Amcor PLC (AMCR) 2026 Q1 法說會逐字稿

Thank you for standing by. At this time, we welcome everyone to the Amcor first-quarter 2026 results conference call. (Operator Instructions)

感謝您的耐心等待。現在，我們歡迎大家參加安姆科2026年第一季業績電話會議。（操作說明）

I would now like to turn the call over to Tracey Whitehead, Head of Investor Relations. You may begin.

現在我將把電話交給投資者關係主管特雷西懷特黑德。你可以開始了。

Thank you, operator, and thank you, everyone, for joining Amcor's fiscal 2026 first-quarter earnings call. Joining today is Peter Konieczny, Chief Executive Officer; and Michael Casamento, Chief Financial Officer.

謝謝接線員，也謝謝各位參加安姆科2026財年第一季財報電話會議。今天到場的有執行長彼得·科涅奇尼和財務長邁克爾·卡薩門托。

Before I hand overm 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 will discuss. Please be aware that we will also discuss non-GAAP financial measures and related reconciliations can be found in that press release and presentation. Remarks will also include forward-looking statements that are based on management's current views and assumptions.

在我交接之前，有幾點要注意。在我們的網站 amcor.com 的「投資者關係」欄位下，您可以找到今天的新聞稿和簡報，我們將對此進行討論。請注意，我們還將討論非GAAP財務指標，相關調節表可在新聞稿和簡報中找到。聲明中也將包含基於管理階層當前觀點和假設的前瞻性陳述。

The second slide in today's presentation lists several factors that could cause future earnings to be different than current estimates. And reference can be made to Amcor's SEC filings, including our statement on Form 10-K and 10-Q for further details.

今天簡報的第二張投影片列出了可能導致未來收益與目前預期不同的幾個因素。有關更多詳情，請參閱安姆科向美國證券交易委員會提交的文件，包括我們在 10-K 表格和 10-Q 表格上的聲明。

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

請注意，在問答環節，我們要求您每次只提出一個問題，如果您還有其他問題或後續問題，請重新排隊。

With that, over to you, PK.

那麼，接下來就交給你了，PK。

Thank you, Tracey, and thank you to everyone joining us. I'm excited to welcome you today to discuss our first full quarter operating as a combined company. We're 180 days in, and I'm pleased with how well our teams have come together to integrate and execute against our priorities. We are also seeing strong and consistent validation by our customers who are very receptive to our expanded offerings and innovation capabilities.

謝謝特蕾西，也謝謝所有到場的各位。今天我很高興能與各位一起探討我們合併後的第一個完整季度的營運情況。已經過了 180 天，我對我們團隊在整合資源、執行各項優先事項方面的出色表現感到滿意。我們也看到了來自客戶的強烈且持續的認可，他們非常樂於接受我們不斷擴展的產品和服務以及創新能力。

We're now experiencing the quality of the combined business as the global leader in consumer packaging and dispensing solutions for nutrition, healthcare, and beauty and wellness. We're gaining traction with synergy realization, including commercial synergies and have solid pipelines, which continue to grow.

我們現在正體驗合併後業務的卓越品質，成為全球領先的營養、保健、美容和健康消費品包裝和分裝解決方案供應商。我們在實現協同效應方面取得了進展，包括商業協同效應，並且擁有穩固的產品線，這些產品線仍在不斷增長。

Margins increased in both operating segments, and we are addressing identified Amcor assets to enhance focus on our core business. Adjusted EPS of $0.193 per share was above the midpoint of our guidance range, increasing 18% compared with last year. This includes the addition of the Berry business and was supported by disciplined cost out performance, improved productivity and synergy delivery towards the upper end of expected range.

兩個營運部門的利潤率均有所提高，我們正在處理已確定的安姆科資產，以加強對核心業務的關注。調整後每股收益為 0.193 美元，高於我們預期範圍的中點，比去年增長 18%。這包括收購 Berry 業務，並透過嚴格的成本控制、提高生產力和協同效應，實現了預期範圍的高端目標。

Our synergy run rate continues to build, and we have clear line of sight to opportunities that will drive at least $260 million in synergy benefits in fiscal '26. We're confident in delivering a year of strong earnings and free cash flow growth. This is an exciting time for Amcor, and I look forward to continuing to execute on our commitment to create an even stronger business that deliver significant long-term value for our shareholders and is the global packaging partner of choice for our customers.

我們的綜效運行速度持續提升，並且我們已經清楚地看到了在 2026 財年至少能帶來 2.6 億美元協同效應收益的機會。我們有信心實現今年強勁的獲利和自由現金流成長。對於安姆科來說，這是一個激動人心的時刻，我期待繼續履行我們的承諾，打造一個更強大的企業，為我們的股東創造巨大的長期價值，並成為我們客戶首選的全球包裝合作夥伴。

Now moving to slide 3 and safety, which has always been a core value for legacy Amcor and Berry. As a combined company, our focus on safety remains absolute, and fiscal '26 has started well with strong performance. For Q1, our industry-leading safety metrics continue with Amcor's total recordable incident rate at 0.55. This is a slight increase compared with last year's performance, which is typically the case when we acquire a business. We have already identified opportunities for improvement across our now much broader footprint and global workforce, and we are proud that 89% of our combined sites remained injury-free in Q1.

現在進入幻燈片 3 和安全，這始終是 Amcor 和 Berry 的核心價值。作為一家合併後的公司，我們對安全的重視程度依然是絕對的，2026 財年開局良好，業績強勁。第一季度，我們業界領先的安全指標持續保持領先地位，Amcor 的總可記錄事故率為 0.55。與去年同期相比略有上升，這通常是我們收購企業後會出現的情況。我們已經在我們如今規模更大、員工遍布全球的業務範圍內發現了改進的機會，我們很自豪地宣布，我們所有業務場所中 89% 在第一季度保持了零事故率。

Slide 4 highlights our key messages for today, which align with our near-term priorities: delivering on the core business; integrating Berry; realizing synergies; and optimize our portfolio.

第 4 張投影片重點介紹了我們今天的主要訊息，這些訊息與我們近期的優先事項相一致：實現核心業務；整合 Berry；實現協同效應；以及優化我們的產品組合。

First, core business execution. As mentioned, we executed well in the first quarter with EPS above midpoint of guidance. This positions us well to achieve our full year financial objectives, including earnings per share growth of 12% to 17%, and doubling free cash flow over fiscal '25. Second, integration momentum remains strong. We delivered $38 million in synergies during the quarter, which was towards the upper end of our guidance range.

首先，核心業務執行。如前所述，我們第一季業績表現良好，每股收益高於預期中位數。這使我們能夠很好地實現全年財務目標，包括每股收益成長 12% 至 17%，以及在 2025 財年實現自由現金流翻倍。第二，一體化勢頭依然強勁。本季我們實現了 3800 萬美元的協同效應，接近我們預期範圍的上限。

In addition to strong cost of financial synergies, we have already secured revenue synergies totaling more than $70 million in annualized sales, and our strong pipeline continues to build. This performance, combined with our track record of executing synergy targets from prior large integrations, reinforces our confidence in delivering a total of $650 million in synergies through fiscal '28, including at least $260 million in fiscal '26.

除了強大的財務綜效外，我們已經實現了超過 7,000 萬美元的年化銷售額收入協同效應，而且我們強大的專案儲備還在增加。這一業績，加上我們以往大型整合中實現協同效應目標的良好記錄，增強了我們對在 2028 財年實現總計 6.5 億美元協同效應的信心，其中包括在 2026 財年實現至少 2.6 億美元協同效應。

Third, we're addressing previously identified non-core assets and have entered into agreements to sell two businesses for combined proceeds of approximately $100 million. While these businesses are small, this swift progress underscores our fitment to disciplined portfolio management. We continue to review options to accelerate actions on non-core assets, and we anticipate additional actions this fiscal year.

第三，我們正在處理先前確定的非核心資產，並已達成協議出售兩家企業，總收益約 1 億美元。雖然這些企業規模較小，但這種快速發展凸顯了我們適合採用嚴謹的投資組合管理方式。我們將繼續研究加快處置非核心資產的方案，並預計本財政年度將採取更多行動。

Fourth, we are reaffirming our fiscal '26 guidance. Importantly, Amcor is well positioned with significant earnings and cash flow growth expected through delivery of $260 million in synergies largely under our control and not impacted by divestments of non-core assets. This means achieving our guidance for 12% to 17% EPS growth this year is not dependent on improvements in the macroeconomic environment or in customer or consumer demand.

第四，我們重申 2026 財年的業績預期。重要的是，安姆科目前處於有利地位，預計透過實現 2.6 億美元的協同效應，將帶來顯著的盈利和現金流增長，而這些協同效應主要在我們控制範圍內，並且不受非核心資產剝離的影響。這意味著，我們今年實現 12% 至 17% 的每股盈餘成長目標，並不取決於宏觀經濟環境或客戶或消費者需求的改善。

And fifth, the Board has approved an increase in Amcor's quarterly dividend to $0.13 per share.

第五，董事會已批准將安姆科的季度股息提高至每股 0.13 美元。

Turning now to slide 5 and our first-quarter financial results. As Michael will cover in more detail ahead of our segment commentary, we've moved quickly to operate as a unified organization. As a result, our commentary is focused on the year-over-year performance of the combined business.

現在就來看第 5 張投影片，了解我們第一季的財務表現。正如邁克爾將在我們節目評論之前更詳細地介紹的那樣，我們已經迅速採取行動，作為一個統一的組織運作。因此，我們的評論重點在於合併後業務的同比業績。

Fiscal year '26 is off to a good start as our businesses benefited from disciplined cost performance, improved productivity and delivery of cost and financial synergies, while also building a pipeline of revenue synergies. First-quarter EPS of $0.193 per share was above the midpoint of our guidance range, growing 18% on a constant currency basis.

2026 財年開局良好，我們的業務受益於嚴格的成本控制、生產效率的提高以及成本和財務協同效應的實現，同時也建立了收入協同效應的管道。第一季每股收益為 0.193 美元，高於我們預期範圍的中點，以固定匯率計算成長了 18%。

Excluding non-core North America beverage, overall volumes were broadly similar to Q4, down approximately 2% in the quarter and in line with our expectations. The emerging markets performed better than developed markets, led by solid growth in Asia. And EBIT of $687 million was up approximately 4% on a comparable basis as our teams continue to proactively manage and flex costs. These actions, along with the enhanced quality of the combined business, resulted in another quarter of strong margin expansion with reported EBIT margin of 12%, 110 basis points higher than Amcor's reported margin last year and 50 basis points higher than combined companies comparable margin last year.

剔除北美非核心飲料業務後，整體銷售與第四季大致相似，本季下降約 2%，符合我們的預期。新興市場表現優於已開發市場，其中亞洲市場成長強勁。由於我們的團隊繼續積極主動地管理和靈活調整成本，息稅前利潤為 6.87 億美元，以可比口徑計算增長約 4%。這些舉措，加上合併後業務品質的提高，使得利潤率再次強勁增長，報告的息稅前利潤率為 12%，比安姆科去年報告的利潤率高出 110 個基點，比合併後公司去年的可比利潤率高出 50 個基點。

Moving to slide 6, which shows we are on track relative to our one- and three-year synergy commitments. Our teams delivered $38 million in synergies during the quarter, which was towards the high end of our guidance range. Approximately $33 million of those synergies benefited EBIT and came from G&A and procurement savings, with the remaining $5 million preliminary -- primarily, excuse me, related to interest.

接下來是第 6 張投影片，顯示我們在實現一年和三年綜效承諾方面進展順利。本季度，我們的團隊實現了 3800 萬美元的協同效應，接近我們預期範圍的高端。這些綜效中約有 3,300 萬美元使息稅前利潤受益，主要來自一般及行政費用和採購節省，其餘 500 萬美元為初步收益——恕我直言，主要與利息有關。

Headcount reductions now exceed 450, and discussions with our vendors and suppliers are progressing well. Our procurement savings on opportunity pipeline continue to build. We are also off to a fast start on revenue synergies, which I will return to shortly.

目前裁員人數已超過 450 人，與供應商的談判進展順利。我們在潛在採購項目中節省的成本持續增加。我們在收入綜效方面也取得了快速進展，我稍後會詳細介紹這一點。

Our teams are executing well against our proven integration playbook, positioning the business to deliver strong earnings growth in fiscal '26. We're confident in delivering at least $260 million in synergies this year and $650 million in total through fiscal '28. Today, we have reaffirmed both targets.

我們的團隊正在按照我們行之有效的整合方案進行有效執行，使公司能夠在 2026 財年實現強勁的獲利成長。我們有信心今年能達到至少 2.6 億美元的綜效，到 2028 財年總共達到 6.5 億美元的綜效。今天，我們重申了這兩個目標。

Before turning the call over to Michael, I want to take a moment to acknowledge that this will be his final earnings call as Amcor's CFO as he has decided to return to Australia to spend more time with his family. Michael has been an exceptional partner to me and to the business. And we thank him for his many contributions over the past decade. He will continue with Amcor in an advisory capacity through June, working closely with our teams to support smooth transition.

在將電話轉交給邁克爾之前，我想花一點時間說明一下，這將是他作為安姆科首席財務官的最後一次財報電話會議，因為他已決定返回澳大利亞，以便有更多時間陪伴家人。麥可一直是我和公司非常出色的合作夥伴。我們感謝他在過去十年中所做的諸多貢獻。他將繼續以顧問身份留在安姆科公司，直至六月，與我們的團隊緊密合作，以支持平穩過渡。

We look forward to welcoming Steve Scherger, who will join Amcor as CFO next week. Steve brings deep industry expertise and a strong understanding of both the US and global packaging markets. We're fortunate to have an executive of his caliber and reputation join our leadership team, and we're confident that his insights and experience will further strengthen our ability to deliver value for customers and shareholders.

我們期待著史蒂夫·舍格爾（Steve Scherger）下週加入安姆科公司擔任財務長。史蒂夫擁有深厚的行業專業知識，對美國和全球包裝市場都有深刻的了解。我們很榮幸能有他這樣一位才華橫溢、聲譽卓著的高管加入我們的領導團隊，我們相信他的洞察力和經驗將進一步增強我們為客戶和股東創造價值的能力。

Michael, over to you.

邁克爾，該你了。

Hello, everyone, and thank you, PK for those kind words. It's been a privilege to work with our talented teams over the years, and I look forward to continuing to support Amcor's strategic objectives over the next several months while helping Steve transition into the role and ensure that he is well equipped to continue delivery of the significant opportunities ahead and value capture from the transformational Berry acquisition.

大家好，PK，謝謝你們的鼓勵。多年來，能夠與我們才華橫溢的團隊共事是我的榮幸。在接下來的幾個月裡，我期待繼續支持安姆科的策略目標，同時幫助史蒂夫順利過渡到新的職位，並確保他能夠充分把握未來的重大機遇，並從變革性的貝瑞收購案中獲取價值。

Now before we get into further detail, I note that comparative data throughout our earnings materials will continue to represent the legacy Amcor business only for most of the fiscal year. However, we also understand that insights on the performance of the business on a like-for-like basis is important to understand. And several of our comments today related to volumes and adjusted EBIT will be focused on first-quarter performance compared with estimated prior-period results for the combined legacy Amcor and Berry businesses.

在深入探討細節之前，我注意到，在本財年的大部分時間裡，我們所有收益資料中的比較數據仍將僅代表原安姆科業務。但是，我們也明白，了解企業在同類業務基礎上的業績表現非常重要。今天，我們將就銷量和調整後 EBIT 發表幾條評論，重點關注第一季業績與合併後原 Amcor 和 Berry 業務的預計前期業績的比較。

So starting with the global Flexible Package Solutions segment on slide 7. Net sales increased 25% on a constant current basis, primarily driven by the Berry acquisition. On a comparable basis, net sales were down 2% and with favorable price mix dynamics offset by a 2.8% decline in volumes.

那麼，讓我們從第 7 頁的全球柔性包裝解決方案部分開始。以固定匯率計算，淨銷售額成長了 25%，主要得益於對 Berry 的收購。以可比口徑計算，淨銷售額下降了 2%，有利的價格組合動態被銷量下降 2.8% 所抵銷。

By region, demand across the developed markets of North America and Europe was down low single digits, with volumes across emerging markets in line with last year, reflecting growth in Asia offset by lower demand in Latin America. From an end-market perspective, volumes in our focus categories reflected relative strength and were broadly in line with the prior year.

按地區劃分，北美和歐洲等已開發市場的需求下降了個位數百分比，新興市場的銷售量與去年持平，這反映出亞洲的成長被拉丁美洲需求的下降所抵消。從終端市場角度來看，我們重點關注的品類銷售反映了相對強勁的勢頭，並且與前一年基本持平。

We saw good growth in pet care and dairy categories and volumes comparable to last year in healthcare, offsetting softer demand in fresh meat and liquids. Broadened nutrition was weaker, including in categories such as snacks and confectionary coffee and condiments, partly offset by growth in other categories, including fresh produce and prepared meals.

寵物護理和乳製品類別實現了良好增長，保健品銷售與去年持平，抵消了新鮮肉類和液體產品需求疲軟的影響。更廣泛的營養品供應疲軟，包括零食、糖果、咖啡和調味品等類別，但新鮮農產品和預製食品等其他類別的成長部分抵消了這種疲軟。

Adjusted EBIT rose 28% on a constant currency basis to $426 million, driven primarily by approximately $75 million in acquired earnings net of divestments. And on a comparable basis, EBIT was up approximately 2%, reflecting synergy benefits and improved cost performance and productivity, partly offset by the unfavorable impact of lower volumes. The quality of the business continues to improve, with EBIT margin of 13.1%, up 20 basis points over last year.

以固定匯率計算，調整後的息稅前利潤增加了 28%，達到 4.26 億美元，主要得益於收購所得收益扣除剝離收益後約為 7,500 萬美元。以可比口徑計算，息稅前利潤成長約 2%，反映了綜效帶來的效益以及成本效益和生產力的提高，但部分被銷售下降帶來的不利影響所抵銷。公司業務品質持續提升，息稅前利潤率達 13.1%，比去年成長 20 個基點。

Turning to slide 8 and the Global Rigid Packaging Solutions segment. Net sales increased 205% on a constant currency basis, mainly driven by the Berry acquisition. On a comparable basis, net sales were lower than the prior year, reflecting a 1% volume decline excluding non-core North American beverage as well as unfavorable price mix.

接下來請看第 8 張投影片，以及全球硬包裝解決方案部分。以固定匯率計算，淨銷售額成長了 205%，主要得益於對 Berry 的收購。以可比口徑計算，淨銷售額低於去年同期，反映出在不計入非核心北美飲料的情況下，銷量下降了 1%，以及不利的價格組合。

By region, demand in North America was in line with the prior year, excluding North America beverage. And outside of the US, volumes in Europe were marginally down and Latin American volumes were down low single digits.

按地區劃分，北美地區的需求與上年持平（不包括北美飲料）。除美國以外，歐洲銷量略有下降，拉丁美洲銷量則出現個位數下降。

From an end-market perspective, our strategic focus categories were broadly in line with last year, with strong performance in pet care and continued growth in Europe in healthcare, helping offset softer demand in food, service and premium beauty and wellness.

從終端市場角度來看，我們的策略重點類別與去年基本一致，寵物護理領域表現強勁，歐洲醫療保健領域持續成長，這有助於抵消食品、服務以及高端美容和健康領域需求疲軟的影響。

Adjusted EBIT of $295 million increased 365% on a constant currency basis, driven primarily by approximately $240 million in acquired earnings net of divestments. On a comparable basis and excluding non-core North American beverage, adjusted EBIT was up approximately 3%, reflecting synergy benefits and disciplined cost performance, partly offset by the unfavorable impact on volumes. The strength in value creation from the combination with Berry Global is clear in this segment with EBIT margin increasing to 11.9%, which is 420 basis points higher than last year.

經調整後的息稅前利潤為 2.95 億美元，以固定匯率計算增長了 365%，主要得益於收購所得收益扣除剝離收益後約為 2.4 億美元。以可比口徑計算，剔除非核心的北美飲料業務後，調整後的息稅前利潤增長約 3%，反映了協同效應和嚴格的成本控制，但部分被銷量的不利影響所抵消。與 Berry Global 合併帶來的價值創造優勢在該領域顯而易見，息稅前利潤率提高至 11.9%，比去年高出 420 個基點。

Moving to slide 9, covering cash flow and the balance sheet. Free cash outflow for the first quarter was $343 million and in line with expectations. It represented a year-over-year improvement of more than $160 million prior to funding acquisition-related costs. CapEx was $238 million, up from last year as anticipated, primarily due to the acquisition of Berry. And we continue to expect capital spending in the range of $850 million to $900 million for fiscal 2026, with depreciation expected to slightly exceed CapEx.

接下來是第 9 張投影片，內容包括現金流量表和資產負債表。第一季自由現金流出為 3.43 億美元，符合預期。在不計入收購相關費用的情況下，這比前一年增長了超過 1.6 億美元。資本支出為 2.38 億美元，比去年有所增加，正如預期，這主要是由於收購了 Berry 公司。我們繼續預期 2026 財年的資本支出將在 8.5 億至 9 億美元之間，預計折舊將略微超過資本支出。

Leverage exiting the quarter was 3.6 times, in line with our expectations given seasonality of cash flows. And we expect solid cash flows in Q2 and remain on track to reach the 3.1 times to 3.2 times by fiscal year end. This outlook includes $100 million of proceeds from the small asset sales announced today, but excludes proceeds from any additional asset sales through the balance of the year, which would support further deleveraging.

本季末槓桿率為 3.6 倍，考慮到現金流的季節性，這符合我們的預期。我們預計第二季現金流穩健，並預計在財年結束前達到 3.1 倍至 3.2 倍的本益比目標。這項展望包括今天宣布的小額資產出售所得的 1 億美元收益，但不包括今年剩餘時間內任何其他資產出售所得的收益，這些收益將有助於進一步降低槓桿率。

Our commitment to maintaining an investment-grade balance sheet and as a dividend aristocrat to growing our dividend annually as we did again this quarter is unwavering. We are confident that our strong annual cash flow generation fully supports these priorities.

我們致力於維持投資等級資產負債表，並作為股息貴族，像本季一樣，每年提高股息，這項承諾堅定不移。我們相信，我們強勁的年度現金流能夠完全支持這些優先事項。

Turning to slide 10 and our financial outlook. Q1 EPS came in above the midpoint of our August guidance, reinforcing our confidence in delivering a year of strong EPS and cash flow growth. As PK noted, we are reaffirming our guidance for adjusted EPS of $0.80 to $0.83 per share on a reported basis, representing strong year-over-year growth of 12% to 17%. Our confidence in delivering at least 12% earnings growth is fully supported by continued execution against our identified synergy opportunities and does not rely on any improvement in the macroenvironment or increases in customer consumer demand.

接下來請看第 10 張投影片，了解我們的財務展望。第一季每股收益高於我們 8 月預期的中點，這增強了我們對全年實現強勁每股收益和現金流成長的信心。正如 PK 指出的那樣，我們重申對經調整後的每股收益的預期，即按報告基準計算為 0.80 美元至 0.83 美元，同比增長 12% 至 17%。我們有信心實現至少 12% 的獲利成長，這完全得益於我們持續推進已確定的協同效應機會，而並不依賴宏觀環境的任何改善或客戶消費需求的成長。

In terms of the December quarter, which historically has been a seasonally weaker quarter, particularly for the legacy Berry business, we expect EPS of $0.16 to $0.18 per share, including approximately $50 million to $55 million of synergy benefits. At the midpoint, this represents around 12% comparable growth against prior-year estimated combined EPS of approximately $0.15 per share.

就歷來季節性較弱的 12 月季度而言，特別是對於傳統的 Berry 業務而言，我們預計每股收益為 0.16 至 0.18 美元，其中包括約 5000 萬美元至 5500 萬美元的協同效應收益。以中間值計算，這相當於與去年同期估計的每股收益約 0.15 美元相比，增長約 12%。

Interest expense and effective tax rate are both expected to be similar to the September quarter. This also means that earnings phasing is expected to be consistent with Amcor's historical performance with approximately 55% of EPS being delivered in H2.

預計利息支出和實際稅率均與9月季度相近。這也意味著，預計收益分配將與安姆科的歷史業績保持一致，約 55% 的每股盈餘將在下半年實現。

Growth is also expected to accelerate in the second half and particularly in the fourth quarter as synergies build throughout the year. We're also reaffirming our free cash flow guidance of $1.8 billion to $1.9 billion in FY26, which is double fiscal 2025 cash flow and is after funding approximately $220 million of cash integration and transaction costs, of which $115 million was funded in the first quarter.

預計下半年，特別是第四季度，隨著全年協同效應的不斷增強，成長速度也將加快。我們也重申了 2026 財年自由現金流預期為 18 億美元至 19 億美元，是 2025 財年現金流的兩倍，並且是在支付了約 2.2 億美元的現金整合和交易成本之後得出的，其中 1.15 億美元是在第一季度支付的。

Our full-year net interest expense range of $570 million to $600 million remains unchanged, and we are currently tracking toward the lower end of our effective tax guidance range of 19% to 21%. So in summary, we had a solid start to the year, executing well against the outlook we provided in August.

我們全年淨利息支出範圍為 5.7 億美元至 6 億美元，保持不變；目前，我們的實際稅率正朝著 19% 至 21% 的指導範圍的下限邁進。總而言之，我們今年開局穩健，很好地實現了我們在8月所做的預測。

And with that, I'll hand back to you, PK.

那麼，我就把麥克風交還給你了，PK。

Thank you, Michael. Before we move to Q&A, I'd like to take a few minutes to discuss the mid- to longer-term growth opportunities for Amcor.

謝謝你，麥可。在進入問答環節之前，我想花幾分鐘時間討論安姆科的中長期成長機會。

As we look ahead, we're well positioned with significant synergies from the Berry acquisition, which over the three-year period ending fiscal '28, is expected to drive more than 30% EPS growth. At the same time, we are taking deliberate steps to position Amcor for sustained volume growth in our base business through three strategic initiatives shown on slide 11.

展望未來，我們憑藉收購 Berry 帶來的顯著協同效應處於有利地位，預計在截至 2028 財年的三年期間，這將推動每股收益成長超過 30%。同時，我們正在採取有針對性的措施，透過幻燈片 11 中所示的三項策略舉措，使安姆科能夠在我們的基礎業務中實現持續的銷售成長。

First, we have clearly defined our core portfolio, establishing Amcor as the global leader in consumer packaging and dispensing solutions for nutrition, healthcare, and beauty and wellness. These are large, stable end markets with attractive margin profiles, where we hold leadership positions and see meaningful opportunities to work. As part of our portfolio optimization efforts, we are exploring strategic punitive for several businesses that are less aligned with the core portfolio.

首先，我們明確定義了我們的核心產品組合，使安姆科成為營養、保健、美容和健康領域消費包裝和分配解決方案的全球領導者。這些都是規模龐大、穩定的終端市場，利潤率前景誘人，我們在這些市場中佔據領先地位，並看到了有意義的工作機會。作為我們投資組合優化工作的一部分，我們正在探索對一些與核心投資組合不太契合的業務採取策略性懲罰措施。

As mentioned earlier, we've already entered into agreements to sell two smaller businesses. We continue to review strategic options to accelerate actions on non-core assets, and we anticipate additional actions this fiscal year.

如前所述，我們已經達成協議出售兩家規模較小的企業。我們將繼續審查各種策略選擇，以加快對非核心資產的處置，並預計本財年將採取更多行動。

Second, we have meaningful opportunities to supply customers with solutions that neither legacy company could have provided on its own. Our now combined teams are largely -- are already actioning more than 10 growth synergy initiatives, which includes straightforward geographic expansion or cross-selling opportunities, such as taking Berry solutions into Amcor's Latin America or Asia Pacific footprint. They also include more complex combined solution offerings that meet customers' complete packaging needs, including combining legacy Berry containers plus Amcor lids or seals or legacy Amcor bottles and containers with Berry closures.

其次，我們有充分的機會為客戶提供兩家傳統公司都無法單獨提供的解決方案。我們現在合併的團隊基本上已經完成了 10 多項成長協同計劃，其中包括直接的地理擴張或交叉銷售機會，例如將 Berry 的解決方案引入 Amcor 的拉丁美洲或亞太地區業務。他們還提供更複雜的組合解決方案，以滿足客戶的完整包裝需求，包括將傳統的 Berry 容器與 Amcor 的蓋子或密封件組合，或將傳統的 Amcor 瓶子和容器與 Berry 的封蓋組合。

In just a few months, we have already been awarded new business wins totaling more than $70 million in annualized sales revenue, and our pipeline is building rapidly. As an example, we expanded our business with a large food service customer. Amcor had a strong relationship with the customer and technical know-how, and legacy Berry brought core manufacturing capabilities that were not then available to Amcor. Bringing our business together allows us to accelerate execution for the customer and deliver a disruptive and sustainable solution faster to the market.

短短幾個月內，我們已經獲得了總額超過 7000 萬美元的年度銷售收入的新業務，而且我們的業務管道正在迅速增長。例如，我們透過與一家大型餐飲服務客戶合作拓展了業務。Amcor 與客戶建立了牢固的關係，並擁有技術訣竅，而 Berry 集團則帶來了 Amcor 當時所不具備的核心製造能力。整合我們的業務可以加快為客戶執行專案的速度，並更快地向市場提供顛覆性和可持續的解決方案。

We also recently won business in Latin America with a large beauty and wellness customer across product categories. This is a great example of Amcor's ability to mitigate supply chain risk with production flexibility across a stronger multi-site footprint within a single country. This also included a complete solution when combining Amcor's rigid container with a legacy Berry closure system.

我們最近也在拉丁美洲與大型美容和健康客戶達成了業務合作，涵蓋多個產品類別。這是安姆科公司透過在一個國家內更強大的多站點佈局，實現生產彈性，從而降低供應鏈風險的絕佳例證。這也包括將安姆科的硬質容器與傳統的貝瑞封蓋系統結合的完整解決方案。

And finally, about 50% of our core portfolio or $10 billion in annual sales comes from six key focus categories where volumes have historically grown at mid- to high single-digit rates with above-average margins, supported by demand for Complex Packaging Solutions. We're already winning in these attractive categories, and with enhanced scale and capabilities post Berry acquisition, we are even better positioned for continued success.

最後，我們核心產品組合中約 50% 或 100 億美元的年銷售額來自六個重點類別，這些類別的銷量歷來以中高個位數的速度增長，利潤率高於平均水平，這得益於對複雜包裝解決方案的需求。我們已在這些極具吸引力的領域取得了成功，而且在收購 Berry 後，我們的規模和能力得到了提升，這讓我們更有信心繼續取得成功。

We're making tangible progress across all three strategic initiatives, and we are confident our focus will result in more consistent volume growth in the low single-digit range, translating to meaningful long-term earnings growth and shareholder value creation.

我們在所有三個策略性舉措方面都取得了切實進展，我們相信，我們的重點將帶來更穩定的個位數低成長，從而轉化為有意義的長期獲利成長和股東價值創造。

In closing, this is our first full quarter combined with Berry. The quality of our combined business is showing as we executed well against our financial commitments. Integration is progressing well, and we're building significant synergy momentum, including for revenue synergies.

最後，這是我們與 Berry 合併後的第一個完整季度。我們合併後的業務品質得到了體現，我們很好地履行了財務承諾。整合進展順利，我們正在建立顯著的協同效應勢頭，包括收入協同效應。

We moved swiftly on portfolio actions, reaching agreements to sell two smaller non-core businesses, and we increased our quarterly dividend which now stands at $0.13 per share. We have also reaffirmed our fiscal '26 EPS and free cash flow guidance, which is not contingent on any improvement in the macroeconomic environment or increase in current customer or consumer demand.

我們迅速採取了投資組合調整措施，達成協議出售兩家較小的非核心企業，並將季度股息提高至每股 0.13 美元。我們也重申了 2026 財年的每股盈餘和自由現金流預期，該預期並不取決於宏觀經濟環境的任何改善或當前客戶或消費者需求的增加。

As we look ahead, we're uniquely positioned for $650 million in identified synergies. And over the three-year period ending fiscal '28, synergies alone are expected to drive more than 30% EPS growth. At the same time, we're taking deliberate steps for strategic growth initiatives to create an even stronger business that delivers consistent organic growth and value for our shareholders and is the global packaging partner of choice for our customers.

展望未來，我們擁有獨特的優勢，可以實現 6.5 億美元的綜效。在截至 2028 財年的三年期間，光是綜效預計就能推動每股盈餘成長超過 30%。同時，我們正在採取有意識的措施，推動策略性成長計劃，以打造一個更強大的企業，為股東帶來持續的有機成長和價值，並成為客戶首選的全球包裝合作夥伴。

Operator, we're ready for questions.

接線員，我們已準備好回答問題。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

Michael, first off, congratulations on the announcement and wish you the very best for the future. So PK, just going back to the Flexibles business, it looks like after an increase in the first three quarters of fiscal year '25, the volume cadence is basically reversing both from the year-ago period, and I think you saw that last quarter as well. What do you think is driving this most recent decline? Is it the same issue with consumer affordability challenges?

邁克爾，首先恭喜你宣布這個消息，並祝你未來一切順利。所以 PK，回到柔性包裝業務，看起來在 2025 財年的前三個季度增長之後，銷量節奏基本上與去年同期相比發生了逆轉，我想你在上個季度也看到了這一點。你認為最近這波下跌的原因是什麼？消費者在支付能力方面面臨的挑戰是否也存在同樣的問題？

You called out confectionery and obviously, cocoa prices have gone up significantly. So are you seeing some sort of order pattern distortions because of that? Or do you see another sort of leg down in terms of volumes at the consumer level?

你提到了糖果業，很顯然，可可價格已經大幅上漲。所以，您是否因此觀察到某種訂單模式扭曲？或者，您看到消費者層面的銷售也出現其他方面的下滑？

Yeah. Thanks, Ghansham. I think it's important for us to take a step back and just remind ourselves again, we expected the volumes to be very similar to Q4, and that's exactly where they were down about 2% if you exclude the non-core North American beverage. And now you're asking specifically about Flexibles, which was a little weaker and particularly was weaker in Europe. So the Flexibles weakness really that we've seen is in Europe.

是的。謝謝你，甘沙姆。我認為我們應該冷靜下來，再次提醒自己，我們原本預期銷量會與第四季度非常相似，而實際情況也確實如此，如果排除北美非核心飲料，銷量下降了約 2%。現在你具體問到了柔性包裝，這種包裝的強度稍微弱一些，尤其是在歐洲的強度更弱一些。所以我們看到的柔性包裝的真正弱點在於歐洲。

And if you double-click on that one, you get to a subcategory that we call unconverted film. And the unconverted film category was weak essentially following really general market softness. This is a film that we make. We don't further process it. We don't print it. We don't cut it. We don't split it. We don't make any pouches. We just sell that film into different end markets and those particular segments that have been particularly weak, but that is really what's driven the Flexibles demand in the last quarter.

如果你雙擊它，就會進入一個名為「未轉換電影」的子類別。而未轉售電影類別表現疲軟，主要是整體市場疲軟。這是我們製作的一部電影。我們不會對其進行進一步處理。我們不印刷。我們不剪。我們不把它拆開。我們不生產任何包裝袋。我們只是將這種薄膜銷售到不同的終端市場以及那些特別疲軟的特定細分市場，但這確實是上個季度柔性包裝需求成長的真正驅動因素。

Ramoun Lazar, Jefferies.

拉蒙·拉扎爾，傑富瑞集團。

Good evening, guys. And Michael, congratulations on your announcement from us as well. Just a quick one on just the North American beverage business. If you can give us any kind of update there. It looks like volumes for the quarter fell high single digits there. Just any progress you're making on turning that business around given the issues that you identified last quarter and any update on divestments of that business potentially.

晚上好，各位。邁克爾，我們也祝賀你宣布這個消息。簡單介紹一下北美飲料產業。如果您能提供任何最新進展，那就太好了。該季度銷量似乎出現了接近兩位數的下滑。請告知您在扭轉該業務頹勢方面取得的任何進展，特別是考慮到您上個季度發現的問題，以及關於可能剝離該業務的任何最新進展。

Happy to take that, Ramoun. Look, first off, I'll say we made really good progress on the operational side with that business. We were reporting a couple of challenges in the last quarter. I was not proud of those, but I have to say kudos to the team that sort of jumps on it. And as I was expecting, that was very quickly turned around, and we've exited the first quarter with those issues completely under control again. So that is important.

樂意接受，拉蒙。首先，我要說的是，我們在該業務的運作上取得了非常好的進展。我們在上個季度報告了一些挑戰。我並不為那些事情感到自豪，但我必須讚揚一下積極回應的團隊。正如我所預料的那樣，情況很快就得到了扭轉，第一季結束時，這些問題已經完全受到控制。所以這一點很重要。

You're right that volumes softened sequentially from the fourth quarter last year to the first quarter this year. But on the back of the operational activities and the strengthening of the business, we actually increased the profitability of the business sequentially, which puts us so much better spot.

你說得對，銷量確實從去年第四季到今年第一季環比有所下降。但由於營運活動和業務的加強，我們的業務獲利能力實際上逐週提高，這使我們處於更好的地位。

And finally, as this is a non-core business, you're absolutely right. We are pushing ahead ambitiously to find strategic alternatives for that business. We're exploring a broad range of options. We said about 90 days ago, and I'll just repeat that today, that we're very open to all kinds of solutions here, including joint ventures or also partnerships. That is progressing and we'll see how that plays out. But it's really hard to be more definitive on timing.

最後，由於這是非核心業務，您的說法完全正確。我們正積極推進，為該業務尋找策略替代方案。我們正在探索各種方案。大約 90 天前我們說過，今天我再重申一遍，我們對各種解決方案都持非常開放的態度，包括合資企業或合作夥伴關係。這件事正在進展中，我們拭目以待。但要更準確地確定時間真的很難。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

With the high-growth category, as you called out in slide 11, I'm just -- if company volumes were down 2% through for the quarter, is it possible to generalize kind of the volume performance of these focus categories? I know there are six of them.

對於高成長類別，正如您在第 11 張幻燈片中提到的那樣，我只是——如果公司本季的銷量下降了 2%，是否有可能概括這些重點類別的銷量表現？我知道他們總共六個。

But I'm just -- are these categories posting positive growth and maybe the sort of more base business is seeing much sharper declines? Or are you seeing the same kind of challenges currently in healthcare, beauty and wellness that you're seeing maybe the more conventional CPG kind of food service categories?

但我只是想知道——這些類別是否呈現正成長，而那些更基礎的業務是否出現了更劇烈的下滑？或者，您是否在醫療保​​健、美容和健康領域看到了與傳統消費品產業（如食品服務業）類似的挑戰？

Yeah, Anthony. I think it's a great question. Look, I think generally, what I would say is that the focus categories, and that's what we were referring to on that slide, they performed better. They generally performed better than the overall business. They also did collectively in the first quarter of '26.

是的，安東尼。我覺得這是一個很好的問題。總的來說，我認為重點類別（也就是我們在那張投影片上提到的那些類別）表現得更好。他們的整體表現優於公司整體水準。他們在 2026 年第一季也集體做到了這一點。

If I give you a bit of a detail around that, and I'll start with health, beauty and wellness. In that area, healthcare would have been aligned with the prior year. Beauty and wellness was down low single digits, that was certainly reflecting the consumer being more value-oriented. And then moving to the nutrition space. The one that I would call out, petcare, really a strong category continues to grow strongly, very resilient, very happy with the performance there.

如果我跟你詳細介紹一下，就從健康、美容和養生開始吧。在該領域，醫療保健狀況與上一年基本持平。美容和健康產品的銷售額下降了幾個位數，這無疑反映出消費者更加重視性價比。然後轉向營養領域。我想特別提一下寵物照顧這個品類，它發展勢頭強勁，韌性十足，我對它的表現非常滿意。

The dairy as being a subcategory to protein, we've seen some low single-digit growth with really good performance in Europe on yogurt, in North America with cheese. And in LatAm, we saw some good performance in margarine. So happy with Dairy overall.

乳製品作為蛋白質的一個子類別，我們看到了一些個位數的低成長，其中優格在歐洲表現非常出色，起司在北美也表現良好。在拉丁美洲，人造奶油市場表現出色。整體來說，我對這家乳製品公司非常滿意。

Meat, the other subcategory and protein on the other cycle was a little weaker. I think it's fair to say that we're having a bit of a tough time of the protein cycle in the meat cycle right now, and that also reflects the value-conscious behavior of the consumers.

肉類，另一個子類別和蛋白質，在另一個週期中表現稍弱。我認為可以公平地說，我們目前在肉品產業鏈中的蛋白質環節遇到了一些困難，這也反映了消費者註重價值的行為。

And then food service and liquids, they were also down low-single to mid-single digits. So it's a bit of a mixed bag. But when you pull it all together, the focus categories overall, they did perform better than the rest of the business.

食品服務和飲料的銷售額也出現了個位數到中位數的下降。所以情況有點喜憂參半。但綜合來看，重點類別的整體表現確實優於其他業務類別。

John Purtell, Macquarie.

約翰‧珀特爾，麥考瑞集團。

Peter and Michael, thanks for all your help over the years and all the best going forward. Just in terms of the comparable EBITDA, up 4% on a 2.8% volume decline. Obviously, there's some synergies in there. But can you just talk to the sort of, I suppose, the underlying sort of cost and productivity piece? Because it does imply that there's been some pretty good costs and productivity management there.

Peter 和 Michael，感謝你們多年來的幫助，祝福你們未來一切順利。僅就可比 EBITDA 而言，銷量下降 2.8%，但 EBITDA 卻成長了 4%。顯然，這其中存在一些協同效應。但您能否談談成本和生產力方面的根本問題？因為它確實表明那裡在成本和生產力管理方面做得相當不錯。

Thanks, John. I can take that one. Yeah, you're right. We're really pleased where the quarter ended up. The team is really focused on the cost side of things, knowing that we were anticipating volumes to be similar to what we saw in Q4.

謝謝你，約翰。我可以接受這個。是的，你說得對。我們對本季的最終結果非常滿意。團隊非常關注成本方面，因為我們預計銷售量將與第四季的銷售量類似。

So we knew there was going to be some softer demand. And we worked really hard to flex the cost base accordingly. So manage the shift patterns, manage the line performance, drive cost out where we can and particularly on the discretionary spend as well. So we're really pleased with the performance on that front.

所以我們知道需求會有所疲軟。我們為此付出了很多努力，並相應地調整了成本結構。因此，我們需要管理輪班模式，管理生產線績效，盡可能降低成本，尤其是在可自由支配的支出方面。所以我們對這方面的表現非常滿意。

And then, of course, you had the synergy delivery as well, which is really unique to us, and I think that's something we were really pleased with where the synergies ended up toward the upper end of the range that we guided to with $38 million in the quarter. A good mix of G&A and procurement coming in there as well, some financial synergies.

當然，還有協同效應的實現，這對我們來說非常獨特，我認為我們對此非常滿意，因為協同效應最終達到了我們預期範圍的上限，本季為 3800 萬美元。其中也包含了行政管理費用和採購費用，以及一些財務綜效。

And we feel really confident in the ability to deliver the full year of that $260 million. So we're really pleased with where that came out and the pipelines that are coming through, which also include as PK touched in his remarks, revenue synergies as well in that pipeline. So we feel pretty good about the synergy delivery overall and where the business is performing from a cost standpoint because we are able to flex when we can see that the volume is a little softer than we would typically like.

我們非常有信心實現全年 2.6 億美元的目標。所以我們對最終結果和正在進行的項目感到非常滿意，正如PK在他的演講中提到的，這些項目也包括收入協同效應。因此，我們對整體協同效應的實現以及業務在成本方面的表現都感到相當滿意，因為當銷售量比我們通常希望的要低一些時，我們可以靈活調整。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

Michael, thanks for everything and best of luck in the next chapter. I really appreciate your support of our research.

邁克爾，感謝你所做的一切，祝你在人生的下一階段一切順利。我非常感謝您對我們研究的支持。

My question is on synergy broadly. PK And Michael, can you talk a little bit more about how the sort of marriage, if you will, of Lat Am and specialty containers is going with legacy Berry? I think you touched on a couple of synergy benefits. Can you talk a bit more, provide a bit more color maybe what kind of growth you're getting there?

我的問題是關於協同效應的。PK 與 Michael，你們可再詳細談談拉丁美洲和特種容器公司與傳統 Berry 的合作進展如何？我認為你已經提到了一些協同效應的好處。能再詳細說說嗎？例如，你那邊的生長情況是怎麼樣的？

And then somewhat relatedly, can you give us a bit more color on this food service award you got, putting the two businesses together and getting a revenue synergy out of that? Thank you very much.

另外，能否請您詳細介紹一下您獲得的餐飲服務獎，以及您將兩家企業合併並從中獲得收入綜效的情況？非常感謝。

Yeah. Thanks, George. I'll start out here and try to take the three tiers of your question. Let me start off with the synergies. And before I get specifically into the benefits that we would be expecting from the combination of Rigid and Flexibles on Lat Am, let me just make some high-level comments here.

是的。謝謝你，喬治。我先從這裡開始，試著解答你提出的三個層次的問題。讓我先從綜效說起。在我具體討論我們在拉丁美洲從剛性輪胎和柔性輪胎組合中獲得的預期好處之前，讓我先做一些概括性的評論。

Let's first of all, calibrate ourselves against the fact that, we're really just 180 days into the combination of the two companies. It's really important to calibrate that because it feels like we've been together forever. The teams are really executing well. I'm very pleased with all of that. And in the first quarter, we've seen synergies coming through and really falling to the bottom line, which were at the upper end of our guidance range.

首先，我們要先明確一點，兩家公司合併至今才180天。校準這一點非常重要，因為感覺我們已經在一起很久很久了。各隊表現都非常出色。我對此非常滿意。第一季度，我們看到了協同效應的顯現，並真正轉化為利潤，利潤達到了我們預期範圍的上限。

But what you're not seeing here because of how to translate it yet is really the momentum that we're building with the pipelines. Some of that you can take from the guidance in Q2. Obviously, the synergies are stepping up. And that gets us -- when we think about the exit rates of Q2, gets us through a really clear line of sight of at least $260 million.

但由於翻譯上的困難，你現在看不到的是我們正在透過管道建設所取得的巨大進展。其中一些內容可以從第二季的指導中獲得。顯然，協同效應正在增強。這樣一來，當我們考慮第二季的退出率時，就能清楚看到至少 2.6 億美元的收益。

And you will notice that we positioned that a little different to what we said beforehand. We said, now we're saying it's at least $260 million. So really strong confidence in the synergy delivery for this year.

你會注意到，我們對此的表述與我們之前所說的略有不同。我們之前說，現在我們說至少 2.6 億美元。因此，我對今年的協同效應交付非常有信心。

Now you've been asking about Lat Am. Now Lat Am, and I think you're connecting that to the decision to combine the two businesses. We are doing this because we believe that we have an opportunity to more efficiently and effectively address the region of Lat Am by representing a larger product, which we know is very complementary between the two businesses. That's why we're doing it.

現在你一直在問拉丁美洲的情況。現在說說拉丁美洲，我認為你把這和合併兩家公司的決定連結起來了。我們這樣做是因為我們相信，透過代理更大的產品，我們有機會更有效率、更有效地服務拉丁美洲地區，我們知道這兩個業務之間是高度互補的。這就是我們這麼做的原因。

And when I talk about the synergies that result from that, you referenced the -- I think the beauty and wellness customer that actually was in Latin America was not the food service customer. That one is North America. But in Latin America, it was a beauty and wellness customer. And we achieved an agreement for two products -- across two products.

當我談到由此產生的綜效時，你提到了——我認為在拉丁美洲，美容和健康產業的顧客其實並不是餐飲服務業的顧客。那是北美洲。但在拉丁美洲，它主要服務於美容和健康領域的客戶。我們達成了一項涵蓋兩款產品的協議。

And two things helped us actually land that win. One is we have a combined footprint between Berry and Amcor that actually provided a contingency solution in-house for the customer, which was really high in the customer's list. But more importantly, we're combining an Amcor Rigid container with a Berry closure. So it falls into the bucket of the systems solution sell. That's the Latin American piece. I hope I captured sort of your question.

兩件事幫助我們最終贏得了比賽。其一是 Berry 和 Amcor 的合併規模實際上為客戶提供了內部緊急解決方案，這在客戶的需求清單中排名非常靠前。但更重要的是，我們將 Amcor 硬質容器與 Berry 瓶蓋結合在一起。所以它屬於系統解決方案銷售的範疇。這是拉丁美洲部分。我希望我大致理解了你的問題。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

In your raw material cost savings, were they largely in the United States or in Europe? And in your description of global Rigid Packaging, you said your volumes were down 1% against combined prior year ex-non-core North American beverage. What were they down inclusive of the non-core North American beverage?

你們節省的原料成本主要來自美國還是歐洲？在您對全球硬質包裝的描述中，您提到您的銷量比去年同期（不包括非核心北美飲料）下降了 1%。包括非核心的北美飲料在內，他們的損失是多少？

No, I can take you on the synergy side. Look, if I break down the synergies for the quarter, that's probably a better way to think about it. On the synergies in the quarter, we delivered $38 billion, which was at the upper end of our guidance range. Of that $33 million was in the EBIT base, and then we had $5 million financial synergies, which related to some interest benefits as we've got more flexibility now with fixed and floating and commercial paper, et cetera.

不，我可以在協同效應方面勝過你。你看，如果我把本季的協同效應分解開來，這可能是一種更好的思考方式。本季綜效方面，我們實現了 380 億美元，達到了我們預期範圍的上限。其中 3,300 萬美元是息稅前利潤，另外 500 萬美元是財務協同效應，這與一些利息收益有關，因為我們現在在固定利率、浮動利率和商業票據等方面有了更大的靈活性。

On the EBIT side of things, of the $33 million, about two-thirds of that was G&A. And that comes from the fact we've already taken out 450 roles across the business. So we are starting to see the benefits there. And look, on the procurement side, again, it was one-third. So it wasn't a significant amount, and it was pretty general across the board. So that's where we ended up for the quarter.

從息稅前利潤（EBIT）來看，3,300萬美元中約有三分之二是管理費。這是因為我們已經在公司內部裁減了 450 個職位。所以我們開始看到其中的好處了。而且，在採購方面，同樣是三分之一。所以金額並不大，而且這種情況相當普遍。這就是我們本季的最終結果。

And as we said, that will build through the second and third quarter into the full year. We feel really confident around that number.

正如我們所說，這種情況將在第二季和第三季持續發展，並貫穿全年。我們對此數字非常有信心。

And then, Jeff, I think you asked the question in terms of volume performance. We said Rigid overall, excluding North American beverage, was a point down. If you rolled North American beverage in there, it's 2.5% that.

然後，傑夫，我想你問的是從音量表現的角度來的問題。我們說，除北美飲料外，Rigid 整體銷量下降了一點。如果把北美飲料也算進去，那就是2.5%。

Brook Campbell-Crawford, Barrenjoey.

Brook Campbell-Crawford，Barrenjoey。

I know you're talking about not expecting markets to improve in FY26. But does your EPS range you've given for FY26 cover a scenario where volumes continue to decline at that sort of 2.5% year-over-year trend that you saw in the first quarter?

我知道你指的是不指望 2026 財年市場會好轉。但是，您給出的 2026 財年每股收益預期範圍是否涵蓋了銷量繼續以第一季看到的 2.5% 的同比趨勢下降的情況？

Thanks, Brook. Let me start this and maybe Michael wants to build on that. So I think we've discussed the volume expectations for the first half, right? The first quarter is done, the second quarter we've discussed, and you're specifically asking about the back half of fiscal '26. And I'd say, if I take a step back, I believe that there is actually even an opportunity for the volumes to be positive in the back half of the fiscal year.

謝謝你，布魯克。我先拋磚引玉，也許麥可想在此基礎上繼續討論。所以我想我們已經討論過上半年的銷售預期了，對吧？第一季已經結束，第二季我們已經討論過了，而你特別問的是 2026 財年下半年的情況。如果從更宏觀的角度來看，我認為本財年下半年銷售甚至有可能實現正成長。

And the reason for that is, one is technically, we're cycling softer comps in the back half, but we're also seeing wins coming through now that will translate. I told you that we are very much driving very discrete and select growth initiatives in the second half. We will have a little more time for them to actually gain traction. So you could even expect the volumes to be positive.

原因有二：一是技術上講，我們在下半年的比賽難度降低，二是現在取得的勝利也將轉化為實際的勝利。我之前說過，下半年我們將大力推動一些非常謹慎和有針對性的成長計畫。我們將有更多的時間讓它們真正獲得市場認可。所以你甚至可以預期成交量為正。

Now what adds to that though, is the underlying market environment. And I don't know how that's going to look like. I think nobody really knows what the underlying consumer and demand environment is going to look like. And that creates a bit of the challenge here.

然而，還有潛在的市場環境因素加劇了這種情況。我不知道那會是什麼樣子。我認為沒有人真正知道潛在的消費者和需求環境會是什麼樣子。這就造成了一些挑戰。

So what we're going to do in the back half is we're going to do exactly the same thing that we did in the first quarter, which we did well. And what we're set sail to do in the second quarter, we will manage our costs and we will adjust our capacities to the actual volume situation. And we'll focus on the delivery of synergies.

所以，下半場我們要做的就是重複第一節的做法，而我們第一節做得很好。而我們第二季要做的事情是，我們將控製成本，並根據實際銷售情況調整產能。我們將專注於實現協同效應。

And that's what we've done very well. What's a good recipe in the first quarter, we want to do the same thing in the back half. And while our guidance range obviously includes a number of ranges on volumes outcomes and volume is not the only driver for our guidance range, as you know. But even if the overall macroenvironment would not improve, that would be covered within our guidance range. That's the way we think about it.

而這正是我們做得非常出色的一點。第一節行之有效的策略，我們也想在後半節沿用。雖然我們的指導範圍顯然包括了多個銷售結果範圍，但如您所知，銷售並不是我們指導範圍的唯一驅動因素。但即使宏觀環境整體沒有改善，這也在我們的指導範圍內。我們就是這麼想的。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Michael and others others, all the best for you in Australia. You should all be so lucky. Quickly on the divestitures you mentioned, could you give us sales and EBITDA contribution?

麥可和其他朋友們，祝福你們在澳洲一切順利。你們都應該感到幸運。關於您所提到的資產剝離，能否簡單提供一下銷售額和 EBITDA 貢獻？

Or I apologize if I missed that. There's still about $900 million to go there in the non-core non-beverage assets. So based on those initial, albeit smaller contribution of sales there, where the public markets are trading, how did multiples compare to your prior expectations on that? And how is line of sight to the remaining $900 million that you have remaining? Anything you could -- I don't know if you will frame it, but anything you've given potential impact to leverage or timing that would be appreciated. Thank you.

如果我錯過了什麼，我深表歉意。還有大約 9 億美元需要投入非核心非飲料資產。因此，基於這些最初（儘管較小）的銷售貢獻，在公開市場交易的地區，其倍數與您之前的預期相比如何？那麼，你要如何才能看到剩下的9億美元呢？任何你能提供的——我不知道你會不會把它組織起來，但任何你認為可能產生影響的槓桿作用或時機把握方面的信息，我都會非常感激。謝謝。

Yeah, sure. Look, I think in terms of the two divestments that we announced today, One of those is just a small plant in Europe, sales less than $20 million, so not a significant impact on earnings or sales.

當然可以。你看，我認為就我們今天宣布的兩項資產剝離而言，其中一項只是歐洲的一家小型工廠，銷售額不到 2000 萬美元，因此對收益或銷售額沒有重大影響。

The other one is actually a joint venture. So we were not consolidating that one. We were equity accounting that. And so that also contributes to the $100 million in earnings. So we were pretty pleased with the outcome of that. We'll use that cash to pay down debt, when it comes in.

另一家實際上是合資企業。所以我們並沒有整合那塊地。我們當時採用的是權益法核算。因此，這也為1億美元的收益做出了貢獻。所以我們對結果相當滿意。我們會用這筆現金來償還債務。

And we continue to focus on the other items. I think, PK already touched on the Rigid -- the North American beverage business. And we're working hard on the other the other businesses as well. So we'll keep you updated as that progresses.

我們將繼續專注於其他事項。我認為，PK 已經談到了 Rigid——北美飲料行業。我們也在努力發展其他業務。我們會隨時向您報告最新進展。

Cameron McDonald, E&P.

卡梅倫·麥克唐納，勘探與生產。

Just in terms of the volume performance. Appreciate that you've said that it's hard to see what underlying environment is going to be going forward. But when you think about either the core business or the North American business in beverages, you thinking that that is all organic volume reductions? Or have you experienced some market share loss to other substrates, particularly in that North American beverage vector?

僅就音量表現而言。感謝您指出很難看清未來潛在的環境走向。但當你考慮飲料的核心業務或北美業務時，你認為那都是自然銷售下降造成的嗎？或者，您是否在市場份額方面，尤其是在北美飲料市場，遭受了其他產品的衝擊？

Cameron. Look, generally, I'd say, in the way that we look at our whole portfolio and there is always puts and takes, as you will appreciate. But this is not a story of share loss. So generally, I would say that.

卡梅倫。總的來說，我認為，在我們審視整個投資組合的方式中，總會有賣出和賣出的機會，您應該能理解。但這並非一個關於市場佔有率下降的故事。所以總的來說，我會這麼說。

When you dive deeper into the beverage business per se and you talk about shifts between substrates, we have referenced in the past, and I think that is still something, and that's the only trend that I would be able to point to that you have in multipack sales that go through big box stores.

當你深入研究飲料行業本身，談到基質之間的轉變時（我們過去曾提到過，我認為這仍然是一個值得關注的趨勢），這是我唯一能指出的在大賣場銷售的多包裝飲料中存在的趨勢。

You have a more attractive price point for consumers when you choose an aluminum bottle versus other substrates. And that is the space where the consumer goes as the consumer is seeking value. And that's where you can see -- in that specific case, you could see that there is some shift. But other than that, we don't see anything significant.

與其它材質的瓶子相比，鋁製瓶子能為消費者提供更具吸引力的價格。這就是消費者尋求價值時所處的空間。正是在這一點上，你可以看到——在那個具體案例中，你可以看到存在一些變化。但除此之外，我們沒有看到任何重大變化。

Keith Chau, Macquarie.

Keith Chau，麥格理集團。

(inaudible)

（聽不清楚）

Keith, it's PK. You really broke up a lot here, and I had a really hard time to follow the question. It's not getting any better.

基思，我是PK。你在這裡說了很多零散的話，我很難理解你的問題。情況並沒有好轉。

(inaudible)

（聽不清楚）

It's not getting any better. I'm sorry. But I think I think we probably need to move on and maybe you can just dial in back in again, and we'll try to take your question when you come back in with a better line.

情況並沒有好轉。對不起。但我認為我們可能需要繼續進行下去，也許你可以稍後再撥進來，等你帶著更好的方案回來後，我們會嘗試回答你的問題。

Nathan Reilly, UBS.

瑞銀集團的內森雷利。

Just a question on private label. Can you give us an update on your exposure to private label products? And maybe just talk to some volume trends that you're seeing in that category at the moment.

關於自有品牌，我有個問題。您能否向我們介紹一下您接觸自有品牌產品的最新情況？或許還可以談談你目前在該類別中觀察到的銷售趨勢。

Yeah, Nathan. I think it's also a great question. I mean, in private label, you would assume that, generally, the consumer seeking value would turn to private label more, and that's something that we would expect that in certain cases, we do see and that we want to participate in. Obviously, we have some pretty good exposure to private label across the regions, both in North America and Europe, if I just focus on those two big markets where private label really plays a role.

是的，內森。我覺得這也是一個很好的問題。我的意思是，在自有品牌領域，你會認為，一般來說，追求性價比的消費者會更多地選擇自有品牌，而我們也確實在某些情況下看到了這種情況，並且我們也想參與其中。顯然，如果我們只專注於北美和歐洲這兩個自有品牌真正發揮作用的大市場，那麼我們在這兩個地區的自有品牌業務都取得了相當不錯的成績。

But I would also say that we are probably somewhat underrepresented in the market. When you look at the share of private label and our sort of share of business with private label, you will see that we have an opportunity there. So that will be a focus area for us to drive additional growth going forward, and that will make us participate in the trend.

但我認為，我們在市場上的代表性可能略顯不足。當你觀察自有品牌市場佔有率以及我們與自有品牌業務的份額時，你會發現我們在這方面有機會。因此，這將是我們未來推動進一步成長的重點領域，也將使我們能夠參與這一趨勢中來。

Gabe Hajde, Wells Fargo.

Gabe Hajde，富國銀行。

I just had a question about healthcare. I think the expectation was that it was going to return to growth kind of in the back half of 2025. And I think you made some general comments around the business. But just if anything has changed with that trajectory. And then maybe I don't know if you want to talk about it in calendar year terms, but just prospects for that business in 2026.

我有一個關於醫療保健的問題。我認為當時的預期是，它將在 2025 年下半年恢復成長。我認為你對業務方面也發表了一些總體看法。但這種發展軌跡是否發生了任何變化呢？然後，我不知道你是否想用日曆年來談論，但就談談該業務在 2026 年的前景。

Yeah, Gabe. I'd say, first off, I'd say we believe that healthcare is a gem in our portfolio. I've said this many times and I continue to say that. The performance of healthcare has some differences between the regions, what we're seeing right now that we're having a really strong performance in North America. So very happy there in North America. We tend to be more focused on the medical side of the business.

是的，蓋布。首先，我認為醫療保健是我們投資組合中的一顆璀璨明珠。我已經說過很多次了，我還會繼續這麼說。醫療保健產業的表現因地區而異，我們目前看到的是北美地區的醫療保健產業表現非常強勁。我在北美過得很開心。我們往往更專注於業務的醫療方面。

And our performance is improving, but on a comparable basis, a little weaker on the European side where we have more of a pharma exposure. And that has averaged out to overall a flat healthcare business, which I would still say, if I compare it to the prior quarters, is a solid outcome given the fact that medical had improved faster than pharma and over time.

我們的業績正在改善，但從可比角度來看，歐洲業務略顯疲軟，因為我們在歐洲的醫藥業務佔更大。總體而言，醫療保健業務基本上持平，但考慮到醫療業務的改善速度比製藥業務更快，而且隨著時間的推移，與前幾季相比，這仍然是一個穩健的結果。

So my expectations for healthcare is that we will see continued improvement in that business into calendar '26 and also into the back half of our fiscal year '26.

因此，我對醫療保健行業的預期是，我們將看到該業務在 2026 年日曆年以及 2026 財年下半年持續改善。

Ladies and gentlemen, this concludes our question-and-answer session. I will now turn the call back to management for closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我將把電話轉回給管理階層，請他們作總結發言。

Well, thank you, operator. Let's not keep this very short here. But we feel like we've executed a pretty solid quarter in line with our expectations, maybe even a little better than what we expected. We're very confident in the synergies with a delivery of at least $260 million. And the revenue synergies, they're also coming through. We talked about those, and the pipeline is really building strongly.

謝謝接線生。我們就不在這裡草草了事了。但我們覺得本季業績相當不錯，符合預期，甚至可能比預期還要好。我們對此次合作的綜效非常有信心，預計至少能帶來 2.6 億美元的收益。營收協同效應也正在顯現。我們討論過這些問題，而且管道建設進展非常順利。

We talked about reaffirming our guidance where the low end of our guidance, the 12% EPS growth is really just driven by the synergies that we have good line of sight of. And then in the long term, and this is important for me also to make that point, we continue to really drive the growth strategy on the back of three pillars. One is the portfolio optimization; the other one is, again, capturing the revenue synergies; and the third one would be the focus categories and our drive towards those.

我們討論了重申我們的業績指引，其中我們指引的下限，即每股收益增長 12%，實際上只是由我們能夠很好地預見的協同效應所驅動的。從長遠來看，這對我來說也很重要，我們將繼續依靠三大支柱來推動成長策略。一是投資組合最佳化；二是再次實現收入綜效；三是重點類別以及我們向這些類別的推進。

So thank you again for joining us, and we look forward to the opportunity to sitting down with many of you over the course of the quarter. Thank you.

再次感謝各位的參與，我們期待在本季有機會與各位進行深入交流。謝謝。

That concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。