PPG Industries Inc (PPG) 2025 Q3 法說會逐字稿

Good morning. My name is Karlin, I'll be your conference operator today. At this time, I would like to welcome everyone to the third quarter of PPG earnings conference call. (Operator Instructions) I'd now like to turn the call over to our host, Alex Lopez, Director of Investor Relations. Please go ahead, sir.

早安.我叫卡林，今天由我來擔任你們的會議接線生。此時此刻，我謹代表PPG公司歡迎各位參加第三季財報電話會議。（操作員指示）現在，我將把電話交給我們的主持人，投資者關係總監亞歷克斯·洛佩茲。請繼續，先生。

Thank you, Karlin, and good morning, everyone. This is Alex Lopez. We appreciate your continued interest in PPG and welcome you to our third-quarter 2025 earnings conference call. Joining me today from PPG are Tim Knavish, Chairman and Chief Executive Officer; and Vince Morales, Senior Vice President and Chief Financial Officer.

謝謝你，卡琳，大家早安。這是亞歷克斯·洛佩茲。感謝您一直以來對PPG的關注，歡迎您參加我們2025年第三季財報電話會議。今天與我一同出席的 PPG 代表有董事長兼執行長 Tim Knavish，以及資深副總裁兼財務長 Vince Morales。

Our comments relate to the financial information released after US equity markets closed on Tuesday, October 28, 2025. We have posted detailed commentary and the accompanying presentation slides on the Investor Center of our website, ppg.com. Following management's perspective on the company's results, we will move to Q&A -- to the Q&A session.

我們的評論與2025年10月28日星期二美國股市收盤後發布的財務資訊有關。我們已在公司網站ppg.com的投資者中心發布了詳細的評論和相應的簡報。在管理階層對公司績效的闡述之後，我們將進入問答環節。

Both the prepared commentary and discussion during this call may contain forward-looking statements reflecting the company's current view of future events and the potential effect on PPG's operating and financial performance. These statements involve uncertainties and risks which may cause actual results to differ. The company is under no obligation to provide subsequent updates to these forward-looking statements.

本次電話會議的準備評論和討論可能包含前瞻性陳述，反映公司目前對未來事件的看法以及對 PPG 營運和財務表現的潛在影響。這些陳述涉及不確定性和風險，可能導致實際結果與陳述不同。本公司沒有義務對這些前瞻性聲明進行後續更新。

The presentation also contains certain non-GAAP financial measures. The company has provided in the appendix of the presentation materials, which are available on our website. Reconciliation of these non-GAAP (technical difficulty) the most directly comparable GAAP financial measures. For additional information, please PPG's filings with the SEC.

該簡報還包含一些非GAAP財務指標。本公司已在演示材料的附錄中提供了相關信息，這些材料可在我們的網站上獲取。將這些非GAAP（技術難度較高）財務指標與最直接可比較的GAAP財務指標進行調整。有關更多信息，請參閱 PPG 向美國證券交易委員會提交的文件。

Now, let me introduce PPG Chairman and CEO, Tim Knavish.

現在，讓我來介紹一下PPG董事長兼執行長蒂姆·克納維什。

Thank you, Alex, and good morning, everybody. I'll start by providing a few highlights on Q3 2025 and then move to our outlook. I'm very proud of the PPG team's performance for the quarter in Q3. In a very challenging world, the team delivered organic growth, which included both volume growth and price growth, and delivered a record-high Q3 EPS.

謝謝你，Alex，大家早安。我將首先介紹 2025 年第三季的一些亮點，然後再展望未來。我為PPG團隊在第三季的表現感到非常自豪。在充滿挑戰的環境下，團隊實現了有機成長，包括銷售成長和價格成長，並實現了創紀錄的第三季每股收益。

Our results for the quarter reflect the accelerating momentum in PPG's organic sales growth with an increase of 2% including our third consecutive quarter of sales volume growth, despite a challenging macro environment. These results reflect the benefits of PPG's global breadth and our strong commercial execution, which is driving share gains in many of our businesses.

儘管宏觀環境充滿挑戰，但本季 PPG 的有機銷售成長勢頭依然強勁，實現了 2% 的成長，其中包括連續第三個季度的銷售量成長。這些成果體現了 PPG 全球佈局的優勢以及我們強大的商業執行力，這推動了我們在許多業務領域獲得市場份額的成長。

In addition, sales volumes in our Industrial Coatings segments, once again, outpaced industry demand, reflecting benefits from share gains in both packaging coatings and automotive OEM coatings. Several of our businesses in the Performance Coatings segment delivered outstanding results, including double-digit organic sales growth in both aerospace and protective and marine coatings. Although this was offset by lower sales volumes in automotive refinish as our volumes were heavily weighted to the first half of 2025 due to distributor order patterns.

此外，我們工業塗料業務的銷售再次超過了行業需求，這反映出我們在包裝塗料和汽車OEM塗料領域市場份額成長帶來的益處。我們在高性能塗料領域的幾項業務都取得了優異的業績，包括航空航天塗料、防護塗料和船舶塗料的兩位數有機銷售成長。儘管汽車修補漆的銷售量有所下降，但由於經銷商的訂單模式，我們的銷售主要集中在 2025 年上半年，因此抵消了上述影響。

From a regional perspective, the macro environment was choppy. Despite this, PPG organic sales grew a low-single-digit percentage in the US and Canada, representing the third consecutive quarter of year-over-year increases in this region. Organic sales also increased in Latin America and Asia Pacific and were flat in Europe. Solid sales improvement, combined with our aggressive cost management and consistent cash deployment, drove an adjusted earnings per share increase of 5% year-over-year, establishing a third quarter record of $2.13.

從區域角度來看，宏觀環境動盪不安。儘管如此，PPG 在美國和加拿大的有機銷售額仍實現了個位數百分比的成長，這是該地區連續第三個季度實現同比增長。拉丁美洲和亞太地區的有機銷售額也有所成長，而歐洲的有機銷售額則持平。穩健的銷售成長，加上積極的成本管理和持續的現金投入，推動調整後每股收益年增 5%，創下第三季 2.13 美元的紀錄。

Looking at each of our segments, in the Global Architectural Coatings segment, positive selling prices in both regions and volume growth in Latin America were offset by lower volumes in Europe and the impact of divestitures. In Architectural Coatings EMEA, organic sales growth in Eastern Europe was more than offset by lower demand in Western Europe. While volumes remained lower in the quarter, this business has now delivered price growth consistently every quarter over the last nine years, demonstrating the value the customers place on our leading brands and products that we provide.

從我們各個業務部門來看，在全球建築塗料業務板塊，拉丁美洲兩個地區的銷售價格上漲和銷售成長被歐洲銷售下降和資產剝離的影響所抵銷。在歐洲、中東和非洲地區的建築塗料市場，東歐的有機銷售成長被西歐需求的下降所抵消。雖然本季銷售量有所下降，但該業務在過去九年中每季都實現了價格持續成長，這表明客戶對我們提供的領先品牌和產品的重視程度。

In Architectural Coatings Latin America and Asia Pacific, we delivered mid-single-digit organic sales growth in Mexico, aided by solid retail sales. Project-related spending remained lower year-over-year but improved sequentially versus the second quarter.

在拉丁美洲和亞太地區的建築塗料業務中，我們在墨西哥實現了中等個位數的有機銷售成長，這得益於穩健的零售銷售。項目相關支出年比仍較低，但季比第二季有所改善。

We expect sales growth to strengthen in Mexico in the fourth quarter including stronger year-over-year consumer sales and modest improvement in project-related work. Segment EBITDA margin increased as strong pricing and operational excellence, including our cost control actions outpaced the impact of lower sales volumes and business divestitures.

我們預計墨西哥第四季的銷售成長將有所增強，包括消費者銷售額年增率以及專案相關工作的適度改善。由於強勁的定價和卓越的營運（包括我們的成本控制措施）超過了銷售量下降和業務剝離的影響，分部 EBITDA 利潤率有所提高。

The Performance Coatings segment delivered record net sales with a 2% increase in organic sales. Within the segment, aerospace delivered double-digit percentage organic sales growth with record quarter sales and earnings. Customer order backlog increased to $310 million, even as growth-related investments improved manufacturing output during the quarter.

高性能塗料業務部門實現了創紀錄的淨銷售額，有機銷售額成長了 2%。在該領域中，航空航太業務實現了兩位數百分比的有機銷售成長，季度銷售額和收益均創歷史新高。儘管與成長相關的投資提高了本季的製造業產量，但客戶訂單積壓仍增加至 3.1 億美元。

In automotive refinish, organic sales decreased by a double-digit percentage versus the prior year, driven by lower sales volumes in the US. As we communicated on our second-quarter earnings call, our distributor order patterns were heavily weighted to the first half of the year. On a year-to-date basis, PPG's automotive refinish coatings organic sales are outperforming industry demand, which has declined due to lower US industry collision claims.

汽車修補漆業務的有機銷售額較前一年下降了兩位數百分比，主要原因是美國市場的銷售下降。正如我們在第二季財報電話會議上所溝通的那樣，我們的經銷商訂單模式嚴重集中在上半年。今年迄今為止，PPG 汽車修補塗料的有機銷售額超過了行業需求，而行業需求由於美國汽車碰撞索賠減少而下降。

In the third quarter, the company grew the number of refinish link subscriptions as well as MoonWalk hardware installations, which now total more than 3,000, further supporting customer productivity and related share gains. We continue to add tools to our portfolio in order to expand our industry-leading productivity offering and to further strengthen our differentiation and market position.

第三季度，該公司增加了修補連結訂閱數量以及 MoonWalk 硬體安裝量，目前總計超過 3,000 套，進一步提高了客戶生產力並帶來了相關的市場份額成長。我們持續為我們的產品組合添加工具，以擴展我們領先業界的生產力產品，並進一步加強我們的差異化優勢和市場地位。

One such product is our newest clear coat, which is Deltron Premium Glamor Speed Clearcoat. With this product, we have broken a paradigm as it is the first of its kind to be fully designed with AI technology using proprietary PPG data, results in a refinish product and application that combines high-quality appearance with increasing speed of application. This also redefines our innovation process and then applying AI to the design phase allows us to bring market-leading solutions to our customers faster.

其中一款產品是我們最新的透明塗層，即 Deltron Premium Glamor Speed Clearcoat。這款產品打破了傳統模式，它是首款完全採用人工智慧技術，利用 PPG 專有數據進行設計的同類產品，其修補效果和應用方式兼具高品質外觀和不斷提高的施工速度。這也重新定義了我們的創新流程，然後將人工智慧應用於設計階段，使我們能夠更快地為客戶帶來市場領先的解決方案。

Protective and marine coatings delivered the tenth consecutive quarter of year-over-year volume growth with double-digit percentage organic growth in the quarter. Given this strong and consistent performance and further opportunities in various end markets, including marine aftermarket and certain energy markets, we are channeling additional growth-related investments into this business.

防護塗料和船舶塗料連續第十個季度實現年比成​​長，本季有機成長率達到兩位數百分比。鑑於該業務的強勁且持續的業績表現，以及在包括船舶售後市場和某些能源市場在內的各個終端市場的進一步發展機遇，我們將向該業務投入更多與成長相關的投資。

Traffic solutions delivered mid-single-digit percentage organic growth in the quarter driven by share gains given the strength of our industry-leading value proposition. Segment EBITDA margin decreased driven by lower automotive refinish coatings sales volumes and the higher growth-related investment spending in aerospace coatings and protective and marine coatings, partially offset by higher selling prices.

由於我們行業領先的價值主張，流量解決方案在本季度實現了中等個位數百分比的有機增長，市場份額的提升推動了這一增長。業務部門 EBITDA 利潤率下降，主要原因是汽車修補塗料銷量下降，以及航空航天塗料、防護塗料和船舶塗料等成長相關投資支出增加，但部分被更高的售價所抵消。

Our Performance Coatings segment is an important growth engine for the company, and I want to take a moment to talk about the increasing scale and strength of our aerospace business in this segment. Aerospace has grown at a mid-single-digit CAGR over the past 10 years and now represents a third of the segment and a significant part of the overall PPG portfolio.

我們的高性能塗料業務是公司重要的成長引擎，我想藉此機會談談我們航空航太業務在該領域的規模和實力不斷增強的情況。過去 10 年，航空航太業務以中等個位數的複合年增長率成長，目前已佔該業務板塊的三分之一，並且是 PPG 整體業務組合的重要組成部分。

Based on the momentum in the industry and the demand for our highly specialized and qualified products, we expect sales growth CAGR of a mid- to high-single-digit percentage over the next three years. For PPG, this is a business that is equally weighted to OEM and aftermarket, with margins that are accretive to the overall reporting segment.

鑑於產業發展動能以及對我們高度專業化和高品質產品的需求，我們預計未來三年銷售額複合年增長率將達到中高個位數百分比。對於 PPG 而言，這項業務在 OEM 和售後市場方面權重相同，利潤率對整個報告部門都有所提升。

We've experienced significant OEM growth and customers have recently increased their build forecast for the next several years. Based on the nature of this industry, this OEM growth will then translate into additional aftermarket growth in the succeeding years.

我們經歷了顯著的 OEM 成長，客戶最近也提高了未來幾年的生產預測。根據該行業的性質，OEM市場的成長將在未來幾年轉化為售後市場的進一步成長。

Given the significant growth dynamics we're experiencing today and expecting in the future, we are increasing our investments in this business. This includes near-term OpEx investments in '25 and into '26 to further debottleneck our facilities. We also announced an investment in new manufacturing facility, which will be commissioned in 2027, and we will likely have additional investments in the future.

鑑於我們目前正經歷並預期未來將持續的顯著成長勢頭，我們將加大對該業務的投資。這包括 2025 年和 2026 年的近期營運支出投資，以進一步消除我們設施的瓶頸。我們也宣布投資建造新的製造工廠，該工廠將於 2027 年投入使用，未來我們可能還會進行更多投資。

These investments represent more than $0.5 billion and are being completed in order to capitalize on the significant multiyear growth opportunity we have in this business. All of these investments will deliver very strong financial returns for our company. We have a strong and unique growing position across commercial, general aviation, and military, and we are excited that this will accelerate profitable growth for PPG and our shareholders for the foreseeable future.

這些投資總額超過 5 億美元，旨在抓住我們在該行業中擁有的多年顯著增長機會。所有這些投資都將為我們公司帶來非常可觀的財務回報。我們在商業、通用航空和軍事領域擁有強大而獨特的成長地位，我們很高興這將在可預見的未來加速 PPG 和我們股東的獲利成長。

Now, moving to the Industrial Coatings segment. Third-quarter sales volumes increased 4%, outpacing industry demand as we realize the run rate benefit of share gains with strength in automotive OEM coatings and packaging coatings. From a business unit perspective, our automotive OEM business delivered an 8% increase in net sales with growth above market in all regions.

現在，我們來看工業塗料領域。第三季銷售成長 4%，超過了行業需求，因為我們實現了市場份額成長帶來的持續收益，這得益於汽車 OEM 塗料和包裝塗料市場的強勁表現。從業務部門的角度來看，我們的汽車OEM業務淨銷售額成長了8%，所有地區的成長均高於市場平均。

The global light vehicle industry production growth was 4%, which we clearly outpaced. We expect to outgrow the market again in the fourth quarter and throughout 2026. Industrial Coatings sales volumes declined a low-single-digit percentage as growth in Asia Pacific and share gains were offset by lower demand in the US and Europe.

全球輕型汽車產業產量成長率為 4%，我們明顯超過了這個數字。我們預計在第四季度以及整個 2026 年，我們的成長速度將再次超過市場平均值。由於亞太地區的成長和市場份額的提升被美國和歐洲需求的下降所抵消，工業塗料的銷售量下降了個位數百分比。

Packaging Coatings organic sales increased by a double-digit percentage year-over-year, growing significantly above industry rates. These results, again, reflect the positive momentum and share gain in all regions. Segment EBITDA was up 12% year-over-year, reflecting the leverage from organic sales growth, along with our manufacturing productivity and strong cost control actions.

包裝塗料的有機銷售額較去年同期成長兩位數百分比，顯著高於產業平均。這些結果再次反映了所有地區的積極勢頭和市場份額成長。分部 EBITDA 年成長 12%，反映了有機銷售成長帶來的槓桿效應，以及我們製造效率的提高和強有力的成本控制措施。

Now, let me talk about our balance sheet and cash. During the quarter, we completed approximately $150 million in share repurchases and paid $160 million in dividends, which combined totals $1.2 billion delivered to shareholders year-to-date. Our balance sheet is strong, which continues to provide us with financial flexibility, and we remain committed to driving shareholder value.

現在，讓我來談談我們的資產負債表和現金狀況。本季度，我們完成了約 1.5 億美元的股票回購，並支付了 1.6 億美元的股息，今年迄今為止，總計已向股東交付了 12 億美元。我們的資產負債表穩健，這持續為我們提供財務靈活性，我們將繼續致力於提升股東價值。

Looking ahead, we're committed to driving consistent organic sales and earnings growth even in this highly dynamic macroeconomic environment. As a result of the tariffs enacted, we are expecting low-single-digit inflation for the year, and we are actively working with our suppliers to balance volume and price, with most suppliers favoring volume.

展望未來，即使在當前高度動態的宏觀經濟環境下，我們也致力於推動持續的有機銷售和獲利成長。由於關稅的實施，我們預計今年的通貨膨脹率將保持在個位數低位，我們正在積極與供應商合作，以平衡銷售和價格，但大多數供應商更傾向於銷售。

When looking at our guidance, let me quickly recap some of the elements that we expect in the fourth quarter. We see structural strength in our Performance Coatings segment, driven by our technology advantage products in aerospace and protective and marine coatings, which will be offset by lower automotive refinish sales based on customer order patterns. We expect the year-over-year decline in organic sales similar to that in the third quarter as distributors have been managing their inventories heading into year-end.

在展望未來時，讓我快速回顧一下我們對第四季的一些預期要素。我們看到高性能塗料業務板塊的結構性優勢，這主要得益於我們在航空航太、防護塗料和船舶塗料領域的技術優勢產品，但受客戶訂單模式的影響，汽車修補漆銷售額下降，這將抵消高性能塗料業務板塊的強勁成長。我們預計有機銷售額將年減幅度將與第三季類似，因為分銷商一直在為年底管理庫存。

In our Architectural Coatings segment, while European volume trends are anticipated to remain tepid in the upcoming quarter, we expect strong retail sales and modest recovery of project-related spending in Mexico. In the Industrial Coatings segment, the share gains in automotive OEM, packaging, and industrial coatings are yielding benefits, and we expect to outperform the market again in the fourth quarter.

在我們的建築塗料業務板塊，雖然預計下一季歐洲的銷售趨勢將保持疲軟，但我們預計墨西哥的零售銷售將強勁成長，專案相關支出也將溫和復甦。在工業塗料領域，汽車OEM、包裝和工業塗料的市佔率成長正在帶來收益，我們預計在第四季將再次跑贏市場。

Finally, during the fourth quarter, we expect growing benefits from operational excellence programs, including reducing our costs. This, combined with the leverage from the acceleration in volume growth, is expected to drive earnings and margin expansion in our Global Architectural Coatings and Industrial Coatings segments. This will be offset by lower earnings in our Performance Coatings segment due to the business mix. Altogether, we have updated our full-year guidance of adjusted earnings per diluted share to a range of $7.60 to $7.70.

最後，在第四季度，我們預期卓越營運計畫將帶來更多收益，包括降低成本。預計這將推動我們全球建築塗料和工業塗料業務部門的獲利和利潤率擴張，再加上銷售成長加速帶來的槓桿效應。由於業務組合的變化，我們高性能塗料業務部門的收益將會下降，從而抵消上述影響。總而言之，我們將全年調整後每股攤薄收益預期更新為 7.60 美元至 7.70 美元。

In closing, I'm excited about the increasing momentum we have demonstrated in organic growth. In a macroenvironment where industry demand remains subdued, we are benefiting from our sharpened portfolio, with technology differentiated products and customer productivity solutions, which is delivering positive sales price and volumes in 2025 and above industry levels.

最後，我對我們在有機成長方面展現出的日益強勁的勢頭感到興奮。在行業需求仍然疲軟的宏觀環境下，我們受益於我們精簡的產品組合，憑藉技術差異化的產品和客戶生產力解決方案，在 2025 年實現了積極的銷售價格和銷量，並達到了行業水平及以上。

Additionally, the focus we have put on operational excellence, investing in innovation, and driving share gains, combined with our disciplined capital allocation and strong balance sheet, supports our strategy to deliver sustainable top line and bottom line growth in the midterm.

此外，我們專注於卓越營運、投資創新和推動市場份額成長，再加上我們嚴謹的資本配置和強勁的資產負債表，這些都支持我們在中期內實現可持續的營收和利潤成長的策略。

Thank you to our PPG team around the world who make it happen and deliver on our purpose every day. We appreciate your continued confidence in PPG. And this concludes our prepared remarks. And now would you please open the line for questions.

感謝全球各地的 PPG 團隊，是他們讓這一切成為可能，並日復一日地實踐我們的使命。感謝您一直以來對PPG的信任。我們的發言稿到此結束。現在請開放提問環節。

(Operator Instructions) John McNulty, BMO.

（操作說明）John McNulty，BMO。

Tim, you posted some pretty solid growth across the bulk of the platforms. I think six of the nine businesses were mid-single digits or better. So I guess one does stand out, which is the refinish business, which really seemed to be a trouble spot.

提姆，你在大部分平台上都取得了相當不錯的成長。我認為這九家企業中有六家的業績達到或超過個位數。所以我覺得有一個環節比較突出，那就是翻新業務，這似乎真的是個問題所在。

It seems like it was mid- to high-teens decline. So I guess can you speak to why that hit is maybe quite as hard as it was? How you're thinking about the potential for that business to recover and the timing for that?

似乎是從十幾歲到十幾歲開始下降的。所以我想請您談談為什麼這次打擊會如此沉重？您如何看待該企業復甦的可能性以及復甦的時間？

Yeah. Sure, John. Look, let me talk about refinish, right? First of all, I'm confident in our best-in-class productivity solution that will continue to drive share gain. And that becomes important as I explained what's happening here.

是的。當然可以，約翰。好吧，讓我來談談翻新吧？首先，我對我們一流的生產力解決方案充滿信心，它將繼續推動市場份額的成長。而當我解釋這裡發生的事情時，這一點就變得很重要了。

And we do have market share momentum in this business as we continue to introduce new productivity tools for our customers. Look, this is and will be a marquee business for PPG despite a transitory slump in collision claims.

隨著我們不斷為客戶推出新的生產力工具，我們在這個業務領域確實擁有市場份額成長勢頭。你看，儘管碰撞索賠暫時有所下滑，但這仍然是 PPG 的一項支柱業務，而且將來也仍將如此。

And the other thing I'll add is this challenging environment in refinish for the next, whatever number of quarters, which I'll talk about in a few minutes, plays to the strength of the stronger players; plays to the strength of those that bring the best productivity solutions. Because it's not just the coatings manufacturers that's seen a slump in demand, it's the body shops.

我還要補充一點，未來幾季（我稍後會談到）汽車翻新產業充滿挑戰的環境，有利於實力更強的企業；有利於那些能夠提供最佳生產力解決方案的企業。因為不僅塗料製造商的需求下滑，汽車修理廠的需求也下滑了。

And the body shops need productivity to survive the journey. So we have a bit of a slump right now. I'll also remind you, on a full-year basis, our performance is outperforming the industry because of those productivity solutions that I just mentioned.

汽車修理廠需要提高生產力才能生存。所以我們目前遇到了一些低迷期。我還要提醒各位，從全年來看，由於我剛才提到的那些生產力解決方案，我們的業績優於業界平均。

So direct to your question, here's what happened. We highlighted in July that we expected some destocking. The industry, not just PPG, the industry expected normalization of claims as we moved through the year. And the normalization of claims did not happen as early as expected. And so that's driven destocking further than what we expected as we move through the rest of the year.

直接回答你的問題，事情是這樣的。我們在7月就強調過，我們預期會有一些庫存被削減。不僅僅是 PPG，整個行業都預期隨著年時間的推移，索賠會逐漸恢復正常。索賠正常化進程並沒有像預期那樣早地到來。因此，隨著今年剩餘時間的到來，庫存減少的幅度超過了我們的預期。

So what's happening out there, miles driven or still climbing, accident -- actually accident rates are okay. It's translating those accident rates in the collision claims that has been depressed or for some number of quarters now. And that's largely driven by the insurance dynamic, affordability, availability of insurance that has kept some people from submitting claims for fear of losing their insurance or dramatic rate increases.

那麼，目前的情況如何呢？行駛里程數是否還在增加？事故率－實際上事故率還可以接受。正是這些事故率轉化為碰撞索賠，而碰撞索賠已經連續幾個季度處於低迷狀態。這主要是由於保險業的動態、可負擔性和保險的可近性，導致一些人因為害怕失去保險或保費大幅上漲而不敢提出索賠。

If you look at the insurance rates from like 2022 to 2024, they were growing at about a 16% CAGR per year, right, 16% per year average. Now, we have started to see that moderate in 2025 to about a 3% growth CAGR, which is normal, normal to be expected with inflation. So we're expecting that normalization of the insurance situation to drive normalization of collision claims going forward.

如果你看一下 2022 年至 2024 年的保險費率，它們的年複合成長率約為 16%，對吧，平均每年 16%。現在，我們已經開始看到，到 2025 年，成長將放緩至 3% 左右的複合年增長率，這是正常的，在通貨膨脹的情況下，這是可以預期的正常現象。因此，我們預計保險情勢的正常化將推動未來碰撞索賠的正常化。

Now, we'll have a couple -- we're expecting a couple more quarters of this normalization through the whole supply chain and collision network to flow through. From an industry standpoint, we're expecting that normalization to be seen in the middle of 2026.

現在，我們預計整個供應鏈和碰撞網路中的正常化進程還需要幾個季度才能完成。從產業角度來看，我們預期這種正常化將在 2026 年年中出現。

Now for us, we also have some destocking that will occur because of how our inventory -- or I'm sorry, how our distributors bought last year. But that's our expectation is normalization of the industry in the middle of 2026.

現在，由於我們的庫存情況——或者更準確地說，是由於我們的經銷商去年的採購情況——我們也需要進行一些去庫存。但我們預計該產業將在 2026 年年中恢復正常。

Now normalization, I'll remind everybody, normalization is collision claims down low-single-digits, and that's been the case for more than a decade. And in normal situation, even with collision claims down low-single-digits, our refinish -- or our refinish business delivers record year after record year after record year of sales growth and earnings growth.

現在，我要提醒大家，所謂“正常化”，指的是碰撞索賠數量降至個位數以下，這種情況已經持續了十多年。正常情況下，即使碰撞索賠下降到個位數，我們的修補漆業務也能年復一年地實現創紀錄的銷售成長和獲利成長。

So again, it plays to our productivity value proposition as we normalize. And right now, we're having a lot of discussions with several large potential customers that find our productivity value proposition even more attractive in these difficult times, because it resonates. It resonates with what they need to be successful in these challenging times, but also as the market normalizes.

所以，隨著我們逐步恢復正常，這再次體現了我們的生產力價值主張。目前，我們正在與幾家大型潛在客戶進行大量洽談，他們認為在當前困難時期，我們的生產力價值主張更具吸引力，因為它引起了他們的共鳴。它與他們在當前充滿挑戰的時期取得成功所需的需求相契合，也與市場恢復正常後的需求相契合。

So tough market conditions played on our strength. Industry normalization happens in the middle of 2026. We are well positioned for that. And once industry normalization happens, we'll return to sales and earnings growth.

嚴峻的市場環境反而發揮了我們的優勢。產業正常化預計將在2026年中期實現。我們在這方面已經做好了充分準備。一旦行業恢復正常，我們將恢復銷售和獲利成長。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

When I take a step back and look at your business, I mean, the strategy is ultimately paying off. But at the same time, I mean, suffice to say, we're still in a very challenging macro. As the sell and the buy side look out until 2026 and I look at your three new segments, what are the one or two things you think we should be all focusing on in terms of volume growth, subsegment market outperformance in terms of your end markets, new products, margin opportunities? Just how do you see the PPG story evolving if and when the macro, I'd say, eventually gets better over the next, hopefully, 12 to 24 months?

當我退後一步審視你的業務時，我的意思是，這個策略最終會奏效。但同時，我的意思是，總而言之，我們仍然處於一個非常具有挑戰性的宏觀經濟環境中。展望 2026 年，買賣雙方都在關注貴公司的三個新業務板塊，您認為在銷售增長、終端市場細分領域的市場表現、新產品、利潤機會等方面，我們應該重點關注哪一兩件事？如果宏觀經濟狀況在未來 12 到 24 個月內（希望如此）最終好轉，您認為 PPG 的故事會如何發展？

Yeah. Hey, Chris. Good to hear from you. Thanks. So I'll make -- '26, as you know, we normally give our guide in January, and we'll give numbers in January. But I'll make some high-level comments on how we're thinking about it right now to try and answer your question. And if I missed anything, I'm sure Vince will fill it in.

是的。嘿，克里斯。很高興收到你的來信。謝謝。所以我會製作——'26，如您所知，我們通常在1月發布指南，並在1月公佈數據。但我會就我們目前的想法做一些概括性的評論，以嘗試回答你的問題。如果我遺漏了什麼，我相信文斯會補充的。

2026, as always, there will be a lot of puts and takes. But I'll compare how we're viewing it today versus how we viewed it three to six months ago, some key factors. The macro, we're frankly not expecting much improvement in the macro with an exception. I'll talk about that in a minute.

2026年，和往年一樣，會有很多投入和收穫。但我會對比一下我們今天對這個問題的看法與三到六個月前的看法，並分析一些關鍵因素。坦白說，除了個別例外情況外，我們並不指望宏本身會有太大的改進。我稍後會談到這一點。

So the macro maybe choppy, and it certainly has not recovered or gotten momentum that we or anyone else had expected to see at this point. It includes continued uncertainty with global trade, tempering somewhat how businesses spend their money. And of course, as you know, we're tied closely to how our customers invest and spend on growth.

因此，宏觀經濟可能波動不定，而且肯定沒有像我們或其他人預期的那樣在這個時候復甦或獲得成長勢頭。其中包括全球貿易持續的不確定性，這在一定程度上影響了企業的支出方式。當然，如您所知，我們與客戶在成長方面的投資和支出方式密切相關。

Now specific to PPG, we see signs of several markets stabilizing in the middle of next year, later than what we previously thought. You already heard me talk about refinish. So we do expect some carryover refinish volume challenges through the first half as that normalization doesn't -- in the industry doesn't really happen to the middle of '26.

具體到 PPG，我們看到一些市場將在明年年中趨於穩定，比我們之前預想的要晚。你已經聽我說過翻新的事了。因此，我們預計上半年修補漆銷售仍會面臨一些延續性挑戰，因為產業正常化要到 2026 年年中才會真正發生。

And in addition, I remind everybody that we had a very strong first half of refinish sales in the first half of '25 as our distributor order patterns were very favorable as they were stocking up on inventory. So we do have that double effect of industry normalization happening in the middle of the year, plus the comp issue related to 2025 patterns. So look, a pretty muted industrial environment is our outlook for 2026 right now, Chris, with first half in particular being difficult.

此外，我還要提醒大家，2025 年上半年我們的翻新產品銷售額非常強勁，因為我們的經銷商訂單模式非常有利，他們正在囤積庫存。因此，我們確實面臨著產業正常化在年中發生的雙重影響，再加上與 2025 年模式相關的薪酬問題。所以你看，克里斯，目前我們對 2026 年的工業環境展望相當低迷，尤其是上半年會比較困難。

Now, we're partly offsetting these headwinds with, you mentioned, our increasing momentum in several of our businesses regarding organic growth, continuing our self-help cost reductions, aggressive discretionary cost management. We do expect the raw material supply chain to continue to be very long, supportive of coatings companies as we move through 2026 because of the benign macro that I just described. And of course, we'll continue to have cash, cash deployment.

現在，正如您所提到的，我們正在透過以下方式部分抵銷這些不利因素：我們在幾個業務領域不斷增強的內生成長勢頭、持續的自助式成本削減以及積極的酌情成本管理。由於我剛才描述的良性宏觀經濟形勢，我們預計到 2026 年，原材料供應鏈將繼續保持很長的規模，這對塗料公司來說是有利的。當然，我們也會繼續持有現金，並進行現金投資。

So I guess if I were to summarize, we've got several of our end markets that are in challenging market conditions. They're transitory, but they look worse and more extended than we thought as recently as a few months ago.

所以，如果要總結一下的話，我想說的是，我們的一些終端市場正面臨著充滿挑戰的市場環境。它們是暫時的，但看起來比幾個月前我們想像的要糟糕得多，範圍也更廣。

And on the bright side, we continue to control everything we can control. And to your point earlier, we're winning. We have momentum. We're organically growing. We're taking share. We're getting cost out, but all in, 2006 (sic - "2026") look softer in the first half than what we envisioned earlier this year.

好的一面是，我們仍然可以控制我們所能控制的一切。正如你之前所說，我們正在取得勝利。我們現在勢頭正盛。我們正在穩步發展。我們正在搶佔市場份額。我們正在努力降低成本，但總的來說，2006 年（原文如此 - “2026 年”）上半年的經濟形勢看起來比我們今年早些時候的預期要溫和。

Dave Begleiter, Deutsche Bank.

戴夫‧貝格萊特，德意志銀行。

Tim, just on '25, can you talk to what drove the change in your full-year guidance resulted in implied Q4 guidance coming in below consensus expectations?

Tim，關於25號，你能談談是什麼原因導致你調整了全年業績預期，從而隱含的第四季度業績預期低於市場普遍預期嗎？

Sure. Hi, Dave. Frankly, it's all refinished. The -- we did -- as I just described, I think it was in John's question, we were expecting industry normalization earlier. And then we had the double whammy of destocking as our distributors we're also expecting industry normalization earlier. When that didn't happen, now, they're focused on running their inventories down for year-end. So a little bit of a double whammy from refinish is really what caused us to lower our Q4 guidance.

當然。嗨，戴夫。坦白說，一切都重新裝修過了。正如我剛才所描述的那樣，我認為在約翰的問題中也提到了，我們原本預期產業會更早恢復正常。然後，我們又遭遇了雙重打擊：一方面，由於經銷商的庫存減少，另一方面，我們也預期產業正常化會提前到來。當這種情況沒有發生時，他們現在專注於在年底前清空庫存。因此，翻新業務帶來的雙重打擊確實導致我們下調了第四季業績預期。

Yeah. Dave, this is Vince. If you look at more externally and we look at the claims data, which we get each month from the insurance industry, claims in the beginning of the year were down high-single-digits, in some cases, low-double-digits. Our latest claims data was down mid-single-digits. So we do see that starting to improve, but still negative.

是的。戴夫，我是文斯。如果從更外部的角度來看，我們查看每月從保險業獲得的理賠數據，就會發現年初的理賠數量下降了接近兩位數，有些情況下甚至下降了兩位數。我們最新的理賠數據顯示，理賠數量下降了個位數中段。所以我們看到情況開始好轉，但仍然是負面的。

Michael Sison, Wells Fargo.

麥可西森，富國銀行。

Nice quarter. Just curious, maybe I'll pick it one of the other red arrows, Architectural EMEA. What do you think needs to happen for that business to turn around maybe sometime next year? Maybe remind us the regions that is the most important for you and how that business gets back to growth?

不錯的街區。只是好奇，也許我會選擇其他紅色箭頭之一，例如 Architectural EMEA。你認為這家企業需要做些什麼才能在明年某個時候轉虧為盈？或許您可以提醒我們哪些地區對您來說最重要，以及這些地區的業務如何恢復成長？

Yeah. Hey, Mike. Thanks for the question. I thought you're going to ask me about the brown stealers this year, but we'll defer that for another day. But look, ACMA, first of all, I'll answer the last part of your question first. Our biggest markets are France, the Netherlands, UK, and Poland, okay?

是的。嘿，麥克。謝謝你的提問。我以為你會問我今年的偷棕色球衣事件，但我們改天再談吧。但是，ACMA，首先，我先回答你問題的最後一部分。我們最大的市場是法國、荷蘭、英國和波蘭，懂嗎？

Now, beyond those big four, we're number one in a total of like 12 to 15 countries over there, okay? But those are the ones that would move the needle the most. So what's happening, and we continue to see soft demand.

除了這四大巨頭之外，我們在那邊總共有 12 到 15 個國家排名第一，好嗎？但這些才是真正能產生最大影響力的因素。所以現在的情況是，我們持續看到需求疲軟。

I just got back from Europe, and it's consumer confidence-driven. It's inflation. It's interest rate. It's the wars. There's just a lot of things. It's the energy situation in Europe. So there's a lot of things holding back consumer confidence from construction and remodel standpoint.

我剛從歐洲回來，那裡的經濟狀況是由消費者信心所驅動的。這是通貨膨脹。這是利率。是戰爭。事情太多了。這是歐洲的能源狀況。因此，從建築和改造的角度來看，有許多因素阻礙了消費者的信心。

We have great brands. We have great products. We're getting price. You heard my quote earlier, nine straight years, 36 straight quarters of increased pricing. So we're doing everything we can to control the controllables.

我們擁有優秀的品牌。我們的產品很棒。我們正在詢價。你之前也聽到了我的話，連續九年，連續36季漲價。所以我們正在盡一切努力控制可控因素。

We're not waiting for things to recover over there. We are taking aggressive structural cost actions with the anticipation that flat, which we're getting close. We're very close to being flat year-over-year now. Flat demand will be a really good situation for our business because of all the cost out and all the price in.

我們不會坐等那邊的情況恢復。我們正在採取積極的結構性成本控制措施，預計成本將趨於平穩，而我們也正在接近這個目標。我們現在與去年同期相比已經非常接近持平了。需求穩定對我們的業務來說將是一個非常有利的情況，因為成本會下降，價格也會上漲。

So we'll get really, really good leverage as that thing -- I'm not going to say recovers, as that thing stabilizes, and we are beginning to see those signs of stabilization. That will be great and we're not waiting.

所以，隨著那件事——我不會說是恢復，而是隨著那件事趨於穩定，我們將獲得非常好的籌碼，而我們已經開始看到這些穩定的跡象。那太好了，我們等不及了。

Now, we are seeing more recovery in the East right now. And again, on that side of the continent, we're number one in Poland. We're number one in Hungary. We're number one in Romania. We're number one in all of the Baltics. We're number one across Scandinavia.

現在，我們看到東部地區的復甦勢頭更加明顯。而且，在歐洲大陸的這一側，我們在波蘭排名第一。我們在匈牙利排名第一。我們在羅馬尼亞排名第一。我們在波羅的海三國排名第一。我們在整個斯堪的納維亞半島排名第一。

So we're well positioned there as those start to recover. As soon as we see some stabilization in France, UK, Netherlands, then you'll start to see that great leverage that we're expecting.

因此，隨著這些地區開始復甦，我們已經佔據了有利地位。一旦法國、英國、荷蘭的局勢出現一些穩定，我們就會開始看到我們所期待的巨大槓桿效應。

(Operator Instructions) John Roberts, Mizuho.

（操作說明）John Roberts，瑞穗。

Tim, I think BYD recently had its first down sales month in two years. How are you viewing the overall Chinese OEM vehicle outlook? And do you think anti-involution actions there are going to have any impact on the coatings industry?

提姆，我覺得比亞迪最近經歷了兩年來首次銷售下滑。您如何看待中國整車製造商的整體前景？你認為那裡的反倒退行動會對塗料產業產生任何影響嗎？

Hey, John. Yeah. BYD did put up a quarter that, for them, was a bit disappointing. But the overall auto growth in China has been pretty strong all year, and we expect that to continue. And we're growing in China auto despite the challenges there.

嘿，約翰。是的。比亞迪本季的業績對他們來說有點令人失望。但今年以來，中國汽車產業的整體成長相當強勁，我們預計這種勢頭還將持續。儘管面臨諸多挑戰，我們在中國汽車市場仍維持成長。

I do think -- I don't have insight into BYD's books, obviously, but I do think it is extremely competitive over there. And so, perhaps, that's driven a lot of their recent challenge but they continue to be the biggest winner. We are working with and frankly selling to a lot of the other Chinese domestics.

我確實認為——我顯然不了解比亞迪的財務狀況，但我確實認為那裡的競爭非常激烈。因此，或許這就是他們近期面臨許多挑戰的原因，但他們仍然是最大的贏家。我們正在與許多其他中國本土企業合作，坦白說，我們也在向他們銷售產品。

And it's win with the winners as Alicia, who runs that business for us, always says; picking the winners and making sure we're spread out nicely across a number of winners in the marketplace. So we don't expect the double-digit growth rates of China auto that we saw in the past. But we do expect low- to mid-single-digit growth there pretty consistently for the industry and for us.

正如負責我們這項業務的艾莉西亞常說的那樣，我們要與贏家一起贏；挑選贏家，並確保我們在市場上的眾多贏家之間取得良好的平衡。因此，我們預期中國汽車產業不會再出現過去那種兩位數的成長率。但我們預計，對於整個產業和我們本身而言，這一領域的成長將持續保持在個位數低至中等水平。

Yeah. John, this is Vince. I'll just add on, just to -- Tim mentioned this in the opening comments, but we approve the industry in China, but we got approved the industry in every other region as well. Regarding anti-involution, we don't see that as an issue, certainly in the short term or midterm. We think the chemical industry there remains long, and we think they'll continue to provide significant output to our industry even as other industries slow down.

是的。約翰，這是文斯。我再補充一點，就像 Tim 在開場白中提到的那樣，我們在中國批准了該行業，但我們在其他所有地區也都批准了該行業。關於反內捲化問題，我們認為這不是個問題，至少在短期或中期內不是。我們認為那裡的化工產業仍會持續發展，即使其他產業放緩，他們也將繼續為我們的產業提供大量產品。

Kevin McCarthy, VRP.

Kevin McCarthy，VRP。

Tim, if I look at your Performance Coatings results, your sales actually grew year-over-year, notwithstanding the refinish pressure that you articulated. And yet the operating income declined on a year-over-year basis, notwithstanding, looks like a 4% contribution from price.

提姆，如果我看一下你的高效能塗料業務的業績，儘管你提到了翻新業務的壓力，但你的銷售額實際上還是同比增長了。儘管營業收入年減，但價格上漲似乎貢獻了 4% 的利潤。

So can you talk through that? Is that all to do with mix issues related to refinish? Or are there other items that you might call out that would explain that dynamic?

能詳細說說嗎？這是否都與翻新過程中的混合問題有關？或者有其他因素可以解釋這種現象嗎？

Hey, Kevin. Thanks. I hope you're well. It's definitely part of it is mix. Refinish is a above segment, let's say, nicely above segment average business. So when we take a pause in refinish earnings growth and go to earnings reduction, that drives some deleveraging from an EBITDA standpoint for the segment.

嘿，凱文。謝謝。希望你一切都好。這絕對是其中的一部分。修補漆業務是一個高於細分市場平均水平的業務，可以說，它遠高於細分市場的平均水平。因此，當我們暫停汽車翻新業務的獲利成長並轉向獲利下降時，從 EBITDA 的角度來看，這將導致該業務板塊的去槓桿化。

But we are spending -- we are spending well above normal from both OpEx and CapEx in two businesses in that segment, aerospace and protective and marine because those two businesses have been consistently growing at double digit. And we see a long runway for consistent growth capture. And so while that may hurt us in the short term, Kevin, I'm confident that it helps the company and our shareholders for the long term as we invest more to capture that growth.

但是，我們在該領域的兩個業務部門——航空航天和防護及船舶——的營運支出和資本支出都遠高於正常水平，因為這兩個業務部門一直保持著兩位數的成長。我們看到持續成長的前景十分廣闊。因此，凱文，雖然這可能會在短期內對我們造成損害，但我相信，隨著我們增加投資以獲取成長，從長遠來看，這對公司和我們的股東是有益的。

Duffy Fischer, Goldman Sachs.

達菲費雪，高盛集團。

Can I just follow up on that? So when you look at aerospace and protective and marine, you're trying to grow that business. what are their margins like today? Obviously, they're lower than the segment because refinish is so high.

我可以接著問一下嗎？所以，當你審視航空航太、防護和船舶領域時，你都在努力發展這些業務。它們目前的利潤率如何？顯然，它們的價位低於同級別產品，因為翻新成本很高。

But relative to, let's say, the company average, aerospace and protective and marine, where do their margins sit what do their incremental margins look like, let's say, over the next two to three years? And how much longer do you need to have this plus up spending before you get to a cruising altitude?

但是，相對於公司平均水平，例如航空航太、防護和船舶產業，它們的利潤率處於什麼水平？在未來兩到三年內，它們的增量利潤率會是多少？還需要多久才能達到巡航高度？

Hey, Duffy. So let me try to -- as you know, we don't give specific business margins but let me frame it for you. So first of all, Performance Coatings segment, clearly our highest margin segment. That's public. We share that with you every quarter.

嘿，達菲。所以讓我試著解釋一下——您也知道，我們不提供具體的業務利潤率，但讓我為您解釋一下。首先，高性能塗料業務板塊，顯然是我們利潤最高的板塊。這是公開資訊。我們每季都會與您分享這些資訊。

Within that segment, I've always said refinish is nicely above segment average. And I've already said, aerospace is nicely above segment average. And so that leaves two other businesses which must be below segment average with one of them being PMC, okay?

我一直認為，在這個細分市場中，翻新車的水平遠高於平均水平。我之前已經說過，航空航太業的表現遠高於業界平均。所以，剩下的兩家企業肯定都低於行業平均水平，其中一家就是 PMC，懂嗎？

So that answers part of your question. I'll answer some more, and I'm sure Vince captured a few things. And how much longer do we need to spend more there? I think, honestly, aerospace, it's a couple of years more because there's just such tremendous profitable growth to be captured there. Where I'd say PMC, probably a little shorter where the investments are more incremental in PMC. The larger investments are in aerospace.

這樣就回答了你問題的一部分。我也會回答一些問題，我相信文斯也提到了一些事情。我們還要在那裡待多久？老實說，我認為航空航太領域還需要幾年時間，因為那裡還有巨大的獲利成長空間。如果說 PMC 的投資額是遞增的，那麼 PMC 的投資金額可能會稍微少一點。較大的投資集中在航空航太領域。

Yeah. Duffy. Vince. I would add, just to accentuate one of the things Tim said that this growth for our shareholders is important. But both of these businesses are mid- to long-cycle businesses. So we do feel these investments, which are on the front end of this growth curve, will provide us benefit certainly in '26 and '27.

是的。達菲。文斯。我還要補充一點，這正是為了強調提姆所說的一點，那就是這種成長對我們的股東來說非常重要。但這兩個產業的周期都屬於中長週期產業。因此，我們認為這些處於成長曲線前端的投資，肯定會在 2026 年和 2027 年為我們帶來收益。

Some of the investment aerospace, as Tim articulated earlier, our capital, some of them are OpEx. The OpEx, we're going to continue to spend into '26. The capital will be longer, as Tim just mentioned, but we're trying to make sure we are well positioned on the front end of this growth curve that will benefit us for multiple years given the nature of these industries.

正如蒂姆之前闡述的那樣，我們的一些投資是航空航太領域的資本，而另一些則是營運支出。營運支出方面，我們將持續投入 2026 年。正如蒂姆剛才提到的，資金周轉時間會更長，但我們正在努力確保我們能夠很好地掌握這一成長曲線的前端，鑑於這些行業的性質，這將使我們在未來幾年受益。

And in every one of these investments, I can assure you, as IRRs significantly above our risk-adjusted WACC, so good investments for our long-term future and shareholders.

我可以向你保證，每項投資的內部報酬率都遠高於我們經風險調整後的加權平均資本成本，因此對於我們的長期未來和股東而言，都是很好的投資。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

Yeah. Thank you, operator. Good morning, everybody. Tim, can you just give us a bit more color on the operating environment in Mexico? I know for you, it's been bifurcated between the retail component versus project activity. I'm just curious as to how you think about how that will evolve as we cycle into 2026?

是的。謝謝接線生。大家早安。提姆，你能再詳細介紹一下墨西哥的經營環境嗎？我知道對你來說，它已經分為零售部分和專案活動兩部分。我只是好奇，您認為隨著我們進入2026年，這種情況會如何演變？

Yeah. Hey, Ghansham. Good to hear from you. So yeah, Mexico, really important country, as you know. We're very pleased that we are seeing recovery there. Going by memory here a bit, but that's been a consistent growth engine for us since we -- for 10 years, 11 years.

是的。嘿，甘沙姆。很高興收到你的來信。是的，墨西哥，如你所知，是一個非常重要的國家。我們很高興看到那裡的情況正在好轉。我憑記憶說一下，但自從我們成立以來，這一直是我們的持續成長引擎——已經持續了 10 年、11 年。

And we took, I think, a dip. We were negative in Q2 -- or Q1, I mean, because even though Liberation Day wasn't until the beginning of Q2, the Mexico-Canada tariffs were actually announced in February. And literally overnight, we saw a dramatic reduction in spending by consumers and projects.

我想，我們還跳進一個水裡了。我們在第二季（或第一季）出現了虧損，因為儘管解放日要到第二季初才到來，但墨西哥和加拿大之間的關稅實際上是在二月宣布的。一夕之間，消費者和專案的支出就大幅下降。

So we were negative in Q1 and organic growth, which almost never happens for us in Mexico. We returned to positivity in Q2, low-single-digits. Q3 medium and mid-single-digits, and we feel good about -- we feel good about by Q4 as we see continued sequential recovery.

所以，我們第一季出現了負成長，但實現了有機成長，這在墨西哥對我們來說幾乎從未發生過。第二季我們恢復了正向成長，增幅為個位數。第三季為中位數個位數成長，我們對第四季充滿信心，因為我們看到持續的環比復甦。

So retail, in particular, has already come back and come back strong. And now, on top of that, we're beginning to see some sequential improvement in the project spending because remember, a lot of these projects were already in flight. And so they've got to be completed.

因此，零售業尤其已經復甦，復甦勢頭強勁。而且現在，除此之外，我們也開始看到專案支出出現一些連續的改善，因為別忘了，當時很多專案已經在進行中了。所以它們必須完成。

And if you believe that a deal will be reached with Mexico, then that's a huge accelerator to that project spending. So we do feel good that we're seeing recovery. And based on all of our networking in Mexico, we feel good that that will return to what we all expect -- have come to expect from PPG Comex.

如果你相信能與墨西哥達成協議，那麼這將大大加速該計畫的支出。所以我們很高興看到復甦的跡象。基於我們在墨西哥建立的所有關係網絡，我們有信心，這將恢復到我們所有人所期望的——PPG Comex 所期望的狀態。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

When I look at your aerospace capital expenditures going up more than $500 million, is the conclusion that should be drawn is that your annual capital expenditures are going to stay around $700 million or $650 million over the next couple of years? And I know you don't forecast yet but just order of magnitude.

當我看到貴公司在航空航太領域的資本支出增加了 5 億美元以上時，是否可以得出結論：未來幾年貴公司的年度資本支出將維持在 7 億美元或 6.5 億美元左右？我知道你現在還沒做預測，但大概估算一下數量級就行了。

And for Vince, it's a little hard to read some of the working capital changes that you've had, but it looks like cash flows from operations, around $1.6 billion this year. Should they step up to closer to $2 billion in the out years because there isn't the same working capital drag? Or should it just move with that change in your EBITDA?

對 Vince 來說，一些營運資本的變化可能難以解讀，但看起來今年的營運活動現金流約為 16 億美元。由於營運資本拖累較小，他們是否應該在未來幾年將投資金額提高到接近 20 億美元？或者它應該隨著 EBITDA 的變化而變化？

Yeah. Hey, Jeff. Good to hear from you. So aerospace CapEx, it will, let's say, peak this year, '26 and '27. But overall CapEx, our mission is to get back to 3% of sales. I think this year will be the peak of our CapEx spending, 2025. We'll go down a bit in 2026. A bit further in 2027 on a glide path to get back to that 3%.

是的。嘿，傑夫。很高興收到你的來信。所以，航空航太資本支出，比如說，將在今年、2026 年和 2027 年達到高峰。但總體而言，我們的資本支出目標是恢復到銷售額的 3%。我認為今年將是我們資本支出的峰值，2025年也將是峰值。2026年我們會略有下降。到 2027 年，沿著下滑路徑再進一步，就能回到 3% 的目標。

So this is really a temporary spike. And one of the -- honestly, Jeff, it's one of the reasons I called it out is because previous to that, you were just seeing our total CapEx number, and everybody is like, why are you spending more?

所以這只是暫時的波動。說實話，傑夫，我之所以指出這一點，其中一個原因是，在此之前，你看到的只是我們的資本支出總額，每個人都會問，你們為什麼要花更多錢？

We're spending more because one of our most profitable business has a tremendous multiyear, possibly decade growth trajectory that I believe it's in our company's best interest to invest and capture that growth. So I called that out, so you see it. but it doesn't change our long-term objective of about 3% of sales. And we do believe this is the peak and will start to trend down towards that.

我們之所以增加投入，是因為我們最賺錢的業務之一有著巨大的多年成長潛力，甚至可能長達十年，我相信投資並抓住這一成長機會符合我們公司的最佳利益。所以我指出了這一點，這樣你們也看到了。但這並不會改變我們實現3%左右銷售的長期目標。我們相信這是峰值，之後將開始朝峰值方向下降。

On working capital, I know that's Vince's favorite subject, so I'll let him cover it. But one piece of it is, we did -- with all the tariff uncertainty at first, we did pre-buy a bunch of raw materials to capture it at a good price. That bought us time to work through other tariff mitigation actions so that we can control our inflation to that LSD number as we move through the year. We fully expected that that inventory piece of it will normalize by year-end.

關於營運資金，我知道這是文斯最喜歡的話題，所以我就讓他來講吧。但其中有一點是，我們確實——儘管一開始關稅存在諸多不確定性，但我們確實提前購買了一批原材料，以便以優惠的價格獲得它們。這為我們爭取了時間，以便採取其他關稅緩解措施，從而在今年內將通貨膨脹控制在 LSD 水平。我們完全預期到年底庫存部分將恢復正常。

And Vince, you can answer to that.

文斯，你得回答這個問題。

Yeah, Jeff, good to hear from you. Again, just to echo what Tim said, we've had a step-up year-over-year this year in working capital as we look at it as a percent of sales or DIO or whatever metric you want to use. That's a transitory step up.

是的，傑夫，很高興收到你的消息。再次重申 Tim 的說法，今年我們的營運資本年比有所增長，無論我們將其視為銷售額的百分比、DIO 還是任何你想使用的指標。那隻是暫時的進步。

We would expect in the out years to get more leverage as most companies would on inventory. Inventory would be fairly stationary. If our volumes grow, we don't need to have excess inventory storage at our plants as our volumes -- as we return to growth here. So I would expect our operating cash flow to grow at a faster clip than EBITDA in the future years.

我們預計未來幾年我們將像大多數公司一樣，在庫存方面獲得更多槓桿。庫存將保持相對穩定。如果我們的銷售成長，我們就不需要在工廠儲存過多的庫存，因為我們的銷售量——隨著我們恢復成長——也不需要額外的庫存。因此，我預計未來幾年我們的經營現金流成長速度將超過 EBITDA 的成長速度。

Aziza Gazieva, Fermium Research.

阿齊扎·加齊耶娃（Aziza Gazieva），費米研究中心。

You recently highlighted that epoxy resins have been inflating slightly. I was wondering if you could provide any outlook on that and maybe some of the puts and takes for the expectations for low-single-digit inflation on raws?

您最近提到環氧樹脂的價格略有上漲。我想知道您能否對此提供一些展望，以及對於原物料價格預期維持在個位數低位的看漲和看跌觀點？

Yeah. Hi, Aziza. I was going to ask Frank about how he's feeling about the fields for Roger's swap that led to the jet success, but maybe you can pass that question on for me. So epoxies were actually impacted prior to Trump, right?

是的。你好，阿齊札。我本來想問法蘭克，他對羅傑的交換如何看待最終促成噴射機成功的交易，但也許你可以幫我把這個問題轉達給他。所以環氧樹脂行業實際上在川普上台之前就已經受到影響了，對吧？

Last year, there were some antidumping and some tariffs on under the Biden administration. And so we already had that built into our contributors to the low-single-digit inflation. In fact, that's a differentiator between us and maybe companies that are more weighted towards architectural coatings because architectural coatings don't use epoxy but things like automotive, packaging, PMC, industrial, do use epoxy.

去年，拜登政府推出了一些反傾銷措施和關稅政策。因此，我們已經將這一點納入了導致個位數低通膨的因素。事實上，這正是我們與那些更專注於建築塗料的公司之間的區別，因為建築塗料不使用環氧樹脂，而汽車、包裝、PMC、工業等領域則使用環氧樹脂。

So it's actually one of the key contributors. It's not a huge impact for us. And it's -- again, it's all built into our low-single-digit guide for the year. And even as we look to next year, the supply/demand calculus is still very much in favor of us. And our purchasing team is finding that our upstream suppliers, in many spaces, including epoxy, are looking to do volume deals than price increases.

所以它實際上是主要貢獻者之一。這對我們來說影響不大。而且——再說一遍，這一切都已納入我們今年的個位數低位預測指南中。即使展望明年，供需關係仍然對我們非常有利。我們的採購團隊發現，包括環氧樹脂在內的許多領域的上游供應商，都更傾向於達成批量交易而不是提價。

Yeah. Aziza, I'll just add on here, working with our procurement team, one of the angles and we're working is if you recall, during the supply chain crisis, most companies, including PPG, we expanded our supplier base to make sure we had a sure supply of many raw materials.

是的。阿齊扎，我再補充一點，我們與採購團隊合作，其中一個角度是，如果你還記得的話，在供應鏈危機期間，包括 PPG 在內的大多數公司都擴大了供應商基礎，以確保我們有許多原材料的穩定供應。

Now, that the supply chain crisis has passed, we are now in the process of contracting our supply base back to our prior weightings. So we're able to share more volume with fewer suppliers, which we also think will contribute next year to the raw material environment we're seeing today.

現在，隨著供應鏈危機的過去，我們正在逐步將供應基礎恢復到先前的規模。因此，我們可以與更少的供應商分享更多的產量，我們認為這也有助於明年我們目前看到的原材料環境。

James Hooper, Bernstein Societe Generale.

詹姆斯‧胡珀，伯恩斯坦興業銀行。

My question is about a bigger picture question. It seems that a lot of the coatings players and your peers are all seeming calling out share gains. And this seems to be an increasingly competitive volume environment.

我的問題是關於一個更宏觀的問題。看來很多塗料企業和你的同業都在宣稱市佔率有所成長。而且，這似乎也是一個競爭日益激烈的銷售環境。

So for example, if we take refinish, you compared to the reported SSA so they gained share and grew mid-single-digit. Are you seeing a more competitive in a volume environment? Or are you expecting more pressure across your businesses going forward in 2026?

例如，如果我們以汽車翻新為例，與報告的 SSA 相比，他們獲得了市場份額，並實現了中等個位數的成長。您是否覺得在銷量較大的環境下競爭更加激烈？或者，您預計到 2026 年，您的企業將面臨更大的壓力？

Yeah. Hi, James. I don't see any, what I would call, fundamental changes in the competitive structure within our businesses, with one caveat, and that's China. China has more competitors. That's not a change. And so it's a more competitive environment.

是的。你好，詹姆斯。除了中國以外，我認為我們企業內部的競爭結構不會有任何根本性的改變。中國的競爭對手更多。那不算改變。因此，競爭環境更加激烈。

But specific to your point about refinish, I've said many times, there are two companies that lead the pack with productivity solutions and we fight each other every day. And we win and sometimes lose to each other every day. But the bigger picture is that the companies that don't have as much of those productivity solutions are the net losers over time.

但就你提到的翻新問題而言，我已經說過很多次了，有兩家公司在生產力解決方案方面處於領先地位，我們每天都在相互競爭。我們每天都會和對方有輸有贏。但從更宏觀的角度來看，那些沒有那麼多生產力解決方案的公司，從長遠來看，最終會成為輸家。

And that becomes even more accentuated when the industry times are tough because, again, the body shops really need those industry players that have the productivity solutions. So am I surprised that that one particular competitor gained share -- announced gainshare yesterday? Absolutely not.

當產業情況嚴峻時，這一點就更加突出了，因為汽車修理廠確實需要那些擁有生產力解決方案的產業參與者。所以，我對那個特定的競爭對手獲得市場份額——昨天宣布的市佔率成長——感到驚訝嗎？絕對不是。

We are absolutely gaining share as well and quite confident. And we just introduced a couple of new -- we've been supplying digital as well as chemistry productivity solutions to our portfolio over finish to win even more share. We just announced a couple of new ones this quarter. So as we continue to boost that value proposition, and I'm confident that we'll continue to gain share.

我們的市佔率也在穩定成長，我們對此非常有信心。我們剛剛推出了一些新產品——我們一直在為我們的產品組合提供數位化和化學生產力解決方案，以贏得更多市場份額。我們本季剛剛發布了幾個新產品。因此，隨著我們不斷提升這一價值主張，我相信我們將繼續擴大市場份額。

And as I mentioned in my remarks, I think it maybe was, to John's question, the first one; we're actively getting interest from some potential customers now that are fairly sizable and that we weren't previously because of the challenges in the industry and the value of our productivity solutions. So fundamentally, are we're seeing some fundamental change in the competitive dynamic out there? Not really, but we are seeing increased pull for our value proposition.

正如我在發言中提到的，我認為對於約翰的問題，或許是第一個問題；我們現在正積極地從一些相當大的潛在客戶那裡獲得關注，而此前由於行業的挑戰和我們生產力解決方案的價值，我們並沒有獲得這些關注。從根本上講，我們是否正在看到競爭格局發生一些根本性的變化？並非如此，但我們看到市場對我們價值主張的需求正在增加。

Hey, James. This is Vince. Let me just add a comment there. I think we always measure the litmus test of the value proposition is if you're gaining share, i.e., higher volume, plus you have positive price. That shows you have a true value proposition. And I think when you look at our results, you'll see that across many of our businesses.

嘿，詹姆斯。這是文斯。我只想補充一點。我認為衡量價值主張的試金石始終是：你是否獲得了市場份額，即更高的銷量，而且價格是正面的。這說明你確實有真正的價值主張。我認為，當你查看我們的業績時，你會發現這一點在我們許多業務中都得到了體現。

Plus, we get paid for those digital solutions in addition to the coatings that we sell.

此外，除了我們銷售的塗料之外，我們還能從這些數位解決方案中獲得收入。

Patrick Cunningham, Citigroup.

派崔克‧坎寧安，花旗集團。

Maybe a related question on share gains. So you've previously quantified some of the industrial share gains at $100 million. I guess, first, is that still tracking to plan? And how would you characterize your ability to price and the margin profile of some of this new auto OEM business or some of this new packaging business? Or is that not relevant?

或許可以問一個關於股票報酬的相關問題。所以你之前已經量化了部分工業股的收益，約 1 億美元。首先，我想問的是，目前進度是否仍按計畫進行？那麼，您如何評價您在一些新的汽車OEM業務或一些新的包裝業務中的定價能力和利潤率狀況？或者說，這無關緊要？

Yeah, Patrick, let me start here. I think what we've been talking about, and I know we've talked over the last couple of years, is volume plus volume leverage. And you can see that clearly in our Industrial segment results where we've had some volume growth, but significant leverage on the bottom line. And so our biggest earnings lever off that volume is that leverage we're getting on our fixed costs.

好的，派崔克，我就從這裡開始。我認為我們一直在討論的，而且我知道我們在過去幾年裡一直在討論的，是成交量加上成交量槓桿。從我們的工業部門業績中可以清楚看出這一點，雖然銷量有所成長，但利潤卻大幅下降。因此，我們從銷售中獲得的最大收益槓桿就是我們從固定成本中獲得的槓桿效應。

Yeah. And to your question on the $100 million, I think, we quoted that $100 million a year ago and all of that $100 million is starting to flow through now because most of those were launched or are being launched here in the second half of the year. None of that went away.

是的。至於你提到的 1 億美元，我想，我們一年前就承諾過 1 億美元，而這 1 億美元現在開始陸續到位，因為其中大部分項目已經或正在今年下半年啟動。那些事都沒有消失。

But in addition to that, Patrick, we've been winning business throughout the year. And on these longer launch businesses, that's typically the case in Industrial segment, in packaging, in automotive, and industrial you'll see more and more of those wins above and beyond the $100 million start to flow through.

但除此之外，派崔克，我們全年都在不斷贏得業務。在這些啟動週期較長的業務中，這種情況通常發生在工業領域、包裝領域、汽車領域和工業領域，你會看到越來越多的此類成功案例超過 1 億美元，開始流入市場。

Again, it won't, unfortunately, and particularly and in the first half of 2026, it won't be enough to offset some of those macro things I talked about earlier. It won't be enough to offset that refinish comp issue on distributor buying patterns, but those are transitory items. So as the transitory pressure starts to come off, then we'll be better positioned as we go forward for the midterm.

很遺憾，這不會奏效，尤其是在 2026 年上半年，這不足以抵消我之前提到的一些宏觀因素。這不足以抵銷經銷商採購模式中翻新競爭問題的影響，但這些都是暫時的因素。隨著暫時的壓力逐漸消退，我們在迎接中期選舉時將處於更有利的地位。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Tim, wondering if you could speak a little bit about the M&A environment, both large and small? One of your competitors has made a big exit to private equity. Another on their conference call was talking up potential for further consolidation in the industry, overall, but not clear what it was going to be.

提姆，能否請你談談併購環境，包括大型和小型併購？你的一個競爭對手已經成功退出，轉投私募股權公司。在他們的電話會議上，另一位與會者談到了整個行業進一步整合的可能性，但沒有明確說明整合的具體方向。

So just curious how you're thinking about things you referenced your balance sheet and flexibility earlier in the call. You've been acquisitive and good at it in the past. So what are you thinking going to '26, both large and small?

所以，我很好奇你對您之前在電話會議中提到的資產負債表和靈活性等問題是如何考慮的。你過去就很有佔有欲，而且很擅長獲取東西。那麼，你對2026年有什麼想法呢？無論是大型活動還是小型活動？

Yeah. Thanks, Vincent. I've said many times since I took over and been pretty consistent that the tip of the spear for PPG is to build an organic growth and margin machine. And we've been doing that, working hard on it.

是的。謝謝你，文森。自從我接手以來，我多次說過，而且一直堅持認為，PPG 的首要任務是打造一台有機成長和利潤機器。我們一直在努力做這件事。

We're starting to see the fruits of our labor. We're winning. We have momentum. That organic growth and margin machine is working.

我們開始看到勞動成果了。我們贏了。我們現在勢頭正盛。這種有機成長和利潤提升機制正在發揮作用。

Now, consistent with that from day one, I've also said, we're not going to exclude M&A. It is part of the algorithm for growth for us long term, but it's not the tip of the spear like maybe it was a decade or so ago. But we will look at anything that comes across our desk. I talked earlier about a couple that we did take a close look at with the Brazil architectural with the recent auto refinish and pretreatment opportunity, I think it's in our best interest, our shareholders' best interest to look at every opportunity that comes along.

從一開始我就說過，我們不會排除併購的可能性。從長遠來看，它是我們成長演算法的一部分，但它不再像十年前那樣是決定性因素了。但我們會認真對待擺在我們面前的任何申請。我之前提到我們仔細檢視過的幾個項目，包括巴西的建築項目，以及最近汽車修補和預處理方面的機會。我認為，抓住每一個機會符合我們和我們股東的最大利益。

There are some bolt-ons out there that we look at and are looking at. I've also said it has to be the right asset at the right price and at the right time relative to that organic growth and margin machine. And that hasn't changed and doesn't change now.

我們正在研究一些外掛式改裝件。我還說過，相對於內生成長和利潤率提升機製而言，必須是價格合適、時機適當的合適資產。這一點過去沒有改變，現在也不會改變。

It will continue to execute on building that organic growth in margin machine. We will look at M&A opportunities that come along. And we'll decide is that the best use of cash for our shareholders? If not, we'll move on and keep using that cash like we've been for the last eight quarters and executing on our organic growth and margin machine.

它將繼續推進建構利潤率有機成長的機制。我們將關注出現的併購機會。我們會決定這是否是股東最有利的現金使用方式？如果不行，我們將繼續像過去八個季度那樣利用這筆現金，繼續推進我們的內生成長和利潤率提升計劃。

Aleksey Yefremov, Key Group.

Aleksey Yefremov，Key Group。

This is Ryan on for Aleksey. There's been a lot of questions on refinish this morning, so I figured I'd tag a couple more on. Can you maybe just help us understand the differences in what's going on in the US market versus maybe what's going on in Europe right now?

這是瑞恩替阿列克謝發言。今天早上有很多關於翻新的問題，所以我想再補充幾個。您能否幫我們了解目前美國市場和歐洲市場有哪些不同？

And then just on share gains. I understand you and peers are talking about them in the refinish market. Can you maybe help us understand maybe which regions or segments of the market where you guys feel like you're kind of gaining share?

然後只是股價上漲。我知道你和同行們正在汽車修補漆市場討論它們。能否請您幫我們了解一下，在哪些地區或細分市場，你們覺得你們的市佔率正在不斷成長？

Hey, Ryan. This is Vince. Let me start and then Tim will add some color here. Specific to your first question on US versus non-US markets, I think it dovetails exactly what we're talking about, which is insurance premiums in the US are up significantly.

嘿，瑞恩。這是文斯。我先開始，然後提姆會補充一些細節。關於你提出的第一個問題，即美國市場與非美國市場的區別，我認為這正好與我們正在討論的內容相吻合，那就是美國的保費大幅上漲。

We're not seeing that dynamic outside the US, and we're seeing claims rates outside the US, more closely parallel accident rates. So if we look at Europe, claims are down maybe mid-single digits, not double digits that we saw year-to-date in the US, same in other parts of the world. So again, that, I think, provides additional color around the insurance premiums being a causation factor in the US.

我們在美國以外的地方並沒有看到這種趨勢，我們發現美國以外地區的索賠率與事故率更接近。因此，如果我們看看歐洲，索賠數量可能下降了個位數，而不是像美國今年迄今為止那樣下降了兩位數，世界其他地區的情況也是如此。所以，我認為這進一步印證了保險費是美國的一個致病因素。

Yeah. And on the share gains, we're gaining share -- most of the wins that we've been seeing have been across both the US and Europe. And in the US, the competitor that the -- the number one and number two are net-net winning, sometimes a three or a four or a five.

是的。至於市場份額的成長，我們正在獲得市場份額——我們看到的大部分增長都來自美國和歐洲。在美國，排名第一和第二的競爭對手淨勝，有時是排名第三、第四或第五的。

We'll talk about share gain is driven by maybe one shift of a customer but not the broad multi-hundreds per quarter net shop wins that us, and I suspect that, that other number one or number two delivers. So it really comes down to we're beyond just as an industry, providing solutions of chemistry inside the can of paint.

我們會討論市場佔有率的成長可能源自於一個客戶的轉變，而不是我們（我懷疑）其他排名第一或第二的公司每季贏得的數百美元的淨銷售額。所以歸根結底，我們作為一個行業，已經超越了僅僅在油漆罐內提供化學解決方案的範疇。

And we are proud of the solutions that we now provide outside of the can of paint that drive productivity. And net-net, that is driving share gain across the United States and Europe for the most part. Of course, in the other smaller regions, there's also a share shift, but that's what's moving the needle.

我們為現在提供的、超越傳統油漆罐的解決方案感到自豪，這些解決方案能夠提高生產力。總而言之，這在很大程度上推動了美國和歐洲市場份額的成長。當然，在其他較小的地區，份額也發生了變化，但這才是真正產生影響的因素。

Yeah. And again, I know there's a lot of discussion about the refinish pie, if you will. And as Tim mentioned earlier, that typically would shrink a low percentage every year. What we've done, which is unique to PPG is we're re-expanding that revenue pie for us because we do have PPG-specific revenue streams with the polls Tim mentioned earlier.

是的。我知道大家對翻新市場有很多討論。正如蒂姆之前提到的那樣，這種情況通常每年只會縮小很小的比例。我們所做的，也是 PPG 獨有的，就是重新擴大我們的收入蛋糕，因為我們確實有 PPG 特有的收入來源，例如 Tim 之前提到的民意調查。

These are subscription -- typically subscription-based, somewhat volume agnostic, and they're providing productivity so the customers are willing to pay incrementally for them. So again, for PPG, in particular, we're able to re-expand that pie from a revenue perspective.

這些產品都是訂閱制的——通常基於訂閱，對使用量沒有太大影響，而且它們能提高生產力，所以客戶願意分期付費。所以，就 PPG 而言，我們能夠從收入的角度重新擴大市場份額。

Yeah. So again, refinish is getting a lot of air time today, and that's, by the way. No surprise. So if you think about what I've talked about and Vince talked about, and now being forward to when we get through this transitory slump and get to normalization, you'll have a PPG that has more body shops using our products.

是的。所以，今天翻新又成了熱門話題，順便一提。毫不意外。所以，想想我和文斯都談過的事情，再展望一下，當我們度過這段暫時的低迷期並恢復正常時，你會看到更多汽車修理廠使用 PPG 的產品。

You have a PPG that has more body shops using our digital products. And you'll have a PPG that has more shops using our allied products, which are non-digital, non-paint complementary products that are used and consumed by the body shops. So we're really working hard and making great strides in positioning PPG for real strength in the refinish market as it normalizes in the middle of next year.

你們PPG旗下有更多汽車修理廠在使用我們的數位產品。這樣一來，PPG 旗下就會有更多店鋪使用我們的相關產品，這些產品是非數位、非油漆的輔助產品，由汽車修理廠使用和消耗。因此，我們正在努力工作，並取得了長足的進步，使 PPG 在明年年中汽車修補漆市場恢復正常時能夠真正佔據優勢地位。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴公司。

You mentioned, Tim, the new Clearcoat product that was developed by AI or with the help of AI. I was hoping that you could give us a little bit more detail on the role that AI is playing on the innovation front.

Tim，你提到了由人工智慧或借助人工智慧開發的新型清漆產品。我希望您能更詳細地介紹一下人工智慧在創新領域中所扮演的角色。

Yeah. Hey, Mike. Hope you're doing well. Yeah, we're really excited about this. We've been -- just -- and again, I'm not an AI expert, right? But fortunately, I have many of them working for us that do the hard work.

是的。嘿，麥克。希望你一切都好。是的，我們對此感到非常興奮。我們一直——只是——而且再說一遍，我不是人工智慧專家，對吧？但幸運的是，我們公司有很多這樣的員工，他們辛勤工作。

Essentially, think of it this way, we've got a 100-plus years of PPG proprietary formulation expertise around our laboratories around the world. And what we've done is we've developed tools working with some partners that really go out and scrape that history of formulation to optimize much quicker than humans can optimize the best performing product at the most competitive price point, and with the best speed of launch to market.

從本質上講，你可以這樣理解，我們在世界各地的實驗室擁有超過 100 年的 PPG 專有配方專業知識。我們與一些合作夥伴共同開發了一些工具，這些工具能夠真正地挖掘配方歷史，從而比人類更快地優化出性能最佳、價格最具競爭力、上市速度最快的產品。

And this is just the first product to do that, and it's not only refinish. We're expanding that across our other businesses. And by the end of this year, we expect about 50 products to be commercialized that have used what we call formulation AI. Some of those products are new, but some of them are just optimization of existing formulas using this technique across our 100-plus years of PPG confidential, proprietary data.

而且這只是第一款能做到這一點的產品，它不僅僅是翻新產品。我們正在將這種模式推廣到我們其他業務領域。到今年年底，我們預計將有大約 50 款產品商業化，這些產品都採用了我們稱為配方人工智慧的技術。有些產品是全新的，但有些產品只是利用我們 100 多年來 PPG 的機密專有數據，透過這項技術對現有配方進行最佳化。

And I'd love to talk to you about all the other ways that we're using AI to drive both internal productivity but also customer-facing speed and optimization, but that will be a discussion for another day. But we called this out because it's really a milestone moment for us with the launch of this first of many products.

我很樂意和你們談談我們如何利用人工智慧來提高內部生產力以及面向客戶的速度和優化，但這可以留待以後再討論。但我們之所以特別指出這一點，是因為這是我們眾多產品中的第一款，對我們來說確實是一個里程碑式的時刻。

And Mike, just a clarification, when Tim says at the best price point, what that means for us is the best composition of raw materials at the lowest price for us, agnostic of vendor -- specific vendors. So we're able to put together the best raw material stack pricing and get the best outcome for our customers in terms of color performance, et cetera.

麥克，我澄清一下，提姆所說的「最佳價格點」對我們來說意味著以最低的價格獲得最佳的原材料配比，而與供應商無關——不是指特定的供應商。因此，我們能夠制定最佳的原料組合定價，並在色彩表現等方面為我們的客戶帶來最佳效果。

Arun Viswanathan, RBC.

Arun Viswanathan，RBC。

I hope you guys are well. I guess I just wanted to ask about the portfolio overall. It seems like we still get impacted by -- you're being impacted by several headwinds across many of your Industrial-oriented businesses. Are there further actions you can take there maybe to redeploy some of that capital into aerospace and other areas that are growing and maybe deprioritize some of the more cyclical businesses?

希望你們一切都好。我只是想問一下關於投資組合的整體情況。看來我們仍然受到——你們的許多工業導向業務都受到了多方面不利因素的影響。您還可以採取哪些進一步措施，例如將部分資金重新部署到航空航太和其他成長領域，並降低對一些週期性較強業務的投資？

I know you've already taken some actions there with the [Silica] and Architectural divestitures. And along those lines, are there any businesses where you're potentially a number three or number four competitor? Or has that also been addressed?

我知道你們已經採取了一些行動，例如剝離 [Silica] 和 Architectural 的資產。那麼，從這個角度來看，你是否有可能成為排名第三或第四的競爭對手？或者這個問題也已經討論過了？

Hey, Arun. I'll let Tim add all the color here. But I do -- you did mention our two divestitures this year, which is Architectural, Russia, and Silica. And we did have about a $0.05 decrement year-over-year due to that, those divestitures in terms of segment earnings. So on a like-for-like basis, our numbers are actually up with our current business portfolio more than the straight headline number.

嘿，阿倫。接下來就讓蒂姆來補充細節吧。但我確實提到了我們今年剝離的兩項業務，分別是建築、俄羅斯和矽業。由於這些資產剝離，我們的部門收益比去年同期減少了約 0.05 美元。因此，以同等條件計算，我們目前的業務組合的實際業績比公佈的整體業績更高。

Yeah. Look, Arun, we have been -- actually, look, I've been here 38 years. I think you know that. I'd say we've been more active in portfolio management in the last couple of years than we were since the big pivot from glass coatings chemicals to coatings.

是的。聽著，阿倫，我們已經──實際上，聽著，我在這裡已經38年了。我想你知道的。我認為，在過去幾年裡，我們在投資組合管理方面比從玻璃塗料化學品轉向塗料以來更加積極主動。

So 1.5 decades or 2 decades, we're very active on the portfolio management. Architectural US, Silicas, Russia, traffic solutions, exiting Africa countries that were holding us back, and a number of other pruning around the corners.

所以，在過去的15年或20年裡，我們一直非常積極地進行投資組合管理。美國建築、矽業、俄羅斯、交通解決方案、退出阻礙我們前進的非洲國家，以及其他一些需要精簡的面向。

One thing, if you look at the EBITDA, the segment EBITDA of our company before we did this portfolio pruning, we were typically -- if you look at '18, '19, '22; I ignore the two -- the main COVID years, but '18, '19, '22, we are consistently like a 15% EBITDA company. We're consistently like a 20% EBITDA company now.

有一點，如果你看一下 EBITDA，也就是我們公司在進行此次投資組合精簡之前的分部 EBITDA，我們通常——如果你看一下 2018 年、2019 年、2022 年；我忽略了那兩年——新冠疫情的主要年份，但在 2018 年、2019 年、202 年，我們的 EBIT我們現在一直保持著相當於 20% EBITDA 的公司水準。

So we're very pleased with the work that we've done to date from a cleanup and optimization standpoint. We will continue to prune. I would tell you there's nothing that we're working on right now to exit that would move the needle. It's more pruning around the edges.

因此，從清理和優化的角度來看，我們對迄今為止所做的工作感到非常滿意。我們將繼續修剪。我可以告訴你，我們目前沒有任何正在研發的、能夠產生重大影響的上市產品。更多的是修剪邊緣部分。

But I hope that with what we've done over the last couple of years, I hope that that's given us some credibility that we are constantly looking at our portfolio. It's one of my main jobs as a CEO, and I will continue to do that going forward.

但我希望，透過我們過去幾年所做的工作，能夠讓大家相信我們一直在審視我們的投資組合。身為首席執行官，這是我的主要職責之一，我今後也會繼續履行這項職責。

(Operator Instructions) Josh Spector, UBS.

（操作說明）Josh Spector，瑞銀集團。

Just a quick one relating to capital allocation again. It's just, if I look at buybacks, you're buying back less in the second half this year than you were last year. Your stock is lower. You guys have, obviously, some view of a delayed improvement in the second half, but all the comments around organic investments seem as positive as they've been. So the quick question here is, why aren't you buying back more stock now? What's holding you back?

再簡單問一下關於資本配置的問題。只是，如果我看一下股票回購狀況，就會發現今年下半年你們的回購量比去年同期少。你的股票價格下跌了。顯然，你們對下半年的改善有所延遲，但所有關於有機投資的評論似乎都和以往一樣積極。所以，這裡最直接的問題是，為什麼你們現在不回購更多股票？是什麼阻礙了你？

Yeah. Hey, Josh. We didn't squeeze you in. We love to have you in. So please keep the good questions coming. Good to hear from you.

是的。嘿，喬許。我們沒有硬塞給你。我們非常歡迎你的到來。所以請大家繼續提出好問題。很高興收到你的來信。

I hope if nothing else that you guys will recognize that I've been consistent since I took over. And I said I will not let cash grow on the balance sheet. And 11 straight quarters I've been saying that. Three of those quarters, we had to pay down some high-cost debt after Tikkurila. And the other eight, we have been buying back shares eight quarters in a row.

我希望你們至少能體認到，自從我接手以來，我的工作一直都很穩定。我說過我不會讓資產負債表上的現金成長。我已經連續11季這麼說了。其中三個季度，我們在提庫里拉事件後不得不償還一些高成本債務。而其他八家公司，我們已經連續八個季度回購了股票。

So for the 12th quarter, I'll continue to say, I will not let cash grow on the balance sheet. I would deploy it in a way that maximizes shareholder value. Unlike some others, we do pay a nice dividend. We will -- we have this extra investment for a transitory period to capture future growth.

所以，在第 12 季度，我將繼續表示，我不會讓資產負債表上的現金增加。我會以最大化股東價值的方式來部署這筆資金。與其他一些公司不同，我們確實會支付不錯的股息。我們將——我們有這筆額外的投資，用於過渡時期，以抓住未來的成長機會。

We will continue to look at M&A on an opportunistic basis. And if we see a great deal that maximize the shareholder value, we'll jump on it. And what for all of those, you should expect the behavior that we've done in the last eight quarters.

我們將繼續以機會主義的方式進行併購活動。如果我們發現能最大限度提升股東價值的絕佳交易，我們會毫不猶豫地抓住機會。對於所有這些，你們應該預料到我們會像過去八個季度那樣行事。

Now remember, some of what we did fourth quarter last year, first quarter of this year, we got proceeds from the sales of some businesses. So we deployed those and bought more shares back. And look, your point on stock price, yeah, it's absolutely undervalued right now. And so that's a pretty good use of the cash that we have and so you should expect me to continue to behave and operate in that way.

請記住，去年第四季度和今年第一季度，我們透過出售一些業務獲得了部分收益。所以我們部署了這些資金，回購了更多股票。你看，關於股價，沒錯，它現在絕對被低估了。所以，這是我們對現有資金相當不錯的利用方式，因此你們應該期待我繼續以這種方式行事和運作。

Yeah. And just a point of clarification. We do have a little bit of a gross-up cash balance now, but we have a gross up short term. We have some debt coming due in the fourth quarter that we're going to pay off here in a couple of weeks. So that cash balance at the end of the quarter reflects that debt payment coming due here.

是的。還有一點需要澄清。我們現在確實有一些現金餘額，但我們有短期債務。我們有一些債務將在第四季度到期，我們將在幾週內償還。因此，季度末的現金餘額反映了即將到期的債務支付。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Just pretty quickly on aerospace. If memory serves your content per plane over time should grow about 1% or 2% faster than inflation. Is that roughly right? And as you think about adjacencies or innovation platforms, is there -- what can you do to accelerate that?

簡單談談航空航天。如果我沒記錯的話，隨著時間的推移，每架飛機的飛機上 ...大致如此嗎？當你思考鄰近領域或創新平台時，你能做些什麼來加速這個進程？

Thank you for that question, Laurence. That's my favorite one.

謝謝你的提問，勞倫斯。那是我最喜歡的。

By the way, we are growing much more than 1% or 2% per year in content. We capture price because of the great value that we add and we also grow our physical content significantly in this business. And how do we do that? Well, the biggest piece of this business is our sealing business, right?

順便說一句，我們的內容年增長率遠超過 1% 或 2%。我們之所以能獲得高價，是因為我們創造了巨大的價值，而且我們在這個行業中也大幅增加了實體內容。我們該如何做到這一點？嗯，我們這項業務中最大的部分就是密封業務，對吧？

And that, we have a very strong technology differentiation, and we're constantly growing content per build across the sealant space. And it's tremendous value-add content because we don't just supply the bulk sealant, we supply it in specialty packaging or actually in frozen end cap format to really help our customers not only with the performance of the sealant itself, but with productivity and applying it.

而且，我們在技術上擁有非常強大的差異化優勢，並且我們不斷增加密封劑領域內每個產品組件的內容。而且，這是極具附加價值的內容，因為我們不僅提供散裝密封劑，還以特殊包裝或冷凍端蓋的形式提供，以真正幫助我們的客戶提高密封劑本身的性能，以及提高生產效率和應用效率。

And we continue to innovate new ways of applying that value-add sealant, including 3D printing. We 3D print some sealants for military aircraft. So it's the chemistry plus those outside of the can activity tools that grow our content.

我們不斷創新，探索應用這種加值密封劑的新方法，包括 3D 列印。我們用3D列印機列印了一些用於軍用飛機的密封劑。所以，正是化學反應以及罐頭活動工具以外的那些因素，才使得我們的內容得以成長。

Our second biggest piece of that business is our transparency business where we are providing canopies and windshields for just about every aircraft type in the world, military, general aviation, and commercial. With each new design of an aircraft, the content per canopy gets higher, right? There's all kinds of additional coatings and some military attributes that I can't talk about that grow content as new and improved aircraft come out.

我們第二大業務是透明件業務，我們為世界上幾乎所有類型的飛機（包括軍用、通用航空和商用飛機）提供座艙蓋和擋風玻璃。隨著飛機設計的不斷更新，每個座艙蓋內的物品含量也越來越高，對嗎？隨著新型改良型飛機的出現，還有各種各樣的附加塗層和一些軍事特性，我不能透露這些內容，這些特性也會不斷增加。

Then we also have the traditional coatings and that, I think, is a space that we're all pretty familiar with. And then we also do a bunch of other value-add services as the fourth key component to our aerospace portfolio. And that's why, honestly, you'll hear me and you may have heard it in my opening remarks, I don't call it aerospace coatings, I call it aerospace because we do so much more than just the coatings.

此外，我們還有傳統的塗料，我想，這是我們都非常熟悉的領域。此外，我們還提供一系列其他加值服務，作為我們航空航太產品組合的第四個關鍵組成部分。正因如此，老實說，你會聽到我這麼說，你可能已經在我的開場白中聽到了，我不稱之為航空航天塗料，而是稱之為航空航天，因為我們所做的遠不止是塗料。

And I think going forward, we'll try to provide more and more visibility into that outstanding business as it has become a large part of our company portfolio, and we'll continue to grow at a higher rate than the rest of our portfolio so we become more and more of an aerospace solutions provider.

我認為，展望未來，我們將努力提高這項傑出業務的知名度，因為它已成為我們公司投資組合的重要組成部分，我們將繼續以高於其他業務的速度增長，從而成為一家越來越知名的航空航天解決方案提供商。

Thank you very much. We currently have no further questions. So I'd just like to hand back to Alex Lopez for any further remarks.

非常感謝。我們目前沒有其他問題。那麼，我把發言權交還給亞歷克斯·洛佩茲，請他再補充一些內容。

Thank you, Karlin. We appreciate your interest and confidence in PPG. This concludes our third-quarter earnings call.

謝謝你，卡琳。感謝您對PPG的關注與信任。我們的第三季財報電話會議到此結束。

As we conclude today's call, we'd like to thank everyone for joining. You may now disconnect your lines.

在今天的電話會議即將結束之際，我們衷心感謝各位的參與。現在您可以斷開線路了。