James Hardie Industries PLC (JHX) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the James Hardie Q2 FY25 results call.

感謝您的耐心等待，並歡迎參加 James Hardie 2025 財年第二季業績電話會議。

(Operator Instructions) I would now like to hand the conference over to Mr. Joe Ahlersmeyer, VP, Investor Relations.

（操作員指示）我現在將會議交給投資者關係副總裁 Joe Ahlersmeyer 先生。

Please go ahead.

請繼續。

Thank you, operator, and thank you to everyone for joining today's call.

謝謝接線員，也謝謝大家參加今天的電話會議。

Please note that during the course of prepared remarks and Q&A, management may refer to non-GAAP financial measures and make forward-looking statements.

請注意，在準備好的評論和問答過程中，管理階層可能會參考非公認會計準則財務指標並做出前瞻性陳述。

You can refer to several cautionary notes on page 2 for more information.

您可以參閱第 2 頁上的一些注意事項以了解更多資訊。

Also, unless otherwise indicated, our materials and comments refer to figures in US dollars and any comparisons made are to the corresponding period in the prior fiscal year.

此外，除非另有說明，我們的資料和評論均以美元為單位，並與上一財年同期進行的任何比較。

Now please turn to page 3, where you'll find the agenda for today's call.

現在請翻到第 3 頁，您可以在其中找到今天電話會議的議程。

I am joined by Aaron Erter, Chief Executive Officer of James Hardie; and Rachel Wilson, our Chief Financial Officer.

James Hardie 執行長 Aaron Erter 也出席了會議；以及我們的財務長雷切爾威爾遜 (Rachel Wilson)。

Aaron will share key messages for the quarter and provide an update on the business before handing it over to Rachel who will review our financial performance, detail our outlook and guidance and speak to our cash generation and capital allocation framework.

亞倫將分享本季度的關鍵信息，並提供業務最新情況，然後將其交給雷切爾，雷切爾將審查我們的財務業績，詳細說明我們的前景和指導，並討論我們的現金生成和資本分配架構。

Then Aaron will return to conclude our prepared remarks before we move to Q&A.

然後亞倫將回來結束我們準備好的發言，然後再進行問答。

I am now pleased to hand the call over to our Chief Executive Officer, Mr. Aaron Erter.

我現在很高興將電話轉交給我們的執行長亞倫·埃特先生。

Thanks, Joe. Before I begin, I would like to take the opportunity to thank all our employees around the world who work to safely deliver the highest quality products, solutions and services to our customers.

謝謝，喬。在開始之前，我想藉此機會感謝我們在世界各地的所有員工，他們致力於安全地向我們的客戶提供最優質的產品、解決方案和服務。

In recent months, severe weather events challenged our teams with Hurricanes Helene and Milton in North America and flooding in Germany.

近幾個月來，北美的颶風海倫和米爾頓以及德國的洪水為我們的團隊帶來了嚴峻的天氣挑戰。

I am pleased to share that our teams kept their families and each other safe.

我很高興與大家分享，我們的團隊保證了家人和彼此的安全。

Secondarily, I was inspired by the resilience our team showed and rapidly recovering our operations, and I am proud that they did so with an unwavering commitment to zero harm.

其次，我們團隊展現的韌性和迅速恢復營運的能力給我帶來了鼓舞，我很自豪他們堅定不移地致力於零傷害。

Our people and their families work and live in these communities, and our support goes beyond what contributions we've made to the early recovery efforts.

我們的人民及其家人在這些社區工作和生活，我們的支持超越了我們對早期復原工作所做的貢獻。

Our long-term commitment to these communities is embodied by our vision and mission and in particular, our purpose, building a better future for all.

我們對這些社區的長期承諾體現在我們的願景和使命，特別是我們的宗旨，為所有人建立更美好的未來。

Now let's begin on slide 4.

現在讓我們從投影片 4 開始。

We again delivered on our commitments and our first half results demonstrate that we are managing decisively as we continue to scale the organization and invest to profitably grow our business.

我們再次兌現了我們的承諾，上半年的業績表明，我們正在果斷地進行管理，繼續擴大組織規模並投資以實現業務的盈利增長。

And our teams are executing on our strategy to outperform our end markets.

我們的團隊正在執行我們的策略，以超越我們的終端市場。

I'm incredibly proud of our teams for delivering well over $0.5 billion of adjusted EBITDA in the first half of the year, down just low single digits from our record performance during the same period last year.

我為我們的團隊感到無比自豪，他們在今年上半年實現了超過 5 億美元的調整後 EBITDA，僅比去年同期創紀錄的業績低了個位數。

Our performance is a clear demonstration of the inherent strength of our value proposition and the underlying momentum in our strategy.

我們的業績清楚地展示了我們價值主張的內在力量和我們策略的潛在動力。

In the second quarter, we again demonstrated consistency in delivering solid results by achieving each of our three guidance metrics.

在第二季度，我們透過實現三項指導指標中的每一項，再次證明了交付紮實成果的一致性。

In North America, we shipped 717 million standard feet of volume and achieved a 29% EBIT margin, both solidly within the ranges we committed to in August.

在北美，我們的出貨量為 7.17 億標準英尺，實現了 29% 的息稅前利潤率，兩者均穩定在我們 8 月承諾的範圍內。

And on a consolidated basis, our bottom line result exceeded our expectations as our teams work diligently to reinforce James Hardie's robust profitability, leading to $157 million of total adjusted net income.

在綜合基礎上，我們的底線結果超出了我們的預期，因為我們的團隊努力加強 James Hardie 的強勁盈利能力，調整後淨利潤總額達到 1.57 億美元。

As expected, business conditions remained challenging throughout the quarter and into October.

正如預期的那樣，整個季度和十月份的業務狀況仍然充滿挑戰。

But as affordability conditions improve, we expect demand to meaningfully recover in both new construction and repair and remodel end markets.

但隨著可負擔性條件的改善，我們預計新建以及維修和改造終端市場的需求將顯著恢復。

This gives us even greater conviction in our decisions to prioritize investment throughout this fiscal year.

這讓我們更加堅信本財年優先投資的決定。

We have focused intently on strengthening our competitive position through the current environment.

我們專注於在當前環境下加強我們的競爭地位。

But as we look ahead, we are now even more focused on ensuring that we are well positioned to provide the highest levels of service to our customers.

但展望未來，我們現在更加專注於確保我們能夠為客戶提供最高水準的服務。

We will accelerate our outperformance and keep our commitments to all our stakeholders.

我們將加速實現卓越績效，並信守對所有利害關係人的承諾。

Please turn to slide 5.

請翻到投影片 5。

In North America, we are outperforming our end markets through our superior value proposition and driving leading margins despite raw material headwinds.

在北美，我們透過卓越的價值主張超越終端市場，並在原材料不利的情況下推動領先的利潤率。

We are uniquely positioned to address our immense material conversion opportunity and are aligning our capacity to fully service higher levels of demand in the recovery.

我們擁有獨特的優勢來應對巨大的材料轉換機會，並正在調整我們的能力，以全面滿足復甦過程中更高水準的需求。

We are investing across the value chain, growing our contractor base and accelerating homeowner demand to capture the repair and remodeling opportunity as affordability pressures moderate and homeowners move from dreaming to planning and ultimately, to doing.

我們正在整個價值鏈上進行投資，擴大我們的承包商基礎，並加速房主的需求，以抓住維修和改造機會，因為負擔能力壓力減輕，房主從夢想轉向規劃，最終轉向行動。

Our strategies are driving wins with homebuilders as we deepen our exclusivity arrangements, work to increase trim attachment rates and highlight how our production network creates a competitive advantage that supports their growth plans.

我們的策略是推動與住宅建築商的合作，深化我們的獨家經營安排，努力提高裝飾附件率，並強調我們的生產網絡如何創造競爭優勢，支持他們的成長計劃。

In our Asia Pacific business, our teams are driving share gains in Australia and New Zealand, despite soft market demand.

在我們的亞太業務中，儘管市場需求疲軟，我們的團隊仍在推動澳洲和紐西蘭的份額成長。

We are encouraged as we have observed modest recovery in core products.

我們感到鼓舞，因為我們觀察到核心產品的溫和復甦。

We are finding efficiencies in delivering cost savings that continue to drive further expansion in our already strong margins.

我們正在尋找節省成本的效率，從而繼續推動我們本已強勁的利潤率進一步擴大。

And finally, we are executing on our plan to cease manufacturing and wind down commercial operations in the Philippines, enabling greater focus on markets where we have the right to win.

最後，我們正在執行停止在菲律賓製造並逐步結束商業運營的計劃，以便更加關注我們有權利獲勝的市場。

And in Europe, Broadly, our markets remain challenged and particularly in Germany, an important market for us where we anticipate a more gradual improvement.

在歐洲，總的來說，我們的市場仍然面臨挑戰，特別是在德國，這對我們來說是一個重要的市場，我們預計那裡會出現更逐步的改善。

However, we are well positioned to capitalize on growing momentum in residential new construction throughout the early days of a recovery in the UK.

然而，我們處於有利位置，可以利用英國復甦初期住宅新建工程的成長動能。

Overall, we are investing to grow sales of high-value products and early product successes such as Therm25 flooring give us conviction that this strategy will continue to drive further penetration and wins with our customers.

總體而言，我們正在投資增加高價值產品的銷量，Therm25 地板等早期產品的成功讓我們相信，這項策略將繼續推動進一步滲透並贏得客戶。

Now please turn to slide 6 as I take a moment to review our overall strategy.

現在請翻到投影片 6，我將花點時間回顧我們的整體策略。

We are grounded in our unwavering commitment to being homeowner focused customer and contractor driven.

我們堅定不移地致力於以房主為中心，以客戶和承包商為驅動。

This is a holistic approach by our teams across the entire value chain.

這是我們團隊在整個價值鏈上採取的整體方法。

Importantly, we are doing it the right way and not sacrificing on our foundational imperatives.

重要的是，我們正在以正確的方式行事，並且沒有犧牲我們的基本要求。

Zero harm in the Hardie operating system are our commitments to putting world-class safety at the forefront of all that we do and continually improving how we get work done across the company.

Hardie 作業系統中的零傷害是我們致力於將世界一流的安全性置於我們所做的一切工作的首位，並不斷改進我們在整個公司完成工作的方式的承諾。

In October, we celebrated our second annual global Zero Harm month, spotlighting our commitment to prioritizing safety and all we do.

十月份，我們慶祝了第二個年度全球零傷害月，強調了我們對安全優先的承諾以及我們所做的一切。

Throughout the month, we held localized events across our entire global footprint that featured interactive presentations, keynote speakers and knowledge sharing that reinforce why we must have safety as the first priority in all aspects of our business, from plant floor operations and R&D lab procedures to healthy daily practices in our corporate offices.

整個月，我們在整個全球範圍內舉辦了本地化活動，以互動演示、主題演講和知識共享為特色，強調了為什麼我們必須將安全作為業務各個方面的首要任務，從工廠車間運營和研發實驗室程序到我們公司辦公室的健康日常習慣。

To our entire organization, I want to say thank you for raising the bar even further and owning Zero Harm as our collective responsibility and making it fundamental to our culture.

我想對我們整個組織表示感謝，感謝你們進一步提高了標準，將零傷害作為我們的集體責任，並將其作為我們文化的基礎。

Sustainability is foundational at James Hardie.

永續發展是 James Hardie 的基礎。

Each of our employees plays a role in putting sustainability into action.

我們的每一位員工都在將永續發展付諸行動方面發揮作用。

And this cross-functional collaboration is driving progress towards meeting our ambitious commitments.

這種跨職能合作正在推動我們實現雄心勃勃的承諾。

And of course, when it comes to people, I believe we have the best talent in the industry.

當然，說到人才，我相信我們擁有業界最優秀的人才。

Day in and day out, I see the drive, talent, commitment and passion as we work towards our purpose of building a better future for all.

日復一日，我看到了我們為所有人建立更美好未來的目標而努力的動力、才華、承諾和熱情。

Put simply, everything you see on this slide is our blueprint by which together, we move James Hardie forward.

簡而言之，您在這張投影片上看到的所有內容都是我們的藍圖，我們共同推動詹姆斯哈迪前進。

I remain confident in our team and our strategy.

我對我們的團隊和我們的策略仍然充滿信心。

Together, they position us to execute at a high level and drive profitable share gain in all three regions.

它們共同使我們能夠在所有三個地區實現高水準執行並推動可獲利的份額成長。

Please turn to slide 7.

請翻到幻燈片 7。

At our Investor Day earlier this year and during our most recent earnings call, I used this flywheel to demonstrate how our strategy builds upon its own momentum to create long-term value.

在今年稍早的投資者日和最近的財報電話會議上，我使用這個飛輪來展示我們的策略如何依靠自身動力來創造長期價值。

Our prescriptive test and learn marketing programs reinforce James Hardie as the brand of choice across the value chain, and we stand to provide the right products for the right customer at the right time.

我們的規範測試和學習行銷計劃鞏固了 James Hardie 作為整個價值鏈的首選品牌，我們致力於在正確的時間為正確的客戶提供正確的產品。

Our teams worked tirelessly to bring ever-increasing value to our business partners, supporting their growth and capturing the full potential of our material conversion opportunity.

我們的團隊孜孜不倦地工作，為我們的業務合作夥伴帶來不斷增長的價值，支持他們的成長並充分發揮我們材料轉換機會的潛力。

One Home, one neighborhood, one region at a time.

一處住宅，一處社區，一次一個地區。

At James Hardie, we are the industry leaders in demand creation, exhibiting our proficiency in using traditional media to build consumer awareness, forming collaborations with influencers to further our mind share with consumers and leveraging technology partners to simplify the homeowner path to purchase through visualization.

在James Hardie，我們是需求創造方面的行業領導者，展示了我們在使用傳統媒體來建立消費者意識、與有影響力的人建立合作以進一步與消費者分享思想以及利用技術合作夥伴通過可視化簡化房主購買路徑的熟練程度。

We also demonstrate our best-in-class engagement across the value chain and how we leverage our contractor alliance program.

我們還展示了我們在整個價值鏈中一流的參與度以及我們如何利用我們的承包商聯盟計劃。

A collaborative and scalable approach to growing and empowering our contractor base.

一種協作且可擴展的方法來發展和增強我們的承包商基礎。

This program is comprehensive and providing contractors with qualified homeowner leads training and tools around installation, opportunities to network and share best practices and recognition and rewards that foster loyalty to James Hardie.

該計劃非常全面，為承包商提供合格的房主領導安裝方面的培訓和工具、建立聯繫和分享最佳實踐的機會以及培養對 James Hardie 忠誠度的認可和獎勵。

We have seen great success in this program already, and I am bullish on the boundless potential this program has is a long-term tailwind for our performance in repair and remodel.

我們已經在這個計劃中看到了巨大的成功，我看好這個計劃的無限潛力，它是我們維修和改造業績的長期推動力。

Now I would like to hand it over to Rachel to share more details about our second quarter results.

現在我想將其交給 Rachel，分享有關我們第二季業績的更多詳細資訊。

Rachel?

雷切爾？

Thank you, Aaron.

謝謝你，亞倫。

Please turn to slide 8.

請翻到幻燈片 8。

We again delivered on our commitments in the quarter and our first half results demonstrate that we are managing decisively as we continue to scale the organization and invest to profitably grow our business.

我們再次兌現了本季的承諾，上半年的業績表明，我們正在果斷地進行管理，繼續擴大組織規模並投資以實現業務的獲利成長。

Our North America teams delivered second quarter results in line with our volume and margin guidance.

我們的北美團隊交付的第二季業績符合我們的銷售和利潤指引。

And regionally, we are continuing to align our spend to the market environment, investing ahead of recovery and evolving our plans to accelerate our market outperformance.

從區域來看，我們將繼續根據市場環境調整支出，在復甦之前進行投資，並制定計劃以加速我們的市場表現。

In Asia Pacific and Europe, our teams demonstrated a strong commitment to driving outperformance in challenging markets, delivering first half results consistent with our expectations.

在亞太和歐洲，我們的團隊表現出堅定的承諾，致力於在充滿挑戰的市場中取得優異的業績，上半年業績符合我們的預期。

In Asia Pacific, we are executing well on our strategies to partner and win with our customers and own the material conversion opportunity.

在亞太地區，我們正在很好地執行我們的策略，與客戶合作並贏得勝利，並擁有材料轉換機會。

In Europe, our portfolio of high-value products is performing well in the early days of our long-term strategy.

在歐洲，我們的高價值產品組合在長期策略的早期表現良好。

Across all three regions, our results and strategies demonstrate a commitment to delivering profitable growth.

在所有三個地區，我們的業績和策略都反映了我們對實現獲利成長的承諾。

And finally, our strong margin delivery continues to underpin our robust cash generation capability and we continue to fund our capital priorities principally from cash generated by our operations.

最後，我們強勁的利潤率交付繼續支撐我們強大的現金產生能力，我們繼續主要透過營運產生的現金為我們的資本優先事項提供資金。

Please turn to slide 9 for the financial highlights of our fiscal second quarter.

請參閱投影片 9，以了解我們第二財季的財務亮點。

Total net sales were 4% below last year's record second quarter, but consistent with our expectations at just under $1 billion globally.

第二季總淨銷售額比去年創下的紀錄低 4%，但與我們全球略低於 10 億美元的預期一致。

We delivered $263 million of adjusted EBITDA in the quarter with an adjusted EBITDA margin of 27.4%.

本季我們實現了 2.63 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 27.4%。

Our first half adjusted EBITDA was over $0.5 billion and down just low single digits from our record performance in the first half of fiscal 2024.

我們上半年調整後的 EBITDA 超過 5 億美元，與 2024 財年上半年創紀錄的業績相比僅下降了低個位數。

Adjusted net income in the quarter was $157 million, modestly ahead of our expectations.

該季度調整後淨利潤為 1.57 億美元，略高於我們的預期。

And finally, during the quarter, we repurchased $75 million of stock completing our $300 million repurchase program.

最後，在本季度，我們回購了 7,500 萬美元的股票，完成了 3 億美元的回購計畫。

Let's move to slide 10, where I will comment on the year-over-year drivers that led to our second quarter consolidated adjusted EBITDA of $263 million.

讓我們轉到幻燈片 10，我將在其中評論導致我們第二季度合併調整後 EBITDA 達到 2.63 億美元的同比驅動因素。

North America drove a $26 million decrease in total adjusted EBITDA as volumes declined due to ongoing demand challenges in our end markets.

由於終端市場持續的需求挑戰導致銷售下降，北美地區調整後 EBITDA 總額減少了 2,600 萬美元。

Our decision to remain staffed on our plans while investing in scale and future growth are important actions to capture the opportunity as our markets recover.

我們決定繼續為我們的計劃配備人員，同時投資於規模和未來成長，這是我們在市場復甦時抓住機會的重要行動。

Additionally, we faced raw material headwinds and start-up costs related to our capacity additions which further weighed on margins.

此外，我們還面臨原材料阻力和與產能增加相關的啟動成本，這進一步影響了利潤率。

Our Asia Pacific business contributed $5 million of incremental adjusted EBITDA as our collective Australian and New Zealand business grew sales and achieved higher profitability.

隨著我們澳洲和紐西蘭業務的整體銷售額成長並實現更高的獲利能力，我們的亞太業務貢獻了 500 萬美元的增量調整後 EBITDA。

As a reminder, we announced that we would cease manufacturing and wind down commercial operations in the Philippines in August.

謹此提醒，我們宣布將於 8 月停止在菲律賓的製造並結束商業運營。

In the second quarter, our segment results were unfavorably impacted by this decision.

第二季度，我們的部門業績受到這項決定的不利影響。

Europe was a $2 million headwind as underlying EBITDA growth was more than offset by a previously disclosed favorable rebate true-up in the prior year.

歐洲面臨 200 萬美元的逆風，因為基本 EBITDA 成長被先前披露的上一年有利回扣調整所抵消。

Finally, R&D and adjusted corporate costs were relatively neutral to the change in consolidated adjusted EBITDA in the quarter.

最後，研發和調整後的企業成本對季度合併調整後 EBITDA 的變化相對中立。

Turning to slide 11.

轉到投影片 11。

North America net sales declined 5% in the quarter, primarily driven by a 7% decline in volume.

本季北美淨銷售額下降 5%，主要是因為銷量下降 7%。

Both our exterior and interior product line saw volume decreased by high single digits.

我們的外部和內部產品線的銷售量均出現高個位數下降。

We shipped 717 million standard feet in the quarter, near the midpoint of our guidance of $705 million to $735 million standard feet.

本季我們的出貨量為 7.17 億標準英尺，接近我們指引的 7.05 億至 7.35 億美元標準英尺的中點。

Average net sales price or ASP rose 2%, primarily related to the realization of our January 2024 price increase consistent with our expectations.

平均淨銷售價格或 ASP 上漲 2%，主要與我們實現 2024 年 1 月漲價符合我們的預期有關。

EBIT margin was 29.0%, down 270 basis points versus the prior year, but above the midpoint of our guidance.

息稅前利潤率為 29.0%，比前一年下降 270 個基點，但高於我們指引的中點。

This includes $38 million of total depreciation and amortization expense.

其中包括 3,800 萬美元的折舊和攤提費用總額。

North American EBITDA was $240 million with an EBITDA margin of 34.5%, down 170 basis points. lower volumes and unfavorable cost absorption were the primary drivers of the decrease in profitability.

北美 EBITDA 為 2.4 億美元，EBITDA 利潤率為 34.5%，下降 170 個基點。銷售下降和不利的成本吸收是獲利能力下降的主要原因。

The year-over-year impact of higher raw material costs worsened sequentially from the first quarter.

原材料成本上漲的年比影響比第一季連續惡化。

A trend we expect to continue into the third quarter as we recognized higher pulp and cement costs in our results.

我們預計這一趨勢將持續到第三季度，因為我們在業績中認識到紙漿和水泥成本上升。

Favorable ASP and progress on our HOS initiatives have continued to provide offsets to cost headwinds.

有利的平均售價和居屋計劃的進展繼續抵消了成本不利因素。

Our efforts to align spending to the current environment and the market outlook that helped to bolster our strong margins even as we continue to prioritize investments across the value chain in anticipation of our markets recovering.

我們努力使支出與當前環境和市場前景保持一致，這有助於提高我們的強勁利潤率，儘管我們因預期市場復甦而繼續優先考慮整個價值鏈的投資。

Turning to slide 12.

轉到投影片 12。

Asia Pacific net sales rose 1% in US dollars but decreased 2% in Australian dollars, primarily due to a 10% decrease in volume, partially offset by a 10% rise in ASP.

亞太地區以美元計算的淨銷售額成長了 1%，但以澳元計算的淨銷售額下降了 2%，這主要是由於銷量下降 10%，但部分被平均售價上漲 10% 所抵消。

Our decision to cease manufacturing and wind down commercial operations in the Philippines impacted our results for the segment.

我們決定停止在菲律賓的製造並逐步結束商業運營，這影響了我們該部門的表現。

However, Australian and New Zealand together saw low single-digit volume growth and mid-single-digit sales growth in the quarter.

然而，澳洲和紐西蘭本季銷售成長僅為低個位數，銷售額成長為中個位數。

As previously discussed, we stopped producing in the Philippines during August, but continued to ship from existing inventory throughout the remainder of the quarter.

如前所述，我們在 8 月停止了在菲律賓的生產，但在本季剩餘時間內繼續從現有庫存出貨。

Overall, Asia Pacific volume performance reflects this, while ASP and margins benefited from favorable geographic mix related to lower proportional contribution from the Philippines.

總體而言，亞太地區的銷售表現反映了這一點，而平均售價和利潤率則受益於與菲律賓較低比例貢獻相關的有利地理組合。

Asia Pacific adjusted EBIT margin was 33.3%, excluding restructuring expenses related to the Philippines.

亞太地區調整後息稅前利潤率為 33.3%，不包括與菲律賓相關的重組費用。

Adjusted EBITDA grew 11% to $54 million and adjusted EBITDA margin increased 350 basis points to 36.5% due to the aforementioned geographic mix dynamic and to a lesser extent, sales growth and margin expansion collectively in our Australia and New Zealand operations.

調整後的EBITDA 成長了11%，達到5,400 萬美元，調整後的EBITDA 利潤率成長了350 個基點，達到36.5%，原因是上述地理組合動態，以及在較小程度上，我們澳洲和紐西蘭業務的銷售成長和利潤率擴張。

Turning to slide 13 to discuss the European results.

轉向幻燈片 13 來討論歐洲的結果。

Europe net sales in US dollars were roughly even with the prior year, but decreased 1% in euros, including a headwind of approximately 3 percentage points related to the previously discussed favorable rebate true-up in the prior year.

歐洲以美元計算的淨銷售額與上一年大致持平，但以歐元計算的淨銷售額下降了 1%，其中包括與之前討論的上一年有利回扣調整相關的約 3 個百分點的逆風。

Sales in fiber gypsum were down low single digits in local currency but saw underlying growth excluding the rebate impact.

以當地貨幣計算，纖維石膏的銷售額下降了低個位數，但排除回扣影響後出現了潛在增長。

Fiber cement products were up high single digits in the quarter and high-value products have grown high single digits year-to-date.

纖維水泥產品在本季實現了高個位數成長，高價值產品今年迄今也實現了高個位數成長。

Volumes were slightly down as our markets remain challenged for the impact of higher rates continuing to weigh on demand for our products.

由於利率上升繼續影響我們產品的需求，我們的市場仍然面臨挑戰，銷售量略有下降。

ASP, which is not impacted by rebate activity, increased 4% and primarily driven by our June 2024 price increase.

不受返利活動影響的平均售價成長了 4%，這主要是受到我們 2024 年 6 月漲價的推動。

EBIT margin was 7.5%, inclusive of $8.1 million of depreciation and amortization expense.

息稅前利潤率為 7.5%，其中包括 810 萬美元的折舊和攤提費用。

Segment EBITDA was $17 million and EBITDA margin was 14.5%, down 220 basis points and unfavorable comparison owing entirely to the rebate true-up in the prior year.

部門 EBITDA 為 1700 萬美元，EBITDA 利潤率為 14.5%，下降了 220 個基點，比較不利的原因完全是上一年的回扣調整。

Higher ASP and modest input cost favorability were offset by increased headcount expenses related to sales teams in support of high-value product growth.

較高的平均售價和適度的投入成本優惠被與支援高價值產品成長的銷售團隊相關的人員費用增加所抵消。

Please turn to slide 14.

請翻到投影片 14。

Our strong margins underpin our cash flow, and we continue to fund our capital priorities principally from cash generated by our operations.

我們強勁的利潤率支撐著我們的現金流，我們繼續主要透過營運產生的現金為我們的資本優先事項提供資金。

Year-to-date, we generated $364 million of operating cash flow and invested $225 million in capital expenditures and deployed $150 million to share repurchase.

年初至今，我們產生了 3.64 億美元的營運現金流，投資了 2.25 億美元的資本支出，並部署了 1.5 億美元用於股票回購。

We continue to execute our pipeline of approved capacity expansion actions.

我們繼續執行已批准的產能擴張行動。

At our Prattville, Alabama facility, we have completed the expansion of sheet machine 3 and continue to work on both sheet machine 4 and the ColorPlus finishing line.

在我們位於阿拉巴馬州普拉特維爾的工廠，我們已經完成了 3 號片材機的擴建，並繼續對 4 號片材機和 ColorPlus 精整線進行擴建。

We also expect to continue our brownfield expansion in Orejo, Spain to begin work on our brownfield expansion in Cleburne, Texas and to advance planning at our Crystal City, Missouri greenfield project, due in large part to the timing of CapEx spend related to sheet machine 4 and Prattville, we now anticipate FY25 capital expenditures to be between $420 million and $440 million versus our previous range of $500 million to $550 million.

我們也預計將繼續在西班牙奧雷霍進行棕地擴張，開始在德克薩斯州克利本進行棕地擴張，並推進密蘇裡州水晶城綠地計畫的規劃，這在很大程度上是由於與片材機相關的資本支出的時間安排4 和普拉特維爾，我們現在預計 25 財年資本支出將在 4.2 億至 4.4 億美元之間，而之前的範圍為 5 億至 5.5 億美元。

During the quarter, we repurchased 2.1 million shares for a total of $75 million, completing our previously announced share repurchase program.

本季度，我們回購了 210 萬股股票，總金額為 7,500 萬美元，完成了我們先前宣布的股票回購計畫。

And in November, the Board approved a new $300 million program.

11 月，董事會批准了一項新的 3 億美元計畫。

As our markets recover, we will accelerate our outperformance and invest in organic growth.

隨著市場復甦，我們將加速實現卓越表現並投資於有機成長。

We will diligently allocate capital by following our framework, which we believe produces the best long-term shareholder returns.

我們將按照我們的框架勤勉地分配資本，我們相信這會產生最佳的長期股東回報。

This includes evaluating inorganic opportunities for not only strategic merits, but also financial attractiveness.

這不僅包括評估無機機會的策略價值，還包括財務吸引力。

Now please turn to slide 15, where I will discuss guidance.

現在請翻到投影片 15，我將在其中討論指導。

As Aaron noted at the beginning of the call, our teams have shown remarkable resilience in delivering our solid first half results amidst the challenging demand environment.

正如亞倫在電話會議開始時指出的那樣，我們的團隊在充滿挑戰的需求環境中表現出了非凡的韌性，並交付了穩健的上半年業績。

We continue to find opportunities to be more efficient as we prioritize our investment in scale and future growth.

當我們優先考慮規模和未來成長的投資時，我們將繼續尋找提高效率的機會。

We are encouraged by the prospect of improvements in consumer sentiment and homeowner affordability as borrowing costs normalize.

隨著借貸成本正常化，消費者信心和房主負擔能力的改善前景令我們感到鼓舞。

With respect to our fiscal year, we continue to expect the North American market for exterior products to be down low to mid-single digits.

就我們的財年而言，我們繼續預期北美外部產品市場將下降至中個位數。

While market conditions are softer than we originally anticipated, we remain committed to delivering North America volume within the original guidance range we provided in May.

雖然市場狀況比我們最初預期的要疲軟，但我們仍然致力於將北美銷售控制在我們 5 月提供的最初指導範圍內。

We are, therefore, reaffirming our expectation that North American volumes for the full fiscal year will be at least 2.95 billion standard feet, and we anticipate that our third quarter volumes will increase sequentially from the second quarter.

因此，我們重申整個財年北美銷量將至少達到 29.5 億標準英尺的預期，並且我們預計第三季的銷量將比第二季度連續增長。

HOS initiatives, together with efforts to rationalize and prioritize expenses are enabling us to achieve better profitability versus what we initially anticipated at this end of our volume outlook.

居屋計劃，加上合理化和優先考慮支出的努力，使我們能夠實現比我們最初預期的更好的盈利能力。

This comes despite expecting pulp and cement cost headwinds to strengthen in the back half of our fiscal year.

儘管預計紙漿和水泥成本阻力在我們財年後半段將會加強，但這情況還是出現了。

We are thus raising the low end of our North American EBIT margin guidance to 29.3% and similarly increasing the low end of our adjusted net income guidance range to $635 million.

因此，我們將北美息稅前利潤指導範圍的下限提高至 29.3%，同樣將調整後淨利潤指導範圍的下限提高至 6.35 億美元。

As a reminder, this increased to $635 million comes despite losing second half profit contribution from the Philippines, a headwind not incorporated in our original guidance.

提醒一下，儘管下半年菲律賓的利潤貢獻有所減少，但這一數字仍增加至 6.35 億美元，這一不利因素並未納入我們最初的指導中。

And with that, I'll turn it back to Aaron.

有了這個，我會把它轉回給亞倫。

Thanks, Rachel.

謝謝，雷切爾。

Please turn to slide 16.

請翻到投影片 16。

Thanks to the hard work of our teams and our determination to boldly continue investing through the softer environment we are set up to sustain our leading position in the industry and accelerate our outperformance as markets recover.

由於我們團隊的辛勤工作以及我們在疲軟的環境下大膽繼續投資的決心，我們將能夠維持我們在行業中的領先地位，並隨著市場復甦加速我們的卓越表現。

We are planning for recovery and growth in both repair and remodel and new construction.

我們正在計劃修復、改造和新建工程的恢復和成長。

Our teams continuously evolve our plans to deliver sustained market outperformance and capture the value that our products demand in the marketplace.

我們的團隊不斷發展我們的計劃，以實現持續的市場領先表現並捕捉我們的產品在市場上所需的價值。

While it is too early to quantify our expected results for FY26 in our North America segment we are planning for growth in net sales and EBITDA with EBITDA margin expansion.

雖然現在量化北美業務 26 財年的預期業績還為時過早，但我們正計劃透過 EBITDA 利潤率的擴張來實現淨銷售額和 EBITDA 的成長。

On a consolidated basis, we are also planning for adjusted EBITDA growth.

在合併的基礎上，我們也計劃調整後的 EBITDA 成長。

Our ability to expand the reach of our products through capitalizing on underlying market growth and the material conversion opportunity, coupled with gaining share through our superior value proposition across the value chain allows us to aspire to peer-leading growth over the long term.

我們有能力透過利用潛在的市場成長和材料轉換機會來擴大產品範圍，再加上我們在整個價值鏈上的卓越價值主張來獲得份額，這使我們能夠渴望在長期內實現同行領先的成長。

We are a profitable growth company, aligned as an organization around sustaining our strong returns on capital and generating attractive returns to shareholders.

我們是一家獲利成長型公司，作為一個組織，圍繞著維持強勁的資本回報並為股東創造有吸引力的回報而努力。

Our long-term aspirations that we shared with you at Investor Day remain unchanged, namely, to grow North America revenues by double digits to expand North America EBITDA margins by 500 basis points and to triple our North America EBITDA.

我們在投資者日與您分享的長期願望保持不變，即北美收入實現兩位數增長，北美 EBITDA 利潤率擴大 500 個基點，並將北美 EBITDA 增加兩倍。

Now please turn to slide 17, where I will conclude our prepared remarks.

現在請翻到投影片 17，我將在其中結束我們準備好的發言。

Halfway through our 2025 fiscal year, we are proud to have achieved solid quarterly results in line with our commitments.

2025 財年已過半，我們很自豪能夠按照我們的承諾取得穩健的季度業績。

We are laser-focused on delivering full year results consistent with the original ranges we provided in May, and we are planning to accelerate our outperformance and grow the business not only in the coming fiscal year, but also in the years ahead.

我們專注於提供與 5 月份提供的原始範圍一致的全年業績，並且我們計劃不僅在下一個財年，而且在未來幾年加速我們的業績增長和業務增長。

As we look to the future, we believe James Hardie's value proposition as a growth company is highly compelling with three primary pillars for shareholder value creation.

展望未來，我們相信詹姆斯哈迪作為一家成長型公司的價值主張非常引人注目，它具有創造股東價值的三大支柱。

First, we have the right strategy, one where our success perpetuates driving even greater success.

首先，我們擁有正確的策略，使我們的成功得以延續並推動更大的成功。

Second, we have bold ambitions and a talented team that delights in pursuing and achieving challenging goals.

其次，我們擁有雄心勃勃的雄心壯志和一支樂於追求並實現具有挑戰性目標的才華橫溢的團隊。

And third, our financial profile is attractive and will only continue to improve as we diligently allocate capital and work towards achieving our longer-term aspirations.

第三，我們的財務狀況具有吸引力，並且只有在我們勤勉地分配資本並努力實現我們的長期願望時才會繼續改善。

With that, Operator, please open the line for questions.

那麼，接線員，請打開提問線路。

(Operator Instructions) Keith Chau with MST.

（操作員說明）Keith Chau 與 MST。

Good morning, Aaron and Rachel.

早上好，亞倫和雷切爾。

Thanks for fielding my questions.

感謝您回答我的問題。

The first one is just around your planning assumptions for FY26 and understanding their planning assumptions are not guidance specifically.

第一個只是圍繞著您對 2026 財年的規劃假設，了解他們的規劃假設並不是具體的指導。

But with respect to price increases, I think in some jurisdictions, you've raised up to 6% for price.

但關於價格上漲，我認為在某些司法管轄區，價格上漲了高達 6%。

What is your expectation for realized price increase?

您對實現的價格上漲有何預期？

Just considering one of your peers has talked about the competitive dynamic being fairly normal but there should still be rebating activity in FY25.

考慮到您的一位同行已經談到競爭動態相當正常，但 2025 財年應該仍然會有回扣活動。

So just wondering if you can give us some clarity around list price increases have realized.

因此，只是想知道您是否可以向我們澄清一下標價上漲的情況。

Sure.

當然。

Keith, thanks for the question here.

基思，謝謝你的提問。

Look, as you can probably respect, we're still working with our customers on price increases.

瞧，正如您可能會尊重的那樣，我們仍在與客戶合作提高價格。

So it would be premature for us to go into any type of detail.

因此，我們現在討論任何細節都為時過早。

But as we have in the past, I mean, we target one price increase every single year. usually at a mid-single digit, and that's similar to what we're focused on now.

但正如我們過去所做的那樣，我的意思是，我們的目標是每年一次漲價。通常在中間個位數，這與我們現在關注的相似。

But we're still in the process right now of implementing price.

但我們目前仍在實施價格過程中。

Okay.

好的。

And then just a follow-up on cost assumptions, the guidance Aron or Rachel, if you can give us a sense of how you're looking at costs going into the end of the year, noting that some of your key costs, including pulp, electricity and freight are moderated a touch since the last result.

然後是成本假設的後續行動，阿倫或雷切爾的指導，如果你能讓我們了解你如何看待年底的成本，並指出你的一些關鍵成本，包括紙漿與上次結果相比，電力和貨運略有緩和。

And also SG&A control seem to be pretty good in the period, having stepped down quarter-on-quarter at least somewhat.

此外，銷售、管理及行政費用 (SG&A) 控制在此期間似乎也相當不錯，至少比上一季下降。

So is there an expectation that SG&A will fall further from the quarter?

那麼，SG&A 是否預計會比本季進一步下降？

Are you happy with the level at the moment?

您對目前的水平滿意嗎？

Yeah, Keith, again, thanks for the question.

是的，基思，再次感謝你的提問。

I'll start out and then I'll hand it over to Rachel.

我先開始，然後把它交給雷切爾。

Look, from an SG&A standpoint, we've talked a lot about our ability to pedal and clutch and I think that you have seen that this quarter.

看，從銷售、管理和行政費用的角度來看，我們已經談論了很多關於我們踩踏板和離合器的能力，我認為您在本季度已經看到了這一點。

And we've been clutching in certain areas, but not at the expense of long-term investments, we feel that are critical to the business.

我們一直在抓住某些領域，但不以犧牲長期投資為代價，我們認為這對業務至關重要。

As we think forward and what I've said before is we're going to invest how the business needs us to invest.

當我們展望未來時，我之前說過，我們將按照業務需要的方式進行投資。

So I can't really give any type of guidance on will it fall next quarter, but we will peddle and clutch and invest as appropriate.

因此，我無法就下季度是否會下跌提供任何類型的指導，但我們將酌情兜售、抓緊和投資。

Rachel, you want to talk a little bit about some of the raw material assumptions?

雷切爾，你想談一些原料假設嗎？

Yeah.

是的。

So I think the first question was, haven't really changed much since last quarter.

所以我認為第一個問題是，自上個季度以來並沒有真正改變太多。

And our raw material assumptions are largely unchanged.

我們的原料假設基本上沒有變化。

And as we've talked about before, our top four raw materials, and we've talked about labor, freight, pulp and cement.

正如我們之前討論過的，我們的四大原料，以及勞動力、貨運、紙漿和水泥。

They've ranged between 10% to 15% of our COGS.

它們占我們銷貨成本的 10% 到 15% 之間。

That remains the case.

情況仍然如此。

As we are thinking about -- you specifically asked about pulp that would is still a headwind year-over-year for Q4.

正如我們正在考慮的那樣，您特別詢問了紙漿，這對第四季度來說仍然是同比的阻力。

You are correct that it has modestly improved our expectation in Q3.

你是對的，它適度改善了我們對第三季的預期。

And as we've talked about before, this has a lot to do with how we have a two to four month lag from pulp prices, and we are lapping some of that performance.

正如我們之前談到的，這與我們與紙漿價格有兩到四個月的滯後有很大關係，而我們正在超越其中的一些表現。

So again, it's more of a year-over-year comparison as we look to the back half of the year.

因此，當我們展望今年下半年時，這更多的是同比比較。

Okay.

好的。

That's great.

那太棒了。

Thanks, both.

謝謝，兩位。

I'll jump back on the line.

我會重新上線。

Peter Steyn with Macquarie.

彼得史丹與麥格理。

Morning, Aaron and Rachel, thank you very much for your time.

早安，亞倫和瑞秋，非常感謝你們抽出寶貴的時間。

Rachel, I'm can just get a better handle on the HOS savings that you've banked in the quarter?

雷切爾，我能更好地處理你本季存入的居屋儲蓄嗎？

And what contribution that made to some of the performance that's outlined in your EBITDA bridge on figure 10.

這對圖 10 的 EBITDA 橋樑中概述的某些績效做出了哪些貢獻。

And therefore, also, what will be a sustained operating leverage basis to go forward.

因此，未來持續的營運槓桿基礎是什麼。

Yeah.

是的。

Peter, great to hear from you.

彼得，很高興收到你的來信。

Do you mean HOS savings in the quarter?

您的意思是本季居屋節省嗎？

there you go, Rich.

就這樣吧，里奇。

(inaudible) name as opposed to HOS?

（聽不清楚）相對於 HOS 的名稱？

Absolutely.

絕對地。

So this is one where I'm actually led you asked the question because I think we're fairly proud of in that certainly, as you look at some of our margin progression, you can see when you look at gross margin, we have had a rougher goal over here from raw materials, particularly year-over-year.

因此，這實際上是我引導您提出這個問題的地方，因為我認為我們對此感到相當自豪，當您查看我們的一些利潤增長時，您可以看到，當您查看毛利率時，我們已經在這裡的原料目標更為粗略，尤其是與去年同期相比。

And as we've talked about, our volume environment has been a little tougher, but we certainly have performed absolutely in range and to our expectations.

正如我們所討論的，我們的銷售環境有點困難，但我們的表現絕對在範圍內並達到了我們的預期。

Where we got to exceed here is when we look at our EBITDA margin and also down to the bottom line.

當我們審視我們的 EBITDA 利潤率以及淨利潤時，我們必須超越這裡。

And that really is demonstrating some of that HOS discipline and we're seeing it in a few ways.

這確實展示了一些居屋紀律，我們從幾個方面看到了這一點。

And this is one where we've talked a lot about Clutch and managing some of our spend towards Clutch.

我們在這裡討論了很多關於 Clutch 以及管理我們在 Clutch 上的一些支出的問題。

And a few examples of that.

還有一些例子。

As we think about this quarter, in particular, Prattville sheet machine 3 was one where we were originally going to start and put into service at the beginning of the quarter, given the volume environment, we were able to put it in service more towards the end of the quarter.

當我們考慮本季時，特別是 Prattville 片材機 3 是我們最初打算在本季度初啟動並投入使用的機器，考慮到產量環境，我們能夠將其投入使用，以便更多地實現季度末。

So as an example of very actively managing to that volume environment.

作為一個非常積極管理該卷環境的例子。

Similarly, as we think about some of our marketing expenses, whether it's a national advertising campaign, obviously, we are still very much aggressively marketing that was another area where we felt we could do some minor clutch.

同樣，當我們考慮我們的一些行銷費用時，無論是全國性的廣告活動，顯然我們仍然非常積極地進行行銷，這是我們認為我們可以做一些小事的另一個領域。

So again, that combination of some of the spending but also some of our manufacturing efficiency.

再說一次，這既是一些支出，也是我們的一些製造效率的結合。

So again, when we talk about RTI, which is the way we think about throughput, we've had some record performance, particularly over the summer, which is one of the hardest times for us to do so.

所以，當我們再次談論 RTI（我們思考吞吐量的方式）時，我們已經取得了一些創紀錄的性能，特別是在夏季，這是我們做到這一點最困難的時期之一。

So again, as we look across, whether it's from the operating performance under the manufacturing performance, again, a quarter where we really did need to control the control.

所以，當我們再次審視時，無論是從製造業業績下的營運表現來看，還是我們確實需要控制的季度。

And Peter, I would just add, I'm thankful for just an outstanding team from a manufacturing perspective across our whole enterprise.

彼得，我想補充一點，我很感謝我們整個企業從製造角度來看有一支出色的團隊。

Because if you think about some of the volumes and what they've been able to generate from HOS savings, it's been truly incredible.

因為如果你考慮一些數量以及他們能夠從居屋節省中產生的收益，這確實令人難以置信。

So that's -- it's world-class.

所以這就是——它是世界一流的。

That's great.

那太棒了。

And just, Aaron, one of your favorite subjects.

只是，亞倫，你最喜歡的科目之一。

Procurement.

採購。

Anything to call out there?

那裡有什麼要喊的嗎？

Yeah.

是的。

And procurement is one of my favorite subjects as all of you are aware, really, over the last year, we've centralized procurement.

採購是我最喜歡的主題之一，因為你們都知道，實際上，在過去的一年裡，我們進行了集中採購。

And we continue to be on track, if not ahead, with our procurement savings and the benefits from centralizing procurement.

我們在採購節省和集中採購帶來的好處方面繼續走在正軌上（即使不是領先）。

I mean this goes from everything what you would expect of our leverage and buying raw materials, but also in doing benefits, prescription drug you name and our team and procurement led by Rob O'Brien has done just an outstanding job.

我的意思是，這不僅體現在您對我們的槓桿作用和購買原材料的期望，而且還體現在您所提到的福利、處方藥方面，我們的團隊和羅布·奧布萊恩領導的採購工作做得非常出色。

The other thing that's really been key is our procurement team has worked right alongside our R&D team. right, and still keeping the highest quality from a product standpoint, but also being able to value improve our products.

另一個真正關鍵的事情是我們的採購團隊與我們的研發團隊一起工作。是的，從產品的角度來看，仍然保持最高的質量，但也能夠重視改進我們的產品。

So we're seeing significant savings there.

所以我們看到那裡節省了大量資金。

Thanks for the question.

謝謝你的提問。

Thanks, Aaron.

謝謝，亞倫。

I'll stop there.

我就到此為止。

Appreciate it.

欣賞它。

Daniel Kang with CLSA.

里昂證券的丹尼爾康。

Good morning, Aaron.

早上好，亞倫。

Good morning Rachel.

早上好，雷切爾。

Just firstly, pleased to hear your early comments on the safety of the team and minimal impact on operations from Hurricane Milton and Helene.

首先，很高興聽到您對團隊安全以及颶風米爾頓和海倫對營運影響最小的早期評論。

But just with respect to the rebuild effort, do you see a meaningful volume rebound over the next few quarters?

但就重建工作而言，您認為未來幾季的銷售會出現有意義的反彈嗎？

Yeah, Daniel, great question here.

是的，丹尼爾，這是個好問題。

Look, as you know, we've been impacted in the US, but also, as I mentioned, in Europe as well by extreme weather.

如你所知，我們在美國受到了影響，正如我所提到的，在歐洲也受到了極端天氣的影響。

And what I've learned a long time ago, you don't like to use weather as an excuse.

我很久以前就知道，你不喜歡用天氣當藉口。

But certainly, we had, I think -- a little bit of an impact, but nothing, I would say, real meaningful from a volume standpoint.

但當然，我認為我們確實產生了一點影響，但我想說，從數量的角度來看，沒有什麼真正有意義的。

And look, I think the key, as we think forward is we're still focused on our material conversion and the opportunity there.

看，我認為關鍵是，我們未來的想法是我們仍然專注於我們的材料轉換和那裡的機會。

It's not necessarily of any lagging volume that we missed.

我們錯過的不一定是任何滯後的成交量。

It's more of the material conversion that we're able to go out and get for the rest of the year and beyond.

這更多的是我們在今年剩餘時間及以後能夠出去獲得的物質轉換。

That's what we're focused on.

這就是我們關注的重點。

Thank Aaron.

謝謝亞倫。

And just on my follow-up.

就我的後續行動而言。

Looking to your FY26 aspirations on slide 16.

在投影片 16 上了解您 2026 財年的願望。

Is there any particular reason that you referenced EBITDA growth rather than your usual guidance or focus on.

您提到 EBITDA 成長而不是您通常的指導或關注點是否有任何特殊原因？

Yeah.

是的。

Daniel, great question.

丹尼爾，好問題。

I'll let Rachel take this one.

我會讓雷切爾拿走這個。

Yeah.

是的。

I mean I've always been a fan of EBITDA, first of all, it's a great metric to measure and manage our business performance because it really talks about controlling the controllables, right?

我的意思是，我一直是 EBITDA 的粉絲，首先，它是衡量和管理我們業務績效的一個很好的指標，因為它真正談論的是控制可控因素，對嗎？

It's ex-tax, ex-interest, it's ex-D&A.

這是除稅、除利息、除 D&A 的費用。

And actually closely aligned with cash returns on cash invested capital.

實際上與現金投資資本的現金回報密切相關。

So EBITDA is closer to a cash flow metric, and we are focused on generating strong cash flow more than GAAP profits.

因此，EBITDA 更接近現金流指標，我們更注重產生強勁的現金流，而不是 GAAP 利潤。

And then finally, as we think about comparison with peers, we try to put ourselves in your shoes.

最後，當我們考慮與同行進行比較時，我們會嘗試設身處地為您著想。

EBITDA focus does more closely align us to some of our building products peers who are valued more on some of those multiple basis.

EBITDA 重點確實使我們與一些建築產品同行更加緊密地聯繫在一起，他們在某些多重基礎上的估值更高。

Yeah.

是的。

And I think the other thing is just thinking about our long-term aspirations, right?

我認為另一件事就是考慮我們的長期願望，對吧？

We put EBITDA margins out there and our ability to grow EBITDA margins by 500 basis points. over the next 10 years.

我們公佈了 EBITDA 利潤率以及我們將 EBITDA 利潤率提高 500 個基點的能力。未來10年。

So that's really important and an important measurement for us.

所以這對我們來說非常重要，也是一個重要的衡量標準。

But look, we're still going to report EBIT margin.

但看，我們還是要申報息稅前利潤率。

That's not going away.

那不會消失。

But as Rachel said, think this is a better metric that reflects what our business is doing and what we can control.

但正如 Rachel 所說，認為這是一個更好的指標，可以反映我們的業務正在做什麼以及我們可以控制什麼。

Okay, thank you.

好的，謝謝。

Campbell-Crawford with Barrenjoey.

坎貝爾-克勞福德和巴倫喬伊。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Just one on North America volume.

北美卷上只有一本。

You're expecting December quarter volumes to be both September quarter.

您預計 12 月季度的銷售量將是 9 月季度的銷售量。

Usually, they are seasonally lower.

通常，它們會季節性降低。

So can you just talk about what's playing through there and underpinning growth.

那麼您能談談目前正在發生的事情以及支撐成長的因素嗎？

You would have had the hurricane impact in October.

十月你就會受到颶風的影響。

I think September, single-family starts are above -- sorry, below June quarter, which would have I would have thought weighed on volumes.

我認為九月的單戶住宅開工率高於——抱歉，低於六月季度，我以為這會影響成交量。

So what are you seeing there?

那麼你在那裡看到了什麼？

What's underpinning the different seasonality this year?

今年不同季節性的原因是什麼？

Yeah, Brook, great to hear from you.

是的，布魯克，很高興收到你的來信。

And again, we're not going to use the hurricane as any type of excuse of lack of volume or more volume later on.

再說一次，我們不會使用颶風作為任何類型的缺乏交易量或稍後交易量增加的藉口。

We're focused on material conversion.

我們專注於材料轉換。

But there's a good answer to this.

但對此有一個很好的答案。

Rachel, do you want to take Brook through this?

雷切爾，你想帶布魯克經歷這一切嗎？

Yeah.

是的。

So one of the things as we look between the second half of the year, and particularly Q3 being more than Q2.

因此，我們在今年下半年，特別是第三季的情況中看到的一件事比第二季要多。

Part of that is also thinking about a price increase that's effective in January and customers buying up to with our allocated limits is not limitless, but you're buying up to that in anticipation of growth that we are all expecting as we look ahead to the following calendar year.

其中一部分還考慮到一月份生效的價格上漲，客戶在我們分配的限額內購買的數量並不是無限的，但您購買的數量是預期我們在展望未來時所期待的增長。

Okay.

好的。

Great.

偉大的。

And just one very quick question, just to confirm, following on from an question on the FY26 planning assumptions.

緊接著關於 2026 財年規劃假設的問題，我問了一個非常簡單的問題，只是為了確認。

Can you just confirm you're also expecting NPAT growth in FY26 at this point?

您能否確認此時您也預期 2026 財年的 NPAT 成長？

I'm sorry, I didn't catch that.

抱歉，我沒聽清楚。

That impact growth.

這會影響成長。

Yeah.

是的。

Well, just a planning assumption for FY26, you talk about EBITDA growth towards sales growth.

好吧，這只是 2026 財年的規劃假設，您談論的是 EBITDA 成長對銷售成長的影響。

Are you also assuming NPAT growth?

您是否也假設 NPAT 成長？

Yeah.

是的。

We'll give more specific guidance when we get there because we have to start looking at DNA other assumptions.

當我們到達那裡時，我們將給出更具體的指導，因為我們必須開始研究 DNA 的其他假設。

So we want to be careful that these are planning assumptions right now.

因此，我們要小心，這些只是目前的計劃假設。

And we have been preparing for a recovery in growth in FY26, and that's everything from CapEx, marketing and people investments.

我們一直在為 2026 財年的成長復甦做準備，這包括資本支出、行銷和人員投資。

So we want to make sure that we are giving you that proper guidance.

因此，我們希望確保為您提供正確的指導。

Okay, thanks.

好的，謝謝。

Harry Saunders with E&P.

哈利桑德斯 (Harry Saunders) 與勘探與生產公司 (E&P) 合作。

Hi, thanks for taking my questions.

您好，感謝您回答我的問題。

Firstly, just wondering more specifically what is driving the softer margin expectations in the second half versus the second quarter, just given volume improvement anticipated.

首先，只是想更具體地想知道，考慮到預期銷售的改善，是什麼導致下半年利潤率預期較第二季下降。

Yeah.

是的。

Some of this is really some of the raw materials that we've talked about and that continuing, I described Pulp earlier in the call and we are expecting that to continue.

其中一些實際上是我們已經討論過的一些原材料，我在電話會議早些時候描述了紙漿，我們預計這種情況會繼續下去。

And as we mentioned, we are not softening on our investments for the long-term growth in the business.

正如我們所提到的，我們不會為了業務的長期成長而放鬆投資。

Yes.

是的。

And we're really focused here on delivering those consistent margins throughout the back half here.

我們真正專注於在整個後半段提供一致的利潤。

Got it.

知道了。

And just wondering, does the guidance for volumes include any recovery in end markets in the second half.

只是想知道，銷售指引是否包括下半年終端市場的復甦。

And also just related, perhaps, do you have an updated view of R&R and new construction for this year?

或許，您對今年的 R&R 和新建築有最新的看法嗎？

I noticed not including that slide anymore and perhaps also if you're still expecting 4% PDG, please?

我注意到不再包括那張幻燈片，也許您仍然期望 4% PDG，好嗎？

Yeah.

是的。

So the short answer is we are not anticipating any recovery.

所以簡短的回答是我們預計不會有任何復甦。

And as it relates to PDG, as we think about that, look, we're still going to outperform the market. and we expect to be able to deliver on our PDG commitments.

就 PDG 而言，當我們考慮這一點時，我們仍然會跑贏大盤。我們希望能夠兌現我們的 PDG 承諾。

And just further based on our guide and our current expectations of our blended markets being down mid-single digits, we will outperform the market. guidance implies delivering no less than down 3% year-over-year.

進一步根據我們的指南和我們目前對混合市場下跌中個位數的預期，我們將跑贏大盤。指引意味著同比下降不低於 3%。

Therefore, our market outperformance implies that the market will be down no worse than mid-single digits.

因此，我們的市場表現優異意味著市場的跌幅不會低於中個位數。

And finally, Aaron emphasized, we are focused always on outperforming the market.

最後，亞倫強調，我們始終致力於跑贏大盤。

Great.

偉大的。

Got it.

知道了。

And just finally, wondering if you could give some more color on the Philippines impact in the second half for Asia Pacific versus the second quarter, please?

最後，想知道您是否可以進一步說明菲律賓下半年與第二季對亞太地區的影響？

Happy to.

很高興。

As we talk about that and think about modeling assumptions specifically as we exit the Philippines, Year-over-year APAC value volumes, we do expect to be down about 30% in 2H.

當我們談論這一點並特別考慮我們退出菲律賓時的建模假設時，亞太地區的價值量將年減，我們預計第二季將下降約 30%。

And revenue in 2H for APAC will be down about 10%.

亞太地區 2H 收入將下降約 10%。

APAC EBIT will be roughly flat, however, given the lower margin profile of the Philippines.

然而，鑑於菲律賓的利潤率較低，亞太地區的息稅前利潤將大致持平。

All right.

好的。

Thank you

謝謝

Andrew Scott with Morgan Stanley.

摩根士丹利的安德魯·斯科特。

Hi Aaron.

嗨，亞倫。

Thanks for the time.

謝謝你的時間。

Just first of all, price realization.

首先，價格實現。

I think North American ASP was up 4% first quarter 2% second quarter.

我認為北美第一季 ASP 上漲了 4%，第二季上漲了 2%。

I know we're picking in a couple of cent here, but just trying to understand, is that a little bit more discounting or rebating is it mix or what's playing into that?

我知道我們在這裡收取了幾美分，但只是想了解一下，是否有更多的折扣或回扣是混合的還是其中有什麼作用？

Yeah.

是的。

Look, Andrew, I think what we've always said, and you can look quarter-from-quarter, but we always have said that our ASP is going to be up for the full year in every single region.

聽著，安德魯，我想我們一直在說，你可以逐季度查看，但我們總是說我們的平均售價將在每個地區全年上漲。

And that's what we're trending to here right now.

這就是我們現在的趨勢。

Okay.

好的。

And then secondly, you said you believe you're outperforming markets.

其次，您說您相信自己的表現優於市場。

Can you give us some insight what you think the market did in the period gone.

您能否給我們一些您認為市場在過去一段時間內的表現的見解？

Yeah.

是的。

Look, I mean, if you look at our business, it's very interesting as far as the segments we play in.

聽著，我的意思是，如果你看看我們的業務，就我們所從事的細分市場而言，這是非常有趣的。

And if you think about single-family new construction, we would say that was positive.

如果你考慮單戶新建建築，我們會說這是正面的。

Out there, mid-single digits.

在那裡，中等個位數。

Multifamily, which we performed really well with about 15% of our total volume last year was down in the high 30s out there.

多戶住宅的表現非常好，去年佔總銷售量的 15% 左右，但現在卻下降到了 30 左右。

So we believe that were more like down about 20% there.

所以我們認為下降了 20% 左右。

And then if you look at R&R, which is the majority of our business, we would say that was down double digits.

如果你看看作為我們大部分業務的 R&R，我們會說下降了兩位數。

And we trended better than that.

我們的趨勢比這更好。

So look, we know that.

所以看，我們知道這一點。

We don't like to get in quarter-by-quarter looks at this.

我們不喜歡逐季審視這個問題。

It's more of an entire year.

更是一整年的時間。

And as I mentioned and Rachel talked about with PDG, we are on target to deliver on our commitments and outperform the markets.

正如我所提到的以及 Rachel 與 PDG 談到的，我們的目標是兌現我們的承諾並跑贏大盤。

That's helpful.

這很有幫助。

Thank you

謝謝

Niraj Shah with Goldman Sachs.

尼拉傑·沙阿 (Niraj Shah) 與高盛 (Goldman Sachs)。

Hi, Aaron.

嗨，亞倫。

Hi, Rachel.

嗨，雷切爾。

Most of my questions have been answered, but I just wanted to understand the delay around the CapEx at Prattville.

我的大部分問題都已得到解答，但我只是想了解普拉特維爾資本支出的延遲。

Yeah, sure.

是的，當然。

Rach, do you want to take that?

瑞秋，你想接受這個嗎？

Yeah.

是的。

And so part of this is Trail 3 is up and running, and we have under construction.

其中一部分是 Trail 3 已啟動並正在運行，我們正在建造中。

And with volumes coming in a little bit lower than we first anticipated at the beginning of the year, we do have that opportunity to slow.

由於銷售量略低於我們年初的預期，我們確實有機會放慢速度。

We are ready and can accelerate as well if conditions change, but that is why we look at for our plans for the year, as we also think about Cleburne and our other that expansion, what are ones that we can control and pace with the volume.

我們已經做好準備，如果情況發生變化，也可以加速，但這就是為什麼我們會考慮今年的計劃，因為我們也考慮克利本和我們的其他擴張，我們可以控制哪些擴張並與數量同步。

Yeah.

是的。

And Niraj, I'll just add to that.

Niraj，我補充一下。

I think what's really important as you look at the way we've been handling our business and what is a very challenging time is we've been able to clutch in certain areas, whether that be from a marketing expense standpoint, whether that be with people, but we're still investing for long-term growth.

我認為，當你審視我們處理業務的方式時，真正重要的是我們能夠抓住某些領域，無論是從行銷費用的角度來看，還是在一個非常具有挑戰性的時期。在為長期成長進行投資。

In Prattville and waiting to commission that towards -- more towards the end of the quarter as an example of that clutch I think it's always important as you're entering into challenging times, which we've been in is to be able to have those appropriate levers to pull without hurting the business from a long-term standpoint, particularly when you believe recovery is going to happen.

在普拉特維爾，等待委託——更多的是在本季度末作為關鍵時刻的一個例子，我認為這總是很重要的，因為你正在進入充滿挑戰的時期，我們一直處於這樣的時期，就是能夠擁有這些從長遠來看，在不損害業務的情況下採取適當的槓桿，特別是當您相信復甦將會發生時。

And certainly, as we outlined in my remarks and Rachel's remarks, we think that's going to happen as we look to FY26.

當然，正如我們在我的演講和雷切爾的演講中所概述的那樣，我們認為在我們展望 2026 財年時這將會發生。

So we're really confident that we're making the right investments and we're ready as that recovery happens.

因此，我們非常有信心我們正在做出正確的投資，並且我們已經為復甦做好了準備。

Got it.

知道了。

Thank you.

謝謝。

Shaurya Visen with Bank of America.

Shaurya Visen 與美國銀行。

Good, thank.

好的，謝謝。

Two quick ones from me.

我的兩個快的。

Starting with your guidance, right, that both FY25 and some of your comments on the third quarter look, I understand you're sort of saying the lower end of the guide is $635 million.

從你的指導開始，對，25 財年和你對第三季的一些評論看起來，我理解你是在說指導的下限是 6.35 億美元。

But how should we be thinking about the range now?

但我們現在該如何考慮這個範圍呢？

And also, as sort of mentioned, third quarter volumes are higher than the second.

而且，如同前面提到的，第三季的銷售量高於第二季。

Is it also fair to say that fourth quarter volume should be higher than the third.

可以說第四季的銷量應該高於第三季嗎？

And also just curious, was there a reason why you did not put out an explicit third quarter guidance?

我也很好奇，你們沒有發布明確的第三季指引是否有原因？

And I had a quick follow-up post that.

我有一個快速的後續帖子。

Yeah.

是的。

Look, and Rachel, feel free to jump in here.

聽著，瑞秋，請隨意跳到這裡來。

I think one of the things we got to remember, this is really the first year we've given full year guidance.

我認為我們必須記住的一件事是，這實際上是我們給出全年指導的第一年。

And we thought important to provide quarterly guidance in the early part of the year. to give quarterly guidance at this juncture of the year would be giving in reality, two quarters of guidance, which is something that we have not done.

我們認為在今年年初提供季度指導很重要。在今年這個時刻提供季度指導實際上會提供兩個季度的指導，而這是我們尚未做過的事情。

Finally, while we're confident in the second half, the split between Q3 and Q4 Rachel mentioned this, it straddles a few competing factors, right?

最後，雖然我們對下半年充滿信心，但第三季和第四季之間的分歧雷切爾提到了這一點，它跨越了一些競爭因素，對吧？

If you think about for our customers, they may choose early buying, pre the price increase in January with allowable limits.

如果你為我們的客戶考慮，他們可能會選擇提前購買，在一月份漲價之前，在允許的限度內。

Alternatively, they may be concerned with inventory management around the current year, which for many is their fiscal year in, which can influence when they want delivery of products.

或者，他們可能關心當前年度的庫存管理，這對許多人來說是他們的財政年度，這可能會影響他們想要交付產品的時間。

I think what's important to remember is regardless, we're confident in our volume guidance being at least 2.95 billion standard feet.

我認為重要的是要記住，無論如何，我們對至少 29.5 億標準英尺的交易量指導充滿信心。

And finally, we are expecting third quarter volume to be above second quarter volume.

最後，我們預計第三季的銷售量將高於第二季的銷售量。

And then on the other two metrics you heard, we took up the lower end of our range.

然後，根據您聽到的其他兩個指標，我們佔據了範圍的下限。

And so that's a bit helpful.

這有點幫助。

And last one, look, coming back to your sort of outlook on the capital expenditure sort of pushing back, pushing it out to the next year.

最後一個，看，回到你對資本支出的看法，有點推遲，推遲到明年。

Just curious, right, one of your key competitors are sort of talking about increasing capacity next year.

只是好奇，對吧，您的主要競爭對手之一正在談論明年增加產能。

How should we read that versus you are thinking of pulling back capacity?

對於您正在考慮縮減產能，我們該如何解讀？

Just curious how you think that's playing out?

只是好奇你認為結果如何？

Look, I can't speak to any competitors and you can interpret that any way you want.

聽著，我不能與任何競爭對手交談，你可以以任何你想要的方式解釋這一點。

I think the key piece is we have levers to control right?

我認為關鍵是我們有控製手段，對嗎？

And you think about our footprint right now, we are across the United States.

你想想我們現在的足跡，我們遍佈美國各地。

So we're uniquely positioned to handle any increase in recovery that's coming along.

因此，我們處於獨特的地位，可以應對即將到來的復甦的任何增長。

But also as we prepare and think about over the next 10 years, key to that is our buildup of capacity.

但當我們為未來 10 年做準備和思考時，關鍵是我們的能力建構。

So we just put Prattville three online, which is a huge investment and really aids with any recovery, but we have the ability to turn on four as well.

因此，我們只是將普拉特維爾的三個網絡投入使用，這是一項巨大的投資，並且確實有助於恢復，但我們也有能力啟動四個。

So I think we're sitting in a really good spot right now regardless of what happens.

所以我認為無論發生什麼，我們現在都處於一個非常好的位置。

But we are preparing and we're very confident that we're going to be able to take advantage of the recovery in '26.

但我們正在做準備，我們非常有信心能夠利用 26 年的復甦機會。

Can I just sneak in with a quick one for Rachel.

我可以偷偷溜進去給瑞秋拿一份嗎？

Just going back to Dan's questions on FY25 assumptions, right?

回到 Dan 關於 25 財年假設的問題，對吧？

Is this something on the DNA that we need to be aware of for the next year?

這是我們明年需要注意的 DNA 內容嗎？

Or that should not be very different to what we had.

或者說這應該與我們所擁有的沒有太大不同。

No, it should be fairly consistent.

不，應該是相當一致的。

Obviously, it moves with our CapEx.

顯然，它隨著我們的資本支出而變化。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Lee Power with UBS.

瑞銀集團 (UBS) 的李鮑爾 (Lee Power)。

Morning, Aaron.

早上好，亞倫。

Just your comments around padal and Clutch like you talk about obviously being prepared for when the market recovers.

就像您對 padal 和 Clutch 的評論一樣，顯然您正在為市場復甦做好準備。

Can you give us an idea of like any specific signs you're looking for and whether you're kind of going to take a conservative approach and maybe stay on the clutter a little bit longer or whether you're kind of as I think the business has been in the past, you kind of -- you don't want to give up any sort of square footage and you probably go earlier on the spend.

您能否告訴我們您正在尋找的任何具體跡象，以及您是否會採取保守的方法，也許會在混亂中停留更長的時間，或者您是否像我認為的那樣生意已經成為過去，你不想放棄任何面積，你可能會更早花錢。

Yeah.

是的。

Look, I think, Lee -- first of all, great question.

我認為，李，首先，這是一個很好的問題。

Look, I think let's just take R&R, and I always talk about some of the four factors out there that we look at.

聽著，我想我們就以 R&R 為例，我總是談論我們所關注的四個因素中的某些因素。

Certainly, contractor and consumer sentiment, it's down from its peak right now, but it remains in positive territory.

當然，承包商和消費者的情緒雖然已從目前的高峰迴落，但仍處於正面狀態。

If we think about existing home prices, right, they're at record highs.

如果我們考慮一下現有的房價，對吧，它們正處於歷史高點。

So it supports equity that people have equity in their homes.

因此，它支持人們對自己的房屋擁有產權的公平性。

And interestingly enough, I was just got a report not too long ago thinking about since 2019, the average equity people are increase in people's homes has been about $30,000 a year.

有趣的是，不久前我剛收到一份報告，想到自 2019 年以來，人們房屋的平均淨資產每年增加約 3 萬美元。

So it speaks to a lot of powder they have for home renovation.

所以這說明他們有很多用於家庭裝修的粉末。

The other piece is big box transaction growth.

另一塊是大型交易成長。

And that's been down for a while, but I am encouraged, I think, came out this morning to see the Home Depot have flat type of comps in the third quarter.

這個數字已經下降了一段時間，但我認為，今天早上看到家得寶第三季度的業績表現持平，我感到很鼓舞。

So those are the things we look at.

這些就是我們所關注的事情。

One thing we haven't talked about, and I know that's been on everyone's mind is the election, right?

我們還沒有談論的一件事是選舉，我知道每個人都在想，對嗎？

So I believe, and I was out last week, even before I came down here to Australia with some homebuilders and some of our contractors.

所以我相信，上週我就出去了，甚至在我和一些房屋建築商和我們的一些承包商來到澳洲之前。

The fact that the election is over and there's certainty there we believe is going to get people off the sidelines.

選舉已經結束，我們相信選舉已經確定，這一事實將使人們不再觀望。

I don't know exactly when.

我不知道具體是什麼時候。

But even early days, kind of anecdotal, the phones have been ringing more. we hear sentiment from consumers and contractors to be increasing.

但據傳聞，即使在早期，電話鈴聲也越來越多。我們聽說消費者和承包商的情緒正在上升。

So I think all of those factors are key for us to look at.

所以我認為所有這些因素都是我們需要考慮的關鍵。

And look, I think what's important to note, we do not have to ramp anything up.

我認為值得注意的是，我們不必增加任何東西。

We've invested where we can take advantage of a recovery.

我們已經在可以利用復甦的地方進行了投資。

And I think it's really key for all of you when you think about how confident are we in this?

我認為當你們想到我們對此有多大信心時，這對你們所有人來說真的很關鍵？

Well, I think we've been voting with our wallet.

好吧，我認為我們一直在用錢包投票。

Investments, whether it be in CapEx, whether it be more salespeople out there, whether it be marketing, right?

投資，無論是資本支出，是否是更多的銷售人員，是否是行銷，對嗎？

The investment in marketing and our brand has been like no other.

對行銷和品牌的投資是獨一無二的。

And that's why we have the strongest brand in the building products bar done.

這就是為什麼我們擁有建築產品領域最強品牌的原因。

So we are ready, and we're just waiting for that recovery to happen.

所以我們已經準備好了，我們只是等待復甦的發生。

But our teams are out there and performing at a high level taking share in every segment that we play in.

但我們的團隊表現出色，在我們參與的每個細分市場中都佔有一席之地。

So we're ready to go.

我們準備出發了。

It's interesting in your comments around the election.

您對選舉的評論很有趣。

Do you have a view on like potential stricter controls around undocumented labor and tariffs.

您是否對針對無證勞工和關稅的潛在更嚴格控制有何看法？

Like what do you think that might actually mean around the ability to meet demand because there seems to be some pretty divergent views out there in the market.

就像您認為這實際上意味著滿足需求的能力，因為市場上似乎存在一些相當不同的觀點。

I think you could really dissect this and we could spend all day on the phone, but even before it was decided who would win, I think we're sitting in a really good position that we have a value proposition that's very unique, right?

我認為你可以真正剖析這一點，我們可以花一整天的時間打電話，但即使在決定誰會獲勝之前，我認為我們處於一個非常好的位置，我們有一個非常獨特的價值主張，對吧？

We focus across the entire customer value chain which is unique, and we're going to capitalize and go out there and take advantage and convert.

我們專注於整個獨特的客戶價值鏈，我們將利用並走出去，利用並轉換。

It doesn't matter what happens in that regard.

在這方面發生什麼事並不重要。

We feel confident on our ability to do that.

我們對自己有能力做到這一點充滿信心。

Excellent.

出色的。

Thank you.

謝謝。

Liam Schofield with Morgans Financial.

摩根金融公司的利亞姆·斯科菲爾德。

Thanks for taking my question, Aaron and Rachel, you just commented there on the improvement or prospects for improved consumer sentiment.

感謝亞倫和雷切爾提出我的問題，你們剛剛評論了消費者信心的改善或前景。

As borrowing costs normalize with that sort of 30-year mortgage closer to 7% than it is 6%.

隨著此類 30 年期抵押貸款的借貸成本趨於正常化，其比例接近 7%，而不是 6%。

How does that sort of normalize through time?

隨著時間的推移，這種情況如何變得正常化？

And what's that relationship?

那是什麼關係？

That's a great question.

這是一個很好的問題。

I mean, look, one of those things in terms of consumer sentiment that Aaron highlighted with yes, the presidential election is now behind us. but also on last Thursday, the Fed cut rates by an additional 25 bps.

我的意思是，看，亞倫強調的消費者信心方面的事情之一是，總統選舉現在已經過去了。上週四，聯準會又降息 25 個基點。

And as we look ahead, you're right, unfortunately, the mortgage rate, the 30-year fixed margin rate has been a little stubbornly high.

當我們展望未來時，不幸的是，你是對的，抵押貸款利率、30 年期固定保證金利率一直居高不下。

It was at 6.79%, which is the same at the end of July, right?

是6.79%，跟7月底是一樣的吧？

So we're not yet seeing that cycle through.

所以我們還沒看到這個週期的結束。

But the confidence that, that's establishing and in combination with the expectation, the Fed do plan in the US has four more [25 bps] cuts forecast for calendar year '25.

但人們對聯準會確實計劃在美國實施計劃的信心正在建立，並與預期相結合，預計 25 年將再降息四次 [25 個基點]。

So again, I think that will further that sentiment and that readiness.

再說一次，我認為這將進一步促進這種情緒和準備。

All right, thanks guys.

好的，謝謝大家。

Harry Sanders with E&P.

哈里·桑德斯與勘探與生產公司。

Hi, thanks for taking my follow up.

您好，感謝您接受我的跟進。

Just wondering on that FY26 outlook, particularly on the R&R end market, I mean various comps seem to be calling for a muted recovery year.

只是想知道 2026 財年的前景，特別是 R&R 終端市場的前景，我的意思是，各種公司似乎都在呼籲今年的復甦緩慢。

I'm just wondering if you could give more color around what's forming you noting your long-term sort of planning assumption of low single-digit end market growth?

我只是想知道您是否可以對您的長期規劃假設（終端市場低個位數成長）進行更多說明？

Yeah.

是的。

I think, Aaron, did a nice job of kind of going back to those four factors of what are we waiting for.

我認為，亞倫，做得很好，回到了我們正在等待的這四個因素。

And in our four factors, when we talked about consumer and contractor mention look, a lot of this is how quickly does some of this change.

在我們的四個因素中，當我們談論消費者和承包商提到的外觀時，很多都是這種變化的速度有多快。

So that's a lot of the macro not.

所以這不是很多宏的內容。

We're in the control of the controllable camp over here.

我們已經控制了這裡的可控營地。

But also as we think about home equity values as we think about whether it's the material conversion opportunity, the aging of the housing stock the formation of home of combo the ages of the population and readiness to bio.

但當我們考慮房屋淨值價值時，我們也會考慮這是否是物質轉換機會、房屋存量的老化、房屋的形成、人口年齡和生物準備程度的組合。

All of those trends are very long-term positive, whether it's for new construction and frankly, R&R.

所有這些趨勢從長遠來看都是非常積極的，無論是新建建築還是坦率地說，R&R。

So our job here is to get ready for that inflection, and we'll see when it comes.

因此，我們的工作就是為這種轉變做好準備，我們將拭​​目以待。

Yeah.

是的。

And I would just add, look, we talked about the presidential election.

我想補充一點，我們談了總統選舉。

I think that is big psychologically for people because that uncertainty is gone.

我認為這對人們的心理來說很重要，因為不確定性已經消失了。

But the other thing is we're in the midst of the Fed cutting rates, right?

但另一件事是我們正處於聯準會降息之中，對吧？

So that is going to be beneficial for us and beneficial for the R&R market. along with the underlying fundamentals that Rachel just walked through.

因此，這對我們有利，對 R&R 市場也有利。以及雷切爾剛經歷的基本原理。

Thanks.

謝謝。

Sama Seow with Citi.

Sama Seow 與花旗銀行。

Hi guys.

嗨，大家好。

Thanks for taking my question.

感謝您提出我的問題。

Just quickly, second half volume guidance, 1.48% a 28.5% margin appears a bit lower than prior scenarios where you've given us where a 750 volume quarter should be around 30% to 32%.

很快，下半年的銷售指導，1.48% 和28.5% 的利潤率似乎比之前的情景要低一些，在之前的情景中，您給我們提供了750 個季度的銷量指導，利潤率應該在30%到32% 左右。

Just wondering is the different input costs there?

只是想知道那裡的投入成本是否不同？

And if you are taking 6% price in the fourth quarter, maybe 10% in backup, whether that implies that third quarter is meant to be under the 28% and fourth quarter a bit stronger?

如果第四季的價格為 6%，備份價格可能為 10%，這是否意味著第三季的價格將低於 28%，而第四季的價格會更高一些？

So the first thing I'd say is year-over-year.

所以我要說的第一件事是逐年變化。

We absolutely are expecting those raw material costs.

我們絕對預計這些原料成本。

We know we have those headwinds even as pulp eases from a relative high year-over-year, it is still or soft.

我們知道，即使紙漿從同比相對高點回落，我們也面臨這些阻力，但它仍處於靜止狀態或疲軟狀態。

And then as we move further down, we do have to say we have higher D&A year-over-year as well.

然後，當我們進一步下降時，我們確實不得不說我們的 D&A 同比也更高。

So if you're looking at the EBIT margin level, that is something to consider.

因此，如果您正在考慮息稅前利潤水平，這是需要考慮的。

In terms of the volume, we talked about our expectation that Q3 would be ahead versus Q2 for volume.

就銷量而言，我們預計第三季的銷量將領先第二季。

And then we also talked about though our price increase.

然後我們也談到了我們的價格上漲。

So those are factors to consider as you get down to the net sales level.

因此，當您了解淨銷售額水準時，這些都是需要考慮的因素。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe just quickly, exterior volumes slowed to high single-digit decline from low single-digit growth in the first quarter.

然後，外部銷售可能很快就會從第一季的低個位數成長放緩至高個位數下降。

I appreciate obviously quarter-on-quarter and volatile, but just wondering if there's any further color on the fairly large kind of double-digit delta there?

我顯然很欣賞季度環比和波動性，但只是想知道相當大的兩位數增量是否還有進一步的顏色？

Look, I think what you're asking is our growth slowing a little bit.

聽著，我想你問的是我們的成長速度有點放緩。

And from our May guidance, our market assessment indicates that the second half big project R&R recovery would be unlikely, right?

從我們 5 月的指導來看，我們的市場評估顯示下半年大型專案的 R&R 復甦不太可能，對嗎？

So large homebuilders are contending with current affordability challenges, and we talked about multifamily new construction being in decline.

因此，大型住宅建築商正在應對當前的負擔能力挑戰，我們談到了多戶型新建建築正在下降。

Really, our macro assessment aligns with third-party forecast.

事實上，我們的宏觀評估與第三方預測一致。

And even with that decline, as I mentioned at the beginning of the call, we believe we're outperforming the markets there.

即使出現這種下降，正如我在電話會議開始時提到的那樣，我們相信我們的表現仍優於那裡的市場。

So I think the other thing we got to remember is we're going against record numbers as we think about right now this performance.

所以我認為我們必須記住的另一件事是，當我們考慮現在的表現時，我們正在反對創紀錄的數字。

So I'm extremely proud of what the team has been able to do.

因此，我對團隊所取得的成就感到非常自豪。

I think that's our last question there.

我想這是我們最後一個問題。

Thank you.

謝謝。

That is all the time we have for questions today.

這就是我們今天提問的時間了。

I'll now hand back to Mr. Erter for closing remarks.

現在請埃特先生致閉幕詞。

Thanks, Ashley.

謝謝，阿什利。

Everyone, thanks again.

大家，再次感謝。

Just really want to reiterate, number one, we're positioned to deliver on our commitments for FY25.

只是想重申，第一，我們有能力兌現 2025 財年的承諾。

And that's been by outperforming the markets but also our ability to really have a handle on our business and clutch where we need to clutch, but also continuing to invest as we believe recovery is going to become come in FY26.

這不僅在於我們超越市場的表現，還在於我們有能力真正掌控我們的業務並抓住我們需要抓住的地方，同時我們也繼續投資，因為我們相信復甦將在 2026 財年到來。

And look, we believe our material conversion opportunity is huge, right?

看，我們相信我們的材料轉換機會是巨大的，對吧？

And we believe we're uniquely positioned because of our focus on the entire value chain.

我們相信，由於我們專注於整個價值鏈，因此我們具有獨特的定位。

And as we talked before, we're planning for growth in FY26 and beyond.

正如我們之前所說，我們計劃在 2026 財年及以後實現成長。

So just to close out, as always, I want to thank all the James Hardie teammates around the world for all the hard work and their focus on Zero harm.

最後，一如既往，我要感謝世界各地所有詹姆斯哈迪隊友的辛勤工作以及他們對零傷害的關注。

So thank you.

所以謝謝你。

Appreciate it.

欣賞它。

That concludes our conference for today.

我們今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。