Solstice Advanced Materials Inc (SOLS) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Solstice Advanced Materials fourth-quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

大家好，歡迎參加 Solstice Advanced Materials 2025 年第四季財報電話會議和網路直播。（操作說明）提醒各位，本次會議正在錄音。（操作說明）

It's now my pleasure to turn the call over to your host, Mike Leithead, Vice President, Investor Relations. Mike, please go ahead.

現在我很高興將電話交給主持人，投資者關係副總裁麥克萊特黑德。麥克，請繼續。

Thank you, and good morning, everyone. Welcome to Solstice's fourth-quarter 2025 earnings call. We released our fourth quarter 2025 financial results earlier this morning.

謝謝大家，大家早安。歡迎參加 Solstice 2025 年第四季財報電話會議。今天早些時候，我們發布了2025年第四季財務業績。

Today's presentation, including non-GAAP reconciliations, and our earnings press release are available on the Investor Relations portion of Solstice's website at investor.solstice.com. Our discussion today will include forward-looking statements that are based on our best view of the world and our businesses as we see them today and are subject to risks and uncertainties, including the ones described in our SEC filings.

現今的簡報（包括非GAAP財務報表調整表）以及我們的獲利新聞稿均可在Solstice公司網站投資者關係頁面（investor.solstice.com）查閱。我們今天的討論將包含前瞻性陳述，這些陳述基於我們對當前世界和業務的最佳理解，並受風險和不確定性因素的影響，包括我們在提交給美國證券交易委員會（SEC）的文件中描述的風險和不確定性因素。

Joining me today are David Sewell, our President and CEO; and Tina Pierce, our CFO. David will open today's call with highlights of our fourth quarter results. Tina will then review our segment performance and financial outlook before turning the call back to David for closing remarks. We will then be happy to take your questions.

今天與我一同出席的有我們的總裁兼執行長大衛·塞維爾，以及我們的財務長蒂娜·皮爾斯。David 將在今天的電話會議上首先介紹我們第四季度的業績亮點。接下來，Tina 將回顧我們各業務板塊的業績和財務展望，然後將電話轉回給 David 做總結發言。屆時我們將樂意回答您的問題。

With that, I'll now turn the call over to David.

接下來，我將把電話交給大衛。

Thank you, Mike, and thank you, everyone, for joining us today. During the fourth quarter, Solstice Advanced Materials continued to deliver strong financial and operational results as we transitioned to an independent public company following the completion of our spin-off from Honeywell on October 30.

謝謝麥克，也謝謝各位今天蒞臨。在第四季度，隨著我們在 10 月 30 日完成從霍尼韋爾分拆後轉型為獨立的上市公司，Solstice Advanced Materials 繼續取得了強勁的財務和營運業績。

I would like to take a moment to thank our entire Solstice team who continue to deliver for our customers throughout this transition. Across the business, we are seeing increasing momentum driven by secular growth trends in areas such as nuclear energy, AI, and data centers that are well aligned with our differentiated technology platforms.

我想藉此機會感謝我們整個 Solstice 團隊，感謝他們在整個過渡時期繼續為我們的客戶提供服務。在整個業務領域，我們看到由核能、人工智慧和資料中心等領域的長期成長趨勢所推動的強勁勢頭，這些領域與我們差異化的技術平台非常契合。

This momentum was evidenced in our fourth quarter results surpassing our expectations. Not only does this reflect continued strong demand for our solutions, but it also speaks to our strong operational execution as we transition to operating as a stand-alone company and execute our strategy to drive long-term growth. Solstice finished 2025 with return on invested capital of approximately 19% and net leverage of 1.5 times EBITDA, which we believe reflects the specialty nature of our portfolio and offers us significant financial flexibility. When combined with the key secular growth trends we are seeing in our core offerings, Solstice has the ability to invest in multiple high-return projects.

這一發展勢頭在我們第四季度的業績中得到了體現，該業績超出了我們的預期。這不僅反映了市場對我們解決方案的持續強勁需求，也反映了我們在轉型為獨立公司並執行長期成長策略過程中強大的營運執行力。Solstice 2025 年的投資資本回報率約為 19%，淨槓桿率為 EBITDA 的 1.5 倍，我們認為這反映了我們投資組合的特殊性，並為我們提供了相當大的財務靈活性。結合我們在核心產品中看到的關鍵長期成長趨勢，Solstice 有能力投資多個高回報項目。

Over the past few months, we have announced our investment to double sputtering target capacity in Spokane, Washington to meet accelerating AI demand, our investment to expand production for our Spectra Defense fibers. And just last night, we announced our ongoing efforts to expand the capacity of our nuclear conversion business to facilitate the ongoing nuclear renaissance. Guiding our capital deployment is our disciplined capital allocation strategy as we look to balance opportunities that will unleash long-term growth and shareholder returns.

在過去的幾個月裡，我們宣布了投資計劃，將位於華盛頓州斯波坎的濺射靶產能翻一番，以滿足不斷增長的人工智慧需求；我們還宣布了投資計劃，將擴大 Spectra Defense 光纖的生產規模。就在昨晚，我們宣布了我們正在努力擴大核能轉換業務的產能，以促進正在進行的核能復興。我們以嚴謹的資本配置策略指導資本部署，力求在釋放長期成長潛力和股東回報之間取得平衡。

With that in mind, we are pleased to announce today the initiation of a quarterly dividend of $0.075 per share, marking an important milestone as we begin to return capital to shareholders. As we close out 2025, we are confident that we are well positioned for the year ahead. Consistent with the framework we laid out at our Investor Day this past October, today, we are providing guidance for the full year 2026, representing low single-digit revenue growth and mid-single-digit adjusted EBITDA growth versus the prior year at the midpoint.

有鑑於此，我們很高興地宣布，今天開始派發每股 0.075 美元的季度股息，這標誌著我們開始向股東返還資本的一個重要里程碑。2025年即將結束，我們有信心為來年做好充分準備。與我們在去年 10 月投資者日上提出的框架一致，今天，我們發布了 2026 年全年業績指引，預計收入將實現低個位數增長，調整後 EBITDA 將實現中個位數增長（與上年相比）。

In addition to the full year, we are also sharing today our outlook for the first quarter of 2026 in an effort to provide additional color on the momentum we are seeing and the shape of the business in our first full quarter as a stand-alone entity.

除了全年展望外，我們今天還分享了我們對 2026 年第一季的展望，以期更詳細地說明我們所看到的成長勢頭以及我們作為獨立實體的第一個完整季度的業務狀況。

Turning to slide 4. Before we dive into our results for the full year and the quarter, I would like to begin by taking a moment to discuss our nuclear business, which we also call Alternative Energy Services. Solstice is a leading participant in the US nuclear supply chain, with our Metropolis Works facility serving as the only UF6 conversion site in the United States and a 60-plus year history as a reliable and trusted partner to our customers, leveraging our proprietary expertise. Solstice is highly committed to the exciting future of the nuclear industry, and we anticipate that we will be increasing our production in 2026 by about 20% over our planned capacity in 2024 to support our customers' needs.

翻到第4張投影片。在我們深入探討全年和季度業績之前，我想先花點時間討論一下我們的核能業務，我們也稱之為替代能源服務。Solstice 是美國核子供應鏈的領先參與者，我們的 Metropolis Works 工廠是美國唯一的 UF6 轉化基地，憑藉我們專有的專業知識，60 多年來一直是客戶可靠且值得信賴的合作夥伴。Solstice 致力於核工業的蓬勃發展，我們預計到 2026 年，我們的產量將比 2024 年的計畫產能提高約 20%，以滿足客戶的需求。

We are expecting to achieve greater than 10 KT of production here in 2026 due to the disciplined capital investments we have taken as well as operational improvements to enhance site reliability with higher production backed in part by the US Department of Energy. As the world and particularly the United States, continues to invest in nuclear energy, all stages of the value chain will be needed to support fuel production.

由於我們採取了嚴格的資本投資，並進行了營運改進以提高場地可靠性和產量，我們預計到 2026 年，這裡的產量將超過 10 千噸，這部分得益於美國能源部的支持。隨著世界各國，特別是美國，繼續投資核能，價值鏈的各個環節都需要為燃料生產提供支援。

Even with our expansion to 10 KT annually, our current facility is largely contracted through 2030 today as evidenced by our $2 billion-plus backlog. With robust demand from our customers, Solstice is now actively evaluating further ways to expand our UF6 production to meet this demand, and we are having active discussions with customers about ways to remain their trusted supplier long term.

即使我們的產能已擴大到每年 10 千噸，但目前我們大部分產能已排到 2030 年，超過 20 億美元的積壓訂單就證明了這一點。由於客戶需求強勁，Solstice 目前正積極評估進一步擴大 UF6 生產以滿足這一需求的方法，並且我們正在與客戶積極討論如何長期保持他們值得信賴的供應商地位。

Additionally, we have retained a leading engineering, procurement and construction provider to conduct initial engineering analysis, and we will provide an update when further progress is made. It is important for us to reemphasize here that Solstice will maintain its disciplined high ROIC mindset that underpins any of our potential investments.

此外，我們已聘請一家領先的工程、採購和施工供應商進行初步工程分析，如有進一步進展，我們將及時更新資訊。在此，我們必須再次強調，Solstice 將保持其嚴謹的高 ROIC 理念，這也是我們所有潛在投資的基礎。

Finally, we wanted to take a moment to touch on the near- and medium-term earnings dynamics for this business. When the Metropolis facility was idled in late 2017 during a much different nuclear environment, this business took on a series of product loans to keep its customer commitments. The last of these loan returns has been scheduled to take place in the second half of 2026 and limits the amount of product we are able to sell into the open market.

最後，我們想花點時間談談這家企業近期和中期的獲利動態。2017 年底，在核能環境與現在大不相同的情況下，大都會核電廠停產，為了履行對客戶的承諾，該公司進行了一系列產品貸款。最後一批貸款償還計劃於 2026 年下半年進行，這將限制我們能夠在公開市場上銷售的產品數量。

This is anticipated to impact 2026 revenues by approximately $30 million. As we move beyond that period, we have very high visibility to double-digit EBITDA growth CAGR through 2030 based on our current backlog and facility production.

預計這將使 2026 年的收入減少約 3,000 萬美元。展望未來，基於我們目前的訂單儲備和工廠產能，我們有很高的預期到 2030 年 EBITDA 複合年增長率將達到兩位數。

With that, I'll now turn it over to Tina Pierce, our CFO, to discuss our financial results for the full year and fourth quarter in more detail.

接下來，我將把發言權交給我們的財務長蒂娜·皮爾斯，讓她更詳細地討論我們全年和第四季度的財務表現。

Thank you, David. Moving to slide 5. I'd like to begin by providing an overview of our full year 2025 consolidated results. For the full year 2025, Solstice recorded $3.9 billion in net sales, up 3% year-over-year. If we exclude the opportunistic nuclear sales in the first half of 2024 that we detailed at our Investor Day, full year net sales would have been up 6%.

謝謝你，大衛。切換到第5張投影片。首先，我想概述我們 2025 年全年的合併表現。2025 年全年，Solstice 的淨銷售額為 39 億美元，較去年同期成長 3%。如果我們排除在投資者日上詳細介紹的 2024 年上半年機會主義核能銷售，全年淨銷售額將成長 6%。

As David mentioned, our net sales for the full year exceeded the top end of our previously disclosed guidance range. In our Refrigerants & Applied Solutions segment, we saw 16% year-over-year growth in refrigerant sales, driven by strong demand as we continue to capitalize on the HFO transition throughout the year and penetrate new growth markets like data centers.

正如大衛所提到的，我們全年的淨銷售額超過了我們之前公佈的預期範圍的上限。在我們的冷媒及應用解決方案部門，冷媒銷售額年增 16%，這得益於強勁的需求，因為我們全年都在利用 HFO 過渡，並滲透到資料中心等新的成長市場。

In our Electronic & Specialty Materials segment, we achieved strong 7% sales growth in Electronic Materials, reflecting robust demand for our differentiated technology platform. Adjusted stand-alone EBITDA for the full year 2025 was $957 million, reflecting a 4% decrease year-over-year and an adjusted stand-alone EBITDA margin of 24.6%, consistent with the approximately 25% margin guidance given at our Investor Day.

在電子及特殊材料領域，我們的電子材料銷售額實現了強勁的 7% 成長，反映出市場對我們差異化技術平台的強勁需求。2025 年全年調整後獨立 EBITDA 為 9.57 億美元，年減 4%，調整後獨立 EBITDA 利潤率為 24.6%，與我們在投資者日上給出的約 25% 的利潤率預期一致。

This year-over-year decline was primarily driven by the ongoing transition to low global warming potential refrigerants, which more than offset favorable pricing. In addition, we delivered return on invested capital of approximately 19%, demonstrating a disciplined and strategic approach as we accelerate investment in high-growth areas of the business.

與前一年相比，此次下降主要是由於向低全球暖化潛能值冷媒的持續過渡所致，這抵消了有利的價格因素。此外，我們的投資資本回報率約為 19%，這表明我們在加速投資業務高成長領域時，採取了嚴謹的策略方法。

Finally, we reported net income attributable to Solstice of $237 million for the full year of 2025. The decrease year-over-year was driven by the impact of higher income tax expense resulting from frictional taxes associated with the spin-off as well as interest costs we began to accrue on our new debt following separation.

最後，我們公佈了 Solstice 2025 年全年的淨利潤為 2.37 億美元。年比下降的原因是分拆後摩擦性稅收導致所得稅支出增加，以及分拆後我們開始在新債務上累積利息成本。

Turning to slide 6. I'd like to discuss our fourth quarter 2025 consolidated results in more detail. In the fourth quarter of 2025, Solstice recorded $987 million in net sales, up 8% year-over-year. In our Refrigerant & Applied Solutions segment, strong performance in our Nuclear business drove top line growth for the segment as well as continued strong demand for refrigerants due to the HFO transition that I mentioned on the prior slide.

翻到第6張投影片。我想更詳細地討論一下我們2025年第四季的合併業績。2025 年第四季度，Solstice 的淨銷售額為 9.87 億美元，較去年同期成長 8%。在我們的冷媒及應用解決方案部門，核能業務的強勁表現推動了該部門的收入成長，同時，由於我在上一張投影片中提到的 HFO 過渡，冷媒的需求也持續強勁。

In our Electronic & Specialty Materials segment, similar to our full year performance, we achieved strong top line growth in Electronic Materials, driven by robust demand, reflecting continued momentum from the strength in our order book we reported last quarter.

在電子及特殊材料業務板塊，與全年業績類似，電子材料業務實現了強勁的營收成長，這得益於強勁的需求，反映了我們上季度報告的訂單量強勁增長勢頭的持續。

Adjusted stand-alone EBITDA for the fourth quarter of 2025 was $189 million, reflecting a 20% decrease year-over-year and an adjusted stand-alone EBITDA margin of 19.1%. This was largely due to anticipated transitory costs as well as the impact of the previously mentioned HFO transition in refrigerants.

2025 年第四季調整後的獨立 EBITDA 為 1.89 億美元，年減 20%，調整後的獨立 EBITDA 利潤率為 19.1%。這主要是由於預期的過渡性成本以及前面提到的冷媒中 HFO 過渡的影響。

Our margin was also negatively impacted by the effects of plant downtime and under-absorption as we had anticipated what we discussed in our 3Q results. Finally, we reported net income attributable to Solstice of $41 million for the fourth quarter of 2025. The decrease year-over-year was in part due to higher net interest expense and noncontrolling interest.

正如我們在第三季業績報告中所討論的那樣，工廠停工和銷售不足也對我們的利潤率產生了負面影響。最後，我們公佈了 2025 年第四季歸屬於 Solstice 的淨收入為 4,100 萬美元。年減的部分原因是淨利息支出和少數股東權益增加。

Turning to slide 7. I'd like to discuss in more detail the key drivers of our year-over-year net sales and adjusted stand-alone EBITDA performance in the fourth quarter. Beginning with our net sales of $987 million for the quarter. Organic net sales growth was 6%, including approximately 2.5% from volume growth and 4% due to pricing. This primarily reflects volume growth and favorable pricing in both nuclear and refrigerants as well as volume growth in Electronic Materials.

翻到第7張投影片。我想更詳細地討論一下我們第四季度同比淨銷售額和調整後獨立 EBITDA 業績的關鍵驅動因素。首先，我們本季的淨銷售額為 9.87 億美元。有機淨銷售額成長 6%，其中約 2.5% 來自銷售成長，4% 來自價格上漲。這主要反映了核能和冷媒的銷售成長和有利的價格，以及電子材料的銷售成長。

These increases were partially offset by lower volumes in Healthcare Packaging, Safety & Defense Solutions and Research & Performance Chemicals. Our net sales growth also included a 2% increase due to foreign currency translation.

這些成長被醫療保健包裝、安全與國防解決方案以及研究與性能化學品銷售的下降部分抵消。我們的淨銷售額成長還包括因外幣折算而帶來的 2% 的成長。

Turning to our adjusted stand-alone EBITDA of $189 million for the quarter. The decrease year-over-year was driven primarily by previously anticipated factors, including transitory costs as well as the contemplated plant downtime and under-absorption that we discussed during our third quarter earnings call.

接下來是本季調整後的獨立 EBITDA，為 1.89 億美元。年比下降主要是由於先前預期的因素，包括暫時性成本以及我們在第三季財報電話會議上討論過的預計工廠停工和產能利用不足。

Additionally, the shift in refrigerants product mix, including the effect of imported product mix, impacted margin. While this transition results in year-over-year margin decline, we remain confident in our continued leadership in the space and the long-term trajectory of our refrigerants business.

此外，冷媒產品組合的變化，包括進口產品組合的影響，也對利潤率產生了影響。雖然這項轉型導致利潤率同比下降，但我們仍然對我們在該領域的持續領先地位以及冷媒業務的長期發展軌跡充滿信心。

Specifically, we are encouraged by the significant increase in demand for our low global warming potential refrigerants for stationary applications due to the ongoing regulatory transition towards next-generation HFO solutions and expect to see long-term margin tailwinds as the aftermarket grows. As we will discuss shortly in the outlook section, we believe most of these near-term impacts are behind us, and we fully expect to return to an approximately 25% EBITDA margin here in the first quarter of '26 and beyond.

具體而言，由於監管部門正在向下一代 HFO 解決方案過渡，市場對我們用於固定應用的低全球暖化潛能值冷媒的需求顯著增加，這令我們倍感鼓舞。我們預計，隨著售後市場的成長，長期利潤率將有所提升。正如我們將在展望部分稍後討論的那樣，我們相信這些近期影響大多已經過去，我們完全預期在 2026 年第一季及以後，EBITDA 利潤率將恢復到大約 25%。

Turning to slide 8. I'll now discuss the results in each of our two segments in more detail, beginning with Refrigerants & Applied Solutions. Overall, the segment achieved $710 million in net sales for the fourth quarter of 2025, reflecting 10% growth year-over-year. This growth is composed of 8% organic net sales growth and 2% increase due to foreign currency translation. The segment posted $190 million in adjusted EBITDA for the fourth quarter of 2025, down 25% year-over-year and adjusted EBITDA margin of 26.8%, down 1,225 basis points year-over-year.

翻到第8張幻燈片。接下來，我將更詳細地討論我們兩個部分各自的結果，首先從冷媒和應用解決方案開始。總體而言，該業務部門在 2025 年第四季實現了 7.1 億美元的淨銷售額，年增 10%。這一增長包括 8% 的有機淨銷售額增長和 2% 的外幣折算增長。該業務部門 2025 年第四季調整後 EBITDA 為 1.9 億美元，年減 25%；調整後 EBITDA 利潤率為 26.8%，年減 1225 個基點。

As mentioned previously, this decrease was primarily driven by anticipated transitory costs and shifts in stationary refrigerants product mix. Additionally, EBITDA was negatively impacted by plant downtime and under-absorption, including in health care packaging due to anticipated customer destocking. These impacts more than offset favorable pricing and volume growth in the segment.

如前所述，這一下降主要是由於預期的暫時性成本和固定冷媒產品組合的變化所致。此外，由於預期客戶減少庫存，導致工廠停工和消化不足，包括醫療保健包裝，EBITDA 也受到了負面影響。這些影響超過了該細分市場價格和銷售成長所帶來的有利因素。

Looking at performance for our subsegments, Refrigerants net sales increased 20% year-over-year to $367 million, driven by both favorable pricing and volume growth. Our refrigerants business performance is supported by its strong aftermarket presence as well as the diversity of end markets, including data centers, which continues to see accelerating demand.

從各細分市場的業績來看，冷媒淨銷售額年增 20% 至 3.67 億美元，這得益於有利的價格和銷售成長。我們的冷媒業務表現得益於強大的售後市場地位以及終端市場的多元化，包括資料中心，而資料中心的需求持續加速成長。

In Nuclear, net sales of $111 million represented growth of 39% year-over-year. This significant year-over-year sales growth was driven by both favorable pricing and increased volumes, while our backlog remains robust. Building Solutions & Intermediate net sales were $181 million, down 5% year-over-year.

核能業務淨銷售額為 1.11 億美元，較去年同期成長 39%。由於有利的定價和銷售的增加，銷售額實現了顯著的同比增長，同時我們的訂單積壓情況依然良好。建築解決方案及中級業務淨銷售額為 1.81 億美元，較去年同期下降 5%。

Although continued softness in the construction market impacted performance, we remain focused on driving LGWP solutions and on continuing our strong operational execution to ensure we are well positioned to serve our customers upon a return to more normalized demand in key end markets.

儘管建築市場的持續疲軟影響了業績，但我們仍然專注於推動LGWP解決方案，並繼續保持強勁的營運執行力，以確保在主要終端市場需求恢復正常時，我們能夠更好地服務客戶。

Lastly, Healthcare Packaging had $52 million in net sales, down 25% year-over-year. The decline was driven by anticipated customer destocking during the quarter. We are encouraged by recovering order patterns seen so far in 1Q that we will believe indicates this destocking is largely behind us.

最後，醫療保健包裝業務的淨銷售額為 5,200 萬美元，年減 25%。下降的主要原因是預期客戶會在本季進行去庫存。我們對第一季迄今為止出現的訂單恢復模式感到鼓舞，我們認為這表明去庫存化進程已基本結束。

Now turning to our Electronic & Specialty Materials segment on slide 9. The segment achieved $277 million in net sales for the fourth quarter of 2025, reflecting 4% growth year-over-year. This growth is composed of 2% organic net sales and a 2% increase due to foreign currency translation. The segment posted $51 million in adjusted EBITDA for the fourth quarter of 2025, down 11% year-over-year and adjusted EBITDA margin of 18.4%, down 294 basis points year-over-year. The decrease was primarily driven by the previously mentioned plant downtime and anticipated transitory costs.

現在請看第 9 張投影片，了解我們的電子和特殊材料部分。該業務類股在 2025 年第四季實現淨銷售額 2.77 億美元，年增 4%。這一增長包括 2% 的有機淨銷售額增長和 2% 的外幣折算增長。該業務部門 2025 年第四季調整後 EBITDA 為 5,100 萬美元，年減 11%；調整後 EBITDA 利潤率為 18.4%，年減 294 個基點。下降的主要原因是前面提到的工廠停工和預計的過渡性成本。

Looking at the performance of our subsegments, Electronic Materials net sales increased 19% year-over-year to $112 million due to volume growth driven by strong demand. We continue to invest in capacity expansion for electronic materials to ensure we're well positioned to capture growth from secular trends for semiconductors, AI and data centers.

從各子部門的業績來看，由於強勁的需求推動銷售成長，電子材料淨銷售額年增 19% 至 1.12 億美元。我們將繼續投資擴大電子材料的產能，以確保我們能夠更好地掌握半導體、人工智慧和資料中心等長期發展趨勢所帶來的成長機會。

Safety & Defense Solutions had $43 million in net sales, down 10% year-over-year. This decrease was due to lower volumes as a result of order timing during the quarter. We continue to anticipate long-term growth in this business, including strong performance in 2026, and we are investing in capacity expansion to support growing market demand for our Spectra line of solutions.

安全與防禦解決方案業務淨銷售額為 4,300 萬美元，較去年同期下降 10%。這一下降是由於本季訂單時間安排導致訂單量減少所致。我們繼續預期該業務將實現長期成長，包括 2026 年的強勁業績，我們正在投資擴大產能，以支持市場對我們 Spectra 系列解決方案不斷增長的需求。

Finally, Research & Performance Chemicals net sales declined 3% year-over-year to $121 million. This decline was primarily driven by a softer demand backdrop, particularly in our Specialty Additives product offerings.

最後，研究與性能化學品業務淨銷售額年減 3% 至 1.21 億美元。這一下滑主要是因為需求疲軟，尤其是我們的特種添加劑產品需求疲軟。

Moving to slide 10 to discuss Solstice' balance sheet and capital management. As David discussed earlier, our strong balance sheet and cash flow generation continue to enable financial flexibility. Our capital expenditures for the full year 2025 were $408 million, a 38% increase compared to the prior year period due to planned increases in capital spending to drive long-term growth. We remain focused on reinvesting in the business to unleash growth in the high-return areas such as our recent announcement in Electronic Materials and Spectra.

接下來，我們將翻到第 10 張投影片，討論 Solstice 的資產負債表和資本管理狀況。正如大衛之前所討論的，我們強勁的資產負債表和現金流產生能力繼續為我們提供財務靈活性。由於計劃增加資本支出以推動長期成長，我們 2025 年全年的資本支出為 4.08 億美元，比上年同期成長 38%。我們將繼續專注於對業務進行再投資，以釋放高回報領域的成長潛力，例如我們最近宣布的電子材料和光譜技術的投資。

Adjusted stand-alone EBITDA less CapEx for the full year 2025 was $549 million, a 21% decrease compared to the prior year, driven by higher capital expenditures and the decline in stand-alone adjusted EBITDA. Cash conversion finished the year at 57%.

2025 年全年經調整的獨立 EBITDA（扣除資本支出）為 5.49 億美元，比前一年下降 21%，主要原因是資本支出增加和獨立調整 EBITDA 下降。年末現金轉換率為 57%。

Turning to our capital structure. We have maintained a conservative leverage profile and strong liquidity position. As of December 31, 2025, our long-term debt was $2 billion, and we had cash and cash equivalents of $534 million, resulting in net debt of approximately $1.4 billion and a net leverage ratio of approximately 1.5 times based on our full year 2025 adjusted stand-alone EBITDA. As of December 31, 2025, we also had $1 billion of availability under our revolving credit facility. Combined with the cash on our balance sheet, this results in approximately $1.5 billion of total liquidity.

接下來談談我們的資本結構。我們一直保持著保守的槓桿水平和強勁的流動性狀況。截至 2025 年 12 月 31 日，我們的長期債務為 20 億美元，現金及現金等價物為 5.34 億美元，淨債務約為 14 億美元，淨槓桿率約為 1.5 倍（基於我們 2025 年全年調整後的獨立 EBITDA）。截至 2025 年 12 月 31 日，我們的循環信貸額度下還有 10 億美元的可用資金。加上資產負債表上的現金，總流動資金約 15 億美元。

Our capital allocation priorities will continue to guide how we deploy capital. As a reminder, these include: first, investing in high-return organic growth projects, maintaining a strong balance sheet and strong liquidity position, accelerating growth through selective M&A and returning excess capital to shareholders. As David mentioned earlier today, we were pleased to announce a quarterly dividend of $0.075 per share, delivering on our commitment to initiate a regular dividend at a conservative level.

我們的資本配置優先事項將繼續指導我們如何部署資本。提醒一下，這些措施包括：首先，投資於高回報的內生成長項目，保持強勁的資產負債表和充足的流動性，透過選擇性併購加速成長，並將多餘的資本返還給股東。正如大衛今天早些時候提到的那樣，我們很高興地宣布每股派發 0.075 美元的季度股息，履行了我們以保守水平開始定期派發股息的承諾。

Turning to slide 11. I'd like to discuss our outlook and financial guidance for both the full year and first quarter of 2026. For the full year 2026, we expect to deliver net sales between $3.9 billion and $4.1 billion, adjusted EBITDA between $975 million and $1.025 billion and adjusted diluted earnings per share between $2.45 and $2.75. Additionally, we expect capital expenditures between $400 million and $425 million. Our outlook for the full year assumes a stable macroeconomic environment as well as the estimated $30 million of revenue impact from our final nuclear loan return that David mentioned.

翻到第11張幻燈片。我想和大家討論我們對2026年全年和第一季的展望和財務指導。我們預計2026年全年淨銷售額將在39億美元至41億美元之間，調整後EBITDA將在9.75億美元至10.25億美元之間，調整後攤薄每股收益將在2.45美元至2.75美元之間。此外，我們預計資本支出將在4億美元至4.25億美元之間。我們對全年的展望基於宏觀經濟環境的穩定，以及大衛提到的最後一筆核能貸款償還預計將帶來的 3000 萬美元的收入影響。

Additionally, we expect an approximately $30 million cost impact from TSAs. You can find additional full year 2026 modeling considerations in the appendix to this presentation. In order to provide additional insight into our first full quarter as a stand-alone company, we are also today providing guidance for the first quarter of 2026.

此外，我們預計運輸安全管理局（TSA）將帶來約 3,000 萬美元的成本影響。您可以在本簡報的附錄中找到更多有關 2026 年全年建模的考慮因素。為了進一步介紹我們作為獨立公司的第一個完整季度的業績，我們今天也提供了 2026 年第一季的業績指引。

We expect to deliver net sales between $935 million and $985 million and adjusted EBITDA between $235 million and $245 million, which implies an adjusted EBITDA margin of approximately 25%. Our outlook for the first quarter assumes continued momentum in Refrigerants, Nuclear and Electronic Materials. It also reflects a sequential increase in margin on the roll-off of certain costs.

我們預計淨銷售額將在 9.35 億美元至 9.85 億美元之間，調整後 EBITDA 將在 2.35 億美元至 2.45 億美元之間，這意味著調整後 EBITDA 利潤率約為 25%。我們對第一季的展望是基於冷媒、核能和電子材料領域持續成長的勢頭。這也反映了隨著某些成本的逐步降低，利潤率的逐步提高。

And finally, it assumes a year-over-year margin headwind primarily due to refrigerants mix, reflecting a continuation of the dynamics discussed today relating to the HFO transition. Finally, given the robust interest and the exciting growth outlook for our nuclear business, we do plan to host a webinar later this year to talk in greater depth about this business.

最後，它假設同比利潤率面臨不利影響，這主要是由於冷媒組合的變化，反映了今天討論的與 HFO 過渡相關的動態的延續。最後，鑑於大家對我們核能業務的濃厚興趣和令人振奮的成長前景，我們計劃在今年稍後舉辦網路研討會，更深入地探討這項業務。

I'd now like to pass it back over to David for some closing remarks.

現在我想把發言權交還給大衛，讓他做些總結發言。

Please turn to slide 12. With strong performance in 2025 and accelerating momentum throughout the fourth quarter, we are confident that we are well positioned to deliver on our full year 2026 guidance. As we have transitioned to a stand-alone company with an independent strategy and refined operating model, we believe we are in the early days of unlocking Solstice's full growth potential.

請翻到第12頁投影片。憑藉 2025 年的強勁業績和第四季不斷加速的成長勢頭，我們有信心實現 2026 年全年業績預期。隨著我們轉型成為一家擁有獨立策略和完善營運模式的獨立公司，我們相信我們正處於釋放 Solstice 全部成長潛力的初期階段。

As we discussed today, Solstice is well aligned to strong secular growth trends such as nuclear, advanced computing, data centers and defense spending, and we are prioritizing investments in these compelling areas as part of our differentiated growth strategy. Given our strong financial position, we are able to invest high-return capital in these businesses to capture this growth while also initiating returns of cash to shareholders.

正如我們今天所討論的，Solstice 與核能、先進運算、資料中心和國防開支等強勁的長期成長趨勢高度契合，我們將優先投資於這些引人注目的領域，作為我們差異化成長策略的一部分。鑑於我們雄厚的財務實力，我們能夠將高回報資本投資於這些企業，以獲取成長機會，同時也能向股東回饋現金。

Finally, guiding all of these decisions is our rigorous focus on safety, operational excellence, durable margins and return on capital. We are incredibly excited about the significant opportunities for growth ahead, and we are confident that our market leadership and differentiated technology will enable us to deliver meaningful value creation in the months and years ahead. We look forward to sharing additional updates throughout 2026.

最後，所有這些決策都以我們對安全、卓越營運、持久利潤和資本回報率的嚴格關注為指導。我們對未來巨大的成長機會感到無比興奮，我們相信，憑藉我們的市場領導地位和差異化技術，我們將在未來的幾個月和幾年裡創造有意義的價值。我們期待在2026年與大家分享更多最新消息。

With that, we are now happy to take your questions.

那麼，現在我們很高興回答您的問題。

(Operator Instructions) John McNulty, BMO Capital Markets.

（操作員說明）John McNulty，BMO 資本市場。

Congrats on a great start. Looking forward to more going forward. So I guess I wanted to start out with a question on the nuclear platform. When we look at kind of what's happened over the past few years in terms of demand, you can see pretty steadily both the spot and the contract prices have gone up in some of the data that's out there at least. I guess can you help us to think about how pricing may flow through this business for you looking out over the next few years?

恭喜你開局順利。期待未來有更多發展。所以我想先問一個關於核子平台的問題。當我們回顧過去幾年需求方面的情況時，至少從一些現有數據來看，現貨價格和合約價格都相當穩定地上漲了。我想請您幫我們思考一下，在未來幾年裡，貴公司的定價策略可能會如何改變？

John, thanks for the question and the comments. The nuclear business, obviously, spot -- there is a spot pricing market, and you can track that spot pricing market. It has gone up substantially. since we've restarted the plant in 2023. And if you look at our backlog through 2030, we do lock in contract pricing for that. So as new orders continue to come in, it continues to come in at incrementally higher prices as they align with the market and the tight supply-demand dynamics.

約翰，謝謝你的提問和評論。很明顯，核能產業存在現貨市場——你可以追蹤現貨價格市場。自2023年工廠重啟以來，產量已大幅成長。如果你看一下我們到 2030 年的訂單積壓情況，我們會發現我們已經鎖定了合約價格。因此，隨著新訂單的不斷湧入，價格也隨之逐步上漲，以適應市場和緊張的供需動態。

Our backlog is -- can be anywhere from three to five years, and then we have a spot market where we'll keep a little bit of capacity for the open market. which obviously gets premium pricing. So when you combine all those factors and you look through 2030, you'll just see incrementally growing pricing as the demand and the spot market continues to increase, which it's shown over the last couple of years and through our contract pricing through 2030.

我們的積壓訂單可能需要三到五年才能交付，此外我們還有一個現貨市場，我們會保留一部分產能用於公開市場，這部分產能顯然會獲得溢價。因此，當你把所有這些因素綜合起來，展望到 2030 年時，你會發現隨著需求和現貨市場的持續增長，價格只會逐步上漲，這在過去幾年以及我們到 2030 年的合約定價中都得到了體現。

I would just add the double-digit earnings growth CAGR from '26 to '30, that certainly pricing is a component of that.

我還要補充一點，2026 年至 2030 年的獲利複合年增長率達到了兩位數，這當然與定價有關。

Got it. Okay. Fair enough. And then maybe just as the follow-up, I guess, can you give us some at least preliminary thoughts around the commentary that came out last night around the potential to expand capacity?

知道了。好的。很公平。那麼，作為後續問題，您能否就昨晚有關擴大產能潛力的評論，至少給我們一些初步的看法？

I guess, can you help us to think about the permitting process and maybe potentially just the scale that you're considering just given kind of what you see in terms of overall demand from your customers? Is it something that could be as big as a 50% capacity expansion or even maybe bigger than that? I guess can you help us to frame that a little bit in terms of how you're thinking about it going into the look at the -- with your EPC partner?

我想，您能否幫我們考慮一下許可流程，以及考慮到您從客戶那裡了解到的整體需求，您正在考慮的規模？規模會不會大到產能擴充 50%，甚至更大？我想請您幫我們稍微闡述一下，您是如何考慮與您的EPC合作夥伴一起進行考察的？

Absolutely, John. The way we're looking at it is really First, starting with conversations with customers right now on what that demand profile is going to be in the future. Obviously, it's an incredibly tight market. You've heard our current administration talk about 400% increase in nuclear energy output to 2050.

當然，約翰。我們目前的做法是，首先要與客戶對話，了解未來的需求狀況。顯然，這是一個競爭極為激烈的市場。你們都聽過我們現任政府談到到 2050 年核能產量將增加 400% 的說法。

And then if you peel back the onion even more, there are currently 75 to 77 new nuclear reactors being constructed -- with another 100-plus announced that they will be constructed. So we're trying to take all of that new demand into account.

如果再深入探究，就會發現目前有 75 到 77 座新的核反應器正在建設中，另有 100 多座已宣布將要建造。所以我們正在努力將所有這些新需求納入考量。

And with our return on invested capital profile that we need, we want to make sure we're aligned with what that customer need is and what that capacity need is going to be, obviously, especially being the only converter in the United States. So I mean, I don't want to not answer your question.

鑑於我們所需的投資報酬率，我們希望確保我們與客戶的需求以及產能需求保持一致，特別是因為我們是美國唯一的轉換器。所以，我不想迴避你的問題。

At minimum, we'll continue to debottleneck -- but with the engineering work that we're doing, it would entail potentially brick-and-mortar new capacity that could be significant. But we need to tie in the customer demand out past 2030 and what that looks like with all this new construction that's happening.

至少，我們會繼續消除瓶頸——但就我們目前進行的工程工作而言，這可能意味著需要建造規模可觀的實體新產能。但我們需要將 2030 年以後的客戶需求與所有這些正在進行的新建設項目連結起來，看看這些需求會是什麼樣子。

And then obviously, we work closely with the DOE to ensure that's aligned as well. So as soon as we get better clarity on what that demand is and what that pre-engineering work looks like, we'll certainly share it. I would tell you, though, that initial conversations with customers right now are very positive.

當然，我們也會與能源部密切合作，以確保這一點也保持一致。所以，一旦我們更清楚地了解需求是什麼以及前期工程工作是什麼樣的，我們一定會分享的。不過我可以告訴你，目前與客戶的初步溝通非常正面。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

With regard to your refrigerant sales of $1.5 billion in 2025, can you comment on how your mix of HFOs versus HFCs evolved and what you're expecting along those lines for 2026, please?

關於貴公司 2025 年 15 億美元的冷媒銷售額，能否請您談談貴公司 HFO 與 HFC 的組合是如何演變的，以及您對 2026 年這方面的預期？

Sure. I'll start, and I'll certainly have Mike and Tina jump in. We have seen over the last couple of years, a continued evolution of our product mix from HFCs to HFOs. We are now stronger in HFO sales than HFCs. I believe that number was 60% HFOs.

當然。我先開始，麥克和蒂娜一定也會加入。在過去的幾年裡，我們看到產品組合從 HFC 向 HFO 不斷演變。目前我們在重油銷售方面比重氟化合物銷售方面更勝一籌。我相信那個數字是60%的HFO。

And if you look out over the next couple of years, I would say we expect it to get to approximately an 80-20 split of HFOs to HFCs. There will be a continuing need of HFCs, especially in the aftermarket, as you can imagine, as well as our blends. But Tina and Mike will certainly have you add color.

如果展望未來幾年，我認為我們預計HFO與HFC的比例將達到大約80:20。正如您所想，HFCs（氫氟碳化合物）以及我們的混合燃料仍將持續受到市場需求。但蒂娜和麥克肯定會讓你添上色彩。

Yes. Just to build on what David said there. If you go back to our Investor Day, we had guided to greater than 60% HFOs, less than 40% HFCs. Obviously, we're seeing, as David mentioned, significant momentum, particularly as you go into the second half of this year.

是的。我只是想補充大衛剛才說的話。回顧我們的投資者日，我們曾預期HFO佔比將超過60%，HFC佔比將低於40%。正如大衛所提到的那樣，我們看到了明顯的成長勢頭，尤其是在今年下半年。

And as you well know, 454B and the uptake there has driven a lot of that. So we have that as well as some of the new data center demand, which continues to accelerate. So overall, continuing to see a very nice mix shift there.

正如您所知，454B 計劃及其普及在很大程度上推動了這種情況的發生。所以，除了這些，還有一些新的資料中心需求，而且這種需求還在加速成長。所以總的來說，我們看到那裡的成分組合持續呈現非常好的變化。

Great. And then if I may come back to the UF6 business. Maybe a few questions there. How did your backlog trend in the quarter? And I think you made a comment that you anticipate a $30 million sales impact from the loan return.

偉大的。然後，如果可以的話，我想再談談UF6的事情。或許會有幾個問題。本季您的積壓訂單趨勢如何？我記得你曾說過，你預計貸款償還將帶來 3000 萬美元的銷售額成長。

It sounds like that's kind of a one-off event. But perhaps you can just comment on how you would expect your sales volume to trend in 2026, maybe gross and net of that loan return, please?

聽起來像是一次性事件。不過，您能否談談您預計2026年銷售額的趨勢，最好能分別給出毛銷售額和扣除貸款回報後的淨銷售額？

Yes. So obviously, that loan return goes back to when our plant was idled. We had been on the receivership of loans to keep our customers in production. And now this is the final of the loan payback. If you were to look at 2026, even with the loan payback that occurs of that $30 million, we still anticipate kind of a low to mid-single-digit growth rate in nuclear.

是的。顯然，這筆貸款的償還可以追溯到我們工廠停產的時候。我們曾接管貸款，以確保客戶能夠繼續生產。現在，貸款償還到最後階段了。如果展望 2026 年，即使償還了 3000 萬美元的貸款，我們仍然預計核能產業的成長率將處於個位數的低到中等水平。

So even despite that headwind, we're still going to grow. And then obviously, to your point, it's kind of a one-timer for '26. And beyond that, those loans are all repaid and then it's full production growth in that double-digit EBITDA CAGR that Tina referred to.

所以即使面臨這些不利因素，我們仍然會發展壯大。然後很顯然，正如你所說，這對 2026 年來說只是一次性的。除此之外，所有貸款都已償還，然後就可以實現蒂娜所說的兩位數 EBITDA CAGR 的全面生產增長。

And I would just add there that our backlog is in excess of $2 billion, and we have good line of sight through 2030. And as we've mentioned before, about 10% of that would be open for spot sales at a favorable spot pricing right now.

我還要補充一點，我們的積壓訂單超過 20 億美元，而且到 2030 年我們有良好的前景。正如我們之前提到的，其中約有 10% 目前可以以優惠的現貨價格進行現貨銷售。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Kind of a similar line of thought here. Just not sure if you can get a little bit more granular on the UF6 pricing in '26 and '27. -- understanding there's backlogs and pricing will take time. But will there be any increase in contract pricing in '26 versus '25? Or is that all longer dated? And that $30 million of loan repayment, can you size that in terms of EBITDA?

思路也差不多。只是不太確定您能否提供更詳細的 UF6 在 2026 年和 2027 年的定價資訊。 ——我知道目前有積壓訂單，定價需要時間。但 2026 年的合約價格會比 2025 年上漲嗎？或者說，那些都是更久遠的舊訊息？那 3000 萬美元的貸款償還，你可以用 EBITDA 來估算嗎？

Yes. So Josh, I'm going to -- I'll answer it as best I can without obviously sharing customer pricing. The orders that we're shipping in '26 are probably orders that have come in, in that 2023, 2024 time frame. So if you look at -- and a good guide point could be, if you just look at spot pricing over the last few years, you've seen incremental step-up in pricing, and that's probably directionally close or reflective of our contract pricing.

是的。所以喬希，我會——我會盡我所能回答這個問題，但顯然不會透露客戶定價。我們在 2026 年出貨的訂單很可能是 2023 年、2024 年收到的訂單。所以，如果你看一下——一個很好的參考點是，如果你看一下過去幾年的現貨價格，你會發現價格逐步上漲，這可能與我們的合約價格在方向上接近或反映了這一點。

So every year that our backlog continues to ship, it's going to be incrementally improved pricing from how those contracts were set up when we received those orders. There is inflection points in our pricing that cover inflationary aspects. So we do get increases on top of that from that regard. But just our backlog to help maybe give a constructive outlook on it. It gets incrementally better through 2030 on a pricing standpoint as the market continues to increase on its market pricing.

因此，隨著我們積壓訂單的持續交付，每年的價格都會比我們收到訂單時簽訂的合約價格逐步降低。我們的定價策略中存在一些轉折點，這些轉折點涵蓋了通貨膨脹因素。所以，在這方面我們還會獲得額外的成長。但或許我們的積壓工作能對此提供一些建設性的意見。從價格角度來看，到 2030 年，隨著市場價格的持續上漲，價格狀況將逐步改善。

Okay. And the EBITDA impact of the $30 million loan repayment?

好的。償還3000萬美元貸款對EBITDA的影響是什麼？

Well, we don't give exact EBITDA in our subsegments, but we have talked about the margin profile is similar within our RAS segment. So I think it would be fair to estimate around a $10 million impact in EBITDA for 2026.

嗯，我們不提供各子部門的確切 EBITDA 數據，但我們已經討論過，我們 RAS 部門的利潤率是相似的。所以我認為，估計 2026 年 EBITDA 將受到約 1000 萬美元的影響是合理的。

Arun Viswanathan, RBC.

Arun Viswanathan，RBC。

I guess I just wanted to ask about refrigerants. We've gotten some questions on, I guess, the OEM inventory backlog. Maybe you could just address that and I guess how that plays into your outlook for HFO growth in '26. Are you still kind of catching up to some prior shortages? And -- or do you see that as a potential headwind as you move through the year?

我只是想問關於冷媒的問題。我們收到了一些關於OEM庫存積壓的問題。或許您可以談談這一點，以及這會如何影響您對 2026 年 HFO 成長的展望。你們還在努力彌補之前的一些短缺嗎？或者，您認為這會成為您今年前進道路上的潛在阻力？

Yes. Thanks for the question. We -- the shortages that occurred earlier in 2025 are, by and large, well behind us. We feel really confident in our supply chain moving forward. And then with our outlook for 2026, we really feel confident in our growth outlook and everything we're seeing.

是的。謝謝你的提問。我們－2025年初出現的短缺問題，整體而言已經過去了。我們對未來的供應鏈發展充滿信心。展望 2026 年，我們對成長前景和我們所看到的一切都充滿信心。

And as you keep in mind, it's -- we have an OEM business and then almost half of our business is automotive. And then at a macro level, half of our business is aftermarket. And now we're seeing really strong data center growth in refrigerants. So when you couple all that together, we feel really good about the growth aspects of refrigerants. We feel very good about the stability of supply chain and being able to maintain excellent service for our customers moving forward.

你要記住，我們有 OEM 業務，而且我們近一半的業務都與汽車有關。從宏觀層面來看，我們一半的業務是售後市場。現在我們看到資料中心對冷媒的需求出現了非常強勁的成長。綜上所述，我們對冷媒的成長前景感到非常樂觀。我們對供應鏈的穩定性感到非常滿意，並有信心在未來繼續為客戶提供優質的服務。

Okay. And then just on the electronic materials side, it sounds like you have a relatively robust outlook there. Is there a way you can maybe describe what you're seeing by end market or by maybe product line? Where are you seeing the most strength and potential for upside?

好的。而在電子材料方面，聽起來你們的前景也相當樂觀。您能否按最終市場或產品線來描述您所看到的情況？你認為哪些方面最具優勢、上漲潛力？

So I'll give a higher-level look, and I'll certainly have Tina maybe provide some additional commentary. As we look at the demand for leading-edge nodes, it's really been remarkable. And our sputtering targets with our copper manganese sputtering targets are just really an excellent and preferred solution as you get down to 3 nanometers, 2 nanometers and really below 7 nanometers in general. So we feel great about the demand of our electronics business.

所以我會從更高的層次來分析，當然，我也會請蒂娜提供一些額外的評論。當我們審視對尖端節點的需求時，會發現它確實非常驚人。我們的銅錳濺鍍靶材是一種非常出色且理想的解決方案，尤其適用於 3 奈米、2 奈米以及通常低於 7 奈米的尺寸。因此，我們對電子產品業務的需求感到非常滿意。

We feel really good about memory as well. That demand is very strong, as you can imagine. So overall, this is driving the acceleration of our CapEx investment in our Spokane manufacturing site. And that's in effect to ensure we can keep up with the demand profile throughout the rest of the decade. Tina, any other commentary?

我們對記憶力也感覺非常好。正如你所想，這種需求非常強勁。總而言之，這將加速我們在斯波坎製造基地的資本支出投資。這樣做其實是為了確保我們能夠滿足未來十年剩餘時間的需求。蒂娜，還有其他意見嗎？

Yes. I think the demand signals that we're seeing absolutely reinforces the decision that we made to expand our Spokane facility. In terms of the other businesses, Safety & Defense Solutions, we made another announcement there. We see a strong growth profile this year for that business.

是的。我認為我們看到的市場需求訊號完全印證了我們擴建斯波坎工廠的決定是正確的。至於其他業務，例如安全與防禦解決方案，我們也發布了另一項公告。我們預計該業務今年將呈現強勁的成長動能。

And then for Research & Performance Chemicals, part of that business, our Specialty Additives business is related to construction. And this is where we've taken a more conservative view. We're not expecting a significant improvement in the construction.

此外，研究與性能化學品業務的一部分，即我們的特殊添加劑業務，與建築業相關。而在這方面，我們採取了更保守的觀點。我們預計施工情況不會有顯著改善。

Hassan Ahmed, Alembic Global.

Hassan Ahmed，Alembic Global。

David, I know there are a lot of moving parts around this, but I'm just trying to reconcile the Q1 guidance range you guys gave with the full year 2026 guidance. I mean, very simplistically, if I sort of sit there and take the midpoint of your Q1 range, call it, $240 million in EBITDA, I mean, I come up with $960 million full year. If I go to the high end, that's $980 million and the midpoint of your 2026 guidance is $1 billion.

大衛，我知道這其中有很多變數，但我只是想把你們給出的第一季業績指引範圍與 2026 年全年業績指引協調起來。我的意思是，簡單來說，如果我取你第一季業績範圍的中點，假設是 2.4 億美元的 EBITDA，那麼我得出的全年業績就是 9.6 億美元。如果以最高值計算，那就是 9.8 億美元，而你們 2026 年的預期中位數為 10 億美元。

So I mean, as I sort of hear your commentary, a lot of sort of growth kicking in, a lot of the one-offs that you guys saw that compressed the margins in Q4 are being reversed in Q1. And I understand there's seasonality and other factors as well. But could you talk a bit about -- and I know you touched on this a little bit earlier, some of the headwinds and the tailwinds that go into that bridge from, call it, Q1 to full year 2026.

所以我的意思是，正如我聽了你的評論，很多成長勢頭正在增強，你們在第四季度看到的那些壓縮利潤率的一次性因素，在第一季都得到了逆轉。我知道還有季節性和其他因素的影響。但您能否談談——我知道您之前已經稍微提到過這一點——從第一季到 2026 年全年這段時間裡，會遇到的一些逆風和順風。

Sure. I'll kick it off, and I'll turn it over to Tina. One of the two biggest areas that are really more of a '26 onetime situation is our continued transitory costs from the split with Honeywell and the TSA agreements we have in addition to the nuclear piece. And Tina, why don't you just kind of walk through some of those transitory costs that are kind of negating some of the really exciting growth aspect that we have.

當然。我先開始，然後交給蒂娜。真正屬於「2026 年一次性」情況的兩大領域之一是，我們與霍尼韋爾分道揚鑣後持續存在的過渡性成本，以及我們與 TSA 達成的協議，此外還有核能部分。蒂娜，為什麼不簡單介紹一下那些暫時性的成本，這些成本在某種程度上抵消了我們一些真正令人興奮的成長方面？

Yes. As we mentioned, in terms of the second half of the year, we had some transitory items the second half of '25. Specifically, it was like an FX hedge that Honeywell had place. We unwound that in October. And then as we stood up a logistics center from Honeywell, we had additional cost rollover from that.

是的。正如我們之前提到的，就下半年而言，我們在 2025 年下半年有一些過渡性計畫。具體來說，這就像是霍尼韋爾公司進行的一項外匯對沖操作。我們在十月解除了那項協議。然後，當我們從霍尼韋爾公司購買物流中心時，又產生了額外的成本結轉。

Specifically for first quarter, if we just look at the year-over-year margin decline, there's really a couple of things. One is the stationary, the fact that there's still more OEM sales. The [454] did not really kick in until second quarter of last year. So there's still some impact from that. Our corporate expenses have ramped because we were -- we really didn't stand the organization up until the second half of last year.

具體到第一季度，如果我們只看同比利潤率下降的情況，就會發現有兩點原因。一是文具用品，二是 OEM 銷售額仍然較高。[454] 直到去年第二季才真正開始發揮作用。所以這件事仍然會產生一些影響。我們的公司開支大幅增加，因為我們直到去年下半年才真正建立這個組織。

And then finally is the TSAs that David referenced. And we started to incur those in November and December. And if you recall, this is roughly $30 million. And it tends to be a little bit heavier first half as we do all the IT transitions versus the second half. And then I'd say just in terms of just some comments around 2026, we do see, as you alluded, strong growth in our nuclear business, electronic materials, refrigerants, defense.

最後就是大衛提到的運輸安全管理局（TSA）。我們從11月和12月開始出現這些問題。如果你還記得的話，這大約是3000萬美元。而且，由於上半年要進行各種 IT 過渡工作，所以工作量往往會比下半年大。然後，就 2026 年的一些展望而言，正如您所提到的，我們確實看到核能業務、電子材料、冷媒和國防領域將出現強勁增長。

We've taken a more conservative stance on construction. We see that we can likely cover price, any inflation through price, slight tailwind on FX and then the transitory items that we spoke about. And then the nuclear loan repayment, we already mentioned that's roughly $30 million of impact. So that's kind of how we're seeing the year shape up.

我們在建築方面採取了較保守的立場。我們認為，我們很可能能夠涵蓋價格、任何價格通膨、外匯的輕微利好以及我們之前討論過的暫時性項目。還有核能貸款償還，我們之前已經提到過，這大約會帶來 3000 萬美元的影響。所以，這就是我們對今年大致走向的預測。

That's very helpful. And as a follow-up, just around capital allocation. I know you guys just instituted the dividend policy. But broadly speaking, I know you guys are new in the public domain and maybe a little sort of cautious around M&A and the like. But how are you thinking about M&A, particularly in light of some of the run-up in materials, chemical valuations that we have seen over the last couple of weeks, right?

那很有幫助。最後，我想就資本配置問題做個後續討論。我知道你們剛開始實施分紅政策。但總的來說，我知道你們是剛進入公共領域的新人，可能對併購之類的事情有點謹慎。但是，鑑於過去幾週我們看到材料和化學工業估值大幅上漲，您是如何看待併購的呢？

I mean, at times, it may be worthwhile to put aside how new you are as an independent company and maybe take advantage of cheap valuations, right?

我的意思是，有時候，拋開公司成立時間短這個因素，利用估值低的優勢或許是值得的，對吧？

Yes. I think it's a fair comment. I would say what we're really grateful for is to have such a strong balance sheet. And since our spin, we've really started to develop a robust M&A pipeline, quite frankly. So I think M&A in the future is certainly on the table.

是的。我認為這個評論很中肯。我想說，我們真正感到慶幸的是擁有如此強勁的資產負債表。坦白說，自從我們分拆以來，我們已經真正開始建立起強大的併購管道。所以我認為未來併購肯定是有可能的。

We do want to ensure it fits our strategy, it fits our return profile and the markets we serve. But we do feel like with our balance sheet, we are well positioned. And to your point, if there's a very attractive bolt-on asset that's available at the right price, I think it would be fair to say we might move faster than in typical circumstances.

我們希望確保它符合我們的策略、回報預期以及我們所服務的市場。但我們認為，就我們的資產負債表而言，我們處於有利地位。正如您所說，如果有一項極具吸引力的附加資產以合適的價格出售，我認為我們可以比在通常情況下更快地採取行動。

John Roberts, Mizuho Securities.

約翰·羅伯茨，瑞穗證券。

It's Edlain Rodriguez for John. A quick one on refrigerants. As you continue to transition from HFC to HFOs, like what should we expect the margin hit to be? Essentially, like how should we think of the margin degradation as you continue to transition in that business?

是埃德蘭·羅德里格斯為約翰服務。簡單介紹一下冷媒。隨著您繼續從HFC過渡到HFO，我們應該預期利潤率會受到多大影響？本質上，我們該如何看待隨著業務轉型而出現的利潤率下降問題？

Yes. The way I would think about it is short term because we do get higher margins in the aftermarket. So as we transition to HFOs, those are newer units most typically. So once they're in the market for a couple of years, then the aftermarket kicks in, and then that's where you will start to see the margin neutrality from HFCs.

是的。我的想法是著眼於短期利益，因為售後市場的利潤率更高。因此，當我們過渡到HFO時，這些通常是較新的設備。所以一旦它們進入市場幾年後，二級市場就會啟動，那時你會開始看到 HFC 的利潤率趨於中性。

Having said that, as Tina mentioned, we went through that in 2025 and in the beginning of '26. But our anticipation is we'll start getting those aftermarket sales more robustly in the second half of '26. And then as that flows through, I think margin continuality comparatively to HFCs is very realistic.

話雖如此，正如蒂娜所提到的那樣，我們在 2025 年和 2026 年初都經歷過這種情況。但我們預計，2026 年下半年售後市場銷售額將開始強勁成長。然後，隨著這種情況的持續發展，我認為與 HFC 相比，其利潤率的持續性是非常現實的。

Okay. And in terms of timing, like do you expect like your transition to be completed by the end of 2026? Or does that spill over into 2027? Like when do you expect your transition to be completely done?

好的。至於時間安排方面，您預計過渡工作能在 2026 年底完成嗎？或者這種情況會延續到 2027 年？你預計什麼時候能完全完成過渡？

Well, we expect the full transition to be done in early '26. And then it's -- the aftermarket should kick in from transitions that happened in the previous few years. And then obviously, in Europe, that transition happened several years ago. So they're completely transitioned over to HFOs. And then in early 2026, we should be complete.

我們預計全面過渡將在 2026 年初完成。然後，售後市場應該會從過去幾年發生的轉變開始復甦。很顯然，在歐洲，這種轉變發生在幾年前。所以他們已經完全過渡到使用高硫燃料油了。到 2026 年初，我們應該就能完工了。

Duffy Fischer, Goldman Sachs.

達菲費雪，高盛集團。

First question, again, just around refrigerants. When you look at '26 and '27, is there any additional regulatory help for volumes in those years that would create an opportunity for HFCs to take -- or HFOs to take market share from HFC?

第一個問題，還是關於冷媒的。縱觀 2026 年和 2027 年，是否有任何額外的監管措施來幫助提高這兩年的交易量，從而為 HFC 創造機會，或為 HFO 創造機會，從 HFC 手中奪取市場份額？

Duffy, I think the legislation is by and large, taken place. Europe is fully converted. The US will be mostly converted. The only caveat with that is on commercial refrigeration. That still has not converted yet.

達菲，我認為立法工作總體上已經完成。歐洲已經完全皈依基督教。美國大部分地區將會轉變。唯一需要注意的是，這適用於商業冷凍。尚未轉換。

So from a regulatory standpoint, if that gets accelerated, that would certainly accelerate the conversions in commercial refrigerations, but we're anticipating that to be over the next couple of years. So that could certainly be a tailwind.

因此，從監管角度來看，如果這一進程加快，肯定會加快商用冷凍設備的改造，但我們預計這將在未來幾年內發生。所以這無疑會是個有利因素。

The other piece really would be Asia. There is talk that Asia will convert to HFOs by the end of the decade. We remain cautious that, that happens. But if it does happen as anticipated, that could be a huge tailwind for us.

另一部分其實應該是亞洲。有傳言稱，到本十年末，亞洲將全面轉向使用重油。我們仍然謹慎，擔心這種情況會發生。但如果事情真如預期那樣發展，對我們來說將是一個巨大的利好。

Fair. And then could you size your data center business is growing rapidly in refrigerants. How big is data center as a percentage of your refrigerants business?

公平的。那麼，您能否評估一下您的資料中心業務規模？冷媒業務正在迅速成長。資料中心業務在貴公司的冷媒業務中佔多大比例？

We don't split it out, Duffy. It's -- the way I would say it is it's growing rapidly. It's certainly a smaller piece of our business, but it's growing very fast. I think we referenced double-digit growth in our data centers. We are doing -- we can mostly split it out, but we don't have it 100% split out just because -- we're a step removed from the installation. So we haven't given a number yet, but that is something we'll continue to track and provide when ready.

我們不把它分開，達菲。我的意思是，它正在快速成長。雖然它在我們業務中所佔的份額較小，但成長速度非常快。我想我們之前提到過資料中心實現了兩位數的成長。我們正在做——我們大部分可以把它拆分出來，但我們還沒有 100% 拆分出來，因為——我們離安裝還有一步之遙。所以目前我們還沒有給出具體數字，但我們會繼續跟踪，並在準備好後公佈。

Yes. And it's Mike. I'd be remiss not to add. We're really excited about data centers because we really attack it from three fronts at Solstice. We get a lot of questions around refrigerants. And obviously, there's a lot going on around next-gen refrigerant and cooling solutions.

是的。是麥克。我不能不補充一點。我們對資料中心感到非常興奮，因為在 Solstice，我們真正從三個方面著手解決這個問題。我們經常收到關於冷媒的問題。顯然，下一代冷媒和冷卻解決方案領域正在發生許多變化。

But you also have to remember on the electronic materials side of the house, what we're doing on the chip to get the heat off of the chip as well as our nuclear business sort of where we started the call. A lot of the nuclear energy is going to fuel data center growth. So we're really excited around if a lot of this data center growth comes to fruition, we attack that opportunity from really at least three different angles from an overall Solstice perspective.

但你也要記住，在電子材料方面，我們正在對晶片進行散熱處理，以及我們的核能業務，這正是我們開始通話的起點。大量的核能將用於推動資料中心的發展。所以，如果資料中心的大量成長能夠實現，我們真的非常興奮，我們將從 Solstice 的整體角度出發，至少從三個不同的角度抓住這個機會。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to Mike for any further or closing comments.

我們的問答環節結束了。我想把發言權交還給麥克，讓他做任何補充或總結性發言。

Great. Well, look, we really appreciate everybody joining us today to discuss our fourth quarter results, and please follow up if you have any questions. Thank you, and have a good day.

偉大的。好的，我們非常感謝今天各位蒞臨現場，與我們共同探討第四季業績。如果您有任何疑問，請隨時提出。謝謝，祝您今天過得愉快。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。