James Hardie Industries PLC (JHX) 2025 Q3 法說會逐字稿

Welcome to the James Hardie Fiscal third-quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加 James Hardie 2025 財年第三季財報電話會議。（操作員指示）

I would now like to hand the call over to Joe Ahlersmeyer, Vice President of Investor Relations. Please go ahead.

現在我想將電話交給投資者關係副總裁喬‧阿勒斯‧邁耶 (Joe Ahlersmeyer)。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. You can refer to several cautionary notes on page 2 for more information. 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.

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。您可以參考第 2 頁的幾個注意事項以獲取更多資訊。此外，除非另有說明，我們的資料和評論均指美元數字，並且所做的任何比較均與上一財年的同期進行比較。

Now, please turn to page 3, where you'll find the agenda for today's call. I am joined by Aaron Erter, Chief Executive Officer of James Hardie; and Rachel Wilson, our Chief Financial Officer. 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. Then Aaron will return to conclude our prepared remarks before we move to Q&A.

現在，請翻到第 3 頁，您將看到今天電話會議的議程。與我一同出席的還有 James Hardie 執行長 Aaron Erter 和財務長 Rachel Wilson。在將工作交給 Rachel 之前，Aaron 將分享本季的關鍵資訊並提供業務更新，Rachel 將審查我們的財務業績，詳細說明我們的前景和指導，並介紹我們的現金產生和資本配置框架。然後，在我們進入問答環節之前，Aaron 將回來總結我們準備好的演講。

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交給我們的執行長 Aaron Erter 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. Just weeks ago, wildfires caused immense destruction and absolute devastation throughout the Los Angeles area.

謝謝，喬。在開始之前，我想藉此機會感謝我們遍布全球的所有員工，他們致力於安全地向客戶提供最高品質的產品、解決方案和服務。就在幾週前，野火給整個洛杉磯地區造成了巨大的破壞和徹底的毀滅。

As a leadership team, our first priority was to get in touch with our teammates in the region to ensure that all of them and their families were safe and accounted for, and we were relieved to learn that they were.

作為領導團隊，我們的首要任務是與該地區的隊友取得聯繫，確保他們及其家人的安全，並得知他們的安全後我們感到很欣慰。

Zero Harm is at the forefront of everything we do in our plants and in our offices at home and out in our communities. Within the span of just a few months, two groups of James Hardie employees have been dealt unimaginably dangerous circumstances. And I am inspired by the resilience our team showed in handling these hardships and proud of how our entire organization has mobilized to support our affected colleagues and their times of need.

零傷害是我們在工廠、辦公室、家庭和社區所做的一切工作的重中之重。在短短幾個月的時間裡，兩組 James Hardie 員工遭遇了難以想像的危險境地。我們的團隊在應對這些困難時所表現出的韌性令我深受鼓舞，並為我們整個組織動員起來支持受影響的同事及其需要幫助的時刻感到自豪。

Our purpose as a company, building a better future for all clearly guides our actions in the wake of such events. From contributing to organizations safeguarding our communities and responding in the aftermath to being a critical partner in the rebuilding efforts.

作為一家公司，我們的宗旨是為所有人創造更美好的未來，這明確地引導了我們在此類事件發生後的行動。從為保護我們社區和災後應變的組織做出貢獻，到成為重建工作的重要合作夥伴。

Now let's begin on slide 4. We delivered strong business and financial results in the third quarter and our year to date performance shows that we have a strong handle on our business, as we continue to scale the organization and invest to grow profitably. We are executing on our growth strategy and we are confident that our actions are driving slide in our markets and positioning us well to sustain this slide.

現在我們從第 4 張投影片開始。我們在第三季度取得了強勁的業務和財務業績，今年迄今為止的業績表明，我們對業務有著強大的掌控力，因為我們將繼續擴大組織規模並進行投資以實現盈利增長。我們正在執行我們的成長策略，我們相信我們的行動正在推動市場下滑，並使我們處於有利地位以維持這種下滑趨勢。

We are winning by partnering with our customers, contractors and homeowners and this success propels our organization forward and fuels my optimism around the future of James Hardie. We have the strongest team in the industry and the right strategy to go after our material conversion opportunity. Despite a challenging demand environment and intensifying raw material headwinds, and -- our North American business results clearly demonstrate the inherent strength of our unique value proposition and the underlying momentum in our strategy.

我們透過與客戶、承包商和房主的合作而獲得成功，這一成功推動了我們組織的發展，並增強了我對 James Hardie 未來的樂觀態度。我們擁有業界最強大的團隊和正確的策略來追求材料轉換機會。儘管需求環境充滿挑戰且原材料逆風加劇，但我們的北美業務表現清楚地證明了我們獨特價值主張的內在優勢和我們策略的潛在動力。

Our sales year to date were well over $2 billion, which represent a double-digit CAGR over the last five years, in line with our long-term top line growth target. Over that timeframe, our adjusted EBITDA margin has risen more than 400 basis points to approximately 35%, and we continue to see an additional 500 basis points of margin opportunity in the years ahead.

今年迄今為止，我們的銷售額已遠超過 20 億美元，這意味著過去五年的複合年增長率達到兩位數，符合我們的長期營收成長目標。在此期間，我們的調整後 EBITDA 利潤率上升了 400 多個基點，達到約 35%，我們預計未來幾年利潤率還將有額外 500 個基點的成長機會。

As expected, business conditions have remained challenging, and high interest rates continue to present a barrier to the homeowner, but we remain confident that as affordability conditions improve, demand will meaningfully recover in both our new construction and repair and remodel end markets.

正如預期的那樣，商業環境仍然充滿挑戰，高利率繼續對房主構成障礙，但我們仍然相信，隨著負擔能力條件的改善，我們的新建築和維修及改造終端市場的需求都將顯著復甦。

We continue to strengthen our competitive position through the current environment, and we are deepening existing partnerships and forging new ones. We are the best positioned in the industry to continue providing the highest levels of service and deliver value for our customers.

我們在當前環境下繼續加強我們的競爭地位，並且我們正在深化現有的合作夥伴關係並建立新的合作夥伴關係。我們在行業中處於最佳地位，可以繼續提供最高水準的服務並為客戶提供價值。

This quarter, we continued to build on our track record of consistent delivery of results, and we are solidly on track to deliver on our guidance. In North America, we shipped 744 million standard feet of volume, consistent with our expectations and commentary, and we achieved a 29.1% EBIT margin, evidence of our ability to deliver savings through our Hardie Operating System initiatives and focused clutch actions.

本季度，我們繼續鞏固了持續交付成果的記錄，並穩步朝著實現預期目標的方向前進。在北美，我們的出貨量為 7.44 億標準英尺，符合我們的預期和評論，並且實現了 29.1% 的息稅前利潤率，證​​明了我們能夠透過 Hardie 作業系統計劃和重點關鍵行動實現節約。

This has allowed us to sustain our peer-leading profitability even as we continue to invest in future growth. And on a consolidated basis, we delivered $154 million of total adjusted net income with solid performance across our regions.

即使我們繼續投資於未來的成長，這也使我們能夠保持同業領先的獲利能力。從合併數據來看，我們的調整後淨收入總額為 1.54 億美元，各地區表現穩健。

Please turn to slide 5. We -- in North America, we are outperforming our end markets through our superior value proposition and driving leading margins despite intensifying raw material headwinds. We -- 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.

請翻到投影片 5。在北美，儘管原料逆風加劇，我們仍憑藉卓越的價值主張超越終端市場，並保持領先的利潤率。我們——我們擁有獨特的優勢來應對巨大的材料轉換機會，並正在調整我們的產能以全面滿足復甦中更高水平的需求。

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 demand recovers. 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.

隨著負擔能力壓力的緩和以及需求的復甦，我們正在對整個價值鏈進行投資，擴大我們的承包商基礎，並加速房主的需求，以抓住維修和改造的機會。隨著我們深化獨家協議、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以支持他們的成長計劃，我們的策略正在推動與房屋建築商的勝利。

In Australia and New Zealand, our strategy remains consistent and focused. We are growing our strong category share across our end markets, doing so through new customer acquisitions and project conversion enabled by deep customer integration. We are driving market share growth where we have the right to win by influencing the way homeowners build through co-creation and by utilizing the strong James Hardie brand.

在澳洲和紐西蘭，我們的策略保持一致且專注。我們透過深度客戶整合實現的新客戶獲取和專案轉換，在終端市場中不斷擴大強大的品類份額。我們正在推動市場份額的成長，透過共同創造來影響房主的建造方式並利用強大的 James Hardie 品牌，我們有權贏得勝利。

We are leveraging innovation to accelerate material conversion against brick and masonry, and we are optimizing our network for future growth. And finally, we are strengthening our scaled manufacturing operations to drive further efficiencies through our HOS initiatives, which will help to sustain a robust profitability profile.

我們正在利用創新來加速磚石材料的轉化，並且我們正在優化我們的網路以實現未來的發展。最後，我們正在透過 HOS 計劃加強規模化製造業務，以進一步提高效率，這將有助於維持強勁的獲利能力。

And in Europe, our markets remain challenged and our expectation for a more gradual path to recovery for Germany remains unchanged. However, we continue to focus on our core strategy of driving double-digit growth in high-value products, which we achieved in both the quarter and year to date. We have a solid plan to improve our margins in Europe, comprised of purposeful investment to drive operating leverage alongside sales growth and to generate HOS savings by optimizing our production footprint and driving efficiencies.

在歐洲，我們的市場仍然面臨挑戰，我們對德國經濟復甦將更漸進的預期保持不變。然而，我們繼續專注於我們的核心策略，即推動高價值產品實現兩位數成長，我們在本季和今年迄今都實現了這一目標。我們有一個完善的計劃來提高我們在歐洲的利潤率，包括有目的的投資，以推動營業槓桿和銷售成長，並透過優化我們的生產足跡和提高效率來產生 HOS 節省。

Now, please turn to slide 6, as I take a moment to review our overall strategy. We are grounded in our unwavering commitment to being homeowner focused, customer and contractor driven. This is a holistic approach by our teams across the entire value chain.

現在，請翻到投影片 6，我將花一點時間來回顧我們的整體策略。我們始終堅持以房主為中心、以客戶和承包商為驅動力。這是我們團隊在整個價值鏈中採取的整體方法。

Importantly, we are doing it the right way and not sacrificing on our foundational imperatives putting safety at the center of everything we do through Zero Harm, focusing on building a competitive advantage through our sustainability initiatives, driving continuous productivity savings with the Hardie Operating System. And importantly, leveraging the individual contributions and collective power of our people, as we invest in our team members and scale our organizational capabilities.

重要的是，我們正在以正確的方式做這件事，並且沒有犧牲我們的基本要求，透過零傷害將安全置於我們所做的一切的中心，專注於透過我們的永續發展計畫建立競爭優勢，透過哈迪作業系統推動持續的生產力節約。重要的是，我們在投資團隊成員和擴大組織能力的同時，充分利用員工的個人貢獻和集體力量。

Please turn to slide 7, where you'll find our value creation flywheel a visual demonstration of the power of our value proposition. Starting with demand creation. We are the brand of choice for homeowners, customers and contractors. And we achieved this through targeted marketing at each step in our value chain. This includes traditional media to build consumer awareness, collaborations with influencers to further our mind share with consumers, and leveraging technology to provide homeowners with visualization tools before they purchase.

請翻到投影片 7，您將看到我們的價值創造飛輪，它直觀地展示了我們的價值主張的力量。從創造需求開始。我們是房主、客戶和承包商的首選品牌。我們透過價值鏈每個環節的有針對性的行銷實現了這一目標。這包括利用傳統媒體來建立消費者意識、與有影響力的人合作來進一步與消費者分享我們的思想，以及利用科技為房主在購買前提供視覺化工具。

We further build brand awareness through sports advertising, knowing that this is an important channel to reach not only the homeowner, but also the contractor. Recently, we made targeted investments across college football playoff games and sold traffic to our website more than doubled during the games in which we advertise, and traffic correlates to leads. This is an outstanding result and a prime example of our test-and-learn approach to tracking the efficiency of our investments.

我們透過運動廣告進一步建立品牌知名度，因為我們知道這不僅是接觸房主的重要管道，也是接觸承包商的重要管道。最近，我們對大學橄欖球季後賽進行了有針對性的投資，在我們投放廣告的比賽期間，我們網站的流量增加了一倍多，並且流量與潛在客戶相關。這是一個出色的結果，也是我們透過測試和學習來追蹤投資效率的典型例子。

Turning to Innovative Solutions. From a product standpoint, our global R&D function plays a vital role, developing new and innovative designs and aesthetics for homeowners to choose. We are simultaneously strengthening our core offerings to continue to capture the material conversion opportunity and improving the efficiency of installation.

轉向創新解決方案。從產品的角度來看，我們的全球研發功能發揮著至關重要的作用，為房主開發新的創新設計和美學選擇。我們同時加強我們的核心產品，以繼續抓住材料轉換機會並提高安裝效率。

ColorPlus within our portfolio of innovative and visually appealing products and solutions will play an important role in accelerating material conversion across our end markets. This product line has continued to succeed within R&R, but homebuilders appreciate both the labor savings and homeowner value proposition attributes of the product as well. Even in a year with demand challenges across new construction and repair and remodel, our single-family ColorPlus volumes are up double digits in both the quarter and on a year to date basis.

ColorPlus 是我們創新且具有視覺吸引力的產品和解決方案組合中的一項，將在加速我們終端市場的材料轉換方面發揮重要作用。該產品系列在 R&R 內部持續取得成功，但房屋建築商也同樣欣賞該產品節省勞動力和房主價值主張的屬性。即使在新建、維修和改造需求面臨挑戰的一年裡，我們的單戶型 ColorPlus 銷量在本季和年初至今都實現了兩位數的成長。

Our Innovative Solutions and superior product value proposition continue to separate us from the competition, driving incremental growth with homebuilders with national reach.

我們的創新解決方案和卓越的產品價值主張繼續使我們在競爭中脫穎而出，推動全國範圍內的房屋建築商實現增量增長。

For example, last week, we announced a national multiyear exclusive hard siding and trim agreement with M/I Homes, one of the largest homebuilders in the United States. This solidifies a decade-long relationship, making hard siding and trim products a standard feature on every new M/I Homes residents where hard siding is installed.

例如，上週，我們宣布與美國最大的房屋建築商之一 M/I Homes 達成全國多年獨家硬壁板和裝飾協議。這鞏固了長達十年的合作關係，使硬質壁板和裝飾產品成為每個安裝硬壁板的新 M/I Homes 居民的標準配置。

In discussing the reasons for choosing to deepen their ties with us, M/I Homes highlighted the superior product aspects that resonate with homebuyers, enhanced protection superior durability, gorgeous aesthetics and low maintenance solutions. Our products also continue to rapidly displace vinyl within repair and remodel leading more and more contractors of significant scale to turn the James Hardie fiber cement as the engine for growth in their business.

在討論選擇與我們加深聯繫的原因時，M/I Homes 強調了產品卓越的方面，這些方面能夠引起購房者的共鳴，包括增強的保護、卓越的耐用性、華麗的外觀和低維護的解決方案。我們的產品也繼續在維修和改造領域迅速取代乙烯基，導致越來越多的大型承包商將 James Hardie 纖維水泥作為其業務成長的引擎。

Take Thompson Creek as an example. Thompson Creek is a major exteriors contractor across six states from North Carolina up through the Mid-Atlantic, all the way to New Jersey offering siding, windows, doors and roofing. Thompson Creek recently announced that they will now offer James Hardie fiber cement to significantly expand their business and grow their share. The catalyst for this decision, simple, homeowners were asking for it, further proof that our strategy of engaging with all stakeholders to pull our product through the channel will continue to drive slide.

以湯普森溪為例。Thompson Creek 是一家大型外牆承包商，業務範圍涵蓋從北卡羅來納州到大西洋中部、一直到新澤西州的六個州，提供外牆、窗戶、門和屋頂服務。Thompson Creek 最近宣布，他們將提供 James Hardie 纖維水泥，以大幅擴展其業務並增加其市場份額。做出這項決定的催化劑很簡單，房主要求這樣做，進一步證明我們與所有利益相關者合作以透過管道推出產品的策略將繼續推動下滑。

Thompson Creek kicked off our new partnership by selling 30 exterior remodels with James Hardie in the first 30 days. Thanks to a powerful collaborative marketing effort focused on highlighting our superior product value proposition through core James Hardie messaging such as Imagine The Possibilities. I encourage you to check out Thompson Creek's website. as it exhibits exactly the type of mutually beneficial partnership that comes from our focus on the homeowner and our drive to grow with the contractor.

Thompson Creek 在前 30 天內與 James Hardie 銷售了 30 套外部改造房屋，從而開啟了我們新的合作關係。由於強大的協作行銷努力，我們致力於透過 James Hardie 的核心訊息（例如「想像各種可能性」）來強調我們卓越的產品價值主張。我鼓勵您查看湯普森溪 (Thompson Creek) 的網站，因為它展示了我們以房主為中心、與承包商共同成長的互惠互利的伙伴關係。

Next, I'll touch on how we provide best-in-class business support to enable the growth of our customers, contractors and homebuilders. Starting with our contractor loyalty program, or as you'll increasingly hear me refer to it as the alliance. This represents everything the program has been in the past and everything it will evolve to be over time.

接下來，我將談談我們如何提供一流的業務支持，以促進我們的客戶、承包商和房屋建築商的發展。從我們的承包商忠誠度計劃開始，或者您會越來越多地聽到我將其稱為聯盟。這代表了該計劃過去的一切以及它將隨著時間的推移而發展的一切。

The program takes many different forms depending on what the contractor needs and wants and how forming and an alliance with James Hardie can help them achieve their growth goals. Last quarter, I touched on the suite of benefits that our contractors can expect when they join the program, including qualified homeowner leads, training, networking opportunities to enable the sharing of best practices, and recognition and rewards that foster loyalty to James Hardie.

該計劃有多種不同的形式，取決於承包商的需求和願望，以及與 James Hardie 結盟如何幫助他們實現成長目標。上個季度，我談到了我們的承包商加入該計劃後可以享受的一系列福利，包括合格的房主線索、培訓、交流機會以分享最佳實踐，以及培養對 James Hardie 忠誠度的認可和獎勵。

But we're often asked how we balance? Using this program to continually reach new contractors and convert them from vinyl while also ensuring that our most elite preferred contractors of major scale drive ongoing value from our partnership with them. Needless to say, the larger and more aligned the contractor, the more it depends on their business needs, but what is consistent from one relationship to the next is we simply drive value, and we drive growth.

但我們常被問到如何保持平衡？使用該計劃不斷接觸新的承包商並將他們從乙烯基轉變，同時確保我們最精英的首選大規模承包商從與他們的合作中獲得持續的價值。毋庸置疑，承包商規模越大、協調性越強，就越取決於他們的業務需求，但從一種關係到下一種關係，始終如一的是，我們只是推動價值，推動成長。

In our new construction end market, particularly with our national homebuilder partners, our scale represents a key competitive advantage as our localized production footprint aligns with their path of growth. We highlighted this when we announced earlier this year that Meritage Homes, the fifth largest builder in the country, elected to deepen their strong relationship with James Hardie, by signing a national hard siding and trim exclusive agreement.

在我們的新建築終端市場，特別是與我們的全國房屋建築商合作夥伴，我們的規模代表著一個關鍵的競爭優勢，因為我們的本地化生產足跡與他們的成長路徑一致。我們在今年稍早宣布，美國第五大建築商 Meritage Homes 選擇與 James Hardie 簽署全國硬壁板和裝飾獨家協議，以加深雙方的牢固關係，這強調了這一點。

We also shared earlier this year that we were recognized as a national preferred partner by David Weekley Homes, representing our 17th award in 20 years. And now, our unwavering commitment to this partnership has earned us the privilege of serving David Weekley Homes, with an exclusive agreement across our full wrap product range, extending into the next decade.

今年早些時候，我們還宣布，我們被 David Weekley Homes 評為全國首選合作夥伴，這是我們 20 年來獲得的第 17 個獎項。現在，我們對這項合作關係的堅定承諾使我們有幸為 David Weekley Homes 提供服務，並與我們簽訂了涵蓋我們全系列包裝產品的獨家協議，該協議將延續到下一個十年。

Our strategy is clearly working, and we have a strong track record of material conversion against vinyl and wood. We have demonstrated that together, this leads to long-term profitable growth. Put simply, our strategy enables us to capture our material conversion opportunity and our material conversion opportunity in turn drives the continued success of our strategy.

我們的策略顯然是有效的，而且我們在乙烯基和木材的材料轉換方面有著良好的記錄。我們已經證明，共同努力將帶來長期的獲利成長。簡而言之，我們的策略使我們能夠抓住材料轉換機會，而材料轉換機會反過來又推動了我們策略的持續成功。

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

現在，我想讓 Rachel 分享更多關於我們第三季業績的細節。瑞秋？

Thank you, Aaron. Please turn to slide 8. We, again, delivered results in line with our expectations in the quarter, and our year to date performance demonstrates that we are managing decisively as we continue to scale the organization and invest to profitably grow our business.

謝謝你，亞倫。請翻到第 8 張投影片。我們在本季度再次取得了符合預期的業績，而今年迄今為止的業績表明，我們正在果斷管理，繼續擴大組織規模並進行投資以實現業務盈利增長。

Our North American team delivered a solid third quarter, giving us increased confidence in our ability to deliver on our second half and full year guidance for volume and EBIT margin. In the final quarter of the year, we will stay focused on the key strategies that have, not only underpinned our financial performance this year, but have also positioned us for double-digit growth in years to come, including aligning our spend to the market environment, investing ahead of recovery and evolving our plans to accelerate our market slide.

我們的北美團隊在第三季表現出色，這讓我們對下半年和全年銷售和息稅前利潤率目標的能力更有信心。在今年最後一個季度，我們將繼續專注於關鍵策略，這些策略不僅支撐了我們今年的財務業績，也為我們在未來幾年實現兩位數成長奠定了基礎，包括根據市場環境調整我們的支出、在復甦之前進行投資以及製定計劃以加速我們的市場下滑。

In Asia Pacific and Europe, our teams continue to demonstrate a strong commitment to driving slide in challenging markets, delivering year to date results consistent with our expectations. In Asia Pacific, we are executing well on our strategies and winning by partnering with our customers to own material conversion opportunity.

在亞太地區和歐洲，我們的團隊繼續展現出在充滿挑戰的市場中推動下滑的堅定承諾，並實現了符合我們預期的年初至今的業績。在亞太地區，我們正在順利執行我們的策略，並透過與客戶合作來獲得材料轉換機會並取得成功。

And in Europe, our portfolio of high-value products is performing well in the early days of our long-term strategy. Across all three regions, our results and strategies demonstrate a commitment to delivering profitable growth. And finally, our strong margin delivery continues to drive a robust cash generation. We are, thus, able to fund our capital priorities from cash generated by our operations, while also executing our returns-driven capital allocation framework.

在歐洲，我們的高價值產品組合在我們長期策略的早期表現良好。在這三個地區，我們的業績和策略都反映了我們致力於實現獲利成長的承諾。最後，我們強勁的利潤率持續推動強勁的現金產生。因此，我們能夠利用營運產生的現金來為我們的資本優先事項提供資金，同時執行以回報為導向的資本配置框架。

Please turn to slide 9, for the financial highlights of our fiscal third quarter. Total net sales were 3% below last year's record third quarter, but relatively consistent with our expectations at $953 million globally. We delivered $262 million of adjusted EBITDA in the quarter with an adjusted EBITDA margin of 27.5%. Total adjusted EBITDA declined 7% and margins decreased by 120 basis points.

請翻到第 9 張投影片，了解我們第三季的財務亮點。總淨銷售額比去年第三季創紀錄的銷售額低 3%，但與我們預期的 9.53 億美元的全球銷售額相對一致。本季我們的調整後 EBITDA 為 2.62 億美元，調整後 EBITDA 利潤率為 27.5%。總調整後 EBITDA 下降 7%，利潤率下降 120 個基點。

Year to date, our adjusted EBITDA margin is down 90 basis points modestly below our record results in the prior year, demonstrating our ability to manage the uncontrollable impacts of market volumes and raw material headwinds, utilizing key levers like Hardie Operating System savings and focused cost control actions.

年初至今，我們的調整後 EBITDA 利潤率略低於上一年的創紀錄水平，下降了 90 個基點，這表明我們有能力利用 Hardie 操作系統節約和有針對性的成本控制措施等關鍵槓桿來應對市場容量和原材料逆風帶來的不可控影響。

Adjusted net income in the quarter was $154 million, and adjusted diluted EPS was $0.36 per share.

本季調整後淨收入為 1.54 億美元，調整後稀釋每股收益為 0.36 美元。

Let's move to slide 10, where I will comment on the year-over-year drivers that led to our third quarter consolidated adjusted EBITDA of $262 million. North America drove a $21 million decrease in total adjusted EBITDA as volumes declined due to ongoing demand challenges in our end markets. Our decisions to remain staffed on our plans while investing in scale and future growth are important actions to capture the opportunity as our markets recover.

讓我們轉到第 10 張投影片，在這裡我將評論一下導致我們第三季合併調整後 EBITDA 達到 2.62 億美元的年比驅動因素。由於終端市場持續存在的需求挑戰導致銷售下降，北美地區的調整後 EBITDA 總額減少了 2,100 萬美元。我們決定繼續保留現有人員執行計劃，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舉措。

Additionally, we faced raw material headwinds, which further weighed on margins. Within Asia Pacific, our collective Australia and New Zealand business contributed a slight increase in profit in the quarter, but with contribution from the Philippines in the prior year and not in the current year, the segment overall declined slightly. Europe declined by $3 million as underlying EBITDA growth was more than offset by a previously disclosed favorable rebate true-up in the prior year. And finally, R&D and adjusted corporate costs were relatively flat year-over-year with the exception of stock-based compensation expense, which correlates to changes in our stock price.

此外，我們也面臨原材料方面的阻力，這進一步影響了利潤率。在亞太地區，我們的澳洲和紐西蘭業務在本季度貢獻了小幅利潤成長，但由於菲律賓業務在上一年有貢獻，而今年沒有，導致該部門整體略有下降。歐洲的銷售額下降了 300 萬美元，因為基礎 EBITDA 成長被上一年披露的有利回扣調整所抵消。最後，除股票薪酬費用外，研發和調整後的公司成本與去年同期相比相對持平，這與我們股價的變化有關。

Turning to slide 11. North America net sales declined 1% year over year in the quarter, primarily driven by a 3% decline in volume and partially mitigated by a 2% increase in average net sales price, or ASP. From a year-over-year standpoint, the 3% decrease in volumes was comprised of a low single-digit decrease in the exterior products and a mid-single-digit decline in our interior products.

翻到第 11 張投影片。本季北美淨銷售額年減 1%，主要原因是銷量下降 3%，但平均淨銷售價格（ASP）上漲 2% 在一定程度上抵銷了這一影響。從同比角度來看，銷量下降 3% 包括外部產品的低個位數下降和內部產品的中等個位數下降。

In aggregate, we shipped 744 million standard feet in North America in the quarter, a solid result that reinforces our confidence in delivering our second half and full year guidance.

總體而言，本季我們向北美運送了 7.44 億標準英尺，這一穩健的業績增強了我們實現下半年和全年預期的信心。

Consistent with the commentary we provided on our last call, volumes rose sequentially from the second quarter, with volumes of our exterior products rising mid-single digits sequentially and compared to a mid-single-digit decline sequentially for interiors. ASP rose 2% year over year, primarily related to the realization of our January 2024 price increase with a level of price contribution in the quarter relatively consistent with our expectations.

與我們在上次電話會議上提供的評論一致，銷量從第二季度開始環比上升，其中外部產品的銷量環比增長了中等個位數，而內裝產品的銷量環比下降了中等個位數。平均售價年增 2%，主要與我們 2024 年 1 月價格上漲的實現有關，本季的價格貢獻水準與我們的預期相對一致。

As a reminder, third quarter ASP did not benefit from a recent price increase announced in October of 2024, which became effective in January of 2025. EBIT margin was 29.1%, down 360 basis points year-over-year, including a 110 basis point headwind from depreciation and amortization expense. The increase in run rate depreciation in the third quarter reflects the Prattville Sheet Machine number three went into service at the end of the second quarter.

提醒一下，第三季的平均售價並未受益於 2024 年 10 月宣布的近期價格上漲，該上漲於 2025 年 1 月生效。息稅前利潤率為 29.1%，年減 360 個基點，其中包括折舊和攤提費用帶來的 110 個基點的不利影響。第三季運轉率折舊的增加反映了普拉特維爾三號板材機於第二季末投入使用。

North American EBITDA was $251 million, with EBITDA margin of 34.8%, down 250 basis points year over year. Lower volumes and unfavorable cost absorption were the primary drivers of the decrease in profitability. The year-over-year headwind from higher raw material costs also worsened sequentially from the second quarter, consistent with the outlook we provided last quarter and principally driven by mid-20s percent inflation collectively for pulp and cement.

北美地區EBITDA為2.51億美元，EBITDA利潤率為34.8%，較去年同期下降250個基點。產量下降和成本吸收不利是獲利能力下降的主要原因。原物料成本上漲帶來的年比不利因素也從第二季開始較上季惡化，這與我們上個季度提供的展望一致，主要原因是紙漿和水泥的通膨率總體達到 25% 左右。

We continue to control the controllable with favorable ASP, HOS savings, and our focused clutch actions continuing to provide meaningful offsets to raw material headwinds. Our efforts to align spend to the current environment have helped to bolster our strong margins even as we prioritize investments across the value chain in anticipation of our markets recovery.

我們繼續透過有利的 ASP、HOS 節省來控制可控因素，並且我們集中的關鍵行動繼續為原材料逆風提供有意義的抵消。我們努力使支出與當前環境保持一致，這有助於增強我們的強勁利潤率，儘管我們預期市場復甦，優先考慮整個價值鏈上的投資。

Turning to slide 12, regarding our performance in Asia Pacific. During the third quarter, Asia Pacific total segment net sales declined 12% in US dollars, but decreased 13% in Australian dollars primarily due to a 28% decrease in volumes, partially offset by a 20% rise in ASP. Asia Pacific total segment EBIT margin was 29.3%, and -- EBITDA declined 3% to $40 million and EBITDA margin increased 290 basis points to 33.5%. The decline in net sales and volume and the increase in ASP and margins relates to contribution from the Philippines in the prior year but not in the current year.

翻到第 12 張投影片，介紹我們在亞太地區的表現。第三季度，亞太地區總分部淨銷售額以美元計算下降 12%，以澳元計算下降 13%，這主要是由於銷量下降 28%，但平均售價上漲 20% 部分抵消了這一下降。亞太地區整體息稅前利潤率為 29.3%，息稅折舊攤提前利潤 (EBITDA) 下降 3% 至 4,000 萬美元，EBITDA 利潤率增加 290 個基點至 33.5%。淨銷售額和銷量的下降以及平均售價和利潤率的上升與去年菲律賓的貢獻有關，但與今年無關。

As a reminder, last August, we announced that we would cease manufacturing and wind down commercial operations in the Philippines, but we continue to sell product from inventory throughout the second quarter, after which contribution was de minimis.

提醒一下，去年八月，我們宣布將停止在菲律賓的生產並逐步結束商業運營，但我們在整個第二季度繼續銷售庫存產品，此後貢獻微乎其微。

As a result, our segment financial results for the third quarter of the fiscal year 2025 overwhelmingly represents sales and profits related only to our Australian and New Zealand operations, whereas the third quarter of fiscal 2024 included a full quarter of results from our Philippines operation. This comparability impact will continue in the fourth quarter and into the first half of fiscal year 2026.

因此，我們 2025 財年第三季的分部財務業績絕大部分僅代表與澳洲和紐西蘭業務相關的銷售額和利潤，而 2024 財年第三季則包含了我們菲律賓業務整個季度的業績。這種可比性影響將持續到第四季以及2026財年上半年。

The -- regarding the comparable underlying performance of our remaining business during the third quarter, Australia and New Zealand together saw a low single-digit decrease in volume and a slight increase in ASP, leading to relatively flat net sales. EBITDA grew and EBITDA margin expanded as HOS savings helped offset modestly higher energy costs.

關於我們第三季剩餘業務的可比基本業績，澳洲和紐西蘭的銷售量整體呈現個位數低幅下降，平均銷售價格略有上漲，導致淨銷售額相對持平。由於 HOS 節省有助於抵消略高的能源成本，因此 EBITDA 成長且 EBITDA 利潤率擴大。

Turning to slide 13. Europe net sales declined 1% in both US dollars and euros, including a headwind of approximately 4 percentage points related to the previously discussed favorable rebate true-up in the prior year.

翻到第 13 張投影片。歐洲淨銷售額以美元和歐元計算均下降了 1%，其中包括與上一年有利的回扣調整相關的約 4 個百分點的逆風。

Regarding our local currency sales performance in the quarter, fiber gypsum products were down mid-single digits, but were relatively flat, excluding the rebate impact. Fiber cement products were up over 20% and high-value products grew double digits. Volumes grew 2%, benefiting from performance in our high-value products, but remain subdued as challenges remain in our key European markets, principally Germany.

就本季我們當地貨幣的銷售業績而言，纖維石膏產品下降了中等個位數，但排除回扣影響後則相對穩定。纖維水泥產品價格上漲超過20%，高價值產品價格達到兩位數成長。由於高價值產品的表現，銷售量成長了 2%，但由於我們的主要歐洲市場（主要是德國）仍面臨挑戰，銷售量依然低迷。

ASP, which excludes the prior year rebate true-up, increased 4%, primarily driven by our June 2024 price increase. EBIT margin was 3.1%, inclusive of $8 million of depreciation and amortization expense. EBITDA was $12 million and EBITDA margin was 10.3%, down 260 basis points but with underlying margin expansion driven primarily by growth in high-value products.

不包括上一年折扣調整的平均售價 (ASP) 上漲了 4%，這主要得益於我們 2024 年 6 月的價格上漲。息稅前利潤率為 3.1%，其中包括 800 萬美元的折舊和攤提費用。EBITDA 為 1,200 萬美元，EBITDA 利潤率為 10.3%，下降 260 個基點，但基本利潤率的擴大主要得益於高價值產品的成長。

Please turn to slide 14. The our strong margins underpin our cash flow, and we funded our capital priorities from cash generated by our operations. Year-to-date, we have generated $657 million of operating cash flow primarily on the strength of our business performance. We invested $333 million into capital expenditures and have deployed $150 million to share repurchases year to date.

請翻到第 14 張投影片。我們強勁的利潤率支撐著我們的現金流，並且我們利用營運產生的現金為我們的資本優先事項提供資金。年初至今，我們已產生 6.57 億美元的營運現金流，主要得益於我們強勁的業務表現。今年迄今為止，我們已投資 3.33 億美元用於資本支出，並已部署 1.5 億美元用於股票回購。

During FY25, we have continued to execute our pipeline of approved capacity expansion actions. At our Prattville, Alabama facility, we completed the expansion of sheet machine number three, which went into service in Q2. And -- in the fourth quarter, we will continue to work on both sheet machine number four, and the ColorPlus finishing line.

在25財年，我們繼續執行已批准的產能擴張行動。在我們位於阿拉巴馬州普拉特維爾的工廠，我們完成了三號板材機的擴建，並於第二季度投入使用。並且—在第四季度，我們將繼續致力於四號板材機和 ColorPlus 精加工生產線。

In Orejo, Spain, our brownfield expansion remains on track, and we are furthering our planning for future capacity expansion projects in North America, including a brownfield expansion in Cleburne, Texas, as well as our Crystal City, Missouri greenfield project.

在西班牙奧雷霍，我們的棕地擴建項目仍在按計劃進行，我們正在進一步規劃北美未來的產能擴建項目，包括德克薩斯州克利伯恩的棕地擴建項目，以及密蘇裡州水晶城的綠地項目。

With just 6 weeks remaining in our fiscal year, we now anticipate FY25 capital expenditures to be approximately $420 million versus our previous range of $420 million to $440 million. This reduction reflects our purposeful focus on aligning our capital investment in capacity expansion projects with our near-, medium- and long-term demand outlook.

距離本財年結束後僅剩 6 週，我們目前預計 25 財年的資本支出約為 4.2 億美元，而之前的範圍為 4.2 億至 4.4 億美元。此次削減反映了我們有意將產能擴張項目的資本投資與近期、中期和長期需求前景結合。

In North America, the completion and commissioning of Prattville Sheet Machine number three represented a key milestone as this capacity supports our ability to service recovery in our end markets as well as future growth. Construction on sheet machine #4 continues to progress, and this important piece of additional capacity will further reinforce our manufacturing footprint as a competitive advantage and plays an essential role in achieving our medium- to long-term growth objectives.

在北美，普拉特維爾板材機三號的竣工和調試代表著一個重要的里程碑，因為這一產能支持了我們服務終端市場復甦以及未來成長的能力。4號片材機的建設正在持續推進，這項重要的新增產能將進一步增強我們的製造足跡，成為我們的競爭優勢，並在實現我們的中長期成長目標中發揮重要作用。

Regarding capital deployment, we repurchased 4.5 million shares year to date for a total of $150 million, completing our previously announced repurchase program. In November, the Board approved a new repurchase program, under which we are authorized to purchase up to $300 million of shares through October of 2025.

在資本部署方面，今年迄今我們已回購了 450 萬股，總計 1.5 億美元，完成了我們先前宣布的回購計畫。11 月，董事會批准了一項新的回購計劃，根據該計劃，我們被授權在 2025 年 10 月之前購買價值高達 3 億美元的股票。

In response to current market conditions, we have demonstrated a balanced approach between cost discipline and funding our growth strategies. Going forward, we are well positioned to further invest in growth to accelerate our slide while executing on our returns-driven capital allocation framework.

為了應對當前的市場狀況，我們在成本控制和資助成長策略之間採取了平衡的方法。展望未來，我們已做好準備，進一步投資於成長，以加速我們的下滑，同時執行以回報為導向的資本配置框架。

Now please turn to slide 15, where I will discuss guidance. Consistent with our expectations, end market consumer demand for exterior products remains subdued throughout the quarter and has trended in line with typical seasonality into the fourth quarter. That said, the variability of our quarterly volume shipments to date has been primarily influenced by three factors.

現在請翻到第 15 張投影片，我將在這裡討論指導。與我們的預期一致，整個季度終端市場消費者對外部產品的需求仍然低迷，並且進入第四季度，趨勢與典型的季節性一致。也就是說，迄今為止我們季度出貨量的變化主要受到三個因素的影響。

First, as discussed in August, the second quarter saw a brief market adjustment in new construction related to affordability and housing inventory dynamics. Second, as discussed in November, with our recent price increase effective in January, this caused a higher absolute proportion of orders in the third quarter than would be suggested by legacy seasonal trends that were influenced by previous spring price increases. And finally, the timing of when we ship to customers and not when they order from us influences whether volume is recognized in one quarter or another. Importantly, both the strength of our order book in the third quarter as well as the timing of shipments between December and January occurred largely as anticipated.

首先，正如 8 月所討論的，第二季新房市場出​​現了與負擔能力和房屋庫存動態相關的短暫調整。其次，正如 11 月所討論的那樣，由於我們最近一次的價格上調已於 1 月份生效，這導致第三季度的訂單絕對比例高於受前幾次春季價格上調影響的傳統季節性趨勢所顯示的訂單絕對比例。最後，我們向客戶發貨的時間（而不是客戶向我們訂購的時間）會影響在某個季度還是在那個季度確認銷售。重要的是，我們第三季的訂單量以及 12 月至 1 月之間的出貨時間基本上符合預期。

So in summary, we have seen relatively stable demand trends over the last six months, leaving our view of the end markets largely unchanged. And -- and from a volume standpoint, with another quarter behind us in just six weeks remaining in the fiscal year, we have confidence in the outlook we provided in November and are reaffirming our operating guidance across the board.

總而言之，過去六個月我們看到需求趨勢相對穩定，我們對終端市場的看法基本上沒有改變。而且 — — 從銷售的角度來看，本財年僅剩六週，又一個季度過去了，我們對 11 月份提供的前景充滿信心，並全面重申我們的營運指導。

We are solidly on track to achieve at least 2.95 billion standard feet of North American volume for the full fiscal year, and we anticipate our fourth quarter volume to be approximately in line with the third quarter. Our strong third quarter profitability and continued success in driving HOS savings will enable us to deliver North American EBIT margin of at least 29.3%, the -- positioning us well to deliver adjusted net income of at least $635 million.

我們預計在整個財年實現至少 29.5 億標準英尺的北美運輸量，並且我們預計第四季度的運輸量將與第三季度大致持平。我們第三季強勁的獲利能力和在推動 HOS 儲蓄方面的持續成功將使我們能夠實現至少 29.3% 的北美息稅前利潤率，這使我們能夠實現至少 6.35 億美元的調整後淨收入。

Now please turn to slide 16. Before I turn it back to Aaron to discuss FY26, and -- I'd like to provide some additional context around our plans to outperform and drive value in the year ahead and also share what we believe are a few helpful assumptions as we see them today.

現在請翻到第 16 張投影片。在我把話題轉回給 Aaron 討論 FY26 之前，我想提供一些關於我們計劃在未來一年超越和推動價值的額外背景信息，並分享我們認為今天看到的一些有用的假設。

We are committed to driving profitable growth in our operating businesses and it's imperative that we are aligned as an organization around making decisions that drive cash generation, which funds our growth investments and capital return priorities. We've built our near, medium and long-term plans around this organizational imperative, and to maintain alignment between how we communicate externally and how we run our business, we plan to provide guidance for sales and EBITDA beginning with FY26 in lieu volume EBIT and net income.

我們致力於推動營運業務的獲利成長，並且作為一個組織，我們必須保持一致，做出推動現金產生的決策，為我們的成長投資和資本回報優先事項提供資金。我們圍繞著這個組織要務制定了近期、中期和長期計劃，為了保持我們對外溝通的方式與我們的業務運營方式的一致性，我們計劃從 26 財年開始提供銷售額和 EBITDA 指導，以代替 EBIT 和淨收入。

To assist in this transition and to reinforce our commitment to also growing EBIT and net income, we are sharing additional noncash and nonoperating modeling assumptions for FY26. We -- these modeling assumptions are presented in detail within today's earnings release as well as on slide 16 of today's earnings presentation. But in summary, depreciation and amortization expense is assumed to increase around $15 million, primarily related to the impact of sheet machine number three in Prattville, with substantially all of this increased hitting the first half of FY26.

為了協助這項轉變並加強我們對增加息稅前利潤和淨收入的承諾，我們將分享 26 財年的額外非現金和非經營性模型假設。我們——這些建模假設在今天的收益報告以及今天的收益報告的第 16 張投影片中都有詳細說明。但總而言之，折舊和攤銷費用預計將增加約 1500 萬美元，主要與普拉特維爾三號板材機的影響有關，其中大部分增加的部分都發生在 26 財年上半年。

With respect to the amount of interest that is incurred related to our debt, the amount of interest that is capitalized related to major construction in progress and our adjusted effective tax rate, we currently assume that each of these items will be relatively similar to FY25.

對於與我們的債務相關的產生的利息金額、與重大在建工程相關的資本化利息金額以及我們的調整後有效稅率，我們目前假設這些項目中的每一項都將與 25 財年相對相似。

And now I'll turn it back over to Aaron.

現在我將把話題交還給 Aaron。

Thanks, Rachel. Continuing on slide 16. With our fiscal year drawing to a close, I reflect with pride on the resilience our teams have shown throughout FY25. We -- the opportunity in the years to come is substantial, and the investments we have made throughout the year are foundational enablers of scale and critical accelerators of our future growth.

謝謝，Rachel。繼續第 16 張投影片。隨著我們的財政年度即將結束，我自豪地回顧我們的團隊在整個25財年所展現的韌性。我們－未來幾年的機會是巨大的，我們全年所做的投資是我們規模化的基礎推動因素和未來成長的關鍵加速器。

But this year is not over, and our business leaders remain focused on finishing strong to submit a strong foundation for the coming years. Our market demand expectations have not changed. But importantly, neither has our commitment to outperforming our end markets and managing the business decisively to sustain our peer-leading profitability.

但今年尚未結束，我們的企業領導者仍致力於取得好成績，為未來幾年打下堅實的基礎。我們對市場需求的預期並沒有改變。但重要的是，我們也沒有兌現超越終端市場和果斷管理業務以維持同業領先獲利能力的承諾。

Thanks to the hard work of our teams and our decision to boldly continue investing, we are set up to sustain our leading position in the industry and accelerate our slide. We continue to plan for a recovery and growth in both repair and remodel and new construction. Our teams continuously evolve our plans to deliver sustained market slide and capture the value that our products demand in the marketplace.

感謝我們團隊的辛勤工作和我們大膽繼續投資的決定，我們有能力保持我們在行業中的領先地位並加速我們的下滑。我們將繼續規劃修復、改造和新建築的復甦和成長。我們的團隊不斷改進計劃，以實現持續的市場下滑並獲取我們的產品在市場上所需的價值。

While it is still too early to quantify our expected results for FY26, we are planning for sales growth and adjusted EBITDA margin expansion across each of our segments and for the company as a whole. And of course, we remain confident that we will achieve our long-term growth and profitability aspirations.

雖然現在量化我們對 26 財年的預期結果還為時過早，但我們正在計劃實現各個部門以及整個公司的銷售額成長和調整後的 EBITDA 利潤率擴大。當然，我們仍然有信心實現我們的長期成長和獲利目標。

Now please turn to slide 17 and where I will conclude our prepared remarks. James Hardie's value proposition as a growth company is highly compelling with 3 primary pillars for shareholder value creation. First, we have the right strategy, one where our success perpetuates driving even greater success. Second, we have bold ambitions and a talented team that delights in pursuing and achieving challenging goals. 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.

現在請翻到第 17 張投影片，我將在這裡結束我們準備好的演講。作為一家成長型公司，James Hardie 的價值主張極具吸引力，其股東價值創造主要有三大支柱。首先，我們有正確的策略，我們的成功將持續推動我們取得更大的成功。其次，我們擁有遠大的抱負和一支才華橫溢的團隊，樂於追求和實現具有挑戰性的目標。第三，我們的財務狀況具有吸引力，隨著我們努力分配資本並努力實現我們的長期目標，我們的財務狀況將繼續改善。

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

接線員，請打開熱線來回答問題。

(Operator Instructions) Andrew Scott, Morgan Stanley.

（操作員指示）摩根士丹利的安德魯·斯科特。

Aaron, we hear a lot on these calls in the past about the pedal and clutch approach. At the risk of laboring the metaphor, it's hard to accelerate with the clutch depressed, especially when you're traveling uphill. If we do see another challenging 12 months, is there a point where you have to make a decision between investing in share growth and maintaining those near-term margins?

亞倫，我們過去聽過很多關於踏板和離合器方法的電話。儘管這個比喻有些牽強，但踩下離合器後很難加速，尤其是在上坡行駛時。如果我們確實看到另一個充滿挑戰的 12 個月，您是否必須在投資於股票成長和維持短期利潤率之間做出決定？

Yes. Andrew, great question. Look, I think we've demonstrated really throughout the last two years, our ability to pedal and clutch and prioritize those growth initiatives that are really going to help us with our long-term growth. A couple of things that we never sacrifice on. Number one is our investment in our customer right?

是的。安德魯，好問題。看，我認為我們在過去兩年中確實展示了我們踩踏板、抓住機會並優先考慮那些真正有助於我們實現長期增長的增長計劃的能力。有幾件事我們永遠不會犧牲。第一是我們對客戶的投資，對嗎？

That's something that continues as evidenced by the alliance program, and that's going to serve us from a long-term standpoint.

聯盟計劃表明這種情況將會持續下去，從長遠來看，這將對我們有利。

The other piece is 0 harm. That's just part of our foundational imperatives. But I think one of the things that is rather new as we talk about our business really over the last two years is our Hardie Operating System. And this is something that is not a onetime initiative. This is really ingrained in our culture.

另一塊是0傷害。這只是我們基本要求的一部分。但我認為，當我們談論過去兩年的業務時，其中一個相當新穎的事情就是我們的 Hardie 作業系統。這並不是一次性的舉措。這確實已經根深蒂固地存在於我們的文化中。

It's the way we get things done and the way we get things done more efficiently.

這是我們完成任務的方式，也是我們更有效率地完成任務的方式。

So it was really inspired by HMOS, our Hardie Manufacturing Operating System, and how do you permeate the rest of the organization with those same guiding principles? How do we get things done more efficiently, we've exhibited this not only in our HMOS system, right?

所以它確實受到了 HMOS（我們的 Hardie 製造作業系統）的啟發，您如何將相同的指導原則滲透到組織的其他部分？我們如何更有效率地完成工作，我們不僅在 HMOS 系統中展示了這一點，對嗎？

If you look at this year, what I'm particularly proud of, and I have to commend all the manufacturing leaders out there, but also Ryan Kilcullen, who leads our HMOS efforts is we've had lower volumes this year, but our yields have been at record levels. So as much as we think we've reached a certain level of this is as good as we can get, we continually exceed that.

如果你看看今年，我特別自豪的是，我必須讚揚所有的製造業領導者，但也要讚揚領導我們 HMOS 工作的 Ryan Kilcullen，因為我們今年的產量較低，但我們的產量卻達到了創紀錄的水平。因此，儘管我們認為我們已經達到了某種水平，這是我們所能達到的最好的水平，但我們會不斷超越它。

Then I look from a HOS perspective on things like procurement, which we just centralized about 1.5 years ago, reformulation. So the list goes on and on. So to answer your question, yes, we've got to continue with pedal and clutch when needed, but not foregoing investment in long-term growth. But what HOS is for us is to help aid in those investments, and also for us to continue to be able to deliver those strong margins without sacrificing our volume growth.

然後我從 HOS 的角度來看採購等事情，大約 1.5 年前我們剛剛集中進行了重新制定。這個清單可以一直列下去。所以回答你的問題，是的，我們必須在需要的時候繼續使用踏板和離合器，但不會放棄對長期成長的投資。但 HOS 對我們來說，就是幫助這些投資，並且讓我們能夠在不犧牲銷售成長的情況下繼續實現強勁的利潤率。

Okay. And just second question, just racial, if I can. On the buyback, I see there's some confusion from investors out there, and I appreciate US corporates often take a bit of a different approach to the Aussie corporates. But we're probably accustomed to companies announcing a buyback and then getting into the market as soon as internal governance allows.

好的。第二個問題，如果可以的話，是關於種族的。關於回購，我發現投資人有些困惑，而且我欣賞美國企業經常採取與澳洲企業略有不同的方法。但我們可能已經習慣了公司宣布回購，然後在內部治理允許的情況下立即進入市場。

Can you think it was -- help us to think about how your approach to the buyback broadly? And then was there anything specific keeping you out of the buyback at the end of the period?

您能想想這是—幫助我們思考一下您對回購的態度嗎？那麼，在期末有什麼具體因素阻止你們進行回購嗎？

Absolutely. And first and foremost, after funding organic growth and maintaining our strong balance sheet, share buyback is one of our capital allocation priorities. Share repurchases remain an important tool in our toolkit. And there's no change in our philosophy around capital return.

絕對地。首先，在資助有機成長和維持強勁的資產負債表之後，股票回購是我們的資本配置重點之一。股票回購仍然是我們工具包中的重要工具。我們關於資本回報的理念沒有改變。

Our current buyback program authorizes us to repurchase up to $300 million of our stock, as we mentioned through the end of October 2025. We don't have any specific quarterly requirements with that. As a reminder, we did repurchase $150 million so far this year. And that's our policy generally, however, not to comment on the timing and frequency of our share repurchase programs.

我們目前的回購計畫授權我們回購高達 3 億美元的股票，正如我們所提到的，到 2025 年 10 月底為止。我們對此沒有任何具體的季度要求。提醒一下，今年到目前為止我們確實回購了 1.5 億美元。然而，我們的一般政策是不對股票回購計畫的時間和頻率發表評論。

Lee Power, UBS.

瑞銀的李鮑爾（Lee Power）。

Aaron, just on the ColorPlus commentary in your stuff around succeeding. Can you give us an idea of kind of how that's been progressing?

亞倫，我只是對你關於成功的 ColorPlus 評論了一下。能告訴我們事情進展如何嗎？

Lee, can you -- can you repeat that? I didn't catch that.

李，你能──你能重複一遍嗎？我沒聽清楚。

Was just your -- you called out colors. And in the past, you've kind of -- you've talked about growth rates for that versus the rest of the market. I think today, you talked about ColorPlus succeeding. Can you give us any more incremental color around maybe how that's kind of been progressing given the importance to the business?

只是你的——你喊出了顏色。過去，您曾談論過該領域相對於其他市場的成長率。我想今天您談到了 ColorPlus 的成功。考慮到對業務的重要性，您能否向我們提供更多關於此事進展的詳細資訊？

Yes. I got you now. Lee. Just maybe it's good to talk a little bit about the market. right?

是的。我現在明白你的意思了。李。也許談論市場是件好事，對吧？

If we look at the market, I would characterize it, and I was talking to one of our largest customers today as being a bit choppy out there. If you think about R&R, which is our largest segment, it's down high single digits.

如果我們看一下市場，我會這樣描述它，今天我正在與我們最大的客戶之一交談，那裡有點不穩定。如果你考慮 R&R，這是我們最大的部分，它下降了個位數。

New construction is up, we would say, double digits, but trending more towards flat as we get towards the end of our year and the multifamily is down considerably. I think the importance of calling out ColorPlus is it really talks to some of the investments in our strategy moving forward, right, particularly focused on R&R.

我們可以這麼說，新屋開建數量增加了兩位數，但隨著年底的臨近，趨勢將趨於平穩，而多戶住宅數量則大幅下降。我認為提及 ColorPlus 的重要性在於它確實涉及我們未來策略中的一些投資，特別是對 R&R 的投資。

So I will say we're seeing pockets of where we're putting our marketing efforts and more feet on the street where we're seeing some really good results as it relates to ColorPlus.

因此，我想說的是，我們看到，在投入行銷精力和更多人走上街頭的地方，我們看到了與 ColorPlus 相關的一些非常好的結果。

I think the other thing, we've talked so much about remodeling being down for the last year or so, is for the first time, we saw remodeling sentiment improve. Really its first increase for -- since Q4 of 2023. So although the market is down, we always talk about and we will outperform the market, and our strategy and our investments really point to us getting ready as that market comes back. So that's the importance of ColorPlus for us.

我認為另一件事是，我們在過去一年左右討論過很多關於改造下降的問題，但我們第一次看到改造情緒有所改善。這是自 2023 年第四季以來的首次成長。因此，儘管市場低迷，但我們始終在談論我們將跑贏市場，我們的策略和投資確實表明，我們已經為市場復甦做好了準備。這就是 ColorPlus 對我們的重要性。

I guess you've called out some good things there with the market. And obviously, there's seasonality in your business and then the price increase potentially shifts between the 3Q and the 4Q as well.

我想您已經指出了市場上的一些好事。顯然，您的業務具有季節性，因此價格上漲也可能會在第三季和第四季之間發生變化。

I think I heard earlier, Rachel talk to kind of a flat quarter on quarter volume coming to the fourth quarter. How do we process that? Does it sound like from your comments that what the market is continuing to slip more despite your R&R comments? Is that the takeaway from -- from that kind of summary?

我想我之前聽過 Rachel 談到第四季的銷售量環比持平的情況。我們該如何處理？從您的評論來看，是否聽起來儘管您發表了 R&R 評論，但市場仍在繼續下滑？這就是從這種總結中得出的結論嗎？

I don't know that -- I would say it's flipped more. I would say we got some positive news on the screen, if you will. Rachel, you want to just.

我不知道——我想說它翻轉得更多。如果你願意的話，我想說我們在螢幕上看到了一些正面的消息。瑞秋，你只是想。

What I'd start with is, look, we had a strong third quarter which gives us confidence to reaffirm that FY25 guidance, right? And so that's kind of step one. And so we are reaffirming what we had. We have always said that guidance at the low end, it precludes and says that we're not expecting market discovery. So we don't have a changed view.

首先我想說的是，我們第三季表現強勁，這讓我們有信心重申 25 財年的指導方針，對嗎？這就是第一步。因此，我們重申我們所擁有的一切。我們一直說，低端指導排除了並表示我們不期待市場發現。所以我們的觀點沒有改變。

And what I noted on the call is that we are expecting Q4 volumes to roughly look much like a 3Q volume.

我在電話會議上指出，我們預計第四季的銷售量大致與第三季的銷售量相似。

Keith Chaum, MST Marquee.

基思·喬姆 (Keith Chaum)，MST Marquee。

First question, I just want a couple of the margin profile of the business. And just noting for your FY26 planning assumptions, you've talked about high single-digit inflation in raw materials but offset by HOS savings, ultimately leading to grow the margin expansion at the EBITDA level.

第一個問題，我只想了解該業務的利潤狀況。並且請注意，對於您的 FY26 規劃假設，您談到了原材料的高個位數通膨，但被 HOS 儲蓄所抵消，最終導致 EBITDA 水平的利潤率擴張。

So just keen to understand perhaps, Rachel, what's driving that high single-digit cost inflation. We can see it potentially for pulp, but in the other key cost categories is not as obvious.

所以 Rachel，也許我只是渴望了解，是什麼導致瞭如此高的個位數成本通膨。我們可以看到紙漿的潛在影響，但在其他關鍵成本類別中卻不那麼明顯。

And then what does that actually mean for HOS savings? Like what's the quantum we can expect very broadly for FY26, please?

那麼這對 HOS 儲蓄來說究竟意味著什麼呢？那麼，我們對 26 財年的預期量大致是多少呢？

Yes. So let's talk about FY26 raw materials, where we said we are expecting high single-digit inflation. And what are some of the key drivers. Actually, for pulp, absent, we don't know how Chris, what's going to happen with tariffs apps and tariffs. I think we think that will be probably more benign.

是的。那麼讓我們來談談 26 財年的原料，我們說我們預期通貨膨脹率將達到高個位數。有哪些關鍵驅動因素？實際上，對於紙漿，我們不知道克里斯，關稅應用程式和關稅會發生什麼。我認為我們認為這可能會更加溫和。

I think cement is our usual one that we talk about. Alumina and resins or other ones of some of our raw materials that we are looking at FY26 year-over-year.

我認為水泥是我們通常談論的材料。我們正在關注氧化鋁和樹脂或其他一些原料在 2026 財年的年比表現。

Now having said those expectations, the other important point here is we fully expect that our HOS efforts and HOS savings will offset that inflation. So that is part of more than a mindset. This is something we do every year.

既然已經說了這些期望，那麼另一個重點是，我們完全預期我們的 HOS 努力和 HOS 儲蓄將抵消通貨膨脹。所以這不僅僅是一種心態。這是我們每年都會做的事情。

And I think as Aaron outlined in his responses, we do feel HOS here is in its infancy, and we have strong planning around how we will address this expected increase in raw material.

我認為，正如 Aaron 在他的回答中所概述的那樣，我們確實覺得這裡的 HOS 還處於起步階段，並且我們已經制定了周密的計劃來應對原材料的預期增長。

Okay. And then it doesn't sound like we'll be furnished guidance on HOS savings, and I can respect that. But perhaps Aaron, these exercises are ongoing. And the challenge always for businesses and programs like this is how do you actually retain those benefits going forward. If the market does come back or cost fall, how do you ensure that the benefits achieved by HOS are retained in, the business doesn't start putting costs back into the business if input costs are moving the other way.

好的。聽起來我們不會得到有關 HOS 儲蓄的指導，我尊重這一點。但也許亞倫，這些演習正在進行中。對於這類企業和專案來說，始終面臨的挑戰是如何在未來真正保留這些優勢。如果市場確實回升或成本下降，您如何確保 HOS 所取得的利益得以保留，如果投入成本朝相反方向移動，企業就不會開始將成本重新投入到業務中。

Yes. Keith, as I said before, HOS is not a onetime initiative. It never ends for us, and it's really permeating in our culture, at every single function at every single level. We have targets internally as a company, but also we have targets for each functional group as well. .

是的。基思，正如我之前所說，HOS 不是一次性舉措。對我們來說，它永遠不會結束，它確實​​滲透到我們的文化中，滲透到每個層面的每一個功能。我們公司內部有目標，每個職能部門也有目標。。

So as we started this, this was really about how do we get things done and how do we get things done more efficiently. And we took the example of our HMOS manufacturing system. So this is not a one and done. This never ends. So this is going to continue, whether you have challenging markets or when markets come back.

因此，當我們開始這項工作時，這實際上是關於我們如何完成任務以及如何更有效地完成任務。我們以 HMOS 製造系統為例。所以這不是一次性的事情。這永遠不會結束。因此，無論市場面臨挑戰還是復甦，這種情況都會持續下去。

This is going to be a way of life for us.

這將成為我們的生活方式。

Keith Hughes, Truist.

基斯·休斯，Truist。

Just going back to raw materials. If you look at the results of the quarter and the margin compression like cost is over price. what input cause you the most problems to right?

回到原料。如果您查看本季的業績和利潤率壓縮（如成本超過價格），那麼哪種投入為您帶來了最多的問題？

So for 3Q, if you look year-over-year, I've been talking about pulp and cement, I think, on every quarter, and this is no exception. So when you look year over year, pulpit cement are significantly up in 3Q, that is the majority of what we are seeing in terms of that raw material inflation.

因此，對於第三季度，如果年比來看，我一直在談論紙漿和水泥，我想，每個季度都是如此，這也不例外。因此，如果年比來看，講壇水泥的價格在第三季大幅上漲，這是我們所看到的原物料通膨的大部分。

Is either one, particularly worse than the other?

其中哪一個特別比另一個更糟嗎？

No, they're both (inaudible).

不，他們都是（聽不清楚）。

Okay. So I guess moving forward with the price increase that you put into place, for January. Will we get to the point during the next calendar year where price does offset cost? Or are you going to need some of the soft savings to get to even.

好的。因此，我想，你們在一月實施的價格上漲將會繼續下去。我們是否會在下一個日曆年達到價格抵銷成本的程度？或者您需要一些軟儲蓄來實現收支平衡。

Yes. And just to distinguish, I think when we talk about raw material inflation, in particular. That's something where we really want to look to help us in particular. But obviously, we also do have pricing as a lever. But we don't price based on cost.

是的。為了區分，我認為當我們談論原材料通膨時尤其如此。這正是我們真正希望尋求幫助的地方。但顯然，我們也有定價作為槓桿。但我們的定價並不基於成本。

We really price thinking about our value. So that's something I also want to make clear that we don't just -- it's not a cost-plus way as we think about how we price.

我們確實會考慮我們的價值。所以，我想明確一點，我們不只考慮定價，也不採用成本加成的方式。

Yes. I'm just talking in general, what is the price increase in out, for example, HOS could be enhancing the margins. So how do you want to add it all?

是的。我只是泛泛地談論一下，例如，HOS 的價格上漲可以提高利潤率。那麼您想如何添加這一切？

Yes. Keith, it's a good question. I mean, from what we see right now, we're going to be able to offset some of the -- most of the raw materials through our pricing, right? If those do go up over, right, which they can change. That's when HOS is there to help offset the entire amount.

是的。基思，這是個好問題。我的意思是，從我們目前看到的情況來看，我們將能夠透過定價來抵消部分——大部分原材料，對嗎？如果這些確實上升了，那麼他們可以改變。這時候，HOS 就可以幫助抵銷全部金額。

HOS also helps us as we fund growth initiatives. -- but also obviously, it helps our margins as well. That's the beauty of it for us. It's an area that we can tap into to help offset rises in raw materials. -- but also help us as we try to fund growth initiatives as well.

HOS 也幫助我們資助成長計畫。 ——但顯然，它也有助於提高我們的利潤率。對我們來說，這就是它的美妙之處。我們可以利用這個領域來抵銷原物料價格上漲的影響，同時也可以幫助我們為成長計畫提供資金。

Harry Saunders, E&P.

哈里·桑德斯（Harry Saunders），E&P。

Firstly, just wondering, despite your comments earlier on R&R sentiment improving, we've seen some very weak R&R comps overnight. Calling for the market to be down low to mid-single digits in calendar '25. So could you just comment on whether you think volume growth is achievable in FY26 if your end markets were to be down by this much, please?

首先，我只是想知道，儘管您之前評論過 R&R 情緒有所改善，但我們隔夜看到了一些非常疲軟的 R&R 比較。預計 2025 年市場將跌至個位數低點至中位數。那麼，您能否評論一下，如果您們的終端市場下滑這麼多，您是否認為 26 財年的銷量能夠成長？

Yes. Harry, what I would say is we wouldn't put those type of planning assumptions out there if we didn't have confidence in it. And the confidence that we have really goes to what we've been talking about for the last 2-plus years. is the value proposition that we offer the entire value chain, but also augmented by the investments that we've been making in that.

是的。哈利，我想說的是，如果我們對規劃沒有信心，我們就不會提出這些類型的規劃假設。我們的信心實際上源於我們過去兩年多來一直在談論的內容，即我們提供的整個價值鏈的價值主張，同時也透過我們在此方面所做的投資而得到增強。

So we believe whatever the market does, we're going to outperform it, -- but we see R&R, and obviously, this can change is being more flattish out there, and we're going to be able to grow. So that's the planning assumptions that we put out there. So at this point in time, we feel confident of that.

因此，我們相信，無論市場如何變化，我們都會表現得更好——但我們看到 R&R，顯然，這種情況可能會發生變化，市場會變得更加平穩，而我們將能夠實現成長。這就是我們提出的規劃假設。因此，目前我們對此充滿信心。

Understood. And maybe sort of interrelated with that, what sort of primary demand growth expectations do you think you have into '26. And maybe could you talk through the various factors that may influence PDG over the next year, please?

明白了。也許與此相關的是，您認為對 26 年的主要需求成長預期是什麼樣的。您能否談談明年可能影響 PDG 的各種因素？

Yes. Harry, and PDG, obviously, is a measure we've talked about for years here at James Hardie, it's best to talk about that extended time period, at least a year.

是的。顯然，Harry 和 PDG 是我們在 James Hardie 討論多年的一項措施，最好討論延長的時間段，至少一年。

So as I said before, we're really confident we're driving market slide through the cycle. Part of this, too, and I'll let Rachel go through some data, but you have to look at just the sheer amount of wins that we've been having out there. which I think is going to serve us well as we look forward with our business. Think about new construction. Every single time we talk to you, we continue to gain share with homebuilders.

正如我之前所說，我們非常有信心推動市場度過這個週期。這也是其中的一部分，我會讓 Rachel 瀏覽一些數據，但你必須看看我們在那裡取得的勝利的絕對數量。我認為這將對我們未來的業務產生良好的作用。考慮新建築。每次我們與您交談，我們都會繼續獲得房屋建築商的份額。

Today, we announced David Weekley Homes. We talked about MI. The list continues to go on and on. And just for your information, we now supply around 80% of all hard siding to homebuilders doing more than 100 homes per year, 80%, right? And those homebuilders are talking about they're going to grow in calendar year '25.

今天，我們宣布成立 David Weekley Homes。我們討論了 MI。這個名單還在不斷延長。僅供您參考，我們現在每年向建造 100 多棟房屋的房屋建築商供應約 80% 的硬質牆板，80%，對嗎？這些房屋建築商正在談論他們將在 2025 年實現成長。

At R&R, we're not only gaining important partnerships. We talked about Thompson Creek, windows and siding. The list goes on and on. But we continue to invest in our alliance program, which we're adding more and more contractors day after day. So, those are some of the highlights,

在 R&R，我們不僅獲得了重要的合作關係。我們討論了湯普森溪、窗戶和壁板。這個清單還可以很長。但我們繼續投資我們的聯盟計劃，並且每天都在增加越來越多的承包商。這些是一些亮點，

Rachel, you want to go through some of the data related to PDG.

Rachel，你想了解一些與 PDG 相關的數據。

We're not really expecting FY26 to be different than historical patterns. And just to put a little more data around it. If you think about FY23 through FY25, our North American market has been down 3 years in a row. Cumulatively, though, if you look at our exposure on proportions as you think about our exposure to single-family, multifamily and R&R, our market with our mix is down about 20% over that 3-year time frame.

我們其實並不期望 26 財年與歷史模式有所不同。只是為了在其中添加一些數據。如果你考慮 23 財年到 25 財年，我們的北美市場已經連續 3 年下滑。不過，從累積來看，如果您看一下我們在單戶住宅、多戶住宅和 R&R 方面的敞口比例，您會發現，在 3 年的時間範圍內，我們的組合市場下降了約 20%。

Our volumes, however, are down only 5% below FY22. So if you kind of extrapolate, it says what that indicates is we've had that slide over the 3-year period, that would mean about by about 5% per annum over this period.

然而，我們的銷量僅比 22 財年下降了 5%。因此，如果你進行推斷，這表明我們在 3 年期間出現了下滑，這意味著在此期間每年下滑約 5%。

So when we talk about that aspiration for market slide, Again, we always say it's not in a quarter, right? It's over a longer period of time, but we have that demonstrated track record, and we expect to continue that, particularly with some of the customer wins and customer experiences that Aaron was talking about as we enter FY26.

因此，當我們談論市場下滑的預期時，我們總是說這不是在一個季度內發生的，對嗎？雖然這需要較長的時間，但我們已經有了良好的業績記錄，並且我們期望能夠繼續保持下去，特別是在我們進入 26 財年時 Aaron 談到的一些客戶勝利和客戶體驗。

That's really helpful. My final related one, if I may. Just in the context of high single-digit inflation if markets were to be a bit worse than that flattish you're talking to say, down low mid-single digits, given you've already announced pricing for the year, do you still think you could expand margin within that environment?

這真的很有幫助。如果可以的話，這是我的最後一個相關內容。僅在高個位數通膨的背景下，如果市場狀況比您所說的持平情況更糟糕，下降到中低個位數，考慮到您已經宣布了今年的定價，您是否仍然認為您可以在這種環境下擴大利潤率？

Yes. Harry, I don't think we should be speculating on things that are happening.

是的。哈利，我認為我們不應該對正在發生的事情進行猜測。

Matthew McKellar, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬修麥凱勒 (Matthew McKellar)。

Congratulations on your announcement with MI and David Weekly. Just on the back of that, I'd like to ask about your trim attachment rates for new residential business in North America. Can you give us a sense of how your metrics have trended here over the last couple of years? And what kind of improvement you've been targeting as you look forward a couple of years out?

恭喜您與 MI 和 David Weekly 宣布這一消息。在此基礎上，我想詢問一下你們在北美新住宅業務的修剪附件率。您能否向我們介紹過去幾年您的各項指標的變化趨勢？展望未來幾年，您的目標是實現哪些改進？

Yes, Matt, great question, and thank you for the congratulations. The team has done a fantastic job really partnering with our customers.

是的，馬特，這個問題問得很好，謝謝你的祝賀。該團隊在與客戶的合作中表現出色。

Look, just very simply, over the last couple of years, we've really been focused on full wrap. So if we think about our trim attachment with all the large builders out there and we talk about some of these deals, most of these new deals that we're talking about include full wrap solutions. So that's obviously going to increase our trim attachment as we move forward.

看起來，很簡單，在過去的幾年裡，我們一直專注於全麵包裝。因此，如果我們考慮與所有大型建築商的裝飾配件，並討論其中一些交易，那麼我們所討論的大多數新交易都包括全包裝解決方案。因此，隨著我們不斷前進，這顯然會增加我們的修剪附件。

Okay. And then next for me, with the threat of tariff issues between the US and Europe, do you see any need to accelerate or assign a higher priority for your plans to build fiber cement capacity in Europe?

好的。接下來，鑑於美國和歐洲之間關稅問題的威脅，您是否認為有必要加速或優先考慮在歐洲建造纖維水泥產能的計畫？

Yes, a really good question. If we think about what we're doing with Europe, we're pleased with how we're progressing. So I've talked about Europe before. I don't think they have the right strategy in Europe. I think we have the right strategy now, very simplified strategy that's really focused on high-value products. So those products that are really profitable for us. And it's a fiber gypsum business and also we have a fiber cement business. So very simply, we're focused on fiber gypsum wall and floor and the floor product being very innovative and then our panel product.

是的，這是一個非常好的問題。如果我們思考一下我們在歐洲所做的事情，我們對所取得的進展感到滿意。我之前談過歐洲。我認為他們在歐洲沒有正確的戰略。我認為我們現在的策略是正確的，非常簡化的策略，並且真正專注於高價值產品。所以這些產品確實能為我們帶來利潤。這是一家纖維石膏業務，我們還有纖維水泥業務。很簡單，我們專注於纖維石膏牆和地板，地板產品非常創新，然後是我們的面板產品。

We need to prove out our ability to win in that market. So we're in the early days there. And as we prove that out, I think we'd have more of the right to be able to build a fiber cement plant and substantiate that type of investment.

我們需要證明我們有能力在那個市場上獲勝。所以我們才處於早期階段。當我們證明這一點時，我認為我們將有更多的權利建造一座纖維水泥廠並證實這項投資。

Al Harvey, JPMorgan.

摩根大通的艾爾哈維。

Just quickly on Prattville. Just wanted to confirm when the fourth feet machine will come online. And if you can provide any detail on how much is left to come out CapEx-wise on that project?

簡單介紹一下普拉特維爾。只是想確認第四台機器何時上線。您能否提供關於該項目剩餘資本支出金額的詳細資訊？

Yes. AL. I'll turn it over to Rachel, but very simply when we need it. So if we think about Prattville 3 just coming online this quarter, we have Westfield coming on this quarter. So all big wins for us. The other thing before I turn it over to Rachel, I think that we're finding and I talked about HOS and our HMOS system. Is we're becoming more and more efficient with our manufacturing -- so in essence, being able to increase our capacity through our efficiency. But Rachel, do you want to talk in more detail?

是的。AL.當我們需要時，我會把它交給 Rachel，但會非常簡單。因此，如果我們考慮到 Prattville 3 將於本季上線，那麼 Westfield 也將於本季上線。所以對我們來說都是巨大的勝利。在我把它交給 Rachel 之前，我想說的是另一件事，我們發現了 HOS 和我們的 HMOS 系統。我們的製造效率越來越高——從本質上講，我們能夠透過提高效率來提高產能。但 Rachel，你想更詳細談談嗎？

Yes. So in terms of sheet machine #4, as you know, we are still in construction. And as Aaron noted, the actual commissioning is dependent on not only the collection and the testing, but as well as market demand. So we have sheet machine 3 now complete, we've got Westfield complete and continued work. We do feel that we've got really good ability to support that comeback of the market.

是的。就 4 號板材機而言，如您所知，我們仍在建造中。正如 Aaron 所指出的，實際的調試不僅取決於收集和測試，還取決於市場需求。因此，我們現在已經完成了 3 號板材機，並且完成了 Westfield 的工作並繼續進行。我們確實覺得我們有能力支持市場的復甦。

and certainly over the short to medium term.

並且肯定在短期至中期內是如此。

As we think medium to longer term, that is where some of this other capacity that I mentioned in the call went through in detail, will come more into play.

從中長期來看，我在電話會議中詳細提到的其他一些能力將發揮更大的作用。

Yes, sure. And I suppose just following on from that, then, I suppose, just given that capacity on the organic side, just wanted to get a sense of how you're thinking about inorganic opportunities at this point in the cycle when you -- I suppose you do have that firepower, you've got Cleburne Crystal City potentially to come through medium term. So how do we -- how do you guys balance up the two?

是的，當然。我想，從這一點出發，考慮到有機方面的能力，我只是想了解一下，在這個週期階段，您是如何看待無機機會的——我想您確實擁有這種火力，您有可能在中期內通過克利本水晶城來實現這一目標。那我們如何──你們如何平衡這兩者呢？

Yes. Al. Now look, really good question. As we think about inorganic, I mean, it's part of -- when we think about our capital allocation strategy, it definitely figures in there, right?

是的。鋁。現在看，這真是個好問題。當我們考慮無機時，我的意思是，它是其中的一部分——當我們考慮我們的資本配置策略時，它肯定會出現在其中，對吧？

Organic first, we want to maintain a flexible balance sheet, we want to return capital to shareholders and look, evaluating inorganic opportunities. We've made it clear for some time now. I mean, really, any potential acquisition has to satisfy three things. It has to accelerate our current strategy, increase our value proposition to our current customers and then be financially attractive over the long term.

有機優先，我們希望保持靈活的資產負債表，我們希望向股東返還資本，並評估無機機會。我們已經明確表示了一段時間了。我的意思是，任何潛在的收購實際上都必須滿足三個條件。它必須加速我們當前的策略，增加我們對現有客戶的價值主張，然後在長期內具有財務吸引力。

Peter Steyn, Macquarie.

麥格理銀行的彼得‧斯泰恩。

Perhaps, just I want to get a bit of a sense, Aaron of how you're anticipating the R&R market in the context, specifically of some of your decisions to take the architectural panel product national a little bit later in the year. Presumably, that sort of feeds into a general level of confidence in where you're positioned and how the market may or may not support that at a national level?

也許，我只是想稍微了解一下，Aaron，您是如何預測 R&R 市場的，特別是您決定在今年稍後將建築面板產品推向全國的一些決定。據推測，這會影響人們對您的定位的整體信心水平，以及市場在國家層面上是否支持您的定位？

Yes. Look, I mean, we talked a little bit about R&R, Peter, and some of the indicators out there around R&R that we look at. Like it is the majority of our business. So we've obviously been investing quite a bit in that when we think about the entire customer value chain.

是的。你看，我的意思是，我們談論了一點關於 R&R、彼得以及我們所關注的一些關於 R&R 的指標。就像它是我們的大部分業務一樣。因此，當我們考慮整個客戶價值鏈時，我們顯然已經在這方面投入了相當多的資金。

The panel product, I think you're referencing, and we're going to be showcasing that at IBS is a great product that we've done well with in the Australia market. Also, we brought it over to Europe.

我認為您提到的是面板產品，我們將在 IBS 上展示它，這是我們在澳洲市場上表現良好的優秀產品。此外，我們還將它帶到了歐洲。

I think more than anything, we talked about bringing our customers' solutions. So this is just another solution that we can bring to our customers as they think about differentiating and bringing the homeowner what they want. So it's all about bringing the right solution to our customers.

我認為最重要的是，我們談論的是為客戶提供解決方案。因此，這只是我們在客戶考慮差異化並為房主提供他們想要的東西時可以為他們提供的另一種解決方案。所以這一切都是為了為我們的客戶帶來正確的解決方案。

Yes. And perhaps -- sorry, maybe I'm getting a little too deep in the weeds here, but that's obviously a pretty high value product. So how are you thinking about the R&R opportunity in the upper end of the market as opposed to perhaps your bread and butter vinyl replacement market as the year progresses?

是的。或許——抱歉，我可能在這裡說得太深了，但這顯然是一種價值相當高的產品。那麼，隨著時間的推移，您如何看待高端市場的 R&R 機會，而不是您主要的乙烯基替代市場？

Yes. Peter, really good question. Look, as we think about some of the areas that can come back sooner than others as we think about the top of the market. So certainly being able to bring those type of products to play are our benefit and helps us really to penetrate that top of the market.

是的。彼得，這個問題問得真好。瞧，當我們思考市場頂部時，我們會思考一些可以比其他領域更快復甦的領域。因此，能夠推出這些類型的產品無疑是我們的優勢，並有助於我們真正打入高端市場。

It's not only things like panel, but if you're out at IBS you're going to see things like artists and LAP, right? Those are all very high-end products and really focus on the top of the market.

不僅有小組討論之類的東西，而且如果你在 IBS 你還會看到藝術家和 LAP 之類的東西，對嗎？這些都是非常高端的產品，並且真正專注於高端市場。

I'll leave it there.

我就把它留在那裡。

That is all the time we have for questions today. I'll now hand back to Mr. Erter for closing remarks.

今天我們回答問題的時間就到這裡。現在我將把發言權交還給埃特爾先生，請他作最後發言。

I just want to thank everyone for their time, and I want to thank all the James Hardie team members around the world for all they do and helping us build a better future for all. Thank you.

我只想感謝大家抽出時間，也想感謝世界各地的 James Hardie 團隊成員所做的一切，幫助我們為所有人建立更美好的未來。謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。