Eagle Materials Inc (EXP) 2026 Q3 法說會逐字稿

Good day, everyone. Welcome to Eagle Materials' third-quarter of fiscal 2026 earnings conference call.

大家好。歡迎參加 Eagle Materials 2026 財政年度第三季業績電話會議。

The call is being recorded.

通話正在錄音。

At this time, I would like to turn the call over to Eagle's President and Chief Executive Officer, Mr. Michael Haack. Mr. Haack, please go ahead, sir.

此時，我想把電話交給 Eagle 的總裁兼執行長 Michael Haack 先生。哈克先生，請繼續。

Thank you, [Drew]. Good morning. Welcome to Eagle Materials' conference call for our third quarter of fiscal year 2026.

謝謝你，[德魯]早安.歡迎參加 Eagle Materials 2026 財政年度第三季電話會議。

This is Michael Haack. Joining me today are Craig Kesler, our Chief Financial Officer; and Alex Haddock, Senior Vice President of Investor Relations, Strategy, and Corporate Development.

這是邁克爾哈克。今天與我一同出席的有我們的財務長克雷格·凱斯勒，以及投資者關係、策略和企業發展高級副總裁亞歷克斯·哈多克。

A slide presentation accompanies this call. To access it, please go to eaglematerials.com and click on the link to the webcast. While you're accessing the slides, note that the first slide covers our cautionary disclosure regarding forward-looking statements made during this call. These statements are subject to risks and uncertainties that could cause results to differ from those discussed during the call. For further information, please refer to this disclosure, which is also included at the end of our press release.

本次通話將附帶幻燈片簡報。如需觀看，請造訪 eaglematerials.com 並點擊網路直播連結。當您瀏覽投影片時，請注意第一張投影片涵蓋了我們對本次電話會議中所做的前瞻性聲明的警示性揭露。這些聲明存在風險和不確定性，可能導致實際結果與電話會議中討論的結果有所不同。如需了解更多信息，請參閱本披露文件，該文件也包含在我們的新聞稿末尾。

In our third-quarter fiscal 2026, despite the mixed construction environment, our businesses continue to perform well. We generated $556 million in revenue. Our earnings per share were $3.22. We delivered a gross profit margin of 28.9%.

在 2026 財年第三季度，儘管建築環境喜憂參半，但我們的業務仍然表現良好。我們創造了5.56億美元的收入。我們的每股收益為 3.22 美元。毛利率為 28.9%。

In these choppy times, Eagle will continue to operate as it always has. We will control what is in our control and adjust to current market conditions to maximize profitability in both the short and long term.

在當前動盪時期，Eagle將繼續像以往一樣運作。我們將掌控我們能夠掌控的因素，並根據當前市場情況進行調整，以實現短期和長期利潤最大化。

Our strategy is consistent. We will invest in the health and safety of our largest differentiating asset; our people; our plans to control costs and support our customers through increased reliability, efficiency, and capacity; our short- and long-term strategy, with return-focused projects or acquisitions -- all of this while ensuring our balance sheet remains in pristine condition.

我們的策略是一致的。我們將投資於我們最大的差異化資產——員工的健康和安全；我們將投資於控製成本和透過提高可靠性、效率和產能來支持客戶的計劃；我們將投資於我們的短期和長期策略，包括以回報為導向的專案或收購——所有這些都將確保我們的資產負債表保持良好狀態。

Foundational to everything we do is maintaining the highest standards of health and safety. Our annual safety conference was held in December. It is always a great opportunity to interact with the leaders of the organization to review our safety and environmental performance, pass along some important messages and set our path for continued improvement.

我們一切工作的基礎是保持最高的健康和安全標準。我們的年度安全會議於12月舉行。與組織領導互動，檢視我們的安全和環境績效，傳遞一些重要訊息，並為我們的持續改進制定方向，始終是一個很好的機會。

Our journey to zero incidents is ongoing but every employee at Eagle understands that the safety of our people always comes first. If we cannot perform a job safely, we will not perform the job.

我們實現零事故的目標仍在繼續，但 Eagle 的每位員工都明白，員工的安全始終是第一位的。如果不能安全地完成某項工作，我們將不做這項工作。

These meetings with the best-practice sharing and commitment from the team have allowed Eagle to maintain an industry-leading safety record. To say the least, I'm proud of all Eagle's employees and the safety culture we have built.

這些會議體現了最佳實踐的分享和團隊的共同努力，使 Eagle 能夠保持行業領先的安全記錄。毫不誇張地說，我為 Eagle 的所有員工以及我們所建立的安全文化感到自豪。

Regarding our plants, we work to maintain the reliability of our assets, increase efficiency and capacity, which gives us operational flexibility to execute efficiently through economic cycles. This past quarter, we advanced several initiatives that convert our waste streams into revenue streams to help further improve our low-cost producer position.

對於我們的工廠，我們致力於保持資產的可靠性，提高效率和產能，這使我們能夠靈活運營，從而在經濟週期中高效運作。上個季度，我們推進了幾項將廢物流轉化為收入流的舉措，以進一步提升我們低成本生產商的地位。

Let me give a few examples:

我舉幾個例子：

In Cement, we have been able to reclaim decades-old waste streams that can be used as a source of raw materials in our production process. In our Aggregates operations, we have begun using fines and overburden to support our raw materials or extend our reserves at our Cement plants and Aggregates facilities.

在水泥產業，我們已經能夠回收利用幾十年前的廢棄物，這些廢棄物可以作為我們生產過程中的原料來源。在我們的骨料業務中，我們已經開始使用細料和表土來支持我們的原材料或擴大我們在水泥廠和骨料設施的儲備。

In the Light side of our business, we are expanding the capabilities of our Republic paper mill to repurpose non-wallboard-grade paper and trim rolls into higher value-add products.

在輕質紙業務方面，我們正在擴大 Republic 造紙廠的能力，將非牆板級紙張和邊角料捲重新加工成更高附加價值的產品。

At American Gypsum, we are recycling 100% of our waste wallboard back into the production process, except at our Duke facility, which will also be at 100%, following the completion of our modernization there.

美國石膏公司將 100% 的廢棄石膏板回收利用到生產過程中，但位於杜克的工廠除外，該工廠在完成現代化改造後也將實現 100% 回收。

Importantly, many of these projects require minimal or no capital investment, while having an outsized positive benefit on our operations. These initiatives complement some larger strategic projects we have underway that benefit our overall system reliability, capacity, and profitability, namely the modernization of our Mountain Cement plant and the Duke Wallboard facility.

重要的是，這些專案中許多只需要極少的資本投入，甚至不需要資本投入，卻能為我們的營運帶來巨大的正面效益。這些舉措是對我們正在進行的一些更大的戰略項目的補充，這些項目有利於我們整體系統的可靠性、產能和盈利能力，即我們的 Mountain Cement 工廠和 Duke Wallboard 工廠的現代化改造。

We made good progress on both projects during the quarter, which means that our Laramie, Wyoming Cement plant should be going through its commissioning late this calendar year, followed by our Duke, Oklahoma commissioning in the second half of calendar 2027. Each investment will lower the cost structure of the respective plant, strengthen our already low-cost competitive position, and deliver a strong return on investment.

本季我們在兩個專案上都取得了良好進展，這意味著我們位於懷俄明州拉勒米的水泥廠應該會在今年年底投入使用，隨後我們位於俄克拉荷馬州杜克的水泥廠將於 2027 年下半年投入使用。每項投資都將降低相應工廠的成本結構，鞏固我們已有的低成本競爭地位，並帶來豐厚的投資回報。

I'm incredibly excited for what's ahead, as we are experiencing some downtime at the Mountain Cement kilns recently, increasing the justification for the modernization project. In the meantime, we can use our network of Cement plants to meet our customer needs, albeit at an increased cost. We'll continue to report on progress, as we approach the end of each plant's construction timeline.

我對未來充滿期待，因為最近山地水泥窯出現了一些停工情況，這更證明了現代化工程的必要性。同時，我們可以利用我們的水泥廠網路來滿足客戶的需求，儘管成本會增加。隨著各工廠建設工期接近尾聲，我們將繼續通報進度。

With both plants coming online over the next 18 months, let me pivot now to where we think we are in the economic cycle. At Eagle, we don't operate in a way that is overly focused on short-term demand cycles. Our primary products are essential commodities; meaning, demand will fluctuate. That being said, Heavy Materials and Wallboard appear to be at different inflection points today.

未來 18 個月內，這兩座工廠都將陸續投產。現在，我想談談我們認為目前所處的經濟週期階段。在 Eagle，我們的營運方式並非過度關注短期需求週期。我們的主要產品是生活必需品；這意味著需求會波動。也就是說，重型材料和牆板目前似乎處於不同的轉折點。

Our Cement and Aggregates sales volumes grew last quarter. We believe the support from federal, state, and local infrastructure spending, plus solid growth on key non-residential end markets, will continue support for our Heavy Materials business. As discussed last quarter, we have announced price increases for the first quarter of calendar 2026 in most of our markets, further reflecting our volume expectations for our Heavy Materials business.

上個季度，我們的水泥和骨材銷量有所成長。我們相信，聯邦、州和地方政府的基礎設施支出支持，以及主要非住宅終端市場的穩健成長，將繼續為我們的重型材料業務提供支援。正如上個季度所討論的，我們已宣佈在 2026 年第一季提高大部分市場的價格，這進一步反映了我們對重型材料業務的銷售預期。

At the same time, residential construction, which drives Wallboard volumes, was challenged last quarter. Current housing data reflects the affordability issues that have been plaguing the homebuilding industry for quite some time. Recent housing policy announcements, combined with more accommodative monetary and fiscal policy, recognize the fundamental need for new home construction in the US so we are monitoring these developments closely.

同時，推動牆板銷售成長的住宅建設在上個季度面臨挑戰。目前的住房數據反映了長期以來困擾房屋建築業的住房可負擔性問題。近期推出的房屋政策，加上更寬鬆的貨幣和財政政策，都顯示美國對新建房屋有著根本性的需求，因此我們正在密切關注這些進展。

Nonetheless, as I said, our focus is on our operations, not on predicting demand. Over decades, we've demonstrated that we can operate equally well in strong economic environments and in mixed construction environments.

不過，正如我所說，我們的重點是運營，而不是預測需求。幾十年來，我們已經證明，無論是在強勁的經濟環境還是在混合的建築環境中，我們都能同樣出色地運作。

Our low-cost producer position gives us opportunities and advantages for managing cost. In Wallboard, our sustaining maintenance costs are already low. We benefit from the ability to flex production to match sales.

我們作為低成本生產商的地位為我們提供了成本管理的機會和優勢。Wallboard 的日常維護成本本來就很低。我們能夠靈活調整生產以滿足銷售需求，這讓我們受益匪淺。

Finally, as I mentioned earlier, our focus on financial discipline and balance sheet strength remains. During the quarter, we strengthened our already solid financial position, issuing $750 million in 10-year senior notes, aligning our capital structure with our ongoing investments at the Laramie, Wyoming Cement plant and Duke, Oklahoma Wallboard plant.

最後，正如我之前提到的，我們對財務紀律和資產負債表穩健性的關注仍然不變。本季度，我們透過發行 7.5 億美元的 10 年期高級票據，進一步鞏固了我們原本就十分穩健的財務狀況，使我們的資本結構與我們在懷俄明州拉勒米水泥廠和俄克拉荷馬州杜克牆板廠的持續投資保持一致。

While making significant progress on our major capital projects, we increased our return of capital to shareholders. During our fiscal third quarter, we returned nearly $150 million to shareholders through our dividend and share repurchases. Our leverage ratio of 1.8 times allows us to navigate cycles and stay in growth mode, even as our end markets have endured choppiness.

在重大資本項目取得顯著進展的同時，我們提高了股東的資本回報。在第三財季，我們透過股利和股票回購向股東返還了近 1.5 億美元。我們 1.8 倍的槓桿率使我們能夠應對週期波動並保持成長模式，即使我們的終端市場經歷了動盪。

Craig, with those comments, I will now turn it over to you.

克雷格，說完這些，現在我把發言權交給你了。

Thank you, Michael.

謝謝你，麥可。

Third-quarter revenue was $556 million, down slightly from the prior year. The decrease reflects lower Wallboard and Paperboard sales volume, partially offset by higher Cement sales volume and the contribution from the recently acquired Aggregates business.

第三季營收為5.56億美元，較上年同期略有下降。銷售下降反映出牆板和紙板的銷售減少，但部分被水泥銷售增加以及最近收購的骨材業務的貢獻所抵消。

Third-quarter earnings per share was $3.22, down 10% from the third quarter of fiscal 2025. The decrease reflects lower net earnings, mostly the result of lower Wallboard sales volume, offset by a 5% reduction in fully diluted shares due to our share buyback program.

第三季每股收益為 3.22 美元，比 2025 財年第三季下降 10%。淨利潤下降主要歸因於牆板銷售下降，但因我們的股票回購計劃導致完全稀釋股份減少 5%，抵消了部分損失。

Turning now to segment performance:

接下來我們來看細分市場表現：

In our Heavy Materials sector, which includes our Cement and Concrete and Aggregates segments, revenue was up 11%, driven primarily by a 9% increase in Cement sales volume and a 22% increase in Concrete and Aggregates revenue. Aggregate sales volume was up 81% to a record 1.6 million tons, reflecting a 34% increase in organic Aggregates sales volume and the contribution from the recently acquired Aggregates business.

在我們的重型材料部門（包括水泥、混凝土和骨材部門），收入成長了 11%，主要得益於水泥銷量成長 9% 以及混凝土和骨材收入成長 22%。骨材銷量成長 81%，達到創紀錄的 160 萬噸，這反映了有機骨材銷售成長 34% 以及最近收購的骨材業務的貢獻。

Operating earnings were up 9%, driven primarily by the 9% increase in Cement sales volume. As Michael mentioned, Cement price increases have been announced in most of our markets to take effect in the first part of calendar 2026.

營業利潤成長 9%，主要得益於水泥銷量成長 9%。正如麥可所提到的，我們大多數市場都已宣布水泥價格上漲，並將於 2026 年上半年生效。

Moving to the Light Materials sector on the next slide:

下一張投影片將介紹輕質材料領域：

Revenue in the sector decreased 16% to $203 million, reflecting lower Wallboard and Recycled Paperboard sales volume and a 5% decline in Wallboard sales prices. Operating earnings in the sector were down 25% to $73 million, primarily because of lower Wallboard sales volume and prices.

該行業的收入下降了 16%，至 2.03 億美元，反映出牆板和再生紙板的銷量下降，以及牆板銷售價格下降了 5%。該行業的營業利潤下降了 25%，至 7,300 萬美元，主要原因是牆板銷量和價格下降。

Looking now at our cash flow, we continue to generate strong cash flow and allocate capital in a disciplined way, in line with our strategic priorities. During the first nine months of the fiscal year, operating cash flow increased 5% to $512 million.

現在來看我們的現金流，我們繼續產生強勁的現金流，並以我們的策略重點，以嚴謹的方式分配資本。在本財年的前九個月，經營現金流成長了 5%，達到 5.12 億美元。

Capital spending increased to $295 million. Most of this increase was associated with the modernization and expansion of our Mountain Cement plant in Laramie, Wyoming and the modernization of our Duke, Oklahoma Wallboard plant. Considering these two projects, as well as our sustaining capital spending, we expect total capital spending in fiscal 2026 to be in the range of $430 million to $450 million.

資本支出增加至2.95億美元。這一增長主要與我們在懷俄明州拉勒米的 Mountain Cement 工廠的現代化和擴建以及我們在俄克拉荷馬州杜克的 Wallboard 工廠的現代化有關。考慮到這兩個項目以及我們的持續資本支出，我們預計 2026 財年的總資本支出將在 4.3 億美元至 4.5 億美元之間。

During our fiscal third quarter, while investing in these growth projects, we also significantly increased our shareholder distribution. We returned nearly $150 million to shareholders through our quarterly dividend payment and the repurchase of approximately 648,000 shares of our common stock.

在第三財季，我們在投資這些成長項目的同時，也大幅增加了股東分紅。我們透過季度分紅和回購約 64.8 萬股普通股，向股東返還了近 1.5 億美元。

Through the first nine months of fiscal '26, we have repurchased approximately 1.4 million shares or 4% of our outstanding. We have approximately 3.3 million shares remaining under our current repurchase authorization.

在 2026 財年的前九個月，我們回購了約 140 萬股股票，占我們已發行股票總數的 4%。根據我們目前的股票回購授權，我們還有大約 330 萬股剩餘。

Finally, a look at our capital structure, which continues to give us significant financial flexibility. As Michael mentioned, during the quarter, we further strengthened our financial position by issuing $750 million of 10-year senior notes, with an interest rate of 5%. This issuance enhances our debt maturity schedule, increases committed liquidity, and aligns our capital structure with the long-term investments we're making at our Mountain Cement plant and Duke Wallboard facility.

最後，我們來看看我們的資本結構，它繼續為我們提供相當大的財務靈活性。正如麥可所提到的，本季我們發行了 7.5 億美元的 10 年期優先票據，利率為 5%，進一步加強了我們的財務狀況。此次發行優化了我們的債務到期計劃，增加了承諾的流動性，並使我們的資本結構與我們在 Mountain Cement 工廠和 Duke Wallboard 工廠進行的長期投資保持一致。

We also used a portion of the proceeds to repay our bank credit facility. At December 31, 2025, our net debt-to-cap ratio was 48% and our net debt-to-EBITDA leverage ratio was 1.8 times.

我們也用部分收益償還了銀行信貸。截至 2025 年 12 月 31 日，我們的淨負債資本比率為 48%，淨負債 EBITDA 槓桿比率為 1.8 倍。

We ended the quarter with $419 million of cash on hand. Total committed liquidity at the end of the quarter was approximately $1.2 billion. We have no meaningful near-term debt maturities, giving us substantial financial flexibility.

本季末，我們手頭現金為4.19億美元。截至季末，已承諾流動資金總額約12億美元。我們近期沒有重大債務到期，這使我們擁有相當大的財務彈性。

Thank you for attending today's call. We'll now move to the question-and-answer session.

感謝您參加今天的電話會議。接下來進入問答環節。

Drew, I'll throw it back to you.

德魯，我把球丟回給你。

(Operator Instructions)

（操作說明）

Trey Grooms, Stephens Inc.

Trey Grooms，Stephens Inc.

Cement. If we could start there, the Cement volume, up nicely, again, in the quarter. Also, organic Aggregates volume, as well.

水泥。如果我們從這裡開始，水泥成交量在本季再次出現良好成長。此外，有機骨材的體積也需要考慮。

You touched on a few things there in the press release or in the slide deck, rather, that were -- where we were seeing some strength, maybe infrastructure, data centers, those types of things. Can you talk about -- is that demand pretty well widespread across your markets? Or is it more isolated to some specific geographies? And then, has that strength continued, as we've started off here into calendar '26?

你在新聞稿或幻燈片中提到了一些事情，例如——我們看到了一些優勢，可能是基礎設施、資料中心之類的。您能否談談—這種需求在您的市場中是否相當普遍？或者它是否僅限於某些特定地區？那麼，進入2026年，這種強勁勢頭是否依然維持？

Yeah. Trey, look, I would tell you, it's pretty broad-based across our markets. I think we came into calendar '25 -- if you think about a year ago, we were optimistic around infrastructure, some of the non-residential key markets. That played out as we had expected in many parts of our markets.

是的。特雷，聽著，我告訴你，這種情況在我們各個市場都相當普遍。我認為我們進入 2025 年——如果你回想起一年前，我們對基礎設施和一些非住宅關鍵市場持樂觀態度。在我們的市場中，這種情況在許多地區都如我們所預期的那樣發展了。

We're a broad national footprint. And so, as we head into calendar '26, we have some optimism -- continue to have that optimism around infrastructure and some of the non-residential markets.

我們的業務遍及全國。因此，展望 2026 年，我們對基礎設施和一些非住宅市場抱持一些樂觀態度，並將繼續保持這種樂觀。

Always hard to generate a trend in January and February, given winter weather. Certainly, we've all lived through that in the last week or so. But, optimism, coming into '26.

鑑於冬季天氣，一月和二月很難得出趨勢。當然，在過去一周左右的時間裡，我們都經歷了這種情況。但是，樂觀情緒籠罩著2026年。

Good deal. Okay. Sticking with Cement, the margins impacted a bit here or down a little bit here. I understand there was maybe a slight decline in pricing but volume, again, here was strong, like we discussed.

很划算。好的。繼續關注水泥行業，利潤率在這裡受到了一些影響，或者說略有下降。我知道價格可能略有下降，但銷量依然強勁，正如我們之前討論的那樣。

Can you talk about what's driving the margins there? I didn't see anything unusual called out in the press release, as far as maintenance or anything but, just, if you can maybe touch on the margins in Cement.

您能談談是什麼因素影響了那裡的利潤率嗎？我沒有在新聞稿中看到任何關於維護或其他方面的異常之處，但是，如果您能稍微提及一下水泥行業的利潤情況就太好了。

Yeah. Look, costs were largely in line. We did have some raw material costs -- purchased raw materials costs -- that were up this quarter. But maintenance was largely in check.

是的。你看，成本基本上符合預期。本季我們的原物料成本（採購原物料成本）有所上升。但維護工作基本上得到控制。

Fuel costs, as we've talked about, have been largely in line. So nothing stands out significantly.

正如我們之前討論過的，燃油成本基本上保持穩定。所以沒有特別突出的地方。

Okay. Okay. Fair enough. And then, last one for me is: On Wallboard pricing, you saw a little bit of a decline there, sequentially. I think it was about 3% or so; not overly surprising.

好的。好的。很公平。最後，我想說的是：關於牆板價格，我們看到價格較上季略有下降。我認為大概是3%左右；這並不令人意外。

But has this pricing trend maybe continued into January? Or how should we be thinking maybe about the, directionally at least -- around Wallboard pricing here in the near term, as we bump along at these lower demand levels, with nothing looking to change drastically on that front, at least in the near term? Any color you could give us on how we should be thinking about that?

但這種價格上漲趨勢是否延續到了一月？或者，鑑於目前需求水準較低，短期內似乎不會出現任何重大變化，我們應該如何看待（至少在方向上）近期牆板的價格走勢？您能否就我們應該如何看待這個問題給予一些建議？

Yeah. You hit on it, Trey. The annual shipments for calendar '25 for Wallboard came in at about 25.4 billion square feet. That's back to a 2018 pace. In this type of residential market, not at all surprised to see pricing have some downward trend.

是的。你說對了，特雷。2025 年牆板的年出貨量約為 254 億平方英尺。這又回到了2018年的速度。在這種類型的住宅市場中，價格出現一定程度的下降趨勢並不令人意外。

But, again, very range bound, relative to what we've seen and, certainly, relative to the demand environment that we're in. So not surprised by that at all.

但是，再次強調，相對於我們所看到的，以及當然相對於我們所處的需求環境而言，其範圍非常有限。所以對此我一點也不感到驚訝。

Yeah. Yeah. But I assume it's still your take that there's been a lot of changes in the industry and with the cost structure that we've talked about for years that have, I think, maybe made some changes with pricing over the long term being somewhat structurally higher, just given the backdrop of some of those things.

是的。是的。但我認為你仍然認為，行業發生了許多變化，而且我們多年來一直在討論的成本結構也發生了變化，我認為，考慮到這些因素，從長遠來看，價格可能會出現一些結構性上漲。

Is it still your take that modest declines could be expected but these changes are still in place, such that we shouldn't be expecting any replay of some of the more drastic price swings that we saw -- maybe, go back 10-plus years ago?

您是否仍然認為，雖然可能會出現小幅下跌，但這些變化仍然存在，因此我們不應該期待重現我們曾經看到的一些更劇烈的價格波動——也許可以追溯到 10 多年前？

Yeah. No, exactly. Given all the changes that have happened with raw material costs, this is what you would have expected to see happen: a pretty range-bound pricing environment, even in light of a very difficult residential environment. So I don't see anything changing, from that perspective.

是的。沒錯，正是如此。考慮到原材料成本發生的所有變化，即使考慮到非常艱難的住宅市場環境，這也在情理之中：價格環境相當穩定。所以從這個角度來看，我覺得不會有任何改變。

I do think there's upside on pricing, as we get housing to recover and back to a reasonable level of construction activity. I think you'd see that fairly quickly.

我認為隨著房屋市場復甦，建築活動恢復到合理水平，房價還有上漲空間。我想你很快就會明白這一點。

But, in the current environment, yeah, I still think prices are relatively range-bound.

但是，在當前環境下，是的，我仍然認為價格將相對穩定在一定範圍內波動。

Brent Thielman, DA Davidson.

布倫特·蒂爾曼，地方檢察官戴維森。

Just had a follow-up on the Wallboard side, just down 14%, in terms of shipments. Just thoughts in terms of whether that's consistent across the footprint or you've got some -- potentially, some regions outperforming that.

剛剛跟進了一下牆板業務，出貨量下降了 14%。只是想了解一下，這種情況是否在整個區域內保持一致，或者是否有一些地區表現得更好。

No. That was pretty consistent across our regions. If you look at the total GA numbers, they were down 8%. Our regions underperformed that. So our business was pretty much in line with the regional performance.

不。這種情況在我們各個地區都相當一致。如果查看GA的總數據，會發現下降了8%。我們各地區的表現均未達預期。因此，我們的業務表現與區域整體表現基本一致。

Okay. And then, on the Lehigh JV, Craig, has been anticipating some improvement, in terms of the profit contribution. Just wanted to get a sense of what we're seeing here in the December quarter, indicative of the market trends? Or there's still some operational noise under the hood there?

好的。此外，克雷格也預計，在利哈伊合資企業方面，利潤貢獻將會有所改善。我只是想了解12月季度的情況，看看它是否能反映出市場趨勢？或者說，這裡面還有一些運行噪音？

Yeah. With the JV itself, the plant itself is performing better. Texas was probably our most challenged market, both from a pricing standpoint and some on demand and its competitive nature with it.

是的。合資企業本身營運狀況較好，工廠的運作也更有效率。德州可能是我們面臨的最大挑戰市場，無論是從定價角度，還是從需求和競爭性質來看都是如此。

I know Trey asked the previous question about, across the US, where we see our demand and our pricing and everything with it? We've been very stable in every location, except Texas had the most pressure.

我知道 Trey 之前問過一個問題，那就是在美國各地，我們看到了怎樣的需求、定價以及與此相關的一切？除了德州承受的壓力最大之外，我們在其他所有地方都保持了非常穩定的狀態。

So you could really look at this as more of, we had to adjust our pricing more in that area, which offset some of the benefits you'd see from our plant operating better on the profit side.

所以你可以把這看作是我們必須更多地調整該領域的定價，這抵消了我們工廠營運狀況改善在利潤方面帶來的一些好處。

Okay. All right. I appreciate that. Maybe just last quick one.

好的。好的。我很感激。或許就最後快速一次吧。

Just in terms of the proposed price increases in Cement here to start the year, I think, typically, you do some in January and some in spring. Just from past experience, obviously, terrible weather across the country. Does that potentially push some of this more into the spring? Any thoughts around that?

就今年年初水泥價格的上漲計劃而言，我認為，通常情況下，一部分漲價會在一月份進行，一部分會在春季進行。僅從過去的經驗來看，全國各地天氣都非常惡劣。這是否有可能將其中一些工作推遲到春季進行？對此有什麼想法嗎？

Yeah. Brent, I would say, we have terrible spring every January and February. So, yeah, look, the volume improvement we saw here in calendar '25 is really good to see, in terms of the incremental pricing opportunity, as we head into calendar '26.

是的。布倫特，我覺得我們這裡每年一月和二月的春天都很糟糕。所以，是的，你看，我們在 2025 年看到的銷售成長確實令人欣喜，就 2026 年的增量定價機會而言，這是一個非常好的現象。

We do have increases out there, as we talked about. They're spread throughout here the first couple of months of calendar '26. Exact realization, we'll certainly update everybody on.

正如我們剛才討論的那樣，市場上的確出現了成長。它們分佈在 2026 年的前幾個月。具體情況確定後，我們一定會及時通知大家。

But we have the volume momentum -- that's a good sign -- and expect that to continue here into calendar '26.

但我們現在擁有強勁的成交量勢頭——這是一個好兆頭——預計這種勢頭將持續到 2026 年。

Anthony Pettinari, Citigroup.

安東尼佩蒂納裡，花旗集團。

Hi. This is Asher Sohnen, on for Anthony.

你好。這是阿舍·索恩，他代替安東尼上場。

I was just wondering how we should think about, maybe, natural gas costs for Wallboard and Cement in the fiscal fourth quarter. I think natural gas prices have risen pretty meaningfully in recent weeks. I'm just wondering how you guys are looking at that.

我只是在想，我們該如何考慮第四財季牆板和水泥的天然氣成本。我認為近幾週天然氣價格上漲幅度相當顯著。我只是想知道你們是怎麼看待這件事的。

Yeah. It's really more of a Wallboard thing.

是的。這其實更像是牆板的問題。

In Cement, you're going to burn typically more solid fuels than natural gas.

在水泥生產中，通常會燃燒比天然氣更多的固體燃料。

In Wallboard, we do have a hedging program in place. So we're a little more than 50% hedged here through the winter, which is where we like to be because you will see these spikes when you get these winter storms that pop up. I think that's what's driven natural gas here in the last week or so with the colder temps. Fully expect that to come back down more in line.

Wallboard公司確實實施了避險計畫。所以，我們冬季的對沖比例略高於 50%，這正是我們所希望的，因為當冬季風暴來襲時，你會看到價格飆升。我認為，正是氣溫下降推動了過去一周左右天然氣價格的上漲。完全有理由相信價格會回落到更合理的水平。

There's not something that's structurally changed in the natural gas markets so just a short period here, during the winter. We've got a good hedge position from that.

天然氣市場的結構性變化並不大，這只是冬季期間的短期現象。我們從中獲得了良好的對沖部位。

Okay. Great. And then, one more for me.

好的。偉大的。然後，再給我來一杯。

With the pressure in Wallboard, it seems like it's coming a lot from new build. But I was wondering if you could talk about roughly what portion of the business is repair and remodel -- I know it's a little bit smaller, maybe harder to estimate; and then, what trends you might be seeing in that end market, if you're able to get that visibility?

牆板產業面臨的壓力似乎主要來自新建案。但我很想知道您能否大致談談維修和改造業務在公司業務中所佔的比例——我知道這部分業務規模較小，可能比較難估算；然後，如果您能夠了解這方面的市場情況，您認為終端市場有哪些發展趨勢？

Yeah. No. It's a good question.

是的。不。這是個好問題。

We talk about a lot of the new residential construction activity but repair and remodel is, call it, a third of the demand profile for Wallboard. It's certainly meaningful and has been growing over the last many, many years. It's a much steadier market; harder to get forecast data exactly but, at least, the forward-look there continues to see low-single-digit type of growth and a very meaningful market for us.

我們談了很多新建住宅建設活動，但維修和改造，可以說，佔牆板需求量的三分之一。它當然意義非凡，而且在過去的許多年裡一直在不斷發展壯大。這是一個更穩定的市場；雖然很難獲得準確的預測數據，但至少從長遠來看，那裡的成長仍將保持個位數低位，對我們來說是一個非常有意義的市場。

So it's a good question.

所以，這確實是個好問題。

Timna Tanners, Wells Fargo.

蒂姆娜·坦納斯，富國銀行。

I was hoping to follow up on the comments or questions about the upcoming quarter, if you had any specific observations on any impact to your operations from these storms? Anything you can comment on there?

我希望能就即將到來的季度提出一些評論或問題，您是否對這些風暴可能對您的營運造成的影響有任何具體看法？你對此有什麼看法嗎？

As it relates specifically to the winter storms, our folks have done a really, really good job of preparing the facilities for very extreme cold temps: weather-proofing lines -- raw material lines and things like that.

就冬季風暴而言，我們的員工在應對極端寒冷天氣方面做得非常出色：對生產線、原材料生產線等進行了防風雨處理。

From the winter storm perspective, our folks and our plants are ready for it.

從應對冬季風暴的角度來看，我們的人員和工廠都做好了準備。

Okay. I appreciate that. And then, I was wondering if you can get into some more specifics about what you're seeing about Cement imports. I think that's what you're alluding to, in terms of Texas and California. But any updated observations there?

好的。我很感激。然後，我想請您詳細說明您觀察到的水泥進口情況。我想你指的是德州和加州的情況。但那方面有什麼新的觀察結果嗎？

Yeah. Really, how you look at it is, any of the markets that could be served by imports, of course, it all depends on the freight rates and everything coming in. Texas is not just impacted by imports, though, with my comments there. There's been a structural change in the market in Texas a little bit with the ownership.

是的。實際上，從這個角度來看，任何可以透過進口來滿足的市場，當然，這一切都取決於運費和所有進口商品的價格。不過，就我而言，德州受到的影響不僅限於進口商品。德州的市場結構發生了一些變化，所有權方面有所改變。

Every time there is changes in it, people operate their plants a little bit differently and look at markets a little bit differently. So I think there has been some structural changes on how those plants -- that changed ownership, which is a significant portion of the production in the Texas market between -- the two facilities have different owners that they look at it different.

每當情況改變時，人們都會稍微改變工廠的運作方式，也會稍微改變看待市場的方式。所以我認為這些工廠的結構發生了一些變化——所有權發生了變更，這佔據了德克薩斯州市場很大一部分產量——這兩個工廠的所有者不同，他們看待問題的方式也不同。

So we've just had different competitive pressures in Texas. As you get closer to the coast, imports definitely do have an impact. But it's a -- it's not just one thing that's affecting Texas, it's more -- and that led us to respond to some competitive pressures.

所以我們在德州面臨的競爭壓力有所不同。越靠近海岸，進口的影響就越明顯。但影響德州的不僅僅是一件事，而是更多——這導致我們不得不應對一些競爭壓力。

Got it. Helpful. And then, just finally from us, on the CapEx comments, it seems like it was lowered from prior numbers. I'm just wondering if there's any basis or explanation for that.

知道了。很有幫助。最後，關於資本支出，我們這邊似乎比之前的數字下降。我只是想知道這是否有任何依據或解釋。

No. Thanks, Timna, for bringing that up. We have been forecasting closer to $500 million. It's just timing. When you get these very, very large projects, like Mountain Cement and the Duke plant, it's hard to exactly forecast when spending will occur. Nothing to change there.

不。謝謝蒂姆娜提出這個問題。我們先前預測的數字接近5億美元。只是時機問題。對於像 Mountain Cement 和 Duke 工廠這樣規模非常大的項目，很難準確預測何時會發生支出。沒什麼需要改變的。

And then, sustaining capital, we look very hard at what spending needs to occur there. In light of the elevated capital spending, we've done a good job of prioritizing more of the sustaining capital, which ends up with a slightly lower number.

然後，在維持資本方面，我們會仔細研究這方面需要進行的支出。鑑於資本支出增加，我們已在優先考慮維持性資本方面做得很好，最終導致資本支出數字略有下降。

Adam Thalhimer, Thompson Davis.

亞當·塔爾海默，湯普森·戴維斯。

I wanted to start on capital allocation. How are you guys thinking about share repurchases and acquisitions after the November bond deal?

我想先從資本配置著手。你們對11月債券交易後的股票回購和收購有什麼想法？

Yeah. Look, that's where we spend a lot of our time. We've positioned the assets well. We've got a good group of operators. And so how we continue to allocate capital to generate value is where we spend the majority of our time.

是的。你看，我們大部分時間都待在那裡。我們已經對資產進行了妥善配置。我們擁有優秀的營運團隊。因此，我們如何持續配置資本以創造價值，是我們花費大部分時間關注的重點。

As we've said -- and this really hasn't changed over decades -- and that is the priority is to continue to grow the organization but with a high bar for that growth, both strategically and financially; and whether that's M&A or organic.

正如我們所說——而且幾十年來這一點並沒有改變——那就是，首要任務是繼續發展壯大組織，但對這種發展設定很高的標準，無論是在策略上還是在財務上；無論是透過併購還是內部成長。

So we have the two large organic projects underway, very excited about those and the returns they will generate.

目前我們有兩個大型有機項目正在進行中，我們對這些項目以及它們將帶來的回報感到非常興奮。

But we've also got a balance sheet that we can continue to pursue M&A activity but remaining very disciplined on valuation there.

但我們的資產負債表也允許我們繼續進行併購活動，同時在估值方面保持非常嚴格的紀律。

And then, you have our capital return strategy. We certainly repurchased more shares this quarter than we had in quite some time. Some of that's also relative to the stock price. And so we still see value in the shares.

然後，我們還有資本回報策略。本季我們回購的股票數量確實比過去一段時間都要多。其中一些因素也與股價有關。因此，我們仍然認為這些股票有價值。

But we're fortunate we can continue to have a balanced offense across all three of those.

但我們很幸運，我們能夠在進攻端保持三線進攻的均衡性。

Great. And then, I wanted to ask about Wallboard margins. Can you talk a little bit about the puts-and-takes there? What I'm really getting after is if margins could stabilize at that Q3 level?

偉大的。然後，我想問牆板的邊距問題。能稍微談談那裡的買賣交易嗎？我真正想知道的是，利潤率能否穩定在第三季的水平？

Yeah. Look, I think we talked about we saw some sequential price declines there. I still think they're moderated, given the structure and the changes that have occurred.

是的。你看，我想我們之前討論過，我們看到那裡的價格出現了一些連續下跌。考慮到組織結構和已經發生的變化，我仍然認為它們是溫和的。

Cost-wise, OCC continues to be at a pretty low level. Natural gas, again, it fluctuates a little bit during the winter but don't see that as a long-term change. We own our primary raw materials. So nothing significant on the cost side that we're looking at today.

從成本上看，OCC 的價格仍然處於相當低的水平。天然氣價格在冬季會有輕微波動，但這不屬於長期變化。我們擁有主要原料的所有權。所以今天我們在成本方面沒有看到任何重大變化。

But, in a volume environment, we'll see where that goes. But we've positioned the business to continue to perform at this high level, even in this difficult environment for residential construction. So I think we'll continue to see good performance.

但是，在實際交易量龐大的環境下，我們將拭​​目以待。但我們已經做好充分準備，即使在當前住宅建築業面臨困境的環境下，也能繼續維持高水準的業務表現。所以我認為我們將繼續看到良好的表現。

Okay. Last one for me. The Wallboard comps get a lot easier starting in late calendar '26. I'm just curious if there's any reason for optimism on volume stabilization or, maybe, even a little bit of growth, as we get to the back half of the year.

好的。這是我最後一個了。從 2026 年底開始，Wallboard 比賽會變得容易得多。我只是好奇，隨著下半年到來，銷售是否有可能穩定，甚至略有成長，這方面是否有任何樂觀的跡象。

Yeah. Look, there's a lot of moving parts when it comes to homebuilding, right now. So I would say our optimism is around how well our assets are positioned; the cash flow that we're generating, even in this environment; and our ability to continue to make good return investments.

是的。你看，現在房屋建造涉及很多環節。所以我認為，我們的樂觀情緒源自於我們資產的良好配置；即使在這種環境下，我們也能產生現金流；以及我們繼續進行高回報投資的能力。

So we'll deal with the choppiness. When it does recover, I think it recovers meaningfully. You'll see a significant upward inflection there. But, maybe, a little early to call that.

所以我們會解決訊號不穩定的問題。我認為，一旦恢復，它將得到實質的恢復。你會看到那裡出現明顯的上升趨勢。但是，現在下結論可能還為時過早。

Philip Ng, Jefferies.

Philip Ng，傑富瑞集團。

Michael, great color on the Texas market for Cement. Are you seeing any other regions where you're seeing price competition be a little more elevated, perhaps in the West? I know the last earnings call, you guys announced an $8 per ton Cement price increase in all the markets, ex-Texas and the West.

邁克爾，這顏色在德克薩斯州的水泥市場上非常受歡迎。您是否注意到其他地區，例如西部地區，價格競爭也更加激烈？我知道在上次財報電話會議上，你們宣布除德州和西部地區外，所有市場的水泥價格每噸上漲 8 美元。

Have you announced price increases in those markets? Any early read on how the Jan increase is progressing? Are you seeing any traction? Or are you seeing some pushback here?

你們是否已宣佈在這些市場漲價？有沒有人能提前透露1月加薪的進展？你看到任何進展了嗎？還是你看到這方面有些阻力？

It's a great question. When we look across the US, we're very happy with the remainder of our markets. Some markets -- each market is independent of each other, when you look at the supply-demand dynamics with it. But, for the most part, we've announced price increases across the majority of our network with it.

這是一個很好的問題。放眼美國其他地區，我們對其他市場的狀況非常滿意。有些市場－當你觀察其供需動態時，每個市場都是彼此獨立的。但總的來說，我們已經宣布了旗下大部分產品的價格上漲。

I highlighted Texas is the one that's the most challenged. Every other market, structurally, is in very good position, we feel. So there's nothing I would point out there.

我重點指出，德州面臨的挑戰最大。我們認為，從結構上看，其他所有市場都處於非常有利的地位。所以沒什麼需要指出的。

What we're really going to determine over the next months is which ones -- as we talk with our customers, what that number is and if it's a January increase or an April increase. That will be determined by individual markets.

接下來的幾個月，我們將真正確定的是哪些客戶——透過與客戶的溝通，確定具體數字，以及是 1 月的成長還是 4 月的成長。這將由各個市場自行決定。

Okay. That's helpful. And then, a question for you, Craig. Wallboard prices bled a little bit, right? No surprise there, just given the dynamic on the homebuilding side.

好的。那很有幫助。那麼，克雷格，我有個問題想問你。牆板價格略有下跌，對吧？這並不奇怪，畢竟房屋建造業目前的情況就是這樣。

Are you expecting prices to stabilize here? Some of the weakness, is that destocking-related or it's just normal trends, in terms of underlying demand? How should we think about the Wallboard side of things?

你預計這裡的物價會趨於穩定嗎？部分疲軟是由於去庫存造成的，還是只是潛在需求的正常趨勢？我們該如何看待牆板方面的問題？

Yeah. Not really destocking, in my view. Just, it's a perishable product so you can't store it outside. You're subject to the indoor storage at our manufacturing facilities and the distributors.

是的。在我看來，這不算是真正的清倉。只是，它是易腐品，所以不能放在室外儲存。您需要遵守我們生產設施和經銷商的室內儲存規定。

Look, as we said in the beginning, I'm not surprised by some of the pricing weakness but it's all relative. It's down but not down anything like what we would have seen in prior cycles, especially at this demand level.

正如我們一開始所說，我對一些價格疲軟的情況並不感到驚訝，但這都是相對的。雖然有所下降，但遠沒有我們之前幾個週期看到的那麼嚴重，尤其是在目前的需求水準下。

Utilization rates are higher, just given some of the raw material issues.

考慮到一些原料問題，利用率已經很高了。

Again, I think pricing stays range-bound. I wouldn't be surprised to see some further decline here. But I think it's all relative -- and, certainly, versus where we are with the demand side.

我再次認為價格將保持在一定範圍內波動。如果這裡的情況進一步惡化，我不會感到驚訝。但我認為這一切都是相對的——當然，還要與我們現在的需求情況進行比較。

Got you. Just one final question on the Wallboard side.

抓到你了。關於 Wallboard 方面，最後一個問題。

Two of, I believe, your larger customers on the Pro distribution side now are owned by [big box]. I'm just curious, as you look into 2026, have that relationship dynamic changed any way, in terms of how you're talking about procurement conversations? Is it the same people or it's merge where you have the retail side versus the Pro side having one conversation; and any movement from a placement standpoint we should be mindful of this year?

我相信，你們在專業分銷方面的兩家大客戶現在都歸屬於…所有。[大盒子]。我很好奇，展望2026年，在採購對話方面，你們的關係動態是否有改變？是同一批人，還是零售部門和專業部門合併後進行一次對話？今年在產品佈局方面有什麼變化值得我們關注嗎？

Yeah, Phil. I think it's probably a little early to have that definitive -- see how -- again, you mentioned it -- and it's an important point -- very different business models: the traditional retail versus the mass distribution.

是的，菲爾。我認為現在下定論可能還為時過早——你又提到了這一點——這是一個重要的觀點——非常不同的商業模式：傳統零售與大眾分銷。

How they run those is, I think, to be determined, if they run them together or keep them independent because they are so different. So it's something that we'll continue to monitor. But, maybe, a little early to talk about that.

我認為，它們如何運作還有待決定，是合併運作還是保持獨立運作，因為它們截然不同。所以我們會繼續關注此事。但是，現在談論這個可能還為時過早。

Keith Hughes, Truist.

Keith Hughes，Truist。

A couple of questions on Wallboard. Given the volume, did you have to take extra downtime? In the December quarter, you were expecting. Same thing on the March quarter, we have some of that, just given where housing is and where the trends are.

關於 Wallboard 的幾個問題。鑑於業務量如此之大，你們是否需要額外停機維護？在十二月季度，您有所期待。三月的季度情況也一樣，考慮到目前的住房狀況和發展趨勢，我們也有一些相關數據。

Keith, like we've always done, you match the production with the sales opportunity. It's more of a variable cost business; very different than Cement.

基思，就像我們一直以來所做的那樣，你要讓生產與銷售機會相匹配。它更偏向於可變成本業務；與水泥行業截然不同。

You can run a Wallboard plant seven days a week; you can run it 4 days a week. So you'll certainly modulate shifts, depending upon the opportunity.

你可以讓牆板廠一週七天運轉；你也可以讓它一週運轉四天。所以你一定會根據情況調整輪班安排。

Okay. Switching back over to Cement. On the Cement side, I know you got price increases out. When will you be able to definitively tell what pricing is going to be like for the year? Is that something that becomes evident in March? Or does it take well into the second quarter before the price settles in?

好的。切換回水泥。我知道水泥業已經提價了。你們什麼時候才能最終確定今年的價格走勢？這種情況會在三月變得明顯嗎？或者說，價格要到第二季中期才能穩定下來？

Keith, really, it's going to be dependent on our conversations we have with our customers and what those individual markets are. We'll update you on each quarter. You'll see it in the financial results, with where we did the price increases and when.

基思，實際上，這取決於我們與客戶的溝通以及各個市場的具體情況。我們會每季向您報告情況。你會在財務表現中看到這一點，我們會說明我們在哪些地方以及何時漲價。

Really, our conversations, right now, are on timing. We've announced them in those markets. It's just on what timing we implement that makes sense for us and our customers.

實際上，我們現在的對話都圍繞著時機。我們已在這些市場發布了相關資訊。關鍵在於選擇對我們和我們的客戶都合適的實施時機。

Garrett Greenblatt, JP Morgan.

Garrett Greenblatt，摩根大通。

I was wondering, if you just touch on Cement pricing, once again, in terms of what have you announced in your current letters that you've already sent?

我想問一下，您能否再次談談水泥價格問題，您在目前已發出的信函中都宣布了哪些內容？

And then, maybe something like a low-single-digit volume growth year for Cement, what has been the historical realization rate?

那麼，如果水泥銷量成長只有個位數，那麼歷史實際成長率是多少呢？

Yeah. In terms of the price increases that have been announced, they've been around $8 a ton for most of our markets across the US, excluding Texas and the Far West markets.

是的。就已宣布的價格上漲而言，除德克薩斯州和遠西部市場外，我們在美國大部分市場的漲幅約為每噸 8 美元。

Timing ranges somewhere between January and April; the first part of your calendar '26. Michael said it earlier but these markets are very regional. So they'll have a very different -- the pricing will be determined regionally, rather than a national average. That's what we're going through, right now.

時間範圍在 1 月到 4 月之間；日曆上的前半部是 '26'。麥可之前也說過，這些市場具有很強的區域性。因此，它們的定價方式將大不相同——定價將按地區確定，而不是按全國平均水平確定。這就是我們現在正在經歷的事情。

Look, we're coming off of -- calendar '25, for us, is really the first year where we -- in the first three years -- the last three years where we've seen volume improve. And so that has certainly improved utilization rates. And so that's been good to see.

你看，我們剛剛經歷了——對我們來說，2025 年真的是我們——在過去的三年裡——銷量有所增長的第一年。因此，這無疑提高了利用率。所以看到這種情況令人欣慰。

As we head into calendar '26, again, optimism around volume continuing to grow and should push utilization rates higher.

隨著我們進入 2026 年，人們對銷售的樂觀情緒再次增長，這將推動利用率進一步提高。

And then, just a follow-up on Wallboard: How did those demand trends progress through the fourth quarter? Was there any momentum coming into calendar 1Q?

那麼，關於 Wallboard，還有一個後續問題：這些需求趨勢在第四季是如何發展的？進入第一季之前，市場是否有成長動能？

Look, it's been pretty consistent here in the second half of the year, which, I think, is pretty consistent with what the homebuilders has been reporting and others within this Light building materials sector, where the second half of the year was -- had a meaningful drop in demand profile.

你看，今年下半年情況一直相當穩定，我認為這與房屋建築商和其他輕型建築材料行業人士的報告基本一致，他們表示，今年下半年需求出現了顯著下降。

So I think as we head into calendar '26, again, you've got some winter issues here but expect to continue to see a similar trend.

所以我認為，隨著我們進入 2026 年，我們又會遇到一些冬季問題，但預計類似的趨勢還會繼續下去。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Michael Haack for any closing remarks.

我謹將會議交還給麥可·哈克，請他作總結發言。

Thank you, Drew.

謝謝你，德魯。

As we enter the final quarter of our fiscal year, we continue to prioritize health and safety, operational excellence, and financial discipline, while seeking growth opportunities that meet our strategic and financial criteria.

隨著我們進入本財年的最後一個季度，我們將繼續優先考慮健康與安全、卓越營運和財務紀律，同時尋求符合我們策略和財務標準的成長機會。

I look forward to elaborating more on our strategic priorities next quarter, as we wrap up our fiscal year 2026.

我期待在下個季度，也就是我們即將結束 2026 財年之際，進一步闡述我們的策略重點。

Thanks to everyone for joining our call today.

感謝各位今天參加我們的電話會議。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。