Cemex SAB de CV (CX) 2025 Q2 法說會逐字稿

Good morning. Welcome to the Cemex second quarter 2025 conference call and webcast. My name is Becky, and I will be your operator today.

早安.歡迎參加 Cemex 2025 年第二季電話會議和網路廣播。我叫貝基，今天我將擔任您的接線生。

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

（操作員指示）現在，我將會議交給首席通訊官露西·羅德里格斯。請繼續。

Good morning and thank you for joining us for our second quarter 2025 conference call and webcast. We hope this call finds you well. I'm joined today by Jaime Muguiro, our CEO, and by Maher Al-Haffar, our CFO. We will start our call with an update on the progress made so far on our strategic priorities, followed by a review of our business and outlook for the second half of the year. And then we will be happy to take your questions. I will now hand the call over to Jaime.

早安，感謝您參加我們的 2025 年第二季電話會議和網路廣播。我們希望您一切安好。今天與我一起出席的還有我們的執行長 Jaime Muguiro 和財務長 Maher Al-Haffar。我們的電話會議首先會介紹迄今為止我們在策略重點方面取得的進展，然後回顧我們的業務以及下半年的前景。然後我們將很樂意回答您的問題。我現在將電話交給 Jaime。

Thanks, Lucy, and good day to everyone. In our last earnings call in April, I presented a forward-looking vision for Cemex focusing on two primary objectives attaining best in class operational excellence and delivering industry leading shareholder returns.

謝謝，露西，祝大家有美好的一天。在四月份的上一次收益電話會議上，我提出了 Cemex 的前瞻性願景，重點關注兩個主要目標：實現一流的卓越營運和實現領先業界的股東回報。

Since then, we have developed a comprehensive roadmap to achieve these goals and embarked on the first phase of implementation. Our first actions were focused on transforming our corporate structure by streamlining overhead, fostering agility, and empowering our regional teams to drive results.

自那時起，我們制定了實現這些目標的全面路線圖，並開始實施的第一階段。我們的首要行動是專注於透過精簡管理費用、提高靈活性以及授權區域團隊推動成果來轉變公司結構。

This process has involved difficult decisions that are necessary to support the company's long-term growth and competitiveness. Today, I'd like to provide more detail regarding our strategic plan, highlight the actions we have taken thus far, and outline what you can expect from us in the future.

這個過程涉及一些艱難的決定，這些決定對於支持公司的長期成長和競爭力是必要的。今天，我想提供有關我們戰略計劃的更多細節，強調我們迄今為止採取的行動，並概述您對我們未來的期望。

I will of course then review our second quarter performance which once again exceeded internal expectations. Our strategic framework is based on six guiding principles. Effectively transforming our organization to achieve operational excellence and sustainable best in class shareholder return.

當然，我會回顧我們第二季的業績，它再次超出了內部預期。我們的策略架構是基於六項指導原則。有效地轉變我們的組織以實現卓越營運和可持續的最佳股東回報。

These principles aim to improve profitability, increase our free cash flow conversion rate, boost asset efficiency, and deliver compelling returns over our cost of capital. In the quarter, we moved quickly on the first lever, simplifying our operating model and empowering our regional operations to make more agile decisions.

這些原則旨在提高獲利能力，增加我們的自由現金流轉換率，提高資產效率，並實現高於資本成本的可觀回報。本季度，我們迅速採取了第一個措施，簡化了我們的營運模式，並使我們的區域營運能夠做出更靈活的決策。

These actions are intended to promote an ownership mindset with a culture of increased accountability, responsibility, and collaboration. At the core of this transformation is the reorganization of corporate areas to support operational excellence in our business units.

這些行動旨在促進主人翁意識，營造一種增強問責、責任感和協作精神的文化。此次轉型的核心是重組公司領域，以支持我們業務部門的卓越營運。

We also carried out the initial performance reviews of our regional businesses. I was joined by several members of my team conducting a thorough review of key performance indicators at the individual facility level in each of our regions.

我們也對區域業務進行了初步績效評估。我與團隊的幾位成員一起對每個地區各個設施層面的關鍵績效指標進行了徹底的審查。

Based on these reviews, areas for potential improvement have been identified and detailed action plans have been developed so that underperforming assets meet predetermined return benchmarks. These action plans will support further strategic decisions regarding our footprint evolution at a local level with the goal of increasing profitability and free cash flow.

根據這些審查，我們確定了可能改進的領域，並製定了詳細的行動計劃，以使表現不佳的資產達到預定的回報基準。這些行動計劃將支持我們在地方層級進一步發展足跡的策略決策，目標是提高獲利能力和自由現金流。

We have also examined in detail our ongoing growth CapEx spotlight to validate that every investment is on track to generate an appropriate and timely return. Execution of ongoing profitable projects will continue, but we intend to make a strategic shift towards prioritizing small to mid-size M&A transactions in the US, aiming for immediate positive impact on earnings.

我們也詳細審查了我們正在進行的成長資本支出重點，以驗證每項投資是否都能產生適當且及時的回報。我們正在繼續執行正在獲利的項目，但我們打算進行策略轉變，優先考慮美國的中小型併購交易，以期對獲利產生直接的正面影響。

Finally, we have also introduced a new, more structured and balanced capital allocation model to guide future capital deployment decisions. We are committed to progressively grow our shareholder return program. This effort should accelerate as profitability and free cash flow generation are boosted by our actions to date.

最後，我們也引進了新的、更結構化、更均衡的資本配置模型來引導未來的資本部署決策。我們致力於逐步擴大我們的股東回報計劃。隨著我們迄今為止採取的行動推動獲利能力和自由現金流的產生，這項努力應該會加速。

Since its introduction in February, we have further expanded our project cutting edge program, a foundational element of our organization's transformation. In our efforts to develop a linear operating model and empower our regions, we have merged several centralized functions into our operations, while some corporate initiatives have been eliminated altogether or reorganized to better support the business.

自二月推出以來，我們進一步擴展了我們的專案前沿計劃，這是我們組織轉型的基礎要素。在我們努力開發線性營運模式並增強我們各區域的能力的過程中，我們將幾個集中式職能合併到我們的營運中，同時一些企業計劃已被完全取消或重組，以更好地支援業務。

As a result of the expansion of project cutting edge and the steps we took in the second quarter, we now expect EBITDA savings for this year to reach $200 million up from our initial expectation of $150 million. And we anticipate a run rate of EBITDA savings of about $400 million by 2027.

由於尖端項目的擴展以及我們在第二季度採取的措施，我們現在預計今年的 EBITDA 節省將達到 2 億美元，高於我們最初預期的 1.5 億美元。我們預計到 2027 年 EBITDA 節省金額將達到約 4 億美元。

Included in these estimates are approximately $200 million of corporate headcount reduction on an analysed basis. While this effort is largely behind us, there are still some additional actions suspected in the second half. I am confident that this transformation will help us advance towards our goals.

根據分析，這些估計包括約 2 億美元的企業員工人數削減。雖然這項努力已基本結束，但仍有人懷疑下半年還會採取一些額外行動。我相信，這種轉變將幫助我們朝著目標前進。

Further strengthening Cemex's position as an industry leader. And now allow me to review our second quarter performance. Our second quarter results are aligned to our February guidance, which assumed a challenging first half driven by difficult prior year comparison in Mexico.

進一步鞏固了Cemex的行業領先地位。現在請容許我回顧一下我們第二季的業績。我們第二季的業績與二月的預期一致，該預期認為由於墨西哥去年同期的經營困難，上半年將面臨嚴峻挑戰。

We expected and continued to believe that the back half of the year would bring year over year growth as we lap prior year pre-electoral spending in Mexico with an improvement in pastoral effects rate. As in the first quarter, consolidated EBITDA once again outperformed our internal expectations.

我們預計，並且繼續相信，由於墨西哥去年選舉前的支出與牧區效應率的提高相一致，今年下半年的支出將實現同比增長。與第一季一樣，合併 EBITDA 再次超出了我們的內部預期。

The EMEA region delivered impressive results driven by volume recovery and operating leverage, extending its four consecutive quarters of earnings recovery. Consolidated the margin, even with volume decline remained relatively resilient with a stable to improve performance in three of our regions.

歐洲、中東和非洲地區在銷售復甦和經營槓桿的推動下取得了令人矚目的業績，延續了其連續四個季度的獲利復甦。鞏固了利潤率，即使銷量下降，仍保持相對彈性，穩定提高我們三個地區的表現。

Variation of consolidated margin is largely driven by the effect of geographic mix. Net income in the quarter increased by 38% on the back of a strong FX rates as well as lower interest expense. The variation in free cash flow from operations is explained by EBITDA , working capital, and severance payments, as well as the one-off contribution from discontinued operations in the prior year.

合併利潤率的變化很大程度受到地理組合的影響。由於外匯匯率強勁以及利息支出降低，本季淨收入成長了 38%。經營活動自由現金流的變化可以用 EBITDA、營運資本和遣散費以及上一年已停止經營活動的一次性貢獻來解釋。

Importantly, adjusting for severance and discontinued operations, free cash flow in the quarter would in fact be growing on a year over year basis. I expect the cash flow generation to improve in the second half with higher profitability and the typical seasonal reversal of working capital investment.

重要的是，經過遣散費和停止營運的調整後，本季的自由現金流實際上將同比增長。我預計下半年現金流產生將會改善，獲利能力將會提高，營運資本投資也會出現典型的季節性逆轉。

Consolidated prices are stable to positive on a sequential basis, with ready mix and aggregates prices up 1% and 2%, respectively. In cement consolidated prices were relatively flat on a year over year basis, largely explained by geographic mix as volumes declined in Mexico and grew in theme.

綜合價格環比保持穩定至正值，其中預拌混凝土和骨材價格分別上漲 1% 和 2%。水泥綜合價格年比基本持平，這主要是由於地理分佈不均，墨西哥的水泥產量下降，而其他地區的水泥產量則增加。

Pricing in Mexico has been particularly resilient despite softer volumes. Since the beginning of the year, cement, ready-mix and aggregate prices have increased by 5%, 6%, and 8%, respectively. In the US, aggregate prices adjusting for product mix increased by 5% in the first half compared to the fourth quarter of 2024.

儘管交易量疲軟，但墨西哥的定價仍然特別有彈性。今年以來，水泥、預拌混凝土和骨材價格分別上漲了5%、6%和8%。在美國，上半年經產品組合調整後的整體價格與 2024 年第四季相比上漲了 5%。

In EMEA, the Middle East and Africa region, along with several markets in Europe, experienced sequential pricing gains. Our pricing strategy continues to achieve its goal of at least recovering cost inflation in our markets. Consolidated volume performance is largely explained by weaker volumes in Mexico and the US, partially upset by continued recovery in the air.

在歐洲、中東和非洲 (EMEA) 地區以及歐洲的幾個市場，價格均連續上漲。我們的定價策略繼續實現至少恢復我們市場的成本通膨的目標。綜合貨運量表現很大程度是由於墨西哥和美國的貨運量較弱，而航空運輸持續復甦又對這兩個地區的貨運量造成了一定影響。

We expect volumes in Mexico to improve in the second half as we lack difficult prior year comparison base and the new government accelerates its infrastructure and social housing plans.

我們預計墨西哥的銷售量將在下半年有所改善，因為我們缺乏困難的去年同期比較基礎，而且新政府加快了其基礎設施和社會住房計劃。

In the US, volumes in the water reflect the shock trend in residential activity along with increased precipitation in most of our markets. We are encouraged by the positive trend in Europe, as this is the fourth consecutive quarter with cement volume growth on a year over year basis. The Middle Eastern Africa region is also showing robust volume growth.

在美國，水量反映了住宅活動的衝擊趨勢以及大多數市場的降水量增加。歐洲的正面趨勢令我們感到鼓舞，因為這是連續第四季度水泥產量年增。中東非洲地區的銷售也呈現強勁成長。

Consolidated EBITDA performance is largely explained by volumes, partially offset by cost improvements, as well as a tough comparison base with a record high second quarter EBITDA in the prior year. Volume decline in Mexico and the US was partially offset by growth in the EMEA region. Cost contributed positively, largely due to energy and distribution. Energy costs on a ton of cement basis declined 14%.

合併 EBITDA 業績主要由銷售決定，部分由成本改善所抵消，以及與去年第二季創紀錄的 EBITDA 相比基數較大。墨西哥和美國的銷售下降被歐洲、中東和非洲地區的成長部分抵消。成本做出了積極貢獻，這主要歸功於能源和分銷。每噸水泥的能源成本下降了14%。

The Mexican peso remained a relevant headwind which was partially upset by the appreciation of other currencies in our portfolio. Importantly, even with a significant volume decline and lower operating leverage, our EBITDA margin remained resilient at a level slightly above the historical 10 year second quarter average. And now back to you, Lucy.

墨西哥比索仍然是一個相關的阻力，部分原因是我們投資組合中其他貨幣的升值。重要的是，即使銷售量大幅下降且經營槓桿率下降，我們的 EBITDA 利潤率仍然保持強勁，略高於歷史 10 年第二季平均水平。現在回到你身邊，露西。

Thank you, Jaime. As expected, second quarter results in Mexico continued to be challenged by the difficult prior year comparison driven by pre-election, social, and infrastructure spending, and the FX level, as well as the first year of a new administration. Volumes were further hampered by record national precipitation levels in June, which primarily impacted the central region.

謝謝你，傑米。正如預期的那樣，墨西哥第二季度的業績繼續面臨挑戰，因為與去年同期相比，選舉前、社會和基礎設施支出、外匯水平以及新政府執政的第一年都面臨困難。6 月全國降水量創歷史新高，主要影響了中部地區，進一步影響了產量。

Significantly, we saw average daily cement sales in the quarter stabilized with low single digit sequential growth. Demand in the Northeast region continues to outperform the rest of the country, both in terms of cement and ready-mix. This dynamic has been supported by ongoing industrial projects as well as state-driven infrastructure works.

值得注意的是，我們看到本季日均水泥銷售量保持穩定，較上季成長幅度維持在個位數低點。無論是水泥還是預拌混凝土，東北地區的需求持續超過全國其他地區。這一動態得到了正在進行的工業項目以及國家推動的基礎設施工程的支持。

We continue to see positive pricing performance for our products, rising by a low single digit rate sequentially. Since the beginning of the year, cement ready mix and aggregate prices are up 5%, 6%, and 8% respectively, as we work to offset prior year input cost inflation.

我們繼續看到我們產品的積極定價表現，環比上漲了個位數。自今年年初以來，為了抵銷去年投入成本的上漲，水泥預拌混凝土和骨材價格分別上漲了 5%、6% 和 8%。

Additionally, we recently announced a high single digit price increase for cement effective July. Despite the volume headwind and resulting loss of operating leverage, margins were remarkably resilient, roughly flat to the prior year. This performance was driven by a combination of higher prices, favorable energy, and project cutting edge efforts.

此外，我們最近宣布，自7月起，水泥價格將上調個位數。儘管銷售量面臨阻力並導致經營槓桿損失，但利潤率仍表現出極強的彈性，與去年基本持平。這一業績是由價格上漲、能源優勢和專案前沿努力共同推動的。

While FX Impact moderated in the second quarter, it's still accounted for about 40% of the variation in EBITDA. Going into the second half of the year, we are optimistic as we lack the difficult comparison base in volumes and peso FX rate. In fact, assuming for the back half the same level of average daily cement sales as second quarter, it would imply a 4% year over year decline in the second half.

儘管外匯影響在第二季度有所緩和，但仍佔 EBITDA 變化的 40% 左右。進入下半年，我們感到樂觀，因為我們缺乏交易量和比索匯率的困難比較基礎。事實上，假設下半年日均水泥銷售量與第二季持平，則意味著下半年水泥銷售量將年減 4%。

Additionally, we do expect a pickup in construction activity driven by the start of some railroad works as well as projects under the social housing program. Our ready-mix backlog is improving, mainly in the central region, with relevant industrial projects expected to begin in the following months. Distribution centres and logistics developments are gaining momentum.

此外，我們確實預計，受一些鐵路工程以及社會住宅計劃下項目的啟動推動，建築活動將會回升。我們的預拌混凝土積壓情況正在改善，主要在中部地區，相關工業項目預計將在接下來的幾個月內開始。配送中心和物流發展勢頭強勁。

In the US, EBITDA declined by a mid-single digit rate due primarily to lower volumes, given high levels of precipitation in many of our markets and continued weakness in the residential sector. Ready-mix volume adjusted for asset divestitures declined by a mid-single digit rate in line with cement and aggregate performance.

在美國，EBITDA 下降了中等個位數，主要原因是銷售量下降，因為我們的許多市場降雨量較大，而且住宅領域持續疲軟。經資產剝離調整後的預拌混凝土產量與水泥和骨材的表現一致，下降了中等個位數。

Sequential pricing was stable in cement and ready mix, with aggregates increasing by 1% adjusting for product mix. Since the beginning of the year, aggregate prices adjusted for product mix are up 5%. EBITDA margin remained relatively stable, just shy of last year's record high.

水泥和預拌混凝土的連續價格保持穩定，骨材價格根據產品組合調整後上漲 1%。自今年初以來，以產品結構調整後的總價格上漲了5%。EBITDA 利潤率保持相對穩定，略低於去年的歷史最高水準。

This performance is explained by higher prices and lower costs due to continued gains in operational efficiency with increased domestic production replacing imports. Margin continues to improve in our two main products, cement and aggregates, which account for about 80% of our EBITDA.

這種表現是由於營運效率的持續提高以及國內產量增加取代進口導致價格上漲和成本下降。我們的兩大主要產品－水泥和骨材的利潤率持續提高，這兩項產品約占我們 EBITDA 的 80%。

As part of our transformation effort, we recently restructured our operations in the US, transitioning from a regionally based model to one organized by product line. We believe this change will encourage best practice sharing across regions, increase transparency in our business, and provide a more comprehensive view of our asset footprint.

作為我們轉型努力的一部分，我們最近重組了在美國的業務，從基於區域的模式轉變為按產品線組織的模式。我們相信，這項變更將鼓勵跨地區共享最佳實踐，提高業務透明度，並提供更全面的資產足跡視圖。

We are investing in our aggregate business and we're already seeing the benefits of completed projects such as the Balcones [quarry] upgrade in Texas. Balcones is one of the largest quarries in the US and the project is contributing to increased margins.

我們正在投資我們的骨料業務，並且已經看到了已完成項目的好處，例如德克薩斯州的 Balcones（採石場）升級項目。Balcones 是美國最大的採石場之一，該項目有助於提高利潤率。

We are also expecting completion by year end of another ongoing aggregates project, Four Corners, a sand mine in Orlando, Florida. For 2025, we expect demand to be driven by infrastructure as IIJA transportation projects continue to roll out. Close to 50% of funds under IIJA have been spent, and we expect to reach peak spending in 2026.

我們也預計另一個正在進行的骨料計畫——位於佛羅裡達州奧蘭多的沙礦 Four Corners 將於年底完工。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。IIJA 下的資金已使用近 50%，我們預計 2026 年支出將達到高峰。

We remain optimistic about the outlook for the industrial and commercial sector, which is gaining momentum with data centres and chip manufacturing projects being planned in our markets as well as relevant works in Cape Canaveral. In addition, the recently approved US budget bill includes some relevant provisions that are expected to bring forward investment in manufacturing facilities.

我們對工業和商業領域的前景保持樂觀，隨著我們市場正在規劃的資料中心和晶片製造項目以及卡納維拉爾角的相關工程，該領域正在蓬勃發展。此外，近期批准的美國預算法案中也包含一些相關條款，預計將提前推動製造業設施的投資。

While there is continued pressure on the single-family home segment, with slightly better performance in multi-family, we see strong potential in residential over the medium term, once mortgage rates and market sentiment improve.

雖然單戶住宅市場持續面臨壓力，而多戶住宅市場表現略好，但一旦抵押貸款利率和市場情緒改善，我們認為中期住宅市場將具有強勁潛力。

The EMEA region continued to deliver strong performance, leading to the highest first half I done in recent history with a solid margin expansion of almost 3% points. In Europe, strong volume growth in the quarter was driven by improved conditions in most markets, with the exception of France, where we continue to see a soft macro backdrop in Poland with weather and delays in infrastructure works impacting volumes.

歐洲、中東和非洲地區持續表現強勁，上半年業績創下近期歷史新高，利潤率穩定成長近 3%。在歐洲，本季銷售量強勁成長得益於大多數市場狀況的改善，但法國除外。在法國，我們繼續看到波蘭宏觀經濟背景疲軟，天氣和基礎設施工程延誤影響了銷售。

Infrastructure activity supported by EU funding increased along with a modest improvement in the residential sector in most markets. Demand conditions in the Middle East and Africa remain strong, expanding by double digit rates. Construction activity in these markets is recovering, fuelled by housing and non-residential projects, and in the case of Egypt, also by large infrastructure.

在歐盟資金的支持下，大多數市場的基礎設施活動增加，住宅領域也略有改善。中東和非洲的需求狀況依然強勁，以兩位數的速度成長。這些市場的建築活動正在復甦，這得益於住房和非住宅項目的推動，而在埃及，也受到大型基礎設施的推動。

Sequential cement and ready-mix prices in EMEA increased 4% and 1% respectively, while aggregate prices decline by 1%. On a cumulative basis, cement ready-mix prices increase by 4%, while aggregate prices are up 3% compared to the fourth quarter of 2024. Higher volumes and prices coupled with lower costs, primarily in power led to a significant margin expansion.

歐洲、中東和非洲地區的水泥和預拌混凝土價格分別較上季上漲 4% 和 1%，而總價格則下降 1%。累計來看，與 2024 年第四季相比，水泥預拌混凝土價格上漲 4%，骨材價格上漲 3%。產量和價格的增加，加上成本的降低（主要是電力成本），導致利潤率大幅擴大。

Our operations in Europe continue progressing on decarbonisation, with net CO2 emissions in the quarter reaching a new record low of 418 kg per ton of cement equivalent. This is an important milestone as Cemex Europe has now surpassed our consolidated target for 2030, further enforcing our position as an industry leader.

我們在歐洲的業務繼續在脫碳方面取得進展，本季二氧化碳淨排放量達到每噸水泥當量 418 公斤的新低。這是一個重要的里程碑，因為 Cemex Europe 現在已經超越了我們 2030 年的綜合目標，進一步鞏固了我們作為行業領導者的地位。

We believe that the implementation of the carbon border adjustment mechanism along with the gradual phase out of free [EU ETS] allowances should be supportive of cement prices in 2026 and beyond. We remain optimistic on the outlets of the region with a continued positive trend in infrastructure and further recovery in residential.

我們相信，碳邊境調整機制的實施以及免費[歐盟排放交易體系]配額的逐步取消應該會對2026年及以後的水泥價格形成支撐。我們對該地區的前景仍然持樂觀態度，基礎建設將繼續呈現正面趨勢，住宅市場也將進一步復甦。

In our South-Central America and the Caribbean region, adjusting for business days in the quarter, cement volumes actually increased by 1%. Demand in Colombia is being driven by the informal sector with a rebound in bag cement volumes and the metro project in Bogota.

在我們的中南美洲和加勒比地區，根據本季的工作日進行調整，水泥銷售量實際上增加了 1%。哥倫比亞的需求受到非正規部門的推動，包括袋裝水泥銷售的反彈和波哥大的地鐵項目。

In Jamaica, tourism related developments along with improved bag cement sales are driving activity. Sequential prices in cement readiness in the region were relatively stable after the mid-single digit increase achieved in the first quarter.

在牙買加，旅遊業相關的發展以及袋裝水泥銷售的提高正在推動經濟活動的發展。繼第一季實現中等個位數成長後，該地區水泥備貨價格連續相對穩定。

In Jamaica, we recently concluded a significant de bottlenecking project. The increased capacity will allow us to address market demand without relying on lower margin imports. As we worked to complete the expansion project in the quarter, we increased import volumes to meet market demand.

在牙買加，我們最近完成了一項重要的消除瓶頸工程。產能增加將使我們能夠滿足市場需求，而無需依賴利潤較低的進口。在本季度努力完成擴建項目的同時，我們增加了進口量以滿足市場需求。

These imports temporarily impacted margin in the quarter. We expect a recovery in the second half, driven by higher profitability as we ramp up the incremental capacity. On the operations front, higher [kiln] efficiency along with lower clinker factor continued to improve across the region. And now I will pass the call to Maher to review our financial developments.

這些進口暫時影響了本季的利潤率。我們預計下半年將出現復甦，因為隨著增量產能的增加，獲利能力將會提高。在營運方面，整個地區的窯爐效率提高以及熟料係數降低持續改善。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. Free cash flow from operations for the quarter was slightly over $200 million. The variation versus last year is driven mainly by combination of severance payments related to project cutting edge, lower even up, higher investment in working capital, and last year's benefit from discontinued operations.

謝謝你，露西，祝大家有美好的一天。本季的經營自由現金流略高於 2 億美元。與去年相比，這種差異主要是由於與專案前沿相關的遣散費、較低的平衡、更高的營運資本投資以及去年停止營運帶來的收益等因素所造成的。

This was partially offset by lower taxes and interest expense. Adjusting for severance payments and discontinued operations, free cash flow in the quarter increased by 3% despite performance. Our tax payments are significantly lower due to the payment of the Spanish tax fine in 2024 plus other effects.

這被較低的稅收和利息支出部分抵消。經遣散費和停止經營調整後，儘管業績不佳，但本季的自由現金流仍增加了 3%。由於2024年支付西班牙稅收罰款以及其他影響，我們的納稅額大幅降低。

While investment in working capital during the first half was higher than last year, the average working capital days declined by four days, driven by continued improvement efforts. In line with our normal seasonality, we expect working capital to reverse throughout the rest of the year.

雖然上半年營運資本投入高於去年，但由於持續改善的努力，平均營運資本天數減少了四天。根據我們的正常季節性，我們預計營運資金將在今年剩餘時間內逆轉。

On the cost side, energy costs on a per ton of cement basis declined by 15% in the first half, driven by lower power and fuel prices, and a continued improvement in clinker factor and thermal efficiency. Record debt income of $1.05 billion for the first six months of the year was driven primarily by the sale of our operations in the Dominican Republic and a favorable FX effect.

成本方面，受電力、燃料價格下降，以及熟料係數及熱效率持續提高等因素影響，上半年每噸水泥能源成本下降15%。今年前六個月的債務收入達到創紀錄的 10.5 億美元，主要得益於我們在多明尼加共和國的業務出售以及有利的外匯效應。

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 for Mexico. This program effectively lowers the volatility of the exchange rate at which we convert pesos into dollars for tenors of up to two years.

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，完全涵蓋我們在墨西哥的營運現金流。該計劃有效降低了我們將比索兌換成美元的匯率在長達兩年的期限內的波動性。

During the quarter, we replaced the [9 and 18 $1 billion] subordinated perpetual notes with new 7.2%, $1 billion subordinated perpetual notes issued at a tighter spread than our last two perpetual notes. This transaction is not only enhancing our free cash flow by reducing the coupon, but it also marked a successful return to the international capital markets since regaining our investment grade.

在本季度，我們用新的 7.2%、10 億美元次級永續票據取代了 [9 和 18 億美元] 次級永續票據，新發行的息差比我們之前發行的兩張永續票據更小。此次交易不僅透過降低票面利率增強了我們的自由現金流，也標誌著我們自恢復投資等級以來成功重返國際資本市場。

Our leverage ratio stood at 2.05 times in June, a quarter return higher compared to December. We expect the leverage ratio to decrease during the second half as we improve EBITDA and generate more free cash flow from operations.

6月份我們的槓桿率為2.05倍，比12月份高出四分之一。我們預計，隨著 EBITDA 的提高和營運中自由現金流的增加，下半年槓桿率將會下降。

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 mentioned in his remarks. Considering the financial initiatives carried out in the first half, along with current market conditions, we now expect net interest paid, including coupons on subordinated perpetual notes, to decline by $125 million in 2025. And now back to you Jaime.

我們擁有舒適的債務到期時間表，無需進入資本市場，正如 Jaime 在演講中提到的那樣，我們仍致力於進一步加強我們的資本結構。考慮到上半年實施的財務措施以及當前的市場狀況，我們預計 2025 年支付的淨利息（包括次級永久票據的票息）將下降 1.25 億美元。現在回到你身邊，Jaime。

Thank you, Maher. Considering our year-to-date results, as well as progress made under project cutting edge, we expect consolidated EBITDA to be flat versus 2024 with potential upside, subject to evolution of microeconomic conditions in our key markets. While we are confident in our self-help measures taken to date, we must recognize the volatility and lack of visibility in our main markets.

謝謝你，馬希爾。考慮到我們今年迄今為止的業績以及在專案前沿取得的進展，我們預計合併 EBITDA 將與 2024 年持平，並具有潛在的上漲空間，但取決於我們主要市場的微觀經濟條件的變化。雖然我們對迄今為止採取的自救措施充滿信心，但我們必須認識到主要市場的波動性和缺乏可見性。

As we go into the back half of the year, if FX rates in our portfolio remain stable at the end of June level, we would see a tailwind of about $60 million in consolidated EBITDA compared to the second half in 2024. We remain focused on the implementation of our strategic plan, delivering EBITDA savings under project cutting edge, higher free cash flow conversion rate and returns above cost of capital. We will keep you updated as we continue making progress towards these objectives, and now back to you, Lucy.

進入下半年，如果我們投資組合中的外匯匯率在 6 月底保持穩定，那麼與 2024 年下半年相比，我們的合併 EBITDA 將增加約 6,000 萬美元。我們將繼續專注於策略計畫的實施，在專案前沿領域實現 EBITDA 節省、更高的自由現金流轉換率以及高於資本成本的回報。隨著我們繼續朝著這些目標前進，我們將隨時向您通報最新進展，現在輪到你了，露西。

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

謝謝你，傑米。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經營市場的當前了解，並且可能由於各種因素而在未來發生變化。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 in the interest of time and to give other people an opportunity to participate. (Operator Instructions)

現在，為了節省時間，也為了讓其他人有機會參與，我們很樂意回答你們的問題。（操作員指示）

Ben Theurer, Barclays, Ben.

本‧圖爾 (Ben Theurer)，巴克萊銀行，本。

Good morning and thanks for taking my question congrats on the results. Lucy, Maher, good morning. So just a quick one, as for project cutting edge, you were clearly up already the target for this year by $50 million as well as '27.

早安，感謝您回答我的問題，恭喜您所取得的成果。露西、馬希爾，早安。所以簡單問一下，就專案前沿而言，您今年的目標顯然已經比 27 年高出了 5000 萬美元。

So the question really is in what area have you identified those additional savings and as you look to 2027. If you would have to give a guess on how conservative or not a target of $400 million is, how confident are you with that, or do you think there's risk to the upside here as well.

所以真正的問題是，您在哪些領域發現了這些額外的節省，以及展望 2027 年。如果您必須猜測 4 億美元的目標是否保守，您對此有多大信心，或者您是否認為這裡也存在上行風險。

And thanks for the question. The additional $50 million mainly comes from our transformation of our organization and particularly the efforts around overhead headcount reductions. I feel very comfortable that we will deliver the 200 million of headcount overhead reduction between this year. And next year, this year is going to be around $85 million.

感謝您的提問。額外的 5000 萬美元主要來自我們的組織轉型，特別是減少管理員工數量的努力。我非常有信心，我們將在今年實現 2 億美元的員工管理費用削減目標。明年，今年的支出將達到 8,500 萬美元左右。

Next year it is going to be around $111 million, $115 million for a total of $200 million to make sure that I wasn't aggressive with our target of $400 million rate savings for 2027, what I've done is that I've reviewed all our initiatives and I am only counting on what is truly recurrent. Out of the $400 million savings, please note that $200 relate to overhead personnel.

明年的節省金額將在 1.11 億美元和 1.15 億美元左右，總計 2 億美元，以確保我對 2027 年節省 4 億美元費用的目標不會過於激進，我所做的就是審查了我們所有的舉措，我只指望那些真正經常性的舉措。請注意，在 4 億美元的節省中，有 2 億美元與管理階層有關。

Direct overhead personnel, but on top of that you need to add the indirect and overhead non-personal savings. And then we have operative savings of around $150 million and spending is smarter, which is the effort that we're doing around procurement, a third party addressable spend. So there is nothing in the $400 million that's speculative that depends on year on year negotiations.

直接間接人員費用，但除此之外，您還需要增加間接和非個人間接儲蓄。然後，我們有大約 1.5 億美元的營運節餘，支出更加明智，這是我們在採購、第三方可尋址支出方面所做的努力。因此，這 4 億美元並沒有什麼投機性，而是取決於逐年談判。

Okay. Thank you very much, Jaime again.

好的。非常感謝，Jaime。

Thanks, Ben.

謝謝，本。

Thanks Ben.

謝謝本。

Gordon Lee, BTG Pactual. Gordon?

Gordon Lee，BTG Pactual。戈登？

Thanks Lucy. Good morning everybody. Just quickly on strategy, and it's a two part question, which is I was wondering if you could elaborate a little or provide a little bit more color on what you mean by building a shareholder return platform.

謝謝露西。大家早安。我簡單談談策略，這是一個由兩部分組成的問題，我想知道您是否可以稍微詳細說明一下或更詳細地說明一下您所說的建立股東回報平台的含義。

And the second question is it still safe for us to assume that you see the US, Mexico, and Europe as core and [SAC as core-ish], but something that you would consider divesting if the opportunity presented itself. Thank you.

第二個問題是，我們是否可以安全地假設您將美國、墨西哥和歐洲視為核心，並將 [SAC 視為核心]，但如果有機會，您會考慮剝離某些資產。謝謝。

Gordon, thanks for the question. The meaning of building a shareholder return platform is simple. And it's around our capital allocation efforts. We are subjecting any capital allocation decisions to shareholder returns. We will not proceed with a CapEx or M&A.

戈登，謝謝你的提問。搭建股東回報平台的意思很簡單。這與我們的資本配置工作有關。我們將任何資本配置決策都置於股東回報的考量之下。我們不會進行資本支出或併購。

That does not deliver a return above our thresholds for shareholder returns. In addition, we are planning to progressively increase dividends. And we will also consider as early as potentially next year opportunistic share buybacks. And that's what it basically means.

這並沒有帶來高於我們股東回報門檻的回報。此外，我們計劃逐步增加股利。我們也將考慮最早在明年進行機會性股票回購。這就是它的基本意義。

Regarding your second part of the question the answer is yes. That's what we're doing. We will concentrate in the US, Mexico, and Europe, and there will be additional divestitures in our SAC portfolio between the end of this year and next year. And yes, you said it core-ish and that's how we that's how we see SAC.

關於問題的第二部分，答案是肯定的。這就是我們正在做的事情。我們將專注於美國、墨西哥和歐洲，並將在今年年底至明年期間對 SAC 投資組合進行更多資產剝離。是的，您說的是核心，這就是我們對 SAC 的看法。

Very clear. Thank you very much.

非常清楚。非常感謝。

Alejandra Obregón, Morgan Stanley. Ale.

亞歷杭德拉‧奧布雷貢，摩根士丹利。麥芽酒。

Hi, good morning. Thank you for taking my question. I have one on free cash flow generation and the levers for free cash flow generation specifically, I would perhaps want to know and perhaps what should we be watching in terms of the milestones here. I mean, whether it's profitability, is it working capital improvements, is it CapEx discipline, asset sales, or even debt management if I can throw it in.

嗨，早安。感謝您回答我的問題。我有一個關於自由現金流生成以及自由現金流生成槓桿的具體問題，我可能想知道，也許我們應該關注這裡的里程碑。我的意思是，無論是獲利能力，還是營運資本改善，還是資本支出紀律，資產出售，甚至是債務管理（如果我可以加上的話）。

I mean just trying to get a sense of how the cannons plays out, like what's likely to come first, what might take longer perhaps to materialize if we think of free cash flow from a structural perspective and where are the biggest unlocks that we could see here. Thank you.

我的意思是，只是想了解大砲是如何發揮作用的，例如什麼可能會先出現，如果我們從結構角度考慮自由現金流，什麼可能需要更長時間才能實現，以及我們在這裡可以看到最大的解鎖在哪裡。謝謝。

Alejandra, thanks for the question. We're working on all fronts in parallel, and I will elaborate in a second. The one that will take us a little bit longer is portfolio rebalancing beyond develop and emerging.

亞歷杭德拉，謝謝你的提問。我們正在各方面同時開展工作，我稍後將詳細說明。我們需要花費更長時間來重新平衡發展中和新興市場以外的投資組合。

And that relates to underperforming assets in our portfolio at a micro market level that might not be delivering our new targeted free cash flow conversion for every asset and that will take a little bit longer. I've already completed with my team full review of our portfolio at a micro level. It means cement plant, ready mix plan quarry.

這與我們投資組合中微觀市場表現不佳的資產有關，這些資產可能無法為每項資產實現新的目標自由現金流轉換，而且這需要更長的時間。我和我的團隊已經完成了對我們投資組合的微觀全面審查。它的意思是水泥廠、預拌混凝土採石場。

So on and so forth, and we've identified opportunities to boost free cash flow conversion that will require turnaround, or it will require divesting and exiting. And that will inform how we shape our portfolio going forward.

等等等等，我們已經發現了提高自由現金流轉換的機會，這將需要扭虧為盈，或者需要剝離和退出。這將指導我們如何塑造未來的投資組合。

Beyond that, we're acting simultaneously on all fronts. Number one do expect a reduction in CapEx. We will start to normalize platform. CapEx while materially reducing the strategic CapEx. That's one on working, then the second one is going to be the incremental. The cutting-edge savings because those go straight not only to EBITDA but also to free cash flow and remember that's $400 million stead stayed by 2027.

除此之外，我們還在各方面同時採取行動。第一名確實希望減少資本支出。我們將開始規範平台。資本支出，同時大幅降低策略資本支出。這是關於工作的，第二個將是增量的。這是最前沿的節省，因為這些節省不僅直接用於 EBITDA，還用於自由現金流，請記住，到 2027 年將保留 4 億美元。

The other aspect is the incremental EBITDA and free cash flow that you should expect from our strategic CapEx approved and that we're executing from our strategic ethics pipeline. I'm expecting an incremental $300 million of EBITDA between now and up to 2029, 2030 on a steady state basis.

另一方面是您應該從我們批准的策略資本支出和我們正在從策略道德管道執行的策略資本支出中獲得增量 EBITDA 和自由現金流。我預計從現在到 2029 年、2030 年，EBITDA 將以穩定狀態增加 3 億美元。

That should also boost free cash flow. On working capital, that won't be the lever to maximize free cash flow because we are already performing at very good levels. Please also note that we're. Significantly reducing interest expenses.

這也應該會增加自由現金流。就營運資金而言，這不會成為最大化自由現金流的槓桿，因為我們已經表現得非常好了。另請注意，我們。大幅減少利息支出。

Maher already alluded to it $125 million of savings this year and part of our capital allocation strategy will continue around reducing the principle of our debt. I'm not in a hurry to do that, but we will continue and that should continue to reduce interest expenses.

馬希爾已經提到今年將節省 1.25 億美元，我們的部分資本配置策略將繼續圍繞著減少債務本金。我並不急於這樣做，但我們會繼續這樣做，並且這應該會繼續減少利息支出。

And finally operational excellence. So, we're going to be working very hard on expanding margins, looking at every line of our cost as we're doing right now, and that's the reason why cutting edge is delivering what we were expecting. So, I hope that I have answered the question, Alejandra.

最後是卓越營運。因此，我們將非常努力地擴大利潤率，並像現在一樣仔細審視每一筆成本，這也是尖端技術能夠達到我們預期的原因。所以，我希望我已經回答了這個問題，Alejandra。

You did, thank you very much.

你確實做到了，非常感謝。

Thanks Alejandra.

謝謝 Alejandra。

Yassine Touahri, On Field. Yassine?

亞辛‧圖阿里 (Yassine Touahri)，《在球場上》。亞辛？

Yes sir, good morning. Just one question on the on the new corporate structure, and new operating model that you're announcing today.

是的，先生，早安。關於您今天宣布的新公司結構和新營運模式，我只想問一個問題。

Could you explain a little bit what it is and how it could support an improved free cash flow conversion? And another question that I think I already asked is that all, [amri] Heidelberg materials, they're targeting an AD to free cash for conversion rate of close to 50%. Is it something that you believe CMX can achieve as well? And if so, what would be the time frame, on the lever that you would be, working on?

您能否稍微解釋一下它是什麼以及它如何支持改善自由現金流轉換？我認為我已經問過的另一個問題是，所有 [amri] 海德堡材料都以 AD 為目標，以釋放現金，實現接近 50% 的轉換率。您認為 CMX 也能實現這一目標嗎？如果是的話，那麼您工作的時間框架是怎麼樣的？

Yasin, thank you for your question. Let me start with the back of your of your question. I see no reason why we shouldn't achieve a similar free cash flow conversion rate from operations than the ones that Hol and Bris and Heidelberg are providing.

亞辛，謝謝你的提問。讓我先從你的問題的背面開始。我認為我們沒有理由不實現與 Hol、Bris 和 Heidelberg 提供的類似的營運自由現金流轉換率。

And I think that next year we're going to be getting closer to that target and for sure I see that happening in 2027 because between now and then I'm pretty sure that we're going to be letting go some assets that at a micro level do not generate enough free cash flow conversion because we have introduced [EID] heroic above what and free cash flow conversion from operations as part of our management KPIs and our compensation scheme which we're reviewing for management will be aligned to those metrics.

我認為明年我們將會更接近這個目標，而且我確信這會在 2027 年實現，因為從現在到那時，我很確定我們將放棄一些在微觀層面上不能產生足夠自由現金流轉換的資產，因為我們已經引入了 [EID] 英雄主義，並將運營中的自由現金流轉換作為我們管理 KPI 的一部分，而我們正在為這些管理層審查的薪酬方案。

I'm pretty sure that we're going to be we're endlessly working on improving free cash flow conversion rates, so I see really no reason, and again I don't want to be redundant, but a lot of the cutting edge savings would go directly to free cash flow, headcount reduction is a good example.

我非常確定我們將不斷努力提高自由現金流轉換率，因此我認為真的沒有理由，而且我也不想重複，但很多前沿的節省將直接用於自由現金流，裁員就是一個很好的例子。

The $200 million analysed savings regarding that connects very nice with the first part of your question about the transformation of corporate structure and the operating model. Basically what we're doing is.

分析得出的 2 億美元節省金額與您問題的第一部分有關公司結構和營運模式轉型的答案非常吻合。基本上我們正在做的是。

Is discontinuing central, centrally led initiatives that were very successful in the past and that do not require further mobilization and management from the centre. In addition.

正在停止過去非常成功且不需要中央進一步動員和管理的中央主導的舉措。另外。

We are decentralizing operational excellence initiatives to the line around commercial supply chain and customer centricity. The line is responsible for that. So we are decentralizing and then we are boosting collaboration by concentrated and innovation efforts and venture efforts on. Very impactful but few things and then we are copy pasting across regions faster and better. That is helping us and will help us to optimize resources, optimize reduce costs while having an impact impactful effect on operational excellence.

我們正在將卓越營運計劃分散到商業供應鏈和客戶中心領域。這是生產線的責任。因此，我們正在分散權力，然後透過集中精力、創新努力和風險投資來促進合作。影響很大，但事情很少，然後我們可以更快更好地跨地區複製和貼上。這有助於我們，並將幫助我們優化資源，優化降低成本，同時對卓越營運產生影響。

And therefore margins I want my teams and all our employees to have an owner mindset and that's what we are heading towards agility, less bureaucracy, and speed of execution. I hope that what I'm saying makes sense.

因此，我希望我的團隊和所有員工都具有主人翁心態，這就是我們朝著敏捷、減少官僚主義和加快執行速度的方向前進。我希望我所說的話是有道理的。

Makes a lot of sense and thank you so much for answering my question.

非常有道理，非常感謝您回答我的問題。

Adam Thalhimer, Thompson Davis, and I'm going to read it. It's a bit repetitive of what Yasin just asked Jaime, so maybe you want to talk a little bit of some of the organizational changes in the US as well, but the question is, can you please discuss some of the structural changes you were making at Cemex? I am particularly interested in the relationship between corporate and regional managers. Is it fair to say that regional managers are being given more autonomy?

亞當·泰爾希默 (Adam Thalhimer)、湯普森·戴維斯 (Thompson Davis) 和我都要讀它。這有點重複 Yasin 剛剛問 Jaime 的問題，所以也許你想談談美國的一些組織變革，但問題是，你能討論一下你在 Cemex 所做的一些結構性變革嗎？我對公司和區域經理之間的關係特別感興趣。區域經理被賦予了更多自主權，這樣說公平嗎？

Thanks, Adam, for your question. I will compliment what I just said before with the following the centre is here to serve the line on the centre where it comes with me to conduct regional business performance reviews to boost operational excellence.

謝謝亞當的提問。我將對我剛才所說的內容進行補充，該中心將為該中心的服務線提供服務，我將在該中心進行區域業務績效評估，以提高卓越營運水平。

So that's a key aspect. We've done already 31 more to come. I'll be doing two per year, and there is where we looked at all aspects of our business and there is where we identify best practices, we deploy in a coordinated way, an efficient way, new technology, and we innovate together and we relentlessly look at cost optimization.

這是一個關鍵方面。我們已經完成了 31 項工作，接下來還會有更多。我每年會做兩次，我們會審視業務的各個方面，找出最佳實踐，以協調、高效的方式部署新技術，共同創新，堅持不懈地尋求成本優化。

The other aspect, and it's a good suggestion, Lucy, is our new organization in the US where we are pivoting, right towards operational excellence and growth in the case of operational excellence, sorry, we've appointed three [OPML] owners, cement, ready-mix, and aggregates and with that we are expediting best practice sharing, driving marginal improvements across every line of business and across geographies. That's going to be very powerful and by having those three PML owners who are freeing up the time, sorry about that the time of Jesus Gonzalez, our Cemex US President, to spend high quality time on growth in the US because as right, we are materially reducing strategic CapEx.

另一方面，露西，這是一個很好的建議，就是我們在美國的新組織，我們正在朝著卓越運營和增長的方向發展，在卓越運營的情況下，抱歉，我們已經任命了三位 [OPML] 所有者，分別是水泥、預拌混凝土和骨料，我們正在加快最佳實踐的共享，推動每個業務線和跨地區的邊際改進。這將非常有力，並且透過讓這三位 PML 所有者騰出時間，很抱歉，我們的 Cemex 美國總裁 Jesus Gonzalez 的時間可以花在高品質時間上，以實現美國的增長，因為正如正確的那樣，我們正在大幅減少戰略資本支出。

And we are favouring part of our capital allocation to very responsible M&A in the US on aggregates and some urbanization solutions businesses, in the US mainly. So Lucy, I hope that I have answered the question for Adam complimenting what I said before.

我們傾向於將部分資本配置用於在美國進行非常負責任的併購，主要涉及美國境內的骨材和一些都市化解決方案業務。所以露西，我希望我已經回答了亞當對我之前所說的話的讚美。

Thank you, Jaime.

謝謝你，傑米。

Jorel Guilloty, Goldman Sachs. Jorel.

高盛的喬雷爾·吉洛蒂（Jorel Guilloty）。喬雷爾。

Thanks, Lucy. Good morning, everyone. So I want to shift gears a bit and wanted to ask on pricing trends. So specifically, if I recall correctly at the beginning of the year, there was an expectation for Mexico pricing to maybe go into the 10s for both cements and aggregates, and year-to-date you're at about 5% hikes.

謝謝，露西。大家早安。所以我想稍微換個話題，想問一下價格趨勢。具體來說，如果我沒有記錯的話，今年年初時人們預計墨西哥水泥和骨料的價格可能會上漲 10% 左右，而今年迄今為止，價格上漲了約 5%。

And you did mention that you did pursue an increase now in July. So I just want to understand where do you stand on the outlook for hikes in pricing through year end by for Mexico and the US specifically want to know, about cement, but if you can provide some color for ready mixing aggregates, that'd be great. Thank you.

您確實提到您確實在 7 月尋求增加工資。因此，我只是想了解您對墨西哥和美國到年底價格上漲的前景有何看法，特別是想了解有關水泥的信息，但如果您能提供一些有關預拌骨料的信息，那就太好了。謝謝。

Thanks for the for the question regarding Mexico. Yes, we put a price increase effective. July 1 that in dollar terms was around [15]. We do expect to get hopefully it's a little bit too early to say it, but we do expect to get between $8 to $10 per ton, and that should continue to improve sequentially.

感謝您提出有關墨西哥的問題。是的，我們確實提高了價格。7 月 1 日，以美元計算約為[15]。我們確實希望價格能夠達到每噸 8 至 10 美元，雖然現在說這個價格還為時過早，但我們確實希望價格能夠達到每噸 8 至 10 美元，並且應該會繼續連續改善。

Our cement price increase in Mexico, and we did that for both bags and bulk regarding Remix, we continue. By micro market to find opportunities to increase our prices. Please note that year on year our ready-mix prices are up 7% and sequentially second quarter 25% average to fourth quarter '24 average our ready-mix price is up 6%. And in aggregate is year on year 8% and 8% sequentially average second quarter 25% to fourth quarter in 2024.

我們在墨西哥的水泥價格上漲了，對於 Remix 的袋裝和散裝水泥，我們都這麼做了，我們將繼續這樣做。透過微觀市場尋找機會提高我們的價格。請注意，我們的預拌混凝土價格年增了 7%，而第二季平均上漲了 25%，24 年第四季平均上漲了 6%。整體來看，年增 8%，季增 8%，2024 年第二季至第四季平均成長 25%。

And regarding the US in I'm not expecting any price increase in cement between now and year end and I do expect to be flat while aggregates will stay around that 5% to 6% sequentially from average '25 to '24 and as we think about 2026, right, I do expect that we will continue with our pricing strategy to at least offset input cost. Inflation and a final thought, if we assume the '25 prices for the rest of the year, that will lead to a price tailwind in US dollars of around 4% in cement, 6% in ready mix, and 7% in aggregates. I hope I've answered the question. Back to you, Lucy.

至於美國，我預計從現在到年底水泥價格不會上漲，我預計價格將持平，而骨料價格將從 2025 年到 2024 年的平均水平連續保持在 5% 到 6% 左右，當我們考慮 2026 年時，我確實預計我們將繼續我們的定價策略，至少可以抵消投入成本。通貨膨脹和最後的想法是，如果我們假設今年剩餘時間的 25 個價格，那麼美元價格將順風上漲，水泥價格將上漲 4% 左右，預拌混凝土價格將上漲 6%，骨材價格將上漲 7%。我希望我已經回答了這個問題。回到你身邊，露西。

Oh wonderful. Thank you.

哦，太棒了。謝謝。

Thank you, Jorel.

謝謝你，喬雷爾。

Adrián Huerta, JP Morgan. Adrián?

摩根大通 (JP Morgan) 的 Adrián Huerta。阿德里安？

Good morning, everyone. And my question is related to EMEA. We have seen a tremendous performance, year-to-date that we got 32%, almost $250 million in the first half. How do you see this, region in the medium term, let's say over the next 18 months, what is Let's say on volumes and also on markings and what could we expect out of this region in in two to three years.

大家早安。我的問題與 EMEA 有關。我們取得了出色的業績，今年迄今為止，上半年我們的營收成長了 32%，接近 2.5 億美元。您如何看待這個地區的中期發展，比如說在未來 18 個月內，其產量和標記情況如何，以及我們對未來兩到三年內這個地區的發展有何期待。

Thanks Adrián. Well, I'm very excited about our operations in EMEA, including Europe. Let me start first outside of Europe, we do see a significant potential for free cash flow and growth. In Israel, the fundamentals continue to be very solid. Population growth highly intensive concrete driven construction systems.

謝謝 Adrián。嗯，我對我們在歐洲、中東和非洲地區（包括歐洲）的業務感到非常興奮。首先從歐洲以外開始，我們確實看到了自由現金流和成長的巨大潛力。以色列的基本面依然非常穩固。人口成長高度密集，混凝土驅動建築系統。

And a lot of liquidity and there is pent up demand for housing and infrastructure. We're very well positioned and therefore I'm very excited about our operations in that part of the world. And although Egypt will continue with volatility, we are enjoying. For the next for the very short-term strong volumes and a strong pricing.

流動性很大，住房和基礎設施的需求被壓抑。我們的定位非常有利，因此我對我們在該地區的業務感到非常興奮。儘管埃及仍將持續動盪，但我們仍在享受。接下來是短期內的強勁交易量和強勁定價。

If I go to Europe. I'm bullish about Europe. We will continue to see volume increase in markets such as Spain, Germany and you know what, why right the change in fiscal policy, the commitment in infrastructure investments and in the defence, segment as well, some of which will relate to infrastructure. We also see solid Eastern Europe and it's exciting because the opportunities is material.

如果我去歐洲。我對歐洲持樂觀態度。我們將繼續看到西班牙、德國等市場的銷售成長，你知道嗎，財政政策的變化、基礎設施投資的承諾以及國防領域的變化，其中一些將與基礎設施有關。我們也看到了穩健的東歐，這是令人興奮的，因為機會是實質的。

Think about a reconstruction of Ukraine if it happens in the midterm, right, that won't happen next year, but as soon as there is peace between Ukraine and Russia, the reconstruction is going to draw significant volumes and that's going to reduce imports from Ukraine into Poland.

想想烏克蘭的重建，如果它發生在中期，那不會在明年發生，但一旦烏克蘭和俄羅斯之間實現和平，重建將吸引大量的資金，這將減少波蘭從烏克蘭的進口。

That's going to improve dynamics in the east of our portfolio in Europe, and we're going to see significant A product that today is exported from Turkey, some of which goes to Europe, going back to Ukraine and other reconstruction efforts such as potentially in the midterm, the Middle East.

這將改善我們在歐洲東部投資組合的動態，我們將看到今天從土耳其出口的大量產品，其中一些銷往歐洲，然後回到烏克蘭和其他重建工作，例如可能在中期的中東。

So that's going to be a key lever. Thinking about the midterm also we will see Poland expediting infrastructure using European Union funds. There is a delay there, but I do think that that's going to happen next year.

所以這將是一個關鍵槓桿。考慮到中期選舉，我們也將看到波蘭利用歐盟資金加快基礎建設。雖然存在延遲，但我確實認為明年會發生這種情況。

And then the UK should continue investing in infrastructure and potentially we'll see a bit of recovery in housing in the midterm. What excites me also is our CO2 decarbonization. We are leading the pack. CO2 performance is going very well, and there in 206 and 207, we're going to see two things, Adrian. First, the CBA, and number two, the withdrawal of free CO2 allowances which will be which will materialize starting in 2027. And we have a significant CO2 credit surpluses.

然後，英國應該繼續投資基礎設施，我們有可能在中期看到房屋市場有所復甦。同樣令我興奮的是我們的二氧化碳脫碳。我們正在領先。二氧化碳表現表現非常好，在 206 和 207 中，我們將看到兩件事，阿德里安。首先是 CBA，其次是取消免費的二氧化碳排放配額，這將從 2027 年開始實現。而且我們有大量的二氧化碳排放額度盈餘。

But that's not the case of the industry. So as soon as next year, when we look also at the CO2 footprint of imports from exporting countries such as Turkey, Algeria, Saudi Arabia, and others, they'll have to, they will face a [Siam] that would give us. A cost advantage that will materialize hopefully in our pricing strategy.

但行業情況並非如此。因此，最快到明年，當我們再看看土耳其、阿爾及利亞、沙烏地阿拉伯等出口國的進口二氧化碳足跡時，他們就必須面對暹羅給我們帶來的壓力。希望我們的定價策略能夠實現成本優勢。

And then I do expect cement capacity, closures including our footprint, and we're analysing that as we continue lowering our clinker factor and doing more milling and less clinker. And that also would lead to less excess capacity because some of it won't be needed to get CO2 free allowances.

然後我確實預計水泥產能、關閉包括我們的足跡，我們正在分析這一點，因為我們繼續降低熟料係數，做更多的研磨和更少的熟料。這也將減少過剩產能，因為其中一些產能將不再需要獲得無二氧化碳排放配額。

So all of those dynamics, bar volumes and rationalization in the industry should lead to our pricing strategy is going to be to leverage that momentum on trying to close the gap on pricing that we see between, for example, European markets and the US. So I hope that I've answered the question Adrián.

因此，行業中的所有這些動態、酒吧數量和合理化都應該導致我們的定價策略，即利用這種勢頭試圖縮小我們看到的歐洲市場和美國之間的價格差距。所以我希望我已經回答了 Adrián 的問題。

You did, thank you so much.

你做到了，非常感謝。

Andrian, I would also just add that we've already seen some momentum in Europe in terms of pricing. If you exclude Germany, pricing for our three core products is already up 2% to 3% versus fourth quarter this year. So I think that that's important to note.

安德里安，我還想補充一點，我們已經看到歐洲在定價方面出現了一些勢頭。如果不考慮德國，我們三種核心產品的價格已經比今年第四季上漲了 2% 至 3%。所以我認為這一點值得注意。

Anyway, Paul Roger, BNP. I'm going to read it via the web webcast. Guidance mentions potential upside. Where could this come from?

無論如何，英國國家黨的保羅·羅傑。我將透過網路廣播來閱讀它。指導意見提到了潛在的上升空間。這是從哪裡來的呢？

Thanks Paul, for the question. Let me elaborate a little bit about it. First, as part of our cutting edge, and we count on around $23 million to $5 million that I haven't yet even included in our estimates. That works as a cushion, but there is some upside. As we continue executing those savings. Also, think about this way.

謝謝保羅提出這個問題。讓我稍微詳細闡述一下。首先，作為我們尖端技術的一部分，我們預計大約需要 2300 萬到 500 萬美元，而我還沒有將其納入我們的估算中。這起到了緩衝的作用，但也有一些好處。隨著我們繼續執行這些節約措施。另外，請這樣想。

In the first semester we did $1.424 billion. So if we were to do the same thing, meaning second semester $1.4 billion that would be a flat second semester growth. That will lead to $2.850 billion. But then you need to add pale winds on FX.

第一學期我們的收入為14.24億美元。因此，如果我們做同樣的事情，意味著第二學期 14 億美元，這將是第二學期的持平成長。這將帶來 28.5 億美元的收入。但隨後您需要在 FX 上添加淡淡的風。

If the FX stays around MXN18.75 to the dollar, that's going to add, at least $40 million in the second semester. And then we have our budget cutting edge savings and we're counting on the $85 million. Headcount or reduction savings that I'll be firming up in future calls as we completed the labour consultation process in Europe.

如果墨西哥比索兌美元匯率維持在 18.75 墨西哥比索左右，那麼第二學期的收入將增加至少 4,000 萬美元。然後，我們有預算前沿儲蓄，我們預計達到 8500 萬美元。當我們完成歐洲的勞工協商過程時，我將在未來的電話會議中確定裁員或削減開支的事宜。

But beyond $85 million of income savings, we haven't yet even considered the indirect savings from eliminating those positions that could be between. 3% to 6% more savings and those relate to licenses, traveling expenses, so on and so forth. And then we count on around $100 million of the rest of cutting edge because it's fully loaded in the, in the second semester. So I think that that's where the potential upside. It comes from, really.

但除了 8,500 萬美元的收入節省之外，我們甚至還沒有考慮裁減這些職位而帶來的間接節省，這些節省可能在 3% 到 6% 之間，這些節省與執照、差旅費等有關。然後，我們預計剩餘的尖端技術將達到約 1 億美元，因為它將在第二學期完全投入使用。所以我認為這就是潛在的優勢。它確實來自那裡。

Thank you.

謝謝。

Thanks. [Paco Suarez] from Scotiabank. Paco?

謝謝。 [Paco Suarez]來自豐業銀行。帕科？

Hey congrats for this wonderful transformational changes at and for the execution so far. My question relates with the overall conditions in the United States. If you see prices of aggregates in general in the United States are doing far better than those in cement.

嘿，祝賀這一美妙的轉型變化以及迄今為止的執行。我的問題與美國的整體情況有關。如果你發現美國的骨材價格整體上比水泥價格好得多。

Do you think that such a performance on prices in aggregates combined with many players interested in acquiring these types of assets may undermine your plans to acquire operations in accretive values, and perhaps you can link the answer to precisely what you have said about how this new model of capital allocation works.

您是否認為，整體價格的這種表現，加上許多參與者有興趣收購此類資產，可能會破壞您收購增值業務的計劃，也許您可以將答案與您所說的這種新的資本配置模式如何運作聯繫起來。

Thank you very much for the question. You have a good point. That many companies are interested in investing in the aggregated space in the US. The first thing I want to tell you is that we have a great aggregate team in the US and they know the business very well.

非常感謝您的提問。你說得有道理。許多公司有興趣在美國聚合領域進行投資。我想告訴你的第一件事是，我們在美國擁有一支優秀的聚合團隊，他們非常了解業務。

The second thing is That because we purchase aggregates in some markets in our ready-mix operations. When we do not consume our own, we do have an extensive network of family owned. The aggregate players with whom we have had years and years of relationships and we're nurturing them.

第二件事是，因為我們在預拌混凝土業務中從一些市場購買骨材。當我們不消費自己的產品時，我們確實擁有廣泛的家族企業網絡。我們與這些玩家已經建立了多年的合作關係，並且正在培養他們。

And those should potentially, if we do the right things, give us at least a bit of an advantage in certain markets. But you're right, competition is going to be tough, but what I can commit to, and that's the new company's commitment on capital allocation is that we will not do any accusation that is not. It deliver on the targeted metrics, and this means obviously NPV must be above zero.

如果我們採取正確的措施，這些措施至少會為我們帶來某些市場的優勢。但您說得對，競爭將會很激烈，但我可以承諾的是，新公司在資本配置方面的承諾是，我們不會做出任何不公平的指控。它實現了目標指標，這顯然意味著 NPV 必須高於零。

We want from a free cash flow per share to be a creative in year one. We want ROIC above 1100 basis points. We will do only accusations with synergies of around 3% of sales. We want to do accusations with that by those synergies will reduce multiples to high single digits. And as you can imagine, Francisco, we are anchoring to preserve our investment credit rating status.

我們希望每股自由現金流在第一年就產生創意。我們希望 ROIC 高於 1100 個基點。我們只會針對銷售額 3% 左右的綜效進行指控。我們希望透過這些協同作用將倍數降低到較高的個位數。正如您所想像的，弗朗西斯科，我們正在努力保持我們的投資信用評級地位。

And definitely if looking at shareholder returns. The ROIC from these investments do, are worse than otherwise paying down principal of the debt of returning cash to shareholders, we will do the latter.

如果考慮股東回報的話，這絕對是如此。這些投資的 ROIC 確實比以其他方式償還債務本金或向股東返還現金更糟糕，我們將選擇後者。

So it's going to be competitive, we're ready, but we're also going to be very responsible, and this will be small to medium to medium sized accusations. And a final thought the reason also why we're looking at mortars stores renders is because we see great synergies with our what we do today and we will spend a little bit the breadth of a creative investment opportunities in the US on a space that we know pretty well and where we are well positioned to take advantage of a fragmented industry. So I hope that I have answered your question, Francisco.

因此這將是一場競爭，我們已經做好了準備，但我們也將非常負責任，這將是小型到中型的指控。最後，我們之所以關注實體店的效果圖，也是因為我們看到了與我們今天所做的事情的巨大協同效應，我們將在美國的一個我們非常了解的領域投入一些創造性的投資機會，在這個領域，我們完全有能力利用分散的行業。所以我希望我已經回答了你的問題，弗朗西斯科。

It was fantastic. Thank you so much.

太棒了。太感謝了。

Thank you, Parker.

謝謝你，帕克。

José Espitia, BBVA. José.

José Espitia，BBVA。何塞。

Good morning, everyone. Can you hear me?

大家早安。你聽得到我嗎？

Yes, Jose, I can hear you.

是的，何塞，我聽得到你的聲音。

Thank you. Thank you for the call. So my question is, considering the upgrade in volume expectations, if you can elaborate on the demand outlook in Mexico and the US for the second half of the year. Given the uncertainty and challenging economic context.

謝謝。謝謝您的來電。所以我的問題是，考慮到銷售預期的提升，您能否詳細說明一下今年下半年墨西哥和美國的需求前景。鑑於不確定且充滿挑戰的經濟環境。

Yes, Jose, regarding Mexico what I'm counting on is a small sequential volume improvement from the first half of this year into the second half of around 2%. The, how we see the market is that in the second half of '25, it implies a minus 2% in cement, okay? And please remember that last year in the second semester of 2024. I believe that the demand already dropped by 7%.

是的，何塞，關於墨西哥，我預計今年上半年到下半年的銷量將出現小幅環比增長，約為 2%。我們對市場的看法是，25 年下半年水泥價格將下跌 2%，好嗎？請記住，那是2024年第二學期的最後一年。我認為需求已經下降了7%。

Right, so the baseline from which we start last year is, it was much worse than the first semester of 2024 where there was a significant growth. Also, if I think about average daily sales, I'm only expecting a very minor, increase.

是的，所以我們從去年開始的基線來看，情況比 2024 年第一學期的顯著增長要糟糕得多。此外，如果我考慮平均每日銷售額，我預計只會有非常小的成長。

Quarter over quarter, so I feel pretty confident on this implied sequential growth for Mexico. We do; we're talking to customers. They're telling us that they do see the government moving ahead with their social housing program, so we do expect to see some of these projects breaking ground. In the last part of the, of this second half of the year.

與上一季相比，我對墨西哥的隱含連續成長非常有信心。我們確實在這樣做；我們正在與客戶交談。他們告訴我們，他們確實看到政府正在推進其社會住房計劃，因此我們確實希望看到其中一些項目破土動工。在今年下半年的最後階段。

And some infrastructure spending on railroads. And so that's how we see it, but never, nevertheless. If we assume no sequential average daily sales improvement. Meaning flat to second quarter '25 for the second semester, that will lead to a 4% year on year declining in the second half and a full year decline of 9%.

以及一些鐵路基礎設施支出。這就是我們所看到的，但無論如何，我們永遠不會看到它。如果我們假設平均每日銷售額沒有持續成長。這意味著第二學期與 2025 年第二季持平，這將導致下半年同比下降 4%，全年下降 9%。

Regarding the US. Look, this first semester is being very rainy, now we're entering into the hurricane season. Last year hurricane season was very difficult.

關於美國。看，這個第一學期雨水很多，現在我們正進入颶風季。去年的颶風季節非常艱辛。

At least in July we haven't had the hurricanes that we had last year. So one more one month behind us, and that's helping indeed our volumes. Depending on weather, so it's an externality, and I'm sorry about that, but we have in the second semester an implied 1% in cement.

至少在七月我們沒有遭遇去年那樣的颶風。因此，我們又落後了一個月，這確實對我們的銷售有幫助。這取決於天氣，所以這是一個外部因素，對此我感到抱歉，但在第二學期，我們隱含了 1% 的水泥成本。

And that is because we continue to see infrastructure unfolding and data centres, we're going to be more busier in Arizona, doing some semiconductor second phase semiconductor facility. We're busy in Cape Canaveral, and we see more data centre projects unfolding. It's going to be very much dependent on weather. I'm sorry about that, but that's what we have right now. That's our expectation.

這是因為我們繼續看到基礎設施和資料中心的建設，我們將在亞利桑那州更加忙碌，建造一些半導體第二階段的半導體設施。我們在卡納維爾角很忙，我們看到更多的資料中心專案正在展開。這將很大程度上取決於天氣。對此我感到很抱歉，但這就是我們現在的情況。這是我們的期望。

And finally, again, if we assume same average daily sales as in the second quarter '25 for the second semester, that leads to a 1% year on year increase in the second half and a full year decline of 2%. So I hope that my answer has been helpful, Jose.

最後，如果我們假設第二季的平均日銷售額與 2025 年第二季相同，那麼下半年的銷售額將年增 1%，而全年銷售額將下降 2%。所以我希望我的回答對你有幫助，何塞。

Yes, thank you so much.

是的，非常感謝。

Jose, if I could just compliment with one additional point, and that is that in the case of Mexico there are also five more working days in the second half than the first half apart from the average daily sales analysis that we just gave you. So I think that also.

何塞，如果我可以補充一點，那就是就墨西哥而言，除了我們剛剛提供的平均每日銷售分析之外，下半年的工作日也比上半年多出五個工作日。所以我也這麼認為。

Is right, Lucy. It is five days, I think.

是的，露西。我認為是五天。

Yes, yes. Daniel Sasson from Itaú. Daniel.

是的，是的。來自義大利的 Daniel Sasson。丹尼爾。

Have we lost him? Okay, I'm going to move on. Oh yes, hi Daniel. Okay.

我們失去他了嗎？好的，我要繼續。哦是的，你好，丹尼爾。好的。

Hey, can you hear me, right?

嘿，你聽得到我說話嗎？

Yes. I can hear you now, Daniel. Okay.

是的。我現在能聽到你的聲音了，丹尼爾。好的。

Thanks. Yeah, thank you guys. So my question is just a follow up question of the previous ones made. So I just would like to understand, first is regarding the share buyback program. You mentioned that this could be an opportunity for 2026.

謝謝。是的，謝謝大家。所以我的問題只是之前問題的後續問題。所以我只是想了解一下，首先是關於股票回購計畫。您提到這可能是 2026 年的一個機會。

So I'd like to understand by how much you guys thinking of how much you guys have as a base case and my second follow up is regarding. The divestments in Hong Kong regions like SA that you mentioned before. So we just could provide a little bit more color in terms of what countries or what regions specifically in SAC you guys believe could be in the review. So these are my two follow up questions. Thank you, guys.

所以我想了解你們對於基本情況的看法，我的第二個後續問題是關於。您之前提到的香港地區（例如南非）的撤資。因此，我們可以提供更多細節，說明你們認為哪些國家或 SAC 中哪些地區可以納入審查範圍。這是我的兩個後續問題。謝謝你們。

Regarding your first question Danielle, I'm not ready yet to tell you exactly what we're thinking in terms of amount. I just want to remind you that the general shareholders agreed and approved up to a $500 million share buyback program.

關於你的第一個問題，丹妮爾，我還沒準備好告訴你我們在數量上的具體想法。我只是想提醒你，普通股東同意並批准了高達 5 億美元的股票回購計畫。

I'm not thinking about that amount for next year, but we will begin together with the dividend program, and I think it is a bit too early to share that with you. Maybe that's something that I'll be ready to do early next year in the fourth quarter call but do expect you know a progressive. Both dividends and share buybacks as we rebalance our capital allocation to be, to look more at much less will go to debt principal repayment, but we will continue with some.

我還沒有考慮明年的數額，但我們將一起開始股息計劃，我認為現在與你們分享這個數字還為時過早。也許這是我準備在明年年初第四季電話會議上做的事情，但確實希望你知道一個進步。當我們重新平衡資本配置時，股利和股票回購都會增加，用於償還債務本金的資金會少得多，但我們會繼續進行一些。

And then much less strategic CapEx, more accretive when it comes, available in in the space highlighted in the US, mainly, and the rest is dividends and share buybacks. That's our plan. And regarding your second question, could you, oh yes, it's about divestments in. Look, I feel more comfortable not providing you with the specifics and because of obvious reasons.

然後，策略性資本支出會少得多，當它到來時，增值性會更高，主要集中在美國突出的領域，其餘的是股息和股票回購。這就是我們的計劃。關於您的第二個問題，哦是的，這是關於撤資的問題。聽著，由於顯而易見的原因，我更願意不向您提供具體資訊。

And, but I do expect that we will be, my expectation is that we will be executing in further divestments in between October of this year and late next year. And we will retain some operations that do significant slow conversion levels for the time being.

但我確實希望我們能夠，我的期望是，我們將在今年 10 月至明年年底之間執行進一步的資產剝離。而我們會暫時保留一些轉換速度明顯較慢的操作。

I will elaborate more about that as we progress on current negotiations. I hope you understand, but I cannot provide you with the specific names right now to you.

隨著目前談判的進展，我將對此進行更詳細的闡述。我希望你們理解，但我現在無法向你們提供具體的名字。

Thank you so much for that.

非常感謝。

Okay.

好的。

[Ann Milney], Bank of America. Ann?

[安·米爾尼]，美國銀行。安？

Yes, good morning, or actually good afternoon. Hi, Maher, Lucy. I think this question maybe is for Maher. I just wanted to ask you about your current thinking about the path to reach your previously stated goal of 1.5 times net leverage. In the past it seemed like it would or could be through primarily increases in EBITDA, not necessarily reductions in debt. But could you please give us an update on what you're thinking about timing of this, what additional levers you might use if necessary to reach this target? We know you have the maturity, or I should say the call date on one of your perps next year that could help on that. But any other thoughts would be much appreciated.

是的，早上好，或是下午好。你好，馬希爾，露西。我認為這個問題也許是問馬希爾的。我只是想問一下您目前對於如何達到之前提出的1.5倍淨槓桿率的目標有什麼想法。過去，這似乎主要透過增加 EBITDA 來實現，而不一定是透過減少債務。但是，您能否向我們介紹一下您對這一時間安排的最新想法，以及如果有必要的話，您可能會使用哪些額外的手段來實現這一目標？我們知道您已經成熟，或者我應該說明年您的某個永續債的贖回日期可能會對此有所幫助。但如果你有其他想法，我將非常感激。

Sure. Yeah, I mean, I would like just to reiterate that EBITDA growth is probably the most important leverage that we have, especially after all of the comments that Jaime made. I mean, between operational excellence to, project cutting edge, which you know you've heard we've upped the number to $400 million.

當然。是的，我的意思是，我只想重申，EBITDA 成長可能是我們最重要的槓桿，尤其是在 Jaime 發表所有評論之後。我的意思是，從卓越營運到專案前沿，您知道您已經聽說我們已將數字提高到 4 億美元。

Incremental EBITDA from some of our growth investments definitely will be contributing materially to EBITDA in the next 12 to 24 months. The hyperfocus on free cash flow conversion. And then, being able to potentially allocate that based on the criteria that Jaime outlined, I think, we, and this is excluding any, potential improvements from organic growth just from the natural dynamics of the portfolio. I think that EBITDA and free cash flow are the two very important, levers to continue to deliver.

我們的一些成長投資所產生的增量 EBITDA 肯定會在未來 12 到 24 個月內對 EBITDA 做出重大貢獻。高度關注自由現金流轉換。然後，我認為，我們能夠根據 Jaime 概述的標準進行分配，這不包括任何來自有機成長的潛在改進，而只是來自投資組合的自然動態。我認為 EBITDA 和自由現金流是繼續實現目標的兩個非常重要的槓桿。

Deleveraging in the form of lower leverage ratio, and I do expect that we should get that, half a turn somewhere in the next 12 to 24 months. I mean, between a combination of reducing the stock of debt and very important improvement and that that is under our control, that is not dependent on market-driven, levers, I think gives me the comfort that we should be able to achieve that target within the next 12 to 24 months.

以降低槓桿率的形式進行去槓桿，我確實希望我們能夠在未來 12 到 24 個月內實現這一目標。我的意思是，透過減少債務存量和非常重要的改進，而這一切都在我們的控制之下，不依賴市場驅動的槓桿，我認為我們應該能夠在未來 12 到 24 個月內實現這一目標，這讓我感到欣慰。

Thank you.

謝謝。

Thanks Ann.

謝謝安。

Thank you, Ann.

謝謝你，安。

So I think that's a wrap. We appreciate you joining us today for our second quarter results, and we hope that you will come back again for our third quarter 2025 webcast on October 28. If you do have any additional questions, please feel free to reach out to the industrial relations team. Many thanks.

所以我想事情就到此為止了。感謝您今天加入我們討論第二季業績，我們希望您能於 10 月 28 日再次參加我們的 2025 年第三季網路直播。如果您有任何其他問題，請隨時聯繫勞資關係團隊。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。