Cemex SAB de CV (CX) 2025 Q3 法說會逐字稿

Good morning. Welcome, everyone, to the CEMEX third quarter 2025 conference call and webcast. My name is Becky, and I'll be your operator for today. (Operator Instructions)

早安.歡迎各位參加 CEMEX 2025 年第三季電話會議及網路直播。我叫貝基，今天由我來為您接聽電話。（操作說明）

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

現在我將把會議交給首席傳播官露西·羅德里格斯。請繼續。

Good morning, and thank you for joining us for our third 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 plan, followed by a review of our business and the outlook for the remainder of the year.

早安，感謝各位參加我們2025年第三季電話會議和網路直播。希望您一切安好。今天與我一同出席的有我們的執行長 Jaime Muguiro 和我們的財務長 Maher Al-Haffar。我們將首先報告我們戰略計劃迄今為止的進展，然後回顧一下我們的業務以及今年剩餘時間的展望。

And then we will be happy to take your questions. Please note that although the sale of our business in Panama was successfully completed on October 6, these operations were reclassified as discontinued as of the end of the third quarter and have been excluded from our results for both 2025 and 2024. As communicated previously, we retained our admixtures business in Panama, which we will continue to operate.

然後我們將很樂意回答您的問題。請注意，雖然我們在巴拿馬的業務出售已於 10 月 6 日成功完成，但這些業務已於第三季末重新歸類為終止經營業務，並已從我們 2025 年和 2024 年的業績中排除。正如之前所溝通的，我們保留了在巴拿馬的外加劑業務，並將繼續經營這項業務。

In the case of Couch Aggregates, after increasing our holdings to a majority stake, we are fully consolidating these assets and their results in our US business, effective September 1.

就 Couch Aggregates 而言，在我們將持股比例提高到多數股權後，我們將從 9 月 1 日起把這些資產及其業績完全併入我們的美國業務。

And now I will hand the call over to Jaime.

現在我將把電話交給傑米。

Thanks, Lucy, and good day to everyone. Six months ago, I outlined our vision for CEMEX with two core objectives: attaining best-in-class operational excellence and delivering industry-leading shareholder returns. I also presented our strategic framework and the guiding principles to drive our company's transformation.

謝謝你，露西，祝大家今天愉快。六個月前，我概述了我們對 CEMEX 的願景，其中包含兩個核心目標：實現一流的卓越營運和提供領先業界的股東回報。我還介紹了我們的策略框架和指導原則，以推動公司的轉型。

These levers aim to enhance profitability, increase free cash flow conversion, improve asset efficiency and generate returns that comfortably exceed our cost of capital. Since then, we have worked relentlessly bringing together and aligning our entire organization with these principles. This has required sustained commitment and a willingness to embrace change at all levels.

這些措施旨在提高獲利能力、提高自由現金流轉換率、提高資產效率，並產生遠超過我們資本成本的回報。從那時起，我們便不懈努力，將整個組織凝聚起來，並使其與這些原則保持一致。這需要各層面持續的投入和接受改變的意願。

By engaging our teams and fostering a shared vision, we are ensuring that everyone at CEMEX is dedicated and empowered to deliver on our strategic plan. Today, I am pleased to share with you that while we still have much work to do, we are making important progress on our key priorities. As anticipated in our full year guidance, which assumed a significant year-over-year recovery in the second half, we're now seeing an improved performance in the third quarter.

透過調動團隊積極性，培養共同願景，我們確保 CEMEX 的每一位員工都致力於實現我們的策略計劃，並擁有相應的能力。今天，我很高興地告訴大家，雖然我們還有很多工作要做，但我們在關鍵優先事項上取得了重要進展。正如我們在全年業績預期中所預測的那樣，我們假設下半年將出現顯著的同比復甦，而現在我們看到第三季業績有所改善。

Consolidated EBITDA rose sharply, increasing at a double-digit rate with solid growth across our portfolio. Substantive margin gains in every region were largely driven by cost savings under Project Cutting Edge and higher prices. In the quarter, we made significant headway in the implementation of Project Cutting Edge with the realization of approximately $90 million in EBITDA savings.

綜合 EBITDA 大幅成長，實現了兩位數的成長，我們所有投資組合均實現了穩健成長。各地區的利潤率大幅提升主要得益於「尖端技術計畫」下的成本節約和價格上漲。本季度，我們在實施「尖端專案」方面取得了重大進展，實現了約 9,000 萬美元的 EBITDA 節省。

This keeps us on track to reach our 2025 full year goal of $200 million in savings. We continued executing on our portfolio rebalancing and growth strategy by divesting our operations in Panama while investing in targeted businesses in the US with the consolidation of Couch Aggregates, strengthening our position in the Southeast.

這將使我們有望實現 2025 年全年節省 2 億美元的目標。我們繼續執行投資組合再平衡和成長策略，剝離了在巴拿馬的業務，同時投資於美國的目標企業，並整合了 Couch Aggregates，從而加強了我們在美國東南部的地位。

Our operations in Europe remain at the forefront of our decarbonization agenda and point to our climate leadership with net CO2 emissions on a per ton of cement equivalent basis ahead of the European Cement Association's 2030 target. All of these achievements serve as important stepping stones, strengthening our resolve to continue working towards our long-term goals.

我們在歐洲的業務仍然處於我們脫碳議程的前沿，並以每噸水泥當量為基礎的淨二氧化碳排放量領先於歐洲水泥協會 2030 年的目標，這表明我們在氣候方面處於領先地位。所有這些成就都是重要的墊腳石，增強了我們繼續朝著長期目標努力的決心。

Third quarter results surpassed our recovery expectations for the back half of the year. Consolidated net sales are growing for the first time since the first quarter 2024 on the back of a stable volume backdrop and higher prices. Demand conditions in Mexico, while still soft, are showing signs of improvement, and Europe continues with its volume growth trend.

第三季業績超出我們對下半年復甦的預期。在銷量穩定和價格上漲的背景下，合併淨銷售額自 2024 年第一季以來首次實現成長。墨西哥的需求狀況雖然依然疲軟，但已出現改善跡象，而歐洲的銷售量也持續保持成長趨勢。

The increase in consolidated EBITDA was supported by all regions with EMEA, Mexico and South-Central America and the Caribbean region recording double-digit growth. EBITDA margin expanded by 2.5 percentage points, reaching its highest level for a third quarter since 2020. The US and Europe reached record third quarter margins, while Mexico and our South, Central America and the Caribbean region posted multiyear margin highs.

合併 EBITDA 的成長得到了所有地區的支持，其中 EMEA、墨西哥、中南美洲和加勒比地區均實現了兩位數的成長。EBITDA 利潤率成長了 2.5 個百分點，達到 2020 年以來第三個季度的最高水準。美國和歐洲第三季利潤率創歷史新高，而墨西哥以及我們的南美洲、中美洲和加勒比海地區也創下了多年來的最高利潤率。

Net income performance in the quarter was largely explained by the prior year one-off gain from asset divestments. Adjusting for discontinued operations, net income is growing by 8% in the quarter and by 3% year-to-date. Free cash flow from operations benefited from higher EBITDA, lower interest costs and cash taxes.

本季淨利表現主要歸功於去年同期資產剝離帶來的一次性收益。剔除已終止經營業務的影響，本季淨利成長 8%，年初至今成長 3%。經營活動產生的自由現金流受益於更高的 EBITDA、更低的利息成本和現金稅。

Importantly, the free cash flow from operations conversion rate, a key operating metric for our strategic plan, reached 41% on a trailing 12-month basis despite severance payments of $135 million. I expect free cash flow generation and the conversion rate to continue improving as we make additional progress on our strategic priorities. Consolidated volumes in the quarter were stable with growth in EMEA compensating for dynamics in other markets.

重要的是，儘管支付了 1.35 億美元的遣散費，但作為我們戰略計劃的關鍵營運指標，營運自由現金流轉換率在過去 12 個月內仍達到了 41%。隨著我們在策略重點方面取得更多進展，我預期自由現金流產生和轉換率將繼續改善。本季整體銷售量保持穩定，歐洲、中東和非洲地區的成長彌補了其他市場的波動。

While demand conditions are still soft in Mexico, we saw the first signs of improvement in the quarter. In the US, while year-over-year volume performance improved versus the first half of the year, we attribute this change primarily to an easier prior-year comparison base. We are pleased with the positive trend in our operations in Europe. Cement volume growth was driven by higher activity throughout Eastern Europe and Spain with relatively stable performance in Germany and the UK.

雖然墨西哥的需求狀況依然疲軟，但我們在本季看到了改善的初步跡象。在美國，雖然年比銷售表現較上半年有所改善，但我們認為這項變動主要歸因於去年同期基數較低。我們對在歐洲的業務發展趨勢感到滿意。東歐和西班牙水泥市場活動增加，帶動了水泥產量的成長，而德國和英國的水泥市場表現相對穩定。

Overall, while we have faced challenging volume conditions in two key markets this year, we remain optimistic on fundamentals going forward. With our renewed focus on operational efficiency, we're well positioned to capitalize on the strong operating leverage in our business once volumes improve. Consolidated prices were stable on a sequential basis, reflecting the customary annual first half price increases that generally prevail in our industry.

總體而言，儘管今年我們在兩個主要市場面臨嚴峻的銷售挑戰，但我們對未來的基本面仍然保持樂觀。隨著我們重新聚焦營運效率，一旦銷售改善，我們將能夠充分利用業務中強大的營運槓桿作用。綜合價格環比保持穩定，反映了我們行業普遍存在的每年上半年價格上漲的慣例。

On a year-over-year basis, consolidated prices are up low single digits, in line with our pricing strategy for at least covering input cost inflation. In Mexico, despite the volume backdrop, prices remain resilient with cement, ready-mix and aggregates prices increasing by a mid-single-digit rate since December. In the US, adjusting for product mix, aggregate prices are up 5% since the beginning of the year.

與去年同期相比，綜合價格上漲了個位數百分比，這符合我們至少要彌補投入成本上漲的定價策略。在墨西哥，儘管銷量不高，但價格依然堅挺，自去年 12 月以來，水泥、預拌混凝土和骨材價格均以中等個位數的速度上漲。在美國，經產品組合調整後，整體價格較年初上漲了5%。

In EMEA, rising cement prices in the Middle East and Africa more than offset performance in Europe. EBITDA growth was largely driven by our self-help measures and higher prices. Costs across the various categories declined by close to $80 million, accounting for approximately 2/3 of the like-to-like increase in EBITDA. Consolidated margin expanded by 2.5 percentage points with all of our regions as well as our three core products recording relevant margin gains.

在歐洲、中東和非洲地區，中東和非洲水泥價格上漲抵消了歐洲的業績成長。EBITDA成長主要得益於我們的自助措施和更高的價格。各項成本下降了近 8,000 萬美元，約佔 EBITDA 年增幅的 2/3。綜合利潤率成長了 2.5 個百分點，我們所有地區以及我們的三大核心產品均實現了相應的利潤率成長。

After a year of FX headwinds, we're benefiting this quarter from stronger currencies versus the dollar. In our Urbanization Solutions portfolio, better results in admixtures are partially compensating for still challenging conditions in other businesses. Going forward, our Urbanization Solutions business will primarily focus on admixtures, mortars and concrete products, which we believe offer strong synergies with our traditional core business as well as high margins.

經歷了一年的外匯逆風之後，本季我們將受益於貨幣對美元走強。在我們的城市化解決方案產品組合中，外加劑方面取得的更好成果在一定程度上彌補了其他業務領域仍面臨的挑戰。展望未來，我們的城市化解決方案業務將主要集中在外加劑、砂漿和混凝土產品上，我們相信這些產品與我們傳統的業務核心具有很強的協同效應，並且利潤率很高。

Under Project Cutting Edge, we have committed to an annualized recurring EBITDA savings of $400 million by 2027, with half related to overhead reduction. Importantly, with most of the actions required to achieve the overhead savings already done, we anticipate this effort to deliver about $75 million in the second half of 2025 and $125 million in 2026. We achieved about 40% of the 2025 overhead savings in the third quarter.

在「尖端技術計畫」下，我們承諾在 2027 年實現每年 4 億美元的 EBITDA 節約，其中一半與降低管理費用有關。重要的是，由於實現管理費用節約所需的大部分措施已經完成，我們預計這項工作將在 2025 年下半年帶來約 7,500 萬美元的收益，並在 2026 年帶來 1.25 億美元的收益。我們在第三季實現了 2025 年管理費用節省目標的約 40%。

We're also making progress on the implementation of the operating initiatives, including fuel efficiency, optimization of fuel mix, improvements in logistics and supply chain, among others. As a result of these efforts, both cost of goods sold and operating expenses as a percentage of sales are declining throughout all regions, leading to an expansion in EBITDA margin.

我們在營運措施的實施方面也取得了進展，包括提高燃油效率、優化燃油組合、改善物流和供應鏈等。由於這些努力，所有地區的銷售成本和營運費用佔銷售額的百分比都在下降，導致 EBITDA 利潤率擴大。

With total EBITDA savings captured in third quarter of $90 million, we remain on track to reach our full year 2025 target of $200 million. As we go into 2026, we expect additional progress on Project Cutting Edge to further support margins. Complementing Project Cutting Edge, our ongoing business performance reviews should provide more visible improvements in EBITDA, profitability and free cash flow during 2026 and beyond.

第三季 EBITDA 節省總額達 9,000 萬美元，我們仍有望實現 2025 年全年 2 億美元的目標。進入 2026 年，我們預計「尖端科技計畫」將取得更多進展，從而進一步支撐利潤率。作為「前沿項目」的補充，我們正在進行的業績評估應該會在 2026 年及以後帶來 EBITDA、盈利能力和自由現金流的更明顯改善。

I am confident that by working with a clear focus on our key priorities of operational excellence, free cash flow conversion and return on capital, we will continue to identify opportunities to further optimize our operations. We're also advancing on our portfolio rebalancing efforts, creating shareholder value through disciplined capital allocation.

我相信，透過明確聚焦於卓越營運、自由現金流轉換和資本回報率這三大關鍵優先事項，我們將繼續發現進一步優化營運的機會。我們也正在推動投資組合再平衡工作，透過嚴格的資本配置創造股東價值。

As our growth strategy shifts towards prioritizing small to midsized acquisitions, we will reallocate capital to opportunities that are immediately accretive. We will continue seeking potential divestments in non-core markets to strengthen our position in the US with a clear focus on aggregates and building solutions such as admixtures and mortars, which strongly complement our cement and ready-mix businesses.

隨著我們的成長策略轉向優先進行中小型收購，我們將把資金重新分配到能夠立即帶來收益的機會。我們將繼續尋求在非核心市場進行潛在的資產剝離，以加強我們在美國的地位，重點關注骨料和建築解決方案，如外加劑和砂漿，這些業務與我們的水泥和預拌混凝土業務形成強有力的互補。

Allow me to emphasize that we will be disciplined when evaluating potential growth opportunities, following our return criteria and protecting our investment-grade capital structure. A clear example of this value creation approach is the recently announced transactions in Panama and Couch Aggregates in the US. We completed the divestment of our operations in Panama at an attractive multiple of about 12 times.

請容我強調，在評估潛在的成長機會時，我們將秉持嚴謹的態度，遵循我們的回報標準，並保護我們投資等級的資本結構。最近在巴拿馬宣布的交易和在美國宣布的 Couch Aggregates 交易就是這種價值創造方法的明顯例證。我們以約 12 倍的誘人倍數完成了在巴拿馬業務的剝離。

At the same time, we allocated part of the proceeds to acquire a majority stake in Couch Aggregates, a leading player in the aggregates materials industry across the Southeastern US with an implied valuation of a high single-digit multiple after synergies. We expect that in the short term, this investment will offset the loss of EBITDA from the sale of our operations in Panama.

同時，我們將部分收益用於收購 Couch Aggregates 的多數股權。 Couch Aggregates 是美國東南部骨材材料產業的領導者，在綜效之後，其隱含估值約為個位數倍。我們預計，短期內，這項投資將抵消出售我們在巴拿馬的業務所造成的 EBITDA 損失。

This transaction is strengthening our aggregates footprint in the US, providing significant synergies and allowing us to better serve customers with a more complete offering. I am highly encouraged by our achievements in the quarter, which confirm that we're moving in the right direction, setting a strong foundation to position CEMEX as a more focused, agile and high-performing company.

此交易將加強我們在美國的骨材業務，帶來顯著的協同效應，並使我們能夠透過更全面的產品和服務更好地服務客戶。我對我們本季的成就感到非常鼓舞，這證實我們正朝著正確的方向前進，為將 CEMEX 定位為更專注、靈活和高效的公司奠定了堅實的基礎。

And now back to you, Lucy.

現在把鏡頭交還給露西。

Thank you, Jaime. We are encouraged by our third quarter performance in Mexico. EBITDA grew 11%, marking the expected inflection point in quarterly performance underlying our annual guidance. A leaner cost base and higher prices drove this double-digit growth despite lower volumes. After a challenging first half, volume trends suggest an improvement in demand conditions.

謝謝你，傑米。我們第三季在墨西哥的業績令人鼓舞。EBITDA 成長 11%，標誌著季度業績達到預期拐點，這也符合我們年度業績指引。儘管銷量下降，但成本基礎降低和價格上漲推動了兩位數的成長。在經歷了充滿挑戰的上半年之後，銷售趨勢顯示需求狀況有所改善。

Average daily cement sales volume outperformed historical sequential seasonality patterns in the quarter despite heavy rains in August and September. In bagged cement, we benefited from a gradual rollout in rural road projects as well as other social programs. While demand in the formal sector remains soft, there are promising signs of recovery in the near term.

儘管 8 月和 9 月遭遇強降雨，但本季水泥日均銷量仍超過了歷史季節性規律。在袋裝水泥領域，我們受益於農村道路計畫以及其他社會計畫的逐步推廣。儘管正規部門的需求依然疲軟，但短期內出現復甦的良好跡象。

In infrastructure, contracted volumes in our ready-mix backlog have increased in each of the last four-months with several rail projects expected to commence construction soon. We are seeing incremental activity in projects related to the 2026 World Cup in Mexico City, Monterrey and Guadalajara with investments in roads, metro lines, airport terminals, stadium renovations and hotels.

在基礎設施方面，在過去四個月裡，我們預拌混凝土的合約逐月增加，預計多個鐵路項目將很快動工。我們看到與 2026 年墨西哥城世界盃相關的專案活動逐漸增多，投資領域包括道路、地鐵線路、機場航站樓、體育場翻新和酒店。

The social housing program, which was recently expanded to a goal of 1.8 million units during the administration's 6-year term is accelerating. We are already participating in the construction phase of several projects, which represent about 26,000 units with a similar amount in the planning phase. Prices for cement continued their positive trajectory with a sequential increase of 1%.

社會住宅計畫最近擴大到本屆政府 6 年任期內建造 180 萬套住房的目標，該計畫正在加速推進。我們已經參與了多個專案的建設階段，這些專案約有 26,000 個單元，另有類似數量的專案處於規劃階段。水泥價格持續維持上漲勢頭，季增 1%。

Over the first nine months of the year, cement, ready-mix and aggregate prices are up by mid-single digits, working to offset input cost inflation. We recently announced a mid-single-digit price increase in bagged cement. Project cutting-edge initiatives are already delivering relevant operational improvements, reflected in the 5 percentage points of margin expansion in the quarter.

今年前九個月，水泥、預拌混凝土和骨材價格均以中等個位數的漲幅上漲，從而抵消了投入成本的上漲。我們最近宣布袋裝水泥價格將上調個位數百分比。專案前沿舉措已帶來相關的營運改進，本季利潤率成長了 5 個百分點。

We believe we have additional opportunities to further drive margins in 2026. Importantly, the 33.1% EBITDA margin achieved in the quarter was the highest level for our Mexican business since 2021. Going forward into 2026, as the government enters its second year in office, we expect to see the customary pickup in infrastructure spending as well as potential benefits from the upcoming renegotiation of the USMCA trade agreement.

我們相信，在 2026 年，我們還有機會進一步提高利潤率。值得注意的是，本季實現的 33.1% EBITDA 利潤率是自 2021 年以來墨西哥業務的最高水準。展望 2026 年，隨著政府進入執政第二年，我們預計基礎設施支出將如往常一樣增加，即將重新談判的美墨加貿易協定也將帶來潛在利益。

As demand conditions improve, operating leverage should continue supporting profitability in Mexico. Our operations in the US reached a record third quarter EBITDA and EBITDA margin, driven by increased cost efficiencies and higher prices. While year-over-year volume performance improved in third quarter, this was largely due to an easy comparison base resulting from adverse weather conditions in the prior year.

隨著需求狀況的改善，墨西哥的經營槓桿作用應會持續支撐獲利能力。由於成本效益提高和價格上漲，我們在美國的營運第三季 EBITDA 和 EBITDA 利潤率均創歷史新高。雖然第三季銷量較去年同期有所改善，但這主要是由於去年惡劣的天氣條件導致基數較小。

Adjusting for ready-mix asset sales and the consolidation of Couch Aggregates volumes for our three core products declined by 1%. Demand continues to reflect strength in infrastructure, offset by persistent softness in the residential sector. With three consecutive years of volume declines, we have seen increased competitive pressure in select markets within our footprint, explaining the slight decline in sequential cement prices.

經過調整後，由於預拌混凝土資產出售和 Couch Aggregates 合併，我們三大核心產品的銷售量下降了 1%。基礎設施需求持續強勁，但住宅市場持續疲軟，抵消了部分需求。由於銷售量連續三年下滑，我們在業務覆蓋範圍內的特定市場看到了日益激烈的競爭壓力，這也解釋了水泥價格環比略有下降的原因。

In aggregates, we continue to experience robust pricing with prices adjusting for product mix, rising 5% since December. Our efforts to improve cement kiln efficiency continue to pay off in the US, with domestic production replacing lower-margin imports leading to relevant EBITDA gains. In our aggregates business, which is responsible for about 40% of EBITDA within the US, we continue to focus on initiatives to make our operations more efficient as well as expand our production.

總體而言，價格持續走強，並根據產品組合進行了調整，自 12 月以來上漲了 5%。我們為提高水泥窯效率所做的努力在美國持續取得成效，國內生產取代了利潤較低的進口產品，從而帶來了相關的 EBITDA 收益。在我們的骨材業務中（該業務約占美國 EBITDA 的 40%），我們將繼續專注於提高營運效率和擴大生產規模的各項措施。

The recent upgrade of our Balcones quarry in Texas, one of the largest quarries in the United States, is optimizing our cost structure and contributing to higher margin. The recent consolidation of Couch Aggregates, along with other expansion projects in Florida and Arizona, are expected to increase our aggregate production capacity by about 10% in 2026.

最近，我們對位於德克薩斯州巴爾科內斯的採石場進行了升級改造，該採石場是美國最大的採石場之一，這優化了我們的成本結構，並有助於提高利潤率。近期 Couch Aggregates 的整合，以及在佛羅裡達州和亞利桑那州的其他擴建項目，預計將使我們的骨材產能到 2026 年提高約 10%。

Going forward, we expect infrastructure to continue driving demand as IIJA transportation projects continue to roll out. About 50% of funds under IIJA have been spent with peak spending levels expected during 2026. We remain optimistic about the outlook for the industrial and commercial sector, which continues gaining momentum with health care projects, data centers and chip manufacturing facilities being planned in our markets as well as relevant works in the Cape Canaveral.

展望未來，我們預計隨著IIJA交通項目的持續推進，基礎設施將繼續推動需求成長。IIJA 下的資金約有 50% 已被支出，預計支出高峰期將在 2026 年到來。我們對工業和商業領域的前景仍然保持樂觀，隨著醫療保健項目、數據中心和晶片製造設施在我們市場中的規劃以及卡納維拉爾角相關工程的開展，該領域正持續發展壯大。

While there is continued weakness on single-family residential, we see strong potential over the medium term as mortgage rates decline and market sentiment improves. It is important to highlight that as in the case of Mexico, operational leverage should result in additional benefits once volumes recover.

儘管單戶住宅市場持續疲軟，但隨著抵押貸款利率下降和市場情緒改善，我們認為中期內市場潛力巨大。值得強調的是，與墨西哥的情況類似，一旦銷售恢復，營運槓桿作用應該會帶來額外的收益。

Our EMEA region continued with its strong performance, reaching new records in EBITDA and margins in both Europe and the Middle East and Africa. In Europe, high single-digit growth in cement volumes was mostly driven by infrastructure throughout Eastern Europe, with housing activity also boosting demand in Spain. In the UK and Germany, volumes are stabilizing.

我們的 EMEA 地區持續保持強勁的業績，在歐洲、中東和非洲的 EBITDA 和利潤率方面均創下新紀錄。在歐洲，水泥銷售量實現了接近兩位數的成長，這主要得益於東歐各地的基礎建設，而西班牙的房屋活動也提振了需求。英國和德國的銷售量正在趨於穩定。

Infrastructure activity driven by EU funding, along with a gradual recovery of residential should continue supporting construction in the region. In the Middle East and Africa, ready-mix and aggregate volumes expanded by 13% and 1%, respectively. The slight decline in cement volumes is explained by a temporary regulatory impact in Egypt with demand already improving on strong market fundamentals.

歐盟資金推動的基礎建設活動，以及住宅市場的逐步復甦，應會繼續支持該地區的建築業發展。在中東和非洲，預拌混凝土和骨材的用量分別增加了 13% 和 1%。埃及水泥銷售量略有下降，這是由於暫時的監管措施所致，而強勁的市場基本面已使需求有所改善。

Higher cement prices in the Middle East and Africa more than offset dynamics in Europe. While price performance in Europe is largely explained by geographic mix, we have also faced some limited competitive pressure in specific markets. For the full EMEA region, cement ready-mix and aggregate prices are up low single digits since year-end.

中東和非洲水泥價格上漲，抵銷了歐洲水泥價格上漲的影響。雖然歐洲的價格表現很大程度上取決於地理組成，但我們在某些​​特定市場也面臨一些有限的競爭壓力。整個 EMEA 地區的水泥預拌料和骨材價格自年底以來均上漲了個位數百分比。

Our European operations remain at the forefront of our decarbonization efforts, having already surpassed the European Cement Association's 2030 consolidated net CO2 emissions target, further reinforcing our position as an industry leader. The implementation of the carbon border adjustment mechanism in 2026, along with the gradual phaseout of the free EU ETS allowances should be supportive of cement prices next year and beyond.

我們的歐洲業務仍然處於脫碳工作的前沿，已經超過了歐洲水泥協會 2030 年綜合淨二氧化碳排放目標，進一步鞏固了我們作為行業領導者的地位。2026 年碳邊境調節機制的實施，以及歐盟碳排放交易體系免費配額的逐步取消，應該會對明年及以後的水泥價格起到支撐作用。

We remain optimistic on the outlook for the region with a continued positive trend in infrastructure and further recovery in residential. Our South-Central America and the Caribbean region posted impressive results with EBITDA rising by 54% and margin expanding by 6.8 percentage points. This strong performance was driven by several factors.

我們對該地區的未來前景依然保持樂觀，基礎建設將持續向好，住宅市場也將進一步復甦。我們在中南美洲和加勒比海地區的業績令人矚目，EBITDA 成長了 54%，利潤率提高了 6.8 個百分點。這一強勁表現是由多種因素推動的。

The completion of the debottlenecking project in Jamaica, allowing us to substitute low-margin imports with domestically produced cement, benefits from savings realized under Project Cutting Edge, improved demand conditions in both Colombia and Jamaica and a more favorable prior year comparison base. In Colombia, demand is being driven by the informal sector with a rebound in bagged cement volumes and the metro project in Bogota.

牙買加的瓶頸消除項目已完成，使我們能夠用國內生產的水泥替代低利潤的進口水泥，這得益於“尖端項目”下實現的節約、哥倫比亞和牙買加需求狀況的改善以及更有利的上一年比較基數。在哥倫比亞，非正規部門的需求正在推動袋裝水泥銷售的反彈以及波哥大地鐵項目的建設。

In Jamaica, we are seeing tourism-related developments along with improved bagged cement sales supported by remittances. Sequential prices for cement and ready-mix in the region are broadly stable with variation explained by regional mix. We remain optimistic on the medium-term outlook for the region, where improved consumer sentiment and formal construction are expected to drive demand.

在牙買加，我們看到旅遊業蓬勃發展，同時，在匯款的支持下，袋裝水泥的銷售也有所提升。該地區水泥和預拌混凝土的連續價格整體穩定，價格波動可由區域結構解釋。我們對該地區的中期前景依然保持樂觀，預計消費者信心的改善和正規建設將推動需求成長。

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

現在我將把電話交給馬赫，讓他來審查我們的財務發展。

Thank you, Lucy, and good day to everyone. We are very pleased with our performance in the quarter. On the back of single-digit growth in our top line, we delivered 19% growth in EBITDA. Free cash flow from operations was close to $540 million, an improvement of more than $350 million versus third quarter of last year. The year-over-year growth was driven by the initial effects of our cost-cutting efforts, lower maintenance CapEx, interest expense and taxes.

謝謝你，露西，祝大家今天愉快。我們對本季的業績非常滿意。在營收實現個位數成長的背景下，我們的 EBITDA 成長了 19%。經營活動產生的自由現金流接近 5.4 億美元，比去年第三季增加了 3.5 億美元以上。年比成長主要得益於我們削減成本措施的初步成效、維護資本支出、利息支出和稅收的減少。

Adjusting for extraordinary items such as the payment of the Spanish tax fine in 2024, discontinued operations and severance payments, this year, free cash flow for the quarter grew 29% to approximately $600 million. In line with our normal seasonality, we saw a divestment of more than $130 million for working capital during the third quarter, and we expect this favorable trend to continue in the fourth quarter.

扣除 2024 年支付西班牙稅務罰款、終止營運和遣散費等特殊項目後，今年本季自由現金流增加 29%，約 6 億美元。與正常的季節性規律一致，我們在第三季剝離了超過 1.3 億美元的資產用於營運資金，我們預計這一有利趨勢將在第四季度繼續。

Our year-to-date average working capital days stood at negative 10 days, an improvement of five-days versus the same period last year. Our free cash flow conversion rate reached 41% for the trailing 12-months ending in September versus 35% for the full year 2024. As mentioned earlier, we are seeing the initial benefits from our efforts to optimize our cost base under Project Cutting Edge.

今年迄今為止，我們的平均營運資金周轉天數為負 10 天，比去年同期改善了 5 天。截至 9 月的過去 12 個月，我們的自由現金流轉換率達到 41%，而 2024 年全年為 35%。如前所述，我們已經從「尖端科技專案」優化成本基礎的努力中看到了初步成效。

During the third quarter, cost of goods sold as a percentage of sales was 71 basis points lower year-over-year, while operating expenses as a percentage of sales were 164 basis points lower. Energy cost on a per ton of cement basis declined by 14% in the first nine-months, driven by lower fuel and power prices and a continued improvement in clinker factor and thermal efficiency.

第三季度，銷售成本佔銷售額的百分比年減 71 個基點，而營業費用佔銷售額的百分比年減 164 個基點。前九個月，每噸水泥的能源成本下降了 14%，這主要得益於燃料和電力價格的下降以及熟料係數和熱效率的持續提高。

Record net income of $1.3 billion for the first nine-months of the year was driven primarily by the sale of our operations in the Dominican Republic, a favorable FX effect and lower financial expenses. Our leverage ratio under our bank debt agreements stood at 1.88 times in September, moderately higher than at the end of last year. We expect our leverage ratio to end 2025 below last year's level.

今年前九個月淨收入創歷史新高，達到 13 億美元，這主要得益於出售我們在多明尼加共和國的業務、有利的匯率影響以及較低的財務費用。根據我們的銀行債務協議，9 月我們的槓桿率為 1.88 倍，略高於去年年底的水平。我們預計到 2025 年底，我們的槓桿率將低於去年的水平。

We have fine-tuned our full year guidance for working capital and now expect a range of $0 to $50 million in incremental investment compared to the prior year. In the case of cash taxes, we now anticipate $350 million in 2025, which is $100 million lower compared to our previous guidance.

我們對全年營運資金預期進行了微調，現在預計與前一年相比，新增投資額將在 0 至 5,000 萬美元之間。就現金稅收而言，我們現在預計 2025 年將達到 3.5 億美元，比我們之前的預期低 1 億美元。

And now back to you, Jaime.

現在把鏡頭交還給傑米。

Thank you, Maher. In light of our year-to-date results and reflecting the progress achieved in Project Cutting Edge, we are maintaining our full year EBITDA guidance unchanged, expecting a flat performance versus 2024 with potential upside. Based on more visibility, we have made some small adjustments to elements in our free cash flow spend guidance that should positively impact 2025 free cash flow generation.

謝謝你，馬赫。鑑於我們今年迄今的業績，並考慮到「尖端計畫」的進展，我們維持全年 EBITDA 預期不變，預計與 2024 年相比業績持平，並有成長潛力。基於更清晰的預期，我們對自由現金流支出指引中的一些要素進行了一些小的調整，這些調整應該會對 2025 年的自由現金流產生正面影響。

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.

我們將繼續專注於策略計畫的實施，透過「尖端計畫」實現 EBITDA 節省、提高自由現金流轉換率和獲得高於資本成本的回報。我們將持續向您報告我們在實現這些目標方面所取得的進展。

And now back to you, Lucy.

現在把鏡頭交還給露西。

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. In addition, unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to our prices for our products. And now we will be happy to take your questions. (Operator Instructions)

在進入問答環節之前，我想提醒各位，我們今天所作的任何前瞻性陳述都是基於我們目前對我們所經營市場的了解，並且由於各種因素，這些陳述未來可能會發生變化。此外，除非上下文另有說明，所有提及定價措施、價格上漲或下跌的內容均指我們產品的價格。現在我們很樂意回答您的問題。（操作說明）

Carlos Peyrelongue, Bank of America.

卡洛斯·佩雷隆格，美國銀行。

Congratulations, Jaime, Maher and Lucy, on the strong results. My question is related to cash conversion. It improved materially in the last 12-months. What should we expect for next year and 2027 besides the cost-cutting that you mentioned as part of Cutting Edge, what else could drive higher cash conversion in the next two-years?

恭喜 Jaime、Maher 和 Lucy 取得優異成績。我的問題與現金轉換有關。過去12個月裡，情況有了顯著改善。除了您在「前沿策略」中提到的成本削減之外，我們對明年和 2027 年還有什麼期待？未來兩年還有什麼因素可以推動更高的現金轉換率？

In 2026, I'm targeting around 45% free cash flow conversion from operations, and you do expect further improvement beyond '26. We should be targeting around 50% free cash flow conversion from operations. What is driving and will drive this improved performance is basically a reduction in strategic CapEx and an optimization in platform CapEx. We will continue reducing interest expenses for the most part. So that's how we're going to do it, and I feel pretty comfortable about 2026 45% free cash flow conversion.

到 2026 年，我的目標是實現營運自由現金流轉換率達到 45% 左右，預計 2026 年以後還會進一步改善。我們的目標是實現營運自由現金流轉換率達到50%左右。推動並將繼續推動績效提升的根本原因在於策略資本支出減少和平台資本支出優化。我們將繼續大幅降低利息支出。所以這就是我們將要採取的方式，我對 2026 年 45% 的自由現金流轉換率相當有信心。

Adrian Huerta, JPMorgan.

Adrian Huerta，摩根大通。

Congrats on the results. You touched base a little bit on my question, which is regarding Mexico, especially for 2026. You mentioned the increased backlogs in the last four-months on the infra side. We've seen different actions kind of happening but not being advertised on the infra side. In prior presidential changes, we saw volumes recovering 30%, 50% of the volumes lost in the prior year.

恭喜取得好成績。你稍微談到了我的問題，這個問題是關於墨西哥的，特別是關於 2026 年的。您提到過去四個月基礎建設的積壓工作有所增加。我們看到基礎設施方面採取了一些不同的行動，但這些行動並沒有被宣傳。在前幾次總統更迭中，我們看到銷量恢復了前一年損失銷量的 30% 到 50%。

It seems like this year; volumes are going to be down high single digits as you're expecting. Is that -- given what you're seeing so far, can we say that we could potentially at least see that type of recoveries closer to half of the volumes lost this year? And if you can give us additional color on what else you're seeing that is giving you confidence on that?

看來今年銷量將會像你預期的那樣出現接近兩位數的下滑。鑑於目前的情況，我們是否可以說，至少有可能恢復到今年損失銷售量的近一半？如果您還能提供更多信息，說明您還看到了哪些其他方面，讓您對此更有信心，那就太好了？

Adrian, thanks for your question. Well, first of all, I don't think I would be crazy if I told you that volumes -- the demand volumes in Mexico next year should grow by no less than 2.5% to 3% and when demand volumes grow, -- some of it driven by infrastructure, CEMEX tends to do very well because we do have an extensive technical and operating capability to serve complex infrastructure projects, both highways and rail.

Adrian，謝謝你的提問。首先，我認為如果我說墨西哥明年的需求量應該至少要成長 2.5% 到 3%，那我並不是瘋了。當需求量成長時——其中一些是由基礎設施建設推動的——CEMEX 往往表現得非常好，因為我們擁有廣泛的技術和營運能力來服務複雜的基礎設施項目，包括公路和鐵路。

This means that most probably, we would be gaining some market share next year in the infrastructure sector as it gets back on track, potentially 1 percentage point market share, which is what we normally lose when infrastructure becomes weaker. So we're ready to see that unfolding next year, supported by infrastructure.

這意味著，隨著基礎設施產業重回正軌，我們明年很可能會獲得一些市場份額，可能達到 1 個百分點，而這通常是基礎設施疲軟時我們失去的市場份額。因此，我們期待明年在基礎設施的支持下，這個願景能夠逐步實現。

To give you a little bit more of examples, right now, we're executing projects such as Escolleras, Dos Bocas, terminal de carga in Quintana Roo, Camino Real, Colima, (technical difficulty) La Primavera in Sinaloa. And we do have an extensive number of projects in the pipeline, (technical difficulty), so on and so forth. So definitely, we see a better outlook for Mexico for next year.

再舉幾個例子，目前我們正在執行的項目有：Escolleras、Dos Bocas、金塔納羅奧州的貨運站、科利馬州的 Camino Real、（技術困難）錫那羅亞州的 La Primavera。我們確實有大量項目正在籌備中（技術難題），等等。所以，我們肯定認為墨西哥明年的前景會更好。

To what extent, I'm comfortable saying that demand will grow by at least 2.5%, close to 3%. Please also note that we do see already the social housing unfolding. As Lucy highlighted, we are supplying already projects. And when I talk to our partners, customers, they are becoming more excited about the social housing program.

至於成長幅度，我可以肯定地說，需求至少會成長 2.5%，接近 3%。另請注意，我們已經看到社會住宅項目正在逐步推進。正如露西所強調的，我們已經在為一些項目供貨了。當我與我們的合作夥伴、客戶交談時，他們對社會住宅計畫越來越感興趣。

And then I don't know what you think, Adrian, but if interest rates in Mexico continue dropping a bit, that should be supportive of a very resilient formal housing sector, which has been surprisingly good so far this year. I hope I have answered your question, Adrian.

我不知道你怎麼想，Adrian，但如果墨西哥的利率繼續小幅下降，那應該會對非常有韌性的正規住房部門起到支撐作用，而該部門今年迄今為止的表現出人意料地好。希望我的回答能幫到你，艾德里安。

Thanks, Adrian. And if I could just complement, we, of course, will continue fine-tuning our thoughts on next year, and we'll give guidance on Mexican volumes in early February, but we are quite positive.

謝謝你，艾德里安。如果我能補充一點，我們當然會繼續完善我們對明年的想法，我們將在 2 月初給出關於墨西哥銷售的指導意見，但我們對此相當樂觀。

The next question comes from Francisco Suarez from Scotiabank.

下一個問題來自加拿大豐業銀行的弗朗西斯科·蘇亞雷斯。

Congrats on the wonderful execution, exciting times for sure. My question relates with the massive EBITDA margin expansion in Mexico in the quarter. Can you give us a little bit of color on the breakdown roughly of the 500 basis improvements between, say, Project Cutting Edge, how much of that was also driven by lower pet coke prices? How much was by thermal substitution, perhaps prices or any other thing that you can give us a little bit more color?

恭喜你們出色地完成了任務，這絕對是令人興奮的時刻。我的問題與本季墨西哥 EBITDA 利潤率的大幅成長有關。能否簡單介紹一下「尖端工程」中 500 個基點的改進是如何分配的？例如，其中有多少是由於石油焦價格下降所致？熱替代法的成本是多少？價格或其他方面您能否提供更多資訊？

Francisco, thanks for your question. Well, yes, we had a solid 5-percentage-point expansion. It explains basically around the following. Number one, prices close to 4-percentage-point. Then very pleased with our SG&A and corporate reductions that contributed with around 0.8-percentage-point improvement. variable cost, 0.9-percentage+point; fixed cost around 0.3-percentage-point.

弗朗西斯科，謝謝你的提問。是的，我們實現了穩健的 5 個百分點的成長。它主要解釋了以下內容。第一，價格接近 4 個百分點。我們對銷售、一般及行政費用和公司開支的削減非常滿意，這帶來了約 0.8 個百分點的改善。變動成本降低了 0.9 個百分點以上；固定成本降低了約 0.3 個百分點。

When you look at variable cost, energy continues to be a tailwind, both electricity, although there, I must acknowledge that last year, we had a one-off, but still it's tailwind as we take advantage of the wholesale electricity market, right? And then positive contribution of fuels, around 1.1-percentage-point. So that was also encouraging with a minus 18% decrease in unitary fuel cost. So I hope that I answered your question.

從變動成本來看，能源仍然是有利因素，包括電力。雖然我必須承認，去年我們遇到了一次性的情況，但只要我們利用批發電力市場，它仍然是有利因素，對吧？燃料成本的正面貢獻約為1.1個百分點。此外，單位燃料成本下降了18%，這也令人鼓舞。希望我的回答能幫助你。

So that creates a wonderful foundation for further improvements in 2026 on your operating year-end, isn't it?

這樣就為2026年營運年度結束時的進一步改進奠定了良好的基礎，不是嗎？

Well, in Mexico, particularly, we're targeting to be the most efficient operator in the country. We've done extensive benchmark with others, although we have a different business model Francisco, mainly in retailing, but we are seeking to be best-in-class in margins in Mexico.

尤其是在墨西哥，我們的目標是成為全國效率最高的營運商。我們與其他公司進行了廣泛的基準比較，雖然我們的商業模式與Francisco不同，主要集中在零售領域，但我們正在努力成為墨西哥利潤率最高的公司。

Thanks, Paco. And to your point, Mexico is the region that probably has contributed the most to date in terms of Project Cutting Edge, and we do believe that next year a lot of that will continue. The next question comes from Anna Schumacher from BNP Paribas. Is the industry deprioritizing CCUS? I appreciate CEMEX has always taken a pragmatic approach. Could your schemes like Rudersdorf be delayed? And how will you decide?

謝謝你，帕可。正如您所說，墨西哥可能是迄今為止在「尖端計畫」中貢獻最大的地區，我們相信明年這種情況還會繼續。下一個問題來自法國巴黎銀行的安娜舒馬克。產業是否正在降低碳捕獲、利用與封存（CCUS）的優先順序？我欣賞CEMEX一貫務實的做法。像魯德斯多夫這樣的計畫會延期嗎？那你將如何決定？

Thanks for your question. You're asking me whether the industry is deprioritizing CCUS, among other things, I won't answer on behalf of the industry, but I'll give you a color on how we think in CEMEX. We've always prioritized first traditional delevers -- sorry, levers to decarbonize. And on that, we're doing pretty well. We continue to see a good runway to continue deploying traditional levers, particularly a significant reduction in clinker factor, further improvement in energy efficiency and beyond Europe, a ramp-up of alternative fuels with biomass content.

謝謝你的提問。你問我，業界是否正在降低碳捕獲、利用與封存（CCUS）的優先級，以及其他一些問題，我不會代表業界回答，但我可以向你介紹我們在 CEMEX 的想法。我們一直優先考慮傳統的交付方式——抱歉，是脫碳的手段。在這方面，我們做得相當不錯。我們仍然看到良好的發展前景，可以繼續部署傳統手段，特別是大幅降低熟料係數，進一步提高能源效率，並在歐洲以外地區，大力發展生物質含量的替代燃料。

CCUS continues to be a lever that CEMEX will need a midterm. And we will deploy CCS projects provided that they are accretive to value creation. And for the time being, for that to happen, we need two things significant subsidies on both CapEx and OpEx and then green premium. And in that -- regarding the latter, we are excited about potential bilateral agreements with some off takers under the book-and-claim scheme that we're working on. But again, although I recognize that CCUS is fundamental for net zero we will not deploy CCS that destroys value.

CCUS（碳捕獲、利用與封存）仍是CEMEX在中期需要利用的槓桿。我們將部署碳捕集與封存（CCS）項目，前提是這些項目能夠增加價值創造。就目前而言，要實現這一點，我們需要兩件事：對資本支出和營運支出的大量補貼，以及綠色溢價。至於後者，我們對與一些承購商在我們正在努力推進的「預訂索賠」計劃下達成的潛在雙邊協議感到興奮。但是，雖然我承認 CCUS 對實現淨零排放至關重要，但我們不會部署會破壞價值的 CCS 技術。

We need to do more work on regulations, right? And we will not deploy CCS in an asset that we might not continue running long term. So as we speak, we're reviewing, particularly in Europe, right, our asset footprint because we do see opportunity to optimize our asset base. Some of our kilns might be converted to produce calcium clays, while we do micronization technologies to reduce clinker factor and introduce new blends. And our priority for decarbonization continues to be Europe, followed by California.

我們需要在法規方面做更多工作，對吧？我們不會在可能無法長期營運的資產上部署碳捕獲與封存技術。所以，正如我們所說，我們正在審查，尤其是在歐洲，我們的資產佈局，因為我們確實看到了優化資產基礎的機會。我們的一些窯爐可能會被改造為生產鈣黏土，同時我們採用微粉化技術來降低熟料係數並引入新的混合物。我們脫碳工作的優先順序仍然是歐洲，其次是加州。

And everywhere else, we're profitable and accretive to shareholder returns, we will continue decarbonizing because it continues to be a priority. Thanks, Anna, for the question.

在其他所有獲利且能增加股東回報的領域，我們將繼續推動脫碳，因為這仍然是我們的優先事項。謝謝安娜的提問。

Yassine Touahri, On Field.

亞辛·圖阿赫里，場上。

Congratulations for the fantastic results. My question would be around the price for next year. Could you -- have you already sent a letter to your clients in the US and Europe for 2026 price increase? Could you provide an order of magnitude of the price increase that you would like to deliver in those two regions? That would be very helpful. And could we see -- I think prices in the US and Europe were a little bit muted in 2025. Could we see a change in direction next year?

恭喜你們取得如此優異的成績！我想問的是明年的價格。請問您是否已經向您在美國和歐洲的客戶發送了關於 2026 年價格上漲的信函？您能否提供您希望在這兩個地區實現的漲價幅度（數量級）？那將非常有幫助。我們可以看到──我認為2025年美國和歐洲的價格走勢略顯平淡。明年我們會看到方向的改變嗎？

Yassine, thanks for your question. We haven't yet sent our price increase letters to our customers. We're working on it but allow me to share with you the way I'm thinking -- the way we're thinking. Across all our markets, our pricing strategy should more than offset input cost inflation. We're excited about Europe because next year, we will begin to see the CBAM, which could add between EUR5 to EUR10 per ton when you think about what importers would have to start paying.

亞辛，謝謝你的提問。我們尚未向客戶發出漲價通知函。我們正在努力，但請允許我與您分享我的想法——我們的想法。在所有市場，我們的定價策略應該能夠抵銷投入成本上漲所帶來的影響。我們對歐洲感到興奮，因為明年我們將開始看到CBAM，考慮到進口商將不得不開始支付的費用，這可能會使每噸價格增加5至10歐元。

In the case of CEMEX, right, we do have an advantage because in Europe, we have much lower CO2 footprint on clinker and cement terms. But the way we're thinking is we understand that competitors, local producers do not have enough CO2 surpluses, would need to buy CO2 credits at EUR77, EUR75 per tonne.

就 CEMEX 而言，我們的確具有優勢，因為在歐洲，我們在熟料和水泥方面的二氧化碳排放量要低得多。但我們的想法是，我們了解到競爭對手和當地生產商沒有足夠的二氧化碳剩餘量，需要以每噸 77 歐元、75 歐元的價格購買二氧化碳排放額度。

And then you need to include the CBAM from imports because the Turks, the Algerians and others do have a CO2 footprint per tonne of clinker and cement that is much higher than the European benchmark. And next year, in 1Q, the European Union will publish the new benchmark. It could be as low as 650 kilos per tonne of clinker.

此外，還需要將進口水泥的碳排放量（CBAM）計算在內，因為土耳其、阿爾及利亞和其他國家的每噸熟料和水泥的二氧化碳排放量遠高於歐洲基準。明年第一季度，歐盟將公佈新的基準。每噸熟料的用量可能低至 650 公斤。

So it means that we're going to have the CBAM. And if producers do the math the way I do it, which is thinking about the CO2 incremental cost, right? I'll say that there could be interesting pricing characteristics in Europe. As we speak, I'm reviewing macro market by macro market, but I'm excited about that. And in the US, we will -- unlike in 2025, 2026, we will, right, target price increases, hopefully to more than offset input cost inflation, recovering what the opportunity lost in 2025.

所以這意味著我們將擁有CBAM。如果生產商像我一樣計算成本，也就是考慮二氧化碳的增量成本，對吧？我認為歐洲的定價機制可能會很有趣。此刻，我正在逐一分析宏觀市場，但我對此感到興奮。在美國，我們將——與 2025 年、2026 年不同，我們將——對吧——提高目標價格，希望能夠抵消投入成本上漲，彌補 2025 年錯失的機會。

Now what's new is tariffs, right, and potentially some FOB cement and clinker price increases out of the Med Basin, which could be positive for the Gulf Coast and the Eastern coastal US markets. So I hope that I have answered your question.

現在的新情況是關稅，對吧？而且地中海盆地的離岸價水泥和熟料價格可能會上漲，這對墨西哥灣沿岸和美國東部沿海市場來說可能是個好消息。希望我已經回答你的問題了。

Ben Theurer, Barclays.

本·圖雷爾，巴克萊銀行。

Jaime, congrats on the great execution here once again. I wanted to follow up real quick on the performance in the US, particularly as it relates to volume. Clearly, you've highlighted it was still down across all segments. But I wanted to understand if you're seeing any regional differences in the performance. And if you could maybe dig a little bit deeper into the subcategories, residential versus industrial, commercial and infrastructure as it relates to the US volume in specific.

Jaime，再次恭喜你出色地完成了任務。我想快速跟進一下美國市場的表現，特別是銷售方面。顯然，您已經指出所有細分市場仍然存在下滑趨勢。但我很想了解您是否觀察到任何地區性的表現差異。如果您能更深入地研究各個子類別，例如住宅與工業、商業和基礎設施，特別是與美國市場規模相關的類別，那就更好了。

Ben, thanks for your question. Yes, as we speak, and I'm relating more to the third quarter, we saw weaker volumes in Florida and California and Arizona, partially compensated by growth in Texas, Colorado and the Mid-South. And the outlook looks like this. We do continue to see strong infrastructure. Nothing tells us that, that dynamics will change next year.

本，謝謝你的提問。是的，就目前而言，我指的是第三季度，佛羅裡達州、加利福尼亞州和亞利桑那州的銷量有所下降，但德克薩斯州、科羅拉多州和美國中南部地區的成長部分彌補了這一損失。前景大致如此。我們確實看到了強大的基礎設施。沒有任何跡象表明明年情況會發生變化。

On the contrary, because of what Lucy explained about the infrastructure bill and how it will -- the investment will peak in 2026. We continue to see data centers, chip factories, second phases and projects around chip factories, some high heavy commercial jobs, right? But what continues to be weak, and I don't think it will recover next year is single-family homes is residential.

相反，正如露西解釋的那樣，基礎設施法案及其將如何推動投資——投資將在 2026 年達到頂峰。我們不斷看到資料中心、晶片工廠、晶片工廠二期工程及週邊項目，還有一些高成本的商業項目，對吧？但目前依然疲軟，而且我認為明年不會復甦的是獨棟住宅市場。

You know that mortgage rates are reducing, now around 6.3%. I think mortgage rates will stay for longer at around 6%. And I believe that we need to see the Americans who need to buy a house to emotionally understand that mortgage rates might not drop significantly sooner. And that might trigger the need to jump and purchase a house. But I don't think that's going to happen in the short term in '26.

你知道抵押貸款利率正在下降，目前約為 6.3%。我認為抵押貸款利率會在6%左右維持較長時間。我認為我們需要讓那些需要買房的美國人從情感上理解，而房貸利率可能不會很快大幅下降。這可能會引發他們立即購屋的衝動。但我認為在2026年短期內不會發生這種情況。

So I'm expecting still a -- stabling though, stabilizing, though, but a weak residential, and I hope to see that recovery in 2027. I do expect US demand to grow next year low single digit, though.

所以我預計住宅市場仍將保持穩定，但依然疲軟，我希望在 2027 年看到復甦。不過，我預計明年美國需求將以個位數低成長。

The next question comes from Alejandra Obregon from Morgan Stanley. Can you elaborate on the evolution of your optimization plans and yield improvement initiatives at Balcones in Texas? And how can these translate into profitability improvements in Texas as you substitute imports with domestic production? Is there room for similar improvements in any other plant in the US.

下一個問題來自摩根士丹利的 Alejandra Obregon。您能否詳細介紹一下您在德州巴爾科內斯的優化計畫和產量提升措施的演變過程？那麼，在德州，用國內生產取代進口，如何轉化為獲利能力的提升呢？美國其他工廠是否也有類似的進步空間？

Alejandra, thanks for your question. First, allow me to explain a little bit what we're doing in Balcones. We are using artificial intelligence to help operators run our raw mills, the kilns and the cement mills in autopilot, allowing the artificial intelligence to take on real-time decisions on operating parameters. And what we're finding is that we do see between high-single-digit to double-digit, low teens yield increases.

Alejandra，謝謝你的提問。首先，請容許我簡單解釋一下我們在巴爾科內斯正在做的事情。我們正在利用人工智慧幫助操作員自動運行我們的原料磨機、窯爐和水泥磨機，使人工智慧能夠對運行參數做出即時決策。我們發現，收益率確實出現了接近兩位數到十幾位數的成長。

Basically, the artificial intelligence uses good data much faster to adjust operating parameters that otherwise a human being will need to wait for days, particularly when it comes to adjusting chemistry because of quality adjustments of raw materials. So it's very exciting. And clearly, we do see the opportunity to expand and scale the technology to all our cement plants in the US because all of them present opportunities for increased yield.

基本上，人工智慧利用良好的數據更快地調整操作參數，而人類則需要等待數天才能完成調整，尤其是在由於原材料品質調整而需要調整化學成分時。所以這非常令人興奮。顯然，我們看到了將這項技術推廣到我們在美國所有水泥廠的機會，因為所有這些水泥廠都提供了提高產量的機會。

This year, we've seen a solid improvement that led to so far, an increase in cement production of more than 500,000 short tons. And that's clearly expanding margins as we replace imports, but also as we operate in a stable environment, which leads to improved energy efficiency. Do expect more to come. The potential is simple.

今年以來，我們看到了穩定的改善，迄今為止，水泥產量增加了50萬多萬短噸。顯然，隨著我們用進口產品替代進口產品，利潤空間正在擴大；同時，由於我們在穩定的環境下運營，能源效率也提高了。敬請期待更多精彩內容。這種潛力很簡單。

I'm targeting -- we are targeting, my US folks are targeting incremental 1 million short tons more from our current asset base. Clearly, the technology will help. And that means that you should expect further cement margin improvement in the US going forward. It could be as high as 2 to 3 percentage points mid-term. Thanks for the question, Alejandra.

我的目標是——我們的目標是，我的美國同事們的目標是從我們現有的資產基礎中再增加 100 萬短噸的產能。顯然，這項技術會有所幫助。這意味著未來美國水泥產業的利潤率可望進一步提高。期中考時，降幅可能高達 2 到 3 個百分點。謝謝你的提問，Alejandra。

Gordon Lee, BTG Pactual.

Gordon Lee，BTG Pactual。

Congratulations on the results. Just a quick question, Jaime, and you addressed this a little bit in your opening remarks, but I was wondering if you could speak a little bit more about the Urbanization Solutions business and specifically, the decline that we've seen year-to-date in revenue and EBITDA, is that a function of the completion of projects? Or should we interpret that as a strategic deemphasizing of its relevance within CEMEX or maybe also as a product of the implementation of Cutting Edge?

恭喜你取得好成績。Jaime，我有個問題想問一下，你在開場白中也稍微提到了這一點，但我想請你再詳細談談城市化解決方案業務，特別是我們今年迄今為止在收入和 EBITDA 方面看到的下滑，這是否與項目的完成有關？或者我們應該將其解讀為 CEMEX 策略性地弱化其相關性，或者也可能是「前沿技術」實施的產物？

Gordon, thanks for the question. The reduction in sales and EBITDA are unrelated to completion of projects. The reason why you see a drop in sales and EBITDA is mainly twofold. It's concrete block Florida, for obvious reasons, weakness in residential, and then is Mexico infrastructure because of our concrete paving solutions because of much lower infrastructure activity.

戈登，謝謝你的提問。銷售額和 EBITDA 的下降與專案完成情況無關。銷售額和 EBITDA 下降的原因主要有兩個面向。佛羅裡達州的混凝土砌塊路面狀況不佳，原因顯而易見，住宅區較為脆弱；而墨西哥的基礎設施則較為薄弱，因為我們的混凝土鋪路解決方案，因為墨西哥的基礎設施活動要少得多。

Those two continue to be core to everything we do because as you can understand, it's very synergetic, right, upstream with raw materials, cement, admixtures, aggregates, but also distribution and downstream with a similar customer base. But because you're asking the question about deemphasizing, what I can tell you is that we are reviewing the umbrella of Urbanization Solutions.

這兩個面向仍然是我們一切工作的核心，因為正如你所理解的，它們之間有著強烈的協同效應，對吧？上游涉及原料（水泥、外加劑、骨材），下游涉及分銷，下游則有類似的客戶群。但既然你問到了關於弱化的問題，我可以告訴你的是，我們正在重新審視城市化解決方案的整體框架。

And I do see some businesses that will not remain under Urbanization Solutions as such businesses because most of what we report is on internal transactions. Let me give you an example that is New Line Transport business in Florida. So that's a good example, 98% of what we do is internal, and we do sell to third-party shippers, but we're not planning to grow that business.

而且我確實看到一些企業將不再屬於城市化解決方案旗下，因為我們報告的大部分內容都是內部交易。我舉個例子，這是佛羅裡達州的New Line Transport公司。這是一個很好的例子，我們98%的業務都是內部的，我們確實會向第三方貨運公司銷售產品，但我們沒有計劃發展這項業務。

So any business that we are not planning to grow going forward would not be part of Urbanization Solutions. As we speak, we're very excited about admixtures. We will continue to be there. It's a very solid business. And next year, we will begin to share more data about every vertical. I'm very excited about mortars, stuccos, renders because it's very synergetic and we know it very well, right?

因此，任何我們未來不打算發展的業務都不會成為城市化解決方案的一部分。目前，我們對混合物感到非常興奮。我們將繼續在那裡。這是一個非常穩健的企業。明年，我們將開始分享更多關於各個垂直領域的數據。我對砂漿、灰泥、抹灰非常感興趣，因為它們具有很強的協同作用，而且我們對它們也很了解，對吧？

And also recycling concrete, recycling aggregates, recycling construction demolition waste where it makes sense, micro-market by micro-market and concrete products such as sleepers, concrete block and infrastructure, which I see it is a vertical that we -- where I see significant opportunity for accretive growth. So I hope that I have answered the question, Gordon.

此外，在適當的地方，我們還可以回收混凝土、骨材和建築拆除廢料，逐一細分市場地回收利用，以及回收混凝土製品，如枕木、混凝土塊和基礎設施。我認為這是一個垂直領域，我們——在這個領域，我看到了巨大的增值成長機會。所以，我希望我已經回答了你的問題，戈登。

Anne Milne, Bank of America.

安妮·米爾恩，美國銀行。

My question is on the debt profile. So you -- a couple of things. One, you have large maturities next year. It looks like most of that is in the debt market. And if you could just give us an idea, sort of some of the thoughts you have for that. But also your average life is 3.7 years, your yields on your bond now are pretty attractive. I mean, spreads on your 31 bonds are somewhere between 20% and 25% over Mexico, just about 100 and something, low hundreds over US treasuries.

我的問題是關於債務狀況的。所以你——有幾件事。第一，你明年有大量債務到期。看起來大部分資金都投入了債務市場。如果您能給我們一些想法，或者說說您對此的一些想法，那就太好了。但你的平均壽命是 3.7 年，你現在的債券殖利率相當誘人。我的意思是，你們31只債券的利差比墨西哥債券高出20%到25%，比美國國債高出100多美元，低至幾百美元。

Just wondering if you were thinking maybe, you could extend out a little bit from here. And then related to that, I like the number of net debt with a five handle, $5 billion or something. And I also like leverage with the 1.88 number. I also know that CEMEX is looking on doing some -- potentially some acquisitions. Do you have a range where you'd like to see leverage going forward? So it's all on the debt profile.

我只是在想，你是不是考慮過可以從這裡稍微延伸一點。與此相關的是，我喜歡淨債務數字，例如用 5 來表示，50 億美元左右。我也很喜歡1.88這個數字帶來的槓桿效應。我還知道 CEMEX 正在考慮進行一些——可能是一些收購。您希望未來在哪個範圍內看到槓桿作用？所以一切都取決於債務狀況。

So I will pass the word to Maher to answer the first part of the question. So Maher, you'll take that. I just want to tell you about the leverage. Look, I'm more comfortable using the fully loaded leverage. I don't think that bank leverage has any meaning going forward. And the range I want to set up is between 1.5 times to 2 times, fully loaded. Back to you, Maher, you may answer the question.

所以我會把問題的第一部分交給馬赫來回答。所以馬赫，你會接受的。我只想跟你說說槓桿作用。你看，我更喜歡使用完全加載的槓桿。我認為銀行槓桿在未來已經沒有任何意義了。我想要設定的範圍是滿載時的 1.5 倍到 2 倍。馬赫，現在輪到你回答這個問題了。

Yes. Thank you, Jaime. And thank you, Anne, for the question. I -- we're totally aligned, and we definitely think that from the rating agencies' perspective and the debt markets, using the fully loaded leverage ratio makes a lot more sense. And to your question about balancing between investment grade versus potentially slightly higher leverage, we feel very comfortable with that, especially as our EBITDA improves.

是的。謝謝你，傑米。謝謝安妮的提問。我——我們完全同意，我們絕對認為，從評級機構和債務市場的角度來看，使用完全槓桿率更有意義。至於您提出的關於投資等級債券與可能略高的槓桿率之間如何平衡的問題，我們對此感到非常滿意，尤其是在我們的 EBITDA 不斷改善的情況下。

Over the next 12 to 24 months and beyond. We think that, that will give us -- will -- definitely that plus cash on hand as a consequence of some of our portfolio rebalancing efforts, we should have more than adequate M&A capacity without really risking our ratings and in fact, maybe driving our ratings towards the BBB, solid BBB metrics. So we're very comfortable with that.

在接下來的 12 到 24 個月及以後。我們認為，這將為我們帶來——肯定會帶來——加上我們一些投資組合再平衡努力帶來的現金儲備，我們應該擁有充足的併購能力，而不會真正危及我們的評級，事實上，或許還能將我們的評級推向 BBB，達到穩健的 BBB 指標。所以我們對此非常滿意。

We don't see any divergent kind of forces in that respect. Now in terms of the maturities, we definitely -- we agree with you. We like the yields that we see. Of course, we'd like them to be lower. And certainly, we'd like them to tend towards our peers, which are probably a good 15% to 20% lower than ours. And definitely, we are looking at extending maturities.

在這方面，我們沒有看到任何不同的力量。至於到期日方面，我們絕對同意你的看法。我們對目前的產量感到滿意。當然，我們希望它們更低一些。當然，我們希望他們的水平能向同行靠攏，而同行的水平可能比我們低 15% 到 20%。當然，我們正在考慮延長到期日。

One thing I would like to highlight to everybody is that if we include the two subordinated notes that we have, which is $2 billion into our debt profile structure, just hypothetically kind of giving them a 10-year tenor from issuance date, our average life would be closer to five-years. Having said that, the market on the long end is very attractive. So definitely, we are thinking potentially about extending maturities.

我想向大家強調一點，如果我們把我們擁有的兩筆次級票據（總額為 20 億美元）納入我們的債務結構中，假設它們的期限為自發行之日起 10 年，那麼我們的平均期限將接近 5 年。話雖如此，長期市場仍然非常有吸引力。所以，我們一定會考慮延長到期日。

Of course, we're always balancing cost of debt versus tenor. But certainly, the positivity of the markets leads us to believe that that's something that perhaps we should consider next year. And as you know, there are some maturities coming up. There's the loan -- the term loan facility is getting closer. We have a EUR400 million bond that is due next March.

當然，我們始終需要在債務成本和期限之間取得平衡。但市場目前的積極態勢無疑讓我們相信，這或許是我們明年應該考慮的。如您所知，接下來會有一些到期債務。貸款的事兒就這麼定了──定期貸款的核准越來越近了。我們有一筆4億歐元的債券將於明年3月到期。

So we have a lot of flexibility in terms of liability management and our ability to take advantage of that. The other thing is one of the subordinated notes resets next year. The 5.125 resets next year to -- by quite a bit, which again gives us the opportunity to potentially do something with that as well. So thank you. I hope that answered your question.

因此，我們在負債管理方面擁有很大的靈活性，並且能夠充分利用這種靈活性。另一件事是，明年將有一筆次級債券進行重置。5.125 明年重置為－幅度相當大，這又給了我們一個機會，或許可以藉此做些事。所以，謝謝你。希望我的回答能幫助你。

Yes. I just have one clarification. When both you and Jaime mentioned fully loaded debt, are you talking about financial debt and leases or something in addition to that as well?

是的。我還有一個疑問。你和 Jaime 都提到“全部債務”，是指金融債務和租賃債務，還是也包括其他債務？

No, we're talking about adding the subordinated notes to the total debt outstanding.

不，我們說的是將次級債券計入未償債務總額。

Okay. So that would be in the 1.5 to 2 range figures.

好的。所以，這個數值應該在 1.5 到 2 之間。

Right.

正確的。

Jorel Guilloty, Goldman Sachs Goldman Sachs.

Jorel Guilloty，高盛集團。

Mine is a more big picture question. So I was wondering if you could provide some color as to how you see the capacity of CEMEX after Project Cutting Edge is completed in 2027. In other words, given the leaner structure you're pursuing, what will be the capacity of the company that we see at the other end of this? Are you thinking that it's a lower yet more profitable volumes? Is it a larger company growing through acquisitions with a leaner base? Just to get a sense of this cost structure vis-a-vis your capacity going forward?

我的問題更偏向宏觀層面。所以我想知道您能否就「前沿工程」於 2027 年完工後，您如何看待 CEMEX 的產能提供一些看法。換句話說，鑑於您正在追求的更精簡的結構，我們最終會看到公司的產能如何？你認為銷量雖然較低，但利潤更高嗎？這是一家規模更大、基礎更精簡的公司，並透過收購實現成長嗎？只是想了解這種成本結構與您未來產能之間的關係？

Jorel, thanks for the question. What we see going forward for the time being is a company that achieves excellence in operations and very strong best-in-class shareholder returns. This means that as volumes grow and markets recover, we have very significant operational leverage, which we will enjoy. We want to achieve -- we will have a very responsible capital allocation with very strict parameters and always credit investment rating no matter what we do and a company that does return cash to shareholders.

Jorel，謝謝你的提問。就目前來看，我們展望的未來將是一家在營運方面追求卓越，並能為股東帶來一流回報的公司。這意味著隨著銷售成長和市場復甦，我們將擁有非常顯著的營運槓桿，並從中受益。我們希望實現的目標——我們將進行非常負責任的資本配置，採用非常嚴格的參數，無論我們做什麼，都將始終保持良好的信用投資評級，並成為一家能夠向股東返還現金的公司。

Yes, we do want to do bolt-ons in the US first around aggregates, mortars, renders for the most part, right? And a company that relentlessly looks at its portfolio to have businesses that deliver ROIC above cost of capital and free cash flow conversion at a consolidated level of no less than 50%. For the time being, we are prioritizing the US, Mexico and Europe as the regions where we want to grow.

是的，我們確實想先在美國圍繞骨料、砂漿、抹灰等進行一些附加業務，對吧？一家公司不斷審視其投資組合，確保其業務的投資報酬率高於資本成本，且合併後的自由現金流轉換率不低於 50%。目前，我們將美國、墨西哥和歐洲作為我們想要發展的優先地區。

And finally, socially responsible, right, adding value to the communities where we do business, and doing so sustainably from a safety standpoint, right, attracting best talent in the industry and decarbonizing while also taking care of biodiversity and water management. So that's what I can tell you for the time being, Jorel. Thank you for your question.

最後，要對社會負責，為我們開展業務的社區增添價值，並從安全的角度以可持續的方式做到這一點，吸引業內最優秀的人才，實現脫碳，同時保護生物多樣性和水資源管理。喬雷爾，這就是我目前能告訴你的全部。謝謝你的提問。

Adam Thalhimer, Thompson, Davis.

亞當·塔爾海默、湯普森、戴維斯。

Congrats on the strong Q3. And I was curious if you could update us, Jaime, on -- and you just touched on this a little bit, but the outlook for US M&A. What are you looking at? What's ideal and potential time frame?

恭喜第三季業績強勁。我很好奇，Jaime，你能不能給我們更新一下——你剛才稍微提到了這一點——美國併購的前景。你在看什麼？理想的時間範圍和可能的時間範圍是什麼？

Adam, thanks for your question. We -- first of all, we are strengthening our team with a few key additions who are bringing great expertise and capabilities on bolt-on acquisition strategy and deployment, and that was important. At number two, we are strengthening the pipeline. So far, we are looking at 100 family-owned aggregate targets in the US.

亞當，謝謝你的提問。首先，我們正在透過幾位關鍵成員的加入來加強我們的團隊，他們帶來了在附加收購策略和部署方面的豐富經驗和能力，這非常重要。第二，我們要加強人才儲備。目前，我們正在檢視美國 100 家家族控股企業。

And we're beginning to engage with many of them with flexible approaches as we did in Couch, as an example, meaning we entered with a minority equity option to acquire a majority equity holding, so on and so forth or full acquisition. We're also looking at mortars, stuccos, renders because, Adam, those businesses, we know how to run, and they are very synergetic because upstream, right, those businesses consume our cement, our cementitious, some of our sand and our admixtures solutions.

我們開始以靈活的方式與他們中的許多人進行接觸，就像我們在 Couch 所做的那樣，這意味著我們以少數股權選擇權進入，然後逐步收購多數股權，以此類推，或者完全收購。我們也關注砂漿、灰泥、抹灰，因為，亞當，我們知道如何經營這些業務，而且它們之間具有很強的協同效應，因為上游的這些業務消耗了我們的水泥、水泥基材料、一些沙子和外加劑。

And it also brings distribution synergies, I mean, logistics and more importantly, customer base synergies. And then we do want to explore some niche opportunity in admixtures as well in the US and elsewhere in Europe primarily. So that's what we're looking at for the time being. And allow me to take advantage of your question just to highlight that, again, we will anchor any decisions to preserve our IG rating.

它也帶來了分銷協同效應，我的意思是物流協同效應，更重要的是，帶來​​了客戶群協同效應。此外，我們還希望在美國和歐洲其他地區探索一些混合飼料的細分市場機會。所以，這就是我們目前關注的重點。請允許我藉此機會再次強調，我們將以保持 IG 評級為任何決策的前提。

And we've got very clear metrics for acquisitions, such as, you know, free cash flow per share, which must be accretive in year one, definitely ROIC over WACC plus 100 basis points in mid-term, any acquisition we do with synergies with around 3% of sales so that we drive the multiple to high single digit right? And again, focus is going to be on aggregates and mortars, renders, and stuccos.

我們有非常明確的收購指標，例如每股自由現金流，它必須在第一年實現增值；中期投資回報率必須高於加權平均資本成本加 100 個基點；任何我們進行的收購，其協同效應都必須達到銷售額的 3% 左右，這樣我們才能將倍數推高到個位數，對吧？再次強調，重點將放在骨材、砂漿、抹灰和灰泥上。

I hope I answered your question, Adam. So muscle is -- we're working the muscles, and we will be deploying as the opportunities come along, nurturing them in the US.

亞當，希望我的回答能幫到你。所以，肌肉就是——我們正在鍛鍊肌肉，我們將抓住機會部署它們，並在美國培育它們。

Thank you, Adam. We appreciate you joining us today for our third quarter results, and we hope that you will come back again for our fourth quarter 2025 webcast on February 5, 2026. If you have any additional questions, please feel free to contact the investor relations team. Many thanks.

謝謝你，亞當。感謝您今天參加我們的第三季業績發表會，我們希望您能再次參加我們於 2026 年 2 月 5 日舉行的 2025 年第四季網路直播。如果您還有其他疑問，請隨時聯繫投資者關係團隊。非常感謝。

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

感謝您參加今天的會議。演講到此結束。現在您可以斷開線路了。再會。