Chemours Co (CC) 2025 Q4 法說會逐字稿

Good morning. My name is Carmen, and I'll be your conference operator today. I would like to welcome everyone to the Chemours Company fourth quarter 2025 results conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

早安.我叫卡門，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年第四季業績電話會議。（操作員提示）我提醒各位，本次電話會議正在錄音。

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

現在我謹將會議交給科慕公司副總裁兼策略與投資人關係主管布蘭登‧昂特傑斯。您可以開始會議了。

Good morning, everybody. Welcome to the Chemours Company's fourth quarter 2025 earnings conference call. I'm joined today by Denise Dignam, Chemours's President and Chief Executive Officer, and our Senior Vice President and Chief Financial Officer, Shane Hostetter.

大家早安。歡迎參加科慕公司2025年第四季財報電話會議。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 commerce's SEC filings.

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所述的評論包含前瞻性陳述，這些陳述涉及風險和不確定性，具體內容請參見商務部向美國證券交易委員會提交的文件。

These forward-looking statements are not guaranteed to 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.

這些前瞻性陳述並不保證未來的業績，而是基於對未來事件的某些假設和預期，而這些假設和預期可能不會實現。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'll refer to certain non-GAAP financial measures that we believe are useful to investors in 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 on our website yesterday evening as well. With that, I will turn the call over to Denise Dignam.

此外，我們昨晚也在網站上發布了收益報告。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 a few recent developments across commerce in addition to highlights from our recent performance. I will then turn it over to Shane, who will provide details around our outlook for the first quarter of 2026 and key drivers for the full year ahead.

謝謝你，布蘭登，也謝謝大家的參與。在今天的電話會議上，我將首先討論一些近期商業領域的發展動態，以及我們近期業績的亮點。接下來我將把發言權交給 Shane，他將詳細介紹我們對 2026 年第一季的展望以及未來一年的關鍵驅動因素。

Finally, I will provide updates on our meaningful progress against our pathway to thrive strategy before taking your questions. First, as we shared in January, we have reached an agreement to sell our [Kuanyan] site.

最後，在回答各位的問題之前，我將報告我們在實現繁榮發展策略方面所取得的實質進展。首先，正如我們在1月份分享的那樣，我們已經達成協議出售我們的[寬岩]網站。

Since the shutdown of our titanium dioxide operations at this facility in 2023, we've been actively decommissioning the site and preparing to sell the remaining property. I'm happy to report that the estimated net proceeds of $300 million we expect to receive from the landfill will make a significant impact in reducing our outstanding debt and support our continued progress towards lowering our targeted net leverage below 3 times.

自 2023 年關閉該工廠的二氧化鈦生產業務以來，我們一直在積極拆除該廠址，並準備出售剩餘的土地。我很高興地報告，我們預計將從垃圾掩埋場獲得的 3 億美元淨收益將對我們減少未償債務產生重大影響，並支持我們繼續朝著將淨槓桿率目標降低到 3 倍以下的目標邁進。

I'm proud of our team's effort to get us to this point. Additionally, I want to welcome Mike Foley as the new Business President of TT. In joining Chemours, Mike brings extensive leadership experience in the chemicals industry, running multiple business units with experience centered on operational excellence.

我為我們團隊取得今天的成就而感到自豪。此外，我謹代表 TT 公司歡迎 Mike Foley 出任新的業務總裁。加入科慕公司後，麥克帶來了豐富的化學產業領導經驗，曾管理多個業務部門，並在卓越營運方面擁有豐富的經驗。

As an established leader, I'm confident that Mike will continue to drive improvements in our titanium dioxide business, staying true to our value-based commercial strategy, strengthening reliability across our asset base, and advancing our long-term cost position initiatives.

作為一位經驗豐富的領導者，我相信麥克將繼續推動我們二氧化鈦業務的改進，堅持我們以價值為導向的商業策略，加強我們資產基礎的可靠性，並推進我們的長期成本控制計劃。

Turning to our fourth quarter results, we are pleased with the robust cash flow generated and the ability to drive sales performance within our expectations. Net sales met expectations largely due to TSS achieving record sales driven by continued strong [op-on] adoption and consistent commercial performance across all divisions.

展望第四季業績，我們對強勁的現金流以及實現預期銷售業績的能力感到滿意。淨銷售額達到預期，主要得益於 TSS 創紀錄的銷售額，這得益於持續強勁的 [op-on] 採用率和所有部門持續穩定的商業表現。

We posted solid earnings overall. However, for the APM business, due to near term and market weakness, we shifted our focus to promote cash flow as the quarter progressed, resulting in certain non-cash charges and the sale of certain products to reduce inventory levels.

我們整體獲利狀況良好。然而，對於 APM 業務而言，由於短期市場疲軟，隨著季度的推進，我們調整了重點，以促進現金流，導致產生一些非現金支出，並出售某些產品以降低庫存水準。

These decisions enabled us to make meaningful steps towards driving cash flow while setting a foundation for improved earnings as we get deeper into 2026. While these incremental costs resulted in us just missing the low end of our earnings range, we are pleased with our ability to generate strong quarterly free cash flow of $92 million which we believe is more reflective of Chemours longer-term cash generation potential to drive value for our shareholders.

這些決策使我們能夠採取有意義的措施來推動現金流，同時為2026年及以後的獲利成長奠定基礎。雖然這些新增成本導致我們未能達到預期的獲利目標，但我們對能夠產生強勁的季度自由現金流（9,200萬美元）感到滿意，我們認為這更能反映科慕公司長期現金創造潛力，從而為股東創造價值。

With this background, I'd like to provide some additional context on our business level performance. Our TSS business reported a fourth quarter record for [Opt4] on sales with double-digit growth of 37% compared to the prior year quarter in line with our expectations.

基於以上背景，我想就我們業務層面的績效提供一些補充說明。我們的 TSS 業務第四季 [Opt4] 銷售額創歷史新高，與去年同期相比成長了 37%，達到兩位數，符合我們的預期。

Overall, TSS's top-line increase was primarily due to higher pricing and moderate volume increases supported by a favorable mix for Op-on refrigerant blends driven by the US AIX residential HVAC equipment transition and opportunistic sales for certain freon refrigerants.

總體而言，TSS 的營收成長主要歸功於更高的價格和適度的銷售成長，這得益於美國 AIX 住宅 HVAC 設備轉型推動的 Op-on 冷媒混合物的有利組合以及某些氟利昂冷媒的銷售機會。

This could not have been achieved without the TSS team's excellent commercial execution, which resulted in new sales opportunities and efficient use of our quota allowances. TSS had record annual sales in 2025, despite a year with subdued shipped HVAC units in the residential stationary OEM market.

如果沒有 TSS 團隊出色的商業執行力，這是不可能實現的，這帶來了新的銷售機會，並有效利用了我們的配額。儘管 2025 年住宅固定式 OEM 市場的 HVAC 設備出貨量低迷，但 TSS 在 2025 年仍創下了年度銷售額紀錄。

Additionally, these efforts led to overall annual Optian refrigerant growth of 56%, making up 75% of total refrigerant sales in 2025, up from 56% the year before. TSS's topline success helped to drive annual adjusted EBITDA margins of 32%, up from 31% in the prior year. Despite additional costs of approximately $22 million in liquid cooling and next generation refrigerants R&D investment over the same period.

此外，這些努力使得 Optian 冷媒的年總銷量成長了 56%，到 ​​2025 年將佔冷媒總銷量的 75%，高於前一年的 56%。TSS 營收成長帶動年度調整後 EBITDA 利潤率從前一年的 31% 成長至 32%。儘管同期在液體冷卻和下一代冷媒研發方面的額外投資成本約為 2,200 萬美元。

Moving to TT. In the fourth quarter, the TT team had strong execution with our top-line performance results coming in line with our expectations and our adjusted EBITDA remaining ahead due to stabilized pricing and cost performance. While we continue to operate in a more tepid global market, experiencing volume seasonality in certain key markets, we have maintained a strong resolve in implementing our pricing efforts across all key markets.

移至 TT。第四季度，TT 團隊執行力強勁，營收業績符合預期，調整後的 EBITDA 也因價格和成本的穩定而保持領先。儘管我們仍在較為疲軟的全球市場中運營，並且在某些主要市場經歷了銷售季節性波動，但我們仍然堅定地在所有主要市場實施我們的定價策略。

To these efforts and our pricing announcement in December, we experienced pricing stability between the third and fourth quarter, laying the groundwork for continued pricing strength in 2026. We are confident in our conviction of a value-based commercial strategy and remain resolute in this approach.

憑藉這些努力以及我們在 12 月公佈的價格，我們在第三季和第四季之間實現了價格穩定，為 2026 年價格持續走強奠定了基礎。我們對以價值為導向的商業策略充滿信心，並將堅定不移地堅持這一方針。

Our overall objective to drive improved operational and longer-term cost performance remains unchanged. Consistent with that, we shared in the third quarter, we have calibrated our production expectations to be more closely aligned with anticipated market conditions, and we continue to challenge what we can control, including improvements on all our costs while continuing to prioritize cash flow generation in the business.

我們提高營運效率和長期成本效益的總體目標保持不變。與此一致，正如我們在第三季度所分享的，我們已調整了生產預期，使其與預期的市場狀況更加緊密地結合起來，我們將繼續挑戰我們能夠控制的因素，包括改善所有成本，同時繼續優先考慮業務中的現金流產生。

As part of our recent strategic portfolio management initiatives for TT, we commenced a restructuring of our mining operations in early January, including the temporary idling of one of our mines in North Florida and transitioning to a third-party earthmoving contractor. This revised approach will support our overall cost efforts and promote improved cash generation.

作為我們近期針對 TT 的策略性投資組合管理舉措的一部分，我們在 1 月初開始重組我們的採礦業務，包括暫時停產我們在佛羅裡達州北部的一座礦山，並過渡到第三方土方工程承包商。這項修訂方案將有助於我們降低整體成本，並促進現金流的改善。

Shifting over to APN. While our cash flow driven changes weighed on our earnings results this quarter, the decisions we made strengthened our cash generation even as we navigated headwinds in certain cyclically sensitive end markets, notably in auto and industrial construction, which we believe will stabilize as we get into early next year.

切換到APN。雖然本季現金流變動對我們的獲利業績造成了壓力，但我們所做的決定增強了我們的現金產生能力，即使我們在某些​​週期性敏感的終端市場（特別是汽車和工業建築）面臨不利因素，我們相信這些市場將在明年初趨於穩定。

Entering the first quarter of 2026, the APM Business in Performance Solutions observed a strengthening order book, particularly within the semiconductor sector, which shows preliminary signs of recovery. Additionally, growth was noted in data center materials and other key markets.

進入 2026 年第一季度，APM 性能解決方案業務的訂單量有所增加，尤其是在半導體領域，該領域已出現初步復甦跡象。此外，資料中心材料和其他重點市場也出現了成長。

In January, Washington Works, a key manufacturing facility, experienced a disruption that necessitated a temporary shutdown, limiting our capacity. This event was traced to equipment affected by a local utility service outage in August, which is integral to our [fluoro] polymer supply chain and involves complex chemical processing technology.

1 月份，作為一家重要的製造工廠，華盛頓工廠遭遇了生產中斷，不得不暫時停產，這限制了我們的產能。此次事件的起因是 8 月當地公用事業服務中斷導致設備故障，而該設備是我們 [氟]聚合物供應鏈的重要組成部分，涉及複雜的化學加工技術。

Although operations have now resumed, the unplanned outage coincided with challenging winter weather, resulting in delays to the restart. Our strategy has always included additional work on these assets planned for Q1 of 2027. Despite less than ideal earlier timing, these efforts are critical to ensuring long-term reliability and establishing operational stability to meet improving demand for APM's performance solutions products.

雖然目前營運已經恢復，但這次計劃外的停駛恰逢惡劣的冬季天氣，導致重啟工作有所延誤。我們的策略一直包括計劃在 2027 年第一季對這些資產進行更多開發工作。儘管早期的時機並不理想，但這些努力對於確保長期可靠性和建立營運穩定性至關重要，以滿足對 APM 性能解決方案產品不斷增長的需求。

Lastly, I would like to briefly address corporate level performance, which demonstrated a significant decrease in expenses compared to the same quarter last year. This cost reduction reflects ongoing effort in expense management and underscores the progress achieved through our operational excellence pillar as part of the Pathway to Thrive strategy.

最後，我想簡要談談公司層面的業績，與去年同期相比，公司支出大幅下降。此次成本降低反映了我們在費用管理方面持續努力，並突顯了我們透過卓越營運支柱所取得的進展，這是我們「蓬勃發展之路」策略的一部分。

With that, I'll turn it over to Shane to walk through our first quarter outlook and key drivers for the full year 2026.

接下來，我將把麥克風交給 Shane，讓他來介紹我們第一季的展望以及 2026 年全年的關鍵驅動因素。

Thank you, Denise, and good morning everyone. As we shared in the earnings materials available on our investor website, I now would like to discuss our expectations for the first quarter and factors that will drive our business as we look ahead.

謝謝你，丹妮絲，大家早安。正如我們在投資者網站上發布的收益資料中所分享的那樣，我現在想討論一下我們對第一季度的預期以及展望未來將推動我們業務發展的因素。

Beginning with TSS, for the first quarter, we project net sales to rise sequentially in the mid-20% to 30% range, primarily attributable to favorable seasonal trends and continued growth in Op-on refrigerants, where we are also forecasting a sequential increase of 30% to 40% in the first quarter.

首先是 TSS，我們預計第一季淨銷售額將環比增長 20% 至 30%，主要歸功於有利的季節性趨勢和 Op-on 冷媒的持續增長，我們也預測 Op-on 冷媒第一季將環比增長 30% 至 40%。

This sustained double-digit [opp-on] refrigerant expansion is expected to be driven by the continued regulatory adoption associated with government mandates under the US AI Act.

預計這種持續兩位數的冷媒價格上漲將受到美國人工智慧法案下政府強制措施相關的監管措施持續推進的影響。

Adjusted EBITDA for TSS is also anticipated to grow sequentially, ranging from $170 million to $185 million, also driven by seasonality and the continued transition to our [Opton] stationary refrigerants.

受季節性因素和持續向[Opton]固定式冷媒過渡的影響，TSS的調整後EBITDA預計也將環比增長，達到1.7億美元至1.85億美元。

As we look beyond the first quarter, we expect year over year double-digit growth for [opt-own] refrigerants to continue into the second quarter of 2026, but we'll then begin to normalize the more typical seasonal patterns in the second half of the year as year over year comparison points will reflect the regulatory-driven market demand we saw in late 2025.

展望第一季之後，我們預計 [自有] 冷媒的同比兩位數增長將持續到 2026 年第二季度，但隨後我們將在下半年開始使更典型的季節性模式正常化，因為同比比較點將反映出我們在 2025 年末看到的監管驅動的市場需求。

Additionally, we believe that pricing strength stemming from favorable pricing mix for Opton blends and opportunistic pricing in freon refrigerants will continue into 2026. Also, we expect benefits from cost out efforts throughout 2026, including our recent Corpus Christi capacity expansion, which will be partially offset by increased raw material costs, primarily due to [R32], a key component of our stationary refrigerants.

此外，我們認為，Opton 混合物有利的價格組合以及氟利昂冷媒的機會性定價所帶來的價格優勢將持續到 2026 年。此外，我們預計 2026 年全年成本削減工作將帶來收益，包括我們最近在科珀斯克里斯蒂的產能擴張，但部分收益將被原材料成本的增加所抵消，這主要是由於 [R32] 的增加，它是我們固定式冷媒的關鍵成分。

Overall, we anticipate that the confluence of these factors will underpin strong sales and earnings growth for TSS in 2026, with consistent overall margins compared to that of 2025. For our TT business, we expect sequential net sales to decrease in the low to mid single-digits percentage range in the first quarter.

總體而言，我們預計這些因素的匯合將支撐 TSS 在 2026 年實現強勁的銷售額和盈利增長，並且與 2025 年相比，整體利潤率將保持穩定。對於我們的 TT 業務，我們預計第一季淨銷售額將環比下降個位數百分比（低至中等）。

In our recent reporting, we split out our mineral sales from our [TIU] to pigment sales to provide greater visibility in line with recent strategic decisions.

在我們最近的報告中，我們將礦物銷售額從 [TIU] 中拆分出來，與顏料銷售額分開，以提供更清晰的可見性，這與最近的策略決策一致。

In the first quarter, we anticipate that our mineral sales will be down 60% sequentially driven by sales timing and the impacts from the recent changes in mining efforts, while our [TIO2] pigment sales are expected to be down in the low single-digits.

預計第一季度，受銷售時機和近期採礦工作變化的影響，我們的礦物銷售額將環比下降 60%，而我們的 [TIO2] 顏料銷售額預計將出現個位數的下降。

The slight anticipated decline in [TIU2 pigment] sales during the first quarter is due to weaker seasonal volumes in non-Western markets, which will offset the volume increases we expect in Western markets, supported by our global pricing efforts as highlighted in the previous quarter across all of our regions.

第一季 [TIU2 顏料] 銷售量預計略有下降，這是由於非西方市場的季節性銷售疲軟所致，這將抵消我們在西方市場預期的銷售成長，而西方市場的銷售成長得益於我們在上一季在所有地區採取的全球定價措施。

Our global pricing improvement is driven by our pricing announcement in December of last year, which we have seen signs of strong adoption globally as we continue to demonstrate our value-based commercial strategy within our TT segment.

我們全球價格的改善得益於去年 12 月的價格公告，我們已經看到全球範圍內對該價格公告的積極響應，因為我們將繼續在 TT 領域展示我們以價值為導向的商業策略。

It is our expectation that overall average global pricing for [TIU2] pigment should be generally in line with the prior year quarter. For the first quarter, we expect TT's adjusted EBITDA to be between breakeven and $5 million.

我們預計 [TIU2] 顏料的全球平均價格總體上應與上一季持平。我們預計 TT 第一季的調整後 EBITDA 將在損益兩平點至 500 萬美元之間。

This low level of EBITDA is due to the timing of mineral sales paired with an additional approximately $17 million of net costs we expect in the quarter tied to inventory and or mix as well as overall impacts from low plant utilization. The combined force of these near-term impacts is expected to result in higher net costs for the quarter. However, TT is positioned to grow earnings and cash flow during the year.

EBITDA 水準較低是由於礦產銷售的時間安排，以及我們預計本季與庫存和/或產品組合相關的約 1,700 萬美元淨成本，以及工廠利用率低的整體影響。預計這些短期影響的綜合作用將導致本季淨成本上升。然而，TT有望在年內實現盈利和現金流的成長。

Beyond the first quarter, we see a year where our top-line will be driven by positive TIO2 pricing trends across regions and stabilized volumes in Western markets, followed by non-Western markets as the year progresses. For pricing, we've already seen expected increases start to take form through stabilized Q4 pricing, which has reflected growth into 2026.

除第一季外，我們預計全年營收將主要受各地區二氧化鈦價格上漲趨勢和西方市場銷量穩定成長的推動，隨後非西方市場也將逐步跟上。在定價方面，我們已經看到預期的成長開始透過第四季度的穩定定價形成，這反映了到 2026 年的成長。

Our portfolio and operational initiatives will continue to drive improved earnings as the year progresses, with a clearer realization of important cost savings efforts becoming more visible, further underpinned by improved cash generation.

隨著年度的推進，我們的投資組合和營運措施將繼續推動獲利成長，重要的成本節約措施也將更加清晰地顯現出來，並進一步得到現金流改善的支持。

Now for our EPM business. In the first quarter, we expect net sales to decrease in the high 10s percentage range sequentially due to sustained market weakness combined with customer timing and constraints from the Washington works outage.

現在來說說我們的EPM業務。第一季度，由於市場持續疲軟，加上客戶時間表和華盛頓工廠停工帶來的限制，我們預計淨銷售額將季減 10% 以上。

Adjusted EBITDA is projected to range from break-even to $5 million primarily due to the previously referenced outage at the Washington Works facility. This outage is expected to result in a negative impact of $20 million to $25 million for the quarter, with most of this effect attributable to restricted sales associated with the facility's interruption.

調整後的 EBITDA 預計在盈虧平衡點至 500 萬美元之間，這主要是由於先前提到的華盛頓工廠停工造成的。預計此次停產將對本季造成 2,000 萬至 2,500 萬美元的負面影響，其中大部分影響是由於該設施中斷導致的銷售受限。

As Denise noted earlier, the plant has returned to normal operations and will be a key contributor to the improved earnings we anticipate in APM throughout the rest of 2026. Specifically, we see a return to more profitable quarters for APM after the first quarter of 2026 with progressively improved sales and earnings as we move further into the year.

正如 Denise 先前指出的那樣，該工廠已恢復正常運營，並將成為 APM 在 2026 年剩餘時間內預期獲利成長的關鍵貢獻者。具體而言，我們預計 APM 在 2026 年第一季之後將恢復獲利能力，隨著一年中時間的推移，銷售額和收益將逐步提高。

While the overall top-line will include lower net sales due to the closure of the Advanced Materials SBS capstone line in 2025, we plan to replace those lost sales with an increase of specialty focused performance solutions products with higher bottom line contributions.

雖然由於先進材料 SBS 旗艦生產線於 2025 年關閉，整體營收將有所下降，但我們計劃透過增加專注於高性能解決方案的特種產品來彌補這些損失的銷售額，這些產品的利潤貢獻更高。

Although we are facing constraints from our outage, demand remains strong in the semiconductor and data center and markets, which are driving current and anticipated sales growth of our performance solutions products. These are sectors where we see tremendous inroads for APM's chemistry to help enable the growth and adoption of artificial intelligence across global economies.

儘管我們因停電而面臨一些限制，但半導體和資料中心市場的需求仍然強勁，這推動了我們性能解決方案產品當前和預期的銷售成長。在這些領域，我們看到了 APM 化學的巨大潛力，它可以幫助促進人工智慧在全球經濟中的發展和應用。

While we expect some negative cost effects to carry over slightly into our second quarter, we plan to counter these through increased operations at our Washington work site and the increased realization of existing and continued cost reduction efforts as production improves.

雖然我們預計一些負面的成本影響會略微延續到第二季​​度，但我們計劃透過增加華盛頓工作地點的運營，以及隨著生產改善而不斷提高現有和持續的成本削減措施的實施效果來抵消這些影響。

While the year did not begin as we had planned, we are confident that APM. will finish strong in 2026 as we work to recover lost volume, run our plant circuit at elevated levels, and continue to drive commercial and operational excellence.

雖然今年開局不如預期，但我們相信，隨著我們努力恢復損失的銷量，提高工廠產能，並繼續推進商業和營運方面的卓越發展，APM 將在 2026 年取得強勁的收官。

Through these initiatives, we anticipate adjusted EBITDA to be slightly higher than 2025 levels, while cash generation will see meaningful improvement. On a consolidated basis, we anticipate our first quarter net sales to increase in the range of 3% to 5% sequentially with consolidated adjusted EBITDA expected to range between $120 million to $150 million.

透過這些舉措，我們預計調整後的 EBITDA 將略高於 2025 年的水平，同時現金流也將顯著改善。從合併層級來看，我們預計第一季淨銷售額將較上季成長 3% 至 5%，合併調整後的 EBITDA 預計在 1.2 億美元至 1.5 億美元之間。

Also, we anticipate corporate expenses to range between $45 million and $50 million.

此外，我們預計公司支出將在 4,500 萬美元至 5,000 萬美元之間。

Our capital expenditures for the first quarter are expected to be in the range of $50 million with free cash flow reflecting a use of cash not to exceed $100 million.

我們預計第一季的資本支出將在 5,000 萬美元左右，自由現金流反映的現金使用量不會超過 1 億美元。

For the full year 2026 at a consolidated level, we anticipate overall net sales growth to be between 3% and 5%. And adjusted EBITDA to range from $800 million to $900 million, primarily driven by increased TSS and ATM performance solutions demand, expected pricing strength in TT, and further benefits of more pronounced cost realizations in TT and APM throughout the year.

我們預計 2026 年全年合併淨銷售額成長率將在 3% 至 5% 之間。調整後的 EBITDA 預計在 8 億美元至 9 億美元之間，主要得益於 TSS 和 ATM 效能解決方案需求的成長、TT 的預期定價優勢，以及 TT 和 APM 在全年更明顯的成本實現所帶來的進一步收益。

Additionally, we expect capital expenditures to be between $275 million and $325 million with free cash flow conversion to be above 25%, supported by improved earnings and working capital improvements that we expect to realize as the year progresses.

此外，我們預計資本支出將在 2.75 億美元至 3.25 億美元之間，自由現金流轉換率將超過 25%，這得益於我們預計隨著年內推進而實現的盈利改善和營運資本改善。

As we advance into 2026, we remain committed to executing our pathway to Thrive Strategy and are focused on prioritizing a platform of robust cash flow generations annually going forward via various initiatives across all areas of the company. We view these cash flow efforts to be based in driving clear performance goals across our cash conversion cycle, which we are already seeing take forward.

展望 2026 年，我們將繼續致力於執行我們的“蓬勃發展戰略”，並專注於透過公司各個領域的各種舉措，優先打造一個每年都能產生強勁現金流的平台。我們認為這些現金流量的努力旨在推動整個現金轉換週期內明確的績效目標，而我們已經看到這些目標正在取得進展。

These initiatives will take time to fully implement, but we believe improved cash generation in 2026 serves as a starting point where we anticipate further free cash flow expansion in the future. Through these efforts, coupled with approximately $300 million in net proceeds from the sale of our [Kuanyin] facility, which will be used to reduce our debt, we anticipate our net leverage ratio to be below 4 times adjusted EBITDA by the end of 2026.

這些措施需要時間才能全面實施，但我們相信，2026 年現金流的改善將是一個起點，我們預計未來自由現金流將進一步擴大。透過這些努力，再加上出售我們[冠音]工廠所得的約 3 億美元淨收益（將用於減少我們的債務），我們預計到 2026 年底，我們的淨槓桿率將低於調整後 EBITDA 的 4 倍。

This is a key milestone that further positions us to achieve our long-term objective of a net leverage ratio below 3 times adjusted EBITDA across economic cycles. Given these perspectives on the first quarter and full year 2026, I'd like to now hand the call back over to Denise to share her thoughts and perspectives on our strategic execution under Pathway to Thrive.

這是一個重要的里程碑，進一步鞏固了我們實現長期目標的實力，即在整個經濟週期中，淨槓桿率低於調整後 EBITDA 的 3 倍。鑑於對 2026 年第一季和全年的這些看法，我現在想把電話交還給 Denise，讓她分享她對我們在「通往繁榮之路」戰略執行方面的想法和看法。

Thank you, Shane. As we look ahead to 2026, it is important to build upon the substantial strategic progress achieved in 2025. Our pathway to Thrive strategy remains central to how we make decisions, allocate capital, and conduct our business operations, and I believe our team has demonstrated notable success in delivering results across every pillar of the strategy.

謝謝你，肖恩。展望 2026 年，重要的是要鞏固 2025 年的重大策略進展。我們的「蓬勃發展」策略仍然是我們決策、資本分配和業務運營的核心，我相信我們的團隊在實現該戰略各個支柱的成果方面都取得了顯著的成功。

Starting with operational excellence, we continue to advance disciplined work in driving cost out and making meaningful step change improvements in how we operate. We fulfilled our commitments for 2025, delivering at least $125 million of gross controllable cost savings.

從卓越營運入手，我們不斷推動嚴謹的工作，降低成本，並在營運方式上實現有意義的變革性改進。我們履行了 2025 年的承諾，實現了至少 1.25 億美元的可控成本節約。

While these efforts have been more visible at the corporate level and through SG&A, we believe that this work will become more clear as operational levels improve, primarily across our TT and APM businesses this year.

雖然這些努力在公司層面和透過銷售、一般及行政費用 (SG&A) 更為明顯，但我們相信，隨著營運水準的提高，這項工作將變得更加清晰，尤其是在今年我們的 TT 和 APM 業務方面。

In the case of TSS, our focus on operational excellence and controllable cost improvements has been concentrated around the completion of capacity expansion efforts at [Corpus Christi]. This expansion represented a sizable capital investment made in late 2024, and it established a foundation for TSS to further vertically integrate and reduce reliance on third-party YF purchases.

就TSS而言，我們對卓越營運和可控成本改進的關注主要集中在完成產能擴張工作。[基督聖體]。此次擴張代表 2024 年底的一筆可觀的資本投資，並為 TSS 進一步垂直整合和減少對第三方 YF 採購的依賴奠定了基礎。

Well this has provided benefits in 2025. Over time this will provide a substantial cost upside for TSS in support for increased customer demand in connection with the global low GWP transition. More recently, we formally rolled out the comm's business system, which we have established to embed lean principles to reduce waste and drive increased productivity across the organization.

這在2025年帶來了好處。隨著時間的推移，這將為 TSS 帶來巨大的成本優勢，以滿足全球低 GWP 轉型帶來的不斷增長的客戶需求。最近，我們正式推出了公司業務系統，該系統旨在融入精實原則，以減少浪費並提高整個組織的生產力。

Our team is energized by this effort, which we are already actioning across our manufacturing circuit. Our enabling growth pillar is where we continue to demonstrate the strength of our market positions and the value of our innovation.

我們的團隊深受這項工作的鼓舞，我們已經在整個生產流程中開始實施。我們實現成長的關鍵支柱在於，我們不斷展現我們強大的市場地位和創新的價值。

As we've shared, TSS delivered another great year, breaking quarterly records as adoption of our Opton refrigerants accelerates. We also made meaningful progress towards commercializing our two-phase liquid cooling solution, including the qualification of a fluid by Samsung Electronics and the start of a manufacturing agreement with Naveen Fluorine, where we are targeting initial commercial production in the third quarter of 2026.

正如我們之前分享的，TSS 又取得了輝煌的一年，隨著我們的 Opton 冷媒的普及，季度記錄不斷刷新。我們在兩相液冷解決方案的商業化方面也取得了實質進展，包括三星電子對冷卻液的認證，以及與 Naveen Fluorine 簽訂製造協議，我們的目標是在 2026 年第三季開始商業化生產。

Our liquid cooling and next generation refrigerant growth opportunities reflect important ventures serving as long-term growth opportunities where we look to continue to invest at a rate of roughly $5 million per quarter.

我們在液冷和下一代冷媒領域的成長機會反映了重要的長期成長機遇，我們計劃繼續以每季約 500 萬美元的速度進行投資。

These ongoing investments also contribute to expanding our overall presence in high value data center and semiconductor and markets where we are experiencing sustained growth and continued order book strength in APN's performance solutions products, particularly in high purity PFA sales.

這些持續的投資也有助於擴大我們在高價值資料中心和半導體市場的整體影響力，在這些市場中，APN 的性能解決方案產品，特別是高純度 PFA 的銷售，正經歷著持續增長和訂單量的持續強勁。

Furthermore, we anticipate that TSS's double-digit data center growth achieved in 2025 will persist and serve as a catalyst for increased refrigerant sales. Across our businesses, we are sharpening commercial effectiveness and investing selectively where our differentiators position us to win and support long-term growth.

此外，我們預計 TSS 在 2025 年實現的兩位數資料中心成長將持續下去，並成為冷媒銷售成長的催化劑。在我們的各項業務中，我們正在提高商業效率，並有選擇地投資於我們的差異化優勢能夠讓我們贏得市場並支持長期成長的領域。

Turning to portfolio management, we made decisive progress across the portfolio to drive significant economic value to commerce. Outside of the [Kuanyan] site sale and the restructuring of mining efforts in our TT business, we continue to advance our European asset review, which will extend into 2027.

在投資組合管理方面，我們在整個投資組合中取得了決定性的進展，為商業創造了巨大的經濟價值。除了出售 [寬岩] 礦址和重組我們在 TT 業務中的採礦工作外，我們將繼續推進我們的歐洲資產審查，該審查將持續到 2027 年。

After completing the APM SPS capstone business exit in 2025, we are now announcing the closure of our Villa Saint Paul site in France, originally intended for additional hydrogen development. This decision aligns our industrial operations with current market demand.

在 2025 年完成 APM SPS 的旗艦業務退出後，我們現在宣布關閉位於法國的 Villa Saint Paul 工廠，該工廠最初計劃用於進一步開發氫能。這項決定使我們的工業運作與當前市場需求保持一致。

Moving now to the significant progress made under our strengthening the long-term pillar, which includes reaching a proposed judicial consent order with the state of New Jersey. This milestone provides greater clarity for our stakeholders and reflects our continued commitment to advancing measurable progress in resolving legacy liabilities in close partnership with our MOU partners.

現在讓我們來看看我們在加強長期支柱方面取得的重大進展，其中包括與新澤西州達成一項擬議的司法同意令。這項里程碑為我們的利害關係人提供了更清晰的認識，也體現了我們與諒解備忘錄合作夥伴緊密合作，並持續致力於在解決遺留債務方面取得可衡量的進展。

With responsible manufacturing at the center of how we deliver essential chemistry, we also reported strong progress against our 2030 corporate responsibility commitment goals. At the same time, independent government level assessments, including from the EU Industry Research and Energy Committee and the US Department of War, reinforced the essential role fluoropolymers and gasses play across critical industries.

我們以負責任的生產方式為核心，致力於提供必要的化學品，並在實現 2030 年企業責任承諾目標方面取得了顯著進展。同時，包括歐盟工業研究和能源委員會以及美國戰爭部在內的獨立政府層面的評估，也強調了含氟聚合物和氣體在關鍵產業中扮演的重要角色。

Building on Shane's remarks, our recent efforts have positioned us to generate more cash with our previous working capital headwinds clearly behind us. Going forward, we aim to grow earnings, improve free cash flow conversion, and continue deleveraging.

基於 Shane 的發言，我們最近的努力使我們能夠產生更多現金，而先前面臨的營運資金困境已徹底消除。展望未來，我們的目標是提高獲利能力，改善自由現金流轉換率，並持續降低槓桿率。

As we close out 2025 and look ahead to our opportunities in front of us, I want to emphasize thatcommmos is focused on executing with discipline across every pillar of Pathway to Thrive, and we believe by remaining dedicated to doing the hard work now, it will provide strong returns to our shareholders through long-term stable value creation.

在 2025 年即將結束，展望未來機會之際，我想強調，commos 致力於在「通往繁榮之路」的各個支柱上嚴格執行，我們相信，透過現在繼續努力工作，將透過長期穩定的價值創造為我們的股東帶來豐厚的回報。

The progress we've made gives me great confidence in our trajectory. I want to thank our employees for the focus, resilience, and commitment they have demonstrated throughout 2025. With the talent, technology, and portfolio we have today and the clarity of strategy guiding us and confident in our ability to deliver for customers, communities, and shareholders in 2026 and beyond.

我們所取得的進展讓我對我們的發展方向充滿信心。我要感謝我們的員工在 2025 年所展現的專注、韌性和奉獻精神。憑藉我們目前擁有的人才、技術和產品組合，以及清晰的策略指導，我們有信心在 2026 年及以後為客戶、社區和股東創造價值。

Thank you for your continued support. With that, I'd like to open the line for your questions.

感謝您一直以來的支持。接下來，我想接受大家的提問。

(Operator Instructions) Pete Osterland, Trust Securities.

（操作說明）皮特‧奧斯特蘭，信託證券。

Hey, good morning. Thanks for taking the questions. I just wanted to start on the TT segment. Could you share some more detail on the assumptions for TiO2 volume growth that are embedded in your 2026 guidance? What do you expect the global industry to grow volumes at this year? And how would you expect your volume growth to compare to the industry average?

嘿，早安。謝謝您回答問題。我只想先開始計時賽部分。能否詳細說明一下您在 2026 年預測中對 TiO2 產量成長所做的假設？您預計今年全球產業銷售將成長多少？您預計您的銷售成長與行業平均相比如何？

Sure.

當然。

Hi Peter, thanks for the question. I would say our outlook is that demand is stable and there's not major demand triggers. Our outlook is really based on, we announced a price increase in December. We've seen, I'll say strong yield. Of that price increase we talk about flat pricing from Q3 to Q4, flat year over year pricing as we head into Q1 we feel really good about that, so that's kind of how we see it progressing stabilized demand with our pricing power.

嗨，Peter，謝謝你的問題。我認為，市場前景穩定，沒有重大的需求觸發因素。我們的前景實際上是基於我們在12月份宣布的價格上漲。我們已經看到，可以說，收益非常可觀。對於價格上漲，我們預計從第三季到第四季價格將保持不變，與去年同期相比，進入第一季後價格也將保持不變，我們對此感到非常滿意，因此我們認為，憑藉我們的定價能力，需求將趨於穩定。

Great, thanks. And then just, switching gears I just wanted to follow-up on your comments on your legacy liabilities. Do you have a lot of sight for meaningful progress towards resolving what you have left during 2026? Any key items or dates to be watching out for this year that you could share?

太好了，謝謝。然後，我換個話題，想就您之前提到的歷史遺留債務問題再補充一點。您對在 2026 年解決剩餘問題方面取得實質進展有何展望？今年有什麼需要特別注意的重要事項或日期可以分享嗎？

Sure, yeah, we've made, significant progress in the fourth, our fourth pillar, strengthening the long-term, we're really proud of the work that was done in with New Jersey.

當然，是的，我們在第四大支柱——加強長期發展方面取得了重大進展，我們為與新澤西州合作完成的工作感到非常自豪。

Really kind of laid a framework.

實際上，它奠定了一個框架。

For how hopefully you can see how we're going to progress going forward.

希望大家能從中看到我們未來的發展方向。

You know the two other areas where we're focused and you know continue to make progress in our West Virginia facility as well as in North Carolina so you know I would expect, to hear additional information relative to those facilities as we progress the year.

您知道我們關注的另外兩個領域，以及我們在西維吉尼亞州和北卡羅來納州的工廠，都持續取得進展，因此，隨著時間的推移，我預計會聽到有關這些工廠的更多資訊。

Great. Thanks very much.

偉大的。非常感謝。

Thank you.

謝謝。

Thank you. John Roberts, Mizuho.

謝謝。約翰·羅伯茨，瑞穗銀行。

Thank you. It seems like there are a lot of mixed effects running through the APM segment. Maybe you could peel apart some of the different end markets there to let us know how much some are down and where some of the strength is.

謝謝。APM 領域似乎受到了許多複雜因素的影響。或許你可以把那裡的一些不同終端市場細分一下，讓我們來了解哪些市場下滑了多少，哪些市場表現強勁。

Yeah, thanks, John, I mean, as we said, I said in my prepared comments, things like, auto industrial, production, those things are down flat, but there's a real, opportunity in our performance solutions, portfolio of products if you think about PFA and the expansion that we did in our Teflon. Product line there's a lot of demand related to the AI search and the build out of data centers which is also, building out the semicon and all of the demand for.

是的，謝謝約翰。我的意思是，正如我們所說，正如我在準備好的評論中所說，像汽車工業、生產等行業都大幅下滑，但是，如果我們考慮 PFA 以及我們在特氟龍領域的擴張，我們的性能解決方案產品組合中就存在著真正的機會。產品線方面，與人工智慧搜尋和資料中心建置相關的需求很大，同時，半導體建置以及所有相關需求也很大。

Additional memory, that those chips will need so it's really, I would say in those in that area really a pull of the from the AI side.

這些晶片需要額外的內存，所以我認為這方面確實需要人工智慧的支援。

And I, my understanding is there's still some more maintenance to be done in 2027 on Washington Works. Why not pull all of the 2027 maintenance into whatever downtime you've got here in the March quarter of 2026.

據我了解，華盛頓工程在 2027 年還有一些維護工作要做。為什麼不把 2027 年的所有維修工作都集中在 2026 年 3 月季度的停機時間內進行呢？

Yeah, actually, thanks for the question. All of the, we have regular, turnaround, so that's something that is, that happens, every 3 years at our site. So we had already had that plan for the beginning of next year. We actually pulled all the maintenance, related to, the situation, the disruption INR January forward.

是的，其實，謝謝你的提問。我們所有的設備都有定期的周轉，所以這是我們工廠每 3 年都會進行一次的維護和保養工作。所以，我們早在明年年初就制定了那個計畫。實際上，我們把與此情況、中斷相關的所有維護工作都提前到了 1 月。

So we've actually taken scope out of that turnaround. There's still more work to do. It's just a regular turnaround.

所以，我們實際上已經從這個轉變中排除了範圍。還有很多工作要做。這只是正常的周轉時間。

But yeah, we have pulled that that forward and really you know, our decision was we wanted to have, really reliable operations and to make sure, we did not that particular issue that hit us last summer did not continue to pull us pull us down. We really wanted to make sure we had stable operations so I would call it more of a the turnaround, more of a tune up, versus significant, maintenance work that would drive stability.

是的，我們已經把這件事提前了，你知道，我們的決定是，我們想要真正可靠的運營，並確保去年夏天襲擊我們的那個特定問題不會繼續拖垮我們。我們真的想確保營運穩定，所以我更願意稱之為一次調整，一次檢修，而不是一次能帶來穩定性的重大維護工作。

Thank you. Arun Viswanathan, RBC Capital Markets.

謝謝。Arun Viswanathan，加拿大皇家銀行資本市場。

Great, thanks for taking my question. Hope you guys are well. I guess my first question is just on the Q1 and the full year guide. So, the midpoint for Q1 is [135], looks like the full year midpoints [850]. Maybe you can just talk a little bit about, how, what are some of the bridge items, as you move into Q2. Imagine obviously there's seasonality for both TSS and TIO2, that's pretty pronounced in Q2 and Q3, but, I guess I'm just curious what else we should think about. There were some disruptions that you had. Last year in the middle of the year as well, obviously it's in your assumption that those don't repeat, maybe you can just understand how you, plan to see that uplift from, say, the [135 to maybe a 200] number or so for the middle of the year. Thanks.

太好了，謝謝你回答我的問題。希望你們一切都好。我的第一個問題是關於第一季和全年的業績指南。所以，第一季的中點是[135]，看起來全年的中點也是。[850]或許您可以稍微談談，在進入第二季時，有哪些過渡性專案需要完成。顯然，TSS 和 TIO2 都存在季節性，在第二季和第三季尤其明顯，但我只是好奇我們還應該考慮哪些其他因素。你那邊出現了一些幹擾。去年年中也是如此，顯然你的假設是這些情況不會重演，也許你可以理解你計劃如何看到年中出現這樣的增長，例如從 135 到 200 左右。謝謝。

Thanks Arun. Yeah, we have full confidence in our full year guide, as I said in the prepared comments, we expect earnings growth in All three of our businesses. I'm going to turn it over to Shane to give you a bit of the walk.

謝謝阿倫。是的，我們對全年業績指引充滿信心，正如我在準備好的評論中所說，我們預計我們所有三個業務部門的盈利都將增長。接下來我將把麥克風交給肖恩，讓他帶你走一小段路。

Hey Arun, yeah, so specific to kind of you got the midpoints brain in Q1 and your end guides, and then you really, as we looked at Q2, right, just thinking through what happened in Q1, we are looking at, the low, ranges of 0 to 5 and TT and APM that is inclusive of, some what I'll call unusual items, specific to APM. We had the Washington Works outage of roughly [$20 million to $25 million] of an impact. And then for TT we had roughly 17 million of, inventory and really mixed areas around the [orar].

嘿 Arun，是的，所以具體來說，你在第一季度中期就掌握了關鍵點，你的最終指南也是如此，然後當我們審視第二季度時，對吧，回顧第一季度發生的事情，我們看到的是 0 到 5 的低範圍，以及 TT 和 APM，其中包括一些我稱之為不尋常的項目，這些項目是專門針對 APM 的。華盛頓電力公司停電造成了約 2,000 萬至 2,500 萬美元的影響。然後，對於TT來說，我們大約有1700萬的庫存，而且週邊地區的情況非常複雜。[orar]

So, as you think about that with the midpoint of the guy in the first quarter, the 40 million in addition to that one-time items going into next year or going to the second quarter, it's a good start off. Then, as you pointed out, it's really seasonality.

所以，考慮到第一季中點的 4000 萬美元，再加上明年或第二季的一次性項目，這是一個好的開始。正如你所指出的，這確實是季節性因素造成的。

It's really strength in our refrigerants and opt down business. It's getting the price, in the fact that Denise had earlier talked about in TT and continuing that momentum as well as pricing over TSS. And we're going to continue to control what we can control across each one of our businesses and getting costs out across in that side, which is going to progress as the year goes on as well.

這確實是我們冷媒的優勢所在，也是我們選擇降低業務成本的關鍵。價格方面，正如 Denise 之前在 TT 中談到的那樣，並且延續了這種勢頭，以及 TSS 的定價。我們將繼續控制我們各項業務中可以控制的因素，並降低這方面的成本，隨著時間的推移，這一目標也將持續推進。

Okay, great, thanks for that. And then, as a follow-up just on the free cash flow, you noted that, obviously your teams did a lot of good work in Q4 to harvest some of that, especially in APM could you just, maybe walk us through, I guess, Denise, you may have mentioned that, $92 million is more reflective of the quarterly run rate of cash flow generation. So, is it also the implication is that, you feel comfortable that free cash flow could, eclipse $300 million or $350 million as you go through the year. Thanks.

好的，太好了，謝謝。然後，關於自由現金流，您提到，顯然您的團隊在第四季度做了很多出色的工作來獲取其中的一些資金，尤其是在APM方面。您能否為我們詳細介紹一下，我想，Denise，您可能提到過，9,200萬美元更能反映季度現金流的運行速度。所以，這是否也意味著，您認為今年的自由現金流可以超過 3 億或 3.5 億美元？謝謝。

Yeah, Run, why don't I take that one. Yeah, first of all, very proud of, the team and what we've done, at the NC4 ending the year, driving free cash flow over our high end of our range.

是啊，Run，我為什麼不接下這個任務呢？首先，我為團隊和我們所做的一切感到非常自豪，NC4 在年底前實現了我們高端產品系列的自由現金流。

As we look ahead, Denise talked about the normalization, thinking through what the cash generation capabilities of this business are, we're really thinking that as reflective of a full year, as you would probably know, right, we are seasonal as it relates to working capital, and I mentioned in my script that in Q1 we don't anticipate, over $100 million of outflow, but we do anticipate an outflow in Q1. Give him working capital, seasonality, but for the full year we wholeheartedly stand by the above 25% free cash flow guide, and we feel comfortable in attaining that. So really excited, for the capabilities of the team and really driving through cash conversion through unlocking further working capital and really hitting the mark on earnings to generate that cash flow in '26.

展望未來，丹尼斯談到了正常化，思考了這項業務的現金創造能力，我們確實認為，正如您可能知道的那樣，就全年而言，我們的營運資本具有季節性，我在稿子中提到，我們預計第一季度不會有超過 1 億美元的資金流出，但我們確實預計第一季度會有資金流出。考慮到營運資金和季節性因素，我們全年都堅持上述 25% 的自由現金流指導原則，我們有信心實現這一目標。我真的非常興奮，對團隊的能力充滿信心，相信能夠透過釋放更多營運資金來真正推動現金轉化，並在2026年實現盈利目標，從而產生現金流。

Thanks a lot.

多謝。

Thank you. Duffy Fischer, Goldman Sachs.

謝謝。達菲費雪，高盛集團。

Yeah, good morning guys. First question is just on TC. Can you walk through the three geographies that have, some anti-dumping activities going on in India, Brazil, and Europe, and just what have you seen in those areas already from those anti-dumping actions and what do you think is still left on to come for the Western, players?

是的，各位早安。第一個問題只涉及TC。您能否分別介紹一下印度、巴西和歐洲這三個正在進行反傾銷活動的地區，以及您從這些地區的反傾銷行動中看到了什麼，您認為西方國家未來還有哪些挑戰？

Hey Duffy thanks for the, thanks for the question. I mean we see that there is, we're seeing benefits from the anti-dumping duties. If you look at Brazil, we see, really high, duties, really good, market for us out of our Mexico facility. So, really feel very good about that. India, you, I'm sure you know there's been a little bit of back and forth. We're confident that those duties are going to come back, but it's just a process that has to come through. We've seen in Europe that obviously we've had some uplift in Europe. There has.

嘿，達菲，謝謝你的提問。我的意思是，我們看到反傾銷稅確實帶來了好處。如果你看看巴西，你會發現關稅很高，但對我們墨西哥工廠來說，這是一個非常好的市場。所以，對此我真的感覺非常好。印度，我相信你也知道，雙方之間有過一些拉鋸戰。我們相信這些職責終將恢復，但這需要一個過程。我們已經看到，歐洲的情況顯然有所改善。有。

Been some currency.

曾經是一些貨幣。

Changes since this dumping went in, which gives some benefit to Chinese producers, but it's not anything that is going to dramatically change our view of Europe.

自從傾銷政策實施以來，情況發生了一些變化，這對中國生產商來說有一定的好處，但這並不會從根本上改變我們對歐洲的看法。

Fair enough. And then, jumping to TSS, can you walk us through what impact has, kind of the bringing online of [Corpus Christi] been, either, increased costs is it's ramping, and then what's left as far as benefit is that plant fully fills out?

很公平。然後，我們來談談 TSS，您能否為我們介紹一下 [Corpus Christi] 投產後帶來的影響，例如成本增加、產能提升，以及工廠全面投產後還能帶來哪些好處？

Yeah, so what we talked about in our before with with the TSS is that it was going to be a two year ramp, so you know you could see last year we talked about improvement in margin, that comes from cost out as well as as well as price so we saw started seeing some improvement. Last year, the second half of that facility will be ramping up this year. So--we'll continue to see improvement there the technology we have is the lowest cost technology in the world, so we feel really good about the tailwinds that we're going to get from that facility.

是的，我們之前和TSS討論過，這將是一個為期兩年的過渡期，所以你知道，去年我們談到了利潤率的提高，這來自成本削減和價格調整，所以我們開始看到一些改善。去年，該設施的第二期工程將在今年全面投入生產。所以——我們將繼續看到那裡的改進，我們擁有的技術是世界上成本最低的技術，所以我們對將從該設施獲得的順風感到非常樂觀。

Great. Thank you guys.

偉大的。謝謝大家。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Hey guys, you have [James Cannon] on for Josh.

嘿，各位，今天由[James Cannon]代替Josh上場。

I wanted to touch back on the or mix impact that's flowing through in TT this quarter. I know there's some noise around some legacy purchase contracts, and I was wondering, I think, I think the last one of those continues to run through, I think this year or next year. Is any of that something that we should be modeling continuing, or is it something that should be contained in the first quarter?

我想再談談本季在TT中出現的混合影響。我知道一些遺留採購合約引起了一些爭議，我想知道，我認為，我認為最後一份合約會繼續有效，我想可能是今年或明年。這些內容我們應該繼續模擬嗎？還是應該限制在第一季？

Yeah, I would say that from the for the first quarter the change in or mix was really related to the winter, interruption and the need to consume higher grade ore. You'll definitely, as you've said, we had two contracts, long standing contracts that were unfavorable. One is completed, one is finished, and we're.

是的，我認為第一季產品組合的變化確實與冬季、生產中斷以及需要消耗更高品位的礦石有關。正如你所說，我們確實有兩份合同，都是對我們有不利影響的長期合約。一個完成了，一個結束了，我們。

We're working through the second contract right. Now we have, laser focus. On our input costs in the TT business so you will continue to see that Improving over the year. We also talked about our restructuring that we've done in our minds in in in by taking down one mine's all aimed towards lowering our input costs one of the primary costs that go into our plans and actually a competitive advantage for us.

我們正在處理第二份合同，對吧？現在我們擁有了雷射般的專注力。由於我們在TT業務中的投入成本，您將會看到這種情況在一年內持續改善。我們也談到了我們內部的重組，透過關閉一座礦山，我們旨在降低投入成本，這是我們計劃中的主要成本之一，也是我們的競爭優勢。

Okay. Got it. And then on the just to follow-up on the freon side it seemed like you called out some opportunistic sales that drove a pretty solid sequential in the quarter. My math gets me to a first quarter guy that has continued growth there.

好的。知道了。然後，關於氟利昂方面，您似乎指出了一些機會主義銷售，這些銷售推動了該季度相當穩健的環比增長。我的計算結果顯示，第一季業績持續成長的球員將會脫穎而出。

Can you just talk through what you expect on that side of the business without the the transition happening this year and no step downs as far as I'm aware.

您能否談談您對公司這方面業務的期望，假設今年不會進行過渡，而且據我所知也不會有人下台。

Yeah, thanks for the question. I'm pretty happy with, some of the tailwinds we saw in the fourth quarter related to the [Freon], business. As we look ahead, in my script, I mentioned, really thinking through the tailwinds of pricing around both [Afon and Freon], and, we can look at '26 and see that continuing. So, we're really proud of both, the execution on the Optan side and Freon side in '25, and we'll continue to execute and grow in both next year.

謝謝你的提問。我對我們在第四季度看到的與[氟利昂]業務相關的一些利好因素感到非常滿意。展望未來，我在劇本中提到，要認真考慮 [Afon 和 Freon] 價格上漲的利好因素，我們可以看看 2026 年，並看到這種情況繼續下去。所以，我們對 2025 年 Optan 和 Freon 兩方面的執行情況都感到非常自豪，明年我們將繼續在這兩方面取得進展並實現成長。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Hassan Ahmed, Alembic Global Advisors

Hassan Ahmed，Alembic Global Advisors

Morning, Denise and Shane. Just wanted to revisit some of the questions asked earlier on TT, particularly as it pertains to you guys' volumes. You obviously, reported volume declines in Q4, and, the volumes aren't looking that great for Q1 as well.

早安，丹妮絲和肖恩。我想重新討論一下之前在 TT 上提出的一些問題，特別是與你們的銷售有關的問題。顯然，你們報告第四季銷量下降，而且第一季的銷量看起來也不太樂觀。

And I'm just trying to sort of think through the anti-dumping duty side of things, the four countries slash regions in particular, where those anti-dumping measures have been announced. I mean, if I sit there and think through.

我只是想弄清楚反傾銷稅方面的問題，特別是已經宣布實施反傾銷措施的四個國家所在的地區。我的意思是，如果我坐在那裡仔細思考一下。

For lack of a better way of putting it, the volume that is up for grabs, it's around 800,000 tons, right? So I mean what is baked into that $80 million to $900 million EBITDA guidance that you guys have given in terms of any potential anti-dumping related market share gains for you.

簡單來說，可供爭奪的總量大約是 80 萬噸，對吧？所以我的意思是，你們給出的 8000 萬至 9 億美元的 EBITDA 預期中，是否包含了任何潛在的反傾銷相關的市場份額增長。

Yeah, Hassan, thanks for the question. When you think about us and TT for the year.

是的，哈桑，謝謝你的提問。想想我們和TT這一年。

We're really focused on executing on our price increase, and, I know you're smart and you can figure it out, kind of put the pieces of the puzzle together, we are really focused on our pricing. Our pricing was.

我們目前正全力以赴地執行提價計劃，我知道你很聰明，能夠理解其中的緣由，把所有細節拼湊起來，我們確實非常重視定價。我們的定價是。

A Global price increase, all regions there's no mixed impact, so you know while you know we talk about the duties and they clearly have been helpful, we're really focused on delivering value and creating value for this business through our pricing efforts.

全球價格上漲，所有地區均未受到混合影響，所以你知道，雖然我們談到了關稅，而且關稅顯然起到了幫助作用，但我們真正關注的是透過我們的定價努力為這項業務創造價值和提供價值。

But I mean just any sort of guidance in terms of, the market may, typically grows at 2% to 3%. I mean, will you be in line with the market? Will you be better than the market in terms of volume growth?

但我的意思是，任何關於市場可能成長的指導意見，通常情況下，市場成長率為 2% 到 3%。我的意思是，你會與市場保持一致嗎？你們的銷售成長會優於市場平均嗎？

Yeah, we are projecting a stable market. I don't think anyone, sees any big, reason to expect significant growth. Again, we're focused on value and our pricing and with stable volumes, maybe I'll kind of take it up a level too, we have, I've talked about, seeing growth. Our businesses throughout the year, we're super proud of what we've accomplished with our TSS business, we're coming off a record quarter, a record year, strong foundation, if you look at, what we've been able to do, we have a leading market position it was owing. Ends in the aftermarket and you know we're really close to our customers and and we we are you know in very very well positioned for growth this year in in TSS additionally as we talked about with ATM so we looked at the AI trend we also you know see great opportunity for growth there as well.

是的，我們預期市場將保持穩定。我認為沒有人會覺得有什麼充分的理由期待會顯著成長。再次強調，我們專注於價值和定價，而且銷量穩定，也許我也會把它提升到更高的水平，正如我之前所說，我們已經看到了成長。在過去一年中，我們為 TSS 業務的成就感到無比自豪。我們剛剛經歷了創紀錄的季度和創紀錄的年度，擁有堅實的基礎。看看我們所取得的成就，我們已經佔據了市場領先地位，而這正是我們應得的。最終目標是售後市場，你知道我們與客戶的關係非常密切，而且我們今年在TSS方面也處於非常有利的成長地位。此外，正如我們之前在ATM方面討論的那樣，我們也關注了人工智慧的發展趨勢，並看到了這方面的巨大成長機會。

Understood and as a follow-up, Denise, if you don't mind just sticking to the TT side of things. I mean, a lot of folks, you guys included, had talked about, 1.1 million tons of capacity rationalizations since 2023. Are you guys still comfortable with that figure? And what are you guys seeing in terms of potential rationalizations in China on the back of anti-evolution?

明白了。丹妮絲，作為後續，如果你不介意的話，就只討論 TT 這邊的事情吧。我的意思是，包括你們在內，很多人都討論過，自 2023 年以來，產能合理化將減少 110 萬噸。你們現在還覺得這個數字合適嗎？你們認為中國在反進化論的脈絡下，可能有哪些合理化解釋？

Yeah, I mean, we're so confident in that. I mean those announcements were made. They're all public. We feel confident in that. As far as additional with anti-evolution, we really can't speak to that at this point. We all know that we've seen much more than that.

是的，我的意思是，我們對此非常有信心。我的意思是，那些公告已經發布了。它們都是公開的。我們對此充滿信心。至於反進化論方面，我們目前還無法對此發表評論。我們都知道，我們看到的遠不止這些。

Thank you so much, Denise.

非常感謝你，丹妮絲。

Thank you. John McNulty, BMO Capital Markets.

謝謝。John McNulty，BMO資本市場。

Hey, good morning. This is Kalevo for John.

嘿，早安。這是給約翰的Kalevo。

I was just hoping you could provide a little bit more color on what would get you to the high end of your range and the low end of your range.

我只是希望您能更詳細地說明一下，是什麼因素會使您達到收入範圍的高端和低端。

For the full year.

全年。

Sure, thanks, Gle. As I think about the range of possibilities here, I think it really depends upon a couple of things. The high end, depending upon, market, evolution, how the actual economic, returns comes, if there's further, rate cuts, for instance, and that really has impacts on, the overall market, I would say the other parts on the high end is really.

當然，謝謝你，格萊。當我思考這裡可能出現的各種情況時，我認為這實際上取決於幾個因素。高端市場的表現取決於市場發展、實際經濟回報情況，例如，如果進一步降息，這確實會對整個市場產生影響。我認為高端市場的其他部分確實如此。

Just overall, cost out, and thinking through, where the net inflation and cost improvements go on that side, I would say then finally would be really continued execution on the pricing side, and broader adoption across the businesses. I would say on the low end of the range, continued to thinking through, the cost inputs, and thinking through if there's additional cost that we're not seeing right now, as we kind of evolve throughout the year. I would stay on the opposite side of what I just said, if there's less price receptivity, going through there, and then I would say on the other area is if there's, any thoughts around volume depression, on adaptation that side.

總而言之，從成本角度來看，仔細考慮淨通膨和成本改善的去向，我認為最終的關鍵在於繼續在定價方面執行，並在各個業務部門中更廣泛地採用。我會說，在較低的範圍內，我們會繼續仔細考慮成本投入，並考慮是否存在我們目前尚未看到的額外成本，因為我們將在這一年中不斷發展變化。如果價格接受度較低，我會堅持我剛才所說的相反觀點；另一方面，如果出現銷量下滑，我會考慮如何適應。

Yeah maybe I'll just add on to that.

嗯，或許我會補充一些內容。

I think you know we've been, we're.

我想你知道我們一直都是這樣。

Focused on the things.

專注於事物本身。

We can control.

我們可以控制。

So I would say, the market would be the, really, a key variable in that.

所以我認為，市場才是真正關鍵的變數。

Okay, that's helpful. And then for TSS in the over the past couple years you've seen the benefit of the aim A and then the A2L transition, going forward.

好的，這很有幫助。然後，在過去幾年裡，TSS 已經看到了 A 目標和 A2L 過渡帶來的好處，並將繼續向前發展。

How do you see the growth algorithm for that business kind of playing out and especially relative to your previous commentary for like mid to high single-digit sales growth over the longer-term.

您如何看待該業務的成長演算法，特別是與您之前關於長期中高個位數銷售成長的評論相比？

Yeah, thanks for the, thanks for that question. So I would say coming into the first part of this year, we still see significant growth from the HFO.

謝謝你的提問。所以我認為，進入今年上半年，我們仍然可以看到HFO的顯著成長。

Transition whether it's.

是否過渡。

Additional units.

附加單元。

The, the.

這，這。

Mix of HFC.

HFC混合物。

Versus HFO.

與HFO相比。

Units that.

單位。

Get sold.

賣出去。

As well as, replenishing inventory that was drawn down in the fourth quarter, so we see that, through the first half of the year.

此外，我們還補充了第四季度消耗的庫存，因此，我們在今年上半年看到了這種情況。

One thing to keep in mind is this is a pretty.

需要記住的一點是，這是一個相當不錯的。

Depressed market when it comes to the.

市場低迷。

Residential segment so.

住宅領域也是如此。

You know we see as.

你知道我們看到的是。

New units is is is are put on and as as the housing market picks up you know we see we see substantial growth. There so we will continue to grow in line with the residential segment but the other areas to to to to focus on our you know our growth in in data centers and chillers and some of the other spaces where we participate.

隨著新房不斷建成，房地產市場也逐漸回暖，我們看到了顯著的成長。因此，我們將繼續與住宅領域同步發展，但其他領域我們將專注於資料中心、冷水機組以及我們參與的其他一些領域的成長。

That's okay. Thanks for the call.

沒關係。謝謝你的來電。

Thank you.

謝謝。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Thank you and good morning. I just kinda want to follow-up on that a little bit. Could you talk about what your residential HVAC customers are doing? It seems like they're reducing production, for various reasons. Is that leading to a destock from you?

謝謝，早安。我只是想再補充一點。您能談談您的住宅暖通空調客戶在做什麼嗎？看來他們正在減產，原因有很多。這是否會導致你們減持庫存？

And can you help us understand how much of that mix, how much of your mix that is now versus other parts of the TSS business, whether it's data centers or aftermarket, and how much those, are going to contribute, this year volumetrically. .

您能否幫助我們了解一下，目前您的業務組合中，資料中心或售後市場等其他業務部分佔多大比例，以及這些業務今年在銷售上將貢獻多少？。

Thanks for the, the.

謝謝你。

Question, Vincent.

問個問題，文森。

Yeah, I mean, first of all I want to say that you know we have hopefully we've we've established a lot of credibility, in this business to this point and what we see, going forward it kind of laid out, what we thought was, and what we believe is going to happen, as we enter this year so we do see, our customers, actually inventory was drawn down in the fourth quarter so we do see some. Some of that, coming back, in the first half of the year as well as the HFO, the HFC, the HFO.

是的，我的意思是，首先我想說，我們希望我們已經在這個行業建立了相當多的信譽，到目前為止，我們看到，展望未來，它已經大致規劃好了我們認為將會發生的事情，以及我們相信今年將會發生什麼。因此，我們確實看到，我們的客戶，實際上，庫存已在第四季度有所下降，所以我們確實看到了一些。其中一些將在上半年回歸，還有HFO、HFC、HFO。

Transition of.

過渡。

The mix of what gets sold to customers, we also see on that the aftermarket that comes with those installations. So, we see solid growth, especially, we, we'll talk about the first half there, double.

我們看到，除了銷售給客戶的產品組合之外，還有這些產品安裝後帶來的售後市場。所以我們看到了穩健的成長，尤其是上半年，我們來談談上半年的情況，成長了一倍。

Digit growth for.

數字增長。

The space.

空間。

Okay, and Shane, if I could ask you on the cash flow, the target to do at least 25% conversion this year, what are, the things that are inhibiting you, in 2026, from doing better than that, from getting up to, say, 40 or 50% conversion, I noticed there were some line items for full year 25, whether it was, an inventory build or your payables went down a couple $100 million and also a fair amount of movement and. And accrued liabilities and other liabilities which you know I know is below the working capital line but maybe you can just help us reconcile some of the important lines on the cash flow statement this year and what's going to help you year over year and and what's going to inhibit you.

好的，Shane，關於現金流，我想問一下，今年的目標是至少實現 25% 的轉換率，那麼到 2026 年，有哪些因素會阻礙你做得更好，比如說達到 40% 或 50% 的轉換率呢？我注意到 2025 年全年的一些項目，可能是庫存增加，也可能是應付帳款減少了數億美元，還有其他一些變動。還有應計負債和其他負債，我知道它們低於營運資本，但也許您可以幫我們核對今年現金流量表上的一些重要項目，以及哪些因素會對您逐年有利，哪些因素會阻礙您。

Yeah, thanks, first, we put out that at least 25%, and I really feel comfortable with that, and we will obviously strive to be more than 25%, as we go forward into 26.

是的，謝謝。首先，我們至少實現了 25% 的目標，我對此感到非常滿意。當然，隨著我們邁向 26 年，我們肯定會努力超過 25%。

Specific to the areas that I would keep in mind, the story of a lot is around inventory and getting our DIOs approved. We do, earlier there was a question around contracts and TT that, are going to wane through the year. Unfortunately that is. I, a headwind, coming into the year because that is mandated, high grade war that we have to fight against, but we feel very confident even though we will have additional or, put on that, throughout each one of the businesses will have inventory reductions outside of that. So I think the inventory is a big story. I think navigating, as you just mentioned, other areas around cash conversion and driving up DPO, as well as being efficient on the collections is certainly areas. Is that we'll focus on and then you know coming forward I really feel that, the cap x, in this company is going to increase year over year but that's really around we talked about plan maintenance activities or tars in the year so that is going to, kind of impact our free cash flow in the given year compared to last year as well. So all in all, I think really the story here is we're controlling what we control really feel confident in that 25% number really will drive ahead to get them even more into the year.

就我而言，需要特別注意的領域，很多事情都與庫存以及如何獲得 DIO 批准有關。的確，之前曾有關於合約和TT的問題，這些問題將在今年逐漸減少。很遺憾，情況確實如此。今年伊始，我們面臨著逆風，因為這是一場強制性的、高強度的戰爭，我們必須與之對抗，但我們仍然充滿信心，儘管我們將面臨額外的或額外的挑戰，或者說，每個業務部門都會減少庫存。所以我認為庫存狀況是一個大問題。我認為，正如你剛才提到的，在現金轉換和提高應收帳款週轉天數 (DPO) 以及提高收款效率等方面進行管理，肯定也是需要關注的領域。我們將重點關注這一點，然後你知道，展望未來，我真的覺得這家公司的資本支出將會逐年增長，但這實際上是圍繞著我們討論過的年度計劃維護活動或TARS，因此，與去年相比，這也將對我們當年的自由現金流產生一定影響。總而言之，我認為關鍵在於我們掌控著我們能夠掌控的事物，並對25%這個數字充滿信心，並相信這將有助於他們在今年取得更大的成功。

Thank you. Jeff Sekoskas, JPMorgan. Please proceed.

謝謝。Jeff Sekoskas，摩根大通。請繼續。

Thanks very much.

非常感謝。

In the titanium dioxide segment, actually your revenues in North America and in Europe were flat to up, the issue was in Asia, where for the year, your revenues went from, roughly 660 to 465. So you're down 30% in Asia.

在二氧化鈦領域，實際上你們在北美和歐洲的收入持平或有所增長，問題出在亞洲，你們在這一年的收入從大約 660 下降到 465。所以你在亞洲的跌幅達到了30%。

What happened in Asia?

亞洲發生了什麼事？

And where's that business going?

那家公司未來的發展方向是什麼？

Yeah, so I mean as we've talked about, our strategy is we're.

是的，我的意思是，正如我們之前討論過的，我們的策略是…

Focusing on the.

專注於。

Fair.

公平的。

Trade.

貿易。

Markets and there's been in India, in particular, so I mean that was a trend that was happening for us as we moved towards the fair trade markets and, India, there was a pullback, and on the tariffs, so, as I said, we're confident it's going to come through, but, it's, I'll say it's temporary.

市場，尤其是在印度，一直存在這種情況。我的意思是，當我們向公平貿易市場轉型時，這對我們來說是一個趨勢。在印度，關稅有所回落，所以，正如我所說，我們相信它會好轉，但我認為這只是暫時的。

Okay, so, secondly, there's a focus on free cash flow generation and basically if you look at comms from, I don't know, 2019, your inventories used to be 11 and now they're 16 and even this year they're up 7%.

好的，其次，重點是自由現金流的產生。基本上，如果你看看2019年左右的通訊數據，你的庫存以前是11，現在是16，即使是今年也成長了7%。

And your revenues over that from 2019 to 2025 are up about 5%. Inventories are up 50%.

2019 年至 2025 年，您的收入將成長約 5%。庫存增加了50%。

What's all that inventory? Is it titanium dioxide? Is it something else? Why do your inventories keep growing and what can you do about it?

這些庫存都是什麼？它是二氧化鈦嗎？是別的什麼事嗎？為什麼您的庫存持續成長？您可以採取哪些措施來解決這個問題？

Backs for the question, Jeff. I think certainly it's obviously that we are carrying more inventory than we need right now, from that side, and we'll own to that, when you look at back to 2 2019, as you mentioned, we're different business right now, as we think about TSS, with Corpus Christi up and running in other areas, so you can't really look at the past trends, but I own up to, the fact that their inventory is an area that we are concerned. To reduce, certainly, as I mentioned, earlier on the call, we have contracts to take a pay contracts with the high, higher or that, it's areas that we don't necessarily need but we can use, so that some of that, that's put on there. But I would say across each one of the businesses, that we're carrying too much inventory and we have stretched goals in 26 and beyond to get it back to more normalized levels on that area.

傑夫，這個問題我回答得很好。我認為很明顯，我們目前的庫存量確實超過了實際需要，這一點我們承認。回顧 2019 年 2 月，正如您所提到的，我們現在的業務與之前不同了，因為 TSS 的 Corpus Christi 已經在其他地區投入運營，所以不能再直接參考過去的趨勢了。但我承認，他們的庫存是我們關注的一個面向。當然，為了減少，正如我之前在電話會議上提到的，我們有合約來支付高額費用，或者說，是那些我們不一定需要但可以利用的領域，所以其中一些費用會被計入。但我想說的是，就我們各個業務而言，我們的庫存都過多，我們在 2026 年及以後都設定了具有挑戰性的目標，以使該領域的庫存恢復到更正常的水平。

Right. Thanks very much.

正確的。非常感謝。

Thank you. So we have reached the end of our Q&A session.

謝謝。我們的問答環節到此結束。

Thank you for joining the cam's fourth quarter 2025 results conference call. You may now disconnect.

感謝您參加 CAM 2025 年第四季業績電話會議。您現在可以斷開連線了。