MasterBrand, Inc. (MBC) 2026 Q2 法說會逐字稿

Good afternoon and welcome to MasterBrand's second-quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded.

下午好，歡迎參加 MasterBrand 2026 年第二季財報電話會議。(接線員指示) 請注意，本次電話會議將被錄音。

I would now like to turn the call over to Henry Harrison, Senior Director of Corporate Financial Planning and Analysis.

現在我想把電話交給 MasterBrand 企業財務規劃與分析資深總監 Henry Harrison。

Thank you and good afternoon. We appreciate you joining us for today's call. With me on the call today are Dave Banyard, President and Chief Executive Officer of MasterBrand; and Andi Simon, Executive Vice President and Chief Financial Officer.

謝謝，下午好。感謝各位參加今天的電話會議。今天與我一同出席的有 MasterBrand 總裁兼執行長 Dave Banyard，以及執行副總裁兼財務長 Andi Simon。

We showed a press release early this afternoon disclosing our second quarter 2026 financial results. This document is available on the Investors section of our website at masterbrand.com.

我們在今天下午稍早發布新聞稿，揭露 2026 年第二季財務結果。該文件可於 masterbrand.com 網站的投資人專區取得。

I'd like to remind you that this call will include forward-looking statements in either our prepared remarks or the associated question-and-answer session. These forward-looking statements are based on current expectations and market outlook.

提醒各位，本次電話會議在我們的事先準備發言或隨後的問答環節中，將包含前瞻性陳述。這些前瞻性陳述係基於目前的預期與市場展望。

They are subject to certain risks and uncertainties that may cause actual results to differ materially from those currently anticipated. Additional information regarding these factors appears in the section entitled Forward-Looking Statements in the press release we issued today.

其受若干風險與不確定性影響，可能導致實際結果與目前預期出現重大差異。關於這些因素的更多資訊，請參閱我們今日發布新聞稿中「前瞻性陳述」一節。

More information about risk can be found in our filings with the Securities and Exchange Commission, including under the heading Risk Factors in our full year 2025 Form 10-K and updated as necessary in our subsequent 2026 Form 10-Qs, which are available at sec.gov and at masterbrand.com. The forward-looking statements in this call speak only as of today, and the company does not undertake any obligation to update or revise any of these statements, except as required by law.

更多風險資訊可見於我們向美國證券交易委員會提交的文件，包括 2025 全年 Form 10-K 中「風險因素」標題下的內容，並在其後 2026 年各期 Form 10-Q 中視需要更新；相關文件可於 sec.gov 及 masterbrand.com 查閱。本次電話會議中的前瞻性陳述僅截至今日有效，除法律要求外，公司不承擔更新或修訂任何此等陳述之義務。

Today's discussion includes certain non-GAAP financial measures. Please refer to the reconciliation tables, which are in the press release issued earlier this afternoon and are also available at sec.gov and at masterbrand.com.

今日討論包含若干非 GAAP 財務衡量指標。請參閱對照調節表，其載於今日下午稍早發布的新聞稿中，亦可於 sec.gov 及 masterbrand.com 取得。

Our prepared remarks today will include a business update from Dave, followed by a discussion of our second-quarter 2026 financial results from Andi, along with our second half 2026 financial outlook. Finally, Dave will make some closing remarks before we host a question-and-answer session.

我們今日的事先準備發言將先由 Dave 進行業務更新，接著由 Andi 說明 2026 年第二季財務結果，以及 2026 年下半年財務展望。最後，Dave 將在進入問答環節前作結語。

With that, let me turn the call over to Dave.

接下來，我把電話交給 Dave。

Thank you and good afternoon, everyone. We appreciate you joining us for today's call. The second quarter marked an important milestone for MasterBrand. On May 28, we completed our merger with American Woodmark, bringing together two industry leaders to create the most comprehensive portfolio of trusted cabinet brands in North America.

謝謝，各位下午好。感謝各位參加今天的電話會議。第二季對 MasterBrand 而言是一個重要里程碑。5 月 28 日，我們完成與 American Woodmark 的合併，結合兩家產業領導者，打造北美最完整、最受信賴的櫥櫃品牌組合。

I want to start by welcoming our new associates from American Woodmark and thanking our teams for staying focused on executing and delivering for our customers through the close.

我想先歡迎來自 American Woodmark 的新同仁，並感謝我們的團隊在交易完成前後始終專注於執行，並為客戶交付成果。

This is our first earnings call as a combined company, and the commitment we have seen across the organization in these first weeks has only strengthened our conviction in what this combination can deliver. Today, I'll cover our second quarter results, the state of our end markets, and the combined company's path forward.

這是我們作為合併後公司所召開的首次財報電話會議，而在這最初幾週，我們在整個組織中看到的投入與承諾，更加強化了我們對此次結合所能帶來成果的信心。今天我將說明第二季業績、終端市場狀況，以及合併後公司的前進路徑。

Now turning to the quarter. We generated net sales of $815 million in the quarter, which includes $126 million of American Woodmark net sales from the close date.

接著談本季表現。本季我們實現淨銷售額 8.15 億美元，其中包含自交割日起 American Woodmark 貢獻的 1.26 億美元淨銷售額。

Legacy MasterBrand net sales were $690 million, in line with our guidance range, falling a mid to high-single-digit year-over-year market decline, slightly offset by favorable net average selling price due to the flow-through of tariff pricing.

原 MasterBrand（Legacy MasterBrand）淨銷售額為 6.90 億美元，符合我們的指引區間；在市場年對年中至高個位數下滑的背景下，受關稅定價傳導帶來的淨平均售價有利因素略為抵銷。

Adjusted EBITDA for the quarter was $63 million, including $4 million of partial period contribution from American Woodmark, and adjusted EBITDA margin was 7.7%. Legacy MasterBrand adjusted EBITDA was $58 million and adjusted EBITDA margin was 8.4%.

本季調整後 EBITDA 為 6,300 萬美元，其中包含 American Woodmark 部分期間貢獻 400 萬美元；調整後 EBITDA 利潤率為 7.7%。原 MasterBrand 調整後 EBITDA 為 5,800 萬美元，調整後 EBITDA 利潤率為 8.4%。

The lower margin was primarily due to market-driven volume declines and the related unfavorable fixed cost leverage, unfavorable product mix, and material, labor, and freight inflation, partially offset by the flow-through of tariff mitigation, our continuous improvement efforts, and previously announced cost action.

利潤率較低主要由市場驅動的銷量下滑及相關固定成本吸收不利、產品組合不利，以及原物料、人工與運輸費用通膨所致；部分被關稅緩解措施的傳導效益、我們的持續改善努力，以及先前宣布的成本行動所抵銷。

For the quarter, free cash flow was $129 million compared to $67 million in the same period last year, primarily reflecting improved working capital. This quarter, we are introducing second half 2026 outlook for the combined company.

本季自由現金流為 1.29 億美元，較去年同期的 6,700 萬美元增加，主要反映營運資金改善。本季我們將首次提供合併後公司 2026 年下半年展望。

Now that the merger is complete and integration planning has converted to execution, we have better visibility into the combined business than earlier this year and have grown more confident in our ability to navigate the dynamic trade environment.

隨著合併完成、整合規劃轉入執行，我們對合併後業務的能見度較今年稍早更高，並且對於在多變的貿易環境中因應的能力更具信心。

The introduction of the second half guide reflects our improved line of sight and confidence in the actions and plans underway. It's not a change in our view of the market. Andi will walk you through the details shortly.

推出下半年指引反映我們視野更清晰，並對正在推進的行動與計畫更有信心。這並非我們對市場看法的改變。Andi 稍後將為各位說明細節。

Let me now briefly review our end markets in the quarter. During the second quarter, as anticipated, the broader single-family new construction market softened further, down mid to high single-digits, driven by ongoing pressures on completions and persistent affordability challenges.

接下來我簡要回顧本季的終端市場。第二季如預期，整體單戶新建市場進一步走弱，下滑中至高個位數，主因為完工交付持續承壓以及可負擔性挑戰仍在。

With inflation picking back up, the higher for longer outlook on interest rates continues to weigh on both builders and buyers. Builder confidence remains near its weakest level since the housing crisis era, and more than 60% of builders are offering sales incentives.

隨著通膨再度升溫，「利率維持高檔更久」的展望持續對建商與買方造成壓力。建商信心仍接近自房市危機時期以來的最弱水準，且超過 60% 的建商正在提供銷售激勵措施。

Against that backdrop, our new construction business declined at low single-digits, excluding the impact of partial period American Woodmark sales in the quarter, continuing to outperform the broader market.

在此背景下，若排除本季 American Woodmark 部分期間銷售的影響，我們的新建業務下滑低個位數，持續優於整體市場表現。

Shifting to the repair and remodel market served by our dealer and retail customers, we saw continued softness in demand, consistent with recent quarters, as end markets remained impacted by affordability pressure, low existing home turnover, and historically weak consumer sentiment.

轉向由經銷商與零售客戶所服務的維修與翻新市場，我們看到需求延續疲弱，與近幾季一致；終端市場仍受可負擔性壓力、既有住宅成交量偏低，以及消費者信心處於歷史低迷所影響。

Consumers continued to defer large discretionary projects, and the trade downtrend we've been seeing persisted as consumers opted for value-based products and pared back features in made-to-order categories, a key driver of this quarter's mixed pressure.

消費者持續延後大型非必需性專案，而我們觀察到的降級消費趨勢仍在延續：消費者轉向以價值為導向的產品，並在客製化（made-to-order）品類中縮減功能配置，這是本季產品組合壓力的關鍵驅動因素。

Excluding the partial period contribution from American Woodmark, our repair and remodel business declined mid to high single-digits, in line with the broader market and our expectations.

若排除 American Woodmark 部分期間貢獻，我們的維修與翻新業務下滑中至高個位數，符合整體市場與我們的預期。

Layered on top of these market dynamics, the ongoing conflict in the Middle East continues to introduce added consumer uncertainty and broader market volatility that remain difficult to size at this stage, including rising fuel costs that are adding further pressure to an already cautious consumer.

在上述市場動態之外，中東地區持續的衝突也帶來額外的消費者不確定性與更廣泛的市場波動，目前仍難以量化其影響；其中包括燃料成本上升，進一步加重本已謹慎的消費者壓力。

Taken together, our view of the 2026 addressable market down mid-single-digits is directionally unchanged from our previous view, and our outlook assumes no improvement in demand conditions for this year, with the broader market expected to begin its recovery in 2027.

綜合而言，我們對 2026 年可服務市場下滑中個位數的看法，方向上與先前觀點一致；我們的展望假設今年需求狀況不會改善，並預期整體市場將於 2027 年開始復甦。

Now turning to the merger and why we're so excited about the combined company. As we said at the announcement, this combination brings together two customer-centric platforms with highly complementary strengths, strong, broad portfolios of trusted cabinet brands, and streamlined, low-cost manufacturing profiles.

接著談合併，以及我們為何對合併後公司如此振奮。如同我們在宣布時所說，此次結合匯聚兩個以客戶為中心的平台，具備高度互補的優勢、強大且廣泛、值得信賴的櫥櫃品牌組合，以及精簡、低成本的製造配置。

Both are long-established American companies with the vast majority of manufacturing operations based in the United States, a differentiator we believe matters more than ever in today's trade environment. We believe this combination will ultimately enable us to drive growth and improve margins beyond what either company could achieve on its own.

兩者皆為歷史悠久的美國公司，且其絕大多數製造營運皆設於美國境內；我們認為在當前的貿易環境下，這項差異化比以往任何時候都更為重要。我們相信，這項結合最終將使我們能夠推動成長並改善利潤率，超越任一公司單獨所能達成的水準。

New construction and the home centers have been the two most resilient segments of the market through this downturn, and we believe they hold significant potential when the eventual recovery comes. Together, MasterBrand and American Woodmark can build the most efficient cost-effective model for serving these large channels.

在這波景氣下行期間，新建住宅與家居賣場一直是市場中最具韌性的兩個區隔，我們相信當最終復甦到來時，它們仍具備可觀的潛力。MasterBrand 與 American Woodmark 攜手，能建立服務這些大型通路最有效率、最具成本效益的模式。

In new construction, the combination gives us the geographic reach with an industry-leading model to better meet the customer where they are, whether direct or through distribution. The combination also strengthens our position in key new construction markets and enhances our product portfolio.

在新建住宅領域，這項結合讓我們以業界領先的模式擴大地理覆蓋範圍，更能在客戶所在之處滿足其需求，無論是直供或透過經銷配送。此結合亦強化我們在關鍵新建住宅市場的地位，並提升我們的產品組合。

We plan to apply the same disciplined approach to the combined business that has helped legacy MasterBrand outperform the new construction market, and we're confident in our ability to earn back a share American Woodmark has ceded in this channel prior to the merger.

我們計畫將同樣嚴謹自律的方法應用於合併後的業務；該方法已協助既有的 MasterBrand 表現優於新建住宅市場。我們也對自身能力充滿信心，能在合併前於此通路中收復 American Woodmark 先前讓出的市占。

In the home centers, the added scale across our combined network enables better inventory management, more product options, and an operating footprint that is well positioned to bring the high service levels our partners expect.

在家居賣場通路方面，合併後網路帶來的規模擴大，使我們能更妥善地管理庫存、提供更多產品選擇，並擁有能夠提供合作夥伴所期待之高服務水準的營運據點布局。

In the dealer channel, the clearest opportunity is cross-selling American Woodmark's products in the MasterBrand's much larger dealer population, allowing us to meet customers and consumers at every price point with the best value, quality, and design.

在經銷商通路方面，最明確的機會是將 American Woodmark 的產品交叉銷售至 MasterBrand 規模更大的經銷商客群，使我們能以最佳的價值、品質與設計，在各個價位帶滿足客戶與消費者。

Realizing the full sales potential of this channel will take more time, given current market conditions, it also requires thoughtfully organizing a combined product portfolio and brand package, including meaningful brand and price point white space for a highly fragmented market.

鑑於目前的市場狀況，要實現此通路的完整銷售潛力仍需更多時間；同時也需要審慎地整合產品組合與品牌套組，包括為高度分散的市場保留具意義的品牌與價位帶空白區（white space）。

We expect this work will simplify our offering for the channel over time. Across new construction, home centers, and dealer, these cross-sell and white space opportunities were not built into our original deal model, and we view them as upside to the transaction economics.

我們預期這項工作將隨時間推進而簡化我們對該通路的產品供給。在新建住宅、家居賣場與經銷商通路中，這些交叉銷售與空白區（white space）機會並未納入我們原先的交易模型，我們將其視為交易經濟效益的上行空間。

Stepping back, the strategic logic of this combination comes down to two factors: scale and flexibility. Our scale reduces inefficiencies and duplication and extends service across a broader geographic footprint. The flexible operating model that we have championed over the past six years creates a simple, connected product continuum that consumers can choose from with ease.

從更宏觀的角度來看，這項結合的策略邏輯可歸結為兩個因素：規模與彈性。我們的規模可降低低效率與重複投入，並將服務延伸至更廣泛的地理範圍。我們在過去六年所倡議的彈性營運模式，打造出簡單且互聯的產品連續體，讓消費者能輕鬆選擇。

And because we are investing in a much larger platform, our investments make an outsized impact, including increased investment in next-generation automation, product innovation, and enhanced in-person and digital engagement, all aimed at greater efficiency and a better customer experience.

此外，由於我們正投資於更大的平台，我們的投資將產生更顯著的影響，包括加大對下一代自動化、產品創新，以及強化線下與數位互動的投入，皆以提升效率並改善客戶體驗為目標。

Turning to integration and cost synergies. Integration is off to a strong start. We've aligned our senior leadership structure and we're now organizing the next layers of the business. Where processes overlap, we're adopting the best of what each company has built. Where they differ, we're implementing the strongest approach, along with the systems that come with it.

接著談整合與成本綜效。整合已強勢開局。我們已對齊高階領導架構，並正著手規劃業務的下一層級組織。在流程重疊之處，我們採納兩家公司各自建立的最佳作法。在流程不同之處，我們將導入更強的做法，以及隨之配套的系統。

Additionally, across the two companies, we have overlapping capabilities and products, as well as excess capacity in our manufacturing network. We intend to apply the same manufacturing network optimization and disciplined integration track record we've built overtime to capture greater efficiency.

此外，兩家公司在能力與產品上存在重疊，且我們的製造網路亦有閒置產能。我們打算運用多年來建立的製造網路最佳化與嚴謹整合的實績，以取得更高效率。

We're already realizing early procurement and overhead synergies and we've initiated two plant closures to begin consolidating our production footprint. We've also begun the process of cross-selling our product portfolios into the dealer network.

我們已開始實現早期的採購與管理費用綜效，並已啟動兩座工廠關閉，以開始整併我們的生產據點布局。我們也已開始將產品組合交叉銷售至經銷商網路。

As of the end of July, we've executed approximately $30 million of annualized cost synergies, and we expect roughly $15 million of savings in the second half of 2026, with corporate overhead and procurement the primary sources executed to date.

截至七月底，我們已落實約 3,000 萬美元的年化成本綜效；我們預期 2026 年下半年可節省約 1,500 萬美元，而迄今主要落實的來源為公司管理費用與採購。

In total, we now expect over $100 million of annual run rate cost synergies by the end of year three post-close, exceeding our original synergy target, and we continue to expect the transaction to be accretive to adjusted diluted earnings per share in year two post-close.

整體而言，我們目前預期在交割後第三年年底前，年度化運行率（run rate）成本綜效將超過 1 億美元，優於我們原先的綜效目標；同時我們仍預期該交易在交割後第二年將對調整後稀釋每股盈餘（adjusted diluted EPS）具增益（accretive）。

Importantly, the stated $100 million-plus annual run rate synergy target excludes both the $30 million of legacy MasterBrand cost actions we announced last quarter and American Woodmark's previously announced closure of its Monterey, Mexico facility, which has already completed its wind down. Both of those programs are incremental savings on top of the synergy target.

重要的是，所述「超過 1 億美元」的年度化運行率綜效目標，不包含我們上季宣布的既有 MasterBrand 3,000 萬美元成本行動，也不包含 American Woodmark 先前宣布關閉其位於墨西哥蒙特雷（Monterrey）的廠房（該廠已完成縮編退場）。上述兩項計畫所帶來的節省，皆為綜效目標之外的額外增量節省。

Now turning to capital allocation. For the second half of 2026, we expect capital expenditures of $71 million or 3% of net sales, including integration capital. We are prioritizing high-return projects, and by eliminating planned spending in overlapping areas of the network, we estimate $4 million of CapEx synergies in the second half of 2026 alone.

接著談資本配置。對於 2026 年下半年，我們預期資本支出為 7,100 萬美元，約占淨銷售額的 3%，其中包含整合相關資本支出。我們將優先投入高報酬專案，並透過取消網路中重疊領域的既定支出，我們估計僅在 2026 年下半年即可帶來 400 萬美元的資本支出（CapEx）綜效。

Beyond CapEx, our priorities are clear. The near-term focus is the balance sheet. We're currently targeting a net leverage ratio below 2 times by the end of 2028. As synergies build and the integration process progresses, we expect our financial flexibility will grow.

除資本支出外，我們的優先事項也很明確。短期重點在資產負債表。我們目前目標是在 2028 年底前將淨槓桿比率降至 2 倍以下。隨著綜效逐步顯現且整合流程推進，我們預期財務彈性將提升。

We anticipate that achieving our target leverage range will open the door to resuming share repurchases and opportunistic M&A. The path is straightforward, and we have a clear line of sight to executing against it.

我們預期達成目標槓桿區間後，將有助於恢復庫藏股回購以及進行機會型併購（M&A）。路徑相當清晰，我們也能清楚掌握並執行到位。

Before I turn it over to Andi, I want to step back and talk about the earnings potential of this combined business because it follows the same principle, focusing on what we can control.

在我把時間交給 Andi 之前，我想先退一步談談這項合併後業務的獲利潛力，因為它遵循同樣的原則：聚焦於我們可控的事項。

After an initial assessment, we believe there's a path to structurally higher profitability for the combined business, independent of the market recovery, meaning any improvement in demand would be upside to that path.

在初步評估後，我們相信合併後的業務存在一條通往結構性更高獲利能力的路徑，且不依賴市場復甦；也就是說，任何需求改善都將成為該路徑的上行因素。

There are four levers that drive it. First and our top priority is cost discipline. The last three years have taught us we can't count on a market recovery, so we're removing that variable from the equation. Across SG&A and our manufacturing footprint, it is clear that both companies carried excess cost from operating independently through a prolonged downturn and the merger closing process. We're aligning that cost base to a level appropriate for a combined company of our scale, and that work is already underway.

推動該路徑有四個槓桿。第一，也是我們的首要優先事項，是成本紀律。過去三年讓我們明白不能仰賴市場復甦，因此我們將這個變數從方程式中移除。在銷售、一般及行政費用（SG&A）與製造據點布局方面，很明顯兩家公司在長期景氣低迷與併購交割流程中各自獨立運作，皆承擔了過多成本。我們正將成本基礎調整至符合合併後公司規模的適當水準，且相關工作已在進行中。

Second, resetting our product portfolio and the supply chain behind it. Consecutive years of inflation and market decline forced fast pricing and portfolio decisions at both companies, and not all of them were optimized for where the market has landed.

第二，重整我們的產品組合以及其背後的供應鏈。連續多年的通膨與市場下滑迫使兩家公司快速做出定價與產品組合決策，但並非所有決策都已針對市場目前所處位置達到最佳化。

Similarly, the need to rapidly mitigate tariffs required us to make quick supply chain decisions that prioritize speed over optimization. Legacy MasterBrand already carried the industry's most comprehensive product portfolio, and the combination with American Woodmark presents a natural opportunity to rebalance the portfolio of the combined company while maintaining complete coverage and a range of choices across the full price spectrum.

同樣地，為了迅速緩解關稅影響的需求，也迫使我們做出以速度優先、而非最佳化為優先的供應鏈決策。既有的 MasterBrand 原本就擁有業界最完整的產品組合；與 American Woodmark 的結合，提供了一個自然的機會，在維持完整覆蓋的同時，重新平衡合併後公司的產品組合，並在全價位帶提供多元選擇。

In parallel, we are implementing the MasterBrand way to optimize our sourcing and manufacturing configuration to ensure the combined business operates as efficiently as possible without sacrificing key service metrics.

同時，我們正在推行 MasterBrand 方式，以優化我們的採購與製造配置，確保合併後的業務在不犧牲關鍵服務指標的前提下，以盡可能高的效率運作。

We have a strong track record here. Over the past 5.5 years, we've closed 11 plants while consolidating production into our remaining network, all the while preserving capacity and service levels, and we intend to bring that same discipline to the combined footprint.

我們在這方面有著強勁的實績。在過去 5.5 年中，我們關閉了 11 座工廠，同時將生產整併至現有的製造網路，在維持產能與服務水準的同時完成整合；我們也打算將同樣的紀律帶到合併後的整體版圖。

Third, leveraging the portfolio to support a healthier product mix across end markets and drive profitable growth. This opportunity is particularly meaningful in new construction, where we believe our breadth of products and price points, combined with our deep relationships and service expertise, enables the combined company to serve builders better and more efficiently.

第三，運用產品組合，在各終端市場支持更健康的產品結構，並推動獲利性成長。這項機會在新建住宅領域尤其重要；我們相信，憑藉我們廣泛的產品與價格帶，加上深厚的客戶關係與服務專業，合併後的公司能以更佳且更有效率的方式服務建商。

And finally, we're investing behind dealer share gains. We believe the continued investment in technology, quality, and service across the combined dealer network will position us to grow with our dealer partners even in a flat market, and we expect that to meaningfully advance that path.

最後，我們將加大投入以提升經銷商份額。我們相信，持續在合併後的經銷商網路中投資科技、品質與服務，即使在市場持平的情況下，也能讓我們與經銷夥伴一同成長，並預期這將實質推進我們的成長路徑。

Despite persistent, challenging market conditions, the completion of this merger marks the start of a new chapter for MasterBrand, a combined platform with a clear path to growth, tangible synergy targets, and strong early momentum on integration.

儘管市場環境持續艱困且具挑戰性，這次併購的完成標誌著 MasterBrand 新篇章的開始：一個具備清晰成長路徑、可量化的協同效益目標，以及整合初期強勁動能的合併平台。

I'm pleased to announce that we will host an Investor Day in the first quarter of 2027, where we plan to size each of these levers and lay out the time-bound plan behind them. We will also introduce the full combined company story, including our strategy and refresh long-term financial targets. This is a company we are proud to be building, and we look forward to seeing many of you there.

我很高興宣布，我們將於 2027 年第一季舉辦投資人日，屆時我們計畫量化上述各項槓桿，並提出具時間表的推動計畫。我們也將介紹合併後公司的完整故事，包括我們的策略並更新長期財務目標。這是一家我們引以為傲、正在打造的公司，我們期待在現場見到各位。

With that, I'll turn it over to Andi for a detailed review of our financial results and outlook.

接下來，我把時間交給 Andi，請她詳細回顧我們的財務結果與展望。

Thanks, Dave, and good afternoon, everyone. I'll start with how we are reporting the quarter as a combined company, then review our second quarter results, and close with our outlook for the second half of 2026.

謝謝你，Dave，各位下午好。我將先說明我們作為合併後公司在本季的報表呈現方式，接著回顧第二季業績，最後說明 2026 年下半年的展望。

First on reporting conventions. Our results include American Woodmark from the May 28 close date, 32 days of contribution, and prior year comparisons reflect legacy MasterBrand only. It should be noted that purchase accounting estimates included in our second quarter results are preliminary and remain subject to finalization within the one-year allowed measurement period.

首先是報表編製慣例。我們的業績自 5 月 28 日交割日起納入 American Woodmark，貢獻 32 天；而去年同期比較僅反映原 MasterBrand。需要注意的是，第二季業績中所包含的購買會計估計數為初步估計，仍須在允許的一年衡量期間內完成最終確定。

American Woodmark's results have been conformed to MasterBrand's physical calendar and account categorizations. Article 11 pro forma financial statements were filed via Form 8-K/A on June 26, 2026.

American Woodmark 的業績已依 MasterBrand 的實體曆與科目分類進行一致化調整。第 11 條（Article 11）備考財務報表已於 2026 年 6 月 26 日透過 Form 8-K/A 提交。

Now turning to our second quarter results. Net sales in the second quarter were $815.2 million with a contribution of $125.5 million of American Woodmark net sales from the close date. Legacy MasterBrand net sales were $689.7 million, down 5.6% compared to $730.9 million in the same period last year, driven by the mid to high single-digit market decline and slightly offset by favorable net average selling price due to the flow-through of tariff pricing.

接著看第二季業績。第二季淨銷售額為 8.152 億美元，其中自交割日起 American Woodmark 淨銷售額貢獻 1.255 億美元。原 MasterBrand 淨銷售額為 6.897 億美元，較去年同期 7.309 億美元下降 5.6%，主要受市場中高個位數下滑所致，並因關稅定價傳導帶來的有利淨平均售價而略有抵銷。

Gross profit was $205.5 million with partial period contribution of $16.7 million from American Woodmark and gross profit margin was 25.2%. Legacy MasterBrand gross profit was $188.8 million compared to $239.7 million in the same period last year.

毛利為 2.055 億美元，其中 American Woodmark 於部分期間貢獻 1,670 萬美元；毛利率為 25.2%。原 MasterBrand 毛利為 1.888 億美元，去年同期為 2.397 億美元。

Legacy gross profit margin was 27.4% compared to 32.8% in the second quarter of 2025, down 540 basis points year over year amid a choppy spring selling season, primarily reflecting market-driven volume decline and the related unfavorable fixed cost leverage, unfavorable product mix, and material freight and personnel inflation, partially offset by our continuous improvement efforts and favorable average selling price driven by tariff pricing.

原毛利率為 27.4%，相較 2025 年第二季的 32.8%，年減 540 個基點；在春季銷售季節波動的背景下，主要反映市場驅動的銷量下滑及其帶來的不利固定成本吸收、不利產品組合，以及原物料、運輸與人員成本通膨；部分被我們持續改善措施，以及由關稅定價帶動的有利平均售價所抵銷。

The net tariff impact in the quarter was relatively neutral, with the tariff landscape developing largely as we expected. On a combined basis, our exposure is currently offset, aided in part by the IEEPA refunds. Legacy MasterBrands pricing and supply chain mitigation actions have now largely reached a full run rate offset, and we will continue executing additional actions at American Woodmark over the second half of the year to reach that same run rate level.

本季關稅的淨影響相對中性，關稅情勢的發展大致符合我們的預期。以合併後口徑來看，我們目前的曝險已被抵銷，部分也受惠於 IEEPA 退款。原 MasterBrand 的定價與供應鏈緩解措施目前大多已達到全面運行率（full run rate）的抵銷效果；我們將在下半年持續於 American Woodmark 執行更多措施，以達到同等的運行率水準。

SG&A expenses totaled $216.7 million with partial period contribution of $24.3 million from American Woodmark. Excluding American Woodmark and merger-related costs of $38.4 million, legacy MasterBrand SG&A was $154 million, up 50 basis points as a percentage of net sales, driven by the impact of increased fuel costs on distribution, partially offset by the initial benefits of cost actions in the quarter.

SG&A 費用合計 2.167 億美元，其中 American Woodmark 於部分期間貢獻 2,430 萬美元。排除 American Woodmark 以及 3,840 萬美元的併購相關成本後，原 MasterBrand 的 SG&A 為 1.54 億美元，占淨銷售額比重上升 50 個基點，主要因燃料成本上升對配送造成影響；部分被本季成本措施的初步效益所抵銷。

Fuel and freight costs were a significant headwind in the quarter, driven by a shrinking pool of available drivers, stricter federal regulations, and persistent operating cost inflation across the trucking industry. We are working to offset this pressure through pricing, though these actions take time to fully flow through.

燃料與運費成本在本季形成顯著逆風，原因包括可用司機人數縮減、更嚴格的聯邦法規，以及卡車運輸產業持續的營運成本通膨。我們正透過定價來抵銷此壓力，但這些措施需要時間才能完全反映。

Interest expense was $20.8 million compared to $18.9 million in the same period last year. The increase reflects the previously announced refinancing of American Woodmark's debt.

利息費用為 2,080 萬美元，去年同期為 1,890 萬美元。增加主要反映先前已公告的 American Woodmark 債務再融資。

Our effective tax rate in the quarter was negative 18.8% and positive 13.7% year-to-date. I would like to spend a moment on the negative tax rate. When the merger closed in the second quarter, non-deductible merger-related costs were incurred, which, as expected, negatively impacted our full year estimated tax rate.

本季有效稅率為負 18.8%，年初至今為正 13.7%。我想花一點時間說明負稅率。併購於第二季完成交割時，產生了不可扣抵的併購相關成本，這如預期般對我們全年預估有效稅率造成負面影響。

Because the first quarter was properly recorded at the pre-merger close effective tax rate, in the second quarter we were required to record a catch-up tax expense related to the first quarter in the amount of $16 million. This catch-up expense will not repeat in future quarters and thus is an add-back in our reported second quarter adjusted diluted earnings per share. However, the full-year expected tax rate is now estimated at 12% to 15%, reflecting the impact of non-deductible merger-related costs.

由於第一季已依併購交割前的有效稅率正確入帳，第二季我們必須就第一季認列一筆 1,600 萬美元的追溯補提（catch-up）所得稅費用。此追溯費用未來季度不會重複，因此在我們揭露的第二季調整後稀釋每股盈餘中會加回。不過，目前全年預期有效稅率估計為 12% 至 15%，反映不可扣抵的併購相關成本之影響。

Net loss for the quarter was $57.6 million, which includes $28.9 million of partial period impact from American Woodmark, and net loss margin was 7.1%. Legacy MasterBrand net loss was $28.7 million in the second quarter compared to net income of $37.3 million in the same period last year.

本季淨損為 5,760 萬美元，其中包含 American Woodmark 部分期間影響 2,890 萬美元；淨損率為 7.1%。原 MasterBrand 第二季淨損為 2,870 萬美元，去年同期則為淨利 3,730 萬美元。

Legacy MasterBrand net income margin was negative 4.2% compared to positive 5.1% in the prior year, reflecting lower gross profit, higher SG&A expenses, and a higher tax expense, as discussed, partially offset by the initial benefits of cost actions taken during the quarter.

原 MasterBrand 淨利率為負 4.2%，相較去年為正 5.1%；反映毛利較低、SG&A 費用較高，以及如前所述較高的所得稅費用；部分被本季採取之成本措施的初步效益所抵銷。

Adjusted EBITDA for the quarter was $62.5 million, which includes $4.3 million of partial period contribution from American Woodmark and adjusted EBITDA margin was 7.7%. Legacy MasterBrand adjusted EBITDA was $58.2 million, compared to $105.4 million in the prior year period. And adjusted EBITDA margin was 8.4%, down 600 basis points due to market-driven volume declines and the related unfavorable fixed cost leverage, unfavorable product mix, and higher material labor and freight inflation as fuel costs continue to rise, partially offset by the flow-through of tariff mitigation, our continuous improvement efforts, and previously announced cost actions.

本季調整後 EBITDA 為 6,250 萬美元，其中包含 American Woodmark 部分期間貢獻 430 萬美元；調整後 EBITDA 利潤率為 7.7%。原 MasterBrand 調整後 EBITDA 為 5,820 萬美元，去年同期為 1.054 億美元。調整後 EBITDA 利潤率為 8.4%，下降 600 個基點，原因包括市場驅動的銷量下滑及其帶來的不利固定成本吸收、不利產品組合，以及隨燃料成本持續上升而增加的原物料、人工與運費通膨；部分被關稅緩解措施的傳導效益、我們的持續改善努力，以及先前已公告的成本措施所抵銷。

Diluted loss per share was negative $0.38 in the second quarter based on 153.6 million outstanding shares, which is reflective of the additional shares issued at close, proportionate to the timing of the closing within the quarter. This compares to earnings per share of $0.29 in the second quarter of 2025 based on 129.1 million outstanding shares.

第二季稀釋後每股虧損為負0.38美元，係以1.536億股流通在外股數計算，反映了於交易完成時額外發行股份，並依本季內完成交割的時間比例計入。相較之下，2025年第二季以1.291億股流通在外股數計算的每股盈餘為0.29美元。

Adjusted diluted earnings per share was positive $0.05 in the current quarter. Based on 153.6 million outstanding shares compared to earnings of $0.40 in the prior year period based on 129.1 million outstanding shares.

本季調整後稀釋每股盈餘為正0.05美元。係以1.536億股流通在外股數計算，相較於去年同期以1.291億股流通在外股數計算的每股盈餘0.40美元。

Before turning to the balance sheet, I want to spend a moment on American Woodmark's performance. Since American Woodmark last reported public results, its fiscal third and fourth quarter performance came in below our expectations.

在轉到資產負債表之前，我想先花點時間談談American Woodmark的表現。自American Woodmark上次公布對外財報以來，其會計年度第三季與第四季的表現低於我們的預期。

More specifically, the underperformance was driven by excess fixed capacity and the related absorption pressure amid lower volume, compounded by capacity decisions that were understandably delayed pending the close of the merger.

更具體而言，表現不如預期主要是因固定產能過剩，以及在出貨量較低下所產生的相關吸收壓力所致，並且因合併交易完成前需等待結果而合理延後的產能決策，使情況更加惡化。

We saw American Woodmark's volume begin to improve in June, moving more in line with our legacy business at the end of the second quarter. Addressing this excess capacity is a top priority in our integration efforts, and we have already begun the work.

我們看到American Woodmark的出貨量在6月開始改善，於第二季末更趨近於我們既有業務的水準。在整合工作中，處理這些過剩產能是最優先事項之一，我們已經開始著手進行。

We have announced two manufacturing facility consolidations since the merger closed, the first steps in rightsizing the combined footprint, and we've identified further consolidation opportunities as we continue evaluating the network. These closures will take time to work through, and they are just the beginning of the options that underpin our confidence in the earnings potential of the combined platform.

自合併完成以來，我們已宣布兩項製造據點整併，這是調整合併後整體產能版圖的第一步；同時在持續評估網路布局的過程中，我們也已辨識出更多整併機會。這些關閉作業需要時間逐步推進，而這也只是支撐我們對合併後平台獲利潛力具信心的眾多選項之開端。

Turning to the balance sheet, we ended the quarter with $241.6 million of cash on hand and $393.9 million of liquidity available under our revolving credit facility. Net debt at the end of the second quarter was $1.15 billion, reflecting the financing associated with the American Woodmark acquisition.

轉到資產負債表，我們在季末持有現金2.416億美元，並在循環信用額度下有3.939億美元可用流動性。第二季末的淨負債為11.5億美元，反映了與收購American Woodmark相關的融資。

The trailing 12-month net leverage ratio, including American Woodmark's full trailing 12-month adjusted EBITDA, was 3.9 times. I want to take a moment to provide context on how our leverage ratio is calculated for covenant purposes as it differs from the reported figure.

過去12個月的淨槓桿比率（包含American Woodmark完整過去12個月的調整後EBITDA）為3.9倍。我想花點時間說明我們為契約條款（covenant）目的所計算的槓桿比率之背景，因其與對外揭露的數字不同。

Under our credit agreement, the bank covenant calculation permits the inclusion of full trailing 12-month adjusted EBITDA for American Woodmark, along with other certain additional add-backs as well as 18 months of anticipated merger synergies. On that basis, our covenant leverage ratio was 3.4 times at quarter end within the 3.75 times maximum permitted under the post-close four-quarter leverage ratio holiday in our credit agreement.

依據我們的信貸協議，銀行契約計算允許納入American Woodmark完整過去12個月的調整後EBITDA，並可加回其他特定項目，以及納入18個月的預期合併綜效。在此基礎上，我們季末的契約槓桿比率為3.4倍，低於信貸協議中交割後四個季度槓桿比率假期所允許的最高3.75倍。

Similarly, our interest coverage ratio, which measures adjusted EBITDA relative to net interest expense, was 5.1 times on a covenant basis above the 3 times minimum required. Both measures reflect the full benefit of the combined business and confirm that we have headroom under our covenant at this stage of the integration.

同樣地，我們的利息保障倍數（以調整後EBITDA相對於淨利息費用衡量）在契約基礎上為5.1倍，高於要求的最低3倍。兩項指標皆反映合併後業務的完整效益，並確認在整合的此階段，我們在契約條款下仍有充足緩衝空間。

Our deleveraging path is clear. We are targeting net leverage below 2 times by the end of 2028. That target reflects tariffs currently in effect, including Section 232 and its current 25% rate. As I'll discuss in a moment, the scheduled increase to 50% on January 1, 2027, remains in place. Should that increase take effect, it would extend our deleveraging timeline. Once we achieve our leverage target, we expect to resume share repurchases.

我們的去槓桿路徑很清楚。我們目標在2028年底前將淨槓桿降至2倍以下。該目標已反映目前生效的關稅，包括第232條款及其現行25%的稅率。如我稍後將說明，原訂於2027年1月1日調升至50%的安排仍然存在。若該調升生效，將延長我們的去槓桿時間表。一旦達成槓桿目標，我們預期將恢復庫藏股回購。

From a liquidity perspective, our post-close cash and revolver availability of $393.9 million and the absence of any near-term debt maturities, while synergies and cost actions flow through to adjusted EBITDA, we believe give us ample financial flexibility to execute the integration while continuing to reduce debt.

就流動性而言，交割後我們的現金與循環額度可用額度合計為3.939億美元，且短期內沒有任何到期債務；隨著綜效與成本行動逐步反映至調整後EBITDA，我們認為這將提供充足的財務彈性，使我們在持續降低負債的同時，得以執行整合。

Turning to cash flow and capital expenditures. Net cash provided by operating activities was $138.8 million in the second quarter, compared to $84.8 million in the prior year period. For the same period, free cash flow was $128.6 million, compared to $66.7 million in the same period last year, primarily reflecting the timing of home center collections, which we manage proactively within our existing contract terms.

接著談現金流與資本支出。第二季營業活動提供的淨現金為1.388億美元，較去年同期的8,480萬美元增加。同期間，自由現金流為1.286億美元，較去年同期的6,670萬美元增加，主要反映居家中心（home center）收款時點的差異；我們在既有合約條款內主動管理此項時點。

Capital expenditures in the quarter were $10.2 million, and for the second half of the year, we expect capital expenditures of $71 million, or 3% of net sales, including integration capital.

本季資本支出為1,020萬美元；而在下半年，我們預期資本支出為7,100萬美元，約占淨銷售額的3%，其中包含整合相關資本支出。

On synergies and cost actions, Dave covered the framework, so I'll be brief. Our updated $100 million-plus annual run rate cost synergy target is composed of footprint, SG&A, and procurement opportunities, roughly 60% in cost of goods sold and 40% in SG&A and indirect.

關於綜效與成本行動，Dave已說明整體架構，因此我簡要帶過。我們更新後的年度成本綜效目標為1億美元以上的年化執行率（run rate），由產能版圖、SG&A以及採購機會所構成，約60%體現在銷貨成本，40%體現在SG&A與間接成本。

We expect one-time costs to achieve these synergies to total a one-to-one ratio of the run rate synergy target. For the second half of 2026, we expect those one-time costs to total approximately $30 million. Revenue synergies are expected to represent upside over time.

我們預期為達成這些綜效所需的一次性成本，總額將約等同於年化綜效目標（1:1）。就2026年下半年而言，我們預期這些一次性成本合計約3,000萬美元。營收綜效預期將隨時間推進而成為額外上行空間。

Turning to the current trade environment, let me provide an update on our exposure as a combined company. The tariff landscape has continued to evolve since our last call, adding additional layers of complexity. On July 20, the administration announced additional Section 338 tariffs on certain Canadian imports. On July 23, the administration replaced the expired 10% global tariff with Section 301 tariffs ranging from 10% to 12.5% on imports from approximately 60 trading partners.

接著談目前的貿易環境，我來更新合併後公司所面臨的曝險情況。自上次電話會議以來，關稅情勢持續演變，增加了更多層次的複雜性。7月20日，政府宣布對部分加拿大進口品加徵第338條款關稅。7月23日，政府以第301條款關稅取代已到期的10%全球關稅，對約60個貿易夥伴的進口品課徵10%至12.5%不等的關稅。

Section 232 tariffs on wood and wood products, however, remain the primary driver of our exposure. Unlike the expired global tariff, these measures have no sunset date. The scheduled increase in the Section 232 tariff rate to 50% previously delayed until January 1, 2027, remains in place. We have contingency plans and are prepared to act should it take effect.

然而，針對木材及木製品的第232條款關稅仍是我們曝險的主要驅動因素。不同於已到期的全球關稅，這些措施沒有落日條款。先前延後至2027年1月1日、將第232條款關稅稅率調升至50%的既定安排仍然存在。若其生效，我們已有應變計畫並準備採取行動。

Similar to MasterBrand, American Woodmark entered the combination with a comprehensive tariff mitigation program already underway, including pricing and surcharge actions, supplier renegotiations, sourcing optimization, and manufacturing footprint initiatives, including the closure of its Monterey, Mexico facility.

與MasterBrand類似，American Woodmark在合併前即已推動一套完整的關稅緩解計畫，包括調價與附加費措施、供應商重新議價、採購來源最佳化，以及製造版圖措施（包含關閉其位於墨西哥Monterey的工廠）。

With that said, in the second quarter, combined company gross tariff costs were $41.9 million, with a net impact essentially breakeven after mitigation and IEEPA duty refunds. For the full year of 2026, we expect the combined company's tariff exposure to be approximately 5% to 6% of net sales, inclusive of American Woodmark's total tariff exposure and net sales since the merger closed. This figure also includes the newly announced Section 338 and Section 301 tariffs and the Section 232 tariffs at 25%.

儘管如此，第二季合併公司關稅毛成本為4,190萬美元；在緩解措施及IEEPA關稅退稅後，淨影響基本上打平。就2026年全年而言，我們預期合併公司的關稅曝險約為淨銷售額的5%至6%，其中包含自合併完成以來American Woodmark的整體關稅曝險與淨銷售額。此數字亦包含新宣布的第338條款與第301條款關稅，以及以25%稅率計算的第232條款關稅。

We continue to expect to fully offset this tariff exposure on a dollar-for-dollar run rate basis by year-end, though further work is still required to offset the newly announced tariffs as we continue to adapt to the evolving landscape.

我們仍預期在年底前，以逐美元（dollar-for-dollar）的年化運行率（run rate）基礎，完全抵銷此關稅曝險；不過，隨著我們持續因應不斷演變的情勢，針對新近宣布的關稅仍需進一步工作以加以抵銷。

Additionally, following the Supreme Court's ruling invalidating tariffs imposed under IEEPA, we have begun receiving refunds for $14.9 million in tariffs previously paid by MasterBrand and American Woodmark. In the second quarter, we received $1.2 million of refunds, which we recognize as a reduction in cost of goods sold. Given uncertainty in the refund and administrative approval process, we are recognizing these refunds as they are collected rather than accruing a receivable.

此外，在最高法院裁定依據 IEEPA 徵收的關稅無效之後，我們已開始收到先前由 MasterBrand 與 American Woodmark 支付之 1,490 萬美元關稅的退稅款。在第二季，我們收到 120 萬美元退稅，並將其認列為銷貨成本的減少。鑑於退稅與行政核准流程存在不確定性，我們採在收款時認列這些退稅，而非先行應計應收款。

Since second quarter-end, we have received an additional $9.2 million in refunds, which we will recognize in the third quarter along with any further portion of the outstanding $4.5 million in expected refunds that are collected during the quarter.

自第二季季末以來，我們另已收到 920 萬美元退稅，將於第三季認列；並將一併認列本季內收取之、預期尚未收取的 450 萬美元退稅中的任何進一步部分。

Turning to outlook. This quarter, we are introducing second half 2026 outlook. This shift in approach reflects that the combination is complete, integration planning has converted to execution, and we are more confident in our ability to navigate tariffs, though the broader macro and demand environments remain uncertain.

接著談展望。本季我們將提出 2026 年下半年展望。此一作法的轉變反映合併已完成、整合規劃已轉為執行，且我們對於因應關稅的能力更具信心，儘管更廣泛的總體經濟與需求環境仍不確定。

This outlook reflects the combined company with American Woodmark included for the full second half and includes our second half tariff impact and mitigation expectations for tariffs currently in effect. The outlook also embeds approximately $15 million of synergy capture and approximately $11 million of IEEPA duty refunds received and expected to be received over the period.

本展望反映合併後公司，並將 American Woodmark 納入整個下半年期間，同時包含目前已生效關稅之下半年影響與我們的緩解（mitigation）預期。本展望亦納入約 1,500 萬美元的協同效益實現，以及在期間內已收到與預期將收到的約 1,100 萬美元 IEEPA 關稅退稅。

As Dave mentioned, the ongoing conflict in the Middle East adds another layer of complexity to an already uncertain consumer environment, with fuel and related input costs representing a direct exposure that has already weighed on our margins this year. We are monitoring developments closely. Our outlook does not attempt to quantify any incremental impact to the market at this time.

如 Dave 所提到的，中東持續的衝突在本已不確定的消費者環境上再增添一層複雜性；燃料及相關投入成本構成直接曝險，且今年已對我們的利潤率造成壓力。我們正密切關注事態發展。目前我們的展望不試圖量化對市場的任何額外增量影響。

With that said, for the second half of 2026, we expect net sales of $2.05 billion to $2.11 billion. At the midpoint, American Woodmark is expected to contribute approximately $730 million, or 35% of the combined total, with legacy MasterBrand comprising the remainder. This reflects an addressable market down mid-single-digits year over year, partially offset by the full-period contribution from American Woodmark and price and mix dynamics.

話雖如此，對於 2026 年下半年，我們預期淨銷售額為 20.5 億至 21.1 億美元。以中位數計，預期 American Woodmark 將貢獻約 7.30 億美元，約占合併總額的 35%，其餘則由原 MasterBrand 業務構成。此反映可服務市場（addressable market）年減中個位數百分比，部分由 American Woodmark 全期間貢獻以及價格與產品組合（mix）動態所抵銷。

We expect second half adjusted EBITDA of $129 million to $149 million, representing an adjusted EBITDA margin of 6.3% to 7.1%. It is worth noting the key building blocks embedded in this range. Approximately $20 million reflects the contribution from American Woodmark's legacy business, $15 million is derived from integration synergies already executed and flowing through, and approximately $11 million relates to anticipated IEEPA tariff refunds, of which $9 million has already been received in July.

我們預期下半年調整後 EBITDA 為 1.29 億至 1.49 億美元，對應調整後 EBITDA 利潤率為 6.3% 至 7.1%。值得注意的是，此區間內嵌的關鍵構成要素。約 2,000 萬美元反映 American Woodmark 既有業務的貢獻，1,500 萬美元來自已執行並已反映於損益的整合協同效益，另約 1,100 萬美元與預期 IEEPA 關稅退稅相關，其中 900 萬美元已於 7 月收到。

We continue to expect decremental adjusted EBITDA margins to improve versus the first half as tariff mitigation cost actions and synergies continue to phase in. Additionally, in the second half, we expect interest expense to be approximately $50 million, reflecting the newly arranged $375 million delayed draw Term A loan used to retire American Woodmark's debt at close.

我們仍預期，隨著關稅緩解的成本行動與協同效益持續逐步到位，調整後 EBITDA 的遞減利潤率（decremental margin）將較上半年改善。此外，在下半年，我們預期利息費用約為 5,000 萬美元，反映新安排的 3.75 億美元延遲動用 Term A 貸款，用於在交割時償還 American Woodmark 的債務。

We expect second half adjusted diluted earnings per share of negative $0.05 to positive $0.03. As a reminder, the effective tax rate and the pro rata increase in our diluted share count over the course of the year as a result of the merger introduced variability into this measure. We anticipate diluted shares outstanding to reach $203.6 million by year end and effective tax rate of 12% to 15%.

我們預期下半年調整後稀釋每股盈餘為負 0.05 美元至正 0.03 美元。提醒一下，由於合併導致有效稅率以及全年期間稀釋股數按比例增加，該指標存在變動性。我們預期年底稀釋在外股數將達到 2.036 億股，且有效稅率為 12% 至 15%。

Finally, we continue to expect free cash flow for 2026 to be in excess of net income for the year. Stepping back, our focus in the second half is straightforward, disciplined execution on costs and synergies, and steady progress on the balance sheet.

最後，我們仍預期 2026 年自由現金流將高於全年淨利。退一步看，我們下半年的重點很明確：在成本與協同效益上進行直接且有紀律的執行，並在資產負債表方面穩步推進。

As integration progresses and our visibility into both the combined business and the broader trade environment continues to improve, we expect to return to full year guidance beginning in 2027. And at our Investor Day in the first quarter of 2027, we plan to lay out the long-term financial targets behind the path Dave described. Between the two, we aim to provide a complete picture of the combined company.

隨著整合推進，且我們對合併後業務與更廣泛貿易環境的能見度持續提升，我們預期自 2027 年起恢復提供全年指引。並且在 2027 年第一季的投資人日（Investor Day），我們計畫提出支撐 Dave 所描述路徑的長期財務目標。兩者之間，我們旨在提供合併後公司的完整全貌。

Now I'd like to turn the call back to Dave.

現在我想把電話交回給 Dave。

Thanks, Andi. This is a transformational quarter for MasterBrand. We believe the combination with American Woodmark positions us to navigate through this cycle and outperform in the recovery. And the early progress on integration gives us confidence that we will capture the full value of this transaction.

謝謝，Andi。這一季對 MasterBrand 來說具有轉型意義。我們相信與 American Woodmark 的結合，使我們能夠度過本輪景氣循環，並在復甦時表現更佳。而整合的早期進展也讓我們有信心，將能充分實現這筆交易的全部價值。

As I said earlier, we see a path to structurally higher profitability for this business, one that doesn't depend on the market, and executing against the four levers to achieve that path is central to our focus in the second half and beyond.

如我先前所說，我們看到這項業務有一條通往結構性更高獲利能力的路徑，而且不依賴市場；圍繞四個槓桿（levers）來執行以達成該路徑，是我們下半年及未來的核心重點。

At the same time, our confidence in the long-term demand fundamentals of our industry is unchanged. The structural underbuild of housing, the millennial generation entering prime homebuying years, an aging housing stock prime for remodel activity, and rising home equity all support our expectation that pent-up demand remains intact with the broader market expected to begin its recovery in 2027.

同時，我們對本產業長期需求基本面的信心不變。住宅供給結構性不足、千禧世代進入購屋黃金期、老舊房屋存量適合進行翻修，以及房屋淨值上升，皆支持我們的預期：被壓抑的需求仍然完好，且整體市場預期將於 2027 年開始復甦。

When that recovery comes, our goal is for it to be upside to a business we've already made structurally stronger. The strategy is clear, execution is underway, and we're confident this combination positions MasterBrand to deliver meaningful growth.

當復甦到來時，我們的目標是讓它成為一個我們已在結構上強化的業務之上行（upside）。策略清晰、執行已展開，我們有信心這次結合將使 MasterBrand 能夠實現具意義的成長。

Now with that, I'll open up the call to Q&A.

那麼，接下來我將開放問答。

(Operator Instructions) McClaran Hayes, Zelman & Associates.

(接線員指示) McClaran Hayes，Zelman & Associates。

Hey. Thanks. Good evening, guys. Yeah, I guess maybe starting off, it's been about two months now since the merger closed. Can you talk a bit more about what your experience has been in these early days, getting closer to the Woodmark team and starting to integrate the businesses? And maybe a bit more on the cost synergies as well. It seems like the team's off to a really strong start so far. What gave you the confidence to bring that target up with just a few months in the books so far?

嗨。謝謝。各位晚上好。我想先從這裡開始，合併完成到現在大約兩個月了。你們能否多談一些早期的經驗，包括與 Woodmark 團隊更緊密合作、並開始整合兩項業務的情況？也請再多談一些成本協同效益。看起來團隊目前的起步非常強勁。在目前僅有幾個月數據的情況下，是什麼讓你們有信心把目標上調？

Yeah. Thanks, McClaran. I'd say I'd start by saying the teams are working really well together. We're in the same business in a lot of ways, and so there's a lot of commonality. There's some maybe different language and a few different processes, but the team has really come together very well and gotten after the work. I think both teams were ready to go. It was a long wait for the regulatory process, and so I think everyone was just ready to hit the ground running on day one, which was great.

是的。謝謝你，McClaran。我想我會先說，兩邊團隊合作得非常好。我們在很多方面都做的是同一門生意，因此有很多共通點。可能在用語上有些不同、流程也有些差異，但團隊確實非常順利地凝聚在一起並投入工作。我認為兩邊團隊都已準備就緒。監管流程等待了很久，所以我想大家都迫不及待想在第一天就全力以赴，這點非常好。

I think what I've observed, and I've been to most of the legacy American Woodmark factories now. There is a lot of commonality, but there's also some best practices that both companies have come up with on their own.

我認為我所觀察到的，而且我現在幾乎已經走訪過大多數傳統的 American Woodmark 工廠。有很多共通之處，但兩家公司也各自發展出一些最佳實務。

And one of the main tasks for the team is to pick those best processes from each company and then spread those to the other side if you will. Where there's differences that maybe don't make sense, then let's figure out what's better and go from there. And so if you think about the work that the team is doing. It starts with a lot of that. It's looking at how we do things.

而團隊其中一項主要任務，就是把各家公司最好的流程挑出來，然後把這些做法推廣到另一邊。如果有些差異可能不太合理，那我們就找出哪個更好，並以此為基礎往前走。所以如果你想想團隊正在做的工作。很多都是從這些開始。就是在檢視我們做事的方法。

There's a couple of examples where we've already adopted some processes that the legacy American Woodmark team implemented, and they're working really well across the broader enterprise. Obviously, when you're changing a large process, it takes time. So I wouldn't say there's a ton of those yet, but we've certainly identified quite a few.

有幾個例子是我們已經採用了傳統 American Woodmark 團隊所導入的一些流程，而且在更廣泛的企業範圍內運作得非常好。當然，當你要改變一個大型流程時，是需要時間的。所以我不會說目前已經有很多這樣的案例，但我們確實已經辨識出不少。

When it comes to the synergies, obviously, we had a really strong plan from what we could look at as independent teams prior to the close. Once we closed, that team really hit the ground. The entire integration team hit the ground running and really just sat down and started putting numbers down on a page to compare to what we thought versus the reality.

談到綜效，顯然在交割完成之前，我們以各自獨立團隊的角度所能看到的部分，就已經有一個非常強的計畫。交割完成後，那個團隊立刻展開行動。整個整合團隊迅速上手，坐下來開始把數字寫在紙上，拿我們原先的假設與實際情況做比較。

And I think we found more opportunities there, and I think none the least of which is we've recalibrated our view of where we think the market is over the last nine months. And I think it's unfortunately different. And so we have more capacity that we need to take out.

我認為我們在那裡發現了更多機會，其中很重要的一點是：過去九個月我們重新校準了對市場狀況的看法。而且不幸的是，我認為情況有所不同。因此我們有更多產能需要退出。

I think we're just looking at the business holistically here and being realistic about what we can afford. And the teams are going through that methodically to right-size the cost of the entire business. And that's the primary mission over the next couple of years.

我想我們是在以整體角度審視這門業務，並務實看待我們負擔得起什麼。團隊正有系統地推進，將整體業務的成本調整到合適規模。這將是未來幾年的主要任務。

Awesome. Thanks. And I guess maybe how have conversations been with your customers so far? I think you hinted at it in your prepared remarks, but do you see the potential for any revenue synergies as you go to market with this combined product portfolio? Are there any channels where you think that might be a more near-term target versus other channels?

太好了。謝謝。我想再問一下，到目前為止你們和客戶的對話進展如何？我想你在事先準備的發言中有提到一些，但當你們以這個合併後的產品組合推向市場時，你是否看到任何營收綜效的可能性？有沒有哪一些通路你認為會是較近期的目標，相較於其他通路？

Yeah. I've met with several customers through this period, and I think that the conversations have been good. I think it does take time for things to develop. They want to understand what we bring to the table as a combined enterprise, which we're in the process of building that picture for them.

有。這段期間我和幾位客戶見過面，我認為對話都很不錯。我想事情的發展確實需要時間。他們想了解我們作為合併後企業能帶來什麼，而我們也正在為他們建立那個整體圖像。

I think early days, I think in the new construction paths to market that we have, I think we've demonstrated over the past couple -- I'd say 1 year, 1.5 years, that the MasterBrand approach that allows for a broader set of paths to market has been successful.

我認為在初期，在我們所擁有的新建案市場進入路徑上，我想我們在過去幾個——我會說 1 年到 1.5 年——已經證明 MasterBrand 的做法能提供更廣泛的市場進入路徑，而且是成功的。

And I think that there's opportunity there to take what is a great team from the legacy Woodmark side, great products, work with those products, perhaps introduce different products selection into their model, but also take a look at how they're going to market and really using what we call a more flexible model of how you address the customer needs.

我認為那裡有機會把傳統 Woodmark 端很棒的團隊、很棒的產品帶進來，與這些產品合作，或許把不同的產品選擇導入他們的模式；同時也檢視他們的市場進入方式，真正運用我們所稱更具彈性的模式來回應客戶需求。

And I think that's really a big area of focus for us because I think they have not performed as well as the market in that particular portion of the market. And we want to go and gain that back. And I think that's going to be job one.

我認為這會是我們非常重要的聚焦領域，因為我認為他們在那一塊市場的表現沒有跟上整體市場。而我們希望把那部分拿回來。我認為那將是首要任務。

Elsewhere, I think things take time. The home centers don't move really fast. I mean, they have both companies in their stores. We want to help them organize and make that easier for the consumer. That's a primary goal and help them sell more.

在其他方面，我認為事情需要時間。家居賣場（home centers）的動作不會很快。我的意思是，他們的門市裡同時有兩家公司的產品。我們希望協助他們做整理，讓消費者更容易選購。這是主要目標之一，也能幫助他們賣得更多。

And then in the dealer network, it's really much like with Supreme, bringing our product portfolio together in the most logical way takes a lot of time. It takes time to train your sales force. We've already started that, but those will develop more over years rather than months. But I think that's the order in which we're thinking of things.

至於經銷商網路，這其實很像我們與 Supreme 的情況：以最合乎邏輯的方式把產品組合整合在一起需要很多時間。也需要時間訓練銷售團隊。我們已經開始做了，但這些會以「年」為單位逐步發展，而不是以「月」為單位。不過我想這就是我們思考的優先順序。

Makes sense. Thank you.

了解。謝謝。

(Operator Instructions) Steven Ramsey, Thompson Research Group.

(接線員指示) Steven Ramsey，Thompson Research Group。

Hi. Good evening, everyone. I wanted to start with the core MasterBrand's performance in the builder channel. Said you're outperforming there, which is good to see, can you talk about how you're able to do this and is there any connection to Woodmark's struggles in the channel being connected to your success?

嗨。各位晚上好。我想先從 MasterBrand 核心業務在建商通路的表現談起。你提到你們在那裡表現優於市場，這很高興看到；你能談談你們如何做到這點嗎？另外，Woodmark 在該通路的困境是否與你們的成功有任何關聯？

Yeah. I think if you if you remember we go to market with a combination of direct-to-builders and distribution and I think that for a variety of reasons, builders like that model, and I think that's -- we're going to lean into that with the combined enterprise. And I think there's also some product differences, and again, if you talk about things that we knew, but we didn't know all the details, I think there's opportunity there with the Timberlake product as an example where there's been a lot of trade down on the market and that's -- you have to move with that.

是的。我想如果你記得，我們的市場進入方式結合了直接面向建商（direct-to-builders）以及經銷/分銷（distribution）；我認為基於多種原因，建商喜歡這種模式，而我們也會在合併後的企業中更積極採用這個模式。我認為也存在一些產品差異；同樣地，如果談到我們原本知道一些事情但不知道所有細節，我認為以 Timberlake 產品為例就有機會——市場上出現了很多消費降級（trade down），而你必須跟著那個趨勢調整。

I think our team has done a nice job of flexing with that, albeit, they're a lower price point product obviously, and we have some work to do there to bring the performance of that product line and that group of products back to where it was several years ago. But I think there's a lot of lessons we've learned over the last 12 months on how to navigate the current market conditions that I think the combined enterprise can really benefit from.

我認為我們的團隊在因應這點上做得很好，雖然那畢竟是較低價位帶的產品；而我們也還有一些工作要做，讓那條產品線以及那一組產品的表現回到幾年前的水準。但我認為過去 12 個月我們在如何應對當前市場環境方面學到很多經驗，而合併後的企業可以從中獲益良多。

Okay. That's helpful. If you think two, three years down the road, and maybe this is an Investor Day topic, but when you think about the potential sales benefit, do you think the new construction market offers more opportunity than through the dealer channel as you get it a couple years down the road?

好的。這很有幫助。如果你把時間拉到兩、三年後，也許這會是投資人日的議題，但當你思考潛在的銷售增益時，你是否認為新建案市場相較於經銷商通路，在未來幾年會提供更多機會？

I don't know if it's more. I think it's sooner. So maybe we'll address that in more detail, as you said, in Investor Day. But I think it's a less fragmented market. So those are you can target things easier when there's less fragmentation. But by the same token, the dealer R&R market is larger. And so there's the population opportunity is larger. So I think I wouldn't -- I'm not in a position today to scope the size of each, but I think it's more of a timing question.

我不確定是不是「更多」。我認為是「更快」。所以也許如你所說，我們會在投資人日更詳細說明。但我認為那是一個較不分散的市場。因此當市場分散度較低時，你更容易鎖定目標。但同時，經銷商的翻新與改裝（R&R）市場規模更大。所以可觸及的客群機會更大。因此我想我今天不會去界定兩者各自的規模，但我認為這更像是時點（timing）問題。

Okay. And then lastly for me, make sure I heard you correctly and understand this correctly, the second half guide for Woodmark was $730 million of sales and EBITDA around $20 million. That points to a margin that's a little bit lower than what they contributed in the second quarter.

好的。最後就我這邊，確認我是否正確聽到並理解：Woodmark 下半年指引為銷售額 7.30 億美元、EBITDA 約 2,000 萬美元。這意味著利潤率略低於他們在第二季的貢獻。

Maybe you can connect the dots here, make sure I've got my numbers right, and the margin gains you expect in the second half for Woodmark.

也許你可以把這些關聯起來，確認我的數字沒錯，以及你們預期 Woodmark 下半年利潤率改善的幅度。

Yeah. Maybe I'll say a couple of things and then maybe Andi can fill in. We only disclosed the June -- effectively the last 32 days of the quarter where we were a combined entity. And if you look at that margin, about $126 million in sales, $4 million of EBITDA, it's roughly on par with what you're seeing in the second half. And that's where we think we are and we've got some work to do there. It's not what we expected. I think the business can perform better than that, but we've got some work to do there.

是的。我先說幾點，然後也許 Andi 可以補充。我們只揭露了 6 月——實際上是該季度最後 32 天——也就是我們作為合併後實體的期間。如果你看那段期間的利潤率，約 1.26 億美元的銷售額、400 萬美元的 EBITDA，大致與你在下半年看到的水準相當。這就是我們認為目前所處的位置，而我們還有一些工作要做。這不是我們原先預期的。我認為這個業務可以表現得更好，但我們確實還有一些工作要做。

Is there anything else, Andi?

Andi，還有其他要補充的嗎？

You got it. That's right.

你說得沒錯。是的。

Okay. Excellent. Thank you.

好的。非常好。謝謝。

Thank you.

謝謝。

Jeffrey Stevenson, Loop Capital.

Jeffrey Stevenson，Loop Capital。

Hi. Thanks for taking my questions today and all the detail around the merger with Woodmark. It's been very helpful. But as you're looking at the back half of the year, are you expecting the trade down to lower price cabinetry to continue at a similar rate as the first half? Are you seeing any signs of stabilization and mix as we stand here in early August?

嗨。感謝今天回答我的問題，也謝謝你們提供關於與 Woodmark 合併的所有細節。這非常有幫助。不過當你們看今年下半年時，你們是否預期「往較低價位櫥櫃產品的降級消費（trade down）」會以與上半年相近的速度持續？以我們現在在 8 月初所見，你們是否看到組合（mix）有任何穩定的跡象？

Yeah. I think the trend that we're on is going to continue and I think that we will start annualizing that in the fourth quarter. That's when we really started seeing a market difference last year. And again like we talked a little bit about -- we've had to reorganize the supply chain around inflation, around tariffs. There's been pricing involved in that.

是的。我認為我們目前所處的趨勢會持續下去，而且我認為我們會在第四季開始把這個影響年化。那是去年我們真正開始看到市場出現差異的時候。再者，就像我們稍早談到的——我們必須因應通膨、因應關稅而重新調整供應鏈。這當中也涉及定價。

And now as a combined enterprise, I think we have the opportunity to rethink that portion of the market if this is the new -- and I think there's going to be a portion of this market that's always going to look for this lower price point product.

而現在作為合併後的企業，我認為如果這是新的常態，我們有機會重新思考這一段市場；而且我認為這個市場中會有一部分消費者永遠都會尋找這種較低價位的產品。

And when you change your supply chain so drastically over a short period of time, you do it for speed, you do it for certain optimizations, but I think there's better choices we can make and that's the beauty of having this larger enterprise is that we've got good ideas on both teams and we're going to be implementing those over the next couple of periods.

當你在短時間內如此大幅改變供應鏈時，你可能是為了速度、為了某些最佳化而做，但我認為我們可以做出更好的選擇；而擁有更大的企業規模之美就在於，我們兩個團隊都有很好的想法，並且會在接下來幾個期間把這些想法落實。

And that'll prepare us. Our thought is that and our belief is that as the market returns, you still do compete on features and consumers want more features when they're healthier. But we're in this mode for a bit of time here and we've got to be prepared for that. And so we're going to do that as well.

這也會讓我們做好準備。我們的想法與信念是：當市場回溫時，你仍然會在功能（features）上競爭，而當消費者狀況更健康時，他們會想要更多功能。但我們在這種模式下還會維持一段時間，我們必須為此做好準備。所以我們也會這麼做。

It doesn't preclude us from having the features down the road nor the capacity down the road to handle that. But I think in the near term, we've got to be prepared for this and that requires some change.

這並不會排除我們未來提供更多功能的能力，也不會排除我們未來具備相應產能來承接需求。但我認為短期內我們必須為此做好準備，而這需要一些改變。

Understood. Thanks for that, Dave. And then that's encouraging to hear. You all said tariffs on a dollar-for-dollar basis of what was there. But at a high level, how should we think about price cost given the additional tariff changes we've seen in the market and higher energy prices? Just how we should think about overall price cost during the back half of the year?

了解。謝謝你，Dave。聽起來也令人鼓舞。你們提到關稅是以一美元對一美元（dollar-for-dollar）的方式反映原本的影響。但從更高層次來看，鑑於我們在市場上看到額外的關稅變動以及更高的能源價格，我們應該如何看待價格與成本（price/cost）的走勢？也就是說，下半年整體價格與成本應該如何思考？

Yeah. I think we have some more catch up to do particularly with freight. I call it freight because it's partially fuel, but trucking rates, as Andi highlighted in her remarks, have come up as well for a number of reasons that she outlined.

是的。我認為我們還需要再追趕一些，特別是在運輸方面。我稱之為運輸（freight），因為其中部分是燃料，但如 Andi 在她的發言中所強調的，卡車運價也因她所列舉的多項原因而上升。

And don't forget that petroleum goes into other things, paint being one and resin being another. And so we're still fighting inflation and as we've said many times before, we don't have instantaneous ability to price or to counteract that, and so it takes some time, and that's what you're going to see through the rest of the year here.

另外別忘了，石油也用在其他項目上，例如油漆是一項，樹脂也是另一項。因此我們仍在對抗通膨；而且正如我們之前多次提到的，我們無法即時調價或即時抵消這些影響，所以需要一些時間，而這就是你在今年剩餘時間會看到的情況。

Great. Thank you.

很好。謝謝。

This now concludes our question-and-answer session. Ladies and gentlemen, thank you for joining MasterBrand's second-quarter 2026 earnings conference call. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

現在問答環節結束。各位女士、先生，感謝您參加 MasterBrand 2026 年第二季財報電話會議。今天的電話會議到此結束。請掛斷您的線路，祝您有美好的一天。