Ball Corp (BALL) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Ball Corporation full year and fourth quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加波爾公司2025年全年及第四季業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Brandon Potthoff, Head of Investor Relations. Thank you, sir. You may begin.

現在，我很高興向大家介紹主持人，投資者關係主管布蘭登·波特霍夫。謝謝您，先生。你可以開始了。

Good morning, everyone. This is Ball Corporation's conference call regarding the company's full year and fourth quarter 2025 results. During this call, we will reference our fourth quarter 2025 earnings presentation available through this webcast and in our website at investor/ball.com.

各位早安。這是波爾公司關於公司 2025 年全年及第四季業績的電話會議。在本次電話會議中，我們將提及我們 2025 年第四季收益報告，該報告可透過本次網路直播和我們的網站 investor/ball.com 取得。

The information provided during this call will contain forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. We assume no obligation to update any forward-looking statements made today.

本次電話會議中提供的資訊將包含前瞻性陳述。實際結果或成效可能與明示或暗示的結果或成效有重大差異。我們不承擔更新今天所作任何前瞻性陳述的義務。

Some factors that could cause the results or outcomes to differ are described in the company's latest Form 10-K, other SEC filings and in today's earnings release and earnings presentation. If you do not already have our earnings release, it is available on our website at ball.com.

可能導致結果或業績出現差異的一些因素已在公司最新的 10-K 表格、其他提交給美國證券交易委員會的文件以及今天的收益發布和收益演示文稿中進行了描述。如果您還沒有收到我們的收益報告，可以在我們的網站 ball.com 上找到。

Information regarding the use of non-GAAP financial measures may also be found in the Notes section of today's earnings release. In addition, the release includes a summary of noncomparable items as well as a reconciliation of comparable net earnings and diluted earnings per share calculations.

有關使用非GAAP財務指標的資訊也可在今天發布的盈利報告的「註釋」部分中找到。此外，該公告還包括不可比較項目的摘要以及可比淨收益和稀釋後每股收益計算的調節表。

References to net sales and comparable operating earnings in today's release and call do not include the company's former aerospace business. Prior year-to-date net earnings attributable to the corporation and comparable net earnings do include the performance of the company's former aerospace business through the sale date of February 16, 2024.

今天發布的新聞稿和電話會議中提到的淨銷售額和可比營業利潤不包括公司之前的航空航天業務。歸屬於公司的上一年同期淨收益和可比淨收益包括公司前航空航太業務截至 2024 年 2 月 16 日出售日期的業績。

I would now like to turn the call over to our CEO, Ron Lewis.

現在我想把電話交給我們的執行長羅恩·劉易斯。

Thank you, Brandon. Today, I'm joined on our call by Dan Rabbitt, Senior Vice President and Chief Financial Officer. I will provide some brief introductory remarks and discuss full year and fourth quarter 2025 financial performance and our outlook for 2026. Dan will touch on key metrics, and then we'll finish up with closing comments and a question-and-answer session.

謝謝你，布蘭登。今天，和我一起參加電話會議的有資深副總裁兼財務長丹‧拉比特。我將作簡短的介紹性發言，並討論 2025 年全年和第四季度的財務業績以及我們對 2026 年的展望。Dan 將介紹關鍵指標，然後我們將進行總結發言和問答環節。

With this being my first call as the CEO of Ball Corporation, I would like to take a minute to share my background and our vision for our company. I grew up on a farm in Central Montana working alongside my mom and dad, and that's where I learned the value of hard work, teamwork and treating everyone with dignity and respect, values that define Ball today.

這是我擔任波爾公司執行長的第一通電話，我想花一點時間分享我的背景以及我們對公司的願景。我在蒙大拿州中部的一個農場長大，和我的父母一起工作，在那裡我學會了努力工作、團隊合作以及尊重每個人的價值，這些價值觀定義了今天的鮑爾。

I spent 20 years in the Coca-Cola system, leading supply chains and buying cans from Ball. And over those years, I was asked several times to join Ball, and 6.5 years ago, I did. And since then, I've led our EMEA business, served as our COO and most recently led our global supply chain and operations. I'm honored to step into this role because I believe in Ball.

我在可口可樂系統工作了 20 年，負責供應鏈管理，並向 Ball 公司購買罐裝飲料。在那幾年裡，我多次被邀請加入 Ball 公司，6 年半前，我接受了邀請。從那時起，我領導了我們的 EMEA 業務，擔任了首席營運官，最近還領導了我們的全球供應鏈和營運。我很榮幸能夠擔任這個角色，因為我相信鮑爾。

And I believe Ball is well positioned to win. Not only do I believe this, but the numbers back it up. It starts with the fundamentals of the beverage packaging market. Packaged liquid volume continues to grow globally, [luminent] goals. This backdrop creates a long runway of demand for our products.

我認為鮑爾很有希望贏得比賽。我不僅相信這一點，而且數據也支持這一點。它從飲料包裝市場的基本原理開始。全球包裝液體銷售持續成長，[luminent] 目標。在這種背景下，我們的產品將擁有長期穩定的市場需求。

Within that growing market, Ball is outperforming. Across our regions, we are consistently outpacing the can market and shipped volumes supported by strong customer partnerships, innovation and formats and a commercial and operational footprint that is unmatched.

在這個不斷成長的市場中，Ball 的表現優於其他品牌。在我們各個地區，我們憑藉強大的客戶合作關係、創新和產品形式以及無與倫比的商業和營運佈局，持續超越罐裝市場和出貨量。

Our long-term volume range remains intact and in 2025, we exceeded it. We pair that commercial momentum with financial strength. In 2025, we delivered record adjusted free cash flow and record comparable diluted EPS. We also returned more than $1.5 billion to shareholders through buybacks and dividends. Our disciplined capital allocation remains rooted in EVA, deploying capital only where it earns returns above our cost of capital.

我們的長期銷售目標保持不變，並且在 2025 年，我們超額完成了目標。我們將這種商業動能與雄厚的財務實力結合。2025年，我們實現了創紀錄的調整後自由現金流和創紀錄的可比稀釋每股收益。我們也透過股票回購和分紅向股東返還了超過15億美元。我們嚴謹的資本配置仍以經濟增加價值 (EVA) 為基礎，只將資本部署到收益高於資本成本的地方。

And operationally, we've never been stronger. Our plants are executing at a high level, driving meaningful improvements in profit per can through cost management and standardization.

在營運方面，我們從未如此強大。我們的工廠運作水準很高，透過成本管理和標準化，顯著提高了每罐產品的利潤。

Our utilization rates across our business are as strong as they have been in multiple years, and our unmatched global scale is a competitive advantage. While we've made meaningful progress, we continue to see significant opportunity for further improvement.

我們業務的利用率達到了多年來的最高水平，我們無可比擬的全球規模也是我們的競爭優勢。雖然我們已經取得了顯著進展，但我們仍然看到有很大的改進空間。

That opportunity is energizing our teams and provides additional operating leverage and cost performance upside as we look ahead. When you combine industry tailwinds, commercial outperformance, financial discipline and the operational excellence through our Ball business system, the result is a company that is exceptionally well positioned to win today and over the long term.

展望未來，這項機會激勵著我們的團隊，並為我們提供了額外的營運槓桿和成本效益提升空間。當您將行業順風、商業優異表現、財務紀律以及透過我們的 Ball 業務系統實現的卓越營運結合起來時，結果就是公司擁有得天獨厚的優勢，能夠在今天和長期內取得成功。

As I've met with dozens of customers and investors since assuming my role, I've been asked a lot about what will change. I want to reinforce that our strategy is intact and it is working. It's about executing every day, staying close to our customers, accelerating the substrate shift to aluminum and managing complexity to our advantage, and we are doubling down on profitable growth. This will be a significant focus for us in 2026 and beyond.

自從我擔任這個職位以來，我已經與數十位客戶和投資者會面，他們經常問我將會發生哪些變化。我想再次強調，我們的策略依然有效，而且正在發揮作用。關鍵在於每天認真執行，與客戶保持密切聯繫，加快基材向鋁材的轉變，並利用複雜性來發揮我們的優勢，我們將加倍努力實現盈利增長。這將是我們2026年及以後的重點工作之一。

We execute our strategy through our operating model, the Ball business system. The Ball business system is simple and powerful. First, are we listening to our customers? Are we their indispensable business partner? Are we the easiest can maker to do business with?

我們透過我們的營運模式——Ball業務系統——來執行我們的策略。Ball的商業系統簡單而強大。首先，我們是否在傾聽客戶的意見？我們是他們不可或缺的商業夥伴嗎？我們是不是最容易合作的製罐商？

You can see that our commercial excellence agenda is working as we're growing faster than the market across all of our regions.

從我們所有地區的成長速度都超過市場平均來看，我們卓越的商業策略正在發揮作用。

Second is our laser focus on operational excellence. Every shift, every day in 67 plants around the world, we are bringing stability and standardization to our business so that we can all continuously improve. Then we are leveraging these efficiencies and our scale to fuel our growth. This allows us to reinvest back in our business to compete and win in the marketplace.

其次，我們非常注重卓越營運。在全球 67 家工廠，每個班次，每一天，我們都在為我們的業務帶來穩定性和標準化，以便我們所有人都能持續進步。然後，我們將利用這些效率優勢和規模優勢來推動我們的成長。這使我們能夠將資金再投資於業務，從而在市場競爭中脫穎而出。

And purposely, at the center of the Ball business system is our people and our culture. I'm privileged to have the opportunity to drive and lead this company because our culture is one where we are not only focused on what we do, but also how we do it.

而波爾公司的商業體系的核心，正是我們的員工和我們的文化。我很榮幸有機會領導這家公司，因為我們的企業文化不僅關注我們做什麼，也關注我們如何做。

This is a low ego, high collaboration environment, where we are focused on empowering our people to work shoulder to shoulder to help our customers and our company to win. I believe that the team with the best people and the most motivated people is the team that wins. In short, people matter and leadership matters.

這是一個低自我、高協作的環境，我們專注於賦予員工，讓他們並肩工作，幫助我們的客戶和公司取得成功。我認為，擁有最優秀人才、最積極進取的團隊才能贏得比賽。簡而言之，人很重要，領導力很重要。

And while the Ball business system is the backbone of our operating model, EVA remains our North Star. It's more than a metric. It's a mindset that ensures disciplined capital allocation and returns above our cost of capital. This focus underpins our long-term algorithm, 10 plus percent annual comparable diluted EPS growth, strong free cash flow and consistent returns to shareholders.

雖然 Ball 的業務系統是我們營運模式的支柱，但 EVA 仍然是我們的北極星。它不僅僅是一個指標。這種思維方式確保了資本的合理配置，並能帶來高於資本成本的回報。這一重點支撐著我們的長期演算法，實現了超過 10% 的年度可比稀釋每股收益成長、強勁的自由現金流和持續的股東回報。

Through the Ball business system and our EVA mindset, we will continue to work as a team to leverage our scale, strengthen customer partnerships and create fuel for growth. These principles position us to deliver sustainable results in 2026 and beyond and maximize value for our shareholders.

透過 Ball 的商業體系和我們的 EVA 理念，我們將繼續作為一個團隊努力，利用我們的規模優勢，加強與客戶的合作關係，並為成長創造動力。這些原則使我們能夠在 2026 年及以後取得可持續的業績，並為我們的股東創造最大價值。

Now let me turn to our performance on Slide 8. 2025 was a record year for Ball, reflecting the strength of our strategy and disciplined execution. We delivered strong volume growth across our global aluminum packaging businesses, with fourth quarter global ship volumes up 6% and full year growth of 4.1%. We achieved record earnings per share of $3.57, an increase of 13% from 2024.

現在讓我來看看第 8 張投影片中的業績。 2025 年是 Ball 公司創紀錄的一年，這反映了我們策略的強大和執行的嚴謹。我們在全球鋁包裝業務中實現了強勁的銷售成長，第四季度全球出貨量成長了 6%，全年成長了 4.1%。我們實現了創紀錄的每股收益 3.57 美元，比 2024 年增長了 13%。

Adjusted free cash flow reached $956 million, a new high watermark for our company and up 2.4 times year-over-year. We returned significant value to shareholders through $1.54 billion of combined share repurchases and dividends.

經調整後的自由現金流達到 9.56 億美元，創下公司歷史新高，年增 2.4 倍。我們透過總計 15.4 億美元的股票回購和分紅，為股東創造了可觀的價值。

And we are also pleased to close late last week on the previously announced acquisition of 2 Benepack beverage can facilities. These European plants enhance our regional footprint and strengthen our ability to serve growing customer demand in both the near and long term, while remaining fully aligned with our disciplined EVA-based approach to capital allocation.

此外，我們很高興在上週晚些時候完成了先前宣布的 2 家 Benepack 飲料罐廠的收購。這些歐洲工廠增強了我們在區域內的影響力，並提高了我們滿足客戶近期和長期不斷增長的需求的能力，同時完全符合我們基於經濟增加價值 (EVA) 的資本配置方法。

Looking ahead to 2026, we expect another strong year where we deliver our financial algorithm of 10-plus percent comparable diluted EPS growth. With that outlook in mind, I'll let Dan walk you through the details of our fourth quarter and full year financial performance and provide more color on our expectations for 2026.

展望 2026 年，我們預計將迎來強勁的一年，實現 10% 以上的可比較稀釋每股收益成長的財務演算法目標。考慮到這種前景，我將讓丹帶您詳細了解我們第四季度和全年的財務業績，並更詳細地說明我們對 2026 年的預期。

Before I turn it over, I want to congratulate Dan on being named CFO. This was my first leadership decision as CEO, and it was an easy one. Dan's extensive knowledge of Ball and the industry, coupled with his financial expertise and strong leadership, made him the clear choice for this role. Over to you, Dan.

在把發言權交給我之前，我想祝賀丹被任命為財務長。這是我作為執行長做出的第一個領導決策，而且很容易做出。丹對波爾公司和行業的深入了解，加上他的財務專業知識和強大的領導能力，使他成為擔任這一職務的不二人選。接下來就交給你了，丹。

Thank you very much, Ron. Like you, I'm also humbled by and ready for this role. Two important mentors earlier in my career, Ray Seabrook and Scott Morrison, served as Ball's CFO. And I'm honored to sit in the same seat as they did.

非常感謝你，羅恩。和您一樣，我也對這個角色感到榮幸，並已做好充分準備。在我職涯早期，我的兩位重要導師 Ray Seabrook 和 Scott Morrison 都曾擔任 Ball 公司的財務長。我很榮幸能坐在他們曾經坐過的同一個職位上。

Let's walk through our strong full year and fourth quarter 2025 results beginning on Slide 10. Fourth quarter comparable earnings were up 6.8% and full year 2025 increased by 5.6%. And as Ron mentioned, our comparable diluted EPS of $3.57 is a 13% increase and a record for our corporation.

讓我們從第 10 張投影片開始，一起來看看我們強勁的 2025 年全年和第四季業績。第四季可比收益成長 6.8%，2025 年全年成長 5.6%。正如 Ron 所提到的，我們可比的稀釋後每股收益為 3.57 美元，成長了 13%，創下了公司歷史新高。

In North and Central America, segment comparable operating earnings increased 12% in the fourth quarter and 3.3% for the full year 2025. High single-digit percent volume growth in the fourth quarter and 4.8% growth for the full year was led by continued strength in energy drinks and nonalcoholic beverages. Our team is executing at a high level, successfully meeting elevated demand, navigating the complexities of Section 232 tariffs and mitigating risk for us and our customers in a volatile environment.

在北美和中美洲，第四季分部可比營業利潤成長了 12%，2025 年全年成長了 3.3%。第四季度銷量實現了接近兩位數的百分比增長，全年增長了 4.8%，這主要得益於能量飲料和非酒精飲料的持續強勁銷售。我們的團隊高效執行，成功滿足了不斷增長的需求，應對了第 232 條款關稅的複雜性，並在動盪的環境中降低了我們和客戶的風險。

We remain vigilant in monitoring the evolving geopolitical landscape and tariff developments, and we are actively managing these dynamics to protect our business and support long-term growth for Ball and our customers.

我們將繼續密切關注不斷變化的地緣政治格局和關稅發展，並積極應對這些動態，以保護我們的業務，並支持 Ball 和我們客戶的長期成長。

In 2026, we expect volume to grow at the low end of our long-term 1% to 3% range as we bring new capacity online in Millersburg, Oregon to support contracted growth, we anticipate start-up costs to begin in the back half of the year, consistent with what we've historically seen when commissioning new plants. Additionally, we expect some direct tariff cost in 2026 as we work to domesticate some ends productions in the United States.

2026 年，我們預計產量將成長至長期目標 1% 至 3% 範圍的低端，因為我們將在俄勒岡州米勒斯堡投產新的產能以支持合約成長。我們預計啟動成本將在下半年開始，這與我們過去在調試新工廠時所看到的情況一致。此外，由於我們致力於將一些終端產品生產轉移到美國本土，因此預計 2026 年將產生一些直接關稅成本。

These costs combined are approximately $35 million in 2026. And while these temporary costs will be a headwind this year, they reflect our commitment to growing and delivering long-term operating leverage.

到 2026 年，這些費用加起來大約是 3,500 萬美元。雖然這些暫時性成本今年將成為不利因素，但它們體現了我們致力於成長和實現長期營運槓桿的承諾。

In EMEA, segment comparable operating earnings increased 36.7% in the fourth quarter and 19% for the full year in 2025. High single-digit volume growth in the fourth quarter and 5.5% growth for the full year is indicative of the favorable demand trends we continue to see across the region. The work our team has done in EMEA is world-class.

在歐洲、中東和非洲地區，第四季分部可比營業利潤成長了 36.7%，2025 年全年成長了 19%。第四季銷售量實現了高個位數成長，全年成長了 5.5%，這表明我們在整個地區持續看到有利的需求趨勢。我們團隊在歐洲、中東和非洲地區所做的工作是世界一流的。

We are thrilled to add the [Benepack] assets to our best-in-class European footprint, and we welcome our new colleagues. These two plants will give us ample opportunity to grow volumes in the coming years as well as operating leverage as we fill the facilities up with volume. With the Benepack assets, we expect to deliver volume growth above the top end of our long-term 3% to 5% growth range and deliver operating leverage of 2 times in 2026.

我們很高興將 [Benepack] 的資產納入我們一流的歐洲佈局，並歡迎我們的新同事。這兩家工廠將為我們在未來幾年提供充足的機會來提高產量，隨著產能的提升，營運效率也將提高。憑藉 Benepack 的資產，我們預計到 2026 年，銷售成長將超過我們長期 3% 至 5% 成長範圍的上限，並實現 2 倍的營運槓桿。

In South America, segment comparable operating earnings increased 1% in the fourth quarter and 10.5% for the full year 2025. High single-digit percent volume growth in the fourth quarter resulted in 4.2% growth in the full year 2025. Our teams across the region continue to execute well, positioning us for sustained momentum into 2026, where we expect volume growth at the low end of our long-term range of 4% to 6% and operating leverage of 2 times.

在南美洲，第四季分部可比營業利潤成長了 1%，2025 年全年成長了 10.5%。第四季銷量實現了接近兩位數的百分比成長，預計到 2025 年全年將成長 4.2%。我們整個地區的團隊繼續表現出色，為我們保持持續成長勢頭到 2026 年奠定了基礎，我們預計銷售成長將處於我們長期目標範圍 4% 至 6% 的低端，營運槓桿率為 2 倍。

Across the businesses, our team has done a tremendous job of growing volumes and increasing profitability on a per can basis. Since 2019, our EMEA and North American businesses have expanded profit per can by more than 30%, with EMEA reaching an all-time record. We achieved this through disciplined cost management and operational excellence, focusing on stability, standardization and ensuring every plant is executing at a high level.

在各個業務領域，我們的團隊在提高銷量和提升單罐獲利能力方面都做得非常出色。自 2019 年以來，我們的 EMEA 和北美業務每罐利潤成長超過 30%，其中 EMEA 的利潤更是創下歷史新高。我們透過嚴格的成本管理和卓越的營運實現了這一目標，重點關注穩定性、標準化，並確保每個工廠都高效運作。

I'm proud of the work our team delivered in 2025. This is one of our best years in Ball's history. That strength is reflected across our financials. We achieved record adjusted free cash flow of $956 million, a 2.4 times increase year-over-year, and delivered significant shareholder returns. Net debt to EBITDA ended the year at 2.8 times in line with our expectations.

我為我們團隊在 2025 年所取得的成就感到自豪。這是 Ball 公司歷史上最好的年份之一。這種實力體現在我們各項財務數據中。我們實現了創紀錄的調整後自由現金流 9.56 億美元，年增 2.4 倍，並為股東帶來了豐厚的回報。年末淨負債與 EBITDA 的比率為 2.8 倍，符合我們的預期。

We are focused on getting net debt to EBITDA to 2.5 times in the coming years, while still returning value to shareholders through share repurchases of 4% to 6% of our shares outstanding per year. We purchased $1.32 billion of shares in 2025, reducing shares outstanding to $265 million, a 16% reduction over the past two years.

我們的目標是在未來幾年內將淨債務與 EBITDA 的比率降至 2.5 倍，同時透過每年回購 4% 至 6% 的流通股，為股東創造價值。我們在 2025 年購買了價值 13.2 億美元的股票，使流通股減少至 2.65 億股，比過去兩年減少了 16%。

Our strong balance sheet, disciplined capital allocation and operational execution give us confidence in our ability to sustain growth and maximize shareholder value. Our future is as bright as any point in my 20-year history at Ball, and we are well positioned to deliver on our commitments in 2026 and beyond.

我們強勁的資產負債表、嚴謹的資本配置和高效的營運執行力使我們有信心保持成長並實現股東價值最大化。在我在 Ball 公司 20 年的職業生涯中，我們的未來一片光明，我們完全有能力在 2026 年及以後履行我們的承諾。

Focusing on modeling details for 2026. As Ron noted, we expect to be on track with our algorithm of 10% plus comparable diluted EPS growth. We anticipate free cash flow of greater than $900 million in 2026. Our 2026 full year effective tax rate on comparable earnings is expected to be slightly above 23%. Full year 2026 interest expense is expected to be in the range of $320 million.

重點關注 2026 年的建模細節。正如 Ron 指出的那樣，我們預計能夠實現 10% 以上的稀釋後每股收益成長，這與我們的演算法目標一致。我們預計 2026 年自由現金流將超過 9 億美元。我們預計 2026 年全年可比較收益的實際稅率將略高於 23%。預計 2026 年全年利息支出將在 3.2 億美元左右。

CapEx is expected to be in line with GAAP depreciation and amortization in 2026. Full year 2026 reported adjusted corporate undistributed costs recorded in other nonreportable are expected to be in the range of $160 million.

預計 2026 年資本支出將與 GAAP 折舊和攤銷保持一致。預計 2026 年全年報告的經調整的公司未分配成本（計入其他非報告項目）將在 1.6 億美元左右。

We anticipate year-end 2026 net debt to comparable EBITDA to be around 2.7 times, and we will purchase at least $600 million of shares, which will bring our total capital return to shareholders to $800 million in 2026. And last week, Ball's Board declared its quarterly cash dividend.

我們預計到 2026 年底，淨負債與可比 EBITDA 比率約為 2.7 倍，我們將購買至少 6 億美元的股票，這將使我們 2026 年向股東的總資本回報達到 8 億美元。上週，Ball公司董事會宣布了季度現金分紅。

With that, I'll turn it back to Ron.

這樣，我就把麥克風交還給榮恩了。

Thanks, Dan. 2025 was one of the strongest years in Ball's history. We exceeded long-term volume growth ranges globally, delivered 6% comparable operating earnings growth and achieved 13% EPS growth, in line with our commitments throughout the year. We also marked another year of EVA growth, reflecting disciplined capital allocation and operational efficiency.

謝謝你，丹。 2025年是鮑爾公司歷史上業績最好的年份之一。我們在全球範圍內超額完成了長期銷售成長目標，實現了 6% 的可比營業利潤成長，並實現了 13% 的每股收益成長，符合我們全年的承諾。我們也實現了經濟增加價值 (EVA) 的另一年成長，這反映了我們嚴格的資本配置和高效的營運。

Looking ahead to 2026, our focus is clear: leverage our customer partnerships and footprint to grow in line with long-term volume ranges, deliver record volumes, operating earnings and EPS, and continue to ride the global substrate shift to aluminum.

展望 2026 年，我們的重點很明確：利用我們的客戶合作夥伴關係和市場佈局，按照長期銷量範圍實現增長，創造銷量、營業利潤和每股收益的紀錄，並繼續順應全球基材向鋁材轉變的趨勢。

We will maintain EVA as our core financial lens, with capital spending aligned to depreciation, growth CapEx backed by long-term agreements and continued cash returns to shareholders. These priorities position Ball to deliver profitable and sustainable growth and maximize shareholder value in 2026 and beyond.

我們將繼續以經濟增加價值 (EVA) 作為我們的核心財務指標，資本支出與折舊保持一致，成長型資本支出以長期協議為支撐，並持續向股東返還現金。這些優先事項使 Ball 公司能夠在 2026 年及以後實現盈利和可持續增長，並最大限度地提高股東價值。

Lastly and most importantly, as we close a record year, let me thank those who made it possible: our customers, our suppliers, our shareholders and our Ball team who make a difference every day. Thank you.

最後，也是最重要的一點，在我們即將結束創紀錄的一年之際，請允許我感謝所有促成這一切的人：我們的客戶、供應商、股東以及每天都在做出貢獻的波爾團隊。謝謝。

And with that, Christine, we are ready for questions.

克里斯汀，好了，我們準備回答問題了。

(Operator Instructions)

（操作說明）

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Congrats again on your new roles. I look forward to working with you both. For the beverage, North American, Central American segment, the volume growth in 2025 of 4.8%, that really follows 3 consecutive negative years for that segment.

再次恭喜你們榮升新職。我期待與你們二位合作。就飲料而言，北美、中美洲市場預計到 2025 年銷量將成長 4.8%，而此前該市場已連續 3 年出現負成長。

How would you disaggregate that improvement between industry growth last year versus the three years prior? And then specific initiatives on your end?

您如何將去年的產業成長與前三年的產業成長細分？那麼，你們方面有哪些具體措施呢？

And also, what are you embedding for volume growth in 2026 for this segment and the other two segments as well?

另外，你們對2026年該細分市場以及其他兩個細分市場的銷售成長有何規劃？

Ghansham, thanks for the question, and thanks for the congratulatory remarks. As it relates to North America volume growth, 2025, we grew 4.8%. And as far as we know, from the published data, the can industry grew about 2%. So the can is growing, which is fantastic, and we are growing faster than the can industry. And I credit that really to all of the customers in our customer portfolio we have that's just really unrivaled.

Ghansham，謝謝你的提問，也謝謝你的祝賀。就北美銷量成長而言，到 2025 年，我們成長了 4.8%。據我們所知，根據已公佈的數據，罐頭行業增長了約 2%。所以罐頭產業正在發展壯大，這很棒，而且我們的發展速度比罐頭業還要快。這真的要歸功於我們龐大的客戶群，我們擁有無與倫比的客戶群。

We have excellent customers in every category, be it energy, soft drinks or in the beer category. And those customers, one, and we feel like we help them to win as they drive innovation but be it a different liquid or different can size, that we have the opportunity to provide for them.

我們在各個品類都有優秀的客戶，無論是能量飲料、軟性飲料或啤酒類別。而對於這些客戶，我們感到我們能夠幫助他們取得成功，因為他們推動了創新，無論是不同的液體還是不同的罐裝尺寸，我們都有機會為他們提供服務。

So really, it's our unrivaled network, our ability to serve them with different sized packages, different kinds of packages, and we're happy and proud to be a part of their ecosystem.

所以說，真正讓我們感到自豪的是我們無與倫比的網絡，我們能夠為他們提供不同規模、不同種類的套餐，我們很高興也很自豪能夠成為他們生態系統的一部分。

And then as it relates to the outlook for 2026 for volumes for the three segments?

那麼，對於這三個細分市場2026年的銷售前景，您有何看法？

Yes. Thank you for that further follow-up question. In 2026, for North America specifically, quite frankly, we're sold out, and we are a bit capacity constrained until we can get our Millersburg asset up and running. So we think the can industry will continue to grow in a similar low single-digit percent, and we'll be towards the bottom end of our 1% to 3% long-term growth algorithm that we share with you and all of our people that cover us. So that's where we'll be until we get Millersburg up and running.

是的。感謝您提出的後續問題。坦白說，2026 年，特別是對於北美地區，我們的產能已經售罄，而且在我們米勒斯堡資產投入運營之前，我們的產能會受到一些限制。因此，我們認為罐頭行業將繼續以類似的低個位數百分比增長，並且我們將處於我們與您和所有關注我們的人分享的 1% 到 3% 的長期增長演算法的下限附近。所以，在米勒斯堡恢復營運之前，我們就只能待在那裡了。

As it relates to the categories, I really can't speculate too much on where the categories will be this early in the year. But so far, we've -- we started the year really well, and we're happy and we're on plan.

至於獎項類別，今年年初我真的很難對獎項類別做出太多推測。但到目前為止，我們——我們今年的開局非常好，我們很高興，而且一切都在按計劃進行。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Ron, I was wondering if you could talk a little bit more about Benepack and how that fits into the existing European footprint? And anything you can kind of share in terms of customer exposure, can sizes, maybe profitability versus the existing business? And if you could compare it to Florida Can, which was obviously another acquisition.

Ron，我想請你再詳細談談 Benepack，以及它如何融入現有的歐洲業務佈局？您能否分享一些關於客戶曝光度、規模、與現有業務相比的獲利能力等方面的資訊？如果把它和佛羅裡達罐頭公司（Florida Can）比較一下，那顯然也是另一項收購。

Sure. Thank you, Anthony, for the question. We're really excited about closing on our Benepack acquisition late last week, which we're announcing here on the call today. And the plants are in Belgium and Hungary where we don't have plants today. So we think this is really a great opportunity for us to plug those two facilities into our European manufacturing network, and it really further optimizes our network and supports our long-term volume projections and growing our EVA dollars.

當然。謝謝你的提問，安東尼。我們很高興在上週晚些時候完成了對 Benepack 的收購，今天我們將在電話會議上宣布這一消息。這些工廠位於比利時和匈牙利，而我們目前在這兩個國家還沒有這些工廠。因此，我們認為這是一個絕佳的機會，可以將這兩個工廠連接到我們的歐洲製造網絡，這確實可以進一步優化我們的網絡，支持我們的長期產量預測，並增加我們的經濟增加價值。

We were able to acquire these assets at a really attractive price, certainly, at a price below where replacement costs are. And so we have a great long runway for strong utilization of these plants in the future.

我們以非常優惠的價格收購了這些資產，價格肯定低於重置成本。因此，未來我們有很長一段時間可以充分利用這些工廠。

So quite frankly, we were on the top end of our range even before we made this acquisition. So where we say we'll be in the 3% to 5% growth range, we exceeded that in 2025 in EMEA, and we would be towards the top end of that range even before we made this acquisition.

坦白說，即便在進行此次收購之前，我們的產品線已經處於高端水準了。因此，我們先前預測的成長速度將在 3% 到 5% 之間，而到 2025 年，我們在 EMEA 地區的成長速度已經超過了這個數字，甚至在我們進行此次收購之前，我們的成長速度就已經接近這個典範的上限了。

So quite frankly, it's a great opportunity for us to lean into some great customer -- some great customers, which are, quite frankly, right in line with our most important strategic customers, that too, who will serve from those assets. And just like Florida Can, we plugged Florida Can in early last year, and it's up and running as a part of our network, 24/7, and we're really, really pleased with that asset as well.

坦白說，這對我們來說是一個很好的機會，可以讓我們與一些優秀的客戶建立聯繫——這些優秀的客戶，坦白說，正是我們最重要的策略客戶，他們將利用這些資產為我們服務。就像 Florida Can 一樣，我們去年年初就連接到了 Florida Can，它已經作為我們網路的一部分全天候運行，我們對這項資產也感到非常非常滿意。

No, no, I was just wondering in terms of sort of profitability, I mean, very roughly, is there a time frame? Are you pretty close to being there or maybe a few quarters? Or just how you think about profitability versus the existing business?

不，不，我只是想知道從獲利能力方面來說，大概有個時間框架嗎？你離目的地很近了嗎？還是還差幾個四分之一？或者，您是如何看待獲利能力與現有業務之間的關係的？

Yes. This acquisition is similar to Florida Can in that we are buying two newer facilities that have never run continuously that will require improvement to ramp up. So think of it as we have two plants where we'll spend the year really getting the labor and the procedures put in -- operational procedures put in place. This year, we think it's going to do around about $1.7 billion, excuse me, of volumes. And operating earnings, the comparable operating's are really projected to be pretty close to flat.

是的。這項收購與佛羅裡達罐頭廠類似，我們收購的是兩家從未連續營運的新工廠，需要進行改進才能提高產能。所以你可以把它想像成我們有兩個工廠，我們將用一年的時間真正落實勞動力和流程——也就是落實營運流程。今年，我們認為它的交易額將達到約 17 億美元，抱歉，應該是 17 億美元。至於營業利潤，預計可比營業利潤將基本持平。

So it's not going to contribute a lot on that. And we really see it as an important part of our 2027 go forward here.

所以它在這方面不會有太大貢獻。我們確實將其視為我們2027年未來發展的重要組成部分。

The EVA for this looks terrific though. We're getting it at a very good value that's similar to Florida Can. And we know these markets really well. So from a customer and labor and really optimistic about it.

這款EVA看起來非常棒。我們以非常優惠的價格買到了它，價格與佛羅裡達罐頭食品的價格相近。我們非常了解這些市場。所以從客戶和勞動力的角度來看，我們都對此非常樂觀。

George Stavros, Bank of America.

喬治‧斯塔夫羅斯，美國銀行。

Ron, Dan, congratulations again as well. Look forward to work with you. And also, thanks for the slide deck. It's a nice help here. You mentioned during your press -- during your formal remarks that you want to double down on profitable growth.

羅恩、丹，再次祝賀你們。期待與您合作。另外，謝謝你提供的幻燈片。這很有幫助。您在新聞發布會上—在您的正式演講中提到，您希望加倍投入獲利成長。

And certainly, all companies want to do that. Why do you make a point of emphasizing that, given that should be always what you're working on? And related to that point, we appreciate the guidance on the European and South American earnings for next year in terms of the leverage.

當然，所有公司都想做到這一點。既然這應該是你始終努力的方向，為什麼還要刻意強調這一點呢？與此相關的是，我們讚賞貴方對明年歐洲和南美地區槓桿率收益的指引。

Given the start-up costs, we appreciate you calling that out, could we see North and Central America actually sort of flattish to down? That wouldn't be a surprise to us, but I just want to sort of put some stakes in the ground there in terms of EBIT growth for 2026.

考慮到啟動成本，我們感謝您指出這一點，我們是否可以看到北美和中美洲的經濟實際上會趨於平穩甚至下滑？這對我們來說並不意外，但我只是想就 2026 年的息稅前利潤成長做出一些預測。

Okay. Thanks, George, and thanks for the congratulatory remarks. We look forward to working with you as well. Maybe I'll tackle the first question and then we'll take it from there.

好的。謝謝你，喬治，也謝謝你的祝賀。我們也期待與您合作。或許我可以先回答第一個問題，然後再繼續討論其他問題。

Why are we calling out the doubling down on our driving profitable growth? Well, because, quite frankly, we're seeing the growth in our algorithm. Again, our long-term growth algorithm is the 2% to 3% volume growth, and doubling that from an operating leverage perspective, buying back 4% to 6% of our shares, and that gets us to our 10 plus percent EPS. That is our long-term algorithm. We are confident we will deliver that in 2026, the 10 plus percent EPS.

我們為什麼要強調加倍投入以推動獲利成長？坦白說，因為我們的演算法正在不斷進步。再次強調，我們的長期成長演算法是 2% 到 3% 的銷售成長，從營運槓桿的角度來看，將這一數字翻倍，回購 4% 到 6% 的股票，這樣我們就能實現 10% 以上的每股盈餘。這就是我們的長期演算法。我們有信心在 2026 年實現 10% 以上的每股盈餘成長。

But the fact of the matter is we need to really focus on getting to the 2x operating leverage. So I'm happy to have shared that color with you on the prepared remarks, but our -- that strategy that we're executing, being close to our customers, executing with excellence every day, riding and driving the substrate shift change from other packaging substrates to aluminum, which continues at pace and managing complexity, that's how we're going to deliver that driving profitable growth.

但事實是，我們真正需要集中精力實現 2 倍的經營槓桿。所以我很高興能在準備好的發言稿中與大家分享這一觀點，但是我們正在執行的戰略是：貼近客戶，每天精益求精，順應並推動基材從其他包裝基材向鋁材的轉變（這一轉變仍在快速進行），並應對複雜性，這就是我們將如何實現盈利增長的方式。

It's just -- it's a rallying cry and a focus for our business to really focus on our strategy and how we're going to execute that strategy, and how we're going to execute that strategy is through that Ball business system, our operating model, excellence in execution every day. Every single plant, every single shift. So that's how we're guiding ourselves as well as our EVA mindset.

這只是——這是我們業務的戰鬥口號和重點，要真正專注於我們的策略以及我們將如何執行該策略，而我們將如何執行該策略，就是透過 Ball 的業務系統、我們的營運模式以及每天卓越的執行力。每一座工廠，每一個班次。這就是我們指導自己以及我們EVA思維的方式。

George, this is Dan. I just wanted to overlay that. We did call out that there's around $35 million of ramp-up cost to get the system the North America system, in particular, reconfigured with the ends and then more-more importantly, the Millersburg plant started up. So I think you are thinking about the North America segment, right, with your -- with how you positioned it.

喬治，這是丹。我只是想把它疊加上去。我們指出，要讓該系統（特別是北美系統）重新配置其兩端，更重要的是啟動米勒斯堡工廠，大約需要 3,500 萬美元的啟動成本。所以我認為你正在考慮北美市場，對吧，以及你如何定位它。

Dan, appreciate that. Just one follow-on then a question on volume, and I'll turn it over. So in the fourth quarter, again, you're in line, maybe a bit ahead of our numbers, but nonetheless, the leverage wasn't there in North and Central America.

丹，謝謝你。還有一個後續問題，然後是關於音量的問題，之後我就換個話題。所以到了第四季度，你們的數據再次與我們持平，甚至可能略微領先於我們的數字，但儘管如此，在北美和中美洲，你們仍然沒有取得突破性進展。

Can you comment a bit in terms of whether it was the tariff-related headwinds or something else? What was preventing you from getting that leverage given the volume growth you saw in the fourth quarter in North and Central America.

您能否就此發表一下看法，說明這究竟是關稅相關的不利因素，還是其他原因造成的？鑑於您在第四季度北美和中美洲的銷量增長，是什麼阻礙了您獲得這種優勢？

And then as we look to 2026, I realize it's going to be all of the above. But in particular, whether it's World Cup, mini can, something else in terms of innovation, what -- from an end market or idiosyncratic event for '26 drives the volume outlook and the optimism?

展望 2026 年，我意識到以上所有情況都將是現實。但具體來說，無論是世界盃、迷你罐，還是其他創新方面的事情，究竟是什麼——從終端市場還是2026年的特殊事件來看——推動了銷量預期和樂觀情緒？

Thank you, George. So for the fourth quarter, we are really proud of our results. We delivered high single-digit volume growth in North America in the fourth quarter, and our operating earnings growth was 12%. So we were sequentially better on an operating leverage perspective in the quarter. It was our strongest volume quarter in the year, and it was our strongest operating leverage quarter in the year.

謝謝你，喬治。所以，對於第四季的業績，我們感到非常自豪。第四季度，我們在北美實現了接近兩位數的銷量成長，營業利潤成長了 12%。因此，從營運槓桿的角度來看，我們本季環比有所改善。這是我們全年銷售量最高的季度，也是全年營運槓桿效應最強的季度。

So we did great, and we were just shy of that 2 times operating leverage. And yes, the fact of the matter is we had some incremental tariff costs that if it weren't for that, bringing in into the U.S. from across the border, we would have hit our 2x operating leverage. And it's just a very minor amount of money that we missed it by. So that's the first answer.

所以我們做得很好，距離 2 倍經營槓桿的目標只有一步之遙。沒錯，事實是，我們有一些額外的關稅成本，如果不是因為這些成本，從邊境另一側進口到美國的貨物，我們本可以達到 2 倍的經營槓桿。我們只是差了很小一筆錢而已。這是第一個答案。

On the second answer, yes, we're really excited about not only World Cup, and it will depend on who gets to the finals, obviously, and how well each country performs. We're hoping for Brazil to do really well. And I can hope for America to do really well, but if they don't, let's hope for maybe England or Germany to do well.

關於第二個問題，是的，我們不僅對世界盃感到非常興奮，當然，這取決於誰能進入決賽，以及每個國家的表現如何。我們希望巴西隊能取得好成績。我希望美國能取得好成績，但如果美國沒有取得好成績，那就讓我們寄望英國或德國能取得好成績吧。

And I don't think we should forget that this is America's 250th birthday. There are going to be an amazing amount of celebrations throughout the summer coming. And I can imagine that will also be, at the very least neutral, and I bet it will be slightly positive for all of us that sell beverages or help to sell beverages in the U.S. Thank you, George. Christine, do you have another question for us?

我認為我們不應該忘記今年是美國建國250週年。即將到來的整個夏季將會有大量的慶祝活動。我可以想像，這至少也會是中性的，而且我敢肯定，對於我們所有在美國銷售飲料或幫助銷售飲料的人來說，這會略有積極影響。謝謝你，喬治。克里斯汀，你還有其他問題想問我們嗎？

Jeffrey, your line is live. Perhaps you're on mute?

傑弗裡，你的線路已接通。你是不是處於靜音狀態？

Natural gas prices in Europe have sharply elevated. Is this something that you can easily pass through in the coming six months?

歐洲天然氣價格大幅上漲。你能在接下來的六個月裡輕鬆度過這段時期嗎？

The answer is yes. We are broadly a pass-through business. Our contracts allow for us to pass through inflationary cost pressures. And we also -- where we can have the ability to hedge our gas pricing, which to the extent that we can do that in any given country or a plant we do. So we don't view that as any major headwind for us in 2026.

答案是肯定的。我們基本上是一家轉嫁企業。我們的合約允許我們應對通貨膨脹帶來的成本壓力。而且，我們還可以——在我們可以對沖天然氣價格的地方，只要我們能在任何特定國家或工廠做到這一點，我們就會這樣做。因此，我們認為這不會對我們2026年的發展構成任何重大不利因素。

Are you experiencing any inflation in beverage can coatings? Or is that raw material relatively flat for you?

你們那邊是否也出現了飲料罐塗層價格上漲的情況？或者說，對你來說，這種原料的品質相對穩定？

We have a long-term contract of all of our input costs, including beverage can coatings, and there are inflationary mechanisms in those -- or deflationary mechanisms in those contracts, but it's all very manageable.

我們與所有投入成本（包括飲料罐塗層）簽訂了長期合同，這些合同包含通貨膨脹機製或通貨緊縮機制，但這一切都在可控範圍內。

And again, this is all part of our both of our buying and selling contractual relationships where we largely pass on all of those costs. There could be some timing issues here and there, but we pass on these costs.

再次強調，這一切都是我們買賣雙方合約關係的一部分，我們基本上會將所有這些成本轉嫁出去。可能會出現一些時間安排上的問題，但我們會將這些成本轉嫁給客戶。

Edlain Rodriguez, Mizuho.

埃德蘭·羅德里格斯，瑞穗。

Again, congrats on the new roles, guys. In terms of Europe, like your operating leverage there was extremely high. I mean, as you say, 37% profit up on high single-digit volume growth. But can you talk about like what drove that big jump? And how should we think of that leverage in 2026?

再次恭喜各位榮升新職。就歐洲而言，你們在那裡的經營槓桿率非常高。我的意思是，正如你所說，在銷量實現高個位數成長的情況下，利潤卻成長了 37%。但你能談談是什麼促成了這一巨大飛躍嗎？那麼，我們該如何看待2026年的這種優勢呢？

Thank you for the question, Edlain. I appreciate your congratulatory remarks as well. Yes, we're really proud of our European business. It has been an incredibly stable business for us for many years, and it continues to be a land of opportunity for us.

謝謝你的提問，艾德蘭。我也很感謝您的祝賀。是的，我們為我們在歐洲的業務感到非常自豪。多年來，這始終是我們非常穩定的業務，而且它仍然是我們充滿機會的領域。

Can penetration is relatively low in some categories, and that's why we continue to see us and others achieving the high end of the range from a volume perspective. So while we grew above algorithm in the year, more than 5%, we intend to do that again this year, especially with the acquisition of our business now that's a part of our Benepack.

罐裝產品在某些類別中的滲透率相對較低，這就是為什麼我們看到我們和其他公司在銷售方面繼續達到高端水平的原因。所以，儘管我們今年的成長超過了演算法預期，超過 5%，但我們打算今年再次實現這一目標，尤其是在收購了我們業務之後，該業務現在是我們 Benepack 的一部分。

As it relates to 2026 and operating leverage, all I can say is when we have the capacity, which we have, and we grow into that capacity, that's when you see real operating leverage, and that's what we've got. We've got -- we had some capacity to grow into in Europe.

至於 2026 年和經營槓桿，我只能說，當我們擁有產能（我們現在擁有）並且產能增長到一定程度時，你就會看到真正的經營槓桿，而這正是我們所擁有的。我們—我們在歐洲有一些發展潛力。

We did that in 2025 that helped us to deliver the amazing operating leverage. We used up our capacity even faster than we intended, and that's why we're buying these Benepack can plants. So you can expect us to deliver at least the 2x operating leverage on the volume that we will sell in Europe in 2026.

我們在 2025 年實現了這個目標，這幫助我們獲得了驚人的營運槓桿效應。我們的產能消耗速度甚至比預期還要快，所以我們才買了這些 Benepack 罐頭生產設備。因此，您可以期待我們在 2026 年於歐洲銷售的銷售量至少實現 2 倍的營運槓桿。

Okay. Great. And also, Ron, I mean, now that you are the CEO, should we expect any change or deviation in strategy at Ball? Like what's your primary -- what's your big focus? And anything you plan on doing differently?

好的。偉大的。還有，羅恩，我的意思是，既然你現在是首席執行官，我們是否應該期待 Ball 的戰略會有任何改變或偏離？你的主要目標是什麼？你最關注的是什麼？你打算做出哪些不同的改變？

Yes. Thank you for the question. So the great news is -- and I said this in our prepared remarks, but our strategy is intact, and it is working. Again, it's about excellence in execution, every shift, every day in all 67 plants we have around the world. It's about staying close to our customers and really helping them to win by solving big opportunities for them.

是的。謝謝你的提問。所以好消息是──我在事先準備好的發言稿中也說過──我們的策略依然有效，而且正在奏效。再次強調，關鍵在於執行力的卓越，我們在全球 67 家工廠的每一班次、每一天都要做到最好。關鍵在於與客戶保持緊密聯繫，並透過為他們解決重大機會來真正幫助他們取得成功。

We continue to see the overall aluminum can industry grow, and that will continue at pace. And we have the most enviable network, and we have the most enviable SKUs and portfolio of cans to offer to our customers. So that strategy isn't changing.

我們看到整個鋁罐行業持續成長，而且這種成長勢頭還將繼續保持。我們擁有最令人羨慕的銷售網絡，以及最令人羨慕的 SKU 和罐裝產品組合，可供我們的客戶選擇。所以這項策略不會改變。

What we are doubling down on, again is how can we operate even more effectively so that we can squeeze out the fuel to grow our business through our Ball business system and our operational excellence journey and our commercial excellence journey.

我們正在加倍努力，再次思考如何更有效地運營，從而透過我們的 Ball 業務系統、卓越運營之旅和卓越商業之旅，榨取更多動力來發展我們的業務。

So that's really what you should see from us is a maniacal focus on just running our business extremely well.

所以，你們應該從我們這裡看到的，是我們一心一意地專注於把我們的業務經營得極其出色。

Arun Viswanathan, RBC.

Arun Viswanathan，RBC。

Congrats on the new roles as well. So I guess -- I just wanted to get your thoughts on you mentioned tariffs in the prepared remarks. So I guess, how are you managing through that? And then also, the rising aluminum price environment, what are your customers saying there?

也恭喜你榮任新職。所以我想——我只是想聽聽您對在準備好的演講稿中提到的關稅問題的看法。所以我想問，你是如何應對這種情況的？此外，在鋁價上漲的大環境下，您的客戶對此有何看法？

I know it's a pass-through in North America for you, but obviously, at some point, they're going to have to raise prices or deal with that in some way. So I guess, what are you hearing on those two fronts?

我知道這對你們北美市場來說是轉嫁價格，但顯然，在某個時候，他們要么必須提高價格，要么必須以某種方式解決這個問題。所以我想問，你在那兩方面聽到了什麼消息？

Thank you, Arun, and thanks for your congrats. We're really proud to be and humbled to be in these roles, and we're really proud of the results we've delivered in 2025.

謝謝你，阿倫，也謝謝你的祝賀。我們為能夠擔任這些職務感到非常自豪和榮幸，也為我們在 2025 年所取得的成果感到非常自豪。

Tariffs are certainly something that every company is monitoring. But as we sit here today, like there's no direct impact from on our business beyond the ins piece that we've mentioned, and it is a pass-through, as you say. The where it shows up for us is in the Midwest premium. That's what has really spiked for all of the aluminum industry. So we're watching this.

關稅無疑是每家公司都在密切關注的事項。但就我們今天所見，除了我們提到的那些因素之外，對我們的業務沒有直接影響，正如你所說，這只是一個傳遞過程。它在我們這裡顯示的是中西部地區的高級版。這正是整個鋁業真正大幅成長的原因。所以我們正在關注這件事。

But so far, the U.S. consumer has been able to continue to keep buying our package. The can, as we said, in 2025 in the U.S., grew at roughly 2%, where all other substrates declined by more than 2%.

但到目前為止，美國消費者仍然能夠繼續購買我們的產品組合。正如我們所說，到 2025 年，罐頭在美國的成長率約為 2%，而所有其他基質的成長率均超過 2%。

And so the can is a value in any sort of economic environment, and that's what we're hearing from our customers. They're continuing to lean into selling multipacks of cans because it represents real value for the consumer.

因此，在任何經濟環境下，罐子都具有價值，這也是我們從客戶那裡聽到的。他們繼續大力銷售多罐裝產品，因為這對消費者來說更有價值。

Okay. And if I could just ask a follow-up on the category mix. So obviously, energy had a really strong '25, and I think you saw growth in some of your other verticals as well. But maybe you can kind of give us your thoughts on how you face those tough comps. I know you're sold out in North America, but do you see the energy market kind of continuing to outpace the rest of the can market?

好的。我可否再問一下關於品類組合的問題？顯然，能源產業在 2025 年表現非常強勁，我認為你們在其他一些垂直領域也看到了成長。但或許您可以跟我們分享一下您是如何應對這些高難度比賽的。我知道你們在北美已經售罄，但你認為能源市場會繼續領先其他罐頭市場嗎？

And what do you kind of see for beer and CSD and some of the other categories as well?

那麼，你對啤酒、碳酸飲料以及其他一些類別有什麼看法？

Thanks, Arun. We love all our customers, and we're focused on helping them to win regardless of category. And the other thing I think it's important to know here is all of our customers are -- it's blending and turning into much more of a total beverage company. You hear that from all of our customers regardless of where they began.

謝謝你，阿倫。我們熱愛所有客戶，並致力於幫助他們取得成功，無論他們身處哪個行業。我認為這裡需要了解的另一點是，我們所有的客戶——它正在融合並轉變為更全面的飲料公司。無論客戶最初來自哪裡，你都會從他們那裡聽到這樣的說法。

As it relates to energy specifically, we continue to see innovation. We continue to see different can sizes. We continue to see a shift to functional elements of those products, and -- you name it. So I expect that -- they've been winning for a long time, and we expect them to continue to keep winning, and we're really happy to keep supporting them.

就能源領域而言，我們不斷看到創新。我們仍然可以看到不同尺寸的罐頭。我們持續看到這些產品的功能性元素不斷增強，等等。所以我認為——他們已經贏了很長時間了，我們希望他們繼續贏下去，我們也很高興能繼續支持他們。

Mike Roxland, Truist.

Mike Roxland，Truist。

I'll just echo what everybody else has said, and congrats, Ron and Dan, on the roles. My first question is, to the extent you can comment, can you talk about any potential changes in customer relationships, business wins the company has experienced, really as a result of the recent management changes and going back to basics with the customer?

我只想附和大家的說法，祝賀 Ron 和 Dan 獲得這些角色。我的第一個問題是，如果您可以發表意見，能否談談公司在客戶關係和業務拓展方面可能出現的任何變化，這些變化是否是由於最近的管理層變動以及回歸以客戶為中心的基本方針所致？

Thanks for the question, Mike. I appreciate your comment. Look, I'm really -- we've said we want to focus on supporting our customers and helping them to win, and we're really happy with that. And I've had amazing customer interactions before I had this role, and even more so now, it's -- one of the funnest parts of this job is learning about their businesses.

謝謝你的提問，麥克。感謝您的評論。你看，我真的——我們已經說過，我們希望專注於支持我們的客戶並幫助他們取得成功，我們對此感到非常滿意。在擔任這個職位之前，我就有過非常棒的客戶互動，現在更是如此——這份工作最有趣的部分之一就是了解他們的業務。

The other thing I think it's important to know is like not only are we kind of sold out in 2026, we are well contracted into 2027, and in some cases, with our strategic customers out into the next decade. So we're really pleased with our long-term strategic partnerships with our anchor customers.

我認為另一件很重要的事是，不僅我們 2026 年的檔期已經基本售罄，而且 2027 年的檔期也已經排得滿滿噹噹，在某些情況下，我們與戰略客戶的檔期甚至排到了下一個十年。因此，我們對與核心客戶建立的長期策略夥伴關係感到非常滿意。

Got it. And then just one quick follow-up. Regarding the Ball business system, how much of the $500 million in savings have you realized thus far? I know are you still on track to complete that by year-end -- one year earlier than you initially targeted. And have you basically, it sounds like you've standardized operating practices across your plants globally, but I just want to confirm that, that's what has been accomplished thus far.

知道了。然後，還有一個簡短的後續問題。關於 Ball 的商業系統，到目前為止，你們已經實現了 5 億美元節省計劃中的多少？我知道你們是否仍按計劃在年底前完成這項工作——比你們最初設定的目標提前了一年。聽起來你們似乎已經在全球範圍內的工廠中實現了操作規範的標準化，但我只是想確認一下，這是否就是目前為止所取得的成就。

Thank you, Mike. That's a question that's near and dear to my heart. We will deliver the $500 million of cost savings that we projected that is the fuel for growth for our business in the three-year time frame versus the four-year time frame.

謝謝你，麥克。這個問題對我來說意義非凡。我們將在三年內實現預期的 5 億美元成本節約，這將為我們的業務成長提供動力，而不是像原計劃那樣需要四年。

So that was 2024, 2025 and 2026. So more than two-third of it has been delivered, quite frankly, more like three-four of it has been delivered in the first two years.

所以，那是2024年、2025年和2026年。坦白說，其中超過三分之二已經交付，更確切地說，頭兩年就交付了三到四分之三。

But we're not going to stop there. We're going to keep working as again, as a part of us focusing on getting our operating leverage. That means we have to run even better, and that's what our 67 plants and the overwhelming majority of the people that work in this business are focused on.

但我們不會就此止步。我們將繼續努力，這也是我們專注於提高營運槓桿的一部分。這意味著我們必須做得更好，這也是我們67家工廠和絕大多數從事這項業務的人員所關注的重點。

So yes, every single one of those plants has rolled out the Ball operational excellence platform, and it's really exciting for us, and that's really energizing for us. So maybe someday, we'd love to take you to a plant and show it to you, Mike.

是的，所有這些工廠都已部署了波爾的卓越營運平台，這讓我們感到非常興奮，也讓我們倍受鼓舞。所以，也許有一天，我們很樂意帶你去工廠參觀，給你看看，麥克。

I'll definitely take you up on that offer, Ron.

羅恩，我一定會接受你的提議。

Go to Rome, Georgia. Let's go.

去喬治亞州的羅馬市。我們走吧。

Stefan Diaz, Morgan Stanley.

Stefan Diaz，摩根士丹利。

Congrats on the promotions, and looking forward to working together. Can you please talk to the year-to-date trends across all regions? And then maybe specifically in North America, has the winter storm at all helped some of the volumes here early in the year?

恭喜你們升職，期待與你們共事。請您介紹一下今年迄今各地區的趨勢？那麼，具體到北美地區，今年年初的冬季風暴是否對這裡的一些銷售有所幫助呢？

Stefan, thanks for your comments, and we appreciate reading your material. Thank you for it. Honestly, the year -- the first month of the year, it started as planned, more or less across all the regions, small puts and takes here and there, but generally as planned.

Stefan，感謝你的評論，我們很感激閱讀你的文章。謝謝。說實話，今年——也就是年初的第一個月，一切都按計劃進行，各個地區大致如此，雖然有些許波動，但總體上還是按計劃進行的。

North America, you see the -- you published the data this morning. So I could read back to you what you published, but it's really, really quite good.

北美地區，你們看到了──你們今天早上發布了數據。我可以把你發表的內容讀給你聽，但它真的非常非常棒。

And I wouldn't say anything other than it's a good start to the year, and it's kind of as we planned, and better to start the year this way than in a hole, and it's pretty good. So we appreciate it. We'll go from there.

我只想說，這是個不錯的開年，基本上也符合我們的計劃，總比年初就陷入困境要好，這已經相當不錯了。所以我們很感激。我們再從那裡開始。

Great. And then does -- I guess, does ABI repurchasing their stake in metal container corp mean anything to the industry? And maybe just thinking -- taking a step back, what are the chances that brewers and beverage CPGs start to backward integrate a bit?

偉大的。那麼——我想說，ABI 回購其在金屬容器公司的股份對這個行業意味著什麼？或許我們可以退後一步思考，釀酒商和飲料消費品公司開始進行一些後向整合的可能性有多大？

Yes. That's honestly, them buying back their portion of their vertical really has no impact on the -- on us or the industry because that capacity was there before, and we're really happy that they did that, quite frankly, and they're a great customer, and we work with them very closely.

是的。說實話，他們回購自己垂直領域的股份對我們或整個行業並沒有任何影響，因為這些產能之前就存在，坦白說，我們非常高興他們這樣做，他們是我們很棒的客戶，我們與他們密切合作。

So it really doesn't have any impact, and it was sort of a nonevent. And they kept us informed all along the way what their plans were. So we're really happy with them as a customer, and we're really happy with them and working with them.

所以這件事其實沒有任何影響，也算不上什麼大事。他們始終讓我們了解他們的計劃。所以，我們對他們作為客戶非常滿意，我們對他們以及與他們合作都非常滿意。

As it relates to backward integration, quite frankly, I don't think anybody is really focused on that or we see any of our customers wanting to deploy their capital to expand massively the desire to make cans. I think they're really focused on innovating and marketing and selling their products. And hopefully, they're relying on us as a great supply partner to them.

至於後向一體化，坦白說，我認為沒有人真正關注這一點，或者我們也沒有看到任何客戶想要投入資金來大規模擴大生產罐頭的規模。我認為他們真正專注於創新、行銷和銷售他們的產品。希望他們能把我們視為優秀的供應商夥伴。

Phil Ng, Jefferies.

Phil Ng，傑富瑞集團。

Ron, Dan, congratulations on the role. And Ron, your tone and excitement is clear to everyone on this call. There's a lot of mention around EVA and staying close to customer and just doubling down the execution side of things.

羅恩、丹，祝賀你們獲得這個角色。羅恩，電話裡的每個人都能感受到你當時的語氣和興奮。人們經常提到 EVA（經濟增加價值）、與客戶保持密切聯繫、加倍努力執行各項工作。

You certainly have had your hand on the operations front and been successful. But what are some of the tangible things that you want to share with us in terms of what that actually means in terms of doubling down on costs.

你確實在營運方面發揮了重要作用，並且取得了成功。但是，就成本加倍而言，您想和我們分享一些具體的、切實可行的措施嗎？

Are you retooling the layers in the organization, reshuffling leadership, realigning incentive comp? Like what are you doing? Just give us like one or two examples on the cost and execution front, how you guys are going to approach it perhaps a little differently and then getting closer to the customer.

您是否正在重組組織架構、調整領導階層、重新調整激勵機制？你在做什麼？請舉一兩個關於成本和執行方面的例子，說明你們將如何以不同的方式處理這些問題，以及如何更貼近客戶。

Thanks, Phil. Appreciate the congratulatory comments, and I look forward to working with you as well. I appreciate reading your material.

謝謝你，菲爾。感謝你的祝賀，也期待與你合作。我很喜歡閱讀您的文章。

Look, in my first 90 days in this job, I certainly have had top-to-top conversations with the top of the leadership of all of our major customers. So I would say certainly more than 75% of what we sell, I have either met with in person or had extensive conversations with. And that, as I said, is really exciting for us.

你看，在我擔任這份工作的頭 90 天裡，我確實與我們所有主要客戶的最高領導層進行了高層對話。因此，我可以肯定地說，在我們銷售的產品中，超過 75% 的產品，我都親自見過或進行過深入的交談。正如我所說，這真的讓我們很興奮。

Now what does it mean as it relates to how are we going to -- how are we going to run our business better? It starts first with like being really disciplined and reputable manufacturing fundamentals in our plants. Second, how do we leverage our network more efficiently so that we have production closer to demand? That's what Millersburg is about. That's what buying these two assets from Benepack is about.

那麼，這對我們如何更好地經營業務意味著什麼？首先，我們需要在工廠中建立真正嚴謹、信譽良好的生產基本原則。其次，我們如何更有效地利用我們的網絡，使生產更貼近需求？這就是米勒斯堡的精髓所在。這就是從 Benepack 收購這兩項資產的意義。

And then we're going to be really deliberate about how we run those plants and how we flex capacity. The third thing is our operating model is at the very core about our people, and the culture and the people of this business are what make a difference for us.

然後，我們將認真考慮如何運作這些工廠以及如何靈活調整產能。第三點是，我們的營運模式的核心在於我們的員工，而這項企業的文化和員工正是我們成功的關鍵。

So you wanted some -- a specific example. In every single fall plant everywhere around the world, at 6:00 a.m., at 8:30 a.m., at 1:00 p.m. and then do the opposite of that because we're on 12 hour shifts. We have a shift handover meeting. We have an operations meeting, and then we have a pulse check meeting.

所以你想要一個具體的例子。世界各地所有秋季工廠，早上 6:00、早上 8:30、下午 1:00 都會進行作業，然後反過來做，因為我們是 12 小時輪班制。我們要開交班會。我們先開營運會議，然後開例行檢查會議。

And our entire leadership team got to witness that last week when we went to one of our plants, and it's really impressive and inspiring to see.

上週我們整個領導團隊參觀了我們的一家工廠，親眼見證了這一點，這真的令人印象深刻，也鼓舞人心。

Our goal is to keep reinvesting in our business. That's what Florida Can was about. That's what Millersburg is about, that's what Benepack is about because when we're making those investments, we are committing to return higher than what we can get in our EVA model.

我們的目標是持續對業務進行再投資。這就是佛羅裡達罐頭食品公司（Florida Can）的宗旨。這就是 Millersburg 的宗旨，也是 Benepack 的宗旨，因為當我們進行這些投資時，我們承諾比 EVA 模式所能獲得的更高的回報。

And that's how we become a serial compounder and just continue to generate cash and then allocate that to the right places in our business.

這就是我們如何成為連續成長型企業，不斷創造現金流，然後將這些現金分配到我們業務的正確領域。

Super. Great color. Back to old school Ball ways in terms of EVA. So that's great to hear.I had a question for Dan.

極好的。顏色很棒。回歸鮑爾傳統的EVA（氣相層析分析）方法。聽到這個消息真是太好了。我有個問題想問丹。

I think last quarter, perhaps maybe I misinterpreted, but I think there was some commentary perhaps that the operating leverage of that North America business could perhaps improve in the back half of 2026 and put you guys in a really good position for 2027.

我認為上個季度，也許是我理解錯了，但似乎有一些評論說，北美業務的經營槓桿可能會在 2026 年下半年有所改善，這將使你們在 2027 年處於非常有利的地位。

Do I have that right? In some of the commentary today, I thought you kind of pointed to start-up costs perhaps more back half weighted in '26. So is that perhaps a pushout on the timing side of things?

我理解對嗎？在今天的一些評論中，我認為你似乎指出了啟動成本可能更集中在 2026 年下半年。所以這或許是在時間安排上做出的調整？

And then I think you mentioned there's some can in dynamics in Mexico around tariffs, you're going to reshuffle capacity. Can you give us a little more color on the timing of that and what that could transpire to in terms of profitability?

然後我想你們提到過，墨西哥的關稅動態存在一些問題，你們將會重新調整產能。您能否詳細說明一下具體時間表以及這可能對盈利能力產生的影響？

Sure. I'd be happy to. We do see more of the start-up costs really being in the back half of the year. So I think you said it right in your question. And it does really become an opportunity to start to show improvement in 2027 for the operating leverage.

當然。我很樂意。我們看到，大部分啟動成本都集中在下半年。所以我覺得你在問題裡說得沒錯。而這確實為2027年經營槓桿的改善提供了一個機會。

As far as the question about tariffs, really, the thing we might have called out is that we are moving in production, some smaller amounts of in production out of Mexico into the United States, a lot of that is happening in the first half of the year, but the Millersburg is the bigger contributor to the headwinds that we're talking about.

至於關稅問題，我們真正應該指出的是，我們正在將一些較小的生產從墨西哥轉移到美國，這種情況主要發生在今年上半年，但米勒斯堡才是造成我們所談論的不利因素的更大因素。

Okay. Helpful. And just one last quick one. On the Latin America Brazil side, certainly excitement around the World Cup. But Ron, any on-the-ground color in terms of what you're seeing there in terms of your customers and then any shifts in consumers just given in past cycles when the macro is a little more choppy, there might be some trade down to resealable glass.

好的。很有幫助。最後再補充一個。拉丁美洲的巴西方面，無疑對世界盃感到興奮。但是羅恩，就你觀察到的客戶情況而言，以及過去宏觀經濟波動較大時消費者行為的任何變化，都不能提供任何實地數據，因為可能會出現一些消費者轉向使用可重複密封玻璃的情況。

I'm just curious what you're seeing on that front.

我只是好奇你在那方面看到了什麼。

Thanks, Phil. For sure -- we grew high single digits in the quarter. And in 2025, we delivered on the low end, but we delivered on our volume algorithm in South America, and we delivered more than the 2x operating leverage. And we intend to have confidence in and plan to deliver exactly the same in 2026. We'll deliver in that 4% to 6% volume range.

謝謝你，菲爾。沒錯——我們本季實現了接近兩位數的成長。2025 年，我們雖然沒有達到預期的最低目標，但我們在南美洲實現了銷售演算法的目標，並且實現了超過 2 倍的營運槓桿。我們計劃在 2026 年也做到同樣的事情，並對此充滿信心。我們將以4%到6%的銷售範圍交付。

And we'll deliver on the 2x operating leverage at a minimum. It's early days to know how big it will be, but we're excited about it and the consumers are excited about it. We're going to get a chance to go see our colleagues there in a couple of weeks and learn more, but we're really hopeful for a great tournament.

我們至少能實現 2 倍的營運槓桿。現在判斷它最終會發展到多大規模還為時過早，但我們對此感到興奮，消費者們也對此感到興奮。幾週後我們將有機會去拜訪那裡的同事，了解更多信息，我們真心希望這場比賽能辦得精彩。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Ron, Dan, Brandon, I'll echo everyone else's positive sentiment on the roles, congratulations. Dan, if I may, somewhat related to Phil's prior question, can you parse out -- I believe you called $35 million cost headwind. Is that still 10 to 15 in first half from the tariffs and the remainder from Millersburg in second half? Or any changes on the ends cost impact? Additionally, any other considerations for calls in '26 from PPI resets?

Ron、Dan、Brandon，我和大家一樣，對這些角色表示讚賞，恭喜你們。丹，如果可以的話，我想問一個與菲爾之前的問題有些相關的問題，你能解釋一下嗎——我相信你把 3500 萬美元的成本稱為逆風。上半年關稅收入仍然是 10 到 15%，下半年米勒斯堡戰役的剩餘部分也是這樣嗎？或者說，最終成本方面有任何變化嗎？此外，對於 2026 年因 PPI 重置而產生的呼叫，還有其他需要考慮的因素嗎？

And lastly, in EMEA, as Benepack ramps, should that operating leverage improve sequentially throughout the year? Or any timing considerations on when you expect to get that full can benefit from Benepack?

最後，在歐洲、中東和非洲地區，隨著 Benepack 產能的提升，其營運槓桿是否會在一年內逐年改善？或者，您在預計何時能收到全部款項方面有任何時間上的考慮，Benepack 是否對您有所幫助？

Sure. Thank you, Matt. As far as the $35 million, I think it's safer to think of more of that in the back half of this year and then really setting us up nicely for the following year in North America.

當然。謝謝你，馬特。至於那 3500 萬美元，我認為更穩健的做法是把這筆錢更多地投入到今年下半年，然後真正為我們明年在北美的發展做好充分的準備。

And I would say that the EMEA question regarding Benepack is similar in many regards. We just closed on it. We're setting. We were competitors. So really, the work starts now.

我認為，EMEA地區關於Benepack的問題在許多方面都類似。我們剛剛完成了交易。我們正在準備。我們曾是競爭對手。所以，真正的工作現在才開始。

And so I think you're going to see a back half kind of ramp up and it really more about next year as well. So they both look very similar to me in many respects.

所以我認為你會看到下半年的勢頭有所增強，而且這主要也是針對明年的情況。所以在我看來，他們在很多方面都非常相似。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

It's Anojja Shah sitting in for Josh.

是阿諾賈·沙阿代替喬許出場。

I just wanted to ask about capital deployment in 2026. You are pretty clear about share repurchases and dividends. But are there any other priorities besides capital return with maybe more bolt-on M&A in one of the regions?

我只是想詢問一下2026年的資本部署情況。您對股票回購和股利的理解非常透徹。除了資本回報之外，是否還有其他優先事項，例如在某個地區進行更多補充性併購？

Yes. Well, let's just start and talk about the -- how we filter everything. We're filtering all of our opportunities with our cash flow and investments through the EVA lens, first of all. This is a year where we're we really are balancing all of our levers, we're building a new plant out. We are still going to continue to buy back shares.

是的。好，我們就從討論如何過濾所有內容開始。首先，我們會透過經濟增加價值 (EVA) 的視角來篩選我們所有的現金流和投資機會。今年，我們正在努力平衡所有資源，並建造一座新工廠。我們仍將繼續回購股票。

We made the investment in Benepack. And really, with all of that, we're going to keep our leverage and even bring it down a little bit as the guide down to 2.7 times. So we're looking at all the levers always, always while looking at what's the best EVA returns. And right now, we see opportunity in all of them.

我們投資了 Benepack。綜上所述，我們將保持槓桿率，甚至將其略微降低，指導價降至 2.7 倍。所以我們一直在關注所有可能的影響因素，同時尋找最佳的EVA回報。而現在，我們看到了所有這些領域都蘊藏著機會。

Christine, we'll take one more question, if you don't mind.

克莉絲汀，如果你不介意的話，我們再回答一個問題。

Gabe Hajde, Wells Fargo.

Gabe Hajde，富國銀行。

Ron, Dan, congrats. Trying to get a little surgical on North America. I'm trying to reconcile kind of the commentary low-end growth of the 1% to 3% target, and we're coming off of 4.8. First question is the Florida Can acquisition, is that 4.8 an organic number Or would we say half was kind of from Florida Can and half was organic?

羅恩、丹，恭喜！試圖對北美進行一些精準的分析。我正在努力理解評論中提到的1%到3%的低端成長目標，以及我們剛剛實現的4.8%的成長。第一個問題是佛羅裡達罐頭公司收購案，這4.8%的成長是內生成長還是內生成長？

And then did we see any evidence or have you seen any evidence of pull forward by customers? We've asked since in the past, I recognize it's not customary for customers to inventory cans, but it's also not customary for aluminum cost to be up 30%, 40%.

那麼，我們是否看到任何證據，或者你們是否看到任何客戶提前購買的證據？我們之前就問過這個問題，我知道客戶通常不會囤積罐頭，但鋁價上漲 30%、40% 也是不尋常的。

And then, I guess, to be clear on kind of the guide for '26 and [MACA], are you taking into account any benefit from World Cup and recovery in beer? Could you tap into maybe any sort of latent capacity in south of the border to service that, if possible?

那麼，我想，為了明確 2026 年的指導方針和 [MACA]，您是否考慮了世界盃和啤酒帶來的恢復效益？如果可能的話，能否利用南部邊境的任何潛在能力來滿足這項需求？

Thanks for the question. So Florida Can, as it relates to the volume in 2025, there was a small element of that, that was Florida Can of the 4.8%. That's for sure. That's not all the organic number. But it was not immaterial, but it was relatively small.

謝謝你的提問。所以，就 2025 年的產量而言，佛羅裡達罐頭佔了一小部分，佔 4.8%。那當然。這並非全部有機物數量。但這並非無關緊要，只是影響相對較小。

Did we see any pull forward in 2025 in Q4? No, is the answer. And you can see it in the -- I guess you can see it in the published data, the can market continues to grow in the first month of the year, and we're no different than that. We're seeing kind of on plan what we expected.

我們在第四季是否看到任何提前到 2025 年的跡象？答案是否定的。從公佈的數據可以看出，罐頭市場在今年第一個月持續成長，我們也不例外。我們看到的情況基本上符合預期。

And I just think -- the opportunity south of the border, given the amount of tariffs, the cost of bringing those cans into the U.S. is so prohibitive that -- I don't really see that as an opportunity for us. And that's why, quite frankly, we've given you the lower end of our volume range because we absorbed all of the latent capacity for the most part that we had in North America in the U.S. anyway in 2025 with the 4.8% growth.

我只是覺得——考慮到關稅數額，將這些罐頭運到美國的成本太高，以至於——我真的不認為這對我們來說是一個機會。坦白說，正因如此，我們才給出了較低的產量預期，因為到 2025 年，隨著 4.8% 的增長，我們在北美和美國的大部分潛在產能已經全部被消化。

We're really happy that we bought Florida Can because it allowed us to grow that much, and Millersburg will make a big difference. So until we get that up and running, we're a bit capacity constrained. So thanks for that question.

我們非常高興收購了佛羅裡達罐頭廠，因為它讓我們得以發展壯大，而米勒斯堡工廠的成立將帶來巨大的改變。所以，在我們把那套系統搭建起來並投入使用之前，我們的產能會受到一些限制。謝謝你的提問。

Real quick follow-up, Ron. The contribution from the Oregon facility, if it's sort of operational midyear. I'm assuming we're kind of counting on maybe 2 billion units-Ish, which would equate to about 4%. Are we really talking about, again, taking into account the start-up cost contribution coming in '27? And it was -- one of the other analysts said that kind of puts us out there.

羅恩，有個後續問題想跟進一下。如果俄勒岡州工廠能在年中投入運營，那麼它將做出貢獻。我估計銷量大概在 20 億台左右，這相當於約 4%。我們真的又要考慮2027年即將到來的啟動成本貢獻了嗎？另一位分析師也表示，這讓我們處於不利地位。

But is it possible then kind of operating earnings is flattish in North Central America and then we see a pretty big acceleration in '27?

那麼，北美中部地區的營業利潤是否有可能保持平穩，然後在 2027 年大幅成長？

Yes, I think you're thinking about it the right way. The volume will be relatively immaterial in 2026 with the start-up and the earnings as well that we won't have earnings. In fact, we have the start-up costs.

是的，我認為你的思路是對的。到 2026 年，由於新創公司和獲利問題，銷售量將相對微不足道，而且我們也不會有盈利。事實上，我們已經承擔了啟動成本。

The only thing I would say is it's a one-line plant. It's not a two-line plant. So you could expect more like 1 billion cans out of that facility until we really ramp into it. And that would be actually probably aspirational in 2027. Let's see how we started up.

我唯一要說的是，它是一家單行工廠。這不是一家只有兩條生產線的工廠。所以，在我們真正開始大規模投產之前，預計工廠的產量將達到 10 億罐左右。而這在 2027 年可能還只是一個美好的願景。讓我們看看我們是如何起步的。

So thanks for the question.

謝謝你的提問。

And Christine, I think that's all the questions we have time for today. So I just want to thank everybody for your interest in us. We appreciate it. We look forward to talking to you more, sharing our story. We are excited about what we did in 2025, and we're even more excited about what we're going to do in 2026 and beyond.

克莉絲汀，我想今天我們只有時間回答這些問題了。所以，我只想感謝大家對我們的關注。我們非常感謝。我們期待與您進一步交流，分享我們的故事。我們對 2025 年所取得的成就感到興奮，對 2026 年及以後將要取得的成就更加興奮。

So our -- 2026 and beyond. So thank you very much for your time, and look forward to seeing you and talking to you soon.

所以我們——2026 年及以後。非常感謝您抽出時間，期待盡快與您見面交談。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。