Titan America SA (TTAM) 2026 Q1 法說會逐字稿

Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press *0 and a member of our team will be happy to help you.

感謝您持續的耐心等候。您的會議即將開始。如您在任何時間需要協助，請按 *0，我們的團隊成員將很樂意為您服務。

Good morning, and thank you for joining us. I am Erika, your conference call operator. Welcome to Titan America's first-quarter 2026 conference call. All participants will be in a listen-only mode, and the conference is being recorded. Later, you will have the opportunity to ask questions during the question-and-answer session. To register to ask a question at any time, please press the star 1 on your telephone keypad.

各位早安，感謝您加入。我是 Erika，您的電話會議接線員。歡迎參加 Titan America 2026 年第一季電話法說會。所有與會者將以僅收聽模式參與，本次會議將被錄音。稍後在問答環節，您將有機會提問。如需在任何時間登記提問，請在電話鍵盤上按星號 1。

I would now like to turn the call over to Michael Bennett, Vice President of Investor Relations.

現在我想將電話交給投資人關係副總裁 Michael Bennett。

Thank you, operator, and good morning to everyone on the line.

謝謝接線員，各位在線上的朋友早安。

Thank you for joining us for Titan America's first-quarter 2026 conference call. I am joined by Bill Zarkalis, President and Chief Executive Officer of Titan America and Larry Wilt, Chief Financial Officer.

感謝各位參加 Titan America 2026 年第一季電話法說會。今天與我一同出席的有 Titan America 總裁暨執行長 Bill Zarkalis，以及財務長 Larry Wilt。

Before we begin, I would like to remind you that yesterday afternoon we released Titan America's first-quarter 2026 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.

在開始之前，我想提醒各位，我們已於昨天下午發布 Titan America 2026 年第一季業績，相關資料可於我們的網站 ir.titanamerica.com 查閱，並附有今日的簡報投影片。本通話將被錄音，並將於我們的投資人關係網站提供重播。

During the call, we will present both IFRS and non-IFRS financial measures. The most directly comparable IFRS measure and reconciliations for non-IFRS measures are available in today's press release and accompanying slides. 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 those forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today.

在本次通話中，我們將同時呈報 IFRS 與非 IFRS 財務衡量指標。與非 IFRS 指標最直接可比的 IFRS 指標，以及非 IFRS 指標的調節表，已載於今日新聞稿與隨附投影片中。今日通話中的部分陳述可能被視為前瞻性陳述。此類陳述可透過例如 expect、believe、intend、anticipate、may 等用語，或使用未來式來辨識。您不應過度依賴前瞻性陳述。實際結果可能與前瞻性陳述有重大差異，我們亦不承擔更新今日所作任何前瞻性陳述之義務。

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.

如需了解可能導致實際結果與前瞻性陳述有重大差異之因素的更多資訊，請參閱我們今日發布的新聞稿，以及我們向 SEC 提交文件中所述的風險與不確定性。

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

現在我想將電話交給 Bill。請開始。

Thank you, Michael, and good morning, everyone. Thank you for joining us today for Titan America's First Quarter 2026 Financial Results Call. Yesterday, we announced our financial results for the first quarter.

謝謝你，Michael，各位早安。感謝各位今天參加 Titan America 2026 年第一季財務業績電話會議。昨天我們公布了第一季的財務結果。

I would like to begin on Slide 4 by highlighting a few key messages. The first quarter is usually the weakest quarter of the year. It was a quarter that started slowly, affected by continued softness in the residential market and harsh winter weather in our Mid-Atlantic region. In March, the conflict in Iran exacerbated the geopolitical uncertainty, triggered inflationary pressures with increasing fuel and energy costs. Against this backdrop, Titan America once again delivered a solid first-quarter performance with year-over-year improvement in our results, showcasing once again the resilience of our vertically integrated business model. The benefits from our ongoing strategic initiatives, and the agility of our teams to execute in a challenging environment of mixed end-market demand trends and increased uncertainty.

我想先從第 4 頁投影片開始，強調幾項重點訊息。第一季通常是一年中最疲弱的季度。本季開局較慢，受到住宅市場持續疲弱以及我們中大西洋地區嚴峻冬季天候的影響。3 月，伊朗衝突加劇地緣政治不確定性，並在燃料與能源成本上升下引發通膨壓力。在此背景下，Titan America 再次交出穩健的第一季表現，業績較去年同期改善，再次展現我們垂直整合商業模式的韌性。這也反映我們持續推動的策略性計畫所帶來的效益，以及團隊在終端市場需求趨勢分歧、且不確定性升高的艱困環境中靈活執行的能力。

First-quarter revenue increased by 1.5%, while adjusted EBITDA was 3.4% higher than the same quarter of last year. In the first quarter, our Florida segment delivered robust performance, underpinned by strong participation in infrastructure and private, non-residential construction. We saw meaningful volume growth in aggregates, concrete block, and fly ash that was partially offset by softer demand for cement and ready-mixed concrete in the residential sector.

第一季營收成長 1.5%，調整後 EBITDA 較去年同期提高 3.4%。第一季中，我們佛羅里達事業部表現強勁，主要受惠於基礎建設與民間非住宅建築的高度參與。我們在骨材、混凝土砌塊與飛灰的銷量出現顯著成長，但部分被住宅部門對水泥與預拌混凝土較疲弱的需求所抵銷。

Prices in Florida were modestly higher sequentially when compared to the fourth quarter of last year. The Mid-Atlantic region delivered strong year-over-year improvement in the first quarter, trimmed down by the impact of adverse winter weather on demand in the region.

佛羅里達的價格相較去年第四季呈現小幅季增。中大西洋地區在第一季的表現較去年同期大幅改善，但受到不利冬季天候對區域需求的影響而有所收斂。

We are encouraged by the strong performance, which was partly driven by the start of substantial projects in the region, including data centers and public infrastructure. In addition, the quarter included benefits from both year-over-year and sequential growth in cement and ready-mix concrete pricing, as well as operating efficiencies that drove adjusted EBITDA margins higher.

我們對強勁表現感到鼓舞，其中部分動能來自該地區多項大型專案的啟動，包括資料中心與公共基礎建設。此外，本季亦受惠於水泥與預拌混凝土價格的年增與季增，以及營運效率提升，帶動調整後 EBITDA 利潤率上升。

On May 1st, we completed the acquisition of the Keystone Cement Company. This investment represents an important milestone in our growth strategy, and we are very pleased to welcome the Keystone team to the Titan America family. Despite the challenges, following our first quarter results and taking into consideration our current visibility for the year. We are reaffirming our full-year 2026 outlook. We'll discuss our guidance at the end of the presentation.

5 月 1 日，我們完成對 Keystone Cement Company 的收購。此項投資是我們成長策略的重要里程碑，我們也非常高興歡迎 Keystone 團隊加入 Titan America 大家庭。儘管面臨挑戰，基於第一季結果並考量我們目前對全年能見度，我們重申 2026 全年展望。我們將在簡報最後討論指引。

Let's move now to slide 5. As communicated, as of May 1st, we have concluded the acquisition of the Keystone Cement Company. We have now expanded our geographic reach in the markets of Pennsylvania, Ohio, Delaware, and Maryland.

接著請看第 5 頁投影片。如先前所溝通，自 5 月 1 日起，我們已完成 Keystone Cement Company 的收購。我們的地理覆蓋範圍已擴展至賓夕法尼亞州、俄亥俄州、德拉瓦州與馬里蘭州等市場。

In combination with our existing assets, we have strengthened our vertically integrated footprint in this region and are better positioned to capitalize on the strong secular trends. As a reminder, Keystone is a modern cement facility with approximately 990,000 short tons of current clear-case capacity. And serves a greater than $6 billion short-term addressable market.

結合我們既有資產，我們強化了在該地區的垂直整合布局，並更有利於掌握強勁的長期結構性趨勢。提醒各位，Keystone 是一座現代化水泥廠，現有明確可用產能約為 99 萬短噸，並服務於超過 60 億美元的短期可觸及市場。

In 2025, Keystone generated revenue of approximately $97 million, with an EBITDA margin of approximately 10%. We believe that we can deliver game-changing synergies for the acquired Keystone assets. That will substantially grow both its top-line and its margins. We expect to grow the output of the assets by significantly improving reliability with our proprietary real-time optimizers and predictive maintenance capabilities.

2025 年，Keystone 創造約 9,700 萬美元營收，EBITDA 利潤率約 10%。我們相信可為所收購的 Keystone 資產帶來具顛覆性的綜效，將大幅提升其營收規模與利潤率。我們預期透過自有的即時最佳化工具與預測性維護能力，顯著提升可靠度，進而提高資產產出。

We will drive strong benefits from raw material cost optimization, more efficient energy consumption, and increased use of alternative fuels. In parallel, we expect to target the infrastructure segment in the region by capitalizing on the high-quality aggregates of Keystone. Our integration team is already on site, working together with experienced and knowledgeable Keystone colleagues. We look forward to updating you on our progress in the future.

我們將透過原物料成本最佳化、更有效率的能源使用，以及提高替代燃料使用比例，帶動顯著效益。同時，我們預期將運用 Keystone 的高品質骨材，鎖定該地區的基礎建設市場。我們的整合團隊已進駐現場，正與經驗豐富且專業的 Keystone 同仁共同合作。我們期待未來向各位更新進展。

Let's move now to slide 6 to discuss a recent exciting development for Titan America. In April, we announced the grand opening of the Titan America Innovation Hub in Miami. This collaborative center is designed to accelerate the development and scale-up of advanced materials, digital technologies, and construction solutions, bringing together the most creative minds in construction, design, academics, and sustainability.

接著請看第 6 頁投影片，討論 Titan America 近期一項令人振奮的發展。4 月，我們宣布位於邁阿密的 Titan America 創新樞紐（Innovation Hub）盛大開幕。此協作中心旨在加速先進材料、數位技術與建築解決方案的研發與規模化，匯聚建築、設計、學術與永續領域最具創意的人才。

Through the Innovation Hub, we continue to innovate and expand product offerings. Focused on meeting the evolving needs of our customers for sustainable, high-performance products, services, and solutions. There are major transformational themes in our industry, such as resilient urbanization, digitalization and the need for smart materials, novel construction technologies, and circularity. These trends create new value pools of high growth and high margins.

透過創新樞紐，我們持續創新並擴充產品組合，聚焦滿足客戶對永續、高性能產品、服務與解決方案不斷演進的需求。我們產業正面臨多項重大轉型主題，例如韌性都市化、數位化與智慧材料需求、新型建築技術，以及循環性。這些趨勢創造出高成長、高毛利的新價值池。

As part of our strategy, we invest in innovation in order to tap these high-growth, high-value pools. Consider, for example, data centers. As someone said, the cloud is built of concrete, and we serve Virginia's data center alley, the largest concentration of data centers in the world. We do this with our proprietary AI-engineered concrete mixes, incorporating and enabling new levels of performance and sustainability.

作為策略的一部分，我們投資創新以切入這些高成長、高價值的領域。以資料中心為例。有人說，雲端是由混凝土建成的；而我們服務於維吉尼亞的「資料中心走廊」，那是全球資料中心最密集的區域。我們透過自有 AI 工程化混凝土配方來達成，導入並實現更高層級的性能與永續性。

We capitalize on industrial reshoring by providing smart materials to enable fast-track construction for the next generation of manufacturing and logistics infrastructure. We incorporate circularity in our offerings. Including expanded use of valuable supplementary cementitious materials like fly ash, beneficiated with our proprietary electrostatic technology.

我們也把握產業回流（reshoring）的趨勢，提供智慧材料，以支援下一代製造與物流基礎設施的快速施工。我們在產品中納入循環性，包括擴大使用具價值的補充性膠結材料（SCM），例如以我們自有靜電技術增益處理（beneficiated）的飛灰。

We also offer ultra-durable marine-grade concrete and supply innovative blue-grade solutions inspired by nature. Such as patented 3D-printed concrete for the next generation of seawalls and reefs. Our hub is already operational, and you are welcome to visit and learn more about our innovative products and solutions. You can find more about the hub also on our website.

我們亦提供超耐久的海事等級混凝土，並供應受自然啟發的創新藍色等級（blue-grade）解決方案，例如用於下一代海堤與人工礁體的專利 3D 列印混凝土。我們的樞紐已開始運作，歡迎各位蒞臨參觀並進一步了解我們的創新產品與解決方案。您也可在我們的網站上找到更多關於該樞紐的資訊。

I will now turn it over to Larry, who will provide a more detailed breakdown of our first quarter financial results and business segment performance. Larry.

接下來我將把時間交給 Larry，他將更詳細說明我們第一季財務結果與各事業部門的表現。Larry。

Thank you, Bill, and good morning, everyone. Moving to Slide 7, let me share an overview of our first quarter 2026 financial highlights.

謝謝你，Bill，各位早安。請看第 7 頁投影片，我將分享 2026 年第一季財務重點概覽。

The first quarter saw a mixed operating environment. Winter weather disruptions in the Mid-Atlantic region weighed on volumes during the quarter, while the macroeconomic backdrop introduced incremental uncertainty as the quarter progressed. Against that backdrop, we were pleased to deliver solid financial performance with year-over-year improvement in revenue, adjusted EBITDA and operating cash flow.

第一季的營運環境呈現分歧。中大西洋地區的冬季天候干擾使本季銷量承壓，而隨著季度推進，總體經濟背景也帶來額外不確定性。在此背景下，我們很高興交出穩健的財務表現，營收、調整後 EBITDA 與營運現金流均較去年同期改善。

For the quarter, we delivered revenue of $398 million, an increase of 1.5% compared to $392 million in the first quarter of 2025. Adjusted EBITDA for the quarter was $83 million compared to $80 million in the prior-year quarter, an increase of 3.4%.

本季我們實現營收3.98億美元，較2025年第一季的3.92億美元成長1.5%。本季調整後EBITDA為8,300萬美元，較去年同期的8,000萬美元增加3.4%。

Our first quarter adjusted EBITDA margin was 20.7%, an improvement of 40 basis points compared to 20.3% in the first quarter of 2025, reflecting the benefits of our vertically integrated model. Pricing discipline and ongoing cost management efforts.

我們第一季調整後EBITDA利潤率為20.7%，較2025年第一季的20.3%提升40個基點，反映我們垂直整合模式所帶來的效益，以及定價紀律與持續的成本管理措施。

Net income for the quarter was $33 million, consistent with the prior-year quarter, with earnings per share reflecting the impact of incremental shares outstanding from our 2025 initial public offering.

本季淨利為3,300萬美元，與去年同期一致；每股盈餘反映了我們2025年首次公開發行（IPO）後流通在外增量股份的影響。

Operating cash flow for the quarter was $62 million, compared to $35 million in the prior-year quarter, having benefited from lower levels of working capital and lower income tax payments.

本季營運現金流為6,200萬美元，較去年同期的3,500萬美元增加，主要受惠於較低的營運資金水準以及較低的所得稅支付。

Free cash flow was $30 million in Q1 2026, reflecting the improvement in operating cash flow and steady year-over-year CapEx investments.

2026年第一季自由現金流為3,000萬美元，反映營運現金流改善以及資本支出（CapEx）年對年維持穩定。

And finally, our leverage ratio further improved to 0.58 times at the end of Q1 2026.

最後，我們的槓桿比率在2026年第一季末進一步改善至0.58倍。

Turning to slide 8. Let me walk you through our sales volume performance by product line. Total cement volumes, including external sales and internal consumption, were broadly stable, down less than 1% year-over-year, with winter weather-related impacts in the Mid-Atlantic region and persistent softness in the residential sector generally offset by continued demand strength from infrastructure and private non-residential construction.

接著看第8頁投影片。我將帶各位檢視我們依產品線的銷售量表現。水泥總銷量（包含對外銷售與內部自用）整體大致持平，年對年下降不到1%；其中，中大西洋地區冬季天候造成的影響，以及住宅部門持續疲弱，整體上被基礎建設與民間非住宅建築需求的持續強勁所抵銷。

Total aggregates volumes grew 1.8% in the quarter, benefiting from the expanded production capacity in Florida, the strength of which was partially offset by lower volumes from our Mid-Atlantic sand sources. Total fly ash volumes were up 12.3% compared to the prior year quarter. On higher utility generation and increased commercial push, while ready-mixed concrete volumes decreased 2.1% year-over-year, with delays in project starts in Florida only partially offset by sustained volumes from data center construction in the Mid-Atlantic. Concrete block volumes increased 9.7% compared to Q1 2025, driven higher by improved contribution from remodeling and renovation channels, as well as shell contractor demand in select regional markets.

本季骨材總銷量成長1.8%，受惠於佛羅里達州擴增的產能；但部分被我們中大西洋砂源較低的出貨量所抵銷。粉煤灰總銷量較去年同期增加12.3%，主要因公用事業發電量提高及商業推廣力度加大。預拌混凝土銷量年對年下降2.1%，佛羅里達州專案開工延遲僅部分被中大西洋資料中心建設帶來的穩定出貨量所抵銷。混凝土砌塊銷量較2025年第一季增加9.7%，主要由翻修與整修通路貢獻提升，以及部分區域市場的殼體承包商需求帶動。

Turning to slide 9, external pricing improved sequentially from Q4 2025 across all product lines. On a year-over-year basis, cement pricing was flat, while aggregates and fly ash pricing. Which were impacted by product and regional mix, declined by 0.6% and 2.4%, respectively. Ready-Mix concrete prices improved year-over-year, benefiting from a larger proportion of value-added product sales. On a year-over-year basis, concrete block pricing declined 2.1%, reflecting customer and end market mix, as well as the softness experienced in residential demand during 2025.

接著看第9頁投影片，所有產品線的對外售價自2025年第四季起呈現連續改善。以年對年來看，水泥價格持平；骨材與粉煤灰價格則受產品與區域組合影響，分別下滑0.6%與2.4%。預拌混凝土價格年對年上升，受惠於加值產品銷售占比提高。以年對年來看，混凝土砌塊價格下滑2.1%，反映客戶與終端市場組合，以及2025年住宅需求疲弱的影響。

Turning to slide 10, let me focus your attention on our Q1 business segment performance. In Florida, we delivered strong results in a challenging market. Florida's external revenue was $253 million in the first quarter, essentially flat compared to the first quarter of 2025, as revenue growth from aggregates, concrete block, and cement were offset by a lower contribution from ready-mix concrete.

接著看第10頁投影片，我想請各位聚焦我們第一季各業務區隔的表現。在佛羅里達州，我們在充滿挑戰的市場中交出強勁成果。佛羅里達對外營收第一季為2.53億美元，與2025年第一季基本持平；骨材、混凝土砌塊與水泥的營收成長，被預拌混凝土貢獻下降所抵銷。

Adjusted EBITDA for the Florida segment was $73 million, an increase of 2.5% compared to $71 million in the prior-year quarter. Adjusted EBITDA margin expanded to 28.6% in Q1 2026, up from 27.9% in the first quarter of 2025 as cost discipline offset headwinds from higher energy costs and tariffs.

佛羅里達區隔的調整後EBITDA為7,300萬美元，較去年同期的7,100萬美元增加2.5%。2026年第一季調整後EBITDA利潤率擴大至28.6%，高於2025年第一季的27.9%，因成本紀律抵銷了能源成本上升與關稅帶來的逆風。

In the Mid-Atlantic, we delivered meaningful year-over-year improvement during the quarter, consistent with the constructive 2026 outlook we communicated during our fourth-quarter call. Despite winter weather that brought disruptions and suppressed volumes in the Mid-Atlantic region in January and February. Our team executed well and delivered strong financial results as improved pricing and ready-mix concrete and cement were amplified by operating efficiencies, which more than offset the impact of tariffs and higher import costs. Mid-Atlantic external revenue was $145 million in the first quarter, an increase of 4.2% compared to $139 million in the first quarter of 2025.

在中大西洋地區，我們本季實現顯著的年對年改善，符合我們在第四季電話會議中所傳達的2026年正向展望。儘管1月與2月的冬季天候造成干擾並壓抑中大西洋地區的出貨量，我們團隊仍執行到位並交出強勁財務成果；價格改善以及預拌混凝土與水泥的表現，再加上營運效率提升，放大了整體效益，並且足以抵銷關稅與進口成本上升的影響。中大西洋對外營收第一季為1.45億美元，較2025年第一季的1.39億美元成長4.2%。

The revenue improvement was primarily driven by strong already-mixed concrete participation in regional commercial construction projects, including data centers.

營收改善主要由預拌混凝土在區域商業建築專案（包含資料中心）中的強勁參與所帶動。

Adjusted EBITDA for the segment was $13 million, compared to $11 million in the prior-year quarter, an increase of 16%, and segment adjusted EBITDA margin improved to 8.7% from 7.8% in the prior-year quarter. As a reminder, the first quarter in the Mid-Atlantic segment included the impact of our Roanoke Cement Plant's annual major maintenance campaign in both 2026 and 2025.

該區隔調整後EBITDA為1,300萬美元，較去年同期的1,100萬美元增加16%；區隔調整後EBITDA利潤率由去年同期的7.8%提升至8.7%。提醒各位，中大西洋區隔的第一季在2026年與2025年皆包含我們羅阿諾克（Roanoke）水泥廠年度大型維修保養活動的影響。

Now turning to our balance sheet and cash flows on slides 11 and 12. As of March 31st, 2026, we had $228 million of cash and cash equivalents and total debt of $455 million. Our net debt position was $227 million, representing a leverage ratio of 0.58 times trailing 12 months adjusted EBITDA, a further improvement from 0.64 times at the end of 2025. Our strong leverage profile provides significant balance sheet capacity to pursue strategic growth opportunities, such as the recent Keystone acquisition, while maintaining our commitments to returning capital to shareholders. With respect to Keystone, the acquisition was funded with a combination of cash on hand and a new term loan issued in April 2026 with a maturity date of February 2031.

現在轉到第11與第12頁投影片的資產負債表與現金流。截至2026年3月31日，我們持有現金及約當現金2.28億美元，總負債為4.55億美元。淨負債為2.27億美元，代表過去12個月調整後EBITDA的槓桿比率為0.58倍，較2025年年底的0.64倍進一步改善。我們強健的槓桿結構為資產負債表提供了可觀的承載能力，使我們得以在維持回饋股東承諾的同時，追求策略性成長機會，例如近期的Keystone收購。就Keystone而言，本次收購以手上現金與一筆於2026年4月發行、到期日為2031年2月的新定期貸款共同籌資。

Slide 13 shows our capital expenditure profile for the first quarter of 2026. Net capital expenditures in the first quarter were approximately $32 million and remain focused on our previously communicated strategic objectives. These include increasing our domestic cement and aggregates capacity, improving the efficiency of our logistics networks, and further enhancing our strong positions in select downstream channels to market.

第13頁投影片顯示我們2026年第一季的資本支出概況。第一季淨資本支出約為3,200萬美元，並持續聚焦於我們先前已溝通的策略目標，包括提升國內水泥與骨材產能、改善物流網路效率，以及進一步強化我們在特定下游通路的既有優勢與市場地位。

On slide 14, I will remind you of our capital allocation strategy. As mentioned in our previous calls, we are focused on three key priorities. Investing in the business, including organic growth opportunities, pursuing strategic M&A, and providing returns to shareholders, all while maintaining a healthy net leverage profile. During our fourth-quarter conference call, I discussed our organic growth priorities for 2026. These remain unchanged. Now that we've closed the Keystone acquisition, we expect to make further investment to deliver operational, commercial, and logistic synergies as we incorporate the Keystone assets into our Mid-Atlantic network.

在第14頁投影片，我再提醒各位我們的資本配置策略。如同先前電話會議所提，我們聚焦三項關鍵優先事項：投資本業（包含有機成長機會）、推動策略性併購（M&A），以及回饋股東，同時維持健康的淨槓桿水準。在第四季電話會議中，我已說明我們2026年的有機成長優先事項，這些方向維持不變。如今我們已完成Keystone收購，預期將進一步投資，以在把Keystone資產納入我們中大西洋網路的過程中，實現營運、商務與物流的協同效益。

With respect to shareholder returns, I would also like to announce that yesterday, our Board of Directors approved an issue premium distribution of $0.04 per share payable on July 7th, 2026, to shareholders of record on June 18th, 2026. With that, I'll turn it back to Bill for his closing remarks.

就股東回饋而言，我也要宣布，昨日董事會已核准每股0.04美元的溢價配發（issue premium distribution），將於2026年7月7日支付給截至2026年6月18日登記在冊的股東。接下來我把時間交還給Bill，請他做結語。

Thank you, Larry.

謝謝你，Larry。

In conclusion, the first quarter demonstrated the resilience and quality of Titan America's business model in a stumbling challenging operating environment. Despite winter weather headwinds, macroeconomic uncertainty, and continued softness in the residential sector, we grew revenue and adjusted EBITDA, expanded margins, and generated substantially stronger operating and free cash flow compared to the prior-year period.

總結而言，第一季在顛簸且充滿挑戰的營運環境中，展現了Titan America商業模式的韌性與品質。儘管面臨冬季天候逆風、總體經濟不確定性，以及住宅部門持續疲弱，我們仍提升營收與調整後EBITDA、擴大利潤率，並且相較去年同期產生顯著更強的營運現金流與自由現金流。

Our teams executed well, and the underlying fundamentals of our key markets. Remain constructive. Turning now to our 2026 outlook on Slide 15. As we mentioned during our fourth quarter financial results call, the recent surge in oil and energy prices due to the conflict in Iran has introduced additional risks in an already complex and uncertain economic backdrop. We expect softness in the residential sector to continue through the remainder of the year. With a much anticipated inflection point potentially delayed to 2027. Despite the challenges, following our first quarter results and taking into consideration our current visibility for the year, we are reaffirming our full-year 2026 outlook. On a like-for-like basis, we continue to anticipate low single-digit revenue growth compared to last year. With modest expansion in our adjusted EBITDA margins. This outlook reflects our confidence in the underlying demand trends in our markets, especially as we move into the seasonally stronger middle part of the year, as well as our ability to execute and deliver benefits from our previous and ongoing strategic initiatives. It is worth noting that this guidance does not include the contribution from Keystone. As we focus on integrating the acquisition and building out its full commercial potential.

我們的團隊執行到位，而我們核心市場的基本面仍具建設性。現在轉到第15頁投影片的2026年展望。如同我們在第四季財報電話會議中提到，因伊朗衝突導致近期油價與能源價格飆升，已在原本就複雜且不確定的經濟背景下引入額外風險。我們預期住宅部門的疲弱將延續至今年剩餘期間，原先市場高度期待的轉折點可能延後至2027年。儘管挑戰重重，基於第一季表現並考量我們目前對全年能見度，我們重申2026年全年展望。在同店（like-for-like）基礎上，我們仍預期營收較去年呈現低個位數成長，並帶來調整後EBITDA利潤率的小幅擴張。此展望反映我們對市場內在需求趨勢的信心，特別是進入季節性較強的年中時段，以及我們執行並落實先前與持續推動之策略舉措效益的能力。值得注意的是，本指引未包含Keystone的貢獻，因我們目前聚焦於整合該項收購並建構其完整的商業潛力。

Before we open the call for questions, I want to express my sincere gratitude to all of our Titan America team members and extend a warm welcome to our new colleagues from the Keyston Cement Company, whom we are proud to have now as part of the Titan America family.

在我們開始開放提問之前，我想向所有 Titan America 團隊成員致上最誠摯的感謝，並熱烈歡迎來自 Keyston Cement Company 的新同仁加入；我們很自豪如今你們已成為 Titan America 大家庭的一員。

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

接下來，我把電話交給接線員，開始問答環節。

Operator.

接線員。

Thank you. If you would like to ask a question, press star 1 on your keypad. To leave a queue at any time, press star 2. Once again, that is the star and 1 to ask a question.

謝謝。如果您想提問，請在鍵盤上按星號 1。若要在任何時候離開排隊，請按星號 2。再重複一次，提問請按星號 1。

We'll take our first question from Philip Ding with Jefferies. Please go ahead. Your line is open.

我們的第一個問題來自 Jefferies 的 Philip Ding。請開始，您的線路已開通。

Hey, guys. Congrats on a really strong quarter in a choppy environment to great execution from the team.

嗨，各位。恭喜在波動的環境中交出非常強勁的一季，團隊執行力很出色。

I guess, Bill, to kind of kick things off, the Keystone acquisition, quite exciting. 10% EBITDA margins would certainly be much lower than I would have thought. Best-in-class and then assets, I think, are probably closer to 30% EBITDA margins, and I suspect your business is probably not too far from that.

我想，Bill，先從這裡開始談。Keystone 的收購相當令人振奮。不過 10% 的 EBITDA 利潤率確實比我原先預期低很多。若是同級最佳的資產，我認為 EBITDA 利潤率可能更接近 30%，而我猜你們的業務大概也不會離那個水準太遠。

So what needs to happen to kind of get that? I mean, one, is there anything structural with the asset or the market or this is just we need to deploy the Titan America playbook in terms of capital deployment and bringing that business in-house. So just kind of give us some color in terms of what that profit profile could look like and if there's anything structural with the business?

那要怎麼做才能達到那樣的水準？我的意思是，第一，這是否與資產或市場有任何結構性因素有關？還是只是我們需要套用 Titan America 的作戰手冊，在資本投入與把該業務內部化方面著手？所以請你們多分享一些，這個獲利輪廓可能會長什麼樣子，以及這個業務是否存在任何結構性問題？

Absolutely. I think that element represents also the.

當然。我認為那個要素也同時代表了……

The reason why we say that we're going to implement game-changing synergies in this asset, bringing the profitability up to norm for how we perform overall with our own assets. As we have explained, this is a value-accretive opportunity for Tiger America. It's expanding and strengthening our geographic reach and our leadership position in the East Coast. Adding important geographies like Pennsylvania, Ohio, Delaware, Maryland, we will expand and extend our integrated model.

這也是我們說要在這項資產上導入具顛覆性的協同效益的原因，將獲利能力提升到我們整體自有資產的常態表現水準。正如我們所說，這對 Titan America 是一個具增值性的機會；它擴大並強化我們的地理覆蓋與在東岸的領導地位。透過新增賓夕法尼亞、俄亥俄、德拉瓦、馬里蘭等重要地區，我們將擴大並延伸我們的整合式模式。

Also very important is to think that it's an acquisition of important aggregate assets, both for production of clinker, but also of infrastructure-grade aggregates. So it is a very important level. And last, in relation to your question, we see game-changing synergies, as we said, in relation to optimizing and improving the margins, of course, by reducing the cost, improving overall logistics, energy consumption, and bringing all the digitalization and elements of operational excellence.

同樣非常重要的是，這次收購包含重要的骨材資產，不僅用於熟料生產，也包含基礎建設等級的骨材。因此其重要性非常高。最後，回到你的問題，我們如先前所述，看到具顛覆性的協同效益，特別是在優化並提升利潤率方面；當然包括降低成本、改善整體物流、能源消耗，以及導入數位化與各項營運卓越要素。

That Titan America has been delivering for years. So a great opportunity for us starting from that point that you mentioned.

而這些正是 Titan America 多年來持續交付的能力。因此，從你提到的那個起點來看，對我們而言是個很好的機會。

Bill, like how quickly can you get this to a good margin profile? And is the assumption based on what you just said, you can get this asset to something that we're accustomed to for the legacy Titan cement assets from a profitability standpoint?

Bill，你們能多快把它拉升到良好的利潤率水準？依你剛才所說的假設，是否代表你們可以把這項資產的獲利能力提升到我們對 Titan 既有水泥資產所熟悉的水準？

Thanks, Philip. Good question. Let me just say that we have our integration team working already from the phase that we were doing the due diligence and as soon as we started, we signed the SPA and we were ready to move in and start cooperating with our new colleagues at Keystone from day one and our teams are very implementing already the synergies. In election specifics, if you allow me, we'd like really to be there for a couple of months, so we anticipate that in our upcoming second quarter analyst call, we're going to give you details in relation to synergies that we intend to implement and provide the necessary details that you need also for your models.

謝謝你，Philip，問得很好。我先說，我們的整合團隊從盡職調查階段就已經開始運作；一旦我們簽署 SPA（股權購買協議），我們就準備好進場，從第一天起就與 Keystone 的新同仁合作，而我們的團隊也已經在落實協同效益。至於更具體的細節，如果你允許的話，我們希望先在現場運作幾個月；因此我們預期在即將到來的第二季分析師電話會議上，會提供我們打算實施的協同效益細節，也會提供你建模所需的必要資訊。

Okay, that's helpful. Question for Larry.

好的，這很有幫助。接下來問 Larry 一個問題。

Impressive you reiterate the guidance, particularly margin expansion in a pretty inflationary backdrop. Can you remind us of at are some of the inflations that you could, see?

你們重申指引令人印象深刻，尤其是在相當通膨的背景下仍預期利潤率擴張。你能提醒我們有哪些通膨項目是你們可能會看到的嗎？

That could be impactful. I believe you've got pass-throughs for freight, which is helpful. And then certainly, on the pricing side, any update that you have out there in terms of the cement price increases, the ready-mix price increases, the average price increase that's out there for April. Do you need those price increases to stick to kind of offset inflation and drive the margin expansion you're calling for?

哪些可能會帶來影響。我相信你們在運費方面有轉嫁機制，這很有幫助。另外在定價方面，關於水泥漲價、預拌混凝土漲價，以及 4 月市場上平均漲幅，有沒有最新進展？你們是否需要這些漲價能夠落地，才能抵消通膨並推動你們所說的利潤率擴張？

Okay, I think we operate in a year where we're going to have some mixed environments, Phil. So, if you look at what we put into our own internal thinking on this, there'll be some zip code area differences on these kind of things. So we do see opportunities on both price and volume, depending on where we are. And beginning in April, in those markets where the markets were stronger beginning in April, we've begun to pass through some of those prices that we're talking about.

好的，我認為今年我們所處的環境會是混合型的，Phil。若看我們內部的思考，這類因素在不同地區（zip code）會有差異。因此我們在價格與銷量兩方面都看到機會，取決於我們所在的位置。從 4 月開始，在那些市場更強的地區，我們已開始轉嫁我們所談到的部分價格。

You mentioned pass-throughs on the cost side when you're talking. Around pricing, for example, sort of the cost element of that on the energy side. Those, as you recall, are not as significant for us as you might imagine. They're 8% of our total cost of sales. And with that, we have fuel flexibility when we talk about energy costs at our cement plants. I think we've described that a couple of times in terms of the multiple fuels that we are able to burn there and the increased use of alternative fuels through those same facilities.

你提到成本端的轉嫁，談到定價時，例如能源端的成本要素。你也記得，這對我們而言並沒有你想像中那麼重大；能源約占我們銷貨成本的 8%。此外，在水泥廠的能源成本方面，我們具備燃料彈性。我想我們之前也提過幾次，我們能夠使用多種燃料燃燒，並在同一套設施中提高替代燃料的使用比例。

We have implemented some capital projects. I think I described that in the last call as well, coming out of Q1 out of the outage in Roanoke. We have a different and more flexible burner system there. And in Florida, we've got an alternative fuels project that will enable us to bring further alternative fuels and bring down the cost in the further period, so in the beginning of Q2, Q3, for example.

我們也已實施一些資本專案。我想我在上一通電話會議也提到，第一季 Roanoke 停機檢修後，我們那裡採用了不同且更具彈性的燃燒器系統。在佛羅里達，我們有一個替代燃料專案，將使我們能導入更多替代燃料，並在後續期間降低成本，例如在第二季初、第三季等。

So, we're optimistic on that front. Now the pass-throughs you described, you're right, we have for the diesel fuel that we consume within our business, about two-thirds of that is used in the delivery of ready-mix concrete, about a third is used. Within the facilities themselves. One, obviously, has a direct opportunity for pass-through in the fuel surcharge. The other is reliant then on price improvement to cover that, to the extent that it continues. Every day brings different news. You saw today's news. Things may not be as grim as we had feared they may be in terms of longevity. So we'll take it day by day, but that's what's in our guidance.

所以在這方面我們是樂觀的。至於你提到的轉嫁，你說得對：我們業務中消耗的柴油燃料，大約三分之二用於預拌混凝土的配送，約三分之一用於廠內作業。其中一部分顯然可以透過燃料附加費直接轉嫁；另一部分則需仰賴價格改善來涵蓋，視其是否持續而定。每天都有不同消息。你也看到今天的新聞。就持續時間而言，情況可能不像我們先前擔心的那麼嚴峻。我們會一天一天看，但這就是我們指引中的假設。

That's helpful, Larry. Really appreciate it, guys.

這很有幫助，Larry。非常感謝，各位。

Thank you, Phil.

謝謝你，Phil。

Thank you. And we'll take our next question from Anna Schumacher with BNP Paris. Please go ahead. Your line is open.

謝謝。接下來我們的下一個問題來自 BNP Paris 的 Anna Schumacher。請開始，您的線路已開通。

Hi, everyone, and thanks for taking my questions. I have two.

大家好，謝謝讓我提問。我有兩個問題。

So firstly, on aggregates, how significant are your aggregate ambitions, and what makes Titan the partner of choice in this industry?

第一個是關於骨材：你們在骨材方面的企圖心有多大？以及是什麼讓 Titan 成為這個產業中首選的合作夥伴？

And secondly, again, on cement, has there been any change in the cement import situation this year? Are they still disruptive in either of your markets? And if you can share your pricing expectations for 26, that would be great. Thanks.

第二個同樣是關於水泥：今年水泥進口的情況是否有任何變化？在你們任一市場中，進口是否仍具干擾性？另外，如果你們能分享對 26 年的定價預期就太好了。謝謝。

Yeah, I think on the aggregates question, you'll see, obviously, in our public documents, we are a well-positioned aggregate producer in some of our markets. We have ambitions to be bigger in some of our markets as well. But when you look at Florida, we are a good participant down there with good cost structure in our facility in the Pazuco location, for example. I think Corkscrew is the one over on the West Coast for us. So we see good opportunity for there. On the other calls, Anna, we may have described, maybe perhaps you didn't have a chance to listen in, but on some of the other calls, we've described some of the additional opportunities that we have. Taking advantage of newer mining technologies to bring some product up, liberated from what was remnant mining in effect from periods gone by. So that's a good opportunity for us, we're investing to be able to do that. I think with respect to cement imports, and sorry, just as a follow-up comment here on Keystone as well, we have good opportunities in Keystone, as Bill was describing before. Going into that new market, but our teams are just getting oriented around that location this week.

好的，關於骨材的問題，你會在我們公開文件中看到，我們在部分市場是具備良好定位的骨材生產商。我們也有企圖在部分市場做得更大。以佛羅里達來看，我們在那裡是很好的參與者，例如在 Pazuco 位置的設施具備良好的成本結構。我想 Corkscrew 是我們在西岸那邊的據點。因此我們看到那裡有不錯的機會。Anna，在其他電話會議中我們可能也提過——也許你沒有機會收聽——我們還有一些額外機會：利用較新的採礦技術，把過去時期遺留、近似於殘餘式開採的礦源釋放出來形成產品。這對我們是個好機會，我們也正在投資以做到這點。至於水泥進口，抱歉，另外補充一點關於 Keystone：如 Bill 先前所說，我們在 Keystone 也有很好的機會，進入那個新市場；不過我們的團隊本週才剛開始熟悉那個據點。

Now, when we go back to the cement imports you described, I think if your question was around patterns of cement imports, I think one of the challenges we are. Going to face is some of the ocean freight, perhaps some of the war impact has had some delays on some of the loading of ships at some of the location points. And some of that disruption perhaps coming in and the volatility perhaps in ocean freight is something that we have on our radar screen, so we are looking at that. But generally, the imports strategy is no different than it was in the past. We have a flexible import model where we combine this local production that we have combined with the imports to give us the. To market through our internal and external customers. That's the plan.

現在，回到你所描述的水泥進口情況，我想如果你的問題是關於水泥進口的模式，我認為我們將面臨的一個挑戰是海運運費的一些因素；也許戰爭的影響導致在某些地點的船舶裝載出現延誤。這些干擾可能正在發生，而海運運費的波動性也是我們關注的重點之一，所以我們正在觀察並評估。不過整體而言，進口策略與過去並無不同。我們採用彈性的進口模式，將我們的本地生產與進口相結合，透過我們的內部與外部客戶把產品推向市場。這就是計畫。

Thank you.

謝謝。

Thank you. And we'll take our next question from Wesley Brooks with HSBC. Please go ahead.

謝謝。接下來我們將請匯豐（HSBC）的 Wesley Brooks 提問。請開始。

Wesley, we cannot hear you very well.

Wesley，我們聽不太清楚你的聲音。

Sorry, I'll try to talk louder.

抱歉，我會試著講大聲一點。

So, a couple questions from me. I guess first one just coming back to Keystone. Just looking at that revenue number, 90, what's it, 97 million. In revenue on almost a million tons of clinker, it just seems like a very low realized price. So, I wondered if, is this because they just sell the clinker? I'm interested to understand that. I mean, you're making, what, $160 a ton in your mid-Atlantic region. So, can you help us understand what's going on there and is that a big part of the opportunity that they're just not doing something?

我有幾個問題。第一個是回到 Keystone。看那個營收數字，90——是 9,700 萬美元嗎？在接近 100 萬噸熟料的營收上，看起來實現價格非常低。所以我想知道，這是因為他們只賣熟料嗎？我想了解一下。我的意思是，你們在大西洋中部地區每噸大概賣 160 美元。所以你們能幫我們理解那邊發生了什麼嗎？以及這是否是機會的一大部分——也就是他們只是沒有做某些事情？

The key issue here, Wesley, is not -- the clinker capacity is one thing. The important element is the reliability at which these assets are being run and also certain limitations that reduce capacity utilization. And that's a great opportunity for us to improve capacity utilization and therefore have a bigger output and more reliable output, which will allow us to. Increased topline, and of course, on the other side, as we mentioned, address unit costs and improved margins. So, the roughly 1 million tons in capacity of clinker that we mentioned doesn't mean that actually this plant operates at this rate.

Wesley，這裡的關鍵問題不是——熟料產能是一回事。更重要的因素是這些資產的運轉可靠性，以及一些會降低產能利用率的限制。而這正是我們提升產能利用率、因此取得更大且更穩定產出的絕佳機會；這將使我們能夠提高營收，當然另一方面，如我們提到的，也能處理單位成本並改善利潤率。所以，我們提到的大約 100 萬噸熟料產能，並不代表這座工廠實際上就以這個水準運轉。

Yeah, that makes sense. Okay.

是的，這樣就說得通了。好的。

And then I guess, yeah, my next question here, following up again on the energy costs. As you say, you have alternative options for fuel, but the broader market, I think, has a higher exposure to energy costs, in cement production. So, I'm wondering, is this something that you think could be an impetus for further pricing actions. That maybe are more sustainable. I mean, if we think of what happened during the pandemic, we had a lot of cost inflation. You guys, I mean, that was really a positive for the market and for margins for cement players for a longer-term. Is this something that could be similar or do you think the market is broadly looking at more short-term, as you say, kind of surcharges and things like that?

接著我下一個問題是，延續能源成本。正如你所說，你們有替代燃料選項，但我認為整體市場在水泥生產上對能源成本的曝險更高。所以我想問，這是否可能成為進一步採取定價行動的推力，而且可能更具可持續性。我的意思是，如果回想疫情期間，我們有很多成本通膨。你們——那對市場以及水泥業者的利潤率在更長期其實是正面的。這次是否可能類似？還是你認為市場整體上更偏向短期的作法，如你所說的各種附加費之類？

As we mentioned, our margin expansion and our results incorporate both our strong execution in the marketplace, capitalizing on positive trends in infrastructure and private commercial like data centers, logistic infrastructure, manufacturing, reshoring, power assets, hospitals, water systems, elements like this. But also, a good part was our operational excellence and our ability to manage costs, including energy and fuels. Now, to your broad question whether this is an opportunity, clearly, the industry is faced with tremendous inflationary pressure, which clearly necessitate a price increase in the market in order to face these pressures, independent of what we do internally in order to manage it.

如我們提到的，我們的利潤率擴張與業績，既包含我們在市場端的強勁執行力——把握基礎建設與民間商用（例如資料中心、物流基礎設施、製造業、回流設廠、電力資產、醫院、水系統等）這些正向趨勢——也有相當一部分來自我們的營運卓越，以及我們管理成本（包括能源與燃料）的能力。至於你更宏觀的問題：這是否是一個機會？很明顯，整個產業正面臨巨大的通膨壓力，這顯然需要市場端的價格上調來因應這些壓力，這與我們內部如何管理成本是獨立的。

So, you're right. This environment, this backdrop against which we operate necessitates price increases. That's why Larry mentioned that we coming into the high season now as of April, we implement price increases that were delayed in the first quarter, especially in the areas where we see growth momentum. And in the other areas, of course, trying to capitalize on the supply and demand situation.

所以你說得對。我們所處的這個環境、這個營運背景，確實需要漲價。這也是為什麼 Larry 提到，我們在 4 月進入旺季時，會實施第一季延後的漲價，特別是在我們看到成長動能的區域；而在其他區域，當然也會嘗試把握供需狀況。

Thanks very much, guys.

非常感謝，各位。

Congrats on a good quarter and a rough market.

恭喜在艱難市場中交出一個不錯的季度成績。

Thank you, Wesley. All the best.

謝謝你，Wesley。祝一切順利。

Thank you. And we'll take our next question from Brian Brophy with BofA Securities. Please go ahead, your line is open.

謝謝。接下來我們將請美銀證券（BofA Securities）的 Brian Brophy 提問。請開始，你的線路已開通。

Yeah, thanks. Good morning, everybody. Thanks for taking the question. Just thoughts or intentions you guys have on potentially building out downstream assets around Keystone? Any color there? Thanks.

好的，謝謝。各位早安，謝謝讓我提問。想請教你們對於在 Keystone 周邊可能建置下游資產，有什麼想法或意圖？能否提供一些說明？謝謝。

Okay, I think what we've said, Brian, is we have existing assets in the area. So, if you look at our broader business in the Mid-Atlantic.

好的，Brian，我想我們說過的是，我們在該區域已有既有資產。所以如果你看我們在大西洋中部更廣泛的業務。

We have the fly ash businesses, where some of the same customers are called upon by our current fly ash business, as is Keystone serving on the cement side. We have now this ability to integrate and provide this book ended. Sourcing points that we described for the Mid-Atlantic and Florida, the rest of the Mid-Atlantic and Florida, with the Essex Import Terminal providing backstop reliability for Keystone as well, right? So, this is a nice additional synergy that we get there. I think that the thing that we said in the document is we have nearby to this plant just as close to this Toronto. Our Northern Virginia Ready Mix business, which is a big part of our Ready-Mix portfolio in the Mid-Atlantic, and that integrates nicely by itself with the acquisition that we have.

我們有飛灰業務，其中一些客戶與我們目前飛灰業務所服務的客戶相同，而 Keystone 在水泥端也服務這些客戶。現在我們有能力整合，並提供我們所描述的大西洋中部與佛羅里達的「兩端」供應點；而 Essex 進口碼頭也能為 Keystone 提供後備的可靠性，對吧？因此這是一個很好的額外綜效。我想我們在文件中也提到，離這座工廠不遠——就像靠近多倫多一樣近——我們在北維吉尼亞的預拌混凝土（Ready Mix）業務，是我們在大西洋中部預拌混凝土組合中的重要部分，並且能與我們這次收購本身很好地整合。

I think we've said we'll integrate where we think it makes sense. And this is something that would be considered.

我想我們也說過，我們會在認為合理的地方進行整合。這會是我們會考慮的事情。

And it's a good question, Brian. I mean, like Larry mentioned, of course, we're going to capitalize and serve most likely from Keystone because it's better logistics and therefore a better opportunity to serve our customers in North Virginia and Washington, D.C. From that side. So, there's going to be an immediate integrated model served from Keystone.

而且這是個好問題，Brian。我的意思是，如 Larry 提到的，當然我們很可能會從 Keystone 供應，因為物流更好，因此能更好地服務北維吉尼亞與華盛頓特區的客戶，從這個角度看是更好的機會。所以會有一個立即的整合模式，由 Keystone 來供應。

We have strong positions with downstream customers in New York and New Jersey, and our Keystone business unit, our Keystone colleagues have built strong relationships in Pennsylvania and Ohio. We have also positions there with our Fly Ash. So, our first priority will be to capitalize on our upstream integration with now cement, aggregates and fly ash, a different type of offering as compared to Keyston alone and capitalize on this virtual integration as we have with long-term relationships from our Keyston colleagues. With downstream customers. So our first step will be to enhance our relationship with these customers, to offer them more products and more solutions, and create as a first step this virtual integration.

我們在紐約與新澤西的下游客戶方面有很強的布局，而我們的 Keystone 事業單位、Keystone 的同仁在賓夕法尼亞與俄亥俄建立了穩固的關係。我們在那裡也透過飛灰有布局。因此，我們的首要任務將是把握我們的上游整合——現在涵蓋水泥、骨材與飛灰——相較於 Keystone 單獨提供的產品，這是一種不同的供應組合；並且利用 Keystone 同仁與下游客戶的長期關係來推動這種「虛擬整合」。所以第一步將是強化我們與這些客戶的關係，為他們提供更多產品與更多解決方案，並以此作為第一步建立這種虛擬整合。

Yeah, thanks, that's really helpful.

好的，謝謝，這真的很有幫助。

And then just as kind of a follow-up. Do you guys have any sense yet for how much CapEx is needed to execute on the synergies discussed for Keystone, or do you just have a general sense for the capital intensity of executing on some of these? Thanks.

再追問一下。你們目前是否已經大致了解，為了實現 Keystone 所討論的綜效需要多少資本支出（CapEx）？或者你們只是對執行這些事項的資本密集度有一個概略的感覺？謝謝。

We have a good understanding that we developed through the due diligence and also the phase between the SPA and finally closing and detailed plans. As I mentioned, we will come with more details in our second quarter call. So that you have more granularity. We want to take advantage of this and the next month to go deeper in our plans and provide more details.

我們透過盡職調查，以及從 SPA 簽署到最終交割之間的階段與更詳細的規劃，已建立了良好的理解。如我提到的，我們會在第二季電話會議上提供更多細節，讓你們有更細的資訊。我們想利用接下來這段時間與下個月更深入完善計畫，並提供更多細節。

But I can say that as a general comment that we don't expect high capital intensity in relation to our investments. We have the waste and the combination between the existing assets that we have and the assets from Keystone. To synergize, so we don't expect high capital investments in order to deliver the synergies.

但我可以作為一般性的評論：就我們的投資而言，我們不預期會有很高的資本密集度。我們有廢棄物（waste）以及我們既有資產與 Keystone 資產之間的組合來產生綜效，因此我們不預期為了實現綜效需要很高的資本投入。

Understood. That's very helpful. I'll pass it on.

了解。這很有幫助。我就不再占用時間了。

Thank you.

謝謝。

Okay, Brian, thank you so much. Enjoy your day. Erica.

好的，Brian，非常感謝。祝你今天愉快。Erica。

Yes, at this time, we have no further questions. I'd like to turn it back over to Bill Zarkalis for any closing remarks.

是的，目前我們沒有其他問題。我想把時間交回給 Bill Zarkalis，請他做結語。

Thank you, Erica, and thank you all for your time today.

謝謝你，Erica，也謝謝各位今天撥冗參與。

We appreciate your interest in Titan America and look forward to our day with you on our progress on our second-quarter call. Thank you for joining and have a great day ahead. All the best.

我們感謝各位對 Titan America 的關注，也期待在第二季電話會議上向各位更新我們的進展。感謝加入，祝各位接下來一天愉快。一切順利。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。我們感謝各位的時間與參與。您現在可以斷線。