Louisiana-Pacific Corporation (LPX) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the fourth quarter 2025 Louisiana-Pacific Corporation earnings conference call. (Operator Instructions) Please be advised that today's call 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年第四季財報電話會議。（操作員指示）請注意，今天的通話將會被錄音。

I would now like to hand it over to your speaker, Aaron Howald, Vice President, Investor Relations. Please go ahead.

現在我謹將發言權交給你們的發言人，投資人關係副總裁亞倫‧霍瓦爾德。請繼續。

Thank you, operator. Good morning, everyone. Thank you for joining us from the International Builder Show in Orlando to discuss LP's financial results for the fourth quarter and full year of 2025 as well as our outlook for 2026.

謝謝接線生。各位早安。感謝您從奧蘭多國際建築商展現場與我們一起探討LP公司2025年第四季和全年的財務表現以及我們對2026年的展望。

Hosting the call with me this morning are Jason Ringblom, Chief Executive Officer; and Alan Haughie, Chief Financial Officer. After prepared remarks, we will take a round of questions, and then we will be available for follow-up calls and visits to LP's booth at IBS.

今天早上與我一起主持電話會議的有執行長 Jason Ringblom 和財務長 Alan Haughie。在準備好的發言之後，我們將接受一輪提問，然後我們將接受後續電話諮詢和參觀LP在IBS的展位。

During this morning's call, we will refer to a presentation that has been posted to LP's IR webpage, 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 remind you that today's discussion contains forward-looking statements and non-GAAP financial metrics as described on slides 2 and 3 of the earnings presentation.

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，如收益簡報第2頁和第3頁所述。

The appendix of that 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. And with that, I'll turn the call over to Jason.

該簡報的附錄還包含調節表，今天早上提交的 8-K 文件進一步補充了這些調節表。我不會閱讀這些資料，而是將它們以引用的形式納入本文。接下來，我將把電話交給傑森。

Thank you, Aaron, and thank you all for joining us. First of all, let me start by offering thanks and congratulations on behalf of the entire LP team to Brad Southern for a well-earned retirement after more than 25 years of transformative leadership at LP.

謝謝你，亞倫，也謝謝各位的參與。首先，我謹代表 LP 全體團隊，向 Brad Southern 表示感謝和祝賀，感謝他為 LP 做出的 25 年多的卓越領導，並祝賀他光榮退休。

It's truly an honor to be succeeding Brad as LP's next CEO, and I'm confident that LP has the right strategy and the right team to make a seamless transition. We remain fully committed to driving growth, gaining market share, delivering product and process innovation, and generating shareholder value in the years to come.

能夠接替布拉德擔任LP的下一任首席執行官，我深感榮幸。我相信LP擁有正確的策略和團隊，能夠實現無縫過渡。我們將繼續全力以赴，在未來幾年推動成長、擴大市場份額、實現產品和工藝創新，並為股東創造價值。

2025 was a difficult year for homebuilding and aspiring homeowners. Tariffs, economic policy uncertainty and deteriorating consumer confidence all contributed to affordability challenges. Housing starts decelerated throughout the year.

2025年對於房屋建造商和有志成為房主的人來說是艱難的一年。關稅、經濟政策的不確定性以及消費者信心的下降都加劇了購買力上的挑戰。年內房屋開工量持續放緩。

In fact, single-family starts, a key demand indicator for both Siding and OSB were down roughly 10% in the third quarter according to the Census Bureau. Unfortunately, the Census Bureau has yet to publish fourth quarter housing data, but I suspect when that data is available, it will confirm further weakness.

事實上，根據人口普查局的數據，第三季單戶住宅開工量（這是外牆板和定向刨花板的關鍵需求指標）下降了約 10%。遺憾的是，人口普查局尚未公佈第四季住房數據，但我懷疑，一旦這些數據公佈，將會證實房屋市場進一步疲軟。

Despite these challenges, LP grew the Siding business by 8% for the full year while expanding margins, particularly in expert finish. In the fourth quarter, LP delivered $567 million in net sales, $50 million in EBITDA and $0.03 in adjusted diluted earnings per share.

儘管面臨這些挑戰，LP 的外牆業務全年仍成長了 8%，同時利潤率也得到了提高，尤其是在專業精加工方面。第四季度，LP 實現淨銷售額 5.67 億美元，EBITDA 為 5,000 萬美元，調整後稀釋每股收益為 0.03 美元。

[OSB and] Siding business showed resilience in a weakening market. For the full year, we achieved 4% higher net selling prices and 4% higher sales volumes, resulting in 8% revenue growth. This allowed us to deliver a 26% EBITDA margin.

在市場疲軟的情況下，定向刨花板和壁板業務展現出了韌性。全年來看，我們的淨售價提高了 4%，銷量提高了 4%，從而實現了 8% 的收入成長。這使我們能夠實現 26% 的 EBITDA 利潤率。

Major contributors to these results were growth in the shed segment which reinforces the power of LP's diverse end-use applications and ExpertFinish, where not only has product innovation helped us expand the addressable market to reach new repair and remodel customers but as Alan will describe in a few minutes, we have also seen significant margin improvement.

這些業績的主要貢獻者是棚屋領域的成長，這鞏固了LP多樣化終端應用的實力；以及ExpertFinish，產品創新不僅幫助我們擴大了目標市場，接觸到新的維修和改造客戶，而且正如Alan稍後將要描述的那樣，我們也看到了利潤率的顯著提高。

2025 saw a significant volume growth with our largest shed customers particularly in the first half of the year. It's hard to be precise given the broad range of uses for SmartSide lap, trim and panels. But we estimate that shed volumes were up slightly more than 20% year-over-year.

2025 年銷售量大幅成長，尤其是上半年，我們最大的倉儲客戶群銷售成長尤為顯著。鑑於 SmartSide 搭接板、裝飾條和麵板的用途廣泛，很難給出精確的定義。但我們估計，棚架體積年增率略超過 20%。

We estimate that products sold into new residential construction saw volumes decline by roughly 1 to 3 points, which significantly outpaced the decline in single-family starts. LP's repair and remodel sector was likely flat to up a one or two with impressive 18% growth in ExpertFinish.

我們估計，銷售給新建住宅的產品銷售量下降了約 1 到 3 個百分點，這一降幅遠遠超過了單戶住宅開工量的降幅。LP 的維修和改造行業可能持平或增長一到兩個百分點，其中 ExpertFinish 實現了令人印象深刻的 18% 的增長。

To be fair, Siding also enjoyed some geographic advantages in 2025. We have stronger market presence in the Upper Midwest where construction activity remained comparatively strong and we were modestly insulated from softer markets in the Southeast due to our lower market penetration in this region.

公平地說，賽丁在 2025 年也享有一定的地理優勢。我們在中西部北部地區擁有較強的市場地位，該地區的建築活動仍然相對強勁；由於我們在東南部地區的市場滲透率較低，因此我們受到的東南部市場疲軟的影響較小。

One consequence of recent market uncertainty is that dealers adopted a more cautious stance with regard to their inventory positions, holding fewer weeks of supply than normal. This adjustment coincided with a volume allocation prior to LP's price increase that we now realize was somewhat larger than necessary.

近期市場的不確定性導致經銷商在庫存方面採取了更謹慎的態度，庫存週數比正常情況要少。這項調整與LP漲價前的銷售分配同時進行，我們現在意識到，當時的銷售分配力道有點過大了。

Unfortunately, the combined effect of these phenomenon appears to have resulted in some pull forward at year-end, leading to elevated channel inventories with some of our two step distribution partners.

不幸的是，這些現象的綜合影響似乎導致年底出現一些提前發貨的情況，從而導致我們的一些二級分銷合作夥伴的渠道庫存增加。

Consequently, and as Alan will detail in the guidance section, Siding order files have been a bit weaker than anticipated to begin 2026.

因此，正如艾倫將在指導部分詳細介紹的那樣，到 2026 年初，側線訂單文件比預期要少一些。

OSB results tracked housing demand more closely as they generally do with commodity prices softening along housing starts. Unfortunately, at their trough, OSB prices adjusted for inflation are the lowest we've seen in 20 years at LP.

OSB 的結果與住房需求的走勢更為密切相關，因為大宗商品價格走軟的同時，住房開工量也在走軟。不幸的是，OSB 價格經通膨調整後，目前處於 LP 公司 20 年來的最低點。

Despite that, LP's OSB mills operated safely and efficiently in the fourth quarter. We manage costs and capacity with care and discipline. And while we did not break even for the quarter, we did overcome softness in the second half of the year to achieve a positive EBITDA for the full year.

儘管如此，LP 的 OSB 工廠在第四季度安全且有效率地運作。我們謹慎、自律地管理成本和產能。雖然本季我們沒有達到收支平衡，但我們克服了下半年的疲軟局面，實現了全年正的 EBITDA。

As you all know, we can't control OSB prices, so we focus our efforts instead on executing our strategy. Speaking of strategic execution, the integration of LP under a Chief Commercial Officer and Chief Operating Officer structure, rather than two business general managers is also beginning to show its value.

如大家所知，我們無法控制定向刨花板的價格，所以我們將精力集中在執行我們的策略上。說到策略執行，將有限合夥業務整合到首席商務官和首席營運長的架構下，而不是由兩位業務總經理負責，也開始顯現其價值。

For example, aligning OSB and Siding go-to-market strategies has enabled unique sales synergies that provide new pathways for ongoing siding growth. Integrating operations has improved best practice sharing, uncovering opportunities for enhanced safety, OEE and system-wide capacity utilization.

例如，將 OSB 和壁板的市場推廣策略結合，實現了獨特的銷售協同效應，為壁板的持續成長提供了新的途徑。整合營運提高了最佳實踐的分享，發現了提高安全性、OEE 和系統整體產能利用率的機會。

Operating efficiency in the OSB business increased by 1 point to 79%, which is remarkable given the operating challenges of a soft demand environment. While total Siding OEE was flat year-over-year at 77%. OEE at LP ExpertFinish facilities improved significantly.

OSB業務的營運效率提高了1個百分點，達到79%，考慮到疲軟的需求環境帶來的營運挑戰，這是一個顯著的成就。而總的Siding OEE與去​​年同期持平，為77%。LP ExpertFinish 工廠的 OEE 顯著提高。

This not only contributed to our ability to come off of a managed order file a bit earlier than previously anticipated. But as Alan will detail in a moment, the extra volume helped deliver margin expansion.

這不僅使我們能夠比預期更早結束受管訂單文件。但正如艾倫稍後將詳細介紹的那樣，額外的銷售有助於提高利潤率。

LP also executed our capital investments efficiently and flexibly adjusting in response to slowing demand and accelerating ExpertFinish expansion to meet strong demand. And most importantly, we operated safely and responsibly.

LP 也有效率且靈活地執行了我們的資本投資，根據需求放緩的情況進行調整，並加快 ExpertFinish 的擴張以滿足強勁的需求。最重要的是，我們安全負責地開展了營運。

LP achieved a total incident rate of 0.62 in 2025, which was incrementally better than 2024s level. We also had two mills, Newbury, Michigan in Siding, and Jasper, Texas and OSB reached three years without a recordable injury in 2025. As a result, LP earned the APA's Safest Company Award for the third year running.

LP 在 2025 年實現了 0.62 的總事故率，比 2024 年的水準略有改善。我們還有兩家工廠，分別位於密西根州紐伯里（生產壁板）和德州賈斯珀（生產定向刨花板），預計到 2025 年將實現三年無可記錄工傷事故。因此，LP連續第三年榮獲APA最安全公司獎。

And with that, I'll turn over the call to Alan Haughie for a more detailed review of LP's financial results for the quarter and the year as well as a discussion of our outlook, after which we will take a round of questions.

接下來，我將把電話交給 Alan Haughie，讓他更詳細地回顧 LP 本季和本年度的財務業績，並討論我們的展望，之後我們將進行一輪提問。

Thanks, Jason. Slide 7 of the presentation shows the fourth quarter year-over-year waterfall for Siding. Revenue increased by 6% with prices, including mix effects, up 8% on a 2% volume decline. And while these price increases added $24 million to sales and EBITDA year-over-year, some of that benefit came from volume rebate thresholds not being met.

謝謝你，傑森。簡報第 7 張投影片顯示了 Siding 公司第四季同比瀑布圖。收入成長了 6%，價格（包括產品組合影響）上漲了 8%，而銷量下降了 2%。雖然這些價格上漲使銷售額和 EBITDA 同比增長了 2,400 萬美元，但其中一些收益來自於未能達到銷售返利門檻。

But within this modest volume decline, ExpertFinish jumped 35% while prime volumes fell by 5%, and this creates a slight adverse mix effect within EBITDA because ExpertFinish still has a lower margin than prime products.

但在這一小幅銷量下滑中，ExpertFinish 銷量成長了 35%，而主打產品的銷量下降了 5%，這導致 EBITDA 出現輕微的不利組合效應，因為 ExpertFinish 的利潤率仍然低於主打產品。

Having said that, ExpertFinish margins have improved by about 8 points year-over-year thanks to leverage on increased volume and manufacturing efficiencies.

儘管如此，由於銷售成長和生產效率的提高，ExpertFinish 的利潤率年增了約 8 個百分點。

The only other items to note for signing in the fourth quarter chart are the absence of tariffs on the expert finish we're importing into Canada and the nonrecurrence of last year's effects from production and cost timing due to the delayed maintenance project last fall.

第四季圖表中需要注意的其他事項只有兩點：一是我們進口到加拿大的專業表面處理無需繳納關稅；二是由於去年秋季維護項目延誤，去年的生產和成本時間安排方面的影響沒有重現。

As a result, the EBITDA margin for the quarter was 25%, up 5 points year-over-year. For the full year, on slide 8, net sales were up 8%, evenly split between price and volume, as Jason said, adding $131 million to revenue and $91 million to EBITDA.

因此，該季度 EBITDA 利潤率為 25%，較去年同期成長 5 個百分點。在第 8 張幻燈片中，全年淨銷售額增長了 8%，價格和銷量各佔一半，正如 Jason 所說，這為收入增加了 1.31 億美元，為 EBITDA 增加了 9,100 萬美元。

Selling and market expenses increased by about $11 million, while raw material cost tailwinds mostly offset freight and labor cost headwinds. SG&A increases, tariffs and other factors totaled about $23 million.

銷售和市場費用增加了約 1,100 萬美元，而原材料成本的利多基本上抵消了運費和勞動成本的不利影響。銷售、一般及行政費用增加、關稅及其他因素總計約 2,300 萬美元。

As a result, Siding finished 2025 with $444 million in EBITDA, which is $54 million higher than 2024, with a 1 percentage point rise in the EBITDA margin to 26%.

因此，Siding 公司 2025 年的 EBITDA 為 4.44 億美元，比 2024 年高出 5,400 萬美元，EBITDA 利潤率上升 1 個百分點至 26%。

The OSB charts on pages 9 and 10 are dominated by price as they so often are sadly this time to the negative. In the fourth quarter, unfavorable supply/demand dynamics resulted in multiyear price lows and volume reductions across the OSB portfolio.

第 9 頁和第 10 頁的 OSB 圖表主要以價格為主，令人遺憾的是，這次價格走勢為負。第四季度，不利的供需動態導致 OSB 產品組合的價格降至多年來的低點，銷售量也隨之下降。

Now volume and price movements are harder to pass in OSB than the (inaudible) Siding given its commodity nature, and they combined for a year-over-year decrease of $129 million in revenue and $95 million in EBITDA.

由於 OSB 的商品性質，其銷售和價格波動比（聽不清楚的）壁板更難傳遞，兩者合計導致收入同比下降 1.29 億美元，EBITDA 同比下降 9500 萬美元。

Given these headwinds, the OSB operations team made the best of a very difficult market and found every opportunity for savings and efficiency. Their efforts and diligence allowed the segment to achieve $7 million of EBITDA for the year, as detailed on slide 10.

面對這些不利因素，OSB 營運團隊在非常艱難的市場環境下做到了最好，並找到了每一個節省成本和提高效率的機會。他們的努力和勤奮使該部門在當年實現了 700 萬美元的 EBITDA，詳情請見第 10 頁幻燈片。

So to summarize the financial results for the full year, we had $2.7 billion in net sales, $436 million of EBITDA and adjusted earnings per share of $2.65. These were the net effect of Siding growth and margin expansion, offset by lower OSB prices.

綜上所述，全年財務表現如下：淨銷售額27億美元，EBITDA 4.36億美元，調整後每股盈餘2.65美元。這些業績主要得益於壁板業務成長和利潤率提升，但被OSB價格下跌所抵銷。

As you can see on slide 11, we consistently executed our capital allocation strategy. Adjusted EBITDA of $436 million generated $382 million of operating cash flow after $42 million in cash taxes and a small increase in working capital.

如第 11 頁所示，我們始終如一地執行了我們的資本配置策略。經調整後的 EBITDA 為 4.36 億美元，扣除 4,200 萬美元現金稅款和少量營運資本增加後，產生了 3.82 億美元的營運現金流。

We invested $291 million in sustaining maintenance and growth capital, and this was about $25 million less than we anticipated spending on the last call made possible by the deferral of some of the nonessential projects in OSB as well as the decision to slow down capacity investments in Siding.

我們在維持維護和成長資本方面投資了 2.91 億美元，這比我們預期在最後階段的支出少了約 2500 萬美元，這得益於 OSB 中一些非必要項目的推遲以及壁板產能投資放緩的決定。

We returned $139 million to investors through $78 million in quarterly dividends and $61 million in share repurchases. And at year-end, LP's cash balance was $292 million and with an undrawn revolver of $750 million, LP has over $1 billion in liquidity.

我們透過季度分紅 7,800 萬美元和股票回購 6,100 萬美元，向投資者返還了 1.39 億美元。截至年底，LP 的現金餘額為 2.92 億美元，加上 7.5 億美元的未提取循環信貸額度，LP 的流動資金超過 10 億美元。

And just for the sake of housekeeping, we have $177 million of board authorization remaining to repurchase shares. Which finally brings us to guidance. LP's guidance is algorithmic and relatively straightforward. So let me dispense with that first.

為了方便管理，我們還有 1.77 億美元的董事會授權用於回購股票。最後，我們來談談指導原則。LP的指導是演算法式的，而且相對簡單明了。那麼，讓我先解決這個問題。

Random length prices have climbed recently to levels that are near enough to OSB breakeven that should we extrapolate current prices for the full year, OSB results would be very similar to 2025.

最近隨機長度板材的價格已攀升到接近 OSB 損益平衡點的水平，如果我們以當前價格推算全年，OSB 的結果將與 2025 年非常相似。

I should also note, just for sensitivity modeling purposes, that we currently anticipate LP's utilization rate for the OSB to be a few points below our longer-term average rate of 85%.

我還應該指出，為了進行敏感度建模，我們目前預計 LP 對 OSB 的利用率將比我們長期平均利用率 85% 低幾個百分點。

For the first quarter of 2026, LP's realization has lagged the rising market price, which is typical. So assuming prices hold at current levels, OSB EBITDA in the first quarter should be a loss of between $25 million and $30 million.

2026 年第一季度，LP 的實現價格落後於不斷上漲的市場價格，這是正常現象。因此，假設價格維持在當前水平，OSB 第一季的 EBITDA 虧損應在 2500 萬美元至 3000 萬美元之間。

Unlike OSB, our Siding guidance is not algorithmic, rather, it is informed in the near term by our order file and in the longer term by macroeconomic data and customer sentiment.

與 OSB 不同，我們的壁板指導並非基於演算法，而是短期內根據我們的訂單文件，長期內根據宏觀經濟數據和客戶情緒來製定。

As Jason said in his remarks, an acute lack of that data, particularly housing starts, added uncertainty to our planning for volume allocations following the announcement of our 2026 price increase last October.

正如傑森在演講中所說，由於嚴重缺乏相關數據，特別是房屋開工數據，這給我們在去年 10 月宣布 2026 年提價後製定的銷售分配計劃帶來了不確定性。

So despite our best intentions, we overshot resulting in some pull forward of demand from the first quarter of this year into the fourth quarter of last year, especially with our shared customers.

因此，儘管我們盡了最大的努力，但還是過度了，導致今年第一季的部分需求提前到去年第四季度，尤其是我們共同的客戶。

Now to be fair, it's difficult to precisely separate this impact from that of a severe winter storm that hit the southeast in late January. But suffice to say, as a result, our order file is weaker today and inventories are higher.

公平地說，很難將這種影響與一月底襲擊美國東南部的嚴重冬季風暴的影響精確區分開來。但總而言之，結果是，我們目前的訂單量有所下降，庫存量有所上升。

So far in the first quarter, our order files contained significantly weaker shed activity than we experienced this time last year, with demand in the new residential construction and repair and remodel sectors roughly in line with the year-over-year decline in single-family housing starts, but exacerbated by our current inventory position.

第一季至今，我們的訂單文件中顯示，房屋建造活動明顯弱於去年同期，新建住宅、維修和改造行業的需求與單戶住宅開工量同比下降的情況大致相同，但由於我們目前的庫存狀況而加劇。

Accordingly, we currently anticipate total volumes in the first quarter will be down 15% to 20%, with shed volumes down 25% to 30% and new res construction and R&R volumes down about 10% to 15%, consistent with single-family starts.

因此，我們目前預計第一季總銷量將下降 15% 至 20%，其中棚屋銷量將下降 25% 至 30%，新建住宅和翻新改造銷量將下降約 10% 至 15%，與獨棟住宅開工量一致。

However, we expect average selling prices in the first quarter to be up 6 to 8 points as a result of list price increases and the positive mix effect of ongoing expert finish. This would result in a first quarter year-over-year decline in net sales of 11% to 13%, with the EBITDA margin coming in at between 23% and 25%.

然而，由於標價上漲以及持續的專業精加工帶來的正面組合效應，我們預計第一季平均售價將上漲 6 至 8 個百分點。這將導致第一季淨銷售額年減 11% 至 13%，EBITDA 利潤率在 23% 至 25% 之間。

Now given the exit rate from Q4 of last year, flat housing consensus for 2026 implies meaningful improvement after a difficult first quarter.

鑑於去年第四季的退出率，2026 年住房市場持平的普遍預期意味著在經歷了艱難的第一季後，市場將出現實質改善。

So presuming the consensus is correct and the starts do indeed end the year flat to 2025, we would expect to see demand improve sequentially, especially as shed demand returns to prior year cadence as inventories normalize.

因此，假設共識是正確的，並且到 2025 年，開工量確實會與年底持平，我們預計需求將逐年改善，尤其是在庫存正常化後，需求恢復到往年水平的情況下。

As such, by the year-end, we would expect Siding volumes to be down low single digits, selling prices to be up mid-single digits and a result, net sales to be up low single digits, for an EBITDA margin of around 25% to 26%.

因此，我們預計到年底，側線銷售將下降個位數百分比，售價將上漲個位數百分比，因此淨銷售額將上漲個位數百分比，EBITDA 利潤率約為 25% 至 26%。

With regard to capital expenditures, consistent with the same general market assumptions I just mentioned, we currently anticipate investing about $400 million split equally between sustaining maintenance and strategic growth.

關於資本支出，根據我剛才提到的相同市場普遍假設，我們目前預計將投資約 4 億美元，平均分配給維持性維護和策略成長。

The spending will probably be back-end loaded, with about 60% of the investments occurring in the second half.

支出可能會集中在下半年，約 60% 的投資將在下半年進行。

Now should the market demand environment diverge meaningfully for better or worse, we have significant flexibility in our plans such that we could accelerate investments somewhat or reduce them substantially.

現在，如果市場需求環境出現顯著變化，無論是好轉還是惡化，我們的計畫都具有很大的靈活性，我們可以適當地加快投資，也可以大幅減少投資。

And as I said a moment ago, LP certainly has the balance sheet to weather further market weakening or support accelerated investment as needed. We're facing a very uncertain market backdrop at the moment.

正如我剛才所說，LP 的資產負債表完全能夠承受市場進一步疲軟，或在需要時支持加速投資。目前我們面臨著非常不確定的市場環境。

However, rather than dwelling on what we do not know, LP's teams will focus on what we do now. LP SmartSide has consistently gained share with innovative products that expand the addressable market.

然而，LP 的團隊不會糾結於我們不知道的事情，而是專注於我們現在所做的事情。LP SmartSide 透過不斷推出創新產品，擴大了目標市場，從而持續獲得市場份額。

That growth, coupled with the pricing power that comes with a premium specialty product brings leverage and margin expansion. And while not linear, that growth has, over time, outperformed the underlying markets we serve.

這種成長，再加上高端特種產品帶來的定價權，能帶來槓桿效應和利潤率的提升。雖然這種成長並非線性成長，但隨著時間的推移，其表現已經超過了我們所服務的基礎市場。

We are confident that these fundamentals remain intact and that we have a long runway ahead of us and the right strategy to guide us. And with that, we'll be happy to take a round of questions, after which we look forward to seeing you at LP's booth at the International Builders show.

我們相信這些基本面依然穩固，我們還有很長的路要走，並且有正確的策略來指導我們。接下來，我們將樂意回答大家的問題，之後我們期待在國際建築商展的LP展位上見到您。

(Operator Instructions) Matthew Bouley from Barclays.

（操作說明）來自巴克萊銀行的馬修·布雷。

Anika on for Matt today. And first off, Brad, congrats. And Jason, I look forward to working with you. So first off, just wondering with 1Q Siding revenue guidance, it implies a step-up through the rest of the year to get to that $1.7 billion guidance, maybe somewhere in the mid-single-digit range.

今天Anika代替Matt上場。首先，布拉德，恭喜你。傑森，我期待與你共事。首先，我想問的是，根據第一季 Siding 的營收預期，這意味著今年剩餘時間的營收需要逐步成長才能達到 17 億美元的預期目標，也許會在個位數的中段範圍內成長。

And so I know you guys talked about shed normalizing. Is that kind of the main factor that you're looking at in the year-over-year comps? Or just any details around how you're thinking about the cadence of revenues?

我知道你們討論過讓這種現象正常化的問題。這是你在進行同比比較時主要關注的因素嗎？或者，能否詳細介紹一下您對收入成長節奏的看法？

Yes. There is, we are expecting some improvement in shed. That's probably the dominant piece. But really, we're expecting improvement across the board as housing normalizes.

是的。是的，我們預計棚屋的情況會有所改善。那可能是最主要的那部分。但實際上，隨著房屋市場趨於正常化，我們預期各方面都會有所改善。

Okay, got it. And then I'm curious on the affordability pressure today, are you seeing any risk of maybe mix down to vinyl or other siding materials that have a lower upfront cost what are you hearing maybe from contractors?

好的，明白了。然後，我對目前的價格承受壓力感到好奇，您是否看到任何風險，導致人們轉而使用前期成本較低的乙烯基或其他壁板材料？您從承包商那裡聽到了什麼消息？

And if there's any differences in the builder by channel, either builder, R&R, if you're seeing differences in affordability there.

如果不同通路的建築商之間存在任何差異，無論是建築商還是 R&R，如果您發現價格方面存在差異。

Thanks for the question. Yeah, I would say, obviously, affordability remains a primary headwind and all the builder customers that we're working with are focused on meeting a price point that will obviously allow them to turn more homes.

謝謝你的提問。是的，顯然，價格承受能力仍然是一個主要的阻力，我們合作的所有建築商客戶都專注於達到一個價格點，這顯然能讓他們建造更多的房屋。

So there's been some, a little bit of a move to vinyl, but we think with the broad product offering that we offer with SmartSide that there's tremendous value there and with a relatively low share position, there's plenty of opportunities for us to continue on our growth trajectory.

所以，黑膠唱片市場出現了一些成長，但我們認為，憑藉 SmartSide 提供的廣泛產品，市場具有巨大的價值，而且我們目前的市場份額相對較低，因此我們有很多機會繼續保持成長勢頭。

Ketan Mamtora from BMO Capital Markets.

BMO 資本市場的 Ketan Mamtora。

Coming back to Siding, Jason, can you talk a little bit about what you are seeing in terms of demand in your ExpertFinish product? I saw volumes were pretty good in Q4. Are you still in allocation on that business? Any trends you can talk to?

回到外牆板的話題，Jason，你能談談你目前看到的ExpertFinish產品的需求狀況嗎？我看到第四季的銷量相當不錯。你還在為那項業務做投資嗎？有什麼趨勢可以談嗎？

Thanks, Ketan, and appreciate the question. In regards to expert finish, what I would say is macro trends remain in our favor here. Labor is tight, labor is expensive. Homeowners expect a durable and resilient solution that comes with a warranty.

謝謝凱坦，謝謝你的提問。就專家級收官而言，我認為宏觀趨勢仍然對我們有利。勞動力短缺，勞動成本高。業主希望獲得經久耐用、性能可靠且附帶保固的解決方案。

So our value proposition for expert finish and ExpertFinish naturals really addresses all of those needs. And as a result, we're continuing to see this product category outperform in both new construction and repair remodel.

因此，我們針對專業塗裝和ExpertFinish天然塗料提出的價值主張，真正滿足了所有這些需求。因此，我們看到這類產品在新建築和維修改造領域都持續表現出色。

In regards to the allocation question, we did come off allocation, I believe, February 1, so a couple of weeks ago. That's really due to the OEE improvements that we were able to realize across our network.

關於分配問題，我相信我們已經在 2 月 1 日停止了分配，也就是幾週前。這主要歸功於我們在整個網路中實現的 OEE 改進。

We thought that we would have to wait until our new Green Bay facility came online in early Q2 of this year. But through great work from our operations folks, we've been able to come off slightly in advance of what we had planned on.

我們原以為要等到今年第二季初我們在綠灣的新廠投入使用才能實現。但是，由於我們營運人員的出色工作，我們比原計劃提前了一些完成。

Understood, that's helpful. And then can you remind us on how you are thinking about sort of additional capacity in Siding. Last quarter, you talked about sort of (inaudible) being one of the options. How should we think about sort of time line on that? And in the meantime, how are you thinking about managing production in OSB?

明白了，這很有幫助。那麼，您能否提醒我們一下，您是如何考慮在 Siding 增加額外產能的呢？上個季度，你提到某種程度上（聽不清楚）是其中一種選擇。我們該如何考慮這方面的進度安排？同時，您是如何考慮在 OSB 中進行生產管理的？

Yeah. I'll start with Siding and just say, we're very excited to begin ramping up. Our new 70 million-foot line in Green Bay in early Q2. Very excited about that.

是的。我先從外牆板說起，我們非常興奮能夠開始擴大生產規模。我們位於格林貝的新7000萬英尺生產線將於第二季初投產。對此我感到非常興奮。

In regards to broader capacity expansion opportunities, what I would say is we are continuing the detailed engineering work for future ExpertFinish and Prime capacity expansion projects.

關於更廣泛的產能擴張機會，我想說的是，我們正在繼續為未來的 ExpertFinish 和 Prime 產能擴張項目進行詳細的工程設計工作。

And some of that capital spend is in the figures that Alan shared with you earlier, obviously, a little bit more back-end loaded. But big picture, we want to be prepared to execute with projects that are essentially ready for plug-and-play when the timing is appropriate with a heavy bent towards being early versus late.

顯然，艾倫之前和你們分享的數據中就包含了部分資本支出，而這些支出更集中在後期。但從長遠來看，我們希望做好準備，在時機成熟時執行那些基本上可以即插即用的項目，並且傾向於儘早而不是拖延。

And the second question, Ketan, I believe, was around how we're managing OSB capacity. And I would say largely consistent with what we've done in prior years, very focused on managing capacity to demand.

凱坦，我認為第二個問題是關於我們如何管理 OSB 產能的。而且我認為，這與我們前幾年的做法基本一致，非常注重管理產能以滿足需求。

We're very pleased to see the nice rebound in prices that we've realized to begin the year. We've been able to additionally keep a healthy order file across our network. So it certainly feels more optimistic that supply and demand are a little bit more in balance than they had been for the majority of last year.

我們很高興看到年初價格出現了良好的反彈。此外，我們還在整個網路中保持了良好的訂單文件記錄。因此，供需平衡程度比去年大部分時間都好一些，這無疑讓人感到更加樂觀。

George Staphos from Bank of America Securities.

來自美國銀行證券的喬治·斯塔福斯。

This is Brad Barton, on for George. And Jason, congrats on the new role. We look forward to working with you.

這是布拉德巴頓，他替補喬治上場。傑森，恭喜你獲得新職位。我們期待與您合作。

Just starting off, I know you touched a little bit on vinyl and affordability concerns and maybe some shift there. But could you speak to more of the broad competitive environment that you're seeing in Siding right now?

剛開始的時候，我知道你稍微談到了黑膠唱片和價格問題，也許這方面會有一些變化。但您能否更詳細地談談您目前在牆板行業看到的更廣泛的競爭環境？

Yeah. What I would say, Brad, is broadly, we're very confident that we are gaining share in all of the segments that we focus on. I think they're strong evidence of that.

是的。布拉德，我想說的是，總的來說，我們非常有信心在我們關注的所有細分市場中都獲得了更大的市場份額。我認為這就是強而有力的證據。

If you look back at the last couple of years with 25 supporting that as well, right now, obviously, with starts checking up the back half of 2025. It comes with its challenges.

回顧過去幾年，25 也支持這一點，現在，顯然，開始檢查 2025 年下半年的情況。它也面臨一些挑戰。

But again, we feel like in the new construction and repair/remodel segments, in particular, we've got a relatively low share position and a very large field sales organization that's focused on winning new customers. And that doesn't stop in a softer market, and we believe there's plenty of those opportunities in front of us.

但是，我們仍然覺得，尤其是在新建和維修/改造領域，我們的市場份額相對較低，而且我們擁有一支非常龐大的現場銷售隊伍，專注於贏得新客戶。即使在市場疲軟的情況下，這種情況也不會停止，我們相信我們面前有很多這樣的機會。

Great. And just a follow-up, as you bring ExpertFinish capacity online here, can you speak to how you'll have to ramp your marketing spend and investments, both in terms of the time line and the magnitude maybe compared to (inaudible) million investment that you saw in 2025?

偉大的。還有一個後續問題，隨著 ExpertFinish 的產能上線，您能否談談您將如何增加行銷支出和投資，包括時間安排和規模，或許可以與您在 2025 年看到的（聽不清楚）百萬投資進行比較？

Yeah. So what I would say is over the course of the last several years, you've seen an increase in both I guess, marketing spend as well as the addition of additional field sales resources to support the growth of ExpertFinish.

是的。所以我想說的是，在過去的幾年裡，我們看到行銷支出增加，同時也增加了現場銷售資源來支持 ExpertFinish 的發展。

We did not put in any of that on pause as we experienced allocation back in September or October of last year. So those investments will continue going forward.

去年九月或十月我們經歷了配額分配問題，但我們並沒有暫停任何相關計劃。因此，這些投資將會持續下去。

And again, we're very pleased with the growth we're seeing in ExpertFinish and excited to bring on one of our newest state-of-the-art lines in Green Bay, Wisconsin.

再次強調，我們對 ExpertFinish 的發展感到非常滿意，並很高興能在威斯康辛州格林貝市引進我們最新的尖端生產線之一。

Mark Weintraub from Seaport Research Partners.

來自 Seaport Research Partners 的 Mark Weintraub。

So last year, you mentioned sheds up a little bit better than 20% by your best estimate, obviously slowed in the first quarter. Just wondering what are you embedding for sheds for the full year in '26 versus 2025.

所以去年，你提到根據你的最佳估計，銷售額略高於 20%，顯然第一季成長放緩。我想知道你們在 2026 年和 2025 年全年對棚屋的預估預算分別是多少。

And maybe to the extent that you have information on where would you say your shed business was a relative last year relative to, say, the last 10 years or whatever you think would be an appropriate time frame given there's been lots of ups and downs with the pandemic, et cetera?

或許，如果您掌握一些信息，您認為您去年的棚屋生意相對於過去 10 年（或者您認為合適的任何時間範圍，考慮到疫情帶來的諸多起伏）來說處於什麼位置？

Yeah, I'll start with the first part of the question. What I would say is in regards to shed, there's always been a bit of a lumpiness to our order intake.

好的，我先回答問題的第一部分。我想說的是，就倉庫而言，我們的訂單接收一直有點不穩定。

And although inventories are higher than we anticipated, what we are hearing anecdotally from several of our largest shed fabricators is that underlying demand in the segment remains on a firm footing and trending very similarly to 2025 levels.

儘管庫存高於我們的預期，但我們從幾家最大的棚屋製造商那裡了解到，該領域的潛在需求仍然穩固，並且與 2025 年的水平非常相似。

So this positive news also coupled with some new product innovations, specifically our everyday flooring series and Silver tech roofing that we launched to begin the year. We feel like we can get back to a normal trajectory pretty quickly once inventories are depleted throughout the first quarter of this year.

因此，除了這些好消息之外，我們還推出了一些新產品創新，特別是我們年初推出的日常地板系列和銀科技屋頂。我們感覺一旦今年第一季庫存耗盡，我們就能很快恢復正常發展軌跡。

And, I'm just (inaudible) because you're up 20%, I think you suggested last year. So was that just getting you to what you consider to be normalized? Or was that substantially better than what you consider normalized to be?

而且，我只是（聽不清楚）因為你的成長率是 20%，我想你去年也這麼說過。所以，你這麼做只是為了達到你認為的正常水準嗎？或者說，這比你認為的正常水平要好得多？

Yeah. So last year, I would say it was a little bit of an anomaly because our shed distributors came into '25 with inventories very lean. So we had an inventory build throughout Q1 and Q2. And then obviously, overshot the allocation prior to the 2026 price increase.

是的。所以去年，我認為這有點反常，因為我們的棚屋分銷商在 2025 年的庫存非常少。因此，我們在第一季和第二季都進行了庫存累積。顯然，在 2026 年價格上漲之前，配額分配已經超支了。

So we feel like the underlying demand, again, is very stable in shed. And with some of the new products that we brought to market, we feel like there's growth opportunity in that segment, even though we own a relatively high share position.

因此，我們感覺到棚屋的潛在需求再次變得非常穩定。我們推出的一些新產品，讓我們覺得即使我們已經佔據了相對較高的市場份額，在這個領域仍然存在成長機會。

Steven Ramsey from Thompson Research Group.

來自湯普森研究集團的史蒂文·拉姆齊。

I wanted to start with higher Siding EBITDA in the guidance and the breakeven OSB. Does that point to operating cash flow being somewhat near the 2025 results? And if that's so, the CapEx points to free cash flow being roughly breakeven. Maybe you can talk through the assumptions there on free cash generation.

我希望從更高的外牆板 EBITDA 預期和盈虧平衡 OSB 開始。這是否意味著經營現金流將與 2025 年的結果大致接近？如果情況屬實，資本支出顯示自由現金流大致達到損益兩平。或許你可以解釋一下關於自由現金流產生的假設。

No. I can add to that. That's about right. Yes, you nailed it.

不。我還可以補充一點。差不多就是這樣。沒錯，你說得太對了。

Okay, sounds good. Appreciate that. And then I wanted to think about if there's an expected pace on the Siding margin ramp through the year, make sure I understand this last year Q1 and Q2 EBITDA margins were in the same zone. Is it expected to be a steeper ramp upward going through '26?

好的，沒問題。謝謝。然後我想思考一下，今年 Siding 利潤率的成長速度是否有預期，確保我理解去年第一季和第二季的 EBITDA 利潤率處於同一水平。預計到 2026 年，成長勢頭會更加強勁嗎？

I would think of it as more seasonal. So we had very strong Q1 and Q2 last year, hence, the seasonality was tilted towards that first half, sorry, the seasonality of the volume, and so volume provides such huge leverage that the cadence of the EBITDA margin while being on a modestly raising curve will follow the seasonality of volume and that's really the factor that most influences it is the leverage we get from the volume.

我覺得這比較有季節性。所以去年第一季和第二季業績非常強勁，因此，季節性因素偏向上半年，抱歉，是銷售量的季節性因素。銷售量提供了巨大的槓桿作用，使得 EBITDA 利潤率雖然呈現溫和上升趨勢，但其成長速度將與銷售的季節性因素保持一致。真正影響 EBITDA 利潤率的最大因素是銷售帶來的槓桿作用。

Kasia Trzaski from TD Cowen.

來自 TD Cowen 的 Kasia Trzaski。

It's Kasia, great effort though. So I'm on the call for Sean Steuart from TD Cowen. First question is around Siding.

是卡西亞，不過她很努力。我現在正在接聽TD Cowen公司的Sean Steuart的電話。第一個問題與外牆有關。

Can you comment what kind of Siding volumes (inaudible) you're seeing from the homebuilder channel right now? And just provide broader commentary about how many specific homebuilder relationships might be evolving?

您能否評價一下目前從房屋建築商頻道看到的 Siding 節目的播放量（聽不清楚）是多少？能否就眾多具體的房屋建築商關係可能正在發生的變化提供更廣泛的評論？

Sorry, Kasia, you cut out a bit on the keyword sentence. Could you repeat the question please?

抱歉，卡西亞，你漏掉了一些關鍵字句。請您再說一次問題好嗎？

Hi, can you hear me better now?

你好，現在能聽清楚了嗎？

That's much better, yes.

這樣好多了，沒錯。

Okay, great. Question was around Siding. Curious about any thoughts on what kind of Siding volume pull-through you're seeing the channel buildup notwithstanding from your homebuilder channel?

好的，太好了。問題是關於外牆板的。我很想知道，儘管您的房屋建築商提供的通道與實際安裝的通道有所不同，但您觀察到的通道積聚情況是怎樣的？

And then just if I need, you can provide any broader commentary about how any specific homebuilder relationships might be evolving?

如果需要的話，您能否就某些特定房屋建築商關係的發展趨勢提供更廣泛的評論？

Yeah, I'll take that one. Thanks for the question, Kasia. What I would say is from just speaking to the homebuilder community, it's very different depending on what region we're talking about.

好的，我選那個。謝謝你的提問，卡西亞。我想說的是，僅從與房屋建築商群體的交流來看，情況會因地區而異。

I mean that certainly more strength in the northern markets where historically Siding has been strongest and softer in the Southeast Texas, some Western markets as well. So depends on geography.

我的意思是，北方市場（歷史上外牆板市場）肯定會更加強勁，而德州東南部市場以及一些西部市場則會比較疲軟。所以取決於地理位置。

What I would say just in terms of where we're at with our relationships, I mentioned earlier the integration of LP. We are really focused on leveraging our full portfolio of solutions to drive growth in the homebuilder segment, and we know we're a very relevant supplier to this market.

就我們目前的關係而言，我想說的是，我之前提到了LP的整合。我們正全力以赴，利用我們全面的解決方案組合來推動住宅建築商領域的成長，我們知道我們是該市場非常重要的供應商。

And that strategy is allowing us to offer greater value, be more creative and responsive to our customers needs. So we're still in the early stages, but we're very encouraged by the reception that we've received from builders in response to the integration of LP.

而這項策略使我們能夠提供更大的價值，更具創意，並更好地回應客戶的需求。所以我們仍處於早期階段，但我們對建築商對 LP 整合的正面回饋感到非常鼓舞。

Okay. And I just want to make sure I didn't mishear earlier. Did you say that the inventory buildup in the channel right now, you expect that to unwind over the course of Q1, bringing us back to more of a normalized steady state in Q2?

好的。我只是想確認一下我剛才沒有聽錯。您是說目前通路庫存積壓的情況預計會在第一季得到緩解，並在第二季恢復到較正常的穩定狀態嗎？

Yeah. I'll shed a little bit of light on that. So we believe that the dealer channel, those closest to the builder did not necessarily increase inventories throughout the fourth quarter that are focused more on working capital.

是的。我來稍微解釋一下。因此，我們認為經銷商通路，也就是那些最接近製造商的通路，在整個第四季並沒有增加庫存，他們更關注的是營運資金。

However, our two step customers, which is the folks we transact with most, they took advantage of the allocation in advance of the price increase and we see that in terms of their inventory reporting requirements looking backwards.

然而，我們的兩步驟客戶（也就是我們交易最多的客戶）在價格上漲之前就利用了配額，從他們先前的庫存報告要求中，我們可以看到這一點。

So based on what we see, roughly two to four weeks of inventory at the two step level. We do believe that, that can be consumed heading into Q2 just with the traditional or historical uplift in seasonal demand heading into the building season. So yes.

根據我們目前所見，兩級庫存大約夠兩到四周使用。我們相信，隨著建築旺季的到來，季節性需求通常會成長，這部分需求可以在第二季滿足。是的。

Okay, got you. That's helpful context. And last one for me. On OSB, the segment EBITDA margins of negative 29%, is that largely attributable to the low mill operating rates in Q4, which presumably would have had a significant impact on your overall mill cost structure?

好的，明白了。提供的背景資訊很有幫助。這是我最後一個問題。關於定向刨花板（OSB），其分部 EBITDA 利潤率為 -29%，這是否主要歸因於第四季度工廠開工率較低，從而對工廠整體成本結構產生了重大影響？

Or are there any lumpy items in there? And in particular, what I have in mind is any onetime inventory write-down, things of that nature?

或是裡面有沒有什麼塊狀物？我尤其指的是一次性庫存減損之類的事情？

Well, there is a, the only inventory write-down that occurs is a mark-to-market on inventory that we carry on the books because they're selling prices at times lower than the standard of carrying costs, but nothing exceptional or out of the ordinary or that hasn't occurred at any various points over the last 20 years.

嗯，唯一發生的庫存減損是對我們帳上持有的庫存進行市價調整，因為它們的售價有時低於持有成本的標準，但這並沒有什麼特別的或不尋常的，在過去的 20 年裡也發生過。

We did have a couple of reasonably large maintenance projects in the quarter that added a bit of expense, but I think it was mostly utilization rates and price that drove it.

本季度我們確實有幾個相當大的維護項目，增加了一些開支，但我認為主要是利用率和價格因素造成的。

Susan Maklari from Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My first question is staying on OSB. Can you talk a bit about how you're thinking of the outlook for demand builders have largely talked about their starts this year being up low single digits.

我的第一個問題是繼續使用OSB。能否談談您對需求前景的看法？目前，需求方普遍表示，今年的開工量將只有個位數成長。

What does that imply in terms of the potential ramp for OSB in there? And then can you talk about your approach to capacity relative to that?

這對於OSB在該區域的潛在成長意味著什麼？那麼，您能否談談您針對產能問題所採取的方法？

Thanks, Susan. Appreciate the question. What I would hate to sound redundant, but I mean our focus really truly is on matching our supply with customer demand.

謝謝你，蘇珊。感謝您的提問。我不想顯得老生常談，但我的意思是，我們真正的重點是讓我們的供應與客戶需求相符。

As I mentioned earlier, we've seen a nice rebound to begin the year, but we do feel like it's a supply-driven rebound couple of our competitors announced mill closures in Canada.

正如我之前提到的，今年年初我們看到了不錯的反彈，但我們感覺這是供應驅動的反彈，因為我們的一些競爭對手宣佈在加拿大關閉工廠。

There's also been some maintenance outages and some unscheduled downtime associated with the winter storm that I think is playing into the favorable pricing environment.

此外，冬季風暴也造成了一些維修中斷和一些非計劃性停機，我認為這也促成了有利的價格環境。

So I do think looking forward, that we'll need an improvement in demand to stay in balance as we head into Q2 and Q3. But I'm optimistic that, that will carry through as we head into the building season.

所以我認為展望未來，我們需要需求改善才能在進入第二季和第三季時保持平衡。但我樂觀地認為，隨著施工季的到來，這種情況將會持續下去。

Okay, that's helpful. And then maybe turning to the margin in the Siding segment there. Can you talk a bit about what you're seeing just in terms of input costs, freight. And how should we think about any start-up costs that are associated with Green Bay and how that will flow through as well?

好的，這很有幫助。然後或許可以轉到側牆部分的邊緣。您能否談談您在投入成本和運費方面看到的情況？那麼，我們應該如何考慮與格林灣相關的任何啟動成本，以及這些成本將如何分攤到各個環節呢？

We certainly are in our guidance for the full year Siding EBITDA margin. We've included some significant inflation. It's about $20 million of raw material inflation, which is on our resin and paper overlay largely contractual. So I mean at this time.

我們當然會在全年側線業務 EBITDA 利潤率的預期中予以肯定。我們已經考慮了一些顯著的通膨因素。原料通膨約為 2000 萬美元，這主要體現在我們的樹脂和紙質覆層合約中。我的意思是，在這個時候。

So $20 million of raw materials, plus about $7 million of labor and then some modest trade inflation. So that inflation is baked into the full year margin. We'll see some of that already baked in, in Q1. What was the other part of the question?

所以，原料成本為 2,000 萬美元，勞動成本約 700 萬美元，再加上一些適度的貿易通膨。因此，通貨膨脹已經反映在全年利潤率。我們將在第一季看到其中一些措施已經落實到位。問題的另一部分是什麼？

Ramp-up costs for Green Bay.

格林灣的啟動成本。

Nothing significant.

沒什麼大事。

Kurt Yinger from Davidson.

來自戴維森的庫爾特·英格。

Great, appreciate it. Jason, you had referenced the portfolio solutions approach. I was just hoping maybe you could talk about a couple of examples of how you're marketing that with the Siding business and kind of the value-add component of that go-to-market strategy?

太好了，謝謝。Jason，你之前提到過投資組合解決方案方法。我只是希望您能舉幾個例子，說明您是如何在外牆業務中進行市場推廣的，以及這種市場進入策略中的增值部分是什麼？

Yeah, I'll touch on that. So really, the approach is to leverage our entire portfolio in a way to continue to drive growth of LP, but more specifically our Siding business.

是的，我會談到這一點。所以，我們採取的策略是充分利用我們的整個投資組合，繼續推動有限合夥企業的成長，更具體地說，是推動我們的外牆業務的成長。

The focus primarily is on the new construction segment to start with, but we also see opportunities within the shed segment and repair/remodel segment as well. So we are in the early stages.

首先，我們的重點主要放在新建築領域，但我們也看到了棚屋領域和維修/改造領域的機會。所以我們目前還處於早期階段。

We have a couple of builder wins that, I think, came as a result of this focus, and there's a few more on the horizon that I'm not prepared to speak to today, but I do believe within the next quarter, we'll be able to highlight as material wins that were a result of an enterprise approach to the segments we play in.

我們已經贏得了幾家建築商的訂單，我認為正是由於這種專注，而且還有一些訂單正在洽談中，我今天不方便透露，但我相信在下一個季度，我們將能夠重點介紹一些實質性的訂單，這些訂單是由於我們對所涉足的領域採取了企業化的方法而獲得的。

Okay, that's very helpful. And then just in terms of the outlook, I mean, it sounds like at least in Q1, R&R versus kind of the new resi pieces within Siding were performing similarly. Is that how you kind of expect the whole shape of the year?

好的，這很有幫助。就前景而言，我的意思是，至少在第一季度，R&R 與 Siding 中的新型住宅部件的表現類似。你覺得今年的整體走向大概就是這樣嗎？

Or would you think that R&R could perhaps be a little bit more stable, notwithstanding the weather here in the first 1.5 months. Can you just talk a little bit about that, please?

或者您認為，儘管前一個半月的天氣狀況不佳，但 R&R 或許可以更穩定一些？能稍微談談這方面的情況嗎？

Yeah, I feel like definitely the repair/remodel segment is the most stable for us right now, followed by shed. But shed is obviously a challenge for us in Q1 as we work through the channel inventory situation, where we need to see rebound is in the new construction segment right now.

是的，我覺得目前對我們來說最穩定的肯定是維修/改造業務，其次是棚屋業務。但很明顯，在第一季度，倉庫對我們來說是一個挑戰，因為我們正在努力解決通路庫存問題，而我們目前最需要看到反彈的領域是新建築領域。

Obviously, it's softer than it was this time last year, and we are planning for an improvement throughout 2026.

顯然，現在的情況比去年這個時候要好，我們計劃在 2026 年全年繼續改善。

This concludes the question-and-answer session. I would now like to turn it back over to Aaron for closing remarks.

問答環節到此結束。現在我謹將發言權交還給亞倫，請他作總結發言。

Okay. Thank you, everyone, for joining us to discuss LP's results for 2025, fourth quarter and the full year.

好的。感謝各位蒞臨，與我們共同探討LP公司2025年第四季及全年業績。

For those of you who are at IBS in Orlando, we look forward to seeing you in our booth later this afternoon and available for follow-up calls for those who aren't able to join us in person. Thanks, everyone. Stay safe, and we'll talk to you soon.

對於今天下午在奧蘭多參加 IBS 的各位，我們期待在我們的展位上見到你們，也歡迎那些無法親自到場的朋友們致電諮詢。謝謝大家。注意安全，我們很快再聯絡。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

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。祝大家今天過得愉快。