Amcor PLC (AMCR) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Amcor fiscal 2025 fourth-quarter and full year results conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Amcor 2025 財年第四季和全年業績電話會議。（操作員指示）

I would now like to turn the conference over to Tracey Whitehead, Head of Investor Relations. Ms. Whitehead, you may begin.

現在，我想將會議交給投資者關係主管 Tracey Whitehead。懷特黑德女士，你可以開始了。

Thank you, operator, and thank you, everyone, for joining Amcor's fiscal 2025 fourth-quarter earnings call. Joining today is Peter Konieczny, Chief Executive Officer; and Michael Casamento, Chief Financial Officer. Before I hand over a few items to note. 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. Please be aware that we'll also discuss non-GAAP financial measures and related reconciliations can be found in those materials.

謝謝接線員，也謝謝大家參加 Amcor 2025 財年第四季財報電話會議。今天參加會議的有執行長 Peter Konieczny 和財務長 Michael Casamento。在我移交一些需要注意的事項之前。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，我們將在本次電話會議上討論這些內容。請注意，我們還將討論非公認會計準則財務指標，相關對帳可在這些資料中找到。

Remarks will also include forward-looking statements that are based on management's current views and assumptions. The second slide in today's presentation there's 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. (Event Instructions)

評論還將包括基於管理層當前觀點和假設的前瞻性陳述。今天簡報的第二張幻燈片中有幾個因素可能會導致未來的結果與目前的估計不同。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。（活動須知）

With that, over to you, PK.

好了，就交給你了，PK。

Thank you, Tracey, and thank you to everyone joining us today. I would like to start by highlighting that this has been a significant milestone quarter for Amcor. We completed the acquisition of Berry Global and are now 100 days into combining two complementary businesses, and transforming Amcor's ability to create value for our customers and shareholders. Our efforts are reflected in our expectation to deliver strong adjusted EPS growth of 12% to 17% in fiscal '26, with free cash flow expected to double to $1.8 billion to $1.9 billion.

謝謝你，特蕾西，也謝謝今天加入我們的所有人。首先我想強調的是，對於 Amcor 來說，這是一個具有重要里程碑意義的季度。我們完成了對 Berry Global 的收購，目前已將兩家互補的企業合併了 100 天，並改變了 Amcor 為客戶和股東創造價值的能力。我們的努力體現在我們預計 26 財年調整後每股收益將強勁增長 12% 至 17%，自由現金流預計將翻一番，達到 18 億美元至 19 億美元。

Significant work was done ahead of close and integration efforts kicked off quickly on day 1. Feedback from customers has been positive and leadership teams are in place across the organization. We're executing against our synergy work plans, and we have undertaken the strategic portfolio review discussed on prior calls, in short, we are creating a stronger business that is well positioned to deliver higher levels of consistent organic growth and long-term shareholder value.

在交易完成之前已經完成了大量工作，整合工作在第一天就迅速啟動。客戶的回饋非常積極，整個組織的領導團隊也已到位。我們正在執行我們的協同工作計劃，並且我們已經進行了之前電話會議上討論過的戰略投資組合審查，簡而言之，我們正在創建一個更強大的業務，該業務完全有能力實現更高水平的持續有機增長和長期股東價值。

Turning to slide 3 and Safety. Similar to Amcor, Safety has always been a core value for Berry. Both companies have a long history of excellent execution in providing a safe workplace, and this remains our number 1 priority.

轉到投影片 3 和安全性。與 Amcor 類似，安全一直是 Berry 的核心價值。兩家公司在提供安全工作場所方面有著悠久的卓越執行歷史，這仍然是我們的首要任務。

For fiscal '25, Amcor's total recordable incident rate, TRIR, was 0.27, and 68% of our sites remained injury-free for the entire year. For the two months of May and June, Berry's TRIR was 0.57. Our commitment to providing and sustaining a safe working environment remains absolute.

25 財年，Amcor 的總可記錄事故率 (TRIR) 為 0.27，68% 的工廠全年保持無傷害事故發生。5月和6月兩個月，Berry的TRIR為0.57。我們始終致力於提供並維護安全的工作環境。

Slide 4 outlines our key messages for today, and these are aligned with our near-term priorities to deliver on the base, integrate and capture synergies and optimize the portfolio. First, in terms of results. With two months contribution from Berry, Q4 shows a step-up to a high level of quarterly net sales EBITDA and EBIT for Amcor.

投影片 4 概述了我們今天的關鍵訊息，這些訊息與我們的近期優先事項一致，即在基礎上實現、整合和利用協同效應並優化投資組合。第一，從成果來看。由於 Berry 兩個月的貢獻，第四季 Amcor 的季度淨銷售額 EBITDA 和 EBIT 均上升至高水準。

Second, integration is progressing well. Synergy realization is tracking to plan, and we remain confident in delivering $650 million in total synergies through fiscal '28, including $260 million in fiscal '26. Third, we have now conducted a strategic review of our combined portfolio, primarily focused on defining our core portfolio.

二是融合進展順利。綜效的實現正按計畫進行，我們仍然有信心在 28 財年實現 6.5 億美元的總協同效應，其中包括 26 財年的 2.6 億美元。第三，我們現在對合併後的投資組合進行了策略審查，主要專注於確定我們的核心投資組合。

Going forward, Amcor is the global leader in consumer packaging and dispensing solutions for nutrition and health. As part of this review, we also identified businesses that are less aligned with our core portfolio. And for these, we will explore alternatives to maximize value. Most importantly, our fiscal '26 guidance reflects expectations for a year of strong earnings and cash flow growth, largely driven by self-help actions.

展望未來，安姆科將成為營養和健康領域消費包裝和分配解決方案的全球領導者。作為此次審查的一部分，我們還發現了與我們的核心投資組合不太一致的業務。對於這些問題，我們將探索替代方案，以實現價值最大化。最重要的是，我們對 26 財年的預期反映了對今年強勁獲利和現金流成長的預期，這主要得益於自助行動。

Turning to slide 5 and our fourth quarter results. While the acquisition of Berry drives strong increases across several financial metrics, the performance of both legacy businesses fell forward of our expectations for two reasons.

轉到投影片 5 和我們的第四季業績。儘管收購 Berry 推動多項財務指標強勁成長，但由於兩個原因，兩家傳統業務的業績均未達到我們的預期。

First, and consistent with broader market data, we experienced sequentially weaker volumes for our consumers and customers in both our Flexibles and Rigid Packaging solutions segments through the quarter, particularly in North America. Overall volume performance across both legacy businesses was similar and on a combined basis were 1.7% lower than last year compared to our expectations for relatively flat.

首先，與更廣泛的市場數據一致，本季我們在軟包裝和硬包裝解決方案領域的消費者和客戶銷售均持續下降，尤其是在北美。兩項傳統業務的整體銷售表現相似，整體而言比去年下降了 1.7%，而我們的預期是相對持平。

Second, in addition to lower volumes, earnings in the North American beverage business were negatively impacted by operating challenges at a few high-volume sites, which resulted in higher costs. Michael will speak more to the nature of the challenges, but let me just say here that we are comprehensively addressing the performance of this business.

其次，除了銷售下降之外，北美飲料業務的收益還受到一些高產量工廠的營​​運挑戰的負面影響，導致成本上升。麥可將更多地談論挑戰的性質，但我在這裡只想說，我們正在全面解決這項業務的表現。

On that point, we have taken advantage of the Amcor and Berry combined platform to divide the legacy Amcor Rigid Packaging business in its three parts. North American beverage is now being run as a separate dedicated beverage business unit with new and focused management. We're addressing the operating challenges, and we will be improving efficiency across the network.

在這一點上，我們利用 Amcor 和 Berry 合併的平台，將傳統的 Amcor 硬包裝業務分為三個部分。北美飲料目前作為一個獨立的專門飲料業務部門運營，並採用新的、專注的管理方式。我們正在解決營運挑戰，並將提高整個網路的效率。

Amcor's legacy specialty containers business is now integrated with the legacy Berry business in North America, confirming an excellent product and technology fit. And in Latin America, the legacy Rigid Packaging and Flexibles businesses are being combined to create scale and synergies in the region. Before turning over to Michael to cover the results, I'd like to talk about the progress we've made over the last 100 days, integrating the Berry and Amcor businesses and the work we have done to define our core portfolio.

Amcor 的傳統特種容器業務現已與北美的傳統 Berry 業務整合，證實了產品和技術的完美契合。在拉丁美洲，傳統的硬質包裝和軟包裝業務正在合併，以在該地區創造規模和協同效應。在請麥可介紹業績之前，我想先談談我們在過去 100 天的進展，整合 Berry 和 Amcor 業務，以及我們為定義核心產品組合所做的工作。

Beginning with slide 6 and integration. First and foremost, we have quickly engaged with customers around the world, highlighting the many benefits and new opportunities this combination creates. Feedback has been very positive. And already, we have seen additional business wins directly linked to combining the product portfolio, operations and capabilities of our legacy businesses.

從幻燈片 6 和整合開始。首先，我們迅速與世界各地的客戶進行了接觸，並強調了這項結合所創造的許多好處和新機會。反饋非常正面。而且，我們已經看到了與結合我們傳統業務的產品組合、營運和能力直接相關的更多業務勝利。

As an example, legacy Amcor is now providing membrane living for coffee capsules supplied by legacy Berry, thereby offering a packaging solution rather than individual packaging components. This is a great early example of the opportunity discussed when we announced the merger. From a G&A cost synergy perspective, we have moved fast to begin eliminating duplication, lowering head count by more than 200 until now.

例如，原 Amcor 公司現在為原 Berry 公司供應的咖啡膠囊提供膜活，從而提供包裝解決方案而不是單獨的包裝組件。這是我們宣布合併時討論的機會的一個很好的早期例子。從一般及行政成本綜效的角度來看，我們已迅速採取行動，開始消除重複，迄今已減少 200 多名員工。

In terms of operations and footprint, we have been combining assets, identifying open capacity, repatriating outsourced film supply and transferring production volumes across the network to improve efficiency and lower cost. While still in the very early stages, we have closed one site, approved closure of four additional sites, and we are making good progress on further footprint actions.

在營運和佈局方面，我們一直在整合資產、確定開放產能、遣返外包電影供應以及在網路內轉移生產量，以提高效率並降低成本。雖然仍處於早期階段，但我們已經關閉了一個站點，批准關閉另外四個站點，並且在進一步的足跡行動中取得了良好進展。

Looking at procurement. We have combined spend data within one platform to provide full transparency, access and real-time insight across the function globally. And our teams have worked extensively with our direct and indirect suppliers in all regions, validating the synergy pipeline and delivering quick wins, which will benefit earnings from the first quarter of fiscal '26.

看看採購。我們將支出數據整合到一個平台中，以提供全球範圍內的完全透明度、存取權限和即時洞察。我們的團隊與所有地區的直接和間接供應商進行了廣泛的合作，驗證了協同效應並取得了快速的成果，這將有利於 26 財年第一季的收益。

I'm happy with the progress we've made over the first 100 days, bringing our two companies together, and feel good about how we are executing against our proven integration playbook and setting the business up to drive strong earnings growth in fiscal '26. We're confident in delivering $260 million synergies in fiscal '26 and a total of $650 million through fiscal '28, and we are reaffirming both targets today.

我很高興看到我們在前 100 天取得的進展，將兩家公司整合在一起，並且對我們如何按照經過驗證的整合方案執行並為推動 26 財年的強勁盈利增長做好準備感到滿意。我們有信心在 26 財年實現 2.6 億美元的綜效，並在 28 財年實現總計 6.5 億美元的綜效，今天我們重申這兩個目標。

Slide 7 profiles Amcor's core combined portfolio. These are large, stable end markets with attractive growth and margin profiles where we have leadership positions and room to grow. Approximately 75% of sales come from advanced solutions requiring innovation and 50% of sales are generated from focus categories, which I'll come back to shortly.

投影片 7 介紹了 Amcor 的核心組合產品。這些都是龐大、穩定的終端市場，具有誘人的成長和利潤狀況，我們在其中擁有領導地位和成長空間。大約 75% 的銷售額來自需要創新的高級解決方案，50% 的銷售額來自重點類別，我稍後會再次談到這一點。

Slide 8 shows our unique and expanded product portfolio with Flexibles and Rigid Packaging solutions to address the varied needs of our customers in these sizable end markets. This view also again highlights the complementary nature of this combination with both companies bringing different capabilities and product strength to create a stronger customer offering than either could do on a stand-alone basis. We already have leading positions in these categories and plenty of room to grow given the fragmented nature of these markets.

投影片 8 展示了我們獨特且擴展的產品組合，其中包括軟包裝和硬包裝解決方案，以滿足這些龐大終端市場中客戶的不同需求。這種觀點也再次強調了這種合併的互補性，兩家公司帶來了不同的能力和產品優勢，從而創造出比任何一家單獨經營時更強大的客戶服務。我們已經在這些類別中佔據領先地位，鑑於這些市場的分散性，還有很大的成長空間。

Slide 9 further identify six focus end market categories, which we have spoken about previously and collectively represent approximately $10 billion or 50% of core portfolio sales. Each has higher than average growth rates historically supported by long-term consumer trends and a requirement for complex packaging solutions. We are already winning in these attractive categories, and are now better positioned with enhanced scale, capabilities and solutions.

投影片 9 進一步確定了六個重點終端市場類別，我們之前已經討論過這些類別，它們總共約佔 100 億美元或核心投資組合銷售額的 50%。由於長期消費趨勢和對複雜包裝解決方案的需求，每個行業的成長率都高於平均水平。我們已經在這些具有吸引力的類別中獲勝，並且現在憑藉增強的規模、能力和解決方案獲得了更有利的地位。

Turning to slide 10. As part of the portfolio review, we have also identified several businesses with combined annual sales of approximately $2.5 billion that are less aligned with our go-forward core portfolio for one or more reasons. They may have a different growth of margin profile that the business operates in an industry with relatively low barriers to entry over Amcor may not see a clear pathway to becoming a leading supplier at scale.

翻到第 10 張投影片。作為投資組合審查的一部分，我們還發現了幾家年銷售額總計約 25 億美元的企業，由於一個或多個原因，這些企業與我們未來的核心投資組合不太一致。他們可能具有不同的利潤成長情況，因為該企業所處的產業進入門檻相對較低，而 Amcor 可能看不到成為大規模領先供應商的明確途徑。

For these businesses, we will explore alternatives to maximize value, which may include restructuring, partnership or JV ownership models, cash sales or a combination thereof. These actions will enhance focus on our core portfolio result in higher levels of more consistent organic growth and create value for shareholders.

對於這些業務，我們將探索實現價值最大化的替代方案，其中可能包括重組、合作或合資所有權模式、現金銷售或兩者的組合。這些措施將加強我們對核心投資組合的關注，從而實現更高水準、更持續的有機成長，並為股東創造價值。

Our $1.5 billion North America beverage business has been placed in this group. And over the next few quarters, we will execute against the work plan I mentioned earlier to strengthen the performance of this business before exploring alternatives. We will remain disciplined as we work through these processes, and there is no different the timeline for completion. However, we do expect to make progress in some of the smaller assets in fiscal '26.

我們價值 15 億美元的北美飲料業務已被歸類為該集團。在接下來的幾個季度中，我們將按照我之前提到的工作計劃執行，以加強這項業務的業績，然後再探索替代方案。在完成這些流程的過程中，我們將保持紀律，完成的時間表不會改變。不過，我們確實預計在 26 財年一些較小的資產方面會取得進展。

Looking forward, and as you will hear from Michael, when he covers our fiscal '26 guidance, Amcor is now a stronger business, and we are taking the right strategic actions to build on our foundation for creating long-term shareholder value. With that, I'll turn the call over to Michael.

展望未來，正如麥可在介紹我們的 26 財年指引時所說，Amcor 現在是一家更強大的企業，我們正在採取正確的策略行動，為創造長期股東價值奠定基礎。說完這些，我會把電話轉給麥可。

Thanks, PK, and hello, everyone. Before getting into further detail of financial performance for Q4, a couple of things to note. Firstly, a reminder that the reported Q4 financial results include three months contribution from the legacy Amcor business and two months contribution from the legacy Berry business.

謝謝，PK，大家好。在進一步了解第四季度的財務表現之前，有幾點需要注意。首先，提醒一下，報告的第四季度財務業績包括來自傳統 Amcor 業務的三個月貢獻和來自傳統 Berry 業務的兩個月貢獻。

Second, as PK mentioned earlier, we moved swiftly to operate as a unified organization, making decisions and managing the business on a combined basis. This included optimizing our network by reallocating volumes to better balance supply and demand. And as a result, while both legacy businesses saw a similar overall volume performance in May and June, our volume commentary will be primarily focused on year-over-year performance on a combined basis.

其次，正如 PK 先前提到的，我們迅速採取行動，以統一的組織形式運營，在綜合的基礎上做出決策和管理業務。這包括透過重新分配容量來優化我們的網絡，以更好地平衡供需。因此，儘管兩家傳統業務在 5 月和 6 月的整體銷售表現相似，但我們對銷售的評論將主要集中在整體同比表現。

Starting with the global Flexible Packaging Solutions segment on slide 11, which includes Amcor's large-scale Flexible Packaging business and Berry's flexible business from the first of May 2025, Volumes for the combined businesses were down approximately 1.5%.

從幻燈片 11 上的全球軟包裝解決方案部門開始，該部門包括 Amcor 的大型軟包裝業務和 Berry 的軟包裝業務，從 2025 年 5 月 1 日起，合併後的業務量下降了約 1.5%。

By region, demand in North America was weaker than anticipated, with volumes down low single digit, primarily reflecting softer demand in unconverted film as well as in categories such as snacks and confectionary that can be a little more discretionary. Across all other regions, volumes were broadly in line with the prior year, with continued growth across Latin America and Asia, including in Brazil and China, offsetting modestly lower volumes in Europe.

從地區來看，北美的需求弱於預期，銷量下降了個位數，主要反映了未加工薄膜以及零食和糖果等可自由支配的類別的需求疲軟。在其他所有地區，銷量與上年基本持平，拉丁美洲和亞洲（包括巴西和中國）的銷量持續增長，抵消了歐洲銷量的略微下降。

From an end market perspective, we delivered another quarter of solid growth across several focus categories. Healthcare, Protein, including meat and dairy, and liquids delivered low to mid-single-digit volume increases, supported in part by market share gains and pet care was strong. These gains were more than offset by softer volumes in other categories, including unconverted film, snacks and confectionary and home and personal care, which generally fall into our niche application and nutrition value categories.

從終端市場的角度來看，我們在多個重點類別中又實現了一個季度的穩健成長。醫療保健、蛋白質（包括肉類和乳製品）和液體食品的銷售量均實現了低至中等個位數的增長，部分原因是市場份額的增長和寵物護理的強勁增長。這些成長被其他類別的銷售疲軟所抵消，包括未轉換的薄膜、零食和糖果以及家庭和個人護理，這些類別通常屬於我們的利基應用和營養價值類別。

Overall net sales increased by 18% on a constant currency basis, primarily driven by the acquisition of Berry along with favorable price/mix trends. And adjusted EBIT of $450 million was up 11% on a constant currency basis, largely driven by approximately $50 million of acquired earnings net of investments, with the remaining variance reflecting an unfavorable price/mix, partly offset by cost benefits. EBIT margin remained solid at 14.1%.

以固定匯率計算，整體淨銷售額成長了 18%，這主要得益於收購 Berry 以及有利的價格/組合趨勢。調整後的息稅前利潤為 4.5 億美元，以固定匯率計算增長了 11%，這主要得益於扣除投資後的約 5,000 萬美元的收購收益，其餘差異反映了不利的價格/組合，但部分被成本效益所抵消。息稅前利潤率維持穩定，為 14.1%。

Turning to slide 12 in the Global Rigid Packaging Solutions segment, which includes Amcor's legacy Rigid Packaging business along with Berry's larger scale consumer packaging in North America and Consumer Packaging International businesses from May 1, 2025. Overall net sales increased by 121% on a constant currency basis, primarily driven by the acquisition of Berry.

翻到全球硬質包裝解決方案部門的第 12 張幻燈片，該部門包括 Amcor 的傳統硬質包裝業務以及 Berry 自 2025 年 5 月 1 日起在北美開展的更大規模的消費品包裝和國際消費品包裝業務。以固定匯率計算，整體淨銷售額成長了 121%，主要得益於收購 Berry。

Rigid Packaging Solutions saw similar combined volume trends to those I just mentioned for Flexibles, down approximately 2% and down 1% excluding North America beverage. As noted earlier, our performance in the quarter reflects ongoing soft consumer and customer demand primarily in the United States. Outside of the US, volumes in Europe were in line with the prior year and modestly higher in Latin America.

硬質包裝解決方案的綜合銷售趨勢與我剛才提到的軟包裝類似，下降約 2%，不包括北美飲料則下降 1%。如前所述，我們本季的業績主要反映了美國消費者和客戶需求持續疲軟。除美國外，歐洲的銷量與去年持平，拉丁美洲的銷量略有成長。

By category, volumes grew low single digits across Healthcare, and Foodservice was in line with last year, offset by low single-digit volume declines within Beauty and Wellness and specialty categories. Volumes across a broad range of food and beverage end markets were in line with last year.

從類別來看，醫療保健領域的銷售量呈現低個位數成長，而食品服務的銷售量與去年持平，但美容和保健以及專業類別的銷售量則出現低個位數下降。各類食品和飲料終端市場的銷售量與去年持平。

Adjusted EBIT came in at $204 million, up 173% on a constant currency basis, and this was driven by approximately $150 million of acquired Berry Global earnings net of divested earnings from the December 2024 Berry kept joint venture sale, with the remaining variation largely reflecting lower North American beverage earnings.

調整後的息稅前利潤為 2.04 億美元，以固定匯率計算增長 173%，這是由收購的 Berry Global 收益扣除 2024 年 12 月 Berry 保留的合資企業出售的剝離收益後產生的約 1.5 億美元推動的，其餘變化主要反映了北美飲料收益的下降。

Turning to more details on North American beverage. As mentioned, volumes came in below our expectations entering the quarter. And in addition, we experienced operating challenges at high-volume sites, which resulted in elevated costs through the quarter, including higher freight costs to service out of region supply, higher labor costs and lower fixed cost absorption. As PK mentioned, we have developed a detailed plan to address current challenges and have already taken a number of actions.

轉向有關北美飲料的更多細節。如上所述，本季的銷量低於我們的預期。此外，我們在高容量站點遇到了營運挑戰，導致整個季度的成本上升，包括為區域外供應提供服務的運費成本上升、勞動力成本上升以及固定成本吸收降低。正如PK所提到的，我們已經制定了應對當前挑戰的詳細計劃，並且已經採取了一系列行動。

While we expect these measures will lead to better operational performance through fiscal '26, we anticipate the cost base for North America beverage will remain elevated in Q1. EBIT margin for Global Rigid Packaging Solutions was 10.9%, a new level of performance based on our acquisition of Berry.

雖然我們預計這些措施將在 26 財年帶來更好的營運業績，但我們預計北美飲料的成本基礎在第一季仍將保持在高位。全球硬質包裝解決方案的息稅前利潤率為 10.9%，這是我們收購 Berry 後業績的新水準。

Moving to cash on the balance sheet on slide 13. Annual adjusted free cash flow of $926 million was within the guidance range provided in April. And as usual, cash generation and conversion was strongest in the fourth quarter of the year. CapEx for the year was $580 million, up from last year, driven primarily by the addition of Berry for the two months. We anticipate capital spending in the range of $850 million to $900 million in fiscal '26, with associated depreciation expected to be slightly above CapEx levels.

前往投影片 13 上的資產負債表上的現金。年度調整後自由現金流為 9.26 億美元，在 4 月提供的指導範圍內。與往常一樣，現金產生和轉換在今年第四季最為強勁。全年資本支出為 5.8 億美元，較去年同期有所增長，主要由於這兩個月增加了 Berry。我們預計 26 財年的資本支出將在 8.5 億美元至 9 億美元之間，相關折舊預計略高於資本支出水準。

Turning to leverage. Leverage was 3.5 times exiting the quarter, taking into account combined annual earnings, and we expect leverage to fall to approximately 3.1 to 3.2 times over the next 12 months. This excludes the benefit of any proceeds received from asset sales through fiscal '26, which would enable us to deliver further.

轉向槓桿。考慮到綜合年度收益，本季末的槓桿率為 3.5 倍，我們預計未來 12 個月槓桿率將降至約 3.1 至 3.2 倍。這還不包括 26 財年資產出售所得的任何收益，這將使我們能夠進一步實現這一目標。

Looking ahead to fiscal 2026 on slide 14, which, for the avoidance of doubt, does not reflect the completion of any portfolio optimization actions. We anticipate a year of strong EPS and cash flow growth, and we are confident we will realize significant synergies from the Berry acquisition. We are not factoring in a meaningful rebound in consumer demand, which we believe is a prudent approach given the current macroeconomic environment and ongoing uncertainty surrounding tariffs and their potential impact on customers and end consumers.

第 14 張投影片展望 2026 財年，為避免疑問，這並不反映任何投資組合優化行動的完成。我們預計今年的每股盈餘和現金流將強勁成長，我們相信我們將從 Berry 收購中實現顯著的協同效應。我們沒有考慮到消費者需求的大幅反彈，我們認為，考慮到當前的宏觀經濟環境以及圍繞關稅的持續不確定性及其對客戶和最終消費者的潛在影響，這是一種謹慎的做法。

As such, we currently anticipate broadly flat volumes for FY26. We expect adjusted earnings per share of between $0.80 to $0.83 on a reported basis, representing strong year-over-year growth between 12% and 17%. Our confidence in delivering 12% earnings growth in FY26 -- our confidence in delivering at least 12% earnings growth in FY26 is based on self-help in executing against our identified synergies of $260 million.

因此，我們目前預計 26 財年的銷售量將基本持平。我們預計調整後的每股盈餘將在 0.80 美元至 0.83 美元之間，年增 12% 至 17%。我們有信心在 2026 財年實現 12% 的盈利增長——我們有信心在 2026 財年實現至少 12% 的盈利增長，這是基於我們根據已確定的 2.6 億美元協同效應進行自我幫助。

In terms of phasing for the fiscal year, we expect approximately 42% to 45% of earnings will be delivered in the first half, with more weighting to the second half, particularly Q4 as our synergy run rate will build through the year.

就本財年的分階段而言，我們預計約 42% 至 45% 的收益將在上半年實現，而下半年（尤其是第四季度）的收益將佔更大比重，因為我們的協同效應運行率將在全年不斷增強。

For Q1, we expect EPS to be between $0.18 and $0.20 per share, including approximately $35 million to $40 million of pretax synergies, which represents 8% growth compared with adjusted EPS of $0.162 per share last year. And we expect earnings from the combined base businesses to be broad -- [the base] business to be broadly in line with the prior year based on our expectation that the demand environment will remain challenged.

對於第一季度，我們預計每股收益將在 0.18 美元至 0.20 美元之間，其中包括約 3,500 萬至 4,000 萬美元的稅前協同效應，與去年調整後的每股收益 0.162 美元相比增長 8%。我們預計合併後的基礎業務的獲利將與上年大致持平，因為我們預計需求環境仍將面臨挑戰。

From a cash flow standpoint, we expect free cash flow to double over fiscal '25 to be $1.8 billion to $1.9 billion in FY26, which is after deducting approximately $220 million of cash integration and transaction costs. Net interest expense is expected to be in the range between $570 million and $600 million, and we anticipate an effective tax rate in the range of 19% to 21%.

從現金流的角度來看，我們預計自由現金流將在 25 財年翻一番，在 26 財年達到 18 億美元至 19 億美元，這還不包括約 2.2 億美元的現金整合和交易成本。淨利息支出預計在 5.7 億美元至 6 億美元之間，我們預計有效稅率將在 19% 至 21% 之間。

So in summary for me, we're excited about the opportunities ahead and confident in our ability to execute with discipline. So with that, I'll hand back to you, PK.

總而言之，我們對未來的機會感到興奮，並對我們嚴格執行的能力充滿信心。因此，我將把權力交還給你，PK。

Thank you, Michael. I want to leave you with a few closing thoughts prior to opening the call for questions. We have several levers under our control that will lead to strong earnings growth over the next several years. We remain confident in our ability to deliver $260 million in synergies this fiscal year and a cumulative total of $650 million by the end of '28, reflecting the strength of our integration strategy and execution.

謝謝你，麥可。在開始提問之前，我想跟大家說幾句結束語。我們掌握著幾個槓桿，這些槓桿將在未來幾年帶來強勁的獲利成長。我們仍然有信心，我們有能力在本財年實現 2.6 億美元的協同效應，到 28 年底累計實現 6.5 億美元的協同效應，這反映了我們的整合戰略和執行力的強勁。

We're taking definite actions that will improve the financial performance of our North American Beverage business. And through portfolio optimization, we are focusing the business on attractive nutrition and health markets, each and all of these contribute to creating a stronger business and long-term shareholder value.

我們正在採取明確的行動來改善我們北美飲料業務的財務表現。透過投資組合優化，我們將業務重點放在有吸引力的營養和健康市場上，所有這些都有助於創造更強大的業務和長期股東價值。

Operator, we're ready for questions.

接線員，我們已經準備好回答問題了。

(Operator Instructions)

（操作員指示）

Matthew Roberts, Raymond James.

馬修羅伯茲、雷蒙德詹姆斯。

Hi, PK, Michael, Tracey. Good morning, afternoon or evening, depending on where you are. On the potential beverage strategic considerations, now that, that's been officially announced while the timing is uncertain, how could that impact the procurement synergies given that complementary resin buying was a portion of the buying power there. And in the event there is an action taken, should we think of procurement savings as a similar dollar amount over the three years or maybe as a percent of revenue? Any considerations would be helpful there. Thank you.

嗨，PK、Michael、Tracey。早上好、下午好或晚上好，取決於您所在的地方。關於潛在的飲料策略考慮，現在已經正式宣布，但時間尚不確定，考慮到互補樹脂購買是那裡購買力的一部分，這將如何影響採購協同效應。如果採取行動，我們是否應該將採購節省視為三年內的類似金額或收入的百分比？任何考慮都會有幫助。謝謝。

Well, thanks, Matthew. I think the potential divestment of the North American beverage business will not have a material impact on our ability to generate the procurement savings. We spoke on several calls before that both legacy businesses have been strong buyers of different resin categories. Barry actually buys little PET material, whereas this is the major material for the North American beverage business. And we should also keep in mind that some of the resin that we convert in the North American beverage business is actually called.

好吧，謝謝，馬修。我認為北美飲料業務的潛在剝離不會對我們產生採購節約的能力產生重大影響。我們之前在幾次電話會議中談到，這兩家傳統企業都是不同樹脂類別的強勁買家。Barry 實際上很少購買 PET 材料，而這是北美飲料行業的主要材料。我們還應該記住，我們在北美飲料行業轉化的一些樹脂實際上被稱為。

So on the back of that, we believe that the procurement savings that we're estimating, which are making up about 50% of the committed synergies, are not materially impacted. So we're still -- in dollar terms, we're still expecting about $650 million.

因此，基於此，我們認為，我們估計的採購節省（佔承諾協同效應的 50% 左右）不會受到實質影響。因此，以美元計算，我們仍然預計約有 6.5 億美元。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Hi, everyone. Thanks for all the details. PK, my question is on top line trends. Can you talk a bit about why from what your customers are saying, you're still seeing such weakness in what should be stable to growing markets, especially markets that you think you're now gaining share in? So why are we not seeing better volume trends there?

大家好。感謝您提供所有詳細資訊。PK，我的問題是關於頂線趨勢。您能否從客戶的回饋中談談為什麼您仍然看到在原本應該穩定成長的市場中，尤其是在您認為現在正在獲得份額的市場中，存在如此薄弱的因素？那為什麼我們沒有看到更好的銷售趨勢呢？

And for that matter, volume trends out of you, given that you're gaining share? And the related question, way back when Amcor was one of the, I think, first companies that did value-based pricing across its portfolio, it's a good effect, what opportunities do you see here about implementing the same thing across the Berry platform? Thank you.

那麼，鑑於你們的市佔率不斷增加，銷售趨勢是否也隨之下降？相關問題是，很久以前，我認為 Amcor 是第一批在其產品組合中實施基於價值的定價的公司之一，這是一個很好的效果，您認為在 Berry 平台上實施同樣的做法有哪些機會？謝謝。

Thanks, George. Two questions there. Let me just make a quick note here so that I don't forget. So first off, on the volume performance, maybe that gives me an opportunity to step back and shed a little more light and summarize the key messages again. Fourth quarter came in a little softer than what we expected and also sequentially softer.

謝謝，喬治。有兩個問題。讓我在這裡簡單記一下，以免忘記。因此，首先，就音量表現而言，也許這給了我一個機會，讓我退一步，再闡明一點，並再次總結關鍵訊息。第四季的表現比我們預期的要弱一些，而且環比也較弱。

That was essentially the miss against our expectations. We had expected the same volume performance in Q4 that we saw in Q3. When you took a look at the major underlying trends, it's really the weakness in North America that drove it. When we look outside of North America, we saw volume performance, which was broadly flat versus prior year. We saw some growth in the emerging markets between LatAm and Asia Pacific that was offset by just a tad of a weakness in Europe.

這基本上違背了我們的預期。我們預期第四季的銷售表現與第三季相同。如果你看一下主要的潛在趨勢，你會發現實際上是北美的疲軟導致了這個趨勢。當我們看向北美以外時，我們看到銷量表現與去年同期基本持平。我們看到拉丁美洲和亞太地區的新興市場有所成長，但歐洲的疲軟卻抵消了這一成長。

So North America, the major source of weakness here. Both businesses have seen similar trends. So exposure pretty much the same in North America to a weaker environment. And that was driven by overall consumer sentiment in a macroeconomic environment that drives just different buying behaviors and has ceased consumers that are more value seeking, and that's what we're seeing from our customers who are pretty much broadly aligned with the volume trends that we're also seeing. So a lot of consistency, I think in the customer comments particularly in the US.

因此，北美是這裡的主要弱點。兩家企業都出現了類似的趨勢。因此，北美受到的衝擊幾乎相同，環境也較弱。這是由宏觀經濟環境下的整體消費者情緒所驅動的，這種情緒推動了不同的購買行為，並停止了追求更高價值的消費者，這就是我們從客戶身上看到的情況，他們與我們所看到的數量趨勢大致一致。所以我認為，尤其是在美國，客戶評論具有很大的一致性。

And a final comment maybe, if I may, a little more of a softening on the Berry side than the legacy Amcor side, but don't forget, while the trends are the same that Berry has a higher exposure to North America and also is exposed a little more to some exposure to, I would call them, industrial end market segments like unconverted film that have seen a bit more of an impact. Sorry, excuse me, I just want to add here, Michael saying there was a second part of the question was absolutely right. The value-based pricing. Just a quick comment on that.

最後，如果可以的話，我想說的是，Berry 方面比 Amcor 方面表現得更加溫和，但別忘了，雖然趨勢相同，但 Berry 在北美的曝光率更高，而且在某些方面也受到更大的影響，我稱之為工業終端市場，例如未轉換薄膜，這些市場受到了更大的影響。抱歉，打擾一下，我只是想在這裡補充一點，邁克爾說問題的第二部分是完全正確的。基於價值的定價。我對此僅做一點簡短的評論。

Do we see opportunities on for value-based pricing going forward? Absolutely. In the context of our commercial synergy work streams, we're looking at deploying best practices from both sides of the legacy businesses. And we believe that the value-based pricing that Amcor has worked on for many years in the past is an opportunity for us to look carefully at pricing across the Berry portfolio, and we're going to make use of that.

我們是否看到了未來基於價值的定價機會？絕對地。在我們的商業協同工作流程中，我們正在考慮從傳統業務的雙方部署最佳實踐。我們相信，Amcor 在過去多年以來一直致力於的基於價值的定價為我們提供了一個機會，讓我們可以仔細審視 Berry 產品組合的定價，我們將利用這一點。

Thank you.

謝謝。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good morning. I wonder if you could give any more detail on the $1 billion under review that isn't the North American vet business, understanding those are smaller businesses from a geographic standpoint or a product standpoint or just sort of strategically, what characteristics do they have?

早安.我想知道您是否可以提供更多關於正在審查的 10 億美元非北美獸醫業務的詳細信息，請理解，從地理角度、產品角度或戰略角度來看，這些是規模較小的業務，它們具有哪些特點？

Yeah. Thanks, Anthony. Happy to do that. First off, we're talking about 10 businesses that make up the $1 billion. The businesses are pretty much distributed between the two legacy businesses. So you will find some of them in the legacy Amcor portfolio. You will find some of them on the legacy Berry portfolio.

是的。謝謝，安東尼。很高興這樣做。首先，我們討論的是構成 10 億美元的 10 家企業。這些業務基本上分佈在兩家傳統企業之間。因此，您會在 Amcor 的傳統產品組合中找到其中一些。您會在 Berry 的舊產品組合中找到其中一些。

In terms of the criteria that we have applied, let me just help you with that a bit, and I spoke about that, and some of those are summarized, I think, on slide 10. We said, on a high level, in terms of headlines, do our businesses that we now have on a combined basis, do they have an attractive growth and margin portfolio? And that is obviously a consideration over the long term.

就我們所應用的標準而言，請允許我稍微幫助您一下，我談到了這一點，我認為，第 10 張投影片上對其中一些進行了總結。我們說，從高層次上講，就標題而言，我們現在合併後的業務是否具有有吸引力的成長和利潤組合？這顯然是一個長遠的考慮。

How do we like the industry structure that would include questions like, are we exposed to large markets? Do we have room to grow? What are the barriers to entry? And there's a couple of other considerations. And then the third one was scale and leadership where we said, well, do we have significant share in that category? Or are we large in that category as a combined Amcor, and/or another one would be do we have technology that positions us well in those categories?

我們如何看待產業結構，其中包括我們是否面臨大市場等問題？我們還有成長空間嗎？進入壁壘是什麼？還有一些其他的考慮因素。第三個是規模和領導力，我們說，那麼，我們在這一類別中佔有相當大的份額嗎？或者作為合併後的 Amcor，我們在該類別中規模是否很大，或者另一個問題是，我們是否擁有使我們在這些類別中處於有利地位的技術？

Where businesses failed one or a combination of these criteria, we put them aside and that makes now up for the 10 plus -- 10 businesses plus North American beverage. The -- just maybe one more comment that gives you a bit of a flavor of what we're talking about. These are businesses also where you could say they have an exposure to a more cyclical end market exposure, and that could be one criteria, or if it is, consumer packaging related, and therefore, a little more stable.

如果企業未能滿足其中一項或多項標準，我們就會將其擱置一旁，這樣現在已有 10 多家企業加入其中，其中包括 10 多家北美飲料企業。也許還有一則評論可以讓您稍微了解我們正在談論的內容。您也可以說這些企業受到更具週期性的終端市場影響，這可能是一個標準，或者如果是的話，則與消費者包裝相關，因此更穩定一些。

Think about a single market where we have an activity, but we're participating more than winning because we're not really positioned that well in that market. And where we take a decision where we say, look, in order for us to get to a number 1 or number 2 position in that market, we would have to deploy capital, which at this point in time, we have other sources, or we have other opportunities for which we would prefer.

想像我們在某個單一市場開展活動，但我們參與的程度比贏得的程度要高，因為我們在該市場中的定位並不是很好。當我們做出決定時，我們會說，為了在市場上佔據第一或第二的位置，我們必須部署資本，而目前，我們還有其他來源，或者我們有其他我們更願意選擇的機會。

So that's how we got to the portfolio.

這就是我們獲得投資組合的方式。

John Purtell, Macquarie.

麥格理銀行的約翰·珀特爾。

Good day, Peter and Michael. Hope you're well. Look, just further to an earlier question, just around any -- just to clarify any market share shifts to call out as well as any -- just in terms of, I suppose, talking to the volume performance, any market share shifts to call out? And has there been any destocking by your customers that you've seen? Obviously, that has been something that we've seen in the past.

彼得和邁克爾，大家好。希望你一切都好。瞧，進一步回答之前的問題，只是為了澄清任何需要注意的市場份額變化，以及任何需要注意的市場份額變化——就銷量表現而言，我想，有任何需要注意的市場份額變化嗎？您是否發現客戶有減少庫存的狀況？顯然，這是我們過去曾見過的情況。

Yeah. Thanks, John. I think it's a -- I'm going to keep it really simple here and try to help you understand market share shifts or share gains or losses, particularly given the volume performance is not the driver. We're laser-focused on that, and we're really trying to understand well where the performance comes from. It really comes down to consumer and customer demand. Share is not the issue and neither is destocking.

是的。謝謝，約翰。我認為這是一個——我將在這裡保持簡單，並嘗試幫助您理解市場份額的變化或份額的增加或減少，特別是考慮到銷售表現不是驅動因素。我們高度關注這一點，並且真正努力去理解性能的來源。這實際上取決於消費者和客戶的需求。股票不是問題，去庫存也不是問題。

We have, a couple of quarters ago, seen a very structured and broad approach of our customer base to reduce inventory levels to more efficient lower levels. We have literally gone through that. Even in the Healthcare business, which was lagging this whole trend, we have significantly improved. I couldn't tie any of that back to destocking.

幾個季度前，我們看到客戶群採取了一種非常結構化和廣泛的方法來將庫存水準降低到更有效率的較低水準。我們確實經歷過這樣的事。即使在落後於整個趨勢的醫療保健業務中，我們也取得了顯著的進步。我無法將這一切與去庫存聯繫起來。

Where we do see destocking, maybe on single customers, I would call that more either seasonally driven stock movements, which we have seen beforehand too, or maybe their tactical inventory movements, but nothing that we're seeing beforehand.

我們確實看到了去庫存的情況，也許是針對單一客戶，我認為這更多的是季節性驅動的庫存變動（我們之前也看到過這種情況），或者可能是他們的戰術庫存變動，但我們之前沒有看到這種情況。

Arun Viswanathan, RBC Capital Markets.

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

Yeah. Thanks for taking my question. Hope you guys are well. Yeah, congrats on integration there getting started. Just looking at that $260 million number, it looks like that's about $0.10 of accretion next year. Maybe you can just put that in context. So does that kind of accelerate through the year, as you said, probably will be back half loaded. You already have cut some -- achieved some headcount.

是的。感謝您回答我的問題。希望你們一切都好。是的，祝賀整合工作開始。僅從 2.6 億美元這個數字來看，看起來明年的增值額約為 0.10 美元。也許你可以把它放在上下文中。那麼，正如您所說，這種加速是否會在全年持續下去，可能將恢復到半負荷狀態。你已經削減了一些員工——實現了一定的員工人數。

I guess, is that going to be the main driver. Maybe you can just discuss some of the logistics actions and some of the other integration efforts you are to undertake to achieve that $0.10. And then I guess, how does that -- or that $260 million, and how does that proceed from there? Do you expect to be maybe at 80% in year two? Or what should we think how the synergies kind of come in? Thanks.

我猜，這會成為主要驅動力嗎？也許您可以討論一下為了實現那0.10美元的目標，您將採取哪些物流行動和其他整合措施。然後我想，那2.6億美元該如何實現呢？接下來該如何推進？您預計第二年會達到 80% 嗎？或者我們應該如何看待綜效的產生？謝謝。

Yeah, thanks. It's Michael here. I can take that 1 for you. So yes, you're correct, right. We called out $260 million in our guidance as synergies, and that's right in line with what we -- the timing we've pitched from the start. So we're reaffirming that and feel really confident around that. That's about 40% of the $650 million, and we'd expect it to '27, just to into that question, another 40% with 20% coming in year three.

是的，謝謝。我是麥可。我可以幫你拿那個 1。是的，你是對的，對吧。我們在指導中將 2.6 億美元稱為協同效應，這與我們從一開始就確定的時機完全一致。因此，我們重申這一點，並對此充滿信心。這大約佔 6.5 億美元的 40%，我們預計到 27 年將達到另外 40%，其中 20% 將在第三年實現。

And that split of synergies in FY26, $240 million of it is cost -- more cost related, and there's about $20 million that we see in financial synergies in the interest and tax line there for you. The other point to note is that the $260 million obviously is pretax. So from an EPS standpoint, it's about $0.09.

在 26 財年的綜效中，有 2.4 億美元是成本——更多與成本相關，而我們在利息和稅收方面看到的財務綜效約為 2000 萬美元。需要注意的另一點是，這 2.6 億美元顯然是稅前金額。因此從每股收益的角度來看，它約為 0.09 美元。

So that's about the 12% baseline growth that we talked to on the -- to get us to that bottom end of the range of $0.80. So again, we feel really confident in that the ability to deliver that in the self-health there. And then if I just touch on where we think it's coming from. You're right. We've had a good start.

所以，這大約是我們之前討論的12%的基線成長——最終達到了0.80美元的區間底線。因此，我們對在自我健康領域實現這一目標充滿信心。然後如果我只是談談我們認為它的來源。你說得對。我們已經有了一個好的開始。

We've taken out around 200 heads. We've already identified five sites for closure. And as PK mentioned, we've made good progress on procurement. So typically, though, what you see first is the general and admin costs tend to come in first. We'll get some procurement this year as well and, to a lesser extent, the footprint and grow synergies.

我們已經砍掉了大約 200 個頭。我們已經確定了五個需要關閉的地點。正如 PK 所提到的，我們在採購方面取得了良好的進展。因此，通常情況下，您首先看到的是一般費用和管理費用往往排在第一位。我們今年也會進行一些採購，並在較小程度上擴大影響力並產生協同效應。

And we're making really good progress on that. So in terms of Q1, I called out, we think that the phasing there is going to be around $35 million to $40 million in Q1. That's around 15% of the total for the year. Probably, as you work your way through the half, we'll be more around kind of 35%. And so you'll get -- which is about $90 million, and then you'll get the balance in the back half of the year, so as we exit strongly in Q4.

我們在這方面取得了非常好的進展。因此，就第一季而言，我認為我們認為第一季的分階段投資將達到約 3,500 萬至 4,000 萬美元。這約佔全年總額的 15%。可能，當你完成一半的工作時，我們的百分比會達到 35% 左右。因此，您將獲得大約 9000 萬美元，然後您將在下半年獲得餘額，因此我們將在第四季度強勢退出。

And look, of the $240 million cost that I called out, I'd say that's going to be largely G&A and procurement with a little bit of operational improvement and smaller gross synergy included in that.

而且，在我提到的 2.4 億美元的成本中，我想說這主要將用於一般行政費用和採購，其中包括少量的營運改善和較小的總協同效應。

Ramoun Lazar, Jefferies.

拉蒙‧拉札爾，傑富瑞。

Good morning, PK, Michael. Just a quick one from me. If you could give us a little bit more color on the operational issues within that Rigid beverages business and perhaps maybe just quantify that impact.

早上好，PK，麥可。我只想簡單說一下。如果您能給我們詳細介紹一下硬質飲料業務的營運問題，並量化其影響。

Yeah. Ramoun, I'll be happy to do that. Let me start and then when it comes to quantification, I'll hand it off to Michael. Look, I'm going to say very loud and clear, we're not happy with the performance of the North American beverage business in the fourth quarter. If I summarize very simply what actually has happened, the business was very focused rightly so on taking cost out, particularly in the first half of the year in order to support earnings in an environment of lower volumes.

是的。拉蒙，我很樂意這麼做。讓我先開始，然後當談到量化時，我會把它交給麥可。聽著，我要非常大聲和清楚地說，我們對第四季北美飲料業務的表現不滿意。如果我非常簡單地總結一下實際發生的情況，那就是業務非常專注於降低成本，特別是在上半年，以便在銷量較低的環境下支持盈利。

And then -- as they then were approaching (inaudible) approaching the fourth quarter, which in that business seasonally is the highest volume quarter, we ran into service issues for our customers. And that had to do with the out-of-region supplies drove higher waste levels, drove higher labor cost in the business. And that is what happened.

然後 - 隨著他們接近（聽不清楚）第四季度，這是該業務季節性交易量最高的季度，我們遇到了客戶服務問題。這與區域外供應導致的浪費水準上升和企業勞動成本上升有關。事實也確實如此。

We're not proud of it. Flexing our capacities with volumes is something that we're very familiar with. In that case, we have obviously done too much of that, but we're going to get that fixed. Now in terms of quantification, Michael, do you want to take that?

我們並不為此感到自豪。利用數量來發揮我們的能力是我們非常熟悉的事情。在這種情況下，我們顯然做得太多了，但我們會解決這個問題。現在就量化而言，邁克爾，你想接受嗎？

Yeah. Look, I think just to put a bit of color around that. I mean you can see from the results that year-on-year, if you exclude the Berry cap impact because we know that was in the prior year, that was about $7 million. If I take that out, the business was down in North America beverage primarily around $20 million. So it was a reasonable decline versus the prior year.

是的。瞧，我認為只是為了給它加點顏色。我的意思是，您可以從結果中看到，如果排除貝瑞資本的影響（因為我們知道那是在前一年），同比來看，約為 700 萬美元。如果除去這一部分，北美飲料業務的銷售額主要下降了約 2,000 萬美元。因此與上一年相比，這是一個合理的下降。

And to PK's point, we're not happy with that. It was really a combination of the labor. We started to build labor. And as we said, and there's a couple of big plants where the volumes did increase, but we just couldn't operationally manage those through.

而對於 PK 的觀點，我們對此並不滿意。這確實是一種勞動的結合。我們開始建設勞動力。正如我們所說，有幾家大型工廠的產量確實增加了，但我們無法在營運上管理它們。

So we incurred some higher labor, less fixed cost adoption, and we had some out-of-region freight to be able to service customers. So that really drove the decline for the high cost base versus the prior year. We're on it. PK kind of touched on that. We're still expecting some elevated costs in Q1, and we'll drive improvement from there.

因此，我們承擔了更高的勞動力成本，減少了固定成本，我們有一些跨地區的貨運，以便能夠為客戶提供服務。因此，這確實導致了高成本基數與前一年相比的下降。我們正在做這件事。PK 有點觸及了這一點。我們仍然預計第一季的成本會有所上升，我們將從那裡推動改進。

Michael Roxland, Truist Securities.

Truist Securities 的 Michael Roxland。

Yeah. Thank you PK, Michael and Tracey. Thanks for taking the question and congrats on closing the deal and all the progress. You're guiding to adjusted EPS of approximately $0.80 to $0.83. What type of volume growth is embedded in that forecast? And relatedly, you also mentioned you expected an elevated cost base for North America beverage to impact -- negative impact 1Q. How should we think about the impact that North American that it has on that EPS forecast through the balance of fiscal '26? Thank you.

是的。感謝 PK、Michael 和 Tracey。感謝您回答這個問題，並祝賀您達成交易並取得所有進展。您預計調整後每股收益約為0.80美元至0.83美元。該預測中反映了哪些類型的銷售成長？與此相關，您也提到，您預計北美飲料成本基礎的上升將對第一季產生負面影響。我們該如何看待北美對 26 財年餘額的 EPS 預測的影響？謝謝。

Yeah. Thanks, Mike. I can start there. Perhaps I'll take that for you. So look, we -- as I said in my remarks, from a demand environment, we're not anticipating any real improvement in the demand environment. We're still expecting volumes to be pretty subdued.

是的。謝謝，麥克。我可以從那裡開始。也許我可以幫你拿走它。所以，正如我在發言中所說，從需求環境來看，我們並不預期需求環境會有任何真正的改善。我們仍預期交易量將會相當低迷。

So we're giving you a guidance range of $80 million to $83 million. I think probably the underlying principle is that volumes are going to be flat. So you're not going to see much revenue growth on that front. And obviously, if we see a better outcome than that, then that's one of those areas that helps us get to the top end of the range.

因此我們給您的指導範圍是 8000 萬美元到 8300 萬美元。我認為可能的基本原理是交易量將保持平穩。因此，你不會看到這方面的收入有太大成長。顯然，如果我們看到比這更好的結果，那麼這就是幫助我們達到最高水準的領域之一。

If it was worse than that, we obviously can take some cost out and help manage that. So that's a way to offset that. I think as I called out, I think from a beverage -- North America beverage standpoint, we will still see some elevated costs in the first quarter.

如果情況更糟，我們顯然可以減少一些成本並幫助解決。這是一種抵消該影響的方法。我想，正如我所說的，從飲料——北美飲料的角度來看，我們在第一季仍會看到成本上升。

That said, the underlying business again in Q1, and I touched on that, we are expecting volumes to be perhaps similar to Q4, maybe slightly better, but nothing materially different. So we will manage the cost base with a strong focus in Q1, but we also get the synergy delivery. So we are expecting that $35 million to $40 million in synergies come through to about 8% EPS growth.

話雖如此，但對於第一季的基礎業務，我之前提到過，我們預計交易量可能與第四季度相似，甚至可能略好一些，但沒有實質差異。因此，我們將在第一季重點關注管理成本基礎，同時實現綜效。因此，我們預計 3,500 萬至 4,000 萬美元的綜效將帶來約 8% 的每股盈餘成長。

Keith Chau, MST Financial.

MST Financial 的 Keith Chau。

Hi, PK, Michael and Team. Just a question relating to the North American beverages business again. So sorry for belaboring the point, but quite clearly, it's been identified as an asset for sale, but also quite clearly, it's underperforming at the moment. So I just want to try and understand the process in a bit more detail. I mean, obviously, you'll be looking to divest or do something with that business when the earnings power is right.

嗨，PK、Michael 和團隊。這只是有關北美飲料業務的一個問題。很抱歉我反覆強調這一點，但很明顯，它已被認定為待售資產，而且很明顯，它目前的表現不佳。所以我只是想嘗試更詳細地了解這個過程。我的意思是，顯然，當盈利能力合適時，你會考慮剝離或對該業務採取一些措施。

But what gives you a degree of confidence that there is a light of sight to improving business performance? And clearly, you've mentioned a few aspects already. But if you think about the sales those measures, the day todays, what are the parameters that you're looking at before divestment [levers]

但是什麼能讓您有信心相信有改善業務績效的曙光呢？顯然，您已經提到了幾個方面。但如果你考慮一下銷售這些措施，今天，你在撤資之前要考慮的參數是什麼[槓桿]

Yeah, Keith, it's a good question. And I will start out by saying these two things are -- actually, you should try to keep them apart. The operating performance of the business in a short period of time should not drive your strategic assessment of the portfolio. And so these are two things. So they're difficult to keep apart when you have the situation that we just had, right?

是的，基思，這是個好問題。首先我要說的是，這兩件事——實際上，你應該試著將它們區分開來。業務在短期內的經營績效不應影響您對投資組合的策略評估。所以這是兩件事。所以，當我們遇到剛才的情況時，很難將它們分開，對嗎？

You make a strategic assessment and you see an operating performance of the business, which is not great. And -- but the theory, what science would say, you should keep that apart. Now, we -- the way that we look at this in the current situation is we're going to focus, and I said that in my prepared comments, we're going to focus on stabilizing the business. And that will probably take a couple of quarters for us to get there. And I think that's the right thing to do.

你進行了策略評估，發現企業的經營績效並不好。但 — — 但理論、科學的說法，你應該將其分開。現在，我們——在當前情況下，我們看待這個問題的方式是，我們將集中精力，我在準備好的評論中說過，我們將集中精力穩定業務。我們可能還需要幾個季度才能實現這一目標。我認為這是正確的做法。

When you stabilize the business before we can realistically think about bringing this business to the market and will not take forever, but it will take a bit of time. Once that is done, we will go forward and we will very quickly assess the alternatives that we have for this business.

當業務穩定下來之後，我們才能實際考慮將這項業務推向市場，這不會花很長時間，但需要一些時間。一旦完成，我們將繼續前進，並將非常迅速地評估這項業務的替代方案。

And this is something where, generally, for all of the businesses, we will have to look at a couple of stakeholders that we need to keep in mind. First and foremost, I will say it's actually the customer. We will do nothing here across all of those 10 plus 1 businesses, 10 plus the North American beverage business.

一般來說，對於所有企業來說，我們必須考慮需要牢記的幾個利害關係人。首先，我要說的是，這其實是客戶。我們不會對這 10 加 1 個業務（10 加北美飲料業務）採取任何行動。

We'll do that together with our customers because the customers will have to be supportive of everything that we do. And then obviously, our owners and the shareholders and that will be a combination of a value consideration and a speed consideration. Because once you identify businesses that are non-core, you actually want to make progress against those. So we have that also on the agenda. There's no question. And I think that covers it on my side.

我們將與客戶一起做到這一點，因為客戶必須支持我們所做的一切。顯然，對於我們的所有者和股東來說，這將是價值考量和速度考量的結合。因為一旦你確定了非核心業務，你實際上就會想在這些業務上取得進展。因此我們也將此列入議程。毫無疑問。我想這已經涵蓋了我這方面的情況。

Thank you.

謝謝。

Nathan Reilly, UBS.

瑞銀的 Nathan Reilly。

Thanks. PK, just -- I'm just curious, how are you thinking about the timing of potential growth investment or even share buybacks? Just noting, obviously, you're targeting a reduction in your leverage. There's also potential there for divestments. I'm just curious given an understanding that you're thinking about maybe target leverage in terms of those opportunities?

謝謝。PK，只是—我只是好奇，您如何考慮潛在成長投資甚至股票回購的時機？顯然，你的目標是降低槓桿。那裡也存在著撤資的潛力。我只是好奇，據我了解，您是否正在考慮利用這些機會來達到目標槓桿的目的？

Yeah, I can take that one, Nathan, if you like, it's Michael here. Thanks for the question. Yeah. Look, I mean, we're committed to the investment-grade credit rating. And we've said that as part of this transaction all the way along. So for us, that means a leverage range of 2.5 to 3 times.

是的，我可以接受這個，內森，如果你願意的話，我是麥可。謝謝你的提問。是的。你看，我的意思是，我們致力於投資等級信用評級。我們一直都表示這是這筆交易的一部分。所以對我們來說，這意味著槓桿範圍是 2.5 到 3 倍。

And as we talked about today, we're outside that range, which is in line with our expectations at this point in time. So the first thing we need to do is deliver and get that leverage back into that range. So that will be the focus. And obviously, the strong cash flow that we're generating in FY26 contributes to that.

正如我們今天所討論的，我們已經超出了這個範圍，這符合我們目前的預期。因此，我們需要做的第一件事就是實現這一目標，並將槓桿率恢復到該範圍內。所以這將是重點。顯然，我們在 26 財年產生的強勁現金流對此做出了貢獻。

And you see a really good delevering down from the 3.5 times we're at today, down more into that 3.1, 3.2 times. And as I said in my remarks, that doesn't include any proceeds from portfolio optimization. So if we were to get some proceeds there, we would, first and foremost, put that to delevering, so paying down debt.

你會看到，去槓桿率確實從現在的 3.5 倍下降到了 3.1 倍、3.2 倍。正如我在演講中所說，這不包括投資組合優化的任何收益。因此，如果我們要獲得一些收益，我們首先會將其用於去槓桿，即償還債務。

And then once we're comfortably in that 2.5 to 3 times range, we'll then start to think more about the capital allocation, particularly around share buybacks. But as well as others that industry at times comes up with -- there will be some M&A opportunities out there.

一旦我們舒適地處於 2.5 到 3 倍的範圍內，我們就會開始更多地考慮資本配置，特別是股票回購。但正如行業有時會出現的其他情況一樣，還會存在一些併購機會。

That still remains on the agenda, obviously, because typically, we've obviously got to get through a fair part of the integration to start with. But as we work our way through that, they're typically bolt-on and small types of acquisitions. So we wouldn't discount those. But clearly, first and foremost, we're focused on delevering and getting the balance sheet back into that 2.5 to 3 times range.

顯然，這仍然在議程上，因為通常情況下，我們顯然必須先完成相當一部分整合工作。但隨著我們努力解決這個問題，我們發現這些收購通常都是附加的和小規模的收購。所以我們不會忽視這些。但顯然，我們首先要關注的是去槓桿，讓資產負債表回到 2.5 到 3 倍的範圍內。

Brook Campbell, Crawford Barrenjoey.

布魯克坎貝爾、克勞福德巴倫喬伊。

Yeah. Thanks for taking my question. And just one on Berry and accretion. I guess back on the last results call, we talked about being $0.01 per share accretive in the June quarter. So just how should we think about that for FY26, I guess, accretion on the deal before synergies? And can you comment on the magnitude of the EBIT performance, I guess, probably decline in Berry in May, June '25 with the PCP?

是的。感謝您回答我的問題。還有一篇關於貝里和吸積的文章。我想回到上次業績電話會議，我們談到了 6 月季度每股收益增加 0.01 美元。那麼，對於 26 財年，我們該如何考慮這一點呢？我想，在產生綜效之前，先實現交易的成長？您能否評論一下息稅前利潤 (EBIT) 表現的幅度？我猜，隨著 PCP 的出現，Berry 的息稅前利潤 (EBIT) 表現可能在 2025 年 5 月和 6 月下滑？

Yeah, I can start on that one. Yeah, look, the Berry combination did have some contribution to our EPS in the quarter, it was, call it, $0.005 to $0.01, which is what we kind of referred to back in in April. And it's always going to be a factor of the income versus the share count and how that flows through. What I can tell you is the $0.712 we reported that's pretty much the combined. If you look at it on a combined basis, it's a pretty similar number.

是的，我可以從那一個開始。是的，Berry 組合確實對我們本季的每股盈餘做出了一些貢獻，也就是 0.005 美元到 0.01 美元，這正是我們在 4 月提到的。這始終是收入與股份數量以及其如何流通的因素。我可以告訴你的是，我們報告的 0.712 美元幾乎是總和。如果綜合來看，這是一個相當相似的數字。

So you only -- that's where we start from. And as we look forward, we feel pretty good about the 12% base, 12% to 17% EPS growth that we're guiding to next year. A significant part of that is the accretion from the synergy delivery. So we feel pretty good about where that's coming from and the contribution there. In terms of the EBIT performance of Berry or the performance generally, it was pretty similar to what Amcor saw.

所以你只需要──這就是我們的起點。展望未來，我們對明年預計的 12% 基數、12% 至 17% 的每股盈餘成長感到非常滿意。其中很大一部分是透過協同效應實現的成長。因此，我們對其來源和貢獻感到非常滿意。就 Berry 的息稅前利潤或整體表現而言，它與 Amcor 的表現非常相似。

So you heard PK touch on the volume. And notwithstanding Berry doesn't have an exposure to the North American beverage business doesn't. But outside of that, volumes were pretty similar to Amcor, down slightly, predominantly in North America. At the net income line, we are off about 4% or 5%, and that was -- I think that's a good proxy for where Barry was at.

所以你聽到了 PK 觸碰音量的聲音。儘管如此，Berry 並未涉足北美飲料業務。但除此之外，銷量與 Amcor 非常相似，略有下降，主要在北美。在淨收入方面，我們下降了約 4% 或 5%，我認為這很好地代表了 Barry 的處境。

Jakob Cakarnis, Jarden Australia.

雅各‧卡卡尼斯 (Jakob Cakarnis)，澳洲花園。

Hi, Peter. Hi, Michael. I just wanted to go to slide 22, if I could, please. Michael, you might be able to help with this one. There's an adjustment to the statutory to adjusted EBIT. It says it's an inventory step-up amortization. It's on note 2. Its value is $133 million. Could you just take me through what that is, please? Obviously, there's only a modest period for that included in fiscal '25. Can you just take me through how that might look also in '26, please?

你好，彼得。你好，麥可。如果可以的話，我只想翻到第 22 張投影片。邁克爾，你也許可以幫忙解決這個問題。對法定調整息稅前利潤進行了調整。它說這是庫存遞增攤銷。它在 note 2 上。其價值為1.33億美元。你能簡單告訴我一下那是什麼嗎？顯然，25財年只包含一段短暫的時間。您能給我講講 26 年的情況嗎？

Yeah. Look, that's just the standard purchase profit accounting adjustment. That's all there is. It's for two months. It's all done. There's nothing further to come in, in '26. I guess the point I would say is we just remember that the opening balance sheet and the numbers that we put here, I mean it's -- the PPA is (inaudible) post-accounting is an estimate based on the information we have at time.

是的。看，這只是標準的購買利潤會計調整。就這些了。已經兩個月了。一切都完成了。26 年，沒有什麼可發生的了。我想說的是，我們只要記住期初資產負債表和我們在這裡輸入的數字，我的意思是 - PPA 是（聽不清楚）會計後基於我們當時掌握的資訊進行的估計。

And obviously, that that does get updated or we can update that in the first 12 months. So I think all that does is brings that particular entry you're referring to really just brings the inventory in line with market value. And that's a pretty standard adjustment that you're seeing particularly when you got a deal of this size.

顯然，它確實會更新，或者我們可以在前 12 個月內更新。所以我認為這樣做只是讓你所指的特定條目實際上只是使庫存與市場價值保持一致。這是一個相當標準的調整，特別是當你達成這種規模的交易時。

And that concludes our question-and-answer session. And I will now turn the conference back over to Peter for closing comments.

我們的問答環節到此結束。現在我將會議交還給彼得，請他發表最後評論。

Well, thank you, operator, and thank you, everybody, for joining us. I want to keep it maybe at the end, really simple here. We're pretty confident. I think we're moving pretty fast. We should not forget that we closed this acquisition in five months.

好的，謝謝接線生，也謝謝大家加入我們。我想把它保留在最後，這裡真的很簡單。我們非常有信心。我認為我們進展得相當快。我們不應忘記，我們在五個月內完成了這項收購。

We're 100 days into it now. feel really good about the synergies. We've got some challenges that we're not proud of in North American beverage, but we're responding to it, and we're pretty confident about 12% of growth in fiscal '26. So look forward to the opportunity sitting down with you or many of you over the course of the quarter. Thank you very much, and that concludes the call.

我們已經進行了 100 天了。對協同效應感到非常滿意。我們在北美飲料領域面臨著一些令人不滿意的挑戰，但我們正在應對，我們對 26 財年 12% 的成長率非常有信心。因此，期待有機會在本季度與您或您中的許多人坐下來談談。非常感謝，通話到此結束。

Ladies and gentlemen, thank you for your participation in today's call, and you may now disconnect.

女士們、先生們，感謝您參加今天的電話會議，現在可以掛斷電話了。