Eastman Kodak Co (KODK) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eastman Kodak quarter 3 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to the first speaker today, Anthony Redding. Please go ahead.

您好，感謝您的耐心等待。歡迎參加伊士曼柯達公司2025年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在，我謹將會議交給今天的第一位發言人安東尼·雷丁。請繼續。

Thank you, and good afternoon, everyone. Welcome to Kodak's third quarter 2025 earnings call. At 4:15 PM this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the third quarter and the nine months ending September 30, 2025. You may access the presentation and webcast for today's call on our Investor Center at investor.kodak.com.

謝謝大家，大家下午好。歡迎參加柯達2025年第三季財報電話會議。今天下午 4 點 15 分，柯達公司提交了 10-Q 表格，並發布了截至 2025 年 9 月 30 日的第三季和前九個月的財務業績報告。您可以透過造訪投資者中心 investor.kodak.com 來取得今天電話會議的簡報和網路直播。

During today's conference call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

在今天的電話會議中，我們將根據 1995 年《私人證券訴訟改革法案》的定義做出一些前瞻性聲明。我們希望這些前瞻性聲明能夠受到 1933 年證券法第 27A 條和 1934 年證券交易法第 21E 條中關於前瞻性陳述的安全港條款的保護。

Investors are cautioned not to unduly rely on forward-looking statements, and such statements should not be read or understood as a guarantee of future performance or results. All forward-looking statements are based upon Kodak's expectations and various assumptions.

投資人應注意不要過度依賴前瞻性陳述，此類陳述不應被解讀或理解為對未來績效或結果的保證。所有前瞻性陳述均基於柯達的預期和各種假設。

Future events or results may differ from those anticipated or those expressed in forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks, uncertainties, and other factors described in more detail in Kodak's filings with the US Securities and Exchange Commission from time to time.

未來的事件或結果可能與預期或前瞻性聲明中表達的內容有所不同。可能導致實際事件或結果與這些前瞻性聲明有重大差異的重要因素包括（但不限於）柯達公司不時向美國證券交易委員會提交的文件中更詳細描述的風險、不確定性和其他因素。

All forward-looking statements attributable to Kodak or persons acting on its behalf only apply as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in the presentation.

所有歸因於柯達公司或代表柯達公司行事的人員所作的前瞻性陳述僅適用於本簡報發布之日，並且完全受本簡報中包含或提及的警示性聲明的限制。

Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. In addition, the release just issued and the presentation provided contains certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release and within the presentation on our website in our Investor Center at investor.kodak.com.

柯達公司不承擔任何義務更新或修改前瞻性聲明，以反映聲明發布日期之後發生的事件或情況，或反映意外事件的發生。此外，剛發布的公告和提供的簡報中包含一些被視為非GAAP指標的衡量標準。本次發表會及本公司網站投資人中心（investor.kodak.com）的簡報中已提供了與最直接可比較的 GAAP 指標的調整表。

Speakers on today's call are Jim Continenza, Kodak's Executive Chairman and Chief Executive Officer; and David Bullwinkle, Kodak's Chief Financial Officer and Senior Vice President. We will not be holding a formal Q&A during today's call. As always, the Investor Relations team is available for follow-up.

今天電話會議的發言人有柯達公司執行董事長兼執行長吉姆·康蒂嫩扎，以及柯達公司首席財務官兼高級副總裁大衛·布爾溫克爾。今天的電話會議將不進行正式的問答環節。如往常一樣，投資者關係團隊隨時為您提供後續服務。

I will now turn the call over to Jim Continenza. Thank you, and have a great day.

現在我將把電話交給吉姆·康蒂嫩扎。謝謝，祝您今天過得愉快。

Welcome, everybody, and thank you for joining Eastman Kodak third quarter 2025 investor call. Let me start off with saying this quarter has been our best performance in years. I can't wait to share the information with you. We are starting to see a return from our long-term investments and growth initiatives. We also continue to increase our operational efficiencies. It's just part of our culture to get better every day.

歡迎各位參加伊士曼柯達公司2025年第三季投資人電話會議，感謝各位的參與。首先我想說的是，本季是我們多年來表現最好的季度。我迫不及待地想和你分享這些資訊。我們開始看到長期投資和成長計劃的回報。我們也在不斷提高營運效率。每天進步一點，這已經成為我們文化的一部分。

As you'll see as we go through this presentation, we continue to delever the balance sheet. I will talk more about this later in the presentation. The third quarter was our best quarter in many years. The highlights include revenue, $269 million versus $261 million last year.

正如您將在本次演示中看到的那樣，我們將繼續降低資產負債率。我稍後會在演講中詳細討論這一點。第三季是我們多年來業績最好的一個季度。亮點包括營收，達到 2.69 億美元，而去年為 2.61 億美元。

That's an $8 million improvement or approximately 3%. This doesn't happen accidentally. We have continued to execute on our long-term plan and our investments, and we're seeing the results of those investments. I'm not concerned about the revenues staying pretty much flat, considering all the upheaval in the markets today.

這意味著價值 800 萬美元的改進，或約佔 3%。這並非偶然發生。我們一直在持續執行長期計劃和投資，並且正在看到這些投資的成果。考慮到當今市場的動盪，我對營收基本持平並不擔心。

We continue to focus on smart revenue and growth initiatives and investing in the company. We are a proud US American manufacturer. The company is proud to see the hard work of our senior team and all of our employees and executing our long-term plan is resulting in gross profit of 25% versus 17% in the third quarter last year, equal to an increase of 8%, which translates into $23 million in gross profit.

我們將繼續專注於明智的營收和成長舉措，並對公司進行投資。我們是一家引以為傲的美國製造商。公司為高階管理團隊和全體員工的辛勤工作感到自豪，長期計畫的執行使毛利從去年第三季的 17% 成長到 25%，相當於成長了 8%，毛利達到 2,300 萬美元。

Let me give you an update on the US pension reversion process. We're approaching the culmination of a multiyear process of accessing the overfunding of our US pension plan. It has always been our intention to access the excess funds to delever and strengthen our balance sheet.

讓我來向您介紹一下美國退休金回歸進程的最新情況。我們即將完成一項歷時多年的工作，即釋放美國退休金計畫的超額資金。我們一直以來的計劃都是利用盈餘資金來降低槓桿率，並加強我們的資產負債表。

Based on our strong execution of managing the pension plan reversion process, we now expect to get approximately $600 million, which is $100 million more than we originally estimated. About $450 million will be in cash and $150 million will be in hedge funds that will convert to cash over time.

由於我們在管理退休金計畫回歸流程方面執行得非常出色，我們現在預計將獲得約 6 億美元，比我們最初估計的多了 1 億美元。約4.5億美元將以現金形式持有，1.5億美元將以對沖基金形式持有，這些對沖基金將隨著時間的推移轉換為現金。

The company will have the opportunity to not only pay down term debt, but also repay other obligations. Once everything is settled, we expect to be net cash positive. Over the last several years in this role, we've done three financings to continue to keep our balance sheet ahead of the company's needs. This is the next step. The appropriate amount of debt and minimal covenants and the freedom to accelerate growth is what we're trying to achieve.

公司不僅有機會償還定期債務，還能償還其他債務。一切就緒後，我們預期淨現金流為正。在擔任此職務的過去幾年裡，我們進行了三次融資，以持續維持公司資產負債表的穩健，滿足公司的需求。這是下一步。我們努力實現的是適當的債務水準、盡可能減少債務限制，並擁有加速成長的自由。

All the plan participants are getting everything they're entitled to under the pension plan. Our new benefit plan offered to US-based employees is identical to the prior plan. It's part of our culture to always take care of our people.

所有計劃參與者都獲得了他們根據退休金計劃應得的一切。我們為美國員工提供的新福利計劃與先前的計劃完全相同。關懷員工是我們企業文化的一部分。

Moving on, back to the company and business results. Advanced Materials and Chemicals, we continue to invest in our core business of Advanced Materials and Chemicals. The business today is seeing the growth of those investments as expected. Revenue is up 15% year over year.

接下來，我們回到公司和業務業績。先進材料與化學品，我們將繼續投資於我們的核心業務—先進材料與化學品。如今，這些投資正按預期為公司帶來成長。營收年增15%。

Our growth initiatives -- we went back to our core competency of layering and coating. We pretty much over the years have abandoned the park and our core competencies. We reinvested in those and brought those back. It is fundamentally who Kodak is. We are the world's best at layering and coating, and we brought back those competencies to Rochester, New York.

我們的成長舉措——我們回歸了我們的核心競爭力——層疊和塗層。多年來，我們幾乎放棄了公園和我們的核心競爭力。我們對這些項目進行了再投資，並將它們重新投入營運。這就是柯達的本質。我們在分層和塗層方面是世界一流的，我們將這些技術帶回了紐約州羅徹斯特。

In doing so, we expect to continue to see growth in these initiatives. Some are in their infancy and some have matured, but we are going to continue to invest in our Advanced Materials and Chemicals. It's what we do best.

我們預計，透過這些舉措，這些項目將繼續發展壯大。有些領域還處於起步階段，有些領域已經成熟，但我們將繼續投資先進材料和化學品領域。這是我們最擅長的。

Our Advanced Materials and Chemicals pharmaceutical initiative is in progress as expected. Our new cGMP pharmaceutical manufacturing facility is now certified to manufacture and sell regulated products and is up and running, starting with diagnostic reagents. Our goal is to continue to expand our product line over time.

我們的先進材料和化學品製藥計劃正按預期進行。我們新建的符合 cGMP 標準的藥品生產設施現已獲得認證，可以生產和銷售受監管的產品，並已投入運營，首先生產診斷試劑。我們的目標是隨著時間的推移不斷擴大產品線。

Let me give you some additional news in the Advanced Materials and Chemicals (inaudible) film in particular, again, one of our greatest core competencies over a century of making film. We've added millions of dollars into that factory into finishing our lines and increased capacity into OEM and other products.

讓我再帶給大家一些關於先進材料和化學物質（聽不清楚）的最新消息，特別是關於電影，這再次證明了我們一個多世紀以來電影製作的核心競爭力之一。我們已向該工廠投入數百萬美元，用於完善生產線並提高OEM和其他產品的產能。

We shut the plant down last year to rebuild it, and we pretty much almost doubled our capacity in the finishing side of our business, and there are different types of film.

去年我們關閉了工廠進行重建，我們在後加工業務的產能幾乎翻了一番，而且還有不同類型的薄膜。

In doing so, we also recently launched our own direct distribution brand of films. The purpose in doing so is to stabilize the market and make sure that supply is available everywhere as demand has increased. We're excited about the motion picture business, the increase we've seen there, the commitment that more and more directors are using motion picture film and also the increase in demand in still film. This is part of our ongoing commitment to the industry.

為此，我們最近也推出了我們自己的電影直接發行品牌。這樣做的目的是為了穩定市場，確保在需求增加的情況下，各地都能獲得充足的供應。我們對電影業感到興奮，我們看到了該行業的成長，越來越多的導演開始使用電影膠片，同時靜態膠片的需求也在增加。這是我們持續致力於產業發展的一部分。

I'm going to move on to some of our highlights of our core business, our commercial print business. As we did over the years, we continue to invest in new products, and you're seeing that today. We will continue to deliver and provide a full range of product solutions to both offset and digital print.

接下來，我將介紹我們核心業務—商業印刷業務的一些亮點。多年來，我們一直致力於新產品的研發，今天你們也看到了這一點。我們將繼續為膠印和數位印刷提供全方位的產品解決方案。

As an example, we provide pre-press workflow software called PRINERGY from their world-class CTP, Computer Plate Machines that etches the plate. We then provide lithographic printing plates that are made right here in Columbus, Georgia and the United States. We also manufacture them in Germany and in Japan.

例如，我們提供名為 PRINERGY 的印前工作流程軟體，該軟體源自於他們世界一流的 CTP（電腦製版機），用於蝕刻印版。然後，我們提供在美國喬治亞州哥倫布市製造的膠印版。我們在德國和日本也生產這些產品。

This allows us to supply each region and make sure we're meeting customer demand. We also offer some of the best digital presses in the market. On top of that, right, world-class service. What that tells you is we're a full-service provider for our printing industry customers. We also don't have print isn't litho or digital; it's both. And customers need both. That's why we supply both.

這樣一來，我們就能為每個地區供貨，確保滿足顧客需求。我們還提供市面上一些最好的數位印刷機。除此之外，還有世界一流的服務。這說明我們為印刷業的客戶提供全方位服務。我們也沒有「印刷既不是膠印也不是數位印刷」這種說法；它是兩者兼有。而顧客兩者都需要。所以我們兩種都提供。

But we will continue to be very clear, to grow, innovate, and invest in our printing business. I want to touch on a topic from last quarter that generated a lot of misleading reporting and demonstrated a fundamental misunderstanding of the circumstances leading to the going concern disclosure.

但我們將一如既往地明確，發展、創新並投資於我們的印刷業務。我想談談上個季度的一個話題，這個話題引發了很多誤導性報道，也顯示人們對導致持續經營揭露的情況存在根本性的誤解。

The media coverage caused a diversion of resources to answer unfounded questions from a variety of sources. Management spent countless hours with customers, suppliers, and investors around the globe counteracting the false narrative that was created.

媒體報道導致資源被分散，用於回答來自各種管道的毫無根據的問題。管理階層花了無數時間與全球各地的客戶、供應商和投資者溝通，以反駁這種捏造的虛假說法。

This is a complicated topic, closely related to the reversion process. Please read the 10-Q disclosure carefully and feel free to reach out to our Investor Relations team if you have any questions at all. The prior condition about Kodak's ability to continue as an ongoing concern has been resolved, eliminating the need for the going concern disclosure in this quarter. Again, please read the 10-Q carefully or call our Investor Relations if you have any questions.

這是一個複雜的話題，與回滾過程密切相關。請仔細閱讀 10-Q 揭露文件，如有任何疑問，請隨時聯絡我們的投資者關係團隊。關於柯達能否持續經營的先前條件已解決，因此本季無需披露持續經營資訊。再次提醒，請仔細閱讀 10-Q 表格，如有任何疑問，請致電我們的投資者關係部門。

I will now turn it over to Dave to discuss our third quarter financial results.

現在我將把發言權交給戴夫，讓他來討論我們第三季的財務表現。

Thanks, Jim, and good afternoon, everyone. Thank you for joining us today. This afternoon, the company filed its Form 10-Q for the third quarter ended September 30, 2025, with the SEC. As I always do, I recommend you read this filing in its entirety.

謝謝你，吉姆，大家下午好。感謝您今天蒞臨。今天下午，該公司向美國證券交易委員會提交了截至 2025 年 9 月 30 日的第三季 10-Q 表格。像往常一樣，我建議您完整閱讀這份文件。

We are very pleased to report Kodak had an excellent quarter with strong business performance that delivered significant year-over-year growth in gross profit and operational EBITDA.

我們非常高興地報告，柯達本季業績出色，業務表現強勁，毛利和營運 EBITDA 均實現了顯著的同比增長。

Additionally, our consolidated revenue grew as a result of the continued expansion of our Advanced Materials and Chemicals business. We also increased our cash balance by $13 million from June 30, 2025. Later in my remarks, I will provide a summary of financial highlights and additional commentary on the quarter and year-to-date results. At this time, I would like to provide an update on significant developments in the termination and settlement process for the US Kodak Retirement Income Plan or KRIP.

此外，由於先進材料和化學品業務的持續擴張，我們的合併收入也實現了成長。自 2025 年 6 月 30 日起，我們的現金餘額也增加了 1,300 萬美元。稍後，我將概述財務亮點，並對本季和年初至今的業績進行補充評論。此時，我想就美國柯達退休收入計劃（KRIP）的終止和結算流程的重大進展情況提供最新資訊。

On the second quarter 2025 earnings call, we communicated key milestone events within the termination and settlement process that were expected to occur. These were the transfer of annuity obligations and lump sum settlements. We have executed on these items and are on plan for a reversion of excess assets in December of 2025.

在 2025 年第二季財報電話會議上，我們公佈了終止和和解過程中預計發生的關鍵里程碑事件。這些包括年金義務的轉移和一次性結算。我們已經執行了這些項目，並按計劃在 2025 年 12 月返還超額資產。

Now for the specifics on these milestones. On October 21, 2025, the annuity obligations for all KRIP annuitants was transferred to Metropolitan Tower Life Insurance Company through the purchase of a group annuity contract.

現在來詳細了解這些里程碑。2025 年 10 月 21 日，所有 KRIP 年金領取人的年金義務透過購買團體年金合約轉移至大都會塔人壽保險公司。

The premium for this was funded directly and solely by the assets of KRIP. This covers approximately 27,000 participants and beneficiaries and represents $1.8 billion of pension obligations. On October 1, 2025, KRIP settled approximately $76 million of pension obligations through lump sum payments to deferred vested participants. And on October 31, 2025, KRIP settled approximately $157 million of pension obligations through lump sum payments to active participants.

這項保費完全由 KRIP 的資產直接支付。這涵蓋約 27,000 名參與者和受益人，涉及 18 億美元的退休金債務。2025 年 10 月 1 日，KRIP 透過向遞延的既得參與者一次性支付款項，結算了約 7,600 萬美元的退休金義務。2025 年 10 月 31 日，KRIP 透過向在職參與者一次性支付款項，清償了約 1.57 億美元的退休金債務。

We expect the remaining liabilities for missing participants approximately $15 million of pension obligations to be transferred to the Pension Benefit Guaranty Corporation, or PBGC missing participant program in late November 2025.

我們預計，剩餘的約 1,500 萬美元的退休金負債（針對失聯參與者）將於 2025 年 11 月下旬轉移至退休金福利擔保公司 (PBGC) 失聯參與者計畫。

After KRIPs liabilities and applicable regulatory requirements have been fully satisfied, we estimate KRIPs surplus assets at $1 billion. From these surplus assets, the company expects to transfer or otherwise contribute 25% to fund the new US Kodak cash balance replacement plan for active participants, which is identical to active employee benefit features of the prior plan and settle the 20% excise tax liability attributable to the reversion.

在 KRIPs 的負債和適用的監管要求完全滿足後，我們估計 KRIPs 的盈餘資產為 10 億美元。該公司預計將從這些剩餘資產中轉移或以其他方式貢獻 25%，用於資助新的美國柯達現金餘額替代計劃，該計劃面向在職員工，與先前計劃的在職員工福利功能相同，並用於結算歸還該資產所產生的 20% 消費稅負債。

After the capitalization of the replacement plan and settlement of the excise tax, the company projects remaining proceeds will approximate $600 million, consisting of cash of approximately $450 million and $150 million in noncash assets, primarily hedge funds, which are in the process of redemption. Kodak believes no material amount of income tax will be owed on the reversion proceeds due to available tax attributes at the company.

在完成替換計畫的資本化和消費稅結算後，該公司預計剩餘收益將約為 6 億美元，其中包括約 4.5 億美元的現金和 1.5 億美元的非現金資產（主要是對沖基金），這些資產目前正在贖回過程中。柯達認為，由於公司現有的稅務屬性，此股權轉讓所得款項無需繳納任何實質所得稅。

How will we utilize these funds? Approximately $305 million of the cash proceeds will be used to pay the company's term loans as required by our credit agreements, which will reduce the principal balance to approximately $200 million, lowering interest expense going forward.

我們將如何使用這些資金？約 3.05 億美元的現金收益將用於償還公司根據信貸協議要求償還的定期貸款，這將使本金餘額減少至約 2 億美元，從而降低未來的利息支出。

Furthermore, including the reversion proceeds, we expect to end 2025 with a cash balance of more than $300 million. Kodak will then be in a net positive cash position with respect to the term loans and our Series B preferred stock obligations.

此外，加上回購收益，我們預計到 2025 年底現金餘額將超過 3 億美元。屆時，柯達在償還定期貸款和償還 B 系列優先股債務方面將處於淨正現金狀況。

The replacement plan is projected to have assets with a value of approximately $250 million after initial funding, allowing Kodak to provide valuable benefits to its current employee base for the foreseeable future without additional cash cost to the company.

該替換計畫在初始資金到位後，預計將擁有價值約 2.5 億美元的資產，使柯達能夠在可預見的未來為其現有員工提供有價值的福利，而無需公司承擔額外的現金成本。

As stated earlier, the replacement plan provides benefits to active employees at the same level as the KRIP plan. Additionally, as we previously reported, on August 8, 2025, the Series C preferred stock held by Grand Oaks Capital was exchanged for shares of common stock of the company. This exchange eliminated the entire outstanding amount of the original $100 million in Series C preferred stock and over $24 million of outstanding accrued paid-in-kind dividends.

如前所述，替代計劃為在職員工提供的福利與 KRIP 計劃的福利水平相同。此外，正如我們之前報導的那樣，2025 年 8 月 8 日，Grand Oaks Capital 持有的 C 系列優先股被兌換成該公司的普通股。此次交換消除了原有的 1 億美元 C 系列優先股的全部未償還金額，以及超過 2,400 萬美元的未償還應計實物股息。

Lastly, as disclosed in the company's quarterly report on Form 10-Q for the quarter ended June 30, 2025, Kodak had debt coming due within 12 months and its plans to adequately fund its debt obligations at that time were not solely within the company's control, and therefore, were not deemed probable under US GAAP.

最後，正如該公司在截至 2025 年 6 月 30 日的季度報告（10-Q 表格）中所披露的那樣，柯達公司有債務將在 12 個月內到期，而該公司當時充分償還債務的計劃並非完全由其自身控制，因此，根據美國通用會計準則，這些計劃被認為不太可能實現。

As included in our Form 10-Q filing today, the company extended the maturity dates of the term loans and the letter of credit facility agreement, settled approximately $2.1 billion of KRIP pension obligations and is in the process of transferring the remaining liabilities of approximately $15 million for any missing participant to the PBGC.

正如我們今天提交的 10-Q 表格中所包含的，公司延長了定期貸款和信用證融資協議的到期日，結算了約 21 億美元的 KRIP 退休金義務，並且正在將剩餘的約 1500 萬美元的負債（針對任何失聯的參與者）轉移給 PBGC。

Upon completing the transfer of these remaining liabilities to the PBGC, all pension obligations under KRIP will be fully settled and the excess pension assets will be distributed to the company and the Kodak cash balance plan.

在完成向 PBGC 轉移這些剩餘負債後，KRIP 下的所有退休金義務將全部清償，剩餘的退休金資產將分配給公司和柯達現金餘額計畫。

Based on the actions completed by management, the company plans to receive sufficient proceeds from the reversion of cash to the company in December 2025 to adequately fund the company's debt obligations required to be paid from such proceeds or otherwise maturing within 12 months as of the filing of our Form 10-Q for the third quarter 2025.

根據管理層已完成的行動，公司計劃在 2025 年 12 月收到足夠的現金返還款項，以充分支付公司在提交 2025 年第三季 10-Q 表格之日前 12 個月內到期或需要用該款項償還的債務。

Therefore, the prior conditions that required Kodak under US GAAP accounting standards to include cautionary disclosure about its ability to continue as a going concern have been fully resolved. Please refer to the Form 10-Q filed with the SEC today for further information and disclosure on all of these matters.

因此，根據美國通用會計準則，要求柯達公司揭露其持續經營能力的先前條件已完全消除。有關所有這些事項的更多資訊和揭露，請參閱今天向美國證券交易委員會提交的 10-Q 表格。

I will now share a summary of financial highlights of the full company results, operational EBITDA, and cash flow for the third quarter and first nine months of 2025. Kodak continued to build on its strong foundation during the third quarter of 2025.

接下來，我將分享該公司 2025 年第三季和前九個月的完整業績、營運 EBITDA 和現金流的財務亮點摘要。2025年第三季度，柯達繼續鞏固其強大的發展基礎。

In the face of an extremely difficult global environment with economic uncertainties around global trade and inflation, Kodak delivered strong financial results, particularly within gross profit and operational EBITDA, which reflects meaningful progress towards executing against our priorities and long-term goals.

面對全球貿易和通貨膨脹等經濟不確定性帶來的極其艱難的全球環境，柯達取得了強勁的財務業績，尤其是在毛利和營運 EBITDA 方面，這反映出我們在執行優先事項和長期目標方面取得了實質進展。

On slide 7, highlights of the third quarter 2025 results are as follows: revenues of $269 million, up $8 million or 3% year over year. Revenue up $4 million on a constant currency basis. Gross profit of $68 million, up $23 million or 51% compared to 2024, attributable to improved pricing and volume and lower aluminum costs, partially offset by higher manufacturing costs.

第 7 頁列出了 2025 年第三季業績的亮點：營收為 2.69 億美元，年增 800 萬美元或 3%。以固定匯率計算，收入增加400萬美元。毛利為 6,800 萬美元，比 2024 年增長 2,300 萬美元或 51%，這主要歸功於價格和銷量的提高以及鋁成本的降低，但部分被更高的製造成本所抵消。

Gross profit is up $22 million on a constant currency basis. Our gross profit percentage for the third quarter was 25% compared to 17% in 2024. The company's GAAP net income for the third quarter of 2025 was $13 million, down $5 million or 28% from 2024.

以固定匯率計算，毛利增加了2,200萬美元。第三季的毛利率為 25%，而 2024 年的毛利率為 17%。該公司 2025 年第三季的 GAAP 淨收入為 1,300 萬美元，比 2024 年減少了 500 萬美元，降幅達 28%。

These results include a $26 million decrease in noncash pension income, excluding service cost component in 2025 due to our lower expected return on assets for KRIP as a result of a change in investment strategy. Net income was down $4 million year over year when adjusted for an asset impairment charge and noncash changes in workers' compensation and employee benefit reserves.

由於投資策略的改變導致 KRIP 的預期資產回報率降低，這些結果包括 2025 年非現金退休金收入（不包括服務成本部分）減少 2,600 萬美元。經資產減損支出以及工傷賠償和員工福利準備金的非現金變動調整後，淨收入年減 400 萬美元。

The company's operational EBITDA for the third quarter 2025 was $29 million, up $28 million from 2024, favorably impacted by improved pricing and volume, lower aluminum costs, lower spend related to certain litigation matters, and a prior period inventory reserve adjustment, partially offset by higher manufacturing costs. Operational EBITDA was up $24 million year over year when adjusted for noncash changes in workers' compensation and employee benefit reserves and the impact of foreign exchange.

該公司 2025 年第三季的營運 EBITDA 為 2,900 萬美元，比 2024 年增加了 2,800 萬美元，這主要得益於價格和銷售的改善、鋁成本的降低、與某些訴訟事項相關的支出減少以及前期庫存準備金的調整，但部分被更高的製造成本所抵消。經調整工人賠償和員工福利儲備的非現金變動以及外匯影響後，營運 EBITDA 年增 2,400 萬美元。

Turning to slide 8. A summary of year-to-date results for the nine months ended September 30, 2025, include revenues of $779 million, up $2 million or roughly flat year over year. Revenue is down $4 million on a constant currency basis year over year. Gross profit improvement of $13 million or 9% or $12 million on a constant currency basis. The company's gross profit percentage was 21% compared to 20% in 2024.

翻到第8張幻燈片。截至 2025 年 9 月 30 日的九個月的年初至今業績摘要包括：收入 7.79 億美元，比上年同期增長 200 萬美元，基本持平。以固定匯率計算，營收年減400萬美元。毛利提高 1,300 萬美元，增幅 9%，以固定匯率計算為 1,200 萬美元。該公司2024年的毛利率為21%，而2024年為20%。

Company's net loss was $20 million, down $96 million when compared to 2024. This is largely driven by a $70 million decrease in pension income, excluding service cost component in 2025 related to the KRIP plan. The company's net income was down $59 million when adjusted for an asset impairment charge, a gain on the sale of assets, and noncash changes in workers' compensation and employee benefit reserves as presented on the slide.

公司淨虧損為 2,000 萬美元，比 2024 年減少了 9,600 萬美元。這主要是由於 2025 年與 KRIP 計劃相關的服務成本部分導致退休金收入減少 7,000 萬美元。經調整資產減損費用、資產出售收益以及工傷賠償和員工福利儲備的非現金變動後（如幻燈片所示），該公司淨收入下降了 5,900 萬美元。

Operational EBITDA was $40 million, up $23 million from 2024, favorably impacted by improved pricing, lower spend on investments, and a prior period inventory reserve adjustment, partially offset by higher aluminum and manufacturing costs and a decline in manufacturing volume. Operational EBITDA was up $21 million year over year when adjusted for noncash changes in workers' compensation and employee benefit reserves as well as the impact of foreign exchange.

營運 EBITDA 為 4,000 萬美元，比 2024 年增加了 2,300 萬美元，這主要得益於價格上漲、投資支出減少以及前期庫存準備金調整，但部分被鋁和製造成本上漲以及生產量下降所抵消。經調整工人賠償和員工福利儲備的非現金變動以及外匯影響後，營運 EBITDA 年增 2,100 萬美元。

Moving on to cash performance highlights for the nine months ended September 30, 2025, as presented on slide 9. The company ended the third quarter with an unrestricted cash balance of $168 million, an increase of $13 million from June 30, 2025, primarily driven by improved profitability from operations covered earlier in my remarks.

接下來是截至 2025 年 9 月 30 日的九個月的現金業績亮點，如幻燈片 9 所示。該公司第三季末的非限制性現金餘額為 1.68 億美元，比 2025 年 6 月 30 日增加了 1,300 萬美元，主要得益於我前面提到的營運獲利能力的提高。

In addition, as presented on the slide, net cash used in operations improved by $2 million for the nine months ended September 30, 2025. The 2024 period includes $40 million of cash proceeds from brand licensing. This is partially offset by a $19 million increase in PIK interest under the term loan arrangement in 2025.

此外，如幻燈片所示，截至 2025 年 9 月 30 日的九個月內，經營活動使用的淨現金減少了 200 萬美元。2024 年期間包括品牌授權帶來的 4,000 萬美元現金收入。但這部分被 2025 年定期貸款安排下的 PIK 利息增加 1,900 萬美元所抵銷。

The cash balance at September 30, 2025, decreased $33 million from December 31, 2024, primarily driven by capital expenditures to fund growth initiatives and changes in working capital. Restricted cash increased by $3 million, primarily due to an increase in cash collateral required to support the company's actuarial workers' compensation obligations with the New York State Workers' Compensation Board. Excluding the change in restricted cash and the effects of foreign exchange, the company recognized a $2 million increase in cash and cash equivalents when compared to the prior year period.

截至 2025 年 9 月 30 日，現金餘額較 2024 年 12 月 31 日減少了 3,300 萬美元，主要原因是資本支出用於資助成長計畫和營運資金的變動。受限現金增加了 300 萬美元，主要是由於需要增加現金抵押品來支持公司向紐約州工人賠償委員會承擔的精算工人賠償義務。不計受限現金的變動和外匯的影響，與去年同期相比，公司確認現金及現金等價物增加了 200 萬美元。

In closing, and as highlighted earlier, we delivered strong third quarter financial results. And we have executed flawlessly on the pension reversion process, which resolves any uncertainties with respect to our ability to deal with our debt obligations.

最後，正如前面所強調的那樣，我們取得了強勁的第三季財務業績。我們已完美執行了退休金返還程序，這消除了我們在償還債務方面存在的任何不確定性。

We continue to improve the strength of the foundation we have worked diligently to create, which provides us the opportunity to fund our ongoing operations, invest in our growth initiatives, and convert our historical investments into returns for the long term.

我們不斷鞏固我們辛勤打造的​​基礎，這為我們提供了為持續營運提供資金、投資成長計劃以及將歷史投資轉化為長期回報的機會。

In addition, we will continue our disciplined approach to cash management, driving operational efficiencies and margin improvement to deliver sustainable long-term value for our shareholders. Finally, as disclosed in our Form 10-Q, we remain in compliance with all applicable financial covenants.

此外，我們將繼續採取嚴謹的現金管理方式，提高營運效率和利潤率，為股東創造可持續的長期價值。最後，正如我們在 10-Q 表格中所揭露的，我們仍然遵守所有適用的財務契約。

I will now turn the discussion back to Jim. Thank you.

現在我將把討論轉回給吉姆。謝謝。

Thank you, Dave. In summary, as we continue to invest in our core business, it gives us a competitive advantage. It's a core competency. We've done most of this for decades. Once again, a strong quarter in many ways, one of our best quarters in many years, $23 million in gross profit.

謝謝你，戴夫。總之，我們持續投資核心業務，這使我們獲得了競爭優勢。這是一項核心競爭力。幾十年來，我們一直在做這些事。再次證明，本季在許多方面都表現強勁，是多年來最好的季度之一，毛利達 2,300 萬美元。

Advanced Materials and Chemicals continues to execute as expected. We continue to execute on the reversion plan, which is allowing us to then fix the balance sheet to where we deem it appropriate and giving us the freedom to accelerate our growth.

先進材料與化學品業務持續如預期執行。我們繼續執行重組計劃，這將使我們能夠將資產負債表調整到我們認為合適的水平，並賦予我們加速成長的自由。

Let me be clear, so there's no misunderstanding. Just delevering and fixing your balance sheet doesn't make you a better company. We have to continue to put our customer first, care for our employees, execute on our long-term plan, invest in R&D, expect execution, and operational excellence at all times.

為了避免誤會，我先把話說清楚。僅僅降低槓桿率和改善資產負債表並不能使公司變得更好。我們必須繼續把客戶放在第一位，關懷員工，執行長期計劃，投資研發，追求卓越的執行力和營運水準。

It is our job to make sure that this company is better today and better when we leave than when we got here. Our job is to care for shareholders and make sure they get the return they're looking for from a company. Our job is to take care of our customers and make sure we're exceeding their expectations and most importantly, care for our employees to make sure they're equipped to do all the things that are needed to deliver excellence in this company.

我們的職責是確保公司在我們離開時比我們剛來時更好，也比我們離開時比我們剛來時更好。我們的職責是維護股東利益，確保他們從公司獲得應有的回報。我們的工作是照顧好我們的客戶，確保我們超越他們的期望，最重要的是，照顧好我們的員工，確保他們有能力做好公司裡所有需要做的事情，從而取得卓越的成績。

Once again, I want to thank our employees, outstanding job of delivering; our leadership team that makes this happen; and our customers for staying with us. I'm blessed to have great investors and a Board who has stayed the course on long-term investing and never took a shortcut and delivering for shareholders.

我再次感謝我們的員工，感謝他們出色的工作；感謝我們的領導團隊，是他們讓這一切成為可能；感謝我們的客戶，感謝他們一直以來的支持。我很幸運擁有優秀的投資者和董事會，他們始終堅持長期投資，從不走捷徑，並致力於為股東創造回報。

Thank you, and good night.

謝謝，晚安。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。