TPI Composites Inc (TPIC) 2025 Q1 法說會逐字稿

Greetings, and welcome to the TPI Composite's first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 TPI Composite 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Jason Wegmann, Vice President, Investor Relations and Sustainability. Please go ahead.

現在我很高興介紹投資者關係和永續發展副總裁 Jason Wegmann。請繼續。

Thank you, operator. I would like to welcome everyone to TPI Composites first-quarter 2025 earnings call. We will be making forward-looking statements during this call that are subject to risks and uncertainties, which could cause actual results to differ materially. A detailed discussion of applicable risks is included in our latest reports and filings with the Securities and Exchange Commission, which can be found on our website, tpicomposites.com.

謝謝您，接線生。歡迎大家參加 TPI Composites 2025 年第一季財報電話會議。我們將在本次電話會議中做出前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果大不相同。我們向美國證券交易委員會提交的最新報告和文件中包含了對適用風險的詳細討論，可在我們的網站 tpicomposites.com 上找到。

Today's presentation will include references to non-GAAP financial measures. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the comparable GAAP financial measures.

今天的演示將包括對非公認會計準則財務指標的引用。您應該參考今天簡報附帶的幻燈片中包含的信息，以獲取定義資訊以及歷史非 GAAP 指標與可比較 GAAP 財務指標的對帳資訊。

With that, let me turn the call over to Bill Siwek, TPI Composites' President and CEO.

說完這些，請容許我將電話轉給 TPI Composites 總裁兼執行長 Bill Siwek。

Thanks, Jason. Good afternoon, everyone, and thank you for joining our call. In addition to Jason, I am here with Ryan Miller, our CFO.

謝謝，傑森。大家下午好，感謝大家參加我們的電話會議。除了傑森 (Jason) 之外，還有我們的財務長瑞安米勒 (Ryan Miller)。

Please turn to slide 5. I'm pleased to report a solid start to the year with Q1 revenue up 14% year over year, positive cash flows of $4.6 million provided by operating activities, and we ended the quarter with $172 million of cash. 2024 included a significant number of line start-ups and transitions with 10 lines reaching serial production and several facilities in Mexico moving to 24/7 operations. As we exit the first quarter, all the line start-ups and transitions that began in 2024 are completed, we have substantially completed four lines that transitioned in the first quarter of this year and are well into the hiring at our Newton, Iowa plant where we are starting production this week.

請翻到投影片 5。我很高興地報告，今年開局良好，第一季營收年增 14%，經營活動產生的正現金流為 460 萬美元，本季末我們的現金為 1.72 億美元。 2024 年包括大量生產線的啟動和轉型，其中 10 條生產線達到大量生產，墨西哥的幾家工廠轉為全天候運作。隨著第一季的結束，所有從 2024 年開始的生產線啟動和過渡均已完成，我們已基本完成了今年第一季度過渡的四條生產線，並且我們位於愛荷華州牛頓的工廠的招聘工作也已順利完成，本週我們將開始生產。

Our focus now is on leveraging the investments made over the last year by utilizing lean tools to foster a culture of operational excellence. This drive aims to deliver repeatable world-class quality and delivery performance while achieving cost savings throughout the organization. As mentioned in previous quarters, customer demand continues to be strong for our Mexico operations capacity for 2025, and we are acutely focused on delivering on the commitments made to our customers.

我們現在的重點是利用精實工具來培養卓越營運文化，從而充分利用去年的投資。這項措施旨在提供可重複的世界級品質和交付效能，同時實現整個組織的成本節約。正如前幾季所提到的，客戶對我們 2025 年墨西哥營運能力的需求持續強勁，我們非常注重兌現對客戶的承諾。

Sales for the quarter were $336.2 million and were in line with our expectations. The increase in sales of 14% over the prior year is primarily related to strong demand in the US and the fact that we worked through a number of line transitions from 2024 that are now in serial production. Adjusted EBITDA was a loss of $10.3 million, but included a $12.7 million warranty charge, $8.4 million of start-up and transition costs from six lines in start-up and transition and $4 million in costs to transition certain of our Mexico factories to the 24/7 shift structure. Our adjusted EBITDA margin benefited from strong sales into the US in the quarter, partially offset by weaker sales coming out of our Türkiye factories.

本季銷售額為 3.362 億美元，符合我們的預期。銷售額較上年增長 14% 主要是由於美國需求強勁，以及我們從 2024 年開始完成的一系列生產線轉型目前已投入大量生產。調整後的 EBITDA 虧損 1,030 萬美元，但包括 1,270 萬美元的保固費用、6 條處於啟動和過渡階段的生產線的 840 萬美元啟動和過渡成本，以及將部分墨西哥工廠過渡到 24/7 輪班結構的成本 400 萬美元。我們的調整後 EBITDA 利潤率受益於本季對美國的強勁銷售，但部分被我們土耳其工廠的銷售疲軟所抵消。

As previously disclosed in December 2024, we committed to a restructuring plan in Türkiye to rationalize our workforce in response to lower forecasted demand amid intense Chinese competition and the continued hyperinflationary environment. This restructuring plan impacted approximately 20% of our Turkish workforce. Looking forward, we expect we will further rationalize our workforce during the second half of 2025 as we have extensions for just two manufacturing lines beyond 2025 at this time. And although there continues to be interest in our manufacturing capacity. It is unclear when or if that interest will ultimately result in firm contracts.

正如 2024 年 12 月所披露的那樣，我們承諾在土耳其實施重組計劃，以合理化我們的勞動力，應對在中國激烈的競爭和持續的惡性通貨膨脹環境下預測需求的下降。該重組計劃影響了我們約 20% 的土耳其員工。展望未來，我們預計在 2025 年下半年我們將進一步合理化我們的勞動力，因為目前我們只有兩條生產線將在 2025 年後延長。儘管人們仍然對我們的製造能力感興趣。目前還不清楚這種興趣何時或是否最終會促成確定的合約。

Please turn to slide 6. With respect to the wind market, the world is experiencing unprecedented energy demand by factors like the reshoring of manufacturing, industrial, electrification and a focus on national security. This demand is being further intensified by the rapid growth of data centers.

請翻到幻燈片 6。就風電市場而言，由於製造業回流、工業化、電氣化以及國家安全等因素，全球正經歷前所未有的能源需求。資料中心的快速成長進一步加劇了這種需求。

In the United States, demand is expected to surpass 450 gigawatts by 2030, requiring a balanced and practical energy strategy. We believe this strategy should embrace all available energy solutions, recognizing the immediate and accelerating need for power. It must also be acknowledged that different energy technologies have varying levels of current readiness and cost implications.

在美國，預計2030年需求將超過450吉瓦，需要製定平衡且實用的能源戰略。我們認為，這項策略應該涵蓋所有可用的能源解決方案，並認識到對電力的迫切和日益增長的需求。也必須承認，不同的能源技術目前的準備程度和成本影響程度各不相同。

Today, renewable energy and battery storage are the most affordable power sources and can be deployed rapidly unlike technologies like new natural gas plants and nuclear energy which face increasing costs and likely cannot be deployed in time to address energy demands that are here today. Consequently, we believe a comprehensive energy policy focusing on an all-of-the-above approach is crucial to effectively meet the substantial demand while considering the timely availability and affordability of each energy option.

如今，再生能源和電池儲存是最經濟的電力來源，並且可以快速部署，而不像新的天然氣工廠和核能等技術那樣面臨成本不斷增加的問題，而且可能無法及時部署以滿足當今的能源需求。因此，我們認為，制定一項以上述所有方法為重點的綜合能源政策對於有效滿足大量需求至關重要，同時還要考慮每種能源選擇的及時可用性和可負擔性。

As a trusted and key supplier of wind blades for the leading Western turbine OEMs, we remain a critical cog of the wind industry supply chain. The relationships we have developed with these OEMs and our strategic footprints in low-cost locations have positioned us well for their blade needs. While our supported markets are currently complex, their long-term prospects remain positive. It is crucial, however, to discuss the potential impacts on our business stemming from uncertainty around tariffs, permitting and possible changes to the IRA in the US.

作為西方領先渦輪機原始設備製造商值得信賴的關鍵風力葉片供應商，我們仍然是風電產業供應鏈中的關鍵環節。我們與這些 OEM 建立的關係以及我們在低成本地區的策略足跡使我們能夠很好地滿足他們的刀片需求。儘管我們支持的市場目前很複雜，但它們的長期前景仍然樂觀。然而，討論關稅、許可和美國 IRA 可能發生的變化的不確定性對我們的業務可能產生的影響至關重要。

Concerning tariffs. As you know, we operate eight plants across four countries. While completed blade sales from all plants into the US are potentially subject to US tariffs, assessing the impact requires a country-by-country analysis.

關於關稅。如您所知，我們在四個國家經營八家工廠。雖然所有工廠銷售到美國的成品葉片都可能受到美國關稅的影響，但評估其影響需要逐國分析。

Our Mexico plants almost exclusively support the US market as will our Iowa facility. Importantly, under current regulations, all blades produced in our Mexico plants are USMCA compliant and therefore, exempt from tariffs.

我們的墨西哥工廠和愛荷華工廠幾乎完全支持美國市場。重要的是，根據現行法規，我們在墨西哥工廠生產的所有葉片均符合 USMCA 標準，因此免關稅。

In Europe, our Türkiye plants primarily serve the EU and Türkiye with a small fraction of blades destined for the US. Our India plant supplies blades to the US, Asia, South America, and Africa, with approximately 40% of its production shipped to the US during the first quarter. Blades sold into the US out of our plants in India and Türkiye are subject to the existing tariff structures for those countries. However, our current contractual agreements with OEMs we serve stipulate that the OEMs bear the responsibility for these tariffs.

在歐洲，我們的土耳其工廠主要為歐盟和土耳其提供服務，一小部分葉片銷往美國。我們的印度工廠向美國、亞洲、南美洲和非洲供應刀片，其中第一季約有 40% 的產量運往美國。從我們在印度和土耳其的工廠銷往美國的葉片須遵守這些國家現行的關稅結構。然而，我們目前與我們服務的 OEM 簽訂的合約協議規定 OEM 承擔這些關稅的責任。

Our supply chain is also experiencing the effects of US tariffs. Years of developing strong strategic partnerships and redundancy within our supply base provide us with some flexibility to mitigate long-term cost impacts. The cost of blades produced at our Newton facility will likely be affected, though the final impact is still being assessed as we continue to develop mitigation strategies. It's important to remember that Newton is in the start-up phase with minimal production expected in 2025.

我們的供應鏈也受到美國關稅的影響。多年來，我們一直在建立強大的策略夥伴關係，並在供應基地內實現冗餘，這為我們減輕長期成本影響提供了一定的靈活性。我們牛頓工廠生產的葉片的成本可能會受到影響，但隨著我們繼續制定緩解策略，最終影響仍在評估中。重要的是要記住，牛頓正處於啟動階段，預計 2025 年產量將達到最低水準。

As for the IRA, the final content of a budget reconciliation bill and timing remain uncertain, while reshoring manufacturing and creating associated US jobs are critical priorities for this US administration. Given the significant impact on jobs and investment in the US, we currently believe a full repeal seems unlikely. However, we expect concessions will likely have to be made to align with the administration's spending priorities.

至於IRA，預算協調法案的最終內容和時間仍不確定，而製造業回流和創造相關的美國就業機會是本屆美國政府的關鍵優先事項。鑑於對美國就業和投資的重大影響，我們目前認為全面廢除的可能性不大。然而，我們預計可能必須做出讓步以符合政府的支出重點。

The reopening of TPI's Newton, Iowa facility is evidence of an IRA driven job creation. In collaboration with GE Vernova, we plan to have two production lines operational this year, providing approximately 400 good paying jobs. At full capacity, this facility can operate five lines and employ around 1,000 people.

TPI 位於愛荷華州牛頓的工廠重新開放是 IRA 推動創造就業機會的證據。我們與 GE Vernova 合作，計劃今年投入兩條生產線，提供約 400 個高薪工作。在滿載運作的情況下，該工廠可以運作五條生產線並僱用約 1,000 名員工。

The EU market presents a significant long-term growth opportunity, though considerable challenges persist in the current environment, including strong competition from Chinese manufacturers and the ongoing impact of hyperinflation at Türkiye, which posed continued risks for TPI. Positively, the EU's permitting reforms, notably the renewable energy directive have provided for streamlined processes and prioritized renewables leading to faster project approvals as demonstrated by the wind energy market in Germany, where supportive legal frameworks recognized wind energy's overriding public interest.

歐盟市場提供了重要的長期成長機會，儘管當前環境下仍然存在相當大的挑戰，包括來自中國製造商的激烈競爭以及土耳其持續的惡性通貨膨脹的影響，這對 TPI 構成了持續的風險。積極的一面是，歐盟的許可改革，特別是可再生能源指令，提供了簡化的流程並優先考慮可再生能源，從而加快了項目審批速度，正如德國風能市場所證明的那樣，其支持性法律框架承認風能的首要公共利益。

While the EU's permitting reforms and initiatives like the Net-Zero Industrial Act auction resilience guidelines are encouraging steps, their slow adoption and inconsistent implementation across member countries remain impediments to the broader wind industry, creating uncertainty about their short-term impact on TPI.

儘管歐盟的許可改革和《淨零工業法》拍賣彈性指南等措施令人鼓舞，但其在成員國之間的緩慢採用和不一致的實施仍然是整個風電行業發展的障礙，使其對TPI的短期影響產生不確定性。

Overall, the various economic challenges presented in the markets where we operate, as discussed above, continue to create uncertainty in the industry's near-term outlook and continue to challenge our operations. In the near term, we are continuing to focus on maximizing value and ensuring we have sufficient liquidity to operate.

總體而言，如上所述，我們經營所在市場面臨的各種經濟挑戰繼續為該行業近期前景帶來不確定性，並繼續對我們的營運構成挑戰。短期內，我們將繼續致力於實現價值最大化並確保我們擁有足夠的流動性來運作。

On May 8, 2025, our Board of Directors formed a committee to, among other things, assist with conducting a strategic review of our business and evaluation of potential strategic alternatives focused on optimizing our capital structure for the current environment.

2025 年 5 月 8 日，我們的董事會成立了一個委員會，職責包括協助對我們的業務進行策略審查，並評估潛在的策略替代方案，重點是優化當前環境下的資本結構。

To assist in leading the strategic review, we appointed two new independent directors to our Board, Tim Pohl and Neal Goldman. Both Tim and Neal have significant experience as strategic advisers and representing companies in strategic planning, negotiating complex transactions, M&A, capital raising, valuation, corporate governance, and liability management. With their assistance, we are in the process of assessing approaches to enhance our capital structure while maintaining sufficient liquidity. No timetable has been established for the conclusion of this review and no decisions related to any further actions or potential strategic alternatives have been made at this time.

為了協助領導策略審查，我們任命了兩位新的獨立董事加入董事會，分別是 Tim Pohl 和 Neal Goldman。Tim 和 Neal 都擁有豐富的策略顧問經驗，代表公司進行策略規劃、談判複雜交易、併購、融資、估值、公司治理和負債管理。在他們的幫助下，我們正在評估在保持足夠流動性的同時增強資本結構的方法。目前尚未制定完成此審查的時間表，也尚未就任何進一步行動或潛在策略替代方案做出決定。

In addition, as reported in a Form 8-K on May 8, on May 2, 2025, the company received a notification letter from Nasdaq notifying the company that it is not in compliance with the minimum bid price requirement for continued listing on Nasdaq. The notification letter does not impact the company's listing on Nasdaq at this time as we have 180 calendar days or until October 29, 2025, to regain compliance with Nasdaq's listing rules. To regain compliance, the bid price of the company's common stock must have a closing bid price of at least $1 per share for a minimum of 10 consecutive business days. We intend to consider all available options to regain compliance with the minimum bid price requirement, including in connection with the ongoing review of strategic alternatives, I previously mentioned.

此外，根據5月8日的8-K表格報告，2025年5月2日，公司收到納斯達克的通知函，通知公司不符合繼續在納斯達克上市的最低出價要求。該通知函目前不會影響該公司在納斯達克的上市，因為我們有 180 個日曆日或直到 2025 年 10 月 29 日的時間來重新遵守納斯達克的上市規則。為了重新符合規定，該公司普通股的買入價必須連續至少 10 個工作日的收盤價至少為每股 1 美元。我們打算考慮所有可用的選擇，以重新滿足最低投標價格要求，包括與我之前提到的正在進行的戰略替代方案審查有關的選擇。

With that, I'll turn the call over to Ryan to review our financial results.

說完這些，我將把電話轉給瑞安來審查我們的財務結果。

Thanks, Bill. Please turn to slide 8. In the first quarter of 2025, net sales were $336.2 million compared to $294 million for the same period in 2024, an increase of 14.3%. Net sales of wind blades, tooling and other wind-related sales increased by $40.1 million or 13.9% to $329 million for the three months ended March 31, 2025, as compared to $288.9 million in the same period in 2024. This increase was primarily due to higher average sales prices due to changes in the mix of wind blade models produced and a 4% increase in the number of wind blades produced.

謝謝，比爾。請翻到第 8 張投影片。2025 年第一季淨銷售額為 3.362 億美元，而 2024 年同期為 2.94 億美元，成長 14.3%。截至 2025 年 3 月 31 日的三個月，風電葉片、工具和其他風電相關產品的淨銷售額達到 3.29 億美元，較 2024 年同期的 2.889 億美元增長 4,010 萬美元（13.9%）。這一增長主要是由於生產的風力葉片型號組合變化導致平均銷售價格上漲，以及生產的風力葉片數量增加了 4%。

The increase in volume was primarily due to the restart of production at one of our previously idled facilities in Juarez, Mexico and higher utilization as several of our manufacturing lines in Mexico and Türkiye are in serial production in the current period that were either in start-up or transition during the prior comparative period.

產量增加主要是由於我們位於墨西哥華雷斯的先前閒置的工廠之一重新開始生產，以及由於我們在墨西哥和土耳其的幾條生產線在本期投入批量生產，而這些生產線在上一比較期間處於啟動或過渡狀態，因此利用率較高。

The increase in wind sales was partially offset by volume declines based on market activity levels impacting our Türkiye facilities and volume declines related to the Nordex Matamoros facility that shut down at the conclusion of the contract on June 30, 2024.

風電銷售的成長部分被基於市場活動水準對我們土耳其設施影響的銷量下降以及與 2024 年 6 月 30 日合約結束時關閉的 Nordex Matamoros 設施相關的銷量下降所抵消。

Field service, inspection, and repair services sales increased $2 million or 38.4% to $7.1 million for the three months ended March 31, 2025, as compared to $5.1 million in the same period in 2024. The increase was primarily due to the increase in technicians deployed to revenue-generating projects due to a decrease in time spent on nonrevenue-generating inspection and repair activities.

截至 2025 年 3 月 31 日的三個月，現場服務、檢查和維修服務銷售額增加 200 萬美元，即 38.4%，達到 710 萬美元，而 2024 年同期為 510 萬美元。成長的主要原因是，由於花在非創收檢查和維修活動上的時間減少，部署到創收專案的技術人員增加。

Adjusted EBITDA was a loss of $10.3 million for the three months ended March 31, 2025, as compared to adjusted EBITDA loss of $23 million during the same period in 2024. Adjusted EBITDA margin was a loss of 3.1% as compared to an adjusted EBITDA margin loss of 7.8% during the same period in 2024. The improvement was primarily due to the absence of losses from the Nordex Matamoros facility, which was shut down at the end of the second quarter in 2024, increased volume in our other Mexico locations, lower start-up and transition costs and cost savings initiatives. These improvements were partially offset by higher pre-existing warranty charges, higher labor costs in Türkiye and Mexico and 24/7 ship ramp-up costs in a number of our Mexico factories.

截至 2025 年 3 月 31 日的三個月，調整後 EBITDA 虧損 1,030 萬美元，而 2024 年同期調整後 EBITDA 虧損 2,300 萬美元。調整後的 EBITDA 利潤率虧損 3.1%，而 2024 年同期調整後的 EBITDA 利潤率虧損 7.8%。業績改善主要得益於 Nordex Matamoros 工廠沒有出現虧損（該工廠於 2024 年第二季末關閉）、墨西哥其他工廠的產量增加、啟動和過渡成本降低以及成本節約措施。但這些改進被更高的預先存在的保固費用、土耳其和墨西哥更高的勞動力成本以及墨西哥多家工廠的全天候船舶提升成本所部分抵消。

Moving to slide 9. We ended the quarter with $172 million of unrestricted cash and cash equivalents and $616 million of total debt. Free cash flow was negative $1.9 million in the first quarter of 2025 compared to negative free cash flow of $47.3 million in the same period in 2024. The net use of cash in the first quarter of 2025 was primarily due to interest payments, tax payments and capital expenditures, slightly outpacing cash earnings and working capital improvements. Note that we had positive cash flow priority by operating activities in the quarter of $4.6 million.

移至幻燈片 9。本季末，我們的非限制現金和現金等價物為 1.72 億美元，總債務為 6.16 億美元。2025 年第一季的自由現金流為負 190 萬美元，而 2024 年同期的自由現金流為負 4,730 萬美元。2025 年第一季的現金淨使用主要用於利息支付、稅金支付和資本支出，略超過現金收益和營運資本改善。請注意，本季我們透過經營活動獲得了 460 萬美元的正現金流優先權。

A summary of our financial guidance for 2025 can be found on slide 10. We continue to anticipate sales from continuing operations in the range of $1.4 billion to $1.5 billion, representing high-single-digit year-over-year growth at the midpoint of the guidance. This projected growth is primarily driven by increased blade shipments from our Mexico facilities to support the US market and the planned reopening of our Iowa site, partially offset by projected reduced sales from our Türkiye and India facilities driven primarily by anticipated lower demand from our Nordex lines.

您可以在第 10 張投影片上找到我們 2025 年財務指引的摘要。我們繼續預期持續經營銷售額將在 14 億美元至 15 億美元之間，相當於指引中位數的高個位數年成長。這一預計成長主要得益於我們墨西哥工廠為支持美國市場而增加的葉片出貨量以及我們計劃重新開放的愛荷華州工廠，但部分抵消了我們土耳其和印度工廠預計的銷售額下降，這主要由於我們預計 Nordex 生產線需求下降。

We have six lines in start-up and transition in 2025, including the two new lines reopening at our Iowa plant. We expect average selling prices to remain relatively flat year over year. Field Services revenue is expected to increase more than 50%, driven by a shift of technicians back to historical levels of revenue-generating activity. We expect adjusted EBITDA margin from continuing operations to be in the range of 0% to 2%, which has been revised from our previous guidance of 2% to 4%.

2025 年，我們將啟動和過渡六條生產線，其中包括在愛荷華工廠重新開放的兩條新生產線。我們預計平均售價將比去年同期保持相對穩定。由於技術人員的創收活動重回歷史水平，現場服務收入預計將增加 50% 以上。我們預計持續經營業務的調整後 EBITDA 利潤率將在 0% 至 2% 之間，這一數字已從我們先前預測的 2% 至 4% 進行了修訂。

The downward revision is primarily due to the warranty charge we recorded in the first quarter and the impact of a production suspension we experienced during April because of a safety stand-down put in place following an accident in one of our factories. 2025 utilization is expected to be in the range of 80% to 85% on 34 lines in production. And finally, we expect capital expenditures of about $25 million to $30 million in 2025.

下調主要是由於我們在第一季記錄的保固費用，以及由於我們的一家工廠發生事故後實施的安全停工而導致我們在 4 月份經歷的生產暫停的影響。預計 2025 年 34 條生產線的利用率將在 80% 至 85% 之間。最後，我們預計 2025 年的資本支出約為 2,500 萬至 3,000 萬美元。

With that, I'll turn the call back over to Bill.

說完這些，我就把電話轉回給比爾。

Thanks, Ryan. Please turn to slide 12. Before we close our prepared remarks, I'm pleased to announce the publication of our 2024 sustainability report in March of this year. We remain committed to our publicly stated goals of fostering a zero-harm culture and achieving carbon neutrality by 2030 and through 100% renewable energy procurement. Wind blades produced by us in 2024 are estimated to prevent approximately 264 million metric tons of CO2 emissions over their 20-year lifespan.

謝謝，瑞安。請翻到第 12 張投影片。在我們結束準備好的演講之前，我很高興地宣布，我們將於今年 3 月發布 2024 年永續發展報告。我們將繼續致力於實現公開宣布的目標，即到 2030 年透過 100% 再生能源採購培育零傷害文化並實現碳中和。據估計，我們在 2024 年生產的風力葉片在其 20 年的使用壽命內可防止約 2.64 億公噸的二氧化碳排放。

We are progressing towards our 2030 carbon neutrality goal having achieved a 17% reduction in overall market-based Scope 1 and 2 CO2 emissions.

我們正在朝著 2030 年碳中和目標邁進，已實現基於市場的範圍 1 和 2 二氧化碳排放量總體減少 17%。

In Türkiye, one-third of our site's electricity was generated from renewable energy and in India one-fourth. For our sites in Mexico, we signed power purchase agreement to ensure all our sites are powered by 100% renewable energy by the end of 2025 and we achieved our 5% reduction goal in production waste and continue to foster a culture of safety. We continue to partner with our OEMs to share best practices aimed at Scope 1 reductions.

在土耳其，我們工廠有三分之一的電力來自再生能源，在印度這一比例為四分之一。對於我們在墨西哥的工廠，我們簽署了電力購買協議，以確保到 2025 年底我們所有的工廠都採用 100% 可再生能源供電，並且我們實現了減少 5% 生產廢物的目標，並繼續培育安全文化。我們繼續與我們的 OEM 合作，分享旨在減少範圍 1 的最佳實踐。

Furthermore, we are working to expand our PPA in India and exploring clean energy options for our Newton, Iowa facility. These investments not only provide environmental benefits, but also make strong economic sense directly contributing to improved financial performance.

此外，我們正在努力擴大在印度的 PPA，並為我們位於愛荷華州牛頓的工廠探索清潔能源選擇。這些投資不僅帶來環境效益，而且具有強大的經濟意義，可直接促進財務績效的提升。

Please turn to slide 14. In closing, it's been a challenging environment, and we have a lot in front of us as we evaluate our strategic alternatives. I'm proud of how our team has managed through some challenging start-ups and transitions and driven operational improvements across the company. While we acknowledge the complexities and uncertainties within the global wind market, including policy considerations in the US and macroeconomic factors in Europe and in Türkiye, our underlying fundamentals remain strong.

請翻到第 14 張投影片。最後，這是一個充滿挑戰的環境，在評估我們的策略選擇時，我們面臨許多挑戰。我為我們的團隊成功地度過了一些充滿挑戰的創業和轉型期並推動了整個公司的營運改進而感到自豪。雖然我們承認全球風電市場存在複雜性和不確定性，包括美國的政策考量以及歐洲和土耳其的宏觀經濟因素，但我們的基本面仍然強勁。

We believe our focus on operational excellence and strategic partnerships positions us well to navigate these challenges and capitalize on the long-term opportunities within the renewable energy sector.

我們相信，我們對卓越營運和策略合作夥伴關係的關注使我們能夠很好地應對這些挑戰並利用再生能源領域的長期機會。

We look forward to providing further updates on our progress throughout the year. Before we open the call for Q&A, I want to once again extend my gratitude to all our TPI associates for their continued commitment and dedication to TPI and our mission to safely decarbonize and electrify the world.

我們期待全年提供有關我們進展的進一步更新。在我們開始問答環節之前，我想再次向所有 TPI 同事表示感謝，感謝他們對 TPI 以及我們安全脫碳和電氣化世界的使命的持續承諾和奉獻。

I'll now turn it back to the operator to open the call for questions.

我現在將電話轉回給接線生，開始提問。

(Operator Instructions) Mark Strouse, JPMorgan.

（操作員指示）摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

Yeah, good afternoon, guys. Thank you very much for taking our questions. So I just wanted to clarify, first of all, on the strategic review. So Ryan, I've heard you say a few times in the past kind of evaluating kind of optimal capital structure. So can you just kind of talk about kind of the nuances of what exactly is different with the strategic review versus what has been going on in the last few quarters? Thank you.

是的，大家下午好。非常感謝您回答我們的問題。因此，首先我只想澄清一下戰略評估。所以 Ryan，我過去曾聽過你幾次談論評估最佳資本結構。那麼，您能否談談戰略評估與過去幾季的情況相比究竟有何不同？謝謝。

Yeah, hey Mark, it's Bill. We been evaluating our capital structure and looking at alternatives. It's just turned into a more formal process. That's really the only difference. We're looking at how do we restructure our balance sheet.

是的，嘿，馬克，我是比爾。我們一直在評估我們的資本結構並尋找替代方案。它只是變成了一個更正式的流程。這確實是唯一的差別。我們正在研究如何重組我們的資產負債表。

It's really a right side of the balance sheet challenge, as you know, how do we right size our balance sheet for the near term and then for the long-term health of the entity.

如你所知，這實際上是資產負債表右側的挑戰，我們如何在短期內正確調整資產負債表規模，然後確保實體的長期健康發展。

Okay. All right. That makes sense. And then I fully appreciate that it's probably too early for you guys to give a fully robust view on this. But I did want to get kind of your initial views anyway on the house reconciliation language that just came out 1.5 hours or so before your press release? Thank you.

好的。好的。這很有道理。然後我完全理解現在對你們來說對此做出全面的看法可能還為時過早。但我確實想聽聽您對在新聞發布會前 1.5 小時左右發布的房屋和解協議的初步看法？謝謝。

Yeah. So it's still a little bit fresh. I think on 45Y, the phase, I think, most were expecting some sort of a phase out. I think the challenge there is the completion placed into service versus start of construction, which is a bit different. And could pose some challenges there.

是的。所以它仍然有點新鮮。我認為在 45Y 階段，我認為大多數人都期待某種形式的淘汰。我認為其中的挑戰在於竣工投入使用與開始建造之間有點不同。並可能帶來一些挑戰。

I think on 45X, a little bit surprised that wind is getting treated differently than other technologies with an end date of 2027. So obviously, that's something that we heard rumors of that last week, but a little disappointed to see that.

我認為，在 45X 中，風能與其他技術的待遇不同，截止日期為 2027 年，這有點令人驚訝。顯然，這是我們上週聽到的傳聞，但看到這一幕還是有點失望。

And I think on transferability, which is another key component of the IRA. It's a little unclear still. I didn't get all the way through that section of the bill, but we'll be doing a little bit more work on that this evening to see how that might impact it.

我認為可轉移性是 IRA 的另一個關鍵組成部分。還是有點不清楚。我還沒有完全看完該法案的這一部分，但我們今晚會對此做更多的工作，看看它會對其產生什麼影響。

Yeah, makes sense. Okay, very helpful. I'll take the rest offline. Thank you.

是的，有道理。好的，非常有幫助。我將把其餘部分下線。謝謝。

Thanks, Mark.

謝謝，馬克。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hey, this is Luke on for Eric. Appreciate you taking our questions. So first year on the Iowa restart, obviously, on track here with production starting next week. Have you seen anything out there in the market in terms of demand that would make you consider potentially bringing on more lines there in the near future for 2026?

嘿，這是艾瑞克的盧克。感謝您回答我們的問題。因此，愛荷華州重啟的第一年顯然一切順利，生產將於下週開始。就需求而言，您是否看到市場上有什麼情況讓您考慮在 2026 年不久的將來在該市場開設更多航線？

We've had discussions about -- we do have capacity for up to five lines. We've had ongoing discussions with our customer there. But again, I think that will just depend on how demand develops and how reconciliation turns out, quite frankly, and tariff situation. But it's a little bit early to tell, but we do -- we have had discussions, and we would certainly like to light up more lines there, if we can.

我們已經討論過——我們確實有能力容納最多五條線路。我們一直在與那裡的客戶進行討論。但同樣，我認為這只取決於需求如何發展、和解如何進行，坦白說，以及關稅情況。但現在說還為時過早，但我們已經進行了討論，如果可以的話，我們當然希望在那裡開通更多線路。

Of course, makes a ton of sense. So secondly here, you talked a few quarters back about identifying some potential supply chain cost reductions. I think the number you threw around was maybe 8% year over year in 2025. I mean, given we've had a ton of market uncertainty since then with both tariffs and the IRA, how has this view really evolved for you? Would you consider that to still be roughly a realistic target or should we be thinking about that differently?

當然，這很有道理。其次，您在幾個季度前談到如何確定一些潛在的供應鏈成本削減措施。我認為您提到的數字可能是 2025 年同比增長 8%。我的意思是，考慮到自那時以來，由於關稅和愛爾蘭共和軍（IRA）等因素，市場一直存在大量不確定性，您對於這一觀點的看法究竟是如何演變的？您是否認為這仍然是一個大致現實的目標，或者我們應該以不同的方式考慮這個問題？

No. I think we're on target for the most part with all of those cost reductions as it relates to the supply chain specifically. That's primarily just for the BOM, the bill of material. Depending on where tariffs end up and it's -- obviously, it changed last night from China. There could be a small impact on our bill of material in Iowa based on where those -- it will be much smaller now given the change in the tariff rate, at least for 90 days. But the number we gave before is we're right on track with that, if not a little bit better, and the market's been cooperating. So we're still on track.

不。我認為我們在削減與供應鏈相關的成本方面基本上已經達到了目標。這主要只是為了BOM，即物料清單。這取決於關稅最終在哪裡——顯然，昨晚中國的情況發生了變化。根據這些因素，愛荷華州的物料清單可能會受到輕微影響——考慮到關稅稅率的變化，影響會小得多，至少在 90 天內是如此。但我們之前給出的數字表明，我們的進展完全正確，甚至可能更好一些，而且市場也一直在配合。所以我們仍在正軌上。

Great, very helpful. I'll turn it over here. Thanks.

非常好，很有幫助。我會把它翻到這裡。謝謝。

Thanks.

謝謝。

Justin Clare, Roth Capital.

羅斯資本的賈斯汀·克萊爾。

Hey guys, thanks for the questions here. I just wanted to follow up on the 45X as you mentioned in the draft bill from the House here. The 45X could be phased down earlier than we would have anticipated. So by year end '27. If that change does actually make it through to the final bill, how might that affect your decisions to either add lines in Iowa or I know you're potentially considering another site where you could expand manufacturing. So maybe just -- I know it's very early here, it just came out, but speak to how you might think about it.

嘿夥計們，謝謝你們的提問。我只是想跟進一下您在眾議院法案草案中提到的 45X。45X 的淘汰時間可能會比我們預期的還要早。所以到 27 年底。如果這項變更確實在最終法案中得到體現，那麼這將如何影響您在愛荷華州增加生產線的決定，或者我知道您可能正在考慮另一個可以擴大生產規模的地點。所以也許只是——我知道現在還為時過早，它剛剛問世，但請談談你對此的看法。

Yeah. It could -- again, it really will depend on demand dynamics over the next couple of years, but that could certainly impact it. And as far as for another site, again, if 45X stays where it's at, that could impact whether or not it's feasible to open another site as well.

是的。這可能——再說一次，這確實取決於未來幾年的需求動態，但這肯定會對其產生影響。至於另一個站點，如果 45X 保持現狀，這可能會影響是否可行開設另一個站點。

Right, okay. That makes sense. And then just on tariffs I think -- well, I guess, first, you had previously talked about your customers wanting basically everything that you can produce for the US market in 2025.

好的，好的。這很有道理。然後就關稅問題，我想——嗯，我想，首先，您之前談到過，您的客戶基本上希望您在 2025 年為美國市場生產所有產品。

Wondering if the tariffs have affected that or permitting issues or if that's still the case? And then maybe if you could just speak to what you're seeing in terms of things shaping up for 2026. And specifically for the US market?

想知道關稅是否影響了這一點或許可問題，或者是否仍然如此？然後，也許您可以談談您對 2026 年情況的看法。特別是針對美國市場嗎？

Yeah. For 2025, no change in what the demand profile is for our plants, providing blades for the US market. And for 2026, it's a little bit early still and with some of the uncertainty that we're all very well aware of.

是的。到 2025 年，我們工廠的需求狀況將不會發生變化，仍將為美國市場提供葉片。對於 2026 年來說，現在還為時過早，並且存在一些我們都非常清楚的不確定性。

Right now, it looks like I would expect the US market from our -- at least demand from our perspective to be to be flat with 2025 at this point. So not a dip, but likely to be flat in 2026 as we see it today.

目前看來，我預計美國市場——至少從我們的角度來看，需求將與 2025 年持平。因此，這不是下降，而是可能像我們今天看到的那樣，在 2026 年持平。

Got it. Okay. And then just one more. You had mentioned, I think it was an incident in Q2 that might affect your EBITDA margins. So just wondering if you could speak to how you see the EBITDA margins trending through the year? Do we get dip or kind of flat with Q1 and Q2 and then increase in Q3, Q4? And maybe if you could just speak to, if you can, where you think EBITDA margins might be, like what the run rate could be heading into 2026?

知道了。好的。然後再來一個。您曾提到，我認為第二季發生的事件可能會影響您的 EBITDA 利潤率。所以我想知道您是否可以談談您如何看待全年 EBITDA 利潤率的趨勢？Q1 和 Q2 是否會下降或持平，而 Q3 和 Q4 則會出現上升？如果可以的話，您能否談談 EBITDA 利潤率可能是多少，例如 2026 年的運行率可能是多少？

Hey, Justin. At Q1, we did have the warranty charge that impacted our EBITDA margin. So excluding that, I'm expecting our Q2 to probably be a little bit higher volume than we had, but we are dealing with an accident that we had with the safety standdown. The impact to that is we're expecting right now to be about probably $35-ish million of sales for the quarter. We will recover some of that throughout the balance of the year, but some of that will probably impact our full year.

嘿，賈斯汀。在第一季度，我們的保固費用確實影響了我們的 EBITDA 利潤率。因此，除此以外，我預計我們第二季度的銷量可能會比去年同期略高一些，但我們正在處理與安全停工有關的事故。受此影響，我們目前預計本季的銷售額約為 3500 萬美元。我們將在今年餘下的時間裡收回部分損失，但部分損失可能會影響我們的全年業績。

I still believe our full year sales guidance is at $1.45 billion. Still believe we can achieve that from a margin perspective for the second half and our run rate going into 2016, do expect more healthy margins. So volume will be -- our third quarter will probably be our highest volume quarter, it will also be a quarter in which our margins should peak for the year. Our kind of seasonally the fourth quarter, we tend to come down a little bit, but still have -- should have a pretty strong second half in comparison to the first. Again, that first quarter impacted by the warranty charge and the second quarter impacted by the safety standdown that we had.

我仍然相信我們的全年銷售預期為 14.5 億美元。仍然相信我們可以從下半年的利潤率角度實現這一目標，並且進入 2016 年，我們確實有望獲得更健康的利潤率。因此，我們的第三季可能是銷售量最高的季度，同時也是我們利潤率達到年度高峰的季度。從季節性來看，第四季的業績往往會略有下降，但與第一季相比，下半年的業績應該會相當強勁。再次，第一季受到保固費用的影響，第二季受到安全停工的影響。

Okay, very helpful. Thank you.

好的，非常有幫助。謝謝。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Bill Siwek for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給 Bill Siwek，請他發表最後評論。

Thank you again for your time today and continued interest and support with TPI. I look forward to keeping you up to date on our progress throughout the quarter. Thank you.

再次感謝您今天的時間以及對 TPI 的持續關注和支持。我期待著向您通報我們整個季度的進展。謝謝。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。