Titan America SA (TTAM) 2025 Q2 法說會逐字稿

Greetings, and welcome to Titan America second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Titan America 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Daniel Scott, Investor Relations. Thank you. You may begin.

現在我很高興介紹投資者關係部門的 Daniel Scott。謝謝。你可以開始了。

Thank you, operator, and good afternoon to everyone on the line. Thank you for joining us for Titan America's second-quarter 2025 conference call. I am joined by Bill Zarkalis, President and Chief Executive Officer of Titan America; and Larry Wilt, Chief Financial Officer.

謝謝接線員，祝各位接線生下午好。感謝您參加 Titan America 2025 年第二季電話會議。與我一同出席的還有 Titan America 總裁兼執行長 Bill Zarkalis 和財務長 Larry Wilt。

Before we begin, I would like to remind you that earlier this afternoon we released Titan America's second-quarter financial results, which are available on our website at ir.titanamerica.com along with today's accompanying slide presentation. This call is being recorded and a replay will be made available on our Investor Relations website.

在我們開始之前，我想提醒大家，今天下午早些時候我們發布了 Titan America 的第二季度財務業績，您可以在我們的網站 ir.titanamerica.com 上查看該業績，同時還可以查看今天附帶的幻燈片演示。本次電話會議將會被錄音，重播將發佈在我們的投資人關係網站上。

During the call, we will present both IFRS and non-IFRS financial measures. The most direct comparable IFRS measures and reconciliations for non-IFRS measures are available in today's press release and accompanying slides.

在電話會議中，我們將介紹國際財務報告準則和非國際財務報告準則的財務指標。今天的新聞稿和隨附的幻燈片提供了最直接可比較的國際財務報告準則衡量指標和非國際財務報告準則衡量指標的對帳。

Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as expect, believe, intend, anticipate, and may, among others, or by the use of the future tense. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as the risks and uncertainties described in our SEC filings.

今天電話會議上的某些聲明可能被視為前瞻性聲明。此類陳述可以透過諸如期望、相信、打算、預期、可能等術語或透過使用將來時態來識別。您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異，我們不承擔更新今天所做的任何前瞻性陳述的任何義務。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的新聞稿，以及我們向美國證券交易委員會提交的文件中描述的風險和不確定性。

I would now like to turn the call over to Bill. Bill, please go ahead.

現在我想把電話轉給比爾。比爾，請繼續。

Thank you, Dan, and good afternoon, everyone, and thank you for joining us today for our second-quarter 2025 financial results call.

謝謝你，丹，大家下午好，謝謝你們今天參加我們的 2025 年第二季財務業績電話會議。

If you turn the slide 4 in the presentation, I'd like to begin by highlighting our key messages for the quarter. We delivered resilient results in the second quarter, despite weather-related challenges and continued softness in the residential market. Our vertically integrated business model and strategic market positioning enabled us to navigate these challenges effectively.

如果您翻到簡報中的第 4 張投影片，我想先強調本季的關鍵訊息。儘管面臨天氣方面的挑戰且住宅市場持續疲軟，我們在第二季仍取得了強勁的業績。我們的垂直整​​合業務模式和策略市場定位使我們能夠有效應對這些挑戰。

As we discussed on our last call, our second-quarter results in the Florida segment were adversely impacted by the timing of our annual major maintenance outage at Pennsuco, which last year occurred primarily in the first quarter, while this year it took place in the second.

正如我們在上次電話會議上所討論的那樣，佛羅裡達分部第二季度的業績受到了 Pennsuco 年度重大維護停工時間的不利影響，去年主要發生在第一季度，而今年則發生在第二季度。

On a year-to-date basis, adjusted EBITDA in our Florida segment improved year over year. On the other hand, our mid-Atlantic segment experienced particularly harsh weather in the second quarter that significantly reduced available workdays and consequently sales volumes, revenue, and profitability. Our investments in aggregates capacity, operational excellence, and digital transformation initiatives have supported our margins in a challenging first half of 2025.

從年初至今，我們佛羅裡達分部的調整後 EBITDA 年成長。另一方面，我們的中大西洋地區在第二季度經歷了特別惡劣的天氣，這大大減少了可用的工作日，從而導致銷售量、收入和盈利能力下降。我們對聚合產能、卓越營運和數位轉型計畫的投資，在充滿挑戰的 2025 年上半年支撐了我們的利潤率。

Today, we are reaffirming our full-year 2025 outlook based on the strength of our order book and an expected weaker set of comparables, considering that in the second half of 2024 our operations were severely impacted by three significant hurricanes.

今天，我們根據訂單的強勁程度以及預期較弱的可比較數據重申了我們對 2025 年全年的展望，因為考慮到 2024 年下半年我們的營運受到了三次強颶風的嚴重影響。

Turning now to slide 5, it is clear that the softness in demand in the residential sector remains the near-term challenge in our market, driven by high interest rates and housing affordability. In the recent trends report, the American Cement Association estimates that US cement consumption in the first five months of 2025 has declined on average by 6%, while states like Florida, New York, and North Carolina suffered double-digit declines.

現在翻到投影片 5，很明顯，受高利率和住房負擔能力的影響，住宅領域需求疲軟仍然是我們市場近期面臨的挑戰。美國水泥協會在最近的趨勢報告中估計，2025年前五個月美國水泥消費量平均下降6%，而佛羅裡達州、紐約州和北卡羅來納州等州則遭遇了兩位數的下降。

On the economic backdrop, uncertainty still prevails. However, recent policy developments are creating a more supportive backdrop for our business.

從經濟背景來看，不確定性依然存在。然而，最近的政策發展為我們的業務創造了更支持的背景。

Let me highlight some green shoots. The One Big Beautiful Bill provides greater policy certainty and enhanced capital incentives aimed at encouraging investment activity. In addition, recently merging agreements with key trade partners, such as the European Union and Japan, should reduce this element of uncertainty that was present in the operating environment of the first half.

讓我重點介紹一些正面的跡象。《一項大而美麗的法案》提供了更大的政策確定性和增強的資本激勵，旨在鼓勵投資活動。此外，最近與歐盟和日本等主要貿易夥伴達成的合併協議應該會減少上半年經營環境中存在的不確定因素。

Although consumer confidence remains at relatively low levels, we are seeing gradual improvement in sentiment alongside continuous strength in infrastructure investment and selective non-residential sectors, including data centers and energy projects that drive strong demand for our products. Most importantly, our order book remains robust across both geographic segments. Overall, we remain confident about the secular trends that will drive growth in the construction industry in our markets.

儘管消費者信心仍處於相對較低的水平，但我們看到消費者信心正在逐步改善，基礎設施投資和選擇性非住宅領域（包括數據中心和能源項目）的持續強勁增長推動了我們產品的強勁需求。最重要的是，我們的訂單在兩個地區都保持強勁。總體而言，我們仍然對推動我們市場建築業成長的長期趨勢充滿信心。

On slide 6, I'd like to highlight select strategic investments we are making to best position our company to meet the increased demand we expect in high-growth end markets as uncertainty abates. These investments are increasing our capacity, improving reliability, and enhancing overall service for our customers.

在第 6 張投影片上，我想強調我們正在進行的精選策略投資，以便使我們的公司能夠最好地滿足我們預期在高成長終端市場中隨著不確定性減弱而增加的需求。這些投資正在提高我們的產能、增強可靠性並增強我們為客戶提供的整體服務。

As examples, on the downstream side, we are building the Leesburg Ready-Mix Plant in the high-growth Northern Virginia market. We are also proud to announce the recent commissioning of our new Ready-Mix Plant serving the Greater Jacksonville area, a market experiencing strong growth from inbound migration, business expansion, and corporate relocations. Moreover, we are excited that the adjacent Jacksonville Block Plant is progressing well and is expected to be operational by the end of 2026.

舉例來說，在下游方面，我們正在高成長的北維吉尼亞市場建造利斯堡預拌混凝土工廠。我們也很自豪地宣布，我們新的預拌混凝土工廠最近已投入使用，為大傑克遜維爾地區提供服務，該市場由於入境移民、業務擴張和公司搬遷而經歷了強勁增長。此外，我們很高興看到相鄰的傑克遜維爾砌塊廠進展順利，預計將於 2026 年底投入營運。

On the logistics front, we are expanding the Charlotte Cement Terminal to enhance the reach of our own cement plant. While in Florida, we received the investment grants from the Florida Department of Transportation to help fund the expansion of our aggregate distribution terminals in Jacksonville and Melbourne. These terminals will serve both our downstream units and our external customers, expanding our participation in these high-growth markets.

在物流方面，我們正在擴大夏洛特水泥碼頭，以增強我們自己的水泥廠的覆蓋範圍。在佛羅裡達州期間，我們獲得了佛羅裡達州交通部的投資補助，用於資助我們在傑克遜維爾和墨爾本的集料配送終端的擴建。這些終端將服務於我們的下游單位和外部客戶，並擴大我們在這些高成長市場的參與。

On slide 7, I'd like to highlight some key projects we are participating in across our segments. In the mid-Atlantic region, we are supplying cement for the runway and ramp paving project at the Charlotte Douglas International Airport, which is expected to continue through the second quarter of 2027. Our ready-mix facilities are actively supporting construction at the North Carolina Global Transpark in Kingston, a major industrial and business park serving the aviation, airspace, and advanced-materials industries.

在第 7 張投影片上，我想重點介紹我們在各部門參與的一些關鍵項目。在大西洋中部地區，我們正在為夏洛特道格拉斯國際機場的跑道和坡道鋪設項目供應水泥，該項目預計將持續到 2027 年第二季。我們的預拌混凝土設施正在積極支持金斯敦北卡羅來納州全球交通園區的建設，該園區是一個服務於航空、空域和先進材料行業的主要工業和商業園區。

Additionally, we are supporting Virginia's first onshore wind project, the Rock Forge Wind Farm (sic -- see presentation, "Rocky Forge Wind"), supplying cement for foundation work beginning in the fourth quarter of 2025 with expected completion in the second quarter of 2026. This new energy source will power a recently announced data and AI center in Botetourt County near the Roanoke cement plant in Southwest Virginia.

此外，我們也支援維吉尼亞州首個陸上風電專案 Rock Forge 風電場（原文如此 - 請參閱簡報「Rocky Forge Wind」），為 2025 年第四季開始的基礎工程提供水泥，預計 2026 年第二季完工。這種新能源將為維吉尼亞州西南部羅阿諾克水泥廠附近的博特托特縣最近宣布的數據和人工智慧中心提供電力。

In Florida, we are participating in an equally impressive array of projects. We are a key supplier of materials for the new North Pavilion at Tampa General Hospital, which is a project that expands critical care capacity with state-of-the-art technology to enhance patient outcomes.

在佛羅裡達州，我們參與了一系列同樣令人印象深刻的計畫。我們是坦帕綜合醫院新北館的主要材料供應商，該計畫旨在利用最先進的技術擴大重症監護能力，以改善患者的治療效果。

Finally, to exciting infrastructure projects in Florida, utilizing our cement, aggregates and ready mix, the Golden Glades Interchange in Miami and the Okeechobee Road construction project. These major infrastructure investments feature highway widening, tens of miles of concrete paving, and multiple flyover bridges.

最後，我們利用我們的水泥、骨材和預拌混凝土在佛羅裡達州實施令人興奮的基礎設施項目，包括邁阿密的 Golden Glades 立交橋和 Okeechobee 路建設項目。這些主要的基礎設施投資包括拓寬高速公路、數十英里的混凝土路面和多座立體交叉。

They are two of many state-funded projects in Florida aimed at reducing congestion, modernizing some of the region's busiest freight corridors, improving safety and quality of living in the densely populated Southeast Florida region. These projects demonstrate not only the breadth of our market reach, but also our technical capabilities in providing specialized solutions across diverse construction sectors.

它們是佛羅裡達州眾多由政府資助的項目中的兩個，旨在減少交通擁堵，對該地區一些最繁忙的貨運走廊進行現代化改造，提高人口稠密的佛羅裡達州東南部地區的安全和生活品質。這些項目不僅展示了我們廣泛的市場覆蓋範圍，也展示了我們為不同建築領域提供專業解決方案的技術能力。

Before I hand it over to Larry for a detailed financial review, I want to acknowledge the dedication of our team members who continue to execute well, despite continued challenging conditions. The commitment to operational excellence and customer service remains the foundation of our success.

在我將其交給拉里進行詳細的財務審查之前，我想感謝我們團隊成員的奉獻精神，儘管面臨持續的挑戰，他們仍然表現良好。對卓越營運和客戶服務的承諾仍然是我們成功的基礎。

Larry will now provide a more detailed breakdown of our financial results and segment performance. Larry?

拉里現在將更詳細地介紹我們的財務業績和部門業績。拉里？

Thank you, Bill, and good afternoon, everyone. Moving to slide 8, let me share an overview of our second-quarter and year-to-date 2025 financial highlights.

謝謝你，比爾，大家下午好。前往第 8 張投影片，讓我分享我們第二季和 2025 年年初至今的財務亮點。

Revenue and adjusted EBITDA for the second quarter of 2025 were $429 million and $99 million respectively compared to $433 million and $117 million respectively in the second quarter of 2024. Overall, our second-quarter 2025 financial performance was negatively impacted by the timing of our annual major maintenance campaign at the Pennsuco Cement Plant, softer residential construction conditions across our regions, and adverse weather, particularly in the mid-Atlantic region where a significant percentage of available workdays were affected.

2025 年第二季的營收和調整後 EBITDA 分別為 4.29 億美元和 9,900 萬美元，而 2024 年第二季的營收和調整後 EBITDA 分別為 4.33 億美元和 1.17 億美元。總體而言，我們 2025 年第二季度的財務業績受到以下因素的負面影響：Pennsuco 水泥廠年度大修活動的時間安排、各地區住宅建築條件疲軟以及惡劣天氣，尤其是大西洋中部地區，該地區相當大比例的可用工作日受到影響。

On a year-to-date basis, which removes the timing impact of the annual major maintenance programs, our adjusted EBITDA margin was 21.8% for the six months ended June 2025 compared to 22.6% in the prior year period. We view most of the weather-related headwinds as temporary and atypical and expect meaningful improvement in the second half of the year driven by our strong project order book. As a reminder, we experienced three significant hurricanes in our service areas in the late summer and autumn of 2024, so comparisons are expected to ease through the back half of 2025.

從年初至今的數據來看，消除了年度重大維護計畫的時間影響，截至 2025 年 6 月的六個月，我們的調整後 EBITDA 利潤率為 21.8%，而去年同期為 22.6%。我們認為大多數與天氣有關的不利因素都是暫時的和非典型的，並預計在強勁的項目訂單的推動下，下半年情況將出現顯著改善。提醒一下，2024 年夏末和秋季，我們的服務區經歷了三次強颶風，因此預計到 2025 年下半年，情況會有所改善。

Turning to slide 9, let me walk you through our second-quarter 2025 volume performance by product line. Overall, we are pleased to see the benefits from our vertically integrated positions and strategic investments helping to partially offset softer demand for construction materials and weather-related headwinds during the quarter.

翻到第 9 張投影片，讓我向您介紹我們 2025 年第二季以產品線劃分的銷售表現。總體而言，我們很高興看到我們的垂直整​​合地位和策略投資帶來的好處有助於部分抵消本季建築材料需求疲軟和天氣相關的不利因素。

In the second quarter, cement volumes were down 5.4%. ready-mix concrete volumes were down 1.6% and concrete block volumes were down 3.7%, as compared to the prior year period. That said, we are pleased to deliver outstanding performance in aggregates where volumes were up 18% year over year. Fly ash volumes were also up 19.9% year over year on a low base. This performance under challenging conditions demonstrates how our vertically integrated positions and strategic investments enable good performance in a challenging environment.

與去年同期相比，第二季水泥銷量下降 5.4%，預拌混凝土銷量下降 1.6%，混凝土塊銷量下降 3.7%。儘管如此，我們很高興在總量方面取得了出色的表現，其銷量同比增長了 18%。粉煤灰產量在較低基數上也較去年同期成長了 19.9%。在充滿挑戰的條件下取得這樣的業績表明，我們的垂直整​​合地位和策略投資如何在充滿挑戰的環境中取得良好的表現。

On slide 10, we are pleased to report the resilient pricing across our product lines despite the soft quarter. Our pricing gains from 2022 through 2024 have been broadly sustained despite the challenging demand environment, reflecting the strength of our market positions. For the second quarter, cement pricing decreased modestly by 1.2% per tonne, while aggregates and fly ash pricing increased 5.5% and 7.5% per tonne respectively.

在第 10 張投影片中，我們很高興地報告，儘管本季表現疲軟，但我們各產品線的定價依然保持彈性。儘管需求環境充滿挑戰，但我們在 2022 年至 2024 年期間的價格上漲基本上得以維持，這反映了我們市場地位的強勁。第二季度，水泥價格每噸小幅下降 1.2%，而骨材和粉煤灰價格每噸分別上漲 5.5% 和 7.5%。

Ready-mix concrete pricing improved 0.6% per cubic yard, while concrete block pricing declined 2.5% per unit. Our pricing performance demonstrates our disciplined approach and the unique value proposition we provide to our customers, even in challenging market conditions.

預拌混凝土價格每立方碼上漲 0.6%，而混凝土塊價格每單位下降 2.5%。我們的定價表現證明了我們嚴謹的方法以及我們為客戶提供的獨特價值主張，即使在充滿挑戰的市場條件下也是如此。

Turning to the segment performance on slides 11 and 12. In Florida, our segment revenues increased 1.2% in the quarter as compared to the second quarter of 2024, while segment adjusted EBITDA was $62.2 million as compared to $70.9 million in the previous period. As previously mentioned, the year-over-year performance reflects the timing impacts of our annual major maintenance outage at Pennsuco.

轉到投影片 11 和 12 上的細分錶現。在佛羅裡達州，我們本季的分部營收與 2024 年第二季相比成長了 1.2%，而分公司調整後的 EBITDA 為 6,220 萬美元，而上一期為 7,090 萬美元。如前所述，同比表現反映了我們在 Pennsuco 每年進行重大維護停機的時間影響。

On a year-to-date basis, which normalizes the timing impact of our maintenance programs, our Florida segment improved year over year with segments adjusted EBITDA reaching $133 million, an increase of 4.6%; on revenues of $514 million, an increase of 0.8%. This strong performance was supported by exceptional aggregates results where strategic capacity investments generated both volume growth and margin expansion.

從年初至今的數據來看，我們的維護計劃的時間影響已正常化，佛羅裡達分部的業績同比有所改善，分部調整後的 EBITDA 達到 1.33 億美元，增長 4.6%；營收達到 5.14 億美元，增長 0.8%。這一強勁表現得益於卓越的整體業績，其中戰略產能投資帶來了銷量成長和利潤擴大。

The Florida market continues to be characterized by positive momentum in key commercial and infrastructure sectors, even as residential demand remains subdued. Overall, we believe we are well-positioned to capitalize on the state's strong fundamentals.

儘管住宅需求依然低迷，但佛羅裡達州市場在主要商業和基礎設施領域繼續呈現積極勢頭。總體而言，我們相信我們已做好準備，充分利用該州強勁的基本面。

On slide 12, our Mid-Atlantic segment faced more significant headwinds so far this year. In the second quarter, revenue in the mid-Atlantic segment declined at 3.8%, and segment adjusted EBITDA declined 17.4% compared to the second quarter of 2024. Year to date, the Mid-Atlantic segment generated $307.7 million in revenue, a decrease of 4.6% as compared to the prior year, while segment adjusted EBITDA was $51.5 million in the first half of 2025 as compared to $67.4 million in the prior year period.

在第 12 張幻燈片上，今年到目前為止，我們的中大西洋地區面臨更顯著的阻力。第二季度，中大西洋地區分部的營收下降了 3.8%，分部調整後的 EBITDA 與 2024 年第二季相比下降了 17.4%。年初至今，中大西洋地區分部創造了 3.077 億美元的收入，比上年下降 4.6%，而 2025 年上半年分部調整後的 EBITDA 為 5,150 萬美元，而去年同期為 6,740 萬美元。

Our mid-Atlantic results reflect the significant weather-related impacts experienced in both the second quarter and the first half of 2025. Despite the weather challenges experienced so far this year, the underlying market fundamentals remain solid, with infrastructure and commercial investments providing a strong foundation for expected growth.

我們的中大西洋地區結果反映了 2025 年第二季和上半年經歷的重大天氣影響。儘管今年迄今經歷了天氣挑戰，但基礎市場基本面依然穩固，基礎設施和商業投資為預期成長提供了堅實的基礎。

Investment in data centers is continuing and construction activity in the New Jersey and New York metro areas is strengthening with support from major infrastructure projects. With our strong order book heading into the second half of the year, we are well-positioned to capture a rebound in activity in this market, assuming year-over-year weather comparisons improve.

資料中心的投資仍在繼續，在主要基礎設施項目的支持下，新澤西州和紐約大都會區的建設活動正在加強。隨著我們下半年訂單量的增加，假設同比天氣狀況有所改善，我們將處於有利地位，可以抓住這個市場活動的反彈。

Turning now to our balance sheet and cash flows on slides 13 through 15. As of June 30, 2025, we had $148.8 million in cash and cash equivalents and total debt of $471.8 million. Our net debt position was $323 million representing a ratio of 0.89 times trailing 12-months adjusted EBITDA, a substantial improvement from the 1.21 times number at the end of 2024.

現在轉到投影片 13 至 15 上的資產負債表和現金流量。截至 2025 年 6 月 30 日，我們擁有 1.488 億美元現金和現金等價物，總債務為 4.718 億美元。我們的淨債務狀況為 3.23 億美元，相當於過去 12 個月調整後 EBITDA 的 0.89 倍，較 2024 年底的 1.21 倍大幅改善。

Our low-leverage ratio reflects both the proceeds from our successful IPO in February and continued strong operational performance. Importantly, we have no meaningful debt maturities before July 2027, providing us with excellent financial stability. For the six months ended June 30, 2025, cash flows provided by operations was $108.1 million and net capital expenditures were $82 million resulting in free cash flow of $26.1 million during the period.

我們的低槓桿率既反映了我們二月成功首次公開募股的收益，也反映了持續強勁的營運表現。重要的是，我們在 2027 年 7 月之前沒有任何重大債務到期，這為我們提供了出色的財務穩定性。截至 2025 年 6 月 30 日的六個月，經營活動提供的現金流量為 1.081 億美元，淨資本支出為 8,200 萬美元，導致該期間的自由現金流為 2,610 萬美元。

Our investments are focused on several key areas. Enhanced aggregate production capacity to accelerate sales growth, vertically integrated investments in ready-mix concrete and concrete block facilities that support upstream volumes and returns, our low capital intensity type 1T cement investment program, and the front-loaded cement projects completed during our annual maintenance outages that positioned us well for the remainder of the year.

我們的投資集中在幾個關鍵領域。增強骨材生產能力以加速銷售成長，對預拌混凝土和混凝土砌塊設施進行垂直整合投資以支持上游產量和回報，我們的低資本密集型 1T 水泥投資計劃，以及在年度維護停機期間完成的前期水泥項目，為我們在今年剩餘時間內做好了準備。

The strength of our balance sheet with low leverage and ample liquidity provides us with flexibility to continue investing in growth opportunities while maintaining our commitment to returning capital to shareholders through our regular dividend program.

我們的資產負債表實力雄厚，槓桿率低，流動性充足，這使我們能夠靈活地繼續投資於成長機會，同時透過定期股利計畫履行向股東返還資本的承諾。

On slide 16, I'll remind you of our capital allocation approach. We remain focused on three key priorities. First, continuing to invest in organic growth opportunities, including capacity expansions and greenfield projects that enhance our market leading positions. Second, Pursuing strategic M&A opportunities that either build upon or expand our existing positions or provide access to adjacent value-chain opportunities, all while maintaining a healthy net leverage profile. And third, providing returns to shareholders through our regular quarterly dividends.

在第 16 張投影片上，我會提醒您我們的資本配置方法。我們仍然專注於三個關鍵優先事項。首先，繼續投資有機成長機會，包括產能擴張和綠地項目，以增強我們的市場領先地位。第二，尋求策略性併購機會，鞏固或擴大我們現有的地位，或提供進入鄰近價值鏈的機會，同時維持健康的淨槓桿率。第三，透過定期季度股利向股東提供回報。

To that point, the Board of Directors today approved a return of capital distribution of $0.04 per share, payable on October 15 to shareholders of record as of October 3, 2025.

為此，董事會今天批准了每股 0.04 美元的資本分配回報，並將於 10 月 15 日支付給截至 2025 年 10 月 3 日登記在冊的股東。

With that, I'll turn it back to Bill for his closing remarks.

接下來，我將把發言時間交還給比爾，請他作最後發言。

Thank you, Larry. Before we move to the Q&A portion of our call, let me address our outlook for the remainder of 2025 as shown on slide 17. We are reaffirming our full-year 2025 outlook of mid-single-digit revenue growth, with modest improvement in adjusted EBITDA margins compared to full-year 2024.

謝謝你，拉里。在我們進入電話會議的問答環節之前，請容許我先談談我們對 2025 年剩餘時間的展望，如投影片 17 所示。我們重申對 2025 年全年營收成長的預期，即中個位數成長，調整後的 EBITDA 利潤率與 2024 年全年相比將略有提高。

As I mentioned in my opening remarks, our outlook is based on the strength of our order books and unexpected weaker set of comparables, considering that in the second half of 2024 our operations were severely impacted by three significant hurricanes. We are well-positioned to capture emerging opportunities driven by powerful structural trends in our core markets.

正如我在開場白中提到的那樣，我們的展望基於訂單的強勁程度以及意外較弱的可比性，考慮到 2024 年下半年我們的營運受到三次強颶風的嚴重影響。我們已做好準備，抓住核心市場強勁的結構性趨勢所推動的新興機會。

Federal and state infrastructure programs are gaining momentum as projects transition from design to active construction, while the data center sector continues its strong trajectory fueled by cloud computing and artificial intelligence investments. Although the residential markets face temporary headwinds from higher borrowing costs, the substantial housing shortage across a region creates compelling long-term demand potential.

隨著專案從設計轉向積極建設，聯邦和州基礎設施項目正在獲得發展動力，而資料中心產業在雲端運算和人工智慧投資的推動下繼續保持強勁發展軌跡。儘管住宅市場因借貸成本上升而面臨暫時的阻力，但整個地區嚴重的房屋短缺創造了巨大的長期需求潛力。

Additionally, we are witnessing positive momentum in non-residential construction, especially manufacturing, water, and energy infrastructure and distribution facilities as restoring initiatives and digital commerce growth support investment projects. Our targeted capacity expansions and operational improvements are already generating tangible benefits, enhancing our ability to serve customers as market conditions strengthen.

此外，隨著復原計畫和數位商務成長支持投資項目，我們看到非住宅建築，特別是製造業、水利和能源基礎設施及配送設施的積極勢頭。我們有針對性的產能擴張和營運改善已經產生了切實的效益，隨著市場條件的加強，增強了我們為客戶服務的能力。

With our solid financial foundation and our focus on operational excellence and low cost to serve, we maintain the agility to pursue strategic growth initiatives while continuing our disciplined approach to shareholder returns. Despite near-term challenges in the first half, we remain well-equipped to leverage the favorable fundamentals across our markets and create sustained value for our investors.

憑藉堅實的財務基礎以及對卓越營運和低成本服務的關注，我們保持了追求策略成長計畫的靈活性，同時繼續採取嚴謹的股東回報方式。儘管上半年面臨短期挑戰，但我們仍有能力利用整個市場的良好基本面，為投資者創造持續的價值。

With that, I'll turn the call over to the operator for the Q&A session. Operator?

說完這些，我將把電話轉給接線生進行問答環節。操作員？

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good afternoon.

午安.

Hi, Tony.

你好，托尼。

Hey. You know, you saw really strong aggregates and fly ash volumes in the quarter despite, kind of, weaker ready-mix and then cement and I guess the industry probably being down a little bit. And I wonder if you talk just a little bit more about that. I mean, is that essentially all new capacity or new customers? And then, as we think about kind of the second half of the year, would you expect that kind of relative outperformance to continue or do the comps for aggregates and fly ash get a little tougher? Just any additional color you can get there.

嘿。您知道，儘管預拌混凝土和水泥銷量有所減弱，但本季骨材和粉煤灰銷量仍然非常強勁，我想整個產業可能會有所下滑。我想知道您是否可以再多談這一點。我的意思是，這基本上都是新產能或新客戶嗎？然後，當我們考慮下半年的情況時，您是否預期這種相對優異的表現會持續下去，或者骨材和粉煤灰的比較會變得更加艱難？您可以在那裡獲得任何額外的顏色。

Yeah. Hi, Tony, it's Larry. I think on the aggregates side we see continued improvement in that year over year through the back part of the year. The main piece of that comes from that Pennsuco facility where we've described some of the investments that we've made, although we also made investments down in Southwest Florida that corkscrew facility as well. So we see good strong performance out of both of those assets coming through.

是的。嗨，東尼，我是拉里。我認為從總體來看，我們可以看到今年下半年的年比情況持續改善。其中主要部分來自 Pennsuco 工廠，我們在那裡描述了我們所做的一些投資，儘管我們也在西南佛羅裡達州的螺旋工廠進行了投資。因此，我們看到這兩項資產都表現強勁。

In terms of mix, you're right, it doesn't necessarily follow the ready-mix because we're selling not only to our internal ready-mix but also to different channels. For example, some infrastructure products that take a different product rather than the stone that we sell through the FDOT and other kind of applications that go through the ready-mix business.

就混合而言，您說得對，它不一定遵循預拌混凝土，因為我們不僅向內部預拌混凝土銷售，還向不同的管道銷售。例如，一些基礎設施產品採用與我們透過 FDOT 銷售的石材不同的產品，以及透過預拌混凝土業務銷售的其他類型的應用。

On the fly ash side, when you look at fly ash, you've got to be reminded this is a low base, all right. So we do expect further improvement in fly ash based on some additional vine that we expect to come our way in the second half of the year, but it's from a pretty low base. This is why the percentages get so eye popping in that case.

在粉煤灰方面，當你看到粉煤灰時，你必須記住這是一個低基礎，沒錯。因此，我們確實預計，由於下半年將出現一些額外的藤蔓，粉煤灰的品質將進一步改善，但這是基於一個相當低的基礎。這就是為什麼在這種情況下百分比會變得如此令人瞠目結舌。

And Tony, this is Bill. Just to add to what Larry said fundamentally, as you said, is new capacity. So we have extra volume and we cover in utilizing our integrated business model. We can sell more to existing customers where we sell our cement or concrete or masonry or a block. We sell through these channels the extra capacity that we have, but also we acquire some new customers.

東尼，這是比爾。我只是想補充一下拉里所說的內容，從根本上來說，就像你所說的那樣，這是新的產能。因此，我們有額外的銷量，我們利用綜合業務模式來彌補。我們可以向現有客戶銷售更多的水泥、混凝土、磚石或砌塊。我們透過這些管道銷售我們多餘的產能，同時也獲得了一些新客戶。

But fundamentally, it's complementing our integrated model which was by having new capacity in aggregates. Both in terms of production capacity, but also logistics capacity, as you saw with our new terminals, we're reaching further in our markets and closer to our customers.

但從根本上來說，它是對我們的綜合模型的補充，即透過在聚合中增加新容量。無論是在生產能力方面，還是在物流能力方面，正如您從我們的新碼頭所看到的，我們都在進一步拓展市場，更貼近客戶。

Got it. That that's very helpful. And then just switching gears, is it possible to say how much of the cement that you sold and consumed in the quarter was imported or maybe how did that differ from recent quarters. And now that we have maybe a little bit more clarity on tariffs, can you talk about sort of the environment of the impact, if any, to your business and the markets where you (multiple speakers).

知道了。這非常有幫助。然後換個話題，您能否說一下本季銷售和消費的水泥中有多少是進口的，或者與最近幾季有何不同。現在我們對關稅問題有了更清晰的了解，您能否談談它對您的業務和市場的影響（如果有的話）？（多位發言者）

First, on the mix, let me say upfront there's no change in the integrated areas in relation to the ratio between our strong local production, obviously, in Florida and also in Virginia and North Carolina. And as you know, the area where we service 100% through imported cement is the New York, New Jersey terminal. But in the rest of the areas, we remain a strong producer complementing our local production with imports. So no change in the ratios there.

首先，關於組合，讓我先說一下，就我們強大的本地生產（顯然是佛羅裡達州以及弗吉尼亞州和北卡羅來納州）之間的比例而言，綜合區域沒有變化。如您所知，我們 100% 透過進口水泥提供服務的地區是紐約、新澤西碼頭。但在其他地區，我們仍然是強大的生產商，透過進口補充本地生產。因此那裡的比例沒有變化。

Larry, [on the other]

拉里，[另一方面]

With respect to tariffs, you mean the tariffs didn't come into effect until April, as it took some time for that -- those products to arrive because it was effective that date. Say 20, 30 days enroute to the US, so about $1.6 million incurred, not all of its sold. So the P&L impact of that in the first half of the year, second quarter of the year, it would have been something in a rough order of $1 million, $1.2 million. Something like that.

關於關稅，您的意思是關稅直到四月才生效，因為關稅在那天才生效，所以這些產品需要一些時間才能到達。假設到美國的途中需要 20 到 30 天，那麼花費大約 160 萬美元，而且並不是全部售出。因此，這對今年上半年和第二季的損益影響約為 100 萬美元到 120 萬美元之間。類似這樣的。

Okay, that's very helpful. I'll turn it over.

好的，這非常有幫助。我把它翻過來。

Thanks, Tony.

謝謝，托尼。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Hey, guys. Great to see you reiterate your full-year guidance. I guess a question around that. You're calling from mid-single-digit sales growth for the full year. You're down about 1.5% in the first half, so implicitly implied it's about, call it, 11% growth in the back half. Appreciating you had some easy comps from wet weather and whatnot. So I guess it'd be helpful to give us a little flavor in terms of what you're seeing from a volume standpoint, call it, in July what you're kind of expecting the back half.

嘿，大家好。很高興看到您重申您的全年指引。我想問的是一個與此有關的問題。您預計全年銷售額將實現中等個位數成長。上半年經濟下降了約 1.5%，這意味著下半年經濟將成長約 11%。感謝您在潮濕的天氣和其他情況下輕鬆地參加了一些比賽。因此，我想，從交易量的角度，讓我們稍微了解一下您所看到的情況，也就是您對 7 月下半年的預期，這會很有幫助。

And then separately, from a pricing standpoint, I think most of the heavy material companies have reported -- have generally not called for much pricing whether it's cement or ready-mix. Curious what you're seeing in your markets and implicitly in your guide, how much traction are you seeing on some of these pricing initiatives you've had in place to start the year.

然後，從定價的角度來看，我認為大多數重型材料公司都報告說 - 一般不會要求太多的定價，無論是水泥還是預拌混凝土。我很好奇您在市場上看到了什麼，以及在您的指南中隱含了什麼，您認為今年年初實施的一些定價舉措有多大吸引力。

I think it's fair, Phil, to say, given the weather impacts from a year ago, this is more of a volume impact than a price impact, although we don't have no price impact. Ready-mix, as you know, is something that's bid day to day. Those higher prices come through the channels with a bit of a lag, so that's going to come through in the second half as we see and we look at the mix of the product revenues that we have.

菲爾，我認為公平地說，考慮到一年前天氣的影響，這次的事件對產量的影響大於對價格的影響，儘管我們沒有受到價格影響。眾所周知，預拌混凝土是每天都需要用到的東西。這些更高的價格透過管道傳達出來會有些滯後，所以正如我們所見，這將在下半年體現出來，我們將看看我們擁有的產品收入組合。

We talked about the aggregate story. A minute ago your math is good, right? The percentages you referenced. But when we break that down and compare it H1 versus H2, that would take you roughly at about, say 7% to 8%, something of this range revenue increase, of which 20%,-25% may come from aggregates. So that leaves you know a balance of, call it, 5% to 7%, give or take for all the other products coming through. And that easier comparison that you're describing.

我們討論了總體情況。剛才你的數學還不錯吧？您引用的百分比。但是，當我們將其分解並將 H1 與 H2 進行比較時，這將帶來大約 7% 到 8% 左右的收入成長，其中 20% 到 25% 可能來自總量。這樣，您就知道了所有其他產品的平衡點，可以說在 5% 到 7% 之間。這就是您所描述的更簡單的比較。

And Larry, you're seeing that type of trend right now in terms of volumes in that, call it, 5% to 7% range.

拉里，就交易量而言，你現在看到的這種趨勢在 5% 到 7% 的範圍內。

Every market can be a little bit different, but we see good traction in parts of our business, certainly in July.

每個市場可能都有所不同，但我們看到部分業務表現良好，尤其是在七月。

And especially we see the rebound in the mid-Atlantic which was hit very hard by the weather. As you know and some of you have reported, the increased rainfall just in the months of April and May in the Mid-Atlantic. Virginia and North Carolina was 33% and in some -- in many metropolitan areas in Virginia and North Carolina, we lost anywhere between 8 up to 15, 16 working days, which is up to 20% of the workdays in the quarter.

尤其是我們看到了大西洋中部地區經濟的反彈，該地區此前曾受到天氣的嚴重打擊。正如你們所知以及一些人所報告的，僅在四月和五月，大西洋中部的降雨量就增加了。維吉尼亞州和北卡羅來納州的損失率為 33%，在維吉尼亞州和北卡羅來納州的許多大都市地區，我們損失了 8 到 15、16 個工作日，佔該季度工作日的 20%。

So it was hit very hard. And with July with improving weather immediately we see double-digit type of growth in the mid-Atlantic. So that's why it makes us more comfortable about the second quarter with order books strong. Job sites and projects are not canceled. They're just delayed by the bad weather. And that's why you see us more optimistic about the second half with easier comparables also versus the second half of last year.

所以受到的打擊非常嚴重。隨著七月天氣的轉好，我們立即看到大西洋中部地區出現了兩位數的增長。因此，訂單強勁讓我們對第二季的業績更有信心。工作地點和項目不會取消。他們只是因為惡劣天氣而延誤了。這就是為什麼我們對下半年更加樂觀，與去年下半年相比，情況也更容易比較。

Okay. And then similarly margins, you're calling for pretty good margin expansion. Larry, if I heard you correctly, you're not expecting much cement price increases at this point. Like, what are some of like the levers at your disposal outside of, obviously, better fixed cost leverage from volumes (multiple speakers)

好的。然後同樣地，利潤率，你要求相當好的利潤率擴張。拉里，如果我沒聽錯的話，你目前預計水泥價格不會大幅上漲。例如，除了透過交易量提高固定成本槓桿之外，你還能使用哪些槓桿？（多位發言者）

If you'll allow me to compliment. This is Bill. The comment that Larry made, overall we see strong continued pricing momentum and power. We -- perhaps I have to make a comment here in relation to prices. Cement prices are affected as we report on a delivered basis on how much is the percentage of FOB sales versus delivered sales, which changes really the mix of the price. So that's one element that we have to take into account when you compare bulk with bulk and FOB deliveries, you will see that our prices in cement are going up.

如果你允許我讚美的話。這是比爾。拉里發表的評論是，總體而言，我們看到強勁的持續定價動能和力量。我們——也許我必須在這裡就價格發表一些評論。水泥價格受到影響，因為我們報告的是交貨價銷售額與交貨銷售額的比例，這實際上改變了價格結構。因此，當您將散裝貨物與散裝貨物和離岸價交貨進行比較時，我們必須考慮這個因素，您會發現我們的水泥價格正在上漲。

Also, there is another important fact that is related to the channel mix. For example, bagged cement has a price which can be up to 50% higher than bulk cement. But bagged cement is especially affected by the residential softness because -- so this reduces the mix -- the percentage of bag cement in the mix, and therefore affects the overall average price that we report.

此外，還有另一個重要事實與通路組合有關。例如，袋裝水泥的價格比散裝水泥高出50%。但袋裝水泥尤其受到住宅柔軟度的影響，因為這會降低混合物中袋裝水泥的百分比，從而影響我們報告的整體平均價格。

But when you see like for like, the momentum in cement pricing continues upward. And you see also the strong momentum in the downward -- in the downstream product lines. So that makes us feel more comfortable in the second quarter in relation to both volume primarily but also price continuing and having better comparables as related to the first half of this year, but also the second half of last year.

但當你看到同類情況時，你會發現水泥價格的勢頭仍在繼續上漲。您還可以看到下游產品線的強勁下行勢頭。因此，這讓我們對第二季度感到更加放心，主要是因為銷售和價格都將繼續保持良好勢頭，並且與今年上半年和去年下半年相比有更好的可比性。

Okay. Appreciate the color. Thank you.

好的。欣賞色彩。謝謝。

Thank you.

謝謝。

Wesley Brooks, HSBC.

匯豐銀行的韋斯利布魯克斯 (Wesley Brooks)。

Hi, thanks for taking my question. Hi, Bill, Larry. So a couple of questions from me. Just coming back to, not the FX impact, but, yeah, with the weaker US dollar and you importing a significant portion of your cement. It -- how is that priced? Is that priced in US dollars or in euros? And is there an FX impact we should be thinking about there given the US dollar?

你好，謝謝你回答我的問題。你好，比爾，拉里。我有幾個問題。回到剛才的問題，不是外匯影響，而是美元走弱，而你需要進口相當一部分水泥。它——它的價格是多少？這是以美元還是歐元計價的？考慮到美元，我們是否應該考慮外匯影響？

Yeah, no, thanks for the question, Wesley. Cement and ocean freight are both denominated in dollars, right? So we don't see FX impacts on those two products.

是的，不，謝謝你的提問，韋斯利。水泥和海運都是用美元計價的，對嗎？因此，我們並未看到外匯對這兩種產品產生影響。

Okay. So that's taken at the parent level then. And then, just wanted to kind of dig into the residential side of it. Obviously, yeah, everything we see looks pretty dire in terms of the secondary market and permits, particularly in Florida. I mean, what are you seeing? Is there anything that suggests aside from the weather, we could be finding the bottom there. I mean, what are you seeing in terms of the outlook going past the next few months?

好的。所以這是在父級層面採取的。然後，只是想深入了解住宅方面的情況。顯然，是的，就二級市場和許可證而言，我們所看到的一切都相當糟糕，尤其是在佛羅裡達州。我的意思是，你看到了什麼？除了天氣因素外，還有什麼跡象表明我們可能在那裡找到底部嗎？我的意思是，您對未來幾個月的前景有何看法？

I think our view wouldn't be that different from others that you would have heard from. While interest rates remain high, affordability is a challenge that delays the recovery, but the recovery will come. The story about underbuilding 3 to 5 million homes, particularly in places like Florida where we operate, it doesn't mean that everything is weak at the same time. So you can think about sectors like multi-family, which begins to see some growth come back into that sector even as single-family homes under some pressure, as you would describe.

我認為我們的觀點與您所聽到的其他人的觀點並沒有什麼不同。儘管利率仍然很高，但負擔能力是一個延緩復甦的挑戰，但復甦終將到來。關於建造不到 300 萬到 500 萬套房屋的故事，特別是在我們開展業務的佛羅裡達州等地，並不意味著所有事情都同時薄弱。因此，您可以考慮多戶住宅等行業，正如您所描述的，儘管單戶住宅面臨一些壓力，但該行業仍開始恢復一些成長。

And Wesley, you remember very well that one of our key strengths is our flexible participation strategy. We participate across the cross section of the market and we have more than 65% of our participation. In private non-residential and also in public infrastructure segments. And also we have the ability to participate wherever -- it's a checkerboard economy.

韋斯利，您清楚記得，我們​​的主要優勢之一就是靈活的參與策略。我們參與了整個市場的橫斷面，我們的參與率超過 65％。在私人非住宅和公共基礎設施領域。而且我們有能力參與任何地方——這是一個棋盤經濟。

So there are areas even in Florida where the residential market continues strong, Jacksonville, certain parts of Southeast in a multi-family. So as we participate and we have the ability to target areas where the growth is, it allows us to mitigate some of the impacts. And you see the strong performance that we delivered in Florida despite the softness residential overall.

因此，即使在佛羅裡達州，住宅市場也持續強勁，如傑克遜維爾和東南部某些地區的多戶住宅。因此，當我們參與其中並有能力瞄準成長領域時，我們就可以減輕一些影響。儘管整體住宅市場疲軟，但我們在佛羅裡達州的表現仍然強勁。

Okay, thanks. So yeah, I'll pass it on.

好的，謝謝。是的，我會傳達它。

Chad Dillard, Bernstein.

查德·迪拉德，伯恩斯坦。

Hey, good evening, guys. I just got a couple questions for you. So on your comment about seeing a strong order book, I was hoping you could put a finer point on that. So how far out does it extend? Can you talk about the mix of resi versus non-resi versus public infrastructure. And what's like the year-on-year change in the order book?

嘿，大家晚上好。我只想問你幾個問題。因此，關於您關於看到強勁訂單的評論，我希望您能對此做出更詳細的說明。那麼它延伸多遠？您能談談住宅、非住宅和公共基礎設施的混合嗎？訂單量較去年同期變動如何？

And then secondly, you guys talk about having some easier comps in the back end of the year. I was hoping you could put, maybe some numbers on that. So in the second half of 2024, what were the number of down days versus what you were budgeting. And then how many operating days in the second half of the year?

其次，你們談到了在今年年底會有一些更容易的比賽。我希望你能給出一些數字。那麼，2024 年下半年的停工天數與預算相比是多少？那麼下半年的營業天數是多少呢？

Yeah. So let's take the order book first, right? When you think about an order book, Chad, the way we describe it is purchase orders and -- looking really at the multi-family, looking at the commercial projects, looking at the infrastructure projects that we have, it doesn't include, for example, residential piece of single-family homes, for example. It's not, what we would classify as an order book.

是的。那我們先來看訂單簿，對嗎？查德，當你想到訂單簿時，我們描述它的方式是採購訂單——真正看一下多戶住宅，看一下商業項目，看一下我們擁有的基礎設施項目，它不包括例如單戶住宅的住宅部分。這不是我們所說的訂單簿。

When you look at some of the details of that, certainly year over year and progressing through the year, the bidding activity and the success on that has been strong year every year. We don't give a finer point to it, but we have certainly in what we described for the back half of the year. We have good visibility to what's on the books there provided the weather cooperates in the back half of this year.

當你查看其中的一些細節時，你會發現，逐年遞增的競標活動和成功率每年都很強勁。我們沒有對此進行更詳細的闡述，但我們對下半年的情況的描述確實如此。如果今年下半年天氣條件良好，我們就能夠清楚地了解那裡的情況。

If you remember last year we had three hurricanes that came through. All the attention clearly got paid to Florida, given this sort of landfall often was, but it traveled up north through the central part of Carolina and through the Virginia, South Carolina, Virginia and North Carolina coastal areas as well, which had a big impact.

如果您還記得的話，去年我們遭遇了三次颶風。由於這種登陸經常發生，所有的注意力顯然都集中在佛羅裡達州，但它向北穿過卡羅來納州中部以及弗吉尼亞州、南卡羅來納州、弗吉尼亞州和北卡羅來納州的沿海地區，產生了很大的影響。

It lost a lot of days in the second half of the year, particularly in September, October time frame and into November, with some of the job sites given the water impact of that. The job sites elongated even long after the storm had traveled past. So that's the back half comp we've got. I'm afraid I don't have, right in front of me today, the exact number of days that were lost, but we can certainly come back to you on that point.

下半年損失了許多天，特別是 9 月、10 月和 11 月，一些工地受到了水災的影響。即使風暴已經過去很久，工作地點仍然被拉長。這就是我們所得到的後半部補償。恐怕我今天面前沒有確切的損失天數，但我們當然可以就這一點向您報告。

Okay, appreciate that. That's all for me.

好的，非常感謝。對我來說就這些了。

Thanks, Chad.

謝謝，乍得。

Sherif El-Sabbahy, Bank of America.

美國銀行謝里夫·埃爾-薩巴希。

Hey, good afternoon. I just wanted to touch on the guidance once more. You've reiterated this outlook when you introduced in Q4, underlying that guide was a rebound in residential in the back half and positive pricing momentum, which ready mix is impacting. Just given weaker housing trends and the knock on pricing impact, how have your underlying assumptions for guidance changed, if at all, to be maintained for the year?

嘿，下午好。我只是想再談談指導。您在第四季度介紹時重申了這一前景，該指南的根本原因是下半年住宅市場的反彈和積極的定價勢頭，這對預拌混凝土產生了影響。鑑於住房趨勢疲軟以及對價格的連鎖影響，您對指導的基本假設發生了怎樣的變化（如果有的話），以便在今年保持不變？

We said from the get-go that we expect this year our results to be weighted in the second half, and this of course is related to the weather phenomena for sure. Also the stronger comparables that we expected in the second half because of the very weak second half of 2024. But also in relation to the strong now, we reiterate our guidance because of the strong order book that we see.

我們從一開始就說過，我們預計今年的業績將在下半年受到加權，這當然肯定與天氣現像有關。由於 2024 年下半年經濟表現非常疲軟，我們預計下半年可比業績將更強勁。但就目前的強勁表現而言，我們重申我們的指導意見，因為我們看到了強勁的訂單。

And the momentum and the secular trends that continue strong and especially as we see the infrastructure and the commercial projects accelerating. So this is some of the key elements that we see overall for the second half of the year so that we reiterate overall our guidance.

這種勢頭和長期趨勢持續強勁，特別是我們看到基礎設施和商業項目正在加速推進。因此，這是我們對下半年整體情況的一些關鍵因素，因此我們重申我們的整體指導。

So fair to characterize as non-residential strength offsetting the residential weakness within the guidance.

因此可以公平地認為，非住宅市場的強勢抵消了指導範圍內住宅市場的疲軟。

We think that the residential softness is going to continue in the second half.

我們認為住宅市場的疲軟態勢將在下半年持續。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Brian Brophy, Stifel.

布萊恩·布羅菲（Brian Brophy），Stifel。

Thanks. Good afternoon, everybody. Most of my questions have been answered here. Just one for me. You touched on some of the type one investments that you're making in some of your opening comments. Just curious if you could give us an update on what you're seeing there. How customer adoption is unfolding and how we should think about that over the next couple of years. Thanks.

謝謝。大家下午好。我的大部分問題都在這裡得到解答。對我來說只有一個。您在開場白中提到了您正在進行的一些第一類投資。我只是好奇您是否可以告訴我們您在那裡看到的情況。客戶採用情況如何，以及我們在未來幾年應該如何考慮這個問題。謝謝。

Yeah, I think we can separate a couple of things, Brian. We've got the main capital projects that we work on. Some of the ones, for example, the calcined clay road. This is a long-term project, but in the interim, we do some work with fly ash as a 1T, product that we're selling with good demand through selected channels, primarily those that have a CO2 element that that like this product into the warehouses and other applications.

是的，我認為我們可以分開幾件事，布萊恩。我們已經有了正在進行的主要資本項目。其中有一些，比如說燒黏土路。這是一個長期項目，但在此期間，我們將對粉煤灰進行一些工作，將其作為 1T 產品，透過選定的管道銷售，需求量很大，主要是那些含有二氧化碳元素的管道，將這種產品放入倉庫和其他應用。

So think about some of the data centers and other products that are there. Warehouses, the Amazon, and those types of entities would be in some high demand there. It's more of a -- the demand is satisfied by what we're able to produce, but if we could produce more, I think, we would have even further demand in that case.

所以想想那裡的一些資料中心和其他產品。倉庫、亞馬遜以及這些類型的實體在那裡會有很高的需求。更多的是——我們能夠生產的產品已經滿足了需求，但如果我們能夠生產更多產品，我想，在這種情況下，我們的需求就會進一步增加。

At this point in time, overall in relation to our investments, we continue investing in preparing our production of calcined clay. So this is a fundamental project as we have announced that it is going to also lead to increase in our production capacity. And we produce commercial quantities both in mid-Atlantic and also in Florida of 1T cement.

目前，就我們的投資而言，我們總體上繼續投資於煅燒粘土的生產準備。因此，這是一個基礎項目，正如我們所宣布的那樣，它也將提高我們的生產能力。我們在大西洋中部地區和佛羅裡達州都生產商業數量的 1T 水泥。

Just last week we approved yet another 1T-grade, high-performance-with-low-carbon-profile product which was approved by the Department of Transportation here in Florida. We channel these commercial quantities mainly through our captive channels, so through our own ready mix channels and downstream channels.

就在上週，我們批准了另一種 1T 級、高性能、低碳產品，該產品已獲得佛羅裡達州交通部的批准。我們主要透過我們的專屬管道，也就是透過我們自己的預拌管道和下游管道來輸送這些商業數量。

So we test with selected customers in the mid-Atlantic and also here in Florida, mainly customers that seek, like Larry mentioned, high-performance and also a low-carbon profile. And we -- in this way we test an array of different end users as we prepare for the more expanded commercial campaign into the marketplace.

因此，我們對大西洋中部地區以及佛羅裡達州的選定客戶進行了測試，這些客戶主要是那些尋求高性能和低碳特性的客戶，正如拉里所提到的。我們透過這種方式測試一系列不同的最終用戶，為更廣泛的市場商業活動做準備。

In relation to the demand, as Larry mentioned, it's mainly into high-performance and low-carbon-profile type of products. So you can imagine this is major end users in the marketplace that require such products. So differentiated high-value pools with high growth into the future.

關於需求，正如拉里所提到的，主要需求是高性能和低碳類型的產品。因此你可以想像這是市場上需要此類產品的主要最終用戶。因此，未來高價值池將具有高成長性。

Thanks, that's helpful. I'll pass it on.

謝謝，這很有幫助。我會傳達的。

Thank you, Brian.

謝謝你，布萊恩。

There are no further questions at this time. I would like to turn the floor back over to Bill Zarkalis for closing remarks.

目前沒有其他問題。我想把發言權交還給比爾·扎卡利斯 (Bill Zarkalis)，請他做最後發言。

Thank you, [Sherry]. I appreciate it. And thank you, all, for your time today. We appreciate your interest in Titan America. We look forward to updating you on our progress on our third-quarter call. Have a great rest of the day. Thank you so much. Take care.

謝謝你，[雪莉酒]。我很感激。謝謝大家今天抽出時間。感謝您對 Titan America 的關注。我們期待在第三季電話會議上向您通報我們的進展。祝您今天剩餘時間愉快。太感謝了。小心。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。