Ardagh Metal Packaging SA (AMBP) 2026 Q1 法說會逐字稿

Welcome to the Ardagh Metal Packaging first-quarter 2026 results conference call. Today's conference is being recorded.

歡迎參加 Ardagh Metal Packaging 2026 年第一季業績電話會議。今天的會議將被錄音。

At this time, I'd like to turn the conference over to Stephen Lyons. Please go ahead, sir.

此刻，我想將會議交給 Stephen Lyons。先生，請開始。

Thank you, operator, and welcome everybody. Thank you for joining today for Ardagh Metal Packaging's first-quarter 2026 earnings call, which follows the earlier publication of AMP's earnings release first quarter. I'm joined today by Oliver Graham, AMP's Chief Executive Officer; and Stefan Schellinger, AMP's Chief Financial Officer.

謝謝，接線員，也歡迎各位。感謝各位今天參加 Ardagh Metal Packaging 2026 年第一季財報電話會議；本次會議是在稍早發布 AMP 第一季財報新聞稿之後召開。我今天與會的有 AMP 執行長 Oliver Graham，以及 AMP 財務長 Stefan Schellinger。

Before moving to your questions, we will first provide some introductory remarks around AMP's performance and outlook. AMP's earnings release and related materials for the Q1 can be found on AMP's website at ardaghmetalpackaging.com/investors.

在進入各位提問之前，我們將先就 AMP 的表現與展望提供一些開場說明。AMP 第一季的財報新聞稿及相關資料可於 AMP 官網 ardaghmetalpackaging.com/investors 查閱。

Remarks today will include certain forward-looking statements and include use of non-IFRS financial measures. Actual results could vary materially from such statements. Please review the details of AMP's forward-looking statements disclaimer and reconciliation of non-IFRS financial measures to IFRS financial measures in AMP's earnings release.

今天的發言將包含若干前瞻性陳述，並將使用非 IFRS 財務衡量指標。實際結果可能與該等陳述存在重大差異。請參閱 AMP 財報新聞稿中關於前瞻性陳述的免責聲明，以及非 IFRS 財務衡量指標與 IFRS 財務衡量指標之調節表的詳細資訊。

I will now turn the call over to Oliver Graham.

我現在把電話交給 Oliver Graham。

Thanks, Stephen. We're pleased to report strong Q1 results for AMP with adjusted EBITDA growth of 15% versus the prior year, significantly ahead of our guidance and demonstrating the resilience of our business. Beverage can sales declined by 1% versus the prior year quarter, in line with our expectations as we cycled strong prior year growth of 6% and due to the impact of contract resets in North America. Our adjusted EBITDA outperformance in the quarter was driven by Europe, which benefited from strong input cost recovery, including a favorable timing impact from the revaluation of freight cost-related hedging, as well as favorable volume mix effects.

謝謝，Stephen。我們很高興報告 AMP 第一季表現強勁，調整後 EBITDA 較去年同期成長 15%，顯著優於我們的指引，並展現我們業務的韌性。飲料罐銷量較去年同期下滑 1%，符合我們的預期，原因在於去年同期有 6% 的強勁成長基期，以及北美合約重置的影響。本季調整後 EBITDA 的超預期表現主要由歐洲帶動，受惠於強勁的投入成本回收，包括與運費成本相關避險重估所帶來的有利時點影響，以及有利的銷量組合效應。

Performance in the Americas was broadly in line with expectations. Brazil delivered strong results driven by above-market volume growth, which was offset by the impact of a more challenging operating environment in North America, where adverse weather conditions and aluminum supply chain disruptions drove higher operational costs. While this supply chain situation is improving, we do expect to see further impact into Q2.

美洲地區的表現大致符合預期。巴西在高於市場的銷量成長帶動下交出強勁成果，但被北美較具挑戰的營運環境所抵銷；北美因不利天候與鋁供應鏈中斷，導致營運成本上升。雖然供應鏈情況正在改善，但我們預期第二季仍會受到進一步影響。

The conflict in the Middle East did not have any material impact on our Q1 performance. AMP has no manufacturing operations in the Middle East and no significant direct supply chain exposure. We continue to monitor the geopolitical environment and the associated volatility and input costs, in particular, energy, freight, and certain direct materials. AMP's exposure to the recent increase in energy prices is small given our hedge positions for 2026 and beyond. However, we do anticipate some moderate input cost increases in the H2 as a result of the impact of the Middle East conflict on certain direct materials.

中東衝突對我們第一季表現並無任何重大影響。AMP 在中東沒有製造營運據點，也沒有顯著的直接供應鏈曝險。我們將持續監控地緣政治環境及其相關波動與投入成本，特別是能源、運輸與某些直接材料。鑑於我們在 2026 年及其後年度的避險部位，AMP 對近期能源價格上漲的曝險不大。然而，我們確實預期下半年（H2）因中東衝突對某些直接材料的影響，投入成本將出現一些溫和上升。

Now, looking at AMP's quarter-one results by segment: in Europe, Q1 revenue increased by 18% to $625 million or by 6% on a constant currency basis compared with the same period in 2025. This was due to favorable volume mix effects, including the impact of the IFRS 15 contract asset and the pass-through of higher input costs, including higher aluminum prices. Shipments declined by 1% for the quarter, which reflected the ramp-up of new contracts and the cycling of a strong prior year comparable of 5%.

接著按事業部別來看 AMP 第一季表現：在歐洲，第一季營收較 2025 年同期增加 18% 至 6.25 億美元；若以固定匯率計算則增加 6%。成長主因為有利的銷量組合效應（包括 IFRS 15 合約資產的影響），以及將較高投入成本（包括較高鋁價）轉嫁。第一季出貨量下滑 1%，反映新合約的爬坡，以及去年同期 5% 強勁成長的高基期。

We experienced good growth in carbonated soft drinks in the energy category and across our diverse range of smaller growing categories. Through this strong underlying growth in non-alcoholic categories, as well as our commercial actions and network enhancements, our portfolio saw a favorable mix shift in the period and good growth in specialty can volumes.

我們在碳酸飲料、能量飲料類別，以及多元且規模較小但成長中的類別均取得良好成長。透過非酒精類別的強勁基本面成長，加上我們的商業行動與產能網路強化，我們的產品組合在本期出現有利的組合轉移，並帶動特殊罐型（specialty can）出貨量良好成長。

First-quarter adjusted EBITDA in Europe increased by 53% versus the prior year to $75 million, strongly ahead of expectations. On a constant currency basis, adjusted EBITDA increased by 36%, principally due to higher input cost recovery and favorable volume mix, including the impact of the IFRS 15 contract asset, partly offset by higher operational and overhead costs. Our input cost recovery in the quarter benefited from a favorable timing impact from the revaluation of freight cost-related hedging.

歐洲第一季調整後 EBITDA 較去年同期增加 53% 至 7,500 萬美元，顯著優於預期。以固定匯率計算，調整後 EBITDA 增加 36%，主要受惠於更高的投入成本回收與有利的銷量組合（包括 IFRS 15 合約資產的影響），但部分被較高的營運與管理費用所抵銷。本季投入成本回收亦受惠於與運費成本相關避險重估所帶來的有利時點影響。

Regarding our direct energy exposure, AMP is well covered for its energy needs in 2026 and beyond. For 2026, we're over 85% covered for our energy requirements; for 2027, over 75%; and we're more than 60% covered for 2028.

就我們直接能源曝險而言，AMP 在 2026 年及其後年度的能源需求已有良好覆蓋。2026 年，我們的能源需求覆蓋率超過 85%；2027 年超過 75%；而 2028 年也已覆蓋超過 60%。

In 2026, in terms of volume growth, we reaffirm our expectation of around 3% in Europe. Capacity remains tight in the region, and we are therefore optimizing our network to better serve higher demand can sizes in faster-growing categories.

在 2026 年的銷量成長方面，我們重申對歐洲約 3% 的成長預期。該地區產能仍然吃緊，因此我們正優化產能網路，以更好地服務於成長較快類別中需求更高的罐型尺寸。

In our last update, we highlighted our intention to add additional capacity within existing facilities in the attractive markets of Spain and the UK on a measured basis over the coming years. We continue to progress these plans, which are underpinned by our favorable market positions and our confidence in Europe's growth outlook. In the first two months of the year, beverage packaging scanner data across our markets continued to show share gains for the beverage can versus other packaging substrates.

在上次更新中，我們強調未來幾年將以審慎的步調，於西班牙與英國等具吸引力市場的既有廠區內新增產能。我們持續推進這些計畫，其基礎來自我們有利的市場地位，以及我們對歐洲成長展望的信心。今年前兩個月，我們各市場的飲料包裝掃描數據持續顯示，飲料罐相較其他包材基材的市占率仍在提升。

In the Americas, revenue in the Q1 increased by 19% to $879 million, principally reflecting the pass-through of higher input cost to customers, including the impact of the higher Midwest premium and favorable volume mix effects. Americas adjusted EBITDA for the quarter was broadly in line with expectations, with a 2% decrease versus the prior year to $104 million, primarily driven by higher operations and overhead costs and lower input cost recovery, partly offset by favorable volume mix effects. A strong performance in Brazil, driven by 14% shipments growth and increased fixed cost absorption, was offset by a more challenging operating environment in North America. In North America, shipments decreased by 5% for the quarter. This reflected lower volumes after expected contract resets, the impact on operations from supply chain challenges, and the cycling of a strong prior year comparable of 8%.

在美洲，第一季營收增加 19% 至 8.79 億美元，主要反映將較高投入成本轉嫁給客戶（包括較高的 Midwest premium 的影響），以及有利的銷量組合效應。美洲第一季調整後 EBITDA 大致符合預期，較去年同期下降 2% 至 1.04 億美元，主要由較高的營運與管理費用以及較低的投入成本回收所致，部分被有利的銷量組合效應所抵銷。巴西表現強勁，出貨量成長 14% 並提升固定成本吸收，但被北美較具挑戰的營運環境所抵銷。北美第一季出貨量下降 5%，反映在預期的合約重置後銷量降低、供應鏈挑戰對營運的影響，以及去年同期 8% 強勁成長的高基期。

Supply chain challenges in the period included the impact of disruptions to metal supply and adverse weather at the beginning of the year. Underlying demand dynamics in the industry remain robust, with strong industry scanner data year to date, with the exception of the beer category, to which AMP has only a low single-digit exposure. In particular, the energy category continues to record strong growth, supported by broader distribution and further innovation. AMP continued to enjoy good growth in the energy category in the quarter, reflecting our broad positioning across the category. Looking into 2026, we continue to expect industry growth of a low single-digit percent. As previously indicated, we expect some softness for AMP following contract resets. We anticipate 2026 being a transition year, with a small volume decline and with a more favorable H2 volume versus the H1.

本期供應鏈挑戰包括金屬供應中斷的影響，以及年初不利天候。產業的基本需求動能仍然強勁；截至目前的產業掃描數據表現良好，唯獨啤酒類別例外，而 AMP 對啤酒類別的曝險僅為低個位數百分比。尤其是能量飲料類別在更廣泛的通路鋪貨與持續創新支持下，仍持續錄得強勁成長。AMP 本季在能量飲料類別亦維持良好成長，反映我們在該類別的廣泛布局。展望 2026 年，我們仍預期產業成長為低個位數百分比。如先前所述，合約重置後 AMP 的表現預期將略有走弱。我們預期 2026 年將是過渡年，銷量小幅下滑，且下半年（H2）銷量表現將優於上半年（H1）。

We expect to return to growth in 2027, at least in line with the industry, on the back of additional contracted filling locations and our attractive portfolio. Of note in North America was that on April 6th, 2026, a court entered a jury verdict pending any post-trial motions in connection with a lawsuit filed against Boston Beer in 2022 for breach of contract in respect of minimum volume purchase requirements. The jury awarded damages of approximately $175 million to AMP, plus prejudgment interest if assessed. In Brazil, Q1 beverage shipments increased by 14%, which represented a strong improvement versus the Q4 and was also ahead of the industry due to our customer mix. Industry data indicates that following a strong start to the year in January and February, March activity was softer and resulted in an overall modest decline in volumes in the Q1.

我們預期 2027 年將恢復成長，至少與產業增速一致，動能來自新增簽約的灌裝據點以及我們具吸引力的產品組合。值得注意的是，在北美方面，2026 年 4 月 6 日，法院就 2022 年針對 Boston Beer 提起、涉及最低採購量要求之違約訴訟作出陪審團裁決（仍待任何審後動議）。陪審團裁定 AMP 獲賠約 1.75 億美元，另加（如被裁定）判決前利息。在巴西，第一季飲料出貨量增加 14%，相較第四季顯著改善，且因我們的客戶組合而優於產業表現。產業數據顯示，在 1 月與 2 月強勁開局後，3 月活動較為疲弱，導致第一季整體銷量呈現小幅下滑。

Looking into the remainder of 2026, we continue to expect industry growth of a low to mid single-digit percentage and for AMP's volumes to broadly track the market. I'll hand over now to Stefan to talk you through our financial position for the quarter before finishing with some concluding remarks.

展望 2026 年剩餘期間，我們仍預期產業成長為低至中個位數百分比，且 AMP 的銷量將大致跟隨市場。我現在把時間交給 Stefan，在我做一些結語之前，先由他帶各位了解本季的財務狀況。

Thank you, Ollie, and good morning, good afternoon, everyone. We ended the quarter with a robust liquidity position of $488 million, in line with expectations. We note that in addition to our strong liquidity position, we have no near-term bond maturities and the currency mix of our debt broadly matches the currency mix of our earnings. During the quarter, AMP completed the refinancing of the asset-based lending facility, which was upsized to $450 million and with its maturity date extended to January 2031. Net leverage of 5.7x net debt over the last 12 months adjusted EBITDA compares with 5.5x in the prior year quarter, with the increase reflecting the impact of the refinancing of the preferred shares in December. Excluding this impact, the underlying net leverage metrics slightly declined year-over-year.

謝謝你，Ollie，各位早安、午安。我們在本季末的流動性部位穩健，為 4.88 億美元，符合預期。我們也注意到，除強勁的流動性外，我們近期沒有到期的債券，且我們債務的幣別組合大致與我們獲利的幣別組合相匹配。本季期間，AMP 完成以資產為基礎的循環信貸融資（asset-based lending facility）再融資，額度提高至 4.5 億美元，並將到期日延長至 2031 年 1 月。淨槓桿（過去 12 個月淨負債／調整後 EBITDA）為 5.7 倍，較去年同期的 5.5 倍上升；此上升反映 12 月優先股再融資的影響。若排除此影響，基礎淨槓桿指標則較去年同期略有下降。

In terms of 2026, we approximately expect the following for the various components of free cash flow. Total CapEx of $200 million, including growth investments, cash interests of $220 million, lease principal repayments of approximately $115 million. Lease payments were high in the Q1 versus the prior year, which reflected the buyout of an existing lease in North America. Cash tax of approximately $30 million and a small outflow in working capital. Finally, today, we have announced our unchanged quarterly ordinary dividend of $0.10 per share. With that, I'll hand it back to Ollie.

就 2026 年而言，我們大致預期自由現金流各組成項目如下：總資本支出（CapEx）為 2 億美元（包含成長投資）、現金利息為 2.2 億美元、租賃本金償還約 1.15 億美元。第一季的租賃付款較去年同期偏高，反映北美一項既有租賃的買斷。現金稅約 3,000 萬美元，營運資金則為小幅流出。最後，我們今天宣布維持不變的季度普通股息，每股 0.10 美元。以上，我把時間交回給 Ollie。

Thanks, Stefan. Just before questions, I'll just recap on AMP's performance and key messages. Firstly, adjusted EBITDA of $179 million in the Q1 exceeded our guidance range of $160 million to $170 million, driven by a strong performance in Europe. Global volumes declined by 1%, in line with our expectations, reflecting the impact of a strong prior year comparable of 6% and the impact of contract resets in North America. Thirdly, AMP has no manufacturing operations in the Middle East and no significant direct supply exposure. AMP's energy cost position is protected through a strongly hedged position in 2026 and beyond. For 2026, we reaffirm our adjusted EBITDA to be in the range of $750 million to $775 million. Adjusted EBITDA growth is expected to be driven by operational efficiencies and cost savings, volume growth, and improved category mix.

謝謝你，Stefan。在進入提問前，我先簡要回顧 AMP 的表現與重點訊息。第一，第一季調整後 EBITDA 為 1.79 億美元，超出我們 1.6 億至 1.7 億美元的指引區間，主要由歐洲的強勁表現帶動。第二，全球銷量下滑 1%，符合我們預期，反映去年同期 6% 的高基期影響，以及北美合約重置的影響。第三，AMP 在中東沒有製造營運，也沒有重大的直接供應曝險。AMP 的能源成本部位透過 2026 年及其後的高度避險而受到保護。對 2026 年，我們重申調整後 EBITDA 將落在 7.5 億至 7.75 億美元區間。調整後 EBITDA 的成長預期將由營運效率與成本節省、銷量成長，以及品類組合改善所驅動。

We view 2026 as a transition year in North America with volumes ahead of an expected return to growth, at least in line with the industry in 2027. In terms of guidance for the Q2, adjusted EBITDA is expected to be in the range of between $210 million and $220 million versus the prior year quarter of $212 million on a constant currency.

我們將 2026 年視為北美的過渡年，銷量將領先於 2027 年預期回到成長（至少與產業增速一致）。就第二季指引而言，調整後 EBITDA 預期介於 2.1 億至 2.2 億美元之間；相較之下，去年同期在固定匯率基礎下為 2.12 億美元。

Please stand by.

請稍候。

I think we lost connection on the main phone, so we're just opening the call up to questions now.

我想主線電話的連線中斷了，所以我們現在直接開放提問。

(Operator Instructions) Matt Roberts, Raymond James.

（接線員指示）Raymond James 的 Matt Roberts。

Hey, Ollie, Stefan, Stephen. Good morning. Thank you for taking the questions. In the prepared remarks, you noticed modest cost increases in H2. Can you give any additional color on what specific categories those are in? Is it more pronounced to a certain region, or what is not covered in pass-through or has a lag in recovery, whether that's freight, energy, coatings? Any additional detail there?

嗨，Ollie、Stefan、Stephen，早安。謝謝你們接受提問。在事先準備的發言中，你們提到下半年（H2）成本會有溫和上升。能否再補充一些細節，具體是哪些類別？是否在某個地區更明顯？或是哪些項目未被轉嫁（pass-through）涵蓋、或回收有時間落差？例如運費、能源、塗料等。能否提供更多說明？

Sure. Yeah. That's mostly in our coatings area. I think as I said in the remarks, we're very well covered on the energy side. There are some pass-through provisions in coating contracts in year, that'll potentially come through in the H2 if oil prices stay very elevated. They obviously haven't changed our guidance range. That gives you a sense of the scale.

當然可以。是的，主要是在我們的塗料（coatings）領域。我想我在發言中也提到，我們在能源方面的覆蓋非常充分。塗料合約中有一些年度內的轉嫁條款，如果油價持續維持在非常高的水準，這些可能會在下半年反映出來。當然，這些並未改變我們的指引區間，也可讓你了解其影響規模。

Right. I appreciate that. You did note that you did reaffirm the guide. 1Q came in a little bit better than you were expecting. Sounds like volumes broadly are similar as well. Has anything changed on the volume outlook by region or based on the 1Q view that imply the cost headwinds are around roughly $15 million? Could you ballpark that if possible? Thanks again for taking the questions.

了解，謝謝。你們也提到重申指引。第一季表現比你們原先預期稍好一些，聽起來銷量整體也差不多。那麼，基於第一季的觀察，各地區的銷量展望是否有任何改變？或是這是否意味著成本逆風大約在 1,500 萬美元左右？如果可以的話，能否大概估一下？再次感謝接受提問。

No, sure, Matt. Look, I think we're just at Q1. There's plenty of the year to go. I think that's one reason just to remain a little bit cautious given the state of the world. There's a little bit of input cost inflation we expect in the H2. I think we have to accept that the consumer is facing into a lot of inflation at the minute, so we can't be absolutely sure. Though we didn't see a reason to change our volume guides because when we looked at the Q1 market data that we could see in our numbers, we saw a lot of strength in that data. Europe, I think particularly, we've got data January and February in our key markets. There's some real double-digit growth rates in some of those markets, in particular soft drinks categories.

當然，Matt。你看，我們現在才第一季，全年還有很長的路要走。我想這也是為什麼在目前世界局勢下，我們仍要保持一點謹慎。我們預期下半年會有一些投入成本通膨。我們也必須接受，消費者目前正面臨相當多的通膨壓力，所以我們不能百分之百確定。不過，我們沒有看到需要調整銷量指引的理由，因為當我們檢視第一季的市場數據、並與我們的數字對照時，我們看到數據相當強勁。尤其是歐洲，我們在主要市場掌握到 1 月與 2 月的數據，其中一些市場出現真正的雙位數成長率，特別是在軟性飲料品類。

Brazil obviously had a very strong January and February, coming off a very strong November, December. In other words, a very strong summer. We're going into the winter season. We do have the World Cup in the winter season, which should be favorable. In North America, again, the volume numbers still extremely strong across soft drinks categories, particularly energy, especially going into the Easter period, strong promo activity. Although, I think it's appropriate to be cautious at this stage of the year, we definitely saw no reason to really change the volume numbers on a concrete basis. I think, yeah, that we're just being cautious around possible input cost inflation H2, and recognizing that the consumer may be under some pressure during the year.

巴西在 1 月與 2 月顯然非常強勁，是在 11 月、12 月也很強勁的基礎上延續；換言之，夏季非常旺。我們正進入冬季，而冬季期間有世界盃，這應該是有利因素。在北美，同樣地，軟性飲料各品類的銷量數字仍然非常強勁，尤其是能量飲料；特別在復活節檔期前，促銷活動很強。雖然在一年中的這個階段保持謹慎是恰當的，但我們確實沒有看到任何具體理由需要去調整銷量數字。我想，是的，我們只是對下半年可能出現的投入成本通膨保持謹慎，同時也認知到消費者在今年可能會承受一些壓力。

Very helpful. Thanks again, Ollie.

非常有幫助。再次感謝你，Ollie。

Pleasure.

不客氣。

(Operator Instructions) George Staphos, Bank of America.

（接線員指示）美國銀行的 George Staphos。

Thanks very much. Good morning, Ollie, Stefan, Stephen. Thanks for the details. Congratulations on the progress so far this year. I'll ask three questions in sequence and return to queue, just for time. First of all, can you talk about what the impact was on the timing effect on the hedge revaluation in Europe? How large of a factor was that? Is there any residual into the rest of the year? Secondly, Ollie, you touched on it a little bit. Can you talk about what World Cup and to some degree, America's 250th is meaning for volume relative to what a normal summer might look like? And then third point, Brazil.

非常感謝。早安，Ollie、Stefan、Stephen。謝謝你們提供細節，也恭喜今年迄今的進展。為了時間，我會依序問三個問題，然後回到隊列。第一，能否談談歐洲避險重估（hedge revaluation）的時間點效應帶來的影響？這是多大的因素？今年剩餘期間是否還會有殘餘影響？第二，Ollie，你稍微提到了一點。能否談談世界盃，以及某種程度上美國 250 週年，對銷量的意義，相較於一般夏季可能會是什麼樣子？第三點，巴西。

Can you talk a little bit about how things softened there in the market, what's causing that, and any outlook that you can take into obviously now the weaker winter months, and the implications for the rest of the year? Thank you guys, and good luck in the quarter.

能否再多談一些那邊市場如何轉弱、原因是什麼，以及在接下來較疲弱的冬季月份，你們對展望的看法，以及對今年其餘期間的影響？謝謝各位，祝本季順利。

Sure. Thanks, George. Yes. On the first one, I think mid-single-digit millions of benefit in the quarter from the European freight hedging position, coming from obviously we're careful around hedging some of the positions that are on us. There is some possibility of some of that reversing, depending on what happens to commodity costs in the year.

好的，謝謝你，George。是的，第一個問題，我認為本季來自歐洲運費避險部位的利益大約是數百萬美元、約中個位數百萬的水準；這主要是因為我們對由我們承擔的部分部位進行審慎避險。視今年商品成本的走勢而定，其中一部分有可能會回轉。

Some of that is potentially a timing impact, which is why we're not overrating it in our forward guidance. That's the sort of order of magnitude for that. I think the World Cup and maybe Brazil, those questions get a bit intertwined because I think, where it has the potential to be probably most impactful is in Brazil, given that it's falling in the winter period, given the sponsorship of the Brazilian national team and the focus on the World Cup, and assuming they go deep into the tournament.

其中一部分可能屬於時間點影響，這也是為什麼我們在前瞻指引中不會過度放大它的重要性。大致量級就是如此。我想世界盃以及巴西這兩個問題有點交織在一起，因為我認為它最可能產生較大影響的地方，可能是在巴西：由於賽事落在冬季期間，加上我們贊助巴西國家隊、並聚焦世界盃，且假設他們能在賽事中走得更遠。

That's why we would be hopeful that this slightly negative start to the year on the full quarter after a very good January and February, would be moderated into Q2 and Q3. We'd also be hopeful after the summer we had, that we've just come through, that next summer would also be a good summer. We think some of the macro elements are stabilizing.

因此，我們希望在 1 月與 2 月非常強勁之後，全年第一季整體略為負面的開局，能在第二季與第三季得到緩和。我們也希望，在剛結束的這個夏季表現不錯之後，下一個夏季也會是個好夏季。我們認為一些總體因素正在趨於穩定。

We've also got some elections. Then we do see in the data that we continue to have the can take share from returnable. We know that's a long-term trend that will continue. Obviously, the major brewer down there controls some of that dynamic, and obviously they have their own pressures that drive it sometimes quarter to quarter. But I think if you look at the long-term trend, certainly still well in place.

我們也有一些選舉。此外，我們從數據中看到，罐裝持續從可回收瓶（returnable）手中取得市占。我們知道這是一個會延續的長期趨勢。當然，當地主要的啤酒商在一定程度上主導了這個動態，而他們自身的壓力有時也會使其在季度之間有所波動。但我認為，如果看長期趨勢，確實仍然非常明確地存在。

Yeah, I wouldn't overread too much probably in the Q1 numbers in Brazil. I think we're still hopeful as we said, sort of low to mid number for the year, and for us to be in line with that. Then World Cup outside of Brazil, I mean, certainly Europe, we saw a tick up towards the end of the quarter in terms of label activity, graphics activity. We're definitely seeing a lot of promotional-type cans or individual-type cans coming into the mix, into the inventory build, and that would suggest World Cup. I think we're seeing elsewhere in the market sometimes that there could be some positive effects. I mean, I'm always cautious to call it too early. We need to see it sell through. It's often very weather-related as well, in terms of how exactly it plays through. Yeah, all positive signs at the moment, I think, in both Europe and Brazil.

是的，我大概不會對巴西第一季的數字做過度解讀。我想我們仍如先前所說，對全年維持低到中個位數的看法，並希望我們能與之大致一致。至於巴西以外的世界盃，我的意思是，尤其在歐洲，我們在本季末看到標籤活動、圖像設計活動有所增加。我們確實看到更多促銷型罐或單罐型產品進入組合、並帶動庫存建立，這看起來就像是世界盃效應。我想我們在市場其他地方也有時看到可能出現一些正面影響。不過，我一向謹慎，不會太早下定論；我們需要看到實際的終端銷售（sell-through）。而且它往往也與天氣高度相關，會影響最終如何反映。是的，目前在歐洲與巴西，我認為都是正面訊號。

Just one quick one, just a yes or no, and then I'll turn it over. On aluminum, you mentioned you are seeing supply constraints in North America, at least that's what I took away. Despite the constraints, you feel like you're positioned well enough to be able to meet your commitments over the rest of the year, and then I'll turn it over to the rest of the team, the rest of the guys. Thank you.

我再快速問一個，只要回答是或否，然後我就把時間交出去。關於鋁材，你提到你們在北美看到供應受限，至少我是這樣理解的。儘管有這些限制，你們覺得自身的佈局仍足以在今年剩餘時間履行承諾；然後我就把時間交給團隊其他人、其他同事。謝謝。

Yeah. No, good question. Look, I think it does seem like the situation is moderating quite quickly now. As we've gone into April, I think a lot of metal is coming into the market from overseas that obviously was on long supply chains. We do see that landing now and helping to improve the situation. We also have the first new mill ramping up now. We have the second new mill coming at the end of the year. I think we're hopeful now that we're through the worst. I think the Middle East conflict didn't help, in that some supply out of the Middle East obviously got restricted in March.

是的。不，這是個好問題。你看，我認為現在情況確實正在相當快速地緩和。進入四月後，我想有不少金屬正從海外進入市場，顯然之前是在較長的供應鏈上。我們現在看到這些到港，並有助於改善情況。我們也有第一座新工廠正在爬坡增產。第二座新工廠會在年底投產。我想我們現在抱持希望，覺得最糟的階段已經過去了。我認為中東衝突也沒有幫上忙，因為三月確實有部分來自中東的供應受到限制。

As we see the trends now sitting towards the end of April and going into May, yeah, we're hopeful that that's all moderating, and we certainly don't see any need to change our guidance or change our forecasts off the back of it.

就我們目前看到的趨勢，到了四月底並進入五月，是的，我們希望這些都在緩和；而且我們當然不認為需要因此調整我們的指引或修正我們的預測。

Thanks very much.

非常感謝。

Thanks, George.

謝謝你，George。

(Operator Instructions) Anthony Pettinari, Citi.

（接線員指示）Citi 的 Anthony Pettinari。

Good morning. Just following up on volumes and the Middle East conflict. It sounds like you haven't seen any impact and obviously don't have any assets in the region. I'm just wondering, you talked about strong scanner data in January, February. I think the conflict started at the very end of February.

早安。我想追問一下出貨量與中東衝突。聽起來你們沒有看到任何影響，而且顯然你們在該地區也沒有資產。我想問的是，你們提到一、二月的掃描數據很強。我想衝突是在二月底才開始的。

As you look at March, April, have you seen any change in order patterns in terms of people pre-buying or maybe easing off? As you talk to customers or channel partners, is there a sense that there could be an impact if this continues to go on? Maybe it's better or worse to North America versus Europe, or just any color you could give would be helpful.

你們看三、四月時，是否看到訂單模式有任何變化，例如客戶提前備貨，或反而放緩？你們與客戶或通路夥伴交流時，是否覺得如果衝突持續，可能會產生影響？也許對北美相較歐洲更好或更差——任何補充說明都會很有幫助。

No, I guess, look, I don't want to mislead in the January, February comments. That's just where we actually have data because obviously we're still just in April, so not all the March data and the full quarter data has come through. Our impression actually is that Europe strengthened in March after some very encouraging scanner data for January and February, particularly Germany, very strong, again, on the soft drink side.

不，我想先說，我不想讓一、二月的評論造成誤導。那只是因為我們目前實際上只有那些數據，畢竟現在才四月，所以三月的所有數據以及完整季度數據還沒有全部出來。我們的印象其實是，歐洲在三月走強；在一、二月非常令人鼓舞的掃描數據之後，尤其是德國，在軟性飲料方面再次表現非常強勁。

I think my prediction would be that March scanner data for Europe would be good. Everything we're seeing in Ireland, this was good in March and continues into April in a good way. No, definitely not if I think about Europe. Again, North America, even though we saw going into Easter, really good volumes. We saw that in our business, particularly in certain categories.

我預測歐洲三月的掃描數據會不錯。我們在愛爾蘭看到的一切，三月表現良好，並且在四月也以良好的態勢延續。就歐洲而言，確實沒有看到（負面變化）。同樣地，北美方面，即使臨近復活節，我們也看到非常好的出貨量；我們在自身業務中也看到了，尤其是在某些品類。

Certainly nothing to suggest that there's any change at this point. It was just more that there clearly was something going on in Brazil in that January, February was stronger than March. As you go into the winter season, it can always be a little bit volatile depending on how people build inventory into the summer and what they were left with.

目前當然沒有任何跡象顯示有變化。更多的是，巴西那邊顯然有些情況：一、二月比三月更強。進入冬季時，需求總會有些波動，取決於大家如何為夏季建立庫存，以及手上剩下多少庫存。

Obviously we're into the slower season. No, I think one of the reasons we've held guidance, we've held our volume forecast, despite the situation in the world, I think it demonstrates the resilience of the beverage can sector, of the way our customers are using beverage cans in their mix, and particularly prioritizing the beverage can, and then also the resilience of our own business. Clearly a very positive outlook from our point of view to hold guidance in this current geopolitical environment.

顯然我們正處於淡季。不過，我認為我們之所以在全球局勢之下仍維持指引、維持我們的出貨量預測，其中一個原因是：這顯示了飲料罐產業的韌性、我們客戶在其產品組合中使用飲料罐的方式（尤其是優先採用飲料罐），以及我們自身業務的韌性。從我們的角度來看，在目前這樣的地緣政治環境下仍能維持指引，顯然是非常正面的展望。

Great. No, that's very helpful. I guess maybe just one follow-up on Europe. I mean, it seems like results really exceeded your expectations. Is the biggest surprise there from your perspective on the volume side in CSD or energy drinks, or is it the cost recovery? Just if you think about sort of the bridge versus your initial expectations, what was the biggest driver from your perspective of the outperformance?

很好。這很有幫助。我想再追問一下歐洲。看起來結果確實大幅超出你們的預期。從你們角度看，最大的驚喜是來自 CSD（碳酸軟性飲料）或能量飲料的出貨量，還是成本回收？如果把表現拆解成相對於你們最初預期的「橋接」，你們認為超預期的最大驅動因素是什麼？

No, I think the biggest driver was clearly the input cost recovery. We mentioned the timing effect and the one-offs potentially around the freight. We did see the mix benefit in the quarter that was strong. We got some good specialty can growth because of the categories we're in. That also did play into the IFRS 15 contract asset because we had very strong production and good specialty volumes. Both of those also played into the contract asset in volume mix. Yeah, just a really good performance by the region, I think delivered against our expectations, ramped up our new specialty volumes. We did a change to one of our plants to improve our specialty footprint, and that ramped up extremely well. Production was a bit ahead. Yeah, very good delivery on all elements of cost.

不，我認為最大的驅動因素顯然是投入成本回收。我們提到過時點效應，以及可能與運費相關的一次性因素。我們確實在本季度看到強勁的組合（mix）效益。我們在所處的品類中取得了一些不錯的特殊罐（specialty can）成長。這也影響到 IFRS 15 的合約資產，因為我們的產量非常強勁，且特殊罐的出貨量表現良好。這兩者也透過量與組合影響了合約資產。是的，該區域整體表現非常好，我認為交付成果符合甚至優於我們的預期，新特殊罐量的爬坡也很順利。我們對其中一座工廠做了調整，以改善我們的特殊罐產能佈局，而那次爬坡非常成功。產量略為超前。是的，在成本各個面向的執行都非常到位。

Got it. That's very helpful. I'll turn it over.

了解。這很有幫助。我把時間交出去。

Thanks, Anthony.

謝謝你，Anthony。

Josh Spector, UBS.

UBS 的 Josh Spector。

Hi, good morning, everyone. It's Anojja Shah sitting in for Josh. I just had a question on this Boston Beer verdict. What steps are left in order for you to get that $175 million? Is it a definite, but it's just a matter of time, or what legal steps are left, and when might you actually receive this, and will it have any impact on your capital allocation priorities? Thanks.

嗨，各位早安。我是代替 Josh 的 Anojja Shah。我想問關於 Boston Beer 這個裁決。你們還需要完成哪些步驟才能拿到那 1.75 億美元？這是確定會拿到、只是時間問題，還是仍有哪些法律程序尚未完成？你們大概何時可能實際收到這筆款項？另外，這會對你們的資本配置優先順序造成任何影響嗎？謝謝。

Yeah. Look, we're not going to talk in much detail about it because it's still clearly legal proceedings. Clearly there is the potential they have the option to appeal. That could mean that obviously they could appeal it, and that could delay realization. We don't see that changing our capital allocation priorities at this point. At the minute, we've laid out the next investments that we see that make sense for the business. Obviously, we're also very conscious of making sure we stay within our leverage position. At the minute, we don't see it changing any capital allocation policies.

是的。你看，我們不會就此談太多細節，因為這顯然仍在法律程序中。對方顯然有可能選擇上訴。那表示他們可能提出上訴，而這可能會延後實現（收款）。我們目前不認為這會改變我們的資本配置優先順序。就目前而言，我們已經列出接下來我們認為對業務合理的投資項目。當然，我們也非常注意要確保槓桿水準維持在我們的目標範圍內。目前我們不認為這會改變任何資本配置政策。

Okay, thanks. On the aluminum availability issue, can you quantify what the drag was in Q1 and maybe what's in your guidance for Q2? Do you expect it to fall away after that?

好的，謝謝。關於鋁材供應可得性問題，你能量化一下第一季的拖累幅度，以及你們在第二季指引中納入了多少影響嗎？你們預期之後會消退嗎？

We think across the weather, we sort of forget now, but actually sort of January, February, there was some very cold weather in the South of the United States that led to a lot of disruption. We had people struggling to get to our facilities, struggling to get to customer facilities, and freight issues on the roads. Between that and the metal, we think we lost one to two points of growth in the quarter across both ends and cans. That's the sort of order of magnitude we saw in the quarter.

我們認為，除了天氣因素——我們現在可能都忘了——但其實一、二月美國南部出現非常寒冷的天氣，造成很多干擾。有人難以到達我們的設施，也難以到達客戶的設施，且道路運輸也出現問題。綜合天氣與金屬供應兩者，我們認為本季度在端蓋（ends）與罐身（cans）合計的成長上，損失了 1 到 2 個百分點。這就是我們在本季度看到的大致量級。

At the minute, we're not predicting anything particular in the guidance for Q2. We're sort of held roughly to where we had planned to be because, certainly in the last couple of weeks, things have improved quite significantly. At the moment, we'd be hopeful we can come through Q2 without any significant drag. Maybe Stefan, you can add anything to that.

目前我們在第二季指引中沒有特別預測任何額外影響。我們大致維持在原先計畫的水準，因為至少在過去幾週，情況已顯著改善。目前我們希望能在第二季度過而不會有任何顯著拖累。Stefan，你也許可以補充一下。

Yeah. Maybe just in regards to the cost side of the impact. We had adverse impact on freight costs as well as manufacturing costs. We had to move a little bit around sort of product in our manufacturing network and had some unfavorable freight lanes as a result. Also in terms of the operations, it was a little more from hand to mouth and shorter runs, maybe not running the right spec all the time in terms of metal. If you add that all up, it was probably a mid- to high single-digit impact in the quarter.

是的。也許我補充一下成本面的影響。我們在運費成本以及製造成本上都受到不利影響。我們不得不在製造網路中稍微調整產品配置，因此出現一些不利的運輸路線。另外在營運方面，也比較像是「手到口」（hand to mouth）的方式、較短的生產批次，可能在金屬規格上也無法一直跑最合適的規格。把這些加總起來，本季度的影響大概是中到高個位數的幅度。

Mid- to high single-digit millions on EBITDA, you mean?

你是指 EBITDA 影響是中到高個位數「百萬」美元，對嗎？

Yeah, correct.

是的，沒錯。

Great. All right. Thank you very much. I'll turn it over.

很好。好的，非常感謝。我把時間交出去。

Thank you.

謝謝。

Arun Viswanathan, RBC Capital Markets.

RBC Capital Markets 的 Arun Viswanathan。

Sorry about that. Thanks for taking my question. Hope you guys are well. Maybe I'll just get your thoughts on the potential, the inflation, and what you're seeing on the tariff side as well. In North America, I guess there, how has the Midwest premium affected demand and can pricing, if at all? And do you see that changing with 232? Thanks.

不好意思。謝謝讓我提問。希望大家都好。我想請教你們對通膨的看法，以及你們在關稅方面看到的情況。在北美這邊，中西部溢價（Midwest premium）對需求與罐價是否有任何影響？另外，你們認為這在 232（條款）方面會有變化嗎？謝謝。

Yeah. We keep looking for it because obviously between the LME and the Midwest, they're pretty significant. This has been going on for a while, so people's hedge positions may be rolling off a little bit. We're not seeing it. We're not seeing it in the data. We're not seeing it in our customers' mix and their plans. We're not seeing it on the shelf.

是的。我們一直在觀察，因為顯然 LME 與中西部溢價之間的差距相當顯著。這已經持續一段時間了，所以大家的避險部位可能也會逐步到期展期。我們沒有看到（影響）。我們在數據中沒有看到。我們在客戶的產品組合與計畫中沒有看到。我們在貨架端也沒有看到。

I think the can has got a lot of resilience at the moment. The fact that it does remain a very efficient package, the fact that consumers are clearly favoring it, I think, and that obviously drives these brand companies that rightly take note of what their consumers want. In certain parts of the world, the sustainability credentials also play very strongly. The tariff situation hasn't got better.

我認為目前鋁罐展現出很強的韌性。鋁罐仍然是一種非常高效率的包裝形式，消費者也明顯偏好它，我想這也驅動這些品牌公司——他們理所當然會留意消費者想要什麼。在世界某些地區，永續性的優勢也非常明顯。關稅情勢並沒有變好。

If anything, the last piece made it marginally worse, but not significantly. As I say, I mean, right now I think all the data is really a testament to the resilience of the industry and the substrate. What we are also seeing now, obviously, is inflationary impacts into petrochemical and energy, which are obviously negative for the competing substrates. I think net-net, although we should always be cautious and with the inflation that the consumer is facing, more generally, the can seems to be continuing to win in the mix.

如果說有什麼變化，最新那一項措施讓情況略微變差，但並不顯著。如我所說，我的意思是，就目前而言，所有數據都充分證明了這個產業以及這種基材的韌性。我們現在也看到，石化與能源出現通膨影響，這對競爭性基材顯然是不利的。整體來看（net-net），雖然我們一向必須保持謹慎，且消費者普遍面臨通膨壓力，但鋁罐似乎仍在產品組合中持續勝出。

Thanks for that. Just to clarify, is it the case that the beverage companies, your customers, are absorbing some of that extra cost and not necessarily passing that on in higher beverage prices? They're continuing to promote, or is it that customers are paying higher prices, but they're willing to do that or continue.

謝謝你的說明。我想再釐清一下：是否飲料公司（也就是你們的客戶）正在吸收部分額外成本，而不一定透過提高飲料售價把成本轉嫁出去？他們仍在持續推廣？還是說消費者確實在支付更高價格，但他們願意這麼做或仍會持續購買？

Yeah. There was obviously a very significant increase in pricing over the last few years post-COVID and all of the inflationary effects that happened after COVID. I think there's room for some absorption. Equally, we don't know all the ins and outs of our customers' P&L, and again, particularly, we don't know the nature of their hedge positions and other ways they might be offsetting these costs.

是的。顯然在過去幾年、COVID 之後以及 COVID 之後發生的各種通膨效應下，價格出現了非常顯著的上漲。我認為確實有一些空間可以吸收成本。同樣地，我們也不清楚客戶損益表（P&L）的所有細節；而且特別是，我們也不知道他們的避險部位性質，以及他們可能用來抵消這些成本的其他方式。

I don't think we're seeing a huge amount of price increase at retail. If we look at the promo information, promos are still strong. There isn't a lot of room, I think, to increase price much further given the price increases of the last few years. Our sense of it is more that our customers are managing it.

我不認為我們在零售端看到大量的漲價。如果看促銷資訊，促銷仍然很強。我認為在過去幾年的漲價之後，進一步大幅提價的空間不大。我們的感覺更像是客戶正在自行管理這件事。

Just on that supply-demand side. Given the strong growth, I guess, in Europe, I'm not sure if you would need to potentially add any capacity there. Similarly, in North America, strong energy growth, I guess could continue. Maybe you can just let us know what your plans are in capacity additions in Europe, North America and Brazil, if any. Thanks.

再談供需面。鑑於歐洲的強勁成長，我想你們可能需要在那邊增加一些產能。同樣地，在北美，強勁的能量飲料成長我想也可能持續。也許你們可以說明一下，歐洲、北美與巴西是否有任何擴產計畫？謝謝。

Sure. Yeah. I think we said it in the prepared remarks, and we talked about it at the Q4, that we do plan to add capacity in Europe. That's where we're the most tight in terms of our network and our utilization. With Spain and the UK being the two markets we'll invest in, and those projects will come in in the next couple of years, to support the growth that we have. It's an extremely supportive market environment, and we see our peers investing behind that environment. We see our customers really putting growth plans behind the can, supported by those investments. Yeah, we'll absolutely be participating through growth investments in Europe.

當然。是的，我想我們在事先準備的發言中提到過，也在第四季（Q4）時談過，我們確實計畫在歐洲增加產能。就我們的網路與產能利用率而言，那裡是最吃緊的。我們將投資西班牙與英國這兩個市場，這些專案會在未來幾年內投產，以支援我們的成長。市場環境非常有利，我們也看到同業在這樣的環境下投入資本。我們看到客戶把成長計畫押注在鋁罐上，並由這些投資所支撐。是的，我們絕對會透過在歐洲的成長投資來參與其中。

At the moment in North America, particularly with the contract resets that took place last year, we've got space in the network. We do need to make sure we get the mix right. We've made some very good investments to increase the flexibility of the network in North America. That means we're very well positioned for different types of growth. We may continue to do that at the margin just to make sure our network is really tuned for particularly specialty can growth.

目前在北美，特別是去年完成合約重置之後，我們的網路仍有空間。我們確實需要確保產品組合配置正確。我們已進行一些非常好的投資，以提升北美網路的彈性。這代表我們對不同類型的成長都具備很好的布局。我們可能會在邊際上持續做一些投資，以確保我們的網路能夠真正調校到位，特別是針對特殊罐（specialty can）的成長。

Then Brazil, yeah, we have good capacity availability. We put a lot into the northeast where we still need to grow into that. The southeast is a bit tighter. Again, I think with the improvements we're making in the network, we've got space in Brazil, so nothing planned there in the short term.

至於巴西，是的，我們有不錯的可用產能。我們在東北部投入很多，而那邊我們仍需要把成長做進去。東南部則稍微吃緊一些。不過同樣地，隨著我們對網路所做的改善，我們在巴西仍有空間，所以短期內沒有規劃在那裡擴產。

Thanks a lot.

非常感謝。

Thanks, Arun.

謝謝你，Arun。

Gabe Hajde, Wells Fargo.

Wells Fargo 的 Gabe Hajde。

Hey, good morning, guys. This is actually Richard Carlson on for Gabe this morning. So the first question I want to ask you guys is about Europe. You guys have mentioned that you don't have direct exposure to the conflict in the Middle East, but surely some of your competitors do. Are you seeing any change in the marketplace from guys who are saying they're having a hard time getting the metal supply or getting the energy supply that they need?

各位早安。今天早上其實是 Richard Carlson 代替 Gabe 發問。我第一個問題想問歐洲。你們提到你們沒有直接曝險於中東衝突，但你們的一些競爭對手肯定有。你們是否看到市場上有任何變化，例如有人說他們很難取得所需的金屬供應或能源供應？

No, really not. Again, I think what we understand is most of the impact is occurring just in the region with facilities being stopped or particularly to the east of the region. I think markets that are supplied with energy out of the Gulf, markets like India, that's where I think the impact is landing, not in Europe, where you've got much more developed supply chains and much less direct exposure to the region. No, we're not seeing any near-term impact in Europe.

沒有，真的沒有。再說一次，我們的理解是，大部分影響主要發生在該地區內，因為有些設施停工，或特別是在該地區以東。我認為由波斯灣供應能源的市場，例如印度，才是影響落點，而不是歐洲；歐洲的供應鏈更成熟，且對該地區的直接曝險小得多。所以不，我們沒有在歐洲看到任何短期影響。

Right. Your plants are all natural gas, right?

了解。你們的工廠都是用天然氣，對吧？

We operate with a mixture of gas and electricity. Yeah, that's what we operate with.

我們的營運使用天然氣與電力的混合。是的，我們就是用這兩種。

Got it. Thank you. I think you were touching on this with Anojja's question, but as we think about the new cadence for the year, presumably there's some good momentum going into Q2. How has your Q2 outlook changed over the past couple of months? It seems like now you of course have a little more front-end loaded for the year. Are you seeing now or has your guide from what you thought it would have been two or three months ago increased?

明白，謝謝。我想你剛才在回答 Anojja 的問題時有提到這點，但當我們思考今年新的節奏時，推測第二季（Q2）應該有不錯的動能。過去幾個月你們對 Q2 的展望有什麼變化？看起來你們今年的表現當然更偏向前段。你們現在看到的情況，或你們的指引，相較於兩三個月前你們原本的想法，有上修嗎？

No, I don't think so. I think to the extent that there are going to be different impacts from when we first issued guidance, it's mostly sitting in the H2, so either a little bit of input cost inflation. Obviously, in our guidance, there's some caution. We're in Q1. We've not seen how this conflict plays out. We've not seen the potential scale of the inflationary impacts or the disruption. We're being cautious. I think that to the extent that we're adjusting slightly, it's more Q3, Q4 where we're just not putting through all the gains that we've made in Q1. I think Q2 is sitting pretty much where we already had it, and Stefan's nodding, so it seems I got that right.

不，我不這麼認為。我想如果相較於我們最初發布指引時會出現不同影響，主要會落在下半年（H2），例如投入成本通膨略有上升。當然，在我們的指引中也有一些保守。我們現在在第一季（Q1），我們還沒看到這場衝突會如何發展，也還沒看到通膨影響或供應中斷可能的規模。我們保持謹慎。我認為若我們有做些微調整，更多是在第三季、第四季（Q3、Q4），也就是我們不把第一季已取得的所有改善全部反映進去。我認為第二季大致維持在我們原先的水準，而 Stefan 也在點頭，看來我說對了。

Yeah. Agreed.

是的，同意。

Understood. Thanks, guys, and best of luck in the quarter.

了解。謝謝各位，也祝本季一切順利。

Thank you very much.

非常感謝。

Ladies and gentlemen, that concludes our Q&A session for today. I'll turn the conference back to Oliver Graham for any additional or closing remarks.

各位女士先生，今天的問答環節到此結束。我將把會議交回給 Oliver Graham，請他做任何補充或結語。

Thanks, Lisa. Thanks, everyone on the call. Just summarizing, in the Q1, we reported strong adjusted EBITDA growth of 15% versus the prior year, significantly ahead of guidance and particularly driven by a strong performance in Europe. I think testament to the resilience of the industry and of AMP. On the back of that, even in the face of the current geopolitical environment, we reaffirm our guidance for 2026 full-year adjusted EBITDA in the range of $750 million to $775 million, supported by our robust input cost pass-through mechanisms and our energy hedging arrangements.

謝謝你，Lisa。也謝謝所有參與電話會議的各位。簡要總結一下：在第一季（Q1），我們報告調整後 EBITDA 年增 15%，顯著優於指引，且主要由歐洲的強勁表現所帶動。我認為這證明了產業以及 AMP 的韌性。在此基礎上，即使面對當前的地緣政治環境，我們仍重申 2026 全年調整後 EBITDA 指引為 7.5 億至 7.75 億美元，並由我們強健的投入成本轉嫁機制與能源避險安排所支撐。

With that, we'll sign off and look forward to talking to you again at our Q2 results. Thank you.

以上，我們就先到這裡，並期待在第二季（Q2）業績發布時再與各位交流。謝謝。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。