Caesarstone Ltd (CSTE) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Caesarstone first-quarter 2026 earnings conference call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brad Cray of ICR. Thank you. You may begin.

各位好，歡迎參加 Caesarstone 2026 年第一季財報電話會議。提醒各位，本次會議將被錄音。現在我很榮幸介紹本次會議主持人 ICR 的 Brad Cray。謝謝。您可以開始了。

Thank you, operator, and good morning to everyone on the line. I am joined by Yos Shiran, Caesarstone's Chief Executive Officer; and Nahum Trost, Caesarstone's Chief Financial Officer.

謝謝接線員，線上的各位早安。與我一同出席的有 Caesarstone 執行長 Yos Shiran，以及 Caesarstone 財務長 Nahum Trost。

Certain statements in today's conference call and responses to various questions may constitute forward-looking statements. We caution you that such statements reflect only the company's current expectations and that actual events or results may differ materially. For more information, please refer to the risk factors contained in the company's most recent annual report on Form 20-F and subsequent filings with the SEC.

今天電話會議中的某些陳述，以及對各項問題的回應，可能構成前瞻性陳述。我們提醒各位，此類陳述僅反映公司目前的預期，實際事件或結果可能存在重大差異。更多資訊請參閱公司最近一期 Form 20-F 年報及其後向美國證券交易委員會（SEC）提交文件中所載的風險因素。

In addition, on this call, the company will make reference to certain non-GAAP financial measures, including adjusted net loss income, adjusted net loss income per share, adjusted gross profit, adjusted EBITDA, and constant currency. The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's first-quarter 2026 earnings release, which is posted on the company's Investor Relations website.

此外，在本次電話會議中，公司將提及若干非 GAAP 財務衡量指標，包括調整後淨虧損、調整後每股淨虧損、調整後毛利、調整後 EBITDA，以及固定匯率。上述非 GAAP 指標與最直接可比的 GAAP 指標之調節表，載於公司 2026 年第一季財報新聞稿，並已發布於公司投資人關係網站。

On today's call, Yos will discuss our business activity and Nahum will then cover additional details regarding financial results. Thank you, and I would now like to turn the call over to Yos. Please go ahead.

在今天的電話會議中，Yos 將討論我們的業務動態，接著 Nahum 將補充財務結果的更多細節。謝謝，接下來我想把電話交給 Yos。請開始。

Thank you, Brad, and good morning, everyone. Our first-quarter results reflected meaningful structural progress in our transformation. Gross margin expanded by 100 basis points despite lower revenue, supported by our transition to a third-party manufacturing model and a more optimized production footprint. This provides further evidence that our restructuring actions are reshaping the company's earnings profile.

謝謝你，Brad，各位早安。我們第一季的結果反映出轉型方面取得了具意義的結構性進展。儘管營收下降，毛利率仍擴大 100 個基點，主要受惠於我們轉向第三方製造模式，以及更優化的生產佈局。這進一步證明我們的重整措施正在重塑公司的獲利結構。

With the closure of Bar-Lev, quartz production is now fully transitioned to our global manufacturing partner network, excluding porcelain, which continues to be produced at our Lioli facility in India. We continue to expect these actions to generate annualized cash savings of approximately $22 million by 2027, bringing total savings since 2023 to more than $100 million.

隨著 Bar-Lev 關閉，石英產品的生產現已全面轉移至我們的全球製造合作夥伴網路；瓷板（porcelain）除外，仍由我們位於印度的 Lioli 廠生產。我們仍預期這些措施將在 2027 年前帶來約 2,200 萬美元的年化現金節省，使自 2023 年以來的總節省金額超過 1 億美元。

Global revenues were approximately $89 million, down 15% year-over-year on a constant currency basis, reflecting macroeconomic headwinds and competitive pressures, particularly in North America. In North America, we are taking targeted commercial actions to improve channel productivity and strengthen key customer relationships. Australia continued to be a strong performing region, delivering solid revenue growth as we recapture our leading market position following the introduction of our zero silica ICON products. This reinforces that our brand and innovation can drive renewed commercial momentum when aligned with market needs.

全球營收約為 8,900 萬美元，以固定匯率計年減 15%，反映總體經濟逆風與競爭壓力，尤其是在北美。在北美，我們正採取具針對性的商業措施，以提升通路生產力並強化與關鍵客戶的關係。澳洲持續為表現強勁的地區，在推出零矽（zero silica）的 ICON 產品後，我們重新奪回市場領先地位，帶動穩健的營收成長。這再次印證，當我們的品牌與創新與市場需求一致時，便能帶動商業動能的再起。

The regional conflict in the Middle East, which began at the end of February, impacted demand in Israel. In addition, geopolitical volatility has increased product costs and sea freights, which we expect will affect our results mainly in the second half of 2026. Across the business, we are investing in our brand, strengthening R&D capabilities, and enhancing our value proposition for customers and channel partners. Porcelain remains an important long-term growth category. With full ownership of Lioli Ceramica, we are focused on improving execution and commercial alignment.

中東地區自二月底開始的區域衝突，影響了以色列的需求。此外，地緣政治波動推升了產品成本與海運運費，我們預期這將主要在 2026 年下半年影響我們的業績。在整體業務方面，我們正投資於品牌、強化研發能力，並提升對客戶與通路夥伴的價值主張。瓷板仍是重要的長期成長品類。在完全持有 Lioli Ceramica 之後，我們將重點放在提升執行力與商業協同。

Looking ahead, the external environment remains uncertain with evolving trade policies, macroeconomic pressures and competitive dynamics continuing to impact demand across global surface categories. We continue to focus on disciplined restructuring execution, stronger production partnerships, and sustainable profitability. We are committed to building a stronger, more resilient, and more profitable Caesarstone. I will now turn the call over to Nahum.

展望未來，外部環境仍充滿不確定性，貿易政策的演變、總體經濟壓力與競爭態勢持續影響全球各類表面材料的需求。我們將持續聚焦於嚴謹執行重整、強化生產合作夥伴關係，以及實現可持續的獲利能力。我們致力於打造更強健、更具韌性且更高獲利的 Caesarstone。接下來我把電話交給 Nahum。

Thank you, Yos, and good morning, everyone. Looking at our first-quarter results. Global revenue was $88.7 million compared to $99.6 million in the prior year quarter. On a constant currency basis, revenue declined approximately 14.9% year-over-year, primarily reflecting continued softness in global demand and competitive dynamics, mainly in North America. These factors were partially offset by the ongoing recovery in Australia.

謝謝你，Yos，各位早安。我們來看第一季的業績。全球營收為 8,870 萬美元，去年同期為 9,960 萬美元。以固定匯率計，營收年減約 14.9%，主要反映全球需求持續疲弱與競爭態勢，主要集中在北美。上述因素部分被澳洲持續復甦所抵銷。

Breaking down our regional performance. In the US, revenue was approximately $40 million compared to $49.1 million in the prior year quarter. The change reflected persistent market softness and competitive pressures. Canada revenue decreased 23.8% on a constant currency basis due to similar market dynamics as the US. In Australia, revenue was approximately $17.1 million compared to $13.8 million in the prior year quarter, an increase of approximately 11.2% on a constant currency basis.

按地區拆解我們的表現。在美國，營收約為 4,000 萬美元，去年同期為 4,910 萬美元。變動反映市場持續疲弱與競爭壓力。加拿大營收以固定匯率計下降 23.8%，原因與美國相似的市場動態。在澳洲，營收約為 1,710 萬美元，去年同期為 1,380 萬美元；以固定匯率計增加約 11.2%。

This marked the third consecutive quarter of year-over-year growth in Australia. The improvement reflects the growing acceptance of our ICON products in the market. We remain focused on building on this progress and further strengthening our competitive standing in Australia.

這是澳洲連續第三個季度實現年對年成長。改善反映市場對我們 ICON 產品的接受度日益提高。我們將持續在此進展基礎上努力，進一步強化在澳洲的競爭地位。

EMEA sales were down 10.3% on a constant currency basis, primarily driven by timing of shipments in our indirect distributor channel, which we expect to normalize as we move into the second-quarter. Our direct business in Sweden and our UK operations were relatively stable in the period. In Israel, first-quarter revenue was $4.2 million compared to $5 million in the prior year quarter, mainly as a result of the impact of the conflict in the area.

EMEA（歐洲、中東及非洲）銷售以固定匯率計下降 10.3%，主要由於我們間接經銷通路的出貨時點所致；我們預期隨著進入第二季將恢復正常。本期我們在瑞典的直營業務以及英國營運相對穩定。在以色列，第一季營收為 420 萬美元，去年同期為 500 萬美元，主要因該地區衝突的影響。

Looking at our first-quarter P&L performance. Gross margin was 22.3% compared to 21.3% in the prior year quarter, an improvement of 100 basis points even on lower revenues. Adjusted gross margin was 23.9% compared to 21.2% in the prior year quarter. The improvement in gross margin reflects the benefit of our improved production footprint. With quartz production now fully transitioned to our global manufacturing partner network, we are beginning to capture the intended benefits of a more flexible, asset-light production model.

再看第一季損益表（P&L）表現。毛利率為 22.3%，去年同期為 21.3%；即使在營收較低的情況下，仍提升 100 個基點。調整後毛利率為 23.9%，去年同期為 21.2%。毛利率的改善反映我們優化後生產佈局所帶來的效益。隨著石英生產現已全面轉移至全球製造合作夥伴網路，我們開始取得更具彈性、輕資產生產模式的預期效益。

Operating expenses were $39.2 million, representing 44.1% of revenue compared to $35.9 million or 36.1% of revenue in the prior year quarter. Excluding legal settlements, loss contingencies and impairment and restructuring expenses, operating expenses were approximately 34.5% of revenue in the first-quarter compared to 32.6% in the prior year quarter. The year-over-year difference is primarily a function of lower revenues.

營業費用為 3,920 萬美元，占營收 44.1%，去年同期為 3,590 萬美元，占營收 36.1%。若排除法律和解、或有損失以及減損與重整費用，第一季營業費用約占營收 34.5%，去年同期為 32.6%。年對年差異主要是由於營收較低所致。

Adjusted EBITDA in the first-quarter of 2026 was a loss of $7.5 million compared to a loss of $7.1 million in the prior year quarter. This relatively stable performance despite lower revenue underscores the benefit of our strategic initiative. Finance expense was $1.2 million compared to finance income of $2.5 million in the prior year quarter, primarily due to foreign currency exchange rate fluctuations. Adjusted diluted net loss per share for the first-quarter was $0.32 on 34.6 million shares compared to adjusted diluted net loss per share of $0.29 in the prior year quarter on 34.7 million shares.

2026 年第一季的調整後 EBITDA 為虧損 750 萬美元，較去年同期虧損 710 萬美元。在營收較低的情況下仍能維持相對穩定的表現，凸顯我們策略性倡議所帶來的效益。財務費用為 120 萬美元，去年同期則為財務收益 250 萬美元，主要由於外匯匯率波動所致。第一季調整後稀釋每股淨虧損為 0.32 美元（以 3,460 萬股計），去年同期調整後稀釋每股淨虧損為 0.29 美元（以 3,470 萬股計）。

Now turning to our cash flow and balance sheet. As of March 31, 2026, cash, cash equivalents, and short-term bank deposits totalled to $52.3 million. Total debt to financial institutions was $1.8 million, resulting in a net cash position of $50.4 million. This compares to a net cash position of $57.5 million as of December 31, 2025.

接下來談談我們的現金流與資產負債表。截至 2026 年 3 月 31 日，現金、約當現金及短期銀行存款合計為 5,230 萬美元。對金融機構的總負債為 180 萬美元，因此淨現金部位為 5,040 萬美元。相較之下，截至 2025 年 12 月 31 日的淨現金部位為 5,750 萬美元。

Now let me provide important content on several items. Our restructuring plan has reached a significant milestone with the transition of our quartz production from our Bar-Lev facility to our global manufacturing partner network. We are now capturing an increasing contribution of cost savings from this action.

現在我來就幾個項目提供重要內容。我們的重組計畫已達成一項重要里程碑：將石英生產從 Bar-Lev 廠區轉移至我們的全球製造合作夥伴網路。我們正逐步取得此舉帶來的成本節省貢獻，且貢獻度持續增加。

Based on restructuring actions completed to date, we expect to realize annual cash savings of more than $100 million by 2027 when compared to full year of 2023. There remains potential for additional savings as subleases are executed on non-cancellable long-term lease agreements associated with our former facilities. Cash costs associated with restructuring program in the first-quarter of 2026 were $0.4 million. And for the remainder of 2026, we expect to incur additional cash costs of approximately $3 million to $5 million related to ongoing restructuring activities.

根據迄今已完成的重組措施，我們預期到 2027 年可實現每年超過 1 億美元的現金節省（相較於 2023 全年）。隨著與前廠區相關、不可取消的長期租賃合約陸續完成轉租，仍有進一步節省的潛力。2026 年第一季與重組計畫相關的現金成本為 40 萬美元。而在 2026 年剩餘期間，我們預期將因持續進行的重組活動而產生約 300 萬至 500 萬美元的額外現金成本。

Beyond the facility closures, our restructuring plan will continue to focus on identifying additional actions that can improve profitability and cash flow. This includes the evaluation of distribution center consolidation and other fixed cost reduction opportunities. These incremental actions are designed to reinforce our path to profitability, driven by the increasing run rate contribution from completed restructuring actions, additional fixed cost reductions, seasonal revenue improvement, and continued progress in Australia, partially offset by tariff freight and geopolitical cost pressures.

除廠房關閉之外，我們的重組計畫將持續聚焦於找出可提升獲利能力與現金流的其他行動。其中包括評估配送中心整併及其他固定成本降低機會。這些增量措施旨在強化我們邁向獲利的路徑，其動能來自已完成重組措施帶來的運行率（run rate）貢獻提升、額外固定成本降低、季節性營收改善，以及澳洲業務的持續進展；部分則被關稅運費與地緣政治成本壓力所抵銷。

Turning to the US tariff environment. The US government has implemented broad-based import tariffs across a wide range of countries and product categories. As it stands today, the average tariff applicable to the products we import into the US market is approximately 15%. Approximately 45% of our revenues are generated in the United States and served by our global manufacturer partner network.

接著談美國關稅環境。美國政府已對多個國家與多種產品類別實施廣泛的進口關稅。以目前情況而言，適用於我們進口至美國市場產品的平均關稅約為 15%。約 45% 的營收來自美國，並由我們的全球製造合作夥伴網路供應。

We have been in active dialogue with our production partners to optimize our supply chain in response to the increased cost of goods, and we have implemented a price increase in the US market to partially offset higher costs. We will continue to monitor the situation and take proactive steps to protect our margin profile as the tariff landscape evolves.

我們已與生產合作夥伴保持積極對話，以因應商品成本上升並優化供應鏈，同時也已在美國市場實施漲價，以部分抵銷較高成本。隨著關稅情勢演變，我們將持續監測並採取主動措施，以保護我們的毛利結構。

I would like also to comment on the ITC investigation, which is a separate court-based trade matter. The ITC has voted affirmatively on injury during the first-quarter of 2026. On May 5, 2026, the commission issued its recommended remedies, including a proposed four-year tariff rate quota structure applicable on an aggregated basis across imports with in-quota tariff of 25% ad valorem and out-of-quota tariff of 40% ad valorem. The proposed quota levels would increase annually, while tariff rates would gradually decline over the proposed remedy period.

我也想就 ITC 調查發表一些看法，這是另一項以法院為基礎的貿易事項。ITC 已在 2026 年第一季就損害（injury）作出肯定表決。2026 年 5 月 5 日，委員會發布其建議的救濟措施，包括建議採行為期四年的關稅配額（TRQ）架構，並以彙總方式適用於進口：配額內從價稅率（ad valorem）為 25%，配額外從價稅率為 40%。建議的配額水準將逐年提高，而關稅稅率則在建議救濟期間內逐步下降。

President Trump is expected to issue a final determination within 60 days. We are assessing all potential outcomes and remain actively engaged in the process. We would seek to mitigate this impact through further supply chain optimization and appropriate pricing actions. On legal proceedings, as of March 31, 2026, we had 711 lawsuits alleged silica-related injuries. This includes 36 in Israel, 156 in Australia and 509 claims in the US. We have recorded a $48.8 million provision, representing our best estimate of probable losses with $11.6 million in insurance receivables.

預期川普總統將在 60 天內作出最終裁定。我們正在評估所有可能結果，並持續積極參與相關程序。我們將透過進一步的供應鏈優化與適當的定價措施來降低其影響。就法律程序而言，截至 2026 年 3 月 31 日，我們共有 711 件訴訟主張與矽相關的傷害。其中包括以色列 36 件、澳洲 156 件，以及美國 509 件索賠。我們已認列 4,880 萬美元準備金，代表我們對可能損失的最佳估計，並認列 1,160 萬美元的保險應收款。

In May, a jury in Colorado ruled in favour of Caesarstone, assigning no liability to the company. Also, during the first-quarter of 2026, we settled four additional claims in California. These matters remain complex and at the different stages of development, and we will continue to evaluate our reserves and insurance recoveries as facts and circumstances evolve. We and certain insurance carriers initiated proceedings in July of 2025 regarding interpretation of our insurance coverage. These proceedings are still in early stages.

5 月，科羅拉多州陪審團作出有利於 Caesarstone 的裁決，認定公司不負任何責任。此外，在 2026 年第一季，我們在加州又和解了另外四件索賠。這些事項仍然複雜，且處於不同發展階段；隨著事實與情況演變，我們將持續評估準備金與保險理賠回收。我們與部分保險承保人於 2025 年 7 月就保險保障範圍的解釋啟動程序。這些程序仍處於早期階段。

We also want to mention that the bill titled the Protection of Lawful Commerce in Stone Slab Products Act was introduced in the US House of Representatives in 2025. The bill aims to ensure that manufacturers and distributors of stone slab products are not held liable for injuries caused by unsafe fabrication or alteration performed by third-party fabricators. The bill remains at an early legislative stage with no material progress beyond the initial subcommittee hearing in January 2026. The timing and the ultimate outcome remain uncertain, but we view the underlying intent of the legislation as a constructive step for our industry.

我們也想提及，名為《石材板材產品合法商業保護法》（Protection of Lawful Commerce in Stone Slab Products Act）的法案於 2025 年在美國眾議院提出。該法案旨在確保石材板材產品的製造商與經銷商，不會因第三方加工商進行不安全的加工或改造所造成的傷害而被追究責任。該法案仍處於立法早期階段，除 2026 年 1 月的首次小組委員會聽證外，尚無重大進展。其時程與最終結果仍不確定，但我們認為該立法的基本意圖對本產業而言是具建設性的一步。

In conclusion, the quarter showed that our restructuring actions are beginning to flow through the P&L. Revenue remains pressured, but gross margin improved. Adjusted EBITDA was relatively stable year-over-year despite lower volume and our net cash position gives us the flexibility to continue executing.

總結而言，本季顯示我們的重組措施已開始反映在損益表上。營收仍承壓，但毛利率有所改善。儘管銷量較低，調整後 EBITDA 仍較去年同期相對穩定，而我們的淨現金部位也讓我們具備持續執行的彈性。

As consumer confidence and housing market activity normalize, we believe Caesarstone is well positioned to benefit from a recovery in countertop demand with a stronger cost structure and improved brand positioning than we had entering this period. Based on our current operating plan and assuming no material deterioration in global economic and geopolitical conditions, we remain on track to achieve positive adjusted EBITDA in the third-quarter of 2026.

隨著消費者信心與房市活動回歸常態，我們相信 Caesarstone 具備良好條件，可在檯面需求復甦時受惠；相較於進入此期間時，我們擁有更強健的成本結構與更佳的品牌定位。基於我們目前的營運計畫，並假設全球經濟與地緣政治情勢未出現重大惡化，我們仍按計畫在 2026 年第三季達成調整後 EBITDA 轉正。

Thank you for your attention this morning. We appreciate your continued support and look forward to updating you on our progress next quarter.

感謝各位今天上午的聆聽。我們感謝各位持續的支持，並期待在下季向各位更新我們的進展。

Thank you. The conference has now concluded. Thank you for attending today's call. You may now disconnect.

謝謝。本次電話會議到此結束。感謝您參加今天的電話會議。您現在可以掛線。