Hexcel Corporation (HXL) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to Hexcel's second-quarter 2026 earnings call. (Operator Instructions)

感謝各位稍候，歡迎參加 Hexcel 2026 年第二季財報電話會議。(接線員指示)

I would now like to turn the call over to Kurt Goddard, Vice President, Investor Relations. Sir, please go ahead.

現在我想把電話交給投資人關係副總裁 Kurt Goddard。先生，請開始。

Hello, everyone. Welcome to Hexcel Corporation's second quarter earnings conference call.

各位好。歡迎參加 Hexcel Corporation 第二季財報電話會議。

Before beginning, let me cover the formality. 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. They involve estimates, assumptions, judgments and uncertainties caused by a variety of factors that could cause future results or outcomes to differ materially from our forward-looking statements today.

在開始之前，我先說明一些例行事項。我想提醒各位注意本次電話會議中我們可能提出之任何前瞻性陳述所適用的「安全港」條款。本次電話會議中所包含的某些陳述，可能構成 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述涉及估計、假設、判斷以及由多種因素所造成的不確定性，可能導致未來結果或成果與我們今日的前瞻性陳述出現重大差異。

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.

相關因素已在公司向 SEC 提交的文件及財報新聞稿中詳述。本次電話會議的重播將可於我們網站的投資人關係頁面取得。

Lastly, this call is being recorded by Hexcel Corporation and is copyrighted material. It cannot be recorded or rebroadcast without our express permission. Your participation on this call constitutes your consent to that request.

最後，本次電話會議由 Hexcel Corporation 錄音並受著作權保護。未經我們明確許可，不得錄音或轉播。您參與本次電話會議即表示您同意該要求。

With me today are Tom Gentile, our Chairman, CEO and President; and Jamie Coogan, our Chief Financial Officer. The purpose of the call is to review our second quarter 2026 results detailed in our news release issued yesterday.

今天與我一同出席的有：我們的董事長、執行長兼總裁 Tom Gentile，以及財務長 Jamie Coogan。本次電話會議的目的，是回顧我們在昨日發布之新聞稿中所詳述的 2026 年第二季業績。

Now let me turn the call over to Tom. Tom?

現在我把電話交給 Tom。Tom？

Thanks, Kurt. Hello, everyone, and thank you for joining us today for Hexcel's second-quarter 2026 earnings call.

謝謝你，Kurt。各位好，感謝各位今天加入 Hexcel 2026 年第二季財報電話會議。

With us today for his first Hexcel earnings call is our new Chief Financial Officer, Jamie Coogan, who joined Hexcel in early May. Jamie brings extensive financial leadership and broad experience across aerospace and defense as well as industrial manufacturing. We are excited to have him on board as we grow Hexcel. Jamie has hit the ground running, visiting our global operations and meeting with investors, analysts, banks and getting up to speed with our customers and supply chains, many at last week's Farnborough Air Show. You will hear from Jamie shortly.

今天與我們同在、並首次參與 Hexcel 財報電話會議的是我們的新任財務長 Jamie Coogan，他於 5 月初加入 Hexcel。Jamie 在財務領導方面具備豐富資歷，並在航太與國防以及工業製造領域擁有廣泛經驗。我們很高興他加入團隊，與我們一同推動 Hexcel 成長。Jamie 上任後立即投入工作，走訪我們的全球營運據點，並與投資人、分析師、銀行會面，同時加速熟悉我們的客戶與供應鏈，其中許多交流發生在上週的范堡羅航空展。稍後各位將聽到 Jamie 的分享。

As you read in the earnings release we issued yesterday, Hexcel delivered another strong quarter with solid performance across the company. With the ramp-up in commercial aircraft production across all the major programs now firmly taking hold, our operating leverage continues to strengthen from higher volumes combined with strong execution from our team, which is leading to higher margins and stronger cash flow.

如各位在我們昨日發布的財報新聞稿中所見，Hexcel 再次交出強勁的一季，整體公司表現穩健。隨著各大商用飛機主要機型的產量爬坡如今已明顯成形，我們的營運槓桿持續因更高的出貨量而增強，並結合團隊強而有力的執行力，帶動更高的利潤率與更強勁的現金流。

Coming out of the Farnborough Air Show last week, the near, mid- and longer-term commercial aerospace trajectory looks bright. Industry fundamentals remain compelling with the backlog of commercial aircraft at more than 18,000 units according to data from IATA, including an estimated unmet demand of more than 5,000 aircraft because of the post-pandemic supply-demand imbalance.

從上週范堡羅航空展的情況來看，商用航太在短期、中期與長期的發展軌跡都相當亮眼。產業基本面依然具吸引力；根據 IATA 的資料，商用飛機訂單積壓量超過 18,000 架，其中包含因疫情後供需失衡而估計超過 5,000 架的未滿足需求。

Air traffic across most global regions continues to be strong despite the conflicts in Iran. At the Investor Day at the Farnborough Air Show, Airbus was particularly bullish on the A350, Hexcel's largest program. Against this backdrop, airlines continue to need newer, more fuel-efficient aircraft, and that aligns directly with Hexcel's value proposition. With fuel costs remaining elevated and volatile, lightweighting is even more critical in driving fuel efficiency, directly supporting demand for our advanced lightweight composite materials.

儘管伊朗衝突持續，全球多數地區的航空運輸量仍然強勁。在范堡羅航空展的投資人日活動中，Airbus 對 A350（Hexcel 最大的專案）特別看多。在此背景下，航空公司仍需要更新、更省油的機型，而這與 Hexcel 的價值主張直接一致。在燃油成本仍處於高檔且波動的情況下，輕量化對提升燃油效率更為關鍵，並直接支撐對我們先進輕量化複合材料的需求。

Before turning to our second quarter results, I want to briefly address the situation in the Middle East. We continue to monitor developments closely and remain in regular contact with our customers and suppliers. To date, the impact on our business has been minimal. Our hedging strategy and disciplined approach to managing key cost inputs have helped mitigate near-term input price volatility, and we will continue to take prudent steps to protect the business going forward as we all hope for a timely resolution to the Iran conflict.

在談到第二季業績之前，我想先簡要說明中東局勢。我們持續密切關注事態發展，並與客戶及供應商保持定期聯繫。截至目前，對我們業務的影響極為有限。我們的避險策略以及對關鍵成本投入的紀律化管理方式，有助於緩解短期投入價格波動；同時，展望未來，我們也將持續採取審慎措施以保護業務，並期盼伊朗衝突能及時獲得解決。

Turning to our second quarter results. Hexcel generated sales of $529 million in the second quarter, up 8% from the same quarter last year. Adjusted earnings per share of $0.66. Gross margin improved again year-over-year as higher sales volume generated greater operating leverage through improved cost absorption, which resulted in adjusted operating margins of 13.9% compared to 11.1% in Q2 2025.

接著談我們的第二季業績。Hexcel 第二季營收為 5.29 億美元，較去年同期成長 8%。調整後每股盈餘為 0.66 美元。隨著更高的銷售量透過更佳的成本吸收帶來更大的營運槓桿，毛利率再度較去年同期改善，使調整後營業利益率達 13.9%，高於 2025 年第二季的 11.1%。

In our commercial aerospace market, sales were $346.6 million for the quarter, an 18.3% increase over the second quarter of 2025. Rising volumes on the A350 and 787 programs drove growth in this market, while narrow-body sales also increased year-over-year with the Boeing 737 MAX, the Airbus A320 and the 220 programs, all increasing. Sales from other commercial aerospace increased 3.7% over the same period last year, led by regional jets.

在商用航太市場方面，本季銷售額為 3.466 億美元，較 2025 年第二季成長 18.3%。A350 與 787 專案的出貨量增加帶動該市場成長；同時，窄體機銷售亦較去年同期增加，Boeing 737 MAX、Airbus A320 與 220 等專案皆呈成長。其他商用航太的銷售額較去年同期成長 3.7%，主要由區域型噴射客機帶動。

As we look across the business at this point in the year, we are clearly experiencing strong demand for lightweight carbon fiber as the recovery in OEM production rates continue. Recent production data reported by Airbus and Boeing highlights steady progress in output across the major programs, even as the supply chain environment remains dynamic. The rising production rates reinforce our confidence that the industry is moving forward toward a more sustained production ramp.

就今年截至目前的整體業務來看，隨著 OEM 生產速率持續復甦，我們明顯感受到對輕量化碳纖維的強勁需求。Airbus 與 Boeing 近期公布的生產數據顯示，主要機型的產出正穩步提升，即使供應鏈環境仍然多變。生產速率的提升強化了我們的信心：產業正朝向更持續性的產量爬坡前進。

As we have discussed before, as an upstream material supplier, Hexcel is generally shipping around four to six months ahead of OEM aircraft assembly. So we manage the business based on production demand, not reported delivery. The purchase orders we are receiving, together with our bottoms-up demand planning continues to support our outlook. When Airbus and Boeing ultimately achieve their publicly stated peak build rates on the major commercial programs, that will generate $500 million in incremental annual sales for Hexcel from our existing contracts.

如我們先前所討論，作為上游材料供應商，Hexcel 一般會在 OEM 飛機總裝之前約四到六個月出貨。因此，我們是依據生產需求來管理業務，而非依據已公布的交付量。我們目前收到的採購訂單，加上自下而上的需求規劃，持續支持我們的展望。當 Airbus 與 Boeing 最終在主要商用機型上達成其公開宣示的峰值產量時，將可在我們既有合約下，為 Hexcel 帶來每年 5 億美元的新增營收。

In addition, we expect about $200 million in incremental sales in Defense & Space before the end of the decade. This continued recovery in commercial and military production rates will create improved volume leverage for Hexcel. We have a path to 18% adjusted operating margins as the OEM and defense primes reach their target production levels for each program before the end of the decade.

此外，我們預期在本十年結束前，國防與太空業務將新增約 2 億美元的營收。商用與軍用生產速率的持續復甦，將為 Hexcel 帶來更佳的量能槓桿。隨著 OEM 與國防主承包商在本十年結束前達成各專案的目標產量水準，我們有望達到 18% 的調整後營業利益率。

On the A350 program specifically, we continue to see demand signals that support our outlook of 50 -- or excuse me, 80 shipsets in 2026. While there can be a perceived disconnect at times between our order profile and current OEM deliveries, our demand is tied to production activity in the supply chain, and we remain confident in our 2026 A350 guidance of at least 80 aircraft.

就 A350 專案而言，我們持續看到支持我們展望的需求訊號：2026 年 50——抱歉，是 80 套機身配套（shipsets）。雖然我們的訂單輪廓與目前 OEM 交付量之間有時可能看似存在落差，但我們的需求是與供應鏈中的生產活動連動；我們仍對 2026 年 A350 至少 80 架的指引充滿信心。

During the Farnborough Air Show earlier this month, Airbus publicly confirmed that they are producing at a rate between eight and nine aircraft per month. We do see some potential upside to our 80 aircraft guide based on purchase orders we've already received and in relation to the continuing dialogue we are having with Airbus.

在本月稍早的范堡羅航空展期間，Airbus 公開確認其目前的生產速率介於每月 8 到 9 架。基於我們已收到的採購訂單，以及我們與 Airbus 持續進行的對話，我們確實看到相較於 80 架指引存在一些上行空間。

Also, we now have firm orders from Airbus through the end of 2026 that confirm at least the 80 shipsets for the A350. To meet increasing demand for Hexcel's advanced lightweight composite material in the second half of 2026, we will be accelerating hiring and bringing back online carbon fiber lines previously idled during the pandemic. Additional volume improves utilization of our existing asset base and drives further operating leverage, supporting margin expansion and the path to 18% operating margin before the end of the decade.

此外，我們目前已取得來自空中巴士截至 2026 年底的確定訂單，確認 A350 至少有 80 套機身配套（shipsets）。為了滿足 2026 年下半年對 Hexcel 先進輕量化複合材料日益增加的需求，我們將加速招募人員，並讓先前在疫情期間停產的碳纖維產線重新上線。額外的產量可提升我們既有資產基礎的利用率，並帶動更高的營運槓桿，支持毛利率擴張，並推進在本十年結束前達成 18% 營業利益率的路徑。

Turning to the Defense, Space & Other market sales were $182.7 million in the quarter or lower by 7%. This sales decrease is primarily a result of lower industrial volume given the strategic actions we have taken over the past year to deemphasize this portion of our portfolio with the divestiture of our business in Austria and the restructuring of our industrial business in Western England. As we noted in our first quarter call, the Defense, Space & Other market can be choppy quarter-to-quarter due to the nature of Defense & Space spending and production timing, particularly for high-value but low-volume platforms.

接著談國防、太空及其他市場，本季銷售額為 1.827 億美元，年減 7%。此一銷售下滑主要是由於工業端出貨量降低，原因在於過去一年我們採取策略性行動，透過出售奧地利業務以及重整英格蘭西部的工業業務，降低此一組合在我們投資組合中的比重。如同我們在第一季電話會議中提到的，國防、太空及其他市場因國防與太空支出特性及生產時點影響，季度間可能較為波動，尤其是對於高價值但低產量的平台。

That said, Defense & Space remains a significant priority for Hexcel and a priority market for organic growth. We have existing positions on most current military programs that utilize lightweight composite materials and long-established relationships with leading global defense contractors. Also, we are continually engaging new entrants in the defense market as well as what are commonly referred to as new space entrants.

儘管如此，國防與太空仍是 Hexcel 的重要優先事項，也是我們有機成長的優先市場。我們在多數現行軍用計畫上已具備既有供應地位，這些計畫採用輕量化複合材料，且我們與全球領先的國防承包商建立了長期合作關係。此外，我們也持續與國防市場的新進業者，以及通常所稱的「新太空」新進業者保持互動。

This is a burgeoning market where advanced lightweight composite materials provide the necessary performance characteristics for those platforms to operate in extreme environments. Our advanced composite materials play a critical role in enabling greater payload, extended range and enhanced performance characteristics including load survivability across Defense & Space platforms. With our vertically integrated global footprint, Hexcel is uniquely positioned to support this market across regions.

這是一個快速成長的市場，先進輕量化複合材料可提供必要的性能特性，使這些平台能在極端環境中運作。我們的先進複合材料在國防與太空平台上扮演關鍵角色，可提升載重能力、延伸航程並強化性能特性，包括結構承載存活性（load survivability）。憑藉我們垂直整合的全球布局，Hexcel 具備獨特優勢，可跨區域支援此市場。

We are the only vertically integrated US domiciled manufacturer of high-strength aerospace-grade composite materials for commercial aircraft and Defense & Space platforms. Additionally, our vertically integrated operations across Europe provide access to ITAR-free capabilities as well as secure and sovereign access to advanced lightweight composite materials for customers outside the US.

我們是唯一一家以美國為註冊地、且具垂直整合能力的高強度航太級複合材料製造商，產品用於商用飛機以及國防與太空平台。此外，我們在歐洲的垂直整合營運可提供不受 ITAR 管制的能力（ITAR-free），並為美國以外的客戶提供安全且具主權保障的先進輕量化複合材料取得管道。

For all these reasons, we are optimistic about the long-term prospects in the defense and space market. We expect growth from Defense and space, along with regional and business jets to provide Hexcel with an estimated $200 million of incremental sales growth this decade. Longer term, we see accelerating growth in our defense and space market.

基於上述原因，我們對國防與太空市場的長期前景保持樂觀。我們預期國防與太空，以及區域與商務噴射機的成長，將在本十年為 Hexcel 帶來約 2 億美元的新增銷售成長。就更長期而言，我們看到國防與太空市場的成長正在加速。

With that, turning to capital allocation and guidance. Our balance sheet and liquidity position remained solid in the second quarter, and our capital allocation priorities remain unchanged. We intend to continue paying down debt with the goal of returning Hexcel's leverage to our targeted ratio of 1.5 times to 2 times net debt to adjusted EBITDA. We remain committed to paying a dividend. And after we return to the targeted leverage level, we are committed to returning cash to stockholders absent any inorganic opportunities that meet our strategic thresholds and return targets.

接下來談資本配置與財測指引。第二季我們的資產負債表與流動性狀況仍然穩健，資本配置優先順序亦維持不變。我們計畫持續償還債務，目標是將 Hexcel 的槓桿比率回到我們的目標區間：淨負債對調整後 EBITDA 的 1.5 倍至 2 倍。我們仍致力於發放股利。在我們回到目標槓桿水準之後，若沒有符合我們策略門檻與報酬目標的外部併購機會，我們也承諾將現金回饋給股東。

Given the continued recovery in production rates, we announced in yesterday's earnings release that we are increasing our full year 2026 guidance for sales and adjusted earnings per share. We now expect sales in the range of $2.025 billion to $2.125 billion compared with our previous range of $2 billion to $2.1 billion. We are also raising adjusted EPS guidance to a range of $2.30 to $2.40 compared with our previous range of $2.10 to $2.30. Our guidance for free cash flow remains unchanged at greater than $195 million, and CapEx remains unchanged at less than $100 million. The sales increase reflects expected upside to some of the commercial aerospace platforms, including the A350 and the 737 MAX.

鑑於產能爬坡持續復甦，我們在昨日的財報新聞稿中宣布，上調 2026 全年銷售額與調整後每股盈餘（EPS）指引。我們目前預期銷售額介於 20.25 億至 21.25 億美元，較先前 20 億至 21 億美元的區間上調。我們也將調整後 EPS 指引上調至 2.30 至 2.40 美元，先前為 2.10 至 2.30 美元。自由現金流指引維持不變，仍為大於 1.95 億美元；資本支出（CapEx）亦維持不變，仍為低於 1 億美元。銷售額上調反映部分商用航太平台的預期上行，包括 A350 與 737 MAX。

We are raising guidance with an appropriate degree of balance. The second half of the year will include typically seasonality in the third quarter as well as some increased hiring and start-up costs as we accelerate bringing additional capacity back online. Even with those considerations, the underlying demand profile and the operating leverage in front of us support a stronger outlook for the year. In addition, we will continue hiring in the second half of the year and we'll start up an additional carbon fiber line to be ready for the production rate increases that we expect in 2027.

我們在上調指引時也保持適度的平衡。下半年將包含第三季通常的季節性因素，以及因我們加速讓更多產能重新上線而帶來的部分增聘與啟動成本上升。即便考量上述因素，眼前的基本需求輪廓與營運槓桿仍支持我們對全年更強勁的展望。此外，我們將在下半年持續招募，並啟動另一條碳纖維產線，以因應我們預期 2027 年的產量提升。

Now turning to some notable events for Hexcel during the second quarter. Our team received recognition from a number of customers that highlight the value we deliver and the strength of our long-term customer relationships. Embraer named Hexcel its Best Supplier of the Year in its standards and materials category for the second consecutive year. Airbus recognized Hexcel with its Accredited Supplier Award, the highest distinction within the Airbus Supplier Quality Improvement Program. And IHI in Japan recognized Hexcel with the Supplier of the Year award.

接著談 Hexcel 在第二季的一些重要事項。我們的團隊獲得多家客戶的肯定，突顯我們所提供的價值以及長期客戶關係的強度。Embraer 連續第二年在其標準與材料類別中，將 Hexcel 評選為年度最佳供應商。空中巴士授予 Hexcel「認證供應商獎」（Accredited Supplier Award），這是空中巴士供應商品質改善計畫中的最高榮譽。日本 IHI 也授予 Hexcel 年度供應商獎。

We are honored to receive these recognitions from our customers. This recognition reflects the dedication of the Hexcel team and our continued focus on quality delivery and operational excellence. Also during the quarter, we made a number of significant announcements. In May, we announced the groundbreaking of the Hexcel Application Center at Wichita State University's National Institute for Aviation Research, NIAR. The new center expands our long-standing collaboration with NIAR and supports innovation in composite materials, automated processing and aerospace manufacturing, which are all foundational research and development areas to grow composite adoption across aerospace platforms.

我們很榮幸獲得客戶的這些肯定。這些肯定反映了 Hexcel 團隊的投入，以及我們持續聚焦於高品質交付與卓越營運。此外，本季我們也發布了多項重要公告。5 月，我們宣布在威奇托州立大學國家航空研究院（NIAR）設立 Hexcel 應用中心並舉行動土典禮。新中心擴大了我們與 NIAR 長期的合作，並支持複合材料、自動化製程與航太製造的創新；這些皆為推動複合材料在各航太平台上擴大採用的基礎研發領域。

In June, we announced a long-term industrial partnership and supply agreement with Deutsche Aircraft for advanced composite solutions for their next-generation regional turboprop, the D328eco. And last week, our team attended the Farnborough International Air Show, where we had the opportunity to engage with the industry including customers, partners and other key stakeholders.

6 月，我們宣布與 Deutsche Aircraft 就其下一代區域渦槳機 D328eco 的先進複合材料解決方案，達成長期產業合作夥伴關係與供應協議。而在上週，我們的團隊出席范堡羅國際航空展（Farnborough International Air Show），並有機會與產業各方互動，包括客戶、合作夥伴及其他關鍵利害關係人。

During the airshow, we made a couple of key announcements. First, we announced a series of new and extended long-term agreements with Boeing, reinforcing our collaboration with them across commercial, defense and space programs. In addition, we announced that we have completed qualification for our HexPly M91 carbon fiber reinforced epoxy prepreg system through the National Center for Advanced Materials Performance, NCAMP, an initiative through NIAR that makes this product available more broadly. The NCAMP database is particularly helpful to new A&D entrants as they can readily access the performance data to assist in their material selection.

在航展期間，我們發布了幾項關鍵公告。首先，我們宣布與波音簽署一系列新的及延長的長期協議，強化我們在商用、國防與太空計畫上的合作。此外，我們宣布已透過國家先進材料性能中心（NCAMP）完成 HexPly M91 碳纖維增強環氧樹脂預浸料系統的認證（qualification）；NCAMP 是 NIAR 推動的一項計畫，使該產品能更廣泛地供應。NCAMP 資料庫對新的航太與國防（A&D）新進業者特別有幫助，因為他們可輕易取得性能數據，以協助材料選型。

Overall, we are encouraged by the demand we see for Hexcel's advanced lightweight material solutions across commercial aerospace, defense and space. Our broad, differentiated product portfolio, technical expertise and innovation, customer relationships and the vertical integration across multiple regional positions enables Hexcel to serve these markets well as volumes continue to rise.

整體而言，我們對 Hexcel 先進輕量化材料解決方案在商用航太、國防與太空領域所見到的需求感到振奮。我們廣泛且具差異化的產品組合、技術專長與創新能力、客戶關係，以及跨多個區域據點的垂直整合，使 Hexcel 能在產量持續提升之際，良好地服務這些市場。

Against this backdrop, we are confident in the strategic priorities we have set for the company, executing on the commercial rate increases for our OEM customers, investing in innovation to secure positions on next-generation aircraft, capturing organic growth opportunities in defense and space and deploying capital in a disciplined way. Our team is well positioned to deliver for our stakeholders. I want to thank the entire Hexcel team for an outstanding second quarter.

在此背景下，我們對公司所設定的策略重點充滿信心：執行 OEM 客戶的商用機增產計畫、投資創新以取得下一代飛機的供應地位、把握國防與太空的有機成長機會，並以嚴謹紀律部署資本。我們的團隊已做好準備，為各利害關係人創造成果。我要感謝全體 Hexcel 團隊在第二季的傑出表現。

With that, I'll turn the call over to our new CFO, Jamie Coogan, to discuss the second quarter financials in more detail. Jamie?

接下來，我將把電話交給我們的新任財務長 Jamie Coogan，請他更詳細地說明第二季財務表現。Jamie？

Thank you, Tom, and I'm excited to be participating on my first Hexcel earnings call. I've been here about three months now, and I'm quite impressed with the team, the industry reputation of Hexcel, the innovation and most importantly, the growth opportunities ahead. I visited four of our sites at this point with plans to visit every facility in the near future. I've been actively meeting with various stakeholders, and as Tom mentioned, just returned from the Farnborough Air Show.

謝謝你，Tom，我很高興能參與我在 Hexcel 的第一場財報電話會議。我到任大約三個月，對團隊、Hexcel 在產業中的聲譽、創新能力，以及最重要的未來成長機會，都留下深刻印象。截至目前我已造訪我們四個據點，並計畫在不久的將來走訪每一座廠區。我也積極與各方利害關係人會面；如 Tom 所提，我剛從范堡羅航空展返程。

I've now personally met many of you on this call, and I look forward to our continued engagement. My priorities are fully aligned with Tom and the Hexcel leadership team as we focus on execution, strengthening the balance sheet and driving margin expansion through organic growth and cost control. Hexcel is in a period of strong cash generation, and I will be working closely with Tom and the Board to ensure a disciplined capital allocation strategy. Now for the financial results. Second quarter 2026 sales of $529 million grew 8.1% in constant currency as commercial aircraft build rates ramp.

我現在已親自與本次電話會議中的許多各位見過面，並期待我們持續互動交流。我的優先事項與 Tom 及 Hexcel 領導團隊完全一致：聚焦執行力、強化資產負債表，並透過有機成長與成本控管推動利潤率擴張。Hexcel 正處於強勁的現金創造期，我將與 Tom 及董事會密切合作，確保資本配置策略具備紀律性。接下來談財務結果。2026 年第二季銷售額為 5.29 億美元，隨著商用飛機產量提升，以固定匯率計算成長 8.1%。

Strong commercial aerospace growth was partially offset by lower defense, space and other sales following the divestment of the Austrian industrial business on September 30, 2025, and the winding down of the industrial business at our Leicester UK site as disclosed last quarter. As a side note, I will refer to constant currency percentage change for the remainder of my comments.

商用航太的強勁成長，部分被國防、太空及其他業務銷售下滑所抵銷；該下滑主要源於我們於 2025 年 9 月 30 日出售奧地利工業業務，以及如上季所揭露，我們英國萊斯特（Leicester）廠區的工業業務逐步收尾。補充說明：在我接下來的評論中，將以固定匯率的百分比變動作為基準。

By market, commercial Aerospace second quarter sales totaled $347 million, increasing 19% compared to the second quarter of 2025 and comprised approximately 66% of our total quarterly sales. Growth was led by wide-body A350 and 787 platforms, while narrow-bodies, A320, 737 MAX and A220 all increased year-over-year as well. Overall, we are pleased to see the stability and growing demand from our commercial aerospace customers.

按市場別來看，商用航太第二季銷售額合計 3.47 億美元，較 2025 年第二季成長 19%，約占本季總銷售額的 66%。成長主要由寬體機 A350 與 787 平台帶動；同時，窄體機 A320、737 MAX 與 A220 也皆呈現年增。整體而言，我們樂見商用航太客戶需求穩定並持續成長。

Sales for other commercial aerospace in the second quarter increased 4% year-over-year from growth in regional jets. Defense, Space & Other second quarter sales totaled $183 million and represented approximately 34% of sales. Second quarter sales decreased 8% on lower industrial sales following the divestment of the Austrian industrial business last year. And as I mentioned in my previous comments, we have now ceased industrial operations at our Leicester UK site effective June 30. Annual sales at this site were around $15 million, and this site will continue to work on aerospace R&D projects.

第二季其他商用航太銷售額因區域型噴射機成長而年增 4%。國防、太空及其他業務第二季銷售額合計 1.83 億美元，約占銷售額的 34%。由於去年出售奧地利工業業務後工業銷售降低，第二季銷售額下滑 8%。此外，如我先前所述，我們已自 6 月 30 日起停止英國萊斯特廠區的工業營運。該廠區年銷售額約 1,500 萬美元，未來將持續投入航太研發（R&D）專案。

In terms of our Defense & Space business only, second quarter 2026 sales were unchanged compared to the second quarter of 2025. Strength in fixed wing, both in the US and internationally, along with strength in international helicopters and growth in satellite sales were offset by temporary softness in some other programs, including launchers and rocket motors. Remember that production volumes of many defense and space programs are low, so some quarters can be impacted by temporary timing issues and customer schedule shifts.

就國防與太空業務本身而言，2026 年第二季銷售額與 2025 年第二季持平。美國及國際固定翼機型的強勁表現、國際直升機的強勁表現，以及衛星銷售成長，抵銷了其他部分專案的短期疲弱，包括發射載具與火箭馬達。請記得，許多國防與太空專案的產量規模較小，因此部分季度可能會受到短期時點因素與客戶排程調整的影響。

The Other category for industrial sales now comprises just under 5% of our total sales. Gross margin of 26.1% in the second quarter of 2026 increased from 22.8% in the second quarter of 2025 on improved operating leverage and price realization. We continue to grow back into our existing capacity. And as we restart idle assets, the overhead absorption benefit is meaningful as illustrated in our second quarter results.

目前「其他」類別中的工業銷售占我們總銷售額的比重已降至略低於 5%。2026 年第二季毛利率為 26.1%，較 2025 年第二季的 22.8% 提升，主要受惠於營運槓桿改善與價格實現。我們持續在既有產能內回補成長。隨著我們重新啟用閒置資產，間接費用吸收帶來的效益相當顯著，並已如第二季結果所示。

Prior portfolio pruning actions were a modest tailwind to margins and unlike the first quarter of 2026, which saw favorable onetime benefits, there was no meaningful onetime contributors to call out for the second quarter.

先前的產品組合精簡措施對利潤率帶來小幅順風；且不同於 2026 年第一季曾出現有利的一次性收益，第二季並無值得特別指出的重大一次性貢獻項目。

In terms of higher oil prices and their impact on the business, our purposeful strategy of reducing the volatility of input prices through our hedging and procurement contracts has generally insulated the business during the second quarter. Sequentially from the first quarter of 2026 to the second quarter of 2026, the combined spend for utilities, including natural gas and electricity, plus the spend for acrylonitrile, or AN, the primary raw material used in the production of carbon fiber increased only minimally.

關於油價上升及其對業務的影響，我們透過避險與採購合約降低投入成本波動的既定策略，整體而言在第二季已使業務獲得一定程度的隔離與保護。從 2026 年第一季到 2026 年第二季，公用事業支出（包含天然氣與電力）加上丙烯腈（acrylonitrile，AN；碳纖維生產的主要原料）的合計支出僅小幅增加。

However, if oil prices remain elevated, the impact to energy and AN costs will be layered into the business over time. As a percentage of sales, selling, general and administrative expenses were 8.9% in the second quarter of 2026 compared to 8.8% in the comparable period in the prior year, increasing nominally on higher employee-related expenses. R&D expenses were 3.3% in the second quarter of 2026 compared to 2.9% in the second quarter of 2025.

然而，若油價維持在高檔，能源與 AN 成本的影響將隨時間逐步反映到業務中。以銷售額百分比計，2026 年第二季銷售、一般及行政費用為 8.9%，相較前一年同期的 8.8% 略為上升，名目上增加主要來自員工相關費用提高。2026 年第二季研發費用占比為 3.3%，相較 2025 年第二季的 2.9% 提高。

Foreign exchange remains a headwind due to the weaker dollar. Second quarter 2026 operating margin was negatively impacted by approximately 90 basis points from foreign exchange. In contrast, the second quarter 2025 had a favorable impact of approximately 10 basis points from the foreign exchange. Adjusted operating income in the second quarter was $74 million or 13.9% of sales compared to $54 million or 11.1% of sales in the comparable prior year period.

由於美元走弱，外匯仍是逆風因素。2026 年第二季營業利益率受到外匯負面影響約 90 個基點。相較之下，2025 年第二季外匯帶來約 10 個基點的正面影響。第二季調整後營業利益為 7,400 萬美元，占銷售額 13.9%；相較前一年同期為 5,400 萬美元，占銷售額 11.1%。

Turning to adjusted EBITDA for the six-month period. Adjusted EBITDA totaled $216 million for the six months ended June 30, 2026, and an adjusted EBITDA margin of 21%. This compares to $173 million for the six months ended June 30, 2025, and an adjusted EBITDA margin of 18.2% -- this is a 25% increase in adjusted EBITDA, whereas year-to-date, sales increased just 9%, illustrating the operating leverage within the business.

接著看六個月期間的調整後 EBITDA。截至 2026 年 6 月 30 日止六個月，調整後 EBITDA 合計 2.16 億美元，調整後 EBITDA 利潤率為 21%。相較截至 2025 年 6 月 30 日止六個月為 1.73 億美元，調整後 EBITDA 利潤率為 18.2%——調整後 EBITDA 成長 25%，而年初至今銷售僅成長 9%，顯示業務具備營運槓桿效應。

For comparison, in our peak year of 2019, adjusted EBITDA totaled $585 million with an adjusted EBITDA margin of 24.8%. As we target returning to prior adjusted operating margin of 18%, we are also targeting a return to this prior adjusted EBITDA margin of approximately 25%. And as a reference, trailing 12 months adjusted EBITDA through June 30, 2026, was $390 million.

作為比較，在我們的高峰年度 2019 年，調整後 EBITDA 為 5.85 億美元，調整後 EBITDA 利潤率為 24.8%。在我們以回到先前 18% 的調整後營業利益率為目標的同時，也以回到先前約 25% 的調整後 EBITDA 利潤率為目標。供參考，截至 2026 年 6 月 30 日的過去 12 個月（TTM）調整後 EBITDA 為 3.90 億美元。

Now turning to our two segments. The Composite Materials segment represented 80% of total second quarter sales and generated an adjusted operating margin of 16.8%. This compares to an adjusted operating margin of 14.1% 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%. This compares to an adjusted operating margin of 10.9% in the prior year period.

接下來談我們的兩大事業部。複合材料（Composite Materials）事業部占第二季總銷售額的 80%，調整後營業利益率為 16.8%。相較前一年同期的調整後營業利益率為 14.1%。工程產品（Engineered Products）事業部由我們的結構件與工程芯材業務組成，占總銷售額的 20%，調整後營業利益率為 15%。相較前一年同期的調整後營業利益率為 10.9%。

Moving to cash flow. Net cash provided by operating activities in the first six months of 2026 was $97 million compared to a use of $5 million in the first six months of 2025. Working capital was a cash use of $72 million in the first six months of 2026 compared to a cash use of $125 million in the first six months of 2025. Capital expenditures on an accrual basis for the first six months of 2026 was $37 million compared to $32 million in the comparable prior year period. Free cash flow in the six months ended June 30, 2026, was $52 million compared to a use of $47 million in the six months ended June 30, 2025.

接著談現金流。2026年前六個月營運活動提供的淨現金為9,700萬美元，相較於2025年前六個月淨現金使用500萬美元。2026年前六個月營運資金為淨現金使用7,200萬美元，相較於2025年前六個月淨現金使用1.25億美元。以應計基礎計算，2026年前六個月資本支出為3,700萬美元，相較於去年同期的3,200萬美元。截至2026年6月30日止六個月的自由現金流為5,200萬美元，相較於截至2025年6月30日止六個月淨現金使用4,700萬美元。

Following our first quarter earnings call and just before I started, the team completed the issuance of $400 million of unsecured senior notes maturing in May 2031 with the proceeds used to pay off $400 million of unsecured senior notes maturing in February of 2027. This financing improves our debt maturity profile with our earliest debt maturity now in 2031. Leverage, defined as net debt to last 12 months adjusted EBITDA, was 2.3 times at June 30, 2026, which compares favorably to our December 31, 2025, leverage of just under 2.7 times.

在我們第一季財報電話會議之後、也就在我上任之前，團隊完成發行4億美元的無擔保優先票據，於2031年5月到期，所得款項用於償還4億美元於2027年2月到期的無擔保優先票據。此項融資改善了我們的債務到期結構，使我們最早的債務到期日現在為2031年。槓桿率（定義為淨負債除以過去12個月調整後EBITDA）於2026年6月30日為2.3倍，與2025年12月31日略低於2.7倍的槓桿率相比更為有利。

Although our leverage remains elevated following our revolver borrowing in October 2025 to finance an accelerated share repurchase, we have made meaningful progress year-to-date to reduce leverage, and we reaffirm that we remain committed to a disciplined financial policy and to returning leverage to the targeted range of 1.5 times to 2.0 times during 2026.

儘管在2025年10月為了資助加速股份回購而動用循環信貸借款後，我們的槓桿率仍然偏高，但我們今年迄今已在降低槓桿方面取得實質進展；我們也重申，將持續奉行嚴謹的財務政策，並致力於在2026年將槓桿率降回目標區間1.5倍至2.0倍。

Given our focus on debt reduction, we did not repurchase any shares of common stock in the second quarter of 2026. The remaining authorization under the share repurchase program as of June 30, 2026, was $381 million. The Board of Directors declared an $0.18 quarterly dividend yesterday. The dividend is payable to stockholders of record as of August 10 with a payment date of August 17.

鑑於我們專注於降低負債，2026年第二季我們未回購任何普通股。截至2026年6月30日，股份回購計畫剩餘核准額度為3.81億美元。董事會昨日宣告每季股利0.18美元。股利將支付給截至8月10日的登記在冊股東，付款日為8月17日。

Before handing the call back to Tom, I would like to add some additional commentary regarding the revised 2026 guidance. Remember, the third quarter sales seasonality as some of our customers enjoy extended summer holidays, the seasonally lower third quarter sales impact operating leverage and margin as well.

在把電話交回給Tom之前，我想就修訂後的2026年指引補充一些說明。請記得，第三季銷售具有季節性，因為部分客戶會享有較長的暑期假期；季節性較低的第三季銷售也會影響營運槓桿與利潤率。

Implied second half adjusted EPS is somewhat lower than the first half, reflecting the Q3 seasonality, higher employee costs, including more hiring in the back half of this year to support production rate increases in 2027, some conservatism around oil prices and the impact they could have later in the year and expenditures related to restarting one of our carbon fiber lines at the end of this year rather than in 2027 in preparation for the 2027 rate ramps.

隱含的下半年調整後EPS略低於上半年，反映第三季季節性、較高的員工成本（包括今年下半年為支援2027年產能提升而增加招募）、對油價及其可能在今年稍晚造成影響的保守假設，以及與在今年底（而非2027年）重啟我們其中一條碳纖維產線相關的支出，以為2027年的產能爬坡做準備。

We continue to forecast interest expense in the low $50 million range as faster revolver repayments than originally anticipated in the first half of the year has been offset by the higher rate on the refinanced senior notes. We modeled our tax rate in the back half of the year at 20%. And lastly, cash conversion should exceed 100% in 2026 and for a period of time thereafter as capital expenditures are expected to remain subdued, subject to significant new contract wins.

我們仍預估利息費用落在5,000萬美元出頭的區間；雖然上半年循環信貸的償還速度快於原先預期，但已被再融資後優先票據較高的利率所抵銷。我們將下半年稅率假設為20%。最後，2026年以及其後一段時間的現金轉換率應可超過100%，因為預期資本支出將維持在較低水準，但仍取決於是否取得重大新合約。

With that, let me turn the call back to Tom.

以上，讓我把電話交回給Tom。

Thanks, Jamie. Overall, we remain encouraged by the continued strengthening in commercial aerospace production rates and the strong demand fundamentals we see across commercial, Defense & Space markets. Airbus was especially bullish on the outlook for our largest program, the A350, in their remarks last week at Farnborough. As production rates increase, our focus remains on disciplined execution, driving operating leverage and delivering consistent performance for our customers and stockholders. With our strong market position, broad differentiated product portfolio and global manufacturing footprint, Hexcel is well positioned to capture the opportunities ahead of us. With that, we are now ready to take questions.

謝謝，Jamie。整體而言，我們仍對商用航太產量持續提升，以及我們在商用、國防與太空市場看到的強勁需求基本面感到鼓舞。Airbus上週在范堡羅航展的發言中特別看好我們最大專案A350的前景。隨著產量提升，我們仍將專注於嚴謹執行、提升營運槓桿，並為客戶與股東提供一致的表現。憑藉我們強大的市場地位、廣泛且具差異化的產品組合與全球製造布局，Hexcel已做好準備把握未來的機會。接下來，我們準備開始回答提問。

(Operator Instructions) Gavin Parsons, UBS.

(接線員指示) Gavin Parsons，瑞銀。

In the prepared remarks, you talked about the potential to recover the 18% EBIT margin before the end of the decade. Should I think of that as aligned with the time line for the $500 million of aero recovery and $200 million of Defense revenue? And then how are you thinking about your ability to offset cost inflation as you get to that 18%?

在事先準備的講稿中，你們提到在本十年結束前有機會恢復18%的EBIT利潤率。我是否應該把這視為與商用航太復甦5億美元以及國防收入2億美元的時間表一致？另外，當你們達到18%時，你們如何看待抵銷成本通膨的能力？

Right. So that's exactly right, Gavin, is we are targeting the 18% in line with getting up to the target production rate. So that's the $500 million on commercial and then the $200 million on Defense and Space and other. And in terms of offsetting the cost, in this industry, I would say you have to run fast to stand still. That's normal routine business.

是的。沒錯，Gavin，我們的目標是隨著達到目標產量而實現18%。也就是商用部分5億美元，然後是國防與太空及其他部分2億美元。至於抵銷成本，在這個產業我會說，你必須跑得很快才能維持原地不動。這是正常的日常營運。

We have to always offset the increase in costs through our productivity initiatives. And we have a very extensive, what we call our next-generation factory initiative, along with a margin improvement program that's designed to do exactly that. And it's pricing as our contracts come due, but it's also driving a continuous improvement and then driving and implementing digitization improvement plans throughout our operations, engineering and administrative functions. So it's a combination of all those things to offset the cost inflation that we're going to see, which is normal course of business.

我們必須透過生產力提升計畫持續抵銷成本上升。我們有一套非常全面的、我們稱之為「下一代工廠」的倡議，並搭配一項利潤率改善計畫，目的正是如此。這包括在合約到期時的定價調整，也包括推動持續改善，並在我們的營運、工程與行政職能中推動與落實數位化改善方案。因此，這些措施的組合用來抵銷我們將會看到的成本通膨，而這也是正常的經營常態。

Got it. And then you called out Airbus talking about potentially going higher in rate on A350 above the 12 per month they previously talked about. When would you need visibility to support that higher ramp? And what's your facility capacity currently?

了解。另外，你提到Airbus談到A350的產量可能高於他們先前提到的每月12架。你們需要在何時取得能支援更高爬坡的能見度？你們目前的廠房產能是多少？

Right. Well, if you go back to the 2018, 2019 time frame, we were capacitized to support 13 aircraft per month for the A350 program. And obviously, that capacity is still there. and we can grow into that. Now in practice, with the increase in mix of the A350-1000s and also the freighter, those take more material. So that puts a little bit of pressure. But at the same time, we've driven productivity. So we can still do 13.

是的。如果回到2018、2019年的時間點，我們的產能配置足以支援A350專案每月13架。而且很明顯，那個產能仍在，我們也可以逐步提升以運用它。不過在實務上，隨著A350-1000以及貨機的組合占比提高，這些機型需要更多材料。因此會帶來一些壓力。但同時，我們也提升了生產力。所以我們仍然可以做到13架。

Above that, we would have to be considering capacity. Its about a three-year lead time. And we would work very closely with Airbus on that and to determine how we put that capacity into place. But one thing I want to make absolutely clear is the A350 is our biggest program. Airbus is a great partner, and we will absolutely support them with whatever decision they decide to make with regard to the A350 production rate.

若要高於此水準，我們就必須考量新增產能。其前置期大約是三年。我們會與Airbus非常密切合作，以決定如何把該產能建置到位。但我想非常清楚地說，A350是我們最大的專案。Airbus是很棒的合作夥伴，無論他們就A350產量做出任何決策，我們都會全力支持。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

Jamie, maybe I just wanted to follow up on your comments regarding the '26 guide and second half because the guide implies, as you referenced, lower EPS and a significant deceleration or step down in the incremental margins. I mean you called out headwinds around hiring oil prices, restarting at least one line and some conservatism. Maybe how do we think about those? Or can you get any more granular on the respective impact? It sounds like hiring and restarting the line probably bigger headwinds, but may be any incremental detail as you walk through those would be helpful.

Jamie，我想跟進一下你對「26 年指引與下半年」的評論，因為如你所提到的，該指引暗示 EPS 較低，且增量利潤率出現顯著放緩或下台階。我的意思是，你點出了在招募、油價、至少重啟一條產線以及一些保守假設方面的逆風。也許我們該如何看待這些因素？或者你能否更細緻地說明各自的影響？聽起來招募與重啟產線可能是較大的逆風，但若你能在說明時提供任何額外細節，會很有幫助。

Yes. I think you hit the nail on that. We're trying to be thoughtful as we think about back half performance and positioning the business to be able to execute on the sort of expected increase in rates as we move into 2027. And so we put our hiring plans together here. We're looking to pull that line in. That is going to be sort of a bigger driver of the overall sort of margin headwind. Some of the conservatism around the Middle East, we're just watching the situation very closely, and we baked in some minimal incremental expense in the back half associated with that.

是的。我認為你說得很到位。我們在思考下半年表現時，正努力審慎規劃，並讓業務定位到能在邁入 2027 年時，執行預期的產量提升。因此我們在這裡制定了招募計畫。我們也在考慮把那條產線提前拉進來。這將會是整體利潤率逆風中較大的驅動因素。至於對中東情勢的一些保守假設，我們正非常密切地觀察狀況，並在下半年預估中納入與此相關的少量新增費用。

And then it's also important to remember the seasonality. We just -- given the lower sales volume that we typically see in the third quarter as our European partners here take some extended time away, that does sort of go the other way for us on the operating leverage and it's historically done so as we look back at the way that seasonality impacts the business. All in all, though, we're very well positioned, right, to execute and finish the year strong. We -- I think that our guide with the raise in the guide, we see the potential incremental margins actually step up from our prior expectations as we move into the full year results, and we want to make sure we're positioned to be able to execute going into 2027.

另外也很重要的是要記住季節性因素。我們只是——鑑於第三季通常會看到較低的銷售量，因為我們在歐洲的合作夥伴會有較長的休假時間，這在營運槓桿上對我們而言會朝相反方向作用；回顧過去，季節性對業務的影響一向如此。不過總體而言，我們的確處於非常有利的位置，能夠執行並強勁地完成全年。我們——我認為在上調指引後，我們看到全年度結果的增量利潤率實際上有機會較先前預期更上一階，同時我們也希望確保自身已就位，能在邁向 2027 年時順利執行。

Okay. And as we think about the revenue guidance increase, is it fair to assume that you've basically added, call it, three to five A350 units with maybe some incremental or higher MAX shipments in that as well? Is that really the right way to think about the guidance increase?

好的。那麼在思考營收指引上調時，是否可以合理假設你們基本上新增了大約 3 到 5 架 A350 的交付量，並且其中也可能包含一些額外或更高的 MAX 出貨？這樣理解指引上調的方式是否正確？

Ken, I would say, yes. We think there's a little bit of upside on the A350 guidance we had of 80. Lars Wagner in Farnborough said they're producing at eight or nine a month right now. We've been pulling at kind of around eight in this last quarter, and that continues to step up. And so we have purchase orders, firm purchase orders now that support the 80 plus for the rest of the year. And then the other one -- the other major program, I'd say that's increased is the 737. We saw that pulling at just above 42 for the quarter. And Boeing has said themselves that they're expecting now 500, and that's kind of what we're expecting as well.

Ken，我會說，是的。我們認為先前對 A350 的 80 架指引還有一些上行空間。Lars Wagner 在范堡羅航展表示，他們目前每月產量約為 8 到 9 架。我們在上一季的拉貨大約在 8 架左右，而且仍在持續上升。因此，我們現在已有採購訂單、確定的採購訂單，支持今年剩餘期間達到 80 架以上。然後另一個——我會說另一個增加較多的主要專案是 737。我們看到本季拉貨略高於 42 架。波音自己也表示他們現在預期達到 500 架，而這也大致是我們的預期。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Great quarter. Maybe if I could just ask about following up on the margin question. I appreciate the seasonality driving the second half margin ramp down by 100 bps. Tom or Jamie, can you maybe talk about where you are in your hiring process of the 400 heads and the incremental carbon fiber line, can you just remind me, Tom, is that in Salt Lake? How much capacity does that take on? And as a follow-up to this, how do we think about incremental margins going forward once you've kind of taken on these start-up costs?

本季表現很棒。我想就利潤率問題再追問一下。我理解季節性因素會使下半年利潤率爬升幅度下降 100 個基點。Tom 或 Jamie，你們能否談談 400 名人力的招募進度，以及新增的碳纖維產線；Tom，你能否提醒我那是在鹽湖城嗎？那會增加多少產能？另外追問一下，一旦你們承擔了這些啟動成本，未來我們該如何看待增量利潤率？

Well, we had kind of 400 for the year originally. We've already hired 300 of those as of right now. And we'll complete the 400 in the back half of the year and we'll add to that because we do see the demand picking up, and we want to make sure we're ready for it.

嗯，我們原本規劃全年大約 400 人。截至目前我們已經招募了其中 300 人。我們會在下半年完成 400 人的招募，並且還會在此基礎上再增加，因為我們確實看到需求正在回升，我們希望確保已做好準備。

And the carbon fiber line is one that we had in Salt Lake City. We have 14. We had idled four. We had already brought back two. So we're bringing now a third back. So we still have one that will be down. But we're bringing that third -- that was supposed to come online next year. We're pulling it into this year because we see the demand picking up so much in the back half of this year and through the first part of 2027.

碳纖維產線是在鹽湖城的那一條。我們共有 14 條。先前我們停了 4 條。我們已經先恢復了其中 2 條。所以現在我們要再恢復第 3 條。因此仍會有 1 條維持停線。但我們把第 3 條拉回來——原本是預計明年才上線。我們把它提前到今年，因為我們看到今年下半年以及一路到 2027 年初的需求大幅回升。

So that's where it is in Salt Lake City. It's the 13 to 14 lines, and the hiring is to support that. Now in terms of incremental margins, you saw for the quarter, it was 49%. For the year, at the midpoint, what we're seeing 37%, which is up from kind of low 30s in the original guidance. And we expect margins to continue to improve as production rates go up and we get operating leverage. And that's what really helps us in part get to the -- on the path to the 18% by the end of the decade.

所以它就在鹽湖城。是第 13 到第 14 條產線，而招募人力是為了支援這件事。至於增量利潤率，你看到本季是 49%。以全年來看，在中位數，我們看到是 37%，高於原先指引大約低 30% 的水準。而且我們預期隨著產量提升並取得營運槓桿，利潤率會持續改善。這也在某種程度上幫助我們走在路徑上，在本十年末達到 18%。

But it really is about operating leverage. And as production rates go up, we're going to continue to see margins improve, including incrementals. And that is exactly what we see in the first half of this year. We expect more in the second half and certainly into 2027 and 2028 as production rates increase and we get more operating leverage, our margins will continue to increase towards that 18%.

但關鍵其實在於營運槓桿。隨著產量提升，我們會持續看到利潤率改善，包括增量利潤率。而這正是我們在今年上半年所看到的。我們預期下半年會更多，當然在 2027 與 2028 年，隨著產量提升並取得更多營運槓桿，我們的利潤率將持續朝 18% 提升。

Got it. So this is the 30% to mid-30s is a good incremental margin going forward?

了解。所以未來 30% 到 30% 中段，會是良好的增量利潤率水準？

Yes.

是的。

David Strauss, Wells Fargo.

David Strauss，Wells Fargo。

This is Josh Korn on for David. I wanted to ask about FX and the impact you see in 2027 as compared to this year.

我是代替 David 的 Josh Korn。我想請教外匯（FX），以及你們看到 2027 年相較於今年的影響。

Yes. So as we think about FX, through the six-month period here, we've seen the dollar weakening. It's been a bit of a headwind to margins. We had about a 90 basis point impact here in Q2 explicitly. We do have some hedge programs in place, which is moderating some of the volatility that can occur in that FX environment. We haven't put together and discussed yet our plans on 2027.

是的。就外匯而言，在這六個月期間，我們看到美元走弱。這對利潤率造成了一些逆風。在第二季，我們明確看到大約 90 個基點的影響。我們確實有一些避險計畫在進行中，這有助於緩和在該外匯環境下可能出現的部分波動。我們尚未制定並討論 2027 年的規劃。

We're going to be in the process of pulling our plans together for 2027, where we'll think about what that looks like going forward. Obviously, continued dollar weakening is not -- doesn't benefit us as we move forward, the strengthening of the dollar would provide some benefit as we move into '27.

我們將開始著手整合我們對 2027 年的規劃，並思考未來的樣貌會是什麼。顯然，美元持續走弱對我們未來推進並沒有好處；若美元走強，當我們邁入 '27 時將帶來一些助益。

Yes. So stronger dollar is better for us and it just is what happens in the macroeconomic environment will determine that. But we haven't put our plans together for '27, but the stronger dollar helps us, we'll see where that goes.

是的。所以美元走強對我們更有利，而這終究取決於總體經濟環境的發展。不過我們尚未把 '27 的計畫整合完成，但美元走強確實有利於我們，我們會再看看後續走勢。

Okay. And then on the A350, are you currently profitable?

好的。那麼關於 A350，你們目前是獲利的嗎？

Yes. So as we think about the A350 program, right, we -- our asset utilization levels and our production and our operating leverage that we're receiving, that program is profitable as we move ahead as we continue to see an increase in the ramp rate, the rate of ramp increase over time for that program that will continue to improve profitability on a go-forward basis.

是的。所以當我們看 A350 計畫時，我們的資產利用率、產量以及我們所獲得的營運槓桿，讓這個計畫在我們往前推進時是獲利的；隨著我們持續看到該計畫爬坡速率提高、且爬坡提升的速度隨時間推進，未來的獲利能力將會持續改善。

Yes. So at the current production rate, profitable on the A350.

是的。所以以目前的生產速率來看，A350 是獲利的。

Richard Safran, Seaport Research Partners.

Richard Safran，Seaport Research Partners。

So I was particularly interested in your comments about defense positions on many platforms. You're no doubt aware the government is looking to accelerate aircraft and missile production. So I'm just going to ask one two-part question. How are you expecting defense to trend as a percent of sales longer term, considering growth in defense and commercial?

我對你們提到在許多平台上擁有國防布局的評論特別感興趣。你們無疑也知道政府正尋求加速飛機與飛彈的生產。所以我想問一個兩部分的問題。在考量國防與商用的成長之下，長期來看你們預期國防占銷售額的比重會如何變化？

Second, are you still selling to defense pretty much on commercial terms? And so as defense grows, should we expect margins for defense to be pretty much comparable to commercial?

第二，你們目前對國防客戶的銷售條件仍大致比照商用條款嗎？因此，隨著國防業務成長，我們是否應預期國防的利潤率大致會與商用相當？

Okay. Well, in terms of defense as a percent of sales, right now, it's about 35% Ultimately, I'd love it to be 50%. The challenge is commercial for us is going to be growing so fast in the next three, four years as production rates fully recover, defense will struggle to keep up.

好的。就國防占銷售額的比重而言，目前大約是 35%。最終我希望能到 50%。挑戰在於，未來三到四年隨著產量完全復甦，我們的商用業務將成長得非常快，國防可能會難以跟上。

But that said, I think defense will continue to grow. And ultimately, we're going to be at 40% to 50% in terms of our defense spend relative to commercial because defense will continue to grow. Now yes, we do sell our defense products at commercial terms. And so as we go forward, that will not be dilutive to our margins because we sell a commercial terms. So that won't be dilutive.

但即便如此，我認為國防仍會持續成長。最終，就我們的國防支出相對於商用而言，我們會落在 40% 到 50% 的區間，因為國防會持續成長。至於第二點，是的，我們以商用條款銷售國防產品。因此往後這不會稀釋我們的利潤率，因為我們是以商用條款銷售。所以不會造成稀釋。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

I was wondering if you could speak to the rolling of LTAs. Maybe first on the non-Airbus side, you had an announcement about extending agreements with Boeing. And maybe the broad thought here is, are we at the sweet spot of LTAs that were sort of just on the cusp of the price escalation that we saw in the '22, the high inflation period rolling over, and we're getting the benefit of that. That's one question.

我想請你談談長期協議（LTA）的續約/展延。也許先從非空中巴士（Airbus）那一側談起，你們宣布延長與波音（Boeing）的協議。更廣泛的想法是：我們是否正處於 LTA 的「甜蜜點」——也就是那些在 '22 年高通膨期間、價格上調（escalation）即將發生之際簽訂的協議正在到期/滾動續約，而我們正因此受益？這是第一個問題。

The second one is, if Airbus does decide to pull the trigger on the A350-2000 by the end of the year, which seems like something they're thinking about seriously, is that going to pull forward your negotiation for price for your overall contract given you have to put more CapEx in the ground maybe to next year?

第二個問題是，如果空中巴士確實在年底前決定正式啟動 A350-2000（看起來他們正認真考慮），鑑於你們可能需要把更多資本支出（CapEx）投入到產能建置上、也許在明年，這是否會使你們就整體合約的價格談判提前進行？

Okay. So on the first one, what I would say regarding long-term agreements is our agreements tend to be for about five to seven years. So every year, 15% to 20% of them come due. Now obviously, the Airbus ones, which represent 40% of our business expire at the end of 2030. So those don't come due. But when the other contracts come due, we are negotiating and we are seeing price increases in the renegotiation. And it really reflects the value we bring and the investments that we have made.

好的。第一點，關於長期協議，我們的協議通常為期約五到七年。因此每年大約有 15% 到 20% 會到期。當然，空中巴士的合約占我們業務的 40%，會在 2030 年底到期。所以那些不會到期。但當其他合約到期時，我們會進行重新談判，而且我們在續約談判中確實看到價格上調。這反映了我們帶來的價值以及我們已投入的投資。

And so that's been something that we see is that we are seeing strong price realization on renegotiated LTAs. So -- and that will continue. And in fact, this quarter, we benefited from some of that price improvement on LTAs. So that's a positive, and it will continue and continue to be reflected in our performance. Now on the A350-2000, it's going to be a stretch. And so the good news with that is a longer aircraft requires more material, and we provide the entire material system for the A350. So that will be a big positive for us. And that's something that we will work closely with Airbus to support.

因此我們看到的是：在重新談判的 LTA 上，我們的價格實現（price realization）相當強勁。所以——而且這會持續。事實上，本季我們也受惠於部分 LTA 的價格改善。所以這是正面的，而且會持續，並會持續反映在我們的業績表現上。至於 A350-2000，這會是一個拉伸機型。好消息是，機身更長代表需要更多材料，而我們為 A350 提供整套材料系統。因此這對我們會是很大的正面因素。這也是我們會與空中巴士密切合作以提供支援的部分。

Now you asked about whether it would pull forward any of the pricing discussion. I don't think the two are related. So I don't anticipate any connection to that. What we will work on, though, is understanding what the impact will be on capacity and how we put capacity into place for the future. And we will, at the right time, talk with Airbus about how we do that in the most constructive way.

你問到這是否會讓任何定價討論提前。我不認為兩者有關聯。所以我不預期會有任何連動。不過我們會著手的是，了解對產能的影響，以及我們如何為未來建置產能。並且在適當的時間，我們會與空中巴士討論如何以最具建設性的方式來推進。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Just a follow-up on Myles' question on the A350-2000. If that aircraft were to be powered by the GE9X engine, what could your shipset content be on that variant?

延續 Myles 關於 A350-2000 的問題。如果該機型採用 GE9X 引擎作為動力，你們在該變體上的單機配套（shipset）內容可能會是多少？

That's a lot of speculation. So we -- what I would say is the A350-2000 will be a longer aircraft, so more material that will benefit us. We obviously have a very significant position on the 777X and on the GE9X engine, both in terms of the fan blades and the fan case and parts of the nacelle. I won't speculate on whether those things will go together, but both of those things would be beneficial to Hexcel.

這有很多推測成分。所以——我會說的是，A350-2000 會是更長的飛機，因此需要更多材料，這會讓我們受益。我們在 777X 與 GE9X 引擎上都有非常重要的布局，包含風扇葉片、風扇機匣，以及短艙（nacelle）的部分零組件。我不會推測這些是否會組合在一起，但這兩件事對 Hexcel 都會是有利的。

Okay. And then, Tom, you talked about kind of driving productivity. You closed down a couple of facilities in Europe, but you also expanded your footprint in both Morocco and Decatur, Alabama, where energy costs aren't as high. Are there other footprint optimization efforts underway to reduce costs or shift production to lower-cost locations?

好的。另外，Tom，你談到提升生產力。你們關閉了歐洲的幾個廠區，但也在摩洛哥以及阿拉巴馬州迪凱特（Decatur）擴大據點，那些地方的能源成本沒那麼高。是否還有其他據點/產能布局優化的措施正在進行，以降低成本或將生產轉移到更低成本的地點？

Well, we're always looking for those, but the big ones are done. We sold our Neumarkt facility. We closed our Belton facility. We've expanded in Morocco, as you said. We've also really closed down our industrial operations in Western England, and we sold off a 3D printing plant we had in Hartford, Connecticut. So those are the big ones. We'll look to continue to optimize. But as you say, by shifting more work to Morocco, it's a very competitive workforce, very highly technically trained, lower energy costs.

我們一直都在尋找這類機會，但主要的大項已經完成。我們出售了 Neumarkt 廠。我們關閉了 Belton 廠。如你所說，我們也在摩洛哥擴張。我們也大幅關閉了在英格蘭西部的工業營運，並出售了我們在康乃狄克州哈特福（Hartford）的 3D 列印工廠。所以這些是主要的大項。我們會持續尋求最佳化。但如你所說，將更多工作轉移到摩洛哥，那裡的勞動力非常具競爭力、技術訓練程度很高，而且能源成本較低。

And in Alabama, we're introducing now our first carbon fiber line, which should save on some logistics and also benefit from lower energy costs as well. So those are all things. And these actions that we've taken on, what I would call portfolio pruning have really helped drive some of our margin improvement. And you see that reflected in the Engineered Products margin this quarter.

此外，在阿拉巴馬州，我們現在正導入第一條碳纖維產線，這應可在部分物流上節省成本，同時也能受惠於較低的能源成本。所以這些都是相關措施。而我們所採取的這些行動，我稱之為投資組合修剪（portfolio pruning），確實有助於推動我們的部分毛利率改善。你也可以在本季工程產品（Engineered Products）的毛利率中看到這點反映。

So overall, the portfolio pruning helped, but we also drove productivity in some of those engineered product plants as well as getting pricing on some of the LTAs. So a combination of those three things, portfolio pruning, pricing and productivity is driving margin enhancement, particularly in our Engineered Products segment.

因此整體而言，投資組合修剪有所幫助，但我們也在部分工程產品工廠推動了生產力提升，並且在部分長期協議（LTA）上取得了定價。所以這三項因素——投資組合修剪、定價與生產力——的組合正在推動毛利率提升，尤其是在我們的工程產品事業部。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利。

So Tom, can you just level set us in terms of what production rates you're able to support with the capacity increases included in your plan if you're able to restart all four idle carbon fiber lines? And I guess, are there areas that you need to grow CapEx in some of your more value-add noncarbon fiber manufacturing portion to meet what Boeing and Airbus want to build in 2030?

所以，Tom，你能否先幫我們校準一下：如果你能重啟所有四條目前閒置的碳纖維產線，依照你計畫中所包含的產能提升，你們能支援到什麼樣的生產速率？另外我想問的是，為了滿足波音與空中巴士在2030年想要達到的產量，在你們較高附加價值、非碳纖維的製造環節，是否有需要增加資本支出（CapEx）的領域？

Right. Well, the answer is we have sufficient capacity in place already. Now we have to bring some of it back online, and we have to complete the two plants that we started in Decatur. So we started one, what we call polyacrylonitrile plant, which is a precursor and carbon fiber line. Both of those have to come online.

是的。嗯，答案是我們目前已具備足夠的產能。現在我們需要把其中一部分重新上線，並且要完成我們在迪凱特（Decatur）啟動的兩座工廠。我們啟動了一座我們稱為聚丙烯腈（polyacrylonitrile, PAN）工廠，也就是前驅體（precursor）工廠，以及一條碳纖維產線。這兩者都必須上線。

But with all that capacity, we have enough capacity to meet all of the peak production rates that Boeing and Airbus and the defense primes have articulated for their various programs. So that's why we've said that our CapEx over the next several years can remain under $100 million.

但在具備所有這些產能的情況下，我們有足夠的產能來滿足波音、空中巴士以及國防主承包商（defense primes）針對各項計畫所表述的所有尖峰生產速率。因此我們才會說，未來幾年的資本支出可以維持在1億美元以下。

Now if Airbus decides to go above 12, for example, on the A350 or there's a big new win on next-generation narrow-body, that would require additional capacity, and we would work with our customers on that. But to meet the current targets that they have for peak production across all the programs, we have sufficient capacity in place for coming online to support it.

當然，如果空中巴士決定例如A350要超過每月12架，或是下一代窄體機有重大新案得標，那就會需要額外產能，我們也會與客戶合作處理。但就他們目前對所有計畫尖峰產量的目標而言，我們已有足夠的既有產能可陸續上線以支援。

Super helpful. And if I could follow up, when you're restarting the idled carbon fiber lines, how operationally challenging is it? Is it as easy as turning on the lights and dusting off the cobwebs? Or is there more heavy lift? And also, as we think about volumes going through the lines, how do we think about margin trajectory? At what point -- how quickly does that line get filled up? And when does the margins from that line become accretive to overall segment margins?

非常有幫助。如果我可以追問，當你們重啟閒置的碳纖維產線時，從營運角度來看挑戰有多大？是像把燈打開、把蜘蛛網撢一撢那麼簡單嗎？還是需要更大幅度的投入？另外，當我們思考產線的產量爬升時，毛利率走勢應該怎麼看？那條產線多快會被填滿（產能利用率拉滿）？以及那條產線的毛利率何時會對整體事業部毛利率產生增益（accretive）？

Right. Well, the start-up is not routine. I mean it takes a couple of months of planning and preparation. And then -- but once they've gone through that, they're doing a lot of maintenance and lubrication and cleaning, it only takes a couple of weeks. The team is able to bring the line up and get it to production. And from there, maybe a couple of months before it's at full productivity. And so we've done this a lot over the years, either starting up a new line or restarting a line, particularly following the pandemic. So the team is fairly experienced at it. And it takes a couple of months to get up to full productivity.

是的。嗯，啟動並不是例行公事。我的意思是，需要幾個月的規劃與準備。然後——但一旦完成這些，他們會做大量維護、潤滑與清潔，實際上只需要幾週。團隊就能把產線拉升並進入量產。之後可能還需要幾個月才能達到完全生產力。而且我們多年來做過很多次，不論是新產線啟動或是產線重啟，尤其是在疫情之後。所以團隊在這方面相當有經驗。大約需要幾個月才能達到完全生產力。

Now in terms of margin, again, we've been suffering from the lack of fixed cost absorption because we've had idle lines. So as those lines come on and we're producing and we're getting absorption now, fixed cost absorption and operating leverage, we will see the margins go up. So bringing the lines on early will be a net benefit for us in terms of our margin enhancement.

至於毛利率方面，再次強調，我們一直受到固定成本吸收不足的影響，因為我們有閒置產線。因此當這些產線上線、開始生產並帶來吸收（固定成本吸收）與營運槓桿時，我們會看到毛利率上升。所以提早讓產線上線，對我們的毛利率提升而言將是淨正面效益。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

Welcome Jamie. So as a starting question as a welcome question, you talked about capital deployment in the prepared remarks, and you talked about being disciplined, but also considering like inorganic opportunities if they were to match this criteria. Considering that you have this operating leverage, there is capacity and you're getting to a net leverage in line with the overall ranges. How are you thinking about inorganic opportunities that could meet the criteria? Is it exposure to right end markets? It is like a material capabilities? Like how are you thinking overall?

歡迎你，Jamie。作為開場與歡迎的問題，你在事先準備的發言中談到資本配置（capital deployment），提到會保持紀律，但也會在符合條件時考慮外延式（inorganic）機會。考量到你們具備營運槓桿、也有產能，且淨槓桿（net leverage）正回到整體目標區間內，對於可能符合條件的外延式機會，你們是如何思考的？是要曝險於合適的終端市場嗎？還是要具備合適的終端市場曝險？或是像材料能力（material capabilities）之類？整體而言你們是怎麼思考的？

Right. Well, when we think of inorganic, and we're continuing to look. It's not on our current agenda because we're paying down debt. But what we've said is we're focused on advanced material science, heavy aerospace and defense focus with a return on invested capital and ROIC of 15% plus. So those are the basic criteria.

是的。嗯，當我們談外延式成長時，我們會持續觀察、持續評估。目前它不在我們的當前議程上，因為我們正在償還債務。但我們說過，我們聚焦於先進材料科學（advanced material science），以航太與國防為重點，並要求投入資本報酬率（return on invested capital）與ROIC達到15%以上。這些是基本標準。

And we're going to have a high bar because we've got a lot of opportunity to execute on the current production ramp, and that's going to create a lot of operating leverage, improve margins and drive cash flow. And so we're not going to get distracted from that. We're laser-focused on execution. If the absolute best opportunity comes inorganically that meets those strategic thresholds I mentioned and the return criteria, we will consider it. But absent that, we'll focus on our dividend and share repurchases.

而且我們會設下很高的門檻，因為我們在現有的產量爬升（production ramp）上有很多執行機會，這將帶來很大的營運槓桿、改善毛利率並推動現金流。因此我們不會因此分心。我們會高度聚焦在執行。如果出現最優質的外延式機會，且符合我提到的策略門檻與報酬標準，我們會考慮。但若沒有，我們會專注於股利與庫藏股回購。

Right. And then when we think about the margins that mostly incremental cash margins as we think about like going into 2030, how should we think about that?

了解。那當我們思考到2030年左右、主要是增量現金毛利率（incremental cash margins）的毛利率表現時，我們應該怎麼看？

Yes. So over the long run, we sort of in that mid-30% range is incremental margin opportunity for us as we move ahead. We're going to see better leverage overall as we benefit from productivity initiatives, pricing and bringing our business back up to line to be able to absorb the fixed cost base that we have here.

是的。所以從長期來看，隨著我們往前推進，我們的增量毛利率機會大致在30%中段（mid-30%）的區間。隨著我們受惠於生產力計畫、定價，以及把業務拉回到足以吸收既有固定成本基礎的產量水準，我們將看到整體槓桿改善。

Tom noted, we've got between the commercial aerospace peak rate recovery, there's $500 million worth of incremental sales there. We're going to continue to grow the space business, adding around $200 million. And all of that gets us to the sort of 18% operating margin performance by the end of the decade. As we move beyond that, we'll have repricing opportunities on our A350 contract going into that next decade into that period that's going to provide incremental uplift opportunities. And in the interim, we're going to continue to look at the cost base, right? So we're going to try to control costs as we move forward. We're going to look at ways to expand margins in the near term to the best of our ability while continuing to support the rate ramp. So we feel really good about the growth opportunity ahead, and we feel very strongly that there's margin expansion opportunities and really strong cash generation for us over the next couple of years.

Tom提到，僅就商用航太尖峰產量復甦而言，將帶來約5億美元的增量銷售。我們也會持續擴張太空業務，新增約2億美元。而這些將使我們在本十年末達到約18%的營業利益率表現。當我們進入下一個十年、跨入那段期間時，我們在A350合約上會有重新定價（repricing）的機會，這將帶來額外上行（incremental uplift）空間。同時，我們也會持續檢視成本基礎，對吧？所以我們會在前進過程中努力控管成本。我們會在持續支援產量爬升的同時，盡最大努力在短期內尋找擴大利潤率的方法。因此我們對前方的成長機會感到非常樂觀，也非常確信未來幾年我們有利潤率擴張的機會，並能帶來非常強勁的現金創造能力。

Yes. What I would add to that is that once we get up to the peak production rates, '28 and into '29, we're likely to stay there for a very long time because the backlogs are enormous. It's close to 10 years of production, particularly on the widebodies, which favors us. And while there's discussion of the next narrow-body sometime in the future, which we're working on, there's no discussion of a replacement for the current wide-bodies like the A350 or the 787 or the 777, all of which are big programs for Hexcel. So we see a continued sustained opportunity to be at those high levels of production for a long period of time, getting great operating leverage. And while our target is 18% by the end of the decade, we're certainly not going to stop there. We're going to be driving productivity and pricing initiatives to continue to benefit from the investments that we've made and the value that we bring to our customers.

是的。我想補充的是，一旦我們在'28並進入'29達到產量峰值，我們很可能會在那個水準維持很長一段時間，因為積壓訂單非常龐大。接近10年的產能，尤其是在寬體機上，這對我們有利。而且，雖然市場上在討論未來某個時間點的下一代窄體機（我們也在投入相關工作），但目前並沒有討論要替換現有的寬體機，例如A350、787或777；這些對Hexcel而言都是大型專案。因此，我們認為在相當長的一段時間內，將持續且穩定地有機會維持在這些高產量水準，並取得很好的營運槓桿效益。另外，雖然我們的目標是在本十年末達到18%，但我們當然不會就此止步。我們將推動生產力與定價相關的措施，持續從我們已投入的投資以及我們為客戶帶來的價值中受益。

Great. And one last one, if I may. So you talked about the pricing opportunities, especially getting into next decade. But then by the time you'll be having those pricing discussions, the new narrow-body, the new wide-body replacements will be also part of the conversation with the OEMs. How are you thinking about positioning to this negotiation on a stronger way than the prior wave?

很好。如果可以的話，我最後再問一個。你提到定價機會，尤其是進入下一個十年。但等到你們進行那些定價討論時，新一代窄體機、以及新的寬體機替代機型也會成為與OEM討論的一部分。你們如何思考在這一輪談判中，以比上一輪更強勢的方式來定位自己？

Right. Well, look, it's always a negotiation on all these things. We want to maintain great customer relationships. As I always say, we want to make sure we get a fair return on the investments we've made and the value we bring our customers. And that will guide us in terms of our negotiation. And we want to make sure that the platforms we're on today continue to be successful. And of course, we want to be on the next-generation platforms which -- and the one that's currently in focus is the narrowbody at some point in the future. The widebodies, there haven't been any discussions about those.

對。嗯，你看，這些事情一直都是談判。我們希望維持良好的客戶關係。我一向說，我們要確保就我們所做的投資以及為客戶帶來的價值，取得合理的回報。這將指引我們的談判方向。我們也希望確保我們目前所參與的平台能持續成功。當然，我們也希望能參與下一代平台——目前焦點是在未來某個時間點的窄體機。至於寬體機，目前還沒有任何相關討論。

We're going to continue to see as we go through pricing relative to the current cost environment. And as we move ahead and think about where that cost environment is, we need a return on the investments that we've made in the business to support the customers. And I think it's really important that as we go into those negotiations that we recognize that we do provide meaningful value as part of those conversations, and we'll be willing to have the right conversations with those customers in support of their long-term initiatives, but ultimately making sure that Hexcel receives the benefit as well for the value that we provide given the current cost that we're seeing for these programs.

我們將持續觀察在定價上如何反映目前的成本環境。而當我們往前看並思考未來的成本環境時，我們需要就為了支持客戶而在業務上所做的投資取得回報。我認為非常重要的是，當我們進入那些談判時，要認知到我們在這些對話中確實提供了有意義的價值；我們也願意與客戶進行適當的溝通，以支持他們的長期計畫，但最終也要確保Hexcel能同樣受益，並且在考量我們在這些專案上所看到的當前成本之下，讓Hexcel獲得我們所提供價值的回報。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

This is Anton on for Gautam. I just curious on the MV-75, there's been some funding challenges. Is there any potential impact from this baked into the 2026 guide? And just what's your exposure there?

我是Anton，代替Gautam提問。我想請教MV-75，這個專案似乎面臨一些資金方面的挑戰。這是否已經把任何潛在影響納入2026年的指引？以及你們在那邊的曝險有多大？

We're -- so the MV-75, which is the follow-on replacement for Black Hawk is a great program. We've been in discussions with Bell, continuing to determine what our final positions will be on it. It's still in early phases of development. And so it has no impact on 2026 guidance. But it's a great program, and we look forward to continuing the discussions with Bell about how we can support it. It's a really outstanding program. It is moving forward overall, I think, from original projections, but no impact for us on 2026 guidance.

我們——所以MV-75，作為Black Hawk的後續替代機型，是一個很棒的專案。我們一直在與Bell討論，持續釐清我們在該專案上的最終定位會是什麼。它仍處於開發的早期階段。因此，對2026年的指引沒有影響。但這是一個很棒的專案，我們也期待能持續與Bell討論我們如何提供支援。這確實是一個非常出色的專案。我認為整體而言它正在推進，可能與最初的預估相比有所調整，但對我們的2026年指引沒有影響。

Got it. And then just quickly, if I can. The Boeing contract was announced at Farnborough, how is that any different? Or what's the difference between that and the old contract?

了解。那再很快問一下，如果可以的話。波音的合約是在范堡羅航展宣布的，這有什麼不同？或者說，這跟舊合約的差異是什麼？

Well, it's just a renewal. We have extensive operations with Boeing on their commercial and defense platforms and space. And so in the normal course of business, when those contracts come due, we renegotiate them, and that's what this was. So it was just a normal renewal for the long-term agreements that we have with Boeing, which are quite extensive.

嗯，這只是續約。我們與波音在其商用與國防平台以及太空領域都有廣泛的合作。因此在正常業務流程中，當這些合約到期時，我們就會重新談判，而這次就是如此。所以這只是我們與波音之間相當廣泛的長期協議的例行續約。

There's a number of LTAs, not a specific one-to-one match there, right? So there's a number of LTAs that were aggregated together as part of that just to reinforce that relationship and the strength of that relationship.

那裡有多份LTA（長期協議），並不是某一份特定合約一對一對應，對吧？所以是把多份LTA彙整在一起，藉此再次強化這段關係，以及這段關係的穩固程度。

That ends the Q&A portion of today's call. Ladies and gentlemen, this concludes the Hexcel Second Quarter 2026 Earnings Call. Thank you all for joining. You may now disconnect.

以上為今天電話會議的問答部分。各位女士、先生，Hexcel 2026年第二季財報電話會議到此結束。感謝各位參與。您現在可以掛線。