Amcor PLC (AMCR) 2025 Q2 法說會逐字稿

Thank you for standing by.

感謝您的支持。

My name is Kate and I will be your conference operator today.

我叫凱特，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Amcor half-year results 2025.

現在，我謹歡迎大家來參加 Amcor 2025 年上半年業績發表會。

(Operator Instructions)

（操作員指令）

Thank you.

謝謝。

I would now like to turn the call over to Tracy Whitehead, Head of Investor Relation.

現在，我想將電話轉給投資者關係主管 Tracy Whitehead。

Please go ahead.

請繼續。

Thank you, Kate, and thank you everyone for joining Amcor's fiscal '25 second quarter earnings call.

謝謝你，凱特，也謝謝大家參加 Amcor 25 財年第二季財報電話會議。

Joining today is Peter Konieczny, Chief Executive Officer, and Michael Casamento, Chief Financial Officer.

今天參加會議的有執行長 Peter Konieczny 和財務長 Michael Casamento。

Before I hand over, let me note a few items on our website, amcor.com under the investors section, you'll find today's press release and presentation, which we'll discuss on this call.

在我交接之前，請允許我先在我們的網站 amcor.com 的投資者部分中列出幾項內容，您會找到今天的新聞稿和演示文稿，我們將在本次電話會議上討論這些內容。

Please be aware that we will also discuss non-GAAP financial measures and related reconciliations can be found in that press release and the presentation.

請注意，我們還將討論非公認會計準則財務指標，相關對帳可在該新聞稿和簡報中找到。

Remarks will also include forward-looking statements that are based on management's current views and assumptions.

評論還將包括基於管理層當前觀點和假設的前瞻性陳述。

The second and third slides in today's presentation list several factors that could cause future results to be different than current estimates.

今天演示中的第二張和第三張幻燈片列出了可能導致未來結果與目前估計不同的幾個因素。

Reference can be made to Amcor's SEC filings, including our statements on Form 10-K and 10-Q for further details.

如需了解更多詳細信息，請參閱 Amcor 向美國證券交易委員會 (SEC) 提交的文件，包括我們關於 10-K 表和 10-Q 表的聲明。

Please note that during the question-and-answer session, we request that you limit yourself to a single question and then rejoin the queue if you have any additional questions or follow-ups.

請注意，在問答環節，我們要求您將自己限制為一個問題，然後如果您有任何其他問題或後續問題，請重新加入佇列。

With that over to you, PK.

這些就交給你了，PK。

Thank you, Tracy.

謝謝你，特蕾西。

And thank you to all who have joined us for today's call.

感謝參加今天電話會議的所有人。

Amcor had a very active second quarter and we're progressing well on three clear priorities: one, deliver on the base business; two, complete the work required to close the announced merger with Perry Global; and three, make sure we are well prepared for a fast start and integration.

Amcor 的第二季非常活躍，我們在三個明確的優先事項上取得了良好進展：第一，完成基礎業務；二、完成與 Perry Global 所宣布的合併所需的工作；三是確保我們為快速啟動和整合做好充分準備。

With the base business we start is always the safety on slide 4.

我們開始的基礎業務始終是幻燈片 4 上的安全。

I'm incredibly proud of the commitment our teams demonstrate to safety every day.

我為我們的團隊每天表現出的安全承諾感到無比自豪。

The safety and well-being of our people will always be our top priority, and we're constantly looking for opportunities to improve.

我們員工的安全和福祉永遠是我們的首要任務，我們也不斷尋找改進的機會。

In fiscal '25 to date, we have continued to deliver outstanding results.

25財年至今，我們持續取得優異的業績。

We achieved an industry leading total recordable incident rate of 0.30% and 79% of our sites remained injury free for more than a year.

我們實現了業界領先的總可記錄事故率 0.30%，並且 79% 的工廠在一年多的時間內保持無傷害狀態。

Our key messages for today are in slide 5.

我們今天的關鍵訊息在幻燈片 5 中。

Q2 results were in line with expectations we set in October, as we continued to execute and deliver across key financial metrics.

第二季的業績符合我們 10 月設定的預期，我們繼續執行並實現關鍵財務指標。

We are pleased to report our fourth consecutive quarter of sequential volume improvement and a return to sales growth, albeit marginal.

我們很高興地報告，我們連續第四個季度實現了銷售連續成長，並恢復了成長，儘管增幅很小。

Margins also continue to improve, helping drive a 5% increase in both adjusted EBIT and EPS on a comparable basis.

利潤率也持續提高，推動調整後的息稅前利潤和每股盈餘在可比基礎上成長 5%。

The solid performance, along with our confidence in the second half, leaves us on track to deliver against our full-year guidance, which we are reaffirming again today.

穩健的表現，加上我們對下半年的信心，使我們有望實現全年預期，今天我們再次重申這一預期。

And finally, as we continue to execute well on the underlying business, we're also highly focused on the unique opportunity we have to accelerate growth and enhance margin -- enhance earnings and cash generation through the previously announced combination with Berry.

最後，在我們繼續良好地執行基礎業務的同時，我們也高度關注加速成長和提高利潤率的獨特機會——透過先前宣布的與 Berry 的合併來提高盈利和現金創造能力。

Turning to slide 6.

翻到幻燈片 6。

On our Q1 earnings call in October, I outlined my strategy for Amor to deliver consistent, sustainable organic growth in the low to mid-single digit range through an unwavering focus on our customers, on sustainability, and on our product -- portfolio mix.

在 10 月的第一季財報電話會議上，我概述了我對 Amor 的策略，即透過堅定不移地關注我們的客戶、永續性和我們的產品/產品組合，實現低至中等個位數範圍內持續、可持續的有機成長。

I also shared my future vision for Amcor to become the global packaging partner of choice.

我還分享了我對 Amcor 未來的願景：成為全球首選包裝合作夥伴。

The merger with Berry is directly aligned with the strategy and moves us further towards our vision.

與 Berry 的合併符合我們的策略，並使我們進一步朝著我們的願景邁進。

Slide 7 highlights the compelling rationale behind this combination.

投影片 7 強調了這個組合背後令人信服的理由。

One of the most powerful and transformational long-term benefits of this merger is the opportunity to drive stronger, more consistent, and sustainable volume-driven organic growth and to further improve margins.

此次合併最強大和最具變革性的長期利益之一是能夠推動更強勁、更一致、更可持續的以數量為主導的有機成長，並進一步提高利潤率。

There are a number of growth unlocks that will become available with two of the most significant shown on this slide.

將會有一系列的成長解鎖，其中最重要的兩個顯示在這張投影片上。

First, the combined company will be a better business with a broader primary packaging portfolio at scale across consumer goods and healthcare and markets.

首先，合併後的公司將擁有更好的業務，在消費品、醫療保健和市場領域擁有更廣泛的初級包裝產品組合。

In the context of a stronger, larger scale company, Amcor will be uniquely positioned to further refine and prune our portfolio mix to focus even more on attractive, higher value, faster growing end markets.

在實力更強、規模更大的公司背景下，安姆科將擁有獨特的優勢，可以進一步完善和精簡我們的產品組合，更加專注於有吸引力、價值更高、成長更快的終端市場。

This journey is already underway, with Berry's recent divestitures of its HHNF and Tapes businesses, which have significantly enhanced their product mix while reducing cyclicality.

這趟旅程已經在進行中，Berry 最近剝離了其 HHNF 和 Tapes 業務，這顯著增強了其產品組合，同時降低了週期性。

As a result of further pruning, we will increase average growth rates, margins, and cash generation across the remaining portfolio.

進一步精簡後，我們將提高剩餘投資組合的平均成長率、利潤率和現金產生量。

Second, this combination creates exceptional capability in material science and innovation.

其次，這種結合創造了材料科學和創新的卓越能力。

We will drive growth for innovation and more sustainable packaging solutions by effectively and efficiently leveraging our combined resources.

我們將有效、有效率地利用綜合資源，推動創新和更永續的包裝解決方案的成長。

Bringing together more than 1,500 R&D professionals, an annual R&D investment of $180 million will allow us to optimize and redirect R&D spend, providing capacity to focus on solving the most complex functionality and sustainability challenges faced by our customers and consumers.

我們匯集了 1,500 多名研發專業人員，每年 1.8 億美元的研發投資將使我們能夠優化和重新分配研發支出，從而能夠專注於解決客戶和消費者面臨的最複雜的功能和永續性挑戰。

Accelerated growth combined with significant synergies means this combination will drive compelling near and long-term value for all shareholders.

加速成長加上顯著的協同效應意味著這一組合將為所有股東帶來引人注目的近期和長期價值。

Moving to slide 8.

移至幻燈片 8。

You've seen this slide before, but let me recap a few of the drivers behind the significant and sustainable financial value we're creating.

您之前已經看過這張投影片，但讓我回顧一下我們創造的重大且可持續的財務價值背後的一些驅動因素。

We continue to pressure test our assumptions and are confident in the $650 million in total cost, growth, and financial synergies we've identified and will deliver.

我們將繼續對我們的假設進行壓力測試，並對我們已經確定並將實現的 6.5 億美元的總成本、成長和財務協同效應充滿信心。

We expect to realize 40% or $260 million of total synergies in the first year and the full run rate in year 3 with an additional $280 million of one-time cash benefits from working capital improvements which will fund cash costs to achieve synergies.

我們預計第一年將實現 40% 或 2.6 億美元的總協同效應，第三年將實現全部運行率，另外還將從營運資本改善中獲得 2.8 億美元的一次性現金收益，這些收益將用於資助實現協同效應的現金成本。

Including synergies, this combination is expected to deliver significant cash EPS secretion of over 35%, and annual cash flow in excess of $3 billion.

考慮到協同效應，這項合併預計將帶來超過 35% 的每股現金分泌，以及超過 30 億美元的年度現金流。

This will allow us to maintain a strong investment grade balance sheet and deploy additional cash to invest in organic growth and M&A.

這將使我們能夠保持強勁的投資等級資產負債表，並部署額外現金來投資有機成長和併購。

We expect to increase long-term EPS growth and take the outcomes under our value, share the value creation model to a new and higher level.

我們期望提高長期每股收益成長，並將成果納入我們的價值考量，將價值創造模式提升到新的更高水準。

Turning to slide 9 and an update on the steps we have taken towards closing.

翻到第 9 張投影片，了解我們為實現收尾所採取的措施的最新進展。

We're moving very quickly from a process perspective to complete the work required to bring the merger to close.

從流程角度來看，我們正在迅速完成完成合併所需的工作。

On January 23, we filed the definitive joint proxy statement prospectus with the SEC and shareholder meetings are scheduled to take place on February 2025.

1 月 23 日，我們向美國證券交易委員會提交了最終聯合代理聲明招股說明書，股東大會計劃於 2025 年 2 月舉行。

Initial materials required to secure regulatory approvals across nearly all required jurisdictions have been submitted, and the first approvals have been received.

獲得幾乎所有所需司法管轄區監管批准所需的初始材料均已提交，並且已收到首批批准。

The composition of the board of directors has been finalized and our path to completion is well advanced.

董事會的組成已經最終確定，我們的完成工作進展順利。

From an integration preparedness perspective, we're also well positioned.

從整合準備的角度來看，我們也處於有利地位。

We are focused on building our teams, filling key roles, and ensuring we will make a fast start upon close with clearly defined plans for the first 100 days in line with our proven integration playbook.

我們專注於建立我們的團隊，填補關鍵職位，並確保我們將根據我們經過驗證的整合方案，在前 100 天制定明確的計劃，從而快速啟動。

We have a strong track record of successfully executing on large transactions, and our teams have significant experience in integrating sizable businesses.

我們在成功執行大型交易方面有著良好的記錄，而且我們的團隊在整合大型企業方面擁有豐富的經驗。

Moving to slide 10 for a summary of our financial results.

請前往投影片 10 查看我們的財務結果摘要。

As noted earlier, delivering on the base business is a top priority, and we continue to execute well with second-quarter results in line with the expectations we outlined in October.

如前所述，完成基礎業務是我們的首要任務，我們第二季的業績持續表現良好，符合我們十月份提出的預期。

Our differentiated value proposition resonates with customers, supporting a return to overall sales growth in Q2, as net sales of $3.2 billion were slightly ahead of last year.

我們差異化的價值主張引起了客戶的共鳴，支持第二季整體銷售恢復成長，淨銷售額達到 32 億美元，略高於去年同期。

Overall volumes grew by 2.3%, improving on the first quarter and offsetting an unfavorable impact of price mix.

整體銷量成長了 2.3%，較第一季有所改善，抵消了價格組合帶來的不利影響。

This was the fourth consecutive quarter of sequential improvement in volumes.

這是銷量連續第四個季度增長。

As expected, destocking continued in healthcare and demand remains soft in the North American beverage business, impacting makes an unfavorably impacting overall volumes by more than 1%.

正如預期的那樣，醫療保健領域的庫存繼續減少，北美飲料業務的需求仍然疲軟，對整體銷售產生了超過 1% 的不利影響。

Across the balance of the business, overall volume growth was consistent with the first quarter up approximately 4%.

縱觀整個業務，整體銷量成長與第一季一致，成長約 4%。

Improving volume trends and continued proactive costs and productivity actions more than offset unfavorable price make headwinds, leading to another quarter of solid earnings growth.

銷售趨勢的改善和持續主動的成本和生產力行動足以抵消不利的價格阻力，從而帶來另一個季度的穩健獲利成長。

Adjusted EBIT increased by 5% compared with last year, and adjusted EBIT margin expanded by year over year by 40 basis points.

調整後息稅前利潤較上年同期增加5%，調整後息稅前利潤率較上年同期增加40個基點。

Adjusted earnings per share of $16.01 also grew by 5% on a comparable basis, and cash generation was above the prior year positioning us to reaffirm our fiscal year guidance.

調整後每股收益為 16.01 美元，較上年同期增長 5%，且現金產生量高於上年，這使我們能夠重申財年指引。

I now turn the call over to Michael to cover the results and outlook in more detail.

現在我將電話轉給邁克爾，讓他更詳細地介紹結果和展望。

Thanks, PK and hello, everyone.

謝謝，PK，大家好。

Beginning with the flexible segment on slide 11 and focusing on our physical Q2 performance.

從幻燈片 11 上的靈活部分開始，重點關注我們的 Q2 物理表現。

Q2 volumes were up 3% compared with last year, reflecting ongoing solid growth across all key geographies and a number of important end markets.

第二季的銷售量與去年相比成長了 3%，反映出所有主要地區和一些重要終端市場持續穩定成長。

Net sales also returned to growth, increasing by 1% on a comparable cost to currency basis.

淨銷售額也恢復成長，以可比成本與貨幣計算成長了 1%。

And higher volumes more than offset unfavorable price mix of approximately 2%, primarily related to lower healthcare volumes.

銷量增加超過了約 2% 的不利價格組合的影響，這主要與醫療保健銷售下降有關。

As expected and discussed in prior earnings calls, we continue to see destocking in the healthcare in North America and Europe Pharmaceuticals, which resulted in a headwind of approximately 1% to overall segment volumes.

正如預期和在先前的收益電話會議上討論的那樣，我們繼續看到北美醫療保健和歐洲製藥領域的庫存減少，這導致整體細分市場銷售下降約 1%。

Compared to the fiscal first quarter, destocking abated and the related price mix had been improved.

與第一財季相比，去庫存減弱，相關價格組合有所改善。

And exiting the second quarter, we believe healthcare destocking is now largely behind us.

而隨著第二季的結束，我們認為醫療保健庫存的去化已基本結束。

Across the balance of our flexible portfolio, volumes were up 4%, reflecting solid demand across regions and in many product categories.

在我們靈活的產品組合中，銷售量成長了 4%，反映了各個地區和許多產品類別的強勁需求。

In North America and Europe, second quarter demand remains solid, with volumes increasing mid-single digits in both regions, despite the negative impact of healthcare destocking.

在北美和歐洲，第二季的需求仍然強勁，儘管受到醫療保健庫存減少的負面影響，兩個地區的銷售仍呈現個位數中段成長。

Top-line growth was strong across the Asian region, reflecting price mix benefits and mid-single digit volume growth supported by strong demand in China and across Southeast Asia.

亞洲地區的營收成長強勁，反映出價格組合優勢以及受中國和東南亞強勁需求推動的中等個位數銷售成長。

In Latin America, volumes were broadly in line with last year's second quarter, with good growth in Colombia and Peru offset by demand in Argentina.

在拉丁美洲，出口量與去年第二季度基本持平，但哥倫比亞和秘魯的良好成長被阿根廷的需求抵消。

From a product category standpoint, ready meals and premium coffee showed strong growth, and dairy, meat, liquids, and pet care were up low-to-mid single digits.

從產品類別來看，即食食品和優質咖啡呈現強勁成長，乳製品、肉類、液體和寵物護理產品則呈現低至個位數的增幅。

In healthcare, medical returns to growth, however, farmer volumes continue to be down low-double digits compared with last year as a result of destocking.

在醫療保健領域，醫療產品恢復成長，但由於庫存減少，農場產品銷售與去年相比持續下降兩位數。

And as I mentioned earlier, is now largely behind us.

正如我之前提到的，現在這基本上已經過去了。

Good earnings leverage continued and adjusted EBIT for the quarter of $322 million grew by 4% on a comparable constant currency basis.

良好的獲利槓桿作用持續發揮，本季調整後息稅前利潤為 3.22 億美元，以可比固定匯率計算成長 4%。

Higher volumes combined with strong cost performance and the benefits from restructuring led to another quarter of margin expansion with adjusted EBIT margins up 20 basis points to 12.8%.

銷售增加、成本表現強勁以及重組帶來的好處導致利潤率在本季再次擴大，調整後的息稅前利潤率上升 20 個基點至 12.8%。

Turning to rigid packaging on slide 12, the rigid business continues to advance its performance and the trajectory of overall segment volumes improved for the fourth consecutive quarter.

談到第 12 張投影片上的硬包裝，硬質業務持續提升其業績，整體分部銷售的走勢連續第四個季度得到改善。

Net sales were approximately 1% lower than last year, reflecting an unfavorable impact from price mix of approximately 2%, partly offset by a return to volume growth with overall volumes up approximately 1%.

淨銷售額比去年下降約 1%，反映出約 2% 的價格組合帶來的不利影響，但整體銷售恢復成長（約 1%）部分抵消了這一影響。

As expected, customer and consumer demand in the North American beverage business remains soft and variable through the quarter.

正如預期，本季北美飲料業務的客戶和消費者需求仍然疲軟且多變。

While beverage volumes were down mid-single digits, this marks an improvement on the first quarter of approximately 4 percentage points.

雖然飲料銷量下降了中個位數，但與第一季相比還是提高了約 4 個百分點。

Latin America volumes were down single digits first of last year, reflecting weaker customer demand in Argentina and Colombia, which was partly offset by growth in other countries including Brazil.

去年年初，拉丁美洲的銷量下降了個位數，反映出阿根廷和哥倫比亞的客戶需求較弱，但巴西等其他國家的成長部分抵消了這種影響。

The specialty containers business delivered strong growth in spirits, wine, and beer with volumes down in healthcare due to destocking and volumes in the closures business were higher than last year.

特種容器業務在烈酒、葡萄酒和啤酒領域實現了強勁增長，由於去庫存導致醫療保健領域的銷量下降，而封蓋業務的銷量高於去年。

From an earning perspective, the business executed well in another quarter of growth, and margin expansion reflecting benefits from an ongoing focus on cost and productivity measures.

從獲利角度來看，該業務在另一個成長季度表現良好，利潤率擴大反映了持續關注成本和生產力措施帶來的好處。

Adjusted EBIT of $53 million was up 10% on a comparable constant currency basis, with EBIT margin increasing by 70 basis points, 7.3%.

調整後息稅前利潤為 5,300 萬美元，以可比較固定匯率計算成長 10%，息稅前利潤率增加 70 個基點，即 7.3%。

Finally, in late December we completed the sale of our 50% interest in Berry cap North America closures business which we announced back in October.

最後，我們於 12 月底完成了出售 Berry cap 北美封蓋業務 50% 股權的交易，此項交易我們於 10 月宣布。

Proceeds of $122 million were used to reduce debt, demonstrating our commitment to disciplined capital allocation.

1.22 億美元的收益用於減少債務，顯示我們致力於嚴格的資本配置。

Which takes us to the cash flow and the balance sheet on slide 13.

這將帶我們了解第 13 張投影片上的現金流量和資產負債表。

On a year-to-date basis, the business generated a net cash outflow of $38 million which includes an inflow of more than $350 million in cash flow in the second quarter, approximately $80 million better than last year's second quarter, largely on the back of improvements in working capital.

從年初至今，該業務產生了 3,800 萬美元的淨現金流出，其中包括第二季超過 3.5 億美元的現金流流入，比去年第二季好出約 8,000 萬美元，這主要得益於營運資金的改善。

Stronger quarterly cash flow and receipt of proceeds from the Berry cap sale led to a reduction in net debt of approximately $375 million compared with last quarter.

季度現金流更加強勁以及 Berry 上限出售所得導致淨債務與上一季相比減少約 3.75 億美元。

Leverage also improved sequentially coming in at 3.3 times, which is in line with the expectations we provided on our October call.

槓桿率也環比改善，達到 3.3 倍，與我們在 10 月電話會議上給出的預期一致。

We expect leverage to further reduce through the second half of the fiscal year, and we remain confident in meeting our expectations to exit fiscal 2025 with leverage at 3 times or lower.

我們預計槓桿率將在本財年下半年進一步降低，並且我們仍然有信心實現我們的預期，即在 2025 財年結束時槓桿率達到 3 倍或更低。

Through the first six months of fiscal 2025, we returned approximately $365 million in cash to shareholders through our quarterly dividends.

在 2025 財年的前六個月，我們透過季度股利向股東返還了約 3.65 億美元現金。

This brings me to the outlook on slide 14.

這讓我想到了第 14 張幻燈片上的展望。

And as PK mentioned earlier, based on our solid first half performance and our confidence in the second half, we remain on track to deliver for the full year, and we are again reaffirming our guidance.

正如 PK 先前提到的，基於我們上半年的穩健表現和對下半年的信心，我們仍然有望實現全年業績，我們再次重申我們的指引。

For fiscal 25%, we continue to expect adjusted earnings to be in the range of $0.72 to $0.76 per share on a reported basis.

對於財政年度的 25%，我們繼續預期調整後的收益在報告基礎上每股 0.72 美元至 0.76 美元之間。

Representing comparable constant currency growth of 3% to 8%.

代表可比較固定匯率成長率為 3% 至 8%。

We continue to expect to deliver strong growth in the underlying business for the year as earnings momentum continues to build.

隨著獲利勢頭持續增強，我們預計今年的基礎業務將實現強勁成長。

And as we've pointed out previously, it's important to remember that the guidance assumes an EPS headwind of up to 4% related to more normalized levels of incentive compensation based on our expectations for improved annual financial results.

正如我們之前指出的那樣，重要的是要記住，根據我們對改善年度財務表現的預期，該指引假設每股收益逆風將高達 4%，與更正常化的激勵薪酬水平有關。

Excluding this incentive normalization, we expect growth from the underlying business in the mid-single to low-double digit range.

除去這項激勵措施正常化，我們預期基礎業務的成長率將在中等個位數至低兩位數之間。

We continue to assume overall volumes will increase in the low to mid-single digit range for the year.

我們仍然預計今年的整體銷售將以低至中等個位數成長。

With trading performance through January aligned with this expectation.

一月份的交易表現與此預期一致。

We have updated our interest guidance to between $290 million and $300 million bringing the mid-point modestly lower to reflect the benefit in the second half related to the Berry cap proceeds being used to reduce debt.

我們已將利息預期更新為 2.9 億至 3 億美元之間，中間值略有降低，以反映下半年使用 Berry 上限收益減少債務帶來的收益。

And as a reminder, the overall impact of the Barry cap sale on EPS for the year is relatively neutral, taking into account the loss of annualized EBIT of approximately $19 million and the benefit of lower interest.

需要提醒的是，考慮到約 1,900 萬美元的年度息稅前利潤損失和較低利息的好處，Barry 上限出售對今年每股盈餘的整體影響相對中立。

Our effective tax rate range remains unchanged at 19% to 20%.

我們的有效稅率範圍維持不變，為 19% 至 20%。

In terms of phasing through the fiscal 25, we expect this will be aligned with the historical average, with the second half generating 55% to 58% of EPS based on our guidance range, and the fourth quarter being the strongest of the year and typically 30% or more of full year EPS.

就整個財政年度 25 個季度的分階段來看，我們預計這將與歷史平均水平保持一致，根據我們的指導範圍，下半年將產生 55% 至 58% 的每股收益，而第四季度是一年中最強勁的季度，通常佔全年每股收益的 30% 或更多。

And finally, we're affirming our expectations to generate strong adjusted free cash flow in the range of [$900 million] to $1 billion for the year, supporting our confidence in exiting the year with leverage back at 3 times or lower, as I noted earlier.

最後，我們確認了我們的預期，即今年將產生強勁的調整後自由現金流，範圍在 [9 億美元] 至 10 億美元之間，這支持了我們對在今年結束時槓桿率回到 3 倍或更低水平的信心，正如我之前提到的那樣。

We are pleased with our continued execution across the underlying business, and we are confident in our outlook for the year.

我們對基礎業務的持續執行感到滿意，我們對今年的前景充滿信心。

And we're excited about the additional opportunities we have to accelerate future growth through our combination with Berry.

我們很高興看到透過與 Berry 的合併我們將獲得額外的機會來加速未來的成長。

With that, I'll hand back to PK.

說完這些，我將把權力交還給 PK。

Thanks, Michael.

謝謝，麥可。

A few closing remarks to summarize ahead of taking questions.

在回答問題之前，我想先總結幾點。

We're executing well on the underlying business and are confident our merger with Berry is a winning combination for all stakeholders.

我們在基礎業務方面執行得很好，並相信與 Berry 的合併對所有利益相關者來說都是一個雙贏的組合。

The path to completion is clear with meaningful milestones already behind us.

完成的道路很清晰，我們已取得了有意義的里程碑。

We remain highly focused on next steps to ensure we're setting the organization up for success, and we remain on track and confident that transaction will close around the middle of calendar year 2025.

我們仍高度關注下一步行動，以確保為組織的成功做好準備，我們仍按計劃進行，並有信心交易將在 2025 年中期左右完成。

Kate, we're ready to take questions.

凱特，我們準備好回答問題了。

(Operator Instructions) Anthony Pettinari, Citi.

(操作員指示) 花旗銀行，Anthony Pettinari。

Good morning.

早安.

You talked about -- hey, you talked about potential divestitures to, strengthen the business, and I'm just wondering, do you expect that those could be impactful at all to synergy targets or timeline and then, is the divestiture opportunity, do you think it's larger than maybe you had expected late last year when you announced the deal or if there's any kind of color you can give us in terms of whether, these are more likely Berry assets, Amcore assets or just any additional call you can give?

您談到了 - 嘿，您談到了潛在的資產剝離，以加強業務，我只是想知道，您是否認為這些資產剝離會對協同目標或時間表產生影響，然後，資產剝離的機會，您是否認為它比您去年年底宣布交易時預期的要大，或者您是否可以給我們提供任何細節，例如這些更可能是額外資產、Amcore 資產還是您能給出的任何信息、Amcore 資產或任何資產、Amcore 資產或任何資產、Amcore 資產還是您能給出的任何資產、Amcore 資產或任何資產、Amcore 資產還是您能給出的任何資產、Amcore 資產還是您能給出的任何資產、Amcore 資產還是您能給予您

Yeah, thanks, Anthony.

是的，謝謝，安東尼。

Look, I think you're talking about the portfolio pruning activities that I mentioned on a couple of calls earlier and also in the context of the Berry combination.

聽著，我想你正在談論我在之前幾次電話會議中提到的投資組合修剪活動，以及在 Berry 組合的背景下。

For me or for us, this is one of the additional levers that we can pull in order to orient the business towards a stronger, faster growing business organically.

對我或我們來說，這是我們可以採取的額外槓桿之一，以便使業務朝著更強大、更快的有機成長方向發展。

And a business that is more attractive in terms of a higher and better margin quality.

並且，從更高、更好的利潤品質來看，該業務更具吸引力。

Now, with the combination with Berry, we have sort of embarked on a work stream that essentially puts the whole portfolio on the table.

現在，透過與 Berry 的合併，我們已經開始了一個工作流程，基本上將整個投資組合擺到了桌面上。

And we have started the conversations around that.

我們已經開始討論這個問題。

So we're on it.

所以我們就這麼做。

And we're pretty much looking at everything.

我們幾乎在關註一切。

And as I said before, the criteria are -- there are multiple criteria that would be -- that we would apply to this analysis, but the two of them are stronger intrinsic organic growth and then margin quality would be the two outstandings.

正如我之前所說，我們會將多個標準應用於這項分析，但其中兩個最為突出的是更強勁的內在有機成長和利潤率品質。

It's a little early for us to say, where we land and what we're going to do.

現在說我們將在哪裡著陸以及我們要做什麼還為時過早。

I think we need a little more time in order to come to a conclusion on it.

我認為我們需要更多時間才能就此得出結論。

But that is a key consideration here.

但這是這裡的一個關鍵考慮因素。

I'm not sure it will have an impact, on accelerating synergies, and that's where you were coming from.

我不確定它是否會對加速協同效應產生影響，這就是你剛才所說的。

I think it's really just about organic growth and making business more attractive in terms of marginal quality.

我認為這實際上只是有機成長，並使業務在邊際品質方面更具吸引力。

Keith Chau, MST Marquee.

基思·週 (Keith Chau)，MST Marquee。

All right, okay, Michael.

好的，好的，麥可。

Thanks for taking my question.

感謝您回答我的問題。

So I just want to go back to a point around underlying demand.

所以我只想回到有關潛在需求的話題。

I think in the last quarter, there's much discussion or even over the last year about, volume growth returning as destocking ends.

我認為，在上個季度，甚至在過去一年裡，人們都討論過隨著去庫存階段的結束，銷售成長將恢復。

So it certainly seems as though that has happened.

看起來這確實已經發生了。

But in the last quarter you talked about underlying consumer demand still being fairly tepid.

但在上個季度，您談到潛在的消費需求仍然相當低迷。

And seemingly in the second quarter that hasn't changed too much.

而第二季的情況似乎也沒有太大變化。

So I'm just wondering if you can update our views, in that respect, whether there has been any restocking, in the period.

所以我只是想知道您是否可以更新我們在這方面的觀點，即在此期間是否有任何補貨。

And to what extent do you, believe price mix will improve in the flexible division in the third quarter and fourth quarter?

您認為第三季和第四季彈性部門的價格組合會有多大程度的改善？

Is that going to be a positive outcome as that the stocking and healthcare has ended?

庫存和醫療保健已經結束，這會是一個積極的結果嗎？

Thank you.

謝謝。

Yeah, Keith.

是的，基斯。

There's a couple of questions there.

這裡有幾個問題。

Let me try to sort them.

讓我嘗試對它們進行排序。

So, first of all, when we look at our volume expectations in the second quarter of this fiscal year wasn't an exemption, we did not really expect consumer demand to strengthen a lot.

因此，首先，當我們查看本財年第二季的銷售預期時，我們發現並沒有發現例外情況，我們實際上並沒有預期消費者需求會大幅增強。

We always talk about the consumer demand sort of in the range of being flat slightly down.

我們總是談論消費者需求處於平穩略微下降的範圍內。

And that is essentially what we've seen now when we look at scanner data and we look at other reporting from customers, we triangulate all that.

這基本上就是我們現在看到的，當我們查看掃描器數據並查看來自客戶的其他報告時，我們對所有這些進行三角測量。

I think we get to the conclusion of the consumer having modestly softened in the second quarter versus the first one.

我認為我們可以得出的結論是，第二季的消費量與第一季相比略有疲軟。

And that's just the way it is and we've seen that too.

事實就是如此，我們也看到了這一點。

On the other hand, when I take a step back and look at our volume performance, I think it's important to calibrate against that environment, and we're actually pretty happy with the volume performance in the second quarter.

另一方面，當我退一步審視我們的銷售表現時，我認為根據環境進行校準非常重要，而我們實際上對第二季的銷售表現非常滿意。

Let me just highlight a few things here.

我在此僅強調幾點。

We are up in the second quarter versus the first quarter, and sequentially we've almost seen a point of growth between Q1 and Q2.

與第一季相比，第二季的銷售額有所上升，而且在第一季和第二季之間，我們幾乎也看到了一個成長點。

Flexibles is up 3%, ridgets is up overall 1%.

柔性版印刷價格上漲 3%，脊狀版印刷價格整體上漲 1%。

When you look at the overall business, it was the fourth consecutive quarter of volume improvements or the third consecutive quarter of volume growth that we've seen.

從整體業務來看，這是我們連續第四個季度實現銷售改善，或是連續第三個季度實現銷售成長。

And then also to your question on price mix or particularly mixed, we are sitting in a spot where we believe that the healthcare destocking is pretty much behind us at this point.

然後，關於您關於價格組合或特別是組合的問題，我們認為，目前醫療保健去庫存化基本上已經結束。

We've seen some abating destocking in the farmer's top category in the last quarter in Q2.

在第二季的最後一個季度中，我們看到農民頂級類別的庫存減少有所減弱。

Maybe there's a bit of a lingering destocking that sort of carries forward into Q3, but for all intents and purposes, I believe that we can talk about calendar 25 as a year which is going to be cleaner from a destocking perspective.

也許去庫存化會延續到第三季度，但無論出於何種目的，我相信從去庫存化的角度來看，25號日曆年將是更乾淨的一年。

And then the final point that I want to make is the -- or let me just say something else here on the point the mix, as healthcare is improving, I just want to make that point really clearly as healthcare is improving, we are going to see an improved mixed exposure in the back half.

然後，我要說的最後一點是——或者讓我在這裡再說一點關於組合的問題，隨著醫療保健的改善，我只想非常清楚地說明這一點，隨著醫療保健的改善，我們將在下半年看到混合風險的改善。

We're also pretty confident that healthcare will overall return back to growth.

我們也非常有信心醫療保健產業整體將恢復成長。

So that's only mixed question.

所以這只是一個混合問題。

And then coming back to the final point that I was going to make on the point of restocking, we never really felt that restocking would be a trend in the industry.

然後回到我關於補貨的最後一點，我們從未真正認為補貨會成為行業的趨勢。

What we have seen in the past was, our customers across the different categories have built inventory in response to the supply chain shocks that we've seen in the past.

我們過去看到的情況是，不同類別的客戶都建立了庫存，以應對我們過去看到的供應鏈衝擊。

And after the supply chains sort of stabilized, there was an overall trend to fixing the inventory levels, maybe even further, because of the higher interest cost and the carrying value of inventory.

在供應鏈趨於穩定之後，由於利息成本和庫存的帳面價值較高，整體趨勢是固定庫存水平，甚至可能進一步固定。

It's driven it down to a new normal.

它已將其推向新的常態。

What we see from here on are just seasonal inventory impacts, but nothing that sort of relates back to a structured destocking initiative.

我們現在看到的只是季節性庫存影響，而與結構化去庫存措施沒有任何關聯。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Thanks so much.

非常感謝。

Hi, everyone.

大家好。

Good morning and good afternoon.

早安，下午好。

Question on the momentum within flexible packaging.

關於軟包裝發展勢頭的問題。

Can you talk to the degree to which incentives and or effects might have impacted what otherwise would have been the EBIT conversion and flexibles relative to the volume growth and whether EBIT itself and flexibles was in line with your forecast and as you're taking 2Q into 3Q, what kind of exit rates are you seeing on volume and conversion within flexibles in the categories you serve?

您能否談談激勵措施和/或影響可能在多大程度上影響了 EBIT 轉換和靈活用具相對於銷量增長的比例，以及 EBIT 本身和靈活用具是否符合您的預測，當您將第二季度帶入第三季度時，您看到的您所服務的類別的靈活用具的銷量和轉換率的退出率是什麼樣的？

Thank you.

謝謝。

Well, I can speak to the latter part of that question with regards to volumes and then maybe Michael sort of addresses some of the financial components.

好吧，我可以談談該問題的後半部分有關數量的問題，然後邁克爾可能會談到一些財務部分。

From a volume perspective, we're looking, and that's across the business.

從數量角度來看，我們正在研究整個業務。

We're looking at a first half that pretty much left us within our guidance range on volumes from low-to-mid single digits.

我們預計上半年的銷售量基本上處於我們預期的低點到中位數個位數之間。

And that's therefore overall it's pretty much exactly where we expect it to be.

因此，總體而言，它完全符合我們的預期。

And as we exit the second quarter into the back half, I have no reasons to expect anything else for the back half.

當我們結束第二節進入後半段時，我沒有理由對後半段有任何期待。

So we're sitting here today and we're saying we're confirming the volume guidance of low to mid-single digits for the full year, and that's across the categories that we see so flexibles and widgets.

因此，我們今天坐在這裡，確認全年的銷售指導值為低到中等個位數，這涵蓋了我們看到的靈活多變和小部件等類別。

Yeah, I think if we just talked about the profit performance of the business, I mean, we were pleased with where it ended in the quarter, was in line with expectations.

是的，我認為如果我們只談論業務的利潤表現，我的意思是，我們對本季的業績感到滿意，符合預期。

We continue to see good leverage through the P&L from that volume improvement, to the EBIT improvement.

從銷售量改善到息稅前利潤改善，我們持續看到損益表中良好的槓桿作用。

And as we said earlier, we're still trailing a bit of negative mix, particularly on the healthcare side of things.

正如我們之前所說，我們仍然落後於一些負面因素，特別是在醫療保健方面。

So that will certainly improve.

因此，情況肯定會改善。

I think from a cost standpoint as well, the business has continued to focus on that margin quality, but also the cost out, I guess, one factor though is that clearly in the prior quarter, in the prior year, we had a really strong cost out focus, particularly as we could see the impact of destocking pretty significantly earlier on in the quarter and we took a lot of effort to really manage that cost and limit the impact of that volume.

我認為從成本的角度來看，企業一直在繼續關注利潤質量，但同時，我想，成本也是重點，但有一個因素是，顯然在上一季度、上一年，我們非常關注成本，特別是因為我們在本季度早些時候就看到了去庫存的顯著影響，我們付出了很多努力來管理成本，並限制數量的影響。

I mean this year clearly, we continue to focus on costs.

我的意思是，今年我們顯然會繼續關注成本。

But we are lacking a much more difficult comp and that means we have put a little bit of labor back into the business, still getting that cost out, but have put labor back in just to ensure we don't miss any demand at all.

但是，我們缺乏更困難的競爭，這意味著我們將少量勞動力重新投入到業務中，仍然獲得成本，但又將勞動力重新投入到業務中，以確保我們不會錯過任何需求。

So, we are pleased with where the business ended up.

因此，我們對業務的最終結果感到滿意。

From an FX or incentive point, there's not really anything to speak to there.

從外匯或激勵角度來看，確實沒有什麼好說的。

It wasn't a material impact.

這並沒有造成實質影響。

Daniel Kang, CLSA.

里昂證券的 Daniel Kang。

Morning, everyone.

大家早安。

So I understand that an integration planning event was recently held where both Amcor and Berry staff joined to form global work streams.

因此，我了解到最近舉辦了一次整合規劃活動，Amcor 和 Berry 的員工都參與其中，形成了全球工作流程。

Can you just share some color on the event?

您能分享一些有關該活動的詳細資訊嗎？

I'm interested in whether the leadership team managed to walk away with greater confidence and perhaps greater granularity on the target synergies?

我感興趣的是，領導團隊是否能夠更有自信地實現目標綜效？

Any comments that you can share, particularly on the key line items of procurement, GNA, and operational, be helpful.

您提出的任何評論，尤其是有關採購、GNA 和營運等關鍵項目的評論，都將很有幫助。

Thanks, PK.

謝謝，PK。

Thanks, Daniel.

謝謝，丹尼爾。

Look, it's first of all, it's all accurate what you said.

你看，首先，你所說的都是準確的。

We are according to the three priorities, we are also focusing on preparing the integration.

我們根據這三個優先事項，我們也在專注於準備整合。

And we're expanding sort of our initiatives across a broader base of colleagues of two businesses in order to get ourselves ready to get out of the blocks fast once the acquisition closes.

我們正在將我們的舉措擴展到兩家公司的更廣泛的同事中，以便我們能夠在收購完成後迅速擺脫困境。

Now what we're currently doing is we're essentially organizing ourselves.

現在我們所做的基本上就是自我組織。

We're still -- it's still business as usual.

我們仍然—一切照常。

We're still two different businesses.

我們仍然是兩個不同的企業。

So we can't address the integration.

所以我們無法解決整合問題。

We can't start doing that.

我們不能開始這麼做。

We can just plan it.

我們只需計劃一下即可。

But one of the things that we do according to our playbook that we have within Amcor and Barry likewise has a lot of experience in integrating businesses.

但是，根據我們在 Amcor 內部的劇本，我們所做的事情之一就是，Barry 同樣在業務整合方面擁有豐富的經驗。

We're setting ourselves up with an integration management office and underneath that, we're organizing ourselves with teams that will address the different work streams that will bring the two cultures together, but then also are focused on generating the synergies.

我們正在設立一個整合管理辦公室，並在其下組織團隊來處理不同的工作流程，以將兩種文化融合在一起，同時也致力於產生協同效應。

And so that we're able to deliver and outperform against that as the two companies come together.

這樣，當兩家公司合併時，我們就能夠實現目標並取得更好的成績。

Now, to the extent we have an opportunity to look further into, the estimates that we've made at the time.

現在，我們有機會進一步研究我們當時所做的估計。

We do actually gain confidence in the synergy pocket that we put into the market of the $650 million most of which is cost related.

我們確實對我們投入市場的 6.5 億美元的協同效應充滿信心，其中大部分與成本有關。

And breaks down on the cost side, if I put the financial synergy opportunities aside, between procurement, SGNA, and then operations.

如果我將財務協同機會放在一邊，則成本方面分為採購、SGNA 和營運三部分。

So overall comment is we're gaining more confidence in the numbers that we've put out there, and that also applies for procurement, which is the biggest single item with $325 million.

因此總體評論是，我們對我們公佈的數字越來越有信心，這也適用於採購，這是最大的單項項目，價值 3.25 億美元。

I just want to say, just to dimensionalize the number, which sounds comes across as a big number, we have a spend between the two combined companies of about $13 billion.

我只是想說，為了將這個數字具體化，這個數字聽起來很大，兩家公司合併後的支出約為 130 億美元。

And if you look at the raw material side, that's about $10 billion.

如果你看看原料方面，這個數字約為 100 億美元。

And if you sort of look at the procurement, opportunities and against that spend, we're sort of sitting around 3% of synergy capture, which we think is well aligned.

如果你看一下採購、機會和支出，我們大約獲得了 3% 左右的協同效應，我們認為這是非常一致的。

So very confident in the synergies at this point in time.

因此，我們對目前的綜效非常有信心。

Gansham Punjabi, Baird.

甘沙姆旁遮普語，貝爾德。

Hi, good morning and afternoon, everyone.

大家早安，下午好。

Thanks for taking my question.

感謝您回答我的問題。

This is actually Matt Krieger sitting in for Ghansham.

這實際上是代替 Ghansham 的 Matt Krieger。

Just wanted to follow up on the raw materials front.

只是想跟進原料方面的狀況。

Can you provide some added details and an update around what you're seeing in the raw material, and other input cost, basket across your business?

您能否提供一些額外的細節和更新，介紹一下您所看到的原材料和其他投入成本以及您業務中的情況？

Maybe give us an updated outlook for the year and any thoughts on, if or how this latest round of tariffs impacts your cost base or maybe even how you're going to conduct your business?

您能否為我們提供今年的最新展望，以及您認為最新一輪關稅是否或如何影響您的成本基礎，甚至您將如何開展業務？

Any details there would be great.

任何細節都很好。

Thanks.

謝謝。

Yeah, sure.

是的，當然。

I can help with that, Michael, here.

邁克爾，我可以幫忙。

Look, from a raw material standpoint, the first half was really pretty benign.

從原料的角度來看，上半年的情況確實相當溫和。

If you look at our numbers in the top line, in the revenue line, actually, the raw material number for the first half was flat.

如果你看我們的頂線數字，在收入線上，實際上，上半年的原料數字是持平的。

So, that tells you that the input costs overall were pretty flat for the first half.

所以，這顯示上半年的整體投入成本相當穩定。

Q2.

問2.

Again it was a similar trend to Q1.

這再次呈現與第一季類似的趨勢。

There was a little bit of pass through in Q2, but less than 1% in the top line and no impact in the earnings.

在第二季度，雖然有一點點轉嫁，但對營業收入的影響不到 1%，而且對收益沒有影響。

And remember, we, we're, we, we've got a broad base of goods across geography, so they can move up and down at different rates.

請記住，我們擁有遍布各地的廣泛商品基礎，因此它們的價格可以以不同的速度上漲或下跌。

But generally, what we saw overall was the basket was pretty flat, perhaps down slightly.

但整體而言，我們看到的是籃子整體相當平坦，或許略有下降。

And that included resins and liquids that were down in perhaps the low-single digit range and then there were some offsets with things like aluminum, which were up.

其中包括樹脂和液體，它們的降幅可能在個位數以下，而鋁等一些材料的降幅則有所上升。

What -- which were up in the mid-single digit range.

什麼——這些數字都在個位數的中等範圍內上升。

As we then, so pretty benign.

正如我們當時一樣，非常溫和。

If we look forward, into Q3, it's about as far as we look out, with any confidence.

如果我們展望第三季度，這是我們能有信心展望的最遠目標。

We'd say that it's probably a pretty similar, view.

我們認為這可能是非常相似的觀點。

Asia, Europe, looking flat, perhaps in North America, some slight increases.

亞洲、歐洲看起來持平，北美或許會略有成長。

But overall, we'd expect the environment to be relatively benign in Q3, and after that, we'll see what happens.

但總體而言，我們預計第三季的環境將相對良好，之後我們將拭目以待。

From a tariff standpoint, I think our business is very regional, and in North America particularly, the level of imported goods is really very low and typically in specialty products that we can't get in this region.

從關稅的角度來看，我認為我們的業務非常具有區域性，特別是在北美，進口商品的水平確實非常低，而且通常都是我們無法在該地區獲得的特殊產品。

So from a tariff standpoint, that would be factored into the cost and then passed through.

因此，從關稅的角度來看，這將被計入成本，然後轉嫁出去。

So we don't really see a lot of impact on our business just because of the regional and local nature from any tariffs impacting the cost base.

因此，我們實際上並沒有看到對我們的業務產生很大的影響，只是因為關稅影響成本基礎的區域性和地方性。

Let me answer that.

讓我來回答這個問題。

On the tariff side, first of all, I think that Michael said is very true.

關於關稅方面，首先我認為麥可說的非常正確。

We're a very regional business and if anything, we've become more regional given the experience from the past for long supply chains have essentially sort of created risk on the service levels to your customers.

我們是一家非常區域化的企業，如果有什麼不同的話，那就是我們已經變得更加區域化了，因為過去的經驗表明，較長的供應鏈實際上會對客戶的服務水準帶來風險。

So we have even tried to shorten supply chains and over the past.

因此，我們過去甚至曾嘗試縮短供應鏈。

And in terms of the ability to pass through tariffs, when you think about it, in some cases, we even have agreements with customers, that would be based on indices.

至於轉嫁關稅的能力，想想看，在某些情況下，我們甚至與客戶達成了基於指數的協議。

That would allow us to pass on these additional costs.

這將使我們能夠轉嫁這些額外成本。

So, I think, we're in a spot where because we're regional, because we have some passive opportunities, we feel we're not immune, but somewhat robust against the terrorists.

所以，我認為，我們處在這樣一個境地：因為我們是地區性國家，因為我們有一些被動的機會，我們覺得我們並非免疫，但對恐怖分子來說還是有一定的抵抗力。

Jakob Cakarnis, Jarden.

雅各·卡卡尼斯（Jakob Cakarnis），賈登。

Hi, Michael.

你好，麥可。

I just wanted to ask just about the trajectory in the health business.

我只是想問一下健康事業的發展軌跡。

So, obviously, some improvement there.

因此，顯然，這方面有所改善。

It sounds like it's farmer that's still dragging on volumes.

聽起來好像農民仍在拖累產量。

Just wondering, as we move through the balance of the year, should, the very merger complete?

只是想知道，隨著我們度過今年的剩餘時間，合併是否應該完成？

What's the exposure like to healthcare overall, post-merger, and do you think that the momentum that you're seeing gives you further confidence, that you can drive that organic sales growth in the combined entity as you plan to, please?

合併後，醫療保健行業的整體情況如何？

Yeah, well, thanks for that question, because I'm a big healthcare fan, so I can take a step back and maybe help you sort of how we look at that.

是的，謝謝您的提問，因為我是醫療保健的忠實粉絲，所以我可以退一步來看看，也許可以幫助您了解我們如何看待這個問題。

First of all, I believe that healthcare is a category that's a real gem in our portfolio.

首先，我相信醫療保健是我們投資組合中的一顆真正的寶石。

And we've always said that from an Amcor perspective, and we're excited about the combination with Berry also because we can only strengthen -- we can strengthen that business.

我們一直從 Amcor 的角度這麼說，我們對與 Berry 的合併也感到非常興奮，因為我們只能加強——我們可以加強這項業務。

Overall, when we combine the business, we're looking at about a $3 billion combined business and healthcare with really attractive exposures.

總體而言，當我們合併業務時，我們正在尋找價值約 30 億美元的綜合業務和醫療保健，並具有真正具有吸引力的曝險。

Which is also very complimentary.

這也是非常值得稱讚的。

On the Berry side, think about, like multi-component delivery devices, for example, inhalers, that are being brought to market and that is something that, on the Amcor side, we do not have in our portfolio.

在 Berry 方面，想想像多組分輸送裝置（例如吸入器）這樣的正在推向市場的產品，而這是我們在 Amcor 方面所沒有的產品。

So, first of all, we believe that healthcare is a gem while it has been, sort of challenged over the last couple of quarters, because of pretty much significant destocking.

首先，我們認為醫療保健產業是一塊瑰寶，但過去幾個季度，由於大幅去庫存，醫療保健產業面臨一定挑戰。

You asked about the destocking.

您詢問了有關去庫存的問題。

We were essentially convinced that all of our categories, had come to an end with the destocking by the beginning of calendar 2024.

我們基本上確信，到 2024 年初，我們所有類別的庫存都將隨著去庫存而結束。

The one that was left over really was healthcare because the destocking trend has started later and therefore lasted longer.

真正剩下的是醫療保健行業，因為去庫存趨勢開始得較晚，因此持續時間較長。

As we then look at the first and the second quarter of this fiscal year, we've seen definitely some destocking the first quarter where the subcategory of medical had already returned to some growth, albeit small, but in pharma we were pretty much challenged still with the destocking.

當我們回顧本財年的第一季和第二季時，我們確實看到第一季度出現了一些去庫存的現象，其中醫療子類別已經恢復了一些增長，儘管幅度很小，但在製藥領域，我們仍然面臨著去庫存的巨大挑戰。

We have seen in the second quarter medical further improve and strengthen.

我們在第二季看到醫療業務進一步改善和加強。

On the pharma side we've seen this stalking abate and again we would now be in a spot where we'd say to keep things simple, that destalking in healthcare is also over.

在製藥業方面，我們已經看到這種追蹤行為減弱，而且我們現在可以再次說，讓事情變得簡單，醫療保健領域的去跟蹤現像也已經結束。

Now realistically, there's probably going to be some lingering destalking that carries over in the third quarter.

現在現實地看，第三季可能還會延續一些持續的去跟蹤現象。

I think I said that earlier today on our call -- on this call.

我想我在今天早些時候的電話會議中說過這一點——在這次電話會議中。

But for the -- in the grand scheme of things, again, I think destalking is over.

但是從整體來看，我再次認為，禁止跟蹤的現像已經結束。

With that said, healthcare will return back to growth, and we will get back to the historical growth rates, 3%, 4% of healthcare, over time, that will also take away the mixed impact that we have on the translation to the bottom line.

話雖如此，醫療保健將恢復成長，我們將回到歷史成長率，隨著時間的推移，醫療保健的成長率將達到 3%、4%，這也將消除我們對底線轉化的混合影響。

And overall pretty excited with that going forward.

整體來說，我對未來的發展感到非常興奮。

Mike Croxland, Truist Securities.

Truist Securities 的 Mike Croxland。

Thank you, PK, Michael, Tracy, Dana for taking my questions.

感謝 PK、Michael、Tracy 和 Dana 回答我的問題。

As you're proceeding through the due diligence process with Berry, is there anything that stands out that you weren't expecting?

在與 Berry 進行盡職調查過程中，是否有任何您意想不到的事情發生？

Upside downside, my sense is that you know obviously some of the synergies do have some upside, given your comments, PK earlier.

好的壞的方面，我的感覺是，根據你之前的評論，PK，顯然一些協同作用確實有一些好處。

And then secondly, just given that growth, overall volume growth is slowly improving, in the base Amcore business.

其次，鑑於這種成長，在基礎 Amcore 業務中，整體銷售成長正在緩慢改善。

Is there anything you're doing maybe from a cost vantage point to help drive better profitability?

從成本角度來看，您是否採取了什麼措施來幫助提高獲利能力？

Thanks.

謝謝。

Yeah, Mike.

是的，麥克。

So just got to think about the first question.

所以只要思考第一個問題。

There were two questions here.

這裡有兩個問題。

Can you just help me with the first one?

你能幫我解決第一個問題嗎？

Anything that stands out that you weren't expecting.

任何出乎你意料的突出事情。

Yeah.

是的。

Thank you.

謝謝。

So due diligence, look, I would say there are no surprises on our side as we moved from announcing the deal a couple of months ago to where we're at today.

因此，盡職調查，看，我想說，從幾個月前我們宣布這筆交易到今天的情況，我們這邊沒有任何意外。

But you got to remember, it's business as usual at this point in time, right?

但你得記住，此時此刻一切照常，對吧？

So the data that we have available to look at is pretty much to a large extent, really just the data that we had and that will significantly change only as we come to closing, which we expect to be in the middle of this calendar year, which has not changed versus what we've done before.

因此，我們所能查看的數據在很大程度上實際上只是我們擁有的數據，並且只有在我們接近完成時才會發生顯著變化，我們預計這將在今年年中，與我們之前所做的相比，這並沒有變化。

So that's the answer to the first part of your question.

這就是你問題第一部分的答案。

Is there anything positive or negative?

有什麼積極或消極的嗎？

We're pretty much in a spot where everything is as expected.

基本上，一切都正如我們預期的那樣。

And from a synergy perspective, you also mentioned that and I think, yes, we are becoming more confident in the synergies.

從協同效應的角度來看，您也提到了這一點，我認為，是的，我們對協同效應越來越有信心。

So that is all positive.

這一切都是正面的。

Now the second part of the question, I should have -- yeah, Michael, you want to take that one?

現在我應該問問題的第二部分——是的，邁克爾，你想回答這個問題嗎？

Yeah.

是的。

I want to take that.

我想拿著那個。

Thanks for that question, Mike.

謝謝你的提問，麥克。

Yeah, look on the cost side, we continue to focus on, driving efficiency in our operations and our plants, managing the labor pool and flexing that to the volume as needed, we continue to look at.

是的，從成本方面來看，我們將繼續專注於提高營運和工廠的效率，管理勞動力資源並根據需要調整產量，我們將繼續專注。

The shift patterns and managing overtime.

輪班模式和加班管理。

And we've also still got some residual benefits to come through from the restructuring programs that we had in places, that we called out a couple of years ago in relation to offsetting some of those disposed earnings from Russia.

而且，我們幾年前就已在一些地方推行重組計劃，旨在抵消部分從俄羅斯處置的收益，因此，我們仍然可以從這些重組計劃中獲得一些剩餘收益。

So in the first half, we probably picked up about $7 million benefit there, and we've probably got another $7 million or so to come in the second half.

因此，在上半年，我們可能獲得了約 700 萬美元的收益，而下半年我們可能還會獲得約 700 萬美元的收益。

So overall, it's a really strong cost focus and both operationally and still some benefits to come from the restructuring.

因此，整體而言，重組非常注重成本，而且在營運方面仍能帶來一些好處。

So that's all that and that's all factored into our guidance that we reaffirmed for the full year.

這就是全部內容，這些都已納入我們重申的全年業績指引中。

John Purto, Macquarie.

麥格理的約翰‧普爾托 (John Purto)。

Hi, good day, Peter and Michael.

嗨，彼得和邁克爾，大家好。

Hope you're well.

祝你一切都好。

Look, just, coming back to Berry, obviously, and thanks for the comments there on healthcare, Peter.

瞧，顯然只是回到貝裡，感謝彼得對醫療保健的評論。

But obviously, Berry globalizes your rigid business.

但顯然，Berry 讓您的剛性業務實現了全球化。

I mean, what do you see as the sort of key benefits of that?

我的意思是，您認為這樣做的主要好處是什麼？

And, if you can also please touch on the growth outlook for closures and dispensing systems and what that potentially gives you?

另外，您還可以談談封蓋和分配系統的成長前景以及可能為您帶來什麼嗎？

Thank you.

謝謝。

Thanks, John.

謝謝，約翰。

So on the rigid business, you said it globalizes our rigid business.

因此，就剛性業務而言，您說它使我們的剛性業務全球化。

Let me be a little more specific about that and pull it apart.

讓我更具體地解釋一下這一點並加以剖析。

Because I think it's really important.

因為我認為這真的很重要。

First of all, in terms of quantum, our rigid business, we summarize under the roof of rigid packaging, which is about a $3 billion business.

首先，就量子而言，我們硬質包裝業務的規模約為 30 億美元。

And the Berry business has a containers and closures business, which is about a $7 billion business.

Berry業務部門擁有容器和封蓋業務，該業務價值約為 70 億美元。

Hence, the combination will get us to a really scale player and multi-regions.

因此，這種結合將使我們成為真正規模化的參與者和多區域參與者。

And that's different from what we have today.

這與我們今天所擁有的情況不同。

Now, the key difference though is that we play only partly in the incomparable color sub-segments.

現在，關鍵的區別在於我們只在無法比較的顏色子片段中發揮部分作用。

When I dissect our rigid packaging business, it, I would split it.

當我剖析我們的硬包裝業務時，我會將其拆分。

Generally between the North American beverage business, which we discussed quite often because it's a scale business.

一般來說，我們經常討論北美飲料業務，因為這是一項規模業務。

It's the beverage, it's a beverage side.

它是飲料，它是一種飲料。

It sits in North America and it serves categories like isotonics, ready to drink tea where we have some underlying challenges right now because it's a more discretionary category, as we've discussed many times.

它位於北美，提供等滲透壓飲料、即飲茶等類別的產品，目前我們面臨一些潛在的挑戰，因為這是一個更具自由度的類別，正如我們多次討論過的那樣。

That's a scale volume-driven business where we're very well-positioned in North America on the Amcor side.

這是一項規模驅動的業務，我們在北美的 Amcor 方面佔據非常有利的地位。

The other part of that business is around specialty containers, and that's a different business.

業務的另一部分是特種容器，這是不同的業務。

It's also a scale business, but not as big as the North American beverage business, which serves a number of different categories and makes containers for those categories across the board.

這也是一項規模業務，但不如北美飲料業務那麼大，北美飲料業務服務於許多不同的類別，並為這些類別全面生產容器。

Now, the Berry side of the containers business is much more comparable to the specialty containers business of Amcor.

現在，Berry 的容器業務與 Amcor 的特殊容器業務更具可比性。

That's where the complementarity comes in.

這就是互補性的作用所在。

In fact, berry doesn't do anything on the North American beverage business.

事實上，貝瑞在北美飲料業務上並沒有做任何事。

They don't have exposure to that type of a segment.

他們還沒有接觸過這種類型的細分市場。

So we believe that is very positive for us because we were, very interested in scaling up the specialty containers business as we call it, which is very much aligned with the Berry business.

因此，我們相信這對我們來說非常積極，因為我們非常有興趣擴大我們所謂的特種容器業務，這與 Berry 業務非常一致。

And again, on the Berry side, we have a really good, high value products.

就 Berry 方面而言，我們擁有非常優質、高價值的產品。

When you think about it is the containers business of Berry that actually brings along the healthcare exposure.

如果您仔細想想，您會發現 Berry 的容器業務實際上帶來了醫療保健業務。

And I talked about that earlier.

我之前就談過這個。

Here we see the multi-component, more complex delivery systems on the healthcare side, and there's other parts of the business that we that we likewise are attracted to.

在這裡，我們看到了醫療保健方面的多組分、更複雜的傳輸系統，並且我們同樣對該業務的其他部分感興趣。

When you then go to the closure side of Berry, which is in addition to our business, particularly after we've divested our joint venture stake in the Berry cap joint venture.

當你轉到 Berry 的封閉方面時，這是我們業務的補充，特別是在我們剝離了在 Berry cap 合資企業的合資股份之後。

Then you will find, a nice exposure to dispensing systems and pumps, that we likewise are very attracted to.

然後你會發現，分配系統和幫浦的良好體驗，我們同樣對此非常感興趣。

So, it is very complimentary, and it's not in the North American beverage space.

所以，這是非常互補的，而且它不屬於北美飲料領域。

And therefore, we are pretty excited about the combination.

因此，我們對這一組合感到非常興奮。

Now you also asked us for our growth assumptions in the case of closures and dispensing systems.

現在您也詢問了我們在封閉和分配系統方面的成長假設。

I think it's a little too early for me to give you, like a concrete answer to that you can hold me to as we go forward.

我認為現在給你一個具體的答案還為時過早，你可以在我們繼續前進的過程中依靠我。

So I'll ask for a little more time, for me to go back to that, and confirm that on a later call.

因此，我會要求多一點時間，讓我再回頭再考慮這個問題，並在稍後的電話中確認。

Keith Chau, MST Marquee.

基思·週 (Keith Chau)，MST Marquee。

Thanks so much, for taking my follow-up question.

非常感謝您回答我的後續問題。

Michael, just one for you.

邁克爾，只給你一個。

The last result, I think you got to first half, second half split of [45% 55%], which I think based on what's been achieved in the first half, that split implies the bottom of the guidance range.

最後的結果是，我認為上半年和下半年的分成比例為 [45％ 55％]，我認為根據上半年取得的成績，這種分成比例意味著指導範圍的底部。

So I'm sorry to ask you a mathematical question, but the top end does imply, sorry, the mid-point does imply a slightly greater skew to the second half.

所以，很抱歉問您一個數學問題，但頂端確實意味著，抱歉，中點確實意味著向後半部的偏差會稍微大一些。

So, given the top half now represents something more like 42%, 58%, how are you thinking about that split going into the full year, given what's happened in the first half or what's been achieved in the first half?

那麼，鑑於上半年的比例現在更像是 42%、58%，考慮到上半年發生的情況或取得的成就，您如何考慮全年的比例？

Thank you.

謝謝。

Yeah, Keith, look, I think, as I said in my comments, I mean, we, we're basing the phasing on the historical average is what we're expecting, and that, that's a range, right?

是的，基思，看，我認為，正如我在評論中所說的那樣，我的意思是，我們根據歷史平均值來確定階段，這是我們所預期的，這是一個範圍，對嗎？

I think, when I talked to one last time around, I was approximately, 45% to 55%, but it can vary on the margin.

我認為，當我上次交談時，我大約是 45% 到 55%，但它可能會有所不同。

I think, as we've exited, the first half.

我想，我們已經退出上半場了。

We're right in line with our expectations, volumes in that low single-digit range, the margins were continued to expand, and we saw the EPS, growing at 5%.

我們的業績完全符合預期，銷量處於低個位數範圍內，利潤率持續擴大，每股收益成長 5%。

As we've kind of exited that we look into January and then looked at the outlook, we feel really confident in the second half, which is why we've reaffirmed our guidance today and that as PK said that, that implies that the second half, low-single digit to mid-single digit volume growth, that's going to be a key driver, obviously, of the outcome of the year.

正如我們之前對 1 月的展望以及隨後的前景所見，我們對下半年充滿信心，這也是我們今天重申預期的原因。

And I think, in terms of the range we've given you, the importance of the range, the volume, particularly as we get into the higher seasonality of the business, particularly in Q4, I mean, we don't need a lot of volume improvement to really see strong leverage through the P&L, particularly in Q4, where, the cost base is well covered off.

我認為，就我們提供給您的範圍而言，範圍和銷售的重要性，特別是當我們進入業務的更高季節性時，特別是在第四季度，我的意思是，我們不需要大量的銷量改進就能真正看到通過損益表實現的強勁槓桿作用，特別是在第四季度，成本基礎已經得到很好的覆蓋。

That's the biggest quarter of the year, typically above 30%, of earnings.

這是一年中收益最高的一個季度，通常收益超過 30%。

And the other thing to take into account as well is clearly, we're expecting the mixed improvement in the second half as a result of the healthcare business returning to growth and lapping that peak period of destocking last year.

另一件需要考慮的事情顯然是，由於醫療保健業務恢復成長並且超過了去年去庫存的高峰期，我們預計下半年會出現好壞參半的改善。

So from here, we sit, we've reaffirmed guidance, we feel pretty confident in that.

因此從現在開始，我們坐下來，重申指導方針，我們對此非常有信心。

And we'll update you in May as we work our way through the year.

我們將在 5 月向您更新全年的工作進度。

Ladies and gentlemen, this concludes our question-and-answer session.

女士們、先生們，我們的問答環節到此結束。

I will now turn the call back to Peter for closing remarks.

現在我將請彼得作最後發言。

Yeah, thank you, Kate.

是的，謝謝你，凱特。

Look, given the overall environment, we feel pretty confident and we feel pretty good about the quarter that we've delivered.

考慮到整體環境，我們感覺非常有信心，對本季的業績感到非常滿意。

And I hope that came across.

我希望你們能理解。

So again, we believe it's been a good quarter, the volume growth improved, pretty confident in the second half, and we've reaffirmed guidance on the back of that.

因此，我們再次相信這是一個好的季度，銷售成長有所改善，對下半年相當有信心，並且我們在此基礎上重申了預期。

Thank you very much for your questions and your time.

非常感謝您提出的問題和時間。

And, I look forward, we look forward, to having the opportunity to meet some of you at the upcoming conferences.

而且，我期待，我們也期待，有機會在即將召開的會議上與你們中的一些人見面。

Thank you very much.

非常感謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you and have a great day.

謝謝您，祝您有愉快的一天。