Chemours Co (CC) 2025 Q3 法說會逐字稿

Good morning. My name is Gigi, and I'll be your conference operator today. I would like to welcome everyone to The Chemours Company Third Quarter 2025 Results Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded.

早安.我叫吉吉，今天我將擔任你們的會議接線生。歡迎各位參加科慕公司2025年第三季業績電話會議。【操作員說明】我提醒各位，這次電話會議正在錄音。

I would now like to hand the conference call over to Brandon Ontjes, Vice President, Head of Strategy and Investor Relations for Chemours. You may begin your conference.

現在我將把電話會議交給科慕公司副總裁兼策略與投資者關係主管布蘭登‧昂特傑斯。您可以開始會議了。

Good morning, everybody. Welcome to The Chemours Company's Third Quarter 2025 Earnings Conference Call. I'm joined today by Denise Dignam, Chemours' President and Chief Executive Officer; and our Senior Vice President and Chief Financial Officer, Shane Hostetter.

各位早安。歡迎參加科慕公司2025年第三季財報電話會議。今天與我一同出席的有科慕公司總裁兼執行長丹尼斯·迪格納姆，以及我們的高級副總裁兼財務長肖恩·霍斯特特。

Before we start, I would like to remind you that comments made on this call as well as in the supplemental information provided on our website contain forward-looking statements that involve risks and uncertainties as described in Chemours' SEC filings. These forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events that may not be realized. Actual results may differ and Chemours undertakes no duty to update any forward-looking statements as a result of future developments or new information.

在開始之前，我想提醒各位，本次電話會議以及我們網站上提供的補充資訊中的評論包含前瞻性陳述，這些陳述涉及風險和不確定性，如科慕公司向美國證券交易委員會提交的文件中所述。這些前瞻性陳述並非對未來績效的保證，而是基於某些可能無法實現的未來事件的假設和預期。實際結果可能有所不同，科慕公司不承擔因未來發展或新資訊而更新任何前瞻性聲明的義務。

During the course of this call, we will refer to certain non-GAAP financial measures that we believe are useful to investors evaluating the company's performance. A reconciliation of non-GAAP terms and adjustments is included in our press release issued yesterday evening.

在本次電話會議中，我們將提及一些我們認為對投資人評估公司績效有用的非GAAP財務指標。昨晚發布的新聞稿中包含了非GAAP條款和調整的調節表。

Additionally, we posted our earnings presentation and prepared financial remarks on our website yesterday evening as well. With that, I will turn the call over to Denise Dignam.

此外，我們昨晚還在網站上發布了收益報告和財務說明。接下來，我將把電話交給丹尼斯·迪格納姆。

Thank you, Brandon, and thank you, everyone, for joining us. During today's call, I will begin by discussing highlights from our third quarter performance, and we'll then turn it over to Shane, who will provide details around our outlook. Finally, I will provide updates on meaningful progress on our pathway to 5 strategy along with strategic developments before taking your questions.

謝謝布蘭登，也謝謝各位的到來。在今天的電話會議上，我將首先討論我們第三季業績的亮點，然後我們將把發言權交給 Shane，他將詳細介紹我們的展望。最後，在回答各位的問題之前，我將介紹我們在邁向5級策略方面取得的實質進展以及策略發展情況。

For our third quarter performance, we exceeded our adjusted EBITDA expectations despite the persisting macroeconomic weakness that affected some economically sensitive sectors of our business. Our stronger earnings were driven through diligent commercial execution in stationary aftermarket sales of Opteon refrigerants under the backdrop of the 2025 US.

儘管宏觀經濟持續疲軟影響了我們業務中一些對經濟較為敏感的領域，但我們第三季的調整後 EBITDA 業績仍超乎預期。在2025年美國經濟展望的背景下，我們透過認真執行Opteon冷媒在固定售後市場銷售方面的商業策略，實現了更強勁的盈利。

AMX stationary equipment transition. Further supported by lower corporate costs. While we had highlighted some anticipated operational disruptions heading into the third quarter, these issues are now resolved, aided by our manufacturing center of excellence enabling quicker response and enhanced issue mitigation.

AMX固定設備過渡。較低的企業成本也為此提供了支援。雖然我們在進入第三季時曾強調了一些預期的營運中斷，但這些問題現在都已解決，這得益於我們卓越的製造中心，該中心能夠更快地做出反應並加強問題緩解。

Now turning to each segment's performance in the third quarter. Starting with TSS. Our TSS business reported another quarter with results exceeding earnings projections as Opteon sales maintained double-digit growth of 80% compared to the prior year quarter. This marks a third quarter record for Opteon sales. The increase in Opteon was primarily due to higher pricing and volume associated with sales into the stationary aftermarket in connection with the U.S. AMX residential and commercial HVAC equipment transition this year.

現在來看各業務板塊在第三季的表現。從TSS開始。我們的 TSS 業務報告顯示，其業績再次超越獲利預期，Opteon 銷售額保持了兩位數的成長，與上一季相比成長了 80%。這標誌著Opteon第三季銷售額創下新高。Opteon 的成長主要是由於今年美國 AMX 住宅和商業 HVAC 設備過渡到固定售後市場，導致價格和銷售量上升。

Throughout this transition, the TSS team displayed its focus on commercial excellence, capturing sales opportunities while making efficient use of our quota allowances. As a result of the achievement, Opteon refrigerants now account for 80% of total refrigerant sales an increase from 58% in the previous year. TSS' excellent commercial discipline drove earnings performance and a 35% adjusted EBITDA margin underscoring the strength of our differentiated portfolio and ability to capture profitable growth tied to the regulatory transition.

在整個轉型過程中，TSS 團隊展現了對卓越商業的專注，並抓住銷售機會，同時有效利用我們的配額。由於這項成就，Opteon 冷媒目前佔冷媒總銷量的 80%，比前一年的 58% 有所成長。TSS 出色的商業紀律推動了獲利表現，調整後 EBITDA 利潤率達到 35%，凸顯了我們差異化產品組合的實力以及把握監管轉型帶來的獲利成長的能力。

This earnings performance also reflected some higher-than-anticipated onetime costs associated with continued investment to commercialize our liquid cooling product. The latest notable achievement in this journey being the reason successful technical qualification of our 2-phase emergent coin fluid by Samsung Electronics. Altogether, this was an industry-leading performance from TSS, outpacing our third quarter adjusted EBITDA expectations and setting a solid foundation as we head into the fourth quarter and next year. Turning to APM.

這項獲利表現也反映出一些高於預期的與持續投資以實現液冷產品商業化相關的一次性成本。這段旅程中最新的顯著成就是三星電子成功對我們的兩相新興硬幣流體進行了技術認證。總而言之，TSS 的業績在業界遙遙領先，超越了我們對第三季調整後 EBITDA 的預期，為我們進入第四季和明年奠定了堅實的基礎。轉向APM。

APM also drove solid top line performance for the third quarter, which ensured earnings performance was in line with our expectations. Washington Works was back up and safely running by mid-August following the external utility disruption due to the diligent response effort from our site team. In addition to driving expected earnings results, the APM business continued to make notable progress to execute upon our portfolio management efforts, completing the shutdown of the SPS Capstone product line during the third quarter. Adding to this strategic execution, the APM business also announced an agreement with SRF Limited in India to support needs for essential applications.

APM在第三季也實現了穩健的營收成長，確保了獲利表現符合我們的預期。由於我們現場團隊的積極回應，華盛頓工程在外部公用設施中斷後，於 8 月中旬恢復正常並安全運作。除了推動預期的獲利結果外，APM 業務在執行我們的投資組合管理工作方面繼續取得顯著進展，並在第三季完成了 SPS Capstone 產品線的關閉。為了進一步推動這項策略執行，APM 業務部門也宣布與印度 SRF 有限公司達成協議，以支援關鍵應用的需求。

This partnership positions our company to benefit from a more flexible and robust operational footprint while providing optionality to better serve our dynamic customer base. Moving to TT. In the third quarter, TT delivered overall results below our expectations, primarily due to sustained macro weakness across the global TiO2 market. In our key western markets, we experienced seasonal trends compounded by some near-term destocking that was partially offset by some sequential pricing strength. In these Western markets, we view this destocking activity as short term as customers look to preserve cash as they navigate uncertainties in exiting the year.

此次合作使我們公司能夠擁有更靈活、更強大的營運佈局，同時為我們更好地服務不斷變化的客戶群提供更多選擇。移至 TT。第三季度，TT 的整體業績低於預期，主要原因是全球 TiO2 市場持續疲軟。在我們的主要西方市場，我們經歷了季節性趨勢，加上一些短期去庫存，但部分被一些環比價格走強所抵消。在這些西方市場，我們認為這種去庫存活動是短期的，因為客戶希望在應對年底不確定性時保留現金。

Alternatively, in our non-western markets, sequential pricing weakness was offset by sequential volume strength. Despite challenges in the broader market, our team demonstrated resilience while effectively addressing anticipated disruptions. Through our efforts, we are now well positioned to minimize future disruptions and respond proactively to external factors that may arise. While the broader market has yet to indicate improvements, we remain steadfast in our pursuit of a value-based commercial strategy.

另一方面，在我們的非西方市場，價格較上季疲軟被銷售量較上季強勁所抵銷。儘管面臨整體市場的挑戰，但我們的團隊展現了韌性，並有效應對了預期的各種幹擾。透過我們的努力，我們現在能夠更好地減少未來的干擾，並積極應對可能出現的外部因素。儘管整體市場尚未出現好轉跡象，但我們仍堅定不移地追求以價值為導向的商業策略。

This approach is aligned with the higher product quality that we provide to our customers and is reflective of the competitive advantages that we provide in reliability, customer service and sustainability. In line with this approach, in the fourth quarter, we recently communicated a global pricing increase, which is reflective of our value in the market. As we look at global market capacity, during the third quarter, we continued to see capacity rationalization of Chinese production and other western producers as the market continues to realign to a weaker demand environment.

這種方法與我們為客戶提供的更高品質的產品一致，也體現了我們在可靠性、客戶服務和永續性方面所提供的競爭優勢。秉承這一理念，我們在第四季度宣布了全球範圍內的價格上漲，這反映了我們在市場上的價值。從全球市場產能來看，第三季度，隨著市場持續調整以適應疲軟的需求環境，我們繼續看到中國和其他西方生產商的產能合理化。

While it is clear that exports of Chinese products continue, albeit at lower rates than last year, much of this inventory continues to be exported to Southeast Asia, the Middle East and Africa and parts of Latin America. In light of this, we are seeing the recent fair trade actions in Europe holding strong, but with additional supply in the market due to excess inventory from a Western producer's inability to continue operations in the third quarter. Also, we are pleased to see finalized fair trade actions taken in Brazil and the Kingdom of Saudi Arabia.

儘管中國產品的出口速度明顯低於去年，但顯然仍在繼續，大部分庫存仍出口到東南亞、中東、非洲和拉丁美洲部分地區。有鑑於此，我們看到歐洲近期的公平貿易行動依然強勁，但由於西方生產商第三季無法繼續運營，導致庫存過剩，市場上的供應量增加。此外，我們很高興看到巴西和沙烏地阿拉伯王國最終採取了公平貿易行動。

However, note that it will take some months for the existing oversupply of titanium dioxide inventory to work its way through the system in these markets. We believe these changes in the global supply environment provide longer-term opportunities in Western markets, but they are more muted in the near term due to the continued macro weakness and additional inventory in the system. I will provide additional perspectives on our strategic progress and our path for TT after Shane shares an update on our guidance for the period ahead.

但請注意，目前二氧化鈦庫存過剩的問題需要幾個月的時間才能在這些市場中解決。我們認為，全球供應環境的這些變化為西方市場帶來了長期機遇，但由於宏觀經濟持續疲軟和系統內庫存增加，這些機會在短期內較為有限。在 Shane 分享了我們對未來一段時間的指導意見後，我將就我們的策略進展和 TT 的發展方向提供更多見解。

At the corporate level, we continue to make progress against our underlying cost structure, while it did incur some slightly more favorable cost partially due to the timing of certain legal spending, a portion of these lower costs are due to the continued cost efforts that the company has executed over time. With that, I'll turn it over to Shane to walk through our outlook.

在公司層面，我們繼續在降低基本成本結構方面取得進展，雖然由於某些法律支出的時間安排，成本略有降低，但部分降低的成本是由於公司長期以來持續進行的成本控制工作。接下來，我將把發言權交給肖恩，讓他來闡述我們的觀點。

Thank you, Denise, and good morning, everyone. As shared in our earnings materials as well as the supplemental prepared financial remarks available on our investor website.

謝謝你，丹妮絲，大家早安。如我們在收益資料以及投資者網站上提供的補充財務報表中所述。

I would like to now discuss our expectations for the fourth quarter and as we look ahead. Beginning with TSS. For the fourth quarter, we expect net sales to decrease sequentially in the high teens to low 20s percentage range, driven by traditional seasonality with continued double-digit Opteon growth. This option performance is anticipated to more than offset declines in our Freon business year-over-year. TSS' adjusted EBITDA is expected to decrease sequentially, ranging between $125 million and $140 million, also driven by seasonality.

現在我想談談我們對第四季的預期以及對未來的展望。從TSS開始。預計第四季淨銷售額將季減 10% 至 20% 左右，主要受傳統季節性因素影響，同時 Opteon 仍維持兩位數成長。預計該選擇權業績將足以抵銷我們氟利昂業務年減的影響。受季節性因素影響，TSS 的調整後 EBITDA 預計將季減，介於 1.25 億美元至 1.4 億美元之間。

As we made progress on our next-generation refrigerants and liquid cooling solutions, we anticipate continued investments to support our commercialization and product sampling efforts. Similar to the $22 million in cost we saw this quarter, reflective of some onetime production-related costs, we expect another $8 million in the fourth quarter, burning our full year estimate of product development cost to approximately $40 million.

隨著我們在下一代冷媒和液體冷卻解決方案方面取得進展，我們預計將繼續投資以支援我們的商業化和產品樣品製作工作。與本季我們看到的 2,200 萬美元成本（反映了一些一次性生產相關成本）類似，我們預計第四季度還將有 800 萬美元的成本，這將使我們全年的產品開發成本估計達到約 4,000 萬美元。

As we look ahead into next year, we anticipate that we will continue to achieve double-digit year-over-year Opteon growth into the early part of the year as OEMs continue to transition to R454B in the U.S. We also expect modest benefits from our cost-out efforts driven by our expanded capacity through our recent Corpus expansion, which will continue to expand margins over time. Also, we anticipate product development costs to be closer to $20 million next year, consistent with earlier expectations for annual spend.

展望明年，我們預計隨著美國 OEM 廠商繼續向 R454B 過渡，Opteon 將在年初繼續實現兩位數的年增長。此外，我們預計透過近期 Corpus 的擴建擴大產能，從而降低成本，這將帶來適度的收益，並隨著時間的推移繼續擴大利潤率。此外，我們預計明年的產品開發成本將接近 2,000 萬美元，與先前對年度支出的預期一致。

Overall, we anticipate continued sales growth for TSS paired with improved earnings as we head into next year. For our ATM business, we expect net sales to decrease in the low single-digit percentage range sequentially due to market weakness in the global industrial end markets where we have more sensitivity to macroeconomic conditions. Adjusted EBITDA is expected to approximate $30 million to $40 million in the fourth quarter, driven by a return to normal operations at our Washington Works site paired with continued progress on cost reduction efforts.

總體而言，我們預計 TSS 的銷售額將繼續成長，同時隨著明年的到來，獲利能力也將有所提高。由於全球工業終端市場疲軟，而我們對宏觀經濟狀況更為敏感，因此我們預計 ATM 業務的淨銷售額將環比下降個位數百分比。第四季調整後 EBITDA 預計將達到 3,000 萬美元至 4,000 萬美元，這主要得益於華盛頓工廠恢復正常運作以及成本削減工作的持續進展。

We believe that APM's fourth quarter EBITDA will reflect our continued focus on operational excellence to drive increased reliability paired with continued cost-out efforts and should be at a more normalized level of earnings which we expect will continue in future quarters. For our TT business, we expect sequential net sales to decrease in the high single digits to low teens percentage range, driven by seasonality, regional sales mix as well as near-term destocking, which we see continuing until the end of the year. Adjusted EBITDA is expected to decrease sequentially, ranging between $15 million and $20 million.

我們相信，APM 第四季 EBITDA 將反映出我們持續專注於卓越營運以提高可靠性，並配合持續的成本削減措施，其獲利水準將更加正常化，我們預計這一趨勢將在未來幾季繼續保持。對於我們的 TT 業務，我們預計將季淨銷售額將下降個位數高點至十幾個百分點，主要受季節性因素、區域銷售組合以及近期去庫存的影響，我們認為這種情況將持續到年底。調整後 EBITDA 預計將季減，降幅在 1,500 萬美元至 2,000 萬美元之間。

During the third quarter, the company decided to lower its production volumes concurrently with what we are seeing in TT's value chain, while near-term demand expectations remain muted. This decrease in production will result in a $25 million cost impact to TT's adjusted EBITDA in the fourth quarter, offsetting sequential benefits or improved operations and cost reductions, but will improve TT's cash charge. As Denise shared earlier, we anticipate that this destocking will be short term as downstream customers look to conserve cash moving into the end of the year.

第三季度，該公司決定降低產量，這與我們在TT價值鏈中看到的情況一致，而近期需求預期仍然低迷。產量下降將導致 TT 公司第四季調整後 EBITDA 減少 2,500 萬美元，抵銷營運改善和成本降低帶來的收益，但會改善 TT 公司的現金支出。正如 Denise 之前分享的那樣，我們預計這種去庫存現象將是短期的，因為下游客戶希望在年底前節省現金。

Looking to 2026, we anticipate similar stocking efforts in the first quarter. In connection with this first quarter restocking, we expect improved earnings as we head into next year, supported by improved operational performance. However, we do anticipate unit market conditions to persist in the quarters ahead. Considering these weaker conditions, we are placing a greater emphasis on promoting improved cash generation, and we'll seek to closely align our production with anticipated demand.

展望 2026 年，我們預計第一季將採取類似的備貨措施。配合第一季的庫存補充，我們預計隨著營運表現的改善，明年獲利將會提高。然而，我們預計未來幾季單位市場狀況將持續。鑑於當前情況較為疲軟，我們將更加重視提高現金流，並努力使我們的生產與預期需求緊密結合。

To this, when the broader market demand profile improves, we will align production, which will drive improved cost absorption across our circuit. With our resolve unchanged, we continue to make good progress on costs. however, recognize that the full benefit of these reductions may be masked by the impacts of our lower circuit operations.

為此，當整體市場需求狀況改善時，我們將調整生產，這將推動我們整個電路的成本吸收能力提高。我們決心不變，在成本控制方面繼續取得良好進展。然而，我們也意識到，這些成本削減帶來的全部好處可能會被我們電路營運中斷的影響所掩蓋。

On a consolidated basis, we anticipate our fourth quarter net sales to decrease 10% to 15% sequentially, with consolidated adjusted EBITDA expected to range between $130 million to $160 million. Also, we anticipate corporate expenses to range between $40 million and $45 million, considering the timing of certain accrued expenses. Our capital expenditures for the fourth quarter are expected to be in the range of $50 million with free cash flow conversion expected to be between 50% and 70%.

合併後，我們預計第四季淨銷售額將環比下降 10% 至 15%，合併調整後 EBITDA 預計在 1.3 億美元至 1.6 億美元之間。此外，考慮到某些應計費用的發生時間，我們預計公司支出將在 4,000 萬美元至 4,500 萬美元之間。我們預計第四季的資本支出將在 5,000 萬美元左右，自由現金流轉換率預計在 50% 到 70% 之間。

Based on these metrics, we would anticipate that full year 2025 sales would range between $5.7 billion and $5.8 billion with adjusted EBITDA to range between $745 million and $770 million with CapEx in the range of $220 million for the year. Looking forward to 2026, at a consolidated level, we anticipate overall sales and earnings growth with improved cash flow performance, supported by continued progress on our cost-out efforts.

根據這些指標，我們預計 2025 年全年銷售額將在 57 億美元至 58 億美元之間，調整後 EBITDA 將在 7.45 億美元至 7.7 億美元之間，資本支出將在 2.2 億美元左右。展望 2026 年，從整體來看，我們預期整體銷售額和收益將會成長，現金流表現也將改善，這得益於我們在成本削減方面取得的持續進展。

We remain committed to improving our enterprise's financial position to support our pathway to drive strategy. Beyond the recent recapitalization of our US term loan, which extended the maturity of the facility from 2028 to 2032, we continue to review our business portfolio as well as looking at other avenues to create value similar to critical minerals, which Denise will discuss in a minute. We are also taking a disciplined approach to the review of our nonoperating real estate footprint to determine how it can be optimized without impacting existing operations.

我們將繼續致力於改善企業的財務狀況，以支持我們推動策略的進程。除了最近對我們的美國定期貸款進行資本重組，將該貸款的到期日從 2028 年延長至 2032 年之外，我們還將繼續審查我們的業務組合，並尋找其他途徑來創造類似於關鍵礦產的價值，丹尼斯稍後會對此進行討論。我們還採取嚴謹的方法審查非經營性房地產佈局，以確定如何在不影響現有營運的情況下對其進行優化。

Efforts like these aim to ensure that our resources are being used effectively and efficiently to further our strategic goals and to balance our financial flexibility. With that context on our look ahead, I'd like to now hand the call back over to Denise to share perspective on our engagement in critical minerals and our continued strategic execution under pathway to Thrive.

這些舉措旨在確保我們的資源得到有效利用，以推進我們的策略目標並保持財務靈活性。鑑於以上背景，展望未來，我現在想把電話交還給丹尼斯，讓她分享我們對關鍵礦產領域的參與以及我們在「走向繁榮」路徑下持續戰略執行的看法。

Thank you, Shane. We continue to execute our pathway to Thrive strategy with clarity and conviction to build on the progress we have achieved to date across all our pillars. With that perspective, I'd like to provide additional context on where we participate in the area of critical minerals, which is concentrated in our TT business supporting our enabling growth pillar.

謝謝你，肖恩。我們將繼續以清晰的思路和堅定的信念執行我們的「蓬勃發展」策略，以鞏固我們在所有支柱領域迄今為止的進展。基於此，我想進一步介紹我們在關鍵礦產領域的參與情況，這主要集中在我們的TT業務中，為我們的賦能成長支柱提供支援。

While our minerals business is limited, we currently estimate approximately $90 million in mineral sales annually with roughly past consisting of high-value minerals comprised of [indiscernible] and precision investment casting, zircon. The monazite that we process domestically through our mines would support existing titanium dioxide feedstock operations continues a uniquely high portion of heavy rare earth elements that are used to produce permanent magnets critical for the electric vehicle and defense markets. This attribute differentiates our domestic supply of Moneta compared to other forms of rare-earth pounds in North America.

雖然我們的礦物業務規模有限，但我們目前估計每年的礦物銷售額約為 9000 萬美元，其中大部分是高價值礦物，包括[無法辨認]和精密熔模鑄造鋯石。我們透過國內礦場加工的獨居石將支持現有的二氧化鈦原料生產，其中含有極高比例的重稀土元素，這些元素用於生產對電動車和國防市場至關重要的永久磁鐵。這項特性使我們在北美供應的莫內塔與其他形式的稀土塊有所區別。

Additionally, we are the only qualified zircon supplier into U.S. precision investment casting applications, which is critical to the aerospace industry for both defense and commercial end users. While our access to mines in Florida and Georgia provide the opportunity to extract these minerals, our TT business also possesses the ability to separate these critical minerals.

此外，我們是美國精密熔模鑄造應用領域唯一合格的鋯供應商，這對於航空航天業的國防和商業終端用戶來說至關重要。雖然我們在佛羅裡達州和喬治亞州的礦場為我們提供了開採這些礦物的機會，但我們的TT業務也具備分離這些關鍵礦物的能力。

Considering our specialized experience in the mining and mineral separation space, which has spanned over 75 years, we have been able to leverage this expertise to more recently attract government funding around our separation capabilities. This funding is designed to support innovative separation assets and to provide a framework to drive future growth in this space.

鑑於我們在採礦和礦物分離領域擁有超過 75 年的專業經驗，我們能夠利用這項專業知識，最近成功吸引了政府對我們分離能力的資助。這項資金旨在支持創新分離資產，並為推動該領域未來的成長提供框架。

Total grabs funding awarded for 2025 and 2026 approximate $10 million. While an area that we have operational experience in, we look forward to continuing research of this innovative separation technology to develop future critical mineral opportunities in the United States. The presence of our mineral sales in the business today, combined with the potential of government support for future opportunities provides an exciting pathway for our company to enable growth while continuing to serve the needs of these critical end markets.

2025 年和 2026 年授予的總資金約為 1000 萬美元。雖然我們在這個領域擁有營運經驗，但我們期待繼續研究這項創新的分離技術，以在美國開發未來重要的礦產機會。目前，我們的礦產銷售業務在公司中佔有一席之地，再加上政府對未來發展機會的潛在支持，為我們公司提供了一條令人振奮的發展道路，使我們能夠在滿足這些關鍵終端市場需求的同時實現成長。

With regards to the execution of our operational excellence pillar, we have also launched the Chemours business system to take the next step in operational excellence, applying lean principles to drive step change improvements in safety, quality and efficiency across our business operations. As we build on our recent operating improvements, we are also focused on pursuing further rigor in our commercial effectiveness. We believe that the reduced operational disruptions and enhanced commercial efforts will drive earnings growth as we head into next year.

在執行卓越營運支柱方面，我們也推出了科慕業務系統，以邁向卓越營運的下一步，應用精實原則，推動我們業務營運在安全、品質和效率方面實現變革性改善。在鞏固近期營運改善成果的同時，我們也致力於進一步提升商業效率。我們相信，營運中斷的減少和商業努力的加強將推動我們明年的獲利成長。

As we shared in recent quarters, we remain focused on controlling what we can control while pursuing commercial growth opportunities where we can. We are confident in our ability to close out the year and remain committed to driving long-term value for our shareholders through disciplined execution, strategic growth and operational rigor.

正如我們最近幾季所分享的那樣，我們將繼續專注於控制我們能夠控制的因素，同時盡可能地尋求商業成長機會。我們有信心順利完成今年的工作，並將繼續致力於透過嚴謹的執行、策略性的成長和嚴格的運營，為股東創造長期價值。

As we continue to execute on the 4 pillars of our Pathway to Thrive strategy, we are routinely evaluating our existing portfolio for opportunities where there may be a more efficient path to return value to our shareholders. Our senior leadership and Board remain grounded in our belief that the execution of our transformation strategy will provide a greater degree of strategic flexibility and position the business to thrive.

在我們繼續執行「蓬勃發展之路」策略的四大支柱的同時，我們定期評估現有投資組合，尋找能夠更有效地為股東創造價值的機會。我們的高階領導和董事會仍然堅信，轉型策略的實施將提供更大的策略彈性，並使企業蓬勃發展。

Our team continues to pursue new ways to enable growth, remaining focused on optimizing our portfolio management efforts and is steadfast in our efficacy and execution to strengthen the long term for Chemours. Thank you for your continued support. With that, I'd like to open the line for your questions.

我們的團隊將繼續探索新的成長途徑，專注於優化我們的投資組合管理工作，並堅定不移地提高效率和執行力，以加強科慕的長期發展。感謝您一直以來的支持。接下來，我想接受大家的提問。

[Operator Instructions] Our first question comes from the line of John McNulty, BMO.

[操作員說明] 我們的第一個問題來自 BMO 的 John McNulty。

So maybe the first question is just on the TSS business. It sounds like despite what we've been hearing from some of the residential HVAC OEMs around kind of what looks like a volume speed bump. It sounds like you're not really seeing that and you don't expect it as you look to 2026. I guess, can you help us to understand why that would be some of the smoothing mechanism that you may have in place and/or look, maybe it's just not -- while it was a big improvement this year, it may not be it's not the only part of your business. But I guess help us to understand why we're not going to see that speed bump work through the refrigeration side of the business.

所以，或許第一個問題只是關於TSS業務的。儘管我們從一些住宅暖通空調原始設備製造商那裡聽到了一些消息，但聽起來似乎出現了銷量上的小挫折。聽起來你並沒有真正看到這一點，而且展望 2026 年，你也不指望看到這種情況發生。我想，您能否幫助我們理解為什麼這可能是您採取的一些平滑機制，或者您看，也許並非如此——雖然今年情況有了很大的改善，但這可能並不是您業務的全部。但我想這有助於我們理解為什麼我們不會看到這種阻礙在製冷業務方面發揮作用。

John, thanks so much for the question. Yes, I mean, we, as a business, are focused always on maximizing value of our quota. So we have a broad portfolio outside of HVAC OEMs from an application, from a product, from a regional perspective. So we're always focused on maximizing the quota. We expect double-digit growth going into the fourth quarter and as we start 2026, I feel really proud of what the team has been able to deliver. If you look at our refrigerant sales were up year-over-year 32%, 80% increase in Opteon year-over-year. And from a segment, our sales are up 20%, and we've had margin expansion from 30% to 35%.

約翰，非常感謝你的提問。是的，我的意思是，作為一家企業，我們始終專注於最大化我們的配額價值。因此，從應用、產品和區域角度來看，我們在暖通空調原始設備製造商之外擁有廣泛的產品組合。所以我們始終專注於最大限度地完成配額。我們預計第四季將實現兩位數成長，展望 2026 年，我對團隊的成就感到非常自豪。如果您看一下我們的冷媒銷售額，您會發現它比去年同期成長了 32%，Opteon 的銷售額比去年同期成長了 80%。從某個細分市場來看，我們的銷售額成長了 20%，利潤率也從 30% 提高到了 35%。

Got it. Okay. Fair enough. No. And look, it's been a great performance this year so far. Okay. And then I guess the second one I wanted to dig into kind of goes to your last point, where you're constantly kind of reviewing the path to return value to the shareholders. And I guess to that, you've got -- you have a lot of balls in the air at this point.

知道了。好的。很公平。不。而且，到目前為止，今年的表現非常出色。好的。然後，我想深入探討的第二個問題其實與你的最後一點有關，那就是你要不斷地檢視為股東創造價值的路徑。我想，目前你有很多事情要處理。

You've got the data center opportunity. It sounds like you at least have some opportunities around critical minerals as well as kind of running the other core businesses. So kind of a lot going on. I guess, do you think Chemours has the bandwidth to manage all of that or are there other potential owners of some of these assets that might be better owners, not that you guys aren't good owners, but maybe better owners for specifically the way to get as much out of these assets as they could.

你擁有資料中心的商機。聽起來你至少在關鍵礦產領域有一些機會，同時也在經營其他核心業務。所以現在發生了很多事。我想問的是，您認為科慕公司是否有能力管理所有這些資產？或者是否有其他潛在的所有者，他們可能更適合管理這些資產？並不是說你們不是優秀的所有者，而是說他們可能更擅長如何最大限度地利用這些資產。

Yes, John, thanks for the question. We actually feel really good about the things that we're working on and really aligned with our pathway to thrive strategy. When you think about the strategy that we put in place, it really is about strengthening the company over the next several years.

是的，約翰，謝謝你的提問。我們對目前正在做的事情感到非常滿意，這些事情也與我們的蓬勃發展策略非常契合。當你思考我們所製定的策略時，你會發現它實際上是為了在未來幾年內加強公司實力。

So you look at operational excellence, getting out $250 million of costs, enabling growth, getting to a 5% CAGR, portfolio management, as you talked about, the critical minerals or data centers and even around our ATM portfolio, some of the things that we've done and then our last pillar is strengthening the long term around our legal legacy liabilities and advocacy and really strengthening the whole portfolio.

所以，我們著眼於卓越運營，削減 2.5 億美元的成本，促進成長，實現 5% 的複合年增長率，投資組合管理，正如您所說，關鍵礦產或數據中心，甚至圍繞我們的 ATM 投資組合，我們已經做了一些事情，然後我們的最後一個支柱是加強我們法律遺留責任和倡導方面的長期保障，真正加強整個投資組合。

So it's really about creating a strong company, strong balance sheet and to give us optionality as we move beyond pathway to Thrive. Shane HostetterExecutive Yes. Just to add to that, John, as you think about the third pillar about portfolio optimization going to are we the right owners, et cetera, we'll do whatever the right thing is to optimize the value to our shareholders and that's including as we're managing these internally and thinking through our options there.

所以，這實際上是為了打造一家強大的公司，擁有強大的資產負債表，並為我們超越「蓬勃發展之路」提供更多選擇。Shane Hostetter 執行官 是的。約翰，補充一點，當你思考投資組合優化的第三個支柱——我們是否是合適的股東等等——時，我們會做任何正確的事情來最大化股東的價值，這包括我們在內部管理這些資產並思考我們的各種選擇。

Our next question comes from the line of Pete Osterland, Truist Securities.

我們的下一個問題來自 Truist Securities 的 Pete Osterland。

So first, I just wanted to start on just operating performance within the TT business. It looks like you're guiding for the impact from operational disruptions to be 0 in the fourth quarter. So I was just wondering if you could give a bit more detail. I guess what specifically were the major improvements you've made operationally here. How much opportunity is there to improve further in the coming quarters and potentially offset some of the cost impact if you have to continue running at lower production rates.

首先，我想先談談TT業務的營運績效。看來你們預期第四季營運中斷的影響為零。所以我想問您能否提供更多細節。我想具體說說你們在營運方面做出的主要改進有哪些。如果必須繼續以較低的生產力運行，那麼在接下來的幾個季度中，還有多少機會可以進一步改進，並有可能抵消部分成本影響？

Thanks, Pete. Yes, from an operation standpoint, and we're feeling very, very good. Many of the issues that we phase were onetime distinct issues. We've put contingency plans in place around those issues. We have brought in really strong operational leadership. We stood up our manufacturing COE and reliability is really 1 of the key elements of that work.

謝謝你，皮特。是的，從營運角度來看，我們感覺非常好。我們分階段解決的許多問題都是曾經獨立的問題。我們已針對這些問題制定了緊急應變計畫。我們引入了非常強大的營運領導團隊。我們建立了製造卓越中心，而可靠性是這項工作的關鍵要素之一。

We've responded extremely well in the third quarter, and it was really through the resilience of that teamwork. And we're moving forward even bolstering further putting in a standardized operating system throughout the company. So I feel really good about it. I'm going to turn it over to Shane to kind of talk through the numbers.

我們在第三季表現得非常好，這完全歸功於團隊合作的韌性。我們正在進一步推進，在全公司範圍內推行標準化的作業系統。所以我感覺非常好。我打算把麥克風交給肖恩，讓他來分析這些數字。

Pete, thanks for noticing it. We do only anticipate the one-off operational issues that we saw earlier part of this year and the third quarter going forward, given all the efforts that Denise just mentioned and continued excellence will be -- that said, we did call out $25 million of, call it, fixed cost absorption that we're going to see in the fourth quarter, just given that we are decreasing production to align with what the demand is that we see ahead of us.

皮特，謝謝你注意到這一點。我們預計今年稍早和第三季將會出現一些零星的營運問題，但鑑於 Denise 剛才提到的所有努力以及我們將繼續保持卓越的業績——也就是說，我們確實提到了第四季度將要承擔 2500 萬美元的固定成本，因為我們正在減少產量以適應我們預見的未來需求。

Those costs will continue, but it will depend upon where we ramp up production depending upon as we view demand ahead of us. That, as you mentioned, potential offsets, we continue that first pillar and pathway to drive and really driving out costs within TT, they are somewhat masked based on these fixed cost absorptions, but we'll continue to optimize and control what we can control.

這些成本還會持續存在，但具體情況將取決於我們根據未來需求情況在哪些地區提高產量。正如您所提到的，潛在的抵銷因素，我們將繼續沿著第一支柱和路徑，真正降低TT內部的成本，這些成本在某種程度上被這些固定成本吸收所掩蓋，但我們將繼續優化和控制我們能夠控制的因素。

Very helpful. And then just as a follow-up on TT, just on your announcement of the TiO2 price increase effective in December, what gives you confidence that this will be implemented given that global demand conditions are still pretty weak? And I guess by region, are there specific areas where you think market conditions are relatively more or less likely to support a price increase?

很有幫助。那麼，關於TT，您宣布二氧化鈦價格將於12月上漲，鑑於全球需求狀況仍然相當疲軟，您有什麼信心能夠實施這項漲價措施？那麼，按地區劃分，您認為哪些地區的市場狀況相對而言更容易或更不容易支持價格上漲？

Yes. Actually, I feel really good about it. We've talked about our strategy being to maximize value and focusing on the fair trade markets. We've seen -- throughout the year, we've actually seen price stability in these markets. There's obviously stuff going on at the end of the year. There's onetime issues. They're temporal, right? So you have liquidation of inventory from a Western player that's unable to continue operations. You have liquidation of inventory from in Chinese producers.

是的。實際上，我感覺非常好。我們討論過，我們的策略是最大限度地提高價值，並專注於公平貿易市場。我們已經看到——在過去一年中，這些市場的價格實際上保持穩定。顯然，年底會有很多事情發生。存在一次性問題。它們是暫時的，對吧？所以，你現在要清算一家無法繼續運作的西方公司的庫存。你們正在清倉處理來自中國生產商的庫存。

There was uncertainty in tariffs that was introduced by India, but that's going to get resolved. And if you look at the value chain, there's destocking from the value chain we're confident that our customers are going to be restocking in the first quarter that ADD is going to be resolved in India and we're going to start seeing the impact of the other areas in Brazil and Saudi Arabia.

印度引入的關稅帶來了不確定性，但這個問題將會得到解決。如果你觀察價值鏈，你會發現價值鏈正在去庫存，我們有信心，隨著印度的ADD問題得到解決，我們的客戶將在第一季重新進貨，我們將開始看到巴西和沙烏地阿拉伯等其他地區的影響。

We're confident moving forward. As I said, we've seen stability in the fair-trade markets we play in. And in particular, in EMEA in North America. So, we're confident moving forward.

我們對未來充滿信心。正如我所說，我們在所參與的公平貿易市場中看到了穩定性。尤其是在歐洲、中東和非洲以及北美地區。所以，我們對未來充滿信心。

Our next question comes from the line of John Roberts, Mizuho.

我們的下一個問題來自瑞穗銀行的約翰羅伯茲。

How are you thinking about the replacement market for HFOs? How fast do you think that develops? And does it become financially material in the next 18, 24 months to sort of move the overall HFO numbers.

您如何看待重油替代市場？你認為這種情況發展得有多快？在接下來的 18 到 24 個月內，它是否會對整體 HFO 數據產生實質的財務影響？

John, as we look ahead, we gave perspectives around '26 that we see double-digit Opteon growth into the first part of next year. Obviously, that is driven by the HFO market. As we look at growth into '26, we gave a guide just overall growth in sales and earnings and cash flow for TSS, and that's going to be driven primarily by that HFO transition, both on the OEM side and the aftermarket.

約翰，展望未來，我們對 2026 年的展望是，我們預計 Opteon 在明年上半年將實現兩位數的成長。顯然，這是由重油市場所驅動的。展望 2026 年的成長，我們僅對 TSS 的銷售額、收益和現金流的整體成長做出了預測，而這主要將由 HFO 的轉型驅動，無論是在 OEM 還是在售後市場。

Our next question comes from the line of Arun Viswanathan, RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Arun Viswanathan。

I guess maybe I'll start with TT. So -- when we go back about a year or so, it looks like we were thinking that the segment would be maybe in the 300-or-so million range for EBITDA, and you're significantly below that. And similarly for the company, we were kind of in the 875 range. Now you're in the 750 range.

我想我或許會先從TT開始。所以——當我們回顧大約一年前的情況時，我們當時認為該業務板塊的 EBITDA 可能在 3 億美元左右，而你們的實際業績遠低於這個數字。同樣，對於公司而言，我們的業績也大致在 875 左右。現在你的分數在750左右。

So I guess, as you look back on this year, would you say that the main shortfall has been in TiO2 demand? Or would you cite something else as well? And is this -- because we went in this year thinking that the pathway to thrive would add maybe $100 million or $125 million of cost reductions.

所以，回顧今年，您認為主要的短缺問題在於二氧化鈦的需求嗎？或者您還會引用其他資料嗎？而這是因為我們今年一開始就認為，實現繁榮發展的道路可能會節省 1 億美元或 1.25 億美元的成本。

And it seems like the demand weakness has more than offset that. So maybe you can just comment on what kind of played out in TiO2 this year and if it was worse than what you expected.

而且，需求疲軟似乎已經完全抵消了這種影響。所以，您或許可以評論一下今年二氧化鈦市場的發展情況，以及它是否比您預期的更糟。

Yes. Thanks, Arun. Definitely, demand played a part in TiO2. Also, some of the, I'll say, the shakiness with the tariffs and the duties implementation. As well as -- as I talked about, these onetime operational issues, we are very confident in our $125 million cost out. You can see it in many places already disguise and some, but I'm going to turn it over to Shane to give you a little bit more color on that.

是的。謝謝你，阿倫。毫無疑問，需求對二氧化鈦的發展起了一定作用。此外，我還想說，關稅和稅收執行方面存在一些不穩定因素。此外——正如我剛才提到的，這些一次性的營運問題，我們對1.25億美元的成本控制非常有信心。你已經可以在很多地方看到它偽裝的樣子，但我會把這個主題交給 Shane，讓他為你詳細介紹一下。

Yes. Thanks, Arun. As we look -- coming into this year, I don't think we expected the $100 million -- close to $100 million in operational impacts in the year. certainly a step back as well as the impacts on TT, whether it be the destocking areas that we've seen or Denise mentioned some of the operational impacts of just overall lack of demand in slow markets.

是的。謝謝你，阿倫。展望今年，我們當初並沒有預料到營運方面會受到如此大的影響──接近1億美元。這無疑是一次倒退，對TT的影響也顯而易見，無論是我們已經看到的去庫存環節，還是Denise提到的市場低迷導致的整體需求不足所帶來的營運影響。

Now on the flip side, right, I think we are really pleasantly surprised on the impacts of TSS and really what they've driven in the year from a solid performance. So just really wanted to applaud that group as we're looking at some of the decreases in the year, but also we've had really solid performance in our PSS business.

另一方面，我認為我們對 TSS 的影響以及他們在過去一年中憑藉穩健的表現所取得的成就感到非常驚訝。所以，我真的很想表揚一下這個團隊，因為我們今年的業績有所下滑，但我們的 PSS 業務也取得了非常穩健的業績。

Great. And I guess maybe I can just ask a follow-up on TSS. So maybe you can kind of give us some of the drivers for that growth that you expect next year Again, it seems like we're coming off a pretty strong step down year as well as shortages that maybe drove some pretty robust pricing. So -- when you look into next year now that Corpus is running up, would that be a contributor, maybe the chiller adoption does that get you in the kind of double-digit growth? Or how should we think about TSS, especially in light of some of those HVAC inventory OEM overhangs?

偉大的。我想我或許可以再問一下關於TSS的後續問題。所以，您能否為我們介紹一下您預計明年成長的一些驅動因素？再說一遍，我們似乎剛剛經歷了相當強勁的下滑年，而且短缺可能也導致了價格的強勁上漲。所以——展望明年，隨著 Corpus 的成長，這是否會成為推動因素，例如冷卻器的採用是否能帶來兩位數的成長？或者，我們應該如何看待 TSS，特別是考慮到一些 HVAC OEM 庫存積壓問題？

Yes. Thanks, Arun. As we look ahead to 26, 1 of the thing to note as you look at the OEM transition, about 75% has transitioned in. So we still have that runway going in as well as we believe the aftermarket will grow somewhat as well. we feel confident in our commercial execution. If you look at what happened in '25, we really think just looking ahead that our commercial group is primed to continue the growth in TSS given the transition aspects.

是的。謝謝你，阿倫。展望 26 日，在觀察 OEM 過渡時需要注意的一點是，大約 75% 的 OEM 已經過渡完畢。所以我們仍然有發展空間，我們相信售後市場也會有所成長。我們對我們的商業執行力充滿信心。回顧 2025 年發生的事情，我們展望未來，鑑於轉型方面的種種因素，我們認為我們的商業集團已經做好準備，繼續推動 TSS 的成長。

The other area there as you look at just cost out and controlling control, you mentioned the expansion of Corpus Christi. We do believe that will be a tailwind going into next year as we drive further cost optimization.

另一個方面，當你只考慮成本控制時，你提到了基督聖體學院的擴張。我們相信，隨著我們進一步優化成本，這將成為明年發展的有利因素。

And then lastly, we did have some higher onetime costs related to our next-generation refrigerants as well as our liquid cooling venture, which we don't anticipate to occur. I put that is this year, it's going to be roughly about $40 million, and we believe the annual run rate is going to be in the $20 million range.

最後，我們的下一代冷媒以及我們預計不會發生的液體冷卻項目確實產生了一些較高的一次性成本。我估計今年的收入大約在 4000 萬美元左右，我們相信年均收入將在 2000 萬美元左右。

Great. And just as a quick follow-up. So when you think about -- again, when you think about this year and how it played out, -- there were a number of operational disruptions. There were, again, weak demand. How do you kind of foresee the next year? I mean, do you think those operational disappointments are kind of in the rearview mirror? What can you do to not necessarily have those kinds of disruptions impact you next year and really kind of show that growth that we know that the portfolio can achieve. It's just been a little bit disheartening at times when we know that the growth is there. It's just not -- it's just getting offset by some of these factors that some of which appear to be somewhat in your control. So maybe you can just address what you're doing to really tighten that up.

偉大的。最後再補充一點。所以，當你回想——再說一遍，當你回想今年以及它的發展過程——就會發現有很多營運中斷的情況。需求依然疲軟。你如何預測明年的狀況？我的意思是，你認為那些營運上的挫折已經成為過去了嗎？為了避免明年受到這類幹擾的影響，並真正展現出我們知道該投資組合能夠實現的成長，您可以採取哪些措施？有時候，明明知道公司在成長，卻沒能實現成長，這多少會讓人感到有些沮喪。事實並非如此——只是被一些因素抵消了，而其中一些因素似乎在某種程度上是你可以控制的。所以或許你可以著手改進你正在做的事情，真正加強這方面的工作。

Yes, definitely. I completely agree. We -- and this has been a #1 focus. Our first pillar is operational excellence. And we've made a lot of investments. We talked about the manufacturing COE in leadership and operations and just investments in really how we work in our processes. So -- and I feel really good about that. I agree. It's something that we look at is in our rear-view mirror.

是的，當然。我完全同意。我們——而且這始終是我們的首要關注點。我們的第一大支柱是卓越營運。我們進行了很多投資。我們討論了製造卓越中心在領導和營運方面的工作，以及對我們流程運作方式的投資。所以——我對此感到非常滿意。我同意。這是我們回首往事時看到的景象。

Our next question comes from the line of Josh Spector, UBS.

我們的下一個問題來自瑞銀集團的 Josh Spector。

I had a few follow-ups on TSS. I'll just leave together. First, just to confirm on the liquid cooling investment, the $22 million versus the targeted $5 million that flow through EBITDA, correct? And just what exactly drove that delta versus your expectation?

我有一些關於中毒性休克症候群的後續問題。我跟你一起走吧。首先，請確認液冷投資，是 2,200 萬美元，而不是預期的 500 萬美元，這部分資金將計入 EBITDA，對嗎？究竟是什麼因素導致了與預期之間的差異？

Yes. Thanks, Josh. It did flow through EBITDA, yes. And what drove it was, as we're continuing development of the liquoring venture and thinking through that side, there are areas that we continue to develop specific to the charge related to an intermediate related to the product development side that we had to essentially take a charge-off for. So it's a onetime area. It's not something we anticipate going forward.

是的。謝謝你，喬希。是的，它確實影響了 EBITDA。而促使我們這樣做的原因是，隨著我們繼續發展酒類業務並思考這方面的問題，我們繼續開發一些與產品開發相關的中間環節的費用，而我們基本上不得不為此進行沖銷。所以這是一次性區域。我們預計未來不會出現這種情況。

So is that something you spent money on that you're writing off related with liquid cooling? Or is that some other investment?

所以，這是你花在液冷系統上的一筆錢，現在你要把它抵稅了嗎？還是那是其他投資？

No. It's a noncash item. As we look ahead, we do anticipate value coming out of that. It was more of an accounting related area.

不。這是非現金物品。展望未來，我們預計這將帶來價值。它更偏向會計相關領域。

Okay. And then secondly, with the whole TSS moving parts of what you've had. So if we look at what you reported in 3Q and 2Q, you beat your expectations that you put out there by about $20 million. I mean if we then add back this item that we're discussing, that's maybe $35 million in the fourth quarter -- sorry, third quarter.

好的。其次，還有你所經歷的整個 TSS 移動部件。所以，如果我們看一下你第三季和第二季的業績報告，你會發現你比你之前公佈的預期高出了大約 2000 萬美元。我的意思是，如果我們把我們正在討論的這個項目加回去，那麼第四季度——抱歉，是第三季度——可能就是 3500 萬美元。

I guess if you separate the pieces, we know your competitor had some issues with sales and you guys benefited in aftermarket. How much of that is sustainable and that you won share, you keep it? How much of that would you characterize as potentially temporary due to the supply constraints and just the dynamics within 2Q, 3Q that do not repeat into next year.

我想，如果把各部分拆開來看，我們知道你們的競爭對手在銷售上遇到了一些問題，而你們則在售後市場受益。其中有多少是永續的，又有多少是你不會分享、你會保留的？您認為其中有多少是由於供應限制以及第二季、第三季的市場動態所致，屬於暫時性的，並且不會延續到明年？

Josh, thanks for the question. Yes, I mean, we feel confident in our commercial capabilities. Certainly, there's a little bit of a competitive aspect. But we really deliver and we know the customers and the value chain appreciated it. We also have other levers as Sean talked about relative to margin with the scaling up of our Corpus facility and the continued growth in the aftermarket segment where we've demonstrated a lot of strength.

喬希，謝謝你的提問。是的，我的意思是，我們對自身的商業能力充滿信心。當然，這其中也存在一些競爭因素。但我們確實做到了，而且我們知道客戶和價值鏈都對此表示讚賞。正如肖恩所說，我們還有其他提高利潤率的手段，例如擴大我們在科珀斯港的工廠規模，以及我們在售後市場領域的持續增長，而我們在售後市場領域已經展現出了強大的實力。

But I guess to be clear on that last point, scaling Corpus helps you maybe $20 million, $30 million does that offset some of the shift that you would expect, and therefore, that's neutral? Like is that rough framing about right? Or would you characterize it differently?

但我想澄清最後一點，Corpus 的規模擴大或許能幫你節省 2000 萬到 3000 萬美元，這是否能抵消你預期的一些變化，因此，這是否是中性的？這樣的大致構圖對嗎？或者您會用其他方式來描述它？

Yes, Josh, I go back to the guidance we provided, which is we anticipate earnings growth going in from '25 to '26 that's inclusive of the Corpus expansion, but also inclusive of where we believe our top line revenue is going, as I indicated, sales were going to grow. As you mentioned, right, we've had some really good performance in Q2 and Q3. We believe we can hold on to that performance and in the material amount and going into '26 as well.

是的，Josh，我重申我們先前給出的指導意見，即我們預計從 2025 年到 2026 年，盈利將實現增長，這不僅包括 Corpus 的擴張，也包括我們認為的總收入將會增加，正如我之前提到的，銷售額將會增長。正如您所提到的，我們在第二季和第三季取得了非常好的業績。我們相信我們能夠保持這樣的表現和物質水平，並延續到 2026 年。

Our next question comes from the line of Duffy Fisher, Goldman Sachs.

我們的下一個問題來自高盛的達菲費雪。

Can you help size for me as we've kind of pushed the Chinese out of Europe with ADD, Venator liquidating, how much opportunity or how much volume does that open up for you guys to go after? Same thing for Brazil and India. And then relative to your market shares in those markets, would you expect to be below kind of at your market share or above your market share and winning the business that's kind of foregone by those actions?

鑑於我們已經透過 ADD 和 Venator 的清算將中國企業擠出了歐洲市場，您能否幫我估算市場規模？這對你們來說意味著什麼機會或交易量？巴西和印度的情況也是如此。那麼，相對於你在這些市場的市場份額，你預期你的市佔率會低於還是高於你的市場份額，並贏得那些因這些行動而放棄的業務？

Thanks, Duffy. Yes. I mean our strategy is to grow our share in the fair market markets. And we expect about 800 kilotons around, if you think about all those areas, Europe, India, Brazil. So yes, a great opportunity for us, and we expect to be focused on growing share.

謝謝你，達菲。是的。我的意思是，我們的策略是提高我們在公平市場中的份額。我們預計，如果考慮到歐洲、印度、巴西等所有這些地區，大約會有 800 千噸的放射性物質釋放到這些地區。所以，是的，這對我們來說是一個絕佳的機會，我們預計將專注於擴大市場份額。

Okay. And then could you size for me on your ore inputs, how important is Rio's African operations? As you know, publicly, they've said that they're looking at that you don't know what hands those could end up in potentially maybe a Chinese competitor. So how important is their ore in your operations? And if that fell in the hands of somebody who was a competitor, what would be the needed steps you'd take to offset that?

好的。那麼，您能否根據貴公司的礦石投入量估算一下，力拓在非洲的業務有多重要？如你所知，他們公開表示正在考慮這件事，但你不知道這些資產最終會落入誰手中，或許會落入中國競爭對手手中。那麼，他們的礦石在你們的營運中有多重要？如果這項技術落入競爭對手手中，你會採取哪些措施來抵銷這種影響？

Yes. I mean we have -- our strategy is really around as we've talked about in the past, a really large portfolio of ores that we can accept and the diversity of the way we're able to run our manufacturing plan. So we don't see that as having any material impact on us.

是的。我的意思是，我們的策略正如我們過去所討論的那樣，是圍繞著我們可以接受的非常廣泛的礦石組合以及我們能夠以多樣化的方式運行我們的生產計劃。所以我們認為這不會對我們產生任​​何實質影響。

Our next question comes from the line of Hassan Ahmad, Alembic Global Advisors.

下一個問題來自 Alembic Global Advisors 的 Hassan Ahmad。

Denise and Shane. A question around the net Q4 sort of TT guidance you guys gave. If I read correctly, you guys are guiding to sales declines in the high single digits to low teens. I'm just trying to reconcile that. From the sounds of it, it seems you're looking for sort of maybe low single-digit volume declines -- and I'm just trying to reconcile that with 1 of your larger sort of Western competitors talking about 3% to 5% volume increment sequentially in Q4. I mean is this a geographic footprinting, is this a market share thing? All of the above? I would love clarity around that.

丹妮絲和肖恩。關於你們在第四季提供的 TT 指導，我有一個問題。如果我理解正確的話，你們預計銷售額將出現接近兩位數到十幾的下滑。我只是想弄清楚這件事。聽起來，你們似乎希望銷量出現個位數百分比的下滑——而我只是想把這一點與你們一家規模較大的西方競爭對手所說的第四季度銷量環比增長 3% 到 5% 的情況聯繫起來。我的意思是，這是地理佈局還是市場份額競爭？上述所有的？我希望能對此有更清晰的了解。

Yes. Thanks, Hassan. I mean -- we have -- obviously, from our -- from different competitors, we have different customers, we have strength in different regions. This is what we see where we are, and it's also the strategy that we're executing.

是的。謝謝你，哈桑。我的意思是——顯然，我們——來自不同的競爭對手，我們有不同的客戶，我們在不同的地區都有優勢。這就是我們所處位置的現狀，也是我們正在執行的策略。

Understood. Understood. And as a follow-up, just your thoughts on anti-evolution. I mean since 2023, it seems 1.1 million tons of titanium dioxide capacity has been shuttered. And if I sort of take a look at some of these older subscale facilities, in China, they amount to maybe around 700,000 tonnes. So I mean, what's your thought process around potential shuttering of those 700,000 tons of capacity in China?

明白了。明白了。最後，請問您對反進化論有什麼看法？我的意思是，自 2023 年以來，似乎有 110 萬噸二氧化鈦產能被關閉。如果我看一下中國的一些較老的小型化工廠，它們的產能可能在 70 萬噸左右。所以我的意思是，對於中國可能關閉的70萬噸產能，您有什麼想法？

Yes. I mean, our current belief is that based on the research we've done is that at least $300 million kilotons will be permanently shut down. I would expect and more would shut down, especially as the duties really come into play. I mean, we've seen it in the US. We've seen it in Europe. -- with that, with the duty structure, it really does protect the Western players from the dumping of the Chinese producers. So at least 300 expected to be more.

是的。我的意思是，根據我們目前的研究，我們認為至少有價值 3 億美元的核電廠將永久關閉。我預期會有更多企業倒閉，尤其是在各項職責真正發揮作用的時候。我的意思是，我們在美國已經看到了這種情況。我們在歐洲已經看到了這一點。 ——有了關稅結構，確實可以保護西方企業免受中國生產商傾銷的影響。所以至少有300人，預計還會更多。

And Denise, just to clarify, that $300 million would be incremental to the $1.1 billion that's already been announced, correct?

丹尼斯，我再確認一下，這 3 億美元是在已經宣布的 11 億美元之外新增的，對嗎？

No, it will be inclusive.

不，它將是包容性的。

Our next question comes from the line of Laurence Alexander, Jefferies.

我們的下一個問題來自勞倫斯·亞歷山大·傑富瑞家族。

Could you roll out the comments around destocking and give some perspective as you look back on the year, how much of a net headwind, do you think those kinds of dynamics might have had so that we can think about level setting for 2026 and 2027.

您能否就庫存問題發表一些看法，並回顧過去一年，從某種角度分析一下，您認為這些動態可能產生了多大的淨不利影響，以便我們能夠思考 2026 年和 2027 年的基準設定？

Yes. I mean from the destocking standpoint, it really is on both sides, right? So it's on the producer side. as well as on the -- I would say that is really more kind of third quarter-ish, going maybe a little into the fourth quarter. And then from customer value chain perspective really seeing that in the markets where we serve going into the to the fourth quarter, but let Jane maybe add some color around the numbers.

是的。我的意思是，從去庫存的角度來看，這確實是雙方都有利的，對吧？所以這主要取決於生產方。而且——我覺得這更像是第三季的情況，可能會稍微延續到第四季。然後從客戶價值鏈的角度來看，我們確實看到了我們在所服務的市場進入第四季度的情況，但也許讓簡來補充一些關於這些數字的細節。

Yes. Thanks, Laurence. I mean, obviously, we've seen a volume impact this year since '24 to '25. I think there's a balance there between the destocking we saw in the beginning part of the year and going into the end of the year, but offset by some really good diligence with the commercial team in gaining share. So quantifying such I'd rather not get into at this point, but really it's a balance between the share gains and really the destocking decrease on the other side.

是的。謝謝你，勞倫斯。我的意思是，很明顯，與 2024 年至 2025 年相比，我們今年的銷售量受到了影響。我認為，年初到年末期間的去庫存化與商業團隊在獲取市場份額方面所做的出色努力之間取得了平衡。所以，目前我不想深入探討如何量化這個問題，但實際上，這是股票收益和去庫存減少之間的一種平衡。

And secondly, just on the TT side, can you give sort of an update on how important Architectural Coatings are to the overall profit pool for you?

其次，就TT業務而言，您能否簡單介紹一下建築塗料業務對貴公司整體利潤池的重要性？

Yes. I mean architecting are very important for us. It's about, I would say, 70% of our PC business.

是的。我的意思是，建築設計對我們來說非常重要。我估計，這大約占我們個人電腦業務的 70%。

And then on the refrigerant gases, can you give us a sense for kind of what the next wave after option of refrigerants might look like? And in particular, I guess I'm curious if there's eventually going to be a fluoro gas, that is also sort of engineered to self-destruct sort of to deal with the -- to basically -- like are there ways in fluoropolymers and fluorogases to deal with the forever chemicals by sort of crafting ones with the same functionality but also kind of a vulnerability in certain environments.

那麼關於冷媒氣體，您能否為我們介紹下一代冷媒的發展趨勢？尤其是，我很好奇最終是否會有一種氟化氣體，經過某種工程設計，能夠自毀，從而應對——基本上——氟聚合物和氟化氣體是否有辦法應對永久性化學物質，透過製造具有相同功能但在某些環境下具有某種脆弱性的物質。

Yes. I mean I would say our work around our next-generation refrigerant, I mean this -- in this business, we continue to kind of reinvent the category and our next-generation refrigerant is along those lines, and we're going to continue to innovate even beyond that.

是的。我的意思是，我們圍繞下一代冷媒所做的工作，我的意思是——在這個行業，我們不斷地重塑這個類別，我們的下一代冷媒就是沿著這個方向發展的，而且我們將繼續創新，甚至更進一步。

Our next question comes from the line of Jeff Zekauskas, JPMorgan.

下一個問題來自摩根大通的 Jeff Zekauskas。

When you look at titanium dioxide market, is there a price erosion in the United States as you see it? Or is it really confined to the other geographies?

您認為美國二氧化鈦市場是否有價格下跌的趨勢？還是它真的僅限於其他地區？

Yes. I mean I can really talking about our portfolio, as I said, we've had actually stability in pricing in 2025 in the U.S. Year-over-year, there has been a decline. But as we said this year, we've seen stability, and we're moving forward with a price increase.

是的。我的意思是，就我們的投資組合而言，正如我所說，我們在2025年美國市場的價格實際上一直保持穩定。雖然年比有所下降。但正如我們今年所說，市場已經趨於穩定，因此我們決定漲價。

And in India, do you think that a ruling on the stay of -- stay of the duties will come in the fourth quarter? Or will it take until next year? Or really, nobody can tell.

那麼在印度，您認為關於暫緩徵收關稅的裁決會在第四季出台嗎？還是要等到明年？或者說，其實誰也說不準。

Our current intelligence and thinking is that it will happen by the end of the year.

我們目前的情報和判斷是，這件事將在年底前發生。

Our next question comes from the line of Vincent Andrews, Morgan Stanley.

下一個問題來自摩根士丹利的文森特安德魯斯。

Denise, you sort of referenced earlier in TT that pathway to thrive is sort of being obscured by the challenging demand environment in terms of your profitability. So if you could just bridge us, let's assume that the assets run reliably for a full year where -- how much volume growth do you need before you think we would see sort of the full blossoming of pathway to thrive in the TiO2 segment from a margin perspective.

Denise，你之前在 TT 中提到過，由於盈利能力受到嚴峻的需求環境影響，通往成功的道路變得模糊不清。所以，如果您能幫我們理清思路，假設這些資產能夠可靠地運行一整年——您認為在二氧化鈦領域，從利潤率的角度來看，需要多少銷量增長才能看到其全面蓬勃發展？

Yes. I mean I think that even if you just look at where we are now, I think a modest increase in demand will actually get us on track. We've had some operational issues, which have hindered us in 2025. So you're feeling positive about it going into 2026.

是的。我的意思是，即使只看我們現在所處的位置，我認為需求的適度成長實際上就能讓我們走上正軌。我們在營運方面遇到了一些問題，這阻礙了我們在 2025 年的發展。所以你對2026年充滿信心。

Okay. And then, Shane, if I could ask you, you mentioned the real estate strategy. So I don't know how significant this could be if you want to tell us about some assets you have that maybe you could completely monetize? Or are you just looking to do sale leaseback kind of things and just get stuff off your balance sheet, but maybe just a little detail on that.

好的。然後，肖恩，如果可以的話，我想問一下，你提到了房地產策略。所以，如果你想告訴我們你擁有的一些資產，也許可以完全變現，我不知道這會有多重要？還是您只是想做售後回租之類的事情，把資產從資產負債表上移除？如果是這樣，能否稍微透露一些細節？

Yes, thanks. That was really one of a couple of things that I pointed to as we think about looking at our portfolio and our assets and our infrastructure and just being outside the box to unlock value, right? So I pointed to, obviously, our portfolio optimization pillar, the critical minerals, which Denise just mentioned during the call, as well as the real estate portfolio as we look at strategic areas. I don't want to get into the specifics, but I do think there's areas there that can help us from a cash flow perspective going forward, so as not to disrupt our current cash flow.

好的，謝謝。這正是我在思考如何審視我們的投資組合、資產和基礎設施，並跳脫固有思維模式來釋放價值時所指出的幾個面向之一，對吧？因此，我特別指出，我們的投資組合優化支柱，即關鍵礦產（丹尼斯在電話會議中剛剛提到過），以及我們在專注於策略領域的房地產投資組合。我不想深入探討細節，但我認為從現金流的角度來看，有些方面可以幫助我們，從而不會擾亂我們目前的現金流。

Our next question comes from the line of Roger Spitz, Bank of America.

下一個問題來自美國銀行的羅傑‧斯皮茨。

Can you give us a sense of the impact on industry pricing and volumes when Venator Materials sort of is liquidating their inventory, which we understand has impacted materially Q3 and I'm thinking it's going to take a lot longer than 1 quarter, I presume, for them to liquidate their inventory. I mean, is this something that's going to take them several quarters that we'll see this headwind.

您能否介紹一下 Venator Materials 正在清倉處理庫存時，對產業價格和銷售的影響？據我們了解，這已經對第三季產生了重大影響，而且我認為他們清倉處理庫存所需的時間肯定不止一個季度。我的意思是，這種情況需要他們花好幾個季度才能扭轉，我們才能看到這種逆風。

Thank you. Yes, we don't anticipate several quarters. We really see this probably have kind of coming through in the current quarter from that perspective. I would say just pricing and volume impacts, obviously, was a material impact to us and to the market as we saw in Q3. I don't really want to get into the specific numbers there.

謝謝。是的，我們預計幾個季度內都不會出現這種情況。從這個角度來看，我們確實看到這種情況可能在本季度有所體現。顯然，價格和銷售方面的影響對我們和市場都產生了重大影響，正如我們在第三季所看到的。我不太想透露具體數字。

Got it. And I know you don't owe these 2 technologies, but you will aren't very good with chloride process to 2. So you've got this announcement of [indiscernible] buying mentors, [indiscernible] in the U.K. And I'm wondering if you have guys have any sense of how different or similar the effectively ICI chlorous technology is to the on billions who's using, I understand the PPG's core process technology, like 11 billion is trying to improve that PPG operations is getting their hands on the ICI Corpus enology, something that will help them operate better in China?

知道了。我知道你並不欠這兩項技術，但你對氯化物製程的掌握並不好。所以你們看到了[聽不清楚]採購導師的公告，[聽不清楚]在英國。我想知道你們是否有人了解ICI氯代技術與PPG的核心製程技術（據我了解，PPG正在努力改善其運營，大約有110億美元）有何不同或相似之處？ PPG正在獲取ICI氯代技術，這將有助於他們在中國更好地運作？

Yes. I mean, first of all, this is still hasn't been settled right? And there's many questions around that transaction. All I can say is we understand the technologies in the industry. Our technology is really the premium technology. And from a competitive standpoint, we don't see that as an issue.

是的。我的意思是，首先，這個問題還沒有解決，對吧？關於這筆交易，還有很多疑問。我只能說我們了解業界的各項技術。我們的技術是真正的頂尖技術。從競爭角度來看，我們認為這不是問題。

Our next question comes from the line of Aaron Rosenthal, JPM.

我們的下一個問題來自摩根大通的 Aaron Rosenthal。

I guess I was looking at the 10-Q, and I noticed the commentary on the government shutdown was pretty interesting. Seems like a lot of moving pieces, but is there any risks that implicate anything tied to the HFO transition or anything on the EPA front maybe as it relates to GSS broadly or even in the context of addressing the legacy environmental liabilities? And then maybe if you could also help us frame the magnitude of the potential call it, cash payments or collections that are at risk tied to existing government contracts and anywhere exactly within your portfolio, this would be relevant to.

我當時在看 10-Q 報告，注意到其中關於政府停擺的評論很有意思。看起來牽涉到很多方面，但是否有任何風險，涉及重油過渡或美國環保署方面的任何事項，例如與天然氣供應系統 (GSS) 相關的事項，甚至涉及解決遺留環境責任的事項？如果您還能幫助我們確定與現有政府合約相關的、在您的投資組合中任何位置可能存在風險的現金支付或收款的規模，這將與我們息息相關。

Thanks, Aaron. Yes, relative to the government shutdown and TSS and HFO as we see basically no impact. The market's already transitioned, and we don't see that coming -- that changing Really, from the comments around the EPA, I mean, we've talked about before our fourth pillar around strengthening the long term.

謝謝你，亞倫。是的，相對於政府停擺、TSS 和 HFO 而言，我們基本上看不到任何影響。市場已經轉型，我們看不到任何改變的跡象——真的，從環保署的評論來看，我的意思是，我們之前討論過加強長期發展的第四個支柱。

A lot of it is about advocacy. And we've had an open door talking with various agencies within the government and for us, with it being shut down, has kind of slowed that down a bit. So we're really excited and hoping that they reopen soon so we can really continue to advance that pillar of our strategy. And your last point there as it relates to government business and any perspectives around accounts receivable or cash flow. We don't see any material impacts due to the shutdown.

很多時候都與倡議有關。我們一直與政府內部的各個機構保持開放的溝通管道，但由於政府部門關閉，這在一定程度上減緩了我們的溝通步伐。所以我們非常興奮，希望他們能盡快重新開放，這樣我們才能真正繼續推動我們策略的這一支柱。您最後一點是關於政府業務以及有關應收帳款或現金流的任何觀點。我們認為停工不會造成任何實質影響。

Okay. And then maybe just taking a look at the balance sheet and the upcoming maturities. So following the USD term loan being extended, you still have the neuro piece out there and then the '27 unsecured which presumably will be addressed 12 months out from the May '27 maturity. Will you be approaching these refinancings piece by piece or all at once? And I guess is there any willingness to issue new secured debt to refinance the existing unsecured bonds.

好的。然後或許還可以看一下資產負債表和即將到期的債務。因此，在美元定期貸款延期之後，還有神經系統部分需要處理，然後是 2027 年的無擔保貸款，這筆貸款預計將在 2027 年 5 月到期後的 12 個月內解決。您打算分階段進行這些再融資，還是一次全部進行？那麼，是否有意願發行新的擔保債券來為現有的無擔保債券進行再融資呢？

Yes, thanks. Obviously, we were out in the market, extending the [indiscernible] that side recently, pretty proud of where it closed just given the hard market that we were facing. I think as we look at other expirations coming up on that side, we'll continue to be opportunistic when we hit the market if it allows on that side. I would say, with the near-term notes, right, you mentioned refinancing that 12 months out. we will look -- or differing structures to ensure that those do not come up for -- to be current. So that's kind of where I will lead that from that perspective.

好的，謝謝。顯然，我們最近一直在市場上拓展業務，考慮到當時嚴峻的市場形勢，我們對最終的成交價感到非常自豪。我認為，考慮到那邊還有其他債券即將到期，如果市場允許，我們將繼續伺機而動。我想說，關於短期票據，您剛才提到了12個月後的再融資。我們會考慮採用不同的結構，以確保這些票據不會到期，從而保證其按時償還。所以，從這個角度來說，我就會引導大家討論這個問題。

Great. And then if I could sneak one more in. If you can just remind us what your current secured debt capacity is maybe following that term loan exercise?

偉大的。如果我能再偷偷加一個就好了。如果您能在完成定期貸款作業後，告知我們您目前的擔保債務能力，那就太好了？

Yes. We feel very good about the headroom owner secured side on this side. We have leased 2 turns on that side.

是的。我們對業主這邊的安全空間感到非常滿意。我們在那邊租了兩個轉彎處。

We have reached the end of our question-and-answer session. Thank you for joining the Chemours Third Quarter 2025 Results Conference Call. You may now disconnect.

我們的問答環節到此結束。感謝您參加科慕公司2025年第三季業績電話會議。您現在可以斷開連線了。