Clean Harbors Inc (CLH) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Clean Harbors fourth quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael McDonald, General Counsel for Clean Harbors. Mr. McDonald, you may begin.

各位好，歡迎參加 Clean Harbors 2025 年第四季財務業績電話會議。（操作說明）提醒各位，本次會議正在錄音。現在，我很高興向大家介紹主持人邁克爾麥克唐納，他是 Clean Harbors 的總法律顧問。麥克唐納先生，您可以開始了。

Thank you, Christine, and good morning, everyone. With me on today's call are our Co-Chief Executive Officers, Eric Gerstenberg and Mike Battles; our EVP and Chief Financial Officer, Eric Dugas; and our SVP of Investor Relations, Jim Buckley. Slides for today's call are posted on our Investor Relations website, and we invite you to follow along.

謝謝你，克里斯汀，大家早安。今天與我一起參加電話會議的有我們的聯合首席執行官埃里克·格斯滕伯格和邁克·巴特爾斯；我們的執行副總裁兼首席財務官埃里克·杜加斯；以及我們的投資者關係高級副總裁吉姆·巴克利。今天電話會議的幻燈片已發佈在我們的投資者關係網站上，歡迎您關注。

Matters we are discussing today that are not historical facts are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Participants are cautioned not to place undue reliance on these statements, which reflect management's opinions only as of today, February 18, 2026. Information on potential factors and risks that could affect our results is included in our SEC filings. The company undertakes no obligation to revise or publicly release the results of any revision to the statements made today other than through filings made concerning this reporting period.

我們今天討論的並非歷史事實的事項，根據 1995 年《私人證券訴訟改革法案》的定義，屬於前瞻性陳述。參與者請注意，不要過度依賴這些聲明，這些聲明僅反映管理階層截至 2026 年 2 月 18 日的意見。有關可能影響我們業績的潛在因素和風險的資訊已包含在我們提交給美國證券交易委員會的文件中。除透過與本報告期間相關的備案文件外，本公司不承擔任何義務對今天作出的聲明進行修訂或公開披露修訂結果。

Today's discussion includes references to non-GAAP measures. Clean Harbors believes that such information provides an additional measurement and consistent historical comparison of its performance. Reconciliations of these measures to the most directly comparable GAAP measures are available in today's news release on our Investor Relations website and in the appendix of today's presentation. Let me turn the call over to Eric Gerstenberg to start. Eric?

今天的討論將涉及非GAAP指標。Clean Harbors 認為，此類資訊可以對其業績進行額外的衡量和一致的歷史比較。這些指標與最直接可比較的 GAAP 指標的調整表可在我們投資者關係網站今天的新聞稿和今天簡報的附錄中找到。讓我把電話交給艾瑞克‧格斯滕伯格先來。艾瑞克？

Thanks, Michael. Good morning, everyone, and thank you for joining us. Starting off with safety. We concluded a record year of safety in 2025 by delivering a total recordable incident rate of 0.49 which is well below the prior year and industry-leading. Safety underpins everything we do at Clean Harbors, and I've outlined the many benefits on prior calls, such as reputation, teamwork, employee retention and cost savings.

謝謝你，麥可。各位早安，感謝各位的參與。首先要考慮安全問題。2025 年，我們取得了創紀錄的安全業績，總可記錄事故率為 0.49，遠低於上一年，處於行業領先地位。安全是我們 Clean Harbors 一切工作的基石，我在先前的電話會議中已經概述了安全帶來的許多好處，例如聲譽、團隊合作、員工留任和成本節約。

Most importantly, though, it is about sending our team home safe to their families at the end of each day. To everyone on the team listening today, we appreciate all that you did this year and every day to keep yourself and your colleagues safe.

但最重要的是，確保我們的團隊成員每天結束時都能安全回家與家人團聚。今天在座的各位團隊成員，我們感謝你們今年以及每一天為保障自己和同事的安全所做的一切。

Turning to a summary of our results on slide 3. We are pleased to report another outstanding year where in addition to a strong safety record. We also delivered record levels of revenue, adjusted EBITDA, adjusted free cash flow and saw our adjusted EBITDA margin increased by 40 basis points.

接下來請看投影片 3 上的結果總結。我們很高興地報告，又一個傑出的年份，除了保持著良好的安全記錄外，我們還取得了顯著的成績。我們也實現了創紀錄的收入、調整後 EBITDA 和調整後自由現金流，而我們的調整後 EBITDA 利潤率提高了 40 個基點。

We capped off 2025 with a strong Q4 as we exceeded the guidance we provided in late October. Our performance was driven by profitable growth in both of our operating segments, with our Environmental Services segment delivering its 15th straight quarter of year-over-year growth and adjusted EBITDA margin. This run of nearly four years of consistent margin expansion against a challenging industrial backdrop reflects the successful delivery of our essential services to customers in execution of our growth strategy along with disciplined pricing, cost management, workforce productivity and network efficiency.

2025 年第四季業績強勁，超出了我們在 10 月下旬給出的預期，為 2025 年畫上了圓滿的句號。我們的業績得益於兩個營運部門的獲利成長，其中環境服務部門連續第 15 個季度實現同比增長和調整後 EBITDA 利潤率增長。在充滿挑戰的產業環境下，我們連續近四年保持利潤率持續成長，這反映了我們在執行成長策略的同時，成功地為客戶提供了必要的服務，並輔以嚴格的定價、成本管理、員工生產力和網路效率。

Turning back to our annual results. In 2025, we topped $6 billion in revenues for the first time in our history, while increasing our adjusted EBITDA by 5%. Our performance was led by our ES segment. which delivered adjusted EBITDA growth of 6%, while increasing its segment adjusted EBITDA margin by 60 basis points. Our 2025 results also included a record $509 million in annual adjusted free cash flow.

讓我們回顧一下年度業績。2025 年，我們的營收首次突破 60 億美元大關，同時調整後的 EBITDA 成長了 5%。我們的績效主要由ES業務板塊帶動，該板塊調整後EBITDA成長6%，同時調整後EBITDA利潤率提高了60個基點。我們 2025 年的業績還包括創紀錄的 5.09 億美元年度調整後自由現金流。

We also achieved several notable operational milestones this past year, including the successful first year ramp-up of our new Kimball incinerator, creation of our Phoenix hub, handling nearly 22,000 emergency response events, the issuance of our PFAS incineration study with the EPA and the reduction of voluntary turnover by 150 basis points to a five-year low.

在過去一年中，我們也取得了一些值得注意的營運里程碑，包括我們新的 Kimball 焚燒爐在第一年成功投產、創建了我們的鳳凰城中心、處理了近 22,000 起緊急響應事件、向美國環保署提交了我們的 PFAS 焚燒研究報告，以及將自願週轉率降低了 150 個基點，達到五年的最低水平。

Turning to the segments, beginning with ES on slide 4. We grew Q4 revenue by 6%, our largest quarterly increase of the year based on the strength in demand for disposal and recycling services, project volumes growth in POS services and emergency response work.

接下來是各個部分，從第 4 張投影片上的 ES 開始。由於對處置和回收服務的需求強勁，POS 服務項目量增長以及應急響應工作，我們第四季度的收入增長了 6%，這是我們今年最大的季度增幅。

Technical Services rose 8% and Safety-Kleen Environmental Services revenue grew 7%, driven by pricing and higher volumes within its core offerings particularly vacuum services. Incineration utilization excluding the new Kimball incinerator was 87%, consistent with our expectations. At the same time, landfill volumes increased more than 50% in Q4 largely due to project volumes. For the full year, incineration utilization, excluding Kimball was 89% versus 88% in 2024.

技術服務收入成長 8%，Safety-Kleen 環境服務收入成長 7%，主要得益於其核心產品（尤其是真空服務）的價格上漲和銷售增加。不包括新建的 Kimball 焚燒爐，焚燒利用率為 87%，與我們的預期一致。同時，由於專案量增加，第四季度垃圾掩埋場的體積增加了 50% 以上。全年（不包括 Kimball）焚燒利用率為 89%，而 2024 年為 88%。

Field Services revenue grew 13% in the quarter, aided by large-scale emergency response projects that generated approximately $30 million in revenue. Overall, despite some stubborn near-term market headwinds, our ES segment delivered strong Q4 results which underscores the resiliency of our business model, our broad range of service offerings and the diverse industry verticals we serve.

本季現場服務收入成長了 13%，這得益於大規模緊急應變項目，這些項目創造了約 3,000 萬美元的收入。總體而言，儘管近期市場面臨一些頑固的不利因素，但我們的ES部門在第四季度取得了強勁的業績，這凸顯了我們商業模式的韌性、我們廣泛的服務產品以及我們所服務的多元化行業垂直領域。

Adjusted EBITDA for the segment was up 8% in the quarter. with Q4 margin up 50 basis points based on disciplined pricing, higher overall volumes, mix of work and workforce management initiatives. Overall, Q4 was another impressive quarter for our largest operating segment.

該業務板塊經調整後的 EBITDA 在本季度增長了 8%，第四季度利潤率提高了 50 個基點，這得益於嚴格的定價策略、整體銷量的增長、業務組合的優化以及勞動力管理舉措。總體而言，第四季對於我們最大的營運部門來說又是一個令人印象深刻的季度。

Turning to slide 5. I wanted to take a moment to highlight the considerable momentum we are seeing around PFAS as we head into 2026. The PFAS incineration study we completed in partnership with the EPA as well as the Department of War was released in September and is generating inbound discussions with customers and key stakeholders.

翻到第5張投影片。我想藉此機會強調一下，隨著我們邁入 2026 年，我們在 PFAS 領域所看到的顯著發展勢頭。我們與美國環保署和戰爭部合作完成的 PFAS 焚燒研究已於 9 月發布，並引發了與客戶和主要利益相關者的討論。

In November, I had the honor of speaking at a hearing before the US Senate Committee on Environmental and Public Works about PFAS to raise awareness of our capabilities and the need for establishing regulatory thresholds.

11 月，我有幸在美國參議院環境與公共工程委員會的聽證會上就 PFAS 問題發表講話，以提高人們對我們能力的認識以及建立監管門檻的必要性。

In December, we announced a three-year $110 million contract related to our ongoing PFAS water filtration work at the Pearl Harbor base that demonstrates the effectiveness of our carbon filtration system that has been in use there since 2022. This was followed by the finalization of the National Defense Authorization Act, which included language requiring the Pentagon to return to Congress within 180 days with recommendations for how the military will address PFAS removal and destruction and more than 700 US military installations.

去年 12 月，我們宣布了一項為期三年、價值 1.1 億美元的合同，該合約與我們在珍珠港基地正在進行的 PFAS 水過濾工作有關，這證明了我們自 2022 年以來在那裡使用的碳過濾系統的有效性。隨後，《國防授權法案》最終定稿，其中包含一項條款，要求五角大廈在 180 天內向國會提交建議，說明軍方將如何處理 700 多個美國軍事設施中的 PFAS 清除和銷毀問題。

In addition, the EPA is expected to develop and publish a regulatory framework for impacted soil and solids, update their water guidelines and finalize new manufacturing rules. At the same time, state governments are moving forward to create their own rules and are evaluating take-back programs.

此外，美國環保署預計將制定並發布受影響土壤和固體的監管框架，更新其水質指南，並最終確定新的生產規則。同時，各州政府正在推動制定自己的規則，並評估回收計畫。

All of these developments represent sizable growth opportunities for Clean Harbors. Even without new rules in place, we are seeing each element of our total PFAS solution grow and our pipeline expand. The guidance that Eric will share with you only assumes a 20% growth rate for our PFAS business in 2026 and which is consistent with the past several years.

所有這些發展都為 Clean Harbors 帶來了巨大的成長機會。即使沒有新的規則出台，我們也看到 PFAS 整體解決方案的每個要素都在成長，我們的產品線也在擴展。Eric 將與你們分享的指導意見僅假設我們的 PFAS 業務在 2026 年的成長率為 20%，這與過去幾年的情況一致。

With that, let me turn things over to Mike to discuss SKSS and capital allocation. Mike?

接下來，我將把發言權交給 Mike，讓他來討論 SKSS 和資本配置。麥克風？

Thanks, Eric, and good morning, everyone. Turning to SKSS on slide 6. The base oil pricing environment continued to weaken in Q4. And as expected, segment revenue was down slightly. In terms of profitability, segment adjusted EBITDA was $30 million, a 22% increase from the fourth quarter of 2024.

謝謝你，艾瑞克，大家早安。轉到投影片 6 中的 SKSS。第四季基礎油價格環境持續走弱。正如預期的那樣，該業務部門的收入略有下降。從獲利能力來看，分部調整後的 EBITDA 為 3,000 萬美元，比 2024 年第四季成長了 22%。

For the full year, adjusted EBITDA for this segment was $137 million. Despite difficult macro conditions, the team continued to execute well on our oil collection services and related pricing, which drove the increase in year-over-year Q4 adjusted EBITDA and a 310 basis point improvement in margins. We increased our charge for oil pricing or CFO in Q4, raising rates roughly 50% above our Q3 average.

該業務部門全年調整後 EBITDA 為 1.37 億美元。儘管宏觀環境困難，但團隊在石油收集服務和相關定價方面繼續表現出色，這推動了第四季度調整後 EBITDA 同比增長，利潤率提高了 310 個基點。我們在第四季度提高了石油定價或財務長 (CFO) 的收費，費率比第三季的平均值提高了約 50%。

Managing the pricing associated with these oil collection services and substantially lowering our overall waste oil collection costs remain the primary levers to offset continued decline in base oil pricing. Even when higher CFO, we collected 56 million gallons of waste oil to feed our re-refining network and keep our plants running efficiently.

控制與這些廢油收集服務相關的定價，並大幅降低我們整體的廢油收集成本，仍然是抵消基礎油價格持續下跌的主要手段。即使 CFO 較高，我們仍然收集了 5,600 萬加侖廢油，用於我們的再煉油網絡，並保持我們的工廠高效運作。

In addition, we once again delivered incremental growth in our direct lubricant gallons sold, which further supported our margin improvement. During the quarter, we also continued to grow our Group III production as those colons carry a premium to our conventional Group II volumes.

此外，我們的潤滑油直接銷售量再次實現了增量成長，這進一步支持了我們利潤率的提高。本季度，我們的 III 類結腸產量也持續成長，因為這些結腸比我們傳統的 II 類結腸產量具有溢價。

For SKSS in 2026, we will continue to proactively manage our re-refining spread through providing consistent, reliable and high-quality collection services at appropriate CFO rates supported by market conditions. We will also prioritize expanding direct blended sales, increasing Group III production and pursuing partnership opportunities.

對於 SKSS 而言，在 2026 年，我們將繼續積極主動地管理我們的再精煉價差，透過提供持續、可靠和高品質的收款服務，並根據市場情況提供適當的 CFO 費率。我們也將優先擴大直接混合銷售，增加第三類產品的產量，並尋求合作機會。

Turning to capital allocation on slide 7. we continue to seek opportunity to generate strong returns for shareholders through all elements of our capital allocation framework. We remain well positioned to do so, supported by strength of our balance sheet and our robust cash generation profile.

在第 7 頁，我們繼續探討資本配置問題。我們將繼續透過資本配置框架的各個要素，尋求為股東創造強勁回報的機會。我們憑藉著穩健的資產負債表和強勁的現金流，仍然具備實現這一目標的良好條件。

On the M&A front, we announced today the signing of a purchase and sale agreement to acquire environmental businesses from Depot Connect International for approximately $130 million. These businesses are carve-out to PCI and will be integrated into our facilities network within tech services as well as our field services business. This acquisition is expected to generate annual revenue of approximately $40 million, with $11 million of annual adjusted EBITDA or roughly at 12x multiple pay.

在併購方面，我們今天宣布簽署了一項購買和出售協議，將以約 1.3 億美元的價格從 Depot Connect International 收購環境業務。這些業務從PCI剝離出來，並將整合到我們的技術服務設施網路以及現場服務業務中。預計此次收購每年將產生約 4,000 萬美元的收入，年度調整後 EBITDA 為 1,100 萬美元，或約 12 倍的支付倍數。

We see a great strategic fit, given their five locations in Ohio, Louisiana and Texas and their fleet of trucks and other equipment. DCI currently offers wage handling, pan cleaning and railcar cleaning to its customers. Additionally, two of their facilities have wastewater treatment and solidification capabilities. We expect the acquisition to close in the first half of the year, subject to customary closing conditions. We expect to remain active in the acquisition front in 2026, and we plan to continue to make strategic internal investments to accelerate our growth.

鑑於他們在俄亥俄州、路易斯安那州和德克薩斯州的五個地點以及他們的卡車和其他設備車隊，我們認為這是一個非常合適的策略選擇。DCI目前為客戶提供薪資處理、水槽清潔和鐵路車輛清潔服務。此外，他們的兩家工廠也具備廢水處理和固化能力。我們預計此次收購將於今年上半年完成，但需滿足慣例成交條件。我們預計在 2026 年將繼續在收購方面保持活躍，並計劃繼續進行策略性內部投資以加速我們的成長。

Today, we announced a $50 million targeted expansion of our vacuum truck fleet aimed at capitalizing on growth opportunities we are seeing through our SK branch business. Due to the limited availability of these specialized assets this fleet expansion will occur over the course of 2026 and 2027. This fleet growth program, which we anticipate will generate an incremental adjusted EBITDA of $12 million to $14 million in 2028 when fully ramped, is another element within the $500 million of incremental -- of the $500 million of internal investments we mentioned in our Q3 call.

今天，我們宣布了一項 5000 萬美元的定向擴充計劃，旨在擴大我們的真空吸污車車隊，以抓住我們在 SK 分公司業務中看到的成長機會。由於這些專用資產數量有限，此次機隊擴充將在 2026 年和 2027 年期間進行。我們預計，這項機隊成長計畫在 2028 年全面投產後，將產生 1,200 萬至 1,400 萬美元的增量調整後 EBITDA，這是我們在第三季電話會議中提到的 5 億美元內部投資中的另一個組成部分。

We anticipate that each of these projects will generate attractive returns for our shareholders. We also continue to view share repurchases as an attractive way to generate strong shareholder returns as evidenced by $133 million of repurchases executed in Q4.

我們預計這些項目都將為我們的股東帶來可觀的回報。我們也繼續認為股票回購是產生強勁股東回報的有效途徑，在第四季度執行的 1.33 億美元回購就證明了這一點。

We bought back a record number of shares this year, and we recently received board approval to expand our existing authorization by $350 million providing a total of $600 million of remaining capacity and giving management significant flexibility to return capital to shareholders going forward.

今年我們回購了創紀錄數量的股票，並且最近獲得了董事會的批准，將我們現有的授權額度增加 3.5 億美元，從而使剩餘額度達到 6 億美元，並賦予管理層在未來向股東返還資本方面相當大的靈活性。

On the debt side, we refinanced a portion of our debt in 2025 at favorable terms with longer maturity. We're pleased to be entering 2026, having taken concrete actions across all elements of our capital allocation strategy.

在債務方面，我們於 2025 年以優惠的條件和更長的期限對部分債務進行了再融資。我們很高興進入 2026 年，因為我們在資本配置策略的各個方面都採取了實際行動。

Looking ahead, we entered 2026 with momentum in our large core hazardous waste collection businesses. We expect our incinerator to run strong in 2026 and waste projects in PFAS to continue to feed our disposal and recycling network.

展望未來，我們帶著強勁的發展勢頭進入了 2026 年，我們的大型核心危險廢物收集業務也取得了顯著進展。我們預計我們的焚化爐在 2026 年將保持強勁的運作狀態，PFAS 廢棄物計畫將繼續為我們的處置和回收網路提供原料。

We expect to deliver growth in revenue and adjusted EBITDA that will culminate an enhanced company margins against this year. Our positive outlook is grounded on modest economic assumptions with additional upside potential. Overall, we expect another strong year of financial performance in 2026.

我們預計營收和調整後 EBITDA 將實現成長，最終提高公司今年的利潤率。我們樂觀的展望是基於適度的經濟假設，並具有額外的上漲潛力。整體而言，我們預計 2026 年的財務表現將再次表現強勁。

And with that, let me turn it over to our CFO, Eric Dugas.

接下來，我將把發言權交給我們的財務長埃里克·杜加斯。

Thank you, Mike, and good morning, everyone. Turning to our Q4 and full-year results here on slide 9. Our quarterly performance came in ahead of expectations we outlined in October, driven primarily by continued strong growth across both technical services and field services. It was especially encouraging to see the underlying strength in our core disposal and recycling volumes as we close out the year. and in light of some of the challenges we had experienced in some of our key verticals in 2025.

謝謝你，麥克，大家早安。接下來請看第 9 頁投影片，了解我們的第四季和全年業績。我們的季度業績超出了我們在 10 月提出的預期，這主要得益於技術服務和現場服務持續強勁成長。尤其令人鼓舞的是，在年末之際，我們核心處置和回收業務量依然保持強勁勢頭。考慮到我們在2025年的一些關鍵垂直領域所面臨的挑戰，這一點尤其重要。

Total Q4 revenue increased 5% to $1.5 billion. As Eric highlighted, we surpassed $6 billion in annual revenue for the first time in the company's history in just three years after surpassing the $5 billion mark in 2022. Q4 adjusted EBITDA increased 8% and to $279 million, and full year adjusted EBITDA reached approximately $1.17 billion.

第四季總營收成長5%，達15億美元。正如艾瑞克所強調的，在 2022 年突破 50 億美元大關後，我們僅花了三年時間就實現了公司歷史上首次年收入突破 60 億美元大關。第四季調整後 EBITDA 成長 8% 至 2.79 億美元，全年調整後 EBITDA 達到約 11.7 億美元。

Our Q4 revenue and adjusted EBITDA growth rates were the highest we've seen in fiscal 2025, tapping off another year in which we demonstrated our ability to continue to grow the business while expanding margins, and this provides us with positive momentum heading into 2026.

我們第四季的營收和調整後 EBITDA 成長率是自 2025 財年以來最高的，這標誌著我們又一年證明了我們有能力在擴大利潤率的同時繼續發展業務，這為我們進入 2026 年提供了積極的動力。

Our consolidated Q4 adjusted EBITDA margin was 18.6%, representing a 60 basis point improvement from the prior year period. This margin expansion reflected a combination of disciplined pricing initiatives, volume growth, effective cost control and continued efforts to maximize efficiencies across our network and transportation fleet.

我們第四季綜合調整後 EBITDA 利潤率為 18.6%，比去年同期提高了 60 個基點。利潤率的提升反映了我們採取的一系列措施，包括嚴格的定價策略、銷售成長、有效的成本控制以及不斷努力提高我們整個網路和運輸車隊的效率。

For the full year, we improved consolidated adjusted EBITDA margin by 40 basis points, led by strong performance in our Environmental Services segment. SG&A expense as a percentage of revenue in Q4 increased slightly from a year ago to 12.9%, primarily reflecting third-party transaction-related costs and stock-based compensation.

全年來看，我們綜合調整後 EBITDA 利潤率提高了 40 個基點，這主要得益於我們環境服務部門的強勁表現。第四季銷售、一般及行政費用佔收入的百分比較上年同期略微上升至 12.9%，主要反映了第三方交易相關成本和股票選擇權費用。

For the full year, however, we improved our SG&A as a percentage of revenue to 12.5% as we continue to tightly manage overhead and limit growth in nonbillable head count. Fourth quarter income from operations was $158.4 million, up 16% from the prior year.

然而，從全年來看，由於我們繼續嚴格控制管理費用並限制非計費人員數量的增長，我們的銷售、一般及行政費用佔收入的百分比改善至 12.5%。第四季營業收入為 1.584 億美元，比上年同期成長 16%。

Net income in Q4 was up year-over-year as we delivered EPS of $1.62. For the full year, EPS was $7.28 a share. Turning to the balance sheet on slide 10. We ended the year with cash and short-term marketable securities of more than $950 million. Throughout 2025, we maintained a sharp focus on working capital management and cash flow generation which drove record free cash flow in both Q4 and the full year.

第四季淨利年增，每股收益為 1.62 美元。全年每股收益為 7.28 美元。請看第 10 頁的資產負債表。年底時，我們持有的現金和短期有價證券超過9.5億美元。2025 年全年，我們始終高度重視營運資本管理和現金流創造，這推動了第四季和全年自由現金流創下歷史新高。

Our receivables balances declined by approximately $80 million from September a testament to the broader team's efforts as collections meaningfully exceeded our expectations in the quarter. We closed the year with a net debt-to-EBITDA ratio of approximately 1.8x which is our lowest leverage in nearly 15 years.

我們的應收帳款餘額較 9 月減少了約 8,000 萬美元，這證明了整個團隊的努力，因為本季的收款情況顯著超出了我們的預期。我們以淨債務與 EBITDA 比率約為 1.8 倍結束了這一年，這是我們近 15 年來的最低槓桿率。

Our debt currently carries a blended interest rate of 5.2%. Given our cash balances and low leverage we have ample flexibility to execute on our capital allocation strategies.

我們目前的債務綜合利率為 5.2%。鑑於我們充足的現金餘額和較低的槓桿率，我們有充足的靈活性來執行我們的資本配置策略。

Turning to cash flows on slide 11. Our Q4 cash flow performance was outstanding. Operating cash flow in Q4 grew 17% to a record $355 million, and we also delivered a Q4 record adjusted free cash flow of $261 million.

接下來請看第 11 頁的現金流量部分。我們第四季的現金流表現非常出色。第四季經營現金流成長 17%，達到創紀錄的 3.55 億美元，同時第四季調整後自由現金流也創下 2.61 億美元的紀錄。

For the full year, adjusted free cash flow was also a record, reaching $509 million, coming in sharply above our guidance. driven in large part by the outstanding collection efforts I just mentioned, along with lower tax taxes paid.

全年調整後自由現金流也創下歷史新高，達到 5.09 億美元，遠超乎我們的預期。這主要得益於我剛才提到的出色的收款工作，以及較低的稅負。

The $509 million we generated represents nearly 44% of our 2025 adjusted EBITDA and underscoring the highly cash-generative nature of our business. CapEx net of disposals was $115 million in Q4, up from the prior year, reflecting our major growth investments.

我們創造的 5.09 億美元相當於我們 2025 年調整後 EBITDA 的近 44%，凸顯了我們業務的高現金產生能力。第四季資本支出（扣除資產處置後）為 1.15 億美元，高於去年同期，反映了我們重大的成長投資。

For the full year, our net CapEx spend was down $20 million as 2024 included the completion of Kimball spending and our Baltimore Hub project. For 2026, excluding an expected $85 million of spend on the SDA unit, and $25 million related to our strategic fleet investment discussed earlier. We expect net CapEx to be in the range of $340 million to $400 million, with a midpoint of $370 million.

全年來看，我們的淨資本支出減少了 2000 萬美元，因為 2024 年包括了 Kimball 專案的完成和我們的巴爾的摩樞紐專案。2026 年，不包括預計在 SDA 部門的 8,500 萬美元支出，以及先前討論過的與我們戰略性機隊投資相關的 2,500 萬美元支出。我們預計淨資本支出將在 3.4 億美元至 4 億美元之間，中間值為 3.7 億美元。

As it relates to share repurchases, we continue to return value to shareholders in Q4 by repurchasing nearly 600,000 shares for $133 million. For the full year, as Mike mentioned, we returned a record $250 million to shareholders through the repurchase of more than 1.1 million shares. With the recent expansion of our authorization and based on our long-term cash generation and returns profile, we continue to view our shares as attractively valued.

在股票回購方面，我們繼續在第四季為股東創造價值，以 1.33 億美元的價格回購了近 60 萬股股票。正如麥克所提到的，全年我們透過回購超過 110 萬股股票，向股東返還了創紀錄的 2.5 億美元。隨著我們授權範圍的擴大，並且基於我們長期的現金流量和回報狀況，我們仍然認為我們的股票具有吸引力。

Turning to our guidance on slide 12. Based on current market conditions and business performance, we are guiding to a 2026 adjusted EBITDA range of $1.20 billion to $1.26 billion, with a midpoint of $1.23 billion. At the midpoint, the outlook implies growth of approximately 5% versus fiscal year 2025.

請參考第 12 頁投影片上的指導說明。根據目前市場狀況和業務表現，我們預計 2026 年調整後 EBITDA 為 12 億美元至 12.6 億美元，中間值為 12.3 億美元。根據預測，2025 財年到 2025 財年，成長率約 5%。

Looking at our annual guidance from a quarterly perspective, we expect first quarter adjusted EBITDA to grow 4% to 7% year-over-year in our Environmental Services segment. and approximately 1% to 3% on a consolidated basis.

從季度角度來看，我們預計第一季環境服務部門的調整後 EBITDA 將年增 4% 至 7%，合併後的 EBITDA 將年增約 1% 至 3%。

In terms of the 2026 capital spend we announced today, we are assuming only a few million dollars that annual adjusted EBITDA contribution from the fleet growth expansion in 2026 as those purchases will be phased in over the course of two years. With respect to the DCI business acquisition, our guidance currently incorporates an estimated $5 million to $6 million of annual adjusted EBITDA and reflecting the uncertainty around the exact timing of the close.

就我們今天宣布的 2026 年資本支出而言，我們預計 2026 年船隊成長擴張每年只會帶來數百萬美元的調整後 EBITDA 貢獻，因為這些採購將在兩年內分階段進行。關於 DCI 業務收購，我們目前的預期包括每年 500 萬至 600 萬美元的調整後 EBITDA，並反映了交易完成確切時間的不確定性。

Looking at how our annual guidance translates into our reporting segments at the midpoint of our guidance range, we expect our 2026 adjusted EBITDA and Environmental Services to grow just over 5% for the year, supported by favorable demand trends across our key service pillars, as well as continued growth in PFAS and remediation projects. This initial 2026 guidance midpoint assumes that our SKSS segment delivers results similar to 2025.

從我們年度指導意見在指導意見範圍中點轉化為各報告分部的情況來看，我們預計 2026 年調整後的 EBITDA 和環境服務業務將增長略高於 5%，這得益於我們主要服務支柱的良好需求趨勢，以及 PFAS 和修復項目的持續增長。2026 年的初步業績預測中點假設我們的 SKSS 業務部門的表現與 2025 年類似。

And today, we are guiding to approximately $135 million of adjusted EBITDA. While we have made great strides in our collection costs in 2025, we have yet to see any improvement in the base oil market. Within corporate, at the midpoint of our guidance, we expect negative adjusted EBITDA to increase by approximately 2% to 4% compared to 2025. This modest increase is primarily driven by costs to support business growth, higher wages and benefits and a broad-based insurance cost increases.

今天，我們預計調整後 EBITDA 約為 1.35 億美元。雖然我們在 2025 年的收款成本方面取得了巨大進步，但我們尚未看到基礎油市場有任何改善。在公司層面，依照我們預期的中點，我們預期調整後的負 EBITDA 將比 2025 年增加約 2% 至 4%。這一小幅成長主要是由於支持業務成長的成本、更高的工資和福利以及廣泛的保險成本上漲所致。

While we continue to experience some inflationary pressure across corporate cost categories, we have numerous cost savings and productivity initiatives underway that are expected to offset a meaningful portion of these headwinds.

儘管我們仍在企業成本的各個類別中面臨一些通膨壓力，但我們正在進行多項成本節約和生產力提升計劃，預計這些計劃將抵消相當一部分不利因素。

For 2026, we expect adjusted free cash flow in the range of $480 million to $540 million with a midpoint of $510 million. That level of generation represents a free cash flow conversion of approximately 41% of our expected adjusted EBITDA for the year. In summary, our Environmental Services segment delivered an exceptional performance in 2025, capped off by a strong Q4.

我們預計 2026 年調整後的自由現金流將在 4.8 億美元至 5.4 億美元之間，中間值為 5.1 億美元。這筆發電量相當於我們全年預期調整後 EBITDA 的約 41% 的自由現金流。總而言之，我們的環境服務部門在 2025 年取得了卓越的業績，尤其是在第四季度表現強勁。

We are well-positioned to continue growing the ES business organically and further enhancing its earnings potential. Technical Services, SK Environmental and our base field services business are all expected to generate healthy growth in 2026 and with Industrial Services generating modest growth. In addition, the Environmental Services segment will benefit from the continued ramp-up of Kimball incinerator as it takes on higher volumes and processes more complex waste streams.

我們已做好充分準備，繼續實現ES業務的有機成長，並進一步提高其獲利潛力。技術服務、SK 環境和我們的基礎現場服務業務預計在 2026 年都將實現健康成長，而工業服務也將適度成長。此外，隨著金博爾焚化爐處理量增加、廢物流更加複雜，環境服務部門也將受惠於該焚化爐的持續擴容。

Overall, we remain encouraged by the company's growth trajectory. We believe our strategic initiatives combined with current market conditions should support profitable growth embedded in our 2026 guidance. We entered the new year as a stronger company than we were a year ago, safer more profitable and generating more cash. And we believe that positions us well for 2026 and beyond.

整體而言，我們對公司的發展軌跡感到鼓舞。我們相信，我們的策略性舉措結合當前的市場狀況，應該能夠支持我們2026年業績指引中所述的獲利成長。進入新的一年，我們公司實力比一年前更強，更安全，獲利能力更強，現金流也更充裕。我們相信這使我們能夠更好地迎接 2026 年及以後的發展。

With that, Christine, please open the call for questions.

接下來，克莉絲汀，請開始提問環節。

(Operator Instructions)

（操作說明）

Tyler Brown, Raymond James.

泰勒布朗，雷蒙德詹姆斯。

Eric G., curious if you could maybe talk about and update us on how the conversations are going on the captive side. I know you talked about that in some prior calls. But do you think there'll be any closure developments in '26 and '27. And just any broad thoughts on incineration pricing trends into '26?

Eric G.，我很好奇您是否可以談談並更新一下被俘人員那邊的對話進度。我知道你之前在幾次通話中談到過這件事。但你認為 2026 年和 2027 年會有任何關閉方面的進展嗎？大家對2026年之前的焚燒價格趨勢有什麼整體看法嗎？

Sure, Tyler. Thanks. Yes, the captive market continues to be active. We are pursuing opportunities with a couple of key customers across the board. And we think with some changes that they have on their cost structure as well as utilization, that there is a potential clear path here for additional captive closures.

當然可以，泰勒。謝謝。是的，圈養市場依然活躍。我們正在積極尋求與幾家重要客戶在各個方面開展合作的機會。我們認為，隨著他們在成本結構和利用率方面做出一些改變，未來可能會出現更多自備電廠關閉的情況。

As you know, we continue to monitor and work very closely with all the captives across the US and Canada. Today, there continues to be about 40 different sites that have captive incinerators that are also our customers generating waste streams into our network. So we have some very solid relationships. And again, do anticipate that there will be some captives that come off-line in the future.

如您所知，我們將繼續密切關注並與美國和加拿大的所有自保公司密切合作。至今仍有大約 40 個不同的場所擁有自備焚燒爐，這些場所也是我們的客戶，它們向我們的網路輸送廢物流。所以我們之間建立了一些非常穩固的關係。再次提醒，預計未來會有一些被困人員下線。

When? Still it's too early to tell, but discussions are active. That being said, we also have a lot of opportunity to continue to drive financial performance around incineration pricing across the board in our network, we expect to continue to outpace inflation and drive price improvement into the mid- to upper single digits across our network. Incineration being a leading indicator there. And we still will continue to push those levers that we've done in the past. So a very active network overall, Tyler.

什麼時候？現在下結論還為時過早，但相關討論正在積極進行。也就是說，我們還有很多機會繼續推動我們網路中所有焚燒定價方面的財務業績，我們預計將繼續跑贏通貨膨脹，並將我們網路中的價格改善幅度提升至個位數中高水準。焚燒是其中的一個領先指標。我們將繼續沿用過去的做法，繼續推動那些我們曾經採取過的措施。所以總的來說，這是一個非常活躍的網絡，泰勒。

Okay. Great. Great update. I was a bit curious on the commentary around Industrial Services. So obviously, we got a better ISM print.

好的。偉大的。更新很棒。我對工業服務的評論有點好奇。顯然，我們得到了更好的ISM印刷品。

So maybe we're going to see some improvements in the industrial complex at some point. But what does give you the confidence there? Is that based on some hard planned turnaround work, and kind of, again, Eric Dugas, what is in the expectation there for '26?

所以或許在某個時候，我們會看到工業園區出現一些改善。但有什麼讓你在這方面充滿信心呢？這是基於一些精心策劃的扭轉局面的工作嗎？還有，艾瑞克杜加斯，你對 2026 年有什麼期望？

In terms of '26, Tyler, the guide, as I said in my comments, fairly modest expectations. I think we have seen maybe some more positive leading economic indicators around ISM and PMI and things of that nature, but the guide really kind of has current market conditions built into it at this point.

至於 2026 年的泰勒，正如我在評論中所說，他的期望相當保守。我認為我們已經看到 ISM 和 PMI 等一些更積極的領先經濟指標，但目前該指南實際上已經將當前的市場狀況納入其中。

Yes. And I would add on to that, Tyler, that when we look at our industrial business, Q4, we began to see some nice momentum in some of our specialty lines of business within Industrial Services. Our base business has been consistent as we enter into 2026. We're working with over 400 customers of assessing their turnaround needs for the year. We're seeing some positive indicators, I would say, as we touch base with every single one of them with face-to-face calls.

是的。泰勒，我還要補充一點，當我們審視第四季度的工業業務時，我們開始看到工業服務領域的一些專業業務線出現了一些良好的發展勢頭。進入2026年，我們的基礎業務一直保持穩定。我們正在與 400 多家客戶合作，評估他們今年的周轉需求。我想說，我們看到了一些積極的跡象，因為我們與他們每個人都進行了面對面的通話。

And we're getting ahead of their opportunities, and there appears to be some indications and momentum here. But when we look at the overall guidance for 2026, as Eric said, we're pretty conservative on our outlook there.

我們正在搶佔先機，而且似乎已經出現了一些跡象和勢頭。但正如艾瑞克所說，當我們展望 2026 年的整體表現時，我們的預期相當保守。

Did you see Tyler that has kind of turned -- I would think it might have turned the quarter. If you think about the revenue growth of the business, as you look at kind of Q1, Q2, Q3 into Q4 in IS, if you do the math, it's definitely leveling off. We do see some positive momentum as their set into 2026. Not (inaudible).

你看到泰勒了嗎？他好像有點變了——我想他可能已經轉過四分之一了。如果你考慮一下公司的營收成長情況，看看IS的第一季、第二季、第三季到第四季度，如果你計算一下，你會發現它肯定已經趨於平穩了。我們看到，隨著他們邁入 2026 年，確實出現了一些積極的勢頭。不是（聽不清楚）

Okay. Great. And then my last one here real quick, Mike. Can you guys talk a little bit more about the back truck and the field investments? And this is really a broader question about all the internal growth investments that you guys have done and you do see.

好的。偉大的。最後，麥克，我快速補充一句。可以再詳細說說後貨車和現場投資的情況嗎？這其實是一個更廣泛的問題，關乎你們所做的所有內部成長投資，以及你們所看到的。

But is this move really more because the acquisitions have gotten so expensive. And you've got a great market position, you've got buying power, et cetera. that the reality is that building may simply offer better economics than buying through M&A at this point?

但此舉是否真的更多是因為收購成本太高了？而且你們擁有良好的市場地位、強大的購買力等等。但現實情況是，在目前階段，自建可能比透過併購收購更具經濟效益？

Yes, Tyler, I'll start. This is Eric. So when we look at our back services, our three prominent business units that use Vac services. We have our Safety-Kleen environmental back our field service back and our industrial back. And those opportunities, those collections of backwaters drive organic waters, contaminated waters and solids and sludges into our great facility network.

好的，泰勒，我先來。這是埃里克。所以當我們審視我們的後台服務時，會發現我們三個主要業務部門都在使用真空服務。我們有 Safety-Kleen 環境支援、現場服務支援和工業支援。而這些機會，這些回水區的聚集，將有機水、受污染的水、固體和污泥帶入我們龐大的設施網絡。

And that business across the board has been growing substantially in the 8% to 10% to 14% range. So we've been adding more trucks. We're trying to have been keeping up with that pace. We have rented some trucks, which to fuel that organic growth.

而該產業的整體業務成長幅度在 8% 到 10% 到 14% 之間。所以我們一直在增加卡車數量。我們一直努力跟上這個步伐。我們租了一些卡車，以促進這種自然增長。

But really, what we want to do is continue that growth path of greater than 10% and build out more trucks internally, acquire more trucks, eliminate the subcontracting and just keep pace with those growth rates across all the business units. So it's really been a win-win. And as I said, it's fueling a lot of great water and sludges and solids into our network.

但實際上，我們想要做的是繼續保持 10% 以上的成長速度，在內部生產更多卡車，收購更多卡車，取消外包，並維持所有業務部門的成長率。所以這真的是雙贏。正如我所說，它正在向我們的管網輸送大量的優質水、污泥和固體。

To answer your question around, hey, it's just a pivot? Is this kind of a better answer? The answer is that our balance sheet allows us to do all these things. Our cash flow generation has allowed us to do M&A and do capital addition and we signed the for DCI and there's others out there that we're looking at. So I feel like we can do it all, given our cash flow generation, it's really just based on ROI and what's going on in the market.

回答你關於「嘿，這只是一個轉型？」的問題？這樣回答是不是比較好？答案是，我們的資產負債表允許我們做所有這些事情。我們的現金流使我們能夠進行併購和資本注入，我們已經與 DCI 簽署了協議，我們也正在檢視其他公司。所以我覺得，鑑於我們的現金流狀況，我們什麼都能做到，這真的只是取決於投資報酬率和市場行情。

Adam Bubes, Goldman Sachs.

Adam Bubes，高盛集團。

Just picking up on the M&A point, beyond the DCI acquisition, can you just update us on the M&A pipeline in terms of types of opportunities you're looking at and range of outcomes for acquisitions in 2026.

就併購方面而言，除了收購 DCI 之外，您能否向我們介紹 2026 年的併購計劃，包括您正在關注的機會類型以及收購結果的範圍。

Yes, this is Mike, and I'll start the -- we do have a lot of lines in the -- and frankly, we did all through 2025 as well. We weren't as successful but we do see a lot of opportunities there, mostly in the Environmental Services business. mostly similar to what we think in DCI, so that has some permanent facilities that have some -- we see those types of opportunities coming to market, and we've been very active. Now we haven't been as successful in 2025, but we see a lot of good opportunity. And primarily in Environmental Services.

是的，我是麥克，我將開始——我們有很多線路——坦白說，我們一直到 2025 年都是如此。我們雖然沒有那麼大的成功，但我們確實看到了許多機會，主要集中在環境服務業務領域。這與我們在DCI的想法大同小異，DCI擁有一些永久性設施，我們看到這類機會正在湧現，我們也一直非常積極地關注著這些機會。雖然我們在 2025 年沒有那麼大的成功，但我們看到了很多好的機會。主要是在環境服務領域。

And then I think the 1Q guide implies year-over-year declines in safety, clean EBITDA and then maybe a recovery in the balance of the year finishing flattish. So can you just talk about the drivers of that improvement in the balance of the year, is that coming from incremental charge for oil actions? Are there any assumptions for base oil prices improving in the guide?

我認為第一季業績指引暗示安全指標和清潔 EBITDA 同比下降，然後可能在今年剩餘時間內有所回升，最終收盤持平。那麼，您能否談談推動今年剩餘時間業績改善的因素，這是否源自於石油相關措施帶來的額外收益？該指南中是否對基礎油價格上漲有任何假設？

Adam, it's Eric. I'll take that one. And you're absolutely correct. Kind of the way we see Q1 right now in SKSS is a little bit down year-on-year. It is almost all driven through kind of the base oil pricing challenges that we see here at the beginning of the year.

亞當，我是埃里克。我選那個。你說得完全正確。就我們目前對 SKSS 第一季業績的預期來看，年比略有下降。這一切幾乎都是由年初我們在這裡看到的基礎油價格挑戰所驅動的。

Obviously, as we did in 2025, we'll continue to counteract that with providing great oil collection services at the right price there at the market demands. And so as we move throughout the year, things do get a little bit better, some of that oil collection pricing modification kicks in, but Q1 is kind of the year-on-year low watermark, if you will.

顯然，就像我們在 2025 年所做的那樣，我們將繼續透過在市場需求下以合適的價格提供優質的石油收集服務來抵消這種影響。因此，隨著時間的推移，情況會稍微好轉一些，一些石油回收價格調整措施也會生效，但第一季可以說是同比最低點。

And Adam, we do have base oil pricing going down slightly in the guide over the course of the year. We do have that not at the same level happen 2025, but we do assume a slight decline in base oil pricing.

亞當，我們的指導方針顯示，今年基礎油價格將略有下降。我們預計到 2025 年基礎油價格不會達到相同的水平，但我們預計基礎油價格會略有下降。

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

There was a lot to like, I think, around the capital allocation and I want to get to that in a minute. But just on the core, Field Services, you called out the $30 million of emergency response work. It sounds like that basically drove the revenue growth year-over-year in the quarter. Can you maybe quantify the level of ER work you did total or anything outsized you would call out for 2025? And what you've assumed for ER work for 2026 in the guide?

我認為，資本配置方面有很多值得稱道的地方，我稍後會詳細談談這一點。但就核心部分而言，現場服務部門，您提到了價值 3000 萬美元的緊急應變工作。聽起來這基本上推動了該季度營收年增。您能否量化一下您在 2025 年完成的急診工作總量，或者您認為有哪些工作量會特別大？您在指引中對 2026 年急診室工作做了哪些假設？

Yes. No, I'll start there. Obviously, we had a nice fourth quarter with $30 million in large-scale emergency responses. If you look at the field services business over the course of the year and every year prior to it, we have ups and downs in large emergency response events. But throughout the course of the year, we drive some large events.

是的。不，我就從那裡開始。顯然，我們在第四季度表現出色，投入了 3000 萬美元用於大規模緊急救援。如果縱觀全年以及之前的每一年，現場服務業務都會在大型緊急應變事件中出現起伏。但一年中，我們也會舉辦一些大型活動。

We did over 22,000 emergency response events last year that you can really consider that a good baseline business that continues in that core base FS for utility customers, manufacturing, rail, all those types of things. And then we also see good incremental events that will continue to happen. When in the quarter, they will, will or not, it's to be determined, but that's been a core part of our field services business for the past 20 years. those things happen. So we have that factored into growth of field service year-over-year being in that mid-single digits as a baseline.

去年我們進行了超過 22,000 次緊急應變事件，這確實可以被視為一個良好的基準業務，並繼續為公用事業客戶、製造業、鐵路等所有類型的行業提供核心基礎 FS。此外，我們也看到一些正面的漸進式事件將會繼續發生。到季度末為止，他們會不會這樣做還有待確定，但這在過去20年裡一直是我們的現場服務業務的核心部分。這種事情時有發生。因此，我們將此因素考慮在內，現場服務年增率的基準線為個位數中段。

I would say, Noah, that when you look at the 22,000 events that Eric mentioned, I mean, that's up by 5% from last year. So we still see a fair amount of events happening in the country in North America, and we've been there and winning our fair share. And when these large events, Adam, the company is built for that. It was built on emergency response. That's part of the business model. And because such a big business now with the acquisition has, it's been a great way for us.

諾亞，我想說的是，艾瑞克提到的 22,000 件事件，比去年增加了 5%。所以我們看到北美地區仍然發生著相當多的賽事，我們也參與其中，並且贏得了我們應得的勝利。亞當，當這些大型活動發生時，公司正是為此而建立的。它是建立在緊急應變的基礎上。這是商業模式的一部分。收購之後，公司規模變得如此龐大，這對我們來說是一個很好的發展途徑。

Yes. No, just one last point on that. I think when you think about our network, what we build with field services branches, last year, we added an additional 18 field service branches to our network. And as you know, our strategy is to make sure that we have an operating branch of every business unit in all the key geographies throughout North America. And that presence when we think about fee service, that presence allows us to be the first call when emergencies happen and leverage through the rest of the network, people and equipment to be able to grow with those emergency response events.

是的。不，關於這一點，還有最後一點要補充。我認為，當你考慮到我們的網絡，以及我們去年透過現場服務分支機構建立的網絡時，我們去年又向我們的網絡增加了 18 個現場服務分支機構。如您所知，我們的策略是確保我們在北美所有主要地區都設有每個業務部門的營運分公司。當我們考慮收​​費服務時，這種存在感使我們能夠在緊急情況發生時成為人們首先想到的求助對象，並透過網路的其他部分、人員和設備來利用這些緊急應變事件，從而實現成長。

So it's a core part of what we do. We do it really well. our sales team, our field services operations team. They are out there pounding the streets to make sure that for every customer who needs a facility response plan with an emergency response provider that we are the number one call when things go wrong. And we've done a good job of that, and we'll continue to exercise that presence as we grow here throughout 2026.

所以，這是我們工作的核心部分。我們在這方面做得非常出色。我們的銷售團隊和現場服務營運團隊都做得很好。他們走上街頭，挨家挨戶地宣傳，確保每一位需要設施緊急應變計畫和緊急應變服務提供者的客戶，在發生意外時都能第一時間想到我們。我們在這方面做得很好，並且我們將繼續保持這種存在感，並在 2026 年繼續發展壯大。

Very helpful. I think just on the 1Q guide, just how much of a headwind will weather be? I mean, last year, I know it was a $10 million to $12 million EBITDA headwind. We were obviously between Fern and some other events have had a rough start to the year. Some other players in the space have talked about it.

很有幫助。我覺得僅從第一季的天氣預報來看，天氣會造成多大的逆風影響？我的意思是，我知道去年 EBITDA 方面面臨 1000 萬至 1200 萬美元的不利影響。顯然，我們夾在 Fern 和其他一些活動之間，今年的開局並不順利。業內其他一些參與者也談到過這一點。

So just where do you kind of think that ends up for 1Q?

那麼你覺得第一季最終會是什麼結果呢？

Noah, it's Eric Dugas here. I think when you think about weather year-on-year, I mean, I think we've heard from some other folks that have come out, and we're seeing the same thing and weather impacts us in these winter months, January, early February here. seemingly kind of every year. And so when we think about our guide here in Q1, I would say the weather impact is flattish. We talked about SKSS assumptions in Q1.

諾亞，我是艾瑞克‧杜加斯。我認為，從年復一年的天氣來看，就像我們從其他一些人那裡了解到的情況一樣，天氣對我們這裡的冬季月份，也就是一月和二月初，影響似乎每年都是如此。因此，當我們考慮第一季的指導方針時，我認為天氣的影響比較平緩。我們在第一季討論了 SKSS 的假設。

That's really the lighter side of our guide here in Q1. If you look at the ES business, we're still growing 5% to 7% year-on-year. A lot of the great things that we did throughout 2025 and in Q4 that we just talked about kind of continue into Q1.

這是我們第一季指南中比較輕鬆的部分。如果你看一下ES業務，我們仍然保持著5%到7%的年增長率。我們在 2025 年全年以及第四季所做的許多偉大的事情，我們剛才談到的，都將延續到第一季。

We haven't seen (inaudible) other that whether we've had some delays, but no plan out it. No plant upsets, which I think is an important point.

除了可能出現了一些延誤之外，我們沒有看到（聽不清楚）其他情況，但沒有製定計劃。植物沒有受到任何損傷，我認為這很重要。

David Manthey, Baird.

David Manthey，Baird。

My first question, a clarification here. I missed what you said about corporate expense for 2026. What was that growth rate?

我的第一個問題，需要澄清一下。我錯過了您關於2026年公司開支的發言。成長率是多少？

2% to 4%.

2%至4%。

2% to 4%, Dave.

戴夫，2%到4%。

Okay. So looking at 2025 as a whole, if Clean Harbors was able to grow EBITDA by roughly 5% in 2025, and that's in the face of field and industrial being down and a $10 million headwind from SKSS EBITDA. And then in 2026, you're saying that each of those things are going flat or positive, and then you got Kimball ramping and all these other growth initiatives.

好的。因此，展望 2025 年，如果 Clean Harbors 能夠在 2025 年實現 EBITDA 成長約 5%，並且是在油田和工業業務下滑以及 SKSS EBITDA 帶來 1000 萬美元不利影響的情況下實現這一目標。然後，到了 2026 年，你又說這些事情都會保持平穩或增長，然後 Kimball 的擴張計劃以及所有其他增長舉措也將陸續實施。

I'm not being critical here. I'm just asking like when you look at all of those things, I'm wondering which one or what segment are you seeing that's going to be a drag to 2026 EBITDA growth? Because it feels like everything in '26 is either the same or better than it was in '25, and you're guiding for the same level of EBITDA growth. If you could help me understand the bridge there.

我並非在批評。我只是想問，當你審視所有這些因素時，你認為哪一項或哪個部分會拖累 2026 年的 EBITDA 成長？因為感覺 2026 年的一切要么與 2025 年相同，要么更好，而且你們預計 EBITDA 增長水平也將保持不變。如果你能幫我了解那座橋的情況就太好了。

Yes, Dave, this is Mike. I'll start. I think that our goal is to make sure that we provide a balanced view as we go into the year, mean there's a lot of -- I think to your point, there's a lot of positive momentum. We certainly see some of the (inaudible) guys talking about that momentum, and we see it as well. January, as Eric said, it was a rough month from a weather wide standpoint, we want to see it.

是的，戴夫，我是麥克。我先來。我認為我們的目標是確保在新的一年提供一個平衡的觀點，這意味著有很多——我認為正如你所說，有很多積極的勢頭。我們當然看到一些（聽不清楚）人談論這種勢頭，我們也看到了。正如艾瑞克所說，一月份從整體天氣角度來看是個糟糕的月份，我們想看看情況如何。

We want to see it. And my hope is we come back in a couple of months and talk about a great Q1 and a great Q2 and Q3 as well. But you want to be thoughtful as you set applications for the year, I think that a 5% growth, as Eric laid out in his script is a reasonable growth, is a good starting point. And certainly, in the face of what we see just -- if you look at industrial production, we had a great January, but one is not a pattern. And so let's have a few quarters, a few months of this type of growth before we start claiming victory here.

我們想看看。我希望幾個月後我們能回來，討論一下出色的第一季、第二季和第三季業績。但是，在製定年度申請計劃時，你應該深思熟慮。我認為，正如艾瑞克在他的腳本中闡述的那樣，5% 的成長是一個合理的成長，也是一個不錯的起點。當然，就我們所看到的而言——如果你看看工業生產，我們一月份的業績非常好，但一次並不能代表一種模式。所以，在宣布勝利之前，讓我們先觀察這種成長勢頭幾個季度、幾個月。

So that's kind of our view. And we want to be thoughtful about this, and we're hopeful that we come back here in a couple of months and say how great quarter was and how great Q2 and Q3 are going to be.

這就是我們的看法。我們希望認真考慮這個問題，並希望幾個月後我們能回到這裡，告訴大家這個季度有多出色，以及第二季和第三季將會有多麼出色。

Yes. Got it. And on the first quarter, first quarter EBITDA as a percentage of full year has been about, I don't know, 20.6% for the last three years on average. And this year, you're sort of saying 19.5% based on the guidance midpoint. Did you quantify the weather? Is that the reason that we're down at some representing a smaller percentage overall.

是的。知道了。過去三年，第一季 EBITDA 佔全年 EBITDA 的百分比平均約為 20.6%。今年，你基本上是根據指導值的中點估算出 19.5% 的成長率。你對天氣狀況進行量化分析了嗎？這就是我們部分產品佔比下降、整體比例變小的原因嗎？

David, it's Eric. I think a couple of things. As I said before, I would think weather impact is kind of flattish year-on-year. a little bit of year-on-year decline in SKSS. And then just to go back to the beginning, your corporate question of 2% to 4% for the full year.

大衛，我是艾瑞克。我覺得有兩件事。正如我之前所說，我認為天氣的影響每年基本上持平，而SKSS則略有同比下降。然後回到最初，你們公司提出的全年成長率為 2% 到 4% 的問題。

Corporate is a little bit heavier in Q1 the way we've got it we've got it laid out. There's some natural inflation but also a little bit of incentive comp timing, a little bit more incentive comp in our guide for Q1 this year. versus last year, we had some backup just because of the performance in Q1 last year. So that's probably the piece you're missing. But the whole year calendarized out pretty similarly.

根據我們目前的安排，第一季的企業業務稍微繁忙。有一些自然通膨因素，但也有一些激勵性薪酬發放的時間安排，因此我們今年第一季的業績指引中激勵性薪酬的佔比略高。與去年相比，我們有一些緩衝資金，這主要是因為去年第一季的業績表現良好。所以，這很可能就是你所缺少的關鍵一環。但全年的日程安排都大同小異。

Yes. It's more of a Q1 corporate item, I think, Dave, when you look at it, in SKSS, as you saw, it's going to be a little soft in Q1, and that's really driven by some fell pricing, we still had a year-end still on the balance sheet that kind of ran into Q1. So Q1 was a bit of a rough quarter.

是的。戴夫，我認為這更像是第一季的企業專案。你看，在SKSS，正如你所看到的，它在第一季會有點疲軟，這主要是由於一些下跌的定價，我們資產負債表上還有一些年末結算延續到了第一季。所以第一季有點難。

Bryan Burgmeier, Citi.

Bryan Burgmeier，花旗銀行。

Maybe just on Safety-Kleen, the charge for oil opportunity has been pretty compelling and successful just curious if you could characterize how much sort of room to run there is there? Do you maybe still feel Clean Harbors isn't getting proper value? Or is it maybe mostly about just kind of compounding at these levels now?

或許僅在 Safety-Kleen 上，石油市場的上漲勢頭就相當強勁且成功，我只是好奇您能否描述一下該市場還有多少上漲空間？您是否仍然覺得 Clean Harbors 沒有獲得應有的價值？或者說，這主要只是目前這些層次的複利效應？

Bryan, I think that our ability to continue to charge for dirty motor oil has been a differentiator, and I believe that we haven't really lost a lot of gallons in this process. So I feel like this has been a hugely successful endeavor and really have been able to offset kind of the base oil pricing that we see. I feel like we've kind of taking a good step forward and really made some real changes. And I feel like that's going to continue to pay off. As you saw from Eric Dugas' comments around the year for 2026, we're not assuming that, that gets a lot better. But we're hopeful that if oil prices stabilize even recover. That could be a huge winner for us.

布萊恩，我認為我們能夠繼續對髒機油收費是一個優勢，而且我相信在這個過程中我們並沒有真正損失很多機油。所以我覺得這是一項非常成功的舉措，並且確實能夠抵消我們看到的基礎油價格上漲的影響。我覺得我們已經向前邁出了一大步，並且真正做出了一些改變。我覺得這樣做會繼續帶來回報。正如埃里克·杜加斯在 2026 年的評論中所提到的，我們不認為情況會好轉很多。但我們希望，如果油價穩定，情況甚至能夠好轉。那對我們來說可能是個巨大的利好。

Got it. And then just one follow-up maybe just on the Group III oil production. Just again, from like a high level, if you can maybe frame that sort of size the opportunity for Clean Harbors.

知道了。然後可能只需要跟進第三組石油的生產情況。再說一遍，從宏觀的角度來看，如果你能把這種規模的機會框定在清潔港灣的機會中。

Is there any material contribution to '26. Yes, that would be really helpful.

對 '26 有任何實質貢獻嗎？是的，那真的很有幫助。

Yes, Bryan. Eric here. So when we look at our run rate of our Group III production, we're in the neighborhood of 4 million to 6 million gallons increasing year-over-year. And that differentiation between the Group II is about $1 a gallon more. So it's meaningful. But what else is important here is that when we blend that oil, we also have an opportunity to really offset some of the Group II plus that we've been selling.

是的，布萊恩。我是埃里克。因此，當我們查看第三類產品的生產運行速度時，我們每年增加約 400 萬至 600 萬加侖。第二類汽油的價格比第二類汽油高出約 1 美元/加侖。所以它是有意義的。但更重要的是，當我們混合這種油時，我們也有機會真正抵消一些我們一直在銷售的 II 類加強石油產品。

So it will continue to ramp up year-over-year the traction of the products and the blended products that we're making with our Group III has been excellent. And we're really excited about that continuing to have a meaningful contribution to EBITDA improvement within our SKSS business in the coming years.

因此，我們產品的市場吸引力將繼續逐年提升，而我們與第三組合作生產的混合產品也表現出色。我們非常高興它能在未來幾年繼續為我們 SKSS 業務的 EBITDA 改善做出有意義的貢獻。

Jerry Revich, Wells Fargo.

傑瑞·雷維奇，富國銀行。

This is Jake (inaudible) on for Jerry. The Technical Services segment saw a good acceleration in the fourth quarter. Can you walk us through the key drivers of that acceleration, whether it was project activity, pricing, mix, volume? And how much of that momentum carries into the first quarter?

這裡是傑克（聽不清楚），替傑瑞發言。技術服務部門在第四季度實現了良好的成長。能否詳細介紹推動這項加速發展的關鍵因素，例如專案活動、定價、產品組合和銷售？這種成長動能延續到第一季嗎？

I'll begin. It really was -- as we said in the script, it was really a combination of multiple different things when you look at it. Our TS business had really great volumes across the board. We saw about 8% increase in overall containerized waste volumes. In our Safety-Kleen Environmental business, strong waste collection, along with VAC services, we highlighted that.

我先來。正如我們在劇本中寫的那樣，仔細分析就會發現，這確實是多種不同因素的結合。我們的TS業務整體銷量都非常可觀。我們發現貨櫃垃圾總量增加了約 8%。在我們的 Safety-Kleen Environmental 業務中，我們專注於強大的廢棄物收集和吸塵器服務。

When we look at the field services business, lots of ERs, large and small, good, strong base business. And then finally, our project business was very strong as well. drove some nice volumes into our landfills into our incinerators and the momentum in the project business around PFOS. So it was multiple different things that contributed to the success of ES. And that was a great fourth quarter.

當我們審視現場服務業務時，會發現許多大型和小型的緊急應變小組，這是一個良好且強大的業務基礎。最後，我們的專案業務也非常強勁，為我們的垃圾掩埋場和焚化爐帶來了可觀的垃圾量，並且圍繞 PFOS 的專案業務也取得了良好的發展勢頭。所以，ES的成功是由多種不同的因素共同促成的。第四節打得非常精彩。

It was a great year with our environmental services. We fully anticipate that momentum to continue here into Q1 and 2026 in all those areas that I just spoke about.

今年我們的環境服務取得了巨大成功。我們完全預期，在我剛才提到的所有領域，這種勢頭將持續到 2026 年第一季。

And Jake, the great thing about what Eric said is that this doesn't include any cap disclosures. It doesn't include no large we're not assuming that there's going to be a lot of bounce back in the chemical as a refining area, and we're not assuming a base oil recovery. I mean so we have a lot of good opportunity there though. So we feel like this growth that we're talking about this morning had is a reasonable assumption, but those things do turn around, and I think that will be incredibly (inaudible) into 2026 and beyond.

傑克，埃里克說的最棒的一點是，這其中並沒有包含任何上限披露。它不包括任何大型項目，我們並不假設化學工業作為煉油領域會有很大的反彈，我們也不假設基礎油能夠恢復。我的意思是，我們在那裡有很多很好的機會。所以我們覺得今天早上我們討論的這種增長是一個合理的假設，但這些事情確實會發生變化，我認為這種情況在 2026 年及以後將會非常（聽不清楚）。

Fantastic. Very helpful. And then just as a follow-up, I know you provided -- I was just hoping you could speak on the moving pieces of the Environmental Services, 5% growth guide for 2026 and any cadence on the quarters outside of the 1Q that you already provided.

極好的。很有幫助。然後，作為後續問題，我知道您已經提供了——我只是希望您能談談環境服務部門的動態變化、2026 年 5% 的增長指導以及您已經提供的第一季以外的其他季度的任何節奏。

Jake, I would say, just to point out a couple of the big drivers in that 2026 growth. And yes, we talked in our script it year two of Kimball incinerator. So you talked about an incremental kind of $10 million to $15 million of EBITDA there across the network by continuing to ramp up that facility. PFAS opportunities and a growing pipeline there, a 20% increase into 2026 is in our guide. And so those are probably two meaningful discrete pieces, continued field services growth in some of the new branches and new agreements we're getting into with existing customers that Eric highlighted a moment ago.

傑克，我想指出2026年成長的幾個主要驅動因素。是的，我們在劇本裡提到了金博爾焚化爐的第二年。所以你提到，透過繼續擴大該設施的產能，整個網路將增加 1,000 萬至 1,500 萬美元的 EBITDA。PFAS 領域蘊藏著巨大的機遇，相關業務正在不斷成長，根據我們的指南預測，到 2026 年，該領域將成長 20%。因此，這可能是兩個有意義的獨立部分：一些新分支機構的現場服務持續成長，以及我們與現有客戶達成的新協議，正如 Eric 剛剛強調的那樣。

And then you really have all those great things that we continue to do in Technical Services and Safety-Kleen branch around growing volumes and pricing strategies and being diligent around those. And that's all wrapped with continuing to provide just great service to all our customers. So I would say those are the big drivers. And yes, in terms of calendarizing out the quarters, I would say that it very much kind of calendarizes out kind of 5% growth roughly in each quarter year-on-year. So hopefully that answers and clarifies your question.

然後，我們技術服務部和 Safety-Kleen 部門一直在努力提高銷售和定價策略，並在這方面保持勤奮，這確實是一件很棒的事情。最後，我們將繼續為所有客戶提供優質的服務。所以我認為這些是主要驅動因素。是的，就季度日曆而言，我認為它大致實現了每個季度同比增長約 5%。希望這能解答並澄清您的問題。

With the acquisition in the back half of the year, that was the only thing I'd add to that.

收購發生在下半年，這是我唯一要補充的內容。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Great. First, congrats on the cash flow. On the quarter and really for the year, I can remember, I don't know, 10 years ago when cash flow was a sort fall, but now it's a real highlight. So I (inaudible).

偉大的。首先，恭喜您現金流充裕。就季度和年度而言，我記得大概十年前現金流有所下降，但現在現金流卻是真正的亮點。所以，我（聽不清楚）

Thanks, Larry. Good to hear.

謝謝你，拉里。很高興聽到這個消息。

Yes, absolutely. Been around for too long. So I guess the question, Eric G., just on the -- I really appreciate the PFAS, a lot of good stuff like the picture on the slide too. It feels like operationally, regulatory momentum is really stronger than it's ever been. It sounds like you can do about $150 million this year, plus or minus.

是的，絕對的。存在時間太長了。所以我想問的是，Eric G.，就——我真的很欣賞 PFAS，幻燈片上的圖片也很好。從實際操作層面來看，監管勢頭似乎比以往任何時候都更加強勁。聽起來你今年大概可以賺 1.5 億美元，上下浮一點。

But are we getting closer to an inflection point where I don't know where that inflection plant takes us, but where we could really see an acceleration in revenue growth over the next few years.

但我們是否正接近一個轉折點？我不知道這個轉折點會把我們引向何方，但我們可能會在未來幾年內真正看到收入成長加速。

Yes, it's a great point, Larry. I think we do believe that we're getting closer. Having the opportunity to go down and talk to the Senate Committee on Public Works was a great opportunity for us to not only share what our total PFAS solutions are, but more so to talk to them about that there is capacity and infrastructure to handle PFAS remediation and cleanup and that there is existing technologies and capacity to handle the growth and deal with this significant issue.

是的，拉里，你說得很有道理。我認為我們都相信我們正在越來越接近目標。有機會前往參議院公共工程委員會進行交流，對我們來說是一個很好的機會，不僅可以分享我們全面的 PFAS 解決方案，更重要的是可以向他們說明，我們有能力和基礎設施來處理 PFAS 的修復和清理工作，並且現有的技術和能力可以應對 PFAS 的增長並解決這一重大問題。

I think the other key point, too, is that during those discussions, we laid out very clearly based on our experience of managing the cleanups that we've already been doing and the treatment that we've already been doing. We laid out what we thought the regulatory parameters should be.

我認為另一個關鍵點是，在那些討論中，我們根據我們已經進行的清理工作和已經進行的治理工作的經驗，非常清楚地闡述了我們的方案。我們列出了我們認為應該遵循的監管參數。

And we've got some great feedback on that. Those regulatory parameters, we've been communicating those to the EPA. But more so, we've been communicating those to our customers. And the way we got to the revenue that we are today is by saying to our customers, hey, to limit your risk to manage it properly. These are some thresholds and parameters that we can help you employ with our total PFAS solutions and make sure you don't have any long-term liabilities.

我們收到了一些非常好的回饋。這些監管參數，我們已經傳達給了美國環保署。但更重要的是，我們一直在向客戶傳達這些訊息。我們之所以能達到今天的收入水平，是因為我們告訴客戶，要限制風險，並妥善管理風險。以下是一些我們可以幫助您運用的 PFAS 全面解決方案所設定的閾值和參數，以確保您不會承擔任何長期責任。

So I think all that put in together I really do think and I think we all believe that the momentum of getting some really defined thresholds with the EPA is in sight. We're hopeful about that. We continue to drive that, but we also see our customers acting very disciplined today even without that in place.

所以我認為，綜合所有這些因素，我真的認為，而且我認為我們都相信，與美國環保署達成一些真正明確的門檻的勢頭指日可待。我們對此抱持著希望。我們一直在努力推進這項工作，但我們也看到，即使沒有這樣的措施，我們的客戶如今也表現得非常自律。

All right. And I guess a question for Eric Dugas. Doesn't the three-year contract that you signed, doesn't that almost get you to that 20% growth by itself this year. Kind of busting chops a little bit on that one, but isn't that kind of fair? Or is that all not incremental that $110 million over three years?

好的。我想問埃里克·杜加斯一個問題。你簽的那份三年合同，難道不能讓你今年實現近20%的成長目標嗎？這有點開玩笑的成分，但這樣說不公平嗎？或者說，這三年來的1.1億美元並非全部都是新增的？

Yes. Keep in mind that we do some work there today, Larry. And so that $110 million is the total. It's increasing $15 million to $30 million, I think, in any given year over that three-year period from what we do today. So there's still to run on that.

是的。拉里，記住我們今天在那裡會做一些工作。所以總共就是1.1億美元。我認為，在未來三年內，每年的投入將比我們目前投入的資金增加 1,500 萬至 3,000 萬美元。所以這件事還有後續發展空間。

That's fair. And I guess my second question for you, Eric, just on the margin improvement, again, also really nice we don't need to call out the streets, but you may not be able to predict it continuing every single quarter, but up to 26% EBITDA margin. As you look out three to five years, could this continue to expand? I mean could we be talking about a 30% EBITDA margin business when we reached 2030.

這很合理。艾瑞克，我想問你的第二個問題是關於利潤率的提高，這當然很好，我們不需要向華爾街求助，但你可能無法預測這種情況會在每個季度都持續下去，但 EBITDA 利潤率最高可達 26%。展望未來三到五年，這種情況會繼續擴大嗎？我的意思是，到 2030 年，我們有可能談論 EBITDA 利潤率達到 30% 的企業嗎？

Yes, Larry, we think 30% is certainly kind of in the future for us. And internally, that's the target, the reset target that maybe we have now, but it's 30% and beyond. Now what year we hit that, I mean I think we're going to continue to strive to expand margins at a minimum of 30 to 50 basis points a year. That's what we said, and we've been able to kind of overachieve on that. So exactly what here we're going to be above 30%, I can't tell you, but that's the internal goal.

是的，拉里，我們認為 30% 對我們來說肯定還是一個遙遠的未來目標。而內部目標，或者說我們現在設定的重置目標，是 30% 甚至更高。至於我們哪一年能達到這個目標，我的意思是，我認為我們將繼續努力，每年至少將利潤率提高 30 到 50 個基點。我們當時就是這麼說的，而且我們在這方面也取得了超乎預期的成果。所以，具體要達到 30% 以上，我不能告訴你，但這是我們的內在目標。

I guess just one thing that I'd like to share relative to that is with our margins in Environmental Services here, just about 26% for the year, we're exceeding those margins that we had assumed in our Vision 2027 a couple of years ago in fiscal 2027. So call it, two years ahead.

我想分享一點關於這方面的信息，那就是我們環境服務部門的利潤率，今年約為 26%，超過了我們幾年前在 2027 財年制定的「2027 年願景」中所假設的利潤率。所以，不妨稱為提前兩年。

But certainly, we see a lot of runway in margins, continue to grow margins through volume, pricing initiatives, internalization of costs greater use of technologies, all those things, holding on to our people and reducing kind of turnover. That's been a great thing for us the last couple of years. So we're going to keep doing those things, and we'll see margins expand.

但可以肯定的是，我們看到利潤率還有很大的提升空間，將繼續透過提高銷售量、價格策略、成本內部化、更多地使用技術等方式來提高利潤率，同時留住我們的員工並降低人員流動率。過去幾年，這對我們來說是件好事。所以我們會繼續這樣做，利潤率就會擴大。

Yes. Larry, just to build on that. Our aspirational goal is really to get to those 30% margins by 2030, 2032. And when you look at the past four or five years, everything that we've been driving, there's a clear path to get there. We have a number of opportunities that Eric just articulated.

是的。拉里，我只是想在此基礎上再補充一點。我們雄心勃勃的目標是到 2030 年、2032 年實現 30% 的利潤率。回顧過去四、五年，我們所做的一切都表明，通往目標的道路是清晰的。正如艾瑞克剛才提到的，我們有很多機會。

We're going to continue to get more efficient. We're going to continue to route our trucks well. We're going to continue to lower turnover. All those things and driving pricing ahead of inflation will drive our margins and continue to expand as we build the platform of the business and leverage what we have with our unparalleled disposal network.

我們將繼續提高效率。我們將繼續合理規劃貨車路線。我們將持續降低員工流動率。所有這些因素，以及在通貨膨脹之前進行定價，都將推動我們的利潤率，並且隨著我們建立業務平台並利用我們無與倫比的處置網絡，利潤率將繼續擴大。

The last thing I'd say to that answer is that we have in every single manager's compensation EBITDA margin as part of their targets. And I think that's really helped drive behavior. And we can talk about what year we hit 30%. I don't think that that's a goal at just a stopping point. So I'm of the view that we continue to expand margins even beyond that 30%. I mean we have a date when you want to hit that, but I think I'm of the view that that's not a goal that that's just a good way to measure ourselves.

我最後要補充的是，我們每位經理的薪酬目標都包含了 EBITDA 利潤率。我認為這確實有助於引導行為。我們可以討論一下我們達到 30% 的年份。我不認為那隻是一個終點或終點。所以我認為，我們可以繼續擴大利潤率，甚至超過 30%。我的意思是，我們有一個想要達成目標的日期，但我認為那不是一個目標，而只是衡量我們自身的好方法。

James Schumm, TD Cowen.

James Schumm，TD Cowen。

Mike, can we just talk about SKSS a little bit. You gave some breadcrumbs, but like where are you for leading-edge pricing? Are we like $0.50 a gallon or are you above that? And then just where are you in terms of utilization of your refineries? Any thoughts to closing another refinery or do you feel good about where you are now? And then just any color or update on the Castrol partnership?

麥克，我們可以稍微聊聊SKSS嗎？你透露了一些信息，但是，你們的領先定價策略在哪裡呢？我們這裡的油價是每加侖 0.5 美元左右，還是高於這個價格？那麼，你們煉油廠的使用率目前是多少呢？有沒有考慮關閉另一家煉油廠？還是對目前的狀況感到滿意？那麼，關於嘉實多合作關係，有什麼最新消息或進展嗎？

Sure. Sure. I'll take care of all of these. The first of which is that we are north of $0.50 as we get into 2026 here. I think we've done a good job of driving price improvements in our yield oil pricing, and I feel like the team has done an excellent job of really changing the marketplace.

當然。當然。這些事情我都會處理。首先，到 2026 年，我們的價格將超過 0.50 美元。我認為我們在提高原油產量定價方面做得很好，我覺得團隊在真正改變市場方面做得非常出色。

And where we were a year ago, kind of where we are now, it's really unbelievably good as the team has done a nice job of hold in line. And the good news is that we haven't really seen -- we have lost some gallons, but we haven't lost nearly as many gallons as we thought. And as such, we haven't had the need, as we sit here today, to close any more re-refineries. And I think we've been able to feed our network. I said in my prepared remarks, we able to feed our refinement with the used motor oil, we've been able to collect at really good pricing.

而我們一年前的處境，和我們現在的處境相比，真的好得難以置信，因為團隊在維持秩序方面做得很好。好消息是，我們還沒有真正看到——我們確實損失了一些加侖，但損失的加侖數遠沒有我們想像的那麼多。因此，截至目前，我們還沒有需要關閉任何再煉油廠的必要。我認為我們已經能夠滿足我們網路的需求。我在事先準備好的演講稿中說過，我們能夠利用廢機油進行提煉，而且我們能夠以非常好的價格收集到廢機油。

When you think about the future in our capital partnership, it's been successful. We've had some good wins there. has been as successful on it would be probably need some more work there. But it's a long selling cycle. We understand that.

展望我們資本合夥關係的未來，它已經取得了成功。我們在那裡取得了一些不錯的勝利。如果能像之前那樣成功，可能還需要在這方面多下一點功夫。但銷售週期很長。我們明白這一點。

The team at (inaudible) has done a good job of driving that. We've been good partners with them. We have that a couple of good wins, but there hasn't been a big of a needle mover as we probably thought when we went into this.

（聽不清楚）團隊在這方面做得很好。我們一直與他們保持著良好的合作關係。我們取得了一些不錯的勝利，但並沒有像我們當初預想的那樣出現重大突破。

Okay. Great. And then just in terms of the pricing, it's kind of hard to get base oil pricing or could you help us understand where your average sales price was or is now? Is there anything any help you can give there?

好的。偉大的。至於定價方面，基礎油的價格很難確定，您能否幫我們了解一下您之前的平均銷售價格或現在的平均銷售價格是多少？請問您能提供什麼協助嗎？

Yes, James, we have a lot of different customers. There are a lot of different price points, but it has been down. I mean just cutting through it all, there have been a fair amount of base oil pricing declines kind of all through 2025. And I think it's been in the mid-teens rate as far as the overall base oil pricing. But remember, we are managing a spread.

是的，詹姆斯，我們有很多不同的客戶。價格區間很多，但整體價格有下降。我的意思是，總而言之，到 2025 年，基礎油價格將出現相當大的下降。我認為整體基礎油價格一直維持在十幾個百分點點左右。但請記住，我們是在控制價差。

And so that really forced us as an organization to drive that UMO pricing up to manage that spread to deliver the number that we told you back last February. We told you we're going to deliver the number for SKSS, and we're right there. So something we're really proud of.

因此，這確實迫使我們公司提高 UMO 定價，以控制價差，從而實現我們去年二月告訴你們的目標。我們告訴過你們我們會提供 SKSS 的號碼，我們現在就在這裡。所以這是我們非常引以為傲的事情。

And James, just to build on Mike's comments a little bit further. One of our key goals that we've mentioned multiple times is to really drive our direct blended sales growth. And that's the most stable pricing that we can do and work with our customers to not only pick up their UMO but deliver to them really high-quality direct blended oil into their network. And we're successfully beginning to grow that. It's not as fast as we would all like.

詹姆斯，我想在麥克的評論基礎上再補充一點。我們多次提到的一個關鍵目標，就是真正推動直接混合銷售成長。這是我們能夠做到的最穩定的定價，我們將與客戶合作，不僅接收他們的 UMO，還將真正高品質的直接混合油輸送到他們的網路中。我們正在成功地實現這一目標。它沒有我們所有人都希望的那麼快。

But that's our really true north across our business is growing that direct blended, getting stabilization on that back-end price while we continue to improve our UMO pricing. And the market today really has accepted that UMO is -- it's really a hazardous waste and it needs to be collected and managed. And we do a nice job across our network of customer service and collecting the gallons when they're tanks are full, and we'll continue to drive those opportunities.

但真正貫穿我們整個業務的真正方向是發展直接混合業務，穩定後端價格，同時繼續改進我們的 UMO 定價。如今市場已經普遍接受了UMO是一種危險廢物，需要收集和管理這一事實。我們在客戶服務網絡和油箱加滿油時及時回收油量方面做得很好，我們將繼續努力抓住這些機會。

Great. And just lastly for me. Veolia bought Clean Earth, as you're fully aware, do you expect to lose a certain amount of volumes or EBITDA with that transaction? Is there any impact to 2026 that you guys are contemplating?

偉大的。最後，我也要補充一點。如您所知，威立雅收購了Clean Earth，您預期此交易會導致銷售量或EBITDA下降多少嗎？你們有沒有考慮過2026年會受到哪些影響？

No, not all, James. Yes, they were obviously the successful acquirer of that, but we do not anticipate losing any volumes to what they have going on there. In fact, we overall think there's opportunities to continue to grow our services with our customers, and we're not concerned about that in the lease.

不，並非全部，詹姆斯。是的，他們顯然成功收購了那家公司，但我們預期他們的業務不會因此而損失任何銷售量。事實上，我們總體上認為，我們有機會繼續與客戶共同發展我們的服務，我們並不擔心租賃合約會對此有所限制。

(Operator Instructions)

（操作說明）

Tobey Sommer, Truist.

Tobey Sommer，Truist。

It's been so long since we've had sort of a good industrial economy. Maybe could you remind us what your growth in revenue and EBITDA would look like in a good industrial economy here and maybe contrast that with the guide?

我們已經很久沒有擁有過像樣的工業經濟了。您能否提醒我們，在良好的工業經濟環境下，貴公司的收入和 EBITDA 成長情況會是怎樣的，並與指南進行比較？

Toby, I'm happy to answer that. It's kind of tough to improve it. We haven't had it in such a long time. It's tough to remember. But if you remember, some years, we were growing ES revenue double digits.

托比，我很樂意回答這個問題。很難改進。我們已經很久沒有吃過了。很難記住。但如果你還記得的話，有些年份我們的 ES 收入實現了兩位數的成長。

There was years when industrial production grew and we were growing that ES business at really good rates and that kind of that kind of began the 15 straight quarters that Eric mentioned earlier, of EBITDA growth. So tough to see what good looks like. I'm telling you right now, it's going to be good, but it does have to happen. And so if it does happen, I think it will in 2026, we start seeing that certainly in our pipeline. I'm hopeful that we have kind of four good quarters of beat raise and we come back to you and how great it was because of great industrial production.

有好幾年，工業生產成長，我們的ES業務也以非常好的速度成長，這大概就是艾瑞克之前提到的連續15個季度EBITDA成長的開端。很難看出「好」到底是什麼樣子。我現在就告訴你，這一定會是件好事，但這事必須發生。所以如果真的發生了，我認為會在 2026 年發生，我們肯定會在我們的研發項目中看到這一點。我希望我們能連續四個季度實現不錯的成長，然後我們再回來告訴大家，由於工業化生產的成功，情況會變得多麼好。

Right. And what parts of the business of the portfolio do you think would see it first so that as we work our way through the reported quarters this year, if we start to see improvements in what areas would that lead to greater confidence in the industrial recovery?

正確的。那麼，您認為投資組合中的哪些業務會率先受益？隨著我們今年陸續公佈季度業績，如果我們開始看到哪些領域的改善，這將如何增強人們對工業復甦的信心？

I mean you see it in Environmental Services. I mean, it's hard to say what -- I think you see it in all four parts of the lines of business that would make up environmental services, whether it be or TS, FS, IS, SK brands, you see all for those with increased industrial production. We feel like they would all be the beneficiary of that, maybe TS and IS more so, but I see all of those lines of business, which make up the Environmental Services segment improving because of that. Of course, the base oil pricing improves. As we talked about earlier, I think we see some real good EBITDA growth in the SKSS business.

我的意思是，你在環境服務部門就能看到這種情況。我的意思是，很難說——我認為在構成環境服務的所有四個業務線中都能看到這一點，無論是 TS、FS、IS、SK 品牌，你都會看到它們都服務於那些工業生產不斷增長的企業。我們覺得他們都會從中受益，TS 和 IS 可能會受益更多，但我認為構成環境服務部門的所有業務線都會因此而得到改善。當然，基礎油價格有所改善。正如我們之前討論的那樣，我認為SKSS業務的EBITDA成長非常可觀。

Last one for me. If you dream the dream for PFAS, what's the best catalyst that you could think of in terms of the regulator, perhaps the DoD, what kind of event could transpire that would really catalyze growth there?

這是我最後一個了。如果讓你暢想 PFAS 的未來，你認為監管機構（如國防部）的最佳催化劑是什麼？什麼樣的事件能夠真正促進 PFAS 的發展？

Yes, Toby, I'd really say and we point to regulatory framework around thresholds of PFAS contamination and clearly articulating it for industrial water, soil, solids and driving remediation of those with those thresholds. And we're getting there. The market is disciplined. However, we really would like those in place. It would be the greatest catalyst to really put it on steroids, so to speak.

是的，托比，我確實想說，我們應該關注 PFAS 污染閾值的監管框架，並明確闡述工業用水、土壤、固體中的 PFAS 污染閾值，並推動對達到這些閾值的污染物進行修復。我們正在接近目標。市場是有規律的。但是，我們真的很希望這些設施能到位。這將是推動其發展迅速的最佳催化劑，可以說是讓它如虎添翼。

We have no further questions at this time. Mr. Gerstenberg, I'd like to turn the floor back over to you for closing comments.

目前我們沒有其他問題。格斯滕貝格先生，我想把發言權交還給您，請您作總結發言。

Thanks, Christine, and appreciate everyone joining us today. Our next investor event will be at the Raymond James Conference in Orlando in a few weeks. We hope to see some of you there and at other events. Have a great rest of your week, and please keep you safe out there.

謝謝克里斯汀，也謝謝今天所有到場的各位。我們的下一場投資者活動將在幾週後於奧蘭多舉行的雷蒙德詹姆斯大會上舉行。我們希望在那裡以及其他活動中見到你們中的一些人。祝您本週餘下時間愉快，出門在外請注意安全。

And gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。