艾利丹尼森 (AVY) 2025 Q3 法說會逐字稿

Ladies and gentlemen, welcome to Avery Dennison's earnings conference call for the third quarter ended on September 27, 2025. (Operator Instructions) As a reminder, this webcast is being recorded and will be available for replay on the Avery Dennison Investor Relations website.

女士們，先生們，歡迎參加艾利丹尼森截至 2025 年 9 月 27 日的第三季財報電話會議。（操作員指示）提醒一下，本次網路直播正在錄製，可在艾利丹尼森投資者關係網站上重播。

I'd now like to turn the call over to William Gilchrist, Avery Dennison's Vice President of Investor Relations. Please go ahead, sir.

現在我想將電話轉給艾利丹尼森公司投資者關係副總裁威廉吉爾克里斯特 (William Gilchrist)。先生，請繼續。

Thank you, Karina, and welcome to Avery Dennison's third-quarter 2025 earnings conference call. Please note that throughout today's discussion, we'll be making references to non-GAAP financial measures. The non-GAAP measures that we use are defined, qualified, and reconciled from GAAP on Schedules A4 to A8 of the financial statements accompanying today's earnings release.

謝謝你，卡琳娜，歡迎參加艾利丹尼森 2025 年第三季財報電話會議。請注意，在今天的討論中，我們將參考非公認會計準則財務指標。我們使用的非 GAAP 指標是在今天的收益報告所附的財務報表附表 A4 至 A8 中定義、限定和根據 GAAP 進行調整的。

We remind you that we'll make certain predictive statements that reflect our current views and estimates about our future performance and financial results. These forward-looking statements are made subject to the Safe Harbor statement included in today's earnings release.

我們提醒您，我們將做出某些預測性陳述，以反映我們對未來業績和財務結果的當前看法和估計。這些前瞻性陳述受今天收益報告中的安全港聲明約束。

On the call today are Deon Stander, President and Chief Executive Officer, and Greg Lovins, Senior Vice President and Chief Financial Officer.

今天參加電話會議的有總裁兼執行長 Deon Stander 和高級副總裁兼財務長 Greg Lovins。

I'll now turn the call over to Deon.

我現在將電話轉給 Deon。

Thanks, Gillian. Hello, everyone. We delivered a solid third quarter with earnings up 2% year over year and above the midpoint of expectations while continuing to execute in a dynamic environment. This outcome underscores the strength and durability of our franchise, demonstrating our ability to activate multiple levers in our portfolio to deliver across a range of macro scenarios.

謝謝，吉莉安。大家好。我們第三季業績表現穩健，獲利年增 2%，高於預期中位數，同時繼續在充滿活力的環境中表現。這一結果凸顯了我們特許經營的實力和持久性，證明了我們有能力啟動投資組合中的多個槓桿，以應對各種宏觀情景。

As expected, our business continues to be impacted by ongoing trade policy changes. Encouragingly, we've fully mitigated direct cost increases through strategic sourcing adjustments and select pricing surcharges. Moreover, while base apparel volumes were still impacted in the third quarter, we did see improvements sequentially relative to the organic growth headwind in the second quarter.

正如預期的那樣，我們的業務繼續受到持續的貿易政策變化的影響。令人鼓舞的是，我們透過策略採購調整和選擇定價附加費完全緩解了直接成本的增加。此外，雖然第三季基礎服飾銷量仍然受到影響，但相對於第二季的有機成長逆風，我們確實看到了環比改善。

In Materials Group, operational excellence was key to margin expansion during the quarter. A sustained focus on productivity and benefits from modest volume mixed growth drove margins up 50 basis points year over year. Modest revenue declines in high-value categories were primarily driven by low single-digit declines in graphics and performance tapes, which faced headwinds from isolated customer and distributor inventory management adjustments.

在材料集團，卓越的營運是本季利潤率擴大的關鍵。持續關註生產力和適度混合成長帶來的好處推動利潤率年增 50 個基點。高價值類別收入的小幅下降主要是由於圖形和性能磁帶的個位數低幅下降，這些類別面臨來自個別客戶和分銷商庫存管理調整的阻力。

This is partially mitigated by continued strong growth in specialty durable labels and adhesives. We expect the inventory adjustment impacts to be short-lived and to see high-value categories return to growth in the fourth quarter. Overall, Materials Group and base label materials volumes were up slightly compared to prior year. Importantly, we continue to see growth in our differentiated films volumes, which is a positive mixed driver for the business.

特種耐用標籤和黏合劑的持續強勁成長在一定程度上緩解了這一影響。我們預期庫存調整的影響將是短暫的，高價值類別將在第四季恢復成長。整體而言，材料組和基礎標籤材料的銷售量與去年相比略有上升。重要的是，我們繼續看到差異化電影銷售的成長，這對業務來說是一個積極的混合驅動力。

Solutions Group delivered organic sales growth of 4%, driven by high single-digit growth in high-value categories. Vestcom continued its momentum, growing over 10%, and Embelex delivered more than 10% growth as well. Overall apparel sales exceeded expectations, rising low single digits in the quarter.

解決方案集團的有機銷售額成長了 4%，這主要得益於高價值類別的高個位數成長。Vestcom 繼續保持成長勢頭，成長超過 10%，Embelex 也實現了超過 10% 的成長。整體服裝銷售額超出預期，本季實現了低個位數成長。

As you can see on slide 7, our apparel business is seeing divergent trends. High-value category apparel sales grew high single digits, benefiting from strength in Embelex, with strong growth related to next year's World Cup, and mid-single digit apparel IL growth. While base apparel sequentially improved as expected, it remains down low single digits, reflecting the soft retailer and brand demand as they continue to navigate the impacts of tariff policies.

正如您在第 7 張投影片上看到的，我們的服裝業務正在呈現不同的趨勢。高價值類別服裝銷售額成長了高個位數，受益於 Embelex 的強勁成長，與明年世界盃相關的強勁成長，以及中等個位數的服裝 IL 成長。雖然基礎服裝銷售如預期連續改善，但仍下降了個位數，反映出零售商和品牌需求疲軟，因為他們仍在應對關稅政策的影響。

Solutions margins performed better than typically sequential declines but were down 90 basis points compared to prior year. Profitability was impacted by higher employee costs, continued growth investments, and network inefficiencies stemming from tariff policy changes.

解決方案利潤率表現優於通常的連續下降，但與去年相比下降了 90 個基點。獲利能力受到員工成本上升、持續成長投資以及關稅政策變化導致的網路效率低下的影響。

Turning to enterprise-wide Intelligent Labels, sales grew approximately 3% compared to prior year, in line with our expectations. We are encouraged by the sequential improvement in the business, which was driven by key growth market segments. Specifically, apparel and food, logistics, and industrial grew at mid-single digits rate.

談到企業範圍的智慧標籤，銷售額比上年增長了約 3%，符合我們的預期。我們對業務的持續改善感到鼓舞，這得益於關鍵成長市場部門的推動。具體而言，服裝和食品、物流和工業以中等個位數的速度成長。

In apparel and general retail, both market segments are still being impacted by tariff policy changes. However, apparel partially recovered in the quarter, while general retail remained soft. Strong growth continued in food as our strategic collaboration with Kroger ramps up as expected. Longer term, our conviction in this large addressable market continues to grow.

在服裝和一般零售領域，這兩個細分市場仍然受到關稅政策變化的影響。然而，本季服裝業有所復甦，而一般零售業仍然疲軟。隨著我們與 Kroger 的策略合作如預期般加強，食品業務持續保持強勁成長。從長遠來看，我們對這個巨大潛在市場的信心不斷增強。

This morning, we jointly announced a major partnership with Walmart to leverage Avery Dennison's RFID innovation and solutions in their fresh grocery categories of bakery, meat, and deli. This adoption of aisle and fresh food in the second large grocer is a key industry milestone and reinforces our conviction in the growth potential of this large addressable market.

今天上午，我們宣布與沃爾瑪建立重要合作夥伴關係，利用艾利丹尼森的 RFID 創新和解決方案，將其應用於烘焙、肉類和熟食等生鮮食品類別。第二家大型雜貨店採用貨架和新鮮食品是該行業的一個重要里程碑，並增強了我們對這個巨大潛在市場的成長潛力的信心。

In logistics, the business expanded sequentially but was down slightly compared to prior year. Our share in this market segment remains strong, and we have a robust pipeline of opportunities. As we highlighted in the second-quarter call, we're executing initiatives to reduce identified network inefficiencies and associated costs created by the tariff policy changes. These improvements will help drive profitable growth while maintaining high quality and reliability for our customers.

在物流方面，業務環比成長，但與上年相比略有下降。我們在這個細分市場中的份額依然強勁，我們擁有大量的機會。正如我們在第二季電話會議上所強調的那樣，我們正在採取措施減少已發現的網路效率低下以及由關稅政策變化造成的相關成本。這些改進將有助於推動利潤成長，同時為我們的客戶保持高品質和可靠性。

Looking forward, we anticipate the fourth quarter will deliver an improved rate of year-over-year growth versus what we saw in the third quarter. While growth will likely continue to remain constrained by trade policy uncertainty, particularly in apparel and general retail market segments, we view this as a temporary headwind. Our conviction in the long-term growth of this high-value category platform remains strong, given the value we are creating for our customers and the adoption we see across new segments.

展望未來，我們預計第四季的年成長率將高於第三季。儘管貿易政策不確定性可能會繼續限制經濟成長，尤其是在服裝和一般零售市場領域，但我們認為這只是暫時的阻力。考慮到我們為客戶創造的價值以及我們在新領域看到的採用，我們仍然堅信這個高價值類別平台的長期成長。

Turning back to the total company, taking into account the continued dynamic environment, we're anticipating both overall sales and earnings per share growth in the fourth quarter. We remain prepared for a range of scenarios, leveraging our proven playbook to safeguard earnings in the near term, while accelerating initiatives to drive differentiation and growth over the cycle.

回到整個公司，考慮到持續的動態環境，我們預計第四季整體銷售額和每股盈餘都將成長。我們隨時為各種情況做好準備，利用我們行之有效的策略來保障短期收益，同時加快措施以推動週期內的差異化和成長。

Shifting to our core strategies, I am confident that we have the initiatives, innovation, capital allocation framework, and team in place to consistently deliver strong profitable growth and top-quartile returns across the cycle. Progress in each of these strategies was evident in the fourth quarter, further cementing our conviction. Our business is positioned for success with secular growth tailwinds that fundamentally outweigh cyclical events over the cycle.

轉向我們的核心策略，我相信我們擁有舉措、創新、資本配置框架和團隊，能夠在整個週期中持續實現強勁的獲利成長和最高四分位的回報。第四季度，這些策略都取得了明顯的進展，進一步鞏固了我們的信念。我們的業務已做好準備，憑藉長期成長的順風優勢獲得成功，而這種優勢從根本上超過了週期性事件的影響。

Key trends, including item-level digitization, enhanced consumer engagement, product customization, and business productivity needs are aligned with a growing portion of our business. The drivers in our high-value categories are clear, and our exposure to them continues to expand. These categories now represent 45% of our total business year to date, an increase compared to prior year, underscoring our strategic shift towards higher growth and higher margin opportunities.

主要趨勢，包括專案級數位化、增強消費者參與度、產品客製化和業務生產力需求，與我們業務的成長部分保持一致。我們的高價值類別的驅動因素很明確，我們對它們的曝光度也不斷擴大。這些類別目前占我們今年迄今總業務的 45%，與前一年相比有所成長，凸顯了我們向更高成長和更高利潤機會的策略轉變。

Intelligent Label adoption is accelerating, with our largest addressable market segment in food now gaining significant traction. Our focus on innovation outcomes and commercial excellence is creating differentiation across our businesses. Examples include introducing new RFID innovation in food, installing software in Vestcom, and expanding our CleanFlake adhesive adoption in filmic labels for recycling purposes.

智慧標籤的採用正在加速，我們最大的目標市場是食品，目前正獲得顯著的關注。我們專注於創新成果和商業卓越，從而為我們的業務創造差異化。例如，在食品領域引入新的 RFID 創新、在 Vestcom 中安裝軟體以及擴大我們在薄膜標籤中採用 CleanFlake 黏合劑以實現回收目的。

Finally, we continue to harness the power of our disciplined capital allocation approach and balance sheet strength to return capital to shareholders and strategically expand our presence in high-value categories where we hold competitive advantages. Year to date, we repurchased approximately $454 million in stock and have grown our dividend by 7%. Concurrently, we closed the $390 million Taylor Adhesive bolt-on, immediately strengthening our Materials Group high-value category adhesives franchise with clear cost synergies and strong growth potential.

最後，我們繼續利用嚴謹的資本配置方法和資產負債表實力向股東返還資本，並在我們具有競爭優勢的高價值類別中策略性地擴大我們的影響力。今年迄今為止，我們回購了約 4.54 億美元的股票，股息成長了 7%。同時，我們完成了價值 3.9 億美元的 Taylor Adhesive 附加收購，立即增強了我們材料集團高價值類別黏合劑的特許經營權，具有明顯的成本協同效應和強勁的成長潛力。

In summary, while the current backdrop has muted our overall growth in 2025, we have further strengthened the resilience of our franchise, deployed capital into attractive opportunities, and advanced our strategic priorities. This underpins our confidence in returning to strong growth and maintaining top-quartile returns for our business and shareholders. I want to extend my gratitude to our entire team for their unwavering focus on excellence, dedication to overcoming the challenges at hand, and relentlessly focusing on executing our strategic priorities.

總而言之，儘管當前的背景抑制了我們 2025 年的整體成長，但我們進一步增強了特許經營的彈性，將資本部署到有吸引力的機會中，並推進了我們的戰略重點。這增強了我們恢復強勁成長並為我們的業務和股東保持最高四分位回報的信心。我要向我們整個團隊表示感謝，感謝他們堅定不移地追求卓越，致力於克服眼前的挑戰，並堅持不懈地專注於執行我們的策略重點。

Over to you, Greg.

交給你了，格雷格。

Thanks, Deon. And hello, everybody. We delivered adjusted earnings per share of $2.37, up 2% compared to prior year and above the midpoint of our expectations. Results were driven by productivity and higher volume mix, partially offset by higher employee-related costs and investments. While trade policy uncertainty continued to present a headwind to our results, the impact improved sequentially.

謝謝，Deon。大家好。我們實現的調整後每股收益為 2.37 美元，比上年增長 2%，高於我們預期的中位數。績效受到生產力和更高產量組合的推動，但被更高的員工相關成本和投資部分抵消。儘管貿易政策的不確定性持續對我們的業績造成阻力，但其影響已逐步改善。

Compared to prior year, reported sales were up 1.5% and sales were comparable to prior year on an organic basis, as positive volume mix was offset by deflation-related price reductions. Adjusted EBITDA margin was strong at 16.5% in the quarter, up 10 basis points compared to prior year. And we again generated strong adjusted free cash flow of nearly $270 million in the quarter. Our balance sheet remained strong with quarter end net debt adjusted EBITDA ratio of 2.2. And during the quarter, we issued a EUR500 million note to pay down some commercial paper and to fund the Taylor Adhesives acquisition, which closed earlier this week.

與前一年相比，報告銷售額成長了 1.5%，銷售額與上年相當，因為積極的銷售組合被通貨緊縮相關的價格下降所抵消。本季調整後的 EBITDA 利潤率強勁，達到 16.5%，較上年同期上升 10 個基點。本季我們再次產生了強勁的調整後自由現金流，接近 2.7 億美元。我們的資產負債表維持強勁，季末淨負債調整後EBITDA比率為2.2。本季度，我們發行了5億歐元的票據，用於償還部分商業票據，並為本週稍早完成的Taylor Adhesives收購提供資金。

We continue to effectively execute our disciplined capital allocation strategy, successfully balancing significant cash return to shareholders with strategic M&A. In the first nine months of the year, we returned roughly $670 million to shareholders through the combination of share repurchases and dividends, and we allocated $390 million to the Taylor Adhesives acquisition.

我們繼續有效地執行嚴謹的資本配置策略，成功地平衡了股東的大量現金回報和策略併購。今年前九個月，我們透過股票回購和股息等方式向股東返還了約 6.7 億美元，並為 Taylor Adhesives 的收購撥款 3.9 億美元。

Turning to segment results for the quarter, Materials Group sales were down 2% on an organic basis, as modest volume mix growth was more than offset by low single-digit deflation-related price reductions. Organically, both high-value categories and the base businesses were down low single digits.

回顧本季的分部業績，材料集團銷售額有機下降 2%，因為適度的銷售組合成長被與通貨緊縮相關的個位數低點降價所抵消。從有機角度來看，高價值類別和基礎業務均下降了個位數。

Turning now to regional label materials organic volume mix trends versus prior year in the quarter, continued soft consumer product demand led to roughly comparable volume in both North America and Europe, offset by continued growth in emerging markets, with Asia Pacific up low single digits and Latin America up mid-single digits. High-value categories declined at low single digits compared to prior year. Graphics and performance tapes declined low single digits and were impacted by customer inventory adjustments, which we expect to normalize in Q4.

現在來看看本季區域標籤材料有機銷售組合趨勢與去年同期相比的變化，持續疲軟的消費品需求導致北美和歐洲的銷量大致相當，但新興市場的持續增長抵消了這一趨勢，其中亞太地區增長低個位數，拉丁美洲增長中等個位數。與前一年相比，高價值類別的降幅為個位數。圖形和性能磁帶的銷售量下降了個位數，並受到客戶庫存調整的影響，我們預計第四季度庫存調整將恢復正常。

The Materials Group once again delivered strong margins, with an adjusted EBITDA margin of 17.5% in the quarter, up 50 basis points compared to prior year. Regarding raw material costs, including the cost of tariffs, we experienced modest sequential global raw material cost deflation in the third quarter. We mitigated tariff costs through strategic sourcing adjustments in the implementation of select pricing surcharges. Overall, including tariffs, our outlook is for relatively stable sequential material costs in Q4.

材料集團再次實現了強勁的利潤率，本季調整後的 EBITDA 利潤率為 17.5%，比去年同期成長了 50 個基點。至於原材料成本（包括關稅成本），我們在第三季經歷了全球原材料成本的溫和環比下降。我們透過實施選擇性定價附加費的策略性採購調整來降低關稅成本。總體而言，包括關稅在內，我們預計第四季度材料成本將相對穩定。

Shifting to Solutions Group, sales were up 4% organically, and high-value categories were up high single digits, and base solutions were down low single digits, improving sequentially from down mid-single digits in the second quarter but still impacted by tariff-related uncertainties. Within high-value categories, Vestcom was up more than 10%, driven by the continued benefit from new program rollouts, Embelex was also up more than 10% as we saw a ramp ahead of the World Cup next year, and apparel Intelligent Label sales recovered to mid-single-digit growth.

轉向解決方案集團，銷售額有機成長 4%，高價值類別銷售額成長高個位數，基礎解決方案銷售額下降低個位數，較第二季的中個位數下降有所改善，但仍受到關稅相關不確定性的影響。在高價值類別中，受新項目推出的持續推動，Vestcom 的股價上漲了 10% 以上；由於明年世界盃前夕出現成長，Embelex 的股價也上漲了 10% 以上；服裝智慧標籤的銷售額恢復到中等個位數成長。

Enterprise-wide, Intelligent Label sales expanded approximately 3% compared to prior year. In addition to apparel improving to mid-single-digit growth, food, logistics, and industrial categories combined were also up mid-single digits. General retail categories continued to experience tariff-related softness, with sales down mid-teens, which impacted both Solutions Group and Materials Group Intelligent Label sales.

整個企業的智慧標籤銷售額與去年相比成長了約 3%。除了服裝類產品成長達到中等個位數以外，食品、物流和工業類產品合計也實現了中等個位數的成長。一般零售類別持續受到關稅相關的疲軟影響，銷售額下降了百分之十幾，這影響了解決方案集團和材料集團智慧標籤的銷售。

Solutions Group adjusted EBITDA margin with 17%, relatively flat sequentially, but down 90 basis points compared to prior year. As benefits from productivity and volume were more than offset by higher employee-related costs, such as wage inflation and growth investments.

解決方案集團調整後的 EBITDA 利潤率為 17%，與上一季基本持平，但與去年同期相比下降了 90 個基點。因為生產力和產量帶來的好處被更高的員工相關成本（如薪資上漲和成長投資）所抵消。

Shifting to our outlook, for the fourth quarter, we expect reported sales growth of 5% to 7%, with the following contributing factors. Sales growth excluding currency of 1% to 3%, with organic growth of 0% to 2%, with approximately 2% from currency translation approximately 2% from extra days in the quarter due to the shift to the Gregorian calendar next year, and approximately 1% from the Taylor Adhesives acquisition.

轉向我們的展望，對於第四季度，我們預計報告的銷售額將成長 5% 至 7%，主要有以下因素。不包括貨幣因素的銷售額成長為 1% 至 3%，有機成長為 0% 至 2%，其中約 2% 來自貨幣換算，約 2% 來自明年改用公曆導致本季增加天數，約 1% 來自收購 Taylor Adhesives。

We expect adjusted earnings per share to be in the range of $2.35 to $2.45, above prior year at the midpoint as benefits from organic growth, productivity, and share count are partially offset by wage inflation, investments, and higher interest expense. Our Q4 guidance incorporates typical seasonality and incremental productivity, which is partially offset by higher interest expense and less favorable currency.

我們預計調整後的每股盈餘將在 2.35 美元至 2.45 美元之間，高於去年同期的中點，因為有機成長、生產力和股票數量帶來的好處被薪資上漲、投資和更高的利息支出部分抵消。我們的第四季指引考慮了典型的季節性和增量生產力，但被更高的利息支出和不太有利的貨幣部分抵消。

We've outlined some contributing factors to our full-year results on slide 14 of our supplemental presentation materials. To highlight a few of the key drivers, we now anticipate a $5 million currency translation benefit to operating income, slightly below our previous projection of a $7 million tailwind. We now expect restructuring savings, net of transition costs, of approximately $60 million, up $10 million from our previous expectation as we continue to ramp our productivity efforts. And we continue to expect strong free cash flow targeting roughly 100% conversion for the year.

我們在補充簡報資料的第 14 張投影片中概述了影響我們全年業績的一些因素。為了強調幾個關鍵驅動因素，我們現在預計貨幣轉換將為營業收入帶來 500 萬美元的收益，略低於我們先前預測的 700 萬美元的收益。隨著我們繼續提高生產力，我們現在預計重組節省（扣除過渡成本）約為 6000 萬美元，比我們之前的預期高出 1000 萬美元。我們繼續預期強勁的自由現金流，目標是今年的轉換率達到 100% 左右。

We now expect interest expense to be approximately $135 million, an increase from our prior outlook largely driven by interest expense from the EUR500 million notes issued in September. And finally, we expect Taylor Adhesives will have an immaterial impact on Q4 earnings per share due to the timing of the close in the quarter and expected intangible amortization expense.

我們現在預計利息支出約為 1.35 億美元，高於我們先前的預期，主要是由於 9 月發行的 5 億歐元票據的利息支出。最後，我們預計，由於本季的收盤時間和預期的無形攤銷費用，泰勒黏合劑將對第四季每股收益產生非實質影響。

In summary, we delivered a solid third quarter, achieving EPS above the midpoint of our expectations through a continuing dynamic environment. We expect slight improvements in organic sales growth and continued year-over-year EPS growth in the fourth quarter. And we remain well prepared for a variety of macro scenarios. We're strongly positioned to execute our profitable growth and disciplined capital allocation strategies, which we expect to deliver exceptional long-term value to all of our stakeholders.

總而言之，我們在第三季取得了穩健的成績，在持續動態的環境下，每股盈餘超過了我們預期的中點。我們預計第四季度有機銷售額成長將略有改善，每股收益將繼續同比增長。我們對各種宏觀情景做好了充分準備。我們擁有強大的實力來執行我們的獲利成長和嚴格的資本配置策略，我們期望這些策略能為所有利害關係人帶來卓越的長期價值。

And now we'll open up the call for your questions.

現在我們將開始回答大家的提問。

Thank you. (Operator Instructions) Ghansham Panjabi, R. W. Baird.

謝謝。（操作員指示）Ghansham Panjabi，R. W. Baird。

Okay. Good morning. Sorry, just getting used to the new system. First off, as it relates to the Materials segment is it your sense that volumes are starting to -- how are volumes progressing on a sequential basis, just given the macro uncertainty and tariffs and so on and so forth? I know you called out the impact on apparel as you have over the last couple of quarters, but is it your sense that Materials are starting to be sequentially weakened as well?

好的。早安.抱歉，我剛剛適應新系統。首先，就材料部分而言，您是否認為產量開始——考慮到宏觀不確定性和關稅等因素，產量如何按順序增長？我知道您在過去幾季中已經提到了對服裝的影響，但您是否覺得材料也開始逐漸減弱？

No, Ghansham, I'd say in the third quarter, volumes, while positive overall, were less than our expectation, and pretty much across all regions. I think there's a couple of factors playing into that, one of which is certainly we continue to see lower retail volumes overall, particularly in North America and Europe. And our scanner data also suggests that there's lower muted demand coming from CPGs overall when they think about volume.

不，甘沙姆，我想說，第三季的銷售量雖然整體呈正成長，但低於我們的預期，而且幾乎所有地區的銷售量都是如此。我認為有幾個因素導致了這個現象，其中之一就是我們肯定會看到整體零售量持續下降，特別是在北美和歐洲。我們的掃描器數據還表明，從數量上看，CPG 的整體需求較低。

The second thing is in our high-value categories, we also had a couple of episodic events that happened really around our graphics and reflective business, which we know will remediate as we get into the fourth quarter. Our outlook for the fourth quarter is actually to see kind of similar growth as we move forward.

第二件事是，在我們的高價值類別中，我們也發生了一些圍繞圖形和反射業務的偶發事件，我們知道，進入第四季度後，這些事件將會得到補救。我們對第四季的展望實際上是看到類似的成長。

I think the final thing I'll say is it's certainly clear in certain pockets that where emerging markets have had exposure to tariffs, those economies and the consumers in those economies are more cautious as they look into the impact of what those tariffs are meaning for those countries.

我想最後要說的是，在某些領域，很明顯，當新興市場受到關稅影響時，這些經濟體及其消費者在研究這些關稅對這些國家的影響時會更加謹慎。

And so we're seeing slightly lower volume in those areas as well. I think, fundamentally, for us as we look forward, I'll just remind everybody: Our materials business is really anchored in consumer staples. And so typically, over time, it's been a GDP-plus business. And I don't anticipate that changing once the trade environment and the trade policy normalizes.

因此我們也看到這些地區的交易量略有下降。我認為，從根本上來說，展望未來，我只想提醒大家：我們的材料業務實際上是以消費必需品為基礎的。因此，通常隨著時間的推移，它將成為一項 GDP 成長的業務。我預計，一旦貿易環境和貿易政策正常化，這種情況就不會改變。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Good morning, George.

早上好，喬治。

Hi, everybody. Again, getting used to the new technology here. Thanks for the time and the details. I guess with one question at a time, I'll go with the Walmart news today, if you can talk a little bit about that and what it might mean for you over the next couple, three years. We were doing some quick searching over the last hour or two.

大家好。再次，適應這裡的新技術。感謝您抽出時間和提供詳細資訊。我想一次問一個問題，我會先談今天沃爾瑪的新聞，如果你能談談這個消息以及它對你未來兩三年可能意味著什麼。我們在過去一兩個小時裡進行了一些快速搜尋。

Would it be fair to say that the opportunity here, recognize you're not going to get that next quarter or the following, would be roughly maybe 1.5 million packages when you think about the Walmart protein cabinet and other related end markets? How would you have us size that? Thank you.

如果您考慮沃爾瑪蛋白質櫃和其他相關終端市場，是否可以公平地說，這裡的機會（認識到您不會在下個季度或接下來的季度獲得這個機會）大約是 150 萬個包裹？您希望我們如何確定其尺寸？謝謝。

Thanks, George. I think, for us, we see this as twofold. First of all, I think it's a critical validation of the effectiveness of our technology and solutions to solve challenges that all grocers really have, which is around freshness of perishable products, labor effectiveness, gross margin expansion, and net promoter score increases because consumers are getting the products that they want, which is the freshest they need.

謝謝，喬治。我認為，對我們來說，這具有雙重意義。首先，我認為這是對我們的技術和解決方案有效性的關鍵驗證，可以解決所有雜貨商真正面臨的挑戰，這些挑戰涉及易腐產品的新鮮度、勞動效率、毛利率擴大和淨推薦值增加，因為消費者得到了他們想要的產品，這是他們需要的最新鮮的產品。

And we saw that start in Kroger and now it's been manifest in Walmart in our partnership announcement this morning. So we see it both strategically important because we believe it will further catalyze the largest growth segment there is, which has been food, which we estimate to be about in that order of 200 billion units. And the second large growth they're going really sends a signal that the technology has application, the returns are there, and the rollout now will commence.

我們看到這一趨勢始於克羅格，而今天早上我們宣布與沃爾瑪合作時，這一趨勢也得到了體現。因此，我們認為它具有重要的戰略意義，因為我們相信它將進一步催化最大的成長領域，即食品，我們估計其規模約為 2000 億單位。他們即將實現的第二次大成長確實發出了一個訊號：這項技術已經具備應用價值，回報也已經存在，現在即將開始推廣。

In terms of Walmart specifically, while we don't necessarily always comment on the exact details of the partnership, perhaps I can just frame the scale of what we think it could be. Our estimates are -- and this will be subject to typical rollout timing; what will happen intra-quarter; the number of stores that go; the individual pieces of those departments of bakery, deli, and protein and meat; and when they go. But we would typically see this across a two-year period, being in the order of high-single-digit to low-double-digit, growth on our total '25 enterprise IL revenue. And we typically would see that ramping as we go through the couple of years.

具體到沃爾瑪而言，雖然我們不一定總是對合作的具體細節發表評論，但也許我可以概括出我們認為的合作規模。我們的估計是——這將取決於典型的推出時間；季度內將發生什麼；推出的商店數量；麵包店、熟食店、蛋白質和肉類部門的各個部分；以及它們何時推出。但我們通常會在兩年內看到這種情況，即我們的 25 家企業 IL 總收入將以高個位數到低兩位數的順序成長。而我們通常會看到，隨著時間的推移，這個數字會不斷上升。

One other point I'd make on this is we are driving this partnership because we continue to provide differentiation in the market. A lot of our differentiation over here is anchored in what we've been able to do from an innovation perspective as it relates to activating proteins and meats, particularly for Intelligent Labels, something that had been very challenging in the past that we've been able to solve for. And so we look forward to seeing the results of that partnership and the results of our effort that we've been leaning forward for very long in the market to make sure that we continue to drive activation.

我想說的另一點是，我們推動這種合作關係是因為我們繼續在市場上提供差異化。我們在這裡的許多差異化都基於我們從創新角度所能做的事情，因為它與激活蛋白質和肉類有關，特別是對於智慧標籤，這在過去是非常具有挑戰性的，但我們已經能夠解決它。因此，我們期待看到這種合作關係的成果以及我們長期以來在市場上努力的結果，以確保我們繼續推動活化。

John McNulty, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John McNulty。

Yes, good morning, guys. Thanks for taking my question. Can you speak to what you're seeing in the IL pipeline right now? Obviously, there's been a lot of chaos around tariffs and delays in certain programs, and yet it seems like there may be some acceleration in other areas as people try to get better understandings of supply chains, et cetera. So I guess, can you speak to that?

是的，大家早安。感謝您回答我的問題。您能談談您目前在 IL 管道中看到的情況嗎？顯然，關稅和某些項目的延遲導致了許多混亂，但隨著人們試圖更好地了解供應鍊等，其他領域的進展似乎可能會加速。那我想，您能談談這個嗎？

And also, just given the size and scale of the Walmart program that's being added in, do you have to start thinking about putting new capital to work around Intelligent Label capacity, et cetera? I know you put some in a while ago. I guess where do we stand on that need now?

此外，考慮到沃爾瑪計劃的規模，您是否必須開始考慮投入新資本來提高智慧標籤的容量等等？我知道你剛才放了一些進去。我想我們現在對於這個需求的立場是什麼？

Yes. Thanks, John. So in terms of pipeline, we continue to see our pipeline grow actually both by number of opportunities and by dollar value across all of the key segments. I'm just once again reinforcing that when the benefits are obvious and they're implementable, then we tend to see good traction because it fundamentally solves the challenges about supply chain visibility, inventory accuracy. And then when you're into the store, specifically labor productivity, fresh produce waste reduction, and employee and associate experience is much better as well. So from a pipeline perspective, we continue to see good progress overall.

是的。謝謝，約翰。因此，就管道而言，我們繼續看到我們的管道在所有關鍵領域實際上都在成長，無論是機會數量還是美元價值。我只是再次強調，當好處顯而易見且可實施時，我們往往會看到良好的牽引力，因為它從根本上解決了供應鏈可視性和庫存準確性方面的挑戰。然後，當您進入商店時，具體來說，勞動生產力、新鮮農產品浪費的減少以及員工和同事的體驗也會好得多。因此，從管道角度來看，我們總體上繼續看到良好的進展。

In terms of Walmart size and scale, yes, it's a substantial add to the adoption now within the overall food and more broadly the aisle market. I'll remind you that in terms of capital allocation, we typically, from a roofline perspective, have added capacity from an infrastructure perspective, typically three to five years out, hence why we added our Querétaro facility in Mexico. We started that two years ago.

就沃爾瑪的規模和範圍而言，是的，它對目前整體食品和更廣泛的過道市場的採用率有顯著的提升。我要提醒您的是，在資本配置方面，我們通常從屋頂線的角度，從基礎設施的角度增加容量，通常是三到五年後，這就是我們在墨西哥克雷塔羅增加工廠的原因。我們兩年前就開始這麼做了。

When it comes to individual assets for production, we tend to be investing 12 to 18 months ahead of the curve. In the initial phases of this, I don't anticipate us needing additional capacity. As we get through to the end of the second year, we'll revisit that and adjust accordingly. For us, that's much more of a modular approach. These are assets where we've significantly reduced our capital intensity per billion units produced over the last five years. So I'm looking forward to that continuing to take advantage of the scale manufacturing that we have in this regard.

當涉及單一生產資產時，我們往往會提前 12 到 18 個月進行投資。在初始階段，我預期我們不需要額外的容量。當我們進入第二年末時，我們將重新審視這一點並進行相應的調整。對我們來說，這更像是一種模組化方法。在過去五年中，我們已大幅降低了這些資產每十億單位生產的資本密集度。因此，我期待繼續利用我們在這方面的規模製造優勢。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thank you very much. In the press release that came out over the Walmart announcement, there was a phrase about joint sensor technology. Is there something about the technology that you're using with Walmart that's really unique to your relationship with them? Or maybe another way of saying this is, is what you're doing with them something that would constrain you in being able to use the same technology with other customers?

非常感謝。在沃爾瑪發布的新聞稿中，有一段關於關節感測器技術的描述。您與沃爾瑪合作使用的科技是否對您與沃爾瑪的關係產生了真正獨特的影響？或者換句話說，你對他們的所作所為是否會限制你對其他客戶使用相同的技術？

No, Jeff, what we've done with Walmart is we've really focused on the three areas in much of our pilots and trials up until this point, and those are around bakery, which are very similar to what we do with some other customers as well. Protein specifically is where we've had to lean into our innovation capability, both on our material science side, think about adhesive technology required in cold environments, and then environments that ultimately will be defrosted and even microwaved at that stage.

不，傑夫，我們與沃爾瑪合作的方式是，到目前為止，我們在大部分試點和試驗中都真正專注於三個領域，這些領域都圍繞著麵包店，這與我們為其他一些客戶所做的事情非常相似。蛋白質是我們必須依靠創新能力的地方，無論是在材料科學方面，還是在寒冷環境中所需的黏合技術，以及最終在那個階段需要解凍甚至微波的環境。

So from material science, I've put a lot more effort into solving some of those problems. And then more specifically from what we call the RF side of things, radio frequency side of things, is how do we make sure that our uniquely designed antennas are capable of being able to sense within very, very densely packed items that are very high dielectrics, has those properties.

因此，從材料科學的角度來說，我投入了更多的精力來解決其中的一些問題。然後更具體地說，從我們所說的 RF 方面，即射頻方面，我們如何確保我們獨特設計的天線能夠感知非常密集、介電常數非常高的物品，並具有這些特性。

And so how do you make sure that you're able to read everything even within a freezer container or a fridge container as well? Those have presented significant challenges in the past. So our ability to generate innovation in this area I think is going to help us unlock not just the Walmart partnership but also more broadly across the market as we look forward as well, Jeff.

那麼，如何確保能夠讀取冷凍容器或冰箱容器內的所有內容呢？這些在過去都曾帶來重大挑戰。因此，我認為我們在這個領域的創新能力不僅將幫助我們解鎖與沃爾瑪的合作關係，而且還將幫助我們更廣泛地拓展整個市場，傑夫。

Matt Roberts, Raymond James.

馬特羅伯茲、雷蒙詹姆斯。

Good morning, Matt.

早安，馬特。

Okay. Good morning, everybody. Sorry about that. If I may, in regard to Intelligent Labels -- so I understand you're probably not going to give a 2026 guide here, and understanding visibility is limited, '25 certainly had its unique headwinds from tariffs, but we're starting to see some momentum that you referenced for Walmart and others.

好的。大家早安。很抱歉。如果可以的話，關於智慧標籤——我理解你可能不會在這裡給出 2026 年的指南，而且理解可見性有限，'25 年肯定受到關稅的獨特阻力，但我們開始看到你提到的沃爾瑪和其他公司的一些勢頭。

So maybe more broadly in Intelligent Labels, how much of the initial 5 points that you expected in 2025 from new programs have shifted into '26? How many incremental points could you get from new program rollouts other than Walmart that you just gave? And given weak comps in apparel and general retail and some of the headwinds you've seen there, do you believe 2026 could support at or above the long-term growth rate? Or if you only want to give one quarter ahead, any color on 4Q could be helpful as well. Thank you for taking the question.

那麼，從更廣泛的角度來看，在智慧標籤領域，您最初預期的 2025 年新專案帶來的 5 點中有多少已經轉移到 2026 年？除了您剛剛給出的沃爾瑪之外，您還可以從其他新計劃的推出中獲得多少增量積分？鑑於服裝和一般零售業的疲軟表現以及您所看到的一些不利因素，您是否認為 2026 年能夠維持或超過長期成長率？或者，如果您只想提前一個季度，那麼 4Q 上的任何顏色都可能有幫助。感謝您回答這個問題。

Yes, Matt. Specifically, we talked -- remember, those are incrementally about those 5 basis points that would come through sort of program rollouts. Largely, those actual rollouts are on track through this year. And they came really in a couple of buckets. One bucket was in apparel themselves and new rollouts, new technology deployments.

是的，馬特。具體來說，我們討論過——記住，這些是透過某種計劃推出而逐步實現的 5 個基點。總體而言，這些實際部署在今年都將按計劃進行。它們實際上分為幾類。其中一個領域是服裝本身、新產品的推出和新技術的部署。

The second bucket was really in some of our food rollouts, which we've talked about, and the third bucket was also in some of the additional general merchandise rollouts that were happening as part of the compliance programs for some of our customers. Across all three of those, if you exclude the impact of tariffs, we're actually roughly on track.

第二個類別實際上是我們之前討論過的一些食品推廣，第三個類別也是我們為一些客戶推出的一些額外的日用百貨推廣，這些推廣是合規計劃的一部分。在這三項中，如果排除關稅的影響，我們實際上大致處於正軌上。

Now in apparel, We haven't seen any rollout delayed, but what we've seen is some of the volume being a little bit more muted than we would have expected given, as I'm sure you recognize, the tariff implications. It's a little early for us to look out currently to 2026 as well. And I say that in the context, I think the environment remains highly uncertain. I just call everybody's attention to the fact that the tariff policy changes have only impacted India more recently by up to 50%. And as all you know, we're on the road currently with China being currently 100% again. And so I think that uncertainty certainly limits our near-term visibility.

現在在服裝方面，我們還沒有看到任何推出的延遲，但是我們看到的是，考慮到關稅的影響，部分服裝的銷量比我們預期的要低一些。現在展望 2026 年還為時過早。我認為，在這種情況下，環境仍然高度不確定。我只是提請大家注意，關稅政策變化最近才對印度產生高達 50% 的影響。眾所周知，我們目前正在路上，中國目前已恢復 100% 的產能。因此我認為不確定性肯定會限制我們近期的可見度。

What I am confident in is our continued ability to drive not only innovation that secures our differentiation, but drive adoption, particularly with things like Walmart, that will certainly help deliver growth as we go through next year. And we'll characterize and wrap it all together when we get to the January outlook as well, Matt, for you.

我相信，我們不僅有能力繼續推動確保我們差異化的創新，而且還能推動採用，特別是與沃爾瑪這樣的公司合作，這肯定將有助於我們明年實現成長。馬特，當我們談到一月份的展望時，我們會對這一切進行描述和總結。

The other thing I would just add to what Deon's earlier comments and his prepared remarks, Matt, is that we talked about Q4, expecting our growth rate in IL to be better than what we grew in Q3 versus prior year.

馬特，我想補充 Deon 之前的評論和他準備好的發言，那就是我們談到了第四季度，預計我們在伊利諾伊州的增長率將比去年第三季度的增長更好。

Anthony Pettinari, Citigroup.

花旗集團的安東尼佩蒂納裡。

Good morning.

早安.

Good morning, Anthony.

早安，安東尼。

Hey, just another question on the Walmart partnership. During the quarter, they had a press release talking about deploying IoT technologies with Wiliot, and Avery has a strategic partnership with Wiliot. From a big-picture perspective, can you talk about how RFID and maybe other IoT technologies coexist in an environment like Walmart? Are you kind of agnostic to what wins in the market or how do they interact with each other? How should investors think about those two sets of technologies?

嘿，關於沃爾瑪合作關係的另一個問題。在本季度，他們發布了一份新聞稿，談論與 Wiliot 一起部署物聯網技術，並且 Avery 與 Wiliot 建立了戰略合作夥伴關係。從宏觀角度來看，您能談談 RFID 和其他物聯網技術如何在沃爾瑪這樣的環境中共存嗎？您是否不清楚市場上什麼會獲勝，或者它們如何相互作用？投資人該如何看待這兩組技術？

Yes, Anthony, I think I've always said from the start, we fundamentally believe that UHF RFID is the most ubiquitous, best-placed sensing technology for item-level identification and visibility through supply chain and in a store environment. But we've also said that there are other sensing technologies, particularly when it relates to ambient issues, things you want to monitor temperature, pressure, and so forth, that will also have a specific use case.

是的，安東尼，我想我從一開始就說過，我們從根本上相信，超高頻 RFID 是用於透過供應鏈和商店環境進行物品級識別和可視性的最普遍、最佳位置的感測技術。但我們也說過，還有其他感測技術，特別是當它涉及環境問題時，例如監測溫度、壓力等，也會有特定的用例。

Wiliot is a strong part of ours. We have strengthened our strategic partnership. We're going to be supporting them in their rollout that they have. In fact, we're going to be managing part of the rollout for them with Walmart as well overall. And that is really orientated around pallet and case level.

Wiliot 是我們團隊中很重要的成員。我們加強了策略夥伴關係。我們將支持他們進行現有工作。事實上，我們將與沃爾瑪一起為他們管理部分推廣工作。這實際上是圍繞著托盤和箱子層面進行的。

So at a high level, think about UHF RFID being applied at an item level, most likely broader-sensing devices like Wiliot technology will be provided at a pallet and case level. And we're involved in both of those areas. I think they present a suite of solutions that in the long term are going to continue to drive to what I think will be the end outcome, which is digital identities on all physical objects in time.

因此，從高層次來看，考慮將 UHF RFID 應用於物品級別，最有可能的是，像 Wiliot 技術這樣的更廣泛的感測設備將在托盤和箱子級別提供。我們都參與了這兩個領域。我認為他們提出了一套解決方案，從長遠來看，這些解決方案將繼續推動我認為的最終結果，即所有實體物件上都及時擁有數位身分。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Yes, thank you guys, and getting used to the new technology as well. And congrats on all the progress and the new Walmart deployment.

是的，謝謝你們，我也正在適應新科技。恭喜沃爾瑪取得的所有進展和新部署。

Thank you.

謝謝。

Just one question for me in terms of logistics. Obviously, it was a little bit weaker in this quarter, as you mentioned. Any potential for new deployments in the near term? Any comments you may have on potential share gains? Obviously, there was some share loss last year. Any insights as to whether maybe you're going to regain some share from that business? Anything you can help with around logistics and what's happening with deployments and potential share gains on the horizon. Thank you.

關於物流，我只有一個問題。顯然，正如您所說，本季的情況略有疲軟。近期是否有可能進行新的部署？您對潛在的股價上漲有何評論？顯然，去年有一些份額損失。您有什麼見解可以告訴您，您是否有可能從該業務中重新獲得一些份額？您可以提供有關物流、部署情況以及未來潛在的份額成長的任何協助。謝謝。

Yes, sure, Mike. We continue to do really solid work in our partnership with UPS, and that partnership continues to grow. My sense is through the end of this year, we'll actually expand our share with UPS. It's a good performance by both our team, both on service, quality, delivery, and some new innovation we've even brought to UPS as well in terms of how they can drive higher-speed application to their packages relative to using our technology as well.

是的，當然，麥克。我們繼續在與 UPS 的合作中做出真正紮實的工作，而這種合作關係仍在不斷發展。我的感覺是，到今年年底，我們實際上將擴大與 UPS 的份額。我們的團隊在服務、品質、交付方面都表現良好，甚至為 UPS 帶來了一些新創新，即他們如何利用我們的技術為其包裹提供更高速的應用。

If I think more broadly about the logistics environment, I think we've been very clear. We didn't anticipate another rollout during '25, and we're going to be assessing what the likelihood of that will be during 26. We'll give more color on that as we get to the start of January. But I'd say overall, we continue to make really good progress with a number of the key logistics providers.

如果我更廣泛地考慮物流環境，我想我們已經非常清楚了。我們預計 25 年不會再推出新產品，我們將評估 26 年推出新產品的可能性。進入一月初，我們將對此進行更詳細的說明。但我想說，總的來說，我們與一些主要物流供應商的合作繼續取得良好進展。

Our pilots and trials have expanded with almost all of them. And we spent a lot of time engaging around all the various use cases that could come out of not just managing last-mile fulfillment accuracy but also how do you originate parcels that go back to source at shipper and what role can we play in that.

我們的試點和試驗幾乎都已擴大。我們花了大量時間研究各種用例，這些用例不僅可以管理最後一英里的履行準確性，還可以研究如何發起返回托運人來源的包裹，以及我們可以在其中發揮什麼作用。

As always, I'm encouraged by what I see when I look across the business and our relationship we have with all the large logistics providers. And for me, it's just going to be a case of when we're able to get them to adopt at scale, and we'll be able to give a broader update, I think, by the time we get to January, Mike.

像往常一樣，當我回顧整個業務以及我們與所有大型物流供應商的關係時，我感到很鼓舞。對我來說，這只是一個我們何時能夠讓他們大規模採用的問題，我認為，到一月份的時候，我們將能夠提供更廣泛的更新，麥克。

Josh Spector, UBS. Your line is open.

瑞銀的喬許·斯佩克特。您的線路已開通。

Okay, great. So I wanted to ask kind of a technical one around the quarter and the guide here is I think from a sales perspective, you're guiding sales up about $100 million, maybe a little bit more sequentially. But from an EPS perspective, you're close to flat. I think historically, there's some accretion of margins in fourth quarter. So I know with the M&A piece of it, that maybe creates a little bit of noise as Meridian layers in, but are there other factors that we need to consider, like some lagged price downs or some other costs that maybe mute the accretion Q-on-Q?

好的，太好了。所以我想問本季的技術問題，這裡的指導是，我認為從銷售角度來看，您指導的銷售額將成長約 1 億美元，或許比上一季略高一些。但從每股收益的角度來看，它接近持平。我認為從歷史上看，第四季度的利潤率會有所增長。因此，我知道，隨著 Meridian 的層層介入，併購部分可能會產生一些噪音，但是否還有其他因素需要考慮，例如一些滯後的價格下跌或其他一些可能抑制季度增長的成本？

Yes, thanks, Josh. So when we look at sequential, there's a number of puts and takes, of course. Seasonality, as you mentioned, historically, has been a little bit positive. I would say this quarter we're probably expecting a little bit less than typical since we saw apparel have a bit of a catch-up in Q3 from the tariff impacts that we had in the second quarter.

是的，謝謝，喬希。因此，當我們查看順序時，當然會有許多投入和產出。正如您所提到的，從歷史上看，季節性一直有點積極。我想說的是，我們預計本季的銷售額可能會比平常少一些，因為我們看到服裝在第三季因第二季的關稅影響而有所回升。

We'll still have some positive logistics volume improvements sequentially into Q4. Materials is usually a little bit of a headwind Q3 to Q4 given the holiday periods on the biggest parts of that business in North America and Europe. So sequentially, we'd expect seasonality to be relatively flat this year, I think.

進入第四季度，我們的物流量仍將持續取得一些正面的改善。由於北美和歐洲的大部分業務處於假期期間，材料業務在第三季至第四季通常會遇到一些阻力。因此，我認為，我們預計今年的季節性將相對穩定。

When we looked in, we have some slight positives from share buyback that we've been doing across the year and continuing to do as we entered the fourth quarter here. We've got some slight favorability from restructuring, and I talked about ramping that up as we're moving through the back half.

當我們回顧時，我們發現股票回購有一些積極的方面，我們全年都在進行股票回購，並且在進入第四季度後仍在繼續進行。重組為我們帶來了一些好處，我談到了在後半段推進的過程中加大這種好處。

And then we've got a little bit of a slight headwind quarter over quarter. I think Deon talked about our network inefficiencies we've had related to some of the tariff moves and our sourcing moves, our production moves accordingly with that. We've got a little bit higher inventories in the system over the last few quarters. And as we're bringing that down, we'll have a little bit of an inventory absorption impact on the P&L in the fourth quarter sequentially. Otherwise, price deflation, somewhat immaterial sequential impact. So those are kind of the big puts and takes when we look Q3 to Q4.

然後我們每個季度都遇到了一點逆風。我認為 Deon 談到了我們的網路效率低下，這與一些關稅變動和採購變動有關，我們的生產也隨之變動。過去幾個季度，我們系統中的庫存略有增加。隨著我們降低這個數字，我們將對第四季的損益表產生一點庫存吸收影響。否則，價格通貨緊縮，將產生一些不重要的連續影響。因此，當我們展望第三季到第四季時，這些都是巨大的投入和產出。

John Dunigan, Jefferies.

傑富瑞的約翰·鄧尼根。

Hey, guys, thank you very much for all the details. I just wanted to ask a quick one on the Walmart collaboration, and then I have one other here. So the collaboration, when will that start flowing through? Is that more of a 2026 event? And then, just looking at Embelex, I mean, the inflection in volumes was pretty impressive, not something that we were necessarily expecting. I get that it's related to the World Cup, but is that kind of trend, kind of high single-digit, low double-digit, expected going into 4Q 2026? What your expectations are for that business would be helpful. Thanks.

嘿，夥計們，非常感謝你們提供的所有詳細資訊。我只是想快速問一個有關沃爾瑪合作的問題，然後我這裡還有一個問題。那麼合作什麼時候開始呢？這更像是 2026 年的事件嗎？然後，只看一下 Embelex，我的意思是，交易量的變化相當令人印象深刻，這不是我們所期望的。我知道這與世界盃有關，但這種趨勢，例如高個位數、低兩位數，預計會持續到 2026 年第四季嗎？您對該業務的期望將會有所幫助。謝謝。

Sure, John. Yes, on the Walmart collaboration, we've been piloting a trial, as I'm sure you'd sense for a while now. And the rollout will start sequentially at a very small amount in the fourth quarter, really, and then we'll go from there as we go through '26 and '27. That's the current plan. Again, that may be subject to change, inter-quarter shift, depending on what stores roll out at what pace and which departments go in which sequence and order.

當然，約翰。是的，在與沃爾瑪的合作中，我們已經進行了試點，我相信您現在已經感覺到了。實際上，我們將在第四季度以非常小的規模開始陸續推出該產品，然後在 26 年和 27 年逐步推出。這是目前的計劃。同樣，這可能會發生變化，季度間輪班，取決於哪些商店以什麼速度推出以及哪些部門以什麼順序和順序推出。

In terms of Embelex, I've been very pleased with our Embelex performance in the third quarter, largely on the performance that we have as related to the World Cup. So we do a lot of preparation for the key World Cup teams and the brands that support them in advance. And that typically happens a little bit in the second quarter, the majority in the third quarter, and a small amount will happen in the fourth quarter.

就 Embelex 而言，我對 Embelex 在第三季的表現非常滿意，這主要歸功於我們在世界盃期間的表現。因此，我們提前為世界盃主要球隊和支持他們的品牌做了很多準備。這種情況通常在第二季發生一點，在第三季大部分發生，在第四季會有少量發生。

That's what we would call happening at source. The garments are produced at source. They're decorated at source. And then as we get into next year when the actual World Cup happens, there will be a smaller opportunity for us to do what we call in-stadium venue customization, the names and numbers that you can do when you go there. We haven't necessarily given a perspective on how that decides that, but it's an opportunity certainly for us as we get into next year.

這就是我們所說的源頭發生。服裝是在源頭生產的。它們在源頭就經過裝飾。然後，隨著明年世界盃的正式舉行，我們進行所謂的場館定制的機會就會減少，當你去那裡時，你可以自訂名字和號碼。我們不一定能給出如何決定這一點的觀點，但這對我們來說無疑是一個機會，因為我們將進入明年。

Aside from that, on our base Embelex business, we continue to see improvement, which is largely anchored in our performance brands as they start to ramp up as well. And then separately in our Embelex business, we continue to make progress in what we call our in-venue and consumer customization applications.

除此之外，我們的基礎 Embelex 業務也持續取得進展，這在很大程度上得益於我們的高性能品牌，因為它們也開始逐漸增強。然後，在我們的 Embelex 業務中，我們繼續在所謂的場內和消費者客製化應用程式方面取得進展。

I'll give you an example of that. We've recently launched an NFC-connected device in a garment for a Turkish football club. We've done the same thing again for the San Francisco 49ers. And this really helps clubs and fans engage more directly on a one-to-one basis. So leveraging our technology with some of our adhesive science and our Embelex business overall. And in the long term, we continue to see this as a kind of mid- to high-single-digit growth segment for us as we move forward.

我給你舉個例子。我們最近為土耳其一家足球俱樂部推出了一款帶有 NFC 連接設備的服裝。我們再次為舊金山 49 人隊做了同樣的事情。這確實有助於俱樂部和球迷進行一對一的更直接的互動。因此，我們將利用我們的技術、黏合劑科學以及 Embelex 業務。從長遠來看，隨著我們不斷前進，我們將繼續將其視為中高個位數的成長部分。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Great. Thanks for taking my call. Another question about the Walmart arrangement. Different RFID tags have different prices in that apparel tags tend to be priced higher than logistics tags. Where do tags on meat fall? Are they in the middle or higher or lower? And then for Greg, what calendar are you switching over to for next year?

偉大的。謝謝您接聽我的電話。另一個問題是關於沃爾瑪的安排。不同的RFID標籤有不同的價格，其中服裝標籤的價格往往高於物流標籤。肉上的標籤放在哪裡？它們處於中間、較高還是較低？那麼對格雷格來說，明年你會切換到什麼日曆呢？

Jeff, so let me address the Walmart one, and then Greg can take on the calendar question. Yes, I mean, typically across our estate, we have -- I'd characterize our products as kind of good, better, best, and ranging in differentiation from good all the way through to best. There's also unique circumstances which certain products or certain inlays are put into more complex tags or formats. So an inlay that goes onto, let's say, a plain white label has less complexity and typically a lower price point than something that goes into a highly decorated graphic tag that may go in apparel. So you can see a range of ASPs across them.

傑夫，讓我來回答沃爾瑪的問題，然後格雷格可以回答日曆問題。是的，我的意思是，通常在我們的整個產業中，我們會將我們的產品描述為好、更好、最好，並且從好一直到最好。還有一些特殊情況，某些產品或某些嵌體會被放入更複雜的標籤或格式。因此，與服裝上可能出現的精心裝飾的圖形標籤相比，嵌入在普通白色標籤上的鑲嵌物複雜度較低，而且價格通常也較低。因此您可以看到它們之間的一系列 ASP。

As it relates to meat, given some of our proprietary innovation, we would see these as typically products that are in the best range. And our ASPs there will probably be a little higher. But there's also mixed in with the bakery products that we have and some of the deli products. So overall, I'd anticipate our ASPs across that program to really reflect our portfolio largely at an aggregate level and with profitability to be in a similar aggregate range we currently see across our IL portfolio as well.

就肉類而言，鑑於我們的一些專有創新，我們認為這些通常是最佳範圍內的產品。我們在那裡的平均售價可能會更高一些。但其中也混雜著我們的烘焙產品和一些熟食產品。因此，總體而言，我預計該計劃的平均銷售價格將在總體上反映我們的投資組合，而獲利能力也將與我們目前在 IL 投資組合中看到的整體範圍相似。

And Jeff, on your question on the calendar, we are moving from our historical 4-4-5 calendar to a fiscal calendar that aligns with the actual calendar, the Gregorian calendar. So we're making that shift at the end of this year. So this year will extend to December 31. And then from now on, heading into 2026, we'll be following the Gregorian calendar.

傑夫，關於你關於日曆的問題，我們正在從歷史上的 4-4-5 日曆轉向與實際日曆（公曆）一致的財政日曆。因此我們將在今年底做出這項轉變。所以今年將延長至12月31日。從現在開始，到 2026 年，我們將遵循公曆。

And if I go back to Josh's question a little bit earlier, that does add about 2 points of growth in our fourth quarter sequentially versus prior year by adding those extra days into the fourth quarter. They're not really high-quality days. We had four days to the calendar this year. That includes a Sunday, and it includes New Year's Eve, so they're not really high-quality days. But nonetheless, we'll get some incremental revenue from that. Not a huge flow-through because we'll have four or so days of fixed costs with less than that of actual revenue given the softness of those typical days. But that's the impact we're shifting to the Gregorian Counter next year.

如果我回到喬希之前提出的問題，透過將這些額外的天數添加到第四季度，這確實使我們第四季度的環比增長比去年同期增加了約 2 個百分點。這確實不是高品質的日子。今年曆上還有四天。其中包括週日和除夕，所以這些日子並不是真正高品質的日子。但儘管如此，我們仍會從中獲得一些增量收入。流通量不會很大，因為考慮到這些典型日子的疲軟，我們將有四天左右的固定成本，但實際收入卻低於固定成本。但這就是我們明年將轉移到公曆計數器的影響。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Hi, guys. Thanks for taking the follow on to part one. And again, thanks for all the details. First of all, can you talk a bit about where you're seeing deflation in materials such that prices are a touch lower? And kind of where you sit right now, how would you gauge what is normal deflation versus price competition given the macro?

嗨，大家好。感謝您繼續閱讀第一部分。再次感謝您提供的所有詳細資訊。首先，您能否談談您看到的材料通貨緊縮，導致價格略有下降的情況？就您目前的處境而言，在宏觀環境下，您如何判斷什麼是正常的通貨緊縮，什麼是價格競爭？

Related point, the last couple quarters, again, third quarter was nice to see the improvement. But apparel's weakness in base was one of the reasons that IL is having some difficulty growing. This quarter, with apparel being up 3% on IL, base is down. Why are we getting a positive disconnect this quarter that we were not getting in prior quarters with IL relative power? Thanks, and good luck in the quarter.

相關點，過去幾個季度，再次，第三季度很高興看到改善。但服裝基礎薄弱是 IL 發展困難的原因之一。本季度，服裝銷售額在 IL 上上漲了 3%，但基數卻下降了。為什麼我們本季出現了積極的脫節，而在前幾個季度，IL 相對實力並沒有出現這樣的脫節？謝謝，祝本季好運。

Thanks, George. I'll start with your deflation question. Overall, what we've been seeing, and we've talked about from a year-over-year perspective, I think the biggest drivers we've seen are in paper, particularly in Europe and Asia, where overall we've got low single-digit deflation year-over-year in the third quarter. Paper is a little bit more than that, specific to a couple regions. And we saw pulp kind of coming down through the quarter in those areas as well.

謝謝，喬治。我先從通貨緊縮的問題開始。總體而言，就我們所看到的以及從同比角度討論的情況而言，我認為我們看到的最大驅動因素是紙面數據，特別是在歐洲和亞洲，總體而言，第三季度的同比通貨緊縮幅度為個位數。紙張的作用遠不止於此，特定於幾個地區。我們也看到這些地區的紙漿產量在本季有所下降。

And we've got a little bit of year-over-year benefit on chemicals and films as well, also primarily in Europe and Asia. And then in the US we've got some tariff-related inflation that we've put surcharges through as we talked about. So we do have a little bit from a price perspective then. We've got a little bit of low single-digit impact on pricing as well. And net-net, we've got a slight headwind between price inflation.

我們的化學品和薄膜業務也獲得了一些同比收益，主要在歐洲和亞洲。然後在美國，我們遇到了一些與關稅相關的通貨膨脹，正如我們所說的，我們已經徵收了附加費。所以從價格角度來看我們確實有一點。我們對定價也產生了一點低個位數的影響。總體而言，我們在價格通膨方面遇到了輕微的阻力。

And I think some of that is still over the cycle. When we look over a multi-year horizon, we had a lot of inflation a few years ago. It's been slightly deflationary for a couple of years now, and prices have come down to go with that. So that's something we expected as we've gone through the quarters this year. We'll probably have another quarter or so as that continues from a year-over-year perspective in Q4.

我認為其中一些仍處於週期性階段。當我們回顧多年歷史時，我們發現幾年前通貨膨脹非常嚴重。近幾年來，一直處於輕微通貨緊縮狀態，價格也隨之下降。這是我們在今年各個季度中預料到的事情。從第四季年比來看，我們可能還會再有另一個季度左右的成長速度。

And George, in your second question, even in the second quarter, our base apparel performance was lower than our apparel IL performance. Both were down. And as you saw, our base apparel performance has improved. It's still low single digits, the base apparel piece, and our IL performance is now sort of low single digits, around 3%.

喬治，在你的第二個問題中，即使在第二季度，我們的基礎服裝業績也低於我們的服裝IL業績。兩人都倒下了。如您所見，我們的基礎服裝業績有所改善。基本服裝部分仍處於低個位數，而我們的 IL 性能現在也處於低個位數，約為 3%。

The difference there really is in rollouts, not necessarily relative to the absolute volume of the base apparel. It's new rollouts. For example, we extended our rollout with the Inditex Group, leveraging our new proprietary loss-detection technology that they've introduced. Separately, we've also got continued rollouts in new apparel customers, a couple of them small, one of them large, that have been rolled out through the third and then the fourth quarter increasingly as well.

差異確實存在於推出過程中，並不一定與基礎服裝的絕對數量有關。這是新推出的產品。例如，我們與 Inditex 集團合作擴大了推廣範圍，利用他們推出的全新專有損失檢測技術。另外，我們也持續向新的服裝客戶推出產品，其中一些是小客戶，一個是大客戶，這些產品在第三季和第四季也得到了越來越多的推廣。

Mr. Gilchrist, there are no further questions at this time. I will now turn the call back to you for any closing remarks.

吉爾克里斯特先生，現在沒有其他問題了。現在我將把電話轉回給您，請您發表結束語。

Thank you, Karina. Just to recap, we delivered a solid third quarter in a dynamic environment. We are well prepared for a variety of macro scenarios and well positioned to deliver superior value through the cycle. We want to thank you for joining today's call. This now concludes our call.

謝謝你，卡琳娜。總結一下，我們在充滿活力的環境中取得了穩健的第三季業績。我們已經為各種宏觀情景做好了充分準備，並有能力在整個週期中提供卓越的價值。我們感謝您參加今天的電話會議。我們的通話到此結束。

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。