Graphic Packaging Holding Company (GPK) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Graphic Packaging Holding Company first-quarter 2026 conference call. (Operator Instructions) And please note, this conference is being recorded.

各位女士、先生，大家好，歡迎參加 Graphic Packaging Holding Company 2026 年第一季財報電話會議。(操作員指示) 並請注意，本次會議將被錄音。

I will now turn the conference over to your host, Melanie Skijus, Vice President of Investor Relations. Ma'am, the floor is yours.

現在我將把會議交給本次主持人——投資人關係副總裁 Melanie Skijus。女士，請開始。

Good morning. Thank you for joining Graphic Packaging's first-quarter 2026 earnings results conference call. Today's presentation will include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in today's press release and in our SEC filings.

早安。感謝各位參加 Graphic Packaging 2026 年第一季財報結果電話會議。今天的簡報將包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述受風險與不確定性影響，可能導致實際結果與我們的預期與推估出現重大差異。這些風險與不確定性包括但不限於今日新聞稿及我們向 SEC 提交之文件中所識別的因素。

We have with us today, Robbert Rietbroek, President and Chief Executive Officer; and Chuck Lischer, Senior Vice President and Interim Chief Financial Officer. During this call, we will reference our first quarter 2026 earnings presentation that can be found in the Investor Relations section of our website at www.graphicpkg.com and company-directed slides if you are participating today through the webcast.

今天與會者包括總裁暨執行長 Robbert Rietbroek，以及資深副總裁兼代理財務長 Chuck Lischer。在本次電話會議中，我們將引用 2026 年第一季財報簡報資料，可於我們網站 www.graphicpkg.com 的投資人關係專區取得；若您透過網路直播參與，也可參考公司提供的投影片。

Now let me turn the call over to Robbert.

現在我把電話交給 Robbert。

Thank you, Melanie, and good morning, everyone. As many of you know, Melanie has just rejoined Graphic Packaging as Vice President, Investor Relations, and we are excited to benefit from her leadership in the role. Over the past four months, I've been getting to know the team visiting our facilities both domestically and abroad and meeting with many of our customers around the globe.

謝謝你，Melanie，大家早安。如各位所知，Melanie 剛以投資人關係副總裁身分重返 Graphic Packaging，我們很高興能在此職務上受益於她的領導。過去四個月，我一直在認識團隊，走訪我們在國內與海外的設施，並與全球許多客戶會面。

Separately, I'm pleased to report that we have now completed our 90-day review of the business. Our review has confirmed several important conclusions. First, our foundation is strong in points that is consistently validated during by site visits and in discussions with our major customers. Second, we have talented experienced teams, including world-class operators support growth with customers.

另外，我很高興報告，我們已完成對業務的 90 天檢視。本次檢視確認了幾項重要結論。第一，我們的基礎穩固，這在各據點的實地走訪以及與主要客戶的討論中持續獲得驗證。第二，我們擁有才華洋溢且經驗豐富的團隊，包括世界級的營運人員，能夠支援與客戶共同成長。

And lastly, our integrated high-quality asset base and production footprint, enhance our service capabilities, expand innovation opportunities and provide a competitive advantage. All in, we see meaningful opportunity ahead. We're taking decisive focused actions to strengthen our operations and position the business for improved profitability.

最後，我們整合且高品質的資產基礎與生產版圖，提升了我們的服務能力、擴大創新機會，並提供競爭優勢。整體而言，我們看到前方有相當可觀的機會。我們正採取果斷且聚焦的行動，以強化營運並使業務定位於更佳的獲利能力。

In the first quarter, we delivered strong performance at the high end of our expectations. Net sales were up 2% year over year to $2.2 billion. Volumes were up 1% compared to last year. with volume performance improving as the quarter progressed. Adjusted EBITDA was $232 million.

第一季，我們在接近預期上緣的水準交出強勁表現。淨銷售額年增 2% 至 22 億美元。銷量較去年增加 1%，且隨著季度推進，銷量表現逐步改善。調整後 EBITDA 為 2.32 億美元。

Adjusted EBITDA margin was 10.8% and adjusted EPS was $0.09. While adjusted cash flow was a negative $183 million in the quarter, this represents a significant year-over-year improvement from negative $442 million in the same period last year.

調整後 EBITDA 利潤率為 10.8%，調整後 EPS 為 0.09 美元。雖然本季調整後現金流為負 1.83 億美元，但相較去年同期負 4.42 億美元，已顯著改善。

As we look at the demand environment this quarter, scanner data across our markets continues to reflect a more selective and value-conscious consumer, our innovative packaging solutions that span the grocery store from the center of aisle to the perimeter and on-the-go foodservice items meet consumers wherever they go. As we proceed to the first half of the year, we are encouraged to see customers increasingly taking actions to store volume growth.

就本季需求環境而言，我們各市場的掃描器數據持續反映消費者更為挑剔且重視性價比；我們的創新包裝解決方案涵蓋雜貨店從貨架中央到周邊區域，以及外帶即食的餐飲服務品項，能在消費者所到之處滿足其需求。展望上半年，我們很受鼓舞地看到客戶正愈來愈多採取行動以支持銷量成長。

Looking across our end markets, Food and Health & Beauty were bright spots for us during the quarter, with higher packaging volumes from value products and consumption of every essentials. Bars, refrigerated ready meals and yogurt continue to perform better due to more protein products entering the market to satisfy consumers' desire for higher protein diets.

從終端市場來看，食品以及健康與美容在本季是我們的亮點，受惠於平價產品的包裝量提升，以及日常必需品的消費。能量棒、冷藏即食餐與優格持續表現較佳，因為市場上推出更多蛋白質產品，以滿足消費者對高蛋白飲食的偏好。

Health & Beauty, which is primarily an international business for us, delivered strong growth consistent with the trends we saw in the second half of 2025 as consumers continue to prioritize small indulgences like skin care and perfume. Our beverage business remains stable, while food service and household reflect ongoing consumer affordability trends.

健康與美容對我們而言主要是國際業務，本季交出強勁成長，與我們在 2025 年下半年看到的趨勢一致，因為消費者持續優先考量如保養品與香水等小確幸式的消費。我們的飲料業務維持穩定，而餐飲服務與家用產品則反映消費者負擔能力趨勢仍在延續。

Now I will provide an update on the results of our 90-day review of the business. The decisive actions we have begun taking to achieve our strategic priorities and an update on our views and expectations for 2026. As I walk through each of these topics, you will note that we are focused on accelerating the pace of execution across our business. That means enhancing operational efficiency and generating free cash flow to drive shareholder value in an evolving market. While we are taking swift action and implementing tactical improvements to drive efficiency, there is still significant work ahead.

接下來我將更新我們 90 天業務檢視的結果。包括我們已開始採取的果斷行動，以達成策略優先事項，以及我們對 2026 年的觀點與預期更新。在我逐一說明這些主題時，各位會注意到我們正專注於加快全公司執行速度。這意味著提升營運效率並創造自由現金流，以在不斷演變的市場中推動股東價值。雖然我們正迅速採取行動並導入戰術性改善以提升效率，但前方仍有大量工作要完成。

Our path forward is clear. We're focused on advancing our five near-term strategic priorities. First, we are committed to disciplined organic growth and providing exceptional customer service. Second, we intend to drive profitability improvements through cost initiatives, operational efficiencies and select pricing actions. Third, we will continue to optimize operations, footprint and portfolio mix to better focus on our core competencies.

我們前進的路徑很清楚。我們聚焦推進五項短期策略優先事項。第一，我們致力於有紀律的有機成長並提供卓越的客戶服務。第二，我們計畫透過成本措施、營運效率提升以及選擇性的定價行動來改善獲利能力。第三，我們將持續優化營運、據點版圖與產品組合，以更聚焦於我們的核心能力。

Fourth, we will generate free cash flow through inventory rationalization and reduced capital spending. And finally, free cash flow will be used to pay down debt and return capital to shareholders. Over the last four months, I have spent time at our Atlanta and Brussels offices, world-class mills and manufacturing facilities, met our talented teams across the globe and witnessed our technical capabilities and commitment to sustainability in action.

第四，我們將透過庫存合理化與降低資本支出來創造自由現金流。最後，自由現金流將用於償還債務並回饋股東。過去四個月，我在亞特蘭大與布魯塞爾辦公室、世界級紙板廠與製造設施投入許多時間，與全球各地優秀團隊會面，並親眼見證我們的技術能力與對永續發展的承諾如何落實。

I visited four of our five paperboard mills and several packaging facilities. Waco in Texarcana in Texas, Stone Mountain, Berry and Macon in Georgia, Elk Grove in Illinois, Kalamazoo, Michigan, Cholet, France, and Bristol, England. I have met face to face with six global CPG customers in North America, Belgium, Switzerland, and the Netherlands and engaged with leading QSRs and retailers who deeply value our long-standing relationships

我走訪了我們五座紙板廠中的四座，以及多個包裝設施。包括德州的 Waco 與 Texarcana、喬治亞州的 Stone Mountain、Berry 與 Macon、伊利諾州的 Elk Grove、密西根州的 Kalamazoo、法國的 Cholet，以及英格蘭的 Bristol。我也在北美、比利時、瑞士與荷蘭與六家全球 CPG 客戶面對面會談，並與高度重視我們長期合作關係的領先 QSR 與零售商交流。

These customers have confirmed the value that Graphic Packaging brings as a trusted partner. We are one of the world's most innovative paperboard packaging companies and hold a leading position with a large addressable market, supported by sustainability trends. With the comprehensive 90-day review completed, we are taking decisive steps to optimize our operational footprint, reduce structural costs and impose discipline across capital and operating decisions.

這些客戶確認了 Graphic Packaging 作為值得信賴夥伴所帶來的價值。我們是全球最具創新力的紙板包裝公司之一，在龐大且可觸及的市場中具備領先地位，並受永續趨勢所支撐。在完成全面的 90 天檢視後，我們正採取果斷步驟以優化營運版圖、降低結構性成本，並在資本與營運決策上建立紀律。

I will walk you through our key takeaways, actions and where we will continue to focus our efforts. Strategically, our review has reinforced our commitment to the core North America and European markets, and we will make selective disciplined moves to optimize our portfolio while maintaining our scale advantage.

我將帶各位了解我們的關鍵結論、行動，以及我們將持續聚焦的重點。在策略面，我們的檢視進一步強化了我們對北美與歐洲核心市場的承諾；同時，我們將在維持規模優勢的前提下，採取選擇性且有紀律的作為以優化投資組合。

That means expanding with customers in our core markets and driving new growth opportunities through innovation. With regard to our portfolio, we have started to simplify and streamline our business and organization. We recently reached an agreement to divest our noncore assets in Croatia. We are in the final stages of the transaction which we expect to complete in the second quarter.

這意味著在核心市場與客戶擴張合作，並透過創新推動新的成長機會。就我們的投資組合而言，我們已開始簡化並精實我們的業務與組織。我們近期已達成協議，將出售我們在克羅埃西亞的非核心資產。目前交易已進入最後階段，預期將於第二季完成。

Operationally, our transformation office is driving continued improvements in both our operations and cost structure. We are executing this transformation in real time with a focus on network optimization, disciplined capital allocation and aligning our commercial teams to highest value opportunities. To increase efficiencies and better align with the business environment, we have taken actions to streamline our global workforce and eliminated over 500 roles.

在營運層面，我們的轉型辦公室正推動我們在營運與成本結構兩方面持續改善。我們以即時方式推進這項轉型，重點聚焦於網路優化、嚴謹的資本配置，以及讓我們的商務團隊對準最高價值的機會。為提升效率並更好地與商業環境一致，我們已採取行動精簡全球人力，並裁撤超過500個職位。

The majority of these roles were salaried, including both employee separations and eliminating vacant roles. These were difficult decisions but the changes we have made are based on structural improvements and element to business needs, while maintaining vital frontline operations. Importantly, these actions will not impact our commitment to customer service and growth-focused initiatives. Reductions represent less than 3% of all global roles. Though they account for over 10% of global full-time salaried roles.

其中多數職位為受薪職，包含員工離職與取消空缺職位。這些都是艱難的決定，但我們所做的變更係基於結構性改善並符合業務需求，同時維持關鍵的一線營運。重要的是，這些行動不會影響我們對客戶服務與以成長為導向之倡議的承諾。裁減人數占全球所有職位不到3%。但占全球全職受薪職位超過10%。

We are instituting a rigorous capital spend process. One that demands every dollar of spend be justified against our highest priorities. As we continue to progress, we are confident we will deliver on our full year 2026 capital spend commitment of approximately $450 million.

我們正在建立一套嚴謹的資本支出流程。該流程要求每一美元的支出都必須相對於我們的最高優先事項加以論證。隨著我們持續推進，我們有信心將履行2026全年資本支出承諾，約為4.5億美元。

To further enhance productivity and operational efficiency, we are deploying AI to streamline areas of our inventory management and procurement processes. We are also utilizing remote monitoring of machine usage and performance, leveraging machine learning to generate predictive analytics and enable proactive maintenance, reducing unplanned downtime. I am confident all these actions will deliver the $60 million in cost savings announced last December and enhance our agility and decision-making, enabling us to move faster, reduce complexity and empower our teams.

為進一步提升生產力與營運效率，我們正部署AI以精簡部分庫存管理與採購流程。我們也透過遠端監控機器使用情況與效能，運用機器學習產生預測分析並實現主動維護，以降低非計畫性停機。我有信心，所有這些行動將實現我們去年12月宣布的6,000萬美元成本節省，並提升我們的敏捷性與決策能力，使我們能更快行動、降低複雜度並賦能團隊。

Continuous improvement is an ongoing effort and we are actively pursuing opportunities for additional cost savings. We will operate with fewer layers, increased focus, more accountability and clear priorities. Concentrating on what drives the greatest impact for our customers, our people and our business. Our efforts and the many actions underway Graphic Packaging, reflect a company focused on value creation. We are committed to strong financial discipline, building a more resilient cost structure and accelerating free cash flow. Chuck will elaborate on this further.

持續改善是一項長期工作，我們正積極尋求額外的成本節省機會。我們將以更少的管理層級、更高的專注度、更強的問責與清晰的優先順序來運作。聚焦於能為客戶、員工與公司帶來最大影響的事項。我們的努力以及Graphic Packaging正在推進的眾多行動，反映出公司以價值創造為核心。我們致力於強健的財務紀律、打造更具韌性的成本結構並加速自由現金流。Chuck將進一步說明。

I would like to focus now on the aspect of our business that I'm very passionate about, our partnership with our customers. We are focused on driving disciplined organic growth by building on our strong customer relationships and capturing new business through our commercialization efforts. In the face of changing customer growth strategies, we are strengthening our position across categories and have recently reorganized our commercial team to better align globally with customers and to support them through different ages and market conditions.

接下來我想聚焦在我非常熱衷的業務面向：我們與客戶的夥伴關係。我們透過鞏固強健的客戶關係，並藉由商業化推動來取得新業務，以推動有紀律的內生成長。面對客戶成長策略的變化，我們正強化跨品類的布局，並近期重整商務團隊，以在全球範圍更好地與客戶對齊，並在不同階段與市場環境下支持他們。

Our customers continue to experience a dynamic consumer environment. While demand is relatively resilient, we recognize that consumers are continuing to prioritize value with about 47% of global shoppers now considered value seekers. Shoppers are switching to private label options, opting for value packs or sizing down to smaller pack sizes at lower price points. To appeal to this value-seeking population, consumer brands and retailers are investing in their product quality and value perception.

我們的客戶仍在面對多變的消費環境。雖然需求相對具韌性，但我們也注意到消費者持續優先考量性價比，目前約47%的全球消費者被視為價值導向的購物者。消費者正轉向自有品牌選項、選擇超值包裝，或縮小至較小規格、較低價位的包裝。為吸引這群追求價值的族群，消費品牌與零售商正投資於產品品質與價值感知。

Leveraging price pack architecture and novel pack designs while also focusing on selling through value-oriented channels. Consumer preference for store brands continues to grow creating meaningful opportunities for our retail partners to enhance their private label strategies and drive sustainable packaging solutions. Recently, we partnered with one of the world's largest retailers to produce packaging for its private label butter using our PaceSetter Rainier recycled paperboard.

運用價格與包裝架構（price pack architecture）及新穎的包裝設計，同時聚焦於在價值導向通路的銷售。消費者對店內品牌（store brands）的偏好持續提升，為我們的零售夥伴帶來重要機會，以強化其自有品牌策略並推動永續包裝解決方案。近期，我們與全球最大零售商之一合作，使用我們的PaceSetter Rainier再生紙板，為其自有品牌奶油生產包裝。

This is a great example of how we are helping our customers address consumer preferences for more sustainable packaging. By replacing bleached paperboard with 100% recycled alternative the large retailer is making measurable progress towards its sustainability objectives without sacrificing print quality. The private label butter is expense to reach store shelves in the coming weeks and we are proud to support that journey. Our customers are also looking to drive volume growth and gain market share.

這是我們協助客戶回應消費者對更永續包裝偏好的絕佳例子。透過以100%再生替代品取代漂白紙板，該大型零售商在不犧牲印刷品質的前提下，正朝其永續目標取得可衡量的進展。該自有品牌奶油預計在未來幾週上架，我們很自豪能支持這段旅程。我們的客戶也希望推動銷量成長並提升市占率。

We continue to see customers selectively upgrade to our premium packaging solutions as our innovative differentiated designs, allow their products to stand out and win on the shelf. We recently partnered with Keurig Dr Pepper to create a premium package for their coffee collective take-up launch. They wanted a premium unboxing experience for consumers to match the elevated coffee blends.

我們持續看到客戶選擇性地升級採用我們的高端包裝解決方案；我們具創新且差異化的設計，能讓其產品在貨架上更突出並勝出。近期我們與Keurig Dr Pepper合作，為其Coffee Collective外帶（take-up）上市打造高端包裝。他們希望為消費者提供高端的開箱體驗，以匹配更高端的咖啡配方。

We created a custom two-piece box set utilizing our unbleached paperboard for stiffness and applied mat and glass coatings and foil stamping to enhance the look of the carton and differentiate it on the shelf. This example highlights our innovation, operational capabilities, and commitments to helping customers achieve their goals.

我們打造了一款客製化的兩件式盒組，採用未漂白紙板以提升挺度，並施加霧面與亮面塗層及燙金，以強化紙盒外觀並在貨架上形成差異化。此案例凸顯我們的創新能力、營運能力，以及協助客戶達成目標的承諾。

In addition to CPG customers, QSR brands are increasing promotional activity and limited time offers in an effort to drive foot traffic and bring consumers back into the restaurants. We are supporting a number of our QSR customers across multiple geographies in these initiatives. My experience leading and growing CPG companies and their brands will supplement and strengthen the team efforts to be an even stronger partner to our customers. We are supporting our customers' pursuit of meeting consumers where they are in order to grow volume and expand market share. There are many ways we partner with our customers to successfully elevate their brands.

除消費性包裝產品（CPG）客戶外，速食餐飲（QSR）品牌也正加大促銷活動與限時優惠，以帶動來客數並吸引消費者回到餐廳。我們正於多個地區支持多家QSR客戶推動這些計畫。我在領導並成長CPG公司及其品牌方面的經驗，將補充並強化團隊努力，使我們成為客戶更強大的合作夥伴。我們正支持客戶在消費者所在之處與其接觸，以提升銷量並擴大市占。我們與客戶合作、成功提升其品牌的方法有很多。

Customers rely on us to lead with innovation and accelerate their adoption to more sustainable packaging solutions preferred by consumers. A broader understanding of customer economics and their decision-making processes will enable our team to better anticipate customer needs and leverage insights to drive commercial and innovation engine. Graphic Packaging has a unique ability to partner more effectively on pack design, brand architecture and growth.

客戶仰賴我們以創新領先，並加速其採用消費者偏好的更永續包裝解決方案。對客戶經濟性與其決策流程更廣泛的理解，將使我們的團隊能更好地預判客戶需求，並運用洞察推動商業與創新引擎。Graphic Packaging具備獨特能力，能在包裝設計、品牌架構與成長方面更有效地與客戶合作。

And we are actively strengthening partnerships, taking a proactive commercial strategy and having conversations with top CPGs, QSRs and retailers around the globe. We continued to build on our strengths and had an exceptional quarter driving packaging innovation. We filed 13 new patents, adding to our portfolio of approximately 3,100 patents.

我們也正積極強化合作夥伴關係，採取主動的商務策略，並與全球各地的頂尖CPG、QSR與零售商展開對話。我們持續發揮自身優勢，本季在推動包裝創新方面表現卓越。我們申請了13項新專利，使我們約3,100項專利的組合進一步擴充。

Looking ahead, we remain committed to growth of intellectual property and extending our competitive advantage in serving customers. Our capabilities in sustainable packaging are truly differentiated and position the company for continued leadership. Graphic Packaging is seen as the premier sustainable packaging partner by the brands we serve. We are differentiated with our scale and capabilities, superior innovation and technical expertise and talented people.

展望未來，我們仍致力於智慧財產的成長，並延伸我們在服務客戶方面的競爭優勢。我們在永續包裝方面的能力確實具差異化，並使公司得以持續保持領導地位。在我們所服務的品牌眼中，Graphic Packaging被視為首屈一指的永續包裝合作夥伴。我們以規模與能力、卓越的創新與技術專業，以及優秀的人才形成差異化。

With a broad portfolio and a strong innovation engine, we are partnering with customers to bring even more innovative products to life. From our childproof laundry pod box to our double wall cups have retained heat and cold to our produce pack [puts] for fruit and vegetables. Our addressable paperboard packaging market opportunity is an estimated $15 billion with roughly 85% of it plastic to paper packaging conversion. Representing opportunities we have solutions for right now.

憑藉廣泛的產品組合與強大的創新引擎，我們正與客戶合作，將更多創新產品落地實現。從我們的兒童防護洗衣膠囊盒、可保溫保冷的雙層杯，到我們用於水果與蔬菜的生鮮農產品包裝[puts]。我們可觸及的紙板包裝市場機會估計為150億美元，其中約85%來自塑膠轉紙包裝的替代。這代表我們目前就已具備解決方案的機會。

Over time, we anticipate regulatory retailer, consumer and NGO scrutiny on the use of single-use plastics and foam packaging to increase with the continued customer focus and innovation and an evolving regulatory environment, this market opportunity is expected to grow and will be an area of differentiation for us.

隨著時間推進，我們預期在持續的客戶關注與創新，以及不斷演變的監管環境下，監管機構、零售商、消費者與非政府組織（NGO）對一次性塑膠與泡棉包裝使用的審視將加劇；此市場機會預期將成長，並將成為我們的差異化領域。

We recently commercialized an innovation in partnership with a health focused emerging brand. We are supporting their transition from plastic to a more sustainable paperboard multipack to better align the packaging with their environmentally conscious consumer base. We developed a custom carton solution for the 10-pack SKU and seasonal formats. The structure optimizes in-store merchandising. The plastic back to box transition is available today on shelves at leading retailers.

我們近期與一家以健康為導向的新興品牌合作，將一項創新成果商業化。我們正協助其從塑膠轉換為更具永續性的紙板多入裝，以使包裝更符合其具環保意識的消費者族群。我們為其 10 入裝 SKU 與季節性規格開發了客製化紙盒解決方案。該結構可最佳化店內陳列與銷售呈現。此「塑膠背板改為紙盒」的轉換方案目前已在主要零售商的貨架上販售。

As customers increase commitments and their desire to move to more sustainable packaging, they often evaluate solutions that move away from plastic or greatly reduce its usage. These packaging transitions to paperboard alternatives can increase brand equity without compromising product performance or shelf life. We are proud to help these advancements and for the recognition we have received for our leadership and support of customers on their sustainability journey.

隨著客戶提高承諾並更希望採用更永續的包裝，他們往往會評估可遠離塑膠或大幅降低其使用量的解決方案。這些轉向紙板替代方案的包裝轉換，可在不犧牲產品性能或保存期限的情況下提升品牌價值。我們很自豪能推動這些進展，並因我們在永續旅程中對客戶的領導與支持而獲得肯定。

In January 2026, two of our solutions earned World Star Best of the Best Awards. PaperSeal Shape deployed with leading European retailers delivers roughly an 80% reduction in plastic per tray while maintaining full shelf life performance and runs on existing customer lines. Our produce Pack Pet tray was also recognized for replacing PET with renewable recyclable paperboard, eliminating more than 17 million plastic trays annually in a single retail application.

在 2026 年 1 月，我們的兩項解決方案榮獲 World Star Best of the Best Awards。與歐洲主要零售商導入的 PaperSeal Shape，在維持完整保存期限表現且可於客戶既有產線運行的同時，使每個托盤的塑膠用量約減少 80%。我們的生鮮蔬果 Pack Pet 托盤亦獲表揚，該方案以可再生且可回收的紙板取代 PET，在單一零售應用中每年可消除超過 1,700 萬個塑膠托盤。

In addition, EnviroClip Duo received an award of distinction at the PAC Global Awards for sustainable packaging design, reflecting our continued ability to replace plastic bile-preserving functionality and shelf appeal. This award was one of eight PAC Global Awards we received. From an operational standpoint, this quarter was marked by a number of wins. At Waco, we continue to make meaningful progress ramping production. Commercial performance is meeting expectations, and we are ahead of plan with customer qualifications.

此外，EnviroClip Duo 於 PAC Global Awards 的永續包裝設計類別獲得優異獎，反映我們持續以替代方案取代塑膠，同時保有保鮮功能與貨架吸引力的能力。此獎項為我們獲得的八項 PAC Global Awards 之一。從營運角度來看，本季也取得多項成果。在 Waco，我們持續在提升產能方面取得實質進展。商業表現符合預期，且在客戶認證進度上我們超前計畫。

This positions us to better penetrate new geographies and more efficiently support existing geographies while taking advantage of available recovered fiber streams in our Texas triangle. In parallel, we are completing our cogeneration plant projects, strengthening power supply assurance while helping to advance our customers' sustainability goals. We expect Waco to be a durable competitive advantage for us over time.

這使我們能更深入拓展新地理市場，並更有效率地支援既有市場，同時善用我們在德州三角地帶可取得的回收纖維來源。同時，我們正完成熱電共生電廠專案，在強化供電保障的同時，也協助推進客戶的永續目標。我們預期 Waco 將隨時間成為我們持久的競爭優勢。

We are excited to help prepare our customers for promotions through the 100 days of summer at large events select the upcoming World Cup. 24 brands across our food and beverage customer base are running promotions for the World Cup and our customers are planning for increased demand from spectators advance.

我們很期待協助客戶為「夏季 100 天」期間的大型活動促銷做準備，包括即將到來的世界盃部分賽事。來自我們食品與飲料客戶群的 24 個品牌正在為世界盃推出促銷活動，而我們的客戶也正提前規劃，以因應觀賽人潮帶來的需求增加。

For large global events like these, customers rely on a consistent, trusted partner who can deliver to time-sensitive deadlines can execute critical graphic changes. We are prepared to provide the excellent customer service Graphic Packaging is known for. We also took a significant step forward in our renewable energy strategy. Finalizing a virtual power purchase agreement with NextEra Energy Resources. This agreement increases renewable electricity coverage across our North American operations and supports disciplined execution against our long-term emission targets.

對於此類大型全球活動，客戶仰賴一個穩定且值得信賴的合作夥伴，能在時間敏感的期限內交付，並能執行關鍵的圖稿變更。我們已準備好提供 Graphic Packaging 一向以優質著稱的客戶服務。我們也在再生能源策略上邁出重要一步。我們已與 NextEra Energy Resources 完成一項虛擬電力購售協議（VPPA）。該協議提升我們北美營運的再生電力覆蓋率，並支持我們以紀律方式落實長期減排目標。

The 250-megawatt solar energy plant in West Texas is expected to begin commercial operations at the end of 2027. This agreement better positions us to support our customers, the world's leading consumer brands and making progress towards their sustainability goals. We continue to build an award-winning culture and be recognized for our values in the way we do business.

位於西德州、規模 250 兆瓦的太陽能電廠預計將於 2027 年底開始商轉。此協議使我們更能支援客戶——全球領先的消費品牌——並協助其在永續目標上取得進展。我們持續打造屢獲獎項的企業文化，並因我們以價值觀經營業務的方式而獲得肯定。

In March, we were recognized as one of the world's most ethical companies by Ethisphere. This recognition alongside our placement on the 2026 ranking of America's Most -- just companies by -- just Capital and Fortune World's -- most Admired Companies shows that others recognize the values our people put into action every day.

在 3 月，我們獲 Ethisphere 評選為全球最具道德的公司之一。這項肯定，加上我們入選 Just Capital 與 Fortune 的 2026 年「美國最公正公司」排名，以及 Fortune「全球最受推崇公司」榜單，顯示外界認可我們的同仁每天付諸實行的價值觀。

Finally, as we build on our strong foundation, we are also strengthening our team with highly selective new hires to ensure that we have the right talent and leadership roles as we drive performance across our business. As I mentioned at the start of the call, I'm excited that Melanie Skijus has rejoined Graphic Packaging to lead Investor Relations.

最後，在我們奠基於強健基礎之上持續前進的同時，我們也透過高度審慎的新聘任來強化團隊，以確保在推動全公司績效之際，我們具備合適的人才與領導職位配置。如我在電話會議一開始提到的，我很高興 Melanie Skijus 已重返 Graphic Packaging，領導投資人關係。

Additionally, we recently appointed Randy Miller to serve as Vice President of Treasury and Capital Finance, Randy will lead global treasury with a focus on cash flow generation and capital structure optimization. We just announced that Daniel Fishbein will join as General Counsel in June. Daniel brings more than two decades of legal experience having spent his career as a corporate attorney focusing on strategic transactions, corporate governance and securities law matters. He most recently served as Executive Vice President and General Counsel of Corporate, where he oversaw the company's global legal and regulatory function. These leadership appointments and talent upgrades support our priorities.

此外，我們近期任命 Randy Miller 擔任財務庫務與資本融資副總裁；Randy 將領導全球庫務，聚焦於現金流創造與資本結構最佳化。我們也剛宣布 Daniel Fishbein 將於 6 月加入並擔任總法律顧問。Daniel 擁有逾二十年的法律經驗，職涯為公司法務律師，專注於策略性交易、公司治理與證券法相關事務。他最近擔任 Corporate 的執行副總裁暨總法律顧問，負責監督公司全球法務與法規遵循職能。這些領導任命與人才升級支持我們的優先事項。

Starting with our commitment to enhancing shareholder value. We aim to deliver greater returns for shareholders by harnessing the significant cash generative business we operate with our immediate priority to reduce leverage and strengthen the balance sheet while continuing to return capital to our shareholders through our established dividends. Our progress gives me confidence in our strong market position and the many expansion opportunities ahead.

首先是我們對提升股東價值的承諾。我們的目標是運用我們所營運之具顯著現金創造力的業務，為股東帶來更高回報；我們的當務之急是降低槓桿並強化資產負債表，同時透過既定股利持續向股東回饋資本。我們的進展讓我對我們強勁的市場地位以及未來眾多擴張機會充滿信心。

Our first priority is to strengthen the balance sheet. We are utilizing our strong capabilities to drive sustained growth through a robust proactive commercial strategy and commitment to innovation. You can expect future investment in growth to be more disciplined and focused on the highest return opportunities.

我們的第一優先事項是強化資產負債表。我們正運用自身強大的能力，透過穩健且主動的商業策略與對創新的承諾，推動可持續的成長。未來對成長的投資將更具紀律，並聚焦於最高報酬的機會。

Looking ahead, we have an opportunity to reduce our operational complexity and improve accountability by focusing on driving profitability and business excellence, including the ramp-up of Waco. We expect to reduce our capital spend to 5% of sales or less and reduce our inventory from 20.5% at the end of 2025 to between 17% to 18% of sales this year toward our long-term goal of 15% to 16% of sales.

展望未來，我們有機會透過聚焦於提升獲利能力與營運卓越（包括 Waco 的產能爬坡），來降低營運複雜度並改善責任歸屬。我們預期將資本支出降至銷售額的 5% 或以下，並將庫存占比自 2025 年底的 20.5% 降至今年銷售額的 17% 至 18% 之間，朝我們長期目標——銷售額的 15% 至 16%——邁進。

We will also continue to innovate and develop world-class products for our customers. We remain on track to generate $700 million to $800 million of adjusted free cash flow in 2026. Moving forward, I am encouraged by the opportunity to grow alongside our customers and partner with them to achieve their goals. We are uniquely positioned with our broad product portfolio, strong innovation engine and integrated network, we are on offense.

我們也將持續創新，為客戶開發世界級產品。我們仍按計畫在 2026 年創造 7 億至 8 億美元的調整後自由現金流。展望未來，我對於能與客戶共同成長並與其合作達成目標的機會感到振奮。憑藉我們廣泛的產品組合、強大的創新引擎與整合式網路，我們正積極進攻。

Now I will turn it over to Chuck to provide more details on our financials.

現在我將把時間交給 Chuck，請他提供更多關於我們財務表現的細節。

Thank you, Robbert, and good morning, everyone. I'm pleased with our performance in the first quarter, including the strengthening of packaging volumes we experienced as we progressed through the quarter. Total volumes were up 1% from the same period in 2025. Top-line growth and higher packaging volumes are a direct result of the resilience of our business, the markets we serve and the execution of our team.

謝謝你，Robbert，各位早安。我對第一季的表現感到滿意，包括我們在季度進行期間所見到的包裝出貨量走強。總出貨量較 2025 年同期成長 1%。營收成長以及較高的包裝出貨量，直接反映我們業務、所服務市場的韌性，以及團隊的執行力。

Sales increased 2% year over year to $2.2 billion, driven by the volume increase and a $50 million benefit from favorable foreign exchange. Partially offsetting these gains, price experienced a decline of 2% in the quarter. The pricing decline reflects third-party index changes and bleach paperboard that occurred in the fourth quarter of 2025 along with the continuation of unusual competitive packaging pricing experienced in the last few quarters of 2025.

銷售額年增 2% 至 22 億美元，主要受出貨量增加及有利匯率帶來 5,000 萬美元效益所帶動。部分抵銷上述增幅的是，本季價格下滑 2%。價格下滑反映 2025 年第四季發生的第三方指數變動與漂白紙板（bleached paperboard）因素，以及 2025 年最後幾季持續出現的異常競爭性包裝定價。

Innovation sales growth was $42 million in the quarter, reflecting the strength of our innovation pipeline, continued strong partnerships and engagement with customers. Adjusted EBITDA in the first quarter was $232 million, including a $6 million foreign exchange benefit. This represents a $133 million decline from the first quarter of 2025. Price volume and mix combined were a $46 million headwind and again were a result of the unusual competitive price environment.

本季創新銷售成長為4,200萬美元，反映出我們創新產品管線的實力、持續強勁的合作夥伴關係以及與客戶的互動參與。第一季調整後EBITDA為2.32億美元，其中包含600萬美元的外匯收益。這較2025年第一季下降1.33億美元。價格、銷量與產品組合合計帶來4,600萬美元的不利影響，且同樣是由於異常的競爭性定價環境所致。

Commodity input and operating cost inflation of approximately $37 million was roughly $10 million higher than we were expecting. Unfavorable net performance in the quarter of $56 million was driven by several factors. Severe weather in January across the Central and Eastern United States and the domestic disturbances in Mexico during the quarter caused an approximately $25 million impact from disruption and downtime in our facilities.

大宗商品投入與營運成本通膨約3,700萬美元，較我們原先預期高出約1,000萬美元。本季淨績效不利影響為5,600萬美元，係由多項因素所驅動。1月美國中部與東部的惡劣天候，以及本季墨西哥境內的動盪，導致我們設施的中斷與停工，影響約2,500萬美元。

In addition, heavier scheduled maintenance in the quarter and our decision to curtail production, produce inventories resulted in additional costs of $20 million each as compared to the year ago period. Robbert discussed, we are executing cost reduction and efficiency initiatives, which drove about $10 million of savings in the quarter. And though these savings were offset in the quarter by the factors mentioned, we will swing to positive overall contribution to earnings from net performance later in the year.

此外，本季較重的例行維護，以及我們決定縮減產量、建立庫存，與去年同期相比各自造成額外成本2,000萬美元。如Robbert所述，我們正在推動成本降低與效率提升計畫，本季帶來約1,000萬美元的節省。儘管本季這些節省被前述因素抵銷，但我們將在今年稍晚使淨績效對獲利的整體貢獻轉為正向。

Adjusted EPS in the first quarter was $0.09 and included a higher tax rate due to the vesting of employee equity awards during the quarter. We still expect the full year tax rate to be approximately 25%. In line with historical seasonality of cash flow and working capital, first quarter adjusted cash flow was a negative $183 million which is an improvement of $259 million from the first quarter of 2025.

第一季調整後EPS為0.09美元，並因本季員工股權獎勵歸屬而包含較高的稅率。我們仍預期全年稅率約為25%。依照現金流與營運資金的歷史季節性，第一季調整後現金流為負1.83億美元，較2025年第一季改善2.59億美元。

First quarter adjusted cash flow results included heavier capital spending than we expect for the rest of the year. Attributed to the work to complete our recycled paperboard mill in Waco, Texas. We ended the quarter with $5.6 billion of net debt and net leverage of 4.4 times.

第一季調整後現金流結果包含較我們預期今年其餘期間更高的資本支出。主要歸因於完成德州韋科（Waco）再生紙板紙廠的相關工程。本季末我們的淨負債為56億美元，淨槓桿為4.4倍。

As Robbert alluded to, our environment remains dynamic with geopolitical uncertainty and inflation impacting the business. During the quarter, we experienced incremental commodity cost inflation resulting from the conflict in Iran which embedded our logistics, energy and resin spend. With energy, we're about 60% hedged for both natural gas purchased in North America and electricity purchase in Europe and have commodity cost recovery mechanisms embedded in many of our contracts.

如Robbert所提及，我們的外部環境仍然多變，地緣政治不確定性與通膨正影響業務。本季我們因伊朗衝突而經歷額外的大宗商品成本通膨，進而推升我們在物流、能源與樹脂方面的支出。在能源方面，我們對北美採購的天然氣與歐洲採購的電力約有60%已進行避險，且在許多合約中已內嵌大宗商品成本回收機制。

However, these recovery mechanisms can experience lags due to contractual terms. We are proactively addressing the inflation and working on initiatives to offset it. On April 9, we announced a $60 per ton price increase for bleached Cupstock effective May 8. While this price increase will be realized in Q2 for non-index-based paperboard sales, most of our affected contracts require price recognition by the industry's third-party index before we can pass it through our packaging business.

然而，這些回收機制可能因合約條款而出現時間落差。我們正主動因應通膨，並推動相關計畫以抵銷其影響。4月9日，我們宣布漂白杯紙（bleached Cupstock）每噸調漲60美元，自5月8日起生效。雖然此一漲價將在第二季於非指數連動的紙板銷售中實現，但我們多數受影響的合約要求必須先由產業第三方指數確認價格後，我們才能將其轉嫁至包裝業務。

Looking ahead to second quarter. From a volume standpoint, our expectation for Q2 is consistent with our full year range of down 1% to up 1%. We see pricing similar to Q1 and expect foreign exchange to be a slight benefit. With adjusted EBITDA, we anticipate certain commodity costs to stay elevated in Q2 before moderating towards the end of the year. Accordingly, we estimate a sequential $10 million incremental inflationary impact in the second quarter versus the first quarter totaling $30 million of incremental inflation in the first half of 2026 compared to our original expectations.

展望第二季。就銷量而言，我們對第二季的預期與全年區間一致，介於下滑1%至成長1%。我們看到的定價與第一季相近，並預期外匯將帶來些微助益。在調整後EBITDA方面，我們預期部分大宗商品成本在第二季仍將維持高檔，並在年底前趨於緩和。因此，我們估計第二季相較第一季將新增約1,000萬美元的通膨影響，使2026年上半年相較原先預期的新增通膨合計達3,000萬美元。

Q2 adjusted EBITDA is now expected to be in the range of $230 million to $250 million. We are reaffirming 2026 guidance. Many initiatives that we laid out today in addition to the contractual recovery mechanisms to be realized in the second half of the year and our pricing actions are expected to help offset the incremental inflationary impacts throughout the remainder of the year. As a result of these efforts, we remain confident in our ability to deliver 2026 adjusted EBITDA in the range of $1.05 billion to $1.25 billion, in line with our prior guidance.

目前預期第二季調整後EBITDA將落在2.30億至2.50億美元區間。我們重申2026年指引。我們今天所說明的多項計畫，加上預計於下半年實現的合約回收機制與我們的定價行動，預期將有助於抵銷今年剩餘期間的額外通膨影響。基於這些努力，我們仍有信心達成2026年調整後EBITDA介於10.5億至12.5億美元的目標，與先前指引一致。

Our 2026 adjusted free cash flow outlook remains unchanged in the range of $700 million to $800 million, a significant step-up from 2025. Cash flow generation is back-end weighted, consistent with the seasonality of our business, timing of capital expenditures and timing of inflationary cost recovery. We intend to pay down approximately $500 million of debt in 2026 and remain committed to our dividend. We understand that our dividend is important to many of our shareholders and also reflects the confidence that we have in the future cash flows of the business

我們對2026年調整後自由現金流的展望維持不變，仍為7.00億至8.00億美元區間，較2025年顯著提升。現金流生成偏向下半年，符合我們業務的季節性、資本支出時點以及通膨成本回收的時點。我們計畫在2026年償還約5.00億美元的債務，並持續承諾股利政策。我們理解股利對許多股東而言相當重要，也反映我們對公司未來現金流的信心

Capital expenditures in 2026 are expected to be approximately $450 million. As a result of our completed 90-day review, we identified certain projects and investments that no longer align with our operational priorities, so we canceled them.

2026年的資本支出預期約為4.50億美元。在完成90天檢視後，我們辨識出部分專案與投資已不再符合我們的營運優先事項，因此予以取消。

One of these projects, the automated roll warehouses at Texarkana and Kalamazoo resulted in a onetime primarily noncash write-off of approximately $40 million. Importantly, this decision avoids approximately $200 million of capital spending over the next few years and is a prudent move given the project no longer yields the original return thresholds since we will be operating with less inventory.

其中一項專案——位於Texarkana與Kalamazoo的自動化卷材倉庫——導致一次性、以非現金為主的減記約4,000萬美元。更重要的是，這項決策可避免未來數年約2.00億美元的資本支出；鑑於我們將以較低庫存運作，該專案已無法達到原先的報酬門檻，因此此舉是審慎之舉。

In conclusion, we are moving out of a heavy investment cycle to a cash harvesting cycle. This is an exciting and much anticipated phase. The past few years have been characterized as building years with capital investments and acquisitions made to differentiate our packaging and service offerings in the marketplace and position the company for long-term growth.

總結而言，我們正從高投資週期轉向現金收割週期。這是一個令人振奮且期待已久的階段。過去幾年可被視為建設期，我們透過資本投資與併購來強化我們在市場上的包裝與服務差異化，並使公司具備長期成長的定位。

Now we are focused on optimizing our footprint and operations, executing disciplined capital allocation, expanding profitability in the business and to my prior point, delivering the free cash flow we committed to. 2026 will be a foundational year for Graphic Packaging, and we are excited about what our future holds.

現在我們聚焦於最佳化我們的據點布局與營運、執行嚴謹的資本配置、提升業務獲利能力，並如我先前所述，交付我們所承諾的自由現金流。2026年將是Graphic Packaging的奠基之年，我們對未來的發展感到振奮。

With that, I will turn it back to Robbert.

接下來，我把時間交回給Robbert。

Thank you, Chuck. To conclude, we see a clear line of sight to long-term value creation, supported by the value we are generating from our near-term strategic priorities. Our confidence is grounded not in aspiration, but in a clear path to execution and operational excellence. We look forward to taking your questions and continued engagement to hear your perspectives as we continue to enhance and streamline the business. Let me take this opportunity to thank our dedicated team around the world for their hard work in delivering a strong start to 2026.

謝謝你，Chuck。最後，我們清楚看見長期價值創造的路徑，而這也受到我們近期期策略優先事項所帶來價值的支持。我們的信心並非源自願景式的期望，而是建立在清晰的執行路徑與卓越營運之上。我們期待回答各位的提問，並持續互動交流，聽取各位的觀點，因為我們將持續強化並精簡業務。也讓我藉此機會感謝全球各地敬業的團隊，憑藉他們的辛勤付出，讓我們在2026年有一個強勁的開局。

With that, operator, let's open it up for questions.

那麼，接線員，讓我們開始提問。

(Operator Instructions) Ghansham Panjabi, Baird.

（接線員指示）Ghansham Panjabi，Baird。

First off, welcome back memory -- Melanie, we look forward to working with you. I guess first off, on the heat map on slide 5, can you touch on if you're actually seeing any sort of inflection in food or just easy comparisons from several quarters of just minimal growth? Just trying to get a sense as to what you're seeing in that market, specifically to that category, which has been weak for several years at this point?

首先，歡迎回來——Melanie，我們期待與你合作。我想先問一下，第5頁投影片的熱度圖（heat map），你們是否真的看到食品類別出現任何拐點，還是只是因為前幾季成長非常有限、比較基期較容易？我只是想了解你們在那個市場、特別是該品類的觀察；該品類在過去幾年一直相對疲弱。

And then second, as it relates to the realigned commercial teams, can you just give us a bit more insight into what's going on there?

其次，關於重新調整後的商業團隊，能否再多提供一些洞見，說明那邊目前的情況？

Yes. Thank you, Ghansham, and thanks for welcoming Melanie back. We're very happy to have you back, Melanie. With regards to your first question on food, let me just reflect on the macro environment for a second, and I'll zoom in on food.

是的。謝謝你，Ghansham，也謝謝你歡迎 Melanie 回來。我們很高興你回來了，Melanie。關於你第一個有關食品的問題，我先簡單談一下總體環境，然後再聚焦到食品。

What we're hearing from our customers continues to be a focus on growth, gaining share investing in product quality that specifically applies to food and value perception, pack size and pricing promotions and there is an increased emphasis on overall across the categories of price pack architecture as well as novel pack designs and obviously, a localized, reliable supply chain.

我們從客戶那裡持續聽到的重點是：聚焦成長、提升市占、投資產品品質——這點特別適用於食品——以及價值感知、包裝規格與定價促銷；同時也更加強調各品類整體的價格—包裝架構（price pack architecture）、新穎的包裝設計，當然還有在地化且可靠的供應鏈。

And the consumer environment of which food is a part remains very value driven, and there is a focus on affordability. And we are seeing stable demand signals, Ghansham, with certain pockets of strength and we're seeing select growth across larger customers and key segments, particularly in what we call everyday essentials. So food is performing rather well with strength, particularly in protein-driven categories like yogurt, bars, refrigerated meals, and that really reflects underlying consumption trends.

而食品所處的消費者環境仍然非常以價值為導向，並且聚焦可負擔性。Ghansham，我們看到需求訊號保持穩定，部分領域表現強勁；我們也看到在較大型客戶與關鍵細分市場出現選擇性的成長，特別是在我們所稱的「日常必需品」。因此食品表現相當不錯，尤其在以蛋白質驅動的品類（如優格、能量棒、冷藏即食餐）更具強勢，這也反映了底層的消費趨勢。

If you look at some of the other categories like Health & Beauty, that's performing well as consumers continue to prioritize small indulgences like skin care, perfume, beverages is stable, and foodservice was a little slow due to the weather and consumer affordability trends but is expected to gain momentum throughout the year. So that's how we see food as part of the broader macro environment.

如果看其他品類，例如健康與美容，表現良好，因為消費者仍優先考量像保養品、香水等小確幸式的享受；飲料維持穩定；餐飲服務（foodservice）因天氣與消費者可負擔性趨勢而稍慢，但預期全年將逐步增溫。這就是我們如何在更廣泛的總體環境中看待食品。

With regards to the realigned commercial organization, we are seeing a big need to serve our customers better both at the national level, in some cases, international level where we see more and more procurement team centralized in locations like Switzerland or the Netherlands or even Ireland, so we are organized now in a way where we can serve both the global procurement organizations of our large CPG customers as well as domestic customers with a slightly enhanced organization.

至於重新調整後的商業組織，我們看到一個很大的需求：在全國層級更好地服務客戶；在某些情況下也包括國際層級，因為我們看到越來越多採購團隊集中在瑞士、荷蘭，甚至愛爾蘭等地。因此我們現在的組織方式，能同時服務大型 CPG 客戶的全球採購組織，以及國內客戶，並透過略為強化的組織架構來達成。

And we feel very good about the leadership we put in place under Jean-Francois Roche who is really doing a great job in getting me in front of customers as well. I've met six global customers across different geographies in the first quarter and in the last month as well. And that's really given me a good perspective on how our commercial organization is now organized and how well we are serving customers.

我們對在 Jean-Francois Roche 領導下所建立的團隊非常有信心；他確實做得很好，也讓我能更多直接面對客戶。我在第一季以及最近一個月，已在不同地區會見了六家全球客戶。這也讓我對我們商業組織目前的架構，以及我們服務客戶的成效，有了很好的視角。

Okay. And then just for my follow-up question. On the EBITDA reconciliation in the press release, what is the $71 million add back specific to the first quarter of '26, just quite a bit higher than the first quarter of last year.

好的。那我的追問是：在新聞稿中的 EBITDA 調節表裡，2026 年第一季有一筆 7,100 萬美元的加回（add back）是什麼項目？這比去年第一季高出不少。

And then just to clarify, as it relates to the commodity cost comment, are you expecting a sequential moderation in commodity costs? Is that what you're assuming in that $30 million incremental impact in the first half? And what would that number be comparable in the second half?

另外再確認一下，關於你們對大宗商品成本的評論：你們是否預期大宗商品成本會出現逐季趨緩？也就是說，你們在上半年 3,000 萬美元的額外影響假設中，是基於這個前提嗎？那下半年可比的數字會是多少？

Yes. Ghansham, this is Chuck. I'll take those. So on the -- what we have in the special charges bucket, I mentioned on the prepared remarks, the $40 million from the automated roll warehouse write-off. So that was the biggest component of it.

是的。Ghansham，我是 Chuck。我來回答。關於我們列在特殊費用（special charges）項下的內容，我在事先準備的發言中提到，有 4,000 萬美元來自自動化捲料倉庫（automated roll warehouse）的沖銷（write-off）。所以那是其中最大的一個組成部分。

We also had severance from the actions that we took that we talked about in the quarter, that's about $20 million. And then for the Croatia business that we're divesting, we had about a $13 million write-off of assets, and that's primarily for intangibles that we had acquired with the AR Packaging acquisition.

我們也有本季所採取行動相關的資遣費（severance），大約 2,000 萬美元。另外，對於我們正在剝離的克羅埃西亞業務，我們有約 1,300 萬美元的資產沖銷，主要是無形資產，這些無形資產是我們在收購 AR Packaging 時取得的。

So those components are the majority of what you see in the quarter. On the inflation, so yes, what we called out is $10 million of incremental inflation in Q1 $10 million incremental to that in Q2. So for a total of $30 million versus our original expectations in the first half. And then at this point, we see about the same number, about $60 million to $65 million of incremental inflation for the full year.

因此，這些組成項目構成了你在本季看到的大部分內容。至於通膨，是的，我們指出的是：第一季有 1,000 萬美元的額外通膨，第二季再增加 1,000 萬美元。因此，上半年相較我們原先預期，合計增加 3,000 萬美元。而目前我們看到全年額外通膨大約也是同一量級，約 6,000 萬至 6,500 萬美元。

That environment, of course, remains very fluid and dynamic, so changes every day. But what you see us doing is pulling several levers to offset that inflation. We talked about on the call, the contractual recoveries and pass-throughs, and that will account for about one-third of it. I talked about the Cupstock price increase, and then we're further evaluating some packaging price increases. And then as Robbert mentioned, we're looking at other cost savings, procurement initiatives to provide a further buffer.

當然，這個環境仍非常流動且多變，每天都在變。但你們看到我們正在採取多種槓桿來抵銷這些通膨。我們在電話會議中談到合約回收與轉嫁（contractual recoveries and pass-throughs），這將約占三分之一。我也提到 Cupstock 的漲價，此外我們也在進一步評估一些包裝的漲價。再加上如 Robbert 所提，我們也在尋找其他成本節省、採購（procurement）方案，以提供進一步的緩衝。

So with all of those offsets, we're confident that we can neutralize the inflationary impact that we see.

因此，透過上述所有抵銷措施，我們有信心能夠中和我們所看到的通膨影響。

Mark Weintraub, Seaport Research.

Mark Weintraub，Seaport Research。

Chuck, just a point of confusion for me. So the -- I think that $71 million, that was on adjusted EBITDA. Was the warehouse and Croatia, were those not noncash write-downs primarily? Or maybe if you could just clarify for us?

Chuck，我這邊有個疑惑。所以——我想那 7,100 萬美元是在調整後 EBITDA（adjusted EBITDA）上。那倉庫和克羅埃西亞的部分，主要不是非現金減記（noncash write-downs）嗎？或者你能否幫我們釐清一下？

Yes, it's primarily noncash, but just in the add back to get to the -- effectively the number that the EBITDA is, of course, an all-in number. It does include depreciation and amortization, but it does include noncash charges before you adjust for them.

是的，主要是非現金，但在加回以得到——實際上 EBITDA 的數字當然是全包（all-in）的數字。它確實包含折舊與攤銷（depreciation and amortization），但在你調整之前，它也會包含非現金費用。

Okay. And then second, and I know you were kind of answering this in Ghansham's question as well. So basically, you have about $200 million of improvement in the second half of the year to the first half of the year. If you'd be willing, would you kind of share in terms of the way you provide those buckets, volume, price, the big drivers, where the majority of that $200 million would be shown up?

好的。第二個問題，我知道你剛才在回答 Ghansham 的問題時也有提到。所以基本上，你們下半年相對上半年大約有 2 億美元的改善。如果你願意的話，能否用你們常用的分類方式（量、價等）分享一下，這 2 億美元的主要驅動因素大多會落在哪些桶（buckets）裡？

Yes, happy to do that. So broadly, we see the year playing out similar to what we laid out in the original year-end call other than inflationary impact that I already talked about. But if you look at first half to second half, as you mentioned, there's a step up second half versus first half. Think about a few things. So first of all, our first half includes several unfavorable items as we talked about the January weather that caused facilities downtime that we don't expect to recur in the second half.

可以，很樂意。整體而言，除了我已談到的通膨影響之外，我們預期今年的走勢大致會與原先在年終電話會議中所說的一樣。但如果看上半年到下半年，如你所提，下半年相對上半年會有一個台階式的提升。可以從幾點來看。首先，上半年包含幾個不利因素，例如我們提到的一月天氣造成的工廠停機，我們不預期下半年會再發生。

Second, our first half has a larger unfavorable impact from several items, including scheduled higher maintenance and then also the market downtime that we're taking to lower inventory levels is higher in the first half.

第二，上半年還承受了多個項目帶來的較大不利影響，包括計畫性的較高維修（maintenance），以及我們為降低庫存水位而進行的市場停機（market downtime）在上半年也較多。

And then finally, the second half has a bigger impact from some of the positive items that we're seeing. For example, we mentioned the contractual cost recoveries, the packaging price initiatives and some of the procurement and other cost savings initiatives. So several moving parts. But of course, with our current expectations for inflation, we are confident that we'll be able to hit our full year EBITDA guidance.

最後，下半年會更明顯受惠於一些正面因素。例如我們提到的合約成本回收、包裝價格措施，以及部分採購與其他成本節省措施。因此有多個變動因素。但當然，基於我們目前對通膨的預期，我們有信心能達成全年 EBITDA 指引。

Okay. Super. I mean any chance getting a little bit more granular? I think you talked about weather being $25 million in the first quarter. I think on the last quarter's call, you -- roughly downtime would be about $50 million -- inventory-related downtime about $50 million lower.

好的。太好了。我是說，有沒有機會再更細一點？我想你提到第一季天氣影響是2,500萬美元。我想在上一季的電話會議上，你們——大致上停機約5,000萬美元——與庫存相關的停機大約少了5,000萬美元。

Are those numbers about right? And then so if we're kind of left with like $125 million in the drivers you were providing kind of just round numbers to where they might come from, it's not understood, but just trying to get a bit more granular.

這些數字大致正確嗎？那如果我們大概剩下你提供的驅動因素合計約1.25億美元（只是取整數），想了解它們可能來自哪裡；不是說不理解，只是想再更細一點。

Yes. I'll just give you a couple of more nuggets and then we can talk more offline. The phasing of the cost savings that we called out $10 million in Q1. It will pick up a little bit in Q2, but then the majority of that will be back-end loaded. You mentioned the downtime.

是的。我再給你幾個小重點，之後我們也可以私下再多聊。我們提到的成本節省在第一季是1,000萬美元的分期（phasing）。第二季會再增加一些，但大部分會集中在下半年。你提到了停機。

That, of course, is something that we'll be taking more market downtime in the first half than the second half. So we can work through it more offline.

那當然也是一個因素：我們在上半年會有較多的市場性停機（market downtime），下半年會比較少。所以我們可以私下再把細節走一遍。

Hillary Cacanando, Deutsche Bank.

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

So just the breakdown that you were just -- you were talking about to get to your guidance. Last quarter, you actually had guided to $100 million incentive compensation impact for 2026, and I didn't see that in today's presentation. Is that included anywhere and maybe in like net performance in the first quarter? And like what type -- what phasing should we expect for incentive compensation through the year?

所以就你剛剛在談、用來推導你們指引的拆解來看。上一季你們其實曾指引2026年激勵薪酬影響為1億美元，但我今天的簡報裡沒有看到。那這是被包含在某個地方嗎？例如第一季的淨績效（net performance）裡？另外，激勵薪酬在全年會是什麼樣的分期節奏？

Yes, that's all included within the original numbers that we had expected and all included in what we've reported, so we didn't talk about it again. It is a year-over-year factor in that performance.

是的，那些都已包含在我們原先預期的數字裡，也都包含在我們已揭露的結果中，所以我們今天就沒有再重複提。它是影響該表現的年對年因素之一。

It's all included in the first quarter. So there's -- we're not -- you're not expecting any additional incentive comp this year for the remainder of the year?

它都已反映在第一季。所以——我們不是——你不是預期今年剩餘期間還會有額外的激勵薪酬嗎？

Of course, it will roll throughout the year. It's the Q1 impact that we had expected recorded in Q1.

當然，它會在全年持續滾動。只是我們原先預期的第一季影響已在第一季入帳。

Okay. And then -- and then how much should we expect for the remainder of the year?

了解。那——那今年剩餘期間大概應該預期多少？

Again, we embedded about the $100 million in our full year guide.

再說一次，我們在全年指引中已內含約1億美元。

Okay. Got it. And then just on pricing, I know you had asked for price increase. Does that have to go -- like is RISI involved in this? Or do you have is it pretty fast?

好的。明白了。另外關於定價，我知道你們有提出漲價。那這需要——例如RISI會介入嗎？還是流程其實很快？

Like is it just between you and the customer? Or is it really involved? Like is it like -- is it going to depend on what they come up with -- in terms of like what the final number will be or if there will actually be an increase?

例如只是你們和客戶之間的事嗎？還是其實牽涉很多？例如——是否會取決於他們最後提出什麼——就最終數字會是多少、或是否真的會漲價而言？

Yes, a couple of components of our price. Specifically, what I talked about in the prepared remarks was an increase in Cupstock paperboard price, and that is something that will impact our open market business more quickly than it would pass through our foodservice packaging business. That will be once RISI recognizes it and then whatever the contractual period is before it starts getting reflected.

是的，我們的價格有幾個組成部分。具體來說，我在事先準備的發言中談到的是杯紙板（Cupstock）紙板價格上調，這會比在餐飲服務包裝（foodservice packaging）業務的轉嫁更快地影響我們的公開市場（open market）業務。這會在RISI確認（recognizes）之後，並依合約約定的期間，才會開始反映出來。

And so that is on that side. Then on the other packaging price increases, those would go into effect in our, let's say, around $1 billion of revenue that we have that's not under direct pricing contract.

所以那一塊是這樣。至於其他包裝的漲價，則會在我們約10億美元營收中、那些不在直接定價合約（direct pricing contract）之下的部分生效。

Arun Viswanathan, RBC Capital Markets.

RBC資本市場（RBC Capital Markets）的Arun Viswanathan。

I guess maybe I can just clarify maybe the walk on free cash flow. So it looks like you have kind of harvested some amount of working capital and inventory. But does that maybe reverse as you take some downtime?

我想我可能只是想釐清一下自由現金流的橋接（walk）。看起來你們收回（harvested）了一些營運資金和庫存。但當你們進行一些停機時，這會不會反向回轉？

And then maybe next year also, would you have to kind of rebuild those inventories? And do you expect kind of less contribution from work capital and then related to that point, just kind of curious if you still expect kind of an $80 million uplift from Waco and is that being offset by maybe some downtime at Kalamazoo?

另外明年也一樣，你們是否需要某種程度把那些庫存再補回來？你們是否預期營運資金的貢獻會變少？以及延伸這點，我也想問你們是否仍預期Waco帶來8,000萬美元的提升，而這是否會被Kalamazoo的一些停機所抵銷？

Yes. So I'll start with the last part. First of all, on Waco, what we're seeing there is the business case for Waco is indeed playing out in terms of the variable cost. What we -- the benefits we have recommitted to the specific benefits number because until we're able to cover the fixed cost with the volume that we -- then that's when you'll see the additional impact of the fixed cost.

是的。我先從你問題的後半段開始。首先，關於Waco，我們看到Waco的商業案例確實正在實現，特別是在變動成本（variable cost）方面。至於——我們之所以重新承諾（recommitted）到特定的效益數字，是因為要等到我們能用我們所——的量把固定成本（fixed cost）覆蓋住之後，你才會看到固定成本帶來的額外影響。

But as Robbert talked about on the call, the operations are running well. The ramp-up is going well and everything overall is going very well. And in terms of the first part of your question, inventory will not be rebuilt in next year as we talked about or as Robbert mentioned, we expect to get the 17% to of inventory -- inventory as a percentage of sales this year on our way towards our longer-term target of 15% to 16%.

但如Robbert在電話會議上所說，營運狀況良好。爬坡（ramp-up）進展順利，整體一切都非常順利。至於你問題的前半段，明年不會重建庫存；正如我們談到的、或Robbert提到的，我們預期今年庫存占銷售比（inventory as a percentage of sales）可降至17%，並朝我們較長期的15%到16%目標邁進。

So we will continue to see some working capital benefit in next year from lower inventory. And then also 2027, if you think about 2027's cash flow, that will continue to benefit from lower cash taxes and then, of course, lower interest expense. So some of the items will come back. And then as we talked about at the year-end call, we still see the post 2027 free cash flow number of $700 million-plus.

因此，明年我們仍會因庫存較低而看到一些營運資金的效益。另外，如果你看2027年的現金流，仍會受惠於較低的現金稅（cash taxes），當然也包括較低的利息費用（interest expense）。所以有些項目會回來。而且如我們在年終電話會議上所談，我們仍認為2027年之後的自由現金流可達7億美元以上。

And then if I could ask on supply/demand. So obviously, there's been some changes in SBS. Our understanding is, I guess, that may not necessarily have the impact as to reduce supply to tighten up that market enough to get pricing power. Would you agree with that? And are you still kind of facing some pricing headwinds in SBS?

另外我想問供需。很明顯，SBS已經有一些變化。我們的理解是，這未必會造成供給下降到足以讓市場收緊、進而取得定價權的程度。你同意嗎？而且你們在SBS上是否仍面臨一些定價逆風？

And is that weighing on CUK and CRB as well? Maybe you can just comment on kind of potential pricing in those -- across the different substrates to cover inflation.

這也會對CUK和CRB造成壓力嗎？也許你可以評論一下，為了覆蓋通膨，在不同基材（substrates）之間的潛在定價情況。

Yes. Let me take that question. With regards to the paperboard grades, the two grades that really matter most to us, as you know, are recycled and unbleached because that's what we primarily use. And both of those markets are in good balance. With regards to the cross-category dynamics, we're not necessarily seeing a lot of impact of bleached on recycled with regards to cannibalization. So we're not seeing recycle lose volume to bleached, but it does have to respond to price competition.

是的。我來回答這個問題。就紙板等級而言，對我們最重要的兩個等級，如你所知，是再生（recycled）與未漂白（unbleached），因為我們主要使用的是這兩種。而這兩個市場目前都處於良好的供需平衡。就跨品類動態而言，我們不一定看到漂白（bleached）對再生在蠶食（cannibalization）方面有很大影響。所以我們沒有看到再生的量被漂白搶走，但它確實必須回應價格競爭。

So switching is rare. And with our new PaceSetter Rainier grade, that matches bleached printability, but it's 100% recycled and cheaper to make. And we continue to believe that PaceSetter Rainier will take volume from bleached over time. And when it comes to the balancing of supply and demand, I just want to remind you that we closed Tama, Iowa, which was a CRB mill in '23. We decommissioned our K3 machine in Kalamazoo in '23, and we closed Middletown, Ohio, which was a CRB mill in '25.

因此，轉換是罕見的。而我們新的 PaceSetter Rainier 等級，印刷適性可媲美漂白紙板，但它是 100% 再生，而且製造成本更低。我們也持續相信，PaceSetter Rainier 將隨時間從漂白紙板那邊取得量。至於供需平衡，我只想提醒各位，我們在 2023 年關閉了愛荷華州 Tama，那是一座 CRB 紙廠。我們在 2023 年讓密西根州 Kalamazoo 的 K3 機台除役，並且在 2025 年關閉了俄亥俄州 Middletown，那也是一座 CRB 紙廠。

Then we closed East Angus in Quebec in '25 and '26, and we sold the Augusta mill, as you know. So bleached continues to be oversupplied, but accounts for the smallest part of our business. And we have been very proactive in our approach to supply whilst others have added capacity, as you know. So what we do here is we actively match our internal supply with our demand profile, and that's supported by our integrated system and our portfolio as a result is structurally advantaged.

接著我們在 2025 年與 2026 年關閉了魁北克的 East Angus，而如各位所知，我們也出售了 Augusta 紙廠。因此，漂白紙板仍然供給過剩，但在我們的業務中占比最小。而且如各位所知，當其他業者增加產能時，我們在供給端的作法一直非常積極主動。所以我們在這裡所做的是，主動讓內部供給與我們的需求結構相匹配；在整合式系統的支持下，我們的產品組合因此具備結構性優勢。

Anthony Pettinari, Citi.

Anthony Pettinari，花旗。

Just following up on, I think, Hillary's question. If you look at your total tonnage, is it possible to say what percentage is on a RISI index versus like a custom index, maybe what the lag is in terms of price increases if it's realized in RISI versus you see it in a custom index and then how much of your volumes would be covered by that Cupstock price increase that you talked about earlier?

我想延續一下我認為是 Hillary 的問題。如果看你們的總噸數，是否可以說明有多少百分比是依 RISI 指數、多少是依自訂指數？另外，如果是 RISI 反映了漲價，相較於你們在自訂指數中看到的，價格上調的落後期大概是多久？以及你們先前提到的 Cupstock 漲價，會涵蓋你們多少的出貨量？

Yes, this is Chuck. I'll take that. So in our bleach business, we have more of our packaging tied to RISI than we do in our other models. And so the majority of our packaging volume is indeed tied to RISI that's for the cupstock business, a couple of hundred thousand tons and generally would be recognized in price 3, 6 months after it's recognized by RISI depending on the timing during the quarter that is recognized by RISI.

是的，我是 Chuck。我來回答。在我們的漂白業務中，相較於其他模式，我們有更多包裝產品是與 RISI 連動。因此，我們的包裝出貨量多數確實與 RISI 連動；以杯用紙板（cupstock）業務為例，大約是數十萬噸，而通常會在 RISI 認列後的 3 到 6 個月反映到價格上，取決於該季內 RISI 認列的時間點。

Okay. We don't disclose exact details around the percentage of our contracts that are tied to RISI, but Chuck did refer to the $1 billion of noncontractual sales, and we do have a cupstock business as well where we sell a big part of that on the external market. So that should answer your question.

好的。我們不揭露與 RISI 連動的合約占比等精確細節，但 Chuck 確實提到 10 億美元的非合約銷售；此外我們也有杯用紙板（cupstock）業務，其中很大一部分是在外部市場銷售。所以這應該能回答你的問題。

Got it. Got it. And then I guess, fiber is up, diesel is up. You've indicated that you're not seeing big cannibalization of SBS into CRB. I mean, obviously, you can't talk about forward pricing or anything like that.

了解。了解。那接著我想，纖維成本上升、柴油也上升。你們指出沒有看到 SBS 大量被 CRB 蠶食。我的意思是，顯然你們不能談前瞻定價或類似的事情。

But can you just talk about maybe your philosophy on pricing? Do you expect graphic to be a price leader? How do you think about it? We've seen price improvement in other containerboard graphic paper grades this year. Can you just talk to us kind of how you think about pricing generally?

但你們能否談談你們的定價理念？你們預期圖形紙（graphic）會成為價格領導者嗎？你們怎麼思考這件事？我們今年看到其他箱板紙/圖形紙等級的價格有所改善。能否跟我們談談你們整體上如何看待定價？

The majority of our business is converted to finished product packaging. So -- and the majority of that is either recycled or bleached. And so -- unbelieve, sorry. And so we are not necessarily spending our entire day thinking about paperboard pricing, graphic, and we continue to focus on customer service, operating excellence and taking share and growing our business by delivering better products, better finished products, which are essentially converted finished packages. That is how we think about pricing.

我們大部分的業務是轉換成終端產品包裝。而其中大部分要嘛是再生紙板，要嘛是漂白紙板。所以——難以置信，抱歉。所以我們不一定整天都在思考紙板定價、圖形紙等；我們持續聚焦於客戶服務、營運卓越、取得市占，並透過提供更好的產品、更好的終端產品（本質上就是轉換後的成品包裝）來成長我們的業務。這就是我們看待定價的方式。

Phil Ng, Jefferies.

Phil Ng，Jefferies。

Robbert, I appreciate the 90-day post review, volumes are up, so that's great. You got some headwinds this year that you are going to work through, but it sounds like destocking inventory could potentially still be a drag when we think about 2027. So with some of the levers that you may have a better appreciation now, is there a path where you could grow EBITDA next year with our prices going high? I just want to think through that just because, obviously, it's a big earnings reset this year.

Robbert，我很感謝你們做了 90 天的事後檢討，出貨量上升，這很棒。你們今年有一些逆風需要克服，但聽起來在我們思考 2027 年時，去庫存可能仍會是拖累。所以就你們現在對一些槓桿有了更好的掌握而言，有沒有一條路徑能讓你們在明年、即使我們的價格不走高的情況下，仍能成長 EBITDA？我只是想把這件事想清楚，因為顯然今年是一次很大的獲利基準重置。

Yes. Look, I just -- thank you for raising the 90-day review. I just want to give a little bit of color on that, and then I'll talk a little bit about how it's all going to impact EBITDA. We have we have concluded that review and confirmed that we have a strong foundation, an opportunity to drive better financial and operational performance as we talked. And we've taken 500 roles out of the organization.

是的。你看，我只是——謝謝你提到 90 天檢討。我想先補充一點背景，然後再談它將如何影響 EBITDA。我們已完成該檢討，並確認我們有堅實的基礎，也如我們所談，有機會推動更好的財務與營運表現。而且我們已從組織中精簡了 500 個職位。

As Chuck talked about, that's going to primarily impact the second half of this year. We are advancing some of these capital efficiency initiatives where we're prioritizing higher return opportunities. We've reorganized the commercial team. We've deployed AI. So we are very confident that the work we're doing is going to allow us to deliver on the cost reduction commitment that we have, which is $60 million.

如 Chuck 所說，這主要會影響今年下半年。我們正在推進一些資本效率計畫，優先投入報酬更高的機會。我們已重整商務團隊。我們已導入 AI。因此我們非常有信心，我們正在做的工作將使我們能夠達成既定的成本削減承諾，也就是 6,000 萬美元。

Now there is some inflation, as you know, we have mitigation actions in place, which include contractual cost recovery mechanisms, those have some timing lags. There are some target price actions in the noncontractual business that we just discussed.

當然如各位所知，存在一些通膨；我們已採取緩解措施，包括合約中的成本回收機制，但這些會有一些時間落後。在我們剛剛討論的非合約業務中，也有一些目標性調價行動。

And then we just announced a recent price increase on Cupstock and primarily cost reductions and operational efficiency actions. With that and the fact that we're taking obviously an EBITDA hit this year to reduce our inventory and we are resetting the base because we're reinvesting in incentives for our associates.

此外，我們剛宣布了杯用紙板（Cupstock）的近期漲價，並且主要透過成本削減與營運效率行動。在這些因素之下，再加上我們今年為了降低庫存而明顯承受 EBITDA 的衝擊，以及我們因為重新投資員工激勵而重置基準。

That's the walk that Chuck talked us through. We will continue to rely on productivity and category growth and share growth to drive top line and therefore, EBITDA

這就是 Chuck 帶我們走過的那段說明。我們將持續依靠生產力提升、品類成長與市占成長來推動營收，進而推動 EBITDA。

Okay. So it sounds like you feel like you got enough lease to grow next year from an EBITDA standpoint, Robbert? Just quickly summarize or --

好的。所以聽起來你覺得從 EBITDA 的角度來看，Robbert，你們有足夠的空間在明年成長？能否快速總結一下，或——

We're not in guidance for next year at this point. It's early, we're still early days in 2026. So give us a couple of months to get a better understanding, but we're doing all the right things and the right work to set ourselves up for a great 2027.

我們目前不提供明年的財測指引。現在還早，我們仍在 2026 年的早期階段。所以再給我們幾個月，讓我們有更好的掌握；但我們正在做所有正確的事情、正確的工作，讓自己為 2027 年的出色表現做好準備。

Fair enough. A question for Chuck. Your guidance you reiterated, which is encouraging. Certainly, you're seeing some inflation here. Your guidance, does that embed the SBS Cupstock sticking?

合理。我有個問題想問 Chuck。你們重申了你們的指引，這令人鼓舞。當然，你們確實看到一些通膨。你們重申的指引中，是否已納入 SBS Cupstock 的「黏著性」（價格維持/不回落）？

Granted there is a lag, I don't know how impactful it's going to be. And then some of the packaging price increases that are not tied to research some of these contracts? Is it embedded that you get price?

考量到確實有落後期，我不確定影響會有多大。另外，還有一些不與研究機構連動的包裝漲價、以及部分合約的調價？你們的指引是否已假設能取得價格（漲價落地）？

I asked just because in your prepared remarks, you mentioned you've seen some unusual price declines in packaging prices, right, not necessarily tied to [SBS] like some of the other grades. Have you seen that component like stabilize? Like what are you seeing on some of that packaging price in the last few months?

我之所以問，是因為在您準備好的發言中，您提到您看到包裝紙價格出現一些不尋常的下跌，對吧，不一定像其他一些等級那樣與 [SBS] 相關。您有看到那個部分開始穩定下來嗎？像是過去幾個月，您在包裝紙價格方面看到什麼情況？

Yes. A couple of things there. So we don't embed anticipated RISI moves until they are announced. And so any impact to that on our ontract from our RISI move would not be reflected we will embed what we see in the open market business, of course.

是的。這裡有幾點。所以我們不會在 RISI 的變動尚未公布前就把預期的 RISI 變動納入。因此，任何來自 RISI 變動對我們合約的影響都不會反映出來；當然，我們會把我們在公開市場業務中看到的情況納入。

From time to time, we would have bet packaging prices, but right now, we're still working through exactly the size of all of that. And -- and so we'll embed that as we go. So that's what we see on the price.

有時候我們會看到包裝紙價格的押注/預期，但目前我們仍在釐清其整體規模到底有多大。然後——然後我們會隨著進展把它納入。所以這就是我們在價格方面看到的情況。

Have you seen a stabilization there, Chuck, on the packing price? What you've said that it's been unusual coming the year?

Chuck，你有看到那邊的包裝紙價格趨於穩定嗎？你說今年以來它一直很不尋常？

What we see there is our customers, however, there's geopolitical uncertainty that the assurance of supplier becomes a bigger deal to our customers and they talked about local supply and our integrated model really sells well to them. And so it certainly gives us the opportunity to stop in negative trends or to introduce the idea of a packaging price.

我們看到的是，對我們的客戶而言，在地緣政治不確定性之下，供應商的可靠性/供應保障變得更重要；他們談到在地供應，而我們的一體化模式對他們來說非常有吸引力。因此，這確實讓我們有機會阻止負面趨勢，或提出包裝紙價格的概念。

Gabe Hajde, Wells Fargo Securities.

Gabe Hajde，富國銀行證券。

Robbert, I'm curious if we can go back to the Cupstock announcement. I find it interesting, I think, in the slide that you gave us, it's the one category that decelerated, it was pretty strong over the last two quarters. So I guess is there something unique about that supply-demand dynamic in Cupstock that would afford you all to the industry to get price or maybe something unique about the input cost structure that makes it such that you can recover costs faster than maybe some of the other two grades you participate in?

Robbert，我想回到 Cupstock 的漲價公告。我覺得很有意思，我想在你給我們的投影片裡，這是唯一一個增速放緩的品類，而過去兩個季度表現相當強勁。所以我想問的是，Cupstock 的供需動態是否有什麼獨特之處，使得你們或整個產業能夠提價？或者投入成本結構是否有什麼特別之處，讓你們能比你們參與的另外兩個等級更快回收成本？

Yeah. On the -- there is a higher input cost, of course, that Cupstock is barrier coded with resin. And so there's an impact when you see resin prices increase. And so yes, a higher input cost. And then Cupstock has historically been a strong grade for us and so down had a lot of excess capacity.

是的。就——它的投入成本更高，當然，因為 Cupstock 是以樹脂做阻隔塗佈的。因此當你看到樹脂價格上漲時就會有影響。所以是的，投入成本更高。另外，Cupstock 歷來一直是我們的強勢等級，因此（市場）並沒有太多過剩產能。

Okay. And then as you have conversations with your customers, I mean, you are trying to reduce inventories. Maybe they were looking around the corner at oil above 100, and we might envision some price increases. Do your sales folks in using any sort of prebuying activity that happened into the summer? And then one last one on CapEx.

好的。那麼當你們與客戶對話時，我是說，你們正試圖降低庫存。也許他們在觀望油價可能會到 100 美元以上，我們可能會預期一些漲價。你們的銷售團隊有看到任何在夏季之前發生的預先採購行為嗎？最後還有一個關於資本支出（CapEx）的问题。

It sounds like the entire $200 million that you called out is specifically associated with that one discrete or those two discrete winder projects I've seen remember there were some, I guess, greenhouse gas initiatives later in the decade, and it seems pretty hard right now to get some projects still on the drawing board?

聽起來你們提到的那 2 億美元，全部都特別與那一個單獨的、或那兩個單獨的復捲機（winder）專案相關。

Yes. Let me take the one on customers, and you could talk, Chuck, about the -- how we got to the $200 million capital investment reduction and what that entails, that's one project or more projects. So the question around customer stock is a good one.

是的。我先回答客戶那題，然後 Chuck 你可以談談——我們如何達到 2 億美元資本投資削減，以及那包含的是一個專案還是更多專案。關於客戶庫存的問題問得很好。

We haven't really seen a lot of stocking in Q1 as a result of anticipated price increases. We are having a lot of conversations with our customers regarding surety supply or assurance of supply. That's primarily related to having multiple sites producing their packaging, so that they're not relying on one side in case of a natural disaster, more so than anything related to oil and gas right now.

我們在第一季並沒有真的看到因預期漲價而出現大量備貨。我們與客戶有很多對話，內容是關於供應確定性或供應保障。這主要與他們希望有多個廠址生產其包裝有關，這樣在發生天然災害時就不會只依賴單一據點；這比目前任何與油氣相關的因素更重要。

And as Chuck said, they do really value our integrated business model. But the customers, they want value, they want to balance costs. They want to see the best performance especially in our beverage sector, you need certain properties in the packaging. They want sustainability. And most recently, there's more and more discussion on assurance of supply, as I discussed.

而且如 Chuck 所說，他們確實很重視我們的一體化商業模式。但客戶想要價值，他們想要在成本之間取得平衡。他們希望看到最佳表現，尤其是在我們的飲料領域，包裝需要具備某些特性。他們想要永續性。而最近，正如我提到的，關於供應保障的討論越來越多。

And they are focused on cost can and are looking for ways to optimize packaging formats, reduce material usage and improve cost. So those are most of the things we're seeing, Gabe.

他們也聚焦在成本上，並在尋找方法來優化包裝形式、減少材料用量並改善成本。Gabe，這些就是我們看到的大部分情況。

And then, Gabe, I'll build on the I'll build on the CapEx. The $200 million that we called out, that was those two projects specifically, but that was over the next several years that, that $200 million would come out not primarily this year that the $450 million is the number that we had originally guided to for this year and clearly we've gone in and shored up our path to get there, and we'll continue to look for opportunities to even cut further.

然後，Gabe，我再補充一下資本支出。我們提到的那 2 億美元，確實是特別針對那兩個專案，但那是未來幾年會逐步減少的 2 億美元，並非主要發生在今年；今年我們原先指引的是 4.5 億美元，而顯然我們已經回頭把達成該目標的路徑加以鞏固，並會持續尋找機會進一步削減。

So with regards to capital, we are implementing a very rigorous and disciplined capital spend review and approval process. We will be evaluating and prioritizing investments that promote safety and fulfill regulatory obligations. We will continue to consider investments that announce cost-efficient season to generate the right returns for our portfolio. So that's how we're viewing this. And there are obviously a number of projects in the future that we are currently evaluating, including the ones that you're referring to.

因此就資本而言，我們正在實施非常嚴格且有紀律的資本支出審查與核准流程。我們將評估並優先排序能提升安全並履行法規義務的投資。我們也會持續考量那些能以具成本效率的方式推動、並為我們的投資組合帶來適當報酬的投資。這就是我們看待此事的方式。而且很明顯地，未來還有許多專案我們正在評估中，包括你所提到的那些。

Ladies and gentlemen, this does conclude today's Q&A session and also our call. You may disconnect your lines at this time. Have a wonderful day, and we thank you all for your participation.

各位女士先生，今天的問答環節以及本次電話會議到此結束。您現在可以掛斷電話線。祝您有美好的一天，並感謝各位的參與。