Magnera Corporation (MAGN) 2026 Q2 法說會逐字稿

Good day, and welcome to the Magnera Corp.'s second-quarter 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Magnera Corp. 2026 年第二季財報電話會議。(接線員指示)

Please note this call is being recorded. I would now like to turn the call over to Robert Weilminster, Vice President of Investor Relations. Please go ahead.

請注意，本次電話會議將被錄音。現在我想把電話交給投資人關係副總裁 Robert Weilminster。請開始。

Thank you, Operator, and thank you, everyone, for joining Magnera Corp.'s second fiscal quarter 2026 earnings call. Joining me, I have Magnera Corp.'s Chief Executive Officer, Curtis L. Begle, and Chief Financial Officer, James M. Till.

謝謝您，接線員，也謝謝各位參加 Magnera Corp. 2026 會計年度第二季財報電話會議。與我一同出席的有 Magnera Corp. 執行長 Curtis L. Begle，以及財務長 James M. Till。

Following our prepared remarks, we will have a question-and-answer session. To allow everyone the opportunity to participate, we ask that you limit yourself to one question with a brief follow-up, then fall back into the queue for any additional questions.

在我們的準備發言之後，將進行問答環節。為了讓每位與會者都有機會提問，我們請各位每次僅提一個問題並簡短追問一次，之後如有其他問題請重新排隊等候。

A few things to note before handing over the call. On our website at magnera.com, you can find today's press release and earnings call presentation under Investor Relations. You can also go directly to ir.magnera.com to review the investor presentations from our recent conference attendance. Our annual report and proxy statements with the SEC can be found on our website under Investor Relations.

在把電話交出去之前，有幾點事項說明。在我們的網站 magnera.com 的「投資人關係」專區，您可以找到今天的新聞稿與財報電話會議簡報。您也可以直接前往 ir.magnera.com，查看我們近期參加會議時所使用的投資人簡報。我們向 SEC 提交的年報與委託書聲明，也可在網站的「投資人關係」專區找到。

As referenced on slide 2 during the call, we will be discussing certain non-GAAP financial measures. These measures are reconciled to the most directly comparable GAAP financial measures in our earnings press release and in the appendix of the presentation available on our website. Additionally, a reminder that we will make certain forward-looking statements. These statements are made based upon management's expectations and beliefs concerning future events impacting the company and therefore are subject to risks and uncertainties.

如同通話中第 2 張投影片所提及，我們將討論若干非 GAAP 財務衡量指標。這些指標已在我們的財報新聞稿以及網站上可取得之簡報附錄中，與最直接可比的 GAAP 財務指標進行調節。另外提醒，我們將作出若干前瞻性陳述。這些陳述係基於管理層對影響公司之未來事件的預期與信念，因此存在風險與不確定性。

Actual results or outcomes may differ materially from those expressed or implied in our forward-looking statements. Some factors that could cause the results or outcomes to differ are in the company's latest SEC filings and our news releases. These statements speak only as of today, and we undertake no obligation to update them.

實際結果或成果可能與我們前瞻性陳述中明示或暗示者有重大差異。可能導致結果或成果出現差異的部分因素，載於公司最新的 SEC 申報文件及我們的新聞稿中。這些陳述僅截至今日有效，我們不承擔更新之義務。

I will now turn the call over to Magnera Corp.'s CEO, Curtis L. Begle.

現在我把電話交給 Magnera Corp. 執行長 Curtis L. Begle。

Thank you, Robert. Good morning, and thank you for joining our call. I am pleased to present our second quarter results and highlight our performance amid ongoing macroeconomic uncertainty. My remarks today will focus on four key themes.

謝謝你，Robert。各位早安，感謝參加我們的電話會議。我很高興向各位報告第二季業績，並在持續的宏觀經濟不確定性下，重點說明我們的表現。我今天的發言將聚焦於四個關鍵主題。

First, our earnings of $90 million of adjusted EBITDA were in line with expectations after adjusting for weather-related factors highlighted during our February earnings call. Our strong free cash flow enabled us to pay down $36 million of debt in the quarter. Second, I will discuss the winter storms that affected more than 50% of the United States, causing significant supply chain disruptions impacting both our customers' operations and our own.

第一，我們調整後 EBITDA 為 9,000 萬美元；在扣除我們於 2 月財報電話會議中提到的天候相關因素後，結果符合預期。強勁的自由現金流使我們在本季償還了 3,600 萬美元的債務。第二，我將說明影響美國超過 50% 地區的冬季風暴，如何造成重大的供應鏈中斷，影響我們客戶的營運以及我們自身的營運。

Third, the war in the Middle East has created global challenges on many fronts, including having a direct impact on our raw material and supply chain costs. Lastly, I will discuss how Magnera Corp. has responded to these challenges and continues to strategically invest in our business to position us for future success.

第三，中東戰爭在多個面向造成全球性挑戰，包括對我們原物料與供應鏈成本的直接影響。最後，我將說明 Magnera Corp. 如何因應這些挑戰，並持續以策略性方式投資於業務，以為未來成功做好布局。

The global economic environment remains strained, though there are signs of resilience within the Americas. Elsewhere, we continue to encounter tempered demand, particularly in Europe. Compounding these challenges, new geopolitical conflicts have contributed to higher operational costs and further supply chain disruptions. Magnera Corp.'s scale and global footprint are built for times like this.

全球經濟環境仍然緊繃，但美洲地區展現出一些韌性跡象。在其他地區，我們仍面臨較為溫和的需求，尤其是在歐洲。雪上加霜的是，新的地緣政治衝突推升了營運成本，並進一步造成供應鏈中斷。Magnera Corp. 的規模與全球布局正是為這樣的時期而打造。

Through localized sourcing, disciplined cost management, and success in Project CORE initiatives, we have mitigated many of these impacts. We remain focused on managing our controllables. As mentioned, our largest region, North America, was impacted by back-to-back winter storms, Fern and Hernando. Fern required the temporary shutdown of 13 manufacturing sites, resulting in lost production and impacting shipping days depending on the location.

透過在地化採購、嚴謹的成本管理，以及 Project CORE 計畫的成功推進，我們已緩解了其中許多影響。我們仍專注於管理可控因素。如前所述，我們最大的區域北美受到連續兩場冬季風暴 Fern 與 Hernando 的影響。Fern 迫使 13 個製造據點暫時停工，導致產量損失，並依地點不同而影響出貨天數。

The second storm, Hernando, affected seven plants, but as with Fern, there was no significant damage and shipping resumed. We anticipate recouping most weather-related setbacks in the second half of the fiscal year. Transportation lanes remained tight in the quarter and are expected to require additional time to stabilize.

第二場風暴 Hernando 影響了七座工廠，但與 Fern 相同，並未造成重大損害，且出貨已恢復。我們預期在本會計年度下半年可收回大部分天候相關的落後進度。本季運輸路線仍然吃緊，預期仍需要額外時間才能穩定。

Our teams did an excellent job responding to the storms by working together to prioritize the safety of our employees and assets. As the weather improved, our teams quickly assessed impacts and initiated plans to restart production and supply to our customers. We had no major weather-related damage at our plants. Next, I want to talk about how the conflict in Iran impacted us in the quarter.

我們的團隊在應對風暴方面表現出色，彼此協作，優先確保員工與資產安全。隨著天候改善，團隊迅速評估影響並啟動計畫，重啟生產並恢復對客戶供應。我們各工廠未出現任何重大天候相關損害。接下來，我想談談伊朗衝突在本季對我們造成的影響。

Our strategic principles to procure, manufacture, and sell within our regions provide a competitive advantage given our extensive asset base and leading positions in specialty materials. The majority of our business is sourced and sold locally within the respective regions, providing us and our customers reliability of supply.

我們在各區域內採購、製造並銷售的策略原則，憑藉我們廣泛的資產基礎與在特用材料領域的領先地位，帶來競爭優勢。我們大部分業務在各自區域內就地採購並就地銷售，為我們與客戶提供供應可靠性。

The rising cost in raw materials, fuel, container shipping, and delivery times, notably affecting resin, pulp, and energy expenses, constitute approximately 70% of our cost of goods sold. Additionally, inbound and outbound transportation expenses have increased. To address these pressures, we are working closely with customers to transition pricing mechanisms to a monthly cadence, helping mitigate timing lags in cost recovery. While enhancements to our global energy program have helped offset some of the increased costs, prices remain above pre-pandemic levels.

原物料、燃料、貨櫃海運與交期的成本上升，特別影響樹脂、紙漿與能源費用；上述項目約占我們銷貨成本的 70%。此外，進出貨運輸費用也有所增加。為因應這些壓力，我們正與客戶密切合作，將定價機制轉為按月調整，以協助降低成本回收在時間上的落差。雖然我們全球能源計畫的強化已協助抵銷部分成本上升，但價格仍高於疫情前水準。

Further details on the financial impact and working capital implications will be provided by James in his update. Before transitioning to James, I want to reiterate the resilience demonstrated by our organization in a persistently challenging market.

關於財務影響與營運資金意涵的更多細節，James 將在他的更新中提供。在交棒給 James 之前，我想再次強調，在持續充滿挑戰的市場中，我們組織所展現的韌性。

In the Americas, industrial activity remains subdued, despite signs of stability as the sector contends with tariffs, geopolitical uncertainty, and policy ambiguity. The US economy persists in a stable yet cautious state, while South America shows early signs of improvement following proactive measures addressing deflationary pressures and elevated transport costs from Asia.

在美洲地區，工業活動仍然低迷，儘管在關稅、地緣政治不確定性與政策不明朗的背景下，該產業出現一些穩定跡象。美國經濟維持穩定但審慎的狀態；而南美在採取積極措施因應通縮壓力，以及來自亞洲的高運輸成本後，已出現初步改善跡象。

We expect a stronger performance in the latter half of the year in this region, and excluding weather impacts, volumes in the Americas would have reflected a positive year-over-year increase. In Europe, the manufacturing index has seen modest improvements; however, business sentiment remains cautious, mirroring trends from recent years. In the rest of world, year-over-year volume change was down 4%.

我們預期該區域在下半年表現將更強；若排除天候影響，美洲地區的銷量本可呈現年增的正向成長。在歐洲，製造業指數略有改善；然而，商業信心仍偏審慎，與近年趨勢一致。在世界其他地區，銷量年變動率下降 4%。

We achieved mid-single-digit volume increases globally in infrastructure product lines driven by seasonality and continued emphasis on consumer solutions. Adult personal care categories, especially incontinence and feminine hygiene, also experienced solid growth, supported by demographic shifts and higher consumer adoption. Initiatives from governments and NGOs to destigmatize incontinence products, combined with customers' preferences for innovative and premium features, have bolstered demand.

受季節性因素帶動，並持續強調消費者解決方案，我們在基礎建設產品線於全球實現中個位數的銷量成長。成人個人照護品類，尤其是失禁與女性衛生用品，也呈現穩健成長，受人口結構變化與消費者採用率提升所支撐。政府與非政府組織推動去汙名化失禁產品的倡議，加上客戶偏好具創新與高端功能的產品，進一步提振了需求。

We are investing in our business for growth and improving our competitive position. We initiated two critical projects at our Gernsbach and Lidney facilities that will reduce our energy consumption and help advance our sustainability agenda. Our Lidney project will reduce our electricity and water usage by installing modern vacuum blowers.

我們正投資於業務成長並提升競爭地位。我們在 Gernsbach 與 Lidney 廠區啟動兩項關鍵專案，將降低能源消耗並推進我們的永續發展議程。我們的 Lidney 專案將透過安裝現代化真空鼓風機，降低用電與用水量。

We appreciate the support from the Industrial Energy Transformation Organization in our decarbonization efforts. Our team at Don Buell recently commissioned a new film asset that will modernize our product offering for elastic backsheets in hygiene, generate new volume, and provide energy, raw material, and plant efficiency improvements.

我們感謝工業能源轉型組織（Industrial Energy Transformation Organization）對我們去碳化努力的支持。Don Buell 團隊近期完成一項新的薄膜資產投產，將使我們在衛生用品用彈性背膜的產品供應更現代化，帶來新增銷量，並提升能源、原物料與工廠效率。

Each of these investments is aligned with our capital allocation strategy and demonstrates our commitment to improving our business over the long term. Finally, I would like to highlight the ambitious commitments detailed in our latest corporate sustainability report. This document underscores our resolve to operate transparently and deliver measurable progress. We have set targets to reduce scope 1 and 2 emissions by 42% and scope 3 emissions by 25% by 2035.

上述每一項投資皆與我們的資本配置策略一致，並展現我們致力於長期改善業務的承諾。最後，我想強調我們最新企業永續報告中所詳述的宏大承諾。該文件凸顯我們以透明方式營運並交付可衡量進展的決心。我們已設定目標：至2035年將範疇1與範疇2排放量降低42%，並將範疇3排放量降低25%。

We are also aiming for a 10% reduction in water consumption and plan to achieve zero waste to landfill at 75% of our sites, or 34 locations, by 2035. These goals reflect our commitment to building a more resilient, sustainable enterprise and making meaningful contributions to a better world.

我們亦以用水量降低10%為目標，並計畫至2035年在75%的據點（即34個地點）達成零廢棄物掩埋。這些目標反映我們致力於打造更具韌性、永續的企業，並為更美好的世界做出實質貢獻。

I will now turn the call over to James for a comprehensive financial update.

接下來我將把電話會議交給James，請他提供全面的財務更新。

Thank you, Curtis. Good morning, everyone. Turning to our financial results on slide 11, after adjusting for the impacts of the winter storms in North America, we delivered performance that was in line with our expectations. Volumes and earnings came in as anticipated while we continued our trend of strong free cash flow generation, which we have demonstrated since the closing of the merger. Our teams have done an exceptional job of advancing synergy realization and making substantial progress on Project CORE, which resulted in adjusted EBITDA remaining essentially flat for the quarter as gains from internal initiatives were offset by external headwinds.

謝謝你，Curtis。各位早安。請看投影片11的財務結果，在調整北美冬季風暴影響後，我們交出的表現符合預期。銷量與獲利如預期入帳，同時我們延續強勁的自由現金流創造趨勢，這點自併購完成以來即已展現。我們的團隊在推進協同效益實現與Project CORE方面表現出色並取得重大進展，使得本季調整後EBITDA基本持平，因內部措施帶來的增益被外部逆風所抵銷。

During the quarter, we generated a robust $73 million of free cash flow, reflecting our focus on operational excellence, a disciplined capital expenditure approach, and working capital improvement initiatives. Over the last twelve months, we generated $128 million of adjusted free cash flow, representing a free cash flow yield of over 40% relative to our quarter-end market capitalization.

本季我們產生強勁的7,300萬美元自由現金流，反映我們對營運卓越的聚焦、嚴謹的資本支出方法，以及營運資金改善措施。過去十二個月，我們產生1.28億美元的調整後自由現金流，按季末市值計算，自由現金流殖利率超過40%。

For the quarter, sales were $796 million, as solid performance across adult and infrastructure product categories was offset by weather-related disruptions in North America and continued broad-based market softness in Europe.

本季銷售額為7.96億美元，成人與基礎設施產品類別的穩健表現，被北美天候相關干擾以及歐洲持續且廣泛的市場疲弱所抵銷。

Adjusted EBITDA for the quarter was $90 million, as contributions from synergies and Project CORE were offset by the headwinds from the winter storm shutdowns, as well as weaker demand in Europe and negative mix in South America.

本季調整後EBITDA為9,000萬美元，協同效益與Project CORE的貢獻，被冬季風暴停工帶來的逆風、歐洲需求轉弱，以及南美不利的產品組合所抵銷。

Turning to our segment performance, beginning with the Americas on Slide 12. Despite the winter storm impacts, we achieved volume growth in our adult and infrastructure categories and saw normalization toward the end of the quarter in South America as we lap the Asia import pressures discussed on prior calls. Reported revenues reflected the contractual pass-through of lower raw material costs during the quarter, which pressured pricing but did not have a material effect on underlying profitability.

接著看各事業部表現，先從投影片12的美洲區開始。儘管受到冬季風暴影響，我們在成人與基礎設施類別仍達成銷量成長；同時，隨著我們逐步消化先前電話會議提到的亞洲進口壓力，南美在季末呈現正常化。本季認列的營收反映合約中較低原物料成本的轉嫁，對價格造成壓力，但對基礎獲利能力並無重大影響。

Adjusted EBITDA in the Americas declined by $6 million compared to the prior year. Although winter storms pressured reported volumes, the most pronounced impact was on our conversion cost and product mix. As constrained capacity areas did not fully recover during the quarter, we do anticipate recovery of these areas in 2026.

美洲區調整後EBITDA較去年同期減少600萬美元。雖然冬季風暴壓抑了報告銷量，但影響最顯著的是我們的轉換成本與產品組合。由於產能受限的區域在本季未能完全恢復，我們預期這些區域將於2026年復甦。

Turning now to the Rest of World Division on slide 13. We experienced a year-over-year decline in revenues in the quarter, as strength in the European wipes business was more than offset by ongoing general softness in Europe and the pass-through of lower raw material costs. Adjusted EBITDA for the Rest of World division increased by an impressive 19% to $32 million.

接著看投影片13的世界其他地區事業部。本季營收年對年下滑，因歐洲濕巾業務的強勁表現，仍不足以抵銷歐洲整體持續疲弱以及較低原物料成本的轉嫁影響。世界其他地區事業部的調整後EBITDA大幅成長19%，達3,200萬美元。

The improvement reflects our progress on disciplined cost management and synergy realization, as the division's performance illustrates the positive impacts of our focus on operational efficiency and portfolio optimization.

此改善反映我們在嚴謹成本管理與協同效益實現方面的進展；該事業部的表現展現我們聚焦營運效率與產品組合優化所帶來的正面影響。

Turning to capital allocation on slide 14. Aligned with our capital allocation priorities, we repaid $36 million of outstanding debt during the quarter, bringing our debt repurchases for 2026 to $63 million. These actions reflect our continued focus on strengthening the balance sheet while maintaining a disciplined and balanced approach to capital deployment.

接著看投影片14的資本配置。依循我們的資本配置優先順序，本季我們償還3,600萬美元未償債務，使2026年迄今的債務回購總額達6,300萬美元。這些行動反映我們持續聚焦強化資產負債表，同時維持嚴謹且均衡的資本運用方式。

We closed the quarter with approximately $600 million of available liquidity, providing a strong financial foundation to navigate ongoing inflationary pressures, fund strategic investments, and pursue attractive growth opportunities while preserving flexibility in an increasingly dynamic geopolitical environment.

本季結束時，我們約有6億美元可用流動性，提供堅實的財務基礎，以因應持續的通膨壓力、支應策略性投資，並在日益動態的地緣政治環境中，在保有彈性的同時把握具吸引力的成長機會。

From a guidance standpoint, after incorporating the March inflation, our target range remains unchanged. However, while we benefit from efficient pass-through mechanisms, we are operating in an environment of potentially unprecedented volatility, both in terms of the magnitude and timing of raw material inflation. As a result, we would expect some headwinds in the third quarter followed by recovery in quarter four.

就財測而言，在納入3月通膨因素後，我們的目標區間維持不變。然而，儘管我們受益於有效率的轉嫁機制，我們正處於可能前所未見的高波動環境中，無論是原物料通膨的幅度或發生時點皆然。因此，我們預期第三季將面臨一些逆風，第四季則可望復甦。

This concludes my financial review, and I will turn it back to Curtis.

以上為我的財務回顧，接下來我把時間交還給Curtis。

Thank you, James. This quarter's performance reflects the balance we have in our portfolio, our global scale, and our focus on improving our cost competitiveness.

謝謝你，James。本季表現反映我們產品組合的均衡、全球規模，以及我們對提升成本競爭力的聚焦。

We have recovered from operational disruptions caused by the winter storms, worked closely with our customers to manage the negative impacts of the war in Iran, and maintained our long-term focus on business improvement. Our confidence in our business drove our debt repayment in the quarter. As we look ahead, there is uncertainty, but we remain steadfast in our commitment to delivering improved value for our stakeholders.

我們已從冬季風暴造成的營運干擾中恢復，並與客戶密切合作以管理伊朗戰爭帶來的負面影響，同時維持對長期業務改善的專注。我們對自身業務的信心，促使我們在本季進行債務償還。展望未來，雖然存在不確定性，但我們仍堅定致力於為利害關係人創造更高價值。

Operator, please open the line for questions.

接線生，請開放提問。

(Operator Instructions) Gabrial Shane Hajde, Wells Fargo.

(接線生指示) Gabrial Shane Hajde，富國銀行。

Curtis, James, good morning. I know it was one month in March that you faced some of these higher costs, and the raw material suppliers tried to push in some price increases pretty quickly. I suspect that you had some level of raw material that sits on the books, and then by the time it filters through the income statement, maybe that mitigates some of the impact in the immediate short term. But you talked about having a lag impact on the third quarter. Can you give us a sense, with five months left for the second half, how you are thinking about the cadence and what you alluded to at the end of your remarks there, James, on EBITDA progression?

Curtis、James，早安。我知道你們在3月只有一個月面臨部分較高成本，而原物料供應商也試圖相當快速地推動一些漲價。我猜想你們帳上應該有一定程度的原物料庫存，等到反映到損益表時，或許能在短期內緩和部分即時衝擊。但你們提到第三季會有遞延影響。在下半年還剩五個月的情況下，你們如何看待節奏安排？以及你在發言結尾提到的，James，關於EBITDA走勢的看法，能否給我們一些概念？

I will cover the first part and then kick it over to James, Gabe. First, as we did see some of the inflationary measures coming through and anticipated them -- historically, we have experienced some of these things, even if you go back to Katrina and Rita, where you had unprecedented lifts in a very short period of time -- the most responsible and appropriate thing to do is to ensure continuity of supply for our customers. That is going to require whatever it takes to ensure that you are paying for the product to get it in.

Gabe，我先回答前半段，然後再交給James。首先，當我們確實看到一些通膨措施逐步顯現並且有所預期時——歷史上我們也曾經歷過類似情況，即便回到Katrina與Rita颶風期間，你會看到在非常短的時間內出現前所未見的飆升——最負責任且最恰當的作法，就是確保對客戶的供應連續性。這將需要不惜一切代價，確保你付得起把產品買進來的成本。

The immediate action and response from our commercial team I was extremely pleased with and proud of, getting with customers as soon as possible to start to address where we may have a quarterly price change versus monthly.

我對我們商務團隊的即時行動與回應感到非常滿意也很自豪，他們盡快與客戶接洽，開始處理我們可能需要將按季調價改為按月調價的情況。

In many cases, as we have talked about before, we are very efficient in our pass-through mechanisms for those inflationary costs. But whenever it goes up to the levels that it has, it is going to require shortening that window, and these are abnormal times. In terms of the collaboration with customers, it has been very positive. Ensuring that we get them supplied is paramount across the globe, and, more importantly, staying in regular communication.

在許多情況下，如同我們先前談過的，我們在轉嫁這些通膨成本的機制上非常有效率。但當漲幅達到目前這樣的水準時，就需要縮短那個時間窗口，而這些都是非常時期。就與客戶的協作而言，進展非常正面。確保我們在全球範圍內持續供貨給他們至關重要，更重要的是保持定期溝通。

One thing we did not highlight as much on the script that I want to address is there are other increases you experience outside of just the raw material pass-throughs -- freight, logistics, energy, etc. In addition to moving with the monthly price index moves, we work with customers on identifying surcharge opportunities and ensuring continuity of supply for them. James, I will let you cover how we are seeing the back half and the recovery.

有一點我們在講稿中沒有特別強調、但我想補充的是：除了原物料轉嫁之外，你還會遇到其他成本上升——運費、物流、能源等等。除了配合每月價格指數的變動之外，我們也與客戶合作，找出加收附加費（surcharge）的機會，並確保他們的供應連續性。James，我讓你來說明我們如何看待下半年以及復甦情況。

Thanks, Gabe, for the question. As Curtis highlighted, from an earnings standpoint the teams jumped in quickly to mitigate those gaps. The current environment is pretty fluid. My remarks in terms of headwinds are more in terms of cash. From a cash standpoint, the teams are working with customers and with vendors to offset any pressure that we would see in Q3 and offset that through the remainder of the year as we finish out the back half.

謝謝你，Gabe，提出這個問題。正如Curtis所強調的，從獲利的角度來看，各團隊很快就投入行動以彌補那些缺口。目前的環境相當多變。我提到的逆風，更多是就現金面而言。從現金角度來看，團隊正與客戶及供應商合作，以抵消我們在第三季可能看到的壓力，並在今年剩餘期間、進入下半年收尾時持續加以對沖。

For posterity, you talked about reiterating the guidance -- I think $3.8 to $4.1 of EBITDA and free cash of $90 to $110. Both of those elements are what you are talking about. And then, relatedly, cash flow generation was super strong in the first half -- congratulations on that.

為了記錄在案，你提到重申指引——我想是EBITDA 38億至41億美元，以及自由現金流9,000萬至1.1億美元。你談的就是這兩個面向。另外，上半年現金流創造非常強勁——恭喜你們。

Is there anything seasonally we should consider? There is not a lot of history to look to. It would seem to suggest, to your point, suppliers may give you a little bit of relief on the AP side, but with cost going up, it would consume cash. One of your prior parent companies gave a rule of thumb that for every penny it was roughly $7 million of cash consumption. Is there anything that you can help us with in that regard? Thank you.

有沒有任何季節性因素是我們應該考量的？可供參考的歷史資料不多。看起來似乎如你所說，供應商可能在應付帳款（AP）端給你們一些緩衝，但成本上升會消耗現金。你們之前的一家母公司曾給過一個經驗法則：每上升一分錢大約會消耗700萬美元現金。在這方面你能否提供一些協助或指引？謝謝。

Sure. I remember that well. Unfortunately, it is not quite as mechanical for us. The straight math is $2 million a penny, but that is before offsetting actions. Then you think about working with customers, working with vendors, working on inventory levels.

當然。我記得很清楚。不幸的是，對我們而言並沒有那麼機械式地對應。單純的數學計算是每一分錢約200萬美元，但那是在採取對沖行動之前。接著你還要考量與客戶合作、與供應商合作，以及庫存水位的管理。

I would be remiss if I did not highlight that it is very fluid in terms of where we will be by the end of the year in terms of this inflation -- it has even changed a lot in the last 24 hours. You are absolutely right that we had a very strong first half of the year. Q3 generally is a softer cash generation quarter for us due to timing of some payments and things like that.

如果我不強調一點就說不過去了：就通膨到年底會落在什麼位置而言，變化非常快——甚至在過去24小時內也有很大變動。你說得完全正確，我們上半年表現非常強勁。由於部分付款時點等因素，第三季通常是我們現金生成較弱的一季。

I am really proud of where the team started; it gave us a good head start as we get into the back half. There is a lot of uncertainty in terms of where it all plays out, but the teams are working diligently to offset the pressures that we see on cash, and on earnings we were very quick to try to address those gaps.

我對團隊一開始的表現非常自豪；這讓我們在進入下半年時有了很好的領先優勢。整體結果會如何發展仍有很多不確定性，但團隊正努力不懈地抵消我們在現金面看到的壓力；而在獲利面，我們也非常迅速地嘗試補上那些缺口。

Last one for me. Order patterns or anything that you have observed, 60-some days into the conflict, that you would share with us? Orders -- anything like that is flagging?

我最後一個問題。衝突發生約60多天以來，你們觀察到的訂單模式或任何現象，有沒有可以跟我們分享的？訂單——有沒有任何警訊？

That is a good callout, Gabe. If you recall last year at this time, we had concerns related to order bookings with the announcement of the tariffs and some of the behaviors that we started to see from customers. In this case, as we headed into Q3, bookings are very normal for us. If anything, we are still fulfilling orders that were impacted by the storms in February, so there is still some catch-up there. There are customers that get low on inventories in a couple of areas, so we have looked to support them. From a year ago to now, I would say we feel good about where our bookings are.

這個提醒很好，Gabe。如果你還記得去年這個時候，因為宣布關稅以及我們開始從客戶端看到的一些行為，我們對訂單預訂（bookings）有所擔憂。這次在進入第三季時，我們的接單對我們而言非常正常。如果要說有什麼特別的，我們仍在履行2月風暴影響的訂單，所以還有一些補回的需求。有些客戶在幾個領域的庫存偏低，因此我們也設法支援他們。相較一年前到現在，我會說我們對接單狀況感到滿意。

I do not want to declare victory or have a one-month trend declare what the next two months might look like, but coming out of March into April, we feel good about where the volume sits and the demand outlooks are. We are staying close to customers, both existing and potentially new customers, as they are identifying challenges within their own supply streams. We are being very responsible and looking to make sure that whatever we pick up from a customer order standpoint is above our expectations from a profit margin standpoint.

我不想宣告勝利，也不想用一個月的趨勢來推斷接下來兩個月會如何，但從3月走到4月，我們對目前的量以及需求展望感到樂觀。我們與客戶保持密切聯繫，包含既有客戶以及潛在新客戶，因為他們正在辨識其自身供應鏈中的挑戰。我們也非常審慎，確保無論從客戶訂單端新增的量，都能在利潤率上高於我們的預期。

Kevin William McCarthy, Vertical Research Partners.

Kevin William McCarthy，Vertical Research Partners。

Curtis, I think I heard you reference a shift to a monthly pricing paradigm. Would you elaborate on that in terms of the reception among your customers, what constraints, if any, you may have given existing contracts, and how we should think about lag effects as you shift to this new pricing strategy?

Curtis，我想我聽到你提到轉向按月定價的模式。你能否就此多談一些：客戶端的接受度如何、既有合約是否有任何限制，以及當你們轉向這個新定價策略時，我們應如何看待滯後效應？

Thanks, Kevin, and good to hear your voice. Historically, as we have communicated, we are very efficient in terms of the pass-through mechanisms in a normal environment. If polyolefins go up or down 3% to 6% in a quarter, it typically does not have a material impact, positively or negatively, on our financials. In this case, these are abnormal times.

謝謝你，Kevin，也很高興聽到你的聲音。如同我們過去所溝通的，在正常環境下，我們在成本轉嫁機制方面非常有效率。如果聚烯烴在一個季度內上漲或下跌3%到6%，通常不會對我們的財務造成重大影響，不論正面或負面。但這次是非常時期。

Contracts are meant to be established for normal environments. We acted quickly. Our customers told us we were the first ones to come to them with this, and that is what we would expect as the largest player. The entire market understands the negative impact this can have on businesses in our space.

合約本來就是為正常環境而設立的。我們行動很快。客戶告訴我們，我們是第一個就此與他們接洽的，而作為市場上最大的參與者，這也符合我們的預期。整個市場都理解，這件事可能對我們這個領域的企業造成負面影響。

I am really proud of what the team has done in terms of collaborative discussions with customers -- ensuring supply so they can run their lines and provide products on the shelf is of the utmost importance. As expected, after tense early negotiations, our customers as a whole have been very supportive. We are shifting in the near term from quarterly to monthly with some customers, understanding that will persist until things settle down. Then we would go back to our normal pass-through mechanisms.

我對團隊在與客戶進行協作式討論方面的表現非常自豪——確保供應，讓他們能夠運轉產線並把產品上架，是最重要的事。如預期，在早期緊張的談判之後，我們的客戶整體而言都非常支持。短期內，我們正與部分客戶從按季改為按月，並理解這種做法會持續到情勢穩定下來。之後我們會回到正常的轉嫁機制。

Understood. I want to follow up on your comments regarding winter storms Fern and Hernando. What was the EBITDA impact on Magnera Corp.'s fiscal second quarter from those storms? Do you expect to recover the majority of it or all of it in the back half, and what is the cadence of that?

了解。我想追問你對冬季風暴Fern與Hernando的評論。這些風暴對Magnera Corp.會計年度第二季的EBITDA影響是多少？你們預期在下半年能收回大部分或全部影響嗎？其節奏會是如何？

If you recall during the earnings call in February, we highlighted $4 million to $6 million of pressure because of those shutdowns, and it came in at about $5 million total for the quarter. It is a matter of us catching up with those orders and getting the lines to run efficiently, and our expectation is to recover that through the balance of the year.

如果你還記得2月的財報電話會議，我們提到因為那些停工帶來400萬到600萬美元的壓力，而該季度合計約為500萬美元。接下來就是我們把那些訂單補回來、讓產線有效率地運轉；我們的預期是會在今年剩餘期間把這部分收回。

Last one for me, James, just to follow up on your reiteration of the free cash flow range. Can you provide an update on some of the moving parts? I would have thought that working capital today would require a larger use of cash than we might have thought pre-war. What are you doing to try to offset that and maintain the range?

我最後一個問題，James，想追問你重申的自由現金流區間。你能否更新一下其中一些變動因素？我原本以為在戰前的預期下，如今營運資金可能需要更大量的現金使用。你們正在做什麼來抵消這點並維持該區間？

We were roughly $10 million positive through the first half, thanks to really good work by the team and all the efforts that delivered a strong quarter as well as first half and enabled us to pay down debt. As we think about the inflationary pressure we are going to have on working capital from a cash standpoint, the outlook is very fluid.

上半年我們大約是正向1,000萬美元，這要歸功於團隊非常出色的工作，以及所有努力帶來的強勁季度與上半年表現，也讓我們得以償還債務。至於從現金角度來看，通膨對營運資金將造成的壓力，前景非常多變。

The teams are doing a nice job of working with customers in terms of shortening terms -- which they understand as we are having the conversations on shortening the lag as well. We are talking with our vendors in terms of temporary terms, as well as looking at our inventory levels. All the things we would normally do, but in this situation, everything gets heightened even more to offset those pressures.

團隊在與客戶合作縮短付款條件方面做得很好——在我們也同步討論縮短滯後期時，他們是理解的。我們也在與供應商討論暫時性的付款條件，同時檢視我們的庫存水位。這些都是我們平常會做的事，但在這種情況下，所有作為都會被更加強化，以抵消那些壓力。

Roger Spitz, Bank of America.

Roger Spitz，美國銀行。

I think at one point you gave a split of your sales by the amount subject to contract with pass-through mechanisms, which we have been talking about going from quarterly to monthly resets; secondly, subject to general price change announcements; and third, spot sales. Do you have an update on that?

我想你之前曾按銷售額拆分：第一，適用於合約且具備成本轉嫁機制的部分（我們一直在討論從按季重設改為按月重設）；第二，適用於一般價格變動公告的部分；第三，即期（現貨）銷售。這方面你有最新進展嗎？

Thanks, Roger. We have done a really good job -- and we talked about it last year -- as we started to put in new contracts, particularly around some of the legacy Glatfelter customers, which is a good portion of the fiber-based business. We were roughly 70% a year ago; that is closer to roughly 85% on any contract customers.

謝謝你，Roger。我們做得非常好——我們去年也談過——當我們開始導入新合約時，特別是針對一些歷史上的 Glatfelter 客戶，這些客戶占纖維基業務相當大的一部分。一年前我們大約是 70%；現在在任何合約客戶上已更接近約 85%。

If you think about the mix across the organization, I would say about 20% of the total portfolio is subject to general price increase mechanisms or spot business. Product lines like Typar, for instance, typically have annual adjustments, and we have recently gone out with an increase in that infrastructure space.

如果你看整個組織的組合，我會說大約 20% 的總產品組合是適用於一般提價機制或現貨業務。例如 Typar 這類產品線通常是年度調整，而我們最近也在基礎建設領域推出了漲價。

Edward Brucker, Barclays. Your line is open.

Edward Brucker，巴克萊。您的線路已開通。

Just to add on to that, the business that is not on contract pass-throughs -- how does pricing work there? Is it through negotiated pricing or price increases? And secondly, the contract pass-throughs -- are those just for raw materials, and then you have to do surcharges on top of that to offset freight, energy, and logistics?

我想在此基礎上再問一下，不在合約轉嫁機制下的那部分業務——那裡的定價是怎麼運作的？是透過議價，還是透過提價？第二，合約轉嫁機制——那只是針對原物料嗎？然後你們是否還需要另外加收附加費，以抵消運費、能源與物流？

Yes, correct. To answer your second question first, historically and strategically our input raw material costs make up the majority of our cost of goods sold, and those are on indexes and baked into the contracts. In times like this -- when it escalates so quickly -- those are the discussions we have with customers to ensure we can keep them in supply.

是的，沒錯。我先回答你第二個問題：從歷史與策略上看，我們的投入原物料成本占銷貨成本的大部分，這些成本是依指數計價並寫入合約中。在像現在這樣——成本上升得非常快——我們會與客戶討論，以確保我們能持續供貨給他們。

For other inflationary costs, we typically have openers in the contract language to have those discussions with customers, show them the benchmarks and the changes, and then put those through as a temporary or somewhat longer-term surcharge to recover some of those costs. If escalation continues, we have to address it with additional surcharges.

至於其他通膨性成本，我們通常在合約條款中保留啟動條款（openers），以便與客戶進行討論，向他們展示基準與變動，然後以臨時或較長期的附加費方式轉嫁，以回收部分成本。如果成本持續上升，我們就必須透過額外附加費來處理。

At this point, we have worked really closely with customers on roughly 80% to 85% of our total portfolio. The other portion is balanced out by some of our branded business that we sell in the market, like our Typar brand in the building construction market and our Centerra and Chicopee wipes businesses. Those are price pass-throughs and updates throughout the year where needed and appropriate.

目前為止，我們已與客戶在約 80% 到 85% 的總產品組合上非常密切地合作。其餘部分則由我們在市場上銷售的一些自有品牌業務來平衡，例如建築施工市場的 Typar 品牌，以及我們的 Centerra 與 Chicopee 擦拭用品業務。這些會在一年中視需要與適當時機進行價格轉嫁與更新。

Less than 10% of our business I would consider spot, and that is negotiated typically quarter to quarter or order to order, much like bidding on a campaign for a particular quarter if we have some line time that makes sense to go out and get some spot business.

我認為不到 10% 的業務屬於現貨，通常是按季到按季或按訂單到按訂單議價；很像是如果我們某條產線有合適的產能時段，就去爭取某一季度的現貨訂單投標。

That is helpful. And on capital allocation, you have done an impressive job reducing debt the past two quarters. Do you expect to continue to chip away at debt? Maybe if you have a debt reduction goal, that would be helpful. And how have you been taking that debt out -- has it been through open market purchases?

這很有幫助。另外在資本配置方面，你們過去兩個季度在降低負債上做得很出色。你們預期會繼續逐步降低負債嗎？如果你們有一個減債目標，分享一下會很有幫助。以及你們是如何降低這些債務的——是透過公開市場回購嗎？

Our capital allocation approach has been to delever and pay down debt, and we do that efficiently with our cash, including in the open market, as you would expect. That has been the case for the entirety of this current year. We gave a target at the beginning of the year of roughly a 100 of debt paydown this year based off our guided free cash flow range, and that has not changed.

我們的資本配置方式一直是去槓桿並償還債務，我們會用現金有效率地做到這點，包括如你所預期的，在公開市場進行操作。這一直是今年以來的做法。我們在年初基於我們所指引的自由現金流區間，給出今年大約償還 100 的債務目標，而這個目標沒有改變。

Got it. Thanks.

了解。謝謝。

Kevin William McCarthy, Vertical Research Partners.

Kevin William McCarthy，Vertical Research Partners。

Question for you on your sequential margin progression. As we think about this wave of cost inflation, particularly on resins, being unprecedented -- if you were to recover that cost inflation dollar for dollar, maybe your top line would inflate rapidly and you would be EBITDA neutral because you recovered one for one.

我想問你們關於毛利率（利潤率）逐季變化的問題。當我們思考這波成本通膨，尤其是樹脂，屬於前所未見——如果你們能把這些成本通膨一美元不差地轉嫁回收，可能你們的營收會快速膨脹，而 EBITDA 會大致持平，因為你們是一比一回收。

But one consequence is your percentage margin would decline sequentially. Is that the right way to think about it as you move from March into June? I think you are a FIFO accounting company -- maybe that helps a bit. Can you talk through the moving parts and what we should expect in terms of your sequential margin trajectory?

但其中一個結果是，你們的百分比利潤率會逐季下降。從 3 月走到 6 月，這樣理解對嗎？我想你們採用 FIFO 會計——也許會有些幫助。你能談談其中的變動因素，以及我們應該如何預期你們逐季利潤率的走勢嗎？

You are spot on. As you think about the pass-through mechanisms, it will increase the top line, which is why we cover both top line and volume -- overall organic volume growth -- in a particular quarter. You would anticipate stable and expected EBITDA dollars on a higher sales dollar number, which in essence would reduce your EBITDA percentage by some basis points. In general, for us, it is really focused on earnings, free cash flow generation, and -- even in a deflationary environment -- you may see your top line drop while bottom-line margin improves. We focus on the physical volume we sell and the EBITDA dollars that come along with that.

你說得非常準確。當你考慮轉嫁機制時，它會推高營收，這也是為什麼我們在某一季度同時談營收與銷量——整體有機銷量成長。你會預期在更高的銷售額基礎上，EBITDA 金額維持穩定且符合預期，這本質上會讓 EBITDA 百分比下降幾個基點。總體而言，對我們來說重點在獲利、自由現金流的產生；而且——即使在通縮環境——你可能會看到營收下滑，但底線利潤率改善。我們聚焦於實際銷售的實物量，以及隨之而來的 EBITDA 金額。

And just to follow up on the customer order patterns -- are your customers, in any cases, trying to get ahead of what is likely to be meaningful inflation, or are they not doing that? If they are, how do you approach that? Do you try to control the pace of orders in some fashion? What are you seeing and hearing?

再追問一下客戶下單模式——你們的客戶是否在某些情況下，試圖提前下單以因應可能顯著的通膨，還是他們沒有這麼做？如果有，你們如何應對？你們會以某種方式控制下單節奏嗎？你們看到與聽到的是什麼？

We did not experience swings as much as we have historically. In some cases, there is only so much we can make in a given quarter, month, or week. As we take those orders, we ensure we keep customers in supply, understand where their inventory positions may be, and we may have certain inventory levels we keep as safety stock for them.

我們並沒有像過去那樣經歷明顯的波動。在某些情況下，我們在特定季度、月份或每週能生產的量是有限的。在接單時，我們會確保客戶持續有貨可用，了解他們的庫存水位可能在哪裡，並且我們可能會為他們保留一定的庫存水準作為安全庫存。

We have not seen anything particularly abnormal. They typically operate on lower inventories and have limited warehouse space. We are FIFO, with roughly 60-day turns as a whole, and certain product lines at about 14 days. We are still catching up with some of the orders that were impacted by the February storms, and that is what we expect throughout the balance of the year.

我們沒有看到任何特別異常的情況。他們通常以較低庫存運作，且倉儲空間有限。我們採 FIFO，整體周轉約 60 天，某些產品線約 14 天。我們仍在追趕一些因 2 月風暴而受影響的訂單，這也是我們預期在今年剩餘期間會持續的情況。

Thank you. There are no further questions at this time. I would like to turn the call back over to Curtis L. Begle for closing remarks.

謝謝。目前沒有進一步的問題。我想把電話交回給 Curtis L. Begle 作結語。

Thank you, Operator, and thank you again for joining us today and for your interest in Magnera Corp. We look forward to updating you on our progress in our next quarter and seeing many of you at the conferences scheduled in June. Have a great day, everybody.

謝謝，接線員，也再次感謝各位今天加入我們，並對 Magnera Corp. 的關注。我們期待在下一季度向各位更新我們的進展，也期待在 6 月安排的各場會議上見到各位中的許多人。祝大家有美好的一天。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以掛線。