Element Solutions Inc (ESI) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Element Solutions Q1 2026 financial results conference call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 Element Solutions 2026 年第一季財務結果電話會議。(接線員指示)

I will now turn the call over to Varun Gokarn, Vice President of Strategy and Integration. Please go ahead.

現在我將把電話交給策略與整合副總裁 Varun Gokarn。請開始。

Good morning, and thank you for participating in our first quarter 2026 earnings conference call. Joining me today are our CEO, Ben Gliklich; and CFO, Carey (technical difficulty). In accordance with Regulation FD, we are webcasting this conference call. A replay will be made available in the Investors section of the company's website.

早安，感謝各位參與我們 2026 年第一季財報電話會議。今天與我一同出席的有執行長 Ben Gliklich，以及財務長 Carey(技術問題)。依據 FD 規範（Regulation FD），我們將本次電話會議進行網路直播。重播將於公司網站的投資人專區提供。

During today's call, we will make certain forward-looking statements that reflect our current views about the company's future 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 slides and most recent SEC filings on our website for a discussion of material risk factors that could cause actual results to differ from our expectations and predictions.

在今天的電話會議中，我們將提出若干前瞻性陳述，反映我們目前對公司未來營運表現與財務結果的看法。這些陳述係基於對未來事件的假設與預期，而未來事件可能受到風險與不確定性影響。請參閱我們網站上的財報新聞稿、補充簡報以及最新的 SEC 申報文件，其中討論了可能導致實際結果與我們的預期與預測不同的重要風險因素。

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.

今天的資料亦包含未依照美國一般公認會計原則（US GAAP）編製的財務資訊。請參閱財報新聞稿與補充簡報，以取得這些非 GAAP 指標的定義，以及與可比較 GAAP 財務指標之間的調節表。

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

現在我很榮幸介紹我們的執行長 Ben Gliklich。

Thank you, Varun, and good morning, everybody. Thank you for joining. Element Solutions started 2026 strong. We reported a record quarter yesterday that demonstrates ongoing success with our strategy of penetrating the highest value, fastest-growing subsegments in our addressable markets. The quarter's results are a product of work we've been doing for years in our labs, at our sites and alongside our customers.

謝謝你，Varun，各位早安。感謝各位加入。Element Solutions 以強勁態勢展開 2026 年。我們昨天公布了創紀錄的一季，展現我們策略持續奏效：在可服務市場中滲透價值最高、成長最快的次分市場。本季成果來自我們多年來在實驗室、各據點以及與客戶並肩合作所投入的努力。

It was enhanced by our strategic acquisitions of EFC and Micromax, both of which closed in Q1 and are off to a solid start as part of the Element family. The trends that drove accelerating performance at the end of 2025 continue to propel us forward. We delivered double-digit organic sales growth for the second quarter in a row and strong margin expansion, excluding the impact of pass-through metals, all while increasing investment in people, technology and plants to support customer growth.

此外，我們策略性收購 EFC 與 Micromax 也進一步強化了表現；兩項交易皆於第一季完成，並作為 Element 大家庭的一員有穩健的起步。推動 2025 年底表現加速的趨勢，持續帶動我們向前。我們連續第二季達成兩位數的有機銷售成長，且在排除金屬轉嫁（pass-through metals）影響後，毛利率/利潤率顯著擴張；同時我們也增加對人才、技術與廠房的投資，以支持客戶成長。

Sales in our Electronics segment grew 15% organically as activity accelerated across our supply chain in support of the ongoing AI infrastructure build-out. Technical requirements in data center hardware and other high-performance electronics continue to increase, and our businesses provide critical enabling solutions across thermal management, power density and advanced packaging applications to name a few.

我們電子事業部門的銷售額有機成長 15%，因應持續的 AI 基礎設施建置，我們供應鏈各環節的活動加速。資料中心硬體與其他高效能電子產品的技術要求持續提高；我們的業務在散熱管理、功率密度與先進封裝等應用領域提供關鍵的賦能解決方案（僅舉數例）。

We're seeing volume growth in the highest-value categories across our end markets from leading-edge semi and high-end circuit board fabs to device assemblers and a strong pull for innovation to enable greater levels of device performance and manufacturing yield or throughput. This dynamic, combined with resilience in the higher-end mobile market, led to double-digit organic net sales growth in all of our Electronics verticals.

我們看到終端市場中最高價值類別的出貨量成長，涵蓋先進製程半導體與高階電路板晶圓廠（fabs）、到裝置組裝廠；同時對創新的需求強勁，以實現更高的裝置效能與製造良率或產能（throughput）。此一動態，加上高階手機市場的韌性，使我們電子事業部門所有垂直領域的有機淨銷售額皆達到兩位數成長。

Forecasts from customers are increasing and innovation cycles are accelerating. This trend will continue, and we're increasing investments to better serve our customers, whether in inventory to support volume growth, additional manufacturing capacity for certain high-growth product lines or innovation to remain on the leading edge.

客戶的預測正在上修，創新週期也在加速。此趨勢將持續，我們正增加投資以更好地服務客戶，無論是透過增加庫存以支援出貨量成長、為某些高成長產品線擴充製造產能，或是持續創新以維持領先地位。

Our investment in OpEx and CapEx is customer-led and supports durable growth trends. As a predominantly asset-light formulation business with low maintenance capital requirements, we're uniquely positioned to selectively target efficient investment ahead of industry inflection points.

我們在營運費用（OpEx）與資本支出（CapEx）上的投資由客戶需求所驅動，並支持具持久性的成長趨勢。作為以配方為主、資產相對輕量且維護性資本需求低的企業，我們具備獨特優勢，能在產業拐點之前有選擇地進行高效率投資。

Our ongoing activity with Kuprion is an example of such an investment where we are in the midst of commercializing a differentiated new material to solve several emerging customer pain points. The pipeline for this capability continues to grow despite our limiting commercial activities to ensure the supply chain can keep up with demand.

我們與 Kuprion 的持續合作就是此類投資的例子；我們正處於將一種具差異化的新材料商業化的過程中，以解決多項新興的客戶痛點。儘管我們為確保供應鏈能跟上需求而限制商業活動，這項能力的案源管線仍持續成長。

We've also expanded the areas of opportunity we serve through the acquisitions of Micromax and EFC. Their results in the quarter and forecasts for the year are tracking favorably to our expectations with both growing revenue organically this quarter by double digits.

我們也透過收購 Micromax 與 EFC 擴大了可服務的機會領域。兩家公司本季的表現以及全年預測均優於或符合我們的預期，且兩者本季皆實現兩位數的有機營收成長。

More importantly, we welcomed two highly capable, deeply technical teams with the same customer-centric mentality that is the hallmark of ESI. Integration is on track, and the teams are settling well into our organization and energized by the opportunities that Element Solutions can provide them to better serve customers.

更重要的是，我們迎來兩支能力卓越、技術底蘊深厚的團隊，並具備與 ESI 一脈相承、以客戶為中心的思維。整合進度如期推進，團隊正順利融入我們的組織，並對 Element Solutions 能提供的機會感到振奮，以更好地服務客戶。

Carey will now take you through our first quarter business results in more detail. Carey?

接下來 Carey 將更詳細說明我們第一季的營運結果。Carey？

Thanks, Ben. Good morning, everyone. On Slide 3, you can see a summary of our first quarter financial results. Organic net sales grew 10%, and constant currency adjusted EBITDA increased 21% year-over-year. Last quarter, we noted the timing of metal hedges related to tin and silver in our Assembly Solutions business, which negatively impacted Q4 2025 performance by several million dollars.

謝謝你，Ben。各位早安。在第 3 張投影片，大家可以看到我們第一季財務結果摘要。有機淨銷售額成長 10%，以固定匯率計算的調整後 EBITDA 年增 21%。上季我們提到，組裝解決方案（Assembly Solutions）業務中與錫與白銀相關的金屬避險時點，對 2025 年第四季表現造成數百萬美元的負面影響。

In Q1 2026, we largely recovered that amount through sales of finished goods and higher metals values. Underlying year-on-year growth in adjusted EBITDA would have been in the mid-teens when excluding this benefit as well as the impact of acquisitions and prior period divestitures. Our results in Q1 include a full quarter of EFC and 2 months of Micromax ownership. Assuming we had owned Micromax for the full quarter, adjusted EBITDA would have been $170 million.

在 2026 年第一季，我們透過成品銷售以及較高的金屬價值，基本上收回了該金額。若排除此項利益，以及併購與前期處分（divestitures）的影響，調整後 EBITDA 的年對年內生成長應落在十幾個百分點的中段。我們第一季的結果包含 EFC 的完整一季，以及 Micromax 兩個月的持有期間。若假設我們整季都持有 Micromax，調整後 EBITDA 將為 1.70 億美元。

Electronics organic net sales growth of 15% was broad based. Each of the segment's verticals grew organically by double digits. Our Specialties business grew 1% organically, driven by strong performance in the offshore energy vertical. Global industrial weakness continued this quarter as our Industrial Solutions business was flat year-over-year on the top line.

電子事業部門有機淨銷售額成長 15%，成長動能相當廣泛。該事業部門各垂直領域皆達成兩位數的有機成長。我們的特殊品（Specialties）業務有機成長 1%，主要由離岸能源垂直領域的強勁表現帶動。全球工業疲弱在本季仍持續，我們的工業解決方案（Industrial Solutions）業務營收年對年持平。

Beginning this quarter, we are updating our definition of adjusted EBITDA margin to remove the value of pass-through metals sold in the period. We believe this change allows for a better perspective on the underlying value we're providing to customers, eliminates the noise from metal prices volatility and margins over time and enhances period-to-period margin comparability.

自本季起，我們將更新調整後 EBITDA 利潤率的定義，改為剔除本期所售金屬轉嫁（pass-through metals）的價值。我們相信此一變更能更清楚呈現我們為客戶提供的內在價值，消除金屬價格波動對長期價格與利潤率的雜訊，並提升各期間利潤率的可比性。

Pass-through metals revenue was $256 million in the first quarter of 2026 and $101 million in the fourth quarter of 2025. On this new basis, adjusted EBITDA margin improved 170 bps year-over-year to 27.8% this quarter. This improvement was primarily driven by mix with organic growth in higher-value product lines and partially offset by continued OpEx investment to support growth initiatives. Adjusted EPS grew 21% in the first quarter, largely reflecting the underlying demand improvement in our Electronics business and offset by higher interest costs associated with our recent acquisition activities.

轉嫁金屬收入於2026年第一季為2.56億美元，於2025年第四季為1.01億美元。在此新基礎下，本季調整後EBITDA利潤率年增170個基點至27.8%。此改善主要由產品組合帶動，較高價值產品線的有機成長所致，並部分被為支持成長計畫而持續投入的營運費用（OpEx）所抵銷。第一季調整後每股盈餘（EPS）成長21%，主要反映我們電子業務的基礎需求改善，並被與近期收購活動相關的較高利息成本所抵銷。

On Slide 4, we share additional detail on the drivers of organic net sales growth in our two segments. In Electronics, 15% organic growth was the strongest we have seen in this segment since early 2021 during the COVID recovery. We are benefiting from rising demand for products that address new challenges around power delivery, circuit density, thermal management and reliability in high-value applications. As a result, our Assembly Solutions business grew 12% organically with a sustained increase in the sales of high reliability alloys and engineered solder preforms to data center suppliers. At the same time, in the consumer electronics market, pastes used for higher-end smartphones continued to grow in the first quarter.

在第4張投影片中，我們分享兩個事業部門有機淨銷售成長驅動因素的更多細節。在電子事業部門，15%的有機成長是自2021年初COVID復甦期間以來，我們在此部門所見到的最強勁表現。我們正受惠於對可因應高價值應用中新挑戰的產品需求上升，這些挑戰包括電力傳輸、電路密度、熱管理與可靠性。因此，我們的組裝解決方案業務有機成長12%，對資料中心供應商之高可靠性合金與工程焊錫預成型件的銷售持續增加。同時，在消費性電子市場，用於較高階智慧型手機的焊膏於第一季持續成長。

Circuitry Solutions net sales improved 17% organically, with growth continuing to come from the high layer count server board market, where our differentiated solutions have great traction. We generated record quarterly sales in these product categories tied to high-performance computing and AI server builds. Beyond the data center market, sales were further supported by strong demand from suppliers of high-end smartphone components.

電路解決方案淨銷售有機成長17%，成長動能持續來自高層數伺服器板市場，我們的差異化解決方案在該市場具有良好滲透。我們在與高效能運算與AI伺服器建置相關的這些產品類別中，創下單季銷售新高。除資料中心市場外，銷售亦受到高階智慧型手機零組件供應商強勁需求的進一步支撐。

Finally, our business is also benefiting from continued manufacturing investments in Southeast Asia, where we have a strong and growing presence. Semiconductor Solutions organic net sales grew 18% due in part to improved order patterns for power electronics products at legacy customers and growing momentum in the thermal interface products for high power consumption applications such as AI GPU and CPUs. We also experienced strong and growing demand for advanced packaging solutions.

最後，我們的業務亦受惠於東南亞持續的製造投資，我們在當地擁有強勁且持續成長的布局。半導體解決方案有機淨銷售成長18%，部分原因是既有客戶對電力電子產品的下單模式改善，以及用於AI GPU與CPU等高耗電應用之熱介面產品動能增強。我們亦在先進封裝解決方案方面看到強勁且持續成長的需求。

Revenue growth for these products was magnified in the quarter by the large increases in precious metal prices that are inputs to many of these solutions. Micromax, which we own for 2 months of this quarter, is not included in our organic net sales growth calculation, but contributed roughly $65 million to reported sales in the quarter. We expect metal prices fluctuations to create volatility in headline sales for this business as roughly 2/3 of reported revenue is related to metals.

本季這些產品的營收成長，因作為多項解決方案投入的貴金屬價格大幅上漲而被放大。本季我們僅持有Micromax兩個月，其未納入我們的有機淨銷售成長計算，但於本季對公告銷售額貢獻約6,500萬美元。我們預期金屬價格波動將使該業務的表觀（headline）銷售出現波動，因為約三分之二的公告營收與金屬相關。

Turning to our Specialty segment. Industrial Solutions was essentially flat in the quarter as demand for surface treatment chemistry was impacted by softer Americas automotive production activity, particularly with customers operating in Mexico. European automotive customers saw relatively stronger growth in the period against an easier 2025 comp. We remain cautious about our European industrial demand outlook.

接著談我們的特用（Specialty）事業部門。工業解決方案本季大致持平，因表面處理化學品需求受到美洲汽車產量活動轉弱影響，尤其是於墨西哥營運的客戶。歐洲汽車客戶在本期間相較於較容易的2025年比較基期，呈現相對較強的成長。我們對歐洲工業需求展望仍保持審慎。

Our Offshore Energy Solutions business grew 15% organically as a result of strong volume growth and pricing. This quarter also benefited from favorable comparisons to the prior year period, which was unusually soft due to a few specific customer delays.

我們的離岸能源解決方案業務有機成長15%，主要來自強勁的出貨量成長與定價。本季亦受惠於與去年同期的有利比較，去年同期因少數特定客戶延遲而異常疲弱。

Finally, EFC Gases and Advanced Materials contributed $19 million of revenue in the first quarter. This was a record first quarter for this business, which is typically the slowest of the year for EFC, primarily on the back of strong demand from electrical infrastructure customers. The EFC team is executing at a high level, growing wallet share with existing semiconductor and space customers and winning new qualifications in both.

最後，EFC氣體與先進材料於第一季貢獻1,900萬美元營收。這是該業務創紀錄的第一季；對EFC而言第一季通常是全年最淡季，主要受惠於電力基礎設施客戶的強勁需求。EFC團隊執行表現優異，持續提升既有半導體與航太客戶的錢包占有率，並在兩者皆取得新的認證資格。

We expect a strong run for EFC this year and into the future. Slide 5 addresses cash flow and the balance sheet. When our business grows, we typically need to invest in working capital and higher metals prices compounded our working capital investment in the quarter.

我們預期EFC今年及未來都將有強勁表現。第5張投影片說明現金流與資產負債表。當我們的業務成長時，通常需要投入營運資金，而較高的金屬價格也使本季營運資金投入進一步增加。

As a result, free cash flow was negative. The first quarter is always our slowest from a cash flow standpoint and the high level of growth in the quarter magnified this impact. We expect strong cash flow generation in subsequent quarters this year, assuming metals prices stabilize. CapEx in the quarter was $25 million, which is trending above our previously guided annual run rate of $75 million. As you heard from Ben, there are excellent opportunities in front of us to invest in growth CapEx to support large, profitable commercial wins. We are taking the initiative to build incumbency and leadership in these areas.

因此，自由現金流為負值。從現金流角度來看，第一季一向是我們最淡的季度，而本季高成長水準放大了此影響。若金屬價格趨於穩定，我們預期今年後續季度將有強勁的現金流創造。本季資本支出（CapEx）為2,500萬美元，趨勢高於我們先前指引的年度運行水準7,500萬美元。如同各位從Ben所聽到的，我們面前有極佳機會可投入成長型資本支出，以支持大型且高獲利的商業贏單。我們正主動採取行動，在這些領域建立既有優勢與領導地位。

We are also continuing to invest in footprint consolidation and other efficiency projects where we see compelling returns. As a result, we now expect to invest between $75 million and $100 million in CapEx this year, which remains less than 3% of sales. Our expectations for other uses of cash are unchanged for interest and modestly lower for taxes.

我們也持續投資於據點整併及其他效率專案，在我們看來具有具吸引力的報酬。因此，我們目前預期今年資本支出將介於7,500萬至1億美元之間，仍低於銷售額的3%。我們對其他現金用途的預期維持不變：利息支出不變，稅負則略為下調。

Turning to the balance sheet. Our net leverage ratio at the end of the quarter was 3.4 times and it would have been 3.1 times assuming we had owned both Micromax and EFC for the full trailing 12-month period. We anticipate reducing leverage by approximately half a turn by the end of the year, assuming no further capital deployment. This strong balance sheet position should once again give us flexibility to act on opportunities if and when they arise.

接著談資產負債表。本季末我們的淨槓桿比率為3.4倍；若假設我們在過去12個月期間全程持有Micromax與EFC，則該比率將為3.1倍。在不進一步動用資本的前提下，我們預期至年底可將槓桿降低約0.5倍。這項強健的資產負債表狀況，將再次使我們在機會出現時具備採取行動的彈性。

With that, I will turn the call back to Ben. Ben?

接下來，我把電話會議交回給Ben。Ben？

Thank you, Carey. We had a great start to the year. At the same time, geopolitical events have created a more complex macro environment than anticipated. We're seeing signs of inflationary pressure and expect increased variance in quarterly earnings driven by swings in metal prices. Further supply chain disruptions and the impacts to global demand resulting from higher energy prices creates risk for our suppliers, our customers and ultimately for us.

謝謝你，Carey。我們今年開局表現非常好。同時，地緣政治事件使宏觀環境比原先預期更為複雜。我們看到通膨壓力的跡象，並預期金屬價格波動將帶動季度盈餘的變動幅度加大。進一步的供應鏈中斷，以及能源價格上升對全球需求的影響，將為我們的供應商、客戶，最終也為我們帶來風險。

That said, our organic acceleration in the first quarter and, in particular, the sources of that growth give us confidence in a strong year. Underlying demand in the high-end electronics market remains strong and the positions we've established in the fastest-growing, highest-value niches of these markets should serve us well.

儘管如此，我們第一季的有機加速成長，尤其是成長來源，使我們對今年的強勁表現更具信心。高階電子市場的基礎需求仍然強勁，而我們在這些市場中成長最快、價值最高的利基領域所建立的地位，將使我們受益。

As a result, we're raising our adjusted EBITDA guidance to a range of $665 million to $685 million for the full year. This range reflects the growth that we saw in the first quarter, combined with continued strength in Electronics and softer demand in Industrial Solutions. It also contemplates a less favorable FX tailwind than we expected a few months ago.

因此，我們將全年調整後EBITDA指引上調至6.65億至6.85億美元區間。此區間反映我們第一季所見的成長，並結合電子事業持續強勁與工業解決方案需求較疲弱的情況。同時也納入相較於數月前我們所預期更不利的匯率（FX）順風因素。

We expect second quarter adjusted EBITDA in the range of $155 million to $170 million, with demand conditions sequentially similar to the first quarter and taking into consideration some risk from raw material and logistics inflation that we may not recapture immediately despite ongoing sourcing and pricing actions. We now expect 2026 adjusted EPS growth in the high teens on a full year basis.

我們預期第二季調整後 EBITDA 將落在 1.55 億至 1.70 億美元區間，需求狀況與第一季相比呈現相近的連續性，同時也考量到原物料與物流通膨帶來的部分風險；儘管我們持續推動採購與定價行動，但這些成本上升可能無法立即完全回收。我們目前預期 2026 年調整後 EPS 以全年基礎計算將呈現高十位數的成長。

As we've demonstrated repeatedly in recent periods of uncertainty, we're prepared to react quickly to shifts in demand and cost. We have a variable cost structure and local teams that can rapidly respond to customer needs, and we're already taking action to preserve our profitability in certain business lines. Our diversified regionalized manufacturing footprint allows us to be nimble to accommodate dynamic trade flows.

正如我們在近期多次不確定時期反覆證明的，我們已準備好快速因應需求與成本的變化。我們具備可變動的成本結構，以及能迅速回應客戶需求的在地團隊；我們也已在部分業務線採取行動以維持獲利能力。我們多元且區域化的製造佈局，使我們能靈活因應動態的貿易流向。

As was the case with tariffs last year, there may also be opportunities where our competition may not have the same flexibility, geographic breadth and access to capital that we enjoy. We're actively leaning into growth in 2026.

如同去年關稅的情況一樣，也可能出現一些機會，因為競爭對手未必具備我們所擁有的同等彈性、地理廣度與資本取得能力。我們正積極加碼推動 2026 年的成長。

The customer signal is clear. They're asking more from us and the potential rewards from the investments we're making are apparent, high-margin sales and long-term incumbency in fast-growing categories. Through our efforts to build research and applications development in high-leverage geographies like Southeast Asia or our expansion of Argomax capacity, we've proven the value of investing ahead of inflections. Our company is executing and our people are eager to capitalize on our attractive long-term growth prospects.

客戶的訊號很明確。他們對我們的要求更多，而我們正在進行的投資所帶來的潛在回報也很清楚：高毛利銷售，以及在快速成長類別中的長期領先地位。透過我們在東南亞等高槓桿地區建立研發與應用開發能力，或擴充 Argomax 產能的努力，我們已證明在拐點前提前投資的價值。公司正在落實執行，我們的同仁也渴望把握我們具吸引力的長期成長前景。

Three final topics before questions. First, our portfolio has changed through acquisitions, divestitures, strategy implementation and end market evolution over the past 5 years. So we're holding a virtual Investor Day on May 18 to provide a deeper look into our businesses, introduce business unit leadership and share some of our emerging technologies, and we're looking forward to that day.

在進入提問前，最後三個主題。第一，過去 5 年來，透過併購、處分、策略落地以及終端市場演變，我們的投資組合已發生變化。因此，我們將於 5 月 18 日舉辦線上投資人日，提供對各項業務更深入的介紹，讓大家認識事業單位領導團隊並分享部分新興技術，我們也很期待那一天。

Second, I'd like to express my deep gratitude to our Chairman, Martin Franklin, who is not standing for reelection to our Board at our upcoming annual meeting. He's been and will remain a great partner and mentor to me and valuable resource for our company going forward. You'll hear from him on May 18 as well. But in short, he remains committed to our company and invested in our success. Our nominated successor, Ian Ashken, has been on our Board for 13 years and knows our company and our people exceptionally well. I'm excited to welcome him to his new role.

第二，我想對我們的董事長 Martin Franklin 表達由衷的感謝；他將不在即將召開的年度股東會上競選連任董事會席次。他一直是、也將持續是我重要的夥伴與導師，並在未來成為公司寶貴的資源。各位也會在 5 月 18 日聽到他的分享。簡而言之，他仍然致力於公司，並投入於我們的成功。我們提名的接任人 Ian Ashken 已在董事會任職 13 年，對公司與同仁都非常了解。我很高興歡迎他擔任新職務。

Finally, on that same note of gratitude, I'd like to thank all of our stakeholders for their continued support of Element Solutions and in particular, our talented, dedicated and growing team around the world working to support our customers and drive long-term value for our shareholders.

最後，同樣在感謝的脈絡下，我要感謝所有利害關係人持續支持 Element Solutions；尤其要感謝我們遍布全球、才華洋溢、敬業且持續成長的團隊，致力於支援客戶並為股東創造長期價值。

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

接下來，請接線員開放提問。

(Operator Instructions)

（接線員指示）

Bhavesh Lodaya, BMO Capital Markets.

Bhavesh Lodaya，BMO 資本市場。

Ben, congrats on the quarter. Within Electronics, one, can we dig a bit deeper into your 15% organic growth that you saw in Electronics? How much of that is volume driven versus pricing or mix? And then it seems like you are seeing an improvement in your order books as well. How should we think about a continuation of this organic growth trending in the second quarter and the full year?

Ben，恭喜本季表現。在電子業務方面，第一，能否更深入談談你們在電子業務看到的 15% 有機成長？其中有多少是由出貨量帶動，相較之下有多少來自定價或產品組合？另外，看起來你們的訂單簿也在改善。我們應該如何看待第二季以及全年有機成長趨勢的延續？

Yes. Great question, Bhavesh. Historically, the framework for organic growth in our business is volume versus price, meaning that most of the growth comes from volume as opposed to pricing actions. The exception to that is our offshore business. And other than metal price, which we've adjusted out when we look at organic growth, most of our growth in the first quarter has been volume driven.

是的。Bhavesh，這是個好問題。歷史上，我們業務的有機成長框架是以出貨量相對於價格來看，也就是說，大部分成長來自出貨量，而非定價行動。例外是我們的離岸業務。此外，除了金屬價格（我們在檢視有機成長時已將其調整剔除）之外，我們第一季的大部分成長都是由出貨量帶動。

On the margin, there's been a mix benefit in our semi business and to a small extent in our circuitry business. But roughly, I would say this is a volume-driven quarter. As we look forward, what we've projected is for a continuation of these trends. And so our outlook is for a continued robust volume environment. We will have to take some pricing actions in parts of the business to offset some of the inflation that we've seen. But really, it's a volume story when we think about 2026.

在毛利率方面，我們的半導體業務在產品組合上有受益，電路板業務也在小幅程度上受益。但大致而言，我會說這是一個由出貨量驅動的季度。展望未來，我們的預測是這些趨勢將延續。因此，我們的展望是出貨量環境將持續強勁。我們必須在部分業務採取一些定價行動，以抵銷我們看到的部分通膨。但當我們思考 2026 年時，核心仍是出貨量的故事。

Got it. And then you're stepping up CapEx a bit to support growth that you're seeing with your customers. Can you talk about which product lines or regions these are in? And then looking at your deck, it also looks like you're looking at certain plant consolidation opportunities. It would be great to hear your thoughts on both of these aspects.

了解。另外，你們正在把資本支出（CapEx）提高一些，以支援你們在客戶端看到的成長。能否談談這些投資主要集中在哪些產品線或地區？再者，從你們的簡報來看，也似乎在評估某些工廠整併的機會。很希望聽聽你對這兩個面向的看法。

Yes, absolutely. So capital is going to both of those initiatives. On the Electronics side of the portfolio, we're seeing customer forecasts increase rapidly. So -- especially our B2B customers who have longer-term visibility, they give us a forecast for what they expect to require over a 6- to 12-month period. And those are never particularly accurate.

是的，當然。資本將同時投入這兩項計畫。在投資組合的電子業務端，我們看到客戶的預測快速上修。因此——特別是我們的 B2B 客戶，由於他們對較長期的能見度更高，會提供我們一份他們在 6 到 12 個月期間預期需求的預測。而這些預測從來都不算特別準確。

But in the past, it's been inaccurate in both directions. At the moment, they've been inaccurate in one direction. And so we're seeing a rapid increase in certain categories of demand and increase in forecasts that has us reconsidering our capacity equations. So obviously, Kuprion is something that we're investing heavily in, and we're accelerating some of that investment. There are a few other product categories in the semi-assembly market, in particular, where we need to add some capacity.

但過去的不準確是雙向的。目前，這種不準確是朝同一個方向。因此，我們看到某些需求類別快速增加、預測上修，促使我們重新思考產能配置的方程式。所以很明顯，Kuprion 是我們重點投資的項目之一，而且我們正在加速部分投資。此外，在半組裝市場中，特別是有幾個其他產品類別，我們需要增加一些產能。

This is for global customers, but in specific sites where we make those products. And by and large, most of our manufacturing is fungible, and we don't have significant capital requirements to expand capacity for blending. But in some of our engineered products, we do have some bottlenecks and we need to debottleneck and add.

這些是面向全球客戶的需求，但會集中在我們生產這些產品的特定廠區。整體而言，我們大多數製造能力具有可替代性，而在混配（blending）擴產方面並不需要大量資本支出。但在部分工程化產品上，我們確實存在一些瓶頸，需要進行去瓶頸並增加產能。

With regard to site consolidation, in our Industrial business, we've been reducing our footprint over the past several years, and that's really long-term integration-related activity and that continues at pace. And so we're in the midst of a large site consolidation project in one site in Europe that is requiring significant investment, but driving productivity across the business.

至於廠址整併方面，在工業業務中，我們過去幾年一直在縮減據點版圖；這主要是長期的整合相關工作，且仍在按計畫推進。因此，我們目前正在歐洲某一據點進行一項大型廠址整併專案，這需要相當可觀的投資，但能帶動整體業務的生產力提升。

Josh Spector, UBS.

Josh Spector，瑞銀（UBS）。

Congrats on a strong Q1. I just wanted to ask with the guidance here. I mean, obviously, you're flowing through the raise from Q1, but you're flowing through almost an additional $10 million that appears more back-half-weighted. So I mean, clearly, you have higher confidence. I was wondering if you can comment on where you're seeing that? And if you feel like you're getting a little bit of a longer lead time view around customer demand, which maybe helps you forecast a bit more or not.

恭喜第一季表現強勁。我想就這次的財測指引請教一下。我的意思是，很明顯你們把第一季上修的部分納入了，但你們也納入了看起來更偏向下半年、幾乎額外的1,000萬美元。所以我想，你們顯然更有信心。我想請你們談談你們在哪裡看到這些訊號？以及你們是否覺得對客戶需求的可視性（lead time）變得更長一些，讓你們能更好地做預測，或其實沒有？

Yes. Thanks for the question, Josh. As we said in our prepared remarks, we're seeing an acceleration. We saw an acceleration in the first quarter in the Electronics segment. Over the past 2 years, we've talked about how our business has migrated from consumer, which is more short cycle towards enterprise applications, which is longer cycle. And so we've got confidence in the durability of this acceleration in demand through 2026 from data center and associated investment. And so that's where that comes from.

是的。謝謝你的問題，Josh。如同我們在事先準備的發言中所說，我們看到需求正在加速。我們在第一季於電子（Electronics）事業部看到了加速。過去兩年我們談到，我們的業務已從消費端（週期較短）轉向企業端應用（週期較長）。因此，我們對於在資料中心及相關投資帶動下，這波需求加速能延續到2026年具有信心。所以信心來源就在這裡。

With regard to phasing, the back half is typically stronger than the first half, and we expect that seasonality to continue. We benefited in the first quarter from a metal price recapture from a stronger-than-expected Micromax result, and we're still getting comfortable with the seasonality and lumpiness of that business, which speaks to why you've got this dynamic sequentially from the first quarter to the second quarter. But for the full year, our outlook is stronger from the Electronics side of the business than it was when we gave our original guide.

至於時點分布（phasing），下半年通常會比上半年強，我們預期這種季節性會持續。第一季我們受惠於金屬價格回收（recapture），以及Micromax結果優於預期；我們仍在熟悉該業務的季節性與波動性（lumpiness），這也說明了為何你會看到從第一季到第二季出現這樣的環比變化。但就全年而言，我們對電子業務的展望比我們最初給出的指引更強。

That's really helpful. And maybe just to follow up there on the points around some of the lumpiness and specifically Micromax, I mean, I think when you call out the impact in January, you extrapolate that, you're north of $80 million in that business. Obviously, that's much higher than what you indicated when you acquired it. Is that primarily the lumpiness in first quarter? Or maybe another way, if you could characterize kind of what you think the earnings contribution is at Micromax now versus what you thought a few months ago for the full year?

這很有幫助。另外就你提到的一些波動性，特別是Micromax，我的意思是，我想你們提到一月的影響時，如果把它外推計算，該業務規模會超過8,000萬美元。顯然，這比你們收購時所暗示的高很多。這主要是第一季的波動性造成的嗎？或者換個方式問，你們能否描述一下：就全年而言，Micromax目前你們認為的獲利貢獻，與幾個月前你們原先的想法相比如何？

Yes. Good question, Josh. So it's dangerous to do that extrapolation math. The same thing that happened in our assembly business with metal prices where we got -- there was a lagging impact in Q1 from metal price fluctuation is the way to think about that January number. So that was a recapture of value from 2025.

是的。好問題，Josh。所以用那種外推的數學推算是有風險的。我們組裝業務在金屬價格上發生的情況也是同樣的思路：由於金屬價格波動，我們在第一季出現了滯後影響——你可以用這個方式來理解一月那個數字。所以那是對2025年的價值回收。

That said, it's a stronger result from an organic perspective, right? The Micromax business grew in the double digits in Q1, which is higher than the long-term growth algorithm we would have expected from that business. And it speaks to this point that the entire Electronics ecosystem is benefiting from the AI and data center build-out. It's not simply the semiconductor market or the circuitry market.

話雖如此，從有機成長的角度來看，結果確實更強，對吧？Micromax業務在第一季呈現雙位數成長，這高於我們對該業務長期成長模型（algorithm）的預期。這也呼應了我們的觀點：整個電子生態系都在受惠於AI與資料中心的建置擴張。受惠的不只是半導體市場或電路板市場。

And so we are expecting better contribution from Micromax on a full year basis. And -- but we are still working our -- wrapping our arms around the seasonality to -- associated with it.

因此，我們預期Micromax在全年基礎上的貢獻會更好。不過——我們仍在進一步掌握其相關的季節性特徵。

Chris Parkinson, Wolfe Research.

Chris Parkinson，Wolfe Research。

Ben, obviously, there have been a few changes in terms of the '26 outlook and the nice 1Q beat even without January Micromax, the FX adjustments and so on and so forth. And obviously, it seems like you're integrating some of the global uncertainty for the remainder of the year.

Ben，很明顯在2026年的展望方面有一些變化，而且第一季即使不含一月Micromax、匯率調整等等因素，仍然有不錯的超預期表現。而且看起來你們也把今年剩餘期間的全球不確定性納入考量。

But given the -- what appears to be, by all intents and purposes, the building momentum in several of your businesses that are benefiting kind of all the substrates of Electronics, have you kind of increased your expectations for anything on whether it's MSI, PCB, any other kind of like facets to the Electronics market as we progress the second half of the year? Are those metrics or kind of market dynamics similar to how you're thinking about this market just a few months ago? I'd love to hear your updated thoughts there.

但考量到——看起來在你們多項業務中動能正在建立，且受惠於電子領域各個基材/底層（substrates）的趨勢，你們是否提高了對任何項目的預期？不論是MSI、PCB，或電子市場的其他面向，隨著我們進入下半年？這些指標或市場動態，是否與你們幾個月前對這個市場的看法相近？我很想聽聽你們最新的想法。

So at this point, we're looking more at the subsegments of the market. We do believe that PCB growth will outstrip what was originally forecast entering the year, and you just see it in the results, right? Our circuitry business growing in the mid-teens this quarter is an indication of the continued robustness of that market.

所以在這個時間點，我們更著重於市場的次分項（subsegments）。我們確實認為PCB的成長將超過年初原先的預測，而你從結果就看得出來，對吧？我們電路（circuitry）業務本季有中十位數（mid-teens）的成長，顯示該市場持續強勁。

On balance, if there's one indicator that's better for us than forecast, it's the smartphone market, which we were assuming would be flattish this year. And our smartphone-oriented business grew in the mid-single digits this quarter. We did see weakness at the low end, but the high end was quite strong.

整體而言，如果要說有哪個指標比預期更好，那就是智慧型手機市場；我們原本假設今年會大致持平。而我們以智慧型手機為導向的業務本季成長了中個位數（mid-single digits）。我們確實看到低階市場疲弱，但高階市場相當強勁。

And so the risk associated with memory dynamics and pricing, it is flowing through the smartphone market, but it hasn't been impacting us to a proportionate extent. And so that's a tailwind. PCB overall is a tailwind. And then there are the unknown unknowns associated with inflation and geopolitics, and we try to factor that into our guide as well.

因此，與記憶體供需動態與定價相關的風險確實正在傳導到智慧型手機市場，但對我們的影響並未按比例放大。所以這是一個順風因素。PCB整體也是順風。然後還有與通膨與地緣政治相關的「未知的未知」，我們也嘗試把這些因素納入指引之中。

Got it. And just as a quick follow-up, I feel like it's a mandatory Kuprion and thermal interface update. I think everybody is aware that it's not a material contributor at all in 2026. But in terms of the customer receptiveness, how your conversations are going in terms of the commercialization process and trajectory for '27, '28? Perhaps you can just give us an update on how you're thinking about that and where you've been pleasantly surprised on what you still perhaps need to work on?

了解。再快速追問一下，我覺得這是必問的Kuprion與熱介面（thermal interface）更新。我想大家都知道，2026年它完全不是重大的貢獻來源。但就客戶接受度而言，你們在商業化流程與2027、2028年的發展軌跡方面，對話進展如何？也許你們可以更新一下你們的思考：哪些地方讓你們感到驚喜？以及哪些地方可能仍需要再努力？

Yes. So Kuprion is different than the thermal interface materials that we call out in the CapEx slide. That's -- the thermal interface materials are another product that we offer. We're seeing huge demand from hyperscalers. But Kuprion is a very good story from a commercialization perspective. We have a small handful of customers who are working with the material and they're developing new applications and use cases regularly, so that's the good side.

是的。Kuprion與我們在資本支出（CapEx）投影片中提到的熱介面材料不同。熱介面材料是我們提供的另一項產品。我們看到來自超大規模雲端業者（hyperscalers）的巨大需求。但就商業化角度而言，Kuprion是一個非常好的故事。我們有少數幾家客戶正在使用這種材料，他們也在持續開發新的應用與使用情境（use cases），這是正面的部分。

The note of caution I'd strike is just supply chain and our ability to meet demand. And so we are ramping up our investment to add capacity in order to satisfy the few customers who we are engaging with at this point in 2027 and into 2028. Commercialization is good. Supply chain is coming along, but we have work to do there.

我想提醒的一點是供應鏈以及我們滿足需求的能力。因此，我們正在加大投資以增加產能，目的是滿足我們目前正與之接洽、發生在2027年並延伸到2028年的少數客戶需求。商業化進展良好。供應鏈正在改善，但我們在那方面仍有工作要做。

Mike Harrison, Seaport Research Partners.

Mike Harrison，Seaport Research Partners。

You talked a little bit about the impact that you're seeing from metal price volatility. I'm just curious if higher metal costs have led to any demand disruption? Is it leading customers to look for substitutes for more expensive metals? How are customers responding to this unusual volatility? And what could it mean? Do you view it as a threat or an opportunity?

你稍微談到你們看到金屬價格波動帶來的影響。我想請教一下，較高的金屬成本是否已導致任何需求受干擾？是否促使客戶尋找更昂貴金屬的替代品？客戶如何回應這種不尋常的波動？這可能意味著什麼？你們將其視為威脅還是機會？

Yes. So higher metal prices have not had an impact on demand as yet. Customers don't like that their bill of materials has gone up. The volumes that we're selling relative to the overall bill of materials for these high-end electronics are still small from a value perspective. And at the moment, they're operating with such a high level of activity and capacity that they're not really looking for substitution.

是的。到目前為止，較高的金屬價格尚未對需求造成影響。客戶不喜歡他們的物料清單成本上升。就價值角度而言，我們的銷售量相對於這些高階電子產品的整體物料清單仍然很小。而且目前他們的營運活動與產能利用率都非常高，因此並沒有真正去尋找替代方案。

Kuprion, to some extent, is a substitution by the way, copper instead of silver. And so we are working in a few areas, not just with Kuprion but with other thermal materials and attached materials to reduce the amount of silver to solve that customer pain point. But we have not seen that.

順帶一提，Kuprion在某種程度上就是一種替代，用銅取代銀。因此我們正在幾個領域努力，不僅是Kuprion，也包括其他導熱材料與相關材料，以減少用銀量來解決客戶的痛點。但我們尚未看到那種情況。

On the other hand, we have smaller competitors who are running into cash flow issues because the value of their inventories with long payment terms are making it such that they're running out of capital and they're withdrawing from certain markets. And so that's a competitive benefit that we've seen from higher metal prices.

另一方面，我們有一些較小的競爭對手正遭遇現金流問題，因為他們在付款條件較長的情況下，庫存價值上升使得他們資金吃緊，正在耗盡資本並退出某些市場。因此，這是我們從金屬價格上漲中看到的一項競爭優勢。

Right. And then just to follow up. Obviously, we've seen this metal price hedging impact that hurt you in Q4. It helped you this quarter. Are you considering any changes just from an accounting standpoint to how you approach the metal pass-through, either internally or with your customers so that maybe you don't have to bear the hedging costs or maybe we can dampen further these earnings swings related to metal prices?

了解。那再追問一下。顯然，我們看到金屬價格避險對你們第四季造成不利影響。但本季則對你們有利。從會計處理角度來看，你們是否考慮調整金屬轉嫁（pass-through）的做法，不論是內部或與客戶之間，以便你們也許不必承擔避險成本，或是能進一步降低與金屬價格相關的獲利波動？

So in the fullness of time, we recapture the value, and it's the right commercial practice to allow for our customers to lock in metal prices in some cases and for us not to wear the risk associated with those metal prices. So it's the right commercial decision. And periods of volatility like this are pretty infrequent. And so we're comfortable with the practice and don't expect anything to change. That said, we have changed our EBITDA margin definition this quarter to reduce the noise in our reported financials associated with metal prices.

長期來看，我們會把價值收回來；而且在商業實務上，允許客戶在某些情況下鎖定金屬價格、並讓我們不必承擔與金屬價格相關的風險，是正確的做法。所以這是正確的商業決策。像這樣的波動期其實相當少見。因此我們對這項做法感到安心，預期不會有任何改變。不過，我們本季已調整EBITDA利潤率的定義，以降低金屬價格對我們所報告財務數字造成的雜訊。

John Roberts, Mizuho.

John Roberts，Mizuho。

What would you estimate organic industry growth was this past quarter in Electronics?

你會如何估計本季電子業務的有機產業成長是多少？

That's a really challenging question to answer at this point, John. The data isn't out yet. I'm confident that our organic results are outstripping the overall industry because we are participating disproportionately in the fastest-growing vectors of the market.

John，這個問題在目前階段真的很難回答。數據還沒出來。我有信心我們的有機表現優於整體產業，因為我們在市場中成長最快的向量（領域）上參與度不成比例地更高。

Okay. And do you have any updated thoughts on how the shortage of memory is going to impact your mix as things progress here? You talked about a little weakness in low-end mobile devices, more strength in high end. Where else might you see the impacts across your portfolio?

好的。那你對記憶體短缺將如何影響你們的產品組合、隨著情勢推進是否有任何更新的看法？你提到低階行動裝置有些疲弱、高階更強。在你們的產品組合中，還可能在哪些地方看到影響？

I think, if anything, it accelerates the transition of our business away from consumer electronics and towards enterprise applications. That's where the highest value electronics are going with the highest ability to pay. And that's a transition we were already on before this dynamic.

我認為如果有任何影響，那就是加速我們的業務從消費性電子轉向企業應用。最高價值的電子產品、且支付能力最高的需求，正往那個方向走。而這個轉型在這個動態出現之前我們就已經在進行。

Do you have a rough split, consumer versus enterprise? Is that's the way you think of it?

你們有一個大致的拆分嗎，消費端對比企業端？你們是用這種方式來思考的嗎？

We'll talk about that at our Investor Day in mid-May.

我們會在5月中旬的投資人日談到這個。

Rock Hoffman, Bank of America.

Rock Hoffman，美國銀行。

I've seen some data points, which seem to imply that smartphone shipments year-over-year growth may get a bit more challenged as we get through the rest of the year. Just curious if this drop is kind of baked into your guidance? Or do you expect to continue to skew more positive given your alignment to more premium smartphones?

我看到一些數據點，似乎暗示智慧型手機出貨量的年增率在今年剩餘時間可能會更具挑戰。想請教這樣的下滑是否已經反映在你們的指引中？或者，鑑於你們更偏向高階智慧型手機，你們是否預期仍能維持較正面的走勢？

Yes. Over the course of the quarter, the forecast did get worse from third parties around the smartphone market. What we saw in the quarter was that there's a real bifurcation between low-end and high-end device manufacturers and our business skews towards the high end. And so our business grew in the quarter despite the low end actually seeing a decline. So our going-in assumption for the year was smartphone units would be flattish.

是的。在本季期間，第三方對智慧型手機市場的預測確實變得更差。我們在本季看到的是，低階與高階裝置製造商之間出現明顯分化，而我們的業務偏向高階。因此，即使低階實際上出現下滑，我們的業務在本季仍然成長。所以我們年初的假設是智慧型手機出貨量將大致持平。

At the moment, the AI and data center dynamics are stronger than we expected, and that gives us room for the smartphone market to be a little bit weaker. But we believe we're insulated from that, given where we play.

目前，AI與資料中心的動能比我們預期更強，這讓我們即使智慧型手機市場稍微更弱一些也有空間。但我們相信，考量我們所處的位置，我們能夠免受其影響。

Understood. And just as a follow-up, can you speak to the potential scale and timing of some of the ongoing pricing actions that you're implementing to offset some of these nonmetal raws?

了解。再追問一下，你能談談你們正在推動、用以抵銷部分非金屬原物料成本的持續定價措施，其可能的規模與時程嗎？

Yes. So it's actually less nonmetal raws and more logistics and packaging. Those are our primary petrochemically linked inputs, if you will. And it looks different in different businesses and in different regions.

可以。其實與其說是非金屬原物料，不如說更多是物流與包裝。如果你願意這麼說的話，這些是我們主要與石化相關的投入成本。而且在不同事業、不同地區看起來會不一樣。

Historically, when we've had these spikes, we've put in place surcharges. They aren't always immediate, so there's a bit of a lag, but we're able to recapture the value -- the potential value leakage. It's a dynamic environment and unmitigated. It's tens of millions of dollars of risk, but we expect to be able to mitigate most of it over the course of the year.

歷史上，當我們遇到這些飆升時，我們會採取附加費（surcharge）。它們不一定會立即生效，所以會有一些時間落差，但我們能夠把價值——也就是可能流失的價值——收回來。這是一個動態且尚未完全緩解的環境。風險規模是數千萬美元，但我們預期在今年內能夠緩解其中大部分。

Pete Osterland, Truist Securities.

Pete Osterland，Truist Securities。

I just wanted to start by following up on the topic of inflationary pressures and supply chain disruptions. Are you seeing any signs of potential demand destruction in the Industrials business? How, if at all, has your growth outlook for '26 in that business changed versus what it was 3 months ago?

我想先就通膨壓力與供應鏈中斷這個主題追問一下。在工業業務方面，您是否看到任何潛在需求遭到破壞（demand destruction）的跡象？若有的話，該業務對於 2026 年的成長展望，相較於 3 個月前有何變化？

So entering the year, we didn't have particularly high hopes from a market perspective in the Industrial surface treatment business. We were off to a better start than we expected across most of that business. But obviously, geopolitics has put a dampen on some of that -- on some of those green shoots.

因此在年初時，從市場角度來看，我們對工業表面處理業務並沒有特別高的期待。在該業務的大多數領域，我們的開局其實比預期更好。但顯然，地緣政治對其中一些——那些初現的復甦跡象——造成了抑制。

So on balance, our expectation is for weaker demand growth in the Industrial Solutions business. We're in an advantaged position given our scale and ability to continue to support customers and remain on the offensive from a market share perspective. But overall, that business' growth outlook is worse today than it was entering the year.

因此整體而言，我們預期工業解決方案（Industrial Solutions）業務的需求成長會較弱。憑藉我們的規模優勢，以及持續支援客戶並在市占率角度保持進攻態勢的能力，我們處於有利位置。但總體來說，該業務目前的成長展望比年初時更差。

Got it. And then just sticking with that segment, the Offshore Energy business. I understand it's a small piece, but high margin. Just given some of the dynamics impacting the global oil market right now, are you seeing any increased interest or demand for this business at this stage? And following that 15% organic growth, what is sustainable going forward? And then what are you currently assuming for the year?

了解。接著同樣針對該部門，離岸能源（Offshore Energy）業務。我理解它占比不大，但毛利率很高。考量目前影響全球石油市場的一些動態，您是否看到現階段對這項業務的興趣或需求有所增加？另外，在 15% 的有機成長之後，往後可持續的水準是什麼？以及您目前對今年的假設是什麼？

Yes. So in fairness, Q1 of 2025 was quite weak for the Offshore business. So that 15% is benefiting from an easier comp. But this business is in really good shape at the moment. There's a bit of disruption from a demand perspective, given what's happening in the strait.

是的。公平地說，2025 年第一季離岸業務相當疲弱。因此那 15% 的成長受惠於較容易的比較基期。但這項業務目前的狀態非常好。由於海峽正在發生的事情，從需求角度來看確實有一些擾動。

But drilling activity is increasing. Drilling rates for vessels are going up, and the contracts are getting longer. Those are leading indicators for the business. So we see acceleration from a volume perspective. And this is a business where we have a pricing lever. And so we will get a price benefit as well. So it should be a good year for our Offshore business, another year of high single-digit organic top line.

但鑽探活動正在增加。船舶的鑽探日費率正在上升，合約期限也在拉長。這些都是該業務的領先指標。因此我們看到在出貨量（volume）角度有加速。而且這是一項我們具備定價槓桿的業務。因此我們也將獲得價格上的利多。所以對我們的離岸業務而言，今年應該會是個好年，營收有機成長可望再有一年高個位數（high single-digit）。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS Securities。

Really nice Q1. I was wondering if you were seeing any current constraints in the upstream or downstream electronic supply chain? And are you including any potential headwinds in your outlook, whether they're related to the helium for the foundries or PCB availability or any other derivative impacts that may pop up? Any color on that would be helpful.

第一季表現真的很不錯。我想請教，您是否看到目前在電子供應鏈的上游或下游有任何限制？以及您在展望中是否納入任何潛在逆風，不論是與晶圓代工廠用氦氣、PCB 供給，或其他可能浮現的衍生影響相關？若能提供一些說明會很有幫助。

Yes. Thanks for the question, Jon. It is something that we're keeping an eye on for sure. There is risk there. Unknown bottlenecks that can emerge driven by disruption in the supply chain and raw material availability.

是的。謝謝你的問題，Jon。這確實是我們正在密切關注的事項。那裡存在風險。供應鏈中斷與原物料可得性可能導致未知的瓶頸浮現。

By and large, similar to what we're seeing in the memory market, it's the low-end PCBs that would be first impacted because the marginal supplier there is going to be more impacted than the high-end suppliers. And so we skew disproportionately towards the higher end. So while I'm not dismissive of that risk, I think that our customer mix will be insulated from that exposure.

整體而言，類似我們在記憶體市場看到的情況，最先受到影響的會是低階 PCB，因為那裡的邊際供應商（marginal supplier）相較於高階供應商會受到更大衝擊。而我們的產品組合明顯偏向高階。因此，雖然我不會輕忽這個風險，但我認為我們的客戶組合將能隔離、降低這方面的曝險。

Got it. That's helpful. And then what are your EV versus total auto expectations for this year? It looks like EVs are picking up in several markets just related to the high gas prices. But maybe just help us understand your views between the subset and the total and how that's included in your guidance as well?

了解。這很有幫助。另外，您對今年電動車（EV）相對於整體汽車市場的預期是什麼？看起來在幾個市場中，電動車因油價高漲而有所回升。但也請協助我們理解，您對 EV 子集合與整體市場的看法，以及這些如何反映在您的財測指引中？

Yes. I don't know that we have a fine point on EV units versus auto units. Our EV-exposed business has been outgrowing, even EV units because we're taking share with power electronics. Interestingly, in the first quarter, the source of growth last year, which was Asian EV manufacturers were a bit weaker as some subsidies rolled off, and there was a bit of an EV glut over there. But our domestic customers saw really strong performance in the first quarter.

是的。我不確定我們是否能精確到 EV 台數相對於整體汽車台數的細部數字。我們曝險於 EV 的業務一直在超越成長，甚至超過 EV 台數的成長，因為我們在功率電子（power electronics）方面正在取得市占。有趣的是，在第一季，去年成長的來源——也就是亞洲 EV 製造商——因部分補貼退場而稍微疲弱，且那邊出現了一些 EV 供給過剩。但我們的本土客戶在第一季表現非常強勁。

And so overall, our EV business grew nicely in Q1, and we expect it to continue to grow healthily even if the mix there is a bit different than we expected entering the year.

因此整體而言，我們的 EV 業務在第一季成長良好；即使其組合與我們年初預期略有不同，我們仍預期它將持續健康成長。

That concludes our question-and-answer session. I will now turn the conference back over to Mr. Ben Gliklich for closing remarks.

問答環節到此結束。接下來我將把電話會議交回給 Ben Gliklich 先生作結語。

Great. Thank you, Angela, and thanks, everybody, for joining this morning. We're looking forward to speaking with many of you on May 18 at our Investor Day. Have a good day.

很好。謝謝你，Angela，也謝謝各位今天早上參與。我們期待在 5 月 18 日的投資人日（Investor Day）與各位中的許多人交流。祝各位有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。