Graphic Packaging Holding Company (GPK) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Graphic Packaging Holding Company's third 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 年第三季電話會議。(接線員指示) 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 third quarter 2026 earnings results conference call.

早安。感謝各位參加 Graphic Packaging 2026 年第三季財報結果電話會議。

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.

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。這些陳述存在風險與不確定性，可能導致實際結果與我們的預期與預測有重大差異。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 提交之文件中所辨識的因素。

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 third quarter 2026 earnings presentation, which can be found in the Investor Relations section of our website and 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 年第三季財報簡報，可於我們網站的投資人關係專區及網路直播中取得。

I will turn the call over now to Robbert.

現在我把電話會議交給 Robbert。

Thank you, Melanie, and good morning, everyone. Our third quarter performance demonstrates continued progress against the near-term strategic priorities established earlier this year.

謝謝你，Melanie，各位早安。我們第三季的表現顯示，我們在今年稍早所建立的短期策略優先事項上持續取得進展。

We delivered revenue and volume growth year-over-year, expanded Adjusted EBITDA margin sequentially for the second consecutive quarter, and continue to generate meaningful cost savings despite an operating environment that remains dynamic and inflationary. Net sales were $2.2 billion, up modestly from the prior year. Volumes increased approximately 1%, outperforming a declining broader market. Adjusted EBITDA was $289 million, Adjusted EBITDA margin was 13.2%, and Adjusted EPS was $0.23. Adjusted Cash Flow for the nine-month period ending September 30 was $314 million, an increase of $646 million versus the first nine months of 2025.

我們的營收與銷量年增，同時調整後 EBITDA 利潤率連續第二季按季擴張；儘管營運環境仍然多變且通膨壓力持續，我們仍持續創造具意義的成本節省。淨銷售額為 22 億美元，較去年小幅增加。銷量約成長 1%，優於整體市場下滑的表現。調整後 EBITDA 為 2.89 億美元，調整後 EBITDA 利潤率為 13.2%，調整後每股盈餘（EPS）為 0.23 美元。截至 9 月 30 日的九個月期間，調整後現金流為 3.14 億美元，較 2025 年前九個月增加 6.46 億美元。

Quarter-over-quarter Adjusted EBITDA increased $42 million, and Adjusted EBITDA margin expanded by 190 basis points. This performance resulted from decisive actions taken this year, including the execution of structural cost reductions and successful commercial efforts by our team.

調整後 EBITDA 較前一季增加 4,200 萬美元，調整後 EBITDA 利潤率擴張 190 個基點。此表現源自我們今年採取的果斷行動，包括推動結構性成本削減，以及團隊成功的商業執行。

While we're still early in our transformation journey, margin recovery is especially encouraging to see given the heightened inflationary environment experienced in 2026. The resilience in our top line performance reflects the breadth of our packaging solutions across markets and customers, our integrated manufacturing network, and the disciplined execution of our teams.

雖然我們的轉型旅程仍在早期階段，但在 2026 年通膨環境升溫的情況下，看到利潤率回升尤其令人振奮。我們營收端的韌性反映出我們在各市場與客戶間廣泛的包裝解決方案、整合式製造網絡，以及團隊嚴謹的執行力。

We partner with large and small branded and private label customers across food, beverage, foodservice, household, and health and beauty. Our innovative packaging satisfies different functional and price point requirements and positions us with a comprehensive set of solutions to support customers across a wide range of economic conditions and consumer preferences.

我們與食品、飲料、餐飲服務、家用以及健康與美容等領域的大型與小型品牌及自有品牌客戶合作。我們的創新包裝可滿足不同功能與價格帶需求，使我們具備完整的解決方案組合，以支援客戶在各種經濟情境與消費者偏好下的需求。

The business environment for global consumer packaging providers remains dynamic. Generally, consumers remain value-oriented and selective as widespread inflation has created affordability challenges and shaped consumption behavior. Broader adoption of GLP-1 medications has reinforced consumer preferences for protein and fiber, reduced portion sizes, less sugar alongside a greater focus on health.

全球消費性包裝供應商的商業環境仍然多變。整體而言，由於廣泛通膨造成可負擔性挑戰並形塑消費行為，消費者仍偏向重視價值並更為挑剔。GLP-1 藥物更廣泛的採用，強化了消費者對蛋白質與纖維的偏好、縮小份量、降低糖分，並更加聚焦健康。

Consumers are making deliberate choices about where value matters the most, while continuing to spend on convenience, wellness, or an attainable premium experience. Unabated inflation across the entire supply chain continues to drive up cost of production, while intra-contract pricing adjustments in our industry remain largely tied to paperboard market dynamics. Supply-demand conditions vary across regions and substrates, and tariffs and higher logistics costs are influencing global trade flows.

消費者正有意識地選擇在哪些方面價值最重要，同時仍持續在便利性、健康福祉或可負擔的高端體驗上支出。供應鏈全環節未見緩解的通膨持續推升生產成本，而本產業合約內的價格調整在很大程度上仍與紙板市場動態連動。各地區與不同基材的供需狀況不一，關稅與更高的物流成本也正在影響全球貿易流向。

Amid these industry dynamics, we remain focused on the company-specific levers within our control and delivering to our commitments. The breadth of our packaging portfolio and market reach enable us to serve the full spectrum of consumer demand from value-oriented solutions to premium packaging and respond as customer and consumer preferences evolve. We are executing structural cost reductions and productivity initiatives to enhance margins while implementing best practices and standardizing processes across the organization.

在這些產業動態之下，我們仍專注於公司可控的槓桿，並履行我們的承諾。我們包裝產品組合與市場覆蓋的廣度，使我們能服務從重視價值的解決方案到高端包裝的完整消費需求光譜，並在客戶與消費者偏好演變時做出回應。我們正執行結構性成本削減與生產力提升計畫以改善利潤率，同時在全組織導入最佳實務並標準化流程。

As a result, we are improving outcomes and strengthening the long-term sustainability of our business. We are taking price increases to mitigate impacts of inflation and strengthening inflation recovery mechanisms within our multiyear agreements with customers. The latter will improve the responsiveness of our customer contracts to changes in our cost base. As part of our commercially led revenue growth management initiatives, we are adding PPI-based price change mechanisms to customer agreements to capture non-board inflation and utilizing other recovery escalators.

因此，我們正在改善成果並強化業務的長期永續性。我們正採取提價以減輕通膨影響，並在與客戶的多年期協議中強化通膨回收機制。後者將提升客戶合約對我們成本基礎變動的反應速度。作為以商業為主導的營收成長管理計畫之一，我們正將以 PPI 為基礎的價格變動機制納入客戶協議，以回收非紙板通膨，並運用其他回收型調整條款。

We are also moving from semiannual to quarterly pricing openers as contracts renew to ensure a more responsive and balanced framework with customers. Graphic Packaging's global leadership position, together with the strong progress made against our strategic priorities this year, sets us on a clear path to return to profitable growth.

此外，隨著合約續約，我們也正從每半年一次改為每季一次的價格重啟條款，以確保與客戶之間更具反應性且更平衡的架構。Graphic Packaging 的全球領導地位，加上今年在策略優先事項上取得的強勁進展，使我們走在一條清晰的道路上，回到獲利性成長。

We are leaning into the areas where we have competitive advantages, our broad and diverse portfolio, leading positions in unbleached and recycled paperboard, differentiated innovative packaging and machinery capabilities, and deep customer relationships. With greater spending discipline across our platform of well-invested mill assets, we are focused on delivering our committed cash flow generation targets. Our cash-generative business provides a clear path to reducing debt and returning significant capital to shareholders over time.

我們正加大投入於我們具備競爭優勢的領域，包括我們廣泛且多元的產品組合、在未漂白與再生紙板的領先地位、具差異化的創新包裝與機械能力，以及深厚的客戶關係。在我們投資完善的紙廠資產平台上，以更嚴謹的支出紀律為前提，我們專注於達成承諾的現金流創造目標。我們具現金創造力的業務，提供一條清晰路徑以降低負債，並隨時間推進向股東回饋可觀資本。

Turning to our end markets. Food delivered another quarter of growth and remain our strongest and largest markets. In North America, center of store categories performed well with strength in bars, confectionery, sweet and savory snacks, and frozen and shelf-stable prepared meals. These categories fit how consumers manage their budgets today, offering convenience, controlled portions, and a more affordable alternative to fresh ingredients or eating away from home.

接著談我們的終端市場。食品再度交出一季成長，並仍是我們最強且最大的市場。在北美，店內核心品類表現良好，其中能量棒、糖果巧克力、甜鹹零食，以及冷凍與常溫即食餐點表現強勁。這些品類符合消費者當前的預算管理方式，提供便利性、可控份量，並相較於新鮮食材或外食更為可負擔。

End market performance was more nuanced in our international business. Select convenience categories like dry prepared meals performed well in the quarter, while cereal and fresh protein remained under pressure given significant inflation and widening price gaps versus private label. Consumer preferences for protein, healthier choices, and favorite brands remain, but macro pressures are driving some consumption toward lower-cost formats and substitutes. Our customers have had to adapt to a bifurcated consumer demand environment.

我們國際業務的終端市場表現則更為分化。本季部分便利性品類（如乾燥即食餐點）表現良好，而由於通膨顯著以及相對於自有品牌的價差擴大，穀物食品與新鮮蛋白仍承受壓力。消費者對蛋白質、更健康選擇與偏好品牌的需求仍在，但總體壓力正使部分消費轉向較低成本的形式與替代品。我們的客戶必須因應分裂的消費需求環境。

Innovation and consumer engagement strategies, including new product formats, different pack sizes, and occasion-based promotions remain important tools for brands to increase shelf appeal and drive volumes. During the third quarter, our Global Beverage segment was stable with stronger relative performance in energy drinks and certain emerging beverage categories. Across our beverage segment, customers broadly continue to focus on driving volume through consumer engagement strategies and expansion in new categories.

創新與消費者互動策略（包括新產品形式、不同包裝規格，以及以情境為主的促銷）仍是品牌提升貨架吸引力並帶動銷量的重要工具。第三季期間，我們的全球飲料事業部維持穩定，其中能量飲料及部分新興飲料品類的相對表現更強。在整個飲料事業部中，客戶整體仍持續聚焦透過消費者互動策略與拓展新類別來推動銷量。

As emerging and traditional brands gain traction and accelerate growth in new categories from wellness beverages to ready-to-drink cocktail offerings, many are turning to co-packers for packaging and fulfillment. This trend is supporting growth in our beverage machinery business and expanding our relationships with strategic co-packing partners. Year-to-date, we have sold 12 machines to co-packers and now have more than 95 installed across the co-packer network.

隨著新興與傳統品牌在從健康飲品到即飲雞尾酒等新類別中獲得動能並加速成長，許多品牌正轉向委外代工包裝商（co-packers）以進行包裝與履約。此一趨勢正支撐我們飲料機械業務的成長，並擴大我們與策略性委外代工包裝夥伴的合作關係。年初至今，我們已向委外代工包裝商售出12台設備，目前在該委外代工包裝商網絡中已安裝超過95台。

Performance in our Health and Beauty segment, which is largely a European business for us today, was mixed during the third quarter. Luxury fragrance and skin care benefited from resilient demand and benefits of restocking. And over-the-counter health care showed some signs of recovery. Mass market beauty categories, however, remain challenged. Our foodservice and household businesses experienced similar pressures as last quarter from consumer affordability and continued trade-offs consumers are making to manage their budgets.

我們的健康與美容事業部門（目前對我們而言主要為歐洲業務）在第三季的表現好壞參半。高端香氛與護膚受惠於具韌性的需求以及補庫存帶來的效益。而非處方（OTC）健康照護也出現一些復甦跡象。然而，大眾市場美容品類仍面臨挑戰。我們的餐飲服務與家用產品業務也承受與上季類似的壓力，原因在於消費者負擔能力，以及消費者為管理預算而持續做出的取捨。

The diverse set of markets and customers we serve remains an important portfolio advantage for Graphic Packaging. Our broad market and customer reach, coupled with the breadth of capabilities we offer allow us to capture opportunities whether consumption occurs at home or away from home in large-scale formats or smaller pack architectures in value-oriented or premium ends of the market.

我們所服務的多元市場與客戶組合，仍是Graphic Packaging的重要投資組合優勢。我們廣泛的市場與客戶觸及範圍，加上我們所提供能力的廣度，使我們能夠掌握各種機會——無論消費發生在家中或外出場景、採用大規模規格或較小包裝架構、面向重視價值或高端市場端。

Regardless of whether our packaging is used on the go or in the home, two themes are increasingly clear. First, value does not always translate to the lowest price. Consumers continue to pay for convenience, wellness benefits, smaller portion packaging formats, and differentiated experiences when the value proposition is clear. Second, our customers need packaging partners that help them move quickly, manage complexity, and maintain reliable supply. Those demands align directly with Graphic

不論我們的包裝是用於外出即用或居家使用，有兩個主題愈發清晰。第一，價值不一定等同於最低價格。當價值主張清楚時，消費者仍願意為便利性、健康效益、較小份量的包裝形式，以及差異化體驗付費。第二，我們的客戶需要能協助他們快速行動、管理複雜度並維持可靠供應的包裝合作夥伴。這些需求與Graphic

Packaging scale, innovation capabilities, and elevated focus on customer service. We strive to be the packaging partner of choice, and we're honored to receive packaging accolades during the third quarter, including three AmeriStar awards for achievements in packaging design, sustainability, and the People's Choice Award, and three Paperboard Packaging Council awards. Also in the third quarter, we were the recipient of the Global Supplier Co-Creation Award by Asahi and the Innovation Leadership Award from Portillo's. More recently, during the month of October, we received customer acknowledgments for outstanding service.

Packaging的規模、創新能力，以及對客戶服務的更高聚焦直接一致。我們致力成為首選包裝合作夥伴，並很榮幸在第三季獲得多項包裝獎項肯定，包括三項AmeriStar獎（表彰包裝設計、永續性，以及「人民之選」獎），以及三項紙板包裝協會（Paperboard Packaging Council）獎項。同樣在第三季，我們亦獲得朝日（Asahi）頒發的全球供應商共同創造獎（Global Supplier Co-Creation Award），以及Portillo's頒發的創新領導獎（Innovation Leadership Award）。更近期地，在10月份，我們也因卓越服務獲得客戶表揚。

Notably, our Canadian foodservice team was honored with the Customer Hero Award for outstanding support of Yum! Brands and the Unified Purchasing Group of Canada. Additionally, we were proud to be named among America's leading corporate citizens. We were awarded a top 5 ranking overall and achieved the best ranking in the materials sector on 3BL's 2026 100 Best Corporate Citizens list. Progress against our five near-term strategic priorities continued in the quarter. As shared with you earlier in the year, our first priority is to deliver disciplined organic growth by focusing our resources on the markets and applications where we have the strongest right to win.

值得一提的是，我們加拿大餐飲服務團隊因對Yum!Brands與加拿大統一採購集團（Unified Purchasing Group of Canada）的傑出支援而獲頒「客戶英雄獎」（Customer Hero Award）。此外，我們也很自豪獲選為美國領先的企業公民之一。我們在3BL的《2026年100大最佳企業公民》榜單中獲得整體前五名，並在材料產業類別中取得最佳排名。本季我們在五項近期策略優先事項上的進展持續推進。如同我們今年稍早與各位分享的，我們的第一項優先事項是透過聚焦資源於我們最具勝出權（right to win）的市場與應用，來實現有紀律的內生成長。

Our second priority is profitability enhancement, and we now expect approximately $90 million of structural cost reductions for the year. This reflects an incremental improvement of 6% over the 2026 savings we guided last quarter. Our third priority is the optimization of our operations, footprint, and portfolio. The pivot to produce URB in addition to CRB at Waco leverages our best-in-class recycle platform and drives new growth opportunities for us with existing and new customers.

我們的第二項優先事項是提升獲利能力，而我們目前預期全年可實現約9,000萬美元的結構性成本削減。這反映出相較於我們上季所指引的2026年節省目標，額外提升了6%。我們的第三項優先事項是最佳化我們的營運、據點布局與產品組合。在Waco除生產CRB外亦轉向生產URB，運用我們同級最佳的回收平台，並為我們與既有及新客戶帶來新的成長機會。

You will see us continue to strengthen strategic capabilities and lean into our core as we target the highest return markets. Finally, we are tracking to deliver Adjusted Cash Flow of $600 million to $700 million. Our discipline this year in capital spending and improvements in working capital generated $314 million of positive Adjusted Cash Flow year-to-date with net debt now lower than year-end 2025. Debt reduction remains our highest priority. The significant trajectory in cash generation we see provides the foundation to reduce leverage and increase financial flexibility over time.

各位將看到我們持續強化策略性能力，並更聚焦於核心業務，以鎖定報酬率最高的市場。最後，我們正按計畫達成6億至7億美元的調整後現金流（Adjusted Cash Flow）。今年我們在資本支出上的紀律，以及營運資金的改善，使年初至今產生3.14億美元的正向調整後現金流，且目前淨負債已低於2025年年底水準。降低負債仍是我們的最高優先事項。我們所見到的顯著現金創造趨勢，為未來降低槓桿並提升財務彈性奠定基礎。

Our objective at Graphic Packaging is straightforward, strengthen partnerships with our customers to help them win with consumers. That means helping customers address consumer affordability pressures through price pack architecture, optimizing formats, and offering a range of price points while also creating premium experiences that strengthen brand equity and shelf impact.

Graphic Packaging的目標很明確：強化與客戶的夥伴關係，協助他們在消費者端取得勝利。這意味著透過價格與包裝架構（price pack architecture）、最佳化規格形式，以及提供多元價位帶，協助客戶因應消費者負擔能力壓力；同時也打造高端體驗，以強化品牌資產（brand equity）與貨架吸引力。

Two recent examples illustrate the breadth of our packaging capabilities. We partnered with Brami to produce club-store and retail packaging for its protein pasta portfolio, supporting the customers' continued growth. This collaboration was driven by increasing consumer demand for protein-focused products, strong traffic in value-oriented channels, and Brami's preference for a local packaging partner capable of providing scale, service, and surety of supply.

近期兩個案例說明我們包裝能力的廣度。我們與Brami合作，為其高蛋白義大利麵產品組合生產倉儲會員店（club-store）與零售通路包裝，支援客戶持續成長。此合作由多項因素驅動，包括消費者對以蛋白質為訴求產品的需求增加、重視價值通路的強勁人流，以及Brami偏好能提供規模、服務與供應確定性的在地包裝合作夥伴。

We also partnered with Tudor Drinks to create a premium four-pack for Harry Brompton's Peach Iced Tea using our EnviroClip Beam solution. This innovative glue-free paperboard package combines strong shelf impact with a more sustainable packaging approach while providing flexibility to scale. This is a great example of how our innovation and design capabilities can elevate brands, enable growth, and deliver more sustainable packaging solutions.

我們也與Tudor Drinks合作，採用我們的EnviroClip Beam解決方案，為Harry Brompton's Peach Iced Tea打造高端四入裝。這款創新的無膠紙板包裝，在提供可擴大規模的彈性同時，兼具強烈的貨架吸引力與更永續的包裝方式。這是我們如何運用創新與設計能力來提升品牌、促進成長，並提供更永續包裝解決方案的絕佳例證。

Turning to an operational update. AI is being carefully deployed into functions of our business. Two agents were set up across our paperboard grades to optimize inventory management and fulfillment and support cost avoidance. Additionally, we are in the early stages of embedding AI into commercial and procurement contract processes to reduce manual work, improve consistency, and elevate insights. We will provide updates as automation and technology drive material productivity improvements across our global operations.

接著說明營運更新。我們正審慎地將AI部署到公司業務的各項職能中。我們在各紙板等級（paperboard grades）上建立了兩個代理（agents），以最佳化庫存管理與履約，並支援成本避免。此外，我們正處於將AI嵌入商務與採購合約流程的早期階段，以減少人工工作、提升一致性並強化洞察。隨著自動化與技術在我們全球營運中推動實質生產力改善，我們將提供最新進展。

Within our recycled platform, we benefit from durable production and quality advantages. The ability to optimize production across both CRB and URB enables us to serve a broad range of consumer and industrial applications while maximizing the performance and utilization of our industry-leading asset base. Our recycled platform will serve as a competitive advantage to service a broad range of customers for years to come. The ramp of uncoated recycled paperboard at Waco is ahead of expectations.

在我們的回收平台中，我們受惠於持久的產能與品質優勢。能夠在CRB與URB之間最佳化生產，使我們得以服務廣泛的消費與工業應用，同時最大化我們業界領先資產基礎的績效與利用率。我們的回收平台將在未來多年持續成為服務廣泛客戶群的競爭優勢。Waco的未塗佈回收紙板（uncoated recycled paperboard）爬坡進度超出預期。

Today, we can serve folding carton, lamination, and low-strength tubes and cores applications. The market opportunity available in tubes and cores requiring minimal capital investment is a more recent development. URB production in Waco is generating high interest and broadening demand from industrial customers. We see numerous potential growth avenues as we move forward. We expect to sell in excess of 20,000 tons of URB in 2026 and more than 100,000 tons in 2027.

目前，我們可服務摺疊紙盒（folding carton）、貼合（lamination），以及低強度紙管與紙芯（low-strength tubes and cores）等應用。在紙管與紙芯領域、且僅需最低資本投資的市場機會，是較近期的發展。Waco的URB生產正引發高度興趣，並擴大工業客戶的需求。隨著我們持續推進，我們看到多條潛在成長路徑。我們預期在2026年銷售超過2萬噸URB，並在2027年超過10萬噸。

Coated recycled paperboard continues to see strong interest from customers given unique circularity and sustainability characteristics. Our coated recycled paperboard produced on new machines with the latest technology provides recycled packaging of the highest quality, brightness, and printability. More recent commercializations include private label butter packaging and certain strength packaging for food items. Over time, we anticipate more movements to our recycled solutions as brands and retailers seek high-quality circular packaging options that minimize impact to the environment and appeal to consumers on the shelf.

由於具備獨特的循環性與永續特性，塗佈再生紙板持續受到客戶的高度關注。我們在採用最新技術的新機台上生產的塗佈再生紙板，提供最高品質、亮度與可印刷性的再生包裝。近期的商業化案例包括自有品牌奶油包裝，以及部分用於食品品項的高強度包裝。隨著時間推移，隨著品牌與零售商尋求高品質的循環包裝選項，以降低對環境的影響並在貨架上吸引消費者，我們預期將有更多需求轉向我們的再生解決方案。

With that, I will now turn the call over to Chuck.

接下來，我將把電話會議交給 Chuck。

Thank you, Robbert, and good morning, everyone. Our third quarter results reflect improved sequential profitability, disciplined execution, and continued progress on cost and productivity initiatives, offset by elevated inflation and higher maintenance expense.

謝謝你，Robbert，各位早安。我們第三季的結果反映出獲利能力較前一季改善、執行紀律到位，以及在成本與生產力計畫上持續取得進展，但部分被較高的通膨與較高的維修費用所抵銷。

Net sales were $2.2 billion, up slightly from the third quarter of 2025. Volumes increased 1% or $19 million, while price was a headwind of 1% or $15 million. Innovation sales growth contributed $42 million, and foreign exchange and other had a $2 million unfavorable impact. Adjusted EBITDA was $289 million compared with $383 million in the prior year period. Adjusted EBITDA margin was 13.2%, an improvement of 190 basis points quarter-over-quarter and the second sequential improvement. Adjusted EPS was $0.23.

淨銷售額為 22 億美元，較 2025 年第三季小幅增加。銷量增加 1%，或 1,900 萬美元；而價格因素為 1% 的逆風，或 1,500 萬美元。創新產品銷售成長貢獻 4,200 萬美元，外匯及其他因素帶來 200 萬美元的不利影響。調整後 EBITDA 為 2.89 億美元，低於去年同期的 3.83 億美元。調整後 EBITDA 利潤率為 13.2%，較前一季提升 190 個基點，並且是連續第二季改善。調整後 EPS 為 0.23 美元。

Net performance was modestly favorable, reflecting benefits of structural cost savings and productivity improvements, largely offset by costs related to inventory reduction actions and approximately $12 million of higher maintenance expense compared with the prior year period. Commodity input and operating cost inflation was $83 million in the quarter, driven by logistics, chemicals, resins, secondary fiber, and labor expense. These expenses were approximately $5 million higher than our previous expectations and totaled $55 million of incremental inflation in the third quarter.

整體表現略為有利，反映結構性成本節省與生產力提升的效益，但大致被與庫存削減行動相關的成本，以及相較去年同期約 1,200 萬美元較高的維修費用所抵銷。本季大宗原物料投入與營運成本通膨為 8,300 萬美元，主要由物流、化學品、樹脂、二次纖維與人力費用所帶動。這些費用較我們先前預期高出約 500 萬美元，第三季合計新增通膨為 5,500 萬美元。

We executed roughly $30 million of structural cost reductions during the quarter and now expect full year savings of approximately $90 million, $5 million higher than what we expected last quarter. The benefits remain broadly distributed across cost of goods sold and SG&A and reflect structural actions and productivity and process improvements. Year-to-date Adjusted Cash Flow was $314 million, a $646 million increase versus the same period in 2025.

本季我們執行了約 3,000 萬美元的結構性成本削減，現預期全年節省約 9,000 萬美元，較上季預期高出 500 萬美元。效益仍廣泛分布於銷貨成本與 SG&A，並反映結構性措施以及生產力與流程改善。年初至今調整後現金流為 3.14 億美元，較 2025 年同期增加 6.46 億美元。

Our expectation for full year Adjusted Cash Flow remains in the $600 million to $700 million range. We ended the third quarter with net debt of $5.2 billion, which is $148 million reduction from year-end 2025, and a net leverage ratio of 4.8 times. As a reminder, the net leverage ratio under our credit agreement is lower than our reported net leverage ratio because of calculation differences. We expect to pay down between $400 million to $500 million of debt this year and end 2026 with net leverage of approximately 4.7 times. While we see sufficient room with the net leverage ratio thresholds in our existing credit agreement, we weighed the current dynamic macro environment and decided to take a prudent approach with our covenant structure.

我們對全年調整後現金流的預期仍維持在 6 億至 7 億美元區間。第三季末淨負債為 52 億美元，較 2025 年底減少 1.48 億美元，淨槓桿比率為 4.8 倍。提醒各位，依我們的信貸協議計算的淨槓桿比率，因計算差異而低於我們對外揭露的淨槓桿比率。我們預期今年將償還 4 億至 5 億美元的債務，並在 2026 年底將淨槓桿降至約 4.7 倍。雖然我們認為在現有信貸協議的淨槓桿門檻下仍有足夠空間，但我們考量當前多變的總體環境，決定以審慎方式調整我們的財務契約結構。

We expect the modified covenants to provide adequate cushion through the remaining life of the agreement and view this as a risk mitigation measure. Importantly, this amendment to our credit agreement has no bearing on our priorities for cash flow. As we have shared, we intend to use our cash flow to pay down debt and improve our leverage ratio.

我們預期修訂後的財務契約可在協議剩餘期間提供足夠緩衝，並將其視為風險緩解措施。重要的是，這項對信貸協議的修訂不影響我們對現金流的優先順序。如同我們先前分享的，我們打算運用現金流償還債務並改善槓桿比率。

For full year 2026, interest expense is estimated at $275 million. Of note, approximately 70% of our debt is fixed and only 30% is floating. At the end of the third quarter, we had $1.9 billion in total liquidity. We intend to use cash flow to pay down the revolver in 2026. As we move into 2027, cash flow generated in the business, along with our revolver will address our bank term loan and unsecured notes maturing next year.

就 2026 全年而言，利息費用估計為 2.75 億美元。值得注意的是，我們約 70% 的債務為固定利率，僅 30% 為浮動利率。第三季末，我們的總流動性為 19 億美元。我們計畫在 2026 年以現金流償還循環信貸額度（revolver）。進入 2027 年後，業務所產生的現金流加上我們的循環信貸額度，將用以因應明年到期的銀行定期貸款與無擔保票據。

Our capital allocation framework is disciplined, invest prudently in safety, regulatory requirements, and high-return projects, reduce debt, and expand the capacity to return capital to shareholders as leverage declines. We remain committed to our existing dividend while working simultaneously to bring down leverage and strengthen the balance sheet as capital return is important to many of our shareholders.

我們的資本配置框架具備紀律：在安全、法規要求與高報酬專案上審慎投資、降低負債，並在槓桿下降時擴大回饋股東的能力。在同時降低槓桿並強化資產負債表的過程中，我們仍致力於維持既有股利政策，因為資本回饋對許多股東而言相當重要。

Turning to our outlook. We continue to expect full year net sales of approximately $8.6 billion. Fourth quarter volumes are expected to be in the range of down 1% to up 1%, while full year 2026 volumes are expected to be flat to up 1% from 2025. Pricing trends are improving, and we expect a sequential increase for the fourth quarter. We expect full year 2026 Adjusted EBITDA of approximately $1.05 billion and Adjusted EPS of approximately $0.65.

接著談展望。我們仍預期全年淨銷售額約為 86 億美元。第四季銷量預期介於年減 1% 至年增 1% 之間，而 2026 全年銷量預期較 2025 年持平至成長 1%。定價趨勢正在改善，我們預期第四季將出現季對季的提升。我們預期 2026 全年調整後 EBITDA 約為 10.5 億美元，調整後 EPS 約為 0.65 美元。

Our full year Adjusted EBITDA guidance incorporates the increasingly challenged inflationary environment this year and includes an incremental $20 million of input cost headwinds versus our expectations last quarter.

我們對全年調整後 EBITDA 的指引已納入今年通膨環境日益嚴峻的影響，並包含相較上季預期額外增加 2,000 萬美元的投入成本逆風。

Accordingly, we now estimate incremental input cost inflation for the full year totaling approximately $170 million versus our previous estimate of $150 million. The rigor and discipline we are applying to project prioritization and capital spending will keep capital expenditures below $450 million in 2026. During the third quarter, we were pleased to conclude the testing of controls implemented to successfully remediate the previously identified material weakness.

因此，我們目前估計全年新增投入成本通膨合計約 1.7 億美元，高於先前估計的 1.5 億美元。我們在專案優先順序與資本支出上的嚴謹與紀律，將使 2026 年資本支出維持在 4.5 億美元以下。第三季期間，我們很高興完成對已導入控制措施的測試，並成功補救先前辨識出的重大缺失。

Our fourth quarter financial results will reflect continued progress on our strategic initiatives and will benefit from pricing actions taken earlier in the year, contractual pass-throughs, structural cost reductions, and improving utilization at Waco. Offsetting these positives is the continued impact of well-chronicled input cost inflation. With traction in URB above expectations, we now expect to end the year with inventory of approximately 19% of sales. Expected total downtime costs related to inventory reduction efforts this year moved to approximately $75 million, a decrease from our previous assumption of $90 million. Our effective tax rate is now expected to fall within a 25% to 26% range.

我們第四季的財務結果將反映我們在策略性計畫上的持續進展，並將受惠於今年稍早採取的定價措施、合約轉嫁條款、結構性成本削減，以及 Waco 廠稼動率的改善。抵銷上述正面因素的，則是持續存在且眾所周知的投入成本通膨影響。由於 URB 的進展優於預期，我們目前預期年底庫存約為銷售額的 19%。今年與庫存削減工作相關的預期總停機成本調整至約 7,500 萬美元，低於先前假設的 9,000 萬美元。我們目前預期有效稅率將落在 25% 至 26% 的區間。

As Robbert relayed earlier, we are positioned to drive an inflection in financial results in 2027 and a pivot to year-over-year EBITDA growth, expansion of margins, and strong EBITDA to cash flow conversion. Our company-specific levers enable positive price carryover, continued operational improvements, and organic growth with customers.

如 Robbert 先前所述，我們已具備條件在 2027 年推動財務結果出現拐點，並轉向 EBITDA 年對年成長、利潤率擴張，以及強勁的 EBITDA 轉換為現金流能力。我們公司自身的槓桿可帶來正向的價格延續效應、持續的營運改善，以及與客戶的有機成長。

In summary, we are continuing to build positive momentum. Results in the third quarter demonstrated the turnaround we are driving in the business. We remain focused on delivering on our commitments and creating long-term value for our shareholders.

總結來說，我們正持續建立正向動能。第三季的結果展現了我們正在推動的業務扭轉。我們仍專注於兌現承諾，並為股東創造長期價值。

I will now turn the call back to Robbert.

我現在把電話交回給 Robbert。

Thank you, Chuck. I want to thank our employees around the world for their dedication, hard work, and continued focus on customer service. Since the beginning of the year, we continue to strengthen our leadership team, sharpen our focus on commercial and operational excellence, and advanced cost reductions and productivity initiatives.

謝謝你，Chuck。我要感謝全球員工的投入、辛勤工作，以及持續專注於客戶服務。自年初以來，我們持續強化領導團隊，更加聚焦於商業與營運卓越，並推進成本降低與生產力提升計畫。

I am proud of what our team has accomplished in a short period of time. The progress made is tangible. We've delivered two consecutive quarters of sequential margin expansion, increased our in-year cost savings, achieved strengthening cash flow performance, and taken pragmatic actions to improve utilization and returns across our asset base.

我為團隊在短時間內完成的成果感到自豪。所取得的進展是具體可見的。我們已連續兩季實現毛利率（利潤率）逐季擴張，提高了本年度的成本節省，強化了現金流表現，並採取務實行動以提升整體資產基礎的使用率與報酬。

Importantly, we are creating alignment between our strategy, investments, and the market opportunities where Graphic Packaging has the strongest right to win. We remain focused on restoring profitable growth, generating sustained Adjusted Cash Flow, and creating long-term value for our shareholders. We are acting on the levers within our control, and we are building the commercial, operational, and financial capabilities required to perform with greater consistency.

更重要的是，我們正在讓策略、投資與市場機會對齊，聚焦於 Graphic Packaging 最具勝出優勢的領域。我們仍專注於恢復獲利性成長、產生可持續的調整後現金流，並為股東創造長期價值。我們正針對可控的槓桿採取行動，並建立在商業、營運與財務面更一致地交付成果所需的能力。

Operator, let's open the line for questions.

接線員，請開放提問。

(Operator Instructions) Mark Weintraub, Seaport Research Partners.

（接線員指示）Mark Weintraub，Seaport Research Partners。

Great. So obviously, it's a more difficult cost environment, and you're obviously taking measures to manage through that and you've retained guidance for this year. And so I mean, it sounded like one of the factors is that with the URB production, you have less inventory reduction. So maybe if you could sort of walk through some of the puts and takes, what has been -- what the negatives are and you sort of quantified that for us as well and what the positive drivers are?

很好。顯然目前成本環境更具挑戰，你們也正在採取措施來因應，而且你們維持了今年的指引。因此，我的意思是，聽起來其中一個因素是，因為 URB 的生產，你們的庫存降低幅度較小。所以也許你們可以帶我們梳理一下各項增減因素：有哪些負面因素——你們也為我們量化一下——以及有哪些正向驅動因素？

And what implications, if anything, they might have as we think into 2027, for instance, with the inventory reduction, does that mean we're going to have more EBITDA degradation because of more inventory reduction while still better for free cash flow? Or is that not necessarily the case anymore given changes in your business dynamics? And also just kind of one -- a little color on employee stock, if you would, which I know was going to be a pretty big drag. At the start of the year, you thought as much as $100 million. What's sort of your updated view on what it's going to be for this year, given where things stand today?

另外，當我們展望例如 2027 年時，這些因素若有的話會有什麼影響？就庫存降低而言，這是否意味著在仍有利於自由現金流的同時，因為更多的庫存降低而導致 EBITDA 進一步下滑？或者在你們業務動態改變之後，情況不一定仍是如此？還有，若可以的話，也請補充一下員工股票（相關費用）的情況；我知道這原本會是一個相當大的拖累。年初時你們認為可能高達 1 億美元。以目前狀況來看，你們對今年這項影響的最新看法是什麼？

Yes. Mark, thank you for the question. I'll address each of the points around cost URB inventory, the incentive. But overall, I think you've seen the results. Our quarter was strong. Our business is resilient, and we have been managing decisively through the incremental inflation this quarter. Our top line was strong and resilient. We met expectations. It was slightly up versus a year ago, 1% volume, a little bit of negative pricing impact on the revenue.

是的，Mark，謝謝你的提問。我會逐一回應你提到的成本、URB 庫存與激勵（費用）等重點。但整體而言，我想你已經看到結果。我們本季表現強勁。我們的業務具韌性，而我們也在本季果斷管理額外的通膨壓力。我們的營收端表現強勁且具韌性。我們達到預期。相較去年略有成長，量增 1%，營收則受到些許負面定價影響。

And our EBITDA did well within guidance range, and it was a second sequential increase in Adjusted EBITDA margin. And that is, in fact, a very -- a result of the very decisive actions we've taken to manage productivity and cost this year. You've probably also seen our Adjusted Cash Flow results. They were very, very strong year-to-date, $314 million. In Q3 alone, $359 million and an improvement of $332 million versus a year ago with capital spend at $287 million. But it is true that the inflation is at the high end of the expected range. Crude oil moved up quite a bit and was above $100 a barrel several days in September. OCC went up in September as well.

而我們的 EBITDA 在指引區間內表現良好，且調整後 EBITDA 利潤率連續第二季逐季上升。這確實是我們今年為管理生產力與成本所採取的非常果斷行動所帶來的成果。你們可能也看到我們的調整後現金流結果。年初至今非常、非常強勁，達 3.14 億美元。僅第三季就有 3.59 億美元，較去年同期改善 3.32 億美元，而資本支出為 2.87 億美元。但確實，通膨位於預期區間的高端。原油上漲幅度相當大，9 月有好幾天每桶超過 100 美元。OCC（舊瓦楞紙箱）在 9 月也上漲。

So on your first point, we do continue to focus on driving cost reductions and driving efficiency throughout the business to improve the margin and to generate cash flow and pay down debt. With regards to URB, we are surprised by the excitement in the market. It is significantly better than we expected, and we now anticipate to sell about 20,000 tons in 2026 and over 100,000 tons in 2027.

因此針對你的第一點，我們確實持續專注於推動全公司成本降低與效率提升，以改善利潤率、產生現金流並償還債務。就 URB 而言，我們對市場的熱度感到驚訝。表現顯著優於我們的預期；我們現在預計 2026 年可銷售約 2 萬噸，2027 年超過 10 萬噸。

And it is, in fact, true that we had to build up some inventory for URB, which is reflected in the updated inventory number. And we want to continue to participate in both CRB and URB, and we have flexibility between these two grades to capture growth opportunities and deliver the expected returns on Waco.

而且確實，我們必須為 URB 建立一些庫存，這也反映在更新後的庫存數字中。我們希望持續同時參與 CRB 與 URB 兩個市場，並在這兩種等級之間保持彈性，以掌握成長機會並實現 Waco 項目的預期報酬。

You've probably seen that we are now entering into higher strength -- sorry, in the tubes and cores market. We can only produce currently low-strength tubes and cores, but we have a lot of growth opportunities available to us with minimal additional capital spend. With regards to the incentive, I'll let Chuck explain the impact on next year and also maybe go on about the inventory a little bit.

你們可能也看到，我們現在正進入更高強度——抱歉，是紙管與紙芯（tubes and cores）市場。目前我們只能生產低強度的紙管與紙芯，但在幾乎不需要額外資本支出的情況下，我們仍有許多可用的成長機會。至於激勵（費用）部分，我讓 Chuck 說明對明年的影響，並且也許再多談一些庫存的部分。

Great. Mark, this is Chuck. So let me just start by hitting on a couple of the points on 2027, and I think that will wrap up or include a couple of the items that you're asking about as well. So the latest on 2027, we, of course, in 2026, started seeing a significant amount of inflation after the Middle East conflict. And to offset that, we've been aggressively taking price and both taking cost out as well.

好的。Mark，我是 Chuck。我先從 2027 年的幾個重點談起，我想這也會涵蓋你問到的幾個項目。關於 2027 年的最新情況，當然在 2026 年，我們在中東衝突之後開始看到顯著的通膨。為了抵銷這些影響，我們積極調漲價格，同時也推動成本降低。

So not giving a formal guide for 2027 or an EBITDA bridge today, but at a high level, I'll talk you through some of the both carryover items as a result of the inflation and the pricing and then also a few of the nonrecurring items you asked about the inventory reductions, a few of the nonrecurring items and how those will all impact 2027.

我們今天不會提供 2027 年的正式指引或 EBITDA 橋接分析，但在高層次上，我會帶你走過一些延續性項目——也就是通膨與定價所帶來的結轉影響——以及你問到的幾個一次性項目，例如庫存降低等，並說明這些將如何影響 2027 年。

So the -- first of all, on the inflation, what we see in 2026 is, of course, the $170 million of inflation that we've called out. That has a carryover impact into next year of around $90 million, and that will offset the carryover impact of the pricing that we see as well. So think of those, the pricing and the cost, the carryover impact of that going into next year is basically offsetting each other. From a cost action standpoint, we have aggressively been taking cost out of the business to also offset the inflation that we see in 2026.

首先，關於通膨，我們在 2026 年看到的，當然是我們已指出的 1.7 億美元通膨。這在明年會有約 9,000 萬美元的結轉影響，而這將抵銷我們同樣看到的定價結轉影響。因此可以把它理解為：定價與成本在進入明年時的結轉影響，基本上彼此相互抵銷。從成本行動的角度來看，我們也一直積極從業務中移除成本，以進一步抵銷 2026 年所見的通膨。

That's $90 million in 2026 and flows into 2027 to be about a $15 million carryover. So the carryover impact of those items is around $15 million. And then I previously talked about $135 million of nonrecurring items. The buckets are the same, the inventory reduction downtime, the weather from Q1 and the onetime items about $40 million and the unbleached system inefficiencies. The one item and you asked about this was the inventory reduction downtime.

那是 2026 年的 9,000 萬美元，並延續到 2027 年，約有 1,500 萬美元的結轉。因此，這些項目的結轉影響約為 1,500 萬美元。另外，我先前談到 1.35 億美元的一次性（非經常性）項目。分類相同，包括庫存降低造成的停機、第一季的天氣影響、約 4,000 萬美元的一次性項目，以及未漂白系統的效率不彰。其中一項、而你問到的，就是庫存降低造成的停機。

That's now at $75 million. So that's slightly down from earlier in the year and really is just as we are seeking to end the year with more inventory due to the URB build. On variable incentives, yes, those are -- those -- we're accruing less on those than we had originally laid out earlier in the year as a result of the current performance. So that is a factor to consider as well.

目前這項是 7,500 萬美元。因此相較於年初略有下降，主要是因為我們希望在年底因 URB 建置而以較高的庫存水位收尾。至於變動獎酬，是的，那些——我們對其提列的金額比年初原先規劃的更少，原因是目前的營運表現。所以這也是需要納入考量的一個因素。

Very helpful, and congrats on the progress.

非常有幫助，也恭喜你們的進展。

Ghansham Panjabi, Baird.

Ghansham Panjabi，Baird。

It's actually Josh Vesely on for Ghansham. Maybe, Robbert, if we can just start at a high level and just kind of focusing on the volume trend line, at least on a directional basis going forward. Obviously, a lot of CPGs kind of entered the year, maybe more focused on volumes that seems to have shifted lately just with input costs rising and whatnot. So just curious about your high-level view of how volume should trend for Graphic and then the broader industry into 4Q and then possibly into 2027.

其實我是代替 Ghansham 的 Josh Vesely。也許，Robbert，我們可以先從高層次開始，聚焦在未來的出貨量趨勢線，至少就方向性來看。顯然，很多民生消費品公司（CPG）在年初進入今年時，可能更著重於出貨量，但最近似乎因投入成本上升等因素而有所轉變。所以想請教你對 Graphic 以及整體產業在第四季、以及可能延伸到 2027 年的出貨量走勢，有何高層次的看法。

Yes. Thank you, Josh. Great question. When we look at demand in the market, we think it's stable with certain pockets of strength. We're seeing select growth, particularly in center of store staples. We do see some softness in foodservice, primarily QSR cups and households based on affordability concerns.

是的。謝謝你，Josh。問題很好。當我們觀察市場需求時，我們認為整體穩定，且某些領域有強勢表現。我們看到部分品類成長，特別是賣場中間走道（center of store）的民生必需品。我們也看到餐飲服務端有些疲弱，主要是在速食餐廳（QSR）的杯類，以及家用產品，原因在於可負擔性疑慮。

And overall, we see what we refer to as a bifurcated consumer demand. So there is a very strong focus on value orientation and simultaneously premium product consumption. If you look at the subcategories, food is the best performer for us that drove higher sales performance. We see demand for value-oriented staples like bars, confectionery snacks.

整體而言，我們看到所謂「分化的消費者需求」。也就是一方面非常重視性價比取向，同時也存在高端產品的消費。若看子品類，食品是我們表現最好的領域，帶動了較高的銷售表現。我們看到對價值取向必需品的需求，例如能量棒、糖果與零食。

We see demand for frozen and shelf-stable prepared meals. If you look at the international markets, we see growth in dry prepared meals, also luxury fragrance and skin care. With beverage, it's relatively stable. We see growth in energy drinks and emerging brands. And household and foodservice remain challenged.

我們看到對冷凍與常溫即食餐點的需求。若看國際市場，我們看到乾燥調理食品的成長，以及高端香氛與護膚品。在飲料方面，相對穩定。我們看到能量飲料與新興品牌的成長。而家用與餐飲服務仍然面臨挑戰。

We see consumers budgeting in that space. If you look at the quarter, we're pleased with our volume up about 1% in Q3 despite that uneven consumer market and continued affordability headwinds. Of course, I said food is our largest end market and food continues to show year-over-year growth for the third consecutive quarter. And we do see a little bit of a decline in traffic in QSR. What we're hearing from our customers right now is a continued strong focus on driving volume and share recovery.

我們看到消費者在那個領域更精打細算。就本季而言，儘管消費市場不均衡且可負擔性逆風持續，我們仍對第三季出貨量約成長 1% 感到滿意。當然，我提過食品是我們最大的終端市場，而食品需求已連續第三季呈現年增。我們確實看到速食餐廳（QSR）的來客數略有下滑。我們目前從客戶端聽到的是，他們仍持續高度聚焦於推動出貨量與市占回升。

But there is a secondary theme emerging, which is that they need to start taking pricing to offset higher commodity inflation in 2026 in Q4 and '27. So we continue to see them invest in promotions to drive traffic and share. But there is a more balanced approach now to pricing and volume given the excessive inflation that we're experiencing. So there's an intent to return the categories to volume growth from what I call a heavy investment in value price points to now a focus on innovation-driven mix for the next 12 months, which leverages sophisticated price pack architectures and at the same time, must buy promotional frequency with a wider variety of pack sizes.

但也出現第二個主題：他們需要在 2026 年第四季與 2027 年開始調漲價格，以抵銷更高的大宗商品通膨。因此我們仍看到他們投資促銷以帶動來客數與市占。但在我們所經歷的高通膨下，現在在定價與出貨量之間採取更平衡的作法。因此，未來 12 個月的意圖是讓品類回到出貨量成長：從我所稱的「大量投資於超值價位帶」，轉向以創新驅動的產品組合（mix），運用更精密的價格/包裝架構（price pack architectures），同時以更高頻率的必買型促銷（must buy promotional frequency）搭配更廣泛的包裝規格。

Great. Great. That's super helpful. And then maybe for my second question, I think last quarter, you talked about some competitive pricing activity, just specifically packaging pricing. Just curious how that kind of trended through the quarter. And out of the $15 million in pricing headwinds, how much was that versus maybe some flow-through of third-party index pricing?

很好。很好。這非常有幫助。接著第二個問題：我記得上季你提到一些競爭性的定價動作，特別是在包裝定價方面。想請教這在本季的走勢如何。另外，在 1,500 萬美元的定價逆風中，有多少是來自這部分，多少可能是第三方指數定價的傳導影響？

Yes. This is Chuck. I'll take that. So yes, I think what you're referring to is earlier in the year, some of the negative pricing that we were -- that was flowing through was the competitive packaging pricing. That's still flowing through somewhat, but a good piece of the negative in the quarter is as well the $100 a ton on bleached that was recognized last year.

是的。我是 Chuck。我來回答。是的，我想你指的是年初時，我們所看到、並正在傳導的部分負面定價，來自競爭性的包裝定價。這部分仍有一些在持續傳導，但本季負面影響中相當一部分也來自去年認列的漂白紙每噸 100 美元因素。

So the key to that, though, is we are seeing significant improvement in -- throughout the year in our pricing, and you will see additional improvement going into Q4 with our -- many of our contracts have openers starting on October 1. So that will really be the first significant opportunity for the contract openers to kick in.

不過關鍵在於，我們看到今年以來我們的定價有顯著改善，而且你會在第四季看到進一步改善，因為我們許多合約的調價條款（openers）從 10 月 1 日開始生效。因此，這將是合約調價條款真正開始發揮作用的第一個重要機會。

And before that, what you've seen and the improvements that you've seen and also will continue into Q4 is really the pass-through of costs that show up in our contracts that we have currently and are pushing more through our commercial excellence efforts. And then also, we've talked about the $1 billion of pricing -- I mean, of revenue that -- where we can take price, the pricing is done on a contractual basis. So really, we have multiple levers to take price.

在此之前，你所看到的改善，以及第四季仍將延續的改善，主要來自我們現有合約中成本傳導條款的反映，而我們也透過商業卓越（commercial excellence）工作把更多成本推動傳導出去。另外，我們也談過那 10 億美元的定價——我是說營收——在那部分我們可以調價，而定價是以合約為基礎來執行。所以本質上，我們有多個槓桿可以用來調價。

It's not just all tied to a third-party index, and that's critical, and that's how we've been able to generate $60 million of in-year pricing with $150 million as a run rate.

並不是全部都綁在第三方指數上，這點很關鍵；也正因如此，我們才能在當年度創造 6,000 萬美元的定價貢獻，且年化（run rate）達到 1.5 億美元。

Hillary Cacanando, Deutsche Bank.

Hillary Cacanando，德意志銀行。

Just on the special item add-backs, the magnitude of add-backs seems kind of pretty meaningful this year versus the last couple of years. Can you just talk about what is driving the increase? And how much of the 2026 add-backs you would consider genuinely nonrecurring? And as we think about leverage, what would leverage look like excluding those adjustments?

關於特殊項目加回（special item add-backs），今年加回的幅度相較過去幾年看起來相當顯著。你能否談談增加的原因是什麼？以及在 2026 年的加回項目中，有多少你會認為是真正的非經常性？另外，若我們思考槓桿（leverage），在排除這些調整後，槓桿會呈現什麼樣貌？

Yes. Hillary, this is Chuck. I'll take that. The 2026 add-backs, we would, of course, consider all of those nonrecurring. We talked about some pretty significant ones earlier in the year, the biggest of which was the write-off that we had as we stopped the automated roll warehouse project.

是的。Hillary，我是 Chuck。我來回答。對於 2026 年的加回項目，我們當然會把它們全部視為非經常性。我們在年初談過一些相當重大的項目，其中最大的一項是：在我們停止自動化捲筒倉庫（automated roll warehouse）專案時所做的沖銷（write-off）。

That was a $40 million impact and was going to cost us a couple of hundred million dollars of additional CapEx over the next few years. So we put the brakes on that project. You also see all of the impact of the severance that we've paid this year in order to have the headcount reductions, as Robbert talked about, the over 500 roles that we reduced. So severance is a big piece of that. Really, what you see showing up in the third quarter is we have pushed even harder for cost reductions. There are a couple of floors in some of our administrative office buildings that we've consolidated, and that resulted in a write-off of future lease assets and continued severance payments in Q3 as well.

那造成了4,000萬美元的影響，並且在未來幾年將使我們額外增加數億美元的資本支出（CapEx）。因此我們踩了剎車，暫停了該專案。你也會看到我們今年為了進行人力縮編所支付的所有資遣費影響，正如Robbert提到的，我們削減了超過500個職位。所以資遣費是其中很大的一部分。實際上，你在第三季看到的，是我們在降本方面推得更用力。我們整併了部分行政辦公大樓中的幾個樓層，這導致未來租賃資產的減記，以及第三季（Q3）持續的資遣費支付。

Got it. And then like what was the leverage? How would that have looked without the adjustments?

了解。那麼槓桿比率是多少？如果不做這些調整，會是什麼樣子？

Well, I mean, of course, it would have been higher, but our credit agreement allows us to add back items such as that, that are nonrecurring just as we do in the printed number that we showed to you.

嗯，我的意思是，當然會更高；但我們的信貸協議允許我們把這類一次性（非經常性）項目加回，就像我們在向你展示的已公布數字中所做的一樣。

Okay. Got it. And then you mentioned tubes and cores as a new opportunity for URB from Waco, but that would require some minimal capital investment. Can you quantify the incremental CapEx required to serve the market? And then is that investment already contemplated within your current CapEx guidance?

好的，了解。另外你提到，對於來自Waco的URB而言，紙管與紙芯（tubes and cores）是一個新的機會，但這需要一些最低限度的資本投資。你能量化一下為服務該市場所需的增量資本支出（CapEx）嗎？以及這項投資是否已包含在你們目前的CapEx指引之內？

So we will evaluate downstream applications, which will include expanding into the higher strength tubes and cores. The margins there are even higher and stronger than they are in the lower strength tubes and cores that we're playing in now. But remember that the reason we are entering in URB is not only to tap into the market, but to fully leverage our recycled platform and to use -- utilize the available capacity and absorb fixed costs and gives us stronger margins for the overall recycled platform, balancing the system to maximize the profits. We don't disclose the CapEx that would be required to get into the higher strength cores, but we've made some minimal investments already to be able to play in what we believe is a very attractive space of the URB market.

因此我們會評估下游應用，其中將包括擴展到更高強度的紙管與紙芯。那裡的利潤率甚至比我們目前所參與的低強度紙管與紙芯更高、更強。但請記住，我們進入URB的原因不僅是切入市場，更是為了充分發揮我們的回收平台優勢，並利用可用產能、吸收固定成本，從而為整體回收平台帶來更強的利潤率，透過平衡系統來最大化利潤。我們不披露進入更高強度紙芯所需的CapEx，但我們已經做了一些最低限度的投資，使我們能夠參與我們認為URB市場中非常具吸引力的領域。

Nicholas Sherwood, Bank of America.

美國銀行（Bank of America）的Nicholas Sherwood。

This is Nick Sherwood speaking for George Staphos. How much of the volume guidance is impacted by the URB rollout in the fourth quarter?

我是Nick Sherwood，代George Staphos發言。第四季URB的推廣對你們的出貨量指引影響有多少？

Nick, this is Chuck. I'll take that. It's not significant. I mean the 20,000 tons are predominantly in the fourth quarter, but that's not an overall significant needle mover for us. And so --

Nick，我是Chuck。我來回答。影響不大。我的意思是，那2萬噸主要會在第四季，但對我們整體而言並不是一個顯著的推動因素。所以——

Yes. And I think, Nick, what I would say is we are very pleased to see the growth return to Q3. Remember, last year, our volume declined in Q3. And we are driving results with our commercial efforts, with innovation, and we're supporting our customers that look to grow volumes. So if you look at this year's volume growth, first quarter was up 1%, second was flat. The third was up 1%. That's why we are guiding for '26 at flat to plus 1% -- and we're very pleased with that given the macro environment we're operating in.

是的。我想，Nick，我會說我們很高興看到第三季（Q3）恢復成長。記得去年我們第三季的銷量是下滑的。而我們正透過商務端的努力、創新，以及支持希望擴大銷量的客戶來推動成果。所以如果你看今年的銷量成長，第一季成長1%，第二季持平。第三季成長1%。這也是為什麼我們對「26年」的指引是持平到成長1%——在我們所處的總體環境下，我們對此非常滿意。

Okay. And I guess as a follow-up, you talked about some of those new contract structures that you're rolling out to get more pricing and push through the cost. Can you talk about how many sort of contracts have been converted over and sort of what that ramp-up will look like as you move from that semiannual to more of a quarterly pricing change?

好的。那我追問一下，你談到你們正在推出一些新的合約結構，以取得更好的定價並把成本傳導出去。你能談談目前大概有多少合約已經轉換，以及當你們從半年一次調價轉為更偏向每季調價時，這個爬坡會是什麼樣子嗎？

Yes. That's a great question, Nick. We talked about the fact that we are at the enterprise level, focused on commercial excellence, operational excellence and procurement. So commercial excellence is a very broad enterprise-wide initiative that involves revenue growth management, commercial terms, customer service. It's a big scope that we're really leading forward on. And we're continuing to evolve our contractual clauses. And we do that to ensure a more predictable and also more reasonable contract framework that really adjusts for underlying cost inflation, not only paperboard. So we are currently in the middle.

是的。Nick，這是個很好的問題。我們談到，我們在企業層級聚焦於商務卓越、營運卓越以及採購。因此商務卓越是一項非常廣泛、全企業推動的計畫，涵蓋營收成長管理、商務條款、客戶服務。這是一個很大的範疇，我們正在積極推進。我們也持續演進我們的合約條款。我們這麼做是為了確保一個更可預測、也更合理的合約框架，能夠針對底層成本通膨進行調整，不僅僅是紙板（paperboard）。所以我們目前正在進行中。

We always -- we renew about 1/3 of our contracts every year. They generally last for three years. And we're working towards agreements that we feel are mutually beneficial to both parties. So not just us, but to accretive for ourselves and for the customer and joint business plans. And we're doing that by implementing commercial discipline. We're having, I would say, more realistic discussions with our partners. And we're negotiating agreements that are mutually beneficial, but also responsive to the cost environment and aligned with the long-term nature of these business relationships. We do not disclose what percent of our contracts are specific in quarterly or biannual clauses. But we're focused on moving the majority of those to a quarterly cadence.

我們一向——每年大約會更新約1/3的合約。這些合約通常為期三年。我們正朝向我們認為對雙方都有利的協議努力。因此不只是對我們有利（具增益性），也對客戶有利，並且包含共同的業務計畫。我們透過落實商務紀律來做到這一點。我會說，我們正與合作夥伴進行更務實的討論。我們在談判的協議是互利的，但也能回應成本環境，並與這些業務關係的長期性質一致。我們不披露有多少比例的合約採用季度或半年一次的條款。但我們的重點是把其中大多數推進到以季度為節奏。

Anthony Pettinari, Citi.

花旗（Citi）的Anthony Pettinari。

I just had a follow-up question on free cash flow. And if -- I guess if we look at the EBITDA, CapEx and free cash flow guide and look at 4Q, I mean, it seems like 4Q free cash flow would be a lot higher than sort of EBITDA minus CapEx. I was just wondering if you could speak to that. And I guess if it's working capital, how are you selling out of inventory? Or what does that represent? I'm just trying to understand a little bit better that at kind of the end of the year.

我想追問一下自由現金流。如果——我想如果我們看EBITDA、CapEx和自由現金流指引，再看第四季（4Q），我的意思是，看起來第四季自由現金流會比EBITDA減CapEx高出很多。我想請你談談這點。我猜如果是營運資金，那你們是如何把庫存賣出去的？或者那代表什麼？我只是想更好地理解一下年末時點的情況。

Yes. Anthony, this is Chuck. I'll take that. So Q4 is historically a quarter where we harvest working capital and that is -- while we saw very strong cash flow results in Q3, had $359 million of cash flow in Q3 to give us confidence that we'll be able to deliver the $600 million to $700 million for the full year. We do still expect a significant contribution from working capital in Q4. And so that's really what's driving the variability in the range is many of those initiatives are new initiatives. And so we're working those to ensure that we deliver the free cash flow guide for the full year.

好的。Anthony，我是Chuck。我來回答。第四季歷來是我們回收（釋放）營運資金的一季；而且——雖然我們在第三季看到非常強勁的現金流表現，第三季現金流達3.59億美元，這讓我們有信心能夠達成全年6億到7億美元的目標。我們仍預期第四季營運資金會有顯著貢獻。因此，區間波動的主要原因在於其中許多措施都是新的措施。所以我們正在推進這些工作，以確保能達成全年自由現金流指引。

Okay. That's helpful. And then just switching gears on equipment sales. I don't -- you haven't called that out as much in the past. I'm just wondering what we should take away there? And is there any kind of potential flow-through for consumables or maybe improvement in beverage? Or just what kind of messages you'd highlight there?

好的，這很有幫助。接著換個話題談設備銷售。我不——你們過去沒有特別強調這一點。我想知道我們應該從中得到什麼訊息？是否有任何耗材（consumables）的潛在帶動，或是飲料（beverage）方面的改善？或者你們想在這裡強調哪些重點訊息？

I think the headline there was that we are selling more of our equipment to co-packers in the beverage space. A lot of new brands emerging in that space, and we're very pleased with the performance of our machining division. And we haven't really talked much about it in the past, but it's a critical part of our long-term partnerships with our beverage customers. Beverage is a business where our large customers continue to focus on return to volume. And it's not only CSDs, but we are very big in alcohol as well, right, in beer companies.

我認為那裡的重點是，我們正在把更多設備賣給飲料領域的代工包裝商（co-packers）。該領域有許多新品牌崛起，我們對機械加工事業部的表現非常滿意。過去我們其實沒有談太多，但這是我們與飲料客戶建立長期合作夥伴關係的關鍵一環。飲料是一個我們的大型客戶持續聚焦於回到成長量（return to volume）的業務。而且不僅是碳酸軟性飲料（CSDs），我們在酒精飲料也很強，對吧，在啤酒公司方面。

We serve many of the global beer companies and leading beer businesses in the world with baskets. And we see strength in energy and functional wellness beverages. Those are made by those co-packers as well as ready-to-drink beverages. But we also saw a little bit of weakness in the carbonated soft drink business.

我們以籃筐（baskets）服務許多全球啤酒公司以及世界領先的啤酒業者。我們也看到能量飲料與機能健康飲料的強勁需求。這些產品以及即飲飲料（ready-to-drink）也都是由那些代工包裝商生產。但我們也在碳酸軟性飲料業務上看到些許疲弱。

And those beverage machine placements that you're referring to were with the growing co-packer network, and they do serve a mix of beer and soft drink. So we're partnering with them and with our bigger global customers to support growth and automation needs.

而你所提到的那些飲料設備投放，是在成長中的代工包裝商網絡中進行的，他們同時服務啤酒與軟性飲料的組合。因此我們與他們以及我們更大型的全球客戶合作，以支援成長與自動化需求。

Philip Ng, Jefferies.

Philip Ng，Jefferies。

Chuck, I appreciate the helpful color for 2027 early read. The commentary you talked about carryover pricing for next year, does that account for any of the cost-plus type opener kicking in?

Chuck，感謝你對2027年初步展望提供的有用補充說明。你提到明年的結轉定價（carryover pricing）評論，這是否已把任何成本加成（cost-plus）類型的開盤條款（opener）開始生效納入考量？

And then you talked about $1 billion of sales that are not tethered to contracts, you have the ability to take price. Is that a lever that's in that number? Or is that provides some optionality when we think about '27 in terms of pricing?

另外你提到有10億美元的銷售不受合約約束，你們有能力調價。這是否是一個可運用的槓桿，已包含在那個數字裡？或者說，當我們思考2027年的定價時，這提供了一些選擇性（optionality）？

Yes. Phil, the guide number that I talked about, the $150 million does include the cost carryovers for the items that have impacted 2026 and how we see that rolling through 2026. We haven't given a full pricing guide on 2027 yet. So that's just really the carryover of how the inflation that we're seeing is in 2026 will show up in the cost that have those pass-through mechanisms.

是的。Phil，我提到的指引數字，也就是1.5億美元，確實包含了那些影響2026年的項目的成本結轉，以及我們如何看待其在2026年的延續。我們尚未提供2027年的完整定價指引。所以那基本上只是我們看到的通膨在2026年如何反映在具備轉嫁機制（pass-through mechanisms）的成本上之結轉影響。

On the $1 billion, that is something that we've been aggressively pushing on as a way to offset the inflation that we're seeing this year. So we have been taking those prices already throughout the year. That's what you started seeing show up somewhat in Q3 and will show up even more in Q4, and then we'll continue to push that as we see inflation continuing to stay elevated. So a combination of all that $150 million of pricing and the cost actions are helping us to cover the inflation.

至於那10億美元，這是我們今年為了抵消所見通膨而積極推動的一項作法。因此我們今年已經在陸續調升那些價格。你開始在第三季（Q3）看到一些反映，第四季（Q4）會更明顯；而且只要通膨仍維持在高位，我們就會持續推進。因此，這1.5億美元的定價與成本行動的組合，正在幫助我們覆蓋通膨。

So I interpret your comment correctly, Chuck. So the cost-plus piece, it sounds like it's in the $150 million. Anything on the $1 billion you guys are trying to be proactive on that, that could be incremental? Is that --

所以我正確理解你的意思了，Chuck。也就是說，成本加成（cost-plus）那一塊聽起來已包含在這1.5億美元裡。那在10億美元那部分，你們想更積極主動推動的，是否可能還有增量空間？是這樣嗎——

No, I'm sorry. No. That is in the $150 million as well. Both components that we've driven in 2026 are in the $150 million. And if there's additional opportunity in 2027, we'll come back on that on the '27 guide.

不，抱歉。不，那也包含在這1.5億美元裡。我們在2026年推動的兩個組成部分都包含在這1.5億美元中。如果2027年還有額外機會，我們會在2027年的指引中再回來說明。

Okay. Helpful. And then I believe Graphic as well as some of your peers have announced price increases -- new price increases for SBS. Curious how your order book and backlogs are shaping up. A little surprised that RISI hasn't reflected the CUK increases you guys have out there. Any color in terms of what you're seeing in your order book on CUK, backlog? Any color on that front would be helpful.

了解，很有幫助。另外，我相信Graphic以及你們的一些同業也宣布了SBS的新一輪漲價——想了解你們的訂單簿與積壓訂單（backlog）目前的走勢。我有點意外RISI尚未反映你們已推出的CUK漲價。能否就你們在CUK的訂單簿、積壓訂單所看到的情況提供一些說明？這方面任何補充都會很有幫助。

Yes. And I'll let Chuck comment on it in a second. But at high level, the industry conditions are evolving versus where they were 9 to 12 months ago. We do see a tighter environment across the grades. So last year, imports into the US were down by about 100,000. This year, imports are flat versus that lower year last year. And obviously, tariffs are impacting those trade flows. We continue to see the backlogs be higher versus a year ago. Unbleached, there's continued tightness.

好的。我先從高層次說明，稍後也讓Chuck補充。整體而言，產業狀況相較於9到12個月前正在演變。我們確實看到各紙種（grades）的供需環境更為吃緊。因此去年進口到美國的量約下降了10萬。今年的進口量則相較於去年那個較低的基期大致持平。而且很明顯，關稅正在影響這些貿易流向。我們持續看到積壓訂單相較一年前更高。未漂白（unbleached）方面，仍持續緊俏。

We see a little bit of overselling of capacity. There's been some recognition of an increase and some of it hasn't been recognized. On the coated unbleached kraft, which is CUK, which is used for beverages primarily because of the strength profile of that paper, we are building inventory for next beverage season because we want to make sure that we have sufficient volume for the beverage season. We can't run out. Within recycled, we're flexing between CRB and URB.

我們看到產能有些被超額銷售（overselling）。市場對於漲價有部分已被接受，也有部分尚未被接受。在塗佈未漂白牛皮紙（coated unbleached kraft，CUK）方面，這主要用於飲料，因為該紙種的強度特性，我們正在為下一個飲料旺季建立庫存，以確保旺季有足夠供應量。我們不能缺貨。在再生紙（recycled）方面，我們在CRB與URB之間彈性調整。

We're growing in both grades, and we're leveraging the installed capacity. Our Waco facility is -- which we came online last year is a state-of-the-art facility. It has the best quality that we make bright -- brightness, printability. And I think that what you're saying is correct. And let me just pass it on to Chuck for further color on the further grades and the pricing.

我們在兩個紙種都在成長，並且善用既有裝置產能。我們的Waco廠——也就是去年投產的——是一座最先進的工廠。它具備我們所生產的最佳品質：白度（brightness）、可印刷性（printability）。我認為你所說的是正確的。接下來我把話交給Chuck，請他就其他紙種與定價提供更多補充。

Yes. I think Robbert covered it all very well. I'll just add a little bit of commentary on the actual pricing actions that we -- that you alluded to and that we've taken. In October, we did go out with our third increase in bleached. And so that grade, as Robbert mentioned, continues to be tight and our order books continue to be strong with that increase that we are out with. And then on unbleached, he as well mentioned that that continues to be tight, and we've had -- we have two increases in the marketplace there and continue to be tight. And so certainly believe that the increases are justified.

是的，我認為Robbert已經說得很完整了。我只再補充一點關於我們——也就是你提到的——實際採取的定價行動。在10月，我們確實對漂白（bleached）紙種推出了第三次漲價。因此如Robbert所提到，該紙種仍然供應吃緊，而在我們推出這次漲價後，訂單簿依然強勁。至於未漂白（unbleached），他也提到仍然緊俏；我們在市場上已經有兩次漲價，供需仍然偏緊。因此我們當然認為這些漲價是合理的。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC Capital Markets。

I guess a couple of questions here. So first off, just to reiterate on the free cash flow, I understand there's going to be a pretty large working capital release. But by my math, it comes out to at least about $200 million. Is that right? And if so, for Q4, it does -- would you have to kind of rebuild that inventory next year? And would that be a cash drag? So I'll start with that.

我這裡有幾個問題。首先，關於自由現金流（free cash flow），我理解會有相當大幅度的營運資金釋放。但按我的計算，至少大約是2億美元。這樣對嗎？如果是的話，到了第四季（Q4），你們明年是否需要某種程度把庫存再補回來？那會不會形成現金流的拖累（cash drag）？我先問這個。

Yes, Arun, this is Chuck. I'll take that. So the cash flow movement is really just driven by the overall seasonality of the business and is what we've seen in the past. Last year, for example, our Q4, we generated over $500 million of free cash flow. And so this seasonality of our cash flow driven by higher sales during the summer and working down the inventory towards the end of the year is something that has been a part of our business for many years. And so that's a consistent situation that -- and we do expect to see that continue in Q4. I will tell you that the amount of working capital that we need to harvest in Q4 is lighter in Q4 this year than it was last year, given the strong performance in our free cash flow and working capital in Q3.

是的，Arun，我是 Chuck。我來回答。因此，現金流的變動其實主要是由業務整體的季節性所驅動，這也是我們過去所看到的情況。例如去年第四季，我們產生了超過 5 億美元的自由現金流。因此，這種由夏季較高銷售、以及在年底前降低庫存所帶動的現金流季節性，已經是我們業務多年來的一部分。所以這是一個一致的情況——我們也確實預期第四季會持續如此。我也想告訴你，今年第四季我們需要回收的營運資金規模，比去年第四季要輕一些，這是因為我們第三季在自由現金流與營運資金方面表現強勁。

And then just on the cost side. So obviously, there's been some energy cost inflation recently, and it looks like it's potential to persist for quite a while. So I guess, is that helping with the price increases, meaning giving support? And are customers kind of willing to understand that environment? And if so, are the CPGs in turn going to be raising prices as well? What are you hearing from those customers as far as pricing and promotion? And could that have further negative impacts on demand?

接著談一下成本端。顯然，最近能源成本出現一些通膨，而且看起來可能會持續相當一段時間。所以我想問，這是否有助於你們的漲價，也就是提供支撐？客戶是否願意理解這樣的環境？如果是的話，那些民生消費品公司（CPG）是否也會跟著調漲價格？就定價與促銷而言，你們從這些客戶那邊聽到什麼？而這是否可能對需求造成進一步的負面影響？

Yes. Look, it's a great question. We are pulling all available contractual and noncontractual pricing levers that we have available, right? So I think Chuck already mentioned that we have about $60 million of price increase in 2026, $150 million run rate. And that includes the last, I think, increase on bleached. The longer term, we're structuring our customer renewals to really shorten the lags to quarterly openers.

是的。你看，這是個很好的問題。我們正在動用所有可用的合約內與非合約的定價槓桿，對吧？所以我想 Chuck 已經提到，我們在 2026 年大約有 6,000 萬美元的漲價，年化（run rate）為 1.5 億美元。其中包含了我想是最後一次對漂白（bleached）產品的調漲。從更長期來看，我們正在重新設計客戶續約條款，以真正縮短到按季調整（quarterly openers）的時間落差。

Remember that we have $1 billion of noncontractual business where we are already taking pricing, and we are refining our go-forward processes in terms of commercial finance, revenue growth management, contract development and implementing inflation recovery mechanisms. It has to be accretive, both the customer and us have to benefit from the supplier relationship that we have. I can't speak to their pricing strategy, but we do know that from publicly available information that they have commented on balancing volume and pricing. So we're seeing the same publicly available data that you do.

請記得，我們有 10 億美元的非合約業務，我們已經在進行定價調整；同時我們也在精進未來的流程，包括商業財務、營收成長管理、合約制定，以及導入通膨回收機制。這必須是增值的，客戶與我們都必須從我們的供應商關係中受益。我無法評論他們的定價策略，但我們確實知道，從公開資訊來看，他們曾談到在銷量與價格之間取得平衡。所以我們看到的公開資料與你們看到的是一樣的。

Matt Roberts, Raymond James.

Raymond James 的 Matt Roberts。

On '26 adjusted free cash flow, I think there is $200-some-odd receivables related cash to date in investing. Could you distinguish what's ordinary or any increases in the program utilization or acceleration of collections there? Are there any changes assumed in 4Q? Or how should we think about that going into '27?

關於 2026 年調整後自由現金流，我想在投資項下截至目前有約 2 億多美元與應收款相關的現金。你們能否區分哪些是正常項目，或是該計畫使用率提高、或加速收款所帶來的增加？第四季是否假設有任何變化？或者我們應該如何看待這對 2027 年的影響？

Yes. Matt, this is Chuck. I'll take that. The -- we, of course, have a broad set of initiatives to drive free cash flow in the business, overall optimize the business. And so we're looking at every lever that we can, whether it's inventory extension of payment terms, ways to accelerate cash collections.

是的。Matt，我是 Chuck。我來回答。我們當然有一整套推動公司自由現金流、整體優化業務的措施。因此我們在檢視所有可用的槓桿，不論是庫存、延長付款條件，或是加速現金回收的方法。

And as we looked across that, one of the items that we saw was an opportunity to expand our AR sale programs and we decided to go forward with that since the cost of those programs is favorable compared to our bank facilities and also provides us an additional source of liquidity. So that is all included within the working capital improvement that we expect for the full year and that's in the range of $275 million to $325 million.

在我們全面檢視之後，其中一項我們看到的機會是擴大我們的應收帳款出售（AR sale）計畫；我們決定推進，因為這些計畫的成本相較於我們的銀行融資額度更有利，同時也為我們提供額外的流動性來源。因此，這些都已包含在我們預期全年營運資金改善之中，金額區間為 2.75 億至 3.25 億美元。

Okay. Appreciate that. And then maybe on the debt covenants, when was that executed? Why now given the improving leverage outlook? Any changes there regarding to borrowing spread or fees for capital allocation? And also CapEx, that coming down, any changes to ongoing expectations or catch-up needed in that figure in 2027?

好的，謝謝說明。接著可能談一下債務契約條款（covenants），那是什麼時候簽署執行的？在槓桿展望改善的情況下，為什麼現在要做？在借款利差或費用、以及資本配置方面，有任何變更嗎？另外資本支出（CapEx）在下降，對 2027 年的持續性預期是否有任何變化，或那個數字在 2027 年是否需要補回（catch-up）？

Yes. So this is Chuck. I'll take those. So from a covenant standpoint, as I mentioned on the prepared remarks, we proactively sought the amendment that is going into effect today really just as a risk mitigation measure and it adds cushion to our existing covenant ratios where it existed already. And just to reiterate, the amendment doesn't change anything about our priorities, which are to pay down debt and improve our leverage ratio with our cash flows.

是的，我是 Chuck。我來回答這些問題。就契約條款而言，正如我在事先準備的發言中提到的，我們主動尋求這項修訂，並於今天生效，主要是作為風險緩解措施；它在既有的契約比率基礎上增加了緩衝空間。再重申一次，這項修訂不會改變我們的優先事項，也就是用現金流償還債務並改善槓桿比率。

In terms of the cost of it, it was about 10 basis points to get that executed. And then from a CapEx perspective, you asked about that for 2027. We'll come back to you and guide on that when we guide in February.

至於成本，大約是 10 個基點來完成這項執行。至於資本支出方面，你問到 2027 年。我們會在 2 月提供指引時再回覆並給出相關指引。

Thank you. Ladies and gentlemen, this does conclude the Graphic Packaging Holding Company's third quarter 2026 conference call.

謝謝。各位女士、先生，Graphic Packaging Holding Company 2026 年第三季電話法說會到此結束。

You may disconnect your lines at this time, and have a wonderful day, and we thank you for your participation.

您現在可以掛斷電話線，祝您有美好的一天，並感謝您的參與。