Ball Corp (BALL) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Ball Corporation second-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Ball Corporation 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Brandon Potthoff, Head of Investor Relations.

現在我很榮幸介紹本次會議主持人，投資人關係主管 Brandon Potthoff。

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

早安。謝謝。這是 Ball Corporation 針對公司 2026 年第二季業績所召開的電話會議。在本次會議中，我們將引用 2026 年第二季財報簡報，您可透過本次網路直播以及我們的網站 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, this presentation and the release include a summary of noncomparable items as well as a reconciliation of comparable net earnings and diluted earnings per share calculations.

關於非 GAAP 財務衡量指標之使用資訊，也可在今日財報新聞稿的附註部分找到。此外，本簡報與新聞稿包含不可比項目的摘要，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.

接下來我想把電話交給我們的執行長 Ron Lewis。

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

謝謝你，Brandon。今天與我一同出席的還有資深副總裁暨財務長 Dan Rabbitt。我將先做一些簡短的開場說明，並討論 2026 年第二季與上半年財務表現，以及我們對 2026 年剩餘期間的展望。Dan 會說明關鍵指標，接著我們將以結語與問答環節作結。

As we begin, I want to reinforce the same big picture message we have discussed in prior quarters because it remains central to how we think about Ball's long-term value creation. The fundamentals supporting our business remain firmly in place. Packaged liquid volume continues to grow globally and aluminum cans continued to gain share as consumers, customers and retailers prioritize convenience, performance and sustainability. These trends continue to support a durable runway of demand for our products.

在開始之前，我想再次強調我們在前幾季討論過的同一個宏觀訊息，因為它仍是我們思考 Ball 長期價值創造的核心。支撐我們業務的基本面依然穩固。全球包裝液體的銷量持續成長，而隨著消費者、客戶與零售商優先考量便利性、性能與永續性，鋁罐持續提升市占。這些趨勢持續支撐我們產品需求的長期且穩健成長動能。

Within that growing market, Ball remains well positioned. Across our regions, we continue to benefit from long-term customer partnerships, a well contracted portfolio, disciplined capacity management and an unmatched global footprint. Together, those advantages support strong utilization and consistent commercial performance.

在這個成長中的市場裡，Ball 仍具備良好定位。在各個區域，我們持續受惠於長期客戶夥伴關係、合約覆蓋良好的產品組合、嚴謹的產能管理，以及無可匹敵的全球佈局。這些優勢共同支撐高稼動率與穩健一致的商業表現。

We are pairing those operating advantages with financial discipline. Through the first half of 2026, our results have reinforced our confidence in the framework we laid out for the year, supported by a healthy balance sheet and a capital allocation approach grounded in EVA. We remain focused on investing where we can earn attractive returns and returning capital to shareholders.

我們也將這些營運優勢與財務紀律相結合。截至 2026 年上半年，我們的成果進一步強化了我們對年初所提出年度架構的信心；這得益於健康的資產負債表，以及以 EVA 為基礎的資本配置方法。我們仍專注於在可獲得具吸引力報酬之處投資，並將資本回饋給股東。

Operationally, our teams continue to make progress. standardization, cost discipline and the Ball Business System are helping us reduce complexity, improve productivity and create a more repeatable operating model as volumes grow.

在營運面，我們的團隊持續取得進展。標準化、成本紀律與 Ball Business System 正協助我們降低複雜度、提升生產力，並在銷量成長時打造更可複製的營運模式。

When you bring together attractive industry fundamentals, strong customer relationships, disciplined execution, financial strength and an operating system built for continuous improvement, Ball remains well positioned to deliver on our 2026 objectives and create long-term value for shareholders.

當你把具吸引力的產業基本面、強健的客戶關係、嚴謹的執行、財務實力，以及為持續改善而打造的營運系統結合在一起，Ball 仍具備良好定位，可達成我們 2026 年目標並為股東創造長期價值。

Our first half results reinforce the resilience of our business and the consistency of our execution even as the external environment remains complex. The strategy we have discussed in prior quarters remains clear, consistent and grounded in four strategic pillars, and our first half performance provides further evidence that it is working.

我們上半年的成果再次證明，即使外部環境仍然複雜，我們的業務依然具韌性，執行也保持一致。我們在前幾季討論的策略仍然清晰、一致，並以四大策略支柱為基礎；而上半年表現也提供更多證據，顯示該策略正在發揮作用。

First, we remain focused on executing in our core business. That discipline shows up through service, cost management and ongoing efforts to improve operational consistency across our plants and regions.

第一，我們仍專注於核心業務的執行。這份紀律體現在服務、成本管理，以及持續提升各工廠與各區域營運一致性的努力上。

Second, we stay close to our customers and maximize the strength of our global network, long-term customer partnerships, strong service levels and a balanced footprint give us the flexibility to respond quickly and reliably.

第二，我們緊密貼近客戶並最大化全球網路的優勢；長期客戶夥伴關係、優異的服務水準與均衡的佈局，使我們能以彈性快速且可靠地回應需求。

Third, we continue to accelerate the substrate shift to aluminum and expand into targeted categories. Aluminum's sustainability and performance advantages remain compelling and we are focused on translating these advantages into disciplined growth.

第三，我們持續加速基材轉向鋁材，並拓展至特定目標品類。鋁材在永續性與性能上的優勢依然具吸引力，我們專注於將這些優勢轉化為有紀律的成長。

Fourth, we manage complexity to our advantage. Our scale standardization and systems help us stay focused on the levers we control and build more repeatable performance over time.

第四，我們將複雜度管理轉化為優勢。我們的規模、標準化與系統，協助我們聚焦於可控的槓桿，並隨時間建立更可複製的表現。

The Ball Business System connects these priorities across the organization helping us standardize best practices, improve productivity and drive continuous improvement. At the center of that system are our people and culture, low ego, high collaboration and a shared commitment to doing the right things the right way. That consistency is what supports our first half performance and gives us confidence in our ability to deliver on our 2026 objectives while continuing to create value long term.

Ball Business System 將這些優先事項串聯至整個組織，協助我們標準化最佳實務、提升生產力並推動持續改善。該系統的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。這份一致性支撐了我們上半年的表現，也讓我們有信心在持續創造長期價值的同時，達成 2026 年目標。

That is where the Ball Business System and EVA come together. One, helping us to operate with greater consistency, the other, guiding how we allocate capital to create long-term value. In the second quarter and first half, that discipline showed up in our financial performance while we continue to focus on delivering operational results in line with our Ball Business System goals.

這也正是 Ball Business System 與 EVA 相互結合之處。前者協助我們以更高的一致性營運，後者則指引我們如何配置資本以創造長期價值。在第二季與上半年，這份紀律反映在我們的財務表現上，同時我們也持續專注於交付符合 Ball Business System 目標的營運成果。

It is also why our 2026 framework remains unchanged. And 10-plus percent comparable diluted EPS growth, strong free cash flow and consistent returns to shareholders. With that context, let me address how those priorities translated into our second quarter and first half results.

這也是我們 2026 年架構維持不變的原因。也就是可比稀釋每股盈餘成長超過 10%、強勁的自由現金流，以及持續回饋股東。在此背景下，讓我說明這些優先事項如何反映在我們第二季與上半年的成果中。

Turning to our second quarter performance. We continue to build on the solid start we discussed last quarter. Global volumes improved 4.3% year-over-year with growth in each region, reflecting continued momentum across our portfolio and keeping us on track with the full year volume outlook we outlined earlier this year.

接著談我們第二季的表現。我們持續延續上季所提到的穩健開局。全球銷量年增 4.3%，各區域皆有成長，反映我們產品組合的動能持續，並使我們維持在今年稍早所提出的全年銷量展望軌道上。

Comparable operating earnings grew 7.7% year-over-year, supported by disciplined cost management commercial performance and continued progress through the Ball Business System, even as we absorbed the previously discussed North American start-up costs.

可比營業利益年增 7.7%，受惠於嚴謹的成本管理、商業表現，以及透過 Ball Business System 持續推進的成果，儘管我們也吸收了先前提及的北美新廠啟動成本。

That performance flowed through to the bottom line, with comparable diluted EPS growth of 14.4%, reflecting operating earnings performance and capital allocation. Our first half performance reinforces our confidence in delivering 10-plus percent comparable diluted EPS growth for the full year. We also remain focused on shareholder returns and remain on track to return approximately $800 million to shareholders in 2026.

這樣的表現也反映在最終獲利上，可比稀釋每股盈餘成長 14.4%，主要來自營業利益表現與資本配置。我們上半年的表現進一步強化我們對全年可比稀釋每股盈餘成長超過 10% 的信心。我們也持續聚焦股東報酬，並仍按計畫在 2026 年向股東回饋約 8 億美元。

Operationally, we continue to advance our priorities, including integrating Benepack to expand our EMEA capacity and continuing to make progress at our Millersburg facility, which remains on track toward full ramp-up in 2027. Overall, this was a solid second quarter and first half that reinforced the resilience of our business and our confidence in the 2026 framework.

在營運面，我們持續推進各項優先事項，包括整合 Benepack 以擴充我們在 EMEA 的產能，並持續推動 Millersburg 廠的進展；該廠仍按計畫於 2027 年達到全面量產爬坡。整體而言，這是一個穩健的第二季與上半年，再次證明我們業務的韌性，以及我們對 2026 年架構的信心。

With that context, I'll let Dan walk through the details of our second quarter financial performance and provide more color on our expectations for the balance of 2026. Over to you, Dan.

在這樣的背景之下，我先請 Dan 帶大家說明我們第二季的財務表現細節，並就 2026 年剩餘期間的展望提供更多說明。交給你了，Dan。

Thank you, Ron. I'll walkthrough our second quarter 2026 financial performance and provide additional context on the first half and our expectations for the balance of the year.

謝謝你，Ron。我將帶大家回顧 2026 年第二季的財務表現，並補充上半年表現以及我們對今年剩餘期間的預期。

Overall, the business continued to perform well in the second quarter. Global ship beverage can volumes increased 4.3% year-over-year, supported by growth across each region and continued progress against our full year expectations. Across both the quarter and the first half, our teams remain focused on service, cost discipline and improving the controllable performance drivers that support our 2026 framework.

整體而言，第二季業務持續表現良好。全球出貨飲料罐量年增 4.3%，各區域皆有成長支撐，且我們在達成全年預期方面持續取得進展。無論是本季或上半年，我們的團隊仍專注於服務、成本紀律，以及改善可控的績效驅動因素，以支撐我們的 2026 年架構。

As Ron noted, comparable operating earnings increased 7.7% year-over-year and comparable diluted EPS increased 14.4%, aided by disciplined performance and capital allocation tailwinds. Our first half performance remains consistent with the financial framework we laid out for 2026.

如 Ron 所提，可比營業利益年增 7.7%，可比稀釋每股盈餘（EPS）年增 14.4%，受惠於嚴謹的營運表現以及資本配置帶來的順風。我們上半年的表現仍與先前提出的 2026 年財務架構一致。

In North and Central America, volumes increased low single digits year-over-year, consistent with our expectations for full year growth at the low end of our long-term 1% to 3% range. Demand remained constructive in energy drinks and nonalcoholic beverages.

在北美與中美洲，銷量年增低個位數，符合我們對全年成長落在長期 1% 至 3% 區間低端的預期。能量飲料與非酒精飲料的需求仍具建設性。

Segment comparable operating earnings declined 2.4% year-over-year as higher costs, including approximately $5 million of start-up costs were partially offset by favorable price mix, including the timing of metal pass-through to our large customers who procure their own aluminum. We continue to expect full year start-up costs to total approximately $35 million, with roughly $30 million expected in the second half.

該分部可比營業利益年減 2.4%，主因成本上升（包含約 500 萬美元的啟動成本），部分被有利的價格/組合所抵銷，其中包括金屬成本轉嫁（metal pass-through）給自行採購鋁材的大型客戶之時點因素。我們仍預期全年啟動成本合計約 3,500 萬美元，其中約 3,000 萬美元預計發生在下半年。

In EMEA, volumes increased mid-single digits year-over-year, supported by underlying demand and the contribution from Benepack, partially offset by last year's sale of our Saudi Arabian business. Segment comparable operating earnings increased 6.6% year-over-year, reflecting higher volume and favorable price mix, partially offset by higher costs. We continue to make progress integrating the Hungary and Belgium facilities 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.

在歐洲、中東與非洲（EMEA），銷量年增中個位數，受基本需求與 Benepack 貢獻支撐，但部分被去年出售沙烏地阿拉伯業務所抵銷。該分部可比營業利益年增 6.6%，反映銷量提升與有利的價格/組合，但部分被成本上升所抵銷。隨著納入 Benepack，我們持續推進匈牙利與比利時廠的整合以因應 2026 年；我們仍預期銷量成長將高於長期 3% 至 5% 區間的上緣。

In South America, volumes increased mid-teens year-over-year as the region moved past first quarter customer timing and inventory impacts. Segment comparable operating earnings increased 64% year-over-year, driven by higher volumes and favorable price/mix. Looking ahead, we continue to expect volume growth at the low end of our long-term 4% to 6% range in 2026.

在南美洲，銷量年增中十位數，因該區域已走出第一季客戶拉貨時點與庫存影響。該分部可比營業利益年增 64%，由更高銷量與有利的價格/組合所帶動。展望未來，我們仍預期 2026 年銷量成長落在長期 4% 至 6% 區間的低端。

Now 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 long-term 10%-plus comparable diluted EPS growth goal.

接著聚焦於 2026 年的模型假設細節。如 Ron 所提，憑藉我們業務的韌性以及轉嫁機制（pass-through models），我們仍預期可按計畫達成長期「可比稀釋 EPS 成長 10% 以上」的目標。

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 $310 million. CapEx is expected to be in line with GAAP D&A in 2026.

我們預期 2026 年自由現金流將超過 9 億美元。以可比盈餘計算，2026 年全年有效稅率預期略高於 23%；2026 年全年利息費用預期介於 3.10 億美元左右。2026 年資本支出（CapEx）預期將與 GAAP 折舊與攤銷（D&A）大致一致。

Full year 2026 reported adjusted corporate undistributed costs recorded in other nonreportable are expected to be in the range of $175 million. 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.

2026 年全年，列於「其他不可報導項目」中的已調整公司層級未分攤成本（adjusted corporate undistributed costs）預期介於 1.75 億美元左右。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，使 2026 年對股東的總資本回饋達到 8 億美元。此外，上週 Ball 董事會已宣告季度現金股利。

And with that, I'll turn it back to Ron.

以上，我把時間交回給 Ron。

Thanks, Dan. In summary, the key message is that we are delivering against the framework we laid out for 2026. Through the first half, we grew global volumes, expanded comparable diluted EPS, generated strong earnings performance and remained on track with our free cash flow and capital return priorities. That progress reflects the consistency of our strategy and the discipline of our teams. We continue to stay close to our customers, manage the levers we control, invest through an EVA lens and use the Ball Business System to improve how we operate across the company.

謝謝，Dan。總結來說，關鍵訊息是：我們正按 2026 年所提出的架構交付成果。截至上半年，我們提升了全球銷量、擴大了可比稀釋 EPS、創造了強勁的獲利表現，並在自由現金流與資本回饋的優先事項上維持在軌道上。這些進展反映了我們策略的一致性以及團隊的紀律。我們將持續貼近客戶、管理我們可控的槓桿、以 EVA 視角進行投資，並運用 Ball Business System 改善公司整體的營運方式。

Importantly, our first half results reinforce our confidence in the full year framework. We remain focused on delivering 10-plus percent comparable diluted EPS growth generating strong free cash flow and returning approximately $800 million to shareholders in 2026.

更重要的是，我們上半年的結果強化了我們對全年架構的信心。我們仍專注於在 2026 年達成可比稀釋 EPS 成長 10% 以上、創造強勁自由現金流，並向股東回饋約 8 億美元。

We know there is still work ahead and our teams remain focused on the operating and commercial priorities that matter most in the second half. But the first half demonstrates that the strategy is consistent, the framework is intact and Ball remains well positioned to create long-term value for shareholders. Thank you.

我們知道前方仍有工作要做，而我們的團隊仍專注於下半年最重要的營運與商務優先事項。但上半年的表現證明：策略一致、架構完整，且 Ball 仍具備良好定位，能為股東創造長期價值。謝謝。

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

接下來，Christine，我們準備好回答問題了。

(Operator Instructions)

（接線員指示）

Ghansham Panjabi, Baird.

Ghansham Panjabi，Baird。

Hey, good morning, everybody. Ron, I know comparisons are a bit tougher in the beverage North America and Central America segment given your performance from last year. But sort of looking back, how did the flagship events over the summer, including America 250 and the World Cup impact your volumes? Was that material in any way? Or will you supply constraint just given your footprint position at this point?

嗨，各位早安。Ron，我知道由於你們去年表現的基期因素，飲料北美與中美洲分部的比較會更具挑戰。但回頭看，今年夏季的旗艦活動（包括 America 250 與世界盃）對你們的銷量有什麼影響？這在任何程度上是否具實質性？或者以你們目前的產能佈局而言，是否仍受供應限制？

Nice to hear from you. Thanks for the question. We said coming into the year in North America that we were running notably tight and that certainly is the case. And so we didn't see any really meaningful growth in North America due to America 250 or World Cup. But what it did do coming into this quarter and, quite frankly, Q3 that we've just started, it gave us a lot of confidence in the growth that we were going to see and that flowed through.

很高興聽到你的聲音。謝謝你的提問。我們在年初談到北美時就說過，我們的產能運行得相當吃緊，而目前確實如此。因此，因 America 250 或世界盃而在北美看到任何真正顯著的成長並不多。但它確實在進入本季、坦白說也包括我們剛開始的第三季，讓我們對將會看到的成長更有信心，而這也反映在結果之中。

I mean, we served our customers with distinction and the best of our ability, but the fact of the matter is we are trying to bring this new plant up in Millersburg, and until we do that, we will be notably tight until we can get that capacity up and running.

我的意思是，我們以卓越的表現、在能力所及範圍內服務客戶；但事實是，我們正努力讓 Millersburg 的新工廠順利爬坡，在完成之前，我們的供應都會相當吃緊，直到產能能夠全面啟動運轉。

Okay. Great. Thanks for that. And then in Europe, adjusting for Benepack and some of the portfolio moves there and segment realignment, et cetera, what were underlying volumes during the second quarter? And was that consistent with your expectations going in for 2Q.

了解。很好。謝謝你的說明。另外在歐洲，若調整 Benepack、以及一些投資組合調整與分部重整等因素，第二季的基本（underlying）銷量是多少？這是否與你們進入第二季時的預期一致？

Thanks, Ghansham. Let me answer the high level and then I'll let Dan do some of the details. But in general, our long-term growth outlook is 3% to 5% growth, what we've said is with the acquisition of Benepack for the full year, we should be exceeding that on an annualized basis. And for sure, our organic business was right in line with what our long-term growth outlook is. But there is some puts and takes in there with the change in the sector.

謝謝你，Ghansham。我先從高層次回答，接著讓 Dan 補充一些細節。整體而言，我們的長期成長展望是 3% 到 5%；而我們也說過，若以全年納入 Benepack 的貢獻來看，我們應該會以年化基礎超過該區間。而且可以確定的是，我們的有機業務表現與長期成長展望完全一致。不過其中也有一些因產業別變動而帶來的正負因素交錯。

So let me let Dan kind of detail that out for, if you don't mind.

那麼如果你不介意的話，我先請 Dan 來把這部分細節說明一下。

Yes, I think really, we grew our volumes second quarter a little less than 500 million units cans compared to last year. The way to think about where it came from was our legacy businesses now in that segment are really the traditional Europe footprint that we've had for a while now and some Asian assets. And when you look at it, we really -- those delivered mid-single-digit growth in the -- for that segment.

是的，我認為我們第二季的出貨量相較去年增加了略低於 5 億個單位的鋁罐。要理解成長來源的話，我們在該分部的既有業務主要是我們已經經營一段時間的傳統歐洲版圖，以及一些亞洲資產。而從結果來看，這些資產在該分部帶來了中個位數的成長。

And the puts and takes that kind of neutralize each other was the integration of the Benepack business, and that came with some cans, but it also was offset by the loss of the Saudi Arabian business as well. So good performance. It was really all done on our -- on the assets that we brought into the year, and we're overall pleased with where they stand.

而彼此抵銷的增減因素，主要是 Benepack 業務的整合帶來了一些鋁罐量，但同時也被沙烏地阿拉伯業務的流失所抵銷。所以整體表現不錯。基本上都是靠我們年初帶入的那些資產所達成的，我們對它們目前的狀況整體感到滿意。

Anthony Pettinari, Citi.

Citi 的 Anthony Pettinari。

The detail and the full year outlook are extremely helpful. I'm just wondering if there's any finer point you could put on kind of the cadence from 3Q to 4Q versus maybe kind of a normal seasonal cadence. I mean you talked about the start-up costs, and I think you talked about them in second half. I'm just wondering if we could expect those to be more weighted towards 3Q or 4Q? Or if there are changes in energy costs in EMEA? Or just any kind of thoughts on what the 3Q, 4Q cadence might look like versus a normal year?

這些細節以及全年展望非常有幫助。我想請教的是，關於 3Q 到 4Q 的節奏，是否能再提供更細緻的說法，對比可能較正常的季節性節奏。我的意思是，你們提到啟動成本，我想你們也說是在下半年。我只是想了解，我們是否可以預期這些成本會更偏向 3Q 或 4Q？或者 EMEA 的能源成本是否有變化？或是任何關於 3Q、4Q 節奏相較於正常年度可能會如何的看法？

Hi, Anthony, thanks for the question. So what we have said is we expect roughly $35 million worth of startup costs in the year. We've detailed about $5 million of those in the first half of the year, really in the second quarter. And for Q3, Q4, to be frank, like it's a little challenging for us to give you a specific number. We still expect to see the $30 million of the $35 million flow into the back half of the year.

嗨，Anthony，謝謝你的提問。我們先前說過，我們預期全年約有 3,500 萬美元的啟動成本。我們已經說明其中約 500 萬美元發生在上半年，主要是在第二季。至於 Q3、Q4，坦白說，我們要給你一個非常具體的數字有點困難。我們仍預期在下半年會認列 3,500 萬美元中的 3,000 萬美元。

What I will say is, really great news for us is our plant in Millersburg is now making commercial cans as of last month, and we're looking forward to ramping that up, and you should expect to see the full benefit of that in 2027. We're just in the process of getting it ramped up. So I wouldn't want to provide any more detail than just the back half. I hope that's okay.

我想補充的是，對我們來說非常好的消息是，我們位於 Millersburg 的工廠自上個月起已開始生產商用鋁罐，我們也期待把產能逐步拉升；你們應該會在 2027 年看到其完整效益。我們目前正處於拉升產能的過程中。所以除了「在下半年」之外，我不想再提供更進一步的細節。希望這樣可以。

No, no, that's fair. And then maybe just a related question. I don't know if you can give maybe some additional thoughts or color on the South American market and your individual markets there given thoughts on the second half, given the 2Q outperformance. Some of your peers have maybe expressed some conservatism towards the end of the year. I'm just wondering if you can give any more thoughts given the really strong quarter that you had there.

不，不，這樣很合理。那再問一個相關問題。我不確定你是否能就南美市場以及你們在當地各個市場的情況，針對下半年再多提供一些想法或補充說明，尤其考量到 2Q 的超預期表現。你們的一些同業可能對年底表現表達了較保守的看法。我想請問，鑑於你們在那邊這一季表現非常強勁，是否能再分享更多看法？

Thanks for that question. We're quite frankly, really pleased with our performance in South America. We noted last quarter that we were going to see a good second quarter when we knew that, that was coming through. And I mentioned how we were doing relative to our Q1 performance when we talked about April.

謝謝你的問題。坦白說，我們對南美的表現非常滿意。我們在上季就提到，當我們知道相關動能正在形成時，我們預期第二季會有不錯的表現。而我也提到過，當我們談到 4 月時，我們相對於 Q1 的表現是如何。

So firstly, South America can be volatile. We know that quarter to quarter. And it's driven by customer activity that we have the privilege to serve, what time of year it is, et cetera, et cetera. So I think I would start by just saying, let's not get too fixated on any one given quarter. Last quarter, we were down a little bit. This quarter, we were up a lot.

首先，南美可能會有波動。我們知道這會呈現季度對季度的變化。而這主要由我們有幸服務的客戶活動所驅動，包含一年中的時間點等等因素。所以我想先說，不要過度聚焦在任何單一季度。上季我們略為下滑。這一季我們大幅成長。

For the full year, we are focused on delivering against our long-term growth outlook of 4% to 6%. And we came into the year saying we'd be on the low end of that range. We have even more confidence that we'll be at least at the low end of that range and maybe even into the middle of that range on a full year basis. So Q1 and Q2 kind of offset and we more than make up we're right in that -- we're right where we're supposed to be for the full year as we sit here today through the first half of the year.

就全年而言，我們專注於達成我們 4% 到 6% 的長期成長展望。我們在年初表示會落在該區間的低端。我們現在更有信心，全年至少會在該區間低端，甚至可能進入區間中段。因此 Q1 與 Q2 大致互相抵銷，而我們不僅補回差距——以截至上半年目前的情況來看，我們全年進度正落在應有的位置。

Other than that, we're just focused on serving our customers. The can market in general, I would say, can market in general in South America is very healthy. What is unique to us, and you mentioned it, is that we are the can maker in South America that makes cans in more countries than anybody else. So we have a privileged place in the region.

除此之外，我們就是專注於服務客戶。我會說，南美的鋁罐市場整體而言非常健康。而我們的獨特之處——你也提到了——是我們是在南美於最多國家生產鋁罐的製罐商。因此我們在該區域擁有相對有利的位置。

What happened in the quarter, we drove strong mid-teen volume growth combined with a really good network, really good operational performance, really good commercial performance, and that delivered meaningful flow through.

本季的情況是，我們推動了強勁的「十幾個百分點」的中段出貨量成長，並結合非常好的網路布局、非常好的營運表現與非常好的商務表現，進而帶來顯著的利潤轉化（flow-through）。

I don't want to comment anything specifically about individual countries other than to say outside of Brazil, which is the predominance of our business, all of the countries that are also in South America for us generally are accretive to our business, and this quarter was no exception. So I would summarize the quarter by saying, we have a privileged customer portfolio, and they enjoyed success from World Cup, and we benefited from their success.

除了巴西之外——巴西占我們業務的主要比重——我不想針對個別國家做特別評論；但可以說，對我們而言，南美其他各國的業務一般都能對公司帶來增益（accretive），本季也不例外。所以我會這樣總結本季：我們擁有具優勢的客戶組合，而他們因世界盃而取得成功，我們也因他們的成功而受益。

Okay, that's very helpful.

好的，這非常有幫助。

George Staphos, Bank of America.

美國銀行的 George Staphos。

Thanks for the details. I wanted to spend my first question on operations. And then second question, dig into the volume outlook.

謝謝這些細節。我想把第一個問題放在營運面。第二個問題則深入探討出貨量展望。

Ron, if we look at the results, and they were certainly at least in line with your guidance, in North and Central America, though, even if we add back the start-up costs, I think EBIT would have been comparable, EBIT would have been about flat despite volume growth. And so recognizing there is inflation with Millersburg, I'm sure there are other factors that maybe hit the network. Can you talk while you didn't see your normal or your at least targeted operating leverage.

Ron，如果我們看結果，當然至少符合你們的指引；但在北美與中美洲，即使把啟動成本加回去，我認為 EBIT 也會是相近的——儘管出貨量成長，EBIT 大概仍接近持平。因此，考量到 Millersburg 有通膨影響，我也確定還有其他因素可能影響整體網路。你能否談談為什麼沒有看到你們正常、或至少目標中的營運槓桿效果？

And then within Europe as well, we had mid-single-digit volume growth. I don't think we saw if I did my calculations right, the normal lift in EBIT relative to volume, was that Dan just a function of the different moving pieces, one year versus the other in terms of the businesses there? How should we think about that?

另外在歐洲，我們也有中個位數的出貨量成長。如果我計算沒錯，我們似乎沒有看到 EBIT 相對於出貨量的正常提升；Dan，這是否只是因為不同變動因素所致，例如當地業務在不同年度之間的組成差異？我們應該如何看待這件事？

Thanks, George for the question. I'll start, and then I'll ask Dan to add a little color, if you don't mind.

謝謝你，George，提出這個問題。我先回答，然後如果你不介意的話，我再請 Dan 補充一些說明。

Starting in North America, we are notably tight as we've said, coming into the year. And we did have volume growth in the quarter and the first half of the year in North America. So with those high utilization rates and quite frankly, some good volume growth that we knew was coming through. It equates to some operational friction, no doubt.

先從北美談起，正如我們所說的，年初進來時我們的產能明顯吃緊。而且我們在本季以及上半年北美的出貨量都有成長。因此，在高稼動率之下，坦白說，再加上我們知道會出現的一些不錯的量增。這無疑會帶來一些營運上的摩擦。

And that puts pressure on everything, on the way we plan on scheduling, on labor, on freight, maintenance, et cetera, et cetera, and a little shout out to our teams that work in our plants, it's extremely hot. Like as I walk our plants, it's an environment that is challenging to work in. So thanks to them.

這會對各方面造成壓力，包括我們排程規劃的方式、人力、運輸、維修保養等等；也要特別向在工廠工作的團隊致意，因為真的非常炎熱。就像我走訪工廠時看到的，那是一個工作環境相當具挑戰性的地方。所以要謝謝他們。

And that's why, quite frankly, we're investing for growth. We bought a plant in Florida, as you know. It's fully operational for us and fully integrated into our network, and now we're bringing up this new plant in Millersburg, Oregon and that will relieve some pressure and obviously support our customers and help us to deliver operating leverage in the long term.

也正因如此，坦白說，我們正在為成長而投資。如你所知，我們在佛羅里達買了一座工廠。它已全面為我們運作，並且完全整合進我們的網路；現在我們也正在把奧勒岡州米勒斯堡（Millersburg）的新工廠拉升產能，這將緩解部分壓力，並且顯然能支援我們的客戶，並在長期幫助我們實現營運槓桿。

From a European perspective, I would just say the acquisition that we made of the two plants, one in Belgium and one in Hungary. We knew that we are also quite tight in Europe, and these were to acquisitions that helped from that capacity standpoint.

從歐洲的角度來看，我只想說我們收購了兩座工廠，一座在比利時、一座在匈牙利。我們知道歐洲同樣相當吃緊，而這兩項收購在產能面提供了幫助。

But we also knew that we needed to get them ramped up and into our network. That will take us more or less the full year of 2026, and so we're similarly tight there, and it's similarly hot, and we are managing through that process.

但我們也知道需要把它們拉升產能並納入我們的網路。這大概會花掉我們 2026 年幾乎一整年，因此那邊同樣吃緊、也同樣炎熱，我們正在管理並度過這個過程。

But from an overall puts and takes, maybe Dan, you could take the back half of that question.

不過就整體的利弊權衡來看，Dan，也許你可以接著回答問題的後半段。

Yes, as we think about the quarter, I think we have to say that the demand, the volume demand was really strong, strong in all of our markets. And our two biggest markets both US -- the North America and the EMEA segment really came in with some limited capacity, so we were pretty tight coming in. Volumes and orders came in really strong. So it obviously put a little stress and strain on our network.

好的，當我們回顧本季時，我想必須說需求、也就是量的需求非常強勁，在我們所有市場都很強。而我們兩個最大的市場——北美（美國）以及 EMEA 事業部——在進入本季時產能都比較有限，所以一開始我們就很吃緊。出貨量與訂單都非常強勁。因此很明顯對我們的網路造成了一些壓力與負荷。

So -- but really, when you look at it, we never really wanted or had intended to be evaluated on every segment, every quarter on operating leverage. It's just not the way the business works. And you pointed out, obviously, that we came up a little short in North America. And that really does come from the fact that we are -- we saw some start-up costs and also with the strong demand, it really just challenged us to deliver at times.

所以——但實際上，當你仔細看，我們從來不希望、也不打算每一季在每個事業部都以營運槓桿來被評價。這不是這門生意的運作方式。而你也指出，顯然我們在北美稍微差了一點。那主要是因為我們——看到了一些啟動成本，同時在強勁需求下，確實在某些時點對我們的交付能力形成挑戰。

And these are good problems to have because they're based on orders and strong demand. But I think that's the main takeaway. I think the operating leverage in the rest of the company was pretty good. And actually for the enterprise at large, it was fabulous. 8% operating earnings growth, we don't do much better than that ever. And so that's a great mark.

而這些其實是「好問題」，因為它們是由訂單與強勁需求所驅動。但我認為這就是最主要的重點。我認為公司其他部分的營運槓桿表現相當不錯。而且其實就整個企業而言，表現非常出色。營業利益成長 8%，我們幾乎很少能做得比這更好。所以這是一個很棒的成績。

Yes. I appreciate that, Dan. I just wanted to peer under the hood, so to speak. Point of clarification. Was there any operational friction costs related to Benepack in 2Q that in some ways we should adjust for?

是的。我很感謝你這麼說，Dan。我只是想更深入了解一下，打個比方說「掀開引擎蓋」看看。我想釐清一點。第二季是否有任何與 Benepack 相關的營運摩擦成本，以致於我們在某種程度上應該把它調整掉？

And then the second question, Ron, you talked about strength, obviously, in energy and nonalcoholic beverages. So what are you seeing and implying in terms of the outlook for alcohol, for beer? Has there been any change in momentum in some of the ready-to-drink in other categories? Thanks and good luck in the quarter.

然後第二個問題，Ron，你談到能源飲料與非酒精飲料的強勁表現。那麼你對酒精、對啤酒的展望看到了什麼、又意味著什麼？在其他類別中，一些即飲（ready-to-drink）產品的動能是否有任何變化？謝謝，也祝你們本季順利。

First, on your question on Benepack operational friction. These are plants. One is a brand-new start-up plant, so we need to think of the plant in Hungary is just a start-up plant and the plant in Belgium, we are working diligently to get to 24/7 operations just like the plant in Hungary.

先回答你關於 Benepack 營運摩擦的問題。這些是工廠。其中一座是全新的啟動工廠，所以我們需要把匈牙利的工廠視為一座剛啟動的新廠；而比利時的工廠，我們也正努力推進，目標是像匈牙利工廠一樣達到 24/7 的運作。

So I would say, in general, we're right on track with what we expected from those plants, but they are not accretive to our overall business yet, and that's what we said we were getting when we bought those plants. And we're excited about them. We're really pleased.

所以我會說，整體而言，這些工廠的進度完全符合我們的預期，但它們目前還沒有對我們整體業務帶來增益（accretive），而這也正是我們在收購時所說會得到的狀況。我們對它們感到很興奮。我們真的很滿意。

From a category perspective, I think you're maybe talking specifically about North America. Yes, so I'll start by saying this. The can is winning. It continues to win. It's been winning for years. We have shown volume growth across our business, all of last year, in fact, accelerating last year. So we've now completed our sixth quarter of growth. We expect that to continue for the foreseeable future.

從品類角度來看，我想你可能特別是在談北美。是的，那我先這麼說。鋁罐正在勝出。而且它會持續勝出。它已經勝出很多年了。我們在整個業務上都展現了量的成長，事實上去年全年都在成長，而且去年還在加速。因此我們現在已完成連續第六個季度的成長。我們預期在可預見的未來這種趨勢會持續。

And we had a really strong quarter, 4% plus volume growth on the back of a comparable 4% plus volume growth in Q2 of last year and a plus 4% volume growth in all of 2025. That's above what we expect from our long-term outlook.

而且我們本季表現非常強勁，在去年第二季同樣有 4% 以上的可比量增基礎上，本季仍達到 4% 以上的量增；而 2025 年全年也有超過 4% 的量增。這高於我們長期展望所預期的水準。

As far as categories, as I said, the can is winning, and we're focused on supporting all of our customers. I would say the other thing about the dynamics of the beverage industry is the can is used to deliver value to consumers, be it in a single format or really in the multipack format. And we have a great customer portfolio. So we're seeing growth even in a really tight capacity environment for us.

就品類而言，如我所說，鋁罐正在勝出，而我們專注於支援所有客戶。我還想補充飲料產業的另一個動態：鋁罐被用來為消費者提供價值，不論是單罐形式，或更常見的多入裝（multipack）形式。而我們擁有很棒的客戶組合。因此即使在我們產能非常吃緊的環境下，我們仍然看到成長。

As it relates to individual categories, I couldn't say more than what you see in all of the data that you all analyze and quite frankly, share with us. So beer along with soft drinks and energy is delivering growth ultimately for our business, and for the can industry overall.

至於個別品類，我能說的其實不會比你們在所有數據中看到的更多——坦白說，那些數據也是你們分析後再分享給我們的。所以啤酒連同汽水與能量飲料，最終都在為我們的業務、以及整個鋁罐產業帶來成長。

Thank you very much. Appreciate the thoughts.

非常感謝。感謝分享看法。

Gabe Hajde, Wells Fargo.

下一位是 Wells Fargo 的 Gabe Hajde。

Good morning, Ron. Thanks for taking the question and details. I wanted to maybe ask -- a piggyback, I guess, on George's question a little bit differently. I think there kind of had been some commentary about alcohol as part of the portfolio being about 40% and maybe over time getting closer to 30%. I'm just curious if under kind in your purview and as you look at things, is that still sort of part of the initiatives across the organization.

早安，Ron。謝謝你回答問題並提供細節。我想問——算是延伸 George 的問題，但角度稍微不同。我記得之前有一些評論提到，酒精在產品組合中約占 40%，而且可能隨時間推進會更接近 30%。我只是好奇，在你的職責範圍內、以及你看待整體情況時，這是否仍然是整個組織推動的方向之一。

And again, I appreciate that you're servicing customers and making sure that they have everything they need. Is it maybe just natural attenuation if you're kind of projecting beer to be down low single digits in volume metric terms and then they can continue to win. Just help us think about that maybe over the medium term?

再次感謝你們持續服務客戶，並確保他們擁有所需的一切。如果你們預期啤酒在量的指標上可能會落在低個位數下滑，這是否可能只是自然消退（natural attenuation），而他們仍能持續勝出。請協助我們思考一下，這在中期可能會如何發展？

Sure. Thanks, Gabe for the question. As I said, the can is winning. And as far as the category goes, beer is an important category for us, and it's an important category for the can industry but it's certainly not our only category nor is it our biggest category. And as you can see from our overall volumes relative to other substrates, the can does continue to win, and that's because of other categories continuing to pick up the pace.

當然。謝謝你的提問，Gabe。如我所說，鋁罐正在勝出。就品類而言，啤酒對我們很重要，對鋁罐產業也很重要，但它當然不是我們唯一的品類，也不是我們最大的品類。而且從我們相較於其他包材（substrates）的整體出貨量來看，鋁罐確實仍在勝出，這是因為其他品類持續加快成長步伐。

So I would just say, number one, consumers want convenience. That means they're going to drink more from packaged beverages. And when they drink more from a packaged beverage, more often than not, they're continuing and will continue to accelerate the pace of buying a can versus another substrate. And we have the privilege and right to win in that environment. So I think regardless of what is being sold in that can, the can will continue to grow. And we're going to help all of our customers to win in that regard.

所以我會說，第一，消費者想要便利。這代表他們會更多飲用包裝飲料。而當他們更多飲用包裝飲料時，多數情況下，他們持續、且將持續加速購買鋁罐而非其他包材。我們有幸也有權利在那樣的環境中勝出。因此我認為，不論鋁罐裡賣的是什麼，鋁罐都會持續成長。我們也會協助所有客戶在這方面取得勝利。

Appreciate that. Also I think last call, you mentioned being kind of 90% sold out in North America -- or I should say, contracted, excuse me, in North America and then 50%, I think, through the end of the decade. Are there any updates there? And then specific maybe to Europe, I think you mentioned picking up some business over there, just anything material that we should be mindful of maybe going into '27? Thank you.

感謝說明。另外我記得上次電話會議你提到北美大概有 90% 已售罄——或者我應該說是已簽約，不好意思——在北美，然後到本十年末大概是 50%，我想是這樣。這部分有任何更新嗎？再來針對歐洲，我想你提到在那邊拿到一些業務，是否有任何重大事項是我們在展望到 2027 年時需要留意的？謝謝。

So first of all, on our outlook for contracted volumes, we don't intend to provide a quarterly guidance on these calls as to what our outlook is on a -- we provided that anecdotally, I would say there's been no material change. To that, we are more than 50% sold out through the end of the decade. We said that before, and that's still true. And the reason we shared that before is just to give you confidence that demand is out there from our customers, but it's more of an anecdotal comment. We don't plan to update that on a quarterly basis.

首先，關於我們對已簽約量的展望，我們不打算在這些電話會議上按季提供相關指引——我們先前只是以軼事方式分享。我會說目前沒有任何重大變化。就此而言，我們到本十年末的已售罄比例超過 50%。我們之前這麼說過，現在仍然如此。而我們先前分享這點，是為了讓你們對客戶端需求的存在更有信心，但那更偏向軼事性的評論。我們不打算按季更新這項數字。

As it relates to Europe, Europe is the land of opportunity. Can penetration rates are lower than anywhere else in the regions we serve. Sustainability tailwinds are stronger in Europe, they are in any other region we serve, and there is more investment in can filling capacity anywhere else in the regions we serve. So Europe is an absolute land of opportunity.

至於歐洲，歐洲是充滿機會的沃土。在我們服務的各個地區中，歐洲的鋁罐滲透率最低。歐洲的永續性順風（tailwinds）比我們服務的任何其他地區都更強，而且在我們服務的各地區中，歐洲對鋁罐充填產能的投資也最多。因此歐洲絕對是機會之地。

And you can see it in our as well as our primary competitors volume growth this quarter and over the last several years. Now as it relates to customers and contracts, et cetera, I would just say overall volume growth, nothing specific to any given customer or business we won that I would call out.

你也可以從我們以及主要競爭對手在本季與過去幾年的出貨量成長看出來。至於客戶與合約等，我只能說整體出貨量成長表現不錯，沒有任何特定客戶或我們贏得的特定業務需要特別點名。

Again, we will -- given the acquisition we made, finish above the high end of our 3% to 5% growth outlook for the year, in Europe, in our EMEA business. So we're really pleased with it, and we're going to continue to serve our customers with distinction there because they are really growing with the can.

再次強調——考量我們完成的那筆收購——我們在歐洲、也就是我們的 EMEA 業務，今年將高於我們原先 3% 到 5% 成長展望的上緣。所以我們非常滿意，並且會持續以卓越的方式服務那裡的客戶，因為他們確實正隨著鋁罐一起成長。

Edlain Rodriguez, Mizuho.

Edlain Rodriguez，瑞穗（Mizuho）。

Thank you. Good morning, everyone. A quick question on the volume by segment. Like how do you think your regional volumes did compare with the market, essentially like did they lag I would pace to respective markets?

謝謝。各位早安。我有個關於分部別出貨量的簡短問題。你們認為各區域出貨量相較於市場表現如何？也就是說，相對各自市場，你們是落後還是跟上其成長步伐？

Thank you very much for the question. So let me just review where we said we would be for the full year, and then I'll tell you what I feel from the quarter perspective. For the full year, we said we will be in this 2% to 3% long-term outlook. We, may be towards the high end of that range. And we said North America would be on the low end of our 1% to 3% range, we said EMEA would be above our 3% to 5% range and South America would be on the low end of our 4% to 6% range.

非常感謝你的提問。我先回顧一下我們對全年所說的目標區間，接著再談我對本季的感受。就全年而言，我們說我們會落在長期展望的 2% 到 3% 區間內，可能會偏向該區間的上緣。我們也說北美會落在 1% 到 3% 區間的下緣；EMEA 會高於 3% 到 5% 的區間；南美會落在 4% 到 6% 區間的下緣。

In the quarter, I would say we grew low single digits, right in line with what we expected in North America, some were higher, some were lower. In EMEA, we grew right in line with the mid-single digits as we called out.

就本季而言，我會說北美成長為低個位數，符合我們的預期，有些較高、有些較低。在 EMEA，我們的成長與我們所提到的中個位數增幅一致。

I think we were right in line with market probably in both of those geographies. And clearly, the standout with South America, where we grew mid-teens and the market was more flattish to up slightly. So that's probably the puts and takes by region on our volumes in the quarter.

我認為在這兩個地區，我們大概都與市場表現一致。而很明顯的亮點在南美：我們成長達中十位數，而市場則較為持平到小幅成長。所以這大概就是本季我們各區域出貨量的增減因素（puts and takes）。

No. That's fair. And also, can you talk about capital allocation? And should we expect about $200 million of share repurchase in each of the remaining quarters? Or will there be more nuance to that?

了解。這樣說得通。另外，你能談談資本配置嗎？我們是否可以預期在接下來每一季大約各回購 2 億美元的股票？還是會有更多細節上的差異？

Hi, this is Dan. I'm going to take that question. From a capital allocation perspective, specific to share repurchases, we're still standing by the guidance that we've been holding out all year. And that is that we would repurchase around $600 million worth of shares and deliver close to another $200 million in dividend for a total of $800 million of return back to the shareholders. So that still holds true.

嗨，我是 Dan。我來回答這個問題。就資本配置而言，針對庫藏股回購，我們仍維持今年以來一直提供的指引。也就是我們將回購約 6 億美元的股票，並發放接近另外 2 億美元的股利，合計約 8 億美元回饋給股東。所以這點仍然成立。

Through the first half of the year, we've done about $100 million of those share repurchases. And that was also what was contemplated as well, because of the back half nature of our free cash flow, and it comes in the back half of the year, and we really didn't want to take on the risk on the balance sheet by leveraging up to make those share repurchases.

截至上半年，我們已完成約 1 億美元的股票回購。這也在原先規劃之內，因為我們的自由現金流具有下半年較集中的特性，現金流會在下半年進來，而我們也不希望為了進行股票回購而透過提高槓桿、讓資產負債表承擔風險。

Okay, thank you.

好的，謝謝。

Hillary Cacanando, Deutsche Bank.

Hillary Cacanando，德意志銀行（Deutsche Bank）。

I know can is winning, and it seems like there's still substrate shift going on in Europe. But in North America, would you say the volume growth is still coming from substrates? Or is it more from new product launches? And if so, are there any new products or category coming out over the next year that you're really excited about?

我知道鋁罐正在勝出，而且看起來歐洲仍在發生包材轉移（substrate shift）。但在北美，你會說出貨量成長仍主要來自包材轉移嗎？還是更多來自新產品上市？如果是的話，未來一年有沒有任何你特別期待的新產品或新品類？

Hi, Hillary. Thanks for the question. What I can say is looking at the data that we get and that I'm sure you all pour over, the overall beverage market in North America is relatively flat while the can grows over the last year in that 2% to 3% range, while other substrates declined similarly 2% to 3%, something like this.

嗨，Hillary。謝謝你的提問。我能說的是，從我們取得、也相信各位都仔細研讀的數據來看，北美整體飲料市場相對持平；而鋁罐在過去一年成長約2%到3%，同時其他包材基材則以類似的2%到3%幅度下滑，大概是這樣。

So overall, the can just continues to take share in the normal course of business. As far as our -- what we see from the market our customers, certainly, when it comes to launching new products and categories, more often than not, it is in a can.

所以整體而言，鋁罐在正常的業務進程中持續提升市占。就我們從市場、以及從客戶端所看到的情況而言，當客戶推出新產品與新類別時，往往多半會選擇用鋁罐。

And the great news is when our customers choose the can, they lean into it with the ability to deliver value to consumers through different sizes, different multipack capacities, and that allows them to meet the kind of the customers, their customers and their consumers where they are. So that innovation with respect to sizes in pack size configuration really helps the can to win and our customers to win with the can.

而好消息是，當客戶選擇鋁罐時，他們會善用鋁罐的能力，透過不同容量、不同多入裝規格，為消費者提供價值，並讓他們能在客戶的客戶與消費者所在之處滿足需求。因此，在尺寸與包裝規格配置上的創新，確實有助於鋁罐勝出，也讓我們的客戶能藉由鋁罐取得成功。

Got it. Great. Thank you so much. And then just a quick, I guess, a modeling question. I know Millersburg start-up cost is $35 million in 2026. Are you expecting anything in 2027? Or we're pretty much done in terms of spending in 2026?

了解。很好。非常感謝。另外再快速問一個，我想算是模型假設的問題。我知道Millersburg在2026年的啟動成本是3,500萬美元。你們預期2027年還會有嗎？還是說在2026年的支出基本上就差不多結束了？

Yes. This is Dan. I'll take that. So really, the first part of your statement is really what we expect on the startup cost. The $5 million that came in, in this quarter and then really upwards of $30 million more in the second half of this year.

是的。我是Dan。我來回答。所以其實你陳述的前半段，正是我們對啟動成本的預期。本季已發生的500萬美元，以及今年下半年還會再增加、最高約3,000萬美元。

And so it's very much on plan, and the plan was really for it to be a contributor next year. And so we're making cans there, and we are not on a continuous basis, of course, but that's really what the ramp up is all about getting it up to speed, so it can be productive for next year.

因此這完全符合計畫，而計畫原本就是希望它在明年開始貢獻。我們已在那裡生產鋁罐，當然不是連續性地生產，但這正是爬坡的重點：把產線拉升到位，讓它能在明年具備生產力。

So no start-up costs building into 2027?

所以2027年不會再納入任何啟動成本？

That's correct.

沒錯。

Okay, got it. Thank you so much.

好的，了解。非常感謝。

Mike Roxland, Truist.

Truist的Mike Roxland。

Yes, thank you, Ron, Dan. Appreciate taking my question and congrats on the result. My first question is in terms of -- just trying to get an early read on how volumes are shaping up for realizing that you're more than 90% sold. Obviously, you opened surg last month, and you expect a full ramp in '27. When should that occur, like '27, mid '27? And some question for Benepack, when do you expect those assets full next year?

是的，謝謝你，Ron、Dan。感謝回答我的問題，也恭喜這次的成果。我的第一個問題是關於——我想更早掌握一下出貨量的走勢，考量到你們已經售出超過90%。很明顯你們上個月啟用了surg，並預期在27年全面爬坡。那大概會在什麼時點發生，例如27年、27年年中？另外想問Benepack，你們預期那些資產明年何時能滿載？

Mike, thanks for the question, and thanks for the congratulatory comments. It gives me a chance to accept them on behalf of our 16,000 Ball employees who are working very hard to support our customers and deliver really great value for our shareholders and all of their colleagues. So on behalf of those 16,000 colleagues in mind, thank you, and I accept your congratulatory comments.

Mike，謝謝你的提問，也謝謝你的祝賀。這也讓我有機會代表我們Ball的16,000名員工接受這些祝賀；他們非常努力地支持客戶，並為股東及所有同仁創造非常好的價值。因此，我代表這16,000位同仁向你致謝，也接受你的祝賀。

As for 2027, we aren't concerning ourselves too much with guidance on 2027 on this call. What I will say, and I reiterate is we grew 4-plus percent in Q2 on the back of 4-plus percent growth last year for the full year and 4% in the second quarter last year. So this is our sixth consecutive quarter of growth, and that's just a clear evidence and sign that the can is winning and will continue to win on a go-forward basis.

至於2027年，我們在這通電話上不會太著重提供2027年的指引。我想重申的是：我們在第二季成長超過4%，而去年全年也成長超過4%，去年第二季同樣是4%的成長。所以這是我們連續第六個季度成長，這清楚證明鋁罐正在勝出，且未來也會持續勝出。

For the long term, we are confident in our 2% to 3% volume growth outlook. So that's what you should continue to model for us. And quite frankly, this year, we will again probably finish above that, certainly above the 2% to 3%, so slightly above that. And next year, we expect to be in that range.

就長期而言，我們對2%到3%的出貨量成長展望有信心。所以你們應該持續用這個區間來建模。坦白說，今年我們很可能又會高於該區間，至少會高於2%到3%，也就是略高一些。而明年我們預期會落在那個區間內。

As it relates to Millersburg, again, I said we started making commercial cans there last month. We expect to deliver pretty much the full value of that plant, let's say, certainly beginning sometime in the first quarter, I would say. We may not have it ramped completely on January 1, but we should expect to have pretty much the full value of that plant in 2027.

至於Millersburg，如我所說，我們上個月已開始在那裡生產商用鋁罐。我們預期在2027年應可交付該廠幾乎全部的價值，我會說大概在第一季的某個時間點開始。我們可能無法在1月1日就完全爬坡到位，但在2027年你們應可預期該廠幾乎能貢獻全部價值。

As it relates to Benepack, similarly, this year is about integrating those assets they should be fully ramped and operational, running as a part of our network and being accretive, just as they normally would do any other plant start-up. So we got some big opportunities to deliver good value to ourselves and to our customers in 2027 as a result of those investments.

至於Benepack，同樣地，今年的重點在於整合這些資產；它們明年應可全面爬坡並投入營運，作為我們網路的一部分運轉並帶來增益（accretive），就像任何其他新廠啟動一樣。因此，因為這些投資，我們在2027年有很大的機會為自己與客戶創造良好價值。

Very clear. And just one quick follow-up on the volumes. Where do volumes stay currently for July thus far by region? And any early read or your order books look like for August thus far, realizing earlier in the month?

非常清楚。再追問一個關於出貨量的問題。就目前為止，7月各區域的出貨量表現如何？另外，考量現在還在月初，你們對8月目前的訂單簿有沒有任何初步觀察？

Yeah, thanks, Mike. So I would say we're right on track in July results from our quarter and full year. It's still very much summer in the Northern Hemisphere and extremely warm and a lot of activity. So really we have great confidence in our Q3 plan based on our July and month-to-date August numbers. Nothing special to call out there other than we're right on our plan.

好的，謝謝，Mike。我會說，7月的結果與我們本季及全年表現完全符合軌道。北半球仍然是夏季，天氣非常炎熱，活動也很多。因此，基於7月以及8月截至目前的數字，我們對第三季計畫非常有信心。沒有什麼特別需要點出的，除了我們正按計畫進行。

Josh Spector, UBS.

UBS的Josh Spector。

Hi, good morning. It's Anojja Shah, sitting in for Josh. I know it's a pretty small -- it's a smaller category, but I wanted to talk about the other category, and it seems like your aerosol business did pretty well in 2Q. Can you just talk about what went right? And is this kind of a new run rate for you in aerosol? And then separately, one of your aerosol competitors just announced an expansion in Pennsylvania. Can you talk about the competitive environment you're seeing there right now?

嗨，早安。我是Anojja Shah，代Josh提問。我知道這是一個相對小——較小的品類，但我想談談其他品類；看起來你們的氣霧罐（aerosol）業務在第二季表現相當不錯。你能談談哪些做對了嗎？這是否會成為你們氣霧罐業務新的常態運行水準（run rate）？另外，你們的一家氣霧罐競爭對手剛宣布在賓州擴產。你能談談你們目前看到的競爭環境嗎？

Sure, thanks for the question. We're really pleased to get to talk about our -- what we call our personal home care business. I would just say consistently, and this quarter is no exception, our personal and home care business is accretive to our overall volume growth and our operating earnings growth. And while it's relatively small, we really like our [PHC] business, and we -- gives me the chance to thank all the people, all of my colleagues that work in our personal and home care business. So we like it. We like it going forward. And we think that investment in this business by us or competitors is good because there's continued demand just really positive, and we see a good outlook for it.

當然，謝謝你的提問。我們很高興能談談我們——我們稱之為個人與居家護理（personal home care）業務。我想說的是，一直以來、而本季也不例外，我們的個人與居家護理業務對整體出貨量成長與營業利益成長都是具增益的。雖然規模相對較小，但我們非常喜歡我們的[PHC]業務；也讓我有機會感謝所有在個人與居家護理業務工作的同仁。所以我們喜歡它。我們也看好它的未來。我們認為不論是我們或競爭對手對這項業務的投資都是好事，因為需求持續存在、整體非常正向，我們也看到良好的前景。

Yes, this is Dan. I would overlay just a couple of things. One is, obviously, this business at times grows even higher rates than our beverage can business does. So in this quarter, it really was no exception to that. So high single digits for the quarter.

是的，我是 Dan。我想再補充幾點。其中一點是，很明顯，這項業務有時候的成長率甚至高於我們的飲料罐業務。所以本季也不例外。因此本季是高個位數成長。

But I would say a lot of it has to do with the industry dynamics. And for North America, it really consists of two markets. It consists of the US and Mexico. We happen to be located in Mexico. And so when a competitor really comes up in Pennsylvania or in the US, it's almost like it's not necessarily relevant in some regards because our competition really are those who are down in Mexico.

但我會說，其中很大一部分與產業動態有關。而在北美，基本上由兩個市場構成。也就是美國與墨西哥。我們剛好位於墨西哥。因此當競爭對手在賓州或美國冒出來時，某種程度上幾乎不一定那麼相關，因為我們真正的競爭對手其實是那些在墨西哥的業者。

Okay. Great. Thank you for that. And then there was a pretty big change to Section 232 in July that I think includes some incentives for domestic production of aluminum. Do you expect any near- to medium-term impact? I know you have an immediate pass-through on aluminum, but maybe this could mean some relief for end consumers that could have a potentially positive impact on your volumes here in North America?

好的。很好。謝謝你的說明。另外，7 月對第 232 條款有一項相當大的變更，我認為其中包含一些鼓勵國內鋁生產的誘因。你們預期短期到中期會有任何影響嗎？我知道你們對鋁有即時轉嫁機制，但也許這可能讓終端消費者獲得一些緩解，進而對你們在北美的銷量帶來潛在的正面影響？

Thanks for that question. The short answer is no. We aren't seeing any impacts. And also no, we don't foresee any big change relative to tariff and trade policies in the US or globally for that matter. We just can't forecast or predict them.

謝謝這個問題。簡短的答案是：不會。我們沒有看到任何影響。同樣地，我們也不預期美國或全球在關稅與貿易政策方面會出現任何重大變化。我們就是無法預測或推斷這些政策。

And we understand that what was offered, but in terms of the Section 232 changes, but they're just not material enough to really move the needle. It does give me a chance to say that we and the industry are concerned and keep an eye on aluminum price, because the cost of aluminum, while it is a pass-through model does ultimately affect in consumer demand and our customers.

我們理解第 232 條款變更所提供的內容，但就其變更而言，影響幅度不足以真正帶來顯著改變。不過這也讓我有機會說明：我們以及整個產業都很關注並持續留意鋁價，因為鋁的成本雖然是轉嫁模式，但最終仍會影響消費需求以及我們客戶的狀況。

So the can continues to win and grow even in that elevated cost environment for aluminum, but we would very much like to see aluminum prices lower. And I think the investments that are happening in the industry, be it smelting or rolling, we encourage and we're excited about those investments as they come online, be it in the US or anywhere else in the world.

因此，即使在鋁成本偏高的環境下，鋁罐仍持續勝出並成長，但我們確實非常希望鋁價能夠下降。我認為產業內正在進行的投資，不論是冶煉或軋延，我們都支持並對這些投資陸續投產感到振奮，不論是在美國或世界其他地方。

Great, thank you.

很好，謝謝。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Good morning. Thanks for the time. Really quick, Ron, on your volumes? Are you saying above 2% to 3% or the high end? Just a clarification on the comments.

早安。謝謝撥冗。Ron，我想很快問一下你們的出貨量。你是說會高於 2% 到 3%，還是落在區間上緣？只是想釐清一下你的說法。

Yes, Matt. So I said on the -- for this year, the 2% to 3%, we should be at or above. It's hard for us to call it. But I would say right now, as we sit at the half year, we're right in the middle of that range. So we expect to see some acceleration of volume growth in the back half of this year. And we'll be, I would just say, call it 3% is probably good enough for right now. That's probably the best I could do it in prognosticating how we'll finish the year.

是的，Matt。所以我說今年的 2% 到 3%，我們應該會落在該區間或高於該區間。我們很難精準判斷。但以目前上半年來看，我們正好在這個區間的中間位置。因此我們預期今年下半年出貨量成長會加速。而我會說，就目前而言，抓 3% 大概就夠了。這大概是我對今年結束時表現所能做出的最佳預估。

And then really just one other from me. Thinking about incremental capacity in Millersburg in '27, recognizing, certainly, network the lead valves capacity creates from operational and cost perspective. But is there any change in product mix from that facility? Any difference in standard and specialty shipped in '27? Or is Millersburg in line with the system average like would be the operating leverage impact? Is it really all from cost or any mix?

另外我這邊還有一個問題。談到 2027 年 Millersburg 的新增產能，也理解從營運與成本角度來看，網路布局與產能會帶來效益。但那座廠的產品組合會有任何改變嗎？2027 年出貨的標準罐與特殊罐比例會有差異嗎？還是說 Millersburg 會與系統平均一致，因此營運槓桿的影響主要來自成本？也就是說，效益完全來自成本，還是也有組合面的影響？

Thanks for the question. So again, we're really happy with our investment in the Pacific Northwest. It's a long way to ship cans there. So we're excited to have capacity back in that region. We started producing last month. It was an important milestone for us.

謝謝你的問題。我們對在太平洋西北地區的投資非常滿意。把罐子運到那裡的運距很長。所以我們很高興能在該區域重新擁有產能。我們上個月開始生產。這對我們而言是個重要的里程碑。

It's also important to know this is a one-line plant. It will be fully ramped up in 2027, but it is still only a one-line plant. And it's only making standard-sized cans. So you won't see a mix shift impact from that plant. So it will be more or less in line.

另外也很重要的一點是，這是一座單線（one-line）工廠。它會在 2027 年完全爬坡到位，但仍然只是一座單線工廠。而且只生產標準尺寸的罐型。因此你不會看到因為這座工廠而產生的產品組合轉移影響。所以它大致上會與整體一致。

I will say there is a continued move from standard cans to more what we call sleek cans, et cetera. So there -- you will continue to see mix shift, but it won't be as a result of this plant coming back up -- coming online in 2027 at a full ramp-up.

我會說，市場仍持續從標準罐轉向我們所稱的 sleek 罐等品類。所以你仍會持續看到產品組合的轉移，但不會是因為這座工廠在 2027 年全面爬坡、正式投產所造成的。

Gabe Hajde with Wells Fargo.

Gabe Hajde，Wells Fargo。

Thank you guys, for taking the follow-up. Ron, I guess, as you think about North America or [NECA] being a 1% to 3% growing geography for you all. I know you're adding Millersburg and that's going to give you some relief in the Pacific Northwest. But I think I've heard you say at least three times like things are pretty tight and it's not optimal for the system, generally speaking.

謝謝各位讓我追問。Ron，當你們把北美或 [NECA] 視為一個對你們而言成長 1% 到 3% 的地區時，我知道你們正在新增 Millersburg，這會讓你們在太平洋西北地區稍微舒緩一些。但我想我至少聽你說了三次：整體來看產能相當吃緊，對系統而言一般來說並不理想。

Again, appreciating you know the seasonality, you guys build inventories in the spring, et cetera, et cetera. But I want to understand, as you look across the system, are there other areas for you to add a little bit, I'll call it creep capacity, whether it's decorators in the back end or additional lines or anything that you'd be adding in North America would require new four walls in brick-and-mortar? Thank you.

再次強調我理解季節性，你們會在春季建立庫存等等。但我想了解的是，當你檢視整個系統時，是否還有其他地方可以增加一些（我稱之為）小幅的增量產能，例如後段的印刷裝飾機（decorators）、額外產線，或任何你們會在北美新增的項目；還是說這些都需要新建廠房、也就是新增實體廠房四面牆的投資？謝謝。

Thanks, Gabe. I appreciate that additional question because it does give me a chance to talk a little bit about those opportunities. One, I would say, let's start with the industry itself. I would characterize the can-making industry in North America as healthily tight. There's been many quarters of volume growth.

謝謝，Gabe。我很感謝這個追加問題，因為這也讓我有機會談談這些機會。第一，我會先從產業本身談起。我會把北美製罐產業形容為「健康地偏緊」。已經有很多個季度出現出貨量成長。

It is the reason why we're building and bringing this new plant up and online. And I think we will continue to be disciplined in our investments. Backed by any investment we make will be back by long-term offtake agreements with our most strategic customers where we have built relationships and earned their trust over decades.

這也是我們興建並讓這座新工廠上線投產的原因。我認為我們會持續在投資上保持紀律。我們所做的任何投資，都會以與最具策略性的客戶簽訂長期承購協議（offtake agreements）作為支撐；我們與這些客戶建立關係並贏得信任已經歷經數十年。

As it relates to where else can we debottleneck? Of course, we can always pursue debottlenecking. We have a number of projects that we've been working on this year in a number of our plants that we don't go into great detail on because it's the normal course of business. But yes, the answer is we expect to deliver efficiency and productivity in our network each and every year. So hopefully, that answers your question, Gabe.

至於還能在哪些地方消除瓶頸？當然，我們一直都可以推動去瓶頸（debottlenecking）。今年我們在多座工廠推進了多個專案，但因為這屬於日常營運的一部分，所以我們不會對外詳述。但答案是肯定的：我們預期每一年都能在我們的網路中交付效率與生產力的提升。希望這樣能回答你的問題，Gabe。

All right. I think we have time for one more question.

好的。我想我們還有時間再回答一個問題。

Phil Ng, Jefferies.

Phil Ng，Jefferies。

Hey, Ron, Dan. Thanks for the detail. This is John on for Phil. I just wanted to touch on a couple of points. First, we've had a couple of capacity announcements in India. I know you guys have some capacity there. Just wondering what you're seeing from competition market growth from that standpoint?

嗨，Ron、Dan。謝謝你們提供這麼詳細的說明。我是代替Phil發問的John。我想簡單提幾個重點。首先，我們看到印度有幾項產能公告。我知道你們在那裡也有一些產能。想請教從競爭與市場成長的角度，你們目前觀察到什麼？

And then jumping over to South America. Could you quantify in any way the amount of World Cup volumes that came through in the quarter? I mean I know it's not necessarily easy, but just thinking for a modeling purpose how much of a drag that could be next year?

接著跳到南美。你們能否用任何方式量化本季因世界盃帶來的出貨量？我的意思是我知道這不一定容易，但就建模用途來看，想了解明年可能會有多大的拖累？

And then I'll follow up with one more question. Appreciate it.

然後我再追問一個問題。感謝。

Thank you, John. So firstly, as it relates to India, we talk about Europe and EMEA as a land of opportunity and India is accretive to that comment. It is a land of opportunity in a land of opportunity. Can growth is more than teens in that region and has been for a while. We, as you said, have announced capacity expansion in one of our two plants on top of a capacity expansion we've already done. And as you see lots of announcements for capacity growth.

謝謝你，John。首先，關於印度，我們談到歐洲與EMEA是一片充滿機會的土地，而印度也印證了這點。它是在機會之地中的機會之地。該地區的罐裝成長率超過十幾個百分點，而且已經持續一段時間。如你所說，我們已宣布在兩座工廠中的其中一座進行產能擴張，這是在我們先前已完成的一次擴產之上再加碼。同時你也看到許多產能成長的公告。

So it's an exciting part of the world backed by governmental changes that we believe will be strongly accretive to can growth in the long term. So we're excited about India and we're excited to have a business there that's been driving for many, many years.

因此，這是全球一個令人振奮的區域，並且有政府政策變革作為支撐；我們相信長期而言將對罐裝成長帶來顯著的增益。所以我們對印度感到興奮，也很高興我們在那裡的業務多年來一直在推動成長。

As it relates to World Cup in South America, again, we had open capacity because it is the winter lower season there. We have an unrivaled customer portfolio and their success promoting World Cup was our success.

至於南美的世界盃，同樣地，因為那裡是冬季淡季，所以我們有閒置產能。我們擁有無可匹敵的客戶組合，而客戶成功推廣世界盃，也就是我們的成功。

It's hard to put a number on what would be the impact of that. What I will say is, we plan to grow at the low end, maybe the middle of our 4% to 6% growth in the year, and that's right where we expect to deliver in the long term. So rather than put a number on it, I will just say it should not be meaningful over a year-to-year basis. We still intend to grow 4% to 6% next year on top of a really strong 4% to 6% growth this year.

很難為此影響給出一個數字。我能說的是，我們今年的成長規劃是在4%到6%區間的低端、也許在中段，而這也正是我們長期預期能達成的水準。因此與其給出一個數字，我只想說，從年度對年度的角度來看，它不應該是重大的因素。我們明年仍打算在今年已經非常強勁的4%到6%成長之上，再成長4%到6%。

All right. That's helpful. And then one of your larger North American beer customers has made some investments in their metal can packaging operations to expand some of their growing brands. I mean, they're relatively small, but I'm just wondering if this is more of a factor of how tight you guys are currently running in North America? Or maybe it's a little bit of a focus growing in some of the other faster-growing categories than necessarily mass beer? But any thoughts you can provide around that and maybe your mix in North America and how you're thinking about it going forward would be very helpful. Thanks.

好的。這很有幫助。另外，你們在北美較大的啤酒客戶之一，已在其金屬罐包裝營運上做了一些投資，以擴大部分成長中的品牌。我的意思是，那些規模相對不大，但我想了解這是否更多反映你們目前在北美的產能運轉有多緊？或者這可能也與你們更聚焦於其他成長更快的品類，而不一定是大眾啤酒有關？若你們能就此提供一些看法，以及你們在北美的產品組合、未來如何思考，將非常有幫助。謝謝。

Thanks, John. Honestly, I don't think we have enough information to comment on what our customers are doing relative to building or buying capacity. I would just say we're -- we support all of our customers, obviously, and we are tight as is the industry, and that's a good thing for this industry. So I don't really want to comment on other people's capacity and what they're doing, if you don't mind.

謝謝你，John。坦白說，我們沒有足夠資訊去評論客戶在自建或購買產能方面的作法。我只能說，我們當然支持所有客戶；而且我們的產能很緊，整個產業也是如此，這對這個產業而言是件好事。所以如果你不介意的話，我不太想評論其他人的產能以及他們在做什麼。

I think that was our last question. I just will finish by saying thanks to everybody for your interest in us for our investors on this line for your investment in us, for the -- for all of you analysts for continuing to help us tell our story. Your partnership in doing that. We appreciate that very much. And we look forward to talking with all of you a lot more about our business and sharing our story, because we are really excited about this.

我想那是我們最後一個問題。最後我想說，感謝各位對我們的關注；也感謝在線上的投資人對我們的投資；並感謝各位分析師持續協助我們講述我們的故事。感謝你們在這方面的合作夥伴關係。我們非常感激。我們也期待能與各位更多地交流我們的業務並分享我們的故事，因為我們對此真的非常興奮。

First half of the year, we delivered exactly as we expected to do. It's a reflection of how the can continues to win and the long-term nature and the resilient nature of this business and this industry that we have the privilege to participate in and be a leading market participant and run.

在上半年，我們的表現完全符合我們的預期。這反映了鋁罐持續勝出，以及我們有幸參與並作為領先市場參與者來經營的這門生意與產業，具備長期性與韌性。

So thank you very much on behalf of all of my colleagues at all for your interest in us, and we look forward to talking with you all again very soon.

因此，我代表我所有同仁再次感謝各位對我們的關注，我們也期待很快能再次與各位交流。

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.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。