O-I Glass Inc (OI) 2025 Q3 法說會逐字稿

Good morning. Thank you for attending today's O-I Glass third-quarter 2025 earnings conference call. My name is Jerry, and I will be your moderator today. (Operator Instructions)

早安.感謝您參加今天舉行的 O-I Glass 2025 年第三季財報電話會議。我叫傑瑞，今天我將擔任主持人。（操作說明）

I would now like to pass the conference over to our host, Chris Manuel, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給我們的主持人，投資者關係副總裁克里斯·曼努埃爾。請繼續。

Thank you, Jerry, and welcome, everyone, to the O-I Glass third-quarter 2025 earnings conference call. Our discussion today will be led by Gordon Hardie, our CEO; and John Haudrich, our CFO. Following prepared remarks, we will host a Q&A session.

謝謝 Jerry，歡迎各位參加 O-I Glass 2025 年第三季財報電話會議。今天的討論將由我們的執行長戈登·哈迪和財務長約翰·豪德里奇主持。在發言結束後，我們將進行問答環節。

Presentation materials for this 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.

本次電話會議的簡報資料可在公司網站上取得。請查閱相關資料中所包含的安全港聲明和我們對非公認會計準則財務指標的使用揭露。

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

現在，我想把電話交給戈登，他將從第 3 張幻燈片開始。

Good morning, everybody, and thank you for your interest in O-I Glass. Today, we will review our third quarter performance, examine recent market trends and highlight the progress we have made on our transformation journey. We will also share our improved outlook for 2025 and an early view on key business drivers for further improvement in 2026. Before we begin, I want to acknowledge the dedication and determination of the entire O-I team. Your commitment, teamwork and execution are the drivers behind our ongoing transformation.

各位早安，感謝大家對 O-I Glass 的關注。今天，我們將回顧第三季業績，分析近期市場趨勢，並重點介紹我們在轉型過程中所取得的進展。我們也將分享我們對 2025 年的改進展望，以及對 2026 年進一步改善的關鍵業務驅動因素的初步看法。在開始之前，我想對整個 O-I 團隊的奉獻精神和決心表示感謝。你們的投入、團隊合作和執行力是我們持續轉型的驅動力。

Last night, we reported third quarter adjusted earnings of $0.48 per share, delivering strong results that exceeded both last year's performance and our own initial plans. Our top line remained stable, supported by higher average selling prices and favorable FX, even as overall consumer demand remained subdued. We saw revenue growth in non-alcoholic beverages, food and RTDs, while beer and wine experienced declines due to softer consumer demand.

昨晚，我們公佈了第三季調整後每股收益為 0.48 美元，業績強勁，不僅超過了去年的業績，也超過了我們最初的計劃。儘管整體消費需求依然疲軟，但在平均售價上漲和有利的匯率影響下，我們的營收保持穩定。非酒精飲料、食品和即飲飲料的收入有所增長，而啤酒和葡萄酒則因消費者需求疲軟而下滑。

Importantly, the execution of our strategic initiatives is leading to a higher quality of revenue as we strip out waste and inefficiencies, expand in growing categories and exit some unprofitable business. As a result, segment operating profit rose by more than 60% year-over-year, and margins are up a robust 570 basis points, propelled by significant benefits from our strategic program and increased production levels following last year's inventory reduction.

重要的是，隨著我們消除浪費和低效環節、拓展成長型類別並退出一些無利可圖的業務，我們的策略性舉措的執行正在帶來更高品質的收入。因此，該部門的營業利潤年增超過 60%，利潤率也強勁增長了 570 個基點，這得益於我們的戰略計劃帶來的顯著效益以及去年庫存減少後產量的提高。

Fit to Win contributed another $75 million in the third quarter and $220 million year-to-date. We now expect to surpass our original 2025 savings target, and this program is strengthening our competitiveness, enhancing performance and enabling durable profit improvement.

Fit to Win 第三季又貢獻了 7,500 萬美元，今年迄今貢獻了 2.2 億美元。我們現在預計將超過原定的 2025 年節省目標，該計劃正在增強我們的競爭力，提高業績，並實現持久的利潤成長。

Despite ongoing macroeconomic headwinds, our strategy is delivering results. We have raised our full year 2025 guidance and now expect adjusted earnings per share to nearly double versus 2024. Momentum is building, and we anticipate continued growth in adjusted earnings and free cash flow in 2026 as we advance towards the target set out at our recent Investor Day.

儘管宏觀經濟持續面臨不利因素，但我們的策略正在取得成效。我們提高了 2025 年全年業績預期，現在預計調整後每股收益將比 2024 年翻倍。勢頭正在增強，我們預計隨著我們朝著最近投資者日設定的目標邁進，2026 年調整後收益和自由現金流將繼續增長。

Let's now move to page 4. As we review our quarterly results, it is important to consider current trends within the broader market context. Packaging dynamics are evolving. Short-term cyclical pressures, including inflation, consumer price resistance and elevated supply chain inventories have temporarily dampened demand. However, we anticipate these headwinds will ease over time.

現在我們翻到第4頁。在回顧季度業績時，必須考慮更廣泛的市場背景下的當前趨勢。包裝格局正在改變。短期週期性壓力，包括通貨膨脹、消費者價格抵制和供應鏈庫存高企，暫時抑制了需求。然而，我們預期這些不利因素會隨著時間的推移而緩解。

Longer-term factors such as lower per capita alcohol consumption and increased substrate competition will persist in certain markets, yet these challenges are expected to be offset by growing interest in premiumization and sustainability. Furthermore, rising consumer health awareness is driving growth in no, low alcohol beverages as well as food and water.

在某些市場中，人均酒精消費量下降和基質競爭加劇等長期因素仍將持續存在，但預計這些挑戰將被人們對高端化和永續性日益增長的興趣所抵消。此外，消費者健康意識的提高正在推動無酒精、低酒精飲料以及食品和水的成長。

These trends suggest a more balanced and sustained demand for glass over the long term. In the interim, our focus remains on eliminating waste and inefficiencies, building higher quality revenue streams, delivering a more profitable portfolio and positioning the business for future shifts in consumer demand. O-I has navigated market volatility effectively, maintaining stable net sales in recent years.

這些趨勢表明，從長遠來看，對玻璃的需求將更加平衡和持續。在此期間，我們的重點仍然是消除浪費和低效，建立更高品質的收入來源，提供更盈利的產品組合，並使業務為未來消費者需求的變化做好準備。近年來，O-I 有效應對了市場波動，並維持了穩定的淨銷售額。

As we address near-term cyclical pressures, we are carefully balancing price and volume to achieve a relatively stable top line. For the full year, we now expect pricing to be flat and sales volumes to be down about 2%, which is consistent with softer consumer demand. Despite this, our Fit to Win initiative is delivering a higher quality business mix and strengthening our competitive position, as evidenced by improved margins and segment profits.

在應對近期週期性壓力時，我們正在謹慎地平衡價格和銷售量，以實現相對穩定的營收。我們現在預計全年價格將保持不變，銷量將下降約 2%，這與消費者需求疲軟的情況相符。儘管如此，我們的「適者生存」計畫正在帶來更高品質的業務組合，並加強我們的競爭地位，利潤率和業務部門利潤的提高就證明了這一點。

Looking ahead, we anticipate O-I will achieve 1% to 2% annual sales volume growth post 2027, as markets stabilize, strategic initiatives enhance our cost position, and we drive profitable growth in the next phase of our strategy.

展望未來，我們預計 O-I 在 2027 年後將實現 1% 至 2% 的年銷售額增長，因為市場趨於穩定，戰略舉措增強了我們的成本優勢，並且我們在下一階段的戰略中推動了盈利增長。

Let's now turn to page 5 to review the progress of our Fit to Win initiative, which I'm pleased to report is ahead of schedule. Fit to Win is significantly reducing costs across the enterprise as well as optimizing our network and value chain to enhance competitiveness and support future growth. In the third quarter, we achieved another $75 million in savings with benefits of $220 million through the first nine months of the year, well ahead of our initial plans.

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，我很高興地報告說，該計畫的進展比預期提前了。Fit to Win 正在大幅降低整個企業的成本，同時優化我們的網路和價值鏈，以增強競爭力並支持未來的成長。第三季度，我們又節省了 7,500 萬美元，今年前九個月的收益達到 2.2 億美元，遠遠超出了我們最初的計劃。

With this momentum, we expect 2025 savings will range between $275 million and $300 million, which exceeds our current year goal. So we are well on our way to at least $650 million of benefits by 2027 on a cumulative basis. We are making excellent progress in Phase A, which focuses on streamlining SG&A costs and initial network optimization actions.

憑藉這一勢頭，我們預計 2025 年的節省將在 2.75 億美元至 3 億美元之間，超過我們今年的目標。因此，到 2027 年，我們有望累計獲得至少 6.5 億美元的收益。我們在 A 階段取得了顯著進展，該階段的重點是簡化銷售、一般及行政費用和初步的網路優化措施。

We've already secured $100 million in SG&A savings in 2025, and we are on track to reach our three-year target ahead of schedule. Our network optimization is also moving quickly. We have communicated the closure of 13% of capacity to align supply with demand. 8% is now complete and all remaining actions should be completed by early next year.

我們已確保在 2025 年節省 1 億美元的銷售、一般及行政費用，並且我們預計提前實現三年目標。我們的網路優化工作也在快速推進。我們已宣布關閉13%的產能，以平衡供需。目前已完成8%的關閉工作，所有剩餘工作預計將於明年初完成。

Phase B centers on transforming our entire value chain. The first wave of our total organization effectiveness rolled-out across 15 plants is completed, and each location has met or exceeded expectations. The second wave covering another 15 plants is in progress, and we should complete the remaining plants by the end of next year with benefits continuing into 2027 and beyond.

B階段的重點是改造我們的整個價值鏈。我們第一階段全面提升組織效能的計畫已在 15 家工廠全面實施，每個工廠都達到了或超過了預期目標。第二階段改造工程正在進行中，將改造另外 15 家工廠，我們應該在明年年底前完成剩餘工廠的改造，其效益將持續到 2027 年及以後。

Our teams are driving strong results in procurement and energy reduction, further boosting savings and resilience. New supplier agreements are set to enhance productivity and competitiveness over the next three years. Overall, the Fit to Win program is delivering results faster than planned. We are well ahead of our targets for 2025 and are positioned to unlock even greater value through 2027, despite challenging market conditions.

我們的團隊在採購和節能方面取得了顯著成果，進一步提高了節省成本和增強了抗風險能力。新的供應商協議預計將在未來三年內提高生產力和競爭力。整體而言，「Fit to Win」計畫的成果比預期更快。儘管市場環境充滿挑戰，但我們已遠遠領先 2025 年的目標，並有望在 2027 年釋放更大的價值。

Now, I'll hand it over to John, who will start with a review of our third quarter results on page 6.

現在，我將把發言權交給約翰，他將在第 6 頁開始回顧我們第三季的業績。

Thanks, Gordon, and good morning, everyone. Let's begin with our third quarter top line results. Net sales held firm at approximately $1.7 billion with modest improvements in gross price, especially in the Americas. Favorable FX provided a helpful tailwind even as consumer demand remained muted. Shipments in tons declined by 5% as modest growth in the NAB food and RTD categories was more than offset by lower performance in beer and wine.

謝謝你，戈登，大家早安。讓我們先來看看第三季的營收業績。淨銷售額穩定在約 17 億美元，毛價格略有改善，尤其是在美洲地區。儘管消費者需求依然疲軟，但有利的匯率走勢提供了有利的推動作用。由於 NAB 食品和即飲飲料類別的溫和成長被啤酒和葡萄酒的低迷表現所抵消，出貨量（噸）下降了 5%。

Keep in mind, this headline figure does not fully reflect underlying trends as several factors which are not indicative of actual consumption impacted volumes by approximately 3 percentage points. These factors include, a major capital project commissioning in Europe, which we discussed during last quarter's call, inventory correction in the Mexico and North America beer category related to changes in US trade and immigration policies, and mix changes as we exited some unprofitable business lines, consistent with our focus on increasing economic profit as well as the ongoing trend towards container lightweighting.

請注意，由於一些與實際消費無關的因素影響了銷量，導致銷量下降了約 3 個百分點，因此該總體數據並未完全反映潛在趨勢。這些因素包括：我們上季度電話會議中討論過的歐洲一項重大資本項目投產；與美國貿易和移民政策變化相關的墨西哥和北美啤酒品類的庫存調整；以及隨著我們退出一些不盈利的業務線而進行的組合調整，這與我們專注於提高經濟利潤以及持續推進的容器輕量化趨勢相一致。

Excluding these factors, shipments were down about 2%, which is more in line with softer underlying consumer consumption trends. Importantly, overall volumes improved over the course of the quarter and shipments were nearly flat with the prior year in September.

剔除這些因素後，出貨量下降了約 2%，更符合疲軟的潛在消費者消費趨勢。值得注意的是，本季整體銷售量有所改善，9 月的出貨量與去年同期大致持平。

While revenues were stable, margins improved significantly and O-I delivered third quarter adjusted earnings of $0.48 per share, exceeding both last year's results and our own plans. This achievement was driven by favorable net price, significantly lower costs, thanks to Fit to Win initiatives and higher production levels despite softer sales volumes. A lower tax rate also benefited the bottom line.

儘管收入保持穩定，但利潤率大幅提高，O-I 第三季度調整後每股收益為 0.48 美元，超過了去年的業績和我們自己的計劃。這項成就的成就得益於有利的淨價、大幅降低的成本（這要歸功於「Fit to Win」計畫）以及儘管銷售量疲軟但生產水準的提高。較低的稅率也有利於企業獲利。

Overall, O-I has delivered strong third quarter results, outperforming expectations through disciplined execution, cost reductions and continued momentum from our strategic program, positioning the company for ongoing success.

總體而言，O-I 第三季業績表現強勁，透過嚴格的執行、成本削減以及策略計畫的持續推​​進，超出了預期，為公司的持續成功奠定了基礎。

Moving to segment profit on page 7. The momentum is clear as segment operating profit improved more than 60% from 2024 with robust gains in both the Americas and Europe. In the Americas, segment operating profit rose nearly 60%, propelled by higher net price and continued Fit to Win benefits. Volumes were down 7%.

第 7 頁將轉至分部利潤部分。強勁的成長勢頭顯而易見，該部門的營業利潤從 2024 年起成長超過 60%，美洲和歐洲的業務均實現了強勁成長。在美洲，由於淨價上漲和「Fit to Win」計畫持續帶來的好處，該部門的營業利潤增加了近 60%。成交量下降了7%。

We believe underlying consumer consumption represented half of this decline, while specific factors drove the other half, namely lapping new business wins in 2024, inventory adjustments in the beer value chain across North America and Mexico as well as mix change as we exited some unprofitable business.

我們認為，潛在的消費者消費佔了這一下降幅度的一半，而另一半則是由特定因素造成的，即 2024 年新業務的完成、北美和墨西哥啤酒價值鏈的庫存調整，以及我們退出一些無利可圖的業務後產品組合的變化。

In Europe, segment operating profit surged by 70%, reflecting contributions from strategic initiatives and higher production following last year's inventory reductions. Net price was a headwind and sales volumes dipped due to a major capital project start-up. Importantly, volumes were about flat, excluding this event.

在歐洲，該部門的營業利潤飆升了 70%，這反映了戰略舉措的貢獻以及去年庫存減少後產量的提高。由於一項重大資本項目啟動，淨價受到不利影響，銷售量也隨之下降。值得注意的是，除此事件外，成交量基本持平。

In summary, segment operating profits increased significantly with strong gains in both the Americas and Europe, reflecting the continued success and disciplined execution of our key initiatives.

總而言之，各業務部門的營業利潤大幅成長，美洲和歐洲的業務均實現了強勁成長，這反映了我們關鍵舉措的持續成功和嚴格執行。

Now let's turn to page 8 for our updated business outlook. Looking ahead, our outlook for 2025 has improved. Given our strong year-to-date performance and the momentum of Fit to Win, we have raised our full year earnings guidance. We now expect adjusted earnings in the range of $1.55 to $1.65 per share, nearly double our 2024 results. This meaningful increase reflects stronger initiative benefits and better net price, partially offset by slightly lower sales volume.

現在讓我們翻到第 8 頁，查看我們更新後的業務展望。展望未來，我們對 2025 年的前景有所改善。鑑於我們今年迄今的強勁業績以及 Fit to Win 的發展勢頭，我們提高了全年盈利預期。我們現在預計調整後每股收益將在 1.55 美元至 1.65 美元之間，幾乎是 2024 年業績的兩倍。這一顯著增長反映了更強勁的舉措效益和更優的淨價，但部分被略微下降的銷售量所抵消。

Free cash flow is projected at $150 million to $200 million, an improvement of approximately $300 million versus last year and closer to $400 million increase prior to restructuring costs. Although the adjusted earnings outlook has improved, our free cash flow guidance remains unchanged due to higher-than-expected restructuring opportunities and the settlement of a legacy environmental liability, which together totaled more than $25 million.

預計自由現金流為 1.5 億美元至 2 億美元，比去年增加約 3 億美元，在扣除重組成本之前，增幅接近 4 億美元。儘管調整後的獲利前景有所改善，但由於重組機會高於預期以及遺留環境負債的結算，我們的自由現金流預期保持不變，這兩項加起來超過 2500 萬美元。

Higher restructuring is a result of O-I's accelerated network optimization initiatives, which are expected to deliver benefits in 2026 and beyond. Excluding these temporary and elevated charges, our free cash flow is nearing the 5% of sales benchmark, which is our 2027 target. We successfully refinanced our bank credit agreement last month at favorable economics, which also extends out maturities.

更高的重組規模是 O-I 加速推進網路優化計畫的結果，預計這些計畫將在 2026 年及以後帶來效益。除去這些臨時性和增加的費用，我們的自由現金流已接近銷售額的 5% 基準，這是我們 2027 年的目標。上個月，我們以優惠的經濟條件成功地對銀行信貸協議進行了再融資，這也延長了到期日。

Leverage improved over the last quarter, and we continue to expect our leverage ratio will land in the mid-3s by year-end. Despite a challenging macroeconomic backdrop, we are executing effectively and our self-help initiatives are delivering results that exceed our original expectations. As a result, we are increasing our full year adjusted earnings per share guidance and expect this positive momentum to continue into next year.

上一季槓桿率有所改善，我們仍然預計到年底槓桿率將達到 3% 左右。儘管宏觀經濟環境充滿挑戰，但我們的執行力很強，我們的自助措施也取得了超乎預期的成果。因此，我們提高了全年調整後每股收益預期，並預計這一積極勢頭將延續到明年。

Now let's turn to page 9 for our early perspectives on key business drivers for 2026. Looking ahead to 2026, we anticipate continued momentum with higher adjusted earnings and free cash flow as we advance towards our 2027 objectives outlined at Investor Day.

現在讓我們翻到第 9 頁，看看我們對 2026 年關鍵業務驅動因素的初步看法。展望 2026 年，我們預計隨著我們朝著投資者日上提出的 2027 年目標邁進，調整後收益和自由現金流將繼續保持成長勢頭。

Revenue is expected to remain stable or increase modestly, supported by better mix, fairly consistent sales volume and higher gross price, reflecting the pass-through of 2025 inflation. This aligns with our strategy to maintain a stable top line while executing Fit to Win to further strengthen our competitive position and lay the groundwork for profitable growth after 2027.

預計收入將保持穩定或略有增長，這得益於產品組合的改善、銷售量的相對穩定以及毛價格的提高，反映了 2025 年通貨膨脹的影響。這符合我們的策略，在執行「以致勝」策略的同時保持穩定的營收，以進一步加強我們的競爭地位，並為 2027 年以後的獲利成長奠定基礎。

Adjusted earnings are projected to improve, fueled by another year of strong initiative benefits. These gains should more than offset the impact of lower net price as we reset favorable energy contracts in Europe, which are expiring at the end of this year. Free cash flow is expected to rise, driven by increased earnings and disciplined capital allocation.

經調整後的收益預計將會改善，這得益於另一年強勁的措施帶來的效益。由於我們在歐洲重新簽訂了有利的能源合約（這些合約將於今年年底到期），這些收益應該足以抵消淨價下降的影響。受獲利成長和穩健的資本配置推動，自由現金流預計將會上升。

Cash restructuring costs should be at or below 2025 levels as we complete key initiatives by mid-2026. Our balance sheet should continue to improve with financial leverage in the low 3s by year-end 2026. With strong execution, ongoing transformation and a clear strategic direction, O-I is well positioned to deliver lasting value to all stakeholders.

隨著我們在 2026 年中完成關鍵舉措，現金重組成本應達到或低於 2025 年的水準。到 2026 年底，我們的資產負債表將持續改善，財務槓桿率將降至 3 倍左右。憑藉強大的執行力、持續的轉型和清晰的策略方向，O-I 完全有能力為所有利害關係人創造持久價值。

Now back to Gordon on Page 10.

現在回到第 10 頁的戈登。

Thanks, John. As we wrap up today's call, I want to emphasize the significant progress O-I has achieved and the solid competitive foundation we are establishing for the future. Our strong year-to-date performance driven by the ongoing success of our Fit to Win program has enabled us to raise the 2025 adjusted earnings guidance once again.

謝謝你，約翰。在今天的電話會議即將結束之際，我想強調 O-I 的重大進展以及我們正在為未來建立的堅實競爭基礎。由於「Fit to Win」計畫的持續成功，我們今年迄今的強勁業績使我們能夠再次提高 2025 年調整後獲利預期。

Looking ahead, we anticipate continued growth in both earnings and free cash flow in 2026. We are delivering on the commitments made at our recent Investor Day, maintaining a stable top line, enhancing our quality of revenue and advancing our transformation despite a challenging environment.

展望未來，我們預計2026年獲利和自由現金流將持續成長。儘管面臨充滿挑戰的環境，我們仍在履行最近投資者日上所做的承諾，保持穩定的營收，提高收入質量，並推動轉型。

Our efforts to realign our network and supply chain are supporting mix improvement and positioning us for long-term profitable growth. Our cost transformation initiatives are generating substantial savings and increasing our competitiveness, and we have streamlined our organization to be more agile and focused.

我們為調整網路和供應鏈所做的努力，正在促進產品組合的改進，並為我們實現長期獲利成長奠定了基礎。我們的成本轉型措施正在產生巨大的成本節約，並提高我們的競爭力，同時我們也精簡了組織結構，使其更加靈活和專注。

As a result, margins and earnings are up, free cash flow is increasing, and our balance sheet continues to strengthen. Most importantly, we are executing well, building momentum and expect to create sustainable value for our shareholders. Thank you for your continued support and confidence in O-I. We look forward to building on this momentum and achieving even greater success together.

因此，利潤率和收益上升，自由現金流增加，我們的資產負債表持續增強。最重要的是，我們執行良好，發展勢頭強勁，有望為股東創造可持續的價值。感謝您一直以來對 O-I 的支持與信任。我們期待在此基礎上再接再厲，共同取得更大的成功。

We're now happy to take any questions you may have.

現在我們很樂意回答您可能提出的任何問題。

(Operator Instructions)

（操作說明）

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Thank you operator. Good morning, everybody. Gordon, as you think about the demand environment -- as you sort of think about the demand environment and the variability we've seen over the years, et cetera, how much of this most recent decline is influencing your view as it relates to what's actually a cyclical decline versus some sort of secular change because of changing consumer preferences and so on and so forth?

謝謝接線生。大家早安。Gordon，當你思考需求環境時——當你思考需求環境以及我們多年來所看到的波動等等，最近的這次下滑在多大程度上影響了你對這究竟是周期性下滑還是由於消費者偏好變化等原因導致的某種長期變化的看法？

Because if you go back to 2019, volumes are down roughly mid-teens, you're aligning your capacity down by pretty much a comparable amount. And I'm just curious as to what you think is the right baseline for volumes going forward or is this the new starting point?

因為如果回顧 2019 年，銷量大約下降了十幾個百分點，你的產能也相應地下降了相當多的幅度。我只是好奇，您認為未來銷售的正確基準線是多少？還是這是新的起點？

Yeah. Thanks, Ghansham. It's quite a dynamic demand environment. And depending on where -- what segments and categories you look at and what part of the world, there are probably different dynamics. I think it's fair to say that beer across the board, and wine across the board are declining.

是的。謝謝你，甘沙姆。這是一個變化相當大的需求環境。而且，根據你所關注的領域和類別以及世界哪個地區，情況可能會有所不同。我認為可以公平地說，啤酒和葡萄酒的銷量都在下降。

And certainly, we've seen that in most of the markets. But within beer, there's a dynamic where premium beers are showing some growth. But it's mid-tier and maybe lower equity brands, if I can put it that way, losing share to private label.

當然，我們在大多數市場都看到了這種情況。但啤酒市場內部卻出現了一種動態，高階啤酒正在展現出一定的成長動能。但如果我這麼說的話，那些中檔甚至低端品牌正在被自有品牌搶佔市場份額。

So, there definitely is a piece around beer and wine that we see because consumers are challenged, right? I hear that. I'm in the market a lot. I hear that quite a bit. What we are seeing, though, is a growth in non-alcoholic beers.

所以，啤酒和葡萄酒領域確實存在一些問題，因為消費者面臨挑戰，對吧？我聽到了。我經常逛市場。我常聽到這種說法。不過，我們看到的是無酒精啤酒的成長。

And interestingly, we're hearing in different markets that up to 60% of new users of the non-alcoholic category are Gen Z-ers. So, they're coming into the beer category via non-alcoholic ranges. So, I think there's a piece there, quite a large chunk around beer that's, I would say, cyclical. And then the shift, people -- health and wellness accessing beer through low and non-alcoholic beverages, which I think will kind of grow. I very much think we're still in the midst of the implications of COVID and how it disrupted supply chains and behaviors and the stages of -- with particularly Gen Z-ers enter different kind of categories.

有趣的是，我們在不同的市場中了解到，非酒精飲料類別的新用戶中，高達 60% 是 Z 世代。所以，他們正透過無酒精飲料系列進入啤酒領域。所以，我認為啤酒產業很大一部分是週期性的。然後，人們的觀念發生了轉變——出於健康和保健的考慮，人們開始透過低酒精和無酒精飲料來獲取啤酒，我認為這種趨勢將會發展壯大。我認為我們仍然處於 COVID-19 疫情及其對供應鏈、人們行為和人生階段（尤其是 Z 世代）的影響之中，這些影響將使人們進入不同的階段。

So, I think there's very much a part in beer, which I think is cyclical. Wine, I think some of it is structural. Younger consumers, what you hear is finding it difficult to access wine. It can be a complicated category to access with different appellations and labels and so on. But what we do hear is the wine industry saying, okay, how do we make it easier for consumers to access the category? So, I think there's some work being done there that should help that over time.

所以，我認為這在啤酒產業中扮演著非常重要的角色，我認為這是一個循環的過程。我認為葡萄酒的某些特性與結構有關。據年輕消費者反映，他們很難買到葡萄酒。這是一個比較複雜的類別，包含各種不同的名稱和標籤等等。但我們聽到的是葡萄酒產業在說，好吧，我們如何讓消費者更容易接觸到這一品類？所以，我認為那方面正在進行的一些工作應該會隨著時間的推移而有所幫助。

The way we look at it, Ghansham, is, as I've mentioned before, we have about 1.7 times the volume of our nearest competitors. And in this period of kind of volatile demand, I think the most clear path for us to create value is to increase the profitability and the returns and the cash on the volumes that we have and really strengthen the portfolio and strengthen the core business and generate higher returns and higher cash flow from what we have and shedding volume that doesn't deliver economic profit or a cash for us.

甘沙姆，我們是這樣看待這個問題的，正如我之前提到的，我們的銷售量大約是我們最接近的競爭對手的 1.7 倍。在當前需求波動較大的時期，我認為我們創造價值的最明確途徑是提高現有銷量的盈利能力、回報和現金流，真正加強產品組合，強化核心業務，從現有業務中獲得更高的回報和更高的現金流，並削減那些無法為我們帶來經濟利潤或現金的銷量。

And you'll see that starting to come through in the results where volumes are down, but margins are up very significantly, cash will be up significantly for the year. So, what is the right base? That's a $64,000 question. But what I am clear on is that we are only focused on volume that delivers economic profit for us. Now we are in that early stage of that three-horizon strategy where we said we got to get Fit in order that we access growth.

你會發現，銷量雖然下降，但利潤率大幅上升，今年的現金流也將大幅成長，這些變化已經開始在業績中反映出來。那麼，什麼才是正確的基地呢？這是一個價值 64,000 美元的問題。但我很清楚，我們只關注能為我們帶來經濟利潤的銷售。現在我們正處於三階段策略的早期階段，我們說過，我們必須先提升自身實力，才能獲得成長。

There is volume available in the market if you wanted to chase really low margins and give up a whole bunch of terms that will destroy cash. That's not our game plan. So, we are getting Fit in order that when the market turns, then we can access the kind of growth.

如果你想追求極低的利潤率，放棄一大堆會吞噬現金的條款，那麼市場上確實存在的交易量。那不是我們的計劃。所以，我們正在做好準備，以便在市場好轉時能夠獲得成長機會。

And we have a very clear view on the kind of growth we're looking for, what categories, what segments, what markets, what customers. That's very clear to us internally. But there's a timing issue. We've got to work through the Fit to Win, getting much more competitive than we have been when the market turns, access that growth.

我們對所追求的成長類型、目標類別、細分市場、市場和客戶群都有非常清晰的認識。這一點我們內部非常清楚。但存在時機問題。我們必須努力實現“適者生存”，在市場好轉時變得更有競爭力，抓住成長機會。

As we said going forward, just to close out, we would then expect 1% to 2% volume growth that would be EP accretive and cash accretive for us going forward post 2027. So that's a long answer, Ghansham, but that's kind of how we look at it, yeah?

正如我們之前所說，最後我們預計，2027 年以後，銷量將成長 1% 至 2%，這將增加我們的利潤和現金流。所以，Ghansham，你的回答有點長，但我們就是這麼看待這個問題的，對吧？

Okay. Just one quick follow-up. On the 13% capacity cut, how does that skew between the regions? And I'll turn it over. Thank you.

好的。還有一個後續問題。產能削減 13% 的情況下，各地區之間的削減幅度有何差異？我把它翻過來。謝謝。

Hey, Ghansham, this is John. On the balance, there is probably a little bit more going on in the Americas than in Europe. But what I would say is where we stand right now, the Americas is substantially advanced, and the final stages are going to be over in Europe.

嘿，甘沙姆，我是約翰。總的來說，美洲發生的事情可能比歐洲要多一些。但我想說的是，就目前的情況來看，美洲的進展相當順利，而最後的階段將在歐洲結束。

Okay, fantastic. Thank you.

好的，太棒了。謝謝。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Yeah, hi, good morning. I was wondering if you could talk a little bit more about the volume kind of cadence and the results in the quarter. I think you explained a decent amount of it, particularly within the Americas between some of the beer headwinds in the quarter and the exits that you guys did. Just wondering if you could bucket those two pieces apart a little bit for us. So, should we expect more exits on a go-forward basis? Does that matter for profitability since there's maybe some offset there? So just helping to pick that apart would be helpful to start. Thank you.

是啊，你好，早安。我想請您再詳細談談銷量節奏以及本季的業績。我認為你已經解釋得相當清楚了，特別是關於美洲地區本季啤酒市場的一些逆風以及你們採取的退出措施。請問您能否幫我們稍微分辨這兩部分？那麼，我們是否應該預期未來會有更多公司退出市場？這是否會對獲利能力產生影響？因為可能存在一些抵消作用。所以，先幫忙把這個問題分析清楚就會很有幫助。謝謝。

Sure. So, if you take a look at the 5%, I'd break it out about 2% is just softer consumer demand and consumers being more challenged, I think, and kind of price resistance in the market. And then between network optimization and a deliberate decision to exit volume that did not make sense for us from an EP point of view, and then also some very deliberate strategies around lightweighting, that's about 3%. So, the underlying, we think, is about 2%, right? And we probably see that holding to year-end.

當然。所以，如果你看一下這 5%，我會把它分解開來，其中大約 2% 是消費者需求疲軟和消費者面臨更多挑戰造成的，我認為，還有市場價格阻力。然後，透過網路優化和從 EP 角度來看對我們沒有意義的交易量做出的刻意退出決定，以及一些圍繞輕量化的非常刻意的策略，這大約佔 3%。所以，我們認為，基本面大約是 2%，對嗎？我們預計這種情況會持續到年底。

Yeah. I would add, just looking at the numbers here, Josh, the exiting of unprofitable business probably was 1 percentage point of that 3 percentage point that we would say is not specifically due to consumer consumption trends, and that will episodically continue for the business. I think we flagged this back at Investor Day, there is a low single-digit -- kind of mid-single-digit kind of portfolio of our business that is deeply economic profit negative. And we are either going to raise prices in that market or we're going to exit that business. And that's the process that we're going through as we go over the next year or so.

是的。喬希，我還要補充一點，僅從這裡的數字來看，退出不盈利的業務可能只占我們認為並非完全由消費者消費趨勢造成的3個百分點中的1個百分點，而且這種情況還會不時地持續下去。我認為我們在投資者日上就指出了這一點，我們業務中有相當一部分業務（虧損額在個位數到中等個位數之間）的經濟利潤為負。我們要麼提高該市場的價格，要麼退出該業務。這就是我們接下來一年左右將要經歷的過程。

Thanks, I appreciate that. And I also appreciate some of the kind of early overview here of '26. I don't know if there's -- if it's too early to frame this in a real quantifiable way. But I guess the easy math that you've kind of laid out is you expect at least a couple of hundred million benefit of cost savings. You guys earlier sized that the energy contract reset.

謝謝，我很感激。我也很欣賞這裡對 26 年的一些早期概述。我不知道現在以真正可量化的方式來定義這個問題是否為時過早。但我認為，根據你剛才列出的簡單計算，你預計至少可以節省數億美元的成本。你們之前已經確定了能源合約重置。

I think it was $130 million, I guess. Correct me if I'm wrong. I guess if you think volumes are flat, is the bogey that you should have earnings up $70 million in that context if we go sideways from here? Or are there other ways that you would think about puts and takes we should be adding?

我想應該是1.3億美元吧。如果我錯了，請指正。我想，如果你認為銷量持平，那麼如果市場從目前的情況橫盤整理，你認為在這種情況下盈利應該增長 7000 萬美元的目標是什麼？或者，您認為我們應該增加哪些其他的買入和賣出策略？

One is, we are probably don't want to get into quantification just yet. We expect a nice increase next year as we move our way towards that $1.45 billion in 2027. Of course, we have to absorb that energy credit reset -- energy reset. That number, as we mentioned back even at Investor Day, is about $150 million. That still remains to be very much in line with that right now.

第一，我們可能還不想現在就進行量化分析。我們預計明年將出現可觀的成長，並朝著 2027 年 14.5 億美元的目標邁進。當然，我們必須接受能源信用重置——能源重置。正如我們在投資者日上提到的那樣，這個數字約為 1.5 億美元。目前來看，這一點仍然與此非常吻合。

So, as we look at the puts and takes of the business, kind of stable volume, we'll have gross price up against low single-digit kind of normalizing inflation, but then we'll absorb the energy reset, as we mentioned, that mark-to-market and then very robust -- continued robust Fit to Win benefits. But we'll come back at the end of the year with quantification, but we expect a nice bump next year.

因此，當我們審視業務的買賣時，銷售量相對穩定，毛價格將面臨個位數低位的正常化通膨，但正如我們所提到的，我們將吸收能源重置的影響，即按市值計價，然後非常強勁——持續強勁的「Fit to Win」收益。但我們將在年底公佈量化數據，不過我們預計明年會有不錯的成長。

Okay, thank you.

好的，謝謝。

Francisco Ruiz, BNP.

弗朗西斯科·魯伊斯，法國巴黎銀行。

Hi, good morning and thank you for taking my question. I have two, if I may. The first one is on the restructuring, it's kind of a follow-up on the previous question. Out of the 13% capacity reduction that you are aiming, how much is already announced? And how much is pending apart from the French announcement that you made at the beginning of the year?

您好，早安，感謝您回答我的問題。如果可以的話，我有兩個。第一個問題是關於重組的，算是前一個問題的後續。你們的目標是削減 13% 的產能，目前已經公佈了多少？除了年初您在法國宣布的計劃之外，還有多少計劃尚未落實？

The second question is in Latin America, more specifically in Brazil, with a very bad quarter in terms of volumes overall. Some of your competitors are increasing capacity. How do you see the area in the coming quarters? Thank you.

第二個問題與拉丁美洲有關，更具體地說是巴西，該季度整體銷售非常糟糕。你們的一些競爭對手正在擴大產能。您如何看待該地區未來幾季的發展？謝謝。

Yeah, Francisco, this is John. I'll touch base on the -- and cover the first one. On the restructuring, if we go back to 2024, we were carrying about 13% excess capacity, and that was costing us about $250 million of unabsorbed fixed costs. We have since then announced closure of 13% of our capacity, which would ultimately get us substantially out of that fixed cost absorption. Right now, as of the end of the third quarter, we have completed 8 percentage points of that 13%.

是的，弗朗西斯科，我是約翰。我會簡單介紹一下——並講解第一個問題。關於重組，如果我們回到 2024 年，我們當時大約有 13% 的產能過剩，這導致我們損失了約 2.5 億美元的未吸收固定成本。此後，我們宣布關閉 13% 的產能，這將最終使我們大幅擺脫固定成本的承擔。截至第三季末，我們已經完成了13%目標中的8個百分點。

And as I mentioned earlier, that is substantially more skewed to the Americas. We have a remaining 5% left to go, which will be done by the early part of next year, and that is going to be skewed towards Europe, including what we've announced in France. We anticipate restructuring charges this year of around $140 million to $150 million, a little bit on the high end of what we originally anticipated because we're moving faster in certain areas.

正如我之前提到的，這種情況顯然更偏向美​​洲。我們還有 5% 的目標要實現，這將在明年年初完成，而且這部分目標將主要集中在歐洲，包括我們在法國宣布的項目。我們預計今年的重組費用約為 1.4 億美元至 1.5 億美元，比我們最初預期的略高一些，因為我們在某些​​領域的進展速度更快。

But we anticipate a carryover of restructuring costs next year that will be at or below that level. And we should be out of that exit range of that cash activity by mid-2026. So, really, the fundamental cash flow moving -- momentum going forward in the back half of the year will be better.

但我們預計明年的重整成本結轉額將達到或低於該水準。到 2026 年中，我們應該就能退出該現金交易活動。所以，實際上，下半年基本現金流的成長動能將會更好。

Yeah, with Francisco, good morning, with regard to Brazil, I was actually in Brazil a couple of weeks ago and spent a week touring the market and meeting with customers. A couple of -- on the positive side, we're seeing very strong growth in non-alcoholic beverages, so waters and juices in Brazil. We're seeing strong growth in wine in Brazil and strong growth in spirits, where the big declines came were in beer.

是的，弗朗西斯科，早安。關於巴西，我幾週前確實去過巴西，花了一周時間參觀市場並與客戶會面。一些積極的方面是，我們看到巴西的非酒精飲料（例如水和果汁）市場成長非常強勁。我們看到巴西葡萄酒和烈酒市場強勁成長，而啤酒市場則出現了大幅下滑。

And I know it's easy to blame the weather, but everywhere I went, people spoke about it being probably the coldest winter in 30 years in Brazil, and that's definitely had an impact on consumption, and also people being challenged in terms of spending power and a bit of trading down going on in beer for sure. What we are seeing is customers launching new offerings to the market. There were also some sizable price increases went into the market that impacted volumes, I think, in the short term.

我知道把責任推給天氣很容易，但我所到之處，人們都在談論這可能是巴西 30 年來最冷的冬天，這肯定對消費產生了影響，人們的購買力也受到了挑戰，啤酒消費肯定會出現一些降級趨勢。我們看到的是客戶向市場推出新產品。市場上也出現了一些大幅漲價，我認為這在短期內影響了銷售量。

And then on the food side, for us, we saw a decline in volumes. That was very largely driven by raw material shortages, particularly kind of olives, and that impacted our business. But the main piece around beer was largely weather-driven and some mid- to-high single-digit pricing going in on shelf, which I think put a bit of pressure on consumption. That's starting to sort of come back, and we're obviously heading into the summer months in Brazil and would expect better volumes going forward.

而在食品方面，我們的銷量出現了下降。這主要是由於原材料短缺，特別是某種橄欖的短缺，這對我們的業務造成了影響。但啤酒市場的主要波動很大程度上是受天氣因素影響，貨架上的啤酒價格也降到了個位數中高位，我認為這給啤酒消費帶來了一定的壓力。這種情況正在逐漸恢復，而且巴西即將進入夏季，預計未來銷量會更好。

Okay, thank you very much. Just another question. I don't know if you have mentioned, but as you did in other quarters, can you give an idea of the current trading in October?

好的，非常感謝。還有一個問題。我不知道您是否提到過，但就像您在其他方面所做的那樣，您能否介紹一下10月份目前的交易情況？

Yeah. I would say as we take a look at -- going back to what Gordon had indicated, we think the full year is going to be down about 2% now, consistent with that underlying consumer consumption. Fourth quarter is kind of playing out in that low single-digit territory. So, nothing particularly new against the consumer consumption trends.

是的。我想說，正如戈登所指出的那樣，我們認為全年經濟將下降約 2%，這與潛在的消費者消費情況相符。第四節的比分基本上都在個位數徘徊。所以，消費者消費趨勢方面並沒有什麼特別新鮮的內容。

Yeah, thank you very much.

是的，非常感謝。

Mike Roxland, Truist.

Mike Roxland，Truist。

Yeah, thank you, Gordon, John, Chris, for taking my questions and congrats on a strong quarter in a tough environment. Can you hear me?

是的，謝謝 Gordon、John 和 Chris 回答我的問題，恭喜你們在如此艱難的環境下取得了優異的季度成績。你聽得到我嗎？

Yeah.

是的。

Perfect. Okay, great. Just wanted to follow up on the pruning of unprofitable business. I realize you mentioned in response to an earlier question that in the Americas, that amounted to about 1%. Can you comment on what that was in Europe?

完美的。好的，太好了。想跟進一下關於精簡不獲利業務的情況。我注意到您在回答先前的問題時提到，在美洲，這個比例約為 1%。您能談談那在歐洲的情況嗎？

Because when I look at some of your peers, your peers had volumes that increased low-single-digits. Your European volumes declined 4% in 3Q. So, I'm just wondering how much of that volume decline in Europe was you guys walking away from unprofitable business, which your peers then possibly picked up versus, let's say, underlying consumer weakness?

因為當我觀察你們的一些同行時，發現他們的銷售成長只有個位數。第三季度，您的歐洲銷量下降了 4%。所以，我想知道歐洲銷量下滑有多少是因為你們放棄了不盈利的業務，然後這些業務可能被你們的同行接手了，又有多少是因為潛在的消費者疲軟造成的？

Yeah, Mike, as we had indicated, overall, the number -- the shipments were down about 3% in Europe overall. We attribute that substantially to that major project that was underway. We talked about that last quarter. It was primarily in the spirits category. So that was the biggest impact. Yes, we were walking away from some business there, but I think it was more skewed towards that major project.

是的，麥克，正如我們之前指出的，總體而言，歐洲的出貨量下降了約 3%。我們認為這主要歸功於當時正在進行的那項重大項目。我們上個季度討論過這個問題。它主要屬於烈酒類。這就是最大的影響。是的，我們放棄了一些業務，但我認為更多的是放棄了那個大項目。

Yeah. And just to add a bit of color on Europe for us, Mike. We kind of look at this in probably three parts. Southern Europe was very strong for us actually and strong growth in all categories and particularly waters, food, RTDs. In Western Europe, we were impacted a bit by wine with wine exports down and spirits, some of the French spirits not picking up yet in terms of shipments to either the US or to China.

是的。麥克，再給我們補充一些關於歐洲的色彩。我們大致可以把它分成三個部分來分析。實際上，南歐市場表現非常強勁，所有類別均實現強勁成長，尤其是飲用水、食品和即飲飲料。在西歐，葡萄酒產業受到了一定程度的影響，葡萄酒出口下降，烈酒產業也受到了一定程度的影響，一些法國烈酒對美國或中國的出口還沒有回升。

Northern Europe was good, was strong for us across food and spirits and beer. And then, as John said, we had that commissioning, which was slower than we had anticipated. So, yeah, we're pretty happy where we are in Europe, given the context there. We're very focused on improving the profitability of the volumes we have, and we're not chasing volume just for the sake of volume, and we're being very disciplined around that. As I said, there is volume out there that can destroy your margins and eat your cash, and that's not our game plan.

北歐市場不錯，食品、烈酒和啤酒方面都表現出色。然後，正如約翰所說，我們進行了調試，但速度比我們預期的要慢。所以，是的，考慮到歐洲目前的情況，我們對我們在歐洲的發展現狀相當滿意。我們非常注重提高現有銷量的獲利能力，我們不會為了追求銷量而追求銷量，我們在這方面非常自律。正如我所說，市場上存在著能夠摧毀你的利潤率併吞噬你的現金的交易量，而這不是我們的策略。

One thing to add, Michael, on the question about the walking away from unprofitable business, and you can see that in our revenue and earnings [recs]. Yes, the revenue is down as a result, but the decremental margins on the lower volumes were half of what you would normally expect. So, you see us walking away from unprofitable business, and it's very visible in the bottom line performance of the business.

邁克爾，關於放棄不盈利業務的問題，我還有一點要補充，你可以從我們的收入和盈利情況中看出這一點。[推薦]。是的，收入因此下降了，但低銷售帶來的利潤率下降幅度只有正常預期的一半。所以，你會看到我們放棄不獲利的業務，這在企業的最終業績中表現得非常明顯。

Got it. Great color. Really appreciate it. And just one follow-up. Just wanted to ask you about the cost spread to aluminum cans. And given where aluminum prices are today in the U.S., where does the spread currently stand relative to the 25% you cited at your Investor Day? And do you think you could gain share next year if aluminum remains elevated and as hedges -- alumina hedges roll off? And I also realize it's early stages, but can you comment on how much your actions thus far have reduced the cost spread to cans? Thank you.

知道了。顏色很棒。非常感謝。還有一個後續問題。我想問一下鋁罐的成本價差狀況。鑑於目前美國鋁價的水平，與您在投資者日上提到的 25% 的價差相比，目前的價差是多少？如果鋁價持續走高，而氧化鋁對沖合約到期，您認為明年貴公司能否獲得市場份額？我也意識到現在還處於早期階段，但您能否談談到目前為止您的措施在多大程度上降低了罐裝產品的成本差異？謝謝。

Yeah. Mike, I'll kick off on the first part of that is, if you take a look at the elevated cost of aluminum right now, we would say that, that has moved that cost differential, for example, in the US, which was between 25% and 30%, more into that zone where we believe that historically, glass can compete well, which is 15% or lower premium to aluminum. So, it's early days, obviously, and as things flush through in the system, -- but that's what we're seeing as far as the competitive position of the product.

是的。麥克，我先從第一部分說起。如果你看看目前鋁價高企的情況，我們會說，這使得成本差異，例如在美國，從 25% 到 30% 的差距，進一步縮小到我們認為玻璃歷史上可以很好地與之競爭的區間，即相對於鋁的溢價 15% 或更低。所以，顯然現在還處於早期階段，隨著系統的發展，——但這就是我們目前看到的產品的競爭地位。

Yeah. And then, Mike, as you've said, and I think as we've said in our Investor Day, we can't be reliant on the price of aluminum to be competitive to cans. We've got to find our own path there to 15% or less spread between cans and glass, which we are focused on. But it does give us a bit of extra time if aluminum prices rise. But we've got to get there irrespective of where aluminum is over the journey between now and 2027. Just as a close out on that, the closer we are, the more competitive we are, then the more choice our customers have in which substrates to use and indeed consumers, which one they choose on shelf.

是的。然後，麥克，正如你所說，而且我認為正如我們在投資者日上所說，我們不能依賴鋁的價格來與罐頭競爭。我們必須找到自己的方法，將罐裝飲料和玻璃瓶裝飲料的佔比降低到 15% 或更低，這也是我們目前關注的重點。但如果鋁價上漲，這確實能為我們爭取一些額外的時間。但無論從現在到 2027 年鋁價走勢如何，我們都必須實現這個目標。最後總結一下，我們之間的差距越大，我們的競爭力就越強，我們的客戶在選擇基材時就越有選擇餘地，消費者在貨架上選擇基材時也會有更多選擇。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

Morning everybody, how are you? Thanks for the details. Congratulations on the progress and on the decremental margin. It was a nice job this last quarter, guys.

大家早安，你們好嗎？謝謝你提供的詳細資訊。祝賀你們取得的進展以及所取得的減幅。夥計們，上個季度你們做得很好。

Three questions. I'll ask them in sequence for time. First of all, if we go to slide 7 and your -- if you will, your bridging or waterfall chart, on the items that were controllable, where did you perform best and where did you perform least well relative to the increase in your guidance for the year?

三個問題。我會按順序詢問他們所需時間。首先，如果我們來看第 7 張投影片，也就是你的——如果你願意的話，你的銜接圖或瀑布圖，在可控項目中，相對於你今年的業績預期增長，你在哪些方面表現最好，在哪些方面表現最差？

Related question, I remember from last quarter, there were some operations that you were studying when and how you might be able to close, restructure, but there were some timing factors that determined whether that would wind up remaining on the books, so to speak, in terms of downtime or whether you could actually move it to non-operating and restructure and potentially have a better result. How did that play out? Is that still playing out? Is it still downtime?

相關問題，我記得上個季度，你們研究過一些業務何時以及如何關閉、重組，但有一些時間因素決定了這些業務最終是否會繼續保留在賬面上（比如停工期），或者是否可以將其轉為非運營業務並進行重組，從而可能獲得更好的結果。結果如何？這件事還在發生嗎？現在還是停機維修嗎？

And then the last question, as we look to 2026, recognizing, again, there's a lot of water that still needs to flow under the bridge, we get it. It would suggest given that you're at least expecting good results for next year, good being defined by up earnings or up cash flow, that at least your initial commercial discussions with customers on pricing resets is going favorably. Can you talk about where that process stands earlier than normal, later than normal? Any qualitative commentary would be helpful. Thank you guys and good luck in the quarter.

最後一個問題，展望 2026 年，我們再次意識到，還有很多事情需要解決，我們明白。鑑於您至少預期明年會有良好的業績（良好是指盈利或現金流增長），這表明您與客戶就價格調整進行的初步商業討論至少進展順利。您能否談談這個過程目前處於比正常情況提前還是延遲的狀態？任何定性評論都將有所幫助。謝謝大家，祝福你們這學期一切順利。

Yeah. I might take the last question first, George, if you don't mind. I mean we're heading into that season. As John said, we would expect sort of gross pricing to probably be up. Your capacities are tight, but it's early days yet.

是的。喬治，如果你不介意的話，我想先回答最後一個問題。我的意思是，我們即將進入那個賽季。正如約翰所說，我們預計毛價格可能會上漲。你們的能力有限，但現在下結論還為時過早。

And -- but we're focused on being very disciplined in terms of improving the profitability of the volume we have. Anything that doesn't make economic sense for us in any contract negotiations going forward, we would shift that out of the business and dedicate our assets to that volume that is delivering the kind of margins and cash targets we have.

但是——我們專注於嚴格自律，以提高現有銷售的獲利能力。在未來的任何合約談判中，如果某些內容對我們來說沒有經濟意義，我們將把這些內容從業務中轉移出去，並將我們的資產投入到能夠帶來我們所期望的利潤率和現金目標的業務量上。

Yeah, George. And to the other questions as far as what changed in performance as we -- in the quarter and then as we look to the guidance going forward. Obviously, Fit to Win in the cost performance is exceeding our expectations. We increased our full year guidance of that by $25 million to $50 million for the full year. At the same token, you also see that net price has been positive relative to what we thought going into the year, and that has offset some of the softer sales volumes that we have.

是的，喬治。至於其他問題，例如本季業績發生了哪些變化，以及我們展望未來時會做出哪些調整。顯然，Fit to Win 的性價比超出了我們的預期。我們將全年預期收入提高了 2,500 萬美元，達到 5,000 萬美元。同時，淨價相對於我們年初的預期而言是正面的，這抵消了部分疲軟的銷售量。

So, when we look at it, the commercial performance net-net of price and volume is right where we expected it overall, a little bit different componentry. But really the driver of increased performance in the quarter, expectation for the fourth quarter better performance and for the full year is largely driven by Fit to Win improvements, okay?

所以，當我們審視它時，扣除價格和銷售後的商業表現總體上符合我們的預期，只是組件略有不同。但實際上，推動本季業績成長、預期第四季業績更好以及全年業績提升的主要因素，是「適者生存」策略的改進，明白嗎？

On your next question, you had asked about operations and closures and restructuring opportunities. As you may recall, last quarter, we said we had announced about 10% capacity closures, and now we're at about 13%. So, we, in fact, have been able to identify those additional 3 percentage points of capacity that, again, balances supply with demand at the end of the day and are moving towards closing those out on a permanent basis.

你的下一個問題是關於營運、關閉和重組機會的。您可能還記得，上個季度我們宣布關閉約 10% 的產能，現在我們已經關閉了約 13% 的產能。因此，我們實際上已經能夠確定那額外的 3 個百分點的產能，這最終將平衡供需，並且我們正在朝著永久性地關閉這些產能的方向努力。

And again, 8% of it was done at the end of the third quarter. So, we were still carrying some restructuring charges, I mean -- sorry, LOB or temporary downtime charges through the quarter, and we will through the end of the year. But once we get out from underneath that in the early part of next year, that will substantially be out of the system.

其中 8% 是在第三季末完成的。所以，我們仍然有一些重組費用，我的意思是——抱歉，是業務線或臨時停機費用，貫穿整個季度，而且這種情況會持續到年底。但一旦我們在明年年初擺脫了困境，這個問題就會基本上從系統中消失。

John, recognizing it's the same pair of pants. It's just different pockets. Does that help the fact that you're able to close that incremental capacity help your guided EBIT and EBITDA for the year? And if so, is there a way to quantify that? Thanks and good luck in the quarter.

約翰認出這是同一條褲子。只是口袋不一樣而已。能夠實現新增產能是否有助於提高您今年的預期息稅前利潤 (EBIT) 和息稅折舊攤提前利潤 (EBITDA)？如果確實如此，有沒有辦法量化這種現象？謝謝，祝你本季一切順利。

Yes. Yes, I think it is. And keep in mind, when we talk about our Fit to Win numbers and benefits, the $270 million to $300 million this year, we are taking an accounting in for their -- those permanent closures. And so, as we do better on that and make more progress on that, that is driving in part the upside of the performance on the cost performance. In addition to that, what we call Phase B, which is also doing better, which is the more accelerated total organization TOE projects and other cost-related things.

是的。是的，我認為是這樣。請記住，當我們談到「Fit to Win」計畫的數字和收益時，今年的 2.7 億至 3 億美元，我們已經考慮到了那些永久關閉的工廠。因此，隨著我們在這方面做得更好、取得更多進展，這在某種程度上推動了成本效益的提升。除此之外，我們稱為 B 階段的部分也進展順利，該階段包括加速推進的整個組織 TOE 專案和其他與成本相關的事項。

So Fit to Win is going up because of a lot of things, but partly because of the ability to close out capacity. Now, keep in mind, the activity in Europe is going to shift a little bit into the early part of next year from maybe our original expectations, but we've been able to pull forward some activities into the Americas. So, net-net, we're able to backfill some of that time.

Fit to Win 的上漲有許多原因，但部分原因是產能的釋放。請注意，歐洲的業務活動可能會比我們最初的預期提前一些，推遲到明年年初，但我們已經能夠將一些業務活動提前到美洲。所以總的來說，我們能夠彌補一部分時間缺口。

Very good. Great performance. Good luck, guys in the quarter.

非常好。表現出色。祝你們這屆比賽好運。

Thanks, George.

謝謝你，喬治。

Thanks, George.

謝謝你，喬治。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Hi, good morning. This is Bryan Burgmeier on for Anthony. Thanks for taking questions. Just following up on maybe the volume discussion from earlier. You talked about growth in non-alcoholic beer and maybe some younger consumers staying away from wine. Just maybe from a high level, how would you frame kind of O-I's ability to maybe capture some of these new product launches? Do we expect that to maybe be more of a 2027 item once you're through Fit to win? Or are you may be seeing some early traction with new product launches and kind of new business in '25 and '26?

您好，早安。這是布萊恩·伯格邁爾替補安東尼上場。謝謝回答問題。我只是想就之前關於音量的討論做個後續說明。你談到了無醇啤酒的成長，以及一些年輕消費者可能不再飲用葡萄酒。從宏觀層面來看，您會如何描述 O-I 捕捉這些新產品發布資訊的能力？我們是否可以預期，在完成「Fit to win」專案之後，這可能是 2027 年才會推出的專案？或者，您是否在 2025 年和 2026 年透過新產品發布和新業務獲得了一些早期進展？

Yeah. We actually are seeing customer's response to consumer softness by introducing new products. If I take a look at our -- or what we call our funnel, I'd say it's up about 8% to 10% this year already. And our total NPD, so that's products that are new to the portfolio or products that are renovated already in the portfolio but might be value engineered or designed to look -- stand out on shelf, they're running at about kind of 10% of our volume. So, we absolutely are seeing more NPD.

是的。實際上，我們看到客戶正在透過推出新產品來應對消費疲軟的局面。如果我看一下我們的——或者我們稱之為銷售漏斗的——我認為它今年已經增長了大約 8% 到 10%。我們所有的新產品開發（NPD），包括產品組合中的新產品，以及產品組合中已有的經過改進但可能經過價值工程或設計以使其在貨架上脫穎而出的產品，大約占我們銷量的 10%。所以，我們確實看到越來越多的人患有自戀型人格障礙。

And as we simplify our plants, as we make them more flexible and as we work on the strategy of best at both, which we outlined at Investor Day, we're able to respond more rapidly. We're also in the process of reshaping the NPD organization and ways of working, which was very -- I would say, it was decentralized to a point where it was wasteful.

隨著我們簡化工廠流程，提高工廠的靈活性，並努力實現我們在投資者日上提出的「兩方面都做到最好」的策略，我們能夠更快地做出反應。我們目前也正在重塑新產品開發組織和工作方式，可以說，它非常分散，以至於造成了浪費。

We've now reshaped that, and that new kind of NPD go-to-market organization will kick off in January. And we expect to be able to slash our time to market by at least 50%. So being able to respond more quickly to customers and their marketing teams and bringing products to market.

我們現在已經重新調整了這一點，這種新型的新產品開發上市組織將於 1 月啟動。我們預計能夠將產品上市時間縮短至少 50%。因此，能夠更快地回應客戶及其行銷團隊的需求，並將產品推向市場。

And we see growing demand for that, particularly as new consumers kind of maybe are not engaging with older brands in the same way and there are need for new offerings. That's absolutely a feature driving the market. And I think we've -- with our Fit to Win approach and the organization being much more agile, working with customers differently and working with suppliers differently, where we've been able to ramp up the speed at which we can get to market.

我們看到這方面的需求不斷增長，尤其是一些新消費者可能不再像以前那樣與老品牌互動，因此需要新的產品和服務。這絕對是推動市場發展的一大因素。我認為，憑藉我們「適者生存」的策略，以及更靈活的組織架構，我們與客戶和供應商的合作方式也發生了變化，因此我們能夠加快產品上市的速度。

And again, I think there's kind of a narrative out there that Gen Z are walking away from certain categories, and we actually see them just coming into categories in a different way. As I said, 60% of non-alcoholic new consumers are Gen Z-ers in many of the markets we're operating in. So, there's no question that NPD is a key part of our value shift strategy as we go forward, because typically, we would have better margins in new products.

而且，我認為現在有一種說法，認為 Z 世代正在遠離某些類別，但實際上我們看到他們只是以不同的方式進入了這些類別。正如我所說，在我們經營的許多市場中，60% 的非酒精飲料新消費者是 Z 世代。因此，毫無疑問，新產品開發是我們未來價值轉變策略的關鍵組成部分，因為通常情況下，新產品的利潤率會更高。

I would -- building on that, I mean, even though the market has been a little soft out there, the NAB non-alcoholic beverage category in North America and Europe is up mid-single digits. And so, we are seeing a bright spot in those categories. And in particular, waters in that categories have been doing very well. And we've gotten some notable wins in those categories. We're seeing people come over to that.

我的意思是，在此基礎上，儘管市場行情有些疲軟，但北美和歐洲的 NAB 非酒精飲料類別仍實現了中等個位數的成長。因此，我們看到這些領域出現了一些亮點。尤其是這些類別的水域表現非常出色。我們在這些類別中取得了一些顯著的勝利。我們看到有人開始接受這種方式。

And it's interesting, you can even Google it. There is articles out there saying about how people go out to dinner and they might have had a glass of wine, but now they prefer sparkling water or something like that on their table. So, it's an interesting set of dynamics that are playing through that also benefit the business.

而且很有意思，你甚至可以在谷歌上搜尋。有些文章說，人們外出用餐時，以前可能會喝一杯葡萄酒，但現在他們更喜歡餐桌上擺放蘇打水之類的飲料。因此，目前正在發生的一系列有趣的動態變化，也有利於企業發展。

Yeah. And I think glass is very well placed with these younger consumers because across the world, they are far more sustainability aware and are -- have a very, very positive view on glass packaging. And so, we're seeing that come through in these categories as well. So that's -- they're positive trends for us.

是的。我認為玻璃包裝非常受年輕消費者的歡迎，因為在世界各地，他們的永續發展意識都更強，而且對玻璃包裝有非常正面的看法。因此，我們在這些類別中也看到了這一點。所以，這些對我們來說都是正面的趨勢。

Got it. Really appreciate all the detail. It's really helpful. And then, just a quick follow-up, John. I think you mentioned a charge from an environmental liability during the quarter. I guess, is that a new item? I didn't recall hearing that before, but maybe I missed it. Just any detail you can provide on that. Thanks. I will turn it over.

知道了。非常感謝您提供的所有細節。這真的很有幫助。約翰，最後還有一個問題。我想你提到本季有一筆因環境責任而產生的費用。我想，這是新品嗎？我之前好像沒聽過，可能是我錯過了。請提供任何相關細節。謝謝。我把它翻過來。

Yeah. I mean, we've flagged this up for the last several quarters in the 10-Q, but there was a former subsidiary that had an old paper mill that stopped operation in 1967. It's now on federal land, and we had -- there was a settlement with the federal government. So, it's something 58 years old, but we did make a payment on that in the quarter. It was a little bit over $15 million as part of that $25 million plus number that I was referring to.

是的。我的意思是，我們已經在最近幾季的 10-Q 報告中指出了這一點，但之前有一家子公司擁有一家舊造紙廠，該造紙廠於 1967 年停止運作。現在它位於聯邦土地上，我們與聯邦政府達成了和解協議。所以，這筆款項已經有58年的歷史了，但我們在本季確實支付了一部分款項。那筆錢略高於 1500 萬美元，是我之前提到的 2500 萬美元總額的一部分。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

Great, thanks for taking my and congrats on the progress as well. I guess, I just wanted to go back to the volume and understand maybe some of the cushioning that you have. So, I think in the past, you've noted that each point of volume is maybe $0.07 in EPS, which we could potentially gross up to maybe $14 million of EBIT and each point of production is $0.13, which is maybe, I don't know, $25 million of EBIT.

太好了，謝謝你陪我一起去，也恭喜你的進展。我想，我只是想回到音量方面，了解你們的緩衝措施。所以，我認為你過去曾指出，每增加一個銷售點，每股收益可能增加 0.07 美元，這有可能帶來 1400 萬美元的息稅前利潤；而每增加一個產量點，每股收益為 0.13 美元，這可能帶來 2500 萬美元的息稅前利潤。

So, I think you went in the year expecting this year was going to be flattish on volumes. You're up low to mid-singles in the first half. I know you're up 4% in Q1, but it does look like you're now maybe down 1% on the year or so, maybe could end up the year down 2% or 3%. So, does that kind of imply that you have $40 million to $50 million of EBIT cushion within Fit to Win benefits that's offsetting that greater than expected weakness in volumes? Maybe you can just kind of frame out how you're finding extra savings to offset the volume weakness. Thanks.

所以，我認為你年初的時候就預期今年的銷量會比較平穩。上半場你的成績在單打低段位。我知道你第一季成長了 4%，但看起來你今年全年可能下降了 1% 左右，甚至可能最終下降 2% 或 3%。那麼，這是否意味著 Fit to Win 計劃的收益中包含 4,000 萬至 5,000 萬美元的 EBIT 緩衝，足以抵消銷售量超出預期的疲軟？或許你可以大致說明一下你是如何找到額外節省成本的，以彌補銷售量不足的情況。謝謝。

Yeah, Arun, I'll take that one. From a commercial performance standpoint, I think we're almost exactly on where we expected going into the year, okay? So, yes, volumes are down, what we said about 2% for the year, and that has the cost that you referred to. But also, net price has been more favorable than anticipated going into the year.

好的，阿倫，我接受這個任務。從商業表現的角度來看，我認為我們幾乎完全達到了年初的預期目標，好嗎？是的，銷量下降了，正如我們所說，今年下降了約 2%，而這正是您提到的成本所在。但同時，淨價也比年初預期的還要好。

Those two have generally offset each other, okay? So, when you think of the net effect -- and Gordon had said in the prepared comments, we're really trying to manage these levers between price and volume in a pretty soft environment, right? And so, we're trying to find that balance of -- that provides the best reasonable financial outcome to the business as we try to manage a stable top line.

這兩者通常起到相互抵消的作用，好嗎？所以，當你考慮最終結果時——正如戈登在準備好的評論中所說，我們實際上是在努力在一個相當疲軟的環境下管理價格和銷售之間的這些槓桿，對吧？因此，我們正在努力尋找一種平衡——在努力保持穩定營收的同時，為企業帶來最佳的合理財務結果。

So, with those two essentially offsetting each other, really the improvement in the year is Fit to Win. And that's where -- that's driving the upside, and that's driving -- this is the second time now that we raised guidance for the year, and it's really driven by the momentum on what we can control.

所以，由於這兩者基本上相互抵消，今年的真正進步在於 Fit to Win。這就是推動上漲的因素，也是推動——這是我們第二次上調今年的業績預期，這確實是由我們能夠控制的因素帶來的勢頭所驅動的。

Yeah. And just as a point on that -- sorry, go ahead.

是的。關於這一點——抱歉，請繼續。

No, that's fine. Sorry, Gordon.

不，沒關係。抱歉，戈登。

Yeah. No. And as I've said since the out start, we're focused on better quality revenue and not chasing what I call kind of profitless prosperity volume for volume's sake. And we really are strengthening the quality of the portfolio we have and improving the returns on the portfolio we have. And you can also see that coming through in the margin expansion and obviously seeing it coming through on the cash side as well. And that's going to be an ongoing feature for us, right, really improving the quality of the revenue we have going forward.

是的。不。正如我從一開始就說過的那樣，我們專注於提高收入質量，而不是為了追求數量而追求我所謂的無利可圖的繁榮數量。我們確實在加強現有投資組合的質量，並提高現有投資組合的報酬率。你也可以從利潤率的擴張中看到這一點，顯然在現金流方面也能看到這一點。這將是我們持續推進的一項舉措，對吧，真正提高我們未來收入的品質。

Great. And then given this volume performance, do you think you'd have to take additional downtime as you go into '26? Maybe you can also just update us on inventory levels and -- especially related to maybe Europe and some of those wine markets and spirits and areas that you're seeing weakness. And if that -- if you do have to take that downtime, again, would you have other levers to pull on to offset those headwinds? Thanks.

偉大的。鑑於這樣的銷售表現，你認為進入 2026 年時是否需要額外的停機時間？或許您也可以向我們報告庫存水平，特別是與歐洲以及您認為疲軟的葡萄酒市場和烈酒市場相關的情況。如果——如果你真的不得不再次停工，你是否還有其他方法來抵消這些不利因素？謝謝。

As far as our -- currently, I mean, we are balancing supply with demand, and we have -- we still are carrying some lack of business downtime. But keep in mind, we did increase our permanent capacity closures, which we anticipate to be done by early part of next year. As a result, we think that we are going to be reasonably balanced between supply and demand once that's done, and it will be substantially out of that LOB category for the business or the temporary downtime category for the business.

就我們而言——我的意思是，目前我們正在努力平衡供需，而且——我們仍然存在一些業務停滯期。但請記住，我們確實增加了永久性產能關閉的數量，我們預計將在明年年初完成。因此，我們認為一旦完成這項工作，供需之間將達到相當的平衡，並且這將大大超出業務的 LOB 類別或業務的臨時停機類別。

As we look to the inventory management, I think we ended the third quarter in the low 50s, maybe 52 or 53 days. Our goal is around 50 days this year, which would be about a 15% decrease on a year-over-year basis. The softer sales volumes that we're seeing right now, we may end up in the 50 to low-50s-somewhere range, but very close to the overall goal that we anticipated.

從庫存管理角度來看，我認為第三季末庫存量在 50 天左右，可能是 52 或 53 天。我們今年的目標是停課天數控制在 50 天左右，比前一年減少約 15%。鑑於目前疲軟的銷售量，我們最終的銷售量可能在 50 到 50 出頭左右，但非常接近我們預期的整體目標。

Thanks..

謝謝..

So, I think we have time for one more question.

所以，我想我們還有時間再問一個問題。

Gabrial Hajde, Wells Fargo.

加布里埃爾·哈伊德，富國銀行。

Gordon, John, Chris, good morning.

戈登、約翰、克里斯，早安。

Hey, Gabe, how are you?

嘿，蓋布，你好嗎？

I'm well, thanks. Two questions. I guess, looking at the model and just thinking about kind of how you're describing commercially things shaking out the way you wanted, competition a little bit different. I know you can't necessarily dictate and manage this quarter-to-quarter, but price accelerating pretty heavily in the Americas and not -- maybe I think (technical difficulty) might have already answered this, but can you parse out for us maybe the intentional business moves that's flowing through on the mix side, maybe the formulary price adjustments that are flowing through in the Americas and then intentional price that you're taking in North America, if that makes any sense?

我很好，謝謝。兩個問題。我想，看看這個模型，想想你是如何描述商業運作的，事情的發展正如你所希望的那樣，競爭格局略有不同。我知道您未必能逐季度地掌控和管理價格，但美洲的價格上漲速度相當快，而北美的價格上漲速度卻不快——也許（技術難題）我已經回答過這個問題了，但您能否為我們分析一下，在產品組合方面有哪些有意為之的商業舉措，例如美洲正在進行的處方藥價格調整，以及您在北美採取的定價措施，如果我採取的意思清楚的話？

Yeah, Gabe, I can take a stab at that, and Gordon can build on if he has any additional comments. Our price, gross and net price is obviously softer in the first quarter. It's better -- I mean, first half of the year and it's better in the second half of the year. What you are seeing in the Americas is -- keep in mind, for example, North America, we pass through energy on a monthly or quarterly basis. And so -- through the PAF process. So, you pick up a little bit more there.

是的，Gabe，我可以先試著回答一下，如果Gordon有其他補充意見，他可以補充。第一季我們的價格（毛價和淨價）明顯偏低。情況有好轉——我的意思是，上半年情況好轉，下半年情況更好。你在美洲看到的是——請記住，例如在北美，我們按月或按季度消耗能源。因此—透過 PAF 流程。所以，你在那裡能學到更多。

I would also say the Americas, from a capacity standpoint is probably in the mid-to-high 90s as far as capacity utilization. So, it's a pretty tight environment in the Americas overall as a backdrop. Compared to Europe, it is probably mid-90s to low 90s to give you just a relative comparison. But keep in mind, Europe should improve as a number of different capacity closures are completed.

從產能角度來看，美洲的產能利用率可能在 90% 到 90% 之間。所以，從整體來看，美洲的競爭環境相當激烈。與歐洲相比，大概在90多度到90度出頭，這只是一個相對比較。但請記住，隨著多個不同產能的關閉，歐洲的情況應該會有所改善。

And then on the portfolio piece, Gabe, I mean, we have a very clear sort of process for how we make those decisions. And I think in previous calls and certainly at Investor Day, we mentioned that we have visibility now in the business right down to SKU level on what the economic profit is by SKU in effect.

至於投資組合方面，Gabe，我的意思是，我們有一套非常清晰的流程來做出這些決定。我認為在之前的電話會議以及投資者日上，我們都提到過，現在我們已經能夠清楚地了解業務的各個方面，包括每個 SKU 的經濟利潤。

And I also mentioned that there's a bunch of things you can do internally to improve the economic profit of a particular product or a particular range. And we take a look at those and we say, okay, we can get that done. Does that make sense for us?

我還提到，有許多內部措施可以提高特定產品或特定係列產品的經濟利潤。我們查看了這些內容，然後說，好的，我們可以完成這項工作。這對我們來說有意義嗎？

Even having done that, or even if we were to do that on some ranges, we would still need significant price increases from the customers. And some customers would say, yes, okay, the price and quality and what you give and service and so on is worth it. Some say, no, yes, that's not for me. And then we make a view that, that piece goes out because what we find as well is, those pieces of business add a lot of complexity into our supply chain. A lot -- there's a lot of hidden costs in there as well or there can be.

即使我們這樣做，或者即使我們在某些​​方面這樣做，我們仍然需要顧客大幅提高價格。有些顧客會說，是的，好吧，價格、品質、你們提供的服務等等都是值得的。有人說，不，是的，那不適合我。然後我們認為，這部分業務應該排除在外，因為我們也發現，這些業務會為我們的供應鏈增加許多複雜性。很多——其中也包含很多隱性成本，或者說可能包含。

And it brings complexity to the lines. And as part of our operation strategy of best at both, that relies on us having less complexity, particularly on the big furnaces on the big lines. And that has been a feature of the business over the years that the lines that were built for much longer runs ended up too complex. So, we're cleaning up all of that. And so, there's a very intentional process of how we do that, and we understand what the financial implications are for that.

這為線條增添了複雜性。作為我們力求在兩方面都做到最好的營運策略的一部分，這依賴於我們降低複雜性，尤其是在大型生產線上的大型熔爐方面。多年來，這種為更長距離而建造的生產線最終變得過於複雜，這已成為該行業的一個特徵。所以，我們正在清理所有這些東西。因此，我們採取這種做法是有非常周密計劃的，我們也了解這樣做的財務影響。

And getting that non-economic volume out of the business is good, and you can see it coming through. And then it frees up capacity for power SKUs where we make a lot more money. And that's really the thinking behind it, Gabe.

將那些非經濟性業務量從企業中剔除是件好事，而且你可以看到這種效果正在顯現。這樣就能騰出產能，用在那些我們能賺更多錢的強力 SKU。這就是背後的真正想法，蓋布。

Got it. Maybe that kind of feeds into my second question. Most of the capacity adjustments, I think you talked about in the US or in the Americas. By our math, maybe 0.5 million tons or so that's been identified in Europe.

知道了。也許這與我的第二個問題有點關係。我認為你剛才提到的大部分產能調整都發生在美國或美洲。據我們計算，在歐洲已探明的儲量可能約為 50 萬噸。

What about the tons and closures, and really, I think you talked about 40% of that business that gets exported out of your European operations into some (technical difficulty) So, I guess what's enabling you to service that business as you talk about having the potential to come back with those capacity adjustments?

那麼噸位和關閉情況呢？實際上，我認為您提到過，您歐洲業務的 40% 都出口到了一些（技術難題）。所以，我想問的是，是什麼讓您能夠在您談到透過產能調整恢復產能的同時，仍然能夠服務這些業務？

Yeah. I think if you look at spirits largely in China, the two core markets for spirits out of Europe are the US and China. And I think what we're going through in the US with some -- I'll call them short term in the context of years, there's some pricing that consumers are coming up against. We think that's a cyclical thing. And we also think the inventory in the system will work its way out. And the US will continue to take large quantities of spirits out of Europe.

是的。我認為，如果主要從中國來看烈酒市場，歐洲烈酒的兩大核心市場是美國和中國。我認為我們在美國正在經歷的一些事情——就幾年而言，我稱之為短期問題——是消費者正在面臨的一些定價問題。我們認為這是一個循環往復的過程。我們也認為系統中的庫存會逐步減少。美國將繼續從歐洲大量進口烈酒。

And China at the moment is experiencing the same thing and where demand is suppressed there. And again, we see that working its way out over time and those markets coming back. And then you see the growth of markets like India and South Korea growing strongly. We're seeing the start of green shoots in travel retail, which is up about 3% in volume year-to-date, but still not back, particularly on a value basis, to where it was pre-COVID. So, I think these are cyclical things that are going to work itself out. And we see ourselves having the capacity to match that when it comes back.

目前中國也面臨同樣的問題，需求受到抑制。我們再次看到，隨著時間的推移，這種情況會逐漸緩解，這些市場也會恢復。然後你會看到像印度和韓國這樣的市場強勁成長。我們看到旅遊零售業開始出現復甦的跡象，今年迄今銷量成長了約 3%，但尚未恢復到新冠疫情前的水平，尤其是在價值方面。所以，我認為這些都是循環往復的事情，最後都會得到解決。我們相信，當這種情況再次發生時，我們有能力與之匹敵。

And to build on that, Gabe, yes, we are closing out excess capacity to balance supply with demand. But keep in mind, our TOE, Total Organization Effectiveness program is intended to unlock trapped capacity in the system. That will allow us to grow, and that is by far the cheapest way to get capacity within the system with great operating leverage when you enable it.

Gabe，是的，為了進一步說明這一點，我們正在關閉過剩產能，以平衡供需。但請記住，我們的 TOE（全面組織效能）計畫旨在釋放系統中被困住的能力。這將使我們能夠發展壯大，而且這是迄今為止在系統內獲得容量的最便宜的方法，啟用後還能帶來巨大的營運槓桿作用。

Thank you. And so, getting the operations a lot fitter and then sweating them a lot harder than they were in the past, Gabe.

謝謝。所以，蓋布，你要讓營運部門更完善，然後讓他們比以前更努力工作。

Thank you. I will now pass the conference back over to Chris for any additional remarks

謝謝。現在我將把會議交還給克里斯，請他補充發言。

Thank you. That concludes our earnings call. Please note, our year-end and fourth quarter call is currently scheduled for Wednesday, February 11, 2026. And remember, make it a memorable moment by choosing safe, sustainable glass. Thank you.

謝謝。我們的財報電話會議到此結束。請注意，我們的年終及第四季電話會議目前定於 2026 年 2 月 11 日星期三舉行。記住，選擇安全、永續的玻璃，讓它成為難忘的時刻。謝謝。

Thank you.

謝謝。

Thanks all.

謝謝大家。

That concludes the O-I Glass third-quarter 2025 earnings conference call. Thank you for your participation. You may now disconnect your lines.

O-I Glass 2025 年第三季財報電話會議到此結束。感謝您的參與。現在您可以斷開線路了。