Amcor PLC (AMCR) 2026 Q2 法說會逐字稿

Thank you for standing by. At this time, I would welcome everyone to today's Amcor fiscal 2026 second-quarter earnings call. (Operator Instructions)

感謝您的耐心等待。此時此刻，我謹代表安姆科公司歡迎各位參加今天的2026財年第二季財報電話會議。（操作說明）

Thank you. And I would now like to turn the call over to Tracey Whitehead, Head of Investor Relations. Tracey?

謝謝。現在，我將把電話交給投資者關係主管特雷西懷特黑德。特蕾西？

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

謝謝接線員，也謝謝各位參加安姆科2026財年第二季財報電話會議。今天參加電話會議的有執行長 Peter Konieczny 和財務長 Steve Scherger。

Before I hand over, let me note a few items. On our website, amcor.com, under the Investors section, you'll find today's press release and presentation, which we will discuss on this call. Please be aware that we'll also discuss non-GAAP financial measures, and related reconciliations can be found in those documents on the website.

在交接之前，我想說明幾點。在我們的網站 amcor.com 的「投資者」版塊，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進行討論。請注意，我們也將討論非GAAP財務指標，相關調節表可在網站上的相關文件中找到。

Remarks will also include forward-looking statements that are based on management's current views and assumptions. The second slide in today's presentation lists several factors that could cause future earnings to be different than current estimates. Reference can be made to Amcor's SEC filings, including our statements on Form 10-K and 10-Q for further details.

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。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。

(Event Instructions) With that, over to you, PK.

（活動說明）那麼，接下來就交給你了，PK。

Thank you, Tracey, and thank you to everyone joining us. I'm pleased to welcome you today to discuss our fiscal 2026 second-quarter results. This is a transformative and exciting time for Amcor. Our acquisition of Berry created a global leader in consumer packaging and dispensing solutions. We are realizing the benefits of this combination executing well, resulting in strong momentum towards achieving our fiscal 2026 commitments.

謝謝特蕾西，也謝謝所有到場的各位。今天我很高興歡迎各位蒞臨，與我們共同探討我們 2026 財年第二季的業績。對安姆科來說，這是一個充滿變革和令人興奮的時刻。我們對 Berry 的收購，打造了消費品包裝和分發解決方案的全球領導者。我們正在體會到這種組合帶來的益處，並且執行得當，從而為我們實現 2026 財年目標奠定了堅實的基礎。

With a strengthened platform and a clear growth roadmap, Amcor is well positioned to deliver significant long-term value for shareholders.

憑藉更強大的平台和清晰的成長路線圖，安姆科有能力為股東創造巨大的長期價值。

Before turning to today's key messages, as always, we will start with safety on slide 3. The well-being of our colleagues is a core value for Amcor, and our commitment to safety remains unwavering. For Q2, our industry-leading safety performance continued with Amcor's total recordable incident rate at 0.52. This is a modest increase compared with last year's performance, which is not unusual when we acquire a business.

在進入今天的主要內容之前，我們照例先從投影片 3 中的安全問題開始。同事們的福祉是安姆科的核心價值觀，我們對安全的承諾始終堅定不移。第二季度，我們領先業界的安全表現得以延續，Amcor 的總可記錄事故率為 0.52。與去年同期相比，這一數字略有上升，這在我們收購一家企業時並不罕見。

We have moved quickly to drive safety performance across our combined business and are pleased to see this key metric improve compared to the September quarter. Additionally, 79% of all Amcor sites remained injury-free through Q2.

我們已迅速採取行動，提升整個業務的安全績效，並欣喜地看到這項關鍵指標較九月季度有所改善。此外，截至第二季末，Amcor 所有場所中有 79% 沒有發生工傷事故。

Slide 4 highlights the key messages for today aligned with our near-term priorities, which have not changed, continuing to deliver on the core business, accelerating synergy realization, and further strengthening the business through portfolio optimization actions. Each and all these near-term priorities are contributing to setting Amcor up to deliver solid and sustained volume-driven organic earnings growth over the mid to longer term.

投影片 4 重點介紹了今天的關鍵訊息，這些訊息與我們近期的優先事項一致，這些優先事項沒有改變，即繼續推進核心業務，加速實現協同效應，並透過投資組合優化措施進一步加強業務。所有這些近期優先事項都有助於安姆科在中長期內實現穩健、持續的銷售驅動型有機獲利成長。

First, our financial performance in the second quarter was in line with the expectations we set out in October, maintaining momentum toward our full-year objectives. Adjusted EPS was up 7% for the quarter and 14% for the first half as we continue to execute well against our priorities and our market opportunities. Across our core portfolio, comparable adjusted EBIT was up 7%, driven by synergy benefits and in line with the prior year, excluding synergies. This reflects the successful effort of our teams to fully offset the impact of lower volumes with cost and productivity benefits. Our continued solid execution demonstrates the resilience of our business and the capability of our people in what continues to be a challenging and dynamic market environment.

首先，我們第二季的財務表現符合我們在 10 月設定的預期，維持了實現全年目標的動能。本季調整後每股收益成長 7%，上半年成長 14%，因為我們繼續很好地執行我們的優先事項和市場機會。在我們的核心投資組合中，可比調整後息稅前利潤增長了 7%，這主要得益於協同效應帶來的收益，若不計協同效應，則與上年持平。這體現了我們團隊成功地透過成本和生產力優勢完全抵消了銷售下降的影響。我們持續穩健的執行力體現了我們業務的韌性以及員工在充滿挑戰和瞬息萬變的市場環境中的能力。

Second, synergies were at the upper end of our guidance range, with benefits accelerating to $55 million in Q2 and totaling $93 million for the first half. The expanding synergy pipeline, combined with our proven integration track record, reinforces our confidence in delivering at least $260 million of synergies in fiscal 2026.

其次，綜效達到了我們預期範圍的上限，第二季收益加速達到 5,500 萬美元，上半年總計達到 9,300 萬美元。不斷擴大的綜效管道，加上我們久經考驗的整合業績，增強了我們有信心在 2026 財年實現至少 2.6 億美元的協同效應。

Third, we have reaffirmed our financial guidance for the fiscal year, updating our adjusted EPS expectations to $4.15 per share to reflect the recent 1 for 5 reverse stock split. We remain on track to deliver double-digit EPS growth in fiscal 2026 and to double free cash flow versus fiscal 2025, primarily driven by delivery of identified synergies and productivity gains.

第三，我們重申了本財年的財務預期，將調整後的每股盈餘預期更新為 4.15 美元，以反映最近 1 比 5 的反向股票分割。我們仍有望在 2026 財年實現兩位數的每股收益成長，並使自由現金流比 2025 財年翻一番，這主要得益於已確定的協同效應和生產力提升。

And lastly, our identified portfolio optimization actions are advancing well and at pace. In a relatively short period of time, we've made meaningful progress evaluating alternatives for our $2.5 billion of non-core businesses, including the North American Beverage business. We believe these focused actions will position us for stronger, more sustainable long-term growth.

最後，我們確定的投資組合優化措施正在順利快速地進行。在相對較短的時間內，我們在評估價值 25 億美元的非核心業務（包括北美飲料業務）的替代方案方面取得了實質進展。我們相信，這些重點行動將使我們實現更強勁、更永續的長期成長。

Turning now to slide 5 and financial performance for the second quarter and first half. In absolute dollar terms, the business generated strong quarterly revenue of $5.4 billion, EBITDA of $826 million, and EBIT of $603 million. This is significantly higher than the prior year as a result of the Berry acquisition, disciplined cost management, improved productivity, and accelerating synergies.

現在就來看看第5張投影片，了解第二季和上半年的財務表現。以絕對美元計算，該業務季度收入強勁，達到 54 億美元，EBITDA 為 8.26 億美元，EBIT 為 6.03 億美元。由於收購 Berry 公司、嚴格的成本管理、生產效率的提高以及協同效應的加速發揮，這一數字比上一年顯著提高。

Adjusted EPS has also been updated to reflect the reverse stock split. We delivered $0.86 per share for the quarter, in line with our expectations, including a one-time favorable tax benefit offset by weaker performance in our non-core business portfolio, which we expect will improve in the second half.

調整後的每股盈餘也已更新，以反映反向股票分割。本季每股收益為 0.86 美元，符合預期，其中包括一次性有利的稅收優惠，但被非核心業務組合表現疲軟所抵消，我們預計下半年情況會有所改善。

Free cash flow was $289 million for the quarter after funding approximately $70 million of acquisition-related cash costs. And today, the Board declared a quarterly dividend of $0.65 per share, which is up over the prior year and continues our long-term commitment to annualized dividend growth. Overall, these results are aligned with our expectations eight months after a transformational acquisition and demonstrate our ability to execute against our commitments.

在支付了約 7,000 萬美元的收購相關現金成本後，該季度自由現金流為 2.89 億美元。今天，董事會宣布派發每股 0.65 美元的季度股息，高於上一年，延續了我們對年度股息成長的長期承諾。整體而言，這些結果符合我們在完成變革性收購八個月後的預期，並證明了我們履行承諾的能力。

Taking advantage of a unique opportunity to optimize the portfolio was one of the key commitments we highlighted when announcing the acquisition. As shown on slide 6, our $20 billion core portfolio represents the strongest part of the combined business. The core portfolio includes our six focus categories, namely health, beauty and wellness, protein, liquids, foodservice, and pet care. This is where we hold leadership positions, where innovation drives differentiation and value and where long-term consumer demand is most durable. These categories reflect the markets where Amcor has a distinct competitive advantage.

利用這項獨特機會優化投資組合是我們宣布收購時強調的關鍵承諾之一。如投影片 6 所示，我們 200 億美元的核心投資組合代表了合併後業務中最強勁的部分。核心產品組合包括我們的六個重點類別，即健康、美容和保健、蛋白質、液體、餐飲服務和寵物護理。在這些領域，我們佔據領先地位，創新驅動差異化和價值創造，長期消費者需求也最持久。這些類別反映了安姆科具有明顯競爭優勢的市場。

When viewed on its own, the core portfolio has a stronger financial profile and outperforms the total company across all key financial metrics, including volumes. In the second quarter, our estimated core portfolio volume performance was approximately 100 basis points better than the total combined portfolio. Volumes for the core business were approximately 1.5% lower than the prior year, similar to the first quarter with market dynamics remaining largely unchanged. Growth across our focus categories modestly outperformed the broader portfolio in both segments.

單就核心投資組合而言，其財務狀況更為穩健，在所有關鍵財務指標（包括銷售）方面均優於公司整體表現。第二季度，我們估計的核心投資組合交易量表現比整體投資組合的表現高出約 100 個基點。核心業務的銷量比去年同期下降了約 1.5%，與第一季的情況類似，市場動態基本上保持不變。在兩個細分市場中，我們重點關注類別的成長均略微超過了整體投資組合的表現。

Adjusted EBIT margins of approximately 12% also reflect a higher concentration of advanced solutions, improved mix within our core portfolio, and synergy benefits. Adjusted EBIT dollars were up approximately 7%, largely reflecting synergy benefits. Excluding synergies, we held earnings flat with the prior year in a market with modestly declining volumes. This is a solid result achieved through a focus on the cost and productivity levers within our control.

調整後的 EBIT 利潤率約為 12%，這也反映了先進解決方案的集中度更高、核心產品組合的改進以及協同效應帶來的益處。調整後息稅前利潤成長約 7%，主要反映了綜效帶來的收益。不計綜效應，在市場銷售略有下降的情況下，我們的獲利與上年持平。這是透過專注於我們可控範圍內的成本和生產力槓桿而取得的實際成果。

Likewise, as mentioned earlier, our portfolio optimization actions are advancing with pace. We are making strong progress exploring alternatives for the remaining $2.5 billion of non-core businesses, including encouraging discussion related to the North American beverage business. We believe these actions will ultimately ensure resources are allocated to the highest value opportunities within our core portfolio.

同樣，正如前面提到的，我們的投資組合優化措施正在快速推進。我們正在積極探索剩餘 25 億美元非核心業務的替代方案，包括鼓勵就北美飲料業務展開討論。我們相信，這些舉措最終將確保資源分配到我們核心投資組合中最有價值的機會。

Slide 7 shows Q2 synergies continue to accelerate as expected, resulting in $55 million of benefits in the quarter, at the upper end of our expected range and $93 million in the first half. G&A synergies reflect organizational redesign, system consolidation, and simplification efforts across corporate support functions. We remain on track and have reduced headcount by over 600, consistent with our integration roadmap.

投影片 7 顯示，第二季綜效如預期般繼續加速，本季帶來 5,500 萬美元的收益，處於我們預期範圍的上限，上半年帶來 9,300 萬美元的收益。G&A 綜效體現了公司支援職能部門的組織重組、系統整合和簡化工作。我們仍按計劃推進，並已減少員工人數 600 多人，這與我們的整合路線圖一致。

As expected, procurement synergies continue to ramp up as we consolidate spend, harmonize specifications, and align pricing across the combined supplier base. Negotiations and agreements with our major vendors are on track, underpinning our confidence in delivering $325 million in procurement synergies by the end of fiscal 2028.

正如預期的那樣，隨著我們整合支出、統一規格並協調合併後的供應商群的價格，採購協同效應將繼續增強。與主要供應商的談判和協議進展順利，這增強了我們有信心在 2028 財年末實現 3.25 億美元的採購綜效。

Fiscal benefits are also flowing through as expected, reaching approximately $10 million through the first half as we continue to execute and optimize our debt and tax structures. Additionally, we are gaining traction on operational synergies with approximately 20 site closures, 4 restructures approved or announced. These synergies, as expected, will primarily materialize in years two and three of our synergy realization timeline.

財政收益也如預期般陸續到位，隨著我們繼續執行和優化債務和稅收結構，上半年已達到約 1,000 萬美元。此外，我們在營運綜效方面也取得了進展，大約有 20 個站點關閉，4 個重組計畫獲得批准或宣布。正如預期的那樣，這些協同效應將主要在我們的協同效應實現時間表的第二年和第三年顯現。

Growth synergies have also been strong. We're gaining momentum as customers validate the value we bring through our expanded footprint and integrated product offerings to meet complete and complex packaging needs. Annualized sales revenue from business wins directly linked to our combination with Berry now exceeds $100 million, a strong start to our original three-year target of $280 million. We expect delivery against these wins will commence in the second half of fiscal 2026.

成長綜效也十分顯著。隨著客戶不斷認可我們透過擴大業務範圍和提供整合產品來滿足全面、複雜的包裝需求所帶來的價值，我們的發展勢頭越來越強勁。與我們和 Berry 合併直接相關的業務成長帶來的年化銷售收入現已超過 1 億美元，這為我們最初設定的三年 2.8 億美元的目標開了一個好頭。我們預計這些得標訂單的交付工作將於 2026 財年下半年開始。

Adding another example of those we discussed last quarter. Our strengthened supply chain and multi-format capabilities have enabled us to support a major global pharmaceutical customer as they launch a solid oral dose GLP-1 therapy drug. This is an exciting win that will benefit both segments through supply of blister packaging in Europe and rigid containers in the US.

再舉一個我們上季討論過的例子。我們加強了供應鏈和多形式能力，從而能夠支持一家全球大型製藥客戶推出固體口服劑量 GLP-1 療法藥物。這是一項令人振奮的勝利，它將透過向歐洲供應吸塑包裝和向美國供應硬質容器，使這兩個領域都受益。

Overall, our teams are executing well against our proven integration playbook. We also remain confident in our ability to deliver at least $260 million of synergies in fiscal 2026 and a total of $650 million of synergies through fiscal 2028.

整體而言，我們的團隊按照我們行之有效的整合方案執行得很好。我們也仍有信心在 2026 財年實現至少 2.6 億美元的綜效，並在 2028 財年之前實現總計 6.5 億美元的綜效。

Before turning the call over, I'd like to take a moment to formally welcome Steve Scherger, who joined us as Amcor's CFO nearly three months ago. Steve has spent his early days deeply engaged, meeting with our executive team, immersing himself in our business, and getting a clear line of sight into our priorities and opportunities. He brings deep industry experience and a strong understanding of both the US and global packaging markets, and we are excited to have him onboard.

在將電話轉交給對方之前，我想藉此機會正式歡迎史蒂夫·舍格爾，他於近三個月前加入我們，擔任安姆科的首席財務官。史蒂夫加入公司之初就全心投入其中，與我們的管理團隊會面，深入了解我們的業務，並清楚地認識到我們的優先事項和機會。他擁有豐富的行業經驗，對美國和全球包裝市場都有深刻的了解，我們很高興他能加入我們。

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 our customers and shareholders in the years ahead.

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，他的遠見卓識和豐富經驗將進一步增強我們在未來幾年為客戶和股東創造價值的能力。

Steve, over to you.

史蒂夫，該你​​了。

Thank you, PK, for those kind words. It is an honor to be here with you and our 70,000 colleagues. In my first few months at Amcor, I've had the opportunity to meet teams from across the organization and around the world, gaining a deeper understanding of the operational and strategic priorities that will drive and shape significant value creation for years to come. What has stood out most is Amcor's clear market leadership, disciplined approach to creating value, and the exceptional quality and capabilities of the people who drive performance globally every day.

PK，謝謝你的鼓勵。能與各位以及我們7萬名同事齊聚一堂，我深感榮幸。在加入安姆科的頭幾個月裡，我有機會與來自公司各部門和世界各地的團隊會面，從而更深入地了解了將在未來幾年推動和塑造重大價值創造的營運和戰略重點。最突出的是安姆科清晰的市場領導地位、嚴謹的價值創造方法，以及每天在全球範圍內推動業績增長的員工所展現出的卓越素質和能力。

This quarter, as you can see, we are sharing some additional materials and analytics with you to help provide a clearer view of our underlying market trends and the exceptional global consumer packaging platform we are building. I look forward to continuing to share our strategic priorities with current and potential investors in ways that will simplify and quantify our compelling value creation model. I look forward to partnering with our global leadership team as we build momentum and deliver strong results for our customers and shareholders.

如您所見，本季度我們將與您分享一些額外的資料和分析，以幫助您更清晰地了解我們潛在的市場趨勢以及我們正在建立的卓越的全球消費品包裝平台。我期待繼續與現有和潛在投資者分享我們的策略重點，以簡化和量化我們引人注目的價值創造模式。我期待與我們的全球領導團隊合作，共同發展壯大，為我們的客戶和股東帶來豐碩的成果。

Let me start with the Global Flexible Packaging Solutions segment on slide 8. Sales for the segment increased 23% on a constant currency basis, driven primarily by the Berry acquisition. On a comparable basis, volumes were down approximately 2% and were similar to what we experienced in Q1 in all regions. In the developed regions of North America and Europe, volume trends were consistent with the first quarter, down low- to mid-single digits, with Europe remaining modestly more challenged than North America. Volumes across emerging markets were as expected with low single-digit growth in Asia Pacific, offset by modestly lower volumes in Latin America.

讓我們先從第 8 頁投影片上的「全球柔性包裝解決方案」部分開始。該業務類股的銷售額以固定匯率計算成長了 23%，主要得益於對 Berry 的收購。以可比口徑計算，銷量下降了約 2%，與我們在第一季所有地區的情況類似。在北美和歐洲等已開發地區，銷售趨勢與第一季一致，下降了個位數百分比，其中歐洲面臨的挑戰比北美略大。新興市場的銷售量符合預期，亞太地區實現了低個位數成長，但拉丁美洲的銷量略有下降，抵消了這一增長。

By market category, volumes were higher in pet food and meat proteins. This was offset by lower volumes in other nutrition, liquids, and unconverted film and foil. Overall, our focus categories performed modestly better than the rest of the portfolio.

依市場類別劃分，寵物食品和肉類蛋白的銷售量較高。其他營養品、液體以及未加工薄膜和鋁箔的銷售下降抵消了這種影響。整體而言，我們的重點類別表現略優於投資組合中的其他類別。

Adjusted EBIT rose 22% on a constant currency basis to $402 million, driven by approximately $65 million of acquired earnings net of divestments. On a comparable constant currency basis, adjusted EBIT was up approximately 1%, and adjusted EBIT margin of 12.6% reflects accelerating synergy benefits in line with our expectations. Excluding synergies, comparable earnings were broadly in line with the prior year. Our teams remained resolute in their focus on disciplined cost performance and driving productivity improvements to offset the unfavorable impact of lower volumes.

以固定匯率計算，調整後的息稅前利潤成長了 22%，達到 4.02 億美元，這主要得益於收購所得收益（扣除剝離收益後）約為 6,500 萬美元。以可比較固定匯率計算，調整後的息稅前利潤成長約 1%，調整後的息稅前利潤率為 12.6%，反映出綜效帶來的效益正在加速成長，符合我們的預期。剔除綜效後，可比較收益與上年基本持平。我們的團隊始終堅定不移地專注於嚴格的成本控制和提高生產效率，以抵消銷售下降的不利影響。

Turning to slide 9 and the Global Rigid Packaging Solutions segment. Sales for the segment increased significantly on a constant currency basis, mainly as a result of the Berry acquisition. On a comparable basis, volumes were flat with the prior year, excluding non-core businesses. This represents a sequential improvement of approximately 1% or 100 basis points, driven by improved growth in emerging markets, where volumes were up low single digits, primarily in Latin America.

接下來請看第 9 張投影片，以及全球硬包裝解決方案部分。以固定匯率計算，該業務板塊的銷售額大幅成長，主要原因是收購了 Berry 公司。剔除非核心業務後，以可比口徑計算，銷售量與前一年持平。這代表著環比成長約 1% 或 100 個基點，主要得益於新興市場的成長，其中拉丁美洲的銷量實現了個位數低成長。

In developed market regions, excluding non-core businesses, North America volumes were flat compared with the prior year. As expected, volumes in Europe remained somewhat challenged and were down low single digits.

在已開發市場地區，不包括非核心業務，北美地區的銷售量與上年持平。正如預期的那樣，歐洲的銷量仍然面臨一定挑戰，出現了個位數的下滑。

Similar to the Flexibles segment, focused categories performed better than the rest of the broader portfolio with growth in the pet food, protein, and beauty and wellness markets. This growth offset softer volumes in the foodservice and healthcare markets. Adjusted EBIT was $228 million, up over last year on a constant currency basis, driven by approximately $165 million of acquired earnings net of divestments.

與柔性包裝業務板塊類似，重點細分市場在寵物食品、蛋白質、美容和健康市場等方面的表現優於其他更廣泛的產品組合。這一增長抵消了餐飲服務和醫療保健市場銷售下滑的影響。以固定匯率計算，調整後的息稅前利潤為 2.28 億美元，較上年有所增長，主要得益於收購所得收益扣除剝離收益後約為 1.65 億美元。

On a constant currency comparable basis and excluding non-core businesses, adjusted EBIT was up 15% as a result of accelerating synergy benefits. Excluding synergies, adjusted EBIT was in line with the prior year, with disciplined cost performance offsetting modestly unfavorable mix. Adjusted EBIT margin, excluding non-core businesses, improved approximately 200 basis points and was 12%, similar to the Flexibles segment, underscoring the strength of the business we are creating with this transformational acquisition.

以固定匯率可比較基礎計算，剔除非核心業務後，由於綜效加速顯現，調整後的息稅前利潤成長了 15%。不計協同效應，調整後的息稅前利潤與前一年持平，嚴格的成本控制抵銷了略微不利的產品組合。剔除非核心業務後，調整後的息稅前利潤率提高了約 200 個基點，達到 12%，與柔性包裝業務板塊類似，凸顯了我們透過此次變革性收購所創造的業務實力。

Moving to slide 10. Free cash flow for the quarter was $289 million, resulting in a first-half cash outflow of $53 million, in line with expectations. First-half capital spending was $459 million, up compared with the prior year as anticipated. We continue to expect fiscal 2026 capital spending to be in a range of $850 million to $900 million. Adjusted leverage exiting the quarter was 3.6 times, consistent with the seasonal cash flow patterns. We expect stronger cash flow in Q3 and continue to expect adjusted fiscal year-end leverage to be in the 3.1 to 3.2 times range.

切換到第10張投影片。本季自由現金流為 2.89 億美元，導致上半年現金流出 5,300 萬美元，符合預期。上半年資本支出為 4.59 億美元，與去年同期相比有所成長，符合預期。我們仍預期 2026 財年的資本支出將在 8.5 億至 9 億美元之間。本季末調整後的槓桿率為 3.6 倍，與季節性現金流模式一致。我們預計第三季現金流將更加強勁，並繼續預計調整後的財年末槓桿率將在 3.1 至 3.2 倍範圍內。

Our commitment to an investment-grade credit rating, a strong balance sheet, and a modestly growing dividend annually remains unchanged. Strong annual cash flow generation fully supports our capital allocation priorities.

我們對維持投資等級信用評級、穩健的資產負債表以及每年適度增長的股息的承諾依然不變。強勁的年度現金流產生能力為我們的資本配置優先事項提供了充分支持。

Turning to slide 11 and our financial guidance. Another quarter of results in line with expectations reinforce our confidence in delivering a year of strong adjusted EPS and cash flow growth. As PK noted earlier, we are reaffirming our full-year guidance ranges today.

接下來請看第 11 張投影片，了解我們的財務指導。又一個季度業績符合預期，增強了我們對全年實現強勁調整後每股收益和現金流成長的信心。正如PK之前提到的，我們今天重申我們全年的業績預期範圍。

Adjusted EPS expectations remain unchanged, while noting the range has been updated to a range of $4 to $4.15 per share, reflecting our recent 1 for 5 reverse stock split. Our expected year-over-year adjusted EPS growth of 12% to 17% is primarily driven by synergy capture, in line with our commitments and continued strong cost control as we execute in a challenging market environment. These actions, combined with the portfolio optimization steps PK covered earlier, will position us well to deliver sustained volume-driven organic growth over the mid to longer term.

調整後的每股盈餘預期保持不變，但需要注意的是，預期範圍已更新為每股 4 美元至 4.15 美元，以反映我們最近進行的 1 比 5 的反向股票分割。我們預計調整後每股收益將年增 12% 至 17%，這主要得益於協同效應的實現，符合我們的承諾，並且我們在充滿挑戰的市場環境中持續保持強勁的成本控制。這些措施，再加上 PK 先前提到的投資組合優化步驟，將使我們能夠在中長期內實現持續的銷售驅動型內生成長。

We are also reaffirming free cash flow guidance of $1.8 billion to $1.9 billion. Relative to the first half of the year, our guidance implies a step-up in earnings in the second half, in line with our expectations, driven by three key components. First, synergy benefits will continue to build. Second, seasonality is typically stronger in the second half of the year. And third, performance across our non-core businesses is expected to improve, supported by recently renegotiated customer contracts and improved operating performance compared to the prior year.

我們也重申自由現金流預期為 18 億美元至 19 億美元。與上半年相比，我們的預期表明，下半年獲利將有所成長，這與我們的預期一致，主要得益於三個關鍵因素。首先，協同效應將持續增強。其次，季節性因素在下半年通常更為明顯。第三，在最近重新談判的客戶合約和與上一年相比有所改善的營運績效的支持下，我們非核心業務的業績預計將會改善。

Looking to the third quarter, we expect adjusted EPS to be in the range of $0.90 to $1 per share, including realization of approximately $70 million to $80 million of synergy benefits.

展望第三季度，我們預計調整後每股盈餘將在 0.90 美元至 1 美元之間，其中包括實現約 7,000 萬美元至 8,000 萬美元的協同效應收益。

Please also draw your attention to supplemental third quarter and updated full-year guidance metrics in the Appendix section on slide 14, which should be helpful when updating financial models.

另請注意附錄部分第 14 頁中的補充第三季度和更新的全年指導指標，這在更新財務模型時應該會有所幫助。

In summary, we are executing well and delivering against our commitments as we continue to take steps to further strengthen the business and our performance.

總而言之，我們執行良好，履行了我們的承諾，並將繼續採取措施進一步加強業務和績效。

With that, I'll hand the call back to PK to close out. PK?

這樣，我就把電話交還給PK結束通話了。PK？

Thanks, Steve. In closing, we are making tangible progress across all three of our strategic initiatives. These actions support our long-term organic growth objectives, translating into sustainable, volume-driven earnings growth over the mid to longer term.

謝謝你，史蒂夫。最後，我們在所有三個策略舉措方面都取得了實際進展。這些舉措支持我們的長期有機成長目標，從而在中長期轉化為可持續的、以銷售驅動的獲利成長。

As we close out the first half of fiscal 2026 and look ahead, we are pleased with our progress. We're executing well. Our financial performance is in line with expectations, and we are delivering against our commitments, demonstrating the resilience of our business in a challenging market environment. We are on track to deliver at least $260 million of synergies this fiscal year and $650 million over three years. We have reaffirmed our fiscal 2026 adjusted EPS and free cash flow guidance, and portfolio actions are progressing with pace.

2026 財年上半年即將結束，展望未來，我們對所取得的進展感到滿意。我們執行得很好。我們的財務表現符合預期，我們正在履行我們的承諾，這證明了我們業務在充滿挑戰的市場環境中具有韌性。我們預計在本財年實現至少 2.6 億美元的綜效，並在三年內實現 6.5 億美元的綜效。我們重申了 2026 財年調整後每股盈餘和自由現金流預期，投資組合行動正在快速推進。

That concludes our prepared remarks. And with that, operator, please open the line for questions.

我們的發言稿到此結束。接線員，現在可以開始接受提問了。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

First off, Steve, congrats to you and welcome back. Best wishes in your new role.

首先，史蒂夫，恭喜你回來。祝您在新崗位上一切順利。

I guess, Pete, in terms of the volumes or, Steve, for that matter, in terms of your expectation for volume for the next two quarters, which are your fiscal year '26, are you embedding -- just share with us in terms of what you're embedding in terms of volumes between the two segments. Have you seen any improvement in your production backlogs or any other forward indicators that you track?

我想，皮特，就銷量而言，或者史蒂夫，就你對未來兩個季度（即你的 2026 財年）銷量的預期而言，你是否在兩個業務部門的銷量方面做了安排——請和我們分享一下你對這兩個業務部門銷量的安排。您在生產積壓或其他您追蹤的指標方面是否看到任何改善？

I'm just asking because some of the CPGs have reported thus far have set some generally speaking, very favorable things as it relates to volumes and pivoting towards volume velocity in fiscal year '26. I'm just curious if you've seen any impact of that whatsoever at this point. Thanks.

我這麼問是因為一些消費品公司迄今為止公佈的業績表明，他們在 2026 財年設定了一些總體上非常有利的目標，包括銷量和轉向提高銷量增速。我只是好奇，到目前為止，你是否已經看到這方面產生了任何影響。謝謝。

Yeah. Thanks, Ghansham. I'm happy to give you some color, and then maybe Steve wants to follow up and then provide some context with regards to our financial expectations. Well, generally speaking, I'd say, we're approaching the back half not much different from what we saw in the first half. And therefore, the commentary is even very much aligned with what we said in November.

是的。謝謝你，甘沙姆。我很樂意為你提供一些細節，然後史蒂夫或許會跟進，並就我們的財務預期提供一些背景資訊。總的來說，我認為下半季的情況與上半季並沒有太大不同。因此，這些評論與我們在 11 月所說的非常一致。

I'll start with the positives. I think we're making good progress on the revenue synergies as we pointed out in our prepared comments, and we are very much focused on the growth initiatives that we're driving across the business. So those could potentially provide some upside, but the reality is we're operating in a market that is low single digits down.

我先說說正面積極的一面。正如我們在準備好的評論中所指出的，我認為我們在收入綜效方面取得了良好進展，我們非常專注於我們正在推動的各項業務成長計畫。所以這些因素可能會帶來一些上漲空間，但現實情況是，我們目前所處的市場處於個位數低點下跌的趨勢。

And while everybody is hoping that the environment won't turn in the short term in the second half, we're approaching it very much consistent with what we've seen in the first half. What that means is we will continue to apply the same recipe in terms of focusing on cost, flexing the organization according with the volume demand that we're seeing.

雖然大家都希望下半年的環境不會在短期內發生變化，但我們採取的因應措施與上半年的做法非常一致。這意味著我們將繼續沿用同樣的策略，專注於成本控制，並根據我們看到的銷售需求靈活調整組織架構。

So we do see some opportunity for improvement in the back half, but we're hoping for the best and planning for something that's very much consistent with the first half. Steve?

因此，我們看到下半程還有一些改進的空間，但我們希望一切順利，並計劃在下半程保持與上半程非常一致的狀態。史蒂夫？

Yeah. And thanks, PK. And just to add a little bit to that, Ghansham. Our guidance assumes -- really at the bottom half of the guidance, if you will, assumes a market environment similar to what we've been experiencing, so similar to the 1.5% that we were down in the quarter.

是的。謝謝你，PK。甘沙姆，我還要補充一點。我們的業績指引——確切地說，是指引的下半部分——假設市場環境與我們所經歷的類似，與我們本季下降的 1.5% 非常相似。

So really the bottom half assumes consistent volume environments. And as PK said, well, the upper half would be more aligned with the possibility of more positive activity with our customers as well as the capture of revenue synergies and the work we're doing to gain position.

所以，下半部其實是假設了穩定的交易量環境。正如 PK 所說，上半部更可能與我們的客戶進行更多積極的活動，以及實現收入協同效應和我們為獲得市場地位所做的工作相一致。

Jakob Cakarnis, Jarden Australia.

雅各‧卡卡尼斯 (Jakob Cakarnis)，澳洲花園。

I just wanted to focus now that we've got the guidance for the third quarter, more on the fourth quarter and exit rates, if we could. Seasonally, it looks like your EPS historically has been about 30% of the full year in that fourth quarter. It looks like the guidance is largely congruent with that sort of shape for the result.

既然我們已經有了第三季的業績指引，我想把重點放在第四季和退出率上，如果可以的話。從季節性來看，你們第四季的每股盈餘通常約為全年每股盈餘的 30%。看起來，指導意見與這種結果形狀基本一致。

Can you just give us outside of volumes and market performance, some of the initiatives you're enacting through the fourth quarter that give you confidence around that guidance, please?

除了銷售量和市場表現之外，您能否再介紹一下您在第四季度實施的一些舉措，這些舉措讓您對業績指引充滿信心？

Yeah. Jakob, this is Steve. Maybe just trying to take you through the first half, second half, and then a little bit third quarter, fourth quarter. As we look first half, second half, I'll focus on EBIT improvement. Really, there's three things that will drive first half, second-half EBIT improvement.

是的。雅各布，這位是史蒂夫。或許只是想帶你了解上半場、下半場，然後再稍微了解第三節和第四節。展望上半年和下半年，我將聚焦在息稅前利潤的改善。實際上，有三件事將推動上半年和下半年息稅前利潤的成長。

One is just seasonality, a little bit of what you were just talking about. We should see about $100 million of EBIT improvement first half to second half just seasonally, which would be consistent with historical expectations.

一是季節性因素，有點像你剛才說的意思。光是季節性因素就應該能讓上半年到下半年的息稅前利潤增加約 1 億美元，這與歷史預期相符。

Synergy growth is very important, first half, second half. The at least $260 million of synergy for the year is another $100 million of improvement first half, second half. And then I'm sure we'll talk a little bit more about our non-core businesses, the $2.5 billion of non-core. We'll see improvement first half, second half there as well, particularly given the challenging second quarter that we saw with our non-core businesses, primarily the North American Beverage business.

協同成長非常重要，無論是上半年或下半年。今年至少可達到 2.6 億美元的綜效，這意味著上半年和下半年將分別實現 1 億美元的改善。然後，我相信我們還會再多談談我們的非核心業務，也就是那 25 億美元的非核心業務。我們預計上半年和下半年情況都會有所改善，特別是考慮到我們非核心業務（主要是北美飲料業務）在第二季度面臨的挑戰。

Q3 to Q4 improvement, to your question, that too, synergy capture will continue to accelerate Q3 to Q4. Our non-core businesses, we should see improvement Q3 to Q4. And then one of the things that we'll see in Q4 specifically on a year-over-year basis is a year ago in Q4, we had some challenges with our North American Beverage business, and we have more confidence that Q4 year over year, we'll see improvement on that front. So just a little bit of first half, second half, and third quarter, fourth quarter for you. I hope that helps with the context.

關於您提出的第三季到第四季的改善問題，綜效的實現也將繼續加速第三季到第四季的改善。我們的非核心業務，預計第三季到第四季會有所改善。然後，我們將在第四季度看到與去年同期相比的一個變化是，去年第四季度，我們的北美飲料業務面臨一些挑戰，我們更有信心，與去年同期相比，第四季度這方面的情況會有所改善。所以，這裡就簡單介紹一下上半場、下半場、第三節和第四節的情況。希望這能幫助你理解背景。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Just following up on Ghansham's question in terms of the volume performance in the first half and maybe the embedded assumptions for the second half. I mean, do you think in your major categories, is your volume performance basically in line with the broader industry? Do you think that you're gaining a little bit of share? Or conversely, are you letting go of some business that's maybe become less profitable?

我只是想就 Ghansham 提出的問題，即上半年銷售表現以及下半年可能的假設進行補充說明。我的意思是，您認為在貴公司的主要類別中，您的銷售表現是否基本上與整個產業保持一致？你認為你的市佔率正在逐漸擴大嗎？或者反過來，你是否正在放棄一些獲利能力下降的業務？

Yeah. Thanks, Anthony. I think I'll have to go with this one. Let me just run you through the numbers again to calibrate and at the same time, give you a bit of color. So the overall company in the second quarter was down 2.5% on volumes, and that would have been a performance that's very similar to the first quarter.

是的。謝謝你，安東尼。我想我得選這個了。讓我再給你過一遍這些數字，以便進行校準，同時給你一些背景資訊。因此，該公司第二季的整體銷量下降了 2.5%，這一業績與第一季非常相似。

And when you take a really hard look, you probably see a performance that is marginally better than the first quarter. But I'd be cautious to read too much into that just because I would like to see a bit more of a trend here and also the numbers are not that much different. So very much in line, I would say, volume performance wise for the first quarter.

當你仔細觀察時，你可能會發現第二節的表現比第一節略好。但我認為不應該過度解讀，因為我希望看到更明顯的趨勢，而且數字上的差異也不算太大。所以，就第一季的銷售表現而言，我認為非常符合預期。

Now let me dive into that a little bit more. And by doing that, I'll focus on the core portfolio. So now I'm talking about the $20 billion out of the $23 billion of the company. The core portfolio really is 1.5% down. That's about 100 basis points better than the overall business, and the delta, obviously, is made up by the non-core part of the business. But the core is 1.5% down.

現在讓我更深入地探討一下這個問題。這樣一來，我就可以專注於核心投資組合了。所以現在我談的是公司230億美元中的200億美元。核心投資組合確實下跌了1.5%。這比整體業務水準高出約 100 個基點，而這部分差距顯然是由非核心業務部分彌補的。但核心股下跌了1.5%。

If I go into the segments, between Rigids and Flexibles, again, both have been very similar to Q1. Flexibles down low single digits, Rigids flat. Happy with that. We're happy with the flat performance of Rigids. I guess what we're seeing there is that North America is holding up. We're seeing some growth in LatAm. And I would like to believe that that's a combination of market improvement maybe but also the efforts that we're investing in the business in order to improve the volume performance overall. So we're happy with the Rigids performance.

如果我進一步細分，在剛性材料和柔性材料之間，兩者都與 Q1 非常相似。彈性纖維價格跌至個位數，硬質纖維價格持平。對此我很滿意。我們對剛性材料的平坦性能感到滿意。我想我們看到的是，北美地區目前情況依然樂觀。我們看到拉丁美洲市場出現了一些成長。我希望這既是市場改善的結果，也是我們為提高整體銷售表現而投入業務的結果。我們對Rigids的性能很滿意。

If I go by region, North America, encouraging, as I said, low single digits down, a little better than Q1. Europe is a bit weaker than North America across both segments. And we're seeing growth again in the emerging markets, low single digits after we've been flat in Q1.

如果按地區來看，北美的情況令人鼓舞，正如我所說，下降幅度很小，比第一季略好。在兩個細分市場中，歐洲都比北美略弱一些。我們看到新興市場再次成長，在第一季保持穩定之後，目前成長率為個位數。

And then I'll make one more comment, which is important because we keep referencing the focus segments of the business, which are more than 50% of the core business. And collectively, those focus segments have outperformed the core business overall, and we're happy with that. Pet care was certainly a standout example. We've seen high-single-digits growth over a couple of periods now. And there, I would say, we probably are gaining some share.

然後我再補充一點，這一點很重要，因為我們一直在提及業務的重點領域，這些領域佔核心業務的 50% 以上。整體而言，這些重點細分市場的表現優於核心業務，我們對此感到滿意。寵物照顧無疑是一個突出的例子。我們已經連續幾個時期實現了接近兩位數的成長。我認為，我們可能正在贏得一些市場份額。

And meat proteins has likewise been a category we're happy with, with low-single-digits growth, and that would be consistent with the efforts that we've put into the category in the past. So I think that gives you some color.

肉類蛋白也是我們比較滿意的一個品類，實現了個位數低成長，這與我們過去在該品類上投入的努力是一致的。所以我覺得這能給你一些啟發。

Brook Crawford, Barrenjoey.

布魯克·克勞福德，巴倫喬伊。

It was just on the second-half implied earnings improvement, which you've already kind of talked through there. But just with respect to the non-core portfolio. Can you provide some EBIT numbers in terms of what we should expect the improvement in the non-core EBIT contribution in the second half versus the first half will be super helpful. Thanks.

這只是關於下半年隱含獲利改善的問題，您剛才已經談過了。但僅就非核心投資組合而言。能否提供一些息稅前利潤（EBIT）數據，以便我們了解下半年非核心息稅前利潤貢獻相對於上半年的預期改善？這將非常有幫助。謝謝。

Yeah, Brook. Again, this is PK. Let me provide some color, and then Steve can help you out on the numbers. The non-core business, we believe, had a tough quarter in Q2, and that was mostly driven by volumes. Sequentially, Q2 was a little weaker than Q1, particularly in the North American beverage business.

是的，布魯克。再說一遍，這是PK。我先描述一下情況，然後史蒂夫可以幫你算數字。我們認為，非核心業務在第二季表現不佳，這主要是由於銷售下降所致。第二季業績略遜於第一季度，尤其是在北美飲料業務方面。

I would say we've been looking for explanations and signs. We've been looking at destocking activities. But in the core portfolio of our business, I wouldn't say I couldn't see any destocking impact. In the non-core business, there may have been some targeted destocking. So that may have been one of the reasons that drove the volume performance down.

我認為我們一直在尋找解釋和跡象。我們一直在關注去庫存活動。但就我們業務的核心組合而言，我不能說我看不到任何去庫存的影響。在非核心業務方面，可能進行了一些有針對性的去庫存。所以這可能是導致銷量下滑的原因之一。

The other two things that I want to tell you is, operationally, we operated well in the non-core portfolio. And that relates back to some challenges that we had in prior periods, but we exited the first quarter already saying that we were okay with that and I can confirm that in the second quarter.

另外兩點我想告訴你們，在營運方面，我們在非核心業務組合方面運作良好。這與我們之前遇到的一些挑戰有關，但我們在第一季末就表示我們能夠應對這些挑戰，我可以在第二季證實這一點。

Making these comments also in terms of the outlook into the second half. The thing that's changing going forward for the non-core business is that we've also sat down with a number of our customers, and we have looked at the commercial terms of our contract. And really in a real partnership basis, we have been able to adjust some of those terms on a very fair basis, which will improve the business going forward. So that gives me confidence.

以上評論也適用於下半年的展望。對於非核心業務而言，未來正在改變的是，我們也與一些客戶坐下來，重新審視了合約中的商業條款。真正基於夥伴關係，我們得以在非常公平的基礎上調整其中一些條款，這將改善公司未來的業務發展。這讓我更有信心。

We're operating well in the back half. That's our assumption. Our commercial terms have improved, that will give us a lift. Then we'll have to see what the volume situation is like. But certainly, Q2 versus Q3, I would expect a bit of a lift if I'm correct with my assumption that we do have some destocking.

我們在下半程的比賽中表現良好。這是我們的假設。我們的商業條款有所改善，這將為我們帶來提振。接下來我們得看看成交量情況如何。但可以肯定的是，如果我的假設正確，即我們確實進行了一些去庫存，那麼第二季度與第三季度相比，我預計會有一些增長。

Yeah. Brook, this is Steve. Just to kind of add some of the facts there to what PK was describing. As PK mentioned, Q2 was a difficult quarter for our non-core businesses, EBIT margins in the 3% range. And that was really where we saw some of the headwinds, the $30 million of year-over-year headwind that was in the context of our overall still growing EBIT at the company level.

是的。布魯克，這位是史蒂夫。我只是想補充一些PK描述的事實。正如 PK 所提到的，第二季度對於我們的非核心業務來說是一個艱難的季度，息稅前利潤率在 3% 左右。而這正是我們看到一些不利因素的地方，即年減 3,000 萬美元，同時，公司整體的息稅前利潤仍在成長。

First-half EBIT margins for our non-core business, roughly the $1.2 billion of top line in the 5% range. So that's just kind of speaks to the first half. As we look to the second half, as PK mentioned, new contractual terms, better pricing, good operating environment, we should operate EBIT back into more traditional levels, which is more in the 7% to 8% range, which year -- first half to second half would be about a $50 million improvement in that business, which is really kind of the third component we were talking earlier of first half to second-half improvement relative to the North American beverage business in the context of the total non-core businesses.

我們非核心業務上半年的息稅前利潤率（約佔總營收 12 億美元的 5%）約為 5%。以上就是上半部的內容。展望下半年，正如PK所提到的，新的合約條款、更好的定價、良好的經營環境，我們應該能夠將息稅前利潤率恢復到更傳統的水平，也就是7%到8%的範圍內。這意味著，從上半年到下半年，該業務將改善約5,000萬美元。這實際上是我們之前提到的第三個組成部分，即相對於北美飲料業務，在所有非核心業務中，上半年到下半年的改善。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

Steve, good to hear you. Welcome back, PK. Thanks for the details as well.

史蒂夫，很高興聽到你的消息。歡迎回來，PK。謝謝你提供的詳細資訊。

I guess my question is the following. Can you talk about, especially in your focus categories and flexible, what the exit rate on volume was from fiscal 2Q into fiscal 3Q? Where are you seeing perhaps some acceleration or decline?

我想問的問題是這樣的。能否具體談談，尤其是在您的重點品類和彈性品類中，從第二財季到第三財季的銷售退出率是多少？你覺得哪些方面可能出現了加速或衰退？

The sort of related question behind the question, when I look at the segment results for flexible on slide 8, I know you're pleased with the synergies and certainly that's going well, but there was really not a lot of operating leverage, a lot of earnings growth ex the acquisition. And I'm assuming it's the core businesses being down in volume. So if you could talk about the exit rates on your focus categories in flexible, what's doing well? What's not? And what kind of the mix effect of declining volume was in 2Q for flexibles? Thank you.

這個問題背後還有一個相關的問題，當我查看第 8 頁幻燈片上靈活業務的分部業績時，我知道您對協同效應感到滿意，而且這方面進展順利，但實際上並沒有多少經營槓桿，收購之外的盈利增長也不多。我估計是核心業務的業務量下降了。那麼，如果您能談談彈性就業領域中重點關注類別的退出率，哪些類別表現良好？什麼不是？第二季柔性包裝銷售下降的綜合影響是什麼？謝謝。

Yeah. Thanks, George. Let me give this a try and then Steve can follow up if he can add some additional value. So exit rates of the focus categories. I'm not a big believer of dissecting a quarter into beginning, middle, and end, and sort of talking about the volume performance in a very short period of time and read too much into it. But what I can tell you is, and I made this comment, the focus categories collectively outperformed the core business in the second quarter.

是的。謝謝你，喬治。我先試一試，如果史蒂夫能提供更多有價值的信息，他可以再跟進。因此，重點關注類別的退出率。我不太贊成將一個季度分成開頭、中間和結尾，然後在很短的時間內談論銷量表現，並過度解讀。但我可以告訴你們的是，正如我之前所說，重點類別在第二季整體表現優於核心業務。

And the core business was 1.5% down. The focus categories were anywhere between 50 and 100 basis points better than that. So that gives you a bit of a flavor of how the focus category is performed.

核心業務下降了1.5%。重點類別的數據比這高出 50 到 100 個基點。這樣你就能大致了解重點類別是如何運作的了。

Now as to the performance between the six, I made a couple of comments already. I guess on the positive side, pet care really strong, and this is -- I went as far as saying in an earlier question that I think we are gaining share in pet care. Meat protein was up low single digits, so we like that. Dairy was a little softer. And meat and dairy together make up protein.

至於這六個人之間的表現，我已經發表了一些評論。我覺得積極的一面是，寵物護理業務非常強勁，而且——我什至在之前的一個問題中說過，我認為我們在寵物護理領域正在獲得更大的市場份額。肉類蛋白質含量略微上升了個位數，我們對此感到欣喜。奶製品稍微軟了一些。肉類和奶製品共同構成蛋白質。

And then if I go to health, beauty and wellness, healthcare was down just a tad. You would wonder why that is, but if you look at the quarter, again, short period of time, the US flu season was a little weaker. That sort of is a bit of a driver. And beauty and wellness was in line with growth in Europe, a little weaker in Asia.

然後，如果我查看健康、美容和養生板塊，醫療保健板塊的排名略有下降。你可能會好奇這是為什麼，但如果你看一下這個季度（同樣是一小段時間），你會發現美國的流感季稍微弱一些。那在某種程度上是一個驅動因素。美容和健康產業在歐洲的成長與整體成長趨勢一致，但在亞洲的成長卻稍顯疲軟。

The rest of the focus categories are sort of in the range of low single digits down, maybe foodservice a little more, which is a reflection of the value-conscious behavior of the consumer. And that sort of speaks to the mix between the different categories.

其餘重點類別的降幅都在個位數左右，餐飲服務業的降幅可能更大一些，這反映了消費者註重性價比的行為。這在某種程度上體現了不同類別之間的融合。

Steve, is there anything you want to add?

史蒂夫，你還有什麼要補充的嗎？

No. The only thing to add there, George, to your segment component of the question. I think if you look at the flexible segment, the page 8, kind of the lower left, overall, volumes were down 2%, as we mentioned, in the Flexibles segment, while EBIT was up 1%. Synergy capture in the Flexibles business this quarter was in about the $10 million range, so only $10 million of our $50 million of EBIT synergies.

不。喬治，關於你提出的問題，我唯一要補充的是：我認為，如果你看一下柔性包裝板塊，第 8 頁，大概在左下角，正如我們提到的，柔性包裝板塊的銷量總體下降了 2%，而息稅前利潤上升了 1%。本季柔性包裝業務的綜效實現金額約為 1,000 萬美元，僅占我們 5,000 萬美元 EBIT 綜效的 1,000 萬美元。

So actually, the EBIT on a comparable basis, up roughly $5 million synergies plus $10 million, the core business actually operated pretty close to flat, just down very modestly. So I think the core, we're actually very pleased with how the core business performed in a modestly down volume environment.

因此，實際上，以可比口徑計算，息稅前利潤成長了約 500 萬美元（綜效）加上 1,000 萬美元，核心業務的實際營運情況基本上持平，只是略有下降。所以我覺得，在銷售量略為下滑的環境下，我們對核心業務的表現非常滿意。

Where we really saw the positive benefits on the Rigids segment in the kind of the lower left, excluding the non-core businesses, which we mentioned, were down $30 million on a year-over-year basis, was actually up 15%. And so, to put that into context, it's about $35 million. And $30 million of our $50 million of EBIT synergy capture was in the Rigids segment because given that's where the Berry business primarily is, we saw a lot of our G&A and a lot of our procurement synergies captured there. And there too, excluding that, the core business performed quite nicely, flattish on -- in a flat volume environment. So that's just to give you a little bit of the details on the segment side.

在左下角所示的剛性部件業務板塊，我們真正看到了積極的效益。不包括我們提到的非核心業務（這些業務同比下降了 3000 萬美元），該板塊實際上增長了 15%。所以，換個角度來看，這大約是 3500 萬美元。我們 5000 萬美元的 EBIT 協同效應中有 3000 萬美元來自硬質材料部門，因為 Berry 的業務主要集中在該部門，所以我們在該部門實現了大量的管理費用和採購協同效應。除此之外，核心業務在銷售平穩的環境下表現也相當不錯，基本上保持平穩。以上就是關於該細分市場的一些細節介紹。

Niraj Shah, Goldman Sachs.

Niraj Shah，高盛集團。

Just double-clicking on synergies. Can you give us some color on the split between G&A and procurement in the second quarter? I think it's skewed to G&A in the first quarter. But also how you expect that to look in the second half and how the conversations with the suppliers are progressing as well, please?

只需雙擊協同效應即可。能否詳細介紹一下第二季一般及行政費用和採購費用之間的佔比情況？我認為第一季的管理費用偏高。另外，您預計下半年狀況會如何？與供應商的洽談進度如何？

Yeah. I can touch on that, and PK can add some color there. Of the $50 million of synergy capture -- EBIT synergy capture for the quarter, it's split actually quite evenly between procurement synergies and G&A. So it was those two categories. The $55 million that we mentioned, the incremental $5 million are the financial synergies kind of more on the interest and tax side, so pretty evenly split between procurement and G&A.

是的。我可以略微提及這一點，PK 可以補充一些細節。本季 5,000 萬美元的綜效收益（EBIT 綜效收益）實際上在採購綜效和一般及行政費用之間平均分配。所以就是這兩類。我們提到的 5,500 萬美元，新增的 500 萬美元是財務綜效，主要體現在利息和稅收方面，因此在採購和一般管理費用之間基本平均分配。

As we look forward, we'll continue to be on path relative to procurement and G&A synergies. We're not expecting much in the form of revenue synergies in the second half of the year. That will be mostly positive that we're going to start to see in fiscal -- out in 2027, so post June of this year.

展望未來，我們將繼續朝著採購和一般及行政綜效的方向努力。我們預計下半年在收入綜效方面不會有太大進展。我們將在 2027 財年開始看到一些正面的方面，也就是今年 6 月之後。

We'll also start to see some of the operational synergies. That's really where we've been investing for facility improvement and consolidation. Those synergies will start to ramp up as we look past this year's fiscal year-end. So hopefully, that gives you a little bit of the detail there.

我們也將開始看到一些營運方面的綜效。這正是我們一直以來在設施改善和整合方面進行投資的重點領域。隨著我們展望本財年結束之後，這些綜效將開始增強。希望這些細節能讓你有所了解。

Yeah. Maybe in terms of the color on the procurement side, what I can tell you is that, generally, we feel really good about the synergy ramp-up and also the pipeline that supports our expectations for the back half of the year. Steve already said, what hits first is G&A. What then comes second is procurement as you wash through the inventory. Anything on the network takes a little more time because it typically has to do with plant restructurings or closures and the commercial side, while awarded takes a moment for it to also come through. That's sort of the background to Steve's commentary which I fully support.

是的。就採購方面而言，我可以告訴你的是，總的來說，我們對協同效應的提升以及支撐我們下半年預期的供應管道都感到非常滿意。史蒂夫已經說過，最先影響的是一般及行政費用。接下來就是採購環節，也就是清點庫存。網路上的任何事情都需要更多的時間，因為它通常與工廠重組或關閉以及商業方面有關，而授予的合約也需要一段時間才能生效。這就是史蒂夫評論的背景，我完全支持他的觀點。

On the procurement side, look, we have a number of conversations with our suppliers, obviously. About half of the total synergies that we're expecting of the $650 million are procurement related. And then the compensations have gone well and to an extent that, again, we feel very confident about our ability to deliver the synergies. If procurement wouldn't perform, we couldn't get there just because of the weight in the portfolio. So we feel very good about that.

在採購方面，我們顯然會與供應商進行多次溝通。我們預計 6.5 億美元的綜效中，約有一半與採購相關。而且補償措施進展順利，在某種程度上，我們再次對實現協同效應的能力感到非常有信心。如果採購環節不盡人意，我們就無法達成目標，只因為投資組合的權重太大。所以我們對這一點感到非常滿意。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Sort of a two-part question. Is the conclusion that we should draw from slide 6, is it that the non-core businesses have very minimal EBIT?

這算是一個包含兩個部分的問題。我們應該從第 6 張投影片中得出的結論是，非核心業務的息稅前利潤非常低嗎？

And secondly, on your raw material synergies, are the raw material synergies independent of the general level of raw material values? So in other words, in a world in which oil falls in value and we've seen polypropylene prices fall and polyethylene prices fall, is the amount of synergy capture simply smaller? And in a world in which raw material prices really rise, would it be higher? Or is it independent of commodity changes in value?

其次，關於原料協同效應，原料協同效應是否與原料價值的整體水準無關？換句話說，在石油價格下跌、聚丙烯價格下跌、聚乙烯價格下跌的世界裡，綜效的取得量是否就相應減少了呢？如果原物料價格真的上漲，價格會更高嗎？還是它與商品價值的改變無關？

Yeah. Jeff, maybe I'll start on the non-core, and I'll just go back to what we mentioned a little bit earlier, just on the margin profiles. You touched on it.

是的。傑夫，或許我會先從非核心部分入手，然後我再回到我們之前提到的邊際收益概況。你剛才提到了這一點。

Our non-core businesses, the $2.5 billion operated through the first half at about 5% EBIT margin. So think EBITDA in just sub-10% range. And that was below traditional levels, mostly because of a very difficult Q2, as we mentioned, down at 3%, some of the significant volume decline that we saw there, high single digits during the quarter.

我們的非核心業務，25億美元的營運額，上半年的息稅前利潤率約為5%。所以，預計 EBITDA 將低於 10%。而且這低於傳統水平，主要是因為第二季度非常艱難，正如我們所提到的，下降了 3%，我們看到該季度銷量出現了顯著下降，降幅接近兩位數。

We do expect that EBIT margins will return to more normalized levels for our non-core businesses in the second half. We're beating, as PK mentioned earlier, better contractual terms, better pricing, more volume commitments, and they would be in EBIT margins more in that 7% to 9% range.

我們預計下半年非核心業務的息稅前利潤率將恢復到較正常的水平。正如 PK 之前提到的，我們透過更好的合約條款、更好的定價、更多的銷售承諾來擊敗他們，他們的息稅前利潤率將達到 7% 到 9% 的水平。

As we've talked before, they are below the averages for the company and obviously, have a different growth trajectory, which is one of the critical reasons why strategically we're committed to exiting from them. So that's just a little bit of the fact base on that front. And I'll let PK add on the raw material side. I'd say those savings tend to be more volume-driven generally, but PK?

正如我們之前討論過的，它們的業績低於公司的平均水平，而且顯然成長軌跡也不同，這也是我們決定從策略上退出它們的關鍵原因之一。以上就是這方面的一些事實。原料方面，就交給PK補充吧。我認為這些節省通常更多是由銷售驅動的，但PK呢？

Yeah. I just want to provide some context here for the scale, Jeff, and break that down a bit. We got to remember that our procurement spend is about $13 billion, of which $10 billion is raw materials and $3 billion is in direct. Out of that $10 billion of the raw materials, $5 billion, 50%, is resin-based, and the balance is in solvent, adhesives, and a number of other things.

是的。傑夫，我只是想在這裡提供一些關於這個規模的背景信息，並稍微解釋一下。我們必須記住，我們的採購支出約為 130 億美元，其中 100 億美元是原料，30 億美元是直接支出。在這 100 億美元的原料中，50 億美元（50%）是樹脂類產品，其餘部分是溶劑、黏合劑和其他一些產品。

So the first thing I'd say is we tend to believe our synergies are resin-based synergies. It's a lot broader than that. And we need to remind ourselves of this, also in terms of the scale of our procurement spend to start.

所以首先我想說的是，我們傾向於認為我們的協同作用是基於樹脂的協同作用。它的涵蓋範圍遠不止於此。我們需要時時提醒自己這一點，尤其是在採購支出規模方面。

Now in a world where raw material input pricing comes down, and we had this conversation several times on earlier calls, the question is how big of an influence does scale of our operations have? Just the near volume that we're able to offer to suppliers? And it's had an impact in a situation where you're struggling for volumes, big buyers that can offer volumes can make a difference, and we're seeing that. But if we take that plus everything else that we're doing on the procurement side, we get to the synergy expectations that we are confirming today and that we feel very comfortable with.

如今，原物料投入價格下降，我們在之前的幾次電話會議中也討論過這個問題，現在的問題是，我們營運的規模究竟有多大的影響？只是我們能夠提供給供應商的大致數量嗎？在銷量不佳的情況下，大買家能夠提供銷量，這確實產生了影響，而我們正在看到這一點。但是，如果我們把這些加上我們在採購方面所做的一切，我們就能達到我們今天確認的綜效預期，我們對此感到非常滿意。

Ramoun Lazar, by the way, with Jefferies.

順便提一下，拉蒙·拉扎爾是傑富瑞集團的員工。

Just on the volumes, PK, if you could maybe comment on how you see your customers performing in the context of the overall market. I know previously, you've called out market share losses by some of your customers. Do you think those customers have stabilized their share in the end markets? And just keen to see how you're seeing that progress through the year.

PK，就銷售量而言，您能否談談您認為您的客戶在整個市場中的表現如何？我知道你之前曾指出過一些客戶的市佔率有所下降。您認為這些客戶在終端市場佔有率中是否已經穩定下來了？我很想看看你如何看待這一年的進展。

Yeah, Ramoun. I mean, it's not for me to comment on our customer performance, and that's not your question. I know that. So I'll kind of best answer that. The first thing that I would say is we have always been -- we are particularly now after we've done the acquisition, very broad, and we have a very broad exposure to a number of different customers and customer groups.

是的，拉蒙。我的意思是，我無權評論我們客戶的表現，而且這也不是你的問題。我知道。那我大概能最好地回答這個問題了。首先我想說的是，我們一直以來——尤其是在完成收購之後——業務範圍非常廣泛，我們與許多不同的客戶和客戶群都有著非常廣泛的業務往來。

So broad participation, therefore, our performance should roughly be what the market actually offers, right, unless we can outperform and we're trying to outperform. And we have good reasons why we believe we can outperform. So that's one.

因此，由於參與度廣泛，我們的業績應該大致與市場實際表現相符，對吧，除非我們能夠跑贏市場，而我們也正在努力跑贏市場。我們有充分的理由相信我們能夠超越對手。這是其中之一。

The second thing, to the extent large customers, CPG-type customers have been taking price in the past on the back of a very inflationary environment and prioritize price over volumes, what I can tell you there is that certainly the conversations have moved to finding a more -- a better balance between price and volumes, which also relates to promotional activities that have been spoken about by customers, and you see that when they go to market and they talk about how they want to improve their volume performance going forward.

第二點，就大型客戶、消費品類客戶而言，過去在通貨膨脹環境下，他們往往更關注價格，優先考慮價格而非銷售。我可以告訴你的是，現在的討論重點已經轉向在價格和銷售之間尋求更好的平衡，這也與客戶所談論的促銷活動有關。你會發現，當他們進入市場並討論如何提高未來的銷售表現時，他們也在這樣做。

And I think we're well positioned to support on that end, while we haven't really made any specific assumptions in terms of improvements in the back half, as we've laid out beforehand. So we're -- again, we're seeing all that happening. We're listening very carefully. We're positioning ourselves to participate as much as we can and to help customers on their journeys, but we're sort of planning and approaching the back half at least very consistently with the first half.

我認為我們在這方面已經做好了充分的準備，而對於後半程的改進，我們並沒有做出任何具體的假設，正如我們之前所闡述的那樣。所以我們——再說一遍，我們看到了這一切的發生。我們正在非常仔細地聽。我們正在積極參與，盡我們所能幫助客戶完成他們的旅程，但我們至少在規劃和處理後半程時，會與前半程保持非常一致的思路。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

And Steve, good to hear you again. Okay. Earlier, you noted healthcare in Flexibles is a bit weak. I believe you said low cold and flu season, although not in my household. But I believe you're comping a destocking impact in the prior-year quarter.

史蒂夫，很高興再次聽到你的消息。好的。之前您提到過，靈活就業人員的醫療保健方面有點薄弱。我記得你說過流感和感冒的季節比較低，雖然我家不是。但我認為你把去年同期的去庫存影響考慮進去了。

So what was behind that weakness? Was it confined to a certain region? Or maybe parse out your expectations for the second half of the year between pharma and healthcare more broadly and any mix impact we should expect from that category.

那麼，這種弱點背後究竟隱藏著什麼呢？它是否局限於某個特定區域？或者，您可以分別分析您對今年下半年醫藥和更廣泛的醫療保健行業的預期，以及我們應該預期該類別會產生的任何組合影響。

It's a good question. I made a couple of comments earlier. I mean, we saw healthcare volumes being a little weaker in the second quarter. That's correct. I do not want to read too much into that. The healthcare category itself is a gem, I think, in our portfolio, and I continue to say that. So we need to look at the volume performance over longer periods of time.

這是個好問題。我之前提過幾則評論。我的意思是，我們看到第二季醫療保健業務量略有下降。沒錯。我不想對此過度解讀。我認為，醫療保健類別本身就是我們投資組合中的一顆璀璨明珠，我一直都這麼認為。因此，我們需要觀察較長時間段內的銷售表現。

We did have a bit of an overall weaker flu season. I'm sorry to hear that it didn't apply to your household. But overall in the market, apparently in the US, that is the case. And there could also be, in this quarter, a bit of phasing of volumes between quarters, so again, not to read too much into it. And then don't forget, we have a pretty broad exposure also in -- between pharma and medical in the healthcare piece, which you also need to take into account.

今年的流感季整體來說比較弱。很遺憾這項政策不適用於您的家庭。但總體而言，尤其是在美國市場，情況確實如此。此外，本季銷售量可能與上一季略有波動，所以也不要過度解讀。此外，別忘了我們在醫藥和醫療保健領域也有相當廣泛的投資，這一點你也需要考慮。

Look, I could think about other things that are positive for the healthcare business. I mentioned in my prepared comments that we're pretty well positioned to participate there. GLP-1 was an example where we've made a great win, which also speaks to the ability of the combined company to win in the space, and we will continue to double down on that.

你看，我還可以想到其他對醫療保健產業有利的事情。我在事先準備好的演講稿中提到，我們已做好充分準備參與其中。GLP-1 就是一個我們取得巨大勝利的例子，這也說明了合併後的公司有能力在這個領域取得成功，我們將繼續加倍努力。

Cameron McDonald, E&P.

卡梅倫·麥克唐納，勘探與生產。

PK, can we just delve into that comment around the GLP-1? And it's good to see you're participating in that, which has got a long-term growth profile. How are you guys thinking about the impact on the other side of your business, particularly around ultra-high processed foods and snacks, confectionery, et cetera, yeah, high calorific food consumption in an era where we have this explosion in GLP-1 use? And how much of that is going to be a structural headwind for that 60% of the business that's exposed to nutrition?

PK，我們能不能深入探討 GLP-1 的評論？很高興看到你參與其中，這具有長期的成長前景。你們如何看待這對你們業務其他方面的影響，特別是超高加工食品和零食、糖果等等，是的，在GLP-1使用量激增的時代，高熱量食品的消費會受到怎樣的影響？對於占公司業務60%的營養相關企業而言，其中有多少會成為結構性阻力？

Yeah. It's an excellent question, Cameron. And I'm actually quite glad that you brought that up because it comes back over and over again. GLP-1, we're spending a bit of time on that, too.

是的。卡梅倫，你問得好。我很高興你提到了這一點，因為這個問題總是反覆出現。GLP-1，我們也會花一些時間研究它。

Look, let me structure my comments by, first of all, saying everything that makes people more healthy is a good thing. So we're supportive of that and we see that trend very clearly. We are supportive of that, and we're thinking about what it means for our company, how we can best respond to it. But it's a good thing.

首先，我想說，任何能讓人更健康的事情都是好事。所以我們支持這種做法，而且我們非常清楚地看到了這種趨勢。我們對此表示支持，並且正在思考這對我們公司意味著什麼，以及我們如何才能最好地應對它。但這是一件好事。

Now we do have an exposure to the healthcare industry, as we just discussed, and therefore, we can participate in it, right? So that's very clearly said and clearly understood.

正如我們剛才討論的那樣，我們現在確實接觸到了醫療保健行業，因此，我們可以參與其中，對嗎？所以這一點說得很清楚，也很容易理解。

Now your question is a little different. And you say, well, turn back to all the other categories that you're supporting in food and beverage and help me understand what the impact is there. And then look, I will go back to some standard conclusions here, where we have more unhealthy categories where we supply packaging. Those will be impacted. But on the other hand, we also have other categories that are considered to be healthy, and they will increase.

現在你的問題有點不一樣了。然後你說，那麼請你再看看你在食品和飲料領域支持的其他所有類別，幫我了解這些類別的影響是什麼。然後，我再回到一些標準的結論，在我們供應包裝的領域，有更多不健康的類別。這些人將會受到影響。但另一方面，我們還有其他一些被認為是健康的類別，而且這些類別的數量還會增加。

If you think about snacking generally, I don't think that the trend of snacking is going to go backwards. It will shift from unhealthy to more healthy categories. And there is examples in the market where that happens. Now the good news is that Amcor is a very broad-based company with a broad participation across many categories. And therefore, what you see -- what we are expecting to see is that best to shift in volumes between from unhealthy to more healthy categories. And therefore, we're somewhat robust to that trend, and we think that we can participate well in it.

如果你從整體上看待零食這件事，我認為零食的趨勢不會倒退。它將從不健康的類別轉向更健康的類別。市場上確實存在這種情況。好消息是，安姆科是一家業務範圍非常廣泛的公司，涉足多個行業領域。因此，你所看到的——也是我們期望看到的——是銷量最好從不健康食品類別轉向更健康食品類別。因此，我們對這種趨勢有一定的抵抗力，我們認為我們能夠很好地參與其中。

Now our customers, that's the last comment that I may want to make there, of course, thinking about that very carefully. And we've seen these trends before or similar trends before, and it has led to an innovation where customers are leading through these impacts and innovating through those impacts to support their business and to reinvent their businesses. And this is where, again, non-core is pretty well positioned to help our customers do that through our innovation capabilities and again, the broad exposure that we have to different categories.

現在，關於我們的客戶，這是我最後想說的，當然，我會非常仔細地考慮這個問題。我們以前也見過這些趨勢或類似的趨勢，這促成了創新，客戶正在引領這些影響，並透過這些影響進行創新，以支持他們的業務並重塑他們的業務。而這正是非核心業務能夠透過我們的創新能力以及我們對不同類別的廣泛了解，幫助我們的客戶實現這一目標的地方。

So overall, I think we're pretty robust. I don't think that that creates a structural headwind for us, but we're very much aligning ourselves with the impact. At this point in time, it has been very moderate from a GLP-1 perspective.

所以總的來說，我認為我們相當穩健。我不認為這會對我們造成結構性的阻力，但我們正在積極調整自身以應對這種影響。從 GLP-1 的角度來看，目前的情況非常溫和。

Michael Roxland, Truist.

Michael Roxland，Truist。

And Steve, I look forward to working with you again. I just wanted to follow up on George's question. Given that synergies seem to be more weighted to Rigid, should we expect operating leverage to be relatively muted, EBITDA margins to be relatively flat year on year in Flexibles borrowing recovery in volumes?

史蒂夫，我期待再次與你合作。我只是想就喬治的問題做個後續說明。鑑於綜效似乎更著重於硬質包裝，我們是否應該預期經營槓桿作用相對較弱，而軟包裝借款回收量成長導致的 EBITDA 利潤率較去年同期相對持平？

Hey, Michael, it's Steve. I think that if you're just purely looking at maybe the second half of this fiscal year, probably not a lot of natural movement in margins, but if you take a multiyear view, which we certainly are relative to the synergy capture, given the revenue synergy commitments, given the operational improvement commitments, actually margin improvement on a multi-year basis should be spread across both segments quite nicely.

嘿，邁克爾，我是史蒂夫。我認為，如果僅僅著眼於本財年的下半年，利潤率可能不會有太大的自然波動，但如果從多年的角度來看，考慮到協同效應的實現、收入協同效應的承諾以及運營改進的承諾，我們當然會從多年的角度來看待這個問題，實際上，從多年的角度來看，利潤率的提高應該會在兩個業務部門之間得到很好的體現。

It's more of a short-term phenomenon, I think, Michael, relative to where the synergy capture is here in fiscal '26.

我認為，邁克爾，相對於 2026 財年的綜效而言，這更多的是短期現象。

Keith Chau, MST Marquee.

Keith Chau，MST Marquee。

PK, I just want to go back to the comment around recently renegotiated customer contracts. And I think, Steve, you mentioned better contract terms, better pricing and more volume commitment. So it sounds like, clearly, all three factors are positive.

PK，我只想回到之前關於最近重新協商的客戶合約的評論。史蒂夫，我想你剛才提到了更好的合約條款、更優惠的價格和更大的銷售承諾。所以聽起來，很明顯，這三個因素都是正面的。

I'm just wondering what's happened in the past that has meant that you've been able to get these improvement? Has it been a bit of slippage and customer commitments that you're clawing back? Ultimately, I'm keen to understand how you've been able to do this and whether there is any cost associated with these renegotiated customer contracts. Thank you.

我只是想知道過去發生了什麼事，才讓你有了這些進步？是因為之前出現了一些延誤，或是正在追回一些客戶承諾的款項？最後，我很想了解你們是如何做到這一點的，以及這些重新協商的客戶合約是否會產生任何費用。謝謝。

Yeah, Keith. I'll be able to take that. I don't think there's any cost associated to renegotiating the contracts. Just to give you a little more color, there were two angles to it. One was we were operating, particularly in the beverage side in an environment with very low volumes. And the renegotiated outcomes have given us a bit more line of sight of the volumes going forward and have stabilized and supported the volume going forward.

是的，基斯。我能接受。我認為重新談判合約不會產生任何成本。為了讓你們更清楚地了解情況，這件事有兩個角度。其中一個原因是，我們當時的經營環境，特別是飲料業的經營環境，銷售量非常低。重新談判的結果讓我們對未來的銷售有了更清晰的了解，並穩定和支撐了未來的銷售。

So that's one. The other element was just simply in some of those contracts going back and covering the basis of inflation recovery, which in some cases, we had a reason to do, and that has also been successful. So between those two things, we get some more inflation support and offset, if you want, and then we get a better line of sight, and we're a little more confident about the volume outlook going forward.

這是其中之一。另一個因素是，在某些合約中，我們追溯既往，以彌補通膨復甦帶來的影響，在某些情況下，我們有理由這樣做，而且這樣做也取得了成功。因此，這兩件事加在一起，可以為我們帶來一些通膨支撐和抵銷（如果你願意的話），然後我們就能更清楚地了解情況，對未來的銷售前景也更有信心。

Nathan Reilly with UBS.

瑞銀集團的Nathan Reilly。

Just a very quick question about your capital or CapEx budget. I think you spoke to $850 million to $900 million for the year. Can you just give us an update in terms of where you're focusing that investment, particularly with respect to some of your growth investments? Just keen to understand how that might impact volumes on a medium-term basis going forward.

我有一個關於貴公司資本或資本支出預算的簡短問題。我認為你之前提到過，全年收入在 8.5 億美元到 9 億美元之間。能否簡單介紹一下您的投資重點方向，特別是您的一些成長型投資？我只是想了解這可能會對未來中期銷售產生怎樣的影響。

Yeah, Nathan, it's Steve. I can touch on that. We do see line of sight into $850 million, $900 million range for the year. And as you would expect, a lot of that beyond just traditional maintenance CapEx will be in our focus market categories. And so, we'll invest for growth there, as PK was mentioning earlier, so into those markets where there's opportunity for differentiation. So I'd say we weight our CapEx on our focused market categories just broadly.

是的，內森，我是史蒂夫。我可以稍微談談這方面。我們預計今年的營收將達到 8.5 億美元至 9 億美元。正如你所預料的那樣，除了傳統的維護資本支出之外，許多其他支出都將是我們重點關注的市場類別。因此，正如 PK 之前提到的，我們將投資於那些有差異化機會的市場，以實現成長。所以我認為，我們大致會根據我們重點關注的市場類別來分配資本支出。

John Purtell, Macquarie.

約翰‧珀特爾，麥考瑞集團。

Congrats on the new role, Steve. Steve, you've obviously got a lot of experience in the packaging space and also with acquisitions. I know it's early days, but I'd be interested in your perspectives on the synergy opportunity with Berry, and also how you see plastics versus other substrates and some of the dynamics there.

祝賀史蒂夫榮任新職。史蒂夫，你顯然在包裝領域以及收購方面都有豐富的經驗。我知道現在還為時過早，但我很想聽聽您對與 Berry 的協同效應機會的看法，以及您如何看待塑膠與其他基材以及其中的一些動態。

Yeah. Thanks for that, John. And I will tell you, it has been an honor to be here for the last three months. And this is incredibly capable global consumer packaging company, which has been so positive in terms of just raw capabilities, the global acumen, and the very distributed nature of the product categories that we participate in, the market categories we participate in.

是的。謝謝你，約翰。我必須說，過去三個月能在這裡工作是我的榮幸。這是一家實力雄厚的全球消費品包裝公司，其強大的實力、全球視野以及我們所涉足的產品類別和市場類別的廣泛分佈都給我們留下了深刻的印象。

The synergy capture momentum here is quite exceptional and it's incredibly well done. The teams that are in place is dedicated; the tracking is outstanding. The commitment to putting money to work thoughtfully that drives synergy capture is very noteworthy, and it shows in the results. It shows in the confidence, in the $260 million, it shows in the confidence to the multiyear.

此處的協同效應捕捉勢頭非常出色，而且做得非常棒。現有團隊盡職盡責，追蹤工作非常出色。這種致力於深思熟慮地運用資金以實現協同效應的做法非常值得稱道，而且在結果中也得到了體現。這體現在信心上，體現在2.6億美元的投入上，體現在對多年期專案的信心上。

Certainly, relative to substrates and the like, I spent a lot of time in fiber-based packaging, as you know, and it's a fit-for-purpose business. It has a fit. It has a purpose that suits those markets well where it has specific opportunities to be utilized effectively.

當然，就基材之類的東西而言，正如你所知，我花了很多時間在纖維基包裝上，這是一個非常合適的行業。它很合身。它具有適合某些市場的特定用途，在這些市場中，它可以有效利用。

As you know, Rigid and Flexible packaging, particularly on a global scale, has a right to win fit for purpose that is very broad and very much aligned with the day-to-day life of the consumer. I think we're just truly uniquely positioned as a company that globally literally is in the day-to-day life of the consumer, and it's great to be here. So thank you for asking that, John.

如您所知，硬質包裝和軟質包裝，尤其是在全球範圍內，有權贏得廣泛適用性，並且與消費者的日常生活非常契合。我認為我們公司在全球消費者的日常生活中扮演著非常獨特的角色，能夠身處其中真是太好了。謝謝你問這個問題，約翰。

And ladies and gentlemen, John is our final caller today as we are well over our one-hour meeting duration. So at this point, I will now turn the call back over to management for closing remarks.

女士們先生們，約翰是今天最後一位來電者，因為我們的會議時間已經遠遠超過一個小時了。那麼，現在我將把電話交還給管理階層，請他們作總結發言。

Yeah. Thanks, operator. And look, everybody, thank you for joining us, and we're certainly looking forward to the opportunity to sit down with you over.

是的。謝謝接線生。各位，感謝你們的到來，我們非常期待有機會和你們坐下來好好聊聊。

Great. Thank you so much. And ladies and gentlemen, that does conclude today's conference call. Again, thanks for joining, and you may now disconnect.

偉大的。太感謝了。女士們、先生們，今天的電話會議到此結束。再次感謝您的參與，現在您可以斷開連接了。