艾利丹尼森 (AVY) 2025 Q4 法說會逐字稿

Ladies and gentlemen, welcome to Avery Dennison's earnings conference call for the fourth quarter ended on December 31, 2025. (Operator Instructions) As a reminder, this webcast is being recorded and will be available for replay on the Avery Dennison Investor Relations website. I'd now like to turn the call over to William Gilchrist, Avery Dennison's Vice President of Investor Relations. Please go ahead, sir.

女士們、先生們，歡迎參加艾利丹尼森公司截至 2025 年 12 月 31 日的第四季財報電話會議。（操作說明）提醒各位，本次網路直播正在錄製，並將在艾利丹尼森投資者關係網站上提供回放。現在我將把電話交給艾利丹尼森公司投資者關係副總裁威廉·吉爾克里斯特。請繼續，先生。

Thank you, Miriam, and welcome to Avery Dennison's fourth quarter and full year 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 A-4 to A-8 the financial statements accompanying today's earnings release.

謝謝 Miriam，歡迎參加 Avery Dennison 2025 年第四季及全年業績電話會議。請注意，在今天的討論中，我們將多次提及非GAAP財務指標。我們使用的非GAAP指標已在今天發布的收益報告所附財務報表附表A-4至A-8中進行了定義、限定和與GAAP的調節。

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.

我們在此提醒您，我們將做出一些預測性聲明，這些聲明反映了我們目前對未來業績和財務結果的看法和估計。這些前瞻性陳述受今天發布的盈利報告中所包含的安全港聲明的約束。

On the call today are Deon Stander, President and Chief Executive Officer; and Greg Lovins, Senior Vice President and Chief Financial Officer. I'll now turn the call over to Deon.

今天參加電話會議的有總裁兼執行長迪昂·斯坦德，以及高級副總裁兼財務長格雷格·洛文斯。現在我將把電話交給迪恩。

Thanks, Gilly, and hello, everyone. We delivered solid full year 2025 results with adjusted EPS of $9.53 and $707 million of adjusted free cash flow, a performance that once again underscores the durability of our franchise and our ability to activate multiple levers across a range of macro scenarios.

謝謝吉莉，大家好。我們公佈了 2025 年全年穩健的業績，調整後每股收益為 9.53 美元，調整後自由現金流為 7.07 億美元，這一業績再次凸顯了我們業務的持久性以及我們在各種宏觀情景下激活多種槓桿的能力。

While ongoing trade policy changes and softer consumer sentiment have been headwinds for our business, we successfully leveraged our productivity playbook to maintain an adjusted EBITDA margin of 16.4%. Our results demonstrate the resilience of our model as we remain focused on driving outsized growth in high-value categories, accelerating innovation to advance our differentiation, delivering productivity to protect base margins and allocating capital effectively.

儘管持續的貿易政策變化和疲軟的消費者信心對我們的業務構成了不利影響，但我們成功地利用了我們的生產力策略，維持了 16.4% 的調整後 EBITDA 利潤率。我們的成果證明了我們模式的韌性，我們將繼續專注於推動高價值類別的超額成長，加速創新以提升我們的差異化優勢，提高生產力以保護基本利潤率，並有效地配置資本。

Turning to the fourth quarter segment results. In Materials Group, reported sales increased 5%. While sales were down slightly on an organic basis, we saw low single-digit volume in mix growth that was more than offset by deflation-related price reductions.

接下來來看第四季各業務板塊的業績。材料集團報告銷售額成長 5%。雖然有機銷售額略有下降，但產品組合銷售實現了個位數成長，這被通貨緊縮相關的降價所抵消。

We are continuing to advance our strategic shift towards high-value categories, which now represents 38% of the segment's portfolio, a figure we expect to expand with a full year of Taylor Adhesives. Within this segment, Intelligent Label delivered high single-digit growth, underscoring its role as an important growth engine, while Performance Materials grew mid-single digits and Graphics and Reflectives grew low single digits.

我們正持續推動向高價值品類的策略轉型，目前高價值品類已佔該業務板塊產品組合的 38%，我們預計隨著 Taylor Adhesives 全面投產，這一數字還會繼續增長。在這個細分市場中，智慧標籤實現了高個位數成長，凸顯了其作為重要成長引擎的作用；高性能材料實現了中等個位數成長；圖形和反光材料實現了低個位數成長。

High-value categories helped balance our base categories, which were down low single digits in the quarter, lower than expected on softer customer volumes. From a margin perspective, adjusted EBITDA margin was 16.6%, down 40 basis points compared to the prior year.

高價值類別幫助平衡了我們的基礎類別，由於客戶數量疲軟，本季基礎類別的跌幅低於預期，跌幅接近個位數。從利潤率角度來看，調整後的 EBITDA 利潤率為 16.6%，比前一年下降了 40 個基點。

This reflects the impact of higher employee-related costs and some onetime benefits in the prior year fourth quarter, which our team worked diligently to partially offset through the benefits of our ongoing productivity actions.

這反映了上一年第四季員工相關成本增加和一些一次性福利的影響，我們的團隊努力透過持續的生產力提升措施帶來的收益來部分抵消這些影響。

In Solutions Group, sales increased roughly 1.5%. This segment continues to lead our portfolio shift, with high-value categories now representing 60% of the Solutions Group portfolio. This proved critical this quarter, as our high-value categories provided a necessary offset to our base solutions, which continue to be impacted by tariff-related uncertainty. Specifically, our base apparel business was below our expectations, down roughly 7% as customers balance inventory positions with the impact of post-tariff pricing decisions.

解決方案集團的銷售額成長了約 1.5%。該板塊繼續引領我們的產品組合轉型，高價值類別目前佔解決方案集團產品組合的 60%。事實證明，這在本季至關重要，因為我們的高價值類別為我們的基礎解決方案提供了必要的抵消，而基礎解決方案仍然受到關稅相關不確定性的影響。具體來說，我們的基礎服裝業務低於預期，下降了約 7%，因為客戶在關稅後定價決策的影響下調整了庫存狀況。

Within our Solutions Group high-value platforms, Vestcom grew more than 10%, Embelex delivered high single-digit growth, and Intelligent Labels, tempered by the consumption trends in apparel and general retail IL, grew low single digits.

在我們的解決方案集團高價值平台中，Vestcom 成長超過 10%，Embelex 實現了接近兩位數的成長，而 Intelligent Labels 則受到服裝和一般零售業消費趨勢的抑制，實現了接近兩位數的成長。

From a profitability perspective, our disciplined focus on our productivity playbook and a favorable high-value mix allowed us to deliver an adjusted EBITDA margin of 17.8%, which is up nearly 1 point sequentially and comparable to prior year, successfully offsetting high employee-related costs and our continued investments in future growth.

從獲利能力的角度來看，我們嚴格執行生產力策略，並採用有利的高價值產品組合，實現了調整後的 EBITDA 利潤率 17.8%，環比增長近 1 個百分點，與上年持平，成功抵消了高昂的員工相關成本以及我們對未來增長的持續投資。

Turning to our enterprise-wide Intelligent Label platform. Sales grew mid-single digits compared to prior year, in line with our expectations for a sequential improvement in the rate of growth. This was driven by our key growth market segments and a partial recovery in apparel, which grew low single digits this quarter.

接下來，我們將使用我們企業級的智慧標籤平台。與上年相比，銷售額實現了中等個位數的成長，符合我們對成長率較上季改善的預期。這主要得益於我們關鍵成長市場領域的成長以及服裝產業的局部復甦，該產業本季實現了個位數低成長。

While apparel and general retail sales have been impacted by tariff policy changes resulting in flat full year sales, our food, logistics and other categories delivered outsized performance with high teens growth in Q4 and approximately 10% growth for the full year 2025.

雖然服裝和一般零售銷售受到關稅政策變化的影響，導致全年銷售額持平，但我們的食品、物流和其他類別表現出色，第四季度實現了兩位數以上的增長，預計到 2025 年全年將增長約 10%。

Looking ahead to 2026. We continue to anticipate growth in this platform above the pace we achieved in 2025. We expect the pace of growth to be stronger in the second half than the first half as we lap a stronger first quarter 2025, which was largely unaffected by tariffs and as new programs roll out.

展望2026年。我們繼續預期該平台的成長速度將超過我們在 2025 年實現的速度。我們預計下半年的成長速度將比上半年更快，因為2025年第一季表現強勁，基本上未受關稅影響，而且新項目也陸續推出。

In apparel and general retail, we expect to return to growth as we continue to navigate the impacts of tariff policy uncertainty. In food, adoption is set to accelerate through our major fresh grocery rollout with Walmart, with revenues ramping in the back half of 2026.

在服裝和一般零售領域，我們預計隨著我們繼續應對關稅政策不確定性的影響，將恢復成長。在食品領域，隨著我們與沃爾瑪合作推出大型新鮮食品雜貨業務，市場接受度將會加速提升，預計到 2026 年下半年營收將大幅成長。

Finally, in logistics, we are focused on expanding pilots with new customers, following a year of outsized growth with our largest customer. Pivoting back to the enterprise level. While I am pleased with our ability to protect margins and earnings in this environment. I am not satisfied with our organic revenue growth. While much of this is due to cyclical challenges, we are taking decisive action to inflect this growth trajectory.

最後，在物流方面，我們正專注於與新客戶擴大試點項目，此前我們最大的客戶在過去一年實現了超額成長。重新回到企業層面。儘管我對我們能夠在這種環境下保護利潤率和收益的能力感到滿意。我對我們的自然營收成長並不滿意。雖然這很大程度上是由於週期性挑戰造成的，但我們正在採取果斷行動來扭轉這一成長趨勢。

As you can see on slide 10, our high-value categories, which have secular tailwinds, remain a key enabler of enterprise growth and portfolio strength, growing at a mid-single-digit CAGR over the past six years and expanding to roughly 45% of our sales in 2025, a 12-point increase since 2019. Expanding these solutions to new customers and end markets will add to our growth trajectory.

正如您在投影片 10 中看到的那樣，我們具有長期利好因素的高價值類別仍然是企業成長和產品組合實力的關鍵推動因素，在過去六年中以中等個位數的複合年增長率增長，到 2025 年將擴大到我們銷售額的約 45%，比 2019 年增長了 12 個百分點。將這些解決方案推廣到新的客戶和終端市場，將有助於我們實現成長。

Accelerating innovation outcomes in both high-value categories and the base categories is also key to changing our growth trajectory. This allows us to expand our opportunity with existing customers and to grow into new markets.

加速高價值類別和基礎類別的創新成果，也是改變我們成長軌跡的關鍵。這使我們能夠擴大與現有客戶合作的機會，並擴大新市場。

Within our Solutions Group, we're advancing this through examples such as our Intelligent Labels fresh solutions for food traceability, the expansion of Vestcom storeLink software platform for centralized retail execution, and the growth of Embelex's custom studio fan zones to drive in-venue fan engagement.

在我們的解決方案集團內部，我們正在透過以下實例推進這一進程：例如，我們用於食品溯源的智慧標籤新鮮解決方案、用於集中零售執行的 Vestcom storeLink 軟體平台的擴展，以及 Embelex 客製化工作室粉絲區的發展，以推動場館內粉絲的參與。

Similarly, in Materials Group, new innovations such as the expansion of our CleanFlake portfolio to more packaging substrates to advanced circularity and the introduction of smart materials to accelerate Intelligent Label adoption throughout the channel.

同樣，在材料集團，我們也推出了新的創新，例如將 CleanFlake 產品組合擴展到更多包裝基材，以實現更先進的循環利用，並引入智慧材料，以加速整個通路採用智慧標籤。

Additionally, to further enhance our differentiation, we are also expanding our digital capabilities, use of automation and leveraging AI to enable additional operational productivity and fixed cost innovation, strengthen our service and quality, shorten our innovation cycles and provide more data-driven solutions that our customers require to address their fundamental challenges.

此外，為了進一步增強我們的差異化優勢，我們也正在擴展我們的數位化能力，利用自動化和人工智慧，以實現更高的營運效率和固定成本創新，加強我們的服務和質量，縮短我們的創新週期，並提供更多數據驅動的解決方案，以滿足客戶應對其根本挑戰的需求。

Stepping back, as you can see on slide 9, executing on all our key strategies with proven business resilience enables us to deliver GDP-plus growth and top quartile returns across cycles. In addition to investing in innovation to drive growth in our high-value categories and base businesses and positioning ourselves to lead at the intersection of the physical and digital, we will continue to relentlessly focus on productivity to strengthen our market-leading positions in both our businesses. We will also continue to be disciplined in capital allocation to deliver returns and improve our portfolio.

從投影片 9 可以看出，我們透過執行所有關鍵策略，並運用已被證明具有業務韌性的方法，能夠在各個週期中實現超過 GDP 的成長和前四分之一的回報。除了投資創新以推動高價值品類和基礎業務的成長，並使我們本身處於實體和數位交匯處的領先地位之外，我們還將繼續不懈地專注於生產力，以鞏固我們在兩個業務領域的市場領先地位。我們將繼續嚴格把控資本配置，以實現回報並改善我們的投資組合。

Finally, I'm pleased to report that we achieved our 2025 sustainability objectives, which we laid out in 2015. These include reducing our energy intensity and enabling more sustainable products and solutions for our customers. Similarly, we're making good progress towards our 2030 sustainability objectives we set in 2020.

最後，我很高興地報告，我們實現了在 2015 年制定的 2025 年永續發展目標。這包括降低我們的能源強度，並為我們的客戶提供更永續的產品和解決方案。同樣，我們在實現 2020 年制定的 2030 年永續發展目標方面也取得了良好進展。

Now moving to the outlook for 2026. In line with our recent practice of providing a quarterly outlook, we will be continuing this approach for the foreseeable future. As such, for the first quarter of 2026, we expect adjusted earnings per share to grow approximately 6% at the midpoint on organic sales growth of 0% to 2%.

現在展望一下2026年。根據我們近期發布的季度展望報告慣例，我們將在可預見的未來繼續採用這種方式。因此，我們預計 2026 年第一季調整後每股收益將成長約 6%（取中間值），有機銷售額將成長為 0% 至 2%。

Given key economic indicators remain largely consistent with 2025 levels, we are not planning for any macroeconomic tailwinds in the near term. Our performance will instead be driven by the levers within our control: Scaling our differentiated solutions in high-value categories, returning our base business into profitable growth, maintaining a relentless focus on productivity and effectively deploying capital to drive earnings.

鑑於關鍵經濟指標與 2025 年的水準基本保持一致，我們近期不打算採取任何宏觀經濟利好措施。我們的業績將由我們可控的因素驅動：擴大我們在高價值類別中的差異化解決方案，使我們的基礎業務恢復盈利增長，持續關註生產力，並有效地部署資本以推動盈利。

In summary, we have exited the dynamic and challenging year not just more resilient but structurally stronger to deliver longer-term value creation. Advancing our strategic priorities underpins our confidence in returning to stronger growth and delivering top quartile returns.

總而言之，我們不僅在經歷了充滿活力和挑戰的一年後變得更加堅韌，而且在結構上也更加強大，從而能夠創造更長期的價值。推進我們的策略重點，增強了我們對恢復強勁成長和實現前四分之一回報的信心。

We are entering 2026 with the right playbook, the right team and a path to return to growth in line with our long-term targets. I want to extend my sincere gratitude to our global team for their dedication to excellence and their unwavering focus on executing our strategies.

我們帶著正確的策略規劃、合適的團隊和實現長期目標的復甦之路邁入 2026 年。我衷心感謝我們的全球團隊，感謝他們追求卓越，並始終堅定不移地專注於執行我們的策略。

And with that, over to you, Greg.

那麼，接下來就交給你了，格雷格。

Thanks, Deon, and hello, everybody. In the fourth quarter, we delivered solid adjusted earnings per share of $2.45, up 3% compared to prior year. Earnings growth was driven by higher volume and productivity, partially offset by higher employee-related costs and targeted growth investments. From an overall sales perspective, our business continued to be impacted by a softer consumer environment and customer uncertainty due to the impact of trade policy changes.

謝謝迪恩，大家好。第四季度，我們實現了穩健的調整後每股收益 2.45 美元，比上年同期增長 3%。獲利成長主要得益於銷售量和生產力的提高，但部分被員工相關成本上升和有針對性的成長投資所抵銷。從整體銷售角度來看，由於貿易政策變化的影響，消費者環境疲軟和客戶不確定性持續影響著我們的業務。

Fourth quarter reported sales were up 3.9%, with organic sales comparable to prior year, as positive volume was offset by deflation-related price reductions. As expected, we benefited from an estimated 1.5 points impact from our shift to the Gregorian calendar at the end of the year and 1 point of growth from the Taylor Adhesives acquisition.

第四季報告銷售額成長 3.9%，有機銷售額與去年同期持平，銷售成長被通貨緊縮相關的價格下降所抵銷。正如預期的那樣，由於年底改用公曆，我們預計獲得了 1.5 個百分點的收益，此外，收購 Taylor Adhesives 也帶來了 1 個百分點的成長。

Adjusted EBITDA margin remained resilient at 16.2% in the quarter, down slightly compared to prior year. And we again generated strong adjusted free cash flow of $303 million in the quarter, bringing our full year 2025 free cash flow to $707 million with a free cash flow conversion rate of greater than 100%. And our balance sheet remains strong with our quarter end net debt to adjusted EBITDA ratio at 2.4.

本季調整後 EBITDA 利潤率保持穩健，為 16.2%，與去年同期相比略有下降。本季我們再次實現了強勁的調整後自由現金流，達到 3.03 億美元，使我們 2025 年全年自由現金流達到 7.07 億美元，自由現金流轉換率超過 100%。我們的資產負債表依然穩健，季末淨負債與調整後 EBITDA 比率為 2.4。

We continue to execute our disciplined capital allocation strategy. For the full year, we returned approximately $860 million to shareholders, including $572 million in buybacks and $288 million in dividends, reinforcing our commitment to delivering shareholder value while maintaining a strong balance sheet.

我們將繼續執行我們嚴謹的資本配置策略。全年，我們向股東返還了約 8.6 億美元，其中包括 5.72 億美元的股票回購和 2.88 億美元的股息，這鞏固了我們致力於在保持強勁資產負債表的同時為股東創造價值的承諾。

Now turning to segment results for the quarter. Materials Group organic sales were down approximately 1%, as low single-digit volume mix growth was more than offset by low single-digit deflation-related price reductions. Organically, high-value categories grew low single digits, while our base categories were down low single digits.

現在來看看本季各業務區的業績。材料集團的有機銷售額下降了約 1%，因為個位數的銷售成長被個位數的通貨緊縮相關價格下降所抵消。從自然成長來看，高價值類別實現了個位數低成長，而我們的基礎類別則出現了個位數低下降。

Turning to regional label materials organic volume mix trends versus prior year. In developed markets, volume mix was down low single digits in North America as consumer product demand continued to impact volumes, while Europe delivered mid-single-digit growth.

轉向區域標籤材料有機銷售組合趨勢與前一年相比。在已開發市場，北美地區的銷售佔比下降了幾個位數，因為消費品需求持續影響銷量，而歐洲則實現了中等個位數的成長。

In emerging markets, Asia Pacific and Latin America were both up low single digits. Our high-value categories in Materials Group delivered low single-digit organic growth. This growth was driven by Intelligent Labels, which delivered a high single-digit increase.

在新興市場中，亞太地區和拉丁美洲的漲幅均低於個位數。材料集團的高價值品類實現了個位數低位的內生成長。這一成長主要得益於智慧標籤業務，該業務實現了接近兩位數的成長。

Performance Materials, which includes our Performance Tapes and Adhesives businesses, was up mid-single digits, while Graphics and Reflectives were up low single digits, and specialty and durable labels were comparable to prior year.

高性能材料（包括我們的高性能膠帶和粘合劑業務）實現了中等個位數的增長，圖形和反光材料實現了低個位數的增長，而特種和耐用標籤與上一年持平。

Materials Group continued to deliver resilient margins, with an adjusted EBITDA margin of 16.6% in the quarter. While this was down slightly compared to prior year, it reflects our ability to largely defend profitability through productivity efforts, which nearly offset the headwinds from higher employee-related costs and a lower volume growth environment.

材料集團持續維持穩健的利潤率，本季調整後的 EBITDA 利潤率為 16.6%。雖然與前一年相比略有下降，但這反映出我們能夠透過提高生產力來基本保住獲利能力，這幾乎抵消了員工相關成本上升和銷售成長放緩帶來的不利影響。

Regarding raw material costs, including the cost of tariffs, we continue to experience modest sequential raw material deflation in the fourth quarter, capping a year where total raw material costs declined low single digits.

關於原材料成本（包括關稅成本），我們在第四季度繼續經歷原材料價格的溫和環比下降，為全年原材料總成本實現個位數低幅下降畫上了句號。

Our teams remained agile in navigating dynamic markets, mitigating tariff costs through strategic sourcing adjustments and the implementation of select pricing surcharges. Overall, including tariffs, our outlook is for relatively stable sequential material costs as we enter 2026.

我們的團隊在應對動態市場方面保持靈活，透過策略採購調整和實施選擇性價格附加費來降低關稅成本。總體而言，考慮到關稅因素，我們預計到 2026 年，原材料成本將保持相對穩定。

Shifting to Solutions Group, sales were up 1.3% organically. High-value categories performed well, up high single digits with base solutions down mid-single digits, driven by softer base apparel sales. Within high-value categories, Vestcom was up more than 10%, driven by the continued benefit from new program rollouts. Embelex was up high single digits, driven partially by World Cup sales, and Intelligent Label sales grew low single digits on lower apparel and general retail volumes.

轉而專注於解決方案集團，銷售額實現了1.3%的有機成長。高價值品類表現良好，實現了接近兩位數的成長，而基礎解決方案則出現了中個位數的下降，這是由於基礎服裝銷售疲軟所致。在高價值類別中，Vestcom 的漲幅超過 10%，這主要得益於新項目推出帶來的持續收益。Embelex 銷售額實現了接近兩位數的成長，部分原因是世界盃的銷售；而智慧標籤銷售額由於服裝和一般零售量下降，實現了接近兩位數的成長。

Now turning to enterprise-wide Intelligent Labels. Sales expanded mid-single digits compared to prior year. Growth was once again driven by food, logistics and industrial categories, which were up high teens for the quarter and now represent approximately 30% of our total IL portfolio.

現在轉向企業級智慧標籤。與上一年相比，銷售額實現了中等個位數的成長。食品、物流和工業類別再次推動了成長，這些類別在本季度實現了兩位數以上的成長，目前約占我們整體工業物流投資組合的 30%。

Offsetting this strong momentum was the performance in apparel and general retail, which combined, were down low single digits for the quarter. And these markets represent 70% of our Intelligent Label sales and continue to be impacted by tariff-related pressures.

抵銷這一強勁勢頭的是服裝和一般零售業的表現，這兩個行業合計本季下滑了個位數百分比。這些市場占我們智慧標籤銷售額的 70%，並且持續受到關稅相關壓力的影響。

Solutions Group adjusted EBITDA margin was 17.8%, which was comparable to prior year, as benefits from our continued productivity efforts and higher volume were offset by higher employee-related costs and ongoing growth investments.

解決方案集團調整後的 EBITDA 利潤率為 17.8%，與上年持平，持續提高生產力和增加銷售帶來的收益被更高的員工相關成本和持續成長投資所抵消。

Now stepping back to look at our long-term financial performance. We remain focused on delivering strong results across cycles. Reflecting on our 2020 to 2025 targets, we delivered solid results despite multiple cyclical challenges by leveraging the strength of our portfolio.

現在讓我們退後一步，看看我們的長期財務表現。我們將繼續專注於在各個週期內取得優異的業績。回顧我們 2020 年至 2025 年的目標，儘管面臨許多週期性挑戰，但我們憑藉自身投資組合的優勢，取得了穩健的績效。

We successfully exceeded our top line goals and performed well on our profitability targets, with EBITDA margin ahead of our long-term objective. However, we did fall short of our adjusted EPS target, which came in at 7% ex currency, trailing our 10% target, partially due to the impact of acquisition intangibles amortization. Additionally, ROTC, while in the top decile of our peers, finished at 15%, largely driven by the impacts of our acquisitions, including Taylor Adhesives, which closed in the fourth quarter of 2025.

我們成功超額完成了營收目標，並在獲利目標方面表現出色，EBITDA 利潤率也高於我們的長期目標。然而，我們未能達到調整後的每股盈餘目標，扣除匯率後為 7%，低於我們 10% 的目標，部分原因是收購無形資產攤銷的影響。此外，ROTC 雖然在同業中排名前 10%，但最終僅佔 15%，這主要是由於我們的收購（包括 Taylor Adhesives，該收購於 2025 年第四季度完成）的影響。

Turning to our '23 to 2028 targets. We are currently in line or ahead on most of our targets. And as Deon mentioned, our focus is to shift our organic sales growth trajectory to achieve our targets for this cycle. Now turning to our outlook. For the first quarter of 2026, we anticipate reported sales growth of 5% to 7%.

接下來談談我們2023年至2028年的目標。目前，我們的大部分目標都已達成或超額完成。正如迪恩所提到的，我們的重點是改變有機銷售成長軌跡，以實現本週期的目標。現在談談我們的展望。我們預計 2026 年第一季報告銷售額將成長 5% 至 7%。

Our guidance does not presume an improvement in external market conditions. This sales growth includes organic growth of 0% to 2%, approximately 4% from currency translation and approximately 1% from the Taylor Adhesives acquisition.

我們的指導意見並不假定外部市場狀況會有所改善。此次銷售成長包括 0% 至 2% 的內生成長，約 4% 的匯率變動成長，以及約 1% 的 Taylor Adhesives 收購成長。

We expect adjusted earnings per share to be in the range of $2.40 to $2.46, representing approximately 6% growth year-over-year at the midpoint. This earnings growth is driven by benefits of organic volume mix growth and productivity actions, which more than offset headwinds from wage inflation and growth investments and the normalization of 2025 temporary savings, including incentive compensation and a net benefit from combined currency, share count, interest and tax.

我們預計調整後每股收益將在 2.40 美元至 2.46 美元之間，以中間值計算，年增約 6%。這項獲利成長得益於有機銷售成長和生產力提升措施帶來的收益，足以抵銷薪資上漲和成長投資帶來的不利影響，以及2025年臨時性節省的正常化（包括激勵性薪酬）和貨幣、股份數量、利息和稅收綜合收益帶來的淨收益。

We've also outlined key contributing factors to our full year 2026 on slide 14 of our supplemental materials. We expect an approximate $0.25 EPS benefit from the combination of favorable currency and a lower share count, partially offset by higher adjusted tax rate and interest expense.

我們在補充資料的第 14 頁中也概述了 2026 年全年業績的關鍵影響因素。我們預計有利的匯率和較低的流通股數量將帶來約 0.25 美元的每股盈餘，但部分收益將被較高的調整後稅率和利息支出所抵銷。

We expect restructuring savings of approximately $50 million as we continue to execute our productivity playbook and we expect the normalization of a majority of the 2025 temporary savings, which was largely related to lower incentive compensation costs.

我們預計，隨著我們繼續執行提高生產力的計劃，重組將節省約 5000 萬美元，並且我們預計 2025 年大部分臨時節省將恢復正常，這主要與降低激勵性薪酬成本有關。

We remain committed to strong free cash flow, again, targeting roughly 100% conversion with fixed and IT capital spending of approximately $260 million. And we anticipate a sequential increase in earnings throughout the year, in line with our recent historical seasonal patterns.

我們仍致力於實現強勁的自由現金流，目標是在固定和 IT 資本支出約 2.6 億美元的情況下，實現約 100% 的轉換率。我們預計全年獲利將逐年成長，這與我們近期的歷史季節性規律相符。

In summary, we delivered a solid fourth quarter, achieving adjusted EPS of $2.45, which was up 3% compared to prior year. And this capped off a year where we leveraged our proven playbook to protect bottom line results. We generated over $700 million in full year adjusted free cash flow and returned approximately $860 million to shareholders while maintaining a strong balance sheet.

總而言之，我們第四季業績穩健，調整後每股收益為 2.45 美元，比上年同期成長 3%。這為我們利用行之有效的策略來保障獲利績效的一年畫上了圓滿的句號。我們全年調整後自由現金流超過 7 億美元，並向股東返還了約 8.6 億美元，同時維持了強勁的資產負債表。

For the first quarter, we expect at the midpoint, an improvement in organic sales and earnings as we continue to deliver actions to increase the pace of our earnings growth, and we remain well prepared for a variety of macro scenarios. We're positioned to execute our profitable growth and disciplined capital allocation strategies to deliver superior long-term value for our stakeholders.

我們預計第一季中期有機銷售額和收益將有所改善，因為我們將繼續採取措施加快收益成長速度，並且我們已做好充分準備應對各種宏觀經濟狀況。我們已做好充分準備，執行獲利成長和嚴謹的資本配置策略，為我們的利害關係人創造卓越的長期價值。

Now we'll open up the call for your questions.

現在我們開始接受大家的提問。

(Operator Instructions)

（操作說明）

George Staphos, Bank of America Securities Inc.

喬治‧斯塔福斯，美國銀行證券有限公司

Good morning. Thanks for the details. And Greg, Gilly. Good to talk with you. My question will be on materials. You called out a few things that made comparisons difficult this fourth quarter versus last fourth quarter, so we appreciate that. But I was wondering if you could parse a bit further, the puts and takes, the pluses and minuses behind the 40 basis point drop in margin? It was a little bit worse than we were expecting.

早安.謝謝你提供的詳細資訊。還有格雷格，吉利。很高興和你聊天。我的問題將圍繞著材料。您指出了一些使得今年第四季與去年第四季進行比較變得困難的地方，我們對此表示感謝。但我很想知道您能否進一步分析一下，利潤率下降 40 個基點背後的利弊，以及其中的利好和弊端？情況比我們預想的要糟糕一些。

In that regard, the higher employee-related costs, we can guess what that is, but if you could provide a bit more color? And last thing, was there any impact from higher [laws] in that number? I know you said there was deflation, particularly though around paper, paper pricing and the like. Thank you.

在這方面，員工相關成本較高，我們大概能猜到是什麼，但您能否提供更多細節？最後，更高的法律法規是否對這個數字產生了任何影響？我知道你說過當時有通貨緊縮，尤其是在紙張、紙張價格等方面。謝謝。

Thanks, George. This is Greg. So I think there is, of course, a number of factors. We talked about our base volumes were a bit soft in the quarter. And when we look at every year, we have wage inflation year-over-year, and we need a bit of volume growth to offset that wage inflation. So when our base volumes are down, a lot of our productivity actions are going in to offset wage inflation and some of those headwinds.

謝謝你，喬治。這是格雷格。所以我認為這其中當然有很多因素。我們討論過本季我們的基礎銷售略顯疲軟。當我們回顧每一年時，都會發現薪資逐年上漲，我們需要銷售成長來抵銷這種薪資上漲。因此，當我們的基礎銷售下降時，我們採取的許多提高生產力的措施是為了抵消薪資上漲和一些不利因素。

At the same time, we did have a little bit of small onetime items last year. Nothing major, but a couple of items that added up to a few cents that were a headwind in year-over-year for us as we look at prior year Q4 '24 to Q4 '25.

同時，去年我們也有一些零星的小專案。雖然不是什麼大事，但有幾項加起來只有幾美分的因素，在我們回顧上一年（2024 年第四季至 2025 年第四季）時，這些因素對我們造成了不利影響。

And then in addition to that, we did have the extra calendar days this year. And those were four extra calendar days that come with fixed costs for those days, but pretty soft shipping days because they are the days right before New Year. So the flow-through on those is typically well below our average as well. So it's a number of impacts there.

除此之外，今年我們還多了些日曆日。這四天是額外的自然日，雖然這四天會產生固定費用，但由於正值新年之前，所以發貨壓力相對較小。因此，這些產品的流通量通常也遠低於我們的平均值。所以這其中存在諸多影響。

Now when I look at our sequential margins from Q3 to Q4, I think it's largely in line with our historical seasonality. Historically, we do see a 60 basis point or so drop in Q3 to Q4 margins in materials, largely due to the holiday impacts as well as mix of our VI labels in the fourth quarter versus the third quarter.

現在，當我查看我們從第三季到第四季的環比利潤率時，我認為這與我們歷史上的季節性規律基本一致。從歷史數據來看，我們確實看到材料業務的第三季度到第四季度利潤率下降了約 60 個基點，這主要是由於節假日的影響以及第四季度與第三季度相比，我們的 VI 標籤組合的變化。

And in addition to that, as I said, we had the calendar shift impacts in the quarter. So overall, pretty much in line, historical seasonality from a margin perspective. And year-over-year, had some onetime items in prior year that impacted the year-over-year comparison.

除此之外，正如我所說，本季我們也受到了日曆調整的影響。所以整體而言，從利潤率的角度來看，基本上符合歷史季節性規律。與前一年相比，由於前一年有一些一次性項目，影響了年比比較結果。

Ghansham Panjabi, Robert W. Baird.

潘嘉比 (Ghansham Panjabi)，羅伯特‧W‧貝爾德 (Robert W. Baird)。

Thanks, operator. Good morning, guys. I guess on Intelligent Labels and the low single-digit growth during 2025, how are you at this point thinking about growth for 2026? And related to that, can you share your view on growth expectations for some of the other higher value categories, Vestcom, Embelex, et cetera?

謝謝接線生。各位早安。我想，鑑於智慧標籤在 2025 年的低個位數成長預期，您目前如何看待 2026 年的成長？另外，您能否分享一下您對其他一些高價值類別（如 Vestcom、Embelex 等）成長預期的看法？

And then Deon, on your decision to only give quarterly guidance for now, where do you lack specific visibility in context of a portfolio that's relatively diverse both by business and geographically? And what would need to change for you to kind of go back to that annual guidance construct?

那麼，Deon，關於你目前只提供季度業績指引的決定，考慮到你的投資組合在業務和地域上都相對多元化，你在哪些方面缺乏具體的可見性呢？那麼，要恢復到以前的年度績效指引模式，需要做出哪些改變呢？

Yeah. Let me start with the first question on IL. We had low single digits in '20 growth in 2025, and we're anticipating our growth rate in 2026 to be above what we delivered in 2025. In 2025, I'd say, largely, the biggest impact was really on apparel and general merchandise, really tighter than tariff activity that was happening. And I still fundamentally continue to believe in the significant growth opportunity this platform has.

是的。讓我先回答關於IL的第一個問題。2020 年，我們的成長率為個位數，預計 2025 年的成長率將高於 2025 年的成長率。我認為，到 2025 年，最大的影響主要體現在服裝和一般商品領域，其影響比關稅活動的影響更為顯著。我仍然堅信這個平台擁有巨大的成長潛力。

Just a restate -- and this is a 300 billion unit plus opportunity, $8 billion-plus opportunity, and we're really at the nascent stage. And what gives me that level of confidence that we're going to continue to see that growth during 2026 and beyond.

重申一下——這是一個價值超過 3000 億套、80 億美元的機會，而我們目前還處於起步階段。正是這一點讓我有信心，我們將在 2026 年及以後繼續看到這種增長。

The fact that we are already seeing, as you've seen, more adoption in these individual segments, more apparel customers continue to adopt the technology as well as extend the use of the technology, for example, in loss prevention.

正如你所看到的，我們已經看到這些細分市場對這項技術的接受度越來越高，越來越多的服裝客戶繼續採用這項技術，並擴大這項技術的使用範圍，例如在防損方面。

We now have, and we're working through the planning and the execution as we go to the second half of the year on the second grocery customer, which I think itself will be a significant inflection point for that segment.

我們現在已經有了目標客戶，並且正在製定計劃和執行方案，以便在下半年更好地服務第二大雜貨客戶群。我認為這本身將是該細分市場的一個重要轉捩點。

And then -- and I think then in logistics, we're going to continue to really lean into more pilots, expanded pilots with a number of our other customers and with our large customer, where we drew -- we drove outsized growth in 2025, largely on our execution as some of the other competitors struggled and we gained some share. We're anticipating that large customer has also provided lower outlook for volume guidance in this year and we're going to factor that in, we'll see how that goes in logistics overall.

然後——我認為在物流方面，我們將繼續大力推進更多試點項目，擴大與許多其他客戶以及我們的大客戶的試點項目，我們在 2025 年實現了超額增長，這主要歸功於我們的執行力，而其他一些競爭對手則舉步維艱，我們獲得了一些市場份額。我們預計這位大客戶也下調了今年的銷售預期，我們會將此因素考慮在內，看看這對整體物流會有什麼影響。

As it relates to the other high-value categories -- and we just reinforce again, for us, high-value categories are critical because they provide both a growth catalyst and acceleration for growth. Most of our high-value categories are typically higher growth in our base business, and they have a typically high margin profile. So as we accelerate that portfolio mix. We're going to get natural mix accretion both on our growth and on our margin profile as well.

至於其他高價值類別——我們再次強調，對我們來說，高價值類別至關重要，因為它們既能促進成長，又能加速成長。我們大多數高價值類別通常都是我們基礎業務中成長最快的類別，而且它們的利潤率通常也很高。因此，我們將加快投資組合的調整。我們將透過自然混合策略來提升成長，同時也提高利潤率。

Typically, we expect, Ghansham, the majority of these high-value categories to be at kind of mid-single-digit plus. They vary by individual ones across materials and solutions. In Vestcom and Embelex, as you asked specifically, we're anticipating kind of mid-single-digit growth, all things being equal, assuming no fundamental change in environment for those two categories as we continue to see new customers for Vestcom, the rollout of their storeLink software that really will enable in-store productivity for their existing customer base.

Ghansham表示，通常情況下，我們預計這些高價值類別中的大多數都將達到個位數中段水準。它們因材料和解決方案的不同而有所差異。正如您特別詢問的那樣，在 Vestcom 和 Embelex 這兩個類別中，我們預計在一切正常的情況下，它們的成長率將達到中等個位數，前提是這兩個類別的環境沒有根本性的變化。我們將繼續看到 Vestcom 的新客戶，以及其 storeLink 軟體的推出，該軟體將真正提高其現有客戶群的店內生產力。

And then on Embelex, while we are up against a headwind as related to World Cup last year, we also believe that depending on how the in-arena execution goes during World Cup, we could benefit from some of that as well. So we'll wait and see to how that plays out overall.

至於 Embelex，雖然我們面臨著與去年世界盃相關的逆風，但我們也相信，根據世界盃期間的現場執行情況，我們也能從中受益。所以我們會拭目以待，看看事情最終會如何發展。

To your final question around quarterly guidance, I think Q4 demonstrated that we continue to see a very dynamic environment, which limits our visibility really on the market side of the growth piece. I just want to remind everybody, over the last five years, we've seen a number of largely one-off cyclical events negatively: Pandemic, inflation, supply chain, destocking, tariff consequences.

關於您最後一個關於季度業績指引的問題，我認為第四季度表明，我們仍然看到一個非常動態的環境，這確實限制了我們對市場成長的可見性。我只想提醒大家，在過去的五年裡，我們目睹了許多主要為一次性的周期性事件帶來的負面影響：疫情、通貨膨脹、供應鏈問題、去庫存、關稅後果。

And as a short-term cycle business, it makes having a long-term perspective during these type of events very challenging. I remain really confident, very high confidence in our strategies, the actions we're taking to drive growth and differentiation to deliver value creation. But I'm not planning for any macro tailwinds in 2026. And so for the foreseeable future, we're going to continue to provide updates and outlooks on a quarterly basis.

對於一個週期較短的企業來說，在這類事件中保持長遠眼光是非常具有挑戰性的。我對我們的策略、我們為推動成長和差異化、創造價值而採取的行動仍然充滿信心，非常有信心。但我並不期待2026年會有任何宏觀利好因素。因此，在可預見的未來，我們將繼續按季度提供最新資訊和展望。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Yeah. And I appreciate some of the color and the historical perspective around the high-value categories. Maybe digging into that a little bit more deeply, I guess, can you help us to think about the margin differential for the high-value categories versus kind of the core? And also, has that shifted or changed much as we progressed from, say, 2019 to 2025, either gotten higher or has it contracted at all? How should we be thinking about that?

是的。我欣賞高價值類別中呈現的一些色彩和歷史視角。或許我們可以更深入地探討一下，您能幫我們思考高價值類別與核心類別之間的利潤差異嗎？此外，從 2019 年到 2025 年，這種情況是否發生了很大的變化，是變得更高了，還是有所下降？我們該如何看待這個問題？

Yeah. Thanks, John, for the question. I think we haven't talked specifically about margins by specific category. But in general, of course, as we talked about for a product category to be a high-value category, it's got to have higher variable margins than the rest of the portfolio. And that's a big part of our focus there is as we grow faster in these high-value spaces, it allows us to continue expanding margins as well.

是的。謝謝約翰的提問。我認為我們還沒有具體討論過各個類別的利潤率。當然，正如我們之前討論過的，一個產品類別要成為高價值類別，其可變利潤率必須高於產品組合中的其他產品。而這正是我們關注的重點之一，因為隨著我們在這些高價值領域發展得更快，這也讓我們能夠持續擴大利潤率。

So typically, they are a number of points above our average, certainly above -- significantly above the base categories as well. When you go back and look over the last few years, you can see our gross profit margins over the last few years have gone up a couple of points.

因此，通常情況下，它們的數值比我們的平均值高出好幾個百分點，當然也遠高於基準類別。回顧過去幾年，你會發現我們近幾年的毛利率上升了幾個百分點。

And a big part of that is the shift towards high-value categories that you can see on the slide that we laid out in addition to the productivity actions and other things that we've been driving as well. But the shift towards more and more high-value category growth is definitely showing up in our gross profit margins as we've expanded those over the last few years.

其中很大一部分原因是向高價值類別的轉變，正如您在我們展示的幻燈片中看到的那樣，此外還有我們一直在推動的生產力提升措施和其他措施。但在過去幾年裡，隨著我們不斷擴大高價值品類，這種向高價值品類成長的轉變無疑體現在我們的毛利率上。

And John, I'll just add that our high-value categories right across the business I think really enable us to have a resilient portfolio, allows us to pull multiple leadership things happen. I'll also say from a high-value category perspective, which you saw grow more than 6% since 2019 on an organic basis really resonates with customers because we're providing differentiation at the point that a solution or a problem is being solved.

約翰，我還要補充一點，我認為我們整個業務中的高價值類別真正使我們能夠擁有一個具有韌性的產品組合，使我們能夠推動多項領導層舉措的實施。我還要從高價值品類的角度來看，自 2019 年以來，該品類實現了超過 6% 的自然增長，這確實引起了客戶的共鳴，因為我們在解決問題或尋求解決方案時提供了差異化。

These examples include what we do with adhesive tapes in the automotive industry, not just to buying things together, but for example, to provide additional noise and sound vibration dampening. So they provide utility beyond the simple application. That extends also then to some of these samples we [ceded] on our Intelligent Labels.

這些例子包括我們在汽車行業中使用膠帶的方式，不僅是為了將物品捆綁在一起，例如，還是為了提供額外的噪音和聲振阻尼。因此，它們除了簡單的應用之外，還具有其他用途。這也適用於我們[授權]使用智慧標籤的一些樣本。

Platform where we brought in innovation, for example, in food to enable protein, but it extends also to other areas, for example, our Materials Group, where we've really launched new innovation on our CleanFlake portfolio, which enables recyclability not just historically on, for example. PPE for PE with HDPE, now glass and other packaging as well.

我們引入創新的平台，例如在食品領域，以實現蛋白質的生產，但它也擴展到其他領域，例如我們的材料集團，我們真正推出了 CleanFlake 產品組合的新創新，這不僅實現了歷史上的可回收性，例如。PPE（聚乙烯）和HDPE（高密度聚乙烯）的適用範圍，現在也包括玻璃和其他包裝材料。

And so for us, a final constituent component of our high-value categories is the need for constant innovation outcome acceleration because that continues to bolster margins. Typically, when we bring a new product that's highly differentiated, we're able to extract more value from that because we create more value. And that's been a very big part of the focus over the last couple of years, and it will be so moving forward as well.

因此，對我們來說，高價值類別的最後一個組成部分是需要不斷加速創新成果，因為這將繼續提高利潤率。通常情況下，當我們推出一款差異化程度很高的新產品時，我們能夠從中獲得更多價值，因為我們創造了更多價值。而這正是過去幾年我們關注的重點之一，未來也將繼續如此。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Thanks very much. Two-part question. Since you signed your agreement with Walmart, have you had more inquiries from other sellers of grocery items? And secondly, on slide 14, you talk about the majority of 2025 temporary savings, including incentive comp being a headwind. How large is that headwind?

非常感謝。問題分為兩部分。自從你與沃爾瑪簽訂協議以來，有沒有其他食品雜貨賣家向你諮詢過？其次，在第 14 張投影片中，您談到 2025 年大部分臨時節省，包括激勵性薪酬，都構成了不利因素。那股逆風有多大？

Yeah, Jeff, I think that Walmart -- the Walmart announcement with our partnership, I think, has added an additional catalyst to interest and inquiry within our pipeline. We've always known that bringing a digital identity to a physical object, particularly, for example, in the grocery space, will be able to allow you to reduce waste because you're able to manage your best before expiry date in a much better way, reduce labor efficiency -- reduce labor and increase efficiency that goes with it, and finally also provide a better consumer experience.

是的，傑夫，我認為沃爾瑪——沃爾瑪宣布與我們合作，我認為，這為我們的產品線增添了額外的催化劑，並激發了人們的興趣和諮詢。我們一直都知道，將數位身分賦予實體物品，尤其是在食品雜貨領域，將有助於減少浪費，因為您可以更好地管理保質期前的商品，提高勞動效率——減少勞動力並提高相應的效率，最終還能提供更好的消費者體驗。

At the end of the day, freshness is one of the biggest drivers in Net Promoter Score in the grocery environment. And the fresher items are, the more they're available, typically grocers to benign. That's the basis of Walmart's expansion with us on it.

歸根結底，新鮮度是食品雜貨領域淨推薦價值 (NPS) 的最大驅動因素之一。食材越新鮮，供應量就越大，通常情況下，雜貨店對顧客來說是良性的。這就是沃爾瑪與我們合作擴張的基礎。

Since we've seen that announcement, our pipeline has actually grown with a number of other grocers or -- and/or both on the bakery and protein side, continuing to approach us. This is both domestic in Europe as well as in -- sorry, domestic in the United States as well as in Europe.

自從我們看到那項公告以來，我們的供貨管道實際上已經擴大，許多其他雜貨商，或者——或者兩者兼而有之，在烘焙食品和蛋白質方面，都在繼續與我們聯繫。這既是歐洲國內的，也是──抱歉，不僅是歐洲國內的，也是美國國內的。

And so I'm confident that as we go through this year, we're going to see more pilots and trials through that. I'm not anticipating another rollout during the start of this -- during this year, but certainly setting the framework and the groundwork for us to be able to do so as we move forward.

因此，我相信在今年餘下的時間裡，我們將看到更多的試點計畫和試驗。我預計今年年初不會再推出新舉措，但肯定會為我們未來能夠做到這一點奠定基礎和框架。

Yeah. And on your second question, Jeff, those temporary savings, again, which is largely an incentive compensation impact year-over-year. Obviously, incentive comp in 2025 as we performed below our original expectations was a tailwind in '25 will be a headwind in 2026. That is on an order of magnitude basis probably pretty similar to the size of the restructuring actions at that $50 million that I highlighted there. Now on top of that restructuring, that isn't the only productivity we're driving.

是的。關於你的第二個問題，傑夫，這些暫時的節省，主要是激勵性薪酬對年度表現的影響。顯然，由於我們2025年的業績低於預期，激勵性薪酬在2025年成為順風，但在2026年則成為逆風。從數量級來看，這可能與我剛才提到的 5,000 萬美元的重組行動規模非常相似。除了重組之外，這並不是我們唯一追求的生產力提升方式。

We continue to drive ongoing productivity all the time in terms of ELS savings, looking at reducing scrap, being more efficient in our operations. Deon touched on digital investments to continue to get more efficient in our G&A type of functions as well.

我們持續致力於提高生產效率，包括節省 ELS 成本、減少廢棄物、提高營運效率。Deon 也談到了數位投資，以繼續提高我們一般及行政職能的效率。

And then in prior year, we talked about in 2025, having some network inefficiencies related to some of the tariff shifts of production in parts of our portfolio as well. So we would expect other productivity actions on top of that restructuring to help give us a benefit in 2026 versus '25.

去年，我們也談到，到 2025 年，我們部分產品組合中某些產品的生產關稅轉移也會導致一些網路效率低落。因此，我們預計除了重組之外的其他提高生產力的措施將有助於我們在 2026 年獲得比 2025 年更好的收益。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Yeah, hi, good morning. I wanted to ask on just the apparel market in general. I think the declines that you saw in fourth quarter were more than we expected. And as you show in your appendix, the sellout from apparel has been semi resilient, your volumes have been down. I guess, how are you thinking of the trajectory from here?

是啊，你好，早安。我想問的是整個服裝市場的情況。我認為第四季出現的下滑幅度超出了我們的預期。如你在附錄所示，服裝銷售情況雖然有所回升，但銷售量卻有所下降。我想問的是，你對接下來的發展軌跡有什麼看法？

I guess our view is it's probably a tough comp in 1Q, but then easier comps in 2Q, but you have a better ear to the ground on how apparel producers are going to be producing and if that's going to be a tailwind or not at this point.

我認為我們的看法是，第一季的同比數據可能比較高，但第二季的同比數據會相對容易一些，而且你現在更能了解服裝生產商的生產情況，以及這是否會成為順風。

Yeah, Josh, let me just spend a bit of time just digging into that. At the high level, I still say there's a high degree of tariff uncertainty. So while largely, tariff rates are seemed to be in place. As you've seen, I think everybody has seen that can pretty dramatically change depending on what the administration decides to do with the broader tariff policy. And that can have an impact at any one point in time until all these tariffs are actually formally ratified.

好的，喬什，讓我花點時間好好研究這個問題。從宏觀層面來看，我認為關稅方面存在高度不確定性。因此，儘管關稅稅率總體上似乎已經到位。正如你所看到的，我想大家都看到了，這種情況可能會發生相當大的變化，這取決於政府在更廣泛的關稅政策方面所做的決定。在所有這些關稅正式獲得批准之前，任何時間點都可能產生影響。

That said, as we went into the fourth quarter, we anticipated to see sort of low single-digit apparel-based volumes. We actually saw greater than that, around about 7% decline. I think a couple of factors played into that.

也就是說，進入第四季後，我們預期服裝類產品的銷售將只有個位數。實際上我們看到的降幅更大，大約有 7% 的降幅。我認為這其中有兩個因素。

I remember saying last time on this call that what we've seen is a change in the way apparel retailers have been managing their supply chains given this volatility and uncertainty. Historically, apparel retailers would typically place a season's orders 60% in advance and then typically chase 40%.

我記得上次在電話會議上我說過，鑑於目前的波動性和不確定性，我們已經看到服裝零售商管理供應鏈的方式發生了變化。從歷史上看，服裝零售商通常會提前 60% 下達當季訂單，然後追加 40% 的訂單。

As this concern around how much tariff policy would impact and retail prices and the likely impact on consumer demand, that we're starting to have less forward placing and chasing more. Our anticipation as we ended the third quarter, given what we saw during that -- sequentially during the quarter was that, that volume would slightly continue to do that.

由於人們擔心關稅政策會對零售價格產生多大影響，以及對消費者需求可能產生的影響，我們開始減少提前佈局，並更多地追趕市場。我們在第三季末根據該季度內觀察到的情況預計，銷售量將略微繼續保持這種趨勢。

As we know now, it was a case of I think some of that volume in Q3 was in anticipation of the holiday season, the slight stock up. But then they didn't chase as much volume as they went into the fourth quarter. I think focusing what we heard from our customers focusing much more on protecting margins on overall lower volumes, so not as much price discounting.

我們現在知道，我認為第三季的部分銷售成長是由於預期假期到來，導致庫存略有增加。但到了第四季度，他們並沒有像之前那樣追求銷量。我認為我們應該更加重視從客戶那裡聽到的意見，並且更加重視在整體銷售較低的情況下保護利潤率，因此不會進行太多的價格折扣。

The growth that you saw in retail is largely price related, not necessarily unit related. And that's also underpinned if you look at one of the attaching schedules we have, if you look at the imagery sales ratios, for example, in the United States, they're one of the lowest points ever since the pandemic as well.

零售業的成長主要與價格有關，不一定與銷售量有關。如果你看我們現有的附件計劃，也會發現這一點；例如，在美國，圖像銷售比率也處於疫情爆發以來的最低點之一。

As we look forward, given that performance, I would anticipate seeing growth during this year, certainly not the -- in the first quarter will be challenging because we lap against that non-tariff impacted first quarter '24 -- '25. But as we move forward, all things being even, we should see some growth.

展望未來，鑑於這樣的表現，我預計今年將會出現成長，當然不會是──第一季將會充滿挑戰，因為我們與2024-2025年第一季（未受關稅影響）重疊。但隨著時間的推移，在一切順利的情況下，我們應該會看到一些成長。

I caveat that only with -- I think there's going to be continued uncertainty and continued caution on our apparel retailers part. They're going to continue to watch how post-holiday consumer spending and the consumer sentiment relates to discretionary items like apparel and the price impacts that they had to put up on those garments overall.

但我必須補充一點——我認為服裝零售商方面仍將持續存在不確定性和謹慎態度。他們將繼續觀察節後消費者的支出和消費者情緒與服裝等非必需品之間的關係，以及他們必須對這些服裝整體價格做出的調整所帶來的影響。

And so I think it's going to be a watch and see. If that plays out with more volume, then we'll certainly sort of be benefited by that. But I'm not yet certain that's going to be the case and we'll give an update as we get to in the first quarter and what we're seeing from apparel customers generally.

所以我覺得接下來要拭目以待了。如果這種情況持續下去，而且規模更大，那麼我們肯定會從中受益。但我還不確定情況是否會如此，我們會在第一季到來時，根據我們從服裝客戶那裡了解到的情況，給出最新消息。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Hey, good morning, Deon, Greg and Gilly.

嘿，早上好，迪恩、格雷格和吉莉。

Good morning.

早安.

If I can try to dig just a bit deeper into just some of the non-apparel Intelligent Labels category. First, on general retail in 2025, I believe there are some positives and compliance rollout at a major customer. Is that compliance enforcement coming back in 2026? Or are you expecting any incremental volumes from that customer with further category rollouts?

如果我能稍微深入挖掘一下非服裝類智慧標籤的內容就好了。首先，關於 2025 年的一般零售業，我認為有一些積極的方面，並且主要客戶正在推行合規性。2026年合規執法會恢復嗎？或者，您預期隨著該客戶進一步推出其他品類，銷量會有所成長？

And then on logistics, again, I know you talked about the major customer and the revenue outlook and puts and takes there. But any benefit from them rolling out automation to further facilities or you fully deployed there and the pilots you mentioned in logistics, is that new pilots or expanding pilots that have already been in place? Thanks for taking the questions.

關於物流方面，我知道您又談到了主要客戶、收入前景以及這方面的投入和收穫。但是，將自動化推廣到更多設施或全面部署在那裡所帶來的任何好處，以及您提到的物流試點項目，是新的試點項目還是擴大現有的試點項目？謝謝您回答問題。

Sure, Matt. Let me go through sequentially. So in general retail, what we saw general retail impacted last year as we called out quite significantly by really the tariff environment. Most general merchandise was orientated out of China in the surrounding areas. And so there was quite a drop-off in demand, at least from retailers for that product as they were thinking through the supply chains.

當然可以，馬特。讓我按順序來。因此，正如我們去年指出的那樣，一般零售業受到了關稅環境的顯著影響。週邊地區的大部分日用百貨商品都來自中國。因此，至少零售商對該產品的需求出現了相當大的下降，因為他們正在重新審視供應鏈。

The second piece on this is because there was such difficulty in that, we do sense that some of the compliance that was in those categories has probably held back a bit to make sure that they could work through the supply chain issues.

第二點是，由於這方面有許多困難，我們感覺到這些類別中的一些合規措施可能有所保留，以確保他們能夠解決供應鏈問題。

All things being equal, that should return and that should be partly a tailwind for us in that regard as we look forward. Again, that's with the caveat that we don't see. And the other changes on tariffs as we move forward.

如果一切順利，這種情況應該會恢復，展望未來，這應該會對我們有所幫助。再次強調，前提是我們看不到這種情況。以及我們未來也將面臨的其他關稅變化。

I think in terms of logistics, we've seen the benefit that has come from automating effectively, last mile fulfillment centers. And Matt, we're actually fully automated across those over here. Now what we're in discussion with that particular customer around is how do they extend that to some of their international operations that -- as we work through that during this year. And then the secondary piece is, is there other opportunities as they think about moving to what we call the first mile, the shipper side of it as well.

我認為就物流而言，我們已經看到了有效自動化最後一公里配送中心的好處。馬特，我們這邊的這些其實已經完全自動化了。現在我們正在與這位客戶討論如何將這種模式擴展到他們的一些國際業務中——我們將在今年努力解決這個問題。其次，當他們考慮轉向我們所說的“第一英里”，也就是托運人一方時，是否還有其他機會。

In terms of the other pilots and trials, we're engaged in discussions and have been piloting and trialing with almost every other major logistics company both in the United States and in Europe and what we see this year is an expansion of some of those pilots being again from a certain limited number of fulfillment centers or inbound fulfillment centers to a broader range and also looking at the different use cases they think through, for example, dangerous goods, managing highly valuable goods as well. So we'll keep you all updated on that. Our anticipation of those pilots will expand as we go through the year.

至於其他試點和試驗，我們正在與美國和歐洲幾乎所有其他主要物流公司進行討論和試點試驗，我們今年看到的是其中一些試點項目的擴展，再次從某些有限的履行中心或入庫履行中心擴展到更廣泛的範圍，並且也在研究他們考慮的不同用例，例如危險品、高價值貨物的管理等。我們會隨時向大家通報最新情況。隨著時間的推移，我們對這些試點計畫的期望將會越來越高。

Anthony Pettinari, Citigroup.

安東尼佩蒂納裡，花旗集團。

Good morning. Hey. Understanding you're not giving full year guidance, is there a way to think about the quarterly cadence of the timing of the $50 million restructuring benefits throughout the year? And then, I guess, as well, the roll-off of the temporary benefit headwind that Jeff asked about. And then just, I guess, while I'm at it, you talked about Walmart sales benefiting really in the second half of the year. Should we think of that as like a step-up from 3Q to 4Q with kind of a stronger exit rate into '27? Or is there anything you can kind of say about the cadence of that rollout?

早安.嘿。考慮到您沒有給出全年業績指引，能否考慮一下全年 5000 萬美元重組收益的季度發放節奏？然後，我想，還有傑夫提到的臨時福利不利因素的逐步消失。然後，我想，既然說到這裡了，你剛才提到沃爾瑪的銷售額在下半年確實受益匪淺。我們是否應該將其視為從第三季到第四季的升級，並伴隨著更強的退出率進入 2027 年？或者，您能否透露一下此次推廣活動的節奏？

Yeah. Thanks, Anthony. So I think restructuring, a good chunk of that, about 2/3 of that would be carryover projects we executed at some point during 2025 or at least kicked off near the end of the year in 2025. So I would expect from that perspective to be somewhat balanced across the year on that restructuring benefit as we have carryover savings in the first part -- or first few quarters of the year and then new programs kicking in as we move through the remainder of the year. So overall, largely balanced across the quarters.

是的。謝謝你，安東尼。所以我認為重組中很大一部分，大約三分之二，是我們在 2025 年某個時候執行的結轉項目，或者至少是在 2025 年底啟動的項目。因此，從這個角度來看，我預計全年重組帶來的好處將保持相對平衡，因為我們在年初（或年初的幾個季度）有結轉的節省，然後隨著我們進入年末，新的計劃將開始實施。所以整體而言，各季度之間基本平衡。

From a headwind perspective, I think when you look at incentive comp, we're really starting to see bigger impacts on that, I would say, in the second quarter and beyond. There's a bit of a headwind in the first quarter, but I think that picks up a little bit as we go into the middle quarters of the year.

從不利因素的角度來看，我認為，當你審視激勵薪酬時，我們真的開始看到它受到更大的影響，我認為，在第二季度及以後。第一季會遇到一些不利因素，但我認為隨著進入年中階段，情況會有所改善。

And Anthony, on the Walmart question specifically, recall we said that the rollout, if it took place over the next couple of years, '26 and '27 will be worth for us, somewhere between low double digits sorry, high single digits, low double digits and value for us based on our 2025 sale.

安東尼，關於沃爾瑪的問題，我們曾說過，如果這項計劃在未來幾年內（2026 年和 2027 年）推出，對我們來說，其價值將在兩位數低位（抱歉，個位數高位）到兩位數低位之間，具體價值取決於我們 2025 年的銷售額。

Our working assumption has always been that we would start this roughly in the third quarter, it would ramp up in the fourth quarter and then continue accelerating during 2027. As you go through both the departments, this is bakery, protein and deli as well as geographically rolling out through the stores. And that's current -- still our current working assumption.

我們一直以來的工作假設是，我們將在第三季左右開始這項工作，在第四季加速推進，然後在 2027 年繼續加速。當你穿過這兩個部門時，你會發現這裡有烘焙食品、肉類和熟食，而且這些食品會隨著地理位置的變化在各個門市陸續售出。這是目前的情況——仍然是我們目前的工作假設。

Mike Roxland, Truist Securities.

Mike Roxland，Truist Securities。

Thank you, Deon, Greg, Gilly for taking my questions.

謝謝Deon、Greg和Gilly回答我的問題。

Good morning.

早安.

Hey, guys. In your comments, you mentioned not being happy with the organic growth and that you intend to drive better growth, especially in the high-value categories. Can you share what you start to do or what you're looking to do early this year to drive that growth? And what type of incremental growth you're expecting in 2026 from higher growth in the high-value categories?

嘿，夥計們。您在評論中提到對自然成長不滿意，並表示打算推動更好的成長，尤其是在高價值類別中。您能否分享您今年年初開始採取哪些措施或計劃採取哪些措施來推動成長？2026年，您預期高價值品類成長帶來的增量成長會是什麼樣的？

And then just following up quickly on the apparel and general retail comments that you made about confidence in getting -- and that accelerating. What are your customers telling you about their plans for 2026? And is it a matter of new adoption continuing to increase? Or is it more related to existing customers extending their use? Thank you.

然後，就您之前關於服裝和一般零售業的信心以及這種信心的加速增長，迅速跟進一下。您的客戶對您2026年的計畫有何評價？新增用戶數量持續成長是否是主要原因？或者，這與現有客戶延長使用期限有關？謝謝。

Okay. Let me see if I can cover all that, Mike. Yes, from a -- I'm not happy with the way our organic growth trajectory has been over the last couple of years. I know that we can -- and we've demonstrated this repeatedly -- manage through any environment and we've demonstrated our ability to manage and deliver margin and earnings in that regard. But we fundamentally need to make sure that we're going to continue to significantly outperform the market.

好的。讓我看看我能不能把這些都涵蓋進去，麥克。是的，從某種意義上來說——我對我們過去幾年的自然成長軌跡並不滿意。我知道我們能夠——而且我們已經反覆證明了這一點——在任何環境下都能進行管理，並且我們已經證明了我們有能力在這方面管理和實現利潤率和收益。但從根本上講，我們需要確保我們能夠繼續大幅跑贏大盤。

And that's our focus as we've gone through the back end of last year into this year. And I touched on really four elements. I think that -- sorry, three elements that will really deliver on that. The first is, clearly, our high-value categories, when they are able to solve customer issues, have an ability to accelerate growth. They typically deliver higher growth rates, and as Greg said, at higher margins.

這也是我們從去年年底到今年一直關注的重點。我主要談到了四個方面。我認為——抱歉，是這三個要素能夠真正實現這一點。首先，很顯然，我們的高價值品類，當能夠解決客戶問題時，就有能力加速成長。它們通常能帶來更高的成長率，而且正如格雷格所說，利潤率也更高。

And we're focused on making sure that a broader range of new customers understand the value they can bring with. It's in our tapes business, getting new types distributors and end customers, whether it's in apparel getting new loss prevention customers, whether it's in our materials business benefiting from our CleanFlake portfolio.

我們致力於確保更多新客戶了解他們所能帶來的價值。無論是在膠帶業務方面，我們獲得了新的經銷商和終端客戶；還是在服裝業務方面，我們獲得了新的防損客戶；亦或是在我們的材料業務方面，我們受益於 CleanFlake 產品組合。

Our focus there is generating new customers and then also identifying new segments that we can move the technology and food is just one example of that, that we've done during the back end of last year and moving forward. So there's a focus on new customer acquisition for high-value categories.

我們在那裡的重點是開發新客戶，然後確定我們可以推廣技術的新細分市場，食品只是其中一個例子，這是我們在去年年底所做的，我們將繼續推進這項工作。因此，重點在於獲取高價值類別的新客戶。

The second area for me is actually a more important one will be less visible as we -- over the, let's say, this near term, but certainly more visible as we go longer term, which is accelerating our innovation outcome. So this is not just having more new products and solutions but actually commercializing them quicker.

對我來說，第二個領域實際上更重要，在短期內可能不太明顯，但從長遠來看肯定會更加明顯，那就是加速我們的創新成果。所以，這不僅僅是擁有更多的新產品和解決方案，而是更快地將它們商業化。

And in that regard, I listed a whole number of those whether they are around our IL solutions, our digital solutions, materials group. Our ability to leverage our material science capability and our digital identification capability with the insight that we have through the supply chain, whether it's at a retailer, at manufacturer, at converter allows us to ultimately be able to really design more innovation at a quicker rate that solves problems for customers.

在這方面，我列舉了許多例子，無論它們與我們的 IL 解決方案、數位解決方案或材料集團有關。我們能夠利用自身的材料科學能力和數位識別能力，結合我們在供應鏈（無論是在零售商、製造商還是加工商處）所獲得的洞察力，最終使我們能夠以更快的速度真正設計出更多創新產品，從而解決客戶的問題。

And then the third element, which I touched on was, in addition, is can we leverage the progress we made in our own digital journey and the more automation we put in to the business as well as our learnings that we've had over the last year or so on artificial intelligence and the use of that technology.

然後，我提到的第三個要素是，此外，我們能否利用我們在數位轉型過程中取得的進展，以及我們在業務中引入的更多自動化，還有我們在過去一年左右的時間裡在人工智慧及其應用方面所獲得的經驗教訓。

And I see those actually being able to provide even more differentiation that we could then ultimately express in driving new customers and getting into new segments. I think the application of those three combined in different ways will allow us to, for example, drive more automation in some of our manual finishing that we currently have across our businesses, automate finishing, automated packaging, a small example of that.

而且我認為這些實際上能夠帶來更大的差異化，最終可以幫助我們吸引新客戶並進入新的細分市場。我認為，將這三者以不同的方式結合起來應用，例如，可以推動我們目前在各個業務部門的一些手動加工環節實現更多自動化，實現加工自動化、包裝自動化等等。

Another example would be using IoT sensors when we apply them to some of our large, for example, coating assets, we're able to make real-time interline coked weight adjustments across the web, which allows for less downtime and that will save us more money in that regard and that we're able to use to seek new customers as well.

另一個例子是，當我們將物聯網感測器應用於我們的一些大型設備（例如塗層設備）時，我們能夠即時調整整個生產線的焦炭重量，從而減少停機時間，節省更多資金，我們還可以利用這些優勢來尋找新客戶。

And then the third one really is we've actually started to use a lot more AI to shorten some of the actual innovation cycle. I'll give you a real example of that. It historically has taken us anywhere from 8 weeks to 10 weeks to design a new inlay in Intelligent Labels. We built with a partner, a proprietary AI model. It takes all of our learnings around the physics of designing inlays and what it takes.

第三點是，我們已經開始更多地使用人工智慧來縮短一些實際的創新週期。我給你舉個真實的例子。從歷史上看，我們在設計智慧標籤中的新嵌體通常需要 8 週到 10 週的時間。我們與合作夥伴共同開發了專有的人工智慧模型。這需要我們學習所有關於鑲嵌設計物理學的知識以及所需的條件。

And now we're able to reduce that cycle down to roughly two weeks. That allows us to produce the new products and new solutions much quicker than our previous capacity had the ability to do. And then finally, I think Greg touched on this as well. We're certainly taking all the learnings we're seeing both on automation and increasing on AI to how do we actually leverage and automate some of the more manual tasks across our SG&A than our business. We've got multiple examples.

現在我們已經能夠將這個週期縮短到大約兩週。這使我們能夠以比以往產能更快的速度生產新產品和新解決方案。最後，我想格雷格也提到了這一點。我們當然會將我們在自動化和人工智慧方面所看到的所有經驗應用到如何真正利用和自動化我們銷售、一般及行政管理部門以及我們業務中的一些更偏重人工的任務上。我們有很多例子。

Now I will say we're at the start of the journey in that regard from -- particularly from the AI perspective. But I think we've learned a lot over the last year or so that I think has really allowed us to see the value that we can create. In addition, we've also recruited and added to our leadership, a Chief Digital Officer because I fundamentally believe that capability will also be an accelerant to the way we move forward.

現在我想說，從人工智慧的角度來看，我們才剛開始這段旅程。但我認為，在過去一年左右的時間裡，我們學到了很多東西，這讓我們真正看到了我們所能創造的價值。此外，我們還招募了一位首席數位官，壯大了我們的領導團隊，因為我堅信，這項能力也將加速我們前進的步伐。

And to your second question around apparel and general retail, the way I think about that overall is that we continue to see new apparel customers adopt IL. We went through the late stages of a role -- it's early stage of rollout last -- in the fourth quarter with a large apparel retailer.

至於你關於服裝和一般零售的第二個問題，我的整體看法是，我們不斷看到新的服裝客戶採用智慧家庭。我們在第四季度與一家大型服裝零售商合作，完成了角色扮演的後期階段——這是該角色推出的早期階段。

We continue to see significant interest in leveraging the technology not just for inventory accuracy, but also for loss prevention. The work that we did with the proprietary work with, for example, the Inditex Group. And in addition, I continue to see a pipeline where we get new apparel customers continuing wanting to use. So overall, those rollouts, as I mentioned earlier, one will part as we go through the year and ramp through the year as well.

我們持續看到人們對利用這項技術進行庫存準確性以及防止損失表現出濃厚的興趣。我們曾與 Inditex 集團等公司合作，開展專有業務。此外，我持續看到新的服裝客戶想要繼續使用我們的產品。所以總的來說，正如我之前提到的，這些推廣活動會隨著時間的推移而逐步展開，也會在這一年中逐步推進。

John Dunigan, Jefferies.

約翰‧鄧尼根，傑富瑞集團。

Thanks for all the information thus far. I wanted to start off with just looking at your inventory levels. I mean you touched on some of your customers in response to Josh's question, and how they're managing their inventories. But I noticed that your inventories to sales ratios are elevated compared to where they were at pre-pandemic levels. So with the modest demand, at least starting off here in 2026, is there an ability to drive inventories lower at a better match to the current demand environment?

感謝您迄今為止提供的所有資訊。我想先看一下你們的庫存水準。我的意思是，你在回答 Josh 的問題時提到了一些你的客戶，以及他們是如何管理庫存的。但我注意到，與疫情前的水準相比，你們的庫存銷售比率偏高。因此，在需求較為溫和的情況下（至少從 2026 年開始），是否有可能降低庫存，使其更好地與當前的需求環境相匹配？

And then just kind of building on that, I noticed that you had stepped up your CapEx to about [$260 million] here in 2026. Just wondering if that's more tied to growth projects, maybe some delayed maintenance since you kind of pulled it down a little bit in '25 or cost savings initiatives? Just how that money is being spent would be helpful. Thanks.

然後，在此基礎上，我注意到你們已將 2026 年的資本支出增加到約 2.6 億美元。我只是想知道這是否與成長項目有關，或者是因為您在 2025 年稍微削減了預算而導致的維護工作延誤，又或者是為了節省成本？如果能知道這筆錢具體是如何使用的就更好了。謝謝。

Sure. Thanks for the question. So if I look at our inventory turns over the last few years have been fairly steady, at least at the end of the year with where we've been. I think part of what's happening across the businesses, we do have a little bit of a mix impact as we grow faster in the high-value categories where typically, those categories are a bit more working capital intensive. And similar in emerging markets where we have a little bit higher working capital percent as well than we do in the US businesses, for instance.

當然。謝謝你的提問。因此，如果我看一下過去幾年我們的庫存週轉率，就會發現至少在年底，在我們目前的狀況下，我們的庫存週轉率相當穩定。我認為，在各個業務領域，隨著我們在高價值類別中成長更快，我們也受到了一些混合影響，而這些類別通常對營運資本的要求更高。新興市場的情況也類似，例如，我們的營運資本百分比也比美國企業略高一些。

So typically, we're seeing a little bit of upward pressure on working capital driven by the growth in those areas. Now we're driving a lot of productivity elsewhere to help offset that as we've gone across the years. And that's been a focus, and we saw that even from the middle of this year.

因此，通常情況下，由於這些領域的成長，我們看到營運資金面臨一定的上行壓力。這些年來，我們一直在努力提高其他方面的生產力，以彌補這方面的不足。而這正是我們關注的重點，我們從今年年中就看到了這一點。

I think we talked about our working capital being a bit high and driving that down by the end of the year. And I think we did a good job delivering that. So we've got some kind of mix pressure that we're offsetting through a number of initiatives there.

我想我們討論過我們的營運資金有點高，需要在年底前將其降低。我認為我們在這方面做得很好。因此，我們面臨著一些混合壓力，我們正在透過一系列措施來抵消這些壓力。

I think when we look at CapEx, as you said, in 2025, it was $200 million. I will say there's another about $30 million of cloud technology-related investments that shows up in the operating section of the cash flow statement.

我認為，正如你所說，當我們審視資本支出時，到 2025 年，支出將達到 2 億美元。我還要補充一點，現金流量表的營業活動部分還出現了約 3,000 萬美元與雲端運算技術相關的投資。

So it's about $230 million when you add that to the rest of the CapEx for 2025. We pulled that down from our original guidance for 2025 as we saw the softer volumes. So we're increasing that a bit in 2026, still, I think, below where it was a couple of years prior to that. But continuing to drive productivity initiatives as well as continue to prepare for capacity for the future as well.

所以，加上 2025 年的其他資本支出，總額約 2.3 億美元。由於銷售疲軟，我們下調了原先對 2025 年的預期。因此，我們在 2026 年會略微提高這個數字，但我認為，仍然低於前幾年的水平。但同時也要繼續推動生產力提升計劃，並為未來的產能做好準備。

George Staphos, Bank of America Securities Inc.

喬治‧斯塔福斯，美國銀行證券有限公司

Deon, you mentioned, I think in answering Mike's question, in trying to accelerate innovation that you're trying to spend more, if you will, capital at acquiring customers and getting them to try the products. Obviously, that's -- there's a mix benefit from HBC. But do you see the customer acquisition cost being at such a rate over the next couple of years, where it sort of dilutes the impact of HBC on your margin and mix on a going-forward basis? How should we think about that as a way to parse that at all?

迪恩，我想你在回答麥克的問題時提到過，為了加速創新，你們正在嘗試投入更多資金來獲取客戶並讓他們嘗試產品。顯然，HBC 具有混合優勢。但您是否認為未來幾年客戶獲取成本會一直保持如此高的速度，以至於削弱 HBC 對您未來利潤率和產品組合的影響？我們該如何思考才能真正理解這一點？

Separate question, just in general, paper supply. Any concerns on that for this year relative to the materials business as capacity has been coming out of the market? Or do you feel relatively comfortable with your supply position for 2026? Thanks, and good luck in the year.

另問一個問題，就一般情況而言，紙張供應情況如何。今年材料業務方面是否有任何擔憂，因為產能一直在退出市場？或者，您對2026年的供應狀況感到比較有信心？謝謝，祝您新的一年一切順利。

Thanks, George. Yeah, just on the sort of the customer acquisition costs, I don't anticipate not expecting any increase in customer acquisition costs as we move forward. We already have go-to-market teams are prepared and ready, and I could argue that they've been somewhat underutilized as we went through the last year relative to volume.

謝謝你，喬治。是的，就客戶獲取成本而言，我預期隨著業務發展，客戶獲取成本不會增加。我們已經有了市場推廣團隊，他們準備就緒，而且我認為，在過去一年裡，相對於銷售量而言，他們的能力在某種程度上沒有得到充分利用。

So as we step up in some of the learnings that we've taken they've helped sharpen our mechanisms for customer acquisition, short of the cycles for both proving our benefits, shorten the cycle of how we position and print. And then on the back of that, we continue to leverage a little bit of automation to help improve that as well to it. So I'm not anticipating an increase in customer acquisition costs moving forward should have no real impact on margins.

因此，隨著我們不斷學習，我們所獲得的一些經驗幫助我們改進了客戶獲取機制，縮短了證明我們優勢的周期，也縮短了我們定位和印刷的周期。在此基礎上，我們繼續利用一些自動化技術來幫助改進它。因此，我預期未來客戶獲取成本的增加不會對利潤率產生實際影響。

Second piece is to paper supply. We've continued to make progress in making sure following that significant supply chain disruption that we had a couple of years ago that we are as appropriately balanced from a risk perspective in terms of paper supply overall. And so we have made sure that our supply, particularly as related to paper glassine and free stock, we have multiple sources that we can use. Largely geographically centered, but not exclusively.

第二點是紙張供應。幾年前我們經歷了一次重大的供應鏈中斷，從此我們一直在努力確保從風險角度來看，我們在紙張供應方面保持適當的平衡。因此，我們確保了我們的供應，特別是與紙玻璃紙和散裝紙張相關的供應，我們有多個可以利用的來源。大致以地理位置為中心，但並非完全如此。

And we continue to make sure that what we've done in that regard with our procurement team, which has been -- we've put a lot of focus over the last couple of years is making sure we've driven from somewhat transactional approaches the smaller suppliers to much more strategic where we now have much more certainty about the capacity we have available to us that we can call them as we need as well, George.

我們將繼續確保我們在這方面所做的工作，我們的採購團隊——在過去幾年裡，我們投入了大量精力——確保我們從與小型供應商的交易方式轉變為更具戰略性的方式，現在我們對可用的產能有了更大的確定性，我們可以根據需要隨時調用他們，喬治。

Thank you very much.

非常感謝。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Yeah, thanks for taking up my follow up. In the past, it seems historically that pricing was pretty much used to offset raw material-related inflation. It seems like right now, your employee costs are kind of a new level of inflation that we really haven't seen before.

好的，謝謝你跟進我的詢問。從歷史角度來看，過去定價似乎很大程度是為了抵消與原材料相關的通貨膨脹。目前看來，你們的員工成本似乎已經達到了前所未有的通貨膨脹水準。

And I know in the past, you've largely trying to offset that with efficiency. Do we get to a point if the inflation around employee cost continues the way that it has where you start trying to work that through as part of your pricing asked as well? And how should we think about that in 2026?

我知道過去你一直在努力透過提高效率來彌補這一點。如果員工成本的通貨膨脹繼續像現在這樣發展下去，我們是否會開始考慮將這部分成本也納入定價考量？那麼，到了2026年，我們該如何看待這個問題呢？

Yeah. Thanks, John. So to your point, typically, our pricing is following our raw material input cost. And obviously, as we've talked about, is we've seen some deflation in 2025. We've had price down to go with that largely in sync with the deflation that we've seen there.

是的。謝謝你，約翰。所以，正如您所說，通常情況下，我們的定價是跟隨原材料投入成本的。顯然，正如我們之前討論過的，我們在 2025 年看到了通貨緊縮。價格也隨之下降，這與我們目前看到的通貨緊縮趨勢基本一致。

And really, we're continuing -- or I guess, I should say, as we've also talked about with our material reengineering in a period where we have an inflationary period, we used that to help offset the inflation in addition to price.

實際上，我們正​​在繼續——或者我應該說，正如我們之前談到的，在通貨膨脹時期，我們透過材料再造來幫助抵消通貨膨脹和價格上漲的影響。

In a deflationary period, we're typically looking at that productivity from material reengineering, to help offset things like wage inflation as an example. So I think we look at that material reengineering is a bucket that helps over a cycle, especially in a flatter or more deflationary period to help offset some of those costs like wage inflation that come into the business.

在通貨緊縮時期，我們通常會關注材料再造帶來的生產力提升，以幫助抵消工資上漲等因素的影響。所以我認為，我們可以把材料再造看作是一個能夠幫助企業度過一個週期的手段，尤其是在經濟平穩或通貨緊縮時期，可以幫助抵消一些成本，例如工資上漲等。

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，目前沒有其他問題了。現在我將把電話轉回給您，請您作總結發言。

Thanks, Miriam. To wrap up, we navigated a dynamic 2025 to deliver solid results for the fourth quarter and full year. Our focus and execution on our strategic priorities drives our confidence in returning to stronger growth and underscores our ability to deliver superior value across the cycle. Thank you, all, for joining today. This now concludes the call.

謝謝你，米里亞姆。總而言之，我們克服了充滿挑戰的 2025 年，在第四季度和全年都取得了穩健的表現。我們對策略重點的專注和執行，增強了我們對恢復強勁成長的信心，也凸顯了我們在整個週期中創造卓越價值的能力。感謝各位今天的參與。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。感謝您的參與，請您斷開線路。