Cemex SAB de CV (CX) 2025 Q1 法說會逐字稿

Good morning. Welcome to the Cemex first-quarter 2025 conference call and webcast. My name is Bailey and I'll be your operator for today. (Operator Instructions)

早安.歡迎參加 Cemex 2025 年第一季電話會議和網路廣播。我叫貝利，今天我將擔任您的接線生。（操作員指示）

And now, I will turn the conference over to Lucy Rodriguez, Chief Communications Officer. Please proceed.

現在，我將會議交給首席通訊官露西·羅德里格斯 (Lucy Rodriguez)。請繼續。

Good morning and thank you for joining us for our first-quarter 2025 conference call on webcast. We hope this call finds you well. We have several changes to talk about on this quarterly call, beginning, of course, with the appointment of our new CEO.

早安，感謝您參加我們 2025 年第一季的網路電話會議。我們希望您一切安好。在本次季度電話會議上，我們要討論幾項變化，當然首先是任命我們的新執行長。

In February, our Board of Directors appointed Jaime Muguiro as Chief Executive Officer effective April 1. This appointment is part of a planned leadership transition following our former CEO, Fernando Gonzalez's decision to retire after a successful career at Cemex.

今年 2 月，我們的董事會任命 Jaime Muguiro 為首席執行官，自 4 月 1 日起生效。這項任命是公司前任執行長 Fernando Gonzalez 在 Cemex 取得成功後決定退休後領導層過渡計畫的一部分。

Jaime has almost three decades of experience at Cemex, where he has held senior executive positions in different regions. Most recently, he served as President of Cemex in the United States.

Jaime 在 Cemex 擁有近三十年的工作經驗，曾在不同地區擔任高階管理職務。最近，他擔任美國 Cemex 公司總裁。

Additionally, we have new regional Presidents who are bringing extensive experience and new eyes to our operations. We have also made some changes to our quarterly documents, moving our free cash flow disclosure closer to a cash basis, as well as providing more detailed sources and uses information. Starting this quarter, we are reporting price variations for our products on an FOB basis. We believe this is more reflective of actual pricing dynamics as well as industry practice.

此外，我們還有新的地區總裁，他們為我們的營運帶來了豐富的經驗和新的視角。我們還對季度文件進行了一些修改，使我們的自由現金流揭露更接近現金基礎，並提供了更詳細的來源和用途資訊。從本季開始，我們將以離岸價報告我們產品的價格變化。我們認為這更能反映實際的定價動態以及產業慣例。

In March, we published our 2024 integrated report discussing our strategy, ESG efforts, and metrics, as well as financial performance. I encourage you to review it on our website.

今年 3 月，我們發布了 2024 年綜合報告，討論了我們的策略、ESG 工作和指標以及財務表現。我鼓勵您在我們的網站上查看它。

And now it was my pleasure to introduce Jaiman Muguiro, and of course, Maher Al-Haffar, our CFO, both of whom are joining us today.

現在我很高興介紹 Jaiman Muguiro，當然還有我們的財務長 Maher Al-Haffar，他們今天都將加入我們。

As always, we will spend a few minutes reviewing the business and outlook for the rest of the year, and then we will be happy to take your questions.

像往常一樣，我們將花幾分鐘時間回顧今年剩餘時間的業務和前景，然後我們將很樂意回答您的問題。

And now, I will hand the call over to Jaime.

現在，我將把電話交給 Jaime。

Thanks, Lucy, and good day to everyone. I am excited and deeply honored to take on the role of CEO at Cemex. While I am still settling into my new role, I'd like to highlight several of my strategic priorities that will guide my tenure as CEO.

謝謝，露西，祝大家有美好的一天。我很高興並非常榮幸能夠擔任 Cemex 的執行長一職。雖然我仍在適應我的新角色，但我想強調指導我擔任執行長的幾個策略重點。

This is a pivotal moment in our company's history. As we close in on realizing our deleveraging objectives and having substantially consolidated our operations, we're now well positioned to drive sustainable and profitable growth. Our strategic focus will be to continue investing in the US while enhancing shareholder return and creating long-term value for all the stakeholders.

這是我們公司歷史上的關鍵時刻。隨著我們接近實現去槓桿目標並大幅整合業務，我們現在已做好準備，推動永續的獲利成長。我們的策略重點是繼續在美國投資，同時提高股東回報並為所有利害關係人創造長期價值。

Since the CEO transition announcement, I have spent the last few weeks speaking to as many people within the company as possible, reviewing our key objectives, areas of improvement within the company, and the main risks and opportunities in our markets. I am looking forward to expanding further on these discussions with external stakeholders such as yourselves over the next few months.

自從執行長過渡公告發布以來，過去幾週我一直在與公司內部盡可能多的人員進行交談，回顧我們的關鍵目標、公司內部需要改進的領域以及我們市場中的主要風險和機會。我期待在接下來的幾個月與你們這樣的外部利害關係人進一步展開這些討論。

From what I have learned so far, there is much to be done, but my first priority will be on the basics: achieving industry-leading excellence throughout our operations while shaping an agile organization that delivers profitable growth to our shareholders.

從我目前所了解的情況來看，還有很多工作要做，但我的首要任務是做好基礎工作：在整個營運過程中實現業界領先的卓越，同時打造一個為股東帶來獲利成長的敏捷組織。

Core to my plan is Project Cutting Edge, our cost savings program introduced by Fernando Gonzalez last quarter. While it was originally conceived to address a challenging market environment, I intend to use this program as the foundation to drive lasting and transformational change.

我的計劃的核心是“尖端項目”，這是我們上個季度由費爾南多·岡薩雷斯推出的成本節約計劃。雖然它最初是為了應對充滿挑戰的市場環境而構想的，但我打算以此計劃為基礎，推動持久的變革。

A key element is to simplify and streamline our corporate structure to empower our regional operations, enhancing execution, speed, and accountability throughout the organization. Project Cutting Edge should enhance our EBITDA margin, increase free cash flow, and improve our free cash flow conversion rate.

一個關鍵因素是簡化和精簡我們的公司結構，以增強我們的區域運營，提高整個組織的執行力、速度和責任感。「尖端專案」應該會提高我們的 EBITDA 利潤率、增加自由現金流並提高我們的自由現金流轉換率。

As I look to reshape our business, I bring tremendous energy, ideas, and commitment, and I am supported by a superb management team. My recent experience in the US, where we optimized our footprint and improved key efficiency metrics, should serve as a template for other areas.

當我專注於重塑我們的業務時，我帶來了巨大的精力、想法和承諾，並且得到了優秀管理團隊的支持。我最近在美國的經歷，我們優化了我們的足跡並提高了關鍵的效率指標，這應該可以作為其他地區的模板。

I'd like to recognize the exceptional talent of our operating teams. Our new regional Presidents will be addressing challenges in their markets with a fresh perspective, sharing best practices and working to achieve best-in-class operations. We will continue working on our profitable decarbonization pathway, making progress towards our 2025 targets.

我想表彰我們營運團隊的傑出才能。我們的新任區域總裁將以全新的視角來應對其市場中的挑戰，分享最佳實踐並努力實現一流的營運。我們將繼續致力於實現獲利的脫碳之路，朝著 2025 年的目標邁進。

Finally, with expectations for higher free cash flow and divestment proceeds, an early priority for me will be a more balanced capital allocation policy. I will concentrate on additional deleveraging, pursuing growth through accretive small- to mid-sized acquisitions in the US while enhancing shareholder returns. I am committed to providing the highest possible returns to our shareholders by being the best partner to our customers, having a laser-like focus on operational efficiency, and a disciplined capital allocation strategy.

最後，由於預期自由現金流和撤資收益會更高，我的首要任務是製定更平衡的資本配置政策。我將專注於進一步去槓桿，透過在美國進行增值性中小型收購來追求成長，同時提高股東回報。我致力於成為客戶的最佳合作夥伴，高度重視營運效率，並制定嚴謹的資本配置策略，從而為股東提供最高的回報。

This is a tall order, but I'm confident we have the right team to accomplish it. I look forward to meeting with all of you over the next few months and communicating with you as my plans materialize. And now, allow me to review our first-quarter performance.

這是一個艱鉅的任務，但我相信我們有合適的團隊來完成它。我期待在接下來的幾個月與大家見面，並在我的計劃實現時與大家溝通。現在，請容許我回顧一下我們第一季的業績。

Our consolidated net sales proved to be resilient, with pricing strategy partially mitigating volumes in Mexico and the US. It is important to highlight that first-quarter results are aligned with our expectations of flat EBITDA for the full year.

我們的合併淨銷售額表現出了彈性，定價策略部分緩解了墨西哥和美國的銷售。值得強調的是，第一季的業績與我們對全年 EBITDA 持平的預期一致。

As discussed in our previous earnings call, we forecasted a challenging first half, followed by more favorable second half dynamics. EBITDA performance is explained primarily by our Mexican operations, with peso depreciation resulting in a $65 million headwind, a strong pre-election base in the first half of 2024, and the usual seasonality of the first year of a new government. In addition, adverse winter conditions in the US and Eastern Europe also impacted our results.

正如我們在先前的收益電話會議上所討論的那樣，我們預測上半年將面臨挑戰，但下半年將更加有利。EBITDA 業績主要得益於我們的墨西哥業務，比索貶值導致 6500 萬美元的逆風、2024 年上半年強勁的選舉前基礎以及新政府第一年的正常季節性。此外，美國和東歐惡劣的冬季條件也影響了我們的表現。

EBITDA margin was supported by higher prices, lower energy and freight costs, which partially offset volume impact, higher labor costs, and maintenance work that was brought forward in the US. We continue making progress on the implementation of Project Cutting Edge. These initiatives will support our consolidated EBITDA and free cash flow going forward.

EBITDA 利潤率受到價格上漲、能源和運費成本下降的支撐，這部分抵消了銷售影響、勞動成本上漲以及美國提前進行的維護工作。我們在實施「尖端專案」方面繼續取得進展。這些措施將支持我們未來的合併 EBITDA 和自由現金流。

We reduced our net CO2 emissions per ton of cement equivalent by 1.6% on a year-over-year basis. We posted record net income, mainly driven by the gain on divestment of our Dominican Republic operations.

與去年同期相比，我們每噸水泥的二氧化碳淨排放量減少了 1.6%。我們的淨收入創歷史新高，主要得益於剝離多明尼加共和國業務的收益。

Free cash flow is largely explained by lower EBITDA, severance payments, and the effect of discontinued operations. We expect working capital investment to fully reverse in the year, while the timing of maintenance CapEx should result in lower spending during the rest of the year compared to 2024. Maher will provide additional details on our financial results.

自由現金流主要可歸因於較低的 EBITDA、遣散費以及終止經營的影響。我們預計營運資本投資將在今年完全逆轉，而維護資本支出的時間安排將導致今年剩餘時間的支出與 2024 年相比降低。馬希爾將提供有關我們財務業績的更多詳細資訊。

Consolidated sequential prices are increasing across all three products, with a stable to positive performance in all markets. Sequential cement and ready-mix prices rose 2% while aggregate prices increased by 4%. In Mexico, despite the current demand environment, pricing dynamics remain constructive. In the US, we continue to see supportive conditions for aggregates pricing, while cement increases have been delayed due to adverse weather.

三種產品的綜合價格均呈現連續上漲趨勢，所有市場均呈現穩定至正面的表現。水泥和預拌混凝土價格較上季上漲 2%，而骨材價格則是較上季上漲 4%。在墨西哥，儘管目前的需求環境不佳，但定價動態仍保持積極。在美國，我們繼續看到骨材定價的支撐條件，而水泥價格上漲則因惡劣天氣而被推遲。

Our pricing strategy continues to achieve its goal of more than recovering cost inflation in our markets. Consolidated cement volume variation is mainly explained by a strong pre-election comparison base combined with the typical first-year seasonality of a new government in Mexico.

我們的定價策略繼續實現其目標，即不僅僅恢復我們市場的成本通膨。合併水泥產量的變化主要歸因於選舉前的強勁比較基數以及墨西哥新政府執政第一年的典型季節性。

In the US, cement and ready-mix volume dynamics were mostly driven by weather. Volume growth in EMEA partially offset conditions in Mexico and the US with solid cement demand in Western Europe and the Middle East and Africa. European demand was disrupted by unfavorable weather in Eastern Europe countries.

在美國，水泥和預拌混凝土的產量動態主要受天氣影響。由於西歐、中東和非洲的水泥需求強勁，歐洲、中東和非洲地區的銷售成長部分抵消了墨西哥和美國的情況。東歐國家惡劣天氣影響了歐洲的需求。

Our urbanization solutions portfolio was impacted by the conclusion of large infrastructure projects in Mexico related to pavement services and by lower demand in our US concrete block business. Despite a 14% decline in sales, EBITDA margin proved to be resilient and expanded by a 0.5 percentage point. This improvement was driven by our circularity business, which posted an EBITDA growth of 5% on flat sales, driven by the strong performance in the repurposing of industrial byproducts.

我們的城市化解決方案組合受到墨西哥與路面服務相關的大型基礎設施項目的完成以及美國混凝土砌塊業務需求下降的影響。儘管銷售額下降了 14%，但 EBITDA 利潤率仍表現出韌性，擴大了 0.5 個百分點。這項改善是由我們的循環業務推動的，該業務在銷售額持平的情況下實現了 5% 的 EBITDA 成長，這得益於工業副產品再利用方面的強勁表現。

Our circularity business with margin in excess of 20% has been one of the fastest growing business verticals in our portfolio with a compounded annual growth rate of 27% over the last two years. We are optimistic about our urbanization solutions portfolio as it addresses the changing landscape of the construction industry.

我們的循環業務利潤率超過 20%，是我們投資組合中成長最快的垂直業務之一，過去兩年的複合年增長率達到 27%。我們對我們的城市化解決方案組合持樂觀態度，因為它解決了建築業不斷變化的格局。

Volumes and fixed costs driven by operating leverage and maintenance largely explain our EBITDA performance in the quarter. Viable cost remained relatively stable, driven mainly by a 17% decline in unitary energy costs. These savings in energy are in line with our full year guidance of a high-single-digit percentage decline.

受經營槓桿和維護驅動的銷售和固定成本在很大程度上解釋了我們本季的 EBITDA 表現。可行成本保持相對穩定，主要受單一能源成本下降 17% 的影響。這些能源節省符合我們對全年高個位數百分比下降的預期。

Operating expenses as a percentage of net sales remained stable as lower freight and logistics were offset by higher SG&A expense. Half of the EBITDA margin variation is explained by geographic mix with a lower contribution from high-margin regions. Going forward, we expect improving demand conditions in most of our markets along with cost reduction efforts and our pricing strategy to drive increased profitability.

由於較低的運費和物流費用被較高的銷售、一般和行政費用所抵消，因此營業費用佔淨銷售額的百分比保持穩定。EBITDA 利潤率變動的一半是由地理分佈造成的，其中高利潤率地區的貢獻較低。展望未來，我們預期大多數市場的需求狀況將會改善，同時成本削減措施和定價策略將會推動獲利能力的提升。

As announced in February, Project Cutting Edge is a transformational savings program that addresses the way we work, aiming to reduce costs while increasing efficiency. Under this program, we expect to realize recurring yearly EBITDA savings of at least $350 million by 2027 and $150 million expected in 2025.

正如二月宣布的那樣，「尖端專案」是一項變革性的節約計劃，旨在改變我們的工作方式，降低成本並提高效率。根據該計劃，我們預計到 2027 年每年可節省至少 3.5 億美元的 EBITDA，到 2025 年可節省 1.5 億美元。

Project Cutting Edge centers on three main elements of our operating model. First, it addresses our supply chain, logistics and procurement on a global basis. Second, it optimizes our operations footprint and entails a review to ensure every operation delivers a sufficient return on capital.

「尖端專案」圍繞著我們營運模式的三個主要要素。首先，它解決了我們在全球範圍內的供應鏈、物流和採購問題。其次，它優化了我們的營運足跡，並進行審查以確保每項營運都能帶來足夠的資本回報。

The US serves as a model. Two years ago, we assessed return on capital of each individual facility in the region and then made significant adjustments to our footprint, including closure or sale of certain operations. While the work in the US is still not complete, it has allowed us to recognize substantial margin improvement.

美國是一個典範。兩年前，我們評估了該地區每個設施的資本回報率，然後對我們的業務範圍進行了重大調整，包括關閉或出售某些業務。雖然美國的工作尚未完成，但它已使我們認識到利潤率的大幅提高。

The final leg of Project Cutting Edge centers around free cash flow initiatives with savings in 2025 and onwards. While it's still early in the process, we saw tangible benefits of Project Cutting Edge in the quarter, such as the improvement in operational efficiency in the US and margin enhancement in Europe, and overall reduced headcount. The actions already taken this quarter have effectively locked in approximately $40 million in full year savings.

「尖端計畫」的最後一部分圍繞著自由現金流計畫展開，目標是在 2025 年及以後實現節約。雖然該過程仍處於早期階段，但我們在本季度看到了「尖端專案」帶來的實際好處，例如美國營運效率的提高、歐洲利潤率的提高以及整體員工人數的減少。本季已經採取的措施已有效鎖定了全年約 4000 萬美元的節省。

I want to highlight that as part of my transition, I am conducting an exhaustive review of our costs and organizational structure, which may lead to additional savings. With expectations for increased free cash flow from operations as well as proceeds from asset divestments, we will follow a disciplined capital allocation strategy. I am currently reviewing every ongoing project in our growth investment pipeline to ensure that they meet the required return metrics and the expected demand environment.

我想強調的是，作為我過渡的一部分，我正在對我們的成本和組織結構進行徹底的審查，這可能會帶來額外的節省。由於預期營運產生的自由現金流以及資產剝離產生的收益將會增加，我們將遵循嚴格的資本配置策略。我目前正在審查我們成長投資管道中的每個正在進行的項目，以確保它們滿足所需的回報指標和預期的需求環境。

For those ongoing projects that meet the return criteria, you should expect that we will continue to invest. As these projects reach completion, we will transition from growth CapEx to more accretive small- to mid-sized acquisitions in the US. We remain committed to maintaining a strong liquidity position and to continue paying down debt, reducing our interest cost.

對於那些符合回報標準的正在進行的項目，您應該期望我們繼續投資。隨著這些項目的完成，我們將從成長資本支出轉向美國更具增值的中小型收購。我們仍然致力於保持強大的流動性狀況並繼續償還債務，降低我們的利息成本。

Additionally, I am determined to boost shareholder return. We will continue to follow a progressive dividend policy and look at opportunistically using our share buyback program. While we do want to maintain a balanced capital allocation, capital allocation decisions will be driven by maximum return to shareholders.

此外，我決心提高股東回報。我們將繼續遵循漸進式股利政策，並考慮適時使用我們的股票回購計畫。雖然我們確實希望保持平衡的資本配置，但資本配置決策將以股東最大回報為驅動力。

Let me emphasize that given the heightened uncertainty in the current global macroeconomic environment, we will ensure that our capital allocation decisions do not compromise our financial metrics.

我要強調的是，鑑於當前全球宏觀經濟環境的不確定性加劇，我們將確保我們的資本配置決策不會影響我們的財務指標。

And now back to you, Lucy.

現在回到你身邊，露西。

Thank you, Jaime. First-quarter results for Mexico are aligned to our guidance for the year, which anticipated a challenging first half with improving conditions in the back half.

謝謝你，傑米。墨西哥第一季的業績與我們對今年的預期一致，我們預計上半年將面臨挑戰，下半年情況將有所改善。

First-half expectations were based on the typical construction slowdown in the first year of the new administration in Mexico, a strong prior-year comparison base driven by pre-electoral spending, and a significant peso headwind. Peso depreciation accounted for $65 million or 60% of the variation in EBITDA.

上半年的預期是基於墨西哥新政府執政第一年典型的建築業放緩、選舉前支出推動的強勁上年比較基數以及比索的顯著逆風。比索貶值造成 6,500 萬美元或 EBITDA 變動的 60%。

The prior year pre-electoral spend in infrastructure projects in rural roads explain about 50% of the decline in cement volumes. The volume drop was most acute in the South, which benefited disproportionately from 2024 pre-electoral spend. Importantly, we are seeing sequential improvement in daily cement volumes in April month to date.

前一年選舉前在鄉村道路基礎建設項目上的支出是造成水泥產量下降 50% 左右的原因。南部地區的銷量下降最為嚴重，該地區從 2024 年大選前的支出中獲得了不成比例的收益。重要的是，我們看到四月份迄今為止的日均水泥產量連續改善。

In the case of ready-mix, the Northeast region continues to outperform, supported by ongoing industrial projects and state-level infrastructure works such as the new metro line in Monterrey.

就預拌混凝土而言，東北地區持續表現出色，這得益於正在進行的工業項目和蒙特雷新地鐵線等國家級基礎設施工程。

The decline in aggregate volumes is attributable to large infrastructure projects in the prior year where we supplied low margin-based products. Adjusting to these volumes, our aggregates volumes declined by 1% with a significant expansion in EBITDA margins. There is positive traction from our January pricing increase with cement and aggregate prices rising 5% sequentially while ready-mix increased 3%.

總量的下降歸因於前一年大型基礎設施項目，我們在這些項目中提供了低利潤的產品。針對這些數量進行調整後，我們的總量下降了 1%，而 EBITDA 利潤率卻大幅擴大。我們 1 月的價格上漲帶來了積極的推動力，水泥和骨材價格較上季上漲 5%，而預拌混凝土價格上漲 3%。

Effective April 1, we announced a 9% price increase in bagged cement. We will continue to look for opportunities to at least recover input cost inflation going forward.

自 4 月 1 日起，我們宣布袋裝水泥價格上漲 9%。我們將繼續尋找機會至少在未來恢復投入成本通膨。

EBITDA margin was supported by favorable pricing and lower energy and freight cost, which offset much of the volume effect. In our path of profitable decarbonization, we achieved a new record in clinker factor of 65.9%. In the second half, we expect a pickup in construction activity as the new government settles in and begins to execute its budget for rural roads and social housing while we lap the prior year's comparison base.

EBITDA 利潤率受到優惠定價和較低能源及運費成本的支持，抵消了大部分銷售效應。在我們獲利脫碳的道路上，我們實現了熟料利用率65.9%的新紀錄。下半年，隨著新政府就任並開始執行鄉村道路和社會住房預算，我們預計建築活動將回升，同時我們將超越上一年的比較基數。

Additional government spending in railroads, highways, and water along with ongoing projects at the state level like the San Miguel de Allende, the Lourdes Highway, the Metro Monterrey, and Los Mochis Airport, among others, should further support growth.

政府在鐵路、公路和水利方面的額外支出以及州一級正在進行的項目，如聖米格爾德阿連德、盧爾德高速公路、蒙特雷地鐵和洛斯莫奇斯機場等，應會進一步支持增長。

We are encouraged by the progress in establishing the National Housing Program. The government recently increased its 2025 target for social housing to about 180,000 homes. There are several projects already under negotiation which could start construction in the upcoming months.

我們對國家住房計劃的建立進展感到鼓舞。政府最近將2025年社會住宅目標提高至約18萬套。目前已有數個項目正在談判中，預計未來幾個月內開工。

Finally, we are also seeing a healthy ready-mix backlog, mainly driven by industrial projects in the Northeast and central regions. In the US, unusually cold winter weather in many of our key markets disrupted construction activity. In fact, freeze conditions in January and one less working day explain the entirety of our cement ready-mix volume decline.

最後，我們也看到預拌混凝土積壓情況良好，主要受東北和中部地區工業計畫的推動。在美國，我們許多主要市場的冬季天氣異常寒冷，擾亂了建築活動。事實上，一月份的冰凍天氣和工作日的減少是導致我們水泥預拌混凝土產量全部下降的原因。

In aggregates, about half of the volume variation is explained by inclement weather, fewer shipping days, and the previously communicated closure of several depleted quarries. Volumes across all products are supported by continued infrastructure spend, as well as the industrial and commercial sector where we see construction in data centers, chip manufacturing, healthcare, and education.

在骨材方面，約有一半的產量變化是由於惡劣的天氣、較少的運輸天數以及先前宣布的幾座採石場的關閉造成的。所有產品的銷售量都受到持續的基礎設施支出以及工業和商業領域（我們看到資料中心、晶片製造、醫療保健和教育方面的建設）的支持。

This is offset, however, by lower residential activity, particularly in Arizona and Florida. With weather impacting demand, we brought forward maintenance, completing almost 50% of annual scheduled outage days in the US in the first quarter. In the case of pricing, we continue to see strength in aggregates with prices adjusted for product and geographic mix increasing 3% sequentially and 7% year over year.

然而，這一增長因住宅活動減少而被抵消，特別是在亞利桑那州和佛羅裡達州。由於天氣影響需求，我們提前了維護，在第一季完成了美國近 50% 的年度計畫停電天數。在定價方面，我們繼續看到整體價格的強勁增長，根據產品和地理組合調整後的價格環比上漲 3%，同比增長 7%。

Cement and ready-mix prices were stable sequentially as price increases were delayed due to weather-related inventory buildup in many of our coastal markets. We are currently rolling out summer price increases in most markets.

由於許多沿海市場受天氣影響導致庫存增加，價格上漲被推遲，因此水泥和預拌混凝土價格較上季保持穩定。我們目前正在大多數市場推行夏季價格上漲。

In the quarter, EBITDA margins, excluding maintenance spend and volume loss remained stable, indicating that pricing continued to offset input cost inflation. Despite the volume decline, aggregate's margin remained in excess of 30%, driven by higher prices.

本季度，扣除維護支出和銷售損失後的 EBITDA 利潤率保持穩定，顯示定價繼續抵消投入成本通膨。儘管銷量下降，但由於價格上漲，骨材的利潤率仍超過 30%。

We are making progress on Project Cutting Edge with additional adjustments to our ready-mix network in the quarter, as well as a significant improvement in operational efficiency, allowing us to substitute imports for more profitable domestic production.

我們在「尖端專案」上取得了進展，本季對我們的預拌混凝土網路進行了額外的調整，同時營運效率也得到了顯著提高，使我們能夠用利潤更高的國內生產替代進口產品。

In a cement tariff scenario with the market structurally dependent on imports, we expect this improvement in domestic production, as well as our ability to flex Mexican imports to be an important competitive advantage.

在水泥關稅情境下，由於市場在結構上依賴進口，我們預期國內產量的提高以及我們靈活利用墨西哥進口的能力將成為重要的競爭優勢。

For 2025, we anticipate demand to be driven by infrastructure as IIJA transportation projects continue to roll out. About 35% of funds under IIJA have actually been spent to date, and we expect to reach peak spending in 2026. Solid growth in construction starts data supports this view.

到 2025 年，隨著 IIJA 交通項目的持續推出，我們預計需求將由基礎設施推動。迄今為止，IIJA 下約有 35% 的資金已實際使用，我們預計 2026 年支出將達到高峰。建築開工數據的穩健成長支持了這一觀點。

We are optimistic about the outlook for the industrial and commercial sector, with several semiconductor and data center projects being planned in our markets, as well as large projects in Cape Canaveral. While we expect the single-family home segment to be pressured in the short term with mortgage rates at elevated levels and increased economic uncertainty, we see substantial upside in housing over the medium term.

我們對工業和商業領域的前景持樂觀態度，我們的市場正在規劃多個半導體和資料中心項目，以及卡納維拉爾角的大型項目。雖然我們預計短期內獨棟住宅市場將因抵押貸款利率上升和經濟不確定性增加而面臨壓力，但我們認為中期房屋市場將大幅上漲。

In EMEA, we are pleased with our performance, with EBITDA growing by 49% and margin expanding by almost 3 percentage points. These results were driven by higher volumes and prices, operating leverage, as well as our Project Cutting Edge initiatives.

在歐洲、中東和非洲地區，我們對我們的業績感到滿意，EBITDA 成長了 49%，利潤率提高了近 3 個百分點。這些結果是由更高的銷售和價格、經營槓桿以及我們的「專案前沿」計劃推動的。

In Europe, while we continue to see an improving demand trend, harsh winter conditions in February affected dynamics in our Eastern European operations, growth resumed in March with better weather.

在歐洲，雖然我們繼續看到需求趨勢改善，但 2 月嚴酷的冬季條件影響了我們東歐業務的動態，3 月隨著天氣好轉，業務恢復成長。

During the quarter, we announced the expansion of our urbanization solutions business in the UK with a new lower carbon mortar plant near London. This plan, which will begin operations in the third quarter, will produce Cemex's virtual mortar with a minimum 30% lower carbon footprint than a standard product.

本季度，我們宣布擴大英國城市化解決方案業務，在倫敦附近新建一家低碳砂漿工廠。該計劃將於第三季開始實施，生產的 Cemex 虛擬砂漿的碳足跡將比標準產品低至少 30%。

We continue making progress on profitable decarbonization in Europe with net CO2 emissions declining by 1.2% year over year. We expect EU-funded infrastructure spending to drive construction activity in several of our markets. We are encouraged by the recently announced infrastructure package in Germany for EUR500 billion which over the next 10 years is expected to translate to an 11% annual growth in construction output. Additional spending on defense could further increase construction activity.

我們在歐洲獲利性脫碳方面持續取得進展，二氧化碳淨排放量較去年同期下降 1.2%。我們預計歐盟資助的基礎設施支出將推動我們多個市場的建設活動。德國最近宣布了價值 5000 億歐元的基礎設施建設一攬子計劃，這令我們感到鼓舞，預計未來 10 年，該計劃將帶來建築業產出的年均 11% 增長。國防支出的增加可能會進一步增加建築活動。

In Poland, the industrial and commercial sector, and a potential ceasefire in Ukraine is expected to support demand while in the UK and Spain, the residential sector should drive demand. In the Middle East and Africa, we continue to experience strong volume growth as conditions stabilize. We remain optimistic on the outlook for EMEA and are adjusting upwards our volume guidance for the full year.

在波蘭，工業和商業部門以及烏克蘭的潛在停火預計將支撐需求，而在英國和西班牙，住宅部門將推動需求。在中東和非洲，隨著情勢穩定，我們的銷售量持續強勁成長。我們對歐洲、中東和非洲地區的前景保持樂觀，並正在上調全年銷售預期。

In our South, Central America, and the Caribbean region, prices posted a solid performance while volumes grew by 3% in cement and 6% in ready-mix. The former sector continues driving demand in the region, with our ready-mix volumes in Colombia and Panama increasing by 8% and 10% respectively.

在我們的南美洲、中美洲和加勒比海地區，價格表現穩健，水泥銷量成長了 3%，預拌混凝土銷量成長了 6%。前者繼續推動該地區的需求，我們在哥倫比亞和巴拿馬的預拌混凝土產量分別增加了 8% 和 10%。

Ready-mix sales to the Bogota Metro accounted for nearly one-third of our total volumes in Colombia and are expected to remain strong going forward. On the operations front, higher kiln efficiency along with lower clinker factor continued to support profitability. Our urbanization solutions portfolio in the region posted an EBITDA growth of 16%, with the margin expansion of more than 4 percentage points.

對波哥大地鐵的預拌混凝土銷售占我們在哥倫比亞總銷量的近三分之一，預計未來仍將保持強勁。在營運方面，更高的窯爐效率以及更低的熟料係數繼續支撐獲利能力。我們在該地區的城市化解決方案組合的 EBITDA 成長了 16%，利潤率提高了 4 個百分點以上。

And now, I will pass the call to Maher to review our financial developments.

現在，我將把電話轉給馬希爾，讓他回顧一下我們的財務狀況。

Thank you, Lucy, and good day to everyone. Our free cash flow from operations during the quarter reflects normal seasonality of our working capital needs in the early part of the year. Free cash flow was primarily impacted by EBITDA, free cash flow from discontinued operations, and severance payments related to Project Cutting Edge, which were partially offset by a reduction in cash taxes and net interest paid.

謝謝你，露西，祝大家有美好的一天。本季我們的經營活動自由現金流反映了年初我們營運資金需求的正常季節性。自由現金流主要受到 EBITDA、停止經營業務產生的自由現金流以及與「尖端專案」相關的遣散費的影響，但現金稅和淨利息支付的減少部分抵消了這些影響。

Interest paid was $34 million lower than last year, while cash taxes due to timing effects were $113 million less. While investment in working capital during the quarter was higher than last year, the average working capital days declined by six days, driven by the targeted management actions we implemented last year to improve our working capital. We expect this investment in working capital to reverse throughout the rest of the year.

支付的利息比去年減少了 3,400 萬美元，而由於時間效應而產生的現金稅減少了 1.13 億美元。雖然本季營運資本投資高於去年，但平均營運資本天數減少了六天，這得益於我們去年為改善營運資本而實施的有針對性的管理措施。我們預計，今年剩餘時間內對營運資本的投資將出現逆轉。

We remain on track to reach our expected savings of $500 million on free cash flow elements from operations versus prior year. On the cost side, energy costs on a per ton of cement basis decline by 17%, driven by lower power and fuel prices, and a continued improvement in clinker factor and thermal efficiency. For 2025, we have closed hedges for 76% of our annual spend related to electricity, diesel, freight, pet coke, and natural gas.

與前一年相比，我們仍有望實現 5 億美元的營運自由現金流節省目標。成本方面，受電力、燃料價格下降，以及熟料係數和熱效率持續提高的影響，每噸水泥的能源成本下降了17%。到 2025 年，我們已完成與電力、柴油、貨運、石油焦和天然氣相關的 76% 年度支出的對沖。

Record net income of $734 million was driven primarily by the sale of our operations in the Dominican Republic. Given the volatility in the Mexican peso, I would like to remind you of our ongoing Mexican peso hedging strategy, fully covering our operating cash flow from Mexico that effectively lowers the volatility of the exchange rate at which we convert pesos into dollars for tenors of up to two years.

創紀錄的 7.34 億美元淨收入主要得益於我們在多明尼加共和國業務的出售。鑑於墨西哥比索的波動性，我想提醒您我們正在進行的墨西哥比索對沖策略，該策略完全涵蓋了我們來自墨西哥的營運現金流，從而有效降低了我們將比索兌換成美元的匯率波動性，期限最長為兩年。

During April we fully redeemed our 9 and 18 $1 billion subordinated notes due to a change in methodology from S&P for these kinds of instruments. That triggered the option of redeeming the notes at 101. The redemption of these notes will result in important savings.

由於標準普爾對此類工具的評級方法發生了變化，我們於 4 月全額贖回了 9 和 18 億美元次級票據。這引發了以 101 贖回票據的選擇權。贖回這些票據將帶來大量節省。

Our leverage ratio stood at 1.9 times, 1/10 of a turn higher versus December. In these volatile market conditions with heightened macro uncertainty, I want to underscore that we enjoy a strong liquidity position bolstered by recent divestitures with substantial availability under our $2.3 billion in committed bank facilities after calling the 9 and 18 notes in April.

我們的槓桿率為1.9倍，較12月份高出十分之一。在這種宏觀不確定性加劇的動盪市場條件下，我想強調的是，我們享有強大的流動性狀況，這得益於最近的資產剝離，在 4 月份贖回 9 和 18 期票據後，我們承諾的 23 億美元銀行信貸額度下有大量可用資金。

We have a comfortable debt maturity schedule with no need to access the capital markets, and we remain committed to further strengthening our capital structure as Jaime commented in his remarks.

我們擁有舒適的債務到期時間表，無需進入資本市場，並且我們仍致力於進一步加強我們的資本結構，正如 Jaime 在他的演講中所評論的那樣。

And now back to you, Jaime.

現在回到你身邊，詹姆。

Thank you, Maher. As Maher pointed out, we're currently navigating an uncertain macro outlook. And while first-quarter results were very much in line with our full year expectations, we must recognize the current lack of macro visibility.

謝謝你，馬希爾。正如馬希爾指出的那樣，我們目前正面臨不確定的宏觀前景。儘管第一季的業績與我們的全年預期非常一致，但我們必須認識到目前缺乏宏觀可見性。

While the organizational transformation I am envisioning is driven by strategy, certainly today's economic landscape only adds urgency and makes our plan even more relevant. In this environment, we will focus on managing the variables we can control. I will be expanding the scope of Project Cutting Edge and expect to deliver incremental EBITDA savings. We will keep you updated on the progress achieved on this important initiative.

雖然我設想的組織轉型是由策略驅動的，但當今的經濟狀況無疑只會增加緊迫性並使我們的計劃更加重要。在這種環境下，我們將專注於管理我們可以控制的變數。我將擴大“尖端專案”的範圍並期望實現增量 EBITDA 節省。我們將隨時向大家通報這項重要措施的進展。

Recognizing the uncertain macro outlook as well as our intention to drive incremental savings under Project Cutting Edge, we continue to expect a flat EBITDA performance with significant improvement in free cash flow from operations in 2025.

認識到宏觀前景的不確定性以及我們在「尖端專案」下推動增量節約的意圖，我們繼續預計 2025 年 EBITDA 業績將持平，營運自由現金流將顯著改善。

And now back to you, Lucy.

現在回到你身邊，露西。

Before we go into our Q&A session, I would like to remind you that any forward-looking statements we make today are based on our current knowledge of the markets in which we operate and could change in the future due to a variety of factors beyond our control.

在我們進入問答環節之前，我想提醒大家，我們今天做出的任何前瞻性陳述都是基於我們對所運營市場的當前了解，並且可能由於各種我們無法控制的因素而在未來發生變化。

In addition, unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases refer to our prices for our products.

此外，除非上下文另有說明，所有提及的定價措施、價格上漲或下降均指我們產品的價格。

And now, we will be happy to take your questions. (Operator Instructions)

現在，我們很樂意回答您的問題。（操作員指示）

Adrián Huerta, JPMorgan.

摩根大通的 Adrián Huerta。

Thank you, Lucy. Good morning, everyone. Jaime, first of all, congrats on your new role and best wishes. And I mean, you spoke a lot already about this organization transformation and things that you would like to focus on. What other details can you give us in terms of let's say for example, first on the cost side on this program that you guys released at the end of the fourth quarter?

謝謝你，露西。大家早安。Jaime，首先，祝賀你擔任新職務並致以最良好的祝愿。我的意思是，您已經談論了很多關於組織轉型以及您想要關注的事情。比如說，首先是關於你們在第四季末發布的這個專案的成本方面，您還能提供我們哪些其他細節？

Could we say that that is just the beginning of even more potential achievements in terms of cost reductions as the year progresses? Is that something that you want to look into detail, understanding the big opportunity that the company has to reduce cost and enhance margins?

我們是否可以說，這只是未來一年在降低成本方面取得更多潛在成就的開始？您是否想詳細研究這一點，了解公司降低成本和提高利潤的巨大機會？

And then as the year goes out, how can we think about your agenda in terms of what you will be looking in terms of a geographical mix and investments? And I am assuming that these three things are the key three things that you're going to be focusing on unless there's something else that you would like to add?

那麼，隨著新年的到來，我們如何從地理組合和投資的角度來考慮您的議程？我認為這三件事就是您要關注的三件關鍵事情，除非您還想補充其他內容？

Adrian, first, thank you for congratulating me. Good talking to you. I hope that you're doing great.

阿德里安，首先，謝謝你對我的祝賀。很高興和你交談。我希望你一切順利。

Regarding Project Cutting Edge, the answer is yes. Beyond what we were working on, mainly significant savings around supply chain network, logistics, that includes freight and procurement. I'm also looking at incremental savings by reducing materially overheads.

對於“尖端計劃”，答案是肯定的。除了我們正在努力的工作之外，主要在供應鏈網路、物流（包括貨運和採購）方面節省大量成本。我也在考慮透過減少物質開銷來實現增量節省。

Basically, after deleveraging and after achieving great milestones in most of our past strategic initiatives, we can now move on and do many less but very relevant things with many less resources. And that's what we're planning to do. We will be empowering our regions to deliver significant improvements to margins looking at every part of our portfolio, making sure that every asset in our portfolio delivers ROCE above WACC.

基本上，在去槓桿並在過去的大多數戰略舉措中取得重大里程碑之後，我們現在可以繼續前進，用更少的資源做更多數量較少但非常相關的事情。這正是我們計劃要做的事。我們將授權我們的各地區大幅提高我們投資組合每個部分的利潤率，確保我們投資組合中每項資產的 ROCE 都高於 WACC。

I'm planning to, together with some of my peers to engage very close with the regions in two performance reviews every year in which we will talk about margin expansion, operational efficiency, and much higher free cash flow conversion rates. So yes. Adrian, do expect that we're working on incremental structural cost savings by reducing materially overheads, and that means overheads across the whole portfolio. Not just corporate in central.

我計劃與一些同事一起，每年與各地區進行兩次密切的績效評估，討論利潤率擴張、營運效率以及更高的自由現金流轉換率。是的。阿德里安，我們確實希望透過減少實質管理費用來逐步節省結構性成本，這意味著整個投資組合的管理費用。不僅僅是位於中心的企業。

So that was your first question. And could you remind me the second question, Adrian? Sorry about that.

這是你的第一個問題。你能提醒我第二個問題嗎，阿德里安？很抱歉。

Yes, no, the second one was also within those things that you're going to be focusing on. What and how soon we could expect also changes -- what changes, more activity regarding the geographic mix that you have and investments?

是的，不，第二個也屬於您將要關注的事情。我們還能期待什麼變化、多久會改變──有哪些變化，在你們的地理分佈和投資方面有更多活動？

Yeah, okay. On geographic mix, we will continue to focus on Mexico, the US, and Europe as we've done so far. And the difference might be that whether it's emerging or a developed market, we're going to be focusing relentlessly on improving free cash flow conversion from every asset we operate. And we're going to be optimizing CapEx to reduce it by either improving pieces of our portfolio to the point that they should deliver a significant free cash flow conversion and a ROCE above WACC, or otherwise if it's worth more to others, we might see some further divestments.

嗯，好的。在地理分佈方面，我們將繼續像目前一樣關注墨西哥、美國和歐洲。不同之處在於，無論是新興市場還是已開發市場，我們都將堅持不懈地致力於提高我們營運的每項資產的自由現金流轉換率。我們將優化資本支出，透過改善投資組合，使其能夠實現顯著的自由現金流轉換和高於加權平均資本成本的已動用資本回報率 (ROCE)，從而降低資本支出；或者，如果它對其他人來說更有價值，我們可能會看到進一步的資產剝離。

So we're going to be looking at that and we're going to be working a lot on operational excellence, which means recovering competitiveness, being very agile and with a very competitive cost structure. I hope I have answered your question, Adrian. Thank you.

因此，我們將關注這一點，並將在卓越營運方面投入大量精力，這意味著恢復競爭力，變得非常靈活，並擁有非常有競爭力的成本結構。我希望我已經回答了你的問題，阿德里安。謝謝。

You did. Thank you.

你做到了。謝謝。

Francisco Suarez, Scotiabank.

豐業銀行的弗朗西斯科·蘇亞雷斯。

Yes, thank you so much. Good morning and congrats, Jaime, for the new role.

是的，非常感謝。早上好，恭喜 Jaime 獲得新職位。

The question I have is actually a follow-up on Project Cutting Edge. To me, it seems that it's far more than just a cost-cutting reduction program, and it is about more aligning the entire organization with investors and your overall new strategic objectives. If the answer is yes, can you provide more details on how you expect to change the entire organization in ways that it could be better aligned with what investors care about and if possible, to add any specific KPIs that you have in mind for these efforts?

我的問題實際上是對「Cutting Edge」專案的後續關注。對我來說，這似乎不僅僅是一個削減成本的計劃，而是更多地讓整個組織與投資者以及你的整體新策略目標保持一致。如果答案是肯定的，您能否提供更多細節，說明您希望如何改變整個組織，使其更好地與投資者關心的問題保持一致，如果可能的話，請添加您為這些努力考慮的任何具體關鍵績效指標 (KPI)？

Thank you.

謝謝。

Yes, Francisco, thanks for your question. The answer is yes, and what we're planning to do is to introduce EBIT free cash flow conversion and ROCE over WACC. And we're going to be trickling down these KPIs to every P&L owner in the organization. And we're going to be relentlessly reviewing them in these performance reviews that I will be doing with my peers twice a year across the portfolio.

是的，弗朗西斯科，謝謝你的提問。答案是肯定的，我們計劃引入 EBIT 自由現金流轉換和 ROCE 而不是 WACC。我們將把這些 KPI 傳達給組織中的每個損益所有者。我們將在績效評估中不斷審查這些績效，我將與我的同事每年兩次在整個投資組合中進行績效評估。

In addition, in the second semester of the year, I'm planning to review executives' compensation to align those with these additional KPIs, Francisco. So I hope that I have answered your question.

此外，在今年第二學期，我計劃審查高階主管的薪酬，以使其與這些額外的 KPI 保持一致，弗朗西斯科。我希望我已經回答了你的問題。

This is perfect. Thank you so much.

這太完美了。太感謝了。

Thanks for that.

謝謝。

Paul Roger, BNP Paribas.

法國巴黎銀行的保羅·羅傑。

Could there be any change in strategy regarding urbanization solutions under new leadership? Maybe expanding into light side verticals, for example?

新領導層的城鎮化解決方案策略會有什麼改變嗎？例如，也許可以擴展到光明面垂直領域？

Thanks, Paul, for the question. The way I look at urbanization solutions is as follows. I do see certain verticals with great potential to provide sustainable and unprofitable growth in our portfolio. I see great opportunities in Mexico, in the US, and in Europe. I like to be more exposed to the renovation industry and not just new construction, and I like the verticals where we can achieve significant operating synergies both by vertically integrating further into cement, aggregates, and mixtures through those urbanization solutions businesses but also achieving synergies by market segment and customer segment with cross-selling opportunities.

謝謝保羅提出這個問題。我看待城市化解決方案的方式如下。我確實看到某些垂直行業具有巨大的潛力，可以為我們的投資組合帶來可持續且無利可圖的成長。我看到墨西哥、美國和歐洲存在著巨大的機會。我喜歡更多地接觸裝修行業，而不僅僅是新建築行業，我喜歡垂直行業，我們可以透過這些城市化解決方案業務進一步垂直整合到水泥、骨料和混合物中，實現顯著的運營協同效應，也可以透過交叉銷售機會實現市場細分和客戶細分的協同效應。

Personally, I like mortars, stuccos, renders, insulation, and squids for flooring solutions and also circularity, particularly in Europe. So the conclusion is we will continue responsibly deploying capital to grow our urbanization solutions, businesses. But we are going to do it with very focused strategy around those specific verticals, and I repeat, Mexico, where we have a very strong customer base, the US and Europe. And yes, it includes their four light side solutions.

就我個人而言，我喜歡用砂漿、灰泥、抹灰、絕緣材料和魷魚作為地板解決方案，也喜歡循環利用，尤其是在歐洲。因此結論是，我們將繼續負責任地部署資本來發展我們的城市化解決方案和業務。但我們將針對這些特定的垂直市場採取非常集中的策略，我再說一遍，我們在墨西哥、美國和歐洲擁有非常強大的客戶群。是的，它包括他們的四個光明面解決方案。

Gordon Lee, BTG.

戈登李，BTG。

Well, first of all, Jaime, let me again echo your congratulations for your new role and obviously, my best wishes. It's very exciting. I have a very quick question going back to your sort of the priorities you mentioned at the beginning of the call as you take over the new role, but focusing a little bit more on the financial slash capital allocation side of things.

嗯，首先，傑米，請允許我再次對你擔任新職務表示祝賀，當然，還有我的最良好祝愿。這非常令人興奮。我有一個非常簡單的問題，回到您在電話會議開始時提到的接任新職位時的優先事項，但更多地關注財務和資本配置方面。

I was wondering if you could tell us where share buybacks rank in your list of capital allocation priorities and whether we can expect Cemex to be more aggressive on that front going forward given the stock's current evaluation? Thank you.

我想知道您是否可以告訴我們股票回購在您的資本配置優先事項清單中排在第幾位，以及考慮到股票的當前估值，我們是否可以預期 Cemex 未來會在這方面採取更積極的行動？謝謝。

Gordon, thanks for congratulating me. The straight answer is that share buybacks is in our toolkit. The shareholders general meeting approved a program for up to $500 million and as part of our capital allocation, I see three main buckets. I see opportunities to continue deleveraging because we can save materially interest expenses and boost free cash flow conversion. So that's one.

戈登，謝謝你恭喜我。直接的答案是，股票回購是我們的工具包之一。股東大會批准了一項高達 5 億美元的計劃，作為我們資本配置的一部分，我認為主要有三個方面。我看到了繼續去槓桿的機會，因為我們可以節省大量利息支出並提高自由現金流轉換率。這就是其中之一。

Number two, I do want to enhance total shareholder returns with progressive dividends combined with share buybacks when they become opportunistic and at the right time. And third, we don't want to miss opportunities for growth through -- it's very responsible accretive to free cash flow, small to medium sized acquisitions in the US mainly.

第二，我確實希望在適當的時機透過漸進式分紅和股票回購來提高股東總回報。第三，我們不想錯過成長機會——這對增加自由現金流非常有利，主要是在美國進行中小型收購。

So the answer is yes, share buybacks is in our toolkit. Having said that, I also want to share, Gordon, that in this uncertain macro environments, I do want to preserve cash in hand and definitely continue paying the principal of our debt to lower interest taxes, expenses. It makes a lot of sense. And finally, we're walking away from strategic CapEx, we've done enough.

答案是肯定的，股票回購就在我們的工具包裡。話雖如此，戈登，我還想分享的是，在這種不確定的宏觀環境下，我確實希望保留手頭上的現金，並繼續償還債務本金，以降低利息、稅收和費用。這很有道理。最後，我們正在放棄策略資本支出，我們已經做得足夠多了。

I will be working with the team to endlessly make sure that the incremental EBITDA and free cash flow from current strategic pipeline meet our targets over time. That doesn't mean that we wouldn't approve any strategic CapEx. But we're now shifting from strategic CapEX to other uses of capital. So I hope that I answer your questions, Gordon.

我將與團隊一起不斷努力，確保當前策略管道的增量 EBITDA 和自由現金流能夠隨著時間的推移滿足我們的目標。這並不意味著我們不會批准任何戰略資本支出。但我們現在正從策略資本支出轉向其他資本用途。所以我希望我能回答你的問題，戈登。

You did. Thank you very much.

你做到了。非常感謝。

Anne Milne, Bank of America.

美國銀行的安妮‧米爾恩 (Anne Milne)。

Good morning, Jaime, Lucy, Maher. Nice to hear you on the call. And Jaime. yes, I will also congratulate you on the role, having known you for many years in different functions. It's very nice to see you in the CEO position.

早安，Jaime、Lucy、Maher。很高興接到您的電話。還有詹姆。是的，我也會祝賀你擔任這個職位，因為我在不同的職位上認識你很多年了。很高興看到您擔任執行長一職。

My question is on the financial side now that you have called the 9 and an 18 [perps], you haven't called the 5 and an 8. Obviously, it has a little coupon. Maybe you could just walk us through a couple of things on the financing side? I assume that you will pay down the other perpetual, at least by the call date, if not sooner, just because it is expensive. Well, it's not so expensive, but it doesn't give you any sort of equity treatment.

我的問題是關於財務方面，既然你已經呼叫了 9 和 18 名罪犯，但還沒有呼叫 5 和 8。顯然，它有一張小優惠券。也許您可以向我們介紹一下融資方面的一些事情？我認為你會償還另一筆永續債券，至少在贖回日之前，甚至更早，因為它很貴。嗯，它不是那麼昂貴，但它不會給你任何形式的公平待遇。

And then just your thoughts on potentially doing a new perpetual without the penalizing language going forward and if you have any other plans on doing anything else on the financial side this year? Thank you.

那麼，您對於未來可能推出一種不帶懲罰性語言的新型永久性合約有何看法？今年在財務方面您還有其他計畫嗎？謝謝。

Okay, thanks. I will ask Maher to answer your question. Please, Maher.

好的，謝謝。我將請馬希爾來回答你的問題。請，馬希爾。

Thank you, Jaime. Hi, Anne, good to hear from you.

謝謝你，傑米。你好，安妮，很高興收到你的來信。

So let's go through all of the question in series, right? I mean, our biggest concern is to reduce interest expenses. If we take a look at our interest expense plus the coupons on the subordinated notes, we're probably using about 25% of our EBITDA to pay interest. So very importantly, during the year we will continue, as Jaime said, to the extent there are no other opportunities to do anything else to deleverage, to continue to deleverage and reduce our interest expense.

那麼讓我們依序討論所有問題，對嗎？我的意思是，我們最關心的是減少利息支出。如果我們看一下我們的利息支出加上上次級票據的票，我們可能會使用約 25% 的 EBITDA 來支付利息。因此，非常重要的是，正如 Jaime 所說，在這一年中，如果沒有其他機會採取其他措施來去槓桿，我們將繼續去槓桿並降低我們的利息支出。

The change in ratings methodology from S&P definitely gives us -- as you know, gave us an opportunity to call the notes at 101. Currently, we do see the perpetual notes as part of the capital structure of the company for the foreseeable future, so we will be monitoring the markets to renew the 9 and 18 definitely, a significant savings from what we had before, just to remind the audience, the coupon is 9 and 18 and we bought it at 101.

標準普爾評級方法的改變無疑給了我們——正如你所知，給了我們以 101 評級的機會。目前，我們確實將永久票據視為可預見的未來公司資本結構的一部分，因此我們將密切關注市場，以續訂 9 和 18，這比我們之前的票據節省了不少，只是提醒一下觀眾，息票是 9 和 18，我們以 101 的價格買入。

So the other perpetual frankly today is trading at below par and it would be expensive to call. And so for the time being, I don't anticipate that we would do anything on that. And then we are working on some other financings in euros that may enable us to reprice or extend some of our euro-denominated outstandings that we can manage during the course of the year.

因此，坦白說，今天另一隻永續債券的交易價格低於票面價值，而且贖回成本很高。因此，就目前而言，我預計我們不會對此採取任何行動。然後，我們正在研究一些其他歐元融資，這可能使我們能夠重新定價或延長我們在今年可以管理的部分歐元計價未償還債務。

Now in terms of the call of the 9 and 18, we used a little bit of cash and some of the revolver during the quarter, but frankly that was just because of seasonality. Pretty much now, it's all cash essentially. And so we're monitoring the market with a view to potentially refining that towards the end of the year, but we're not in a hurry. I mean, we're patient and we're monitoring the markets to see what we can do in terms of our financial strategy.

現在就 9 和 18 的呼籲而言，我們在本季度使用了一點現金和一些循環信貸，但坦白說，這只是因為季節性原因。現在基本上都是現金。因此，我們正在監測市場，以期在年底前完善這項政策，但我們並不著急。我的意思是，我們很有耐心，我們正在監測市場，看看我們在財務策略方面能做些什麼。

Okay, thanks. And just can I just ask a clarification on the purchase of the -- or the repayment of the perps, you said you use cash and some revolver, but that the revolver is due to seasonality. Has that been repaid now or will that be repaid in near term?

好的，謝謝。我能否就購買或償還罪犯的問題進行澄清，您說您使用現金和一些循環信貸，但循環信貸是由於季節性造成的。現在已經償還了嗎？還是近期會償還？

Yeah, exactly. Yeah, exactly. That was in the quarter and so now we're kind of back to pretty much no undrawn amounts under that.

是的，確實如此。是的，確實如此。那是在本季度，所以現在我們幾乎已經回到了沒有未提取金額的狀態。

Okay, perfect. Thank you very much, Maher. I appreciate that.

好的，完美。非常感謝，馬希爾。我很感激。

Thank you.

謝謝。

Yassine Touahri, On Field.

亞辛‧圖阿里 (Yassine Touahri)，《在球場上》。

Yes, good morning and thank you very much for taking my question. Again, congratulations for your new position, Jaime, and best of luck for the future. My question would be on your [peers], so the whole team and the Heidelberg materials are targeting EBITDA to free cash flow conversion rates above 50%.

是的，早上好，非常感謝您回答我的問題。再次恭喜你獲得新職位，Jaime，並祝你未來一切順利。我的問題是關於你的[同行]，所以整個團隊和海德堡材料的目標是將 EBITDA 轉換為 50% 以上的自由現金流轉換率。

When I'm looking at your 2025 guidance, it suggests less than 25%. So my question is, do you believe that Cemex can achieve best-in-class conversion, cash conversion in the coming years? And if so, what would be the level of cash, financial expenses and strategic CapEx that you would target midterm? And also, is your higher exposure than peers to create a problem or a difficulty to achieve a better cash conversion?

當我查看您的 2025 年指導時，它建議低於 25%。所以我的問題是，您是否相信 Cemex 能夠在未來幾年實現一流的轉換率和現金轉換率？如果是的話，您中期目標的現金、財務支出和策略資本支出水準是多少？此外，您的曝光率比同行更高，是否會為實現更好的現金轉換帶來問題或困難？

Yassine, thank you so much for congratulating me.

亞辛，非常感謝你對我的祝賀。

And let me respond to your first question. And that's exactly what I'm doing right now, benchmarking to those who are achieving better metrics. And our target is to at least meet the best in class. I do believe that we can achieve best in class cash conversion in the short to medium term. Now what are the drivers?

讓我來回答你的第一個問題。這正是我現在正在做的事情，以那些取得更好指標的人為標竿。我們的目標是至少達到同類最佳水準。我確實相信我們可以在短期到中期內實現最佳的現金轉換。那麼驅動因素是什麼呢？

Number one, we're going to be working to increase EBITDA. That's going to happen because we're going to see in the midterm after the macro uncertainty goes away, a recovery of volumes in many of our markets and that will boost operational leverage.

首先，我們將努力提高 EBITDA。這是會發生的，因為我們將在中期看到宏觀不確定性消失後，許多市場的交易量將復甦，這將提高營運槓桿。

Second, we will also benefit from incremental EBITDA and free cash flow conversion -- from free cash flow, sorry, from our strategic CapEx. That's undergoing right now from our pipeline. And those at a steady state should generate around $0.68 million of incremental EBITDA with solid free cash flow as well. So those are the two factors.

其次，我們也將受益於增量 EBITDA 和自由現金流轉換——來自自由現金流，抱歉，來自我們的策略資本支出。我們現在正在透過管道進行這項工作。而那些處於穩定狀態的企業應該會產生約 68 萬美元的增量 EBITDA，同時也能產生穩健的自由現金流。這就是兩個因素。

The third factor is that we're going to be reducing the strategic CapEx. Again, focusing on realizing the committed incremental EBITDA and free cash flow from the ongoing pipeline or we're going to be doing portfolio management from a ROCE to WACC point of view, meaning that assets that do not deliver a ROCE above WACC as I set targets top down for every asset in the portfolio and provided that it is worth more to others, would go away. We will be working with (inaudible), therefore, to improve margins and return an asset.

第三個因素是我們將減少策略資本支出。再一次，專注於實現承諾的增量 EBITDA 和來自正在進行的管道的自由現金流，或者我們將從 ROCE 到 WACC 的角度進行投資組合管理，這意味著，當我為投資組合中的每項資產自上而下設定目標時，那些不能提供高於 WACC 的 ROCE 的資產，只要它對其他人更有價值，就會消失。因此，我們將與（聽不清楚）合作，以提高利潤率並回報資產。

And finally, regarding your question about ready-mix concrete, as we did in the US, I think in the US is a good template, because there, we exited by divesting and or shutting down, but divested some ready-mix positions that although contributed for vertical integration we could achieve that vertical integration through other means being a long-term supply contract or a joint venture would retain a minority holding.

最後，關於您關於預拌混凝土的問題，正如我們在美國所做的那樣，我認為美國是一個很好的模板，因為在那裡，我們通過剝離或關閉退出，但剝離了一些預拌混凝土業務，雖然這些業務有助於垂直整合，但我們可以通過其他方式實現垂直整合，即簽訂長期供應合同或合資企業保留少數股權。

So as part of our performance reviews across our portfolio, we are revisiting our ready-mix concrete positions. And wherever we think that they wouldn't achieve our ROCE to WACC metrics, we would take action. So the overall answer is we do have the -- we do know what we need to do and I do believe that we can improve our free cash flow conversion meeting those that are today generating more.

因此，作為我們整個投資組合績效評估的一部分，我們正在重新審視我們的預拌混凝土狀況。無論何時，只要我們認為他們無法實現我們的 ROCE 與 WACC 指標，我們就會採取行動。所以總體答案是，我們確實有——我們確實知道我們需要做什麼，而且我確實相信我們可以改善我們的自由現金流轉換，以滿足今天產生更多現金流的需求。

I hope I answered your question.

我希望我回答了你的問題。

That's very clear. Thanks.

這非常清楚。謝謝。

Alejandra Obregón, Morgan Stanley.

亞歷杭德拉‧奧布雷貢，摩根士丹利。

Hi, good morning. Good morning, Cemex team. Jaime, congratulations on your new position. My question is a little bit related to all the previous ones. As you put together, you mentioned Project Cutting Edge, cost savings, free cash flow generation initiatives, and above WACC returns.

嗨，早安。早安，Cemex 團隊。傑米，恭喜你獲得新職位。我的問題與前面的問題有點相關。正如您所說，您提到了「尖端專案」、成本節約、自由現金流產生計劃以及高於 WACC 的回報。

My question is a little bit perhaps on a horizontal view of that. Where do you think from a regional perspective or perhaps from a product perspective you're going to get to see more benefits from all this strategy or do you see more opportunities as you do perhaps an early assessment of where things are today? Thank you.

我的問題可能有點側重於橫向觀點。從區域角度或產品角度來看，您認為您將從這項策略中獲得更多好處，或者您是否在對當前情況進行早期評估時看到了更多機會？謝謝。

Thanks for the question, Alejandra. First of all, what are the main legs if you allow me to use that expression for Project Cutting Edge? First, supply chain optimization. You're going to see improvements, particularly in the cement and potentially aggregate business. We have another pillar, which is fuel sourcing and that's going to be primarily cement driven.

謝謝你的提問，Alejandra。首先，如果您允許我使用這個表達式來描述“尖端項目”，那麼它的主要支柱是什麼？第一，供應鏈優化。你會看到改進，特別是在水泥和潛在的骨材業務方面。我們還有另一個支柱，即燃料採購，這將主要由水泥驅動。

We do have a material improvement in operational efficiency in the US. That's something that we've been working on that also applies to cement. So far, the team did a great job improving operational efficiency by 5 percentage points year over year in 1Q at '25. Then you're going to see procurement savings and those are targeting all third-party addressable spend so that cuts across not just for cement but also aggregates and ready-mix and across the company.

我們在美國的營運效率確實有了實質的提升。這是我們一直在研究的課題，也適用於水泥。到目前為止，該團隊表現出色，在 2025 年第一季將營運效率年比提高了 5 個百分點。然後你會看到採購節省，這些節省針對的是所有第三方可尋址支出，因此不僅適用於水泥，還適用於骨料和預拌混凝土以及整個公司。

Then do expect a material reduction on overheads and that targets SG&A across the board. And finally, as we revisit our ready-mix network, do expect some enhanced margins in the ready-mix business. That's how we're looking. That's how we're looking at it. I hope I answered your question, Alejandra.

那麼確實預期管理費用會大幅減少，並且全面削減銷售、一般和行政費用。最後，當我們重新審視我們的預拌混凝土網路時，我們確實預期預拌混凝土業務的利潤率會有所提高。我們就是這樣看的。我們就是這樣看待它的。我希望我回答了你的問題，亞歷杭德拉。

You did. Thank you very much and congratulations again on the role.

你做到了。非常感謝，並再次恭喜您獲得此職位。

Thanks, ma'am.

謝謝，女士。

Benjamin Theurer, Barclays.

巴克萊銀行的本傑明‧圖爾 (Benjamin Theurer)。

Yeah, good morning, and I'll just follow suite. Congrats, best of luck in your new role as CEO.

是的，早上好，我也會這麼做。恭喜，祝您在擔任 CEO 的新職位上一切順利。

So I wanted to follow up and, I mean, taking all advantage that you were in charge of the US business in the past. You've been very detailed in terms of some of the issues in the first quarter, so I wanted to understand what you're seeing in the US market and the free main buckets of demand, i.e. infrastructure, but also you reflect industrial, commercial, and the softness in housing.

所以我想跟進一下，我的意思是充分利用你過去負責美國業務的優勢。您對於第一季的一些問題已經說得非常詳細，所以我想了解您在美國市場和主要需求領域（即基礎設施）看到的情況，同時也反映了工業、商業和住房市場的疲軟。

How much do you think is already related to the fear of a potential slowdown in economic activity or how much of that is yet to come and if you've seen any improvements in April versus what was clearly a challenging first quarter? Thank you.

您認為這在多大程度上與對經濟活動可能放緩的擔憂有關，或者在多大程度上這種擔憂尚未出現，以及與明顯充滿挑戰的第一季度相比，您是否看到 4 月份的情況有所改善？謝謝。

Okay. Thanks, Ben, for congratulating me and thank you for the question.

好的。謝謝本對我的祝賀，也謝謝你提出這個問題。

The first quarter in the US was pretty slow. Indeed, the weather was very difficult and it even affected the states such as Florida with heavy snow. We have seen since January an increased quarter --sorry, month after month. So sequentially of daily sales across cement and ready-mix and also aggregates because of much better weather in Florida. Therefore, I can confirm to you that we've seen that increase month after month, so it's not just seasonality of winter, but also we saw it on better daily sales, and that is encouraging.

美國第一季的發展相當緩慢。確實，天氣非常惡劣，甚至佛羅裡達等州也遭遇了大雪。自一月以來，我們看到季度成長——抱歉，是逐月成長。因此，由於佛羅裡達州的天氣好轉，水泥、預拌混凝土和骨材的每日銷售量均有所成長。因此，我可以向你們確認，我們看到銷售額逐月增長，這不僅僅是冬季的季節性影響，而且我們還看到了更好的每日銷售額，這是令人鼓舞的。

We still see a robust infrastructure spending and we see more projects coming along. And according to our data, we think that only 35% of the funding from the infrastructure bill has been deployed, and I think that the best is yet to come. It's probably picking up in maybe in 2026. But we do see a strength there.

我們仍然看到強勁的基礎設施支出，並且我們看到更多的項目正在推進。根據我們的數據，我們認為基礎設施法案的資金只有 35% 已經部署，而且我認為最好的情況還在後頭。大概到 2026 年就會回升。但我們確實看到了那裡的優勢。

We also have a pretty solid backlog in ready-mix, and we're vertically integrated upstream with aggregates and cement, and the backlog in ready-mix is resilient, particularly in industrial and heavy commercial. We're doing data centers, second phases of semiconductor facilities, and we have also a lot of work around Cape Canaveral. So the data centers, the industrial and heavy commercial, are pretty resilient. Where we see witness is in residential, both multi-family and single-family homes.

我們在預拌混凝土方面也有相當可觀的積壓訂單，並且我們在上游與骨料和水泥進行了垂直整合，預拌混凝土的積壓訂單具有彈性，特別是在工業和重型商業領域。我們正在建造資料中心、半導體設施的第二階段，在卡納維爾角周圍也有很多工作。因此，資料中心、工業和重型商業中心都具有相當強的彈性。我們在住宅區，包括多戶住宅和單戶住宅​​中看到了這種情況。

Let's see what happens with multi-family after dropping quite significantly in the last 18 months and see if it behaves on anti-cyclical right to a worst single-family home environment because of lack of affordability because of high mortgage rates. So the weak segment is indeed residential.

讓我們看看在過去 18 個月大幅下降之後多戶住宅市場會發生什麼，看看由於高抵押貸款利率導致人們缺乏負擔能力，其是否會表現出與最糟糕的單戶住宅環境相反的反週期行為。因此，薄弱環節確實是住宅領域。

That's how we see things then in the next months. Obviously, we do want macro uncertainty to disappear as fast as possible so that investors can continue and resume some of their investment projects that were planned and that indeed some of them were put on hold because of uncertainty.

這就是我們對未來幾個月情況的看法。顯然，我們確實希望宏觀不確定性盡快消失，以便投資者能夠繼續並恢復一些原計劃的投資項目，而其中一些項目確實因不確定性而被擱置。

I hope I answered your question, Ben.

我希望我回答了你的問題，本。

Carlos Peyrelongue, Bank of America.

卡洛斯·佩雷隆格（Carlos Peyrelongue），美國銀行。

Thanks, Lucy. My question has been answered. But I want to thank Jaime as well on the new position and best of luck.

謝謝，露西。我的問題已得到解答。但我也要感謝 Jaime 的新職位，並祝他好運。

Thanks, Carlos.

謝謝，卡洛斯。

Jorel Guilloty, Goldman Sachs.

高盛的喬雷爾·吉洛蒂（Jorel Guilloty）。

Thank you, Lucy. Congrats, Jaime, and hello, Maher. So I just wanted to focus a little bit more on the near term. So we're nearly about a month from the initial tariff announcements that came on and came off, but I just wanted to get a sense of how this uncertainty might be impacted, impacting the flows that you're seeing for cement imports?

謝謝你，露西。恭喜你，Jaime，你好，Maher。所以我只是想多關註短期問題。因此，距離最初的關稅公告出台和取消已經有近一個月的時間了，但我只是想了解一下這種不確定性可能會受到怎樣的影響，如何影響您所看到的水泥進口流量？

It can be at an industry level, it can be at your level, but just wanted to get a sense of if you're seeing any changes and how flows have been changing by country of origin? And also, you mentioned that you could flex your imports from Mexico, but I just wanted to get a sense of how much of your imports from Mexico can address total imports and which states would be impacted?

它可以是行業層面的，也可以是您的層面的，但我只是想了解您是否看到了任何變化，以及流量按原產國發生了怎樣的變化？另外，您提到您可以靈活調整從墨西哥的進口量，但我只是想了解一下從墨西哥的進口量有多少可以滿足總進口量以及哪些州會受到影響？

Those are my questions. Thank you.

這些都是我的問題。謝謝。

Jorel, thank you so much for your question. Overall picture, if the targets were confirmed, 90 days -- in 90 days, as far as understood, there is some sources such as Vietnam, for example, that would be subject to 46% I think it was. And obvious, Chinese, but there are no Chinese imports into the United States right now. And then the rest would be 10% excluding imports from Canada and Mexico that are part of the free trade agreement.

Jorel，非常感謝您的提問。總體而言，如果目標得到確認，90 天 - 在 90 天內，據了解，有一些來源，例如越南，將受到 46% 的影響，我認為是這樣的。顯然，是中國產品，但目前美國還沒有進口中國產品。剩下的將是 10%，不包括自由貿易協定中來自加拿大和墨西哥的進口。

So let me start with the West. If those -- if that 46% tariff was confirmed, we would be ready to materially increase our price through a surcharge, a tariff surcharge. We're familiar with these types of situations. We lifted back in 2022 with a hyperinflation when we faced the $60 per ton landed incremental cost in a very in a very short time and we were able to increase prices to more than offset that cost preserving margins.

那麼讓我先從西方開始。如果 46% 的關稅得到確認，我們將準備透過附加費（關稅附加費）大幅提高價格。我們熟悉這類情況。2022 年，我們經歷了惡性通貨膨脹，在極短的時間內面臨每噸 60 美元的增量到岸成本，但我們能夠提高價格，以抵消成本，從而獲得更高的利潤。

In the west, most of the cement imported comes from Vietnam. Therefore, I do expect to be able to introduce that surcharge and we've already communicated that to our customers. Having said that, regarding the West again, because we didn't -- last year we decided not to lock in all imports we needed for the year. Why? Because we wanted to keep flexibility on our ability to switch sources.

在西方，進口的水泥大部分來自越南。因此，我確實希望能夠引入該附加費，並且我們已經將這一消息告知了我們的客戶。話雖如此，再次談到西方，因為我們沒有——去年我們決定不鎖定我們當年所需的所有進口。為什麼？因為我們希望保持切換來源的彈性。

And that allows us to rely more on our Mexican network, both maritime and rail to top the West using our cement, which is covered by the free trade agreement. Therefore, we can do that and cover a lot of our needs for the West replacing the Vietnamese imports.

這樣，我們就可以更依賴墨西哥的海運和鐵路網絡，將我們的水泥銷往西部，而這都受到自由貿易協定的保護。因此，我們可以做到這一點，並滿足西方的許多需求，取代越南的進口。

Now, if you look at the east Florida and the Gulf Coast. There are some industry players who might be importing Vietnamese. Most of the sourcing comes from Turkey, Saudi Arabia, in some European countries, particularly maybe Greece. But the largest player is Turkey, and there the tariff is 10%.

現在，如果你看看佛羅裡達州東部和墨西哥灣沿岸。一些行業參與者可能正在進口越南產品。大部分採購來自土耳其、沙烏地阿拉伯和一些歐洲國家，尤其是希臘。但最大的參與者是土耳其，其關稅為 10%。

What I can tell you is that we have already communicated to our customers that should those tariffs be implemented, we would be introducing a surcharge immediately to pass along to consumers that cost increase. Having said that, we do have flexibility because we didn't fix costs for everything we need to import. And therefore, we are planning to leverage both rail on our (inaudible) plant and maritime out of our east Mexican capacity to displace the sources that would be subject to 10% import tariffs.

我可以告訴你們的是，我們已經告知客戶，如果這些關稅得以實施，我們將立即徵收附加費，將成本增加轉嫁給消費者。話雖如此，我們確實具有靈活性，因為我們並沒有固定所有需要進口商品的成本。因此，我們計劃利用我們（聽不清楚）工廠的鐵路和墨西哥東部的海運能力來取代那些需要繳納 10% 進口關稅的貨源。

And finally, we do have -- and we own two vessels that cand do those lanes effectively. And finally, the great news which is that we are improving operational efficiency in the US, as I said 5 percentage points year over year, and that means that we're producing more cement locally and we do plan to replace imports. So I think that we are in a good position to navigate current uncertainty on tariffs.

最後，我們確實擁有兩艘可以有效航行於這些航線的船隻。最後，好消息是，我們正在提高美國的營運效率，正如我所說，比去年同期提高了 5 個百分點，這意味著我們在當地生產更多的水泥，我們確實計劃取代進口。因此我認為我們能夠很好地應對當前關稅的不確定性。

I hope I answered your question, Jorel.

我希望我回答了你的問題，喬雷爾。

Thank you for the color.

謝謝你的顏色。

We appreciate you joining us today for our first-quarter results. We hope that you'll come back again for our second quarter 2025 webcast on July 24. If you have any additional questions, please feel free to reach out to investor relations. Many thanks.

感謝您今天參加我們的第一季業績發表會。我們希望您能於 7 月 24 日再次收聽我們的 2025 年第二季度網路廣播。如果您有任何其他問題，請隨時聯繫投資者關係部門。非常感謝。

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.

感謝大家參加今天的會議。演講到此結束。您現在可以斷開連線。再會。