Solstice Advanced Materials Inc (SOLS) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Solstice Advanced Materials first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Solstice Advanced Materials 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Mike Leithead, Vice President of Investor Relations. Please go ahead.

現在我很榮幸介紹投資人關係副總裁 Mike Leithead。請開始。

Thank you. And good morning, everyone. Welcome to Solstice's first quarter 2026 earnings call.

謝謝。各位早安。歡迎參加 Solstice 2026 年第一季財報電話會議。

We released our first quarter 2026 financial results earlier this morning. 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.

我們已於今天稍早發布 2026 年第一季財務結果。今日簡報（包含非 GAAP 調節表）以及我們的財報新聞稿，可於 Solstice 官網的投資人關係專區 investor.solstice.com 查閱。

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.

我們今天的討論將包含前瞻性陳述，係基於我們對當前世界情勢與業務的最佳觀點，並可能受到風險與不確定性影響，包括我們在 SEC 申報文件中所述者。

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 first 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：總裁暨執行長 David Sewell，以及財務長 Tina Pierce。David 將先就第一季業績重點開場。接著 Tina 將回顧各事業部表現與財務展望，之後再交回給 David 作結語。隨後我們將很樂意回答各位的提問。

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

接下來，我把電話交給 David。

Thank you, Mike. And thank you, everyone, for joining us today. During the first quarter, Solstice Advanced Materials delivered strong top and bottom-line results, reflecting ongoing robust demand trends across several of our key businesses, including Nuclear, Electronic Materials, and Refrigerants.

謝謝你，Mike。也謝謝各位今天加入我們。第一季，Solstice Advanced Materials 交出強勁的營收與獲利表現，反映我們多項核心業務持續強勁的需求趨勢，包括核能、電子材料與冷媒。

I would like to take a moment to thank our entire Solstice team for this strong outcome in what was our first full standalone quarter as an independent company. This performance demonstrates Solstice's ongoing disciplined execution, and agility, not only through our transition to a stand-alone company, but also in a dynamic macro environment.

我想花點時間感謝 Solstice 全體團隊，在我們作為獨立公司後的第一個完整單季，取得如此亮眼的成果。這項表現展現了 Solstice 持續嚴謹的執行力與敏捷性，不僅順利完成獨立公司轉型，也能在多變的總體環境中靈活應對。

At the same time, our top-tier return profile and conservative leverage position allows us to reinvest in growth, at a time when many in the industry have needed to pare back. We continue to invest in compelling growth areas aligned with our strategic pillars such as our Electronic Materials, Safety & Defense Solutions, and Nuclear businesses, consistent with what we believe are attractive long-term outlooks for demand. This growth investment is not just in CapEx, but also higher spending on our R&D pipeline as we work to advance the next generation of critical molecules for our customers.

同時，我們一流的報酬結構與保守的槓桿水位，使我們能在許多同業不得不縮減之際，仍可再投資以推動成長。我們持續投資於與策略支柱一致、具吸引力的成長領域，例如電子材料、安全與國防解決方案，以及核能業務；我們認為這些領域的長期需求展望具吸引力。這些成長投資不僅包含資本支出（CapEx），也包括提高研發（R&D）管線投入，以推進下一代關鍵分子，服務我們的客戶。

The first quarter was also a strong cash quarter for Solstice, generating nearly $200 million in operating cash flow. We are able to use this cash to not only fund our growth investments, but also return cash to shareowners, as highlighted by our recently announced quarterly dividend. We will continue to be disciplined in our capital allocation, ensuring that we are prudently balancing shareowner returns with opportunities that we believe will unleash long-term growth.

第一季對 Solstice 而言也是現金流強勁的一季，營運現金流接近 2 億美元。我們能運用這些現金，不僅為成長投資提供資金，也能回饋股東，例如我們近期宣布的季度股利。我們將持續在資本配置上保持紀律，確保在股東回報與我們認為可釋放長期成長的機會之間，取得審慎平衡。

With this strong start to 2026, today we are reaffirming our full year 2026 guidance that we provided on our last quarterly call. We continue to believe we remain very well positioned for the year.

在 2026 年有了強勁的開局後，我們今天重申在上一季電話會議中提供的 2026 全年指引。我們仍然相信，公司在今年的布局非常到位。

Turning to slide 4, I'd like to spend a moment to highlight our ongoing growth investments in advanced computing, which is a key strategic pillar for the company. The semiconductor industry is evolving rapidly, and we believe the ongoing shift to advanced nodes and advanced packaging creates significant growth opportunities for Solstice's core deposition and thermal management platforms. Our Electronic Materials business had a fantastic quarter, delivering 21% year-on-year revenue growth following 19% year-on-year growth in the fourth quarter of 2025.

接著看第 4 張投影片，我想花點時間強調我們在先進運算方面持續的成長投資，這是公司重要的策略支柱。半導體產業正快速演進，我們認為持續轉向先進製程節點與先進封裝，將為 Solstice 的核心沉積與熱管理平台帶來顯著成長機會。我們的電子材料業務本季表現非常出色，營收年增 21%，延續 2025 年第四季年增 19% 的成長。

We think it's also important to note that thermal management for Solstice extends into our RAS business, with accelerating sales of refrigerants into data centers and a pipeline of next-generation molecules under development. Solstice has a rich history of partnering both with semiconductor companies and HVAC solution providers, and we believe this provides us with significant opportunities in this space as the data center ecosystem become increasingly integrated.

我們也認為值得一提的是，Solstice 的熱管理不僅限於此，亦延伸至我們的 RAS 業務；冷媒在資料中心的銷售加速成長，同時我們也在開發下一代分子產品管線。Solstice 長期以來與半導體公司及 HVAC 解決方案供應商合作，我們相信隨著資料中心生態系日益整合，這將為我們在此領域帶來可觀機會。

At a product level, an area we want to highlight this quarter, is our sputtering targets offerings for deposition, which we believe are the materials of choice for leading-edge semiconductor nodes used for AI and data center applications. With robust demand, we are investing $200 million in our Spokane, Washington facility to double our target's capacity, reduce customer lead times, and at the same time provide sustainability benefits through increased recycling and CO2 emissions reduction. This is a clear example of where we have the opportunity to invest to benefit our customers, shareowners, and broader stakeholders.

在產品層面，本季我們想特別強調的是用於沉積的濺鍍靶材（sputtering targets）產品，我們相信其為用於 AI 與資料中心應用之先進半導體節點的首選材料。在需求強勁的帶動下，我們將投資 2 億美元於華盛頓州斯波坎（Spokane）廠區，使靶材產能倍增、縮短客戶交期，同時透過提高回收與降低 CO2 排放帶來永續效益。這清楚展現了我們有機會進行投資，以同時造福客戶、股東及更廣泛利害關係人。

Importantly, as with all projects we evaluate, we analyze opportunities through a strict returns-based approach, and we do expect this project to exceed Solstice's acceptable hurdle rate of a mid-teens percentage IRR, underscoring our commitment to our top-tier return profile. Given the increasing customer demand trends, we are also evaluating opportunities to further accelerate similar organic growth investments as well as strengthen our innovation pipeline in this space.

重要的是，如同我們評估的所有專案，我們以嚴格的報酬導向方法分析機會；我們預期此專案的報酬將超過 Solstice 可接受的門檻報酬率（hurdle rate），即約中十位數百分比的 IRR，凸顯我們對一流報酬結構的承諾。鑑於客戶需求趨勢持續上升，我們也在評估進一步加速類似的內生成長投資機會，並強化此領域的創新管線。

All in, we are excited about the growth prospects and recent performance of this strategic pillar, and we look forward to building on our strong foundation of innovation with ongoing high-return growth investments.

整體而言，我們對這項策略支柱的成長前景與近期表現感到振奮，並期待在既有強大的創新基礎上，透過持續的高報酬成長投資再接再厲。

Turning to slide 5, I'd like to discuss our first quarter 2026 consolidated results. In the first quarter of 2026, Solstice recorded $991 million in net sales, up 10% year-over-year, which exceeded the top end of our guidance we provided for the quarter.

接著看第 5 張投影片，我想討論 2026 年第一季的合併業績。2026 年第一季，Solstice 淨銷售額為 9.91 億美元，年增 10%，高於我們對本季所提供指引的上緣。

In our Refrigerants & Applied Solutions segment, strong demand for refrigerants driven by the ongoing HFO transition as well as healthy performance in our Nuclear business drove top line growth for the segment. In our Electronic and Specialty Materials segment, net sales growth was driven by robust demand in our Electronic Materials business for semiconductor applications.

在冷媒與應用解決方案（Refrigerants & Applied Solutions）事業部，受持續的 HFO 轉換帶動冷媒需求強勁，以及核能業務表現穩健，推動該事業部營收成長。在電子與特殊材料（Electronic and Specialty Materials）事業部，淨銷售額成長主要來自電子材料業務在半導體應用上的強勁需求。

Adjusted EBITDA for the first quarter of 2026 was $249 million, relatively flat year-over-year and exceeding the top end of the guidance we provided for the quarter. Adjusted EBITDA margin was 25.1%, in line with our expectations for the quarter. The decline in margin year-over-year was primarily driven, as expected, by refrigerant mix related to the ongoing HFO transition as well as higher R&D investment as we prioritize next-generation innovation and opportunities.

2026 年第一季調整後 EBITDA 為 2.49 億美元，年比大致持平，並高於我們對本季所提供指引的上緣。調整後 EBITDA 利潤率為 25.1%，符合我們對本季的預期。利潤率年比下滑主要如預期所致，原因包括持續 HFO 轉換所帶來的冷媒產品組合影響，以及在我們優先推動下一代創新與機會之際，研發投入增加。

As a reminder, this refrigerant dynamic has been previously communicated as we see ongoing strong demand for our LGWP product. Now approximately four quarters into the 454B transition, we do expect sequential refrigerant margin improvement from first quarter levels, and we remain optimistic about the opportunity for further margin expansion as the aftermarket develops.

提醒一下，鑑於我們的 LGWP 產品持續強勁的需求，我們先前已就此冷媒的動態進行溝通。目前約處於 454B 轉換的第四個季度，我們確實預期冷媒毛利率將較第一季水準呈現季增改善，且隨著售後市場的發展，我們仍對進一步的毛利率擴張機會保持樂觀。

We reported GAAP net income attributable to Solstice of $85 million for the first quarter of 2026. The decrease year-over-year was primarily driven by costs associated with being a stand-alone public company, such as higher SG&A and interest expense.

我們公布 2026 年第一季歸屬於 Solstice 的 GAAP 淨利為 8,500 萬美元。年減主要係由於作為獨立上市公司所產生的成本所致，例如較高的 SG&A 與利息費用。

We would also note that our noncontrolling interest was atypically high this quarter at $20 million, with the increase driven by favorable ConverDyn margins and the impact from a consolidated entity associated with our Sinochem JV, and does not reflect the expected quarterly run rate going forward. This quarter, we also reported adjusted diluted EPS for our first full quarter as a stand-alone company, which was $0.63 for the first quarter.

我們也要指出，本季的非控制權益異常偏高，達 2,000 萬美元；增加主要來自 ConverDyn 有利的利潤率，以及與我們的中化合資企業（JV）相關之合併個體所帶來的影響，並不代表未來預期的季度常態水準。本季我們也公布作為獨立公司後第一個完整季度的調整後稀釋每股盈餘（EPS），第一季為 0.63 美元。

Finally, free cash flow for the first quarter of 2026 was $124 million, which is inclusive of the significant year-over-year increase in growth CapEx as we invest in high-return opportunities across the business, including the Spokane expansion that I previously discussed.

最後，2026 年第一季自由現金流為 1.24 億美元，其中包含我們在全公司投資高報酬機會所帶動的成長型資本支出（CapEx）顯著年增，包括我先前提到的 Spokane 擴建。

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

接下來，我將把時間交給我們的財務長 Tina Pierce，請她更詳細說明第一季的財務結果。

Thank you, David. Turning to slide 6, I'd like to discuss in more detail the key drivers of our year-over-year net sales and adjusted EBITDA performance in the first quarter. Beginning with our net sales of $991 million for the quarter, organic net sales growth was 8%, including 6% from volume growth and 2% due to pricing. This primarily reflects volume growth and favorable pricing in both Nuclear and Refrigerants as well as volume growth in Electronic Materials. Our net sales growth also included a 2.5% increase due to foreign currency translation.

謝謝你，David。請看第 6 頁投影片，我想更詳細說明第一季年對年淨銷售額與調整後 EBITDA 表現的關鍵驅動因素。先從本季淨銷售額 9.91 億美元談起，有機淨銷售成長為 8%，其中 6% 來自銷量成長、2% 來自定價。這主要反映核能與冷媒業務的銷量成長與有利定價，以及電子材料的銷量成長。我們的淨銷售成長亦包含外幣換算帶來的 2.5% 增加。

Turning to our adjusted EBITDA of $249 million for the quarter, which was fairly comparable to the prior year period. Year-over-year improvement in ESM as well as prudent corporate cost management was largely matched by a decline in RAS, which is primarily attributable to the shift in Refrigerants mix that David just discussed.

再看本季調整後 EBITDA 為 2.49 億美元，與去年同期大致相當。ESM 的年對年改善以及審慎的公司成本管理，基本上被 RAS 的下滑所抵銷；RAS 下滑主要歸因於 David 剛才提到的冷媒產品組合轉變。

Turning to slide 7, I'll now discuss the results in each of our two segments in more detail, beginning with Refrigerants & Applied Solutions. Overall, the segment achieved $711 million in net sales for the first quarter of 2026, reflecting 12% growth year over year. The growth is composed of 9% organic net sales growth and 3% increase due to foreign currency translation.

接著看第 7 頁投影片，我將更詳細說明兩大事業部門的結果，先從冷媒與應用解決方案（Refrigerants & Applied Solutions）開始。整體而言，該部門 2026 年第一季淨銷售額為 7.11 億美元，年增 12%。成長由 9% 的有機淨銷售成長與外幣換算帶來的 3% 增加所構成。

The segment posted $242 million in adjusted EBITDA for the first quarter of 2026, down 3% year-over-year, and adjusted EBITDA margin of 34.1%, down 522 basis points year over year. As mentioned previously, this decrease was primarily driven by anticipated shifts in Refrigerants mix and higher R&D spending, which more than offset volume growth and favorable pricing in the segment.

該部門 2026 年第一季調整後 EBITDA 為 2.42 億美元，年減 3%；調整後 EBITDA 利潤率為 34.1%，年減 522 個基點。如先前所述，下降主要由於預期中的冷媒產品組合轉變與較高的研發支出所致，且其影響超過了該部門的銷量成長與有利定價。

Turning to performance of our subsegments. Refrigerants net sales increased 19% year-over-year to $389 million, driven by both favorable pricing and volume growth across our product offerings. In addition to the strong demand for 454B that David mentioned, the subsegment also benefited from accelerating orders for data centers, underscoring how this business sits at the intersection of multiple key secular growth trends.

接著看各子事業的表現。冷媒淨銷售額年增 19% 至 3.89 億美元，主要由於我們各項產品組合的有利定價與銷量成長。除了 David 提到的 454B 強勁需求外，該子事業亦受惠於資料中心訂單加速，凸顯此業務位於多項關鍵長期結構性成長趨勢的交會點。

Our Nuclear business had $107 million in net sales, up 27% year-over-year, reflecting both favorable pricing and increased volumes. We remain excited about the future of this differentiated business, which we believe is well positioned to play a critical role in the advanced nuclear renaissance that we are beginning to see unfold.

我們的核能業務淨銷售額為 1.07 億美元，年增 27%，反映有利定價與出貨量提升。我們對這項具差異化的業務未來仍感到振奮；我們相信其已具備良好定位，可在我們開始看到的先進核能復興浪潮中扮演關鍵角色。

Building Solutions & Intermediate net sales were $167 million, down 8% year over year. 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.

建築解決方案與中間體（Building Solutions & Intermediate）淨銷售額為 1.67 億美元，年減 8%。儘管建築市場持續疲弱影響表現，我們仍專注於推動 LGWP 解決方案，並持續強化卓越營運執行，以確保在主要終端市場需求回到較正常水準時，我們能夠良好地服務客戶。

Lastly, for Healthcare Packaging, net sales were $47 million, up 9% year over year. The increase was driven by a recovery in customer demand patterns following the destocking we saw in the second half of 2025.

最後，醫療保健包裝（Healthcare Packaging）淨銷售額為 4,700 萬美元，年增 9%。成長主要來自客戶需求型態的復甦，此前我們在 2025 年下半年看到去庫存的情況。

Now turning to our Electronic & Specialty Materials segment on slide 8. The segment achieved $281 million in net sales for the first quarter of 2026, reflecting 7% growth year over year. The growth is composed of 5% organic net sales growth and a 3% increase due to foreign currency translation.

接著看第 8 頁投影片的電子與特用材料（Electronic & Specialty Materials）部門。該部門 2026 年第一季淨銷售額為 2.81 億美元，年增 7%。成長由 5% 的有機淨銷售成長與外幣換算帶來的 3% 增加所構成。

The segment posted $58 million in adjusted EBITDA for the first quarter of 2026, up 10% year-over-year, and adjusted EBITDA margin of 20.8%, up 52 basis points year over year. The increase was primarily driven by volume growth in Electronic Materials.

該部門 2026 年第一季調整後 EBITDA 為 5,800 萬美元，年增 10%；調整後 EBITDA 利潤率為 20.8%，年增 52 個基點。增加主要由電子材料的銷量成長所帶動。

Looking at the performance of our subsegments, Electronic Materials net sales increased 21% year-over-year to $109 million, driven by volume growth and robust customer demand across semiconductor applications. As David discussed earlier, we continue to invest in capacity expansion for Electronic Materials with similar conductor dynamics and secular trends for AI and data centers driving a significant opportunity for Solstice.

就各子事業表現而言，電子材料淨銷售額年增 21% 至 1.09 億美元，主要由於銷量成長，以及半導體應用領域客戶需求強勁。如 David 先前所述，我們持續投資擴充電子材料產能；在相似的導體供需動態下，加上 AI 與資料中心的長期結構性趨勢，正為 Solstice 帶來顯著機會。

Safety & Defense Solutions had $50 million in net sales, flat year over year. We anticipate strong growth in the second quarter based on order patterns, and we continue to invest in capacity expansion to support long-term market demand for our Spectra line of solutions.

安全與國防解決方案（Safety & Defense Solutions）淨銷售額為 5,000 萬美元，與去年同期持平。基於訂單型態，我們預期第二季將強勁成長；同時我們也持續投資擴充產能，以支援市場對我們 Spectra 產品線解決方案的長期需求。

Finally, Research & Performance Chemicals net sales remained steady year-over-year at $121 million, with growth in bind chemicals offset by ongoing end market softness in specialty additives.

最後，研發與性能化學品（Research & Performance Chemicals）淨銷售額年對年持平，為 1.21 億美元；其中黏結化學品（bind chemicals）的成長，被特用添加劑終端市場持續疲弱所抵銷。

Moving to slide 9 to discuss Solstice balance sheet and capital management. Our strong balance sheet, cash flow generation, and conservative leverage position continued to enable financial flexibility and fuel Solstice's many attractive growth investments.

接著看第 9 頁投影片，討論 Solstice 的資產負債表與資本管理。我們強健的資產負債表、現金流創造能力與保守的槓桿水準，持續提供財務彈性，並支持 Solstice 多項具吸引力的成長投資。

I'd like to start with cash, with Solstice generating $199 million of operating cash flow in the quarter. In addition to healthy earnings generation, we were able to execute strong working capital management, reducing our dollar inventory and receivables in the quarter despite the healthy increase in revenue and rising input costs.

我先從現金談起，Solstice 本季創造 1.99 億美元的營業活動現金流。除了穩健的獲利貢獻外，我們也有效執行營運資金管理；儘管營收健康成長且投入成本上升，我們仍在本季降低了以美元計的存貨與應收帳款。

Our capital expenditures for the first quarter were $82 million, a 32% increase compared to the prior year period due to planned increases in capital spending to drive long-term growth in high-return areas of the business.

我們第一季的資本支出為8,200萬美元，較去年同期增加32%，主要因為我們按計畫提高資本支出，以推動業務中高報酬領域的長期成長。

As a reminder, beyond the Electronic Materials project discussed earlier, we are actively investing in our Spectra holistic fiber expansion in Virginia as well as exploring further expansion opportunities in our nuclear conversion business.

提醒一下，除了先前討論的電子材料專案之外，我們也正積極投資於位於維吉尼亞州的Spectra整體光纖擴建，同時也在探索核轉換業務的進一步擴張機會。

Turning to our capital structure. We have maintained a conservative leverage profile and strong liquidity position. As of March 31, 2026, our long-term debt was $2 billion, and we had cash and cash equivalents of $642 million, resulting in net debt of approximately $1.3 billion and net leverage ratio of approximately 1.4 times based on a trailing 12-month adjusted EBITDA.

接著談我們的資本結構。我們維持保守的槓桿水準與強勁的流動性部位。截至2026年3月31日，我們的長期負債為20億美元，現金及約當現金為6.42億美元，因此淨負債約為13億美元；以過去12個月的調整後EBITDA計算，淨槓桿比率約為1.4倍。

As of March 31, 2026, we also had $1 billion of availability under our revolving credit facility. Combined with the cash on the balance sheet, this results in approximately $1.6 billion of total liquidity.

截至2026年3月31日，我們在循環信用額度項下亦有10億美元的可用額度。加上資產負債表上的現金，合計總流動性約為16億美元。

As David mentioned earlier, we announced last week approval of a quarterly dividend of $0.075 per share, in line with last quarter. We continue to view returning excess capital to shareholders as a key piece of our overall capital allocation approach.

如David先前提到，我們上週宣布核准每股0.075美元的季度股利，與上季一致。我們仍將把多餘資本回饋給股東視為整體資本配置策略中的關鍵一環。

Turning to slide 10, I'd like to discuss our outlook and financial guidance for both the full year and second quarter of 2026. For the full year 2026, we are reaffirming our guidance announced on our last quarterly call. 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.

接著看第10頁，我想討論我們對2026年全年及第二季的展望與財務指引。就2026年全年而言，我們重申在上次季度電話會議中公布的指引。我們預期淨銷售額介於39億至41億美元之間，調整後EBITDA介於9.75億至10.25億美元之間，調整後稀釋每股盈餘介於2.45至2.75美元之間。

Additionally, we continue to expect capital expenditures between $400 million to $425 million. As David mentioned earlier, the strong first quarter results gives us increased confidence in the year.

此外，我們仍預期資本支出介於4億至4.25億美元之間。如David先前提到，強勁的第一季表現讓我們對今年更有信心。

Today, we are also providing guidance for the second quarter of 2026 as we want to help investors better understand our business and our first year as a public company. Second quarter, we expect to deliver net sales between $1.06 billion and $1.1 billion, with an approximately 25% to 26% adjusted EBITDA margin.

今天，我們也提供2026年第二季指引，因為我們希望協助投資人更好地理解我們的業務，以及我們作為上市公司的第一年。第二季我們預期淨銷售額介於10.6億至11億美元之間，調整後EBITDA利潤率約為25%至26%。

Our outlook for the second quarter assumes continued momentum in Refrigerants, Nuclear, and Electronic Materials and growth in Safety & Defense Solutions based on order power. Importantly, it also reflects modest margin expansion as we expect commercial actions to more than fully offset inflation. This 2Q outlook also contemplates a $10 million of planned downtime related expense.

我們對第二季的展望假設冷媒、核能與電子材料持續保持動能，且安全與國防解決方案將基於訂單力道實現成長。重要的是，該展望亦反映利潤率小幅擴張，因為我們預期商業行動將不僅能完全抵銷通膨影響。此第二季展望亦納入1,000萬美元的計畫性停機相關費用。

Finally, looking ahead, we are pleased to announce that we will be hosting a virtual webinar on June 4 to provide more insight into our Nuclear business. Additional details can be found on the Events portion of our Investor Relations website. We look forward to sharing more during the event in June.

最後，展望未來，我們很高興宣布將於6月4日舉辦線上網路研討會，以提供更多關於我們核能業務的洞見。更多細節可於我們投資人關係網站的「活動」專區查詢。我們期待在6月的活動中分享更多內容。

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

接下來我想把時間交回給David，請他做一些結語。

Thank you, Tina. Please turn to slide 11. With strong performance in the first quarter and solid momentum heading into the remainder of the year, we are well positioned to deliver on our full year 2026 guidance. As we discussed today, we are seeing continued strong demand in our businesses that serve key end markets aligned with secular growth trends, including nuclear, high-performance computing, data centers, and defense spending.

謝謝你，Tina。請翻到第11頁。在第一季強勁表現以及進入今年剩餘期間的穩健動能之下，我們已具備良好條件以達成2026年全年指引。如我們今天所討論，我們服務的關鍵終端市場（與長期結構性成長趨勢一致）持續呈現強勁需求，包括核能、高效能運算、資料中心與國防支出。

As a stand-alone company, Solstice is able to now accelerate our innovation pipeline to stay on the cutting-edge needs of our customers, which is critical to capture this growth opportunity. We are doing this through reinvesting in our businesses, both in terms of expanding our R&D pipeline as well as high-return growth CapEx.

作為一家獨立公司，Solstice如今能加速我們的創新管線，以持續滿足客戶最前沿的需求，這對於掌握此成長機會至關重要。我們透過對業務再投資來達成這一點，包括擴充研發管線以及投入高報酬的成長型資本支出。

As highlighted earlier in the call with advanced computing, these are core strategic areas for Solstice where we have both a clear right to play and a right to win. Fueling all of this growth investment is our current business performance, which continues to demonstrate specialty characteristics of strong pricing power, durable margins, and high ROIC. We are deploying our strong cash flow in a prudent manner with high growth investments and returning cash to shareholders through our quarterly dividend.

如先前在電話會議中針對先進運算所強調，這些是Solstice的核心策略領域，我們在其中既有明確的參與正當性（right to play），也有勝出的能力（right to win）。支撐所有這些成長投資的是我們目前的營運表現，持續展現出具備專業化特徵：強勁的定價能力、持久的利潤率，以及高ROIC。我們以審慎方式運用強勁現金流，投入高成長投資，並透過季度股利將現金回饋給股東。

We remain excited about the significant opportunities ahead in 2026. We look forward to sharing additional updates throughout the year, and we hope to see you all at our virtual nuclear webinar next month.

我們對2026年前方的重大機會仍感到振奮。我們期待在今年持續分享更多更新，也希望下個月在我們的線上核能研討會與各位相見。

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

接下來，我們很樂意開始回答各位的問題。

(Operator Instructions) Kevin McCarthy, Vertical Research Partners.

(接線員指示) Kevin McCarthy，Vertical Research Partners。

David, nice to see the 27% sales growth in Nuclear. A few questions on that business. Can you help us understand the relative volume and price contributions that are flowing through there? Also, I think you had a loan that you'll be repaying this year. And so perhaps you can comment on whether that's occurred yet or might be in the future part of the year.

David，很高興看到核能業務銷售成長27%。我有幾個關於該業務的問題。你能否協助我們理解其中量與價的相對貢獻？另外，我記得你們今年會償還一筆貸款。因此也請你評論一下，這是否已經發生，或可能會在今年稍後進行。

And just another question also on long-term expansion potential following on the expansion that you've already done and whether that might be in the cards.

另外還有一個問題，關於在你們已完成的擴產之後，長期擴張潛力如何，以及是否可能納入規劃。

Kevin, thanks for the question. And to jump right into Nuclear, we saw with the strong performance in Q1, both price and volume; we don't split it out exactly. But I would tell you that it was a combination of both. And so we feel really good about that business.

Kevin，謝謝你的提問。直接談核能業務，第一季的強勁表現同時來自價格與銷量；我們不會精確拆分。但我可以告訴你，兩者皆有貢獻。因此我們對這項業務的表現感到非常滿意。

And it dovetails right into your question on expansion. Our debottlenecking efforts are going extremely well. We feel very good about the 25% increase in volume that we're going to deliver from our 2024 numbers.

這也正好銜接到你關於擴產的問題。我們的去瓶頸（debottlenecking）工作進展非常順利。我們對於相較2024年數據將帶來25%的產量提升感到非常有信心。

And then on the future expansion, we are going down two paths right now. As we mentioned on our last call, we have engaged with an engineering firm to do a study on a variety of options for us to significantly expand our production capabilities, which we see as a need going into the 2030s beyond our current capabilities.

至於未來擴產，我們目前正沿著兩條路徑推進。如我們在上次電話會議提到，我們已委託一家工程公司進行研究，評估多種方案，以大幅擴充我們的產能；我們認為在2030年代、超出目前能力範圍之後，這將是一項需求。

And then the discussion is running with customers and regulators. So customer discussions have already begun to understand what that new demand is going to be as nuclear continues to grow around the world. And those conversations are going extremely well. Very good engagement for customers to ensure that we are partnered with them for their needs as they continue to expand very good discussions with the Department of Energy and US regulators and the NRC on expansion opportunities as well.

另一部分則是與客戶及監管機構的討論。我們已開始與客戶對話，以了解隨著全球核能持續成長，新的需求將會是什麼。而這些對話進展非常順利。客戶的參與度很高，以確保我們能與他們合作滿足其持續擴張的需求；同時，我們也與能源部、美國監管機構以及NRC就擴產機會進行了非常良好的討論。

And so it will certainly come down to a combination of both: what those global customers and needs are going to be with the expansion of nuclear energy and that build-out continues, especially with the acceleration of SMRs, and then the discussions we're having with the US government. So that's going extremely well. We will probably be in a position to share more on the engineering work we're doing later this year. It's pretty expensive, as you can imagine.

因此，這肯定會歸結為兩者的結合：隨著核能擴張與產能建置持續推進，尤其是在小型模組化反應爐（SMR）加速的情況下，全球客戶的需求會是什麼；以及我們與美國政府正在進行的討論。所以進展非常順利。我們可能會在今年稍晚分享更多我們正在進行的工程工作。如你所想，這相當昂貴。

And then the last part of your question on the loan. We are doing that loan return. As you mentioned, it's about a $30 million impact for the year. We will not see that in first quarter, probably not much in second quarter, but we'll see that return really in the second half of the year. And then once that is complete, all of our loan returns will be complete, so we'll be moving forward in full capacity for our customers going into 2027.

接著是你問題的最後一部分，關於那筆貸款。我們正在進行那筆貸款的返還。如你提到的，對全年影響約為3,000萬美元。第一季我們不會看到這個影響，第二季可能也不多，但真正的返還效益會在下半年顯現。而一旦完成，我們所有的貸款返還都將完成，因此我們將以滿載產能向前推進，為客戶服務並邁向2027年。

Very helpful. As a follow-up, if I may, just a broad question about what you're seeing following the war in the Middle East. Maybe you could comment on how you're looking at cost and availability trends and whether or not you foresee the need for any incremental price actions or surcharges as you look across the portfolio.

非常有幫助。如果可以追問一下，我想就中東戰爭之後你們所看到的情況問一個較宏觀的問題。也許你可以談談你們如何看待成本與供應可得性的趨勢，以及在檢視整體產品組合時，是否預期需要任何額外的調價行動或附加費。

Sure. I'll give kind of a broader view, and I'll turn it over to Tina to give you a little bit more specifics.

當然。我先提供一個較宏觀的觀點，然後我會請Tina再補充一些更具體的細節。

We certainly are not immune from some of the inflationary impact from what's happening in the Middle East. We're certainly seeing it in our logistics costs with diesel fuel and shipping costs. It has had an impact on some of our raw materials, such as sulfuric acid. Having said that, we've been able to partner with our customers and offset that inflation with the needed pricing that we've had to do to offset that inflation.

我們當然無法完全免於中東局勢所帶來的一些通膨影響。我們確實在物流成本上看到影響，包括柴油燃料與運輸費用。它也影響了我們部分原物料，例如硫酸。話雖如此，我們一直能與客戶合作，並透過必要的定價來抵銷這些通膨，以彌補通膨影響。

And Tina, I'll just have you kind of give a little bit more color.

Tina，我請你再補充一些更具體的說明。

Kevin, so yeah, in regards to the sulfuric olefins and freight that David just mentioned, that represents less than 10% of our total materials spend, so rather insignificant.

Kevin，是的，關於David剛提到的硫酸、烯烴以及運費，這些合計占我們總材料支出的比例不到10%，所以影響相對不大。

And then as it relates to sulfur, I would just add that we do have kind of a regional approach from a sourcing, both in Americas and Europe. So really minimal disruption as a result of the Middle East.

另外就硫磺而言，我想補充的是，我們在採購上採取區域化策略，涵蓋美洲與歐洲。因此，中東局勢造成的干擾其實非常有限。

And then we cover price/cost in quarter one; we expect to do the same for the remainder of the year. And as we mentioned during our Investor Day, this was a set of muscles that we developed during '21, '22. We have very strong analytical tools. So we're extremely well positioned.

此外，我們在第一季已經做到價格/成本的覆蓋；我們預期今年剩餘期間也會同樣做到。正如我們在投資人日提到的，這是一套我們在2021、2022年鍛鍊出來的能力。我們有非常強的分析工具。所以我們的布局非常到位。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

So maybe to start out on the refrigerant side. I guess, can you speak to the growth that you're seeing and interest that you're seeing from the data center industry, and in particular, also speaking to kind of the next-generation opportunities? I know you kind of provide them with traditional services now, but I also know there's a lot of interest in some of the two-phase direct chip side. So maybe if you can give us an update as to how those discussions and trials may be progressing.

那我先從冷媒這一塊開始。我想請你談談你們從資料中心產業看到的成長與興趣，尤其是下一代的機會。我知道你們目前提供的是較傳統的服務，但我也知道市場對兩相直接晶片冷卻（two-phase direct-to-chip）很有興趣。所以如果可以的話，請你更新一下這些討論與試驗的進展情況。

John, our data center growth has really been a key part of these secular growth trends that we're seeing. From a refrigerant standpoint, we are definitely seeing double-digit growth in refrigerants and data centers. We don't pinpoint the number exactly. We have a few different products that go into data centers, so -- and we're a step removed from that process. But the partnership we have with our customers that are selling into that, we have really good line of sight to a strong double-digit growth in data centers.

John，我們的資料中心成長確實是我們所看到這些長期結構性成長趨勢中的關鍵部分。就冷媒而言，我們確實看到冷媒與資料中心呈現兩位數成長。我們不會精確指出具體數字。我們有幾種不同產品會用在資料中心，所以——而且我們在該流程中是隔了一層。但透過與那些銷售到資料中心的客戶之合作夥伴關係，我們對資料中心強勁的兩位數成長有非常清楚的能見度。

Your comment on next generation is part of the reason why you're seeing a little bit of that R&D spend. We have multiple, multiple projects co-innovating with customers, both on the chip side and at the data center infrastructure side.

你提到的下一代，正是你看到我們研發支出略有增加的原因之一。我們與客戶共同創新有很多、很多專案，涵蓋晶片端以及資料中心基礎設施端。

And you're exactly right, I think as you look at what needs to happen as these leading-edge nodes, next-generation, advanced electronics happen, the heat that's being generated, the ambient cooling that's going on is going to continue to be a need, but it's not going to be enough. We're going to have to get the heat off the chip. And that is exactly what we're working on.

你說得完全正確，我認為當你看這些先進製程節點、下一代先進電子發展時，所產生的熱量，以及目前進行的環境冷卻，仍會持續有需求，但這將不夠。我們必須把熱從晶片上帶走。而這正是我們正在努力的方向。

There's multiple avenues. There's single-phase direct-to-chip, which is kind of happening now. I think you'll see soon two-phase direct-to-chip, that is really going to be a key component, which we feel very good about with a lot of the innovation we're doing. And then as you look a little bit longer term, the next four or five years, we're exploring things like immersion cooling and other types of solutions because the heat is just going to be greater and greater.

有多種途徑。有單相直接晶片冷卻（single-phase direct-to-chip），目前已在發生。我認為你很快會看到兩相直接晶片冷卻（two-phase direct-to-chip），那將會是非常關鍵的組成部分；對於我們正在做的許多創新，我們感到非常有信心。再把時間拉長一點，未來四到五年，我們也在探索像是浸沒式冷卻（immersion cooling）以及其他類型的解決方案，因為熱量只會越來越大。

I would add, we're also working with data centers on what to do with that heat. So not emitting it into the atmosphere outside of the data center. How do we repurpose that heat and use it to heat communities nearby? So there's an enormous amount of opportunity and we just feel we're extremely well positioned not only to work with customers on leading-edge nodes, but also the cooling with our RAS business, our thermal interface business, and advanced electronics. So a lot going on there.

我還要補充，我們也在與資料中心合作，思考如何處理這些熱。也就是不要把它排放到資料中心外的空氣中。我們如何重新利用這些熱，並用來為附近社區供暖？因此機會非常龐大，我們也認為自己不僅在與客戶合作先進製程節點方面，而且在冷卻方面——透過我們的RAS業務、熱介面業務以及先進電子——都處於非常有利的位置。所以這方面有很多事情在進行。

And then at a tertiary level, we need more energy for data centers. I mean that is certainly an issue that needs to be addressed. There's an enormous amount of momentum in nuclear energy to help be a solution, which is dovetailing right into our nuclear expansion as well. So a lot going on in data centers and we just feel like we're extremely well positioned, which is driving some of that R&D costs that we're seeing. But the co-innovation pull that we're getting from customers is significant.

另外在更外圍的層面，資料中心需要更多能源。我的意思是，這確實是一個需要被解決的問題。核能作為解決方案正有非常大的動能，這也與我們的核能擴張正好相互呼應。所以資料中心這邊有很多事情在發生，而我們覺得自己處於非常有利的位置，這也推動了我們看到的部分研發成本。但我們從客戶端獲得的共同創新拉力非常顯著。

John Roberts, Mizuho Securities.

John Roberts，瑞穗證券。

Nice clean quarter and guidance. I have just one question. Your growth in electronics was also at the high end of what we've seen with other electronic material businesses. I think you have an expansion underway, but it doesn't start up for a while. Do you expect to get capacity constrained before that start-up comes online? And maybe talk a little bit about the growth path there.

本季表現乾淨俐落，且指引也不錯。我只有一個問題。你們在電子材料的成長也處於我們在其他電子材料業務所見範圍的高端。我想你們正在進行擴產，但距離投產還要一段時間。你們是否預期在新產能上線之前會受到產能限制？也請談談那邊的成長路徑。

John, you're exactly right. We are, for lack of a better word, we are selling everything we can make in our Spokane facility. And we are going through work right now to accelerate the expansion that we're doing, looking at it in a little bit of a modular design just to help meet the customer demand that's happening globally.

John，你說得完全正確。坦白說，我們在斯波坎（Spokane）廠能做出來的產品幾乎都賣光了。我們目前正在推進相關工作以加速正在進行的擴產，並以較模組化的設計來檢視，主要是為了滿足全球正在發生的客戶需求。

So we are doing an enormous amount of work. We want to expand even faster. The growth is, for the forecast that we have, is significant. When you look at the numbers, for leading-edge nodes going into the 2030s, that growth rate we really believe is going to continue.

因此我們正在做大量的工作。我們希望擴產能更快。以我們的預測來看，成長幅度相當可觀。當你看領先製程節點一路延伸到2030年代的數字時，我們確實相信那樣的成長率會持續。

So we're doing a lot of work on that, on how we're trying to expand our capacity. We just feel that our technology in copper manganese is a better technical solution, and it's just getting broader adoption in the marketplace as the preferred technical solution. So we feel great about that.

所以我們在這方面做了很多工作，思考如何擴充產能。我們就是覺得我們的銅錳（copper manganese）技術是更好的技術解決方案，而且在市場上正以更廣泛的速度被採用，成為偏好的技術方案。因此我們對此感到非常振奮。

And I'd also add what we're seeing in our TIMs business is also significant, and so they're doing a lot of work on expansion there and the growth rates that we're doing. So we feel very good about our electronics business moving forward, and the team is working extremely hard to accelerate our capacity in Spokane.

我也補充一下，我們在TIMs業務看到的動能也很顯著，因此那邊也在做大量擴產工作，以及我們目前的成長率。所以我們對未來的電子材料業務非常有信心，團隊也正非常努力地加速斯波坎的產能提升。

Hassan Ahmed, Alembic Global.

Hassan Ahmed，Alembic Global。

In Q4, you guys had highlighted a fairly severe destock that you guys saw in Healthcare Packaging. So is that mostly behind us? And if you could just sort of talk about that end market.

在第四季，你們曾提到在醫療保健包裝（Healthcare Packaging）看到相當嚴重的去庫存。所以那大致上已經過去了嗎？以及如果可以的話，請簡單談談那個終端市場。

Hassan, I appreciate that. We were really happy with the recovery in Q1 following that destocking, which we talked about. So we're very cautiously optimistic about the rest of the year, that we are definitely through the destocking piece of it.

Hassan，謝謝你的提問。我們對第一季在先前所談到的去庫存之後出現的復甦感到非常滿意。因此我們對今年剩餘時間保持非常審慎的樂觀，認為我們確實已經度過去庫存的那一段。

I would also add, the growth that we have with our metered dose inhaler and the opportunity we have in that marketplace. So we're seeing that growth in Aclar, we're also seeing it in our inhaler business. And so we feel like the destocking is behind us as we move forward into 2027, and it was a nice start to the year.

我也補充，我們在定量噴霧吸入器（metered dose inhaler）的成長，以及我們在該市場的機會。因此我們在Aclar看到成長，在吸入器業務也看到成長。所以我們覺得，隨著我們邁向2027年，去庫存已經在身後了，而今年開局也不錯。

Very helpful, David. And as a follow-up, the $30 million in legacy costs, how are those trending? If you could just give us an update on the TSAs as well.

非常有幫助，David。再追問一下，3,000萬美元的歷史遺留成本，目前趨勢如何？也請就TSA的進度給我們更新。

The TSAs are going extremely well. We'll, here at midyear, we're going to have the most significant milestones behind us. We spent roughly $15 million in quarter one. So essentially, we're on track with kind of the spin transition.

TSA進展非常順利。到年中時，我們將完成最重要的里程碑。我們在第一季大約花了1,500萬美元。所以基本上，我們的分拆過渡（spin transition）進度是符合軌道的。

And Hassan, I would just remind you and everybody that we talked about $30 million of TSA costs this year, as we roll those off going into next year, that will be a good guy as third-party spend will come in at a number much lower than that $30 million.

另外，Hassan，我也想提醒你以及大家，我們談到今年會有3,000萬美元的TSA成本；當這些成本在明年逐步退場後，會是正面因素，因為第三方支出將會遠低於這3,000萬美元。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC資本市場。

Let's just go to the next question and we can come back to Arun if he finds us.

我們先進行下一個問題，如果Arun找到我們了再回來。

Josh Spector, UBS.

Josh Spector，瑞銀（UBS）。

I was wondering if you could unpack some of the moving parts in Refrigerants for us a bit. I think one of your peers reported and talked about some pricing up in some of the legacy refrigerants. They seem to have maybe some different position than you in R-134A. I'm wondering if you're starting to see any benefits there, if that played into the quarter at all in terms of pricing, or if your 20%-ish growth was primarily HFO-driven adoption?

我想請你們幫我們拆解一下冷媒（Refrigerants）業務的一些變動因素。我想你們的一位同業在報告中提到部分傳統冷媒的價格上漲。他們在R-134A上的部位似乎與你們有些不同。我想了解你們是否開始看到那方面的好處、這是否在本季的定價上有任何影響，或者你們約20%的成長主要是由HFO導入所驅動？

Josh, I can't speak specifically to our competitor. I haven't seen the specifics there. But what I would tell you is our focus has been on HFO transition. We feel very good about market share gains there and our growth there. It's been really strong double digits. As we entered 2026, we had about a ratio of 60% HFOs, 40% HFCs. And as we exit 2026 into '27, I think we're going to approach 70-30, which is exactly where we want to be, which is where the market is going.

Josh，我無法針對競爭對手做具體評論。我也還沒看到那邊的細節。但我可以告訴你的是，我們的重點一直放在HFO轉換。我們對那裡的市占提升與成長非常有信心。成長一直是非常強勁的雙位數。進入2026年時，我們大約是60% HFO、40% HFC的比例。而在2026年結束、進入2027年時，我認為我們會接近70/30，這正是我們想要的，也是市場前進的方向。

I think there's always some opportunistic opportunities with HFCs, but where the market is going with where the caps are, we feel very good about our position. As we mentioned at Investor Day, we knew we would be at a point where our margins are year-over-year as we go through this transition and gain share and position ourselves really as a leader in this segment. And then we'll start to see that sequential growth now moving that full transition is behind us.

我認為HFC總是會有一些機會性的空間，但就市場走向以及配額上限而言，我們對自身的定位非常有信心。如同我們在投資人日所提到的，我們知道在這段轉換期、我們持續擴大市占並把自己定位為此領域的領導者時，我們的利潤率會呈現年對年改善。接著，當完整轉換已經在身後時，我們現在也會開始看到逐季的成長。

So we're right on track with where we want to be. We feel very good about our growth. We feel very good about our position in data centers with HFOs, which is where we really want to establish ourselves as a strong leader there. So I guess I would phrase it as we're right on track with how we want to be. The 19% growth was mostly driven through HFOs, which positions us for long-term growth. And we feel like we're in a great position with data centers as well.

所以我們完全符合我們想要的進度。我們對成長非常有信心。我們也對在資料中心領域以HFO切入的定位非常有信心，這正是我們真正想要建立強勢領導地位的地方。所以我會這樣說：我們的進度完全符合預期。19%的成長主要由HFO所帶動，這也讓我們具備長期成長的定位。而且我們在資料中心方面也處於非常好的位置。

That's very helpful. I just wanted to follow up on the noncontrolling interest. You called out that that $20 million was kind of anomalous high. What's the right run rate? What would that be ex the Sinochem kind of impact in 1Q? What do you expect in your guidance for the rest of the year?

非常有幫助。我想再追問一下非控制權益（noncontrolling interest）。你們提到那2,000萬美元算是異常偏高。合理的常態水準應該是多少？若排除第一季中化（Sinochem）那類影響，會是多少？你們對今年剩餘時間在指引中預期會是怎樣？

So yes, John, it would be closer to -- yes, we were around $20 million for quarter one, which, as you highlighted, had some favorable mix and pricing in one of our businesses. And then we also had kind of one item that was a little bit unusual in one of the other JVs. So going forward, we anticipate more like a $10 million per quarter.

所以是的，John，會更接近——是的，我們第一季大約是2,000萬美元，正如你所指出的，我們其中一個業務有一些有利的產品組合與定價。另外，我們在另一個合資企業（JV）也有一個稍微不尋常的單一項目。因此展望未來，我們預期會更像是每季約1,000萬美元。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC資本市場。

Apologies for that earlier. Just on the guidance. I think in the past, you guys had alluded to Q1 being maybe 23%, 24% of the year, Q2 being 26%, 27%. So it looks like your Q1 was about 25% of your full year guidance and Q2 maybe 27%. So you're tracking slightly ahead of those initial expectations that I had.

為剛才的事致歉。就指引而言。我想過去你們曾提到第一季可能占全年23%、24%，第二季占26%、27%。所以看起來你們第一季約占全年指引的25%，第二季可能是27%。因此你們的進度略微領先於我先前的初始預期。

So just wondering if there's an element of conservatism in your guidance. It is obviously very early in the year still, and you guys have a lot going on from a growth perspective. So is that the right way to frame it up? Or do you see actually a slightly lower second half now? How would you kind of frame that up for us?

所以我想請教，你們的指引是否包含某種保守性。顯然現在仍是年初，你們在成長面也有很多事情在推進。所以這樣理解是否正確？或者你們現在其實看到下半年會稍微偏低？你們會如何幫我們框定這件事？

Thanks, Arun. I'm actually glad you asked that question. We're really pleased with how we started the year, and we feel very good about the year. The way we think about it is we have really good momentum heading into Q2. We have -- I think we highlighted five planned maintenance outages in Q2. We want to make sure we get through those very solidly. So far, everything is on track. We feel very good about that.

謝謝你，Arun。我其實很高興你問了這個問題。我們對今年的開局非常滿意，也對全年感到很有信心。我們的看法是，我們帶著很好的動能進入第二季。我們——我想我們提到第二季有五個計畫性的維修停機。我們希望確保能非常扎實地度過這些停機。到目前為止，一切都按計畫進行。我們對此感到非常有把握。

Notwithstanding some announcements last night, there was a tremendous amount of geopolitical environment that was wanting to make sure we had the right amount of conservatism knowing what's going on in the world today. But I would frame it the exact way you framed it. We feel very good about the year. We reinforced knowing that there's definitely some inputs geopolitically that we want to make sure that we took a conservative stance about.

儘管昨晚有一些公告，地緣政治環境仍然非常動盪，我們希望在了解當今世界局勢的情況下，確保指引具備適當程度的保守性。但我會用你剛才的方式來表述。我們對今年感到非常有信心。我們重申（指引），因為確實存在一些地緣政治面的投入變數，我們希望確保採取較保守的立場。

And then as we come out of Q2, we'll certainly relook at where we're at in the year. And if that geopolitical environment kind of subsides and we continue to have this great momentum in the secular growth trends, which we fully expect, we'll then give an update at that point.

然後當我們走出第二季時，我們一定會重新檢視今年的進展。如果地緣政治環境有所緩和，而我們也持續在長期結構性成長趨勢上保持這股強勁動能——我們完全預期會如此——我們屆時會再提供更新。

Okay. And as a follow-up, maybe I can ask a question on some of your growth projects. So you've announced investments in ballistic fibers as well as electronic materials and AES. For most of those, I think you've alluded to -- you cited maybe double-digit returns.

好的。作為追問，也許我可以就你們的一些成長專案提問。你們已宣布在防彈纖維、電子材料以及AES方面的投資。對於其中多數，我想你們曾提到——你們引用過可能是雙位數的報酬率。

And so if I'm thinking about it correctly, you have a $220 million or so investment in ballistics and similar amount in electronic materials. So if you look at double-digit returns on those, would that be kind of in the order of $30 million to $40 million EBITDA each? And what's kind of the timing of that kind of flowing into the company?

所以如果我理解正確，你們在防彈相關的投資大約是2.2億美元，電子材料也差不多同等規模。因此若以雙位數報酬來看，是否大致相當於各自約3,000萬到4,000萬美元的EBITDA？而這些大概會在什麼時間點開始反映到公司業績中？

Yeah. Thanks. The way we're thinking -- and this is kind of going to we're looking at accelerating some of these because the demand profile is so strong right now. I guess I would think about it as these were originally multiyear projects. So we were sprinkling in that strong return over a multiyear where we'd start to see the full benefit probably two to three years out. What we're trying to -- with incremental benefits as we went along.

是的。謝謝。我們的想法——而這也涉及到我們正在考慮加速其中一些專案，因為目前需求態勢非常強勁。我想可以這樣看：這些原本是多年期專案。因此我們會在多年期間逐步實現那樣的高報酬，而完整效益大概會在兩到三年後才會完全顯現。同時在推進過程中也會有一些增量效益。

What we're trying to do with electronics, with our defense business, especially, is pull in some of these CapEx projects because the demand is so strong. So that would give us returns a little bit higher earlier versus the longer profile that we had of two to three years out. I would say on AES, we are well on track to the debottlenecking for 2026. And so that's going to be a more immediate return.

我們在電子材料、尤其是國防業務方面，正在嘗試把部分資本支出（CapEx）專案往前拉，因為需求非常強。因此相較於原本兩到三年後的較長期輪廓，這會讓我們更早取得略高一些的報酬。至於AES，我們在2026年的去瓶頸（debottlenecking）方面進度非常順利。因此那將會帶來更即時的回報。

But I think generally, you're thinking about it exactly the right way. It's just the timing. But we do fully expect all these projects to be in that above teens ROIC.

但整體而言，你的理解方向完全正確。差別只是在時點。不過我們確實完全預期，所有這些專案的投資資本報酬率（ROIC）都會在十幾%以上（above teens）的水準。

Yeah. Arun, this is Mike. The only other kind of just clarification I would provide to add on to David is, remember, we talk about things on an IRR basis, so that's after tax. So when you're talking about EBITDA, just to remind you, you're going to have to gross that up, which is probably a little bit higher of a number overall.

是的。Arun，我是Mike。我想補充一點、也算是對David的說法做個澄清：請記得，我們談的是以內部報酬率（IRR）為基礎，也就是稅後。所以當你用EBITDA來換算時，提醒你需要把它回推放大（gross up），因此整體數字可能會略高一些。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Mike Leithead for any closing comments.

謝謝。目前沒有其他問題。我想把時間交回給Mike Leithead，請他做任何結語。

Great. Really appreciate everybody joining us today, and look forward to everybody joining us first week in June for our webinar on nuclear. Thank you, and have a great day.

很好。非常感謝各位今天的參與，也期待大家在六月第一週參加我們關於核能的線上研討會。謝謝，祝各位有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。再次感謝您的參與。