Constellium SE (CSTM) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Constellium first quarter 2026 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Constellium 2026 年第一季業績電話會議。（接線員指示）請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的講者——投資人關係總監 Jason Hershiser。請開始。

Thank you, Shannon. I would like to welcome everyone to our first quarter 2026 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，Shannon。我想歡迎各位參加我們 2026 年第一季財報電話會議。今天與會者包括我們的執行長 Ingrid Joerg，以及財務長 Jack Guo。簡報結束後，我們將進行問答環節。今天電話會議的投影片簡報副本已公布於我們的網站 constellium.com，且今天的會議正在錄音。

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.

在開始之前，我想鼓勵各位造訪公司網站並查看我們近期的申報文件。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。此類陳述包括關於公司預期的財務與營運表現、未來事件與預期的陳述，並可能涉及已知與未知的風險與不確定性。

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.

如需可能導致實際結果與前瞻性陳述所表達內容出現重大差異之特定風險因素摘要，請參閱我們 Form 10-K 年報中「Risk Factors（風險因素）」標題下所列因素。本簡報中的所有資訊均截至簡報當日。我們不承擔因新資訊、未來事件或其他原因而更新或修訂任何前瞻性陳述之義務，法律另有規定者除外。

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，今天的簡報包含若干非 GAAP 財務衡量指標的相關資訊。請參閱今天投影片簡報所附之非 GAAP 財務衡量指標調節表（reconciliations），其用以補充我們的 GAAP 揭露。

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

那麼，現在我想把電話會議交給 Ingrid。

Thanks, Jason. Good morning, good afternoon, everyone, and thank you for your interest in Constellium. Before we start, I wanted to say we are very pleased with our first quarter performance, including record adjusted EBITDA. We are also raising our outlook for the full year and expect 2026 to be a record year for the company, both in terms of adjusted EBITDA and free cash flow.

謝謝，Jason。各位早安、午安，感謝各位對 Constellium 的關注。在開始之前，我想先說，我們對第一季的表現非常滿意，包括創下調整後 EBITDA 的歷史新高。我們也上調了全年展望，並預期 2026 年將成為公司創紀錄的一年，無論是調整後 EBITDA 或自由現金流皆是如此。

Okay. Let's begin on slide 5 and discuss the highlights from our first quarter performance. I would like to start with safety, our number one priority. We delivered strong safety performance in the first quarter with a recordable case rate of 1.16 per million hours worked versus 1.91 in 2025. Despite this strong achievement, our safety journey is never complete.

好的。我們從第 5 頁投影片開始，討論第一季表現的重點。我想先從安全談起，這是我們的首要優先事項。我們在第一季交出強勁的安全表現，可記錄案件率（recordable case rate）為每百萬工時 1.16，較 2025 年的 1.91 下降。儘管達成這項亮眼成果，我們的安全旅程永遠不會結束。

We remain focused on this critical priority every day, including achieving our safety target to reduce our annual recordable case rate to 1.5 per million hours worked.

我們每天都持續聚焦於這項關鍵優先事項，包括達成我們的安全目標：將年度可記錄案件率降至每百萬工時 1.5。

Turning to our financial results. Shipments were 370,000 tons in the first quarter as higher shipments in A&T were offset by lower shipments in PARP and AS&I. Revenue of $2.5 billion increased 24% compared to the first quarter of 2025 due to the higher revenue per ton, including higher metal prices. 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.

接著看財務結果。第一季出貨量為 37 萬噸，A&T 出貨增加被 PARP 與 AS&I 出貨下降所抵銷。營收為 25 億美元，較 2025 年第一季成長 24%，主要因每噸營收提高，包括金屬價格上升。請記得，雖然我們的營收會受到金屬價格變動影響，但我們採取轉嫁（pass-through）的商業模式，可將我們對金屬價格風險的曝險降至最低。

Our net income was $196 million in the quarter compared to net income of $38 million in the first quarter last year. The main drivers of the increase were higher gross profit and favorable changes in other gains and losses in the quarter versus last year. Compared to the first quarter last year, adjusted EBITDA increased 93% to $359 million in the first quarter this year, so this includes a positive noncash impact from metal price lag of $97 million.

本季淨利為 1.96 億美元，去年第一季淨利為 3,800 萬美元。成長的主要驅動因素為毛利提高，以及本季相較去年在其他收益與損失方面出現有利變動。與去年第一季相比，今年第一季調整後 EBITDA 成長 93% 至 3.59 億美元，其中包含金屬價格滯後（metal price lag）帶來的 9,700 萬美元正向非現金影響。

If we exclude the impact of metal price lag, which, as you know, is the way we view the real economic performance of our business, we achieved an adjusted EBITDA of $262 million in the quarter. This represents an all-time record for the company and is up 78% versus the $147 million in the first quarter last year. Adjusted EBITDA was up in each of our operating segments in the quarter versus last year, including a new quarterly record for PARP and a new first quarter record for A&T.

若排除金屬價格滯後的影響——如各位所知，這是我們衡量業務真實經濟表現的方式——本季調整後 EBITDA 為 2.62 億美元。這是公司歷史新高，較去年第一季的 1.47 億美元成長 78%。本季我們各營運事業部的調整後 EBITDA 均較去年同期成長，其中 PARP 創下單季新高，A&T 則創下第一季新高。

Our free cash flow was $5 million in the quarter. And during the quarter, we returned $28 million to shareholders through the repurchase of 1.2 million shares. In March, we announced that our Board approved a new $300 million share repurchase program that expires in December 2028 and that will replace our existing program following our Annual Shareholders Meeting this May.

本季自由現金流為 500 萬美元。且在本季，我們透過回購 120 萬股，向股東返還 2,800 萬美元。3 月，我們宣布董事會核准一項新的 3 億美元庫藏股回購計畫，將於 2028 年 12 月到期，並將在今年 5 月年度股東大會後取代我們現有的回購計畫。

We delivered strong results this quarter, which were ahead of our own expectations despite macroeconomic and geopolitical uncertainties. During the quarter, we benefited from current market dynamics, including supply shortages of automotive rolled products in North America, improved aerospace and TID environment and highly favorable scrap and metal dynamics in North America.

本季我們交出強勁成果，儘管存在總體經濟與地緣政治不確定性，表現仍優於我們自身預期。本季我們受惠於當前市場動態，包括北美汽車軋延產品供應短缺、航太與 TID 環境改善，以及北美廢鋁與金屬市場動態高度有利。

Before turning the call over to Jack, I wanted to make a few comments regarding the expected impact from the conflict in the Middle East. In terms of metal supply, we do source some metal from the Middle East today, both slabs and billets, but they represent a small percentage of our overall needs. As such, we believe the impact on metal supply for us is limited at this stage, and we should be able to resource through a combination of internal and external metal flows.

在把電話交給 Jack 之前，我想就中東衝突的預期影響補充幾點。就金屬供應而言，我們目前確實有部分金屬來自中東，包括鋁板坯（slabs）與鋁圓鑄錠（billets），但其占我們整體需求的比例不高。因此，我們認為現階段對我們的金屬供應影響有限，且我們應可透過內部與外部金屬流的組合來重新調度供應來源。

On energy, most of our energy costs are locked in for 2026. For the small portion, which we chose to leave open, the impact of higher energy costs should be modest. In other cost categories, we are beginning to see some inflationary pressures in freight, lubricants and coatings, but we expect the net impact from this to be manageable. We currently do not expect any impact on our supply chain from lack of freight capacity.

在能源方面，我們 2026 年的大部分能源成本已鎖定。對於我們選擇保留浮動的少部分，能源成本上升的影響應屬溫和。在其他成本類別方面，我們開始看到運輸、潤滑劑與塗層出現一些通膨壓力，但我們預期其淨影響可控。我們目前不預期供應鏈會因運力不足而受到影響。

In terms of other indirect impacts from the Middle East conflict, we have not seen much end market disruption at this stage, so we will continue to monitor it closely. To wrap up on this topic, the overall impact from the conflict in the Middle East appears digestible at this point. The longer-term impacts remain uncertain and difficult to predict, but we are confident in our ability to manage our business in any environment.

就中東衝突的其他間接影響而言，我們目前尚未看到終端市場出現明顯干擾，因此我們將持續密切監測。總結來說，現階段中東衝突對我們的整體影響看起來可消化。長期影響仍不確定且難以預測，但我們對於在任何環境下管理業務的能力充滿信心。

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

接下來，我把電話交給 Jack，請他進一步說明我們的財務表現。

Thank you, Ingrid, and thank you, everyone, for joining the call today. Please turn now to slide 7, and let's focus on our A&T segment performance. Adjusted EBITDA of $102 million increased 24% compared to the first quarter last year and represents a new first quarter record for A&T. Volume was a tailwind of $32 million due to higher shipments in both Aerospace and TID.

謝謝你，Ingrid，也謝謝各位今天加入電話會議。請翻到第 7 頁投影片，讓我們聚焦於 A&T 事業部的表現。調整後 EBITDA 為 1.02 億美元，較去年第一季成長 24%，並創下 A&T 第一季新高。出貨量帶來 3,200 萬美元的正向貢獻，主要來自航太與 TID 出貨增加。

Aerospace shipments started the year strong and were up 13% in the quarter versus last year. TID shipments were up 18% versus last year as we continue to see increased demand from onshoring in the US TID also benefited from automotive coil shipments from Ravenswood due to the current supply disruption in automotive rolled products in North America. Price and mix was a headwind of $2 million due to unfavorable mix in the quarter, mostly offset by improved contractual and spot pricing in Aerospace and TID.

航太出貨在年初表現強勁，本季較去年同期成長 13%。TID 出貨較去年同期成長 18%，因我們持續看到美國在地化生產（onshoring）帶動的需求增加。由於北美汽車軋延產品目前供應中斷，TID 也受惠於 Ravenswood 的汽車鋁捲（automotive coil）出貨。價格與組合（price and mix）帶來 200 萬美元的負向影響，主要因本季產品組合不利，但多數被航太與 TID 合約與現貨價格改善所抵銷。

Costs were a headwind of $16 million, primarily as a result of higher operating costs given higher activity levels. FX and other was a tailwind of $6 million in the quarter due to the weaker US dollar.

成本帶來1,600萬美元的逆風，主要是由於在活動水準提高的情況下營運成本上升所致。本季外匯及其他帶來600萬美元的順風，原因是美元走弱。

Now turn to slide 8, and let's focus on our PARP segment performance. Adjusted EBITDA of $151 million increased 152% compared to the first quarter last year and is a new quarterly record for PARP. Volume was a headwind of $6 million in the quarter as higher automotive shipments were more than offset by lower packaging shipments.

現在請翻到第8頁，讓我們聚焦於PARP部門的表現。調整後EBITDA為1.51億美元，較去年第一季成長152%，並創下PARP單季新高。本季銷量帶來600萬美元的逆風，因汽車出貨增加被包裝出貨下降所抵銷。

Packaging shipments decreased 6% in the quarter versus last year, though underlying packaging demand remained healthy in both North America and Europe. Automotive shipments increased 12% in the quarter as we benefited from the current supply shortages in North America of aluminum automotive body sheet.

本季包裝出貨量較去年下降6%，不過北美與歐洲的包裝基本需求仍然健康。本季汽車出貨量成長12%，我們受惠於北美目前鋁製汽車車身板供應短缺的情況。

Price and mix was a tailwind of $26 million as a result of improved pricing and favorable mix in the quarter. Costs were a tailwind of $65 million, primarily as a result of favorable metal costs given higher throughput and improved productivity in our recycling and casting operations, continued improvement in scrap spreads and significantly higher metal pricing environment in North America. FX and other was a tailwind of $6 million in the quarter.

價格與產品組合帶來2,600萬美元的順風，源於本季定價改善與有利的產品組合。成本帶來6,500萬美元的順風，主要是因在更高產出量下金屬成本有利、我們回收與鑄造作業的生產力提升、廢鋁價差持續改善，以及北美金屬價格環境顯著走高。本季外匯及其他帶來600萬美元的順風。

Now turn to slide 9, and let's focus on the AS&I segment. Adjusted EBITDA of $24 million increased 50% compared to the first quarter last year. Volume was a $4 million headwind as a result of lower shipments in automotive and industry extruded products. Automotive shipments were down 3% in the quarter, mainly due to weakness in Europe.

現在請翻到第9頁，讓我們聚焦於AS&I部門。調整後EBITDA為2,400萬美元，較去年第一季成長50%。由於汽車與工業擠型產品出貨下降，銷量帶來400萬美元的逆風。本季汽車出貨量下降3%，主要因歐洲疲弱。

Even though the automotive markets in North America are relatively stable, our automotive structures business was negatively affected by the current supply shortages of aluminum automotive body sheet and its impact on production of certain platforms in the region. Industry shipments were down 5% in the quarter versus last year, though industrial markets in Europe have stabilized at these low levels.

儘管北美汽車市場相對穩定，我們的汽車結構業務仍受到目前鋁製汽車車身板供應短缺及其對該地區部分平台產量影響而承壓。本季工業出貨量較去年下降5%，不過歐洲工業市場已在這些低位水準趨於穩定。

Price and mix was a $2 million headwind in the quarter. Costs were a tailwind of $11 million, primarily due to lower operating costs. FX and other was a tailwind of $3 million in the quarter. It is not on the slide here, but our holdings and corporate expense was $15 million in the quarter. Holdings and corporate expense was up $4 million from last year due to higher labor costs and unfavorable foreign exchange translation.

本季價格與產品組合帶來200萬美元的逆風。成本帶來1,100萬美元的順風，主要由於營運成本較低。本季外匯及其他帶來300萬美元的順風。投影片未列示，但我們本季控股與公司費用為1,500萬美元。控股與公司費用較去年增加400萬美元，原因是勞動成本上升以及不利的外匯換算。

As we said last quarter, we expect holdings and corporate expense to run at approximately $50 million in 2026. It is also not on the slide here, but I wanted to summarize the current cost environment we're facing.

如同我們上季所說，我們預期2026年控股與公司費用約為5,000萬美元。投影片未列示，但我想總結一下我們目前面臨的成本環境。

As you know, we operate a pass-through business model, so we're not materially exposed to changes in the market price of primary aluminum, our largest cost input. On other metal costs, which includes our recycling profits, we have seen unprecedented levels of volatility over the last 18 months.

如各位所知，我們採用成本轉嫁（pass-through）的商業模式，因此對原鋁市場價格變動（我們最大的成本投入）並無重大曝險。至於其他金屬成本（包含我們的回收利潤），過去18個月我們看到前所未有的波動。

Following the US tariff announcement in 2025, market aluminum prices in the US, which includes the LME aluminum price plus the Midwest Premium have risen sharply to historical levels. The current conflict in the Middle East has put additional upward pressure on global market aluminum prices. Spot scrap spreads for aluminum, mainly used beverage cans or UBCs, have also improved to historically wide levels in the spot market today.

在2025年美國宣布關稅後，美國市場鋁價（包含LME鋁價加上Midwest Premium）大幅上升至歷史水準。當前中東衝突也對全球市場鋁價施加額外上行壓力。鋁的即期廢料價差（主要為用過飲料罐或UBC）在今日的即期市場也擴大至歷史性寬幅水準。

Both of these dynamics represent a sharp contrast from the lower metal price environment and historically tight scrap spread levels we experienced in the second half of 2024 and through the first half of 2025, during which period we were negatively impacted.

這兩項動態與我們在2024年下半年至2025年上半年所經歷的較低金屬價格環境，以及歷史性偏緊的廢料價差水準形成鮮明對比；在那段期間我們受到負面影響。

As discussed last quarter, we benefited from the improvement in scrap and metal pricing environment in the fourth quarter last year, and we saw more benefits in the first quarter this year. Looking ahead, most of our scrap needs in the second quarter are locked in at favorable levels, and our team is working tirelessly to secure additional scrap supply for the second half in an environment that remains volatile.

如上季所述，我們在去年第四季受惠於廢料與金屬定價環境改善，而今年第一季也看到更多助益。展望未來，我們第二季的大部分廢料需求已在有利水準鎖定，我們的團隊也正不懈努力，在仍然波動的環境中為下半年爭取更多廢料供應。

It is important to bear in mind that recycling is core to what we do as it takes a significant amount of investments and know-how, and we are focused on making the best out of the current favorable conditions and delivering a strong return on our recycling investments for our shareholders.

需要牢記的是，回收是我們業務的核心，因其需要大量投資與專業技術；我們專注於在目前有利條件下把握機會，並為股東在回收投資上帶來強勁回報。

Moving on from metal costs. Inflationary pressures continue today across multiple operating cost categories, including labor, energy, maintenance and supplies, albeit at more normal levels. As Ingrid mentioned previously, we're beginning to see some elevated inflationary pressures in other categories such as freight, lubricants and coatings as a result of the conflict in the Middle East, though we expect the net impact from this to be digestible at this point.

接著談金屬成本以外的部分。目前多項營運成本類別仍存在通膨壓力，包括人力、能源、維修與耗材，儘管已回到較正常的水準。如Ingrid先前提到，由於中東衝突，我們開始在其他類別看到較高的通膨壓力，例如運輸、潤滑油與塗料；不過我們預期其淨影響目前仍可消化。

Regarding tariffs, we have made progress on pass-throughs 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 is consistent with our prior expectations. The indirect positive impacts from the tariffs continue to ramp up, including higher demand for US domestically produced aluminum products, a more favorable pricing environment compared to expensive imports and improved recycling process in the US.

關於關稅，我們在成本轉嫁及其他行動上已取得進展，以緩解部分關稅總曝險；我們相信在此階段，我們的直接關稅曝險仍屬可控，且與先前預期一致。關稅帶來的間接正面影響持續擴大，包括對美國本土生產鋁產品的需求增加、相較於昂貴進口品更有利的定價環境，以及美國回收流程的改善。

Put it all together, we continue to believe that the current tariff and trade policies should be a net positive for us. All of the known tariff impacts, both direct and indirect and all of our mitigation efforts to offset the direct impacts are included in our guidance today. Wrapping up on costs, 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.

綜合來看，我們仍相信目前的關稅與貿易政策對我們而言應為淨正面。我們今日的指引已納入所有已知的關稅影響（直接與間接）以及我們為抵銷直接影響所採取的所有緩解措施。就成本總結而言，我們過去已展現強勁的成本表現，並對在任何環境下維持適當規模的成本結構充滿信心。

Now let's turn to slide 10 and discuss our free cash flow. We generated $5 million of free cash flow in the first quarter. The increase in free cash flow versus 2025 was primarily a result of higher segment adjusted EBITDA, partially offset by an unfavorable change in working capital and higher capital expenditures.

現在請翻到第10頁，討論我們的自由現金流。第一季我們產生500萬美元的自由現金流。相較於2025年，自由現金流增加主要來自部門調整後EBITDA提高，但部分被不利的營運資金變動與較高的資本支出所抵銷。

Looking at 2026, we now expect to generate free cash flow in excess of $275 million for the full year. We expect CapEx to be approximately $330 million, which is up from $315 million previously. Unchanged from previous guidance, CapEx still includes approximately $100 million of return-seeking CapEx, primarily related to key aerospace and recycling and casting projects we announced previously at Issoire, Muscle Shoals and Ravvenwood.

展望2026年，我們目前預期全年自由現金流將超過2.75億美元。我們預期資本支出（CapEx）約為3.30億美元，高於先前的3.15億美元。與先前指引一致，CapEx仍包含約1.00億美元的追求回報型資本支出，主要與我們先前在Issoire、Muscle Shoals與Ravvenwood宣布的關鍵航太以及回收與鑄造專案相關。

We expect cash interest of approximately $125 million, in line with prior guidance and cash taxes of approximately $80 million, up slightly from prior guidance, mainly due to the expected increase in profitability for the year. We expect working capital and other to be a larger use of cash for the full year than prior guidance, mainly due to higher metal prices. We expect to use the free cash flow generated this year for our share repurchase program and for gross debt reduction.

我們預期現金利息約為1.25億美元，與先前指引一致；現金稅約為8,000萬美元，較先前指引略增，主要因預期全年獲利能力提升。我們預期全年營運資金及其他將較先前指引占用更多現金，主要由於金屬價格較高。我們預期將使用今年產生的自由現金流，用於股票回購計畫以及降低總負債。

As Ingrid mentioned previously, we continued our share buyback activities in the quarter. During the quarter, we repurchased 1.2 million shares for $28 million. Since we started the share repurchase program, we have repurchased 14.7 million shares for $221 million. Also, as Ingrid said earlier, in March, we announced that our Board approved a new $300 million share repurchase program that expires in December 2028, and that will replace our existing program following our Annual Shareholders Meeting this May.

如Ingrid先前提到，我們在本季持續進行股票回購。本季我們以2,800萬美元回購120萬股。自啟動股票回購計畫以來，我們已以2.21億美元回購1,470萬股。此外，如Ingrid稍早所說，我們於3月宣布董事會核准一項新的3.00億美元股票回購計畫，將於2028年12月到期，並將在今年5月年度股東大會後取代現行計畫。

Now let's turn to slide 11 and discuss our balance sheet and liquidity position. At the end of the first quarter, our net debt of $1.8 billion was stable compared to the end of 2025. We reduced our leverage to 2.2 times at the end of the quarter, which is within 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. As you can see in our debt summary, we have no bond maturities until 2028, and our liquidity increased by $38 million from the end of 2025 and remains very strong at $904 million as of the end of the first quarter.

現在讓我們翻到第11頁，討論我們的資產負債表與流動性狀況。截至第一季末，我們的淨負債為18億美元，與2025年底相比保持穩定。我們在季末將槓桿比率降至2.2倍，落在我們的目標區間內。我們預期槓桿比率在2026年將呈下降趨勢，並在長期維持1.5至2.5倍的目標槓桿區間。如同您在債務摘要中所見，我們在2028年之前沒有到期的債券，而我們的流動性自2025年底增加了3,800萬美元，並在第一季末仍維持非常強勁，達到9.04億美元。

With that, I'll now hand the call over to Ingrid.

接下來，我將把電話會議交給Ingrid。

Thank you, Jack. Let's turn now to slide number 13 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, a light and infinitely recyclable material plays a critical role.

謝謝你，Jack。現在讓我們翻到第13頁，討論我們目前的終端市場展望。我們目前投資組合中的大多數業務，服務於受益於持久且具吸引力的長期結構性成長趨勢的終端市場；在這些市場中，鋁這種輕量且可無限回收的材料扮演關鍵角色。

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 and wide-body aircraft. This is 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.

首先來看航太市場。商用飛機訂單積壓目前處於歷史新高，且仍在持續增加。主要航太OEM仍專注於提升窄體與寬體機的生產速率。這可從年對年更高的飛機交付量，以及短期內不斷上調的交付目標看出。儘管供應鏈挑戰已連續數年使交付速度低於OEM原先預期，但整體需求大致穩定，而供應鏈中的鋁材去庫存似乎正在緩解。

Demand for high value-add products, which is one of our core focus areas, remains 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（這也是我們的核心聚焦領域之一）的需求仍然強勁。我們仍有信心，推動商用航太需求的長期基本面依然完好，包括旅客運量成長，以及對新型、更省油機型的更高需求。此外，商務機與區域噴射機市場需求保持穩定，而太空與軍用航空器的需求正在增強。

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，目前我們是太空與軍用航空市場客戶專有鋁材解決方案的領先供應商。如您所知，我們正在投資新增產能與能力，例如位於Issoire的第三座Airware鑄造廠，我們預期將於今年底前啟動，以在未來進一步強化我們的地位。

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.

綜觀我們整體的商用與軍用航空以及太空業務，我們認為我們的產品組合在業界無可匹敵，並且在鋁航太解決方案方面擁有業界領先的研發能力。

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.

接著談包裝。北美與歐洲的需求仍然健康。包裝的長期展望持續正向，這可從消費者對永續鋁製飲料罐日益偏好、兩地製罐商的產能擴張計畫，以及目前在美國進行中的綠地投資看出。

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. 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 Neuf-Brisach.

我們持續看到鋁在飲料市場相對於其他基材的市占提升，而目前大多數新飲料產品也因其永續特性而以鋁罐形式推出。鋁罐高度可回收，我們也已做好準備，透過位於Muscle Shoals與Neuf-Brisach的設施回收包裝材料，掌握回收所帶來的效益。

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 baseload for our operations in both regions.

包裝市場相對穩定，且具抗衰退性，這點我們過去已多次見證。長期而言，我們仍預期北美與歐洲的包裝市場將以低至中個位數成長，為我們在兩地的營運提供強勁的基礎負載。

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

現在談汽車市場，北美與歐洲的情況仍有些不同。在北美，需求相對穩定，但關稅環境仍帶來一些不確定性。去年，我們一位競爭對手在美國的一座工廠遭遇火災影響，這是非常不幸的事件，並造成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. We continue to benefit from this in the first quarter this year in both our PARP and A&T businesses as we were able to help our customers during this outage.

整個產業持續動員，以確保我們將對客戶的影響降到最低。今年第一季，我們在PARP與A&T兩項業務上持續受益，因為我們能在這次停工期間協助客戶。

On the automotive structures side, we are negatively impacted as some OEMs were forced to reduce production on certain platforms impacted by the disruption on the rolled product side. The overall impact in 2026 is a net positive on our results, which we expect to continue throughout the year. 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 BEV ambitions.

在汽車結構件方面，由於軋製產品端的中斷，一些OEM被迫降低受影響平台的產量，因而對我們造成負面影響。整體而言，2026年對我們業績的淨影響為正面，我們預期這種情況將持續全年。歐洲汽車需求仍然疲弱，尤其是在我們曝險較高的高端車款領域。歐洲市場正面臨來自中國更激烈的競爭，並下調其純電動車（BEV）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, though, we believe electric and hybrid vehicles will continue to grow, but at a lower rate than previously expected.

由於歐洲出口至美國的車輛數量可觀，歐洲汽車生產也正受到目前《232條款》汽車關稅的影響。不過從長期來看，我們仍相信電動與混合動力車將持續成長，但成長速度將低於先前預期。

Secular trends such as lightweighting, fuel efficiency and safety 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、燃油效率與安全等長期趨勢，將持續推動鋁產品需求。因此，儘管我們目前看到市場疲弱，我們對兩地汽車市場的長期前景仍保持正向。如頁面所示，這三個核心終端市場合計占我們過去12個月營收的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.

最後談其他專業領域。這些市場通常取決於各地工業經濟的健康狀況，包括利率環境、工業生產水準與消費支出型態等驅動因素。

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.

北美與歐洲的工業市場狀況在2025年下半年變得更為穩定，而我們認為市場（尤其是歐洲）在經歷三年的市場下行後已觸底。然而，我們預期歐洲的專業市場在短期內仍將相對疲弱。

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. As you know, we are focused on niche high value-added applications in most industrial markets.

我們確實認為，北美的TID市場在當前環境下為我們帶來一些機會，因為現行關稅使進口相較於國內生產競爭力下降。基於目前的市場動態，我們也認為在陸基國防與半導體市場存在一些機會。如您所知，我們在多數工業市場中聚焦於利基型高附加價值應用。

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.

總結終端市場部分，我們看好所服務各市場的基本面，並且堅信終端市場的多元化在任何環境下都是公司的資產。

Turning lastly now to slide 14, we detail our key messages and financial guidance. Our team delivered strong first quarter results that were ahead of our expectations despite macroeconomic and geopolitical uncertainties. We achieved record quarterly adjusted EBITDA, and we returned $28 million to shareholders with the repurchase of 1.2 million shares.

最後翻到第14頁，我們將說明關鍵訊息與財務指引。儘管存在總體經濟與地緣政治不確定性，我們團隊仍交出強勁的第一季成果，且優於我們的預期。我們達成創紀錄的季度調整後EBITDA，並透過回購120萬股股票向股東返還2,800萬美元。

I want to thank each of our Constellium team members for their continued focus on strong cost control, free cash flow generation and commercial and capital discipline. Based on our current outlook for 2026, we are now targeting adjusted EBITDA, excluding the noncash impact of metal price lag in the range of $900 million to $940 million and free cash flow in excess of $275 million.

我要感謝每一位Constellium團隊成員，持續專注於嚴格的成本控管、自由現金流創造，以及商業與資本紀律。基於我們目前對2026年的展望，我們現在的目標為：調整後EBITDA（不含金屬價格滯後的非現金影響）介於9.00億至9.40億美元之間，自由現金流超過2.75億美元。

Our guidance for 2026 assumes that favorable market conditions will continue into the rest of 2026. These include benefiting from the current supply shortages of automotive rolled products in North America, and improved aerospace and TID environment and favorable scrap and metal dynamics in North America.

我們對2026年的指引假設有利的市場狀況將延續至2026年剩餘期間。這些因素包括：受益於北美汽車軋製產品目前的供應短缺、航太與TID環境改善，以及北美有利的廢鋁與金屬市場動態。

Our guidance also assumes the recent demand trends in our end markets that I described earlier will continue and the overall macroeconomic environment to remain relatively stable. Looking to the future, we remain laser-focused on executing our road map to delivering adjusted EBITDA, excluding the noncash impact of metal price lag of $900 million and free cash flow of $300 million by 2028.

我們的指引也假設我先前所描述的終端市場近期需求趨勢將持續，且整體總體經濟環境將維持相對穩定。展望未來，我們仍高度聚焦於執行我們的路線圖，目標在2028年前達成調整後EBITDA（不含金屬價格滯後的非現金影響）9.00億美元，以及自由現金流3.00億美元。

The key drivers behind these targets compared to 2026 performance include executing on various return-seeking CapEx projects, strong cost control and productivity improvements, including our Vision 2028 program and continued price discipline.

相較於 2026 年的表現，支撐這些目標的關鍵驅動因素包括：推動各項追求報酬的資本支出（CapEx）專案、強勁的成本控管與生產力提升（包含我們的 Vision 2028 計畫），以及持續的價格紀律。

Our 2028 targets also assume additional growth in markets such as aerospace, TID and packaging. As a reminder, these targets do not include the favorable scrap spread environment we are seeing today or the benefits we expect in 2026 from the current supply shortages of automotive rolled products in North America.

我們的 2028 年目標亦假設在航太、TID 與包裝等市場有額外成長。提醒一下，這些目標未納入我們目前所見較有利的廢料價差環境，也未納入我們預期 2026 年因北美汽車軋延產品目前供應短缺所帶來的效益。

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

總結而言，我們在長期成功方面具備極佳的有利位置，並將持續專注於執行策略與創造股東價值。

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

接下來，麻煩接線員，我們現在開放問答環節。

(Operator Instructions) Corinne Blanchard, Deutsche Bank.

（接線員指示）德意志銀行（Deutsche Bank）的 Corinne Blanchard。

Congratulations. This is a very strong quarter and an amazing lift for the guidance. That being said, so I have a few questions around the cadence maybe that we can expect, especially 2Q versus the second half of 2026.

恭喜。這是一個非常強勁的季度，且對財測指引有令人驚豔的上修。不過，我有幾個問題想請教關於節奏（cadence），尤其是 2026 年第二季（2Q）相較於 2026 年下半年，我們可能可以期待怎樣的走勢。

And then the second part of the question would be, can you help us bridge 2027 and 2028. I know Ingrid and Jack, you mentioned that there is no tailwind from the current scrap spread environment. But how do we think about '27 and '28? Do we think of it as EBITDA slightly flat or going down in '27 and then going up again in '28? So that would be very helpful.

第二個問題是，能否協助我們銜接 2027 年與 2028 年？我知道 Ingrid 和 Jack 你們提到目前的廢料價差環境不會帶來順風。但我們該如何看待 2027 與 2028？我們是否應該把它想成 2027 年 EBITDA 大致持平或下滑，然後 2028 年再回升？如果能說明會很有幫助。

First of all, thank you very much, Corinne, and thank you for your questions. I'll start on the first one on the cadence, and then I'll let Jack complete on it.

首先非常感謝你，Corinne，也謝謝你的提問。我先回答第一個關於節奏的問題，然後我會請 Jack 補充。

You know that traditionally, our first half of the year is much stronger. We have seasonality in our earnings, but driven by volumes in our respective end markets, particularly the second quarter tends to be quite strong on the packaging side.

你知道，傳統上我們上半年會強很多。我們的獲利具有季節性，主要由各終端市場的出貨量所驅動，尤其第二季在包裝業務方面通常相當強勁。

And then we have higher costs in the second half of the year because of our annual outages in the summer period and around the Christmas period where we do our major maintenance work, which is also driving additional cost and I'll let Jack compete on the sequence of earnings.

而下半年成本會較高，因為夏季以及聖誕節前後我們會有年度停機（outages）並進行主要維修作業，這也會帶來額外成本；至於獲利的時序，我讓 Jack 來補充。

Yes. So that's exactly right. And Q2 tends to be seasonally the strongest quarter in the year, and that's our expectation for the time being. And I think just looking ahead, we have good momentum in the business. We have good visibility into the second quarter.

是的，完全正確。第二季通常是全年季節性最強的一季，這也是我們目前的預期。再往前看，我們的業務動能良好，對第二季也有不錯的能見度。

Now the macro environment, the geopolitical environment is very volatile, as all of you know, so there's higher degrees of kind of uncertainty, which may impact -- may or may not impact the broader demand in the second half.

不過如各位所知，總體環境與地緣政治環境非常動盪，因此不確定性更高，可能會——也可能不會——影響下半年的整體需求。

Okay. As it relates to our targets for 2028, I think you have to see 2027 as a transition year in the execution of our strategic milestones that we presented some time ago. 2027, we will see the complete ramp-up of our recycling center in Neuf-Brisach. We will have our DC casting pit in Muscle Shoals ramping up in 2027 as well as our Airware casthouse investment, which will start up at the end of this year. So those investments are going to be complete or will start up. So we will have a kind of transition results.

好的。至於我們 2028 年的目標，我認為你必須把 2027 年視為我們先前所提出策略里程碑執行過程中的過渡年。2027 年，我們位於 Neuf-Brisach 的回收中心將完成全面爬坡（ramp-up）。我們在 Muscle Shoals 的 DC 鑄造坑（casting pit）也會在 2027 年爬坡，此外還有我們的 Airware 鑄造廠（casthouse）投資將於今年底啟動。因此，這些投資將完成或開始投產，我們的結果會呈現某種過渡性的表現。

We also still believe that 2027 will see a little bit of strength on the aerospace side as destocking may come to an end. I think we all know that the supply chain remains challenged, also particularly on the engine side. But we believe 2027 could be a turning point. Packaging is expected to remain strong and TID North America is also going to be stronger in 2027 from what we can see today.

我們也仍然相信，隨著去庫存可能告一段落，2027 年航太端會出現一些強勢。我想大家都知道供應鏈仍具挑戰，尤其在引擎端。不過我們認為 2027 年可能是一個轉折點。包裝預期將維持強勁，而從我們目前所見，北美 TID 在 2027 年也會更強。

I think on the drawbacks potentially, we don't know the full impact of the Middle East crisis today. We talked about inflationary pressures that we are seeing today. But the end market impact from the Middle East crisis that the longer it lasts may have some impact on some of our markets, and that really remains to be seen. We do not expect any improvement on the automotive side. We expect 2027 to be rather weak on automotive, particularly in Europe and maybe a little bit better in North America.

至於可能的負面因素，我們目前還不清楚中東危機的完整影響。我們談到目前看到的通膨壓力；但中東危機若持續更久，對終端市場的影響可能會波及我們部分市場，這仍有待觀察。我們不預期汽車端會有改善；我們預期 2027 年汽車將相對疲弱，尤其在歐洲，而北美可能會稍微好一些。

I think these are the puts and takes for the 2027, which is really a transition year to our 2028 guidance.

我想以上就是 2027 年的利多與利空因素；而 2027 年確實是一個通往我們 2028 年指引的過渡年。

That's very helpful. Maybe if I may, just quickly, like on aerospace, I know you commented and we saw some new contracts being signed. Can you just talk about expectation or your view on volume versus the high margin that you're getting from [TID]? Like how do we think about it for the rest of the year?

這很有幫助。如果可以的話，我再快速追問一下：在航太方面，我知道你們有評論且我們也看到簽了一些新合約。你能否談談你們對出貨量的期待或看法，相較於你們從 [TID] 取得的高毛利？我們該如何看待今年剩餘時間的情況？

Yes. So the contract that we just announced is a multiyear contract with Airbus that is covering various extruded products delivered from our French operations, including some proprietary materials like our Airware aluminum-lithium technology. And it's really cementing the good relationship and partnership that we have with Airbus for a very long period of time. It's more to be seen as a continuation and strong mix for our extrusion business for the future.

好的。我們剛宣布的合約是與空中巴士（Airbus）簽訂的多年期合約，涵蓋由我們法國營運據點交付的各類擠型產品（extruded products），其中也包含一些專有材料，例如我們的 Airware 鋁鋰（aluminum-lithium）技術。這份合約實際上是在鞏固我們與 Airbus 長期以來的良好關係與合作夥伴關係。更應該把它視為我們擠型業務未來的延續，以及強勁的產品組合（mix）。

Katja Jancic, BMO Capital Markets.

BMO 資本市場（BMO Capital Markets）的 Katja Jancic。

Maybe staying on the '26 guide. Jack, you mentioned that your scrap is secured or locked in for 2Q, but that your team is still looking to lock in some for the second half of the year. Can you talk about what does your guide assume for scrap spreads for the rest of the year? Or how should we think about it?

我想延續在 2026 年指引（'26 guide）上。Jack，你提到你們第二季的廢料已經確保或鎖定，但團隊仍在嘗試為下半年鎖定一些。你能談談你們的指引對今年剩餘時間的廢料價差（scrap spreads）是如何假設的嗎？或我們應該如何思考？

Yes, sure. So the second quarter, as we said, is essentially locked in at this stage. It's important to kind of remain focused on -- for us to remain focused on productivity and operational excellence. And in terms of the economics, if you will, the UBC spread is more favorable in the second quarter compared to our experience, what we experienced in the first quarter. And our assumption is the metal price conditions, which is pretty much at the all-time high, are expected to remain quite elevated, at least over the short term.

好的，當然。第二季如我們所說，現階段基本上已鎖定。重要的是，我們要持續聚焦在生產力與營運卓越。就經濟面來看，UBC 價差在第二季比我們第一季的經驗更有利。我們的假設是金屬價格條件——目前幾乎處於歷史高位——預期至少在短期內仍將維持相當高檔。

Now moving to the second half of the year, over -- I would say, over 50% of the needs are locked in at this stage. So there's still quite a bit that's open. The market remains, as you know, highly dynamic where you can use volatile as a word, right? And there are a number of factors that could drive you to a different set of scenarios. So there's a high degree of variation potentially.

接著看下半年，目前超過 50% 的需求已鎖定，因此仍有相當一部分是開放的。市場如你所知仍高度動態——也可以說是波動——而且有多項因素可能導致不同情境，因此潛在的變動幅度很大。

But for the remaining volume for our guide, we took sort of a middle of the road approach, that's still above our prior expectations for the second half. But it's not as aggressive as the first half of '26, but it's not nearly as conservative as what we have experienced in the second half of 2024 and through most part of 2025.

不過，針對指引中尚未鎖定的剩餘量，我們採取較為中性的假設，水準仍高於我們先前對下半年的預期；但不像 2026 年上半年那麼積極，也遠不如我們在 2024 年下半年以及 2025 年大部分時間所經歷的那樣保守。

Okay. And then maybe your free cash flow generation is going to increase in the rest of the year versus the first quarter. You've been buying back shares. Is there an opportunity for you to accelerate the buybacks versus what you did in the first quarter? Or how are you thinking about it?

好的。那再問一下，你們今年剩餘時間的自由現金流產生（free cash flow generation）會比第一季增加。你們一直在回購股票。相較於第一季的回購速度，你們是否有機會加速回購？或你們是怎麼思考的？

Yes. So it's a good question. So number one, I think when it comes to the buyback or just overall capital allocation, our approach has always been kind of maintain a balanced approach. Now more specifically with the share buyback, we're comfortable with the existing pace of running the buyback program.

是的，這是個好問題。第一點，我認為在回購或整體資本配置方面，我們一向採取較為平衡的做法。更具體地說，就股票回購而言，我們對目前回購計畫的既有執行節奏感到滿意。

And as a reminder, it's $300 million over three years and having a steady pace has worked for us in the past, and we still view buying back shares as attractive. So we look to maintain this similar type of pace going forward.

再提醒一次，這是三年合計3億美元；而且過去維持穩定的節奏對我們一直很有效，我們仍然認為回購股票具吸引力。因此，我們希望未來能維持類似的回購節奏。

Bill Peterson, JPMorgan.

Bill Peterson，摩根大通。

Congrats on the strong results and raise. I wanted to ask actually a question, I don't think you really talked about during your prepared remarks. There have been some changes in the Section 232 derivative tariffs. I'm wondering how you're thinking about the potential impacts and how that may have on your business, whether it be supporting prices? Or what are you hearing from your customers on this front?

恭喜你們交出強勁的業績並上調展望。我其實想問一個問題，我覺得你們在事先準備的發言中沒有真正談到。第232條衍生品關稅有一些變動。我想了解你們如何看待其潛在影響，以及這可能對你們的業務造成什麼影響，例如是否會支撐價格？另外，你們從客戶那邊聽到的情況如何？

Thanks for the question, and thank you, Bill, for your comment. I think the last changes on the Section 232 do not really impact us. We have a very, very minor impact in our AS&I business. But overall, it's just a confirmation that tariffs are going to stick. And so we think the indirect benefits of Section 232 will continue for us. So no changes in our other businesses.

謝謝你的提問，也謝謝你，Bill，的評論。我認為第232條最近的變動其實不太影響我們。我們在AS&I業務受到的影響非常、非常小。但整體而言，這只是再次確認關稅將會持續存在。因此我們認為，第232條帶來的間接效益仍會持續對我們有利。所以我們其他業務沒有變化。

And then on automotive, you've mentioned about the US being better than Europe, and I think you've benefited somewhat at the margin from the unfortunate incident that you talked about. Is that -- should that benefit really be, in your view, concluded in the second quarter? Or how are you thinking about the cadence of automotive for the remainder of the year, both in PARP and AS&I?

另外在汽車方面，你們提到美國比歐洲好一些，而且我想你們在邊際上也從你們提到的那起不幸事件中獲得了一些好處。那個好處——在你們看來——是否應該在第二季就結束？或者你們如何看待今年剩餘時間汽車業務的節奏，包含PARP與AS&I？

Yes. So I think on the PARP side, we are, at this stage, pretty confident that the benefits we have been seeing from the outage is going to continue. We are supplying basically from Europe. We are maxing out capacity in the US, and we are supplying material also from Ravenswood to feed into our rolling system so we can maximize overall capacity. That is allowing us to gain additional qualifications and supporting, obviously, the relationships with customers beyond what we are experiencing today.

是的。所以我認為在PARP這邊，我們目前相當有信心，我們因停機事件所看到的效益將會持續。我們基本上是從歐洲供應。我們在美國的產能已經滿載，同時也從Ravenswood供料到我們的軋製系統，以便最大化整體產能。這讓我們能取得更多額外的認證（qualification），並且顯然也能在現有情況之外，進一步強化與客戶的關係。

AS&I is mostly impacted by slower ramp-up of production from -- on a certain platform. And we have no clear visibility of how the full year is going to look. But the impact of it, financially speaking, is rather minor for the company. And it is actually, if you think about the net impact, it remains largely very, very positive.

AS&I主要受到某一平台的產量爬坡較慢所影響。我們對全年會呈現什麼樣貌沒有清楚的能見度。但就財務角度而言，對公司影響相當小。而且如果你看淨影響，整體仍然大致上非常、非常正面。

(Operator Instructions) Timna Tanners, Wells Fargo.

（接線員指示）Timna Tanners，富國銀行。

I just wanted to drill down a little bit more on some of the discussion about the European market, in particular on the auto side. So getting some questions about the BYD getting built in Europe and the implications for Constellium and any thoughts on aluminum versus steel consumption there and in the US given some reports of switching?

我想再更深入追問一下關於歐洲市場的討論，特別是汽車端。所以有人在問BYD要在歐洲建廠，以及這對Constellium的意涵；另外也想聽聽你們對於鋁相對於鋼的用量看法——在歐洲以及美國——因為有一些報導提到正在發生材料切換。

Thank you for the question, Timna. So I think on the European automotive market, it's true that BYD has announced building production in Hungary and in Turkey, if you consider the wider Europe. But the cars that they are building have much more content of steel in the body of the car. So we don't really expect much impact in this. I mean our focus in Europe is mostly on premium vehicles with the German OEMs, but also others. And we do not see any impact at this point.

謝謝你的提問，Timna。關於歐洲汽車市場，確實BYD已宣布在匈牙利以及（若把更廣義的歐洲納入）土耳其建立產能。但他們所生產的車款，在車身部分使用的鋼材含量高得多。因此我們不預期這會帶來太大影響。我的意思是，我們在歐洲的重點主要在與德國OEM以及其他廠商合作的高端車款；目前我們沒有看到任何影響。

We're also producing mostly local for local, right? We're not generally shipping automotive material across. In the US, with respect to switching, we have not seen any evidence of people switching other than normal course of business. So we really expect that the need for fuel efficiency is going to continue. And this is what we see on both sides of the Atlantic.

而且我們基本上是以「在地生產、在地供應」（local for local），對吧？我們一般不會跨區運送汽車用材料。在美國，關於材料切換，我們除了正常的業務變動之外，沒有看到任何人正在切換的證據。所以我們確實預期，對燃油效率的需求將會持續。這也是我們在大西洋兩岸都看到的趨勢。

Okay. Regarding the scrap spreads, if they persist at these levels, is there a much ability to increase the proportion of your product that's made from scrap? Meaning can you try to expand that production, especially given the tight markets that could persist in the broader US and I guess, Europe?

好的。關於廢料價差（scrap spreads），如果它們持續維持在目前水準，你們是否有很大的能力提高以廢料製成的產品占比？也就是說，能否嘗試擴大那部分產量，特別是在更廣泛的美國、以及我想歐洲，市場可能持續偏緊的情況下？

I'll start and then I'll let Jack continue. So in fact, all of our businesses are using scrap. We mostly talk about UBC for the packaging market, but we're also using a lot of scrap in the rest of our operations. So certainly, with everything that's going on in the market, we have already been working in improving our metal costs through usage of more scrap and different types of scrap and also more difficult types of scrap.

我先回答，然後再讓Jack補充。事實上，我們所有業務都在使用廢料。我們多半在談包裝市場的UBC（用過的飲料罐），但在其他營運中我們也使用大量廢料。所以當然，考量市場上正在發生的一切，我們已經在努力透過使用更多廢料、不同類型的廢料，以及更難處理的廢料，來改善我們的金屬成本。

You know that the industry is moving towards upcycling scrap streams that exist in the market through sorting technologies, and we are actively involved in this as well. But we also recycle material for our aerospace business, for TID business. And also on the extrusion side, we have a share of recycled content in all of the alloys that we produce today.

你也知道，產業正透過分選技術，朝向將市場上既有的廢料流進行升級再造（upcycling）。我們也積極參與其中。此外，我們也為航太業務、TID業務回收材料。而在擠型（extrusion）端，我們目前生產的所有合金中，也都含有一定比例的再生料含量。

And just more broadly speaking, I mean, recycling and casting is core to what we do. So if you look at our capital expenditure profile, especially when it comes to return-seeking CapEx is going towards recycling and casting investment. So that's definitely a focus area for us, Timna.

更廣泛來說，我的意思是，回收與鑄造是我們核心業務。所以如果你看我們的資本支出結構，特別是追求報酬的資本支出（return-seeking CapEx），主要都投向回收與鑄造相關投資。因此這絕對是我們的重點領域，Timna。

Can you quantify any of your ability to expand recycling, again, given that we may have shortages of billet and the market has gotten quite tight there with the smelter disruptions. Is there any ability to expand the amount of finished aluminum you produce using scrap?

你能量化你們擴大回收的能力嗎？同樣地，考量我們可能會面臨鋁棒（billet）短缺，而且由於冶煉廠中斷，該市場已變得相當吃緊。你們是否有能力擴大使用廢料所生產的成品鋁的數量？

I wouldn't say that the shortage of primary aluminum is the main driver for us. I think it's an ongoing program where we continue to use as much scrap as we can find in the market in the alloys and the shapes that are available in the market.

我不會說原鋁短缺是我們的主要驅動因素。我認為這是一個持續性的計畫：我們會在市場上可取得的合金與形狀範圍內，盡可能使用我們能找到的廢料。

So it's quite volatile as well because not every scrap can go somewhere. But it's a focus of us for many, many years already to optimize as much as we can. But it's very much dependent on availability of the right type of scrap in the right moment.

這也相當波動，因為不是每一種廢料都能用在某個去處。但多年來，這一直是我們的重點：盡可能最佳化。不過這非常取決於在正確的時間能否取得正確類型的廢料。

So we have potential to improve, but it would be not additional casting output, if you want. It would be a lower metal cost because we would be replacing prime metal with scrap in our operations.

所以我們有改善的空間，但如果你要說是額外增加鑄造產出，倒不至於。更像是金屬成本會更低，因為我們會在營運中以廢料取代部分原生金屬（prime metal）。

And I'm currently showing no further questions at this time. I'd like to turn the call back over to Ingrid Joerg, CEO of Constellium for closing remarks.

目前沒有其他問題。我想把電話交回給Constellium執行長Ingrid Joerg，請她做結語。

Thank you. Well, thank you, everybody, for your interest in Constellium. As you can see, we are off to a very strong start to the year. We delivered record performance in the first quarter and increased our outlook for 2026. We are very happy with the steps we are making towards our 2028 targets, and we look forward to updating you on our progress in July. Thank you very much.

謝謝。也謝謝各位對Constellium的關注。如各位所見，我們今年開局非常強勁。我們在第一季創下紀錄表現，並上調了我們對2026年的展望。我們對於朝向2028年目標所採取的步驟感到非常滿意，也期待在7月向各位更新我們的進展。非常感謝。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。