Koppers Holdings Inc (KOP) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen. Thank you for standing by. Welcome to Kopper's third quarter 2025 earnings conference call and webcast. (Operator Instructions) Please note that this event is being recorded.

女士們、先生們，早安。感謝您的耐心等待。歡迎參加 Kopper 2025 年第三季財報電話會議和網路直播。（操作說明）請注意，本次活動正在錄影。

I will now turn the call over to Quynh McGuire. Please go ahead.

現在我將把電話交給 Quynh McGuire。請繼續。

Thanks and good morning. I'm Quynh McGuire, Vice President of Investor Relations. Welcome to our third quarter 2025 earnings conference call. We issued our press release earlier today. You can access it via our website at www.koppers.com.

謝謝，早安。我是 Quynh McGuire，投資者關係副總裁。歡迎參加我們2025年第三季財報電話會議。我們今天早些時候發布了新聞稿。您可以透過我們的網站 www.koppers.com 存取它。

As indicated in our announcement, we've also posted materials to the investor relations page of our website that will be referenced in today's call. Consistent with our practice in prior quarterly conference calls, this is being broadcast live on our website, and a recording of this call will be available on our website for replay through February 7, 2026.

正如我們在公告中所述，我們也在網站的投資者關係頁面上發布了相關資料，這些資料將在今天的電話會議中提及。與以往季度電話會議的慣例一致，本次會議將在我們的網站上進行現場直播，並且本次電話會議的錄音將在我們的網站上提供回放，直至 2026 年 2 月 7 日。

At this time, I would like to direct your attention to our forward-looking disclosure statement seen on site 2. Certain comments made on this conference call may be characterized as forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.

此時，我想請您注意我們在網站 2 上發布的關於前瞻性資訊的揭露聲明。本次電話會議中發表的某些評論可能被視為 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

These forward-looking statements involve a number of assumptions, risks, and uncertainties, including risks described in the cautionary statement included in our press release and in the company's filings with the Security and Exchange Commission.

這些前瞻性聲明涉及許多假設、風險和不確定性，包括我們在新聞稿中包含的警示性聲明以及公司向美國證券交易委員會提交的文件中所述的風險。

In light of the significant uncertainties inherent in the forward-looking statements included in the company's comments, you should not regard the inclusion of such information as representation that its objective, plans, and projected results will be achieved.

鑑於公司評論中包含的前瞻性陳述存在重大不確定性，您不應將此類資訊的包含視為公司目標、計劃和預期結果將會實現的保證。

The company's actual results, performance, or achievement may differ materially from those expressed in or implied by such forward-looking statements. The company assumes no obligation to update any forward-looking statements made during this call.

本公司的實際業績、表現或成就可能與此類前瞻性聲明中明示或暗示的內容有重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

Also, references may be made today to certain non-GAAP financial measures. The press release, which is available on our website, also contains reconciliations of non-GAAP financial measures to those most directly comparable GAAP financial measures.

此外，今天可能會提及某些非公認會計準則財務指標。新聞稿可在我們的網站上查閱，其中也包含非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。

Joining me for our call today are Leroy Ball, Chief Executive Officer of Koppers, and Jimmi Sue Smith, Chief Financial Officer. At this time, I will turn the discussion over to Leroy.

今天和我一起參加電話會議的有 Koppers 執行長 Leroy Ball 和財務長 Jimmi Sue Smith。現在，我將把發言權交給勒羅伊。

Thank you, Quynh.

謝謝你，瓊。

Good morning, everyone. I'm pleased to join you this morning to provide more insight on Koppers third quarter operating performance. Our results largely fell within our expectations despite market forces continuing to exert headwinds on topline performance.

各位早安。今天早上很高興能和大家一起為大家帶來更多關於 Koppers 第三季營運表現的見解。儘管市場力量持續對營收成長構成不利影響，但我們的業績基本上符合預期。

Sales for the quarter were down by 12% compared to Q3 2024, continuing the trend we've seen throughout 2025. Our team's diligent control spending once again continued to offset much of the impact of lower sales volumes, and we were able to deliver adjusted EBITDA for the quarter of $70.9 million compared to last year's Q3 adjusted EBITDA of $77.4 million. Adjusted EPS for Q3 2025 was $1.21 per share, compared to $1.37 last year, as the impacts of our lower top-line more than offset our cost containment for the quarter.

與 2024 年第三季相比，本季銷售額下降了 12%，延續了我們在 2025 年看到的趨勢。我們的團隊再次嚴格控制支出，抵銷了銷售下降的大部分影響，本季調整後 EBITDA 為 7,090 萬美元，而去年同期調整後 EBITDA 為 7,740 萬美元。2025 年第三季調整後每股收益為 1.21 美元，而去年同期為 1.37 美元，原因是營收下降的影響超過了本季成本控制的影響。

At the same time, benefits from reducing our interest costs through lower average borrowings and lower average interest rates were essentially offset by a higher effective tax rate in Q3 driven by a geographic earnings mix more heavily tilted to outside the United States.

同時，由於平均借款額和平均利率的降低，我們降低了利息成本，由此帶來的好處被第三季度較高的實際稅率所抵消，而第三季度的實際稅率較高是由於地域收益結構更加嚴重地向美國以外地區傾斜所致。

Moving to page 4, I'd like to provide a little more high-level color by summarizing just a few key takeaways from our third quarter. As mentioned, we focused intently on controlling costs to weather the cyclical softness we're experiencing currently. Through three quarters, our SG&A was down 14% on an adjusted basis compared to prior year, which equates to over $19 million in savings on top of the millions of dollars in operating savings that we are also generating.

接下來翻到第 4 頁，我想透過總結我們第三季的一些關鍵要點，提供一些更宏觀的視角。如同前面所提到的，我們集中精力控製成本，以應對目前我們所經歷的周期性疲軟。前三個季度，經過調整後，我們的銷售、一般及行政費用比上年同期下降了 14%，這意味著除了我們正在產生的數百萬美元營運節省之外，我們還節省了超過 1900 萬美元。

Through Catalyst, we're developing a blueprint to make those savings permanent by further simplifying our business, upgrading our technology, and advancing the skill sets of our team members. Because of what we've been able to accomplish on the cost side of the equation for the second straight quarter, we were able to post adjusted EBITDA margins not seen in a number of years.

透過 Catalyst，我們正在製定一項藍圖，透過進一步簡化業務、升級技術和提升團隊成員的技能，使這些節省永久化。由於我們連續第二季在成本控制方面取得了顯著成效，我們實現了多年來未曾達到的調整後 EBITDA 利潤率。

As we capture more profit from every $1 sales, we're also improving our rate of converting those profits to free cash flow and deploying that cash to reduce debt and return capital to shareholders who are dividend and a steady stream of share repurchases.

隨著我們從每 1 美元的銷售額中獲得更多利潤，我們也提高了將這些利潤轉化為自由現金流的速度，並將這些現金用於減少債務、向股東返還資本（包括分紅和持續的股票回購）。

During Q3, we continued to simplify our portfolio by completing the sale of our railroad structures business, which came as part of the performance chemicals transaction in 2014. The structures business had been a steady contributor for a number of years, but struggled leading up to and through the pandemic. It had begun to regain its footing recently, and through the date of the sale was having one of its better years in a long time, but still was margin diluted for the past 9-years.

第三季度，我們繼續簡化業務組合，完成了鐵路結構業務的出售，該業務是 2014 年高性能化學品交易的一部分。多年來，結構工程業務一直是穩定的收入來源，但在疫情爆發前和疫情期間都舉步維艱。該公司最近開始重新站穩腳跟，截至出售之日，正處於多年來業績最好的一年，但過去 9 年的利潤率仍然被稀釋。

Other than selling to the same customers as our cross tie business, it did not have any strong synergistic aspects. Once again, we wish that team well and thank them for their contributions over the past 11-years. Further simplification of our business occurred in April 2025 through the closure of our phthalic anhydride plant in our CMC segment. And next up, we're also finalizing our assessment of shifting our North American CMC business to a single column operation.

除了與我們的交叉連接業務面向相同的客戶之外，它沒有任何強烈的協同效應。我們再次祝福團隊一切順利，並感謝他們在過去 11 年所做的貢獻。2025 年 4 月，我們關閉了 CMC 業務部門的鄰苯二甲酸酐工廠，進一步簡化了業務。接下來，我們也將最終確定將北美 CMC 業務轉移到單一塔操作的評估方案。

In doing so, we will further lessen our exposure to the volatility of the CMC business while also reducing the future capital requirements from running a two-column operation. Later in the presentation, I'll speak further to Catalyst and what is going on in our various end markets. For now, I'd like to provide a quick snapshot of how we're progressing on the zero harm front.

這樣做，我們將進一步降低我們對CMC業務波動性的風險敞口，同時減少未來營運雙柱式生產線所需的資本。在稍後的演講中，我將進一步談談 Catalyst 以及我們在各個終端市場中正在發生的事情。現在，我想簡要介紹一下我們在實現零傷害目標方面取得的進展。

On Page 5, you can see that we've made significant progress on safety thus far this year with leading activities up by 29%. This serves as a strong contributor to our lagging metrics of recordable injury rate and serious safety incidents, showing declines of 23% and 72% respectively.

從第 5 頁可以看出，今年到目前為止，我們在安全方面取得了顯著進展，領先活動增加了 29%。這導致我們的可記錄傷害率和嚴重安全事故指標分別下降了 23% 和 72%，這是一個重要的影響因素。

During the quarter, we had 23 of our 41 sites work accident-free with our European businesses and our Australasian Performance Chemicals standing out with zero recordables thus far in 2025. We can never let up on safety because exposure is all around us, and one mental lapse or shortcut could lead to catastrophic consequences.

本季度，我們 41 個營運場所中有 23 個實現了無事故運營，其中歐洲業務和澳洲高性能化學品業務表現突出，2025 年至今未發生任何可記錄事故。我們絕不能放鬆對安全的重視，因為危險無所不在，一次疏忽或偷工減料都可能導致災難性的後果。

I continue to be heartened by our global team being on pace for another record-setting safety year. A great big thanks to all of our team members for your efforts thus far. Keep up the great work.

令我倍感鼓舞的是，我們的全球團隊預計再創安全記錄，實現另一個安全年份的佳績。非常感謝我們所有團隊成員迄今為止的努力。繼續保持！

Finally, turning to page 6, I'd like to welcome our newest board member, Laura Posadas, who was elected to our board 2 days ago. Laura is the current CEO of Canlak Coatings Inc. A leading formulator and manufacturer of high-quality wood coating systems.

最後，翻到第 6 頁，我想歡迎我們最新的董事會成員勞拉·波薩達斯，她在兩天前當選為董事會成員。Laura 是 Canlak Coatings Inc. 的現任執行長。該公司是高品質木材塗料系統的領先配方商和製造商。

Laura's experience in innovation and strategy, in addition to her track record of leading high-performance teams, is a welcome addition to our board's broad range of experience and skill sets. Laura represents the third board member added over the past 3-years as we continue an orderly succession process for directors reaching the board's mandatory retirement age.

勞拉在創新和策略方面的經驗，以及她領導高績效團隊的良好記錄，將為我們董事會廣泛的經驗和技能組合增添新的活力。勞拉是過去 3 年新增的第三位董事會成員，我們繼續有秩序地進行董事繼任程序，以確保達到董事會強制退休年齡的董事順利完成交接。

Look forward to tapping into Laura's experience on a number of matters relevant to our business, and I'm enthusiastic to have her as a member of our board.

期待能利用勞拉在與我們業務相關的許多方面的經驗，我很高興她能成為我們董事會的成員。

And I'll turn things over to Jimmi Sue to speak in more detail to our quarterly financial performance.

接下來，我將把發言權交給吉米·蘇，讓她更詳細地談談我們季度的財務表現。

Thanks, Leroy. Earlier today, we issued a press release detailing our third quarter 2025 results. My remarks today are based on that information.

謝謝你，勒羅伊。今天早些時候，我們發布了一份新聞稿，詳細介紹了我們 2025 年第三季的業績。我今天的發言都是基於這些資訊。

As seen on slide 8, we reported consolidated third quarter sales of $485 million, down $69 million or 12% from the prior year. By segment, rough sales decreased by $15 million or 6%. TC sales were down $32 million, 18%, and CMC sales decreased by $21 million or 16% compared with the prior year quarter.

如投影片 8 所示，我們公佈的第三季合併銷售額為 4.85 億美元，比去年同期下降 6,900 萬美元，降幅為 12%。以細分市場來看，毛坯銷售額減少了 1,500 萬美元，降幅達 6%。與去年同期相比，TC 銷售額下降了 3,200 萬美元，降幅達 18%；CMC 銷售額下降了 2,100 萬美元，降幅達 16%。

On slide 9, adjusted EBITDA for the third quarter was $71 million with a 14.6% margin. By a segment, Rups generated adjusted EBITDA of $29 million with a 12.5% margin. PC delivered adjusted EBITDA of $26 million with an 18.1% margin, while CMC reported adjusted EBITDA of $16 million with a 14.4% margin.

第 9 頁顯示，第三季調整後的 EBITDA 為 7,100 萬美元，利潤率為 14.6%。以業務部門來看，Rups 調整後的 EBITDA 為 2,900 萬美元，利潤率為 12.5%。PC 的調整後 EBITDA 為 2,600 萬美元，利潤率為 18.1%；而 CMC 的調整後 EBITDA 為 1,600 萬美元，利潤率為 14.4%。

On slide 10, our rups business generated third quarter sales of $233 million compared with $248 million in the prior year. The decrease in sales was driven primarily by $15.8 million of lower volumes of Class 1 cross tide and lower activity in the maintenance of wave business, including the sale of our railroad bridge services business.

第 10 頁顯示，我們的 rups 業務第三季銷售額為 2.33 億美元，而去年同期為 2.48 億美元。銷售額下降的主要原因是 1 級跨潮汐產品銷售減少 1,580 萬美元，以及波浪維護業務活動減少，包括出售我們的鐵路橋樑服務業務。

These were partly offset by higher commercial cross tie volumes, a 6.5% volume increase in domestic utility poles, and $1.9 million of price increases related primarily to cross ties. Untreated cross tie market remains stable year to year. Cross tie procurement was down 18% while cross tide treatment was down 5%.

這些損失部分被更高的商業交叉連接件銷量、國內公用電線桿銷量增長 6.5% 以及主要與交叉連接件相關的 190 萬美元價格上漲所抵消。未經處理的交叉枕木市場每年保持穩定。交叉枕木採購量下降了 18%，而交叉潮汐處理量下降了 5%。

Rups delivered adjusted EBITDA of $29 million compared with $25 million in the prior year. Profitability improved despite lower sales due primarily to $7.7 million in lower SG&A and operating expenses, along with net sales price increases partly offset by the lower sales volume.

Rups公司調整後EBITDA為2,900萬美元，而去年同期為2,500萬美元。儘管銷售額下降，但盈利能力有所提高，這主要是由於銷售、管理及營運費用減少了 770 萬美元，以及淨銷售價格上漲，部分抵消了銷售量下降的影響。

On slit 11, our performance chemicals business reported third quarter sales of $144 million compared to $177 million in the prior year. The decline in sales was primarily the result of volumes decreasing by 19%, mostly as a result of market share shifts in the United States, but also combined with a slight net decrease in sales volume for other customers.

第 11 條消息稱，我們的高性能化學品業務第三季銷售額為 1.44 億美元，而去年同期為 1.77 億美元。銷售額下降主要是由於銷量下降了 19%，這主要是由於美國市場份額的變化，但也與其他客戶銷售略有淨下降有關。

Adjusted EBITDA for PC came in at $26 million compared to $40 million in the prior year. Profitability was impacted by the lower sales volumes, as well as $7.3 million in higher raw material and operating costs, partly offset by $1.6 million of lower logistics costs and SG&A expenses, as well as higher royalty income.

PC業務的調整後EBITDA為2,600萬美元，而上年同期為4,000萬美元。銷售量下降，以及原材料和營運成本增加 730 萬美元，對獲利能力造成了影響；但物流成本和銷售、管理及行政費用降低 160 萬美元，以及特許權使用費收入增加，部分抵消了這些影響。

Slide 12, shows third quarters and CMC sales of $108 million compared to $130 million in the prior year. This decrease was primarily driven by $19.6 million of lower volumes for thalein hydride as we discontinued that product in April of 2025.

第 12 張投影片顯示，第三季 CMC 銷售額為 1.08 億美元，而去年同期為 1.3 億美元。此次下降主要是由於 thalein 氫化物銷量減少 1,960 萬美元，因為我們在 2025 年 4 月停止生產該產品。

Adjusted EBITDA for CMC in the third quarter was $16 million compared with $13 million in the prior year. This increase in profitability was due to lower operating costs for increasing production of phthalic anhydride and $2.9 million of lower raw material costs, partly offset by lower sales prices.

CMC 第三季的調整後 EBITDA 為 1,600 萬美元，而上年同期為 1,300 萬美元。獲利能力的提高是由於鄰苯二甲酸酐產量增加導致營運成本降低，以及原材料成本降低了 290 萬美元，但部分被銷售價格的降低所抵消。

Sequentially, the average pricing of major products decreased by 2%, and average coal tar costs were higher by 3% compared to the second quarter. Compared to the prior year quarter, the average pricing in major products was lowered by 8%, while average coal tar crops increased by 7%.

與第二季相比，主要產品的平均價格較上季下降了 2%，而煤焦油的平均成本則上漲了 3%。與去年同期相比，主要產品的平均價格下降了 8%，而煤焦油的平均產量則上升了 7%。

Now moving to capital allocations, as shown on Slide 14, we continue to pursue a balanced approach to capital allocation. Net of cash received from insurance proceeds and asset sales, we invested $33.7 million into our business through September 30.

現在來看看資本配置，如投影片 14 所示，我們將繼續追求平衡的資本配置方法。扣除保險賠償金和資產出售所得現金後，截至 9 月 30 日，我們已向公司投資 3,370 萬美元。

We are now expecting 2025 capbacks to be approximately $52 million to $55 million, a significant reduction from $74 million last year, reflecting our focus on increasing free cash flow. Year-to-date, we've repurchased $33.3 million of stock through share buybacks, including tax withholding. We have approximately $71.5 million remaining on our $100 million repurchase authorization.

我們現在預計 2025 年資本縮減額約為 5,200 萬美元至 5,500 萬美元，較去年的 7,400 萬美元大幅減少，這反映了我們專注於增加自由現金流的策略。今年迄今為止，我們已透過股票回購回購了價值 3,330 萬美元的股票，其中包括預扣稅款。我們1億美元的回購授權中還剩下約7,150萬美元。

We also return capital to shareholders through our quarterly dividend of $0.08 per share. On September 30, we had $885 million of net debt comparable to where we ended in 2024 and approximately $45 million lower than June 30, reflecting our commitment to putting a significant portion of our free cash flow towards debt reduction this year, as well as progress toward our continued long-term target of 2 times to 3 times net leverage ratio. We ended the quarter with a net leverage ratio of 3.4 times and $379 million in available liquidity.

我們也透過每股 0.08 美元的季度股利向股東返還資本。截至 9 月 30 日，我們的淨債務為 8.85 億美元，與 2024 年底的水平相當，比 6 月 30 日減少了約 4500 萬美元，這反映了我們致力於將今年大部分自由現金流用於減少債務，以及朝著持續的長期目標（淨槓桿率 2 倍至 3 倍）取得進展。本季末，我們的淨槓桿率為 3.4 倍，可用流動資金為 3.79 億美元。

On slide 15, total capital expenditures for the third quarter were $38.4 million growth or $33.7 million net. We spent $31 million on maintenance, $3.2 million on zero harm, and $4.2 million on growth and productivity projects. By business segment, we spent $13.6 million in Rups, $9.6 million in PC, $13.8 million in CMC, and $1.4 million in corporate projects.

第 15 頁顯示，第三季資本支出總額增加 3,840 萬美元，淨額為 3,370 萬美元。我們在維護方面投入了 3,100 萬美元，在零傷害方面投入了 320 萬美元，在成長和生產力項目方面投入了 420 萬美元。按業務部門劃分，我們在 Rups 上花費了 1360 萬美元，在 PC 上花費了 960 萬美元，在 CMC 上花費了 1380 萬美元，在企業項目上花費了 140 萬美元。

Finally, on slide 17, our board of directors declared a quarterly cash dividend of $0.08 per share of Koppers Common stock on November 6. This dividend will be paid on December 16, to shareholders of record as of the close of trading on November 28. At this quarterly dividend rate, the annual dividend is $0.32 per share for 2025, a 14% increase over the 2024 dividend.

最後，在第 17 張幻燈片中，我們的董事會於 11 月 6 日宣布派發 Koppers 普通股每股 0.08 美元的季度現金股利。該股將於 12 月 16 日支付給截至 11 月 28 日交易結束時登記在冊的股東。以此季度股息率計算，2025 年的年度股息為每股 0.32 美元，比 2024 年的股息增加 14%。

And with that, I'll turn it back over to Leroy.

好了，現在我把麥克風交還給勒羅伊。

Thanks Jimmi Sue. Now I'll do a quick review of each of the businesses, starting with our performance chemicals or PC business on page 19. The third quarter saw a continuation of softer demand in North America, our largest market, as residential units pulled back even further while industrial demand turned positive.

謝謝吉米·蘇。現在我將快速回顧每個業務，首先從第 19 頁的高效能化學品或 PC 業務開始。第三季度，北美（我們最大的市場）的需求持續疲軟，住宅單元需求進一步下降，而工業需求則轉為正成長。

Now while both categories are down by about 3% year-to-date through September, excluding our known market share loss, residential was down by about 5% for the quarter compared to last year, while industrial was 2.5 points higher, consistent with the stronger demand we experienced in our own industrial business. External markers such as the leading indicator of remodeling activity, existing home sales, and mortgage rates are all starting to move in a positive, more positive direction.

雖然截至 9 月份，這兩個類別今年迄今都下降了約 3%（不包括我們已知的市場份額損失），但與去年同期相比，住宅業務下降了約 5%，而工業業務則增長了 2.5 個百分點，這與我們自身工業業務中經歷的強勁需求相一致。外部指標，例如房屋改造活動領先指標、現有房屋銷售和抵押貸款利率等，都開始朝著正面的方向發展。

However, customer sentiment remains muted, with most looking forward to putting 2025 behind them and starting fresh in 2026. Outside of tariff impacts, we managed to keep costs in check for the most part, which enabled us to deliver a solid 18% adjusted EBITDA margin on a sales line that was 18% lower than 2024's third quarter.

然而，消費者情緒依然低迷，大多數人期待著告別 2025 年，在 2026 年重新開始。除了關稅的影響外，我們基本上控制住了成本，這使得我們能夠在銷售額比 2024 年第三季度下降 18% 的情況下，實現 18% 的穩健調整後 EBITDA 利潤率。

On the tariff front, we did absorb a couple million dollars of direct impact as well as a few million dollars of impact from hedged copper rates disconnecting from the US futures market. With flat pricing for the quarter and absorbing the direct and indirect impacts of tariffs, our ability to still generate margins of 18% demonstrate the success we've had in reducing our other controllable costs and the overall resiliency of the business.

在關稅方面，我們確實承受了數百萬美元的直接影響，以及由於對沖銅價與美國期貨市場脫鉤而造成的數百萬美元影響。由於本季價格保持不變，並且吸收了關稅的直接和間接影響，我們仍然能夠實現 18% 的利潤率，這表明我們在降低其他可控成本方面取得了成功，也體現了業務的整體韌性。

Moving on to our utility and industrial products business shown on Page 20, we're seeing volumes continue to move in the right direction as each successive quarter of this year has seen a greater year-over-year improvement. Q3 saw volumes up over prior year by 6% as the optimism we were hearing earlier in the year is beginning to manifest itself into sales.

接下來，我們來看看第 20 頁所示的公用事業和工業產品業務，我們看到銷售量繼續朝著正確的方向發展，今年的每個季度都實現了比上年更大的成長。第三季銷售量比上年同期成長 6%，年初以來我們聽到的樂觀情緒開始轉化為實際銷售業績。

Unfortunately, the impact of those higher volumes were offset by the damage from a fire at one of our facilities that impacted results by over a million dollars. Now that we're more than a year out from the Brown acquisition, we're getting an even greater feel for the critical role played in our network by the Kennedy, Alabama facility that came with that acquisition.

不幸的是，銷售量增加帶來的影響被我們其中一家工廠發生的火災造成的損失所抵消，這場火災對業績造成了超過一百萬美元的損失。現在距離我們收購布朗公司已經過去一年多了，我們更加深刻地體會到，隨著此次收購而獲得的位於阿拉巴馬州肯尼迪的工廠在我們網絡中發揮的關鍵作用。

We've allocated volume to Kennedy where it logistically makes sense and are using it as a primary site for treating the Douglas fir species that we began adding to our product portfolio at the beginning of this year. Getting into that market is opening doors for us that were previously closed in certain accounts where customers didn't want to split their southern yellow pine and dug fir business.

我們已將一定數量的木材分配給了肯尼迪，因為從物流角度來看這是合理的，並且我們將其作為處理今年年初開始添加到產品組合中的花旗松樹種的主要場所。進入這個市場為我們打開了以前某些客戶不願拆分南方黃松和冷杉業務的大門。

Now we're early in the game, but adding that species, as well as adding sales talent and upgrading our CRM technology, is positioning Koppers to be a stronger competitive force in our existing markets, and I believe we are starting to bear the fruit from those investments. We continue to feel good about the longer-term demand outlook for the utility pole market and believe that we can participate meaningfully in meeting its pole infrastructure needs.

現在我們還處於起步階段，但增加這個物種，以及增加銷售人才和升級我們的客戶關係管理技術，使 Koppers 能夠在現有市場中成為更強大的競爭力量，我相信我們已經開始從這些投資中獲益。我們依然對電線桿市場的長期需求前景感到樂觀，並相信我們能夠為滿足其電線桿基礎設施需求做出有意義的貢獻。

Our railroad products and services business is summarized on page 21. The third quarter saw another solid quarter performance from our RPS business despite treated [Thai sales] units being down by 7% compared to prior year. Class 1 units were down almost across the board while commercial units saw a 9% increase.

我們的鐵路產品和服務業務概況請參閱第 21 頁。第三季度，儘管泰國銷售的RPS產品銷售量比上年同期下降了7%，但我們的RPS業務依然取得了穩健的季度業績。1類車輛幾乎全面下降，而商用車輛則成長了9%。

Aggressive cost actions and a slight improvement from pricing helped offset the volume decline and drove a year-over-year 18% improvement in profitability for the rough segment. If we adjust for the sale of the KRS business, profitability was actually up over 20% compared to Q3 prior year, with an even higher increase when looking at just RPS.

積極的成本控制措施和價格的略微改善有助於抵消銷量下降，並推動粗糙面業務的盈利能力同比增長 18%。如果扣除 KRS 業務的出售，獲利能力實際上比上年第三季成長了 20% 以上，如果只看 RPS，增幅甚至更高。

Again, excluding the sale of KRS, RPS has reduced its employee base by 147 people, or 19%. Within the cross ties business, that number is 14%, and that's on a volume base only 2% lower than last year through September.

再次強調，不計 KRS 的出售，RPS 的員工人數減少了 147 人，即 19%。在交叉枕木業務中，這一數字為 14%，而截至 9 月的銷量僅比去年同期下降了 2%。

While we expect some comparative volume improvement in Q4, our updated projection of flat year over year sales volumes is another drop from previously communicated customer expectations. I spoke a few times over the past 2-years of customers providing forecasts that have subsequently been pulled back, and that trend has not abated.

雖然我們預計第四季度銷售量會有一些相對改善，但我們更新後的年比銷售預測仍然低於先前向客戶傳達的預期。在過去的兩年裡，我曾多次與客戶提供預測數據，但隨後又撤回這些預測，而且這種趨勢並沒有減弱。

The railroad companies are feeling more pressure than ever to reduce costs everywhere they can, including tie installations. It's difficult to forecast how long the current trend can sustainably continue, but we expect to adjust our forecast down from whatever we are told as we head into 2026, now that we've dealt with two straight years of actual purchases coming in lower than customer forecasts.

鐵路公司比以往任何時候都面臨更大的壓力，需要在各方面削減成本，包括枕木安裝成本。很難預測目前的趨勢能夠持續多久，但鑑於我們已經連續兩年實際購買量低於客戶預測，我們預計在進入 2026 年時，無論我們得到什麼消息，我們都會下調我們的預測。

The bigger message I hope everyone takes away is that we have adjusted our cost structure to fit a pullback in the market to the extent it turns out to not be temporary. That also puts plant consolidation back on the table if necessary, but as always, we would view that as a last resort depending upon our long-term outlook with each customer.

我希望大家能從中領悟到的更重要的訊息是，我們已經調整了成本結構，以適應市場回調，但事實證明這種回調並非暫時的。如有必要，工廠整合也將重新提上日程，但一如既往，我們將其視為最後的手段，具體取決於我們與每位客戶的長期合作前景。

Next on to the CMC business summarized on Page 22. Despite minimal positive movement on carbon product and markets, we still delivered a solid quarter of performance, finishing $2.9 million better than Q3 2024.

接下來是第 22 頁總結的 CMC 業務。儘管碳產品和市場幾乎沒有積極進展，但我們仍然取得了穩健的季度業績，比 2024 年第三季高出 290 萬美元。

Excluding the exit of our SALIC and hydride business, volumes were slightly positive compared to prior year, while average pricing was down by about 4%, consistent with what it is down year-to-date. There continues to be a lot in flux in our CMC markets.

除去 SALIC 和氫化物業務的退出，銷量與上年相比略有增長，而平均價格下降了約 4%，與年初至今的下降幅度一致。我們的CMC市場仍處於高度不穩定狀態。

On the plus side, in early August, Century Aluminum announced that the company will be restarting idle capacity, which should result in a positive impact on our pitch sales in North America beginning in 2026. On the downside, more coal tar will be coming out of the market as one of our North American suppliers notified us that they've successfully converted to electric car production sooner than anticipated, and that we would be receiving our last shipments of raw material from this supplier by the end of the year.

好消息是，8 月初，世紀鋁業宣佈公司將重啟閒置產能，這將對我們 2026 年開始在北美的瀝青銷售產生正面影響。不利的一面是，更多的煤焦油將退出市場，因為我們的一家北美供應商通知我們，他們已成功轉型為電動車生產，比預期的時間要早，我們將在年底前收到該供應商的最後一批原材料。

Now that action further justifies our intent to simplify our US distillation capacity to a single column from the two column operation that we run today. Doing so will further shrink our CMC footprint, reducing our cost structure and our required future capital outlay. Unfortunately, it is yet another setback that will put the only major US producer of critical projects for the US aluminum and railroad markets in further Jeopardy.

現在，這項舉措進一步證明了我們將美國蒸餾產能從目前的雙塔操作簡化為單塔操作的意圖是正確的。這樣做將進一步縮小我們的CMC規模，降低我們的成本結構和未來所需的資本支出。不幸的是，這又是一次挫折，將使美國唯一一家為美國鋁業和鐵路市場提供關鍵項目的主要生產商陷入更大的危險之中。

We're exploring various scenarios as to how to improve the supply situation, which could be simply resolved by more domestic coal tar production staying in the US to support the long-term health of the industry. As shown on slide 23, I'd like to move on to something more positive, which is the work we're doing in Catalyst and its expected impact.

我們正在探索各種改善供應狀況的方案，而最簡單的解決方案就是讓更多國內煤焦油產量留在美國，以支持該產業的長期健康發展。如投影片 23 所示，我想轉到一些更積極的方面，即我們在 Catalyst 中所做的工作及其預期影響。

Let's start with the why. Is it why we feel we need to transform? The short answer is that in spite of our many accomplishments and the progress we've made, we still have solid potential to perform at an even higher level. As an organization, we have no shortage of good ideas. Capturing, quantifying, prioritizing, planning, resourcing, implementing, and then tracking these ideas through to completion is a different story.

讓我們先從為什麼說起。這就是我們感到需要改變的原因嗎？簡而言之，儘管我們取得了許多成就和進步，但我們仍然有潛力達到更高的水平。作為一個組織，我們不乏好點子。收集、量化、確定優先順序、規劃、調配資源、實施，然後追蹤這些想法直到完成，則是另一回事。

Frankly, it's where all but the very best organizations fall down. You need a well-developed process, the right technology, and a workforce that's more financially astute to improve your chances of reaching success in a reasonable time frame, and that's what we're building with Catalyst.

坦白說，除了極少數最優秀的組織之外，其他所有組織都會在這方面失敗。你需要完善的流程、合適的技術以及一支財務意識更強的員工隊伍，才能提高在合理的時間範圍內取得成功的機會，而這正是我們透過 Catalyst 所建構的。

So when I look at our full potential, I see an organization that should be able to deliver 15%-plus margins on a consistent basis. An organization that should be able to drive earnings improvement of greater than 10% on average over the next three years.

所以，當我審視我們的全部潛力時，我看到的是一個能夠持續達到 15% 以上利潤率的組織。一個能夠在未來三年內平均實現獲利成長超過 10% 的組織。

An organization that should be able to reduce leverage to the low end of our stated range below 2.5 times, driven by significantly greater free cash flow generation, what we believe to be over $300 million over the next 3-years.

該組織應該能夠將槓桿率降低到我們所述範圍的低端，低於 2.5 倍，這得益於大幅增加的自由現金流，我們認為未來 3 年內自由現金流將超過 3 億美元。

Part of the path to get there is a continued evolution of our portfolio that would make PC and RPs a larger share of our top and bottom line as we focus on our more structurally sound businesses that have opportunity for growth and have proven to consistently generate higher margins with lower capital requirements.

實現這一目標的部分途徑是不斷調整我們的投資組合，使個人電腦和零售產品在我們的營收和利潤中佔據更大的份額，同時我們將專注於那些結構更穩健、具有增長機會且已被證明能夠以較低的資本需求持續產生更高利潤率的業務。

What does that mean in tangible terms, in terms of expected benefits from Catalyst? It means we expect that Catalyst will deliver approximately $80 million of ongoing benefits by the time we exit 2028. In 2025 we're estimating our capture rate at over $40 million based on our expectation to finish this year at a similar EBITDA level as the prior year in spite of a 10% lower sales line.

從 Catalyst 的預期效益來看，這代表什麼？這意味著我們預計到 2028 年底，Catalyst 將帶來約 8,000 萬美元的持續收益。2025 年，我們預計我們的營收將超過 4,000 萬美元，這是基於我們預期今年的 EBITDA 水準將與前一年相似（儘管銷售額下降了 10%）。

That means we believe we can deliver another $40 million of benefits in the next 3-years coming from all areas of the organization. Less certain are the headwinds we may experience or any potential bolstering tailwinds, which we certainly haven't had for the past 18-months.

這意味著我們相信，在未來 3 年內，我們可以從組織的各個領域帶來另外 4,000 萬美元的收益。我們不太確定會遇到哪些逆風，或是否會有順風助力，在過去 18 個月裡，我們肯定沒有遇到順風。

There are still a lot of parts moving around as we try to nail down our expectations for next year, and as such, I'm going to hold off on speaking to how much of that additional $40 million benefit we expect to see in 2026 and how much of that could be potentially delivered to the bottom line until we have a more complete picture regarding all other aspects of our business.

在我們努力確定明年預期目標的過程中，還有很多環節在調整，因此，在對我們業務的其他方面有更全面的了解之前，我暫不談論我們預計在 2026 年能獲得多少額外的 4000 萬美元收益，以及其中有多少可能轉化為利潤。

I'll speak to more detail about all this in February 2026 when we announce our year-end earnings. Moving on to our outlook for 2025, as shown on slide 25, we're now revising our consolidated sales guidance to $1.9 billion in 2025 compared with $2.1 billion in 2024.

我將在 2026 年 2 月公佈年終收益時，就此進行更詳細的說明。接下來展望 2025 年，如第 25 頁投影片所示，我們將 2025 年的合併銷售預期從 2024 年的 21 億美元下調至 19 億美元。

This reflects our sales expectation at the low end of our previously communicated range due to the soft demand environment across all markets other than utility. On slide 26, we're revising our adjusted EBITDA forecast to $255 million to $260 million compared with $262 million in 2024.

由於除公用事業以外的所有市場需求疲軟，這反映出我們對銷售的預期處於先前公佈範圍的下限。在第 26 頁，我們將 2024 年的調整後 EBITDA 預測值從 2.62 億美元修正為 2.55 億美元至 2.6 億美元。

Both CMC and PC are expected to be solidly within our previous range, while Rups is being adjusted to slightly below the low point of its previous range. This is to account for lower than previously forecast cross-dye demand and higher operating costs in our UIP business.

CMC 和 PC 的價格預計都將保持在先前的範圍內，而 Rups 的價格則調整至略低於先前範圍的低點。這是為了應對 UIP 業務中交叉染色需求低於預期以及營運成本上升的情況。

Slide 27, shows our 2025 adjusted earnings per share bridge reflecting a range of $4 to $415 per share, with interest savings and benefits from a lower share account being offset by higher depreciation and amortization, a higher tax rate, and lower operating contribution.

第 27 頁顯示了我們 2025 年調整後每股收益的過渡期，反映出每股收益在 4 美元至 415 美元之間的範圍，較低的股份帳戶帶來的利息節省和收益被較高的折舊和攤銷、較高的稅率和較低的營運貢獻所抵消。

That said, our range still puts us on par with 2024 EPS, even with a 10% lower top-line, which is not a bad outcome, all things being considered. On slide 28, we're now projecting capital spending for the year to fall between $52 million and $55 million dollars compared with $74 million in 2024.

即便營收下降 10%，我們的預期仍然與 2024 年的每股盈餘持平，考慮到所有因素，這並非一個糟糕的結果。在第 28 張投影片中，我們現在預測今年的資本支出將降至 5,200 萬美元至 5,500 萬美元之間，而 2024 年則為 7,400 萬美元。

While 2025 has been more challenging than we first thought, I'm encouraged by our team's resilience to step up to the challenge and fight their way through it. I find it quite remarkable that we could be looking at profitability in line with the prior year in spite of the softer economic backdrop and tariff disruption we've endured throughout this year.

雖然 2025 年比我們最初預想的更具挑戰性，但我對我們團隊展現出的韌性感到鼓舞，他們勇於迎接挑戰，奮力拼搏，最終克服難關。儘管今年經濟形勢疲軟，且我們經歷了關稅方面的衝擊，但我們仍有望實現與去年持平的獲利能力，這著實令人矚目。

We set the organization up for significant improvement once economic conditions improve. We don't consider our work done. However, as we're ingraining the catalyst mindset into the way we work every day and continuing to mine for opportunities beyond what is already in the current implementation phase. Similar to what we're hearing from many of our customers, I'm also looking forward to putting 2025 behind us and focusing on what we expect to be a brighter 2026 and beyond.

我們已為組織的發展做好了充分準備，一旦經濟情勢好轉，組織就能顯著改善。我們不認為我們的工作已經完成。然而，隨著我們將催化劑思維融入我們日常的工作方式中，並不斷挖掘當前實施階段之外的機會。與許多客戶所表達的感受類似，我也期待著將 2025 年拋在腦後，專注於我們所期待的更光明的 2026 年及以後。

Now I'd like to open it up to questions.

現在我想接受大家的提問。

We will now begin the question-and-answer session.

現在開始問答環節。

(Operator Instructions) Gary Prestopino, Barrington Research.

（操作說明）Gary Prestopino，Barrington Research。

Good morning, Leroy, Jimmi Sue, and Quynh. Your question here, Leroy, is I'm looking at slide 23, okay, you, you've taken some good expenses out of CMC some at Rups. Yet PC is the lowest expense capture there, but I mean that's the only business that you know it showed it down.

早安，Leroy、Jimmi Sue 和 Quynh。Leroy，你的問題是，我正在看第 23 張投影片，好的，你從 CMC 中節省了一些開支，在 Rups 也節省了一些。然而，PC 是那裡成本最低的領域，但我的意思是，這是唯一一個你知道它表現不佳的領域。

Quarter really -- adjusted EBITDA down EBITDA margins. I mean, is there something inherent there that you can't take costs out or you just feel you shouldn't be taking costs out because the markets are going to eventually rebound.

本季調整後 EBITDA 下降，EBITDA 利潤率也下降。我的意思是，是不是有什麼固有因素導致你無法削減成本，或者你只是覺得不應該削減成本，因為市場最終會反彈。

Yeah, no, Gary, it's a good question. I mean, there are costs being taken out of there, and when we look across the board, you can't, view all those numbers as necessarily being only, cost takeout, right, because there's actually, things that, we've been able to do to improve, within our operations, particularly in CMC, which is why that's a larger overall number.

是的，加里，這確實是個好問題。我的意思是，這其中確實削減了一些成本，但當我們全面審視時，不能把所有這些數字都僅僅看作是成本削減，對吧？因為實際上，我們已經採取了一些措施來改善我們的運營，尤其是在CMC方面，這就是為什麼總體數字會更大。

But for PC we have taken out costs and we've certainly taken out, corporate allocations, corporate overhead costs as well, which is helping them. But look, that's, that is the business that we are continuing to, see as our future here and we want to make sure that we're not cutting too far back in that area. When we're at, trying to go out and, win back some business, expand into some different product categories and look at continuing to build around that business, so we don't, that, that's one we want to be a little more careful about in terms of how hard we cut back.

但對於 PC 來說，我們已經扣除了成本，當然也扣除了公司撥款和公司管理費用，這對他們很有幫助。但是，我們仍然認為這是我們未來的發展方向，我們希望確保不會在這個領域大幅削減投入。當我們努力走出困境，贏回一些業務，拓展到一些不同的產品類別，並考慮繼續圍繞這些業務發展時，我們不希望，在這方面，我們希望在削減開支的力度上更加謹慎一些。

It's not in the same, if you will, commodity category as, some of our other businesses where I think inherently we just have to be. Really tight on our costs, both operating as well as overhead. So that's why you don't see it quite as much there. The opportunities that are going to come on PC as it relates to Catalyst, they're really going to be on a commercial and, less so probably on the cost end.

它與我們其他一些業務不屬於同一商品類別，我認為我們本質上必須進入這些業務領域。我們在成本控制方面非常嚴格，包括營運成本和管理費用。所以你在那裡不太常見到它的原因就在這裡了。就 Catalyst 而言，PC 領域即將出現的機會，實際上將更多地體現在商業方面，而成本方面可能較少。

Okay, and then just looking at your objectives with PC and reps being greater than 85% of sales, and I realize you're going to be focusing on that for growth, but does that entail, further shrinking of CMC?

好的，那麼看看你們的目標，PC 和銷售代表的銷售額佔比要超過 85%，我知道你們會把重點放在這上面以實現增長，但這是否意味著 CMC 會進一步下降？

Yeah, I think it's a combination of things. I think, certainly we're focused on growing UIP we're focused on growing PC and growing around PC, and, I've been pretty open about the fact that, we're not going to be, investing into CMC and I think it's on a, it has been for a number of years. On a secular downturn, right?

是的，我認為這是多種因素共同作用的結果。我認為，我們當然專注於發展UIP，專注於發展PC，並圍繞PC進行發展，而且，我一直很坦率地表示，我們不會投資CMC，我認為這種情況已經持續好幾年了。處於長期下行趨勢，對吧？

So, I think it's certainly to be expected that that business will, continue to shrink and be a smaller part of the overall organization. So, we're evaluating all kinds of different scenarios around CMC and how it fits into the future of the company, but. I would expect it will be a smaller part going forward that's, could play into both sides of it with maybe changes being made there, as well as certainly, additions being made in some of our other businesses.

因此，我認為該業務繼續萎縮，並在整個組織中所佔比例越來越小，這是完全可以預料的。所以，我們正在評估CMC相關的各種不同方案，以及它如何融入公司的未來發展，但。我預期未來這部分所佔比例會更小，可能會對雙方都產生影響，或許會做出一些改變，當然，我們其他一些業務也會有所增加。

Liam Burke, B Reilly.

利亞姆·伯克，B·賴利。

Thank you. Good morning, Leroy. Good morning, Jimmi Sue. Good morning, Quynh.

謝謝。早安，勒羅伊。早上好，吉米·蘇。早安，瓊。

Leroy, could you give us some color on or if there is any on your strategy of growing the, utility pole business either organically or through acquisition?

Leroy，您能否詳細介紹一下貴公司在發展電線桿業務方面的策略，無論是透過自身發展還是透過收購？

Yeah, so, look, we've talked about the fact that, we have a pretty strong business in the traditional markets that business served when we acquired the Cox utility business back in 2018, so very strong in the Southwest, pretty strong in the Northeast, not a lot of coverage in the Midwest. Basically nothing done in the Southwest and nothing out west, and so, there's a lot of market opportunity for us to go after, again in markets that.

是的，你看，我們已經討論過，我們在傳統市場擁有相當強大的業務，這些市場是我們 2018 年收購 Cox 公用事業業務時所服務的市場，所以在西南部非常強大，在東北部也相當強大，但在中西部覆蓋範圍不大。基本上，西南地區和西部地區什麼都沒做，因此，我們有很多市場機會可以去爭取，尤其是在這些市場。

That that we certainly serve in different geographies and know well. So, we obviously bring to bear the wood preservative technology, the treating technology we've been, treating in industrial products for most of the company's history and so all of that we think translates pretty well. To being able to expand that business model.

我們當然在不同的地區提供服務，並且非常了解這一點。因此，我們顯然運用了木材防腐技術，也就是我們在公司發展歷程中一直用於工業產品的處理技術，我們認為所有這些都能很好地轉化應用。以便能夠擴展該商業模式。

Part of it is, you need to be in species beyond just southern yellow pine, which is why we're, we've been building out a supply chain there. The brown acquisition and the facility that was added there with its capabilities, really also opens up the door for us in a way that We couldn't do with our existing asset base, and so, yeah, we think we have great opportunity to go after, share in underserved markets that quite frankly, only one or maybe even two major suppliers have, been able to serve and now we can provide another option as I've mentioned time and time again, it is not our intent to go out and.

部分原因是，你需要種植的樹種不僅限於南方黃松，這就是為什麼我們一直在建立供應鏈的原因。收購布朗公司及其新增設施及其能力，確實為我們打開了一扇門，這是我們現有資產基礎無法實現的。因此，是的，我們認為我們有很大的機會去開拓和佔領服務不足的市場，坦白說，這些市場以前只有一兩家大型供應商能夠服務，而現在我們可以提供另一種選擇。正如我一再提到的，我們的目的不是要出去…

And try and start a race to the bottom. We think that there's enough share to be won by just being able to provide a second source of stable supply. And so in conversations we've had, we certainly have been encouraged to go down that route, so we'll continue to build out our sales capabilities, we'll continue to add to our technology and supply chain and we view UIP as an important part of our growth story.

然後試圖引發一場競相壓價的惡性競爭。我們認為，只要能提供第二個穩定的供應來源，就能贏得足夠的市佔率。因此，在我們進行的對話中，我們確實受到了鼓勵，要走這條路，所以我們將繼續增強我們的銷售能力，我們將繼續改進我們的技術和供應鏈，我們將UIP視為我們成長故事的重要組成部分。

Great, thank you Leroy. My next question is if I'm looking at, existing homes as a rough benchmark for demand -- for derived demand for PC, they've obviously come off from a very high level but it's starting to stabilize at a certain unit volume we'll call it 4 million, if I think about anniversarying your market share loss. Do you have a sort of a baseline revenue for PC now where you could see growing of that reset base.

太好了，謝謝你，勒羅伊。我的下一個問題是，如果我以現有住宅作為需求的粗略基準——對於個人電腦的衍生需求而言，它們顯然已經從非常高的水平下降，但正在開始穩定在某個單位數量，我們稱之為 400 萬，如果我考慮一下你們市場份額損失的周年紀念日。您目前對PC端的收入是否有一個大致的基準線，並且您認為這個重置後的用戶群可以繼續成長？

Yeah, I mean, I think that, the way we think about the business overall is, that this setback that, we're experiencing this year and to your point, it's beyond. It's beyond, losing a little bit of business. It's, it includes an overall market that is, has dropped by, again 3% or so year-over-year, which is something we've not seen actually, I think, since, well, I don't know that actually we've seen it since we've owned the business, so.

是的，我的意思是，我認為，我們對整個業務的看法是，我們今年所經歷的挫折，正如你所說，已經超出了預期。這可不是小事，損失一點點生意而已。它包括整個市場，該市場同比再次下降了約 3%，我認為，自從我們擁有這家公司以來，我們還沒有真正看到過這種情況。

We don't think it's anything that is systemic or, indicative of the start of any longer-term trend. So we think it provides a base moving forward that, we can expect to see more regular growth coming from, more growth that's more in line with kind of what we have seen.

我們認為這並非系統性問題，也不預示著任何長期趨勢的開始。所以我們認為這為未來的發展奠定了基礎，我們可以期待看到更規律的成長，更符合我們目前所看到的成長趨勢。

Over time, which is again more than that 3% to 4%, year over year range. All that being said, again, whether our customer base is scarred by what they're going through right now or whether they truly have visibility, longer-term, they're basically, giving signals that they don't expect to, they're not building in growth for next year, organic growth.

隨著時間的推移，這一增幅又超過了每年 3% 到 4% 的範圍。綜上所述，無論我們的客戶群是否因他們目前的經歷而受到創傷，或者他們是否真正具有長遠的遠見，他們基本上都在發出信號，表示他們不期望明年實現增長，即自然增長。

I think they're they're they're setting expectations of kind of holding flat and maybe again, part of that is to prepare for, another year of tepid demand and if it gets better than that, then great, but not setting expectations too high and then being disappointed as the year goes on.

我認為他們正在設定預期，希望需求保持平穩，也許部分原因是為另一個需求疲軟的年份做準備，如果情況好轉，那就太好了，但不要設定過高的期望，以免隨著時間的推移而失望。

So I think, they're expecting a better year, because, again, this year's right now down about 3% overall, but they're not right now factoring in, or at least telling us that they're factoring in any real growth in the market.

所以我認為，他們預期今年情況會好轉，因為今年整體下滑了約 3%，但他們目前還沒有將市場的任何真正增長考慮在內，或者至少沒有告訴我們他們已經考慮在內。

This concludes our question-and-answer session. I would like to turn the conference back over to CEO, Leroy Ball for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給執行長勒羅伊·鮑爾，請他作總結發言。

Thank you. I just want to thank everybody for taking the time to listen in today. Again, I think we have a great story to tell and despite the challenges that we faced so far in 2025, I really do think we've set ourselves up, for greater success, going forward.

謝謝。我只想感謝大家今天抽空收聽。再次強調，我認為我們有一個很棒的故事要講，儘管我們在 2025 年至今面臨許多挑戰，但我真的認為我們已經為未來更大的成功做好了準備。

The Catalyst is actually bearing fruit. We see it in the numbers, and we expect to see more benefits coming from that will basically move us in the direction of being a higher margin, higher cash flow yielding. Higher earnings business out over the next number of years. So I appreciate your support and patience and thank you for joining today.

催化劑確實開始產生效果了。我們從數據中看到了這一點，我們預計這將帶來更多好處，並最終將我們朝著更高的利潤率、更高的現金流收益率邁進。未來幾年，企業獲利能力將有所提升。感謝大家的支持與耐心，也感謝大家今天的參與。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。