Packaging Corp of America (PKG) 2026 Q2 法說會逐字稿

Thank you for joining Packaging Corporation of America's second quarter 2026 earnings results conference call. Your host today will be Mark Kowlzan, Chairman and Chief Executive Officer of PCA. Upon conclusion of his narrative, there will be a Q&A session.

感謝您參加美國包裝公司（Packaging Corporation of America，PCA）2026 年第二季財報結果電話會議。今天的主持人是 PCA 董事長兼執行長 Mark Kowlzan。在他敘述結束後，將進行問答環節。

I would now like to turn the floor over to Mr. Kowlzan. Please proceed when you are ready.

現在我想把會議交給 Kowlzan 先生。您準備好時請開始。

Thanks, Jamie, and good morning, everyone, and thank you all for participating in Packaging Corporation of Americas' second quarter 2026 earnings release conference call. Again, I'm Mark Kowlzan, Chairman and CEO of Packaging Corporation of America, and with me on the call today is Tom Hassfurther, President; and Kent Pflederer, our Chief Financial Officer.

謝謝你，Jamie，各位早安，也感謝各位參與美國包裝公司 2026 年第二季財報發布電話會議。再次自我介紹，我是美國包裝公司董事長兼執行長 Mark Kowlzan；今天與我一同參與電話會議的還有總裁 Tom Hassfurther，以及我們的財務長 Kent Pflederer。

I'll begin the call as usual with an overview of our second quarter results, and then I'll be turning the call over to Tom and Kent who'll provide further details. I'll then wrap things up, and then we'll be glad to take questions.

我將照例先概述我們第二季的業績，接著把電話交給 Tom 和 Kent，請他們提供更多細節。之後我會做總結，然後很樂意回答各位的問題。

Yesterday, we reported second quarter net income of $192 million or $2.15 per share. Excluding special items, the second quarter 2026 net income was $210 million or $2.35 per share compared to the second quarter of 2025 net income of $224 million or $2.48 per share. Second quarter net sales were $2.5 billion in 2026 and $2.2 billion in 2025.

昨天，我們公布第二季淨利為 1.92 億美元，或每股 2.15 美元。排除特殊項目後，2026 年第二季淨利為 2.10 億美元，或每股 2.35 美元；相較之下，2025 年第二季淨利為 2.24 億美元，或每股 2.48 美元。第二季淨銷售額在 2026 年為 25 億美元，在 2025 年為 22 億美元。

Total company EBITDA for the second quarter, excluding special items, was $486 million in 2026 and $451 million in 2025. Second quarter net income included special items expense of $0.20 per share, primarily for costs and write-offs related to facilities closures, the Wallula Mill restructuring charges and costs relating to the acquisition and integration of the Greif containerboard business.

全公司第二季 EBITDA（息稅折舊攤銷前利潤）排除特殊項目後，2026 年為 4.86 億美元，2025 年為 4.51 億美元。第二季淨利包含每股 0.20 美元的特殊項目費用，主要為設施關閉相關成本與沖銷、Wallula 紙廠重整費用，以及與收購並整合 Greif 箱板紙業務相關的成本。

Details of the special items for the second quarter of 2026 and 2025 were included in the schedules that accompanied [our earnings press release] (corrected by company after the call). Excluding special items, our earnings decreased by $0.13 per share compared to the second quarter of 2025, resulting from a $0.27 decrease in legacy business earnings, partially offset by $0.14 of earnings from the acquired Greif business.

2026 年與 2025 年第二季特殊項目的明細，已列於隨附於[我們的財報新聞稿]（公司於會後更正）的附表中。排除特殊項目後，我們的每股盈餘較 2025 年第二季減少 0.13 美元，原因是既有業務每股盈餘減少 0.27 美元，部分由收購的 Greif 業務貢獻每股 0.14 美元所抵銷。

The decrease in the legacy earnings was driven primarily by higher freight costs of $0.26, higher corporate and other expenses $0.12; lower price and mix in the Packaging business $0.11; higher labor and operating costs, $0.05; higher depreciation and amortization expenses, $0.03; higher fiber costs, $0.02; higher tax rates $0.02 and higher interest expense, excluding the Greif acquisition, indebtedness for $0.01.

既有業務盈餘下滑主要由以下因素所致：運費成本增加每股 0.26 美元；公司費用及其他費用增加每股 0.12 美元；包裝業務價格與產品組合下降每股 0.11 美元；人工與營運成本增加每股 0.05 美元；折舊與攤銷費用增加每股 0.03 美元；纖維成本增加每股 0.02 美元；稅率提高每股 0.02 美元；以及利息費用增加（不含 Greif 收購相關負債）每股 0.01 美元。

These items were partially offset by higher production and sales volume in the Packaging business for $0.26, lower maintenance outage expense, $0.04; higher production and sales volume in the Paper business for $0.03 and higher price and mix in the Paper business $0.02. Greifs' earnings were driven by strong volumes in the corrugated business and improved operating performance in the mills and included a $0.04 benefit to depreciation expense due to measurement period adjustments to the valuation of fixed assets on the opening balance sheet of the business.

上述因素部分被以下項目抵銷：包裝業務產量與銷售量增加帶來每股 0.26 美元；維修停機費用降低每股 0.04 美元；紙品業務產量與銷售量增加每股 0.03 美元；以及紙品業務價格與產品組合提升每股 0.02 美元。Greif 的盈餘主要來自瓦楞業務強勁的出貨量與紙廠營運表現改善，並包含因衡量期間對該業務期初資產負債表固定資產估值調整而使折舊費用受益每股 0.04 美元。

We exceeded our guidance of $2.33 on the strength of our corrugated volumes, which helped drive cost favorability in areas that we could control and offset higher than forecast costs for freight, recycled fiber and employee benefits. Greif’s earnings contribution also exceeded our expectations. Looking at our Packaging business, EBITDA, excluding special items in the second quarter 2026 of $489 million with sales of $2.3 billion resulted in a margin of 21.1% versus last year's EBITDA of $453 million and sales of $2 billion or a 22.6% margin. We produced 1,415,000 tons of containerboard during the quarter.

我們在瓦楞出貨量強勁的帶動下，超越了每股 2.33 美元的財測；這也有助於推動我們可控領域的成本優勢，並抵銷高於預期的運費、回收纖維與員工福利成本。Greif 的盈餘貢獻也超出我們的預期。就包裝業務而言，2026 年第二季 EBITDA（排除特殊項目）為 4.89 億美元、銷售額 23 億美元，EBITDA 利潤率為 21.1%；相較去年 EBITDA 為 4.53 億美元、銷售額 20 億美元，利潤率為 22.6%。本季我們生產了 1,415,000 噸箱板紙。

The legacy mills produced reduced 1,209,000 tons of containerboard, about even with the first quarter of 2026, and 14,000 tons more than the second quarter of 2025. The acquired mills produced 206,000 tons during the quarter, significantly exceeding their production in any quarter since the acquisition. System-wide, our inventories were down 25,000 tons from the end of the first quarter. While we ended the quarter at a low number, we have been able to build some inventory early in July with many plants down for the holiday weekend to help get near our [targeted levels]. With not as much outage impact in the third quarter, we will be in a much stronger position to serve our customers in [these very tight conditions]. (corrected by company after the call)

既有紙廠生產了 1,209,000 噸箱板紙，與 2026 年第一季大致持平，並較 2025 年第二季增加 14,000 噸。收購的紙廠本季生產 206,000 噸，顯著高於收購以來任何一季的產量。全系統而言，我們的庫存較第一季末減少 25,000 噸。雖然我們在季末的庫存水位偏低，但由於許多工廠在假期週末停工，我們在 7 月初已能建立部分庫存，以協助接近我們的[目標水位]。由於第三季停機影響較小，我們將處於更有利的位置，在[這些非常吃緊的市場狀況] 下服務客戶。（公司於會後更正）

Operational performance was a mixed bag during the quarter as we were hit with some production interruptions resulting from utility power outages across the mill system. This further emphasizes our need to execute and realize the benefits of the gas turbine projects, which will reduce, if not eliminate our reliance on the grid at three key facilities. It is also a testament to our organization that we were able to work through and minimize the effect of these issues to achieve the production we achieved given that we had completed outages at five packaging mills during the quarter. We managed costs very well in the areas we could control, particularly in the box plant system to help offset the headwinds we faced from elevated freight and increasing recycled fiber costs.

本季營運表現好壞參半，因為整個紙廠系統遭遇公用電力停電，導致部分生產中斷。這也進一步凸顯我們必須落實並實現燃氣渦輪專案的效益；該專案將在三個關鍵設施降低、甚至消除我們對電網的依賴。同時，這也證明了我們組織的韌性：儘管本季在五座包裝紙廠完成停機檢修，我們仍能克服並將這些問題的影響降到最低，達成目前的產量。在我們可控的領域，尤其是紙箱廠系統，我們對成本管理得非常好，以協助抵銷運費居高不下與回收纖維成本上升所帶來的逆風。

I'll now turn it over to Tom, who will provide more details on containerboard sales and the Corrugated business.

接下來我把電話交給 Tom，他將就箱板紙銷售與瓦楞業務提供更多細節。

Thank you, Mark. Our corrugated operations turned in yet another very strong quarter in all areas. Domestic containerboard and corrugated products prices and mix were $0.11 per share below the second quarter of 2025 and up $0.04 per share compared to the first quarter of 2026 and in line with our forecast. Corrugated prices were slightly below first quarter levels until we began to realize the first increase in June. We are seeing the majority of the first increase rolling-in during July, and we will see the beginning of the second increase in August with realization split between Q3 and Q4.

謝謝你，Mark。我們的瓦楞營運在各方面又交出一個非常強勁的季度表現。國內箱板紙與瓦楞產品的價格與產品組合較 2025 年第二季低每股 0.11 美元，較 2026 年第一季高每股 0.04 美元，並符合我們的預測。在我們於 6 月開始實現第一次漲價之前，瓦楞價格略低於第一季水準。我們看到第一次漲價的大部分將在 7 月逐步反映，而第二次漲價將於 8 月開始反映，其實現將分布在第三季與第四季。

Export containerboard prices were $0.01 above last year's second quarter and $0.02 above the first quarter of 2026. Export sales volume of containerboard was 30,000 tons lower than the first quarter of 2026 and 22,000 tons lower than the second quarter of 2025. We decided mid-quarter to lower export sales to build inventory so we can supply our corrugated plants to efficiently serve our customers. As Mark alluded to earlier, we were able to meaningfully increase our inventories during the first week of July which puts us in a good supply position for the back half of the year with our mills running full out. Demand was very strong throughout the quarter across our entire customer base. Shipments were up over 24% in total and per day versus last year, with the legacy business up 4.1%, achieving an all-time record for total quarterly shipments.

出口箱板紙價格較去年第二季高 0.01 美元，較 2026 年第一季高 0.02 美元。箱板紙出口銷售量較 2026 年第一季少 30,000 噸，較 2025 年第二季少 22,000 噸。我們在本季中段決定降低出口銷售以建立庫存，讓我們能供應瓦楞工廠並有效率地服務客戶。如 Mark 先前提到的，我們在 7 月第一週得以大幅增加庫存，這使我們在下半年、在紙廠全力運轉的情況下，具備良好的供應位置。本季整體需求在我們所有客戶群中都非常強勁。出貨量總計及按日計算均較去年增加超過 24%，其中既有業務增加 4.1%，並創下單季總出貨量的歷史新高。

The acquired Corrugated business had an excellent quarter, driven by strong volumes in both the sheet feeder and bulk businesses which drove its earnings contribution above our expectations. We saw meaningful improvement of the integration level of containerboard produced by the acquired mills into the combined box plant system as well as from legacy PCA mills into the acquired corrugated operations. Given the volume, the box plants across the whole system had to step up and perform to satisfy our customers while costs were increasing and they did just that. Our corrugated operations were favorable to forecast in almost all cost areas, which helped mitigate the freight hit we took during the quarter. We also optimized our production and ran the right orders in the right plants to maximize efficiency and margins.

收購的瓦楞業務本季表現極佳，受惠於片紙供應（sheet feeder）與散裝（bulk）業務的強勁出貨量，帶動其獲利貢獻高於我們的預期。我們看到整合程度有顯著改善：收購工廠所生產的箱板紙更有效地導入整體合併後的紙箱廠系統，同時，既有PCA工廠的箱板紙也更多導入收購的瓦楞營運。在此出貨量水準下，整個系統的紙箱廠必須加倍努力、提升表現以滿足客戶需求；儘管成本上升，他們確實做到了。我們的瓦楞營運在幾乎所有成本項目上都優於預測，這有助於抵銷本季我們承受的運費衝擊。我們也最佳化生產，在正確的工廠執行正確的訂單，以最大化效率與利潤率。

Our people demonstrated their unwavering commitment to our customers to deliver this outstanding performance. Finally, I'm pleased to report that we successfully started up the new Ohio plant earlier this month ahead of schedule. The state-of-the-art 550,000 square foot facility will further enhance our capabilities to serve and grow with our customer base in a very strategic area for us while improving our operational efficiency over the long term.

我們的同仁展現了對客戶堅定不移的承諾，成就了這項卓越表現。最後，我很高興報告，我們已於本月稍早提前於原定時程成功啟動新的俄亥俄州工廠。這座最先進、面積55萬平方英尺的設施，將在對我們極具策略意義的區域進一步強化我們服務並與客戶群共同成長的能力，同時在長期提升營運效率。

I'll now turn it back to Mark.

我現在把時間交還給Mark。

Thank you, Tom. Looking at the Paper segment, EBITDA, excluding special items in the second quarter was $39 million with sales of $157 million, or a 24.9% margin compared to the second quarter of 2025's EBITDA of $30 million and sales of $146 million or a 20.8% margin. Note that the International Falls outage was in the second quarter of last year and will be in the third quarter of this year. Sales volume was approximately 3% below the first quarter of 2026, and approximately 6% above the second quarter of 2025. Prices and mix were up 2% from both the first quarter of 2026 and the second quarter of 2025. So another solid quarter from the Paper business with strong margins. We are continuing to implement our previously announced price increases and expect to benefit in Q3.

謝謝你，Tom。就紙品（Paper）事業部而言，第二季EBITDA（不含特殊項目）為3,900萬美元，銷售額為1.57億美元，或24.9%的利潤率；相較之下，2025年第二季EBITDA為3,000萬美元、銷售額為1.46億美元，或20.8%的利潤率。請注意，International Falls的停機（outage）發生在去年第二季，而今年將在第三季發生。銷售量約較2026年第一季低3%，並較2025年第二季高約6%。價格與產品組合較2026年第一季及2025年第二季皆上升2%。因此，紙品業務再度交出穩健的一季，利潤率強勁。我們持續落實先前宣布的漲價，並預期在第三季受益。

I'll now turn it over to Kent.

我現在把時間交給Kent。

Thanks, Mark. Cash provided by operations was $376 million and after $206 million of CapEx, free cash flow was $170 million. In addition to CapEx, the primary payments of cash during the quarter included dividend payments of $111 million, cash tax payments of $78 million and net interest payments of $54 million. We did not repurchase shares during the quarter. Excluding special items, our effective tax rate during the second quarter was 25.7%.

謝謝，Mark。營運活動提供的現金為3.76億美元，扣除2.06億美元的資本支出（CapEx）後，自由現金流為1.70億美元。除CapEx外，本季主要現金支出包括：股利支付1.11億美元、現金稅款支付7,800萬美元，以及淨利息支付5,400萬美元。本季我們未進行庫藏股回購。不含特殊項目，第二季有效稅率為25.7%。

We expect the third quarter rate to be approximately 26%. We continue to forecast $840 million to $870 million of CapEx and excluding special items, around [$700 million] (corrected by company after the call) of DD&A for the year. Our special items expense for year to date through 2Q included $56 million of depreciation expense associated primarily with the Wallula Mill restructuring. I'd like to now give you an update on the annual outage schedule and earnings impact for the year. Our outage expense was $0.34 during the second quarter.

我們預期第三季稅率約為26%。我們仍預估全年CapEx為8.40億至8.70億美元；且不含特殊項目，全年折舊、攤銷與耗竭（DD&A）約為[$7.00億]（公司於會後更正）。截至第二季（2Q）為止的年初至今特殊項目費用包含5,600萬美元的折舊費用，主要與Wallula廠重整相關。接下來我想就年度停機排程與其對全年獲利的影響提供更新。第二季停機費用為每股0.34美元。

Our back half estimates are now $0.30 for the third quarter and $0.63 for the fourth quarter, totaling $1.41 for the year. As we indicated, [I-Falls] (corrected by company after the call), our only white paper mill, will have its outage in the third quarter. In the Packaging segment, only the Riverville mill is scheduled for a third quarter maintenance outage.

我們目前對下半年估計為：第三季每股0.30美元、第四季每股0.63美元，全年合計每股1.41美元。如我們所指出，[I-Falls]（公司於會後更正）—我們唯一的白紙廠—將於第三季進行停機。在包裝（Packaging）事業部方面，第三季僅Riverville廠排定維護停機。

I'll now turn it back over to Mark.

我現在把時間交還給Mark。

Thanks, Kent. Looking ahead, as we move from the second quarter into the third quarter, we expect continued strong demand in the Packaging segment and corrugated products volume to increase with one more shipping day. Prices for containerboard and corrugated products will be higher as we complete implementation of our first announced increase and begin to realize our second announced price increase. We’ll have one more day of [mill production] (corrected by company after the call) and as well as lower impact to production from maintenance outages. We also expect better operating performance across our containerboard mill system with continued improved capabilities from our Jackson mill as well as the acquired Greif mills.

謝謝，Kent。展望未來，當我們從第二季進入第三季時，我們預期包裝事業部需求將持續強勁，且因多一個出貨日，瓦楞產品出貨量將增加。隨著我們完成第一波已宣布的漲價落實，並開始反映第二波已宣布的漲價，箱板紙與瓦楞產品價格將走高。我們將多一天的[工廠產量]（公司於會後更正），同時維護停機對產量的影響也會較低。我們也預期整體箱板紙工廠系統的營運表現將更佳，Jackson廠以及收購的Greif工廠持續提升的能力將帶來助益。

Mill maintenance outage expenses will be lower in total and in the Packaging segment and higher in the Paper segment. We expect lower volume and higher prices in the Paper segment as a result of the maintenance outage and continued implementation of our previously announced paper price increases. Cost for freight across the business will remain at or around the elevated levels we experienced in May and June. Recycled fiber prices are continuing to increase and higher mill production will drive higher usage. We expect higher prices for chemicals and purchased electricity with wood fiber and natural gas remaining relatively flat.

工廠維護停機費用整體而言將降低；在包裝事業部將降低，而在紙品事業部將提高。由於維護停機以及持續落實先前宣布的紙品漲價，紙品事業部我們預期出貨量較低、價格較高。全公司運費成本將維持在或接近我們於5月與6月所經歷的高檔水準。回收纖維價格持續上漲，且更高的工廠產量將帶動更高的使用量。我們預期化學品與外購電力價格將上升，而木纖維與天然氣則維持相對持平。

We expect some improvement in employee benefits costs due to second quarter unfavorability that is not expected to repeat in the third quarter. Considering these items, we expect third quarter earnings of $2.91 per share, excluding special items.

我們預期員工福利成本將有所改善，因第二季的不利因素預期不會在第三季重演。綜合上述因素，我們預期第三季每股盈餘為2.91美元（不含特殊項目）。

With that, we would be happy to entertain any questions, but I must remind you that some of the statements we've made on the call constituted forward-looking statements. The statements were based on current estimates, expectations and projections of the company and involve inherent risks and uncertainties, including the direction of the economy and those identified as risk factors in our annual report on Form 10-K on file with the SEC. Actual results could differ materially from those expressed in these forward-looking statements.

接下來，我們很樂意回答任何問題，但我必須提醒各位，我們在本次電話會議中的部分陳述屬於前瞻性陳述。這些陳述係基於公司目前的估計、預期與推測，並涉及固有風險與不確定性，包括經濟走向，以及我們向美國證券交易委員會（SEC）提交之Form 10-K年度報告中所列的風險因素。實際結果可能與這些前瞻性陳述所表達者有重大差異。

And with that, Jamie, I'd like to go ahead and open the call for Q&A. Thank you.

那麼，Jamie，我想現在就開放電話會議進入問答（Q&A）環節。謝謝。

(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）。

So I guess maybe to start, as always, can you give us a rundown on what you're seeing in terms of bookings and billings to start and then third quarter. Anything sort of unique or notable in the trends that you're seeing in that, a couple of follow-ons.

我想也許先從一如往常的問題開始：你們能否說明一下目前看到的接單（bookings）與開票/出貨請款（billings）情況，從現在到第三季初的狀況如何。在這些趨勢上，有沒有什麼特別或值得注意之處？我後面還有幾個延伸問題。

George, this is Tom. Yeah, billings are up 1.5% so far, and we're expecting for the quarter, this is in the legacy business and up about 2%. So that's pretty much in track with what we thought. And of course, it's against a pretty tough comp. And as you may know, Prime days were moved up a quarter. So it's going to change the numbers a little bit in the third quarter. But all in all, we're happy with that growth, and we're being pretty disciplined and selective in terms of our growth as well.

George，我是Tom。是的，到目前為止，billings成長1.5%，我們預期本季（這是指既有業務）約成長2%。所以這基本上符合我們原先的預期。當然，這是對照一個相當具挑戰性的比較基期。而且如你所知，Prime Days被提前了一季。因此第三季的數字會有一些變動。但整體而言，我們對這樣的成長感到滿意；同時在成長策略上，我們也維持相當嚴謹與選擇性。

Okay. Within the 2Q volume to 3Q volume comparison and you mentioned one consideration, is there anything else that's decelerated? Or is that the only thing that from what you can see that's worth noting. And relatedly, this is neither here nor there, it's our model, not yours, but mix was a little bit less than we're expecting in terms of revenue per ton. Was that related to any sort of customer factors or anything else in the mix?

好的。在比較第二季出貨量與第三季出貨量時，你提到了一個考量因素，還有其他任何放緩的地方嗎？還是就你所見，只有那一點值得注意？另外相關但不一定直接相關，這是我們的模型、不是你們的，但就每噸營收而言，產品組合帶來的貢獻比我們預期的略低。那是否與某些客戶因素或組合中的其他因素有關？

And then my last question, bigger picture. Mark, for years, the company has talked rightly about its fiber flexibility, frankly, the weighting more towards virgin versus recycled, which gave you a little bit more predictability on your costs. How do you see that evolving now that you become maybe almost as much recycled as virgin relative to the peer set.

然後我最後一個問題，從更宏觀的角度來看。Mark，多年來公司一直（而且很正確地）談到你們在纖維來源上的彈性，坦白說，就是原生纖維相對於回收纖維的比重較高，這讓你們的成本更具可預測性。如今相對於同業，你們的回收纖維占比可能已經幾乎和原生纖維一樣多，你如何看待這種情況接下來會如何演變？

Let me start that question first, George. We're probably currently around 30% recycled to 70% on any given day, it flexes up and down to 35% at times. As we're pushing the system now, we're probably up closer to the 35% level. But nevertheless, it's we've gone through an unusual time since the beginning of the year. If you think about it, OCC, DLK recycled fiber is up about 70%. And so that impact is felt directly. So we're maximizing the virgin kraft system and taking advantage of the OCC, DLK systems to fiber up the mills. That's pretty much where we are and where we expect to be. We're not planning on any big capital expenditures right now for either fiber. Tom?

George，我先回答這個問題。我們目前大概是回收纖維30%、其餘70%（原生纖維），在任何一天都會有些上下浮動，有時會彈到35%。在我們現在推動系統滿載的情況下，可能更接近35%的水準。不過，從年初以來我們確實經歷了一段不尋常的時期。如果你想想看，OCC、DLK 這些回收纖維的價格上漲了大約70%。因此這個影響是直接反映出來的。所以我們一方面把原生牛皮紙（virgin kraft）系統的產能用到最大，同時也利用 OCC、DLK 系統來為紙廠補充纖維。這大致就是我們目前的狀況，以及我們預期會維持的方向。我們目前不打算在任一種纖維上做任何大型資本支出。Tom？

George, relative to mix, 2Q going into 3Q, as I mentioned, the prime days in the e-com was very strong in the quarter. So in the second quarter, and that moved -- they moved that up somewhat. So that really impacted the general mix, which translated into price as well. And then, of course, we had the $20 reduction that was announced in RISI, which impacted price as well. But the good news is all segments of the business were very strong, and we're up and we plan to see that going forward as well. Yeah, and the 3Q price obviously is going to change dramatically as we roll through the price increase that we -- as I mentioned in my commentary.

George，關於產品組合，從第二季到第三季，如我提到的，本季電商的 prime days 表現非常強勁。所以在第二季，他們——他們把那個活動時間稍微提前了一些。這確實影響了整體的組合，進而也反映到價格上。另外，當然還有 RISI 公布的每噸下調20美元，也同樣影響了價格。但好消息是，業務的各個板塊都非常強勁，我們的表現上升，而且我們也預期未來會延續。是的，而第三季的價格顯然會在我們逐步落實漲價的過程中出現顯著變化——正如我在評論中提到的。

Mike Roxland, Truist.

Mike Roxland，Truist。

You mentioned Greif beat by $0.10. I think you were expecting maybe a $0.04 contribution positively. You wind up with $0.14. This is a -- so when you think about the beat it seems relative to The Street for the quarter, it seems like it was done -- it came -- most of it came from, if not all, they came from Greif rather than your legacy business. So just any color you can provide on the miss in the legacy business relative to expectations? Is that largely due to cost mainly for freight just any color you could have in terms of the put and takes in the quarter relative to between legacy and your -- the Greif assets?

你提到 Greif 超出預期0.10美元。我想你原本可能預期正向貢獻大約0.04美元。結果你們做到0.14美元。也就是說，當你看本季相對於華爾街預期的超預期表現時，似乎大部分——如果不是全部——都來自 Greif，而不是你們的既有（legacy）業務。所以你能否補充一些細節，說明既有業務相對於預期的落差？這主要是成本因素、尤其是運輸費用所致嗎？能否談談本季在既有業務與 Greif 資產之間，各項正負因素的消長？

So Mike, I'll start with this. It's Kent, and then Tom will add some color. So Greif was a $0.14 earnings contribution, that exceeded expectations, the headline number by, call it, $0.09 or $0.10. $0.04 of that was the depreciation benefit that we called out in the earnings release, okay? So if you're looking sort of apples-to-apples $0.05 from expectations, that was driven by largely higher volumes than we expected and very good operational performance.

Mike，我先從這裡開始。我是 Kent，接著 Tom 會再補充一些說明。Greif 的獲利貢獻是0.14美元，超出預期；以頭條數字來看，大約高出0.09或0.10美元。其中有0.04美元是我們在財報新聞稿中提到的折舊利益，好嗎？所以如果你用可比口徑來看，相對於預期多出0.05美元，主要是因為出貨量高於我們預期，以及非常好的營運表現所帶動。

But also, we're running Greif now as a much more integrated system. It's much less separate from PCA legacy than when we made the acquisition, obviously by design. So there's some puts and takes. We're moving business between trying to get things -- trying to get efficiencies maximized, and Tom can comment on this a little bit further.

另外，我們現在把 Greif 當作一個整合度更高的系統在運作。它和我們收購時相比，已經不再那麼獨立於 PCA 的既有業務之外，這當然是刻意為之。因此其中會有一些此消彼長的因素。我們在不同業務之間調整量能，試圖把效率最大化；Tom 可以再就這點多談一些。

There's really not a ton to add. It's just that we're running the business to the greatest efficiency we can, and we're trying to utilize all of our assets in the best possible way. So we now view this business as being totally integrated, and we're operating as one unit.

其實沒有太多要補充的。我們只是盡可能以最高效率來經營這項業務，並且努力以最佳方式運用我們所有資產。所以我們現在把這項業務視為完全整合，並以單一單位來營運。

Got it. In that regard, Tom, I think you had a transition service agreement with Greif that may have expired. Can you talk about -- is there any way to quantify what the -- what you get back from the expiration of that agreement?

了解。在這方面，Tom，我記得你們和 Greif 有一份過渡服務協議（transition service agreement），可能已經到期了。你能談談——是否有任何方式可以量化該協議到期後，你們能收回（或節省）多少？

I'll let Kent handle that.

我讓 Kent 來回答。

So the transition services agreement is running through the end of the year as we bring the last few corrugated plants and one facet of the mills on the PCA system. So we got three more plants coming up in 3Q and the last couple coming up in 4Q. The TSA is -- number one, we're reporting the costs in special items as part of acquisition integration charges. But really, the efficiencies we're seeing is just having better visibility to the business, being able to take advantage really of just optimizing the supply position between PCA mills on one hand and Greif facilities on the other hand. So that's really where it's coming from, Mike.

過渡服務協議（TSA）會持續到年底，因為我們正在把最後幾家瓦楞紙廠，以及紙廠的一個面向，導入 PCA 的系統。所以第三季還會再上線三家工廠，最後幾家會在第四季上線。TSA 方面——第一，我們把相關成本列在特殊項目中，作為收購整合費用的一部分來揭露。但實際上，我們看到的效率提升主要來自於對業務有更好的可視性，並且能真正利用在供應配置上的最佳化：一邊是 PCA 的紙廠，另一邊是 Greif 的設施。所以，Mike，主要就是從這裡來的。

I'll add, Mike, that we look very much forward to having them all on our system. I can tell you that.

Mike，我再補充一句：我們非常期待把它們全部都放到我們的系統上。這點我可以很明確地告訴你。

Got it. And that sounds like it will be done by year-end. That's being -- you'll be done completely with the TSA.

了解。聽起來到年底就會完成。也就是說——你們會完全結束 TSA。

That's correct.

沒錯。

Perfect. One last one, and I'll turn it over. Just in terms of tariffs, obviously, there’s 50% tariffs potentially being proposed to be applied to Canadian imports of containerboard maybe boxes. Any thoughts around those tariffs and what it means for the domestic industry?

很好。最後一個問題，我就交給下一位。就關稅而言，顯然目前可能正在提案，對加拿大進口的箱板紙、也許還包括紙箱，課徵50%的關稅。你們對這些關稅有什麼看法？以及它對美國國內產業意味著什麼？

Right now, our initial read is little to no impact on PCA. It should have really nothing on the Packaging business, and as you parse through it, it's not 100% clear at this point in terms of what it really applies to. So we'll take a little more of a wait-and-see approach. But right now, we don't view it as a significant driver either way.

目前我們初步判讀，對 PCA 的影響很小甚至幾乎沒有。對包裝業務應該基本上沒有影響；而且進一步拆解後，目前也還不是百分之百清楚它究竟適用於哪些項目。所以我們會採取更偏向觀望的態度。但就目前而言，我們不認為它會在任何方向上成為重要的驅動因素。

Mark Weintraub, Seaport Research Partners.

Mark Weintraub，Seaport Research Partners。

So you mentioned that you started to see the March, April increase in June. Can you give us a sense as to how much of it then of the 50% would have shown up in your box prices in the second quarter. Presumably, the balance of that, is it fair to say it would be in the third quarter? And then can you share, I think you used the term -- you expect to kind of split the June increase between 3Q and 4Q. Is that evenly or was that just sort of -- some of it's going to show up in 3Q and some is going to show up in 4Q and to the extent that you're comfortable quantifying rough percentages, that would be helpful.

所以你提到你在6月開始看到3月、4月的漲幅。你能否讓我們了解一下，在那50%之中，有多少會在第二季反映在你們的箱板紙價格上。推測其餘部分，是否可以說會落在第三季？另外你能否分享一下，我想你用的說法是——你預期會把6月的漲幅在第三季與第四季之間做分攤。那是平均分攤，還是只是大致上——有一部分會在第三季反映、有一部分會在第四季反映；若你方便量化大概的百分比，會很有幫助。

Yeah. Mark, it's Kent. I'll start, and then Tom will finish here, okay? On the first increase, the vast majority of that's coming in Q3, okay. Calibrate it maybe 70%, 75% of it's Q3 and July there. The second increase, the majority will come in, in 4Q, but not quite as pronounced as the 2Q, 3Q split on the first increase. Tom?

是的。Mark，我是Kent。我先回答，然後Tom再補充，好嗎？第一波漲價，絕大多數會在第三季反映，好嗎。大概可校準為70%、75%會在第三季、也就是7月那邊反映。第二波漲價，多數會在第四季反映，但不像第一波漲價在第二季、第三季之間的分攤那麼明顯。Tom？

Yes, that's -- I mean, that's exactly the way we see it. And I think a lot of times, people forget that we were impacted by the $20 down that was announced that trailed into 2Q. And also the mix had some impact in 2Q from the price standpoint. All of that then comes back in 3Q and 4Q with these increases as they roll through, as Kent mentioned.

是的——我的意思是，我們看到的情況正是如此。而且我想很多時候，大家會忘了我們其實受到先前宣布的每噸下調20美元的影響，而那個影響延續到第二季。另外，從價格角度來看，產品組合在第二季也有一些影響。如Kent所提，隨著這些漲價逐步反映，這些因素都會在第三季與第四季回補回來。

Great. And then just as a follow-up, in some environments in the past, you've been able to get more than full pass-through. And clearly, we got a very high cost environment right now. Is -- are we in that type of an environment? What would sort of be recognizing they're going to -- there's always going to be competitive pressures as well at work. How should we be thinking about the ability to get full and/or possibly even more than full pass-through?

很好。接著追問一下，在過去某些環境下，你們曾經能做到超過完全轉嫁。而且很明顯，我們現在處於成本非常高的環境。我們是否正處於那種環境？當然也要考量到——競爭壓力也一直存在。我們應該如何看待你們取得完全轉嫁、以及／或甚至超過完全轉嫁的能力？

Well, Mark, I don't -- I'm not going to quantify that for you, but I can tell you that you did observe that, that is our mission, and that is what we always try to do. And we -- and you also mentioned and I think very importantly that we are in a very high inflationary environment right now. And we're having a -- it's it's -- we're having a lot of discussions around that. I'll leave it at that.

嗯，Mark，我不——我不會替你量化，但我可以告訴你，你的觀察沒錯，那是我們的使命，也是我們一直努力要做到的事。而且你也提到、我認為非常重要的一點是，我們現在正處於非常高的通膨環境。我們也正在——就是——我們正在就此進行很多討論。我就先說到這裡。

Gabe Hajde, Wells Fargo Securities.

Gabe Hajde，Wells Fargo Securities。

You talked about being able to build a little bit of inventory early in the quarter, maybe in and around the July 4 holiday. And then, Tom, I think you also mentioned 1.5% billings. I know we can't extrapolate that out, but I think you referenced maybe 1.5%, 2% was sort of what you were thinking for the quarter on a year over year basis. If I got my comparisons correctly or correct here, I think, down 1.1% for corrugated shipments in Q3 '25. So just assuming I've got that level set, how would you describe kind of the feel in the market right now from a supply demand standpoint?

你提到你們在本季初能夠稍微建立一些庫存，可能是在7月4日假期前後。然後，Tom，我想你也提到1.5%的出貨量（billings）。我知道我們不能直接外推，但我想你提到你對本季年增率的想法大概是1.5%、2%。如果我把比較基期抓對的話，我記得2025年第三季瓦楞紙箱出貨量是下滑1.1%。所以假設我的基準沒錯，從供需角度來看，你會如何描述目前市場的體感？

And I'm sort of asking because you guys obviously delayed some sales of exports into the third quarter to kind of shore up your own inventories and then there's been some supply disruptions in the market. So just if you got customers coming to you asking for help, or anything like that?

我之所以這樣問，是因為你們顯然把部分出口銷售延後到第三季，以便強化自家庫存，而且市場上也出現了一些供應中斷。所以想請教一下，是否有客戶來找你們請求支援之類的情況，或任何類似狀況？

I'm going to give you one word, Gabe, that I would use to describe the environment, and that's tight.

Gabe，我用一個字來形容這個環境：緊。

Got it. And then we did hear some comments about maintenance outages maybe some folks coming up a little bit slower than what was expected. Just curious if you guys had experienced any of that or maybe it was Mark, related to the grid volatility that you mentioned in your prepared remarks?

了解。另外我們也聽到一些評論，提到維修停機（maintenance outages），可能有些業者復產速度比預期慢一些。想請問你們是否也遇到類似情況？或者這其實是Mark在你們事先準備的講稿中提到的電網波動所造成的？

As far as we went through our annual outages at five of the mills during the second quarter, we executed incredibly well. And in most cases, ahead of schedule and started up the mills very successfully. But we had at least five distinct utility power outage situations at a number of the mills. I mean, to give you an example of one mill, they shut us down for the better part of a full day just with their own hardware issues, and then had continuing problems for a few more days trying to get their own grid structure stabilized. Another location, basically you are in forest fire season. We had the utility shut down the entire regional system without notifying anybody. So it took down the mill instantaneously out in Wallula and impacted us for a period of time.

就我們而言，第二季我們在五座紙廠進行年度停機檢修，我們執行得非常好。而且多數情況下都提前完成，並且非常順利地讓紙廠重新開機。但我們在多座紙廠至少遇到五起不同的公用事業電力中斷事件。舉例來說，其中一座紙廠，因為他們自己的硬體問題，讓我們停機幾乎一整天的大部分時間，之後又花了幾天持續處理問題，試圖讓他們自己的電網結構穩定下來。另一個地點，基本上正值森林火災季。公用事業公司在未通知任何人的情況下，關閉了整個區域系統。因此Wallula那邊的紙廠瞬間停機，並在一段時間內對我們造成影響。

So we're having these types of situations where voltage droops and surges through the systems. It just -- I think it speaks in many cases to what's happening with the nationwide integrity of the system. And so -- but we overcame those issues. And again, as I said on my comments, it speaks to the ability of our individuals to rally and get through these things and stabilize the mills, but it also speaks to the importance of the three gas turbine projects that we'll be bringing online over the next two years and how critical they're going to be to these three particular mills. So --

所以我們遇到這類狀況：系統內出現電壓下陷與突波。我認為這在很多情況下反映了全國電力系統完整性正在發生的問題。所以——但我們克服了這些問題。而且如我在評論中所說，這也顯示我們同仁能夠團結起來、度過這些狀況並讓紙廠穩定下來；同時也凸顯未來兩年我們將陸續上線的三個燃氣渦輪專案的重要性，以及它們對這三座特定紙廠將會有多關鍵。所以--

All right. I know I'm going to be maybe a little aggressive here or at least give mouse a cookie or ask for a cookie. I think you said 70% realization, Kent, on the second price increase and sort of split Q3, Q4. $35 a ton, maybe 1.4 million tons, directionally, $45 million, $50 million benefit that we're thinking about on a sequential basis. And then I know maintenance costs are up, I think, $0.33, directionally.

好的。我知道我可能有點咄咄逼人，或者至少是得寸進尺、想再要一塊餅乾。Kent，我想你說第二次漲價的實現率（realization）是70%，並且在第三季、第四季之間分攤。以每噸35美元、約140萬噸來看，方向性估算，我們在季比上應該思考約4,500萬到5,000萬美元的效益。然後我也知道維修成本上升了，我想大概是0.33美元，方向性來看。

So maybe $40 million offset. And then I think there's one less shipping day. Is there anything else that we should be thinking about, I think, a higher energy consumption for colder weather conditions, things like that in Q4 anything else that we should be mindful of thinking about for Q4?

所以可能有4,000萬美元的抵銷。另外我想還少了一個出貨日。那還有沒有其他我們應該納入考量的因素？例如第四季因天氣更冷導致能源消耗更高之類的——第四季還有什麼我們在思考時需要留意的？

For Q4 maintenance primarily higher, normal seasonal mix, a little bit higher depreciation run rate as I kind of called out, as I alluded to in my prepared remarks. But seasonally strong volumes. So those are your primary factors. And at least right now, trying to put a crystal ball around some of the freight and energy-based costs it's pretty premature to do that.

第四季的維護費用主要會較高，屬於正常的季節性組合，再加上如我先前提到、也在準備好的發言中暗示的，折舊費用的運行水準會略高一些。但季節性出貨量會很強。所以這些是主要因素。而且至少就目前而言，要去預測一些與運輸及能源相關的成本，現在下結論還為時過早。

Anojja Shah, UBS.

Anojja Shah，瑞銀（UBS）。

Sorry if I missed it, but did you give a sense of what you would expect from the Greif assets in the third quarter in your guidance?

如果我漏聽了請見諒，但你們在指引中有沒有提到，第三季你們預期 Greif 資產會帶來什麼樣的表現？

Yeah. The way I would look at it Anojja is, you'll have the benefits of continued strong volume consistent with or even maybe a little above second quarter levels. You'll have the benefits of price coming in, but then that will -- that will be probably overcome by the fact that you have Riverville down in the third quarter, so you'll have outage expenses. So the way I'm looking at it from an earnings contribution, and again, I'm taking this against a $0.10 contribution without the depreciation benefit we got in 2Q. You're probably going to be $0.01 or $0.02 down 3Q to 2Q in terms of the Greif contribution. And again, I'll reemphasize this, 3Q will be the last time we call Greif out as an individual contributor. It's really part of PCA from this point on.

有。Anojja，我會這樣看：你會受惠於持續強勁的出貨量，與第二季相當、甚至可能略高。你也會受惠於價格的落地，但這點——這點可能會被第三季 Riverville 停機所抵消，因此會有停機費用。所以就獲利貢獻的角度來看——再次強調，我是以第二季在未包含我們取得的折舊利益下、約 $0.10 的貢獻作為對照——第三季相較第二季，Greif 的貢獻可能會少 $0.01 到 $0.02。另外我再重申一次，第三季將是我們最後一次把 Greif 作為單獨貢獻者提出說明。從此之後它就真正成為 PCA 的一部分。

Okay. Great. And then I don't think we've talked about this recently, but any update you can give us on the Greif synergies. I think we had about $30 million penciled in for this year, and now we're at halfway point. Can you just give us an update there?

了解。很好。另外，我想我們最近沒有談到這個，但你能否更新一下 Greif 的綜效？我記得我們今年大概預估了 3,000 萬美元，而現在已經過了一半。能否請你更新一下進度？

So between the mill production improvements that we called out last quarter, we're on track or even a little bit ahead of that. We're running in the 5% to 10% improved reliability, which we're seeing in better production. But the integration benefits now are starting to come into the numbers as well. And from an integration standpoint, adding that in, we're on track probably to exceed the $30 million run rate by the end of the year. So very comfortable with where we're at there in Anojja.

就我們上季提到的紙廠生產改善而言，我們進度符合預期，甚至略微超前。我們的可靠度提升約 5% 到 10%，也反映在更好的產量上。但現在整合帶來的效益也開始反映在數字裡。從整合角度來看，把這部分也算進去，我們有望在年底前達到、甚至超過每年 3,000 萬美元的運行水準（run rate）。所以在這方面我們非常有信心，Anojja。

Anthony Pettinari, Citi.

Anthony Pettinari，花旗（Citi）。

The 2Q corrugated demand was a bit stronger than we expected. And I was wondering, do you think there's any element of prebuy there with two price hikes in the market. And then World Cup, America 250, I don't know if those really had any impact to you, but I'm just curious if there's anything you'd call out there?

第二季瓦楞紙需求比我們預期的更強。我想請問，你覺得市場上有兩次漲價，是否有任何提前備貨（prebuy）的因素？另外，世界盃、America 250，我不確定這些是否對你們有影響，但我只是好奇是否有什麼你們會特別點出的因素？

Anthony, this is Tom. The -- yeah, the second quarter demand was very strong. I mentioned some of the e-com-driven Prime Day from Amazon and some of those related e-com customers that we have certainly drove some of that business. Prebuy, our capacity is so tight that it's impossible to get a pre-buy in right now. So that's not the case. And World Cup, I'm not sure where that discussion even started. But I think that was that had very little impact in my opinion.

Anthony，我是 Tom。——是的，第二季需求非常強。我提到過一些由電商帶動的因素，例如亞馬遜的 Prime Day，以及我們的一些相關電商客戶，確實帶動了部分業務。至於提前備貨，我們的產能非常吃緊，現在根本不可能做提前備貨。所以不是那個原因。至於世界盃，我不太確定那個討論是從哪裡開始的。但以我看來，那幾乎沒有什麼影響。

Okay. And then just switching gears, Mark, you referenced the three energy projects over the next couple of years. I don't know if there's any finer point you could put on the cadence there when those would go in? And then just the CapEx guide for $840 million to $870 million you reiterated directionally as we look to '27 is there a way to think about CapEx?

了解。那換個話題，Mark，你提到未來幾年有三個能源專案。我不確定你能否更具體說明一下時程節奏，這些專案大概何時會上線？另外，你重申資本支出（CapEx）指引為 8.4 億到 8.7 億美元，方向性來看，展望到 2027 年，CapEx 有沒有什麼思考方式？

Yeah. Regarding the three gas turbines, we're in construction phase at the Jackson mill as we speak. We're waiting on some word on deliveries of some of the electrical switchgear components that will be needed to tie in and utilize the gas turbine into the existing system at the mill. The goal would be to have that gas turbine at Jackson up online next year in coordination with Jackson's annual outage next year in the early part of the year.

好的。關於三座燃氣渦輪機，我們目前正在 Jackson 紙廠進行施工。我們正在等待一些電氣開關設備（switchgear）元件的交付消息，這些元件是把燃氣渦輪機接入並在紙廠既有系統中使用所必需的。目標是在明年、配合 Jackson 明年年初的年度停機檢修，讓那座燃氣渦輪機上線運轉。

And then the Riverville, Virginia and then the DeRidder, Louisiana units are having to go through environmental permitting there. So it's kind of like go figure. We want to put in gas turbines, but it's taking us longer to get state and federal permits than it does to put in a data center. So we should have called them data centers. But I'm thinking it's going to be -- the DeRidder and the Riverville unit is probably going to be more like the first part of 2028 to the mid part of 2028 to get those two units up and running based on the timing for the permits from the states.

至於維吉尼亞州 Riverville 以及路易斯安那州 DeRidder 的機組，還需要走環境許可程序。所以有點像——你看吧。我們想裝燃氣渦輪機，但取得州與聯邦許可所花的時間，竟然比蓋一座資料中心還久。所以我們應該把它們叫做資料中心。但我認為，依各州核發許可的時程來看，DeRidder 與 Riverville 兩座機組大概會在 2028 年上半年到 2028 年年中之間才會投運。

Got it. And any kind of directional views on CapEx in '27 versus '26?

了解。那對於 2027 年相較 2026 年的 CapEx，有沒有任何方向性的看法？

I think with the opportunity -- we're just starting that discussion right now. And as always, I reserve the right to take advantage of any of the great ideas that we have. But it could be in line with where we've been last year and this year. We've got the gas turbine projects will consume a good portion. And then we always have good opportunities on the converting side.

我想就機會而言——我們現在才剛開始討論這個。而且一如往常，我保留把握任何好點子的權利。但它可能會與我們去年和今年的水準相近。燃氣渦輪機專案會占用相當一部分。另外在加工轉換（converting）端，我們一向都有不錯的機會。

And then the mill side, we'll continue to take advantage of any high-return projects that we identify, which we've got a number of them on the table that we're looking at right now. So I would assume that the CapEx is going to stay in this range that we've been at. But these are well-executed high-return opportunities.

至於紙廠端，我們也會持續把握任何我們辨識到的高報酬專案；目前桌上就有好幾個正在評估。所以我預期 CapEx 會維持在我們近來的這個區間。但這些都是執行良好、報酬率高的機會。

Tom, you got anything to add?

Tom，你有要補充的嗎？

Well, I would just say that, Anthony, one thing to keep in mind relative to CapEx, I mean, this is a very capital-intensive business we're running here. And we need to recapitalize. But just like everything else, the cost of capital keeps going up as well. And so it's incumbent on us to make sure that we hit those hurdle rates and then we're able to reinvest in the business. And we're working hard at it, but it's -- you don't have to look very far in this business to see what's going on. And certainly, we're feeling that pinch that's happening in the business in terms of tight board and tight box plant capacity and things like that. So we're going to need that going forward.

我只想說，Anthony，關於 CapEx 有一點要記住：我們經營的是一個資本密集型的業務。我們需要進行資本重置（recapitalize）。但就像其他事情一樣，資本成本也在持續上升。因此我們有責任確保達到那些門檻報酬率（hurdle rates），然後才能把資金再投回業務。我們正在努力做到這點，但——你在這個產業不需要看很遠就能看到正在發生什麼。而且很明顯地，我們也感受到產業裡那種壓力，例如紙板供應吃緊、紙箱廠產能吃緊等等。所以未來我們會需要這些投資。

Phil Ng, Jefferies.

Phil Ng，Jefferies。

Just given how -- and Tom, I appreciate your brevity, tight was the operative word here. But just given how tight the market is, can you just give us an update in terms of some of the capacity unlock you guys were planning from Counce, Jackson, I think some of the Greif assets. And then, Mark, I think you kind of hinted potentially there's other things you guys are circling in terms of unlocking perhaps more capacity on the mill side. Give us a little more color in terms of how that's coming along and potentially some more opportunities going forward?

就以目前的情況來看——Tom，我很感謝你言簡意賅，這裡的關鍵字就是「緊」。但鑑於市場如此吃緊，你們能否就你們原先規劃要從 Counce、Jackson，以及我想還有一些 Greif 資產所釋放的產能，給我們一個最新進度？另外，Mark，我覺得你似乎暗示在造紙廠端，你們可能還在盤點其他可用來釋放更多產能的事項。能否再多提供一些細節，說明目前進展如何，以及未來可能還有哪些機會？

Yeah. The Jackson mill project that we've talked about for the last year, it's the new winder project that's coming on later this year. So -- and we've done a number of things at Jackson. So we'll see the incremental tons that we had talked about coming online. But even more important than that, the Massillon mill and the Riverville mill have delivered, as I had hoped they would deliver. And with the efforts that we put in over the last few quarters. So the incremental tons will continue to flow out of the acquired mills.

是的。我們過去一年一直在談的 Jackson 造紙廠專案，是新的復捲機（winder）專案，將在今年稍晚投產。而且我們在 Jackson 做了不少事情。因此，我們會看到先前提到的增量噸數開始上線。但比那更重要的是，Massillon 造紙廠與 Riverville 造紙廠的表現如我所期望的那樣交付成果。也得益於我們在過去幾個季度投入的各項努力。所以，增量噸數將會持續從我們收購的造紙廠流出。

And then Jackson project is going to bring on the tons that we committed to. We've got a few capital projects that we've identified that we're looking at for next year as an example that would bring on some incremental tons. So -- and which is pretty much what we do every year. But it's the -- the 25,000, 50,000 tons of annual incremental opportunity with some capital spending, but that's kind of where we are. No one big project, just a number of little things.

接著，Jackson 專案也會帶來我們承諾的噸數。我們已辨識出幾個資本專案，作為例子，我們正在評估明年要做的，這些專案將帶來一些增量噸數。所以——這基本上就是我們每年都在做的事。也就是透過一些資本支出，取得每年 25,000 到 50,000 噸的增量機會，大致就是目前的狀況。沒有單一大型專案，主要是許多小項目。

Phil, I would add, this is Tom. I would add that when I said I was referring to not only our ability to source domestically but also our ability to source globally. So it -- again, this comes back to the commentary that we're going to have to manage our own and figure out ways to do so. But it's a unique situation.

Phil，我補充一下，我是 Tom。我想補充的是，我剛才所說指的不只是我們在國內的採購能力，也包括我們在全球的採購能力。所以——再一次，這回到我們先前的評論：我們必須管理好我們自己的供應，並找出方法做到這點。但這確實是一個特殊的情況。

Perfect segue, Tom. My next question, when I think about your margins return, they've remained quite good even with the demand and inflation shock we've seen in the last two years. Your margins -- EBITDA margins kind of bottomed out like 19-ish few years ago. But just looking over a very long duration, your margins have been very tight, call in the low 20-ish range. Supply/demand certainly feels pretty tight now, the tightest it's been since the pandemic.

很好的銜接，Tom。我的下一個問題是，當我看你們的利潤率回升時，即使在過去兩年我們看到需求與通膨的衝擊，你們的利潤率仍維持得相當不錯。你們的利潤率——EBITDA 利潤率——幾年前大概在 19% 左右觸底。但若拉長時間來看，你們的利潤率一直相當穩定，大概在 20% 出頭的區間。目前供需顯然相當吃緊，可能是自疫情以來最緊的一次。

And demand, frankly, hasn't even really recovered in a big way yet on the box side. So it feels like you got a great runway for margins and returns to improve next year. But I think my question really here is bigger picture, guys. Is PKG, PCA and the broader industry in a position to kind of re-base that return margin profile structurally higher? What's different this time around? And certainly, you guys are spending a lot of capital for these projects to kind of enhance your return profile going forward, but give us kind of a little more color on how you're thinking about this long term?

而且坦白說，箱板（box）端的需求甚至還沒有真正大幅復甦。所以感覺你們在明年有很好的空間讓利潤率與報酬率進一步改善。但我這裡真正的問題其實是更宏觀的：各位，PKG、PCA 以及整個產業是否正處於一個可以把報酬／利潤率結構性地「重新定錨」到更高水準的位置？

Let me start this out and then Tom can take it. But again, just re-reminding everybody that over the last, say, eight or nine years, if you think about year-to-date 2026, we've spent about $6 billion on the box plants and mills to recapitalize, build new plants, basically recapitalize the converting footprint and then continue to optimize the mill system and build out the mill system. So that's what's enabled us to maintain the double-digit, the 20%-plus type of margins we've been in. But at the end of the day, we've said this for all along year after year. It doesn't matter how much capital you're willing and able to spend at some point in time, you've got to back that up with price also.

我先開個頭，然後 Tom 再補充。不過再次提醒大家，過去大概八到九年，如果你看到 2026 年迄今，我們在箱廠與造紙廠上大約投入了 60 億美元，用於汰舊換新、興建新廠，基本上是讓加工（converting）版圖重新資本化，並持續優化造紙系統、擴建造紙系統。這也是讓我們能維持雙位數、20% 以上這類利潤率水準的原因。但歸根結底，我們多年來年復一年都說過：不管你願意、也有能力投入多少資本，到了某個時間點，你也必須用價格來支撐。

Tom?

Tom？

Yeah. It all comes back to earning your cost of capital. That's what it comes back to. And you have to be very -- you have to be incredibly disciplined about it. And we're very fortunate that we embarked on this approximately 15 years ago to recapitalize our business because I'd hate to be in a position right now where we're suddenly at the -- with the cost of capital you got today to have to do that all over again. But we've got -- we do have good plans and a good runway to continue to do what we need to do to take care of our customers.

是的。一切都回到「賺到你的資本成本」。就是回到這一點。而且你必須非常——你必須極度自律。我們很幸運，大約 15 年前就開始推動業務的汰舊換新與再資本化；因為如果現在才要在今天這樣的資本成本水準下，重新再做一遍，我可不想處在那種位置。但我們確實有好的計畫，也有很好的跑道，能持續做我們需要做的事，以照顧我們的客戶。

But when I said -- when I use the word term selective and disciplined relative to customer growth, that revolves around some of the things that we're talking about relative to capital and our ability to serve those customers and get paid appropriately for it. So it's -- that's our mission. It doesn't change, but it is -- it's a challenging situation. As I mentioned, not only domestically, but globally right now. There has not been some of the same type of investments made that we've made. And that's my observation.

但當我說——當我用「選擇性」與「自律」來形容客戶成長時，這就牽涉到我們剛才談的資本投入，以及我們服務那些客戶的能力，並且能為此獲得適當的報酬。所以——那就是我們的使命。使命不變，但確實——這是一個具挑戰性的情況。如我所提到的，不僅在國內，現在在全球也是如此。市場上並沒有出現像我們所做的那種同等規模投資。這是我的觀察。

Just to continue on with what Tom is talking about. If you go back over the 15- or 17-year period, the total capital spend on the mills and box plants and all of these efforts, we probably spent $10 billion to enhance PCA's capability. And you've also heard us talk about we expect an appropriate return for that investment. And we're not ashamed to say that.

延續 Tom 的說法。如果你回顧過去 15 到 17 年，在造紙廠、箱廠以及所有這些努力上的總資本支出，我們可能投入了 100 億美元來提升 PCA 的能力。你們也聽過我們談到，我們期望這些投資能帶來適當的報酬。我們也不避諱這麼說。

Hillary Cacanando, Deutsche Bank Securities.

Hillary Cacanando，德意志銀行證券（Deutsche Bank Securities）。

So obviously, significant pricing strength this year, but with input costs still being high, do you think there will need to be additional price increases later this year? Just overall as an industry. I'm not saying you specifically, but just as an industry?

所以很明顯，今年定價力道很強，但在投入成本仍然偏高的情況下，你認為今年稍晚是否還需要進一步漲價？就整體產業而言。我不是特指你們公司，而是就整個產業來看？

Hillary, we don't comment on price going forward. So we'll just -- we'll leave it at that. You can come to your own conclusions.

Hillary，我們不評論未來的價格走勢。所以我們就——先說到這裡。你可以自行判斷。

Okay. Got it. Okay. So last quarter, I think you said Riverville and Massillon facilities are operating at about 10% above pre-acquisition levels. Could you talk about where those facilities are operating today in terms of percentage above pre-acquisition level? And are there still meaningful productivity opportunities remaining?

好的。了解。好。所以上一季我記得你們說 Riverville 和 Massillon 設施的營運水準大約比收購前高出 10%。能否談談目前這些設施相較於收購前的營運水準，高出多少百分比？以及是否仍有顯著的生產力提升機會？

Yeah. if you went back historically and looked at the Boise acquisition, the reconfigurations we've done, everything in my career, I've always looked at ultimately about a 30% improvement in productivity. In some cases, we've seen 40%. It depends on how much capital you will need to spend and are willing to spend to get the incremental capability out of a mill there comes a point in time where you have a diminishing return for every dollar spent. And so we're very prudent in how we do that analysis and how we step forward through these opportunities.

是的。如果你回頭從歷史角度看 Boise 的收購、我們做過的重整配置，以及我職涯中做過的一切，我一直認為最終大約能帶來 30% 的生產力提升。在某些情況下，我們看到 40%。這取決於你需要投入多少資本、以及願意投入多少資本，才能從那座紙廠榨出額外的產能；到某個時間點，每多花一塊錢的報酬就會遞減。因此，我們在做這些分析以及推進這些機會時都非常審慎。

But it's always about what do we need to do to supply the converting side of the business and do it in a prudent manner. But just reminding everybody that we're really nine months into the acquisition here. We'll be lapping a full year come September. But we're feeling pretty bullish on the productivity coming out of both Massillon and Riverville and not just the productivity, but the cost to produce those tons has come down significantly. And we're looking forward to continuing to ramp up the productivity of both of those mills. So stay tuned. I'm not going to give you a number. I'm just going to say that historically, we've always done significantly more than we've already done.

但重點始終是：我們需要做什麼，才能以審慎的方式供應轉換端（converting）業務。同時也提醒大家，我們這次收購其實才進行了九個月。到九月就會滿一年、進入同比基期。但我們對 Massillon 和 Riverville 兩座廠的生產力提升相當樂觀；而且不只是生產力，生產這些噸數的成本也已大幅下降。我們也期待持續把這兩座紙廠的生產力再拉升。所以敬請期待。我不會給你一個數字。我只想說，從歷史來看，我們一向做得遠比目前已經做到的還多。

Thank you. Any further questions?

謝謝。還有其他問題嗎？

George Staphos, Bank of America Securities.

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

Just wanted to come back to some of the cost factors in the second quarter to try to get at the earnings power. It's really more of a grab bag, if you will, Mark. So the outages that you were not expecting because of utilities, what do you think that cost you if you can talk about the corporate costs where it shook out relative to what you're expecting, what was that variance? And also, I think if I did my math correctly, maintenance this year now is looking to be maybe a nickel dime more than, I think, the first quarter guidance. Correct me if I'm wrong there, but I just want to run down those things.

我想回到第二季的一些成本因素，試著了解獲利能力（earnings power）。Mark，這其實比較像是雜項彙整。所以，那些因公用事業（utilities）導致、你們原本沒預期的停機，你覺得成本影響是多少？另外，如果你能談談公司層級成本（corporate costs）最後落在什麼水準、相對於你們原先預期差異是多少，那個差額是多少？還有，我想如果我算得沒錯，今年的維修保養（maintenance）現在看起來可能比第一季指引高出約 5 到 10 美分。如果我說錯請糾正，但我想把這些項目逐一確認一下。

Okay. George, you -- its Kent, you asked for a fair amount. So the corp variance, that was largely a benefits obligation that higher than forecast. It was a mark-to-market obligation on compensation and benefits. And that was about a $0.05 variance from 2Q to -- from 1Q to 2Q, and that showed up in the corporate segment. And I'm sorry, George, I'm taking these out of order. What was your -- what was the first?

好的。George，你——我是 Kent，你問的內容不少。公司端的差異主要是福利義務（benefits obligation）高於預測。這是薪酬與福利的按市價調整（mark-to-market）義務。從第一季到第二季大約有 0.05 美元的差異，並反映在公司部門（corporate segment）。抱歉 George，我回答順序有點亂。你第一個問題是什麼？

All the utility outages that were unplanned, what did that cost you if you had recognize there's always stuff that goes wrong in a quarter, but that you can't plan for.

所有那些未計畫的公用事業停機，對你們造成多少成本？我知道每一季總會有些狀況出錯，但那種你無法事先規劃的部分。

I think that probably hit us for about 10,000 tons of production all in.

我想整體大概讓我們少了約 10,000 噸的產量。

Okay. And then lastly, maintenance expense this year for the year relative to the prior guide, I want to say it's a nickel dime higher, but correct me if I'm wrong. And if you could just affirm what the number is and the variance, that would be great.

好的。最後，今年全年的維修保養費用相對於先前指引，我想是高出約 5 到 10 美分，但如果我說錯請糾正。如果你能確認一下數字和差異，那就太好了。

George, on full year maintenance for full company, I thought we brought it down a few cents from where we were from $1.41 for the year, including 4Q and I thought we brought it down maybe $0.02 or $0.03 from where we were at the end of 1Q. I can clean that up in our -- after the call, I'll go double check that. But I thought we were maybe $0.01 or $0.02 better than we were coming into.

George，就全公司全年維修保養來看，我記得我們把它從原先全年 1.41 美元（包含第四季）的位置下修了幾美分；我記得相較第一季末的水準，我們大概下修了 0.02 或 0.03 美元。我可以在電話會議後把這部分整理清楚，我會再去確認一次。但我記得我們可能比原先進來時好大概 0.01 或 0.02 美元。

Any other questions, please?

還有其他問題嗎？

(Operator Instructions)

（接線員指示）

And sir I'm showing no further questions at this time. I'd like to turn the floor back over for closing remarks.

先生，目前顯示沒有其他問題。我想把會議交回去做結語。

Thanks, Jamie, and thank you, everyone, for joining us on the call today, and appreciate everybody's time. We look forward to speaking with you in October and giving you the details and wrap up for 3Q. Take care. Have a good day. Bye-bye.

謝謝，Jamie，也謝謝各位今天參加電話會議，感謝大家撥冗。我們期待在十月再與各位交流，並提供第三季的細節與總結。保重。祝各位有美好的一天。再見。

And with that, ladies and gentlemen, we thank you for joining today's presentation. You may now disconnect your lines.

各位女士、先生，感謝您參加今天的簡報。您現在可以掛斷電話。