execution of our existing customer programs, increasing penetration and energy storage applications, and the benefit of capacity that is now fully available to support customer demand.

第二季電池材料營收年增 43%，主要由中國與歐洲的持續成長所帶動。過去 12 個月的 EBITDA 利潤率約為 24%。表現主要來自既有客戶專案的強勁執行、在儲能應用中的滲透率提升，以及目前已全面可用、可支援客戶需求的產能所帶來的效益。

Complementing our strong revenue in Asia, we remain focused on supporting our customers in Western geographies as new gigafactory capacity comes online. The multiyear PowerCo agreement announced last quarter is a good example of this approach, reinforcing our role as a trusted partner to leading OEMs and supporting long-term growth.

在亞洲營收強勁的同時，隨著新的超級工廠產能在西方地區陸續投產，我們仍專注於支援當地客戶。上季宣布的多年期 PowerCo 協議就是此一作法的良好例證，強化我們作為領先 OEM 值得信賴合作夥伴的角色，並支持長期成長。

As a result, this business is scaling meaningfully, and we expect to generate approximately $40 million of EBITDA in fiscal year 2026. Continued investment in battery energy storage systems, alongside continued EV adoption is driving robust demand for our portfolio and reinforces our confidence in the long-term trajectory of this business.

因此，這項業務正顯著擴張，我們預期在 2026 會計年度可創造約 4,000 萬美元的 EBITDA。對電池儲能系統的持續投資，加上電動車（EV）持續普及，正推動我們產品組合的強勁需求，並強化我們對此業務長期發展軌跡的信心。

Data centers are a strategic focus area for us, and I would like to highlight how Cabot materials are supporting the buildout of data center infrastructure, particularly as AI-driven demand continues to accelerate. At the center of this ecosystem are the data centers themselves, which require highly reliable storage.

資料中心是我們的策略性重點領域；我想強調卡博特材料如何支援資料中心基礎設施的建置，特別是在 AI 驅動的需求持續加速之際。此生態系的核心是資料中心本身，而資料中心需要高度可靠的儲能。

Battery energy storage systems or BESS play a critical role in data centers by providing long-duration storage, power stabilization, and uninterruptible power. And our battery materials product portfolio is a key enabler of performance in these systems. Our conductive additives formulations and blends are designed to improve battery reliability, efficiency, and life cycle performance, supporting the increasingly demanding requirements of energy storage applications tied to data centers.

電池儲能系統（Battery Energy Storage Systems，或 BESS）在資料中心中扮演關鍵角色，提供長時儲能、電力穩定，以及不斷電電源。而我們的電池材料產品組合，是提升這些系統效能的關鍵推動者。我們的導電添加劑配方與混配產品，旨在提升電池的可靠性、效率與全生命週期表現，以支援與資料中心相關之儲能應用日益嚴苛的需求。

Beyond our battery materials product line, our broader Performance Chemicals portfolio plays an important role across data center infrastructure applications. This includes materials used in power distribution cables, thermal management systems, adhesives and sealants, as well bonding paste for wind turbines that support renewable energy generation feeding into the grid.

除電池材料產品線之外，我們更廣泛的性能化學品產品組合，也在資料中心基礎設施的各項應用中扮演重要角色。這包括用於配電電纜、熱管理系統、黏著劑與密封材料的材料，以及用於支援併網再生能源發電之風力發電機的黏結膏（bonding paste）。

Taken together, this opportunity underscores how Cabot materials are critical across the power generation and storage value chain, from renewable generation, to distribution, and battery storage, positioning us well as customers invest to support data center growth.

綜合而言，這項機會凸顯了 Cabot 材料在發電與儲能價值鏈各環節中的關鍵性，從再生能源發電、到配電、以及電池儲能，隨著客戶投資以支援資料中心成長，我們也因此具備良好定位。

Turning to our network optimization initiatives. We are taking a series of proactive countermeasures to reinforce our leadership position and sustain strong margins and cash generation in the current business environment.

接下來談談我們的網路最佳化計畫。在目前的營運環境下，我們正採取一系列主動的因應措施，以鞏固我們的領導地位，並維持強勁的利潤率與現金創造能力。

As a reminder on the cost reduction front, we've been executing programs targeting $30 million in savings during fiscal '26, including procurement savings, headcount reductions in Reinforcement Materials and associated supporting functions, and accelerated deployment of process technology to improve yield and manufacturing efficiencies. We are on track to hit this target. Furthermore, as we noted last quarter, we have reduced our capital expenditures to a range of $200 million to $230 million for the full year to align with the current environment.

提醒一下在成本降低方面，我們一直在執行以 2026 會計年度節省 3,000 萬美元為目標的計畫，包括採購節省、強化材料事業部及相關支援職能的人力精簡，以及加速導入製程技術以提升良率與製造效率。我們正按計畫達成此目標。此外，如同我們在上季所提到的，我們已將全年資本支出下調至 2 億至 2.3 億美元的區間，以配合目前環境。

In addition, this quarter, we are also taking specific capacity rationalization actions to better align our manufacturing network with current demand levels and to optimize our footprint for long-term strategic value.

另外，本季我們也採取特定的產能合理化行動，以使我們的製造網路更貼近目前需求水準，並為長期策略價值最佳化我們的據點布局。

Yesterday, we announced targeted asset rationalization actions in South America and Europe. We have ceased manufacturing operations at our Argentina reinforcing carbons facility, and we intend to cease production at multiple manufacturing lines at our Netherlands carbon black facility, subject to consultation processes.

昨日，我們宣布在南美與歐洲進行具針對性的資產合理化行動。我們已停止阿根廷補強用碳材工廠的製造營運，並計畫在完成諮詢程序後，停止荷蘭碳黑工廠多條生產線的生產。

The actions in total represent approximately 120,000 metric tonnes of capacity, targeting an annual run rate cost benefit of approximately $22 million with full delivery of cost saving benefits targeted by the middle of calendar 2027. The expected cash cost to execute these closures is approximately $24 million over the next two to three fiscal years.

上述行動合計約涉及 120,000 公噸的產能，目標為每年約 2,200 萬美元的成本效益（以年化運行率計），並以在 2027 年曆年年中前全面實現節省效益為目標。預期在未來兩到三個會計年度內，執行這些關閉措施的現金成本約為 2,400 萬美元。

Importantly, we are working with our existing customers and anticipate maintaining sales with supply from other Cabot locations across our global network. These are difficult but necessary actions, and I want to thank our employees for their significant contributions to Cabot over the years. I believe these actions will improve our operating efficiency and further enhance the competitiveness of our global network as we navigate this challenging demand environment.

重要的是，我們正與既有客戶合作，並預期可透過 Cabot 全球網路中其他據點供應，以維持銷售。這些是艱難但必要的行動，我也要感謝員工多年來對 Cabot 的重大貢獻。我相信這些行動將提升我們的營運效率，並在我們因應此一充滿挑戰的需求環境之際，進一步強化全球網路的競爭力。

I will now turn it over to Erica to discuss the financial and performance results of the quarter in more detail. Erica?

接下來我將交給 Erica，更詳細說明本季的財務與營運表現結果。Erica？

Thanks, Sean. Adjusted earnings per share for the second quarter of fiscal 2026 with $1.61, compared to $1.90 in the second quarter of fiscal 2025, a decrease of 15% year over year. This decline was driven primarily by lower results in our Reinforcement Materials segment, partially offset by growth in our Performance Chemicals segment.

謝謝，Sean。2026 會計年度第二季調整後每股盈餘為 1.61 美元，相較於 2025 會計年度第二季的 1.90 美元，年減 15%。此下滑主要由強化材料事業部表現較弱所致，部分被高性能化學品事業部的成長所抵銷。

Cash flow from operations $77 million in the quarter and discretionary free cash flow was $63 million in the quarter. The cash balance at the end of the quarter was $252 million, and our liquidity position remains strong at approximately $1.3 billion.

本季營運活動現金流為 7,700 萬美元，本季可自由支配自由現金流為 6,300 萬美元。季末現金餘額為 2.52 億美元，我們的流動性部位仍然強勁，約為 13 億美元。

Capital expenditures for the second quarter of fiscal 2026 were $45 million, and as Sean noted, we continue to expect $200 million to $230 million of capital spending for the full fiscal year. Additional uses of cash during the second quarter included $24 million for the payment of dividends and $49 million for share repurchases, totalling $73 million returned to shareholders during the quarter.

2026 會計年度第二季資本支出為 4,500 萬美元；如 Sean 所述，我們仍預期全年資本支出為 2 億至 2.3 億美元。第二季其他現金用途包括支付股利 2,400 萬美元與庫藏股回購 4,900 萬美元，合計本季回饋股東 7,300 萬美元。

Our debt balance was $1.3 billion and our net debt-to-EBITDA ratio was 1.5 times as of March 31. The operating tax rate for the second quarter was 28%, and we continue to anticipate our operating tax rate for fiscal 2026 to be in the range of 27% to 29%.

我們的負債餘額為 13 億美元，截至 3 月 31 日的淨負債對 EBITDA 比率為 1.5 倍。第二季營運稅率為 28%，我們仍預期 2026 會計年度營運稅率將落在 27% 至 29% 的區間。

Now moving to Reinforcement Materials. During the second quarter, EBIT for Reinforcement Materials was $93 million, which was a decrease of 29% as compared to the same period in the prior year. The decrease was driven primarily by lower gross profit per tonne from the outcomes of our calendar year 2026 customer agreements, and increased competitive intensity in Asia. These factors more than offset a 3% increase in volumes year over year, driven by increases in all three regions. Regionally, volumes are up 5% in Asia, 3% in Europe, and up 1% in the Americas.

接著談強化材料。第二季強化材料的 EBIT 為 9,300 萬美元，較去年同期下降 29%。下降主要由 2026 年曆年客戶協議結果導致的每噸毛利降低，以及亞洲競爭加劇所驅動。這些因素遠超過銷量年增 3% 的正面影響；銷量成長來自三個區域皆有增加。按區域來看，亞洲銷量增加 5%，歐洲增加 3%，美洲增加 1%。

Looking to the third quarter of fiscal 2026, we expect higher sequential EBIT from higher gross profit per tonne from a favorable product mix and yield improvements from efficiency programs. We also expect a full quarter of operations with our acquired asset in Mexico. We anticipate the sequential EBIT improvement to be in the range of $5 million to $7 million.

展望 2026 會計年度第三季，我們預期 EBIT 將較前一季提高，主要來自有利的產品組合帶動每噸毛利提升，以及效率計畫帶來的良率改善。我們也預期墨西哥收購資產將貢獻完整一季的營運。我們預估 EBIT 的季增改善幅度約為 500 萬至 700 萬美元。

Now turning to Performance Chemicals. During the second quarter of fiscal 2026, EBIT for the segment was $59 million, an increase of 18% compared to the second quarter of fiscal 2025. The increase was driven by higher gross profit per tonne primarily due to favorable product mix and optimization efforts. Additionally, the second quarter fiscal 2026 volumes grew year over year in both the battery materials and specialty carbons product lines. Looking ahead to the third quarter of fiscal '26, we expect segment EBIT to be relatively consistent sequentially. We anticipate stable volumes and gross profit per tonne sequentially.

接下來談高性能化學品。2026 會計年度第二季該事業部 EBIT 為 5,900 萬美元，較 2025 會計年度第二季增加 18%。成長主要由有利的產品組合與最佳化措施帶動每噸毛利提升。此外，2026 會計年度第二季在電池材料與特種碳材兩條產品線的銷量皆較去年同期成長。展望 2026 會計年度第三季，我們預期該事業部 EBIT 與前一季大致持平。我們預期銷量與每噸毛利將維持穩定。

Before I turn it back over to Sean, I wanted to briefly address how recent geopolitical developments in the Middle East and energy market dynamics impact the company. First, we have limited direct exposure to the Middle East, from both the revenue and a raw material sourcing standpoint.

在把時間交回給 Sean 之前，我想簡要說明近期中東地緣政治發展與能源市場動態如何影響公司。首先，無論從營收或原料採購角度來看，我們對中東的直接曝險有限。

In addition, our competitive global asset footprint enables us to support customers across geographies, providing supply chain resilience even when conditions in a particular region become disruptive. In terms of recovering, rising input costs, our Reinforcement Materials contracts are structured with raw material pass-through mechanisms which help protect our margins from feeds that cost volatility driven by higher oil prices.

此外，我們具競爭力的全球資產布局使我們能跨地區支援客戶，即使特定區域情勢出現干擾，也能提供供應鏈韌性。就回收上升的投入成本而言，我們的強化材料合約設計有原料轉嫁機制，有助於在油價上漲導致原料成本波動時，保護我們的利潤率。

Additionally, we have taken proactive pricing actions in Performance Chemicals, including a price increase of up to 20% in our specialty carbons and specialty compounds product lines implemented in March to offset rising input costs. As input costs across our product lines are impacted, we remain dynamic in our pricing actions to ensure we maintain our margins.

另外，我們也在高性能化學品採取主動的定價行動，包括於 3 月在特種碳材與特種化合物產品線實施最高達 20% 的漲價，以抵銷投入成本上升。隨著各產品線的投入成本受到影響，我們將持續動態調整定價行動，以確保維持利潤率。

Finally, we have continued to have strong cash flow generation and ample liquidity to fund working capital needs that are impacted by higher energy prices. With approximately $1.3 billion of liquidity as of the end of March, we have significant capacity to absorb these dynamics while continuing to invest in our business and return cash to shareholders.

最後，我們持續維持強勁的現金流創造能力與充足的流動性，以支應因能源價格上升而受影響的營運資金需求。截至 3 月底我們約有 13 億美元的流動性，具備相當的能力吸收這些動態，同時持續投資業務並回饋現金給股東。

Our sales volumes have remained strong to-date, and we've had minimal impact from customer disruption. Thus, Cabot is well-positioned to navigate these challenging conditions, and we will remain dynamic in this uncertain environment.

截至目前，我們的銷售量仍維持強勁，且客戶端干擾對我們的影響極小。因此，Cabot 已具備良好條件以因應這些充滿挑戰的情勢，我們也將在此不確定環境中保持彈性應對。

I will now turn it back to Sean to discuss our outlook and closing remarks. Sean?

接下來我將把時間交回給 Sean，說明我們的展望與結語。Sean？

Thanks, Erica. As we look ahead to the remainder of fiscal year 2026, we are reaffirming our adjusted earnings per share guidance for the full year to be in the range of $6.00 to $6.50 per share. There are several assumptions embedded across our guidance range, including expectations for energy prices and broader macroeconomic factors.

謝謝，Erica。展望 2026 會計年度剩餘期間，我們重申全年調整後每股盈餘指引為每股 6.00 至 6.50 美元。我們的指引區間包含多項假設，包括對能源價格及更廣泛總體經濟因素的預期。

Despite higher input costs, we anticipate that we will maintain stable margins as we expect pricing actions to offset higher costs across both segments. A significant variable across the guidance range is our assumption around customer demand levels, particularly as we move to the fourth quarter of the fiscal year.

儘管投入成本上升，我們預期將維持穩定的利潤率，因為我們預期定價行動可在兩個事業部抵銷較高成本。指引區間中的一項重要變數，是我們對客戶需求水準的假設，特別是在進入本會計年度第四季之際。

We exited the second quarter with encouraging momentum as volumes accelerate and March and remained strong into April. That said, the conflict in the Middle East introduces uncertainty, particularly as we move to the fourth quarter of the fiscal year. It is this area that we are monitoring closely and our forecasted range contemplates various scenarios.

我們在第二季結束時展現令人鼓舞的動能，因為出貨量加速，且3月表現強勁並延續至4月。話雖如此，中東衝突帶來不確定性，特別是當我們邁向本財政年度第四季之際。這是我們正密切監控的領域，而我們的預測區間亦納入各種情境。

If current demand levels largely hold with customers continuing to maintain order patterns despite elevated energy prices and macroeconomic uncertainty, we would expect performance to track toward the upper end of our guidance.

若目前需求水準大致維持，且客戶即使面臨較高能源價格與總體經濟不確定性仍持續維持下單模式，我們預期表現將朝向我們指引區間的上緣。

If there is a softening in demand driven by potential supply chain disruptions or more cautious customer purchasing behavior in response to higher energy costs and broader economic uncertainty, we would expect lower volumes and performance to trend toward the lower end of our guidance range. These dynamics could be more pronounced in certain regions such as Asia, where customers rely more on the Middle East for raw materials.

若因潛在供應鏈中斷，或客戶因能源成本上升與更廣泛的經濟不確定性而採取更審慎的採購行為，導致需求轉弱，我們預期出貨量將下降，表現將趨向我們指引區間的下緣。這些動態在某些地區可能更為明顯，例如亞洲，因為當地客戶對中東原料的依賴程度較高。

The midpoint of our guidance would assume a modest moderation in demand in the fourth quarter. While there are various scenarios possible, I have confidence that we will effectively navigate this dynamic environment.

我們指引的中點假設第四季需求將溫和降溫。雖然可能出現各種情境，我有信心我們將能有效因應這個多變的環境。

We will continue to make decisions that enhance our competitiveness and position the company for long-term success. The capacity rationalization actions that we announced in Argentina and intend to take in the Netherlands are designed to better align our production footprint with demand, improve efficiency, and ensure the long-term competitiveness of our global network.

我們將持續做出能提升競爭力並使公司具備長期成功定位的決策。我們在阿根廷宣布的產能合理化行動，以及計畫在荷蘭採取的措施，旨在使我們的生產布局更貼近需求、提升效率，並確保我們全球網路的長期競爭力。

In addition, as noted earlier, we continue to drive cost countermeasures, including procurement savings, headcount reductions, and accelerated deployment of processed technology to improve yield and manufacturing efficiencies. These actions are incremental to each other and should compound structural benefits over time.

此外，如先前所述，我們持續推動成本對策，包括採購節省、人力精簡，以及加速導入製程技術以提升良率與製造效率。這些行動彼此相互增益，並將隨時間累積結構性效益。

We continue to execute a balanced and disciplined capital allocation framework prioritizing capital expenditures to maintain our world-class assets and invest in high-confidence growth projects while also returning capital to shareholders.

我們持續執行均衡且嚴謹的資本配置架構，優先投入資本支出以維持世界級資產並投資高信心的成長專案，同時也回饋資本給股東。

Year-to-date, we've executed $100 million in share repurchases and announced an increase in the dividend of 5%. Our investment-grade balance sheet with $1.3 billion of liquidity and net debt-to-EBITDA of 1.5 times provide significant flexibility to execute our Creating for Tomorrow strategy, funding growth investments, particularly in battery materials, while sustaining a robust level of cash return to shareholders.

年初至今，我們已執行1億美元的庫藏股回購，並宣布股利提高5%。我們具投資等級的資產負債表，擁有13億美元的流動性，且淨負債對EBITDA為1.5倍，提供我們在執行「Creating for Tomorrow」策略上相當大的彈性，可支應成長投資（特別是電池材料），同時維持對股東穩健的現金回饋水準。

In summary, I'm incredibly proud of the Cabot team. Our leaders have shown a remarkable ability to not only deliver solid financial results, but also to accelerate strategic initiatives despite market volatility. The dedication, experience, agility, and operational focus of our management team give me immense confidence as we drive our Creating for Tomorrow strategy.

總結來說，我為Cabot團隊感到無比自豪。我們的領導團隊展現了卓越能力，不僅交出穩健的財務成果，也能在市場波動下加速推進策略性計畫。管理團隊的投入、經驗、敏捷度與營運聚焦，讓我在推動「Creating for Tomorrow」策略時充滿信心。

Thank you very much for joining us today, and I will now turn the call back over for our question-and-answer session.

非常感謝各位今天與會，接下來我將把電話交回，進入問答環節。

(Operator Instructions)

(接線員指示)

John Roberts, Mizuho.

John Roberts，瑞穗。

It's Edlain Rodriguez, on behalf of John. Sean, quick question. So if you're going to start seeing any softening in consumer demand, when does that start to manifest itself? How much visibility do you have? When would you start seeing that if it does occur?

我是Edlain Rodriguez，代表John。Sean，快速問一個問題。如果你們開始看到消費需求有任何轉弱，會在什麼時候開始顯現？你們的能見度有多高？如果真的發生，你們會在什麼時點開始看到？

Sure. Maybe just a reminder, in terms of our product portfolio and how that's distributed across end markets. I think it's a quite diverse end market exposure where we (inaudible) to the replacement market for tire which generally ends up being quite resilient and largely non-discretionary over time as well as significant infrastructure segments, and then finally, things that go into more consumer demand. So it's a fairly diverse portfolio.

好的。我先提醒一下，就我們的產品組合以及其在終端市場的分布而言。我認為我們的終端市場曝險相當多元，我們（聽不清）包含輪胎替換市場，該市場通常相當具韌性，長期而言也多屬非選擇性需求；同時也涵蓋重要的基礎建設領域，最後還有一些與較偏消費需求相關的應用。因此這是一個相當多元的產品組合。

With respect to consumer demand, you would normally see some lag across our Performance Chemicals segment because the value chains end up there longer. There are often four or five steps between us and the ultimate consumer. And so you might see a lag there of a quarter or two before those impacts really show.

就消費需求而言，你通常會在我們的高性能化學品（Performance Chemicals）事業部看到一些滯後，因為其價值鏈較長。我們與最終消費者之間往往有四到五個環節。因此你可能會看到一到兩季的落後，這些影響才會真正顯現。

I would say, in Reinforcement Materials, weakness in consumer activity would tend to manifest a little bit faster. The value chains are a little more shallow. And so you would start to see that a little bit faster, generally, maybe within a quarter. So I would point out those differences between the two segments which are really driven more by the depth or length of the value chain.

我會說，在補強材料（Reinforcement Materials）方面，消費活動走弱通常會更快顯現。價值鏈較短。因此一般而言你會更快看到，可能在一季內。所以我會指出這兩個事業部之間的差異，主要是由價值鏈的深度或長度所驅動。

Okay. It makes sense. And one last one in terms of like the past two mechanisms you have in Reinforcement for (inaudible) materials, how long is the gap? And is there a lag between -- yeah, how long is the lag? And also, is it the same up and down? Do you get to keep it longer when it's favorable to you or does it apply the same time frame?

了解。有道理。最後一個問題，關於你們在補強材料中針對（聽不清）材料的兩種傳導機制，時間差有多長？也就是說——對，滯後多久？另外，上行與下行的傳導是否相同？當對你們有利時你們能保留更久，還是適用相同的時間框架？

Sure. You might recall that we have adjusted these formula mechanisms a number of years ago so that the pass-through matches the actual flow of the raw material. So there is no lag in our contract mechanisms. And then, in the spot markets where we participate, we move quickly. As Erica commented in her remarks, we move quickly on pricing to make sure that we maintain our margins, and that's in fact what we're doing.

好的。你可能記得，我們在數年前已調整過這些公式機制，使得轉嫁（pass-through）能與原料的實際流動相匹配。因此在我們的合約機制中沒有滯後。而在我們參與的現貨市場，我們也會迅速調整。正如Erica在她的談話中所提到的，我們會快速調整價格以確保維持毛利，而這正是我們正在做的。

Laurence Alexander, Jeffreys.

Laurence Alexander，Jefferies。

Two questions on Reinforcement Materials. One, can you give a sense for what's driving the mix tailwind into Q3 and how sustainable that should be? And secondly, can you give an update on how you're thinking about trade flows and the pressure from Asian imports into the US market?

兩個關於補強材料的問題。第一，你能否說明是什麼在推動第三季的產品組合順風，以及其可持續性如何？第二，你能否更新一下你們對貿易流向的看法，以及亞洲進口品對美國市場造成的壓力？

Laurence, the question on mix is largely a customer mix-driven phenomenon, and so we would expect that to remain. But that's largely what it is. In terms of the trade flows, I think there are -- it remains still a dynamic situation. Certainly, North America, there's been some more, I would say, somewhat positive momentum here where if you look at tire imports over the last six months of reported data, so this would be from the September to February period, they're down 12% as compared to the six months prior to that. So I think a potential positive sign seeing some evidence of of moderation in the tire imports into North America. So that's good.

Laurence，關於產品組合的問題，主要是由客戶組合所驅動的現象，因此我們預期這會持續。大致就是這樣。至於貿易流向，我認為——目前仍是一個動態的情況。當然，在北美這邊，我會說動能稍微偏正面；如果你看過去六個月已公布的數據，也就是9月至2月期間，輪胎進口量較之前六個月下降了12%。因此我認為這可能是一個正面訊號，顯示輪胎進口到北美有降溫的跡象。這是好事。

I would say, Europe remains more mixed. There are anti-dumping measures that are under review right now in Europe. The expectation for determination is June, so next month. And so, as is often the case when there are such dynamics at play, you can have a bit of movement or excess of inventory that might get shipped in advance of tires shipped in advance of the determination of those duties. So we'll have to see how that settles out.

我會說，歐洲的情況仍較為分歧。目前歐洲正在審查反傾銷措施。預期在6月、也就是下個月作出裁定。因此，如同這類情況常見的發展，在關稅裁定前，可能會出現一些提前出貨的動作，或是庫存偏高的情況，也就是輪胎可能在關稅確定前先行出貨。所以我們還得觀察最終會如何落定。

So it remains a dynamic situation, but some positive indication certainly in North America. And we're continuing to watch this and manage it and take appropriate actions where we see there are longer-term trends emerging. Certainly, that's, in part, influencing our decisions around our announced capacity rationalization.

因此這仍是一個動態情況，但北美確實出現一些正面跡象。我們會持續觀察、管理，並在看到較長期趨勢浮現時採取適當行動。當然，這也在一定程度上影響了我們對已宣布產能合理化的決策。

Joshua Spector, UBS.

Joshua Spector，瑞銀。

It's [Chris Perrella], on for Josh. Can you just take me through, I guess, the puts and takes of the Performance Chemicals performance in terms of mix shift? And is the 20% price increase that you guys have announced in March, is that across the entire segment or is that in specific value chains? And is that more about keeping up or maintaining margins or is there potential for margin expansion there the rest of the year?

我是[Chris Perrella]，代替 Josh 上線。你能否帶我梳理一下，我想是，從產品組合轉移（mix shift）的角度來看，Performance Chemicals 的表現有哪些拉動與拖累因素？另外，你們在 3 月宣布的 20% 漲價，是涵蓋整個事業部，還是針對特定價值鏈？這主要是為了跟上成本、維持毛利率，還是今年剩餘時間有毛利率擴張的可能？

Sure, Chris. I would say, the outperformance in Performance Chemicals was primarily driven by better volume and product mix, particularly in specialty carbons and battery materials, along with continued progress in optimization efforts here. So I think the mix uplift in specialty carbons and battery materials, we continue to be very positive about and continuing to grow those product lines. In particular, in battery materials, we're seeing a very, very strong growth here and have a leading position serving the global battery manufacturers.

當然可以，Chris。我會說，Performance Chemicals 的超預期表現主要是由更好的銷量與產品組合所帶動，特別是在特種碳材與電池材料方面，同時我們在優化工作上也持續取得進展。因此，我們對特種碳材與電池材料的組合提升仍然非常正面，並將持續擴大這些產品線。尤其是在電池材料方面，我們看到非常、非常強勁的成長，並且在服務全球電池製造商方面具備領先地位。

And the expectation is that that will continue, if you look at market forecasts for growth, driven by both battery energy storage, fueled by data center buildout, but also continued growth in EVs. The compound growth rate through the end of the decade is expected to be about 16%. So we would expect that lift would continue.

而我們的預期是這種趨勢會持續；若看市場成長預測，成長動能來自電池儲能（受資料中心建置帶動），以及電動車持續成長。到本十年末的複合成長率預計約為 16%。因此我們預期這股拉升將會延續。

With respect to the price increase question, the specialty carbons business has a mix of both contract and spot business. But I would say more spot, let's say, than typically in Reinforcement Materials. And so moving quickly on pricing is, of course, something that we do as part of managing this business. And with raw materials shooting up sharply and then associated costs, whether they're transportation costs and other derivative costs, those are all moving up. And so the expectation is that we will recover and maintain our strong margins.

就漲價問題而言，特種碳材業務同時包含合約與現貨業務。但我會說，相較於 Reinforcement Materials，現貨占比更高一些。因此，快速調整價格當然是我們管理這項業務的一部分。而原物料大幅上漲，連帶相關成本，不論是運輸成本或其他衍生成本，也都在上升。因此我們的預期是能夠回收成本並維持我們強勁的利潤率。

David Begleiter, Deutsche Bank.

德意志銀行 David Begleiter。

Nice results. So just on battery materials, what are your expectations for EBITDA margins this year? And as you scale the business up, how high can you go from margin perspective in this business?

成果很不錯。關於電池材料，今年你們對 EBITDA 利潤率的預期是什麼？隨著業務規模擴大，從利潤率角度看，這項業務最高能到什麼水準？

Yeah, sure. Thanks, David, for that comment. In battery materials, I commented where our trailing 12-month EBITDA margins are at about 24%, and we think those are reflective of the high quality of this business. Certainly, as we look forward, we're thinking about the growth in this business compounding driven by a few different factors.

好的，當然。謝謝你，David，謝謝你的評語。在電池材料方面，我提到我們過去 12 個月（TTM）的 EBITDA 利潤率約為 24%，我們認為這反映了這項業務的高品質。當然，展望未來，我們在思考這項業務的成長複利效應，背後由幾個不同因素所驅動。

One, of course, is just the overall volume. And as I mentioned, the volume expectation is, through the end of this decade, that overall battery production will grow at a compound annual growth rate of 16%. And we would expect to certainly grow at or above given our overall strong portfolio and footprint. So volume lever is certainly one.

第一，當然是整體銷量。如我所提，到本十年末，整體電池產量預期將以 16% 的年複合成長率成長。考量我們整體強勁的產品組合與布局，我們預期自身成長可達到或高於該水準。因此，銷量槓桿當然是其中之一。

And then, how we participate both with customers and applications is an important factor here. And we're very focused on partnering with the leading customers and the advanced products that they need. And so we're always looking to upgrade the mix as part of that by being very focused on our participation with customers and applications.

其次，我們如何與客戶及應用領域共同參與，也是重要因素。我們非常專注於與領先客戶合作，提供他們所需的先進產品。因此，我們也會透過聚焦客戶與應用的參與方式，持續尋求升級產品組合。

And then finally, as you've heard me comment before, we believe the long-term this business really bifurcates right now, still 75-ish or so percent of batteries are produced in China today. And while China will remain a very, very important market for us and is the lion's share of our business today, the growth outside of China as gigafactories are built there, we believe, will be a positive for our business because we believe customers will look for local supply, and we believe we've got a uniility given our global footprint relative to competition to serve our customers and meet their needs globally. And so building out the regional Western part of this portfolio will be a driver of value here over time.

最後，如你之前也聽我提過，我們認為長期來看，這項業務目前確實呈現分化：現在約 75% 左右的電池仍在中國生產。中國將持續是我們非常、非常重要的市場，且目前也是我們業務的最大部分；但隨著中國以外地區興建超級工廠（gigafactories），我們相信中國以外的成長將對我們有利，因為我們認為客戶會尋求在地供應，而相較競爭對手，我們憑藉全球布局具備優勢，能在全球範圍服務客戶並滿足其需求。因此，隨時間推進，擴建這個產品組合在西方區域的布局，將成為價值驅動因素。

On top of our core conductive materials, as I mentioned in my comments, we continue to look for ways to broaden our participation in this overall application. And so we sell a few metal oxides today into the battery application and continue to work with customers to try to grow that application, particularly for cathode and separator coatings.

除了我們核心的導電材料之外，如我在評論中提到的，我們也持續尋找方法，擴大我們在整體應用中的參與度。因此，我們目前也向電池應用銷售一些金屬氧化物，並持續與客戶合作，嘗試擴大該應用，特別是在正極與隔膜塗層方面。

And then finally, aerogel and thermal management, as you may have noticed, has been picking up in terms of demand for thermal management and batteries. And so our participation here is something that we're investing in to try to enhance our position there. So all these factors are really kind of rolling together for I think what's an exciting trend for us in the battery business.

最後，氣凝膠（aerogel）與熱管理方面，如你可能注意到的，電池熱管理需求正在升溫。因此，我們在此領域的參與是我們正在投資的方向，以強化我們在那裡的地位。所以我認為，所有這些因素正共同推動，形成我們在電池業務上令人振奮的趨勢。

Perfect. Just in Reinforcement Materials, can you talk to the 3% volume growth in the quarter? Was there any pre-buying? And especially in Europe, what's driving that positive inflection in volumes? (inaudible) Thank you.

很好。再問 Reinforcement Materials：能否談談本季 3% 的銷量成長？是否有任何提前拉貨（pre-buying）？尤其在歐洲，推動銷量正向拐點的是什麼？(聽不清) 謝謝。

Yeah. We're certainly pleased to see that volumes were up year over year, and they were up across all regions year over year. So I think that is positive. In the Reinforcement business, we really don't believe there was any real pre-buying in the quarter. There likely was a little bit of accelerated purchasing in Performance Chemicals in the quarter. But in Reinforcement Materials, we don't believe that to be the case.

好的。我們當然很高興看到銷量年增，而且各區域的銷量都呈現年增。所以我認為這是正面的。在 Reinforcement 業務中，我們不認為本季有任何實質的提前拉貨。在本季的 Performance Chemicals 方面，可能確實有一點加速採購。但在 Reinforcement Materials，我們不認為有這種情況。

So in terms of the year over year, again, we did see growth across all three regions, which is positive, including in Europe where we were up a few percent there. I think in some ways, there were some customer-specific opportunities that emerged where we were able to support customers and pick up some spot business. And so that was probably the largest driver.

就年對年而言，我們再次看到三個區域都成長，這是正面的；其中也包括歐洲，我們在那裡成長了幾個百分點。我想某種程度上，出現了一些特定客戶的機會，我們得以支援客戶並取得一些現貨業務。因此這可能是最大的驅動因素。

And then in North America, during the quarter, we began the production, taking ownership of the New Mexico asset. And so there was some contribution from that in the quarter as we took over that asset. We'd certainly expect that to continue to ramp now that we own it fully and start to have full quarter impacts from that.

另外在北美，本季我們開始生產並接手新墨西哥資產的營運。因此，隨著我們接管該資產，本季也有一些貢獻。現在我們已完全擁有它，我們當然預期它會持續爬坡，並開始反映整季的影響。

Thank you. (Operator Instructions) I would now like to turn the call back over to Sean Keohane for closing remarks. Sir?

謝謝。(接線員指示) 我現在想把電話交回給 Sean Keohane 作結語。先生？

Great. Thank you very much, Latif. Thank you, all, for joining today on our Q2 earnings call and thank you for your support of Cabot. We look forward to continuing our dialogue next quarter. Have a great day.

很好。非常感謝你，Latif。也謝謝各位今天參加我們的第二季財報電話會議，並感謝各位對 Cabot 的支持。我們期待在下個季度持續與各位對話。祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。