艾利丹尼森 (AVY) 2026 Q2 法說會逐字稿

Ladies and gentlemen, welcome to Avery Dennison's earnings conference call for the second quarter ended on June 30, 2026. (Operator Instructions) As a reminder, this webcast is being recorded and will be available in the Avery Dennison Investors Relations website.

各位女士、先生，歡迎參加 Avery Dennison 截至 2026 年 6 月 30 日止第二季的財報電話會議。(操作員指示) 提醒各位，本次網路直播將被錄音，並將於 Avery Dennison 投資人關係網站提供回放。

I would now like to be in this over to William Gilchrist, Avery Dennison's Vice President of Investor Relations. Please go ahead, sir.

現在我想把會議交給 Avery Dennison 投資人關係副總裁 William Gilchrist。先生，請開始。

Thank you, Ellen, and welcome to Avery Dennison's second-quarter 2026 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，Ellen，也歡迎各位參加 Avery Dennison 2026 年第二季財報電話會議。請注意，在今天的討論中，我們將提及若干非 GAAP 財務衡量指標。我們使用的非 GAAP 指標已在今日財報新聞稿所附財務報表的附表 A4 至 A8 中加以定義、說明並與 GAAP 進行調節。

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.

提醒各位，我們將發表若干預測性陳述，反映我們目前對未來營運表現與財務結果的觀點與估計。這些前瞻性陳述受今日財報新聞稿中所載的「安全港」聲明所規範。

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

今天與會者包括總裁暨執行長 Deon Stander，以及資深副總裁暨財務長 Gregory Lovins。接下來我把電話交給 Deon。

Thanks, Gilly, and good morning, everyone. We delivered strong second-quarter results across the board. On a year-over-year basis, organic sales growth accelerated to 8%, adjusted EBITDA margins expanded, adjusted EPS grew by 19% and adjusted free cash flow generation was strong at more than $360 million. While these results benefited from continued customer inventory stocking materials group, excluding this tailwind, we continue to drive a step change in the pace of our sales and earnings growth.

謝謝你，Gilly，各位早安。我們第二季在各方面都交出強勁成果。以年增率來看，有機銷售成長加速至 8%，調整後 EBITDA 利潤率擴張，調整後 EPS 成長 19%，調整後自由現金流亦表現強勁，超過 3.6 億美元。雖然這些結果受惠於客戶持續補庫存（材料事業群）的因素，但即使排除這項順風，我們仍持續推動銷售與獲利成長速度的躍升。

Our performance this quarter once again demonstrated the strength and the resilience of our portfolio. Sales growth was balanced across both base and high-value categories with high-value categories returning to mid-single-digit growth as we expected. Combining this improved organic growth with our commercial and operational excellence allowed us to expand adjusted EBITDA margins across both segments, even against a volatile and inflationary cost backdrop.

本季的表現再次展現我們產品組合的實力與韌性。銷售成長在基礎與高附加價值品類之間均衡分布；高附加價值品類如我們預期回到中個位數成長。結合有機成長的改善與我們的商業與營運卓越執行，使我們在兩大事業部門的調整後 EBITDA 利潤率均得以擴張，即便面對波動且通膨的成本環境。

Our priorities are clear. We are continuing to drive both earnings growth and business resiliency by leaning into our proven playbook. First, we're investing in innovation, service-led differentiation to drive share gains and expand new business opportunities. The strength of this focus was evident in our second-quarter performance where organic sales growth accelerated.

我們的優先事項很明確。我們將持續依循已驗證的作戰手冊，推動獲利成長並提升業務韌性。第一，我們投資於創新與以服務為導向的差異化，以帶動市占提升並擴大新業務機會。這項聚焦的成效在第二季表現中清楚可見，有機銷售成長加速。

Second, executing commercial and operational agility including productivity and pricing actions to mitigate inflationary pressures. And third, generating strong free cash flow and maintaining a healthy balance sheet. Our balance sheet strength, robust cash generation supported the increased pace of our share repurchases during the quarter and another increase in our dividend while continuing to invest in our long-term growth priorities.

第二，執行商業與營運敏捷性，包括生產力提升與定價行動，以緩解通膨壓力。第三，創造強勁自由現金流並維持健康的資產負債表。我們強健的資產負債表與穩健的現金創造能力，支持我們在本季加快庫藏股回購步伐並再次提高股利，同時持續投資於長期成長的優先事項。

Turning to our segment results. Materials Group delivered organic sales growth of approximately 10%, driven by high single-digit volume mix growth as well as low single-digit pricing realization as we began to pass on cost inflation.

接著談各事業群表現。材料事業群（Materials Group）有機銷售成長約 10%，主要由高個位數的銷量/組合成長所帶動，並且在我們開始轉嫁成本通膨之際，實現低個位數的價格落實。

During the quarter, the business delivered solid performance across both base and high-value categories. Encouragingly, high-value categories grew mid-single digits year over year, led by specialty and durable labels as well as intelligent labels. Base categories grew low double digits, driven by underlying market growth, continued share gains and the benefit of customer prebuys.

本季，該業務在基礎與高附加價值品類皆交出穩健表現。令人鼓舞的是，高附加價值品類年增中個位數，主要由特殊與耐久標籤以及智慧標籤所帶動。基礎品類成長達低雙位數，受惠於終端市場的基本成長、持續的市占提升，以及客戶提前採購（prebuys）的效益。

In label materials, customer prebuying persisted longer into the quarter than we initially anticipated, driven by accelerating raw material inflation as well as customer concerns regarding surety of supply, particularly in Europe and parts of Asia. Looking forward, while it is difficult to predict the timing of when the unwind will happen due to continued geopolitical uncertainty, we anticipate the majority of the unwind in the third quarter with a smaller carryover into Q4.

在標籤材料方面，客戶提前採購延續到本季的時間比我們原先預期更久，原因在於原物料通膨加速，以及客戶對供應確定性的擔憂，尤其是在歐洲與亞洲部分地區。展望未來，由於地緣政治不確定性仍在，難以精準預測去化（unwind）的時點；但我們預期大部分去化將發生在第三季，並有較小部分延續至第四季。

From a profitability perspective, Materials Group's adjusted EBITDA was strong, growing high teens with margins expanding compared to prior year.

就獲利能力而言，材料事業群的調整後 EBITDA 表現強勁，年增達高十幾個百分點，利潤率亦較去年同期擴張。

In the Solutions Group, organic sales grew 3%. The quarter was characterized by solid low single-digit growth across both our high-value categories and base solutions. Within our high-value platforms, Embelex delivered robust low double-digit growth, driven by core market expansion and strong World Cup demand.

在解決方案事業群（Solutions Group），有機銷售成長 3%。本季特徵為我們的高附加價值品類與基礎解決方案均呈現穩健的低個位數成長。在高附加價值平台中，Embelex 交出強勁的低雙位數成長，受惠於核心市場擴張以及世界盃需求強勁。

Intelligent Labels grew low single digits, while Vestcom was down slightly as we left a major customer rollout from 2025. In our Base Solutions, we were pleased to see sales return to low single-digit growth. From a profitability perspective, execution on our productivity playbook more than offset higher employee-related costs. This allowed us to deliver strong EBITDA margin expansion.

智慧標籤成長為低個位數，而 Vestcom 因 2025 年一項主要客戶的導入專案已結束，銷售略為下滑。在基礎解決方案方面，我們很高興看到銷售回到低個位數成長。就獲利能力而言，我們在生產力作戰手冊上的執行，足以抵銷較高的員工相關成本。因此，我們得以實現強勁的 EBITDA 利潤率擴張。

Pivoting to our enterprise-wide Intelligent Labels platform. Sales were up low single digits compared to prior year, in line with our growth expectations for the quarter. As anticipated, this headline number reflects varying dynamics across our major end markets.

接著談我們全公司層級的智慧標籤平台（Intelligent Labels）。銷售較去年同期成長低個位數，符合我們對本季的成長預期。如同預期，這個表面數字反映了我們主要終端市場之間不同的動態。

In our largest category, apparel and general retail, we delivered another quarter of strong performance with sales up approximately 10%. This growth was driven by continued program expansions in apparel alongside a solid recovery in general retail.

在我們最大的品類——服飾與一般零售——我們再度交出強勁表現，銷售約成長 10%。此成長來自服飾領域持續的專案擴張，以及一般零售的穩健復甦。

Conversely, we experienced a headwind in logistics where sales were down double digits. This was driven by the difficult comparison of lapping outsized share gains from 2025 and softer overall customer demand in this segment.

相對地，在物流領域我們面臨逆風，銷售下滑達雙位數。主要原因是 2025 年市占大幅提升所形成的高基期比較，以及該細分市場整體客戶需求較疲弱。

Looking ahead, we continue to expect 2026 growth for our enterprise Intelligent Labels platform to outpace 2025. In apparel and general retail, we expect to deliver strong full-year growth as adoption continues to deepen. In food, we are positioning the platform for an acceleration in the back half of the year, driven by the beginning of the rollout with the largest US grocery retailer and expanding activity across other customers.

展望未來，我們仍預期 2026 年全公司智慧標籤平台的成長將快於 2025 年。在服飾與一般零售方面，隨著採用持續深化，我們預期全年將交出強勁成長。在食品領域，我們正為平台在下半年加速成長做準備，動能來自美國最大雜貨零售商開始導入，以及其他客戶的活動擴大。

Finally, logistics, we are managing through the normalization of outsized volume and share gains from 2025 with the largest partner, while continuing to expand pilots with new logistics customers.

最後，在物流方面，我們正因應與最大合作夥伴在 2025 年出現的超常銷量與市占提升回歸常態，同時持續擴大與新物流客戶的試點專案。

As to our outlook, we are returning to providing full-year guidance, reflecting our team's strong execution through a dynamic environment and the challenges of precisely timing the second-half customer inventory destocking in Materials Group. For the full-year 2026, we anticipate $10 to $10.30 in adjusted earnings per share on organic sales growth of 3% to 4%.

關於展望，我們恢復提供全年指引，反映團隊在多變環境中的強勁執行力，以及材料事業群下半年客戶去庫存（destocking）時點難以精準掌握的挑戰。針對 2026 全年，我們預期調整後每股盈餘為 10.00 至 10.30 美元，有機銷售成長為 3% 至 4%。

In summary, our strong second-quarter performance, delivering another quarter of accelerating sales and earnings growth, highlights the differentiation and the underlying strength of our enterprise. We remain focused on the key secular tailwinds shaping our long-term strategy while continuing to execute the operational actions required to navigate cyclical dynamics and inflationary shifts with agility.

總結而言，我們第二季的強勁表現——再度交出銷售與獲利成長加速的一季——凸顯了我們企業的差異化與基本面實力。我們仍聚焦於塑造長期策略的關鍵結構性順風，同時持續執行必要的營運行動，以敏捷方式因應景氣循環動態與通膨變化。

The proactive steps we are taking to accelerate innovation-led differentiation serve our customers and ensure supply chain resilience further strengthens our competitive moat. Our proven strategies, market-leading resilient businesses, agile teams and disciplined capital allocation approach give us confidence in our ability to deliver sustainable growth in 2026 and beyond.

我們為加速以創新驅動的差異化所採取的主動措施，能服務客戶並確保供應鏈韌性，進一步強化我們的競爭護城河。我們經驗證的策略、市場領先且具韌性的業務、敏捷的團隊，以及嚴謹的資本配置方法，使我們對於在 2026 年及更長遠未來實現可持續成長充滿信心。

I am proud of the global Avery Dennison team. Their agility and operational execution continue to drive strong results, giving us momentum as we execute across the balance of 2026 and beyond.

我為 Avery Dennison 全球團隊感到自豪。他們的敏捷性與營運執行力持續推動強勁成果，讓我們在推進 2026 年剩餘期間及更長遠未來的執行上具備動能。

Now over to you, Greg.

接下來交給你，Greg。

Thanks, Deon, and hello, everybody. In the second quarter, we delivered strong adjusted earnings per share of $2.89, up 19% compared to prior year. Earnings growth was driven by higher volume and productivity, partially offset by higher employee-related costs and targeted growth investments.

謝謝你，Deon，也向各位問好。在第二季，我們交出強勁的調整後每股盈餘（EPS）2.89 美元，較去年同期成長 19%。盈餘成長主要由更高的銷量與生產力所帶動，但部分被較高的員工相關成本與具針對性的成長投資所抵銷。

As Deon mentioned, customer inventory pre-buys were contributing factor during the quarter. adding an estimated $0.25 to earnings. Second-quarter reported sales were up 11% year over year, with organic sales growth of 8%, driven by strong volume mix and slightly favorable pricing. We estimate that roughly half of the organic growth was from customer pre-buy activity.

如 Deon 所提到，客戶庫存的預先採購是本季的貢獻因素之一，估計為盈餘增加約 0.25 美元。第二季公告銷售額年增 11%，其中有機銷售成長 8%，主要由強勁的銷量組合與略為有利的定價所帶動。我們估計，有機成長約有一半來自客戶預先採購活動。

Reported sales also benefited from approximately 2 points of growth from foreign currency translation and 1 point of growth from the Taylor Adhesives acquisition. Adjusted EBITDA margin was 17.1% in the quarter, up 50 basis points compared to prior year. And we generated strong adjusted free cash flow of $365 million in the quarter, primarily driven by earnings growth and working capital improvements.

公告銷售額亦受惠於外幣換算帶來約 2 個百分點的成長，以及 Taylor Adhesives 收購案帶來 1 個百分點的成長。本季調整後 EBITDA 利潤率為 17.1%，較去年同期提升 50 個基點。本季我們也產生強勁的調整後自由現金流 3.65 億美元，主要由盈餘成長與營運資金改善所驅動。

Our balance sheet remains strong with the quarter end net debt to adjusted EBITDA ratio of 2.3 times. Capital allocation during the second quarter remained consistent with our established framework. We returned over $210 million to shareholders through a balanced combination of $76 million in dividends and $138 million in share repurchases, an accelerated pace relative to the first quarter.

我們的資產負債表仍然穩健，季末淨負債對調整後 EBITDA 比率為 2.3 倍。第二季的資本配置仍與我們既定的框架一致。我們透過股利 7,600 萬美元與庫藏股回購 1.38 億美元的均衡組合，向股東返還超過 2.10 億美元，較第一季的步調更快。

This brings our year-to-date capital return to shareholders to roughly $350 million. These actions underscore our ongoing commitment to disciplined capital deployment while preserving our financial flexibility.

這使得我們年初至今對股東的資本返還約達 3.50 億美元。這些行動凸顯我們在維持財務彈性的同時，持續承諾以紀律方式部署資本。

Turning to segment results for the quarter. Materials Group organic sales were very strong, coming in 10% higher than prior year, driven by high single-digit volume mix growth. Excluding our estimate of the year-over-year benefit from customer pre-buys, underlying organic sales growth remained strong at mid-single digits.

接著說明本季各事業部門表現。材料事業群（Materials Group）有機銷售非常強勁，較去年同期成長 10%，主要由高個位數的銷量組合成長所帶動。若排除我們估計的客戶預先採購所帶來的年對年效益，基礎有機銷售成長仍維持在中個位數的強勁水準。

Turning to Label Materials. Similar to the first quarter, we believe we successfully gained share and realized favorable year-over-year pricing as we acted to mitigate the impact of rising raw material costs. From a regional perspective, compared to prior year, volume mix in North America was up mid-single digits. Europe delivered strong mid-teens growth. And in emerging markets, both Asia and Latin America grew high single digits.

接著談標籤材料（Label Materials）。與第一季類似，我們相信在採取行動以緩解原物料成本上升影響的同時，成功提升市占並實現有利的年對年定價。從區域來看，相較去年同期，北美的銷量組合成長為中個位數。歐洲交出強勁的中十位數成長。而在新興市場，亞洲與拉丁美洲皆為高個位數成長。

Organic growth across our Materials Group high-value categories grew mid-single digits, led by low double-digit growth in Specialty and Durable Labels and high single-digit growth in Intelligent Labels. industrial tapes grew low single digits, and graphics and reflective sales were comparable to prior year.

材料事業群的高價值品類有機成長為中個位數，其中以特殊與耐久標籤（Specialty and Durable Labels）的低雙位數成長，以及智慧標籤（Intelligent Labels）的高個位數成長領先。工業膠帶（industrial tapes）成長為低個位數，而圖像與反光（graphics and reflective）銷售與去年同期大致持平。

Materials Group adjusted EBITDA was up 17% compared to prior year, with margins up 20 basis points. This margin expansion reflects strong volume, ongoing productivity actions and the net benefits from pricing and raw material costs, inclusive of cost-out reengineering. These factors more than offset an unfavorable product mix and higher employee-related costs.

材料事業群調整後 EBITDA 較去年同期成長 17%，利潤率提升 20 個基點。此利潤率擴張反映強勁的銷量、持續的生產力行動，以及定價與原物料成本之間的淨效益（包含降本再設計）。上述因素足以抵銷不利的產品組合與較高的員工相關成本。

Regarding raw material costs, we experienced mid-single-digit year-over-year raw material inflation in the second quarter, representing high single-digit sequential inflation, slightly above our expectations. Our teams continue to execute our proven playbook to navigate the current inflation environment through strategic sourcing actions, reengineering and the timely implementation of pricing actions.

就原物料成本而言，我們在第二季經歷中個位數的年對年原物料通膨，代表相較前一季為高個位數的環比通膨，略高於我們預期。我們的團隊持續執行已被驗證的作法，透過策略性採購行動、再設計，以及及時落實定價措施，以因應目前的通膨環境。

Looking ahead for the remainder of the year, while the situation remains uncertain, we're currently anticipating high single-digit year-over-year inflation in the second half.

展望今年剩餘期間，儘管情勢仍不確定，我們目前預期下半年將出現高個位數的年對年通膨。

Shifting to Solutions Group. Organic sales were up 3%, with both high-value and base categories delivering low single-digit growth. Within high-value categories, Embelex delivered strong, low double-digit growth. Intelligent Labels grew low single digits with particular strength in apparel and general retail categories, while Vestcom was down low single digits as we lapped new program rollouts from the prior year.

接著談解決方案事業群（Solutions Group）。有機銷售成長 3%，高價值與基礎品類皆呈現低個位數成長。在高價值品類中，Embelex 交出強勁的低雙位數成長。智慧標籤成長為低個位數，其中在服飾與一般零售品類表現尤為強勁；而 Vestcom 則為低個位數下滑，因為去年新方案導入所帶來的基期效應。

Solutions Group adjusted EBITDA margin was 18.6%, expanding 150 basis points year-over-year and 220 basis points sequentially. This margin expansion was driven by continued execution of our productivity initiatives, the reversal of prior year tariff-related network inefficiencies and a positive net price cost impact, inclusive of tariff-related costs. Together, these benefits more than offset higher employee-related costs and our targeted investments in growth.

解決方案事業群調整後 EBITDA 利潤率為 18.6%，年對年擴張 150 個基點，環比擴張 220 個基點。此利潤率擴張主要來自我們持續推動生產力計畫、去年關稅相關的網路效率不彰情況回轉，以及價格與成本之間的正向淨影響（包含關稅相關成本）。綜合而言，這些效益足以抵銷較高的員工相關成本與我們具針對性的成長投資。

Turning now to our full-year 2026 outlook. We anticipate reported sales growth of 5% to 6%. This includes organic growth of 3% to 4% with approximately 1.5% from currency translation, 1% from the Taylor Adhesives acquisition and a nearly 0.5 point headwind from the fiscal calendar change.

接著談我們 2026 全年展望。我們預期公告銷售成長 5% 至 6%。其中包含 3% 至 4% 的有機成長、約 1.5% 來自匯率換算、1% 來自 Taylor Adhesives 收購案，以及因會計年度日曆變更帶來近 0.5 個百分點的不利影響。

We expect full-year adjusted earnings per share in the range of $10 to $10.30, representing 7% growth year-over-year at the midpoint. This full-year earnings growth is driven by benefits of organic growth, which is primarily volume mix driven; a largely neutral impact from customer inventory management for the full year; productivity actions, including restructuring benefits of more than $60 million, offsetting headwinds from wage inflation and the normalization of 2025 temporary savings, which are largely incentive compensation related; and a net benefit of approximately $0.30 from combined currency, share count, interest and tax.

我們預期 2026 全年調整後每股盈餘介於 10.00 至 10.30 美元，以中位數計年對年成長 7%。全年盈餘成長主要來自：有機成長的效益（主要由銷量組合驅動）；客戶庫存管理對全年影響大致中性；生產力行動（包含超過 6,000 萬美元的重整效益），用以抵銷薪資通膨的不利因素，以及 2025 年一次性節省的正常化（主要與獎酬性薪酬相關）；以及匯率、股數、利息與稅負合計帶來約 0.30 美元的淨效益。

Additionally, we remain committed to strong free cash flow, targeting roughly 100% conversion for the year with fixed and IT capital spending of approximately $260 million. From a quarterly earnings cadence perspective, we're assuming that third quarter will see a larger-than-normal sequential earnings decline, driven by our customer destocking timing assumption, which will represent an approximate $0.50 sequential headwind versus the benefit we saw in the second quarter.

此外，我們仍致力於維持強勁的自由現金流，目標為全年約 100% 的轉換率，固定資產與 IT 資本支出約 2.60 億美元。就季度盈餘節奏而言，我們假設第三季將出現較不尋常的環比盈餘下滑，主因是我們對客戶去庫存時點的假設；相較於第二季所見的效益，這將帶來約 0.50 美元的環比不利影響。

While we expect a sequential headwind in the second half as these customer pre-buys unwind, underlying earnings momentum remained strong across the balance of the year.

雖然我們預期下半年會因客戶預先採購回吐而出現環比逆風，但今年其餘期間的基礎盈餘動能仍然強勁。

In summary, we delivered a strong second quarter, achieving 8% organic sales growth and 19% adjusted earnings growth. We generated very strong free cash flow, increased our dividend and accelerated share repurchases while maintaining a strong balance sheet with leverage coming down to 2.3 times.

總結來說，我們交出強勁的第二季表現，達成 8% 的有機銷售成長與 19% 的調整後盈餘成長。我們產生非常強勁的自由現金流，提高股利並加速股票回購，同時維持穩健的資產負債表，槓桿比率下降至 2.3 倍。

Our updated 2026 outlook anticipates 3% to 4% organic sales growth and roughly 7% EPS growth, demonstrating positive momentum toward our long-term targets. Overall, our resilient portfolio, agile execution and disciplined capital allocation give us high confidence in our ability to deliver strong, long-term value to all stakeholders.

我們更新後的 2026 年展望預期有機銷售成長 3% 至 4%，以及約 7% 的 EPS 成長，展現朝向長期目標的正向動能。整體而言，我們具韌性的產品組合、敏捷的執行力與有紀律的資本配置，使我們對於為所有利害關係人創造強勁的長期價值充滿信心。

With that, we'll now open up the call for your questions.

接下來，我們將開放提問。

(Operator Instructions) Ghansham Panjabi, Baird.

(接線員指示) Ghansham Panjabi，Baird。

Can you just give us a bit more granularity as it relates to the growth outlook for Intelligent Labels for 2026 relative to the low single digits you generated in 2Q? And in particular, how is your view on the major end market verticals such as apparel, general retail, fluid and logistics changed, if at all, relative to the last time you reported three months ago?

你能否就 2026 年智慧標籤（Intelligent Labels）的成長展望提供更細的說明，並與你們在第二季所達成的低個位數成長做個對照？特別是，相較於三個月前上次財報時，你們對主要終端市場垂直領域（如服飾、一般零售、液體與物流）的看法是否有任何改變？

Thanks, Ghansham. Yeah. Our anticipation has always been that we would continue to see our growth ramp in the second half of the year. And when I look at the individual segments in apparel and general retail, we continue to expect solid growth as we go through the second half of the year, largely on the new program rollouts we're doing as well as the continued strengthening in some of the general retail execution as well.

謝謝你，Ghansham。是的。我們一直以來的預期都是，下半年將持續看到成長加速。當我看服飾與一般零售的各個細分領域時，我們仍預期在下半年會有穩健成長，主要來自我們正在推動的新方案上線，以及一般零售執行面持續轉強。

In logistics, specifically, we're expecting a continued share and volume challenge relative to 2025 when we grew outside share and volume in that period. And we expect that to business for the remainder of the year, while we continue to also expand pilots with our existing customers that we have and some new customers in the logistics pipeline.

在物流方面，特別是，相較於2025年（當時我們在市佔與銷量上都實現了超越市場的成長），我們預期市佔與銷量將持續面臨挑戰。我們預期這種情況將延續到今年剩餘時間，同時我們也會持續擴大與現有客戶的試點專案，並推進物流客戶管線中的一些新客戶。

And in food, we're expecting a much more meaningful contribution from the food programs as we go through the second half of the year, largely on the significant retailer rollout that we've talked about for a while as well as a lot more activity in new customer programs overall that we're seeing in the food sector, Ghansham.

而在食品方面，隨著我們進入下半年，我們預期食品專案將帶來更顯著的貢獻，主要來自我們談了有一段時間、正在進行的大型零售商擴點導入，以及我們在食品領域看到的新客戶專案整體活動明顯增加，Ghansham。

George Staphos, Bank of America.

George Staphos，美國銀行。

Congratulations on the progress. I wanted to dig into the pre-buy effect in Materials. And there are a couple of components to it. I think you said that the effective prebuy was more or less 5 points mid-single digits in the second quarter and recall the figure being 1 point in the first quarter. And I think it was 1.5 points at the materials level.

恭喜你們的進展。我想深入了解材料（Materials）業務中的預先採購（pre-buy）效應。這裡面有幾個組成部分。我記得你提到第二季有效的預先採購大約是5個點、也就是中個位數，而第一季的數字是1個點。而我想在材料層級是1.5個點。

Did I relate to those correctly? And does that mean, in essence, there's 6% or 6.5% that ultimately has to be destocked over the rest of the year? How should we interpret that? And why is there so much going on, especially it sounded like in Europe?

我這樣理解對嗎？如果是的話，是否意味著本質上有6%或6.5%最終必須在今年剩餘時間去庫存（destock）？我們應該如何解讀？以及為什麼會有這麼多動作，尤其聽起來歐洲特別明顯？

Yeah. Thanks, George. So in 1Q, we talked about relatively around 1 point of growth from customer inventory building. I think I mentioned earlier about half of our organic growth in Q2, we would estimate, is related to inventory build. So in total, closer to 5 points of growth in the first half or added net first half, about 2.5% growth for the whole half of the year.

是的。謝謝你，George。所以在第一季，我們談到客戶建立庫存帶來大約1個點的成長。我稍早也提到，我們估計第二季約有一半的有機成長與庫存建立有關。因此合計來看，上半年更接近5個點的成長來自庫存因素；換言之，上半年淨增加約2.5%的成長（就整個上半年而言）。

And we would expect to see that come out in the second half, as we said. So I think you would see that change from first half to second half. At the same time, from an organic growth perspective, that will largely be offset in the second half by the fact that we'll have more pricing action versus prior year where we still had deflation in the first quarter carry over from last year. We'll have more pricing impact year over year in the second half.

而如同我們所說，我們預期這部分會在下半年消化掉。所以你會看到從上半年到下半年的變化。同時，從有機成長的角度來看，下半年這影響在很大程度上會被抵銷，因為相較於去年同期，我們會有更多的定價動作；去年第一季仍有從去年延續下來的通縮。下半年我們的價格影響（年對年）會更大。

I think to your point, we're seeing that more in Europe and Asia, and that's where we're seeing more of the inflationary pressures as well, as well as just more customer concern, I think, about surety of supply. And as we move through the second quarter, we continue to see that inflation increase in the middle part of the quarter.

我想呼應你的觀點，我們在歐洲與亞洲看到這種情況更明顯；那裡同時也承受較多通膨壓力，另外我認為客戶對供應確定性的擔憂也更高。而隨著我們進入第二季，我們持續看到通膨在該季中段上升。

And obviously, it's been quite up and down since then. So customers are still seeing a pretty uncertain environment. And I think that's what led to a lot of the stock build to continue to do throughout the second quarter.

而且很明顯，自那之後波動相當大。所以客戶仍然面對相當不確定的環境。我認為這就是為什麼在第二季期間，庫存建立會持續進行的原因。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

So I guess maybe a couple of related points on the margin side. I guess can you help us to think about price cost in the second half and if you'll catch up with pricing just given your expectations for cost to be kind of up in the high single digits?

我想在毛利率方面可能有幾個相關問題。你能否協助我們思考下半年價格/成本（price-cost）的走勢？考量你們預期成本可能會以高個位數上升，你們的定價是否能追上？

And then I guess, somewhat related on the margin front in solutions, kind of hitting a high watermark, anything special about that in terms of why you're kind of at these levels? Or is this kind of the new baseline now that you're starting to see volumes stabilize and IL to starting to grow again?

另外，在解決方案（Solutions）的毛利率方面，似乎達到一個高水位；這背後是否有什麼特別原因，讓你們維持在這些水準？或者，現在在你們開始看到銷量趨於穩定、且IL又開始恢復成長之際，這是否就是新的基準水準？

Yeah. Thanks, John, for the question. So when we look at the second quarter from a price cost perspective, and I'll talk sequentially, we saw high single-digit inflation from Q1 to Q2. And we had mid-single-digit price increase from Q1 to Q2 to help mitigate that in addition to, obviously, material engineering, and our procurement team is continuing to work to mitigate that as well. So I think we largely mitigated the majority of that in the second quarter from a sequential perspective.

是的。謝謝你，John，提出這個問題。從第二季的價格/成本角度來看，我會用季對季來說明：我們看到從第一季到第二季出現高個位數的通膨。而我們從第一季到第二季也做了中個位數的提價來協助緩解，此外當然還有材料工程（material engineering），以及我們的採購團隊也持續努力降低影響。所以我認為就季對季而言，我們在第二季大致上緩解了其中大部分的影響。

When we look Q2 to Q3, we would expect low single-digit sequential inflation, largely carryover from what we saw as we moved through the second quarter. But I will say, it continues to be a pretty uncertain environment there. So we've seen oil, like I said a minute ago, move up and down quite a bit over the last few weeks. But right now, our expectation is low single-digit sequential inflation and low single-digit sequential price as well, Q2 to Q3.

當我們看第二季到第三季，我們預期季對季通膨為低個位數，主要是我們在第二季進行過程中所看到的延續效應。但我也要說，那仍然是一個相當不確定的環境。所以如我剛才提到的，過去幾週油價上下波動很大。但目前我們的預期是：第二季到第三季為低個位數的季對季通膨，同時也會有低個位數的季對季提價。

If I shift to your second question on Solutions margins, I think, overall, there's a couple of drivers there. That team has continued to drive pretty significant productivity year over year. Certainly, that's having a benefit on our margins there.

如果我轉到你第二個問題、關於解決方案的毛利率，我認為整體而言有幾個驅動因素。該團隊持續推動相當顯著的年對年生產力提升。這無疑對我們那邊的毛利率帶來助益。

At the same time, it's a nice volume rebound. Our apparel business is growing mid- to high-single digits in the quarter as we lap some of the tariff implications from Q2 last year with some strong growth in our Embelex platform, our high-value category there that we talked about earlier as well.

同時，銷量也出現不錯的反彈。我們的服裝（apparel）業務在本季成長中到高個位數，因為我們在去年第二季受到關稅影響的比較基期已經過去；此外，我們先前也提到的高價值品類Embelex平台也有強勁成長。

So overall, it's both strong volume growth in apparel as well as productivity across the business. And we did have a couple of small one-time type benefits in the quarter, but still strong underlying results. You may see a little bit of moderation in that margin in Q3, but we still expect the second half to be above prior year.

所以整體而言，既有服裝業務的強勁銷量成長，也有全業務的生產力提升。而本季確實也有幾項小型的一次性（one-time）利益，但基本面結果仍然強勁。你可能會在第三季看到毛利率略有降溫，但我們仍預期下半年會高於去年同期。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

A two-part question. It sounds like you're gaining more traction with your customers in Intelligent Labels in the general food category. Is it baked goods or frozen food? Or are there themes that are allowing you to expand your reach?

兩個問題。聽起來你們在一般食品類別的智慧標籤（Intelligent Labels）方面，與客戶的合作正獲得更多進展。這是烘焙食品還是冷凍食品？或者是否有一些主題/趨勢，讓你們能擴大觸及範圍？

And for Greg, you've talked about inflation in employee costs. Is this one-time? Or what's the rate? Or how large are your employee cost as a percentage of your cost base? Can you help frame the employee cost issue?

另外給Greg，你提到員工成本的通膨。這是一次性的嗎？或是其增幅大概是多少？或者員工成本占你們成本基礎的比例有多大？能否協助我們界定員工成本的議題？

Thanks, Jeff. Let me deal with the first and Greg can take the second. We continue to have very strong conviction in the growth in the Food segment as we move forward over the years to come because we see the return on investment at the retail level to be so strong in all the pilots that we've done and some of the rollouts that have been underway for a while.

謝謝你，Jeff。我先回答第一個，第二個讓Greg來回答。我們對食品事業群未來幾年的成長仍然非常有信心，因為在我們做過的所有試點，以及已經進行一段時間的一些導入擴點中，我們看到零售端的投資報酬率（ROI）非常強勁。

I think the way I'd characterize it, Jeff, is the initial focus has been really around bakery. It's a more simple one to implement. But we are, as you know, working through protein now, which has been more technically difficult to do, but that's where we brought our innovation to bear where I think we continue to sustain advantage.

Jeff，我會這樣描述：一開始的重點確實主要放在烘焙類。那是比較容易導入的品類。但如你所知，我們現在正在推進蛋白質（protein）品類，技術上更難，但這正是我們把創新能力投入其中的地方，我認為我們也因此能持續維持優勢。

And then beyond protein were then the next categories are really at the periphery of the store will be in perishable items, the further perishable items. And I think those will follow in so.

接著在蛋白質之後，下一些品類其實是在賣場周邊區域，會是生鮮品項、以及更偏生鮮的品項。我認為這些也會陸續跟進。

I certainly think that two things are also playing in thematically. So one is, I think retail at an aggregate level is recognizing that the greater and the urgency of which they digitize their stores overall to drive more of a digital platform to their stores, the more they're likely to succeed in driving the efficiencies and consumer connections they really desire.

我確實認為，從主題面來看，還有兩件事也在發揮作用。第一，我認為零售業在整體層面正意識到：他們越是加快、越是迫切地將門市全面數位化，以打造更強的數位平台來支撐門市，就越有可能成功實現他們真正想要的效率提升與消費者連結。

And clearly, technologies like IL play a very significant role in enabling that driving return on investment, both from a labor productivity and gross margin expansion and sales uplift. We've seen that consistently, particularly in perishable foods.

而且很明顯，像 IL 這類技術在推動投資報酬方面扮演非常重要的角色，無論是勞動生產力提升、毛利率擴張，或是銷售成長。我們一直都看到這點，尤其是在生鮮食品上。

And so -- I think the only other thing I'd say from our perspective is it's an area where we're going to continue to invest. The scale of our customers that are now in pilot has continued to expand. Our pipeline has expanded in that regard, includes a number of other US retailers and European retailers.

所以——我想從我們的角度，唯一還要補充的是，這是一個我們會持續投資的領域。目前處於試點階段的客戶規模持續擴大。我們在這方面的商機管線也擴大了，包含多家其他美國零售商與歐洲零售商。

And also some areas very specifically where, for example, DSD deliveries are taking place in certain categories as well. So we have high conviction in it, and I see it as a longer-term growth opportunity within our broader high-value category portfolio overall.

另外也有一些非常特定的場景，例如在某些品類中也正在進行 DSD 直送配送。因此我們對此高度有信心，我也把它視為我們整體高價值品類組合中，一個更長期的成長機會。

Yeah. And Jeff, on your second question, I think there's two areas of employee costs where we're seeing a headwind year over year. One is the normal year-over-year wage inflation that we see across the business. And that's more normal levels of what we've seen in the recent past.

是的。Jeff，針對你的第二個問題，我認為我們看到員工成本年對年有逆風的領域有兩個。第一是我們在整個業務中看到的正常年對年薪資通膨。而這大致回到我們近年來所見的較正常水準。

I think the other one is -- the larger one really this year from a year-over-year perspective is incentive compensation. So last year, clearly, we delivered below our targets. Incentive comp payouts were well below target levels last year. And this year, we're on track at or above depending on the business, to deliver on our targets.

我認為另一個——而且今年就年對年來看更大的——是獎勵性薪酬。因為去年很明顯，我們的表現低於目標。去年獎勵性薪酬的發放遠低於目標水準。而今年，我們正朝著達成目標前進，依不同業務而定，甚至可達到或高於目標。

So there's a relatively sizable incentive compensation headwind. When I look at the overall earnings growth formula kind of year over year, from an order of magnitude perspective, our productivity is basically largely offsetting our wage inflation and our incentive compensation. So that's roughly the size of those headwinds versus our productivity.

因此獎勵性薪酬帶來相對顯著的逆風。當我從年對年的整體獲利成長公式、以量級來看，我們的生產力基本上在很大程度上抵銷了薪資通膨與獎勵性薪酬的影響。所以這些逆風相對於我們生產力的規模大致就是如此。

Josh Spector, UBS.

Josh Spector，瑞銀。

I wanted to just dig into the organic growth guidance of the 3% to 4% range. If we try to unpack that a bit. I mean, my calculations here would say pricing in the second half is up, call it, 3%, maybe to 4%, and you have that, call it, 3%-ish headwind in the second half.

我想再深入了解一下 3% 到 4% 區間的有機成長指引。如果我們試著把它拆解一下。我的計算顯示，下半年定價上升大概 3% 左右，可能到 4%，同時下半年還有大約 3% 左右的逆風。

So therefore, volumes then at the base level, excluding the kind of destocking dynamics are maybe flattish. Is that how you would frame it? Because you sound more positive on some of the higher growth areas within materials, RFID improving. I don't know if there's an offset that we're missing.

因此，若排除去庫存的動態因素，基礎層面的量可能大致持平。你會這樣描述嗎？因為你聽起來對材料領域中一些較高成長的部分更樂觀，RFID 也在改善。我不確定是否有我們漏掉的抵銷因素。

Yeah. So I think, Josh, when you look at first half to second half, first half organic growth is around 4.5% on the full first-half basis. With a couple of points to that, we would estimate from stocking as we've talked about here.

是的。所以 Josh，我認為當你看上半年到下半年，上半年以整個上半年來看，有機成長大約是 4.5%。其中有幾個百分點，我們估計是來自補庫存，如同我們在這裡談到的。

And we had, as I said earlier, a little bit of price down, particularly in the first quarter as we start to lap some of that deflation from prior year. So volume growth -- volume mix growth in the first half of the year in that low to mid-single-digit range.

而且如我先前提到的，我們有一點點價格下滑，特別是在第一季，因為我們開始與前一年的通縮效應形成比較基期。所以量的成長——量/組合成長在今年上半年落在低到中個位數的區間。

I think second half is somewhat similar from a volume mix perspective, but we have the destocking impact coming in and it's a headwind in the second half, largely offset by the fact that price now, we're no longer lapping the deflation from prior year. So the price actions that we're taking are a positive year over year in the second half.

我認為下半年從量/組合的角度看也差不多，但我們會看到去庫存的影響進來，並在下半年形成逆風；這在很大程度上會被另一個因素抵銷：價格方面，我們不再與前一年的通縮形成比較基期。因此我們採取的價格措施在下半年年對年會是正向的。

So I think underlying volume mix trends relatively similar, low to mid-single digits in the first and second half with a little bit of price differential between the halves as well that's impacting that in addition to the stocking impact.

所以我認為，底層的量/組合趨勢在上、下半年相對類似，都是低到中個位數；此外，上下半年之間也有一些價格差異，再加上補庫存/去庫存的影響，共同造成這些變化。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Deon, I appreciate all the comments you've given thus far on food, but if I could dive a little bit deeper on the contribution in second half, very specifically on just (technical difficulty) How far has that rollout progressed? Is there still incremental run (technical difficulty) I know that's beginning the year in the second half, but what percent of that initial rollout should we be thinking about in '26?

Deon，我很感謝你到目前為止對食品的所有評論，但如果我可以更深入一點談下半年貢獻，特別是（技術問題）這個推廣進度到哪裡了？下半年是否還有額外的增量（技術問題）我知道它在下半年年初開始，但就 '26 年而言，我們應該把最初那波推廣的百分之多少納入考量？

Matt, you're breaking up on it. Matt, you're breaking up on. Can you start again from the top? I missed the question, Matt.

Matt，你的聲音斷斷續續。Matt，你的聲音斷斷續續。你可以從頭再說一次嗎？Matt，我沒聽到問題。

Yeah. Is that better now?

好的。現在這樣比較好嗎？

Yes, try that.

可以，你試試看。

Okay. Basically, I'm looking to get a little bit more granular on the food contribution, specifically, Kroger, how far along that rollout has progressed? Is there anything incremental in the second half from that? Walmart, I know that begins to ramp in second half. But in percentage terms, you could frame around that rollout in '26 and '27 and into '28?

好。基本上，我想更細緻地了解食品的貢獻，具體來說，Kroger 的推廣目前進行到什麼程度？下半年從那邊還會有任何額外增量嗎？Walmart 我知道下半年開始加速爬坡。但以百分比來說，你能否描述一下在 '26、'27 以及到 '28 年，這個推廣的節奏？

And I believe the third grocery here has announced the pilot, and you referenced some pilots in grocery. So how material are those new programs in the second half? Or how long would you expect them to be in pilot phase before any expansion, given it seems like food is certainly newer but perhaps broadening faster than other categories.

另外我相信第三家雜貨商已宣布試點，你也提到一些雜貨通路的試點。那麼這些新專案在下半年有多重要？或者考量到食品顯然是較新的領域、但擴張速度可能比其他品類更快，你預期它們會在試點階段停留多久才會擴大？

Yeah. Let me end where you -- the end part of your question, Matt, then I'll address the rest of there. I think there is certainly much more accelerated interest from customers. They can clearly see the benefit of the returns they get. As I said, on labor productivity, gross margin expansion and sales uplift as well.

是的。Matt，我先從你問題的最後一段開始，再回頭回答其他部分。我認為客戶的興趣確實正在更快速地升溫。他們很清楚看到所獲得的回報效益。如我所說，包括勞動生產力、毛利率擴張以及銷售提升。

Specifically on Kroger, the rollout continues to go as they planned. And the second half of the year, the only thing that is different that we said we're working on with and which we are, which is really the protein piloting. And as that goes successfully in the second half of the year, we'll be looking to roll that out as we go into the start of next year.

就 Kroger 而言，推廣持續按他們的計畫進行。而今年下半年唯一不同的是，我們先前提到、也確實正在合作推進的部分——也就是蛋白質品類的試點。如果下半年進展順利，我們將在明年年初開始推廣。

On Walmart, I think my observation on that customer that continues to be that they are really committed to the technology. You can see it roll out across all of their stores in terms of both general merchandise and apparel, and increasingly now in the -- sorry, in the food area as well.

至於 Walmart，我對這位客戶的觀察仍然是：他們對這項技術非常投入。你可以看到它在所有門市推廣，涵蓋一般商品與服飾，現在也愈來愈多地擴展到——抱歉——食品領域。

And they continue to see the return on investment of the technology as well, both in those areas as well as in food typically with kind of large-scale deployments. Timelines can vary slightly. But our current assumption is for the commercial rollout in this customer to begin in the second half of '26, and we're working very closely with them now on key deployment milestones to ensure a successful implementation.

而且他們也持續看到這項技術的投資報酬，無論是在上述領域，或是在食品領域；食品通常是以大規模部署的方式進行。時程可能會有些微差異。但我們目前的假設是，該客戶的商業化推廣將在 '26 年下半年開始；我們現在也正與他們非常密切合作，針對關鍵部署里程碑，確保能成功導入。

As it relates to the other customers, yes, the pilots are accelerating. I won't go into detail about which specific customers they are, and we anticipate that largely those will manifest in '27 and beyond. And that's when you see the benefit of those positive pilots turning into broader implementation and rollouts.

至於其他客戶，是的，試點正在加速。我不會詳細說明具體是哪些客戶；我們預期這些多數會在 '27 年及之後逐步顯現。也就是你會看到這些正向試點的效益，轉化為更廣泛的導入與推廣。

John Dunigan, Jefferies.

John Dunigan，Jefferies。

Deon and Greg, I really appreciate all the details and congrats on a good quarter. I want to go back to the customer inventory build. It sounded like there was some carryover from the inventory build in 1Q. But did you see the stocking through the quarter? And has it progressed into 3Q? Or are you already seeing some of that destocking?

Deon 和 Greg，我非常感謝你們提供的所有細節，也恭喜本季表現不錯。我想回到客戶庫存建立這件事。聽起來第一季的庫存建立有一些延續到本季。但你們是否看到整個季度都有補庫存？而且是否延續到第三季？還是你們已經開始看到一些去庫存？

And related, was there any portion of the 10% apparel and general retail RFID growth that was tied to the customer inventory build? It didn't sound like it from your comments, but just wanted to confirm.

另外相關的是，服飾與一般零售 RFID 成長 10% 的部分，是否有任何比例與客戶庫存建立有關？從你們的評論聽起來不像，但我想確認一下。

And then one last point of clarification, Greg. I just want to make sure I heard you correctly. On the 3Q EPS, you said it was $0.50 lower quarter over quarter. Did I get that right?

最後再釐清一點，Greg。我想確認我是否聽對了。關於第三季 EPS，你說它較前一季低了 0.50 美元。我理解正確嗎？

Yeah. Thanks for the question, John. So on stocking, as we said in the first quarter, we had about a $0.05 earnings per share impact we estimated from stocking that started really kind of early to mid-March in the first quarter. We saw that continue, as we talked about last quarter through April.

是的。謝謝你的問題，John。關於補庫存，如同我們在第一季所說，我們估計補庫存對每股盈餘的影響約為 0.05 美元，補庫存大概是在第一季 3 月初到 3 月中開始的。我們看到這個情況延續，正如我們上季提到的，一直持續到 4 月。

At the time, we thought it would reverse later in the quarter, but we continue to see more uncertainty as we move through the quarter and inflation continuing to increase in the middle part of the quarter. So we saw that stocking really continue not only through April, but also through May.

當時我們以為它會在本季稍晚反轉，但隨著季度推進，我們持續看到更多不確定性，而且通膨在本季中段持續上升。因此我們看到補庫存不僅在 4 月持續，也延續到 5 月。

And it's a little bit different by region, but Europe and Asia, where we've seen most of that stocking impact, we saw some of it continue in June, early June, but largely June started to more normalize from a volume impact. And then we're expecting that there are a large portion of that to come out in the third quarter. And we've started to see signs of that here in the first few weeks of July as well.

各地區情況略有不同，但在歐洲與亞洲——我們看到大部分補庫存影響的地方——6 月初仍有一些延續，但整體而言，6 月在出貨量影響上開始趨於正常化。而我們預期其中很大一部分會在第三季消退。我們在 7 月前幾週也開始看到這方面的跡象。

So I think our expectation is that will continue as we move through the rest of this quarter. None of that is in Solutions. We're really a Materials Group phenomenon that we're seeing here. We really haven't seen that stocking impact on the Solutions or Intelligent Label side of the business.

所以我認為我們的預期是，隨著本季剩餘時間推進，這種情況會持續。這些都不在 Solutions 部門。我們看到的主要是 Materials Group 的現象。在 Solutions 或 Intelligent Label 這一側，我們確實沒有看到補庫存的影響。

From the sequential headwind, basically, the roughly $0.25 benefit we got from our customers increasing their inventory in Q2, our outlook would be that assumes a roughly $0.25 headwind then in the third quarter. So that's the $0.50 Q2 to Q3 sequential headwind that we'll have from an earnings perspective.

就季對季的不利因素而言，基本上，我們在第二季因客戶提高庫存而獲得約 0.25 美元的利多；而我們的展望是假設第三季會有約 0.25 美元的不利因素。因此，從獲利角度來看，這就是第二季到第三季合計 0.50 美元的季對季不利因素。

And again, that's an estimate based on what we're seeing right now, as I said, with that destocking starting and we'll obviously see how the situation in the Middle East evolves as we go through the quarter. But right now, that's our estimate of what the Q3 impact would be.

再說一次，這是基於我們目前所看到情況的估計；如我所說，去庫存已開始，我們也會觀察本季中東局勢如何演變。但就目前而言，這是我們對第三季影響的估計。

And John, let me just reiterate on -- particularly in apparel and general retail, there was no impact of inventory stocking or building that Greg spoke about. Most of that growth was really driven by new program rollouts that we've had -- that we talked about in the past, and some of them are delivering as we go through the second quarter into the third and fourth quarter as well.

John，我再重申一下——特別是在服飾與一般零售方面，Greg 所提到的庫存補貨或建立，對那邊沒有影響。那部分成長主要是由我們過去談過的新專案導入所帶動，其中一些在第二季交付，並且也會延續到第三季與第四季。

Mike Roxland, Truist Securities.

Mike Roxland，Truist Securities。

Really high-level question here. I'm just -- I want to get a sense, Deon, from you of how you think about volume growth in your base label business. Your number of leading CPGs recently said they're done lowering prices. They're going to focus on raising prices at the expense of volumes.

我這裡是一個比較高層次的問題。Deon，我想了解你如何看待你們基礎標籤業務的出貨量成長。最近有多家領先的 CPG 公司表示他們已經不再降價。他們將把重點放在提高價格，即使會犧牲出貨量。

And then really, it's all being driven by the fact that they've seen margins compressed over the last several quarters as a result of lowering prices. So how should we think about this renewed focus on price affect volumes and how does that affect the materials business? Is it -- could you see buying the materials business shift from a GDP plus business to a GDP or GDP minus particularly if you see CPGs more aggressively go after price? Any color you can provide would be helpful.

而這主要是因為他們在過去幾季因降價而看到毛利被壓縮。那麼，我們應該如何看待這種重新聚焦於價格對出貨量的影響？又會如何影響材料業務？你們材料業務的採購是否可能從「GDP 加成」型態轉變為「GDP」或「GDP 減成」，特別是如果你看到 CPG 更積極地追求價格？任何你能提供的補充說明都會很有幫助。

Yeah. Thanks, Mike. I mean we've seen the cycle go through this when it comes to CPG volumes. You're right. CPG volumes, I think, largely over the last couple of years have been relatively flat, if not slightly down.

是的。謝謝，Mike。我的意思是，我們在 CPG 出貨量方面已經看過這個循環的變化。你說得對。我認為過去幾年 CPG 出貨量大致持平，甚至略為下滑。

But let's see, we did see some encouraging signs in the first quarter around certain segments of CPG volume. Home and Personal Care certainly grew a little bit. But I think partly, the continued weighing in of inflationary impact has -- no doubt, has the CPGs weighing up how they balance promotional activity for volume relative to pricing and the consumer impact thereof.

不過，我們確實在第一季看到某些 CPG 出貨量細分領域出現一些令人鼓舞的跡象。家用與個人護理確實有些微成長。但我認為，部分原因是通膨影響持續發酵——毫無疑問——使 CPG 需要權衡如何在促銷帶動出貨量與定價及其對消費者的影響之間取得平衡。

And we don't necessarily see it fundamentally changing forward as we move through the rest of this year given the uncertain environment we see. I will say our best measure that we look at is we typically look at both GDP and then we also look at retail sales, absolute retail sales. And I think we provided some detail in the materials.

而在我們看到的不確定環境下，隨著今年剩餘時間推進，我們不一定認為這在根本上會有很大改變。我想補充的是，我們最主要的衡量方式通常會同時看 GDP，並且也看零售銷售額，也就是絕對零售銷售額。我想我們在材料業務部分也提供了一些細節。

GDP has, I think, moved slightly lower globally, varies by region. Retail sales on aggregate are around 1% growth at the moment overall. And think about our business being largely consumer staple led in our base level business with some elements of logistics going into that as well.

我認為全球 GDP 略有下修，各地區有所差異。整體零售銷售目前合計約成長 1%。而我們的業務在基礎標籤方面主要由民生必需品帶動，另外也包含一些物流相關的元素。

So we don't see fundamentally a big shift in our volumes, the base label volumes. Greg talked about kind of low single-digit volume growth as we move through the year. We don't anticipate it to be very different from that.

因此，我們不認為我們的出貨量、也就是基礎標籤出貨量，會出現根本性的重大轉變。Greg 提到，隨著今年推進，出貨量成長大約是低個位數。我們預期不會與此有太大差異。

The only other thing I'd say in there is we continue to take share in this business -- in our base label business overall. And we made a significant effort to make sure that as we think about how we service our customers, really anchoring around what it takes for service excellence and differentiation is starting to yield some benefit.

另外我想說的是，我們在這項業務——整體基礎標籤業務——仍在持續提升市占。我們也投入了相當大的努力，確保在思考如何服務客戶時，真正以達成卓越服務與差異化所需為核心，而這開始帶來一些效益。

We've also lent a lot more, and you've heard me talk about this into our innovation to make sure we continue to secure differentiation moving forward. So as an example, a lot of the work that we've seen around where the growth in the base label business comes from, which is largely filmic products, we tend to have a leadership advantage in filmic products.

我們也更大幅度地投入創新——你也聽我談過——以確保我們在未來持續鞏固差異化。例如，我們看到基礎標籤業務的成長來源很大一部分來自薄膜類產品，而我們在薄膜類產品上往往具有領先優勢。

There's also a lot of impact that we're seeing from sustainability, recyclability. And there, some of our innovation like our AD CleanGlass or AD CleanFiber are really starting to resonate with customers. And so a combination of those helps us drive more share gain, which I think is very durable.

此外，我們也看到永續性、可回收性帶來很大的影響。在這方面，我們的一些創新，例如 AD CleanGlass 或 AD CleanFiber，確實開始引起客戶共鳴。因此，這些因素的組合有助於我們推動更多市占提升，我認為這是非常持久的。

And then there's a secondary element, which is typically during more uncertain times, Mike, you tend to see customers -- when there are uncertain times in those areas, particularly in Europe and Asia with the flight to the market leaders for surety really. So we certainly do benefit a little bit from that impact as well.

另外還有第二個因素：通常在較不確定的時期，Mike，你會看到客戶——當那些地區出現不確定性時，特別是在歐洲與亞洲，客戶會為了確定性而轉向市場領導者。因此，我們確實也會從這個影響中獲得一些好處。

Anthony Pettinari, Citi.

Anthony Pettinari，花旗。

A lot of my questions have been asked, but I'm just wondering with the reinstatement of the full-year guide, is it fair to think of that as just kind of a one-time action to kind of help us understand the impact of the pre-buy and the reversal over the full year? Or would you anticipate going back to a full-year guide? Or just kind of how do you think about that?

我的很多問題都已經被問過了，但我想請教的是，隨著恢復提供全年指引，是否可以把這視為一次性的動作，主要是幫助我們理解預先採購（pre-buy）以及其回轉（reversal）對全年影響？還是你們預期會回到提供全年指引？或者你們是怎麼看待這件事的？

Yeah. Thanks, Anthony. So I think there's obviously a lot of drivers when it comes into thinking about our guidance. I think the first one for us is our business has been operating very well. Our teams have been doing a really nice job managing through what's been a pretty uncertain environment and delivering solid top-line growth, delivering strong productivity and generally just increasing the pace or underlying pace of our earnings growth. So we feel confidence and good about what our teams are doing to perform there.

是的。謝謝你，Anthony。我想在思考我們的指引時，顯然有很多驅動因素。對我們而言，第一點是我們的業務運作得非常好。我們的團隊在相當不確定的環境中管理得很出色，實現了穩健的營收成長、強勁的生產力，並且整體上提升了我們獲利成長的速度或基本成長動能。因此，我們對團隊在這方面的表現感到有信心，也覺得狀況良好。

And secondly, I think as Deon mentioned earlier, we've got a little bit more uncertainty as we've talked about here with timing of destocking given continued uncertainty in the Middle East and how that will play out in the quarter. And we see more destocking or less destocking between Q3 and Q4.

第二點，我想如同 Deon 先前提到的，正如我們在這裡討論的，由於中東局勢持續不確定，以及這將如何在本季發展，我們在去庫存（destocking）的時間點上有更多不確定性。我們看到在第三季與第四季之間，去庫存可能更多或更少。

So we think it's a little bit better for us to give full year at this stage. Our intention is not to go back and forth between different guidance time horizons in the future, though. So we're obviously not talking about 2027 guidance here, but our intention would be to stay with one approach as we go forward.

因此，我們認為在這個階段提供全年指引對我們來說更合適一些。不過，我們的意圖並不是未來在不同的指引期間長度之間來回切換。所以我們當然不是在談 2027 年的指引，但我們的意圖是未來會維持單一做法。

George Staphos, Bank of America.

George Staphos，美國銀行。

A point of clarification and then a question on Intelligent Label. So Greg, and I think John asked the question. So if we're assuming a $0.50 headwind because the up 25% becomes a down 25% and recognizing there's not scalpel-like precision with this. It isn't intended that way on your side. Since we had a $0.05 in the first quarter that was going to reverse, should we worry instead that it's $0.30 that has to come out and therefore, it's more of like a $0.60 sequential downtick in 3Q?

先澄清一點，然後問一個關於 Intelligent Label 的問題。所以 Greg，我想 John 也問了這個問題。如果我們假設有 0.50 美元的逆風，因為「上升 25%」變成「下降 25%」，也理解這裡不可能做到手術刀般的精準。你們那邊也不是以那種方式來設定。既然第一季有 0.05 美元原本會回轉，我們是否反而應該擔心需要回吐的是 0.30 美元，因此第三季相較前一季更像是下滑 0.60 美元？

And then, Deon, the question on IL, I know you've been asked this in the past likely, do you see AI as an enabler and an accelerator for Intelligent Label? Or might it be, in some ways, competing technology or enabler of competing technologies, and so there's less of a pie to shoot after recognizing the pie is big for Intelligent Label?

然後 Deon，關於 IL 的問題，我知道你過去可能被問過：你是否認為 AI 會成為 Intelligent Label 的推動者與加速器？或者在某些方面，它可能是競爭性技術，或是促成競爭技術的推手，因此可追逐的市場份額變小——即便我們承認 Intelligent Label 的市場很大？

Thanks, George. As you said, we had about a $0.30 impact in the first half is what we estimate the impact of the stocking was at our customers. And we're doing our best to try to triangulate around how we think that will come out between Q3 and Q4.

謝謝你，George。如你所說，我們估計上半年客戶端的庫存堆積（stocking）影響約為 0.30 美元。我們正盡力從多個角度推估，我們認為這個影響會在第三季與第四季之間如何消退。

Our view right now is a quarter or so of that comes out in the third quarter, and we've got a little bit of hangover at the rest of that in the fourth quarter. Again, it's a little tough to call, especially given how much of that stocking happened in Europe, where we've seen the bulk of the inflation and the impacts there, especially with the holiday period that starts in August.

我們目前的看法是，其中大約一季左右的部分會在第三季消退，而其餘部分在第四季仍會有一些延續影響。再次強調，這有點難以判斷，尤其是因為相當多的庫存堆積發生在歐洲；我們在那裡看到通膨最為明顯及其影響，特別是從 8 月開始的假期旺季期間。

So we'll see how that settles out. But that's our best-case assumption -- or our best guess right now on what we're seeing so far in July and how we think that plays out and what we're hearing from our customers through the rest of the quarter.

所以我們會看看最後會如何落定。但這是我們目前基於 7 月迄今所見、以及我們認為接下來會如何發展、並結合我們從客戶那裡聽到的本季其餘時間的情況，所做出的最佳假設——或最佳猜測。

Yeah. And George, on your question is AI an accelerator for IL? Yes, I believe it is. Absolutely. And maybe I'll just give you a slight context that I still think the biggest secular trend we're going to see over the next five or so years is the continued digitization of industries and of items.

是的。George，關於你問 AI 是否會加速 IL？是的，我相信會。絕對會。我也許補充一點背景：我仍然認為，未來大約五年我們將看到最大的長期結構性趨勢，是產業與物品持續數位化。

And if you think about it from an IL perspective, every time an item is tagged at source and has data available about how it is made, where it has made, its life through the supply chain into retail, how it gets used in retail and ultimately to the end in terms of consumer use and disposal, you're generating significantly more data at the item level than ever historically.

如果從 IL 的角度來看，每當一個物品在源頭被貼標並具備關於其如何製造、在哪裡製造、在供應鏈中流轉到零售端的生命週期、在零售端如何被使用，以及最終在消費者使用與處置端的資料時，你就在物品層級產生了遠超過以往的資料量。

Now AI, I think, is going to be an enabler to pass out and make a lot more sense and inference from that data. That's the real benefit it brings. And so in some ways, if you think about it, if AI helps you make more sense of data at, for example, a retail level, you now have much more ability to make more surgical decisions about what you want to do with items, which allows you to expand your ROI based on the work that you've done using IL, which in itself then creates a flywheel for more AI adoption. That's the hypothesis that I have, and I think we're starting to see that play out.

我認為 AI 將成為一個促成因素，能夠從這些資料中萃取並推導出更多意義與洞見。這就是它帶來的真正好處。因此在某種程度上，如果 AI 能幫助你在例如零售層級更理解資料，你就更有能力對商品做出更精準的決策，這能夠擴大你在使用 IL 所做工作上的投資報酬率（ROI），而這本身又會形成一個飛輪，帶動更多 AI 的採用。這是我的假設，我認為我們也開始看到這正在發生。

I'd say to more stepping back at a more broader level for AI, at least for Avery Dennison, I think I spec in the past, George, around we're seeing that both as a driver for efficiency internally in productivity, a driver to help us accelerate innovation outcomes quicker and then also to help us solve customer problems to accelerate our growth algorithm.

再把視角拉高一點談 AI，至少對 Avery Dennison 而言，我想我過去也向你提過，George，我們同時把它視為：內部提升效率與生產力的驅動因素、幫助我們更快加速創新成果的驅動因素，以及協助我們解決客戶問題、以加速我們成長演算法的工具。

We've invested -- we're investing in it. We have a chief digital officer that we brought on board, and we've actually dedicated teams just to make sure that the big bet we're taking will ultimately manifest in driving our growth algorithm or improving our profitability.

我們已經投入——也正在投入其中。我們延攬了一位首席數位長（Chief Digital Officer），並且實際上成立了專責團隊，以確保我們所下的這個重大賭注，最終能體現在推動我們的成長演算法或提升我們的獲利能力。

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

Gilchrist 先生，目前沒有進一步的提問。我現在把電話交回給您，請您做任何結語。

Thank you, Ellen. On behalf of everyone at Avery Dennison, I want to thank you all for joining today's call and for your continued interest in our company. As always, we're happy to address any follow-up questions you may have. Thank you again, and this concludes today's conference call.

謝謝你，Ellen。我謹代表 Avery Dennison 的所有同仁，感謝各位參加今天的電話會議，並持續關注我們公司。一如既往，我們很樂意回覆各位可能有的任何後續問題。再次感謝，今天的電話會議到此結束。

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.

各位女士、先生，今天的電話會議至此結束。感謝各位的參與，並請各位掛斷電話。