PPG Industries Inc (PPG) 2025 Q4 法說會逐字稿

Good morning. My name is Warren and I will be your conference operator today. At this time, I would like to welcome everyone to the fourth-quarter and full-year 2025 PPG earnings conference call. (Operator Instructions) I would now like to turn the conference over to Alex Lopez, Director of Investor Relations. Please go ahead, sir.

早安.我叫沃倫，今天將由我擔任你們的會議接線生。在此，我謹代表 PPG 公司歡迎各位參加 2025 年第四季及全年業績電話會議。（操作員指示）現在我將會議交給投資人關係總監 Alex Lopez。請繼續，先生。

Thank you, Warren, and good morning, everyone. This is Alex Lopez. We appreciate your continued interest in PPG and welcome you to our fourth quarter 2025 earnings conference call.

謝謝你，沃倫，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年第四季財報電話會議。

Joining me today from PPG are Tim Knavish, Chairman and Chief Executive Officer; and Vince Morales, Senior Vice President and Chief Financial Officer. Our comments relate to the financial information released after US equity markets closed on Tuesday, January 27, 2026.

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。我們的評論與2026年1月27日星期二美國股市收盤後發布的財務資訊有關。

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 a Q&A session.

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，可能導致實際結果有所不同。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, reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For additional information, please refer to PPG's filings with the SEC.

該簡報還包含一些非GAAP財務指標。本公司在簡報資料的附錄中提供了這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表（可在我們的網站上查閱）。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董事長兼執行長提姆·克納維什。

Thanks, Alex. Good morning, everyone. Welcome to our fourth-quarter and full year 2025 earnings call. I'll start off by providing some highlights on Q4 and full year 2025, and then I'll move on to our 2026 guidance. I'm pleased to report that 2025 was a year of solid commercial operational innovation and financial performance for PPG. The year also demonstrated the strength and resilience of our diversified portfolio as well as the dedication of our PPG global team.

謝謝你，亞歷克斯。各位早安。歡迎參加我們2025年第四季及全年業績電話會議。首先，我將重點介紹 2025 年第四季和全年情況，然後我將展望 2026 年的業績指引。我很高興地報告，2025 年是 PPG 在商業營運創新和財務業績方面取得穩健成長的一年。這一年也展現了我們多元化投資組合的實力和韌性，以及PPG全球團隊的奉獻精神。

Despite a very mixed and dynamic macroeconomic environment throughout the year, we delivered consistent organic growth, both volume and price, capping the year off with our strongest organic growth of over 3% in the quarter. We also continued our legacy of driving structural cost improvements for our self-help actions and maintained our heritage of strong cash flow generation and disciplined cash deployment, including returning cash to shareholders.

儘管全年宏觀經濟環境變化多端，但我們實現了持續的有機增長，銷量和價格均有所增長，並在該季度實現了超過 3% 的最強勁有機增長，為全年畫上了圓滿的句號。我們也延續了在自助行動中推動結構性成本改善的傳統，並維持了強勁的現金流產生和有紀律的現金部署的傳統，包括向股東返還現金。

For the full year, net sales totaled $15.9 billion with 2% organic growth which was driven by a combination of higher selling prices and volume gains across our segments. Our adjusted earnings per share came in at $7.58, underscoring our ability to maintain solid profitability in a dynamic environment.

全年淨銷售額達 159 億美元，有機成長率為 2%，這主要得益於各業務板塊售價上漲和銷售成長的共同推動。我們調整後的每股盈餘為 7.58 美元，這凸顯了我們在動態環境中保持穩健獲利能力的能力。

Our cash from operations totaled $1.9 billion, up about $0.5 billion year-over-year, supporting a robust free cash flow yield of 5%. This strong cash performance enabled us to return $1.4 billion to shareholders through dividends and share repurchases. Our segment EBITDA margin for the year was a healthy 19%, reflecting ongoing operational efficiency and cost discipline.

我們的經營活動現金流總計 19 億美元，比去年同期成長約 5 億美元，實現了 5% 的強勁自由現金流收益率。強勁的現金流表現使我們能夠透過股利和股票回購向股東返還 14 億美元。本年度我們分部的 EBITDA 利潤率達到了健康的 19%，反映了持續的營運效率和成本控制。

I'm pleased that we have delivered on our organic growth commitment, with sales volume and selling price growth resulting in a full year increase of 2% in organic sales, which outpaced the estimated market decline of negative 0.2%. This is the result of our productivity solutions for our customers as well as the share gains in our core technologies.

我很高興我們實現了有機成長的承諾，銷售量和售價的成長使得全年有機銷售額成長了 2%，超過了預期的市場下降 0.2%。這是我們為客戶提供的生產力解決方案以及我們在核心技術領域中市場佔有率成長的結果。

Turning to the fourth quarter. We further accelerated our growth momentum. Net sales were $3.9 billion, up 5% year-over-year with 3% organic growth driven by positive sales volume growth across all regions. We achieved record aerospace coating sales and earnings led by strong demand for our technology advanced products. Auto OEM net sales increased 6% and well outpacing the industry, driven by share gains and customer mix.

進入第四節。我們進一步加快了成長勢頭。淨銷售額為 39 億美元，年增 5%，其中 3% 的有機成長得益於所有地區的銷售正面成長。由於市場對我們技術先進產品的強勁需求，我們實現了航空航天塗料銷售額和利潤的創紀錄增長。汽車OEM淨銷售額成長6%，遠超行業平均水平，這主要得益於市場份額的成長和客戶結構的最佳化。

Architectural Coatings in Latin America delivered high single-digit organic sales growth aided by the sequential quarterly recovery of project-related sales and continued strong retail performance. We delivered positive sales volume growth in all regions, with Asia Pacific leading the pack achieving mid-single-digit percentage followed by low single-digit percentage in US, Latin America and Europe. Our segment EBITDA margin for the quarter was 18% and reflecting solid execution despite some macro headwinds that impacted certain end markets.

拉丁美洲的建築塗料業務實現了接近兩位數的有機銷售成長，這得益於專案相關銷售額的季度環比復甦以及零售業務的持續強勁表現。我們在所有地區都實現了銷售額的正成長，其中亞太地區領先，實現了中等個位數百分比的成長，其次是美國、拉丁美洲和歐洲的低個位數百分比成長。本季我們分部的 EBITDA 利潤率為 18%，反映出儘管受到一些宏觀不利因素的影響，某些終端市場仍實現了穩健的執行。

Adjusted EPS for the quarter was $1.51 as the improved organic growth and improved operational performance were more than offset by higher interest costs and increased corporate expenses. Now looking at each of our segments in the Global Architectural Coatings segment, Fourth quarter net sales rose 8% to $951 million with 2% organic growth.

本季調整後每股收益為 1.51 美元，因為有機成長和營運績效的改善被更高的利息成本和增加的公司費用所抵消。現在來看我們全球建築塗料業務的各個細分市場，第四季淨銷售額成長 8% 至 9.51 億美元，其中有機成長 2%。

This was driven by Mexico's strong retail performance and sequential improvement in project-related spending as well as favorable foreign currency translation. Project-related spending was weak in the first half of 2025 driven by uncertainties related to tariffs.

這主要得益於墨西哥強勁的零售業績、項目相關支出的環比增長以及有利的外匯匯率變動。受關稅相關不確定性的影響，2025 年上半年專案相關支出疲軟。

However, the second half of 2025, we experienced consistent recovery and expect this to extend into 2026 based on leading indicators and discussions with our customers. Architectural coatings demand in Europe was mixed, a low single-digit percentage decline, which was partially offset by favorable pricing. We have now delivered positive pricing for 39 consecutive quarters in this business.

然而，在 2025 年下半年，我們經歷了持續復甦，根據領先指標和與客戶的討論，我們預計這種復甦勢頭將延續到 2026 年。歐洲建築塗料需求喜憂參半，出現了個位數百分比的下降，但有利的價格在一定程度上抵消了這一影響。在這個業務領域，我們已經連續39個季度實現了正定價。

Segment income increased 16%, driven by improved pricing and cost management, and EBITDA margins improved nearly 100 basis points. We expect positive organic sales and margin momentum to continue in the first quarter of 2026 in this business.

部門營收成長 16%，這得益於定價和成本管理的改善，EBITDA 利潤率提高了近 100 個基點。我們預計該業務的有機銷售額和利潤率將在 2026 年第一季繼續保持成長勢頭。

The Performance Coatings segment delivered 5% net sales growth to $1.3 billion led by double digit organic growth in aerospace and consistent gains in our Protective & Marine Coatings business, which now has delivered 11 consecutive quarters lower.

高性能塗料業務部門淨銷售額成長 5%，達到 13 億美元，這主要得益於航空航太領域兩位數的有機成長以及防護和船舶塗料業務的持續成長，而該業務目前已連續 11 個季度出現下滑。

As expected, automotive refinish organic sales decreased by a high single-digit percentage as sales volumes were lower reflecting customer order pattern order patterns stemming from distributors more heavily weighting their purchases to the first half of 2025.

正如預期的那樣，汽車修補漆有機銷售額下降了接近兩位數的百分比，因為銷售量下降反映了客戶的訂單模式，而這種訂單模式源於分銷商將採購重點放在 2025 年上半年。

However, one closely watched data point in the industry is US accident claims. And the December year-over-year claims were down only 2% compared to high single-digit or low double-digit declines throughout the year.

然而，業內密切關注的一個數據點是美國事故索賠。12 月的失業救濟申請人數較去年同期僅下降了 2%，而全年其他時間的降幅都在個位數高點或兩位數低點。

As we communicated in our third quarter earnings call, the industry claims normalization and our 2025 distributor order patterns will result in a difficult sales comparison for PPG in the first half but incremental volume growth during the second half of 2026.

正如我們在第三季財報電話會議上所溝通的那樣，該行業聲稱正常化以及我們 2025 年的分銷商訂單模式將導致 PPG 在 2026 年上半年的銷售額同比大幅下降，但 2026 年下半年銷量將逐步增長。

Segment EBITDA margin decreased driven by lower automative refinish coating sales and higher growth-related investment spending in aerospace and protective and marine coatings, partly offset by higher selling prices, and we expect margin contraction for the segment during the first half of 2026 with margin growth during the second half of the year

受汽車修補漆銷售額下降以及航空航太、防護和船舶塗料領域成長相關投資支出增加的影響，該業務板塊的 EBITDA 利潤率有所下降，但部分被更高的售價所抵消。我們預計該業務板塊在 2026 年上半年利潤率將出現收縮，下半年將實現成長。

As you know, our aerospace business is an important growth engine for the company, and I want to take a moment to talk about the momentum and industry growth. And the demand for our highly specialized qualified products. The business is equally weighted to OEM and aftermarket customers with margins that are accretive to the overall reporting segment and has a strong presence in commercial, military and general aviation.

如您所知，我們的航空航太業務是該公司重要的成長引擎，我想藉此機會談談該業務的發展動能和產業成長。以及對我們高度專業化合格產品的需求。該業務對 OEM 和售後市場客戶的權重相當，利潤率對整個報告部門都有所提升，並在商業、軍事和通用航空領域擁有強大的影響力。

During our second quarter earnings call, we presented a significant expected aerospace OEM growth given the increased build forecast for the next several years. In addition to the OEM growth, forecast for higher aftermarket demand translates into sales growth CAGR of high single-digit percentage growth for the foreseeable future.

在第二季財報電話會議上，我們預測未來幾年航空航太OEM廠商的產量將大幅成長，因為預計未來幾年產量將會增加。除了 OEM 成長外，預計售後市場需求將持續成長，在可預見的未來，銷售成長率將達到較高的個位數百分比。

For PPG, this is a business that is more than just coatings with the majority of the portfolio being represented by transparencies sealants and adhesives and service and materials. For each one of these verticals, we compete with peers that do not have a strong presence in overlapping technologies.

對於 PPG 而言，這項業務不僅僅是塗料，其產品組合的大部分由透明材料、密封劑、黏合劑、服務和材料構成。在這些垂直領域中，我們都與那些在重疊技術領域沒有強大影響力的同行競爭。

This makes our business very unique with a much stronger segment presence than any traditional competitor in our space. Moving to the Industrial Coatings segment. Fourth quarter net sales grew 3% to $1.6 billion, with organic growth fueled by share gains that led to 5% sales volume growth well outpacing industry demand as we realize the full run rate benefit of share gains with strength in automotive OEM coatings and packaging coatings.

這使得我們的業務非常獨特，在細分市場中的影響力遠超該領域的任何傳統競爭對手。接下來進入工業塗料領域。第四季淨銷售額成長 3% 至 16 億美元，有機成長得益於市場份額的提升，從而帶動銷量成長 5%，遠超產業需求，因為我們充分實現了市場份額提升帶來的收益，尤其是在汽車 OEM 塗料和包裝塗料領域。

From a business unit perspective, our automotive OEM business delivered a 6% increase in net sales with growth above market as a result of our share gains. We expect to outgrow the market in the first quarter and for the full year in 2026 in this business.

從業務部門的角度來看，由於市場份額的提升，我們的汽車OEM業務淨銷售額增長了6%，增長速度超過了市場平均水平。我們預計，在 2026 年第一季和全年，該業務的成長速度將超過市場平均水平。

Organic sales for our Industrial Coatings business were flat as sales volumes growth in Europe and Asia Pacific region offset lower index-based pricing. Packaging Coatings organic sales increased by a double-digit percentage year-over-year, growing significantly above industry rates. These results reflect the positive momentum in share gains led by Europe and the US as a result of the technology shift favoring our sustainable product portfolio.

由於歐洲和亞太地區的銷售成長抵消了指數價格下跌的影響，我們工業塗料業務的有機銷售額持平。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。這些結果反映了歐洲和美國市場引領的市場份額成長的積極勢頭，這得益於有利於我們永續產品組合的技術轉型。

Segment EBITDA was up 6% year-over-year and EBITDA margin improved by 30 basis points to 15.1% and reflecting the leverage from the organic sales growth along with our manufacturing productivity and strong cost control actions.

分公司 EBITDA 年成長 6%，EBITDA 利潤率提高 30 個基點至 15.1%，這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 looking ahead, we expect some softness in global industrial and automotive demand to impact organic sales and margins in the first quarter 2026. Now let me talk about our balance sheet and cash Strong cash flow generation remains a key pillar of our strategy.

展望未來，我們預計全球工業和汽車需求的疲軟將對 2026 年第一季的有機銷售和利潤率產生影響。現在讓我來談談我們的資產負債表和現金流。強勁的現金流仍然是我們策略的關鍵支柱。

As I said, our operating cash flow increased by over $0.5 billion year-over-year to $1.9 billion in 2025. We returned $1.4 billion to shareholders through dividends of $630 million and share repurchases of $790 million, which represents about 3% of our outstanding shares.

正如我所說，我們的經營現金流年增超過 5 億美元，到 2025 年將達到 19 億美元。我們透過派發 6.3 億美元的股息和回購 7.9 億美元的股票，向股東返還了 14 億美元，約占我們已發行股份的 3%。

We ended the year with a strong cash balance of $2.2 billion and a net debt position of $5.1 billion, with $700 million of debt maturing in the first quarter of 2026, which we intend to pay from our current cash position. Our balance sheet is strong, which continues to provide us with financial flexibility, and we remain committed to using this strength and flexibility to drive shareholder value.

年底時，我們擁有22億美元的強勁現金餘額和51億美元的淨債務，其中7億美元的債務將於2026年第一季到期，我們打算用目前的現金償還這筆債務。我們的資產負債表穩健，這持續為我們提供財務靈活性，我們將繼續致力於利用這種優勢和靈活性來提升股東價值。

Our capital expenditures for the year totaled approximately $780 million, reflecting our investment in growth initiatives, including expansions in aerospace in Mexico, and our digital and AI capabilities. 2025 will represent the high watermark of these growth investments and we expect to sequentially pace back to our historical levels of approximately 3% of sales by 2027.

本年度資本支出總額約7.8億美元，主要用於各項成長計劃，包括在墨西哥的航太業務擴張以及數位化和人工智慧能力建設。 2025年將是這些成長投資的高峰期，我們預計到2027年，資本支出將逐步恢復到歷史水平，約佔銷售額的3%。

Looking ahead, I'm encouraged by our organic growth momentum and what we will achieve in 2026. We anticipate that demand in Europe and global industrial end-use markets will remain challenged. However, despite the macroeconomic environment, we expect sales volume growth will be driven by aerospace, architectural coatings in Mexico and about $100 million of share gains in the Industrial Coatings segment that will be realized in 2026, including $50 million of carryover share gains announced last year.

展望未來，我對我們目前的自然成長動能以及我們將在 2026 年取得的成就感到鼓舞。我們預計歐洲和全球工業終端用戶市場的需求將繼續面臨挑戰。然而，儘管宏觀經濟環境不佳，我們預計銷售額增長將主要由航空航天、墨西哥的建築塗料以及工業塗料領域約 1 億美元的市場份額增長推動，這些增長將在 2026 年實現，其中包括去年宣布的 5000 萬美元的結轉市場份額增長。

We expect overall price for the company to be positive with strength from our performance in Architectural Coatings segments, which were partially offset by modest contraction in the Industrial Coatings segment. This will result in organic sales growth in the range of flat to positive low single-digit percentage.

我們預計公司整體股價將保持積極態勢，這主要得益於建築塗料業務的強勁表現，儘管工業塗料業務的輕微萎縮部分抵消了這一利好。這將導致有機銷售成長持平或略微成長（低個位數百分比）。

Raw material basket remains favorable to coatings producers and we are consolidating our supplier base, which will help us offset the impacts of already enacted tariffs, resulting in expected overall flat raw material costs for the year.

原材料價格對塗料生產商仍然有利，我們正在整合供應商基礎，這將有助於我們抵消已實施關稅的影響，預計全年原材料成本將保持穩定。

Finally, during 2026, we expect growing benefits from operational and excellence programs, reducing our cost by another $50 million. This, combined with the leverage from acceleration in volume growth is expected to drive earnings per share growth that at the midpoint of our guidance represents a mid-single-digit percentage increase.

最後，我們預計在 2026 年，營運和卓越計畫將帶來更多收益，從而再減少 5,000 萬美元的成本。這一點，再加上銷售成長加速帶來的槓桿效應，預計將推動每股盈餘成長，在我們預期的中點，這將代表中等個位數百分比的成長。

We expect earnings per share to be flat to growth of low single-digit percentage during the first half of the year and increasing to high single-digit percentage in the second half of the year. In closing, I'm excited about the increasing momentum we have demonstrating during the fourth quarter that allows us to start 2026 on strong footing.

我們預計今年上半年每股盈餘將持平或達到個位數百分比的低成長，下半年將成長至個位數百分比的高成長。最後，我很高興看到我們在第四季度展現出的不斷增強的發展勢頭，這使我們能夠以強勁的勢頭開啟 2026 年。

We are laser-focused on executing our enterprise growth strategy which emphasizes high-margin business growth, strong cash flow generation, disciplined capital allocation and operational excellence. Our portfolio pruning completed in 2024, enables us to more effectively win with our customers and drive shareholder value.

我們正全力執行企業成長策略，該策略強調高利潤業務成長、強勁的現金流產生、嚴格的資本配置和卓越的營運。我們在 2024 年完成的投資組合精簡，使我們能夠更有效地贏得客戶，並為股東創造價值。

Additionally, we are investing in customer innovation, including digital and AI capabilities to maintain our technology leadership in coatings, sealants specialty materials and productivity solutions for our customers. As always, we remain disciplined with our cash deployment to drive shareholder value.

此外，我們正在投資客戶創新，包括數位化和人工智慧能力，以保持我們在塗料、密封劑、特殊材料和生產力解決方案方面的技術領先地位，從而為客戶提供更好的服務。我們將一如既往地嚴格控制現金運用，以提升股東價值。

We're confident in our strategy and the strength of our business model to deliver sustainable long-term growth. 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.I look forward to discussing our results and outlook in more detail during today's call. Warren, please open the line for questions

我們對我們的策略和商業模式充滿信心，相信能夠實現可持續的長期成長。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。我期待在今天的電話會議上更詳細地討論我們的業績和展望。沃倫，請開放提問頻道

(Operator Instructions)

（操作說明）

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Most of us would still call the macro muted or even meager, and your organic growth with maybe one exception has been pretty solid across a lot of the kind of the substrates and the fastest you've been focusing on the last few years.

我們大多數人仍然會認為宏觀層面較為平淡甚至微不足道，而你的有機增長（可能只有一個例外）在過去幾年你一直關注的許多基質類型上都相當穩健，而且增長速度也最快。

Could you just add a little bit of insight on what you saw in the fourth quarter and how you're thinking about everything in 2026 in terms of breaking that growth down as was the macro actually slightly better than you anticipated? Is it all share gain? Is it new product introductions? If you could just kind of just break that down and how that breakdown would actually lead you to think about your '26 guidance that would be particularly helpful.

您能否就第四季度的觀察結果以及您對 2026 年的整體規劃，特別是成長情況的分析，再補充一些見解？宏觀經濟情勢是否比您預期的略好？都是股票收益嗎？是新產品發布嗎？如果你能把這些細節分解一下，並解釋一下這種分解會如何引導你思考 2026 年的指導方針，那就特別有幫助了。

Yeah, Chris, I guess a high-level answer, and I'll get into some details for you here. The high-level answer is macro is not better than we expect. And to your questions about is our growth based on macro share gain or technology introductions. The answer is yes, yes and yes.

是的，克里斯，我先給一個概括性的回答，我稍後會詳細解釋。從宏觀層面來說，宏觀經濟的表現並不比我們預期的好。至於您提出的關於我們的成長是基於宏觀市場份額的提升還是技術引進的問題。答案是肯定的，肯定的，肯定的。

So the spaces where we're seeing macro help aerospace, right? That continues to crush it for us. The sequential improvement in Mexico that helps us. And I'd say, still a pretty strong, robust PMC market.

所以，我們看到宏觀經濟對航空航太領域有所幫助，對吧？這對我們來說仍然是個沉重的打擊。墨西哥的逐步改善對我們有幫助。而且我認為，私人軍事顧問公司市場仍然相當強勁、穩健。

When you look across the rest of our businesses well, and those businesses, if you think about auto OEM, S&P has Q1 down. The rest of the year, call it, flat-ish, but we're committed to outperforming that, and we will grow.

當你縱觀我們其他業務，尤其是汽車OEM業務時，標普第一季業績下滑。今年剩餘時間，可以說業績會比較平穩，但我們致力於超越預期，我們會實現成長。

Packaging industry is very mixed bag, and we're crushing it there with multiple quarters of double digit. And that's largely share gain, and I would tell you, largely Europe, where we're doing quite well there. If you look at the other businesses, Architectural Europe still flattish industrial or general industrial, which, as you know, is the catch all. It's -- some segments are up, some are down.

包裝行業的情況非常複雜，而我們在這個行業表現出色，連續多個季度實現了兩位數的成長。這主要體現在市場份額的成長上，而且我可以告訴你，主要體現在歐洲，我們在那裡做得相當不錯。如果你看看其他產業，你會發現 Architectural Europe 仍然是扁平的工業或一般產業，正如你所知，這是一個包羅萬象的概念。有的板塊上漲，有的板塊下跌。

Overall, I'd still call it pretty flat. So really, there's a few markets where we're getting macro help. Most of our businesses were getting share gain help. And to the technology question, A lot of the share that we're gaining in packaging is technology driven.

總的來說，我仍然認為它相當平坦。所以實際上，有一些市場我們正在獲得宏觀經濟的幫助。我們的大部分業務都獲得了市場份額提升方面的幫助。至於技術方面的問題，我們在包裝領域獲得的份額很大程度上是由技術驅動的。

A lot of the share that we're gaining in refinish, even though the destocking is covering this right now, a lot of the share gain is driven by the productivity tools that we launch. So it's really a combination of all three. But high level, I don't think anything has changed significantly with our view of the macro

儘管目前去庫存化彌補了我們在汽車修補領域獲得的市場份額，但市場份額的成長很大程度上是由我們推出的生產力工具所推動的。所以這其實是這三者的結合。但從宏觀層面來看，我認為我們對宏觀經濟的看法並沒有重大變化。

Aleksey Yefremov, KeyBanc Capital Markets

Aleksey Yefremov，KeyBanc 資本市場

Good morning. Thanks for providing all the color on end markets. I was hoping you could just give us some details on total volumes and price for organic growth in '26?

早安.感謝您提供了關於終端市場的所有詳細資訊。我希望您能提供一些關於2026年有機成長的總銷量和價格的詳細資訊？

Sure. Let me do the easy one first, and that's pricing. You should expect to see a positive price and virtually all of the protective businesses -- I'm sorry, performance businesses and the architectural businesses. You heard my -- even our most challenged region for architectural in Europe, we've gotten price 39 straight quarters. I don't see us breaking that streak.

當然。讓我先從簡單的說起，那就是定價。你應該會看到價格上漲，而且幾乎所有的保護性業務——抱歉，是性能業務和建築業務——都會上漲。你沒聽錯——即使是我們在歐洲建築方面最具挑戰性的地區，我們也連續 39 個季度實現了價格目標。我不認為我們會打破這個連勝紀錄。

And of course, our position, our strength in Mexico, will capture price there. So you'll see price there. Refinish, aerospace, to a lesser degree, PMC. So those two segments will definitely have a positive price. Now in Industrial segment, I would call it flat-ish, but we do have two slight negatives.

當然，我們在墨西哥的地位和實力，將決定那裡的價格走勢。所以你會在那裡看到價格。翻新、航空航天，以及程度較輕的PMC。因此，這兩個細分市場的價格肯定會為正值。就工業領域而言，我認為整體情況比較平穩，但我們確實有兩個輕微的不利因素。

We still do have a little bit of index pricing carryover and automotive -- frankly, in automotive in China, we see some low single-digit price declines, frankly, that are offset by lower raw materials than we expected in China. But all in, you'll see performance and architectural offset a little bit of decline in industrial.

我們仍然有一些指數定價的延續，坦白說，在中國汽車行業，我們看到一些個位數的低價格下降，但這些下降被中國原材料價格低於預期所抵消。但總的來說，性能和架構的提升會在一定程度上抵消工業領域的下滑。

Volume-wise, we're on a pretty good trend you'll continue to see volume growth in aerospace, PMC, packaging, modest volume growth in architectural. You'll see volume growth in auto OEM. Frankly, we've had second two quarters in a row of being market there, and we're optimistic about doing that throughout 2026. And that's driven by share gains.

從銷售來看，我們正處於一個相當不錯的趨勢，你會看到航空航太、PMC、包裝業的銷售持續成長，建築業的銷售量也會有適度成長。你會看到汽車OEM業務的銷售成長。坦白說，我們已經連續兩個季度保持了在該市場的領先地位，我們樂觀地認為，在 2026 年全年都能做到這一點。而這主要得益於股價上漲。

And then as we move through the year, I think you'll start to see some more in general industrial, where some of the share gain wins that we've had will actually come to launch. So thank you for the question, Aleksey

隨著今年的推進，我認為你會在一般工業領域看到更多這樣的情況，我們取得的一些市佔率成長實際上將會轉化為產品上市。謝謝你的提問，阿列克謝。

Kevin McCarthy, Vertical Research Partners

Kevin McCarthy，Vertical Research Partners

Yeah, thank you and good morning, Tim, it was nice to see you finish up the year at plus 3% on organic sales growth. If I look at the EBITDA line, though, it was relatively flat. And so I was wondering if you could walk us through your thoughts on operating leverage.

是的，謝謝。早安，提姆，很高興看到你今年的有機銷售成長率達到了 3%。但如果我看一下 EBITDA 指標，就會發現它相對平穩。所以我想知道您能否和我們談談您對經營槓桿的看法。

It seems though as though raw materials are pretty benign and you've been taking costs out of the company as per your restructuring. And so maybe why did EBITDA not grow more in the quarter? And more importantly, how do you see that trending as 2026 progresses

不過，原料似乎相當無害，而且根據你的重組計劃，你一直在削減公司的成本。那麼，為什麼本季 EBITDA 沒有更大成長呢？更重要的是，您認為隨著2026年的推進，這趨勢會如何發展？

Yeah, hey, Kevin, there's several contributors, but the one that, by far, drives that math is the refinish destocking. As you know, that refinishes one of our higher-margin businesses. So when it's down, you've got destocking, I think we were down double digits in Q3, high single digits in Q4. That just -- it overwhelms the positivity of the other businesses' organic growth just given its margin profile.

是的，嘿，凱文，有很多因素促成了這一結果，但迄今為止，真正推動這一數學計算的是翻新庫存的減少。如您所知，這將使我們利潤較高的業務之一煥然一新。所以當庫存下降時，就會出現去庫存現象。我認為我們在第三季出現了兩位數的下降，第四季出現了接近兩位數的下降。僅憑其利潤率，就足以蓋過其他企業自然成長的正面影響。

So what we -- what you should expect to see there, unfortunately, you'll see some of that in Q1 and Q2. I think you'll see it sequentially get better as the other businesses kick it in more and more pricing kicks in, more of our cost out and productivity kick in. But really where you'll see that flip is once we get back to the normal buying patterns, which will be the second half of the year.

所以，我們──你們該期待看到什麼呢？不幸的是，你們會在第一季和第二季看到其中的一些內容。我認為隨著其他企業越來越多地參與進來，價格也越來越優惠，我們的成本削減和生產力提升也越來越多，你會看到情況逐步好轉。但真正會出現這種轉變的時候，就是當我們恢復正常的購買模式之後，也就是今年下半年。

Yeah, Kevin, let me -- this is Vince. Just let me remind everybody, our segment earnings did grow in the fourth quarter. So they were up about $20 million year-over-year.

是的，凱文，讓我來——這位是文斯。我想提醒大家，我們部門第四季的獲利確實成長了。所以他們比上年同期成長了約2000萬美元。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Thank you, and good morning. I wanted to dig in a little bit more on Refinish. If I think of some of the metrics that have been discussed over the last couple of calls, I think third quarter claims were down mid-single digits, but 4Q claims are back down high singles. So you noted, Tim, that December was only down 2%.

謝謝，早安。我想更深入地了解翻新工藝。如果我回顧一下最近幾次電話會議中討論的一些指標，我認為第三季失業救濟申請人數下降了個位數中段，但第四季度失業救濟申請人數又回落到了個位數高段。提姆，你也注意到12月只下降了2%。

And I believe in the answer to Kevin's question, you're still anticipating the sort of second half recovery and normalization of customer shipments. So could you just help us tie all that together with sort of the latest update and what you're hearing from customers as well as not just -- and how you're interpreting all that claims data

我相信，對於凱文的問題，你的答案仍然是期待下半年客戶出貨量能夠復甦並恢復正常。所以，您能否幫我們把所有這些信息，包括最新的更新、您從客戶那裡聽到的反饋，以及您如何解讀所有這些理賠數據，整合起來呢？

Yeah, thanks, Vincent. And if you don't mind, I'm going to take a rather holistic answer here, try to answer all the refinish questions here. So I want to make sure really plan to get to everything in the portfolio here. So I'm going to answer maybe your question and more when it comes to refinish.

謝謝你，文森。如果您不介意的話，我想在這裡給出一個比較全面的答案，盡量回答所有關於翻新的問題。所以我想確保制定一個切實可行的計劃，把投資組合中的所有內容都涵蓋進去。所以，我打算回答你關於翻新方面的問題，以及更多其他問題。

So the headline I'd say is there's nothing that indicates a huge change for us versus what we told you at the end of Q3 relative to the industry and to our trajectory. However, we are seeing what I would call some reinforcing green shoots as we moved through the quarter, okay?

所以，我認為最重要的一點是，就產業和我們的發展軌跡而言，沒有任何跡象表明我們的情況會與我們在第三季末告訴你們的情況相比發生巨大變化。但是，隨著本季的推進，我們看到了一些令人鼓舞的復甦跡象，好嗎？

So we still -- we're still very confident in our best-in-class productivity solutions to grow share, and that's happening. We have market share momentum, and that's happening largely in the US but also across Europe.

所以我們仍然對我們一流的生產力解決方案充滿信心，相信它們能夠擴大市場份額，而這種情況也正在發生。我們擁有市場佔有率成長勢頭，這主要發生在美國，但也遍及歐洲。

This is and will be a very good business for PPG as we work through this transitory kind of period, just given the strength of our position versus others. I will also add that there is clearly industry anxiety out there, partly driven by the pressure that body shops have been on for the last 18 months but also driven by consolidation, divestitures in this industry and what all of those anxieties play to our strength, one, because of the strength of our productivity offering, but second, because of the certainty of continuity that we provide.

鑑於我們相對於其他公司的優勢地位，在我們度過這段過渡時期期間，這對 PPG 來說將是一項非常好的業務。我還要補充一點，目前業界顯然存在焦慮情緒，部分原因是過去 18 個月汽車修理廠面臨的壓力，但也受到產業整合和資產剝離的影響。所有這些焦慮情緒都發揮了我們的優勢，一方面是因為我們強大的生產力，另一方面是因為我們能夠提供穩定的業務連續性。

Insurance rate spikes were really the key driver to the disproportionate drop in claims over the last 1.5 years or so, okay? And that led to -- or leading to multi-quarter destocking in our channel. I mentioned last time, how it ties to our rebate structure, et cetera. And we said at the last quarter, we expect normalization of buying patterns from our distributors in the second half of 2026.

保險費率飆升才是過去一年半左右理賠數量不成比例下降的真正主要原因，懂嗎？這導致了我們通路連續幾季的去庫存。我上次提到過，這與我們的退款結構等有關。我們在上個季度曾表示，我們預計到 2026 年下半年，經銷商的購買模式將恢復正常。

And normal, I'll remind everybody would be kind of low single-digit claims down. And that's very good. Normal is very good for PPG because our track record for decade shows that at that kind of level, we can put up record after record because of the strength of our offering.

正常情況下，我要提醒大家，申請人數應該會下降個位數。那非常好。對於 PPG 來說，正常水平非常有利，因為我們過去十年的業績表明，在這種水平下，憑藉我們強大的產品實力，我們可以不斷創造新的紀錄。

Now if you look at our guide, I'll remind you to everybody that we had a very strong first half of 2025 combined with a pretty weak second half of 2025. So when you combine that with what we're saying now, which is, okay, destocking for two quarters, sales volume and EBIT growth in Q3, that really explains a lot of the EPS difference between the first half of the year and the second half of the year. So that's kind of the fundamentals.

現在，如果你看一下我們的指南，我會提醒大家，2025 年上半年我們表現非常強勁，但下半年則相當疲軟。所以，結合我們現在所說的，也就是兩個季度的去庫存、第三季度的銷售量和息稅前利潤增長，這就能很好地解釋今年上半年和下半年每股收益的差異。以上就是基本原理。

Now updates everything we're seeing and hearing from our customers since we last spoke, is playing out as expected. Distributors are destocking as we expected. Body shops are starting to see beginning signs of normalization as we expected, and thus, we reinforced our guide today the few points of reinforcement and green shoots because of two things, strength of our productivity offering and the anxieties in the marketplace that I mentioned we're winning a lot of share. We saw -- you saw one public announcement yesterday.

現在，我們從上次與客戶溝通後所看到和聽到的一切，都如預期發展。正如我們預期的那樣，分銷商正在減少庫存。正如我們預期的那樣，汽車修理廠開始出現正常化的跡象，因此，我們今天加強了指南中的一些重點和復甦跡象，原因有二：一是我們生產力產品的強大，二是我提到的市場焦慮，我們正在贏得很多市場份額。昨天你們都看到了一個公開聲明。

There's a lot of other ones happening that are not publicly announced, and there are more to come. Second, insurance premiums are normalizing, okay? So kind of the catalyst for this whole cycle is beginning to normalize. We continue to reinforce the strength of our productivity offering.

還有許多其他活動正在進行，但尚未公開宣布，而且未來還會有更多活動。其次，保險費正在趨於正常化，好嗎？所以，整個週期的催化劑開始趨於正常化。我們將持續增強我們生產力提升方案的實力。

Two things we did just this quarter, we launched the next chapter of digital tools for the body shops, Beyond Moonwalk, Beyond Link, Beyond Visualized, we launched a new digital tool called Mix & Shake, which drives further body shop productivity savings, and that's being well received.

本季我們做了兩件事：一是推出了車身修理廠數位工具的下一個篇章，超越了 Moonwalk、Beyond Link 和 Beyond Visualized；二是推出了一款名為 Mix & Shake 的全新數位工具，進一步提高了車身修理廠的生產力，並且受到了好評。

And we also launched our first AI formulated product and Refinish to, again, to help body shops be more productive. So the industry is playing out as we expected. We're winning share with our solutions, it reinforces our guide to see destocking in the first half normalized order pattern in the second half.

此外，我們也推出了首款人工智慧配方產品和修補漆，旨在幫助汽車修理廠提高生產效率。所以，產業發展正如我們所預期的。我們的解決方案正在贏得市場份額，這印證了我們的預測：上半年去庫存，下半年訂單模式恢復正常。

Two other things that happened, notably in December, you did see the minus 2% claims one data point. I get that, but you got to start somewhere. So let's watch that closely as we move through the first half of '26. And we did start to see what we call fill-in orders from our distributors, okay? So this multi quarter destocking, you can only destock so far before you've got to supply the body shops.

還有兩件事發生，尤其是在 12 月份，你確實看到了 -2% 的索賠數據點。我明白，但總得有個開始。所以，讓我們密切注意一下2026年上半年的情況。我們確實開始看到經銷商向我們發出所謂的補貨訂單，好嗎？所以，這種多季的清倉，你只能清倉到某個程度，之後就必須向汽車修理廠供貨了。

And that's when you start seeing fill-in orders. And we did start to see those in December. So another reinforcing side. So all that added up. We expect a muted first half for continued destocking, second half return to sales and EBIT growth or finish in a more normalized distributor buying pattern. So just one other thing, more for the segment and to speak to the strength of our portfolio despite a challenging back half of the year, in one of our best margin businesses.

這時你就會開始看到補貨訂單了。12月我們開始看到這些情況。所以這是另一個加強方面。所以所有這些加起來就構成了結果。我們預期上半年庫存持續下降，市場情緒較為平淡；下半年銷售和息稅前利潤將恢復成長，或最終呈現較正常的經銷商採購模式。還有一件事，主要針對這個細分市場，也是為了說明儘管下半年充滿挑戰，但我們利潤率最高的業務之一仍然保持著強勁的業績。

The Performance Coatings segment still put up a record sales year and record earnings here for the full year in '25. So the strength of our portfolio just really comes through there when things like PMC aerospace and traffic can offset this transitory period refinish. So Hope I answered your question more on refinish, it's playing out as we expected and obviously, more data points to come as we move through Q1 and Q2.

2025 年全年，高性能塗料業務部門的銷售額和利潤均創歷史新高。因此，當 PMC 航空航太和交通等業務能夠抵消這段過渡時期的調整時，我們投資組合的實力就真正體現出來了。希望我更詳細地回答了你關於翻新的問題，情況正如我們預期的那樣，顯然，隨著第一季和第二季的推進，我們會有更多的數據點。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Good morning. Tim, on aerospace. Can you tell us what the growth -- the sales growth was in 2025? And are you at all capacity constrained in '26 ahead of the new supply capacity coming on next year.

早安.蒂姆，關於航空航天。能告訴我們2025年的銷售額成長率是多少嗎？在明年新的供應能力投入使用之前，你們在 2026 年是否面臨產能限制？

Yeah. Thanks, David. The growth rate for 2025 was double digit. By the way, it was double digit in '24 as well. So we expect continued growth. You're starting to lap double-digit on top of double digit denominators are getting bigger.

是的。謝謝你，大衛。2025年的成長率將達到兩位數。順便說一句，2024年也是兩位數。因此，我們預計成長將持續。你開始遇到兩位數疊加兩位數的情況，分母也越來越大了。

By the way, this business is almost the same size as refinish now. So the denominator is getting bigger and bigger as you start lapping multiple double digits. So we're guiding high single digits for 2026, I think, for aerospace.

順便說一句，這家公司的規模現在幾乎和汽車翻新公司一樣大了。因此，隨著數字超過兩位數，分母會越來越大。所以我認為，我們預計2026年航空航太業的成長將達到個位數高點。

We are capacity constrained. No doubt about it. We -- that's why our CapEx has been above our historical norm for the last couple of years. Round numbers, I approved about $120 million of CapEx last year that I would call incremental aerospace debottlenecking CapEx expansion.

我們產能有限。這點毋庸置疑。這就是為什麼過去幾年我們的資本支出一直高於歷史平均的原因。粗略估計，我去年批准了約 1.2 億美元的資本支出，我稱之為逐步消除航空航太瓶頸的資本支出擴張。

We've also brought in a number of consultants to help us just with debottlenecking on the expense side, and that's why you see some of the margin challenges that I think Kevin asked about. And in addition to that $120 million or so, we announced $380 million new factory.

我們也聘請了一些顧問來幫助我們消除費用方面的瓶頸，這就是為什麼你會看到凱文提到的一些利潤率的挑戰。除了這筆約 1.2 億美元的投資外，我們還宣布投資 3.8 億美元新建一座工廠。

That will take about two years to bring online for the sealants and coatings side of the business. And we're working on some other capacity expansions. I can't get ahead of my board here, but we're not done. This business will be growing likely for the rest of my career. And hopefully, that's longer than Mr. Morales' career here. But -- so we see that coming for -- as far as our forecasts go.

密封劑和塗料業務的上線大約需要兩年時間。我們也正在進行其他一些產能擴張項目。我不能搶在董事會前面，但我們還沒完事。這項業務很可能會在我的職業生涯剩餘時間持續發展。希望這比莫拉萊斯先生在這裡的職業生涯還要長。但是——所以我們預見到這種情況將會發生——就我們的預測而言。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

Congrats on a long career, Vince, and best wishes. Could you talk a little bit more about the depth of the AI reformulation activity going on. You launched the first product in refinish. And how broad is this across the industry? Is PPG have a differentiated position or the consultants sort of bringing AI to all the coatings companies.

文斯，恭喜你擁有如此漫長的職業生涯，並祝你一切順利。能否再詳細談談正在進行的人工智慧重構活動的深度？您推出了首款汽車修補漆產品。這種情況在整個產業中有多普遍？PPG 是否擁有差異化優勢，還是顧問公司只是將人工智慧引入所有塗料公司？

Yeah. John, we're super excited about this. There are things in AI that consultants are bringing to everybody. And I would say that's more kind of back office, customer service, the finance transaction processing. Those are things that are kind of table stakes that everybody is doing. Formulation AI.

是的。約翰，我們對此感到非常興奮。人工智慧領域的一些技術，諮詢顧問們正在將其推廣給所有人。我覺得這更像是後台辦公、客戶服務、財務交易處理之類的工作。這些都是大家在做的基本要求。配方人工智慧。

This is internally developed, working with a few partners but is organically internally developed, and we believe it's a differentiator. Now I'm guessing our competitors are out there trying to work on it and catch up, but we believe we're definitely out front here.

這是公司內部自主研發的，雖然也與一些合作夥伴共同開發，但本質上是公司內部自主研發的，我們認為這是一個差異化優勢。我猜我們的競爭對手正在努力追趕，但我們相信我們在這方面絕對領先。

And we've launched commercialized a refinish clear code that optimizes performance of the end coding as well as productivity in the body shop for our customers. We launched that as a first product fully developed using AI. But it's not based on anything public. It's based on scraping all of our internal formulations that we've developed over 100 years and optimizing. So that is commercialized.

我們已經推出了商業化的修補透明代碼，優化了最終編碼的性能，並提高了我們客戶在車身修理廠的生產效率。這是我們推出的首款完全採用人工智慧開發的產品。但這並非基於任何公開資訊。它是基於我們100多年來開發的所有內部配方進行提取和優化而得出的。所以它已經商業化了。

Beyond that, we've launched another 50 products already where they were existing products in the marketplace that we've used AI to optimize both from a product performance standpoint and a cost to PPG standpoint, 50 products already since we made that first announced. Going forward, we'll continue to both optimize existing formulations, but we've got development projects like we did in Refinish across virtually all of our businesses. So more to come there. And hope you hear a little kick in my step on this one, John, because I'm pretty excited not only about where we are, but where we're going

除此之外，我們已經推出了另外 50 款產品，這些產品都是市場上已有的產品，我們利用人工智慧從產品性能和 PPG 成本兩方面對其進行了優化，自我們首次宣布以來，已經推出了 50 款產品。展望未來，我們將繼續優化現有配方，同時像我們在汽車修補漆領域所做的那樣，在幾乎所有業務領域都開展研發項目。所以，後續還會有更多內容。約翰，希望你能從我的語氣中感受到一絲興奮，因為我不僅對我們目前的成就感到激動，也對我們未來的發展方向充滿期待。

Hey John, this is Vince. Let me add a little here. The precursor to this was really the scraping of the data that Tim described. So we were fortunate a couple of years ago. We digitized a lot of our data, so that we think that puts us in a -- maybe the pull position, certainly in the front row in the industry because of that activity was very time-consuming and we did it a couple of years ago that allowed us to now take advantage of that digitized data.

嘿，約翰，我是文斯。我再補充一點。這一切的前奏其實就是蒂姆所描述的資料抓取過程。所以幾年前我們很幸運。我們對大量數據進行了數位化，因此我們認為這使我們處於——也許是領先地位，肯定處於行業前列，因為這項工作非常耗時，而我們幾年前就完成了這項工作，這使我們能夠利用這些數位化數據。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Yeah, thanks for taking my question, so Tim, over the last couple of years, you've dialed back investment in inorganic growth. You've really focused internally. And it seems like it's delivered. You've gotten share gains like you were saying from technology, from service the whole nine yards. And it seems like you're able to outpace your markets right now.

是的，謝謝你回答我的問題。提姆，在過去的幾年裡，你們減少了對非內生成長的投資。你真的非常注重內部事務。看起來已經送達了。正如你所說，你們透過科技、服務等各方面都獲得了市場份額的成長。而且你現在似乎能夠跑贏大盤。

I guess, as we look forward, just given the strength of the balance sheet, the strength of the cash flows, is that still pretty much the main focus where, look, inorganic growth really isn't necessary for PPG going forward, and you keep focusing on the internal opportunities. Or have you played a lot of that out, and now that you're in a stronger position, do you start looking maybe a little bit more aggressively at acquisitions? I guess, how should we be thinking about that?

我想，展望未來，鑑於資產負債表的穩健和現金流的強勁，這仍然是主要的關注點，即PPG未來真的不需要非內生成長，而是繼續專注於內部機會。或者，你們已經進行了很多這樣的嘗試，現在你們處於更有利的地位，是否會開始更積極地尋求收購機會？我想，我們該如何看待這個問題呢？

So John, great question. So -- they're both important to us. But the tip of the spear, as I always say, continues to be building this organic growth and margin engine because I believe, in many, if not most of the cases, we can deliver better shareholder returns by making those investments in organic growth, organic productivity, organic cost out, et cetera.

約翰，問得好。所以——它們對我們來說都很重要。但正如我常說的，關鍵在於繼續建立這種內生成長和利潤引擎，因為我相信，在許多情況下，即使不是大多數情況，透過對內生成長、內生生產力、內生成本削減等方面的投資，我們可以為股東帶來更好的回報。

Now we still will do acquisitions, either bolt-ons or some day transformational. We still believe that the industry needs some consolidation, and we're supporters of that. We still believe there are acquisitions that will add value to PPG's customers and shareholders that can be tuck-ins from a technology standpoint or reinforce our position somewhere.

現在我們仍然會進行收購，要么是補充性收購，要么是未來可能帶來變革性的收購。我們仍然認為該行業需要一些整合，我們支持這種整合。我們仍然相信，有些收購能夠為 PPG 的客戶和股東增加價值，這些收購可以從技術角度進行補充，或在某些方面鞏固我們的地位。

But I would say that it's organic first. We still look at every opportunity. We put it through a filter of is it the right asset that's consistent with our enterprise growth strategy where it gives us a strong number one or number two or reinforces the strong number one or number two. Is it the right ask? Is it the right time given everything else that we have going on so that we can ensure that we can not fall back in a trap where we had built this excellent inorganic muscle, but not an excellent organic muscle.

但我認為它首先是有機的。我們仍然會關注每一個機會。我們會篩選出符合我們企業成長策略的合適資產，看看它是否能為我們帶來強大的第一或第二名，或鞏固我們強大的第一或第二名。這個問題問得對嗎？鑑於我們目前面臨的種種挑戰，現在是否是確保我們不會重蹈覆轍，建立起優秀的無機肌肉，卻沒有建立起優秀的有機肌肉的合適時機？

So is it the right time that we can still do both, if you will? And most importantly, is it the right price? Especially given where our depressed undervalued stock prices, when you do the mathematics and say, well, okay, it's organic first and on some of these inorganics, man, I'm better off buying shares.

那麼，現在是不是我們還能同時做到這兩件事的好時機呢？最重要的是，價格合適嗎？尤其考慮到我們目前股價被低估，當你計算一下，然後說，好吧，首先是內生增長，而對於某些非內生增長，夥計，我還是買股票比較划算。

So I want to make sure everybody recognizes that all of those are on the table, organic investment, inorganic investment, share repos but we run them through this filter to make sure that all of our decisions are maximizing shareholder value

所以我想確保大家都明白，所有這些方案都在考慮範圍內，包括有機成長、無機成長和股票回購，但我們會用這套標準來篩選它們，以確保我們所有的決策都能最大化股東價值。

Matthew DeYoe, Bank of America.

馬修‧德約，美國銀行。

Yeah, good morning, everyone, and, I'd also echo John's comments, congrats on the career and the retirement. I wanted to walk through some of the corporate cost inflation and bucket some of the stuff out across potential sources.

是的，大家早安，我也同意約翰的說法，恭喜他事業有成，光榮退休。我想詳細分析企業成本膨脹問題，並將一些成本歸類到不同的潛在來源。

I mean you're not the only coatings company to talk about health care inflation, and I get that. But where is that coming in? And kind of related, does it make sense to align compensation fully to organic growth if there isn't commensurate EBIT accretion because it's helping the top line, but it also seems to exacerbate the headwinds from some of the other unabsorbed fixed costs

我的意思是，你們不是唯一一家談論醫療保健通膨的塗料公司，我明白這一點。但這又是從哪裡來的呢？還有一點相關的是，如果息稅前利潤（EBIT）沒有相應成長，那麼將薪資與內生成長完全掛鉤是否合理？雖然這樣做有助於提升營收，但似乎也會加劇其他一些未被吸收的固定成本所帶來的不利影響。

Yeah. Matt, I'll take this first, and I'll let my short-timer CFO here, take it from there. The leading answer here is medical claims in Q4, and Vince will explain it, we're a pay-as-you-go company, they exceeded our expectations.

是的。馬特，我先處理這件事，然後就交給我的這位剛上任不久的財務長來處理剩下的事情吧。主要的答案是第四季度的醫療索賠，Vince 會解釋這一點，我們是一家按需付費的公司，他們的表現超出了我們的預期。

The second piece is incentive comp now remember, some of that is a year-over-year comp issue, right? Because we were drawing down our incentive comp accruals in Q4 of last year because of overall performance.

第二部分是激勵性薪酬，請記住，其中有些是同比薪酬問題，對吧？因為去年第四季由於整體業績不佳，我們動用了部分激勵性薪酬。

And in this year, we were -- we had done the same, but then we came in stronger in Q4, much stronger in Q4 on two of our three metrics that guide our incentive payout or short-term incentive payout. But it's an important point, the short term versus long term. I'll get to that in a second.

今年，我們——我們做了同樣的事情，但在第四季度，我們在指導我們激勵性支付或短期激勵性支付的三項指標中的兩項上表現得更加強勁。但這是一個很重要的觀點，就是短期與長期之間的差異。我馬上就說到這一點。

So our short-term incentives are based on three metrics, organic growth, EPS growth and cash, cash flow. So on two of those three, we finished better than expected, so that increases the payout. But a lot of that all came in Q4, so we had to catch up for the full year, right? So when you compare that to last year's comp, it looks like a big number. I want to reinforce that we are not overpaying our sales or our team because the total payout is still less than target.

因此，我們的短期激勵措施是基於三個指標：有機成長、每股盈餘成長和現金、現金流。因此，在這三場比賽中，有兩場我們的成績都優於預期，這增加了獎金。但很多工作都是在第四季完成的，所以我們需要整年都趕上進度，對吧？所以，與去年的比較相比，這看起來是一個很大的數字。我想強調的是，我們並沒有給銷售人員或團隊成員過多的薪酬，因為總支出仍然低於目標。

Now another point to your point about kind of how do you balance all these different metrics. If you look at the grand total compensation for our executives, including myself, the TSR payout, which is an important factor, if you look through our proxy, that is not paying out. We have not performed that.

現在，關於如何平衡所有這些不同的指標，我還有一點要補充。如果你看一下我們高階主管（包括我自己）的總薪酬，你會發現 TSR 支付（這是一個重要因素）並沒有支付出去。如果你查看我們的委託書，你會發現 TSR 付款並沒有發放。我們沒有執行過這項操作。

The other one is on our restricted shares. We did not meet our EPS growth for that payout. So some of our longer-term payouts for the year will be significantly below target but that kind of just explains how and why you see that delta in the Q4.

另一項是關於我們的受限股份。我們未能達到該筆分紅對應的每股盈餘成長目標。因此，我們今年的一些長期派息將遠低於目標，但這正好解釋了為什麼您會在第四季度看到這種差異。

Yeah, Matt, I'll just add a good summary by Tim. The prior year, again, we lowered our incentive comp as we ended the year rather than we expected when we came into the Q4 this year, strong fourth quarter organic growth exceeded a strong cash flow, especially the latter part of December in receivables, welcomed. And our cash from ops was $500 million higher than the prior year.

是的，馬特，我只需補充一下蒂姆的精彩總結即可。去年，我們再次降低了激勵薪酬，但與今年第四季開始時的預期相反，我們在年底降低了激勵薪酬。強勁的第四季內生成長超過了強勁的現金流，尤其是 12 月下旬的應收帳款，這令人欣喜。我們的營運現金流比前一年增加了 5 億美元。

As Tim mentioned, we did not hit our EPS target. So we are not getting a target payout for that. Flipping back to the medical. We are a company that's pay you go as I talk to my peers in the industry, we do see folks, we think pulling some medical expenses into 2025 ahead of some potential inflation in 2026. So our medical costs year-over-year were up significantly in Q4 and particularly in December. So hopefully, that answers some of the questions you had on corporate expenses.

正如提姆所提到的，我們沒有達到每股盈餘目標。所以我們沒有獲得預期的收益。切換回醫療部分。我們是一家按月支付工資的公司。正如我和業內同行交流時所看到的，我們確實看到一些人，我們認為應該提前支付一些醫療費用，以應對 2026 年可能出現的通貨膨脹。因此，我們的醫療成本在第四季度，特別是12月份，較去年同期大幅上升。希望這能解答您對公司開支的一些問題。

Michael Sison, Wells Fargo.

麥可西森，富國銀行。

Hey guys, a couple of quick questions. On Architectural EMI, that's a business that has struggled to grow. I mean, end markets, I understand. But why is that a good business for you all to keep longer term? And maybe what's the growth algorithm there?

各位，我有幾個問題想問。在建築EMI領域，這是一個發展一直舉步維艱的業務。我的意思是，終端市場，我能理解。但從長遠來看，這對你們所有人來說為什麼是一項好的生意呢？那麼，那裡的成長演算法是什麼呢？

And maybe similar on Industrial Coatings. Again, I understand end markets have been tough, but how do you see those two businesses grow longer term? And then -- and just curious if Vince is going to take the browns coaching job because I don't think anybody else wants it

工業塗料領域或許也有類似的情況。我再次強調，我知道終端市場一直很艱難，但您認為這兩家業務的長期發展前景如何？然後——我只是好奇文斯會不會接受布朗隊的教練職位，因為我覺得其他人都不願意去。

Let me answer that question first, Mike. I think that's a hopeless job. So I'm trying to retire, not going to hopeless job.

麥克，讓我先回答這個問題。我覺得那份工作毫無希望。所以我打算退休，不想去做一份沒有希望的工作。

I think he's already declined in officially, too. So Mike, the two answers to the two businesses you asked about are very different. One is an ongoing macro issue, and that's architectural Europe. The other one is really kind of a tariff and time stamped issue, and that's general industrial.

我認為他已經正式拒絕了。所以麥克，你問的這兩個企業的問題，答案截然不同。一個是持續存在的宏觀問題，那就是歐洲的建築。另一個問題實際上與關稅和時間戳有關，這是一般的工業問題。

But let me talk about architectural Europe it's been a depressed volume market for years, as has much of the European economy. two years ago, I guess, three years go down, 2023, which was depressed, we generated record earnings and record cash that goes all the way back to 2008.

但我想談談歐洲建築市場，多年來，它的市場規模一直低迷，就像歐洲經濟的許多方面一樣。兩年前，我想，三年後，也就是2023年，市場低迷，但我們卻創造了2008年以來的最高獲利和現金流紀錄。

So even in depressed markets, we can generate good earnings and good cash, and we don't spend that cash within the business. We use that cash to supplement what we're trying to do in some of our higher growth businesses.

所以即使在市場低迷的情況下，我們也能獲得良好的收益和現金流，而且我們不會將這些現金用於公司內部營運。我們將這筆資金用於補充我們一些高成長業務的投入。

What's happened these last couple of years is the volume decline has been pretty pronounced. At this point last year, one of the things we missed, frankly, was we were projecting some upside in the market. We are not projecting upside in the market this year. We're saying flat, flattish for the whole year. But we're not waiting.

近兩年來，銷量下滑的趨勢相當明顯。坦白說，去年這個時候，我們忽略的一件事是，我們當時預測市場會有上漲空間。我們預計今年市場不會上漲。我們說全年天氣都將保持平穩或接近平穩。但我們不能再等了。

We're not sitting around waiting for this macro to improve. It still makes good money for us. But with the actions we've started to take and will take throughout the year, we'll see margin expansion cash generation expansion out of this business as we move through 2026. So it's not our best growth business certainly but it can deliver has delivered good earnings, good cash in a challenging macro.

我們不會坐等這個宏觀經濟體係好轉。它仍然能為我們帶來不錯的收益。但隨著我們今年開始採取和將要採取的行動，到 2026 年，我們將看到該業務的利潤率和現金流得到提升。所以它肯定不是我們成長最快的業務，但它確實帶來了可觀的收益，在充滿挑戰的宏觀經濟環境下也帶來了良好的現金流。

Yeah. Before Tim goes on to Industrial, Mike, I just want to remind everybody that this is a maintenance cycle business, we did have significant growth during COVID sort of 2020, 2021. So the maintenance cycle clock reset.

是的。在 Tim 開始講工業方面的內容之前，Mike，我只想提醒大家，這是一個維護週期業務，我們在 2020 年和 2021 年 COVID 疫情期間確實實現了顯著增長。所以維護週期時鐘重置了。

Typically, this is a five to six-year maintenance window. So we're now getting to that fifth year where repaint typically would occur. So some of the volume declines in the past couple of years really have been because we pulled forward maintenance into those COVID years

通常情況下，這是一個五到六年的維護週期。現在到了第五年，通常到了需要重新粉刷的時候了。因此，過去幾年銷售下滑的部分原因是，我們將維修工作提前到了新冠疫情期間。

In Industrial, very different. It's a bit more cyclical than probably our most cyclical business is auto. Second most will probably be our general industrial because you're essentially painting big hunks of metal that get moved around the world.

在工業領域，情況截然不同。它的週期性比我們業務中週期性最強的產業——汽車產業——還要強一些。其次，可能是我們的一般工業領域，因為你本質上是在為那些在世界各地運輸的大塊金屬塗漆。

And so with the tariff uncertainty and what that's done, the confidence of some of our customers, that's been dialed back. And then what's that done from consumer affordability. So some of those folks are struggling. But we do see sequential improvement in this business. What's interesting is we see really good sequential improvement in places like Europe, in Latin

因此，由於關稅的不確定性及其造成的影響，我們一些客戶的信心下降。那麼，這又該如何從消費者的購買力角度來思考呢？所以有些人生活很艱苦。但我們確實看到這項業務正在逐步改善。有趣的是，我們看到在歐洲、拉丁語等地出現了非常好的連續進步。

America, largely driven by share gain, we see sequential improvement in things like heavy-duty equipment, not ag-related but construction related. We see some sequential improvements in transportation and powder and in a broad category of general finishes, but we still see challenges in the US market, and we still see challenges in a small part of what we do in China is exported to the US, about 10% of what we do in China and think electronics and kitchen and bakeware, those kind of things remain depressed a bit.

在美國，主要受市場份額成長的推動，我們看到重型設備等領域（與農業無關，但與建築相關）的銷售持續成長。我們看到運輸、粉末以及大類通用塗料方面出現了一些逐步改善，但我們仍然看到美國市場面臨挑戰，而且我們在中國生產的一小部分產品（約占我們在中國生產的 10%）出口到美國也面臨挑戰，例如電子產品、廚房用品和烘焙用具等，這些產品仍然有些低迷。

So the industrial story is more of a timing one, and we are starting to see green shoots. We are starting to win share, and we'll start to launch those share wins as we move through 2026.

所以工業發展更多的是時機問題，而我們已經開始看到復甦的跡象。我們開始贏得市場份額，隨著我們邁入 2026 年，我們將逐步擴大這些市場份額。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Thanks very much. Your Performance Coatings revenue expectation for 2026 is flat to up low single digits. And in that segment, you've got aerospace and you've got auto refinish. If aerospace grows at a high single-digit rate in order to meet that guidance, refinish has to contract at a high single-digit rate or a mid- to high single-digit rate. Is that the correct conclusion to draw? And for Vince, how many shares did you buyback this quarter and what did you spend?

非常感謝。您對 2026 年高性能塗料業務的收入預期為持平或略有個位數成長。在這個領域，包括航空航天和汽車修補。如果航空航太業要以接近兩位數的速度成長才能達到該目標，那麼汽車修補業就必須以接近兩位數的速度或中高個位數的速度收縮。這是正確的結論嗎？Vince，你本季回購了多少股股票？花了多少錢？

Hey, Jeff, I'll take the first one. I don't think we're seeing that much of a decline more like low to mid low to mid for refinish in the first half. If you think sequentially, what did we see in Q3, Q4, we saw double digit, then we saw high single-digit.

嘿，傑夫，我要第一個。我認為我們並沒有看到太大的下滑，更像是上半場收官階段的低到中低水準。如果按順序想，我們在第三季、第四季看到了什麼？我們看到了兩位數的成長，然後我們看到了接近兩位數的成長。

So I'd say you ought to say that slow continued towards normalization as we move as we move through the quarter. Remember, I mean, traffic is quite small there, but we also have a nice PMC business in there that's not small that will contribute to some of the grand total of what we guided to for the year.

所以我覺得應該說，隨著本季的推進，緩慢的正常化進程仍在繼續。記住，我的意思是，那裡的交通流量很小，但我們在那裡也有一家不錯的私人行銷公司，規模不小，這將為我們今年的總收入目標做出一些貢獻。

Yeah, Jeff, for us, from a share repurchase perspective, we bought just under 980,000 shares at an average price of about $102 and we spent, as we said in the press release, around $100 million in the fourth quarter

是的，傑夫，就我們而言，從股票回購的角度來看，我們以平均每股約102美元的價格回購了近98萬股股票，正如我們在新聞稿中所說，我們在第四季度花費了約1億美元。

Ghansham Panjabi, Robert W. Baird.

潘嘉比 (Ghansham Panjabi)，羅伯特‧W‧貝爾德 (Robert W. Baird)。

Thanks operator. Good morning everybody. Vince, congrats from our team as well. Wish you the best in retirement. I guess, a quick one on raw materials.

謝謝接線生。大家早安。文斯，我們團隊也向你表示祝賀。祝您退休生活一切順利。我想，先簡單介紹一下原料。

I'm still here until July, but thank you.

我還會在這裡待到七月，謝謝。

Yeah. I understand. Just an early congratulations. On the raw material side, as it relates to guidance, can you just give us a bit more color as to the constituents as you think about some of the major ones that [TiO2], Petros, et cetera. It looks like you're guiding flat for the year and also flat for the first quarter, but some of the spot markets were weaker in the fourth -- from the fourth quarter of 2025. So just curious as to which categories may be inflating as well.

是的。我明白。提前祝賀一下。在原料方面，就指導而言，您能否更詳細地介紹成分，例如您認為的一些主要成分，例如[TiO2]、Petros等。看起來你們預計全年和第一季業績持平，但部分現貨市場在第四季走弱——從 2025 年第四季開始。所以，我只是好奇還有哪些類別的價格可能也在上漲。

Yeah. So far as Ghansham and a public service announcement for everybody, this is not Vince's last earnings call, and I don't want Vince to think in his last earnings call. He still has six more months of work to do here. So -- but thank you for the kind words. And we'll have lots of kind of words as we get closer to his actual date.

是的。就 Ghansham 而言，我要向大家宣布一個公共服務事項：這並非 Vince 的最後一次財報電話會議，我也不希望 Vince 認為這是他最後一次財報電話會議。他在這裡還有六個月的工作要做。所以——不過還是要謝謝你的好意。隨著他實際約會日期的臨近，我們會說很多類似的話。

But Ghansham, high level, it's still a very favorable to us supply demand balance. So across the board, that generally means good pricing for us. But what offsets that a couple of things. I put them in three categories. Epoxies are up a bit because of tariffs, right?

但從高層面來看，供需平衡仍然對我們非常有利。所以總的來說，這通常意味著我們可以獲得不錯的定價。但有幾件事可以彌補這一點。我將它們分為三類。環氧樹脂價格上漲是因為關稅的原因，對吧？

And that's included in our guide. And that obviously affects more of the industrial businesses. So it doesn't affect Deco companies because most Deco products do not have epoxy. So when you compare to what others might say, the epoxy is one.

我們的指南裡也包含了這部分內容。這顯然會影響到更多的工業企業。所以這不會影響裝飾公司，因為大多數裝飾產品都不含環氧樹脂。所以，如果和其他人說的相比，環氧樹脂就是其中之一。

The second one is pigments, but let's not put [TiO2] in that. I'd say more of the specialty pigments. We are seeing some inflation there driven by tariffs because those things come from all over the world, okay? And the other category that's up is metal packaging and everybody knows what's happening on the aluminum and steel tariffs.

第二種是顏料，但我們不要把[TiO2]放進去。我覺得更多的是特種顏料。我們看到那裡出現了一些通貨膨脹，這是由關稅引起的，因為這些東西來自世界各地，懂嗎？另一個上漲的類別是金屬包裝，大家都知道鋁和鋼的關稅發生了什麼事。

Those are really the only categories that I can think of that are up in our guide. [TiO2] is still pretty soft. Just given the supply demand, we've been doing some supplier consolidation. We've been working volume commitment deals for pricing.

我能想到的，指南裡只列出了這些類別。 [TiO2]仍然很軟。鑑於供需情況，我們一直在進行一些供應商整合。我們一直在努力透過批量承諾協議來降低價格。

So that one is still pretty soft. You know what oil is doing. So that drives solvents to be. And then across the board, everything else is still in a very long situation. Add it all together, and we come up with flat for Q1, flat for the year.

所以那個還是很軟的。你知道石油正在造成什麼影響。所以這就驅動了溶劑的產生。而其他所有方面，情況仍然非常漫長。把所有因素加起來，我們得出第一季業績持平，全年業績也持平的結論。

Yeah. And I'll just remind everybody what we said at the outset, we do have targeted pricing that we instituted it in the back half of 2025, where we'll institute in 2026, including in Q1. So we do expect higher pricing for 2026.

是的。我只想提醒大家，我們一開始就說過，我們確實有針對性的定價策略，該策略已於 2025 年下半年開始實施，並將於 2026 年實施，包括第一季。因此，我們預計 2026 年的價格會更高。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

Yeah, hi, good morning. I just wanted to ask on Mexico. I don't know if there's a way you can maybe index your volumes from where you are today in fourth quarter versus a year ago? Because obviously, there's some easy comps in first half with all the Liberation Day disruptions. But it seems like the fourth quarter performance might say you're even above where you were coming into last year. So can you help us square that away a little bit, it would be helpful. Thank you.

是啊，你好，早安。我只是想問關於墨西哥的事。我不知道有沒有辦法將你目前第四季的交易量與去年同期的交易量進行比較？因為很明顯，由於解放日帶來的各種幹擾，上半場有一些比較容易的比賽。但第四季的表現似乎表明，你們甚至比去年年初的水平還要高。所以，您能幫我們稍微理清這個問題嗎？這將很有幫助。謝謝。

Yeah. Let me give a high level and then I'll let Vince give the details because he's doing the math in his head here. So we definitely finished pretty strong in Mexico. And if you look kind of sequentially at how we move through the year, we're down, call it, mid-single digits in Q1, up low single digits Q2, up mid-single digits Q3, up high single digits Q4. And where that puts us relative to year-end '24, I'll give that to Vince

是的。我先概括一下，然後細節就交給文斯來解釋，因為他已經在心裡盤算了。所以我們在墨西哥的結局表現相當不錯。如果你按順序看我們一年的發展情況，第一季我們下降了個位數，第二季上升了個位數，第三季上升了個位數，第四季上升了個位數。至於這跟2024年底的情況相比如何，我得把這個結論告訴文斯。

Yeah, Josh. If you look at the fourth quarter as a stand-alone basis. And again, there's two parts of our Mexican business, there's the retail or consumer segments. There's also the project segment. The retail segment has continued to grow.

是的，喬許。如果將第四季作為一個獨立的整體來看。同樣，我們的墨西哥業務分為兩部分，即零售或消費品部分。還有項目部分。零售業持續成長。

The project segment is the one that had contracted the most in the first half of the year. Fourth quarter over fourth quarter just on the volume basis. We're right around mid-single digits higher. And again, some of that's recovery. And we expect, again, in the first quarter, good volume based on an easier comp

項目板塊是今年上半年收縮幅度最大的板塊。單從銷量來看，第四季比第四季有所成長。我們目前比預期高出個位數左右。而且，其中一部分是恢復期。我們預計，由於去年同期基數較低，第一季銷售量將維持良好水準。

Laurent Favre, BNP.

洛朗法夫爾，法國巴黎銀行。

Yeah, morning guys. I want to go back to the, I guess, M&A discussion. I understand what you're saying on buybacks versus M&A. But there are some pretty obvious situations with assets coming out or potentially coming out of the recent announcements in Germany, Amsterdam and [Philip].

早上好，各位。我想回到併購的話題。我明白你說的關於股票回購和併購的差異。但最近在德國、阿姆斯特丹和[菲利普]

Now I think it's unlikely that we'll have any clarity before the second half of 2027. So am I right to assume that this might be a very quiet year for buybacks as you wait to get clarity on what's happening on those situations?

現在我認為，在 2027 年下半年之前，我們不太可能得到任何明確的答案。那麼，我的假設是否正確：由於需要等待相關情況明朗化，今年股票回購可能會非常平靜？

No. I wouldn't say that, Laurent. I would say, look, our balance sheet is strong enough that we've got optionality if something gets spit out of either of those two deals and if it makes sense to us at the right price, we've got optionality to do something there in 2027 and without it impacting our ability to do buybacks in 2026. We're -- I think we're on 9 straight quarters of buybacks now.

不。我不會這麼說，洛朗。我想說，我們的資產負債表非常穩健，如果這兩筆交易中的任何一筆最終達成，而且價格合適，對我們來說有意義，那麼我們就有選擇權，可以在 2027 年採取一些行動，而不會影響我們在 2026 年進行股票回購的能力。我想我們已經連續9季進行股票回購了。

And we run a play, Vince, myself, our Treasurer and our corporate development guys sit down every quarter and say, what's the pipeline look like? What's cash flow look like? And we make a decision on buybacks. And we'll continue to do that because even if we make a buyback and then all of a sudden, I get a phone call saying, hey, there's something on the table here from one of these deals that's being spun out I'm not worried about my ability to do both.

我們制定了一套方案，Vince、我、我們的財務主管和公司發展部門的人員每季都會坐下來討論，目前的業務發展如何？現金流狀況如何？然後我們決定是否回購股票。我們將繼續這樣做，因為即使我們進行股票回購，然後突然接到一個電話說，嘿，這些分拆出來的交易中有一些機會，我也不擔心我同時處理這兩件事的能力。

Frank Mitsch, Fermium Research, LLC.

米奇 (Frank Mitsch)，費米研究有限責任公司。

Thank you and good morning, Tim, I hope you can understand some of the confusion we have regarding Vince's retirement date. Since many of us had already assumed that he was. So I appreciate your clarification there. I want to drill into a little bit about the first quarter here. In the script, I don't want to make too big a deal about it, but in the script, you described the first half as being low single-digit EPS growth.

謝謝，早安，蒂姆，希望你能理解我們對文斯退休日期的一些困惑。因為我們很多人都已經認定他是了。非常感謝您的澄清。我想稍微深入探討一下第一季的情況。劇本裡，我不想把這件事看得太重，但在劇本里，你把上半年描述為每股盈餘只有個位數成長。

And in your comments this morning, you talked about it being flat to low single digits in the first half of the year. Obviously, you didn't provide any 1Q guidance. Can you just speak to your expectations in terms of 1Q? I mean, I guess, flat down modestly up. All that's in the case as we sit here in late January?.

您在今天早上的評論中提到，今年上半年增速將持平或維持在個位數低點。顯然，你沒有提供任何第一季業績指引。您能否談談您對第一季的預期？我的意思是，我想，總體下降，略有上升。截至一月底，這就是案件的全部內容嗎？

Yeah. Frank, by the way, I made that clarification not only for you, but I made that fixed so -- and I will publicly acknowledged that you were right a year ago that Aaron Rogers would be better with us than anything he could do with the jet. So we'll leave that out there.

是的。順便說一句，弗蘭克，我不僅為你澄清了這一點，而且還解決了這個問題——我將公開承認，你一年前的觀點是正確的，那就是亞倫·羅傑斯和我們在一起比他駕駛噴氣機所能做的任何事都要好。所以我們就先說到這裡吧。

So look, here's the easiest way to say it. We're going to ramp up in our EPS growth. I said flat to low single digits for the first half. So I would interpret that as flattish for Q1, low single digit-ish for Q2 and then stronger in the second half of the year.

所以，你看，這是最簡單的說法。我們將加快每股收益成長。我說過上半場會是平淡的，或是接近個位數。所以我認為第一季成長將比較平穩，第二季成長將略低於個位數，然後下半年成長將會更加強勁。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴公司。

Hi, good morning, Tim. In response to one of the first questions you were asked on this call about organic growth and kind of what was running ahead of expectation. I was surprised to hear a specifically mentioned China, it sounds like a little bit specifically was ahead of expectation can you talk about what you're seeing in China thinking. What are you as we're kind of in a new year in a recovery for most new year. Thank you.

你好，早安，提姆。在本次電話會議上，你被問到的第一個問題是關於有機成長以及哪些方面超出了預期。聽到特別提到中國，我感到很驚訝。聽起來中國的情況似乎比預期好一些。能談談您對中國的看法嗎？我們現在正處於新年的復甦階段，對大多數人來說，新年伊始，你感覺如何？謝謝。

Yeah. Mike, I'm glad you asked that question because I want to clarify, I was responding by business, by vertical, not as much by geography. So I appreciate the opportunity to do that. Despite all the headlines, we're growing in China.

是的。麥克，很高興你問了這個問題，因為我想澄清一下，我的回答是按業務領域和垂直行業來定的，而不是按地理位置定的。所以我很珍惜這個機會。儘管媒體大肆報道，但我們在中國的業務仍在成長。

We grew in Q4 in China and will grow in 2026 in China. It's because we have a strong position of local-for-local businesses, we're well positioned in the kind of the right industries. But more broadly, Asia Pacific is very strong for us because India is doing great for us. parts of Southeast Asia are doing great for us.

我們在第四季在中國實現了成長，並且預計2026年在中國也將繼續保持成長。因為我們擁有強大的在地化企業優勢，所以我們在合適的行業中佔據了有利地位。但更廣泛地說，亞太地區對我們來說非常強勁，因為印度市場表現優異。東南亞部分地區也表現出色。

So if you look at specifically China going forward, we'll see low single digits kind of growth, maybe mid-single digits kind of growth in 2026. So it's not the growth of a decade ago, but it's also not the gloom and doom that you see, at least for our portfolio because we're in the right places with the right kind of offering for the customers.

所以，如果具體來看中國的未來發展，我們預計到 2026 年，中國經濟將實現個位數低段或個位數中段的成長。所以，雖然沒有十年前那樣的成長，但也沒有你看到的那種悲觀絕望的局面，至少就我們的投資組合而言是如此，因為我們在正確的地點為客戶提供了正確的產品和服務。

If you move to India, India has delivered double-digit growth for us throughout most of 2025. We expect that to continue into 2026. So part of that overall Asia Pacific story is China still putting up growth numbers, India contributing with double-digit growth numbers.

如果你移居印度，印度在 2025 年的大部分時間裡都為我們帶來了兩位數的成長。我們預計這種情況會持續到2026年。因此，亞太地區整體經濟成長勢頭強勁，其中中國保持成長，印度也實現了兩位數的成長。

Eric Boyes, Evercore.

Eric Boyes，Evercore。

Thanks, good morning. My question is question back to Aero. I appreciate the intra-business mix breakdown as Aero becomes a bigger percentage of the segment from a profitability and margin standpoint, how would you rank order Aero coatings transparencies and sealants.

謝謝，早安。我的問題還是問Aero的。我非常欣賞這種業務內部組合細分，因為從盈利能力和利潤率的角度來看，Aero 在該細分市場中所佔的比例越來越大，您會如何對 Aero 塗料、透明塗料和密封劑進行排名？

And then maybe also on customer mix, military versus G&A and commercial? And then I think you mentioned the OEM tailwinds, but how do you see the product mix for transparencies and sealants evolving in '26 and beyond? Thanks.

然後或許也要考慮客戶組成，例如軍方客戶與一般管理費用客戶和商業客戶的關係？然後我想你提到了 OEM 的順風，那麼你認為透明件和密封劑的產品組合在 2026 年及以後會如何發展呢？謝謝。

Hey, Eric, this is Vince. As we've never done, we don't give our inter business profitability by product or by end market. As Tim said in his opening remarks, or in one of the Q&A questions, it's certainly one of our better performing businesses due to the technology and specification requirements. So -- but we're not going to give product-specific profitability

嘿，艾瑞克，我是文斯。與我們以往的做法不同，我們不按產品或最終市場公佈我們各業務部門之間的獲利能力。正如蒂姆在開場白或問答環節中所說，由於技術和規格要求，這無疑是我們表現較好的業務之一。所以——但我們不會給出具體的產品獲利能力數據。

Yeah. And as far as some of your other questions, mix of OEM, military and general aviation. I think we provided that pie chart and the gross rates among those three are very similar, which helps the portfolio.

是的。至於你提出的其他一些問題，涉及 OEM、軍用和通用航空等領域。我認為我們已經提供了餅圖，而且這三個人的毛利率非常相似，這對投資組合很有幫助。

And to Vince's point, look, we're giving more detail on aerospace because we don't believe it's fully understood because we have a competitor that has a very -- I'll give them crops. They've got a very good aerospace coatings business. This is much more than that. And as I said in my opening comments, coatings is actually the minority of our total profile here.

正如 Vince 所說，我們之所以要詳細介紹航空航太領域，是因為我們認為它還沒有被完全理解，因為我們有一個競爭對手，他們非常——我會給他們一些農作物的知識。他們的航空航天塗料業務非常出色。這遠不止如此。正如我在開場白中所說，塗料實際上只占我們整體業務的一小部分。

So I don't know if I've addressed all your questions. I know you're particularly interested here because I believe you're a pilot or Air Force pilot. So be happy to show you how we make F-35 canopy someday or F-16 canopies not sure which bird you flew.

所以，我不知道我是否已經回答了你所有的問題。我知道你對這裡的內容特別感興趣，因為我相信你是飛行員，或是空軍飛行員。所以，我們很樂意有一天向您展示我們是如何製作 F-35 或 F-16 座艙蓋的，不知道您以前駕駛的是哪種飛機。

Yeah. And if you look, again, by end market, we do sell to OEM. We sell to military and general aviation. All those markets right now are sold out. All the products we have are sold out, hence, the capital increase we've had the last couple of years.

是的。而且，如果你再從終端市場來看，我們的確也向OEM廠商銷售產品。我們向軍用和通用航空領域銷售產品。目前所有這些市場的門票都已售罄。我們所有的產品都已售罄，因此，過去幾年我們才進行了增資。

Also the operating expense increases we have folks trying to debottleneck our existing operations. These operations are specified and qualified. So they do require significant handholding as we change the processes.

此外，營運成本的增加也促使我們安排人員努力疏通現有營運中的瓶頸。這些操作均已明確規定並加以限定。因此，在改變流程的過程中，他們確實需要大量的指導。

Yeah. And one more point and then we can go on, but it's also significant R&D in this business. That's why we're able to command a better margin, better than rest of -- or better than many parts of our portfolio. because of the significant long-cycle R&D investment that it takes to win in this space.

是的。還有一點，我們就可以繼續了，但這也是該產業重要的研發工作。正因如此，我們才能獲得比其他業務更高的利潤率，或者說比我們投資組合中的許多其他業務都高。這是因為在這個領域取得成功需要大量的長期研發投入。

James Hooper, Bernstein.

詹姆斯·胡珀，伯恩斯坦。

Good morning guys. Thanks very much for the question. My question is on auto OEM and the share gains there. Can you unpack a few more of the drivers for us, please? Is this to do with kind of your positioning in China? Or is it to do with your customers gaining share of the auto OEM market? And can you give us a little update about some of the technology offering there? Is that a driver of share gains? Thanks.

各位早安。非常感謝您的提問。我的問題是關於汽車OEM廠商及其市場份額成長情況。請您再為我們介紹其他幾個驅動程式好嗎？這和你在中國市場的定位有關嗎？或者，這與您的客戶在汽車OEM市場中獲得更大份額有關？您能否簡單介紹一下貴公司目前提供的一些技術產品？這是股價上漲的驅動因素嗎？謝謝。

Yeah. Thank you, James. It's a little bit of all of those. I mentioned there is some element of customer mix there where one of our customers where we have a fairly large share wallet at a rough couple of years, they're recovering now, and that helps us to some degree. But most of what we're winning on, we've been introducing lower cure products.

是的。謝謝你，詹姆斯。它兼具以上所有特點。我提到過，客戶組合中存在一些因素，我們的一位客戶在過去幾年經歷了一段艱難時期，我們擁有相當大比例的股份，但他們現在正在復蘇，這在一定程度上對我們有所幫助。但我們取得的大部分成功，都來自於我們推出的低固化度產品。

We've got a new electric code product out there that is -- brings more productivity and some sustainability benefits to our customers. We've been doing very well with automotive parts in that business. We've been doing well with a particular large EV manufacturer based in China who despite some headlines of what's happening to the EV market is doing very well, both domestically and export, not to the US, obviously, but to many other countries.

我們推出了一款新的電氣規範產品，它能為我們的客戶帶來更高的生產效率和一些永續性方面的好處。我們在汽車零件業務方面一直做得非常好。我們與一家總部位於中國的大型電動車製造商合作進展順利。儘管電動車市場出現了一些負面新聞，但該公司在國內和出口方面都發展得非常好，顯然不是出口到美國，而是出口到許多其他國家。

So it's a combination of some customer mix, some new technology wins, and some, as [Alicia], who runs a business for us, calls it targeting the win with the winners, partnering with those that are going to win in the marketplace and developing and bringing them their best value proposition and then growing with them.

所以，這是客戶組合、新技術勝利以及一些（正如我們負責業務的 [Alicia] 所說）與贏家合作，與那些將在市場上獲勝的人合作，開發並為他們帶來最佳價值主張，然後與他們共同成長的綜合結果。

Yeah. As we said all year, we did pick up some significant share in South America as one of our competitors exited the market. We've realized the full quarterly benefit of that in Q4. We had some benefit in Q3, full quarterly benefit in Q4. That will carry over into the first half of 2026.

是的。正如我們全年所說，隨著我們的一個競爭對手退出南美市場，我們在南美市場獲得了相當大的份額。我們在第四季度完全實現了該措施帶來的季度收益。第三季我們獲得了一些收益，第四季獲得了全部季度收益。這種情況將持續到2026年上半年。

We've also got, as I said in my opening remarks, in addition to the carryover there's another significant double-digit millions share wins that will launch throughout 2026 that we won in late 2025.

正如我在開場白中所說，除了結轉股份外，我們還有另外數千萬股股份將於 2026 年全年推出，這些股份是我們在 2025 年底贏得的。

Patrick Cunningham, Citigroup.

派崔克‧坎寧安，花旗集團。

Hi, good morning. Thanks for taking my question. Just a quick one on Protective & Marine. You seem to call out normalization to industry growth rates -- it seems like you still have some nice marine products that are ramping up. So are there any share losses offsetting in 2026? And what would you expect the overall industry growth rate to be across the platform?

您好，早安。謝謝您回答我的問題。簡單介紹一下防護用品和船舶用品。你似乎在呼籲產業成長率正常化——看起來你們仍然有一些不錯的海洋產品正在加速成長。那麼，2026年是否存在可以抵銷部分損失的股票？那麼，您預計整個平台的產業整體成長率是多少？

Yeah. Patrick, this is Vince. Just really two factors there. Tim mentioned 11 consecutive quarters of volume growth, organic growth, that's compounding. So we're running up against some very difficult comparables. This is a project-oriented business. So as projects roll off, we have to win new projects. So those are two of the factors. We do feel good about our technology, as you mentioned, that's going to continue to allow us to carry the day.

是的。派崔克，這位是文斯。其實只有兩個因素。提姆提到銷售量連續11季成長，而且是自然成長，這是複利效應。所以我們遇到了一些非常棘手的可比較案例。這是一個以專案為導向的企業。所以隨著項目逐漸減少，我們必須贏得新項目。所以，以上是兩個因素。正如您所說，我們對我們的技術充滿信心，它將繼續幫助我們取得勝利。

And you specifically mentioned Marine. Marine is a particular area of strength for us right now. We've been disproportionately winning in aftermarket, dry docks because of our Sigma glide technology. This year, we've also been disproportionately winning in Asia newbuilds. So Marine continues to be a real strength for us as well. Then on the prospective side, some of our specialty fireproofing products.

而且你還特別提到了海軍陸戰隊。目前，海軍陸戰隊是我們的優勢領域之一。由於我們的 Sigma 滑行技術，我們在售後市場和乾船塢領域取得了不成比例的成功。今年，我們在亞洲新船建造市場也取得了不成比例的巨大成功。所以，海軍陸戰隊仍然是我們的一大優勢。然後，展望未來，我們將推出一些特殊防火產品。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

Great, thanks for taking my question. Congrats on the impending retirement, Vince. Great, great work with you over the last several years. So I guess, first off, I just wanted to dig back into the operating leverage and corporate expense question. So it looks like you're guiding to about 4% EPS growth. If I back into it, it looks like about 3% EBITDA growth and as you show on the slide, flat to low single digit up organic growth.

太好了，謝謝你回答我的問題。恭喜文斯即將退休。過去幾年和你合作得非常愉快。所以我想，首先，我只是想重新深入探討經營槓桿和公司費用問題。看來你們預期每股收益成長約 4%。如果我反推一下，EBITDA 成長率約為 3%，正如你在投影片中所示，有機成長率持平或略高於個位數。

So I think you mentioned price would be slightly positive, so that would kind of imply flattish to maybe even slightly down volumes. Is that correct? And then I guess, as a follow-on, is it really that volume number that we need to see go higher that would drive the operating leverage or are the corporate expenses going to be structurally higher and kind of mute that in the foreseeable future? How do we kind of get to the point where you do see kind of a lot of the fruits of your labor paying off and you see that actual EPS growth come through.

所以我覺得你提到價格會略微上漲，那麼這可能意味著成交量會持平甚至略有下降。是這樣嗎？那麼，我想接著問，我們真的需要看到銷售成長才能推動營運槓桿嗎？還是說，企業支出結構性較高，在可預見的未來會抑制這種成長？我們如何達到這樣的境界：看到你的辛勤勞動結出豐碩的成果，並看到實際的每股收益成長？

Yeah. Thanks, Arun. I'll take it first end Vince will fill in the details. First, we're not seeing structural change in our corporate expense going on, right? That's going forward. Vince will explain that. The biggest issue with our lack of leverage with the volume growth that we're getting today is first, second and third, the refinish destocking because it's just such a strong margin for us than a lot of the other gains until that stabilizes, and you'll see it in the second half of the year as normalization happens there. But that's like kind of number one, number two and number three is the reasons why you're not seeing more leverage.

是的。謝謝你，阿倫。我先來，文斯會補充細節。首先，我們目前沒有看到公司支出結構有任何變化，對嗎？這是未來的發展方向。文斯會解釋的。我們目前面臨的最大問題是，在銷售成長方面缺乏槓桿作用，首先是翻新業務的去庫存，因為在翻新業務穩定之前，它的利潤率遠高於其他業務的利潤率。隨著下半年業務的正常化，你會看到這種情況。但這就像是第一、第二和第三個原因，也是你沒有看到更多槓桿作用的原因。

We'll continue to gain incremental volume going forward, and that will bring incremental leverage. Pricing will bring incremental leverage. We've got the cost outs, which will continue, bringing incremental leverage. In the second half of 2025, all those happened, but they got overshadowed by two things. One, the refinish destocking and two, corporate and interest. So with that, let me throw it to Vince and fill in the details

我們將繼續逐步擴大銷售量，這將帶來更大的槓桿效應。定價將帶來額外的槓桿作用。我們已經找到了降低成本的方法，而且這種方法還會持續下去，從而帶來逐步提升的槓桿作用。2025 年下半年，所有這些事情都發生了，但它們都被兩件事掩蓋了。第一，翻新庫存減少；第二，公司和利益。那麼，接下來就交給文斯補充細節吧。

Yeah, But, if you look at 2026, versus 2025, a couple -- the segments are going to grow mid-single digits or higher in aggregate in terms of segment earnings. We do have higher interest costs like most companies. We have some very low-cost debt rolling off. We had three maturities, two maturities in 2025 roll off. We have another maturity in early '26 roll off.

是的，但是，如果你看看 2026 年與 2025 年相比，你會發現一些業務板塊——就板塊收益而言，這些板塊的總增長率將達到中等個位數或更高。和大多數公司一樣，我們的利息成本也較高。我們有一些成本非常低的債務即將到期。我們有三筆到期債券，其中兩筆將於 2025 年到期，現已到期。我們還有另一批將於 2026 年初到期的債券即將到期。

We're replacing that in kind in absolute dollars, but not at the same interest rate. So unfortunately, our interest costs are higher in '26 versus '25. In addition, and most companies are also seeing this, we're seeing a slight increase in our tax rate, and that's driven around on a variety of different factors, especially in different jurisdictions. So those two items are a bit of a detractor but the segment results, we are seeing growth year-over-year in 2026.

我們正在以絕對美元的形式進行實體替換，但利率不同。因此，很遺憾，2026 年我們的利息成本比 2025 年更高。此外，大多數公司也看到了這種情況，我們的稅率略有上升，這是由各種不同的因素造成的，尤其是在不同的司法管轄區。所以，這兩個因素有點不利，但從該細分市場的結果來看，我們看到 2026 年將實現同比增長。

Laurence Alexander, Jefferies LLC.

勞倫斯·亞歷山大，傑富瑞有限責任公司。

Good morning. Just two quick ones. First, on the AI investments, given it's you're leveraging internal projects, do you have enough data to see what your paybacks are like on incremental investments? And secondly, on the share gains in industrial, do you expect those to be pro or contracyclical? If demand accelerates, you expect the rate of share gain to accelerate?

早安.就兩個簡單的問題。首先，關於人工智慧投資，鑑於您正在利用內部項目，您是否有足夠的數據來了解增量投資的回報？其次，關於工業板塊的股價上漲，您認為這些上漲是順週期還是逆週期的？如果需求加速成長，你預期市佔率成長速度也會加快嗎？

Yeah, Lawrence. Let me take both and Vince can fill in anything the AI. So first of all, it's still early days, right? We are -- yes, part of our increase in operating expense and capital expense is because of the AI.

是的，勞倫斯。讓我來負責這兩個，Vince 可以填補 AI 的空白。首先，現在還為時過早，對吧？是的，我們營運費用和資本支出增加的部分原因是人工智慧。

We've got a few runs on the board that have delivered millions to the bottom line, not yet material to the company, but very favorable early indicators relative to the investments that we made that this will be a very good ROI for us as we go forward.

我們已經取得了一些進展，為公司帶來了數百萬美元的利潤，雖然對公司而言還不算實質性的，但相對於我們所做的投資而言，這些早期跡象非常有利，表明隨著我們未來的發展，這將為我們帶來非常好的投資回報率。

And you consider the fact that we've only optimized 50 formulas that are commercialized so far, and we've only launched one that was AI developed so far. And if you look at the size of our pipeline, the materiality is yet to come. But even today, we are booking savings to the bottom line with what's already been launched. So very confident in the ROI going forward.

而且，我們目前只優化了 50 個商業化的配方，並且只推出了一款由人工智慧開發的配方。從我們目前的專案規模來看，真正的重要時刻尚未到來。但即便在今天，我們仍透過已推出的產品來節省成本，從而提升利潤。我對未來的投資報酬率非常有信心。

Yeah. On the industrial side, Laurence, we would expect our share gains to be additive if there's a cyclical recovery here. As Tim mentioned earlier, this is one of our early warning businesses, both up and down kind of the canary in the coal mine. We have seen in the past and expect some point green shoots in this business. And then with our share gains in technology, offerings on top of that would expect it to be additive.

是的。勞倫斯，就工業領域而言，如果這裡出現週期性復甦，我們預計我們的份額成長將是錦上添花。正如提姆之前提到的，這是我們的預警業務之一，就像煤礦裡的金絲雀一樣，能夠預示著業務的起伏。我們過去已經看到過，並且預計這個行業也會出現一些積極的復甦跡象。此外，隨著我們在技術領域的市場份額增長，我們預計在此基礎上提供的產品和服務將帶來增值。

There are no further questions at this time. I will now turn the call back over to Alex Lopez.

目前沒有其他問題了。現在我將把通話轉回給亞歷克斯·洛佩茲。

Thank you, Warren. We appreciate your interest and confidence in PPG. This concludes our fourth quarter earnings call

謝謝你，沃倫。感謝您對PPG的關注與信任。本次第四季財報電話會議到此結束。

This concludes today's conference call. This now disconnect.

今天的電話會議到此結束。現在斷開連線。