Greif Inc (GEF) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Greif Fourth Quarter 2025 Earnings Call.

您好，感謝您的耐心等待。歡迎參加 Greif 2025 年第四季財報電話會議。

(Operator Instructions).

（操作說明）

Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your first speaker today, Bill D'Onofrio, Vice President of Investor Relations and Corporate Development. Please go ahead.

請注意，今天的電話會議將會被錄音。現在，我謹將會議交給今天的第一位發言人，投資者關係和企業發展副總裁比爾·德奧諾弗里奧。請繼續。

Good morning, everyone, and thank you for joining Greif Fiscal Fourth Quarter 2025 Earnings Conference call. Today, our CEO, Ole Rosgaard, will provide a strategy and market update, followed by our CFO, Larry Hilsheimer, with a review of our financial results and 2026 guidance. Please turn to slide 2.

各位早安，感謝各位參加 Greif 2025 財年第四季財報電話會議。今天，我們的執行長 Ole Rosgaard 將提供策略和市場最新情況，隨後我們的財務長 Larry Hilsheimer 將回顧我們的財務表現和 2026 年的指導意見。請翻到第二張幻燈片。

In accordance with regulation fair disclosure, please ask questions regarding topics you consider important because we are prohibited from discussing material non-public information with you on an individual basis. During today's call, we will make forward-looking statements involving plans, expectations, and beliefs related to future events. Actual results could differ materially from those discussed.

根據公平揭露的規定，請就您認為重要的主題提出問題，因為我們被禁止與您單獨討論重要的非公開資訊。在今天的電話會議中，我們將發表一些關於未來事件的計劃、預期和信念的前瞻性聲明。實際結果可能與討論的內容有重大差異。

Additionally, we will be referencing certain non-GAAP financial measures and the reconciliation to the most directly comparable GAAP metrics that can be found in the appendix of today's presentation.

此外，我們將參考一些非GAAP財務指標，以及與最直接可比較的GAAP指標的調節表，這些指標可以在今天簡報的附錄中找到。

Two important reporting clarifications for this quarter. First, our container board business was sold on August 31st. As such, that business is presented as discontinued operations for its one month contribution to the quarter. Unless otherwise noted, all financial results and commentary discussed today will relate to continuing operations only.

本季有兩項重要的報告澄清事項。首先，我們的箱板業務於8月31日出售。因此，該業務在其對本季貢獻的一個月業績中，被視為已終止經營業務。除非另有說明，否則今天討論的所有財務業績和評論都僅與持續經營業務有關。

Second, due to our fiscal year end change, Q4 reflects a two-month reporting period, August and September. For consistency, all prior year comparatives in today's presentation are also shown on a two-month basis for August and September. I'll now hand the call over to Ole on slide 3. Thanks.

其次，由於我們的財政年度結束日期發生了變化，第四季度反映的是兩個月的報告期，即 8 月和 9 月。為了保持一致性，今天報告中所有上年同期比較數據也按8月和9月兩個月進行展示。現在我將把電話交給奧萊，請看第三張投影片。謝謝。

Bill, and thank you all for listening in today and for your interesting drive. With the short 2025 fiscal year, due to our fiscal year change, the 2 months 4th quarter, the sale of our container board business this quarter, and the ongoing cost optimization.

比爾，感謝大家今天的收聽，也感謝你們精彩的駕車之旅。由於財政年度變更導致 2025 財年縮短，第四季只有 2 個月，本季出售了我們的箱板業務，以及持續的成本優化。

Program, we know there's a significant amount of change and noise for this quarter. This shows up in our tax results, which Larry will be discussing in a moment.

我們知道，本季專案會面臨大量的變化和乾擾。這體現在我們的稅務結果中，拉里稍後會對此進行討論。

Thank you for bearing with us. We are excited for the long, long-term earnings growth and value creation. Our strategy is unlocking.

感謝您的耐心等待。我們對長期的獲利成長和價值創造感到興奮。我們的策略是解鎖。

We closed fiscal '25 as a more focused, more agile, and more strategically aligned company that at any time in our history. Our transformation is accelerating and the results are beginning to show.

2025 財年結束時，我們已成為公司歷史上比以往任何時候都更加專注、更加靈活、更具策略性的公司。我們的轉型正在加速，成果也開始顯現。

On October 1st we finalized the sale of our land management business, generating $462 million in proceeds. Those funds were used immediately to reduce debt, and our performer leverage ratio is now under 1 times.

10 月 1 日，我們完成了土地管理業務的出售，並獲得了 4.62 億美元的收益。這些資金立即用於減少債務，我們目前的業績槓桿率低於 1 倍。

We have entered fiscal 2026 with a meaningfully stronger balance sheet with enhanced capital efficiency built for resilience.

我們已進入 2026 財年，擁有了明顯更強勁的資產負債表，資本效率更高，更具韌性。

Together with the divestiture of our container board business in the 4th quarter, we have reshaped Greif's portfolio to concentrate our efforts where we have the greatest opportunity to grow EBITDA, expand margins, generate cash, reduce cyclability, and deliver durable returns for our shareholders.

隨著我們在第四季度剝離了貨櫃紙板業務，我們重組了 Greif 的業務組合，將精力集中在最有機會提高 EBITDA、擴大利潤率、產生現金、降低週期性波動並為股東帶來持久回報的領域。

We are pleased to report our latest Net Promoter Score survey result of 72, an improvement of 3 points from last year, and further extending our world-class customer service performance. That improvement is a direct reflection of the trust our customers place in us and our ability to deliver for them.

我們很高興地宣布，我們最新的淨推薦值調查結果為 72 分，比去年提高了 3 分，進一步提升了我們世界一流的客戶服務水準。這項進步直接反映了客戶對我們的信任以及我們為他們提供服務的能力。

The best companies build stronger relationships when things are difficult, and our NPS reflects our conviction that we will capture significant value when demand returns.

優秀的公司在困難時期會建立更牢固的關係，我們的 NPS 反映了我們堅信，當需求回升時，我們將獲得巨大的價值。

As Larry will touch on in a moment, our full year '26 guidance, despite being low end, reflects continued earnings growth and a free cash flow conversion rate of 50%, demonstrating our progress towards the long-term objectives laid out at Investor Day in December.

正如 Larry 稍後將提到的，儘管我們對 2026 年全年業績的預期較低，但仍反映了持續的盈利增長和 50% 的自由現金流轉化率，這表明我們在實現 12 月投資者日制定的長期目標方面取得了進展。

We're proud of how we ended fiscal 2025, but even more energized by what lies ahead. Our Build to last strategy is firmly embedded in our organization. We are shaping and sharpening our portfolio, strengthening our balance sheet, and investing for sustainable growth.

我們為 2025 財年的收官表現感到自豪，但對未來更加充滿熱情。我們的「打造基業長青企業」策略已深深融入我們的組織。我們正在調整和優化投資組合，加強資產負債表，並進行永續成長投資。

Please turn to slide 4.

請翻到第4張投影片。

Our commitment to value creation shows in how we manage cost. In fiscal '25, we achieved $50 million in run rate savings from our cost optimization program, more than double our stated full year '25 commitments. To date, we have achieved approximately $15 million in savings related to network design and operating efficiency.

我們對創造價值的承諾體現在我們如何管理成本上。在 2025 財年，我們透過成本優化計畫實現了 5,000 萬美元的年度節約，是 2025 年全年承諾的兩倍多。迄今為止，我們在網路設計和營運效率方面已節省了約 1500 萬美元。

This is not limited to strategic footprint actions. It also includes deploying AI solutions to reduce scrap and improve OEE, strategic planning actions to minimize freight and maximize on-time deliveries, and structural improvements to our global procurement strategy.

這不僅限於策略佈局行動。它還包括部署人工智慧解決方案以減少廢料並提高設備綜合效率 (OEE)，制定策略規劃行動以最大限度地減少貨運並最大限度地提高準時交付率，以及對我們的全球採購策略進行結構性改進。

The remaining run rate savings are related to SG&A.

剩餘的運作成本節省與銷售、管理及行政費用有關。

Our updated business model has enabled much more efficient decision making. It has also led to difficult but necessary decisions to eliminate areas of redundant cost in the updated model.

我們更新後的商業模式使決策效率大為提升。這也導致了艱難但必要的決定，即在更新後的模型中消除冗餘成本領域。

As of quarter end, we have eliminated approximately 8% of professional roles within the company, or 190 positions.

截至季末，我們已裁減了公司內約 8% 的專業職位，即 190 個職位。

These changes have been carefully considered over this past year and were acted on in Q4 in a manner which allowed us to communicate to impacted colleagues our heartfelt appreciation for their contributions to grow.

過去一年，我們仔細考慮了這些變化，並在第四季度採取了行動，以便向受影響的同事表達我們衷心的感謝，感謝他們為公司發展所做的貢獻。

These actions drove the significant acceleration beyond our previous full year '25 commitments.

這些舉措推動了我們實現目標的顯著加速，遠遠超過了我們先前在 2025 年全年所做的承諾。

Due to our progress to date, we are raising our anticipated fiscal '26 cumulative cost saving runway commitments from $50 million to $60 million to $80 million to $90 million. We will also expand our anticipated full year 27 cumulative run rate commitment from $100 million to $120 million.

由於我們迄今為止的進展，我們將 2026 財年預計累計節省成本的跑道承諾從 5000 萬至 6000 萬美元提高到 8000 萬至 9000 萬美元。我們也將把預計第 27 財年累計投資額從 1 億美元增加到 1.2 億美元。

Our cost optimization program has continued to evolve since the start of the year. What began as a top-down initiative is now being fueled from the ground up. Across the organization. Our colleagues are embracing the challenge, identifying new opportunities, driving local action, and creating meaningful change.

自年初以來，我們的成本優化計劃一直在不斷發展改進。這項最初由上而下發起的倡議，現在正由基層自下而上地推動。整個組織。我們的同事們正在積極迎接挑戰，尋找新的機遇，推動本地行動，並創造有意義的改變。

This work is making Greif a more focused and agile organization, better positioned to capture value as demand returns.

這項工作使 Greif 成為一個更專注和靈活的組織，能夠更好地在需求回升時獲取價值。

Importantly, this isn't just about taking cost out. It's about building an agile next generation growth.

重要的是，這不僅僅是降低成本的問題。關鍵在於建立敏捷的下一代成長模式。

The Greif business system enables repeatable excellence across more than 250 sites in 40 countries, allowing us to do more with fewer resources. We're removing unnecessary layers to empower local leaders and speed up decision making, and we are embedding a mindset of efficiency, responsiveness, and value creation across every function and facility.

Greif 業務系統能夠在 40 個國家的 250 多個站點實現可重複的卓越表現，使我們能夠用更少的資源做更多的事情。我們正在移除不必要的層級，以賦予本地領導者權力，加快決策速度，並將效率、回應性和價值創造的概念融入每個職能部門和設施中。

This isn't a one-time initiative. It's a structural shift in how we operate, compete, and grow.

這並非一次性措施。這是我們在營運、競爭和發展方式上的結構性轉變。

Excuse me, please turn to slide 5.

不好意思，請翻到第5張投影片。

A significant finding from our cost optimization program, which is now realizable as the divestment of container boards, are the clear and meaningful synergies in operating adhesives and recycled fiber as part of sustainable fiber solutions. Therefore, beginning in fiscal '26, those products will be reported within our fiber segment results.

我們的成本優化計劃的一項重要發現（現在可以透過剝離貨櫃紙板來實現）是，在永續纖維解決方案中，使用黏合劑和再生纖維可以產生清晰而有意義的協同效應。因此，從 2026 財年開始，這些產品將計入我們的纖維業務部門業績。

These changes are designed to enhance our go to market approach while also benefiting our cost optimization program.

這些改變旨在加強我們的市場推廣策略，同時也有利於我們的成本優化計劃。

This leaves the integrated solution segment as primarily closures. Effective October 1st, we are renaming that segment to innovative closure Solutions, which is a highly profitable and critical growth focused force.

這樣一來，整合解決方案領域主要就只剩下封蓋了。自 10 月 1 日起，我們將該業務板塊更名為創新封蓋解決方案，這是一個利潤豐厚且至關重要的成長重點。

Please turn to slide 6.

請翻到第6張投影片。

Our Q4 results reinforce our strategic focus on 4 target end markets.

我們第四季的業績進一步鞏固了我們對4個目標終端市場的策略重點。

In customized polymer solutions, volumes were flat year over year. However, small containers continued positive volume momentum driven by the agrochemicals in the markets. This is an area where we have been investing to grow both organically and through M&A.

客製化聚合物解決方案的銷量與去年持平。然而，受市場上農業化學品需求的推動，小貨櫃銷量繼續保持積極勢頭。我們一直在該領域進行投資，以實現有機成長和併購擴張。

Mid-single-digit declines in both IBC and large polymer drums driven by softness in industrial markets in a me during the quarter offset the positive growth in small containers.

本季工業市場疲軟，導致 IBC 和大型聚合物桶的銷量均出現個位數中段下滑，抵消了小型容器的正面成長。

In durable metals, volumes declined 6.6%, reflecting softness across industrial markets.

耐用金屬銷量下降 6.6%，反映出工業市場整體疲軟。

Our team remains focused on managing the business for cash flow and optimizing cost while maintaining a strong position that will capitalize on growth as demand returns.

我們的團隊將繼續專注於管理業務現金流和優化成本，同時保持強大的市場地位，以便在需求回升時抓住成長機會。

Sustainable fiber volumes declined 7.7%, reflecting approximately 1.7 million tons of URB economic downtime during September.

永續纖維產量下降了 7.7%，反映出 9 月城市農村地區經濟停擺約 170 萬噸。

Converting was also negatively impacted by continued soft fiber demand.

軟纖維需求的持續成長也對加工環節產生了負面影響。

Oh sorry, soft fiber drum demands.

哦，抱歉，軟纖維鼓需要。

Integrated solutions continue to see volume improvements driven by closures. These products generating 30% plus gross margin continue to win new business through innovation and cross-selling, including on our Bright digital platform.

整合解決方案的銷售持續成長，這主要得益於市場關閉。這些毛利率超過 30% 的產品透過創新和交叉銷售（包括在我們的 Bright 數位平台上）不斷贏得新業務。

In wrapping up my section, I'll close by pointing to a few items which clearly demonstrate through the noisiness of full year '25 the value creation occurring under our strategy.

在總結我的部分時，我將指出一些項目，這些項目清楚地表明，儘管 2025 年全年充滿各種幹擾，但我們的策略正在創造價值。

Our polymers and closure business are growing. Our cost optimization is well ahead of plan, and it has expanded to $120 million of anticipated total commitments.

我們的聚合物和瓶蓋業務正在成長。我們的成本優化工作進展順利，遠遠超出預期，預計總投入已達 1.2 億美元。

Our free cash conversion was nearly 50% in 2025 and expected to be at 50% in 2026. Our performer leverage is below 1 times.

2025 年我們的自由現金流轉換率接近 50%，預計 2026 年將達到 50%。我們的業績槓桿率低於 1 倍。

Price is a strong, durable company, and we are accelerating our value creation.

Price是一家實力雄厚、永續發展的公司，我們正在加速創造價值。

I'll now turn it over to Larry for the financials on slide 7.

現在我將把投影片 7 上的財務資料交給 Larry 來講解。

Thank you everyone, thank you. Hello everyone.

謝謝大家，謝謝。大家好。

As a reminder, our results are presented excluding the container board divestment except for free cash flow, which compares total operations to the prior year. Additionally, due to our fiscal year change, Q4 reflects a two month reporting period, August and September. For consistency, all prior year comparatives in today's presentation are also shown on a two month basis.

需要提醒的是，除自由現金流外，我們的業績報告均不包括貨櫃板剝離，自由現金流是將總營運狀況與上一年進行比較。此外，由於我們的財政年度發生了變化，第四季度反映的是兩個月的報告期，即八月和九月。為維持一致性，今天報告中所有上年同期比較數據也均以兩個月為週期顯示。

Adjusted EBITDA for the quarter was $99 million which was 7.4% above the prior year. EBITDA margins also expanded year over year by 140 basis points due to better price costs across all segments and the building momentum of our cost optimization.

本季調整後 EBITDA 為 9,900 萬美元，較上年同期成長 7.4%。由於所有業務板塊的價格成本有所改善，以及成本優化動能不斷增強，EBITDA 利潤率也較去年同期成長了 140 個基點。

Adjusted free cash flow also improved year over year by over 24.3% due to the increase in EBITDA and our team's strong working capital management to close year. As noted in our presentation, SG&A includes 28 million of operating costs specifically related to the container board divestment, which are excluded from EBITDA.

由於 EBITDA 的成長以及我們團隊在年底前強有力的營運資本管理，調整後的自由現金流也較去年同期成長超過 24.3%。如我們在簡報中所述，銷售、一般及行政費用包括與貨櫃板材剝離相關的 2,800 萬營運成本，這些成本不計入 EBITDA。

Excluding these costs, SG&A was slightly above the prior year quarter due primarily to the two month quarter, including certain annual or quarterly costs which were occurred over a shorter year.

剔除這些費用後，銷售、一般及行政費用略高於上年同期，這主要是由於該季度為兩個月，其中包括某些在較短年份內發生的年度或季度費用。

Adjusted EPS for the quarter was $0.01 relative to $0.59 in the prior year quarter. Our Q4 tax expense was impacted by non-recurring items affecting pre-tax income and the residual nature of continuing operations after removing discontinued operations.

本季調整後每股收益為 0.01 美元，而去年同期為 0.59 美元。我們的第四季稅務支出受到影響稅前收入的非經常性項目以及剔除終止經營業務後持續經營業務的剩餘性質的影響。

Tax expense also includes various taxes either not based on income or not directly correlated to current period income. The impact of which is magnified due to the lower income reported in this two month period.

稅項費用還包括各種與收入無關或與當期收入沒有直接關係的稅項。由於這兩個月期間報告的收入較低，其影響被放大了。

Finally, the tax expense was also influenced by the mix of earnings across the jurisdictions in which we do business. Please turn to slide 8.

最後，稅收支出也受到我們開展業務的各個司法管轄區收益組合的影響。請翻到第8張幻燈片。

In polymers, growth was led by small containers consistent with our long-term strategic focus on less cyclical margin accretive and markets. Sales and gross profit were both up year over year, with margin tailwinds from mixed pricing and operational discipline.

在聚合物領域，成長主要由小型容器引領，這與我們長期策略重點關注週期性較小的利潤成長型市場一致。銷售和毛利均同比增長，混合定價和營運紀律為利潤率帶來了利好。

In metals, results reflected volume softness in industrial and markets. Sales and volume declined, but we continued to generate healthy cash flow and remain focused on cost reduction and enhancing agility to react as demand recovered.

金屬市場的結果反映了工業和市場的交易量疲軟。銷售額和銷售量有所下降，但我們繼續產生健康的現金流，並繼續專注於降低成本和提高反應靈活性，以便在需求復甦時做出反應。

In fiber, the decline in sales was tied to volume with URB mill downtime late in the quarter. Despite that, gross profit dollars and margin improved year over year due to continued benefits from price/cost and tight cost management.

纖維業務的銷售額下降與產量下降有關，原因是 URB 工廠在本季結束時停工。儘管如此，由於價格/成本和嚴格的成本控制帶來的持續收益，毛利和毛利率比去年同期有所提高。

Integrated solutions, sales, and gross profit dollars declined year over year primarily due to lower published OCC prices in our recycled fiber group. Volumes in recycled fiber enclosures were both solid, and the product's impact of closures led to higher gross margins year over year.

由於我們再生纖維集團公佈的 OCC 價格下降，綜合解決方案、銷售額和毛利較去年同期下降。再生纖維外殼的銷售表現穩健，而且該產品對外殼的影響使得毛利率逐年提高。

Please turn to slide 9.

請翻到第9頁投影片。

Given the continued demand environment we are operating in, we believe it is prudent to present low-end guidance to begin fiscal '26. Our low-end scenario assumes flat to low single-digit volume declines in metals and fiber.

鑑於我們所處的持續需求環境，我們認為謹慎的做法是，在 2026 財年開始時給予較低的業績預期。我們的低端預測假設金屬和纖維的銷量持平或出現個位數下降。

It also assumes low single-digit volume improvement in polymers and closures from growth in our target end markets. The net impact of these volumes assumptions is flat volume related EBITDA performance to prior years.

它還假設，由於目標終端市場的成長，聚合物和瓶蓋的銷售將實現個位數低成長。這些銷售假設的最終結果是，與往年相比，銷售量相關的 EBITDA 業績持平。

Transportation and manufacturing costs were also assumed flat, representing cost savings on our cost optimization, offsetting normal inflationary cost increases.

運輸和製造成本也假設保持不變，這代表了我們成本優化的成本節約，抵消了正常的通貨膨脹成本成長。

The two major positive drivers in our bridge are SG&A and price costs, both of which reflect the accelerated progress on our cost optimization program.

我們橋樑的兩大正面驅動因素是銷售、一般及行政費用和價格成本，這兩項都反映了我們成本優化計畫的加速進度。

SG&A of $45 million reflects $39 million of incremental cost optimization, of which $17 million is within the fiscal year '25 run rate and $19 million is within the fiscal '26 run rate, both of which are expected to benefit fiscal '26. The additional $9 million represents lower variable costs including incentives.

銷售、一般及行政費用為 4,500 萬美元，其中 3,900 萬美元為增量成本優化，1,700 萬美元在 2025 財年運行率範圍內，1,900 萬美元在 2026 財年運行率範圍內，預計這兩項都將使 2026 財年受益。新增的900萬美元代表了包括激勵措施在內的變動成本降低。

Price/cost reflects $12 million of incremental cost optimization. This is primarily in the form of sourcing benefits in polymers and closures, while metals cost base is assumed flat. Price/cost also reflects an $18 million incremental benefit of URB pricing recognized in fiscal '25 and lower expected OCC costs.

價格/成本反映了1200萬美元的增量成本優化。這主要體現在聚合物和封蓋的採購優勢上，而金屬成本基礎則假定保持不變。價格/成本也反映了 2025 財年確認的 URB 定價帶來的 1,800 萬美元增量收益以及預期 OCC 成本的降低。

Lastly, to round out our bridge, a $10 million even a headwind from the lack of land management and a benefit of a $7 million positive effect driven by the weakening of the US dollar.

最後，為了完善我們的橋樑，即使面臨土地管理不善帶來的不利影響，1000 萬美元的資金也帶來了 700 萬美元的正面影響，這得益於美元走弱。

Our free cash flow low end guidance is $315 million, a 50% conversion ratio demonstrating our progress towards our long-term objectives. We expect to expect to spend approximately $155 million on CapEx this year. Our lower cash interest cost reflects our strong balance sheet, and our other cash use includes approximately $40 million of cash restructuring related to the cost optimization as well as pension costs. Working capital assumes a source of $50 million driven by both low-end volume assumptions and optimization gains. Please turn to slide 10.

我們的自由現金流限預期為 3.15 億美元，轉換率為 50%，這表明我們在實現長期目標方面取得了進展。我們預計今年資本支出將達到約 1.55 億美元。我們較低的現金利息成本反映了我們強勁的資產負債表，而我們的其他現金使用包括與成本優化相關的約 4000 萬美元現金重組以及退休金成本。營運資金假設來源為 5,000 萬美元，這既包括低端銷售假設，也包括優化收益。請翻到第10張投影片。

With our pro forma leverage below 1.00 and strong cash flow guidance of $315 million we anticipate minimal cash needs for debt service costs in the year ahead. Similarly, after divesting our most capital-intensive business earlier this year, our maintenance CapEx needs are approximately $25 million lower.

由於我們的備考槓桿率低於 1.00，且現金流預期強勁，達到 3.15 億美元，我們預計未來一年償債成本的現金需求極低。同樣，在今年稍早剝離了我們資本密集的最大業務後，我們的維護資本支出需求減少了約 2500 萬美元。

Given the strength of our balance sheet and strong and durable free cash flow generation, our capital allocation outlook demonstrates the value creation driven by our business model.

鑑於我們穩健的資產負債表和強勁持久的自由現金流產生能力，我們的資本配置展望體現了我們商業模式所驅動的價值創造。

As a result of our fiscal year end change, our scheduled board of directors meeting is now one month following each quarterly earnings release, still aligned to the previous fiscal calendar. As such, our dividend payments will be considered as usual by the board on that same cadence with the next meeting occurring on December 9th.

由於我們的財政年度結束日期發生了變化，我們原定的董事會會議現在安排在每個季度收益發布後的一個月舉行，仍然與先前的財政年度日曆保持一致。因此，董事會將照常按原計劃審議股利支付事宜，下次會議將於 12 月 9 日舉行。

Further, based on our strong conviction and our own ability to meet our long-term commitments and our belief that our stock currently presents compelling value, we plan to execute as quickly as possible on an approximately $150 million open market repurchase plan utilizing our available authorization of approximately 2.5 million shares.

此外，基於我們對履行長期承諾的堅定信念和自身能力，以及我們認為目前股票具有顯著價值的信念，我們計劃盡快執行一項約 1.5 億美元的公開市場回購計劃，利用我們約 250 萬股的可用授權。

Additionally, we intend to seek board approval of a new stock purchase authorization that will enable continued repurchases as part of our go forward capital allocation strategy, which we expect to include regular stock repurchases of up to 2% per year of our outstanding equity value.

此外，我們打算尋求董事會批准一項新的股票購買授權，以便能夠繼續進行股票回購，作為我們未來資本配置策略的一部分。我們預計該策略將包括每年定期回購不超過我們已發行股本價值 2% 的股票。

While that leaves ample capacity for growth capital, you're going to be prudent in allocating it while maintaining our strong balance sheet. Where we do deploy growth capital, we will prioritize thoughtful and focused organic investments which drive high returns on capital. Please turn to slide 11 for a closing from Ole.

雖然這為成長資本留出了充足的空間，但你們在分配這些資本時要謹慎，同時保持我們強勁的資產負債表。在我們部署成長資本的地方，我們將優先考慮經過深思熟慮、目標明確的有機投資，以實現高資本回報率。請翻到第 11 張投影片，觀看 Ole 的總結發言。

Thank you again for your interesting Greif. We acknowledged that the last 11 months have been bumpy given all the change occurring, and that showed up in this quarter in our tax results. As always, my commitment to you is transparency and candor.

再次感謝您提供的精彩內容。我們承認，鑑於過去 11 個月發生的所有變化，這段時間並不順利，而這一點也反映在本季度的稅務業績中。一如既往，我對你們的承諾是透明和坦誠。

We are proud of how we finished fiscal 2025, more focused, more efficient, and more aligned with our long-term strategy. We're also excited for a cleanup outlook in full year '26 and we'll continue to communicate progress on our strategy with as much clarity as possible.

我們為 2025 財年的收尾工作感到自豪，我們的工作更加專注、高效，並且更加符合我們的長期策略。我們對 2026 年全年的清理工作前景感到興奮，我們將繼續盡可能清晰地溝通我們策略的進展。

The divestments of container board and land management have meaningfully reshaped our business. We're now positioned with a sharper portfolio, lower capital intensity, and stronger financial flexibility than ever before.

剝離貨櫃板材和土地管理業務，對我們的業務產生了深遠的影響。我們現在擁有比以往任何時候都更精簡的投資組合、更低的資本密集度和更強的財務靈活性。

Our cost optimization program is ahead of plan and with an expanded $120 million commitment by the end of 2027.

我們的成本優化計畫進展順利，到 2027 年底，我們將加大投入 1.2 億美元。

We are building a stronger business, one that creates value in any environment and delivers accelerating performance as volumes return.

我們正在打造一個更強大的企業，一個在任何環境下都能創造價值，並在銷售恢復時實現業績加速成長的企業。

Thank you for your continued support. Operator, please open the lines for questions.

感謝您一直以來的支持。接線員，請開通提問線。

Certainly.

當然。

(Operator Instructions)

（操作說明）

One moment for our first question, which will be coming from Ghansham Panjabi of Baird. Your line is open.

請稍等片刻，我們的第一個問題將由 Baird 公司的 Ghansham Panjabi 提出。您的線路已開通。

Hey guys, good morning. So, I guess first off on, polymers and your comments about growth in some of the target, markets that you've realigned towards, can you just give us some more color on that, Ole? I mean, many of these end markets you referenced, ag, and, flavors, etc. Are still quite challenged just based on what's happening, at the CPG level, etc. So what is driving that improvement? Is it share gains? Is it just commercial, success?

嘿，各位，早安。所以，首先我想談談聚合物以及您對一些目標市場（您已經重新調整了方向）成長的評論，Ole，您能再詳細解釋一下嗎？我的意思是，你提到的許多終端市場，像是農業、香精等等，仍然面臨相當大的挑戰，這主要是由於消費品產業層面的現狀造成的。那麼，是什麼在推動這種改善呢？這是股份收益嗎？僅僅是商業上的成功嗎？

What, what's going on there?

那裡發生了什麼事？

Yeah, let me first give you some sort of general comments. So our macro environment is, as in a prolonged down cycle, and that's amplified by trade and tariffs uncertainties.

好的，首先讓我先說幾點整體情況。因此，我們的宏觀環境正處於長期的下行週期，而貿易和關稅的不確定性加劇了這種情況。

Demand softness remains a major driver for our customers' demands.

需求疲軟仍是影響顧客需求的主要因素。

And for example, weekend markets in construction and manufacturing are hurting volumes in terms of the ag sector. We decided as part of our build to last strategy to go into the or invest in segments that grows faster than GDP.

例如，週末建築業和製造業市場對農業部門的產量造成了影響。作為我們打造長遠發展策略的一部分，我們決定進入或投資於成長速度超過 GDP 的領域。

One of them was the agrochemicals market that is serviced by small containers and jerrycans. And we consolidated that market to become a global leader, and that has really paid off and it's in that market particularly we have seen significant growth, but when you look at these factors, our operational excellence, cost discipline, cost our program, and all the actions we just mentioned, that means that that portfolio has become even more valuable valuable to us in the near term.

其中之一是農業化學品市場，該市場主要由小型容器和塑膠桶提供服務。我們鞏固了該市場，使其成為全球領導者，這確實取得了回報，尤其是在該市場，我們看到了顯著的成長。但是，當你考慮到這些因素，例如我們的卓越營運、成本控制、專案成本以及我們剛才提到的所有行動時，這意味著該投資組合在短期內對我們來說變得更有價值。

Got it. And then in terms.

知道了。然後，就條款而言。

Of fiscal year '26 guidance, specific to EBITDA, how should we think about the sequencing of that, on a year to year basis? Is it sort of flatted down in the first half and then an improvement in the back half? What, what's your baseline, assumption at this point.

針對 2026 財年的 EBITDA 指引，我們該如何考慮其逐年遞增的順序？上半場表現比較平淡，下半場有提升嗎？你目前的基準假設是什麼？

Benjamin? It's, as usual, the first quarter will be the weakest, and let's talk about it roughly 20% of the year, and then the rest of the quarters will be 25% to 30% each, sort of modeled the same way after, prior year.

班傑明？像往常一樣，第一季是最弱的，我們大概會討論它佔全年的 20%，然後其餘季度每季佔 25% 到 30%，大致與上一年的模式相同。

Got it. And then just one final one, Larry, as it relates to the low end, if you will, guidance, characterization, is it just purely volumes that would be the determined as it relates to maybe the upper end bandwidth? Is that how we should think about that?

知道了。拉里，最後一個問題，關於低端，如果你願意的話，可以稱之為指導、特性，是否僅僅是音量決定了它與高端頻寬的關係？我們該這樣想嗎？

I think volumes would be the big driver for certain, but also, we have found acceleration in our cost optimization program, as Ole mentioned in his prepared remarks.

我認為銷售肯定會是主要驅動因素，但正如奧萊在準備好的演講中提到的那樣，我們也發現我們的成本優化計劃正在加速推進。

This is really catching fire among our colleagues, and we have a program of identifying ideas from the ground up. So we also think there's upside in in our cost optimization numbers for the year as well.

這種想法在我們的同事中迅速傳播開來，我們制定了一個從基層開始發掘創新想法的計劃。因此，我們也認為今年的成本優化數據還有上升空間。

Yeah, thanks so much.

是啊，非常感謝。

And our next question We'll be coming from Michael Roxland of Truist Securities. Your line is open.

接下來，我們將向 Truist Securities 的 Michael Roxland 提問。您的線路已開通。

Thank you, Ole, Larry, Bill Don, for taking my questions and congrats on all the progress.

謝謝 Ole、Larry 和 Bill Don 回答我的問題，也恭喜你們取得的所有進展。

Thanks, Michael. Just wanted to follow-up on Gam's question in terms of the '26 guide. So, Larry, if volumes come in weaker because I certainly we've heard about weaker volumes from a majority of our companies this earnings season thus far, is the, is cost the leverage that you have available to pull to offset incremental volume weakness to meet your guide for 2026?

謝謝你，麥可。我只是想就 Gam 關於 '26 指南的問題做個後續說明。所以，拉里，如果銷量疲軟（當然，到目前為止，我們已經從大多數公司的財報中了解到銷量疲軟），那麼成本是否是你可以用來抵消銷量下滑以實現2026年業績指引的槓桿？

Yeah, I would say two things. The bottom-line answer to your question is yes, we can always pull back further on shifts and, temporary furloughs and those kinds of things. However, this is what we said. It's low-end guidance. This is pretty pessimistic on the volume assumptions already. So, we don't anticipate that being an item, Michael, but yes, we still could pull incremental levels on a variable cost basis if if we needed to.

是的，我想說兩點。對於你的問題，最終的答案是肯定的，我們總是可以進一步減少輪班、暫時停薪留職等等。然而，我們當時是這麼說的。這是低端指導。這已經是對成交量預期相當悲觀了。所以，邁克爾，我們預計這不會成為一個項目，但是，如果需要的話，我們仍然可以以可變成本逐步增加產量。

Hey Michael, just to remind you that you know throughout the year pricing has been under pressure, and that's due to oversupply and weak demand. And despite of that, we have increased our margins and performed solidly, and you know I don't think that will change.

嘿，邁克爾，提醒你一下，你知道今年以來價格一直面臨壓力，這是由於供應過剩和需求疲軟造成的。儘管如此，我們的利潤率還是提高了，業績也表現穩健，而且我認為這種情況不會改變。

Going into 2026.

進入2026年。

Got it, very helpful. In terms of the cost optimization programs, you guys raised that for 27 by $20 million. As you've gone through the portfolio, do you, can you comment on whether there's even more upside to be had or additional cost opportunities that you've come across that maybe you haven't, specified right now, but you've really scrutinized and you think that even there is a, an additional amount above and beyond the incremental $20 million.

明白了，很有幫助。在成本優化計畫方面，你們為 27 家公司增加了 2,000 萬美元。在您審查投資組合的過程中，您能否評論一下是否還有更大的上漲空間，或者您是否發現了其他成本方面的機會，雖然您可能還沒有具體說明，但您已經仔細審查過，並且您認為除了新增的 2000 萬美元之外，還有額外的收益？

Obviously, our sites are, much further and much higher, but we use the word commitment here and at the moment we are very comfortable committing to the $120 million we talked about, but obviously as Larry just alluded to, that number could go up as we go. The year, but we want to get a little bit closer before we would be able to increase our commitments. But we are very bullish about that, and.

顯然，我們的專案地點更遠、更高，但我們在這裡使用了「承諾」一詞，目前我們很樂意承諾投入我們之前談到的 1.2 億美元，但正如 Larry 剛才提到的，隨著專案的推進，這個數字可能會增加。雖然今年已經接近目標，但我們希望在能夠增加投資之前，能夠更接近目標。但我們對此非常看好，而且。

Mike, we have a stage gate process to where there's a lot of discipline before we get to something we classify in Stage gate 3 and 4, which is where we're more certain. But yeah, we believe there's potential upside.

麥克，我們有一個階段性流程，在達到階段 3 和階段 4 之前，我們需要嚴格把關，這樣才能確保結果的準確性，因為我們對階段 3 和階段 4 的結果更有把握。是的，我們認為它有上漲潛力。

Got it. And then final questions before turning it over, last quarter you mentioned a few times on the call that some of your larger chemical chemicals companies, or customers, excuse me, are, we're not doing so well. We see that through even, in earnings, your IBC volumes declined mid-single dig this quarter.

知道了。在把發言權交給對方之前，還有最後一個問題。上個季度，您在電話會議上多次提到，您的一些大型化學或客戶，抱歉，我們，情況不太好。我們看到，即使在獲利方面，本季中期您的 IBC 銷量也出現了下滑。

They were down in single-digits last quarter and have been weak for some time now. Now, realizing the chemicals are a cyclical business. Have any of those costs indicated to you that they intend to like maybe close capacity permanently or right size their businesses and if so, what does that ultimately mean for your IBC business longer-term?

上個季度他們的業績下滑幅度為個位數，而且這種疲軟的狀態已經持續了一段時間。現在，人們意識到化學品行業是一個週期性行業。這些成本是否顯示他們打算永久關閉產能或調整業務規模？如果是這樣，這對您的 IBC 業務的長期發展最終意味著什麼？

I mean, as I said, the demand softness is out there a major driver for our customers, and they have adjusted their business, and they are, a lot of them are relying in terms of chemicals on construction and manufacturing as in markets. I don't think that it'll get any worse.

我的意思是，正如我所說，需求疲軟是我們客戶面臨的主要驅動因素，他們已經調整了業務，而且許多客戶在化學產品方面都依賴建築和製造業市場。我覺得情況不會更糟了。

That's my personal opinion when I speak to customers and see the numbers, but the big question is when will it get better? And we're not sitting here waiting for it to get better, just to, as you've seen, we are acting, we are highly focused on organic growth. We're deploying capital for organic growth in the specific segments that we have alluded to, we are taking costs out of our business and our business is generating a lot of cash, and we're doing our share buyback of $150 million. So, we're helping ourselves.

這是我與客戶交談並看到相關數據後的個人看法，但最大的問題是，這種情況何時才能改善？我們不會坐等情況好轉，正如你所看到的，我們正在採取行動，我們高度重視有機成長。我們正在將資金投入到我們提到的特定領域的有機成長中，我們正在削減業務成本，我們的業務正在產生大量現金，我們正在進行 1.5 億美元的股票回購。所以，我們是在幫助自己。

We're controlling what we can control, and we're not in a waiting position. Of course when volumes return, that would be nice, and we will take that as an extra benefit.

我們正在掌控我們能夠掌控的事情，而不是坐等結果。當然，銷售恢復就更好了，我們會把這視為額外的好處。

Yeah.

是的。

Michael.

麥可。

I would supplement all these comments if this makes sense. We're hearing less bad comments.

如果這樣說得通的話，我會補充以上所有評論。我們聽到的負面評論少了。

Less bad than they were, and the other thing that's somewhat encouraging is the trending down of mortgage rates, as most, housing industry analysts, investors believe that if you get with a 5.

情況比以前好一些，另一個令人鼓舞的方面是抵押貸款利率呈下降趨勢，因為大多數房屋行業分析師和投資者都認為，如果你能以 5.

Something interest rate pent up demand in existing homes, sales will take off. That's a big driver for the chemical companies and therefore for us.

利率下降可能抑制了現有房屋的需求，銷售額將會飆升。這對化學企業來說是一個巨大的驅動力，因此對我們來說也是如此。

We're encouraged by the 2 times rate cuts we've seen, but it's not going to change anything overnight. But if we see more rate cuts, it will have a positive effect on demand, we believe.

我們對兩次降息感到鼓舞，但這不會在一夜之間改變任何事情。但我們相信，如果利率進一步下調，將會對需求產生正面影響。

Got it, very clear. Appreciate the color and good luck in fiscal '26.

明白了，非常清楚。欣賞色彩，祝您在 2026 財年好運。

Thank you, Michael. Thanks.

謝謝你，麥可。謝謝。

And our next question will be coming from Matthew Roberts of Raymond James. Matt, your line is open.

接下來的問題將來自 Raymond James 公司的 Matthew Roberts。馬特，你的線路已接通。

Hey, Ole, Larry, good morning. I appreciate all the color.

嘿，奧萊，拉里，早安。我喜歡這些色彩。

Can you hear me okay?

你聽得清楚我說話嗎？

Yes, okay, great.

好的，太好了。

Yeah, thanks for all the color. It's good to see the cost coming through and all your color on capital allocation and, on capital allocation. So, balance sheets in a great spot. You initiated the open market repurchase for $150 million. So given that low leverage and that and now newly discussed long-term repurchasing intentions of, I believe it's 2% per year.

是的，謝謝你們帶來的繽紛色彩。很高興看到成本分析以及你對資本配置的詳細闡述。所以，資產負債表狀況良好。您發起了1.5億美元的公開市場回購。鑑於槓桿率低，以及現在新討論的長期回購意向，我認為年利率為 2%。

Does that change how much capacity remains for M&A or has the hurdle rate for M&A changed versus your view of, I think what you said stock offering compelling value, and all those things considered, where do you expect leverage to shake out by year end '26?

這是否會改變併購的剩餘容量，或者併購的門檻率是否發生了變化？與您之前所說的股票具有吸引力價值的觀點相比，考慮到所有這些因素，您預計到 2026 年底槓桿率會如何變化？

Let me just answer the first one, and let's deal with the leverage one.

我先回答第一個問題，我們再來處理槓桿問題。

So on M&A, I mean, first of all, our focus is on growing much faster organically, and we are deploying CapEx for that.

所以關於併購，我的意思是，首先，我們的重點是實現更快的內生成長，我們正在為此投入資本支出。

We have a number of areas we have invested in for organic growth in terms of M&A, we've said many times we have a very solid pipeline. We keep working on the pipeline. We don't expect any, transformational M&A to happen.

我們在併購方面投資了多個領域以實現有機成長，我們曾多次表示，我們擁有非常穩固的儲備項目。我們一直在努力完善管道系統。我們預計不會發生任何具有變革意義的併購。

We have our focus on what we call target M&A to complement what we're doing organically, and our criteria, they remain the same. We are looking at M&A with EBITDA margins, in the 20s, 50% free cash flow conversion and primarily within polymers and primarily within the closure segments.

我們專注於所謂的目標併購，以補充我們正在進行的有機成長，而我們的標準保持不變。我們正在關注 EBITDA 利潤率在 20% 左右、自由現金流轉換率達到 50% 的併購項目，主要集中在聚合物領域，尤其是瓶蓋領域。

Yeah, you might want to supplement that or maybe talk to him about, talk to the group about hunters and farmers and also about Iron craft.

是的，你可能需要補充一些內容，或和他談談，和大家談談獵人、農民以及鐵器工藝。

Yeah, so we have reorganized our entire commercial organization globally and from being, we've been farmers in the past. And taking really good care of our existing customers, but we've changed that to become more hunters now. We've changed the incentive program. We've changed the way we operate commercially, and we are targeting around 8% organic growth.

是的，我們已經對全球商業組織進行了重組，而我們過去一直是農民。我們一直以來都非常重視現有客戶，但現在我們改變了策略，要更開拓新客戶。我們修改了激勵方案。我們改變了商業運作方式，目標是實現約 8% 的有機成長。

That's part of, that part is securing additional volume, extra shale wallet, but it's also deploying CapEx in terms of new capacity where we see that we have also invested in a new, it started off as a startup out of a university in Germany.

這其中一部分是確保額外的產量，額外的頁岩油氣資源，但同時也是在新產能方面進行資本支出，我們看到我們也投資了一個新的項目，它最初是德國一所大學的創業項目。

We created a partnership with this startup and we're now investing in that and we're deploying. A very unique proprietary form of barrier technology that only we have, and we're just ramping that up right now. We have 3 lines on order, and we are negotiating further lines, and this is something that's exclusive to us and we will see that start to come through towards the end of '26 and really ramping up in '27.

我們與這家新創公司建立了合作關係，現在我們正在對其進行投資和部署。我們擁有獨一無二的專有屏障技術，目前正大力推廣這項技術。我們已經訂購了 3 條生產線，並且正在洽談更多生產線，這是我們獨有的，我們將在 2026 年底開始看到成果，並在 2027 年真正加速成長。

Yeah, and Matt, purpose that obviously the focus that we are really driving a different growth pattern than we have in the past, but relative to our leverage ratio we're obviously in a really good place and with the free cash flow generation that we're talking about, I think it, it's very highly likely we'll even with our stock repurchase and things we do very highly likely we'll remain under 1.5 times in, by the end of next year.

是的，馬特，顯然，我們目前的重點是推動與過去不同的成長模式，但相對於我們的槓桿率而言，我們顯然處於非常有利的位置，而且就我們所說的自由現金流而言，我認為，即使我們進行了股票回購和其他一些操作，到明年年底，我們的槓桿率也極有可能保持在 1.5 倍。

It's possible if some things came up that were attractive, we'd be higher than that, but I don't see any scenario where we'd be over 2 at any chance so really, we'll remain in that in that range for the for the foreseeable future.

如果出現一些有吸引力的事情，我們的股價可能會高於這個數字，但我認為沒有任何可能超過 2，所以實際上，在可預見的未來，我們的股價仍將維持在這個範圍內。

Very helpful.

很有幫助。

Thank you both for all the color there. Secondly, on the closures, so isolating that as a standalone segment. I know you did touch on this the prepared remarks, so I apologize if I missed any of that, but are there operational changes here or more of a symbolic shift as closures have been a growth focus and.

感謝你們帶來的繽紛色彩。其次，關於閉路電視，所以將其作為一個獨立的部分進行分析。我知道您在準備好的演講稿中確實提到了這一點，所以如果我錯過了任何內容，我深表歉意。但是，這裡是否存在營運上的變化，還是更多的是一種象徵性的轉變，因為關閉門市一直是成長的重點？

Now with the lower recycled fiber has been a drag on the margins and integrated solutions, how should we think about the margin profile and growth of that segment going forward?

現在，由於再生纖維的減少拖累了利潤率和整合解決方案，我們應該如何看待該細分市場的未來利潤率和成長？

Thank you again for taking the questions.

再次感謝您回答問題。

I mean closure has always been very attractive for us. It's a unique part of our business that comes with very high and attractive margins. There's a lot of growth opportunities out in the market for closures. And for example, with the 3 acquisitions we made in Polymers, most of them were using closures from other companies that are owned, so there was a big synergy that we'll be executing on.

我的意思是，對我們來說，結案一直都很有吸引力。這是我們業務中一個獨特的部分，它帶來了非常高且誘人的利潤。市場上有很多門窗關閉方面的成長機會。例如，我們在聚合物領域進行的 3 項收購，大部分都是利用了其他已收購公司的關閉措施，因此存在很大的協同效應，我們將充分利用這些效應。

Closures, we've separated that out now in a separate segment really to put extreme focus on this segment.

我們已經將店鋪關閉部分單獨列出，以便集中精力關注這一部分。

We have a new leader in that business as well, and his focus will be growth, M&A growth, but importantly also organic growth, and we'll deploy capexs accordingly to that. So you you hopefully you will see us in the many quarters to come, growing that segment significantly.

我們在該業務領域也有了一位新的領導者，他的重點將是成長、併購成長，但更重要的是內生成長，我們將據此部署資本支出。所以，希望在未來的許多季度裡，你們能夠看到我們大幅成長這個細分市場。

Excellent.

出色的。

Thank you all again.

再次感謝大家。

And our next question will be coming from George Staphos of Bank of America Securities Inc. Your line is open, George.

接下來的問題來自美國銀行證券公司的喬治‧斯塔福斯。喬治，您的電話已接通。

Thanks so much. Hi everyone, good morning. Thanks for your help, guys. Hey, I also just, I just want to give you some credit here, buy, sell or hold, the company has really done a wonderful job transforming itself over the last 10 years and, moving to a more, if you will, common fiscal quarter end, I think really helps everybody on the street.

非常感謝。大家好，早安。謝謝各位的幫忙。嘿，我只是想在這裡肯定一下，無論是買入、賣出還是持有，這家公司在過去 10 年裡確實出色地完成了轉型，而且，如果要說的話，轉向更統一的季度結算方式，我認為這真的對市場上的每個人都有幫助。

So, we thank you for that, guys. We know it wasn't an easy undertaking. So thanks so much for that. I guess. My first question.

所以，我們非常感謝你們。我們知道這不是一件容易的事。非常感謝。我猜也是。我的第一個問題。

Can you talk about Larry and Ole, the growth rates that you saw relative to your guidance entering fiscal '26? I assume your assumptions are consistent with what the exit rates are, but were there any exit rates that were maybe trending below what's embedded in your guidance, recognizing you've got a lot of leverage to pull, etc. As was talked about earlier on the call.

您能否談談 Larry 和 Ole，以及您在 2026 財年開始時所看到的成長率與您之前的預期相比如何？我假設您的假設與目前的退出率一致，但是，考慮到您擁有很大的議價能力等等，是否存在一些退出率低於您預期水平的情況？正如之前在電話會議上討論的那樣。

Yeah, I mean when you look across our portfolio within the fiber segment, probably one of the weakest, lines that we had is our fiber drums, so fiber drums were down double-digits which was more than we expected them to be down we expected them to be down, less than that high single-digits, so that was a trend that was worse.

是的，我的意思是，當你縱觀我們光纖領域的整個產品組合時，我們最疲軟的產品線之一可能就是光纖捲筒了。光纖捲筒的銷量下降了兩位數，這比我們預期的降幅要大得多，我們原本預期降幅會更小，接近兩位數，所以這是一個更糟糕的趨勢。

On the other hand, small polymers did better than we expected. So those were the two primary ones that were different than our expectations going into the quarter, George.

另一方面，小分子聚合物的表現比我們預期的要好。喬治，所以，這兩項主要變化與我們本季初的預期有所不同。

And our guidance, our guidance going forward is essentially aligned to what we started to see. So, and in our low-end guidance as we said, we've got low single-digit up on polymers and on closures, with more in the small polymers than in the large polymers. And then within metals and fiber we've got slow, low single-digit declines just as a low end guidance assumption.

而我們未來的指導方針，基本上與我們開始觀察到的情況一致。所以，正如我們所說，在我們的低端指導中，聚合物和封蓋的漲幅都達到了個位數，其中小聚合物的漲幅比大聚合物的漲幅更大。然後，金屬和纖維產業預計會出現緩慢的、個位數的下滑，這只是我們給出的最低預期。

Understood. Okay, I thanks for that. And you're saying drums at this juncture, fiber drums, those have gotten back to kind of your guidance range or even though they started pretty weak, would that be fair?

明白了。好的，謝謝。你是說，在目前這個階段，纖維鼓，那些鼓已經回到了你的指導範圍內，或者即使它們一開始很弱，這樣說公平嗎？

No, they're just really off right now and it's all tied to the whole chemical industry, sector. So, yeah, our, we, we're not bullish on any kind of significant growth in that one right now.

不，他們現在確實狀態很差，而且這都與整個化學工業部門有關。所以，是的，我們，我們目前並不看好該領域會出現任何實質的成長。

Okay, thanks for that, Larry. I was hoping you could. Go a little bit further into the SG&A, pickup that you're expecting for this year again. Thanks, thank you for the bridge, and the discussion on the $45 million.

好的，謝謝你，拉里。我希望你能做到。再深入探討銷售、一般及行政費用，看看你今年又會期待些什麼。謝謝，謝謝你們提供的橋樑，以及關於4500萬美元的討論。

Can you talk about what's in sort of the activity that you took in from fiscal '25 into fiscal 26? What, if anything, is different about what's in for this year on the fiscal '26 actions and just any other color on the $45 million would be great.

您能否談談您在 2025 財年到 2026 財年期間所進行的活動有哪些？如果今年的 2026 財年行動有什麼不同，或者 4500 萬美元的行動方案有任何其他顏色，那就太好了。

Yeah, the predominance of our SG&A takeouts are, related to the head count numbers that only gave on the 8% of our overall professional head count, and the majority of those actions were taken in the 4th quarter. So, they play out into the entire year going forward. We also have a lot of things where we've moved more things to low cost countries.

是的，我們銷售、一般及行政費用削減的主要部分與員工人數有關，而員工人數僅占我們專業人員總數的 8%，而且這些削減措施大多是在第四季度採取的。所以，這些影響會持續到明年。我們也有很多業務轉移到了低成本國家。

We've also taken in where we've had contractors in our IT organization that you think are temporary and then all of a sudden they're around 8 years. Well, you're better off to hire them as employees and then you're better off to offshore things. Our IT group has also done a fabulous job of rationalizing our IT licenses. Which is a significant cost.

我們也注意到，我們 IT 部門的一些承包商，你以為他們是臨時工，結果突然間他們已經工作了大約 8 年。最好還是僱用他們當員工，然後把一些工作外包到海外。我們的IT團隊在IT許可證合理化方面也做得非常出色。這是一筆不小的開銷。

We've restructured how we're doing, our AI activities and going to a model that's basically pay for what you eat instead of a basic, core per person license. So, there's a whole bunch of elements that go into, those cost saves, but those are the predominant ones that are driving the major numbers.

我們已經重組了我們的運作方式、我們的人工智慧活動，並轉向一種基本上是按份付費的模式，而不是按人頭購買基本的核心授權。因此，成本節約涉及許多因素，但這些是推動主要數字的主要因素。

Okay. And on that point, Larry and Ole, you talk about.

好的。關於這一點，拉里和奧萊，你們談到了。

Changing the incentives and the approach to organic growth in the organization and that sounds exciting and at the same time, for understandable reasons, and to benefit because you're getting savings from it, you're cutting headcount.

改變組織內部有機成長的激勵機制和方法，這聽起來令人興奮，但同時，出於可以理解的原因，為了從中節省開支，你卻在裁員。

Are there any areas where you're maybe a little bit more, maybe word's not the right term, but you've got to stretch a little bit further to get everything done. On the front end of the business while you're reengineering the back end, any tension points there.

有沒有一些方面，你可能需要付出更多努力，也許用「更多努力」這個詞不太合適，但你需要更加努力才能把所有事情都做好？在對後端進行重新設計的同時，前端業務是否有任何緊張點？

Not really, George. I mean, we decided not to do the SG&A. It's like 1,000 needles. That's why we took the axis in Q4 to get most of that behind us.

其實不是，喬治。我的意思是，我們決定不收取銷售、一般及行政費用。就像扎了1000根針一樣。這就是為什麼我們在第四季度採取了調整策略，以解決大部分問題的原因。

We, in terms of the commercial organization.

我們，就商業組織而言。

We have by and large protected that because we're really focusing on organic growth, although we have, been rearranging that as you say with the incentive program, but we're doing a lot of other things there as well in terms of how we manage performance in in sales.

總的來說，我們已經保護了這一點，因為我們真正專注於有機成長，儘管正如你所說，我們一直在透過激勵計畫來調整這一點，但我們也在銷售績效管理方面做了很多其他事情。

And we have a, I mean, Tim Bergwall, who's our Chief Commercial Officer, he's just doing a fantastic job with his team to do that, and it doesn't happen overnight, and we've still got a long way to go in that area.

我們有一位，我是說，我們的首席商務官蒂姆·伯格沃爾，他和他的團隊在這方面做得非常出色，但這並非一朝一夕就能完成的，我們在這一領域還有很長的路要走。

Okay, my last question, a couple parts, and I'll turn it over out of courtesy. I'm sorry I've gone along here. One, I assume the pricing change in integrated slash closure is just the effect of OCC, but can you talk about what the pricing change was actually within closures?

好的，我的最後一個問題，包含幾個部分，出於禮貌，我先把問題交給對方。很抱歉我參與了這件事。第一，我假設整合斜線閉合的價格變化只是 OCC 的影響，但您能否談談閉合內部實際的價格變化是什麼？

Given you've done a lot of other things to simplify the organization, any thought perhaps at some point to simplifying the share structure, between the Class A and Class B, and then lastly, with great resources and everything you've done to have the balance sheet where it is, comes great responsibility.

鑑於您已經做了很多其他事情來簡化組織結構，或許在某個時候可以考慮簡化 A 類股和 B 類股之間的股權結構。最後，憑藉您擁有的豐富資源以及為使資產負債表達到目前水準所做的一切，您也肩負著重大的責任。

Where are your customers telling you they'd like you to most sort of grow inorganically from an end market standpoint so that you get the highest return going forward? Thanks guys. Good luck in the quarter. Appreciate all the details again.

你的客戶告訴你，他們最希望你在終端市場方面實現非有機成長，從而獲得未來最高的投資回報嗎？謝謝各位。祝你本季一切順利。再次感謝您提供的所有細節。

That was a lot of questions.

問了很多問題。

Yeah, we've been doing this a while.

是的，我們已經做了一段時間了。

I don't. Yeah, so I think the first one was.

我不。是的，所以我覺得第一個是。

The price impacts.

價格影響。

On the integrated segment between RG and closures.

在 RG 和閉合裝置之間的整合段上。

Yeah, so first of all, the reason for why we put the recycled fiber group and adhesives into the fiber solutions group.

是的，首先，我們之所以將再生纖維組和黏合劑歸入纖維解決方案組，是因為…

Was that they they're serving that group it's the same customer and it's the adhesives is going into fiber also amongst customers and to have that managed by the same leader made sense and that was part of that, as part of that we could take out a leadership level and that left sort of integrated as a standalone closure business.

那是因為他們服務於同一群體，是同一個客戶，而且粘合劑也用於纖維，客戶群體中也有其他人，由同一個領導者管理是合理的，這也是其中的一部分，作為其中的一部分，我們可以裁減一個領導層，這使得它成為一個獨立的閉合業務。

Yeah, Ole, what was the price change in closure is really what I'm asking.

是啊，奧萊，我真正想問的是，關門時的價格變化是多少。

Well, yeah, the price change in closures, George, was basically $12 million of benefit from procurement activities, and that was in the polymers enclosure. That's the segment. It's not the OCC side of it.

是的，喬治，封蓋的價格變化基本上帶來了採購活動帶來的 1,200 萬美元收益，而這還是在聚合物領域。這就是那一部分。這不是OCC方面的問題。

Okay, thank you.

好的，謝謝。

And then with respect to share structure I mean you know that's something that we continue to dialogue and look at and but nothing on the in the near term or anything like that and then what was the third question.

至於股權結構，我的意思是，你知道，這是我們一直在討論和研究的問題，但近期內不會有任何相關計劃，第三個問題是什麼來著？

Where are your costs telling you to.

你的成本在告訴你什麼？

Yeah you know I'm non-organic you know basically I mean our customers you know like us to serve them in any of their needs that they have so us getting broader enclosures where we might be able to serve more of their needs clearly they've enjoyed us getting more into like the small plastics that we didn't used to serve on a global basis that's been a positive.

是的，你知道，我不是有機的，你知道，基本上我的意思是我們的客戶希望我們滿足他們的任何需求，所以我們擴大了業務範圍，以便能夠滿足他們更多的需求。顯然，他們很高興我們更多地涉足小型塑膠製品領域，這是我們過去在全球範圍內不曾涉足的領域，這是一個積極的方面。

But there's nothing else that they're out there asking us to get into right now other than the one only went over on Iron craft, which is just a brand-new technology that is more highly recyclable, very favorable environmentally, and we just had UN approval on the first container with this stuff in. It's a very unique opportunity for us.

但目前除了Iron Craft上介紹的技術之外，他們並沒有要求我們涉足其他領域。 Iron Craft是一項全新的技術，具有更高的可回收性，對環境非常有利，而且我們剛剛獲得了聯合國對第一個裝有這種材料的貨櫃的批准。這對我們來說是一個非常難得的機會。

Remind that our NPS of 72 is just unheard of in our industry, and that gives you an idea of how close we are to our customers.

請記住，我們的 NPS 為 72，這在業界是聞所未聞的，這足以說明我們與客戶的聯繫有多麼緊密。

I'll mention an unnamed customer who has been establishing new plants in several countries, and every time they do that, and this is a multinational, they come to us and ask if we could provide capacity on that particular location.

我舉個例子，一位不願透露姓名的客戶一直在多個國家建立新工廠，而且每次他們這樣做時（這是一家跨國公司），他們都會來問我們是否可以在那個特定地點提供產能。

And we go in, we do a long-term agreement, and then we add lines or build a plan to service them and that's an example of what costs ask us for and how close we are to them.

我們進入市場，簽訂長期協議，然後增加線路或製定計劃來服務它們，這就是成本要求以及我們與這些要求有多接近的一個例子。

Thank you, guys. See you next quarter.

謝謝大家。下個季度見。

Thank you.

謝謝。

And as a reminder to ask a question, please press 11 on your phone and wait for your name to be announced. Our next question will be coming from Gabe Hady of Wells Fargo. Your line is open, Gabe.

提醒大家，如果您想提問，請按手機上的 11，然後等待播報您的名字。下一個問題將來自富國銀行的加布·哈迪。蓋布，你的線已接通。

Thank you. Good morning, gentlemen.

謝謝。早安，先生們。

I had a, I had a question about the durable metals business which is now going to be your largest and I, if memory serves, I don't know, 40% to 45% of that sits in Europe.

我有一個關於耐用金屬業務的問題，這部分業務現在將成為你們最大的業務，如果我沒記錯的話，其中 40% 到 45% 的業務在歐洲。

And not to put you guys on the spot but looking at a decent list of.

我不想讓你們難堪，但看看這份不錯的清單。

Chemical plant closures, across continental Europe, Eastern Europe, etc. I know you're talking about volumes being down, I think flat to down low single-digits.

歐洲大陸、東歐等地的化工廠紛紛關閉。我知道你指的是產量下降，但我認為降幅持平或只有個位數。

Can you talk about just maybe, I know by region, historically kind of gave us performance in the legacy segments. Things have been changed around a little bit, but, I think you mentioned your prepared remarks, you have slowed down and so maybe just by region, sort of what your expectations are.

您能否談談，也許，我知道按地區劃分，從歷史上看，這在某種程度上為我們在傳統領域帶來了業績。情況略有變化，但我想你提到了你準備好的發言稿，你放慢了節奏，所以也許只是按地區劃分，說說你的期望。

It's interesting if you, it, it's actually been a little bit of astounding to us, so for example, the North American steel business has been down similar levels to, the, to EA, quarter by quarter, but on a two-year stack.

如果你有興趣的話，這其實有點出乎我們的意料，例如，北美鋼鐵業務的季度跌幅與EA類似，但從兩年的累計數據來看，情況卻並非如此。

And North American Steel was actually up every quarter this year. Every single quarter they've consistently performed better than North America.

事實上，北美鋼鐵公司今年每季都實現了成長。每個季度，他們的業績都持續優於北美。

And then we have also as and when customers reduce capacity, we do the same I mean plants where we have been operating two shifts, we now have gone down to 1 shift as an example, and we do that because we're managing that business for cash basically.

此外，當客戶減少產能時，我們也會採取同樣的做法。例如，我們之前實行兩班制的工廠，現在可能只實行一班制，我們這樣做是因為我們基本上是為了現金流而管理業務。

So the closures that have happened, they have already been factored into our production capacity.

因此，已經發生的停產事件已經計入我們的產能考量。

Okay, I guess the second question is kind of revisiting a little bit on the M&A front.

好的，我想第二個問題算是對併購方面再探討一下。

Is there a scenario where maybe there are just kind of some tuck-in's along the way, and I think Larry you said you don't really envision a situation where you're above 2 times levered, and so between now and 2027 I didn't see the billion dollars reiterated and again I know it's tough when you're moving assets around, but, is that still explicitly sort of a target. Given sort of what you know about the M&A environment right now.

是否存在這樣一種情況：或許過程中會有一些零星的補充？我想拉里，你說過你並不設想槓桿率會超過2倍，所以從現在到2027年，我沒有看到你重申10億美元的目標。我知道在資產轉移過程中這很困難，但是，這仍然是一個明確的目標嗎？鑑於你對目前併購環境的了解。

Yeah, I mean for us, on that Gabe, I mean it's still our, objective to get there, but we're not going to solely deploy capital to get there, but if you just walk through, we gave low-end guidance, so obviously our hope is to that we do better than our low-end guidance.

是的，我的意思是，就我們而言，Gabe，我的意思是，實現目標仍然是我們的目標，但我們不會僅僅依靠資金來實現目標，但如果你仔細分析一下，我們給出了一個較低的預期，所以很明顯，我們希望我們能做得比這個較低的預期更好。

So, if you take the 6:30 and you then look at our 120 commitment that's a net another 45 so you're already up to 675 you know we're hoping you see industrial volume recovery obviously we're you know that's a big component it's been a component of our original stack was 140.

所以，如果你把 6:30 算進去，再看看我們 120 的承諾，那就是淨增 45，所以你已經達到 675 了。你知道，我們希望看到工業量恢復，顯然，你知道，這是一個很大的組成部分，它一直是我們最初 140 的組成部分。

I mean those things get you up to 815. We do some tuck in acquisitions we. Invest in in organic CapEx and Iron craft and other opportunities we still think there's a path to get there, but it's not like, okay, we're going to go chase them and a to get there and risk doing bad deals we're just not going to do that.

我的意思是，那些東西能讓你達到 815。我們進行了一些小規模收購。投資有機資本支出、鋼鐵工藝和其他機會，我們仍然認為有一條路可以實現，但這並不意味著，好吧，我們要去追逐它們，冒著做壞交易的風險去實現它們，我們就是不會那樣做。

But the 140 are largely intact in terms of going back to the 2022 volumes.

但就追溯到 2022 年的捲數而言，這 140 冊書籍基本上完好無損。

Yes.

是的。

All right, thank you.

好的，謝謝。

All right, Gabe, thank you.

好的，蓋布，謝謝你。

And this concludes our Q&A session. I would now like to turn the call back over to Ole Rosgaard for closing remarks.

我們的問答環節到此結束。現在我想把電話轉回給奧勒·羅斯加德，請他作總結發言。

Thank you.

謝謝。

Thank you for joining us today. Our disciplined focus on margin expansion, cash generation, and reducing cyclability is delivering meaningful, high-quality returns for our shareholders, further validating your investment and confidence in.

感謝您今天蒞臨。我們專注於擴大利潤率、創造現金流和降低週期性，為股東帶來了有意義的高品質回報，進一步驗證了您的投資和信心。

We really appreciate your time and your partnership.

我們非常感謝您抽出寶貴時間並給予合作。

Thank you.

謝謝。

And this concludes today's program.

今天的節目到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。