Element Solutions Inc (ESI) 2026 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Element Solutions Q3 2026 financial results conference call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 Element Solutions 2026 年第三季財務業績電話會議。(接線員指示)

I will now turn over the call to Varun Gokar, 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 Gokar。請開始。

Good morning, and thank you for participating in our third quarter 2026 earnings conference call. Joining me today are our CEO, Ben Gliklich, and CFO, Carey Dorman. 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.

各位早安，感謝各位參與我們 2026 年第三季財報電話會議。今天與我一同出席的有我們的執行長 Ben Gliklich，以及財務長 Carey Dorman。依據公平揭露規範（Regulation FD），我們將以網路直播方式進行本次電話會議。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.

在今天的電話會議中，我們將發表若干前瞻性陳述，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。

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. 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.

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，以了解可能導致實際結果與我們的預期與預測不同之重大風險因素的討論。今日資料亦包含未依照美國一般公認會計原則（US GAAP）編製之財務資訊。請參閱財報新聞稿與補充簡報，以取得這些非 GAAP 指標之定義，以及與可比較 GAAP 財務指標之調節表。

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, everyone. Thanks for joining. Element Solutions delivered yet another record quarter as we continue to benefit from favorable positions in our end markets, strong execution against our commercial and operational initiatives, and the results of thoughtful, disciplined capital allocation.

謝謝你，Varun，各位早安。感謝各位加入。Element Solutions 再度繳出創紀錄的一季；我們持續受惠於終端市場的有利定位、在商務與營運計畫上的強勁執行力，以及審慎且有紀律的資本配置所帶來的成果。

Before discussing the quarter's performance, let me recap our decision to mutually terminate the proposed transaction with Solstice at the end of August. Our North Star at Element Solutions has always been serving our customers and shareholder value creation. Following the announcement of this proposed transaction, we had constructive discussions with our investors and gained valuable insights into how they'd like us to pursue that North Star. Feedback is a gift, and we were fortunate to receive it. We work for our shareholders, and we value their input.

在討論本季表現之前，我先回顧我們於 8 月底決定與 Solstice 共同終止先前擬議交易的決定。在 Element Solutions，我們的北極星始終是服務客戶並為股東創造價值。在宣布這項擬議交易後，我們與投資人進行了具建設性的討論，並獲得寶貴洞見，了解他們希望我們如何追求這個北極星。回饋是一份禮物，我們很幸運能收到。我們為股東工作，也重視他們的意見。

While we stand behind the strategic and financial merits of the Solstice transaction, it became clear that our shareholders valued the standalone trajectory that we articulated in our May investor day. They wanted our team to deliver on our plan. They discounted alternatives, which introduced complexity and execution risk.

儘管我們仍認同 Solstice 交易在策略與財務上的優點，但很明顯，我們的股東更重視我們在 5 月投資人日所闡述的獨立發展軌跡。他們希望我們的團隊落實我們的計畫。他們對其他替代方案持保留態度，因為那些方案會引入複雜性與執行風險。

The feedback we received was a vote of confidence from our shareholders, confidence in management, appreciation for the unique culture we've deliberately developed, and enthusiasm for the portfolio of businesses we've built, attributes that together outweigh the benefits of enhanced scale or synergy capture.

我們收到的回饋，是股東對我們的信任投票：對管理團隊的信心、對我們刻意打造之獨特文化的肯定，以及對我們所建立之事業組合的熱情；這些特質加總起來，勝過擴大規模或取得綜效所帶來的好處。

Going forward, we're doubling down on the culture of entrepreneurship, operational excellence, and prudent capital allocation that has brought us our historical success. We're committed to continue investing behind our businesses, both organically and through bolt-on M&A.

展望未來，我們將加倍投入於創業精神、營運卓越與審慎資本配置的文化，這些正是帶來我們歷史成功的關鍵。我們承諾持續投資於各項業務，包含有機成長以及透過補強型併購（bolt-on M&A）。

Our Electronics segment this year is on pace to deliver the same amount of adjusted EBITDA that our entire company generated last year. We are increasingly a critical enabler in the electronics ecosystem and becoming even more so as we introduce and acquire new capabilities.

我們的電子（Electronics）事業部今年有望交出與公司去年整體相同水準的調整後 EBITDA。我們正日益成為電子產業生態系中的關鍵推動者，且隨著我們推出並收購新能力，這一角色將更加重要。

To keep up with the rapid pace in our markets, we must evolve, and we're working to accelerate our development cycle time, deepen our technical engagements with key customers, and capitalize on the many opportunities afforded by the breadth of our portfolio.

為了跟上我們市場的快速節奏，我們必須持續演進；我們正努力加速產品開發週期時間、深化與關鍵客戶的技術合作，並把握我們多元產品組合所帶來的眾多機會。

Our confidence in an independent path forward is reinforced by yet another consecutive record quarter and corresponding significant increase in our full-year guidance announced today. Our third quarter results were outstanding. Organic growth remained robust in Electronics, and the Specialties business navigated challenges related to materials inflation and uneven demand dynamics.

我們對獨立發展路徑的信心，因再度連續創紀錄的一季，以及我們今日宣布大幅上調全年財測而更加鞏固。我們第三季的成果非常出色。電子事業部的有機成長依然強勁，而特用化學品（Specialties）業務則因應材料通膨與需求動能不均所帶來的挑戰。

Our results were again enhanced by strong contributions from recent acquisitions, which position us well in attractive new market adjacencies that are seeing robust growth. Activity accelerated across our supply chain in support of the ongoing AI infrastructure built out. Technical requirements in data center hardware and other high-performance electronics continue to increase, which has driven our offering of critical enabling solutions across thermal management, power density, and advanced packaging applications, to name a few.

我們的成果也再次受惠於近期收購案的強勁貢獻；這些收購使我們在具吸引力的新相鄰市場（market adjacencies）中占有有利位置，而這些市場正呈現強勁成長。為支援持續進行的 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，這也推動我們在熱管理、功率密度與先進封裝等應用領域（僅舉數例）提供關鍵賦能解決方案。

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. This dynamic has led to four straight quarters of double-digit organic sales growth and meaningful ex metal margin expansion in our Electronics business.

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到裝置組裝廠；同時，市場對創新的需求強勁，以實現更高的裝置效能與製造良率。這樣的動態帶動我們電子事業部連續四季達成兩位數的有機銷售成長，並在不含金屬（ex metal）的基礎上實現顯著的毛利率擴張。

Our profitable growth has allowed us to increase investment in people, technology, and plants, which we expect will reinforce ESI's role in critical emerging applications. Our customers are investing heavily to build capacity ahead of surging demand.

我們的獲利性成長使我們得以增加對人才、技術與廠房的投資；我們預期這將強化 ESI 在關鍵新興應用中的角色。我們的客戶正大幅投資，以在需求激增前提前擴充產能。

We, in turn, have built and continue to build additional manufacturing capacity for several high-growth product lines, including incremental production capability for engineered preform and critical thermal interface products, as well as local laboratory footprints for Electronics in India and Southeast Asia. Where investment in Southeast Asia was intended to de-risk geopolitical concerns two years ago, it's now become much needed additional capacity for our customers. Meanwhile, our business in China remains very strong, growing 30% in the quarter.

相應地，我們已建置並持續建置多條高成長產品線的額外製造產能，包括工程化預成型件（engineered preform）與關鍵熱介面產品的新增產能，以及在印度與東南亞設立電子事業部的在地實驗室據點。兩年前在東南亞的投資原本是為了降低地緣政治風險，如今則成為客戶迫切需要的額外產能。同時，我們在中國的業務依然非常強勁，本季成長 30%。

We've also made substantial investments and financial commitments to scale manufacturing of our Kuprion ActiveCopper products, focused on solving several emerging customer pain points around thermal management, power delivery, and plating copper on challenging substrates. Our development partners are exceptionally enthusiastic about this offering, and they're progressing towards high-volume manufacturing themselves. Progress evidenced by the two customer qualification milestones we achieved in the third quarter.

我們也已投入大量資本並作出財務承諾，以擴大 Kuprion ActiveCopper 產品的製造規模，聚焦於解決客戶在熱管理、電力傳輸，以及在具挑戰性基材上鍍銅等多項新興痛點。我們的開發合作夥伴對此產品極為熱衷，且他們自身也正朝向高量產製造推進。第三季我們達成兩項客戶資格認證里程碑，顯示進展明確。

These qualifications from two leading technology providers to the data center ecosystem support our strong conviction in the market opportunity for ActiveCopper and our ability to establish incumbency with this exciting technology. Beyond these investments in organic growth, we continue to reap the fruits of our inorganic strategy. The integrations of Micromax and EFC are going well, and both businesses contributed meaningful adjusted EBITDA growth in the quarter.

來自資料中心生態系兩家領先技術供應商的資格認證，支持我們對 ActiveCopper 市場機會的高度信念，以及我們以這項令人振奮的技術建立既有優勢地位的能力。除了這些有機成長投資之外，我們也持續收穫非有機策略的成果。Micromax 與 EFC 的整合進展順利，且兩項業務在本季皆貢獻了可觀的調整後 EBITDA 成長。

Our formula of operational excellence and prudent capital allocation drove a 22% increase in adjusted EPS this quarter. Beyond M&A, when we see compelling value in our own shares, we can act opportunistically, given our substantial existing share repurchase authorization. We did so this quarter, reflecting our confidence in the business from here. Carey will now take you through our third-quarter business results in more detail. Carey?

我們以營運卓越與審慎資本配置為核心的策略，使本季調整後每股盈餘（adjusted EPS）成長 22%。除併購外，當我們看到自家股票具吸引力的價值時，鑑於我們既有的大額庫藏股回購授權，我們也能把握機會採取行動。本季我們即採取了此舉，反映我們對未來業務的信心。接下來 Carey 將更詳細說明我們第三季的業務成果。Carey？

Thanks, Ben, and good morning, everyone. On slide three, you can see a summary of our third-quarter financial results. We delivered record quarterly revenue, adjusted EBITDA, and adjusted EPS. Organic net sales grew 13%, and constant currency adjusted EBITDA increased 29% year-over-year. Electronics organic net sales growth of 18% was once again broad-based. Each of the segment's verticals grew organically by double digits, led by our Semiconductor business, which grew 24% in the quarter.

謝謝你，Ben，各位早安。在第 3 張投影片，各位可以看到我們第三季財務結果摘要。我們創下單季營收、調整後 EBITDA 與調整後 EPS 的新高。有機淨銷售成長 13%，以固定匯率計算的調整後 EBITDA 年增 29%。電子事業部有機淨銷售成長 18%，再度呈現廣泛性成長。該事業部各垂直領域皆達成兩位數的有機成長，其中以半導體業務領先，本季成長 24%。

Adjusted EBITDA margins, excluding pass-through metals, improved 50 basis points year-over-year to 28.2% this quarter. The year-on-year improvement was primarily driven by product mix within the Electronic segment, where organic growth and higher-value product lines drove solid underlying incremental margins in the upper end of our 30% to 40% target range, as well as strong performance from Micromax.

調整後 EBITDA 利潤率（不含轉嫁金屬成本）較去年同期提升 50 個基點，本季達 28.2%。年對年改善主要由電子事業部的產品組合所帶動；其中，有機成長與較高價值產品線推動了穩健的基礎增量利潤率，落在我們 30% 至 40% 目標區間的高端，同時 Micromax 亦表現強勁。

Softer margins in the Specialty segment were the result of an equipment failure that shut down a large offshore customer, impacting sales in the Energy Solutions business, as well as price cost timing in Industrial Solutions. We expect these dynamics to abate through year-end and into 2027. Both segments also saw margins impacted by higher allocations, primarily from above-target incentive compensation accruals. On slide four, we have additional detail on organic net sales growth.

Specialty（特種）部門利潤率走弱，主要是因設備故障導致一位大型離岸客戶停機，影響能源解決方案（Energy Solutions）業務的銷售，以及工業解決方案（Industrial Solutions）中的價格與成本時點差異所致。我們預期這些動態將在年底前並延續至2027年逐步消退。兩個部門的利潤率亦受到較高分攤費用影響，主要來自高於目標的激勵薪酬應計。在第4頁投影片中，我們提供有關有機淨銷售成長的更多細節。

In Electronics, demand remained particularly strong across Semiconductor packaging, advanced PCB chemistries, engineered assembly materials supporting data centers, and power electronics. Reflecting the strength in our markets, industry forecasts for PCB volume growth in 2026 have increased over the course of the year from around 6% in December to over 10% today. This is an acceleration from 2025, and we continue to outperform the market.

在電子（Electronics）業務方面，半導體封裝、先進PCB化學品、支援資料中心的工程組裝材料，以及功率電子等領域的需求依然特別強勁。反映我們終端市場的強勢，產業對2026年PCB出貨量成長的預測在今年以來已上調，從12月約6%提高到目前超過10%。這較2025年有所加速，而我們仍持續跑贏市場。

Semiconductor Solutions organic net sales grew 24%, with improved order patterns for power electronics products and growing momentum in thermal interface materials for high power consumption applications such as AI GPUs and CPUs. Demand also continues to be strong for advanced packaging solutions from Asian OSATs participating in the market. Revenue growth in this business was magnified this quarter by the year-over-year increase in precious metals prices.

半導體解決方案（Semiconductor Solutions）有機淨銷售成長24%，受惠於功率電子產品的訂單型態改善，以及用於AI GPU與CPU等高功耗應用的導熱介面材料（thermal interface materials）動能持續增強。來自參與市場的亞洲OSAT對先進封裝解決方案的需求也仍然強勁。本季該業務的營收成長亦因貴金屬價格年對年上漲而被放大。

Our Assembly Solutions business grew 16% organically. Demand was strong for high-reliability solder paste in Asia, which are benefiting from growth in AI power supply, and for preformed products for data center applications. Engineered preformed products such as TruHeight spacers that control thermal warpage on larger chip assemblies continued to gain traction in leading-edge applications, driving acceleration in our capacity expansion plans for next year.

我們的組裝解決方案（Assembly Solutions）業務有機成長16%。亞洲地區對高可靠度錫膏（solder paste）的需求強勁，受惠於AI電源供應成長；同時，資料中心應用的預成型產品（preformed products）需求亦佳。例如TruHeight墊片等工程化預成型產品，可控制較大型晶片組裝的熱翹曲（thermal warpage），在先進應用中持續獲得採用，推動我們明年產能擴張計畫加速。

Circuitry Solutions grew 16% organically, benefiting from continued demand for board metallization solutions tied to AI infrastructure and high-performance computing. We supported customers as they add capacity and are seeing traction with technologies that are critical to increasingly complex, high-layer count architectures. Micromax contributed nearly $140 million to reported sales in the quarter, roughly two-thirds of which is related to metals. The business continues to perform well ahead of plan and is growing revenue and adjusted EBITDA significantly.

電路解決方案（Circuitry Solutions）有機成長16%，受惠於與AI基礎設施及高效能運算相關的板材金屬化（board metallization）解決方案需求持續。我們在客戶擴增產能時提供支援，並看到對於日益複雜、高層數架構至關重要的技術正逐步取得進展。Micromax本季對報告銷售額貢獻近1.4億美元，其中約三分之二與金屬相關。該業務表現持續大幅優於計畫，營收與調整後EBITDA均顯著成長。

We remain very pleased with these results, as well as the response from customers and the progress of the integration. Now turning to our specialty segment, Industrial Solutions grew 3% organically in the quarter, due primarily to price increases tied to raw material cost inflation. Global volumes were roughly flat, with some modest pickup in automotive in both Asia and Europe, while other industrial end markets remained soft.

我們對這些成果、客戶回饋以及整合進展仍感到非常滿意。接著看特種（Specialty）部門，工業解決方案（Industrial Solutions）本季有機成長3%，主要來自因原物料成本通膨而帶動的漲價。全球出貨量大致持平，亞洲與歐洲汽車領域略有回升，但其他工業終端市場仍偏疲弱。

This business has been restructuring aspects of its go-to-market and supply chain strategy over the last year, and we remain focused on strong operational execution and high-quality offerings that meet the evolving needs of customers. Our Offshore Solutions business declined 13% organically, primarily impacted by certain project delays and the aforementioned equipment failure at a large customer. We expect this situation will improve in the coming months as that customer site has already come back online.

過去一年，該業務一直在重整部分市場進入（go-to-market）與供應鏈策略；我們仍聚焦於強而有力的營運執行，以及能滿足客戶需求演變的高品質產品與服務。我們的離岸解決方案（Offshore Solutions）業務有機下滑13%，主要受部分專案延遲以及前述大型客戶設備故障影響。由於該客戶場址已恢復上線，我們預期未來幾個月情況將改善。

Overall, market conditions and pricing dynamics remain favorable for this business. Looking forward, we are also excited to announce that we won business on our first, and the industry's first, deep offshore carbon capture installation. This account is a small contributor today and a truly nascent market but may have a bright future. Finally, EFC Gases and Advanced Materials contributed $23 million to revenue this quarter, a 45% sequential improvement from last quarter and a 19% increase year-on-year.

整體而言，該業務的市場狀況與定價動態仍然有利。展望未來，我們也很高興宣布，我們在首個、也是業界首個深海離岸碳捕捉（carbon capture）裝置中贏得業務。此客戶目前貢獻不大，且市場仍非常初期，但未來可能前景可期。最後，EFC氣體與先進材料（EFC Gases and Advanced Materials）本季貢獻營收2,300萬美元，較上季季增45%，年增19%。

Demand within EFC's core semi-manufacturing, satellite, and electrical infrastructure applications is strong, albeit lumpier than many of our other businesses, and the team executed nicely this quarter with new business wins at healthy margins that are above segment averages. We continue to see EFC growing wallet share with existing semiconductor and space customers and winning new qualifications in both.

EFC核心的半導體製造、衛星與電力基礎設施等應用需求強勁，雖然相較我們其他業務波動更大；本季團隊執行表現出色，取得多項新案，且利潤率健康並高於部門平均。我們持續看到EFC在既有半導體與航太客戶中提升錢包份額（wallet share），並在兩者領域皆取得新的認證（qualifications）。

We broke ground on a new facility for this business in Texas late in Q3, which demonstrates our expectation of future growth. Slide five addresses cash flow and the balance sheet. Adjusted free cash flow for the quarter was $135 million, a material sequential and year-over-year increase. This result reflects disciplined inventory management despite increased volumes and continued metals price volatility.

我們在第三季末於德州為該業務的新廠動土，展現我們對未來成長的預期。第5頁投影片說明現金流與資產負債表。本季調整後自由現金流為1.35億美元，較前一季及去年同期均大幅增加。此結果反映在出貨量增加與金屬價格持續波動的情況下，我們仍維持嚴謹的庫存管理。

Our cash flow generation is typically more second-half weighted, and we expect a similar seasonality this year. Q4 cash flows should also be strong but are unlikely to match Q3 as we ramp certain capital projects and build stock for several capacity expansions and footprint optimization efforts. We invested $30 million into CapEx this quarter, bringing the year-to-date investment to $83 million.

我們的現金流產生通常偏向下半年，我們預期今年也會呈現類似季節性。第四季現金流也應維持強勁，但隨著我們推進部分資本專案並為多項產能擴張與據點優化（footprint optimization）計畫建立庫存，第四季可能不太會超越第三季。本季我們投入資本支出（CapEx）3,000萬美元，使年初至今投資達到8,300萬美元。

As we discussed, we are accelerating investment in high-value product areas such as Kuprion and thermal interface materials for hyperscalers, while at the same time moving forward on existing plant consolidation projects in our industrial solutions supply chain. We now expect CapEx for the year of roughly $110 million, which still constitutes less than 3% of expected full-year sales. These projects are tied to major customer technology roadmaps and come with attractive paybacks that should support long-term earnings growth.

如先前所述，我們正加速投資於Kuprion以及面向超大規模雲端業者（hyperscalers）的導熱介面材料等高價值產品領域；同時也持續推進工業解決方案供應鏈中既有的工廠整併專案。我們目前預期全年資本支出約1.10億美元，仍低於預期全年銷售額的3%。這些專案與主要客戶的技術路線圖緊密相關，並具備具吸引力的投資回收期，可望支撐長期獲利成長。

Turning to the balance sheet, our net leverage ratio at the end of the quarter was 2.7 times on a pro forma basis, including full contributions from Micromax and EFC. We allocated almost $60 million of capital to shareholder returns in the quarter, between our dividend and our opportunistic repurchase of roughly 1.1 million shares.

再看資產負債表，本季末在備考（pro forma）基礎下（包含Micromax與EFC的完整貢獻），我們的淨槓桿比率為2.7倍。我們本季在股東報酬方面配置了近6,000萬美元資金，包含股利以及機會性回購約110萬股。

As we entered 2026, we committed to leverage below 3 times by year-end, and we are already there, despite ramping CapEx and buybacks. We have capacity to continue to deploy capital should attractive opportunities become available.

進入2026年時，我們承諾在年底前將槓桿降至3倍以下；即使我們提高資本支出並進行庫藏股回購，目前也已達成。若出現具吸引力的機會，我們仍有能力持續部署資本。

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. Q3 was a great quarter. Our team didn't lose focus despite the noise around the terminated Solstice transaction. We maintained our high standards for execution and performance throughout. We emerged better positioned strategically and with greater clarity and conviction in our path forward. Each of our businesses has identified opportunities and built strategies to deliver substantial profit growth through investments in people and capabilities over a multi-year timeframe.

謝謝你，Carey。第三季表現非常出色。儘管外界對已終止的Solstice交易有許多雜音，我們的團隊仍未失焦。我們全程維持高標準的執行力與績效表現。我們在策略上處於更有利的位置，對未來前進路徑也更清晰且更具信心與確信。我們各項業務皆已辨識機會並建立策略，將在多年期的時間框架內透過對人才與能力的投資，帶來可觀的獲利成長。

We pride ourselves on customer centricity, and on this front, we're seeing the benefits of persistent investments in technical service capabilities, technology roadmap exchanges, and a focus on customer pain points, where we can improve product performance or customer productivity and yields. Underlying demand in the high-end electronics market remains strong, and the incumbent positions we've established in the fastest-growing, highest-value niches of these markets should continue to serve us well.

我們以客戶為中心為傲；在這方面，我們正看到持續投入技術服務能力、技術路線圖交流，以及聚焦客戶痛點所帶來的效益——在這些痛點上，我們能提升產品效能或改善客戶生產力與良率。高階電子市場的基本需求仍然強勁，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既有領先地位，應能持續為我們帶來助益。

As a result, we're raising our adjusted EBITDA guidance to approximately $720 million for the full year. Our implied fourth quarter results assume a continuation of AI-driven electronics investment, normal seasonality, and continued sequential acceleration in EFC performance. Our guidance translates to 2026 adjusted EPS growth of north of 20% on a full-year basis, based on current exchange rates and stable metal prices. We have a wealth of opportunities in front of us, and we want to move faster with increased focus and urgency.

因此，我們將全年調整後EBITDA指引上調至約7.20億美元。我們對第四季的隱含假設包括：AI驅動的電子投資延續、正常季節性，以及EFC表現持續逐季加速。在目前匯率與金屬價格穩定的前提下，我們的指引意味著2026年全年調整後每股盈餘（EPS）成長將超過20%。我們面前有大量機會，我們希望以更高的專注度與緊迫感加快推進。

To accomplish this, we must keep pushing decision rights deeper into the organization to improve customer responsiveness and direct our investment to the right commercial resources. In that context, we're evolving our organizational structure in the electronic segment to further decentralize by forming more autonomous business units aligned with our customers, all of which will still operate under the strong MacDermid Alpha brand.

為了達成這一點，我們必須持續將決策權下放到組織更深處，以提升對客戶的回應速度，並將投資導向正確的商業資源。在此背景下，我們正在調整電子事業部的組織架構，透過成立與客戶對齊、更加去中心化且更具自主性的事業單位，進一步分權；而這些單位仍將在強大的 MacDermid Alpha 品牌之下運作。

This morning, to support this evolution, we're announcing an organizational change. Our Electronics business units, in addition to our Specialties businesses, will now report into Matt Liebowitz, who is assuming the role of Chief Operating Officer of Element Solutions. Matt's been a key part of the team at Element Solutions for over a decade and will be a terrific partner to our business unit leaders.

今天上午，為了支持這項演進，我們宣布一項組織調整。我們的電子事業單位，連同我們的特種業務，未來將向 Matt Liebowitz 匯報；他將出任 Element Solutions 的營運長（Chief Operating Officer）。Matt 在 Element Solutions 團隊中已是超過十年的關鍵成員，並將成為我們各事業單位領導者的絕佳夥伴。

He has deep business knowledge and relationships, having helped build our portfolio in his role as Head of Strategy and Corporate Development over the years, and is the right person to serve in this critical role as a thought partner and coach to our general managers. Rick Fricke will become an advisor to ESI and our Electronics businesses going forward, and we'll continue to benefit from his expertise, experience, and network.

他擁有深厚的業務知識與人脈關係，多年來在擔任策略與企業發展主管期間協助打造我們的產品組合；他也是在這個關鍵職位上，作為我們總經理的思想夥伴與教練的最佳人選。Rick Fricke 未來將擔任 ESI 與我們電子業務的顧問，我們也將持續受益於他的專業、經驗與人脈網絡。

Carey Dorman, who has also been my partner here for over a decade, will become President of Element Solutions, in addition to his role as CFO, with oversight of all of our business functions. Matt, Carey, and I collectively will work with our business unit and functional leaders to ensure that they are working towards the right long-term objectives, that they have the resources they need to win, and that they are held accountable to their goals.

Carey Dorman 也與我在此合作超過十年，除擔任財務長（CFO）外，將出任 Element Solutions 總裁（President），並負責監督我們所有業務職能。Matt、Carey 與我將共同與各事業單位及職能主管合作，確保大家朝正確的長期目標努力，具備取勝所需的資源，並對其目標負責。

Our business units will have even greater autonomy. Our ethos has always been to empower our people to have a maximum impact, and this is one step further in that direction. This autonomy will make us more nimble, and that is essential to keep up with the accelerating rate of change in our markets.

我們的事業單位將擁有更高的自主性。我們一向的理念是賦能員工發揮最大影響力，而這是朝該方向再邁進一步。這種自主性將使我們更靈活敏捷，而這對於跟上市場加速變化的步伐至關重要。

In Electronics, we will continue to maintain our strong, unified brand and the ability to offer the breadth of our portfolio to our largest strategic accounts. Element's success to date has been driven by repositioning our company and its resources, primarily our people, regularly to get ahead of the future needs of our markets.

在電子業務方面，我們將持續維持強而一致的品牌形象，並保有向最大型策略客戶提供我們完整產品組合廣度的能力。Element 迄今的成功，主要來自於我們持續重新配置公司及其資源（尤其是人才），以領先因應市場未來需求。

Today's organizational change is another example of this. On the topic of people, I am particularly proud of our team this quarter, who navigated a noisy 90 days to deliver our best quarter ever. For now, let me conclude once again by thanking all of our stakeholders for their continued support of Element Solutions, and especially our team, who continue to deliver exceptionally for our customers and shareholders.

今天的組織調整就是另一個例子。談到人才，我對本季的團隊特別感到自豪；他們在充滿雜音的 90 天中仍能穩健應對，交出我們史上最佳的一季。最後，讓我再次感謝所有利害關係人持續支持 Element Solutions，尤其是我們的團隊，他們持續為客戶與股東帶來卓越成果。

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

接下來，接線員，請開放提問。

(Operator Instructions) Mike Harrison, Seaport Research Partners.

(接線員指示) Mike Harrison，Seaport Research Partners。

Hi, good morning. Congrats on the nice quarter.

嗨，早安。恭喜本季表現亮眼。

Thanks, Mike. Good morning.

謝謝你，Mike。早安。

The first question I have is on the Circuitry Solutions business. It really is looking like that business may be showing some acceleration. I was hoping you could give us a little more color on how you see the content opportunity expanding as you get into more multilayer circuit boards, compared to your standard PCB applications. I am just wondering, are there any factors that you see in the market right now that could slow down some of the growth that you're seeing in that advanced circuit board opportunity?

我的第一個問題是關於 Circuitry Solutions（線路解決方案）業務。看起來該業務似乎正在加速成長。我想請你們多分享一些看法：當你們切入更多多層電路板時，相較於標準 PCB 應用，你們如何看待單板內容價值（content opportunity）的擴大？另外我也想了解，目前市場上是否有任何因素，可能會放緩你們在高階電路板機會中所看到的成長？

Yeah, sure thing. It's a good observation. Our circuitry business is performing exceptionally well. That market overall is substantially outperforming expectations on a volume basis. Entering the year, as Carey said in the prepared remarks, expectations for circuit board volumes were about 6% growth in 2026, and the latest forecast has them bumping up against 10%.

好的，當然。這是個很好的觀察。我們的線路業務表現非常出色。整體市場在出貨量（volume）方面大幅優於預期。進入今年時，如 Carey 在事先準備的講稿中所說，市場對 2026 年電路板出貨量的預期約為成長 6%，而最新預測已上修、接近 10%。

Overall, that market is growing, or accelerating, and that's despite the fact that the consumer electronics market is quite soft at the moment. All that growth and then some is coming from the data center market, and those boards are the highest end boards that are being produced today. Multi-layer, very complex. We've got great capabilities to serve that market.

整體而言，該市場正在成長、甚至加速，儘管目前消費性電子市場相當疲弱。所有的成長、甚至更多，主要來自資料中心市場，而那些板子是目前生產的最高階板。多層、非常複雜。我們具備很強的能力來服務這個市場。

Our outperformance in Circuitry Solutions is substantial, more than 500 basis points relative to the expected market growth on a year-to-date basis, and that is driven by our penetration of that technology based on really solid work by the team over the past several years. We expect that to continue.

我們在線路解決方案的超額表現相當顯著；以年初至今來看，相對於預期的市場成長，我們高出超過 500 個基點，而這是由於團隊過去幾年在技術滲透方面做了非常扎實的工作所驅動。我們預期這種趨勢將會延續。

All right. It looks like your incremental margin this quarter was pretty strong. I think if we stripped out maybe some of the higher incentive comp. Just wondering if you can help us understand how sustainable the strength in incremental margin could be, and maybe talk about some of the drivers that you see still playing out from a margin standpoint.

了解。看起來你們本季的增量利潤率（incremental margin）相當強勁。我想如果把較高的激勵性薪酬（incentive comp）因素剔除掉的話。想請你們協助我們理解：增量利潤率的強勢有多可持續？也請談談你們從利潤率角度仍在發酵的驅動因素有哪些。

Yeah, Mike, I think it is a great call-out. When you take out the incremental incentive comp accruals, which had an impact of more than 100 basis points across the business year over year, we saw really healthy incrementals in the mid-40s% for the whole business or the 50% for the Electronics business. There are a number of things that are playing into that, and I think most importantly is where the growth is coming from.

好的，Mike，我認為這點提得很好。若扣除激勵性薪酬的增量提列（incremental incentive comp accruals）——其對全公司年對年影響超過 100 個基點——我們看到整體業務的健康增量利潤率在 40% 中段，而電子業務則約 50%。有幾個因素共同作用，而我認為最重要的是成長來源。

We are continuing to see growth, particularly in Electronics, in the higher end parts of our business as we are meeting specific customer needs, and fewer and fewer of our ecosystem competitors can meet those needs. That is sustainable from our perspective. On the Specialty side of the business, we are working hard in an environment where volumes are relatively muted to make the business better.

我們持續看到成長，尤其在電子業務方面，成長主要來自我們業務中更高階的部分，因為我們正在滿足特定客戶需求，而能滿足這些需求的生態系競爭對手越來越少。從我們的角度來看，這是可持續的。在特種業務方面，我們在出貨量相對低迷的環境下努力把業務做得更好。

Even on that business, when you take out this comp accrual and some of the one-time or sort of transitory impacts from raw material inflation, we are seeing underlying margin expansion there, too. So, we guided at the Investor Day at 30% to 40% incrementals. We are seeing better than that now, but I think in that high end of that range is something that we expect to see continue into next year.

即便在該業務中，若扣除這項薪酬提列以及部分一次性或較短期的原物料通膨影響，我們也看到其基礎利潤率正在擴張。因此，我們在投資人日給出的指引是增量利潤率 30% 到 40%。目前我們看到的表現優於此，但我認為該區間的高端水準，是我們預期明年仍可延續的。

All right. Thanks very much.

好的。非常感謝。

Thanks, Mike.

謝謝你，Mike。

John McNulty, BMO Capital Markets.

John McNulty，BMO Capital Markets。

Yeah, good morning. Thanks for taking my questions, and congratulations to Carey and Matt on what looks like a nice solid step for them. I guess my first question is to that. I guess what precipitated the change? You had an Investor Day early this year.

是的，早安。謝謝讓我提問，也恭喜 Carey 和 Matt，看起來這對他們而言是很扎實的一步。我想我的第一個問題就從這裡開始。是什麼促成了這次變動？你們今年稍早才舉辦投資人日。

Obviously, nothing had changed at that point. Is it the pace of the growth is just that much more robust where you feel you need to kind of make these kind of changes? Is it just a follow-up to the Solstice kind of change or shift? I guess, help us to think about what's driving that and the timing for it right now.

顯然在那個時間點並沒有任何改變。是因為成長速度更為強勁，以至於你們覺得需要做這類調整嗎？還是說這只是對 Solstice 那次變革或轉向的延伸？請協助我們理解：是什麼在驅動這項調整，以及為何是現在這個時間點？

Yeah. The evolution in our Electronics business has been one of standing up best practices, which required a really strong central pillar of the business, adding new capabilities, and we brought in a great set of leaders on a functional basis to help us build those capabilities and standard processes. We are a dynamic organization.

是的。我們電子業務的演進之一，是建立最佳實務；這需要一個非常強的中央支柱來支撐業務、並新增能力。我們也在職能面引進了一批優秀的領導者，協助我們建立這些能力與標準化流程。我們是一個充滿動能的組織。

Our Electronics business has more than doubled over the past several years. We have those best practices ingrained in the business, and the autonomy that we are driving into the discrete business units will allow for them to move faster, which is what our customers are asking for from us and from the supply chain. This structural change will turn the analogy of the tanker to the speedboat.

我們的電子業務在過去幾年已成長超過一倍。我們已將那些最佳實務深植於業務之中，而我們正在推動導入各個獨立事業單位的自主權，將使它們能更快行動——這正是客戶對我們以及對供應鏈所期待的。這項結構性變革將把「油輪」的比喻轉變為「快艇」的速度。

I do not think we ever were a tanker, but we are breaking into smaller, faster, more nimble speedboats on a business unit perspective, more customer-aligned, without sacrificing those best practices, without sacrificing the strength of our brand. This is a logical step as the business has scaled and in response to customer feedback across the supply chain, to partner with them and move faster.

我不認為我們曾經是油輪，但我們正從事業單位的角度拆分成更小、更快、更靈活的快艇，更貼近客戶，同時不犧牲那些最佳實務，也不犧牲我們品牌的實力。隨著業務規模擴大，並回應供應鏈各環節的客戶回饋，與他們合作並加快速度，這是合乎邏輯的一步。

Got it. Okay. No, that is a helpful color. Then maybe just speaking to the cash flow and balance sheet, really solid 3Q results or numbers, and I understand maybe the cadence that we will not see quite as much in 4Q, but the balance sheet is kind of back to even below your year-end target.

了解。好的。不，這些補充說明很有幫助。那麼也許談談現金流與資產負債表，第三季的結果或數字非常穩健；我也理解第四季的節奏可能不會看到同樣多，但資產負債表已回到、甚至低於你們年末目標的水準。

When you think about cash uses going forward, I know in the past you have kind of liked to add on bolt-ons, roughly two per year kind of seems to be the cadence. At the same time, your valuation has come in under a reasonable amount of pressure, over the last whatever, three to six months.

當你思考未來的現金用途時，我知道過去你們一直偏好做一些補強型併購（bolt-ons），大約一年兩筆似乎是常態節奏。同時，你們的估值在過去不管怎麼算三到六個月，承受了相當程度的壓力。

I guess, how do you think about the prioritization of cash use now, given the cleaner balance sheet, and should we assume it is kind of business as usual, or do we maybe shift away a little bit temporarily from the M&A side and maybe a little bit more into the buybacks, I guess? Can you help us to think about that?

我想問的是，在資產負債表更乾淨的情況下，你們現在如何看待現金使用的優先順序？我們是否應該假設一切照舊，還是可能暫時稍微從併購端移開一些，轉而多做一點庫藏股回購？可以幫我們理解一下嗎？

Yeah, look, we've always been opportunistic around capital allocation, whether that's buying our own shares or outbound M&A. We're in a really strong position from a portfolio perspective that there's nothing we need to own. But we've got a great footprint and brand where the things we add, if they're quality enhancing, we only add quality-enhancing businesses, are better inside of our business than outside.

是的，你看，我們在資本配置上一向採取機會主義，不論是買回自家股票或對外併購。從投資組合的角度來看，我們處於非常強的位置，沒有任何我們「非得擁有」不可的資產。但我們擁有很好的佈局與品牌；我們所新增的項目，如果能提升品質——我們只會併入能提升品質的企業——放在我們體系內會比在外部更能發揮價值。

Our framework for capital allocation is unchanged today. You saw we were on the front foot buying shares in the third quarter. Our balance sheet is healthier than we expected it to be at this point in the year, given the earnings trajectory, and so we're on the offensive.

我們的資本配置框架目前沒有改變。你也看到我們在第三季積極買回股票。考量獲利走勢，我們的資產負債表在今年這個時間點比我們預期更健康，因此我們正採取更進攻的姿態。

Great. Thanks very much for the color.

很好。非常感謝這些補充說明。

Josh Spector, UBS.

Josh Spector，瑞銀（UBS）。

Yeah. Hey, good morning, guys. I wanted to ask on Kuprion, just it seemed like some of your incremental CapEx is targeted there. Can you talk about what you're accelerating and just remind us kind of the milestones and timelines on some of your expansions in the next couple of years, please?

是的。各位早安。我想問一下 Kuprion，看起來你們部分新增的資本支出是投向那邊。你能談談你們正在加速哪些事項，並請再提醒我們未來幾年一些擴產計畫的里程碑與時程嗎？

Yeah, absolutely. Kuprion's a great story, as evidenced by the two qualification milestones achieved in the third quarter. Those are two customers, really high-tech, leading-edge customers, who have qualified ActiveCopper for their high-volume manufacturing. That's the precursor to the revenue ramp that we expect next year. Our first site is producing in Fremont, California.

好的，當然可以。Kuprion 是個很棒的故事，第三季達成兩項認證里程碑就是明證。那是兩家客戶，都是非常高科技、領先前沿的客戶，已將 ActiveCopper 認證用於其大批量製造。這是我們預期明年營收放量（ramp）的前奏。我們第一個據點正在加州佛利蒙（Fremont）生產。

Our second site is underway in Connecticut, and the plans for the third site are also underway. The supply chain is not quite caught up to where we see demand going, but we will be in a position, call it late 2027, early 2028, and we'll have multiple sites supplying multiple customers who are very eager to integrate ActiveCopper into their manufacturing processes.

我們第二個據點正在康乃狄克州建置中，第三個據點的規劃也在進行中。供應鏈的進度尚未完全追上我們所看到的需求走向，但我們將在大約 2027 年底、2028 年初具備到位的供應能力，屆時會有多個據點為多家客戶供貨，而這些客戶非常渴望把 ActiveCopper 整合進他們的製造流程。

It is on track with what we had committed to, maybe even ahead when you think about the medium-term horizon. This business has tremendous potential, and is going to be contributing material EBITDA when we get into 2028, for sure.

整體進度符合我們先前承諾，從中期視角來看甚至可能更超前。這項業務潛力巨大，到了 2028 年肯定會貢獻可觀的 EBITDA。

Thanks for that, Ben. If I could just ask quickly just on EFC, I think you noted some sequential acceleration, and growth was pretty strong there in the quarter. What's driving that?

謝謝你，Ben。我能否再快速問一下 EFC？我記得你提到有一些環比加速，而且本季成長相當強勁。主要驅動因素是什麼？

It's a lumpier business than some of our others, just given you get big orders tied to certain satellite launches. The core businesses around semiconductor and electrical infrastructure are also growing really nicely. The cadence of earnings is something we're still wrapping our hands around. But the growth in this business that we expected is delivering, and the outlook is probably better, frankly, based on the pipeline we've seen.

這是一個比我們其他一些業務更不均勻（lumpy）的業務，因為你會拿到與特定衛星發射相關的大型訂單。圍繞半導體與電力基礎設施的核心業務也在非常不錯地成長。獲利的節奏我們仍在進一步掌握中。但我們原本預期的成長正在兌現；坦白說，基於我們看到的案源（pipeline），展望可能更好。

We're adding capacity there as well. That's a contributor to CapEx in 2026 and into 2027 in response to really strong customer pull.

我們也在那邊增加產能。因應客戶拉貨非常強勁，這也會成為 2026 年以及延伸到 2027 年資本支出的貢獻項目。

Okay, thank you.

好的，謝謝。

John Roberts, Mizuho.

John Roberts，瑞穗（Mizuho）。

Thanks, and congratulations on the promotions. More work, same pay. During the quarter, or well, actually, the temperatures of these latest chips are starting to warp some of the plastic circuit boards. During the quarter, Corning was discussing glass cores potentially replacing some of the plastic. I think one of your competitors announced some product lines for plating circuitry on glass. Could you talk a little bit about that opportunity and how ESI is positioned?

謝謝，也恭喜升遷。工作更多、薪水一樣。在本季期間，或者說，其實這些最新晶片的溫度開始讓一些塑膠電路板變形。本季 Corning 在討論玻璃核心可能取代部分塑膠。我想你們的一家競爭對手也宣布了在玻璃上電鍍電路的一些產品線。你能談談這個機會，以及 ESI 的布局如何嗎？

Yeah, it's a good call-out. The pace of innovation in the supply chain is accelerating, and folks are working with new materials, and we're at the table providing solutions to enable those new materials. So, our circuitry portfolio has very solid solutions for plating on glass through glass vias. ActiveCopper is also one of the leading candidates to solve that problem for the supply chain. It's a big opportunity for us. We're very well-positioned across the Wafer-Level Packaging and Circuitry businesses.

是的，這點提得很好。供應鏈的創新速度正在加快，大家在使用新材料，而我們也在桌邊提供解決方案以促成這些新材料的導入。因此，我們的電路（circuitry）產品組合，對於在玻璃上電鍍、以及穿玻璃導通孔（through glass vias）都有非常扎實的解決方案。ActiveCopper 也是供應鏈用來解決該問題的領先候選方案之一。這對我們是個很大的機會。在晶圓級封裝（Wafer-Level Packaging）與電路（Circuitry）業務方面，我們的布局都非常到位。

Do you have a sense of when first introduction might be?

你們對於首次導入的時間點有概念嗎？

Look, the idea of glass cores has been in the ether for several years. It's been pushed out a few times. It does seem to be gaining traction based on our R&D projects and applications development projects. I'm not counting on it becoming a material volume driver in the near term, but over a medium-term horizon, call it three to five years out, I think it could be quite substantial.

你看，玻璃核心這個概念已經在業界流傳好幾年了。也曾被延後過幾次。但從我們的研發專案與應用開發專案來看，確實似乎正在獲得更多動能。我不指望它在短期內成為帶動大量出貨的關鍵因素，但在中期視角，大約三到五年後，我認為它可能相當可觀。

Thank you.

謝謝。

Chris Parkinson, Wolfe Research.

Chris Parkinson，Wolfe Research。

Great. Thank you so much. Ben, can you just offer some insights in terms of the year-end 2026 and into 2027 trajectories for the volume side of Micromax as well as Semi? Obviously, it seems like things have generally been trending better than expected throughout the year.

很好。非常感謝。Ben，你能否就 Micromax 以及 Semi 在 2026 年底到 2027 年的「出貨量」走勢提供一些看法？很明顯，今年整體趨勢似乎普遍比預期更好。

I would love to get your insights on how you're thinking about the volume side of that versus the price of the product mix, and especially in Micromax, and just how you're delineating all those details in terms of how you think about growth for the next six to nine months. Thanks.

我很想聽聽你對於出貨量面向相對於產品組合價格的看法，尤其是在 Micromax；以及在你思考未來六到九個月的成長時，你如何拆解並界定這些細節。謝謝。

Yeah. So, thanks for the question. The first comment is really no diminution or erosion in demand. Clearly, there's some volatility in the capital markets and headlines, but from a commercial market industry perspective, we've seen no diminution over the past several months, and Q4 is off to a solid start.

是的。那麼，謝謝你的提問。第一點是需求完全沒有減弱或被侵蝕。很明顯，資本市場與新聞標題有些波動，但從商業市場的產業角度來看，過去幾個月我們沒有看到任何需求減弱，而第四季也有一個穩健的開局。

By and large, with the exception of metal price volatility in all of our businesses, the growth has come from volume primarily, and with the exception also of Micromax, where we're seeing an uplift in higher value volume and a little bit of a diminution in, I'll call it lower value volume that skews towards automotive applications.

整體而言，除了我們所有業務都受到金屬價格波動影響之外，成長主要來自於出貨量；另外也除了 Micromax，我們看到較高價值的量有所提升，同時我會稱之為較低價值的量有些許減少，而那部分較偏向汽車應用。

So, it's a volume story on the electronic side and everything but Micromax. That's what we would continue to expect through Q4. Really nothing material changing in terms of the demand drivers for these businesses.

所以，在電子業務端，除了 Micromax 之外，這是一個以量為主的故事。我們預期第四季會持續如此。

Got it. Just circling back just for detail on John's question, when you think about the M&A side of it, are you primarily assessing it? In your commentary, you basically said your teams haven't necessarily missed a beat. When you're looking at that, are you looking at adding kind of another tangential pillar, or is it something, are all the assets that you're ongoingly assessing, primarily augmenting something that is something for Assembly or Circuitry or anything like that?

了解。我再回到 John 的問題補充一些細節：當你們思考併購（M&A）這一塊時，你們主要是如何評估的？在你們的評論中，你基本上說你們的團隊不一定有受到影響、節奏沒有被打亂。當你們在看這件事時，你們是在考慮新增某種旁支的支柱，還是說你們持續評估的所有資產，主要都是在強化某些既有領域，例如組裝（Assembly）或電路（Circuitry）之類？

I would love to hear your perspective on strategy within that a little bit in further detail. Thank you.

我很想更進一步、聽聽你對其中策略的看法。謝謝。

Yeah. So, the M&A criteria is unchanged. We want to back our businesses. Point of emphasis in Electronics, buying businesses that are better inside of our company than outside, meaning there's some synergy, and make our company better. Meaning they enhance the overall quality of the portfolio, they enhance our value proposition to our customers, they create opportunities for our people, and they enhance shareholder value.

好的。所以，我們的併購標準沒有改變。我們希望支持我們的業務。在電子領域的重點是：收購那些在我們公司內部比在外部更能發揮價值的企業，也就是存在協同效應，並讓公司變得更好。也就是說，它們能提升整體投資組合的品質、強化我們對客戶的價值主張、為我們的人才創造機會，並提升股東價值。

So, we're looking at Electronics assets primarily. Those could be consolidating markets, and those could be adding new capabilities that broaden our offering to our customers. Only high-quality businesses that really fit within what we do today. But there aren't an enormous number of such assets. We're a great buyer of them, and we're in a good position to prosecute those transactions. Of course, those opportunities don't come around every day.

因此，我們主要在看電子相關資產。這些可能是整併型市場的機會，也可能是新增能力、以擴大我們對客戶的產品與服務範疇。只看高品質、且真正符合我們目前所做事情的企業。但這類資產的數量並不多。我們是很好的買家，也具備推進這些交易的良好條件。當然，這些機會不會天天出現。

Thank you.

謝謝。

Matt DeYoe, Bank of America.

美國銀行（Bank of America）的 Matt DeYoe。

Good morning. This is Fabian Jimenez on for Matt. Level setting on 4Q, the $720 million EBITDA guide includes around $7 million of January Micromax contribution from before the close of the deal. Does your Q4 guide imply roughly $176 million versus the $183 million we are seeing consensus is reflecting? Also, with your customers still adding capacity, is this a step down in Micromax giving back on silver-driven pricing or just conservatism?

早安。我是 Fabian Jimenez，代替 Matt 發問。先就第四季做個基準校準：7.2 億美元的 EBITDA 指引包含約 700 萬美元、來自交易完成前 Micromax 在 1 月的貢獻。你們的第四季指引是否意味著大約 1.76 億美元，相較於我們看到市場共識反映的 1.83 億美元？另外，在你們的客戶仍在擴充產能的情況下，Micromax 是否是因銀價驅動的定價回吐而出現下滑，還是只是保守估計？

Okay. Just to be clear, that $175 million, $176 million is a reasonable number to back into, and in the slides as well. We typically see sequential softness seasonally from Q3 to Q4. The last two years was around $10 million to $15 million. This guide sequentially implies that same $15 million. There is nothing that we are seeing in terms of underlying demand.

好的。先說清楚，那個 1.75 億到 1.76 億美元，用來倒推是合理的，投影片裡也有。我們通常會看到第三季到第四季因季節性而出現連續性走弱。過去兩年大約是 1,000 萬到 1,500 萬美元。這次指引在連續性上也隱含同樣約 1,500 萬美元的變化。就底層需求而言，我們沒有看到任何異狀。

It is really just operating days in some of the businesses that tend to shut down as we get to the holiday season, and a little bit of conservatism. I think there is nothing structural from a demand perspective or assumptions around pricing in any of the businesses.

主要只是部分業務的營運天數因素，因為接近假期季節時有些業務會停工，另外再加上一點保守。我認為，從需求面來看沒有任何結構性的變化，也沒有在任何業務上做出與定價相關的假設調整。

Thank you.

謝謝。

Pete Osterland, Truist Securities.

Truist Securities 的 Pete Osterland。

Hey, good morning. Thanks for taking the questions. First, I just wanted to ask about your outlook for Electronics momentum to continue into 2027. I guess could you just give some more color on the visibility you have into next year. Is it supported by customer commitments or order patterns, new product ramps, and also just how broad is the strength you're expecting outside of the AI infrastructure market?

嗨，早安。謝謝讓我提問。首先我想問你們對電子業務動能延續到 2027 年的展望。能否多談一些你們對明年的能見度？這是由客戶承諾或下單模式、新產品放量所支撐嗎？另外，除了 AI 基礎設施市場之外，你們預期的強勁表現範圍有多廣？

Thanks for the question, Pete. We like to say that the world doesn't change from December 31st to January 1st, right? The trends that we see through Q4 should continue through Q1. As we said earlier, we really see no evidence of an erosion or a diminution in demand over the past several weeks.

謝謝你的問題，Pete。我們常說，世界不會在 12 月 31 日到 1 月 1 日之間就突然改變，對吧？我們在第四季看到的趨勢，應該會延續到第一季。

The business is unit-driven, and the demand driver for those units is more tangible or longer-term today as we've seen this transition to B2B demand from B2C demand than it's been in the past. Our customer order forecasts have only accelerated over the course of the year. Outlook for the industry from market research has only accelerated over the year. It is more AI-driven than consumer-driven.

這個業務是由出貨單位數驅動，而這些單位數的需求驅動因素，隨著需求從 B2C 轉向 B2B，相較過去變得更具體、也更偏長期。我們客戶的訂單預測在今年過程中只是不斷加速。市場研究對產業的展望也在今年持續上修。它更偏 AI 驅動，而不是消費者驅動。

Some of the weakness in consumer is driven by the strength in AI, bear in mind. But as we sit here today, the outlook, the capital plans, remain robust into 2027.

請記住，消費端的一些疲弱其實是由 AI 的強勁所帶動的。但以我們目前所處的位置來看，展望與資本支出計畫到 2027 年仍然強勁。

Okay, great. Then just as a follow-up, wanted to ask on the Specialties segment. Just wanted to break down the organic growth you saw in Industrial for the quarter. I guess first, how much would pricing have had to go up to fully offset the cost inflation you saw in the quarter? Then maybe if you could comment on what volume growth was in the quarter and what you are expecting near term for demand in that business.

好的，很好。那再追問一下，關於 Specialties（特種材料）部門。我想拆解一下你們本季在工業（Industrial）看到的有機成長。首先，若要完全抵銷本季看到的成本通膨，價格需要上調多少？另外，如果可以的話，請評論一下本季的量成長是多少，以及你們對該業務短期需求的預期。

Sure. So first, on the price-cost dynamic there, we took pricing that drove about 3% or 3% to 4% of revenue growth. Volumes across the business were overall flat. I will talk about the mix of that in a second. That offset almost all of the price inflation we saw, maybe $1 million or $2 million of wiggle between cost and price that we should continue to pick up. So you just saw the percent impact on margin there as opposed to really profit dollars.

當然。先談那裡的價量（price-cost）動態：我們採取的定價帶來約 3% 或 3% 到 4% 的營收成長。整體而言，該業務的出貨量大致持平。我等一下會談一下其中的組合。這幾乎抵銷了我們看到的所有成本通膨，成本與價格之間可能還有 100 萬到 200 萬美元的差距，我們應該會持續補回。所以你看到的是毛利率的百分比影響，而不是實際獲利金額的大幅變動。

When you think about volumes, it is a tale of two business, sort of two end markets and a regional mix. So automotive generally was slightly positive volumetrically, and you see that in the end market as well, where our general Industrial construction markets were down more materially. Then again, we saw some strength in the Asian business and some weakness in the European business. Those are trends that are sort of following the broader macros, and we expect that more of the same, frankly, into Q4.

談到出貨量時，這有點像兩個業務、兩個終端市場以及區域組合的故事。汽車端在量的表現上整體略為正向，你也能在終端市場看到；而我們的一般工業與建築市場則較明顯下滑。此外，我們看到亞洲業務有些強勁、歐洲業務有些疲弱。這些趨勢大致跟隨更廣泛的總體環境，我們坦白說預期第四季也會大致延續。

Great. Thanks very much.

很好。非常感謝。

Jon Tanwanteng, CJS Securities.

CJS Securities 的 Jon Tanwanteng。

Hi, good morning and congrats on the nice quarter and outlook, and it's good to be working with you guys a little longer.

嗨，早安，恭喜本季表現與展望都很不錯，也很高興能再多和你們合作一段時間。

Thanks, John.

謝謝，John。

I was wondering if you could talk a little bit more about how you expect your performance to track against the data center end markets through the year-end and into next year. I think earlier you mentioned you've been outperforming the volume growth in Circuitry by 500 basis points or more. Does that spread remain consistent as you go forward, or does it expand with new products and share gain, or does it contract, in your opinion, for any reason?

我想請你們再多談一點，你們預期今年底到明年，你們的表現會如何相對於資料中心終端市場的走勢。我記得你們先前提到，在 Circuitry 的出貨量成長上，你們一直能超越市場 500 個基點或更多。往後看，這個差距會維持一致嗎？還是會因新產品與市占提升而擴大？或在你看來，是否會因任何原因而收斂？

Our guidance, or rather our long-term expectation, is for our business to outperform end markets by a point or two. We're outperforming that today. I'd like to think it's sustainable, but for the sake of conservatism and not knowing where the sources of growth will be over the long term, I still think that 2% outperformance is a reasonable baseline for us to shoot for, to commit to rather.

我們的指引，或者更準確地說，我們的長期預期，是我們的業務表現將比終端市場高出1到2個百分點。我們目前的表現已經超過這個水準。我希望這是可持續的，但出於保守考量，且長期而言我們也不確定成長來源會在哪裡，我仍認為以2%的超越表現作為我們努力、或者說承諾的合理基準。

But insofar as the primary driver of growth in the near term is the data center market, given our position within these really high-end circuit boards, our outperformance should continue to outpace that target.

不過，就短期成長的主要驅動因素是資料中心市場而言，鑑於我們在這些真正高階電路板中的定位，我們的超越表現應會持續高於該目標。

Okay, great. Thank you. Then, Carey, if you could disclose how much your energy customer that had the outage in the quarter, how much did that impact the business, and how does it impact the guidance this year, and when do you expect the full recovery?

好的，很棒。謝謝。那麼，Carey，如果你能揭露一下本季發生停機的那位能源客戶，對業務造成了多大影響？對今年的指引有何影響？以及你們預期何時能完全恢復？

Yeah. So it's a few million dollar impact in the quarter. As we mentioned, again, in our prepared remarks, that customer is already back online and working through product that they had of ours. So, we expect to resume selling to that customer either most likely in Q4. So, you should see the full recovery of that by Q1 of next year.

好的。所以本季影響大約是數百萬美元。因此，我們預期將恢復對該客戶的銷售，最可能是在第四季。所以，你應該會在明年第一季看到完全恢復。

Got it. That few million was EBITDA or revenue impact?

了解。那數百萬是EBITDA的影響，還是營收的影響？

That is a revenue impact.

那是營收影響。

Understood. Thank you, guys.

明白了。謝謝各位。

Thanks, John.

謝謝你，John。

Aleksey Yefremov, Barclays.

Barclays 的 Aleksey Yefremov。

Thanks. Good morning, everyone. I apologize for long-winded questions. It's a bit more big picture maybe for you, Ben. Your growth has clearly inflected this year, but it seems like there's also a lot of investment on the part of your customers into advanced packaging and other PCB capacity, et cetera. How should we think about where you are in that growth cycle? Are we still very early and the major inflection is still ahead? Are we in the middle of it? What do you think?

謝謝。各位早安。先為冗長的問題致歉。這可能更偏宏觀一點，想請教你，Ben。今年你們的成長顯然出現拐點，但看起來你們的客戶也在先進封裝及其他PCB產能等方面投入了大量投資。我們應該如何看待你們在這個成長循環中的位置？我們仍處於非常早期、主要拐點還在前方嗎？還是我們已在中段？你怎麼看？

Yeah, it's a good question. The pace of innovation is accelerating. We're benefiting from a ramp in customer capacity, which we expect to continue. Leading-edge technologies are still representing a rather small percentage of overall volume, and that's where the investment is going, and we should participate disproportionately in those leading-edge applications.

是的，這是個好問題。創新速度正在加快。我們正受惠於客戶產能的爬坡，我們預期這會持續。最先進的技術目前仍只占整體出貨量相對小的比例，而投資正流向那裡；我們也應能在這些最先進的應用中以更高於平均的程度參與其中。

The law of large numbers also begins to apply, and so our growth rate, if it maintains at levels that we've seen this year, is adding far more dollars, simply put. I think in order to sustain this level of growth, we'll need to see the capacity investments that we are seeing persist for several years. The roadmaps from our customers are supporting that.

同時，大數法則也開始發揮作用，因此如果我們的成長率維持在今年所見的水準，簡單說，就是會增加更多的美元金額。我認為要維持這樣的成長水準，我們需要看到目前所見的產能投資持續好幾年。客戶的產品路線圖也支持這一點。

If anything, they're supporting incremental investment relative to what they invested today. We're incredibly optimistic. The outlook for this business has only gotten better since our May investor day.

如果有什麼不同的話，那些路線圖甚至支持相較於他們目前投資水準的增量投資。我們非常樂觀。自從我們5月的投資人日以來，這項業務的前景只變得更好。

Thanks, Ben, and if I may follow up, I'm not sure if you already talked about your Advanced Packaging growth rate, if you could just give us some pointers there, and also, how did your HDI server board business grow this quarter?

謝謝你，Ben。如果我可以追問一下，我不確定你是否已談到你們先進封裝的成長率；能否給我們一些指引？另外，你們的HDI伺服器板業務本季成長如何？

Yeah. Advanced packaging sales sit in both our Circuitry business and our Semi business, and sales into those applications certainly exceeded the overall growth rate for those businesses in the quarter. The HDI market, that is what I was talking about, these really high-end circuit boards that are serving data center applications.

好的。先進封裝的銷售同時涵蓋在我們的Circuitry業務與Semi業務中，而本季在這些應用的銷售成長，確實超過了這兩個業務整體的成長率。至於HDI市場，就是我剛才提到的，這些真正高階、用於資料中心應用的電路板。

Again, if you think about the consumer electronics market being down year-over-year and our Circuitry business being up 16%, you can extrapolate that we are seeing north of 20% growth in those applications.

再者，如果你想到消費性電子市場年對年下滑，而我們的Circuitry業務卻成長16%，你可以推算我們在那些應用上的成長率超過20%。

Thanks a lot, Ben.

非常感謝你，Ben。

Sure thing.

沒問題。

Laurence Alexander, Jefferies.

Jefferies 的 Laurence Alexander。

So good morning. I just wanted to flesh out one of the comments you made earlier about the pipeline you are seeing in terms of investments from your customers and visibility. When you look out to 2028, do you see any factors that would make 2028 a more difficult year than 2027?

早安。我想更深入釐清你先前提到的一點：關於你們從客戶端看到的投資管線與能見度。當你們展望到2028年時，是否看到任何因素會讓2028年比2027年更具挑戰？

It sounds like you will actually have a net acceleration as an initial bias based on both your investments and what your customers are giving you in terms of their project timelines. Can you just give your initial thoughts on that?

聽起來，基於你們自身投資以及客戶提供的專案時程，你們其實初步偏向認為到那時會出現淨加速。你能談談你們對此的初步想法嗎？

Yeah. It is a fair observation based on the order patterns, or rather, the industry forecasts for capital and fab capacity, right? If that capital is invested, the business should continue to accelerate into 2028. For us, that is enhanced by Kuprion, which should be a much, much bigger business by then. On the other hand, we are unit-driven, and as we saw this year, order forecasts change.

是的。根據訂單型態，或者更準確地說，根據產業對資本支出與晶圓廠產能的預測，這是合理的觀察，對吧？如果那些資本確實投入，業務應會一路加速到2028年。對我們而言，Kuprion也會強化這一點，屆時它應該會成為規模大得多的業務。另一方面，我們是以出貨量為驅動，而如同今年所見，訂單預測會改變。

This year, they changed for the better. There is reason to believe that can continue, but we have seen that change in the past. So, I am not prepared today to talk to 2028 demand. I am comfortable outlining strength exiting 2026 and well into 2027. That outlook is much more firm and very solid.

今年的變化是往更好的方向。有理由相信這種情況可以延續，但我們過去也看過它發生變化。因此，我今天還不準備談2028年的需求。我有把握勾勒出在2026年末以及深入到2027年的強勁態勢。那個展望更為明確，也非常穩健。

Thank you.

謝謝。

This concludes our question-and-answer period. At this time, I will now turn the call back to CEO, Ben Gliklich for closing remarks.

問答環節到此結束。此刻我將把電話會議交回給執行長 Ben Gliklich 作結語。

Excellent. Thank you, and thanks to everybody for joining. We look forward to seeing you on the road in the days and weeks to come. So long.

非常好。謝謝，也感謝各位參與。我們期待在接下來的幾天與幾週，在各地路演行程中與各位見面。再會。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。