O-I Glass Inc (OI) 2025 Q2 法說會逐字稿

Hello, everyone, and thank you for joining the O-I Glass second-quarter 2025 earnings conference call. My name is Lucy, and I'll be coordinating your call today. (Operator Instructions)

大家好，感謝您參加 O-I Glass 2025 年第二季財報電話會議。我叫露西，今天我將負責協調您的通話。（操作員指示）

It is now my pleasure to hand over to your host, Chris Manuel, Vice President of Investor Relations, to begin. Please go ahead.

現在我很高興將主持人、投資者關係副總裁克里斯·曼努埃爾 (Chris Manuel) 交給他開始。請繼續。

Thank you, Lucy, and welcome, everyone, to the O-I Glass second-quarter 2025 earnings conference call. Our discussion today will be led by Gordon Hardie, our CEO; and John Hodrick, our CFO.

謝謝露西，歡迎大家參加 O-I Glass 2025 年第二季財報電話會議。今天的討論將由我們的執行長 Gordon Hardie 和財務長 John Hodrick 主持。

Following prepared remarks, we will host a Q&A session. Presentation materials for this earnings call are available on the company's website. Please review the Safe Harbor comments and disclosure of our use of non-GAAP financial measures included in those materials.

在準備好的發言之後，我們將舉辦問答環節。本次收益電話會議的簡報資料可在公司網站上取得。請查看這些資料中包含的安全港評論和我們使用非公認會計準則財務指標的揭露。

Now I'd like to turn the call over to Gordon, who will start on slide 3.

現在我想把電話交給 Gordon，他從第 3 張投影片開始。

Good morning, everyone, and thank you for your interest in O-I Glass. Today, we will walk you through our second-quarter performance, key market dynamics, and our outlook for the remainder of the year.

大家早安，感謝大家對 O-I Glass 的關注。今天，我們將向您介紹我們第二季的業績、主要市場動態以及今年剩餘時間的展望。

Let me begin by expressing my thanks to all our colleagues across O-I. Your dedication, agility, and focus are instrumental in driving the transformation we are undertaking.

首先，我要向 O-I 的所有同事表示感謝。您的奉獻精神、敏捷性和專注力對於推動我們正在進行的轉型至關重要。

Last night, we reported second-quarter adjusted earnings of $0.53 per share, exceeding our plans and outperforming the same period last year. This result reflects the meaningful progress we are making towards a leaner and more competitive company.

昨晚，我們報告了第二季調整後每股收益 0.53 美元，超過了我們的計劃，也超過了去年同期。這項結果反映了我們在打造更精簡、更具競爭力的公司方面所取得的重大進展。

We continue to navigate a complex environment, including softer consumer demand in certain markets and many macro uncertainties. While overall, second-quarter shipments declined approximately 3%, performance varied by region as volumes increased in the Americas but declined in Europe. On a year-to-date basis, shipments were up nearly 1%, and we continue to expect full-year 2025 volumes will be stable with last year.

我們持續應對複雜的環境，包括某些市場的消費需求疲軟以及許多宏觀不確定因素。總體而言，第二季出貨量下降了約 3%，但各地區表現有所不同，美洲的出貨量增加，而歐洲的出貨量下降。從年初至今，出貨量成長了近 1%，我們繼續預計 2025 年全年出貨量將與去年保持穩定。

Our Fit to Win program is delivering strong results. We achieved $84 million in savings this quarter, bringing our first-half total to $145 million, well on track to meet or exceed our $250 million target for 2025. Fit to Win is foundational to renewed competitiveness by significantly reducing total enterprise costs to improve performance and enable future growth.

我們的「Fit to Win」計劃正在取得顯著成果。本季我們實現了 8,400 萬美元的節省，使上半年的節省總額達到 1.45 億美元，預計將達到或超過 2025 年 2.5 億美元的目標。「健康致勝」是重塑競爭力的基礎，它能大幅降低企業總成本，進而提高績效並促進未來成長。

We've had a strong start to the year in difficult market conditions and are effectively managing the factors within our control. As a result, we are raising our full-year guidance and now expect adjusted earnings to increase between 60% and 90% compared to 2024. John will provide more detail on our outlook and quarterly performance shortly.

在艱難的市場條件下，我們今年取得了良好的開端，並有效地管理我們可控制的因素。因此，我們上調了全年業績預期，目前預計調整後收益將比 2024 年增長 60% 至 90%。約翰很快就會提供有關我們的展望和季度業績的更多詳細資訊。

As announced last evening, following a comprehensive review, we have made the financially prudent decision to halt further MAGMA development and operations. While the earlier stages developed meaningful technical advancements, we have concluded the platform does not have the pathway to the operational or financial return requirements, as most recently detailed at our March Investor Day.

正如昨晚宣布的那樣，經過全面審查，我們做出了財務審慎的決定，停止進一步的 MAGMA 開發和營運。雖然早期階段取得了有意義的技術進步，但我們得出結論，該平台不具備滿足營運或財務回報要求的途徑，正如我們最近在三月投資者日所詳述的那樣。

Through our Best at Both operations strategy, as outlined at our I Day, we expect to drive significantly higher premium output at lower operating cost and capital intensity than MAGMA would have realized in the coming years. This decision aligns on our focus on driving competitiveness and economic profit.

正如我們在 I Day 上概述的那樣，透過我們的「兩全其美」營運策略，我們預計在未來幾年內，我們將以比 MAGMA 更低的營運成本和資本密集度實現更高的優質產量。這項決定與我們提高競爭力和經濟利潤的重點一致。

Accordingly, we intend to reconfigure our Bowling Green facility into a best cost premium-focused operation. We are confident this is the right path forward for our business, our customers, and our shareholders.

因此，我們打算將 Bowling Green 工廠重新配置為以最佳成本為重點的營運。我們相信，這對我們的業務、我們的客戶和股東來說都是正確的前進道路。

Let's now turn to page 4 to review recent market trends. Overall, our shipments for the first half of 2025 were up nearly 1% compared to the prior year. Volumes increased mid-single digits in the first quarter, but declined approximately 3% in the second quarter.

現在讓我們翻到第 4 頁來回顧最近的市場趨勢。整體而言，我們 2025 年上半年的出貨量與前一年相比成長了近 1%。第一季交易量成長了中等個位數，但第二季下降了約 3%。

Lower glass shipments are consistent with softer consumer offtake, which is down low- to mid-single digits in mainly European markets amid ongoing macroeconomic uncertainty. Unseasonal weather this spring and summer across the Northern Hemisphere further impacted consumption patterns.

玻璃出貨量下降與消費者需求疲軟一致，在持續的宏觀經濟不確定性的影響下，主要歐洲市場的玻璃出貨量下降了低至個位數。今年春夏北半球的異常天氣進一步影響了消費模式。

Finally, we have started to exit some business with unfavorable economic profit, consistent with our disciplined approach. Despite recent softness, we have also had some notable wins as we leverage Fit to Win to drive future profitable growth. Likewise, we have seen a 35% increase in our new product development pipeline as brand owners look to spur growth.

最後，我們已經開始退出一些經濟利潤不佳的業務，這符合我們嚴謹的做法。儘管近期表現疲軟，但我們也取得了一些顯著的勝利，因為我們利用「Fit to Win」來推動未來的獲利成長。同樣，由於品牌所有者尋求刺激成長，我們的新產品開發管道也增加了 35%。

As previously noted, we are navigating mixed market conditions. Second-quarter shipments increased in the Americas but softened in Europe. In the Americas, shipments were up approximately 4% in both the second quarter and year to date, driven by solid rebound in beer and spirits categories.

如前所述，我們正在應對混合的市場條件。第二季美洲的出貨量增加，但歐洲的出貨量卻下降。在美洲，受啤酒和烈酒類別強勁反彈的推動，第二季和年初至今的出貨量均成長了約 4%。

Notably, both Andean and North American regions outperformed the segment average, with all geographies reporting positive growth despite continued soft consumption patterns, especially in the US. As we embed Fit to Win, we see our competitiveness improving in key markets, especially in North America.

值得注意的是，安第斯山脈和北美地區的表現均優於該區域的平均水平，儘管消費模式持續疲軟，尤其是在美國，但所有地區都實現了正增長。隨著我們實施「Fit to Win」策略，我們看到我們在主要市場（尤其是北美）的競爭力不斷提高。

In Europe, volumes were down 3% year to date and down nearly 9% in the second quarter, which we attribute to the following factors. About 3 percentage points were due to a supplier-related delay at a major plant reconfiguration project in Europe which is now ramping up well.

在歐洲，今年迄今的銷量下降了 3%，第二季下降了近 9%，我們將其歸因於以下因素。約有 3 個百分點是由於歐洲一個大型工廠重組專案因供應商原因而出現延誤，該專案目前進展順利。

We estimate another 3% of the decline was timing related as increased beer and wine sales in the first quarter, likely in response to trade policy uncertainty, negatively impacted Q2 shipments. And finally, the balance of the decline pertain to macroeconomic uncertainty and unfavorable weather conditions, which is in line or favorable to broader consumption trends.

我們估計另外 3% 的下降與時間有關，因為第一季啤酒和葡萄酒銷量增加（可能是由於貿易政策的不確定性）對第二季的出貨量產生了負面影響。最後，下降的平衡與宏觀經濟的不確定性和不利的天氣條件有關，這與更廣泛的消費趨勢一致或有利。

Despite these challenges, there were bright spots as non-alcoholic beverages and food categories posted low single-digit growth. To align supply with demand and manage inventory levels, temporary production curtailments remain in place across Europe with a continuing drag on our operating costs there.

儘管面臨這些挑戰，但仍存在一些亮點，非酒精飲料和食品類別實現了低個位數成長。為了使供應與需求保持一致並管理庫存水平，歐洲各地仍在實施臨時減產，這持續拖累了我們在那裡的營運成本。

We remain engaged in consultations with European and local works councils on long-term network optimization initiatives aimed at addressing excess capacity in the fleet. These actions, when finalized, are expected to strengthen our competitive position and support sustainable profitable growth in Europe.

我們將繼續與歐洲和地方工會就旨在解決車隊運力過剩問題的長期網路優化措施進行磋商。這些措施一旦最終實施，預計將增強我們的競爭地位，並支持歐洲可持續的獲利成長。

In July, our global shipments were down mid-single digits compared to July of last year, reflecting continued soft conditions plus the rephasing of some specific customer order activity and the delayed ramp-up of a reconfiguration project at a European plant.

7月份，我們的全球出貨量與去年同期相比下降了中個位數，這反映了持續的疲軟環境、一些特定客戶訂單活動的重新安排以及歐洲工廠重新配置項目的延遲。

We continue to expect full year 2025 volumes to be in line with the prior year as shipment levels are projected to be stable across both the Americas and Europe. This outlook calls despite some intra-quarter fluctuations, which are primarily driven by comparisons to prior year performance.

我們繼續預計 2025 年全年的出貨量將與前一年持平，因為預計美洲和歐洲的出貨量將保持穩定。儘管季度內存在一些波動，但這種前景仍然值得期待，這主要是由於與去年同期的表現相比。

Let's now turn to page 5 and review the progress of our Fit to Win program, which is focused on significantly reducing total enterprise costs while optimizing our network and value chain to drive competitiveness and growth.

現在讓我們翻到第 5 頁，回顧一下我們的「Fit to Win」計畫的進展情況，該計畫的重點是大幅降低企業總成本，同時優化我們的網路和價值鏈，以推動競爭力和成長。

In the second quarter, we delivered $84 million in savings, bringing our first-half total to $145 million, surpassing our initial plans. With momentum building, we remain confident in achieving our 2025 savings target of at least $250 million and at least $650 million cumulatively by 2027.

第二季度，我們實現了 8,400 萬美元的節省，使上半年的節省總額達到 1.45 億美元，超過了我們最初的計劃。隨著勢頭的增強，我們仍然有信心實現 2025 年節省至少 2.5 億美元的目標，到 2027 年累計節省至少 6.5 億美元。

Phase A centers on reshaping our SG&A structure and initial network optimization actions, and we remain on track to meet both our one-year and three-year goals. We have completed actions to secure our $100 million SG&A savings target for 2025 with more opportunity underway to drive additional savings next year.

A 階段的重點是重塑我們的銷售、一般及行政費用 (SG&A) 架構和初步網路優化行動，我們仍有望實現一年和三年的目標。我們已經採取行動，確保實現 2025 年 1 億美元的銷售、一般及行政費用 (SG&A) 節省目標，並且正在採取更多機會在明年進一步節省開支。

Importantly, our network optimization efforts continue to progress, including the recently announced actions in the Americas. We continue to expect initial network optimization activities will be completed by mid-2026.

重要的是，我們的網路優化工作繼續取得進展，包括最近在美洲宣布的行動。我們仍預期初步網路優化活動將於 2026 年中期完成。

Phase B focuses on transforming costs across the value chain, including the rollout of our Total Organization Effectiveness program to optimize system-wide capacity. Following a successful pilot at the Toano plant, the first wave of 15 facilities is nearing completion of the same rigorous process. Results are meeting or exceeding our expectations.

B 階段重點在於整個價值鏈的成本轉換，包括推出我們的「全面組織效能」計劃，以優化全系統的產能。繼托阿諾工廠試辦成功之後，首批 15 家工廠即將完成同樣嚴格的流程。結果達到或超越了我們的預期。

Additionally, our cost transformation team is making meaningful progress in procurement and energy reduction initiatives. These efforts are contributing significantly to our overall savings and enhancing operational resilience.

此外，我們的成本轉型團隊在採購和節能減排計畫方面取得了重大進展。這些努力對我們的整體節約做出了巨大貢獻，並增強了營運彈性。

We are making significant progress on the end-to-end value chain efficiencies with a number of significant agreements made with strategic suppliers to improve productivity and competitiveness over the next three years.

我們與策略供應商達成了多項重要協議，以在未來三年內提高生產力和競爭力，在端到端價值鏈效率方面取得了重大進展。

In summary, momentum is building and initial Fit to Win benefits have exceeded our expectations. We are on track to meet or exceed our 2025 objectives and unlock further upside in the years ahead.

總而言之，勢頭正在增強，最初的“Fit to Win”效益超出了我們的預期。我們預計將實現或超越 2025 年的目標，並在未來幾年釋放更大的上升空間。

Now I will turn it over to John, who will walk you through the second-quarter performance and updated 2025 outlook, beginning on page 6.

現在我將把時間交給約翰，他將從第 6 頁開始向您介紹第二季的表現和最新的 2025 年展望。

Thanks, Gordon, and good morning, everyone. O-I reported second-quarter adjusted earnings of $0.53 per share, exceeding both our expectations and prior-year results. The performance was primarily driven by strong contributions from our Fit to Win program and improved competitiveness.

謝謝，戈登，大家早安。O-I 報告第二季調整後每股收益為 0.53 美元，超過了我們的預期和去年同期的業績。這項業績主要得益於我們的「Fit to Win」計畫的強勁貢獻和競爭力的提升。

As shown on the left, adjusted earnings surpassed last year's figures. We faced expected headwinds from lower net price, lower sales volumes, and temporary production curtailments; yet, these factors were more than offset by substantial Fit to Win savings and favorable below-the-line items, including a moderately better-than-expected tax rate, supported by favorable regional earnings mix.

如左圖所示，調整後的收益超過了去年的數字。我們面臨淨價下降、銷售下降和臨時減產等預期阻力；然而，這些因素被大量的 Fit to Win 節省和有利的線下項目（包括略好於預期的稅率）所抵消，並得到了有利的區域盈利組合的支持。

Looking to the right, segment operating profit increased in the Americas but declined in Europe. In the Americas segment, operating profit improved significantly, reflecting notably lower cost due to Fit to Win benefits, higher shipments, and fairly stable net price amid tight capacity utilization.

從右圖看，美洲的分部營業利潤增加，但歐洲的分部營業利潤卻下降。在美洲地區，營業利潤大幅提高，這反映出由於「Fit to Win」計畫帶來的成本降低、出貨量增加以及在產能利用率緊張的情況下淨價格相當穩定。

In Europe, segment operating profit declined due to lower net price and softer sales volumes. Operating costs rose slightly due to the impact of ongoing production curtailments, but these were largely offset by Fit to Win savings. We expect performance in the region to improve progressively as our downtime decreases, network optimization actions to deliver a better cost position, and our cost competitiveness improves.

在歐洲，由於淨價下降和銷售量疲軟，分部營業利潤下降。由於持續減產的影響，營運成本略有上升，但這些成本在很大程度上被「Fit to Win」計畫節省的成本所抵消。我們預計，隨著停機時間的減少、網路優化措施帶來更好的成本優勢以及成本競爭力的提高，該地區的業績將逐步改善。

As part of our focus on economic profit, we've made meaningful progress in reducing inventories across the enterprise, down approximately $160 million compared to the same period last year. We remain on track to meet or potentially beat our year-end 2025 target of fewer than 50 days of inventory supply.

作為我們關注經濟利潤的一部分，我們在減少整個企業的庫存方面取得了有意義的進展，與去年同期相比減少了約 1.6 億美元。我們仍有望實現或可能超越 2025 年底庫存供應量少於 50 天的目標。

In summary, second-quarter results exceeded both our plans and prior year-levels, positioning us well for continued success through the rest of 2025. Now let's turn to page 7 to review our business outlook.

總而言之，第二季的業績超出了我們的計劃和去年同期的水平，為我們在 2025 年剩餘時間內繼續取得成功奠定了基礎。現在讓我們翻到第 7 頁來回顧我們的業務展望。

Given our strong year-to-date performance and momentum of the Fit to Win program, we have raised our full-year 2025 guidance. We now expect adjusted earnings to range between $1.30 and $1.55 per share, representing a 60% to 90% improvement over fiscal year 2024.

鑑於我們今年迄今的強勁表現和「Fit to Win」計畫的勢頭，我們提高了 2025 年全年業績預期。我們現在預計調整後每股收益將在 1.30 美元至 1.55 美元之間，比 2024 財年增長 60% 至 90%。

We also anticipate about a $300 million year-over-year improvement in free cash flow driven by stronger operating results, reduced capital expenditures, and lower inventories despite $140 million to $150 million in cash restructuring costs.

儘管現金重組成本為 1.4 億至 1.5 億美元，但我們預計，受更強勁的經營業績、減少的資本支出和更低的庫存推動，自由現金流將同比增長約 3 億美元。

Additionally, we've refined our expectations for the quarterly cadence of earnings throughout the year. As you can see, we expect the third quarter will be generally consistent with trends noted in the first half of the year. Fourth quarter will be softer due to the typical seasonality of our business and the tax impact of lower earnings levels.

此外，我們也調整了全年季度獲利節奏的預期。正如您所看到的，我們預計第三季的趨勢將與上半年的趨勢基本一致。由於我們業務的典型季節性以及較低獲利水準的稅收影響，第四季度將會比較疲軟。

Please note that our outlook may not fully account for potential volatility stemming from evolving global trade policies and other external factors. For more details, please refer to the appendix, which outlines the assumptions behind our updated guidance.

請注意，我們的展望可能無法完全考慮到不斷變化的全球貿易政策和其他外部因素造成的潛在波動。欲了解更多詳細信息，請參閱附錄，其中概述了我們更新指南背後的假設。

Despite a soft macro environment, we are executing well and our self-help efforts are exceeding original expectations. As such, we are increasing our full-year earnings guidance.

儘管宏觀環境疲軟，但我們的執行情況良好，我們的自救努力超出了最初的預期。因此，我們提高了全年獲利預期。

Now I'll turn it back to Gordon to conclude on page 8.

現在我將把話題轉回戈登，在第 8 頁進行總結。

Thanks, John. In closing, O-I is executing well and delivered a strong first half of 2025. Despite mixed market conditions and sluggish demand, we remain sharply focused on what we can control and are making excellent progress on all self-help fronts.

謝謝，約翰。最後，O-I 表現良好，並在 2025 年上半年取得了強勁的成績。儘管市場狀況複雜，需求低迷，我們仍然高度關注我們能夠控制的事情，並在所有自助方面取得了優異的進展。

We expect a meaningful rebound in performance, adjusted earnings, and cash flow this year and have increased our full year guidance accordingly. Executing Fit to Win and our long-term value creation road map, as illustrated on the right and discussed in detail during our March Investor Day, positions us well for the future. Importantly, these initiatives are largely within our control.

我們預計今年業績、調整後收益和現金流量將大幅反彈，並相應提高了全年業績預期。執行「Fit to Win」和我們的長期價值創造路線圖（如右圖所示，並在三月投資者日期間詳細討論）為我們的未來做好了準備。重要的是，這些舉措在很大程度上都在我們的控制範圍內。

As we continue to execute our strategy, we are confident in our ability to meet our goals, including radically reducing the cost base, building a more premium business portfolio, and driving economic profit. This should deliver strong financial results, including sustainably higher EBITDA, and create long-term value for our shareholders.

隨著我們繼續執行我們的策略，我們有信心實現我們的目標，包括大幅降低成本基礎，建立更優質的業務組合，並推動經濟利潤。這應該會帶來強勁的財務業績，包括持續更高的 EBITDA，並為我們的股東創造長期價值。

Thank you for your attention. We look forward to your questions.

感謝您的關注。我們期待您的提問。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

Congrats on all the cost-out progress. I guess first off, in terms of your volume assumptions for 2025, how does that break out by segment? I guess I'm just curious as to your confidence as it relates to being able to hit flat volumes and just given the uncertainty, et cetera, at this point.

恭喜所有成本支出進展順利。我想首先，就您對 2025 年銷售的假設而言，按細分市場來看情況如何？我想我只是好奇您對達到平穩交易量以及目前的不確定性等情況的信心。

I can kick off on that one, Ghansham. Overall, if we take a look at our segments, as we indicated, we believe both Europe and the Americas will be generally stable year over year. So in the first half of the year, you saw a stronger Americas and a little bit softer Europe. We expect that to maybe invert in the back half of the year, but it's only due to comps.

我可以從這個開始，Ghansham。總體而言，如果我們看一下我們的細分市場，正如我們所指出的，我們相信歐洲和美洲的市場總體上將保持逐年穩定。因此，在今年上半年，你會看到美洲表現強勁，而歐洲則略顯疲軟。我們預計今年下半年這種情況可能會逆轉，但這只是由於可比性。

Overall, what we're seeing over the course of the year is a generally stable environment with maybe the exceptions of some disruption due to the capital project that Gordon talked about as well as maybe some fluctuation we saw between the first and second quarter associated with tariff concerns or uncertainties and trying to buy ahead. Other than that, if you take out the noise of prior-year comps and things like that, you're looking at a pretty stable environment.

總體而言，我們在今年看到的是一個總體穩定的環境，除了戈登談到的資本項目造成的一些幹擾，以及我們在第一季度和第二季度之間看到的與關稅擔憂或不確定性以及試圖提前購買有關的一些波動。除此之外，如果排除前幾年同類產品的影響和類似因素，你會看到一個相當穩定的環境。

Okay. Got it. And then for my second question, as it relates to the Bowling Green plant. What exactly is that going to be pitted towards? What is the time line associated with that? And what is the cash cost, just rough cash cost, as it relates to making that transition at that point?

好的。知道了。我的第二個問題與 Bowling Green 工廠有關。這到底是為了什麼呢？與此相關的時間軸是什麼？那麼，與此時進行轉變相關的現金成本（粗略的現金成本）是多少？

Yeah. So that's -- that facility is focused really on premium opportunities in spirits in the US, and we still see a big opportunity in that category in those segments of the market. So Magnum was conceived to deliver against premium.

是的。所以，該工廠真正專注於美國烈酒的高端機遇，我們仍然看到該類別在那些細分市場中存在巨大機會。因此，Magnum 的設計初衷就是為了迎合高端市場。

And when we look at our Best at Both strategy and we look at the cost we feel we would need to be to really grow significantly our premium volume and the capital intensity we're required to deliver the target economic profit, that was the right call for us. And we see a path to being able to reconfigure that plant to get lower operational costs, lower capital intensity, and to really grow the premium business in the US.

當我們審視我們的「兩全其美」策略，並考慮到我們認為需要大幅增加保費收入所需的成本以及實現目標經濟利潤所需的資本強度時，這對我們來說是正確的選擇。我們看到了一條能夠重新配置該工廠以降低營運成本、降低資本強度並真正發展美國高端業務的途徑。

We're working on that reconfiguration as we speak. And at the next earnings call, we'll really give a further update on that, Ghansham. But that's our focus for that facility right now.

我們目前正在進行重新配置。在下次財報電話會議上，我們將對此進行進一步的更新，Ghansham。但這是我們目前對該設施的關注重點。

On the cost side, Ghansham, the facility does have invested capital around the superstructure around legacy assets and things like that, which obviously can be utilized in this. But I think it's a little early to be able to give any specifics there.

在成本方面，Ghansham，該設施確實在遺留資產的上層建築等方面投入了資金，這些資金顯然可以用於此。但我認為現在給出具體細節還為時過早。

Yeah. But Ghansham, as we've laid out in the past, every project we undertake will have to be able to deliver a WACC plus to a minimum return for us going forward.

是的。但是，Ghansham，正如我們過去所闡述的那樣，我們承擔的每個項目都必須能夠為我們未來的發展帶來 WACC 加上最低迴報。

And one final point. I want to reiterate that the outlook that we provided during I Day about the outlook for the business as well as the capital investment in the business still holds. We're going to fit this in within that; we're not going to change at this point in time, our CapEx outlook for the business.

最後還有一點。我想重申，我們在 I Day 期間提供的有關業務前景以及業務資本投資的展望仍然有效。我們將把這一點納入其中；我們目前不會改變我們對業務的資本支出前景。

Arun Viswanathan, RBC.

阿倫·維斯瓦納坦（RBC）。

Just wanted to ask about the Fit to Win benefits. So you were able to accelerate those from $61 million to $84 million in Q2. It looks like you are guiding to $250 million-plus now and the $650 million-plus in the long term.

只是想問有關 Fit to Win 福利的問題。因此，您能夠將第二季的營收從 6,100 萬美元提高到 8,400 萬美元。看起來您目前指導的目標金額是 2.5 億美元以上，而長期目標金額是 6.5 億美元以上。

So maybe you can just frame the upside opportunity there. Are you guys finding more as you pull back the layers a little bit more? And would those be mainly in SG&A?

因此，也許你可以將上行機會框定在那裡。當你們再把層拉回來一點時，你們有發現更多嗎？這些費用主要在銷售、一般及行政費用 (SG&A) 中嗎？

And I guess related to this point, the corporate costs were also a little bit lower this quarter at, I think, [25]. Is that the new level of corporate that we should consider or was there something unusual in there? Is that really reflective of those lower SG&A costs?

我想與此相關的是，本季公司成本也略有下降，我認為，[25]。這是我們應該考慮的新的企業等級嗎？或是其中有什麼不尋常的地方？這真的反映了較低的銷售、一般和行政費用嗎？

Yeah. Well, I'll take the first part of that question, Arun. As we've laid out over the last year or so, Fit to Win is designed to review the cost base of the business across the entire value chain, from the back end of our suppliers right through to our customers' warehouse.

是的。好吧，我來回答這個問題的第一部分，阿倫。正如我們在過去一年中闡述的那樣，「Fit to Win」旨在審查整個價值鏈中的業務成本基礎，從供應商的後端一直到客戶的倉庫。

And we've been systematically working through the value chain and peeling back where all the costs are, where the waste is, where the inefficiencies, what's driving that. And at every part of the chain, as we suspected and as our thesis held, there's opportunities to get more efficient and to strip out weight.

我們一直在有系統地研究價值鏈，找出成本所在、浪費所在、效率低下之處、造成這些現象的原因。正如我們所猜測和我們的論點所主張的，在鏈條的每個部分都有機會提高效率並減輕重量。

That means us working differently with suppliers and with customers. And likewise, they are changing some of the ways we work, but we're making tremendous progress on that. And we've already signed a number of agreements with suppliers that drive much greater productivity and competitiveness for us.

這意味著我們與供應商和客戶的合作方式不同。同樣，他們正在改變我們的一些工作方式，但我們在這方面取得了巨大的進步。我們已經與供應商簽署了多項協議，這將大大提高我們的生產力和競爭力。

Within our own footprint, we shared the results of Toano on previous calls and made great progress there. And we are now in the first wave of 15 plants being rolled out. That's about 60%, 65% through that program for those plants; and we're on or exceeding the targets we had set. So very happy with how that is going.

在我們自己的範圍內，我們在之前的電話會議上分享了 Toano 的成果，並在那裡取得了巨大進展。目前，我們正處於第一批 15 家工廠的建設階段。透過該計劃，這些工廠的完成率約為 60% 到 65%；我們達到或超過了我們設定的目標。我對事情的進展感到非常高興。

And then as we sit with customers and we look for ways to improve order forecast accuracy, logistics, warehousing, again, working through all of that and finding opportunities. So as we set out at the beginning, this is an end-to-end review of the cost base of the business and stripping out the waste and inefficiencies and then reinvesting some of that back into the business or using that to be more competitive in the market, which we're already seeing signs of, particularly in the Americas.

然後，我們與客戶坐在一起，尋找提高訂單預測準確性、物流、倉儲的方法，再次努力解決所有這些問題並尋找機會。因此，正如我們一開始所說的，這是對業務成本基礎的端到端審查，旨在消除浪費和低效率，然後將其中一部分重新投資到業務中或利用這些成本來提高市場競爭力，我們已經看到了這方面的跡象，特別是在美洲。

To build on that and to answer your other corporate question, Arun, if you look at page 5, the outperformance that we're seeing really is in the Phase B area. To Gordon's point, we're already above our full-year target for that area and just building off that.

在此基礎上並回答您關於公司的其他問題，阿倫，如果您看第 5 頁，我們看到的優異表現確實出現在 B 階段區域。正如戈登所說，我們已經超額完成了該領域的全年目標，並且還在繼續努力。

And taking out those productivity and efficiency opportunities and actually jumping ahead of the actual full rollout of the TOE project is driving the upside opportunities that we're seeing across the business. And to that, the corporate levels, we would expect to be a reasonable range. $100 million to $120 million a year is a logical place for the corporate cost.

利用這些生產力和效率機會並真正領先於 TOE 專案的實際全面推出，正在推動我們在整個業務中看到的上升機會。對此，我們預期公司層面將處於一個合理的範圍。每年 1 億至 1.2 億美元是公司成本的合理範圍。

Great. And then if I could just ask a quick follow-up. So then as you look out into, I guess, the second half into next year, again, you're already at $145 million for the first half. So should we also assume that Fit to Win benefits should continue to grow? Or is the second half -- have you already gotten what you -- more than 50% of the year's benefits? Or do you still see continued sequential growth in those benefits?

偉大的。然後我是否可以問一個簡單的後續問題。那麼，當你展望明年下半年時，你會發現上半年的收入已經達到 1.45 億美元。那麼，我們是否也應該假設「Fit to Win」福利應該繼續成長呢？或者說，下半年——您已經拿到了——超過 50% 的年度福利了嗎？或者您仍認為這些收益將持續持續成長？

I think we'll see sequential growth. But keep in mind, in the fourth quarter, we will start to lap the early phases of the activities. And as you can see on the chart on page 5, we had $25 million of benefits already in the fourth quarter. So while the core activity continues to drive momentum, there will be a little bit of a comp element to the fourth quarter.

我認為我們會看到連續的成長。但請記住，在第四季度，我們將開始開展活動的早期階段。正如您在第 5 頁的圖表中看到的，我們在第四季度已經獲得了 2500 萬美元的收益。因此，雖然核心活動繼續推動成長勢頭，但第四季仍將存在一些可比較因素。

Yeah. I would say culturally as well, Arun, we are relentless on waste and inefficiency coming out of the business. So even if we hit a number, there's no satisfaction in that. We drive on as long as there is waste and efficiency to be had where we're going after it.

是的。阿倫，我想說，從文化角度來說，我們對企業中產生的浪費和低效率現像是堅決抵制的。所以即使我們達到了某個數字，我們也不感到滿足。只要我們所追求的目標能夠減少浪費並提高效率，我們就會繼續前進。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Congrats on all the progress. Gordon, you mentioned that in your comments that shipments were weaker in July and you cited rephasing of order activity and delayed ramp-up at a configurated plant. Do you have any sense what your order books look like for August?

祝賀你取得的所有進展。戈登，您在評論中提到 7 月份出貨量較弱，並提到了訂單活動的重新安排和配置工廠的延遲投產。您是否知道八月的訂單狀況如何？

Yeah. Look, we have line of sight. I think the Americas are looking pretty strong, and we're seeing some comeback in places like Northern Europe and in the UK. And as John mentioned, we see Europe probably stabilizing in the second half of the year.

是的。看，我們有視線了。我認為美洲的表現相當強勁，我們也看到北歐和英國等地出現復甦。正如約翰所提到的，我們預期歐洲經濟可能會在今年下半年趨於穩定。

There is still significant consumer weakness in all of the regions, probably except for Latin America. But whether it's wine or beer in Europe, spirits in Europe, still down compared to long-run averages than last year.

除拉丁美洲外，所有地區的消費者仍然明顯疲軟。但無論是歐洲的葡萄酒還是啤酒，還是歐洲的烈酒，與去年的長期平均值相比仍然有所下降。

Driven -- spirits and say, wine is driven by the macroeconomic trade issues. 85% of all scotch produces exported. 65% of all French red wine is exported. So the two major markets of the US and China, still not back to where they were historically.

驅動因素－烈酒和葡萄酒都受到宏觀經濟貿易問題的驅動。 85% 的蘇格蘭威士忌產品都出口。 65% 的法國紅酒都出口。因此，美國和中國這兩個主要市場仍未恢復到歷史水準。

In the US, we see beer still sluggish, even imported beer. So -- but yes, there have been pockets of growth in terms of non-alcoholic beverages, particularly waters, and food is on the back of trends like antimicroplastics, performing very well in most markets.

在美國，我們看到啤酒銷售依然低迷，甚至進口啤酒也是如此。所以——但是，是的，非酒精飲料，特別是水，確實出現了增長，而且食品在反微塑料等趨勢的推動下，在大多數市場表現都非常良好。

Latin America is performing very well for us, particularly food, non-alcoholic beverages. Spirits coming back strongly in Mexico, we are quite resilient.

拉丁美洲對我們來說表現得非常好，尤其是食品和非酒精飲料。墨西哥的精神正在強勢復甦，我們有相當強的韌性。

And going back to first principles that we laid out last July, we, over the next two years, predicated flat volumes. As we deliver savings, we will share some of that with our strategic customers and ultimately drive the value over the next two years by getting a much better return on the volume we have and getting fitter.

回到我們去年七月提出的第一原則，我們預測未來兩年銷售將持平。當我們實現節省時，我們將與我們的策略客戶分享其中的一部分，並最終在未來兩年內透過獲得更好的產量回報和變得更加健康來推動價值。

That then puts us in a position, a very strong position, as the turn comes and consumers come back to these categories. So our story over the next two years is not a volume story, per se. We predicate towards flat volumes, but getting much, much more efficient and getting much higher returns on the volumes we have.

當情勢轉變、消費者回歸這些類別時，這將使我們處於非常有利的地位。因此，從本質上來說，我們未來兩年的故事並不是一個數量故事。我們預計交易量將保持平穩，但效率將大大提高，現有交易量的回報也將大大提高。

And I think for us, our thesis is that the value will be increased through getting better returns rather than chasing volume at lower margins and lower prices in markets that are -- where demand is sluggish.

我認為，對我們來說，我們的論點是，透過獲得更好的回報來增加價值，而不是在需求低迷的市場中以較低的利潤和較低的價格追求銷售。

That's very helpful. I appreciate all the color. And then just one quick follow-up. You mentioned the progress on TOE. I heard you said the first wave of 15 facilities has been meeting or exceeding your expectations, and you're about 50% to 55% through those plants. Is there any more color you can provide around the progress, maybe some of the cost savings, or the returns that you've generated thus far at those 15 facilities?

這非常有幫助。我欣賞所有的色彩。然後只需快速跟進一次。您提到了 TOE 的進展。我聽說您說過，首批 15 家工廠已經達到或超過了您的預期，這些工廠的產能利用率約為 50% 到 55%。您能否進一步介紹這 15 家工廠的進展、成本節省情況，或迄今為止產生的回報？

Yeah. Again, we -- we go into those plants, and we understand obviously the cost base and what's driving the cost, where the waste is, and where your top five issues or losses are and then working systematically through that. And everything, we've seen in our pilots in Toana.

是的。再說一次，我們——我們進入這些工廠，我們清楚地了解成本基礎和成本驅動因素，浪費在哪裡，以及最大的五個問題或損失在哪裡，然後系統地解決這些問題。我們在托阿納的飛行員身上看到了這一切。

And indeed, the initial study we did way back in June '24 are coming to fruition. There -- we have some tremendous talent in our plants. But with fresh set of eyes and some new thinking from other industries that I've worked in, we're seeing opportunities to drive very significant productivity improvements and run these plants in a much more effective, efficient manner.

事實上，我們早在 2024 年 6 月進行的初步研究已經取得了成果。我們的工廠裡有一些非常優秀的人才。但是，憑藉全新的視角以及我曾在其他行業工作過的一些新思維，我們看到了推動生產力顯著提高以及以更有效、更有效率的方式運作這些工廠的機會。

So I'm very happy with the alacrity with which our teams have taken on these new ways of working and going after the waste across the fleet. So very happy with that, Mike.

因此，我很高興看到我們的團隊能夠迅速採用這些新的工作方式並處理整個船隊的廢物。對此我非常高興，麥克。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

I wanted to -- how are you, Gordon? And congratulations on the progress so far. I wanted to come back to MAGMA not to necessarily do a postmortem on it and the whys and wherefors, but really to understand how glass sits in customers' mix.

我想──你好嗎，戈登？並祝賀迄今為止的進展。我希望回到 MAGMA，不一定要對其進行事後分析，找出原因和理由，而是真正了解玻璃在客戶產品組合中的地位。

And so when MAGMA was talked about a few years ago, the notion was you'd be able to drop in smaller facilities. You'd be able to be more nimble. You'd be able to then get into customers' new product launches more quickly. I think that was part of the story, as I recall, and correct me if I'm wrong on any of that.

因此，幾年前當人們談論 MAGMA 時，他們的想法是能夠投入較小的設施。你將能夠變得更加靈活。這樣您就可以更快地了解客戶的新產品發布。我認為那是故事的一部分，我記得，如果我有任何錯誤，請糾正我。

And for whatever reason, MAGMA is no longer being utilized. Is it that the process itself didn't really live up to your expectations? Is it that customers don't really look to glass for that new product, quick-on-the-run type of product anymore, type of package?

無論出於什麼原因，MAGMA 都不再被使用。是不是這個過程本身並沒有達到你的期望？是因為顧客不再真正依賴玻璃來生產新產品、快速生產類型的產品和包裝類型了？

Or TOE and all that you're doing in the organization now gives you that agility that you thought you were going to get for Magma, but you don't need to spend the capital there. How would you have us think about that? What's happened here and why you don't need MAGMA anymore?

或者 TOE 以及您在組織中所做的一切現在為您提供了您認為將為 Magma 獲得的靈活性，但您不需要在那裡花費資金。您希望我們怎麼看待這個問題？這裡發生了什麼事？為什麼你不再需要 MAGMA 了？

Great. So let me start with the customer piece. Consumers love glass, right? All things being equal, they'll choose glass.

偉大的。那麼讓我先從客戶部分開始。消費者喜歡玻璃，對嗎？如果其他條件相同，他們會選擇玻璃。

And I've been -- I've met about 70 of our customers over the last year. And I would say, without exception, all of them want to put more glass into their portfolios for sustainability, to help drive that premiumization trend that's still there as strong as ever.

在過去的一年裡，我見過大約 70 位客戶。我想說，毫無例外，他們都希望在自己的產品組合中投入更多的玻璃，以實現永續發展，以幫助推動仍然強勁的高端化趨勢。

So glass is absolutely fundamental to the portfolios of all our major customers. And in fact, our NPD pipeline this year is up about 35%, which is a massive increase, as our customers look to spur growth. So no question around glass in the portfolio is in my mind with customers, and I've heard that firsthand so many times.

因此，玻璃對於我們所有主要客戶的產品組合來說絕對至關重要。事實上，我們今年的新產品開發管道增加了約 35%，這是一個巨大的成長，因為我們的客戶希望刺激成長。因此，我心裡對客戶沒有任何關於產品組合中玻璃的問題，而且我已經親耳聽過很多次了。

With regard to MAGMA, yes, the idea was you could do maybe smaller batches of premium. But when I look at it, there's two aspects. Did the technology work? Yes, the technology worked. But can it deliver the returns we require if we were looking at rolling out 10 or 12 or 15 of them?

關於 MAGMA，是的，我們的想法是，也許可以生產小批量的優質產品。但當我看它時，有兩個方面。這項技術有效嗎？是的，這項技術有效。但是，如果我們考慮推出 10 個、12 個或 15 個這樣的企業，它能帶來我們所需的回報嗎？

And what's the next best alternative? And as CEO, I feel two important aspects of my role is to want to face reality and to make good decisions around that. And secondly is to reallocate our precious capital as effectively as possible.

那麼下一個最佳選擇是什麼呢？身為首席執行官，我認為我的職責有兩個重要面向：面對現實並圍繞現實做出正確的決策。其次是盡可能有效地重新分配我們寶貴的資本。

And when I look at -- and you're right, TOE -- and I look at the flexibility I think TOE techniques can bring and also greater volumes at lower cost and lower capital intensity, for me, it was a clear decision. There is a better way for us to deliver on the -- what customers are looking for, which is continued premiumization. But they want premium products at affordable cost, right?

當我看到 — — 您說得對，TOE — — 並且我看到了我認為 TOE 技術可以帶來的靈活性，以及以更低的成本和更低的資本強度實現更大的產量時，對我來說，這是一個明確的決定。我們有更好的方式來滿足客戶的需求，那就是持續的高端化。但他們想要的是價格實惠的優質產品，對嗎？

And we don't have small ambitions around premium, right? We have very big ambitions around premium, and I need higher volumes of premium than a MAGMA furnace could deliver. And I think the way to do that is the path we have forward, which is the Best at Both model, which -- by the way, we have a business in our portfolio that does exactly that and is making great returns, great margins. And it's highly, highly flexible.

我們對高端市場的野心可不小，對吧？我們對高端產品抱有非常大的期望，我需要的高階產品產量比 MAGMA 熔爐所能提供的產量還要高。我認為實現這一目標的方法是我們前進的道路，即「兩全其美」模式，順便說一句，我們的投資組合中就有一項業務正是這樣做的，並且獲得了豐厚的回報和利潤。而且它非常非常靈活。

So what we're embarking on is not new to world. It's there. We just need to get much, much better at it. And I'm confident now we're putting in place the operational capabilities to do so. So it's the correct decision for us, the correct decision for our customers, and it's the correct decision for our shareholders.

因此，我們所著手做的事情對世界來說並不新鮮。它就在那裡。我們只是需要做得更好。我相信，我們現在正在具備實現這一目標的作戰能力。所以，對我們來說，這是一個正確的決定，對我們的客戶來說，這是一個正確的決定，對我們的股東來說，這也是一個正確的決定。

For my second question, if possible, you talked about your current run rates and that things get a little bit better in August. Is there a way to parse the down mid-single digits across the regions?

對於我的第二個問題，如果可能的話，您會談談目前的運行率，以及八月份情況會有所改善。有沒有辦法分析各地區下降的中位數？

And then as we shift into the fourth quarter, you talked a little bit about why it's maybe now a lesser piece of your earnings cadence for the year. But can you give us a bit more color there?

然後，當我們進入第四季度時，您稍微談到了為什麼它現在可能成為您今年盈利節奏中較小的一部分。但您能給我們更多細節嗎？

I know fourth quarter's small. The numbers can move around a lot. If we choose the midpoint versus one end of the range or the other in the range of the guidance, we can come up with different conclusions. But the fourth quarter seems a little bit weaker. And is any of it related to the volumes that we're seeing right now?

我知道第四季很小。數字可能會發生很大變化。如果我們選擇中點而不是範圍的一端或指導範圍內的另一端，我們就會得出不同的結論。但第四季似乎稍微弱一些。這和我們現在看到的數量有關係嗎？

I can jump in and take the second part of that to start with. The seasonality of our business is such that we earn about 60% to 65% of our EPS in the first half of the year and the remaining 35% to 40% in the back half of the year. That's consistent with the average in the last five years.

我可以直接從第二部分開始。我們的業務具有季節性，因此我們在上半年獲得的每股收益約為 60% 至 65%，而在下半年獲得的每股收益約為 35% 至 40%。這與過去五年的平均值一致。

And after exiting the ANZ business a few years ago, we are more levered to the Northern Hemisphere. And as a result, with our products being used in the summertime, the seasonality of that, we do have this tendency that were -- that I just mentioned.

幾年前退出澳新銀行業務後，我們更重視北半球的業務。因此，由於我們的產品在夏季使用，由於季節性，我們確實有這種趨勢——我剛才提到過。

But as we take a look at the fourth-quarter guidance that we have this year, we are making -- in addition to the normal seasonality, we have made a provision in there in our outlook for potentially more temporary downtime.

但是，當我們回顧今年第四季的預期時，我們發現——除了正常的季節性因素外，我們還在展望中為可能出現的更多暫時停工時間做好了準備。

It is taking us a bit longer than originally anticipated to complete the restructuring and network optimization activities over in Europe. We're following all the rules and the processes accordingly, but it's just taking longer. As a result, if this slips into next year, we will probably take more temporary downtime in the fourth quarter as we keep our system balanced until we complete that. So that is a function of that.

我們完成歐洲重組和網路優化活動的時間比最初預期的要長一些。我們正在遵循所有規則和流程，但只是花了更長的時間。因此，如果這種情況持續到明年，我們可能會在第四季度採取更多臨時停機措施，以保持系統平衡，直到完成此過程。這就是它的一個功能。

And also, I just want to highlight also is that our ETR tax rate is very sensitive to overall levels of earnings. And as the earnings are lower in the fourth quarter, especially with making the provision for the potential temporary downtime, we also end up with a disproportionately higher tax rate. So it just swings things around a little bit more in the fourth quarter.

而且，我還想強調的是，我們的 ETR 稅率對整體收入水準非常敏感。而且由於第四季的收益較低，特別是考慮到潛在的暫時停工，我們的稅率最終也變得不成比例地高。所以第四季的情況會稍微好轉一些。

So hopefully, that gives you the perspective you're looking for. But it has nothing to do with the trends in the business and the volume. It has more to do with the downtime and managing the network optimization.

希望這能為你提供你想要的視角。但這與業務趨勢和數量無關。它與停機時間和管理網路優化有更大的關係。

Yeah. And maybe the first part of that, George. We -- if I do run through maybe the segments or regions, beer in North America actually performed very strongly for us and we outperformed the category; as did core spirits, very, very strong momentum there.

是的。也許是第一部分，喬治。如果我確實要介紹各個細分市場或地區，那麼北美的啤酒市場實際上表現非常強勁，我們的表現優於其他類別；核心烈酒市場也是如此，那裡的發展勢頭非常非常強勁。

We see -- as seasonality kicks in, we see some of that come off for beer certainly. But brown spirits, particularly, are weighted a bit more to the back half of the year. So we see probably continued momentum there.

我們看到—隨著季節性的到來，啤酒的銷量肯定會下降。但棕色烈酒在下半年的銷售量會更大。因此，我們可能看到其持續的勢頭。

One is weak across the board. I spent some time in California in the last couple of weeks. But the industry is looking at ways to figure out how to overcome that. And the lesson I heard from people there is, hey, the wine industry has overcome many setbacks over the last 50 years, and there was a confidence there I picked up. But no doubt, wine has been weakening in Q2.

一是全盤疲軟。過去幾週我在加州待了一段時間。但業界正在尋找克服這個問題的方法。我從那裡的人們那裡聽到的教訓是，嘿，葡萄酒行業在過去的 50 年中克服了許多挫折，我從中獲得了信心。但毫無疑問，第二季葡萄酒市場正在走弱。

[NAB] waters are going really well for us in North America, and we see that continuing. And we probably see food -- it was soft in Q2 but picking up in Q3 and Q4, particularly towards the holidays.

[NAB] 北美的水域狀況非常好，而且我們認為這種情況會持續下去。我們可能會看到食品——第二季疲軟，但第三季和第四季回升，尤其是在假期期間。

Europe beer, particularly in Central Europe, down; wine down; and spirits down. And I think that's just a common picture as I mentioned. But food and non-alcoholic beverages, very, very strong for us.

歐洲啤酒，特別是中歐啤酒銷量下降；葡萄酒銷量下降；烈酒銷量下降。我認為這只是我提到的一張普通的照片。但是食物和非酒精飲料對我們來說非常非常強烈。

We probably see spirits coming back a bit in the second half. And white wine is doing better than red wine for sure. Other than that, MDN performing very strong for us. Brazil is doing very well for us, up 3%, 4% in Q2. Order book is very, very strong there.

我們可能會看到精神在下半場有所恢復。白葡萄酒的表現肯定比紅葡萄酒好。除此之外，MDN 的表現對我們來說非常強勁。巴西的表現非常好，第二季成長了 3% 至 4%。那裡的訂單非常非常強勁。

And the big surprise for us was in Mexico where beer actually has stabilized particularly in the domestic market and tequilas have rebounded remarkably well as the tequila industry figures out other markets besides the US.

令我們大為驚訝的是墨西哥的啤酒市場實際上已經趨於穩定，特別是在國內市場，而龍舌蘭酒市場也出現了顯著的反彈，因為龍舌蘭酒行業已經發現了除美國以外的其他市場。

So Southwest Europe, impacted by red wine particularly, but food going strongly and non-alcoholic beverages. And we also see some upside in the back half of the year in the UK. So that's a run around the business, George. I hope that gives you a bit of color.

因此，西南歐尤其受到紅酒的影響，但食品和非酒精飲料也表現強勁。我們也看到英國下半年將出現一些上漲趨勢。這就是圍繞著業務進行的奔波，喬治。我希望這能帶給你一些啟發。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

This is Bryan Burgmeier sitting in for Anthony. Just maybe on net price. I noticed you're expecting a little bit less of a headwind now than originally. I think you raised the range by about $25 million. Maybe just what drove that? Do you feel like prices for the second half are maybe locked in now?

這是取代安東尼的布萊恩·伯格邁爾 (Bryan Burgmeier)。可能只是以淨價計算。我注意到您現在預期的逆風比原來小一些。我認為你把範圍提高了約 2500 萬美元。也許是什麼導致了這種情況？您是否覺得下半年的價格現在可能已經確定了？

Do you have line of sight to that? And just maybe generally, how do you feel about European operating rates at this point?

你看得到那邊嗎？整體而言，您對目前歐洲的營運率有何看法？

Yeah, sure. Brian. When we take a look at the drivers for net price, as we had entered in the year, we had a higher expectation of that pressure point. It's obviously moderated. I think the net price pressure for the first half of the year is about $70 million. And we're thinking right now, it might be $100 million to $125 million, down from our previous expectations.

是的，當然。布萊恩。當我們審視今年淨價的驅動因素時，我們對這個壓力點有更高的預期。顯然，這是經過審核的。我認為上半年的淨價格壓力約為7000萬美元。我們現在認為，這個數字可能會比我們之前的預期低 1 億到 1.25 億美元。

Really, really, there's two factors going on. It's that inflation has moderated probably more so than we expected. Energy prices have moderated. So that is definitely one of the drivers.

確實，有兩個因素在起作用。通貨膨脹的緩和程度可能超出了我們的預期。能源價格已經緩和。所以這絕對是驅動因素之一。

And then we have seen probably a reasonably stable net pricing -- gross pricing in the business. If you take a look at our business year to date, our sales volumes were up about 1%, but gross price is down about 1%, right? So it's not really fluctuating that much in the grand scheme of things.

然後我們可能看到了相當穩定的淨定價——業務的總定價。如果您看一下我們今年迄今為止的業務，我們的銷售量增長了約 1%，但總價格卻下降了約 1%，對嗎？因此，從總體來看，它實際上並沒有太大的波動。

We thought it might be under a little bit more pressure. So it's really both levers moving. And I would say, like -- if we take a look at the back half of the year, most of the year-over-year pressure point has been incurred in the first half with a little bit still dribbling into the back half.

我們認為它可能會承受更大的壓力。所以這實際上是兩個槓桿都在運作。我想說的是，如果我們看一下今年下半年，就會發現大部分同比壓力都出現在上半年，而一小部分壓力仍延續到了下半年。

Got it. Got it. Appreciate that detail. And then maybe just broadly from a high level, do you think that the US-EU trade deal coming together this week provides maybe a level of clarity for customers that you and they have been looking for to maybe get orders going again?

知道了。知道了。感謝這個細節。那麼，從高層次來看，您是否認為本週達成的美歐貿易協議為客戶提供了一定程度的清晰度，而這正是您和客戶一直期待的，以便客戶能夠再次獲得訂單？

Or do you think maybe the industry needs time to digest this and adjust to the tariffs? Just anything you can share on maybe if a trade deal changes anything for you and your customers in 3Q and the second half.

或者您認為行業可能需要時間來消化這一點並適應關稅？如果貿易協定在第三季和下半年對您和您的客戶有任何影響，您可以分享任何資訊嗎？

Yeah. Look, any certainty is a good thing. There's been so much uncertainty and customers trying to figure out, do they need to ship bottling operations in different regions and so on. And so no decisions in the industry that I've seen have been made around this.

是的。看，任何確定性都是好事。存在太多的不確定性，客戶試圖弄清楚他們是否需要將裝瓶業務運送到不同的地區等等。據我所知，業界尚未就此做出任何決定。

So anything that brings certainty is a good thing, then people can plan around that and we can work with customers accordingly. The headline number is 15% on everything coming into the US. But I still understand some commentary that it's still not clear on where wine and spirits sit in all of that and whether that potentially is zero for zero or whether it's 15%.

因此，任何能帶來確定性的事情都是好事，人們可以圍繞它進行計劃，我們也可以據此與客戶合作。所有進入美國的商品均需繳納 15% 的稅。但我仍然理解一些評論，即目前還不清楚葡萄酒和烈酒在所有這些中處於什麼位置，以及是否可能是零稅率還是 15%。

So there's been awkward clarity on that, I would say. So the faster we get to that, the better; and then we can work with customers accordingly. So the more certainty, the better it is, I would say.

所以我想說，這一點一直都不太清楚。因此，我們越快實現這一目標就越好；然後我們就可以相應地與客戶合作。所以我想說，確定性越高越好。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

It's Anojja Shah sitting in for Josh. I just wanted to go back to MAGMA quickly. Are there any cost savings associated with this decision that maybe weren't dialed in before, but you need to be added now?

替喬希 (Josh) 的是阿諾賈沙 (Anojja Shah)。我只是想快點回到MAGMA。這個決定是否能帶來一些成本節省，而這些成本節省以前可能沒有考慮到，但現在您需要考慮到嗎？

I'd say the primary -- first, thanks for the question. I'd say the primary savings is that we are overall reducing our D&E cost to the business. It's all part of our SG&A savings initiative.

我想說的是主要的——首先，感謝您的提問。我想說，主要的節省是我們整體上降低了企業的 D&E 成本。這都是我們銷售、一般及行政費用 (SG&A) 節省計劃的一部分。

So I think from an operational standpoint, obviously, we're ceasing the operations in that. There was a minor loss associated with this, but I don't think it's a material aspect to the business for the Bowling Green element. I think the bigger element is the reduced SG&A cost is embedded in our SG&A savings targets.

因此我認為從營運的角度來看，顯然我們會停止這方面的運作。雖然這造成了輕微的損失，但我認為這對 Bowling Green 的業務來說並不是什麼重大問題。我認為更重要的因素是降低銷售、一般和行政費用已包含在我們的銷售、一般和行政費用節省目標中。

Okay. And based on your comments on inventory earlier in the prepared comments -- and I think your prior guidance for working capital and free cash flow was flat. It sounds like now, you'd expect working capital to be a benefit to free cash flow this year. Can you just tell me what you're expecting in your guidance?

好的。根據您之前在準備好的評論中對庫存的評論 - 我認為您之前對營運資本和自由現金流的指導是持平的。現在聽起來，您會期望營運資金今年會對自由現金流產生好處。您能否告訴我您對指導有何期望？

Yeah, that's correct. Earlier in the year, we thought that working capital would probably minor factor. And the -- where we stand right now is something like an up to $50 million working capital benefit this year, $0 to $50 million as we do better on the inventory.

是的，沒錯。今年早些時候，我們認為營運資金可能只是次要因素。而我們目前的狀況是，今年的營運資金收益高達 5,000 萬美元，隨著庫存狀況的改善，收益將從 0 增至 5,000 萬美元。

On the offset to that, we are having more restructuring costs that's probably going to be the higher end. We updated that guidance range. We also increased the estimate for interest expense, given where the forward curve has changed, too.

與此相反，我們的重組成本將會增加，而且可能會更高。我們更新了該指導範圍。考慮到遠期曲線的變化，我們也提高了利息支出的估計。

So overall, we think the free cash flow outlook that we had at the beginning of the year is still relatively consistent. Obviously, FX plays into this equation with a lot of moving pieces.

因此總體而言，我們認為年初的自由現金流前景仍然相對一致。顯然，FX 透過許多活動部件發揮了這一作用。

But I also want to reiterate we're really focused on free cash flow. And with a $300 million year-over-year improvement despite, call it, $140 million to $150 million of restructuring charges, it's a major swing, major improvement in the performance of the business. And certainly, we look to drive that as we go to our ID targets and moving up to 5% of sales and ultimately up to 7% of sales over the next few years.

但我也想重申，我們真正關注的是自由現金流。儘管重組費用高達 1.4 億至 1.5 億美元，但與去年同期相比，該公司的業績仍增長了 3 億美元，這是一個巨大的進步，業務表現也得到了顯著改善。當然，我們希望在實現 ID 目標的過程中推動這一目標，並在未來幾年內將銷售額提升至 5%，最終提升至 7%。

Francisco Ruiz, BNP Paribas.

法國巴黎銀行的弗朗西斯科·魯伊斯。

I have two questions for me. The first one is, if you could update on how the negotiations with French authorities are on the restructuring you proposed a couple of months ago. And also a follow-up on this is, what else is missing in terms of restructuring or closing facilities in order to get to your Phase A savings on fee to win?

我有兩個問題。第一個問題是，您能否介紹一下幾個月前您提出的重組方案與法國當局的談判進展。另外，接下來的問題是，為了在 A 階段節省費用，重組或關閉設施方面還缺少什麼？

The second question is if you could help to understand what is the bridge between your Fit to Win benefits and the rest of the cost at operating cost, apart from the central cost? I mean there is a cap of [20 million, 30 million] this quarter. So where is this coming from?

第二個問題是，您是否可以幫助您了解「Fit to Win」效益與中央成本以外的其餘營運成本之間的關聯是什麼？我的意思是本季的上限是[2000萬，3000萬]。那麼這從何而來？

Let me take the first question. So we're engaged with our European works councils and our local works councils, and we're working through the process of consultation and listening to ideas and as we move through to getting agreement on how we reconfigure the network to be as competitive as we can be in France.

我來回答第一個問題。因此，我們與歐洲工會委員會和地方工會委員會進行了接觸，透過協商和聽取意見，就如何重新配置網路以在法國盡可能具有競爭力達成一致。

We see France as a very important market in our business, and we have plans to invest quite heavily in France. But we need the right network. And those discussions are progressing to plan.

我們將法國視為我們業務中非常重要的市場，我們計劃在法國進行大量投資。但我們需要合適的網路。這些討論正在按計劃進行。

As you know, there's a process. You work through the process, and we're committed to doing that fairly and squarely and with our colleagues. So nothing more to add there other than it's going to plan in terms of timing of discussions.

如您所知，這是一個過程。您負責完成整個過程，我們致力於與我們的同事公平公正地完成這項工作。因此，除了計劃討論的時間之外，沒有什麼可補充的。

And Francisco, this is John. I'll address the other two questions you have as far as where do we stand in the whole network optimization process and what is left. So we've announced so far about a total of 10 percentage point reduction in global capacity, of which, as we stand here right now, maybe 5% or a little bit more is actually physically closed.

弗朗西斯科，這是約翰。我將回答你們的另外兩個問題，關於我們在整個網路優化過程中處於什麼位置以及還剩下什麼。因此，到目前為止，我們已經宣布將全球運力總共削減 10 個百分點，其中，就目前情況而言，可能有 5% 或更多的運力實際上已經物理關閉。

The other component has to do with remaining elements that have been announced. One is what we just referenced in France. And the other one is what we just referenced earlier today -- I mean, last night in the Americas. That is what will be conducted over the next couple of quarters, and then that would be a completion of where we stand on the announced level of capacity restructuring.

另一個部分與已宣布的剩餘內容有關。一個是我們剛才提到的法國的情況。另一個是我們今天早些時候提到的——我的意思是昨晚在美洲。這將是未來幾季將要進行的工作，然後我們將完成所宣布的產能重組水準。

We would still then have a little bit a couple of percentage points of excess capacity/ But we're going to monitor and see where the market trends go and see -- ultimately determine hopefully, we can grow into that. And we'll have to determine whether additional decisions are required.

我們仍然會有幾個百分點的過剩產能/但我們將監測並觀察市場趨勢的走向——最終確定我們能否實現這一目標。我們必須確定是否需要做出其他決定。

And then your last question is -- so if Fit to Win was $84 million, where is the other cost movements? What I would point you to is on page 6 of our materials. There's actually a little chart in there that has the cost breakdown.

那麼你的最後一個問題是——如果「Fit to Win」的成本為 8,400 萬美元，那麼其他成本變動在哪裡？我想向您指出的是我們資料的第 6 頁。實際上，裡面有一張小圖表，上面列出了成本明細。

And as you can see with that, operating costs were favorable, $31 million, $63 million of that was fit to win in the operating line, but we did have $27 million of temporary curtailment that is, as we've referenced, the continued downtime until we're able to get these permanent restructuring actions actually completed. Those are the major movers.

正如您所看到的，營運成本是有利的，為 3,100 萬美元，其中 6,300 萬美元適合在營運線上獲勝，但我們確實有 2,700 萬美元的臨時削減，正如我們所提到的，持續的停工直到我們能夠真正完成這些永久性重組行動。這些都是主要的推動因素。

And you take a look on the corporate side, if you add up the whole thing, we have $84 million of Fit to Win. You got the temporary curtailments. You'll see an offset in corporate. A lot of that has to do with resetting management consensus with zero last year. So take a look at that. That provides you the details I think you're looking for.

從公司角度來看，如果把所有資金加起來，我們有 8,400 萬美元的 Fit to Win 資金。你得到了暫時的限制。您會看到公司出現偏移。這在很大程度上與去年將管理共識重置為零有關。那麼看一下吧。這為您提供了我認為您正在尋找的詳細資訊。

Gabrial Hajde, Wells Fargo Securities.

富國證券的 Gabrial Hajde。

I apologize, I joined a few minutes late .But I was curious if, John, you could help us with the increase in the guidance range, $15 million. And I think to your point, you talked about price cost being actually a little bit more favorable, maybe by $25 million, if I pick midpoints.

抱歉，我遲到了幾分鐘。但是我很好奇，約翰，你是否可以幫助我們將指導範圍提高到 1500 萬美元。我認為，就您的觀點而言，您談到的價格成本實際上要更優惠一些，如果我選擇中間點的話，可能要優惠 2500 萬美元。

And then FX I think, is maybe a $25 million to $30 million tailwind as well. Volumes up 1% through the first half. We're still targeting flattish, which I guess would suggest down 1%. And in the back half, you already gave us some color on the mix, Americas versus Europe.

然後我認為 FX 可能也會帶來 2500 萬到 3000 萬美元的順風。上半年交易量成長 1%。我們的目標仍然是持平，我想這意味著下降 1%。在後半部分，您已經為我們提供了美洲與歐洲的對比色彩。

And it seems like your Fit to Win and cost-outs are running ahead of expectations. So is there something else that we're missing? I don't want to talk to the upper end of the range. I'm just trying to understand if there are any other puts and takes in our logic there.

看起來您的「適合取勝」策略和成本支出都超出了預期。那我們還遺漏了什麼嗎？我不想談論這個範圍的上限。我只是想了解我們的邏輯中是否還有其他的內容。

Yeah. So Gabe, I mean, the drivers that we have -- and maybe just thinking, what are the factors that would drive you to the upper end of the range? Obviously, you got the FX, as you referenced. Net price is better. Fit to Win probably has upside opportunities.

是的。所以 Gabe，我的意思是，我們擁有的驅動因素——也許只是在想，哪些因素會推動你達到這個範圍的上限？顯然，正如您所提到的，您獲得了 FX。淨價更優惠。Fit to Win 可能還具有上漲機會。

And then the flip side that we have is interest expense will be higher because the rates haven't changed. And then you also have -- and I'm sure you heard this, but we are making a provision later in the year for more temporary downtime in the event that we have the timing of -- in particular, the European restructuring activity may kick into early part of next year.

而另一方面，由於利率沒有變化，利息支出將會更高。然後你也有 - 我相信你聽說過這個，但是我們將在今年晚些時候做出準備，以便在我們有時間的情況下進行更多的臨時停機 - 特別是歐洲重組活動可能會在明年年初啟動。

Those are the major factors. And anything in the variance between the high end of the range, midpoint, low end, has probably do more with macroeconomic trends and things like that that we're just trying to make a general range for

這些是主要因素。範圍的高端、中點和低端之間的差異可能與宏觀經濟趨勢等因素有關，我們只是試圖為這些因素設定一個大致的範圍。

Okay. And then the follow-up question. I've seen a few announcements here in the past month or so, Heineken being one of them, I think, talking about building a pretty meaningful new brewery in the Yucatan and maybe some reorienting, Gordon, you alluded to, some of their bottling if that were to occur. And then in North America, there was an announcement on reformulation for Coca Cola.

好的。然後是後續問題。在過去一個月左右的時間裡，我在這裡看到了一些公告，我想喜力就是其中之一，他們談論的是在尤卡坦州建立一個非常有意義的新啤酒廠，並且如果真的要建廠的話，他們可能會進行一些重新定位，戈登，你提到了，他們的一些裝瓶業務。隨後在北美，可口可樂宣布將調整其配方。

I'd be curious if there's been any early discussions or if you can talk about maybe the opportunity for beer in Mexico on new facilities coming in. I think Heineken's bringing one online in 2026, and then this new big facility would be operational in '28.

我很好奇是否有任何早期討論，或者您是否可以談談在墨西哥新建啤酒設施後啤酒行業可能面臨的機會。我認為喜力將在 2026 年建成一座工廠，然後這座大型新工廠將在 2028 年投入運作。

Yeah. Look, Gabe, we're talking to customers all the time. And I'm spending 20%, 25% of my time out with customers, discussing what the opportunities and pain points are.

是的。聽著，加布，我們一直在與客戶交談。我花費 20% 到 25% 的時間與客戶討論機會和痛點。

And if you look at the dynamics of Mexico, I think over the medium and long term, it's a tremendous market for beer. We've got a fabulous suite of assets down there, and we're going to make sure we're in position to take the opportunities as they come.

如果你觀察墨西哥的動態，我認為從中期和長期來看，它是一個巨大的啤酒市場。我們在那裡擁有一系列極好的資產，我們將確保自己能夠抓住機會。

Product stays better in glass, what can I say? So whenever customers want to make more of their products in North American glass, we're -- with some of the efficiencies and on trapped capacity that we're finding in TOE, we'll be ready and willing to support anybody that wants to launch products in -- more products in glass as we move forward.

產品在玻璃中保存得更好，我能說什麼呢？因此，無論何時客戶想要用北美玻璃生產更多產品，我們都會——憑藉我們在 TOE 中發現的一些效率和被困產能，我們將做好準備並願意支持任何想要推出更多玻璃產品的人。

We currently have no further questions, so I'll hand back to Chris for any closing remarks.

我們目前沒有其他問題，因此我將把發言權交還給克里斯，請他做最後發言。

Thanks, Lucy. That concludes our earnings conference call. Please note that our third-quarter call is presently scheduled for Wednesday, November 5. And remember, make it a memorable moment by choosing safe, sustainable glass. Thank you.

謝謝，露西。我們的收益電話會議到此結束。請注意，我們的第三季電話會議目前定於 11 月 5 日星期三舉行。請記住，選擇安全、永續的玻璃，讓這一刻成為難忘的回憶。謝謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。