Hexcel Corp (HXL) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hexcel third quarter earnings call. (Operator Instructions) I would now like to turn the call over to Kurt Goddard, Vice President of Investor Relations. Sir, please go ahead.

感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Hexcel 公司歡迎各位參加第三季財報電話會議。（操作員指示）現在我將把電話轉交給投資者關係副總裁庫爾特·戈達德。先生，請繼續。

Hello, everyone. Welcome to Hexcel Corporation's third quarter 2025 earnings conference call. Before beginning, let me cover the formalities. I would like to remind everyone about the safe harbor provisions related to any forward-looking statements we may make during the course of this call. Certain statements contained in this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

大家好。歡迎參加 Hexcel 公司 2025 年第三季財報電話會議。在開始之前，先交代一些禮節。我想提醒大家注意，我們在本次電話會議中可能作出的任何前瞻性陳述均受安全港條款的約束。本電話會議中的某些陳述可能構成 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。

They involve estimates, assumptions, judgments and uncertainties caused by a variety of factors that could cause future actual results or outcomes to differ materially from our forward-looking statements today. Such factors are detailed in the company's SEC filings and earnings release. A replay of this call will be available on the Investor Relations page of our website. Lastly, this call is being recorded by Hexcel Corporation and is copyrighted material. It cannot be recorded or rebroadcast without our expressed permission.

這些預測涉及估計、假設、判斷和不確定性，由多種因素造成，可能導致未來的實際結果或績效與我們今天的預測有重大差異。這些因素在公司提交給美國證券交易委員會的文件和盈利報告中均有詳細說明。本次電話會議的錄音回放將在我們網站的投資者關係頁面上提供。最後，本次通話由 Hexcel 公司錄音，屬於版權所有資料。未經我們明確許可，不得錄製或轉播。

Your participation on this call constitutes your consent to that request. With me today are Tom Gentile, our CEO and Chairman and President; and Patrick Winterlich, our Executive Vice President and Chief Financial Officer. The purpose of the call is to review our third quarter 2025 results detailed in our news release issued yesterday. Now let me turn the call over to Tom. Tom?

您參與本次通話即表示您同意該要求。今天陪同我的是我們的執行長、董事長兼總裁湯姆·詹蒂萊，以及我們的執行副總裁兼財務長帕特里克·溫特利希。本次電話會議的目的是回顧我們昨天發布的新聞稿中詳細介紹的 2025 年第三季業績。現在我把電話交給湯姆。湯姆？

Thanks, Kurt. Hello, everyone, and thank you for joining us today for Hexcel's Third Quarter 2025 Earnings Call. Our confidence in the growth outlook in the aerospace and defense markets and Hexcel's unique position within the industry remains strong. With Hexcel's broad portfolio of advanced innovative lightweight materials, we are well positioned to meet the needs of our customers as they increase commercial and military aircraft and rotorcraft production rates. We are also working with customers on developing innovative advanced material solutions for next-generation commercial and military platforms.

謝謝你，庫爾特。大家好，感謝各位今天參加 Hexcel 2025 年第三季財報電話會議。我們對航空航太和國防市場的成長前景以及 Hexcel 在業界的獨特地位依然充滿信心。憑藉 Hexcel 廣泛的先進創新輕質材料產品組合，我們能夠很好地滿足客戶不斷提高商用和軍用飛機及旋翼機生產率的需求。我們也與客戶合作，為下一代商業和軍事平台開發創新的先進材料解決方案。

As we look at the opportunities in front of us, the outlook for Hexcel is compelling. At our September Board meeting, which centered on strategy, we reinforced our strategic focus of advanced material science with an emphasis on the aerospace and defense market. This is our North Star as we navigate a dynamic near-term environment and look to take advantage of the medium- and longer-term opportunities in the aerospace and defense industry.

展望眼前的機遇，Hexcel 的前景十分誘人。在九月以戰略為主題的董事會會議上，我們重申了以先進材料科學為戰略重點，重點關注航空航天和國防市場。這是我們在應對瞬息萬變的近期環境並尋求抓住航空航天和國防工業中長期機會時所遵循的北極星。

The aerospace recovery from the pandemic has been frustratingly slow with numerous start stops for original equipment suppliers like Hexcel. However, we have growing confidence that we are seeing the beginnings of a more sustained ramp-up in production based on our customer discussions and actions as well as what we see in the aerospace supply chain.

疫情後航空航太業的復甦進程令人沮喪地緩慢，像 Hexcel 這樣的原始設備供應商經歷了多次啟動和停止。然而，根據我們與客戶的討論和行動，以及我們在航空航太供應鏈中看到的情況，我們越來越有信心，我們正在看到生產持續成長的開端。

The demand for fuel-efficient lightweight aircraft is clear. Air traffic has more than recovered to 2019 levels. The backlog for commercial aircraft has grown from 13,000 units before the pandemic to more than 15,000 today. Even with limited availability of near-term production slots, airlines around the world continue to place orders with Airbus and Boeing. As we look at the macro environment for the commercial aerospace industry, we are clearly seeing growing momentum as past supply chain constraints subside.

對節能輕型飛機的需求顯而易見。空中交通量已恢復到2019年的水平以上。疫情爆發前，商用飛機的積壓訂單為 13,000 架，而如今已超過 15,000 架。即使近期生產檔期有限，世界各地的航空公司仍繼續向空中巴士和波音下訂單。從商業航空航太業的宏觀環境來看，隨著過去供應鏈限制的緩解，我們顯然可以看到該產業正在蓬勃發展。

While we may experience some lingering destocking in the fourth quarter of 2025, we expect to exit 2025 fully aligned with the commercial aircraft build rates of our customers and positioned for growth in 2026 and beyond. Positive news developments in the past few weeks further support the rate ramps for each of our key platforms.

儘管我們在 2025 年第四季可能會經歷一些持續的去庫存，但我們預計到 2025 年底，我們將完全與客戶的商用飛機製造速度保持一致，並為 2026 年及以後的成長做好準備。過去幾週的好消息進一步支撐了我們各個主要平台的利率上調。

Beginning with the A350, our largest program, where we provide the entire lightweight material system, anticipated production rate increases by Airbus will be impactful for Hexcel in terms of driving capacity utilization. Airbus is targeting 12 aircraft per month by 2028 on the A350 program. Rising build rates will drive operating leverage for Hexcel and the EU approval last week that allows for the Spirit AeroSystems merger to move forward is another positive data point as those operations become streamlined into Airbus and Boeing.

從我們最大的專案 A350 開始，我們為該專案提供整個輕量化材料系統，空中巴士預計產量的提高將對 Hexcel 的產能利用率產生影響。空中巴士的目標是到 2028 年，A350 專案每月生產 12 架飛機。不斷提高的生產速度將推動 Hexcel 的營運槓桿，而上週歐盟批准 Spirit AeroSystems 合併案的進展是另一個積極的數據點，因為這些業務將整合到空中巴士和波音公司中。

On the A320, Airbus is targeting 75 planes per month by 2027, with the expectation that build rates will be in the 60s in 2026. GE Aerospace just raised their 2025 LEAP delivery guidance for engines, and Safran just announced a new LEAP-1A engine assembly line in Morocco to support Airbus and the A320 program, and that should be operational by the end of 2027.

空中巴士A320的目標是到2027年每月生產75架飛機，預計到2026年，生產速度將達到每月60架左右。GE Aerospace 剛剛提高了其 2025 年 LEAP 發動機的交付預期，而 Safran 剛剛宣佈在摩洛哥新建一條 LEAP-1A 發動機裝配線，以支持空客和 A320 項目，該裝配線應於 2027 年底投入運營。

On the 737 MAX, production has reached 38 airplanes per month and Boeing recently received FAA approval to increase to 42 airplanes per month. On the 787, Boeing is now at seven a month as they target 10 aircraft per month in 2026. Boeing is currently expanding its 787 production capacity in their Charleston facility, so there may be future upside beyond Rig 10.

737 MAX 的產量已達到每月 38 架，波音公司最近獲得了美國聯邦航空管理局的批准，可以將產量提高到每月 42 架。目前波音787的月產量為7架，目標在2026年達到每月10架。波音公司目前正在查爾斯頓工廠擴大其 787 的生產能力，因此 10 號鑽井平台之後可能還有未來上漲空間。

We visited Charleston recently and saw the construction underway. All of these different signs of improving production system stability in the four major programs for both Airbus and Boeing give me and our Board increasing confidence that their production targets are now getting traction.

我們最近去了查爾斯頓，看到了正在進行的建設。空中巴士和波音的四個主要專案生產系統穩定性不斷提高的種種跡象，讓我和董事會越來越相信，他們的生產目標正在逐步實現。

This growing confidence, coupled with actions that we have taken to clean up our portfolio, including the divestiture of our plant in Austria, will help us approach the margin levels we enjoyed in the past as production rates increase and drive operating leverage for Hexcel. We are clearly at the start of a multiyear growth cycle for commercial aerospace original equipment production, which will benefit Hexcel given the strong positions that we have on all the major programs. Turning to our financial results.

這種日益增長的信心，加上我們為清理投資組合而採取的行動（包括剝離我們在奧地利的工廠），將有助於我們接近過去所享有的利潤率水平，因為生產率的提高將推動 Hexcel 的營運槓桿。我們顯然正處於商用航空航太原始設備生產多年增長週期的開端，鑑於我們在所有主要項目中都佔據著強大的地位，這將使 Hexcel 受益。接下來來看看我們的財務表現。

Hexcel generated $456 million in sales and adjusted diluted EPS of $0.37 in the third quarter of 2025. These results are in line with our expectations for the quarter, which we knew in advance would be challenging due to slower seasonal sales and continued destocking by the commercial OEMs. Hexcel's gross margin for the third quarter was 21.9% compared to 23.3% in the third quarter of 2024. This was partly driven by tariffs and our decision to reduce finished goods inventory in the quarter, which impacted operating leverage and margins. As build rates rise into 2026, that increased sales volume will drive operating leverage and margin expansion.

Hexcel 2025 年第三季銷售額為 4.56 億美元，調整後攤薄每股收益為 0.37 美元。這些結果符合我們對本季的預期，我們事先就知道由於季節性銷售放緩和商業 OEM 廠商持續去庫存，本季將會充滿挑戰。Hexcel 第三季的毛利率為 21.9%，而 2024 年第三季的毛利率為 23.3%。這部分是由於關稅以及我們決定在本季度減少成品庫存所致，這影響了營運槓桿和利潤率。隨著 2026 年產能利用率的提高，銷售量的成長將推動營運槓桿和利潤率的擴張。

Regarding our markets, Commercial Aerospace sales were $274.2 million for the third quarter. Commercial Aerospace declined 7.3% year-over-year on a constant currency basis, primarily due to destocking on the Airbus 350 program and to a lesser extent, on the Boeing 787 platform. That lower volume was partially offset by a 9.3% increase in other commercial aerospace sales driven by regional jet sales growth.

就我們的市場而言，第三季商業航空航太銷售額為 2.742 億美元。以固定匯率計算，商用航空航太業務年減 7.3%，主要原因是空中巴士 350 項目的去庫存，其次是波音 787 平台的去庫存。銷量下降的部分原因是其他商業航空航太銷售額成長了 9.3%，而支線噴射機的銷售成長帶動了這一成長。

Looking ahead to 2026, Hexcel is already seeing increased order activity for the first half of next year from the commercial OEMs, which supports our growing confidence. We experienced continued strength in our Defense, Space and Other segment with $182 million in sales for the third quarter, an increase of 11.7% on a constant currency basis over the same period last year.

展望 2026 年，Hexcel 已經看到來自商業 OEM 廠商明年上半年的訂單活動增加，這增強了我們日益增長的信心。我們在國防、航太及其他領域的業績持續強勁，第三季銷售額達 1.82 億美元，以固定匯率計算比去年同期成長 11.7%。

This growth was broad across several platforms for domestic and international customers that include fighters, rotorcraft and space. As defense budgets in the US and with allied countries around the globe continue to increase, particularly to support the introduction of new platforms, we see continued strength in the underlying demand for Hexcel's advanced lightweight composite materials. Our innovative solutions enable greater range and payload as well as lower observability for stealth platforms. In August, we were honored to host the US.

這一成長涵蓋了面向國內外客戶的多個平台，包括戰鬥機、旋翼機和太空船。隨著美國及其盟國的國防預算持續成長，特別是為了支援新平台的引進，我們看到對 Hexcel 先進輕質複合材料的潛在需求持續強勁。我們的創新解決方案能夠提高隱形平台的航程和有效載荷，並降低其可偵測性。八月份，我們很榮幸接待了美國。

Secretary of Labor, Lori Chavez-DeRemer at Our Salt Lake City facility. This is our largest global facility. We produce both carbon fiber and prepreg at this facility, and the site also hosts our newest research and technology center of excellence. This visit was an opportunity to highlight Hexcel's critical role as the only vertically integrated U.S. domiciled manufacturer of high-strength aerospace-grade composite materials for commercial aircraft and defense platforms.

勞工部長洛里·查維斯-德雷默在鹽湖城工廠。這是我們在全球最大的工廠。我們在該工廠生產碳纖維和預浸料，該廠址還設有我們最新的卓越研發和技術中心。此次訪問旨在突出 Hexcel 作為美國唯一垂直整合的、本土生產的高強度航空航天級複合材料製造商的關鍵作用，該材料用於商用飛機和國防平台。

It was also an opportunity to showcase our innovation as we develop and deliver even lighter, stronger and stiffer composite solutions that are designed to support high production volumes by our customers. Our innovation is a mix of evolutionary steps by improving upon existing products, such as enhancing the adhesion characteristics of the carbon fiber surface and revolutionary steps such as new resin systems that cure more quickly and at lower temperature to enable greater throughput by our customers.

這也是我們展示創新成果的機會，我們正在開發和提供更輕、更強、更硬的複合材料解決方案，旨在支援客戶的大​​量生產。我們的創新融合了漸進式改進（例如增強碳纖維表面的黏合特性）和革命性創新（例如採用固化速度更快、溫度更低的新型樹脂系統），從而幫助我們的客戶提高生產效率。

While we see commercial aerospace production rates starting to rise in the fourth quarter and into 2026, we still expect lingering OEM destocking in Q4. Tariffs also remain a headwind. As we look at how the year may close out, we have narrowed our sales expectation to the bottom of the prior range, and we have reduced EPS guidance due to the impact of lower production from lingering destocking and the incorporation of tariffs into our guidance.

雖然我們看到商業航空航天生產率在第四季度和 2026 年開始上升，但我們仍然預計第四季度 OEM 去庫存將持續存在。關稅仍然是一大阻力。展望今年的收官情況，我們已將銷售預期下調至先前範圍的下限，並由於持續去庫存導致產量下降以及將關稅納入預期，我們下調了每股收益預期。

We have also continued our cost reduction actions as we streamline operations through site rationalization. At the end of September, we completed the divestiture of our Neumarkt, Austria plant, which supplied wind energy and recreational markets using third-party purchased glass and industrial carbon fibers. This action follows the closure of a high-cost facility in Belgium and the divestiture of an additive manufacturing business that was not strategic for Hexcel earlier this year. These actions are part of our broader strategy to focus our operations and reduce our cost profile as we prepare for the upcoming production rate increases in our major programs. As we have throughout this year, we continue to manage headcount closely.

我們也透過精簡營運場所、優化營運流程，持續降低成本。9 月底，我們完成了對位於奧地利諾伊馬克特工廠的剝離，該工廠使用從第三方購買的玻璃纖維和工業碳纖維，為風能和休閒市場提供產品。此前，Hexcel 於今年稍早關閉了位於比利時的高成本工廠，並剝離了一項對 Hexcel 而言不具戰略意義的增材製造業務。這些措施是我們更廣泛策略的一部分，旨在集中營運並降低成本，為即將到來的主要專案產量提升做好準備。與今年以來我們一直採取的做法一樣，我們繼續嚴格控制員工人數。

In previous calls, we stated that our headcount at the end of 2025 will be no higher than it was at the end of 2024. Our headcount has continued to decrease this year due to attrition and streamlining our operational footprint as well as lagging production schedules until we see clear evidence of increases.

在先前的電話會議中，我們曾表示，到 2025 年底，我們的員工人數不會高於 2024 年底的人數。由於人員自然流失、精簡營運佈局以及生產進度滯後，在看到明顯的成長跡象之前，我們的員工人數今年持續減少。

At the end of the third quarter of 2025, our headcount was around the levels of year-end 2023 and well below where we ended 2024. Our inventory acts as a near-term buffer for unexpected demand spikes, and we expect to begin hiring again sometime in early 2026. We are comfortable that we will be able to attract and train the workers we will need.

2025 年第三季末，我們的員工人數與 2023 年底的水準大致相同，遠低於 2024 年底的水準。我們的庫存可以作為應對意外需求高峰的短期緩衝，我們預計將於 2026 年初再次開始招募。我們有信心能夠吸引和培訓我們需要的員工。

We do not ever intend to be a bottleneck for our customers' production. In addition to our cost reduction actions, we continue to drive productivity. This includes our future factory initiative to drive greater unit cost efficiency with more use of automation, digitalization, robotics and artificial intelligence. Along with cost and productivity gains, we will continue to work to realize price. As we have shared before, about 10% to 15% of our contracts come up for renewal annually.

我們絕不會成為客戶生產過程中的瓶頸。除了降低成本的措施外，我們也持續提高生產效率。這包括我們未來的工廠計劃，即透過更多地使用自動化、數位化、機器人和人工智慧來提高單位成本效率。除了降低成本和提高生產效率外，我們將繼續努力實現價格目標。正如我們之前分享過的，我們每年大約有 10% 到 15% 的合約需要續約。

As we negotiate new contracts, we are realizing price gains and expanding escalation and pass-through clauses. Once publicly disclosed peak build rates are reached, our existing sole-source contracts with Airbus and Boeing will generate an incremental $500 million of annual revenue. Defense-based business and regional jets are all additive to that number. So the path to sales growth is very clear. And again, the increasing sales drive operating leverage and margin expansion for Hexcel.

在協商新合約的過程中，我們實現了價格上漲，並擴大了價格上漲和轉嫁條款的範圍。一旦公開披露的峰值產量達到，我們與空中巴士和波音現有的獨家合約每年將產生 5 億美元的額外收入。國防相關的公務機和支線噴射機都增加了這個數字。因此，實現銷售成長的路徑非常清晰。再次，銷售額的成長推動了 Hexcel 的營運槓桿和利潤率擴張。

As we grow back into existing capacity, capital expenditures will remain subdued for a period of time at less than $100 million per year, likely for the rest of this decade. These factors will all drive strong free cash flow generation. We are forecasting to cumulatively generate more than $1 billion of free cash flow over the next 4-year period of 2025 to 2028.

隨著產能逐步恢復到現有水平，資本支出將在一段時間內保持低迷，每年低於 1 億美元，這種情況可能會持續到本世紀末。這些因素都將推動強勁的自由現金流產生。我們預計在 2025 年至 2028 年的下一個 4 年期間，累計將產生超過 10 億美元的自由現金流。

With the forecasted production rates finally firming, our primary focus for the immediate future will be executing on the rate ramp, innovating lightweight materials to earn a position on the next generation of aircraft and organically growing our defense business while returning excess cash to our stockholders. Given that the business is generating cash in excess of reinvestment needs, the Board and the management team spend a lot of time thinking about capital allocation.

隨著預測產量最終確定，我們近期的主要重點將是提高產量，創新輕質材料以在下一代飛機領域佔據一席之地，並實現國防業務的有機增長，同時將多餘的現金返還給股東。鑑於公司產生的現金超過了再投資需求，董事會和管理團隊花費大量時間思考資本配置問題。

In the past 18 months during my time as CEO, we have undertaken an extensive review of potential inorganic growth opportunities. We have not found any business that meets our stringent and disciplined strategic criteria for M&A, namely innovative advanced material science with an emphasis on aerospace and defense and a return threshold of 15% ROIC or greater. What we do see in front of us is unprecedented and pent-up demand for modern lightweight aircraft.

在我擔任執行長的過去 18 個月裡，我們對潛在的非有機成長機會進行了廣泛的審查。我們尚未找到任何符合我們嚴格自律的併購策略標準的企業，即在航空航太和國防領域具有創新先進材料科學背景，且投資回報率達到 15% 或更高。我們現在看到的，是對現代輕型飛機前所未有的、被壓抑已久的需求。

This represents a tremendous organic growth opportunity for Hexcel. While OEM production schedules have been challenged for the past several years, we are seeing the OEMs increase production as the supply chain stabilizes. The individual catalysts for each major program that I mentioned earlier have helped remove obstacles to production rate increases.

這為Hexcel帶來了巨大的內生成長機會。儘管過去幾年OEM廠商的生產計畫一直面臨挑戰，但隨著供應鏈的穩定，我們看到OEM廠商正在增加產量。我前面提到的每個主要項目的個別催化劑都有助於消除提高生產力的障礙。

Hexcel is uniquely positioned in this market as the largest and most vertically integrated aerospace-grade carbon fiber composite manufacturer. Our industry segment has significant barriers to entry given the large sums that we have invested in our material system and production facilities globally.

Hexcel 在這個市場中擁有獨特的地位，它是規模最大、垂直整合程度最高的航空級碳纖維複合材料製造商。鑑於我們在全球範圍內對材料系統和生產設施投入了巨額資金，我們的行業領域存在著巨大的進入障礙。

We have industry-leading technology and intellectual property. And most importantly, we have our people, a highly trained and skilled workforce that we know can deliver on the rising demand in front of us with safety, quality and the on-time delivery our customers expect. Our confidence is growing that the ongoing recovery in build rates is at an inflection point to a sustained ramp to peak rates, providing us greater optimism in our sales outlook and future cash generation.

我們擁有業界領先的技術和智慧財產權。最重要的是，我們擁有員工，一支訓練有素、技術精湛的員工隊伍，我們知道他們能夠安全、高品質地滿足不斷增長的需求，並按時交付客戶期望的產品。我們越來越有信心，建築速度的持續復甦正處於一個轉折點，即將持續攀升至峰值水平，這使我們對銷售前景和未來現金流更加樂觀。

Given all these factors, strong cash generation profile driven by significant organic growth that provides us significant volume leverage, combined with cost control and productivity to improve margins and an unmatched position in the marketplace, we believe now is the right time to repurchase Hexcel stock. Since 2013, we have returned more than $1.5 billion to stockholders through share repurchases.

鑑於所有這些因素，強勁的現金流狀況得益於顯著的內生成長，這為我們提供了顯著的銷售槓桿，再加上成本控制和生產力提升以提高利潤率，以及在市場上無可比擬的地位，我們認為現在是回購 Hexcel 股票的合適時機。自 2013 年以來，我們已透過股票回購向股東返還了超過 15 億美元。

In the past seven quarters, we have repurchased $350 million of shares and retired almost 6% of our float. Yesterday, Hexcel's Board of Directors authorized an additional $600 million share repurchase program, and we also announced an accelerated share repurchase program, or ASR, of $350 million. We will fund the ASR from our revolver, which we will then repay from future cash generation.

在過去的七個季度裡，我們回購了價值 3.5 億美元的股票，並註銷了近 6% 的流通股。昨天，Hexcel 董事會批准了一項額外的 6 億美元股票回購計劃，我們還宣布了一項 3.5 億美元的加速股票回購計劃（ASR）。我們將以循環信貸額度為ASR提供資金，然後從未來的現金流中償還。

Launching this ASR now and making a significant repurchase of our stock underscores our strong belief in commercial aerospace production rate increases and our ability to execute with safety, quality and on-time delivery to our customers. We are seeing resolution of major supply chain problems that have plagued the industry the past several years, and we see all the OEMs making solid progress on increasing their production rates.

現在推出這項 ASR 並大量回購我們的股票，凸顯了我們對提高商業航空航太生產力的堅定信念，以及我們安全、高品質、按時交付給客戶的能力。我們看到過去幾年困擾該行業的主要供應鏈問題正在解決，並且所有原始設備製造商都在提高生產率方面取得了實質進展。

I also want to be clear that we remain committed to a disciplined financial policy. We target a leverage ratio of 1.5 to 2 times debt to EBITDA. We plan to repay the ASR borrowings as soon as possible during 2026 to return Hexcel to this targeted leverage range. Now before I turn the call over to Patrick to provide more details on the numbers, I want to comment on the 8-K we just filed announcing that Patrick has accepted an offer to move over to Howmet, a much larger company than Hexcel. I am thrilled that Patrick has this opportunity to work with a company that plays such an important role in our industry.

我還要明確指出，我們將繼續堅持穩健的財務政策。我們的目標是將槓桿率控制在債務與 EBITDA 的 1.5 倍至 2 倍之間。我們計劃在 2026 年盡快償還 ASR 借款，使 Hexcel 的槓桿率恢復到目標範圍。在我將電話轉交給 Patrick 提供更多數字細節之前，我想評論一下我們剛剛提交的 8-K 文件，該文件宣布 Patrick 已接受 Howmet 的邀請，Howmet 是一家比 Hexcel 大得多的公司。我很高興帕特里克有機會與一家在我們行業中扮演如此重要角色的公司合作。

For 27 years, Patrick has been a transformational leader at Hexcel and has helped position our company to capture the opportunities I have described. He has also been a terrific partner in helping me transition into my role at Hexcel over the last 1.5 years. We all wish him great success in his new role. Patrick has agreed to remain as our CEO during a transition period through the end of November, and we've already launched a process with a leading global executive search firm to recruit a world-class CFO to succeed them. So with that, over to you, Patrick, for your final Hexcel call.

27 年來，派崔克一直是 Hexcel 的變革型領導者，並幫助公司抓住了我所描述的機會。在過去一年半的時間裡，他也一直是我非常棒的合作夥伴，幫助我順利過渡到我在 Hexcel 的工作。我們都祝福他在新的崗位上取得巨大成功。Patrick 已同意在過渡期內繼續擔任我們的首席執行官，直至 11 月底。我們已經與一家領先的全球獵人頭公司啟動了招募流程，以招募一位世界一流的財務長來接替他。那麼，接下來就交給你了，派崔克，進行你最後一次 Hexcel 通話。

Thank you, Tom. I appreciate your comments. Total third quarter 2025 sales of $456.2 million were unchanged year-over-year as strength in defense and space was offset by Commercial Aerospace destocking. By market, Commercial Aerospace third quarter 2025 sales were $274.2 million, representing approximately 60% of total third quarter sales. Third quarter Commercial Aerospace sales decreased 7.3% compared to the third quarter of 2024.

謝謝你，湯姆。感謝您的評論。2025 年第三季總銷售額為 4.562 億美元，與去年同期持平，國防和航太領域的強勁成長被商業航空航太領域的去庫存所抵消。按市場劃分，2025 年第三季商用航空航太銷售額為 2.742 億美元，約佔第三季總銷售額的 60%。第三季商用航空航太銷售額與 2024 年第三季相比下降了 7.3%。

While the third quarter is seasonally slower due to summer holidays taken by our customers, 2025 third quarter sales were also impacted by destocking. The A350 program was most impacted, followed by the 787. Sales for the 737 MAX program continued to lag stated Boeing build rates as we expected, though we did see positive progress in the third quarter. For the A320neo, third quarter 2025 sales increased nominally compared to the prior year period. Sales for Other Commercial Aerospace in the third quarter increased 9.3% year-over-year, led by regional jets.

雖然由於顧客的暑假，第三季通常是季節性淡季，但 2025 年第三季的銷售額也受到了去庫存的影響。A350 專案受影響最大，其次是 787 專案。正如我們預期的那樣，737 MAX 專案的銷售額繼續落後於波音公司公佈的生產速度，儘管我們在第三季度確實看到了積極的進展。A320neo 2025 年第三季的銷售量與去年同期相比略有成長。第三季其他商用航空航太銷售額年增 9.3%，其中支線噴射機的成長最為顯著。

Defense, Space and Other represented approximately 40% of third quarter sales and totaled $182 million, increasing 11.7% on a constant currency basis from the same period in 2024. Demand was strong across a number of fighter, helicopter and space programs, both domestically and overseas. For fighters, sales increased for the F-35, the Rafale and the Eurofighter. For helicopters, European demand was strong, along with the Black Hawk, including replacement helicopter blades. And it was a solid quarter for space sales, including launches, rocket motors and satellites.

國防、航太及其他業務約佔第三季銷售額的 40%，總計 1.82 億美元，以固定匯率計算，比 2024 年同期成長 11.7%。國內外多個戰鬥機、直升機和航太專案的需求都很強。戰鬥機方面，F-35、陣風和歐洲戰鬥機的銷售量均有所成長。歐洲對直升機的需求強勁，黑鷹直升機的需求也十分旺盛，包括更換的直升機旋翼。對於包括發射、火箭發動機和衛星在內的航太產品銷售而言，這是一個穩健的季度。

Gross margin of 21.9% in the third quarter of 2025 decreased from 23.3% in the third quarter of 2024 as sales mix, tariffs and inventory reduction actions negatively impacted operating leverage. The lower third quarter sales from seasonality and destocking magnified the underutilization of carbon fiber assets, pressuring margins. As our customers increase production rates, higher sales levels in 2026 and beyond will drive strong operating leverage and lead to margin expansion. So said another way, higher sales levels are critical for us to return to mid-teens margins. As mentioned above, tariffs are also a headwind.

2025 年第三季毛利率為 21.9%，低於 2024 年第三季的 23.3%，原因是銷售組合、關稅和庫存削減措施對經營槓桿產生了負面影響。季節性因素和去庫存導致第三季銷售額下降，加劇了碳纖維資產利用率不足的問題，對利潤率造成了壓力。隨著客戶提高生產力，2026 年及以後更高的銷售水準將推動強勁的營運槓桿，並帶來利潤率的提升。換句話說，更高的銷售額對於我們恢復到十幾個百分點的利潤率至關重要。如上文所述，關稅也是一個不利因素。

We continue to work on mitigation actions and continue to monitor this dynamic regulatory environment. As a percentage of sales, selling, general and administrative expenses and R&D expenses were 12.1% in the third quarter of 2025 compared to 11.7% in the comparable prior year period.

我們將繼續採取緩解措施，並繼續關注這一動態的監管環境。2025 年第三季度，銷售、一般及行政費用及研發費用佔銷售額的 12.1%，而上年同期為 11.7%。

Financial and manufacturing IT system upgrades, which we have mentioned previously, along with the impact of wage inflation contributed to higher operating expenses as a percentage of sales. Other operating expenses totaled $8.8 million in the third quarter of 2025, including charges for the divestment of the Neumarkt Austria industrial business and the closure of the Belgium facility. Adjusted operating income in the third quarter was $44.8 million or 9.8% of sales compared to $52.9 million or 11.6% of sales in the comparable prior year period.

我們先前提到的財務和製造 IT 系統升級，以及薪資上漲的影響，導致營運費用佔銷售額的比例上升。2025 年第三季其他營運支出總計 880 萬美元，其中包括出售奧地利諾伊馬克特工業業務和關閉比利時工廠的費用。第三季調整後營業收入為 4,480 萬美元，佔銷售額的 9.8%，而去年同期為 5,290 萬美元，佔銷售額的 11.6%。

Foreign exchange has been a consistent tailwind to margins for an extended period of time as Hexcel benefits when the dollar is strong. We hedge our operating profit over a 10-quarter time horizon, so foreign exchange gains and losses are layered into the financial results over time. This foreign exchange tailwind is now beginning to switch to a headwind as the impact of a weaker dollar begins to work into the business. While our third quarter top line benefited to a modest degree from the dollar weakness, particularly from our European military sales dominated in local currency, the operating margin was negatively impacted by approximately 10 basis points. Now turning to our two segments.

外匯匯率長期以來一直是利潤率的利好因素，因為當美元走強時，Hexcel 會從中受益。我們對營業利潤進行為期 10 個季度的對沖，因此外匯損益會隨著時間的推移逐步計入財務業績。隨著美元走軟的影響開始顯現，這種外匯順風現在開始轉變為逆風。雖然第三季營收在一定程度上受益於美元疲軟，特別是以當地貨幣結算的歐洲軍售，但營業利潤率受到約 10 個基點的負面影響。現在我們來看兩個部分。

The Composite Materials segment represented 80% of total third quarter sales and generated an adjusted operating margin of 11.2%. This compares to an adjusted operating margin of 14.5% in the prior year period. The Engineered Products segment, which is comprised of our structures and engineered core businesses, represented 20% of total sales and generated an adjusted operating margin of 15.5%. This compares to an adjusted operating margin of 11.5% in the prior year period. Net cash provided by operating activities in the first nine months of 2025 was $105 million compared to net cash provided of $127.3 million in the first nine months of 2024.

複合材料業務佔第三季總銷售額的 80%，調整後營業利潤率為 11.2%。相較之下，上年同期的調整後營業利益率為 14.5%。工程產品部門（包括我們的結構和工程核心業務）佔總銷售額的 20%，調整後的營業利潤率為 15.5%。相較之下，上年同期的調整後營業利益率為 11.5%。2025 年前九個月經營活動產生的淨現金流量為 1.05 億美元，而 2024 年前九個月經營活動產生的淨現金流量為 1.273 億美元。

Working capital was a cash use of $63.8 million in the first nine months for 2025 compared to a cash use of $93.1 million in the first nine months of 2024. Capital expenditures on an accrual basis were $49.9 million in the first nine months of 2025 compared to $59.6 million in the comparable prior year period. Free cash flow in the first nine months of 2025 was $49.9 million, which compares to $58.9 million in the first nine months of 2024. Adjusted EBITDA totaled $249.2 million in the first nine months of 2025 compared to $291.3 million in 2024. As Tom explained, we are executing a $350 million accelerated share repurchase program or ASR.

2025 年前九個月的營運資金現金使用額為 6,380 萬美元，而 2024 年前九個月的營運資金現金使用額為 9,310 萬美元。2025 年前九個月的資本支出（按權責發生製計算）為 4,990 萬美元，而去年同期為 5,960 萬美元。2025 年前九個月的自由現金流為 4,990 萬美元，而 2024 年前九個月的自由現金流為 5,890 萬美元。2025 年前九個月的調整後 EBITDA 總額為 2.492 億美元，而 2024 年同期為 2.913 億美元。正如湯姆解釋的那樣，我們正在執行一項 3.5 億美元的加速股票回購計畫（ASR）。

We will fund this repurchase using our revolver. This action will result in leverage temporarily being over our targeted range of 1.5 to 2 times. We will utilize subsequent cash generation to repay the revolver and return to our targeted leverage range over the coming quarters. Following the Board stock repurchase authorization of $600 million and after this ASR is concluded, the remaining authorization under the share repurchase program will be approximately $384 million. Hexcel did not repurchase any stock during the third quarter of 2025.

我們將使用循環信貸額度為此回購提供資金。此舉將導致槓桿率暫時超過我們設定的 1.5 至 2 倍的目標範圍。我們將利用後續產生的現金來償還循環貸款，並在接下來的幾季內恢復到我們目標槓桿率範圍。在董事會批准 6 億美元的股票回購計畫並完成本次 ASR 後，股票回購計畫下剩餘的授權金額約為 3.84 億美元。Hexcel在2025年第三季沒有回購任何股票。

I want to reiterate, we remain committed to a disciplined financial policy and to returning leverage to the targeted range of 1.5 to 2 times as soon as possible during 2026. The Board of Directors declared a $0.17 quarterly dividend yesterday. The dividend is payable to stockholders of record as of November three with a payment date of November 10. We have revised our 2025 guidance, as Tom explained. To share some additional color, operating leverage within the business is strong on rising sales, but conversely is a headwind on softer sales, which we are now forecasting for the fourth quarter of 2025.

我想重申，我們仍然致力於執行嚴謹的財務政策，並力爭在 2026 年盡快將槓桿率恢復到 1.5 至 2 倍的目標範圍內。董事會昨日宣布派發每股0.17美元的季度股利。股利將支付給截至11月3日登記在冊的股東，支付日期為11月10日。正如湯姆解釋的那樣，我們已經修訂了2025年的指導方針。為了更詳細地說明情況，隨著銷售額的成長，公司內部的經營槓桿作用很強，但反過來，如果銷售額疲軟，經營槓桿作用就會成為不利因素，我們目前預測這種情況將發生在 2025 年第四季。

Our reduced EPS guidance reflects the impact of lower production as we work through some lingering destocking in the fourth quarter and our continued focus on inventory levels. Further, we have now incorporated tariffs into our guidance. And finally, the revised earnings guidance includes the impact of higher interest expense in the fourth quarter from revolver borrowings to execute the ASR. We continue to assume an underlying effective tax rate of 21% for the fourth quarter of 2025. Given some discrete adjustments in the first nine months of 2025, we expect the average adjusted ETR for the full year 2025 to be lower than 21%.

我們下調了每股收益預期，這反映了第四季度產量下降的影響，因為我們仍在努力消除一些殘留的去庫存，並且我們持續關注庫存水準。此外，我們現已將關稅納入我們的指導方針中。最後，修訂後的獲利預期包括第四季度因循環貸款執行 ASR 而產生的較高利息支出的影響。我們繼續假設 2025 年第四季的實際稅率為 21%。考慮到 2025 年前九個月的一些特殊調整，我們預計 2025 年全年的平均調整後有效稅率將低於 21%。

We continue to forecast a tariff impact of $3 million to $4 million per quarter, however, the tariff situation remains uncertain. Our regional sourcing helps to insulate us from the direct impact of tariffs and over time, we will continue to work on mitigation and pass-throughs. I would also like to highlight that the divested Neumarkt, Austria industrial business generated just under $10 million of sales per quarter in the first three quarters of 2025. The divestment occurred on September 30, so there will not be any sales from the Austrian business in the fourth quarter of 2025 or going forward. The niche value-add industrial market that we will continue to serve will be supported by existing Hexcel Aerospace facilities using existing aerospace assets.

我們繼續預測關稅影響將達到每季 300 萬至 400 萬美元，但是，關稅狀況仍然不明朗。我們的區域採購有助於我們免受關稅的直接影響，隨著時間的推移，我們將繼續努力減輕關稅影響並實現關稅轉嫁。我還想強調，剝離的奧地利諾伊馬克特工業企業在 2025 年前三個季度平均每季的銷售額略低於 1,000 萬美元。這項資產剝離發生在 9 月 30 日，因此 2025 年第四季及以後，奧地利業務將不會有任何銷售。我們將繼續服務的利基增值工業市場將得到 Hexcel Aerospace 現有設施和航空航太資產的支持。

When we first issued guidance in January 2025, we had forecasted 2025 sales for the Commercial Aerospace market to be flat and for sales for the Defense, Space and Other market to be flat. As the year has progressed, Commercial Aerospace has been weaker than initially forecasted due to anticipated destocking, particularly on the A350. Conversely, Defense and Space has been stronger.

我們在 2025 年 1 月首次發布指導意見時，曾預測 2025 年商業航空航太市場的銷售額將保持平穩，國防、航太及其他市場的銷售額也將保持穩定。隨著這一年的推進，由於預期中的去庫存，特別是A350的去庫存，商用航空航太業的表現比最初預測的要弱。相反，國防和航太領域則更為強大。

As a result, we are revisiting these percentages. 2025 Commercial Aerospace sales are now forecasted to be down mid- to upper single digits and Defense, Space and other sales are now forecasted to be higher by mid- to upper single digits on a percentage basis. Consistent with past practice, we provide annual guidance during our fourth quarter and full year earnings call.

因此，我們將重新審視這些百分比。預計 2025 年商業航空航太銷售額將下降個位數中高段，而國防、航太和其他領域的銷售額預計將增長個位數中高段。與以往做法一致，我們在第四季和全年財報電話會議上提供年度業績指引。

To reemphasize what Tom already covered, we expect to exit 2025 strongly positioned for growth as we anticipate being generally aligned with our commercial aerospace customer build rate. Sales growth will drive operating leverage and margin expansion in 2026 and beyond, supported by continuing price realization, productivity gains and cost control.

為了再次強調湯姆已經提到的內容，我們預計到 2025 年底將處於強勁的成長地位，因為我們預計屆時我們的商業航空航太客戶的生產速度將與我們的業務基本保持一致。2026 年及以後，銷售成長將推動營運槓桿和利潤率擴張，同時價格持續上漲、生產力提高和成本控制也將起到支撐作用。

Lastly, as I close out my 33rd and final earnings call for Hexcel, I would like to take a couple of moments to express my sincere gratitude to this great company. Companies, as we all know, are ultimately a collection of people aligning to achieve a common goal. And I have been honored to work with so many wonderful people over my 27 years. I cannot thank them enough. I now look forward to joining Howmet and starting what I believe will be an incredible new journey.

最後，在我結束為 Hexcel 所做的第 33 次也是最後一次財報電話會議之際，我想花幾分鐘時間向這家偉大的公司表達我由衷的感謝。我們都知道，公司歸根究底是由一群人為了實現共同目標而組成的。在過去的27年裡，我非常榮幸能與這麼多優秀的人共事。我無法用言語表達我對他們的感激之情。我現在非常期待加入豪邁公司，開啟一段我相信會非常精彩的新旅程。

However, I know for certain, I will never forget my amazing colleagues at Hexcel. With that, let me turn the call back to Tom.

但是，我可以肯定的是，我永遠不會忘記我在 Hexcel 的那些了不起的同事。那麼，我把電話轉回給湯姆。

Thanks, Patrick. To close, while the third quarter reflected near-term headwinds, the strong-term fundamentals for Hexcel remain exceptionally strong. The Commercial Aerospace backlog is at historic levels. Defense spending continues to rise globally and the Aerospace and Defense supply chain is finally ramping to support build rate increases. Hexcel is uniquely positioned to capitalize on this momentum.

謝謝你，派崔克。總而言之，儘管第三季反映了短期不利因素，但 Hexcel 的長期基本面依然非常強勁。商業航空航太領域的訂單積壓已達到歷史最高水準。全球國防開支援續增長，航空航太和國防供應鏈終於開始加速運轉，以支持生產速度的提升。Hexcel 擁有得天獨厚的優勢，能夠充分利用這一發展勢頭。

Our unmatched portfolio, deep customer relationships and global manufacturing footprint give us confidence in our ability to deliver accelerating growth over the coming years. We expect to generate over $1 billion in cumulative free cash flow over the next four years. That cash flow will support continued investment in innovation, and we will continue to evaluate returning cash to stockholders as demonstrated by the new share repurchase authorization of $600 million and the $350 million ASR that we just announced. We believe the recovery in build rates is real and sustainable. Hexcel is ready to meet that demand and deliver long-term value for our stakeholders.

我們擁有無可比擬的產品組合、深厚的客戶關係和全球製造佈局，這使我們有信心在未來幾年內實現加速成長。我們預計未來四年將產生超過10億美元的累積自由現金流。該現金流將支持對創新的持續投資，我們將繼續評估向股東返還現金的可能性，正如我們剛剛宣布的 6 億美元新股票回購授權和 3.5 億美元 ASR 所表明的那樣。我們認為建築速度的復甦是真實且可持續的。Hexcel 已準備好滿足這項需求，並為我們的利害關係人創造長期價值。

Tiffany, we're now ready to take questions.

蒂芙尼，我們現在可以開始回答問題了。

(Operator Instructions) Myles Walton, Wolfe Research.

（操作說明）邁爾斯·沃爾頓，沃爾夫研究公司。

Alright, thanks. Good morning. Congratulations, Patrick, on the move and good luck in the search, Tom. In the context of the $500 million growth that you're looking for at manufacturer production rates, Tom, can you talk about -- I think that implies maybe $1 billion of Airbus revenue out in that time frame. How much of that should it be -- or how much higher should that be if you actually had contracts that allowed for inflationary pricing to have escalated during the last decade?

好的，謝謝。早安.恭喜派崔克搬家，也祝湯姆找工作一切順利。湯姆，就你期望的製造商生產力增加 5 億美元而言，你能談談——我認為這可能意味著空中巴士在該時期內的收入將達到 10 億美元嗎？其中應該佔多少比例？或者，如果過去十年實際簽訂的合約允許通貨膨脹價格上漲，那麼這個比例應該要高多少？

Well, the good thing about the Airbus contract that we signed in 2008 for the A350 is that it was a long-term contract, and it gave us the confidence and foundation to make massive capital investments to industrialize for the A350. And we extended that contract in 2016 to go all the way out to 2030. Now as you know, the production rates ramp very quickly up through 2018, 2019, they peaked. We delivered 112 A350s in 2019. And our overall revenue that year was $2.355 billion and the margins were 18%.

2008 年我們與空中巴士簽訂的 A350 合約的好處在於，這是一份長期合同，它給了我們信心和基礎，讓我們能夠進行大規模的資本投資，以實現 A350 的工業化生產。2016年，我們將合約延長至2030年。如你所知，2018 年、2019 年產量迅速攀升，並達到頂峰。2019年我們交付了112架A350飛機。我們當年的總收入為 23.55 億美元，利潤率為 18%。

Now since that time, the pandemic hit, volume dropped quite a bit, and we also experienced a lot of inflation. Now where we are today, we're not getting volume leverage across the board. And we've absorbed a lot of that inflation on some of our long-term contracts, particularly with Airbus. When we get back to the $2.35 billion of revenue, probably sometime in the next couple of years, our margins are going to be a little bit curtailed. They'll be at about 16%.

自那時以來，疫情爆發，銷量大幅下降，我們也經歷了嚴重的通貨膨脹。就目前情況而言，我們無法全面獲得銷售槓桿效應。我們已經透過一些長期合約吸收了大部分通貨膨脹的影響，特別是與空中巴士的合約。當我們恢復到 23.5 億美元的營收水準時（可能在未來幾年內），我們的利潤率將會受到一些限制。他們的佔比約為 16%。

So about 200 basis points of headwind from the inflation is really what the impact is. Now when we get the full impact of the $500 million from all of the targets across the major programs, we think that will get us back to 18%. But obviously, we would like to do more than that, and that's why we're driving our productivity projects. So to summarize, the impact of the inflation that we've absorbed over the past couple of years is about 200 basis points, and we're working to offset that.

因此，通膨帶來的實際影響約為 200 個基點的不利影響。現在，當我們從所有主要項目的目標中獲得 5 億美元的全部影響時，我們認為這將使我們回到 18%。但顯然，我們希望做得更多，這就是我們推進生產力提升專案的原因。總而言之，過去幾年我們所承受的通膨影響約為 200 個基點，我們正在努力抵消這種影響。

Okay. And Patrick, one financial one for you. The debt or interest costs we should plan on for '26 in light of the ASR, is it close to $50 million or so?

好的。派崔克，給你一個財務方面的問題。考慮到 ASR，我們應該為 2026 年的債務或利息成本做哪些計劃？大約在 5000 萬美元左右嗎？

50, Did you say five-zero? I mean, it should be a lot less than that. And the debt will decrease quite rapidly after the first quarter. The first quarter will probably be a cash usage, it's normal but then we should see the debt coming down quickly as we generate free cash flow next year. So you can assume the revolver about 5.5% interest rate as that balance reduces through next year.

50？你說的是五零嗎？我的意思是，實際金額應該遠低於這個數。第一季過後，債務將迅速減少。第一季可能會消耗大量現金，這是正常的，但隨著明年自由現金流的產生，我們應該會看到債務迅速下降。因此，您可以假設循環貸款的利率約為 5.5%，因為該貸款餘額將在明年逐漸減少。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

Hey, good morning guys. Thanks for taking the questions. Maybe just to stay on both of those topics. Tom, I think you said getting back to that 18%. I mean, so is it reasonable to think that incremental margins can be in that, I guess, implied 40% plus range to get back to that 18%? I mean, is there going to be any disruption with labor add-backs? Or do you think you have more confidence in pricing along the way with -- I think you said 10% to 15% of these contracts renew and then you probably have that bigger renewal out in 2030 with Airbus.

嘿，各位早安。謝謝您回答問題。或許就繼續討論這兩個話​​題吧。湯姆，我想你說過要回到18%這個水準。我的意思是，那麼認為增量利潤率可以達到（我猜是）40% 以上，從而回到 18% 的水平，這種想法是否合理呢？我的意思是，勞動成本調整會不會造成任何干擾？或者您認為您對定價更有信心——我想您說過這些合約中有 10% 到 15% 會續簽，然後您可能在 2030 年與空中巴士進行一次更大的續約。

But is that the right way to think about incrementals?

但這種思考增量的方式是否正確呢？

Yes, yes. I mean the way I would say it summarize is that as the volumes increase and as our revenue goes up, we're going to get a lot of operating leverage. And we're not going to have to make a lot of capital investment to get there. you always have to offset various things, inflation and productivity and potentially other costs like utilities or logistics. But that's what your productivity programs have to offset.

是的，是的。我的意思是，總而言之，隨著銷售增加和收入成長，我們將獲得很大的經營槓桿效應。而且我們不需要投入大量資金就能達成目標。當然，你總是需要抵銷各種因素的影響，例如通貨膨脹、生產力下降，以及其他潛在的成本，例如水電費或物流費。但這就是你的生產力提升計畫需要彌補的。

But the biggest driver for Hexcel is that as production rates increase and our revenues go up, that drives an incredible amount of operating leverage, which will create the enhanced margins and the recovery back to the 16% first and then 18% as we get the full impact of all the target rate reductions across the major programs.

但對 Hexcel 而言，最大的驅動力是，隨著生產力的提高和收入的成長，這將帶來巨大的營運槓桿效應，從而提高利潤率，並首先恢復到 16%，然後隨著我們全面實現主要項目的目標產量下降，恢復到 18%。

Okay. Okay. And then just on the ASR, I mean, maybe a little bit of dilution out of the gate but it sounds like that should be paid down if you're carrying a portion of that interest expense here in 4Q, maybe a full $5 million in 1Q and 2Q but then you're obviously going to have the cash generation. So that should kind of eliminate some of that interest headwind and shouldn't really be dilutive on a full year basis for '26?

好的。好的。至於 ASR，我的意思是，一開始可能會有一些稀釋，但如果你在第四季度承擔一部分利息支出，聽起來應該可以償還，也許在第一季和第二季承擔 500 萬美元，但顯然你會有現金流。這樣應該可以消除一些利息方面的不利因素，並且對 2026 年全年的收益稀釋應該不會造成太大影響？

It should be positive on a full year basis. So we'll take out 80% of the share count basically on Monday or tomorrow or Monday when those 80% of our shares are surrendered. So you'll have 2/3, two months out of three this quarter will benefit from that reduced stock count of what, 4 million, 4.5 million shares, I would guess. And then you'll have that benefit offset by the interest charge next year. But I would assume there would be a net benefit to 2026 overall as the debt gets paid down quickly.

從全年來看，結果應該是正的。所以，我們基本上會在星期一或明天，或是下週一，也就是我們交出那 80% 股份的時候，收回 80% 的股份。所以，本季三個月中，將有兩個月（也就是 2/3 個月）受益於股票數量的減少，我估計是 400 萬股或 450 萬股。那麼，明年的利息支出就會抵銷掉這部分收益。但我認為，隨著債務快速償還，到 2026 年整體上將會帶來淨收益。

Okay, perfect. Thanks guys, I'll jump back in the queue here.

好的，完美。謝謝各位，我這就重新排隊。

Thank.

感謝。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

Thank you. Good morning.

謝謝。早安.

Morning.

早晨。

I guess just following up on the margin question. In 2026, if Commercial Aero revenue is higher than it was in 2024, can margins also be higher?

我只是想就利潤率的問題做個後續說明。2026 年，如果商用航空收入高於 2024 年，利潤率是否也會更高？

They can, yes. We have work to do to offset some of the natural inflation that we see normally but that's certainly the goal.

是的，他們可以。我們需要做一些工作來抵消一些我們通常看到的自然通貨膨脹，但這當然是我們的目標。

Okay. And then, Tom, I guess, as you plan for 2026, obviously, the supply chain has been pretty lumpy. A350 increases have been set back. How do you think about possible contingencies if destocking does continue longer than you expect? So maybe it's not as operationally disruptive to Hexcel as it was this year?

好的。然後，湯姆，我想，當你為 2026 年做計劃時，很明顯，供應鏈一直不太穩定。A350的增幅已延後。如果去庫存過程持續的時間比預期更長，您如何考慮可能發生的意外情況？所以，它對 Hexcel 的營運影響可能不如今年那麼大？

Well, what we've been doing is lagging a little bit more in terms of the demand, waiting to see it materialize before we go ahead and hire the heads. And we'll continue to do that. We have a lot of inventory, so we can cushion any potential unexpected increase in the short term. But that's really the primary way we've been managing it and cushing it is one is set realistic expectations, lag the growth in terms of when we actually hire and use our inventory to make sure we have a proper cushion for any unexpected demand.

嗯，我們目前採取的做法是稍微落後一些，等待需求真正出現後再去招募負責人。我們將繼續這樣做。我們庫存充足，因此可以緩衝短期內任何潛在的意外增長。但這正是我們管理它的主要方式，而應對之道在於設定切合實際的預期，在實際招聘方面滯後於增長，並利用我們的庫存來確保我們有足夠的緩衝來應對任何意外需求。

Great. Thank you.

偉大的。謝謝。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Morning, Tom and Patrick, congrats.

早安，湯姆和派崔克，恭喜！

Thanks, Scott.

謝謝你，斯科特。

Tom, you referenced the LTA negotiations and historically, your LTAs have included language where some of the productivity benefits are shared between Hexcel and its customer. So as those agreements come up for renegotiation, are you making sure that you get to keep a larger share of the productivity benefits going forward?

湯姆，你提到了長期協議談判，從歷史上看，你的長期協議都包含這樣的條款：Hexcel 與其客戶之間共享部分生產力收益。因此，當這些協議需要重新談判時，您是否確保能夠繼續獲得更大比例的生產力提升效益？

Well, we always want to keep as much as we can. That's for sure. But at the same time, you've got to make sure any negotiation ends up being a win-win. And a lot of the productivity projects that we drive do require engineering resources from our customers. And so you want to make sure you can obtain those resources.

當然，我們總是想盡可能地保留一些東西。那當然。但同時，你必須確保任何談判最終都能實現雙贏。我們推動的許多生產力提升專案確實需要客戶提供工程資源。所以你要確保能夠獲得這些資源。

So yes, the goal is always to make sure we get a fair return on the investments that we make and the value that we deliver but also recognizing that we want to make it -- we want to facilitate the fact that we need some help and engineering from our customers.

所以，是的，我們的目標始終是確保我們從投資中獲得公平的回報，並創造價值，但同時也要認識到，我們希望實現這一目標——我們希望促進我們需要客戶的幫助和工程技術。

Okay. And then we've seen some airlines complain that the A321 XLRs range is a little bit shorter than advertised and they produce their orders. But just given that your material reduces the weight of the aircraft, is there an opportunity for Hexcel to potentially increase its content on the A321 XLR if Airbus were looking to extend its range?

好的。然後我們看到一些航空公司抱怨 A321 XLR 的航程比宣傳的要短一些，但他們仍然生產了這些訂單。但鑑於貴公司的材料可以減輕飛機的重量，如果空中巴士公司想要延長A321 XLR的航程，Hexcel是否有可能增加在A321 XLR上的使用量？

Well, lightweight materials always help, and there's always an effort to look at material substitution and to change out higher weight materials for lower weight materials. Those efforts are ongoing. A lot of the ones, I'd say the low-hanging fruit has already been captured. So there's probably limited opportunities to, frankly, to change it on the existing aircraft but a lot of opportunity on the next generation. The A321, all the versions, the 19, the 20, the 21 LR, XLR, et cetera, are only 15% carbon fiber composite.

輕質材料總是有幫助的，人們也一直在努力尋找材料替代方法，用輕質材料取代重質材料。這些努力仍在進行中。我認為很多容易實現的目標都已經被實現了。坦白說，在現有飛機上進行更改的機會可能有限，但在下一代飛機上則有很多機會。A321 的所有版本，19、20、21 LR、XLR 等，只有 15% 是碳纖維複合材料。

The A350 is 50%. so the next-generation narrow-body will for certainly be much higher ratio of carbon fiber composite lightweight going forward. But the current aircraft, probably most of the material substitution has already been captured.

A350 的碳纖維複合材料輕量化比例為 50%，因此下一代窄體客機未來肯定會採用更高比例的碳纖維複合材料輕量化材料。但目前的飛機，可能大部分材料替代方案都已經確定了。

Alright, got it, thank you.

好的，明白了，謝謝。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

Yeah, hi, good morning. Thanks, and Patrick, let me extend my congratulations as well, and thanks for the help over the years. Maybe -- yes, first question, Tom, last quarter, you were pretty explicit in terms of expected delivery schedules on some major programs. It looks like the guidance maybe implies about 5-ish A350 units were pushed out of the fourth quarter. Can you just talk about if we're thinking about that appropriately? And specifically, maybe you sound very confident in the exit rate on that program this year, sort of where you expect to be exiting this year as you think about that program?

是啊，你好，早安。謝謝，派崔克，也請容許我向你表示祝賀，並感謝你這些年來的幫助。也許——是的，第一個問題，湯姆，上個季度，你對一些主要項目的預期交付時間表給出了非常明確的答案。看起來，該指引可能暗示第四季度大約有 5 架 A350 飛機被推遲交付。您能談談我們這樣考慮是否恰當嗎？具體來說，你似乎對今年該計畫的退出率非常有信心，你預計今年該計畫的退出率會是多少？

Yes. I think that's about right, Ken. What we're seeing is that Q4 is a little bit lighter than we thought. We only had about five aircraft per month full in Q3. And Airbus has gone to seven aircraft per month now. That change has been made, but it's not necessarily flowing all the way down yet. And so as a result, the orders for Q4 were a little bit lighter than we expected. Now that said, the orders going into 2026 are stronger than we expected. And so that, again, gives us confidence in this rate ramp really taking traction. Airbus is at seven now.

是的。我覺得差不多就是這樣，肯。我們看到的情況是，第四季比我們預想的要輕一些。第三季我們每月只有大約五架飛機滿載。空中巴士現在每月能生產七架飛機。這種改變已經發生，但不一定已經完全貫徹到所有層面。因此，第四季的訂單量比我們預期的要少一些。也就是說，2026 年的訂單量比我們預期的還要強勁。因此，這再次讓我們相信，這種利率上升趨勢確實會產生成效。空中巴士目前排名第七。

They're supposed to go to eight sometime in the middle of the year and maybe even get to nine aircraft per month by the end of the year is the current schedule. But yes, it was a little softer in Q4, but the orders going into 2026 are actually higher than we expected. So that's very promising.

根據目前的計劃，他們應該在年中某個時候將飛機數量增加到每月八架，到年底甚至可能達到每月九架。沒錯，第四季的訂單量確實有所下降，但到 2026 年的訂單量實際上高於我們的預期。所以這很有希望。

That's great. And with the tariff impact, is there any opportunity to recapture to call back some of those incremental costs at some point in the future?

那太棒了。考慮到關稅的影響，未來是否有可能收回部分新增成本？

Yes, there are. There's a couple of different provisions if the goods are for export or if the goods are for military use. There's lots of different areas that we can push and pull to try to recover, and we're doing that. It's just -- those are a little bit more longer term and the impact, the dollars that we pay out are right now, and that's been about $3 million or $4 million a quarter. But we do hope to recover some of that as we go forward and frankly, to shift some of our foreign supply to domestic sources to avoid the tariffs.

是的，有。如果貨物是用於出口或用於軍事用途，則有幾項不同的規定。我們可以在許多不同的領域進行努力和調整以嘗試恢復，而我們正在這樣做。只是——這些影響是長期的，而我們現在支付的金額，也就是我們目前支付的金額，大約是每季 300 萬到 400 萬美元。但我們希望隨著業務的推進能夠挽回一些損失，坦白說，我們也希望將部分海外供應轉移到國內來源，以避免關稅。

Great, thank you very much.

太好了，非常感謝。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Yeah, good morning. Thanks for taking my questions and patrick, again, congratulations on the move. So I guess I was hoping you might be able to quantify or give us a little bit of an idea of how big do you feel like that inventory cushion that you have actually is? Is it a couple of months? Is it a couple of quarters? Yes, I guess as you're thinking about the ramp going into 2026, I'm just trying to get a better understanding of that cushion.

早安.感謝您回答我的問題，帕特里克，再次祝賀你搬家。所以，我希望您能能量化一下，或是給我們大致說明一下，您覺得您目前的庫存緩衝規模到底有多大？是幾個月嗎？是幾枚硬幣嗎？是的，我想當你在考慮 2026 年的過渡方案時，我只是想更了解這個緩衝期。

Yes. Well, we've been running pretty high on inventory the last couple of quarters, over 100 days, north of $400 million total amount. And that's down to about 90. Back in the 2018, 2019 time period, it was more like 70 days. So we've got a 90-day cushion on inventory but it should more in kind of static terms and steady state, be more like 70%.

是的。嗯，過去幾季我們的庫存一直很高，超過 100 天，總金額超過 4 億美元。現在這個數字已經降到了大約90。回到 2018 年、2019 年那段時間，大概需要 70 天。所以我們有 90 天的庫存緩衝，但從靜態和穩定狀態來看，庫存應該更接近 70%。

So that's the goal. So that's where we are. We do have that inventory. We've been burning it down, and you saw some evidence of that in this quarter. By burning down some inventory, we had some absorption impact, and that impacted our margins a little bit.

這就是目標。這就是我們目前的處境。我們確實有那批庫存。我們一直在大力削減成本，你們在本季已經看到了一些證據。透過清理一些庫存，我們對吸收能力產生了一定影響，這在一定程度上影響了我們的利潤率。

Got it. Okay. Fair enough. And then I guess when you're thinking at least as of now about the ramp for your customers next year, I guess, how much in terms of labor will you have to be adding? Because it does sound like you've drawn it down a decent amount this year.

知道了。好的。很公平。那麼，我想，當你現在考慮明年如何滿足客戶的需求時，你需要增加多少勞動力呢？聽起來你今年確實已經提領了不少資金。

And it almost feels like you're trying to thread a pretty small needle here with letting labor come down and only to basically rehire or hire next year. So I guess, can you help us to think about that?

感覺就像是在做一件非常棘手的事情：既要降低勞動成本，又要等到明年再重新招募或僱用新員工。所以我想，您能幫我們思考這個問題嗎？

Right. Well, we're really right now starting some of the hiring in Europe in Q4 because we see this very high strong demand that has come in for 2026. And we'll be hiring in the early part of '26 and really throughout the years -- throughout the year in order to align to production rates. So we know how much labor we need for the production that's on the books, and we'll be hiring that. As I said, some of that hiring has actually started in Europe in Q4, and it will continue into the first part of 2026.

正確的。嗯，我們現在確實在第四季度開始在歐洲進行一些招聘，因為我們看到 2026 年的需求非常強勁。我們將在 2026 年初開始招聘，並且在接下來的幾年裡都會持續招聘——全年都會招聘，以適應生產速度。所以我們知道計劃生產需要多少勞動力，我們會按計劃招聘。正如我所說，部分招聘工作實際上已於第四季度在歐洲開始，並將持續到 2026 年上半年。

Got it thanks very much for the call.

收到了，非常感謝您的來電。

Thank you.

謝謝。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Hey, good morning, everyone. Congrats, Patrick. I guess maybe, Tom, you could talk more about Space and Defense, just the growth you've seen over the last two or three quarters. Does it feel like this is the start of kind of this European secular defense spending trend? Or are we not there yet? And I was wondering, should we expect a pretty big ramp on the CH-53K as well now that Lockheed got the full rate production contract?

嘿，大家早安。恭喜你，帕特里克。湯姆，我想也許你可以多談談太空和國防領域，特別是過去兩三個季度以來你所看到的成長情況。感覺這是否預示著歐洲國防開支長期成長趨勢的開始？還是我們還沒到達目的地？我想知道，既然洛克希德公司獲得了全速生產合同，我們是否也應該期待 CH-53K 的產量大幅提升？

Yes. Well, on Europe, I mean, honestly, we saw growth in Europe at European Defense at about 18% for the quarter. So that was very strong. And I think it is an indication that we're really seeing defense spending in Europe increase. Obviously, they had 1% of their GDP historically, and they've committed now to 5% going forward.

是的。就歐洲市場而言，說實話，我們看到歐洲防務業務在本季成長了約 18%。所以這非常有力。我認為這表明歐洲的國防開支確實在增加。顯然，他們過去將GDP的1%用於此，現在他們承諾未來將達到5%。

So there's going to be a massive ramp, and we've seen that with a lot of the companies in Europe. And an example of a program is the Rafale program. It's been around a long time, but France has said that they are going to be increasing production of the Rafale in the coming years to meet the demand for European defense. And we have a very big position on the Rafale. So that's going to bode well for Hexcel.

所以將會出現大規模的成長，我們已經在歐洲很多公司身上看到了這一點。陣風戰鬥機計畫就是一個典型的例子。雖然「陣風」戰鬥機已經問世很久了，但法國方面表示，為了滿足歐洲國防的需求，他們將在未來幾年增加「陣風」戰鬥機的產量。我們在陣風戰鬥機計畫上擁有非常重要的地位。所以這對Hexcel來說是個好兆頭。

So the answer to that is yes. European defense is growing, and we expect it to continue growing, and we're going to be doubling down on that. Now with regard to the CH-53K, this was probably a bit of a softer quarter, Q3 on the CH-53K but you read that Lockheed signed a $10 billion deal with the Navy and the Marines to deliver 99 units that will take it out to 2032. So that is a great sign of confidence in the CH-53K program. And so we have a very large position on it, $2.5 million to $3.5 million per ship set.

所以答案是肯定的。歐洲防務正在發展，我們預計它將繼續發展，我們將加倍投入其中。至於 CH-53K，第三季可能略顯疲軟，但正如你所看到的，洛克希德與海軍和海軍陸戰隊簽署了一項價值 100 億美元的協議，交付 99 架該型直升機，服役期將持續到 2032 年。這是對 CH-53K 計畫充滿信心的一個很好的跡象。因此，我們在這方面投入了非常大的資金，每組船組投入 250 萬至 350 萬美元。

And so we're very excited about that program, very excited about this multiyear deal that Lockheed and Sikorsky were able to sign with the Navy and the Marine.

因此，我們對該計劃感到非常興奮，對洛克希德和西科斯基能夠與海軍和海軍陸戰隊簽署的這項多年協議感到非常興奮。

Tom, just one more program, the F-35, just because Lockheed got the Lot 18 and 19 contracts definitized. Is that pretty steady state for you guys? I know it's a big program for you as well. Is that pretty steady state for you guys for a while?

湯姆，就剩最後一個專案了，F-35，因為洛克希德公司已經敲定了第 18 和 19 批次的合約。對你們來說，這算是比較穩定的狀態嗎？我知道這對你來說也是一個很重要的專案。你們那邊的情況會一直保持穩定嗎？

It is. They've been producing at about 156 aircraft per year. I think this year, they might do 170 to catch up a little bit. But in general, at 156 is a good steady state amount, and that will go for years and years to come. So that's what we will see is a little bit of an uptick on sustainment.

這是。他們每年大約生產 156 架飛機。我認為今年他們可能會做到 170 場，以稍微趕上一些。但總的來說，156 是一個很好的穩定水平，而且在未來很多年都會保持在這個水平。所以，我們會看到可持續性方面略有上升。

Some of the materials that we make for the F-35 are consumable based on usage and flight legs. And as the fleet grows and they fly more, that will drive a little bit more of that material sales for us.

我們為 F-35 生產的一些材料是根據使用情況和飛行航程而消耗的。隨著機隊規模擴大，飛行次數增加，這將帶動我們更多的材料銷售。

Great, thank you.

太好了，謝謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning, Tom and Patrick. Patrick, congratulations, and Tom, good luck. And maybe Tho if I could ask you on the, first question Miles asked going back to that, just the billion dollars of free cash flow over the next four years. On an an additional $500 million of revenue, assuming that 35% incremental historically holds, it still assumes some working capital left. Can you maybe talk about how we should think about inventory on why from here?

湯姆和派崔克，早安。派崔克，恭喜你；湯姆，祝你好運。或許我可以問你一下邁爾斯提出的第一個問題，也就是未來四年十億美元的自由現金流。即使收入增加 5 億美元，假設歷史上 35% 的增量保持不變，仍然需要一些營運資金。您能否談談我們應該如何看待庫存問題，以及為什麼從現在開始應該這樣做？

Well, the goal is to continue to drive it down. We've been running heavy on inventory because sales have been lower, and we produced, and we're managing that now a lot more tightly. And so the goal is we're, call it, 90, 95 days of receivables on hand and the goal is to drive that down into 70. That's more of a steady state for us. And if we can do better, we will but that's the target right now on inventory.

我們的目標是繼續降低它。由於銷售額下降，我們的庫存一直很高，而且我們一直在生產，現在我們正在更嚴格地管理庫存。因此，我們的目標是，目前我們手頭上有 90 到 95 天的應收帳款，目標是將其減少到 70 天。對我們來說，那是一種更穩定的狀態。如果能做得更好，我們會努力，但目前庫存方面的目標是這樣的。

So we will be winding inventory down in the coming quarters.

因此，我們將在未來幾季逐步減少庫存。

Got it. And then if I could just ask on the margin commentary for '25. How do we -- I know you didn't have a direct margin guidance but as we think about the implied margins, it seemed like they're down 100 basis points versus the prior guide and the tariffs were about 60. So what could you attribute the remainder of that to?

知道了。然後，如果我能問一下關於 25 年的頁邊註釋的話。我們該如何——我知道您沒有給出直接的利潤率指引，但當我們考慮隱含利潤率時，似乎比之前的指引下降了 100 個基點，而關稅約為 60%。那麼，剩下的部分又該歸因於什麼呢？

A little bit of it was this inventory drawdown, which is absorption for us. So as we don't produce and take out of inventory, that creates some pressure on our operating -- and so that was part of it. We also, as we've mentioned in previous calls, have been investing in a new ERP system, Microsoft D365. And the implementation of that is a little bit of a hang. And then just the lower volume in general because of the destocking and some mix changes and kind of the combination of all that is what weighed on the margins this quarter.

一部分原因是庫存減少，對我們來說是一種吸收。由於我們不生產，也不從庫存中移除產品，這給我們的營運帶來了一些壓力——這就是其中的一部分原因。正如我們在先前的電話會議中提到的，我們也一直在投資新的ERP系統Microsoft D365。但實際操作卻有點困難。此外，由於去庫存和產品組合變化，整體銷售下降，所有這些因素的綜合作用都對本季的利潤率造成了影響。

Great. Thank you.

偉大的。謝謝。

Thanks.

謝謝。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Thanks and congrats, Patrick.

謝謝，也恭喜你，派崔克。

Thanks, Gautam.

謝謝你，高塔姆。

Guys, I may have missed it, but can you update us on what the A350 equivalent shipments are expected to be this year? Previously, I think you were saying low 60s. And I just want to make sure I understood what happened in Q3 and...

各位，我可能錯過了，請問你們能否告知一下今年A350等效機型的預計出貨量是多少？之前，我記得你說的是60歲出頭。我只是想確認一下我是否理解了第三季發生的事情…

That's not -- 60 is the right number. We started off much higher. Our original plan was 84, and that dropped after the first quarter to 68. We're staying about 60 right now.

不對——60才是正確的數字。我們一開始的水平要高得多。我們最初的計劃是 84，但在第一季後下降到 68。我們現在保持在60左右。

And your best guess, given what you know now about 2026 equivalents would be?

根據你目前對 2026 年相關數據的了解，你最好的猜測是什麼？

I'd say in the 80 range.

我覺得應該在80左右。

Okay. And to your point, you already have kind of capacity, labor, et cetera, to meet that rate. So in theory, the incrementals next year could even be -- I know you answered the question on 40% but could they even be higher given the absorption?

好的。正如你所說，你們已經具備了滿足該速度所需的產能、勞動力等條件。所以理論上，明年的增量甚至可能達到——我知道你回答的增量是 40%，但考慮到吸收率，增量是否有可能更高？

You always have other factors that you have to offset. But there's no doubt that as those production rates, particularly on the 350 go up, we get better operating leverage and that drives higher margins.

你總是會有其他因素需要考慮。但毫無疑問，隨著生產力的提高，特別是 350 型生產力的提高，我們將獲得更好的營運槓桿，從而帶來更高的利潤率。

And last question just on tariffs. Previously, I think you said $3 million to $4 million a quarter, and I just wanted to know what is in the 2025 guide aggregate tariff headwind?

最後一個問題，關於關稅。之前您好像說過每季 300 萬至 400 萬美元，我想知道 2025 年的整體關稅逆風預算是多少？

That's what we've incorporated into the updated guidance is that amount.

我們在更新後的指導方針中納入的就是這個金額。

And is that's for three quarters or for two?

那是指四分之三的量還是兩分之二的量？

Yes. Yes, right. And then I mean, if you look at it, basically, it's about $0.10 of EPS. So we dropped our midpoint on EPS from $1.95 to [$1.75 from $1.95 to $1.75.] And so $0.10 of that was based on the tariffs.

是的。沒錯。然後我的意思是，如果你仔細看看，基本上，每股收益大約是 0.10 美元。因此，我們將每股盈餘的中點從 1.95 美元下調至 1.75 美元。其中 0.10 美元是基於關稅計算的。

Thanks a lot guys, appreciate it.

非常感謝各位，感激不盡。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Hey, good morning everyone, and Patrick, let me add my thanks for all your help over the years.

嘿，大家早上好，派崔克，請容許我感謝你多年來的幫助。

Thanks, Noah.

謝謝你，諾亞。

If I look at consensus right now, it has total company revenue up 12% full year 2026 versus 2025. Is that kind of growth directionally achievable? Or does the aerospace new build destock last long enough into '26 to make that look steep?

如果我看一下目前的普遍預期，2026 年全年公司總收入將比 2025 年成長 12%。這種方向性成長是否可行？或者說，航空航太業新生產的庫存減少會持續到 2026 年，以至於這個數字看起來很高？

It probably looks a little bit steep. I don't think -- we're confident that we've reached the inflection point and it's going up but I don't think we want to overcall it. I think we want to be conservative in terms of what that outlook is. So it's definitely going up, and it will be a healthy increase but 12% is a little aggressive, and we'll see where we end up. But I think we'll also be conservative in our outlook of what we plan for and build and wait and see the increases happen before we get too far out in front of it.

看起來可能有點陡。我不認為——我們有信心已經到達轉折點，而且它正在上升，但我認為我們不應該過早下結論。我認為我們應該對這種觀點持保守態度。所以價格肯定會上漲，而且會是一個健康的成長，但 12% 的漲幅有點激進，我們拭目以待。但我認為，我們在規劃和建設方面也會保持保守態度，我們會等待成長發生，然後再做決定，以免走得太遠。

Okay. That makes sense. And Tom, at a high level, if I look across the aerospace supply chain and I take the 2025 operating margin versus the pre-pandemic, the 2019 -- there aren't that many suppliers that are down, a lot are similar and a lot are up considerably, and Hexcel is down. What do you attribute that to? And I know you have some pretty significant contract renegotiations over the next few years.

好的。這很有道理。湯姆，從宏觀角度來看，如果我縱觀整個航空航天供應鏈，比較 2025 年的營業利潤率與疫情前的 2019 年——會發現並沒有多少供應商的利潤率下降，很多供應商的利潤率都差不多，還有很多供應商的利潤率大幅上升，而 Hexcel 的利潤率卻下降了。你認為這是什麼原因造成的？我知道你們未來幾年將進行一些非常重要的合約重新談判。

Are there things you're looking to change in your contract terms with your customers to improve the profitability protection in the case of downturns and industry disruptions?

為了在經濟低迷和行業動盪的情況下提高盈利能力保障，您是否考慮對與客戶的合約條款進行一些修改？

Yes. Well, first of all, let me answer the first question. The reason our margins are down and maybe others in the industry aren't down is we are mostly original equipment and others have more aftermarket. If you look at the industry, air traffic dropped 96% in April of 2020. and it recovered fully within four years.

是的。首先，讓我回答第一個問題。我們的利潤率下降，而業內其他公司可能沒有下降，原因是我們主要做原廠設備，而其他公司則有更多售後市場業務。如果你觀察航空業，你會發現2020年4月航空客運量下降了96%，並在四年內完全恢復。

But production peaked in 2018 at 1,734 units. Last year, we were only at 1,230 units, only 75%. So while air traffic increased, production didn't. And probably 3,600 aircraft that should have been built in that period weren't built. And that meant that the fleets were older and people had to spend a lot more on aftermarket.

但產量在 2018 年達到頂峰，為 1734 輛。去年，我們只有 1230 套，只佔 75%。因此，儘管航空運輸量增加了，但產量卻沒有增加。在那段時間裡，可能有 3600 架本應建造的飛機沒有被建造出來。這意味著車隊車齡較長，人們需要在售後市場花費更多資金。

So anybody who's had aftermarket exposure has done extremely well. For better or worse, Hexcel makes material that goes into structures that don't wear and don't have a lot of aftermarket. And so the fact that we are so heavily tilted toward original equipment for commercial aerospace and that production is only 75% recovered. And by the way, only 50% recovered on widebodies, that explains why our margins are still down and others are higher because they have this great aftermarket exposure. But as the production rates increase, we will get huge amounts of operating leverage.

所以，凡是接觸過汽車後市場的人都做得非常好。無論好壞，Hexcel 生產的材料用於製造不易磨損且售後市場需求不高的結構。因此，我們嚴重偏向商用航空航太的原始設備，而生產僅恢復了 75%。順便說一句，寬體車的利潤率只恢復了 50%，這解釋了為什麼我們的利潤率仍然很低，而其他車型的利潤率更高，因為它們在售後市場有很大的發展空間。但隨著生產力的提高，我們將獲得巨大的營運槓桿效應。

And that's why the next four or five years for Hexcel are going to be absolutely great because we're going to benefit from the $500 million of incremental annual revenue and the increased cash flow that, that will generate. So that's what I would say. And then in terms of the contracts, yes, the contracts as we go forward, first of all, they won't be longer. The 22-year contract is not what we're going to be looking for. And we'll also have more tiered to volume.

因此，Hexcel 未來四到五年將會非常美好，因為我們將受益於每年新增的 5 億美元收入以及由此產生的現金流增加。這就是我想說的話。至於合約方面，是的，隨著我們不斷推進，合約期限首先不會延長。我們並不追求22年的合約。我們也會根據銷量推出更多分級產品。

So as volume goes up and volume goes down, the price will change. We'll probably also look at more pass-throughs on costs that we can't necessarily control some of our resins or chemicals and products like that. So the contracts will be more sophisticated to reflect a more dynamic environment that we face today that we didn't face back in 2008.

因此，隨著成交量的上升和下降，價格也會隨之改變。我們也可能會考慮將一些我們無法控制的成本（例如樹脂、化學物質和類似產品的成本）更多地轉嫁出去。因此，合約將更加複雜，以反映我們今天面臨的、與 2008 年相比更動態的環境。

Appreciate all the detail. Thank you.

感謝您提供的所有細節。謝謝。

Thanks.

謝謝。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning, Tom, just to clarify your response to Ken's question, do you expect to enter 2026 at seven a month on the A350?

嘿，早安，湯姆，為了澄清你對肯的問題的回答，你預計到 2026 年 A350 的月產量能達到 7 架嗎？

Yes, we do. They're there. A little bit of destocking in the fourth quarter, but they'll have a couple of months under their belt at seven, and we expect to enter '26 at seven going to eight and possibly nine by the end of the year.

是的，我們有。它們就在那裡。第四季會進行一些去庫存，但他們已經累積了幾個月的七倍庫存，我們預計到 2026 年將達到七倍，到年底可能會達到八倍甚至九倍。

Okay. And then, Patrick, can you offer any quantification as to what the FX headwind that you flagged in your prepared remarks could look like going forward? I'd imagine it's fairly immaterial, but I just want to check on that.

好的。那麼，派崔克，你能否量化一下你在準備好的發言稿中提到的外匯逆風在未來可能會呈現什麼樣子？我想這可能無關緊要，但我還是想確認一下。

Well, it was very immaterial really in the fourth quarter, just 10 basis points, as I called out, the hedging mechanism that we have in place and have had in place for many years smooths the peaks and the troughs. We are at this cusp of a turning point from a strong dollar to a weaker dollar, so into a slight headwind now into 2026. But again, I wouldn't overstate the 10, 20, 30 basis points maybe in 2026 but it all depends on where the dollar now moves.

其實在第四季度，這真的無關緊要，只有 10 個基點，正如我所說，我們已經實施並實施多年的對沖機制可以平滑峰值和谷值。我們正處於美元從強勢轉為疲軟的轉折點，因此到 2026 年將面臨輕微的逆風。但是，我不會過度誇大 2026 年可能出現的 10、20、30 個基點，但這完全取決於美元目前的走勢。

Okay. And one last question, if I could. I mean, Tom, if you see value in the stock today, just trying to understand why you didn't buy back any in the third quarter when the stock price was 20% lower than it is right now. It would have been.

好的。最後一個問題，如果可以的話。我的意思是，湯姆，如果你覺得這支股票現在有價值，我只是想弄清楚為什麼你在第三季股價比現在低 20% 的時候沒有回購。本來會是這樣。

A $350 ASR. I think that's my response.

ASR 350 美元。我想這就是我的回答。

Okay, all right, thank you.

好的，謝謝。

Thank you.

謝謝。

Richard Safran, Seaport Research Partners.

Richard Safran，Seaport Research Partners。

Thanks, Tom, Kurt, good morning, Patrick, wish you all the best. It's been a pleasure. Listen, Tom, I know you're coming off of facilities in Austria, Hartford and Belgium. I was just wondering if you're contemplating any further changes in the portfolio.

謝謝湯姆、庫爾特，早安，派崔克，祝你們一切順利。非常榮幸。聽著，湯姆，我知道你之前在奧地利、哈特福德和比利時的機構工作過。我只是想問您是否正在考慮對投資組合進行任何進一步的調整。

Well, we're always looking at the portfolio to figure out how to streamline and optimize it. And so there could be a few more things that we do. These were the big ones, but that's an ongoing part of our normal operating cadence. And so we're going to continue to look at that and figure out how do we optimize so that we get the best cost and make sure we're focused on the strategic priorities.

我們一直在審視投資組合，以找出如何簡化和優化它。所以，我們可能還會做一些其他的事情。這些都是比較大的事情，但這只是我們正常營運節奏中持續進行的一部分。因此，我們將繼續研究這個問題，並找出如何優化以獲得最佳成本，並確保我們專注於策略重點。

And the number one priority for us in the next few years is making sure we can ramp up to meet the production rate increases for our customers, the safety, quality and delivery. That's our number one priority, and we'll continue to optimize the portfolio to help achieve that.

未來幾年，我們的首要任務是確保能夠提高產能，以滿足客戶不斷增長的生產力需求，並保障安全、品質和交付。這是我們的首要任務，我們將繼續優化投資組合，以幫助實現這一目標。

Okay. And on the -- just quickly on the buyback. I was just accelerated buyback. I just wondered what drove the change in capital deployment strategy? It seems a bit out of character. And should we take that in the future, you're going to do more of these with the $1 billion you're anticipating over the next four years?

好的。關於回購－就簡單說一下。我只是加速了回購。我只是想知道是什麼因素促成了資本部署策略的改變？這似乎有點不像他平常的作風。如果未來我們繼續這樣做，你打算用預計在未來四年內獲得的10億美元開展更多此類計畫嗎？

Well, the answer to that is yes, we'll continue to look at that, and it will be a top priority. I think what changed is a couple of things. One is we're looking at the market and the market clearly is at an inflection point and the rates are going up. So we now have great confidence in that. Secondly, as I mentioned, our capital deployment strategy has always been fund productivity, fund R&D to get on the next generation of products, fund organic growth and then look at inorganic growth.

答案是肯定的，我們會繼續關注此事，並將其作為首要任務。我認為改變的是兩件事。一方面，我們觀察市場，市場顯然正處於轉折點，利率正在上升。所以我們現在對此非常有信心。其次，正如我之前提到的，我們的資本部署策略一直是：先投資於生產力提升，再投資於研發以開發下一代產品，投資內生成長，然後再考慮外生成長。

Well, we look hard. We did a very comprehensive search. We didn't see anything out there that met our strategic priorities or our return threshold. And so we said we've got all this excess cash that's coming. The best investment in aerospace right now is Hexcel, that's where we put our money.

我們會仔細查找。我們進行了非常全面的搜尋。我們沒有看到任何符合我們策略重點或回報門檻的產品。所以我們就說，我們有很多多餘的現金即將到帳。目前航空航太領域最好的投資是 Hexcel，我們就把錢投在那裡了。

And that's why we did the ASR, and that's why we made the reauthorization as big as it is so that we could do more in the future once we pay this one down and get back to our target leverage ratio.

這就是我們進行 ASR 的原因，也是我們把重新授權的規模擴大到如此之大的原因，這樣我們才能在償還完這筆債務並恢復到目標槓桿率後，在未來做更多的事情。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Ladies and gentlemen, this concludes the Hexcel third quarter earnings call. Thank you all for joining. You may now disconnect.

女士們、先生們，Hexcel 第三季財報電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。