Ternium SA (TX) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen, and thank you for standing by. My name is Kelvin, and I will be a conference operator today. At this time, I would like to welcome everyone to Turing's 3rd quarter of 2025 results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, please press one again.

女士們、先生們，早安，感謝你們的耐心等待。我叫凱爾文，今天我將擔任會議接線生。此時此刻，我謹代表圖靈公司歡迎各位參加 2025 年第三季業績電話會議。所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。在此期間，如果您想提問，只需按下星號鍵，然後按下電話鍵盤上的數字 1 即可。如果您想撤回您的問題，請再按 1。

Thank you. I would now like to turn the call over to Sebastian Marty. Please go ahead.

謝謝。現在我想把電話交給塞巴斯蒂安·馬蒂。請繼續。

Good morning and thank you for joining us. My name is Sebastian Marti and I'm turning to Global IR and comply as our senior director.

早安，感謝各位的參與。我叫塞巴斯蒂安·馬蒂，我目前擔任全球投資者關係與合規部門的高級總監。

Yesterday we announced our financial results for the 3rd quarter and 19 months of 2025. This call is meant to provide additional context to that presentation. I'm joined today by Maximoroa, Turing's Chief Executive Officer, and Pablouricio, the company's Chief Financial Officer, who will discuss turning's business environment and performance.

昨天我們公佈了2025年第三季和前19個月的財務表現。本次通話旨在為此簡報提供更多背景資訊。今天，圖靈公司的執行長 Maximoroa 和財務長 Pablouricio 將與我一起探討圖靈的商業環境和績效。

After our prepared remarks, we will open up the floor to your questions.

在我們發言完畢後，我們將開放提問環節。

Before we begin, I would like to remind you that this conference call contains forward-looking information and that actual results may vary from those expressed or implied. Factors that could affect results are contained in our filings with the Securities and Exchange Commission and on page 2 in today's webcast presentation.

在會議開始之前，我想提醒各位，本次電話會議包含前瞻性訊息，實際結果可能與明示或暗示的結果有所不同。可能影響績效的因素已載入我們向美國證券交易委員會提交的文件以及今天網路直播簡報的第 2 頁。

You will also find any reference to non-IFRS financial measures reconciled to the most directly comparable IFRS measures in the press release issued yesterday.

您也可以在昨天發布的新聞稿中找到所有提及的非 IFRS 財務指標與最直接可比較的 IFRS 指標的對照表。

Good morning and thank you all for joining our quarterly conference call. In the 3rd quarter of the year, continued to improve its performance. We saw an increase in ADA.

早安，感謝各位參加我們的季度電話會議。第三季度，業績持續提升。我們發現 ADA 值有所上升。

Driven mainly by a decreasing cost per ton, supported by the continued execution of Tim's competitiveness plan. Our cash generation remains strong. With operating activities contributing over half a billion dollars during the quarter. Additionally, Terian's board of directors declared an interim dividend of $0.90 per ADS, which keeps the payment level the same as last year.

主要原因是每噸成本下降，而蒂姆的競爭力計劃的持續實施也為此提供了支持。我們的現金流依然強勁。本季經營活動貢獻了超過5億美元的收入。此外，Terian 董事會宣布派發每股 ADS 0.90 美元的中期股息，與去年的派息水準持平。

Meanwhile, the business environment continues to be marked by uncertainty, largely resulting from the ongoing changes in the US tariff framework.

同時，商業環境依然充滿不確定性，這主要是由於美國關稅框架的持續變化所造成的。

Within this environment, the US-Mexico trade agreement stands out as particularly significant for our business.

在這種環境下，美墨貿易協定對我們的業務而言顯得格外重要。

In recent weeks we have engaged in dialogue with stakeholders on both sides of the border.

最近幾週，我們與邊境兩側的利害關係人進行了對話。

This conversation has revealed support for policies that strengthen the USMCA framework and promote deeper regional integration.

這次對話表明，各方支持加強美墨加協定框架和促進更深層區域一體化的政策。

The fortress North America concept is gaining traction, highlighting the importance of deeper economic and industrial ties among the USMCA members. As trade negotiations progress, the focus remains on maintaining fair competition, addressing imbalances, and reinforcing rule of origin, all of which are important to ensure the long-term resilience and growth of the industry in the region.

「北美堡壘」概念正在獲得越來越多的支持，凸顯了美墨加協定成員國之間加強經濟和產業連結的重要性。隨著貿易談判的推進，重點仍然是維護公平競爭、解決不平衡問題以及加強原產地規則，所有這些對於確保該地區產業的長期韌性和成長至關重要。

Along these lines, the first formal steps have already been taken for the Plant USMCA review, which consultations launched to obtain feedback on the agreement from interest bodies.

依照這些思路，美墨加協定植物保護審查的第一步已經正式啟動，相關諮詢已展開，旨在從利害關係人獲得對該協定的回饋。

In Mexico and resulting from US trade policies has had a significant impact on steel demand during 2025, recognizing the challenges created at this period of trade volatility, the Mexican government is prioritizing efforts to fortify the country's value chain, aiming to promote greater self-sufficiency and resilience against external. Competitive pressures. These incentives are closely aligned with US priorities.

受美國貿易政策的影響，墨西哥的鋼鐵需求在 2025 年受到了顯著影響。鑑於貿易波動帶來的挑戰，墨西哥政府正優先致力於加強該國的價值鏈，旨在提高自給自足能力和抵禦外部衝擊的能力。競爭壓力。這些激勵措施與美國的優先事項密切相關。

Throughout 2025, the Mexican government has taken a proactive stand by launching issues such as the Plan Mexico, implementing targeted measures to counter unfair competition from certain Asian countries and imposing tariffs on imports from nation without a trade agreement with Mexico. For example, in September, a proposal was published to increase tariffs on close to 1,500 categories including steel and its.

2025 年全年，墨西哥政府採取了積極主動的立場，推出了「墨西哥計畫」等項目，實施了有針對性的措施來對抗來自某些亞洲國家的不公平競爭，並對來自與墨西哥沒有貿易協定的國家的進口商品徵收關稅。例如，9 月公佈了一項提案，擬提高近 1500 個類別的關稅，其中包括鋼鐵及其製品。

Derivatives for imports originating from countries without a trade agreement, it is expected that tariffs on steel currently at 25% and its products, auto parts, engines and will rise to 35%.

對於來自沒有貿易協定的國家的進口衍生品，預計目前為 25% 的鋼鐵及其製品、汽車零件、發動機的關稅將提高到 35%。

In the case of light vehicles, the tariffs is expected to increase to 50% versus the current 20%.

對於輕型車輛，關稅預計將從目前的 20% 提高到 50%。

A ruling is expected in November following the approval of the final proposal for the tariff increase.

在最終關稅上調方案獲得批准後，預計11月做出裁決。

These efforts are primarily aimed at increasing local value adding, promoting more resilient North America supply chains, and reducing reliance on imports from Asia. We strongly support these policies, and they are vital for the region's economic development and for the continuous growth of the steel industry.

這些努力主要旨在提高本地附加價值，促進更具韌性的北美供應鏈，並減少對亞洲進口的依賴。我們堅決支持這些政策，它們對該地區經濟發展和鋼鐵業的持續成長至關重要。

In Brazil, industrial activity continues to expand even in the face of high interest rates.

在巴西，即使利率居高不下，工業活動仍持續擴張。

The overall steel environment remains healthy with expectation of 5% growth in apparent steel demand in 2025.

整體鋼鐵市場環境仍健康，預計2025年鋼鐵表觀需求將成長5%。

In addition, our ongoing efforts to increase the efficiency of our operations in the country are yielding positive results with continued decrease in cost per ton, but still, the Brazilian market continues to face a high level of unfairly trade imports primarily from China.

此外，我們不斷努力提高在巴西的營運效率，並取得了積極的成果，每噸成本持續下降，但巴西市場仍面臨大量不公平貿易進口，主要來自中國。

In the 1st 9 months of 2025, imports of finished steel products rose by 33% in Brazil, as excess production from China flows to international markets. Unlike the United States, Europe, or Mexico, Brazil still lacks effective trade defense mechanisms. It is crucial that ongoing anti-dumping investigations conclude with the imposition of duty, whether preliminary or final, on on the relevant.

2025 年頭 9 個月，巴西成品鋼材進口量增加了 33%，因為中國過剩的鋼材產量流入了國際市場。與美國、歐洲或墨西哥不同，巴西仍缺乏有效的貿易防禦機制。至關重要的是，正在進行的反傾銷調查必須以對相關對象徵收關稅（無論是初步關稅還是最終關稅）而告終。

Under review to address these challenges and defend the domestic industry.

正在審查以應對這些挑戰並捍衛國內產業。

Staring to Argentina after a period of growth, activity and growth steel value chain leveled off due to increased uncertainty.

阿根廷鋼鐵價值鏈在經歷了一段增長期後，由於不確定性增加，其活動和成長趨於平穩。

Leading up to the midterm elections, now that the elections are behind us, I am optimistic that Argentina may be entering a period of structural reforms, paving the way for significant growth opportunities across steel value chains. This is especially true in the country's most dynamic sectors like agriculture, mining, and oil and gas.

在中期選舉之前，現在選舉已經結束，我對阿根廷可能正在進入結構性改革時期持樂觀態度，這將為鋼鐵價值鏈帶來巨大的成長機會。在農業、採礦、石油和天然氣等國家最具活力的產業，這種情況尤其如此。

Before moving on, I am pleased to share that this quarter will receive the Stele Award for excellence in sustainability from the World Steel Association. This award recognizestonium's wind of Change project, our first renewable energy initiative in Argentina. The wind farm now provides approximately 90% of our externally sourced electricity in the country. Significant reducing our environmental footprint and delivering considerable cost savings.

在繼續之前，我很高興地宣布，本季度將獲得世界鋼鐵協會頒發的“Stele獎”，以表彰其在可持續發展方面的卓越表現。該獎項旨在表彰stonium的「變革之風」項目，這是我們在阿根廷的第一個可再生能源項目。該風電場目前提供了我國約 90% 的外部電力。大幅減少我們的環境足跡，並實現可觀的成本節約。

To sum up, the US transformation of the global trade framework has brought significant challenges, but these adjustments are necessary in light of aggressive trade practice by China and Asian and other Asian countries. To navigate the environment in global trade environment, evolving global trade environment, sorry. We are focused on strengthening our market position through ongoing optimization and cost reduction. This effort ensure Tamils remain resilient.

總而言之，美國對全球貿易框架的改造帶來了重大挑戰，但鑑於中國、亞洲國家以及其他亞洲國家的激進貿易行為，這些調整是必要的。為了在全球貿易環境、不斷變化的全球貿易環境中生存，抱歉。我們致力於透過持續優化和降低成本來鞏固我們的市場地位。這項努力旨在確保泰米爾人保持韌性。

Efficient and able to deliver sustainable value to stakeholders while adapting to change and pursuing growth.

高效且能夠為利害關係人創造永續價值，同時適應變化並追求成長。

Thank you very much for your continued support.

非常感謝您一直以來的支持。

Okay, thanks, Maximo, and thanks everybody for sharing today this with us.

好的，謝謝 Maximo，也謝謝大家今天和我們分享這些內容。

Let me review our operational and financial performance following the webcast presentation.

在網路直播演示之後，讓我回顧一下我們的營運和財務表現。

Beginning on page 3, adjusted the EDA increased sequentially in the 3rd quarter.

從第 3 頁開始，經調整的 EDA 在第三季環比成長。

Driven by improved margins. Looking ahead, we expect a slight decline in adjusting the BDA for the 4th quarter, primarily driven by the usual seasonal slowdown in shipment across all our markets.

利潤率提高是主要驅動因素。展望未來，我們預計第四季度 BDA 調整值將略有下降，主要原因是所有市場出貨量通常都會出現季節性放緩。

Adjusted the VDA margin should remain consistent with the previous quarter.

經調整後，VDA利潤率應與上一季保持一致。

As expected decreasing revenue per ton in Mexico and Argentina is projected to be largely offset by continued reduction in cost per ton.

正如預期的那樣，墨西哥和阿根廷每噸收入的下降預計將被每噸成本的持續下降基本抵消。

Let's move on to the next slide.

讓我們繼續看下一張投影片。

Our net result for the 3rd quarter of 2025 was a loss of 270 million. This figure reflects partly the 405 million non-cash loss related to the write down of the tax assets at UCI.

我們2025年第三季的淨虧損為2.7億。該數字部分反映了與加州大學爾灣分校稅務資產減損相關的 4.05 億非現金損失。

And secondly, a $32 million law related to the quarterly update of the value of a provision for ongoing litigation concerning our decision of state.

其次，一項價值 3,200 萬美元的法律與一項正在進行的訴訟準備金價值的季度更新有關，該訴訟涉及我們的州決定。

This was driven by interest and by the appreciation of the Brazilian royal in the court.

這是出於興趣以及巴西王室在宮廷中的讚賞。

Without these effects, net income would have been $167 million in the fourth quarter.

如果不考慮這些因素，第四季淨收入將達到 1.67 億美元。

And earnings for ADS would have been $0.73.

ADS的收益將為0.73美元。

You can also see that compared to the second quarter of 2025, the largest impact was related to the write down of the tax at and also to 143 million decrease in income tax results.

您還可以看到，與 2025 年第二季相比，最大的影響與稅收減記以及所得稅結果減少 1.43 億有關。

Mainly due to lower the tax result in the 3rd quarter was a significant gain in the second quarter driven by the appreciation of the Mexican peso against the US dollar.

第三季稅收業績下降的主要原因是第二季墨西哥比索對美元升值帶來的顯著收益。

Let's move to page 5 to review our segment performance.

讓我們翻到第 5 頁，回顧一下我們的細分市場表現。

Chile posted the most increase during the quarter, driven by growth in Mexico and Brazil. This was partially upset by lower volumes in other markets and somewhat in the southern region.

智利在本季增幅最大，主要得益於墨西哥和巴西的成長。其他市場銷量下降，以及南部地區銷量略有下降，在一定程度上影響了這一局面。

In other markets, weak achievements to the US were part upset by higher sales volume in other destinations.

在其他市場，對美國的疲軟業績部分被其他目的地更高的銷售所抵消。

Looking forward to the 4th quarter of 2025, the company anticipated a sequential reduction in achievements in Mexico in Mexico, influenced by software construction activity and the typical year-end seasonality.

展望 2025 年第四季度，該公司預計墨西哥的業績將環比下降，受到軟體建設活動和典型的年末季節性因素的影響。

In Brazil, despite persistent challenges from unfair trade steel imports, particularly for Asian producer, Yusseina continues to enhance in competitiveness through cost efficiency initiatives and operational improvements.

在巴西，儘管面臨來自不公平貿易鋼鐵進口（尤其是亞洲生產商）的持續挑戰，尤塞納仍透過成本效益措施和營運改善不斷提高競爭力。

These efforts are expected to result in a more favorable cost compared to the previous.

預計這些措施將帶來比以往更優惠的成本。

And in Argentina, we are positive about demand growth opportunities throughout the company's value chain.

在阿根廷，我們對公司整個價值鏈的需求成長機會持樂觀態度。

Coming now to pay 6, cash operating income in the city, segment continuing, mainly due to a margin increase.

現在支付 6，城市現金營業收入，該業務板塊持續成長，主要原因是利潤率提高。

Although there was a slight decrease in revenue per ton, this was more than upset by a lower cost per ton as a result of lower prices for raw materials and purchase loss, as well as ongoing efficiency improvements. On the following slide, they review the performance of our mining segments.

儘管每噸收入略有下降，但由於原材料價格下降、採購損失以及持續的效率提高，每噸成本降低，彌補了收入下降的影響。在下一張投影片中，他們回顧了我們採礦業務部門的表現。

Net declined quarter over quarter primarily due to slightly lower irons and a decrease in the.

淨利潤環比下降，主要原因是鐵礦石價格略有下降以及…減少。

Mostly due to an increase in cost per ton in La Cencias, one of our Mexican mining operations, as a result of a temporary decrease in production.

主要原因是由於我們在墨西哥的採礦作業之一 La Cencias 礦區產量暫時下降，導致每噸成本增加。

Looking forward, production levels in Mexico are expected to normalize in the 4th quarter.

展望未來，預計墨西哥的生產水準將在第四季度恢復正常。

Let's review now our cash flow and balance sheet performance on page 8. In the 3rd quarter, we had solid operating cash generation supported by a further reduction in working capital, largely attributable to lower unit costs in inventories. Capital expenditures peaked in the second quarter and total 711 in the 3rd quarter, reflecting our ongoing progress in developing new facilities at the Tuscaria Industrial Center in Mexico.

現在讓我們回顧一下第 8 頁的現金流量和資產負債表表現。第三季度，由於營運資本進一步減少，我們實現了穩健的營運現金流，這主要歸功於庫存單位成本的降低。資本支出在第二季達到峰值，第三季總計 711，這反映了我們在墨西哥 Tuscaria 工業中心開發新設施方面取得的持續進展。

Net cash position continues to decrease, decreasing in the third quarter, driven by the funding requirements associated with the ongoing expansion, together with the $114 million decrease in the fair value of Argentine securities as of the end of September.

淨現金部位持續下降，第三季進一步下降，主要原因是持續擴張帶來的資金需求，以及截至 9 月底阿根廷證券公允價值減少 1.14 億美元。

Which have since then been regained as of yesterday market prices.

截至昨日市場價格，這些價格已重新收復。

Let's now turn to the final slide where we will summarize our performance for the 9 months of the year.

現在讓我們來看看最後一頁投影片，我們將總結過去九個月的業績。

Adjusted the EDA decrease in the 1st 9 months of the year, mainly due to lower margin and shipments. The margin reduction was probably driven by lower prices, partially upset by improved cost performance.

調整了今年前 9 個月的 EDA 下降幅度，主要原因是利潤率和出貨量下降。利潤率下降可能是由於價格下降所致，但成本控制的改善在一定程度上抵消了這種影響。

We had a robust cash from operation in the period, both by working capital decrease and CapEx increase compared to last year as 2025 is a big year for the growth project.

本期經營活動現金流強勁，營運資金減少，資本支出增加，與去年相比，因為 2025 年是此成長項目的重要一年。

As a final remark, yesterday I of approval dividend of $0.90 per year and change from last year interim dividends.

最後，我昨天批准了每年 0.90 美元的股息，與去年的中期股息相比有所變化。

Together with the $1.80 for ADS, this brings the total distribution during 2025 to $2.70 for ADS, equivalent to a dividend yield of 7%.

加上每股 ADS 的 1.80 美元，2025 年 ADS 的總分配金額將達到 2.70 美元，相當於 7% 的股息殖利率。

This interim dividend will be paid on November 11th.

本次中期股利將於11月11日發放。

With this, I'm concluding my prepared remarks. We are now ready to take any questions that you may have, operator, please open the floor for the Cuban.

我的發言稿到此結束。現在我們準備好回答您可能提出的任何問題，接線員，請給古巴人一個提問的機會。

Ladies and gentlemen, we will now begin the question-and-answer session. I would like to remind everyone to ask a question. Please press the start button, followed by the number one on your telephone keypad. If you would like to withdraw your question, please press one again. One moment please for your first question.

女士們、先生們，現在開始問答環節。我想提醒大家，歡迎提問。請先按下開始鍵，再按下電話鍵盤上的數字 1。如果您想撤回您的問題，請再按 1。請稍等片刻，回答您的第一個問題。

Your first question comes from the line of Carlos de Alba of Morgan Stanley. Please go ahead.

你的第一個問題來自摩根士丹利的卡洛斯·德·阿爾巴。請繼續。

Yeah, good morning, Maximo Pablo.

是的，早上好，馬克西莫·巴勃羅。

Thank you for the opportunity.

謝謝您給我這個機會。

My two questions. One is, given the results of the elections, midterm elections in Argentina, what sort of strategic opportunities do you see in trying to make more efficient the the the Ownership structure of the company with potential stakes in CA or Argentina and Antonio Mexico.

我有兩個問題。鑑於阿根廷中期選舉的結果，您認為在提高公司所有權結構效率方面有哪些策略機會？該公司可能持有阿根廷和墨西哥的股份。

Yes, good morning, Carlos. I mean, I think the election doesn't change the project that we What you have, you remember that we We have an op we have an opportunity to know, we analyze simplifying the structure. It couldn't be done. We are not seeking that right now, but the things that can come online, but not because of the election. I think that the change in the election is that, well, we are going to left behind the noise of everything that will happen in the market in Argentina.

是的，早上好，卡洛斯。我的意思是，我認為選舉不會改變我們正在進行的項目。你還記得嗎？我們有一個機會，我們有機會了解，我們分析並簡化結構。這不可能做到。我們現在並不追求這一點，但有些事情可能會在網路上發生，但這並非因為選舉。我認為這次選舉帶來的改變是，我們將不再受阿根廷市場各種紛擾的影響。

I think with this election there are going to come structural reforms in Argentina that probably will make more competitive industry. I mean, Argentina is in need of these reforms, and I think we can see in the future a market, a growth in the market, but also a growth in the competitive in Argentina, which is what we need in Argentina. I think those are the changes of the election.

我認為這次選舉將為阿根廷帶來結構性改革，這可能會讓阿根廷的產業更具競爭力。我的意思是，阿根廷需要這些改革，我認為未來我們不僅能看到市場成長，還能看到阿根廷競爭力的提升，而這正是阿根廷所需要的。我認為這些都是選舉帶來的改變。

And then under what circumstances would you TRY that initiative that you that you presented in the past that didn't work to make the structure more efficient.

那麼，在什麼情況下你會嘗試你過去提出的、但並未奏效的、旨在提高組織效率的方案呢？

I think it doesn't depend on us. Remember that a good part of the share of Argentina is in the.

我認為這不取決於我們。記住，阿根廷的大部分份額都在…

So that's It doesn't depend on us to do that. I don't know Pablo, if you want to add anything else to that.

所以，這件事並不取決於我們去做。我不知道巴勃羅是否還有其他補充。

You know that we, as Maximum mentioned we have tried, in the past doing that, is, it's also as he mentioned, nothing that we can do at this moment. But this is a project that that continues to be in our mind. So if there is in the future an opportunity to move forward with this, it's something that we will take in consideration, it will require a full analysis on the process on the project, but it's clearly something that we may consider. I think that first of all, you need to see in order to start thinking about this kind of project.

你知道，正如Maximum所提到的，我們過去也嘗試過這樣做，但正如他所說，目前我們對此無能為力。但這個項目一直縈繞在我們心頭。所以，如果將來有機會推進這個項目，我們會認真考慮，這需要對專案流程進行全面分析，但這顯然是我們可能會考慮的事情。我認為首先，你需要先看到實物，才能開始考慮這類項目。

The reforms that the government will TRY to how these are evolving.

政府將嘗試進行的改革，以及這些改革的發展趨勢。

How are these evolving and the way they are approved in Congress. So with all of that behind that probably.

這些政策是如何演變的？它們又是如何獲得國會批准的？所以，很可能就是所有這些因素造成的。

Opportunities could appear to further analyze these projects. So again, a lot of things moving on in Argentina, we need to see this evolution is going on the positive direction and probably after that there will be a possibility to further analyze this project.

可能會出現進一步分析這些項目的機會。所以，阿根廷有很多事情正在發生，我們需要看到這種發展朝著正面的方向進行，之後或許才有機會進一步分析這個計畫。

Alright, great, thank you. And then my second question is related to what would, I mean, I know that you guys are talking to the government in Mexico and in the US. The Mexican government is still negotiating with the US government, but what would be terms planned or action planned if the US keeps the melt and pool conditions for still using products that are imported into the US?

好的，太好了，謝謝。我的第二個問題與…有關，我的意思是，我知道你們正在與墨西哥和美國的政府溝通。墨西哥政府仍在與美國政府進行談判，但如果美國繼續維持對進口產品的熔化和回收條件，那麼雙方計劃採取哪些措施或採取哪些行動？

Well, we are going to continue with the plan we already put forward. I mean, the new investment was exactly because of this. Remember, we have 2.5 million tons of flat products and not including long products there of Melttapo and with the new steel shop we were going to have 2.6% additional to that.

我們將繼續執行我們已經提出的計劃。我的意思是，這筆新的投資正是因為這個原因。請記住，我們有 250 萬噸扁平材產品，還不包括 Melttapo 的長材產品，而新的鋼鐵廠將使產量增加 2.6%。

So we are investing because I think that the melt and.

所以我們進行投資是因為我認為熔化和。

In some cases, as in the automotive industry is something that is going to stay or it can be increased. So that's why we made those huge investments, Carlos.

在某些情況下，例如汽車行業，某些東西要么會保持不變，要么可以增加。所以這就是我們進行巨額投資的原因，卡洛斯。

All right.

好的。

I understood that right now it has to be melt and in the US, not in Mexico doesn't.

我明白現在它必須融化，而美國不需要，墨西哥不需要。

Well, yeah, you're right about that.

嗯，你說得對。

That is not to pay. You're right, I misunderstand the question. I thought you were talking about the USMCA.

那不是要付錢。你說得對，我誤解了問題。我以為你說的是美墨加協定。

I mean, if the negotiation or looking forward that if we're going to have a USMCA, that has to change the. The vision of the path we see is that it has to be melt and pool in the region. It cannot be melt and pool only in the US.

我的意思是，如果談判或展望未來，如果我們要達成美墨加協定，那就必須做出改變。我們所看到的路徑願景是，它必須融化並彙聚在該地區。它不能只在美國融化和累積。

If we have to have a negotiation, you cannot have an agreement where you only have US melt and pool.

如果必須進行談判，就不能達成只涉及美國熔煉和池化的協議。

Got it. Okay, in the meantime, in the meantime, there are some customers of us.

知道了。好的，同時，我們還有一些客戶。

Probably your question also goes through that. There are some customers of us that are.

你的問題可能也牽涉到了這一點。我們有一些客戶是這樣的。

As you said, are, well, some, I don't know, some affections because of it, because there are some steel derivative products, and you said that if they are melt and poo in the US they have a discount in the tariffs they pay. Well, we are working with each of these customers for each of these products in particularly. To support their sales so that we don't lose any volume, but this is a temporary thing, I guess.

正如你所說，嗯，我不知道，因為有一些鋼鐵衍生產品，你說如果這些產品在美國熔化和加工，他們就可以享受關稅折扣。我們正在與每位客戶就每款產品進行具體合作。為了支持他們的銷售，以免我們損失任何銷量，但我想這只是暫時的。

Alright, excellent.

好的，太好了。

Thank you very much, Maximo and Paulo.

非常感謝Maximo和Paulo。

Thank you to you, Carlos.

謝謝你，卡洛斯。

Your next question comes from the line of Rich Emerson of Goldman Sachs. Please go ahead.

你的下一個問題來自高盛集團的里奇‧埃默森。請繼續。

Hello there, can you hear.

你好，你聽得到嗎？

Me?

我？

Yes, Rich.

是的，里奇。

Okay, good morning.

好的，早安。

Thank you, everyone. I have two questions. The first one looking at for outlook. I'd like to understand a little bit more on first the cash cost outlook. You guys mentioned that there are ongoing efficiencies in the operation, but could you please just break this down between the cash cost performance at.

謝謝大家。我有兩個問題。首先，展望未來。我想先了解現金成本前景。你們提到營運中一直在提高效率，但能否請你們具體分析一下現金成本績效方面的狀況？

And at Mexico and Argentina, so looking ahead, you guys expect cost to improve also in in the operations in Mexico and Argentina. So this is the first one, and the second one in terms of prices.

展望未來，你們預期墨西哥和阿根廷的營運成本也會有所改善。所以這是第一個，也是價格上第二個。

I understand that Mexico is undergoing a new activity in the construction segment.

據我了解，墨西哥的建築業正在蓬勃發展。

And but in Argentina continue to be subdued as well, so.

但在阿根廷，這種情緒也依然低落。

What can you guys share in terms of what can you expect on prices for Argentina and Mexico going forward? So this is the second point on the first question and just another point on CapEx.

各位能否分享一下對阿根廷和墨西哥未來物價走勢的預期？這是關於第一個問題的第二個要點，也是關於資本支出的另一個要點。

In this quarter there was a small decline, so just trying to understand if you guys still plan to reach the 2.5 billion for this year or indeed we should see lower CapEx for the year considering that.

本季略有下滑，所以我想了解你們是否仍然計劃今年達到 25 億美元的目標，或者考慮到這一點，我們是否應該看到今年的資本支出有所下降。

We saw this decline in in.

我們看到了這種下降趨勢。

That's it.

就是這樣。

Thank you.

謝謝。

Thank you, Rich. I start from the from the 3rd 1 I'm going up.

謝謝你，里奇。我從第三個開始，往上走。

CapEx. Yeah, we had said that second was the highest of all caps. It was around 800 billion. This cap this quarter is 7 million. Probably in the fourth quarter, the number we are seeing is around 600 million, putting the total CapEx of the year between 2.5 and 2.6 billion.

資本支出。是的，我們之前說過，第二個字母是全部大寫字母中最高的。大約是8000億。本季上限為700萬美元。預計第四季度該數字約為 6 億，使全年資本支出總額在 25 億至 26 億之間。

For 2026, CapEx will be probably $1.9 billion so probably every quarter will be around $500 million and in the 2027 probably will return to $1.11 billion. So as I said before, the peak of all this capE investments of all this capE plan was in the second quarter.

2026 年資本支出可能為 19 億美元，因此每季可能約為 5 億美元，而 2027 年可能會回升至 11.1 億美元。正如我之前所說，所有這些資本工程投資計畫的高峰出現在第二季。

But I hope I answered the third one with that. Second, you're talking about prices. Prices for the 4th quarter are going to have a little bit of a decrease in Mexico and Argentina, but only slightly, and some part of that is because of the mix. Remember, a 4th quarter is usually a low volume quarter and also the mix change a little bit. So, prices.

但我希望我已經回答了第三個問題。其次，你談到了價格。第四季度墨西哥和阿根廷的價格將略有下降，但降幅不大，部分原因是產品組合的變化。請記住，第四季度通常是銷量較低的季度，而且產品組合也會略有變化。那麼，價格方面呢？

When you see our prices in the 4th quarter could be a little bit low, but not very much.

您會發現我們第四季的價格可能會略低一些，但不會低很多。

Prices in the North American region are stable and prices in Mexico have coupled a little bit from the US, but we are not seeing any decrease and probably going to start seeing some increases in some of the sectors in Mexico late in the 4th quarter or early in the 1st quarter.

北美地區的價格保持穩定，墨西哥的價格與美國的價格略有相關，但我們沒有看到任何下降，而且可能會在第四季末或第一季初看到墨西哥某些行業的價格上漲。

And the first one, Pablo, yeah.

第一個是巴布羅，沒錯。

Perfect. I, let me TRY to answer your question by by dividing the cash cost from different.

完美的。讓我試著將現金成本從不同來源劃分出來來回答你的問題。

But before doing that, in a general view, you have seen that after marching during the 3rd quarter has increased in comparison to the 3rd, that was, somewhat spec and something that we announced during our last conference call and it was due to Two different things.

但在此之前，總的來說，你們已經看到，第三季度行軍之後，與第三季度相比有所增加，這在某種程度上是特殊情況，也是我們在上次電話會議上宣布的事情，這是由於兩件不同的事情造成的。

First of all, of course there was a reduction in raw material and purchase labs which are very important for our cost structure, but also there was the implementation of our cost reduction plans that is expected to be fully implemented by by the end of this year. So this is the two components of why we have been reducing costs. And if you split up between the different where we are, you have an increase of margins in Argentina, somewhat in in Mexico and in Brazil, take into consideration numbers that Yin presented to the market last week, you have seen also some some increase in gin. The expectation for the 4th quarter is. To further increase our reaction and if all things were equal, our margins should increase, but we know we have one question to you where you where you will see that our average price, both in the Mexican and the market will decline a little bit, but we will be able to sustain our margins. Market. That's why the outlook for the fourth quarter is for sustaining the BDA margin and more reduction in volumes, and that's where we will see our EDA. But all in all, we continue, we're expecting to continue to have better margins in the different regions where we operate and that will be clearly reflected in the cash cost.

首先，當然，原材料和採購實驗室的支出有所減少，這對我們的成本結構非常重要；此外，我們還實施了成本削減計劃，預計到今年年底將全面實施。這就是我們降低成本的兩個原因。如果將不同地區的利潤率分開來看，阿根廷的利潤率有所上升，墨西哥和巴西的利潤率也有所上升，考慮到尹上周向市場公佈的數據，你也會看到金酒的利潤率有所上升。第四季的預期是：為了進一步提高我們的反應速度，如果一切條件相同，我們的利潤率應該會提高，但我們知道我們有一個問題要問您，您會看到我們在墨西哥和市場上的平均價格都會略有下降，但我們將能夠維持我們的利潤率。市場。因此，第四季度的展望是維持 BDA 利潤率，並進一步降低銷量，而這正是我們將看到 EDA 的地方。但總的來說，我們預計在我們營運的各個地區將繼續獲得更好的利潤率，這將在現金成本中明顯反映出來。

All right, very clear.

好的，非常清楚。

Thank you very much.

非常感謝。

You're very welcome.

不用客氣。

Your next question comes from the line of Alfonso Salazar of Scotiabank. Please go ahead.

你的下一個問題來自加拿大豐業銀行的阿方索·薩拉查。請繼續。

Thank you and good day everyone.

謝謝大家，祝大家今天愉快。

I have two questions. The first one is regarding the outlook for the month in Mexico for 2026. I mean, we know that 2025 was very weak, and if you think that there is going to be a recovery in 2026, I would like to know what's going to drive that recovery. And more generally, what is the outlook in the view for in North America, we know that the situation with tariffs now with an extra 10%, it's very unclear what's going to happen with tariffs the next week and then one month from now. But if you can help us to understand first how the US has been sourcing all the steel that they need this year so far with the tariffs. And how how do you think it's going to be once you know the situation normalizes, let's say 2 years from now if we can think of a normalization of the steel trade situation that we are facing today, that would be very helpful. Any comments on that would be very helpful.

我有兩個問題。第一個問題是關於 2026 年墨西哥的月份展望。我的意思是，我們知道 2025 年經濟非常疲軟，如果你認為 2026 年會出現復甦，我想知道是什麼因素會推動這種復甦。更廣泛地說，北美地區的前景如何？我們知道，目前關稅增加了 10%，但接下來一週以及一個月後的關稅情況如何，目前還非常不清楚。但首先，如果您能幫助我們了解美國今年迄今為止在關稅政策下是如何購買所需鋼鐵的，那就太好了。那麼，您認為一旦情況恢復正常，比如說兩年後，情況會是怎麼樣的呢？如果我們能設想一下我們今天面臨的鋼鐵貿易狀況會如何正常化，那將非常有幫助。任何意見都將非常有幫助。

Thank you.

謝謝。

Good morning, Alfonso. I will TRY to make magic and answer the second question.

早安，阿方索。我會盡力施展魔法，回答第二個問題。

But first, the outlook of Mexico. Yeah, demand in Mexico in 2025 is not good, as you said.

但首先，我們來看看墨西哥的前景。是的，正如你所說，2025年墨西哥的需求並不樂觀。

Last week, I think the world still disclosed the the the the the SRO for the whole world and apparent consumption in Mexico. It's probably going to be down 10% in Mexico still apparent consumption, which is a very big number. What we are seeing for 2028 is a recovery in Mexico demand. We're still put this at 4%, but probably if the infrastructure, I mean part of that.

我認為上週，世界仍然揭露了全球範圍內的 SRO 以及墨西哥的明顯消費。墨西哥的表觀消費量可能仍會下降 10%，這是一個非常大的數字。我們預計2028年墨西哥需求將出現復甦。我們仍然將其定為 4%，但可能如果基礎設施，我的意思是其中的一部分。

Decrease in the apparent consumption in 2025 is due to, well, it's always in a new year from a government always infrastructure down. Infrastructure is down like 28% to 29% in the 1st 9 months of the year. So that's a huge number and it's still intensive. So this is going to grow next year. Construction will probably start growing again and The stabilization in the trade between the US and Mexico, I think that's something that is also a driver of improving demand or going back to the demand we have in 2024. So in the sense for Mexico, we are optimistic that demand is going to recover at least partially in 2026.

2025 年表觀消費量下降的原因是，嗯，每年的新年伊始，政府的基礎建設總是出現問題。今年前九個月，基礎建設下降了約 28% 至 29%。所以這是一個龐大的數字，而且強度仍然很大。所以明年這個數字還會成長。建築業可能會再次開始成長，而美國和墨西哥之間的貿易趨於穩定，我認為這也是推動需求改善或恢復到 2024 年需求水準的因素之一。因此，就墨西哥而言，我們樂觀地認為，到 2026 年，需求至少會部分復甦。

Outlook for the North America.

北美展望。

He said what is going to happen in 2 years and clearly I mean today imports in the US are decreasing. There are still some countries that are paying the tariff of 50% and shipping to the US, but in general imports are decreasing.

他說兩年後會發生什麼，很明顯，我的意思是現在美國的進口正在減少。雖然仍有一些國家支付 50% 的關稅向美國出口商品，但總體而言，進口量正在下降。

I think that At least in the region.

我認為至少在這個地區是這樣。

I am a Confident. I don't know if the confidence is the word, but I think that USMCA is going to be renegotiated and and in at least trade between the USMCA countries is going to be liberalized. I think that the US has a clear vision of that manufacturing industrialization has to come back to the region.

我自信滿滿。我不知道用「信心」這個詞是否恰當，但我認為美墨加協定將會重新談判，至少美墨加協定成員國之間的貿易將會自由化。我認為美國對製造業工業化必須回歸該地區有著清晰的認知。

And I think that including Mexico and Canada, but I'm speaking about Mexico, in this region of how to improve the industrialization in the region, I think it's a better outlook for everybody and everybody, I think, has the same vision.

我認為，包括墨西哥和加拿大在內，但我在這裡指的是墨西哥，在這個地區，如何改善該地區的工業化，我認為這對每個人來說都是一個更好的前景，而且我認為每個人對此都有相同的願景。

When is this going to happen? It's not clear, but The renegotiation, it's already started, so I guess that by the mid part of next year we are going to have an outlook of where this negotiation goes and how tariffs between the two countries starts diminishing. That's at least our vision.

這什麼時候會發生？目前還不清楚，但重新談判已經開始，所以我估計到明年年中，我們就能了解談判的走向以及兩國之間的關稅將如何開始降低。至少這是我們的願景。

I hope that I give some clarity.

我希望我的解釋能有所幫助。

Yeah.

是的。

Maybe just just to follow-up on what you mentioned. The fact that we already see some bottlenecks for this, reshoring of manufacturing, one of them certainly labor. The second one is energy, with data centers consuming so much energy, if you want to make more steel used in electric furnaces, that's also going to require a lot of.

也許只是想就你剛才提到的事做個後續說明。我們已經看到製造業回流過程中存在一些瓶頸，其中之一當然是勞動力。第二個問題是能源，資料中心消耗大量能源，如果你想生產更多電爐的鋼材，那也需要大量的能源。

Energy.

活力。

You're right.

你說得對。

Alfonso. That's why I think that a vision of a region more than only the US is what is in the best of everybody, including the US. I think Mexico can be a partner if it follows the rule of the USMCA, can be a very good partner to.

阿方索。這就是為什麼我認為，擁有超越美國本身的區域視野，才是包括美國在內的所有人的最佳品質。我認為，如果墨西哥遵守美墨加協定的規則，它就能成為非常好的合作夥伴。

Help with the vision the US has, and I think that's a common understanding of everybody.

幫助實現美國的願景，我認為這是大家的共識。

Well, thank you, Maximo.

謝謝你，馬克西莫。

Thank you.

謝謝。

The next question comes from the line of Alex hacking of City. Please go ahead.

下一個問題來自 Alex 入侵 City 的那條線索。請繼續。

Yeah, thanks. Good morning. I guess just following up on the trade point.

嗯，謝謝。早安.我只是想就貿易點做個後續說明。

Have any of your auto customers started to rebalance production back to the US and away from Mexico? Thanks.

您的汽車客戶中是否有人開始將生產重心從墨西哥轉移回美國？謝謝。

They didn't rebalance production.

他們沒有重新調整生產平衡。

Our discussion with our customers are how they, I mean, they are sourcing steel from the US. They are sourcing steel from us in Mexico, and they are also sourcing steel from some Asian countries, and we are discussing how to.

我們與客戶的討論重點是他們如何從美國購買鋼鐵。他們從我們在墨西哥的工廠採購鋼鐵，也從一些亞洲國家購買鋼鐵，我們正在討論如何採購。

If we are able to source that steel that they are bringing from Asian countries back to Mexico and so we have very good discussions with them trying to make a ramp up of that sourcing. I, from a broad point of view, I mean, the US consumes.

如果我們能夠從亞洲國家採購他們運回墨西哥的鋼鐵，我們與他們進行了非常好的討論，試圖擴大採購規模。從廣義上講，我的意思是，美國消費。

Somebody around 16 million units in light vehicles per year. They produce date 8 million and Mexico exports 2.5, 2.3, 2.5.

輕型車輛年產量約 1,600 萬輛。他們生產800萬個棗，墨西哥出口250萬個、230萬個、250萬個。

I mean, I understand that what the Trump administration is trying to accomplish is to increase that 8 million units, and I think that's possible, but I don't think that that this is going to be on.

我的意思是，我理解川普政府想要實現的目標是增加800萬輛的產量，我認為這是可能的，但我認為這不會實現。

Taking an account in Mexico production, probably it's going to take account or it's going to gain market share production in the US against other suppliers because you have to put that every car that is exported from Mexico to the US at least has between 35 and 45 US content. So in the instance of everybody, if you're going to produce more than in the US. You have to substitute imports of cars from outside the region and not from Mexico, so that's the vision I think everybody is looking to.

考慮到墨西哥的生產規模，它可能會在美國市場與其他供應商競爭，或者說獲得市場份額，因為必須指出的是，從墨西哥出口到美國的每一輛汽車至少有 35% 到 45% 的美國零件。所以，就每個人而言，如果你要生產的產量超過美國。你必須用來自該地區以外（而不是墨西哥）的進口汽車來替代進口汽車，所以我認為這就是每個人都在期待的願景。

I hope I did answer the question, Alex.

希望我的回答能幫助你，Alex。

Yeah, no, it's very clear and it makes sense. I guess the second question would just be, I've seen various.

是的，沒錯，這很清楚，也很有道理。我想第二個問題就是，我看過各種各樣的。

News reports about Mexico increasing their own steel tariffs.

新聞報道稱，墨西哥提高了本國鋼鐵關稅。

I guess what is the current proposal.

我想問目前的方案是什麼。

And what would be the timing of implementing any changes? Thanks.

那麼，實施任何變更的時間安排是什麼？謝謝。

Look, there are several initiatives in Mexico that are following in a sense also what the US, not because the US is asking, I think, but because this was a clear vision of this new administration. I think the new President before she was even elected and when she was already elected but not in office, said that the vision of the plan in Mexico was to I mean to increase value-added content in Mexico and in the region. So there's a lot of initiatives. There's one initiative that I said, I think in my initial remarks that there are almost 1,500 products that are already in Congress to increase tariffs. Those include those of steel and some steel derivatives from 25% to 35%. This should be approved in November.

你看，墨西哥的一些措施在某種程度上也在效法美國的做法，我認為這不是因為美國提出了要求，而是因為這是新政府的明確願景。我認為這位新總統在當選之前以及當選但尚未就職時都曾表示，墨西哥的計劃願景是提高墨西哥和該地區的增值含量。所以有很多舉措。我之前說過一項倡議，我認為在我最初的演講中，國會已經收到近 1500 項產品關稅上調提案。其中包括 25% 至 35% 的鋼鐵及一些鋼鐵衍生物。這項提案應該會在11月獲得批准。

And there are also other initiatives I know they're discussing to TRY to limit imports whenever it's possible to produce that in the region that's in the North American region.

我知道他們還在討論其他一些舉措，試圖盡可能限制進口，只要北美地區能夠生產這些產品即可。

Okay.

好的。

Thanks. And then I guess just one final one if I may.

謝謝。最後，如果可以的話，我想再問最後一個問題。

I mean I assume that would generally.

我的意思是，我假設通常情況下會是這樣。

Be in favor of sort of creating fortress North America for steel, where, Mexico, Canada, the US have steel import policies, tariff policies that are fairly aligned with each other, but then, relatively free trade amongst each other.

贊成在北美建立鋼鐵堡壘，讓墨西哥、加拿大和美國擁有大致一致的鋼鐵進口政策和關稅政策，同時彼此之間保持相對自由的貿易。

I assume that's something that tanium would generally be in favor of and would be quite positive for.

我猜想，坦尼姆通常會贊成這件事，並且會對此持相當積極的態度。

Yes, and I have been outspoken about that. So yes, I can say without any doubt. I think that each country has to have some differences because the production matrix of the countries are different, but I think it's early to say that we are in favor of a North American fortress and we are actively asking for that.

是的，我對此一直直言不諱。是的，我可以毫不猶豫地說。我認為每個國家都必須有一些差異，因為各國的生產結構不同，但我認為現在就說我們贊成建立北美堡壘並積極要求建立北美堡壘還為時過早。

Okay, thanks. Best of luck with everything.

好的，謝謝。祝你一切順利。

You're welcome, Alex.

別客氣，亞歷克斯。

Your next question comes from the line of Rafael Barcellos of Badesco BBI. Please go ahead.

你的下一個問題來自 Badesco BBI 的 Rafael Barcellos 家族。請繼續。

Hey, good morning. Thanks for taking my questions.

嘿，早安。謝謝您回答我的問題。

So first question, I'll say that over the past few years, you worked to simplify the overall shareholder structure of your subsidiaries, right? So I just wanted to understand how comfortable you are with the current structure across regions. Yeah, and the second question, if you could provide an update of the pescadia project, I mean, if you can go through, the expected startup CapEx, I mean after the recent CapEx revision, whether you are now comfortable with your estimate and given the overall market conditions, if there's any change in your commercial strategy for the project.

首先，我想問的是，在過去幾年裡，您一直致力於簡化子公司的整體股東結構，對嗎？所以我想了解一下您對目前各地區的組織架構是否滿意。是的，第二個問題，您能否提供一下佩斯卡迪亞計畫的最新進展？我的意思是，如果您可以介紹一下預期的啟動資本支出，也就是在最近的資本支出修訂之後，您現在是否對您的估算感到滿意？考慮到整體市場狀況，您的專案商業策略是否有任何變化？

Thank you.

謝謝。

Thank you, Rafael. I'll start with the second one, pescaria. I mean, the pescaria has several projects. The first one, the first part is the galvanize, the new galvanized line and the new PLTC and the cold rolling mill.

謝謝你，拉斐爾。我先從第二個說起，魚蛔蟲。我的意思是，這家漁場有好幾個項目。第一部分是鍍鋅，包括新的鍍鋅生產線、新的PLTC和冷軋機。

The galvanized line is going to start the running corp in December in time. We are going to start it in December and the PLTCM is going to start it in January. Remember this has They are very complicated lines, so the ramp up curve, it's not very, it's not short, but we are going to start production in December and we are going to start production in January, plus minus some days. And so, I mean, we are confident of that. The other product is the DRI and the EIF facility.

鍍鋅生產線將於12月按時投入運作。我們計劃在12月啟動，PLTCM計劃在1月啟動。請記住，這些生產線非常複雜，所以產能爬坡曲線並不短，但我們將在 12 月開始生產，1 月開始生產，前後會有幾天誤差。所以，我的意思是，我們對此充滿信心。另一種產品是直接還原鐵（DRI）和電子整合燃料（EIF）裝置。

That is going on time. I mean, we have on our budget that is going to start in the 4th quarter of 2026. If you see the site, I mean, it's impressive.

一切都在按時進行。我的意思是，我們的預算中有一項計劃將於 2026 年第四季開始實施。如果你看過那個網站，我的意思是，它確實令人印象深刻。

It's really worthwhile going to visit the site because It's clearly amazing and the tower and 140 m of the facility going direct to the EIF without any, I mean hot DRI, so we have a lot of efficiency in energy and today we have the same budget as we announced. I think it was $2.7 billion.

去現場參觀真的很有價值，因為它確實令人驚嘆，這座塔和140米高的設施直接連接到EIF，沒有任何熱直接再分配（DRI），所以我們的能源效率很高，而且今天我們的預算和我們宣布的一樣。我認為是27億美元。

We are in that budget, of course it's still one year. Until we start the production, but so far it's going very good.

當然，我們是按照預算執行的，而且還有一年的時間。直到正式投產，目前一切進展順利。

And then we have added the structure, Pablo.

然後我們又添加了結構，巴勃羅。

Yeah, hi, how are you? You know that we have been discussing this at length during many conference calls on our idea to simplify the corporate structure. So clearly we are not comfortable with the structure that we currently have. We think it would be a plus for you to simplify, but also, that it's not a simple proposition. It's not just a decision that from from one day to the other we can. We can achieve so we need to be very cautious on the message that we passed that clearly we are comfortable, clearly something that at some point we would like to simplify, but the process to do that is not straightforward and we will analyze and we will continue to analyze not only from an economic standpoint but also from a formal standpoint how we can achieve that. But again, I guess I will answer this question also from our point of view during this call. It's something that we keep in our in our shortlist of things to be done in the future. Nothing that we can do at this point, but it's something that we will TRY at some point to achieve.

你好，你好嗎？您知道，我們已經在多次電話會議上詳細討論過簡化公司結構的想法。顯然，我們對目前的組織結構並不滿意。我們認為簡化對您來說是件好事，但同時，這也不是件容易的事。這並非我們一朝一夕就能做出的決定。我們可以做到，所以我們需要非常謹慎地傳達我們顯然感到舒適的信息，顯然我們希望在某個時候簡化它，但實現這一目標的過程並不簡單，我們將分析並將繼續分析，不僅從經濟角度，而且從形式角度，看看我們如何才能實現這一目標。不過，我想我也會在這通電話中從我們的角度來回答這個問題。這是我們未來待辦事項清單上的一項。目前我們對此無能為力，但我們會盡力在某個時候實現這一目標。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Once again, ladies and gentlemen, to ask a question, please press one on your telephone keypad.

女士們、先生們，再次提醒大家，如需提問，請按下電話鍵盤上的 1。

Your next question will come from the line of Paian Candini of JPMorgan. Please go ahead.

你的下一個問題將來自摩根大通的 Paian Candini。請繼續。

Good morning everyone.

大家早安。

Thank you for having my questions. So I would just like to follow-up a little bit on the questions that my colleagues did, and the first one is a little bit about your expectations for 26. So I think there is like the magical number of EBITDA per ton that we all like always discuss $150 per ton.

感謝您提出我的問題。所以我想稍微補充一下我的同事們提出的問題，第一個問題是關於您對 26 的期望。所以我認為每噸 EBITDA 有一個神奇的數字，我們都喜歡討論這個數字，那就是每噸 150 美元。

And I would just like to understand if this is your expectation for next year.

我想了解一下，這是否也是您對明年的期望。

If not, what is the level that you guys have confident that you might deliver and what is the premises that you have been considering for this number? So is this include like anti-dumping structures for Brazil, or this is like base case that we are not going to have anything at Uzina's level. So just to understand a little bit, you're rationale here. And I think lastly we discussed like every earnings call a little bit on what is the update or the most recent update on Compactus if this is going to be like a project that you have on your pipelines for Uzimins for the coming year. I think the last update that we had is this is going to be discussed for 2026, but I would just like to understand if there is. Space or room for maybe a postponement since like we don't have the best environment right now in the market or if this is a priority since like it's an iron ore mining project. So thank you for having my questions.

如果不是，你們有信心達到的水平是多少？你們為這個數字考慮的前提條件是什麼？所以這是否包括針對巴西的反傾銷機制，還是說這代表我們不會有任何像烏齊納那樣等級的措施？所以，為了稍微理解一下，你的理由是什麼。最後，我想我們幾乎每次財報電話會議都會稍微討論一下 Compactus 的最新進展，或者說它是否會成為 Uzimins 明年的一個項目。我認為我們上次得到的最新消息是，這個問題將在 2026 年進行討論，但我只是想了解是否真的有此事。鑑於目前市場環境並非最佳，或許可以考慮推遲，或者如果這是一個優先事項，因為它是一個鐵礦石開採項目，那麼就應該考慮推遲。謝謝你提出我的問題。

With the compactors I think I said before in some of the conference, I mean the decision of the compactors, we don't have to take a decision until next year, I think it was mid or late.

關於壓路機，我想我之前在一些會議上說過，我的意思是壓路機的決定，我們不必在明年之前做出決定，我想應該是在年中或年末。

Next year, in the meantime, we are working on all the alternatives and we are asking the environmental permissions and we are going through the analysis of the projects. There are several alternatives now for the compactors, so we are analyzing the different alternatives. In the meantime, we are doing some work in Moussa where we are extending that it will be the lives of all the non-compactors in their feet, but so we have some more work to do or more time. In feeding usinias and selling the rest to the market. So I mean, again, we are analyzing different options, different plant structure for the compactors, different way of taking the iron ore out of of the mine, and probably we have an update by mid 2026.

明年，與此同時，我們正在研究所有替代方案，我們正在申請環境許可，並且我們正在對項目進行分析。現在壓路機有好幾種替代方案，所以我們正在分析不同的替代方案。同時，我們正在穆薩進行一些工作，延長所有非壓實車輛的使用壽命，但我們還有更多的工作要做，或者說還有更多的時間。一部分用於餵養烏西尼亞人，其餘的賣到市場。所以我的意思是，我們正在分析不同的方案，不同的壓實機工廠結構，不同的從礦山中取出鐵礦石的方法，我們可能會在 2026 年年中之前發布更新。

The first one, Pablo, the ratio. Yes, how are you? So.

第一個，巴布羅，比例。是的，你好嗎？所以。

You're right that this has been our target and in fact we have been above this number for a very long period of time.

你說得對，這確實是我們的目標，事實上，我們已經很長一段時間都高於這個數字了。

After the the increase of our participation inin as we mentioned that then you need to sum up both things and if you take into consideration what youinna comment last week in their own conference call, the margin that they presented was 7%.

正如我們之前提到的，隨著我們參與度的提高，你需要將這兩件事結合起來考慮。如果你考慮到你上週在他們自己的電話會議上發表的評論，他們提出的利潤率為 7%。

And if you take the margin, as I mentioned in answering the previous question of our operations in Argentina and Mexico, we are.

如果考慮到利潤率，正如我在回答上一個關於我們在阿根廷和墨西哥的業務的問題時提到的那樣，我們確實做到了。

Without this closer to 12% EDA margin, clearly it's something that we need to keep working. We very comment that we are expecting to increase our margins, marginally or some during the rest of this year 2025 and also you mentioned exactly the same, so.

如果無法達到接近 12% 的 EDA 利潤率，顯然我們需要繼續努力。我們非常贊同，我們預計在 2025 年剩餘的時間裡，我們的利潤率將略有提高，或者說有所增長，而您也提到了完全相同的情況，所以。

Of course we will not arrive to this number the rest of this year, meaning the 4th quarter of 2025.

當然，我們今年剩下的時間，也就是到 2025 年第四季度，是達不到這個數字的。

It will depend on many different things, the possibility of reaching that number during 2026. You mentioned some of them, the tariffs, the, some reduction of imports in Brazil, improvements.

2026年能否達到這個數字，取決於許多因素。你提到了其中一些，例如關稅、巴西進口減少以及一些改進措施。

On our side we are doing a lot of things.

我們這邊也做了很多事。

We are fully implementing our corporate action plans in order to sustain the reaction of our own cost, but at the very end also will depend on the scenario on the trade negotiations, the growth in the different markets where we are. It's very difficult for us, especially with the certainty related to the trade discussions.

我們正在全面實施公司行動計劃，以應對自身成本的反應，但最終結果也將取決於貿易談判的情況以及我們所在各個市場的成長。這對我們來說非常困難，尤其是在貿易談判前景不明朗的情況下。

To put a number today to 2026 EBITDA margins. Clearly we continue to have this as a goal.

讓我們來預測一下 2026 年的 EBITDA 利潤率。顯然，這仍然是我們的目標。

Clearly it's something that we will pursue. We are improving.

這顯然是我們會繼續努力的方向。我們正在進步。

We are entering into 2026 with a margin about 10%. The last one was 11%. And we will continue to work on the direction. So we are not that far for that goal. Clearly it's one target that we have, and we will keep working to achieve as much as we can during the rest of 2026.

我們以約 10% 的利潤率進入 2026 年。最後一次是11%。我們將繼續朝著這個方向努力。所以，我們離這個目標並不遙遠。很顯然，這是我們的目標之一，我們將繼續努力，在 2026 年剩餘的時間裡盡可能實現這個目標。

Thank you guys.

謝謝大家。

Thank you.

謝謝。

There are no further questions at this time, and with that, I will turn the call back to CEO. Please go ahead.

目前沒有其他問題了，接下來我將把電話轉回給執行長。請繼續。

Okay, thank you to all of you for participating in today's call. We really appreciate your insight and encourage you to share any feedback and have a great day. See you in 3 months.

好的，感謝各位參加今天的電話會議。我們非常感謝您的見解，並鼓勵您分享任何回饋意見，祝您有美好的一天。三個月後見。

Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。