Perimeter Solutions Inc (PRM) 2025 Q3 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the Perimeter Solutions Q3 2025 earnings call.

女士們、先生們，歡迎參加 Perimeter Solutions 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

It is now my pleasure to introduce your host for today, Seth Barker, Vice President. Please go ahead.

現在我榮幸地向大家介紹今天的主持人，副總裁塞思·巴克。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining Perimeter Solutions third quarter 2025 earnings call. Speaking on today's call are Haitham Khouri, Chief Executive Officer, and Kyle Sable, Chief Financial Officer. We want to remind anyone who may be listening to a replay of this call that all statements made are as of today, October 30, 2025, and these statements have not been, nor will they be updated subsequent to today's call.

謝謝接線生。各位早安，感謝各位參加 Perimeter Solutions 2025 年第三季財報電話會議。今天參加電話會議的有執行長 Haitham Khouri 和財務長 Kyle Sable。我們想提醒所有可能正在收聽本次電話會議重播的人士，所有聲明均截至今日（2025 年 10 月 30 日），這些聲明在今天的電話會議之後沒有更新，也不會更新。

Today's call may contain forward-looking statements. The statements made today are based on management's current expectations, assumptions, and beliefs about our business and the environment in which we operate, and our actual results may materially differ from those expressed or implied on today's call.

今天的電話會議可能包含前瞻性陳述。今天發表的聲明是基於管理層目前對我們業務和經營環境的預期、假設和信念，而我們的實際結果可能與今天電話會議上表達或暗示的結果有重大差異。

Please review our SEC filings, particularly any risk factors included in our filings, for a more complete discussion of factors that could impact our results, expectations, or assumptions.

請查閱我們向美國證券交易委員會提交的文件，特別是文件中包含的任何風險因素，以便更全面地了解可能影響我們業績、預期或假設的因素。

The company would also like to advise you that during the call we will be referring to non-GAAP financial measures including adjusted EBITDA, adjusted EBEDA margin, LTM adjusted EBITDA, adjusted EPS, and free cash flow.

本公司也想告知各位，在本次電話會議中，我們將提及非GAAP財務指標，包括調整後EBITDA、調整後EBITDA利潤率、LTM調整後EBITDA、調整後每股盈餘和自由現金流。

The reconciliation of and other information regarding these items can be found in our earnings press release and presentation, both of which will be available on our website. With that, I will turn the call over to Haitham Khouri, Chief Executive Officer.

有關這些項目的核對和其他信息，請參閱我們的盈利新聞稿和演示文稿，這兩份文件都將在我們的網站上提供。接下來，我將把電話交給執行長海瑟姆·庫裡。

Thank you, Seth. Good morning, everyone.

謝謝你，塞思。各位早安。

Thank you for joining us. We're pleased to report perimeter third quarter and year-to-date results. Third quarter adjusted EBITDA was $186.3 million, and year-to-date adjusted EBITDA was $295.7 million.

感謝您的參與。我們很高興地向大家報告週邊地區第三季和年初至今的業績。第三季調整後 EBITDA 為 1.863 億美元，年初至今調整後 EBITDA 為 2.957 億美元。

The three primary drivers of these results were #1, execution on our operational value drivers, with particularly strong results in our international retardant business, our suppressant markets, and IMS. 2, the impact of our efforts to drive more consistency and predictability in our retardant business with reduced dependence on the North America fire season.

這些成果的三大主要驅動因素是：#1，我們在營運價值驅動因素方面的執行力，尤其是在國際阻燃劑業務、抑制劑市場和IMS方面取得了強勁的成果。 #2，我們努力提高阻燃劑業務的穩定性和可預測性，減少對北美火災季節的依賴，這些努力產生了影響。

And number 3, a more proactive initial attack strategy by our customers which show greater retardant use.

第三，我們的客戶採取了更積極主動的初始攻擊策略，這表明阻燃劑的使用量更大。

We continue to deploy capital during the third quarter, investing nearly $17 million across capital expenditures and the purchase of product lines at IMS.

第三季我們持續投入資金，在資本支出和收購IMS產品線方面投資近1,700萬美元。

I will provide a summary of our strategy, followed by an operational update, then discuss our new Forest Service contract. Kyle will then walk through our financial results and recap our capital allocation in the quarter.

我將首先概述我們的策略，然後報告營運情況，最後討論我們新的林務局合約。接下來，Kyle 將詳細介紹我們的財務業績，並回顧本季的資本配置。

Starting on slide 3 with a summary of our strategy. Our goal is to fulfill our critical mission by providing our customers with high-quality products and exceptional service while delivering our investors private equity-like returns with the liquidity of the public market.

從第 3 張投影片開始，概述我們的策略。我們的目標是透過為客戶提供高品質的產品和卓越的服務來完成我們的關鍵使命，同時透過公開市場的流動性為投資者帶來類似私募股權的回報。

Our strategy is built on 3 key operational pillars. First, we own exceptional businesses. These are niche market leaders that play critical roles in solving complex customer problems, qualities that support high returns on invested capital, and durable earnings growth.

我們的策略建立在三大關鍵營運支柱之上。首先，我們擁有卓越的企業。這些是細分市場的領導者，在解決複雜的客戶問題方面發揮關鍵作用，這些特質支持高投資報酬率和持久的獲利成長。

Second, we rigorously apply our three operational value drivers to the businesses we own. We drive profitable new business. Achieve continual productivity improvements and provide increasing value to our customers which we share in through value-based pricing. And third, we operate our businesses in a highly decentralized manner, granting our business unit managers full operating autonomy paired with accountability to deliver results with a tightly aligned intensive structure for our managers to think and act like owners.

其次，我們將三大營運價值驅動因素嚴格應用於我們擁有的企業。我們推動獲利性新業務的發展。我們致力於不斷提高生產效率，為客戶創造更多價值，並透過基於價值的定價方式與客戶分享這些價值。第三，我們以高度分散的方式經營業務，賦予業務部門經理充分的營運自主權，同時要求他們承擔責任，以交付成果；同時，我們也建立了一個緊密協調的強化結構，使我們的經理能夠像主人翁一樣思考和行動。

We believe that our operational pillars will optimize our durable long-term free cash flow.

我們相信，我們的營運支柱將優化我們持久的長期自由現金流。

We then seek to maximize long-term per share equity value through a clear focus on the allocation of our capital as well as the management of our capital structure.

然後，我們透過明確關注資本配置和資本結構管理，力求實現長期每股股權價值最大化。

Turning now to our financial results on slide 4 and starting with fire safety.

現在就來看看第 4 頁的財務業績，先從消防安全說起。

Fire safety strong third quarter and year-to-date results were driven by 3 key factors.

消防安全業務第三季及年初至今的強勁業績主要得益於以下三個關鍵因素。

First is continued progress on our operational value drivers. We grow our sustainable earnings power through the rigorous implementation of our 3 valued drivers. This improvement is evident in our Q3 and year-to-date 2025 results.

首先是我們在營運價值驅動因素方面持續取得進展。我們透過嚴格執行三大核心驅動因素，不斷提升永續獲利能力。這項改善在我們2025年第三季和年初至今的業績中顯而易見。

Sales increased as we drove profitable new business and earned the right to share in the customer value creation across both retardants and suppressants.

隨著我們拓展獲利的新業務，並贏得分享阻燃劑和抑制劑客戶價值創造的權利，銷售也隨之成長。

Margins expanded as we improve the efficiency of our operations via productivity initiatives, excuse me.

抱歉，我剛才說錯了。我們透過提高生產力的措施來提升營運效率，從而擴大了利潤率。

And revenue and margins benefited from our increased operating investments and capital expenditures.

收入和利潤率受益於我們增加的營運投資和資本支出。

We expect the impact of our value drivers to compound over time and drive sustainable growth in our earnings power.

我們預計，隨著時間的推移，我們的價值驅動因素的影響將不斷累積，並推動我們獲利能力的可持續成長。

Looking across our products, our international retardants business and our suppressants business continued their momentum in the third quarter with particularly strong volume performance from our profitable new business initiatives and meaningful top and bottom-line impacts from our productivity and value pricing efforts.

從我們所有產品來看，我們的國際阻燃劑業務和抑制劑業務在第三季度繼續保持成長勢頭，這主要得益於我們盈利的新業務舉措帶來的強勁銷售表現，以及我們在提高生產力和價值定價方面的努力對營收和利潤產生的顯著影響。

Our US retardant business also saw contributions across all three operational value drivers, driving top and bottom line growth despite a relatively mild North America fire season.

儘管北美火災季節相對溫和，但我們的美國阻燃劑業務在所有三個營運價值驅動因素方面也取得了貢獻，推動了收入和利潤的成長。

The second driver of our financial results are the structural changes we've made towards greater consistency and predictability in our retardants business with reduced dependence on the severity of the North America fire season.

推動我們財務表現的第二個因素是我們對阻燃劑業務進行的結構性改革，以提高其一致性和可預測性，並減少對北美火災季節嚴重程度的依賴。

We renewed substantially all of our key retardant contracts over the past 2 years, and in doing so, prioritized contractual adjustments to drive greater consistency and predictability in our business and financial results. These adjustments were well received by our customers who, like us, benefit from greater consistency and predictability.

在過去的兩年裡，我們續簽了幾乎所有重要的阻燃劑合同，並在此過程中優先考慮合約調整，以推動業務和財務業績的更大一致性和可預測性。這些調整受到了客戶的好評，他們和我們一樣，都受益於更高的穩定性和可預測性。

While the correlation of our fire safety results with the North America fire season is not eliminated, we believe it is notably reduced relative to history, as is evident in our 2025 financial results.

雖然我們的消防安全結果與北美火災季節的相關性並未完全消除，但我們認為與歷史相比，這種相關性已顯著降低，這在我們的 2025 年財務業績中得到了體現。

The third driver of our 2025 results is a shift in our customers' approach to wildfire response.

影響我們 2025 年業績的第三個因素是客戶因應野火方式的轉變。

Our key US customers adopted a more proactive approach to wildfire management this year, which we believe contributed meaningfully to lower acres burned and to significant associated cost savings.

今年，我們主要的美國客戶採取了更積極主動的野火管理方法，我們相信這為減少過火面積和顯著節省相關成本做出了重要貢獻。

With support from Secretary Brooke Rawlings of the Department of Agriculture and Secretary Doug Burgum of the Department of Interior, Tom Schultz, chief of the US Forest Service, issued a wildfire letter of intent in May which directed the Forest Service to suppress fires as swiftly as possible and to focus on safe, aggressive initial attack. This directive from Chief Schultz through greater mobilization of resources, including aerial resources deploying retardant to quickly attack nascent fires. By quickly getting retardant on fires, agencies were able to limit their spread and mitigate the devastation they cause in our communities.

在農業部長布魯克·羅林斯和內政部長道格·伯古姆的支持下，美國林務局局長湯姆·舒爾茨於 5 月發布了一份野火意向書，指示林務局盡快撲滅火災，並集中精力進行安全、積極的初期撲救。舒爾茨局長指示，要加大資源調動力度，包括調動空中資源，投放阻燃劑，迅速撲滅新燃起的火災。透過迅速使用阻燃劑撲滅火災，各機構能夠限制火勢蔓延，減輕火災對我們社區造成的破壞。

This more aggressive initial attack posture helped limit acres burn, despite the increase in fire starts while driving meaningful use of retardant.

這種更積極的初期攻擊姿態有助於限制過火面積，儘管火災發生次數增加，但同時也促使阻燃劑得到有效利用。

The actions taken this year by Secretary Rawlings, Secretary Burgum, and Chief Schultz, and the men and women of our agency partners undoubtedly saved lives, property, and our environment. As always, Perimeter is proud to play a part in our customers' success.

今年，羅林斯部長、伯格姆部長、舒爾茨局長以及我們機構合作夥伴的男女工作人員所採取的行動無疑挽救了生命、財產和環境。一如既往，Perimeter 為能夠幫助客戶取得成功而感到自豪。

Moving on from this year's operational developments and looking to the future.

回顧今年的營運發展，展望未來。

We were pleased to have signed a new contract with the US Forest Service during the third quarter. This contract, amongst the most significant in our company's history, builds on the perimeter 60-year legacy of working with the Forest Service to protect lives, property, and the environment.

我們很高興在第三季與美國林務局簽訂了一份新合約。這份合約是我們公司歷史上最重要的合約之一，它建立在我們與林務局合作保護生命、財產和環境的 60 年傳統之上。

By combining our customers' unwavering commitment to the mission with the best of private sector efficiency, this contract delivers a win-win outcome by first, delivering substantial savings to the US taxpayer.

透過將客戶對使命的堅定承諾與私營部門的最佳效率相結合，該合約實現了雙贏的結果，首先為美國納稅人節省了大量資金。

Second, driving perimeter continued financial momentum.

其次，推動週邊地區持續維持財務動能。

And third, enhancing our national wildfire preparedness and response capability.

第三，提高我國野火防備與應變能力。

A key element of the contract is the savings it provides to the Department of Agriculture, the Department of the Interior, the US Forest Service, and ultimately the American taxpayer. The contract lowers the price of retardant in its first year and delivers additional savings by expanding the services perimeter can efficiently deliver over the contract's 5-year term.

該合約的關鍵要素是為農業部、內政部、美國林務局以及最終為美國納稅人節省開支。該合約在第一年降低了阻燃劑的價格，並透過擴大合約 5 年期限內可有效提供的服務範圍，實現了額外的節省。

One example of the contract's mutually beneficial outcome is the transition to our full service model.

該合約互惠互利的成果之一就是向我們的全方位服務模式的過渡。

Substantially all federal bulk bases which we serve with product will transition to our full-service model which we serve with our comprehensive solution spanning product, service, staffing, equipment, and maintenance.

我們為之提供產品的所有聯邦散裝基地將基本過渡到我們的全方位服務模式，我們將以涵蓋產品、服務、人員配備、設備和維護的綜合解決方案來服務這些基地。

We capture meaningful operating efficiencies by incorporating these bulk bases into our full-service network and simultaneously drive savings to the customer as well as profitable new revenue streams and incremental productivity opportunities to perimeter.

我們透過將這些大宗基地納入我們的全方位服務網絡，實現了有意義的營運效率提升，同時為客戶節省了成本，並為週邊地區帶來了盈利的新收入來源和增量生產力機會。

In a similar win-win, federal bases are transitioning from a mix of liquid and powder products to an all powder footprint. Our powder product is lower priced and more efficient to handle than our liquid product, which drives direct customer savings. Simultaneously, powder conversion enhances our profitability through a lower cost and complexity manufacturing, distribution, and logistics footprint.

同樣，聯邦基地也在實現雙贏，從液態和粉狀產品混合使用過渡到全部使用粉末狀產品。我們的粉末產品價格更低，使用效率更高，比我們的液體產品更省錢，從而直接為客戶節省開支。同時，粉末轉化透過降低製造、分銷和物流的成本和複雜性，提高了我們的獲利能力。

Finally, This new contract enhances national wildfire preparedness and response.

最後，這份新合約加強了國家野火防範和應對能力。

The contract unprecedented five-year term allows perimeter and the Forest Service to jointly plan and invest behind meaningful multi-year initiatives such as the oil powder product conversion.

該合約史無前例地延長了五年，使 Perimeter 和林務局能夠共同規劃和投資於有意義的多年計劃，例如油粉產品轉換。

To safeguard future air tanker fleet up time and reliability.

為了保障未來空中加油機隊的正常運作時間和可靠性。

Perimeter has also committed to aiding the Forest Service on the development of retarded testing standards that ensure all retardant products match perimeter safety standards developed over the past 60 years, and building off of the supply chain resiliency advanced by our new Sacramento facility. Perimeter is working to build that same continuity further up the supply chain by enabling more domestic supply of raw materials.

Perimeter 也承諾協助美國林務局製定阻燃測試標準，以確保所有阻燃產品均符合 Perimeter 在過去 60 年中製定的安全標準，並依託我們位於薩克拉門託的新工廠所提升的供應鏈韌性。Perimeter 致力於在供應鏈上游建立同樣的連續性，透過增加國內原材料供應來實現這一目標。

Together these features deliver the safest, most resilient, and best performing retardant solution our nation has ever had.

這些特性結合起來，為我們國家提供了有史以來最安全、最耐用、性能最佳的阻燃解決方案。

We'd like to acknowledge and thank our agency customers for the collaborative engagement on this landmark contract. We look forward to continuing our successful 60+ year collaboration over the next 5 years and beyond.

我們謹此感謝各代理客戶在此次具有里程碑意義的合約簽訂過程中給予的合作與支持。我們期待在未來5年及更長的時間裡，繼續保持我們60多年來成功的合作關係。

Switching now to our specialty product segment.

現在切換到我們的特色產品板塊。

During the third quarter, the significant operational and safety events that have plagued our Sarge, Illinois plant since One Rock Partners purchased the Flexus assets in 2021, not only continued but escalated.

第三季度，自 One Rock Partners 於 2021 年收購 Flexus 資產以來一直困擾我們位於伊利諾伊州薩奇的工廠的重大營運和安全事件不僅繼續發生，而且還升級了。

There was once again a substantial amount of unplanned downtime, which significantly impacted specialty products financial results in the third quarter.

第三季再次出現大量非計畫性停機時間，對特種產品財務表現造成了重大影響。

While that was disappointing, significant safety events during the third quarter are of greater concern.

雖然這令人失望，但第三季發生的重大安全事件更令人擔憂。

These events demonstrate the urgent need to get these assets out of Flexus's control as soon as possible for the safety of workers at the plant.

這些事件表明，為了工廠工人的安全，迫切需要盡快將這些資產從 Flexus 的控制之下轉移出去。

Unfortunately, Flexus and their parent One Rock continue to fight our efforts to take operational control of the plant, despite their clear contractual obligation to do so.

不幸的是，儘管Flexus及其母公司One Rock有明確的合約義務，但他們仍然阻撓我們取得該工廠的營運控制權。

Recently, Flexus made a bad faith proposal that we lease the land under the plant for more than 10 to 20 times the cost to purchase identically zoned and similarly configured and resourced land in the same general vicinity.

最近，Flexus 惡意提出租賃工廠用地，租賃價格是購買附近相同區域、相同規劃用途、類似配置和資源的土地價格的 10 到 20 倍以上。

We will not capitulate to these tactics. We will continue to doggedly pursue our rights under the contract in court as our previously disclosed litigation progresses.

我們絕不會向這些伎倆屈服。我們將繼續在法庭上堅定不移地維護我們在合約下的權利，正如我們先前披露的訴訟所顯示的那樣。

We know that it may take an extended period before there is a resolution, and we caution our investors to expect a continued financial impact until this issue is resolved.

我們知道，這個問題可能需要很長時間才能解決，我們提醒投資者，在問題解決之前，財務狀況將持續受到影響。

Regardless, we remain fully committed to taking over the plant, no matter how long it takes or how difficult the path is. We are doing this not only for the benefit of our shareholders, customers, and the community where we operate, but also for the safety of the employees at the plant.

無論如何，我們仍將全力以赴接管該工廠，無論需要多長時間，無論道路多麼艱難。我們這樣做不僅是為了我們的股東、客戶和我們經營所在社區的利益，也是為了工廠員工的安全。

We are confident that we will eventually operate the plant and consistently and safely produce the highest quality products.

我們有信心最終能夠運作好這家工廠，並持續、安全地生產出最高品質的產品。

Lastly, IMS the business continues to perform well, and we again acquired new product lines during the thrd quarter. Our IMS acquisition team remains active, and we expect to continue to drive IMS's profitability through enhancing our operating value drivers on both existing and newly acquired product lines.

最後，IMS業務持續表現良好，我們在第三季再次收購了新的產品線。我們的 IMS 收購團隊依然活躍，我們期待透過提升現有和新收購產品線的營運價值驅動因素，持續推動 IMS 的獲利能力。

With that, I'll turn the call over to Kyle for a more detailed review of our financials, earnings power, and capital allocation in the corner.

接下來，我將把電話交給凱爾，讓他更詳細地回顧我們的財務狀況、獲利能力和資本配置。

Thanks, Haitham. I'll begin on slide 8, where growth figures shown are versus the prior year comparable period.

謝謝你，海瑟姆。我將從第 8 張投影片開始，其中顯示的成長數據是與去年同期相比的。

Starting with fire safety, revenue for the quarter came in at $273.4 billion reflecting the 9% year over year improvement and $430.8 million year-to-date, a 15% gain.

先來看消防安全業務，該季度營收為 2,734 億美元，年增 9%；今年迄今的營收為 4.308 億美元，成長 15%。

The segments adjusted event for the quarter was $177.2 million representing a 13% increase over last year and $265 million a year-to-date, marking a 24% gain.

經分部調整後，本季事件營收為 1.772 億美元，比去年同期成長 13%；今年迄今，事件營收為 2.65 億美元，成長 24%。

Our operational value drivers were the primary driver of the year over year increase, with strong performance across our various products and geographies.

我們的營運價值驅動因素是年成長的主要驅動因素，我們在各個產品和地區都取得了強勁的業績。

He suppressive team was successfully expanding sales, booking new volume wins at attractive pricing, with overall suppressive revenue increasing $12.4 million from the prior year quarter.

他的抑制團隊成功地擴大了銷售，以有吸引力的價格贏得了新的銷量，抑制團隊的總收入比去年同期增加了 1240 萬美元。

We continue to make excellent progress and we need airport conversions to our newest products while building a base of replacement volumes sold into the installed base.

我們持續取得優異的進展，我們需要機場將我們的產品更換為我們的最新產品，同時建立向已安裝產品銷售的替換量基礎。

Meanwhile, our retarded products were strong in our markets outside North America, growing sales $5.5 billion from the previous year.

同時，我們的緩釋產品在北美以外的市場表現強勁，銷售額比前一年增長了 55 億美元。

Historically larger markets such as Australia and France had robust performance, while our team made progress on expanding into more decent markets such as Italy, where the team focused on new applications for retarded products deployed along rail lines.

歷史上規模較大的市場，如澳洲和法國，表現強勁；同時，我們的團隊在拓展到義大利等更不錯的市場方面取得了進展，在義大利，團隊專注於沿鐵路部署的減速產品的新應用。

In the US, our retarded revenue grew modestly despite the pronounced decline in US acresburg.

在美國，儘管美國農業部（Acresburg）的產量大幅下降，但我們的滯後收入仍實現了小幅成長。

We saw a strong performance across all three OVDs in our retarded business, driving new business as we extend our footprint to new bases and faster loading equipment, productivity across a variety of sources and logistics areas, and value-based pricing where we've earned the right to share the value we create for our customers.

在我們的滯後業務中，所有三個OVD都表現出色，隨著我們將業務拓展到新的基地和更快的裝載設備，推動了新業務的發展，提高了各種來源和物流領域的生產力，並實現了基於價值的定價，因為我們贏得了與客戶分享我們創造的價值的權利。

As Haitam noted, we work to decouple our revenue from fire activity as we renewed contracts. We have purposely shifted sales toward fixed services revenue and proportionately away from variable product revenue. The net effect is to make our revenue less sensitive to volume movements, as was historically the case, thereby improving the quality of our revenue base and contributing to Q3 strong performance.

正如海坦所指出的，我們在續約時努力使我們的收入與火災活動脫鉤。我們已刻意將銷售重心轉向固定服務收入，並相應減少可變產品收入。最終結果是，我們的營收對銷售波動的敏感度降低了，這與以往的情況不同，從而提高了我們收入基礎的質量，並促成了第三季強勁的業績。

Finally, the increasingly aggressive initial attack strategy employed this year by our customers, coupled with an even distribution of acres over time and geography, almost fully offset the decline in volumes from fewer acres burned.

最後，今年我們的客戶採取了越來越積極的初期攻擊策略，加上在時間和地理上均勻分佈的面積，幾乎完全抵消了因燃燒面積減少而導致的體積下降。

The resulting adjusted EBITDA growth demonstrates how the many levers of growth across the business, along with improved contract structures, could effectively reduce our sensitivity to acreage burns in any given year.

由此產生的調整後 EBITDA 成長表明，業務中的許多成長槓桿，以及改進的合約結構，可以有效地降低我們對任何特定年份土地燃燒的敏感度。

In our specialty products segment, Q3 net sales came in at $42.1 million representing 15% growth from the prior year quarter. This performance reflects a $10.8 million dollar contribution from IMS acquisitions, which was offset by a $5.3 million dollar decrease from the base business.

在我們的特種產品部門，第三季淨銷售額為 4,210 萬美元，比上年同期成長 15%。這項業績反映了IMS收購帶來的1,080萬美元的貢獻，但卻被基礎業務530萬美元的減少所抵銷。

Year-to-date net sales reached $119.3 million up 20%, driven by a $27.7 million dollar.

今年迄今的淨銷售額達到 1.193 億美元，成長 20%，其中 2,770 萬美元的成長推動了這一成長。

From IMS acquisitions, partially offset by a $7.6 million dollar decline attributable to ongoing unplanned downtime at the Flexus operated Say plant.

IMS 收購帶來的收益部分被 Flexus 營運的 Say 廠持續的非計畫停機造成的 760 萬美元的損失所抵銷。

Specialty products Q3 Justin EBITDA fell to $9.1 million compared to $12.9 million in the prior year quarter and slightly declined year-to-date, down to $30.8 million compared to $34.5 million.

特產產品第三季 Justin 的 EBITDA 降至 910 萬美元，而去年同期為 1,290 萬美元；年初至今的 EBITDA 也略有下降，降至 3,080 萬美元，而去年同期為 3,450 萬美元。

Q3's operational challenges are a continuation of the issues initially discussed in Q1, and the ongoing downtime contributed to lower sales and higher costs in the business, and dampened adjusted EBITDA.

第三季的營運挑戰是第一季最初討論的問題的延續，持續的停機時間導致業務銷售額下降、成本上升，並抑制了調整後的 EBITDA。

While it's impossible to predict the plant's performance under Flexus and their parent onero's control, we anticipate a continued drag from operational issues until we assume operational control of the plant.

雖然無法預測 Flexus 及其母公司 onero 控制下的工廠的業績，但我們預計，在我們接管工廠的營運控制權之前，營運問題將持續拖累工廠的業績。

Our IMS business continues to progress well, with 4 product lines acquired year-to-date. The business continues to outperform our expectations from the time of the initial deal, and the add-on product line acquisition process has already shown to be effective at converting its pipeline into closed transactions.

我們的IMS業務持續穩定發展，今年迄今已收購了4條產品線。自最初達成交易以來，該業務持續超出我們的預期，附加產品線收購流程已證明能夠有效地將潛在客戶轉化為已完成的交易。

We expect to implement our operational value drivers to drive adjusted EBITDA on existing product lines, as well as continue to expand into new product lines via M&A.

我們期望透過實施我們的營運價值驅動因素來推動現有產品線的調整後 EBITDA，並繼續透過併購拓展新產品線。

Viewing the segments together, consolidated third quarter sales grew 9% to $315.4 million while adjusted EBITDA also approved 9% to $186.3 million.

從各業務部門來看，第三季合併銷售額成長9%至3.154億美元，調整後EBITDA也成長9%至1.863億美元。

Year-to-date, consolidated sales reached $550.1 million up 16%, and adjusted EBITDA rose 20% to $295.7 million.

今年迄今，合併銷售額達 5.501 億美元，成長 16%；調整後 EBITDA 成長 20%，達到 2.957 億美元。

Finally, bringing our adjusted EBITDA down to EPS for Q3 2025, our GAAP loss per share was 62 sets versus GAAP loss per share of 61 sets in the prior year quarter.

最後，將我們調整後的 EBITDA 折算為 2025 年第三季的每股盈餘，我們以 GAAP 計算的每股虧損為 62 套，而去年同期以 GAAP 計算的每股虧損為 61 套。

Q3 2025 adjust the EPS was $0.82 compared to $0.75 in Q3 2024.

2025 年第三季調整後每股收益為 0.82 美元，而 2024 年第三季為 0.75 美元。

On a year-to-date basis, GAAP loss per share was $0.45 compared to a GAAP loss per share of $1.03 for the same period last year.

今年迄今為止，以美國通用會計準則計算，每股虧損為 0.45 美元，而去年同期以美國通用會計準則計算，每股虧損為 1.03 美元。

Year-to-date, adjusted EPS was $1.24 as compared to $0.99 for the same period in the previous year.

今年迄今為止，調整後每股收益為 1.24 美元，而去年同期為 0.99 美元。

Turning to our long-term assumptions as shown on slide 9, our assumptions are unchanged from Q2 and with normally quarterly variation, Q3 is consistent with those expectations.

如投影片 9 所示，我們的長期假設與第二季相同，且隨著季度波動，第三季與這些預期一致。

Q3 interest expense was $9.9 million of taxable depreciation, amortization, and other tax deductions total $5.8 million.

第三季利息支出為 990 萬美元，應稅折舊、攤提和其他稅收扣除總額為 580 萬美元。

Cash paid for income tax was $15.4 million in Q3 as compared to $27 million in the prior year quarter.

第三季支付的所得稅現金為 1,540 萬美元，而去年同期為 2,700 萬美元。

Here I'll note that the variation in taxes is typically timing related in any given quarter, and our full year tax expectation is unchanged.

這裡我要指出的是，稅收的變化通常與任何特定季度的具體時間有關，我們全年的稅收預期保持不變。

Capital expenditures for the quarter were $5 million.

本季資本支出為500萬美元。

Our working capital needs fluctuate seasonally and Q3's working capital levels and the associated source of cash are consistent with our expectations given the level of activity in Q3.

我們的營運資金需求會隨季節波動，第三季的營運資金水準和相關現金來源與第三季的業務活動水準相符，符合我們的預期。

Our year-end networking capital outlook is unchanged.

我們對年末人脈資本的展望保持不變。

We ended the quarter with about 147.9 million basic shares outstanding.

本季末，我們約有 1.479 億股普通股流通在外。

We define free cash flow as cash flow from operations plus capital expenditures. In total, we had free cash flow in Q3 of $193.6 million and free cash flow of $197 million for the nine months ended September 30, 2025.

我們將自由現金流定義為經營活動產生的現金流量加上資本支出。第三季度，我們的自由現金流總計為 1.936 億美元；截至 2025 年 9 月 30 日的九個月，我們的自由現金流總計為 1.97 億美元。

2025's cash flow generation seasonality is in line with our expectations and consistent with history, where we invest significantly in working capital in the first half of the year in preparation for the fire season and convert those investments into cash in the second half.

2025 年的現金流季節性與我們的預期相符，也與歷史一致，即我們在上半年對營運資金進行大量投資，為火災季節做準備，並在下半年將這些投資轉化為現金。

Our full year adjusted EBITDA cash generation conversion is consistent with the assumptions shown on this slide, aside from potential cash tax timing differences.

除了可能存在的現金稅收時間差異外，我們全年的調整後 EBITDA 現金產生轉換率與本投影片所示的假設一致。

Finally, I will reiterate that we expect our business to remain well insulated from policy and economic shifts.

最後，我重申，我們預計我們的業務將很好地免受政策和經濟變化的影響。

Trade policy effects are tracking at or below our initial expectations, amounting to less than 2% of consolidated adjusted EBITDA.

貿易政策的影響符合或低於我們最初的預期，佔合併調整後 EBITDA 的不到 2%。

At the same time, our business is seeing minimal government funding disruption since it's tied to a central federal emergency response initiatives. And more broadly, our portfolio continues to show resilience against economic conditions, given the non-discretionary nature of most of our products.

同時，由於我們的業務與聯邦政府的緊急應變計畫掛鉤，因此受到的政府資金幹擾極小。更廣泛地說，鑑於我們大多數產品都是非必需品，我們的產品組合繼續展現出對經濟狀況的韌性。

Turning from operations to capital allocation, we invested nearly $17 million of capital in the quarter, the returns on which we expect will exceed our minimum targeted equity returns of 15%.

從營運轉向資本配置，我們本季投資了近 1700 萬美元的資本，我們預計其回報將超過我們 15% 的最低目標股權回報率。

We continue to reinvest in our business organically, with $5 million Dollar to capital expenditures in the quarter. The majority of these capital expenditures supported our growth and productivity initiatives. Our pipeline of projects continues to build and is an important element supporting our long-term organic adjusted EBITDA growth trajectory.

我們將繼續對業務進行有機再投資，本季資本支出為 500 萬美元。這些資本支出大部分用於支持我們的成長和生產力提升計劃。我們的專案儲備不斷增加，這是支撐我們長期有機調整後 EBITDA 成長軌跡的重要因素。

Moving to M&A, as discussed previously, we invested $12 million in Q3 to acquire product lines for IMS, consistent with IMS's original investment thesis.

談到併購，正如之前討論的那樣，我們在第三季度投資了 1,200 萬美元收購 IMS 的產品線，這與 IMS 最初的投資理念一致。

The acquired product lines are being integrated into our manufacturing footprint, and our team is working to implement our operational value driver strategy.

收購的產品線正在整合到我們的生產佈局中，我們的團隊正在努力實施我們的營運價值驅動策略。

IMS product line acquisitions will continue to be an important avenue to deploy capital at attractive IRRs, and we believe we can deploy tens of millions of dollars of capital into IMS product line acquisitions annually for many years to come.

IMS產品線收購將繼續是實現具有吸引力的內部收益率 (IRR) 的重要資本部署途徑，我們相信在未來很多年裡，我們每年可以向IMS產品線收購投入數千萬美元的資本。

Our M&A capacity far exceeds what we expect to allocate to IMS, and we are actively evaluating larger M&A targets.

我們的併購能力遠遠超過我們預期分配給IMS的併購能力，我們正在積極評估更大的併購目標。

As Haitham outlined at the beginning of the call, our plan is to own a portfolio of high-quality businesses where our operational value drivers drive meaningful post-acquisition improvement in financial performance, as has occurred at Perimeter's portfolio businesses over the past few years.

正如海瑟姆在電話會議開始時所概述的那樣，我們的計劃是擁有一系列高品質企業，我們的營運價值驅動因素能夠推動收購後財務業績的顯著改善，就像 Perimeter 旗下企業在過去幾年中所取得的成就一樣。

Our portfolio is not industry specific, but rather strategy specific.

我們的投資組合並非針對特定產業，而是針對特定策略。

Business quality and the applicability of our operational value drivers are what tie our portfolio together.

業務品質和我們營運價值驅動因素的適用性將我們的投資組合連結在一起。

Having a chemical, fire, or safety aspect of the business does not make a business a potentially good fit for a perimeter, and we expect future deals will come from new subverticals within the broad industrial space.

業務涉及化學品、消防或安全方面並不意味著該業務就適合設立圍欄，我們預期未來的交易將來自廣大工業領域的新興細分市場。

Let me reiterate the strategic characteristics of the businesses we expect to add to our portfolio.

讓我重申一下我們預期納入投資組合的企業的策略特徵。

Our first and most important characteristic is that the business produces a small but essential component of a larger solution.

我們的第一個也是最重要的特點是，我們生產的是更大解決方案中雖小但至關重要的組成部分。

We begin by evaluating whether that broader solution addresses a critical complex problem for customers.

我們首先評估該更廣泛的解決方案是否能解決客戶面臨的關鍵複雜問題。

We further assess whether the target serves a narrow need within that broader solution, creating the niche market.

我們進一步評估目標是否滿足了更廣泛的解決方案中的特定需求，從而創造了利基市場。

Lastly, we confirm that no alternative offers comparable value to the customer.

最後，我們確認沒有其他替代方案能為客戶提供同等的價值。

Together, these qualities align with our value creation strategy, solve customers' most important challenges better than anyone else, while sustainably sharing the value created between our business and our customers.

這些特質與我們的價值創造策略相契合，能夠比任何人都更好地解決客戶面臨的最重要挑戰，同時可持續地分享我們企業與客戶之間創造的價值。

This allows us to drive profitable new business, seek out efficiencies that drive productivity, and earn the right to share and value creation through value-based pricing.

這使我們能夠推動盈利的新業務，尋求提高生產力的效率，並透過基於價值的定價贏得分享和創造價值的權利。

In addition to the primary criterion of shared value creation, we prefer companies with recurring revenue, secular growth, high free cash flow generation, and correspondingly high returns on capital, and the potential for add-on M&A.

除了共享價值創造這一主要標準外，我們還更傾向於那些具有經常性收入、長期成長、高自由現金流產生能力以及相應高資本回報率，並且有潛力進行附加併購的公司。

Successful M&A at perimeter demands finding targets for these characteristics, confirming the applicability of our operational value driver strategy and diligence in closing the transaction.

成功的周邊併購需要找到符合這些特徵的目標，以驗證我們營運價值驅動策略的適用性，並在交易完成過程中進行盡職調查。

Then the real work begins as we work to implement our operational value drivers and strive to replicate the same success we've seen in the businesses we acquired 4 years ago.

接下來，真正的工作才剛開始，我們將努力落實我們的營運價值驅動因素，並力求複製我們在 4 年前收購的企業中所取得的成功。

Our team is actively working to source in diligence to new targets that meet these criteria, and we're committed to expanding via M&A is a key part of a long-term value creation strategy.

我們的團隊正在積極努力尋找符合這些標準的新目標，並致力於透過併購進行擴張，這是長期價值創造策略的關鍵部分。

Turning to slide 11, the second half of our capital strategy is to maintain moderate leverage that amplifies equity returns. Here, we benefit from a favorable debt structure, a single series of fixed rate notes at 5%, maturing in the fourth quarter of 2029 with no financial maintenance covenants.

翻到第 11 張投影片，我們資本策略的後半部是保持適度的槓桿，以放大股權回報。在此，我們受益於有利的債務結構，即一系列固定利率為 5% 的票據，將於 2029 年第四季到期，且沒有財務維持契約。

As of Q3, we were levered one time net debt to LTM adjusted EBITDA, driven by $675 million of gross debt, $340.6 million in cash, and nearly $329 million of LTM adjusted EBITDA.

截至第三季度，我們的一次性淨債務與過去 12 個月調整後的 EBITDA 比率為 6.75 億美元總債務、3.406 億美元現金和近 3.29 億美元的過去 12 個月調整後的 EBITDA。

We also have substantial liquidity, with an undrawn $100 million dollar revolver as a quarter end in addition to our cash.

此外，我們還有充足的流動資金，季度末還有1億美元的未提取循環信貸額度，此外還有現金。

Before we wrap up, I will share that the company plans to participate in Baird's industrial conference in November, where we will webcast our presentation for the benefit of our shareholders.

在結束之前，我想分享一下，公司計劃參加貝爾德公司於 11 月舉辦的工業會議，屆時我們將進行網路直播，以便我們的股東能夠從中受益。

To conclude, our purpose as the company is to fulfill our mission and drive shareholder value.

總之，我們公司的宗旨是完成我們的使命並提升股東價值。

The US Forest Service's decision to extend its trusted perimeter for another 5 years stands as a testament to our colleagues' unwavering commitment to fulfilling our mission.

美國林務局決定將其值得信賴的警戒線再延長 5 年，證明了我們的同事對完成使命的堅定承諾。

Simultaneously, our increased earnings power in Q3 stems from our disciplined execution of our operational operational value drivers combined with continued to prove it in our contracts, which combined to generate enough improvement to more than offset the headwind from a milder fighter season.

同時，我們第三季獲利能力的提升源於我們對營運價值驅動因素的嚴格執行，以及在合約中持續證明這一點，這兩者結合起來產生了足夠的改善，足以抵消戰鬥機賽季較為溫和帶來的不利影響。

We're deeply proud of how our team continues to embrace both our vision and the mandate to drive value with enthusiasm, discipline, and pride, and we look forward to building on this momentum in the quarters ahead. With that, I'll hand the call back to the operator for Q&A.

我們為團隊能夠繼續秉持我們的願景和使命，以熱情、自律和自豪感創造價值而深感自豪，我們期待在接下來的幾個季度繼續保持這種勢頭。這樣，我就把電話轉回接線生進行問答環節。

Thank you, ladies and gentlemen, we will now begin the question-and-answer session.

各位女士、先生，謝謝，現在我們將開始問答環節。

(Operator Instructions)

（操作說明）

Josh Spector, UBS. Please go ahead.

瑞銀集團的 Josh Spector。請繼續。

Hey, good morning, guys, and congrats on a strong result. So, what I wanted to try to ask first was really what do you think is the normal, I guess, earnings power within the fire safety segment overall. So, understanding kind of the more aggressive tactics hold more gallons into a weaker fire season.

嘿，各位早安，祝賀你們取得好成績。所以，我首先想問的是，您認為消防安全領域整體的正常獲利能力如何？因此，了解更積極的策略有助於在火災風險較低的季節儲存更多的水。

If we think next year would be normal, which would maybe be a 30% to 40% increase in acres burned.

如果我們認為明年情況正常，那麼過火面積可能會增加 30% 到 40%。

Would you have any increase in your gallons as you go to that level, or are you tapped out in terms of capacity?

達到那個等級後，你的加侖數會增加嗎？還是說你的容量已經達到極限了？

Josh, it's Kyle, thanks for the question. I think there's 2 in there, so let me take them one at a time.

喬什，我是凱爾，謝謝你的提問。我想裡面應該要有兩個，那我一個一個拿來。

When we think about the earnings power of the fire safety business, this year is pretty indicative of what the earnings power should be in more or less a normalized environment.

當我們考慮消防安全產業的獲利能力時，今年的情況相當能反映出在相對正常的環境下，該產業的獲利能力應該達到什麼水準。

That's the that's the first piece that puts and takes to that as you as you've highlighted.

這是你強調的第一部分，它既包含又包含了這一點。

Our minds I had a headwind obviously from the acre side that was, as we said in the script, almost entirely offset by this more increasingly aggressive tactics.

顯然，我們這邊遇到了來自農場方向的逆風，正如我們在劇本中所說，這種逆風幾乎完全被這種越來越激進的策略所抵消。

As we translate to next year and think about the second half of your question, we would get an additional benefit if, acres were to rebound from this year's levels. But with two caveats. One, that that acres benefit wouldn't be as strong as it otherwise would have been because of the initial attack posture. And two, we don't know exactly what that posture will look like last year. It was very highly successful this year, and we hope that we see a continuation of that trend, but we just obviously don't know what that's going to look like quite yet.

當我們展望明年並思考您問題的後半部分時，如果耕地面積能夠從今年的水平反彈，我們將獲得額外的好處。但有兩點要注意。第一，由於最初的攻擊姿態，這片土地的收益不會像原本那麼顯著。第二，我們並不清楚去年的姿態會是什麼樣子。今年取得了巨大的成功，我們希望這種趨勢能持續下去，但顯然我們還不知道未來會是什麼樣子。

Yeah, I guess I mean related to that is, I mean, did you benefit in terms of the amount that you were able to load because of maybe a more dispersed and less chaotic fire season in that if we have more unplanned fires it becomes harder, or has your ability to load increased enough where again if the activity is maybe slightly more unpredictable, you could load similar to more gallons.

是的，我想說的是，與此相關的是，我的意思是，由於火災季節更加分散、混亂程度較低，你們的裝載量是否有所增加？因為如果發生更多計劃外的火災，情況就會變得更加困難。或者說，你們的裝載能力是否已經提高到足以在火災活動略微難以預測的情況下裝載更多加侖的燃料？

You're hitting on exactly the right factors here, Josh, disaggregating them itself. So yes, we definitely benefited from a more even dispersion of acres burned across both geography and timing. There was less, large fires concentrated in a very tight band where our resources were were fully utilized.

喬希，你抓住了所有關鍵因素，並將它們一一分解。所以，是的，我們確實受益於燒毀面積在地理和時間上的更均勻分佈。火災數量較少，但大火集中在一個非常狹窄的區域內，我們的資源在那裡得到了充分利用。

That said, there is a benefit coming from both the growth in the air tanker fleet, which obviously comes from the agencies and our partners in the air tanker community, as well as our own ability to load more retardants out of our bases. So there's a tailwind from that fact disaggregating those out and and to be able to quantify them for you is is pretty is pretty difficult to do just because they all interact with each other.

也就是說，空中加油機機隊的成長帶來了好處，這顯然得益於各機構和我們在空中加油機領域的合作夥伴，以及我們自身從基地裝載更多阻燃劑的能力。因此，將這些數據分解出來會帶來一些有利因素，但要量化這些數據是非常困難的，因為它們彼此之間都有交互作用。

But Josh, to be clear, we were not tapped out on capacity this year and wouldn't expect to be tapped out on capacity in a in a stronger fire season.

但喬希，需要澄清的是，我們今年的能力還沒有達到極限，即使在火災更嚴重的季節，我們也不認為能力會達到極限。

That makes sense. If I could ask just one more broad one, just, on the new USDA framework that you have for next year. I don't know if you can give a little bit more framing on on two components of it is to, I guess first between the price down and services up, how do you think about the net impact to your earnings potential 26 versus 25. And then second with that in terms of a split between services which would maybe be more of a fixed fee versus a $1 per gallon type charge, how is that transitioned in this contract and that does the makeup look materially different in 26 on versus what it's looked like over the last few years?

這很有道理。如果我能再問一個比較廣泛的問題，那就是關於你們明年新的美國農業部框架。我不知道您能否就其中的兩個組成部分再多做一些闡述，我想首先是價格下降和服務上升，您認為這對您的盈利潛力（26 比 25）的淨影響是什麼？其次，關於服務之間的分配，可能是固定費用而不是每加侖 1 美元的收費方式，這種分配方式在本合約中是如何過渡的？從 26 年開始，這種分配方式與過去幾年相比，實質上是否有所不同？

On the first part, Josh, we expect to grow our various financial metrics, certainly EBITDA in our North America fire business in a like for like acre season in 26 inclusive of this contract as I mentioned in the prepared remarks, this contract continues our positive financial momentum. As far as your second part of the question.

喬希，關於第一部分，我們預計各項財務指標將有所增長，尤其是在北美消防業務方面，在2026年（包括這份合約在內）的同等面積作業季中，EBITDA肯定會有所增長。正如我在準備好的演講稿中提到的，這份合約延續了我們積極的財務動能。至於你問題的第二部分。

This contract further moves our business towards consistency, predictability, and stability by increasing the proportion of revenue that comes from services and other fixed components and due to the year one price cut decreases the proportion that comes from pure gallons.

該合約透過增加服務和其他固定組成部分的收入比例，進一步推動我們的業務走向一致性、可預測性和穩定性；同時，由於第一年的價格下調，純加侖的收入比例有所下降。

Okay thanks I'll pass it on.

好的，謝謝，我會轉達的。

Thank you. Dan Kutz, Morgan Stanley Investment managers, please go ahead.

謝謝。摩根士丹利投資經理丹·庫茨，請開始吧。

Hey, thanks a lot. Good morning and congrats on the results.

嘿，非常感謝。早安，恭喜你取得好成績。

So I wanted to talk about a, another, kind of government update that we got, a month and a half ago, and that was around, the plans to form the US Wildland Fire Service which would effectively Combined the USDA's, for service, and then all of the DOI wildfire agencies just wondering, I know it's early stages, but just any initial thoughts on the implications of this, I guess merger for lack of a better term, and two customers that I think just based on [acrestern] data they each kind of.

所以我想談談一個半月前我們收到的另一份政府最新消息，內容是關於組建美國野地消防局的計劃，該機構將有效地合併美國農業部（USDA）的野地消防局和內政部（DOI）的所有野火機構。我知道現在還處於早期階段，但我想聽聽大家對這次合併（暫且這麼稱呼吧）的影響有什麼初步想法，以及根據[acrestern]的數據，這兩個客戶各自的情況。

Represent a third of the lower 48 market, so those two organizations coming together would love any thoughts on potential for the bottlenecking and, maybe more resources or efficiency which could lead to more robust firefighting efforts and increased retardant demand, and I guess the other question we've been getting on this merger is that.

這兩個組織分別占美國本土48州市場的三分之一，因此，合併後，他們非常希望聽到大家對可能出現的瓶頸問題以及更多資源或效率提升的意見，這將有助於加強消防工作，並提高阻燃劑的需求。我想，我們收到的關於此次合併的另一個問題是：

They mentioned in in the press release that one of the goals is joint contracting and procurement, so in getting questions around whether the contract that you guys think with the USDA could potentially extend to the DOI agencies as these organizations combine.

他們在新聞稿中提到，其中一個目標是聯合承包和採購，因此有人問，你們認為與美國農業部簽訂的合約是否有可能隨著這些機構的合併而擴展到內政部下屬機構。

Thank you.

謝謝。

Yeah.

是的。

Good morning, Dan. So in many ways our existing federal contract is the template for this new wildland fire service and what I mean by that is Our contract has historically and continues in a new contract to combine all five federal firefighting agencies into one contract. We refer to it as the Forest Service contract, but it really applies to ALL5 federal firefighting agencies.

早上好，丹。因此，從很多方面來看，我們現有的聯邦合約是這項新的野外消防服務的模板，我的意思是，我們的合約歷來如此，而且在新合約中也繼續如此，將所有五個聯邦消防機構合併為一個合約。我們稱之為林務局合同，但實際上它適用於所有 5 個聯邦消防機構。

Equally and will continue in that way going forward, the merger, as you call it, of these agencies is very much in line with the spirit of what our contract has always done, and we view that as a material. Positive for the industry, certainly for the air tanker companies, certainly for us, most importantly for national wildfire preparedness and response and our wildland firefighters, it's just much more efficient and effective and streamlined to have one empowered agency and have the industry and our federal partners speak with one voice. So we're very supportive of this change.

同樣地，並且將來也會繼續以這種方式，這些機構的合併（正如你所說的）非常符合我們合約一貫的精神，我們認為這是實質性的。這對整個行業來說都是利好消息，對空中加油公司來說當然如此，對我們來說也一樣，最重要的是對國家野火防備和應對以及我們的野外消防員來說，擁有一個授權機構，讓行業和我們的聯邦合作夥伴發出同一個聲音，這無疑會更加高效、有效和精簡。所以我們非常支持這項改變。

Awesome thank you that's really helpful so maybe just a broad question on contracting in general because seems like across several of your product lines you have some large customers or customers that you know. Kind of represent a big portion of demand for your products. You have the USDA and it sounds like it's actually more broadly, the US wildfire agencies contract. You had the PFAST free US military contract for the presence business. The question is.

太棒了，謝謝，這真的很有幫助。所以，我想問一個關於合約簽訂的比較寬泛的問題，因為看起來你們的幾條產品線都有一些大客戶或你們比較熟悉的客戶。這在某種程度上代表了你產品需求的很大一部分。你們有美國農業部，聽起來實際上更廣泛地說，是美國野火機構的合約。你曾獲得美國軍方提供的 PFAST 免費合同，用於軍事存在業務。問題是：

In the same way that you have that you kind of target economic criteria and operational value drivers that inform your M&A and operational strategies, any general thoughts, or tactics or, items that you prioritize when you're negotiating big contracts with customers just kind of the puts and takes between stability and hedges and durability versus contract term and Cost passed through pricing or you know maybe there's some markets where a product lines or flexibility or spot pricing or cost exposure could make more sense yeah just wondering if you could kind of walk us through generally some of the puts and takes that you think through as you're negotiating of your contract.

就像您在併購和營運策略中會考慮經濟標準和營運價值驅動因素一樣，您在與客戶談判大型合約時，有哪些一般性的想法、策略或優先事項？例如，在穩定性、避險、持久性與合約期限、成本轉嫁定價之間權衡取捨，或在某些市場中，產品線、彈性、現貨定價或成本曝險可能更有意義。我想請您大致介紹一下，在合約談判過程中，您會考慮哪些權衡取捨。

Thank you. Yeah.

謝謝。是的。

I'm going to have to give you a bit of a high-level answer, Dan, just because there are so many contracts in the different parts of our business, but what I'll say is con contracting is remarkably important. You can drive or frankly destroy a very significant amount of value through optimal versus sloppy contracting and so we take it really seriously and we always approach contracting and train our folks to approach contracting. In a highly collaborative manner, the first thing you do with contracting is you understand the customer's needs, the customer's pain points, the customer's constraints, and you TRY to present them with an optimal outcome for them but at the same time. Touches on what we care most about as far as the stability, predictability, growth, etc.

丹，我只能給你一個概括性的回答，因為我們業務的各個方面都涉及很多合同，但我可以說的是，合同簽訂非常重要。合理的合同與草率的合同，可以創造或徹底摧毀大量的價值，因此我們非常重視合同，並始終認真對待合同的簽訂，同時培訓我們的員工如何簽訂合同。在高度協作的情況下，簽約的第一件事就是了解客戶的需求、客戶的痛點、客戶的限制，並努力為他們呈現最佳結果，但同時也要兼顧客戶的需求。它觸及了我們最關心的方面，例如穩定性、可預測性、成長等等。

Of our business, and those principles are extrapolatable across contracting. In all of our businesses and when you look at our financial results in 2025 and the general, I would call it outperformance of revenue and EBITDA versus various end market metrics that reflects two years of applying that contracting attitude or approach across our businesses.

這是我們業務的原則，這些原則也可以推廣到合約領域。在我們所有的業務中，當你查看我們 2025 年的財務業績以及整體情況時，我會稱之為收入和 EBITDA 相對於各種終端市場指標的超額表現，這反映了我們在過去兩年中在所有業務中應用這種收縮態度或方法。

Great. Also, really helpful and then maybe if I could just sneak one more quick one in, so a couple of comments you guys had about the international (inaudible - microphone inaccessible)

偉大的。另外，真的很有幫助。然後，我還能再補充一點嗎？關於你們對國際事務的一些評論。（聽不清楚 - 麥克風無法使用）

Retardants business being strong, I think it was a year-to-date comment, so just wondering if you could kind of Unpack the international business results a little bit this year just kind of relative strength year-to-date versus 3Q and just remind us what the markets are in the northern versus southern hemisphere and kind of the relative strength of those markets and premier results.

阻燃劑業務表現強勁，我認為這是年初至今的業績表現，所以想請您稍微分析一下今年的國際業務業績，特別是年初至今與第三季度相比的相對實力，並提醒我們北半球和南半球的市場情況，以及這些市場的相對實力和主要業績。

This year.

今年。

Thank you.

謝謝。

Yeah.

是的。

International has has been strong for us. For the past several years and given where international retardant is in the very long-term maturity curve, we would expect international retardant to remain very strong for us for the foreseeable future. Both 2025 year-to-date and 23 were a continuation of that trend. Our business in Europe was excellent. In Q3, our business in the Middle East was excellent in Q3. Our business in Asia was strong in Q3, and then our business in the Southern Hemisphere, both Australia and South America, was strong in Q3. Our national part business really is firing on all cylinders.

國際市場對我們一直很有利。過去幾年，鑑於國際阻燃劑在長期成熟曲線中所處的位置，我們預計在可預見的未來，國際阻燃劑對我們來說仍將保持強勁勢頭。2025 年至今和 23 年都延續了這一趨勢。我們在歐洲的業務非常成功。第三季度，我們在中東的業務表現非常出色。第三季度，我們在亞洲的業務表現強勁；第三季度，我們在南半球（包括澳洲和南美洲）的業務也表現強勁。我們的全國零件業務確實火力全開。

Part of that is. Self-health and strong execution part of it is, it should be very strong. It's very early in the adoption cycle. The economics of adoption make a whole lot of sense and we're riding that way.

部分原因在於此。自我健康和強大的執行力是其中的一部分，它應該非常強大。目前還處於推廣週期的早期階段。領養的經濟效益非常合理，我們正在朝著這個方向發展。

Great.

偉大的。

Thank you very much. I will turn it back.

非常感謝。我會把它改回去。

(Operator Instructions)

（操作說明）

Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Haitham Khouri for the closing comments.

女士們、先生們，既然沒有其他問題了，我現在將會議交給海瑟姆·庫裡先生作閉幕致辭。

Very good.

非常好。

Thank you for the nice job hosting today, Eric.

艾瑞克，謝謝你今天出色的主持工作。

Thank you everybody for taking the time to join us. As a reminder, as Kyle mentioned, we'll be at the Baird Industrial Conference in a couple of weeks, and we'll webcast our presentation and thank you all for the support.

感謝各位抽空參加。再次提醒大家，正如 Kyle 所提到的，我們將在幾週後參加 Baird 工業會議，我們將進行網路直播，感謝大家的支持。

Thank you. Ladies and gentlemen, the conference of Perimeter Solutions has now concluded.

謝謝。女士們、先生們，周界解決方案會議現已結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。

(video playing)

（影片播放）