Constellium SE (CSTM) 2025 Q2 法說會逐字稿

Good morning, or good afternoon all. Welcome to the Constellium second quarter 2025 earnings call. My name is Adam, and I'll be your operator today. (Operator Instructions)

大家早安，下午好。歡迎參加 Constellium 2025 年第二季財報電話會議。我叫 Adam，今天將擔任您的接線生。 （接線生指示）

I will now hand the floor to Jason Hershiser, Director of Investor Relations to begin. So Jason, please go ahead when you're ready.

現在，我將把發言權交給投資者關係總監 Jason Hershiser。 Jason，準備好了就請開始。

Thank you Adam. I would like to welcome everyone to our second quarter 2025 earnings call. On the call today, we have our Chief Executive Officer, Jean-Marc Germain; and our Chief Financial Officer, Jack Guo. After the presentation, we will have a Q&A session. A copy of the slide presentation for today's call is available on our website at constellium.com, and today's call is being recorded.

謝謝 Adam。歡迎大家參加我們 2025 年第二季財報電話會議。今天的電話會議嘉賓包括執行長 Jean-Marc Germain 和財務長 Jack Guo。演講結束後，我們將進行問答環節。今天電話會議的幻燈片簡報可在我們的網站 constellium.com 上取得，今天的電話會議正在進行錄音。

Before we begin, I'd like to encourage everyone to visit the company's website and take a look at our recent filings. Today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the company's anticipated financial and operating performance, future events and expectations and may involve known and unknown risks and uncertainties.

在開始之前，我鼓勵大家造訪公司網站並查看我們近期提交的文件。今天的電話會議可能包含《1995年私人證券訴訟改革法》所定義的前瞻性陳述。此類陳述包括有關公司預期財務和營運績效、未來事件和預期的陳述，可能涉及已知和未知的風險和不確定性。

For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements, please refer to the factors presented under the heading Risk Factors in our annual report on Form 10-K.

有關可能導致結果與前瞻性陳述中表達的結果有重大差異的具體風險因素的摘要，請參閱我們 10-K 表年度報告中「風險因素」標題下列出的因素。

All information in this presentation is as of the date of the presentation. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

本簡報中的所有資訊均截至簡報發布之日。除非法律另有規定，否則我們不承擔因新資訊、未來事件或其他原因而更新或修改任何前瞻性聲明的義務。

In addition, today's presentation includes information regarding certain non-GAAP financial measures. Please see the reconciliations of non-GAAP financial measures attached in today's slide presentation to supplement our GAAP disclosures.

此外，今天的簡報包含一些非公認會計準則 (Non-GAAP) 財務指標的資訊。請參閱今天投影片簡報中附帶的非公認會計準則 (Non-GAAP) 財務指標對帳表，以補充我們的公認會計準則 (GAAP) 揭露資訊。

And with that, I would now like to hand the call over to Jean-Marc.

現在，我想將發言權交給 Jean-Marc。

Thank you, Jason. Good morning, good afternoon, everyone, and thank you for your interest in Constellium. Let's begin on slide 5 and discuss the highlights from our second quarter results. I would like to start with safety, our number one priority.

謝謝傑森。大家早安，下午好，感謝大家對肯聯能源的關注。我們從第五張投影片開始，討論一下我們第二季業績的亮點。我想先從安全開始，這是我們的首要任務。

Our recordable case rate in the second quarter was 2.6 per million hours worked, following our strong safety performance in the first quarter and bringing our year-to-date recordable case rate to 1.8 per million hours worked. While this performance remains best in class, this is a humbling reminder that we all need to constantly maintain our focus on safety to achieve the ambitious target we have set of 1.5 per million hours worked.

繼第一季強勁的安全表現後，我們第二季的可記錄事故率降至每百萬工時2.6起，使年初至今的可記錄事故率達到每百萬工時1.8起。雖然這一表現仍處於業內領先水平，但這也提醒我們，我們所有人都需要持續關注安全，才能實現我們設定的每百萬工時1.5起的宏偉目標。

Turning now to our financial results. Shipments were 384,000 tons or up 2% compared to the second quarter of 2024 due to higher shipments in part that were partially offset by lower shipments in A&T and AS&I. Revenue of $2.1 billion increased 9% compared to the second quarter of 2024 due to higher shipments and favorable price and mix including higher metal prices experienced in the quarter versus last year. Remember, while our revenues are affected by changes in metal prices, we operate a pass-through business model, which minimizes our exposure to metal price risk.

現在來看看我們的財務表現。本季出貨量為38.4萬噸，較2024年第二季成長2%，部分原因是部分出貨量增加，但被A&T和AS&I出貨量下降部分抵銷。本季營收21億美元，較2024年第二季成長9%，這得益於出貨量增加以及價格和產品組合的有利因素，包括本季金屬價格較去年同期上漲。需要注意的是，雖然我們的收入會受到金屬價格變動的影響，但我們採用的是轉嫁型業務模式，從而最大限度地降低了金屬價格風險。

Our net income of $36 million in the quarter compares to net income of $77 million in the second quarter last year. Adjusted EBITDA was $146 million in the quarter, though this includes a negative noncash impact from metal price lag of $13 million. If we exclude the impact of metal price lag, the real economic performance of the business reflects adjusted EBITDA of $159 million in the quarter compared to the $180 million last year.

本季我們的淨利潤為3600萬美元，而去年第二季的淨利潤為7700萬美元。本季調整後EBITDA為1.46億美元，但其中包含了金屬價格滯後帶來的1,300萬美元的負面非現金影響。如果剔除金屬價格落後的影響，本季調整後EBITDA為1.59億美元，去年同期為1.8億美元，反映出公司實際的經濟表現。

Moving now to free cash flow. Our free cash flow in the quarter was strong at $41 million. During the quarter, we returned $35 million to shareholders through the repurchase of 3.4 million shares. Our leverage at the end of the second quarter was 3.6 times, though we expect this to be the peak and for leverage to trend down as we move through the rest of the year.

現在談談自由現金流。本季我們的自由現金流表現強勁，達到4,100萬美元。本季度，我們透過回購340萬股股票，向股東返還了3,500萬美元。截至第二季末，我們的槓桿率為3.6倍，但我們預計這將是峰值，並且槓桿率在今年剩餘時間內將呈下降趨勢。

We delivered solid results this quarter despite continued demand weakness across most of our end markets outside of packaging. We remain focused on strong cost control free cash flow generation and commercial and capital discipline. Overall, I am quite pleased with our second quarter and first half performance.

儘管包裝以外的大多數終端市場需求持續疲軟，我們本季仍取得了穩健的業績。我們仍然專注於強有力的成本控制和自由現金流生成，並嚴格控製商業和資本支出。整體而言，我對第二季和上半年的業績非常滿意。

Now please turn to slide number 6. Before turning the call over to Jack, I wanted to give you a quick update on the Section 232 tariffs as well as other tariffs under IEEPA and how we see the potential impact to Constellium. Before going into details on the slide, let me summarize a bit. As I mentioned last quarter, the tariff situation is a fluid and multifaceted situation. We see both some positive and negative impacts on our business.

現在請翻到第六張投影片。在把電話交給傑克之前，我想先簡單介紹一下232條款關稅以及《國際能源經濟政策法案》（IEEPA）下的其他關稅，以及我們認為這些關稅對肯聯公司的潛在影響。在詳細介紹投影片之前，我先簡單總結一下。正如我上個季度提到的，關稅情勢瞬息萬變，且涉及多個面向。我們看到它對我們的業務既有正面影響，也有負面影響。

And at this stage, we continue to believe it presents us with various opportunities as well as some additional costs, but it should be a net positive for us. The guidance we are giving today does include the direct impact from tariffs that we are able to estimate given what we know today, and it does include several mitigating factors we have identified to offset the impact.

目前，我們仍然認為這不僅帶來了各種機遇，也會帶來一些額外成本，但對我們來說應該是一個淨利好。我們今天給出的指引確實包含了我們根據目前掌握的資訊能夠估算的關稅直接影響，也包含了我們已確定的幾個可以抵消影響的緩解因素。

It also includes our current assumptions on end market demand in the current environment. Our guidance assumes a relatively stable macro environment, and it does not include potential impacts from additional tariffs to those that are known today.

它也包含了我們對當前環境下終端市場需求的假設。我們的指引假設宏觀環境相對穩定，且未將額外關稅對目前已知影響的潛在影響納入考量。

Shifting to the details on the slide now. On the production side, we are mostly local for local in the regions where we operate. Our automotive structures business in the US buys extrusions from Canada, including from our joint venture in Canada. These extrusions have become more expensive in the Section 232 tariffs which impacted the first half by around $7 million on a gross basis.

現在轉到投影片上的細節。在生產方面，我們主要在營運地區進行在地化生產。我們在美國汽車結構業務從加拿大購買擠壓型材，包括從我們在加拿大的合資企業購買。受232條款關稅影響，這些擠壓型材的價格上漲，對上半年的影響總額約為700萬美元。

The gross costs could continue to accumulate going forward to an additional $20 million for the rest of the year before mitigating items. We are working with our customers and suppliers on pass-throughs and other mitigation efforts, and we have made good progress on a number of them. We expect these actions to result in some benefits in the second half, which will help mitigate the impact on our results.

在扣除減損項目之前，總成本可能在今年剩餘時間內繼續累積，達到2,000萬美元。我們正在與客戶和供應商合作，就成本轉嫁及其他減損措施展開合作，並在其中一些方面取得了良好進展。我們預計這些措施將在下半年產生一定效益，有助於減輕對我們業績的影響。

In aerospace, we shipped small quantities from Europe to the US to serve global OEMs, although this has a pass-through today, and we will not be impacted. Regarding the automotive specific tariffs that fall under Section 232, the volumes we ship across Mexican and Canadian borders are compliant with USMCA.

在航空航太領域，我們從歐洲向美國出口少量產品，為全球原始設備製造商提供服務，儘管目前這些產品已轉口，我們不會受到影響。關於232條款下汽車專用關稅，我們透過墨西哥和加拿大邊境出口的貨物符合USMCA的規定。

On the metal supply side, we import some primary aluminum from Canada given the lack of smelter capacity here in the US. As of today, we have commercial agreements in place to help mitigate the tariff impact on this metal.

在金屬供應方面，由於美國本土冶煉廠產能不足，我們從加拿大進口了一些原鋁。截至目前，我們已達成商業協議，以減輕關稅對這種金屬的影響。

In terms of scrap, aluminum scrap is excluded from the current scope of Section 232 tariffs, and we purchased most of our scrap needs from dealers in the US. The impact of the scrap from tariffs should be a net positive as the rise in the US regional premium is beneficial for the domestic supply chain.

就廢料而言，鋁廢料目前不受232條款關稅的約束，我們大部分廢料需求均來自美國經銷商。關稅對廢棄物的影響應為淨正值，因為美國區域溢價的上升有利於國內供應鏈。

We are starting to see this already as scrap spreads for used beverage cans, for instance, in the US, have widened in the first half of this year, and we expect to see some benefits of this in the second half.

我們已經開始看到這種情況，例如，在美國，廢舊飲料罐的廢料價差在今年上半年已經擴大，我們預計下半年將會看到一些好處。

In terms of commercial impact, these two should be a net positive for Constellium. Today, over 1 million tons of flat-rolled aluminum pots are coming into the US each year, given the lack of domestic supply available. Tariffs will be domestically produced products more competitive, and we should benefit from this.

就商業影響而言，這兩項舉措對康斯特利姆來說應該是一個淨利好。由於國內供應不足，目前每年有超過100萬噸的鋁板帶進入美國。關稅將使國產產品更具競爭力，我們應該從中受益。

During the first half of this year, we announced price increases for all rolled products shipped in the US. This has already started to benefit us on noncontracted volumes in the second quarter this year, and this benefit should continue to grow moving forward.

今年上半年，我們宣布提高所有運往美國的軋製產品價格。這項舉措已於今年第二季開始對非合約訂單產生效益，並且未來效益可望持續成長。

In terms of end markets, the tariff and trade situation is creating broader macro uncertainty, and it is having a negative impact on markets such as automotive. Our guidance assumes weak conditions in automotive in both North America and Europe, and we are monitoring the conditions very closely.

就終端市場而言，關稅和貿易狀況正在造成更廣泛的宏觀不確定性，並對汽車等市場產生負面影響。我們的指引假設北美和歐洲的汽車市場狀況疲軟，我們正在密切關注這些情況。

We believe that the newly announced trade deals will somewhat reduce uncertainty in the global markets. That said, we are not discounting the broader macro uncertainty. We remain focused on our cost reduction efforts under our Vision '25 program, and we are optimizing our existing capacity depending on market conditions such as shifting some capacity where we can from automotive markets into packaging markets.

我們相信，新宣布的貿易協議將在一定程度上降低全球市場的不確定性。即便如此，我們也不會低估更廣泛的宏觀不確定性。我們將繼續專注於「25願景」計畫下的成本削減工作，並根據市場狀況優化現有產能，例如將部分產能從汽車市場轉移到包裝市場。

To close out on tariffs, as I said before, the situation remains very fluid. We are continually monitoring and assessing the potential impact of current and future trade policies, though at this stage, we believe the net impact of tariffs on aluminum present us with some opportunities in the current environment.

最後，關於關稅，正如我之前所說，情況仍然非常不確定。我們正在持續監測和評估當前及未來貿易政策的潛在影響，但就目前而言，我們認為，在當前環境下，關稅對鋁的淨影響為我們帶來了一些機會。

With that, I will now turn the call over to Jack for further details on our financial performance. Jack?

說完這些，我現在將電話轉給傑克，請他進一步介紹我們的財務表現。傑克？

Thank you, Jean-Marc, and thank you, everyone, for joining the call today. Please turn now to slide 8, and let's focus on our A&T segment performance. Adjusted EBITDA of $78 million decreased 13% compared to the second quarter last year.

謝謝Jean-Marc，也謝謝大家今天參加電話會議。現在請翻到第8張投影片，我們來關註一下A&T部門的表現。調整後的EBITDA為7,800萬美元，較去年第二季下降了13%。

Volume was a headwind of $18 million due to lower aerospace and TID shipments. Aerospace shipments were down 12% in the quarter versus last year as commercial OEMs continue to work through excess inventory as a result of lingering supply chain challenges.

由於航空航太和TID出貨量下降，交易量下降了1,800萬美元。由於供應鏈持續存在挑戰，商業原始設備製造商（OEM）仍在消化過剩庫存，本季航空航太出貨量較去年同期下降了12%。

Demand in space and military aircraft remained healthy. TID shipments were down 11% versus last year as commercial transportation and general industrial markets remained weak in the quarter. Price and mix was a tailwind of $2 million due to improved contractual and spot pricing in aerospace and TID partially offset by weaker overall mix in the quarter. Costs were a tailwind of $2 million primarily as a result of lower operating costs. FX and other was also a tailwind of $2 million in the quarter due to the weakening of the US dollar.

航太和軍用飛機市場需求保持穩健。由於本季商業運輸和一般工業市場持續疲軟，TID出貨量較去年同期下降11%。價格和產品組合為本季帶來200萬美元的順風，這得益於航空航天和TID合約價和現貨價的提升，但被本季整體產品組合的疲軟部分抵消。成本為本季帶來200萬美元的順風，主要原因是營運成本下降。由於美元走弱，外匯及其他業務也為本季帶來200萬美元的順風。

Now turn to slide 9, and let's focus on our P&ARP segment performance. Adjusted EBITDA of $74 million, increased 12% compared to the second quarter last year. Volume was a tailwind of $14 million as higher shipments in packaging were partially offset by lower shipments in automotive.

現在翻到第9張投影片，我們來關註一下包裝和包裝設備業務（P&ARP）的表現。調整後息稅折舊攤提前利潤（EBITDA）為7,400萬美元，較去年第二季成長12%。由於包裝業務出貨量增加，但汽車業務出貨量下降部分抵消了這一增長，因此銷量增長了1400萬美元。

Packaging shipments increased 14% in the quarter versus last year as demand remained healthy in both North America and Europe. In North America, we also benefited at Muscle Shoals from improved operational performance in the quarter.

本季包裝出貨量年增14%，這得益於北美和歐洲市場需求保持強勁。在北美，馬斯爾肖爾斯工廠也受惠於本季營運表現的提升。

Automotive shipments decreased 14% in the quarter with weakness in both North America and Europe. Price and mix was a headwind of $7 million in the quarter due to tariff-related metal impacts and weaker mix. Costs were a modest headwind of $1 million primarily as a result of unfavorable metal costs mostly offset by lower operating costs. FX and other was a tailwind of $2 million in the quarter.

本季汽車出貨量下降14%，北美和歐洲市場均表現疲軟。受關稅相關金屬影響及產品組合疲軟的影響，價格及產品組合在本季造成700萬美元的不利影響。成本方面，本季造成100萬美元的適度不利影響，主要由於金屬成本下降，但營運成本下降抵消了這一影響。外匯及其他方面在本季造成200萬美元的順風影響。

Now turn to slide 10. Let's focus on our AS&I segment. Adjusted EBITDA of $18 million decreased 40% compared to the second quarter of last year. Volume was a $1 million headwind as a result of lower shipments in automotive mostly offset by higher shipments in industry shooted products. Automotive shipments were down 12% in the quarter with weakness in both North America and Europe.

現在翻到第10張投影片。我們來關註一下AS&I部門。調整後的EBITDA為1800萬美元，較去年第二季下降了40%。由於汽車出貨量下降，銷量下降了100萬美元，但大部分被工業級產品出貨量的增加所抵銷。由於北美和歐洲市場表現疲軟，本季汽車出貨量下降了12%。

Industry shipments were up 14% in the quarter versus last year. The increase in industry shipments is a result of us catching up to the lost volumes from the Valais interruption as industry markets in Europe remained weak overall.

本季產業出貨量較去年同期成長14%。產業出貨量的成長是由於我們彌補了瓦萊州停產造成的產量損失，因為歐洲產業市場整體依然疲軟。

Price and mix was a $16 million headwind in the quarter due to weaker pricing for spot volumes and a weaker mix. Costs were a tailwind of $5 million primarily due to lower operating costs, partially offset by the net impact of tariff headwind in the quarter. It is not on the slide here. But our holdings and corporate expense was $12 million in the quarter.

本季度，價格和產品組合方面面臨1,600萬美元的不利因素，原因是現貨價格疲軟以及產品組合疲軟。成本方面則面臨500萬美元的順風，主要原因是營運成本下降，但部分被本季關稅逆風的淨影響所抵銷。成本方面沒有出現下滑。但我們本季的持股和公司支出為1200萬美元。

Holdings and corporate expense this quarter was up $6 million from last year due to additional IT spending with the upgrade of our ERP system and higher accrued labor costs partially offset by lower headcount. As we said last quarter, we expect holdings and corporate expense to run at approximately $40 million in 2025.

本季控股及公司支出較去年同期增加600萬美元，原因是我們升級ERP系統帶來的額外IT支出，以及應計人工成本的增加，但部分抵消了員工人數減少帶來的收入。正如我們上季所述，我們預計2025年的控股及公司支出將達到約4,000萬美元。

It is also not on the slide here, but I wanted to summarize the current cost environment we're facing. As you know, we operate a pass-through business model. So we're not materially exposed to changes in the market price of aluminum, our largest cost input.

這部分投影片裡也沒有，但我想總結一下我們目前面臨的成本環境。如大家所知，我們採用的是轉嫁式業務模式。因此，我們不會受到鋁（我們最大的成本投入）市場價格波動的重大影響。

On other metal costs. we experienced a dramatic tightening of spot scrap spreads in North America in 2024. The tightness continued into the beginning of this year, though spreads improved in the spot market as we moved through the first half of the year.

在其他金屬成本方面，2024 年北美的現貨廢料價差大幅收緊。這種緊張局面一直持續到今年年初，儘管隨著上半年現貨市場的價差有所改善。

Given our scrap purchases were essentially locked in for the second quarter, we did not benefit from this dynamic during the period. However, we expect to benefit starting in the third quarter this year and into the rest of the year.

由於我們的廢料採購量基本上鎖定在第二季度，因此我們在此期間並未從此動態中獲益。不過，我們預計從今年第三季開始，以及今年剩餘時間，我們將會從中受益。

For energy, our 2025 costs are moderately more favorable compared to 2024, although energy prices remain above historical averages. Other inflationary pressures have eased to more normal levels.

就能源而言，儘管能源價格仍高於歷史平均水平，但我們預計2025年的成本將略低於2024年。其他通膨壓力已降至更正常的水平。

And as we said in previous quarters, given the weakness we're seeing in several of our markets, we have accelerated our Vision '25 cost improvement program with measures such as improving operational efficiency, reducing headcounts and other labor costs, reducing nonmetal procurement spending, optimizing maintenance costs by minimizing the use of outside contractors and cost reduction efforts across many other categories. We have demonstrated strong cost performance in the past, and we're confident in our ability to rightsize our cost structure for the current demand environment.

正如我們在前幾個季度所述，鑑於我們在多個市場看到的疲軟表現，我們已加快推進「25願景」成本改進計劃，並採取了多項措施，例如提高營運效率、減少員工數量和其他人工成本、降低非金屬採購支出、透過最大限度地減少外部承包商的使用來優化維護成本，以及在許多其他類別中努力降低成本。我們過去展現了卓越的成本績效，我們有信心根據當前的需求環境調整成本結構。

Now let's turn to slide 11 and discuss our free cash flow. We generated $41 million of free cash flow in the quarter, bringing our year-to-date total to $38 million. The year over year increase in the first half is a result of less cash used for working capital, lower capital expenditures and lower cash taxes, partially offset by lower segment adjusted EBITDA and higher cash interest.

現在我們來看第11張投影片，討論一下我們的自由現金流。本季我們創造了4,100萬美元的自由現金流，使年初至今的總額達到3,800萬美元。上半年同比增長的原因是用於營運資本的現金減少、資本支出減少以及現金稅項減少，但部分被部門調整後EBITDA的下降和現金利息的增加所抵消。

Looking at 2025, we expect to generate free cash flow in excess of $120 million for the full year, which is unchanged from our prior guidance. We expect CapEx to be around $325 million for the full year. We still plan to reduce our CapEx this year to stay prudent though most of the benefits are offset by unfavorable foreign exchange translation.

展望2025年，我們預計全年自由現金流將超過1.2億美元，與先前的預期持平。我們預計全年資本支出約為3.25億美元。儘管大部分收益將被不利的外匯折算所抵消，但我們仍計劃在今年降低資本支出以保持審慎。

Cash interest and cash taxes are running slightly higher for the year than previously expected at $125 million and $45 million, respectively. We expect working capital and other items to be a modest use of cash for the full year which includes the impact of higher metal prices this year and the working capital ramp-up in Valais.

全年現金利息和現金稅項略高於先前預期，分別為1.25億美元和4,500萬美元。我們預計，全年營運資金和其他項目將適度消耗現金，這已計入今年金屬價格上漲以及瓦萊州營運資金增加的影響。

At this stage, we have fully rebuilt our supply chain and inventory in Valais, which has had a negative impact on free cash flow in the first half of this year. As Jean-Marc mentioned previously, we continued our share buyback activities in the quarter.

目前，我們已全面重建瓦萊州的供應鏈和庫存，這對今年上半年的自由現金流產生了負面影響。正如Jean-Marc先前所提到的，我們本季持續進行股票回購活動。

During the quarter, we repurchased 3.4 million shares for $35 million bringing our year-to-date total to 4.8 million shares for $50 million. We have approximately $171 million remaining on our existing share repurchase program, and we intend to use a large portion of the free cash flow generated this year for the program.

本季度，我們回購了340萬股，回購金額為3,500萬美元，使年初至今的回購總額達到480萬股，回購金額為5,000萬美元。我們現有的股票回購計畫剩餘資金約為1.71億美元，我們計劃將今年產生的大量自由現金流用於該計畫。

Now let's turn to slide 12 and discuss our balance sheet and liquidity position. At the end of the second quarter, our net debt of $1.9 billion was up approximately $120 million compared to the end of 2024, with the largest driver being the translation impact from the weaker US dollar at the end of the quarter.

現在我們翻到第12張投影片，討論一下我們的資產負債表和流動性狀況。截至第二季末，我們的淨負債為19億美元，較2024年底增加了約1.2億美元，其中最大的驅動因素是本季末美元走弱的折算影響。

Our leverage was 3.6 times at the end of the quarter were up 0.5 times versus the end of 2024. As Jean-Marc mentioned previously, we expect this to be the peak leverage and to trend down as we move through the year with the expected improvement in trailing adjusted EBITDA.

本季末，我們的槓桿率為 3.6 倍，比 2024 年底上升了 0.5 倍。正如 Jean-Marc 之前提到的，我們預計這將是槓桿率的峰值，並且隨著全年調整後 EBITDA 的預期改善，槓桿率將呈下降趨勢。

We currently expect to finish the year with leverage at or below 3 times, and we're committed to bringing our leverage back down into our target leverage range of 1.5 times to 2.5 times and maintaining this range over time. As you can see in our debt summary, we have no bond maturities until 2028. Our liquidity increased by $114 million from the end of 2024 and remains strong at $841 million as of the end of the second quarter.

我們目前預計今年底的槓桿率將達到或低於3倍，並致力於將槓桿率降至1.5倍至2.5倍的目標槓桿率範圍內，並長期維持這一水準。正如您在我們的債務摘要中看到的，我們在2028年之前沒有債券到期。我們的流動性較2024年底增加了1.14億美元，截至第二季末仍維持在8.41億美元的強勁水準。

Before turning it back over to Jean-Marc, I wanted to mention a recent development for the company. As of June 30, 2025, Constellium no longer qualified as a foreign private issuer and will transition into becoming a US domestic filer starting in 2026.

在把話題轉回給Jean-Marc之前，我想先提一下公司最近的一個發展。截至2025年6月30日，Constellium不再具備外國私人發行人的資格，並將從2026年開始轉型成為美國國內申報人。

As you probably recall, beginning in 2025, Constellium was already voluntarily electing to file annual report on Form 10-K and quarterly reports on Form 10-Q with the SEC. Given this change in filing status, we will begin to file all other required US domestic forms with the SEC, including a DEF 14A and Section 16 forms in addition to our annual and quarterly reports starting on January 1, 2026.

您可能還記得，從2025年開始，Constellium已自願選擇向美國證券交易委員會（SEC）提交10-K表格年度報告和10-Q表格季度報告。鑑於備案狀態的變化，我們將從2026年1月1日起，除了年度和季度報告外，開始向SEC提交所有其他必要的美國國內表格，包括DEF 14A表格和第16條表格。

With that, I will now hand the call back to Jean-Marc.

說完這些，我現在將電話轉回給 Jean-Marc。

Thank you, Jack. Let's turn to slide 14 and discuss our current end market outlook. The majority of our portfolio today is serving end markets benefiting from durable sustainability-driven secular growth, in which aluminum light an infinitely recyclable material plays a critical role. However, many of these markets continue to face demand headwinds today and are also now facing uncertainty given the tariff situation.

謝謝，傑克。我們來看第14張投影片，討論一下我們目前的終端市場前景。我們目前的大部分投資組合服務於受益於可持續的長期成長的終端市場，而鋁這種可無限回收的材料在其中發揮關鍵作用。然而，這些市場中的許多市場目前仍然面臨需求逆風，而且由於關稅形勢，它們現在也面臨不確定性。

Turning first to the aerospace market. Commercial aircraft backlogs are robust today and continue to grow. Major aero OEMs remain focused on increasing build rates for both narrow and wide-body aircraft, those supply chain challenges have continued to slow deliveries below what OEMs are expecting for several years in a row now.

首先談談航空航太市場。目前商用飛機訂單積壓情況強勁，且持續成長。主要航空原始設備製造商仍然專注於提高窄體飛機和寬體飛機的製造速度，這些飛機和寬體飛機的挑戰導致交付速度連續幾年低於原始設備製造商的預期。

As a result, aerospace supply chains need to adjust to lower than expected build rates which is causing a shift in demand to the right for some of our products. Despite the slowdown in the near term, demand has stabilized for the most part, and we remain confident that the long-term fundamentals driving aerospace demand remain intact, including growing passenger traffic and greater demand for new, more fuel-efficient aircraft.

因此，航空航太供應鏈需要適應低於預期的建造速度，這導致我們部分產品的需求向右移動。儘管短期內經濟放緩，但需求已基本穩定，我們仍然相信，推動航空航天需求的長期基本面依然穩固，包括不斷增長的客運量以及對新型、更省油飛機的需求增加。

Demand also remained stable in the business and regional jet market and healthy for space and military aircraft. Looking across our entire aerospace business, we believe our product portfolio is unmatched in the industry, and we have industry-leading R&D capabilities for aluminum aerospace solutions.

公務機和支線飛機市場的需求也保持穩定，太空梭和軍用飛機市場也保持健康。縱觀我們整個航空航天業務，我們相信我們的產品組合在業內無與倫比，並且我們擁有業內領先的鋁製航空航天解決方案研發能力。

In terms of outlook, I want to make one additional point on our A&T segment. In the past, we have talked about through the cycle adjusted EBITDA target for the segment of $1,000 per ton. Based on our contractual positions and the performance of the business, we now expect through the cycle adjusted EBITDA of $1,100 per ton, and we expect to remain above that level in the near term.

就前景而言，我想就A&T部門補充一點。過去，我們曾討論過該部門經週期調整後的EBITDA目標為每噸1,000美元。根據我們的合約狀況和業務表現，我們現在預計經週期調整後的EBITDA為每噸1,100美元，並且預計短期內將保持在該水準之上。

Turning now to packaging. Demand remains healthy in both North America and Europe. The long-term outlook for this end market continues to be favorable, as evidenced by the growing consumer preference or the sustainable aluminum beverage can, capacity growth plans from both can makers in both regions from all carmakers in both regions, sorry, and the greenfield investments ongoing here in North America. Longer term, we continue to expect packaging markets to grow low to mid-single digits in both North America and Europe.

現在談談包裝。北美和歐洲的需求依然強勁。該終端市場的長期前景依然看好，這體現在消費者對可持續鋁製飲料罐日益增長的偏好、兩大地區所有汽車製造商（抱歉，兩大地區）的罐頭製造商都制定了產能增長計劃，以及北美正在進行的綠地投資。長期來看，我們預計北美和歐洲的包裝市場仍將保持低至中等個位數的成長。

Let's turn now to automotive. Automotive OEM production of light vehicles in Europe remains well below pre-COVID levels and is still below pre-COVID levels in North America as well. Demand in North America has continued to soften in the near term and is expected to feel the impact of the current Section 232 auto tariffs.

現在我們來看看汽車產業。歐洲輕型車OEM廠商的產量仍遠低於新冠疫情前的水平，北美也同樣低於新冠疫情前的水平。北美的需求短期內持續疲軟，預計將受到目前232條款汽車關稅的影響。

Demand in Europe remains weak particularly in the luxury and premium vehicle and electric vehicle segments, where we have greater exposure. Automotive production in Europe is also expected to feel the impact of the current Section 232 auto tariffs given the amount of vehicles the US imports from Europe. In the long term, we believe electric and hybrid vehicles will continue to grow, but at a lower rate than previously expected.

歐洲市場需求仍然疲軟，尤其是在我們投資較多的豪華車和高端車以及電動車領域。鑑於美國從歐洲進口的汽車數量，預計歐洲汽車產量也將受到目前232條款汽車關稅的影響。從長遠來看，我們認為電動車和混合動力車將繼續成長，但成長速度將低於先前的預期。

Sustainability trends such as light weighting and increased fuel efficiency will continue to drive the demand for aluminum products. As a result, we remain positive on this market over the longer term in both regions despite the weakness we are seeing today. As you can see on the page, these three core end markets represent over 80% of our last 12 months revenue.

輕量化和燃油效率提升等永續發展趨勢將持續推動鋁產品需求。因此，儘管目前市場表現疲軟，但我們對這兩個地區的長期市場仍持樂觀態度。正如您在頁面上看到的，這三個核心終端市場占我們過去12個月收入的80%以上。

Turning lastly to other specialties. In North America, demand appears to have stabilized, albeit at low levels and demand remains weak in Europe. We have experienced weakness across most specialties markets for three years now.

最後談談其他特用化學品。北美的需求似乎已經穩定下來，儘管水準較低；歐洲的需求仍然疲軟。三年來，大多數特種化學品市場都經歷了疲軟。

We believe TID markets in North America provide us with some opportunities today given the current tariffs make imports less competitive compared to domestic production. As a reminder, these specialties markets are typically dependent upon the health of the industrial economies in each region, including drivers like the interest rate environment industrial production levels and consumer spending patterns.

鑑於目前的關稅導致進口產品相對於國內產品競爭力下降，我們認為北美的TID市場目前為我們提供了一些機會。需要提醒的是，這些特種產品市場通常取決於各地區工業經濟的健康狀況，包括利率環境、工業生產水準和消費者支出模式等驅動因素。

We continue to work hard to adjust our cost structure to the current demand environment, which will put the business in an even better position when the industrial economies do recover. To conclude on the end markets, we like the fundamentals in each of the markets we serve, and we strongly believe that the diversification of our end markets is an asset for the company in any environment.

我們將繼續努力調整成本結構，以適應當前的需求環境，這將使公司在工業經濟復甦時處於更有利的地位。關於終端市場，我們看好我們服務的每個市場的基本面，並堅信終端市場的多元化在任何環境下都是公司的一大優勢。

Turning lastly now to slide 15. We detail our key messages and financial guidance. Our team delivered solid results in second quarter this year despite continued demand weakness across most of our end markets outside of packaging.

最後，請翻到第15張投影片。我們詳細介紹了我們的關鍵資訊和財務指引。儘管包裝以外的大多數終端市場需求持續疲軟，但我們的團隊在今年第二季仍取得了穩健的業績。

We returned $35 million to shareholders in the quarter with a repurchase of 3.4 million shares. While tariffs are creating broader macro uncertainty and impacting end markets like automotive, we are proactively managing our business to the current environment.

本季度，我們回購了340萬股股票，向股東返還了3,500萬美元。儘管關稅帶來了更廣泛的宏觀不確定性，並影響了汽車等終端市場，但我們正積極主動地根據當前環境管理業務。

We remain focused on strong cost control, free cash flow generation and commercial and capital discipline. Given our solid performance in the first year and based on our current outlook, including the current end market conditions I just described and assuming a relatively stable macro environment, we are raising our guidance for 2025.

我們將繼續專注於強有力的成本控制、自由現金流產生以及商業和資本紀律。鑑於我們第一年的穩健表現，以及我們目前的展望，包括我剛才描述的當前終端市場狀況，並假設宏觀環境相對穩定，我們上調了2025年的業績指引。

We are now targeting adjusted EBITDA excluding the noncash impact of metal price lag in the range of $620 million to $650 million and free cash flow in excess of $120 million. Our guidance assumes a modest improvement in the second half this year compared to the first half.

我們目前的目標是，調整後息稅折舊攤提前利潤（EBITDA）（不包括金屬價格滯後的非現金影響）在6.2億美元至6.5億美元之間，自由現金流超過1.2億美元。我們的指引假設，今年下半年的業績將較上半年略有改善。

This improvement includes the timing of certain tariff mitigations and customer compensations, which will be more pronounced in the third quarter as well as a more favorable scrap purchasing, the ramp-up in Valais and favorable foreign exchange translation in the back half of the year.

這種改善包括某些關稅減免和客戶補償的時機，這些將在第三季度更加明顯，以及更有利的廢料採購、瓦萊州的產量增加以及下半年有利的外匯轉換。

Looking to the future, I also want to reiterate our long-term targets of adjusted EBITDA, excluding the noncash impact of metal price lag of $900 million and free cash flow of $300 million in 2028.

展望未來，我還想重申我們的長期目標，調整後的 EBITDA（不包括金屬價格滯後的非現金影響）為 9 億美元，自由現金流為 2028 年的 3 億美元。

To conclude, while we continue to face challenging conditions in most of our markets today, we believe that this will pass, and I remain very excited about our future and the ability to seize the many opportunities in front of us which we have demonstrated in the past. We are extremely well positioned for long-term success and remain focused on executing our strategy and shareholder value creation.

總而言之，儘管我們目前在大多數市場仍面臨挑戰，但我們相信這一切都會過去。我對我們的未來以及我們過去所展現的抓住眾多機會的能力感到非常興奮。我們已為長期成功做好了充分準備，並將繼續專注於執行我們的策略和創造股東價值。

With that, operator, we will now open the Q&A session, please.

接線員，我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Corinne Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Great. Thank you. Good morning, everyone. Two questions here. Maybe the first one, can you dive a little bit into what gives you the confidence to raise the guidance this quarter? And I think everyone since you guys have been pretty cautious and we will probably have expect to happen next quarter. So that was definitely a great surprise to read that this morning.

太好了，謝謝。大家早安。這裡有兩個問題。第一個問題，您能否深入談談是什麼讓您有信心提高本季的業績預期？我認為從你們開始，大家都非常謹慎，我們可能已經預料到下個季度會發生這種情況。所以今天早上看到這個消息，我感到非常驚訝。

And then the second question, could you also give some detail on the cadence that you're expecting between 3Q and 4Q? I know you mentioned the second has been slightly better than the first half, but just wondering how that developed between the two quarters. Thank you.

第二個問題，您能否詳細說明您預期第三季和第四季之間的節奏？我知道您提到第二季度的表現比上半年略好，但我想知道這兩個季度之間的發展如何。謝謝。

Yes, good morning, Corinne. Thanks for the questions. So to start with the first one, and I'll ask some help from Jack for both questions one and two actually. The confident to raise guidance. So we are quite pleased with our first half, and we look at our order book, and we look at our performance, that's what is informing us for the second half. I think it's useful to, as you said, to maybe give the different puts and takes here going into the second half.

是的，早上好，科琳。謝謝你的提問。先回答第一個問題，其實我會請傑克幫忙解答第一和第二個問題。關於提高業績指引，我們有信心。我們對上半年的業績非常滿意，我們查看了訂單簿和業績表現，這些都為下半年的業績提供了參考。正如你所說，我認為，在下半年，提出不同的期望和期望可能會有所幫助。

In terms of what is going well, I mean, packaging is going well. We -- in both continents, and our performance at Muscle Shoals continues to improve. So we're quite pleased with that, and that's helping us really secure substantial gains in packaging, as you've seen in the growth that we are experiencing over the last year.

說到進展順利的部分，我的意思是包裝業務進展順利。我們在兩個大洲都取得了進展，而且我們在馬斯爾肖爾斯的業績持續改善。我們對此感到非常滿意，這確實幫助我們在包裝業務方面取得了顯著的成長，正如大家在過去一年中所看到的那樣。

The second impact is last year was a tough year for us. We've really focused very strongly on cost reduction. Our Vision '25 program is running very well ahead of our expectations, like the packaging volumes are. And finally, the scrap spreads are also beneficial in the US with new tariff situation and the increase in the Midwest premium.

第二個影響是去年對我們來說是艱難的一年。我們非常注重降低成本。我們的「25願景」計畫進展順利，超出了我們的預期，包裝量也是如此。最後，由於新的關稅情勢和中西部地區溢價上漲，美國廢鋼價差也呈現利多。

So these factors are good. As Jack mentioned, the scrap spreads really haven't really benefited us in the first half. Another element also that is benefiting us in terms of translation into US dollars is a foreign exchange. It hasn't really benefited us in a first half. It's going to benefit us in the second half.

所以這些因素都是好的。正如傑克所提到的，廢鋼價差在上半年並沒有為我們帶來任何好處。另一個在美元匯率方面對我們有利的因素是外匯。上半年它並沒有為我們帶來什麼好處。下半年它將為我們帶來好處。

So these four factors, right, packaging volumes, Vision '25, scrap spreads and foreign exchange are better than our assumptions that were underlying our initial guidance.

因此，這四個因素，即包裝量、願景 25、廢料價差和外匯，都比我們最初指導的假設要好。

Now there's a few things that are worse, and it's really on automotive, where the picture is not getting premier we thought at the beginning of the year that our assumptions were conservative. We don't think so anymore.

現在有一些情況變得更糟了，尤其是在汽車行業，前景並不樂觀。年初的時候，我們認為我們的假設是保守的。現在我們不再這麼認為了。

The outside forecasts have kept on going down week after week nearly. So we are approaching automotive in the second half with quite a bit of caution actually. So that's weighing down on our raised guidance, so to say.

外界的預測幾乎一週又一週地下降。所以我們對下半年汽車產業的前景其實相當謹慎。可以說，這拖累了我們上調的期待。

And then in terms of aero and TID and -- well, this is kind of going as planned. We would like aero to pick up a little bit quicker and sooner, but we're not planning for it in the second half. So that's kind of what's underlying the different assumptions. Jack, do you want to add anything and maybe comment on the cadence as well?

然後就空氣動力學和總行程距離（TID）而言——嗯，一切都按計劃進行。我們希望空氣動力學能更快、更早地恢復，但我們不打算在下半年實現。這就是不同假設背後的原因。傑克，你想補充什麼嗎？還是對節奏也做點評論？

Sure. So I think the only other point I wanted to add is we're doing quite well in terms of working with our customers and suppliers on mitigating the tariff impact. As well as some of the weakness we're seeing in end markets such as automotive.

當然。我想補充的一點是，我們在與客戶和供應商合作減輕關稅影響方面做得相當不錯。此外，我們在汽車等終端市場也看到了一些疲軟跡象。

So those benefits, we expect them to start coming in, in the third quarter and into the rest of the year, which is a factor to be considered. And given those benefits coming into the third quarter, we're expecting third quarter performance to be stronger than the second quarter. But then obviously, in Q4, we have the normal kind of seasonality will be weaker than Q3.

因此，我們預計這些收益將在第三季以及今年剩餘時間內開始顯現，這是一個需要考慮的因素。考慮到這些收益將在第三季顯現，我們預期第三季的業績將強於第二季。但顯然，第四季的業績會弱於第三季度，這屬於正常的季節性因素。

Great. Thank you.

太好了，謝謝。

Bill Peterson, JP Morgan.

摩根大通的比爾彼得森。

Good morning Jean-Marc and Jack. This is Bennett on for Bill. Thank you for taking my questions today.

早安，Jean-Marc 和 Jack。我是 Bennett，代表 Bill 發言。感謝您今天回答我的提問。

Hey Bennett.

嘿，班尼特。

Good morning, Bennett.

早上好，貝內特。

I wanted to start with packaging -- good morning. The packaging shipments came in quite strong. It looks like the strongest actually since the second quarter of '22. So could you shed a little more color on what improvement you saw at Muscle Shoals during the quarter? And if you would and or could pivot further ABS capacity to packaging in the meantime?

我想先從包裝開始——早安。包裝出貨量相當強勁。看起來實際上是自2022年第二季以來最強勁的一次。能否再詳細介紹一下本季馬斯爾肖爾斯工廠的改善情況？同時，您是否願意或可以將ABS的產能進一步轉向包裝？

Yeah. So the packaging strength is in both Europe and North America. And as you point out, when automotive is weak, it gives us opportunity to have more time available on our mills to dedicate to packaging. And that's with the backdrop of a packaging in a market that is quite healthy in both regions.

是的。所以，歐洲和北美的包裝業務都表現強勁。正如您所指出的，當汽車市場疲軟時，我們就有更多時間在工廠生產包裝產品。而且，這還是在兩個地區的包裝市場都相當健康的背景下實現的。

So that has helped us quite a bit in achieving that very nice performance in shipments in Q2. So as I said, some of it is because we're running well. So that's a good thing. So it is because automotive is not going well, which is not such a good thing.

這對我們在第二季度取得如此出色的出貨量表現有很大幫助。正如我所說，部分原因是我們運作良好。這是好事。部分原因是汽車業務表現不佳，這不太好。

In terms of running well, our operations at Muscle Shoals are stabilized a bit. You know that we are run into quite a few operational issues post COVID that took us quite a bit of time to address in terms of getting the right manning, the right trading, the right performance from our assets through a more predictive maintenance.

就營運狀況而言，我們在馬斯爾肖爾斯的營運已經相對穩定。您知道，新冠疫情過後，我們遇到了不少營運問題，這些問題我們花了不少時間來解決，包括透過更具預測性的維護，確保人員配備合理、交易到位，以及資產性能達到理想狀態。

So all these things are coming into play now. And we feel quite confident that now that we've had seven, eight months of very good performance at Muscle Shoals, and we keep on making progress. And we feel very confident about the future.

所以所有這些因素現在都開始發揮作用了。我們非常有信心，鑑於我們在馬斯爾肖爾斯已經取得了七八個月的出色表現，我們將繼續取得進步。我們對未來充滿信心。

So we'll keep on working hard to maintain that and improve that level of performance. But I think all things are pointing in the right direction. At the same time, it's a plan that has further potential for improvement, which we're working on, and that requires obviously some capital expenditures, which we are planning for in the opening horizon through '28. But not only are we happy with where we are, but we're quite excited about the opportunities we have for further improvements at Muscle Shoals.

因此，我們將繼續努力維持並提升業績水準。我認為一切都朝著正確的方向發展。同時，該計劃仍有進一步改進的潛力，我們正在努力推進，這顯然需要一些資本支出，我們計劃在2028年之前投入資金。但我們不僅對目前的狀況感到滿意，而且對馬斯爾肖爾斯未來進一步改進的機會也感到非常興奮。

Thanks for that. And then coming to Europe and auto, the outlook remains challenging. I think in the past, you've suggested that the company wouldn't look to invest meaningfully there just given the import pressures. But as we think about the strategic outlook for this business, to what extent have you started to engage at all with any Chinese OEMs looking to localize capacity in the coming years?

謝謝。接下來說到歐洲和汽車市場，前景依然充滿挑戰。我記得您過去曾表示，考慮到進口壓力，公司不會考慮在那裡進行大規模投資。但當我們思考這項業務的戰略前景時，您在多大程度上已經開始與那些希望在未來幾年實現產能在地化的中國原始設備製造商合作？

We haven't done any of that, Bennett. I mean we'll see whether they build assembly plants. As I mentioned, we'll be a legitimate supplier to whatever assembly line there is in Europe. You know that the products we make don't travel very much because the age Arden. And therefore, you've got a few weeks of shelf life, really.

我們還沒做過這些，貝內特。我的意思是，我們得看看他們是否會建造組裝廠。正如我所提到的，我們將成為歐洲任何組裝線的合法供應商。你知道，我們生產的產品因為雅頓的年份較長，所以運輸量不大。因此，保質期實際上只有幾週。

So local assembly of wherever an assembly line is, they need to procure their parks from reasonably close by. So we'll be a legitimate supplier to whether customer sets up new lines in Europe, but we haven't been engaged in any discussion of that nature just yet.

因此，無論裝配線位於何處，本地組裝廠都需要從較近的園區購買。因此，無論客戶是否在歐洲設立新生產線，我們都是合法的供應商，但我們目前尚未就此展開任何討論。

Understood. Thank you for the context. I'll get back in the queue.

明白了。謝謝你的說明。我會回到隊列裡。

Thank you, Bennett.

謝謝你，班尼特。

Josh Sullivan, The Benchmark Company.

喬許·沙利文（Josh Sullivan），基準公司。

Hey, good morning.

嘿，早安。

Good morning, Josh.

早安，喬希。

Hi, Josh.

你好，喬希。

Hey Jean-Marc, just on aerospace. In your comments, you talked about the shift in demand to the right from some products. Was that a general comment just on the overall aerospace cycle that we've seen over the last couple of quarters that we're adjusting to? Or is there any color you can provide just on the aerospace demand incremental either way in 2Q?

嘿，Jean-Marc，就航太領域來說。您在評論中提到了某些產品的需求向右移動。這是對我們過去幾季看到的、我們正在適應的整體航空航天週期的總體看法嗎？或者您能否具體說明一下第二季度航空航太需求的成長情況？

Yeah. So I think, Josh, as you know, our products are quite a bit of lead time due to the time we -- we ship them to the customer and time the aircraft actually is delivered. And what you've seen, I think, even better than us is between the forecast that were done, say, two years ago by an OEM and what they are building today, there's quite a gap.

是的。喬希，如你所知，我們的產品交付週期相當長，這涉及到我們發貨給客戶的時間，以及飛機實際交付的時間。而且，我認為你看到的，甚至比我們更好的是，比如說，兩年前一家原始設備製造商的預測和他們今天正在生產的產品之間存在相當大的差距。

And that gap has kept on being pushed like a bubble to the right. And that's what we're cutting, right? So the shipments we made two years ago were higher than what is needed to make the planes that they are making and delivering today, and that's kind of the stocking up that's happened over the past few years.

這個缺口就像氣泡一樣不斷向右膨脹。這就是我們要削減的，對吧？兩年前我們出貨的量高於他們現在生產和交付的飛機所需的量，這就是過去幾年發生的囤貨現象。

So it is not getting worse. It just gets pushed further to the right. And I do hope that it results itself reasonably quickly, we'll see. It's very difficult to tell. Now what we do know because we've been through this cycle a few times is when it comes back, it snaps back very quickly, right, in a matter of a few months. We are not seeing any sign of that just yet, but it's not getting worse.

所以情況並沒有惡化，只是進一步往右移動了。我真心希望它能很快見效，我們拭目以待。這很難說。現在我們知道的是，因為我們已經經歷過幾次這樣的循環，當它捲土重來時，它會很快反彈，對吧，幾個月內就能恢復。我們目前還沒有看到任何跡象，但情況並沒有惡化。

Got it. And then maybe just on the Airware products. We've obviously seen a lot of activity in space. Just curious what you guys are seeing as far as market demand signals from the space market.

明白了。然後也許只談Airware產品。我們顯然看到太空領域有很多活動。我很好奇你們從太空市場看到了什麼市場需求訊號。

Yeah. So it's quite lumpy, but it's -- Airware is a fantastic product for space applications because of its how light it is the weight savings you achieve, obviously, which translates into better payload, which is super important if you want to launch anything into space, and it's got also excellent prior gen properties. So it can resist high temperatures and extremely low temperatures. So there is a lot of demand for this product.

是的。雖然它有點笨重，但Airware 是一款非常適合太空應用的產品，因為它非常輕，可以減輕重量，這顯然意味著更高的有效載荷，這對於將任何東西發射到太空都至關重要。而且它還具有上一代產品的優異性能，可以抵抗高溫和極低溫度。所以這款產品的需求量很大。

We're really subject to the organic it's a matter of the supply chain, right? Launches, more launches are good for us, but our products are ordered on the base of one of the launches that are forecast for one year or two years down the road.

我們確實受有機產品的影響，這是供應鏈的問題，對吧？新品發布，更多新品發布對我們來說是好事，但我們的產品是根據預測未來一兩年內發布的新品來訂購的。

And that, obviously, there's not an absolute fidelity between the forecast made now for two years from now and what will happen in two years from now. So it's a bit lumpy. It goes up very quickly, it goes down very quickly. But on average, it's growing, and it's a very good product line for us.

顯然，現在兩年後的預測與兩年後的實際情況並不完全一致。所以情況有點不穩定。它漲得很快，跌得很快。但平均而言，它仍在成長，而且對我們來說，這是一條非常好的產品線。

Thank you for the time.

感謝您抽出時間。

And I should also specify that there is no or products where we've got very strong patterns and experience.

我還應該明確指出，我們沒有非常強大的模式和經驗。

(Operator Instructions)

（操作員指示）

Bill, JP Morgan.

比爾，JP 摩根。

Hi there, Bennett back on for Bill. Just wanted to follow up on the scrap spreads quickly. It sounds like a listed in the positive category into the back half, but could you help us understand, I guess, if where spreads are today, is this more than off -- enough to more than offset the prior guidance of, I think it was a $15 million to $20 million quarter headwind? And are you seeing any change in flows in Europe just given the attractive pricing in the US and maybe more flows getting shipped across the pond tier? Thank you.

大家好，Bennett，Bill 的節目又回來了。我只是想快速跟進一下廢鋼價差的情況。聽起來像是在下半年的正值類別中，但您能否幫助我們了解一下，如果目前的價差水平，是否足以抵消之前的預期，我認為之前的預期是 1500 萬到 2000 萬美元的季度逆風？考慮到美國的價格具有吸引力，以及可能有更多的流量透過跨大西洋管道運輸，您是否看到歐洲的流量有任何變化？謝謝。

Sure. Yeah. So on scrap spreads, so as you know, we are buying some of our scrap metal on an annual basis and some of it on a more spot basis and call it 50-50 just for the sake of the argument. So at the beginning of the year, when we -- we were still buying metal, scrap metal at a pretty elevated price, so very narrow spreads on the heels of what happened in '24. But now the scrap spreads have widened.

當然。是的。關於廢料價差，如你所知，我們一部分廢金屬是按年購買，一部分是按現貨購買，為了方便討論，我們稱之為50-50。所以在年初，我們仍在以相當高的價格購買金屬和廢金屬，因此在2024年後，價差非常窄。但現在廢料價差已經擴大了。

Our open position is larger as well. So we're buying still some scrap metal at prices that were negotiated at the end of last year, but we're buying also quite a bit now at prices at our spot prices. What -- typically in any -- so that's how we've been operating for years and years, right?

我們的未平倉部位也更大了。所以我們仍然在以去年年底商定的價格購買一些廢金屬，但現在我們也以現貨價格購買相當多的廢金屬。通常情況下，我們多年來一直都是這樣運作的，對吧？

And typically, in any quarter, you could swing $5 million one way or the other. And I met the commentary last year that we had we are experiencing swings of $15 million to $20 million, which were very unusual.

通常情況下，任何一個季度，銷售額的波動幅度都可能在500萬美元左右。去年我遇到一些評論，說我們目前的銷售額波動幅度在1500萬美元到2000萬美元之間，這非常不尋常。

So what we could be seeing in the second half if some of that, so more than [$5 million and less than $15 million] swinging back the proper way and properly in our favor. And that is what is kind of embedded in our revised guidance. Did I answer your question?

那麼，我們下半年可能會看到，其中一部分（超過500萬美元，但少於1500萬美元）的收益會以正確的方式回升，並對我們有利。這正是我們修訂後的業績指引中所體現的內容。我回答你的問題了嗎？

Thank you for that. Best of luck.

謝謝你。祝你好運。

Yeah.

是的。

Yes. I guess the one minor follow-up would be any changes in Europe that you're seeing in scrap availability.

是的。我想接下來的一個小問題是，您觀察到歐洲廢棄物供應情況有什麼變化嗎？

Sorry, you asked for that, and I didn't -- I wasn't trying to touch it. No, we are not seeing really big flows out of Europe that would be penalizing us. But yes, there is a bit of leakage from Europe into the US, but it's not material to our operations.

抱歉，您問了這個問題，我並沒有——我並沒有想觸及它。不，我們並沒有看到大量資金從歐洲流出，這會對我們造成不利影響。不過，確實有一些資金從歐洲流入美國，但這對我們的營運並不重要。

All right. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Sean Wondrack, Deutsche Bank.

德意志銀行的肖恩·沃德拉克 (Sean Wondrack)。

Hi there, thanks for taking my question. Just one for me, and I apologize if you touched on this already. But do you expect to have any impact from the big beautiful bill, whether it's tax or otherwise?

您好，感謝您回答我的問題。我只想問一個問題，如果您已經提到了這個問題，我深表歉意。您預計這項龐大的法案會造成任何影響嗎？無論是稅務方面還是其他方面？

So Sean, it's a really good question. So we're currently assessing the impact. But at the moment, we do not anticipate a significant impact on our financial results this year.

肖恩，這個問題問得真好。我們目前正在評估其影響。但目前，我們預計今年的財務業績不會受到重大影響。

Right, okay. That's it for me. Thank you.

好的，好的。我的就到這裡。謝謝。

Thank you, Sean.

謝謝你，肖恩。

Corinne, Deutsche Bank.

德意志銀行的科琳。

Hey, thank you for bringing me back. Just -- maybe I missed it, but can you just go back on the mid-cycle margin targets? Or I think in aerospace, you mentioned a jump from [town like an even under the rapid town]

嘿，謝謝你讓我回來。只是──我可能忘了，你能不能再說說中期週期的利潤率目標？或者在航空航太領域，你提到了從[像一個快速城鎮下一樣的城鎮]的躍升。

But can you just confirm that? And then on packaging, do you have any room to see like the price increase coming at compound, maybe not over the coming months, but I'm just kind of trying to see over the next 6 to 12 months? Thank you.

能確認一下嗎？然後關於包裝，您認為複合價格上漲的空間大嗎？也許不是在未來幾個月，但我想看看未來6到12個月內會不會上漲。謝謝。

Yeah. So Corinne, on the aerospace and TID, that's a blended margin, right? Yes, we are calling it up through the cycle from $1,000 per ton to $1,100 per ton. And that's a reflection of our performance, and the contractual positions we have. You know that we've got some contracts that extend several years in the future.

是的。 Corinne，關於航空航天和TID，這是混合利潤，對吧？是的，我們在整個週期內會將其從每噸1000美元提高到每噸1100美元。這反映了我們的業績以及我們現有的合約狀況。您知道，我們有一些合約的期限是未來幾年。

So that gives us a good appreciation for where we think we should be. We also said that we're going to be above that level for the near future, namely '25 and '26, right? So that's it. I hope that confirms that is to your -- responsive to your question.

所以，這讓我們對應該達到的水平有了很好的認識。我們也說過，在不久的將來，也就是2025年和2026年，我們的業績會高於這個水平，對吧？就是這樣。我希望這能證實你的回答。

Regarding packaging, I don't want to go into too much specifics, but we're seeing an environment which is very supportive to pricing going into '26. So our negotiations with customers are going well, and we're very happy with where we are trending.

關於包裝，我不想談太多細節，但我們看到，進入2026年，市場環境對定價非常有利。因此，我們與客戶的談判進展順利，我們對目前的趨勢非常滿意。

Remember, a lot of -- a lot, the vast, vast majority of this business is multiyear, right? So there's some inertia. And on average, we'd like to say we may be renegotiating every year, 20% of our business, right, 20%, 25% of our business. So whatever change there is upside or downside to price, is kind of amortized over several years. But at the moment, it's reasonably positive.

記住，很多——很多，絕大多數業務都是多年期的，對吧？所以存在一些慣性。平均而言，我們可能每年都會重新談判20%的業務，對吧，20%、25%的業務。所以，無論價格上漲或下跌，都會在幾年內攤提。但目前來看，情況還算樂觀。

That was very helpful. Thank you.

這很有幫助。謝謝。

Thank you.

謝謝。

We have no further questions. So I'll hand back to Jean-Marc for some closing comments.

我們沒有其他問題了。接下來，請Jean-Marc做最後總結。

Well, thank you, everybody, for -- again, for your interest in Constellium. We are happy with the progress we're making, and we look forward to an exciting second half. And I look forward to updating you on our progress in October. Thank you very much. Have a good day.

好的，再次感謝各位對肯聯的關注。我們對目前的進展感到滿意，並期待著令人興奮的下半年。我期待在十月向大家報告我們的進展。非常感謝。祝大家有美好的一天。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以掛斷電話了。