Rogers Corporation (ROG) 2026 Q2 法說會逐字稿

Good afternoon. My name is Diego, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rogers Corporation's second-quarter 2026 earnings conference call.

下午好。我叫 Diego，今天將擔任本次電話會議的接線員。此刻，我謹代表羅傑斯公司（Rogers Corporation）歡迎各位參加 2026 年第二季財報電話會議。

I will now turn the call over to your host, Mr. Steve Haymore, Senior Director of Investor Relations. Mr. Haymore, you may begin.

接下來我將把電話交給本次會議主持人——投資人關係資深總監 Steve Haymore 先生。Haymore 先生，您可以開始了。

Good afternoon, and welcome to the Rogers Corporation second-quarter 2026 earnings conference call. The slides for today's call can be found in the Investors section of our website, along with the news release that was issued earlier today.

下午好，歡迎各位參加羅傑斯公司 2026 年第二季財報電話會議。今天會議的簡報投影片可在我們網站的「投資人」專區找到，此外也可取得我們今天稍早發布的新聞稿。

Please turn to slide 2. Before we begin, I'd like to note that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be considered as subject to the many uncertainties that exist in Rogers' operations and environment. These uncertainties include economic conditions, market demands, and competitive factors. Such factors could cause actual results to differ materially from those in any forward-looking statement made today.

請翻到第 2 頁投影片。在開始之前，我想提醒各位，本次電話會議中凡非純屬歷史事實之陳述，均屬 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述，並應視為受到羅傑斯營運與所處環境中多項不確定因素的影響。這些不確定因素包括經濟狀況、市場需求以及競爭因素。上述因素可能導致實際結果與今日所作任何前瞻性陳述所述結果出現重大差異。

Please turn to slide 3. The discussions during this conference call will also reference certain financial measures that were not prepared in accordance with US generally accepted accounting principles. A reconciliation of those non-GAAP measures to the most directly comparable GAAP financial measures can be found in the slide deck for today's call. With me today are Ali El-Haj, President and CEO; and Laura Russell, Senior Vice President and CFO.

請翻到第 3 頁投影片。本次電話會議的討論也將提及若干並非依照美國一般公認會計原則（US GAAP）編製的財務衡量指標。這些非 GAAP 指標與最直接可比之 GAAP 財務衡量指標的調節表，可在今日會議的投影片中找到。今天與我一同出席的有總裁暨執行長 Ali El-Haj，以及資深副總裁暨財務長 Laura Russell。

I will now turn the call over to Ali.

接下來我將把電話交給 Ali。

Thank you, Steve, and thank you, everyone, for joining us today. I'll begin on slide 4. We delivered another quarter of solid progress as our commercial and profitability initiatives continue to gain traction across all business units. Sales were at $216.8 million, up 6.9% from the prior year and above the midpoint of our guidance. The stronger top line reflects both improving demand and share gains.

謝謝你，Steve，也謝謝各位今天加入我們。我將從第 4 頁投影片開始。隨著我們的商務與獲利能力提升計畫在各事業單位持續發酵，我們本季再度交出穩健進展。銷售額為 2.168 億美元，較去年同期成長 6.9%，並高於我們財測區間的中點。營收表現更強，反映需求回升以及市占率提升。

Adjusted EBITDA increased to $38 million, or 17.3% of sales, and adjusted EPS of $0.92 was significantly higher than the level we reported a year ago. The result marked another quarter of meaningful year-over-year improvement in growth and profitability. Over the last several quarters, we have focused on creating a more agile, customer-focused organization while improving our operating efficiency. We are making progress and continue to focus on driving actions that will translate into further improvements in our financial performance and position Rogers for sustainable value creation.

調整後 EBITDA 提升至 3,800 萬美元，占銷售額 17.3%；調整後每股盈餘（EPS）為 0.92 美元，顯著高於一年前我們所報告的水準。此結果標誌著我們在成長與獲利方面再度實現具意義的年對年改善。過去幾季，我們著重打造更敏捷、以客戶為中心的組織，同時提升營運效率。我們正持續取得進展，並將專注推動可轉化為進一步財務表現改善的行動，讓羅傑斯具備可持續的價值創造能力。

While the overall results reflect improvements, adjusted EPS was below the midpoint of guidance, primarily due to supply chain headwinds and a one-time facility event. The outlook for the third quarter is strong, with sales expected to increase 10% versus the prior year. We expect sales to grow in all end markets, with particular strength in A&D, Industrial, and Electronics and Communication end markets. Adjusted EBITDA margins are projected to reach 20% and increase year over year by 250 basis points.

儘管整體結果呈現改善，調整後 EPS 仍低於財測中點，主要原因是供應鏈逆風以及一次性的廠區事件。第三季展望強勁，預期銷售額將較去年同期成長 10%。我們預期所有終端市場的銷售均將成長，其中以航太與國防（A&D）、工業，以及電子與通訊終端市場表現尤為強勁。調整後 EBITDA 利潤率預計可達 20%，並較去年同期提升 250 個基點。

On slide 5, Industrial remained our largest end market at approximately 37% of year-to-date sales and delivered high-single-digit growth compared to the second quarter of last year. Performance was driven by continued improvement in AMS general industrial demand in both the US and Europe. This growth was led by our Silicone Solutions business, which is experiencing healthy demand and gaining market share.

在第 5 頁投影片，工業仍為我們最大的終端市場，約占年初至今銷售額的 37%，相較去年第二季實現高個位數成長。表現主要受惠於美國與歐洲 AMS 一般工業需求持續改善。此成長由我們的矽膠解決方案（Silicone Solutions）事業帶動，該業務需求健康並持續取得市占。

Mass transit was also strong, led by rail applications in the United States. The broad-based nature of this growth is encouraging and reflects both improving market conditions and the benefits of our intense commercial initiatives.

大眾運輸市場同樣強勁，主要由美國的鐵路應用帶動。此成長具廣泛性，令人鼓舞，反映市場狀況改善以及我們積極商務推動措施所帶來的效益。

Automotive represented approximately 25% of sales during the quarter. Revenue increased at a low-single-digit rate year over year, supported by higher sales of ADAS and ICE vehicle applications. Sales into the EV market were flat versus the prior year, as improved power substrate revenues were offset by lower orders of materials for EV batteries. On a sequential basis, EV and HEV battery sales improved. Helped by recent design wins, we expect stronger second-half EV sales as the new programs continue to ramp up.

汽車約占本季銷售額的 25%。在 ADAS 與燃油車（ICE）應用銷售增加的支撐下，營收年對年以低個位數成長。電動車（EV）市場銷售與去年持平，因電源基板營收改善被電動車電池材料訂單下滑所抵銷。以季對季來看，EV 與油電混合車（HEV）電池銷售有所改善。在近期設計導入（design wins）的帶動下，隨著新專案持續放量，我們預期下半年 EV 銷售將更為強勁。

Electronics and Communications accounted for approximately 18% of sales and was one of our strongest performing end markets during the quarter. Revenue increased at a double-digit rate year over year from higher sales into the wireless infrastructure and smartphone markets. Smartphone sales increased versus Q2 2025 from a favorable mix of higher-end devices and continued benefits from customer share gains.

電子與通訊約占銷售額的 18%，並是本季表現最強的終端市場之一。受惠於無線基礎建設與智慧型手機市場銷售增加，營收年對年以雙位數成長。相較 2025 年第二季，智慧型手機銷售增加，主要來自較高階機種的有利產品組合，以及客戶市占提升所帶來的持續效益。

Lastly, Aerospace and Defense sales accounted for 15% of revenue and decreased slightly from last year. Defense sales were lower due to normal variability in customer ordering patterns and were partially offset by improved commercial aerospace sales in the AMS business. We expect defense sales to improve significantly, while commercial aerospace demand remains strong in the second half of the year.

最後，航太與國防銷售占營收 15%，較去年略為下滑。國防銷售因客戶下單型態的正常波動而降低，部分由 AMS 業務中商用航太銷售改善所抵銷。我們預期下半年國防銷售將顯著改善，同時商用航太需求仍將維持強勁。

Overall, we are pleased with the progress across our portfolio. The three largest end markets delivered year-over-year growth during the quarter, and our third quarter outlook reflects growth across all end markets.

整體而言，我們對投資組合各項業務的進展感到滿意。本季三大終端市場均實現年對年成長，而我們對第三季的展望也反映所有終端市場皆將成長。

Next, I will update the progress we are making on the new products in our R&D pipeline. First, testing and validation of our microchannel cooler technology for high-power AI and data center applications continue to advance with multiple customers. We are making substantial progress with our customers, and feedback on the differentiated performance of our solutions remains highly encouraging. Customer evaluations continue to provide independent validation of our ability to address the demanding thermal management requirements of next-generation computing platforms.

接下來，我將更新我們在研發（R&D）產品管線中新產品的進展。首先，我們用於高功率 AI 與資料中心應用的微通道冷卻器（microchannel cooler）技術，正與多家客戶持續推進測試與驗證。我們與客戶合作取得顯著進展，且對我們解決方案差異化效能的回饋仍然非常令人鼓舞。客戶評估持續提供獨立驗證，證明我們有能力滿足下一代運算平台嚴苛的熱管理需求。

Second, we made significant progress during the quarter with our high-frequency circuit materials for data center applications. We are now actively sampling these materials with multiple prospective customers, and initial feedback has been very positive.

第二，我們在用於資料中心應用的高頻電路材料方面，本季取得重大進展。我們目前正積極向多家潛在客戶提供這些材料樣品，初步回饋非常正面。

Interest continues with an expanding list of customers evaluating our materials. This growing engagement reflects the increasing need for advanced circuit materials capable of addressing the signal integrity challenges associated with next generation AI server architectures. Alongside these programs, we continue to advance other high-potential opportunities in other markets, including EV and Industrial.

隨著評估我們材料的客戶名單擴大，市場興趣仍在持續。這種日益增加的互動，反映市場對先進電路材料的需求提升，以因應下一代 AI 伺服器架構所帶來的訊號完整性挑戰。除上述專案外，我們也持續推進其他市場的高潛力機會，包括 EV 與工業領域。

Turning to slide 6, we are pleased to announce that Rogers will host an Analyst and Investor Day on September 30, 2026 in New York City. This event will provide a comprehensive update on our strategy, growth opportunities, and innovation initiatives. We will also outline our value creation framework, including capital allocation priorities and long-term financial planning. Additionally, we will provide greater detail on how Rogers is positioned to accelerate top-line growth from opportunities tied to AI data centers, vehicle electrification, and other attractive growth markets.

請看第 6 頁投影片，我們很高興宣布羅傑斯將於 2026 年 9 月 30 日在紐約市舉辦分析師與投資人日（Analyst and Investor Day）。本活動將就我們的策略、成長機會與創新計畫提供全面更新。我們也將說明價值創造架構，包括資本配置優先順序與長期財務規劃。此外，我們將更詳細說明羅傑斯如何把握與 AI 資料中心、車輛電動化及其他具吸引力的成長市場相關的機會，以加速營收成長。

I will now turn it over to Laura to discuss our Q2 financial performance and Q3 outlook.

我現在把時間交給 Laura，請她說明我們第二季的財務表現以及第三季展望。

Thank you, Ali, and good afternoon to everyone. As Ali mentioned, we are seeing solid momentum in our top-line results for Q2 and our third quarter guidance. We are also encouraged by the meaningful year-over-year improvement in our results as we continue to execute our critical initiatives.

謝謝你，Ali，也向各位致上下午好。如 Ali 所提到的，我們在第二季的營收表現以及第三季的財測指引上，都看到穩健的動能。同時，隨著我們持續推動關鍵計畫的執行，我們也對成果出現顯著的年對年改善感到鼓舞。

Starting on slide 7, I'll review our Q2 financial results. Second quarter sales were $216.8 million, increasing 6.9% from the prior year period and exceeding the midpoint of our guidance range. Approximately two-thirds of the sales increase was driven by stronger demand and mix, with the remaining attributed to foreign currency benefits.

從第 7 頁投影片開始，我將回顧我們第二季的財務結果。第二季銷售額為 2.168 億美元，較去年同期成長 6.9%，並高於我們指引區間的中點。銷售成長約三分之二來自需求走強與產品組合改善，其餘則歸因於外匯帶來的利多。

AES sales increased 7.8% year over year. By end market, Electronics and Communication sales increased, as did Automotive sales. The improvement in Automotive sales resulted from higher ceramic power substrate sales for electric vehicles.

AES 銷售額年對年成長 7.8%。按終端市場來看，電子與通訊的銷售增加，汽車市場的銷售也有所成長。汽車銷售的改善主要來自電動車用陶瓷功率基板銷售增加。

EMS sales improved by 6% versus the prior year. By end market, sales increased in Industrial, Electronics and Communications, and A&D segments. This was partially offset by lower Automotive sales.

EMS 銷售額較去年同期提升 6%。按終端市場來看，工業、電子與通訊，以及航太與國防（A&D）部門的銷售均有所成長。但部分被汽車銷售下滑所抵銷。

Gross margin was 32.5%, up 90 basis points year over year. Adjusted EPS was $0.92, up 171% from the second quarter of 2025. Adjusted EBITDA was $37.6 million or 17.3% of sales, an increase of 550 basis points versus the prior year period. All three metrics were within our guidance range.

毛利率為 32.5%，年對年提升 90 個基點。調整後每股盈餘（Adjusted EPS）為 0.92 美元，較 2025 年第二季成長 171%。調整後 EBITDA 為 3,760 萬美元，或占銷售額的 17.3%，較去年同期提升 550 個基點。這三項指標皆落在我們的指引區間內。

Adjusted EPS was below the midpoint of the guidance range due to supply chain headwinds, a one-time facility event, and higher operating expenses. The cumulative impact of these items was more than $0.10 of the earnings per share.

調整後 EPS 低於指引區間中點，原因包括供應鏈逆風、一次性的廠務事件，以及較高的營運費用。這些項目的累計影響使每股盈餘減少超過 0.10 美元。

Turning to slide 8, second quarter adjusted EBITDA increased to $37.6 million from $23.9 million in the prior year quarter. The largest contributor to the 550 basis point year-over-year improvement resulted from higher sales and improved product mix. Similar to the prior quarter, reductions in manufacturing costs and operating expenses also contributed to the higher adjusted EBITDA. We had a $1 million headwind in EBITDA versus the prior year from the ramp of our new China factory.

接著看第 8 頁投影片，第二季調整後 EBITDA 由去年同期的 2,390 萬美元提升至 3,760 萬美元。年對年提升 550 個基點的最大貢獻來自銷售增加與產品組合改善。與上一季類似，製造成本與營運費用的降低也推升了調整後 EBITDA。此外，由於我們中國新工廠的產能爬坡，EBITDA 相較去年同期有 100 萬美元的不利影響。

Continuing to slide 9, I'll discuss cash utilization for the quarter. Cash and short-term investments at the end of Q2 exceeded $211 million, an increase $15.6 million from the end of the first quarter. Cash provided by operations was $24.4 million, compared to $5.8 million in Q1 '26. Free cash flow was $18.3 million. The improved cash flow was primarily driven by higher sales and adjusted EBITDA.

延續到第 9 頁投影片，我將說明本季的現金運用情況。第二季末的現金與短期投資超過 2.11 億美元，較第一季末增加 1,560 萬美元。營運活動提供的現金為 2,440 萬美元，相較於 2026 年第一季的 580 萬美元。自由現金流為 1,830 萬美元。現金流改善主要由較高的銷售與調整後 EBITDA 所帶動。

Overall, working capital increased mainly as a result of higher sales, which drove an increase in accounts receivable and inventories. Capital expenditures in Q2 were $6.1 million. We expect the full-year 2026 capital expenditure range between $30 million and $35 million.

整體而言，營運資金增加主要是因銷售提高，帶動應收帳款與存貨增加。第二季資本支出為 610 萬美元。我們預期 2026 全年資本支出區間為 3,000 萬至 3,500 萬美元。

We repurchased $3 million of shares in the second quarter, which partially offset the dilutive effects of annual share issuances. We will continue to balance returning capital to shareholders with other priorities. We continue to have a strong balance sheet, which provides us with strategic flexibility. Consistent with historical patterns, we expect cash flow to improve further into the second half of the year.

我們在第二季回購了 300 萬美元的股票，部分抵銷了年度發行新股所造成的稀釋效應。我們將持續在回饋股東與其他優先事項之間取得平衡。我們仍維持強健的資產負債表，為我們提供策略上的彈性。依照過往季節性型態，我們預期現金流在下半年將進一步改善。

Next, on slide 10, I'll discuss our guidance for the third quarter. Consistent with our Q2 results, we expect all Q3 financial metrics to improve versus the prior year. We're guiding Q3 revenues to be between $233 million and $243 million. The midpoint of the range is a 10% increase in sales year over year. The guidance includes an expectation for growth in all four of our major end markets, with significant strength in Aerospace and Defense and General Industrial.

接下來在第 10 頁投影片，我將說明我們對第三季的指引。與第二季結果一致，我們預期第三季所有財務指標都將較去年同期改善。我們對第三季營收的指引為 2.33 億至 2.43 億美元。區間中點代表年對年銷售成長 10%。該指引包含我們對四大主要終端市場皆將成長的預期，其中航太與國防以及一般工業的表現尤為強勁。

We're guiding gross margin in the range of 33.2% to 34.2%. The midpoint of the range is 20 basis points higher than the prior year. We are realizing improved margins due to higher volumes and our cost structure improvement actions. However, these are partially offset by the underutilization during the ramp of our ceramic China factory and increased commodity costs. We expect Q3 adjusted operating expenses to remain approximately flat sequentially.

我們對毛利率的指引區間為 33.2% 至 34.2%。區間中點較去年同期高 20 個基點。由於出貨量提升以及我們改善成本結構的行動，我們正實現更佳的毛利率。然而，陶瓷中國工廠在產能爬坡期間的產能利用不足，以及大宗商品成本上升，部分抵銷了上述改善。我們預期第三季調整後營運費用將與前一季大致持平。

Adjusted EPS is forecasted to range from $1.10 to $1.30. The $1.20 midpoint compares to adjusted EPS of $0.90 in Q3 of 2025. Adjusted EBITDA is anticipated to range from $44 million to $50 million. This equates to a 19.7% EBITDA margin at the midpoint of the range, which would be a 250 basis point improvement versus the third quarter of 2025. Lastly, we project our non-GAAP full-year tax rate to be approximately 32%.

調整後 EPS 預估區間為 1.10 至 1.30 美元；其中 1.20 美元的中點，相較於 2025 年第三季的調整後 EPS 0.90 美元。調整後 EBITDA 預估區間為 4,400 萬至 5,000 萬美元。以區間中點計算，相當於 19.7% 的 EBITDA 利潤率，較 2025 年第三季提升 250 個基點。最後，我們預估非 GAAP 的全年有效稅率約為 32%。

I will now turn the call back over to Ali.

我現在把電話會議交回給 Ali。

Thanks, Laura. In summary, we continued to make progress toward our growth and profitability initiatives in the second quarter. Revenue exceeded expectations. Profitability improved substantially year over year and our outlook points to continued momentum in the third quarter.

謝謝你，Laura。總結來說，我們在第二季持續朝向成長與獲利能力的各項計畫取得進展。營收超出預期。獲利能力年對年大幅改善，而我們的展望顯示第三季動能可望延續。

I also want to thank our employees around the world for their commitment, agility, and focus on serving our customers. Their efforts continue to make a meaningful difference in our performance and future opportunities.

我也要感謝全球各地的員工，感謝他們的投入、敏捷應變，以及專注於服務客戶。他們的努力持續在我們的表現與未來機會上帶來顯著的影響。

That concludes our prepared remarks. I will now turn the call back to the operator for questions.

以上是我們準備好的發言內容。我現在把電話會議交回給接線員，進行提問。

Thank you. And at this time, we will conduct our question-and-answer session.

謝謝。此刻我們將進行問答環節。

(Operator Instructions)

（接線員指示）

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Thank you. Good afternoon, Ali. Good afternoon, Laura. I appreciate the color.

謝謝。下午好，Ali。下午好，Laura。感謝你們提供的補充說明。

Maybe just a quick review, then we'll go forward. But can you just elaborate a little on the supply chain challenges as well as the one-time event that you called out during the quarter and whether those issues have been largely resolved at this point as we look into Q3?

也許先快速回顧一下，然後我們再往下談。不過你們能否再多談一點本季提到的供應鏈挑戰，以及你們點出的那個一次性事件？另外，展望第三季，這些問題目前是否已大致解決？

Yeah. Thanks, Dan. On the supply side, we still have experiencing some raw material shortages, as well as, I would say, logistics or lead from a freight perspective. It's just taking longer due to the situation in the Middle East. Typically, from transit time from four to six weeks in the past, now it's taking somewhere between over 12 weeks in some instances. That's one of the issues.

是的。謝謝你，Dan。在供應端方面，我們仍然遇到一些原材料短缺的情況，另外我會說，從貨運角度來看，物流或交期也受到影響。由於中東局勢，整體就是需要更長時間。過去通常運輸時間是四到六週，現在在某些情況下已經拉長到超過12週。這是其中一個問題。

On the one-time event, we experienced a small fire in one of our plants that actually ended up suspending manufacturing for a few days. Between that and some cleanup costs on the facility, that's been resolved. Thankfully, no issues, safety issues. Our employees were safe. That's been resolved.

關於一次性事件，我們其中一座工廠發生了一起小火災，實際上導致製造暫停了幾天。加上設施的一些清理成本，這件事已經解決了。值得慶幸的是，沒有安全方面的問題。我們的員工都很安全。這件事已經處理完畢。

Regarding the freight and the freight expenses, as well as the lead time, that hasn't been resolved, as you know. That's still an ongoing issue.

至於貨運以及貨運費用，還有交期，如你所知，這部分尚未解決。這仍然是一個持續中的問題。

On the raw material side, there is still, from a silver and copper perspective, we still see some tightness in the market. However, we see a light at the end of the tunnel. Hope that answers the question.

在原材料方面，從白銀和銅的角度來看，我們仍然看到市場供應偏緊。不過，我們看到隧道盡頭的一線曙光。希望這回答了你的問題。

No, that gives great color. And then kind of looking forward, the Q2 (sic - "Q3") guide implies, as you called out, 10% top-line growth at the midpoint, a very nice acceleration. Gross margin, it was improved significantly year over year, but the guidance implies relatively moderate improvement.

不，這提供了很好的補充說明。接著往前看，Q2（原文誤植—「Q3」）的指引如你提到的，在中位數意味著營收年增10%，加速幅度很不錯。毛利率方面，雖然年對年顯著改善，但指引看起來只暗示相對溫和的提升。

Just maybe talk about or give more color on the impact of the underutilization in China as well as in the new facility, as well as some of those input cost margin pressures and just trying to get at what gross margin might look like as we roll a little bit forward with that type of revenue and volume once we get beyond those headwinds. Thanks again for all the color.

能否談談或再多補充一些：中國以及新廠的產能利用率不足的影響，還有一些投入成本帶來的毛利率壓力；我想了解的是，一旦我們跨過這些逆風，在這樣的營收與出貨量水準下，往後推進時毛利率可能會呈現什麼樣貌。再次感謝你提供的細節。

Hi, Dan, it's Laura. Let me start and give you some color and perspective of the guidance there. You're right at the midpoint of the guidance, the margin expansion on a gross margin basis is somewhat modest at 20 bps. If you look further down the P&L, we continue to see substantial improvement in what we're committing from an EBITDA perspective and EPS expansion.

嗨，Dan，我是Laura。我先從指引的部分開始，提供一些補充說明與觀點。你說得對，在指引中位數下，毛利率擴張在毛利層面相對溫和，約20個基點。但如果你往損益表更下方看，我們在EBITDA承諾以及EPS擴張方面，仍持續看到顯著改善。

But specifically on what's happening and the movements that we're managing in gross margin, and that's really associated to the underutilization continuing that you called out in our ramping activities with our factory in China. We are starting to build a little bit of momentum, but it will take time to ramp there. As a result of that, it's likely to cause us about 85 basis points of a headwind in the third quarter that was incorporated in the guide.

但就毛利率正在發生的狀況與我們所管理的變動而言，主要與你提到的中國工廠爬坡活動中持續的產能利用率不足有關。我們開始累積一些動能，但那邊的爬坡仍需要時間。因此，這在第三季可能會帶來約85個基點的逆風，且已納入指引之中。

In addition to that, Ali referenced the pressure that the commodity costs and supply had to our Q2 execution. And we anticipate some of that continuing into the third quarter, which will pressurize our gross margins there. With that said, we continue to work globally as an organization in managing our supply contracts, the timing of what we're acquiring, and looking also our copper program, and evaluating that. So we'll continue to work the process.

此外，Ali也提到大宗商品成本與供應對我們Q2執行造成的壓力。我們預期其中一部分會延續到第三季，進而對毛利率造成壓力。即便如此，作為一個全球性組織，我們持續在管理供應合約、採購時點，同時也在檢視並評估我們的銅材方案。所以我們會持續推進這些工作。

The other thing I should also mention is we also have some engineering initiatives in flight to reduce consumption. So all of that is crystallizing in short-term pressure, but what we'll continue to do is work to mitigate it.

另外我也要提到，我們也有一些工程改善計畫正在進行，以降低用量。因此，這些因素在短期內會形成壓力，但我們會持續努力加以緩解。

Finally, I should round that out with saying, we also, in our customer agreements, our supply agreements, we do everything we can to mitigate the impact internally through our actions and initiatives. But worst case, there are some scenarios where we will pass on some of the incremental costs, particularly for commodities. Now but naturally, there's a lag and a timing impact from when that crystallizes in the P&L versus when we agree with our customers on the pricing changes.

最後我也補充一下，在我們與客戶的協議、供應協議中，我們會盡一切努力透過內部行動與各項計畫來降低影響。但在最壞情況下，某些情境我們會轉嫁部分增量成本，特別是大宗商品相關成本。當然，從這些成本在損益表中反映，到我們與客戶就價格調整達成一致之間，會有時間差與時點上的影響。

Precisely what I assumed and would have implied. I'll stick to the two questions and jump back in queue, but certainly look forward to hearing more about the accelerating opportunities in AI and data centers in September. Thanks for the color.

這正是我所假設、也會推論出的情況。我就維持兩個問題，先回到隊列，但也很期待在9月能聽到更多關於AI與資料中心加速機會的分享。謝謝你提供的細節。

You're welcome.

不客氣。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah. The first question, I'll just make it a high-level one. Ali, the business has done a very good job of showing accelerating growth over the last couple quarters and into the third quarter. We've gone from 5% year on year to 7% year on year, and now 10%. So we're seeing some nice acceleration in the business.

是的。第一個問題我先問一個較高層次的。Ali，過去幾個季度到第三季，公司的成長加速表現得非常好。我們從年增5%到年增7%，現在到10%。所以我們看到業務有不錯的加速。

Can you talk about, from your vantage point, what are the biggest contributors to this increase in growth? And as we look at some of the drivers in the third quarter to the 10%, with all end markets growing year on year, to what extent are the programs underneath that really longer live programs versus things that might be just much more seasonal or short-term?

你能否從你的角度談談，這波成長提升最大的貢獻因素是什麼？另外，當我們看第三季推動到10%的驅動因素、且所有終端市場都呈現年增時，底下的專案在多大程度上屬於較長週期的專案，而不是更偏季節性或短期的因素？

Well, thanks, Craig. I think the credit goes to the team here. The organization really has performed well. I think our performance is definitely helping us here gain some market share in existing markets. So that's improving our top line, obviously.

謝謝你，Craig。我認為功勞要歸於這裡的團隊。整個組織確實表現得很好。我想我們的表現確實也幫助我們在既有市場中取得一些市占。所以這也明顯推升了我們的營收。

In the meantime, also, we managed to win some new program, new businesses that will launch in Q3 and Q4 and into early 2027. I think the momentum is going to continue, again, based on design wins, the performance of the organization regarding shortening lead time, the response to customer needs, quick design changes, and quick new applications adoption by, again, the market and the response from our organization.

同時，我們也成功拿下了一些新專案、新業務，將在Q3與Q4以及一路到2027年初陸續導入。我認為這股動能會持續，主要來自設計導入（design wins）、組織在縮短交期方面的表現、對客戶需求的回應、快速的設計變更，以及市場對新應用的快速採用，還有我們組織的回應能力。

So I think really it's a broad base growth. It's not limited to one industry. I don't consider that to be seasonal. I think the momentum will continue to gain momentum here on the top line.

所以我認為這真的是廣泛基礎的成長。並不局限於單一產業。我不認為這是季節性因素。我認為營收端的動能會持續增強。

That's really helpful. And then going back to the comments on the data center opportunity, I believe you mentioned that the microchannel cooler product and curamik Power Plus are seeing very good engagement with customers. And I think you also said that there were some other opportunities that the company was engaging with beyond those two, and I was hoping you could elaborate on that further and give us some insight as to what could happen. Thank you.

這非常有幫助。接著回到你們對資料中心機會的評論，我記得你提到微通道冷卻器（microchannel cooler）產品以及curamik Power Plus與客戶之間有非常好的互動。我也記得你說除了這兩項之外，公司還在推進其他一些機會，我希望你能進一步說明，並讓我們了解可能會發生什麼。謝謝。

Yeah. Thanks again, Craig. I think we plan on -- as I mentioned on the Investor Day, we plan to share a lot more details with you guys and the investors here and a lot more details regarding all of those initiatives that we have in place. But we do have, the ones I was referring to, we have a couple of other programs that in process right now related to the EV market/auto market. And those are extremely high potential programs that the team identified in our strategic initiative. And right now they are really in motion, and we think that we're going to be getting substantial interest here from potential customers.

是的。再次感謝你，Craig。我想我們計畫——正如我在投資人日提到的——會與各位以及在場投資人分享更多細節，特別是關於我們已經在推動的所有那些倡議的更多細節。不過，就我剛才提到的那些而言，我們目前還有幾個與電動車市場／汽車市場相關、正在進行中的其他專案。而這些都是團隊在我們的策略性倡議中所辨識出的、潛力極高的專案。目前它們確實已經在推進中，我們認為將會在這裡獲得潛在客戶相當可觀的興趣。

Okay. We'll look forward to hearing more about that at the end of September. Thanks, Ali.

好的。我們期待在九月底聽到更多相關內容。謝謝你，Ali。

David Silver, Freedom Capital Markets.

David Silver，Freedom Capital Markets。

Yeah. Hi. Good afternoon. Thank you. I just want to maybe follow up on, I guess, Craig's comment about accelerating growth. If I was looking at the slide 5, where you do go sales by end market, you mentioned Aerospace and Defense was down a little bit due to timing. And you are looking for a bigger sequential bump from 2Q to 3Q.

是的。嗨。下午好。謝謝。我想就 Craig 關於加速成長的評論做個追問。如果我看第 5 頁投影片，你們按終端市場拆分銷售額時，你提到航太與國防因時點因素略有下滑。而你們預期從第二季到第三季會有更大的季比增幅。

So I was just wondering, is the nature of the timing of orders in Aerospace and Defense, which I guess I consider one of the strongest end markets in the current environment. I mean is that a big part of the sequential acceleration in sales growth?

所以我想問的是，航太與國防訂單時點的特性——我想我把它視為目前環境下最強勁的終端市場之一——這是否是銷售成長季比加速的一個很大部分？

And then secondly, I was just hoping you could level set, on the cost-cutting program, $13 million that was supposed to be realized by the end of this year, I believe. Can you just set us up for that or level set us? Where are we along those lines? And what would be the pace of the remaining cost saves there? Thank you.

第二點，我也希望你們能就成本削減計畫做個基準說明：我記得那個 1,300 萬美元應該是預計在今年底前實現。你們能否幫我們鋪陳一下或校準一下？目前進度到哪裡了？剩餘的成本節省會以什麼樣的速度實現？謝謝。

Okay. I'll take the first half, and I'll turn it back to Laura to answer on the cost savings or the cost initiatives here. With regard to the A&D, again, the first half of the year it's been soft on the Defense side, I will say not the Commercial piece of the business.

好的。我先回答前半段，然後把成本節省或成本措施的部分交回給 Laura 來回答。關於航太與國防（A&D），再說一次，今年上半年國防端確實偏弱；但我要說，商用端的業務並不是如此。

The Commercial side, if you look at the two major aircraft manufacturers, if you look at their growth and their build year-to-date and year over year, our sales to those organization actually has been in relationship, I will say within the same ratio, maybe even slightly higher than the ratio that they show in their numbers.

商用端方面，如果你看兩大飛機製造商，看看他們今年迄今以及年比的成長與產量提升，我們對這些公司的銷售其實是相對應的；我會說大致維持在相同的比例關係內，甚至可能略高於他們數字所呈現的比例。

On the Defense side, yes, it is lower than what we expected it to be, but it is timing. So as we look into Q3, Q4 at the orders that we see right now and our backlog, we see a significant growth compared to the first half of the year. The cost side, I'll turn it back to you.

國防端方面，是的，確實低於我們原先的預期，但這是時點問題。因此當我們看第三季、第四季目前看到的訂單以及我們的在手訂單（backlog），我們看到相較於上半年會有顯著成長。成本面我就交回給你。

Yeah. David, on the cost side, I think you're referring specifically to the $13 million for the restructuring program in the ceramic facility. That program restructuring is on track. It's on track to deliver the savings per the commitment that we made. In fact, there's already some of those savings materializing in the P&L. Some of what we shared, you can see there's some pressures just in terms of volumes and utilization and what we're experiencing the timing of our ramp-up and our operation in China for that same product line.

是的。David，在成本面，我想你指的是陶瓷廠重整計畫中那 1,300 萬美元的部分。那個重整計畫進度如期。也正按我們所做的承諾來交付節省效益。事實上，其中一部分節省已經開始在損益表（P&L）中反映出來。我們分享的一些內容中你也可以看到，仍有一些壓力，主要來自於產量與產能利用率，以及我們在中國同一產品線的爬坡時程與營運所帶來的影響。

Okay, great. And my next question would probably be asking for some commentary about maybe your customers' behaviors. But you did mention raw material shortages. You did mention freight delays. And it speaks to kind of an uncertain environment that you're navigating here.

好的，很好。我下一個問題可能是想請你們評論一下客戶行為。不過你們確實提到原物料短缺。也提到貨運延誤。這些都反映出你們正在應對一個不確定的環境。

But also, just with the geopolitics, the macro issues. How would you characterize your customers' willingness to move forward on various programs? So in other words, comparing your customers' expectations or actions now compared to, let's say, January 1.

另外，還有地緣政治、總體環境等問題。你會如何描述客戶在推進各項專案上的意願？換句話說，將客戶現在的預期或行動，與例如 1 月 1 日相比。

Have your customers become more cautious or likely to pause progress due to one or another of the issues that you mentioned there? Or would you say it's still kind of steady as she goes and moving forward on the programs as you expect?

客戶是否變得更謹慎，或更可能因你提到的某些問題而暫停進度？還是你會說整體仍然相對穩定，並如你們預期地持續推進各項專案？

No, I think everything today as we stand today, everything is really as expected. We have not seen any major shift or changes either in customer sentiment or in their interaction with us or the new programs that's expected that we're working on. I think as of now, everything remains on schedule and on plan as we've been communicating the last six months or so.

不，我認為以我們今天的狀況來看，一切都如預期。我們沒有看到客戶情緒、與我們的互動，或我們正在進行、預期中的新專案出現任何重大轉變或變化。我認為截至目前，一切仍按時程、按計畫進行，正如我們過去大約六個月一直在溝通的那樣。

The only thing we've probably seen, which even could be a positive sign for us because of geopolitics and uncertainty, we've seen some customers working with us to shift production from some geographical area to another, or shift the product shipments from one region to another and being more local for local than it has been in the past. So I think that gives Rogers an advantage because we have manufacturing capabilities across the globe.

我們可能唯一看到的——而且因地緣政治與不確定性，這對我們甚至可能是正面訊號——是有些客戶與我們合作，把生產從某些地理區域轉移到另一個區域，或把產品出貨從一個地區轉到另一個地區，變得比過去更強調「在地供應在地」（local for local）。因此我認為這讓 Rogers 具備優勢，因為我們在全球各地都有製造能力。

So we could supply Europe from Europe, North America from North America, and Asia from Asia. I think that's an advantage for us actually. So we have not seen anything negative at all, and that's why our projections remain positive, and we're still emphasizing that we will see growth going forward.

所以我們可以由歐洲供應歐洲、由北美供應北美、由亞洲供應亞洲。我認為這其實是我們的優勢。因此我們完全沒有看到任何負面情況，這也是為什麼我們的預測仍然正向，並且仍強調未來將會看到成長。

Okay. Thank you. I appreciate all the color.

好的。謝謝。我很感謝你提供的所有補充說明。

Daniel Moore, CJS Securities.

Daniel Moore，CJS Securities。

Thank you once again. Two quick follow-ups. One, the guide for Q3, 10% growth at the midpoint. Could you maybe break that down at least directionally between end market growth, share gains, and FX? Just trying to get a sense for how much of your new products and initiatives are gaining traction.

再次感謝。兩個簡短追問。第一，第三季指引在中位數是成長 10%。你能否至少就方向性拆解一下，終端市場成長、市占提升，以及匯率（FX）各自的貢獻？我只是想了解你們的新產品與各項倡議到底有多少正在取得動能。

I think, Dan, I'll start. Just in terms of FX, we're seeing that there's still a slight benefit in the guidance that's there on a year on year basis. Relative to what we experience in Q2 and Q3, we're going to see quite a bit of deceleration in the FX benefit. It's really more in the guidance there, a function of the business growth around both the share gains that we've been articulating based on improved operational performance and continued focus on the innovation and being a partner of choice. And some of what we're experiencing in our markets, given the broad exposure we have in numerous segments, some of which are materially up on a year over year basis.

Dan，我先開始回答。就匯率（FX）而言，我們看到在指引中，年比仍有些微的正面助益。相較於我們在第二季與第三季所經歷的情況，匯率帶來的助益將會明顯放緩。因此指引中的成長，更多是來自業務成長本身：包括我們一直在闡述的市占提升——基於營運表現改善——以及持續聚焦創新、成為客戶首選合作夥伴。另外也包含我們所處市場的一些表現；由於我們在多個領域有廣泛曝險，其中有些領域年比成長相當顯著。

I think we've mentioned that aerospace and defense, it is an area for us where we see significant growth, Q3, Q4, as well as we have a couple of design wins that I think what I alluded to earlier, will help us in the ceramic facility in China. So we have a couple of significant wins that will start to launch toward the end of Q3 and into Q4 and Q1 of 2027. So I think given all these parameters, we see more design wins, new market share gain, as well as the market growth itself.

我想我們已經提到，航太與國防對我們而言是一個我們看到顯著成長的領域，涵蓋第三季、第四季；此外，我們也有幾個設計導入（design wins），我想我先前提到過，將有助於我們在中國的陶瓷廠。因此，我們有幾個重要的勝出案，將在第三季末開始導入量產，並延續到第四季以及2027年第一季。所以我認為在這些參數之下，我們會看到更多設計導入、新的市占率提升，以及市場本身的成長。

Really helpful. And I realize I may be front-running your Analyst Day a bit, but just trying to put some of these commentary together, the incremental opportunities around EV and auto, those comments are very intriguing. Is it ceramic? Is it technologies that Rogers has been associated with with for a long time, like battery protection, thermal management, power distribution? Are these sorts of newer technologies that we're alluding to beyond what we've maybe talked about so far?

非常有幫助。我也知道我可能有點搶先你們的分析師日，但我只是想把這些評論串起來：圍繞電動車與汽車的增量機會，那些說法非常耐人尋味。是陶瓷嗎？還是Rogers長期以來相關的技術，例如電池保護、熱管理、配電？或者這些是我們所暗示、超出目前為止可能談到範圍的較新技術？

I would say simply put all of the above. It's really a combination of all of the above. I think ceramic, the AMS business. It's really all of the above.

我會說，簡單講就是以上皆是。確實是以上各項的組合。我認為包含陶瓷、AMS業務。基本上就是以上皆是。

All right. Look forward to it. Thank you.

好的。期待。謝謝。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah. Thanks for taking the follow-up. It's really just a clarification. Laura, I think I heard you say that the combined impact of the supply chain issue and the facility issue in 2Q was about $0.10. What was the relative impact within the $0.10 of those two items?

是的。謝謝讓我追問。我只是想釐清一下。Laura，我想我聽到你說第二季供應鏈問題與廠務問題的合併影響約為0.10美元。這0.10美元中，這兩項各自的相對影響是多少？

Yes, yes. You're right, it was $0.10 in total. I think I had another slight driver that I didn't mention in the call back here but then I did mentioned in my prepared remarks.

是的，是的。你說得對，合計是0.10美元。我想我還有一個小因素先前在回覆時沒有提到，但我在事先準備的講稿中有提到。

So in actuality, there was also a little bit of an OpEx impact with some timing and investments there. I would say, roughly speaking, the raw material and freight headwinds and the OpEx was probably about 70%, 80% of the impact to EPS, and the residual was the one-time event that Ali referenced with the small [client].

實際上，還有一些營運費用（OpEx）的影響，與時點以及相關投資有關。我會說，大致而言，原物料與運費的不利因素加上OpEx，對每股盈餘（EPS）的影響約占70%到80%，其餘則是Ali提到的那個與小型[客戶] 相關的一次性事件。

David Silver, Freedom Capital Markets.

David Silver，Freedom Capital Markets。

Yeah. Thank you again. Just a clarification, I can't read my own writing here, but Laura, I believe you talked about a 32% tax rate. And I was just wondering if you could specify, is that the third quarter only? Is that -- and I'm sorry, 32% non-GAAP tax rate. Is that third quarter only? Is that full year?

是的。再次感謝。我想釐清一下，我自己寫的字有點看不懂，但Laura，我相信你提到32%的稅率。我想請問你能否說明，那是只針對第三季嗎？也就是——抱歉，32%的非GAAP稅率。那是只針對第三季嗎？還是全年？

I mean -- and then, just again, on the tax rate, but I believe this year's rate is running a bit above some historical years for the company. Should we expect or -- I know it's very early, but should we be penciling in a lower rate for 2027? I'll stop there.

另外，再就稅率而言，我相信今年的稅率相較公司過去某些年度略高。我們是否應該預期——我知道現在談還很早——但我們在估算2027年時，是否應該先假設較低的稅率？我先問到這裡。

Sure. Okay. So yes, the 32% is a full year outlook on a non-GAAP basis. You're correct in your observation that on a year over year basis, we're seeing some expansion there. And really that's a function of just some valuation allowances in some of our jurisdictions based on the business performance. I think, under Ali's leadership and where the company and the team are pushing towards is a significant improvement and a meaningful improvement in business results, which will assist us getting beyond some of those tax challenges we're experiencing.

當然。好的。是的，32%是以非GAAP基礎的全年展望。你觀察得沒錯，從年對年來看，我們確實看到稅率有所上升。這主要是因為在部分司法管轄區，我們基於業務表現而提列了一些估值備抵（valuation allowances）。我認為在Ali的領導下，以及公司與團隊努力的方向，是要在業績上取得顯著且實質的改善，這將有助於我們克服目前面臨的一些稅務挑戰。

In addition, the team's already focused on what we can do and how we can evaluate improving our tax performance. I think with all of the above, yes, you should absolutely assume that we'll be working towards an improvement in that rate.

此外，團隊也已經在聚焦我們能做什麼，以及如何評估以改善我們的稅務表現。綜合以上，是的，你絕對可以假設我們會朝著改善該稅率的方向努力。

Okay, thank you for that. Then last one from me. Again, Laura, I think you talked about use of cash and you used the term balance, which can cover a lot of ground, I guess. But just to my eyes, it is a very volatile publicly traded market. And my sense is that private owners of assets that might be interesting to your company might become available in a more volatile market for valuation.

好的，謝謝你的說明。那我最後一個問題。同樣是Laura，我想你談到現金的運用，並用了「平衡」這個詞，我想這可能涵蓋很多面向。但就我看來，公開交易市場波動非常大。我的感覺是，在更波動的市場中，一些可能對你們公司有吸引力的資產，其私人持有者可能會因估值因素而更願意釋出。

So if you could just comment on the opportunity funnel that you're seeing here. And in your view, are there more likely to be some better opportunities here in the near term than, let's say, over the past couple of years?

所以如果你能評論一下你們目前看到的機會管線（opportunity funnel）。以及在你看來，短期內是否更可能出現一些更好的機會，相較於過去這一兩年？

Yeah, I think, -- David, this is Ali, by the way. But we are continuing with the evaluate. We've really been very active over the last few months.

是的，我想——David，我是Ali。我們仍在持續評估。過去幾個月我們其實非常積極。

So yeah, there are opportunities that, again, given the timing we're in, we're just not looking at the valuation based on current conditions. It has to be the strategic fit for the business. I think that's what will be more critical for us. But you're right, maybe the timing is going to give us more of an opportunity now than a year ago or so. So I think the work is ongoing, and we're hoping in the next quarter or so to be able to share something with you guys.

所以是的，確實有一些機會；同樣地，考量我們所處的時點，我們不會只依據當前市況來看估值。它必須在策略上與業務相契合。我認為這對我們會更關鍵。但你說得對，也許這個時點會讓我們比一年前左右有更多機會。所以我認為相關工作仍在進行中，我們希望在接下來一季左右能夠和各位分享一些進展。

(Operator Instructions)

（接線員指示）

Ladies and gentlemen, and with that, we have no further questions at this time, so we will conclude today's conference. Thank you all for your participation. All parties may now disconnect.

各位女士、先生，至此我們目前沒有進一步的提問，因此我們將結束今天的電話會議。感謝各位的參與。所有與會者現在可以掛線。