Element Solutions Inc (ESI) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Element Solutions third-quarter 2025 financial results conference call. I will now turn the call over to Varun Gokarn, Vice President of Strategy and Integration. Please go ahead.

女士們、先生們，早安，歡迎參加 Element Solutions 2025 年第三季財務業績電話會議。現在我將把電話交給策略與整合副總裁 Varun Gokarn。請繼續。

Good morning, and thank you for participating in our third-quarter 2025 results conference call. Joining me today are CEO, Ben Gliklich; CFO, Carey Dorman. In accordance with Regulation (technical difficulty) via web conference call. A replay will be available in the Investors section of the company's website.

早安，感謝各位參加我們2025年第三季業績電話會議。今天與我一同出席的有執行長 Ben Gliklich 和財務長 Carey Dorman。根據規定（技術困難），透過網路電話會議進行。會議錄影將在公司網站的投資者關係板塊提供。

During today's call, we will make certain forward-looking statements that reflect the current views of the company's performance and financial results. These statements are based on assumptions and expectations of future events, which are subject to risks and uncertainties. Please refer to the earnings release, supplemental (technical difficulty) most recent SEC filing on our website for a discussion of the material risk factors that could cause our actual results to differ from our expectations and predictions.

在今天的電話會議中，我們將發表一些前瞻性聲明，這些聲明反映了公司目前對業績和財務結果的看法。這些陳述是基於對未來事件的假設和預期，而這些假設和預期存在風險和不確定性。請參閱我們網站上的盈利報告、補充（技術困難）以及最新的美國證券交易委員會文件，其中討論了可能導致我們的實際業績與預期和預測存在差異的重大風險因素。

Today's materials also include financial information that has not been prepared in accordance with US GAAP. Please refer to the earnings release and supplemental slides for definitions and reconciliations of these non-GAAP measures to comparable GAAP financial measures.

今天提供的資料中還包含一些未按照美國通用會計準則編制的財務資訊。有關這些非GAAP指標的定義以及與可比較GAAP財務指標的調節，請參閱收益報告和補充幻燈片。

It is now my pleasure to introduce our CEO, Ben Gliklich.

現在我榮幸地向大家介紹我們的執行長本·格利克利希。

Thank you, Varun, and good morning, everybody. Thank you for joining. This is an exciting morning for us. When we launched ESI, we talked about a value creation model, marrying operational excellence, and prudent capital allocation. Today is a solid proof point showcasing our ability to do both.

謝謝你，Varun，大家早安。感謝您的參與。對我們來說，這是一個令人興奮的早晨。當我們推出 ESI 時，我們談到了價值創造模式，將卓越營運與審慎的資本配置相結合。今天就是一個很好的例子，證明了我們有能力做到這兩點。

In addition to reporting record results yesterday, we're also announcing the acquisition of Micromax, a highly accretive strategic transaction and a value-enhancing addition to our electronics portfolio. Before we get into that, though, I want to give proper view to our operating results. This was an outstanding quarter. We set multiple records. Despite selling our graphics business, this was our highest quarterly adjusted EBITDA since the inception of Element Solutions.

除了昨天公佈創紀錄的業績外，我們還宣布收購 Micromax，這是一項極具增值意義的策略交易，並將提升我們電子產品組合的價值。不過，在深入探討這個問題之前，我想先對我們的經營績效做一個恰當的介紹。這是一個非常出色的季度。我們創造了多項紀錄。儘管我們出售了圖形業務，但這仍然是 Element Solutions 成立以來最高的季度調整後 EBITDA。

Our Electronics segment posted its sixth consecutive quarter of high single-digit organic growth and achieved a record level of revenue. Excluding the impact of graphics, adjusted EBITDA growth would have been 10% despite some of our legacy end markets remaining below prior peak volume levels, a weaker EV outlook, and a soft macroeconomic backdrop in Western industrial markets.

我們的電子產品業務連續第六個季度實現了高個位數的內生成長，並創下了營收紀錄。剔除圖形因素的影響，儘管我們的一些傳統終端市場銷量仍低於之前的峰值水平，電動汽車前景疲軟，以及西方工業市場宏觀經濟環境疲軟，但調整後的 EBITDA 增長率仍將達到 10%。

Our teams are executing well on their strategies. In our industrial segment, portfolio optimization, productivity initiatives, and high-margin wins in both verticals drove strong profit growth despite a flat top line. The segment saw meaningful margin improvement. And excluding the impact of our graphics divestiture, adjusted EBITDA growth would have been almost 30%.

我們的團隊在戰略執行方面做得很好。在我們的工業領域，儘管營收持平，但產品組合優化、生產力提升舉措以及兩個垂直領域的高利潤率項目都推動了強勁的利潤成長。此業務板塊的利潤率實現了顯著提升。如果排除圖形業務剝離的影響，調整後的 EBITDA 成長率將接近 30%。

On the Electronics side, we've built a unified platform of technologies to solve emerging customer pain points just as burgeoning investment in data centers and their associated infrastructure accelerates demand for innovative material solutions. Our portfolio is uniquely positioned to provide those solutions from metallization chemistries for high layer count printed circuit boards to specialized thermal management materials used in assembly to advanced packaging chip scale chemistries.

在電子領域，我們建構了一個統一的技術平台，以解決新興的客戶痛點，同時，對資料中心及其相關基礎設施的蓬勃發展的投資也加速了對創新材料解決方案的需求。我們的產品組合具有獨特的優勢，能夠提供從用於高層數印刷電路板的金屬化化學到用於組裝的專用熱管理材料，再到先進封裝晶片級化學等各種解決方案。

Micromax will add to those solutions. Its portfolio in electronics inks and paste with a specialization in the highest performance, most technically challenging applications such as aerospace, defense, and healthcare, is a great fit for Element Solutions. The acquisition broadens our offerings to our supply chain and enhances our value proposition to OEMs and specifiers.

Micromax將為這些解決方案增添更多內容。Element Solutions 在電子油墨和漿料領域的產品組合，尤其擅長航空航太、國防和醫療保健等性能最高、技術挑戰性最大的應用，與 Element Solutions 非常契合。此次收購拓寬了我們向供應鏈提供的產品和服務範圍，並增強了我們對原始設備製造商和規範制定者的價值主張。

In 2019, our Electronics business was just over $1 billion. And with this transaction, it will exceed $2 billion. Like our business, Micromax is a leader in niche electronics markets reliant on innovation that is co-developed with customers and requires high levels of applications expertise. Its products are known for durability and performance in harsh environments and provide mission-critical solutions in highly specialized end markets.

2019年，我們的電子業務收入略高於10億美元。加上這筆交易，總額將超過20億美元。和我們公司一樣，Micromax 是小眾電子市場的領導者，依靠與客戶共同開發的創新，並且需要高水準的應用專業知識。其產品以耐用性和在惡劣環境下的性能而聞名，並為高度專業化的終端市場提供關鍵任務解決方案。

Micromax sits at the intersection of our assembly and circuitry businesses. Its metals-based manufacturing resembles assembly solutions, but its products are used more in circuit pathway applications like our Circuitry Solutions business. These products also fit our core competencies in formulation and our high-touch low capital intensity operating model.

Micromax 位於我們組裝業務和電路業務的交會點。其金屬製造流程類似於組裝解決方案，但其產品更多用於電路路徑應用，例如我們的電路解決方案業務。這些產品也符合我們在配方方面的核心競爭力以及我們高投入低資本密集的營運模式。

The business has a proven team of experienced, highly technical leaders who add depth and expertise to our Electronics business, MacDermid Alpha Electronics Solutions. The transaction meets our robust acquisition criteria and is consistent with our strategy of disciplined investment in markets we understand and in growth businesses that we believe are better under our ownership.

公司擁有一支經驗豐富、技術精湛的領導團隊，為我們的電子業務 MacDermid Alpha 電子解決方案增添了深度和專業知識。此交易符合我們嚴格的收購標準，並與我們嚴謹的投資策略相符，即對我們了解的市場和我們認為在我們擁有下會發展得更好的成長型企業進行有紀律的投資。

We expect the Micromax transaction to be more than 5% accretive to adjusted earnings per share. And based on its projected 2025 results, contribute approximately $40 million of adjusted EBITDA on a full-year basis at accretive metals adjusted EBITDA margins.

我們預期Micromax交易將使調整後每股盈餘成長超過5%。根據其對 2025 年業績的預測，在金屬業務調整後 EBITDA 利潤率的推動下，全年調整後 EBITDA 將貢獻約 4,000 萬美元。

Subject to regulatory approvals and customary closing conditions, we expect to close in the first quarter of 2026, and we're looking forward to welcoming the Micromax team into the Element Solutions family and to capitalizing on the unique value opportunities associated with this combination.

在獲得監管部門批准和滿足慣例成交條件的前提下，我們預計將於 2026 年第一季完成交易，我們期待 Micromax 團隊加入 Element Solutions 大家庭，並充分利用此次合併帶來的獨特價值機會。

Shortly, you'll hear more from Carey on our results. But to me, the most exciting thing about the quarter is what it means for our future. We've been able to generate great organic outcomes while ramping up investment in future internal and inorganic opportunities.

稍後，凱瑞會就我們的結果進一步說明。但對我來說，本季最令人興奮的是它對我們未來的意義。我們已在不斷加大對未來內部和外部機會的投資的同時，取得了良好的內生成長成果。

While growing nicely in 2025, we're simultaneously building levers to accelerate that growth going forward. Those include several new product introductions in high-value categories in 2026, the accretive, highly strategic acquisition of Micromax underway, and substantial remaining balance sheet capacity to put to work should the right opportunities present themselves. The outlook is quite positive.

在 2025 年保持良好成長的同時，我們也在建立加速未來成長的槓桿。其中包括 2026 年在高價值類別中推出幾款新產品、正在進行的具有增值意義且極具戰略意義的 Micromax 收購，以及在合適的機遇出現時可以投入使用的大量剩餘資產負債表能力。前景相當樂觀。

Carey?

凱瑞？

Thanks, Ben. Good morning, everyone. On slide 4, you can see a summary of our third-quarter financial results. Organic sales grew 5%, and adjusted EBITDA would have increased 10% when adjusting the Graphics business out of both the 2024 and 2025 periods to account for that divestiture. Adjusted EBITDA was a record $147 million and exceeded our initial guidance for the quarter of $140 million to $145 million.

謝謝你，本。各位早安。在第 4 張投影片中，您可以看到我們第三季財務表現的摘要。有機銷售額成長了 5%，如果將圖形業務從 2024 年和 2025 年期間剔除，以反映該業務的剝離，則調整後的 EBITDA 將成長 10%。調整後 EBITDA 達到創紀錄的 1.47 億美元，超過了我們先前對該季度 1.4 億美元至 1.45 億美元的預期。

Electronics organic growth of 7% was driven by solid performance in semi and assembly and exceptional volume growth in Circuitry Solutions. Through economic and industry investment cycles, we benefit from diversification within the electronics supply chain. This quarter, our Circuitry business was a primary beneficiary of AI-related investment as our market-leading pulse plating products are used to support fabrication of high layer count server boards. This demand, along with the sequential ramp in smartphones, allowed us to deliver high single-digit organic growth for the segment even as customer-related volume weakness weighed on power electronics growth in our Semiconductor business. The addition of Micromax should further enhance end market diversification and increase opportunities to deliver on customer-led growth across the broader manufacturing landscape.

電子業務有機成長 7%，主要得益於半導體和組裝業務的穩健表現以及電路解決方案業務的卓越銷售成長。透過經濟和產業投資週期，我們受益於電子產品供應鏈的多元化。本季度，我們的電路業務是人工智慧相關投資的主要受益者，因為我們市場領先的脈衝電鍍產品被用於支援高層數伺服器板的製造。儘管客戶相關的銷量疲軟拖累了半導體業務中電力電子產品的成長，但智慧型手機的逐步成長以及市場需求的推動，使我們得以在該領域實現高個位數的有機成長。Micromax 的加入將進一步增強終端市場的多元化，並增加在更廣泛的製造業領域實現以客戶為導向的成長的機會。

Our core Industrial Surface Treatment business has demonstrated stable or growing adjusted EBITDA for several quarters, even as volume has been under pressure. This quarter, underlying volumes improved as a result of strong growth in Asia and new business wins ramping in the Americas. At the same time, margins benefited from improved fixed cost absorption, portfolio optimization and ancillary business lines, and favorable product mix.

儘管銷售面臨壓力，但我們的核心工業表面處理業務已連續幾季實現穩定或成長的調整後 EBITDA。本季度，由於亞洲市場的強勁成長以及美洲地區新業務的不斷拓展，基礎銷量有所改善。同時，利潤率也受益於固定成本吸收的改善、產品組合最佳化、輔助業務線以及有利的產品組合。

ESI's adjusted EBITDA margin improved roughly 20 basis points year over year in constant currency terms and was negatively impacted by higher pass-through metal prices. Excluding the impact of roughly $125 million of pass-through metal sales in Assembly Solutions, our adjusted EBITDA margin would have been 28%, a 100-basis point improvement year over year. Foreign exchange provided modest favorability of about $3 million in the quarter, and at current rates should provide a similar level of year-on-year benefit in the coming quarter as well.

ESI 的調整後 EBITDA 利潤率以固定匯率計算年比提高了約 20 個基點，但受到金屬價格上漲的負面影響。如果排除組裝解決方案中約 1.25 億美元的金屬銷售的影響，我們調整後的 EBITDA 利潤率將達到 28%，比上年同期提高 100 個基點。本季外匯匯率帶來了約 300 萬美元的適度利好，以目前的匯率計算，下一季應該也能帶來類似的年比收益。

On slide 5, we share additional detail on the drivers of organic net sales growth, starting with Electronics. In assembly, the third quarter saw an increase in China volumes associated with smartphone activity as well as continued growth from customers serving the high-performance computing and telecom infrastructure markets. Advanced solder paste volumes for various computing applications continue to grow as well.

在第 5 張投影片中，我們將分享更多有關有機淨銷售成長驅動因素的細節，首先從電子產品開始。在組裝方面，第三季中國智慧型手機業務的銷售量有所成長，同時服務高效能運算和電信基礎設施市場的客戶也持續成長。用於各種電腦應用的高級焊膏銷售也持續成長。

Circuitry Solutions sales grew 13% organically. This was driven by continued demand for data center applications, a seasonal ramp in mobile phone activity, and circuit board demand in the Asian EV market. Data center growth is also increasing demand for data storage, which drove sequential acceleration in our memory disk business that should continue through year end.

電路解決方案銷售額實現了13%的自然成長。這主要得益於資料中心應用需求的持續成長、行動電話業務的季節性成長以及亞洲電動車市場對電路板的需求。資料中心的成長也增加了對資料儲存的需求，這推動了我們記憶體磁碟業務的持續加速成長，這種成長勢頭應該會持續到年底。

Semiconductor Solutions organic net sales grew 5% as continued double-digit growth in wafer-level plating was offset by lower power electronics sales from a softer EV market. Copper plating products for foundry and Tier 1 OSAT customers continue to see sustained demand.

半導體解決方案業務的有機淨銷售額增長了 5%，晶圓級電鍍業務持續兩位數增長，但電動車市場疲軟導致電力電子產品銷售額下降，抵消了這一增長。鑄造廠和一級 OSAT 客戶的銅電鍍產品需求持續旺盛。

We also saw a rise in products with high precious metals content such as gold and palladium in our semi business, which drove a negative mix impact to margins overall. While we saw a year-on-year decline in power electronics from EV demand dynamics, we continue to win business with new customers, and the outlook for this business remains compelling. Industrial and Specialty organic net sales were flat year over year.

我們也發現，在半導體業務中，含金量和鈀量等貴金屬含量高的產品增加，對整體利潤率產生了負面影響。儘管受電動車需求動態的影響，電力電子產品市場同比有所下滑，但我們仍在不斷贏得新客戶的青睞，而且該業務的前景依然十分樂觀。工業和特種有機產品淨銷售額與前一年持平。

Underlying chemistry volumes for the Industrial Solutions vertical were up mid-single digits as we saw strength in Asia, modest improvement in Europe, and a roughly flat end market in the Americas, which grew due to the contribution of new account wins. Reported revenue growth in this business was impacted by a large customer equipment deal in the third quarter of last year, which is tied to a high-value multiyear chemistry contract. Excluding this impact, organic sales would have been up 4% year over year. And finally, the offshore business continues to grow nicely on the back of market strength, pricing, and competitive wins.

工業解決方案垂直領域的基礎化學品銷售實現了中等個位數的成長，這得益於亞洲市場的強勁表現、歐洲市場的溫和改善以及美洲終端市場基本持平，而美洲市場的成長則歸功於新客戶的贏得。據報道，該業務的收入成長受到去年第三季一筆大型客戶設備交易的影響，該交易與一份高價值的多年期化學品合約有關。剔除此影響，有機銷售額將年增 4%。最後，在市場強勁、定價合理和競爭優勢的推動下，離岸業務持續保持良好成長勢頭。

Slide 6 covers cash flow and the balance sheet. We generated $84 million of adjusted free cash flow in Q3. This included a $22 million investment in working capital, primarily driven by accounts receivable on the back of sequential revenue growth and slightly higher inventory values driven by metal inflation. Our days of inventory continued to improve, reflecting progress we have made to drive efficiencies in inventory management after several years of supply chain disruption.

第 6 張投影片涵蓋現金流量表和資產負債表。第三季我們產生了 8,400 萬美元的調整後自由現金流。其中包括對營運資金的 2,200 萬美元投資，主要原因是應收帳款的增加（得益於收入的連續成長）以及金屬通膨導致的庫存價值略有上升。我們的庫存週轉天數持續改善，這反映出在經歷了數年的供應鏈中斷之後，我們在提高庫存管理效率方面取得了進展。

CapEx in the quarter was $17 million, primarily going towards compelling growth investments such as our first manufacturing site for Kuprion. We expect to invest roughly $65 million on a full-year basis, in line with our prior forecast.

本季資本支出為 1700 萬美元，主要用於具有吸引力的成長投資，例如我們為 Kuprion 建設的第一個生產基地。我們預計全年投資額約為 6500 萬美元，與我們先前的預測一致。

Now turning to the balance sheet. Our net leverage ratio at the end of the quarter was 1.9 times, and our capital structure remains fully fixed at an effective interest rate of roughly 4%. We expect to fund the Micromax transaction with a combination of cash on hand and modest incremental debt. Assuming no further capital deployment this year, pro forma net leverage at year-end would be roughly 2.5 times. This is comfortably below our 3.5 times long-term target ceiling and leaves us with plenty of further financial flexibility to continue deploying capital should the right opportunities appear.

現在來看資產負債表。本季末，我們的淨槓桿率為 1.9 倍，資本結構完全固定，實際利率約為 4%。我們預計將透過自有現金和少量新增債務相結合的方式為收購 Micromax 提供資金。假設今年不再進行資本部署，則年底的預期淨槓桿率約為 2.5 倍。這遠低於我們 3.5 倍的長期目標上限，讓我們擁有充足的財務彈性，以便在出現合適的機會時繼續部署資本。

And with that, I will turn the call back to Ben.

接下來，我將把電話轉回給本。

Thank you, Carey. As you've heard, our strategy and execution are driving record results at Element Solutions, and we're nicely ahead of our plan for the year despite real end market volatility over the course of the year. We now expect full-year 2025 adjusted EBITDA to be between $545 million and $550 million, at the high end of the guidance range we provided last quarter. This translates to fourth quarter adjusted EBITDA of roughly $135 million to $140 million. This quarterly expectation incorporates lower EV volume, the end of the seasonal smartphone ramp, and targeted incremental OpEx investment in support of high-growth initiatives like Kuprion.

謝謝你，凱瑞。正如您所聽到的，我們的策略和執行力正在推動 Element Solutions 取得創紀錄的業績，儘管今年終端市場確實出現了波動，但我們仍然遠遠領先於今年的計劃。我們現在預計 2025 年全年調整後 EBITDA 將在 5.45 億美元至 5.5 億美元之間，處於我們上個季度提供的指導範圍的高端。這意味著第四季度調整後 EBITDA 約為 1.35 億美元至 1.4 億美元。這一季度預期包含了電動車銷量下降、智慧型手機季節性增長期結束以及為支持 Kuprion 等高增長計劃而進行的有針對性的增量營運支出投資。

We expect leading-edge electronics driven by high-performance computing and data center to remain robust and have assumed stable industrial demand through year-end. We're pleased to have found a solid outlet for some of the balance sheet capacity we've been building. Micromax meets our high bar for acquisitions. It's a growing business that matches our asset-light customer intimate people-intensive attributes. It will be a great addition to our portfolio and reinforces our conviction that we can continue to find high-value inorganic opportunities to accelerate per share earnings growth. We have capacity for more, but we'll continue to be disciplined about quality and fit.

我們預計，由高效能運算和資料中心驅動的尖端電子產品將保持強勁勢頭，並假設到年底前工業需求將保持穩定。我們很高興找到了一個可靠的管道來釋放我們累積的部分資產負債表產能。Micromax符合我們高標準的收購要求。這是一個不斷發展的業務，與我們輕資產、以客戶為中心、以人為本的業務特徵相契合。這將極大地豐富我們的投資組合，並增強我們對繼續尋找高價值非內生性機會以加速每股收益成長的信念。我們有能力生產更多，但我們會繼續嚴格把控品質和合身度。

I'll close, as always, by thanking all of our stakeholders for their continued support of Element Solutions. Most importantly, let me express my deep gratitude for our people around the world for their effort and commitment. Our combination of strong positioning, thoughtful strategy and solid execution is entirely a product of our team, and our exceptional people continue to deliver for us.

最後，我一如既往地感謝所有利害關係人對 Element Solutions 的持續支持。最重要的是，請允許我向世界各地的人民表達我深深的感激之情，感謝他們的努力和奉獻。我們強大的市場定位、深思熟慮的策略和紮實的執行力完全是我們團隊的成果，我們傑出的員工將繼續為我們創造佳績。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator Instructions) Bhavesh Lodaya, BMO Capital Markets.

（操作員指示）Bhavesh Lodaya，BMO 資本市場。

Congrats on multiple fronts. On Micromax, could you share some thoughts on how you expect this platform to perform under the ESI umbrella just compared to your prior ownership, maybe opportunities with your existing customers? And how should we expect the growth and synergies starting from that $40 million EBITDA mark?

恭喜你取得多方面的成就。關於 Micromax，您能否分享您對該平台在 ESI 旗下表現的預期，與您之前的所有權相比，以及在現有客戶方面可能出現的機會？那麼，從 4000 萬美元的 EBITDA 目標開始，我們應該如何預期成長和綜效呢？

Yeah. Thanks for the question, Bhavesh. We're really excited by the opportunity to bring Micromax into the ESI family of businesses and make it a part of our Electronics segment, MacDermid Alpha Electronics Solutions. This is a business with a market growth algorithm in the mid-single digits. And just like with all of our other electronics businesses, we think we can outperform the market.

是的。謝謝你的提問，Bhavesh。我們非常高興有機會將 Micromax 納入 ESI 企業大家庭，並使其成為我們電子產品部門 MacDermid Alpha 電子解決方案的一部分。這是一個市場成長率演算法處於中等個位數水準的業務。就像我們所有其他電子產品業務一樣，我們認為我們能夠跑贏市場。

The benefit of having this business inside of Element as opposed to where it's been most recently, is the depth of our connectivity in the supply chain, in particular, in the circuit board supply chain. This is a product category that really fits right in between our assembly and circuitry capabilities. There's a modest amount of customer overlap and there's a great deal of OEM and specifier overlap, and our relationships can help accelerate that growth.

將這項業務放在 Element 內部而不是之前的位置的好處是，我們在供應鏈，特別是電路板供應鏈中，擁有更深層的連接。這個產品類別恰好介於我們的組裝和電路製造能力之間。客戶重疊度不高，而原始設備製造商和規範制定者重疊度很高，我們的關係可以幫助加速這種成長。

From a cost synergy perspective, we would expect those to be modest because we're going to run it from a functional perspective and a supply chain perspective separately. But we do believe we can accelerate the growth here and the value proposition to our supply chains, which should translate into value creation from a margin perspective and profit perspective for the company.

從成本協同效應的角度來看，我們預計這些差異不會太大，因為我們將分別從功能角度和供應鏈角度進行營運。但我們相信，我們可以加快這裡的成長，並提升我們供應鏈的價值主張，這應該會從利潤率和利潤的角度為公司創造價值。

Thanks. And then maybe stepping to Kuprion, can you give us an update around the commercialization activities there? Are we on track for -- I believe the start-up was planned for this quarter. And any initial thoughts around earnings or EBITDA contribution next year from that?

謝謝。接下來，關於 Kuprion 公司，您能否介紹一下該公司的商業化活動進度？我們是否按計劃進行？ ——我相信啟動工作原計劃在本季進行。那麼，對於明年的獲利或 EBITDA 貢獻，您有什麼初步預期嗎？

Yeah. So Kuprion, there are two major thrusts, I would say, commercialization and supply chain. Our mid-scale site, where we ramped up investment meaningfully in the third quarter is on track to be operational at the end of the year, which will provide more product to both qualify and sell. And so we should have some meaningful sales and profits into next year. Commercialization is really qualifying this product with our customers and the specifiers.

是的。所以，Kuprion公司有兩個主要發展方向，我認為是商業化和供應鏈。我們在第三季大幅加大投資的中型工廠目前正按計劃推進，並將於年底投入運營，這將提供更多產品用於資格審查和銷售。因此，我們明年應該可以取得可觀的銷售額和利潤。商業化實際上是讓我們的客戶和規範制定者認可這款產品。

And that also continues at pace. I would say that there's a handful of very compelling commercial opportunities that are working their way through the different layers of approval required to sell something into this high-value, high-performance supply chain. And so we should be getting some qualification milestones here in the fourth quarter.

而且這種情況還在持續快速發展中。我認為，目前有一些非常有吸引力的商業機會正在逐步通過各個層級的審批，最終將產品銷售到這個高價值、高效能的供應鏈中。因此，我們應該會在第四季取得一些資格里程碑。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Congrats on the Micromax deal. I just wanted to ask on that one first. Just I don't know if you could provide any more color around the growth of that business from a top and bottom-line perspective over the last couple of years. I guess, would that have been accretive to ESI's growth over that time?

恭喜你拿下Micromax的合約。我只是想先問這個問題。我不知道您能否從營收和利潤的角度，更詳細地介紹一下該業務在過去幾年中的成長情況。我想，那段時間裡，這是否會促進ESI的成長呢？

And then also, as you think about the stability of that growth, does it provide -- I mean, basically, does it improve the stability of overall ESI growth in your view? Or is it slightly more volatile? Just any characterization there would be helpful. Thanks.

此外，在考慮這種成長的穩定性時，它是否——我的意思是，基本上，在你看來，它是否提高了整體 ESI 成長的穩定性？還是它的波動性略大？任何描述都會有所幫助。謝謝。

Yeah. So the way to think about top line here is ex metals. So of the roughly $300 million of revenue here, about two-thirds of that is metal value. And so there's been quite a bit of metal volatility, and that's been impacting the, we'll call it, SEC or GAAP revenue here, but the profits have been very stable.

是的。所以，這裡理解頂線的方式是先扣除金屬部分。因此，在這大約 3 億美元的收入中，大約三分之二是金屬價值。因此，金屬價格出現了相當大的波動，這影響了我們這裡所說的 SEC 或 GAAP 收入，但利潤一直非常穩定。

I would say that there was a pretty significant drawdown in the electronic ecosystem in 2022 and into 2023. This business fared better than our Electronics business did through that period. It's a very sticky product portfolio. And so it didn't have the same drawdown. And they have a price lever as well that has been flex reasonably well, and we see opportunity associated with.

我認為，2022 年到 2023 年，電子生態系統出現了相當大的下滑。那段時間，這項業務的表現比我們的電子業務還要好。這是一個非常難搞的產品組合。因此，它的跌幅沒有那麼大。他們還有價格槓桿，而且這種槓桿作用相當靈活，我們看到了與之相關的機會。

On the way back from that drawdown, I would say the growth has been roughly in line with our assembly business, maybe a little bit faster over the past couple of years. So this business enhances stability for sure, certainly, ex metal and on the profit line. And we see an opportunity to accelerate growth going forward. The products that this company sells are really specialized for the most demanding applications. So they've got a concentration in aerospace and defense, low earth orbit satellites healthcare applications, and we're just starting to see the pull into the data center complex.

從那次下滑中恢復過來之後，我認為成長速度與我們的組裝業務大致持平，在過去幾年可能略快。所以這項業務肯定能提高穩定性，尤其是在金屬產業和利潤方面。我們看到了未來加速成長的機會。這家公司銷售的產品確實是針對最苛刻的應用場景而設計的。所以他們專注於航空航太和國防、低地球軌道衛星、醫療保健應用，而我們才剛開始看到他們向資料中心領域的擴張。

So that as a market vector and also as a virtue of -- as a product of being inside of Element and our access to that market should lead to an acceleration in earnings growth here.

因此，作為市場因素，同時也是Element旗下企業的優勢——以及我們進入該市場的管道——應該會加速這裡的獲利成長。

Thanks. That's helpful. And just as a quick follow-up. I mean, you made comments in the release about still having capital flexibility. So I mean, I think your 2.5 times is pro forma for the deal closing. I guess, at first blush when that closes without those numbers, that leverage will go higher.

謝謝。那很有幫助。最後再補充一點。我的意思是，你在新聞稿中提到仍然擁有資金靈活性。所以我的意思是，我認為你說的 2.5 倍是交易完成時的預估時間。我猜，乍一看，如果沒有這些數字，槓桿率將會更高。

So can you just talk about your ability, I guess, over the next six to nine months to deploy cash to the extent that there's maybe a bigger opportunity in your stock and a drawdown or otherwise, how high would you be willing to bring leverage in that scenario?

那麼，您能否談談您在未來六到九個月內運用現金的能力，以應對股票可能出現的更大機會和回撤或其他情況，在這種情況下，您願意投入多高的槓桿？

Yeah. So we think about things on a pro forma basis. And so the 2.5 we have is pro forma for the contribution of -- the expected contribution of Micromax and taking into consideration the full purchase price of Micromax. So 2.5 would be the number at year-end.

是的。所以我們都是用形式來考慮問題的。因此，我們得到的 2.5 是 Micromax 的預期貢獻的預估值，並且考慮到了 Micromax 的全部收購價格。所以年底的數字將是 2.5。

Given the cash flow characteristics of our business and the growth opportunity we see into 2026, that number will be closer to two again by the end of 2026, barring any further capital deployment. We've always said that our long-term target ceiling for leverage is about 3.5 times. So we see plenty of capacity even in the near term should something interesting become available to deploy incremental capital.

鑑於我們業務的現金流特徵以及我們看到的到 2026 年的成長機會，如果沒有進一步的資本投入，到 2026 年底，這個數字將再次接近 2。我們一直都說，我們的長期槓桿率目標上限約為 3.5 倍。因此，即使在短期內，如果出現有趣的項目可供投入新增資金，我們也能看到充足的產能。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Ben, given Micromax's history as part of DuPont, what would you say to somebody who perhaps would cortege the business and say, well, why did they get rid of it in the first place? And essentially, what would make -- what's evolved over the last 5 to 10 years? And what ultimately makes Element Solutions the best owner or best home for the platform as it stands today?

Ben，鑑於 Micromax 曾是杜邦公司的一部分，如果有人質疑這家公司當初為什麼要剝離它，你會怎麼說？從本質上講，是什麼造就了——過去 5 到 10 年間發生了哪些變化？那麼，究竟是什麼因素使得 Element Solutions 成為目前該平台的最佳所有者或最佳歸宿呢？

Yeah. Thanks for the question, Chris. Look, we can't speak to DuPont's decision-making as we really weren't a party to it. But if I had to speculate, I'd probably say two things. The first is the SEC or the GAAP margins of this business on the face of them are lower than some of our other businesses and some of DuPont's other businesses. And DuPont doesn't have other metals-related businesses where they would make an ex-metals adjustment like we do. right?

是的。謝謝你的提問，克里斯。你看，我們無法對杜邦公司的決策發表評論，因為我們並沒有參與其中。但如果非要我猜的話，我大概會說兩件事。首先，從表面上看，該業務的 SEC 或 GAAP 利潤率低於我們的一些其他業務以及杜邦的一些其他業務。而且杜邦公司沒有其他金屬相關業務，所以他們不會像我們一樣進行剔除金屬業務後的調整，對吧？

To that point, on an ex-metals basis, the margins of this business are in excess of 40%, which really speaks to how highly valued these materials are to their supply chain. This is a business that is highly specified by its customer base with substantial switching costs, very long qualification cycles. It's a very sticky business. It's a very high-value business even if the margins on the face of them, again, on a GAAP basis, appear lower.

就目前而言，不計金屬成本，該業務的利潤率超過 40%，這充分說明了這些材料在其供應鏈中的價值有多高。這是一個客戶群高度特定化的行業，轉換成本很高，客戶資格審核週期也很長。這是一件非常棘手的事情。即使從表面上看，按照美國通用會計準則（GAAP）計算，利潤率似乎較低，但這仍然是一項非常有價值的業務。

The other reason may be that when DuPont chose to divest this business, this -- the recent surge in innovation in the printed circuit board market, which has been away from the chip, right? Innovation in the integrated circuit has moved back into packaging and onto the circuit board, that hadn't really started at that point. And so as we sit here today, there's a huge amount of innovation and technology moving back from the chip to the circuit board, and these materials are an important part of that.

另一個原因可能是，當杜邦公司選擇剝離這項業務時，印刷電路板市場最近出現了創新浪潮，而這與晶片領域已經脫節了，對吧？積體電路的創新又回到了封裝和電路板領域，而這在當時還沒有真正開始。因此，今天我們看到大量的創新和技術正從晶片向電路板轉移，而這些材料是其中的重要組成部分。

Finally, I think it's worth noting that in the, whatever, 12, 16 hours since we announced this transaction, I've had many messages from DuPont and ex-DuPont people congratulating us on the acquisition and lamenting, frankly, that they no longer own it. So this is a really good business as a market leader in a high-value market with strong technology, solid growth outlook, great cash flows. And we've got several avenues to make it better as part of Element Solutions, it fits within this really cogent portfolio of technologies that we have to support high-value electronics.

最後，我認為值得一提的是，自從我們宣布這筆交易以來，大約過了 12 到 16 個小時，我收到了許多來自杜邦公司和前杜邦公司員工的信息，他們祝賀我們完成了收購，坦率地說，他們也對不再擁有這家公司感到惋惜。因此，作為高價值市場的市場領導者，擁有強大的技術、穩健的成長前景和良好的現金流，這真是一家非常好的企業。作為 Element Solutions 的一部分，我們有多種途徑可以使其變得更好，它符合我們為支援高價值電子產品而擁有的非常完善的技術組合。

That's great color. Thank you. And just as a quick follow-up, Ben, as we start thinking on a preliminary basis about '26, how should we think about the semiconductor growth side of it? And the comments in the PowerPoint about softer power electronics, was that a singular customer that caused an issue? I mean, how should we think about the momentum into year-end and ultimately over the next 12 to 18 months?

顏色真好看。謝謝。Ben，我再補充一個問題，當我們開始初步考慮 2026 年的情況時，我們該如何看待半導體產業的成長？PowerPoint 中提到的關於低功率電子裝置的評論，是否是某個特定客戶造成了問題？我的意思是，我們應該如何看待年底以及未來 12 到 18 個月的發展勢頭？

Yeah, absolutely. So within the Semi business, there's really two prongs, their Semi Assembly and our Wafer-level Packaging business. The Semi Assembly business has a strong capability in power electronics, and we've all seen what's happened in the EV market, and certainly, with some of the larger participants in that market, and that's what weighed on the Semi business in the third quarter. The Wafer-level Packaging business continued to grow in the teens and has a pretty compelling growth runway ahead from here.

是的，絕對的。因此，半導體業務實際上分為兩個方面，即他們的半導體組裝和我們的晶圓級封裝業務。半導體組裝業務在電力電子領域擁有強大的能力，我們都看到了電動車市場發生的事情，當然也看到了該市場中一些大型參與者的情況，這就是第三季度半導體業務承壓的原因。晶圓級封裝業務持續保持十幾個百分點的成長，從現在開始還有相當可觀的成長前景。

And in the Power Electronics business, even with a weaker EV market, we see substantial customer wins as we gain share with our material over competitive, more legacy technology materials for power semis and power modules. And so there's a growth vector there as well. The Semi business will continue to grow certainly above market and healthily as we get into 2026.

在電力電子業務領域，即使電動車市場疲軟，我們也看到大量客戶贏得我們的青睞，因為我們的材料在電力半導體和電力模組領域比競爭對手的傳統技術材料獲得了更大的市場份額。所以，這裡也存在著成長動力。到 2026 年，半導體業務將繼續保持高於市場平均的健康成長。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

Congrats on Micromax. I'm assuming that given the quick time to complete the deal, looking at the first quarter of '26 that you're not anticipating any antitrust issues in terms of government approvals?

恭喜你買了Micromax。我假設，鑑於交易完成得如此迅速，預計在 2026 年第一季就能完成，您預計在政府審批方面不會出現任何反壟斷問題？

Yeah. So as we've said, this is a complementary capability. While there's some customer overlap, there really isn't a technology or market share overlap. And so we don't anticipate substantial regulatory hurdles going forward.

是的。正如我們所說，這是一項補充性能力。雖然客戶群有一些重疊，但在技術或市場份額方面並沒有真正的重疊。因此，我們預計未來不會遇到重大的監管障礙。

Thank you. And nice job on the third quarter upside. What most positively surprised you relative to the guidance? And how is that trending so far here in the fourth quarter?

謝謝。第三季表現出色。就指導意見而言，最令您感到驚喜的是什麼？那麼，第四季目前的趨勢如何呢？

Yeah. So the Industrial Solutions business had a really strong third quarter even if you don't necessarily see it in the organic sales. But we were lapping a period where we sold a big piece of equipment in Q3 of 2024. And so when you adjust that out, which was a low-margin sale, when you adjust that out, we actually had volume growth and organic growth in that business which was mix favorable and positive. I think entering the third quarter, our expectations for Industrial were probably weaker than what we ultimately delivered.

是的。因此，即使你不一定能在有機銷售額中看到，工業解決方案業務在第三季也表現得非常強勁。但我們正處於一個過渡期，我們在 2024 年第三季售出了一台大型設備。因此，當我們把這筆低利潤的銷售剔除後，我們實際上在該業務中實現了銷售成長和自然成長，這是一個有利且積極的組合。我認為，進入第三季時，我們對工業領域的預期可能低於我們最終實現的水平。

So if I had to call out one surprise, it would be that. And as we sit here in the fourth quarter, right, we're almost through October, the momentum in the electronics side of the business has been a positive surprise thus far. And so we're seeing real strong continued momentum in electronics. And that's a positive indicator as we move into 2026.

所以如果非要我說一件讓我感到意外的事，那就是這件事了。現在我們來到了第四季度，沒錯，10 月也快結束了，到目前為止，電子業務的勢頭一直是一個令人驚訝的積極表現。因此，我們看到電子產業正保持著強勁的持續成長動能。這對即將邁入 2026 年的我們來說是一個正面的訊號。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Ben, I realize you already talked a lot about Micromax, but I was hoping to give you an opportunity to talk about growth synergies here, either on the commercial side or technology or anything else.

Ben，我知道你已經談了很多關於Micromax的事情，但我希望給你一個機會來談談這裡的成長協同效應，無論是在商業方面、技術方面還是其他任何方面。

Yeah. No, I appreciate it. Look, 70% of our business and correspondingly 70% of our people wake up every day thinking about the electronic supply chain and how they can add value to their customers and the specifiers, right? And so now we've got a new capability that's highly strategic. It's a market leader in a high-value market that we can add to the quiver of capabilities that we bring to bear to those suppliers.

是的。不，我很感激。你看，我們公司 70% 的業務以及相應 70% 的員工每天醒來都在思考電子供應鏈以及如何為他們的客戶和規範制定者創造價值，對吧？因此，我們現在擁有了一項極具戰略意義的新能力。它是高價值市場的領導者，我們可以將其納入我們為這些供應商提供的能力體系中。

We're doing tech days with the largest OEMs with the largest participants in the supply chain, bringing all of our capabilities to bear. And Micromax will be one of those capabilities. That's not something that they had in their prior ownership. And so I believe that we will drive greater commercial traction through that. At the same time, the technologies they have are becoming increasingly important as the demands that are being placed on the printed circuit board versus the semiconductor versus the chip are changing and growing.

我們正在與最大的原始設備製造商和供應鏈中最大的參與者舉辦技術交流日，充分發揮我們所有的能力。而Micromax也將具備這些能力。這是他們之前的業主所沒有的。因此，我相信我們將透過這種方式獲得更大的商業成功。同時，隨著對印刷電路板、半導體和晶片的要求不斷變化和成長，他們所擁有的技術也變得越來越重要。

And so that is a market growth vector that will support this technology leader and we'll be able to get them into the right rooms and provide them with greater access than they would have had previously. And so this is -- that allows for -- that should allow for this business to grow faster than its market has already got a solid growth outlook.

因此，這將是支撐這家技術領導者的市場成長動力，我們將能夠幫助他們進入合適的領域，並為他們提供比以前更大的機會。因此，這使得該業務的成長速度能夠超過其市場，而其市場本身已經擁有穩健的成長前景。

Thanks, Ben. And then hopefully, I was hoping to look a little bit into '26. On your Electronics side, how do you feel about just volumes in general, given there's been some destocking that occurred this year across sort of several key products. Do you see generally volume growth accelerating next year about the same or slower?

謝謝你，本。然後，我希望能夠稍微了解一下 '26'。就電子產品方面而言，考慮到今年一些關鍵產品出現了去庫存現象，您對整體銷售有何看法？您認為明年整體銷售成長速度會與去年持平還是放緩？

Yeah. So we think about units and we have conviction that the growth we're seeing in high-end electronics will continue into 2026. And the growth that we've delivered in high-end electronics year-to-date has been really strong. And I would say, clearly above market, so we should continue to deliver that. The outlook for automotive units, in particular, EVs is really hard -- is hard to predict at this point, we'd simply be speculating.

是的。因此，我們從銷售角度來看，我們堅信高階電子產品的成長動能將持續到 2026 年。今年迄今為止，我們在高端電子產品領域取得了非常強勁的成長。而且我認為，我們的價格明顯高於市場水平，所以我們應該繼續保持這種水平。汽車產業，尤其是電動車的前景真的很難預測——目前很難預測，我們只能進行猜測。

But we've got, especially on the Power Electronics side, plenty of market share to go after that should allow for us to outgrow that market. And so the question mark as we entered the third quarter was smartphones. We're seeing a healthy smartphone environment as we sit here today, probably better than we would have expected. We'll see what the pull-through on that is into 2026. It's hard to call that right now.

但是，尤其是在電力電子領域，我們擁有大量的市場份額可以爭取，這應該能夠讓我們超越這個市場。因此，進入第三季時，智慧型手機就成了最大的問號。我們現在看到的智慧型手機環境非常健康，可能比我們預期的還要好。我們將看看到 2026 年這一趨勢會如何發展。現在很難下結論。

All told, next year has promised to be another solid year of organic growth, and we've just added a strong impact from inorganic opportunities. So we're very optimistic about 2026 and beyond.

總而言之，明年有望繼續保持穩健的內生成長，我們也從外延成長機會中獲得了強勁的推動作用。因此，我們對2026年及以後的發展非常樂觀。

Pete Osterland, Truist.

Pete Osterland，Truist。

First, just following up on Micromax. Do you view these assets as historically underinvested in? I mean, do you see the need for any elevated capital spending initially in order for the business to reach the full potential you're looking for? And could you share what you're expecting in terms of onetime costs to stand up and integrate the business?

首先，跟進一下Micromax的狀況。您是否認為這些資產在歷史上投資不足？我的意思是，您認為企業要充分發揮您所期望的潛力，初期是否需要增加資本支出？能否分享一下您預計在建立和整合業務方面需要的一次性成本是多少？

Sure, Pete. So this business is just like our businesses. It's a people-intensive technical applications-oriented employee base, customer-facing type of business and correspondingly, it's asset-light formulation. And so I would think this is about a 2% of sales capital business just like ours, and it's got the capacity it needs to support substantial incremental growth.

當然可以，皮特。所以這家公司和我們的公司一樣。這是一個以人為本、技術應用導向、面向客戶的業務類型，因此，它是一種輕資產模式。因此，我認為這家公司的銷售資本佔比約為 2%，與我們公司類似，並且它有能力支持實質的增量成長。

So we don't see this driving an uptick in CapEx across Element and nor requiring significant investment in physical assets. There is a stand-alone cost dynamic, which is burdened, which is in the approximately $40 million that we've communicated as the full-year contribution for this business of a few million dollars. We'll see synergies could come from that over a 12- to 18-month period, driving the earnings here higher.

因此，我們認為這不會導致 Element 的資本支出增加，也不需要對實體資產進行大量投資。存在著一個獨立的成本動態，它帶來了負擔，大約 4000 萬美元，而我們已經宣布，這項業務的全年貢獻為數百萬美元。預計在未來 12 至 18 個月內，這將產生協同效應，從而推高這裡的收益。

Very helpful. Thank you. And then switching gears. On the IMS business, the margin performance in the third quarter was very strong despite kind of continued challenges in the overall industrial operating environment. So my question is, where can margins go in this business? I mean, in a more normalized demand environment, is there room to move margins meaningfully higher from the almost 24% that you put up in the third quarter?

很有幫助。謝謝。然後轉換話題。儘管整體工業經營環境持續面臨挑戰，但IMS業務第三季的利潤率表現非常強勁。所以我的問題是，在這個產業裡，利潤空間還能在哪裡？我的意思是，在需求環境更加正常的情況下，利潤率是否有可能在第三季接近 24% 的基礎上有顯著提高？

Yes is the short answer, Pete. The industrial business, while it had modest volume growth is still very far dislocated from its prior peak volumes. And so the productivity and procurement we're driving to drive those margins higher will contribute, I would say, a very strong incremental as and when volume growth recovers, we get better absorption through our sites. The offshore business also continues to be strong, and that's mix positive. So there's room for further margin expansion.

簡而言之，答案是肯定的，皮特。工業業務雖然銷量略有成長，但仍與先前的高峰銷量相去甚遠。因此，我們正在努力提高生產力和採購效率，以提高利潤率，我認為，隨著銷售成長的恢復，我們的工廠能夠更好地消化吸收，這將帶來非常強勁的增量收益。離岸業務也持續保持強勁勢頭，這對整體而言是一個利好消息。因此，利潤率還有進一步提升的空間。

And I'd note that when you look across the ESI complex, our ex metal margins were 28% in the quarter. That's only 100 basis points off of our prior peak. And we're continuing to invest in OpEx in anticipation of and in support of pretty significant margin accretive future growth. So across all of Element, we see material opportunity for incremental margin expansion from here.

我還要指出，縱觀整個 ESI 集團，我們本季的金屬剔除利潤率為 28%。這僅比我們之前的峰值低100個基點。我們將繼續增加對營運支出的投資，以期在未來實現相當可觀的利潤成長。因此，從 Element 的整體情況來看，我們認為未來利潤率有很大的提升空間。

John Tanwanteng, CJS Securities.

約翰·譚萬騰，CJS 證券。

Congrats on a nice quarter on the Micromax deal. I was wondering if we could drill down to the offshore business a little bit. How sustainable is the strength there? I think you mentioned that there are some good tailwinds, but I'm wondering were there any first fill programs there that might tail off and kind of what the demand outlook is as we go off into next year?

恭喜你們在Micromax的交易上取得了不錯的季度業績。我想知道我們能否更深入地探討離岸業務。這種實力能持續多久？我想你提到過有一些利多因素，但我想知道是否有一些首批灌裝項目可能會逐漸減少，以及明年需求前景如何？

Yeah. The offshore business is a longer cycle business. And so what drives that is a solid, stable energy price which drives drilling activity, which subsequently translates into new producing wells, and we get a large sale when you see a fill. And so when a drill is completed and then ongoing more annuity recurring like monthly orders for each well on which our fluids are being used. Drilling rates are pretty good right now.

是的。離岸業務是一個週期較長的業務。因此，推動這一趨勢的是穩定可靠的能源價格，這推動了鑽井活動，進而轉化為新的生產井，當油井填滿時，我們就獲得了大筆銷售。因此，當鑽井作業完成後，就會有持續的、類似每月訂單的定期收入，用於我們流體所作用的每個油井。目前的鑽井速度相當不錯。

I think that there is an expected lull to some extent in drilling activity into 2026. I wouldn't count on -- you wouldn't have expected in a 70% electronics business, we're the fastest-growing vertical to be offshore drilling. And I wouldn't expect that to continue into 2026. But it's a healthy market. It's a healthy business. We've got a pricing lever there as well that's pretty compelling. And so we see sustained growth into 2026, but probably not at these rates.

我認為到 2026 年，鑽井活動在一定程度上會出現放緩的趨勢。我不會期待──你也不會想到，在一個70%都是電子產品的企業裡，我們成長最快的垂直領域竟然是海上鑽井。我預計這種情況不會持續到 2026 年。但這是一個健康的市場。這是一項健康的業務。我們還有一個相當有吸引力的價格槓桿。因此，我們預計到 2026 年將持續成長，但可能無法保持目前的成長速度。

Got it. Thank you. And then maybe a similar question, but focused on just the margins in the electronics side and the EV specifically. Do you expect that headwind from, I guess, the larger customer there to continue for the foreseeable future? Or is that something you expect to reverse out at some point? And kind of how do you think about that market overall?

知道了。謝謝。然後或許會有一個類似的問題，但只關注電子產品的利潤率，特別是電動車的利潤率。你認為來自（我猜是）那家大客戶的這種不利因素在可預見的未來會持續下去嗎？或者你打算在某個時候改變這種做法？那麼，您如何看待這個市場的整體狀況呢？

Look, I think it's safe to say EV volumes are likely to be down again year over year in Q4 globally. I think that the worst of it is passed and I see opportunity for, again, this power electronics business to continue to grow. We see a compelling growth opportunity in power electronics going forward into 2026.

我認為可以肯定地說，全球第四季電動車銷量可能會再次同比下降。我認為最糟糕的時期已經過去，我看到電力電子產業再次迎來成長的機會。我們認為，到 2026 年，電力電子領域將迎來極具吸引力的成長機會。

And it's not just actually for EV applications. We're starting to see pull for these materials, these high thermal materials into other applications, network infrastructure and data center applications as well. We see a very strong pipeline for Argomax into 2026 and beyond.

而且它不僅適用於電動車。我們開始看到這些材料，這些高導熱材料，在其他應用領域，例如網路基礎設施和資料中心應用領域，也越來越受歡迎。我們看到Argomax在2026年及以後擁有非常強勁的生產計劃。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

MKS has decided to exit the Atotech industrial metal plating business as the main competitor, was part of your volume pickup share gain opportunities as they go through that process?

MKS 已決定退出 Atotech 工業金屬電鍍業務，成為其主要競爭對手。在此過程中，你們是否獲得了銷售成長和市佔率提升的機會？

Really can't speak to that, John. I would say that our industrial business has been growing really nicely, executing very well. And we've outgrown our market for sure. So there has been some share gain, but I don't think it's appropriate to speak about any specific competitors. We've got great capability there and a really good value proposition of the supply chain, and the team has been executing really, really well.

約翰，我真的不太清楚。我認為我們的工業業務發展得非常好，執行力也很強。我們肯定已經超越了我們目前的市場規模。所以市場佔有率有所增長，但我認為現在談論任何具體的競爭對手都不合適。我們在該領域擁有強大的能力和非常好的供應鏈價值主張，而且團隊的執行力也非常好。

Okay. And then maybe I missed this, but you described Micromax as fitting between assembly and circuitry. Will it be reported in either of those two subsegments? Or will it be reported standalone?

好的。然後，也許我錯過了這一點，但你曾經將 Micromax 描述為介於組裝和電路之間。會在這兩個子版塊中的任何一個版塊中報道嗎？或會單獨報道？

I don't expect it to be reported in either of the segments. I think it will be standalone. And I would note that we will report this business ex metals to give a better picture on organic volume and appropriate margin.

我預計這兩個節目都不會報導此事。我認為它會是獨立發行的。另外，我想指出，我們將剔除金屬業務，以更好地反映有機成長量和適當的利潤率。

That concludes the question-and-answer session. I would like to turn the call over back to Ben Gliklich for further remarks.

問答環節到此結束。我想把電話轉回給本·格利克利奇，請他進一步發言。

All right. Great. Thank you very much. Thanks to everybody again for joining, and we're looking forward to seeing many of you in the days and weeks to come on the road. Have a great day.

好的。偉大的。非常感謝。再次感謝大家的參與，我們期待在接下來的日子和幾週內在路上見到你們中的許多人。祝你有美好的一天。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。