Amcor PLC (AMCR) 2025 Q3 法說會逐字稿

Well, good day, everyone, and welcome to Amcor's Fiscal 2025 third-quarter results conference. This conference is being recorded.

大家好，歡迎參加 Amcor 2025 財年第三季業績發表會。此次會議正在錄製中。

At this time, I would like to hand things over to Ms. Tracey Whitehead, Head of Investor Relations. Please go ahead, ma'am.

現在，我想將事情交給投資者關係主管 Tracey Whitehead 女士。請繼續，女士。

Thank you, operator, and thank you, everyone, for joining Amcor's fiscal '25 third-quarter earnings call. Joining the call today is Peter Konieczny, Chief Executive Officer; and Michael Casamento, Chief Financial Officer.

謝謝接線員，也謝謝大家參加 Amcor 25 財年第三季財報電話會議。今天參加電話會議的有執行長 Peter Konieczny；和財務長邁克爾卡薩門托。

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

在我移交之前，請容許我記下幾件事。在我們的網站 amcor.com 的「投資者」部分，您可以找到今天的新聞稿和簡報，我們將在電話會議上討論。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 an assumptions. The second slide in today's presentation lists several factors that could cause future results to be different than current estimates. Reference can be made to Amcor's SEC filings, including our statement on Form 10-K and 10-Q for further details.

評論還將包括基於管理層當前觀點和假設的前瞻性陳述。今天簡報中的第二張投影片列出了可能導致未來結果與目前估計不同的幾個因素。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 和 10-Q 表格的聲明。

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-up.

請注意，在問答環節中，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.

好了，就交給你了，PK。

Thank you, Tracey, and thank you to all who have joined us for today's call. Today is a defining day for Amcor as we successfully closed our transformational combination with Berry Global earlier than we anticipated in a record time. Early close means we are now positioned to accelerate earnings growth through the delivery of significant synergies that are identified and within our control.

謝謝你，特蕾西，也謝謝所有參加今天電話會議的人。今天對 Amcor 來說是一個決定性的日子，因為我們比預期更早成功完成了與 Berry Global 的轉型合併，創下了歷史新高。提前完成意味著我們現在可以透過實現已確定且在我們控制範圍內的重大協同效應來加速獲利成長。

I want to thank the Amcor and Berry teams for their hard work and dedication over the past months. Together, they have navigated challenges and complexity to accomplish a truly remarkable outcome that positions Amcor for a faster start and synergy delivery and growth.

我要感謝 Amcor 和 Berry 團隊在過去幾個月的辛勤工作和奉獻精神。他們共同克服了挑戰和複雜性，取得了真正卓越的成果，使 Amcor 能夠更快地起步並實現協同效應和成長。

As always, on slide 3, we begin with safety, our number one priority. This commitment remains unchanged as we welcome 30,000 new colleagues to Amcor. Our total recordable incident rate, TRIR, fiscal year to date was 0.027, and 69% of our sites have remained injury-free for over a year. Our focus on workforce safety and the well-being of our people is resolute and we continue to achieve industry-leading performance.

像往常一樣，在幻燈片 3 上，我們首先討論安全，這是我們的首要任務。當我們歡迎 30,000 名新同事加入 Amcor 時，這項承諾始終沒有改變。本財年迄今為止，我們的總可記錄事故率 (TRIR) 為 0.027，而 69% 的工廠在一年多的時間裡一直沒有發生過傷害事故。我們堅定不移地關注員工安全和員工福祉，並繼續取得業界領先的業績。

Our key messages for today are on slide 4. First, we continue to deliver EPS growth in Q3, reflecting disciplined execution and resilience in a demand environment that became more variable and uncertain as the quarter progressed, particularly for our North American business.

我們今天的關鍵訊息在幻燈片 4 上。首先，我們在第三季度繼續實現每股收益成長，這反映出我們在需求環境中的嚴格執行和韌性，隨著本季度的進展，需求環境變得更加多變和不確定，特別是對於我們的北美業務而言。

Second, as I mentioned, the Berry combination closed ahead of schedule. It took less than six months from announcement to close, during which time we secured shareholder approvals, completed the necessary refinancing including a multi-billion dollar debt offering and obtained unconditional approval from regulators in all required jurisdictions. As a result, our earnings and cash flow guidance has also been updated to reflect expectations for the combined company in the fourth quarter.

第二，正如我所提到的，Berry 合併提前完成了。從宣佈到結束只花了不到六個月的時間，在此期間，我們獲得了股東批准，完成了必要的再融資，包括數十億美元的債務發行，並獲得了所有所需司法管轄區監管機構的無條件批准。因此，我們的獲利和現金流指引也已更新，以反映對合併後公司第四季的預期。

And third, our early close also means we will enter fiscal '26 in an even better position. With confidence, the synergy run rate will start strong and built quickly through the year. The source of synergies has been identified, our execution plans are clearly set out and within our control, and synergies alone give us clear visibility to significant total earnings accretion of approximately 12%.

第三，我們提前結束交易也意味著我們將以更有利的地位進入26財年。我們相信，協同效應的運作率將會在全年內強勁成長並迅速增強。協同效應的來源已經確定，我們的執行計劃已經明確並在我們的控制範圍內，僅協同效應就讓我們清楚地看到了約 12% 的總收益顯著增長。

Turning to slide 5. As we begin integration, our focus is clear. deliver identified synergies and grow faster. Experience with previous acquisition tells us that having clear accountability and alignment from day one is critical to our success. This combination brought together two extraordinary pools of talent, and we are fortunate to have a team of leaders in place with significant functional, operational, and industry expertise.

翻到幻燈片 5。當我們開始整合時，我們的重點很明確。實現確定的協同效應並實現更快的成長。以往收購的經驗告訴我們，從第一天起就明確責任和協調對於我們的成功至關重要。這次合併將兩個非凡的人才庫聚集在一起，我們很幸運擁有一支在職能、營運和產業方面擁有豐富專業知識的領導團隊。

Our business is organized around two segments. Amcor's global flexibles business is being led by Fred Stephan, who has many years of experience with a number being large-scale flexible packaging businesses. And Jean-Marc Galvez, former President of Berry's Consumer Packaging International division, is leading Amcor's Global Containers and Closures business. Fred and Jean-Marc are well supported by world-class functional leaders and dedicated integration teams, with separate work streams focusing on capturing costs, financial, and growth synergies.

我們的業務分為兩個部分。Amcor 的全球軟包裝業務由 Fred Stephan 領導，他在多個大型軟包裝業務方面擁有多年經驗。貝裡公司消費品包裝國際部門前總裁 Jean-Marc Galvez 現領導 Amcor 公司的全球容器和封蓋業務。Fred 和 Jean-Marc 得到了世界一流的職能領導和專門的整合團隊的大力支持，他們的獨立工作流程專注於獲取成本、財務和成長協同效應。

Slide 6 provides a recap of the highly compelling rationale for this combination and the alignment with our strategy to become the packaging partner of choice for customers, while also delivering stronger, more consistent, and sustainable organic growth and further improving margins.

投影片 6 概述了此次合併的極具說服力的理由以及與我們的策略的一致性，即成為客戶首選的包裝合作夥伴，同時實現更強勁、更一致、更可持續的有機增長並進一步提高利潤率。

There are a number of growth unlocks now available. The combined company is a better business, with a complementary and broader portfolio of primary packaging solutions at scale across consumer goods and healthcare end markets.

目前有多種增長解鎖可用。合併後的公司業務更加出色，擁有覆蓋消費品和醫療保健終端市場的互補且更廣泛的初級包裝解決方案組合。

In the context of a stronger, larger-scale company, we are now uniquely positioned to further refine our portfolio mix to focus even more on attractive, higher-value, faster-growing end markets. With further pruning, we will increase average growth rates, margins, and cash generation across the remaining portfolio, and we continue to advance our work on this review.

在公司實力增強、規模擴大的背景下，我們現在擁有獨特的優勢，可以進一步優化我們的投資組合，更加專注於有吸引力、價值更高、成長更快的終端市場。透過進一步精簡，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，並且我們將繼續推進此項審查工作。

In addition, Amcor has exceptional and now enhanced capabilities in material science and innovation, providing opportunities to drive growth by effectively and efficiently leveraging our combined resources. With more than 1,500 R&D professionals and annual R&D investment of approximately $180 million, we can now optimize and redirect R&D spend, providing capacity to focus on solving the most complex functionality and sustainability challenges faced for our customers and consumers. Executing against these growth opportunities and delivering the significant identified synergies is largely within our control and will drive compelling near- and long-term value for shareholders.

此外，Amcor 在材料科學和創新方面擁有卓越且不斷增強的能力，透過有效和高效地利用我們的綜合資源，為推動成長提供了機會。我們擁有 1,500 多名研發專業人員，每年研發投入約為 1.8 億美元，現在可以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。抓住這些成長機會並實現已確定的重大協同效應在很大程度上在我們的控制範圍內，並將為股東帶來引人注目的近期和長期價值。

Turning to synergies on slide 7. The work our integration teams have already completed gives us confidence in delivering $650 million of synergies, which will result in significant earnings growth over the next three years. Approximately 40% of total synergies, or $260 million, is expected to end at fiscal '26 earnings. A further $260 million of synergies will benefit earnings in fiscal '27, with a balance in fiscal '28, leading to total EPS accretion in excess of 35% over the three-year period.

轉向投影片 7 上的協同效應。我們的整合團隊已經完成的工作使我們有信心實現 6.5 億美元的協同效應，這將在未來三年帶來顯著的獲利成長。預計總協同效應的約 40%（即 2.6 億美元）將在 26 財年結束時實現。另外 2.6 億美元的綜效將使 27 財年的收益受益，28 財年的收益將達到平衡，使三年內每股收益總增幅超過 35%。

In addition, we expect one-time cash benefits of $280 million from working capital improvements, which will fund costs to achieve.

此外，我們預計營運資本改善將帶來 2.8 億美元的一次性現金收益，用於支付實現成本。

Finally, on slide 8 and the compelling sustainable financial value we're creating. Including synergies, annual cash flow available to reinvest will exceed $3 billion each year by fiscal '28 and will enable us to maintain a strong investment-grade balance sheet, deploy additional cash to support higher levels of organic volume-driven growth, finance further M&A, and continue funding a compelling and growing dividend for Amcor's current annualized base of $51 per share.

最後，第 8 張投影片展示了我們正在創造的引人注目的永續財務價值。包括協同效應在內，到28財年，可供再投資的年度現金流將超過30億美元，這將使我們能夠保持強勁的投資級資產負債表，部署更多現金以支持更高水平的有機數量驅動增長，為進一步的併購提供資金，並繼續為Amcor目前每股51美元的年度基數提供引人注目且不斷增長的股息。

With stronger cash generation and greater opportunities to invest, we also expect to increase long-term EPS growth and raise the outcomes under our shareholder value creation model to a new and higher level. Simply put, this combination is a game changer for Amcor's financial profile and provides self-help earnings growth opportunities at a time of increasing uncertainty in the macroenvironment.

隨著現金創造能力的增強和投資機會的增多，我們也期望提高長期每股收益的成長，並將股東價值創造模式的成果提升到一個新的更高水平。簡而言之，這種結合將徹底改變 Amcor 的財務狀況，並在宏觀環境不確定性日益增加的時期提供自助獲利成長機會。

Moving to slide 9 for a summary of our third-quarter financial results. Overall volumes were in line with last year with modest share gains offset by weaker consumer and customer demand. As Michael will cover in more detail, there were a number of puts and takes across our regions. Volume growth in the low- to mid-single-digit range in each of Europe, Asia Pacific, and Latin America was offset by weaker-than-anticipated consumer demand in our North American businesses, including North America beverage.

前往投影片 9 查看我們第三季財務業績的摘要。整體銷售量與去年持平，市場佔有率的小幅成長被消費者和客戶需求的減弱所抵消。正如邁克爾將更詳細地介紹的那樣，我們在各地區發生了許多變化。歐洲、亞太地區和拉丁美洲的銷售量均實現了低至中等個位數的成長，但被北美業務（包括北美飲料）的消費者需求低於預期所抵消。

Notwithstanding the increasingly dynamic consumer environment, Q3 saw continued growth across key financial metrics with net sales of $3.3 billion and EBIT of $384 million, both marginally higher than last year. We also delivered another quarter of adjusted EPS growth, up 5% on a comparable basis, benefiting from a continued focus on cost as well as improving healthcare volumes which benefited price mix trends as anticipated.

儘管消費環境日益活躍，但第三季主要財務指標持續成長，淨銷售額達 33 億美元，息稅前利潤達 3.84 億美元，均略高於去年。我們還實現了另一個季度的調整後每股收益增長，同比增長 5%，這得益於對成本的持續關注以及醫療保健業務量的提高，這有利於價格組合趨勢的預期。

I'll now turn the call over to Michael to cover the third-quarter result and our updated outlook in more detail.

現在我將把電話轉給邁克爾，讓他更詳細地介紹第三季的業績和我們最新的展望。

Thanks, PK, and hello, everyone. Beginning with the Flexibles segment on slide 10. Volumes for the quarter were up 1% on last year. Modest share gains in several important categories, including healthcare and protein, were partly offset by weaker consumer demand, primarily in North America. Overall demand remained solid through the quarter in Europe, Asia, and Latin America, with each region achieving low- to mid-single-digit volume growth.

謝謝，PK，大家好。從投影片 10 上的「Flexibles」部分開始。本季的銷量比去年同期增長了 1%。醫療保健和蛋白質等幾個重要類別的市場份額小幅增長，但被主要在北美的消費者需求疲軟所部分抵消。本季歐洲、亞洲和拉丁美洲的整體需求保持強勁，各地區的銷售量均實現了低至中等個位數的成長。

China and India continued to deliver mid- to high single-digit growth and volumes were up across most countries in Latin America. As PK mentioned earlier, the demand environment in North America became more variable and uncertain as the quarter progressed. North America volumes were down low single digits, which was lower than we anticipated heading into the third quarter, including in snack, confectionery and home and personal care categories.

中國和印度持續實現中高個位數成長，拉丁美洲大多數國家的銷售量均有所成長。正如 PK 先前提到的，隨著本季的進展，北美的需求環境變得更加多變和不確定。北美地區的銷量下降了個位數，低於我們預期的第三季銷量，包括零食、糖果以及家居和個人護理類別。

From an end market perspective, we continue to see good growth in a number of our priority markets. Petcare, premium coffee, and ready meals continue to grow strongly. And volumes in meat, dairy, and liquids were uploaded at mid-single digits, benefiting in part from modest share gains.

從終端市場角度來看，我們持續看到一些重點市場達到良好成長。寵物護理、優質咖啡和即食食品持續強勁成長。肉類、乳製品和液體食品的銷售量成長了中等個位數，部分受益於市場份額的適度成長。

Healthcare volumes continuing to improve sequentially. Medical volumes were up in the high single digits. And as expected, demand for pharmaceutical packaging improved significantly as destocking is now essentially behind us. Strength in these categories more than offset volume declines in end markets such as snacks and confectionary and home and personal care, which were both down low single digits.

醫療保健量持續持續改善。醫療量增加了個位數。如預期的那樣，由於去庫存化已基本結束，對醫藥包裝的需求顯著改善。這些類別的強勁表現足以抵消零食、糖果以及家居和個人護理等終端市場的銷量下滑，後兩者的銷量均下降了個位數。

Improved healthcare volumes support a return to favorable price mix, and overall net sales were up 1% on a comparable constant currency basis. Adjusted EBIT of $358 million grew 2% on a comparable constant currency basis, benefiting from the higher volumes and continued strong cost performance. And EBIT margin for the quarter remained strong at 13.7%, broadly in line with last year.

醫療保健業務量的改善支持了價格組合的回歸，以可比固定匯率計算，整體淨銷售額增長了 1%。調整後的息稅前利潤為 3.58 億美元，以可比固定匯率計算增長 2%，這得益於更高的銷售和持續強勁的成本績效。本季息稅前利潤率保持強勁，達到 13.7%，與去年同期基本持平。

Turning to Rigid Packaging on slide 11. The Rigid business had a more challenging quarter as solid growth in Latin America and specialty containers was more than offset by weaker-than-anticipated consumer and customer demand in North American beverage.

轉到第 11 張投影片上的「硬包裝」。硬質飲料業務本季面臨的挑戰更大，因為拉丁美洲和特種容器的穩健成長被北美飲料消費者和客戶需求弱於預期所抵消。

Net sales were approximately 3% lower than last year, reflecting a 2% decline in overall volumes and an unfavorable impact from price mix of approximately 1%. Entering the quarter, we anticipate a continued soft demand in North American beverage. However, consumer and customer demand across our key categories weakened further, resulting in a high-single-digit volume decline.

淨銷售額比去年下降約 3%，反映出整體銷量下降 2% 以及價格組合約 1% 的不利影響。進入本季度，我們預計北美飲料需求將持續疲軟。然而，我們主要類別的消費者和客戶需求進一步減弱，導致銷售量出現高個位數下降。

Latin American volumes were up mid-single digits, and growth was strong in several countries and regions, including Mexico and Central America. And volumes were higher in the specialty containers business with growth in healthcare end markets.

拉丁美洲的銷售量成長了中等個位數，包括墨西哥和中美洲在內的多個國家和地區的成長強勁。隨著醫療保健終端市場的成長，特種容器業務的銷售量也有所增加。

From an earnings perspective, adjusted EBIT of $55 million for the quarter no longer includes any contribution from the Bericap joint venture, which was divested in December 2024. Bericap benefited Rigid Packaging segment earnings by approximately $5 million in the third quarter last year.

從獲利角度來看，本季調整後的息稅前利潤為 5,500 萬美元，不再包括 2024 年 12 月剝離的 Bericap 合資企業的任何貢獻。去年第三季度，百利蓋 (Bericap) 硬質包裝部門獲利約 500 萬美元。

On a comparable basis, EBIT was unfavorably impacted by lower volumes and price/mix headwinds. This was partly offset by favorable cost performance, net of sequentially higher labor costs in the North American beverage business. And it's typical for manning capacity to increase in the March quarter as the business approaches the seasonally strongest June quarter, and this had an unfavorable impact on earnings for the quarter given the lower-than-anticipated volumes.

在可比較基礎上，息稅前利潤受到銷售下降和價格/產品組合不利因素的不利影響。但這被良好的成本表現（扣除北美飲料業務連續上漲的勞動成本）部分抵銷。隨著業務接近季節性最強勁的六月季度，三月季度的人員配備能力通常會增加，但由於業務量低於預期，這對該季度的收益產生了不利影響。

Moving to cash flow on the balance sheet on slide 12. On a year-to-date basis, the business had a net cash outflow of $17 million, which is lower than we expected and compares with a cash inflow of $115 million last year. The key driver of this underperformance is higher inventories as a result of weaker sales volumes in the March quarter.

前往投影片 12 上的資產負債表上的現金流量。從年初至今，該業務的淨現金流出為 1,700 萬美元，低於我們的預期，而去年的現金流入為 1.15 億美元。業績不佳的主要原因是三月季度銷售量下降導致庫存增加。

In response, we have significantly increased our team's focus on working capital performance and we are prioritizing inventory reductions to a level that is more aligned with the expected demand. Leverage of 3.5 times was higher than we were anticipating due to stronger euro spot rates towards the end of the quarter, which negatively impacted leverage by 0.1 times as well as higher quarter-end net debt.

作為回應，我們大大增加了團隊對營運資本績效的關注，並優先將庫存降至更符合預期需求的水平。3.5 倍的槓桿率高於我們的預期，因為本季末歐元現貨匯率走強，對槓桿率產生了 0.1 倍的負面影響，同時季度末淨債務增加。

We expect to exit fiscal '25 with leverage at approximately 3.4 times, inclusive of acquisition impacts. And we remain confident in bringing leverage down to approximately 3 times by the end of fiscal 2026. This trajectory is aligned with expectations we set out when the merger was announced in November last year.

我們預計，到 25 財年結束時，槓桿率將達到約 3.4 倍（包括收購影響）。我們仍有信心在 2026 財年末將槓桿率降至約 3 倍。這一軌跡與我們去年 11 月宣布合併時所設定的預期一致。

Our teams did an excellent job completing the required refinancing of Berry Global debt prior to transaction close and ahead of this current period of increased volatility in financial markets.

在交易結束之前以及當前金融市場波動加劇的時期之前，我們的團隊出色地完成了 Berry Global 債務所需的再融資。

Finally, the company has returned $550 million in cash to shareholders through a growing dividend, and the Board of Directors today declared the March quarter dividend of $0.1275 per share, which is 2% higher than the same quarter last year.

最後，該公司透過不斷增長的股息向股東返還了 5.5 億美元現金，董事會今天宣布 3 月份季度股息為每股 0.1275 美元，比去年同期高出 2%。

This brings me to the outlook on slide 13. As we look ahead into the fourth quarter, we are not anticipating any improvement in the overall demand environment, and we believe this is a particularly prudent approach given current macroeconomic conditions and uncertainty around tariff impacts on consumers and customers. As a result, we expect overall Q4 volume growth to remain muted and aligned with the March quarter. That said, with the successful early close of the merger, we have taken into account two months of Berry ownership and we continue to expect earnings for fiscal 2025 within our original guidance range.

這讓我想到了第 13 張幻燈片上的展望。展望第四季度，我們預計整體需求環境不會有任何改善，我們認為，鑑於當前的宏觀經濟狀況以及關稅對消費者和客戶影響的不確定性，這是一種特別謹慎的做法。因此，我們預計第四季整體銷售成長將保持溫和，與三月季度持平。話雖如此，隨著合併的成功提前完成，我們已經考慮到了 Berry 兩個月的所有權，並且我們繼續預計 2025 財年的收益將在我們最初的指導範圍內。

Heading into the final quarter of the year, we are narrowing our outlook range for adjusted EPS to $0.72 to $0.74 per share on a reported basis. This takes into account two months of earnings from the legacy Berry business as well as additional shares issued upon close, which results in a net accretion of up to $0.01 per share.

進入今年最後一個季度，我們將調整後每股盈餘預期範圍縮小至每股 0.72 美元至 0.74 美元（報告基礎）。這考慮了 Berry 傳統業務兩個月的收益以及收盤時發行的額外股份，導致每股淨增高達 0.01 美元。

In terms of free cash flow, we expect a range of $900 million to $1 billion for the year, which also includes the contribution from the legacy Berry business. Importantly, as PK mentioned earlier, before we even consider assumptions around organic performance for fiscal 2026, we have clear visibility to significant EPS growth of approximately 12% through delivery of $260 million of synergies alone which is not dependent on improving macroeconomics, customer or consumer demand.

就自由現金流而言，我們預計今年的自由現金流將在 9 億美元至 10 億美元之間，其中還包括來自傳統 Berry 業務的貢獻。重要的是，正如 PK 之前提到的，在我們考慮 2026 財年有機業績的假設之前，我們就已經清楚地看到，僅通過實現 2.6 億美元的協同效應，每股收益就能顯著增長約 12%，而這並不依賴於改善宏觀經濟、客戶或消費者需求。

We're excited about the opportunities ahead and confident in our ability to execute on the controllables and deliver significant value to shareholders in FY26 and beyond. With that, I'll hand back to you, PK.

我們對未來的機會感到興奮，並有信心我們有能力執行可控措施並在 2026 財年及以後為股東帶來巨大價值。說完這些，我就把權力交還給你了，PK。

Thanks, [Mike C.]. To sum up before taking questions, with an enhanced global footprint, expanded capabilities across consumer and healthcare packaging, and a clear roadmap to significant synergies over the next three years, Amcor is well positioned to deliver value to our stakeholders despite an increasingly uncertain external environment. We are thrilled to welcome our new colleagues, customers, and shareholders.

謝謝，[麥克 C.]。在回答問題之前，我先總結一下，憑藉增強的全球影響力、在消費者和醫療保健包裝領域擴大的能力以及未來三年實現顯著協同效應的清晰路線圖，儘管外部環境日益不確定，但 Amcor 仍有能力為我們的利益相關者創造價值。我們非常高興地歡迎我們的新同事、新客戶和新股東。

This is day one of an even stronger future for Amcor and the best is yet to come. Operator, we're now ready to take questions.

這是 Amcor 走向更強大未來的第一天，而最好的未來還在後頭。接線員，我們現在可以回答問題了。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

Congrats on the merger close first off. I guess on the progressive deceleration in North American volumes that you called out, maybe you can just share with us what customers are sharing with you as it relates to the sequential weakening.

首先祝賀合併完成。我想，關於您所提到的北美交易量逐漸下降的問題，也許您可以與我們分享客戶與您分享的與連續減弱有關的資訊。

And the reason I ask is volumes were already at a low point to begin with, given previous destocking, consumer affordability issues, and all that stuff. So what got worse do you think? And related to that, was various volume profile any different than what you reported? Thank you.

我之所以問這個問題，是因為考慮到之前的去庫存、消費者負擔能力問題以及所有這些因素，交易量本來就已經處於低點。那麼您認為情況變得更糟了嗎？與此相關，各種成交量分佈是否與您報告的有所不同？謝謝。

Yeah, thanks, Ghansham. Really good questions. And let me start with what we're seeing in North America. First off, just to position that and put it into perspective, we went into the quarter with an expectation of low- to mid-single-digit volume growth across the board. And we came out of the quarter seeing that we pretty much hit that expectation everywhere, except in North America. So that was the whole back.

是的，謝謝，Ghansham。確實是好問題。讓我先從我們在北美看到的情況開始。首先，為了正確定位和看待這個問題，我們預計本季整體銷售將達到低至中等個位數成長。從本季的情況來看，除北美以外，我們在其他地方幾乎都達到了這一預期。這就是整個背部。

In North America, we have seen real weakness on the consumer demand, particularly hitting our North American beverage business which was down high single digits and therefore, softer than what we have seen in the prior quarter where it was down about mid-single digit.

在北美，我們看到消費者需求確實疲軟，特別是我們的北美飲料業務，其降幅達到高個位數，因此比上一季的中個位數降幅要弱。

And we've also seen some weakness in our North American Flexibles business. which was driven by categories that can be more discretionary. For example, beverage and confectionery. Unconfectionery, also keep in mind that we're seeing a lot of inflation coming from the cocoa environment. While that was offset with some categories where we've seen growth, in healthcare, meat, dairy, and liquids, that was essentially the overall story for North America, weaker than what we expected.

我們也發現北美軟包裝業務存在一些弱點。這是由更自由裁量的類別所驅動的。例如飲料和糖果。非糖果業，也要記住，我們看到大量通貨膨脹來自可可環境。雖然我們看到醫療保健、肉類、乳製品和液體等一些類別的增長抵消了這一增長，但這基本上代表了北美的整體情況，弱於我們的預期。

I just want to make one more comment. As you pointed that out, volumes have been low and in the past quarters, certainly driven by destocking, which, however, reduced over time. The destocking is now behind us. What we're seeing now is no longer an impact from destocking. What we're seeing now is really soft consumer demand, which I'd say really goes back to sticky inflation. We called that out in earlier calls. And then in the third quarter -- or the first quarter of this calendar year, certainly the whole uncertainty around the tariff situation has had an impact.

我只想再提一點評論。正如您所指出的，過去幾季的交易量一直很低，這肯定是受到去庫存的影響，但隨著時間的推移，庫存有所減少。去庫存化已經過去。我們現在看到的已經不再是去庫存的影響了。我們現在看到的是消費者需求非常疲軟，我認為這實際上又回到了黏性通膨。我們在之前的通話中提到了這一點。然後在第三季度——或者今年第一季度，關稅情勢的整個不確定性肯定會產生影響。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

You pointed to the 20% synergy-driven EPS growth assumption for fiscal '26. And I think you talked about that take -- it is before taking into account any organic performance in the underlying business. I guess a couple of questions there. Is there an underlying assumption that organic growth is going to be positive in fiscal '26? Or are you not really making any assumptions at all?

您指出，26 財年的綜效驅動的每股盈餘成長假設為 20%。我認為您談到了這一點——這是在考慮基礎業務的任何有機表現之前。我想這裡有幾個問題。是否存在一個潛在的假設，即 26 財年的有機成長將為正值？或者您實際上根本沒有做任何假設？

And maybe to kind of ask the question in another way. If we are in a much more challenging macroenvironment in fiscal '26, can you talk about your ability or your confidence in achieving the synergies in a tougher macroenvironment?

或許可以用另一種方​​式來提出這個問題。如果我們在 26 財年面臨更具挑戰性的宏觀環境，您能否談談您在更嚴峻的宏觀環境下實現協同效應的能力或信心？

Okay, Anthony. I may want to start here, and then I'm sure that Michael is going to build. Before I get back to your question, let me just finish off the other question from Ghansham that I didn't answer. And he actually asked the question about the Berry volume performance.

好的，安東尼。我可能想從這裡開始，然後我確信邁克爾會繼續建造。在我回答你的問題之前，請容許我先回答 Ghansham 的另一個我尚未回答的問題。他實際上問的是有關貝瑞音量表現的問題。

Look, it's a little early for me to be across all the details of the volume performance in the last quarter because we just closed the acquisition right now. But from a higher level, we're very excited about better growth performance on the Berry side, and I think the answer lies in mix with regards to customer exposure and category exposure. Keep in mind that North American beverage is not a category that Berry operates in.

你看，現在了解上個季度銷售表現的所有細節還為時過早，因為我們剛剛完成收購。但從更高的層面來看，我們對 Berry 方面更好的成長表現感到非常興奮，我認為答案在於客戶曝光度和類別曝光度的結合。請記住，北美飲料不是 Berry 經營的類別。

So it's mixed, Ghansham, and I just wanted to make sure that I cover that off.

所以它是混合的，Ghansham，我只是想確保我涵蓋了這一點。

Now, Anthony, to your question. Your question was sort of volume guidance for '26 and what we're assuming for '24 and what we sort of believe the macroeconomic environment is like. Let me start there.

安東尼，現在回答你的問題。您的問題是關於 26 年銷售預期以及我們對 24 年銷售的預期，以及我們認為的宏觀經濟環境如何。讓我從這裡開始。

We already in our prepared comments, we said that at this point in time, we're really just guiding towards the end of this fiscal year, which includes Q4. And the way that we look at this is that we would never make drastically different assumptions in terms of the macroeconomic environment on a very short period of time. So going from Q3 to Q4, you would always see us pretty much roll forward the macroeconomic environment that we operate in.

我們已經在準備好的評論中說過，目前我們實際上只是對本財年末（包括第四季）的預測。我們看待這個問題的方式是，我們絕對不會對很短時期內的宏觀經濟環境做出截然不同的假設。因此，從第三季度到第四季度，您總是會看到我們經營的宏觀經濟環境不斷向前發展。

So we've seen flat volume growth overall on the Amcor side. We've seen a bit of growth on the Berry side. We're going to get two months of contribution from Berry in the fourth quarter, and that will get you to a pretty much flat to slightly up volume performance expectation for the fourth quarter. That's the way how we triangulate ourselves into the fourth quarter in terms of volumes.

因此，我們看到 Amcor 方面整體銷售成長持平。我們看到 Berry 方面取得了一些增長。我們將在第四季度獲得來自 Berry 兩個月的貢獻，這將使您對第四季度的銷售表現預期基本持平或略有上升。這就是我們在數量方面對第四季度進行三角測量的方式。

Now with regards to '26, we're not going to guide today for '26. We typically do that in August. But what we're pointing to here is that we have a lot of benefits from the combination with Berry. And we have an ability because we have been able to close the acquisition in a record time to get our hands around and our arms around the synergy opportunities two months earlier than what we thought. And that will set us up really for a great opportunity to get out of the blocks for '26 really fast. And we have a high level of confidence in the ability to generate the synergies in year one, which is fiscal '26 and which amounts to $260 million.

現在關於 26 年，我們今天不會為 26 年提供指導。我們通常在八月這樣做。但我們在這裡要指出的是，與 Berry 的結合為我們帶來了許多好處。我們有能力在創紀錄的時間內完成收購，比我們預想的提前兩個月抓住協同機會。這將為我們提供一個絕佳的機會，讓我們能夠快速走出 26 年的困境。我們對在第一年（即 26 財年）產生協同效應的能力充滿信心，該年協同效應將達到 2.6 億美元。

And just if you do the math, that creates an EPS uplift of 12%. I'll stop there and see if Michael wants to add anything or --

只要你算一下，就會發現這將使每股盈餘提升 12%。我就到此為止，看看麥可是否想補充什麼，或者--

No. I think you covered it, PK. We feel really confident around the ability to deliver those synergies, and it's not contingent on the macroeconomic environment or the consumer or customer demand. And in fact, for Amcor, we see that as a real advantage because we've got self-help in the form of those synergies.

不。我認為你已經涵蓋了這一點，PK。我們對實現這些協同效應的能力充滿信心，而且這並不取決於宏觀經濟環境或消費者或客戶的需求。事實上，對於 Amcor 來說，我們認為這是一個真正的優勢，因為我們可以透過這些協同效應來實現自助。

So out of the gates, as PK mentioned, we've closed earlier that we've got good line of sight to teams, have been working on this synergy delivery by function. And we've got four functional teams set up across SG&A and procurement, operations, and growth, dedicated teams working on that. And we're going to hit the ground running. And so from July 1, we're really confident around the ability to deliver that.

因此，正如 PK 所提到的那樣，我們早些時候就已經與各個團隊建立了良好的聯繫，並一直致力於透過功能實現協同效應。我們在銷售、行政及行政管理、採購、營運和成長方面設立了四個職能團隊，有專門的團隊負責這些工作。我們將立即採取行動。因此，從 7 月 1 日起，我們對實現這一目標的能力充滿信心。

Daniel Kang, CLSA.

里昂證券的 Daniel Kang。

Just an extension on the synergies commentary. So $260 million in FY26. Just wondering if you can categorize the breakdown of that, particularly with regards to procurement. I'm just interested in how the preliminary discussions have gone with key raw material suppliers. Any color you can shed on that would be much appreciated. Thank you.

這只是對協同效應評論的延伸。因此 26 財年為 2.6 億美元。只是想知道您是否可以對其細目進行分類，特別是關於採購的部分。我只是想知道與主要原材料供應商的初步討論進展如何。如果您能對此作出解釋，我將非常感激。謝謝。

I'll start on that one, Daniel. Look, I mean the $260 million synergies, we broke out -- as we said, we've broken out the $650 million over three years, a portion from procurement, SG&A operations, and growth. In '26, I mean, clearly, out of the gate, your focus and ability to deliver is, first and foremost, comes from the G&A side. So that's typically the first piece you get on to.

我先從這個開始，丹尼爾。你看，我的意思是，我們突破了 2.6 億美元的協同效應——正如我們所說，我們在三年內突破了 6.5 億美元，其中一部分來自採購、銷售、一般及行政費用運營和增長。在 26 年，我的意思是，顯然，一開始，你的注意力和交付能力首先來自 G&A 方面。所以這通常是你首先接觸到的部分。

Procurement will deliver as well, and that will build through the first 12 months and into the second year. And then on the operations side, typically takes a little longer because that's footprint optimization. That said, we've already identified some areas where we've got overlap. So again, teams have been working on that, and we'll hit the ground running, but they tend to take a little bit more just because you've got to move that work around, et cetera.

採購也將實現同樣的目標，並將持續到前 12 個月和第二年。然後在操作方面，通常需要更長的時間，因為這是足跡優化。也就是說，我們已經確定了一些重疊的領域。所以，團隊一直在努力解決這個問題，我們也會立即開始行動，但他們往往需要花費更多時間，因為你必須移動這項工作，等等。

And then, look, on the growth synergies, again, that's something that typically takes a little longer, but again, a dedicated team on that. So we haven't called out exactly the mix of the synergy, Daniel, but that kind of gives you a flavor that SG&A typically comes first, procurement comes through and will build, and then you get into the operations and the growth.

然後，再看看成長協同效應，這通常需要更長的時間，但同樣需要一個專門的團隊來處理這個問題。因此，丹尼爾，我們還沒有確切地說明協同效應的組合，但這讓你感覺到，銷售、一般及行政費用通常首先出現，採購隨之而來並將會建立，然後你才會進入運營和增長。

Yeah. And if I add to that, Daniel, I mean, we didn't provide and we're not intending to provide a detailed breakdown of the $260 million in the first year, but Michael gave you some quality here. So no question that procurement will be a major contributor.

是的。丹尼爾，如果我補充一點，我的意思是，我們沒有提供，我們也不打算提供第一年 2.6 億美元的詳細分類，但邁克爾在這裡給了你一些質量信息。因此毫無疑問採購將發揮主要作用。

You asked how things are going so far in the conversations. Look, we may have had some touch points with suppliers, but the level of engagement around that question has been really on a high level, and that is understandable because we haven't even closed the acquisition yet. And the suppliers are not really interested to engage in that conversation unless there's something real on the table. So we'll go into that, I think, a lot more from here on.

您在談話中詢問目前事情進展如何。你看，我們可能與供應商有一些接觸點，但圍繞這個問題的參與程度確實處於較高水平，這是可以理解的，因為我們甚至還沒有完成收購。除非能達成切實的協議，否則供應商實際上並不感興趣參與這種對話。所以我認為，從現在開始我們會更深入地討論這個問題。

That said, the teams have been doing all the work that you would expect them to do. We have clean teams set up that actually have been looking at details. And all the work has really resulted in a point where we say we're pretty confident with the ability to deliver.

也就是說，這些團隊一直在做你所期望他們做的所有工作。我們設立了清潔團隊，實際上一直在關注細節。所有的工作確實取得了成果，我們對交付能力非常有信心。

Matt Roberts, Raymond James.

馬特羅伯茲、雷蒙詹姆斯。

Thanks for the time and congratulations on the completion of the merger. PK, maybe on the portfolio pruning, you did discuss given that there's weakness in industrial end markets or just broader uncertainty in demand in general in the M&A environment, how has your idea of timing around that pruning change from when a merger was announced to now? Or when could we expect the incremental color on that portfolio review? Thanks for taking my question.

感謝您的時間並祝賀合併完成。PK，也許關於投資組合修剪，您確實討論過，鑑於工業終端市場疲軟或併購環境中總體需求的不確定性，從宣布合併到現在，您對修剪時機的想法有何變化？或者我們什麼時候可以期待投資組合審查的增量色彩？感謝您回答我的問題。

No, thanks, Matt. I was -- for a couple of calls, I've been very explicit that a little more dynamic portfolio management as an opportunity for the business, even more so now that we have combined ourselves with Berry. I have mentioned before that we have kicked that analysis off. And what we're doing there is just simply taking all of our activities and we're assessing that against certain criteria, and we've made some sort of progress around it.

不，謝謝，馬特。在幾次通話中，我非常明確地表示，更具活力的投資組合管理對企業來說是一個機遇，尤其是現在我們與 Berry 合併後。我之前提到我們已經開始了該分析。我們所做的只是簡單地進行所有活動，並根據某些標準對其進行評估，並且我們已經取得了一些進展。

Now the first thing that I will say is we will have to take a look at that assessment in the context of the new combined entity that we're looking at. We have a significant synergy opportunity that we will capture. We have more capabilities at our hands. We can learn from each other in terms of best practices, and that may have an impact on our assessment of the different businesses and their ability to compete and be successful in the areas where they operate. That's the one thing.

現在我要說的第一件事是，我們必須在我們正在研究的新合併實體的背景下審視這項評估。我們擁有一個重要的協同機會，我們將抓住它。我們擁有了更多的能力。我們可以在最佳實踐方面相互學習，這可能會影響我們對不同企​​業及其在經營領域的競爭和成功能力的評估。這是唯一的事情。

The second thing is, you mentioned also the current environment that we're operating in. Now the environment will not stop us on the initiative per se. So we're going to move on. We're going to get the assessment done. And if really what's behind your question is a question on timing, when can we execute against that, that's a really hard one to answer, I would say, at this point.

第二件事是，您也提到了我們目前的營運環境。現在環境本身不會阻止我們採取主動行動。所以我們要繼續前進。我們將完成評估。如果你的問題其實是關於時間的問題，那麼我們什麼時候可以執行呢？我想說，目前這個問題很難回答。

Things are changing by the day. And the only thing that I can really point to is that we continue to be that we are very disciplined around anything that we do on that end. That's something I can promise.

事情每天都在改變。我唯一能指出的是，我們在這方面所做的一切都將保持高度自律。我可以保證這一點。

Jakob Cakarnis, Jarden Australia.

雅各‧卡卡尼斯 (Jakob Cakarnis)，澳洲花園。

Sorry, excuse me, guys. Hi, Peter. Hi, Michael. I was just going to focus on the procurement synergies, if I could, please. There are 60% of the overall cost synergies that you guys are targeting. Michael and Peter, if I understood correctly, you were saying that that relied on a combined entity to have those discussions with the suppliers.

抱歉，各位，失陪。你好，彼得。你好，麥可。如果可以的話，我只是想專注於採購協同效應。你們的目標是實現 60% 的整體成本綜效。麥可和彼得，如果我理解正確的話，你們的意思是依靠合併後的實體與供應商進行討論。

So I guess if you could step us through for '26 is the priority, a harmonization of those supplier terms. And then as we turn our minds to '27, '28 to hit those EPS accretion targets, is it more about drilling down into the terms of that procurement and potentially looking for some pricing benefits given your new scale, please?

所以我想如果你能告訴我們『26』的優先事項是協調這些供應商的條款。然後，當我們將注意力轉向 27 年、28 年以實現 EPS 成長目標時，是否更多地是深入研究採購條款，並根據新的規模尋求一些定價優勢？

Yeah, Jakob, I'll have a go at this. I mean, the way it works, having been through these acquisitions at large scales a couple of times with Amcor, there's a very general principle, which is get to the synergies fast or never.

是的，雅各布，我會嘗試一下。我的意思是，它的工作方式，在與 Amcor 進行過幾次大規模收購之後，有一個非常普遍的原則，那就是快速實現協同效應，否則就永遠無法實現。

So I'm not sure that you pace yourself in the conversations with suppliers when you particularly look at procurement. You need wait until you can represent a combined spend. That's what I meant in my earlier answer. As long as the acquisition is not closed, you don't really have to stand on when you enter into the conversation. Now that that's the case, we can enter into the conversations and have the discussions with our suppliers, and that is what's going to happen.

因此，當您特別關注採購時，我不確定您是否在與供應商的對話中掌握了節奏。您需要等待，直到您可以代表合併支出。這就是我之前的回答中的意思。只要收購尚未結束，您在進入對話時實際上就不必堅持立場。既然情況如此，我們就可以與供應商進行對話和討論，這就是即將發生的事情。

And as we start those discussions, it will be around -- across everything. It will be across price. It will be across terms. It will be across a number of different things. And then we'll try to make progress as quickly as possible against that. I think that's the way I would want to answer that question.

當我們開始這些討論時，它將涉及一切事物。價格將有所不同。這將是跨術語的。它將涉及許多不同的事情。然後我們會盡快取得進展。我想這就是我想要回答這個問題的方式。

And I think if I just add there, PK, to put it in perspective, if you remember again, the total addressable spend for the combined entity is around [$13 billion], of which $10 billion is raw materials. So when you put that into perspective, it's kind of a 2.5% to 3% impact that we're expecting from the procurement area for the synergies. So that's 1% a year. It's something that's absolutely achievable from where we sit.

我想，如果我加上 PK，從正確角度來看，如果你還記得的話，合併後實體的總可尋址支出約為 [130 億美元]，其中 100 億美元是原材料。因此，從這個角度來看，我們預期採購領域的綜效將達到 2.5% 到 3%。所以每年是 1%。從我們目前的情況來看，這絕對是可以實現的。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Hi, everyone. Good morning, good afternoon. Thanks for the details. How are you?

大家好。早安，下午好。謝謝你的詳細資料。你好嗎？

So my question is going to focus on growth, kind of tying together a lot of what's already been talked about. So can you, PK, tell us what in particular in the consumer environment, and certainly, there's been the volatility with tariffs and so on. But how has that affected your customers' outlook on demand when in reality, they're producing staples, confectionery items, protein, coffee, how is all the volatility in things that are much more discretionary kind of filtering back into what your customers are thinking about in terms of their outlook for growth?

所以我的問題將集中在成長上，這與許多已經討論過的內容連結在一起。那麼，PK，您能否告訴我們消費環境的具體情況，當然還有關稅等方面的波動。但是，當客戶實際上生產主食、糖果、蛋白質、咖啡時，這對他們的需求前景有何影響？這些更具自由裁量權的商品的波動性如何影響客戶對成長前景的考量？

And you need to be, I'm sure, thinking about that because the growth or lack of it is an important variable in terms of your valuation over time. Relatedly to that, what your customers are saying, with the growth outlook decelerating? I recognize you're only a few days into owning Berry, what would you say the probabilities are and what levers will you use to perhaps see whether those synergy targets or at least achievable, if not conservative at this juncture.

我確信，您需要考慮這一點，因為成長與否是您長期估值的一個重要變數。與此相關，您的客戶對於成長前景放緩有何看法？我知道您擁有 Berry 才幾天時間，您認為可能性有多大，您將使用什麼手段來查看這些協同目標是否至少可以實現，如果不是目前保守的話。

You already mentioned that as a percentage of the overall spend, the procurement spend, the revenue of the company, which is over $20 billion, is a relatively small percentages. So how should we think about how you'll be able to leverage, perhaps grow that you target, especially with volume growth being relatively flat at the moment.

您已經提到，作為總支出的百分比，採購支出，即公司超過 200 億美元的收入，所佔百分比相對較小。那麼，我們應該如何考慮如何利用槓桿，實現目標成長，尤其是在目前交易量成長相對穩定的情況下。

Thanks, George. There was a lot in that question. Let me try to bucket it up in two parts, and I'll invite Michael to come in to share his views too. The first one was, if I understood you correctly, a question of how our customers are performing in this environment and how the uncertainty sort of drives their growth performance. And that obviously is, for us, a major factor because our customers' demand drive essentially our ability to sell.

謝謝，喬治。這個問題包含很多內容。讓我嘗試將其分為兩部分，並且我會邀請邁克爾來分享他的觀點。如果我理解正確的話，第一個問題是我們的客戶在這種環境下的表現如何，以及不確定性如何推動他們的成長表現。對我們來說，這顯然是一個重要因素，因為客戶的需求從根本上決定了我們的銷售能力。

So we try to be close to our customers in order to understand that I think if I take a step back, the uncertainty that we have particularly seen in the last quarter in North America, has really driven weakening consumer demand. That's sort of the source of the issue.

因此，我們努力貼近客戶，以便了解情況。我認為，如果我退一步來看，我們在上個季度在北美看到的不確定性確實導致了消費者需求的減弱。這就是問題的根源。

And when you go and try to understand the consumer, you will find the consumer change their behaviors in terms of seeking value in terms of thinking very carefully about where to spend money and what you typically see is that the consumers buy less where they have an opportunity to do so and where you come to the essentials, they would buy different. By different in terms of trading down, buying bulk, going to different channels, and that's all of that is what we're seeing and what the customers are seeing.

當你試著去了解消費者時，你會發現消費者在尋求價值方面會改變他們的行為，他們會仔細思考在哪裡花錢，你通常會看到消費者在有機會購買時會減少購買，而在購買必需品時，他們會購買不同的東西。透過不同的降級方式、大量購買、使用不同的管道，這就是我們所看到的以及客戶所看到的。

And from what I've seen and what I've heard from the customers, that is very much aligned with what our customers are actually seeing. Now that's the one thing that drives the customers. And everybody has uncertainty right now in forecasting demand scenarios.

從我所看到的以及從客戶那裡聽到的來看，這與我們的客戶實際看到的非常一致。現在，這是吸引顧客的一件事。目前每個人對預測需求情境都存在不確定性。

And there is a lot of volatility out there, which makes it really hard. And in some cases, we get volume forecast from our customers, which do not materialize and we need to deal with that as part of the value chain like everybody else does. But that's the situation that we're seeing. That's bucket number one.

而且市場波動很大，這使得情況變得非常困難。在某些情況下，我們從客戶那裡得到了產量預測，但這些預測並沒有實現，我們需要像其他人一樣將其作為價值鏈的一部分來處理。但這就是我們所看到的情況。這是第一桶。

Let me stop there and see if I ask Michael if he wants to add anything to that.

讓我就此打住，看看我是否問麥可是否想補充一些內容。

No. Okay. Then I get to the bucket number two, which was more about the question of in this environment, how do we think about synergies and synergy outperformance. Particularly, look, we have been very transparent around the amount of synergies that we expect, which is the $650 million over a period of three years.

不。好的。然後我進入第二個問題，這更多的是關於在這種環境下我們如何看待協同效應和協同效應超越。特別是，我們對預期的綜效金額非常透明，即三年內 6.5 億美元。

We have made some comments around how we face that across the years. And we are now currently working on translating that. We have good pipelines in place for every single bucket of those synergies to go after them. I would say, in some cases, the pipelines would suggest that we have more opportunities than what we were thinking about. But they would have to translate in the current environment. So I'm not comfortable of driving any different expectations than what we have announced.

我們已經就多年來如何應對這一問題發表了一些評論。我們現在正在翻譯它。我們已為實現每一個協同效應建立了良好的管道。我想說，在某些情況下，這些管道表明我們擁有比我們想像的更多的機會。但他們必須在當前環境下進行翻譯。因此，我不太願意聽到任何與我們已經宣布的不同的期望。

And I would also lock myself into a breakdown by bucket for those synergies. But overall, again, we sit here today, and we're pretty confident that we can get that done.

我也會將這些協同效應細分為多個類別。但總的來說，我們今天坐在這裡，我們非常有信心完成這項工作。

The final point that I will make is, let's not forget, this is a very volatile situation out there. We have created a situation in North America in a very short period of time by driving uncertainty around the whole tech tariff situation. And again, even that situation is very volatile. So we may sit here again in a couple of quarters and look at a different situation that presents itself for ourselves. And that will drive a different view in terms of the operating environment, but all of that will not change our expectations on the synergies.

我要說的最後一點是，我們不要忘記，目前的局勢非常不穩定。我們在很短的時間內就為北美帶來了整個技術關稅情勢的不確定性。而且，即使這種情況也是非常不穩定的。因此，我們可能在幾個季度後再次坐在這裡，看看我們所面臨的不同情況。這將對經營環境產生不同的看法，但所有這些都不會改變我們對協同效應的預期。

It's been a bit of a long-winded answer here, George. I'm sorry for that, but I hope I sort of addressed the underlying question that you had on your mind.

喬治，我的回答有點冗長。對此我感到很抱歉，但我希望我已經解答了您心中潛在的疑問。

Brook Campbell-Crawford, Barrenjoey.

布魯克·坎貝爾-克勞福德，巴倫喬伊。

Just one on the North American beverage business. You've called that high single-digit decline in volume. I think it was in the quarter on a year-over-year basis. And I guess just looking through that, it seems to look like even for North America, beverage will be down sort of 20% or sort of year over year. So could you maybe just provide a comment if that's a sense or assumption that given that, is there any sort of structural issues going on in that business that need to be discussed at this point?

僅涉及北美飲料業務。您稱其交易量出現了高個位數的下降。我認為這是與去年同期相比的季度增長。我想，從這個角度來看，即使在北美，飲料的銷量似乎也會比去年同期下降 20% 左右。因此，如果從某種意義上或假設來看，您能否提供一個評論，即該業務中是否存在任何需要在此時討論的結構性問題？

Yes. Let me start with that and try to be more pointed on that question. I'll start by just contextualizing the volume performance that we've seen high single digits down. I want to make clear that this is pretty much exactly aligned with what we see in the market. So the point of what I just said is it's not an issue of share or share loss.

是的。讓我從這個開始，並嘗試更尖銳地回答這個問題。我將首先介紹我們已經看到的高個位數下降的成交量表現。我想明確指出的是，這與我們在市場上看到的情況完全一致。所以我剛才說的重點是，這不是份額或份額損失的問題。

When you look at scanner data in North America, you take a look at the categories or the subcategories that we participate in, and you keep in mind our customer exposure. You can pretty much trying yourself into the performance of volumes that we've seen in the quarter. So that's the first thing.

當您查看北美的掃描器資料時，您會查看我們參與的類別或子類別，並記住我們的客戶曝光度。您可以親自嘗試我們在本季看到的交易量表現。這是第一件事。

The second thing is I'll let Michael comment on how that translates into the bottom line. You also asked a question of is there a structural element to that business. We have had this -- we've owned this business for a long period of time, and we have seen a number of cycles in the past. This is a long cycle and an extended cycle, but a lot of things are sort of happening around us and they have different drivers.

第二件事是，我會讓邁克爾評論一下這如何轉化為底線。您也問了一個問題，即該業務是否有結構性要素。我們已經擁有這個業務很長一段時間了，過去我們已經見證過許多周期。這是一個漫長的周期，也是一個延長的週期，但是我們周圍正在發生很多事情，而且它們有不同的驅動因素。

We, at this point in time, are still not ready to call it structural, and it doesn't take much volumes to come back and to improve the overall performance of the business. Michael, if you want to talk to the --

目前，我們還沒有準備好稱之為結構性的變化，而且不需要太多的數量就能恢復並改善業務的整體表現。邁克爾，如果你想和--

Just to follow up on it. In terms of the EBIT performance, Brook, I mean the first thing that we have to take into account is that the prior-year EBIT includes the Bericap business, which we disposed in December 2024. So that was about a $5 million contribution to EBIT in the prior year. So obviously, we don't have that in the current year.

只是為了跟進一下。就息稅前利潤表現而言，布魯克，我的意思是，我們首先要考慮的是，上一年息稅前利潤包括 Bericap 業務，我們在 2024 年 12 月處置了該業務。因此，這對上一年的息稅前利潤 (EBIT) 貢獻了約 500 萬美元。顯然，今年我們還沒有實現這一點。

And then the rigid overall performance was down about 12% on a comparable constant currency basis. And that was really driven by the volume decline, particularly in North America beverage.

然後，以可比固定匯率計算，整體業績下降了約 12%。這實際上是由於銷量下降所致，尤其是北美飲料銷量下降。

And in addition to that, we did build some labor into the business in quarter 3, and we would typically do that build some manning up ahead of the busy season in the June quarter to be able to manage the increased demand there. But obviously, we've put that in place, but with the softer-than-expected volume performance in the quarter, that did have an impact on the cost base of the business, which impacted the bottom line in the quarter. So that's really what drove the 12% decline year on year. We would expect some improvement on that as we head into Q4.

除此之外，我們確實在第三季為業務增加了一些勞動力，我們通常會在六月季度的繁忙季節之前增加一些人員，以便能夠應對那裡不斷增長的需求。但顯然，我們已經實施了這項措施，但由於本季的銷售表現低於預期，這確實對業務成本基礎產生了影響，從而影響了本季的利潤。這就是導致同比下降 12% 的真正原因。隨著進入第四季度，我們預計情況會有所改善。

John Purtell, Macquarie Group.

約翰‧珀特爾，麥格理集團。

Peter and Michael, just a comment or question around sort of volumes within the quarter. Perhaps what you saw within the quarter and any comment you can make on April which sort of goes to a broader question about your expectations for Q4 and some of the moving parts within that.

彼得和邁克爾，我想對本季的交易量提出一些評論或問題。也許您在本季度看到了什麼，以及您對四月份有什麼評論，這涉及到一個更廣泛的問題，即您對第四季度的期望以及其中的一些變動因素。

Yes, John, I sort of mentioned that before, but let me summarize it again. I guess the new part is that we have seen throughout the quarter, the consumer demand -- weakness. I think that's a fair comment. I'm not a big fan of of discussing volume performance month by month. And I said that before, I don't think it helps a lot.

是的，約翰，我之前提到過這一點，但讓我再總結一下。我想新的部分是我們在整個季度都看到了消費者需求疲軟。我認為這是一個公正的評論。我不太喜歡逐月討論銷量表現。我之前就說過，我認為這沒什麼幫助。

But in this particular case, I think there was a weakening demand through the quarter. I will say, again, a very much different portfolio between the different regions, a pretty solid demand in terms of our expectations of low to mid-single digits everywhere else. But in North America, we've seen the weakening.

但在這種特殊情況下，我認為整個季度的需求都在減弱。我想再次強調，不同地區的投資組合有很大差異，而我們預期其他地方的需求將處於低到中等個位數之間，因此需求相當強勁。但在北美，我們看到了這種減弱。

Now as I said before, the way how we go into the fourth quarter is very much aligned with what we've seen in the third quarter. We're expecting from volumes. And Berry came in with a bit of growth in the third quarter, which we were happy to see. We'll keep two months of contribution of Berry in the fourth quarter, assuming now on the same principle, assuming that to sort of continue you would get the fourth quarter to something that is flat to slightly growing.

正如我之前所說，我們進入第四季的方式與第三季的情況非常一致。我們期待銷量。我們很高興看到 Berry 在第三季度取得了一些成長。我們將在第四季度保留 Berry 兩個月的貢獻，假設現在採用相同的原則，假設繼續下去，第四季度將保持穩定或略有成長。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Yes. Thank you, PK. Michael, Tracey taking my questions. And congrats on closing the deal and on all the progress. Just I wanted to focus on synergies, not to be a dead horse here, but I wanted to just follow up with you regarding the procurement savings of $325 million.

是的。謝謝你，PK。麥可、崔西回答我的問題。祝賀交易達成並取得所有進展。我只是想專注於協同效應，而不是在這裡說廢話，但我只是想跟進一下 3.25 億美元的採購節省情況。

Now both you and Berry are some of the largest purchasers globally of resin I don't believe there's a direct overlap maybe in some of the grades, I think you guys may be more heavier to PET, very maybe heavier to propylene. There is some overlap on propylene. So there you have direct overlap in some things. In addition, the resin producers themselves are under pressure, and I think they'd be somewhere looking to offer normal price concessions given the financial difficulties they're catering. So would just love to get your thoughts about how you intend to approach the procurement savings, particularly in a more challenging environment on resin.

現在，你們和 Berry 都是全球最大的樹脂購買商之一，我認為在某些等級上可能沒有直接重疊，我認為你們可能更傾向於 PET，甚至可能更傾向於丙烯。丙烯方面存在一些重疊。因此，在某些事情上存在直接重疊。此外，樹脂生產商本身也面臨壓力，我認為，考慮到他們面臨的財務困​​難，他們會尋求提供正常的價格優惠。因此，我很想聽聽您對如何實現採購節約的想法，特別是在樹脂更具挑戰性的環境中。

And then secondly, can you remind us about the vetting process you undertook regarding the cost synergies. How did you determine that these figures were the correct figures in terms of synergies themselves?

其次，您能否提醒我們您在成本綜效方面所進行的審查過程。您如何確定這些數字就協同效應本身而言是正確的數字？

Yes, Mike, I'll start out and then maybe Michael wants to build. And I want to go back to a couple of those data points that we have discussed on prior calls. Michael already mentioned, the combined spend of the company is $13 billion, $10 billion of that relates to raw materials.

是的，麥克，我先開始，然後也許麥可想建造。我想回顧一下我們在之前的電話會議中討論過的幾個數據點。麥可已經提到，該公司的總支出為 130 億美元，其中 100 億美元與原料有關。

If you hold that against the expected synergies you get yourself into the range of something like 3% that we're expecting over a three-year period, and that, of course, needs to go on top of what we typically produce in year but that's not a tremendous expectation on the procurement synergies. So that's just to contexturalize. And we've said that before, and we're very consistent with that.

如果將其與預期的協同效應進行比較，那麼我們預計三年內的協同效應將達到 3% 左右，當然，這需要建立在我們通常每年生產的產量之上，但這並不是對採購協同效應的巨大期望。這只是為了將其具體化。我們之前就說過這一點，我們始終堅持這一點。

The second thing that you said is it's very complementary. And there is a bit of overlap, but to a large extent, particularly on the resin side, it's pretty complementary. And that's actually good because we see Berry, for example, being much stronger on the polypropylene side, Amber is much stronger on the PP and PE side. And that sets us up for an opportunity to just harmonize terms with the larger buyer, and that was one of the levers that we have always been expecting and with all the work that we've done, we feel pretty confident that, that's an opportunity for us. So that's the way how we approach that.

您說的第二件事是，它們非常互補。並且存在一些重疊，但在很大程度上，特別是在樹脂方面，它們是互補的。這其實是件好事，因為我們看到，例如，Berry 在聚丙烯方面要強得多，而 Amber 在 PP 和 PE 方面要強得多。這為我們提供了一個與大買家協調條款的機會，這是我們一直期待的槓桿之一，透過我們所做的所有工作，我們非常有信心，這對我們來說是一個機會。這就是我們處理這個問題的方法。

And then maybe the final point is how do we think about generating those synergies in a tougher environment. My expectation is if we are in a volume muted environment, a large buyer has quite a bit of attractiveness and to the supply base because we're able to bring critical volumes in order to help load capacities existing capacities.

最後一點可能是我們如何考慮在更艱難的環境中產生這些協同效應。我的預期是，如果我們處於產量低迷的環境中，大買家對供應基地具有相當大的吸引力，因為我們能夠帶來關鍵產量，以幫助滿足現有產能的需求。

And the very final point that I will make is we do have alternatives, we do have alternatives. And it's not that we're locked in one or two suppliers only. We do have alternatives, and that's what we need to touch.

我要說的最後一點是，我們確實還有其他選擇，我們確實還有其他選擇。這並不是說我們只鎖定在一兩家供應商。我們確實有替代方案，這就是我們需要觸及的。

And Mike, I'd just pick up on your question, the second part of the question, which is around just a reminder of how we came out the synergy number and shored that up. I mean we put a lot of work in behind the scene on this on both sides actually on the Berry and Amcor side.

麥克，我只是想回答你的問題，即問題的第二部分，這只是提醒我們如何得出協同效應數字並鞏固它。我的意思是，實際上我們在 Berry 和 Amcor 雙方都為此付出了很多幕後努力。

Obviously, we've both got a lot of experience in M&A. We used external consultants to help us benchmark what you should affect the deal this size and the various components relating to that. We've had the integration teams in place.

顯然，我們在併購方面都有豐富的經驗。我們聘請了外部顧問來幫助我們確定哪些因素會影響這個規模的交易以及與此相關的各種因素。我們已經組建了整合團隊。

So we stress tested that along the way. And I mean, typically, you would see synergy delivery in these type of deals, somewhere around the 5% sales would be the cost synergies. And that's where we ended up around -- if you just take the cost in this line of $530 million, you then got $60 million of growth and $60 million on financials. So we triangulated that from all different ways and broke it out by the various components. We felt really confident around the ability to deliver that number.

因此我們在過程中進行了壓力測試。我的意思是，通常情況下，你會在這類交易中看到綜效的產生，大約 5% 的銷售額就是成本綜效。這就是我們最終的結果——如果你只考慮 5.3 億美元的成本，那麼你將獲得 6000 萬美元的增長和 6000 萬美元的財務收益。因此，我們從各個不同的角度對此進行了三角測量，並將其按各個組成部分進行分解。我們對實現這一數字的能力充滿信心。

Keith Chau, MST Financial.

MST Financial 的 Keith Chau。

So just back on the procurement synergies, I guess the point that some are trying to get to on this call like us, a 3% savings at Amcor over three years may not sound like a lot, but some of these suppliers with margins are EBIT margins, call it, 10% to 15%, you're talking about the 300% -- I'm sorry, 300-basis-point haircut to their EBIT margin.

所以回到採購協同效應，我想有些人像我們一樣在這次電話會議上試圖表達的觀點是，Amcor 在三年內節省 3% 可能聽起來並不多，但其中一些供應商的利潤率是息稅前利潤率，稱之為 10% 到 15%，你說的是 300%——對不起，是 300 個基點的息稅前利潤率削減基點。

So I guess, the extent to which you can drive procurement and maybe go to alternative suppliers of some don't play ball. I just want to refer back to a letter or an e-mail that was sent to your suppliers on April 20, where you've asked them to meet in Chicago. First one is, it sounds like a bit more of a directive rather than a brandership going forward.

所以我猜，你在多大程度上可以推動採購，也許會去找一些不合作的替代供應商。我只是想回顧一下 4 月 20 日發送給您供應商的一封信或電子郵件，您在信中要求他們在芝加哥會面。首先，這聽起來更像是一種指令，而不是一種品牌推廣。

But I just want to understand how many suppliers responded to their e-mail or letter. How many do you expect or proportionately what proportion of your suppliers do you expect to turn up to that meeting? And what are the consequences to those suppliers if they are at play ball? And perhaps an extension to that is what proportion of your raw materials, can you have alternate sourcing given the size of the two combined businesses and I get the point that you've been involved in a lot of these large acquisitions, but this one is particularly big.

但我只是想了解有多少供應商回覆了他們的電子郵件或信件。您預計有多少供應商或按比例出席該會議？如果這些供應商參與其中，會面臨什麼後果？也許對此的延伸是，考慮到兩家合併後企業的規模，您是否有替代來源的原料比例？我明白您參與過許多大型收購，但這次的收購規模特別大。

No, Keith, you've sort of said all the right things. This one is particularly big and I've been involved in some of the larger acquisitions, and that's why I'm going to have to tell you, I can't really get any further into that conversation. We have a playbook and some of those conversations are obviously very sensitive with the suppliers, and we're going to handle it in a very respectful manner and we have a business interest to represent here, and that's what we're going to do.

不，基思，你說的都對。這次收購尤其重大，我參與過一些較大的收購，這就是為什麼我必須告訴你，我無法進一步談論這個話題。我們有劇本，其中一些對話顯然與供應商非常敏感，我們將以非常尊重的方式處理它，我們在這裡有商業利益要代表，這就是我們要做的。

So I understand the question, but I would understand also and would ask for some understanding that this is really a level of detail that I don't want to handle on this call.

所以我理解這個問題，但我也理解並希望大家理解，這確實是我不想在這通電話中處理的細節層面。

Nathan Reilly, UBS.

瑞銀的 Nathan Reilly。

Look, we've been hearing a little bit more about the North American consumers sort of value-seeking behaviors right now. So can you please talk to how your merged flexibles portfolio was positioned to respond to that shift in consumer behavior, just particularly in terms of any shift to private label smaller portion sizes or anything else we should be thinking out on that shipment behavioral?

瞧，我們現在聽到了更多關於北美消費者追求價值的行為。那麼，您能否談談合併後的靈活包裝產品組合將如何應對消費者行為的轉變，特別是在轉向自有品牌較小份量產品方面，或者我們應該考慮的有關運輸行為的其他任何事情？

Yes, Nathan, this is a good one. We see a couple of things that we can respond to and one that I want to carve out here is when you think about value-seeking behavior in the direction of going potentially to non-branded product alternatives. That is something like on the private loan side, that's certainly something that you could expect the consumers to do. We have a good participation in that category.

是的，內森，這很好。我們看到了一些我們可以回應的事情，其中​​我想在這裡提出的一點是，當你考慮朝著可能選擇非品牌產品替代品的方向的價值尋求行為時。這與私人貸款方面的情況類似，這肯定是消費者可以做的事情。我們在該類別中參與度很高。

In North America, we're pretty much proportionally represented -- and the reality is that the packaging formats that we're actually selling, whether it's branded or private label, are very similar. They end up being very similar. So one of the things that we take away from that is expanding our participation in those areas where consumers will turn to, and that is certainly something that we do.

在北美，我們的代表性相當均衡——事實上，我們實際銷售的包裝形式，無論是品牌還是自有品牌，都非常相似。它們最終變得非常相似。因此，我們從中得到的啟示之一就是擴大我們在消費者關注的領域的參與，而這正是我們正在做的事情。

Again, North America, that is pretty well established. In other regions, we may have some opportunities here and there, and we would be driving that.

再說一遍，北美已經相當成熟了。在其他地區，我們可能有一些機會，我們會推動這些機會。

Sam Seow, Citi.

花旗銀行的 Sam Seow。

Just on North American beverage. Just wondering, is there any numbers you can give us around the net exposure of North American beverage in the combined business? And going forward, when you think about pruning, is that just Berry businesses you're looking at? Or is there some segment there as well?

僅限北美飲料。只是想知道，您能否提供一些有關合併業務中北美飲料淨風險敞口的數字？展望未來，當您考慮修剪時，您只關注 Berry 業務嗎？還是那裡也有一些片段？

If I go backwards, we're definitely looking at pruning of the portfolio in the context of the combined company. So that's a new one for going forward. It has nothing to do with carving out either legacy Berry or legacy Amcor. So that's a clear answer on the second question.

如果我回顧一下，我們肯定會在合併後的公司背景下考慮精簡投資組合。所以，這是向前邁進的新一步。這與剝離原有的 Berry 公司或原有的 Amcor 公司沒有任何關係。所以第二個問題的答案很明確。

On the first one, I'm not sure I fully understood the question, but I just want to make very clear, the Containers and Closers business from Berry has no participation in the North American beverage category. That's an Amcor question.

關於第一個問題，我不確定我是否完全理解了這個問題，但我只是想明確一點，Berry 的容器和封口機業務沒有參與北美飲料類別。這是 Amcor 的問題。

Let me just see with Michael here if he heard the question differently.

讓我和邁克爾看看他是否以不同的方式理解了這個問題。

Yes. No, that's right. I think the exposure on the beverage side, for us, it's really the Amcor legacy, Amcor business has $1.5 billion kind of revenue into the beverage space and Berry really is nothing. So that's the exposure.

是的。不，沒錯。我認為，對我們來說，飲料方面的曝光確實是 Amcor 的遺產，Amcor 業務在飲料領域的收入為 15 億美元，而 Berry 真的不算什麼。這就是曝光。

Cameron McDonald, E&P.

卡梅倫·麥克唐納（Cameron McDonald），E&P。

Just wanted to touch on the below-the-line costs. So with the early integration of Berry, it looks like you've taken $26 million already below the line. What's the expectation for that relative to the fourth quarter? And can we confirm then that that's including -- that is part of the $280 million, so that in FY26 and beyond that, whatever is incurred in this quarter and the next quarter is a reduction to that $280 million in the following years?

只是想談談線下成本。因此，透過早期對 Berry 的整合，看起來您已經獲得了 2600 萬美元的收入。與第四季相比，對此的預期是什麼？那麼我們能否確認，這包括 - 這是 2.8 億美元的一部分，以便在 26 財年及以後，本季度和下一季發生的任何費用都會在接下來的幾年中減少到 2.8 億美元？

Yes. Look, just to put some clarity on that. There's a couple of things going on in that line. So firstly, there's transaction costs. And for a deal of this size, you'd expect the transaction cost kind of 1.5% to 2% of the enterprise value.

是的。瞧，只是為了澄清這一點。這行程式碼中發生了幾件事。首先，存在交易成本。對於這種規模的交易，預計交易成本將佔企業價值的 1.5% 到 2%。

So call it $250 million to $300 million, part of which would end up in the berry perimeter and the balance in Amcor. So what we've seen to date by the line. I think there's about $36 million in that year to date, of which third $28 million to $30 million is actual transaction costs. So that's things like legal fees, consultant fees, financing charges. So we've got more of that to come through, and that will come through in the next couple of quarters.

因此，我們稱其為 2.5 億至 3 億美元，其中一部分將進入 Berry 週邊地區，其餘部分將進入 Amcor。到目前為止，我們已經看到了這一點。我認為今年迄今大約有 3600 萬美元，其中第三筆 2800 萬至 3000 萬美元是實際交易成本。其中包括律師費、顧問費、融資費用等。因此，我們還有更多的事情要做，這將在接下來的幾個季度內實現。

And in addition to that, over the three-year period, we're going to have around $280 million of cash costs relating to the cost to achieve again, which we'll call those out as we progress that over the term.

除此之外，在三年期間，我們將有大約 2.8 億美元的現金成本與再次實現成本有關，我們將在任期內逐步公佈這些成本。

Arun Viswanathan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Arun Viswanathan。

Congrats on completing the merger. I guess I had two questions. So first off, going back to the growth side, Berry, I think struggled with low single-digit volume growth for the last few years, they did start to have some line of sight to that. going forward, but it was somewhat elusive. So maybe you can just comment on if that's something that you see that's still within the crosshairs for the combined company?

恭喜完成合併。我想我有兩個問題。首先，回到成長方面，我認為 Berry 在過去幾年中一直在努力應對低個位數的銷量成長，他們確實開始對此有所關注。繼續前進，但有點難以捉摸。那麼，您是否可以評論一下，對於合併後的公司來說，這是否仍然是一個值得關注的問題？

And then secondly, on the procurement side, I appreciate the math on the 2% to 3% reduction there in that square with the synergy guidance. But is this a little bit surprising given that Berry was already such a large buyer of resin as you were as well. And so I think you mentioned that there are many other terms that you can kind of work through to achieve those synergies.

其次，在採購方面，我很欣賞根據協同指導實現 2% 至 3% 的減量計算。但這是否有點令人驚訝，因為 Berry 已經和您一樣是樹脂的大買家了。所以我認為您提到過，還有許多其他術語可以透過來實現這些協同效應。

So can you just confirm that it's not just price could maybe long-term supply agreements or whatever else to get those?

那麼您能否確認，這不僅僅是價格問題，還可能是長期供應協議或其他什麼問題？

Yes. Let me work through that. On the growth side, I would probably agree with the assessment of various growth profile, low single-digit growth. We have seen that. I would say that it's not much different from what Amcor has seen over long periods of time. And we are going to have an opportunity as we combine the company to drive that into higher levels on a sustainable basis.

是的。讓我來解決這個問題。在成長方面，我可能會同意對各種成長概況的評估，即低個位數成長。我們已經看到了這一點。我想說的是，這與 Amcor 長期以來所看到的情況並沒有太大不同。當我們合併公司時，我們將有機會在可持續的基礎上將其推向更高的水平。

The portfolio realignment and pruning will certainly help on that end. We have a broader product portfolio that we can offer to customers at scale and globally. We have leverage opportunities in the products that we talked about. Think about the established base of Amcor in Latin America and Asia Pacific and the barrier products that we can sell through the existing network.

投資組合的調整和精簡肯定會對此有所幫助。我們擁有更廣泛的產品組合，可以大規模地向全球客戶提供產品。我們在所談論的產品中擁有槓桿機會。想想 Amcor 在拉丁美洲和亞太地區建立的基礎以及我們可以透過現有網路銷售的阻隔產品。

And I would say those are the most important levers that we see plus and that's the one that I was struggling with here plus the innovation capabilities that we now have on a combined basis to drive functionality but particularly also sustainability as we go forward. That will differentiate our product portfolio going forward. So those are the four big levers that I would see to get ourselves into a stronger growth trajectory going forward, and we have made that a real priority for the company. So that's the growth side.

我想說，這些是我們看到的最重要的槓桿，也是我在這裡努力的方向，再加上我們現在綜合起來的創新能力，不僅可以推動功能性，而且特別是在我們前進的過程中可以推動永續性。這將使我們未來的產品組合與眾不同。因此，我認為這四個重要槓桿可以使我們未來進入更強勁的成長軌跡，我們已將其作為公司的真正優先事項。這就是成長的一面。

On the procurement side, look, I don't know how much I can add to this, to be honest with you. I think the most important thing that we have is, it's a very complementary buy and the party that has the bigger scale typically has the better terms. And that is something that we can roll out as we combine the two companies. So think in that direction because there is real value there.

在採購方面，說實話，我不知道我還能補充多少。我認為我們最重要的事情是，這是一次非常互補的收購，規模較大的一方通常享有更好的條款。這是我們合併兩家公司後可以推出的舉措。所以請朝這個方向思考，因為那裡有真正的價值。

Now in terms of terms, yes, there is more than price and other things that you can look at. No question. and we will have to take a comprehensive approach. And we'll do all the things that you have at your fingertips to drive the conversation. And we're not against long-term supplier relationships if that drives value mutual value on both sides.

現在就條款而言，是的，您可以考慮的不僅僅是價格和其他因素。毫無疑問。我們必須採取綜合的方法。我們將盡一切努力推動對話。如果長期的供應商關係能為雙方帶來共同價值，我們並不反對。

Everyone, that is all the time we have for questions today. This does conclude our question-and-answer session. I will now hand things back to PK for additional or closing remarks.

各位朋友，今天我們的提問時間就到這裡了。我們的問答環節到此結束。現在我將把發言權交還給 PK，請他發表補充發言或結束語。

Yes. Thank you, operator. Look, thanks for the interest to everybody here on the call. I just want to make a comment here in closing. With the merger now completed, Amcor really is better positioned than ever to meet customer and consumer needs as the markets continue to evolve.

是的。謝謝您，接線生。瞧，感謝電話中各位的關注。最後我只想在此發表一點評論。隨著合併的完成，隨著市場不斷發展，Amcor 確實比以往任何時候都更有能力滿足客戶和消費者的需求。

We are really thrilled to welcome our new colleagues, customers and shareholders. And as far as I'm concerned, this is day one of an exciting and an incredibly strong future for Amcor and all our stakeholders. Thank you, operator. Please close the call.

我們非常高興地歡迎我們的新同事、新客戶和新股東。在我看來，對於 Amcor 和我們所有的利益相關者來說，這是一個令人興奮且非常強大的未來的第一天。謝謝您，接線生。請結束通話。

Thank you, sir. And once again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

謝謝您，先生。各位，今天的會議到此結束。我們感謝大家今天的參與。您現在可以斷開連線。