Owens Corning (OC) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to Owens Corning's Third Quarter 2025 Earnings Call. My name is Lydia, and I will be your operator today. [Operator Instructions] I'll now hand you over to Amber Wohlfarth, Vice President, Corporate FP&A and Investor Relations, to begin. Please go ahead.

大家好，歡迎參加歐文斯科寧公司2025年第三季財報電話會議。我叫莉迪亞，今天由我來為您接聽電話。[操作員指示] 現在我將把發言權交給公司財務規劃與分析及投資者關係副總裁 Amber Wohlfarth，由她開始。請繼續。

Good morning. Thank you for taking the time to join us for today's conference call and review of our business results for the third quarter 2025. Joining us today are Brian Chambers, Owens Corning's Chair and Chief Executive Officer; and Todd Fister, our Chief Financial Officer. Following our presentation this morning, we will open this 1-hour call to your questions. In order to accommodate as many call participants as possible, please limit yourself to 1 question only. Earlier this morning, we issued a news release and filed a 10-Q that detailed our financial results for the third quarter 2025.

早安.感謝您抽空參加今天的電話會議，並與我們一起回顧2025年第三季的業務成果。今天與我們一同出席的有歐文斯科寧公司董事長兼執行長布萊恩·錢伯斯，以及我們的財務長托德·菲斯特。今天上午的報告結束後，我們將開放1小時的電話會議，回答大家的問題。為了讓盡可能多的通話參與者都能參與，請您只提一個問題。今天早些時候，我們發布了一份新聞稿，並提交了一份 10-Q 表格，詳細介紹了我們 2025 年第三季的財務表現。

For the purposes of our discussion today, we have prepared presentation slides summarizing our performance and results, and we'll refer to these slides during this call. You can access the earnings press release, Form 10-Q and the presentation slides at our website, owenscorning.com. Refer to the Investors link under the Corporate section of our home page, A transcript and recording of this call and the supporting slides will be available on our website for future reference. Now please reference Slide 2 where we offer a few reminders. First, today's remarks will include forward-looking statements that are subject to risks, uncertainties and other factors that could cause our actual results to differ materially. We undertake no obligation to update these statements beyond what is required under applicable securities laws.

為了方便今天的討論，我們準備了演示文稿，總結了我們的業績和成果，我們將在本次電話會議中參考這些演示文稿。您可以在我們的網站owenscorning.com上查閱獲利新聞稿、10-Q表格和簡報。請造訪我們主頁「公司」版塊下的「投資者」連結。本次電話會議的文字記錄和錄音以及相關投影片將在我們的網站上提供，供您日後參考。請參考投影片 2，其中我們提供了一些提醒。首先，今天的發言將包含一些前瞻性陳述，這些陳述受到風險、不確定性和其他因素的影響，可能導致我們的實際結果與預期結果有重大差異。除適用證券法律要求外，我們不承擔更新這些聲明的義務。

Please refer to the cautionary statements and the risk factors identified in our SEC filings for more detail. Second, the presentation slides and today's remarks contain non-GAAP financial measures. Explanations and reconciliations of non-GAAP to GAAP measures may be found in our earnings press release and presentation available on the Investors section of our website, owenscorning.com. Third, financials and metrics for current and historical periods discussed on this call will be for continuing operations, except for capital expenditures and cash flow measures, which include amounts related to glass reinforcement until the closing of the sale of the business. For those of you following along with our slide presentation, we will begin on Slide 4. And now opening remarks from our Chair and CEO, Brian Chambers. Brian?

有關更多詳細信息，請參閱我們向美國證券交易委員會提交的文件中列明的警示聲明和風險因素。其次，簡報和今天的演講中包含非公認會計準則財務指標。有關非GAAP指標與GAAP指標的解釋和調節表，請參閱我們網站owenscorning.com「投資者關係」欄位下的獲利新聞稿和簡報。第三，本次電話會議討論的當前和歷史期間的財務數據和指標均指持續經營期間的數據，但資本支出和現金流量指標除外，後者包括與玻璃纖維增強材料相關的金額，直至業務出售完成。對於正在觀看我們幻燈片演示的各位，我們將從第 4 張幻燈片開始。現在由我們的董事長兼執行長布萊恩·錢伯斯致開幕詞。布萊恩？

Thanks, Amber. Good morning, everyone, and thank you for joining us today. During our call, I'll provide an overview of our third quarter results and our work to continue outperforming the market in the near term while investing to strengthen and grow our company for the future. Todd will then provide more detail on our financial performance and I'll come back to discuss what we're currently seeing in the market and our outlook for the remainder of the year. In the third quarter, we delivered solid results despite challenging market conditions, demonstrating the strength and agility of our team and the power of our operating model. Because of the strategic choices and structural improvements we have made, the new Owens Corning continues to operate with greater efficiency outperforming prior cycles. I'll share more about our financial performance in a moment, but first, I'll begin with safety.

謝謝你，Amber。各位早安，感謝大家今天收看我們的節目。在電話會議中，我將概述我們第三季的業績，以及我們為在短期內繼續跑贏市場，同時進行投資以加強和發展公司未來所做的工作。接下來，Todd 將詳細介紹我們的財務業績，之後我將回來討論我們目前在市場上看到的情況以及我們對今年剩餘時間的展望。第三季度，儘管市場環境充滿挑戰，我們仍然取得了穩健的業績，這展現了我們團隊的實力和敏捷性以及我們營運模式的強大力量。由於我們做出了戰略選擇和結構改進，新的歐文斯科寧公司持續高效運營，業績超越了以往的周期。稍後我會詳細介紹我們的財務業績，但首先，我想先談談安全性。

In October, we celebrated our annual manufacturing appreciation month, which includes recognizing our teams for their unconditional commitment to safety as they produce the high-quality products our customers rely on. That ongoing commitment was reflected in our third quarter safety performance where our recordable incident rate was 0.56. Financially, in the quarter, we generated $2.7 billion in revenue and $638 million in adjusted EBITDA, delivering an adjusted EBITDA margin of 24%. We also generated strong cash flow and continued to return capital to shareholders through dividends and share repurchases. Through the first 3 quarters of the year, we have returned over $700 million of the $2 billion we committed to returning over this year and next.

10 月份，我們慶祝了年度生產人員感謝月，表彰我們的團隊在生產客戶所依賴的高品質產品時，對安全做出的無條件承諾。這項持續的承諾體現在我們第三季的安全業績上，我們的可記錄事故率為 0.56。財務方面，該季度我們創造了 27 億美元的營收和 6.38 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 24%。我們也產生了強勁的現金流，並透過股利和股票回購繼續向股東返還資本。今年前三個季度，我們已經返還了超過 7 億美元，而我們承諾在今年和明年返還的金額為 20 億美元。

This performance reflects our disciplined capital allocation and confidence in our ongoing cash-generating capabilities. Our financial results continue to reflect our ability to perform at a high level in challenging market conditions as we see weakening residential trends in the U.S. impacting our volumes in both repair and remodel and new construction product lines. In Roofing, market demand in the quarter was impacted by a uniquely quiet storm season with no named storms making landfall in the U.S. in the third quarter for the first time in a decade. In Insulation, we saw our nonresidential and European markets remain relatively stable but continue to see the impact of slower housing starts in our residential Insulation business.

這項業績反映了我們嚴謹的資本配置和對自身持續現金流創造能力的信心。儘管美國住宅市場趨勢疲軟，影響了我們在維修改造和新建產品線的銷量，但我們的財務業績仍然反映了我們在充滿挑戰的市場環境下保持高水準業績的能力。在屋頂工程方面，本季市場需求受到異常平靜的風暴季的影響，十年來首次，第三季沒有命名風暴在美國登陸。在保溫材料方面，我們看到非住宅和歐洲市場保持相對穩定，但住宅保溫材料業務繼續受到房屋開工速度放緩的影響。

Despite these weakening residential trends, both businesses continue to benefit from the structural improvements made over the past several years. In fact, when we compare today's results to similar market conditions seen over the past 10 years, we have improved margins by over 500 basis points in both our Roofing and Insulation businesses. In our Doors business, volumes continue to be impacted by both slower discretionary spending and repair and remodel and weaker new construction activity, resulting in lower-than-expected earnings. Even with these headwinds, we continue to make good progress on achieving the anticipated cost and operational synergies and are beginning to see the benefits of our unique commercial position working with common customers. While I'm disappointed in the current financial performance, I am pleased with how our team is responding to position the business for long-term success and remain confident in our ability to achieve our margin and cash flow goals for the business.

儘管住宅市場趨勢疲軟，但這兩家企業仍然受益於過去幾年進行的結構性改進。事實上，如果我們把今天的業績與過去 10 年類似的市場情況進行比較，我們的屋頂和保溫業務的利潤率都提高了 500 多個基點。在我們的門業業務中，銷售持續受到可自由支配支出、維修和改造活動放緩以及新建活動疲軟的影響，導致收益低於預期。即使面臨這些不利因素，我們在實現預期的成本和營運綜效方面仍然取得了良好進展，並且開始看到我們與共同客戶合作的獨特商業地位帶來的好處。雖然我對目前的財務表現感到失望，但我對我們的團隊為公司長期成功所做的應對感到滿意，並且仍然對我們實現公司利潤率和現金流目標的能力充滿信心。

In fact, across all three businesses, we see revenue and margin growth potential driven by our execution and the favorable long-term secular tailwinds in North America and Europe, two of the largest and most attractive building products markets globally. In the U.S., mortgage rates are slowly coming down, improving housing affordability, which we expect to trigger residential market activity as we move through 2026. We also see increasing investments in several nonresidential segments, including data centers, manufacturing and energy. And in Europe, macro indicators continue to improve, which will lead to growth, particularly in the nonresidential sector. Our financial performance to date and into the future, reflects the strength of the company we've built, one that can sustain annual EBITDA margins above 20% even as markets fluctuate. In the near term, we will continue to be disciplined operators focused on our cost, our customer share and our capital allocation. We will leverage our structurally improved cost positions that we have achieved through network optimization and operational efficiencies, while making strategic investments that strengthen our market-leading positions and support our growth.

事實上，在所有這三個業務領域，我們都看到了收入和利潤成長的潛力，這得益於我們的執行力以及北美和歐洲（全球最大、最具吸引力的兩大建築產品市場）有利的長期發展趨勢。在美國，抵押貸款利率正在緩慢下降，提高了住房負擔能力，我們預計這將刺激住宅市場在 2026 年的活躍度。我們也看到，在包括資料中心、製造業和能源在內的多個非住宅領域，投資也不斷增加。在歐洲，宏觀經濟指標持續改善，這將帶動經濟成長，尤其是在非住宅領域。我們迄今為止的財務表現以及未來的發展前景，都反映了我們所建立的公司的實力，即使市場波動，我們也能保持年度 EBITDA 利潤率在 20% 以上。短期內，我們將繼續保持嚴謹的營運作風，專注於控製成本、擴大客戶份額和優化資本配置。我們將利用透過網路優化和營運效率提升而實現的結構性成本優勢，同時進行策略性投資，以鞏固我們的市場領先地位並支持我們的成長。

In Roofing, this includes unlocking efficiencies and creating network flexibility through ongoing debottlenecking efforts, the successful start-up of our new laminate shingle line in Medina earlier this year and the future addition of a new plant located in the Southeast, the largest asphalt shingle region in the country. This facility, which will be built in Alabama, will include leading technology and have the capacity to produce approximately 6 million squares of laminate shingles annually, enhancing service across our network. As we continue to invest for growth in Roofing, we're also building loyalty and demand through our industry-leading contractor engagement model. Since the beginning of the year, our contractor network has grown by about 9%, with that growth accelerating throughout the year, reflecting our unparalleled commercial strength and the value we create for our customers. In Insulation, the strategic investments we have made give us more balanced end market exposure across residential and nonresidential applications and we continue to make structural improvements to maintain a winning cost position, such as our new state-of-the-art fiberglass line in Kansas City, which will provide us with the low-cost flexible production line capable of serving both nonresidential and residential customers, depending on market demand. We're also capitalizing on the growing demand in both residential and commercial applications for XPS foam with a new low-cost plant in Arkansas.

在屋頂領域，這包括透過持續的消除瓶頸工作來提高效率和創造網路靈活性，今年稍早在梅迪納成功啟動了新的複合瓦生產線，以及未來在東南部（全國最大的瀝青瓦產區）增設一家新工廠。該工廠將建在阿拉巴馬州，將採用領先技術，每年可生產約 600 萬平方英尺的複合瓦，從而提升我們整個網路的服務水準。隨著我們不斷增加對屋頂業務的投資以實現成長，我們也透過業界領先的承包商合作模式來建立客戶忠誠度和市場需求。自年初以來，我們的承包商網路成長了約 9%，而這一成長勢頭在全年持續加速，這反映了我們無與倫比的商業實力以及我們為客戶創造的價值。在保溫材料領域，我們進行的策略性投資使我們在住宅和非住宅應用領域擁有更加均衡的終端市場覆蓋面，並且我們不斷進行結構性改進以保持競爭優勢，例如我們在堪薩斯城新建的最先進的玻璃纖維生產線，該生產線將為我們提供低成本、靈活的生產線，能夠根據市場需求服務於非住宅和住宅客戶。我們也利用住宅和商業應用領域對 XPS 泡沫日益增長的需求，在阿肯色州新建了一家低成本工廠。

We recently celebrated the grand opening of this facility which is on track to be fully operational in early 2026. In Doors, we're capturing cost synergies and applying the same commercial and operational playbook that has driven success in Roofing and Insulation. Over one year into the integration, we have line of sight to achieving all of the $125 million in enterprise cost synergies we committed to by the end of year to have ownership. In addition, we have identified an additional $75 million of structural cost savings through operational improvements and plant consolidations, giving us a lower cost position to leverage as volumes increase. We're also starting to see the benefit of our commercial strength as we expand the success of our contractor engagement model in Roofing to shape the PINK Advantage dealer program in our Doors business. Through this program, we can serve more than 4,000 small privately owned dealers across the U.S. while creating downstream demand and product pull-through distribution. We are seeing acceleration in dealer sign-ups and have increased the membership count by more than 35% this year. In addition, we are starting to see the power of our enterprise retail capabilities, creating new opportunities for Doors in home centers by leveraging our highly recognized and valued brand with homeowners and small contractors, as well as our in-store service and merchandising capabilities. By utilizing the unique capabilities of the OC advantage in Doors, we are positioning the business for increased revenue and margin growth.

我們最近慶祝了該設施的盛大開幕，該設施預計將於 2026 年初全面投入營運。在門業領域，我們正在利用成本協同效應，並應用在屋頂和保溫領域取得成功的相同商業和營運策略。整合一年多來，我們預計在年底前實現我們承諾的 1.25 億美元企業成本協同效應，從而獲得所有權。此外，我們還透過營運改善和工廠整合，確定了額外的 7,500 萬美元結構性成本節約，這使我們在銷售成長時擁有更低的成本優勢。隨著我們在屋頂工程領域成功推廣承包商合作模式，並以此為基礎在門業領域打造 PINK Advantage 經銷商計劃，我們也開始看到自身商業實力帶來的好處。透過該計劃，我們可以為全美 4000 多家小型私人經銷商提供服務，同時創造下游需求和產品拉動式分銷。我們看到經銷商註冊數量正在加速成長，今年會員數量成長超過 35%。此外，我們開始看到我們企業零售能力的強大力量，利用我們備受認可和重視的品牌（面向房主和小承包商）以及我們的店內服務和商品銷售能力，為家居中心的 Doors 創造了新的機會。透過利用 OC 在 Doors 領域的獨特優勢，我們正在為業務實現更高的收入和利潤成長做好準備。

Through our reshaped product and geographic focus, we built a company powered by three market-leading businesses with multiple opportunities to win and grow. In line with our building products focused strategy, we continue to make progress on the divestiture of our glass reinforcements business, targeting completion by the end of the year as we work through closing and regulatory approvals. Before turning it over to Todd, I would like to thank and congratulate my Owens Corning colleagues for their role in our most recent recognition. We have been named to the 100 Best Corporate Citizens list which ranks the largest publicly traded U.S. companies on their environmental, social and governance performance and transparency.

透過重新調整產品和地理重點，我們打造了一家由三個市場領先業務驅動的公司，擁有眾多獲勝和發展的機會。為配合我們以建築產品為中心的策略，我們繼續推動玻璃纖維增強材料業務的剝離，目標是在年底前完成，同時我們也在努力獲得交割和監管部門的批准。在將發言權交給托德之前，我想感謝並祝賀我的歐文斯科寧同事們，感謝他們在我們最近獲得的認可中所發揮的作用。我們榮登「100家最佳企業公民」榜單，該榜單根據美國最大的上市企業在環境、社會和治理方面的表現和透明度進行排名。

Owens Corning ranked third, marking our eighth consecutive year in the top 10 and reflecting our commitment to doing business the right way. Overall, for the quarter, we delivered solid results in a challenging environment, outperforming previous cycles and operating with greater efficiency and resiliency. Our durable margins and strong cash generation reflect the power of our operating playbook and the strength of our market positions. As we navigate near-term market dynamics and seasonal inventory controls, we remain committed to serving our customers, maximizing our performance and investing in the growth of the enterprise, creating multiple paths to deliver long-term value. With that, I'll turn it over to Todd.

歐文斯科寧排名第三，這是我們連續第八年進入前十名，也體現了我們致力於以正確的方式開展業務的承諾。總體而言，本季我們在充滿挑戰的環境下取得了穩健的業績，超越了以往的周期，並且營運效率和韌性更高。我們穩定的利潤率和強勁的現金流反映了我們營運策略的有效性和我們強大的市場地位。在應對近期市場動態和季節性庫存控制的同時，我們始終致力於服務客戶、最大限度地提高績效、投資企業發展，並創造多種途徑來實現長期價值。接下來，我將把麥克風交給托德。

Thank you, Brian, and good morning, everyone. As Brian said, our performance in the third quarter demonstrates the impact of our structural improvements in portfolio transformation, delivering more resilient earnings in challenging markets. I'd now like to turn to Slide 5 to discuss the results for continuing operations for the quarter. In the third quarter, we continued to build on a strong first half and execute well despite weaker end markets. While revenue decreased 3% over prior year as a result of lower volumes, we still generated adjusted EBITDA of $638 million and adjusted EBITDA margins of 24%. In the quarter, we had adjusting items of $784 million primarily due to a noncash goodwill impairment charge in our Doors business of $780 million.

謝謝你，布萊恩，大家早安。正如布萊恩所說，我們第三季的業績表明，我們在投資組合轉型方面進行的結構性改進產生了影響，在充滿挑戰的市場中實現了更具韌性的盈利。現在我想翻到第 5 張投影片，討論本季持續經營業務的業績。第三季度，我們延續了上半年強勁的勢頭，儘管終端市場疲軟，但依然保持了良好的執行力。雖然由於銷售下降，營收比前一年下降了 3%，但我們仍然實現了 6.38 億美元的調整後 EBITDA 和 24% 的調整後 EBITDA 利潤率。本季度，我們有 7.84 億美元的調整項目，主要是由於我們的 Doors 業務產生了 7.8 億美元的非現金商譽減損費用。

This impairment is driven by updates to the macro assumptions in our accounting valuation model due to near-term market weakness, not a change in our longer-term view of the earnings potential of the business. Adjusted earnings per diluted share for the third quarter were $3.67. Turning to Slide 6. Free cash flow for the quarter was $752 million compared to $558 million in the same period last year. We benefited from disciplined working capital management as well as lower cash taxes as a result of the tax bill updates earlier this year, which more than offset the impact of higher capital investments. We continue to invest in capital projects at elevated levels in the near term to drive improvement in long-term efficiency and growth. As a result, capital additions for the quarter were $166 million, up $25 million from the same quarter prior year. Our return on capital was 13% for the 12 months ending September 30, 2025.

此次減損是由於近期市場疲軟，導致我們會計估值模型中的宏觀假設更新，而不是我們對公司長期獲利潛力的看法發生了變化。第三季調整後每股攤薄收益為 3.67 美元。請翻至第 6 張投影片。本季自由現金流為 7.52 億美元，去年同期為 5.58 億美元。由於今年稍早稅法更新，我們受益於嚴格的營運資金管理以及較低的現金稅，足以抵消更高的資本投資帶來的影響。近期我們將持續加大資本項目的投資，以推動長期效率和成長的提升。因此，本季新增資本為 1.66 億美元，比去年同期增加了 2,500 萬美元。截至 2025 年 9 月 30 日的 12 個月，我們的資本報酬率為 13%。

As a reminder, at our Investor Day earlier this year, we gave a long-term target of mid-teens or better return on capital. While currently below mid-teens due to the Doors acquisition, there is no change to our long-term target. At quarter end, the company had debt-to-EBITDA of 2x at the low end of our targeted range of 2 to 3x. During the third quarter, we returned $278 million to shareholders through share repurchases and dividends. We repurchased common stock for $220 million and paid a cash dividend totaling $58 million. Year-to-date through the third quarter, we've returned more than $700 million to shareholders and we are on track to meeting our commitment of returning $2 billion to shareholders between 2025 and 2026. Our capital allocation strategy remains focused on generating strong free cash flow, delivering mid-teens returns on capital, returning cash to shareholders and maintaining an investment-grade balance sheet while we invest in attractive capital projects for growth. Our capital allocation strategy is focused on compounding long-term value for shareholders. Now turning to Slide 7, I'll provide additional details on our segment results. Starting with our Roofing business.

再次提醒大家，在今年稍早的投資者日上，我們給了長期資本報酬率達到15%或更高的目標。雖然由於收購 Doors 而目前股價低於 15 倍，但我們的長期目標並沒有改變。季度末，該公司債務與 EBITDA 比率為 2 倍，處於我們目標範圍 2 至 3 倍的低端。第三季度，我們透過股票回購和分紅向股東返還了 2.78 億美元。我們以 2.2 億美元的價格回購了普通股，並支付了總計 5,800 萬美元的現金股利。今年截至第三季末，我們已向股東返還超過 7 億美元，我們預計將實現 2025 年至 2026 年間向股東返還 20 億美元的承諾。我們的資本配置策略仍專注於產生強勁的自由現金流，實現兩位數以上的資本回報率，向股東返還現金，並在投資於有吸引力的資本項目以實現增長的同時，保持投資級的資產負債表。我們的資本配置策略著重於為股東創造長期價值。現在請看第 7 張投影片，我將提供我們細分市場結果的更多細節。首先從我們的屋頂工程業務說起。

Our results in the third quarter continue to demonstrate the power of our contractor engagement strategy and vertically integrated cost position to outperform the market and deliver resilient earnings. Sales in the third quarter were $1.2 billion, up 2% from prior year. In the quarter, revenue growth was driven by positive price realization on our April increase with volumes relatively flat. The U.S. asphalt shingle market on a volume basis was down low double digits compared to the prior year. The big driver of the year-over-year decline was lower storm-related demand.

第三季業績持續證明，我們的承包商合作策略和垂直整合的成本優勢能夠超越市場，並實現穩健的獲利。第三季銷售額為12億美元，較上年同期成長2%。本季度，由於4月漲價帶來的正面價格實現，營收成長得以推動，而銷量則相對平穩。與前一年相比，美國瀝青瓦市場銷量出現了兩位數的下滑。導致同比下降的主要原因是與風暴相關的需求減少。

As Brian shared, for the first time in a decade, no named storms in the Atlantic made landfall in the U.S. Our U.S. shingle volume down slightly outperformed the market as we continue to see good demand for our shingles and ongoing contractor pull-through distribution. We had another strong quarter of EBITDA performance as we navigated a declining shingles market. EBITDA was $423 million for the quarter, up slightly from prior year. Positive price more than offset the impact of cost inflation. Overall, for the quarter, we delivered EBITDA margins of 34%, in line with prior year. Now please turn to Slide 8 for a summary of our Insulation business. In the third quarter, Insulation sustained 20-plus percent EBITDA margins in more difficult markets, showing the impact of the structural improvements we have made.

正如布萊恩所說，十年來首次，大西洋上沒有任何命名風暴在美國登陸。由於市場對我們的瓦片需求旺盛，且承包商持續推進分銷，我們在美國的瓦片銷售量略高於市場平均。儘管面臨屋頂瓦片市場下滑的局面，我們仍然取得了另一個強勁的 EBITDA 季度業績。本季 EBITDA 為 4.23 億美元，較上年同期略有成長。價格上漲帶來的收益足以抵銷成本上漲的影響。總體而言，本季我們的 EBITDA 利潤率為 34%，與去年同期持平。現在請翻到第 8 頁，了解我們保溫材料業務的摘要。第三季度，在市場環境更加艱難的情況下，保溫材料業務仍保持了 20% 以上的 EBITDA 利潤率，這表明我們所做的結構性改進產生了影響。

We continue to deliver results above historical performance in similar markets, highlighting our ability to create value for customers. Q3 revenues were $941 million, a 7% decrease from Q3 last year. The decline was primarily due to lower demand for residential products in North America and the sale of our building materials business in China. In North America residential, we saw volume decline in line with our expectations for fiberglass due to ongoing weakness in demand for residential new construction. In North America nonresidential, revenue was down slightly versus prior year on the timing of projects in the U.S. and Mexico. And in Europe, we continue to see stable markets. Strong operational performance partially offset the impact of lower demand that resulted in additional production downtime as we remain disciplined in inventory management. Insulation delivered EBITDA margins of 23% in the third quarter, resulting in EBITDA of $212 million, down $36 million from prior year. Moving to Slide 9.

我們在類似市場中持續取得高於歷史平均的業績，凸顯了我們為客戶創造價值的能力。第三季營收為 9.41 億美元，比去年第三季下降 7%。業績下滑的主要原因是北美地區對住宅產品的需求下降以及我們在中國出售了建材業務。在北美住宅市場，由於住宅新建需求持續疲軟，玻璃纖維的銷售量出現了與預期相符的下降。北美非住宅業務的收入與前一年相比略有下降，原因是美國和墨西哥的專案進度受到影響。歐洲市場持續保持穩定。強勁的營運表現部分抵消了需求下降導致的額外生產停機時間的影響，因為我們在庫存管理方面保持了嚴格的紀律。第三季度，保溫材料業務的 EBITDA 利潤率為 23%，EBITDA 為 2.12 億美元，比去年同期減少了 3,600 萬美元。切換到第9張投影片。

I'll provide an overview of the Doors business. Overall, the business is responding well to a challenging market. In the quarter, the business generated revenue of $545 million, down 5% from prior year. The decline in revenue was primarily due to lower volumes as the Doors business continues to navigate challenging market conditions for both new residential construction and discretionary repair and remodel. We are also seeing a decline in EBITDA versus prior year as a result of lost leverage. Price cost was negative in the quarter as pricing was down slightly and inflation, primarily tariffs, continues to impact the business. Despite these market headwinds, the integration is progressing well. We are run rating slightly ahead of our $125 million of enterprise synergies. To date, we have captured about 40% of our synergies in Doors and the other 60% across the remainder of the enterprise.

我將概述一下門業業務。整體而言，該企業對充滿挑戰的市場情勢反應良好。該季度，公司營收為 5.45 億美元，比上年同期下降 5%。收入下降主要是由於銷售減少，因為門業業務在新建住宅建設和非必需維修及改造方面都面臨著充滿挑戰的市場環境。由於槓桿作用減弱，我們看到 EBITDA 也比前一年下降。本季價格成本為負值，因為價格略有下降，而且通貨膨脹（主要是關稅）繼續對業務產生影響。儘管面臨這些市場不利因素，整合工作進展順利。我們的業績評級略高於我們1.25億美元的企業綜效預期。迄今為止，我們在 Doors 業務中實現了約 40% 的協同效應，其餘 60% 的協同效應則在企業的其他業務中實現了。

This reflects our ability to scale the OC advantage while applying the same playbook that structurally improve margins and Roofing and Insulation over time. We continue to take actions in support of achieving these savings and driving network optimization, which include the decision we made in the third quarter to close a facility in Texas and another announcement this week to close a facility in Canada. EBITDA for the quarter was $56 million with EBITDA margins of 10%. Overall for the company, there was about $12 million in net impact from tariffs in Q3. Our sourcing and supply chain teams have continued to demonstrate agility and discipline mitigating tariff exposure and preserving margins. We expect net tariff exposure to continue at a similar rate in Q4, with the biggest headwind in the Doors business.

這體現了我們有能力擴大 OC 優勢，同時應用相同的策略，隨著時間的推移，從結構上改善利潤率以及屋頂和隔熱材料。我們將繼續採取行動，以支持實現這些節約並推動網路優化，其中包括我們在第三季度做出的關閉德克薩斯州一家工廠的決定，以及本周宣布關閉加拿大一家工廠的另一項決定。本季 EBITDA 為 5,600 萬美元，EBITDA 利潤率為 10%。第三季度，關稅對公司整體造成的淨影響約為 1,200 萬美元。我們的採購和供應鏈團隊持續展現敏捷性和紀律性，降低了關稅風險，並維持了利潤率。我們預計第四季淨關稅風險敞口將繼續以類似的速度成長，其中門業業務面臨的阻力最大。

As a reminder, last year in Doors, we also saw a $14 million onetime benefit from tariff recovery efforts in Q4 that will not repeat this year. This impact is included in the outlook Brian will share in a moment. Moving on to Slide 10, I will discuss our full year 2025 outlook for key financial items. General corporate EBITDA expenses are expected to be approximately $240 million, at the low end of the range we had previously shared of $240 million to $260 million. We expect our 2025 effective tax rate to be 24% to 26%, anticipate a cash tax benefit of approximately $100 million in the year for the recent tax bill. Capital additions are expected to be approximately $800 million. This level of capital investment reflects the strategic choices we are making to expand capacity and drive improved efficiency. This CapEx continues to include glass reinforcements which is expected to be approximately $80 million in 2025. We expect CapEx to remain elevated in the near term as we work towards completing the high-return capital-efficient projects currently underway. We remain focused on executing our strategy, delivering strong returns and compounding long-term value for our shareholders. Now please turn to Slide 11, and I'll turn the call back to Brian to further discuss our outlook. Brian?

提醒一下，去年在 Doors 業務中，我們也看到了第四季關稅回收措施帶來的 1,400 萬美元一次性收益，而今年不會再出現這種情況。布萊恩稍後將分享的展望中就包含了這一影響。接下來，我將在第 10 張投影片中討論我們對 2025 年全年關鍵財務專案的展望。一般公司 EBITDA 支出預計約為 2.4 億美元，處於我們先前公佈的 2.4 億美元至 2.6 億美元範圍的下限。我們預計 2025 年的實際稅率為 24% 至 26%，預計今年將因最近的稅收法案獲得約 1 億美元的現金稅收優惠。預計新增資本約8億美元。這種規模的資本投資反映了我們為擴大產能和提高效率所做的策略選擇。該資本支出項目繼續包括玻璃纖維增強材料，預計到 2025 年將達到約 8,000 萬美元。我們預計，在短期內資本支出將保持在高位，因為我們將努力完成目前正在進行的高回報、高資本效率的專案。我們將繼續專注於執行我們的策略，為股東帶來強勁的回報並創造長期價值。現在請翻到第 11 張投影片，我會把電話轉回給 Brian，讓他進一步討論我們的展望。布萊恩？

Thank you, Todd. In the third quarter, our team continued to perform well, responding to slowing demand trends in most of our product lines. For the fourth quarter, we expect residential new construction and remodeling to remain challenged, with softer market conditions and customers carefully managing year-end inventory. For nondiscretionary roofing repair activity, we expect the market to be down significantly on lower second half storm activity and Q4 seasonality.

謝謝你，托德。第三季度，我們的團隊持續表現出色，並應對了大多數產品線需求放緩的趨勢。預計第四季住宅新建和改建仍將面臨挑戰，市場環境疲軟，客戶在年底前會謹慎管理庫存。對於非必要屋頂維修活動，我們預計由於下半年風暴活動減少和第四季度季節性因素，市場將大幅下滑。

Nonresidential construction activity in North America is expected to decline slightly and market conditions in Europe are anticipated to gradually improve. As Todd shared, we remain disciplined in our inventory management in this environment. As a result, we will realize additional year-over-year production curtailment in the fourth quarter. Given this near-term outlook, we anticipate fourth quarter revenue for continuing operations to be approximately $2.1 billion to $2.2 billion, down mid- to high teens versus prior year. For adjusted EBITDA, we expect to deliver margins of approximately 16% to 18% for the enterprise. Now consistent with prior calls, I'll provide a more detailed business specific outlook for the fourth quarter. Starting with our Roofing business, we anticipate our revenue to be down mid-20% versus prior year.

預計北美非住宅建築活動將略有下降，而歐洲市場狀況預計將逐步改善。正如托德所說，在這種環境下，我們仍然嚴格執行庫存管理。因此，第四季我們將面臨年比進一步減產。鑑於這種近期前景，我們預計第四季度持續經營業務的收入約為 21 億美元至 22 億美元，比上年同期下降 15% 至 10% 左右。對於調整後的 EBITDA，我們預期企業利潤率約為 16% 至 18%。現在，我將與先前的電話會議保持一致，提供第四季更詳細的業務展望。先從我們的屋頂業務說起，我們預計收入將比前一年下降 20% 左右。

While we typically see a decline in roofing shipments in the fourth quarter due to colder weather, we expect to see a more significant drop this year due to much lower storm activity and a more pronounced reduction in end-of-year inventory levels at distribution versus prior year. Given this environment, we expect a high 20% decline in ARMA market shipments. Based on our strong contractor engagement model, we would expect our volume to decline slightly less than the market overall. We anticipate volume declines for components and nonwovens to be down a similar amount tied to lower demand for shingles. For the quarter, we expect pricing to be up slightly versus prior year, but with ongoing inflation, we anticipate seeing negative price cost for the fourth quarter. We also expect to take additional production curtailment to manage inventory and perform needed maintenance on our production lines, partially offset by productivity. Overall, for Roofing, we expect to generate a mid-20% EBITDA margin in the fourth quarter. Moving on to our Insulation business.

雖然我們通常會在第四季度看到屋頂材料出貨量因天氣轉冷而下降，但我們預計今年的降幅會更大，因為風暴活動大幅減少，而且與前一年相比，年底分銷庫存水準的下降幅度也更大。有鑑於此環境，我們預計 ARMA 市場出貨量將大幅下降 20%。基於我們強大的承包商合作模式，我們預期我們的業務量下降幅度將略小於市場整體水準。我們預計，由於對瓦片的需求下降，零件和不織布的產量也將出現類似的下降幅度。本季我們預計價格將比去年同期略有上漲，但由於通貨膨脹持續，我們預計第四季度價格成本將為負值。我們也預計將進一步削減產量以管理庫存並對生產線進行必要的維護，但部分削減將被生產效率的提高所抵消。總體而言，我們預計屋頂業務第四季的 EBITDA 利潤率將達到 20% 左右。接下來談談我們的保溫材料業務。

We anticipate overall revenue to decline high single digits compared to the prior year, primarily due to a volume decline in North American residential and the sale of our building materials business in China. As a reminder, this business had approximately $130 million of revenue annually. In our North American residential Insulation business, we expect revenue to be down low double digits versus prior year due to lower demand as we work through a step down in housing starts and overall market uncertainty.

我們預計整體收入將比上年下降近兩位數，主要原因是北美住宅銷售下降以及出售我們在中國的建築材料業務。提醒一下，這家公司每年的收入約為 1.3 億美元。由於房屋開工量下降和整體市場不確定性，我們預期北美住宅保溫業務的收入將比前一年下降兩位數，這是因為需求減少所致。

Additionally, we anticipate targeted price moves to result in slightly lower price year-over-year. For North American nonresidential, we expect revenues to be down slightly versus prior year, in line with the declines Todd shared for the third quarter tied to lower project-related demand in North America. And in Europe, we anticipate revenue to be up versus prior year as we see gradual market recovery and currency tailwinds. Overall, for the Insulation business, we expect ongoing cost inflation resulting in negative price cost in the quarter. Additionally, we anticipate strong operational performance and cost controls to largely offset the incremental production curtailment tied to the volume decline from the market pressure in North American Residential. Given all this, we expect EBITDA margin for the Insulation to be slightly above 20%.

此外，我們預計有針對性的價格調整將導致價格同比略有下降。對於北美非住宅業務，我們預計收入將比上年略有下降，這與 Todd 公佈的第三季營收下降一致，原因是北美專案相關需求下降。在歐洲，我們預計收入將比上年有所成長，因為我們看到市場逐步復甦，匯率也向好。整體而言，對於保溫材料業務，我們預期成本將持續上漲，導致本季價格成本為負值。此外，我們預期強勁的營運表現和成本控制將基本抵銷因北美住宅市場壓力導致的產量下降而造成的增量減產。鑑於上述所有因素，我們預計絕緣材料的 EBITDA 利潤率將略高於 20%。

Turning to Doors. We expect our business to continue to be challenged by slower discretionary repair and remodel spending and weaker new construction activity. Also in the quarter, similar to our other residential product lines, we expect to see distributors reduce end-of-year inventories. As a result, we expect revenue in Q4 to decline high single digits versus prior year, driven primarily by lower demand. While we anticipate synergies and cost control realization to continue, we expect EBITDA to be impacted by lower volume and the resulting leverage loss from production curtailment. Additionally, we expect price cost to remain negative with relatively flat pricing and ongoing inflation driven primarily by tariffs.

轉向門。我們預計，由於可自由支配的維修和改造支出放緩以及新建專案活動疲軟，我們的業務將繼續面臨挑戰。同樣在本季度，與我們其他住宅產品線類似，我們預計分銷商將減少年底庫存。因此，我們預期第四季營收將比上年同期下降近個位數，主要原因是需求下降。儘管我們預計協同效應和成本控制將繼續實現，但我們預計 EBITDA 將受到產量下降和由此導致的減產槓桿損失的影響。此外，我們預期價格成本將維持負值，價格相對平穩，通貨膨脹持續，主要受關稅影響。

Overall, for Doors, we expect fourth quarter EBITDA margin of approximately 10%, similar to Q3. With that review of business outlook, I want to close out with a few enterprise comments. Based on this outlook for the fourth quarter, we expect 2025 revenue for the enterprise to be up modestly versus prior year, inclusive of the full year impact of the Doors business. Despite ongoing market challenges throughout the year, we expect to deliver full year EBITDA margin of approximately 22% to 23%. As we finish the year, we remain focused on executing our strategy with discipline, leveraging our reshaped portfolio, structurally advantaged cost position and the unique capabilities of the OC advantage.

總體而言，我們預計 Doors 業務第四季 EBITDA 利潤率約為 10%，與第三季類似。在對商業前景進行上述回顧之後，我想就企業方面發表幾點看法。根據對第四季度的展望，我們預計 2025 年企業收入將比上年略有成長，其中包括 Doors 業務的全年影響。儘管全年市場持續面臨挑戰，但我們預計全年 EBITDA 利潤率將達到 22% 至 23%。值此年末之際，我們將繼續專注於嚴格執行我們的策略，利用我們重新調整後的產品組合、結構性的成本優勢以及 OC 優勢的獨特能力。

These strengths position us well to navigate near-term market pressures, while continuing to invest in the long-term efficiency and growth of our enterprise to achieve the targets shared at Investor Day in May. Moving forward, we remain energized by the opportunities to continue positioning Owens Corning as a best-in-industry performer. We are building a stronger, more resilient company, one that delivers higher earnings and cash flow, creates lasting value for our shareholders and is built to outperform. In closing, I want to recognize the continued dedication and resilience of our global Owens Corning team. Their commitment to safety, operational excellence and customer service is what enables us to perform at such a high level in any market environment. With that, we would like to open the call for questions.

這些優勢使我們能夠更好地應對近期市場壓力，同時繼續投資於企業的長期效率和成長，以實現我們在 5 月份投資者日上分享的目標。展望未來，我們將繼續努力，把握機遇，將歐文斯科寧打造成為業界最佳企業。我們正在打造一家更強大、更有韌性的公司，一家能夠帶來更高收益和現金流、為股東創造持久價值並努力超越競爭對手的公司。最後，我要感謝歐文斯科寧全球團隊的持續奉獻和韌性。他們對安全、卓越營運和客戶服務的承諾，使我們能夠在任何市場環境下保持如此高水準的業績。接下來，我們想向大家徵求問題。

[Operator Instructions] Our first question today comes from Stephen Kim with Evercore ISI.

【操作說明】今天我們的第一個問題來自 Evercore ISI 的 Stephen Kim。

I appreciate all the color. Obviously, a tough market out there. I'm going to focus on Roofing and particularly the margins. I think you've guided for margin -- sorry, pricing in 4Q to be up slightly year-over-year. But we have been understanding that there's some growing pricing pressure sequentially in Roofing. And I'm wondering if you could describe where do you feel more pressure? Is it more prevalent among manufacturing peers, distribution, retail or end users? And how does your pricing strategy generally change if the pressure comes from one channel versus another?

我喜歡這些色彩。顯然，現在的市場競爭非常激烈。我將重點放在屋頂工程，特別是利潤率。我認為您已經對利潤率做出了指導——抱歉，第四季度的定價將比去年同期略有上漲。但我們了解到，屋頂工程的價格壓力正在逐年增加。我想問您，您覺得哪裡壓力更大？這種現像在製造業企業、經銷商、零售商或終端用戶中更為普遍？如果壓力來自一個管道而不是另一個管道，你的定價策略通常會如何改變？

Stephen, thanks for the question. I think pricing has continued to remain positive all year. We've talked about that in terms of our realization. And it's really driven by the value that we're bringing to our contractors and distributors, through our brand, through our innovation, through our commercial strength in the market. So that positioning in the market, that investments we've made to build out all of those capabilities, I think, reflect a strong pricing for our products, and that's retained and been maintained throughout the year. And typically, we see some pricing moves as we close out the year, and we see that more generally in a more normalized roofing market, which clearly we are facing today with limited storm activity, Q4 seasonality, distributors taking a harder look at inventory levels.

史蒂芬，謝謝你的提問。我認為今年的價格走勢一直保持積極態勢。我們已經從認識的角度討論過這個問題。這實際上是由我們透過我們的品牌、創新和市場商業實力，為我們的承包商和經銷商帶來的價值所驅動的。因此，我們在市場上的定位，以及我們為建立所有這些能力所做的投資，我認為都反映了我們產品的強勁定價，而且這種定價在全年都得以維持。通常情況下，我們在年底會看到一些價格波動，而且在更加正常的屋頂市場中，我們更普遍地會看到這種情況，而我們今天顯然正面臨著這樣的市場狀況：風暴活動有限、第四季度季節性因素、分銷商更加嚴格地審視庫存水平。

So in the fourth quarter, particularly, we would normally see some pricing moves to make some pricing moves as distribution adjust their end-of-year inventories. And we've made some of those pricing moves to remain competitive, and those have been very targeted. When we look at pricing actions like that in Roofing or in Insulation or in Doors, we're very targeted. We're very focused regionally. We're very focused on specific product lines. So we've made some of those moves. So I'd say the pricing environment though is fairly typical to what we have seen in past fourth quarter cycles, nothing unusual given any of the distribution changes or any of the consolidation moves out there.

因此，尤其是在第四季度，我們通常會看到一些價格調整，因為分銷商會調整他們的年末庫存。我們採取了一些定價措施來保持競爭力，而且這些措施都非常有針對性。當我們審視屋頂、隔熱或門窗等產品的定價策略時，我們的目標非常明確。我們非常注重區域市場。我們非常專注於特定的產品線。所以我們已經採取了一些措施。所以我覺得目前的定價環境與我們過去第四季週期所看到的相當典型，考慮到分銷管道的變化或市場整合的趨勢，並沒有什麼不尋常之處。

So those are what I would call pretty typical seasonal pressures. And we're still, as we said in our guide, maintaining a positive price in the quarter. But we are seeing some continued inflation. So we're going to have a negative price/cost mix when we take into account the ongoing inflation in the quarter. So in terms of the overall pricing strategy, we remain consistent with how we price our products. We want to be competitive in the market, but we also want to be recognized for the value we bring relative to our brand, our innovation, our service, our commercial skills and capabilities, and that's how we'll continue to price our roofing products and all our products as we go forward.

所以這些就是我所說的非常典型的季節性壓力。正如我們在指南中所說，我們本季仍將保持正向價格。但我們看到通貨膨脹仍在持續。因此，考慮到本季持續的通貨膨脹，我們將面臨價格/成本比為負的情況。因此，就整體定價策略而言，我們對產品的定價方式保持不變。我們希望在市場上保持競爭力，但我們也希望我們的品牌、創新、服務、商業技能和能力所帶來的價值得到認可，這也是我們未來繼續為屋頂產品和所有產品定價的方式。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

In Insulation, I think you discussed North America nonres revenue down slightly in 3Q with the timing of projects, I think you cited. And you also discussed 4Q revenue slightly down. And I'm just wondering if you can give us some background on nonres demand? And are these projects -- are they moving from 3Q to 4Q or '25 to '26 or any further detail on the nonres side?

在保溫材料業務中，我認為您討論了第三季北美非住宅收入略有下降，這與專案進度有關，我認為您也提到了這一點。您還提到第四季度營收略有下降。我想請您介紹一下非資源需求的背景資訊？這些項目——它們是從第三季度推遲到第四季度，還是從 2025 年推遲到 2026 年，或者非住宅項目方面還有其他細節嗎？

Anthony, thank you for the question. I can give more detail in both Q3 and Q4. We're seeing some project delays in both the U.S. and in Mexico. When we think about the delays, we do view it as shifts from quarter-to-quarter, but potentially also shifts from '25 into '26. We've seen some customers in the space share similar data for the commercial and industrial segment that they're also seeing some project delays. So we don't think this is unique to us. We think it's more a broad phenomenon that we're seeing in the industry. We are seeing a bit of a slowdown in construction activity in Mexico, where we do report that through our North American nonres piece of the business. Some of those delays appear to be related to just overall economic activity in Mexico.

安東尼，謝謝你的提問。我可以在第三季和第四季提供更多細節。我們看到美國和墨西哥的一些工程都出現了延誤。當我們考慮延誤時，我們確實將其視為季度之間的變化，但也有可能從 2025 年推遲到 2026 年。我們看到一些商業和工業領域的客戶也分享了類似的數據，他們也遇到了一些專案延期的情況。所以我們認為這並非我們獨有的問題。我們認為這是一種在業界普遍存在的現象。我們看到墨西哥的建築活動有所放緩，我們在北美非房地產業務部分也報告了這一情況。其中一些延誤似乎與墨西哥整體經濟活動有關。

This could be delayed a bit longer into next year. But in the U.S., we think it's more related to just normal kind of delays we see in projects that occur from time to time. So not too unusual relative to what we've often seen.

這件事可能會推遲到明年。但在美國，我們認為這更與工程中偶爾出現的正常延誤有關。所以，相對於我們經常看到的情況來說，這並不算太不尋常。

John Lovallo, UBS.

瑞銀集團的約翰·洛瓦洛。

Maybe just sliding over to the Door segment to round it out here. You took a sizable impairment based on the outlook for the business. However, it does seem like you guys are outperforming your largest peers. So I guess the question is two part. One, do you still think you're gaining share in this business despite the softer market? And then what assumptions within the kind of the fair value analysis changed the most? And should we expect further impairments in the fourth quarter?

或許可以轉到「門」部分來結束這裡的內容。根據企業前景，你提列了相當可觀的減損準備。不過，你們的表現似乎確實優於規模最大的同行。所以我覺得這個問題包含兩個部分。第一，儘管市場疲軟，您是否仍然認為您在這個行業中正在獲得更大的市場份額？那麼，在公允價值分析中，哪些假設發生了最大的變化呢？我們是否應該預期第四季會出現進一步的減損？

Well, John, let me start with some more detail on the impairment itself and then I'll kick it over to Brian to share more on the business and what we're doing from a share standpoint. So as a reminder for everybody, when we finalize goodwill, by definition, there's zero cushion between the value of the goodwill and the assumptions that we have in the model. And then on an accounting basis, if we have triggering events in a quarter, we have to retest that model and all the assumptions. So we did have a triggering event in Q3, which was the revenue decline that we saw.

好的，約翰，讓我先詳細說說減損本身的情況，然後我會把麥克風交給布萊恩，讓他從股份的角度分享更多關於業務和我們正在做的事情。所以提醒大家，當我們最終確定商譽時，根據定義，商譽的價值與我們在模型中所做的假設之間沒有任何緩衝。然後，從會計角度來看，如果一個季度內發生觸發事件，我們必須重新測試該模型及其所有假設。因此，我們在第三季確實遇到了一個觸發事件，那就是我們看到的收入下降。

And when you look at these goodwill models, they're really sensitive to early year dynamics, in particular around market growth rates and then the subsequent impact on our margins. So when we look at the business, we did need to take an impairment in the quarter based on the accounting model. We remain confident that we're going to see margin improvement over time, but the model has put a heavy weight on the near-term results as we discount some of those future year results just as we look at the math of it. So really, from our standpoint, no fundamental change in long term, how we view the business, how we view the earnings potential. It's just we're facing in the near-term market weakness here that is different from what we assumed when we calculated goodwill originally in the models.

當你觀察這些商譽模型時，你會發現它們對年初的動態變化非常敏感，尤其是市場成長率，以及隨後對我們利潤率的影響。因此，當我們審視這項業務時，根據會計模型，我們確實需要在該季度提列減損準備。我們仍然相信隨著時間的推移，利潤率將會提高，但該模型非常重視近期業績，因為我們在進行數學計算時已經對未來幾年的業績做出了一些調整。所以，從我們的角度來看，從長遠來看，我們對業務的看法、對獲利潛力的看法，都不會發生根本性的改變。只是我們目前面臨的短期市場疲軟與我們最初在模型中計算商譽時所假設的情況有所不同。

And John, maybe I'll pick it up from that. I think we continue to stay very focused on the actions we can take to position the business for success in both the near term in this environment and then longer term. We've talked about the ongoing focus on cost synergies. We continue to see good realization there and on track to the $125 million in overall enterprise synergies.

約翰，或許我能從他身上學到點什麼。我認為我們將繼續非常專注於我們可以採取的行動，以使公司在當前環境下短期內以及長期內都能取得成功。我們已經討論過持續關注成本綜效的問題。我們繼續看到這方面取得了良好的成果，並有望實現 1.25 億美元的企業整體綜效目標。

We announced another $75 million of targeted production efficiencies and we're making very good progress on that. And then I talked last quarter on some green shoots that were emerging around some of the commercial opportunities we saw in the market. And I think we continue to see those come through, and I highlighted some of those in the prepared comments. We continue to see great conversion at the lumber dealer level. And these are dealers that are servicing very local communities with a wide variety of products, but inclusive of the doors, and we're seeing some increased interest in positioning as we bring the broad product offering of Owens Corning to these dealers in Roofing, Insulation and Doors that they can take in the market, build their business and grow their business through our brand and our marketing and merchandising capabilities.

我們宣布了另外7500萬美元的專案生產效率提升計劃，目前進展非常順利。上個季度，我談到了我們在市場上看到的一些商業機會中正在湧現的一些積極跡象。我認為我們繼續看到這些現像出現，我在準備好的評論中重點提到了其中的一些。我們持續看到木材經銷商層面的轉換率大幅提升。這些經銷商為當地社區提供各種各樣的產品，包括門窗產品。隨著我們將歐文斯科寧廣泛的屋頂、保溫和門窗產品帶給這些經銷商，我們看到他們對產品定位的興趣日益濃厚。這些經銷商可以利用我們的品牌、行銷和銷售能力，在市場上建立和發展他們的業務。

So we're seeing some business pick up in that -- in that specific area. And then we continue to see a lot of interest across broad distribution around the full product offering we bring and have been able to differentiate ourselves around our service proposition and quality and the teams have done really, really great work to build a really strong value proposition around service and quality that we think is benefiting in the market today. And then the last one I talked about was around the home center.

所以我們看到，在那個特定地區，業務正在好轉。然後，我們看到，在廣泛的分銷管道中，人們對我們提供的全系列產品表現出濃厚的興趣，並且我們已經能夠在服務主張和品質方面脫穎而出，我們的團隊在圍繞服務和品質打造強大的價值主張方面做得非常出色，我們認為這在當今市場上是有利的。最後我談到的是關於家居中心的事。

Again, back to leveraging the OC capabilities, the brand, our merchandising capabilities, we've seen some pickups there and some business opportunities. Unfortunately, a lot of that in the near term is getting overshadowed by the market declines but we do see that accelerating. As we see kind of market volumes pick up as we move into next year, we see some more of those volumes coming through and we think that's going to give us some great incremental operating leverage as we take the business forward.

再次強調，充分利用 OC 的能力、品牌和我們的商品銷售能力，我們已經看到了一些成效和商機。不幸的是，短期內許多因素都被市場下跌所掩蓋，但我們確實看到這種情況正在加速。隨著我們進入明年，市場交易量有所回升，我們認為這將為我們推動業務發展帶來巨大的增量營運槓桿。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

Wanted to zero in on hopefully a couple of areas, if you don't mind. One is, just trying to get a sense and parse out in Roofing and it sounds like a little bit perhaps in Insulation. In terms of the year-over-year revenue expected decline in 4Q, if it's possible to try and break out, how much of that was due to inventory reduction in the channel? And then secondly, in Insulation, maybe if you could just describe what's going on from a pricing standpoint sequentially and if that's something that you would expect to persist into '26 absent any rebound in demand?

如果您不介意的話，我想重點討論幾個方面。一是想了解屋頂工程，二是聽起來有點像隔熱材料。就第四季同比預期收入下降而言，如果可以進行細分，其中有多少是由於通路庫存減少造成的？其次，關於保溫材料，您能否從價格的角度，按時間順序描述一下目前的情況，以及如果沒有需求反彈，這種情況是否會持續到 2026 年？

Mike, let me start with roofing and then I'll have Todd kind of come in on the Insulation front. On the Roofing step down in the quarter, it's probably a combination of three factors that are driving the more substantial kind of decline in the quarterly volumes. One is, as we work through the year, I think we've seen the market resetting to more normalized storm volumes. And we saw that in Q2.

麥克，我先來說說屋頂的事，然後托德再來談談隔熱的問題。本季屋頂工程業務量下降，可能是以下三個因素共同導致的：季度業務量出現較大幅度的下滑。一方面，隨著我們一年工作的推進，我認為我們已經看到市場正在調整，風暴量也逐漸恢復正常。我們在第二季就看到了這一點。

We expected in Q3, we're going to see some declines relative to some lower storm activity versus prior year. In fact, in Q3, we saw really no major storm activity, as we talked about first time in the decade. So we saw that kind of step down more dramatically. So I think in Q4 now, when you look at the big sequential and both -- and the year-over-year decline, I mean best guess is we probably say maybe it's probably half and half, half tied to a bigger step down in storm activity that's limiting volume and about half in terms of more dramatic inventory corrections versus prior year on lower overall demand.

我們預計第三季會出現一些下降，因為與去年同期相比，風暴活動會減少。事實上，正如我們之前所說，第三季我們沒有看到任何重大風暴活動，這是十年來第一次。所以我們看到這種下滑趨勢更加劇烈。所以我認為，在第四季度，當你觀察環比和同比的大下滑時，我最好的猜測是，這大概各佔一半，一半是由於風暴活動大幅減少限制了銷量，另一半是由於整體需求下降導致庫存調整幅度比上年更大。

So as I look at the opportunities in the quarter, it's probably been a few years since we've seen this kind of significant step down, Q4 2022 is probably the last time we saw a pretty weak second half storm year in '22 and we saw that step down in volume. So we have seen these kind of big decreases. That was about a 20% decrease in Q4. This one is a little more impactful, though, because of the lower storm activity we feel. So best view is about half and half. The good news is that inventory reduction generally comes back in the first part of next year as distributors start to restock for the new season. But I think we're going to see a pretty cautious buying behavior across all of our distribution customers to close out this year, given the market uncertainty.

所以，當我審視本季的機會時，我們可能已經好幾年沒有看到如此顯著的下滑了，2022 年第四季可能是我們上一次看到下半年風暴活動比較弱的年份，當時我們看到了風暴量的下降。所以我們已經看到了這種大幅下降的趨勢。第四季下降了約20%。不過，由於我們感受到的風暴活動較弱，這次的影響更大。所以最佳視角大概是各佔一半。好消息是，隨著經銷商開始為新一季補貨，庫存減少的情況通常會在明年上半年恢復。但我認為，鑑於市場的不確定性，今年剩餘時間裡，我們所有分銷客戶的購買行為都會相當謹慎。

Mike, I'll comment on what we're seeing in the Insulation market in Q4 and then sequential pricing in res Insulation. So when we look at the res side of the story in Q4, we are seeing a decline in lagged housing starts in Q4 on a year-over-year basis. We're expecting the market to decline more than the decline in lagged starts. So why is that? Some of that is the mix of single-family versus multifamily. We're seeing a bit weaker mix on the single-family side. But some of that also is just conservative inventory posture as Brian just described on the Roofing side, also in Insulation.

麥克，我將評論我們在第四季度看到的保溫材料市場狀況，以及住宅保溫材料的連續定價情況。因此，當我們查看第四季度的住宅市場情況時，我們發現第四季度滯後房屋開工量比去年同期有所下降。我們預期市場跌幅將大於滯後開盤價的跌幅。這是為什麼呢？部分原因是獨棟住宅與多戶住宅的混合比例。我們看到獨棟住宅市場的組合略顯疲軟。但正如布萊恩剛才在屋頂材料方面所描述的那樣，其中一部分也只是保守的庫存策略，在隔熱材料方面也是如此。

We are in free supply now. There's enough capacity to serve our customers' needs. So there's less of a need for folks to build large inventory positions at year-end. So it's hard to put a specific number on the destocking that we expect. We believe more of it is driven by the slowdown in res housing and just overall demand for the market. But we do think destocking is a part of the story. When we look at pricing in Q3, we made surgical pricing moves on the res side, as we talked about on the last call, targeting specific product lines, specific regions, specific areas where we needed to respond to competitive issues. Overall, though, we expect a relatively stable pricing environment into Q4. So while the guide includes a bit of year-over-year pricing down on res, that's really the carryover of that Q3 set of surgical actions that we made into Q4 rather than new actions that we anticipate in the quarter.

我們現在供應充足。我們有足夠的產能來滿足客戶的需求。因此，人們在年底建立大量庫存的需求就減少了。因此，很難準確預測我們預期的去庫存量。我們認為，這主要是由於住宅市場放緩以及整體市場需求下降所致。但我們認為，減少庫存也是其中的一部分。當我們回顧第三季度的定價時，正如我們在上次電話會議上所討論的那樣，我們在零售方面採取了精準的定價策略，針對特定產品線、特定地區以及我們需要應對競爭問題的特定領域。不過整體而言，我們預期第四季價格環境將相對穩定。因此，雖然該指南中包含了一些同比下降的房價，但這實際上是我們第三季度採取的一系列外科手術措施延續到第四季度的結果，而不是我們預計在本季度採取的新措施。

Trevor Allinson, Wolfe Research.

Trevor Allinson，Wolfe Research。

I wanted to ask about capacity utilization rates. Can you comment about on where those were in both your U.S. resi Insulation and Roofing businesses in 3Q? And then given anticipated softer market conditions, where are you expecting utilization rates to move into the fourth quarter?

我想諮詢一下產能利用率。您能否就第三季您在美國住宅隔熱和屋頂業務的業績情況做個評論？鑑於市場預期疲軟，您預計第四季的利用率將如何變化？

Trevor, I'll start with the res side, and then Brian can talk through the Roofing side. So at the highest level, we still view the industry, if all assets are running in the industry, is capable of supporting 1.4 million to 1.5 million starts. When we look at Q3 and Q4, we are tracking below that 1.4 million to 1.5 million range. As I shared before, we're seeing a weaker mix of single-family versus multifamily. And just again, as a reminder, single-family starts carry about 30% more pounds of insulation per unit than multifamily starts. Now what's happening is we are taking idle.

特雷弗，我先從住宅部分講起，然後布萊恩可以講講屋頂部分。因此，從最高層面來看，我們仍然認為，如果該行業的所有資產都在運行，那麼該行業能夠支持 140 萬到 150 萬次啟動。當我們查看第三季和第四季時，我們發現我們的業績低於 140 萬至 150 萬的區間。正如我之前提到的，我們看到獨棟住宅與多戶住宅的比例正在下降。再次提醒大家，單戶住宅的每套新建房屋的隔熱材料比​​多戶住宅的每套新建房屋多用約 30% 的重量。現在的情況是，我們處於閒置狀態。

So we took our Nephi plant cold and we talked in the last call about hot idle versus cold idle. We decided to take the Nephi line down completely. We also have maintenance downtime that we're taking in the fourth quarter. That's fairly normal on our assets, but we're able to fit a little more maintenance into the quarter now that we've got time to do it. So both of those for us are reducing the amount of production we've got in the quarter.

所以我們對尼菲工廠進行了冷啟動，並在最後一次通話中討論了熱怠速和冷怠速的差異。我們決定徹底停用尼腓線。第四季我們也會安排維修停機時間。這在我們資產中屬於比較正常的現象，但現在我們有時間，所以能夠在季度內安排更多的維護工作。所以，這兩件事都導致我們本季產量減少。

We suspect that competitors are taking similar opportunities to do maintenance. We know of a couple of lines that also have been curtailed in the industry. So it's really hard today to point to a specific number in terms of capacity utilization. But what I would share is we've done a good job of maintaining relatively stable sequential share from Q2 into Q3. And then we're positioned to maintain pretty stable sequential share now in the fourth quarter. So we're balancing out with that sequential stability in share. We're taking idle to make sure we maintain the right level of inventory in our assets in our businesses.

我們懷疑競爭對手也在利用類似的機會來維護。我們知道業界還有幾條生產線也被削減了。因此，如今很難給出具體的產能利用率數字。但我想分享的是，我們在第二季到第三季之間保持了相對穩定的市場份額，做得很好。這樣一來，我們就能確保在第四季維持相當穩定的市場佔有率。因此，我們透過這種連續穩定的市場份額實現了平衡。我們正在採取停工措施，以確保我們業務資產的庫存水準保持在適當水準。

Yes, Trevor. And then for Roofing, clearly, with the step-down in demand, capacity utilization rates are going to come down. For us, we're going to take advantage of that in the fourth quarter to do some maintenance on our assets. It's going to be the first quarter in a while -- fourth quarter and while that we can take some more extended downtimes to do that preventative maintenance work. But overall, I'd say in Roofing, we don't track capacity utilization rates the same as Insulation. It's a material conversion business. So the pricing and margin dynamics in the business are generally not tied to capacity utilization rates.

是的，特雷弗。至於屋頂工程，很顯然，隨著需求的下降，產能利用率也會下降。對我們來說，我們將利用第四季度的這段時間對我們的資產進行一些維護。這將是近來第一個季度——第四季度，在此期間我們可以進行更長的停機維護工作。但總的來說，我認為在屋頂工程領域，我們追蹤產能利用率的方式與保溫工程不同。這是一家材料加工企業。因此，企業中的定價和利潤動態通常與產能利用率無關。

They're tied value and price capture over inflation and tied to those material conversion economics of efficiency. So we don't see the same dynamics and trends in terms of the margin of the Roofing business because of the nature of a material conversion side of it. I will say, though, we will see in Q4 as we take down some of the production curtailments that, that does create some higher cost inventory that does generally spill over into the next quarter. So we would expect with some more extended downtimes this year, that's going to have an impact in terms of Q1 margin rates in the business on some higher cost inventory that we're going to have to work through. That's fairly normal in the seasonal business of Roofing. But I think we've not seen kind of this level of downtime in the last several years. So that's going to have a little bit bigger impact as we take that inventory into Q1 and sell it.

它們與通貨膨脹相關的價值和價格獲取，以及與物質轉換效率的經濟效益相關的價值和價格獲取。因此，由於屋頂材料加工環節的特殊性，我們在屋頂業務的利潤率方面看不到同樣的動態和趨勢。不過，我要說的是，到了第四季度，隨著我們逐步取消一些減產措施，我們將會看到一些成本更高的庫存，而這些庫存通常會延續到下一個季度。因此，我們預計今年停工時間會更長，這將對第一季的業務利潤率產生影響，因為一些高成本庫存需要我們去消化。這在屋頂工程這種季節性產業中相當正常。但我認為，近年來我們都沒有見過這種程度的停機時間。因此，當我們把這些庫存帶入第一季並進行銷售時，這將產生更大的影響。

Matthew Bouley, Barclays.

馬修·布雷，巴克萊銀行。

So on Insulation, I guess the volume declines have been fairly sharp for 3 quarters at this point, more so in North America residential while still holding the EBITDA margin above 20%. I think back to the Investor Day, you spoke to the Insulation margin range. I believe, it was 20% to 27% on a full year basis on 1.2 million total starts at the low end. So understanding you're not guiding beyond 1 quarter, but do you have a view that in that light, we could be reaching a trough on Insulation margins or is this more just going to be dependent on utilization and pricing? I'm just curious on the ability to hold the line on that low end there.

就保溫材料而言，我猜想銷量已經連續三個季度大幅下降，尤其是在北美住宅領域，但 EBITDA 利潤率仍保持在 20% 以上。回想一下投資者日，您當時談到了絕緣材料的利潤率範圍。我認為，以全年總啟動次數 120 萬次計算，最低比例為 20% 至 27%。我知道您只提供第一季的業績指引，但您認為在這種情況下，絕緣材料的利潤率是否可能已經觸底？或者這更多取決於產能利用率和定價？我只是好奇它在低端能否保持穩定。

Overall, there's no change to our guide from Investor Day in terms of where we view Insulation margins on a full year basis in that 20% to 27% range. We are seeing pressure on the margins in Q3 and Q4 as we see a relatively stable pricing environment, but we are still absorbing cost inflation in the business. We're also taking on idle to catch up for a bit of a heavier inventory position as we ended the first half of the year that we're correcting now in the back half as we've seen the market continue to be relatively weak from a volume standpoint. So that starts to get spread out more as we get into next year as we reset inventory levels at year-end.

總體而言，我們對全年絕緣材料利潤率的預期與投資者日時給出的預期沒有變化，仍然維持在 20% 至 27% 的範圍內。由於價格環境相對穩定，我們看到第三季和第四季的利潤率面臨壓力，但我們仍在承受業務成本上漲的影響。我們也正在補充閒置庫存，以彌補上半年庫存過重造成的損失。由於市場從銷售角度來看仍然相對疲軟，我們現在正在下半年進行調整。因此，隨著我們進入明年，並在年底調整庫存水平，這種情況會逐漸分散開來。

So fundamentally, no change to the guide on the business. in terms of what we expect to see. And we were really happy with the execution in the third quarter as we see the strategy play out of really focusing over time on growth in the non-res and European pieces of the business, that are holding up really well from a volume standpoint, but also a pricing standpoint. And while res pricing, we've had to make some selective moves, we are seeing some product lines and end markets within the non-res and Europe piece where we're seeing positive price in our market. So the long-term strategy is -- continues to pay off for us. In terms of relative stability in the Insulation business, but we are working through this choppier period on the res side.

所以從根本上講，業務指導方針沒有任何變化，就我們預期看到的情況而言也是如此。我們對第三季的執行情況非常滿意，因為我們看到，隨著時間的推移，專注於非住宅和歐洲業務的成長這一策略正在奏效，這些業務從銷量和價格角度來看都表現得非常好。雖然我們必須對住宅定價進行一些選擇性調整，但我們看到，在非住宅和歐洲市場中，一些產品線和終端市場的價格表現良好。所以，這項長期策略——持續為我們帶來回報。就保溫材料業務而言，情況相對穩定，但我們正在努力度過住宅方面的動盪時期。

Philip Ng, Jefferies.

Philip Ng，傑富瑞集團。

I appreciate all the great color. Brian, I guess, from an inventory destock, whether it's your system or the channel, how long do you expect this to kind of take to flush out? Is this a 1 quarter event? Or is it going to take a few quarters? And when I look at your Roofing margin guidance for the fourth quarter, you're calling for a mid-20% EBITDA margin, certainly magnified by the destock and the seasonal dynamic. But as inventory and store demand normalizes at these lower levels, the 27% to 35% EBITDA Roofing margins you provided at your Investor Day, is there a good way to think about that as we kind of settle at these levels looking out to 2026?

我喜歡這些絢麗的色彩。Brian，我想，無論是你的系統還是管道，從庫存清倉的角度來看，你預計這種情況需要多長時間才能徹底解決？這是季度事件嗎？還是需要幾季？當我查看你們對第四季度屋頂業務利潤率的預期時，你們預計 EBITDA 利潤率將達到 20% 左右，這當然會受到去庫存和季節性因素的影響。但隨著庫存和門市需求在這些較低水平上恢復正常，您在投資者日上提供的 27% 至 35% 的 EBITDA 屋頂工程利潤率，在我們逐漸穩定在這些水平並展望 2026 年之際，有什麼好的方法可以考慮這一點嗎？

Yes. Thanks, Phil. Let me start and then I'll talk about the destock. The margin profile of the routing business, when we set the guide of approximately 30% annual on average in that range, was really contemplating at the 30% level, a more normal seasonal business. And I think we're going to see that. So normally, in the Roofing business, you got to go back a few years but we would see lower margin performance in Q4 and in Q1 coming out of the downtimes and some higher cost inventory. And then Q2, Q3 is where we see an acceleration in margins based on operating leverage and just higher demand.

是的。謝謝你，菲爾。讓我先開始，然後再談談去庫存的問題。當我們把路線業務的利潤率預期設定為平均每年約 30% 時，該業務的利潤率實際上達到了 30%，這更像是一個正常的季節性業務。我認為我們會看到這種情況。所以通常來說，在屋頂行業，你得回顧幾年前的情況，我們會看到第四季度和第一季的利潤率較低，這是由於經濟低迷和一些成本較高的庫存造成的。然後，在第二季和第三季度，由於經營槓桿效應和更高的需求，我們看到利潤率加速成長。

So that seasonality in that cycle where we would call the Q4 at mid-20% would not take us away from our expectation that we can still operate on an annualized basis around that 30% EBITDA margin business. So I think it's just we have not seen the seasonality in the business for several years. And so that cycle and that performance through the year, that moves up in the mid part of the year and then comes back down fourth quarter and then Q1 is more typical, more normal. And given the guide we're setting, we still think we have the ability to achieve that 30% on average annual margin profile for the business.

因此，該週期中的季節性因素（我們稱第四季度為 20% 左右）不會動搖我們仍能以 30% 的 EBITDA 利潤率進行年度營運的預期。所以我覺得只是因為我們好幾年都沒看到這個行業的季節性波動了。因此，這種週期和全年的表現，在年中會上升，然後在第四季度回落，而第一季則更典型、更正常。根據我們制定的指導方針，我們仍然認為我們有能力實現公司平均每年 30% 的利潤率。

So on the inventory destocking, I think we normally see things in Q4 get destocked and then restocked in Q1. I would say because of probably the cautious buying nature in distribution that we're seeing this quarter, it might take into the second quarter, into the first half to really see everything get restocked. We would normally see a big portion of that come through in Q1 as distributors are getting ready for the season. But I think some of that's going to kind of play out in terms of the beginnings of Q2 storm season, how people are going to buy and set up for the year. But I would expect that distributors will get back to more normalized inventory levels, but that might, depending on the start of the year, take more into the second quarter.

關於庫存清倉，我認為我們通常會在第四季度看到庫存清倉，然後在第一季重新入庫。我認為，由於本季經銷商的購買態度較為謹慎，可能要到第二季甚至上半年才能真正看到所有商品重新上架。通常情況下，我們會在第一季看到很大一部分成長，因為分銷商正在為旺季做準備。但我認為，其中一些因素將在第二季風暴季開始時顯現出來，人們將如何購買並為這一年做好準備。但我預計分銷商的庫存水準會恢復到更正常的水平，但這可能會根據年初的情況，持續到第二季​​。

Michael Dahl, RBC.

Michael Dahl，RBC。

Yes, Brian, I just want to follow up on that, just so we're clear because if I think about what this implies for 4Q, I think this is going to be the lowest Roofing volumes in a decade if your guide is correct. And so I guess the first part of the question is, I didn't get the sense that inventories were necessarily that elevated. So just the -- like as you go into year-end, do you have a more quantitative sense of where channel inventories would be relative to normal? And then to your point in response to Phil, I think the last time we saw this in kind of '22, you did see a similar year-on-year decline in 1Q of '23. We still have a tough comp against 1Q '25 when we flip to next year. So should we still be thinking about a 20%-plus decline in shipments in 1Q? Is that kind of the order of magnitude that you're thinking about at least initially?

是的，布萊恩，我只是想跟進一下，以確保我們理解一致，因為如果我考慮一下這對第四季度意味著什麼，如果你的預測是正確的，我認為這將是十年來屋頂工程量最低的一次。所以，我想問題的第一部分是，我感覺庫存並沒有那麼高。所以，就像到了年底，您是否對渠道庫存相對於正常水平的狀況有更量化的了解？至於你對菲爾的回應，我認為上次我們看到這種情況是在 2022 年，2023 年第一季也出現了類似的同比下降。當我們展望明年時，與 2025 年第一季相比，我們仍然面臨著巨大的挑戰。那麼我們是否仍應該考慮第一季出貨量下降 20% 以上的情況呢？你最初考慮的規模大概就是這個程度嗎？

Yes, Mike, in short, yes, I think you're describing it how we're kind of seeing it play out in real time. I think the -- it would be the lowest Roofing volume in about a decade, given the fact that there has been no named storms here in Q3 on top of a pretty light overall storm season. So the combination of those two factors are just leading to some lower storm activity as we finish the year. That on top of just normal Q4 seasonality, I think -- and I think a little bit more cautious on distributor buying behaviors given that. So the last time we saw this in '23, you're exactly right.

是的，麥克，簡而言之，是的，我認為你描述的正是我們目前在現實中看到的情況。我認為這將是近十年來最低的屋頂工程量，因為第三季這裡沒有命名風暴，而且整個風暴季節也相當平靜。因此，這兩個因素結合起來，導致今年稍後風暴活動減少。除了正常的第四季季節性因素之外，我認為——鑑於此，我認為分銷商的採購行為應該更加謹慎。所以，上次我們看到這種情況是在 2023 年，你說得完全正確。

We saw our Q1 that was also down 22%, 23% in terms of prior year shipments and that could be the set up. We're not guiding to Q1, but that certainly feels like a realistic setup to how 2026 is going to start. Now that you also saw more normalized storm volumes coming through, and we saw the margin progression in the business and the volume progression in the business throughout the year. But I think the next couple of quarters for Roofing volumes are going to be pretty light, relative to the last couple of years, and we'd probably take on that shape of the year.

我們看到第一季的出貨量也比去年同期下降了 22% 到 23%，這可能是市場格局造成的。我們不預測第一季的情況，但這感覺確實是 2026 年開局的一個現實的安排。現在，我們也看到了更多正常化的風暴量，並且看到了全年業務利潤率和業務量的成長。但我認為，與過去幾年相比，未來幾季的屋頂工程量將會相當低迷，而且我們今年的業務量可能也會呈現這種趨勢。

Garik Shmois, Loop Capital Markets.

Garik Shmois，Loop Capital Markets。

Just to follow up on that point. On Roofing, historically, the industry has done a good job of pricing to recover cost inflation, just given these volume run rates that you're describing. As we get into the next season, do you anticipate any change in the industry's ability to recover the cost inflation you're seeing right now? Or is there anything changing perhaps competitively or from a capacity standpoint or anything happening in distribution that might give you some pause?

我再補充一點。從歷史數據來看，屋頂產業在定價方面做得很好，能夠彌補成本上漲，這在你所描述的這種銷售成長速度下尤其明顯。隨著下一季的到來，您預計該行業應對目前成本上漲的能力會有任何變化嗎？或者，競爭格局、產能或經銷方面是否有任何變化，讓您有所顧慮？

At this point, I would say no, nothing that would change our view of kind of the historical pricing practices that we've had in the business and the overall ability to recover inflation through price. I go back to roofing shingles are still the most affordable roofing material in the market. It is still architecturally the most widely used product in the market. So there are a number of fundamental demand drivers. It is a nondiscretionary repair and replace product category. So I think we're seeing some adjustments and resetting on more normalized storm volume.

就目前而言，我認為不會，沒有什麼能改變我們對公司歷史上定價做法的看法，以及透過價格來抵消通貨膨脹的整體能力。我認為屋頂瓦片仍然是市場上最經濟實惠的屋頂材料。它仍然是市場上建築領域應用最廣泛的產品。因此，存在許多根本性的需求驅動因素。這是一個非自主維修和更換產品類別。所以我認為我們正在看到一些調整，風暴體積正在恢復到更正常的水平。

But when I look at kind of the fundamental repair remodeling drivers of the business, those are still staying very strong in terms of the need for roofing materials when a roof is damaged. So I think those underlying drivers of nondiscretionary repair business, the ability -- the fact that it's the lowest-cost roofing material in the market, but the fact that it's architecturally the most desired, I still think create demand drivers even though it's stepping down on a year-over-year basis on an absolute basis, that would still allow us to get pricing in the market and the expectation that we'd be able to recover inflation over time.

但當我審視該行業的基本維修改造驅動因素時，就會發現，當屋頂損壞時，對屋頂材料的需求仍然非常強勁。所以我認為，非必要維修業務的根本驅動因素，即它是市場上成本最低的屋頂材料，同時也是建築上最受歡迎的材料，仍然會創造需求驅動因素，即使其絕對值逐年下降，這仍然能夠讓我們在市場上獲得定價，並期望隨著時間的推移能夠彌補通貨膨脹的影響。

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

I want to change a bit and talk about capital allocation. Understanding that 1 or 2 quarters doesn't necessarily change the longer-term needs. But can you talk about what you're looking for to determine if you need to make any changes to plans to add capacity across the different segments? And then with that as well, can you just talk about your priorities for capital allocation in this kind of an environment? And anything that has changed relative to the last couple of quarters?

我想稍微換個話題，談談資本配置。要知道，一兩個季度的情況並不一定能改變長期需求。但是，您能否談談您正在考慮哪些因素，以確定是否需要對增加各個細分市場產能的計劃進行任何更改？此外，您能否談談在這種環境下，您在資本配置方面的優先事項？與過去幾季相比，有哪些變化？

Thanks, I appreciate the question. From a capital allocation standpoint, as we think about the major projects we've got underway, these are multiyear projects that generally are going to add capacity in the out years, in 2027 and beyond. When we look at our markets, we still have a lot of confidence in the long-term tailwinds that support both the new construction and repair and remodel activity in North America and in Europe. So there's no fundamental change long term to our outlook for the business. And we know we're in short-cycle businesses where things could change very quickly on the upside as well around market conditions in really all 3 of our businesses.

謝謝，我很感激你的提問。從資本配置的角度來看，當我們考慮正在進行的重大項目時，這些都是多年期項目，通常會在未來幾年（2027 年及以後）增加產能。當我們審視我們的市場時，我們仍然對支撐北美和歐洲新建、維修和改造活動的長期利好因素充滿信心。因此，從長遠來看，我們對業務前景的根本展望不會改變。我們知道我們所處的行業週期很短，市場狀況可能會迅速好轉，這在我們所有三個業務領域都是如此。

When we look at those larger projects, there's no change today in our work underway against those, in part because they support growth, but they also support cost efficiency and capital efficiency for us going forward. So these are important projects for us as we think about generating long-term EBITDA growth and cash flow growth for investors. Right now, our priority from a balance sheet standpoint is staying very, very disciplined when it comes to working capital. As you've heard throughout the call today, we're taking idle and curtailment on our existing assets to make sure we keep enough inventory to serve our customers, but we remain appropriately postured for the current market environment in terms of total inventory in the business.

當我們審視這些大型專案時，目前我們正在進行的工作沒有任何變化，部分原因是這些專案支持成長，但同時也支持我們未來的成本效益和資本效率。因此，當我們考慮為投資者創造長期 EBITDA 成長和現金流成長時，這些項目對我們來說非常重要。目前，從資產負債表的角度來看，我們的首要任務是嚴格控制營運資金。正如您今天在電話會議中聽到的那樣，我們正在讓現有資產閒置或縮減生產，以確保我們有足夠的庫存來服務我們的客戶，但就業務總庫存而言，我們仍然處於適合當前市場環境的適當狀態。

As a result of that and focus on accounts payable, we're maintaining good cash flows in a fairly challenging market environment today that's enabling us to continue to invest in these longer-term projects to support earnings and cash flow growth. It's enabling us to continue to make great progress on our target of returning $2 billion to shareholders this year and next year through dividends and repurchases. We are $700 million along that journey already this year. But then at the same time, we're preserving a really strong balance sheet at the low end of our targeted range of 2 to 3x. So really no change in terms of how we're thinking about capital allocation in today's market environment, even with the challenging market conditions that we're seeing, which speaks again to the new Owens Corning and the cash generation power of the business that we've created.

正因如此，加上對應付帳款的重視，我們在當今充滿挑戰的市場環境中保持了良好的現金流，這使我們能夠繼續投資於這些長期項目，以支持收益和現金流的成長。這使我們能夠繼續朝著今年和明年透過分紅和股票回購向股東返還 20 億美元的目標取得巨大進展。今年我們已經在這條道路上投入了7億美元。但同時，我們的資產負債表也保持得非常穩健，處於我們目標範圍 2 到 3 倍的低端。因此，即使在當前充滿挑戰的市場環境下，我們對資本配置的看法並無改變，這再次體現了歐文斯科寧的新面貌以及我們所創造的業務的現金創造能力。

Sam Reid, Wells Fargo.

山姆·里德，富國銀行。

One more on Roofing. I was just hoping you could disaggregate some of the inventory comments, but perhaps in the context of the components business, just thinking through that destock, stock up dynamic that you talked to on some of the prior answers, I would just love to know if the components business is going to follow a similar path or whether there could be a divergence between shingles and components?

再補充一篇關於屋頂的文章。我只是希望您能對一些庫存評論進行細分，但或許可以結合零件業務的情況來看，考慮到您在之前的一些回答中提到的去庫存、補貨的動態，我很想知道零部件業務是否會遵循類似的路徑，或者瓦片和零部件之間是否存在差異？

Yes. Thanks for the question, Sam. The -- we would expect that the inventory destocking on components would follow a similar path to shingles. Generally, distribution will buy those products in tandem. They'll manage the balance of out-the-door sales of shingles and the level of components and attachment rates and keep those inventory positions in balance. So we would expect a similar step down in terms of volumes in our components business in Q4. And then we also talked about nonwovens. We're vertically integrated, which gives us a great cost and innovation advantage, but we'd expect to see a similar step down there. But in the component side, I think it followed the same path. And then again, when we think about the first part of 2026 and distributors starting to rebuild those inventories, I would also expect the same restocking mindset towards components to match the shingle restocking that we would expect to see in the first part of next year.

是的。謝謝你的提問，山姆。我們預計零件的庫存去庫存情況將與屋頂瓦片的去庫存類似。通常情況下，分銷商會同時採購這些產品。他們將管理屋頂瓦片的出貨量、組件數量和安裝率，並保持庫存平衡。因此，我們預計第四季度零件業務的銷量也會出現類似的下滑。然後我們也討論了不織布。我們實行垂直整合，這使我們在成本和創新方面具有巨大優勢，但我們預計下游企業也會採取類似的措施。但就組件方面而言，我認為它遵循了相同的路徑。此外，當我們展望 2026 年上半年，以及經銷商開始重建庫存時，我也預計他們對零件的補貨心態將與我們預計在明年上半年看到的屋頂瓦片補貨心態相匹配。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

Can you just walk us through the downtime that your impact to EBITDA that you're assuming for Roofing, Insulation and Doors in the fourth quarter? And then if the macro sort of stays consistent and soft into next year, is that something that you would expect to persist? Or is any of that related to temporary sort of maintenance downtime?

能否詳細說明您預計第四季度屋頂、隔熱和門窗業務的停工會對 EBITDA 造成的影響？如果宏觀經濟情勢在明年保持穩定溫和，您認為這種情況會持續下去嗎？或者，這些是否與臨時維修停機有關？

I think overall -- maybe I'll give an overarching answer because it's going to vary a little bit by business, but you can see some of the downtime curtailments. I'd say in Insulation, we've been able to manage those really, really well. You look at third quarter downtimes. We've been able to offset by the productivity. And then some of that, you can see in the MD&A. We'd expect to continue similar trends here in Q4 in terms of that. Roofing will be a more significant sequential and year-over-year impact because of the extent of downtimes we're going to start to take in the business. But when we think about the decremental margins in Q4 year-over-year, it is primarily all volume and deleverage that fits inside of that. So the bulk of that volume and then a little bit more incremental. And then in Doors, you'll see that come through some higher manufacturing costs in Q3.

我認為總體而言——或許我會給出一個總體性的答案，因為具體情況會因企業而異，但你可以看到一些停機時間的減少。我認為在保溫材料方面，我們已經能夠很好地處理這些問題。你要看第三季的停工情況。我們透過提高生產力彌補了損失。其中一些內容可以在管理階層討論與分析 (MD&A) 中看到。我們預期第四季這方面的趨勢將延續下去。由於我們將開始在業務中經歷較大程度的停工，屋頂工程將對環比和同比業績產生更顯著的影響。但當我們考慮到第四季度同比利潤率下降的情況時，這主要歸因於銷售下降和槓桿率降低。所以大部分銷量，然後還有一些增量。然後，在《門》這款遊戲中，你會發現第三季的製造成本上升。

We think that continues into Q4 with kind of similar levels. So as we move into next year, I think given the volumes that we're running at today, we might see some more incremental depending on the business in terms of how we set up the year to stay very disciplined around working capital and inventory management and cash flow. But I think the bigger impact will probably be on the year-over-year comps in the businesses where you'll see a higher amount of production downtime going forward versus prior year. That will impact some of the margin performance in all three businesses to start the year. But we'll have to see how the rest of the year plays out if that would continue. But we are going to be very disciplined in terms of managing working capital and inventories as we operate the business going forward.

我們認為這種情況會延續到第四季度，並保持在類似的水平。因此，展望明年，鑑於我們目前的業務量，我認為我們可能會看到一些成長，這取決於我們如何安排這一年的工作，以便在營運資本、庫存管理和現金流方面保持高度自律。但我認為更大的影響可能會反映在那些生產停工時間較上一年更長的企業的同比業績上。這將對這三項業務年初的利潤率表現產生一定影響。但我們還得看看今年剩下的時間情況會如何發展，才能確定這種情況是否會持續下去。但今後在經營業務的過程中，我們將嚴格管理營運資金和庫存。

This concludes our Q&A session. So I'll pass you back over to Brian Chambers for any closing comments.

問答環節到此結束。那麼，我把麥克風交還給布萊恩錢伯斯，讓他做最後的總結發言。

Thanks, Lydia. I'd like to thank everyone for making time to join us on today's call and for your ongoing interest in Owens Corning. We look forward to speaking to you again in the fourth quarter call. Thanks, and have a very safe day.

謝謝你，莉迪亞。感謝各位抽空參加今天的電話會議，也感謝大家一直以來對歐文斯科寧的關注。我們期待在第四季電話會議上再次與您交流。謝謝，祝您今天一切平安。

This concludes today's call. Thank you very much for joining. Your line will now be disconnecte

今天的電話會議到此結束。非常感謝您的參與。您的線路即將斷開。