Compass Minerals International Inc (CMP) 2025 Q4 法說會逐字稿

Good morning, and welcome, everyone, to the Compass Minerals' fiscal fourth-quarter and full year 2025 earnings call. Today's conference is being recorded. (Operator Instructions)

各位早安，歡迎參加 Compass Minerals 2025 財年第四季及全年業績電話會議。今天的會議正在錄影。（操作說明）

At this time, I would like to turn the conference over to Brent Collins, VP of Treasurer and Investor Relations. Please go ahead.

此時，我謹將會議交給財務主管兼投資人關係副總裁布倫特‧柯林斯。請繼續。

Thank you, operator. Good morning, and welcome to the Compass Minerals' fiscal fourth-quarter and full year 2025 earnings conference call. Today, we will discuss our most recent quarterly and full year results and provide some commentary on our outlook for fiscal 2026. We will begin with prepared remarks from our President and CEO, Edward Dowling; our CFO, Peter Fjellman; and our Chief Operations Officer, Pat Merrin. Joining in for the question-and-answer portion of the call will be Ben Nichols, our Chief Commercial Officer.

謝謝接線生。早安，歡迎參加 Compass Minerals 2025 財年第四季及全年業績電話會議。今天，我們將討論我們最新的季度和全年業績，並對2026財年的展望進行一些評論。首先，我們的總裁兼執行長 Edward Dowling、財務長 Peter Fjellman 和營運長 Pat Merrin 將分別發表準備好的演講。我們的首席商務官本·尼科爾斯將參與電話會議的問答環節。

Before we get started, I'll remind everyone that the remarks we make today reflect financial and operational outlook as of today's date, December 9, 2025. These outlooks entail assumptions and expectations that involve risks and uncertainties that could cause the company's actual results to differ materially. A discussion of these risks can be found in our SEC filings located online at investors.compassminerals.com. Our remarks today also include certain non-GAAP financial measures. You can find a reconciliation of these items in our earnings release or in our presentation, both of which are also available online.

在正式開始之前，我要提醒大家，我們今天發表的演講反映了截至2025年12月9日的財務和營運前景。這些展望包含假設和預期，其中存在風險和不確定性，可能導致公司的實際業績與預期有重大差異。有關這些風險的討論，請參閱我們提交給美國證券交易委員會（SEC）的文件，這些文件可在 investors.compassminerals.com 網站上查閱。我們今天的演講也包含一些非公認會計準則（non-GAAP）的財務指標。您可以在我們的獲利報告或簡報中找到這些項目的核對錶，這兩份文件均可在網路上查閱。

I'll now turn the call over to Ed.

現在我將把電話交給艾德。

Thank you, Brent. Good morning, everyone, and thank you for joining us today. I'll begin our call this morning by recapping our accomplishments for fiscal 2025. Compass Minerals today is a significantly healthier, more focused company than it was a year ago. The story of 2025 is primarily one of improving our financial position of the company and providing the foundation to pursue its back-to-basic business model.

謝謝你，布倫特。各位早安，感謝大家今天收看我們的節目。今天上午的電話會議，我將首先回顧我們在 2025 財年的成就。與一年前相比，如今的 Compass Minerals 是一家更健康、目標更明確的公司。2025 年的故事主要講述的是改善公司的財務狀況，並為推行回歸本源的商業模式奠定基礎。

You'll recall that the company began last year with an excess amount of North American highway deicing salt following two milder winters. To address this issue, we made the deliberate decision to scale back on production ahead of the '24, '25 deicing season. The section, combined with more normal winter weather across our service markets allowed inventory levels to revert to more sustainable levels and provide a substantial release of working capital. That working capital dividend in turn, allowed us to delever during the year and reduce our net debt by 14% or $125 million.

您可能還記得，由於去年冬季氣候溫和，該公司年初積攢了過量的北美公路除冰鹽。為了解決這個問題，我們在 2024 年和 2025 年除冰季之前，特意決定縮減產量。該部分，加上我們服務市場冬季天氣趨於正常，使得庫存水平恢復到更可持續的水平，並釋放了大量營運資金。營運資金分紅反過來又使我們能夠在一年內降低槓桿率，並將淨債務減少了 14%，即 1.25 億美元。

During the year, the company also took steps to rationalize its corporate cost base. In March, we carried out a sizable reduction in force and also made a strategic decision to wind down Fortress, company's fire-retardant business. These efforts contributed to a $25 million improvement in reported SG&A year-over-year, representing an 18% reduction.

年內，該公司也採取措施合理化其企業成本結構。3 月份，我們進行了大幅度裁員，並做出了一項策略決定，逐步關閉公司旗下的阻燃劑業務 Fortress。這些努力使得報告的銷售、一般及行政費用年減了 2,500 萬美元，降幅達 18%。

Our ability to demonstrate that we can generate cash reduced debt and cut costs contributed to a successful refinancing midyear that provided a number of positives for the company.

我們能夠證明自己可以創造現金流，從而減少債務和降低成本，這促成了年中成功的再融資，為公司帶來了許多正面影響。

First, that allowed for an amendment to our credit agreement that enhances our liquidity and provides more financial flexibility; second, it allow us to extend the maturity wall of our outstanding debt, these improvements in our debt structure provide us with time and flexibility to support our back-to-basic strategy.

首先，這使我們能夠修改信貸協議，從而增強流動性，提供更大的財務靈活性；其次，這使我們能夠延長未償債務的到期期限，這些債務結構的改善為我們提供了時間和靈活性，以支持我們回歸基本策略。

While the action is being taken to improve our financial position and foundation have been at the forefront, we've also been taking steps to improve the operational and organizational aspects of the business.

雖然我們一直將改善財務狀況和基礎放在首位，但我們也一直在採取措施來改善業務的營運和組織方面。

In the Salt segment, the decision to curtail rock salt production following the '23, '24 deicing season resulted in an adverse impact to margins during 2025 due to the higher per ton cost profile. However, that negative margin impact is transitory and we have already ramped up both Goderich and Cote Blanche mines to more normal levels of production, which will result in a reduction of production cost per ton, all things being equal.

在鹽業領域，由於每噸成本較高，在 2023 年和 2024 年除冰季之後削減岩鹽產量的決定，導致 2025 年利潤率受到不利影響。然而，這種負面利潤影響是暫時的，我們已經將戈德里奇礦和科特布蘭奇礦的產量提高到更正常的水平，在其他條件相同的情況下，這將導致每噸生產成本降低。

Throughout the year, we progressed a number of initiatives to improve the operations of our salt assets in continuous improvement initiatives at the Goderich mine and Cote Blanche as well as an overhaul of our safety and program. The Plant Nutrition segment, our primary efforts have been centered on restoring the health of the pond complex it out of Ogden.

在這一年中，我們推進了多項舉措，以改善我們在戈德里奇礦和科特布蘭奇的鹽礦資產運營，並對我們的安全和計劃進行了全面改革。在植物營養領域，我們的主要工作集中在恢復奧格登池塘群的健康。

Our SOP operation in Utah is similar to any other manufacturing plant in the world that it operates better when higher quality feedstock is flowing through the facility. The restoration of the pond complex will improve the quality of the material that goes into Ogden which improves how the plant operates and helps drive down costs. Pat will speak more in a moment about some of the work that we have planned for 2026. We expect further enhancements of the operations in Utah.

我們在猶他州的SOP運作與世界上任何其他製造工廠類似，當高品質的原料流入工廠時，工廠的運作效率會更高。修復池塘群將提高奧格登工廠所用材料的質量，從而改善工廠的運作狀況並有助於降低成本。Pat 稍後會詳細介紹我們為 2026 年制定的一些工作計劃。我們預計猶他州的營運將進一步加強。

Our results in fiscal 2025 are already reflecting these improvements with sales volumes growing up by 19% year-over-year. Adjusted EBITDA increasing by almost 107% during the same period to $35 million. From a leadership perspective, our executive structure and team have overhauled during the year. We took steps to simplify the organization as part of a reduction of force I referred to earlier, and we added the leaders whose skill sets and experience better aligned with our back-to-basics framework.

我們在 2025 財年的業績已經反映了這些改善，銷售量年增 19%。同期調整後 EBITDA 成長近 107%，達到 3,500 萬美元。從領導階層的角度來看，我們的高階主管架構和團隊在過去一年中進行了徹底的重組。我們採取了簡化組織架構的措施，這是我之前提到的裁員計畫的一部分，並且我們增加了那些技能和經驗更符合我們回歸基本原則的領導者。

As we reflect on the year, I think 2025 will be remembered as a pivotal year for Compass Minerals. We successfully reset the organization and establish a foundation that enables us to sharpen our focus on improving operations, enhancing profitability and reducing debt.

回顧過去一年，我認為 2025 年將作為 Compass Minerals 的關鍵一年而被人們銘記。我們成功地重組了組織架構，並建立了一個基礎，使我們能夠更加專注於改善營運、提高盈利能力和減少債務。

Internally, we speak often about people, processes and systems. We are approaching all three of these with a mindset of continuous improvement and our focus on these will allow us to continue building on the progress we made this year. I am energized by the opportunities ahead and believe we're well positioned to build a sustainable value through back-to-basic framework. It's exciting time to be part of Compass Minerals.

在公司內部，我們經常談論人員、流程和系統。我們以持續改進的心態來對待這三件事，我們對它們的關注將使我們能夠繼續鞏固今年的進展。我對未來的機會充滿熱情，並相信我們能夠透過回歸基本原則的框架，建立可持續的價值。現在加入 Compass Minerals 正值令人興奮的時刻。

Before turning the call over to Peter, I want to acknowledge the efforts of our employees over the last year. Strategic pivots and transitions like the One Compass Minerals has been undertaking are both exciting and disruptive. Our workforce has embraced our new strategy, and I'm proud of how they've risen to the challenge.

在將電話交給彼得之前，我想對我們員工過去一年的努力表示感謝。像 One Compass Minerals 這樣的公司所進行的策略轉型和變革既令人興奮又具有顛覆性。我們的員工接受了我們的新策略，我為他們迎接挑戰的方式感到自豪。

With that, I'll turn the call over to Peter for a review of our fourth quarter and full year results as well as a quick summary of our 2026 guidance.

接下來，我將把電話交給彼得，讓他回顧我們第四季和全年的業績，並簡要總結我們 2026 年的業績展望。

Thanks, Ed. I'll begin my remarks by discussing our quarter and year-end financial performance before providing perspective around our outlook for 2026. We posted consolidated operating earnings of $12 million for the quarter, which is an improvement from the operating loss of $30 million a year ago, which included noncash impairments in the Plant Nutrition segment of $18 million.

謝謝，埃德。我將先討論我們本季和年度的財務業績，然後再展望一下我們對2026年的前景。本季綜合營業利潤為 1,200 萬美元，較去年同期 3,000 萬美元的營業虧損有所改善，其中包括植物營養部門 1,800 萬美元的非現金減損損失。

Consolidated net loss was $7.2 million, which improved from $48 million net loss in the same period last year. Adjusted EBITDA grew significantly to $42 million for the quarter from roughly $16 million the year before.

綜合淨虧損為 720 萬美元，較去年同期淨虧損 4,800 萬美元有所改善。經調整後的 EBITDA 從去年同期的約 1,600 萬美元大幅成長至本季的 4,200 萬美元。

For the full fiscal year, consolidated revenue was approximately $1.25 billion, which was up 11% year-over-year. The company reported operating income of $25 million compared to an operating loss of $117 million last year. We posted a consolidated net loss of $80 million versus a consolidated net loss of $206 million a year ago.

整個財政年度的合併收入約為 12.5 億美元，較去年同期成長 11%。該公司公佈的營業收入為 2,500 萬美元，而去年同期營業虧損為 1.17 億美元。我們公佈的綜合淨虧損為 8,000 萬美元，而去年同期綜合淨虧損為 2.06 億美元。

Both periods include noncash impairments related to our now terminated Fortress fire retardant business and fiscal 2024 also includes impairments related to certain write-downs in our Plant Nutrition business.

這兩個期間均包含與我們現在終止的 Fortress 阻燃劑業務相關的非現金減值，2024 財年還包含與我們的植物營養業務的某些減值相關的減值。

Adjusted EBITDA for the year was $199 million compared to $206 million last year. The comparability of these numbers on a reported basis are impacted by the non-cash gain related to Fortress contingent consideration liability write-down. Adjusted for these items, a modified adjusted EBITDA increased by approximately 4% year-on-year from $184 million to $191 million.

本年度調整後 EBITDA 為 1.99 億美元，去年為 2.06 億美元。報告資料的可比性受到與 Fortress 或有對價負債減損相關的非現金收益的影響。經過這些項目調整後，經過調整的 EBITDA 年成長約 4%，從 1.84 億美元增至 1.91 億美元。

Drilling down into the segment results. Salt business revenue in the fourth quarter was $182 million, compared to $163 million a year ago. Total volumes were up 13% compared to the prior period. While total pricing for the segment was down 1% year-over-year to approximately $106.50 per ton due to a shift in product mix.

深入分析細分市場結果。第四季鹽業業務收入為 1.82 億美元，去年同期為 1.63 億美元。與上期相比，總銷量成長了13%。由於產品組合的變化，該細分市場的總價格年減 1%，至每噸約 106.50 美元。

Highway deicing volumes increased 20% year-over-year, while C&I volumes declined 3% over the same period. From a pricing perspective, highway deicing and C&I prices increased 1% and 7%, respectively. Net revenue per ton, which accounts for distribution costs, decreased 1% to roughly $77.50.

高速公路除冰量較去年同期成長 20%，而同期工商業除冰量下降 3%。從價格角度來看，公路除冰價格和工商業除冰價格分別上漲了 1% 和 7%。扣除分銷成本後，每噸淨收入下降 1%，約 77.50 美元。

On a per ton basis, operating earnings came in lower year-over-year at $12.60 per ton, down 9% and adjusted EBITDA per ton decreased 7% to $23.43. Both of these measures reflect the impact of higher cost production flowing through the income statement with current sales. Those higher cost tons, the result of our decision to temporarily curtail production of our highway deicing assets ahead of last year's deicing season.

以噸計算，營業利潤年減9%至每噸12.60美元，調整後每噸EBITDA下降7%至每噸23.43美元。這兩項指標均反映了生產成本上升對目前銷售在損益表中的影響。這些成本較高的噸位，是因為我們決定在去年的除冰季之前暫時削減公路除冰設備的產量。

For the full fiscal year, revenue totaled a little over $1 billion, up 13% year-over-year. These results reflect a more average winter compared to the weak 2023, '24 deicing seasons that we experienced two years ago. Highway deicing volumes were up 20% year-over-year to 9 million tons and C&I volumes were up 1% over the same period to 1.9 million tons.

整個財政年度的收入總額略高於 10 億美元，年增 13%。與兩年前經歷的 2023 年和 2024 年除冰季相比，這些結果反映出今年的冬季情況較為一般。公路除冰量年增 20%，達 900 萬噸；同期工商業除冰量年增 1%，達 190 萬噸。

Total Salt segment volumes were up 16% year-over-year. Pricing dynamics were mixed year-over-year with highway deicing prices down 2% and C&I prices up 4% in 2025. Operating earnings for the year were $146 million, and adjusted EBITDA was $219 million. Both of these measures reflect the same adverse cost pressures related to our salt production curtailment that I spoke about a moment ago. I'll speak to this more in a moment, but it is important to remember that since we ramped up highway deicing production, cost per ton are projected to improve as we benefit from improved fixed cost absorption resulting from higher production levels.

鹽業總銷量較去年同期成長 16%。價格動態同比喜憂參半，2025 年高速公路除冰價格下降 2%，工商業除冰價格上漲 4%。該年度營業利潤為 1.46 億美元，調整後 EBITDA 為 2.19 億美元。這兩項措施都反映了我們鹽產量削減帶來的相同不利成本壓力，我剛才也提到這一點。我稍後會詳細談談這一點，但重要的是要記住，自從我們提高了公路除冰劑的產量以來，隨著產量提高帶來的固定成本吸收改善，預計每噸成本將會降低。

Moving on to the Plant Nutrition segment. The fourth quarter saw volumes dip 9% from the prior year period. Pricing was up 8% to $670 per ton. As Ed mentioned, we made good progress on our initiatives aimed at improving the cost structure in the segment over the last year, and this has resulted in improvements in profitability.

接下來是植物營養部分。第四季銷量比上年同期下降了9%。價格上漲8%，至每噸670美元。正如 Ed 所提到的，過去一年，我們在旨在改善該業務部門成本結構的各項舉措方面取得了良好進展，這帶來了盈利能力的提高。

Operating earnings have improved to approximately $100 per ton year-over-year and adjusted EBITDA increased to approximately $218 per ton over the same period.

營業利潤年增至約每噸 100 美元，同期調整後 EBITDA 增至約每噸 218 美元。

For the full year, volumes within the segment were 326,000 tons, which is a 19% increase year-over-year. The improvement in operations in Utah is providing more consistency and higher productivity at the plant, and this allowed us to serve business beyond our core markets in the Western US and to sell down inventory during the year. Average pricing for the year was down approximately 4% to $634 per ton. Operating income per ton was $20 for the year, and adjusted EBITDA per ton was $107.

全年來看，該細分市場的銷量為 326,000 噸，較去年同期成長 19%。猶他州工廠營運的改善帶來了更高的穩定性和生產效率，這使我們能夠服務美國西部核心市場以外的業務，並在年內減少庫存。今年平均價格下降約 4%，至每噸 634 美元。該年度每噸營業收入為 20 美元，每噸調整後 EBITDA 為 107 美元。

I'll now spend a couple of moments commenting on the company's financial position before commenting on our guidance for 2026. To echo Ed's comment, the company is more stable today compared to a year ago. The key priority last year was rationalizing our North America highway deicing inventory position.

接下來，我將花幾分鐘時間談談公司的財務狀況，然後再談談我們對 2026 年的展望。正如艾德所說，與一年前相比，公司現在更加穩定了。去年的首要任務是合理化我們在北美的公路除冰庫存。

At the end of September, those inventory values and volumes were lower by 33% and 36%, respectively, compared to prior year. We've taken a thoughtful approach as we built inventory ahead of the 2025, '26 highway deicing season.

截至9月底，這些庫存價值和數量分別比去年同期下降了33%和36%。我們在為 2025 年和 2026 年公路除冰季儲備物資時，採取了深思熟慮的方法。

Our focus is on disciplined production planning and alignment within our sales forecast for the season. The refinancing transaction included in June, has set a financial foundation that will allow the company to build upon the organizational and operational initiatives that are already underway. The refinancing comprised of an amendment to our credit facility alongside a new note issuance.

我們的重點是製定嚴格的生產計劃，並與當季銷售預測保持一致。6 月的再融資交易為公司奠定了財務基礎，使公司能夠在正在進行的組織和營運舉措的基礎上繼續發展。此次再融資包括對我們的信貸安排進行修訂以及發行新的票據。

The amendment delivered two key benefits. First, it locked in the commitment level of the facility, $325 million for the full term of the agreement, eliminating the step downs that have been scheduled in the prior agreement. Second, it revised the leverage covenant from a total net debt calculation to a net first lien debt measure. Together, these changes enhance our liquidity and provide greater financial flexibility.

該修正案帶來了兩個主要好處。首先，它鎖定了該設施的承諾金額，即在協議的整個期限內為 3.25 億美元，從而取消了先前協議中已安排的逐步減少的金額。其次，它將槓桿率契約從淨債務總額計算改為淨優先擔保債務計算。這些變化共同增強了我們的流動性，並提供了更大的財務靈活性。

In addition, the note offering extends our maturity wall by several years and therefore, affording the company additional time to execute our improvement and efficiency initiatives. The company's stability has been further strengthened by the resolution of several legal and tax matters.

此外，此次債券發行將我們的到期日延長了數年，因此，公司有更多的時間來執行我們的改進和效率提升計劃。透過解決若干法律和稅務問題，公司的穩定性得到了進一步加強。

In 2025, the long-running class action lawsuit related to the alleged disclosure issues was settled and was fully paid by insurance. Subsequent to year-end, we also reached an agreement to settle the Ontario mining tax dispute related to tax assessments from 2002 through 2018.

2025 年，與涉嫌揭露問題相關的長期集體訴訟達成和解，賠償金全由保險公司支付。年末之後，我們也達成了一項協議，以解決與 2002 年至 2018 年的稅務評估相關的安大略省礦業稅糾紛。

That settlement resulted in approximately $10 million net cash outflow after accounting for refunds we expect to receive once impacted federal and provincial tax returns are amended and filed. The resolution of these matters removes uncertainties that had been a source of concern for some stakeholders and now allows the company to redirect time and resources toward back-to-basic efficiencies. At the quarter, we had liquidity of $365 million comprised of $60 million of cash and revolver capacity of around $305 million.

該和解方案導致淨現金流出約 1000 萬美元，這還不包括我們預計在受影響的聯邦和省級稅務申報表修改和提交後收到的退款。這些問題的解決消除了部分利害關係人所擔憂的不確定性，使公司能夠將時間和資源重新投入到提高基本效率方面。本季度，我們的流動資金為 3.65 億美元，其中包括 6,000 萬美元現金和約 3.05 億美元的循環信貸額度。

Finally, moving to our outlook for fiscal 2026. The range of guidance for total company adjusted EBITDA for 2026 is $200 million to $240 million. The range for Salt segment adjusted EBITDA in 2026 is $225 million to $255 million and reflects an expected improvement in adjusted EBITDA margins of approximately 200 basis points to 300 basis points over full year 2025. This is being driven by stronger pricing and lower anticipated per ton costs that are largely the result of higher fixed cost absorption attributable to restoring production levels at the mines.

最後，我們來展望一下 2026 財年。公司對 2026 年調整後 EBITDA 總額的預期範圍為 2 億美元至 2.4 億美元。2026 年 Salt 業務部門調整後 EBITDA 的範圍為 2.25 億美元至 2.55 億美元，反映出調整後 EBITDA 利潤率預計比 2025 年全年提高約 200 至 300 個基點。這是由於價格走強和預期每噸成本降低所致，而這主要是由於礦山恢復生產水準後固定成本吸收增加所致。

The company refines these processes for forecasting salt volumes for this year. The company used a combination of factors, including historic relationships of sales to commitments, market data and historical weather-based trends for planning purposes.

該公司正在改進這些流程，以預測今年的鹽產量。該公司在製定計劃時綜合考慮了多種因素，包括銷售額與承諾金額的歷史關係、市場數據和基於歷史天氣的趨勢。

The primary motivation for changing the process is to more tightly align our production, sales and inventory processes. Based on the company's current view of these factors, sales volumes are forecasted to decline approximately 8% at the midpoint of guidance. Ultimately, sales will be driven by winter weather and how that drives demand in certain markets.

改變流程的主要動機是使我們的生產、銷售和庫存流程更加緊密地結合。根據公司目前對這些因素的看法，預計銷售量將下降約 8%（取預期中位數）。最終，銷售額將受冬季天氣及其對某些市場需求的影響。

For the Plant Nutrition segment, the range for adjusted EBITDA in 2026 is $31 million to $36 million. We are projecting lower sales volumes in 2026 for a couple of reasons. First, we think some market demand was pulled forward into 2025, which will result in a slightly softer market from a demand perspective in 2026.

植物營養業務部門 2026 年調整後 EBITDA 範圍為 3,100 萬美元至 3,600 萬美元。我們預期 2026 年的銷售量會下降，原因有二。首先，我們認為部分市場需求提前到了 2025 年，這將導致 2026 年市場需求略微疲軟。

Additionally, we continue to focus on restoring the health of the pond complex, ensuring that we do not overharvest the ponds for an unsustainable short-term uplift to production. Despite the decrease in sales, we expect to generate a similar level of adjusted EBITDA in 2026 on higher pricing and improved cost structure.

此外，我們繼續致力於恢復池塘群的健康，確保我們不會為了不可持續的短期產量提升而過度捕撈池塘。儘管銷售額有所下降，但我們預計，憑藉更高的定價和更優的成本結構，2026 年調整後的 EBITDA 將達到類似水準。

The guidance range for adjusted EBITDA related to corporate overhead and other is negative $56 million to negative $51 million. These results reflect the cost rationalization efforts began in 2025, and the midpoint of guidance implies an improvement of corporate adjusted EBITDA of approximately 15% year-over-year when accounting for the impact of the $7.9 million gain recognized related to the write-off of the Fortress contingent consideration liability in 2025.

調整後 EBITDA（包括公司管理費用和其他費用）的預期範圍為負 5,600 萬美元至負 5,100 萬美元。這些結果反映了從 2025 年開始的成本合理化努力，而指導意見的中點意味著，考慮到 2025 年因註銷 Fortress 或有對價負債而確認的 790 萬美元收益的影響，公司調整後的 EBITDA 將同比增長約 15%。

With respect to our capital program for 2026, total capital expenditures for the company are expected to be within the range of $90 million to $110 million, assuming a winter in line with our forecast. This level of capital investment is what we consider to be normal for a business on a regular basis. The increase in 2026 reflect the fact that we reduced CapEx in 2025 due to the slow start we had to the 2024, 2025 deicing season and our desire to align capital spending with our ability to generate cash flow.

關於我們 2026 年的資本計劃，假設冬季天氣符合我們的預測，公司總資本支出預計將在 9,000 萬美元至 1.1 億美元之間。這種程度的資本投資，我們認為對一家企業來說，是正常的日常營運水準。2026 年的成長反映了這樣一個事實：由於 2024 年和 2025 年除冰季開局緩慢，我們減少了 2025 年的資本支出，並且我們希望使資本支出與我們產生現金流的能力保持一致。

Balancing CapEx with cash flow remains important to us. and we'll continue to actively monitor that as the deicing season progresses. With the improved financial flexibility we have after last year's winter and refinancing, we now have the option to advance important capital projects even if winter is softer than our expectations.

平衡資本支出與現金流對我們而言仍然至關重要，我們將隨著除冰季節的進展繼續積極監控這一情況。由於去年冬季過後財務狀況有所改善，加上進行了再融資，我們現在擁有了更大的財務靈活性，即使冬季天氣比我們預期的要溫和，我們仍然可以選擇推進重要的資本項目。

I'll now turn the call over to Pat, who will discuss some operational priorities related to our back-to-basic strategy for the year as well as some of the larger projects we have planned for fiscal 2026.

現在我將把電話交給帕特，他將討論與我們今年回歸基本戰略相關的一些營運重點，以及我們為 2026 財年計劃的一些更大的項目。

Thanks Peter. As part of our back-to-basic strategy, we are focusing on a number of key operational systems in 2026. The first is implementing our fatal risk management system, which was launched in October. There is nothing more important than the safety of our employees and contractors, and this new system aligns with best practices in the industry.

謝謝你，彼得。作為我們回歸基礎策略的一部分，我們將在 2026 年專注於一些關鍵的營運系統。首先是實施我們於 10 月啟動的致命風險管理系統。沒有什麼比員工和承包商的安全更重要，而這套新系統符合業界最佳實務。

The next major effort we'll be working on is developing life of mine planning processes to give us a better ability to manage the capital and production plans, which will allow us to thoughtfully adjust production and costs based on market conditions.

接下來我們將著手進行的一項重大工作是製定礦山生命週期規劃流程，以便更好地管理資本和生產計劃，從而能夠根據市場情況周全地調整產量和成本。

Lastly, we are implementing a maintenance system to focus on preventative maintenance and equipment reliability. These are all in an effort to create low-cost fit-for-purpose operations that can flex with the market conditions as required.

最後，我們正在實施一套維護系統，重點在於預防性維護和設備可靠性。這一切都是為了打造低成本、符合用途的營運模式，並能根據市場狀況靈活調整。

On the capital front, at Goderich mine, the work planned for this year includes the continued construction of the Northeast bypass to allow for more direct access to the current production bases in the mine and the reopening of a utility corridor as well as completing the final mill design.

在資金方面，戈德里奇礦場今年的計畫工作包括繼續建造東北繞行線，以便更直接進入礦場的現有生產基地，重新開放公用設施走廊，以及完成最終的選礦廠設計。

We've made the determination that we will build a new mill rather than move the existing mill as has been discussed as an option in the past. This decision was made to align the capabilities of the mill with market opportunities as well as reducing project execution risk. These initiatives at Goderich are being done to more centrally position the mill to the shafts, and to allow us to abandon higher-cost areas of the mine, both of which should improve cost per ton in the future, all things being equal.

我們已經決定要建造一座新工廠，而不是像過去討論過的那樣搬遷現有的工廠。做出這項決定是為了使工廠的能力與市場機會相匹配，並降低專案執行風險。在戈德里奇礦區採取這些措施是為了將選礦廠更靠近礦井，並使我們能夠放棄礦山中成本較高的區域，在其他條件相同的情況下，這兩點都應該會在未來降低每噸礦石的成本。

Other major projects this year include a project to install a new dryer in the compaction process at Ogden, which will improve the yield and quality out of that facility as well as a project related to a new head frame at Cote Blanche. The balance of our capital program is normal course maintenance capital.

今年的其他主要項目包括在奧格登的壓實過程中安裝一台新的乾燥機，這將提高該工廠的產量和品質；以及在科特布蘭奇安裝新的井架。我們資本計畫的剩餘部分是正常的日常維護資金。

With that, I'll now turn the call over for questions.

接下來，我將把通話交給提問者。

We will now begin the question-and-answer session. (Operator Instructions) David Begleiter, Deutsche Bank.

現在開始問答環節。（操作員指示）David Begleiter，德意志銀行。

Could you address again the volume decline you're forecasting in highway deicing and whether that's a structural decline or maybe some sort of cyclical decline? Or how do you look at that number going forward?

您能否再次說明您預測的高速公路除冰量下降問題，以及這究竟是結構性下降還是某種週期性下降？或者，您如何看待這個數字的未來發展？

David, this is Ben. I appreciate the question. I think two things to note. One is our commitment levels year-over-year were slightly up, which we had communicated previously. The reason you're seeing a decline in the forecasted sales volume is it's just a reversion to more typical winter assumptions. The prior winter operated at, call it, 95%-plus of commitment levels. And our guidance moving forward is just a move back to more typical weather.

大衛，這是本。感謝您的提問。我認為有兩點需要注意。一是我們去年的投入水準略有上升，這一點我們之前已經溝通過。預測銷售量下降的原因是，這只是回歸到更典型的冬季假設。前一個冬季的營運投入水平，可以說是超過了 95%。我們接下來的指導方針是讓天氣逐漸恢復到更典型的狀態。

Understood. In terms of the full year guidance range, what are the drivers do you think to get to the upper and lower end of that guidance, EBITDA band?

明白了。就全年業績指引範圍而言，您認為哪些因素會導致 EBITDA 達到指引範圍的上限和下限？

Yes, David, Ben again. I think the primary driver would be upside in winter weather. That's going to be the biggest impact to getting to the upper end of the guidance. And then obviously, any efficiencies that come with better market demand.

是的，大衛，又是本。我認為主要驅動因素是冬季天氣帶來的利多。這將是實現預期目標上限的最大影響因素。當然，更好的市場需求也會帶來效率提升。

And I would add -- David, this is Ed. I would add consistent operations and success with our improvement efforts that are ongoing at the different mines.

我還要補充一點──大衛，我是艾德。我想說的是，我們在各個礦場持續進行的改善工作取得了持續的成功。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Given that you expect your volumes as a base case to be lower in both segments year-over-year, does that mean that your inventories are unlikely to grow next year?

鑑於您預計兩個業務板塊的銷售在基準情況下都會同比下降，這是否意味著您的庫存明年不太可能成長？

Yes, this is Peter. So we continue to align our inventories and our production levels to meet those demands and that range of demand.

是的，這是彼得。因此，我們將繼續調整庫存和生產水平，以滿足這些需求以及該需求範圍。

Yes, this is Ed, we'll comfortably continue to manage our inventory in the company. Our objective is to use cash and retire debt. And we'll ensure that we maintain the proper level of inventory as we proceed along that path over the course of the year. So we're not planning on building inventory over and above kind of where we are. Does that answer that?

是的，我是艾德，我們將繼續順利地管理公司庫存。我們的目標是利用現金償還債務。我們將確保在這一年中，隨著我們沿著這條道路前進，保持適當的庫存水準。所以我們目前沒有計劃增加庫存。這樣回答了嗎？

To put it a different way, do you expect to use working capital in 2026 or not?

換句話說，您預計 2026 年是否會用到營運資金？

Yes. So I think the -- Jeff, this is Ben. And I think the way to think about it is there's time frames within our core business. One is the inventory that you're carrying through this season. And so as we think about our inventory profile through this season, call it, end of March, we feel pretty confident that we're fully aligned to our sales forecast.

是的。所以我覺得──傑夫，這位是班。我認為思考這個問題的方法是，我們的核心業務中存在著時間框架。一是你本季的庫存。因此，當我們考慮本季（例如到三月底）的庫存情況時，我們相當有信心，我們的庫存完全符合銷售預測。

At that point, we'll make the decision as to how the winter informs the next season. and we will adjust our production planning and inventory strategy accordingly. So that's how I would think about it.

屆時，我們將決定冬季狀況如何影響下一季的生產計劃，並據此調整生產計劃和庫存策略。我就是這麼想的。

And then in Plant Nutrition, why were volumes pulled forward? And how much of your volumes do you think were pulled forward?

那麼在植物營養方面，為什麼出版量提前了呢？你認為你們的銷量有多少是提前成交的？

Yes, Jeff, this is Ben. The exact number would be hard to pin down. Really, it was just a function of the way the market behaves. And luckily, we were in a good place at Ogden from a production stability standpoint, we had the inventory in place to go ahead and serve the business and monetize in fiscal '25. So it was a significant portion of the delta between the year-over-year variance, but I wouldn't give you an exact number.

是的，傑夫，這是本。確切數字很難確定。實際上，這只是市場運作方式的必然結果。幸運的是，從生產穩定性的角度來看，我們在奧格登的情況很好，我們有足夠的庫存來繼續為業務服務，並在 2025 財年實現盈利。所以，這佔了同比差異的很大一部分，但我不會給你一個確切的數字。

Were there onetime benefits in the fourth quarter in that your year-over-year, your projection for EBITDA next year is really no different than what you earned in '25, and you had obviously a very, very strong second half. Why are you making more in Plant Nutrition next year, as a base case?

第四季是否有一次性收益？因為你們的年比預測顯示，明年的 EBITDA 與 2025 年的實際收益並無太大差異，而且你們的下半年業績顯然非常強勁。明年您在植物營養領域的營收成長預期是什麼？ （以基本情況為例）

Yes. Primarily, it's going to be the price upside you see in the P&L.

是的。首先，你會在損益表中看到價格上漲的幅度。

(Operator Instructions) And at this time, we have no further questions. I would like to turn the conference back over to Ed Dowling for closing remarks.

（操作說明）目前我們沒有其他問題了。我謹將會議交還給艾德·道林，請他作閉幕致詞。

Well, thank you all for your interest in Compass Minerals. Please don't hesitate to reach out to Brent, if you have any follow-up questions. We look forward to speaking with you over the next quarter.

非常感謝大家對 Compass Minerals 的關注。如有任何後續問題，請隨時聯繫布倫特。我們期待在接下來的一個季度與您進行交流。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。