O-I Glass, Inc. (OI) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the O-I Glass first-quarter 2026 earnings conference call. (Operator Instructions)

感謝各位耐心等候。我叫 Kate，今天將擔任各位的電話會議接線員。此刻，我謹代表公司歡迎各位參加 O-I Glass 2026 年第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Chris Manuel. Please go ahead.

現在我想把電話交給 Chris Manuel。請開始。

Thank you, Kate, and welcome, everyone, to the O-I Glass first-quarter 2026 earnings conference call. With me today are Gordon Hardie, our CEO; and John Haudrich, our CFO. After prepared remarks, we will open the line for Q&A. Our presentation materials are available on the company's website. Please review the safe harbor statements and the disclosures regarding our use of non-GAAP financial measures included in those materials.

謝謝你，Kate，也歡迎各位參加 O-I Glass 2026 年第一季財報電話會議。今天與我一同出席的有我們的執行長 Gordon Hardie，以及財務長 John Haudrich。在事先準備的發言之後，我們將開放問答。我們的簡報資料已公布於公司網站。請各位查閱其中的安全港聲明，以及關於我們使用非 GAAP 財務衡量指標的揭露。

With that, I'll turn the call over to Gordon, who will begin on slide 3.

接下來我把電話交給 Gordon，他將從第 3 頁投影片開始。

Good morning, everyone, and thank you for joining us. Today, we will review our first quarter results, what we are seeing across the business and our outlook for the year. Before I begin, I want to thank all our O-I colleagues across the world for their focus, execution and commitment to supporting our customers in a tough environment.

各位早安，感謝各位加入我們。今天我們將回顧第一季業績、我們在各項業務中觀察到的情況，以及今年的展望。在開始之前，我要感謝全球所有 O-I 同仁在艱困環境下仍專注、落實執行，並致力於支持我們的客戶。

The year got off to a challenging start. While the top line held steady, demand was sluggish early in the quarter before improving through March. We also experienced elevated commercial pressures in Europe and several onetime external events that increased our costs.

今年開局充滿挑戰。雖然營收維持穩定，但本季初需求疲弱，直到 3 月才逐步改善。我們也在歐洲面臨較高的商業壓力，並遭遇數起一次性的外部事件，推升了成本。

As a result, first quarter adjusted earnings of $0.05 per share came in below our original expectations. Fit to Win continues to deliver and the disciplines are now embedded across the organization. We are seeing the benefits of a stronger cost position reflected in new business wins across key categories that should support higher volumes starting in the second half of the year.

因此，第一季調整後每股盈餘為 0.05 美元，低於我們原先的預期。Fit to Win 持續帶來成果，相關紀律也已深植於整個組織。我們看到更強的成本競爭力所帶來的效益，反映在關鍵品類的新業務得標上，預期將自下半年起支撐更高的出貨量。

Operationally, it was a story of two hemispheres. In the Americas, earnings were stable despite several external disruptions. In Europe, results fell short of expectations amid elevated competitive pressure. Europe is also earlier in the Fit to Win journey than the Americas, and we expect performance to improve in the coming quarters as we execute the restructuring actions we have announced.

在營運面上，呈現兩個半球的不同故事。在美洲，儘管有數項外部干擾，獲利仍維持穩定。在歐洲，因競爭壓力升高，表現不如預期。歐洲在 Fit to Win 的推進進度也較美洲早期；隨著我們落實已宣布的重整措施，預期未來幾季表現將改善。

Looking to the full year, we expect strong year-over-year improvement in the Americas. Yet we have an updated -- we have updated our 2026 guidance to reflect a more challenging European market, compounded by elevated energy inflation and broader macro dynamics. John will walk you through the updated outlook in more detail in a few moments.

展望全年，我們預期美洲將有強勁的年對年改善。然而，我們已更新 2026 年財測指引，以反映更具挑戰的歐洲市場情勢，並受到能源通膨升高及更廣泛的總體經濟因素所加劇。稍後 John 會更詳細說明更新後的展望。

Even with the near-term uncertainty, our strategy and priorities are unchanged. With continued Fit to Win execution and new business wins, we are confident we can strengthen results as the year progresses and expect to build momentum into '27 and beyond. We remain laser-focused on our investments -- Investor Day objectives, and we believe many of today's headwinds are temporary.

即使短期不確定性仍在，我們的策略與優先事項不變。隨著 Fit to Win 持續落實執行及新業務得標，我們有信心在今年進程中強化成果，並預期在 2027 年及之後持續累積動能。我們仍高度聚焦於投資人日（Investor Day）的目標，我們也相信目前許多逆風屬於暫時性。

Let's now turn to slide 4 to discuss our top line performance and volume trends. As you can see, net sales have remained steady over the past several quarters, even amid ongoing volatility and uncertainty. That said, we got off to a slow start this year with first quarter shipments down about 8% versus the prior year. This comparison was also tougher as last year likely benefited from customer prebuys ahead of a new US tariff regime.

接著請看第 4 頁投影片，討論營收表現與出貨量趨勢。如各位所見，即使在持續波動與不確定性之下，過去幾季淨銷售額仍維持穩定。不過，今年開局較慢，第一季出貨量較去年同期下降約 8%。此外，去年可能因客戶在美國新關稅制度上路前提前備貨而受惠，使得今年的比較基期也更具挑戰。

By category, alcoholic end users were the softest, while NAB and food performed better. In fact, food is now emerging as our second largest category behind beer. Regionally, shipments declined in North America and Mexico amid ongoing customer inventory adjustments in spirits, while South America delivered mid- to high single-digit growth.

以品類來看，酒精飲料終端客戶表現最疲弱，而非酒精飲料（NAB）與食品表現較佳。事實上，食品目前正成為我們僅次於啤酒的第二大品類。以區域來看，北美與墨西哥因烈酒客戶持續調整庫存而出貨下滑；南美則繳出中至高個位數成長。

In Europe, demand was softest in wine, particularly in the South and an extended negotiation period, while other markets were more balanced. Importantly, volume trends improved sequentially through the quarter, with March volumes down only 2%. Given that trend, we continue to expect full year sales volumes to be about flat with the prior year. After a slow first quarter, we anticipate shipments to be stable in the second quarter and to deliver low to mid-single-digit growth in the second half, supported by easier comparisons and new business wins.

在歐洲，需求最疲弱的是葡萄酒，尤其在南歐，且談判期拉長；其他市場則較為均衡。重要的是，出貨量趨勢在本季呈現逐月改善，3 月出貨量僅年減 2%。基於此趨勢，我們仍預期全年銷售量將與去年大致持平。在第一季偏弱之後，我們預期第二季出貨將趨於穩定，並在下半年在較容易的比較基期與新業務得標的支撐下，實現低至中個位數成長。

As we implement our new go-to-market approach, we are encouraged by the early progress. We've landed new business across about 15 accounts spanning all categories that should contribute 1.5% of new sales volume starting in the second half of the year.

隨著我們推行新的市場進入（go-to-market）策略，我們對初期進展感到鼓舞。我們已在約 15 個客戶帳戶上取得新業務，涵蓋所有品類，預計自下半年起可貢獻 1.5% 的新增銷售量。

Together, these wins should help set us up for a profitable, sustainable growth in the 1% to 2% range beginning in 2027. While the quarter was challenging, the trend improved as we exited Q1. The team executed well in difficult circumstances. With steadier demand and new business wins, we believe the fundamentals position us well for a stronger second half.

綜合而言，這些得標將有助於我們自 2027 年起，建立 1% 至 2% 區間的獲利且可持續成長。雖然本季充滿挑戰，但在第一季結束時趨勢已有改善。團隊在艱困情況下執行良好。隨著需求更穩定及新業務得標，我們相信基本面使我們在下半年具備更強勁表現的良好條件。

Turning now to slide 5. Fit to Win remains a core value driver for O-I. The program continues to take cost out and optimize our footprint and value chain. Strengthening our cost position improves competitiveness and enables long-term profitable growth as demonstrated by new business wins. We are now at the halfway point towards delivering $750 million of cumulative benefits through 2027, and we remain ahead of schedule.

接著請看第 5 頁投影片。Fit to Win 仍是 O-I 的核心價值驅動因素。該計畫持續降低成本，並優化我們的產能布局與價值鏈。強化成本競爭力可提升市場競爭性，並如新業務得標所示，支持長期的獲利成長。我們目前已達成 2027 年前累計 7.5 億美元效益目標的一半進度，且仍領先原定時程。

In the first quarter, the team delivered gross Fit to Win benefits of about $50 million, in line with our expectations. Net benefits were $35 million after headwinds from external disruptions in the Americas and temporary transition costs as we complete the closure of three plants in Europe.

第一季，團隊實現約 5,000 萬美元的 Fit to Win 毛效益，符合我們的預期。在扣除美洲外部干擾帶來的逆風，以及我們完成歐洲三座工廠關閉所產生的暫時性轉換成本後，淨效益為 3,500 萬美元。

Let me highlight our progress across the phases of the initiatives. Phase A, focused on SG&A streamlining and initial network optimization, generated $32 million of net benefits in the quarter despite transition costs in Europe. We expect the organizational actions and planned closures to be largely completed by mid-2026.

我來重點說明各階段的進展。A 階段聚焦於精簡 SG&A（銷售、一般及行政費用）與初步的網路/產能布局優化；儘管歐洲有轉換成本，本季仍產生 3,200 萬美元的淨效益。我們預期組織調整與計畫中的關廠行動將在 2026 年年中前大致完成。

Phase B focused on end-to-end value chain transformation, was slightly up after absorbing costs associated with disruption in the Americas. Core work streams continue as planned. We launched the third wave of total organization effectiveness, and we are accelerating procurement and energy initiatives to drive incremental savings. We are also pursuing incremental opportunities to offset cost headwinds we observed in the first quarter. Fit to Win is working. We continue to target at least $275 million of benefits in 2026.

B 階段聚焦於端到端價值鏈轉型；在吸收美洲干擾相關成本後，表現略有上升。核心工作流程仍按計畫推進。我們啟動了第三波的整體組織效能提升，並加速採購與能源相關專案以帶動額外節省。我們也在尋求更多機會，以抵銷第一季觀察到的成本逆風。Fit to Win 正在發揮作用。我們仍以 2026 年至少實現 2.75 億美元效益為目標。

With that, I'll turn it over to John to walk you through the financials, starting on slide 6.

接下來我把電話交給 John，請他從第 6 頁投影片開始帶各位看財務表現。

Thanks, Gordon, and good morning, everyone. First quarter net sales were $1.54 billion, essentially flat with the prior year. Favorable FX largely offset slightly lower average selling prices and a high single-digit decline in volumes, while shipments improved meaningfully as the quarter progressed. Adjusted earnings were $0.05 per share, down from $0.40 per share in the prior year, primarily due to commercial headwinds, including unfavorable net price and lower volumes. Operating costs were comparable to the prior year as Fit to Win compensated for unanticipated disruptions.

謝謝你，Gordon，各位早安。第一季淨銷售額為 15.4 億美元，與去年同期基本持平。有利的匯率（FX）大致抵銷了平均售價略降與出貨量高個位數下滑的影響，而出貨在本季進行中明顯改善。調整後每股盈餘為 0.05 美元，低於去年同期的 0.40 美元，主要原因是商業逆風，包括不利的淨價格與較低的出貨量。營運成本與去年同期相當，因 Fit to Win 抵銷了未預期的干擾影響。

Earnings also reflected an unusually high effective tax rate on low pretax earnings. As earnings improve, we expect a full year tax rate of approximately 35% to 40% with the potential to move lower in 2027 and beyond. Looking ahead, the full O-I team is focused on strengthening performance as the year progresses.

獲利也反映了在稅前盈餘偏低情況下，異常偏高的有效稅率。隨著獲利改善，我們預期全年稅率約為 35% 至 40%，並有機會在 2027 年及之後進一步下降。展望未來，整個 O-I 團隊將專注於隨著年度推進而強化營運表現。

Let's turn to slide 7 to discuss operating results. Segment operating profit was $142 million, down from $209 million last year, primarily due to the commercial pressures we discussed. As noted, the Americas was stable, while Europe was down considerably. In the Americas, we performed well despite several external disruptions. The segment's top line was stable as favorable FX and mix, largely offset slightly lower selling prices and a 9% decline in shipments. Demand trends also improved as the quarter progressed with March shipments down only modestly versus the prior year.

請看第 7 頁投影片，討論營運結果。分部營業利益為 1.42 億美元，低於去年的 2.09 億美元，主要因我們所提到的商業壓力所致。如前所述，美洲表現穩定，而歐洲則大幅下滑。在美洲，儘管有數項外部干擾，我們仍表現良好。該分部營收維持穩定，因有利的匯率與產品組合大致抵銷了售價略降與出貨量下降 9% 的影響。需求趨勢也隨著本季推進而改善，3 月出貨量相較去年同期僅小幅下滑。

Americas segment operating profit was $142 million, essentially flat year-over-year, benefiting from higher net price, while lower sales volume and higher operating costs were headwinds. Costs included $10 million of disruption-related expense driven by extreme weather, civil unrest in Mexico and a natural gas pipeline failure in Peru, partially offset by Fit to Win.

美洲事業部營業利益為1.42億美元，年對年基本持平；受惠於較高的淨售價，但較低的銷售量與較高的營運成本形成阻力。成本包含1,000萬美元的中斷相關費用，主因為極端天氣、墨西哥的民間動亂，以及秘魯天然氣管線故障；部分由 Fit to Win 抵銷。

In Europe, the results were well below our expectations, and they are the primary driver of the year-over-year decline in segment earnings. Europe segment operating profit shortfall was driven by a combination of softer demand and an increasingly competitive market backdrop, which pressured price amid low capacity utilization, most notably in wine in Southern Europe. As a result, net sales declined slightly with favorable FX partially offsetting lower price and volumes.

在歐洲，結果遠低於我們的預期，且是事業部獲利年對年下滑的主要原因。歐洲事業部營業利益不如預期，係由需求轉弱與競爭環境日益激烈的組合所致；在產能利用率偏低下壓抑價格，尤以南歐葡萄酒市場最為明顯。因此，淨銷售額小幅下滑，有利的匯率（FX）部分抵銷了較低的價格與銷量。

Shipments were down 7% year-over-year, although trends improved as we moved through the quarter and March shipments were up slightly versus the prior year. As you'd expect in that environment, profitability compressed meaningfully. Europe segment operating profit was breakeven in the first quarter, down roughly $68 million from a year ago. The biggest factor was a $76 million reduction in net price, reflecting both elevated price competition and the reset of favorable energy contracts that expired last year.

出貨量年對年下降7%，不過隨著季度推進趨勢有所改善，3月出貨量較去年同期略有增加。在那樣的環境下，如你所預期，獲利能力明顯受壓縮。歐洲事業部第一季營業利益為損益兩平，較去年同期約減少6,800萬美元。最大因素是淨售價減少7,600萬美元，反映價格競爭加劇，以及去年到期的有利能源合約重設。

Lower shipments were an additional headwind. These pressures were partially offset by Fit to Win benefit costs even after absorbing $5 million of higher-than-expected temporary plant closure expenses. Looking ahead, we anticipate performance to increasingly converge across the regions as Europe builds the same resiliency and execution capability demonstrated in the Americas while continuing our transformation journey.

較低的出貨量是另一項逆風。即使吸收了500萬美元高於預期的臨時工廠停產費用，這些壓力仍部分被 Fit to Win 的效益所抵銷。展望未來，隨著歐洲建立與美洲同樣的韌性與執行能力，並持續推進轉型旅程，我們預期各區域的表現將愈來愈趨於一致。

Turning to slide 8. I'll close with an update on our outlook for the remainder of 2026. As discussed, it has been a challenging start to the year, and we have updated our full year guidance to adjusted earnings of $1 to $1.50 per share. The chart also reflects our revised EBITDA and free cash flow expectations. To frame the outlook, it's important to separate what we are seeing in our core glass markets and what we are absorbing from broader macro environment, especially energy.

接著看第8頁。我將以更新我們對2026年剩餘期間的展望作結。如前所述，今年開局充滿挑戰，我們已將全年指引更新為調整後每股盈餘1.00至1.50美元。圖表亦反映我們修訂後的 EBITDA 與自由現金流預期。為了說明展望，重要的是要區分我們在核心玻璃市場看到的情況，以及我們從更廣泛的總體環境（尤其是能源）所承受的影響。

Starting with the core glass business, demand trends are stabilizing as the year progresses and Fit to Win is continuing to deliver meaningful results. In the Americas, our outlook remains positive, and we expect results to be up year-over-year. In Europe, we have risk-adjusted our outlook by up to $25 million given elevated competitive pressures, net of additional cost actions and restructuring should support improved performance in the second half. The biggest swing factor in our updated guidance is macro-driven energy inflation stemming from conflicts in the Middle East, which could total $75 million to $100 million.

先從核心玻璃業務來看，隨著年度推進，需求趨勢正在穩定，Fit to Win 也持續帶來顯著成果。在美洲，我們的展望仍然正向，預期結果將年對年成長。在歐洲，鑑於競爭壓力升高，我們已將展望進行風險調整，最多下修2,500萬美元；扣除額外成本行動與重整措施後，應可支撐下半年表現改善。我們更新後指引中最大的變動因素，是源自中東衝突的總體環境驅動之能源通膨，可能合計達7,500萬至1億美元。

Higher energy prices flow through natural gas, electricity, logistics and certain raw materials. Importantly, our proactive energy management practice significantly limit further exposure, particularly in Europe, where approximately 75% to 80% of gas requirements are protected at prices favorable to current market levels and higher protection in the colder winter months. We will continue to monitor macro developments, including customer demand and whether broader inflation could further influence commercial dynamics. As we have essentially risk-adjusted our outlook for energy inflation, the appendix includes additional earnings sensitivities to changes in European natural gas market prices.

較高的能源價格會透過天然氣、電力、物流以及部分原物料傳導。重要的是，我們主動的能源管理作法大幅限制進一步曝險，特別是在歐洲，約75%至80%的天然氣需求已在對當前市場水準更有利的價格下受到保障，且在較寒冷的冬季月份保障比例更高。我們將持續監測總體環境發展，包括客戶需求，以及更廣泛的通膨是否可能進一步影響商業動態。由於我們已就能源通膨對展望進行實質的風險調整，附錄包含歐洲天然氣市場價格變動對獲利的額外敏感度分析。

While our 2026 outlook is conservatively set given macro uncertainty, our strategy and priorities remain unchanged, and we continue to drive towards the 2027 objectives we outlined at last year's Investor Day. We expect Fit to Win to deliver significant value next year, and we believe many of the pressures we are seeing in 2026 are temporary.

雖然在總體不確定性下，我們對2026年的展望設定較為保守，但我們的策略與優先事項維持不變，並持續朝去年投資人日所提出的2027年目標邁進。我們預期 Fit to Win 明年將創造顯著價值，且我們認為2026年所見的許多壓力屬於暫時性。

More than half of our business operates under contractual price adjustment formulas that reflect changes in inflation on a lagging basis, providing an important structural mechanism as cost conditions evolve over time. Likewise, as capacity utilization increases, particularly in Europe, we believe our competitive position should continue to strengthen. Overall, we remain focused on the levers within our control, anchored by Fit to Win, and we are determined to deliver the best possible performance this year while building momentum into 2027.

我們超過一半的業務採用合約式價格調整公式，以滯後方式反映通膨變動，隨著成本條件隨時間演變，提供重要的結構性機制。同樣地，隨著產能利用率提升，特別是在歐洲，我們相信競爭地位將持續強化。整體而言，我們仍聚焦於可控的槓桿，以 Fit to Win 為核心，並決心在今年交出最佳可能的表現，同時為2027年累積動能。

With that, I'll turn it back to Gordon for closing remarks on slide 9.

接下來，我把時間交回 Gordon，請他在第9頁做結語。

Thanks, John. Let me close with a few key takeaways. We are not satisfied with our first quarter results, and we are moving quickly to improve performance. At the same time, our strategy is unchanged, and our long-term value creation plan remains firmly on track. While near-term noise may continue to drive volatility, we see several clear indicators that O-I's underlying fundamentals are moving decisively in the right direction.

謝謝，John。我用幾個重點結語。我們對第一季的結果並不滿意，正迅速採取行動改善表現。同時，我們的策略不變，長期價值創造計畫仍穩健推進。雖然短期雜訊可能持續帶來波動，但我們看到多項明確指標顯示，O-I 的基本面正果斷朝正確方向前進。

Here are six reasons we believe O-I is a compelling long-term investment. Fit to Win is delivering and continues to enable future profitable growth by improving operational discipline and cost competitiveness across the business. Core glass demand is stabilizing, and recent trends are increasingly encouraging.

以下是我們認為 O-I 具備吸引力、值得長期投資的六個理由。Fit to Win 正在交付成果，並透過提升營運紀律與全公司成本競爭力，持續促進未來的獲利成長。核心玻璃需求正在穩定，近期趨勢愈發令人鼓舞。

March volumes point to a clear turning point in demand, providing early evidence that our actions are beginning to translate into profitable growth in the second half and beyond. Improving competitiveness across the footprint is already converting commercial opportunities. We have 15 confirmed incremental volume wins in hand, yielding approximately 1.5% annualized growth. These ramp up over '26 and into '27, giving us a clear line of sight to profitable, sustainable growth.

3月的量顯示需求出現明確轉折點，提供初步證據，證明我們的行動正開始在下半年及之後轉化為獲利成長。全據點競爭力的提升已在轉化商業機會。我們已取得15項確認的新增量訂單，折算年化成長約1.5%。這些將在2026年逐步放量並延續至2027年，使我們對獲利且可持續的成長有清晰能見度。

The Americas, where we are furthest along in executing our transformation, are performing very well. Our capacity and demand are tightly aligned and across much of the region, we are effectively sold out. As such, we are actively evaluating opportunities to bring dormant capacity back online. Further, cost parity between aluminum and glass is spurring increased customer interest. In Europe, Fit to Win execution is accelerating. While the region trails the Americas by roughly six to nine months, our capacity rationalization and restructuring actions are underway.

在美洲，我們的轉型執行進度最為領先，表現非常好。我們的產能與需求高度匹配，且在該區域多數市場，我們幾乎已售罄。因此，我們正積極評估讓閒置產能重新上線的機會。此外，鋁與玻璃之間的成本平價正帶動客戶興趣提升。在歐洲，Fit to Win 的執行正在加速。雖然該區域落後美洲約6到9個月，但我們的產能合理化與重整行動已在進行中。

Our competitive position continues to strengthen, especially as capacity utilization improves. While we conservatively risk-adjusted our 2026 outlook to reflect Europe's operating environment and the energy backdrop, we remain committed to our 2027 Investor Day targets. We believe these headwinds are temporary and manageable. Taken together, O-I today is a more disciplined, better balanced and better positioned for durable growth than at any point in recent years.

我們的競爭地位持續強化，尤其是在產能利用率改善之際。雖然我們保守地對2026年展望進行風險調整，以反映歐洲的營運環境與能源背景，但我們仍致力於達成2027年投資人日目標。我們相信這些逆風是暫時且可控的。綜合而言，今日的 O-I 較近年任何時點都更具紀律、更為均衡，且更能支撐長期成長。

Thank you for your time today and your continued support. With that, we'd be happy to take your questions.

感謝各位今天撥冗參與並持續支持。接下來，我們很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

George Staphos, Bank of America Securities.

George Staphos，美國銀行證券（Bank of America Securities）。

Thanks, everyone. Good morning. Gordon and John, what has your line management relayed to you about 2Q volumes and Fit to Win performance so far? And what have you relayed in turn to the Board? And why are you and the Board both confident that the turn is happening in 2Q, both in terms of volumes and accelerating in Fit to Win? Relatedly, the Phase B on Fit to Win seems to be really not having much contribution so far this year versus target.

謝謝各位。早安。Gordon 和 John，你們的一線管理團隊到目前為止向你們回報了哪些關於第二季（2Q）出貨量與 Fit to Win 表現的情況？你們又向董事會回報了什麼？以及你們和董事會為何都相信第二季會出現轉折——不論是出貨量，或是 Fit to Win 的加速？另外，Fit to Win 的 B 階段（Phase B）看起來今年迄今相較目標幾乎沒有太多貢獻。

The second question, I know you gave us some sensitivity, but if you could help us out, if energy rises from here and the consideration of your hedges, is there a way you could give us some back-of-the-envelope EBITDA effects? And do we need to start worrying about any of your secured debt covenants at this juncture or not? And where would we need to? Thank you and good luck in the quarter.

第二個問題，我知道你們給了一些敏感度，但想請你們協助：若能源價格從現在起上升，並考量你們的避險安排，是否能提供一個粗略估算的 EBITDA 影響？此外，在此時點我們是否需要開始擔心你們任何有擔保債務的契約條款（covenants）？若需要，會是在哪些水準？謝謝，也祝本季順利。

Hey, George, this is John. I'll take the second part of that point first. So as far as the sensitivity to the earnings situation, we assumed in these numbers given that we're 75% to 80% covered this year, we're assuming a range of EUR45 to EUR55 per megawatt hour being the relevant range. And so to the degree that energy is below that, for every EUR5 drop on average, we get back about $0.05 per share. So that's about $12 million or so of EBITDA. To the degree that it goes above $0.55, we're protected, that's more like $0.02 to $0.03, so maybe $5 million or so of risk.

嗨，George，我是 John。我先回答你提到的第二部分。就獲利對能源的敏感度而言，鑑於我們今年有75%到80%的覆蓋率（hedge/保障），在這些數字中我們假設每兆瓦時45到55歐元（EUR45 至 EUR55）是相關的區間。因此，若能源低於該區間，平均每下降5歐元（EUR5），我們每股大約可回收0.05美元，約相當於1,200萬美元左右的 EBITDA。若高於0.55（應為55歐元），我們仍有保護，影響大約是每股0.02到0.03美元，風險約500萬美元左右。

We use a combination of different tools and factors and things to manage our energy positions. So we're pretty confident that, that number that we have between $40 million and $60 million of pure energy exposure to the elevated environment and the conflict is about right. And ideally, we can perform better on the downside.

我們運用多種不同的工具、因素與方法來管理我們的能源部位。因此，我們相當有信心，我們在高企環境與衝突影響下的純能源曝險約介於4,000萬至6,000萬美元，這個數字大致正確。而且理想情況下，在下行情境中我們還能表現得更好。

And then on the secured question, we got -- we're very, very low on our secured ratio right now, very favorable net position. We're not anywhere near at risk. And I'll tell you, we've got significant liquidity, $1.5 billion of liquidity. We manage our cash very conservatively in the organization. So from a balance sheet standpoint and managing the liquidity, we're in great shape.

至於擔保品的問題，我們目前的擔保比率非常、非常低，淨部位相當有利。我們完全沒有接近風險。我也可以告訴你，我們的流動性很充裕，有15億美元的流動性。我們在組織內對現金管理非常保守。因此，從資產負債表角度以及流動性管理來看，我們的狀況非常好。

Hi, George, Gordon here. So with regard to Fit to Win, I think we're very well placed to deliver the $275 million and maybe beyond this year. The way we set up the timing of it, we're in line. Quarter one delivered to expectation. We did have a number of external events through the tough winter, particularly in North America and some extra costs in Europe on the closure and reconfiguration of the network that were once-off in nature.

嗨，George，我是Gordon。關於「Fit to Win」，我認為我們非常有條件在今年達成2.75億美元，甚至可能超過。就我們設定的時程而言，一切都在軌道上。第一季的交付符合預期。確實在嚴峻的冬季期間發生了一些外部事件，特別是在北美；另外在歐洲，因網路關閉與重整配置而產生了一些額外成本，但這些都屬一次性。

And so you will see the Fit to Win momentum build. Behind those numbers is very detailed plans, very detailed accountability, weekly tracking. So we feel we're in good shape on Fit to Win. And as ever, we're always looking at new opportunities that are identified and ways to strip waste and inefficiencies out. So we'll be obviously pushing for a higher number, but we're confident in that $275 million number.

因此你會看到「Fit to Win」的動能逐步增強。支撐這些數字的是非常細緻的計畫、非常明確的責任歸屬，以及每週追蹤。所以我們覺得「Fit to Win」的進展狀況良好。而且一如既往，我們也持續尋找新機會，找出並剔除浪費與低效率之處。因此我們當然會推動更高的數字，但我們對2.75億美元這個目標有信心。

We got it. And what are you seeing so far in 2Q on volume? What have you committed to the Board?

了解。那你們目前在第二季的量（volume）看到什麼情況？你們對董事會承諾了什麼？

Q1 volumes of about 8% in the Americas, and let me break that down and about 7% in Europe. It's clear -- let me start with the Americas because it is a kind of a story of two hemispheres. Let me start in Brazil, where the business is performing very strongly for us with beer volumes up mid-single digits, NAB up mid-single digits and food and spirits up low teens.

第一季美洲的量約為8%，我來拆解一下；歐洲約為7%。很明顯——我先從美洲開始，因為這有點像兩個半球的故事。我先從巴西談起，我們在那裡的業務表現非常強勁：啤酒量成長中個位數、NAB（非酒精飲料）成長中個位數，食品與烈酒成長低雙位數。

So we're outperforming the market in all categories in Brazil. And the team there has done an excellent job in executing Fit to Win to become much more competitive and has already entered what I would consider the profitable growth horizon of our strategy. And an interesting fact, Brazil is now more profitable in 2026 than when it had too fewer major competitors a number of years ago. And we expect Brazil to have another very strong volume and financial year.

因此在巴西，我們在所有品類都跑贏市場。當地團隊在執行「Fit to Win」方面做得非常出色，使我們更具競爭力，並且已經進入我所稱的策略「獲利成長」階段。有個有趣的事實：巴西在2026年的獲利能力，已高於多年前主要競爭者更少時的水準。我們預期巴西在量與財務表現上都會再迎來非常強勁的一年。

If I move Northwest to Andean, again, performing very strongly for us, outperforming the market in all categories, delivering mid-single-digit growth. And we're expecting a very strong second half and full year in that business. We're also executing incredibly well our Fit to Win program in Andean, and I would consider that market well advanced in the profitable growth horizon.

如果我往西北看安第斯地區，同樣對我們而言表現非常強勁，在所有品類都跑贏市場，帶來中個位數成長。我們預期該業務在下半年與全年都會非常強勁。我們在安第斯地區的「Fit to Win」也執行得極為出色，我認為該市場在「獲利成長」階段已相當成熟。

In Americas North, our teams are executing well and addressing very effectively kind of long-run structural issues in that business and getting good results thereof. And so while volumes were down 8%, let me break that down. About 3% of that 8% was wine volume we -- that was not viable and was a barrier to us getting a much leaner network in place. And along the lines of our EP EBIT, we've taken that out of the business.

在北美洲，我們的團隊執行良好，並且非常有效地處理該業務長期存在的結構性問題，因而取得不錯的成果。因此，雖然量下滑了8%，我來拆解一下：其中約3%是我們的葡萄酒量——那部分不具可行性，且阻礙我們建立更精簡的網路。依照我們EP EBIT的方向，我們已將那部分自業務中移除。

There was about 3% of spirits customers destocking in the face of high distributor volumes. We know that is a temporary piece. And there was about 2% in what I would call missed beer volume due to those external disruptions and we had a furnace repair. We expect another very strong financial year in North America. And indeed, the first quarter EBIT in North America was the strongest in over eight years.

另外約3%是烈酒客戶在經銷商庫存量偏高的情況下進行去庫存（destocking）。我們知道那是暫時性的因素。還有約2%是我所稱因外部干擾而「流失」的啤酒量，且我們也進行了熔爐維修。我們預期北美將再度迎來非常強勁的財務年度。事實上，北美第一季的EBIT是八年多來最強的一季。

If I look at America Central, we're on track for another strong year despite the macro challenges of tariff impact on beer and spirits exports. We're executing very effectively there, and we're driving cost and waste out and becoming much more competitive on the domestic market in beer, in food and in spirits to offset in part volumes lost in exports. But we expect a strong run home.

如果我看中美洲，儘管關稅對啤酒與烈酒出口造成宏觀層面的挑戰，我們仍在軌道上可再度交出強勁的一年。我們在那裡執行非常到位，並且持續降低成本與浪費，使我們在國內市場的啤酒、食品與烈酒更具競爭力，以部分抵銷出口流失的量。但我們預期全年後段仍會有強勁表現。

So in essence, the Americas are performing strongly. We see the volumes coming through. We see the wins coming through with customers. And I'd reinforce that the Americas is about six to nine months ahead of Europe in terms of executing on Fit to Win.

總的來說，美洲表現強勁。我們看到量正在逐步回來，也看到與客戶合作的勝利正在出現。我也要強調，就「Fit to Win」的執行而言，美洲大約比歐洲領先6到9個月。

In Europe, overall demand was sluggish in the first quarter, particularly across spirits, wine and beer. However, food and NAB held up really well. That said, there are pockets of growth for us. So we had a strong volume rebound in spirits in the UK, up mid-single digits and wine up about 11% delivering a strong overall year-on-year volume growth in the first quarter in the UK North Central Europe, which encompasses the Nordics, Germany and Poland for us, performed strongly with very good growth in food, up above mid-single digits and NAB the same.

在歐洲，第一季整體需求偏疲弱，特別是在烈酒、葡萄酒與啤酒。不過，食品與NAB的表現相當穩健。即便如此，我們仍有一些成長亮點。例如英國的烈酒量強勁反彈，成長中個位數；葡萄酒約成長11%，使英國在第一季的整體年對年量成長表現強勁。北中歐（涵蓋北歐、德國與波蘭）表現也很強，食品有非常好的成長，超過中個位數，NAB亦同。

And we've picked up significant new pieces of business in North Central Europe, where I would say our Fit to Win program is most advanced in Europe, and we can see that competitiveness turning into profitable volume growth opportunities. So they're the two kind of best-performing regions for us, where the issues in volume were in Southwest Europe and Southeast Europe. And that is largely driven by wine, where demand continues to be soft, down in the region overall of about 5%, where there's significant overcapacity and quite significant kind of price pressure in the first quarter.

我們在北中歐也拿下了相當可觀的新業務；我會說，我們在歐洲的「Fit to Win」在那裡最為成熟，我們也看到競爭力正轉化為可獲利的量成長機會。因此，這兩個區域算是我們表現最好的。量的問題主要出現在西南歐與東南歐，而這主要是由葡萄酒所驅動：需求仍偏疲弱，該區整體約下滑5%，同時存在顯著的產能過剩，第一季也出現相當明顯的價格壓力。

So the bright spot for us in Southeast Europe is food, up about 10% and spirits up about 2% and RTD is actually growing quite nicely for us. But the main issue in Southwest Europe and Southeast Europe is wine and some spirits in France as cognac continues to be impacted by lower export volumes. So Europe, we believe the tide is turning. And when we look at our forecast for quarter two, we expect to be up low single digits and then low to mid-single digits for the back half of the year.

因此，東南歐對我們而言的亮點是食品，約成長10%；烈酒約成長2%；RTD（即飲）其實也成長得相當不錯。但西南歐與東南歐的主要問題在於葡萄酒，以及法國部分烈酒，因干邑持續受到出口量下滑的影響。所以我們認為歐洲的趨勢正在轉向。當我們看第二季的預測時，我們預期將呈現低個位數成長，而下半年則為低到中個位數成長。

And overall, in Europe, I think we're having the highest rate of new business wins since pre-COVID. And so that's very encouraging. One other marker that we keep an eye on is how many of our customers are returning. And we're having customers come back to us that we haven't done business with in a number of years. So when you put that all together and we look now at our new go-to-market approach and how effectively that's being implemented, we're confident we'll finish the year close to flat with sequential kind of volume growth now in each quarter.

整體而言，在歐洲，我認為我們的新業務得標率是COVID之前以來最高的，這非常令人鼓舞。我們還會關注另一個指標：有多少客戶回流。我們正看到一些多年未合作的客戶回到我們這裡。因此，把這些因素綜合起來，再看我們新的go-to-market（市場進入）方式以及其落地執行的有效性，我們有信心今年全年最終會接近持平，並且從現在起每一季都會呈現逐季的量成長。

So I hope that gives you a flavor, George.

希望這能讓你有個概念，George。

I'll turn it over. Thanks so much.

我把時間交出去。非常感謝。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Yeah. Thanks, Gordon, John. Thanks for taking my questions. Gordon, I just wanted to follow up with you on the new business wins across 15 accounts, and you said spanning all categories. Is that mostly Europe? Because you just said a lot of the commentary in terms of your response to George's question, it sounded like there's a lot of new business wins in Europe. So can you just comment about those new accounts, the breakdown between, let's say, Europe versus the Americas and what end markets you're really seeing that growth come from?

是的，謝謝你，Gordon、John。謝謝回答我的問題。Gordon，我想就你提到跨15個客戶的新業務得標再追問一下，你說涵蓋所有品類。那主要是在歐洲嗎？因為你剛才在回應George的問題時，很多評論聽起來歐洲有不少新業務得標。所以你能否談談這些新客戶：例如歐洲相對於美洲的占比拆分，以及你們真正看到成長主要來自哪些終端市場？

Yeah. So overall, that growth, if you were to annualize it, would make up about 1.5%, so overall. And right now, that's split about 70%, 75% Americas, 25%, 30% Europe, with Europe kind of building momentum. We're seeing that in beer. We're seeing it in spirits.

是的。所以整體來看，那個成長如果年化，大約相當於 1.5%，整體而言。而目前的分布大約是 70%、75% 在美洲，25%、30% 在歐洲，歐洲正在逐步累積動能。我們在啤酒上看到了這點，在烈酒上也看到了。

We're seeing it particularly in food and NAB. And in North America, for the first time, we're starting to make inroads into RTDs. And as you know, due to a regulation change last year, it's given us the opportunity to enter the RTD market, which is a market that certainly in Anglo-Saxon markets is growing in double digits.

我們特別在食品和 NAB（非酒精飲料）上看到了這點。而在北美，我們第一次開始在 RTD（即飲）品類取得進展。正如你所知，由於去年法規變更，這讓我們有機會進入 RTD 市場；而這個市場在英語系市場確實以兩位數速度成長。

So we -- the way we've set up our business is -- and our sales forces and go-to-market is a category and sales combo. And so we see opportunities in each of the categories, and we're executing those, I think, quite effectively. We expect that momentum of new business wins to continue as we translate cost reduction into competitiveness.

所以我們——我們的業務架構——以及我們的銷售團隊與市場進入（go-to-market）模式——是以「品類 + 銷售」的組合來運作。因此我們在各個品類都看到機會，而我們也正在執行這些機會，我認為相當有效。我們預期，隨著我們把成本降低轉化為競爭力，新業務得標的動能將會持續。

And if I take people back to I Day, the overall strategy is for us to get our cost base way down, and we're doing that. We still have quite a way to go to be the lowest cost producer, but we're making tremendous progress and then sharing some of that productivity with key strategic customers in exchange for profitable growth. And you're seeing that come clearly through in Brazil, a business that was really in a tough place two years ago and is now outperforming in all categories and a tremendous uplift in profitability over the last two years.

如果我把大家帶回到 I Day（投資人日），整體策略就是把我們的成本基礎大幅降下來，而我們正在這麼做。我們距離成為最低成本生產者仍有一段路要走，但我們正在取得巨大的進展，並把部分生產力提升的成果與關鍵策略客戶分享，以換取具獲利性的成長。你在巴西可以清楚看到這點：兩年前那個業務真的處於艱困狀態，現在在所有品類都表現超越同業，且過去兩年獲利能力大幅提升。

We're seeing the same in the Andean, we're seeing despite a tough macro environment in Mexico, seeing the same dynamic, winning more business, getting costs down, winning more business, improving the financial results. And particularly pleasing to us is North America, which for years, for O-I has been a tough market. We're addressing finally some structural issues in that business in that market and turning that into profitable growth with a number of really strong wins for us in North America.

我們在安第斯地區也看到同樣情況；即使墨西哥的總體環境艱難，我們也看到同樣的動態：贏得更多業務、把成本降下來、再贏得更多業務、改善財務結果。特別讓我們感到欣慰的是北美，對 O-I 來說多年來一直是個艱難市場。我們終於在處理該市場業務的一些結構性問題，並透過多項非常強勁的得標，把它轉化為具獲利性的成長。

So we believe we're executing this strategy. What happened in Europe in the first quarter, we're mid- to end of the network restructure. And I think the overcapacity in the Southwest and Southeast was an issue. And then the energy cost is a bit of a hit, but it's not a knockout for us. And we see a clear path to getting back to the kind of margins that, that business can deliver.

所以我們相信我們正在執行這個策略。歐洲第一季發生的情況，是我們正處於網路重整的中後段。我認為西南與東南地區的產能過剩是一個問題。另外能源成本確實帶來一些衝擊，但對我們而言不是致命打擊。我們看到一條清晰的路徑，可以回到該業務本來能夠交付的那種利潤率水準。

That's great color, Gordon. Thank you. And then just one quick follow-up. Just you mentioned remain focused on 2027 targets, including EBITDA of $1.5 billion-plus. Your 2026 guide is down about $100 million at the midpoint. So obviously, that's a setback.

這些說明很有幫助，Gordon，謝謝。接著我再追問一個很快的問題。你剛提到仍然聚焦 2027 年目標，包括 EBITDA 超過 15 億美元。你們 2026 年指引在中位數大約下調了 1 億美元，所以顯然這是一個挫折。

Can you help us bridge how -- roughly how you intend to get to the 2027 guide right now? And what levers do you have at your disposal to make up the shortfall? I know maybe not specifically going to provide guidance on 2027, but just maybe walk us through some of the larger buckets that will help you get there given the fact that 2026 is down $100 million.

你能否協助我們銜接一下——大致上你們目前打算如何達到 2027 年的指引？你們有哪些可運用的槓桿來彌補這個缺口？我知道你們可能不會具體提供 2027 年指引，但能否帶我們走一遍一些較大的項目（bucket），說明在 2026 年少了 1 億美元的情況下，你們將如何達成？

Yeah. So here's how we look at that. we are absolutely laser-focused on our 2027 Investor Day targets, of which one is $1.45 billion, okay? There's no question that this is a setback this year, but we're absolutely clear that we have a viable path to that $1.45 billion. And let me give you probably two, three points.

是的。我們是這樣看的：我們絕對以雷射般的專注度聚焦在 2027 年投資人日目標，其中之一是 14.5 億美元，好嗎？毫無疑問，今年這是個挫折，但我們非常清楚，我們有一條可行的路徑達到 14.5 億美元。我大概給你兩三點。

We've already laid out that we have $150 million of Fit to Win to come in 2027. And a significant part of our business is in -- has what we call PAFs, price adjustment formulas that are lagged formulas that will allow us to catch up on some of the inflation this year in next year. And we're also, as I said, starting to deliver and move in, in more and more of the markets into the profitable growth phase of our strategy, which also should help us bridge that gap.

我們已經說明，2027 年將有 1.5 億美元的 Fit to Win（致勝精實）效益進來。另外，我們相當大一部分業務採用我們所稱的 PAF（價格調整公式），也就是具有滯後性的價格調整機制，能讓我們在明年追補今年部分通膨影響。再者，如我所說，我們也開始在越來越多市場進入策略的「獲利性成長」階段，這也應該有助於我們彌補差距。

We've tended to outperform on Fit to Win. So there's also the opportunity to do better than that $150 million, and we're ruthlessly focused on stripping waste and inefficiency out of the business and out of the chain. So when we put all that together, yes, is it a bit of a steeper climb, but absolutely achievable. And in every difficulty, there's an opportunity. And I think the opportunity for us here is to even get more focus and to move even at a faster pace to get to where we need to go.

我們在 Fit to Win 上往往能超越目標。因此也存在優於那 1.5 億美元的機會；而我們也以非常強硬的態度，專注於把浪費與低效率從業務與供應鏈中剔除。把這些加總起來，是的，攀升的坡度更陡了一些，但絕對可達成。而且每一次困難之中都有機會。我認為我們此刻的機會，是更聚焦、以更快的速度推進，達到我們需要去到的地方。

Anthony Pettinari, Citi Investment Research.

花旗投資研究（Citi Investment Research）的 Anthony Pettinari。

Good morning. Gordon, John. It seems like you have these -- you've seen these periods in the past where you have oversupply in Southern Europe with maybe smaller producers in Italy and France. And I'm just wondering if you could talk a little bit more about the competitive dynamics that you're seeing today and maybe how those situations have sort of resolved themselves in the past. Are people -- I guess the basis of the question is you were breakeven in Europe in 1Q. I assume smaller producers are doing much worse. And I'm just curious how sustainable that's been historically?

早安。Gordon、John。看起來你們過去曾經歷過這些時期：南歐出現供給過剩，可能有義大利、法國較小的生產商。我想請你多談一點你們今天看到的競爭動態，以及過去這類情況通常是如何解決的。大家——我想問題的核心是：你們在歐洲第一季是損益兩平。我猜小型生產商的情況應該更糟。我很好奇，從歷史上看，這種狀態能持續多久？

And then I guess, related question, is it fair to say you're giving up a little bit of share in Southern Europe and maintaining or maybe even growing in Northern Europe?

然後我想相關的問題是：是否可以說，你們在南歐讓出了一點市占，但在北歐維持、甚至可能成長？

I'll touch base on that one, Anthony, just to talk about the competitive situation and kind of maybe do a compare and contrast. So for example, if you go over to the Americas, where that's a lot of the restructuring has occurred already. We've taken out significant capacity. We went from the low 90s to the upper 90s as far as capacity utilization in that set of markets. And now you can see that on the bottom line.

Anthony，我先回應這題，談談競爭情勢，並做個對照比較。舉例來說，如果你看美洲，那裡的重整多數已經完成。我們已經移除相當多的產能。就產能利用率而言，我們在那組市場從 90% 出頭提升到接近 90% 後段。現在你可以在損益表上看到成果。

I mean, the performance of the Americas through Fit to Win and a good capacity balance in the marketplace. Our results are over the last 1.5 years, 2 years are up about 60% there. So you can see when there is the balance of these activities, it drives performance.

我的意思是，美洲在 Fit to Win 以及市場上良好的產能平衡之下，我們過去 1.5 年到 2 年的業績大約提升了 60%。所以你可以看到，當這些活動達到平衡時，就會帶動績效。

If you compare that to Europe, that probably going into the year -- and I think we brought this up during the last call is that we were -- the market was probably more in the low 90s, right? But there is significant amount of announced capacity closures underway. We're -- as we said, we're going to complete the work that we're doing by midyear. We believe from what we can see is even net of new capacity additions, you're getting into a very similar spot that you see in the Americas. So a much more supply-demand balance.

如果你把這和歐洲相比，歐洲在進入今年時——我想我們在上次電話會議也提過——市場大概是在 90% 出頭的低段，對吧？但目前有大量已宣布的產能關閉正在進行。我們——如同所說——會在年中前完成我們正在做的工作。從我們所能看到的情況來看，即便扣除新增產能，你也會進入一個與美洲非常相似的位置，也就是供需更為平衡。

And as a result, it gives us confidence that as we go forward, what we saw in the Americas, we could replicate over in Europe. And truth, yes, it's a more fragmented base in Europe than it is in the Americas. But if you look at the whole, the capacity utilization road map seems to be improving.

因此，這讓我們有信心，隨著我們往前推進，我們在美洲看到的情況可以在歐洲複製。坦白說，是的，歐洲的基礎比美洲更分散。但如果看整體，產能利用率的路線圖似乎正在改善。

Yeah. Just in addition to that, Anthony, as we laid out at I Day, our cost base was too high. We've made significant progress on that further along in the Americas, as I said. But we also see tremendous further opportunity to get our cost base way down, and that is a key focus for us so that we can compete and deliver our commitments in any environment. So a bit to go there, but that is fundamental to our strategy.

是的。再補充一點，Anthony，正如我們在 I Day 所說，我們的成本基礎過高。我們在美洲已經取得顯著進展，如我所說。但我們也看到仍有巨大的進一步機會，把成本基礎大幅降下來；這是我們的關鍵重點，讓我們能在任何環境下競爭並履行承諾。這方面還有一些路要走，但它是我們策略的根本。

And then we're -- it's not really up to us to comment how anybody else is doing. But we're crystal clear on what we need to do. We're crystal clear on the point on the cost curve where we need to be at to grow profitably, and we are absolutely determined to get there and have a clear line of sight on how to do it.

然後我們——其實不太由我們來評論其他人做得如何。但我們非常清楚我們需要做什麼。我們非常清楚在成本曲線上、為了實現獲利性成長我們必須達到的那個位置，而且我們絕對決心要達到那裡，並且對如何做到有清晰的可視路徑。

Joshua Spector, UBS.

Joshua Spector，瑞銀（UBS）。

Hey, good morning. This is Gaurav Sharma sitting in for Josh today. I'm just wondering what the optimal utilization target for the European network is in a normal demand environment? And then if there's any additional facilities where you're considering idling versus permanent closures if the market just generally remain soft this year?

嗨，早安。今天由 Gaurav Sharma 代替 Josh。我想請教，在正常需求環境下，歐洲網路的最佳產能利用率目標是多少？另外，如果今年市場整體仍然疲弱，是否還有任何額外設施正在考慮暫停運轉（idling）而非永久關閉？

Yeah. So clearly, from an overall market utilization standpoint, as I mentioned just before, you see the Americas in the kind of an upper 90 utilization across the whole marketplace would be our estimate. But when we talk about our own plants, when we're running them, something in the 90s, low 90s is a great place to be for a glass plant.

是的。所以很明顯，從整體市場的產能利用率角度來看，正如我剛才提到的，我們估計美洲整個市場大概是在 90% 後段的利用率。但當我們談到我們自己的工廠時，當我們在運轉它們時，90% 出頭、低 90% 是玻璃工廠非常理想的狀態。

And so if you're running maybe in the 80s or mid-80s or so, being able to get your utilization up into the 90s is a really good performance trend. That's part of what we -- when we get to win with the total organizational effectiveness program is really about driving the productivity up and utilization levels within our own network. So that's where we're trying to drive that. And ultimately, that gives you scale and allows you to continue to network optimize within your system.

因此，如果你可能是在 80% 或 80% 中段左右運轉，能把利用率提升到 90% 段，這就是非常好的績效趨勢。這也是我們——當我們透過「整體組織效能」（total organizational effectiveness）計畫取得勝利時——核心就在於推動生產力提升，以及提高我們自有網路內的利用率水準。所以這就是我們要推動的方向。最終，這會帶來規模效益，並讓你能在系統內持續進行網路最佳化。

When it comes to the overall -- how do you manage kind of a softer environment, it is obviously -- you got to make a read on what you think that you need over the long term, right? And that has driven our own decisions around capacity rationalization over the last year or more. But you also have to say that you have to have some spare capabilities to be able to meet market growth and things like that.

至於整體——你要如何管理較疲弱的環境，這顯然——你必須判斷你認為長期需要什麼，對吧？而這也驅動了我們在過去一年或更久以來，對產能合理化所做的決策。但你也必須說，你需要保留一些備用能力，以便因應市場成長之類的需求。

So if we go back 1.5 years ago, we were probably -- we had about 13%, 14% excess capacity in our overall network. And that's why we announced the larger restructuring, long-term restructuring activities. In the first quarter, that was down to low single digits or so. So -- and then we're going to continue, obviously, to complete where we are over in Europe over the next few months or so here.

所以如果回到 1.5 年前，我們可能——在整體網路中大約有 13%、14% 的過剩產能。這也是為什麼我們宣布了較大規模的重組、長期重組行動。到了第一季，這已降到個位數低段左右。所以——而且我們接下來幾個月也會持續，顯然，完成我們在歐洲那邊的相關工作。

So the idea is that we want -- we always want to have a couple of percent of spare capacity to be able to take advantage of what Gordon was saying, which is as we grow our business, we want to be able to do that. But one of the things we did comment is we -- over in the Americas, for example, we are bringing back a previously shutdown furnace to be able to meet the needs. So you've got the ability to flex a little bit on both sides.

所以概念是，我們希望——我們一直希望保有幾個百分點的備用產能，以便把握 Gordon 所說的，也就是當我們擴大業務時，我們希望能夠做到。但我們也提到一點：例如在美洲，我們正在讓一座先前停產的熔爐重新啟用，以滿足需求。所以你在兩端都有一些彈性調整的能力。

Got it. Thank you. That was very helpful. And then just a quick follow-up to that. You mentioned an extended price negotiation window in the release. I think you spoke about that at conference already. I was just wondering if this is done now or if there are negotiations still ongoing on that end.

了解，謝謝。這非常有幫助。然後再快速追問一下。你們在新聞稿中提到價格談判窗口延長。我想你在會議上已經談過。我只是想確認，這現在已經結束了嗎？還是那邊仍有談判在進行？

Yeah. For us, it's done usually, the season kicks off kind of late October, early November and a big chunk of it is usually completed before year-end. Some of it kind of runs on into the end of January. And I think the dynamic this year in Europe or last season in Europe was that there were deals done or agreements kind of brought to near conclusion that opened up again in January and February because of -- particularly in Southern Europe and Southwestern Europe, because of the spare capacity and a number of players feeling they needed to keep their capacity full.

是的。對我們來說，通常已經結束了；這個季節大概在 10 月底、11 月初開始，而其中很大一部分通常會在年底前完成。有些會一路延續到 1 月底。我認為今年在歐洲、或上一季在歐洲的動態是：有些交易或協議原本已接近定案，但在 1 月和 2 月又重新打開，原因是——特別是在南歐與西南歐——因為有過剩產能，以及一些業者覺得他們需要讓產能維持滿載。

And so there was a bit of toing and froing. And that extended down to sort of, I would say, mid-February last week in February, which was an unusually long window. But that is done for sure, yeah. Now there's always volume that's not contracted in the open market and -- but we're largely done in our business.

因此就出現了一些來回拉鋸。我會說這一路延長到大約 2 月中旬、2 月最後一週，這是異常長的窗口期。但可以確定的是，這已經結束了，沒錯。當然市場上總會有一些未簽約的量在公開市場流通——但就我們的業務而言，基本上已經完成了。

One thing I would add to that, and you saw that the volumes in Europe were down 7% in the first quarter. And as we indicated that was concentrated in when those negotiation windows extend like that, people tend to sit on the sideline on their orders, right, because they're waiting for the final deal. So one of the reasons we had a softer first quarter is because of this extended window and a lull in order activity. And so that's starting to normalize after that window was completed at the end of February.

我再補充一點：你也看到歐洲第一季的出貨量下滑了 7%。正如我們所指出的，當談判窗口像這樣拉長時，人們往往會在下單上先觀望，對吧，因為他們在等最後的成交條件。所以我們第一季較疲弱的原因之一，就是這個延長窗口以及訂單活動的空窗期。而在 2 月底窗口結束後，這種情況開始回歸正常。

Yeah. And also, Easter was later this year, which had an impact in Europe.

是的，而且今年復活節比較晚，這也對歐洲造成了影響。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC 資本市場（RBC Capital Markets）。

Hi. I hope you guys are well. I guess I just want to go back to the volume side. So I would agree that you do have a steep climb for next year given the $100 million shortfall this year. And when we started this journey, a lot of the comments was nonmarket dependent and volumes, I guess, you could still achieve your guidance with weak volumes. But it seems like volumes have been a bigger headwind than initially thought.

嗨。希望你們都好。我想回到出貨量這一塊。我同意，考量到今年少了 1 億美元，明年確實會有一段很陡的爬坡。當我們開始這段旅程時，很多評論都說這不依賴市場、而且在出貨量疲弱的情況下你們仍可達成指引。但看起來出貨量帶來的逆風比一開始想的更大。

So when you think about the 1% to 2% that you could be adding through new business wins, do you expect that to offset continued volume declines? And should we just kind of assume maybe low single-digit volume declines from here for the market? Is there a path to actually reporting absolute 1% to 2% volume growth on a consistent basis? Or maybe you can just comment on some of those ideas.

所以當你們思考透過新業務贏單可能增加的 1% 到 2% 時，你們預期這能抵消持續的出貨量下滑嗎？我們是否應該大致假設，從現在起市場可能是個位數低段的出貨量下滑？是否有一條路徑能夠在一致的基礎上，實際呈報絕對值 1% 到 2% 的出貨量成長？或者你可以就這些想法做些評論。

Yeah. Thanks, Arun. So yeah, I think it's fair to say over the last 15 months, probably volumes have been below what we thought they might have been. We were expecting them to come to flat a bit sooner. I think what's got in the way of that is the level of inventory in the total system in spirits, for example, and markets like the US and China continuing to be soft.

是的，謝謝你，Arun。是的，我想可以公平地說，在過去 15 個月裡，出貨量可能低於我們原先的預期。我們原本預期它們會更早回到持平。我認為阻礙因素之一，是烈酒整體系統中的庫存水位，例如在美國和中國等市場仍然疲弱。

And then you have the continued decline in wine across both the Americas and Europe. And that probably has continued longer than we initially thought. So where we are is we really feel we've bottomed out. And so when we're talking about being close to flat year-end and then kicking into 1%, 1.5% next year, that is net, right? That's a net position. So -- and these new business wins, they're not small, fragmented customers. They're largely of sizable customers with sizable volumes.

然後你還有葡萄酒在美洲與歐洲持續下滑。而這種下滑可能比我們一開始想的持續更久。所以我們目前的看法是，我們真的覺得已經觸底。因此當我們談到年底接近持平、然後明年進入 1%、1.5% 時，那是淨值（net），對吧？所以——而這些新業務贏單並不是小型、零散的客戶；它們多半是規模可觀、且有相當出貨量的客戶。

I would just add, Arun, two points. One is if you look at some of our volume numbers, as Gordon had mentioned earlier, we intentionally did walk away from some low profit business. So you have to kind of consider that in there. And if you go back to our original strategy, we said, hey, we intended to be focusing on the cost and maintaining a stable top line while we're really focusing on cost.

我再補充兩點，Arun。第一，如果你看我們的一些出貨量數字，正如 Gordon 先前提到的，我們確實是刻意放棄了一些低獲利業務。所以你必須把這點納入考量。第二，如果回到我們原本的策略，我們說過，嘿，我們的意圖是在真正聚焦成本的同時，維持營收大致穩定，並把重點放在成本上。

But now we're pivoting to that point where we believe, especially like we see in the Americas here and ultimately in Europe, that the competitiveness is improving, which allows us the baseline to create the profitable growth. And so we're at that inflection point where it wasn't necessarily the primary focus of our strategy over the last 18 months. It's increasingly going forward because of the cost positions that we're establishing.

但現在我們正在轉向一個階段：我們相信——特別是像我們在美洲看到的，並且最終在歐洲也會如此——競爭力正在改善，這讓我們有基礎去創造獲利性成長。因此我們正處在那個拐點：在過去 18 個月裡，這不一定是我們策略的主要焦點；但由於我們正在建立的成本位置，未來這將愈來愈成為重點。

Yeah. And Arun, I refer back to my earlier comments. We're in markets like Brazil, where we really nail the Fit to Win and translating that into being much more competitive. Our volumes are up mid-single digits in beer, NAB and food and spirits, and we're outperforming the market in all those categories. Likewise, in the Andean and increasingly in North America right now, we can sell all the beer that we can produce.

是的。而且，Arun，我回到我先前的評論。我們在像巴西這樣的市場，確實把「Fit to Win」落實到位，並將其轉化為更強的競爭力。我們在啤酒、NAB（非酒精飲料）以及食品與烈酒的銷量都呈現中個位數成長，且在所有這些品類都跑贏市場。同樣地，在安第斯地區，以及目前愈來愈多的北美市場，我們能把我們能生產的啤酒全部賣出去。

And we have pockets in, as I said, in North Central Europe, where we've -- in that particular region, we've had a 7% uplift year-to-date. So the whole -- the entire strategy of getting more competitive and then translating that working with key customers into more profitable growth. There's numerous clear examples of that across the business. And we're absolutely focused on executing that strategy with more rigor.

而且我們也有一些區域，如我所說，在中北歐，我們——在那個特定區域，今年迄今已提升了 7%。所以整體——整個策略是提升競爭力，並將其轉化為與關鍵客戶合作以實現更具獲利性的成長。在整個業務中有許多清楚的例子。我們也絕對專注於以更嚴謹的方式執行該策略。

Arun, one other point I'd make, we continue to see the cost gap between cans and glass narrowing. And we've absolutely seen an upturn in interest from beer customers to accessing more glass. And again, that was one of the premises we had that as you close that gap, you would curtail the shift from glass to cans and actually reverse it. And we're seeing that happen. And certainly, the interest in beer for glass, even in mainstream glass is a much different dynamic to last year.

Arun，我還想補充一點：我們持續看到鋁罐與玻璃之間的成本差距正在縮小。我們也確實看到啤酒客戶對於取得更多玻璃包裝的興趣回升。而且再次強調，這正是我們的其中一個前提：當你縮小這個差距時，你會抑制從玻璃轉向鋁罐的趨勢，甚至會逆轉它。我們正在看到這件事發生。當然，啤酒對玻璃的興趣，即便是在主流玻璃上，也與去年呈現非常不同的態勢。

Okay. Great. I appreciate that. I guess what I'm observing is that the market appears to be declining a little bit faster than maybe what the capacity rationalization is. And maybe that -- and so you have to take downtime and you have to make these decisions to exit businesses that maybe were unforeseen a year or two ago when you initially put together Fit to Win and that's maybe causing the shortfall. Do you envision a time period in the future where we won't have these supply-demand imbalances and oversupply situations?

好的。很好。我很感謝。我想我觀察到的是，市場下滑的速度似乎比產能理性化（調整）的速度還要快一些。也許——因此你必須安排停工時間，並且必須做出退出某些業務的決策，而這些可能是在一兩年前你最初制定 Fit to Win 時未曾預見的，這也許造成了缺口。你是否能想像在未來某個時間點，我們不會再有這些供需失衡與供給過剩的情況？

Because I think just even two years ago, Europe was considered balanced and North America was a little oversupplied and then you have to kind of shut some capacity in North America and now because of the volume declines in Europe, wine and spirits and so on, that new capacity additions in that region is oversupplied. So is there ever a period where you envision again the capacity rationalization kind of being in line with demand growth or maybe demand growth kind of reaccelerating so we wouldn't have these issues of oversupply? I know it's kind of a longer-term question, but it seems to be the main issue here.

因為我認為即使就在兩年前，歐洲被視為供需平衡，而北美則是略有供給過剩，然後你必須在北美關停一些產能；而現在因為歐洲的量下滑、葡萄酒與烈酒等等，再加上該地區新增產能，使得那個區域出現供給過剩。所以你是否認為會有一段時期，產能理性化能再次與需求成長大致一致，或者需求成長會重新加速，讓我們不會有這些供給過剩的問題？我知道這算是較長期的問題，但看起來這似乎是這裡的主要議題。

Yeah. Look, I think we all live in a very dynamic world now with a lot of volatility. And I think over a cycle of a decade, there's also -- there'll be periods of where it's perfectly matched up and there will be periods where it's not. And then you've got to make a decision, is that a short-term mismatch?

是的。你看，我認為我們現在都生活在一個非常動態、波動很大的世界。而且我認為以十年的週期來看，也會——有些時期會完全匹配，也會有些時期不匹配。然後你就必須做出判斷：這是短期的錯配嗎？

Or is it a fundamental match that's out of position where you can't make an economic return on that asset? And that's always a dynamic question in any business, I would say. We feel good about where we are in terms of our capacity, particularly in the Americas.

還是這是一種根本性的錯配，已經偏離到你無法在該資產上取得經濟回報？我會說，這在任何業務中一直都是動態的問題。我們對於自身產能狀況感到有信心，特別是在美洲地區。

And as John said, there's even opportunities to bring some capacity back up to fill demand for profitable volume. And where we are in Europe, we should have all of the announced capacity curtailments completed and clear of that by the half year. And I think that puts us in good stead.

而且如 John 所說，甚至還有機會把部分產能再拉升，以滿足具獲利性的需求量。在歐洲方面，我們應該會在上半年之前完成並落實所有已宣布的產能縮減措施。我認為這會讓我們處於有利位置。

I can't speak for the rest of the market, but our S&Ds or supply and demand should be well in balance. And then it's about executing productivity, quality and service levels to the customer. So as you said, it's a longer-term question, but it really depends on volatility and dynamics over an extended period, yes.

我無法代表市場其他同業發言，但就我們而言，我們的 S&D（供需）應該會維持良好平衡。接下來就是執行生產力、品質與對客戶的服務水準。因此如你所說，這是較長期的問題，但確實取決於在較長期間內的波動與動態變化，是的。

The one thing I would add, Arun, specifically to our own plan, as you know, we did increase our Fit to Win target in the face of some additional commercial pressures, and we believe that protects our position to our targets. But that also did include a little bit of scaling up of some of the restructuring from what we originally had to be able to be nimble to that.

我還想補充一點，Arun，特別就我們自己的計畫而言，如你所知，面對一些額外的商業壓力，我們確實提高了 Fit to Win 的目標，我們相信這能保護我們達成目標的能力。但這也確實包含了相較於原先規劃，將部分重組規模稍微放大，以便能更靈活地因應。

So as we stand here right now, we believe that the Fit to Win actions are sufficient to be able to address through our horizon here, our next year's target, understanding the other extra $100 million we're dealing with this year, it is more of a temporary phenomenon with a good ability for recovery through PAFs and things like that in the future.

因此，以我們目前所處的狀況來看，我們相信 Fit to Win 的行動足以支撐我們在這個規劃期間內、也就是明年的目標；同時也理解今年我們正在處理額外的 1 億美元，這更像是一種暫時性現象，未來可透過 PAFs 等方式具備良好的回復能力。

I think one additional kind of thought on that, Arun, is portfolio momentum is also a part of how you maximize the value of your capacity. And as opportunities arise in the market to shed unprofitable volume like we did in wine in North America in the first quarter and bring in more profitable volume -- higher margin volume, more premium volume, that's also a way of sweating your capacity much, much harder. And I think we're getting much better at that and making those calls and starting that sort of mix shift that we outlined in Investor Day as well as part of our strategy.

我想在這方面再補充一個想法，Arun：產品組合的動能也是你如何最大化產能價值的一部分。當市場出現機會時，像我們在第一季於北美葡萄酒業務所做的那樣，剔除不具獲利性的量，並引入更具獲利性的量——更高毛利的量、更高端的量——這也是讓你的產能更充分運轉的一種方式。我認為我們在這方面做得愈來愈好，能做出這些取捨，並開始推動我們在投資人日所概述的那種組合轉移，這也是我們策略的一部分。

I'll now turn the call back over to Chris Manuel for closing remarks.

我現在把電話交回給 Chris Manuel 作結語。

Thanks, Kate. That concludes our earnings call. Please note, our second quarter call is currently scheduled for Wednesday, July 29. And remember, make it a memorable moment by choosing safe, sustainable glass. Thank you.

謝謝你，Kate。本次財報電話會議到此結束。請注意，我們第二季電話會議目前安排在 7 月 29 日（週三）。也請記得，選擇安全、永續的玻璃，讓它成為難忘的時刻。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。