Louisiana-Pacific Corp (LPX) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the third-quarter 2025 Louisiana-Pacific Corporation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加路易斯安那太平洋公司2025年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Aaron Howald. Please go ahead.

現在我謹將會議交給今天的第一位發言人，亞倫·霍瓦爾德。請繼續。

Thank you, operator, and good morning, everyone. Thank you for joining us to discuss LP's results for the third quarter of 2025 as well as our updated outlook for the full year. On the call this morning are Brad Southern, Alan Haughie and Jason Ringblom, who are LP's Chief Executive Officer, Chief Financial Officer and President, respectively. As always, after prepared remarks, we will take a round of questions.

謝謝接線員，大家早安。感謝您參加本次會議，共同探討LP公司2025年第三季的表現以及我們對全年的最新展望。今天早上參加電話會議的有 LP 的執行長 Brad Southern、財務長 Alan Haughie 和總裁 Jason Ringblom。照例，在發言結束後，我們將進行問答環節。

During this morning's call, we will refer to a presentation that has been posted to LP's IR web page, which is investor.lpcorp.com. Our 8-K filing, earnings press release and other materials are also available there.

在今天早上的電話會議上，我們將參考一份已發佈在LP投資者關係網頁（investor.lpcorp.com）上的簡報。我們的8-K文件、獲利新聞稿和其他資料也都可以在該網頁上找到。

Finally, I will caution you that today's discussion contains forward-looking statements and non-GAAP financial metrics as described on slides 2 and 3 of LP's earnings presentation. The appendix of the presentation also contains reconciliations that are further supplemented by this morning's 8-K filing. Rather than reading those materials, I will incorporate them herein by reference.

最後，我要提醒各位，今天的討論包含前瞻性陳述和非GAAP財務指標，如LP收益簡報第2頁和第3頁所述。簡報的附錄中還包含對帳訊息，今天早上提交的 8-K 文件對此進行了補充。我不會閱讀這些資料，而是將它們以引用的形式納入本文。

And with that, I will turn the call over to Brad.

接下來，我將把電話交給布萊德。

Thanks, Aaron. Good morning, everyone. Thank you for joining us. As usual, I'll discuss some highlights from the quarter before Alan shares more detail about our results and updated guidance. After that, Jason, Alan and I will be happy to take your questions. As expected, Siding volume in the third quarter was flat.

謝謝你，亞倫。各位早安。感謝您的參與。像往常一樣，我將先討論本季的一些亮點，然後再由 Alan 分享更多關於我們業績和最新指引的細節。之後，Jason、Alan 和我將很樂意回答你們的問題。正如預期的那樣，第三季壁板銷售持平。

This result in a softening market, especially compared to the difficult comp from last year reinforces our confidence in our ongoing share gains. 5% growth in Siding sales revenue, driven primarily by price and a strong mix, exceeded our expectations and guidance. While we anticipated the normalization of demand in the shared component of our Siding business, our ExpertFinish, prefinished siding product primarily designed for R&R applications saw sales volumes increased by 17% year-over-year.

在市場疲軟的情況下取得這樣的成績，尤其與去年同期高基數相比，更增強了我們對持續提升市場佔有率的信心。外牆板銷售收入成長5%，主要得益於價格因素和產品組合的優化，超出了我們的預期和指引。雖然我們預計壁板業務共享部分的需求將趨於正常化，但我們主要為翻新和修復應用設計的預製壁板產品 ExpertFinish 的銷量同比增長了 17%。

The April launch of our ExpertFinish naturals collection, which is a new line of nature inspired 2-tone colors has contributed materially to a beneficial price mix effect. ExpertFinish accounted for 10% of overall Siding volume and 17% of overall Siding revenue in the quarter showing once again the power of SmartSide innovation to drive price, volume growth and share gains.

四月推出的 ExpertFinish 自然系列，是一系列以大自然為靈感的雙色調新系列，大大促進了價格組合的改善。ExpertFinish 在本季佔外牆板總銷量的 10% 和總收入的 17%，再次證明了 SmartSide 創新在推動價格、銷售成長和市場份額提升方面的強大實力。

Inventory levels and sell-through rates held steady through the quarter, consistent with servicing seasonally normal demand levels. The only exception is ExpertFinish, which remains in such high demand that we have implemented a managed order file until new capacity comes online early next year.

本季庫存水準和銷售率保持穩定，符合季節性正常需求水準。唯一的例外是 ExpertFinish，由於其需求仍然很高，我們已經實施了訂單管理制度，直到明年年初新的產能上線為止。

Total sales in the quarter were down 8% compared to prior year and EBITDA of $82 million was also down significantly. The extended trough in OSB prices was the main drag on both metrics. While we obviously cannot control OSB prices, we can manage the OSB business effectively, and our teams did that exceptionally well in the face of what remains a difficult market.

本季總銷售額較上年同期下降 8%，EBITDA 為 8,200 萬美元，也大幅下降。OSB價格的長期低迷是導致這兩項指標下滑的主要拖累因素。雖然我們顯然無法控制 OSB 的價格，但我們可以有效地管理 OSB 業務，而我們的團隊在當前仍然艱難的市場環境下，在這方面做得非常出色。

The OSB business achieved 80% overall equipment effectiveness or OEE in the quarter, up 2 points from last year. Increasing OEE is never easy, and it can be particularly challenging when we are also managing our capacity with discipline to balance supply and demand. I want to congratulate and thank everyone on the OSB operations team who contributed to this impressive achievement.

OSB業務在本季實現了80%的整體設備效率（OEE），比去年提高了2個百分點。提高設備綜合效率 (OEE) 從來都不是一件容易的事，尤其是在我們還要嚴格管理產能以平衡供需的情況下，提高 OEE 就更具挑戰性了。我要祝賀並感謝 OSB 營運團隊的每一位成員，感謝他們為取得這項令人矚目的成就所做的貢獻。

Our results are only possible because of our teams and the strong culture we have built. In the third quarter, LP was named one of the 50 Best Manufacturers in the United States by IndustryWeek, debuting on the list at number 24, and one of very few specialty building products manufacturers to be recognized. We were also named by Newsweek as one of America's Most Admired Workplaces.

我們所取得的成就離不開我們的團隊和我們所建立的強大企業文化。第三季度，LP被《工業週刊》評為美國50家最佳製造商之一，首次上榜便位列第24名，是極少數獲得認可的專業建築產品製造商之一。我們也被《新聞週刊》評為全美最受尊敬的工作場所之一。

Finally, as you saw, I informed LP's Board of Directors of my intention to retire this coming February after more than 25 years of service. It has been the honor of my career to lead LP's 4,300-person team. Ultimately, the job of a CEO is to build an engaged culture focused on safety, growth, innovation and execution to deliver value long after her or she has gone.

最後，如您所見，我已告知LP董事會，我打算在服務超過25年後於今年2月退休。能夠領導LP的4300人團隊，是我職涯中的榮幸。歸根結底，CEO 的職責是建立一種以安全、成長、創新和執行為核心的積極參與的企業文化，以便在她/他離開後也能長期創造價值。

When we launched LP's transformation strategy, I was daunted by the challenges we faced and the aggressive goals we've set for value creation. I am proud to say that we exceeded those goals. As LP's team and strategy have evolved, the magnitude of the opportunity before us has only grown and our confidence that we can continue to execute our strategy and achieve our ambitious goals has never been stronger.

當我們啟動LP的轉型策略時，我被我們面臨的挑戰和我們為創造價值而設定的雄心勃勃的目標嚇倒了。我很自豪地說，我們超額完成了這些目標。隨著 LP 團隊和策略的發展，我們面前的機會規模越來越大，我們對繼續執行策略並實現雄心勃勃的目標的信心也從未如此強烈。

Jason Ringblom and I have been friends and colleagues for over 20 years. He was instrumental in the development and execution of LP's strategic transformation. He led LP's OSB and EWP businesses for five years and for the last three led LP Siding business before being named President. This perspective makes him uniquely suited to serve as LP's next CEO. I have total confidence that with Jason, LP's future has never been brighter.

我和 Jason Ringblom 是超過 20 年的朋友和同事。他在LP戰略轉型的製定和執行中發揮了重要作用。在被任命為總裁之前，他曾領導 LP 的 OSB 和 EWP 業務五年，並在過去三年領導 LP 壁板業務。這種視角使他成為擔任LP下一任執行長的理想人選。我完全相信，有了Jason，LP的未來從未如此光明。

And with that, I will turn the call over to Alan.

接下來，我將把電話交給艾倫。

Thanks, Brad. Before discussing the results, I do want to take a moment to say that working for Brad has been a personal and professional highlight for me. And while they may be tough shoes to fill, I can think of no one better suited for this task than Jason.

謝謝你，布拉德。在討論結果之前，我想先花點時間說，為布拉德工作是我個人和職業生涯中的一大亮點。雖然要填補這個空缺可能很困難，但我認為沒有人比傑森更適合這項任務。

And with that, slide 7 of the presentation shows Sidings results for the quarter. As expected, the bulk of growth came from price. Average selling prices were up 5% with prime products of 3% and ExpertFinish prices up 12%. And there were two mix phenomena helping this along. First, as Brad mentioned, shed segment volumes normalized after a very strong first half.

接下來，簡報的第 7 張投影片展示了 Sidings 的季度業績。正如預期的那樣，成長主要來自價格。平均售價上漲 5%，其中優質產品上漲 3%，ExpertFinish 產品價格上漲 12%。還有兩種混合現象促成了這現象的發生。首先，正如布拉德所提到的，在經歷了非常強勁的上半年之後，細分市場的銷售量已經恢復正常。

And as I'm sure you'll recall, strong shed volumes have been a drag on prices earlier in the year. So part of the 5% year-over-year price performance this quarter is simply the lower mix of shed relative to prime and ExpertFinish products.

如你所知，今年早些時候，大量的牲畜出貨對價格造成了拖累。因此，本季年增 5% 的部分原因是，與優質產品和 ExpertFinish 產品相比，舊產品佔比降低。

The other mix factor was within ExpertFinish itself, where demand for LP's 2-tone naturals and other higher-priced prefinished products drove outsized year-over-year price gains. This mix shift is also evident in the year-over-year volume column which shows relatively flat volumes in total, but within which prime volumes were down 1% and ExpertFinish volumes were up 17%.

另一個影響因素是 ExpertFinish 本身，LP 的雙色自然色和其他價格較高的預製產品的需求推動了同比價格的大幅上漲。這種組合變化在同比銷量欄中也有所體現，總銷量相對持平，但其中優質產品銷量下降了 1%，而 ExpertFinish 產品銷量增長了 17%。

Selling and marketing investments, raw material inflation and other factors were fairly typical but there are some moving pieces in the other column that they're mentioning. You may recall that the third quarter of last year saw an unusually high EBITDA margin, in part because of delays in maintenance projects and the resulting inventory build. Impacts, which then reversed in the following quarter.

銷售和行銷投資、原料通膨和其他因素都相當典型，但他們提到的另一欄中還有一些變數。您可能還記得，去年第三季 EBITDA 利潤率異常高，部分原因是維護項目延誤以及由此導致的庫存增加。這些影響在下一季發生了逆轉。

So much of what you see in the $20 million of other costs in this waterfall is the nonrecurrence of those events from last year. Among them, inventory absorption is actually a double hit, i.e., we built inventory in the third quarter of last year, which boosted EBITDA, whereas this year, we've reduced inventory, which temporarily hurts EBITDA. But in the long run, it's all just timing, viewing the second half of the year in total simplifies the year-over-year comparisons considerably.

你在這份成本報告中看到的 2000 萬美元其他費用中，很大一部分是因為去年發生的那些事件沒有再次發生。其中，庫存吸收實際上受到雙重打擊，即我們在去年第三季度建立了庫存，這提高了 EBITDA，而今年，我們減少了庫存，這暫時損害了 EBITDA。但從長遠來看，這一切都只是時機問題，將下半年作為一個整體來看待，可以大大簡化同比比較。

The $2 million tariff impact is the retaliatory tariffs LP had been paying to import ExpertFinish into Canada. Those tariffs were ascended in late August, so we are not currently incurring that expense. Also, as I'm sure you're aware, the Section 232 tariff announcements did not impact LP's OSB or siding manufactured in Canada and imported into the US. So other than minor tariff impacts on some of our raw materials, LP is currently bearing minimal tariff costs.

200萬美元的關稅影響是LP公司為將ExpertFinish進口到加拿大所支付的報復性關稅。這些關稅是在八月下旬上調的，所以我們目前沒有產生這筆費用。另外，我相信您也知道，第 232 條款關稅公​​告並未影響 LP 在加拿大生產並進口到美國的 OSB 或壁板。因此，除了部分原料受到輕微關稅影響外，LP目前承擔的關稅成本極低。

The OSB chart on slide 8 tells a simplest bleak story of soft OSB prices in a challenging demand environment. OSB prices spent most of the quarter barely above variable cost driven by sluggish demand, particularly in the Southeast. Price realization fared somewhat better than expected due to a combination of the lag in contractual prices and structural solutions mix. And while the small nonprice variance is masked rather well, the OSB operations team played the hand they were dealt exceptionally well.

第 8 張投影片上的 OSB 圖表講述了一個最簡單的悲觀故事：在充滿挑戰的需求環境下，OSB 價格疲軟。由於需求疲軟，特別是東南部地區的需求疲軟，定向刨花板 (OSB) 的價格在本季度的大部分時間都勉強高於可變成本。由於合約價格滯後和結構性解決方案組合等因素，價格實現情況略優於預期。雖然較小的非價格差異被很好地掩蓋了，但 OSB 營運團隊出色地利用了他們所掌握的資源。

Overall efficiency hit 80%, up 2 points from last year, and aggressive cost control helped the OSB segment outperform our algorithmic guidance. Now superficially, this waterfall suggests that price is the only thing that matters in OSB. Perhaps a more accurate reading is that it prices this low, everything matters. So I tip my hat to the OSB team for making the best of a very difficult market.

整體效率達到 80%，比去年提高了 2 個百分點，積極的成本控制幫助 OSB 部門的表現超過了我們的演算法預測。從表面上看，這種瀑布圖似乎表明，價格是 OSB 中唯一重要的因素。或許更準確的說法是，價格這麼低，每個細節都很重要。因此，我要向OSB團隊致敬，他們在如此艱難的市場環境下做到了最好。

Slide 9 shows cash flow for the quarter of which, while straightforward, very much continues to reinforce the value of LP's transformation. $82 million of EBITDA translated to $89 million of operating cash flow after minor puts and takes for working capital, taxes and interest.

第9張投影片展示了本季的現金流量，雖然數據簡單明了，但卻再次有力地證明了LP轉型帶來的價值。扣除營運資本、稅金和利息等少量支出後，8,200萬美元的EBITDA轉化為8,900萬美元的營運現金流量。

We invested $84 million in CapEx to support growth of ExpertFinish and Structural Solutions as well as to ensure that our plants continue to operate safely and efficiency. And after $19 million in dividends, we ended the quarter with $316 million in cash and over $1 billion of liquidity, including our undrawn credit facility.

我們投資了 8,400 萬美元用於資本支出，以支持 ExpertFinish 和 Structural Solutions 的發展，並確保我們的工廠繼續安全且有效率地運作。在支付 1,900 萬美元股息後，我們本季末擁有 3.16 億美元現金和超過 10 億美元的流動資金，其中包括我們未提取的信貸額度。

Which brings us to guidance on slide 10. Regrettably, OSB prices have scarcely moved since the last call, so our fourth quarter OSB guidance has only slightly improved. The beneficial lag factors that helped the third quarter have dissipated given how long prices have remained in the doldrums. So all else equal, price realization in the fourth quarter will likely provide less of a tailwind than it did in the third. The resulting $45 million of EBITDA loss in the fourth quarter and breakeven for the year are, as always, algorithmic projections of current prices and utilization.

這就引出了第 10 張投影片上的指導說明。遺憾的是，自上次電話會議以來，OSB 價格幾乎沒有變化，因此我們第四季度 OSB 的預期僅略有改善。鑑於價格長期低迷，第三季受益的滯後因素已經消失。因此，在其他條件相同的情況下，第四季的價格實現可能不會像第三季那樣帶來利好。第四季 EBITDA 虧損 4,500 萬美元以及全年損益平衡點，一如既往，是根據當前價格和利用率的演算法預測得出的。

For Siding, we reaffirm our full year EBITDA guidance of $430 million. However, for the fourth quarter, the market has continued to weaken, so we anticipate slightly softer growth. We still expect a year-over-year revenue increase in the coming quarter, but of about 3% and this mostly from price. And much like the third quarter, we expect an outsized contribution from ExpertFinish to both volume and price. We are, therefore, guiding to fourth quarter revenue of about $370 million and to EBITDA of about $82 million.

對於外牆業務，我們重申全年 EBITDA 預期為 4.3 億美元。然而，第四季市場持續疲軟，因此我們預計成長將略有放緩。我們仍預計下一季營收將年增，但增幅約為 3%，而且這主要得益於價格上漲。與第三季類似，我們預計 ExpertFinish 將對銷售和價格做出巨大貢獻。因此，我們預計第四季度營收約 3.7 億美元，EBITDA 約為 8,200 萬美元。

Now this slightly reduces our full year revenue growth rate from 9% to 8% for revenue of roughly $1.68 billion, while increasing our full year EBITDA margin guide to about 26%. Now our South American business is also struggling with a sluggish economy and its results are not fully offsetting our corporate overhead at the moment. Therefore, total company EBITDA for the fourth quarter and full year are both expected to be about $5 million lower than the sum of the Siding in OSB.

這略微降低了我們全年的營收成長率，從 9% 降至 8%，營收約為 16.8 億美元，同時將我們全年的 EBITDA 利潤率預期提高到約 26%。目前，我們的南美業務也受到經濟低迷的影響，其業績暫時無法完全抵銷我們的公司開支。因此，預計公司第四季和全年的 EBITDA 總額將比 OSB 板材外牆的總和低約 500 萬美元。

Nonetheless, our expectation for full year total company EBITDA has actually risen by $20 million from $405 million three months ago, to $425 million today. But we're also cutting our CapEx guidance, and there are two factors in play here. First, given the current emphasis on capacity management and cost discipline in OSB, we are deferring even more projects in OSB. In Siding, we're balancing steadily improving OEE and initiatives to optimize LP's entire manufacturing portfolio against the backdrop of persistent market softness.

儘管如此，我們對全年公司 EBITDA 總額的預期實際上已從三個月前的 4.05 億美元上升了 2,000 萬美元，達到今天的 4.25 億美元。但我們也下調了資本支出預期，這其中有兩個因素在運作。首先，鑑於目前 OSB 產業對產能管理和成本控制的重視，我們正在延後更多 OSB 專案。在 Siding，我們努力在持續疲軟的市場環境下，平衡不斷提高的 OEE 和優化 LP 整個製造組合的各項舉措。

As a result, the sense of urgency that motivated Houlton's expansion as the fastest route to additional capacity is now somewhat diminished. And this makes our OSB mill in Maniwaki, Quebec a viable candidate for conversion to Siding an option we are now exploring.

因此，當初促使霍爾頓進行擴張，將其視為獲得額外產能的最快途徑的緊迫感，如今已減弱。因此，位於魁北克省馬尼瓦基的 OSB 工廠可以改建為壁板廠，這是我們目前正在探索的一個方案。

So should we ultimately proceed down that path, it would most likely still provide additional Siding capacity in advance of market demand and would likely do so at a larger scale and with greater capital efficiency. So while we weigh these options, we have paused any further mill-specific spending while continuing the longer lead time mill-agnostic investments.

因此，如果我們最終選擇這條道路，它很可能仍然會在市場需求之前提供額外的側線產能，而且規模可能會更大，資本效率也會更高。因此，在權衡這些選擇的同時，我們暫停了對特定工廠的任何進一步支出，同時繼續進行週期較長的、與工廠無關的投資。

And with that, we'll be happy to take your questions.

那麼，我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

George Staphos, Bank of America Securities.

喬治‧斯塔福斯，美國銀行證券。

I appreciate all the details everyone. And I know everyone will say it, congratulations, Brad and Jason on the news, and we wish you continued progress and success in the next chapters. I guess the first question I had, Alan, if you could just give us a bit more detail in terms of the potential shift from Houlton to Maniwaki, what's behind it? How will we ultimately see it, one, manifest itself versus the other in terms of operations and performance?

感謝大家提供的所有細節。我知道大家都會說，恭喜布拉德和傑森，祝福你們在接下來的日子裡繼續取得進步和成功。我想問的第一個問題是，艾倫，你能否詳細解釋一下從霍爾頓到馬尼瓦基的潛在轉變背後的原因？最終，我們將如何看待它們在營運和績效方面的差異？

And the second question I had maybe more for Jason and Brad, there have obviously been some headlines in the last couple of days about -- in the last couple of weeks about marketing battles, some of your peers extending relationships with some of the building products distributors to push product. That maybe is a more competitive backdrop. Would you agree with that? Does that change the way you market? Or does that actually help you because your peers might have some other things that they're focused on relative to the Siding business?

第二個問題，或許更想問傑森和布拉德，顯然在過去幾天——或者說過去幾週——出現了一些關於營銷大戰的新聞，一些同行為了推銷產品，與一些建築產品分銷商建立了合作關係。那或許是一個競爭更加激烈的背景。你同意嗎？這會改變你的行銷方式嗎？或者，這實際上對你有幫助嗎？因為你的同行可能在關注與外牆業務無關的其他方面？

George, thanks for the questions. Before I will address your two questions. But before we get to that, I just realized that I did misspeak slightly in my prepared remarks a moment ago when I was describing the impact of LPSA on the full year EBITDA guide. In the fourth quarter, the difference between LPSA and corporate unallocated expenses is indeed $5 million.

喬治，謝謝你的提問。在我回答你的兩個問題之前。但在此之前，我剛剛意識到，剛才我在描述 LPSA 對全年 EBITDA 指引的影響時，在準備好的發言稿中稍微說錯了一些話。第四季度，LPSA 與公司未分配支出之間的差額確實為 500 萬美元。

For the full year, as you'll note from the published materials that went out this morning, the difference isn't $5 million, but it's $10 million. So just to be clear, the full year EBITDA is expected to be $420 million about $10 million lower than the sum of Siding and OSBs breakeven, but still an increase on the previous guidance. So I've got a fog in my thought, hold on.

正如您從今天早上發布的資料中看到的，全年的差額不是 500 萬美元，而是 1000 萬美元。所以說清楚點，全年 EBITDA 預計為 4.2 億美元，比壁板和 OSB 的損益平衡點總和少約 1000 萬美元，但仍比之前的預期有所增長。我腦子裡一片混亂，等一下。

And now I'm going to turn over the question on Maniwaki to my friend and colleague, Jason.

現在我要把關於真脇的問題交給我的朋友和同事傑森來回答。

Yes. Thanks for the question, George. I'll touch a little bit on mill conversion options. I guess when you think about it holistically, the beauty of our position here at LP is that we have multiple options. I'll go through those just quickly. We've mentioned them on previous calls, but we have the opportunity to expand existing Siding plants.

是的。謝謝你的提問，喬治。我將簡要介紹銑床轉換方案。我想，從整體來看，我們在LP的優勢在於我們擁有多種選擇。我會快速瀏覽一下這些內容。我們在之前的電話會議中提到過，我們有機會擴大現有的外牆板工廠。

So imagine a line parallel to an existing line at a current Siding plant also had the opportunity to convert additional OSB facilities and Aspen wood baskets. So Maniwaki, as Alan mentioned, is an option along with Peace Valley and then also the potential for a greenfield that would leverage sites that we own today in Wawa, Ontario or Cook, Minnesota.

想像一下，一條與現有生產線平行的生產線，在現有的板材加工廠，也有機會改造額外的 OSB 設施和白楊木籃。正如艾倫所提到的，馬尼瓦基是一個選擇，和平谷也是一個選擇，此外，我們還可以利用目前在安大略省瓦瓦或明尼蘇達州庫克擁有的地塊開發一個綠地。

With that said, what I would say is the decision on the next mill will really come down to timing and capital efficiency, really coupled with the network optimization benefits that any given option has the potential to add. So we're still assessing all of those options that I mentioned. But as Alan stated, Maniwaki has surfaced to the top here more recently, just given the OSB market.

綜上所述，我認為下一座工廠的選址最終將取決於時機和資本效率，以及任何特定方案可能帶來的網路最佳化效益。所以我們仍在評估我提到的所有選項。但正如艾倫所說，鑑於定向刨花板（OSB）市場，馬尼瓦基最近才在這裡脫穎而出。

And then the second part of your question just around the competitive dynamics. What I would say is, generally, we have not seen a whole lot of disruption within the channel. I mean, this is the time of year where new programs are being put in place. We're navigating RFPs with different customers. But right now, we're just -- we're focused on our strategy and really trying to minimize the noise and continue to focus on gaining share.

然後是您問題的第二部分，即關於競爭動態的問題。我想說的是，總的來說，我們還沒有看到頻道內部出現太大的混亂。我的意思是，每年的這個時候都是新專案啟動的時候。我們正在處理與不同客戶的招標邀請書 (RFP)。但現在，我們正專注於我們的策略，努力減少干擾，並繼續專注於獲得市場份額。

Jason, just a quick one, and I'll turn it over. Aside from the fiber basket for Maniwaki, what else makes it potentially rise to the surface more quickly?

傑森，就簡單問一句，我這就翻過來。除了用於砥玧的纖維籃之外，還有什麼因素可能導致它更快浮出水面？

Yes. So Maniwaki is a large OSB facility. So it's got the ability to produce 600 million to 650 million feet of OSB, which translates to, call it, $400 million-ish of Siding. So just the scale and relative cost position of that facility, coupled with just the network optimization opportunities that it presents will all be factored into the analysis.

是的。所以 Maniwaki 是一個大型 OSB 工廠。因此，它有能力生產 6 億至 6.5 億英尺的定向刨花板 (OSB)，相當於價值約 4 億美元的壁板。因此，該設施的規模和相對成本地位，以及它所帶來的網路優化機會，都將納入分析的考慮範圍。

Okay, I see. Let me turn it over. I'll come back. Thank you.

好的，我明白了。讓我翻過來。我會回來的。謝謝。

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

Thank you. Good morning, everyone. And let me have my congrats to both Brad and Jason as well, looking forward to working with you. My first question is talking about the pricing environment in Siding. You've traditionally announced an increase late in -- or sometime in the fourth quarter for effective in early the following year. Just given the world that we're in and the varying dynamics around housing and the consumer, how are you thinking about pricing as we look to 2026?

謝謝。各位早安。也請允許我向布萊德和傑森表示祝賀，並期待與你們合作。我的第一個問題是關於外牆板的定價環境。你通常會在第四季末或第四季的某個時候宣布加薪，並在隔年年初生效。鑑於我們所處的世界以及住房和消費者方面不斷變化的動態，展望 2026 年，您如何看待定價問題？

Thanks for your question, Susan. I'll take that one. So as of -- I guess, within the last seven to 10 days, we did announce a price increase, very consistent with what you've seen us do in prior years. Along with that, we are managing our order intake to really minimize any sort of inventory build in the channel in advance of our price increase.

謝謝你的提問，蘇珊。我選那個。所以，我猜，在過去的七到十天裡，我們確實宣布了價格上漲，這與我們往年的做法非常一致。同時，我們正在管理訂單接收，以盡可能減少在提價之前管道中出現的任何庫存積壓。

So really, those orders that are placed throughout December and in our January order file will come at the new price list. So nothing unusual here. What I would say is increases vary by product category and geography, but we are really targeting the net somewhere between 3% and 4% in '26.

所以實際上，12 月以及 1 月訂單文件中所下的訂單都將按照新的價格表執行。所以沒什麼不尋常的。我想說的是，成長幅度因產品類別和地區而異，但我們的目標是到 2026 年淨成長 3% 到 4%。

Okay. And then turning to OSB. When you think about the environment that the builders are facing and the commentary we're hearing, especially from the big publics around pulling back on start to end this year and then even into early 2026. How are you thinking about balancing that capacity? The near-term pressures that are there relative to the longer-term outlook for housing and just adjusting the cost structure on a relative basis given those factors?

好的。然後轉向定向刨花板（OSB）。想想建築商面臨的環境，以及我們聽到的評論，尤其是來自公眾的評論，他們擔心今年從開工到結束，甚至到 2026 年初，工程都會縮減。您打算如何平衡這種產能？相對於房屋市場的長期前景，近期有哪些壓力？考慮到這些因素，是否應該相對調整成本結構？

Yes. So demand for OSB has certainly been soft for the better part of the year. And as a result, our focus has really been on matching capacity to demand. No different than what we've done in prior years where we've experienced soft markets.

是的。因此，在今年大部分時間裡，OSB的需求確實疲軟。因此，我們的重點一直放在使產能與需求相符。這和我們往年遇到市場疲軟時的做法並無二致。

What I would say today is our utilization rate for OSB is in the high 60s, which is essentially -- which essentially matches our committed volumes for the business. So what we felt is if we sell open market wood or bring cash wood to the market. Largely, it ends up in lower prices. So right now, we're focused on really managing costs and optimizing our network relative to the demand we see today.

我今天想說的是，我們的 OSB 利用率在 60% 以上，這基本上——這基本上與我們為業務承諾的產量相符。所以我們當時的想法是，如果我們把木材賣到公開市場上，或是把現金木材帶到市場上去。總體而言，這最終會導致價格降低。所以目前，我們的重點是真正控製成本，並根據我們目前看到的需求來優化我們的網路。

Okay, thanks for the color. Good luck with the quarter. Thank you.

好的，謝謝你提供的顏色。祝你本季一切順利。謝謝。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Good morning. Thank you, Brad, I wanted to extend my congratulations as well. I mean it's been a remarkable transformation. This is a much different company today than what it used to be even 10 or 15 years back. So congratulations.

早安.謝謝你，布拉德，我也想向你表示祝賀。我的意思是，這真是驚人的轉變。如今的這家公司與 10 年前或 15 年前相比，已經大不相同了。恭喜你。

Thank you, Ketan.

謝謝你，凱坦。

And Jason looks forward to working with you. Maybe to start with, can you talk a little bit about you mentioned shed volumes are normalizing in Q3. Can you talk about sort of what you saw there in Q3? And what's contemplated by way of volume as you think about Q4?

傑森期待與您合作。首先，您能否談談您提到的第三季脫落量趨於正常化的情況？您能談談您在第三季看到的情況嗎？那麼，您在考慮第四季度銷售時，預計銷量會是多少呢？

So I would say, Ketan, and I'll take that one. I mean, throughout Q3, our order intake and sell-through rates were pretty consistent. In fact, I would say they held up better than maybe we anticipated given the broader softening in the housing and repair/remodel markets.

所以我會選凱坦，我就選他了。我的意思是，在整個第三季度，我們的訂單量和銷售轉換率都相當穩定。事實上，考慮到住房和維修/改造市場的整體疲軟，我認為它們的表現可能比我們預期的要好。

And I think that's a testament really to our commercial team and our focus on innovating around the needs of our end user customers, specifically ExpertFinish, smooth Siding, naturals, as Brad mentioned, being great product additions that have helped offset the weakness in some of the market segments we play in.

我認為這充分證明了我們的商業團隊以及我們專注於圍繞終端用戶客戶的需求進行創新，特別是像 Brad 提到的 ExpertFinish、光滑壁板和天然產品，這些都是很棒的新產品，有助於彌補我們所涉足的一些細分市場的疲軟。

Specific to shed, what I would say is, yes, business has normalized in that segment, but we were up year-over-year. So we're very pleased with the progress we continue to make in that particular segment. And we see that continuing going into Q4 as well. Really where the softness resides is more in the new construction segment, particularly in the southern markets. And we see a little bit more resilience in repair remodel especially in the northern markets where we have a more dominant share position.

具體到棚屋業務，我想說的是，是的，該領域的業務已經恢復正常，但我們同比增長了。因此，我們對在該領域持續取得的進展感到非常滿意。我們認為這種情況會延續到第四季。真正的軟肋更體現在新建築領域，尤其是在南方市場。我們看到，在維修改造領域，尤其是在我們佔據更主導市場份額的北部市場，韌性更強一些。

Jason, I'll just add to that. Sorry, Ketan. I'll just add, that historically, we've kind of seen a bit of seasonality in the shed business where our distributor partners and the shed builders tend to build some inventory in anticipation of spring and summer sales.

傑森，我再補充一點。對不起，凱坦。我還要補充一點，從歷史上看，棚屋業務有一定的季節性，我們的分銷合作夥伴和棚屋建造商往往會提前儲備一些庫存，以迎接春夏季的銷售旺季。

And that kind of backing off as we get through the summer. And I think what we saw seasonally in shed is pretty consistent with the historic trends that have driven our order file in the past.

隨著夏季的到來，這種趨勢會逐漸減弱。我認為，我們在季節性方面看到的棚架情況與過去推動我們訂單記錄的歷史趨勢相當一致。

Got it. That's helpful. And then just one more question. It seems like you are also sort of -- in the way you are selling sort of your Siding products and your OSB product, it seems like there is some transition happening where you're trying to align both these products and sell it kind of more as a bundle. Can you talk to sort of what is driving that move? And what kind of reception you're getting with your customers?

知道了。那很有幫助。最後一個問題。看起來你們在銷售壁板產品和定向刨花板產品的方式上，似乎正在進行某種轉型，試圖將這兩種產品結合起來，並以捆綁銷售的方式進行銷售。您能談談促使您做出這項舉動的原因嗎？你的客戶反應如何？

Yes. I'll take that one, Ketan, and I appreciate the question. So back in April, we announced the integration of our OSB and Siding businesses. And really, the main reason for that was to better leverage our resources and better leverage the breadth of our product portfolio in the marketplace.

是的。凱坦，我接受這個問題，感謝你的提問。早在四月份，我們就宣布了 OSB 和壁板業務的整合。而實際上，主要原因是為了更好地利用我們的資源，更好地利用我們在市場上的產品組合的廣度。

So you're right, we are working on some bundling of programs to help us execute our segment strategies in all areas that we play in. But I would say we're still very much in the infancy stage of that process. We've made some good progress in the big builder segment, but it's still an area we're exploring largely.

你說得對，我們正在努力整合一些項目，以幫助我們在所有涉足的領域執行我們的細分市場策略。但我認為我們仍處於這個過程的初期階段。我們在大型建築商領域取得了一些不錯的進展，但這仍然是我們很大程度上仍在探索的領域。

Got it. No, that's helpful. I'll jump back in the queue. Good luck.

知道了。不，這很有幫助。我重新排隊。祝你好運。

Sean Steuart, TD Cowen.

Sean Steuart，TD Cowen。

Thanks, good morning, everyone. I'll extend my congratulations to both Brad and Jason as well. I want to follow up on the Maniwaki pivot. Can you give us a sense of the timeline to at least start this project and when you think it might be producing Siding product?

謝謝大家，早安。我也要向布拉德和傑森表示祝賀。我想跟進一下真脇的轉型狀況。您能否大致說明一下這個專案的啟動時間表，以及您認為何時可以開始生產外牆板產品？

And attached to that question, does the Section 232 determination, which exempts OSB and Siding from Canada. Does that factor into the decision at all? And I guess, broader perspective, the determination on Section 232 sort of left it open-ended, that the administration can consider changes to the assessment as time unfolds. I guess the short question is, are you comfortable that this will be an extended -- a permanent exemption for OSB in Siding from Canada. I'll leave it there.

與此問題相關的是第 232 條規定，該規定豁免了加拿大的 OSB 和壁板。這是否會影響最終決定？而且我認為，從更廣闊的角度來看，第 232 條的決定留下了開放式的餘地，這意味著政府可以隨著時間的推移考慮對評估進行修改。我想問的簡單問題是，您是否確信這將是加拿大對OSB板材在牆板安裝方面的一項長期——永久性的豁免？我就說到這兒吧。

Yes, Sean, this is Aaron. I'll take the 232 component of that question. I don't think anybody is comfortable that policies are current in the current administration. But I will say that the decision to shift to Maniwaki should we make it, will be a long-term decision based on our long-term expectations about the evolving OSB and Siding markets. The current situation for the 232 tariffs is that neither of those products is subject to a tariff importing it from Canada into the United States.

是的，肖恩，這是亞倫。我將回答該問題中的第 232 部分。我認為沒有人會覺得現任政府的政策是符合時效性的。但我要說的是，如果我們決定改用 Maniwaki，那將是一個長期的決定，基於我們對 OSB 和壁板市場發展的長期預期。目前 232 號關稅的情況是，從加拿大進口到美國，這兩種產品都不受關稅約束。

And perhaps a less understood component of the 232 discussion is that the importation of some heavy equipment categories into the United States is less favorable than it is into Canada currently. So for example, if we were to acquire a press or other large equipment for a conversion of an OSB plant in Canada, we would be able to import that equipment at a lower cost into Canada than into the US because of those tariffs.

或許 232 條款討論中一個不太為人所理解的方面是，目前某些重型設備類別進口到美國不如進口到加拿大那麼有利。例如，如果我們想為加拿大一家 OSB 工廠的改造購買一台壓力機或其他大型設備，由於關稅的原因，我們可以以比進口到美國更低的成本將該設備進口到加拿大。

I would like to stress, though, that, that would be a potential benefit, but it's not a reason --

不過，我想強調的是，這或許是個潛在的好處，但並非理由。--

Exactly. Yes. The 232 issue is not the decision maker. It is noise that currently is a net benefit. But the long-term reasons for Maniwaki should we make that decision would be the fundamental market dynamics and the efficiencies that, that mill would bring.

確切地。是的。問題 232 並非決定性因素。目前來看，噪音反而帶來了淨收益。但從長遠來看，如果我們做出這個決定，選擇馬尼瓦基的理由是基本的市場動態以及工廠將帶來的效率。

Sean, the process is, as you can tell, as we've gone, we try to be transparent on these calls and talk about the different options. And some rise to the top and in some fade from the top. And so it is certainly dynamic. But the valuation that we do is financially driven, long-term financial driven, as Aaron said, and there are components specifically to tariffs or -- but when you look at wood cost, you look at particularly network optimization, Maniwaki is in a really interesting place for us when you align it with our existing infrastructure, including what we're doing around ExpertFinish growth.

肖恩，正如你所看到的，我們一直在努力保持通話的透明性，並討論不同的選擇。有些人會登上頂峰，有些人則會從頂峰跌落。因此，它無疑是動態的。但正如 Aaron 所說，我們的估值是以財務為導向的，以長期財務為導向的，其中包含一些與關稅相關的因素——但當你審視木材成本時，你會特別關注網絡優化，當你將 Maniwaki 與我們現有的基礎設施（包括我們圍繞 ExpertFinish 增長所做的工作）結合起來時，它對我們來說就處於一個非常有趣的位置。

And so -- but as we continue to do the evaluation over the next several quarters, we'll continue to evaluate all options in the face of a good strong financial analysis. And then when we get ready to present to our Board, that's when the rubber hits the road around crystallizing around 1 facility and being able to explain from a return standpoint while that was chosen. So more to come on that, but we did think it was worth mentioning Maniwaki as a prime candidate or might perhaps the prime candidate right now, given that we haven't talked about that much in the past.

因此—但在接下來的幾個季度裡，我們將繼續進行評估，在充分可靠的財務分析基礎上，繼續評估所有方案。然後，當我們準備向董事會報告時，真正的考驗就來了，我們需要圍繞一個工廠做出最終決定，並從回報的角度解釋為什麼選擇它。關於這一點，以後還會有更多討論，但考慮到我們過去很少談到真脅，我們認為有必要提一下真脅，它可能是目前最主要的候選者，或者說可能是最主要的候選者。

Understood. And then maybe just one follow-up there, Brad. Part of this reordering of the options is the extent to which OSB markets unraveled here the last several months. I mean you've positioned this as it's a long-term decision based on optimization of the fiber basket, the portfolio you have.

明白了。然後，布拉德，或許只需要一個後續問題。這種選擇重新排序的部分原因是 OSB 市場在過去幾個月裡崩潰的程度。我的意思是，你們把這件事定位為基於最佳化纖維產品組合的長期決策。

Is there any read-through on you view this OSB downturn as potentially extended beyond what we would normally see? And you're considering Maniwaki in that context as well. This could be a longer trough than we're accustomed to seeing for OSB?

您是否認為此次定向刨花板（OSB）價格下跌可能會比我們通常看到的持續時間更長？你也是在考慮真脇脅這個概念的。對於定向刨花板（OSB）而言，這可能是一個比我們以往看到的更長的低谷期？

No, we were not intending to signal that at all. Certainly, the near-term outlook for OSB is pretty abysmal, but we believe in the business in the long term. Really what put this one up was, as Jason mentioned or I mentioned in the prepared remarks, the timing -- we were leaning on Houlton because we felt that we could get there faster with a conversion.

不，我們完全沒有這個意思。當然，OSB的近期前景相當糟糕，但我們相信該行業的長期發展前景。正如傑森在準備好的演講稿中提到的，或者我提到的，真正促成這場勝利的是時機——我們之所以依賴霍爾頓，是因為我們覺得透過轉換能更快達到目標。

And so when really it's the overall softening in the housing outlook overall gave us, say, another year of capacity in our existing network, which allowed us to take a step back and say, if we're not in much of a hurry as we thought we were in 6 months ago, what are other options. And that's really when we started focusing in on Mani. It's not OSB-related that drove --

因此，實際上，住房前景的整體疲軟，使我們現有的網路容量又增加了一年，這讓我們能夠退後一步，思考如果我們不像 6 個月前那樣急於求成，那麼還有哪些其他選擇。也就是從那時起，我們開始真正關注馬尼。驅動因素與定向刨花板（OSB）無關。--

I believe your mic just went out for a minute. (technical difficulty)

我覺得你的麥克風剛才好像短暫失靈了。（技術難題）

And Sean, you're still there?

肖恩，你還在那裡嗎？

I am. I'm all good guys, you can go onto the next.

我是。我都是好人，你們可以繼續下一個了。

Did you hear? I mean it was such a great -- it's probably the best answer in my CEO career and I got cut off in the middle.

你聽說了嗎？我的意思是，這真是個很棒的回答——這可能是我CEO生涯中給出的最佳答案，結果我說到一半就被打斷了。

You're leaving on a high note. I think I got the gist of it.

你以完美的姿態離開。我想我明白大概了。

Thanks Sean.

謝謝你，肖恩。

Mark Weintraub, Seaport Research Partners.

馬克溫特勞布，海港研究夥伴公司。

I don't know, Brad, I don't know if I should ask any more questions after that. That high note. But congrats to all, of course. So maybe just a little bit more on the thinking on the Maniwaki Houlton. So I mean your volumes this year aren't that different from what you were expecting. So I mean, it seems to suggest that you're taking a little bit more of a cautious perspective on next year.

布拉德，我不知道，我不知道之後是否還應該問更多問題。那個高音。當然，還是要祝賀所有人。那麼，或許可以再多談談關於 Maniwaki Houlton 的一些想法。所以我的意思是，你今年的銷售量和你預期的並沒有太大差別。所以，這似乎顯示你對明年持更加謹慎的態度。

And obviously, it's pretty early. Maybe help us think that through a little bit. And when you say several quarters, does that mean you're kind of thinking it's like -- you don't need it for close to a year later than what you would have initially anticipated wanting the volume up?

顯然，現在時間還很早。或許可以幫我們稍微理清一下思緒。你說幾個季度，是不是意味著你覺得——你不需要它的時間比你最初預期的要晚近一年，才能提高銷量？

Mark, it's really the key driver is we were forecasting internally, improving housing starts at a pace higher than the current forecast is. And so when we were looking at, I don't know the industry adding 75,000 to 100,000 new starts each year, year over year over year. That was got us on a path of sooner rather than later on this conversion. But as we've looked at the most recent starts forecast that we follow, it seems pretty flat or low single-digit growth year-over-year.

馬克，真正的關鍵驅動因素是我們內部預測的房屋開工速度將高於目前的預測。因此，當我們觀察時，我不知道這個行業每年新增 75,000 到 100,000 個新項目，年復一年。這使得我們能夠盡快完成這次轉換。但根據我們追蹤的最新開賽預測來看，年增幅似乎相當平穩或只有個位數。

And so that difference in outlook for housing has given us some degrees of freedom on timing for it. I will say it's been really nice to see Sagola operating at the level that it's operating at now, which has provided a good bit of near-term headroom on that. And so -- but I do feel like the -- I mean, I know that the reason we were able to take a breath on expediting a mill conversion is Houlton as we just looked at the housing forecast that folks are putting out there. And as we aligned with that, we felt like we had another year of time to make a conversion versus being very rushed.

因此，住房前景的這種差異給了我們在購屋時機上一定的自由。我很高興看到 Sagola 目前以目前的營運水準運作，這為短期發展提供了相當大的空間。所以——但我確實覺得——我的意思是，我知道我們能夠喘口氣加快工廠改造的原因是霍爾頓，因為我們剛剛看了人們發布的住房預測。隨著我們與這一目標的契合，我們感覺我們還有一年的時間來進行轉變，而不是非常倉促。

And rush caused us to go to Houlton because it would be the quickest, but it also rush would have significantly increased the capital expense, too. So I think we're in a good place to where we still got headroom that we need if housing was to get stronger than forecasted, which we certainly hope happens, but we feel really good about having options other than Houlton, which will be a little more capital efficient for us.

由於時間緊迫，我們選擇了霍爾頓，因為這是最快的方案，但同時也大幅增加了資本支出。所以我覺得我們現在處境不錯，如果房地產市場比預期更強勁（我們當然希望如此），我們仍然有足夠的空間。但我們對除了霍爾頓之外還有其他選擇感到非常滿意，這對我們來說會更節省金錢。

Super. And maybe could you expand a little bit on that in terms of capital efficiency, recognizing you're still in the evaluation stage, but order of magnitude, how much capital might be required for a Maniwaki conversion? And also, does this mean that your cap spend in 2026 is actually going to be more reduced than maybe what some of us would have been thinking previously?

極好的。或許您能從資本效率的角度再詳細闡述嗎？我知道您仍處於評估階段，但大致來說，Maniwaki 改造可能需要多少資金？另外，這是否意味著您在 2026 年的薪資上限支出實際上會比我們之前一些人預想的還要減少？

Great questions, Mark. None of which we're really in a position to answer with sufficient reliability or confidence yet. We'll deliver more on this topic on our full year earnings call in February. Great question. Sorry, we're just not in the position to answer.

問得好，馬克。目前，我們尚不具備足夠的可靠性和信心來回答這些問題。我們將在二月份的年度財報電話會議上就此主題進行更詳細的闡述。問得好。抱歉，我們目前不方便回答這個問題。

Understood. And then just last, if I could. So with the sheds business, obviously, it had been quite weak last year, much stronger this year. Can you give us any sense as to like where the sheds business, and I recon even you guys don't have perfect visibility on this, but your best estimate is where that business is now relative to kind of trend line?

明白了。最後，如果可以的話，再補充一點。所以很明顯，棚屋業務去年相當疲軟，但今年強勁得多。你能大概說說棚屋業務的現況嗎？我知道你們可能也無法完全掌握情況，但你們能不能估算一下，目前這項業務相對於趨勢線處於什麼位置？

Or I mean, did we have some catch up this year so that there is downside risk to next year in a normal environment? Or is it more that it was just so bad last year, this really strong growth just got us back up to what you'd consider to be kind of a typical year?

或者我的意思是，我們今年是否趕上了一些進度，以至於在正常情況下，明年可能會面臨下行風險？或者說，是因為去年情況太糟糕了，所以今年強勁的成長才讓我們恢復到了你認為的正常年份水平？

Yes, I'll take that one. So what I'd say there is a fair amount of pull-forward demand in shed during COVID. So our business was very strong in those years. And to some extent, we supported that segment to a higher degree than others while we were on a managed order file. That pullback that we felt in late '23, '24, I think, was a result of that.

是的，我要那個。所以我認為，在新冠疫情期間，倉庫裡有相當多的提前交付需求。所以，那些年我們的業務非常強勁。在某種程度上，當我們採用訂單管理模式時，我們對該部分的支援力度高於其他部分。我認為，我們在 2023 年底、2024 年感受到的那次回檔就是由此造成的。

We've seen the shed business return back to normal levels. If not, maybe a hair better. A lot of the fabricators that we talk to are saying their business is up a couple of points relative to kind of a normal rate. So we feel good about that business, and it's been very consistent for us through the years and feel good about opportunities we have to improve our share position there as well.

我們看到棚屋業務已經恢復到正常水準。如果不是，或許稍微好一點。我們採訪的許多加工商都表示，他們的業務量比正常水準成長了幾個百分點。因此，我們對這項業務感到滿意，多年來它一直非常穩定，我們也對我們有機會提高在該領域的市場份額感到滿意。

Thanks so much and congrats both again.

非常感謝，再次恭喜你們兩位。

Thank you, Mark.

謝謝你，馬克。

Kurt Yinger, D.A. Davidson.

Kurt Yinger，D.A. Davidson。

Congrats, Jason and Brad. I just wanted to go back to some of the comments, just around the fourth quarter Siding volumes. Can you just talk about, I mean, what you're hearing from your customers in terms of maybe a little bit of demand degradation? And then how perhaps managing inventory levels and the price increase factored in, if at all?

恭喜傑森和布拉德。我只是想回顧一下之前的一些評論，特別是關於第四季度外牆板銷量的問題。您能否談談您從客戶那裡了解到的需求下降？那麼，庫存水準管理和價格上漲是否也納入了考慮範圍？

Yes. Thanks, Kurt. What I guess I said this earlier, but I mean the process is very consistent with what we've done in prior years. We look at historical purchases, kind of where demand is trending and then come up with allocations for our distributor partners and then obviously work with them closely through that process. If they're communicating that they're going to short a customer on the other end by no means will we hold them to that allocation specifically.

是的。謝謝你，庫爾特。我之前好像說過，這個過程與我們往年所做的非常一致。我們會查看歷史採購情況，了解需求趨勢，然後為我們的分銷合作夥伴制定分配方案，當然，我們也會在整個過程中與他們密切合作。如果他們表示將減少對另一端顧客的供貨量，我們絕不會因此而責怪他們。

So it is pretty fluid in nature with the end goal being not to increase channel inventories as we go into the new year and work through a price increase. So far, I think that's been well received. And there are customers that are certainly asking for more. but that's something that we closely manage on a week-to-week basis.

因此，其性質相當靈活，最終目標是在新的一年不增加通路庫存，並逐步提高價格。目前來看，反應還不錯。當然，也有一些客戶提出了更高的要求。但這是我們每週都會密切關注的事情。

Okay. That's helpful. And then just looking forward to 2026 a little bit. I mean, what areas of the Siding portfolio do you maybe have the highest conviction or visibility to at this stage in terms of delivering kind of above-market growth and continuing the momentum?

好的。那很有幫助。然後，我開始有點期待2026年了。我的意思是，就目前而言，您對 Siding 投資組合中的哪些領域最有信心或最有把握實現高於市場平均水平的成長並保持成長勢頭？

And separately from a marketing or channel standpoint, kind of what are you most focused on there in terms of strengthening your position with different channel partners and whatnot?

另外，從行銷或通路角度來看，為了加強與不同通路夥伴的關係等等，您最關注的是什麼？

Kurt, I'll take that one as well. What I would say is we've got very focused segment strategies for new construction, repair, remodel and then off-site, which includes shed and manufactured housing segment. And those are three segments that we will be relentlessly focused on improving our share position.

庫爾特，我也要那個。我想說的是，我們針對新建、維修、改造以及異地建造（包括棚屋和預製房屋領域）制定了非常明確的細分市場策略。我們將不懈努力，專注於提升我們在這三個領域的市場份額。

And we're investing resources in all three pretty equally, maybe a little bit heavier in repair/remodel. But we feel like there's an opportunity to continue to take 0.5 point to 1 point of share of the addressable market on an annual basis as we think about the future.

我們在這三方面投入的資源相當均衡，可能在維修/改造上投入的資源稍微多一點。但展望未來，我們覺得有機會繼續每年拿下 0.5 個百分點到 1 個百分點的目標市佔率。

Adam Baumgarten, Vertical Research Partners.

Adam Baumgarten，Vertical Research Partners。

Hey guys, thanks for taking my question. Just on ExpertFinish, can you kind of update us on where margins are there especially with the managed order file currently?

各位好，感謝你們回答我的問題。關於 ExpertFinish，您能否簡單介紹一下目前託管訂單文件的利潤率？

Margins still have -- they're good, but they still have a long way to go under this kind of circumstances. So again, I'd still see both outsized. We've certainly had outsized price increases on ExpertFinish, and we're making progress on the cost side. So I think the future is bright for continued margin increase, but they're still lagging our -- fundamentally, our prime offering. So there's nothing but opportunity there.

利潤率目前還不錯，但在這種情況下，還有很長的路要走。所以，我還是認為兩者都偏大。ExpertFinish 的價格確實大幅上漲，但我們在成本控制方面正在取得進展。所以我認為利潤率持續成長的未來一片光明，但他們仍然落後於我們——從根本上來說，他們的主要產品。所以那裡只有機會。

Okay, great. Thanks.

好的，太好了。謝謝。

Steven Ramsey, Thompson Research Group.

Steven Ramsey，湯普森研究小組。

This is Kathryn Thompson on for Steven today. Answered many good questions, but I wanted to follow up just on a few on ExpertFinish and have been taking some share gains.

今天我是凱瑟琳湯普森，替史蒂文為您報道。雖然回答了很多好問題，但我只想就 ExpertFinish 上的幾個問題進行後續討論，並且已經獲得了一些市場份額。

Like I suppose for the quarter and as you think about the year, can you parse out the drivers between channel versus winning shelf space and end market demand? And then against the second part of this is against a pretty challenging R&R market. How sustainable do you feel these market share gains are on a go-forward basis?

我想，就本季以及您展望全年時，您能否分析一下通路與贏得貨架空間和終端市場需求之間的驅動因素？其次，還要面對一個相當具挑戰性的研發市場。您認為這些市場份額的成長在未來能夠持續嗎？

I'll take that one, Kathryn. So we're very pleased with the growth that we've seen an ExpertFinish after getting into the prefinished business, I think it was back in 2020. We are on a managed order file right now, but we have incremental capacity coming online at the end of Q1, early Q2 next year in the neighborhood of 50 million to 70 million feet.

我選那個，凱瑟琳。所以，自從ExpertFinish進入預製件業務以來，我們對其取得的成長感到非常滿意，我想應該是2020年。我們目前正在進行訂單管理，但明年第一季末、第二季初，我們將新增產能，約 5,000 萬至 7,000 萬英尺。

We believe that we've got a very strong value prop with our ExpertFinish line and we've only added to that with the naturals collection that was launched in April. And that repair remodel contractors really enjoy using that product. So we think the demand is sticky. Obviously, you need to get the contractor to get placement in the channel with our dealer partners. And that's really our focus going forward is getting downstream as much as possible to pull that demand through for our dealer partners.

我們相信，我們的 ExpertFinish 系列產品具有非常強大的價值主張，而 4 月推出的天然系列產品更是增強了這一優勢。維修改造承包商非常喜歡使用該產品。所以我們認為需求具有黏性。顯然，你需要讓承包商透過我們的經銷商合作夥伴獲得通路推廣機會。因此，我們未來的重點是盡可能地向下游拓展，從而滿足我們經銷商合作夥伴的需求。

Kathryn, I'll just add to Jason's answer that the -- keep in mind that our market share in that segment is tiny relative to the opportunity. And as our product gets accepted, as Jason mentioned, as contractors get to use. And as you mentioned, as we secure shelf space with the one-step distribution network, there's just a ton of upside in our ability to continue to grow that ExpertFinish line. And have a higher -- a much higher market share of a large repair and remodel market.

Kathryn，我只想補充Jason的回答——請記住，相對於市場機會而言，我們在該細分市場的份額非常小。正如傑森所提到的那樣，隨著我們的產品被接受，承包商開始使用它。正如您所提到的，隨著我們透過一步到位的分銷網絡確保貨架空間，我們繼續發展 ExpertFinish 產品線的能力將有很大的發展空間。而且在龐大的維修和改造市場中擁有更高的市場份額——要高得多的市場份額。

And do you need to step up marketing expenses next year keep being that share gainer or are there other ways beyond to increase stickiness?

明年是否需要加大行銷投入以維持市場佔有率成長，還是有其他方法可以提高顧客黏性？

Marketing is a big component. It's in-home selling to consumers primarily. And so as -- if you parse our sales and marketing budget, particularly the marketing budget, it is skewed toward support of the repair and remodel segment more than any other segment but a pretty large margin. But I think what you'll see next year in our budgeting will be consistent with our guidance to be consistent with the kind of spend we've had historically, especially if you like a percent of revenue or anything like that.

行銷是其中的重要組成部分。它主要面向消費者上門銷售。因此，如果你仔細分析我們的銷售和行銷預算，特別是行銷預算，你會發現它對維修和改造領域的支持力度遠大於其他任何領域，而且差距相當大。但我認為，明年您在我們預算中看到的內容將與我們的指導方針一致，與我們歷史上的支出水平保持一致，特別是如果您喜歡按收入百分比或其他類似方式計算的話。

And since you brought up distribution, given the ongoing changes in the distribution landscape in the US, are you seeing any type of behavior changes for you as a supplier to the distribution market, given some of the fundamental changes in distribution?

既然你提到了分銷，鑑於美國分銷格局的不斷變化，作為分銷市場的供應商，你是否看到分銷領域的一些根本性變化導致了你的行為發生任何改變？

Yes. I would say right now, we're very pleased with the partners we have from a two-step distribution perspective and that those relationships are on very solid footing, and we look forward to continuing to work with our partners. But no real significant disruption, no.

是的。就目前而言，從兩步驟分銷的角度來看，我們對合作夥伴非常滿意，這些合作關係基礎非常牢固，我們期待繼續與合作夥伴攜手共進。但並沒有造成真正的重大干擾。

Okay, great. Thanks so much and best of luck and congratulations.

好的，太好了。非常感謝，祝你好運，恭喜！

Thank you.

謝謝。

Mike Roxland, Truist Securities.

Mike Roxland，Truist Securities。

Yeah, thanks, Brad, Alan, Jason, Aaron for taking my questions, I'll just echo what everybody else has said, Brad, congrats on your upcoming retirement, well deserved. And Jason, congrats on the new role. A lot of my questions have been addressed, but I just wanted to ask if you could give us some more color around volume growth by end market in terms of single-family R&R and sheds in manufactured housing in 3Q?

是的，謝謝 Brad、Alan、Jason 和 Aaron 回答我的問題。我只想重複其他人說過的話：Brad，恭喜你即將退休，這是你應得的。傑森，祝賀你擔任新職務。我的許多問題都得到了解答，但我還是想請教一下，能否就第三季度單戶住宅翻新和預製房屋棚屋的終端市場銷量增長情況，提供一些更詳細的信息？

And how should we think about Siding volume growth as you look into 2026? I know it was asked recently, but just trying to get a sense of whether you think volumes will be flat to slightly up next year versus low single digits?

展望 2026 年，我們該如何看待外牆板銷售成長？我知道這個問題最近有人問過，但我只是想了解一下，您認為明年的銷量會持平還是略有增長，而不是像之前預測的那樣只有個位數增長？

So I'll touch on the first part of the question. Just looking at Q3 versus prior year by segment. As I mentioned earlier, even though shed volume came off slightly versus Q2, it was up over year-over-year, more than the other two segments. Repair/remodel was second strongest as evidenced by our performance in our ExpertFinish business or line. And then single-family, I think it was a mixed bag.

那我就先回答問題的第一部分。僅查看第三季與上年同期各細分市場的情況。正如我之前提到的，儘管與第二季度相比，拆遷量略有下降，但與去年同期相比有所增長，增長幅度超過了其他兩個部門。維修/改造業務是第二大強項，這從我們在 ExpertFinish 業務線或產品線的表現中可見一斑。至於獨棟住宅，我覺得情況比較複雜。

We had decent volume in some of our core markets, but in the southern markets that are dominated a little bit more by the big builder and our stress by some affordability challenges and just consumer confidence in general, we have -- that was our weakest segment in the quarter.

我們在一些核心市場取得了不錯的銷量，但在南部市場，由於大型建築商的主導地位以及我們面臨的一些可負擔性挑戰和消費者信心普遍不足，我們——這是我們本季最疲軟的市場。

I'm going to address the second question briefly. I think it's too early for us to make a sort of convincing call on 2026. As you know, we have pretty good visibility within a quarter. And when we get to February, what we see within the first quarter behavior will, of course, color our view of 2026 at which point we'll provide some full year guidance.

我將簡要地回答第二個問題。我認為現在對 2026 年做出令人信服的預測還為時過早。如您所知，我們對季度內的業績預測相當準確。到了二月份，我們第一季的市場表現當然會影響我們對 2026 年的看法，屆時我們將提供全年業績指引。

Understood. And then just one quick follow-up. If you see housing rebound more quickly next year than you're now expecting, what levers do you have available to meet that increased size in now that you're pushing out some of your capital projects?

明白了。然後，還有一個簡短的後續問題。如果房地產市場明年反彈速度比你現在預期的要快，那麼在你推遲一些資本項目的同時，你有哪些手段來滿足不斷增長的市場規模？

Plenty of capacity. We can add shifts in existing facilities. So yes, we will have no problem responding to almost any imaginable demand scenario over the next couple of years in either of our businesses or South America.

容量充足。我們可以在現有設施中增加班次。所以，是的，在未來幾年裡，無論是在我們的兩個業務部門還是在南美洲，我們都能輕鬆應對幾乎任何可以想像的需求情況。

Got it, guys, thank you.

明白了，謝謝各位。

This does conclude the question-and-answer session. I would now like to turn the call back to Aaron for closing remarks.

問答環節到此結束。現在我想把電話轉回給亞倫，請他作總結發言。

Okay. Thank you, everybody, for joining the call. We'll look forward to continuing the conversation and follow-up calls later today and conferences throughout the quarter. Thank you very much.

好的。謝謝大家參加這次通話。我們期待今天晚些時候繼續進行對話和後續電話會議，並在本季度舉行多次會議。非常感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。