Eagle Materials Inc (EXP) 2026 Q4 法說會逐字稿

Good day, everyone, and welcome to Eagle Materials fourth quarter and fiscal 2026 earnings conference call. This call is being recorded. 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.

各位好，歡迎參加 Eagle Materials 第四季及 2026 會計年度（fiscal 2026）財報電話會議。本次會議將進行錄音。現在，我想把電話交給 Eagle 的總裁兼執行長 Michael Haack 先生。Haack 先生，請開始。

Thank you, Bailey, and welcome, everyone. Joining me today are Craig Kesler, our Chief Financial Officer; and Alex Haddock, Senior Vice President of Investor Relations, Strategy and Corporate Development. There will be a slide presentation made in connection with this call. To access it, please go to eaglematerials.com and click on the link to the webcast.

謝謝你，Bailey，也歡迎各位。今天與我一同出席的有：我們的財務長 Craig Kesler，以及投資人關係、策略與企業發展資深副總裁 Alex Haddock。本次電話會議將搭配投影片簡報。若要存取投影片，請前往 eaglematerials.com，並點選網路直播（webcast）連結。

While you're accessing the slides, please 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. Thanks for joining us today to discuss another year of solid execution at Eagle Materials.

在您存取投影片的同時，請注意第一張投影片載有我們對本次電話會議中所作之前瞻性陳述（forward-looking statements）的警示性揭露。這些陳述受各項風險與不確定性影響，可能導致實際結果與本次會議所討論者不同。更多資訊請參閱該揭露內容；該內容亦收錄於我們新聞稿的末尾。感謝各位今天加入我們，一同討論 Eagle Materials 又一個穩健執行的一年。

In fiscal 2026, during unusually high uncertainty in the economic environment, the Eagle team delivered strong financial and operational results. For the fifth straight year, we generated record revenue, delivering $2.3 billion of annual revenue and strong earnings per share of $13.16. We also returned over $400 million of cash to our shareholders. Eagle has a long track record of consistently investing where it matters.

在 2026 會計年度，面對經濟環境中異常高度的不確定性，Eagle 團隊仍交出強勁的財務與營運成果。連續第五年，我們創下營收新高，全年營收達 23 億美元，每股盈餘（EPS）達 13.16 美元，表現強勁。我們也向股東返還超過 4 億美元現金。Eagle 長期以來一貫在關鍵之處持續投資。

Let me start with the safety of our people. For the past five years, our combined businesses have, on average, maintained a total recordable incident rate below the industry average. In fiscal 2026, we also increased our near miss hazard observations, the best leading indicator to prevent safety incidents by 24%. With regards to ensuring the long-term sustainability of our operations, we have completed or started several very strategic investments.

我先從員工安全談起。過去五年，我們合併後的各項業務平均維持的總可記錄事故率（total recordable incident rate）低於產業平均。於 2026 會計年度，我們也將「未遂事件（near miss）」危害觀察次數提高了 24%；這是預防安全事故最重要的領先指標。至於確保營運的長期永續性，我們已完成或啟動多項非常具策略性的投資。

The most notable are over the next 18 months, Eagle will complete the modernization of one of our oldest cement plants, Mountain Cement and one of our oldest Wallboard plants in Oklahoma. These projects show our continued focus on investing in our assets to keep them in like new condition. The Mountain Cement plant modernization is approximately 60% complete, and we expect commissioning of the new kiln line to begin in late calendar 2026.

其中最值得注意的是，在未來 18 個月內，Eagle 將完成我們最老的水泥廠之一 Mountain Cement 的現代化改造，以及我們最老的石膏板（Wallboard）廠之一（位於奧克拉荷馬州）的現代化改造。這些專案展現我們持續聚焦於投資資產，使其維持如新狀態。Mountain Cement 廠的現代化改造目前約完成 60%，我們預期新的窯線（kiln line）將於 2026 年曆年（calendar 2026）年底開始試車投產（commissioning）。

Construction on the Duke, Oklahoma Wallboard plant is approximately 30% complete, and we expect to commission the new Wallboard line in the second half of calendar 2027. These investments will lower our cost structure, improve reliability and expand the capacity of each plant, which will further increase production flexibility across our plant network and strengthen our already low-cost competitive position.

奧克拉荷馬州 Duke 石膏板廠的工程建設目前約完成 30%，我們預期新的石膏板產線將於 2027 年曆年下半年完成試車投產。這些投資將降低我們的成本結構、提升可靠度並擴增各廠產能，進一步提高我們整體廠網的生產彈性，並強化我們既有的低成本競爭優勢。

Another area of strategic investment has been in our quarries. The limestone, gypsum and rock that we have at each quarry in their proximity to their plants is crucial for Eagle's success across all of our business lines. Controlling decades of our primary raw materials gives us a critical competitive advantage in terms of cost and consistent high-quality supply.

另一個策略性投資領域是我們的採石場（quarries）。各採石場的石灰石、石膏與岩石資源，以及其與工廠的距離，對 Eagle 在所有業務線的成功至關重要。掌握數十年所需的主要原料，能在成本與穩定供應高品質原料方面，為我們帶來關鍵競爭優勢。

This is particularly important in periods of cost spikes and supply chain disruptions. It also enables us to maintain a consistent, high-quality product that is reliable for our customers through decades. We have over 50 years on average of quarried reserves at each plant, and we have maintained the 50-year average on a rolling basis through land investments.

這在成本飆升與供應鏈中斷期間尤其重要。同時，這也使我們能在數十年間維持一致且高品質、對客戶而言可靠的產品。我們各工廠平均擁有超過 50 年的採石儲量（quarried reserves），並透過土地投資以滾動方式維持 50 年的平均水準。

Turning to the macro level view of our businesses. We could easily get distracted by headline noise and the near-term volatility and become overly focused on the potential knock-on effects for short-term product demand. However, we are disciplined in maintaining a through-the-cycle view. From that perspective, we are still fundamentally bullish on the structural tailwinds that will continue to support our industries for many cycles to come.

接著從宏觀層面來看我們的業務。我們很容易被新聞標題的雜訊與短期波動分散注意力，並過度聚焦於對短期產品需求可能產生的連鎖效應。然而，我們嚴守紀律，維持穿越景氣循環（through-the-cycle）的觀點。從這個角度來看，我們仍然基本上看多（bullish）那些將在未來多個景氣循環中持續支撐我們產業的結構性順風（structural tailwinds）。

Our products are essential for building in renewal of America's infrastructure, schools, hospitals and homes to name some applications. Though demand for our core products is trending well below prior peak levels, the US population has grown significantly and the US infrastructure of existing homes are reaching record age levels.

我們的產品對於美國基礎建設的建設與更新、學校、醫院與住宅等應用而言不可或缺。雖然我們核心產品的需求趨勢仍明顯低於先前的高峰水準，但美國人口已顯著成長，而美國既有住宅與基礎設施的屋齡也正達到歷史新高。

At the same time, there are no scalable or viable substitutes for our products and supply constraints across cement, wallboard and aggregates will constrain capacity additions in each industry over the medium to long run. We believe that when demand does strengthen we are well positioned given our low-cost production advantages and our ongoing investments to reinforce those advantages.

同時，我們的產品沒有可規模化或可行的替代品；而水泥、石膏板與骨材（aggregates）等產業的供給限制，將在中長期抑制各產業的產能擴張。我們相信，當需求轉強時，憑藉我們的低成本生產優勢，以及持續投資以鞏固這些優勢，我們將處於有利位置。

In fact, we are seeing this play out for Eagle even in the current choppy business environment. In the cement sector, infrastructure and cement-intensive nonresidential construction applications are tightening several of our regional markets. Given the federal infrastructure spending still ahead for IIJA, the strength of state-level infrastructure budgets and the data center projects positively affecting our entire footprint, the volume outlook for our heavy materials businesses remain favorable across our entire footprint.

事實上，即使在目前較為顛簸的商業環境中，我們也看到這一點正在 Eagle 身上發生。在水泥領域，基礎建設以及水泥密集型的非住宅建築應用，正使我們數個區域市場趨於緊俏。考量《基礎設施投資與就業法案》（IIJA）仍有後續聯邦基礎建設支出、各州層級基礎建設預算的強勁，以及資料中心專案對我們整體營運版圖（footprint）的正面影響，我們重型材料（heavy materials）業務的出貨量展望在整體版圖範圍內仍然有利。

On the cost side of our cement businesses, we are relatively well insulated from energy cost disruptions in the near term as we already locked in our fiscal 2027 primary fuel costs last winter. On the Wallboard side, as we've discussed, the near-term housing outlook is still facing several affordability headwinds. Most notably, we need mortgage rate relief to encourage home inventory turnover, which should translate into normalized view -- normalized new home construction activity.

在水泥業務的成本面，我們在短期內相對能抵禦能源成本擾動，因為我們已於去年冬天鎖定 2027 會計年度（fiscal 2027）的主要燃料成本。在石膏板方面，如同我們先前所討論，短期住宅市場展望仍面臨多項可負擔性逆風。最值得注意的是，我們需要房貸利率下降以促進房屋庫存周轉，進而帶動新屋開工活動回到常態水準。

We have seen Wallboard sales volumes hold steady from a historical perspective. And most importantly, we have seen relative price stability that is not surprising to us given supply constraints and raw material challenges for the rest of the industry.

從歷史角度來看，我們的石膏板銷售量一直維持穩定。更重要的是，我們看到相對的價格穩定；鑑於產能供給受限以及產業其餘同業面臨的原料挑戰，這並不令我們意外。

In both our cement and aggregates businesses, where volumes are inflecting positively currently and in our Wallboard business, where in the midterm, we believe the volume is poised to rebound as the homebuilding market normalizes, there is significant runway for earnings across our core business lines. We are well positioned to capitalize on that runway. We have continuously invested in our businesses throughout the cycle to capture upside opportunities as they materialize.

在我們的水泥與骨材業務中，目前出貨量正出現正向拐點；而在石膏板業務方面，我們相信中期隨著住宅建築市場回歸常態，出貨量有望反彈。整體而言，我們核心業務線的獲利仍有顯著的成長跑道（runway）。我們已做好準備把握這條跑道。我們在整個景氣循環中持續投資於各項業務，以在機會浮現時掌握上行空間。

As Craig will discuss, we have strengthened our already healthy balance sheet, which, in combination with our excess free cash flow generation, enables prudent, disciplined investments that further strengthen our competitive position. Our rigorous strategic and financial criteria mean we will be patient and ensure our inorganic and organic investments will reinforce consistent through-the-cycle growth. With that, I'll turn it over to Craig.

如 Craig 將說明，我們已強化本就健康的資產負債表；再加上我們超額自由現金流的創造能力，使我們能進行審慎且有紀律的投資，進一步鞏固競爭地位。我們嚴謹的策略與財務標準意味著，我們會保持耐心，並確保外延式（inorganic）與內生成長（organic）投資都能強化穿越景氣循環的穩健成長。接下來我把時間交給 Craig。

All right. Thank you, Michael. Fiscal year 2026 revenue was a record $2.3 billion, up 2% from the prior year. Fourth quarter revenue was also up 2% to a record $479 million. Both increases were driven by higher cement sales volume and contribution from the two acquired aggregates businesses, which were partially offset by lower Wallboard sales volume and prices.

好的，謝謝你，Michael。2026 會計年度營收創下 23 億美元新高，較前一年成長 2%。第四季營收亦成長 2%，達到 4.79 億美元的歷史新高。這兩項成長主要由水泥銷售量增加，以及兩家收購的骨材業務帶來的貢獻所帶動，但部分被石膏板銷售量與價格下滑所抵銷。

Annual earnings per share was $13.16, down 4%. The decrease reflects lower net earnings, which were mostly the result of lower Wallboard sales volume and prices offset by a 5% reduction in fully diluted shares due to our share buyback program.

全年每股盈餘為 13.16 美元，下降 4%。下降反映淨利減少，主要原因是石膏板銷售量與價格較低；但我們的庫藏股回購計畫使完全稀釋股數（fully diluted shares）減少 5%，對此形成抵銷。

Turning now to segment performance highlighted on the next slide. In our heavy materials sector, which includes our Cement and Concrete and Aggregates segments, revenue increased 10%, driven primarily by an 8% increase in cement sales volume and a 19% increase in concrete and aggregates revenue. Aggregate sales volume reached a record 6.6 million tons, up 70% year-over-year, reflecting contributions from our acquired aggregates operations.

接著看下一張投影片所強調的部門表現。在我們的重型材料部門（heavy materials sector）中，包含水泥與混凝土（Cement and Concrete）以及骨材（Aggregates）部門，營收成長 10%，主要由水泥銷售量成長 8% 以及混凝土與骨材營收成長 19% 所帶動。骨材銷售量達到創紀錄的 660 萬噸，年增 70%，反映我們收購之骨材營運帶來的貢獻。

Importantly, organic aggregate sales volume increased 24%, underscoring healthy underlying demand. Sales volume growth in both business lines was supported by continued strength and public infrastructure spending as well as key areas of private nonresidential construction activity, such as data center development. Operating earnings also increased 10% driven primarily by higher cement sales volume, partially offset by a 1% decline in net cement sales prices.

重要的是，有機骨料銷售量成長24%，凸顯基本需求依然健康。兩大業務線的銷售量成長，受惠於持續強勁的公共基礎建設支出，以及私人非住宅建築活動的關鍵領域（例如資料中心開發）。營業利益亦成長10%，主要由水泥銷售量增加所帶動，但部分被水泥淨銷售價格下滑1%所抵銷。

Moving to the Light Materials sector on the next slide. Annual revenue in the sector decreased 9% to $881 million, reflecting lower Wallboard and recycled paperboard sales volume and a 4% decline in Wallboard sales prices resulting from continued softness in residential construction. Operating earnings in the sector were down 15% to $331 million, primarily because of lower Wallboard sales volume and prices. Looking now at our cash flow.

接著看下一張投影片的輕質材料（Light Materials）部門。該部門年度營收下降9%至8.81億美元，反映石膏板（Wallboard）與回收紙板銷售量下滑，以及住宅建築持續疲弱導致石膏板銷售價格下降4%。該部門營業利益下降15%至3.31億美元，主要因石膏板銷售量與價格走低。現在來看我們的現金流。

We continue to generate strong cash flow and allocate capital in a disciplined manner, consistent with our long-term strategic priorities. During fiscal 2026, operating cash flow increased 12% to $614 million, reflecting the strength of our business and the resiliency of our operating model. Capital expenditures totaled $417 million in fiscal 2026 driven primarily by investments in the modernization and expansion of our Mountain Cement plant in Laramie, Wyoming and the modernization of our Duke, Oklahoma Wallboard facility.

我們持續創造強勁現金流，並以嚴謹紀律配置資本，與我們的長期策略優先事項一致。在2026會計年度，營運現金流增加12%至6.14億美元，反映我們業務的強勁表現與營運模式的韌性。2026會計年度資本支出合計4.17億美元，主要由對懷俄明州拉勒米（Laramie）的 Mountain Cement 工廠現代化與擴建投資，以及對奧克拉荷馬州杜克（Duke）石膏板設施現代化投資所帶動。

These projects represent important long-term investments that will enhance plant efficiency, improve reliability, and strengthen our competitive position. Looking ahead to fiscal 2027, we expect capital expenditures to range between $490 million and $525 million reflecting continued progress on these strategic growth initiatives as well as ongoing sustaining capital investments across the company.

這些專案代表重要的長期投資，將提升工廠效率、改善可靠性，並強化我們的競爭地位。展望2027會計年度，我們預期資本支出將介於4.90億至5.25億美元，反映這些策略性成長計畫的持續推進，以及公司各項持續性資本投資。

Capital spending is expected to peak in fiscal 2027 with the Mountain Cement project scheduled for commissioning later this calendar year and the Duke project anticipated to conclude in mid-fiscal 2028. At the same time, we remain committed to returning capital to shareholders. During fiscal 2026, we returned a total of $414 million through quarterly dividends and the repurchase of approximately 1.7 million shares for $382 million.

預期資本支出將在2027會計年度達到高峰；Mountain Cement 專案預計於本曆年稍晚進行試車投產（commissioning），而 Duke 專案預計於2028會計年度中期完成。同時，我們仍致力於回饋股東資本。在2026會計年度，我們透過季度股利以及以3.82億美元回購約170萬股，合計回饋股東4.14億美元。

We ended the year with approximately 2.9 million shares remaining under our current repurchase authorization. And finally, turning to our capital structure, which continues to provide us with significant financial strength and flexibility.

年底時，在目前的回購授權下，我們尚有約290萬股可供回購。最後，談到我們的資本結構，該結構持續為我們提供顯著的財務實力與彈性。

During the fiscal year, we further strengthened our balance sheet through the issuance of $750 million of 10-year senior notes at an attractive 5% interest rate. This transaction improved our debt maturity profile, enhanced committed liquidity and better aligned our capital structure with the long-term strategic investments underway at our Mountain Cement plant and Duke Wallboard facility.

在本會計年度內，我們以具吸引力的5%利率發行7.50億美元10年期優先票據（senior notes），進一步強化資產負債表。此交易改善了我們的債務到期結構、提升承諾流動性，並使資本結構更能配合我們在 Mountain Cement 工廠與 Duke 石膏板設施進行中的長期策略投資。

We also used a portion of the proceeds to repay borrowings under our bank credit facility further enhancing our financial flexibility. At March 31, 2026, our net debt-to-capital ratio was 50%, and our net debt-to-EBITDA leverage ratio was 1.9 times. Levels we believe remain prudent and supportive of our growth strategy.

我們也將部分資金用於償還銀行信貸額度下的借款，進一步提升財務彈性。截至2026年3月31日，我們的淨負債對資本比率為50%，淨負債對EBITDA槓桿比率為1.9倍。我們認為這些水準仍屬審慎，並可支持我們的成長策略。

We ended the quarter with $298 million of cash on hand and approximately $1 billion of total committed liquidity. Importantly, we have no significant near-term debt maturities, positioning us well to continue investing in the business while maintaining a strong and flexible balance sheet. Thank you for joining today's call. Bailey, we will now open the line for questions.

本季末我們持有2.98億美元現金，總承諾流動性約10億美元。重要的是，我們近期沒有重大到期債務，使我們能在維持強健且具彈性的資產負債表之同時，持續投資於業務。感謝各位參與今天的電話會議。Bailey，我們現在開放提問。

(Operator Instructions)

（接線員指示）

Trey Grooms, Stephens.

Trey Grooms，Stephens。

And congrats on the strong finish to the fiscal year, particularly on the margin performance. Maybe starting there. Could you walk us through some of the key puts and takes on the margins across the segment this quarter?

恭喜你們在會計年度末段表現強勁，尤其是毛利率表現。也許就從這裡開始。你能否帶我們梳理一下，本季各事業部門毛利率的主要正負因素？

Yes. No, thanks, Trey. Look, on the cement side, as you saw, we really good volume. Our regions continue to perform well. That volume -- the incremental volume was good this quarter as we saw a good flow-through. We -- as Michael mentioned, a lot of our solid fuels have been obligated through supply agreements through this year. So we continue to perform very well there.

是的。謝謝你，Trey。你看，在水泥這邊，如你所見，我們的銷量非常好。我們各區域持續表現良好。這些銷量——本季的增量銷量表現不錯，我們看到良好的利潤轉化率（flow-through）。正如Michael提到的，我們許多固體燃料已透過供應協議在今年完成鎖定。因此我們在那方面持續表現非常好。

The plants really good plant efficiencies this quarter versus a year ago. And then on the light side, the wallboard business continues to perform very well. The paper mill had another record year for us. That plant is running very, very well. Those plant efficiencies across the enterprise really, you see the benefit in the margin profile that's being generated.

相較去年同期，工廠本季的生產效率非常好。至於輕質材料這邊，石膏板業務持續表現非常好。紙廠對我們而言又創下另一個創紀錄的年度。該工廠運轉非常、非常順暢。整個企業層面的這些工廠效率提升，你可以在目前產生的毛利率結構中看到其效益。

Yes. Very good. And on that cement volume strength in the quarter. Could you talk a little bit about some of the drivers there and maybe what you're seeing from just kind of an underlying demand perspective as we move into the seasonally stronger part of the building season?

好的，非常好。關於本季水泥銷量的強勁表現，你能否談談背後的一些驅動因素？以及當我們進入建築旺季中季節性更強的階段時，從基本需求角度你們看到了什麼？

Yes. We mentioned in the release, some portion of it was last year's fourth quarter had a really tough comp or had a really tough weather environment. So there was a relatively easy comp. But as we've talked about, the underlying strength in public infrastructure remains positive with state budgets very healthy.

是的。我們在新聞稿中提到，其中一部分原因是去年第四季的比較基期非常艱難，或是遇到非常嚴峻的天候環境，所以相對而言比較基期較容易。但如我們一直在談的，公共基礎建設的基本強度仍然正向，各州預算也非常健康。

And then the areas of private nonresidential construction, we mentioned data centers. Those have been very strong, especially in the regions in which we operate. So those are the two big drivers for underlying demand.

另外在私人非住宅建築領域，我們提到資料中心。這些需求一直非常強勁，尤其是在我們營運的區域。因此，這兩項是基本需求的兩大驅動因素。

And then as you pointed out, really during what would generally be a pretty slow construction season. So we're excited about how the construction season has started here in April and carrying into May and shaping up for a good year in fiscal 2027.

再者，如你所指出的，這段期間通常會是相當淡的施工季節。因此我們對4月開始、延續到5月的施工季節開局感到振奮，並且看起來2027會計年度將會是個好年。

Great. Last one for me. On cement, the pricing was down slightly although you've now implemented price increases across most of your markets, as you've talked about in prior calls, could you give us any color to the extent you could on how those increases are being received? How maybe we should think about that pricing here again as we're moving into the peak construction season. I know you did mention that regionally in some of your markets, you are seeing some tightening there. So just any color you might give us on the cement pricing front?

很好。我最後一個問題。水泥價格略有下滑，儘管你們如先前電話會議所提到的，已在大多數市場實施漲價。你能否在可透露的範圍內，談談這些漲價的接受度如何？以及當我們進入施工旺季時，應該如何看待水泥價格走勢？我知道你也提到在部分地區市場，你們看到供需正在收緊。所以想請你就水泥定價面提供一些看法。

Yes. We have cement price increases in just about every market for April 1. Some of our Western markets and down south, we didn't have increases. But we're in the process of executing on those, we do have some higher freight costs that on a net basis will be impactful. We see that in cement when we transfer the terminals. We see that also in Wallboard as we pointed out in the release, but we're in the process of implementing those and having a good volume environment is certainly a positive and a support for that.

是的。我們在幾乎每個市場都於4月1日進行水泥漲價。我們部分西部市場以及南部地區沒有調漲。但我們正在推進執行；同時我們也有一些較高的運輸成本，從淨額角度來看會產生影響。我們在水泥業務中，當我們在各終端站之間調運時會看到這點；在石膏板業務也一樣，如我們在新聞稿中指出的。不過我們正在落實這些措施，而良好的銷量環境無疑是正面因素，也有助於支撐這些調整。

Anthony Pettinari, Citi.

Anthony Pettinari，花旗（Citi）。

Just following up on Trey's question and there's a little bit in the release about this, but could you maybe give any more color in terms of quantifying the impact of diesel and freight costs? And maybe just kind of remind us how much you're buying directly, how much is sort of like a pass-through versus having to raise prices in the open market? Just kind of -- if you could put any kind of finer point on how a higher diesel environment impacts both the cement and the Wallboard business?

延續Trey的問題，新聞稿裡也有稍微提到，但你能否再多提供一些細節，例如量化柴油與運費成本的影響？也請提醒我們，你們有多少是直接採購，有多少屬於轉嫁（pass-through），以及有多少需要在公開市場上透過漲價來反映？如果可以的話，請更精準地說明在柴油價格較高的環境下，對水泥與石膏板兩項業務各自會造成什麼影響？

Yes. We'll start on the Wallboard side, maybe it's a little easier to understand. So we price Wallboard on a delivered basis, meaning we're responsible for the freight bill. And sequentially, we saw at least about a $2, maybe pushing $3 increase in freight costs.

好的。我們先從石膏板這邊開始，可能比較容易理解。我們的石膏板是以到貨價（delivered basis）定價，也就是說運費帳單由我們負責。按季來看，我們看到運費成本至少增加約2美元，可能接近3美元。

So that impacts what we call our mill net, our net sales price. So that's how diesel from a delivery basis impacts the Wallboard business. on cement is a little more nuanced because there's more of a combination of customer pickup and then which the customers would cover versus being delivering to our terminals for them to pick up.

因此，這會影響我們所謂的廠端淨價（mill net），也就是我們的淨銷售價格。這就是從交付基礎來看，柴油如何影響石膏板（Wallboard）業務。至於水泥則更為細緻一些，因為客戶自提與由我們配送到終端讓他們提貨之間，存在更多組合情況。

We cover the freight to the terminal. And then again, we saw some inflation there, a couple of dollars on a per ton basis. And so then if you think about operating costs, we certainly use diesel in the quarry operations.

我們負擔運送到終端的運費。而且同樣地，我們也看到那裡有一些通膨，以每噸計大約上升了幾美元。因此，如果你再想想營運成本，我們在採石場作業中確實會使用柴油。

We're very fortunate, again, our quarries are near our facilities, meaning the limestone quarries that are feeding cement plants, the gypsum quarries that are feeding the wallboard plants close to the facilities. So we try to minimize what we can in terms of those freight costs, but we certainly saw an impact, but the delivery cost is a much more meaningful number for us today.

我們非常幸運的是，我們的採石場靠近我們的設施，也就是供應水泥廠的石灰石採石場、供應石膏板廠的石膏採石場都靠近設施。因此，我們會盡量在運費成本方面能降就降，但我們確實看到影響；不過對我們而言，如今配送成本是一個更具意義的數字。

Okay. That's very helpful. And then maybe just one follow-up. I know you don't have as much exposure to imports from a cement perspective as some other companies. But given the rise in fuel costs and challenges in ocean freight, are you seeing cement imports come in at a higher cost or meaningful impact there?

好的。這非常有幫助。那再追問一個問題。我知道相較於其他公司，你們在水泥方面對進口的曝險沒那麼大。但鑑於燃料成本上升以及海運運費的挑戰，你們是否看到水泥進口成本更高，或在這方面有顯著影響？

Yes. So we do import into a couple of markets into South Texas and into Northern California. And yes, we've seen -- we track the Baltic Dry Index, and that has certainly ticked up here recently with all of the issues that are happening globally, not just the energy costs, but there's other factors that are impacting ocean freight rates. And yes, that has increased those costs, which, again, is upward pressure on a supply product into the US.

是的。我們確實在幾個市場有進口，包含南德州以及北加州。是的，我們會追蹤波羅的海乾散貨指數（Baltic Dry Index），而近期在全球發生的各種問題下，該指數確實上升了——不只是能源成本，還有其他因素在影響海運運費率。是的，這提高了那些成本，而這也再次對供應到美國的產品形成上行壓力。

Timna Tanners, Wells Fargo.

Timna Tanners，富國銀行（Wells Fargo）。

There are some views out there that the data center demand is the real reason why Q1 volumes have been so strong. And I'm just wondering what you think of that? I know you mentioned that on the cement side. I know you mentioned that there are easier comps and other factors, but can you drill down a little bit more on what you're seeing on the data center side and remind us how big it is for your end markets?

外界有一些看法認為，資料中心需求才是第一季出貨量如此強勁的真正原因。我想請教你怎麼看？我知道你在水泥端提到過。我也知道你提到比較基期較容易以及其他因素，但你能否更深入談談你們在資料中心端看到的情況，並提醒我們它在你們終端市場中占比有多大？

It's definitely very meaningful. We mentioned two things with public infrastructure. We continue to see good activity there in our markets. But data centers were certainly a large contributor to the improvement. And I might add, I mean, it's not like we're in the last innings of the data center development. We -- just in the beginning in many of our markets, more soil stabilization and those type of activities. So that's certainly -- it's funny.

這絕對非常重要。我們提到公共基礎建設的兩件事：我們在所處市場持續看到良好的活動。但資料中心確實是改善的一大貢獻者。我還要補充的是，我們並不是已經到了資料中心開發的尾聲——在我們許多市場，才剛開始，更多是土壤穩定等這類活動。所以那確實——這很有意思。

You think about the components of the demand environment, we talk about private nonres. We traditionally thought about hotels, office buildings, schools, those types of things. You really have components of private nonresidential that didn't exist 10, 15 years ago, whether that's warehouses or these data centers.

你想想需求環境的組成，我們談到民間非住宅（private nonres）。過去我們傳統上會想到飯店、辦公大樓、學校這類。但其實民間非住宅裡有一些在10、15年前並不存在的組成，不論是倉庫，或是這些資料中心。

We've seen the fabrication facilities for a while now. So there's actual components of private nonres that I think are much more meaningful than what people were expecting and certainly than we've ever seen historically.

我們已經看到製造／晶圓廠（fabrication facilities）一段時間了。所以我認為民間非住宅確實有一些組成，比人們原先預期的更具意義，也當然比我們歷史上曾見過的更為顯著。

Adam Thalhimer, Thompson Davis.

Adam Thalhimer，Thompson Davis。

Craig, can you give a little bit more color on the April 1 cement price increases? And then on the wallboard side, what's the chance that wallboard pricing bottoms here in the near term?

Craig，你能否就4月1日的水泥漲價提供更多細節？另外在石膏板方面，石膏板價格在短期內於此處見底的可能性有多大？

Yes. So Adam, I'll start with the last part of your question first. We have a June 1 price increase in Wallboard. And a lot of that is stemming from some of these transportation costs that we've seen over the last several months that as I mentioned a few moments ago, we priced Wallboard on a delivered basis, and that freight bill is falling back to us. And so we do have a price increase letter out there.

好的。Adam，我先回答你問題的後半段。我們在石膏板於6月1日有一次漲價。而這在很大程度上源自於過去幾個月我們看到的一些運輸成本；如我剛才提到的，我們的石膏板是以到貨交付（delivered basis）定價，而運費帳單會回到我們這邊承擔。因此我們已經發出漲價通知函。

More broadly speaking, Adam, you look at where the demand trends are for wallboard today in the United States. Michael mentioned it. They are dramatically below trend that you would have expected to see with the population growth we've seen here in the US, et cetera. So demand and pricing are going to be linked. But given where our business is performing at this demand level, very, very proud of how that business is operating and our folks are running our facilities.

更廣泛來看，Adam，你看看目前美國石膏板的需求趨勢。Michael提到了，它們遠低於你基於美國人口成長等因素所預期的趨勢水準。因此需求與價格會連動。但在這樣的需求水準下，我們的業務表現仍然很好；我們非常、非常以這個業務的營運狀況為傲，也以我們的同仁如何運轉各項設施為傲。

In terms of the cement price increase, as we mentioned a little while ago, also, we've got price increases in most markets for April 1. Those are underway. There are some nets against with freight bills that will offset that. But given the demand environment, we are pushing forward with those April 1 increases as well.

至於水泥漲價，如我們稍早也提到的，我們在多數市場於4月1日都有漲價，這些正在推進中。運費帳單方面會有一些淨額抵銷（nets against）來抵消部分漲幅。但考量需求環境，我們也會持續推動這些4月1日的漲價。

Okay. And Craig, you mentioned CapEx this year is around $500 million, plus or minus. I'm just curious, what would that be if you stripped out the two big capital projects and you just had maintenance CapEx? And then once the two big capital projects are done, what will the maintenance CapEx be in perpetuity?

好的。Craig，你提到今年資本支出（CapEx）大約是5億美元，上下浮動。我想請教，如果把兩個大型資本專案剔除，只剩維護性資本支出（maintenance CapEx），那會是多少？另外，等兩個大型資本專案完成後，長期而言維護性資本支出會維持在什麼水準？

Yes, Adam, that's a great question, something we really focus on. As I mentioned, fiscal '27 this $500 million number will really be the peak. As you start to look towards fiscal '28 as the Duke -- or sorry, the Mountain Cement project will have been completed, the Duke plant will start -- will be completed during that year. That number starts to come down significantly.

是的，Adam，這是個很好的問題，也是我們非常關注的事情。如我提到的，2027財年這個5億美元的數字會是高峰。當你開始看向2028財年，Duke——抱歉，是Mountain Cement專案將會完成，而Duke廠會在那一年開始——也會在那一年完成。那個數字就會顯著下降。

What I call sustaining capital needs are in the $150 million range. I don't think we're -- that exact run rate for fiscal '28, we're probably still in the $250 million range with the Duke plant finishing in the first half of the year. But as you get into the back half of fiscal '28, absent some other significant project coming up, we would be at that $150 million annual run rate.

我所謂的維持性資本需求（sustaining capital needs）大約在1.5億美元的區間。我認為2028財年不會正好就到那個精確的運行水準（run rate）；由於Duke廠在上半年完工，我們可能仍會在2.5億美元左右。但進入2028財年下半年後，若沒有其他重大專案出現，我們就會回到每年約1.5億美元的運行水準。

Philip Ng, Jefferies.

Philip Ng，Jefferies。

Congrats on the strong quarter. I think on the Wallboard side of things, the previous two quarters, your volumes lagged the industry considerably. So that trend reversed pretty nicely. Were there any one-offs that's driving that like were rebates and how contracts were set up? Or are you seeing a nice catch-up here, you're recapturing some share at this point?

恭喜本季表現強勁。我想就石膏板來看，前兩個季度你們的出貨量明顯落後於產業，因此這次趨勢相當漂亮地反轉。是否有任何一次性因素在推動，例如回扣（rebates）或合約設定方式？還是你們正在出現不錯的追趕，並在此時點重新拿回一些市占？

No, Phil, I don't think anything we would call out. I think as we talked about a year ago, we outperformed the industry because of some regional benefits and things like that. But this was just -- in the last couple of quarters, we're just a normalization of that. So not surprised to see us performing in line with the industry.

不，Phil，我不認為有什麼需要特別點出的。我想如我們一年前談到的，我們曾因一些區域性利多等因素而跑贏產業。但過去幾個季度只是——只是那種情況的正常化。因此看到我們的表現與產業一致，我並不意外。

Okay. Helpful. Craig, any early read on how trends are shaping up in April and May? I mean housing has still been pretty choppy, but any color in terms of order patterns on the wallboard side?

好的，很有幫助。Craig，對4月和5月的趨勢是否有任何初步觀察？住房市場仍然相當波動，但在石膏板端的訂單型態方面，有沒有一些可以分享的看法？

Look, as you said, housing, it's hard to -- the crystal ball there isn't real clear. It's clear over a broader time period, we need to build significantly more homes in the US. We're significantly underbuilt. How that trend happens over the next six to nine months, I think, is still a little unclear. But certainly, over a broader time period, we see a lot of upside for that business, both for volume price and therefore, margins.

你看，正如你所說，住房——很難說，那個水晶球並不清晰。但從更長的時間尺度來看，很清楚的是美國需要興建顯著更多的住宅；我們的供給明顯不足。這個趨勢在未來六到九個月會如何發展，我認為仍有些不明朗。但從更長的時間尺度來看，我們確實看到這項業務有很大的上行空間，不論是量、價，進而帶動利潤率。

Okay. On the cement side, certainly, volumes were extremely strong in 2026. Admittedly, some of that is lapping easier comps. Can we -- when we look out to April, May and frankly, 2027, should we expect positive volume growth given some of the momentum you're seeing in infrastructure in some of these data center projects.

好的。在水泥業務方面，當然，2026 年的出貨量非常強勁。誠然，其中一部分是因為比較基期較容易。那我們——當我們展望到 4 月、5 月，坦白說到 2027 年時，鑑於你們在部分資料中心專案的基礎建設動能所看到的情況，我們是否應該預期出貨量會有正成長？

I asked just because the industry data, I think PCA or whatever new format it's called, is anticipating volumes down, call it, low single digits, but certainly, you're seeing that momentum. So just help us kind of tease out what you're seeing and how we should think about the demand backdrop this year.

我之所以問，是因為產業數據——我想是 PCA 或不管它現在叫什麼新格式——預期出貨量下滑，大概是低個位數百分比，但你們顯然看到了那股動能。所以請幫我們釐清一下你們看到的是什麼，以及我們今年應該如何看待需求背景。

Yes, Phil, it's interesting. We've seen the same data. And look, I think part of it is our regional footprint is -- certainly, we saw it in calendar '25 outperformed the national average. The national average was down in '25, and we are up slightly. But if you did went market by market, region by region, however you want to describe it, our markets outperformed the national average.

是的，Phil，這很有意思。我們也看到了同樣的數據。你看，我認為其中一部分原因在於我們的區域布局——確實，我們在 2025 年曆年就看到了，我們的表現優於全國平均。全國平均在 2025 年是下滑的，而我們則是小幅成長。但如果你逐一看各個市場、各個區域，不管你想怎麼描述，我們的市場都優於全國平均。

And so as we head into calendar '26, our fiscal '27, I think we remain optimistic about the underlying demand environment for the reasons we've discussed. So yes, we still look for a positive momentum in volume.

因此，當我們邁入 2026 年曆年、也就是我們的 2027 會計年度時，基於我們已討論過的原因，我認為我們對基本面的需求環境仍然保持樂觀。所以是的，我們仍然預期出貨量會有正向動能。

Certainly, understanding the ACA has a different number. But again, it could be more of a national average type of issue. But as we look at our markets, we continue to see good momentum there. Do I think we continue to post double-digit type of increases? I'm not suggesting that. But I do think we continue to see improvement in our markets.

當然，我們也理解 ACA 的數字不同。但同樣地，這可能更像是全國平均層面的問題。不過就我們的市場來看，我們持續看到良好的動能。我是否認為我們會繼續出現雙位數的增幅？我不是這個意思。但我確實認為我們的市場會持續改善。

Timna Tanners, Wells Fargo.

Timna Tanners，富國銀行。

I just wanted to also ask if you could kind of share some thoughts on some of the chatter recently about gas tax holidays on the federal and state level and also the proposed replacement for IIJA and how you think that will impact Eagle and the industry?

我也想請你分享一下，最近市場上對於聯邦與州層級的汽油稅假期（gas tax holidays）以及對 IIJA 的替代方案提案的討論，你認為這將如何影響 Eagle 以及整個產業？

Yes. The last part of your question is pretty fresh. Some of that text coming out in the last, call it, 24 hours or so. I think what it points to is there's obviously a desire and a need to continue to extend the IIJA and its new version. I think that will be supportive of public infrastructure for a long period of time. It's a little early to speculate on the exact dollar amounts and exactly how and when, but it's certainly supportive.

是的。你問題的後半段是相當新的消息。相關文字大概是在過去 24 小時左右才出來。我認為這反映出，顯然大家有意願也有需求，持續延長 IIJA 並推出其新版本。我認為這將在很長一段時間內支撐公共基礎建設。現在要推測確切的金額，以及具體如何、何時落地，還言之過早，但方向上肯定是支持性的。

In terms of the first part around gasoline tax holidays, things like that, those have traditionally been pretty temporary in terms of -- you see some energy spikes like this and try to compensate for that. But the projects that we've seen in the funnel are already supported and don't see that impacting those projects moving forward.

至於前半段關於汽油稅假期之類的措施，傳統上這些都相當短期——當你看到像這樣的能源價格飆升時，就會嘗試用這種方式來補償。但我們在案源漏斗中看到的專案已經有資金支持，我們不認為這會影響這些專案後續的推進。

Okay. Appreciate it. And if I could, if you think past the current heavy CapEx cycle, could you remind us about how you're thinking about capital allocation? Anything do you see in terms of the pipeline for acquisitions? Or if you could give us a high-level characterization of the M&A outlook?

好的，感謝。如果可以的話，當你們度過目前這個較重的資本支出（CapEx）週期之後，可否提醒我們你們對資本配置的想法？在併購方面，你們是否看到任何收購管線？或者能否高層次描述一下 M&A 的展望？

Yes. I appreciate the question on that. We always look for M&A acquisitions as long as they make sense and meet our financial return criteria. So I think we've been clear and will remain clear on our capital allocation is always for growth, primarily as long as it comes at a good value.

是的，謝謝你問到這點。只要合理並符合我們的財務報酬標準，我們一直都會尋找 M&A 收購機會。所以我想我們一直很清楚，也會持續清楚地表達：我們的資本配置永遠以成長為優先，前提是估值合理。

Maintaining our assets and like new condition and then returning cash to shareholders. That's been our hallmark for the last decade and will continue to be our hallmark of how we deploy our capital.

同時維持我們的資產處於良好、近乎全新（like new）的狀態，然後把現金回饋給股東。這一直是我們過去十年的標誌，也將持續是我們部署資本的核心方式。

Tyler Brown, Raymond James.

Tyler Brown，Raymond James。

Craig, I think between Mountain Cement and Duke, you're going to spend maybe $760 million on those projects. And I know that those projects are kind of both growth and kind of maintenance in nature. But by the time we get to think about maybe fiscal '29, is there a return on that capital that we should think about conceptually? I mean, is there a way to think about -- we deploy $760 million at some EBITDA multiple? Or is there just any way to think about that into the future?

Craig，我想在 Mountain Cement 和 Duke 之間，你們在這些專案上可能會花大約 7.6 億美元。我知道這些專案既有成長性也帶有維護性質。但當我們想到大概 2029 會計年度時，是否有一個我們應該在概念上思考的資本報酬？我的意思是，我們是否能用某個 EBITDA 倍數來看待——我們投入 7.6 億美元？或者有沒有任何方式可以用來思考未來的回報？

Yes, Tyler, great question. Look, I want to go back to the projects. I mean these are long-term strategic investments that will give us some incremental output, but also dramatically reduce the operating cost structure of both of those facilities.

是的，Tyler，問得很好。你看，我想回到這些專案本身。這些是長期的策略性投資，將帶來一些增量產出，同時也會大幅降低這兩座設施的營運成本結構。

As we pointed out, the Mountain cement plant in Laramie, Wyoming is one of our oldest cement plants will lower the cost structure predominantly through more energy savings, a much more fuel-efficient facility, Duke, the same way or very similar.

如我們所指出的，位於懷俄明州拉勒米（Laramie, Wyoming）的 Mountain 水泥廠是我們最老的水泥廠之一，將主要透過更多的節能效益、以及更省燃料的設施來降低成本結構；Duke 也是同樣或非常類似。

So I don't want to dismiss the improvements of those projects. But when we make investments like those projects, and we've made similar investments historically, we're targeting a double-digit type of return on those investments.

所以我不想淡化這些專案帶來的改善。但當我們進行像這樣的投資——而我們過去也做過類似投資——我們的目標是讓這些投資達到雙位數的報酬率。

And so yes, you're pointing out the right time frame as we get into fiscal '29. That's when you've got both of those projects will have been completed and available to run. And those cost savings will be very, very meaningful part of that improvement.

因此，是的，你指出的時間點是對的：當我們進入 2029 會計年度時，這兩個專案都將完工並可投入運轉。而那些成本節省將會是改善中非常、非常重要的一部分。

Okay. Excellent. That's helpful. And then this is a bit more of a minutia question, I suppose. But you mentioned earlier that the paperboard plant is running very well. And it's no doubt if you look at the EBIT contribution of that plant. But big picture, is that $40 million of EBIT a good run rate? Or was there a favorable setup this last year with revenue and cost mismatching? Or just any color there, just think about the longer-term model?

好的，很棒，這很有幫助。接著這可能是個比較細節的問題。但你先前提到紙板廠運轉得非常好。毫無疑問，如果你看那座工廠的 EBIT 貢獻。但從大方向來看，4,000 萬美元的 EBIT 是一個不錯的常態水準（run rate）嗎？還是去年在營收與成本錯配上有較有利的情況？或是能否提供一些背景，讓我們思考更長期的模型？

That profitability is sustainable. Part of that is because we have some pass-throughs. So call it, 60% of their sales volume is sold through long-term supply agreements, and those agreements have inflators and deflators.

那樣的獲利能力是可持續的。其中一部分原因是我們有一些轉嫁機制（pass-through）。大約 60% 的銷售量是透過長期供應協議售出，而這些協議包含價格上調與下調條款（inflators and deflators）。

So yes, OCC was down this year, but we have the ability -- if it goes up, you pass that along. Sometimes there's a quarter lag to that. But that is about a team there at the paper mill really performing well, a plant -- high plant efficiencies. That drove a lot of it and -- but very, very sustainable earnings.

所以是的，今年 OCC 下跌了，但我們有能力——如果它上升，就把成本轉嫁出去。有時會有一季的落後期。但這也反映了紙廠團隊的出色表現、工廠——高效率的運轉。這推動了很大一部分成果，而且——是非常、非常可持續的獲利。

This concludes our question-and-answer session. I would like to turn the conference back over to Michael Haack for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Michael Haack，請他做結語。

Thank you, Bailey. Before we end the call, I want to acknowledge and thank all of my Eagle colleagues for their focus and commitment through the turbulence of the last couple of years. The focus has enabled us to deliver strong financial results while making great progress on our two-plant modernizations in fiscal 2026.

謝謝你，Bailey。在結束本次電話會議之前，我想向所有 Eagle 的同仁致意並表達感謝，感謝大家在過去幾年的動盪中仍保持專注與投入。這份專注讓我們在 2026 會計年度推進兩座工廠現代化改造的同時，仍能交出強勁的財務成果。

As we move into our fiscal year 2027, even as uncertainty persists we'll keep steadily focused on safety, operational excellence and high-return, value-enhancing investment opportunities. Thanks for joining our call today. I look forward to keeping you updated on our progress through fiscal 2027.

當我們邁入 2027 會計年度，即使不確定性仍在，我們也會持續穩健地聚焦於安全、營運卓越，以及高報酬、能提升價值的投資機會。感謝各位今天參與我們的電話會議。我期待在 2027 會計年度期間持續向各位更新我們的進展。

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

本次會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。