Stepan Co (SCL) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Stepan Company first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded on Tuesday, April 28, 2026.

早安，歡迎參加 Stepan Company 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次電話會議將於 2026 年 4 月 28 日（星期二）錄音。

It is now my pleasure to turn the call over to Mr. Ruben Velasquez, Vice President and Chief Financial Officer of Stepan Company. Mr. Velasquez, please go ahead.

現在我很榮幸將電話會議交給 Stepan Company 副總裁兼財務長 Ruben Velasquez 先生。Velasquez 先生，請開始。

Thanks, Victor. Good morning, and thank you for joining Stepan Company's first-quarter 2026 financial review. Before we begin, please note that information in this conference call contains forward-looking statements, which are not historical facts. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, prospects for our foreign operations, global and regional economic conditions, and factors detailed in our Securities and Exchange Commission filings.

謝謝你，Victor。早安，感謝各位參加 Stepan Company 2026 年第一季財務回顧。在開始之前，請注意本次電話會議中的資訊包含前瞻性陳述，並非歷史事實。這些陳述涉及風險與不確定性，可能導致實際結果出現重大差異，包括但不限於我們海外營運的前景、全球與區域經濟狀況，以及我們向美國證券交易委員會提交之文件中所詳述的因素。

In addition, this conference call will include discussions of adjusted net income, adjusted EBITDA and free cash flow, which are non-GAAP measures. We provide reconciliations to the comparable GAAP measures in the earnings presentation and press release, which we have made available at www.stepan.com under the Investors section of our website.

此外，本次電話會議將討論調整後淨利、調整後 EBITDA 與自由現金流，這些皆為非 GAAP 指標。我們在盈餘簡報與新聞稿中提供與可比 GAAP 指標的調節表，並已於 www.stepan.com 網站的投資人（Investors）專區提供。

Whether you are joining us online or over the phone, we encourage you to review the investor slide presentation. We make these slides available at approximately the same time as when the earnings release is issued, and we hope that you find the information as perspectives contained therein helpful.

無論您是透過線上或電話加入，我們都鼓勵您檢視投資人投影片簡報。我們在發布財報新聞稿的同一時間左右提供這些投影片，並希望您覺得其中所提供的資訊與觀點有所助益。

With that, I would like to turn the call over to Mr. Luis Rojo, our President and Chief Executive Officer.

接下來，我想把電話會議交給我們的總裁兼執行長 Luis Rojo 先生。

Thank you, Ruben. Good morning, and thank you all for joining us today to discuss our first quarter 2026 results. I plan to share highlights of the quarter's performance and provide an update on our key strategic priorities, while Ruben will provide additional details on our financial results.

謝謝你，Ruben。早安，感謝各位今天加入我們，一同討論 2026 年第一季的業績。我將分享本季表現的重點並更新我們的關鍵策略優先事項，而 Ruben 會提供更多財務結果的細節。

Before reviewing the quarter, I want to recognize our teams around the world for their continued commitment to safety and operational excellence. Safety remains our top priority and the foundation for everything we do at Stepan. That focus was evident as we delivered the strongest safety performance on record during the first quarter of this year. Congratulations, team.

在回顧本季之前，我想表揚我們全球團隊持續致力於安全與卓越營運。安全仍是我們的首要任務，也是 Stepan 一切工作的基礎。這項重視在我們今年第一季創下史上最佳安全表現時展露無遺。恭喜各位團隊成員。

Q1 2026 was an important quarter of execution for Stepan. We advanced our footprint and asset base optimization efforts, delivered net sales growth in a challenging macro environment, and continue to generate a strong volume growth across our strategic end markets. Organic net sales were up 4% year over year. Organic volume was flat with double-digit growth in Crop Productivity, Oilfield, Industrial Cleaning and in our Tier 2, Tier 3 customer base. This was offset by continued soft demand in European Polymers.

2026 年第一季對 Stepan 而言是重要的執行季度。我們推進據點與資產基礎最佳化工作，在具挑戰性的總體環境下實現淨銷售成長，並持續在我們的策略終端市場帶來強勁的銷量成長。有機淨銷售年增 4%。有機銷量持平，其中作物生產力（Crop Productivity）、油田（Oilfield）、工業清潔（Industrial Cleaning）以及我們第二層級、第三層級客戶群皆呈現雙位數成長。上述表現被歐洲聚合物（Polymers）需求持續疲弱所抵銷。

Adjusted EBITDA was $50 million, down 14% versus the prior year, reflecting lower Surfactant results due to lower absorption and production timing issues in Asia, competitive pressures in Mexico, the impact of the US cold snap, and continued pressures from elevated oleochemical input costs. Polymers delivered an 8% increase in adjusted EBITDA, driven by 5% volume growth in North America and global margin improvement, which was partially offset by continued softness in Europe.

調整後 EBITDA 為 5,000 萬美元，較去年下降 14%，反映界面活性劑（Surfactant）業績較低，原因包括亞洲產能吸收率較低與生產時點問題、墨西哥競爭壓力、美國寒流影響，以及油脂化學品（oleochemical）原料成本居高不下所帶來的持續壓力。聚合物調整後 EBITDA 成長 8%，主要受北美銷量成長 5%與全球毛利率改善帶動，但部分被歐洲持續疲弱所抵銷。

Specialty Products delivered volume growth of 30%, reflecting a strong demand and new business with our MCT product line. EBITDA was slightly down due to product mix and lag on raw material prices. We continue to execute Project Catalyst safely on time and on budget. These actions demonstrate our disciplined approach to cost optimization while ensuring we maintain the capabilities needed to serve our customers and deliver balanced growth across our higher value end markets.

特用產品（Specialty Products）銷量成長 30%，反映我們 MCT 產品線需求強勁並取得新業務。由於產品組合以及原料價格傳導滯後，EBITDA 略為下滑。我們持續以安全方式按期、按預算執行 Catalyst 專案（Project Catalyst）。這些行動展現我們在成本最佳化上的紀律，同時確保維持服務客戶所需的能力，並在較高價值的終端市場實現均衡成長。

We remain committed to a balanced approach with capital allocation. During the first quarter, the company paid $8.9 million in dividends to shareholders. Consistent with our long-standing commitment to shareholder returns, our Board of Directors declared a quarterly cash dividend of $0.395 per share. And last year, we increased our dividend for the 58th consecutive year. This track record underscored our confidence in Stepan cash flow durability and long-term outlook.

我們仍致力於在資本配置上採取均衡作法。第一季公司向股東支付 890 萬美元股利。秉持我們長期對股東報酬的承諾，董事會宣告每股 0.395 美元的季度現金股利。此外，去年我們連續第 58 年調升股利。此一紀錄凸顯我們對 Stepan 現金流韌性與長期展望的信心。

With that, I will turn the call back to Ruben to walk you through the financial details for the quarter.

接下來，我把電話會議交回 Ruben，請他帶各位了解本季的財務細節。

Thank you, Luis. My comments will generally follow the slide presentation. As shared in our first quarter 2026 results release, reported net loss for the quarter was $41.4 million or $1.81 per diluted share versus reported net income of $19.7 million or $0.86 per diluted share in the prior year.

謝謝你，Luis。我的說明將大致依照投影片簡報進行。如我們在 2026 年第一季業績新聞稿中所述，本季報告淨損為 4,140 萬美元，或稀釋後每股 1.81 美元；相較之下，去年同期報告淨利為 1,970 萬美元，或稀釋後每股 0.86 美元。

The current year reported results include a $65.4 million pretax restructuring charge or $51.2 million after tax related to the previously announced closure of our Hillsborough, New Jersey site and the decommissioning of select assets at our Millsdale, Illinois and Stalybridge, United Kingdom facilities. The cash impact associated with this restructuring charge was less than $1 million during the quarter.

本年度的報告結果包含 6,540 萬美元的稅前重整費用，或稅後 5,120 萬美元，與先前宣布關閉我們位於新澤西州 Hillsborough 的據點，以及在伊利諾州 Millsdale 與英國 Stalybridge 廠區除役部分資產相關。本季與該重整費用相關的現金影響少於 100 萬美元。

Slide 3 summarizes our first quarter 2026 performance. Adjusted net income was $10.3 million or $0.45 per diluted share, down 47% versus adjusted net income of $19.3 million or $0.84 per diluted share in the first quarter of last year. The decrease in adjusted earnings was largely due to lower Surfactant earnings and higher interest expense.

投影片第 3 頁彙總我們 2026 年第一季表現。調整後淨利為 1,030 萬美元，或稀釋後每股 0.45 美元，較去年第一季調整後淨利 1,930 萬美元、稀釋後每股 0.84 美元下降 47%。調整後獲利下滑主要由於界面活性劑獲利較低以及利息費用較高。

Consolidated EBITDA was $49.6 million compared to $57.5 million in the prior year, a 14% decrease. The decline was primarily due to Surfactant earnings driven by lower absorption and production timing differences in Asia, competitive pressures in Mexico, the severe cold snap in the US, and higher oleochemical raw material costs still working through our P&L. This was partially offset by strong Polymers performance where adjusted EBITDA grew 8% versus the prior year.

合併 EBITDA 為 4,960 萬美元，較去年 5,750 萬美元下降 14%。下滑主要來自界面活性劑獲利，原因包括亞洲產能吸收率較低與生產時點差異、墨西哥競爭壓力、美國嚴重寒流，以及較高的油脂化學品原料成本仍在損益表中逐步反映。上述影響部分被聚合物強勁表現所抵銷，其調整後 EBITDA 較去年成長 8%。

Cash from operations was $17 million for the quarter, and free cash flow was negative $14 million, driven by higher working capital requirements, which are typical during the first quarter of the year. We remain focused on deleveraging the balance sheet and maintaining our disciplined capital allocation.

本季營運活動現金流為 1,700 萬美元，自由現金流為負 1,400 萬美元，主要受較高的營運資金需求所致，這在每年第一季屬常見情況。我們仍專注於降低槓桿、強化資產負債表，並維持嚴謹的資本配置紀律。

Slide 4 shows the total company pretax income bridge for Q1 2026 compared to Q1 2025. Because this is a pretax view, the figures shown reflect operating performance before the impact of income taxes. First quarter pretax income declined year over year, primarily driven by lower Surfactants operating income and lower capitalized interest income. These headwinds were partially offset by improved Polymers performance and favorable effective tax rate.

投影片第 4 頁顯示公司整體在 2026 年第一季相較 2025 年第一季的稅前損益橋接。由於這是稅前視角，所示數字反映所得稅影響前的營運表現。第一季稅前利益年減，主要由界面活性劑營業利益較低以及資本化利息收入較低所致。上述逆風部分被聚合物表現改善以及有效稅率有利所抵銷。

Important to note, the higher interest expense reflects lower capitalized interest income associated with the start-up of our Pasadena, Texas site. Importantly, several of these drivers, including higher depreciation and the declining capitalized interest associated with Pasadena start-up had no cash impact compared to the first quarter of last year.

需要注意的是，較高的利息費用反映與德州 Pasadena 據點啟用相關的資本化利息收入下降。同樣重要的是，這些因素中的若干項，包括較高的折舊以及與 Pasadena 啟用相關的資本化利息下降，相較去年第一季並無現金影響。

Slide 5 shows the total company adjusted EBITDA bridge for the quarter compared to last year. Adjusted EBITDA was $49.6 million, down $8 million versus the prior year. I will cover each segment in more detail, but overall, Surfactants and Specialty Products were down, partially offset by Polymers growth. Unallocated corporate expenses were higher due to normal inflation.

投影片第 5 頁顯示公司整體本季相較去年之調整後 EBITDA 橋接。調整後 EBITDA 為 4,960 萬美元，較去年減少 800 萬美元。我將更詳細說明各事業部，但整體而言，界面活性劑與特用產品下滑，部分被聚合物成長所抵銷。未分攤的公司費用因一般通膨而增加。

Turning to Surfactants on slide 8, net sales were $454 million, up 8% on an organic basis. Selling prices were up 2%, primarily due to the pass-through of higher raw material costs, improved product and customer mix as well as pricing actions. Organic volume was up 2%, driven by double-digit growth within the Crop Productivity, Industrial Cleaning, and Oilfield end markets. We also grew double digits in our Tier 2 and Tier 3 customer segments.

接著看第 8 張投影片的界面活性劑業務，淨銷售額為 4.54 億美元，有機基礎年增 8%。銷售價格上升 2%，主要因較高原物料成本的轉嫁、產品與客戶組合改善，以及採取定價措施。有機銷量成長 2%，動能來自作物生產力、工業清潔與油田終端市場的兩位數成長。我們在第二層級與第三層級客戶區隔也同樣達成兩位數成長。

The Surfactant business achieved volume growth in all global regions, except Asia. Foreign currency translation positively impacted net sales by 5%. Surfactants adjusted EBITDA for the quarter decreased $7 million or 15% versus the prior year, driven by North America and Asia down $5.6 million. The majority of this decrease was due to lower absorption and production timing differences in Asia.

界面活性劑業務在除亞洲以外的所有全球區域皆實現銷量成長。外幣換算對淨銷售額帶來 5% 的正面影響。本季界面活性劑調整後 EBITDA 較去年同期減少 700 萬美元或 15%，其中北美與亞洲合計下滑 560 萬美元。此降幅主要源於亞洲較低的吸收率以及生產時點差異。

This P&L impact has no effect on free cash flow and represents a onetime event that we expect to recover in future quarters. The cold snap in the US and higher input costs complemented North America, Asia EBITDA reduction. Latin America performance was negatively impacted by the competitive environment and high raw material prices in Mexico. Europe and Mercosur continue delivering solid performance anchored in our Crop Productivity franchise.

此損益表影響不會影響自由現金流，且屬一次性事件，我們預期在未來幾季可回補。美國寒流與較高投入成本也加劇了北美與亞洲 EBITDA 的下滑。拉丁美洲表現受到競爭環境以及墨西哥原物料價格偏高的負面影響。歐洲與南方共同市場（Mercosur）在我們作物生產力主力業務的支撐下，持續交出穩健表現。

Moving on to slide 7, Polymer net sales were $130 million, an 11% decrease. Selling prices decreased 8%, primarily due to the pass-through of lower raw material costs and competitive pressures. Volume decreased 6% in the quarter.

接著看第 7 張投影片，聚合物淨銷售額為 1.30 億美元，下降 11%。銷售價格下滑 8%，主要因較低原物料成本的轉嫁以及競爭壓力。本季銷量下降 6%。

Volume in North America was up 5%, driven by spray foam and commodity phthalic anhydride growth. This was more than offset by a double-digit decline in Europe, driven by ongoing global macroeconomic uncertainty and a depressed construction market. Foreign currency translation positively impacted sales by 3% during the quarter.

北美銷量成長 5%，主要由噴塗泡棉與大宗鄰苯二甲酸酐的成長帶動。然而，歐洲在持續的全球總體經濟不確定性與低迷的建築市場影響下出現兩位數下滑，抵銷了上述成長。本季外幣換算對銷售額帶來 3% 的正面影響。

Polymer adjusted EBITDA increased 8% versus the prior year, primarily due to North America growing spray foam and commodity phthalic anhydride and global margin improvement. Specialty Products net sales were $21 million, a 24% increase versus 2025, primarily due to higher volume. Volume was up 30%, reflecting continued growth in our MCT product line. Specialty Products adjusted EBITDA decreased slightly due to product mix and the lag in raw material prices, which we expect to recover in future quarters.

聚合物調整後 EBITDA 較去年同期成長 8%，主要因北美噴塗泡棉與大宗鄰苯二甲酸酐成長，以及全球毛利率改善。特用產品淨銷售額為 2,100 萬美元，較 2025 年成長 24%，主要由較高銷量帶動。銷量成長 30%，反映我們 MCT 產品線持續成長。特用產品調整後 EBITDA 因產品組合與原物料價格落後效應而小幅下降，我們預期在未來幾季可回補。

Now turning to slide 8, free cash flow generation remains a key focus across the organization. Cash from operations was $17 million in the first quarter and free cash flow was negative $14 million, reflecting typical first quarter working capital build. Capital expenditures were $31 million in Q1.

接著看第 8 張投影片，自由現金流的創造仍是全組織的關鍵重點。第一季營運活動現金流為 1,700 萬美元，自由現金流為負 1,400 萬美元，反映第一季典型的營運資金增加。第一季資本支出為 3,100 萬美元。

Now turning to the balance sheet. We ended the quarter with a net debt of $511 million and a leverage ratio of 2.7, which is lower than in Q1 2025.

接著看資產負債表。本季末淨負債為 5.11 億美元，槓桿比率為 2.7，低於 2025 年第一季。

With that, I will turn the call back to Luis to discuss our strategic priorities and our progress on Project Catalyst.

接下來我把電話交回給 Luis，請他說明我們的策略優先事項，以及 Project Catalyst 的進展。

Thanks, Ruben. I will provide a brief update on our strategic priorities before turning to the progress we're making on Project Catalyst. Our strategy continues to be anchored in four key pillars: first, continue focusing on customer-centric innovation to drive top-line growth; second, our diversification strategy, which is accelerating growth in higher value end markets while extending our reach into the Tier 2, Tier 3 customer segment.

謝謝，Ruben。在談我們在 Project Catalyst 的進展之前，我先簡要更新我們的策略優先事項。我們的策略仍以四大支柱為核心：第一，持續聚焦以客戶為中心的創新，以帶動營收成長；第二，我們的多元化策略，透過加速在高價值終端市場的成長，同時擴大我們在第二層級、第三層級客戶區隔的觸及。

Third, we remain committed to operational excellence across our supply chain operations with a continued emphasis on strengthening the reliability and resiliency of our manufacturing network, including ongoing improvements in our flagship Millsdale site. Finally, we're strengthening our financial position through a disciplined focus on free cash flow generation, deleveraging the balance sheet and prudent capital allocation.

第三，我們仍致力於在供應鏈營運上追求卓越，並持續強化製造網路的可靠性與韌性，包括持續改善我們的旗艦 Millsdale 廠區。最後，我們透過嚴謹聚焦自由現金流創造、降低資產負債表槓桿，以及審慎的資本配置，來強化財務體質。

During the first quarter, we continued to see momentum in our strategic end markets. We delivered double-digit volume growth within our Crop Productivity, Oilfield, Tier 2 and Tier 3, and Industrial Cleaning businesses and delivered volume growth in all Surfactant regions except Asia. Polymers delivered strong volume growth in North America. Specialty Products grew volume by 30%, reinforcing the strategic value of our MCT product line.

第一季期間，我們在策略性終端市場持續看到動能。我們在作物生產力、油田、第二層級與第三層級，以及工業清潔業務皆實現兩位數銷量成長；界面活性劑除亞洲外的所有區域也都實現銷量成長。聚合物在北美交出強勁的銷量成長。特用產品銷量成長 30%，再次強化我們 MCT 產品線的策略價值。

These results validate that our strategy is working and that our diversified portfolio continues to create value for customers and shareholders even in a challenging macro environment. We also continue to ramp up our Pasadena, Texas facility, which is a critical enabler for strategic growth in specialty alkoxylates. We continue to expect Pasadena to reach approximately 80% utilization on average in 2026 and full utilization in 2027, which will drive supply chain savings and support future volume growth.

這些結果驗證我們的策略正在奏效，即使在充滿挑戰的總體環境下，我們多元化的產品組合仍持續為客戶與股東創造價值。我們也持續提升德州帕薩迪納（Pasadena）廠的產能爬坡，該廠是推動特用烷氧基化物策略成長的關鍵推手。我們仍預期 Pasadena 在 2026 年平均可達約 80% 的產能利用率，並於 2027 年達到滿載，這將帶動供應鏈節省並支持未來銷量成長。

Let's move now to slide 10. Turning to Project Catalyst, I'm pleased to share that we have measurable progress. As a reminder, Project Catalyst is a comprehensive plan designed to further optimize our asset base and create a more productive, agile, and accountable organization to enable growth. The program is expected to deliver approximately $100 million in pretax savings over the next two years, with around 60% of the savings expected in 2026. We are on track to deliver the committed savings this year.

現在我們看第 10 張投影片。談到 Project Catalyst，我很高興分享我們已取得可衡量的進展。提醒一下，Project Catalyst 是一項全面性計畫，旨在進一步優化我們的資產基礎，並打造更高生產力、更敏捷且更具問責的組織，以支持成長。該計畫預期在未來兩年帶來約 1 億美元的稅前節省，其中約 60% 的節省預期在 2026 年實現。我們正按計畫在今年達成承諾的節省目標。

Project Catalyst is not a short-term cost reduction program alone. It is a strategic transformation designed to enhance the competitiveness of our cost base while preserving customer service and growth flexibility. During the first quarter, we executed our plans to close our Hillsborough site and decommission selected assets at our Millsdale and Stalybridge facilities.

Project Catalyst 不僅是短期的成本削減計畫。它是一項策略性轉型，旨在提升我們成本基礎的競爭力，同時維持客戶服務與成長彈性。第一季期間，我們執行了關閉 Hillsborough 廠區的計畫，並在 Millsdale 與 Stalybridge 設施除役部分資產。

While these decisions are never easy, they are the right actions to consolidate our network into more competitive and productive assets while responding to the structural changes and market demands we continue to see in the global commodity consumer end market.

雖然這些決策從來都不容易，但為了將我們的網路整併至更具競爭力且更高生產力的資產，同時回應我們在全球大宗消費品終端市場持續看到的結構性變化與市場需求，這些都是正確的行動。

The program continues to be built around three core value levers. First, footprint optimization, which include the exit of underutilized or higher cost assets and improved utilization of our most competitive sites, including the ongoing ramp-up of Pasadena. Second, operational efficiency and cost optimization, including procurement savings and productivity improvement across our manufacturing and logistics network. Third, organizational effectiveness, where we are clarifying accountabilities and streamline decision-making and aligning resources more tightly to our growth priorities.

該計畫持續圍繞三個核心價值槓桿建立。第一，據點版圖優化，包括退出利用率偏低或成本較高的資產，並提升我們最具競爭力廠區的利用率，其中也包含 Pasadena 持續的產能爬坡。第二，營運效率與成本優化，包括採購節省，以及在製造與物流網路的生產力提升。第三，組織效能，我們正釐清責任歸屬、精簡決策流程，並使資源更緊密地對齊我們的成長優先事項。

Today, we announced that we have entered into an agreement to sell nonproductive assets, especially land at our Millsdale site for $30 million. These transactions align with our focus on strengthening the balance sheet. We expect the transaction to close in the fall of 2026 after all due diligence and regulatory items are clear. We continue to actively evaluate opportunities to further optimize our asset base, organizational structure and operating model. These include identifying additional ways to unlock value and monetize nonproductive assets.

今天，我們宣布已簽署協議，將以 3,000 萬美元出售非生產性資產，特別是 Millsdale 廠區的土地。這些交易與我們強化資產負債表的重點一致。我們預期在完成所有盡職調查與法規事項後，於 2026 年秋季完成交割。我們仍在積極評估進一步優化資產基礎、組織架構與營運模式的機會。其中包括找出更多方式釋放價值並將非生產性資產變現。

Looking ahead, we are executing a balanced strategy focused on top-line growth, margin expansion and disciplined cost-out initiatives. While we continue to navigate a dynamic macro environment, and geopolitical environment, including a significant shock in the energy market, global tariffs, raw material volatility and uneven demand across our end markets, we remain confident in our path forward.

展望未來，我們正執行一項均衡策略，聚焦營收成長、利潤率擴張，以及有紀律的降本增效措施。儘管我們仍需因應動態的總體環境與地緣政治環境，包括能源市場的重大衝擊、全球關稅、原物料波動，以及各終端市場需求不均，我們仍對前進方向充滿信心。

With the continued execution of Project Catalyst, a strong momentum in our strategic end markets, the ramp-up of Pasadena, and a disciplined approach to capital allocation, we believe we are well positioned to deliver adjusted EBITDA growth, generate positive free cash flow and deleverage the balance sheet in 2026.

隨著 Catalyst 專案持續推進、我們策略性終端市場維持強勁動能、Pasadena 產能爬坡，以及嚴謹的資本配置紀律，我們相信公司已具備良好條件，可在 2026 年實現調整後 EBITDA 成長、產生正向自由現金流，並降低資產負債表槓桿。

This concludes our prepared remarks. At this time, we would like to turn the call over for questions. Victor, please review the instructions for the questions portions of today's call.

以上為我們預先準備的發言。接下來，我們想把電話會議交給問答環節。Victor，請說明今天電話會議提問部分的指引。

(Operator Instructions) Mike Harrison, Seaport Research Partners.

(接線員指示) Mike Harrison，Seaport Research Partners。

I wanted to say congratulations to the team on the safety achievements there. That's very important. I wanted to maybe just start with a couple of questions about -- obviously, the Iran war is top of mind for investors right now.

我想先恭喜團隊在安全方面取得的成就。這非常重要。我想先從幾個問題開始——顯然，伊朗戰爭目前是投資人最關注的議題。

And I specifically wanted to understand what are you seeing in terms of raw material impact since the war began? Are you able to push through some higher pricing in response to higher raw material costs? And are there any situations in which you're encountering shortages or other difficulties in procurement?

我特別想了解，自戰爭開始以來，你們在原物料影響方面看到了什麼？面對原物料成本上升，你們是否能夠把較高的價格轉嫁出去？以及在採購上，是否有遇到短缺或其他困難的情況？

Great questions, Mike. Look, so of course, our raw materials depend a lot on the oil supply chain, and we are seeing escalation in raw material inflation. The good news is, as you know, we have a good process. We have a lot of pass-through contracts, and we have a disciplined process of increasing prices as well.

很好的問題，Mike。你看，當然，我們的原物料很大程度取決於石油供應鏈，而我們確實看到原物料通膨加速上升。好消息是，如你所知，我們有一套良好的流程。我們有很多可轉嫁（pass-through）合約，同時也有一套嚴謹的調價流程。

And what I will say is that in most of the businesses, we have been very successful in passing through the price increases in line with the raw material inflation. So that's working through the system. We see the whole market going up. It's not only us; it's the whole market going up, which give us confidence that pricing will be sticky, more in some places than others, for sure. But in general, we feel pretty good.

我想說的是，在大多數業務中，我們在依照原物料通膨幅度轉嫁漲價方面一直非常成功。因此這正在系統中逐步反映。我們看到整個市場都在上漲。不只是我們；是整個市場都在上漲，這讓我們有信心價格會具有黏著性——當然，有些地方比其他地方更明顯。但整體而言，我們感覺相當不錯。

The other thing is, of course, raw material availability will continue to be a challenge because there are certain supply chains that are heavily impacted by the conflict in Iran, and there are some shortages in raw materials. The reality is that we could be growing faster than what we're growing now, but we don't have all the raw materials that we need.

另外一點是，原物料供應可得性仍將持續是一項挑戰，因為有些供應鏈受到伊朗衝突的嚴重影響，導致部分原物料出現短缺。事實上，如果我們能取得所需的全部原物料，我們的成長速度可能會比現在更快，但目前我們沒有拿到所有需要的原物料。

On the other hand, we have good contracts with our suppliers, everybody's hands on deck. And I think we're getting a good fair share of what is needed. But of course, we will continue working with our supplier to ensure that we can grow faster in the current environment.

另一方面，我們與供應商有良好的合約，大家也都全力以赴。我認為我們拿到的份額相當合理、也符合公平分配。但當然，我們會持續與供應商合作，確保在目前環境下能夠更快成長。

All right. Well, you kind of addressed a little bit my second question, which is related more to the demand impacts of the Iran war across your three segments. It sounds like you're saying you could have grown a little bit faster if not for maybe some inability to get key raw materials or get supply.

好的。你其實已經部分回答了我的第二個問題，也就是伊朗戰爭對你們三個事業部門需求面的影響。聽起來你是在說，如果不是因為某些關鍵原物料或供應取得受限，你們本來可以成長得更快一些。

I'm curious, though, I would think that Stepan is relatively better positioned than some of your smaller or more regional competitors in terms of your ability to get inputs and get raw materials. So maybe just talk a little bit about how you're expecting -- obviously, consumer demand or consumer sentiment is a little bit weaker here. But are there situations where you might be able to pick up some market share because competitors simply don't have supply in certain product lines or certain regions?

不過我很好奇，我原本會認為，相較於一些規模較小或更區域型的競爭對手，Stepan 在取得投入品與原物料方面的條件應該相對更好。所以能否談談你們的預期——顯然，消費需求或消費者信心在這裡稍微偏弱。但是否存在一些情況，你們可能因為競爭對手在某些產品線或某些地區缺貨，而有機會取得一些市占？

No, for sure, Mike. You are right that we have the scale to win, especially in Tier 2, Tier 3, which is a key segment that we keep focusing our resources. So what I would say is, yes, we have the opportunity to keep growing in those segments.

是的，當然，Mike。你說得對，我們具備規模優勢，特別是在我們持續集中資源的 Tier 2、Tier 3 這些關鍵區隔上更有機會勝出。所以我要說的是，沒錯，我們有機會在這些區隔持續成長。

The consumer is still resilient. The consumer is still spending, and we haven't seen any demand issues from the consumer side. And you have seen other companies reporting Q1 and still volumes and pricing and all of that is still pretty healthy. So we feel good about where we are right now.

消費者仍然具有韌性。消費者仍在支出，我們尚未從消費端看到任何需求問題。你也看到其他公司公布第一季結果，整體銷量、定價等仍相當健康。因此我們對目前的狀況感到樂觀。

Of course, things are changing. Things are changing every week and every month. But I will say -- and a lot of people are not providing very long-term guidance because of the volatility and the uncertainty of the current situation. But when you think about things like Q2 where we have way more visibility, we feel pretty good about our plan and about our ability to grow in this environment.

當然，情勢正在變化。每週、每個月都在變。但我要說——由於目前情勢的波動與不確定性，很多人不會提供很長期的指引。不過當你看像第二季這種我們能見度更高的期間，我們對計畫以及在此環境下的成長能力感到相當有信心。

All right. Within the Surfactants business, particularly, you listed out a handful of issues that it sounds like were negative to earnings and to margins in the quarter. And I was hoping that you could provide a little bit more detail in terms of maybe helping to quantify these impacts and helping understand how those impacts are trending into the second quarter and the rest of the year.

好的。在界面活性劑（Surfactants）業務方面，尤其是你列出了一些問題，聽起來這些因素在本季對獲利與毛利率造成了負面影響。我希望你能提供更多細節，例如協助量化這些影響，並幫助我們理解這些影響在第二季以及今年其餘時間的走勢。

So you mentioned overhead -- higher overhead and some production timing issues in Asia. Is that something that was temporary in nature? Or is that something that's going to continue to be an issue for the rest of the year?

你提到間接費用——較高的間接費用，以及亞洲的一些生產時點問題。這是屬於暫時性的狀況嗎？還是說這會在今年剩餘時間持續成為問題？

No. Great question, Mike, and it's temporary, right? I mean, we were clear that some of the items that we saw in Q1 are noncash and onetime in nature, right? For example, we had lower absorption, both in Asia and in North America, especially at the beginning of the quarter with the cold snap in the US. So we expect some of that to reverse in the future quarters.

不會。很好的問題，Mike，而且這是暫時性的。我的意思是，我們很清楚地說過，第一季看到的一些項目屬於非現金且一次性的性質。例如，我們的吸收率較低，亞洲與北美皆然，尤其是本季初美國遭遇寒流時。因此我們預期其中一部分會在未來幾季回轉。

So if you think about it, we're happy -- not happy. We are -- I mean, we are okay with the 8% EBITDA growth in Polymers. We should grow faster, but fine. The key issue in Q1 was the Surfactant business. And when you think about the $7 million reduction in EBITDA in the Surfactant business, you can think that we should be able to easily recover at least half of that in the following quarters with all the timing and production and all of that. So that's why we view this $50 million EBITDA as not representative of what is the true performance of the company.

所以如果你這樣想，我們對聚合物（Polymers）8% 的 EBITDA 成長感到——不是感到高興。我們——我的意思是，我們可以接受 8% 的成長。我們本應該成長得更快，但也可以。第一季的關鍵問題在於界面活性劑業務。當你想到界面活性劑業務 EBITDA 減少了 700 萬美元，你可以認為，隨著時點、生產等因素改善，我們在接下來幾季應該能相對容易地收回至少一半。因此我們認為這 5,000 萬美元的 EBITDA 並不代表公司的真實表現。

All right. I guess just to finish up on that question about the Surfactants and the margin pressure, what about the competitive pressure in Mexico and the higher oleochemical costs? Is that something that should improve as the year goes on? Or is that something that could be a lingering headwind?

好的。我想就界面活性劑與毛利率壓力這個問題做個收尾：那墨西哥的競爭壓力以及較高的油脂化學品（oleochemical）成本呢？這些狀況會在今年進行中有所改善嗎？還是可能會成為持續性的逆風？

Good point, Mike. And look, when you think about -- we talk a lot about CNO in the last few quarters because the reality was that the delta between CNO and PKO, we talk a lot about that in the last few quarters, right, was significant, was something unprecedented, right? CNO in the $3,000, while PKO was in the $2,000 per metric ton.

說得好，Mike。你看，當你想到——我們在過去幾季談了很多 CNO，因為事實是 CNO 與 PKO 之間的價差，我們在過去幾季談了很多，對吧——非常顯著，是前所未見的情況。CNO 在每公噸 3,000 美元左右，而 PKO 則在每公噸 2,000 美元左右。

The reality is that when you look at the situation now, they are similar, right? And that incentivize and that helps the whole pricing environment. So what I will say is we still have some of the high CNO raw materials in our P&L going through our P&L. But the reality is that with all the pricing that we're executing now is going to be more sticky because of the relationship between CNO and PKO. So that should help the margin improvement in the Surfactant business in Q2 and going forward.

現實是，當你看現在的情況時，它們是相似的，對吧？而這會形成激勵，也有助於整體的定價環境。所以我要說的是，我們的損益表（P&L）中仍然有一些較高的 CNO 原料成本正在流經我們的損益表。但現實是，我們目前正在執行的所有定價，因為 CNO 與 PKO 之間的關係，將會更具黏著性。因此，這應該會在第二季以及往後，幫助界面活性劑業務的毛利率改善。

All right. And then last question I had is just on the Polymers business. Just curious for a better understanding of what drove the margin improvement there. I know you're calling out some spray foam volume, and I'm curious if that's something that's contributing to better margin and better mix there. And really just trying to get a sense of whether we should expect continued margin expansion year over year in that Polymers business as the year goes on.

好的。然後我最後一個問題是關於聚合物業務。我只是想更了解是什麼推動了那邊的利潤率改善。我知道你提到一些噴塗泡棉的銷量，我想知道這是否有助於帶來更好的利潤率與更好的產品組合。我主要是想了解，隨著今年進行，我們是否應該預期聚合物業務的利潤率會在年對年基礎上持續擴張。

No. Look, our Polymers business is heavily influenced by the base that we had in Q1 2025, right? When you think about -- and you clearly see it in the bridge, right, how our European business is under pressure because construction demand is very soft with everything that is going on in Europe. And then North America improved but from a very low base, I will say.

不。你看，我們的聚合物業務很大程度上受到 2025 年第一季基期的影響，對吧？當你思考——而且你在橋接表裡也清楚看到——我們的歐洲業務正承受壓力，因為在歐洲發生的各種情況下，建築需求非常疲弱。然後北美有所改善，但我會說是從非常低的基期改善上來。

So again, it's decent EBITDA margins. It's not the EBITDA margins that we deserve, but we improved in North America versus a very low base in Q1 2025. And as you rightly said, I mean, a lot of growth in a strategic priority for us, which is spray foam. We have talked about that, and we're growing significantly in that space because really the lamination market is more flattish with construction still weak and high interest rate and all of that.

所以再說一次，EBITDA 利潤率還算不錯。這不是我們應得的 EBITDA 利潤率，但相較於 2025 年第一季非常低的基期，我們在北美確實有所改善。而且如你所說，我們的一個策略優先事項有很大的成長，也就是噴塗泡棉。我們談過這點，且我們在那個領域成長顯著，因為貼合（lamination）市場相對更為持平，建築仍然疲弱，加上高利率等等因素。

So we are not expecting the lamination market to be significantly up this year. None of our customers are projecting that. But we are still improving our business in spray foam, in PA and making sure that we come out of this crisis in Europe a little bit stronger in the second half.

所以我們不預期貼合市場今年會大幅成長。我們的客戶都沒有這樣的預測。但我們仍在噴塗泡棉、PA 方面持續改善業務，並確保我們在歐洲這場危機之後，在下半年能以更強的姿態走出來。

Dave Storms, Stonegate.

Dave Storms，Stonegate。

You mentioned in your prepared remarks that you're seeing growth in Tier 2, 3 customers in Surfactants. Just curious as to maybe what's working here? How sustainable is it? And maybe what's the outlook for that going forward?

你在事先準備的發言中提到，你看到界面活性劑在第二、第三層級客戶（Tier 2、Tier 3）有成長。我想了解一下，這裡可能是哪些做法奏效？這樣的成長有多可持續？以及未來的展望如何？

Look, as we have talked, I mean, we continue to invest in this customer base is a strategic effort for us. We provide not only a product, but we provide a service. We help them formulate their products. We help them solve their challenges on the formulation side.

你看，正如我們談過的，我們持續投資這個客戶群，這對我們而言是一項策略性努力。我們提供的不只是產品，也提供服務。我們協助他們進行產品配方設計。我們幫助他們解決配方端的挑戰。

And the reality is that there are a lot of categories where private label are growing share, and some of the value brands are winning versus the branded brands. And that's that dynamic specifically for the US now that I'm talking.

而現實是，在許多品類中，自有品牌（private label）的市占正在提升，一些價值型品牌相較於品牌大廠的品牌（branded brands）更具優勢。我現在談的是美國市場特有的這種動態。

But we believe in the current high inflation, high gas prices and all of that, the relevance and the growth potential on some of those Tier 2, Tier 3 brands are going to still there, and we are helping them to achieve their targets. So it's a strong business. We're growing double digits. And as I said, it is more than a product. We have other elements that help us win in that space.

但我們相信，在目前高通膨、高油價等等情況下，這些第二、第三層級品牌的相關性與成長潛力仍然存在，而我們正在協助他們達成目標。所以這是一門強勁的業務。我們以雙位數成長。而且如我所說，這不只是產品。我們還有其他要素，幫助我們在這個領域勝出。

That's very helpful. Another one for me. And I know we spent a decent amount of time already talking about the Iran war. But just trying to get my arms around maybe any impacts that might have on ag specifically. I know this time of year is when we start thinking about that a little more. Are you seeing any significant second order effects from the Iran war as it pertains to the ag line?

這非常有幫助。我還有一個問題。我知道我們已經花了不少時間談伊朗戰爭。但我想掌握一下它可能對農業（ag）帶來的任何影響。我知道每年這個時候我們會更常開始思考這件事。就農業產品線而言，你們是否看到伊朗戰爭帶來任何顯著的第二順位效應？

Not really. So as we said in our remarks, I mean, we're growing double digits in Crop Productivity, continues to be one of our key strategic areas. And we don't see any impact. Now of course, the planting season, for example, in the US is mostly done and executed and everything that we had to sell, we sold it for the planting season. So we need to see how things evolve for 2027.

沒有太多。所以如我們在發言中所說，我們的作物生產力（Crop Productivity）以雙位數成長，並持續是我們的關鍵策略領域之一。我們沒有看到任何影響。當然，例如美國的播種季大多已完成並執行完畢，我們在播種季需要銷售的產品也都已經賣出去了。所以我們需要觀察 2027 年的情況如何演變。

But for example, Brazil, which the season starts now is going well. We had great results in Mercosur. So far, we continue to see strong growth and our innovation program, our new product launches with the big ag companies is working and is delivering the growth -- I mean, very strong growth, double digit is very strong in this space.

但例如巴西，現在才開始進入季節，進展良好。我們在南方共同市場（Mercosur）取得了很好的成果。到目前為止，我們仍看到強勁成長；我們的創新計畫、與大型農業公司合作的新產品上市正在發揮作用並帶來成長——我是說，非常強勁的成長，在這個領域雙位數成長是非常強的。

Understood. Thank you. And maybe one more for me. Great to see that Project Catalyst is still on track. And I know you gave us a nice breakdown of maybe the cadence for 2026 versus 2027. Are there any nuances that we should be aware of on a quarterly cadence or maybe it's more just a linear step-up as we go through the year? Any thoughts there?

了解。謝謝。我可能再問最後一個。很高興看到 Catalyst 專案仍按計畫進行。我知道你也很清楚地拆解了 2026 年相較於 2027 年的節奏。在季度節奏上是否有任何我們需要注意的細節？或者更像是隨著年度推進線性地逐步提升？你有什麼想法嗎？

No, great question, Dave, because the reality is that we're going to start to see the majority of the savings of the Catalyst project now in Q2, right? So we made the tough decisions on the footprint side, and we executed all of them basically at the end of March, beginning of April. So you are going to see the majority of the savings ramping up in Q2 versus Q1.

沒有，Dave，這是個好問題，因為現實是我們將在第二季開始看到 Catalyst 專案大部分的節省效益，對吧？所以我們在產能佈局（footprint）方面做出了艱難的決策，而我們基本上在三月底、四月初把這些都執行完了。因此，相較於第一季，你會在第二季看到大部分節省效益開始爬升。

So we feel good about Q2 because, again, a lot of the Catalyst savings start now. And as you know, the 60%, we were very clear that the 60% that we're delivering this year, some of that is to cover inflationary pressures and all of that, but the majority of the savings start now.

所以我們對第二季感到樂觀，因為再說一次，許多 Catalyst 的節省效益現在開始體現。而且如你所知，我們非常清楚地說過，今年我們交付的 60% 中，有一部分是用來抵消通膨壓力等等，但大部分的節省效益是從現在開始。

David Silver, Freedom Capital Markets.

David Silver，Freedom Capital Markets。

I did want to follow up on some of Mike's earlier questions. Maybe I would like to focus on the demand side. So apart from the very near-term kind of Persian Gulf-related issues, the consumer generally has been under some pressure. And from your order book, could you maybe just talk about the health or the trend in demand for your traditional book of business?

我確實想跟進 Mike 先前的一些問題。也許我想把焦點放在需求端。所以除了非常短期、與波斯灣相關的議題之外，消費者整體一直承受一些壓力。從你們的訂單簿來看，你能否談談你們傳統業務訂單的需求健康度或趨勢？

In other words, you've invested a lot in upgrading your product mix, 1,4-dioxane-free, et cetera. Are you seeing the uptake on those products that you anticipated? Or are we seeing, on the other hand, maybe a trading down phenomenon from cost-conscious consumers?

換句話說，你們在升級產品組合上投入很多，例如無 1,4-二噁烷（1,4-dioxane-free）等等。你們是否看到這些產品如預期般被市場採用？或者相反地，我們是否看到在成本意識較強的消費者帶動下，出現消費降級（trading down）的現象？

So maybe just how you're looking at the demand side for your traditional portfolio of products and particularly for the value-added component of your business mix? Are you seeing the expected demand? Or are things going to be deferred maybe until after geopolitical issues settle down? Thank you.

所以，你們如何看待傳統產品組合的需求端，特別是你們業務組合中附加價值（value-added）部分的需求？你們是否看到預期的需求？或者是否可能要等到地緣政治議題趨於平息之後才會恢復？謝謝。

No, great questions, David. Look, as we said, one, the consumer is still resilient. So the consumer is still spending money. All the data that you see in all our categories, the consumer is still spending the data. Now we have seen some trade down, right? That's why I made the comment that in some of the -- in some categories, we see private label growing a little bit faster than branded products, but that's actually okay for us.

不，問題問得很好，David。你看，正如我們所說，第一，消費者仍然很有韌性。所以消費者仍在花錢。你在我們所有品類看到的所有數據都顯示，消費者仍在支出。現在我們確實看到了一些降級消費（trade down），對吧？這就是為什麼我評論說，在某些——在某些品類中，我們看到自有品牌的成長速度比品牌產品快一些，但這對我們其實沒問題。

I mean, we -- again, we serve a lot of the Tier 2, Tier 3 consumers. We serve a lot of value businesses as well. And we don't see this as a negative for Stepan Company. The reality is that the consumer will continue to make choices. And when you think about that relationship between branded products and private label, there is still a big opportunity for the private label and lower-priced brands to grow.

我的意思是，我們——再次強調，我們服務很多二線、三線消費者。我們也服務很多以價值為導向的業務。而我們不認為這對 Stepan Company 是負面的。現實是，消費者會持續做出選擇。而當你思考品牌產品與自有品牌之間的關係時，自有品牌與較低價位品牌仍有很大的成長機會。

That's the reality in many of our categories. So I feel good about what we see out there because, again, the consumer is making some choices, but it's not something radical. And at the end, it is not hurting Stepan portfolio.

這是我們許多品類的現實。所以我對我們在外部看到的情況感到樂觀，因為再次強調，消費者正在做一些選擇，但並不是什麼激進的變化。而且最終，這並沒有傷害 Stepan 的產品組合。

Okay. I did want to hone -- thank you for that. I did want to hone-in on one of your more modest portions of your business, but one with growth. So there was a question about your ag business, but I would like to ask you about Surfactants or whatnot for Oilfield. So if anything, I mean, my sense is that there should be a very strong demand outlook for that portion of your business, let's say, going forward, certainly domestically.

好的。謝謝你剛才的說明，我確實想更聚焦——謝謝。我想聚焦在你們業務中規模較小但有成長的一塊。所以之前有人問到你們的農業業務，但我想問的是油田用的界面活性劑之類的產品。如果有什麼的話，我的感覺是，展望未來，尤其是在美國國內，你們那部分業務的需求前景應該非常強勁。

Could you just maybe talk about your positioning there? And what are the opportunities, let's say, over the medium term to benefit from what I believe is probably going to be a pretty strong level of demand for drilling activity and things where your Oilfield products might be positioned to participate?

你能否談談你們在那裡的定位？以及在中期來看，有哪些機會可以受益於我認為可能相當強勁的鑽井活動需求水準，以及你們的油田產品可能參與其中的相關領域？

Yes, for sure. And that's why, David, we keep calling all of those are our strategic priorities, right? Crop Productivity, Oilfield, Tier 2, Tier 3, right? And then within Tier 2, Tier 3, it's not only the low 1,4, it's also sulfate-free with AOS and with other products that we have. So we have a broad portfolio that can complement the consumer piece.

是的，當然。這也是為什麼，David，我們一直把這些稱為我們的策略優先事項，對吧？作物生產力、油田、二線、三線，對吧？然後在二線、三線之內，不僅是低 1,4（產品），也包括使用 AOS 的無硫酸鹽產品以及我們的其他產品。所以我們有一個廣泛的產品組合，可以補充消費端的需求。

But going back to your question on Oilfield, yes, we feel good. I mean we're growing double digits. As you know, our oilfield business is not that big. So the opportunities for growth are still significant for us. And we are happy with the double-digit growth that we are delivering.

但回到你關於油田的問題，是的，我們感覺良好。我的意思是，我們正以兩位數成長。如你所知，我們的油田業務規模並不大。所以對我們而言，成長機會仍然相當可觀。而且我們對目前交付的兩位數成長感到滿意。

And the reality is that the focus, for example, in the US, which is our biggest Oilfield business globally, at the end, it's not about more drilling, right? I mean you don't see more drilling; you don't see more fracking going on. But what you can see is the use of more surfactants to make sure that you improve the yield of the current well, right?

而現實是，例如在美國——這是我們全球最大的油田業務市場——最終並不是關於更多鑽井，對吧？我的意思是，你不會看到更多鑽井；你也不會看到更多水力壓裂在進行。但你可以看到的是，使用更多界面活性劑，以確保提升現有井的產量，對吧？

So that's an ongoing dynamic because you need to make sure that the current wells are more productive. And for that, you need the right chemistry with the right surfactants to improve the productivity of the well. So again, we don't see more drilling or more wells or more fracking in the US in terms of more or new ones. But we see let's get more out of what we have, and that's where we play a role.

所以這是一個持續的動態，因為你需要確保現有油井更具生產力。而為了做到這一點，你需要正確的化學配方與合適的界面活性劑來提升油井的生產力。所以再次強調，就美國而言，我們看不到更多鑽井、更多油井或更多水力壓裂——在數量上增加或新增。但我們看到的是：把現有資產的產出提高，而這正是我們發揮作用的地方。

So we feel good about this business, and we will continue investing and growing in this business. And of course, there is a lot of import dynamic that in the current environment are tougher and that favor the people that have local production in the US like us.

所以我們對這項業務感覺良好，並且會持續投資並推動這項業務成長。當然，也存在很多進口方面的動態，在目前環境下更具挑戰，並且有利於像我們這樣在美國本地生產的業者。

Right. Okay. Thank you. And then one last one for me, and it would have to do with your capital spending projections for this year. So I am looking in the appendix and the midpoint of your 2026 forecast for CapEx is $100 million.

好的。好。謝謝。那我最後一個問題，與你們今年的資本支出預估有關。我在附錄中看到，你們 2026 年 CapEx 預測的中位數是 1 億美元。

Can you remind me just what the sustaining portion of that might be? And then more to the point, where is Stepan devoting discretionary CapEx this year? In other words, beyond sustaining CapEx, where -- what's in the budget for this year? Where is that incremental CapEx going to be focused?

你能提醒我其中維持性（sustaining）的部分大概是多少嗎？然後更重要的是，Stepan 今年把可自由裁量的 CapEx 投向哪裡？換句話說，除了維持性 CapEx 之外，今年預算裡還包含哪些項目？那新增的 CapEx 會聚焦在哪些方向？

Thanks, David. Yes, this is Ruben. Let me take that one. So yes, you're right. I mean we -- in the slides, we mentioned our range for CapEx, which is $105 million to $115 million. So we continue to invest in CapEx. It's something that it's a priority for the company.

謝謝，David。是的，我是 Ruben。我來回答這題。是的，你說得對。我的意思是，我們——在投影片中提到我們的 CapEx 區間是 1.05 億到 1.15 億美元。所以我們持續投入資本支出。這是公司的一項優先事項。

Of course, we are fully committed to make sure that our operations are operating safely. And then, of course, a lot of this CapEx is to make sure that our operations are well managed and that we have all of the resources and the facilities to operate in a safe way.

當然，我們完全致力於確保營運安全運行。然後，當然，這些 CapEx 的很大一部分是為了確保我們的營運管理得當，並且我們具備所有資源與設施，以安全的方式運作。

A lot of this goes, of course, into our Surfactants operations and manufacturing. And we continue to invest in CapEx. So you have seen that in the last few years, we have been in the range of above $100 million, and we will continue to prioritize our investments into that.

其中很大一部分當然投入到我們的界面活性劑營運與製造。而我們也持續投資 CapEx。所以你在過去幾年已經看到，我們一直維持在超過 1 億美元的區間，而我們會繼續把這方面的投資列為優先。

There is some of this CapEx that is towards growth, of course. But I would say a significant portion of it is targeting operating safely and making sure that we have the capabilities needed in our plants and in our supply chain.

當然，其中有一部分 CapEx 是用於成長。但我會說，相當大的一部分是以安全營運為目標，並確保我們在工廠與供應鏈中具備所需的能力。

And let me add, David, as we have talked in the past, when you think about it, 75%, 80% is just for base reliability and infrastructure. We have growth, we have IT, we have other investments in our total CapEx forecast, and we will continue if we see the returns of those projects. But call it the normal CapEx for the company without any other major growth item is around $100 million or less.

另外補充一下，David，正如我們過去談過的，當你這樣看，75%、80% 只是用於基礎可靠性與基礎設施。在我們的總 CapEx 預測中也包含成長、IT 以及其他投資；如果我們看到這些專案的回報，我們會持續推進。但如果把它視為公司在沒有任何其他重大成長項目下的正常 CapEx，大約是 1 億美元或更少。

And this concludes the question-and-answer session. I would now like to turn it back over to Luis for closing remarks.

問答環節到此結束。我現在想把電話交回給 Luis 作結語。

Thank you very much for joining us on today's call. We appreciate your interest and ownership in Stepan Company. Have a great day.

非常感謝各位參加今天的電話會議。我們感謝各位對 Stepan Company 的關注與持股支持。祝各位有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝各位參與今天的會議。本次議程到此結束。各位現在可以斷線。祝大家有美好的一天。