Constellium SE (CSTM) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Constellium fourth-quarter and full year 2025 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Constellium 2025 年第四季及全年業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。（操作說明）

I would now like to hand the conference over to your speaker today, Jason Hershiser, Director of Investor Relations at Constellium.

現在我謹將會議交給今天的演講嘉賓，康斯坦利姆公司投資者關係總監傑森·赫爾希澤。

Thank you, Josh. I would like to welcome everyone to our fourth-quarter and full year 2025 earnings call. On the call today, we have our Chief Executive Officer, Ingrid Joerg, 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.

謝謝你，喬希。歡迎各位參加我們2025年第四季及全年業績電話會議。今天參加電話會議的有我們的執行長英格麗·約爾格和財務長郭傑克。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 上找到，今天的電話會議正在錄音。

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.

在正式開始之前，我鼓勵大家造訪公司網站，查看我們最近提交的文件。今天的電話會議可能包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。此類聲明包括有關公司預期財務和經營業績、未來事件和預期的聲明，並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. 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.

有關可能導致實際結果與前瞻性陳述中表達的結果存在重大差異的具體風險因素的概述，請參閱我們在 10-K 表格年度報告中「風險因素」標題下列出的因素。本簡報中的所有資訊均截至簡報發布之日。除法律另有規定外，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, which supplement our GAAP disclosures.

此外，今天的簡報還包含有關某些非GAAP財務指標的資訊。請參閱今天投影片簡報中附上的非GAAP財務指標調節表，這些調節表是我們GAAP揭露的補充。

And with that, I would now like to hand the call over to Ingrid.

接下來，我將把電話交給英格麗德。

Thank you, Jason. Good morning, good afternoon, everyone, and thank you for your interest in Constellium. Let's begin on slide number 5. I want to start with safety, our number one priority. In 2025, we achieved a recordable case rate of 1.9, an improvement compared to 2024 and much better than the industry average. While we did not meet our ambitious target of 1.5, this progress reinforces our commitment to safety and reminds us that reaching our goal will require continued strong efforts across the organization. Our safety journey is never complete, and we all need to remain committed to this critical priority every day.

謝謝你，傑森。各位早安，下午好，感謝大家對 Constellium 的關注。讓我們從第5張投影片開始。我想先談談安全，這是我們的首要任務。2025 年，我們的可記錄病例率為 1.9，比 2024 年有所改善，並且遠優於行業平均值。雖然我們沒有達到 1.5 的宏偉目標，但這一進展鞏固了我們對安全的承諾，並提醒我們，要實現我們的目標，需要整個組織繼續付出巨大的努力。我們的安全之旅永無止境，我們都需要每天堅持這至關重要的優先事項。

Now let's turn to slide number 6 and discuss the highlights from our fourth-quarter performance. Shipments were 365,000 tons or up 11% compared to the fourth-quarter of 2024 due to higher shipments in each of our operating segments. Revenue of $2.2 billion increased 28% compared to the fourth-quarter of 2024 due to higher shipments and higher revenue per ton, including higher metal prices.

現在讓我們翻到第 6 張投影片，討論一下我們第四季業績的亮點。由於我們各個營運部門的出貨量增加，出貨量達到 365,000 噸，比 2024 年第四季成長 11%。由於出貨量增加和每噸收入增加（包括金屬價格上漲），營收達到 22 億美元，比 2024 年第四季成長 28%。

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. Our net income of $113 million in the quarter compares to a net loss of $47 million in the fourth-quarter last year. The main driver of the increase was higher gross profit in the quarter versus last year. Compared to the fourth-quarter last year, adjusted EBITDA increased 124% to $280 million in the fourth-quarter this year, so this includes a positive non-cash impact from metal price tag of $67 million.

請記住，雖然我們的收入會受到金屬價格變化的影響，但我們採用的是轉嫁式商業模式，這最大限度地降低了我們面臨的金屬價格風險。本季淨收入為 1.13 億美元，而去年第四季淨虧損為 4,700 萬美元。推動成長的主要原因是本季毛利較去年同期提高。與去年第四季相比，今年第四季調整後的 EBITDA 成長了 124%，達到 2.8 億美元，其中包括金屬價格上漲帶來的 6,700 萬美元的非現金收益。

If we exclude the impact of price lag, which, as you know, is the way we view the real economic performance of the business, we achieved an adjusted EBITDA of $213 million in the quarter. This is a new fourth-quarter record for us and is up 113% versus the $100 million in the fourth-quarter last year. Our free cash flow in the quarter was strong at $110 million. And during the quarter, we returned $40 million to shareholders through the repurchase of 2.4 million shares.

如果我們排除價格滯後的影響（如您所知，這是我們看待企業實際經濟表現的方式），我們本季的調整後 EBITDA 為 2.13 億美元。這是我們的第四季新紀錄，比去年第四季的 1 億美元成長了 113%。本季我們的自由現金流強勁，達到 1.1 億美元。本季度，我們透過回購 240 萬股股票，向股東返還了 4,000 萬美元。

Now please turn to slide number 7 for our full year 2025 highlights. For the full year, shipments where 1.5 million tons were up 4% compared to 2024. Revenue of $8.4 billion increased 15% compared to 2024 due to higher shipments and higher revenue per ton, including higher metal prices. Our net income of $275 million compares to a net income of $60 million in 2024. The main driver of the increase was higher gross profit versus the prior year.

現在請翻到第 7 張投影片，查看我們 2025 年全年亮點。全年出貨量為 150 萬噸，比 2024 年增加 4%。由於出貨量增加和每噸收入增加（包括金屬價格上漲），收入達到 84 億美元，比 2024 年增加 15%。我們目前的淨收入為 2.75 億美元，而 2024 年的淨收入預計為 6,000 萬美元。成長的主要原因是毛利比上年有所提高。

Adjusted EBITDA increased 36% to $846 million in 2025. So this includes a positive non-cash impact from metal price tag of $126 million. Again, if we exclude the impact of metal price lag, the real economic performance of the business reflects adjusted EBITDA of $720 million for the year compared to $575 million we achieved in 2024 and represents our second best year ever.

2025 年調整後 EBITDA 成長 36% 至 8.46 億美元。因此，這其中包括金屬價格上漲帶來的1.26億美元的正面非現金影響。再說，如果我們排除金屬價格滯後的影響，該業務的實際經濟表現反映出，本年度調整後的 EBITDA 為 7.2 億美元，而 2024 年我們實現了 5.75 億美元，這是我們有史以來第二好的一年。

Moving now to free cash flow. Our free cash flow for the year was $178 million in 2025. During the year, we returned $115 million to shareholders through the repurchase of 8.9 million shares. We reduced our leverage by the end of 2025 to 2.5 times, which is at the upper end of our target range.

接下來討論自由現金流。2025 年，我們的自由現金流為 1.78 億美元。年內，我們透過回購 890 萬股股票，向股東返還了 1.15 億美元。到 2025 年底，我們將槓桿率降低至 2.5 倍，這處於我們目標範圍的上限。

Constellium achieved strong results in 2025 that were ahead of our own expectations coming into the year and despite the uncertain macroeconomic and end market environment. I want to thank each of our 11,500 employees for their commitment and relentless focus on safety and serving our customers. We delivered strong execution and demonstrated our ability to control costs throughout the year in 2025, and we believe we are well positioned heading into 2026 to capitalize on market opportunities as they arise.

儘管宏觀經濟和終端市場環境充滿不確定性，但 Constellium 在 2025 年取得了強勁的業績，超出了我們年初的預期。我要感謝我們11500名員工，感謝他們對安全和客戶服務的投入和不懈努力。我們在 2025 年全年都展現了強大的執行力，並證明了我們控製成本的能力。我們相信，進入 2026 年，我們已經做好充分準備，抓住市場機會。

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

接下來，我會把電話交給傑克，讓他詳細介紹財務表現。傑克？

Thank you, Ingrid, and thank you, everyone, for joining the call today. Please turn now to slide 9, and let's discuss our A&T segment performance. Adjusted EBITDA of $83 million increased 43% compared to the fourth-quarter last year. Volume was a tailwind of $31 million due to higher TID shipments. TID shipments were up 41% versus last year. First, as we continue to see increased demand from onshoring in the US; and secondly, we also benefited from higher shipment in Valais following a recovery from the flood last year.

謝謝英格麗德，也謝謝大家今天參加電話會議。請翻到第 9 張投影片，我們來討論一下 A&T 部門的表現。經調整後的 EBITDA 為 8,300 萬美元，比去年第四季成長 43%。由於 TID 出貨量增加，銷量增加了 3,100 萬美元，這主要得益於 TID 出貨量的上升。TID 出貨量比去年增加了 41%。首先，我們看到美國本土化生產的需求持續成長；其次，由於瓦萊州去年遭受洪水災害後經濟復甦，我們也受惠於該地區更高的出貨量。

Aerospace shipments were stable in the quarter versus last year as commercial OEMs continue to work through excess aluminium inventory in the supply chain. Demand in space and military aircraft remain generally healthy. Price and mix was a headwind of $28 million due to unfavourable mix in the quarter, partially offset by improved contractual and spot pricing in aerospace and TID.

本季航空航太產品出貨量與去年同期相比保持穩定，因為商業OEM廠商繼續努力消化供應鏈中過剩的鋁庫存。航太和軍用飛機市場需求整體保持健康。由於本季產品組合不利，價格和產品組合造成了 2,800 萬美元的不利影響，但航空航天和 TID 的合約價格和現貨價格的改善部分抵消了這一影響。

Costs were a tailwind of $18 million, primarily as a result of lower operating costs. FX and other was also a tailwind of $4 million in the quarter due to the weaker US dollar. For the full year 2025, A&T generated adjusted EBITDA of $339 million, an increase of 16% compared to 2024. The drivers of the full year performance were similar to those in the fourth-quarter, except volume was a headwind of $1 million for the full year.

成本方面有 1800 萬美元的利多因素，主要原因是營運成本降低。由於美元走軟，外匯及其他因素也為本季帶來了 400 萬美元的利多。2025 年全年，A&T 調整後 EBITDA 為 3.39 億美元，比 2024 年成長 16%。全年業績的驅動因素與第四季類似，只是全年銷量下滑造成了 100 萬美元的不利影響。

Now I'll turn to slide 10, and let's focus on our PARP segment performance. Adjusted EBITDA of $136 million increased 143% compared to the fourth-quarter last year and is a new quarterly record for PARP. Volume was a tailwind of $19 million in the quarter. Packaging shipments increased 15% 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 continued improvement of operational performance in the quarter.

現在我來看第 10 張投影片，讓我們專注於 PARP 段的表現。經過調整後的 EBITDA 為 1.36 億美元，比去年第四季成長了 143%，創下了 PARP 的新季紀錄。本季成交量成長為公司帶來了 1900 萬美元的收益。由於北美和歐洲的需求依然強勁，本季包裝出貨量比去年同期成長了 15%。在北美，馬斯爾肖爾斯港也受惠於本季營運績效的持續改善。

Automotive shipments were relatively stable in the quarter overall though we did benefit in both regions from the current supply shortages in North America of aluminium automotive body sheet. Price and mix was a tailwind of $15 million, mainly as a result of improved pricing and favourable mix in the quarter. Costs were a tailwind of $40 million primarily as a result of favourable metal costs given improved scrap spreads and higher metal pricing environment in North America and increased consumption of scrap given the Muscle Shoals improvement, which is partially offset by higher operating costs.

本季汽車出貨量總體上相對穩定，儘管北美目前鋁製汽車車身板材供應短缺，但我們在兩個地區都受益於此。價格和產品組合帶來了 1500 萬美元的利好，這主要是由於本季價格的改善和產品組合的有利變化。成本方面有 4000 萬美元的利好因素，主要得益於北美廢鋼價差改善和金屬價格上漲帶來的有利金屬成本，以及 Muscle Shoals 礦區改善後廢鋼消耗量的增加，但部分被更高的運營成本所抵消。

FX and other was a tailwind of $6 million in the quarter. For the full year 2025, PARP generated adjusted EBITDA of $353 million, an increase of 46% compared to 2024. The drivers of the full year performance were similar to those in the fourth-quarter though we benefited more in the fourth-quarter from favourable metal costs compared to the full year.

本季外匯及其他因素帶來了 600 萬美元的順風。2025 年全年，PARP 調整後 EBITDA 為 3.53 億美元，比 2024 年成長 46%。全年業績的驅動因素與第四季度相似，儘管與全年相比，我們在第四季度更能受益於有利的金屬成本。

Now turn to slide 11, and let's focus on the AS&I segment. Adjusted EBITDA of $5 million increased by $1 million compared to the fourth-quarter of last year. Volume was a $4 million tailwind as a result of higher shipments in industry touted products, partially offset by lower shipments in automotive. Industry shipments were up 33% in the quarter versus last year as we had higher shipments in Valais following recovery from the flood last year.

現在翻到第 11 張投影片，讓我們專注於 AS&I 部分。調整後 EBITDA 為 500 萬美元，比去年第四季增加了 100 萬美元。由於行業熱銷產品的出貨量增加，銷量帶來了 400 萬美元的成長，但汽車產品的出貨量下降部分抵消了這一增長。由於瓦萊州從去年的洪災中恢復過來，本季產業出貨量比去年同期成長了 33%，這主要得益於瓦萊州出貨量的增加。

The industrial markets in Europe appear to have bottomed, although they remain at depressed levels. Automotive shipments were down 10% in the quarter with weakness in both North America and Europe. Even though the broad automotive market in North America are relatively stable, our automotive structures business was negatively affected by the current supply shortages of aluminium automotive body sheet and its impact on production of certain platforms in the region which automotive structures business supplied to.

歐洲工業市場似乎已經觸底反彈，儘管仍處於低迷水平。本季汽車出貨量下降了 10%，北美和歐洲市場均表現疲軟。儘管北美汽車市場整體相對穩定，但由於目前鋁製汽車車身板材供應短缺，以及對該地區某些汽車結構業務所供應平台的生產造成影響，我們的汽車結構業務受到了不利影響。

Price and mix was a $6 million headwind in the quarter. Costs were a tailwind of $1 million primarily due to lower operating costs, partially offset by the impact of tariffs. FX and other was a tailwind of $2 million in the quarter. For the full year 2025, AS&I generated adjusted EBITDA of $72 million, a decrease of 3% compared to 2024. The drivers of the full year performance were similar to those in the fourth-quarter, except the volume was stable for the full year.

本季價格和產品組合造成了 600 萬美元的不利影響。成本方面有 100 萬美元的利多因素，主要原因是營運成本降低，但部分被關稅的影響所抵銷。本季外匯及其他因素帶來了 200 萬美元的順風。2025 年全年，AS&I 調整後 EBITDA 為 7,200 萬美元，比 2024 年下降 3%。全年業績的驅動因素與第四季類似，但全年銷售保持穩定。

And in the third-quarter, we received net customer compensation for the under-performance of an automotive program. It is not on the slide here, but our holdings and corporate expense for the full year 2025 was $44 million, up $11 million compared to the prior year. The increase is primarily due to higher labor costs and costs associated with corporate transformation projects. We currently expect holdings and corporate expense to run at approximately $50 million in 2026.

第三季度，我們因汽車專案業績不佳而獲得了客戶的淨補償。雖然這裡沒有列出，但我們 2025 年全年的控股和公司支出為 4400 萬美元，比前一年增加了 1100 萬美元。成長的主要原因是勞動成本上升以及與企業轉型專案相關的成本增加。我們目前預計 2026 年控股和公司支出約為 5,000 萬美元。

Now please turn to slide 12. It is not on the slide here, but I wanted to summarize the current cost environment we're facing. As you know, we operate a passive business model, so we're not materially exposed to changes in the market price of primary aluminum, our largest cost input. Other metal costs. following the US tariff announcements in 2025, market aluminum prices in the US, which includes the LME aluminum price plus the Midwest premium, have risen sharply to historical levels.

現在請翻到第12張投影片。雖然投影片上沒有提到，但我還是想總結一下我們目前面臨的成本環境。如您所知，我們採用的是被動式商業模式，因此我們不會受到原鋁（我們最大的成本投入）市場價格變動的實質影響。其他金屬成本。繼美國宣布將於 2025 年加徵關稅後，美國市場鋁價（包括倫敦金屬交易所鋁價加上中西部溢價）已大幅上漲至歷史水準。

Spa scrap spreads for aluminum, mainly used beverage cancer UBCs have also improved from historically tight levels experienced in the second half of 2024 and into 2025. Both of these dynamics unfolded as we moved through the year in 2025. Given that a portion of our scrap purchases were negotiated previously, we did not benefit much from this dynamic in 2025 until the fourth-quarter, and the favourable impact was augmented through strong performance at Muscle Shoals in the quarter. As we look at 2026, we expect to benefit from these trends, especially in the first half.

鋁的溫泉廢料供應，主要用於飲料致癌物 UBC，也從 2024 年下半年和 2025 年的歷史性緊張程度有所改善。這兩種動態都在 2025 年逐步展開。鑑於我們部分廢料採購是先前協商好的，因此直到 2025 年第四季度，我們才從這種動態中獲益良多，而該季度 Muscle Shoals 的強勁表​​現進一步增強了這種有利影響。展望 2026 年，我們預計將受益於這些趨勢，尤其是在上半年。

Moving on to inflation. Inflationary pressures continue today across operating cost categories, including labor, energy, maintenance, and supplies, albeit at more normal levels. Regarding tariffs, we have made some progress on past dues and other actions to mitigate a portion of our gross tariff exposure, and we believe at this stage, our direct tariff exposure remains manageable and the current tariff and trade policies are net positive for us.

接下來談談通貨膨脹。儘管通膨壓力已降至較正常的水平，但如今各個營運成本類別（包括勞動力、能源、維護和供應）仍面臨通膨壓力。關於關稅，我們在償還欠款和其他措施方面取得了一些進展，以減輕我們部分關稅總風險，我們認為，在現階段，我們的直接關稅風險仍然可控，目前的關稅和貿易政策對我們而言是淨利好的。

In terms of the overall cost management, we have demonstrated strong cost performance in the past and we're confident in our ability to maintain a right-sized cost structure in any environment. On that front, we're pleased today to announce our next group-wide excellence program, which we're calling Vision 2028. This program will target both operational efficiencies and cost reduction across our businesses and is one of the building blocks in our road map to our 2028 targets. We look forward to updating you on our progress going forward.

就整體成本管理而言，我們過去已經展現出強大的成本控制能力，我們有信心在任何環境下都能維持適當的成本結構。在這方面，我們今天很高興地宣布我們下一個集團範圍內的卓越計劃，我們稱之為「2028願景」。該計劃旨在提高我們各項業務的營運效率並降低成本，是我們實現 2028 年目標路線圖的組成部分之一。我們期待著向您報告我們未來的進展。

Now let's turn to slide 13 and discuss our free cash flow. We generated $178 million of free cash flow in 2025, well ahead of a very challenged 2024. The increase in free cash flow in 2025 was primarily a result of higher segment adjusted EBITDA and lower capital expenditures, partially offset by higher cash interest.

現在讓我們翻到第 13 張投影片，討論一下我們的自由現金流。我們在 2025 年產生了 1.78 億美元的自由現金流，遠遠領先於充滿挑戰的 2024 年。2025 年自由現金流的增加主要是由於分部調整後 EBITDA 增加和資本支出減少，但部分被較高的現金利息所抵銷。

Looking at 2026, we expect to generate free cash flow in excess of $200 million for the full year. We expect CapEx to be approximately $115 million, which includes approximately $100 million of return-seeking CapEx, primarily related to key aerospace and recycling and casting projects we announced previously at SAR, Muscle Shoals and Ravenswood. We expect cash interest of approximately $125 million and cash taxes of approximately $70 million, and we expect working capital and other to be a use of cash for the full year.

展望 2026 年，我們預計全年自由現金流將超過 2 億美元。我們預計資本支出約為 1.15 億美元，其中包括約 1 億美元的尋求回報的資本支出，主要與我們先前在 SAR、Muscle Shoals 和 Ravenswood 宣布的關鍵航空航天、回收和鑄造項目有關。我們預計全年現金利息支出約為 1.25 億美元，現金稅款支出約為 7,000 萬美元，此外，我們預計全年營運資金和其他支出將佔用現金。

As Ingrid mentioned previously, we continued our share buyback activities in the quarter. During the quarter, we repurchased 2.4 million shares for $40 million bringing our 2025 total to 8.9 million shares for $115 million. We have approximately $106 million remaining on our existing share repurchase program, which we intend to complete by using our free cash flow generated this year.

正如 Ingrid 之前提到的那樣，我們在本季繼續進行股票回購活動。本季度，我們以 4,000 萬美元的價格回購了 240 萬股股票，使我們 2025 年的總回購量達到 890 萬股，總價值達 1.15 億美元。我們現有的股票回購計畫還剩下約 1.06 億美元，我們打算用今年產生的自由現金流來完成這項計畫。

Now let's turn to slide 14 and discuss our balance sheet and liquidity position. At the end of the fourth-quarter, our net debt of $1.8 billion was up approximately $50 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 year. We reduced our leverage to 2.5 times at the end of 2025, which is at the upper end of our target range. We expect leverage to trend lower in 2026 and to maintain our target leverage range of 1.5 to 2.5 times over time.

現在讓我們翻到第 14 張投影片，討論一下我們的資產負債表和流動性狀況。截至第四季末，我們的淨債務為 18 億美元，比 2024 年底增加了約 5,000 萬美元，其中最大的驅動因素是年底美元走軟帶來的匯兌影響。到 2025 年底，我們將槓桿率降低至 2.5 倍，這處於我們目標範圍的上限。我們預期2026年槓桿率將呈下降趨勢，並長期維持1.5至2.5倍的目標槓桿率區間。

As you can see in our debt summary, we have no bond maturities until 2028. And as of the end of 2025, we had no outstanding borrowings under the Penn US ABL facility. Our liquidity increased by around $140 million from the end of 2024 and remains very strong at $866 million as of the end of 2025. With that, I'll now hand the call over to Ingrid.

正如您在我們的債務摘要中看到的，我們在 2028 年之前沒有任何債券到期。截至 2025 年底，我們在 Penn US ABL 貸款機制下沒有任何未償還的借款。截至 2024 年底，我們的流動資金增加了約 1.4 億美元，到 2025 年底，流動資金仍然非常充裕，達到 8.66 億美元。接下來，我將把電話交給英格麗德。

Thank you, Jack. Let's turn to Slide 16 and discuss our current end market outlook. The majority of our portfolio today is serving end markets benefiting from durable and attractive secular growth trends in which aluminum light an infinitely recyclable material plays a critical role.

謝謝你，傑克。讓我們翻到第 16 張投影片，討論一下我們目前的終端市場前景。我們目前的大部分產品組合都服務於受益於持久且具有吸引力的長期成長趨勢的終端市場，其中鋁燈這種可無限回收的材料發揮著至關重要的作用。

Turning first to the aerospace market. Commercial aircraft backlogs are at record levels today and continue to grow. Major aerospace OEMs remain focused on increasing build rates for both narrow-body and wide-body aircraft as evidenced by higher plane deliveries year-over-year, and rising delivery ambitions in the near term. Although supply chain challenges have continued to slow deliveries below what OEMs were expecting for several years in a row now. Demand is steady for the most part, and aluminum destocking in the supply chain appears to be easing.

首先來看航空航太市場。目前商用飛機訂單積壓量已達到歷史最高水平，且持續成長。主要航空航太原始設備製造商仍專注於提高窄體飛機和寬體飛機的生產速度，這從逐年增加的飛機交付量以及近期不斷提高的交付目標中可見一斑。儘管供應鏈挑戰持續導致交付速度低於原始設備製造商 (OEM) 的預期，這種情況已經連續幾年發生。需求整體穩定，供應鏈中的鋁去庫存情況似乎正在緩解。

Demand for high value-add products, which is one of our core focus areas remain strong. We remain confident that the long-term fundamentals driving commercial aerospace demand remain intact, including growing passenger traffic and greater demand for new, more fuel-efficient aircraft. In addition, demand remains stable in the business and regional jet market, whereas demand for space and military aircraft is strengthening.

高附加價值產品的需求依然強勁，而這正是我們的核心關注領域之一。我們仍然相信，推動商業航空航天需求的長期基本面依然完好，包括客運量的成長和對新型、更節能飛機的更大需求。此外，公務機和支線飛機市場需求保持穩定，而太空梭和軍用飛機的需求正在增強。

We believe we are a leading provider of proprietary aluminum solutions for those customers in the space and military aviation markets today. As you know, we are investing in additional capacities and capabilities, such as our third Airware casthouse in Issoire, which we expect to start up by the end of this year to further strengthen our position in the future.

我們相信，我們是當今航太和軍用航空市場客戶領先的專有鋁解決方案供應商。如您所知，我們正在投資增加產能和能力，例如我們在伊蘇瓦爾的第三座 Airware 鑄造廠，我們預計將於今年年底前投產，以進一步鞏固我們未來的地位。

Looking across our entire commercial and military aviation and space businesses, we believe our product portfolio is unmatched in the industry, and we have industry-leading R&D capabilities for aluminum aerospace solutions. Given the visibility over the next several years, we are raising our adjusted EBITDA per ton target for our A&T business to $1,300, which is up from $1,100 that we provided last year.

縱觀我們整個商業和軍事航空航天業務，我們相信我們的產品組合在業內是無與倫比的，並且我們在鋁製航空航天解決方案方面擁有行業領先的研發能力。鑑於未來幾年的前景明朗，我們將A&T業務的每噸調整後EBITDA目標提高至1300美元，高於去年給出的1100美元。

Turning now to packaging. Demand remains healthy in both North America and Europe. The long-term outlook for packaging continues to be favorable as evidenced by the growing consumer preference for the sustainable aluminum beverage can. Capacity growth plans from the can makers in both regions and the greenfield investments ongoing here in the US We continue to see aluminum gain share against other substrates in the beverage market and the majority of new beverage products are launched in aluminum cans today due to its sustainable attributes.

接下來我們來看看包裝部分。北美和歐洲的需求依然強勁。從消費者對永續鋁製飲料罐日益增長的偏好來看，包裝產業的長期前景依然樂觀。這兩個地區的製罐商都制定了產能成長計劃，在美國也正在進行綠地投資。我們看到鋁在飲料市場相對於其他基材的份額不斷增加，而且由於鋁的可持續性，如今大多數新飲料產品都採用鋁罐包裝。

Aluminum cans are highly recyclable, and we are well positioned to capitalize on the benefits from recycling packaging materials at our facilities in Muscle Shoals and Packaging markets are relatively stable and recession resilient as we have seen many times in the past. Longer term, we continue to expect packaging markets to grow low to mid-single digits in both North America and Europe, providing a strong base load for our operations in both regions.

鋁罐具有很高的可回收性，我們位於馬斯爾肖爾斯的工廠能夠充分利用包裝材料回收帶來的好處，而且包裝市場相對穩定，不易受經濟衰退的影響，我們過去已經多次看到這種情況。從長遠來看，我們仍然預期北美和歐洲的包裝市場將以個位數低至中等水平成長，這將為我們在這兩個地區的業務提供強勁的基礎負荷。

Now let's turn to automotive, which continues to be a bit of a different story in North America versus Europe. In North America, demand is relatively stable, so the tariff environment is creating some uncertainties. Last year, one of our competitors' US-based facilities was impacted by fire, a very unfortunate event and which has created an interruption in the aluminum rolled product supply chain in North America.

現在讓我們來看看汽車產業，北美和歐洲的情況仍然有些不同。在北美，需求相對穩定，因此關稅環境造成了一些不確定性。去年，我們的一家競爭對手位於美國的工廠遭遇火災，這是一起非常不幸的事件，導致北美鋁軋製產品供應鏈中斷。

The entire industry continues to mobilize to ensure we limit the impact on our customers. In the fourth-quarter, we started to benefit on the rolled product side as we were able to help our customers during this outage.

整個產業正持續行動，以確保將對客戶的影響降至最低。第四季度，由於我們能夠在停電期間幫助我們的客戶，我們在卷材產品方面開始受益。

On the automotive structure side, we were negatively impacted as some OEMs were forced to reduce production on certain platforms impacted by the disruption on the Rolled Products side. The overall impact in 2025 was a net positive on our results, which we expect to continue into the first half of 2026.

在汽車結構方面，我們受到了負面影響，因為一些汽車製造商被迫減少某些平台的產量，而這些平台又受到了軋製產品方面中斷的影響。2025 年的整體影響對我們的業績產生了淨正面影響，我們預計這種影響將持續到 2026 年上半年。

Automotive demand in Europe remains weak, particularly in the premium vehicle segment, where we have greater exposure. European markets are seeing increased Chinese competition and have lowered their battery electric vehicle ambitions.

歐洲汽車需求依然疲軟，尤其是我們業務佔比較大的高階汽車市場。歐洲市場面臨來自中國的日益激烈的競爭，因此降低了對純電動車的投入目標。

Automotive production in Europe is also feeling the impact of the current Section 232 auto tariffs given the number of vehicles Europe exports to the US. Longer term, we believe electric and hybrid vehicles will continue to grow, but at a lower rate than previously expected. Secular trends such as lightweighting, fuel efficiency and safety will continue to drive the demand for aluminum products.

鑑於歐洲向美國出口的汽車數量，歐洲的汽車生產也感受到了目前 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。輕量化、燃油效率和安全性等長期趨勢將繼續推動對鋁製品的需求。

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.

因此，儘管目前市場疲軟，但我們對這兩個地區的長期市場前景仍保持樂觀。如您在頁面上所見，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. These 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. Industrial market conditions in North America and Europe became more stable in the second half of 2025 and we believe the markets, particularly in Europe, have bottomed after three years of market downturn. Nevertheless, we expect the specialties markets in Europe to remain relatively weak in the near term.

最後，我們來看看其他專業領域。這些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。2025年下半年，北美和歐洲的工業市場狀況趨於穩定，我們認為，經過三年的市場低迷，市場，特別是歐洲市場，已經觸底反彈。然而，我們預期歐洲特種食品市場在短期內仍將相對疲軟。

We do believe TID markets in North America provide us with some opportunities today given the current tariffs make imports less competitive compared to domestic production. We also believe there are some opportunities in land-based defense and semiconductor markets given current market dynamics. In most industrial markets, we are focused on niche high value-added applications.

我們相信，鑑於目前的關稅使得進口產品與國內產品相比競爭力下降，北美的TID市場為我們提供了一些機會。鑑於目前的市場動態，我們認為陸基國防和半導體市場也存在一些機會。在大多數工業市場中，我們專注於高附加價值的小眾應用。

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.

最後，關於終端市場，我們看好我們所服務的每個市場的基本面，我們堅信，在任何環境下，終端市場的多元化都是公司的資產。

Turning lastly now to slide 17, we detail our key messages and financial guidance. Our team delivered strong execution and results in 2025 that were well ahead of our expectations coming into the year. Excluding metal price lag, our adjusted EBITDA in 2025 was our second best year ever. We returned $115 million to shareholders in the year with the repurchase of 8.9 million shares, and we reduced our leverage to 2.5 times by year-end. We remain focused on strong cost control, free cash flow generation and commercial and capital discipline.

最後，我們來看第 17 張投影片，詳細介紹我們的關鍵資訊和財務指導。我們的團隊在 2025 年取得了強勁的執行力和成果，遠遠超出了我們年初的預期。剔除金屬價格滯後因素，我們 2025 年的調整後 EBITDA 是我們有史以來第二好的年份。我們透過回購 890 萬股股票，在一年內向股東返還了 1.15 億美元，並在年底將槓桿率降低至 2.5 倍。我們將繼續專注於嚴格的成本控制、自由現金流的產生以及商業和資本紀律。

Based on our current outlook, for 2026, we are targeting adjusted EBITDA, excluding the noncash impact of metal price lag in the range of $780 million to $820 million and free cash flow in excess of $200 million. Our guidance assumes the recent demand trends in our end markets that I described earlier, will continue into at least the early part of 2026 and the overall macroeconomic environment to remain relatively stable. Looking into the future, we also want to reiterate our targets of adjusted EBITDA, excluding the noncash impact of metal price tag of $900 million and free cash flow of $300 million by 2028.

根據我們目前的展望，2026 年，我們的目標是調整後的 EBITDA（不包括金屬價格滯後帶來的非現金影響）在 7.8 億美元至 8.2 億美元之間，自由現金流超過 2 億美元。我們的指導意見假設我前面描述的終端市場近期需求趨勢至少會持續到 2026 年初，並且整體宏觀經濟環境將保持相對穩定。展望未來，我們也要重申我們的目標，到 2028 年，調整後的 EBITDA（不包括金屬價格標籤的非現金影響）達到 9 億美元，自由現金流達到 3 億美元。

To conclude, we are extremely well positioned for the long-term success and remain focused on executing our strategy and shareholder value creation.

總而言之，我們已做好充分準備，迎接長期的成功，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.

操作員，接下來我們將開始問答環節。

(Operator Instructions)

（操作說明）

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO資本市場。

Maybe starting on the '26 guide. Can you let us know how much of a benefit for scrap spreads is embedded in this guide?

或許可以從 26 年的指引開始。請問本指南對廢棄物攤銷有多大幫助？

Katja, so I think it's -- thank you for the question. Regarding the scrap benefits for 2026, and here, I'm going to go on for a little bit. Obviously, it's -- we believe it's a tailwind for us in 2026. Our expectation is, given our scrap consumption needs are fully contracted in the first-quarter, we should see similar type of benefits as we've seen in the fourth-quarter of 2025. And if you were to kind of look at the bridge for Q4 2025 for PARP business unit, you'll see that and we called this out, right?

Katja，所以我覺得──謝謝你的提問。關於 2026 年的廢料回收優惠政策，我還要再詳細說。顯然，我們相信這對我們來說是2026年的順風。我們預計，鑑於我們第一季的廢料消耗需求已全部簽訂合同，我們應該會看到與 2025 年第四季類似的收益。如果你看一下 PARP 業務部門 2025 年第四季的過渡計劃，你會發現這一點，我們也已經指出了這一點，對吧？

The metal benefits in system, so it includes the European plants as well as Muscle Shoals more than offset a little bit of a higher operating cost, if you will. So the net impact is $40 million, which gives you an idea on the amount of the benefits we had in the fourth-quarter of 2025, and we believe that should continue to carry into at least the first-quarter of 2026.

該系統中的金屬優勢，包括歐洲工廠和馬斯爾肖爾斯工廠，足以抵消略高的營運成本。因此，淨影響為 4000 萬美元，這讓您了解了我們在 2025 年第四季度獲得的收益金額，我們相信這種情況至少會持續到 2026 年第一季。

Now obviously, there's quite a bit of interest on this topic. So I think it is -- we think it's important to have some context. Number one, as we mentioned and discussed previously, the recycling economics is quite complex. There are really a lot of elements at work Here, we're talking about the market aluminum price levels. We're talking about scrap spreads.

顯然，大家對這個主題非常感興趣。所以我認為是這樣——我們認為了解一些背景資訊很重要。第一，正如我們之前提到和討論過的，回收經濟相當複雜。這裡有很多因素在起作用，我們談論的是鋁的市場價格水平。我們正在討論的是邊角料鋪展。

We're talking about scrap consumption levels, productivity, mount loss type of scrap. We procure and it's not just UBCs. We'll also consume other types of scrap, even within UBCs, you have different grades. So it gets really, really complicated. And if you just -- if you just take three of the many elements there, it becomes a three-dimensional matrix.

我們正在討論廢料消耗水準、生產力、廢料損失類型。我們採購的不僅僅是UBC。我們也會消耗其他類型的廢料，即使在 UBC 內部，也有不同的等級。所以事情變得非常非常複雜。如果你只取其中的三個元素，它就變成了一個三維矩陣。

So it's very complicated as they can work in sync or they can work against one another. I think another important point to understand is recycling economics have averaged out over time. And that was the case when markets were much more stable and call it the pre-2024 time periods where we have mentioned previously that the annual swings could vary between sort of the $20 million to $30 million range, but they have averaged out over time.

所以情況非常複雜，因為它們既可以協同工作，也可以相互對抗。我認為另一個需要理解的重要一點是，隨著時間的推移，回收經濟效益已經趨於平均化。而當市場更加穩定時，情況就是如此。我們之前提到過，在 2024 年之前的這段時間裡，年度波動幅度可能在 2,000 萬美元到 3,000 萬美元之間，但隨著時間的推移，這些波動幅度已經趨於平均。

And that is also the case in times which are more volatile like between 2024 today. And if you just rewind a little bit, in '24, we saw sharp contracting scrap spreads, and we had challenges at Muscle Shoals. So we experienced actually $15 million to $20 million worth of quarterly headwind, if you will.

在像 2024 年至今這樣更加動盪的時期，情況也是如此。如果稍微回顧一下，在 2024 年，我們看到廢料價格急劇下降，我們在馬斯爾肖爾斯也面臨挑戰。所以，我們實際上經歷了價值 1500 萬至 2000 萬美元的季度不利因素。

And then you kind of multiply that by four, you get the full year headwind. So it is quite substantial. And then we saw a similar type of headwind in the first half of 2025, which was more pronounced in the first-quarter, to a lesser extent in the second-quarter as spot spreads tightened, but Muscle Shoals was doing better. And the Midwest saw a sharp increase due to the tariffs. But overall, if you look at '24 to the first half of 2025, that was an extremely challenging 18 months for us from a metal profit perspective.

然後你把這個值乘以四，就得到了全年的逆風。所以這相當可觀。然後，我們在 2025 年上半年看到了類似的逆風，第一季更為明顯，第二季程度有所減輕，因為現貨價差收窄，但 Muscle Shoals 的表現要好一些。由於關稅，中西部地區的經濟出現了大幅成長。但總的來說，從 2024 年到 2025 年上半年，從金屬利潤的角度來看，這 18 個月對我們來說是極其具有挑戰性的 18 個月。

Now Q3 2025 was stable. And then in the fourth-quarter, as I mentioned, we benefited from a favorable environment and quite strong performance at Muscle Shoals, which have allowed us to recoup the losses we had in the first half of 2025 plus a bit more. So now looking at 2026, I've already covered the first-quarter and looking at the future quarters, we do have some open volumes -- and we're working very hard to lock in those additional open volumes beyond the first-quarter.

2025年第三季目前已穩定。正如我之前提到的，在第四季度，我們受益於有利的環境和馬斯爾肖爾斯礦區相當強勁的業績，這使我們能夠彌補 2025 年上半年的損失，並且還有一些額外的收益。現在展望 2026 年，我已經完成了第一季的計劃，展望未來的幾個季度，我們確實有一些未完成的交易量——我們正在努力鎖定第一季度之後的額外交易量。

But the incremental benefits based on the current expectation is that they should gradually taper off as we move through the year. But overall, we should -- our expectations is that we should be able to recoup the losses we had from 2024.

但根據目前的預期，隨著時間的推移，這些增量收益應該會逐漸減少。但總的來說，我們應該——我們的預期是，我們應該能夠彌補2024年的損失。

So that's a long answer, but it gives you a lot of kind of color around the scrap topic. And I think the takeaway is, one, it's a very complicated topic. Number two, it does average out over time. And number three, recycling, it requires a lot of investments, which we have made. It requires a lot of know-how.

所以答案有點長，但它能讓你對廢料這個主題有更全面的了解。我認為，關鍵在於，第一，這是一個非常複雜的話題。第二，從長遠來看，平均下來影響會比較小。第三，回收利用需要大量投資，而我們已經進行了投資。這需要很多專業知識。

We've been operating it for decades. It is one of the cylinders being our engine, as we mentioned previously. And when the market conditions are more favorable like it is today, you can count us to make the best out of the opportunity.

我們已經運作它幾十年了。正如我們之前提到的，它是我們引擎的其中一個氣缸。當市場條件像今天這樣有利時，您可以相信我們會充分利用這個機會。

Okay. And I understand that it's complicated. But let's say, if these scraps stay at the current level. And then looking more to your 28 target of $900 million. it seems that, that target might be conservative. Can you just remind us how we get there? Or what are some of the moving parts there?

好的。我知道這很複雜。但假設這些殘羹剩飯維持在目前的水平。再看看你設定的28個9億美元的目標，似乎這個目標可能比較保守。你能提醒我們怎麼去嗎？或者說，其中有哪些運作部件？

Katja, thank you for this follow-up question. I'll let Jack come in later. But maybe with respect to 2028, I think when we talk the first time a year ago about our bridge, we said we were going to take more conservative assumptions on the metal side. So what you're seeing today is that we had due to metal benefits versus our 2028 target. But obviously, this is a very dynamic end market environment and things can change very, very quickly.

Katja，謝謝你的後續提問。我稍後會讓傑克進來。但就 2028 年而言，我想當我們一年前第一次談到我們的橋樑時，我們說過我們將在金屬方面採取更保守的假設。所以，今天大家看到的是我們因為金屬收益而取得的成績，與我們 2028 年的目標相比有所提升。但很顯然，這是一個瞬息萬變的終端市場環境，情況可能會迅速改變。

So Midwest premium can change very quickly and the percentages of spreads can change very quickly, which is why we have taken a conservative assumption in the first place. We don't know if the current situation that we experienced in 2026 are going to last and for how long they're going to last, which is why we have prefer to remain at a more prudent stance and assumptions in our 2028 target.

因此，中西部地區的保費可能會迅速變化，價差百分比也可能迅速變化，這就是為什麼我們一開始就採取了保守的假設。我們不知道 2026 年的情況是否會持續，也不知道會持續多久，因此，我們更傾向於在 2028 年的目標中保持更加謹慎的態度和假設。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Maybe outside of the scrap spread. I'm trying to get a sense for some other factors within the 2026 guidance. For example, what is your latest thoughts on aerospace recovery? How much can be attributed to Vision 2028? Any sort of assumptions related to one of the peers in the space with their rolling mill ramping for the automotive space? Trying to get a sense for some other puts and takes within the full year guidance.

或許是在廢料散落範圍之外。我想了解一下 2026 年指導方針中的其他一些因素。例如，您對航空航太業復甦的最新看法是什麼？其中有多少要歸功於「2028願景」？對於該領域一家同業公司正在為汽車業提高軋機產能的情況，是否有任何假設？試著了解全年業績指引中其他一些值得關注的面向。

Thank you very much for the question, Bill. I'll start and let Jack completed. Let me start on the market side maybe. I think we believe that packaging is going to remain a good driver of growth for us going into this year. We see those regions US and Europe with solid performance. And we have been having quite a good turnaround in our Muscle Shoals operation, and so we have been growing on the packaging side, and we expect to continue to grow.

非常感謝你的提問，比爾。我先開始，讓傑克完成。或許我可以先從市場方面說起。我認為，包裝業務在今年仍將是我們業務成長的良好驅動力。我們看到美國和歐洲地區表現穩健。我們在馬斯爾肖爾斯的業務已經取得了相當不錯的進展，因此我們在包裝方面也取得了增長，我們預計這種增長勢頭還將繼續下去。

On the automotive side, I think we have a very mixed picture between the US and Europe. The US seems to be rather stable. But remember, we do -- we only have one continuous annealing line in the US, so our capacity on the rolled product side is limited to this one line. We have seen nice benefits in Q4 from this unfortunate event that happened in the US supply chain. And we've also had benefits in Europe which we expect to last until the first half of 2026.

就汽車產業而言，我認為美國和歐洲的情況非常複雜。美國局勢似乎相當穩定。但請記住，我們確實有——我們在美國祇有一條連續退火生產線，因此我們在軋製產品方面的產能僅限於這條生產線。第四季度，我們從美國供應鏈發生的這起不幸事件中看到了不錯的收益。我們在歐洲也獲得了收益，預計這些收益將持續到 2026 年上半年。

As you know, the European automotive market has remained weak, and we have not seen any change. It seems that the market has bottomed out, but it's very hard to predict at this point in time. On the aerospace side, we see the business is steady. We see quite a strong -- good and strong mix on the aerospace products today in 2026. We have a little bit more visibility today than we had during our last call on '26 and maybe also 2027.

如您所知，歐洲汽車市場依然疲軟，而且我們還沒有看到任何改變。市場似乎已經觸底反彈，但目前很難預測未來趨勢。航空航太領域，我們看到業務發展穩定。我們看到，到 2026 年，航太產品將呈現相當強勁的市場格局。與上次預測 2026 年以及可能還有 2027 年的情況相比，我們今天對未來的前景有了更清晰的了解。

We feel that military chats and space is going to continue to grow and be positive for us. Just as a reminder, we are also going to get our new Airware cast house that will ramp up towards the end of this year. So most of the benefit you should expect coming in -- starting to come in 2027 and not this year, but we are fully on track with the expansion of our Airware capacities and capabilities.

我們認為軍事交流和太空領域將會繼續發展，並對我們產生積極影響。再次提醒大家，我們新的 Airware 鑄造廠也將在今年底投入使用。因此，您預計的大部分收益將在 2027 年開始到來，而不是今年，但我們的 Airware 產能和能力的擴展已完全按計劃進行。

I think on the more negative side is maybe that industrial markets and specialty markets in Europe remain weak. We also feel they have bottomed out, but we do not see a recovery coming in Europe as of yet. So I think there's a good mixture of positives and also some uncertainties in the market that we see for 2026.

我認為比較不利的一面是，歐洲的工業市場和專業市場仍然疲軟。我們也認為它們已經觸底反彈，但目前我們還沒有看到歐洲經濟復甦的跡象。所以我認為，2026 年的市場既有一些正面因素，也存在一些不確定性。

On the recycling side, we continue to expand our recycling with the investments we've made in the past and the strong operating performance that we also had in Q4. So it was not just because of scrap spreads, but also strong operating performance, and we expect that to continue in 2026. As Jack already explained, the second half our scrap spreads may be less favorable. So this is something that we will update as we go along.

在回收利用方面，我們將繼續擴大回收利用規模，這得益於我們過去所做的投資以及我們在第四季度取得的強勁營運表現。所以這不僅是因為廢鋼價格上漲，也是因為強勁的營運業績，我們預計這種情況將在 2026 年持續維持。正如傑克已經解釋的那樣，我們後半段的廢料攤銷可能不太有利。所以我們會隨時更新相關資訊。

Important also to note that inflationary pressures are continuing, that's why we are very focused on cost control and controlling what we can control in this environment, market environment that we are experiencing. And with our Vision 2028 program, we want to underpin our road map to 2028 in terms of operating efficiencies, which is something that we need to focus on every year.

另外需要注意的是，通膨壓力仍在持續，因此我們非常注重成本控制，並控制在當前市場環境下我們能夠控制的因素。透過我們的「2028 年願景」計劃，我們希望在營運效率方面為我們 2028 年的發展路線圖奠定基礎，這是我們每年都需要關注的事情。

Okay. Great for that -- Maybe it's a little bit early days, but there's been some news here about some potential tariff relief on downstream derivative products. Trying to get a sense of maybe if there's any overlap with your own product suite that you sell into the US. What are you hearing on the ground? And I guess specifically, is there any risk if there's relief on derivative products that could have some impact on your business? Any sort of thoughts would be helpful.

好的。太好了——也許現在下結論還為時過早，但有消息稱下游衍生產品可能會獲得一些關稅減免。想了解這是否與您在美國銷售的產品系列有任何重疊之處。你從現場了解到的情況如何？具體來說，如果衍生性商品監管方面出現紓困措施，是否會對您的業務產生影響？任何想法都將不勝感激。

I think the situation remains very fluid as it comes to tariffs. So with the information we are having today, we do not see any impact on us. And we continue to believe that tariffs are a net positive for us, given that we will have stronger demand within the North American market.

我認為關稅情勢仍是瞬息萬變。根據我們目前掌握的信息，我們認為不會對我們造成任何影響。我們仍然認為關稅對我們來說是利大於弊的，因為這將增強北美市場的需求。

Mike McNulty, Deutsche Bank.

德意志銀行的麥克‧麥克納爾蒂。

Sorry, this is Corinne. Can you hear me?

抱歉，我是科琳。你聽得到我嗎？

Yes, Corinne.

是的，科琳。

So maybe a few questions. And first of all, congratulations. I mean, this is an amazing quarter and a pretty good outlook, what you're giving us here. Can you talk maybe about the cadence that we can expect in terms of EBITDA and free cash flow?

所以，或許可以問幾個問題。首先，恭喜你。我的意思是，你們為我們帶來的這個季度業績非常出色，前景也相當不錯。您能否談談我們可以預期 EBITDA 和自由現金流的大致節奏？

And then the second question, Ingrid, if you can go back on the Vision 2028. I think we know that before you going to focus quite a lot on cost control. But I'm interested to hear more about the operational efficiencies. And especially in terms of debottlenecking, where are the opportunities that you're seeing in which market?

第二個問題，英格麗德，你是否可以重新審視一下「2028願景」？我想我們都知道，你們會非常注重成本控制。但我很想了解更多關於營運效率的資訊。尤其是在消除瓶頸方面，您在哪些市場看到了哪些機會？

Thank you for the question. So I'll start, Corinne, and appreciate the comments. I'll start on the cadence question, and then Ingrid outbound on the Vision '28. So in terms of '26 cadence for EBITDA, I think as you know, Q1 and first half. Typically, there's seasonality in our business.

謝謝你的提問。那我先來，科琳，感謝大家的評論。我先從節奏問題開始，然後是 Ingrid 出發參加 Vision '28 活動。所以就 2026 年 EBITDA 的節奏而言，我想正如你所知，是第一季和上半年。我們的業務通常具有季節性。

So from a seasonality perspective, they tend to be stronger than the second half, that's normal course. Now for '26, I've mentioned about the incremental benefits we expect to see in the first-quarter from favorable recycling economics, right, recycling profits. So that should come in the first-quarter. And on top of it, we expect to see a full quarter of benefits related to the automotive supply due to the unfortunate fire that happened at one of our competitors' plans last year. So we should see a full quarter benefit.

所以從季節角度來看，上半年往往比下半年強，這是正常現象。至於 2026 年，我已經提到過，我們預計在第一季會從有利的回收經濟效益中看到逐步成長的收益，對吧，回收利潤。所以應該會在第一季實現。此外，由於去年我們一家競爭對手的工廠不幸發生火災，我們預計將獲得與汽車供應相關的整整一個季​​度的收益。因此我們應該能看到整整一個季​​度的收益。

So Q1 is set up nicely and it should be stronger than to Q4 of 2025 based on the current expectation. And then from a free cash flow perspective, typically, we build working capital in the first-quarter and then into the first half of the year, and then we would release working capital. So that gives you an idea on the cadence for free cash flow.

因此，第一季的情況良好，根據目前的預期，其業績應該會比 2025 年第四季更好。從自由現金流的角度來看，我們通常會在第一季和上半年累積營運資金，然後釋放營運資金。這樣你就能對自由現金流的節奏有個大致了解了。

Thanks, Corinne. So in terms of Vision 2028, this is a program that is really going to support our 2028 target. We have net productivity assumed in our bridge, and this program is there to support achieving those numbers. So in terms of major pillars, we're certainly targeting asset reliability. You see when Muscle Shoals is running well, that it's a very important driver of profitability for us.

謝謝你，科琳。因此，就「2028願景」而言，這是一個真正能夠支持我們實現2028年目標的計畫。我們的橋樑設計中已假定了淨生產力，而該計劃旨在支持實現這些數字。因此，就主要支柱而言，我們當然將資產可靠性作為目標。你看，當馬斯爾肖爾斯礦區運作良好時，它對我們來說是獲利能力的重要驅動因素。

So asset reliability remains an opportunity across our system, which will support through maximization and goes along with the portfolio optimization of the products that we make today. Given that some markets are rather weak and others have continued growth ahead of us, we want to better optimize how we are using our assets, and this project is going to help us work more cross qualification so that we optimize our overall footprint and not just optimize one site.

因此，資產可靠性仍然是我們整個系統的一個機遇，我們將透過最大化來支援它，並與我們今天生產的產品組合優化相一致。鑑於一些市場較為疲軟，而另一些市場則將持續成長，我們希望更好地優化資產的使用方式，而這個專案將幫助我們進行更多交叉資格認證，從而優化我們的整體佈局，而不僅僅是優化一個網站。

So asset reliability, throughput and optimized load, we have debottlenecking activities that are part of our bridge to 2028, with some limited investment that is embedded in our numbers. And then on top of it, I think we also have still opportunity to improve recycling and metal cost reduction. These are really going to be the focus areas of this program.

因此，為了提高資產可靠性、吞吐量和優化負載，我們正在進行消除瓶頸的活動，這是我們邁向 2028 年的橋樑計劃的一部分，其中一些有限的投資已體現在我們的數字中。此外，我認為我們還有機會進一步提高回收率和降低金屬成本。這些將是本項目的主要關注領域。

In terms of which markets, additional capacity should be going to. I think it's -- it's clear from what we see in the market, it's on the packaging side. So can sheet, we would continue to like to grow with the market in both regions. And then obviously, on the aerospace side, this is our highest margin product.

至於新增產能應該流向哪些市場。我認為——從市場上的情況來看，很明顯，問題出在包裝上。所以，我們也可以繼續在兩個地區與市場共同發展。顯然，在航空航太領域，這是我們利潤最高的產品。

And with the new cast house coming in on the aero side, we would like to continue to grow this business for space military but also commercial aviation. And we have invested in some finishing capability in our sites that will allow us to support the ramp of the aerospace that is expected to come somewhere around '27.

隨著新的鑄造廠進軍航空領域，我們希望繼續發展這項業務，不僅面向太空軍事領域，也面向商業航空領域。我們已在工廠投資了一些後加工能力，這將使我們能夠支持預計在 2027 年左右到來的航空航太業的快速發展。

(Operator Instructions)

（操作說明）

Timna Tanners, Wells Fargo.

蒂姆娜·坦納斯，富國銀行。

I think I'm the only person from Wells Fargo. This is Tim, and I hope you all are doing well. I wanted to dig down back to question if I could. Just if you look at the second half cadence and annualize it, that's above where the midpoint is on your guidance. So just trying to really understand what takes a step down, maybe more in the second half?

我覺得我是富國銀行唯一來的人。我是提姆，希望你們一切都好。我想深入探究一下，看看我是否能做到。只要看看下半年的節奏並將其年化，就會發現它高於你預期的中點。所以，我只是想真正了解一下，哪些方面有所下滑，尤其是在下半場？

Can you help elaborate on that and please give us the assumptions on the Midwest premium and scrap spread that's baked into your guidance?

您能否詳細說明一下，並請您提供您在指導意見中考慮的中西部溢價和廢料價差的假設？

So I'll start. So -- the way to think about it is the Q4 '25, we've seen fairly substantial amount of metal benefits, as I mentioned previously, right? But then the first half is quite challenged. Then from a relative comparison perspective after we go through the year, Q1 F'25 was extremely weak. Q2 was also weak.

那我先來。所以——可以這樣理解：在 2025 年第四季度，我們已經看到了相當多的金屬收益，正如我之前提到的那樣，對吧？但前半部頗具挑戰性。從相對比較的角度來看，回顧這一年，2025 年第一季業績非常疲軟。第二季表現也不佳。

So the incremental benefits on the metal side, you would expect it to kind of to be more significant in the first half of 2026. I think that's one point. Then the other piece of it is we have more certainty, more visibility. Obviously, as we stand here today, February looking at Q1 and into the first half of the year and some of the markets, the visibility there is not as certain into the second half.

因此，金屬方面的增量收益預計在 2026 年上半年會更加顯著。我認為這是一點。另一方面，我們也有了更多的確定性，更清楚的認知。顯然，就我們今天所處的位置而言，現在是二月份，展望第一季以及今年上半年，一些市場的前景並不明朗，下半年的發展也難以預測。

Okay. So does that mean that you have assumption of the Midwest premium and scrap spreads stronger in the first half than the second half. I was hoping for modification, but even if we just know that that's the way to think about it would be helpful.

好的。那麼，這是否意味著您認為中西部地區的溢價和廢料價差在上半年會比下半年更強？我原本希望能夠進行修改，但即使我們只知道這是正確的思考方式，也會有所幫助。

I think there is more the volume consumption volume that's locked in the first-quarter relative to the future quarters. And so we have more exposure.

我認為與未來幾季相比，第一季鎖定的消費量更大。因此，我們獲得了更多曝光機會。

Got you. And then if I could, we're hearing a bit about demand destruction, a little bit of switching to steel away from aluminum and some auto and tractor trailer applications, but also opportunities for aluminum to take share from copper. So I was hoping you could comment on that. And along those same lines, it would be great to get any thoughts on the CBM impact as there were some public quote on Constellium on that topic recently.

抓到你了。然後，如果我可以的話，我們聽到了一些關於需求萎縮的消息，一些汽車和拖車應用領域正在從鋁轉向鋼鐵，但同時也出現了鋁從銅手中奪取市場份額的機會。所以我希望您能就此發表一下看法。同樣地，我們也想聽聽大家對CBM影響的看法，因為最近Constellium公司就此話題發表了一些公開言論。

Okay. Let me start, Timna. So I think with respect to aluminum substitution in automotive, we really do not any evidence of that and particularly nothing related to the outage that has happened in North America. You know that these design decisions, I mean, it takes a long time. To change design is very, very costly. And we develop a lot of platform-specific products. And usually, once you're on the program, it doesn't really -- or on a platform, it really doesn't happen that you get substituted.

好的。提姆娜，我先來。所以我認為，就汽車產業鋁替代而言，我們真的沒有任何證據，尤其是沒有任何與北美發生的停電事件相關的證據。你知道，這些設計決策，我的意思是，需要很長時間。更改設計成本非常非常高。我們開發了很多平台專屬產品。通常情況下，一旦你進入了某個專案或平台，你就不太可能被替換。

So -- we haven't seen any impact or any talk from our customers with respect to with steel. The trailer bills are low right now and that's more related, I think, also to the general economic situation. But clearly, we haven't seen it, and we do not expect it. Because they're trying lightweight, the trend -- the better safety needs and the fuel economy, this is just going to stay. So we are not worried that on the automotive or transportation market, anything like this could happen.

所以——我們還沒有看到任何影響，也沒有收到客戶關於鋼鐵方面的任何回饋。目前的拖車費用很低，我認為這與整體經濟狀況也有著更密切的關聯。但顯然，我們還沒有看到，而且我們也不指望看到。因為他們正在嘗試輕量化，而輕量化正是滿足更高安全性能和燃油經濟性需求的趨勢，這種趨勢將會持續下去。因此，我們並不擔心在汽車或交通運輸市場也會發生類似的事情。

And then with respect to copper, I have to say I have -- I'm not aware of this. In terms of substitution of materials, we have been able to substitute some materials in the past with our more high-performing alloys on the aerospace side, for example, but not particularly related to copper.

至於銅，我必須說我──我對此並不了解。就材料替代而言，過去我們已經能夠在航空航太領域用我們性能更優異的合金取代一些材料，但這與銅並沒有特別的關係。

Now going to your question on We are even though has been adjusted a little bit, we still think it's negative for the industry in Europe. We need to really create a level playing field with people importing into Europe. We need much more than what is on the table right now. We think the is going to be reflected in the regional premium in Europe. And so it's for people who are exporting a lot from Europe, it's not going to be good higher metal prices in Europe for exports.

現在回答你的問題，儘管情況有所調整，但我們仍然認為這對歐洲的產業來說是負面的。我們需要真正為向歐洲進口商品的人們創造一個公平的競爭環境。我們需要的遠不止目前擺在桌面上的這些。我們認為這將反映在歐洲的區域溢價。因此，對於那些大量從歐洲出口的人來說，歐洲金屬價格上漲對他們的出口來說並非好事。

We produce mostly local for local, so we are not really directly impacted by this. But clearly, the design as it is today is flawed and will not prevent carbon leakage and it could potentially lead to resource reshuffling material coming into Europe based on recycled content that is very, very difficult to prove. So overall, we continue as an industry to oppose to the to its current design, and we're working with industry associations like European aluminum to work on changing it and adjusting it to the needs that the industry has.

我們主要生產本地產品，供應本地市場，所以我們並沒有受到直接影響。但顯然，目前的設計有缺陷，無法阻止碳洩漏，而且可能會導致以回收成分為基礎的資源重組材料進入歐洲，而這很難證明。因此，總的來說，我們整個行業將繼續反對其目前的設計，我們正在與歐洲鋁業協會等行業協會合作，努力改變它，並使其適應該行業的需求。

I would now like to turn the call back over to Ingrid Joerg, CEO of Constellium for any closing remarks.

現在我謹將電話轉回給 Constellium 的執行長 Ingrid Joerg，請她總結發言。

Well, thank you, everybody, for your interest in Constellium. As you see, we have delivered strong results in 2025. And today, we provided a strong outlook for 2026. We are very happy with the steps that we are making towards our 2028 targets, and we look forward to updating you on our progress in April. Thank you very much, everyone.

感謝大家對 Constellium 的關注。如您所見，我們在 2025 年取得了優異的成績。今天，我們對 2026 年的發展前景給予了樂觀的展望。我們對為實現 2028 年目標所採取的措施感到非常滿意，並期待在 4 月向您報告我們的進展。非常感謝大家。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。