Howmet Aerospace Inc (HWM) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Howmet Aerospace fourth quarter and full year 2025 conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加豪邁航空航太公司2025年第四季及全年業績電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Paul Luther, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁保羅路德。請繼續。

Thank you, Gary. Good morning, and welcome to the Howmet Aerospace fourth quarter and full year 2025 results conference call.

謝謝你，加里。早安，歡迎參加豪邁航空航太公司2025年第四季及全年業績電話會議。

I'm joined by John Plant, Executive Chairman and Chief Executive Officer; and Patrick Winterlich, Executive Vice President and Chief Financial Officer. After comments by John and Patrick, we will have a question-and-answer session.

與我一同出席的有執行董事長兼執行長約翰‧普蘭特，以及執行副總裁兼財務長派崔克‧溫特利希。約翰和派崔克發言後，我們將進行問答環節。

I would like to remind you that today's discussion will contain forward-looking statements relating to future events and expectations. You can find factors that could cause the company's actual results to differ materially from these projections listed in today's presentation and earnings press release and in our most recent SEC filings.

我想提醒各位，今天的討論將包含有關未來事件和預期的前瞻性陳述。您可以在今天的簡報和獲利新聞稿以及我們最新的美國證券交易委員會文件中找到可能導致公司實際業績與這些預測有重大差異的因素。

In today's presentation, references to EBITDA, operating income, and EPS mean adjusted EBITDA, excluding special items; adjusted operating income, excluding special items; and adjusted EPS, excluding special items. These measures are among the non-GAAP financial measures that we've included in our discussion.

在今天的演示中，提及的 EBITDA、營業收入和 EPS 分別指調整後的 EBITDA（不包括特殊項目）、調整後的營業收入（不包括特殊項目）和調整後的 EPS（不包括特殊項目）。這些指標是我們討論中包含的非GAAP財務指標之一。

Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release and in the appendix in today's presentation. In addition, unless otherwise stated, all comparisons are on a year-over-year basis.

與最直接可比較的 GAAP 財務指標的調整表可在今天的新聞稿和今天簡報的附錄中找到。此外，除非另有說明，所有比較均以同比為基礎。

With that, I'd like to turn the call over to John.

接下來，我想把電話交給約翰。

Thank you, PT. Good morning, and welcome to Howmet's Q4 and full year 2025 earnings call. Let's start with the highlights on slide number 4.

謝謝你，PT。早安，歡迎參加豪邁公司2025年第四季及全年財報電話會議。讓我們先來看看第 4 張投影片的重點內容。

Q4 was an extremely solid quarter. Revenue of $2.17 billion was up 15%. Full-year revenue was up 11%; and hence, the final quarter saw an acceleration of growth.

第四季業績非常穩健。營收達 21.7 億美元，成長 15%。全年營收成長11%；因此，第四季成長加速。

EBITDA was $653 million, up 29%. Our operating income was $580 million, an increase of 34%. Full-year EBITDA of $2.42 billion was an increase of 26%.

EBITDA 為 6.53 億美元，成長 29%。我們的營業收入為 5.8 億美元，成長了 34%。全年 EBITDA 為 24.2 億美元，成長 26%。

Free cash flow after record capital spend of $453 million was $1.43 billion, which is more than $100 million above the guide point and a 93% conversion of net income. Over the last six years, aggregate net income conversion to free cash flow has been 95%.

在創紀錄的 4.53 億美元資本支出之後，自由現金流為 14.3 億美元，比預期高出 1 億美元以上，淨收入轉化率為 93%。過去六年，淨收入轉化為自由現金流的比率為 95%。

Earnings per share were $1.05, an increase of 42% in the quarter over 2024, resulting in a 40% increase for the year. Capital deployment in the quarter included $200 million of share buybacks, $50 million of dividends, $55 million for preferred share redemption, and a further $125 million for debt reduction.

每股收益為 1.05 美元，比 2024 年同期增長 42%，全年增長 40%。本季資本部署包括 2 億美元的股票回購、5,000 萬美元的股息、5,500 萬美元的優先股贖回，以及 1.25 億美元的債務削減。

The closing cash balance was $743 million, allowing for further share buybacks in January and February with $150 million completed quarter-to-date. I'll stop at this point and let Patrick provide commentary by end markets and by segment.

期末現金餘額為 7.43 億美元，允許在 1 月和 2 月進行進一步的股票回購，截至目前，本季已完成 1.5 億美元的股票回購。我就說到這裡，接下來讓派崔克按終端市場和細分市場進行評述。

Thank you, John. Good morning, everyone. Please move to slide 5. Another solid quarter for Howmet's with end markets continuing to be healthy. We are well positioned for the future and continue to invest for growth.

謝謝你，約翰。各位早安。請翻到第5張投影片。Howmet's 又迎來一個穩健的季度，終端市場持續保持健康發展。我們已為未來做好充分準備，並將繼續投資以實現成長。

Revenue was up 15% in the fourth quarter and up 11% for the full year. Commercial aerospace growth remained strong throughout 2025, with revenue up 13% in the fourth quarter and up 12% for the full year. Commercial aerospace growth is driven by accelerating demand for engine spares and a record backlog for new, more fuel-efficient aircraft with reduced carbon emissions. Commercial aerospace engine spares were up 44% for the full year, driven by both legacy and next-generation engines.

第四季營收成長15%，全年營收成長11%。2025 年全年，商業航空航太業保持強勁成長，第四季營收成長 13%，全年營收成長 12%。商業航空航太業的成長是由發動機備件需求的加速成長以及新型、更節能、碳排放量更低的飛機的創紀錄積壓訂單所驅動的。受傳統引擎和新一代引擎的雙重推動，商用航空航太引擎備件全年增長了 44%。

Defense aerospace growth continued to be robust at 20% in the fourth quarter. For the full year, Defense aerospace was up 21%, driven by engine spares, which increased 32%; as well as new F-35 aircraft builds.

第四季國防航空航太產業持續保持強勁成長，成長20%。全年來看，國防航空航太產業成長了 21%，主要得益於發動機零件成長了 32%；以及新 F-35 飛機的生產。

Commercial transportation revenue was up 4% in the fourth quarter. However, it was down 5% for the full year, including the pass-through of higher aluminum costs and tariffs. On a volume basis, wheels was down 10% in the fourth quarter and down 13% for the full year.

第四季商業運輸收入成長了4%。然而，由於鋁價上漲和關稅的影響，全年年減了 5%。以銷量計算，第四季車輪銷量下降了 10%，全年銷量下降了 13%。

We continue to outperform the market with Howmet's premium products. As mentioned on the Q3 earnings call, we have combined the oil and gas and IGT markets into a single market we are calling gas turbines. The definition of oil and gas versus mid- to small IGT has become blurred since many turbines now have an increasing end use for data centers. We have provided historical gas turbine revenue in the appendix on page 19.

憑藉著豪邁的優質產品，我們持續跑贏大盤。正如我們在第三季財報電話會議上提到的，我們將石油天然氣市場和 IGT 市場合併為我們稱為燃氣渦輪機的單一市場。由於許多渦輪機現在越來越多地用於資料中心，石油和天然氣與中小型 IGT 之間的定義變得模糊不清。我們在附錄第 19 頁提供了歷史燃氣渦輪機收入數據。

Gas turbine growth has been very strong with revenue up 32% in the fourth quarter and up 25% for the full year. gas turbine growth is driven by the increased demand for electricity generation, especially from natural gas for data centers.

燃氣渦輪機業務成長強勁，第四季營收成長32%，全年成長25%。燃氣渦輪機業務成長主要得益於電力需求增加，尤其是資料中心對天然氣的需求成長。

Within Howmet's markets, we had robust spares growth. The combination of commercial aerospace, defense aerospace, and gas turbine spares was up 33% for the full year to $1.7 billion. Spares revenue accelerated throughout 2025 and now represents 21% of total revenue versus 17% in 2024 and 11% before and 11% in 2019.

在豪邁的市場中，我們的備件業務實現了強勁成長。全年商業航空航太、國防航空航太和燃氣渦輪機備件的總銷售額成長了 33%，達到 17 億美元。備件收入在 2025 年加速成長，目前佔總收入的 21%，而 2024 年為 17%，此前為 11%，2019 年為 11%。

In summary, 2025 continued strong performance in Commercial Aerospace, Defense Aerospace, and Gas Turbines. Moving to slide 6 and starting with the P&L, I will focus my comments on full year performance.

總而言之，2025 年商業航空航太、國防航空航太和燃氣渦輪機領域持續保持強勁表現。接下來請看第 6 張投影片，從損益表開始，我將重點評論全年業績。

Full-year 2025 revenue, EBITDA, EBITDA margin, and earnings per share were all records. On a year-over-year basis, revenue was up 11%; and EBITDA outpaced revenue growth, being up 26%, while absorbing approximately 1,500 net new employees predominantly in the Engine segment.

2025 年全年營收、EBITDA、EBITDA 利潤率和每股盈餘均創歷史新高。與去年同期相比，營收成長了 11%；EBITDA 成長超過營收成長，達到 26%，同時淨增約 1,500 名員工，主要集中在引擎部門。

EBITDA margin increased 350 basis points to 29.3% with a fourth-quarter exit rate of 30.1%. Incremental flow-through of revenue to EBITDA was excellent at approximately 60% year over year. Earnings per share was $3.77, which was up a healthy 40% year over year.

EBITDA 利潤率成長 350 個基點至 29.3%，第四季出口率為 30.1%。營收對 EBITDA 的增量轉換率非常出色，較去年同期成長約 60%。每股收益為 3.77 美元，年增 40%。

Now let's cover the balance sheet and cash flow. The balance sheet continues to strengthen. Free cash flow for the year was a record at $1.43 billion. Free cash flow conversion of net income was 93% as we continue to deliver on our long-term target of 90%.

現在我們來看看資產負債表和現金流量表。資產負債表持續走強。本年度自由現金流創歷史新高，達 14.3 億美元。淨收入的自由現金流轉換率為 93%，我們繼續朝著 90% 的長期目標邁進。

The year-end cash balance was a healthy $743 million. Debt was reduced by $265 million in 2025. We paid off the remaining $140 million of our US dollar long-term due in November 2026 at par.

年末現金餘額為7.43億美元，處於健康水準。到了2025年，債務減少2.65億美元。我們以面額償還了 2026 年 11 月到期的剩餘 1.4 億美元美元長期債務。

We also paid off our $625 million 2027 notes with newly issued $500 million notes due 2032 and $125 million of cash on hand. The interest rate for the 2032 notes is 4.55%.

我們也用新發行的 5 億美元 2032 年到期債券和 1.25 億美元現金償還了 6.25 億美元 2027 年到期債券。2032 年到期票據的利率為 4.55%。

The combined debt actions for the year will reduce the annualized interest expense by approximately $22 million. In the fourth quarter of 2025, we redeemed all of the outstanding shares of our preferred stock for $55 million, simplifying Howmet's capital structure.

今年的債務重組措施將使年度利息支出減少約 2,200 萬美元。2025 年第四季度，我們以 5,500 萬美元的價格贖回了所有已發行的優先股，簡化了 Howmet 的資本結構。

Net debt to trailing EBITDA continued to improve, ending the year at a record low of 1 times. All long-term debt is unsecured and at fixed rates. Howmet is rated three notches into investment grade by all of our rating agencies, reflecting our strong balance sheet, improved financial leverage, and robust cash generation. Liquidity remains strong with a healthy cash balance plus a $1 billion revolver complemented by the flexibility of a $1 billion commercial paper program, neither of which were utilized in 2025.

淨債務與過去 EBITDA 的比率持續改善，年底達到歷史新低 1 倍。所有長期債務均為無擔保且利率固定。Howmet 的所有評級機構都給我們三個級別的投資等級，這反映了我們強勁的資產負債表、改善的財務槓桿和強勁的現金流。公司流動性仍然強勁，擁有健康的現金餘額以及 10 億美元的循環信貸額度，此外還有 10 億美元的商業票據計劃，這兩項在 2025 年均未使用。

Turning to capital deployment. CapEx was a record $453 million, up approximately $130 million year over year, as we continue to invest for growth. About 70% of CapEx was in our Engines business as we continue to invest for market expansions in commercial aerospace and gas turbines. Investments are backed by customer contracts.

轉向資金部署。資本支出達到創紀錄的 4.53 億美元，比去年同期增加約 1.3 億美元，我們將繼續投資以實現成長。約 70% 的資本支出用於我們的發動機業務，因為我們將繼續投資擴大在商業航空航太和燃氣渦輪機領域的市場。投資有客戶合約作擔保。

In 2025, we deployed approximately $1.2 billion of cash to common stock repurchases, redemption of preferred stock, debt paydown, and quarterly dividends. For the year, we repurchased $700 million of common stock at an average price of approximately $161 per share, retiring approximately 4.4 million shares.

2025 年，我們投入了約 12 億美元的現金用於普通股回購、優先股贖回、償還債務和季度分紅。今年，我們以每股約 161 美元的平均價格回購了 7 億美元的普通股，註銷了約 440 萬股。

Q4 was the 19th consecutive quarter of common stock repurchases. The average diluted share count improved to a fourth-quarter exit rate of 404 million shares.

第四季是連續第19季進行普通股回購。第四季平均稀釋後股數改善至 4.04 億股。

Moreover, so far in 2026, we have repurchased an additional $150 million of common stock at an average price of approximately $215 per share. As of today, the remaining authorization from the Board of Directors for share repurchases is approximately $1.35 billion.

此外，截至 2026 年，我們已以每股約 215 美元的平均價格回購了價值 1.5 億美元的普通股。截至今日，董事會剩餘的股票回購授權額約為 13.5 億美元。

Finally, we continue to be confident in the strong future free cash flow. For the year, we paid $181 million in dividends, which was an increase of 69% year over year, from $0.26 per share in 2024 to $0.44 per share in 2025.

最後，我們對未來強勁的自由現金流依然充滿信心。本年度，我們支付了 1.81 億美元的股息，比去年增長了 69%，從 2024 年的每股 0.26 美元增至 2025 年的每股 0.44 美元。

Now let's move to slide 7 to cover the segment results from the fourth quarter. The Engine Products team delivered another record quarter for revenue, EBITDA, and EBITDA margin. Quarterly revenue increased 20% to $1.16 billion, commercial aerospace was up 17%, and defense aerospace was up 18%. The gas turbine market was up 32%.

現在讓我們翻到第 7 張投影片，了解第四季的分部業績。引擎產品團隊在營收、EBITDA 和 EBITDA 利潤率方面又創下了一個季度的新紀錄。季度營收成長 20% 至 11.6 億美元，商用航空航太業務成長 17%，國防航空航太業務成長 18%。燃氣渦輪機市場上漲了32%。

Demand continues to be strong across all our engine markets with strong engine spares volume. EBITDA outpaced revenue growth with an increase of 31% to $396 million EBITDA margin increased 290 basis points to 34%, while absorbing approximately 320 net new employees in the quarter.

我們所有引擎市場的需求依然強勁，引擎備件銷售量也十分可觀。EBITDA 成長超過營收成長，成長 31%，達到 3.96 億美元；EBITDA 利潤率成長 290 個基點，達到 34%；同時，本季淨增員工約 320 人。

For the full year, revenue was up 16% to $4.3 billion. EBITDA was up 25% to $1.44 billion, and EBITDA margin was 33.3% which was up approximately 250 basis points. All of these were records for the Engine Products segment. Moreover, the Engine Products segment added approximately 1,440 net new employees which has a near-term margin drag, but positions us well for the future.

全年營收成長16%，達43億美元。EBITDA 成長 25% 至 14.4 億美元，EBITDA 利潤率為 33.3%，成長約 250 個基點。這些都是引擎產品板塊的記錄。此外，引擎產品部門新增約 1,440 名淨員工，雖然短期內會拖累利潤率，但為我們未來的發展奠定了良好的基礎。

Please move to slide 8. Fastening Systems had another strong quarter. Quarterly revenue increased 13% to $454 million. Commercial aerospace was up 20%. Other markets were up 14% on renewables demand Defense Aerospace was up 7%; and commercial transportation, which represents approximately 10% of fasteners revenue, was down 16%.

請翻到第8張幻燈片。緊固系統公司又迎來了一個強勁的季度。季度營收成長13%，達4.54億美元。商業航空航太業成長了20%。受再生能源需求影響，其他市場上漲了 14%；國防航空航太業上漲了 7%；而佔緊固件收入約 10% 的商業運輸業則下降了 16%。

EBITDA continues to outpace revenue growth with an increase of 25% to $139 million despite the sluggish recovery of wide-body aircraft builds along with weakness in commercial transportation. EBITDA margin increased a healthy 290 basis points to 30.6% as the team has continued to expand margins through commercial and operational performance.

儘管寬體飛機製造復甦緩慢，商業運輸疲軟，但 EBITDA 仍持續超過營收成長，成長 25% 至 1.39 億美元。由於團隊透過商業和營運績效不斷擴大利潤率，EBITDA 利潤率健康成長 290 個基點至 30.6%。

For the full year, revenue was up 11% to $1.75 billion. EBITDA was up 31% to $530 million, and EBITDA margin was 30.4%, which was up approximately 460 basis points. The Fasteners team delivered solid year-over-year revenue and EBITDA growth, while maintaining a relatively flat headcount.

全年營收成長11%，達17.5億美元。EBITDA 成長 31% 至 5.3 億美元，EBITDA 利潤率為 30.4%，成長約 460 個基點。緊固件團隊實現了穩健的年比營收和 EBITDA 成長，同時維持了相對穩定的員工人數。

Moving to slide 9. Engineered Structures performance continues to improve. Quarterly revenue increased 4% to $287 million. Commercial aerospace was down 6% due to product rationalization and was essentially flat with the previous three quarters of 2025. Defense aerospace was up 37%, primarily driven by the end of destocking on the F-35 program.

切換到第9張投影片。工程結構性能持續提升。季度營收成長4%，達2.87億美元。由於產品合理化，商業航空航太產業下降了 6%，與 2025 年前三個季度基本持平。國防航空航太業上漲 37%，主要原因是 F-35 計畫停止裁員。

Segment EBITDA outpaced revenue growth with an increase of 24% to $63 million. EBITDA margin increased 350 basis points to 22% as we continue to optimize the structures manufacturing footprint and rationalize the product mix to maximize profitability.

分部 EBITDA 成長超過營收成長，成長 24%，達到 6,300 萬美元。由於我們不斷優化結構製造佈局並合理化產品組合以最大限度地提高盈利能力，EBITDA 利潤率提高了 350 個基點，達到 22%。

For the full year, revenue was up 8% to $1.15 billion. EBITDA was up 46% to $243 million, and EBITDA margin was 21.2%. EBITDA margin was up approximately 560 basis points as the team continues to make significant progress.

全年營收成長 8%，達到 11.5 億美元。EBITDA 成長 46% 至 2.43 億美元，EBITDA 利潤率為 21.2%。由於團隊持續取得顯著進展，EBITDA 利潤率提高了約 560 個基點。

Finally, slide 10. Forged Wheels' quarterly revenue was up 9% as a 10% decrease in volumes was largely offset by higher aluminum costs, tariff pass-through, and favorable foreign currency impacts.

最後，第 10 張投影片。鍛造車輪公司季度營收成長了 9%，銷量下降 10% 的情況被鋁成本上漲、關稅轉嫁以及有利的匯率影響基本抵銷。

EBITDA was strong at $79 million, an increase of 20% despite the challenging market. EBITDA margin increased 270 basis points to 29.9%. The unfavorable margin impact of lower volumes and higher pass-through was more than offset by flexing costs, a strong product mix driven by premium products, and favorable foreign currency.

儘管市場充滿挑戰，但 EBITDA 依然強勁，達到 7,900 萬美元，成長了 20%。EBITDA利潤率成長270個基點至29.9%。銷售下降和成本轉嫁增加帶來的不利利潤率影響，被靈活的成本結構、以高端產品為主導的強勁產品組合以及有利的匯率所抵消。

For the full year, revenue was down 1% to $1.04 billion. EBITDA was up 3% to $296 million. EBITDA margin was a strong 28.5% in a challenging market and was up 130 basis points year over year. The wheels team has continued to expand margins despite market metal cost and tariff uncertainty.

全年營收下降1%至10.4億美元。EBITDA成長3%至2.96億美元。在充滿挑戰的市場環境下，EBITDA 利潤率達到了強勁的 28.5%，比去年同期成長了 130 個基點。儘管市場金屬成本和關稅存在不確定性，但車輪團隊仍在不斷擴大利潤率。

Lastly, before turning it back to John, I want to highlight a couple of items. Firstly, in mid-2024, we established a 2025 dividend policy to pay cash dividends on the company's common stock at a rate of 15% plus or minus 5% of adjusted net income. Cash dividends were approximately $181 million or 12% of adjusted net income in 2025. Looking forward, we envisage that the dollar value of dividend distributions in 2026 will be higher than in 2025.

最後，在把話題交還給約翰之前，我想強調幾點。首先，在 2024 年年中，我們制定了 2025 年股利政策，以調整後淨收入的 15% 加減 5% 的比例向公司普通股支付現金股利。2025 年現金股利約 1.81 億美元，佔調整後淨收入的 12%。展望未來，我們預期 2026 年股利分配的美元價值將高於 2025 年。

Secondly, in the fourth quarter of 2025, we completed the annuitization of the UK pension plan, resulting in a $128 million reduction to Howmet's gross pension obligations. No new pension contributions were required in 2025 to complete the transaction. A third-party carrier will now pay and administer future annuity payments for this plan.

其次，在 2025 年第四季度，我們完成了英國退休金計畫的年金化，使 Howmet 的退休金總負債減少了 1.28 億美元。2025 年完成此交易無需繳納新的退休金。該計劃未來的年金支付將由第三方保險公司支付和管理。

Now let me turn the call back to John.

現在我把電話轉回給約翰。

Thank you, Patrick, and let's move to slide 11. Let me turn to the outlook for the company and I'll provide summary comments before providing more detail for each market segment.

謝謝你，派崔克，我們來看第 11 張幻燈片。接下來，我將談談公司的未來前景，在詳細介紹各個細分市場之前，我會先給一些概括性的評論。

The vast majority of the markets we serve, including commercial aerospace, defense, and land-based gas turbines, are in a growth phase. The commercial truck wheel segment is stable at a low level and should begin to show signs of growth towards the latter half of 2026.

我們所服務的絕大多數市場，包括商業航空航太、國防和陸基燃氣渦輪機，都處於成長階段。商用卡車車輪市場目前處於低位且穩定，預計將於 2026 年下半年開始出現成長跡象。

Firstly, commercial aerospace is buoyed by increased air travel, both domestic and international. The highest growth is seen in Asia Pacific, notably China, but also in North America and in Europe.

首先，國內和國際航空旅行的增加提振了商業航空航天業。亞太地區，特別是中國，成長最為顯著，北美和歐洲的成長也較為顯著。

Freight traffic also continues to grow. Passenger demand combined with the recent multiyear underbuild of commercial aircraft have together led to a record OEM backlog stretching into the next decade. New aircraft builds, including narrow-body, wide-body, and freighters, are planned to grow at all aircraft manufacturers. I'll provide expected build rates later in the call.

貨運量也持續成長。乘客需求加上近年來商用飛機產量不足，共同導致了創紀錄的OEM訂單積壓，這種情況將持續到下一個十年。所有飛機製造商都計劃增加新飛機的製造，包括窄體飛機、寬體飛機和貨機。我稍後會在通話中提供預期的建設速度。

In addition to these robust newbuilds, spares continue to be elevated by the expanding size and growing age of the current fleet of aircraft. This is further enhanced by durability issues found in some modern engines essentially due to higher operating pressures and temperatures, which are required to achieve increased fuel efficiency. Air pollution in certain parts of the world further contribute to the problem.

除了這些性能優異的新造飛機外，由於現有飛機機隊的規模不斷擴大和機齡不斷增長，備件需求也持續上升。由於一些現代引擎需要更高的工作壓力和溫度才能提高燃油效率，因此出現了耐久性問題，這進一步加劇了上述問題。世界某些地區的空氣污染進一步加劇了這個問題。

Defense markets, especially fixed wing aircraft are also buoyant. The largest platform, the F-35, continues to be steady for OE builds, again, with a very large new build backlog; while spares also continued to grow due to the size of the fleet.

國防市場，尤其是固定翼飛機市場，也表現強勁。最大的平台 F-35 的 OE 生產持續穩定，新訂單積壓量非常大；同時，由於機隊規模龐大，備件需求也持續成長。

In fact, for our Engine Products segment in 2025, the F-35 spares demand exceeded the OE demand for the aggregate value of spare parts provided. The F-15 and F-16 programs are also seeing new builds with reasonable quantities.

事實上，就我們引擎產品部門而言，到 2025 年，F-35 備件的需求量超過了原廠備件的總價值。F-15 和 F-16 項目也在進行新一輪的建造，數量相當可觀。

Howmet see a strong further demand from other parts of the defense and space industry also, namely tank turbines, missiles, rocket motors, (inaudible) and also spare rocket parts. The gas turbine business is entering its largest growth phase in years, while oil and gas demand seem to be steady.

Howmet 認為國防和航太工業的其他領域也有強烈的進一步需求，例如坦克渦輪機、飛彈、火箭發動機、（聽不清楚）以及火箭備用零件。燃氣渦輪機產業正進入多年來最大的成長階段，而石油和天然氣需求似乎保持穩定。

The demand for electricity generation, especially from natural gas for data centers, is extremely high. If we aggregate both large gas turbines and small- to medium-sized gas turbines, we expect that our base business of approximately $1 billion should double in revenue to $2 billion over the next three to five year. And even more growth is envisaged beyond that, especially for mini grids.

資料中心對電力生產的需求，特別是天然氣發電的需求，非常高。如果將大型燃氣渦輪機和中小型燃氣渦輪機合併計算，我們預計我們約 10 億美元的基礎業務在未來三到五年內收入將翻一番，達到 20 億美元。而且預計未來還會有更大的成長，特別是對於小型電網而言。

Howmet is well positioned in this segment by the supply of turbine blades, where we are the largest manufacturer of gas turbine blades in the world, covering our key customers of GE Vernova, Siemens Power, Mitsubishi Heavy, Ensalvo, Solar, and Baker Hughes, plus parts for aero-derivative engines produced by GE Aviation.

Howmet 在該領域佔據有利地位，主要體現在渦輪葉片的供應上。我們是全球最大的燃氣渦輪葉片製造商，服務於我們的主要客戶，包括 GE Vernova、西門子動力、三菱重工、Ensalvo、Solar 和貝克休斯，以及為 GE 航空生產的航空衍生發動機提供零件。

We have recently completed new contracts with four of these seven customers while negotiations continue with the other three. Additionally, the build-out of the turbine fleet over the next five years ensures a healthy and growing spares market for years to come.

我們最近與這七家客戶中的四家簽訂了新合同，目前仍在與另外三家進行談判。此外，未來五年內渦輪機群的擴建將確保未來幾年備件市場健康成長。

Turning now to commercial truck wheels. We weathered the volume downturn in 2025, especially in the second half. Share growth and penetration versus steel wheels helped.

接下來我們來看看商用卡車車輪。我們挺過了 2025 年的交易量下滑期，尤其是在下半年。市佔率成長和滲透率相對於鋼輪有所提升。

For the year, commercial transportation revenue is down 5% despite material and tariff recovery covering part of the volume downdraft. The market appears to be stabilizing, and we now believe that Q1 will be the quarterly low point.

儘管材料和關稅的回收彌補了部分貨運量的下降，但今年商業運輸收入仍下降了 5%。市場似乎正在穩定，我們現在認為第一季將是季度低點。

Given the new 2027 emissions regulations remain in place, we anticipate that this will begin to help demand in the second half of 2026. And then we should see the inventory multiplier effect still take effect as the truck builds increase.

鑑於新的 2027 年排放法規仍然有效，我們預計這將在 2026 年下半年開始幫助提振需求。然後，隨著卡車產量的增加，我們應該會看到庫存乘數效應繼續發揮作用。

I'd like to mention the commercial aircraft build rate assumptions upon which our guidance is based, albeit we will match aircraft build rates, whatever they eventually turn out to be. For Boeing, the 737 assumption is 40 aircraft per month based on a rate of 42 as a daily average coming to the month without vacations. And the 787 is seven a month rising to eight a month by the fourth quarter. For Airbus, the A320 assumed to be 60 a month, while the A350 is at six per month.

我想提一下我們制定指導方針所依據的商用飛機製造速度假設，儘管我們會與實際的飛機製造速度保持一致，無論最終結果如何。對於波音公司而言，737 的假設是每月 40 架飛機，這是基於每月平均每天 42 架飛機的產量計算得出的，不包括休假期間的產量。787 型飛機每月飛行 7 架，到第四季將增加到每月 8 架。對於空中巴士來說，A320 的產量預計為每月 60 架，而 A350 的產量為每月 6 架。

Q1 2026 guide numbers are revenue of $2.235 billion, plus or minus $10 million; EBITDA of $685 million, plus or minus $5 million; and EPS of $1.10, plus or minus $0.01. You'll note that our Q1 revenue is an increase of 15% year on year above the average for 2025. We remain positive on the growth for 2026 while noting the dependency on aircraft builds.

2026年第一季業績指引：營收22.35億美元，上下浮動1000萬美元；EBITDA 6.85億美元，上下浮動500萬美元；每股收益1.10美元，上下浮動0.01美元。值得注意的是，我們第一季的營收比2025年的平均值高出15%。我們對 2026 年的成長仍然持樂觀態度，但同時也注意到對飛機製造的依賴。

For 2026, the numbers provided exclude the acquisition of CAM. Revenue of $9.1 billion, plus or minus $100 million; EBITDA of $2.76 billion, plus or minus $50 million; earnings per share of $4.45, plus or minus $0.01; and finally, free cash flow of $1.6 billion, plus or minus $50 million. The EBITDA incremental for the year, is guided to be approximately in the early 40%.

2026 年提供的數字不包括對 CAM 的收購。營收為 91 億美元，上下浮動 1 億美元；EBITDA 為 27.6 億美元，上下浮動 5,000 萬美元；每股收益為 4.45 美元，上下浮動 0.01 美元；自由現金流為 16 億美元，上下浮動 5,000 萬美元。預計本年度 EBITDA 增量約為 40% 左右。

I would now like to turn to portfolio commentary. In the first -- sorry, in the last few months, we've been very busy. We've signed and closed on the purchase of our fasteners business in Wisconsin, Brunner Inc. We believe that this acquisition enhances our product offering and opens up new markets for Howmet to explore, especially in the longer length and wider diameter parts in the fasteners market.

現在我想談談投資組合方面的問題。首先——抱歉，是在過去幾個月裡，我們一直非常忙碌。我們已簽署並完成對位於威斯康辛州的緊固件業務 Brunner Inc. 的收購。我們相信，此次收購將增強我們的產品供應，並為 Howmet 開拓新的市場，尤其是在緊固件市場中長度更長、直徑更大的零件領域。

The impact of this acquisition on Howmet's earnings is not material. However, it provides a very good platform for future growth.

此次收購對豪邁公司的收益影響不大。然而，它為未來的發展提供了一個非常好的平台。

The more significant acquisition has come in the Aerospace fastener and fittings business, for which we have agreed to pay $1.8 billion. Upon deal closure, the earnings per share effect in the balance of 2025 will not be of a material effect. And hence, the guide is kept clean until the date of closing is known post the regulatory processes.

更重要的收購來自航空航太緊固件和配件業務，我們已同意為此支付 18 億美元。交易完成後，2025 年剩餘時間的每股盈餘不會受到重大影響。因此，在監管程序完成後，直到確定最終成交日期之前，指南將保持清潔。

These actions strengthen Howmet's portfolio of businesses going into 2027. The theme has been and will continue to be to play to our strengths and allocate capital decisively to businesses that are growing and showed the strongest returns on capital and cash generation.

這些舉措將增強豪邁公司在 2027 年的業務組合。我們一直以來秉持的理念是發揮自身優勢，果斷地將資金投入那些正在成長且資本回報率和現金流表現最強勁的企業。

We're excited about the future given these portfolio improvements as well as the growing commercial aerospace and gas turbine businesses. Further growth updates concerning the gas turbine business will be provided as we've progressed throughout the year.

鑑於這些產品組合的改進以及商業航空航太和燃氣渦輪機業務的成長，我們對未來感到興奮。隨著年內業務的推進，我們將提供更多關於燃氣渦輪機業務成長的最新資訊。

I'll now stop and turn the meeting over to questions. Thank you.

現在我將結束會議，把時間交給提問環節。謝謝。

(Operator Instructions) Doug Harned, Bernstein.

（操作說明）Doug Harned，Bernstein。

John, I'd like to understand how your thinking has evolved when you look ahead over the next five years with Engine products. Clearly, things have changed. And can you contrast your expectations for the relative growth across commercial aero, defense, gas turbines as you think about planning, investments, and so forth?

約翰，我想了解一下，展望未來五年 Engine 產品的發展，你的想法是如何演變的。顯然，情況已經改變了。當您考慮規劃、投資等方面時，能否比較一下您對商業航空、國防、燃氣渦輪機等領域相對成長的預期？

And then related to this, you just reached a record EBITDA margin of 34% for Engine products. Are you near a ceiling with this? And what's enabling you to get to these higher margins?

此外，與此相關的是，你們的引擎產品 EBITDA 利潤率剛剛創下 34% 的歷史新高。你是不是快要達到極限了？是什麼讓你能夠獲得如此高的利潤率？

Okay. So as you say, my thinking has evolved. I guess, thinking always evolves with the passage of time and the circumstances change.

好的。正如你所說，我的想法已經改變了。我想，隨著時間的推移和環境的變化，思維方式總是會不斷發展和演變的。

I mean, I think the constant throughout this, start off with commercial aerospace, were I've been convinced that growth will be robust and continuing. As you know, sometimes over the last two or three years or maybe four years, it hasn't been quite as good as we had envisaged. And that's principally due to the difficulties in final assembly of aircraft and also engines.

我的意思是，我認為貫穿始終不變的是商業航空航太領域，我一直堅信該領域的成長將強勁且持續。如你所知，在過去的兩三年甚至四年裡，情況有時並沒有我們預想的那麼好。這主要是由於飛機和引擎的最終組裝有困難。

But the trajectory has been positive and the future continues to look really good. And so when I consider the backlog, the commercial aircraft that are there, I think it is quite extraordinary. And I think the word extraordinary is appropriate. And that applies to both narrow-body aircraft and wide-body aircraft.

但發展軌跡一直很積極，未來前景依然非常​​光明。所以，當我考慮到積壓的訂單和現有的商用飛機數量時，我認為這非常了不起。我認為用「非凡」這個詞來形容非常貼切。這既適用於窄體飛機，也適用於寬體飛機。

Since if you were to order a new aircraft today, you're really looking at delivery beyond 2030. If build rates were not to increase, then it would be possibly almost towards the end of the 2030 decade. And so there's a very strong requirement for builds to increase.

因為如果你今天訂購一架新飛機，交貨時間實際上要等到 2030 年以後。如果建設速度不加快，那麼可能要到 2030 年代末期才能實現。因此，對增加建設的需求非常迫切。

And so I think that backlog number gives great comfort in the investments that we've made. And you've seen our capital expenditure develop very notably over the last few years. And we've talked previously about building out another complete manufacturing plant and extending say, 1.5 manufacturing plants in it for our commercial aerospace business.

因此，我認為積壓訂單數量讓我們對所做的投資感到非常放心。過去幾年，你們也看到了我們的資本支出有了非常顯著的成長。我們之前討論過要再建一座完整的製造工廠，並擴建大約 1.5 座製造工廠，用於我們的商業航空航太業務。

So that's been very significant, and that's on top of the new engine plant that we built in 2020 coming on stream, at that time, just the start of COVID. There's been a tremendous investment for the commercial aerospace market.

所以這意義非常重大，而且這還是在我們 2020 年建造的新發動機工廠投產之後，當時正值 COVID-19 疫情爆發初期。商業航空航太市場獲得了巨額投資。

At the same time, we've seen very solid demand for defense. And I think the surprise there has not been the solidity of the F-35, more so the fact that the other legacy aircraft have also seen significant new orders. But the F-35 is the flagship program that we have.

同時，我們看到國防需求非常強勁。我認為令人驚訝的不是 F-35 的穩固表現，而是其他傳統飛機也獲得了大量新訂單。但F-35是我們最重要的旗艦項目。

But now when we look out, there's a significant emerging segments of missiles for us, where we are seeing very significant demand increases. And just at the moment, we're also spending a lot of engineering efforts to try and ensure that we have position on engines for drones and for the larger cruise missiles.

但現在當我們放眼全球時，我們發現導彈領域出現了一個重要的新興細分市場，我們看到這些市場的需求正在顯著增長。目前，我們也在投入大量工程力量，努力確保我們在無人機和大型巡航飛彈的引擎方面佔據領先地位。

And so again, we see defense as a continuing good sector for us and which we're backing with investment dollars in a significant way. I think the biggest change to my thinking has been for the gas turbine market.

因此，我們再次認為國防是一個持續對我們有利的領域，我們正在以大量的投資資金支持該領域。我認為我的想法發生的最大改變是關於燃氣渦輪機市場。

And historically, if you've gone back five, seven years, I'd had said this was a more cyclical business. It has shown periods of rapid growth and rapid decline, and it was one where I was quite leary about making investments in that segment.

從歷史角度來看，如果回顧過去五到七年，我會說這是一個週期性更強的行業。它經歷了快速增長和快速衰退的時期，因此我對在該領域進行投資相當謹慎。

And then I think things began to change with, I'll say, more consistency of product management by our customers -- so far, less new product introductions; and therefore, more buildable repeatable product -- and then the emergence of demand, which seem to be a long ongoing need to support the renewable industries with the base level of capability and fast response.

然後，我認為情況開始發生變化，可以說，我們的客戶在產品管理方面更加一致——到目前為止，新產品推出較少；因此，可構建的、可重複的產品更多——然後出現了需求，這似乎是長期以來對可再生能源行業提供基本能力和快速響應的支持的持續需求。

But you didn't really stop there. And now, I'll say the emphasis is probably a little bit less on renewables and more on fossil fuels. And certainly, when you look at it, if coal-fired power stations are not being retired, then the tremendous demand that's there can only really -- realistically be filled by the natural gas market.

但你並沒有就此止步。現在，我想說，重點可能不再是再生能源，而是化石燃料。當然，仔細想想，如果燃煤電廠不被淘汰，那麼龐大的需求其實只能由天然氣市場來滿足。

And so when you look at it with the demand projections for data centers, and that was without the advent of AI, it caused me to think about willingness to invest. And so we did tick up capital deployments in new equipment in 2024 and then more again in 2025.

因此，當你檢視資料中心的需求預測時（當時還沒有人工智慧的出現），這讓我開始思考投資意願。因此，我們在 2024 年增加了新設備的資本投入，然後在 2025 年又增加了投入。

And you saw the capital expenditure for the year very, very significantly above that which we envisaged at the beginning of the year. You could go back to our guide a year before. And now we're looking at 2026, where it's going to be a higher number again.

你們也看到了，今年的資本支出比我們年初的預期高出很多很多。您可以參考我們一年前的指南。現在我們展望2026年，屆時這個數字將會再次上升。

And we've picked the midpoint of about $470 million, but I could envisage it rising above that. But at the same time, we're really trying and ensuring that we have that consistency of free cash flow conversion of the 90%.

我們選定了 4.7 億美元左右的中間值，但我認為最終金額可能會超過這個數字。但同時，我們也在努力確保自由現金流轉換率能持續維持在 90%。

And so 2025 was a year where there was not a lot of new output from the capital expenditures that we had put into the ground. I think it's more a question of yield improvement to allow for the average of a 25% growth in that area. And we had been, I'll say, quite successful and probably exceeded our expectations of the improvements we could make.

因此，2025 年，我們投入的資本支出並沒有帶來太多新的產出。我認為更重要的是提高產量，以實現該地區平均 25% 的成長。而且，可以說，我們取得了相當大的成功，並且可能超出了我們對所能取得的改進的預期。

And as you know, in previous calls, I've talked about building a new plant in Japan, which has been done; building a new plant in Europe, which has been done; and then placing new capital into those two new manufacturing plants plus the existing one in the US. And so a lot of that capital will come on stream towards the back end of 2026 and into 2027.

正如你們所知，在之前的電話會議中，我談到了在日本建造一座新工廠（已經建成）；在歐洲建造一座新工廠（也已經建成）；然後向這兩座新工廠以及美國現有的工廠投入新的資金。因此，許多資金將在 2026 年末和 2027 年陸續投入使用。

But it hasn't really stopped there. And in dialogue with our customers more recently, we are seeing again further demand patterns evolve where additional investments are required. And so right now, if I were to call it, I envisage that 2027, we'll see an even higher capital number if all of the -- all of our discussions come home.

但事情並沒有就此結束。最近，我們在與客戶的交流中再次發現，需求模式正在改變，需要額外的投資。所以現在，如果讓我預測的話，我預計到 2027 年，如果我們的所有討論都能取得成果，我們將看到更高的資本數字。

And I quoted in my prepared remarks about four out of seven customers that was the -- both a very large gas turbine customers and the, I'll say, small and midsized. But if I just confine it to the large gas turbines for the utilities, but now some of them being sold directly to data centers where it's a gigawatt of energy output is required, then we've now completed three out of four, I will say, outcomes or discussions with those customers and have reached agreements whereby we would seek to invest more for the future while ensuring, again, that we have healthy returns for Howmet shareholders.

我在準備好的演講稿中引用了七位客戶中的四位的話，其中包括大型燃氣渦輪機客戶以及中小型客戶。但如果我只談公用事業公司的大型燃氣渦輪機，而現在其中一些燃氣渦輪機直接賣給了數據中心，這些數據中心需要千兆瓦的能源輸出，那麼我們現在已經完成了與這些客戶四項成果或討論中的三項，並達成了協議，我們將尋求對未來進行更多投資，同時再次確保豪邁股東獲得健康的回報。

So I think that really covers how I think that is evolved in our thinking, both through commercial aerospace, defense, supplementary areas, and further market opportunity in defense, maybe collaborative combat aircraft as well and their engine requirements, and now in the gas turbine market. So it's a particularly exciting time. And as you know, we always back the areas investment in the company which earn higher returns. I hope that covers it, Doug.

所以我認為這確實涵蓋了我認為我們在思考中是如何演變的，包括商業航空航天、國防、輔助領域，以及國防領域的進一步市場機會，也許還有協同作戰飛機及其發動機要求，以及現在的燃氣渦輪市場。所以這是一個格外令人興奮的時刻。如您所知，我們始終支持公司內部能夠帶來更高回報的投資領域。希望這樣就夠了，道格。

Well, and just on margins, the 34%, which was unusually high --

嗯，單就利潤率而言，34%這個數字異常高。--

Well, I think it's a good margin. As you know, I never am willing to consider what margins are for the future because I find it always a very difficult topic to cover.

我覺得這個優勢還不錯。如你所知，我從來不願意考慮未來的利潤空間，因為我發現這始終是一個非常難以探討的議題。

As you know, we don't seek to take them down. At the same time, predicting increases is not something that I've ever been willing to do because so many factors come into play regarding that.

如你所知，我們並不打算取締它們。同時，預測成長是我一直以來都不願意做的事情，因為這牽涉到太多因素。

I mean, at the moment, I see, for example, I have to take on additional cost not only of the new manufacturing plants. But also, I think that we're going to recruit another net 1,500 people plus in 2026 into our Engine segment. And so -- and all of those people would require training and et cetera, et cetera.

我的意思是，目前，例如，我認為我不僅要承擔新建工廠的額外成本。但同時，我認為到 2026 年，我們將在引擎部門淨增加 1,500 人以上。因此——所有這些人都需要接受培訓等等。

So there's a lot going on. And I'm also very clear that if we were to hit all our marks, then again, the output that we need to achieve won't come from just the new capital load. We've got to try to attain further yield improvements, which then requires us to have effective labor and also bringing together all of the, I'll say, the flow that we have and trying to get more repeatable product through our manufacturing facilities.

所以現在發生了很多事。而且我也非常清楚，即使我們實現了所有目標，我們需要達到的產出也不會只來自新增的資本投入。我們必須努力進一步提高產量，這需要我們擁有高效的勞動力，並將我們現有的所有流程整合起來，並努力透過我們的製造設施生產出更可重複的產品。

And I think the opportunity which I see in the midterm is that we will be able to move for more batch production in the gas turbine area. It's more of a flow style production which, again, towards the end of the decade, should begin to, say, further give us impetus on yields and therefore, margin. But it's way too early to predict that, Doug.

我認為中期來看，我們有機會在燃氣渦輪機領域實現更多批量生產。這是一種更注重流程的生產方式，同樣地，到本十年末，應該會進一步推動收益率和利潤率的提高。但現在預測這個還為時過早，道格。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

This is Alex on for Seth today. Maybe one more specific to the guide for this year. Based on the guide for Q1, the midpoint of the rest of the guide for 2026 implies minimal improvement in revenue, adjusted EBITDA, and adjusted EPS. Now I'm wondering if you could walk us through the puts and takes there and why that is.

這裡是Alex，今天替Seth為您報道。或許還需要一條針對今年指南的具體建議。根據第一季的業績指引，2026 年剩餘時間業績指引的中點意味著營收、調整後 EBITDA 和調整後每股盈餘將幾乎沒有改善。現在我想知道您能否為我們講解那裡的買賣操作以及背後的原因。

And also on the margin, the full year guide implies that the margin is going to decline 30 bps for the full year from the 30.6% in Q1. I'm wondering how much of that might be related to maybe some start-up friction related to the engine capacity additions you're expecting to come online this year or if there's maybe some other things we should account for there.

此外，全年業績指引顯示，全年利潤率將比第一季的 30.6% 下降 30 個基點。我想知道這其中有多少可能與今年預計投入使用的引擎容量增加所帶來的啟動摩擦有關，或者是否還有其他一些我們應該考慮的因素。

Alex, the most important thing to note is that we do have an extraordinary amount going on in the company. We are deploying capital for new equipment at an extraordinary rate.

Alex，最需要注意的是，我們公司目前確實有很多事情正在發生。我們正以驚人的速度投入資金購買新設備。

We're building -- we're extending five new manufacturing plants. And one thing I haven't commented on is that we actually purchased another manufacturing plant -- so let's call it a brownfield -- in February of this year essentially aimed at the gas turbine market because we've literally run out of square footage.

我們正在建造——我們正在擴建五家新的製造工廠。還有一件事我還沒提到，那就是我們實際上在今年二月收購了另一家製造廠——我們姑且稱之為棕地——主要目標是燃氣渦輪機市場，因為我們的廠房面積確實不夠用了。

And so I mean, all the capacitization that we've been considering. And then as you have heard, we're taking on two acquisitions -- one of which we've closed, one of which we expect to close during the year. So between building out of capital equipment, building out of new sites, recruitment of labor, and also the acquisitions we've talked about, that's an enormous amount going on.

所以我的意思是，我們一直在考慮的所有容量擴容方案。正如你們所聽到的，我們正在進行兩項收購——其中一項已經完成，另一項預計將在年內完成。因此，從購置資本設備、建造新址、招募勞動力，到我們剛才提到的收購，這其中涉及的事項非常龐大。

And it's always a struggle to believe you'll be successful on every single one of them and et cetera, et cetera. So I mean, for me, 30 basis points of margin is not really that significant. I'd look at the incrementals, and I'll say it's like, I think, 43% in Q1 and maybe, I think, 41% for the year. So again, pretty close.

而且，要相信自己能在每一件事上都成功總是很困難的，等等等等。所以對我來說，30個基點的利潤率其實不算什麼。我會看看增量，我認為第一季是 43%，全年可能是 41%。所以，結果非常接近。

And we've got to make sure that all of those new manufacturing facilities come on stream, build products while taking on labor. And there's always the possibility of us not hitting everything in quite the way we do it.

我們必須確保所有這些新的製造工廠都能投入運營，生產產品並吸收勞動力。當然，我們也有可能無法以我們通常的方式做到每件事。

And therefore, I think the caution is always the best way. And we take -- as you've heard me say in the past I guide seriously. So I think predicting 30.3% EBITDA margins for the year is pretty good at this point. And if we manage everything really well, then maybe it will be better.

因此，我認為謹慎永遠是最好的方法。而且我們非常重視——正如你過去聽我說過的那樣，我會認真對待指導工作。所以我認為，目前預測今年的 EBITDA 利潤率為 30.3% 是相當準確的。如果我們把一切都處理得井井有條，那麼情況或許會更好。

But at this point, I think we've given you the best shot of what we think is a balanced view with everything that's going on.

但就目前而言，我認為我們已經盡可能全面地向大家呈現了我們認為最平衡的觀點，涵蓋了所有正在發生的事情。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

John, I just wanted to follow up on your comments on the ITT investment. Do you think the ROIC on all this spending is going to be similar to what you've achieved in commercial and aerospace in the past?

約翰，我只是想就你之前對 ITT 投資的評論做個後續說明。您認為所有這些支出的投資報酬率會與您過去在商業和航空航太領域的成就類似嗎？

I think, first of all, if you go back and review, what I've said publicly is that there essentially is no difference between the margin that we have on gas turbines and put in our commercial aerospace or defense aerospace. And so it's all the order of magnitude.

首先，我認為，如果你回顧一下我公開說過的話，那就是我們在燃氣渦輪機上的利潤空間與我們在商業航空航天或國防航空航天領域投入的利潤空間之間，本質上沒有任何區別。所以這一切都只是數量級的問題。

If you look at the embedded return on capital, again, at a very similar nature. Of course, the more, I'll say, brand-new virgin capital you deploy, it acts as a bit of a drag on those returns. And at the moment, it's difficult to plan out all of the blends that might be going on since we haven't bottomed yet what the final capital deployment will be in the gas turbine sector.

如果你看一下內含資本報酬率，你會發現它也具有非常相似的性質。當然，投入的全新處女資本越多，就會對這些回報產生一定的拖累。目前，由於我們尚未確定燃氣渦輪機領域的最終資本部署規模，因此很難規劃所有可能出現的混合方案。

As I said, we've completed three out of four of the major large gas turbine customers -- or across the whole of the gas turbine segment, four out of seven. So there's still a lot to consider. And each one of our customers are also looking themselves whether they can achieve an output increase across all of the, I'll say, their own builds plus other, I'll say, component suppliers.

正如我所說，我們已經完成了四大主要燃氣渦輪機客戶中的三個——或者說，在整個燃氣渦輪機領域，我們已經完成了七個客戶中的四個。所以還有很多事情要考慮。我們的每一位客戶都在自行評估，他們能否在所有環節（包括他們自己的生產環節以及其他零件供應商的環節）實現產量成長。

So all of those discussions are continuing and therefore, the final capital build and exactly the timing of it will -- how we think it's going to be deployed, it's difficult to know. But the direction of what I've tried to indicate, we know it's like we spent maybe 300 -- I can't remember the number there, $350 million plus or minus or $340 million in '24; $450 million in '25. We're saying $470 million midpoints with a plus or minus 20%.

因此，所有這些討論仍在繼續，因此，最終的資本建設以及確切的時間安排——我們認為它將如何部署，現在還很難知道。但就我試圖指出的方向而言，我們知道我們可能在 2024 年花費了 3 億美元——我記不清具體數字了，大概是 3.5 億美元左右，或者 3.4 億美元；在 2025 年花費了 4.5 億美元。我們給出的中間值為 4.7 億美元，上下浮動 20%。

But if you ask me to give a gut feel, obviously, more like a plus at the side at this point. And '27, again, it's not fully baked by any means, but I envisage at the moment to be at least the amount that we have in 2026 or possibly higher as we complete all of these things.

但如果你讓我憑直覺判斷，顯然，目前來看，這更像是加分項。至於 2027 年，目前還遠未完全確定，但我預計至少會達到 2026 年的水平，甚至隨著我們完成所有這些事情，可能會更高。

And then just trying to, say, bring it all to earth as we plan all these things out. And again, make sure that we can afford the envelope of cash generation we've talked about. So just specifically being on ROIC, it's also of a similar order of magnitude today. But the blends of what's new capital versus the existing base, that can change as we move through the next two or three years.

然後，我們努力把所有這些計劃都落實到實際生活中。再次強調，確保我們能夠負擔得起我們討論過的現金流規模。所以就 ROIC 而言，如今它的數量級也與此類似。但未來兩三年內，新增資本與現有資本的組成比例可能會改變。

John Godyn, Citi.

約翰‧戈丁，花旗集團。

Cash generation has been strong; financial leverage at record lows, like you mentioned. I just wanted to talk about capital deployment a bit, how you're thinking about M&A versus buybacks. And with M&A, we saw the consolidated aerospace manufacturing deal, which was a bit larger. I'm just curious how you're thinking about the landscape for larger M&A and growth opportunities that could unlock.

現金流表現強勁；財務槓桿率處於歷史低位，正如您所提到的。我只是想稍微談談資本部署，以及您如何看待併購與股票回購。在併購方面，我們看到了規模稍大的航太製造業合併交易。我只是好奇您如何看待未來可能出現的更大規模的併購和成長機會。

First of all, we've been pretty bold on providing returns to our shareholders, essentially passing back all of the cash flow that we have achieved, whether it's been share repurchase, dividend -- I see debt reduction in the same category -- while ensuring that we have always invested enough to be able to basically drive the organic growth of the company forward.

首先，我們在為股東提供回報方面一直非常大膽，基本上將我們獲得的所有現金流都返還給了股東，無論是股票回購、分紅——我認為減少債務也屬於同一範疇——同時確保我們始終進行足夠的投資，以推動公司的內生增長。

And you've seen consistently growth in the double-digit area for several years and also indicating another double-digit growth for this year. And if we're successful on all of the capital expenditure this year, then I envisioned '27 will also be healthy.

多年來，你們一直看到兩位數的成長，今年也預示著兩位數的成長。如果我們今年的所有資本支出都能成功，那麼我預期 2027 年也會發展得很好。

So I mean -- so first priority, John, is always the deployment of capital to enable the growth opportunities that we have, say, come to fruition. Then clearly, we measure the, I'll say, share buyback and also while taking into account the opportunity for M&A and where the leverage of the balance sheet is.

所以我的意思是──約翰，首要任務始終是部署資本，讓我們擁有的成長機會得以實現。那麼很顯然，我們會衡量股票回購，同時也要考慮併購機會以及資產負債表的槓桿。

And so if you think about CAM, $1.8 billion is significant. But at the same time, where we think about the leverage is we're below our long-run target average of, let's call it, 1.5% or less than that. And so CAM doesn't really stretch us, and we envisage being able to continue to buy back shares as well.

因此，如果你考慮CAM，18億美元是一個相當可觀的數字。但同時，我們認為槓桿作用低於我們的長期目標平均值，比如說，1.5% 或更低。因此，CAM 不會給我們帶來太大壓力，我們預計還能繼續回購股票。

So it's not a -- currently, it's not a choice one or the other. We're able to, I'll say, at this point, do it all. We're investing in the business at record levels, so $450 million trending to $500 million. We're deploying share buyback in a significant way and probably going to end up with a larger buyback in 2026 than we had in 2025.

所以目前來說，這不是二選一的問題。我可以說，目前我們能夠做到這一切。我們以創紀錄的規模投資這項業務，投資額從 4.5 億美元成長到 5 億美元。我們正大力推行股票回購，2026 年的回購規模可能比 2025 年更大。

We are deploying capital into CAM of about $1.8 billion. And if I give you dimensions for the Brunner acquisition, it's in that $120 million to $150 million range of capital and, let's say, about $60 million of revenue.

我們將向CAM投入約18億美元的資金。如果我給出布魯納收購案的具體數據，資本額大約在 1.2 億美元到 1.5 億美元之間，收入大約在 6,000 萬美元左右。

So at the moment, if you think about it and also be kicking up dividend as well, even though the dividend yield is not the highest because we're growing so rapidly. I mean, we are managing at this point to do it all. So I don't see why we have to fundamentally say we're going to do one or the other.

所以目前，如果你仔細想想，我們也會提高股息，即使股息殖利率不是最高的，因為我們成長非常迅速。我的意思是，目前我們能夠做到這一切。所以我看不出我們為什麼非要從根本上說我們要二選一。

And so we shall keep doing whether other M&A opportunities come up, but again, be very disciplined. And you've seen in the two we've done very much down in the middle of the fairway. It's in segments that we know well, segments that have earned the right to grow, segments that are producing very healthy absolute margins.

因此，如果出現其他併購機會，我們將繼續這樣做，但再次強調，要非常自律。你們也看到了，我們在這兩場比賽中做了很多工作，主要集中在球道中間。它出現在我們非常了解的細分市場，那些已經贏得成長權利的細分市場，那些能夠產生非常健康的絕對利潤率的細分市場。

And so an increased CapEx for fasteners, absolutely. Willingness to deploy for an acquisition, absolutely. And it's not stopping us also buying back shares as an elevated rate above the previous years.

因此，緊固件方面的資本支出肯定會增加。絕對願意為收購部署資源。而且，這並沒有阻止我們以高於往年的速度回購股票。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

John, given the demand for gas turbines and the unique value that Howmet creates in that market, do you see a future scenario where your gas turbine revenue at interim products could ultimately be larger than the commercial jet engine revenue?

約翰，鑑於市場對燃氣渦輪機的需求以及豪邁在該市場創造的獨特價值，你是否認為未來會出現這樣一種情況：你的燃氣渦輪機過渡產品的收入最終會超過商用噴氣發動機的收入？

That takes me too far out there. I don't think so because I think our commercial aerospace and our defense aerospace business is also growing rapidly -- has grown. And I don't see that at this point in time. So I guess the short answer would be no.

那讓我想到的就太遠了。我不這麼認為，因為我認為我們的商業航空航太和國防航空航太業務也在快速成長——而且已經成長了。就目前而言，我並不認為這種情況會發生。所以，我的簡短回答是：不。

I think the most notable thing, though, that's going on, it's not just for us, the growth in absolute volume. And I think I've talked about it in the past, but maybe not sufficiently, there's also a product mix change going on at the same time, whereby some of the technologies that was previously deployed in aerospace are also now being deployed in the gas turbine business, probably even more so in the small to mid-range gas turbines, but also now in the large gas turbine area.

不過，我認為最值得注意的是，不只是我們，而是絕對銷售量的成長。我想我以前也談到過這一點，但可能不夠充分，與此同時，產品組合也在發生變化，一些以前應用於航空航天領域的技術現在也應用於燃氣渦輪機業務，可能在中小型燃氣渦輪機領域應用得更多，但現在也應用於大型燃氣渦輪機領域。

And that is providing air flow passages through the turbine blades and therefore, requiring us to call the core tools to be able to provide those air passage ways. And that, again, produces for us a content increase. So we're looking at the -- both the absolute requirement to build more tunnels plus also the evolving landscape over the next few years, I'll say, more complex type of turbine blades, which again plays to our strength and capabilities.

這就需要在渦輪葉片中提供氣流通道，因此，我們需要呼叫核心工具來提供這些氣流通道。而這又會為我們帶來內容增加。因此，我們正在考慮——既要滿足建造更多隧道的絕對需求，也要考慮未來幾年不斷變化的形勢，例如更複雜的渦輪葉片類型，這再次發揮了我們的優勢和能力。

So it's all good, but I'm not yet ready for the premise that it could exceed. I mean, I don't know where we're going to be, say in 2030 or beyond its -- there's a lot of things going to happen yet to get this current obviously, requirements built out. But you do see the need for electricity increasing at a rapid pace, really for not just the next three years but well beyond maybe for the next decade and beyond.

所以一切都很好，但我還沒準備好接受它可能超越預期的前提。我的意思是，我不知道我們會走到哪一步，比如說 2030 年或更遠——要實現目前的這些顯然需要很多事情，還有很多要求需要滿足。但確實可以看到，電力需求正在快速成長，而且這種成長不僅持續未來三​​年，甚至可能持續未來十年或更久。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

And John, it does seem like you are doing it all. You are in the process of closing CAM, and you just did the Brunner acquisition. It marks more M&A than you've done in the past. Maybe if you could just give us greater depth in terms of the market that opens up, the product offering, and how you're thinking about maybe the returns as you think about either building or buying in terms of these investments.

約翰，看起來好像所有的事情都是你一個人做的。你們正在完成 CAM 的關閉，並且剛剛完成了對 Brunner 的收購。這標誌著你們的併購活動比以往更多。如果您能更深入地介紹即將開放的市場、產品供應，以及您在考慮建造或購買這些投資時對回報的看法，那就太好了。

I think the -- so I'll start with the CAM acquisition. For us, it takes us into the fittings and couplings area of, I'd say, the wider fastener market. And that helps us to build out those segments in a more significant way and bring another very powerful force to market with the, I'll say, backing and the ability to deploy capital behind it.

我認為——所以我就從CAM的收購說起吧。對我們來說，這讓我們進入了配件和連接件領域，我認為，這屬於更廣泛的緊固件市場。這有助於我們以更重要的方式拓展這些領域，並憑藉背後的支持和部署資金的能力，為市場帶來另一股非常強大的力量。

And so that's particularly exciting for us. And also, I think it's also exciting for our customers because I think they need and they see the opportunity for Howmet to provide further support in those segments of the market. .

所以這對我們來說尤其令人興奮。而且，我認為這對我們的客戶來說也很令人興奮，因為我認為他們需要，並且他們看到了豪邁特在這些細分市場中提供進一步支持的機會。。

I mean at fasteners, of course, it's good. It's interesting, and we appreciate all of it. But I think the main thrust would be in those other adjacent segments that we can build out. So that would give you a bit of a theme on CAM.

我的意思是，當然，對於緊固件來說，這很好。這很有意思，我們很感激。但我認為主要精力應該放在我們可以拓展的其他鄰近領域。這樣就能大致了解CAM的主題了。

In terms of Brunner, what we saw -- so far, if I take just bolts as an example, we've been in the market producing, I'll say, the smaller range of bolts, which -- and threaded bolts in particular plus obviously nuts, but I'm really concentrated in this discussion on bolts. But we've never really had the ability or the size of capital to manage long lengths of bolts nor diameters in excess of an inch diameter.

就 Brunner 而言，我們看到——就目前而言，如果我僅以螺栓為例，我們一直在市場上生產，可以說，較小範圍的螺栓，特別是螺紋螺栓以及螺母，但我這次的討論主要集中在螺栓上。但我們從來沒有真正擁有過管理長螺栓或直徑超過一英寸的螺栓的能力或資金規模。

And so Brunner offers us a ready-made solution for that. And when we think about the markets that we don't serve, both in aerospace and in parts of industrial, where if we had got that product offering, then we would be more significant in the market and therefore, again, help our growth rate.

因此，布魯納為我們提供了一個現成的解決方案。當我們思考我們尚未服務的市場，包括航空航太和部分工業領域，如果我們能夠提供這些產品，那麼我們在市場上的地位將會更加重要，從而再次幫助我們實現成長。

And that's what Brunner brings to us. And so if we were to try to build out that capability ourselves, particularly in the commercial aerospace segment, by the time you've engineered it or you've deployed the capital, you've got the certifications. Whereas now, we have already made profitable in the base business which we can now seek certification of into certain aerospace applications and also to the wider market.

這就是布魯納帶給我們的。因此，如果我們嘗試自己建立這種能力，尤其是在商業航空航太領域，等到你完成工程設計或投入資金後，你就已經獲得了認證。而現在，我們已經在基礎業務中實現了盈利，我們可以尋求獲得某些航空航天應用以及更廣泛市場的認證。

So again, it's where I think the application of the heft of how [met] and our commercial position and the ability to deploy capital and make further investments is really going to see a benefit for us and for our customers where we're bringing a powerful new product capability to the market. And so that's the essence of the Brunner acquisition.

所以，我認為，正是我們強大的實力、商業地位以及部署資本和進行進一步投資的能力，才能真正為我們和我們的客戶帶來好處，因為我們正在為市場帶來強大的新產品能力。這就是布魯納收購案的本質。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

You have Louis Raffetto on for Myles. John, I was hoping you could provide some additional color on how spares performed in the fourth quarter and the full year 2025 between commercial and then defense, I guess, slash IGT. And what are your thoughts for 2026?

路易斯·拉菲托頂替邁爾斯上場。約翰，我希望你能提供一些關於備件在 2025 年第四季和全年（包括商業和國防領域，以及 IGT 領域）表現的更多細節。您對2026年有什麼展望？

So in aggregate, our spares business grew over 30%, probably getting close to 33% for the year. And so again, a very healthy growth rate for us. Against the mark, where I think I said that we saw spares moving towards 20% over '25 and '26 in terms of the total revenue of Howmet, in actual fact, we exceeded that.

因此，整體而言，我們的備件業務成長超過 30%，全年成長率可能接近 33%。因此，我們再次實現了非常健康的成長率。與先前提到的目標相比，我認為我曾說過，在 Howmet 2025 年和 2026 年，備件收入佔總收入的比例將接近 20%，而實際上，我們超過了這個目標。

We were at 21% for the 2025 year. So again, the overall growth rate helped us get to that level. And hopefully, we don't stop at 21%. Inside that 21% is that it's about 40% of our engines business. And to give you one other bit of color inside our overall, let's say, 32%, 33% growth last year, commercial aero was early 40%.

我們預測2025年實現該目標的機率為21%。所以，整體成長率再次幫助我們達到了那個水準。希望我們不要止步於 21%。這 21% 包含了我們引擎業務的約 40%。再補充一點，我們整體的成長情況是，比如說去年成長了 32% 到 33%，而商業航空業的成長率接近 40%。

And so healthy growth. And we see that growth continuing into 2026. I haven't called out a specific number yet. But having achieved the 21%, then hopefully, we don't regress from that. And hopefully, it continues to be a larger portion of the Howmet overall revenue picture.

因此，才能健康成長。我們預計這種成長勢頭將持續到 2026 年。我還沒有喊出具體的數字。但既然已經達到了 21% 的目標，那麼希望我們不會再倒退了。希望它能繼續在豪邁公司的整體收入中佔據更大的份額。

Peter Arment, Baird.

Peter Arment，Baird。

John, regarding like engine margins in general, like automation has been a big part of a beneficiary for you. Can you maybe give us a little more color on like where you are in the automation journey and for engines and are there other opportunities in the business that you seek for automation?

約翰，就引擎利潤率而言，自動化對你來說是一個很大的受益者。您能否更詳細地介紹一下貴公司在自動化發展歷程中的進展，以及在引擎領域，您是否仍在尋求其他自動化方面的業務機會？

We spent quite a bit of money over, I'd say, '23, '24 in automation. And that's obviously been very beneficial for us and has helped our need for additional employees. There, you can see we've been hiring at a significant rate.

我想說，我們在 2023 年和 2024 年在自動化方面投入了相當多的資金。這顯然對我們非常有利，也滿足了我們對額外員工的需求。從那裡你可以看到，我們一直以相當大的速度招募。

We've made sure that all of the new capital we deployed has a high level of automation. So when we showcase our new manufacturing plant in Whitehall next month, you'll see something that I talked about in one of the previous calls about digital thread to track manufacturing to an extraordinary degree and also allow us to bring, I'll say, machine learning and AI to a degree across that plant. And so I'm very hopeful.

我們確保所有新投入的資金都實現了高度自動化。所以，下個月當我們在白廳展示我們的新製造工廠時，你們將會看到我在之前的電話會議中談到的關於數位線程的東西，它可以非常有效地追蹤製造過程，並且還可以讓我們將機器學習和人工智慧應用到整個工廠中。所以我充滿希望。

But I also know that first, capital has been so high; and it's not just can we deploy the cash, but it's also where we can. It's also the engineering bandwidth, which has been totally absorbed by, I'll say, the new markets that we've been developing for customer requirements.

但我也知道，首先，資本非常充裕；問題不僅在於我們能否部署資金，還在於我們能在哪裡部署資金。此外，工程方面的資源也完全被我們為滿足客戶需求而開發的新市場所吸收了。

And so it's taken a bit of a back seat in '25 and '26. And so the moment our choice has been will match the market and achieve that. And that's far more important for us to just to, say, maintain and grow our market share and meet customer demand. And we have the opportunity in maybe -- it's '27 or probably more like '28, '29 to go back and also make some of the processes that we did not do while we're doing all of this, even though all the new stuff we're doing is highly automated.

因此，在 2025 年和 2026 年，它就有點被冷落了。因此，我們所做的選擇將與市場需求相符並實現這一目標。對我們來說，這遠比維持和擴大市場份額以及滿足客戶需求重要得多。我們或許有機會在 2027 年，或者更可能是 2028 年、2029 年，回頭重新做一些我們在做所有這些事情時沒有做的事情，儘管我們正在做的所有新事情都是高度自動化的。

This concludes the question-and-answer session, and the conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.

問答環節到此結束，會議也正式閉幕。感謝各位參加今天的報告會。您現在可以斷開連線了。