Ecovyst Inc. (ECVT) 2026 Q1 法說會逐字稿

Good morning. My name is Stephanie, and I'll be your conference operator today. Welcome to the Ecovyst first quarter 2026 earnings call and webcast. Please note today's call is being recorded and should run approximately one hour. (Operator Instructions)

早安。我叫 Stephanie，今天將擔任本次會議的接線員。歡迎參加 Ecovyst 2026 年第一季財報電話會議與網路直播。請注意，今天的電話會議將被錄音，預計約一小時。（接線員指示）

I'd like to now hand the call over to Gene Shiels, Director of Investor Relations. Please go ahead.

我現在把電話交給投資人關係總監 Gene Shiels。請開始。

Thank you, operator. Good morning, and welcome to Ecovyst's first quarter 2026 earnings call. With me on the call this morning are Kurt Bitting, Ecovyst Chief Executive Officer; and Mike Feehan, Ecovyst Chief Financial Officer. Following our prepared remarks, we'll take your questions.

謝謝，接線員。早安，歡迎參加 Ecovyst 2026 年第一季財報電話會議。今天早上與我一同出席的有 Ecovyst 執行長 Kurt Bitting，以及 Ecovyst 財務長 Mike Feehan。在我們的準備發言之後，我們將回答各位的提問。

Please note that some of the information shared today is forward-looking information, including information about the company's financial and operating performance, strategies, our anticipated end-use demand trends, and our 2026 financial outlook. This information is subject to risks and uncertainties that could cause the actual results in the implementation of the company's plans to vary materially. Any forward-looking information shared today speaks only as of this date. These risks are discussed in the company's filings with the SEC.

請注意，今天分享的部分資訊屬於前瞻性資訊，包括公司財務與營運表現、策略、我們預期的終端需求趨勢，以及 2026 年財務展望等。此等資訊受風險與不確定性影響，可能導致公司計畫執行的實際結果出現重大差異。今天分享的任何前瞻性資訊僅截至本日為準。相關風險已在公司向美國證券交易委員會（SEC）提交的文件中討論。

Reconciliations of non-GAAP financial measures mentioned in today's call with their corresponding GAAP measures can be found in our earnings release and in the presentation materials posted in the investor section of our website. I'll now hand the call over to Kurt.

今日電話會議中提及之非 GAAP 財務衡量指標與其對應 GAAP 指標的調節表，可於我們的財報新聞稿以及發布於公司網站投資人專區的簡報資料中查閱。我現在把電話交給 Kurt。

Thank you, Gene, and good morning. Consistent with the positive outlook for 2026 that we shared in our fourth quarter earnings call in late February, our first quarter results provide an excellent start to the year, with strong growth in both our regeneration services business and for virgin sulfuric acid.

謝謝你，Gene，早安。與我們在 2 月下旬第四季財報電話會議中分享的 2026 年正向展望一致，我們第一季的結果為今年帶來極佳的開局；我們的再生服務業務與原生硫酸（virgin sulfuric acid）皆呈現強勁成長。

Sales for regeneration services were up on a double-digit percentage basis compared to the first quarter of 2025, reflecting high refinery utilization, favorable alkylation economics, and lower planned customer downtime compared to the year ago quarter. First quarter sales for virgin sulfuric acid were also up significantly, benefiting from increased mining demand and the contribution from the Waggaman sulfuric acid assets that we acquired last May.

再生服務的銷售額相較 2025 年第一季以雙位數百分比成長，反映煉油廠高稼動率、有利的烷基化經濟性，以及相較去年同期較少的客戶計畫性停機。原生硫酸第一季銷售額亦大幅成長，受惠於礦業需求增加，以及我們去年 5 月收購的 Waggaman 硫酸資產所帶來的貢獻。

As a result of the strong volume growth and positive pricing in the quarter, we reported adjusted EBITDA of USD40 million, which is up 87% compared to the first quarter of 2025. During the quarter, we also maintained our focus on the implementation of our long-term strategic plan to accelerate growth and enhance value for our stockholders. During the first quarter, we repurchased approximately USD36 million worth of our outstanding shares.

在本季強勁的銷量成長與正向定價帶動下，我們的調整後 EBITDA 為 4,000 萬美元，較 2025 年第一季成長 87%。本季我們也持續聚焦於推動長期策略計畫的落實，以加速成長並提升股東價值。第一季期間，我們回購了約 3,600 萬美元的流通在外股份。

With regard to the pursuit of inorganic growth opportunities, our efforts over the course of the first quarter led us to last Friday's announcement that we had reached an agreement to acquire the Calabrian sulfur dioxide and sulfur derivatives business from INEOS Enterprises in a transaction that will broaden our portfolio and further position Ecovyst for attractive growth in end uses we currently serve, such as mining and water treatment and new end uses, including pharma and food processing.

就追求非有機成長機會而言，我們在第一季的努力促成了上週五的公告：我們已達成協議，將自 INEOS Enterprises 收購 Calabrian 的二氧化硫及硫衍生物業務。此交易將擴大我們的產品組合，並進一步使 Ecovyst 在我們目前服務的終端用途（如礦業與水處理）以及新的終端用途（包括製藥與食品加工）中具備更具吸引力的成長定位。

As we move to the next two slides, I want to provide a brief overview of the Calabrian business and highlight the details and strategic merits of this transaction. What makes the Calabrian acquisition so compelling is how closely the business aligns with Ecovyst strategically, operationally, and commercially. The combination directly leverages our core competencies in sulfur chemistry and extends our platform into highly complementary adjacent chemistries.

接下來兩張投影片，我想簡要概述 Calabrian 業務，並重點說明本交易的細節與策略優勢。Calabrian 收購案之所以極具吸引力，在於其業務在策略、營運與商業面向都與 Ecovyst 高度契合。此結合可直接運用我們在硫化學方面的核心能力，並將我們的平台延伸至高度互補的相鄰化學領域。

Just as Ecovyst is a leading provider of virgin sulfuric acid and sulfuric acid regeneration services, Calabrian is a leading provider of sulfur dioxide and sulfur-based derivatives. It is the sole on-purpose producer of sulfur dioxide in North America with a significant supply share, a leading producer of sodium bisulfite alongside Ecovyst, a leading producer of sodium thiosulfate, and the sole North American producer of sodium metabisulfite. These products are critical inputs into a range of attractive end uses that overlap meaningfully with the markets we serve today, reinforcing the natural fit between the two businesses.

正如 Ecovyst 是原生硫酸與硫酸再生服務的領先供應商，Calabrian 亦是二氧化硫及硫基衍生物的領先供應商。其為北美唯一的專用（on-purpose）二氧化硫生產商，具顯著供應市占；與 Ecovyst 同為亞硫酸氫鈉（sodium bisulfite）的主要生產商；亦是硫代硫酸鈉（sodium thiosulfate）的領先生產商，並且是北美唯一的焦亞硫酸鈉（sodium metabisulfite）生產商。這些產品是多項具吸引力終端用途的關鍵投入，且與我們目前服務的市場有高度重疊，進一步強化兩項業務之間的自然契合度。

Looking at a rough breakdown of Calabrian's 2025 sales, nearly a third of sales were to the mining sector, where we have well-established and long-standing relationships. Roughly a quarter of Calabrian's 2025 sales were in water treatment, a market that we currently participate in with our virgin sulfuric acid, sodium bisulfite, and aluminum sulfate sales. Approximately 15% of sales were into specialty chemical applications, and the balance of 2025 sales included stations.

以 Calabrian 2025 年銷售額的粗略拆分來看，接近三分之一的銷售來自礦業領域，而我們在該領域已建立穩固且長期的關係。約四分之一的 Calabrian 2025 年銷售來自水處理市場；我們目前也透過原生硫酸、亞硫酸氫鈉與硫酸鋁的銷售參與該市場。約 15% 的銷售流向特用化學品應用，其餘 2025 年銷售則包含站點（stations）。

Similar to Ecovyst, Calabrian has long-standing customer relationships with blue-chip customers, significant long-term contracts, and sales visibility. In terms of the strategic fit with Ecovyst, I'll first say that Calabrian has a seasoned and engaged management team, and we look forward to leveraging their expertise and enthusiasm as we move forward on a combined basis.

與 Ecovyst 類似，Calabrian 與一流（blue-chip）客戶維持長期客戶關係，擁有大量長期合約，並具備良好的銷售能見度。就與 Ecovyst 的策略契合而言，我首先要說的是，Calabrian 擁有經驗豐富且投入的管理團隊；我們期待在合併後能運用他們的專業與熱忱共同向前。

Equally as important, Calabrian provides us with a very attractive opportunity to expand our reach and product offering in sulfur-related chemistries while leveraging our existing supply chain and manufacturing infrastructure. In doing so, it provides an opportunity to diversify our sales mix and increase our penetration into high-growth industries such as mining, water treatment, pharma, and food processing.

同樣重要的是，Calabrian 為我們提供一個極具吸引力的機會：在運用既有供應鏈與製造基礎設施的同時，擴大我們在硫相關化學領域的觸及範圍與產品供應。藉此，我們也有機會使銷售組合更多元，並提高在礦業、水處理、製藥與食品加工等高成長產業的滲透率。

Calabrian has two manufacturing locations: Port Neches in Texas, situated in the middle of our existing Gulf Coast infrastructure, and the Timmins site in Ontario, Canada, which we expect to broaden our exposure to Canada's growing mining sector. Given our existing footprint in the Gulf Coast region, the acquisition provides opportunities to leverage our existing supply chain and manufacturing infrastructure.

Calabrian 有兩個製造據點：德州 Port Neches，位於我們既有墨西哥灣沿岸基礎設施的核心地帶；以及加拿大安大略省的 Timmins 廠區，我們預期這將擴大我們對加拿大成長中礦業市場的曝險。鑑於我們在墨西哥灣沿岸地區既有的布局，本次收購也帶來運用既有供應鏈與製造基礎設施的機會。

Finally, the financial profile is equally compelling. Calabrian brings attractive growth prospects, strong margins, and a track record of high cash conversion. On a trailing 12-month adjusted EBITDA of approximately USD24 million, the USD190 million purchase price represents a multiple of approximately 8x, stepping down to roughly 7x as we capture synergies over the next three years.

最後，其財務概況同樣引人注目。Calabrian 具備具吸引力的成長前景、強勁的利潤率，以及高現金轉換率的歷史紀錄。以過去 12 個月調整後 EBITDA 約 2,400 萬美元計算，1.90 億美元的收購價格約相當於 8 倍倍數；隨著我們在未來三年實現協同效益，該倍數將降至約 7 倍。

The transaction is expected to close by the end of the second quarter. We plan to fund the acquisition through cash on hand and a new debt offering, with specific allocation to be determined as we move towards closing. At this time, we expect that our pro forma net debt leverage ratio at close of the transaction will be approximately 2 times.

預期本交易將於第二季末前完成交割。我們計畫以手上現金與新增債務發行來為本次收購提供資金，具體配置將在接近交割時決定。目前我們預期，交易交割時的備考（pro forma）淨負債槓桿比率約為 2 倍。

Before I hand the call over to Mike to review the details of our first quarter, I want to comment on our expectations for near-term demand trends and our confidence in the longer-term outlook for Ecovyst. While the geopolitical and global macroeconomic environment remains dynamic, our outlook remains very positive. As a leading provider of products and services that are essential to our North American-based customers, we expect demand trends to remain favorable, underpinning our growth expectations for 2026.

在我把電話交給 Mike 回顧第一季細節之前，我想談談我們對短期需求趨勢的預期，以及我們對 Ecovyst 長期展望的信心。儘管地緣政治與全球總體經濟環境仍在變動，我們的展望依然非常正向。作為對北美客戶至關重要之產品與服務的領先供應商，我們預期需求趨勢將維持有利，支撐我們對 2026 年的成長預期。

We see US refinery utilization remaining high in 2026, with far less planned and unplanned customer downtime than we experienced in 2025. As such, we continue to expect higher volume for our regeneration services in 2026, with favorable contract pricing.

我們預期 2026 年美國煉油廠稼動率將維持高檔，且相較於 2025 年我們所經歷的情況，計畫性與非計畫性的客戶停機將大幅減少。因此，我們仍預期 2026 年再生服務的銷量將更高，且合約定價有利。

We also expect volumetric growth for virgin sulfuric acid in 2026, with increased sales into mining and a full year of contribution from the Waggaman sulfuric acid assets we acquired last year. Sales into the nylon end use are expected to be generally in line with 2025, and we anticipate relative stability across the broader range of industrial applications.

我們也預期 2026 年原生硫酸的銷量將呈現量的成長，受惠於對採礦產業的銷售增加，以及我們去年收購的 Waggaman 硫酸資產將貢獻完整一年的業績。對尼龍終端用途的銷售預期整體將大致與 2025 年持平，而我們也預期更廣泛的工業應用領域將相對穩定。

Looking beyond 2026, we believe the long-term outlook remains extremely favorable. We expect that high refinery utilization will continue to support demand for our regeneration services business. For virgin sulfuric acid, we believe we are positioned for growth, with sales into mining applications benefiting from multiyear expansion projects, growth in industrial applications associated with onshoring, and the prospect for continued sales recovery in the nylon end use.

展望 2026 年之後，我們認為長期前景仍極為有利。我們預期煉油廠高稼動率將持續支撐我們再生服務業務的需求。就原生硫酸而言，我們認為我們具備成長定位：對採礦應用的銷售將受惠於多年期擴產專案、與製造回流（onshoring）相關的工業應用成長，以及尼龍終端用途銷售持續復甦的可能性。

I'll now turn the call over to Mike, who will review our financial results.

接下來我把電話交給 Mike，由他回顧我們的財務結果。

Thank you, Kurt, and good morning. We are very pleased with our results for the first quarter and believe that we are off to a great start to the year. A stable demand and favorable pricing helped deliver solid results in the first quarter.

謝謝你，Kurt，大家早安。我們對第一季的表現非常滿意，並認為今年開局相當順利。穩定的需求與有利的定價，協助我們在第一季交出穩健的成果。

Our sales were up 50% compared to the first quarter of last year. Higher sales volume for both virgin sulfuric acid and regeneration services, as well as positive pricing, translated into adjusted EBITDA of USD40 million, up USD19 million compared to the prior year first quarter, and ahead of our previously provided guidance range.

我們的銷售額較去年第一季成長 50%。原生硫酸與再生服務的銷量提升，加上正向的定價因素，使調整後 EBITDA 達到 4,000 萬美元，較去年第一季增加 1,900 萬美元，並高於我們先前提供的指引區間。

Our favorable earnings compared to our guidance range were driven by higher than expected volume and pricing. We realized stronger than expected volume in regeneration services and, to a lesser extent, Treatment Services compared to our original expectations. With a significant spike in cost of sulfur, we also realized a temporary benefit associated with the timing between when we incur the cost of our sulfur purchases and when we pass through those costs to our customers.

我們的獲利優於指引區間，主要由於銷量與價格高於預期。我們在再生服務方面的銷量強於預期，Treatment Services 亦在較小程度上優於原先預估。此外，因硫磺成本大幅飆升，我們也因硫磺採購成本發生時點與將該成本轉嫁給客戶的時點之間的時間差，而獲得一項暫時性的利益。

Adjusted free cash flow for the first quarter was USD4 million. Our net debt leverage ratio at quarter end was 1.2x, unchanged from year-end, and our available liquidity remains strong at USD237 million as of March 31st. As we look at the first quarter financial results on the next slide, sales were USD215 million, up USD72 million. Excluding the USD33 million impact of higher sulfur costs passed through in price, sales were up nearly 27%. Regeneration services volume was driven by less customer downtime compared to the first quarter of 2025.

第一季調整後自由現金流為 400 萬美元。季末淨負債槓桿比為 1.2 倍，與年末持平；截至 3 月 31 日，我們可用流動性仍維持強勁，為 2.37 億美元。在下一張投影片檢視第一季財務結果，銷售額為 2.15 億美元，增加 7,200 萬美元。若排除因較高硫磺成本透過價格轉嫁所帶來的 3,300 萬美元影響，銷售額成長接近 27%。再生服務的銷量成長，主要因相較 2025 年第一季客戶停機時間較少。

Sales volume for virgin sulfuric acid was also higher year-over-year, reflecting the contribution of the Waggaman sulfuric acid assets acquired in May of 2025 and higher overall demand, including into nylon and mining applications. Average selling prices were higher, driven by virgin sulfuric acid pricing and favorable contract pricing for regenerated sulfuric acid.

原生硫酸的銷售量亦較去年同期增加，反映 2025 年 5 月收購的 Waggaman 硫酸資產的貢獻，以及整體需求提升（包括尼龍與採礦應用）。平均售價上升，主要由原生硫酸定價提高，以及再生硫酸合約定價有利所帶動。

Adjusted EBITDA of USD40 million was up USD19 million or 87%, driven by higher sales volume and favorable pricing, partially offset by higher manufacturing costs driven by higher turnaround costs, the impact of general inflation, and increased transportation costs. Favorable price to cost ratio at the contribution margin level remains evident in our first quarter, as illustrated in the adjusted EBITDA bridge shown on the following slide.

調整後 EBITDA 為 4,000 萬美元，增加 1,900 萬美元或 87%，主要由較高的銷售量與有利的定價所驅動；部分被較高的製造成本所抵銷，該成本上升來自較高的歲修成本、一般通膨影響，以及運輸成本增加。如下一張投影片所示的調整後 EBITDA 橋接圖所示，我們第一季在貢獻毛利層級的「價格相對成本」有利幅度仍然明顯。

As previously mentioned, the pass-through effect of higher sulfur costs on sales was approximately USD33 million, with the pass-through having no material impact on adjusted EBITDA. Excluding the sulfur pass-through, the price to cost uplift in the first quarter was approximately USD11 million, largely driven by the net price impact, including favorable variable costs.

如先前所述，較高硫磺成本透過價格轉嫁對銷售額的影響約為 3,300 萬美元，而該轉嫁對調整後 EBITDA 並無重大影響。若排除硫磺轉嫁因素，第一季價格相對成本的提升約為 1,100 萬美元，主要由淨價格影響所帶動，其中包含有利的變動成本。

Higher sales volume, including the contribution from the Waggaman assets, accounted for nearly USD15 million of the period-over-period increase in adjusted EBITDA. This is partially offset by higher manufacturing costs, including the incremental cost of the acquired Waggaman assets, as well as higher SG&A and other costs.

較高的銷售量（包含 Waggaman 資產的貢獻）約占調整後 EBITDA 期間對期間增加額的 1,500 萬美元。此部分被較高的製造成本所部分抵銷，其中包括收購 Waggaman 資產所增加的成本，以及較高的銷售、一般及行政費用（SG&A）與其他成本。

Turning to cash and debt on the next slide, adjusted free cash flow for the first quarter was USD4 million, up compared to a use of cash of USD13 million in the first quarter of 2025. The lower than average free cash flow for the first quarter reflects the normal cadence of cash generation, with the first quarter typically low primarily due to the timing of working capital.

接著看下一張投影片的現金與負債，第一季調整後自由現金流為 400 萬美元，較 2025 年第一季現金流出 1,300 萬美元有所改善。第一季自由現金流低於平均水準，反映現金創造的正常節奏；第一季通常偏低，主要因營運資金時點所致。

During the quarter, we repurchased USD36 million of our common stock at an average price of approximately USD11 per share, and we have USD146 million remaining under our existing authorization. We ended the first quarter with a strong liquidity position of USD237 million, comprised of cash of USD163 million and availability under our ABL facility of USD74 million. With net debt of USD234 million at quarter end, our net debt leverage ratio was 1.2x, unchanged from December 31st.

本季我們以每股約 11 美元的平均價格回購 3,600 萬美元普通股，且在既有授權額度下仍剩餘 1.46 億美元。第一季末我們的流動性部位強勁，為 2.37 億美元，其中包含 1.63 億美元現金，以及 ABL 融資額度下可動用額度 7,400 萬美元。季末淨負債為 2.34 億美元，淨負債槓桿比為 1.2 倍，與 12 月 31 日持平。

Turning to our 2026 outlook, note that the guidance included in our materials and discussed on this call do not include any contributions from the recently announced Calabrian acquisition. Our previous guidance, provided in late February, anticipated higher sulfur costs in 2026. However, disruption associated with the Iran conflict has resulted in further increases in sulfur costs. We now expect the impact of higher sulfur costs passed through in price to be USD30 million higher than previously guided, resulting in full year 2026 sales to be in the range of USD890 million to USD970 million, up from our previously guided range of USD860 million to USD940 million.

談到我們對 2026 年的展望，請注意我們資料中所包含並在本次電話會議中討論的指引，未納入近期宣布的 Calabrian 收購案的任何貢獻。我們在 2 月下旬提供的先前指引，已預期 2026 年硫磺成本將上升。然而，與伊朗衝突相關的供應中斷，導致硫磺成本進一步上升。我們目前預期，較高硫磺成本透過價格轉嫁的影響將較先前指引再增加 3,000 萬美元，使 2026 全年銷售額預估區間為 8.90 億至 9.70 億美元，高於先前指引的 8.60 億至 9.40 億美元。

With a strong start to the year and having one quarter under our belt, we are revising our adjusted EBITDA guidance by tightening the range, now expecting full year 2026 adjusted EBITDA to fall in the range of USD180 million to USD195 million. Similarly, we are tightening the range for adjusted free cash flow to be USD40 million to USD55 million.

在今年強勁開局並已完成一季之後，我們正修訂調整後 EBITDA 指引，將區間收斂，現預期 2026 全年調整後 EBITDA 將落在 1.80 億至 1.95 億美元。同樣地，我們也將調整後自由現金流的區間收斂至 4,000 萬至 5,500 萬美元。

While we are not changing our guidance due to the announced Calabrian acquisition, we do intend to finance a portion of the acquisition through a debt offering along with cash on hand. As a result, we would expect cash interest to increase an additional USD4 million to USD5 million on a full year annual basis.

雖然我們不會因已宣布的 Calabrian 收購案而調整指引，但我們確實打算透過發行債務並搭配手上現金來為收購案的一部分資金進行融資。因此，我們預期以全年年化基礎計算，現金利息將額外增加 400 萬至 500 萬美元。

As we move to the next slide, I'll provide directional guidance by quarter for the balance of the year. For the second quarter, we continue to expect higher year-over-year sales of regeneration services with favorable contractual pricing. We also continue to expect higher volume of virgin sulfuric acid driven by mining demand and the contribution of the acquired Waggaman assets, along with stable pricing for virgin sulfuric acid.

接著到下一張投影片，我將就今年剩餘期間按季度提供方向性指引。就第二季而言，我們仍預期再生服務的銷售額將較去年同期增加，且合約定價有利。我們也仍預期原生硫酸銷量將增加，主要由採礦需求與收購的 Waggaman 資產貢獻所帶動，同時原生硫酸定價維持穩定。

Turnaround costs are expected to be lower than in the year ago quarter. As a result, we project second quarter 2026 adjusted EBITDA to be in the range of USD50 million to USD55 million. For the third quarter, we continue to expect higher sales of regeneration services compared to the third quarter of 2025, and we currently project that virgin sulfuric acid volume will be slightly lower than the year ago quarter, driven by the timing of our sales into nylon applications. With higher projected turnaround costs than in the third quarter of 2025, we expect third quarter 2026 adjusted EBITDA to be in the range of USD50 million to USD55 million.

歲修成本預期將低於去年同期季度。因此，我們預估 2026 年第二季調整後 EBITDA 將落在 5,000 萬至 5,500 萬美元。就第三季而言，我們仍預期再生服務銷售將高於 2025 年第三季；而目前我們預估原生硫酸銷量將略低於去年同期季度，主要受我們對尼龍應用銷售時點影響。由於預估歲修成本高於 2025 年第三季，我們預期 2026 年第三季調整後 EBITDA 將落在 5,000 萬至 5,500 萬美元。

Finally, for the fourth quarter, we continue to expect higher sales of regeneration services compared to the fourth quarter of 2025 with favorable contractual pricing. We are currently expecting lower virgin sulfuric acid volume than in the fourth quarter of 2025.

最後，就第四季而言，我們仍預期在有利的合約定價下，再生服務的銷售額將較2025年第四季更高。我們目前預期原生硫酸的銷量將低於2025年第四季。

We also are anticipating that sulfur costs will ease from the current historic highs. As a result, we expect that sulfuric acid pricing, excluding the pass-through effect, will be lower due to the overall customer mix and timing between when we incur the cost of our sulfur purchases and when we pass through these costs to our customers. Lastly, we expect higher turnaround costs compared to the fourth quarter of 2025. As such, we currently anticipate that the fourth quarter adjusted EBITDA will fall in the range of USD40 million to USD45 million.

我們也預期硫磺成本將自目前的歷史高點回落。因此，我們預期在排除轉嫁效應後，硫酸定價將因整體客戶組合以及我們發生硫磺採購成本與將該等成本轉嫁給客戶之間的時間差而較低。最後，我們預期相較於2025年第四季，歲修（turnaround）成本將更高。因此，我們目前預估第四季調整後EBITDA將落在4,000萬至4,500萬美元的區間。

I will now turn the call back to Kurt for some closing remarks.

我現在把電話交回給Kurt做一些結語。

Thank you, Mike. We have had a great start to the year, and we are energized by the positive momentum we see as we move into the second quarter. While the global macroeconomic landscape continues to evolve, we believe Ecovyst remains well positioned to deliver on our objectives.

謝謝你，Mike。我們今年開局非常好，隨著我們邁入第二季，看到的正向動能也讓我們備受鼓舞。儘管全球總體經濟環境仍在演變，我們相信Ecovyst仍具備良好定位以達成我們的目標。

Moreover, we are extremely pleased with our project progress on strategic implementation as we maintain our focus on growth and on value creation for our stockholders. The disposition of our Advanced Materials and Catalyst segment at year-end was a transformational event that resulted in a strengthened balance sheet and a robust liquidity position that provides us with the resources and flexibility to execute on multiple capital allocation alternatives, including the funding of organic growth projects, the pursuit of attractive inorganic growth opportunities and the return of capital to our stockholders.

此外，我們對策略執行的專案進度感到非常滿意，並持續聚焦成長以及為股東創造價值。我們於年底處分先進材料與催化劑事業部（Advanced Materials and Catalyst segment）是一項具轉型意義的事件，使資產負債表更為強健、流動性部位更為充裕，並為我們提供資源與彈性，以執行多元的資本配置方案，包括資助有機成長專案、尋求具吸引力的非有機成長機會，以及回饋資本給股東。

During the first quarter, we returned USD36 million in capital to our stockholders through share repurchases. As previously indicated, to support organic growth this year, we are investing in the expansion of our Gulf Coast storage and logistics capabilities that will further enhance our ability to serve our customers' growing needs. Building upon last year's successes, we also expect further contributions and network optimization benefits from the acquisition of our Waggaman site as we continue to leverage the site's capacity to meet the growing needs of our customers.

第一季期間，我們透過庫藏股回購向股東返還了3,600萬美元的資本。如先前所述，為支持今年的有機成長，我們正投資擴充墨西哥灣沿岸的儲存與物流能力，進一步提升我們服務客戶日益成長需求的能力。在去年成功的基礎上，隨著我們持續運用Waggaman廠址的產能以滿足客戶不斷成長的需求，我們也預期自收購該廠址將帶來更多貢獻與網路最佳化效益。

With regard to our stated objective to pursue attractive inorganic growth opportunities, we are excited about the agreement that we have reached to acquire Calabrian, which will broaden our portfolio of sulfur products that we can offer to growing end users. We look forward to the completion of the Calabrian acquisition and to providing you with updates on our ongoing progress as we move throughout the year.

就我們所述追求具吸引力的非有機成長機會之目標而言，我們對已達成收購Calabrian的協議感到振奮，該交易將擴大我們可提供給成長型終端用戶的硫產品組合。我們期待完成Calabrian收購，並在今年推進過程中就我們的持續進展向各位提供最新資訊。

At this time, I will ask the operator to open the line for questions.

此時，我將請接線員開放提問。

(Operator Instructions) John McNulty, BMO Capital Markets.

(接線員指示) John McNulty，BMO資本市場。

Good morning. Thanks for taking my question. Congrats on a really solid start to the year. I wanted to dig into, a lot's changed since you gave your last guide, both in the virgin acid markets and kind of scarcity around sulfuric acid, at least on a global basis, maybe a little less so in the US. Also the strength of US refining, which I know you were looking for things to be better, seems like now that may be even greater in terms of how that industry is reacting to kind of what's gone on in the Middle East. I guess, can you help us to think about how your expectations have changed and how that's woven into the guide? I guess I'm a little surprised with a couple things being reasonably better, that you weren't quite ready to necessarily raise the, at least the upper end of the guide. Can you help us to think about that a little bit?

早安。謝謝讓我提問。恭喜今年開局非常穩健。我想深入了解一下，自從你們上次給出指引以來，很多事情都改變了，包括原生酸市場，以及硫酸在全球範圍內某種程度的稀缺性（在美國可能稍微沒那麼明顯）。另外，美國煉油業的強勁表現——我知道你們原本就期待情況會更好——現在看起來，因中東局勢的影響，該產業的反應可能更為強烈。我想問的是，你們能否協助我們理解你們的預期如何改變，以及這些變化如何反映在指引之中？我有點意外的是，在幾個面向明顯改善的情況下，你們似乎還沒有準備好上調指引，至少沒有提高指引區間的上緣。能否請你們談談這點？

John, thanks for the question. I think the first way we would look at that is there were some things that did change positively for us during the quarter. Certainly compared to the guidance that we had provided, we saw some strength in regen, some positivity on the virgin pricing, but that is a little bit more based on timing. As we talked about, that we expect to get some of that timing back in the fourth quarter.

John，謝謝你的問題。我認為我們看待這件事的第一個方式是，本季確實有一些變化對我們而言是正向的。相較於我們先前提供的指引，我們看到再生（regen）業務有些強勁表現，原生產品定價也有些正面因素，但那在某種程度上更多是時間點所致。如我們所談到的，我們預期在第四季會把部分時間差補回來。

That regen strength is clearly a tailwind for us. We also are tempered with some of the other potential macroeconomic items that are going on. We still want to continue to keep our guide relatively to where we were. We did raise the bottom end of it. Our midpoint is up to USD187.5. We believe that there is strength in the numbers of what we've seen, but want to be tempered with what we're expecting for the rest of the year.

再生業務的強勁表現顯然是我們的順風因素。同時，鑑於目前一些其他可能的總體經濟因素，我們也保持審慎。我們仍希望將指引大致維持在原先水準。我們確實上調了指引區間的下緣。我們的中位數上調至1.875億美元。我們相信從目前所見數據來看具備強度，但對於今年剩餘期間的預期仍希望保持審慎。

Fair enough. Understand it's a little bit of a fluid situation. Speaking to Calabrian, I guess, can you give us some color as to how that business has grown over the past few years and kind of what the longer term growth outlook is for that business?

了解。我理解這是一個相對變動的情況。談到Calabrian，我想請問你們能否補充一些背景：該業務在過去幾年如何成長，以及其長期成長展望大概如何？

Yeah, sure. Thanks for the question, John. I mean, it's going back, Calabrian's been in its current form really since the 1980s. It's had the site at Port Neches. They built a site in 2017 up in Timmins, Ontario, which is primarily used to service the mining sector up in Canada. A lot of the growth in the Calabrian segment has been, one, from the mining, and that backstops gold, which obviously gold mining is at current gold prices has been very healthy, their business has grown from that. There's also been some growth in terms of their, some of their pharma, food and other, I'd say, industrial applications.

好的，當然。謝謝你的問題，John。回頭看，Calabrian基本上自1980年代起就以目前的型態運作。他們在Port Neches有一個廠址。他們在2017年於加拿大安大略省Timmins建了一個廠址，主要用來服務加拿大的礦業。Calabrian事業部的成長很大一部分來自礦業，而礦業又以黃金為支撐；在目前金價水準下，金礦開採非常健康，他們的業務也因此成長。此外，他們在製藥、食品以及其他我會稱之為工業應用方面也有一些成長。

When we look at that business, it's probably GP to GP plus type growth rate with some of the things moving faster than others, like we think in mining and industrials. Again, they're the only on-purpose North American producer of sulfur dioxide. They're the only producer of metabisulfite in North America. They have a really nice position. They have a great technology that's proprietary, that's completely different than how it's produced by the competitors. We're real happy with the acquisition and we're confident in its future potential.

我們看這項業務，其成長率大概是與GDP相當到略高於GDP（GP to GP plus），其中有些領域成長更快，例如我們認為在礦業與工業領域。再者，他們是北美唯一的專用（on-purpose）二氧化硫生產商。他們也是北美唯一的偏亞硫酸鹽（metabisulfite）生產商。他們的市場地位非常好。他們擁有很棒的專有技術，且其製程與競爭對手的生產方式完全不同。我們對這項收購非常滿意，並對其未來潛力充滿信心。

Great. Thanks very much for the color.

很好。非常感謝你的補充說明。

Patrick Cunningham, Citigroup.

Patrick Cunningham，花旗集團。

Hi, everyone. This is Rachael Lee on for Patrick. Adjusted EBITDA margins were meaningfully stronger than we expected this quarter, driven by higher volumes and incremental pricing above the sulfur pass-through, despite some other headwinds from transportation and manufacturing costs. As we look to the balance of the year, how should we think about the net price cost dynamics?

嗨，各位好。我是Rachael Lee，代Patrick提問。本季調整後EBITDA利潤率明顯強於我們的預期，主要由更高的銷量以及高於硫磺成本轉嫁的增量定價所帶動，儘管運輸與製造成本帶來了一些其他逆風。展望今年剩餘期間，我們應如何看待淨價格與成本之間的動態？

Thank you for the question. The margins were favorable. Obviously, as we've talked in the past. The pass-through of the sulfur cost is relatively neutral to EBITDA, it does lower the margins. We did see some positivity around overall pricing and volume that dropped straight through the bottom line. That did provide us with that higher margin.

謝謝你的問題。利潤率表現確實有利。顯然，如同我們過去談到的。硫磺成本的轉嫁對EBITDA相對中性，但會拉低利潤率。我們確實看到整體定價與銷量有一些正面因素，直接反映到最終獲利。這也為我們帶來較高的利潤率。

The price to cost ratio, the positive number that we discussed during the quarter, we expect that to continue throughout the year. We do see positive cost, price and cost ratio that's been a consistent view for us over the last several quarters where we are making more money from an EBITDA on a per ton basis comparatively. While the margin percent will look lower because of the sulfur price through, the earnings is actually positive. We expect that to continue throughout the rest of the year.

價格對成本比率，也就是我們在本季討論過的那個正數，我們預期將在全年持續。我們確實看到成本、價格以及價格對成本比率為正，這在過去幾個季度一直是我們一致的看法，因為相較之下，我們以每噸計的 EBITDA 正在賺更多錢。雖然由於硫磺價格的傳導，毛利率百分比看起來會較低，但獲利其實是正向的。我們預期這種情況將在今年剩餘時間持續。

Great. Thank you so much for that. On the Calabrian acquisition, maybe could you provide more detail on the contract structure and the level of visibility you have into forward sales and earnings?

很好。非常感謝。關於 Calabrian 的收購案，您是否可以提供更多合約結構的細節，以及您對未來銷售與獲利的可見度有多高？

The business is similar, I would say, to the general construct of the Ecoservices acid business, where there are long term agreements. There's certainly long term customers with with blue chip, blue chip users whether it's in mining, industrials, pharma, food, and so forth.

我會說這項業務與 Ecoservices 的酸業務整體架構相似，都是以長期協議為主。當然也有長期客戶，且多為藍籌、藍籌級的使用者，涵蓋採礦、工業、製藥、食品等領域。

The contracts are also have a high passthrough component similar because it is a sulfur-based chemistry. Passing sulfur is obviously passing through sulfur is very important. They have a similar dynamic to the Ecoservices business. In terms of visibility, again, the customers tend to be very steady offtake. It's a -- the products that they purchase from Calabrian are very important to their process, so there's generally a very good visibility in terms of the forecasting and the ratability of the volume and so forth.

合約也包含很高的轉嫁（passthrough）成分，原因相似，因為這是以硫為基礎的化學品。轉嫁硫磺——顯然，轉嫁硫磺非常重要。它們與 Ecoservices 業務有類似的動態。就可見度而言，同樣地，客戶的承購量（offtake）通常非常穩定。他們向 Calabrian 購買的產品對其製程非常關鍵，因此在需求預測、出貨量的穩定性（ratability）等方面，一般都有非常好的可見度。

Thanks so much.

非常感謝。

Laurence Alexander, Jefferies.

Jefferies 的 Laurence Alexander。

Good morning. This is Daniel Rizzo for Laurence. Thanks for taking my questions. Just looking at prices and kind of the structural change, oil analysts now expect a 5% or so structural risk premium for oil due to what's going on in the Middle East. Do you expect a similar structural reset in sulfur prices over the long term that will flow through to your business, or should we view the sulfur spike as a net negative because it hurts industrial volumes?

早安。我是 Daniel Rizzo，代 Laurence 發問。謝謝讓我提問。就價格以及某種結構性變化來看，石油分析師現在預期，由於中東局勢，原油將有約 5% 左右的結構性風險溢價。您是否預期長期硫磺價格也會出現類似的結構性重置並傳導至你們的業務？還是我們應該把這波硫磺飆升視為淨負面，因為它會傷害工業端的需求量？

For our business, I mean, sulfur is at really all-time highs right now. It was the run-up in sulfur had actually started well before the conflict in Iran. a lot of that is due to simply the need for the sulfur molecule for sulfuric acid for things to produce copper and other metals and so forth. There, we do feel that there's a definite demand for sulfur out there, which will lead to higher prices. I do think right now we're in a extremely high situation just given the geopolitical conflict that's going on right now.

就我們的業務而言，我是說，硫磺目前幾乎處於歷史新高。硫磺的這波上漲其實早在伊朗衝突之前就已開始，其中很大一部分原因只是因為市場對硫分子有需求，用於硫酸以生產銅與其他金屬等。我們確實認為市場對硫磺有明確需求，這將導致更高的價格。我確實認為，考量目前正在發生的地緣政治衝突，現在處於極端高位的情況。

Long term, we continue to have the ability to pass through sulfur to our customers. Our customers as opposed to, like, a fertilizer industry, which is very heavily dependent on the commoditized -- commoditized market, and sulfur impacts demand there a lot. Ours not so much. Our customers tend to -- sulfuric acid tends to be only a very small component of their overall cost and their process. While it's not great that sulfur prices go up on them, however, it ends up being a very small component, so we're able to pass it through.

長期來看，我們仍有能力把硫磺成本轉嫁給客戶。我們的客戶不同於例如化肥產業，化肥產業高度依賴商品化——商品化市場，而硫磺會對那裡的需求造成很大影響。我們這邊則不太一樣。對我們的客戶而言，硫酸通常只占其整體成本與製程中的很小一部分。雖然硫磺價格上漲對他們並不理想，但最終占比很小，因此我們能夠轉嫁。

Thanks. That's actually very helpful. Then just thinking about the most recent acquisition. As we think about synergies, I mean, I guess it's mostly logistical -- not logistical, like supply synergies as opposed to a production and revenue? Is that how we should think about it? I don't think you said you're going to quantify it later too, I think you said, right?

謝謝。這其實非常有幫助。接著談最近的收購案。在協同效益方面，我想主要是物流——不是物流，應該說是供應面的協同，而不是生產與營收？我們應該這樣理解嗎？我想你也沒有說之後會量化，我記得你是這麼說的，對嗎？

I mean, when we look at, when we look at the synergies, there's certainly some cost-based synergies when you look at we're obviously both involved in sulfur chemistry, so there's going to be procurement. There's obviously -- we have a large supply and manufacturing infrastructure that there should be some synergies with, especially with the Port Neches site, which sits kind of right in the middle of our Gulf Coast footprint.

我的意思是，當我們看協同效益時，確實會有一些成本面的協同；因為我們雙方都涉及硫化學，所以會有採購方面的協同。另外——我們擁有龐大的供應與製造基礎設施，應該也能產生一些協同，尤其是 Port Neches 廠址，它大致位於我們墨西哥灣沿岸布局的正中央。

We also see revenue synergy upside as well, just given the ability to leverage our sales forces across, again, those sulfur products, right? One of which we already sell, sodium bisulfite. We really see a nice mixture of both cost and revenue synergies there, and it's really stemming out of the fact that we're both in sulfur chemistry and the products are very closely related.

我們也看到營收協同的上行空間，因為我們能夠運用我們的銷售團隊，跨產品推廣——同樣是那些硫相關產品，對吧？其中一項我們已經在賣，就是亞硫酸氫鈉（sodium bisulfite）。我們確實看到成本與營收協同的良好組合，而這主要源自於我們雙方都在硫化學領域，且產品彼此非常相關。

Thank you very much.

非常感謝。

Hamed Khorsand, BWS.

BWS 的 Hamed Khorsand。

Good morning. First off, on the acquisition, you were talking about potentially selling sulfuric acid into Canadian mining. Would these be relationships that Calabrian brings to the table?

早安。首先關於收購案，你提到可能把硫酸銷往加拿大的礦業。這些會是 Calabrian 帶來的關係嗎？

Hi, Hamed. How are you? They would be selling sulfur dioxide to Canadian mines. Yes, these would be new mining relationships where Ecovyst mining relationships are primarily focused in I would say the southwestern part of the US.

嗨，Hamed。你好嗎？他們會把二氧化硫（sulfur dioxide）賣給加拿大的礦場。是的，這些會是新的礦業客戶關係；而 Ecovyst 的礦業客戶關係主要集中在我會說美國西南部地區。

Okay. Then on the refinery side, is the increase in activity and utilization, is that more about the current environment, or does that have to do with more of a normalization given where Q4 was?

了解。那在煉油端，活動與稼動率的提升，這更多是因為目前的環境，還是與第 4 季的水準相比、回歸常態化有關？

The answer is yes. It's both. Coming into this year, we had guided on the previous call that we had expected a healthy refinery utilization this year. A lot of that due to the fact that there's way less planned and, hopefully unplanned maintenance outages in the US refining complex. Utilization was expected to be high. I would say the current conflict that's going on has certainly added a tailwind to that, right? Obviously margins are high right now for not only just oil, but for refined products, and there's certainly US refineries can take advantage of that. I do think there is some tailwind with that there.

答案是兩者皆是。兩者都有。進入今年時，我們在上一通電話中已指引，我們預期今年煉油廠稼動率會維持健康水準。其中很大一部分原因是，美國煉油體系計畫性、以及希望非計畫性的維修停工都少很多。因此原本就預期稼動率會很高。我會說目前正在發生的衝突確實又帶來了順風，對吧？顯然目前不只是原油，精煉產品的利差也很高，而美國煉油廠當然可以利用這一點。我確實認為這方面存在一些順風。

In terms of how that applies to us, the alkylation units that we service with the regeneration is, those were always expected to run at very high rates coming into this year and really all years, as long as there's not maintenance going on. I would say the current environment certainly provides a tailwind for everything to run as hard as it can.

就這如何影響我們而言，我們提供再生服務所支援的烷基化裝置，原本在今年、其實在所有年份，只要沒有維修，都預期會以非常高的負荷運轉。我會說目前的環境確實提供順風，讓所有設備都盡可能全力運轉。

Okay, great. Thank you.

好的，很棒。謝謝。

(Operator Instructions) At this time, I'd like to thank everybody for joining today's event. You may now disconnect.

(接線員指示) 此時，我想感謝各位參與今天的活動。您現在可以掛線。