Eastman Kodak Co (KODK) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Eastman Kodak fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) Today's call is being recorded.

各位朋友，大家好，感謝您的耐心等待。歡迎參加伊士曼柯達公司2025年第四季及全年財報電話會議。 （操作說明）本次電話會議正在錄音。

I would now like to hand the conference over to your speaker host, Anthony Redding. Please go ahead.

現在我將把會議交給主持人安東尼雷丁先生。請開始吧。

Thank you, and good afternoon, everyone. Welcome to Kodak's fourth-quarter and full-year 2025 earnings call. At 4:15 PM this afternoon, Kodak filed its annual Form 10-K and issued its release on financial results for the fourth-quarter and full-year of 2025. You may access the presentation and webcast for today's call on our Investor Center at investor.kodak.com.

謝謝大家，下午好。歡迎參加柯達2025年第四季及全年財報電話會議。今天下午4點15分，柯達提交了年度10-K表格，並發布了2025年第四季及全年財務表現。您可以透過造訪投資者中心（investor.kodak.com）觀看本次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 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. 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.

在今天的電話會議中，我們將做出一些符合1995年《私人證券訴訟改革法案》定義的前瞻性陳述。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。投資者應注意，不應過度依賴前瞻性陳述，此類陳述不應被視為對未來業績或結果的保證。

All forward-looking statements are based upon Kodak's expectations and various assumptions. Future events or results may differ from those anticipated or those expressed in the 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.

所有前瞻性陳述均基於柯達的預期和各種假設。未來的事件或結果可能與預期或前瞻性陳述中表達的內容有差異。可能導致實際事件或結果與這些前瞻性陳述有重大差異的重要因素包括但不限於柯達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 the presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that may arise after the date made or to reflect the occurrence of unanticipated events.

所有歸屬於柯達公司或其代表的前瞻性陳述僅代表截至本簡報發布之日的情況，並受本簡報中包含或提及的警示性聲明的完整約束。柯達公司不承擔任何義務更新或修訂前瞻性陳述，以反映在發布之日後可能發生的事件或情況，或反映意外事件的發生。

In addition, the release just issued and the presentation provided contain 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.

此外，剛發布的新聞稿和提供的簡報中包含一些被視為非GAAP指標的財務數據。與最直接可比較的GAAP指標的調節表已隨新聞稿和簡報一同發布，並可在我們網站投資者中心（investor.kodak.com）查看。

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. However, as always, the Investor Relations team is available for follow-up.

出席今天電話會議的發言人包括柯達公司執行董事長兼執行長吉姆康蒂嫩扎 (Jim Continenza) 和柯達公司財務長兼高級副總裁大衛布爾溫克爾 (David Bullwinkle)。本次電話會議不設正式問答環節。但投資人關係團隊將一如既往地提供後續諮詢服務。

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

現在我將把電話轉給吉姆。謝謝，祝您今天過得愉快。

Welcome, everyone, and thank you for joining the fourth quarter and full year 2025 investor call for Eastman Kodak. I'm proud to say our long-term plan continues to be on track. We finished the quarter and the year very strong. It's almost a tale of two halves.

歡迎各位參加伊士曼柯達公司2025年第四季及全年投資者電話會議，並感謝各位的參與。我很高興地宣布，我們的長期計劃仍在按計劃推進。本季和全年業績都非常強勁。這幾乎可以看作是截然不同的兩個部分。

Look at the first and second quarter and with the results of the third and fourth and the close end of the year, we're going to cover that through the presentation, you'll see the difference. And the difference really comes from the long-term investments that we've made are really starting to pay off.

看看第一季和第二季的業績，以及第三季和第四季的業績，還有年底的業績（我們將在報告中詳細介紹），您就會看到其中的差異。這種差異其實源自於我們所做的長期投資開始真正產生回報。

One piece you'll notice going forward, is the pension fund and the reversion. As you look at the reversion in the 2025 numbers, right, it really took place in late November, early December. So the numbers you're seeing, the interest expense and the reversion had very little impact. These are true operating numbers within the business.

接下來你會注意到的一點是退休基金和權益回歸。正如你在2025年的數據中所看到的，權益回歸實際上發生在11月下旬或12月初。因此，你看到的數據，包括利息支出和權益回歸在內，影響甚微。這些都是公司真實的營運數據。

By completing that, we're able to focus more clearly on our financial reporting and operations. It simplifies the company and easier for everyone to understand the true impact of the operations. And I'm proud to say our balance sheet hasn't been this strong in many years. We have continued to reduce debt over the last several years. We've reduced over $40 million of interest expense, and that all falls to the bottom line.

透過完成這些工作，我們能夠更清晰地專注於財務報告和營運。這簡化了公司結構，也讓每個人都能更容易理解營運的真實影響。我很自豪地說，我們的資產負債表多年來從未如此強勁。過去幾年，我們持續降低債務。我們減少了超過4000萬美元的利息支出，所有這些都直接轉化為利潤。

So where does Kodak go from here, right? We stabilized the business. We put the investments in place. We fixed the balance sheet over several years.

那麼柯達接下來該何去何從呢？我們已經穩定了業務，完成了投資，並在幾年內改善了資產負債表。

We've lowered our interest. We're poised for growth. And that is where we're going.

我們降低了投資利率，蓄勢待發，準備迎接成長。這就是我們未來的發展方向。

When you look at the company going forward, heavily delevered, streamlined operations and investments in new products. We have continued to rationalize the business, focused on smart revenue, took out over $200 million of operating expense over the last few years, invested heavily in new infrastructure and new products. Today, Kodak is well positioned to drive growth. Kodak is in a good position between balance sheet and operations to focus on free cash flow.

展望未來，柯達已大幅降低槓桿率，精簡運營，並加大對新產品的投資。我們持續優化業務，專注於智慧營收，過去幾年削減了超過2億美元的營運支出，並大力投資新的基礎設施和新產品。如今，柯達已做好充分準備，推動成長。柯達的資產負債表和營運狀況良好，能夠專注於自由現金流。

Highlights for the fourth quarter, as I said, it's a tale of two halves of the year, the success of the third quarter carried into the fourth quarter as we expected, increase in both revenue and profits. Revenues of $290 million, an increase of 9%. Fourth quarter revenues grew for both AM&C and print. Said differently, both sides of the company are now contributing to our growth and our success. Gross profit percentage of 23%, an increase of 4 percentage points demonstrates our value of executing on smart revenue.

正如我之前所說，第四季業績呈現出截然不同的兩面性。正如我們預期，第三季度的成功延續到了第四季度，營收和利潤雙雙成長。營收達2.9億美元，年增9%。第四季度，廣告、媒體和印刷業務的營收均實現成長。換句話說，公司兩大業務部門如今都在為公司的成長和成功做出貢獻。毛利率達23%，成長4個百分點，充分體現了我們高效能營收策略的價值。

Now let's jump to highlights of the full year. Consolidated revenues of $1.069 billion, an increase of $26 million or 2%. Gross profit percentage of 22% compared with 19% for the prior year is an increase of 3 percentage points. What's driving these results are a number of factors: streamlined operations focused on innovation, putting the customer first and continuing to drive smart revenue.

現在讓我們來看看全年業績亮點。公司合併營收達10.69億美元，年增2,600萬美元，增幅2%。毛利率為22%，較上年同期的19%提高了3個百分點。推動績效成長的因素有很多：精簡營運、專注於創新、堅持客戶至上、持續推動穩健的營收成長。

Moving on, let me give you an update on AM&C. As we said for the last several years, right? We're a great industrial manufacturer and I'm primarily American manufacturer, bringing that park and investing into our core competencies, we're starting to see the results truly pay off. When you look at revenue up 25% for the fourth quarter, we launched owned direct distribution brand of Steel films to stabilize the market and to provide distributors and retailers, consumers with a more reliable source.

接下來，讓我向大家報告AM&C的最新情況。正如我們過去幾年一直強調的，我們是一家優秀的工業製造商，而且主要業務在美國。我們透過投資園區並專注於核心競爭力，開始看到成效。第四季營收成長了25%，我們推出了自有品牌的鋼膜直銷產品，旨在穩定市場，並為經​​銷商、零售商和消費者提供更可靠的貨源。

Many Oscar nominees were shot on Kodak film. As an example, One Battle After Another, Sinners, Marty Supreme and many others. We've seen a real resurgence in our film group. And on to Pharma, we've invested into our pharma group.

許多奧斯卡提名電影都是用柯達膠卷拍攝的，例如《一戰之後》、《罪人》、《馬蒂蘇普雷姆》等等。我們的電影業務確實迎來了復興。此外，我們也對製藥業務進行了投資。

And let's be very clear, our goal here is to get Class 2 certification. In the interim, we also launched four new products from PBF to water for injection.

我們必須明確一點，我們的目標是獲得二級認證。在此期間，我們也推出了四款新產品，涵蓋PBF到注射用水領域。

Continued highlights, right? Again, remind everyone the three core things Kodak does today: Brand Licensing, AM&C, and Commercial Print. I'm pleased to say our investment in commercial print has been paying off. We continue to be heavily committed to Print. Areas of growth for our Print division have been in North America and our plates division in printing systems.

精彩亮點接踵而至，對吧？再次提醒大家，柯達目前的核心業務有三大：品牌授權、廣告、廣告和商業印刷。我很高興地告訴大家，我們在商業印刷領域的投資已經取得了豐碩的成果。我們將繼續大力發展印刷業務。印刷部門的成長主要集中在北美市場以及印刷系統領域的製版部門。

I'm proud to say finally, the PROSPER 520 is moving from controlled introduction to full production. We've also invested in a new rapid response service system to better serve our customers, and we continue to incorporate AI and machine learning to also better serve our customers. These investments will help drive additional growth and better margins.

我很自豪地宣布，PROSPER 520 終於從試產階段過渡到全面量產階段。我們也投資建立了一套全新的快速回應服務系統，以便更好地服務客戶，並持續應用人工智慧和機器學習技術，進一步提升客戶服務水準。這些投資將有助於推動業務成長，並提高利潤率。

As I touched on Brand Licensing, something we should not forget. It continues to grow. It's a significant contributor to our gross profit. It adds value, increased awareness of Kodak, especially among the next-generation consumers. Our brand continues to grow outside the US, particularly in Asia, there are stores that sell only Kodak-branded clothes and materials.

正如我之前提到的品牌授權，這一點我們不應忽視。它持續成長，是我們毛利的重要貢獻者。它不僅提升了產品價值，也提高了柯達的品牌知名度，尤其是在年輕一代消費者中。我們的品牌在美國以外的地區，特別是亞洲，也不斷發展壯大。有些商店甚至只銷售柯達品牌的服裝和產品。

I will now turn it over to Dave to discuss the fourth quarter and full year financial results.

現在我將把發言權交給戴夫，讓他來討論第四季和全年的財務表現。

Thanks, Jim, and welcome, everyone. Thank you for joining us today. This afternoon, we filed the annual Form 10-K for the year ended December 31, 2025, with the SEC. As always, I encourage you to read this filing in its entirety.

謝謝吉姆，也歡迎各位。感謝大家今天參加我們的節目。今天下午，我們向美國證券交易委員會提交了截至2025年12月31日的年度10-K表格。像往常一樣，我建議大家完整閱讀這份文件。

Before we review the details for the quarter and full year, I want to address a few significant developments that occurred after the filing of our Form 10-Q for the third-quarter 2025. In November 2025, following the full settlement of all Kodak retirement income plan obligations, we successfully completed the pension reversion process. This transaction generated approximately $1.023 billion in pension reversion proceeds. A combination of cash and investment assets that strengthens our balance sheet, establishes an overfunding of the new Kodak cash balance pension plan, reduces our ongoing interest expense and supports future growth.

在詳細回顧本季和全年業績之前，我想先談談我們在提交2025年第三季10-Q表格後發生的一些重要進展。 2025年11月，在柯達退休收入計畫的所有義務全部結算完畢後，我們成功完成了退休金回歸流程。此次交易產生了約10.23億美元的退休金回歸收益。這筆資金包括現金和投資資產，不僅增強了我們的資產負債表，還確保了新的柯達現金餘額退休金計畫的超額資金，降低了我們的持續利息支出，並為未來的成長提供了支持。

Here is a brief overview of the pension reversion proceeds which totaled $870 million of net benefit to the company after excise tax payments of $153 million on the reversion surplus. Number one, debt reduction. Under the November 2025 term loan credit agreement amendment, we paid $312 million of cash proceeds to reduce the term loan principal to $200 million and to satisfy accrued interest and prepayment premiums, significantly lowering our ongoing interest expense by approximately $40 million annually and further strengthening our capital structure.

以下簡要概述了退休金返還收益，扣除返還盈餘的1.53億美元消費稅後，公司淨收益總計達8.7億美元。首先是債務削減。根據2025年11月的定期貸款信貸協議修訂案，我們支付了3.12億美元的現金，將定期貸款本金減少至2億美元，並用於支付應計利息和提前還款溢價，從而顯著降低了我們每年約4000萬美元的持續利息支出，並進一步增強了我們的資本結構。

Number two, funding the new pension plan. We contributed $251 million in investment assets and $5 million in cash to fund the new Kodak Cash Balance Plan. The establishment of this replacement plan provides the same level of benefit for active Kodak employees that was available under the crypt plan, which is very rare in pension terminations.

第二，為新的退休金計劃提供資金。我們投入了2.51億美元的投資資產和500萬美元現金，用於設立新的柯達現金餘額計畫。這項替代計劃的建立，為在職柯達員工提供了與原退休金計劃相同的福利水平，這在退休金終止的情況下非常罕見。

Number three, net proceeds to Kodak. After the pay down of debt, replacement plan funding and excise tax payments, Kodak received net cash of $144 million and $158 million in investment assets. $9 million of these investment assets was redeemed in the form of cash proceeds in December 2025. As a result, Kodak ended 2025 in a net positive cash position relative to our $300 million in term loan and Series B preferred equity obligations with a cash balance of $337 million as of December 31, 2025.

第三，柯達的淨收益。在償還債務、支付更換計畫資金和消費稅後，柯達收到淨現金1.44億美元和1.58億美元的投資資產。其中900萬美元的投資資產於2025年12月以現金形式贖回。因此，截至2025年12月31日，柯達的現金餘額為3.37億美元，相對於其3億美元的定期貸款和B系列優先股負債而言，柯達在2025年底的現金淨額為正。

Lastly, on March 11, 2026, the company filed the 2026 Series B amendment effective on the same date. In summary, the amendments extended the mandatory redemption date of the Series B preferred equity obligation out 3.25 years' time from the effective date of the amendment to June 2029. It revised the terms of the cumulative dividends payable to a rate of 6% per annum from 4% previously. It reduced the conversion price from $10.50 to $10 per share, and they revised the mandatory conversion terms.

最後，該公司於2026年3月11日提交了2026年B系列優先股的修訂案，該修訂案於當日生效。簡言之，該修訂案將B系列優先股的強制贖回日期從修訂生效日後延長3.25年至2029年6月。此外，該修訂案也將累計股利支付率從先前的4%提高至每年6%。同時，該修訂案也將轉換價格從每股10.50美元降至10美元，並修改了強制轉換條款。

In parallel to this amendment, the term loan credit agreement was also amended on March 11, 2026, and requires the company to further pay down the term loans by $50 million within five days of the effective date and by another $50 million on or before June 1, 2026. As a reminder, prior to this amendment, the Series B preferred equity obligation of approximately $100 million was coming due in May 2026.

與此修訂同時進行的還有定期貸款信貸協議，該協議於2026年3月11日進行了修訂，要求公司在生效日後五日內償還5000萬美元的定期貸款，並在2026年6月1日或之前再償還5000萬美元。需要注意的是，在此項修訂之前，約1億美元的B系列優先股債務將於2026年5月到期。

Also note, that the term loans accrue interest at a rate of 12.5%. Thus, by extending the preferred equity obligation, the company will be using $100 million to pay down the higher interest rate bearing term loan balance over the next three months, which will further strengthen the company's liquidity position as well as reduce our weighted average interest rate and therefore, cash used for interest and dividend payments. Please refer to the annual Form 10-K filed with the SEC today for further information and disclosure on all of these matters.

另請注意，定期貸款的利率為12.5%。因此，透過延長優先股義務期限，公司將在未來三個月內利用1億美元償還利率較高的定期貸款餘額，這將進一步增強公司的流動性，並降低加權平均利率，從而減少用於支付利息和股息的現金支出。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年度10-K表格。

I will now review the financial highlights, including operational EBITDA and cash flow performance for both the fourth quarter and full year 2025. Despite a challenging global environment marked by economic and geopolitical uncertainty, including pressures on global trade and inflation, we delivered strong financial results. Our progress is especially evident in gross profit and operational EBITDA, demonstrating continued execution against our priorities and long-term objectives.

接下來，我將回顧財務亮點，包括2025年第四季和全年的營運EBITDA和現金流表現。儘管全球環境充滿挑戰，經濟和地緣政治情勢不明朗，全球貿易和通膨也面臨壓力，但我們依然取得了強勁的財務表現。毛利和營運EBITDA的成長尤為顯著，反映了我們持續推動各項優先事項和長期目標的實現。

Turning to slide 7. Key highlights for the fourth quarter of 2025 include revenue of $290 million, an increase of $24 million or 9% year over year. Revenue increased $19 million on a constant currency basis. Gross profit of $67 million, up $16 million or 31% from 2024.

請看第7張投影片。 2025年第四季的主要亮點包括：營收2.9億美元，年增2,400萬美元，成長9%。以固定匯率計算，營收成長1,900萬美元。毛利6700萬美元，較2024年成長1600萬美元，成長31%。

Foreign exchange had no impact on gross profit. The gross profit percentage was 23% compared to 19% in the prior year quarter.

外匯波動對毛利沒有影響。毛利率為23%，去年同期為19%。

Our GAAP net loss of $108 million compared to GAAP net income of $26 million in the fourth quarter of 2024, represents a decline of $134 million. The primary drivers impacting fourth quarter GAAP net loss are $153 million related to excise tax expense on the KRIP reversion surplus and a $7 million loss on early extinguishment of debt tied to the term loan paydown using reversion proceeds. These were partially offset by a $66 million gain on the settlement of the KRIP plan.

根據美國通用會計準則（GAAP），我們第四季淨虧損1.08億美元，而2024年第四季GAAP淨利為2,600萬美元，淨虧損減少了1.34億美元。導致第四季度GAAP淨虧損的主要原因是：與KRIP返還盈餘相關的消費稅支出1.53億美元，以及因使用返還資金提前償還與定期貸款相關的債務而產生的700萬美元損失。這些損失部分被KRIP計畫結算帶來的6,600萬美元收益所抵銷。

Adjusting for these nonrecurring items and excluding noncash asset impairment charges and noncash changes in workers' compensation and other employee benefit reserves impacting both periods, net loss was $12 million for the fourth quarter of 2025 compared to net income of $27 million in the prior year quarter for a decline of $39 million. This decline was largely due to a $41 million year over year reduction in noncash pension income, excluding service cost component and a gain on the settlement of KRIP, stemming from a lower expected return on KRIP assets following a strategic shift in investment strategy leading up to the planned termination and the $7 million increase in restructuring costs compared to the prior year quarter as we continue to streamline our global operating model. All these factors weighed on our year over year comparison each reflects deliberate decisions that enhance the company's long-term stability, strengthen our balance sheet and position us to drive sustainable value creation going forward.

經調整這些非經常性項目，並剔除影響兩個期間的非現金資產減損支出以及工傷賠償和其他員工福利準備金的非現金變動後，2025年第四季淨虧損為1,200萬美元，而上年同期淨利為2,700萬美元，較去年同期下降3,900萬美元。這一下降主要歸因於非現金退休金收入年減4,100萬美元（不包括服務成本部分）以及KRIP結算收益。 KRIP結算收益的減少源自於在計畫終止前，公司調整投資策略，導致KRIP資產預期報酬率降低；此外，由於公司持續精簡全球營運模式，重整成本較去年同期增加700萬美元。所有這些因素都影響了我們的年比業績，也體現了公司為增強長期穩定性、強化資產負債表以及為未來創造永續價值而做出的深思熟慮的決策。

For the quarter, operational EBITDA was $22 million, up $13 million or 144% year over year, driven by improved pricing and higher volume, partially offset by higher manufacturing costs and continued global cost increases. Our operational EBITDA increased $15 million year over year when adjusted for noncash changes in workers' compensation and other employee benefit reserves impacting both periods.

本季營運EBITDA為2,200萬美元，年增1,300萬美元，增幅達144%，主要得益於價格上漲和銷售增加，但部分被更高的製造成本和持續的全球成本成長所抵銷。若剔除影響兩個期間的工傷賠償和其他員工福利準備金的非現金變動，我們的營運EBITDA年增1500萬美元。

Moving on to the company's cash performance for the fourth quarter of 2025 as shown on slide 8. The company ended the quarter with $337 million in unrestricted cash. On an adjusted basis, cash and cash equivalents increased by $24 million year over year after excluding the favorable impact of net proceeds from the crypt revision, net of debt-related repayments and excise tax as well as the effects of changes in restricted cash and foreign exchange.

接下來是公司2025年第四季的現金表現，如幻燈片8所示。該公司該季末的非限制性現金為3.37億美元。經調整後，扣除加密貨幣修訂所得淨收益（扣除債務相關償還和消費稅）的有利影響以及受限現金變動和外匯影響後，現金及現金等價物同比增長2400萬美元。

Turning to slide 9, which summarizes our full year 2025 results. Consolidated revenue was $1.069 billion, an increase of $26 million or 2%. On a constant currency basis, revenue increased $15 million. Gross profit improved $29 million or 14%. On a constant currency basis, gross profit improved $28 million.

請看第9張投影片，其中總結了我們2025年全年業績。合併收入為10.69億美元，成長2,600萬美元，成長2%。以固定匯率計算，營收成長1500萬美元。毛利成長2900萬美元，增幅14%。以固定匯率計算，毛利成長2800萬美元。

Gross profit percentage was 22% for 2025, up from 19% in the prior year period, reflecting stronger pricing discipline and continued operational execution. The GAAP net loss for the full year 2025 was $128 million compared to GAAP net income of $102 million in 2024, for a decline of $230 million. However, similar to the impact of nonrecurring items on our fourth quarter results, full year net loss includes the impact of pension-related excise tax and a loss on early debt extinguishment, partially offset by a gain on the settlement of KRIP.

2025年毛利率為22%，高於去年同期的19%，反映公司定價策略更加穩健，營運執行力持續提升。 2025年全年GAAP淨虧損為1.28億美元，而2024年GAAP淨利為1.02億美元，較去年同期下降2.3億美元。然而，與非經常性項目對第四季業績的影響類似，全年淨虧損包含了退休金相關消費稅的影響以及提前償還債務的損失，部分被KRIP結算收益所抵銷。

In addition, the prior year period includes a net gain on sale of assets and both years reflect noncash asset impairment charges and noncash changes in workers' compensation and other employee benefit reserves. Adjusting for these current and prior year items, net loss was $11 million for 2025 compared to net income of $87 million in 2024, a decline of $98 million. This is largely driven by $111 million reduction in noncash pension income, excluding service cost component in 2025 and a gain on the settlement of KRIP and a $13 million increase in restructuring costs when compared to the prior year.

此外，去年同期包含出售資產的淨收益，且兩年均計入了非現金資產減損費用以及工傷賠償和其他員工福利準備金的非現金變動。經調整上述本年及上年度專案後，2025年淨虧損為1,100萬美元，而2024年淨利為8,700萬美元，較去年同期下降9,800萬美元。這主要是由於2025年非現金退休金收入（不包括服務成本部分）減少1.11億美元，以及KRIP和解收益和重組成本較上年增加1,300萬美元。

Our full year operational EBITDA was $62 million, an increase of $36 million or 138% year over year. This increase was driven by improved pricing, operational efficiencies and lower inventory reserve adjustments in our EPS business, partially offset by higher aluminum and manufacturing costs. There was no net impact on the year over year change in operational EBITDA when adjusted for the impact of foreign exchange in the current year and the impact of noncash changes in workers' compensation and other employee benefit reserves in both periods.

我們全年的營運 EBITDA 為 6,200 萬美元，年增 3,600 萬美元，增幅達 138%。這一成長主要得益於定價策略的改進、營運效率的提升以及 EPS 業務中庫存準備金調整的減少，但部分被鋁價和製造成本的上漲所抵消。經調整本年度的匯率影響以及兩個期間工傷賠償和其他員工福利準備金的非現金變動的影響後，營運 EBITDA 的同比變動未受到淨影響。

Moving to slide 10, which outlines our full-year 2025 cash performance. As I stated earlier, we ended the year with $337 million in unrestricted cash, up $136 million from year-end 2024, largely reflecting proceeds from the crypt settlement and asset reversion and operational improvements. We reduced the principal balance of our term loans by $303 million, bringing the year-end balance to $200 million. As a result, Kodak is in a net positive cash position relative to our term loans and Series B preferred equity obligations, significantly strengthening our balance sheet and supporting future growth.

接下來是第10張投影片，其中概述了我們2025年全年的現金表現。正如我之前提到的，我們年底的非限制性現金為3.37億美元，比2024年底增加了1.36億美元，這主要反映了加密貨幣和解協議的收益、資產返還以及營運改善。我們將定期貸款的本金餘額減少了3.03億美元，使年末餘額降至2億美元。因此，相對於我們的定期貸款和B系列優先股負債，柯達的淨現金狀況為正，這顯著增強了我們的資產負債表，並為未來的成長提供了支持。

Excluding the favorable impact of the KRIP settlement and reversion proceeds, net cash provided by operating activities was $21 million, an improvement of $28 million compared to 2024, driven by stronger operating performance, partially offset by working capital changes. Excluding the net impact of the KRIP reversion, debt-related repayments, excise tax changes in restricted cash and the effects of foreign exchange, we decreased our use of cash year over year by $26 million. Finally, as disclosed in our annual Form 10-K, we remain in full compliance with all financial covenants.

剔除KRIP和解及返還款項的有利影響，經營活動產生的淨現金流為2100萬美元，較2024年增加2800萬美元，主要得益於更強勁的經營業績，但部分被營運資本變動所抵銷。剔除KRIP返還款項的淨影響、債務相關償還、受限現金的消費稅變動以及匯率影響，我們的現金使用量年減了2600萬美元。最後，正如我們在年度10-K表格中所揭露的，我們始終完全遵守所有財務契約。

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。

If you can leave here with anything that you heard or seen today, I want to make sure you leave with this message. Kodak is focused on growth following a very strong 2025. We continue to be one Kodak customer-first has not changed. Today, we are a diversified industrial manufacturer with one goal: winning.

如果你今天只能記住所聽所見的一件事，我希望你記住這訊息。柯達在2025年取得強勁業績後，將繼續專注於成長。我們始終堅持「客戶至上」的原則，這一點從未改變。如今，我們是一家多元化的工業製造商，目標只有一個：那就是贏得市場。

We put our customers first because we only win when they win. We had a very strong finish to 2025. Year over year, fourth quarter 2025 revenue increased by $24 million or 9%. Gross profit increased by $16 million or 31% and Operational EBITDA increased by $13 million or 144%. Growth in key businesses, plates and in film. Kodak today is on a very solid foundation for growth.

我們始終將客戶放在首位，因為只有客戶成功，我們才能成功。 2025 年的業績表現強勁。 2025 年第四季營收年增 2,400 萬美元，增幅達 9%；毛利成長 1,600 萬美元，增幅達 31%；營運 EBITDA 成長 1,300 萬美元，增幅達 144%。關鍵業務，包括印版和膠片業務均實現成長。如今，柯達擁有非常穩固的成長基礎。

We have a strong balance sheet with more cash than debt in many years, that has not been the case. Back in second quarter, we had approximately $700 million of debt. Today, we're sitting at $300 million with $300 million plus of cash. We're on the way of taking out another $100 million of long-term debt, which will leave us with over $200 million of cash and $200 million of debt. We'll continue to strengthen that balance sheet, which allows us to execute on growth in our long-term plan.

多年來，我們的資產負債表一直保持強勁，現金多於債務，但這種情況並非一直如此。第二季度，我們的債務約7億美元。如今，我們的債務已降至3億美元，同時擁有超過3億美元的現金。我們即將再提取1億美元的長期債務，屆時我們的現金和債務總額將分別超過2億美元。我們將繼續強化資產負債表，從而更好地執行長期成長計劃。

All three businesses: Print, AM&C and Brand Licensing are contributing, and inside that, we have promising new investments in our Pharma division, in our battery coating. We continue to invest in the business for a long-term plan. We are pleased with the direction we're in. We have a long way to go. But I can tell you, this is a good start, especially having the balance sheet out of the way, we're really truly focused on growth in our business.

印刷、廣告製造與印刷以及品牌授權這三大業務板塊都在做出貢獻，其中，我們在製藥部門和電池塗層領域也進行了前景可觀的新投資。我們將繼續投資於業務的長期發展規劃。我們對目前的發展方向感到滿意。我們還有很長的路要走，但我可以肯定地說，這是一個良好的開端，尤其是在資產負債表狀況良好之後，我們真正專注於業務成長。

I would be remiss if I didn't again thank the leadership team. Over the last several years, we made over a 50% change in the leadership and a melding of the best of what Kodak had and the best of the skills that we knew we needed to bring in to help drive the fundamentals of this company to bring Kodak where it is today. We look forward to the future, and thank you for your support.

如果我不再次感謝領導團隊，那將是我的失職。過去幾年，我們對領導層進行了超過50%的調整，並將柯達原有的優勢與我們認為必要的技能相結合，從而推動公司發展，最終成就了今天的柯達。我們展望未來，並感謝你們的支持。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。