Crown Holdings Inc (CCK) 2025 Q3 法說會逐字稿

Good morning and welcome to Crown Holdings third quarter 2025 conference call. (Operator Instructions) Please be advised that this conference call is being recorded. I would now like to turn to call over to Mr. Kevin Clothier, Senior Vice President, and Chief Financial Officer. Thank you, sir, and you may begin.

早安，歡迎參加皇冠控股2025年第三季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音。現在我想請資深副總裁兼財務長凱文·克洛西爾先生發言。謝謝您，先生，您可以開始了。

Thank you, and good morning. With me on today's call is Tim Donahue, President and Chief Executive Officer. If you don't already have the earnings release, it is available on our website at crowncork.com. On this call, as in the earnings release, we will be making a number of forward-looking statements. Actual results could vary materially from such statements.

謝謝，早安。今天和我一起參加電話會議的是總裁兼執行長提姆·多納休。如果您尚未收到獲利報告，可造訪我們的網站 crowncork.com 取得。與盈利報告一樣，本次電話會議上我們將發表一些前瞻性聲明。實際結果可能與此類說法有重大差異。

Additional information concerning factors that could cause actual results to vary is contained in the press release, and in our SEC filings, including our Form 10-K from 2024 and subsequent filings. Earnings for the quarter were $1.85 per share, compared to a loss of $1.47 per share in the prior year quarter. Adjusted earnings per share were $2.24, compared to $1.99 in the prior year quarter.

有關可能導致實際結果出現差異的因素的更多信息，請參閱新聞稿以及我們向美國證券交易委員會提交的文件，包括我們 2024 年的 10-K 表格及後續文件。本季每股收益為 1.85 美元，而去年同期每股虧損 1.47 美元。調整後的每股收益為 2.24 美元，而去年同期為 1.99 美元。

Net sales in the quarter were up 4.2%, compared to the prior year, reflecting a 12% increase in shipments across European beverage. The pass through of higher raw material costs and the favorable foreign currency translation partially offset by lower volumes across Latin America.

本季淨銷售額比上年同期成長 4.2%，反映出歐洲飲料出貨量成長了 12%。原材料成本上漲和有利的匯率變動部分抵消了拉丁美洲銷售下降的影響。

Segment income was $490 million in the quarter, compared to $472 million in the prior year, reflecting increased volumes in Europe and strong results in our tin plate businesses, as well as continued operational improvements across the global manufacturing footprint.

本季分部營收為 4.9 億美元，而去年同期為 4.72 億美元，這反映了歐洲銷售的成長、鍍錫鋼板業務的強勁業績，以及全球製造業務營運的持續改善。

For the nine months ended September 30, free cash flow improved to $887 million, from $668 million in the prior year, reflecting higher income and lower capital spending. The company repurchased $105 million of common stock in the quarter, and $314 million year-to-date. When combined with dividends, we've returned more than $400 million to shareholders this year.

截至 9 月 30 日的九個月，自由現金流從上年的 6.68 億美元增加到 8.87 億美元，反映出收入增加和資本支出減少。該公司本季回購了價值 1.05 億美元的普通股，今年迄今已回購了 3.14 億美元。加上股息，我們今年已向股東返還了超過 4 億美元。

The company achieved its long-term net leverage target of two and a half times in September, and remains committed to a healthy balance sheet while returning excess cash to shareholders in the future. The company continued to perform well in the quarter, with year-on-year improvements in segment income, adjusted EBITDA, and free cash flow.

該公司在9月實現了長期淨槓桿目標2.5倍，並將繼續致力於維持健康的資產負債表，同時在未來將多餘的現金回饋給股東。本季公司業績持續保持良好勢頭，各業務部門營收、調整後 EBITDA 和自由現金流量均實現年成長。

We've seen limited direct impact from tariffs, and remain attentive to the indirect effects that tariffs have had on the global consumer and industrial demand. Considering our strong performance to date, we're raising our guidance for the full year adjusted EPS to $7.70 to $7.80, and project the fourth quarter adjusted EPS to be in the range of $1.65 to $1.75.

我們看到關稅的直接影響有限，但仍需密切關注關稅對全球消費者和工業需求的間接影響。鑑於我們迄今為止的強勁表現，我們將全年調整後每股收益預期上調至 7.70 美元至 7.80 美元，並預計第四季度調整後每股收益將在 1.65 美元至 1.75 美元之間。

Our adjusted earnings guidance for the full year includes modest changes to the following assumptions. We expect net interest expense of approximately $350 million. Exchange rates assume the US dollar at an average of $1.13 to the Euro, non-controlling interest expense to be approximately $150 million and dividends and non-controlling interest are expected to be approximately $140 million.

我們對全年獲利預期進行了調整，並對以下假設做出了適度修改。我們預計淨利息支出約為 3.5 億美元。匯率假設美元兌歐元平均匯率為 1.13 美元，少數股東權益支出約為 1.5 億美元，預計股利和少數股東權益約為 1.4 億美元。

Remaining unchanged, we expect full year tax rate of 25%, depreciation of approximately $310 million. We now estimate 2025 full year adjusted free cash flow to be approximately $1 billion, after $400 million of capital spending, and net leverage to remain close to our long-term net leverage target of two and a half times. With that, I'll turn the call over to Tim.

預計全年稅率不變，為 25%，折舊額約 3.1 億美元。我們現在預計，在 4 億美元的資本支出之後，2025 年全年調整後的自由現金流約為 10 億美元，淨槓桿率將接近我們 2.5 倍的長期淨槓桿率目標。接下來，我會把電話交給提姆。

Thank you, Kevin, and good morning to everyone. I'll be brief and then we'll open the call to questions. As Kevin just summarized and as reflected in last night's earnings release, third quarter results were better than expected.

謝謝你，凱文，大家早安。我會簡短發言，然後我們將開放提問環節。正如凱文剛才總結的那樣，也正如昨晚發布的財報所反映的那樣，第三季業績好於預期。

Consolidated earnings per share advanced 13% as the strength of our balanced portfolio drove higher segment income and cash flow, in turn lowering interest costs. Strong demand in European beverage, and an improving cost structure across the US tin plate businesses combined to offset weakness across Latin America.

由於我們均衡的投資組合實力強勁，推動了各業務部門收入和現金流的成長，進而降低了利息成本，合併每股盈餘成長了 13%。歐洲飲料市場的強勁需求，以及美國鍍錫鋼板業務成本結構的改善，共同抵銷了拉丁美洲市場的疲軟。

Two items to remind everyone of. First, delivered aluminum reached $2.10 a pound last Friday. That is up $0.74 a pound or 54% in the last 10 months, primarily from the increased United States delivery premium. We contractually pass through aluminum, so the increased denominator effect will reduce percentage margins, not absolute margins. And this is primarily a North American issue, and it had about a 1.25% impact on America's beverage margins in the third quarter.

提醒大家兩件事。首先，上週五到貨鋁價達到每磅 2.10 美元。過去 10 個月，每磅價格上漲了 0.74 美元，漲幅達 54%，主要原因是美國運費上漲。我們依合約規定將鋁轉嫁給客戶，因此分母增加的影響會降低利潤率，而不是絕對利潤率。這主要是一個北美問題，對美國第三季的飲料利潤率產生了約 1.25% 的影響。

Second, as most of you are aware, we operate our Brazilian operations through a joint venture. As Brazil profits go up or down, the minority interest that you see on the face of the income statement will also go up or down. The lower minority interests that you see in the third quarter are the result of the lower Brazilian income, which is reported in the America's beverage segment income.

其次，正如你們大多數人所知，我們透過合資企業經營我們在巴西的業務。隨著巴西利潤的上升或下降，您在損益表上看到的少數股東權益也會隨之上升或下降。第三季少數股東權益減少，是由於巴西收入減少所致，該收入計入美洲飲料業務收入。

Following numerous quarters of above market growth, including 10% in last year's third quarter, America's beverage volumes were down 5% in the quarter, the result of a 15% volume decline across Brazil and Mexico. The effects of an uncertain and tariff-weary Mexican consumer, combined with the coldest Brazilian winter in 20 years subdued demand.

在經歷了多個季度高於市場平均水平的增長（包括去年第三季度增長 10%）之後，美國飲料銷量在本季度下降了 5%，這是由於巴西和墨西哥的銷量下降了 15% 所致。墨西哥消費者信心不足且厭倦了關稅，再加上巴西遭遇了 20 年來最寒冷的冬天，導致需求疲軟。

We do expect the fourth quarter in Brazil to return the growth, and 2026 in Brazil may be bolstered by government initiatives to lower interest rates, and provide subsidies to the lower income populations. And as discussed earlier, the net earnings impact to the company is somewhat muted by the reduction in the Brazilian minority interest.

我們預計巴西第四季將恢復成長，而到 2026 年，政府降低利率、向低收入者提供補貼等措施可能會提振巴西經濟。正如之前討論的那樣，巴西少數股東權益的減少對公司淨收益的影響在一定程度上是微不足道的。

North American volumes were mixed in the quarter, down 3% after getting off to a slow start in July and August. However, activity rebounded firmly in September, which was up 3%, and shipments to date in October have also been strong. For reference, North American volumes were up 5%, and Latin American volumes were up more than 18% in the prior year of third quarter.

北美地區的銷量在本季表現不一，7 月和 8 月開局緩慢，之後比去年同期下降了 3%。然而，9 月市場活動強勁反彈，成長了 3%，10 月迄今的出貨量也表現強勁。作為參考，去年同期北美銷量成長了 5%，拉丁美洲銷量成長了超過 18%。

European beverage posted a record quarter with income 27% above the prior year on the back of 12% volume growth. As has been the case throughout the year, growth was recorded in each region of the segment as the can continues to gain share across Europe, while in the Gulf states, the emergence of local brands is driving outsized growth.

歐洲飲料產業季度業績創歷史新高，營收比上年同期成長 27%，銷量成長 12%。與今年以來的情況一樣，隨著罐裝飲料在歐洲繼續擴大市場份額，該細分市場的每個地區都實現了增長；而在海灣國家，本土品牌的出現推動了超額增長。

Margins across Asia remained above 17% in the quarter, despite lower Southeast Asian volumes of 3%, as Asian industries and consumers alike feel the pinch of higher tariffs to their economies. Transit packaging income remained level to the prior year as increased shrapnel shipments and continuing cost efforts offset the impact of lower equipment activity.

儘管東南亞地區的銷量下降了 3%，但本季亞洲地區的利潤率仍保持在 17% 以上，因為亞洲的行業和消費者都感受到了高關稅對其經濟造成的壓力。由於彈片出貨量增加和持續的成本控制措施抵消了設備活動減少的影響，運輸包裝收入與去年持平。

The industrial markets remain challenging, but the transit team is executing well to control costs and generate cash. North American food can benefited from firm harvest demand and an efficiency and efficiency improvements to recently installed capacity. Combined with a lower cost structure, and aerosol cans and increased activity and can making equipment results in others significantly exceeded the prior year third quarter.

工業市場依然充滿挑戰，但運輸團隊在控製成本和創造現金流方面執行得很好。北美食品產業可以受益於強勁的收成需求以及近期安裝產能的效率提升和效益提高。結合較低的成本結構、氣霧罐的生產活動增加以及製罐設備的投入，其他業務的業績顯著超過了去年第三季。

In summary, performance across the portfolio resulted in another strong quarter, segment income up 4%, and earnings per share up 13%, against a very strong prior year third quarter. European beverage reflects the ongoing benefits from overall market growth and substitution. North American food continues to gain from new capacity brought online over the last two years.

總而言之，整個投資組合的表現又帶來了一個強勁的季度，部門收入成長了 4%，每股收益成長了 13%，而去年同期第三季表現非常強勁。歐洲飲料市場反映了整體市場成長和替代帶來的持續效益。北美食品產業持續受惠於過去兩年新增的產能。

The balance sheet is strong, and when combined with robust cash flow, the company remains well positioned to responsibly return cash to shareholders. And lastly, before we open the call to questions, we've had an exceptional year in 2025 as the entire Crown family continues the mission to serve our brand partners, and we sincerely thank them. So with that [El], we are now ready to take questions.

公司資產負債表穩健，加上強勁的現金流，公司完全有能力負責任地向股東回饋現金。最後，在正式開始提問之前，我們想說，2025 年對 Crown 大家庭來說是意義非凡的一年，我們將繼續履行服務品牌合作夥伴的使命，我們衷心感謝他們。好了，現在我們可以開始回答問題了。

(Operator Instructions)

（操作說明）

George Staphos, BofA Global Research (US)

喬治‧斯塔福斯 (George Staphos)，美國銀行全球研究部（我們）

Thanks so much. Hi everyone. Good morning. Thanks for the details. How are you? Congratulations on the progress, I guess the first question I had, Europe, you grew 12% as you stated share gains, I think from a pack mix standpoint and underlying market growth. Can you give us a bit more color and in particular, should we worry at all about pre-buying lapping tough comps at some point?

非常感謝。大家好。早安.謝謝你提供的詳細資訊。你好嗎？恭喜你們取得的進展，我想我的第一個問題是，歐洲，你們成長了 12%，正如你們所說，市場佔有率有所成長，我認為這是從產品組合和潛在市場成長的角度來看的。您能否再詳細解釋一下，特別是，我們是否應該擔心在某個時候提前購買一些難度較高的比賽用車？

How long do you see Europe growing at maybe not 12%, but at what's been the historical rate given what's been very strong growth for the first nine months and then had one or two follow-ons.

您認為歐洲經濟能以這樣的速度成長多久？也許不會達到 12%，但考慮到前九個月的強勁增長以及之後的一兩個月的持續增長，這種速度應該是歷史平均水平。

Okay. So good question, George. It'll allow me to say something that I do want to get out on the call as well. So the third quarter of last year, I think Europe was up 6%, up 12% this year, and George, you've been around a long time like I have. Maybe I have more grey hair, but you know that 6% and 12% is not the history of the can business, right?

好的。問得好，喬治。這樣我就可以在電話會議上說一些我想表達的話了。所以去年第三季度，我認為歐洲成長了 6%，今年成長了 12%。喬治，你和我一樣，在這個行業摸爬滾打了很久。也許我的白髮比較多，但你知道 6% 和 12% 並不能代表罐頭行業的歷史，對吧？

The can business is a low growth business with pockets of outsized growth, requiring discipline, cash flow is quite high, and it gives you the opportunity to generate a lot of value. So anybody expecting the company to grow 12% quarter after quarter or expecting us to grow earnings per share 20% year after year.

罐頭產業是一個成長緩慢但成長潛力巨大的產業，需要自律，現金流相當高，並且能為你創造很多價值。所以，任何期望公司每季成長 12% 或期望我們每股收益每年成長 20% 的人都是不切實際的。

That's not what the can industry is, right? It's certainly much more stable than that and but having said that, I don't think we would ascribe any volume growth that we had this year in Europe to pre-buy. I think as we've said before, and I know repeatedly Tom and Kevin have told you before, the long-term growth rate in Europe has been in the order of 4% to 4.5%, 4% to 5%.

罐頭業並非如此，對吧？實際情況肯定比這穩定得多，但話雖如此，我認為我們不會將今年歐洲的任何銷售成長歸因於提前購買。我認為正如我們之前所說，而且我知道湯姆和凱文也多次告訴過你們，歐洲的長期成長率一直在 4% 到 4.5% 或 4% 到 5% 之間。

We've got a couple open years in there perhaps when the Germans outlawed Cannes and some other things, but for the most part over the last 20 to 25 years, it's been pretty consistent, the amount of growth, and I just point out that while the segment was up 12% in the quarter, continental Europe was up more than the Middle East.

中間可能有幾年因為德國取締坎城影展和其他一些事情而有所波動，但在過去 20 到 25 年的大部分時間裡，成長幅度相當穩定。我只想指出，雖然該領域在本季成長了 12%，但歐洲大陸的成長幅度超過了中東。

So this was a European driven growth phenomenon, and I think it's largely to do with growth itself, underlying growth, and substitution as we've discussed before.

所以這是一個由歐洲驅動的成長現象，我認為這很大程度上與成長本身、潛在成長以及我們之前討論過的替代有關。

Okay, appreciate that, Tim. Second question, as we think about the year, and certainly what looks to be an up fourth quarter versus where we were and where consensus was, how is, how do you think about the America's EBIT overall? At one point in time you mentioned a billion dollars of EBIT, I think, if I'm correct, as being aspirational. Can you talk about what the outlook is for the year?

好的，謝謝你，提姆。第二個問題，當我們回顧這一年，尤其是考慮到第四季度業績似乎比我們預期的以及市場普遍預期的要好，您如何看待美洲整體的息稅前利潤？我記得你曾經提到過十億美元的息稅前利潤，如果你沒記錯的話，那應該是你的目標。能談談今年的前景嗎？

If you can talk a little bit about in terms of the third quarter or however you want to frame it, what the profit impact negatively was from what you saw in Mexico and Brazil and how that's woven into the billion dollars? And then lastly in other and I'll turn it over, was there any pickup from spread or is it purely cost reduction and your volume increase that drove the performance? Thank you.

如果您能談談第三季的情況，或者無論您怎麼闡述，墨西哥和巴西的情況對利潤產生了哪些負面影響，以及這些影響是如何融入十億美元的損失中的？最後，在其他方面，我再問一下，銷售成長是否有所提升，還是純粹是成本降低和銷售增加推動了業績成長？謝謝。

Alright, so you're going to have to stay on the line, George, because you asked a bunch of questions. The first one was long, so repeat the just get me started on the first one again.

好了，喬治，你得繼續在線，因為你問了很多問題。第一個太長了，所以請再重複一遍，讓我重新開始第一個。

Basically the billion dollars of EBIT being --

基本上，這十億美元的息稅前利潤是--

Dollars.

美元。

-- still the case and Brazil, Mexico, kind of what impact did they have? And then.

——巴西、墨西哥的情況依然如此，它們產生了什麼影響？進而。

Yeah, so a billion dollars, I was prepared to again tell you this morning it was aspirational. Kevin reminded me this morning that it looks like we will get there this year. A Brazil, Mexico, Mexico, we own 100% of our operations. George, Brazil is a joint venture.

是的，所以十億美元，我今天早上本來準備再次告訴你們，這只是一個目標。凱文今天早上提醒我，看來我們今年就能實現目標了。我們在巴西、墨西哥和墨西哥擁有100%的業務。喬治，巴西是一家合資企業。

If you look at the difference in minority interest, which is what, $12 million to $15 million if you want to say the impact of Brazil itself was more than $20 million, more than $20 million in the in the quarter and the impact from Mexico, Mexican cans, glass was flattish to slightly up in the quarter. Mexican cans was also an impact of about $5 million or $6 million in the quarter. So more than the total decline in America's beverage came from Mexico and Brazil.

如果你看一下少數股東權益的差異，也就是 1200 萬美元到 1500 萬美元，如果你想說巴西本身的影響超過 2000 萬美元，那麼本季度來自墨西哥、墨西哥罐頭和玻璃製品的影響在本季度基本持平或略有上升。墨西哥罐頭食品也對該季度造成了約 500 萬至 600 萬美元的影響。因此，美國飲料總銷量的下降幅度，超過美國飲料總銷量的下降幅度，其中墨西哥和巴西的銷量下降幅度更大。

Got it. And spreads in metal and then steel turn over.

知道了。它會在金屬中蔓延，然後鋼鐵會翻轉。

So I don't believe at this time, we're benefiting in the third quarter from any spreads and steel. Perhaps there was some spread benefit earlier in the year, but in the third quarter I don't believe we had any.

所以我認為目前我們第三季不會從任何價差和鋼鐵價格中受益。或許年初的時候利差有所改善，但我認為第三季我們並沒有獲得任何利差。

Thank you very much, guys. I'll turn it over.

非常感謝各位。我把它翻過來。

Thanks George.

謝謝你，喬治。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Thank you operator. Good morning, everybody. I guess you know if we switch to North America, I think you said 10 volume is down 3%. That's sort of a mixed start of the quarter and end of the quarter much better. What do you think the industry did during the third quarter and is there anything else just going on in terms of movement as it relates to promotional spending that's a little bit more episodic, and so you're seeing that as your customers adjust things or what do you think is going on in the market?

謝謝接線生。大家早安。我想你知道，如果我們把目光轉向北美，我記得你說過銷量下降了3%。這算是一個季度初表現參差不齊，但季度末好轉了很多。您認為第三季產業發展如何？在促銷支出方面，是否還有其他一些較為偶發性的趨勢？例如，您的客戶是否正在調整策略？或者您認為市場正在發生什麼？

Tom does his best to estimate the market. Not everybody reports data, so we have to make some estimates. As we said, we were down 3% in the quarter, and Tom's best estimate is perhaps the market was up 2% in the quarter. So we will have underperformed the market. Our underperformance is specific to one customer that we pruned at the start of the year, so I'll leave it at that.

湯姆盡力估算市場行情。並非所有人都提供數據，所以我們需要進行一些估算。正如我們所說，本季度我們虧損了 3%，而 Tom 的最佳估計是，本季市場可能上漲了 2%。因此，我們的業績將遜於市場平均。我們業績不佳的原因僅限於年初我們終止合作的一位客戶，所以我就不多說了。

It was a complicated customer with short runs, a lot of label changes. Frankly, the pricing didn't warrant the complexity put on the factories, the inefficiencies put on the factories, so we didn't participate -- no longer participate in that account.

這是一個比較複雜的客戶，訂單量小，標籤更換頻繁。坦白說，這樣的定價不值得為工廠帶來如此複雜的流程和低效率的效率，所以我們沒有參與——現在也不再參與這個專案了。

What do I think is going on with promotions? I, boy, I tell you, in the summer Ghansham, it felt like they were much more aggressive promoting. I think through the third quarter, even through Labor Day, it didn't feel like promotions. Now, we've got folks that are in supermarkets up in the Philadelphia area, and we're down here in the Florida area.

我覺得促銷活動到底是怎麼回事？我跟你說，夏天的時候，Ghansham 覺得他們的宣傳力道大得多。我覺得第三季度，甚至在勞動節期間，都沒有出現晉升的跡象。現在，我們的一些人在費城地區的超市裡，而我們則在佛羅裡達地區。

So we're not covering the whole country, but it didn't feel like, when you go to the supermarket and you look, because it's one thing for your customers to tell you what they're doing nationally. It's another thing to actually walk into stores and seeing the promotions. It didn't feel like it was very -- they were heavily promoting.

所以，我們並沒有涵蓋全國，但感覺上，當你去超市查看時，情況並非如此，因為讓你的顧客告訴你他們在全國範圍內正在做什麼是一回事。但真正走進商店看到促銷活動又是另一回事了。感覺不太像是——他們一直在大力宣傳。

I think the strength in the market, if the market is indeed up 2% as Tom says, is more about the resilience of the beverage can, is more about the experience that the consumer has with affordable pleasures in a challenging environment. I think it just, it shows the strength of the can and it shows the strength of our industry, and I'm not trying to be promotive when I say that, Ghansham.

我認為，如果市場真的像湯姆所說的那樣上漲了 2%，那麼市場的強勁勢頭更多地來自於飲料罐的韌性，更多地來自於消費者在充滿挑戰的環境中以實惠的價格享受到的樂趣。我認為這恰恰體現了罐頭的堅固性，也體現了我們產業的實力。我這麼說並不是想做廣告，Ghansham。

I just don't, I don't see the promotions from our customers driving the growth. I see the consumer, just the consumer demand for the product right now driving the growth.

我實在看不出來，我沒看到客戶的促銷活動推動了成長。我認為，目前推動成長的正是消費者，正是消費者對此產品的需求。

Okay, fair enough. And then just related to that, so just based on what you said about pruning and, some of the adjustments in the market, etc., what's your base case as it relates to volume specific North American beverage for 2026. I'm just trying to get a sense as it relates to if there's any spill over from the pruning and so on and so forth.

好吧，這說得有道理。然後，就與此相關的是，根據您所說的修剪和市場的一些調整等等，您對 2026 年北美飲料銷量的基本預測是什麼？我只是想了解一下，修剪等等是否會產生任何溢出效應等等。

And then for my second question on Europe, just given the strength, which has been phenomenal for multiple years, how do you feel about capacity in the region and your specific footprint to align with that growth expectations having changed, pretty nicely over the years?

那麼，關於歐洲的第二個問題，鑑於歐洲市場多年來的強勁成長勢頭，您如何看待該地區的產能以及您為適應這些年來成長預期而做出的具體佈局？

Yeah, so, we like our footprint we're very strong in the perimeter. There are some pockets in the central part of the European continent, where we're smaller we're not present. The only thing I would tell you is the margin opportunity in those regions have not justified us putting capacity in. I think that, and we've talked about this before.

是的，我們喜歡我們目前的防守覆蓋範圍，我們在外線非常強大。在歐洲大陸中部的一些地區，由於我們的規模較小，我們沒有業務。我唯一想告訴你們的是，這些地區的利潤機會不足以讓我們投入產能。我認為是這樣，而且我們之前也討論過這個問題。

Because we're on the perimeter and we're closer, we're very strong across the Mediterranean. We do benefit when tourism is up and tourism was up this summer, so it can go either way, Ghansham, but this year we were the beneficiaries of a strong tourism season.

因為我們位於邊緣地帶，距離更近，所以我們在地中海地區實力非常強大。旅遊業繁榮時我們確實會受益，而今年夏天旅遊業確實繁榮了，所以情況可能好也可能壞，Ghansham，但今年我們是強勁旅遊季的受益者。

I do think again, as I said to George, I don't think that, and you've been around a long time as well, Ghansham. I don't think anybody should ever anticipate that 12% is a number that you should expect companies in the can business to print every quarter. We may get a quarter or two like that every so often, but the growth rate in Europe is, as you said, it's been very nice. 4% to 5% for 20+ years. We'll take that for the next 20 years.

正如我跟喬治說的那樣，我再次認為，我不這麼認為，而且你也經歷了很多年了，甘沙姆。我認為任何人都不應該期望罐頭行業的公司每季都能達到 12% 的成長率。我們可能偶爾會遇到一兩個季度這樣的情況，但正如你所說，歐洲的成長率一直非常可觀，20多年來一直保持在4%到5%之間。接下來20年我們就接受這個方案。

Capacity, there are pockets of open capacity specific to one or two regions, but by and large, the market's in pretty good shape and from time to time, the hope is we're all responsible and we pick our moments as to when we want to add more capacity.

產能方面，雖然有一、兩個地區存在一些開放產能，但整體而言，市場狀況良好，我們希望大家都能負責任地選擇合適的時機來增加產能。

And Beverage North. America 2026 volumes?

還有 Beverage North。美國2026年卷數？

I think as we've said before, we expect to be up next year.

我認為正如我們之前所說，我們預計明年會取得進步。

Okay, fair enough, thank you.

好的，沒問題，謝謝。

Stefan Diaz, Morgan Stanley.

Stefan Diaz，摩根士丹利。

Hi, good morning, Tim. Good morning, Kevin. Hi, yeah, maybe just to begin, can you just give more details on the drivers for the better than expected performance and other. I know in the prepared remarks you said that, food cans are strong, maybe you saw some green shoots in the equipment business, but maybe like on a go forward basis, how should we think about the earnings power in this business?

你好，早安，提姆。早安，凱文。您好，是的，或許可以先從您能詳細說明一下驅動程式如何帶來超出預期的效能和其他方面的問題開始。我知道您在準備好的演講稿中提到，食品罐頭業務強勁，您可能也看到了設備業務的一些復甦跡象，但是從長遠來看，我們應該如何看待這個行業的盈利能力呢？

Well, I -- it's a -- last year was not a very good year, right? So let's start with the comp was low. I never want to say anything is easy, but the comp was low. We knew coming into this year we were going to do much better across food and aerosol, food with some volume gains early in the year, and we brought on three new lines over the last couple of years.

嗯，我──去年確實不太好過，對吧？首先，競爭程度很低。我從來不想說任何事情都很容易，但競爭確實很激烈。今年年初我們就知道，我們在食品和氣霧劑領域會做得更好，食品領域年初銷量就有所增長，而且在過去幾年裡，我們新增了三條產品線。

Two, two piece lines and then we have a three piece line, two, three piece lines that are co-located at a customer facility, and all are operating much better now than they were earlier. So, volume growth. Let's say pet food in Q1, vegetables in Q2, pretty constant volume in Q3, but really a lot of efficiency gain here in Q3 in food.

兩條兩件式生產線，還有一條三件式生產線，兩條三件式生產線都位於客戶的工廠內，現在它們的運作都比以前好得多。所以，銷量成長了。假設第一季寵物食品銷售量，第二季蔬菜銷售量，第三季銷售量大致不變，但第三季食品銷售量的效率提升非常顯著。

We did close an aerosol camp plant last year, so the aerosol cost structure is much lower, so we're benefiting from that. And I almost used the term green shoots in my prepared remarks, but I thought better of it, although I will tell you that equipment sales, equipment and tool sales in can making are up in Q3, profitability is up.

我們去年關閉了一家氣霧劑營地工廠，因此氣霧劑的成本結構大大降低，我們從中受益匪淺。我差點在準備好的發言稿中使用「復甦跡象」這個詞，但我後來覺得還是算了。不過，我可以告訴大家，第三季製罐設備的銷售額、工具銷售額都有成長，獲利能力也有所提升。

There is growth globally in beverage can and beverage can equipment. It's in a lot of regions of the world that many Americans are not familiar with, but we do operate a global equipment business out of the headquarters in the UK, and green shoots, I don't know, it might be too early to say that, but I think we're happy with where the business looks like it's going right now.

全球飲料罐和飲料罐設備的需求正在增加。雖然許多美國人並不熟悉，但我們確實在英國總部開展全球設備業務，而且目前看來，這項業務已經初見成效，現在下結論可能還為時過早，但我認為我們對目前業務的發展方向感到滿意。

Okay. Great. That's helpful and then maybe in Signode, correct me if I'm wrong but I think you expected like a $25 million headwind due to tariffs in that business. I mean you're able to grow income there modestly. Is this headwind still the right way to think about 2025 and maybe just sticking with Signode, it seems like revenue declines have been, getting better over the previous two quarters.

好的。偉大的。那很有幫助，然後也許在 Signode，如果我沒記錯的話，你預計該業務會因為關稅而面臨大約 2500 萬美元的阻力。我的意思是，在那裡你可以小幅增加收入。這種逆風是否仍然是看待 2025 年的正確方式？或許應該繼續持有 Signode 的股份，因為過去兩個季度的營收下滑似乎有所改善。

Do you think the business is in a position to, maybe start growing top-line, as we look into 4Q and 2026?Thank you.

您認為公司是否有可能在第四季和2026年實現營收成長？謝謝。你。

Yeah, so just on the revenue, remember one thing, we also passed through material costs in Signode, and by and large that's steel, not tin plate steel, but steel and plastics. So as the price of those commodities move up or down, our revenues move up or down, but in total overall volumes would have been lower, equipment and tools would have been lower.

是的，就收入而言，請記住一點，我們也把材料成本轉嫁給了 Signode，而且基本上都是鋼材，不是鍍錫鋼板，而是鋼材和塑膠。因此，隨著這些商品價格的上漲或下跌，我們的收入也會隨之上漲或下跌，但總體而言，銷售、設備和工具的數量都會減少。

They're higher value items that get sold and they're higher margin items that get sold offset by plastic strap which was up nicely in the quarter. I'll wait right now before I say we're at the bottom. I think there are some things that still need to be sorted out with tariffs and everything else before we get too confident on where we think cross-border shipments of equipment are likely to be as we go forward.

這些商品價值較高，利潤率也較高，但塑膠帶的銷售量在本季成長良好，抵銷了部分銷售損失。我暫時不會說我們已經跌到谷底。我認為在關稅和其他方面還有一些問題需要解決，之後我們才能對跨境設備運輸的未來發展趨勢充滿信心。

Tariffs. Kevin and I looked at this the other day. I would say we said that originally, we expected $10 million of direct tariffs. I think we still expect that through three quarters we're in the $7.5 million range, so we expect the $10. Indirect we said $15, which was a function of lower order patterns from customers, given uncertainty, and or increased cost for some of the equipment that we make in Switzerland or Finland that would have to come into the US, and we are seeing lower equipment and tool sales that are made abroad that would otherwise come into the US.

關稅。前幾天我和凱文一起看了這個。我想說，我們最初就說過，我們預計會有1000萬美元的直接關稅。我認為我們仍然預計前三個季度收入將達到 750 萬美元左右，所以我們預計收入將達到 1000 萬美元。間接損失我們說是 15 美元，這是由於客戶訂單減少、不確定性以及我們在瑞士或芬蘭生產的某些設備成本增加（這些設備必須運到美國）造成的，我們看到，原本應該運到美國的國外設備和工具的銷量下降了。

So I think that's still a good number and as I said, the transit team doing a really nice job of managing their cost structure, looking for ways to reduce cost, running more efficiently, running more responsibly. The one thing we have delivered to the Signode franchise since we've owned it now for seven years is we've brought them back to understanding they are a manufacturing company and as we try to do in our can business, we've put a number of the former can guys in the Signode who are helping them understand the positive benefits of efficiency and lower spoilage and lower labor hours to make as many or more units, and I think it's paying off.

所以我認為這仍然是一個不錯的數字，而且正如我所說，公車團隊在管理成本結構方面做得非常好，他們一直在尋找降低成本的方法，提高營運效率，更負責任地運作。自從我們擁有 Signode 特許經營權以來的七年裡，我們所做的一件事就是讓他們重新認識到自己是一家製造公司。正如我們在罐頭業務中所做的那樣，我們安排了一些以前的罐頭製造人員加入 Signode，幫助他們了解提高效率、減少損耗和減少工時以生產更多產品所帶來的積極好處，我認為這正在取得成效。

So cost structure a lot lower. The opportunity for us to benefit greatly when the industrial market's return is there. I just -- I don't -- it's a little too early to call for that right now.

因此成本結構要低得多。當工業市場復甦時，我們將有機會獲得巨大的利益。我只是——我不會——現在下結論還為時過早。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great. Thank you so much. When we think about your global operations we've seen consistent improvements in operating profitability. Could you just do a quick flyby of how we should be thinking about that, in terms of 2026 and where you think you still could be seeing some opportunities, obviously given that just the asset changes and, Asia, obviously be one of my - top one of mind, and then also in the US it just seems like some of your newer facilities in the last five years continue to operate, a little bit more efficiently. So if you could give us some color there, it would be greatly appreciated. Thank you.

偉大的。太感謝了。當我們審視貴公司的全球營運狀況時，我們發現其營運獲利能力持續提升。您能否簡要概述我們應該如何看待 2026 年，以及您認為在哪些方面仍然可能看到一些機會？顯然，考慮到資產的變化，亞洲顯然是我最關注的地區之一，此外，在美國，您過去五年新建的一些設施似乎仍在更有效率地運作。所以，如果您能提供一些細節信息，我們將不勝感激。謝謝。

Yeah, listen, I think that I think we're going to continue to improve operations. I mean, it's not a -- the manufacturing team has goals every year, and the goal is to get better every year, and we've described to you before that we typically characterize our plants in one of three buckets, and if you're in the bottom bucket, you're expected to be the top bucket prior the next year.

是的，聽著，我認為我們會繼續改進營運。我的意思是，這不是——製造團隊每年都有目標，目標是每年都進步，我們之前也向你們描述過，我們通常將工廠分為三個等級，如果你在最低等級，我們希望你在下一年之前達到最高等級。

So, it doesn't always happen, but that's the goal, continuous improvement. So from that standpoint, we always expect the manufacturing teams to do a better job. That's their job. Having said that, one thing that will happen as the price of quoted aluminum on the London Metal Exchange increases, and more specifically, as the delivery premium stays higher for longer, we will have percentage margin impact, especially in North America.

所以，這種情況並非總是發生，但這就是目標：持續改善。所以從這個角度來看，我們總是期望生產團隊能做得更好。那是他們的工作。話雖如此，隨著倫敦金屬交易所報價鋁價上漲，尤其是隨著交割溢價持續走高，將會出現一種情況，那就是利潤率會受到影響，尤其是在北美地區。

So that will flow through the America's beverage segment as we as we pass through one for one, the denominator gets bigger with the same dollar. So, you understand the denominator effect. And then, we'll see how we'll see how Mexico and Brazil do next year in the face of a of a tariff environment that has consumers, and customers alike, a little uncertain to this point, and I should mention that across Asia, the tariff environment perhaps even more impactful than it is in Brazil.

因此，隨著我們逐一分析，同樣的美元，分母會變大，這將影響美國的飲料產業。所以，你理解了分母效應。然後，我們將看看明年墨西哥和巴西在關稅環境下會有怎樣的表現。到目前為止，關稅環境讓消費者和顧客都有些不確定。我還應該提到，在整個亞洲，關稅環境的影響可能比在巴西更大。

So, all in all, margins across our business are pretty healthy. I think in every reportable segment we have, we're well into the double-digits and even transit is a business, right now where demand is low, but they're making above 13%.

總的來說，我們業務的各個環節利潤率都相當健康。我認為在我們所有可報告的細分市場中，我們的成長率都達到了兩位數，即使是目前需求低迷的公共運輸產業，其成長率也超過了 13%。

So we describe that as a 12% to 15% business, and historically, if you look across packaging land, 12% to 15% in a low growth, low capital intensive business is really quite nice because you generate a lot of cash and give the management team a lot of flexibility on how to return the money to shareholders. So we're quite happy with the portfolio at this point.

因此，我們將其描述為 12% 到 15% 的業務，從歷史角度來看，如果你縱觀整個包裝行業，在低增長、低資本密集型業務中 12% 到 15% 的利潤率真的相當不錯，因為它可以產生大量現金，並讓管理團隊在如何將資金回報給股東方面擁有很大的靈活性。所以，目前我們對投資組合相當滿意。

Just as a quick follow-up, just, when we're thinking about your free cash flow conversion, given your updated number for '25, how should you think about that '26 in terms of priorities, now that you've hit your, two an d a half times leverage target in terms of buybacks and anything else you're considering? Thank you.

作為後續問題，當我們考慮您的自由現金流轉換率時，鑑於您更新後的 2025 年數據，既然您已經實現了 2.5 倍槓桿目標（包括股票回購和其他您正在考慮的事項），那麼您應該如何考慮 2026 年的優先事項呢？謝謝。

Yeah, so, Kevin does want to tell you that we've probably got a little timing on CapEx, flipping in the next year, but we're still going to have exceptional cash flow next year, and as we said in the press release, balance sheets in really good shape.

是的，凱文想告訴大家，我們明年可能會在資本支出方面做一些調整，但我們明年的現金流仍然會非常可觀，正如我們在新聞稿中所說，資產負債表狀況非常好。

We'll responsibly return cash to shareholders. We might move debt down up or down a little bit, but we're going to be in and around two and a half times, and there's a lot of cash left over to return. Thank you so much.

我們將負責任地向股東返還現金。我們可能會稍微提高或降低債務，但最終債務水準會維持在2.5倍左右，而且還有很多剩餘現金可以償還。太感謝了。

Anthony Pettinari, Citi Investment Research (US).

安東尼佩蒂納裡，花旗投資研究部（我們）。

Good morning. I'm just following up on the last question. So the CapEx that was lowered for this year, I guess it just shows up in next year, and I don't know if you had any kind of further comments about CapEx specifically in '26, just given that, North America, Europe, seems like, the system is probably running pretty full, or I'm not sure how you'd characterize it, but any call you can give there?

早安.我只是在跟進上一個問題。所以今年降低的資本支出，我想應該會在明年體現出來。我不知道您對 2026 年的資本支出還有什麼其他看法，因為考慮到北美和歐洲的情況，系統似乎已經相當飽和了，或者我不知道您會如何描述這種情況，您有什麼建議嗎？

Well, I, I'll characterize it this way because it's a good question. I would say they're running full enough for everyone to be responsible and have a good margin environment. Now, the history of the world, people get greedy and they try to take more than they need to, but the systems are pretty full, and we should find a way to operate and improve, everybody should find a way to improve.

嗯，我會這樣描述它，因為這是一個很好的問題。我認為他們的產能已經足夠充足，每個人都能盡職盡責，並且擁有良好的利潤環境。從世界歷史來看，人們變得貪婪，試圖攫取超越自身所需，但係統已經飽和，我們應該找到一種運作和改進的方法，每個人都應該找到改進的方法。

We originally said $450 capital this year, we're going to be about $400. So, if we thought about $450 and $450, maybe next year is in the $450 to $500 range.

我們最初說今年需要 450 美元的啟動資金，現在大概只有 400 美元了。所以，如果我們考慮 450 美元和 450 美元，那麼明年的價格可能會在 450 美元到 500 美元之間。

Okay. That's very helpful. And then just switching gears on transit, how did transit demand kind of hold up in 3Q kind of relative to the expectations you shared with us over the summer and as we think about 4Q, and finishing the year, I mean, is demand improving? Is it deteriorating? Is it kind of in line with 3Q? Just any thoughts you can give there?

好的。那很有幫助。然後我們換個話題談談公共交通，第三季的公共交通需求與您在夏季與我們分享的預期相比如何？展望第四季以及年底，我的意思是，需求是否有所改善？情況在惡化嗎？這和第三季的情況差不多嗎？你有什麼想法嗎？

So, I would say that on the commodity side, that is steel and plastic strap film, all the protective products actually holding up, and specifically in India, and the United States, holding up much better than we had initially anticipated at the beginning of the year. And that's probably driving a little bit of the slightly better performance that we had in Q2 and Q3, than we might have otherwise expected.

所以，我想說，就大宗商品而言，鋼帶、塑膠薄膜以及所有防護產品實際上都表現良好，尤其是在印度和美國，其表現比我們年初的預期要好得多。這或許在某種程度上促成了我們第二季和第三季業績略好於預期。

And it's offset by lower equipment and tools, which is, much higher margin business. So, equipment and tools impacted by the tariffs, and then, perhaps in a reverse way, tariffs are going to help our commodity businesses because it just becomes that much more expensive to bring commodity products into the country from overseas. So, I, all in all, think holding up as we expected or just a touch better.

而設備和工具成本的降低則抵銷了這項損失，因為設備和工具成本更高，利潤也更高。因此，設備和工具會受到關稅的影響，但反過來，關稅或許會幫助我們的大宗商品企業，因為從海外進口大宗商品的成本將會大大增加。所以，總的來說，我認為情況符合預期，甚至可能略好。

Okay. That's helpful. I'll turn it over.

好的。那很有幫助。我把它翻過來。

Philip Ng, Jefferies LLC.

Philip Ng，傑富瑞有限責任公司。

Hey guys, strong quarter, congrats, so Tim, I guess, when we think about North America this year, the market's up, it's been a little noisy for you guys, but it sounds like you're seeing good momentum in the fourth quarter. When you kind of look at the 2026, sounds like you expect growth again, how your position now? I know during the summer months you were sold out inventory was pretty tight.

嘿，夥計們，季度業績強勁，恭喜！提姆，我想，當我們回顧今年的北美市場時，市場整體上漲，雖然對你們來說市場波動有點大，但聽起來你們在第四季看到了良好的發展勢頭。展望2026年，您似乎預期會再次成長，那麼您現在的看法如何？我知道夏季期間你們的庫存非常緊張，經常售罄。

You think you're going to be in a position to better service that demand next year? And then you made the point that everyone's got decent capacity. You should be able to make good money and profitability.

你認為明年你能夠更好地滿足這種需求嗎？然後你指出，每個人都有相當的能力。你應該可以賺到不錯的收入和利潤。

So in that, in the spirit of that, I believe there's some contracts that can be up for renewal in North America in the next 12 to 24 months. Do you view that as an opportunity to stay sustain profitability at these levels and build off of it, or there's some risk factors we should be appreciative?

因此，本著這種精神，我認為未來 12 到 24 個月內，北美的一些合約可以續約。您認為這是一個在當前水準上保持盈利並在此基礎上發展的機會，還是應該意識到其中存在一些風險因素？

Well, Phil, that the risk factor is that we're in a competitive business and not everybody has the same goals and aspirations as everybody else, and we operate our business the way we operate our business, and I can't really comment on how other people operate their business, but I think we've done a nice job over the last several years bringing on capacity at reasonable margins and trying to get a return as quick as we can for the amount of money it costs to build and run a can plant.

菲爾，風險因素在於我們身處競爭激烈的行業，並非每個人都擁有相同的目標和抱負。我們以自己的方式經營業務，我無法評論其他人如何經營業務，但我認為在過去的幾年裡，我們以合理的利潤率擴大了產能，並努力在建設和運營罐頭廠所需的資金範圍內盡快獲得回報，做得相當不錯。

I think that we'll see where the market takes us, but as I said earlier, we're not unhappy with our margin profile.

我認為我們會看看市場會把我們帶到何方，但正如我之前所說，我們對目前的利潤率狀況並不不滿意。

Got it. And then your ability to service that North American demand next year. It was a little tighter this year.

知道了。然後就是你們明年滿足北美市場需求的能力。今年競爭稍微激烈一些。

No, we should be okay to service the demand next year. Not an issue.

不，我們明年應該能夠滿足需求。沒問題。

Okay. And in Europe, obviously really strong growth and to your point capacity is pretty tight. Same question, your ability to kind of service that demand and, lapping pretty tough comps, appreciating mid-single-digit growth is historically how it's grown. Is that still a good way to think about things when we look at the '26?

好的。而在歐洲，成長勢頭非常強勁，正如你所說，產能相當緊張。同樣的問題，你滿足這種需求的能力，以及在相當艱難的同業比較中，認識到個位數的中段增長是其歷史上的發展方式。當我們審視 26 款車型時，這種思考方式仍然適用嗎？

Yeah, we have -- we bought the German plant, sometime early last year I guess it was, and we're still trying to bring them through the crown learning curve as opposed to whatever learning curve they thought they were on before, but it is getting better, and that yields more cans as you go through that process, and we are modernizing a facility in Greece, and essentially we're operating the two old can lines currently, but we're building two new can lines on the same property, and then when they're done, they'll be much higher speed, obviously greater output capacity, and we'll take down the old lines when we're done. So we are adding capacity in Europe as we speak, and there are other ways that we're looking at to incrementally add capacity if needed. Got it.

是的，我們收購了那家德國工廠，大概是去年年初。我們仍在努力幫助他們克服學習曲線上的障礙，而不是像他們之前認為的那樣，但情況正在好轉，隨著流程的推進，罐頭產量也會增加。我們正在對希臘的一家工廠進行現代化改造，目前我們仍在運營兩條舊的罐頭生產線，但我們正在同一地塊上建造兩條新的罐頭生產線。建成後，新生產線的速度會更快，產量也會更高，屆時我們將拆除舊生產線。所以，我們正在歐洲增加產能，如果需要的話，我們還在考慮其他方式來逐步增加產能。知道了。

Remind me when those two, new plants come online in Greece?

提醒我那兩家位於希臘的新工廠什麼時候投入運作？

Well, it's two lines, not two plants.

嗯，是兩條生產線，不是兩株植物。

I'm sorry, two lines.

抱歉，只有兩行​​。

Yeah, they should be done sometime early next year.

是的，應該會在明年初完成。

Okay, I appreciate the call. Thank you.

好的，謝謝你的來電。謝謝。

You're welcome.

不客氣。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Hey Tim, Kevin, good morning. Take another morning. Let me take another step here at 2026, lest I berate the point, but based on the demand you're seeing now, do you continue to expect to build inventory in for you? And then more broadly, I mean, it seems like at max last week a lot of customers seem to be showing off innovation or areas of growth.

嘿，提姆，凱文，早安。再過一個早晨吧。讓我再往下說說 2026 年的情況，免得我把話說得太絕對，但根據你現在看到的需求，你是否仍然打算為你建立庫存？更廣泛地說，我的意思是，似乎至少在上週，許多客戶都在展示他們的創新或成長領域。

Are there areas of the portfolio where you'd like to lean into more in 2026 or on the contrary, certain pockets of the portfolio that are becoming more competitive going into 2026, that you'd want to diversify away from to protect price and margin?

2026 年，您是否希望加大對投資組合中某些領域的投資力度？或者相反，您是否希望分散投資，降低對投資組合中某些領域的投資，以保護價格和利潤率？

I don't know if there's anything I'd say that's becoming more competitive. The business has always been very competitive, so and I don't think we really want to lean away from anything. I think the -- Kevin and I were talking earlier, the -- we mentioned earlier to you the price of delivered aluminium right now at $2.10 a pound. Most of that increase being made up by the increased delivery premium.

我不知道有沒有什麼領域競爭變得更激烈。這個行業一直競爭非常激烈，所以我認為我們不想偏離任何方向。我想——我和凱文之前談到的——我們之前跟你提到過，目前到貨鋁的價格是每磅 2.10 美元。大部分成長都被增加的配送費抵消了。

This is the highest that we ever remember, and it does remind us of mid to late 2022, when a massive rise in the aluminum price to the delivered aluminum to mid-4,000s a ton did have an inflationary impact across the can business and the one thing that our business survives very well as recessionary environments. Many businesses and demand, you do worry about inflation.

這是我們記憶中最高的價格，這讓我們想起了 2022 年中後期，當時鋁價大幅上漲，到貨鋁價達到每噸 4000 多美元，對整個製罐行業產生了通膨影響，而我們的業務在經濟衰退環境中卻能很好地生存下來。許多企業和需求，你確實會擔心通貨膨脹。

So, let's see before we get too excited about next year, let's see what higher aluminum, and higher inflation because of aluminum means to not only our customers, but also to the consumers, but nothing that we're going to lean away from. It’s just, you're always mindful of inflation.

所以，在我們對明年過於樂觀之前，讓我們先看看鋁價上漲以及鋁價上漲導致的通貨膨脹對我們的客戶和消費者意味著什麼，但我們並不會因此而迴避。只是，你總是會留意通貨膨脹。

It certainly makes sense. Thank you, Tim. And one more on Europe. You did know continental did better than the Middle East. Within continental Europe, was that across the board for the market or more specific to your, I'll call it Southern Europe?

這確實很有道理。謝謝你，提姆。還有一篇關於歐洲的文章。你應該知道，歐洲大陸的表現比中東好。在歐洲大陸範圍內，這種情況是普遍存在於整個市場，還是更具體地說指您所在的，我稱之為南歐的地區？

Exposure for us it was across the board.

我們獲得了全方位的曝光。

Okay, and, well, you didn't have tourism. I mean, it seems like some travel companies are saying tourism season is getting expanded. Was that evident in October or does that impact seasonality in that business at all going forward or just too minimal, all things considered?

好吧，而且，你們當時也沒有旅遊業。我的意思是，似乎有些旅遊公司表示旅遊旺季正在延長。10月份的情況是否明顯？或者說，這種情況是否會對該業務未來的季節性產生任何影響？還是說，考慮到所有因素，這種影響微乎其微？

No, tourism is very big from, let's say May to September. It is more seasonal than it's not an October phenomenon.

不，旅遊業在五月到九月期間非常興旺。這更多的是一種季節性現象，而非十月的特有現象。

Appreciate that. Maybe I could squeeze one last one, and it looks like you have some maturities doing in 2026 just to refinance the Euro notes. Plans to address remaining maturities or impact the interest in 2026 from that? Thanks for taking all the questions.

謝謝。或許我還能擠出最後一個，而且看起來你們在 2026 年有一些到期的債務，正好可以用來為歐元票據進行再融資。是否有計劃解決剩餘到期債務或由此對2026年利息產生影響的問題？感謝您回答所有問題。

Yeah, so, yeah, Matt, in terms of the 2026 notes, if you look at the balance sheet now, we really have cash on the balance sheet to settle those notes, and, some of them have different call dates, so we'll look at the call dates and take and address them as they come do. The -- in terms of interest expense for next year, I would think it's largely in line with this year, is what I would forecast.

是的，馬特，關於 2026 年到期的票據，如果你看一下現在的資產負債表，我們確實有足夠的現金來償還這些票據，而且其中一些票據的贖回日期各不相同，所以我們會查看贖回日期，並根據情況進行處理。至於明年的利息支出，我認為它基本上與今年持平，這是我的預測。

Tim, Kevin, thank you again.

提姆、凱文，再次感謝你們。

Michael Roxland, Truist Securities.

Michael Roxland，Truist Securities。

Thank you, Tim, Kevin, Tom, for taking my questions and congrats on a strong quarter. Tim, just we want to get your thoughts around capital allocation for 2026. Given you've had a strong growth this year, increase in free cash generation, which you just increased, with your updated guide, you now your targeted leverage levels.

謝謝 Tim、Kevin 和 Tom 回答我的問題，恭喜你們本季業績出色。提姆，我們想聽聽你對 2026 年資本配置的看法。鑑於您今年實現了強勁增長，自由現金流也隨之增加（您剛剛通過更新後的指南提高了自由現金流），您現在已達到目標槓桿水平。

So how should we think about capital return next year, particularly in light of some of the expansion projects you've mentioned as well that you're pursuing in Europe?

那麼，我們該如何看待明年的資本回報呢？特別是考慮到您提到的在歐洲正在推進的一些擴張項目？

Well, I think he said this year capital's $400. We said next year's $450 to $500. That doesn't materially reduce cash flow, but if you want to say we got $1 billion this year and you're only happy with $900 next year, we'll be happy with $900 next year. We'll see where it comes out, but, and as we said, the balance sheets in pretty good shape and.

嗯，我想他說的是今年的資本是 400 美元。我們預測明年的價格是 450 到 500 美元。這不會實質減少現金流，但如果你說我們今年有 10 億美元，而你明年只想要 9 億美元，那我們明年 9 億美元也行。我們拭目以待，看看結果如何，但是，正如我們所說，資產負債表狀況相當不錯。

At the end of the third quarter we're two and a half times levered, whether we're 2.3 or 2.7 or 2.5. I'm not sure, in a whirlwind right now, makes a whole lot of difference. I think it gives us the flexibility, depending on the share price to be opportunistic, how and when we want to return more cash to shareholders.

第三季末，我們的槓桿率是2.5倍，不管是2.3倍、2.7倍還是2.5倍。在目前這種瞬息萬變的情況下，我不確定這有多大區別。我認為這賦予了我們靈活性，可以根據股價情況，抓住機會，決定何時以及如何向股東返還更多現金。

I mean, I totally get it. I mean, do you think given the accelerating for cash flow that you could repurchase, $400 million of shares, $500 million worth of shares, any number that you would like to just give us a baseline, given your strong performance for '26 ?

我完全理解。我的意思是，考慮到現金流的加速成長，您認為您可以回購價值 4 億美元、5 億美元的股票，或任何您想給我們一個基準數字，以反映您在 2026 年的強勁業績？

I could give you a whole lot of numbers. I don't want to give you a number because you're going to write it down, but you can, I mean, you can do the math, clearly, if we, if you want to start with $900 million. If we don't buy back a number like you just said, what are we going to do with the cash? We can either pay down debt or buy back stock.

我可以提供你一大堆數字。我不想直接告訴你一個數字，因為你會把它記下來，但是你可以，我的意思是，你可以自己算算，很明顯，如果我們，如果你想從 9 億美元開始。如果我們不按照你剛才說的回購一定數量的股票，那我們該如何處理這筆現金？我們可以選擇償還債務或回購股票。

So I don't mean to not give you an answer. I just, I don't want to say I'm going to buy back a certain amount and if the price doesn't make sense, we'll see what we get to, but there's adequate cash to allow us, I don't want to say unlimited flexibility, but a lot of flexibility in what we do.

所以我並不是故意不給你答案。我只是，我不想說我會回購多少，如果價格不合適，我們會看看情況如何，但我們有足夠的現金，我不想說有無限的靈活性，但確實有很大的靈活性。

Totally get it.. And one quick follow-up just on the CapEx, the $450 million to $500 million, is that solely related to the two lines in Greece, and the modernization of the German plant? And is there anything else that we should be mindful of with CapEx? And could that number actually wind up being higher if you decide to pursue other projects? Thank you.

完全明白。關於資本支出，4.5 億至 5 億美元，還有一個後續問題，這是否僅與希臘的兩條生產線和德國工廠的現代化有關？關於資本支出，還有其他需要注意的地方嗎？如果你決定從事其他項目，這個數字最終會不會更高呢？謝謝。

We also have a plant, a third line that we're putting in a plant in Brazil that we've talked about earlier. So, that's included in there and there may or may not be one other opportunity that we've not decided on, certainly not announced yet. Thank you.

我們還有一條生產線，也就是第三條生產線，我們正在巴西的一家工廠安裝，我們之前也提到過。所以，這其中就包括了，而且可能還有另一個機會，我們還沒決定，當然也還沒宣布。謝謝。

Arun Viswanathan, RBC Capital Markets Wealth Management

Arun Viswanathan，加拿大皇家銀行資本市場財富管理

Great. Thanks for taking my question. Congrats on a very strong quarter there. I guess first off, just in North America, I understand that I think your volumes maybe, I think you mentioned minus three industry, may be a plus two. I think you attributed a good portion of that to some customer mix issues by your own intentions earlier in the year.

偉大的。謝謝您回答我的問題。恭喜你們本季業績非常出色。首先，就北美而言，據我了解，我認為你們的銷量可能，我想你們提到過減三，可能是加二。我認為你把很大一部分原因歸咎於年初你自己的某些客戶組合問題。

So I guess, would you characterize the rest of your portfolio as somewhat in line with industry excluding that event or maybe ahead or behind. I think you guys are a little bit under indexed to energy versus your peers did that result in maybe a less in industry performance or would you say that you guys were in line and seeing pockets of strength elsewhere?

所以我想說，如果排除那次事件，您會如何評價您投資組合的其他部分，是與行業整體水平基本一致，還是領先或落後於行業水平？我認為你們的能源指數相對於同業來說略低，這是否導致你們的產業表現不佳？還是你們認為你們的表現與同業持平，只是在其他方面看到了優勢？

No, I think you're, I think the customer prune probably gets us pretty close to flat year over year. Then there is slight underperformance, and you may want to attribute that to under indexing energy. The other thing I would tell you is that alcohol was stronger in Q3 than we've seen for some time, and as we're under indexed to beer in North America, that that could have attributed some of it as well.

不，我認為，我認為客戶精簡可能會使我們的業績與去年同期基本持平。那麼性能就會略有不足，你可能會將其歸因於能源指標不足。我還要告訴你們的是，第三季的酒精消費量比我們一段時間以來看到的都要高，而且由於北美啤酒消費量佔比偏低，這可能也是造成這一現象的部分原因。

Okay. That's helpful. So then if we consider that maybe you will post some growth as you noted in America's next year, do you expect also, continued growth in the other segments as well? I mean, European beverage really, standout performance, but you are going to be facing pretty tough comps there.

好的。那很有幫助。那麼，如果我們考慮到您提到的美國市場明年可能會出現一些成長，您是否也預期其他細分市場也會繼續成長？我的意思是，歐洲飲料行業的表現確實非常出色，但你們將面臨非常激烈的競爭。

And then signal and non-reportables or transit non-reportables appear to have achieved a structurally higher earnings power level. Is that correct? Is that a fair characterization, and can you grow from what you did this year or is this year more transitory?

然後，信號和非報告項目或交通非報告項目似乎已經實現了結構性更高的盈利能力水平。是這樣嗎？這種描述是否恰當？你能否從今年的經歷中有所成長，還是說今年的經歷只是暫時的？

So I think, we expect the European business to continue to grow volume and income wise. I think the can still has penetration available to it across Southern Europe, and it certainly has substrate shift available to it across the entire continent. Transit, the cost structure is significantly lower than it was a couple of years ago.

所以我認為，我們預計歐洲業務在銷售和收入方面將繼續成長。我認為這種罐頭產品在南歐仍然具有滲透性，而且在整個歐洲大陸肯定具有基質轉移的能力。公共交通的成本結構比幾年前低得多。

That business is only waiting for industrial demand to pick up, and there is embedded gains in that business. Now, as I've said before, whether that's one, two, or three years away, I can't answer it for you, but the business from a cost standpoint is in excellent shape.

該產業只待工業需求回暖，而該產業本身就蘊含著巨大的成長潛力。正如我之前所說，無論是一年、兩年還是三年後，我無法回答這個問題，但從成本角度來看，公司的業務狀況非常好。

Food business, I would say that as food is not a growth business, so we expect food to be a very stable business. We do see the move from human food in cans shifting more to pet food in cans, and that is ongoing, and we have a very large and stable pet food presence, and we're going to continue to benefit from that.

我認為食品業並非成長型產業，因此我們預期食品業將是一個非常穩定的產業。我們確實看到罐裝食品從人類食品轉向寵物食品，而且這種趨勢還在持續，我們在寵物食品領域擁有非常龐大且穩定的市場份額，我們將繼續從中受益。

So I think the growth that we're likely to see in the other segment comes from greater efficiencies on stable volumes in food and aerosol, combined with some recovery in the can making equipment business over time.

所以我認為，其他領域的成長可能來自食品和氣霧劑穩定銷售帶來的更高效率，以及罐頭製造設備業務隨著時間的推移而出現的一些復甦。

And I really appreciate that. Just if I could squeeze one last in. Just on the Midwest premium and maybe even aluminum in Europe, I know that the percent margin may start to get impacted, but would that inflation also potentially start to impact demand at some point, especially in Europe, as you, potentially negotiate those price increases, or how does that work?

我真的很感激。如果我能擠出最後一個就好了。僅就中西部地區的溢價，甚至歐洲的鋁價而言，我知道利潤率可能會開始受到影響，但這種通貨膨脹是否也可能在某個時候開始影響需求，尤其是在歐洲，因為您可能會就這些價格上漲進行談判，或者這是如何運作的？

And so I mean, obviously we did say North America we are mindful of inflation. The impact of inflation on the consumer, specific to higher delivered aluminum, which is mostly related to the Midwest premium right now. he delivery premium in Europe is not the Midwest premium, and it's not as elevated as the Midwest premium because they're not dealing with a tariff structure for imported aluminum.

所以我的意思是，很顯然，我們說過我們會關注北美地區的通膨問題。通貨膨脹對消費者的影響，特別體現在鋁材到貨價格上漲上，而這目前主要與中西部地區的溢價有關。歐洲的到貨溢價並非中西部地區的溢價，也沒有中西部地區溢價那麼高，因為歐洲進口鋁材不受關稅限制。

So we don't have the same inflationary element, notwithstanding the London Metal Exchange price for aluminum. So I don't right now have the same concern with European demand that I do with North American demand.

因此，儘管倫敦金屬交易所的鋁價上漲，但我們並沒有面臨同樣的通膨因素。所以，我現在對歐洲的需求不像對北美的需求那麼擔憂。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Hey, good morning. First, I just want to ask a quick follow-up on free cash flow and deployment there. I think in response to an earlier question, you talked about paying off some of your debt coming due. Just curious, do you think you need to reduce your gross debt level from here or like just trying to think about why do that versus refi and buy back next year and how you're thinking about it?

嘿，早安。首先，我想快速跟進一下自由現金流和資金部署。我想在回答之前的問題時，你提到要償還一些即將到期的債務。我只是好奇，你覺得你需要降低目前的債務總額嗎？還是只是想思考為什麼要降低債務總額，而不是明年再進行再融資和回購？你是怎麼考慮的？

So look, we give you a net debt leverage ratio which is two and a half times, so the cash on the balance sheet right now is really there to pay off debt that's coming due. It's a net leverage so it doesn't move. As we think about it going forward, absolute debt levels.

你看，我們的淨債務槓桿率為 2.5 倍，所以目前資產負債表上的現金確實是為了償還即將到期的債務。這是淨槓桿，所以它不會移動。展望未來，我們需要考慮的是絕對債務水準。

We're comfortable with the absolute debt level because it tells us the net debt level because we're at the two and a half times. We do have to address the bonds that are coming due to use the cash and refinance your effectively levering up at that point. So we're comfortable at the net leverage ratio of two and a half times.

我們對絕對債務水平感到滿意，因為它能告訴我們淨債務水平，因為我們的淨債務倍數為 2.5 倍。我們必須解決即將到期的債券問題，利用現金進行再融資，以有效提高槓桿。因此，我們對 2.5 倍的淨槓桿率感到滿意。

Yeah, we don't expect any levering up to satisfy 2026 maturities. Just to summarize it, I think we're in and around the long-term target of two and a half times. If we took all the cash flow we generated next year, and paid dividends and bought back stock, we'd still be levered in and around two and a half times.

是的，我們預計不會透過任何槓桿來滿足 2026 年到期的債務。總而言之，我認為我們目前正處於實現長期目標2.5倍的範圍內。如果我們把明年產生的所有現金流都用來支付股息和回購股票，我們的槓桿率仍然會達到 2.5 倍左右。

Okay, I appreciate that. And just to ask on the Novelis fire that was reported earlier, I mean from this call it doesn't sound like that's impacting your volumes at all, but curious just does it have any impact for you or your view on what the impact would there could be on the industry?

好的，謝謝。關於之前報道的諾維利斯火災，我想問一下，從這次通話來看，這似乎完全沒有影響到你們的銷量，但我很好奇，這件事對你們有什麼影響嗎？或者你們認為這件事會對整個產業產生什麼影響？

So the direct impact to crown from that fire is not as large as it is to others, including some of the customers. That does not mean there's not an indirect impact and Novelis is looking to subsidized lost automobile production with can sheet production, so we are monitoring that.

因此，這場火災對皇冠造成的直接影響不如對其他人（包括一些客戶）的影響那麼大。但這並不意味著沒有間接影響，諾貝麗斯公司正尋求用罐頭片材生產來補貼汽車生產的損失，因此我們正在密切關注此事。

But we're not a -- we don't have a lot of exposure to Novelis in total, but we are mindful of the impact on some of the customers we have that do buy directly from them. We don't see a negative impact to the company over the next several months.

但我們並非——我們與Novelis的整體業務往來並不多，但我們意識到這會對我們的一些直接從Novelis購買產品的客戶產生影響。我們預計未來幾個月內公司不會受到負面影響。

Okay. Thank you.

好的。謝謝。

Edlain Rodriguez, Mizuho Securities USA, LLC.

羅德里格斯 (Edlain Rodriguez)，瑞穗證券美國有限責任公司。

And thank you and good morning, everyone. I mean, Tim, so when you look at share, we purchase, I mean again since earnings last quarter, in July, no, there was like a long down spell in the stock. Was there any thinking of trying to be more aggressive, with buying back shares, over the past couple of months or was getting to the targeted leverage or higher priority?

謝謝大家，大家早安。我的意思是，提姆，當你觀察股票時，我們買入，我的意思是，自從上個季度，也就是7月份的財報發布以來，不，這隻股票經歷了一段很長的下跌期。在過去幾個月裡，公司是否考慮採取更積極的措施，例如回購股票？還是說達到目標槓桿率或有更高的優先權？

I don't think there was no priority to get to the targeted leverage. I think we got to the targeted leverage a little earlier than we anticipated, probably for three reasons. We generated a little bit more cash than we thought we would. Some of that was the result of more earnings than we thought we would have, and then I think currency helped us as well.

我認為，獲得目標槓桿並非當務之急。我認為我們比預期更早達到了目標槓桿率，這可能是出於三個原因。我們賺到的現金比預期的多。部分原因是我們的獲利超出預期，另外我認為匯率也對我們有幫助。

So we do have a fair amount of debt that's denominated in euros, and the Euro did devalue a little bit in Q3. So all of that helped us get to that leverage target a little sooner than we thought we would, whether we got to two and a half times by the end of this year or sometime next year was never really our concern.

因此，我們確實有相當多的債務是以歐元計價的，而歐元在第三季確實略有貶值。因此，所有這些因素都幫助我們比預期更早達到了槓桿目標，至於我們能否在今年年底或明年某個時候達到 2.5 倍，從來都不是我們所關心的。

It was a target, and we had a clear pathway to get there over time, I -- when we chose to buyback stock was more a function of as we got further through the third quarter and the big season, you get a little bit more comfortable where the season's going to end up. That that was all it was.

這是一個目標，我們有明確的路徑可以隨著時間的推移實現它。至於我們何時選擇回購股票，更多的是因為隨著第三季和賽季的深入，你會對賽季的最終結果更有把握。事情僅此而已。

Okay, and one last one on Europe again, clearly outperform even your expectation I believe. So, over the past couple of months as the quarter progresses, like what, like where were the big surprises like versus what you were expecting again, 12% volume grow, and maybe I think you were expecting maybe it could be like half of that a little more like. What were the big, surprising items there for you?

好的，最後再說說歐洲，我相信它的表現甚至超出了你的預期。所以，在過去的幾個月裡，隨著季度的推進，有哪些大的驚喜，例如與你的預期相比，12% 的銷量成長，也許你預期的可能是這個數字的一半左右。對你來說，有哪些令人印象深刻、出乎意料的展覽？

Well, I think we always knew we were going to have a real strong campaign in Europe. We were at a conference in early September, and all we did at that conference was tell people, the analyst at this conference put out a note that said the weather in Brazil was really lousy, and the demand was lousy, and we tried to remind everybody we have other businesses, namely we have a European business that's going to do really well.

嗯，我想我們一直都知道我們會在歐洲發起一場非常強大的競選活動。9月初我們參加了一個會議，我們在會議上所做的就是告訴大家，這次會議的分析師發布了一份報告，稱巴西的天氣非常糟糕，需求也很低迷，我們試圖提醒大家我們還有其他業務，特別是我們在歐洲的業務將會發展得非常好。

We did expect to do really well. I think it was broad based across our portfolio in Europe, which is, as I said earlier, is perimeter based, and it does benefit from tourism, and we just have a very strong season.

我們確實預期會取得非常好的成績。我認為這在我們歐洲的業務組合中得到了廣泛的體現，正如我之前所說，我們的業務以周邊地區為基礎，確實受益於旅遊業，而且我們正經歷一個非常強勁的旅遊旺季。

Okay. Thank you very much.

好的。非常感謝。

Jeffrey Zekauskas, JP Morgan.

Jeffrey Zekauskas，摩根大通。

Thanks very much. In your share repurchase, did you buy your shares radically through the quarter and sequentially, I think your share count is down maybe 150,000 shares. Did you issue shares in the quarter or is there an issuance number for this year?

非常感謝。在你的股票回購中，你是否在本季及之後大幅增持了股票？我認為你的股票數量可能減少了 15 萬股。貴公司本季是否發行了股票？或是今年有沒有股票發行量統計？

There were no shares issued in the quarter. The shares, how many shares you -- how many shares did you buy, Kevin?

本季沒有發行新股。股票，你買了多少股，凱文？

We bought, so we bought shares later in the quarter, Jeff, a little over almost $1.1 million.

傑夫，我們在本季度晚些時候買入了股票，金額略高於 110 萬美元。

And they would have all been bought over a couple week period?

而且它們都是在短短幾週內買下的？

Yeah.

是的。

As you look in the fourth quarter, has the European strong volume trend continued?

展望第四季度，歐洲強勁的銷售趨勢是否仍在持續？

We expect Europe to be very firm in the fourth quarter as well. As I said earlier, you should not expect 12% every quarter, but long-term compound annual growth rate for the region in the range of 4% to 4.5%, 4% to 5%, that's something reasonable to expect.

我們預計歐洲經濟在第四季也將非常強勢。正如我之前所說，你不應該期望每個季度都達到 12%，但該地區的長期複合年增長率在 4% 到 4.5% 或 4% 到 5% 之間，這是可以合理預期的。

Great. Thanks so much.

偉大的。非常感謝。

Thank you. And [Elle], I think you said that was the last question. So thank you very much, Elle and we thank all of you for joining us, and we'll speak to you again in 2026. Bye now.

謝謝。還有[艾莉]，我想你說過那是最後一個問題了。非常感謝艾麗，也感謝各位的參與，我們2026年再見。再見了。

Thank you and that concludes today's conference. Thank you everyone for joining. You may just connect now and have a great day.

謝謝大家，今天的會議到此結束。感謝各位的參與。您現在就可以連接，祝您今天過得愉快。