Ball Corp (BALL) 2026 Q1 法說會逐字稿

Greetings. Welcome to Ball Corporation first-quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加 Ball Corporation 2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。

I will now turn the conference over to Brandon Potthoff, Head of Investor Relations. Thank you. You may begin.

現在我將把會議交給投資人關係主管 Brandon Potthoff。謝謝。您可以開始了。

Good morning, everyone. This is Ball Corporation's conference call regarding the company's first-quarter 2026 results. During this call, we will reference our first quarter 2026 earnings presentation available through this webcast and on our website at investors.ball.com.

各位早安。這是 Ball Corporation 就公司 2026 年第一季業績所召開的電話會議。在本次會議中，我們將引用 2026 年第一季財報簡報，您可透過本次網路直播以及我們網站 investors.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.

本次會議所提供的資訊將包含前瞻性陳述。實際結果或成果可能與所明示或暗示者有重大差異。我們不承擔更新今日所作任何前瞻性陳述之義務。

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.

可能導致結果或成果出現差異的部分因素，已載於公司最新的 Form 10-K、其他 SEC 申報文件，以及今日的財報新聞稿與財報簡報中。若您尚未取得我們的財報新聞稿，可至 ball.com 下載。

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.

有關非 GAAP 財務衡量指標之使用資訊，亦可於今日財報新聞稿的附註部分查閱。此外，新聞稿包含不可比項目摘要，以及可比淨利與稀釋每股盈餘計算的調節表。

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 Ron Lewis。

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 first quarter 2026 financial performance and our outlook for the remainder of 2026.

謝謝你，Brandon。今天與我一同參與電話會議的還有資深副總裁暨財務長 Dan Rabbitt。我將先做簡短開場，並說明 2026 年第一季財務表現以及我們對 2026 年剩餘期間的展望。

Dan will touch on key metrics, and then we will finish up with closing comments and a Q&A. As we begin, I want to start with the big picture because it continues to matter how we think about Ball and our long-term value creation. We believe Ball is positioned to win and the fundamentals supporting that belief remain firmly in place.

Dan 將說明關鍵指標，接著我們會以結語與問答作結。在開始之前，我想先從大方向談起，因為這仍然影響我們如何看待 Ball 以及我們的長期價值創造。我們相信 Ball 已具備勝出的定位，而支撐此信念的基本面依然穩固。

Packaged liquid volume is continuing to grow globally, and aluminum cans are taking share as consumers, customers and retailers increasingly prioritize convenience, performance and sustainability. That dynamic creates a durable long runway of demand for our products.

全球包裝液體的需求量持續成長，而鋁罐正持續提升市占，因為消費者、客戶與零售商愈來愈重視便利性、性能與永續性。這樣的動態為我們產品帶來長期且具韌性的需求跑道。

Within that growing market, Ball is executing at a high level. Across our regions, we continue to leverage long-term customer partnerships, a well contracted portfolio and an unmatched global footprint. Our utilization levels are strong, reflecting both disciplined capacity management and consistent commercial execution.

在這個成長中的市場裡，Ball 正以高水準執行。在各個區域，我們持續運用長期客戶夥伴關係、合約覆蓋良好的產品組合，以及無可匹敵的全球佈局。我們的產能利用率維持強勁，反映出審慎的產能管理與穩健一致的商業執行。

We are pairing that execution with financial strength. We delivered solid results to start 2026, supported by a healthy balance sheet and a capital allocation framework grounded in EVA. Our focus remains on deploying capital where it earns returns above our hurdle rate and on continuing momentum as we move through the year.

我們也以財務實力支撐這樣的執行力。我們在 2026 年開局交出穩健成果，背後有健康的資產負債表，以及以 EVA 為基礎的資本配置框架。我們仍聚焦於將資本投入能取得高於門檻報酬率的領域，並在今年推進過程中延續動能。

Operationally, our teams are performing well. Standardization, cost discipline and the Ball Business System are driving improved profit per can and reinforcing our ability to generate operating leverage as volumes grow. While we are proud of the progress, we continue to see opportunity ahead. When you bring together attractive industry fundamentals, disciplined execution, financial strength and an operating system built for continuous improvement, Ball remains exceptionally well positioned, not just for this year, but for the long term.

在營運面，我們的團隊表現出色。標準化、成本紀律與 Ball Business System 正推動單罐獲利提升，並強化我們在銷量成長時創造營運槓桿的能力。雖然我們對進展感到自豪，但仍看到前方的機會。當你把具吸引力的產業基本面、紀律化執行、財務實力，以及為持續改善而打造的營運系統結合起來，Ball 不僅在今年、也在長期都具備極佳的競爭定位。

Our strong start to the year underscores the resilience of our business, particularly in a complex geopolitical and macroeconomic environment. Our strategy is clear, consistent and grounded in our four strategic pillars, and that strategy is working.

今年強勁的開局凸顯我們業務的韌性，尤其是在複雜的地緣政治與總體經濟環境下。我們的策略清晰、一致，並以四大策略支柱為基礎，而這項策略正在奏效。

First is executing exceptionally in our core business. That discipline shows up in how we operate every day across our plants and regions, and it underpins our ability to deliver solid Q1 results in an uncertain world.

第一，是在核心業務上做到卓越執行。這份紀律體現在我們每天於各工廠與各區域的營運方式上，也支撐我們在不確定的世界中交出穩健的第一季成果。

Second, we stay close to our customers and maximize our global network. Long-term partnerships, strong service levels and a well-balanced footprint allow us to respond quickly and reliably.

第二，我們緊密貼近客戶並最大化全球網路。長期夥伴關係、強健的服務水準與均衡的佈局，使我們能快速且可靠地回應需求。

Third, we continue to accelerate the substrate shift to aluminum and expand categories. Aluminum's sustainability and performance advantages matter, reinforcing demand and long-term growth opportunities.

第三，我們持續加速基材轉向鋁材並擴展品類。鋁材在永續性與性能上的優勢至關重要，進一步強化需求與長期成長機會。

And fourth, we manage complexity to our advantage. Our scale, standardization and systems enable us to remain focused on execution rather than distraction. The Ball Business System brings these pillars together, connecting commercial excellence, operational excellence and continuous improvement.

第四，我們將複雜性轉化為優勢。我們的規模、標準化與系統使我們能專注於執行而非分心。Ball Business System 將這些支柱整合在一起，連結商業卓越、營運卓越與持續改善。

At the center are our people and our culture. Low ego, high collaboration and a shared commitment to doing the right things the right way. This is what makes our business resilient, supports strong Q1 performance and positions Ball to continue delivering disciplined execution and long-term value creation, regardless of the external environment.

核心是我們的人才與文化：低自我、高協作，以及以正確方式做正確事情的共同承諾。這正是讓我們的業務具備韌性、支撐第一季強勁表現，並使 Ball 無論外部環境如何都能持續交付紀律化執行與長期價值創造的關鍵。

The Ball Business System is how we operate, and EVA remains our North Star. Together, they drive disciplined execution and capital allocation, enabling us to deliver results. That discipline showed up in our first quarter performance. We executed well and stayed focused on the levers we control, earning returns above our cost of capital while maintaining flexibility.

Ball Business System 是我們的營運方式，而 EVA 仍是我們的北極星。兩者共同推動紀律化執行與資本配置，使我們能交付成果。這份紀律也體現在第一季表現上。我們執行到位並聚焦於可控的槓桿，在維持彈性的同時，取得高於資本成本的報酬。

This approach underpins our growth algorithm of 10%-plus comparable diluted EPS growth, strong free cash flow and consistent returns to shareholders. The results we delivered this quarter are a direct outcome of this operating and financial discipline, and they set up the discussion on our performance in the quarter.

這種做法支撐我們的成長演算法：可比稀釋 EPS 成長 10% 以上、強勁自由現金流，以及對股東的穩定回饋。我們本季交出的成果，正是這套營運與財務紀律的直接結果，也為我們接下來討論本季表現奠定基礎。

Turning to our first quarter performance. We had a good start to 2026. Global volumes were up nearly 1% year-over-year, reflecting slightly stronger-than-expected volumes in North America and in-line performance in South America, partially offset by volumes in EMEA.

接著談第一季表現。我們在 2026 年有個良好開局。全球銷量年增近 1%，反映北美銷量略優於預期、南美表現符合預期，但部分被 EMEA 的銷量所抵銷。

What stands out is our execution. Comparable operating earnings grew 10% year-over-year, exceeding our 2 times operating leverage objective for the quarter. That performance flowed through to the bottom line with comparable diluted EPS up 22% year-over-year, driven by strong operational execution, cost discipline and capital allocation.

最突出的仍是我們的執行力。可比營業利益年增 10%，超越我們本季「2 倍營運槓桿」的目標。這樣的表現也反映在最終獲利上：可比稀釋 EPS 年增 22%，主要由強勁的營運執行、成本紀律與資本配置所帶動。

The first quarter performance reinforces our confidence in delivering 10%-plus EPS growth for the full year. We also remain focused on shareholder returns and are on track to deliver in the range of $800 million to shareholders in 2026.

第一季表現強化我們對全年可比 EPS 成長 10% 以上的信心。我們也持續聚焦股東報酬，並按計畫在 2026 年向股東回饋約 8 億美元的區間。

Operationally, we continue to advance our priorities, including completing the Benepack acquisition to expand EMEA capacity and making good progress at our Millersburg, Oregon facility, which remains on track towards full ramp up in 2027. Overall, this was a solid first quarter that reflects the resilience of our business, disciplined execution and the strength of our operating model.

在營運面，我們持續推進優先事項，包括完成 Benepack 收購以擴充 EMEA 產能，以及在俄勒岡州 Millersburg 廠取得良好進展，該廠仍按計畫於 2027 年達到全面爬坡。整體而言，這是一個穩健的第一季，反映我們業務的韌性、紀律化執行與營運模式的強度。

With that outlook in mind, I'll let Dan walk you through the details of our first quarter financial performance and provide more color on our current expectations for 2026.

基於上述展望，我將請 Dan 帶各位深入了解第一季財務表現細節，並就我們目前對 2026 年的預期提供更多說明。

Over to you, Dan.

交給你了，Dan。

Thank you, Ron. Before walking through our first quarter 2026 performance, I want to spend a moment on the changes we made to our financial reporting this quarter.

謝謝你，Ron。在說明 2026 年第一季表現之前，我想先花一點時間談談我們本季對財務報導所做的調整。

As you saw in the earnings release this morning, we updated how we report our segment financials. As Ron and I stepped into our roles, we took a fresh look at how we measure performance and aligned accountability across the organization. It became clear that we needed to more clearly distinguish between operating decisions made within the businesses and financing decisions made at the corporate level.

如同你今天早上在財報新聞稿中所見，我們更新了分部財務的揭露方式。當 Ron 與我就任後，我們重新檢視衡量績效的方法，並在全組織對齊責任歸屬。我們清楚看到，需要更明確區分：由各事業單位所做的營運決策，以及由公司層級所做的融資決策。

As a result, we amended our definition of comparable operating earnings to exclude such items as factoring fees, interest income and other impacts driven by corporate financing activity rather than the underlying operations. Importantly, these financing-related items remain included in comparable net earnings and comparable diluted EPS. So there is not a material change to how we measure or report overall company earnings.

因此，我們修訂了可比營業利益的定義，排除例如保理費用、利息收入，以及其他由公司融資活動而非基礎營運所驅動的影響。重要的是，這些與融資相關的項目仍納入可比淨利與可比稀釋 EPS。因此，我們衡量或揭露公司整體獲利的方式並未出現重大變動。

In addition, we moved our beverage can plants in India and Myanmar into the EMEA segment, which has had management and P&L responsibility for those operations for several years. We believe these changes provide a clearer view of underlying operating performance by segment while continuing to give investors full transparency into our consolidated financial results. And to be clear, these changes do not materially impact comparable net earnings or comparable diluted EPS.

此外，我們將印度與緬甸的飲料罐工廠移入 EMEA 分部；該分部多年來一直對這些營運負有管理與損益責任。我們相信，這些調整能更清楚呈現各分部的基礎營運表現，同時持續向投資人完整透明地揭露合併財務結果。並且再次強調，這些變更不會對可比淨利或可比稀釋 EPS 造成重大影響。

Additional information can be found in notes of the earnings press release as well as on investors.ball.com under Financial Results. With that context, I'll now walk you through our first quarter 2026 financial performance.

更多資訊可於財報新聞稿附註中查閱，也可至 investors.ball.com 的 Financial Results（財務結果）頁面取得。有了上述背景，我現在將帶各位回顧 2026 年第一季財務表現。

Overall, the business delivered a good start to the year. Global shipped beverage volumes increased approximately 1% year-over-year, low single-digit volume growth in North America and EMEA, partially offset by lower volumes in South America. Despite ongoing geopolitical and macroeconomic events, our teams executed well across the business.

整體而言，業務在今年有個良好開局。全球出貨的飲料罐銷量年增約 1%；北美與 EMEA 為低個位數成長，但部分被南美較低的銷量所抵銷。儘管地緣政治與總體經濟事件仍在持續，我們的團隊在各項業務上都執行到位。

Comparable operating earnings increased 10% year-over-year. That performance translated into comparable diluted earnings per share of $0.94, up 22% year-over-year. This first quarter performance reflects the strength and resilience of our operating model and is consistent with the financial framework we've laid out for 2026.

可比營業收益年增 10%。該表現轉化為可比稀釋每股盈餘為 0.94 美元，年增 22%。第一季的表現反映了我們營運模式的強勁與韌性，並與我們為 2026 年所制定的財務架構一致。

In North and Central America, segment comparable operating earnings increased 2.5% in the first quarter. Volumes increased low single-digit percent year-over-year, reflecting slightly stronger demand, particularly in energy drinks and non-alcoholic beverages.

在北美與中美洲，該分部第一季可比營業收益成長 2.5%。銷量年增低個位數百分比，反映需求略為轉強，尤其是在能量飲料與非酒精飲料方面。

The team continues to execute at a high level, supporting customers, managing cost and navigating a dynamic operating environment. As we look to the remainder of 2026, we continue to expect volume growth at the low end of our long-term range of 1% to 3%. As previously discussed, we anticipate $35 million of start-up costs related to the Millersburg facility and US domestication of ends to begin later this year. While these costs represent a near-term headwind, they support long-term volume growth and operating leverage.

團隊持續以高水準執行，支援客戶、管理成本並因應多變的營運環境。展望 2026 年剩餘期間，我們仍預期銷量成長將落在我們長期 1% 至 3% 區間的低端。如先前所述，我們預期與 Millersburg 廠以及罐蓋（ends）美國在地化相關的啟動成本約 3,500 萬美元，將於今年稍晚開始發生。雖然這些成本在短期內構成逆風，但可支撐長期的銷量成長與營運槓桿。

In EMEA, segment comparable operating earnings increased 20% in the first quarter. Volumes were up low single-digit percent year-over-year. The team continues to perform well operationally. And during the quarter, we completed the Benepack acquisition, further strengthening our European footprint and expanding capacity in Hungary and Belgium.

在 EMEA（歐洲、中東與非洲），該分部第一季可比營業收益成長 20%。銷量年增低個位數百分比。團隊在營運面持續表現良好。此外，本季我們完成 Benepack 收購案，進一步強化我們在歐洲的布局，並擴增匈牙利與比利時的產能。

As we integrate these assets, we see meaningful opportunity to drive both volume growth and operating leverage as capacity is filled. For 2026, with the inclusion of Benepack, we continue to expect volume growth above the top end of our long-term 3% to 5% range, along with operating leverage of 2 times.

在整合這些資產的過程中，隨著產能逐步被填滿，我們看到推動銷量成長與營運槓桿的顯著機會。2026 年在納入 Benepack 後，我們仍預期銷量成長將高於我們長期 3% 至 5% 區間的上緣，同時營運槓桿為 2 倍。

In South America, segment comparable operating earnings were flat in the first quarter. Volumes declined mid-single-digit percent year-over-year, reflecting customer timing and inventory position coming into the quarter.

在南美洲，該分部第一季可比營業收益持平。銷量年減中個位數百分比，反映客戶拉貨時點以及進入本季時的庫存水位。

Despite lower volumes, the team remained disciplined on cost and execution, supporting earnings and positioning the business well as growth normalizes in the next three quarters. Looking ahead, we continue to expect volume growth at the low end of our long-term range of 4% to 6% in 2026 with operating leverage of 2 times.

儘管銷量較低，團隊在成本與執行上仍維持紀律，支撐獲利並在未來三季成長回歸常態時，讓業務處於良好位置。展望未來，我們仍預期 2026 年銷量成長將落在我們長期 4% 至 6% 區間的低端，營運槓桿為 2 倍。

Focusing on modeling details for 2026. As Ron noted, with the resilience of our business and our pass-through models, we continue to 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.

接著聚焦 2026 年的模型細節。如 Ron 所提到，憑藉我們業務的韌性與成本轉嫁（pass-through）模式，我們仍預期可按計畫達成我們的演算法：可比稀釋 EPS 成長 10% 以上。我們預期 2026 年自由現金流將超過 9 億美元。

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. CapEx is expected to be in line with GAAP D&A in 2026. Full year 2026 reported adjusted corporate undistributed costs recorded in other nonreportable are expected to be in the range of $175 million.

我們預期 2026 年全年、以可比盈餘計算的有效稅率將略高於 23%。2026 年全年利息費用預期介於 3.2 億美元。2026 年資本支出（CapEx）預期將與 GAAP 折舊與攤銷（D&A）大致一致。2026 年全年列報之調整後公司未分攤成本（記錄於其他不可報導項目）預期介於 1.75 億美元。

We anticipate year-end 2026 net debt to comparable EBITDA to be around 2.7 times, and we will repurchase 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.

我們預期 2026 年底淨負債對可比 EBITDA 約為 2.7 倍，且我們將至少回購 6 億美元股票，這將使我們 2026 年對股東的總資本回饋達到 8 億美元。此外，上週 Ball 董事會宣告其季度現金股利。

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

接下來我把時間交回給 Ron。

Thanks, Dan. Overall, our strong first quarter results reflect exactly how we intend to run Ball. Amid ongoing geopolitical and macroeconomic factors, our teams stayed focused on what we control, serving our customers, running our operations with discipline and allocating capital through an EVA lens.

謝謝，Dan。整體而言，我們強勁的第一季結果，正反映了我們打算如何經營 Ball。在地緣政治與總體經濟因素持續影響之際，我們的團隊專注於我們可控的事項：服務客戶、以紀律方式營運，並以 EVA 的視角進行資本配置。

The Ball Business System and our strategic pillars are not theoretical. They are driving resilience in our business and translating into earnings, cash generation and returns for shareholders. We had a good start to 2026, and just as importantly, we are executing in a way that reinforces our confidence in the year ahead.

Ball 商業系統與我們的策略支柱並非紙上談兵；它們正在驅動我們業務的韌性，並轉化為獲利、現金創造與股東報酬。我們在 2026 年有個良好開局；同樣重要的是，我們的執行方式也強化了我們對未來一年的信心。

Thank you. And with that, we are ready for your questions.

謝謝。接下來我們準備回答各位的提問。

(Operator Instructions) George Staphos, Bank of America.

（接線員指示）美國銀行（Bank of America）的 George Staphos。

Question for you first. With the performance, are you seeing any effects that you could call out from the Middle East tensions in terms of increased costs that won't necessarily be passed through real time this year, any effects on volume? Particularly as regards to Europe, was there any effect on the segment's volumes related to the conflict that you could call out? And then I had a couple of follow-ons.

先請教一個問題。就目前的表現而言，你們是否看到中東緊張局勢帶來任何影響，例如成本上升但今年未必能即時轉嫁的部分，或對銷量的影響？特別是就歐洲而言，該分部的銷量是否受到衝突影響而有任何可指出之處？另外我還有幾個追問。

George, thanks for the question. Nice to talk to you. From the impact on the Middle East, first, it's important to note that we do not have any direct business in the Middle East. And as a rule of thumb, we maintain supply chains that are as short as possible. So there's no supply assurance impacts either for our business or for our customers.

George，謝謝你的問題，很高興和你交流。關於中東的影響，首先要指出的是，我們在中東沒有任何直接業務。並且作為一項經驗法則，我們維持盡可能短的供應鏈。因此，無論對我們的業務或客戶，都沒有供應保障方面的影響。

It is a fact, however, that the cost of all things, commodities that are affected by the conflict in the Middle East, have affected our business like others, especially aluminum. And that's where our resilient business model comes to the fore. The way that our contracts work generally is we pass on the cost of aluminum to our customers on an immediate basis, and then they choose how they will manage that cost impact.

然而，確實所有受中東衝突影響的商品成本，都像其他公司一樣影響了我們的業務，尤其是鋁。而這正是我們具韌性的商業模式發揮作用之處。我們合約的一般運作方式是：我們會即時將鋁的成本轉嫁給客戶，接著由客戶決定如何管理該成本衝擊。

So thus far, the can is winning. The can is winning in every region we operate. And EMEA is no different than that of North America or South America. Our volumes are actually accelerating as we begin the second quarter of the year across all of our businesses, and EMEA is no different from that.

因此截至目前，罐裝正在勝出。在我們營運的每個地區，罐裝都在勝出。EMEA 也不例外，與北美或南美相同。隨著我們進入第二季，我們所有業務的銷量實際上正在加速，EMEA 也同樣如此。

Okay. Appreciate that, Ron. Maybe the related question, did European volume perform as you'd expected? Or were there any one-off factors that might have led to better or worse performance? Related, are there any important contracts qualitatively that we should at least have in the back of our mind that you'll be managing against and to renegotiate for 2027?

好的，感謝你，Ron。接著一個相關問題：歐洲銷量表現是否符合你們的預期？或是否有任何一次性因素導致表現較好或較差？另外，從質性角度來看，是否有任何重要合約是我們至少應該放在心上、你們將在 2027 年面對管理與重新談判的？

And then lastly, with Europe, with the contracts, the last point being we appreciate all the detail you're giving us and the granularity and getting back to basically operating performance within the segments. Are there any other metrics that you would call out that you're using as a guide point or a North Star, to use your term, for the segment in terms of profitability over time beyond the 2 times leverage? Good luck in the quarter.

最後，關於歐洲與合約的部分：我們很感謝你們提供的細節與顆粒度，並回到各分部的營運表現。除了 2 倍槓桿之外，就分部長期獲利能力而言，是否還有其他你們會特別點出的指標，作為你們所稱的指引或「北極星」？祝本季順利。

Thanks, George. So any one-offs related to our EMEA volume would be specifically, we purchased the business known as Benepack, the two plants, one in Belgium and one in Hungary. And we purchased that from basically the beginning of February. We assumed that we would have it from the beginning of the year. So that probably affected what we had versus what we had planned.

謝謝你，George。關於 EMEA 銷量的任何一次性因素，具體而言是：我們收購了名為 Benepack 的業務，兩座工廠分別位於比利時與匈牙利。我們是從 2 月初起基本上開始擁有該業務。我們原先假設會從年初就納入，因此這可能影響了實際結果相對於原先規劃的差異。

The second thing is, we sold a business in Saudi Arabia called UAC. And that business was reported previously in our other segments, and with the change in our segment reporting, that's now from a comparable perspective, Q1 of last year is reported in our business. So that shows up as a headwind in our business.

第二點是，我們出售了沙烏地阿拉伯的一項業務，名為 UAC。該業務先前列報在我們的其他分部中；隨著我們分部揭露方式的變更，從可比角度來看，去年第一季是列在我們的業務中。因此在我們的業務中呈現為一項逆風。

Those two things probably would have been some one-offs for us. But the core of our Europe business, we believe we're in line with market. We're within our algorithm that we talk about in the 3% to 5% growth, and we feel pretty good about how we started the year there, basically as expected.

這兩點大概就是我們的一些一次性因素。但就歐洲業務的核心而言，我們認為我們與市場表現一致。我們落在我們所談到的 3% 至 5% 成長演算法之內，且我們對今年在當地的開局感到相當不錯，基本符合預期。

You asked about contracts. It gives me a moment to just say that for this year, we are fully contracted. And we actually are volume constrained in North America, as you know, and we have been volume-constrained in Europe because it grew so fast last year as did North America.

你問到合約，這也讓我有機會補充：今年我們已完全簽約。實際上，如你所知，我們在北美受到產能限制；而在歐洲也曾受到產能限制，因為去年歐洲成長非常快，北美亦然。

And those two things are why we are building a plant in North America and why we acquired the Benepack plants. So we're sold for 2026. For 2027, we're more than 90% sold and out through the end of the decade, we are basically 50% sold. So no, we don't have any specific contracts that we are concerned about. We've got long-term contracts in place.

而這兩點正是我們在北美興建新廠、以及收購 Benepack 工廠的原因。因此 2026 年我們的產能已售罄。至於 2027 年，我們已售出超過 90%；而一直到本十年末，我們基本上已售出約 50%。所以不，我們沒有任何特別擔心的合約；我們已簽有長期合約。

And that's just the nature of this business, which makes it a wonderful business to be in because we're able to establish some great long-term relationships that help our customers win and win with the can. As it relates to what metrics we would like to point you to, it would probably be operating earnings per can. And that's why we've had the segment changes that we did. And I'm sure we'll get questions about that as well.

而這就是這個產業的本質，這也讓它成為一個很棒的產業，因為我們能夠建立一些很好的長期關係，幫助客戶成功，也讓我們在罐裝業務上一起成功。至於我們希望你們關注哪些指標，可能會是每罐的營業利益。這也是我們進行部門調整的原因。我相信我們也會被問到相關問題。

But it's basically we want to have the most transparent, clean way for you all that analyze and comment on us and advise on us. We want you to have the cleanest look you can at us. So operating earnings per can would be the metric that we would point you to.

但基本上，我們希望讓各位分析、評論我們並提供建議的人，能以最透明、最清楚的方式來看我們。我們希望你們能以最乾淨的視角來檢視我們。因此，我們會指引你們關注的指標就是每罐營業利益。

Ghansham Panjabi, Baird.

Ghansham Panjabi，Baird。

I guess, just picking up on the last question from George. So if I have this right, it looks like 1Q was pretty much in line with your expectations on a volumetric basis, but was really the operating leverage that was quite strong. And if that's accurate, can you just give us the specifics, Ron, on what drove that improvement in operating earnings specific to the first quarter?

我想接續 George 的上一個問題。如果我理解正確，看起來第一季在銷量（volume）面大致符合你們的預期，但營運槓桿表現非常強勁。若這個判斷正確，Ron，你能否具體說明第一季營業利益改善的驅動因素是什麼？

Yes. Ghansham, nice to hear your voice. Thanks for the question. I would say, yes, we were largely in line with what we expected from a volume perspective, even with our South America business down year-on-year. We were probably a little bit ahead of what we expected in North America.

好的。Ghansham，很高興聽到你的聲音，謝謝你的問題。我會說，是的，從銷量角度來看，我們大致符合預期，即使我們的南美業務年對年下滑。我們在北美可能略優於預期。

And we were a little bit behind in EMEA. And let me just take a moment to talk about volume. While we were down in South America -- well, how did we compare versus the market? We think we were in line with market in North America. We think we were in line with the market in EMEA, and we were obviously below the market in South America given what our competitors have already publicly stated.

而在 EMEA 我們略低於預期。我也想花點時間談談銷量。雖然我們在南美下滑——那我們相對於市場表現如何？我們認為在北美我們與市場大致一致；在 EMEA 我們也認為與市場一致；而在南美，考量到競爭對手已公開說明的情況，我們顯然低於市場。

As we begin Q2 at an enterprise level, our volumes as we finished April were up mid-single digits. Again, that's as we expected them to be. And importantly, our South America business is up 20% April on April, and that erases all of the declines we saw in Q1, and we're back to flat volume for the year.

進入第二季，以企業整體層級來看，我們在 4 月底的銷量年增中個位數。再次強調，這符合我們的預期。更重要的是，我們南美業務 4 月較去年 4 月成長 20%，這抹平了我們在第一季看到的所有下滑，使我們今年迄今的銷量回到持平。

So we are very confident in our predictions for how our business will finish on a volume basis for 2026. We expect to finish in our 2% to 3% -- towards the top end of our range of the 2% to 3% volume at enterprise level, and we expect North America to be towards the bottom end of our range because we are capacity constrained.

因此，我們對於 2026 年我們業務在銷量面的收官預測非常有信心。我們預期企業整體層級的銷量將落在 2% 到 3% 的區間，並偏向區間上緣；而北美我們預期會偏向區間下緣，因為我們受到產能限制。

We expect EMEA to be above the 3% to 5% commitment that we've made because of the inorganic acquisition that we made as well as a business that's performing in line or better with market. And in South America, we expect to still achieve the 4% to 6% volume growth as it relates to our long-term commitment.

我們預期 EMEA 會高於我們承諾的 3% 到 5%，原因包括我們進行的非有機併購，以及業務表現與市場一致或優於市場。在南美方面，我們仍預期能達成與長期承諾一致的 4% 到 6% 銷量成長。

Now as for the operating leverage, maybe I'll give Dan Rabbitt a moment to reflect on that for us because I think I want to hear his voice in this meeting, and I think you do, too.

至於營運槓桿，也許我先請 Dan Rabbitt 花點時間替我們回應，因為我想在這場會議中聽聽他的聲音，我想你們也一樣。

Yes. Thank you, Ron, and Ghansham, thanks for the question. We are, as we've been speaking to a lot of you all, very focused on trying to improve the profitability. And that is why Ron really highlighted the growing importance of our metric of profit per can.

好的。謝謝你，Ron，也謝謝 Ghansham 的問題。正如我們最近與許多各位交流時所提到的，我們非常專注於提升獲利能力。這也是 Ron 特別強調「每罐獲利」這項指標重要性日益提升的原因。

We measure it in profit per thousand being manufacturers, but regardless, it's profit per can focus. And I think the business is responding very well to how -- to this focus. And you've seen -- we saw good performance, good cost management, good pass-through of our cost really on top of our game that came through to deliver that 10% growth on operating earnings quarter-over-quarter.

身為製造商，我們以「每千罐獲利」來衡量，但不論如何，核心就是聚焦每罐獲利。我認為公司對這個聚焦的反應非常好。你們也看到——我們看到良好的表現、良好的成本管理、以及對成本的良好轉嫁；整體執行到位，最終帶動營業利益季對季成長 10%。

Okay. Fantastic. Very comprehensive. And then just on the resegmentation, if you will, and just moving the plants in India and Myanmar to the EMEA segment, should we take away from this that you're just going to focus on North America, Europe and Latin America and not so much on the emerging markets, including those regions? Or is it just an interim move, if you will, before you start looking at capital deployment in the other regions, the emerging markets outside of South America?

好的，太棒了，非常全面。接著關於你們所謂的重新分部（resegmentation），也就是把印度與緬甸的工廠移到 EMEA 部門，我們是否可以解讀為你們將只聚焦北美、歐洲與拉丁美洲，而不太聚焦新興市場（包含那些地區）？還是說這只是過渡性的調整，之後你們會開始評估在其他地區、也就是南美以外的新興市場進行資本配置？

Let me start with that question, Ghansham. Thank you for it. And I know we probably have some follow-up work to do with you and others after this call. But number one, the reason we made this segment operating change is this is the way we manage our business. It really is.

Ghansham，讓我先回答這個問題，謝謝你。我也知道在這通電話之後，我們可能需要和你以及其他人做一些後續說明。但第一，之所以做這次部門營運調整，是因為這就是我們管理業務的方式，確實如此。

We -- the management team that manages our EMEA business is also the management team that manages those plants that we've now included in our EMEA business. So we're doing it for the way that we operate our business. We want you to look at us and advise on us the way we operate our business.

我們——管理 EMEA 業務的管理團隊，同時也負責管理我們現在納入 EMEA 業務的那些工廠。所以我們這麼做是基於我們實際營運業務的方式。我們希望你們以我們營運業務的方式來看我們、並對我們提出建議。

Number two, we want it to be as clean as possible for you and others to analyze us from an operating earnings perspective. So it's about transparency for us, both the way we operate internally and the way that we want you to look at us.

第二，我們希望從營業利益的角度，讓你們以及其他人能以盡可能乾淨的方式來分析我們。所以這關乎透明度：既包括我們內部如何運作，也包括我們希望你們如何看待我們。

The three regions in which we operate, including those regions that we've now added to our EMEA business, are our core business, and we are the market leader in North America, South America and what is our EMEA business, the footprint that we have there. And we're very excited about our EMEA business. It's a growing business, especially those parts of the world that we just added.

我們營運的三大區域——包含我們現在新增納入 EMEA 業務的那些地區——都是我們的核心業務。我們在北美、南美以及我們的 EMEA 業務（也就是我們在那裡的布局版圖）都是市場領導者。我們對 EMEA 業務非常振奮。這是一個成長中的業務，尤其是我們剛新增的那些地區。

India is growing high teens and has been for years, and you saw us add capacity and announce additional capacity adds to India and you see our competitors looking to add capacity there. So it's a great market, and there are other great markets out there. I wouldn't take from this that we are focusing only and solely on the markets we operate in.

印度的成長率長期維持在十幾%的高檔，且多年如此；你們也看到我們在印度擴增產能並宣布進一步的擴產計畫，也看到競爭對手正尋求在那裡擴產。所以那是一個很棒的市場，外面也還有其他很棒的市場。我不會因此解讀為我們只、且僅聚焦於目前營運的市場。

And maybe, Dan, if you wouldn't mind commenting a bit on the other segment changes.

Dan，如果你不介意的話，也請你稍微評論一下其他的部門調整。

Yes. As far as the segments goes, the other thing that we did noteworthy really and was taking out the financing, the treasury-related items of the businesses to allow for better transparency on how the businesses are performing.

好的。就部門而言，我們做的另一個值得注意的調整，是把融資、財務（treasury）相關項目從各業務中剔除，以便更透明地呈現各業務的經營表現。

And we really like our prospects in all three regions. And as you know, we measure everything from how we want to grow this company through the lens of EVA, and we see great opportunities in all three of our regions. And -- so I think now you have a better picture on how they're performing.

而且我們非常看好三大區域的前景。如各位所知，我們透過 EVA 的視角來衡量公司成長方式，我們在三個區域都看到很好的機會。因此，我想你們現在能更清楚地看到它們的表現。

And really, if the changes may be contrary to what people might think is actually were slightly negative, but the operating earnings would have been higher had we not made them on the quarter. I think over the long haul, we see this as a de minimis change. And again, reinforcing that the net earnings really have not changed. We're really materially the same place where we are when you look at the bottom line.

而且其實，這些變更若與人們可能的想法相反，對本季而言是略為負面；如果我們沒有做這些變更，本季的營業利益會更高。我認為從長期來看，我們視之為影響極小（de minimis）的變動。再次強調，淨利並沒有改變；從最終損益（bottom line）來看，我們實質上仍在同一個位置。

Anthony Pettinari, Citi.

Anthony Pettinari，Citi。

This is Bryan Burgmeier on for Anthony. Just wanted to ask about tariffs. Curious if there's any impact to Ball from sort of the latest changes announced early last month, specifically just thinking about covering some of the derivative products or applying the tariff value to the whole value of the product, and conversely, maybe some changes to Mexican beer. Just not sure if that alters the view for Ball at all.

我是代替 Anthony 的 Bryan Burgmeier。我想問關於關稅的問題。想了解上個月初宣布的最新變動，是否對 Ball 有任何影響；特別是想到可能涵蓋某些衍生產品，或是將關稅計價基礎適用於產品的整體價值；反過來，也可能有一些針對墨西哥啤酒的變動。我不確定這是否會改變 Ball 的看法或影響。

Bryan, thanks for the question. Again, the tariffs that manage and govern the aluminum ecosystem and industry are Section 232. That's what's most impactful on aluminum cost and pricing. And the recent changes, I think they're de minimis for our business. There's a slight positive for products that can come to the US filled products, be they impact extruded aerosol packages or, as you said, beverage packages that are filled. So net-net, it could be slightly positive. But we're focused on serving our customers. And when they look for supply from us, that's what we're intending to do. And yes, so far, so good.

Bryan，謝謝你的問題。再次說明，管理並規範鋁生態系與產業的關稅是《232 條款》（Section 232）。這對鋁成本與定價的影響最大。至於近期的變動，我認為對我們業務的影響非常小（de minimis）。對於可以以「已填充產品」形式進入美國的產品，可能略為正面，不論是衝擊擠製（impact extruded）的氣霧罐包材，或如你所說、已填充的飲料包材。因此整體而言，可能略為正面。但我們的重點仍是服務客戶；當客戶向我們尋求供應時，這就是我們要做的。是的，目前為止一切順利。

Got it, got it. And then you touched on India already, but just wanted to follow up there. You've seen maybe some reports about like energy shortages or material shortages. Just curious if that region has been impacted at all by what's going on in the Middle East? And it seems like a pretty good growth outlook over there. But yes, if you could just maybe share some details on the near term and long term for India.

了解，了解。接著你剛才已經提到印度，但我想再追問一下。我們可能看到一些報導提到能源短缺或原物料短缺。想請教一下，該地區是否有受到中東局勢的任何影響？而且那邊看起來成長前景相當不錯。不過是的，如果你方便的話，能否分享一下印度的短期與長期展望細節。

Sure. Thanks, Bryan. India, for sure, is an exciting place. That's the real story is that we've seen multiple years of high teens plus 20% growth. So the can industry is really moving quickly to establish supply locally as we are. As I noted, we've recently added capacity to one of our 2two plants there, and we've announced adding of capacity to the second of our plants.

當然。謝謝你，Bryan。印度確實是一個令人振奮的市場。真正的重點是，我們已經看到連續多年高十幾％、甚至超過20%的成長。因此，製罐產業正快速推進、像我們一樣在當地建立供應能力。如我提到的，我們最近已在當地兩座工廠中的其中一座新增產能，並且也已宣布將在第二座工廠擴增產能。

So that's the real story of just managing growth in a high-growth market with capacity constraints. There are continuing to be imports into that country because we cannot, as an industry, manage to fulfil all the demand locally and there are some minor supply chain disruptions in that market that are, I think, come and gone.

所以真正的故事是在一個高成長市場、且產能受限的情況下如何管理成長。由於整個產業無法在當地滿足所有需求，該國仍持續有進口；同時那個市場也有一些輕微的供應鏈干擾，我認為已經發生過、也已經過去了。

So we're running our plants and our plants at capacity. So if there there's any -- there was no material impact and nothing to note really to talk about on this call, and we're excited about the long-term prospects of India.

所以我們的工廠都在滿載運轉。如果有任何——其實並沒有實質影響，也沒有什麼特別需要在這通電話上說明的。我們對印度的長期前景感到非常興奮。

Phil Ng, Jefferies.

Phil Ng，Jefferies。

This is John on for Phil. I just wanted to start on EMEA. The comparable EMEA earnings came in quite a bit better than we expected. It sounded like Benepack wasn't much of a contributor, at least compared to where you were thinking it was going to close. But you did note that the FX actually supported the earnings in the segment.

我是代替Phil的John。我想先從EMEA談起。EMEA的可比盈餘表現比我們預期好很多。聽起來Benepack的貢獻不大，至少相較於你們原先預期其完成交割的時間點而言。不過你們也提到匯率實際上對該事業部的盈餘有支撐。

Could you just maybe give us a little bit more detail on what drove some of the higher year-over-year comparable EBIT in the quarter?

你能否再多提供一些細節，說明本季可比EBIT年對年較高的主要驅動因素是什麼？

Sure. This is Dan. I mean, I think we have to start with is that the business performed really well. We're, again, focusing very much on improving profit. This region really has probably the most runway to improve profit, and indeed, they're doing that.

當然。我是Dan。我想首先要說的是，業務表現非常好。我們再次強調，重點放在提升獲利。這個區域可能是最有空間提升獲利的，而他們確實正在做到。

So I think it's a credit to that. But when you look at the overall puts and takes that Ron previously had talked about, the driver of this region is the EMEA segment, as you've always heard about at the last few years. It is performing very well. We're getting good now with the India plants and the Myanmar plant coming in. Those two are showing growth and good operating leverage as well.

所以我認為這要歸功於他們。但如果你看Ron先前提到的整體增減因素，這個區域的驅動力就是EMEA事業部——過去幾年你們一直聽到的那個。它表現非常好。隨著印度工廠與緬甸工廠逐步到位，這兩個據點都展現成長與良好的營運槓桿。

So I think the two inorganic opportunities that we took on buying Benepack and selling the UAC really kind of neutralize each other. So I think really mostly what's happening is good performance in this segment.

所以我認為我們做的兩個非有機機會——收購Benepack以及出售UAC——基本上彼此抵消。因此我認為主要發生的事情，就是這個事業部本身的良好表現。

Great. And maybe you could just quantify how much the FX supported earnings in 1Q? And then my second question is just on the corporate undistributed costs. It sounds like they stepped up. Maybe that was just a factor of some of the recasting that you did, but going up to $175 million, I think you said. Could you just tell us what's going on there?

很好。那你能否量化一下第一季匯率對盈餘的支撐有多少？第二個問題是關於公司層級未分攤成本。聽起來它們有所上升。也許只是你們做了一些重分類的因素，但你說上升到1.75億美元。能否說明一下那邊發生了什麼？

Yes. Well, a lot of the positive FX now is moving out of the segment reporting for what we did. So -- but for the company as a whole, I think we probably had about $15 million of positive earnings from the translation and a lot of that is the euro when you compare it year-over-year from the first quarter because it was at a low point a year ago and now it's kind of, I don't know, about [0.15] higher on the foreign exchange.

可以。現在很多正面的匯率影響，因為我們所做的處理，已經從事業部報告中移出——但就整體公司而言，我想我們大概有約1,500萬美元的正向盈餘來自換算影響，其中很大一部分是歐元；若與去年第一季年對年相比，當時歐元在低點，而現在大概高了約0.15（匯率點數）。

As it relates to EMEA specifically, John, I think it was less than half of the gain in operating earnings in our EMEA business was related to FX.

就EMEA本身而言，John，我認為我們EMEA業務營業利益增幅中，與匯率相關的部分不到一半。

Great. And then the corporate undistributed?

很好。那公司未分攤成本呢？

That's what I think Dan referred to earlier, which was the $15 million.

我想那就是Dan先前提到的，也就是那1,500萬美元。

I apologize.

抱歉。

So there's a corporate undistributed. That's where we put the FX gains and losses as the translational impact on EMEA was less than half of the operating earnings gain, and that's what you heard from others in the industry as well.

所以有一個公司未分攤項目。我們把匯兌損益放在那裡，因為EMEA的換算影響不到營業利益增幅的一半；而且你也從產業內其他公司聽到類似的情況。

Edlain Rodriguez, Mizuho Securities.

Edlain Rodriguez，瑞穗證券。

I mean, clearly, I mean, one, we are clearly in an inflationary environment globally. Like how do you expect this to impact consumer mood and ability to spend? And if there is any impact, like in which region would you expect to kind of start seeing that first?

我的意思是，很明顯地，第一，我們全球都處在通膨環境。你們預期這會如何影響消費者情緒與支出能力？如果會有影響，你們預期會先在哪個區域開始看到？

Thanks for the question. Well, first of all, the can is winning in every single region in which we operate, and it continues to take share from other substrates. That was true last year and the year before and the year before, and it's true this quarter, and we believe it will be true for the foreseeable future. So the can is winning. And we can -- you see the same data we see, and we're really pleased for that.

謝謝你的問題。首先，鋁罐在我們營運的每一個區域都在勝出，並且持續從其他包材基材手中取得市占。去年如此、前年如此、再前一年也如此，本季也是如此，我們相信在可預見的未來也會如此。所以鋁罐正在勝出。我們看到的數據跟你們看到的一樣，我們對此非常高興。

And why is that? It's because of the unique nature of the can. It provides a robust transportation. It provides a robust shelf life. The can has a shelf life of the year. It provides a great billboard effect. You could sell it as singles, multiples. I mean, I can talk for hours about the benefits and -- of filling your product in an aluminum beverage package and especially one made by Ball. So that's what makes it unique and helpful.

那為什麼會這樣？因為鋁罐具有獨特性。它提供穩健的運輸特性，提供穩健的保存期限。鋁罐的保存期限可達一年。它也提供很好的「看板」效果。你可以單罐賣、也可以多入組合賣。我的意思是，我可以花好幾個小時談把產品充填在鋁製飲料包裝中的好處——尤其是由Ball製造的。所以這就是它獨特且有幫助之處。

As it relates to inflation on the consumer, I mean, all inflation -- all costs are going up. And all I can say is our customers are excited about winning with the can as well. Every time I go to one of our plants, I see new promotional activity coming into summer, especially in the Northern Hemisphere.

至於通膨對消費者的影響，我的意思是，所有通膨——所有成本都在上升。我能說的是，我們的客戶也很期待透過鋁罐來贏得市場。每次我去我們的工廠，我都看到新的促銷活動在夏季來臨前進場，尤其是在北半球。

So every one of our plants is running and most of those labels are promotional labels. And I think our customers will continue to lean into the can as a means of helping them to support the consumer as they seek value.

所以我們每一座工廠都在運轉，而且那些標籤多數都是促銷標籤。我認為我們的客戶會持續加碼鋁罐，作為協助他們在消費者尋求「價值」時支持消費者的一種方式。

And Ron, I think the only other thing to add is that as consumer really is in place -- has headwinds, it tends to kind of retreat to doing more home consumption. And that's been the reason why it's remained so strong.

Ron，我想唯一還能補充的是，當消費者確實面臨——有逆風時，往往會轉向更多的居家消費。這也是它之所以能維持如此強勁的原因。

No, clearly, that's the case. And one quick one. In terms of like the pass-through mechanism you have for aluminum and other costs, can you remind us how much -- like is there a lag? And how much is that lag in terms of like how quickly you pass-through those costs?

不，顯然確實如此。再快速問一個。就你們對鋁以及其他成本的轉嫁機制而言，你能提醒我們大概有多少——例如是否有時間落差？以及這個落差大概多久、你們能多快把成本轉嫁出去？

Okay. Well, let me do very quickly. On aluminum, it's, I'd say immediate, and our other cost pass-throughs are formulaic in nature, and usually, they pass-through on an annualized basis. Is there more detail you'd like to add to that, Dan?

好的。我很快說一下。鋁的部分，我會說幾乎是即時；其他成本的轉嫁則是依公式機制，通常以年度化的方式轉嫁。Dan，你還想補充更細的內容嗎？

Yes. I think the two areas I would add on to that is that really we're talking about higher energy costs and how does that impact us. And Ron covered the aluminum, so I won't go back to that. It's really about the customer often pays for the freight, more often than not, pays for the freight, too. So that's a pass-through, too, and that's a fairly immediate pass-through in many circumstances.

是的。我想我會補充兩點：第一，我們真正談的是更高的能源成本，以及它如何影響我們。Ron已經談到鋁，所以我不再重複。第二，運費方面，客戶通常——多數情況下——也會負擔運費，所以那也是一種轉嫁，而且在很多情況下是相當即時的轉嫁。

And then when we look at the year, we always look at trying to hedge and lock in our energy cost. And so we're in a pretty good position from what it takes to run our plants right now, too.

另外，當我們看整年度時，我們一向會嘗試對能源成本進行避險並鎖定。因此，就目前營運工廠所需的成本而言，我們也處在相當不錯的位置。

And we do those hedging to align with our customer contracts so that we want to be valued for the additional values that we add to the aluminum that we buy and make into aluminum beverage cans and ends and bottles for our customers.

而且我們做這些避險，是為了與客戶合約對齊，因為我們希望市場能認可我們對所購買的鋁材所增加的附加價值——我們把它製成鋁製飲料罐、罐蓋與瓶罐，提供給客戶。

Mike Roxland, Truist Securities.

Mike Roxland，Truist Securities。

Congrats on all the progress. First question I had is, Dan, you just mentioned in response to John's question that the EMEA business has the most runway to improve profit and they're doing that. That segment was already achieving its operating leverage target, whereas North America isn't. So I'm just wondering what you see in terms of potential for EMEA and why it has the most runway relative to other businesses.

恭喜你們取得的所有進展。我第一個問題是，Dan，你剛才在回應John的問題時提到，EMEA業務在提升獲利方面有最大的空間，而且他們正在做到。該事業部原本就已達成其營運槓桿目標，而北美則尚未。因此我想了解，你對EMEA的潛力有何看法？以及為什麼相較於其他業務，EMEA擁有最大的提升空間？

Yes. Thanks, Michael. I think the main thing to do is when you take a look at the profit per can, EMEA is our lowest, okay? So for the regions. And they actually have been focused for several years and making the biggest strides on it and -- as far as the profit per can.

是的。謝謝你，Michael。我認為主要要做的是，當你看每罐利潤時，EMEA 是我們最低的，對吧？就各區域而言。而且他們其實已經專注了好幾年，在這方面——就每罐利潤而言——取得了最大的進展。

So that's why I highlight that there's the most opportunity and the most progress has been made, too, as we think about that from them. Your question about North America, really, right now for the last quarter or two, we see North America on target for trying to -- for the 2 times operating leverage. It's been pretty close to that number as we measure it both this quarter and last. So I think good things are happening in North America as well. And it is also increasing its profit per can, too, as we look at it.

所以這就是我強調那裡機會最大、而且我們也看到最多進展的原因。至於你問北美，坦白說，就最近一兩個季度而言，我們看到北美在朝「2 倍營運槓桿」的目標前進。以我們衡量的方式來看，本季與上季都相當接近那個數字。所以我認為北美也有不錯的進展。而且從我們的觀察來看，它的每罐利潤也在提升。

And if you don't mind, Dan, I'd like to add a few things. Mike, thanks for the question. How are we going to improve our -- why do we believe we can improve our operating earnings in Europe? It comes back to our operational excellence platform. Number one, we need to implement manufacturing standards in our business, and we're doing that.

如果你不介意，Dan，我想補充幾點。Mike，謝謝你的問題。我們要如何改善——為什麼我們相信能改善歐洲的營運獲利？這要回到我們的營運卓越平台。第一，我們需要在業務中導入製造標準，而我們正在做。

Number two, we need to manage our network well and adding two new plants in countries where we didn't operate in Belgium and in Hungary are certainly going to help us.

第二，我們需要把網路管理好；在我們過去未營運的國家——比利時與匈牙利——新增兩座新工廠，肯定會對我們有幫助。

And we're investing in our people and our systems. So those are the things that I think will -- that give us confidence that we can continue to compete and operate our plants and our network well. I would say the other thing is Europe, we always talk about it as a land of opportunity. There is still significant opportunities for can penetration. So we know there's a lot of runway to go.

而且我們正在投資我們的人才與系統。所以我認為這些事情——讓我們有信心能持續競爭，並把工廠與網路營運好。我還想說，歐洲我們一直把它稱為充滿機會的地方。罐裝滲透率仍有顯著提升空間。所以我們知道還有很長的成長跑道。

We're really proud of our ability to deliver our operating leverage this quarter. We delivered and then some across the enterprise, we certainly delivered it and then some in our EMEA business. We delivered flat operating earnings in South America.

我們對於本季能交出營運槓桿的成果感到非常自豪。我們在整個企業層面不僅達成、而且超額達成；在 EMEA 業務上我們當然也是不僅達成、而且超額達成。我們在南美交出了持平的營運獲利。

Despite the volume declines in North America, we achieved our operating leverage there as well in the quarter, although for the enterprise, for the full year, we expect to do more or less operating leverage as compared to our volumes at 2 times. That's what we're planning to do.

儘管北美的銷量下滑，我們本季在那裡也達成了營運槓桿；不過就企業整體、以全年來看，我們預期相較於銷量的營運槓桿大致會在 2 倍左右。這就是我們的規劃。

And Ron, I think I'll use this as an opportunity to reiterate the outlook for North America. We've been talking about the $35 million of ramp-up costs for Millersburg and the domestication of some end production as well. And that was not in the first quarter. So as we start to think about the rest of the year, you're going to see those costs come in later in this quarter and heavily in the third quarter, possibly a little in the fourth quarter as well.

Ron，我想藉這個機會重申北美的展望。我們一直在談 Millersburg 的 3,500 萬美元爬坡成本，以及部分端蓋（ends）產能在地化生產。而這些在第一季並沒有發生。所以當我們開始思考今年剩餘時間時，你會看到這些成本在本季稍晚開始進來，並在第三季大量出現，第四季也可能會有一些。

So that's going to distort some of that operating leverage. And that's why we've been saying all year long, you're going to have to make some adjustments for those, and you will see the operating leverage on the base business.

所以這會扭曲部分營運槓桿的呈現。這也是為什麼我們整年都在說，你必須對這些因素做一些調整，而你會看到基礎業務的營運槓桿表現。

That's perfect. And if I could, just one quick follow-up. In terms of some of the incremental costs you're experiencing, obviously, they're believed to be transitory of freight, chemicals, energy, and I think I know what's the answer is going to be, but I'm going to ask this question anyway. What levers do you have available to you internally to offset those higher costs?

非常好。如果可以的話，我再追問一個很快的問題。就你們正在承受的一些增量成本而言，顯然你們認為運費、化學品、能源等是暫時性的；我想我知道答案會是什麼，但我還是要問：你們內部有哪些可用的槓桿來抵消這些較高的成本？

I'm assuming operational efficiencies, deploying best practices, the Ball Business System and some of the things you mentioned historically -- on your commentary. But those are the levers that you have in your wheelhouse to basically offset incremental costs and to even potentially drive margins higher when those costs recede?

我假設包括營運效率、導入最佳實務、Ball Business System，以及你在評論中歷來提到的一些事情——但這些是否就是你們手上可用的槓桿，用來基本上抵消增量成本，甚至在這些成本回落時，還可能推動毛利率更高？

Mike, I think you're thinking about it the right way. We have to be operationally excellent every day, and that's the first pillar with our strategy. So that -- those are the primary means by which we offset those costs. And they're real.

Mike，我認為你的思路是對的。我們必須每天都做到營運卓越，而這是我們策略的第一支柱。所以——這些就是我們抵消那些成本的主要方式。而且它們是真實有效的。

So -- and then the second thing is we are a resilient business model. We are rewarded for and paid for making cans, bottles and ends as efficiently as possible. And the cost that we manage on behalf of our customers are generally passed on to them in a formulaic way, be it freight, be it other direct materials, be it aluminum through various means. So that's what makes us a very resilient business in a very resilient industry.

所以——第二點是，我們是一個具韌性的商業模式。我們因為以最高效率製造罐、瓶與端蓋而獲得回報與報酬。而我們代表客戶管理的成本，通常會以公式化的方式轉嫁給他們，不論是運費、其他直接材料，或是透過各種方式轉嫁鋁價。這就是為什麼我們在一個非常具韌性的產業中，是一個非常具韌性的企業。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC Capital Markets。

I guess, I just wanted to get your thoughts on maybe the contracting environment. You guys are adding capacity in North America and Europe and elsewhere. So presumably, supply demand is relatively tight in all regions.

我想我只是想聽聽你們對於合約簽訂環境的看法。你們正在北美、歐洲以及其他地區擴增產能。所以推測各區域的供需都相對吃緊。

But are you expecting to -- given that tight capacity, would there be any pricing opportunities over the next few years? I mean, should we still expect about a third of your contracts roll over every year? Or maybe you can just kind of help us frame those kinds of opportunities as well.

但在產能吃緊的情況下，未來幾年是否會有任何定價機會？我的意思是，我們是否仍應預期你們大約每年有三分之一的合約會到期續約？或者你可以幫我們框架一下這類機會。

Arun, thanks for the question. I would say you saw the industry grow significantly the last few years. Certainly, last year, Ball, we grew more than 4%, so above our long-term algorithm. And we used up a lot of the latent capacity that we had. So strong growth in the last several years has led to a relatively tight supply and demand scenario.

Arun，謝謝你的問題。我會說你看到這個產業在過去幾年顯著成長。當然，去年 Ball 的成長超過 4%，高於我們的長期演算法（long-term algorithm）。而我們也用掉了許多原本的閒置產能。所以過去幾年的強勁成長，導致供需情境相對吃緊。

We, as a business, are operating certainly at asset utilization levels in the mid- to high 90s depending on the region on a percentage basis. So the supply and demand is relatively balanced to tight. The next thing I would say is the long-term nature of our business is also reflected in the long-term nature of our contracts with our customers.

就我們的業務而言，我們的資產利用率確實在 90% 中段到高段之間，視地區而定（以百分比計）。所以供需相對平衡到偏緊。接下來我想說的是，我們業務的長期性，也反映在我們與客戶合約的長期性上。

So I mentioned earlier on the call, we are sold out for this year. We are more than 90% sold for next year, and we're more than 50% sold for the balance of the decade. We have a heavy capital deployment in our industry. So it requires that level of commitment from a customer for multiyear contracts. So we're well contracted. You said there's roughly a third of our volume turnover every year. Just based on those numbers, it's significantly less than that.

所以我在電話會議前面提到，我們今年的產能已全數售罄。明年我們已售出超過 90%，而在本十年剩餘期間我們已售出超過 50%。我們這個產業資本投入很重。因此需要客戶對多年期合約做出那種程度的承諾。所以我們的合約覆蓋很充分。你說我們大約每年有三分之一的量會輪替；就這些數字來看，實際上遠低於那個比例。

Is there an opportunity for us for pricing? I would say, we want to be fairly rewarded for what we do, including down to all of the value-added things that we do, whether it be a different type of specialty can or a special promotion or a different type of ink. Those are the things that we deserve to and get rewarded for when we're able to bring that sort of innovation to the market. The market will be what it will be, and we just know that we need to be operationally excellent to compete in it. Thank you, Arun.

我們是否有定價機會？我會說，我們希望我們所做的事情能獲得公平的報酬，包括我們所做的所有加值項目，不論是不同類型的特殊罐、特別促銷，或不同類型的油墨。當我們能把這類創新帶到市場時，這些就是我們應該、也確實能獲得回報的部分。市場會是它該有的樣子，而我們只知道我們必須做到營運卓越，才能在其中競爭。謝謝你，Arun。

Okay. And then if I could ask a follow-up. Just curious on if you will be putting in more capacity here in North America. Obviously, you have the Millersburg plant, but presumably, that will only bring you down to the low 90s and maybe even in the mid-90s. So is that -- would you be adding more capacity? And what are your customers, I guess, when you do go through this process, do you kind of presell the plant out? Or is it kind of more done in the future?

好的。那如果我可以再追問一下。我只是好奇你們是否會在北美再增加更多產能。顯然你們有 Millersburg 工廠，但推測那只會把你們的利用率拉回到 90% 初段，甚至可能仍在 90% 中段。所以——你們會再增加更多產能嗎？另外，我想問的是，當你們走這個流程時，你們是否會把工廠的產能先預售出去？還是比較偏向之後再處理？

Yes. Thanks for the question, Arun. It gives us a chance to talk about Millersburg, which will be commissioning late this year, and it will bring material volume to our network next year. It will allow us to remove some supply chain inefficiencies because we do not have capacity in the Pacific Northwest of the US. So that will help us and our customers.

是的。謝謝你的問題，Arun。這讓我們有機會談談 Millersburg；該廠將在今年稍晚進行試車投產（commissioning），並在明年為我們的網路帶來實質的產量。它將使我們能移除一些供應鏈效率不佳之處，因為我們在美國太平洋西北地區沒有產能。所以這將對我們和我們的客戶都有幫助。

The most important thing about that plant that you should know is it comes on the back of a long-term offtake agreement with one of our most strategic customers. So that plant is -- capacity is spoken for, for many, many years to come when we build it. And that is the second thing that you said, the case for any plant that we would build, we will not build a plant unless we have a long-term offtake agreement filling essentially all of the capacity for that plant.

關於那座工廠，你最重要需要知道的是，它是建立在與我們最具策略性的客戶之一所簽訂的長期承購（offtake）協議之上。因此，當我們建廠時，那座工廠的——產能在未來很多很多年都已被預訂。這也呼應你提到的第二點：對於任何我們會建的工廠，我們不會建廠，除非我們有一份長期承購協議，基本上填滿該工廠幾乎全部的產能。

So we're excited to bring new capacity to North America, but we only bring it on the back of a customer's commitment to us because they see the growth of the beverage can. Maybe a specific comment, for example, the energy drink category, as you know and we all know, is growing and continues to grow unabated.

因此，我們很高興能為北美帶來新的產能，但我們只會在客戶對我們做出承諾的前提下才會導入，因為他們看到了鋁罐飲料的成長。舉個具體例子，例如能量飲料品類，如你所知、我們也都知道，正在成長且持續不減速地成長。

And as it grows, we're excited to help our customers in that regard. And we have potential to build another plant on the East Coast at some point before the end of the decade, but I wouldn't get too excited about it because it won't be in the next several years. But we have intentions to build a plant in the East Coast in North Carolina because of the growth of one of our more -- most strategic customers as well. And we'll do that when it's appropriate. And hopefully, that gives you a sense of how we deploy our capital related to our customers. Thank you.

隨著它成長，我們也很高興能在這方面協助客戶。我們也有潛力在本十年結束前的某個時間點於東岸再建一座工廠，但我不會讓大家太過興奮，因為未來幾年內不會發生。不過，我們確實有意在北卡羅來納州的東岸興建一座工廠，這也與我們其中一位更——最具策略性的客戶之一的成長有關。我們會在適當的時機去做。希望這能讓你了解我們如何依據客戶需求來配置資本。謝謝。

Hillary Cacanando, Deutsche Bank.

Hillary Cacanando，德意志銀行。

Could you talk about what you're seeing from the CPGs in terms of promotional activity? Are you seeing them be more promotional than they have been in the past? Any color on that would be helpful.

你能談談你們看到的 CPG（民生消費品）在促銷活動方面的情況嗎？你們是否看到他們比過去更積極促銷？任何補充說明都會很有幫助。

Hillary, thanks for your coverage of us. We appreciate it. Yes, it's great. Our customers, we really expect them and look to them for guidance on how they view the consumer. They're much better at this than us, and we really appreciate the insights they provide us.

Hillary，謝謝你對我們的追蹤報導。我們很感謝。是的，這很棒。我們的客戶——我們確實期待並仰賴他們就其如何看待消費者提供指引。他們在這方面比我們更擅長，我們也非常感謝他們提供的洞見。

Based on what we know and we hear from them, I'm going to talk specifically about the summer coming up. When I go into our plants and our factories around the world, be it in Europe, in South America or in the US, at least one of the lines is running a World Cup label. So that's exciting.

根據我們所了解以及從他們那裡聽到的，我會特別談談即將到來的夏季。當我走進我們在全球各地的工廠與產線，不論是在歐洲、南美或美國，至少會有一條產線正在生產世界盃標籤。這令人振奮。

Everyone is excited about the summer's World Cup coming up. And if you're walking through one of our plants in North America, I can almost guarantee you, you will also see another line running America 250-year celebration labels as well. So clearly, our customers are looking forward to taking advantage of some exciting consumer-driven marketing activity this summer. And it should be at least -- it will be no worse than neutral, and we think it will be a net positive for us.

大家都對今年夏天即將到來的世界盃感到興奮。而如果你走進我們在北美的其中一座工廠，我幾乎可以保證，你也會看到另一條產線正在生產美國 250 週年慶祝標籤。因此很明顯，我們的客戶期待在今年夏天把握一些令人振奮、由消費者驅動的行銷活動。這至少——不會比中性更差，而我們認為對我們將是淨正面。

We couldn't put a number on it right now. We're just pleased that our customers continue to see the value that I spoke about earlier of the beverage can. It provides an amazing billboard for them to talk about that promotion. They can use it as a multipack or a single different sizes and the robustness of the package means that they can lean into the can as opposed to other packaging substrates because of the shelf life and the quality that, that can provides for their product.

我們目前還無法量化。我們只是很高興客戶持續看見我先前提到的鋁罐飲料的價值。它為他們提供了極佳的「廣告看板」來傳達促銷訊息。他們可以用它做成多入裝或單罐，並提供不同尺寸；而包材的堅固性也意味著，相較於其他包材基材，他們可以更倚重鋁罐，因為鋁罐能為其產品提供更好的保存期限與品質。

Got it. That's helpful. And then just a follow-up question. The EVA framework really seems to be working well in setting a clear guideline and goals on the corporate level. So could you just talk a little bit about how the EVA framework is being used to like incentivize employees at the plant level and to make operational decisions and is that what's driving operational efficiency on the corporate level as well?

了解，這很有幫助。接著再追問一題。EVA 架構似乎在公司層級上非常有效，能設定清楚的指引與目標。你能否談談 EVA 架構如何用於在工廠層級激勵員工、以及用於做出營運決策？這是否也在推動公司層級的營運效率？

Thanks for the question, Hillary. I'll let Dan say a few words in a moment about EVA, but it just gives me a chance to say, EVA is our North Star. It has been for a long, long time, and it will continue to be for the foreseeable future. So how we deploy capital, running a cost-efficient business, that's what acting like an owner means.

謝謝你的問題，Hillary。我等一下會讓 Dan 談幾句 EVA，但這也讓我有機會說：EVA 是我們的北極星。它已經是很長、很長一段時間了，而且在可預見的未來也會持續如此。因此，我們如何配置資本、如何經營一個具成本效率的企業——這就是以所有者心態行事的意義。

So as it relates to our plants, all of us are rewarded for delivering EVA dollars, every single person in this company. And maybe, Dan, could you give some nuance around how we're thinking about EVA operationally?

因此，就我們的工廠而言，我們所有人都因交付 EVA 美元而獲得獎酬——公司裡的每一個人都是。Dan，你能否補充一些我們在營運層面如何思考 EVA 的細節？

Yes, the nice thing about having EVA is it's been here longer than Ron and I have. And so it's really ingrained in the culture. We do like to have everybody included in these plans. And what we're really focused on now is breaking EVA down from this financial concept into what they can actually do to improve EVA.

好的。EVA 的好處在於，它存在的時間比 Ron 和我都久，因此它已深植於企業文化之中。我們確實希望讓每個人都納入這些計畫。而我們目前真正聚焦的是，把 EVA 從一個財務概念拆解成他們實際可以做些什麼來改善 EVA。

So we're making it much more personal. And that's one of the key items we're doing to improve the profitability of the company right now is really getting much more granular and breaking down EVA.

因此，我們讓它更貼近個人。而這也是我們目前提升公司獲利能力的關鍵事項之一：把 EVA 拆得更細、更具體。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

I got a couple of messages, clarifications. First, April, I believe you said that was up mid-single digits. What region was that? Or was that enterprise wide? I believe South America, you said April up 20%. How much of that 20% was the catch-up from 1Q?

我有幾點訊息想確認、釐清。第一，4 月份，我記得你說是中個位數成長。那是指哪個區域？還是全公司層級？我記得你說南美 4 月成長 20%。這 20% 裡有多少是第一季的補回（catch-up）？

Thanks for the question, Matt. So enterprise-wide, we started the quarter, the month of April, up mid-single digits as an enterprise. Within that enterprise, South America, April volumes were up 20%. How much of it was catch-up from Q1?

謝謝你的問題，Matt。以全公司來看，我們在本季一開始、也就是 4 月份，整體是中個位數成長。在這個整體之中，南美 4 月的出貨量成長了 20%。至於其中有多少是第一季的補回？

Well, what I can say is that April volume made up for all of the declines we saw in the first quarter. And it gives me a moment to just say what happened in the first quarter. What happened in the first quarter for us was you saw a really strong volume for us, high single digits in Q4 2025. So we came into the -- to Q1 with a pretty healthy sales of cans to our customers who had built a strong inventory.

我能說的是，4 月的出貨量彌補了我們在第一季看到的所有下滑。也讓我有機會說明第一季發生了什麼。我們第一季的情況是：你會看到我們在 2025 年第四季的出貨量非常強勁，達到高個位數成長。因此我們進入第一季時，對客戶的鋁罐銷售基期相當健康，因為客戶已建立了較高的庫存。

The peak season in South America, weather wasn't probably as good as on average that it would normally be. So it was a little weaker than average, but the -- coming out of peak, the weather has been quite good. And we're seeing a strong pull through as we come out of that peak selling season in South America.

南美的旺季期間，天氣可能沒有往常平均那麼好，因此表現略弱於平均；但——在旺季結束後，天氣相當不錯。隨著我們走出南美的旺季銷售期，我們看到強勁的終端拉動（pull-through）。

And we think that's some of what's happening. And it wasn't asked, but we delivered flat operating earnings in the region, which we're really proud of. And how we did that was we actually got to a position where our inventory levels were a bit lower than we expected. So we were able to build back our inventory, which helped us to deliver the P&L in South America.

我們認為這就是部分原因。雖然你沒有問，但我們在該區域交出了持平的營業利益，對此我們非常自豪。我們之所以能做到，是因為我們的庫存水位一度比預期更低，因此我們得以回補庫存，這也幫助我們在南美交出損益表表現。

And also, we had some good size mix and country mix there as well that helped us deliver flat operating earnings while we had volumes down a bit.

此外，我們在產品組合（size mix）與國別組合（country mix）方面也有不錯的表現，這也幫助我們在出貨量略降的情況下，仍能達成營業利益持平。

So hope that answers your question about the volume and a little bonus on color on South America. Okay.

希望這回答了你關於出貨量的問題，也額外補充了一些南美的背景說明。好的。

Thank you very much, Matt. And Sherry, I think that's our last question.

非常感謝你，Matt。Sherry，我想這是我們最後一個問題。

So I just wanted to thank everybody again for your interest in our company, your analysis of our company, your partnership in helping us tell our story, we really appreciate that very much.

我想再次感謝各位對我們公司的關注、對我們公司的分析，以及在協助我們傳達公司故事方面的合作夥伴關係，我們非常、非常感謝。

We look forward to talking with all of you more and sharing our story. So we're excited about how we delivered the first quarter of 2026. We're confident in how we're going to complete 2026. And importantly, we're confident in the long-term nature and the resilient business that we have the privilege to run.

我們期待與各位有更多交流並分享我們的故事。因此，我們對 2026 年第一季的表現感到振奮；我們對 2026 年接下來的完成情況充滿信心；更重要的是，我們對我們有幸經營的這項長期且具韌性的業務充滿信心。

So thanks again, everyone, and we look forward to talking to you very soon.

再次感謝各位，我們期待很快再與各位交流。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以中斷連線，感謝您的參與。