H.B. Fuller Company (FUL) 2025 Q3 法說會逐字稿

Hello and welcome to the H.B. Fuller third-quarter 2025 earnings conference call.

您好，歡迎參加 H.B. Fuller 2025 年第三季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Scott Jensen, Head of Investor Relations. You may begin.

現在，我想將會議交給投資者關係主管 Scott Jensen。你可以開始了。

Thank you, operator. Welcome to H.B. Fuller's third-quarter 2025 investor conference call.

謝謝您，接線生。歡迎參加 H.B. Fuller 2025 年第三季投資者電話會議。

Presenting today are Celeste Mastin, President and Chief Executive Officer and John Corkrean, Executive Vice President and Chief Financial Officer. After our prepared remarks, we will have a question-and-answer session.

今天出席演講的是總裁兼執行長 Celeste Mastin 和執行副總裁兼財務長 John Corkrean。在我們準備好的發言之後，我們將進行問答環節。

Before we begin, let me remind everyone that our comments today will include references to certain non-GAAP financial measures. These measures are supplemental to the results determined in accordance with GAAP. We believe that these measures are useful to investors in understanding our operating performance and to compare our performance with other companies. Reconciliations of non-GAAP measures to the nearest GAAP measure are included in our earnings release.

在我們開始之前，請允許我提醒大家，我們今天的評論將包括對某些非 GAAP 財務指標的引用。這些措施是根據 GAAP 確定的結果的補充。我們相信這些指標有助於投資人了解我們的經營業績，並將我們的業績與其他公司進行比較。我們的收益報告中包含了非 GAAP 指標與最接近的 GAAP 指標的對帳。

Unless otherwise noted, comments about revenue refer to organic revenue and comments about EPS, EBITDA, and profit margins refer to adjusted non-GAAP measures. We will also be making forward-looking statements during this call. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from these expectations due to factors covered in our earnings release, comments made during this call, and the risk factors detailed in our filings with the SEC, all of which are available on our website at investors.hbfuller.com.

除非另有說明，有關收入的評論是指有機收入，有關每股收益、息稅折舊攤銷前利潤和利潤率的評論是指調整後的非公認會計準則指標。我們也將在本次電話會議中做出前瞻性陳述。這些聲明是基於當前的預期和假設，但存在風險和不確定性。由於我們的收益報告中涉及的因素、本次電話會議期間發表的評論以及我們向美國證券交易委員會提交的文件中詳述的風險因素，實際結果可能與這些預期存在重大差異，所有這些資訊都可以在我們的網站 investors.hbfuller.com 上查閱。

I will now turn the call over to Celeste Mastin. Celeste?

現在我將把電話轉給 Celeste Mastin。塞萊斯特？

Thank you, Scott, and welcome everyone. We delivered a strong quarter evidenced by continued margin expansion and double-digit EPS growth despite the challenging operating environment. Our continued operational discipline, strong execution, and ongoing portfolio shift keep us on track to achieve our greater than 20% EBITDA margin target. Despite our strong performance, we remain cautious and have tightened our guidance range for the year to reflect a globally subdued economic backdrop.

謝謝你，斯科特，歡迎大家。儘管經營環境充滿挑戰，但我們本季表現強勁，利潤率持續擴大，每股收益將達到兩位數成長。我們持續的營運紀律、強有力的執行力以及持續的投資組合轉變使我們有望實現超過 20% 的 EBITDA 利潤率目標。儘管我們表現強勁，但我們仍然保持謹慎，並收緊了今年的指導範圍，以反映全球低迷的經濟背景。

Looking forward, we expect volume growth to remain elusive and end market conditions to be challenging. However, we continue to actively focus on enhancing the composition of our portfolio, driving continued efficiencies, and structurally repositioning the company for growth and continued margin expansion consistent with our long-term strategy.

展望未來，我們預期銷售成長仍將難以實現，終端市場狀況將充滿挑戰。然而，我們將繼續積極致力於增強投資組合的組成，推動持續的效率，並從結構上重新定位公司，以實現成長和持續的利潤率擴大，這與我們的長期策略一致。

Looking at our results in the third quarter, our organic sales were slightly negative, consistent with our expectations given economic headwinds. Organic sales decreased 0.9% with positive pricing of 1% offset by a volume decline of 1.9%. From a profitability perspective, we executed well and delivered strong results. We grew EBITDA 3% year on year to $171 million and expanded EBITDA margin to 19.1%, up 110 basis points year on year, including positive EBITDA growth and margin expansion in all three GBUs. The net impact of pricing and raw material cost actions, the contribution of acquisitions and divestitures, and targeted cost reduction efforts drove the increase in margin relative to the prior year.

從第三季的業績來看，我們的有機銷售額略有負成長，這與我們在經濟逆風情況下的預期一致。有機銷售額下降 0.9%，其中定價上漲 1%，但銷量下降 1.9%。從獲利能力角度來看，我們表現良好並取得了強勁的業績。我們的 EBITDA 年成長 3% 至 1.71 億美元，EBITDA 利潤率擴大至 19.1%，年增 110 個基點，其中包括三個 GBU 的 EBITDA 正成長和利潤率擴大。定價和原材料成本行動的淨影響、收購和資產剝離的貢獻以及有針對性的成本削減努力推動了利潤率相對於上一年的成長。

Now let me move on to review the performance in each of our segments in the third quarter. In HHC, organic revenue softened sequentially as we saw the effects of continued economic uncertainty impact consumption trends. Organic revenue decreased 3.1% as positive pricing actions were offset by weaker volume.

現在讓我繼續回顧一下我們各部門在第三季的表現。在 HHC，由於我們看到持續的經濟不確定性影響了消費趨勢，因此有機收入較上季下降。由於積極的定價措施被銷售下降所抵消，有機收入下降了 3.1%。

Strength in Medical and Tissue and Towel was offset by broad-based and market softness, particularly in some of our packaging-related market segments. EBITDA was up 2% year on year for HHC in the third quarter and EBITDA margin increased 50 basis points year on year to 16.9%. Positive pricing and the impact from acquisitions were partially offset by negative volume leverage.

醫療、紙巾和毛巾業務的強勁表現被廣泛的市場疲軟所抵消，特別是在我們的一些與包裝相關的細分市場。HHC 第三季的 EBITDA 年成長 2%，EBITDA 利潤率年增 50 個基點至 16.9%。正面的定價和收購的影響被負面的銷售槓桿部分抵消。

In engineering adhesives, organic revenue increased 2.2% in the third quarter, driven by both positive pricing and volumes. EA continues to lead the portfolio as positive organic growth was driven by ongoing strength in automotive and a bounce back in electronics.

在工程膠合劑領域，受積極定價和銷售的推動，第三季有機收入成長了 2.2%。EA 繼續引領投資組合，因為汽車行業的持續強勁和電子行業的反彈推動了積極的有機成長。

Solar continues to be a headwind as a result of regulatory changes, tariff-driven ambiguity, and the oversupplied global panel market. Excluding solar, EA organic growth was positive mid-single digits. We continue to see the benefits of our strategic growth focus in EA against a still difficult backdrop. Overall, more than half of the market segments in EA saw positive volume growth during the third quarter.

由於監管變化、關稅驅動的模糊性以及全球太陽能板市場供應過剩，太陽能繼續面臨阻力。除太陽能外，EA 的有機成長率為正中個位數。在依然困難的背景下，我們繼續看到我們在 EA 上的策略成長重點所帶來的好處。整體而言，第三季超過一半的 EA 細分市場銷售量均出現正成長。

EBITDA increased 14% in EA and EBITDA margin expanded 190 basis points year on year to 23.3%. Positive volume leverage, the impact of net price and raw material cost management, and efficiency gains drove the increase in EBITDA margin year on year.

EA 的 EBITDA 成長了 14%，EBITDA 利潤率較去年同期擴大了 190 個基點，達到 23.3%。積極的銷售槓桿、淨價和原材料成本管理的影響以及效率的提高推動了 EBITDA 利潤率的同比增長。

In Building Adhesive Solutions, organic sales decreased 1% year on year as positive pricing actions were offset by modest volume declines. BAS performed as expected as the construction market-related slowdown we identified last quarter was partially mitigated by the team's strong execution. Although construction demand remains weak, we expect a declining interest rate environment will drive an improvement in building conditions and ultimately benefit BAS moving forward.

在建築膠合劑解決方案方面，有機銷售額年減 1%，因為積極的定價措施被適度的銷售下降所抵消。BAS 的表現符合預期，因為我們在上個季度發現的建築市場相關放緩在一定程度上被團隊的強勁執行力所緩解。儘管建築需求仍然疲軟，但我們預計利率下降的環境將推動建築條件的改善，並最終使 BAS 受益。

EBITDA for BAS increased 3% versus the third quarter of last year to $41 million and EBITDA margin expanded 10 basis points to 17.7%. Net price and raw material cost management drove the improvement in EBITDA margin year on year.

BAS 的 EBITDA 與去年第三季相比成長 3%，達到 4,100 萬美元，EBITDA 利潤率擴大 10 個基點，達到 17.7%。淨價和原物料成本管理推動EBITDA利潤率年增。

Geographically, America's organic revenue was up 1% year on year in the third quarter. EA drove the increase for the region, achieving a high-single digit increase with positive organic growth across most market segments. BAS organic revenue was slightly positive versus the prior year and HHC organic revenue was down modestly.

從地理來看，美國第三季有機收入年增 1%。EA 推動了該地區的成長，實現了高個位數成長，大多數細分市場均實現了正有機成長。BAS 有機收入與前一年相比略有成長，而 HHC 有機收入則略有下降。

In EIMEA, organic revenue declined 2% year on year, similar to the second quarter, as continued weakness in Europe weighed down the region. EA was flat year on year, while HHC and BAS were both down modestly.

在 EIMEA 地區，由於歐洲持續疲軟拖累該地區，有機收入年減 2%，與第二季類似。EA 年比持平，而 HHC 和 BAS 均小幅下降。

In Asia-Pacific, organic revenue decreased 4% year on year, driven by the significant volume decline in solar. Excluding solar, organic sales for Asia Pacific were approximately flat year on year, and organic revenue for EA in the region was up 7% year on year, driven by strong results in automotive and electronics.

在亞太地區，有機收入較去年同期下降 4%，原因是太陽能銷售大幅下降。除太陽能外，亞太地區的有機銷售額與去年同期基本持平，而受汽車和電子領域強勁業績的推動，該地區電子電氣公司的有機收入同比增長 7%。

From our vantage point, which reflects a broad-based geographic and end-market view, we have observed a widespread slowing economic environment. The manufacturing sector continues to be weak and has shown some signs of softening. Customer demand is appearing more uneven and less predictable, driven by global trade tensions and export-driven uncertainty.

從我們反映廣泛地理和終端市場觀點的角度來看，我們觀察到經濟環境普遍放緩。製造業持續疲軟，已出現一些疲軟跡象。受全球貿易緊張局勢和出口不確定性的影響，客戶需求顯得更不平衡且難以預測。

In general, customers are hesitant to make product changes and incremental investments given economic volatility and high interest rates. Therefore, looking forward, we expect a slow growth environment with a continuation of these themes.

總體而言，鑑於經濟波動和高利率，客戶不願改變產品和增加投資。因此，展望未來，我們預期成長環境將緩慢，且這些主題將持續下去。

Now let me turn the call over to John Corkrean to review our third quarter results in more detail and our updated outlook for 2025.

現在，讓我將電話轉給 John Corkrean，讓他更詳細地回顧一下我們的第三季業績以及我們對 2025 年的最新展望。

Thank you, Celeste. I'll begin with some additional financial details in the third quarter.

謝謝你，塞萊斯特。我將從第三季的一些額外財務細節開始。

For the quarter, revenue was down 2.8% versus the same period last year. Currency had a positive impact of 1%, and the net impact of acquisitions and divestitures decreased revenue by 2.9%. Adjusting for those items, organic revenue was down 0.9%, with pricing up 1% and volume down 1.9% year on year in the quarter.

本季營收較去年同期下降2.8%。貨幣產生了 1% 的正面影響，而收購和資產剝離的淨影響導致收入減少了 2.9%。調整這些項目後，本季有機收入年減 0.9%，價格上漲 1%，銷售量下降 1.9%。

Adjusted gross profit margin was 32.3%, up 190 basis points versus last year. The net impact of pricing and raw material cost actions, the benefit of acquisitions and divestitures, and targeted cost reduction efforts drove the year-on-year increase and adjusted gross profit margin.

調整後毛利率為32.3%，較去年同期上升190個基點。定價和原材料成本行動的淨影響、收購和資產剝離的收益以及有針對性的成本削減措施推動了同比增長和調整後的毛利率。

Adjusted selling general and administrative expense was up 3% year on year. Adjusting for M&A, FX, and variable comp; SG&A was flat year on year, reflecting diligent cost control.

調整後的銷售、一般及行政開支年增3%。經併購、外匯及可變薪資調整後，銷售、一般及行政開支較去年同期持平，反映出勤勉的成本控制。

Adjusted EBITDA for the quarter of $171 million was up 3% year on year, reflecting the positive net impact of pricing and raw material cost actions which more than offset higher wage inflation and lower volume. The net impact of acquisitions and divestitures was neutral to EBITDA year on year.

本季調整後的 EBITDA 為 1.71 億美元，年增 3%，反映了定價和原物料成本行動的正面淨影響，足以抵銷工資上漲和銷售下降的影響。收購和資產剝離的淨影響對 EBITDA 年比影響為中性。

Adjusted earnings per share of $1.26 was up 12% versus the third quarter of 2024, driven by higher adjusted net income and lower shares outstanding.

調整後每股收益為 1.26 美元，較 2024 年第三季成長 12%，這得益於調整後淨收入增加和流通股減少。

Third quarter operating cash flow was up 13% year on year, primarily driven by improved profitability. Net debt to adjust EBITDA decreased from 3.4 times at the end of the second quarter to 3.3 times at the end of the third quarter of fiscal 2025. Solid cash flow from operations, growth in adjusted EBITDA, and our intentional slowdown in M&A activity drove the sequential decrease in our leverage ratio.

第三季經營現金流量年增13%，主要得益於獲利能力的提升。淨債務與調整後EBITDA比率從第二季末的3.4倍下降至2025財年第三季末的3.3倍。穩健的營運現金流、調整後 EBITDA 的成長以及我們有意放緩的併購活動推動了我們的槓桿率連續下降。

With that, let me now turn to our guidance for the 2025 fiscal year. As a result of our year-to-date performance and the current macroeconomic conditions summarized by Celeste, we are updating our previously communicated financial guidance for fiscal 2025 as follows.

現在，讓我來談談我們對 2025 財年的指導。根據我們今年迄今的表現以及 Celeste 總結的當前宏觀經濟狀況，我們將更新先前傳達的 2025 財年財務指導，如下所示。

Net revenue is still expected to be down 2% to 3% year on year. We now expect organic revenue to be flat to up 1% year on year and expect foreign exchange to adversely impact revenue by approximately 1% year on year.

預計淨收入仍將年減2%至3%。我們現在預計有機收入將與去年同期持平或成長 1%，並預計外匯將對收入產生約 1% 的不利影響。

We are tightening our adjusted EBITDA range for the year to $615 million to $625 million equating to growth of 4% to 5% year on year. This compares favorably to our initial 2025 full-year guidance of $600 million to $625 million. We now expect our 2025 core tax rate to be between 26% and 26.5% and expect full-year interest expense to be between $125 million and $130 million.

我們將今年的調整後 EBITDA 範圍收窄至 6.15 億美元至 6.25 億美元，相當於年增 4% 至 5%。這與我們最初預期的 2025 年全年 6 億至 6.25 億美元相比表現良好。我們現在預計 2025 年核心稅率將在 26% 至 26.5% 之間，預計全年利息支出將在 1.25 億美元至 1.3 億美元之間。

Combined, these assumptions now result in full-year adjusted diluted EPS in the range of $4.10 to $4.25, equating to year-on-year growth of between 7% and 11%. We now expect full-year operating cash flow to be between $275 million and $300 million, reflecting slightly higher inventory levels in preparation for our manufacturing footprint optimization. Finally, we've reduced our full-year capital spending target to approximately $140 million for the year.

綜合起來，這些假設現在導致全年調整後的稀釋每股收益在 4.10 美元至 4.25 美元之間，相當於同比增長 7% 至 11%。我們現在預計全年營運現金流將在 2.75 億美元至 3 億美元之間，這反映了為優化製造佈局而準備的略高的庫存水準。最後，我們將全年資本支出目標下調至約 1.4 億美元。

Now let me turn the call back over to Celeste to wrap this up.

現在，讓我將電話轉回給 Celeste 來結束此事。

Thank you, John.

謝謝你，約翰。

As we entered 2025, we anticipated a challenging macroeconomic environment where both volume growth and margin expansion would be difficult. This sentiment was further exacerbated by the upending of global trade relations and tariff-driven disruption.

進入 2025 年，我們預期宏觀經濟環境將面臨挑戰，銷售成長和利潤率擴張都將十分困難。全球貿易關係的顛覆和關稅引發的混亂進一步加劇了這種情緒。

As a result of our expectation for a difficult year, we took early and proactive measures delivering strong execution on pricing and raw material management as well as cost controls, while placing an emphasis on operational efficiency. These actions are clearly paying off as evidenced by our third-quarter results.

由於我們預計今年將是艱難的一年，因此我們採取了早期主動措施，在定價和原材料管理以及成本控制方面執行力度強，同時注重營運效率。我們的第三季業績證明，這些行動顯然取得了成效。

While we are not immune from an economic slowdown, we are diligently focused on the variables we can control, starting with providing outstanding service and support to our customers. We are a demonstrated and critical partner to our customers as they grapple with potential changes to everything from the point of origin of the materials they buy to their manufacturing locations and processes. This is increasingly valuable in this time of material optionality and supply chain disruption.

雖然我們無法免受經濟放緩的影響，但我們會努力專注於我們能夠控制的變量，首先是為客戶提供卓越的服務和支援。當客戶努力應對從購買材料的原產地到製造地點和流程等各個方面的潛在變化時，我們是客戶值得信賴的重要合作夥伴。在材料可選性和供應鏈中斷的時代，這一點變得越來越有價值。

To wrap up, we are pleased with the progress we continue to make in improving our portfolio, streamlining our operations, and driving EBITDA margin expansion. While volume growth remains challenged, we have a clear and focused strategy and a highly experienced team that is well prepared to execute and drive operational success. We remain on track to deliver on our long-term EBITDA margin and growth targets.

總而言之，我們對在改善產品組合、精簡營運和推動 EBITDA 利潤率擴大方面取得的進展感到滿意。儘管銷售成長仍然面臨挑戰，但我們擁有清晰而專注的策略和經驗豐富的團隊，已做好充分準備來執行並推動營運成功。我們仍有望實現長期 EBITDA 利潤率和成長目標。

As a reminder, we look forward to seeing you at our Investor Day on October 20, where we will provide an update on our strategic plan, including our successful M&A strategy, transformational footprint optimization, and roadmap to our greater than 20% EBITDA margin goal.

提醒一下，我們期待在 10 月 20 日的投資者日上見到您，屆時我們將提供我們戰略計劃的最新信息，包括我們成功的併購戰略、轉型足跡優化以及實現超過 20% 的 EBITDA 利潤率目標的路線圖。

That concludes our prepared remarks for today. Operator, please open the line for questions.

我們今天的準備演講到此結束。接線員，請打開熱線以回答問題。

(Operator Instructions)

（操作員指示）

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

This is Emily Fusco on for Dave Begleiter, Deutsche Bank. Could you provide some more detail behind the reduction in cash flow guidance?

我是德意志銀行戴夫貝格萊特 (Dave Begleiter) 的艾米莉福斯科 (Emily Fusco)。您能否提供一些現金流指引減少背後的更多細節？

Good morning, Emily. John, do you want to cover cash flow?

早安，艾米麗。約翰，你想涵蓋現金流嗎？

Sure, it really just comes down to working capital, specifically inventory, Emily. So as we've -- in the preparation and we're actually in -- I would say in process on a number of these footprint consolidation actions, we're trying to manage inventory a little differently to accommodate these, which requires us to keep higher inventory levels. That's driving the increase in working capital and the decrease in cash flow expectations for the year.

當然，這實際上只是歸結為營運資金，特別是庫存，艾米麗。因此，正如我們在準備過程中以及實際上正在進行的一系列足跡整合行動中一樣，我們正在嘗試以稍微不同的方式管理庫存以適應這些行動，這要求我們保持更高的庫存水準。這導致營運資本增加，而年度現金流預期減少。

And I would just add that they're temporary, right? They're positioning us for these changes and we would expect that we would reduce inventory to more normal levels in the future.

我還要補充一點，它們是暫時的，對嗎？他們正在為我們做好這些變化的準備，我們預計未來庫存將減少到更正常的水平。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安。

Hi, this is actually Alex on Patrick's team. Thanks for taking my question.

嗨，我實際上是 Patrick 團隊的 Alex。感謝您回答我的問題。

So for me what struck me as interesting was that, in EA autos and durables, you're saying that things were okay. I'm just curious if -- did anything accelerate in the quarter or was there anything -- whether it's in the mix or any kind of accretion from acquisitions? What kind of helped EA volumes there and margins there.

因此，對我來說，有趣的是，在 EA 汽車和耐用品方面，你說情況還不錯。我只是好奇——本季是否有任何加速或有什麼——無論是混合還是任何形式的收購帶來的成長？什麼有助於那裡的 EA 交易量和利潤率？

Thank you.

謝謝。

Right. Absolutely. So in the EA business, we had a great quarter and a few things happened there that are notable. So in Q2, you might recall if you were on at that time, Alex, that we said that we were experiencing a temporary [lull] in the electronics market in Q2 and that in the second half, we would see those volumes resurface as more and more product upgrades were coming out with featuring our adhesive in some wins there as we continue to take share. That was one thing that did happen during the quarter favorably. Our electronics business returned to globally double-digit organic growth.

正確的。絕對地。因此，在 EA 業務方面，我們度過了一個出色的季度，並且發生了一些值得注意的事情。因此，在第二季度，亞歷克斯，如果你當時在線的話，你可能還記得，我們​​說過，我們在第二季度經歷了電子市場的暫時低迷，而在下半年，隨著越來越多的產品升級，我們的粘合劑在一些市場中取得了成功，我們會看到銷量重新出現，因為我們將繼續佔據市場份額。這是本季確實發生的一件好事。我們的電子業務恢復了全球兩位數的有機成長。

Also in the quarter, we saw great performance improvement in our US EA business. In Q2, we had seen that business operating at negative mid-single-digit organic growth. In Q3 in EA in the US, the business drove forward to positive mid-single-digit organic growth. A lot of that based on some share take and new customer wins, but also just really strong execution by our sales and technical service teams. So we're seeing some good momentum in the EA business and we expect that to continue going forward.

本季度，我們的美國 EA 業務的業績也得到了顯著提升。在第二季度，我們發現該業務的有機成長率為負中個位數。美國 EA 第三季業務實現了中個位數的有機成長。這在很大程度上是基於一些市場份額和新客戶的贏得，但也只是我們的銷售和技術服務團隊的強大執行力。因此，我們看到 EA 業務呈現良好勢頭，我們預計這種勢頭將繼續下去。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

So Celeste, just going back to your prepared comments and the caution you shared for obviously good reason, et cetera. But how would you explain the HHC decline in volumes versus EA in context of HHC generally speaking being considered a little bit more defensive versus EA which has multiple dimensions of exposure, including to some of the cyclical in markets. How would you have us think about that?

所以 Celeste，回到你準備好的評論和你顯然有充分理由分享的警告等等。但是，您如何解釋 HHC 交易量相對於 EA 的下降，因為 HHC 總體上被認為比 EA 更具防禦性，因為 EA 具有多維度的風險敞口，包括市場中的一些週期性因素。您希望我們怎麼看待這個問題？

Yeah, the way I think about that Ghansham is our EA business today is performing much stronger than the market. I do think we're still seeing slowing in durable goods. However, that team, as I mentioned, as it relates to electronics, but also as it relates to automotive, has really been successfully growing their business, taking share, bringing unique solutions to the customer base and that has facilitated their above market growth.

是的，我認為 Ghansham 的 EA 業務目前的表現比市場強勁得多。我確實認為我們仍然看到耐用品的銷售放緩。然而，正如我所提到的，該團隊不僅涉及電子產品，還涉及汽車行業，他們確實成功地發展了業務，佔據了市場份額，為客戶群帶來了獨特的解決方案，並促進了他們超越市場的成長。

In the HHC business, we saw a strong pricing performance around the globe in the third quarter. However, volumes were really tough to come by, Ghansham and they really are a reflection of the consumer. And so in all major regions the Americas, Europe, Asia, we saw mid-single-digit declines in HHC volume, and I just think that's a reflection of the eroding global economic consumer.

在 HHC 業務中，我們看到第三季全球範圍內的定價表現強勁。然而，Ghansham 表示，銷售確實很難獲得，而且它們確實反映了消費者的消費需求。因此，在美洲、歐洲、亞洲等所有主要地區，我們都看到 HHC 交易量出現了中等個位數的下降，我認為這反映了全球經濟消費者的萎縮。

Got it and then in past calls you've given us some characterization in terms of your different GBUs and the number that are decelerating versus accelerating. Can you do that the score around as well? Like, how did 3Q actually shape up as it relates to the different GBUs?

明白了，然後在過去的通話中，您根據不同的 GBU 以及減速與加速的數量向我們提供了一些描述。你也可以這樣計算分數嗎？例如，3Q 與不同的 GBU 之間的關係實際上是怎麼樣的呢？

Yeah, so in the business in total about 18 of our market segments out of 30 were accelerating. And what we saw typically was in every GBU that the case for about half of them. So nothing really notable there. And I'm pleased that we were able to deliver a quarter that demonstrated EBITDA margin expansion and positive pricing in all GBUs and maintained that mid-level of acceleration. It didn't take all of our segments operating in concert positively to deliver that.

是的，總的來說，我們 30 個細分市場中大約有 18 個正在加速發展。我們通常看到的是，每個 GBU 中大約有一半都是這種情況。所以那裡沒有什麼值得注意的地方。我很高興我們能夠在本季度實現所有 GBU 的 EBITDA 利潤率擴張和正定價，並保持中等水平的加速。我們並不需要所有部門齊心協力積極運作才能實現這個目標。

Okay, and then just one final one as it relates to the outlook for fiscal year '26, which isn't that far away, is solar -- will that fully have cycled through as it relates to the negative volumes by then or will there be some sort of lingering flow through into fiscal year '26?

好的，最後一個問題與 26 財年的前景有關，也就是不遠的將來，太陽能——到那時，它是否會完全結束與負量相關的循環，還是會以某種方式持續流入 26 財年？

Yeah, so let's talk about solar. Just the solar strategy, solar technology, and then what you should expect from a revenue and an EBITDA margin perspective.

是的，我們來談談太陽能。只是太陽能策略、太陽能技術，然後從收入和 EBITDA 利潤率的角度您應該期待什麼。

So in the global solar industry, we operate supplying three different product lines essentially to that space. Two of the three of those product lines are very specialized and in fact, they are critical in enabling more efficient solar panels to be produced and introduced in the future upcoming years. So we're continuing to emphasize those product ranges.

因此，在全球太陽能產業，我們主要為該領域供應三個不同的產品線。這三條產品線中的兩條非常專業，事實上，它們對於未來幾年生產和推出更有效率的太陽能板至關重要。因此我們將繼續強調這些產品系列。

Now the third product range, which is more of a silicon sealant type of product. It became really a challenging part of that market, particularly in China, as construction in China slowed down and those sealants were redirected into the solar industry. That's a part of the market where we're going to be de-emphasizing our focus.

現在是第三個產品系列，它更像是一種矽酮密封膠類型的產品。這確實成為了該市場的一個挑戰，特別是在中國，因為中國的建築業放緩，這些密封劑被重新轉向太陽能產業。這是我們將會逐漸減少關注的市場部分。

And so with all of that as the technology backdrop and the market backdrop to what's going on, what you'll see in the P&L is that on the top line there will continue to be headwinds as it relates to revenue as we continue to draw back away from the silicon sealant product line in particular regions. Now what you will also see, however, is a shoring up of EBITDA and EBITDA margin as we're exiting that lower margin space.

因此，考慮到所有這些技術背景和市場背景，您會在損益表中看到，隨著我們繼續在特定地區退出矽密封膠產品線，收入方面將繼續面臨阻力。然而，現在您還會看到，隨著我們退出較低的利潤空間，EBITDA 和 EBITDA 利潤率將得到鞏固。

Michael Harrison, Seaport Global Securities.

邁克爾哈里森，Seaport Global Securities。

You've talked about this, I believe it was $55 million worth of kind of pricing versus raw material cost tailwind for the year. I was hoping that you could give us a sense of where we stand on that. Are you tracking above or below that number? How much of it is yet to be realized? And maybe give us a little bit of a sense of how you're seeing raw material costs trending as we start to think about price/cost and some potential tailwind from that into fiscal '26.

您已經談到了這一點，我相信這是價值 5500 萬美元的定價，而今年的原材料成本則處於順風狀態。我希望您能讓我們了解我們對此的立場。您追蹤的是高於還是低於該數字？其中有多少尚未實現？當我們開始考慮價格/成本以及由此為 26 財年帶來的一些潛在推動因素時，您能否讓我們稍微了解一下您如何看待原物料成本的趨勢？

Sure, so that's correct.

當然，這是正確的。

At the beginning of the year, we established that in order to achieve our guidance of $600 million to $625 million of EBITDA, we would be delivering $55 million of price and raw material cost action benefits. So it's less about how the market's trending, more about the actions that we were taking on raw materials in order to get there.

年初，我們確定，為了實現 6 億至 6.25 億美元的 EBITDA 目標，我們將提供 5,500 萬美元的價格和原物料成本行動效益。因此，這與市場趨勢無關，而是與我們為了實現這一目標而對原材料採取的行動有關。

And so if you look at our progress as of the first half, as I mentioned last quarter, we had achieved about $5 million of that. However, we also established that we have taken all of the actions that we needed to take in order to make both of those factors, price, and raw material savings come to fruition.

因此，如果您查看我們截至上半年的進展，正如我上個季度提到的，我們已經實現了約 500 萬美元的目標。然而，我們也確定我們已經採取了所有需要採取的行動，以使價格和原材料節省這兩個因素都取得成果。

What we realized over the course of this quarter is that the cadence for those savings is going to be slower than we anticipated given that we have more material inventory in preparation for this footprint optimization. So through third quarter, we've generated about $15 million of the $55 million of price and cost action. We anticipate another $15 million benefit in Q4, and then the remainder will wrap around into the beginning of next year.

我們在本季意識到，由於我們為此次足跡優化準備了更多材料庫存，因此這些節省的節奏將比我們預期的要慢。因此，到第三季度，我們已經產生了 5500 萬美元價格和成本行動中的約 1500 萬美元。我們預計第四季將再產生 1,500 萬美元的收益，剩餘部分將持續到明年年初。

In the interim, in order to still achieve our guidance, we did take action to pull forward some of our footprint optimization savings and so we still feel very confident and as you see, we brought up the bottom end of our range last quarter have just tightened it now to be able to achieve $615 million to $625 million of EBITDA this year.

在此期間，為了仍然實現我們的指導，我們確實採取了行動來提前實現部分足跡優化節省，因此我們仍然感到非常有信心，正如您所見，我們上個季度提高了範圍的底端，現在剛剛收緊，以便能夠實現 6.15 億美元至 6.25 億美元的 EBITDA 今年。

All right, so it sounds like maybe $20 million or $25 million yet to come in '26. Is that the way we should think about it?

好的，聽起來 2026 年可能還會有 2,000 萬美元或 2,500 萬美元。我們該這樣思考嗎？

Correct.

正確的。

Okay, perfect.

好的，完美。

And then my other question for you is, you guys have had a number of organic growth initiatives since you took over, Celeste. Also done a number of bolt-ons over the past couple of years. If you look at the cross selling and geographic expansion opportunities, just curious if you can talk about how much faster than underlying markets you think you can grow in the next year or two. It sounds like you're really delivering on that potential in EA, but I'm just curious, can it accelerate in EA and what do you think about the other two segments?

我要問您的另一個問題是，自從您接任以來，您已經採取了許多有機增長舉措，Celeste。在過去的幾年裡還做了一些附加工作。如果您關注交叉銷售和地理擴張機會，我只是好奇您是否可以談談您認為未來一兩年您的成長速度能比基礎市場快多少。聽起來您確實在 EA 中發揮了這一潛力，但我只是好奇，它能在 EA 中加速發展嗎？您對其他兩個部分有何看法？

Yes, it has accelerated the EA.

是的，它加速了 EA。

In fact, I was really pleased just the other day to be talking to one of our leaders here in the US and finding that we have adopted the Vibra-Tite product range from ND Industries into our HVAC product range. So we are expanding the ND Industries products very quickly. In fact, you will see an expansion by the conclusion of the year of those in multiple additional geographies, three new locations versus where that business was when we acquired last year.

事實上，前幾天我很高興與我們在美國的一位領導者交談，發現我們已經將 ND Industries 的 Vibra-Tite 產品系列納入我們的 HVAC 產品系列。因此，我們正在快速擴展 ND Industries 的產品。事實上，到今年年底，您將看到該業務在多個其他地區的擴張，與我們去年收購時的業務相比，將有三個新的地點。

The other thing I would say is, we've been really pleased with medical adhesive business. Again, it's a business where we're growing businesses that we acquired into new geographies and in fact if you look at the medical adhesive technology business, the EBITDA has doubled and revenues are up 60% with EBITDA margins over 40% just this year. So we're really excited. We're validated that our strategy is delivering in the manner that we originally anticipated, and you see that in the EBITDA expansion numbers, it's been a prime contributor.

我想說的另一件事是，我們對醫用黏合劑業務非常滿意。再說一次，我們正在將收購的業務拓展到新的地區，事實上，如果你看看醫療黏合劑技術業務，你會發現今年的 EBITDA 翻了一番，收入成長了 60%，EBITDA 利潤率超過 40%。所以我們真的很興奮。我們已確認我們的策略正在按照我們最初預期的方式實現，並且您可以看到，在 EBITDA 擴張數字中，它是主要貢獻者。

All right, and any comment on BAS? I know that the Middle East in particular has been an expansion initiative.

好的，對 BAS 有什麼評論嗎？我知道中東地區尤其具有擴張潛力。

The Middle East has been an expansion. That business, I know organic growth was down 1% this quarter, but bear in mind it was, it held in there well on a very good comp from Q3 prior year. In fact, Q3 of 2024, our roofing business, which is one of the bigger businesses in that GBU was up 30% organic growth. So the business is performing well. We're seeing adoption of our 4SG insulated glass sealant. In fact, we're -- we just won a couple of projects in Japan, so we're seeing kind of geographical expansion of that business and are pleased with its performance. Yes, the Middle East represents a great opportunity for us there.

中東地區一直在擴張。我知道該業務本季的有機成長率下降了 1%，但請記住，與去年第三季相比，它保持了良好的成長勢頭。事實上，2024 年第三季度，我們的屋頂業務（該 GBU 中較大的業務之一）實現了 30% 的有機成長率。因此業務表現良好。我們看到我們的 4SG 絕緣玻璃密封膠正在被廣泛採用。事實上，我們剛剛在日本贏得了幾個項目，因此我們看到了該業務的地理擴張，並對其表現感到滿意。是的，中東對我們來說是一個巨大的機會。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），Vertical Research Partners。

Hi, this is Matt Hettwer on for Kevin McCarthy.

大家好，我是 Matt Hettwer，為 Kevin McCarthy 播報。

Staying with BAS, as the Fed presumably continues to cut interest rates moving forward what kind of lag effects do you expect to see between the timing of lower interest rates and how they might feed through to stronger results in that business and are there any specific underlying business lines in BAS such as maybe glass or woodworking that you think might benefit from lower interest rates more than others.

繼續討論 BAS，由於聯準會可能會繼續降低利率，您預計在降低利率的時機和如何影響該業務的更強勁業績之間會出現什麼樣的滯後效應，並且您認為 BAS 中是否有任何特定的基礎業務線（例如玻璃或木工）可能比其他業務線更受益於較低的利率。

Yes, so lower interest rates tend to impact our business. We call it 15 to 18 months later than we would see them in the architectural billing index. Now that said, there will be more immediate impacts of lower interest rates both on that business and at H.B. Fuller. I mean, just the mobility that lower interest rates create, the possibility for household formation and moving households helps bolster our business in many ways. The HHC business would benefit from that in BAS. Specifically, the woodworking business, I think furniture would benefit from that. And so ultimately, we don't have to see building as a consequence of interest rates to get the benefit. We will see indirect benefits in addition.

是的，較低的利率往往會影響我們的業務。我們稱其比我們在建築計費指數中看到的時間晚了 15 到 18 個月。話雖如此，降低利率將對該業務和富樂公司產生更直接的影響。我的意思是，低利率帶來的流動性、家庭組成和家庭遷移的可能性在許多方面有助於促進我們的業務。HHC 業務將從 BAS 中受益。具體來說，我認為木工行業和家具行業將從中受益。因此，最終我們不必將建設視為利率的結果來獲取利益。此外，我們也將看到間接利益。

Great. Thank you.

偉大的。謝謝。

And then yeah, I guess one more for BAS. Data centers has been a source of strength to you. I was wondering if you could just give us a sense for how large that business is and I assume it's maybe on the smaller side, but is the high growth rate there relative to the size of the business, is that strong enough for it to have a meaningful impact on segment results moving forward.

是的，我想 BAS 還會再來一個。資料中心一直是您的力量來源。我想知道您是否可以告訴我們該業務的規模有多大，我認為它可能規模較小，但相對於業務規模而言，其增長率是否足夠高，足以對未來的分部業績產生有意義的影響。

Yeah, so the data center business, just to speak more broadly, and then John, maybe you can speak to it relative to H.B. Fuller.

是的，從更廣泛的角度來看資料中心業務，然後約翰，也許你可以談談與 H.B. Fuller 相關的業務。

More broadly, the data center business grew this year at 40%, as I understand it, and the outlook is for that business to continue to grow at a rate of call it 30%. Our BAS business has taken a very strategic approach to data center building. We've long been part of the specification for the roofing systems in data centers, and now that we have revised that GBU and have different market segments working together, we've been able to bring a package of adhesives to support different parts of the structure.

更廣泛地說，據我所知，今年資料中心業務成長了 40%，預計該業務將繼續以 30% 的速度成長。我們的 BAS 業務對資料中心建置採取了非常策略性的方法。我們長期以來一直是資料中心屋頂系統規範的一部分，現在我們已經修改了 GBU 並讓不同的細分市場共同合作，我們已經能夠提供一包黏合劑來支援結構的不同部分。

And I think I mentioned last quarter I was pretty wild about the flooring adhesive we've introduced for panels and raised floors and data centers that dissipates electrostatic energy. So the team is approaching the business very strategically.

我想我上個季度提到過，我對我們為面板、架空地板和資料中心推出的可消散靜電能量的地板黏合劑非常著迷。因此，該團隊正在非常有策略地開展業務。

John, do you want to comment on (multiple speakers) how to contextualize that.

約翰，你想評論一下（多位發言者）如何將其具體化嗎？

-- maybe dimensionalize the size. So most of this activity resides in our roofing business, which is 100% commercial focus. And that business, it's between 5% and 10% of total revenue. I'm going to guess, data centers are less than half of that, but they're growing quickly. So it's a true strategic focus area. It's high margin business and the team's done a great job of winning new business to really drive both take advantage of both the underlying macro trends but win new business on top of that.

——也許可以將尺寸維度化。因此，大部分活動都集中在我們的屋頂業務上，該業務 100% 以商業為重點。這項業務佔總收入的 5% 到 10%。我猜，資料中心的規模還不到這個數字的一半，但它們正在快速成長。所以這是一個真正的戰略重點領域。這是高利潤業務，團隊在贏得新業務方面做得非常出色，真正推動了雙方利用潛在的宏觀趨勢，並在此基礎上贏得了新業務。

(Operator Instructions)

（操作員指示）

Lydia Huang, JP Morgan.

摩根大通的 Lydia Huang。

Could you give some color on the pricing trends for your segments in the fourth quarter?

能否介紹一下第四季各部門的定價趨勢？

Thank you.

謝謝。

Sure. You probably noticed, Lydia, that the businesses all three GBUs were positive price year on year in Q3. There's a very supporting -- supportive pricing environment in the market given so much inflation, tariffs, et cetera. And in fact, speaking of the fourth quarter, I actually just was reading a survey that was done here in the US by the Adhesives and Sealants Council (sic - Adhesive and Sealant Council).

當然。莉迪亞，你可能已經注意到了，所有三個 GBU 的業務在第三季度的價格同比都出現了正增長。考慮到通貨膨脹、關稅等因素，市場定價環境非常有利。事實上，說到第四季度，我剛剛讀到美國黏合劑和密封劑委員會所做的一項調查（原文如此 - 黏合劑和密封劑委員會）。

They had surveyed their memberships -- their members to understand amongst other things, how they were responding to tariffs and pricing was one question related to that. And 84% of the respondents to that survey that are all adhesives and sealants companies responded that they were raising price. So again, it's a very supportive pricing environment and I think you'll continue to see that throughout the fourth quarter.

他們對會員進行了調查——除其他事項外，他們的會員還了解他們對關稅和定價的反應，這是與此相關的問題。在接受該調查的黏合劑和密封劑公司中，84% 的受訪者表示他們正在提高價格。所以，這是一個非常有利的定價環境，我認為你會在整個第四季繼續看到這種情況。

There are no further questions at this time. I'll turn the call to Celeste Mastin, CEO, for closing remarks.

目前沒有其他問題。我將把電話轉給執行長 Celeste Mastin 來做結束語。

Thank you very much for joining the call today. We look forward to speaking with you next quarter. Have a great day.

非常感謝您今天參加電話會議。我們期待下個季度與您交談。祝你有美好的一天。

This concludes today's conference call. Thank you for joining. You may not disconnect.

今天的電話會議到此結束。感謝您的加入。您不能斷開連線。