Reynolds Consumer Products Inc (REYN) 2026 Q1 法說會逐字稿

Greetings! Welcome to Reynolds Consumer Products Inc first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好！歡迎參加 Reynolds Consumer Products Inc 2026 年第一季財報電話會議。（接線員指示）提醒您，本次會議將被錄音。

It is now my pleasure to introduce your host, Jill Koval, Director of Investor Relations. Thank you, Jill. You may begin.

現在我很榮幸介紹本次會議主持人——投資人關係總監 Jill Koval。謝謝你，Jill。你可以開始了。

Thank you, operator, and good morning, everyone. Thank you for joining us for Reynolds Consumer Products first quarter earnings conference call. Today's call is being webcast, and a replay will be available on the Investor Relations section of our corporate site at reynoldsconsumerproducts.com. Our earnings press release and. Investor presentation are also available.

謝謝接線員，大家早安。感謝各位參加 Reynolds Consumer Products 第一季財報電話會議。今天的會議將以網路直播方式進行，重播將於 reynoldsconsumerproducts.com 公司網站的投資人關係專區提供。我們的財報新聞稿與投資人簡報也已上線。

Joining me on the call today are Scott Huckins, our President and Chief Executive Officer; and Nathan Lowe, our Chief Financial Officer. Following their prepared remarks, we will open the call for a brief question-and-answer session.

今天與我一同出席電話會議的有：總裁暨執行長 Scott Huckins，以及財務長 Nathan Lowe。在他們完成事先準備的發言後，我們將開放簡短的問答環節。

Before we begin, I would like to remind you that this morning's discussion will include forward-looking statements, which are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those described today. Please refer to the risk factors section of our SEC filings for more information. The company does not intend to update or alter these forward-looking statements to reflect events or circumstances arising after the call.

在開始之前，我想提醒各位，今天上午的討論將包含前瞻性陳述，該等陳述受風險、不確定性及其他因素影響，可能導致實際結果與今日所述有重大差異。更多資訊請參閱我們向 SEC 提交文件中的風險因素章節。本公司無意更新或修改這些前瞻性陳述，以反映本次電話會議後發生的事件或情況。

In addition, we will reference certain non-GAAP or adjusted financial measures during today's call. Reconciliations of these GAAP to non-GAAP financial measures are available in our Earnings Press Release, Investor Presentation Deck, and Form 10-Q, which can be found on the Investor Relations section of our website.

此外，今天的會議中我們將引用若干非 GAAP 或調整後的財務衡量指標。GAAP 與非 GAAP 財務衡量指標之間的調節表，已載於我們的財報新聞稿、投資人簡報資料以及 10-Q 表格中，皆可於本公司網站投資人關係專區查閱。

With that, I'd like to turn the call over to Scott.

接下來，我想把電話交給 Scott。

Thank you, Jill, and good morning, everyone. Thanks for joining us on the call this morning. Our strong first-quarter results reflect our team's consistent execution across the entire organization and demonstrate not only the resilience of our business, but also our ability to carry the momentum we built in 2025 into 2026. I am very proud of our team for being able to execute at this level despite the heightened macroeconomic uncertainty we are all operating with.

謝謝你，Jill，大家早安。感謝各位今天早上加入我們的電話會議。我們第一季的強勁表現，反映出團隊在整個組織中持續一致的執行力，不僅展現了我們業務的韌性，也證明我們能將 2025 年建立的動能延續到 2026 年。儘管我們所處的宏觀經濟不確定性升高，我仍為團隊能在此情況下達到這樣的執行水準感到非常自豪。

With 7% revenue growth, we outperformed our categories by 2 points and gained share across the majority of our portfolio. We delivered profitability improvement across three of our four business units driven by a combination of strong top-line growth, including contribution from our enhanced revenue growth management capabilities and strong operational efficiency gains.

在營收成長 7% 的帶動下，我們的表現較所屬品類高出 2 個百分點，並在投資組合中多數品類取得市占提升。我們在四個事業單位中的三個實現獲利能力改善，主要來自強勁的營收成長（包含我們強化的營收成長管理能力所帶來的貢獻）以及顯著的營運效率提升。

Highlights from the quarter include service levels remaining strong with case fill continuing in the high 90% range, enabling us to support our retail partners and capture demand across our portfolio. This level of operational consistency continues to be an important competitive advantage for us, particularly in a very volatile supply chain environment.

本季亮點包括：服務水準維持強勁，出貨滿足率（case fill）持續維持在 90% 後段區間，使我們能支援零售合作夥伴並掌握整體產品組合的需求。這種營運一致性仍是我們重要的競爭優勢，尤其是在供應鏈高度波動的環境下更是如此。

We are outperforming all of our key categories and deliver double-digit growth in e-commerce through driven by strong omnichannel execution that is incremental and accretive for our retail partners. Our scale, service levels and retail partnerships position us well to win as consumers increasingly shop seamlessly across physical stores and digital channels.

我們在所有關鍵品類均優於市場表現，並在電子商務實現雙位數成長，主要由強勁的全通路執行所驅動，且對零售合作夥伴而言具增量效益並能提升獲利。我們的規模、服務水準與零售夥伴關係，使我們在消費者日益無縫地跨實體門市與數位通路購物的趨勢下，具備良好勝出條件。

The private label bid losses we discussed in February impacted our Q1 results as expected, representing roughly a 3 point headwind in the first quarter. That impact, however, was more than offset with strength in other areas. As a reminder, we have seen some retailers adopt a dual sourcing strategy for risk management purposes this year. While this has created some near-term headwind for us, we remain confident that this will be more than offset by incremental opportunities over time.

我們在 2 月提到的自有品牌（private label）投標失利，如預期般影響了第一季結果，約造成第一季 3 個百分點的逆風。然而，其他領域的強勁表現已超過抵消該影響。提醒各位，今年我們看到部分零售商基於風險管理目的採取雙重採購（dual sourcing）策略。雖然這在短期內對我們造成一些逆風，但我們仍有信心，隨時間推進，這將被新增的機會所大幅抵消。

Our commercial teams did an excellent job navigating heightened levels of promotion and aggressive pricing strategies in certain categories and delivered strong share performance in spite of this. And we made strong progress during our spring resets with net distribution wins across key categories, positioning us well for the rest of the year.

我們的商務團隊在部分品類促銷力度提高、競爭對手採取更具侵略性的定價策略之下，仍成功應對並交出強勁的市占表現。此外，我們在春季貨架重整（spring resets）期間取得顯著進展，在關鍵品類獲得淨通路鋪貨（net distribution）勝利，為今年剩餘時間奠定良好基礎。

Beginning January 1, we realigned our operating segments in order to increase operational and commercial efficiencies, sharpen our focus on innovation, and create a structure better positioned to support expansion into adjacent categories. We consolidated our waste bag business into a new hefty waste and cleanup segment and consolidated the food bag business into a new hefty storage and organization segment.

自 1 月 1 日起，我們重新調整營運分部，以提升營運與商務效率、加強對創新的聚焦，並建立更能支援向相鄰品類擴張的組織架構。我們將垃圾袋業務整併為新的 Hefty 廢棄物與清理（Hefty Waste and Cleanup）分部，並將食物袋業務整併為新的 Hefty 收納與整理（Hefty Storage and Organization）分部。

Again, this is designed to provide clearer end-to-end ownership across R&D, innovation, commercialization, operations, and supply chain. This realignment is not about taking costs out of the business, but rather driving better outcomes by providing increased focus for existing resources. And, we are already seeing early benefits as we begin to unlock these more streamlined businesses.

再次強調，此舉旨在讓研發、創新、商業化、營運與供應鏈在端到端（end-to-end）上有更清晰的責任歸屬。這次調整並非為了削減成本，而是透過讓既有資源更聚焦，以帶來更好的成果。而且，隨著我們開始釋放這些更精簡業務的效益，我們已看到初步的正面成果。

At the same time, we renamed our two remaining business segments to reflect their broader category scope and future growth opportunities. Reynolds Cooking and Baking is now Reynolds Cooking and Kitchen Essentials, and Hefty Tableware has been renamed Hefty Home and Tableware. These new segment names better position us to meet consumer needs across an expanded total addressable market.

同時，我們也為其餘兩個事業分部更名，以反映其更廣泛的品類範疇與未來成長機會。Reynolds Cooking and Baking 更名為 Reynolds Cooking and Kitchen Essentials，而 Hefty Tableware 更名為 Hefty Home and Tableware。這些新的分部名稱能讓我們在更大的可服務市場（total addressable market）中，更好地滿足消費者需求。

In our Reynolds Cooking and Kitchen Essentials business, we continue to gain share in both parchment and foil, with parchment volumes outperforming the category by 10 points and foil volumes outperforming the category by 4 points. The foil category remains resilient, with net elasticity below one. Reflecting that consumers are largely absorbing price increases rather than exiting the category.

在 Reynolds Cooking and Kitchen Essentials 業務方面，我們在烘焙紙（parchment）與鋁箔（foil）兩個品類持續提升市占，其中烘焙紙銷量較品類表現高出 10 個百分點，鋁箔銷量較品類表現高出 4 個百分點。鋁箔品類仍具韌性，淨彈性（net elasticity）低於 1，反映消費者多半吸收了漲價，而非退出該品類。

As gas prices rise, we see some early evidence of consumers cutting back on eating away from home, one of the first discretionary categories to be impacted. This should translate into some level of increased at-home cooking and a potential demand boost for our business. Importantly, foil is uniquely versatile across a full range of usage occasions from preparation, cooking, grilling, storage, portability, and cleanup, which ultimately reinforces the strength of the Reynolds brand among heavy users who rely on us across multiple occasions.

隨著汽油價格上升，我們看到一些初步跡象顯示消費者正在減少外食支出，而外食通常是最先受到影響的可選消費類別之一。這應會在一定程度上轉化為更多在家烹飪，並可能帶動我們業務的需求提升。重要的是，鋁箔在多種使用情境上具有獨特的多功能性，涵蓋備料、烹調、燒烤、保存、攜帶與清理等，最終強化 Reynolds 品牌在重度使用者心中的價值，因為他們在多個情境都依賴我們。

Innovation continues to be a key growth driver for our business, highlighted by the launch of our Reynolds Countertop Prep Paper during the first quarter. This innovation extends the brand into higher frequency use occasions, including meal preparation and even crafting occasions, solving a basic consumer problem of cleaning up time. Consumers with kids say the number one reason for not cooking or crafting with their kids is cleanup time and effort.

創新仍是我們業務的關鍵成長動能，第一季推出的 Reynolds Countertop Prep Paper 即為代表。此項創新將品牌延伸至更高頻率的使用情境，包括備餐，甚至手作情境，解決消費者在清理時間上的基本痛點。有孩子的消費者表示，他們不與孩子一起做飯或做手作的首要原因，就是清理所需的時間與精力。

Reynolds Countertop Prep Paper has already earned more than 1 billion impressions from our early marketing launch. We also expanded our Reynolds Foil portfolio with the introduction of a new hearts-embossed fun foil, reinforcing brand engagement and relevance through design-led innovation.

Reynolds Countertop Prep Paper 在早期行銷上市後，已累積超過 10 億次曝光（impressions）。我們也透過推出全新愛心壓紋的趣味鋁箔（fun foil），擴充 Reynolds Foil 產品組合，藉由設計導向的創新強化品牌互動與相關性。

Finally, we were pleased to see Reynolds Parchment Bags named a 2026 Product of the Year, the largest consumer-voted award for product innovation, determined through a national survey of 40,000 American shoppers. Further validating our ability to deliver consumer convenience and value.

最後，我們很高興看到 Reynolds Parchment Bags 獲選為「2026 年度產品」（Product of the Year），這是由消費者投票選出的最大產品創新獎項，並透過對 40,000 名美國消費者的全國性調查決定。這也進一步驗證我們提供消費者便利性與價值的能力。

In Hefty Waste and Cleanup, we are pleased with our performance during the quarter, and the results were in line with our expectations. While top-line and bottom-line results were flat, it is important to view that in the context of intense promotional and price actions taken by competitors, including private label, across the category.

在 Hefty Waste and Cleanup 方面，我們對本季表現感到滿意，結果符合我們的預期。雖然營收端與獲利端結果持平，但必須放在品類中競爭對手（包含自有品牌）採取密集促銷與價格行動的背景下來看待。

Despite this, Hefty Waste Bags delivered dollar share growth and still delivered positive sales volume at retail, reinforcing our confidence that we are executing the right playbook by maintaining the price architecture of our performance brand. Our branded performance remains strong, reflecting the durability of the Hefty brand equity.

儘管如此，Hefty 垃圾袋實現了以美元計的市占率成長，且在零售端仍交出正向的銷售量表現，進一步強化我們的信心：透過維持我們績效品牌的價格架構，我們正在執行正確的策略。我們的品牌化績效表現依然強勁，反映出 Hefty 品牌資產的持久韌性。

Capturing consumers' desire for bringing scent and color alternatives into their homes for a more individualized experience. Our first-quarter waste bag innovations included exclusive retailer scents, such as a new peach-scented offering, along with a national expansion of our Hefty Fabuloso color series. What value means to different consumers is evolving as always, and we have expanded our Hefty Essentials offering with a high-quality, no-frills option designed for consumers that prioritize affordability.

掌握消費者希望在家中引入香味與顏色替代選項、以獲得更個人化體驗的需求。我們第一季的垃圾袋創新包括零售商獨家香味（例如新增的蜜桃香款），以及將 Hefty Fabuloso 彩色系列在全國範圍擴大推廣。不同消費者對「價值」的定義一如既往地持續演變，因此我們也擴充 Hefty Essentials 產品線，推出高品質、無多餘功能、為重視可負擔性的消費者所設計的選項。

In our Hefty Storage and Organization business, we again gained share despite a highly promotional environment with revenue and volume growth while overcoming last year's private label losses. This momentum was broad-based as we saw strength in both our Hefty branded and store brand food bank offerings, underscoring the benefits of our dual focus on brand leadership and retail partnerships.

在 Hefty 收納與整理（Storage and Organization）業務中，儘管促銷環境非常激烈，我們仍再次提升市占率，並在克服去年自有品牌流失的同時，實現營收與銷量成長。這股動能來自多面向的支撐：我們看到 Hefty 品牌與店內品牌（store brand）的食品袋（food bag）供應業務皆表現強勁，凸顯我們同時聚焦品牌領導力與零售夥伴關係的雙軌策略所帶來的效益。

Hefty food bag volumes outperformed the category by more than 10 points in both press to close and our more premiums planner offering through increased distribution and consumer acceptance. We were able to offset the impact of private label bid losses with commercial wins and strong retail performance across the balance of our food bag business. Our storage team continues to drive growth through a strong combination of product strength quality and consumer value despite the increased competitive pressures.

Hefty 食品袋的銷量在「press to close」以及我們更高端的「planner」產品供應上，皆透過提升鋪貨與消費者接受度，較品類表現高出超過 10 個百分點。我們以商用端的勝出與食品袋業務其餘部分在零售端的強勁表現，抵銷了自有品牌投標失利的影響。儘管競爭壓力加大，我們的收納團隊仍持續透過產品力、品質與消費者價值的強力組合推動成長。

In Hefty Home and Tableware, we delivered modest revenue growth and meaningful profit improvement. These strong results reflected continued operational and supply chain efficiencies and further deployment of our developing revenue growth management capabilities. We saw meaningful momentum in hefty party cups with 15 points of volume growth driven by expanded points of distribution, a broader product offering, and strong supply chain execution that kept our product on shelf while some competitors faced challenges.

在 Hefty 家用與餐桌用品（Home and Tableware）方面，我們實現溫和的營收成長與顯著的獲利改善。這些強勁成果反映出持續的營運與供應鏈效率提升，以及我們逐步部署中的營收成長管理能力。我們看到 Hefty 派對杯（party cups）出現明顯動能，銷量成長 15 個百分點，主要由更廣的鋪貨點、更完整的產品組合，以及強勁的供應鏈執行所帶動；在部分競爭對手面臨挑戰之際，我們仍能確保產品在架供應。

Foam, as expected, was a headwind in the quarter. Foam headwinds of 8 points masked 5 points of volume growth in the balance of the business. Marketing initiatives, like our Hefty Strong Choice campaign, reinforced product strength. Brand relevance and value as we carefully balanced pricing and volume to protect profitability.

如預期，發泡產品（Foam）在本季形成逆風。發泡產品帶來的 8 個百分點逆風，掩蓋了其餘業務 5 個百分點的銷量成長。行銷活動（例如 Hefty Strong Choice 活動）強化了產品強度、品牌相關性與價值主張；同時我們審慎平衡定價與銷量，以維護獲利能力。

Turning to the broader environment, volatility in the geopolitical landscape continues to weigh on consumer confidence and is contributing to higher household costs, particularly through higher gas and utility prices. As a result, increased gas prices are expected to reduce US Household spending power by approximately $165 billion annually. Consumers remain cautious against this backdrop and are adapting their shopping behavior by placing increased value on reliability, functionality, and trusted brands, dynamics that continue to support our essential high-repeat use portfolio.

談到更廣泛的環境，地緣政治局勢的波動仍持續壓抑消費者信心，並推升家庭成本，尤其是汽油與公用事業費用上升所致。因此，汽油價格上漲預期將使美國家庭的年度可支配支出能力約減少 1,650 億美元。在此背景下，消費者仍保持謹慎，並透過更重視可靠性、功能性與可信賴品牌來調整購物行為；這些趨勢持續支持我們以必需品、高重複使用為主的產品組合。

While it is still early to fully assess the impact of current geopolitical developments, we have built significant supply chain resiliency over the last year and feel well-prepared to manage known risks. We have also built a leaner, more agile organization that allows us to respond quickly to these events as conditions evolve. As a reminder, geographically our largely domestic presence allows our business to remain resilient, providing some insulation despite rising costs from global disruptions.

雖然目前仍為時尚早，尚難以全面評估當前地緣政治發展的影響，但我們在過去一年已建立顯著的供應鏈韌性，並自認已充分準備好管理已知風險。我們也打造了更精實、更敏捷的組織，使我們能在情勢演變時快速回應。提醒一下，就地理布局而言，我們以國內為主的營運版圖使業務更具韌性，即使全球性擾動推升成本，也能提供一定程度的緩衝。

We feel confident in the continuity of our supply given long-standing supplier relationships and are actively managing raw material inflation, including resin and aluminum to pricing actions which we are navigating in the context of an already pressured consumer. What remains to be seen is the evolution of the consumer and the more nuanced elasticity dynamics across our categories.

憑藉長期的供應商關係，我們對供應的連續性充滿信心，並正積極管理原物料通膨，包括樹脂與鋁材，並透過定價措施因應；同時我們也必須在消費者已承受壓力的情境下推進這些作為。仍有待觀察的是消費者行為的演變，以及我們各品類中更細緻的需求彈性動態。

Despite the current macro uncertainty and cautious consumer outlook, we believe we are well positioned to stay within our existing full-year 2026 earnings guidance range with robust market momentum, ongoing efficiency gains and strong pricing power compensating for the incremental cost pressure we expect to face. The first quarter result was indicative of the underlying performance and improvements in our business. Carrying that momentum into an inflationary period gives us additional confidence in navigating the challenges in front of us.

儘管目前總體環境不確定性仍高、消費者展望偏謹慎，我們相信憑藉強勁的市場動能、持續的效率提升與強大的定價能力，我們有良好條件維持在既有的 2026 全年盈餘指引區間內，並可抵銷我們預期將面臨的額外成本壓力。第一季的結果反映了我們業務的基本面表現與改善。將這股動能帶入通膨期間，讓我們更有信心應對眼前的挑戰。

Looking ahead, our strategic priorities remain unchanged, and we will continue to focus on volume growth, operational excellence, and disciplined investing. While the consumer outlook has softened since early February and macro volatility has elevated further, we remain confident in our team, our strategy and our ability to navigate near-term uncertainty while creating long-term value for our shareholders.

展望未來，我們的策略優先事項維持不變，將持續聚焦於銷量成長、營運卓越與紀律性的投資。雖然自二月初以來消費者展望轉弱、總體波動進一步升高，我們仍對團隊、策略以及在短期不確定性中前行並為股東創造長期價值的能力充滿信心。

I will now turn the call over to Nathan to cover the financials in more detail. Nathan?

接下來我將把電話會議交給 Nathan，請他更詳細說明財務表現。Nathan？

Thanks, Scott, and good morning. I am pleased with the strong start to the year with results that exceeded our expectations across all key financial metrics, reflecting disciplined execution across all parts of the organization. The manufacturing and broader cost savings initiatives we discussed last year are progressing well, supporting current earnings performance and positioning us to help offset potential elasticity impacts as the year progresses.

謝謝你，Scott，大家早安。我對今年強勁的開局感到滿意；我們在所有關鍵財務指標上的結果都超出預期，反映出組織各部門的紀律性執行。我們去年討論的製造端與更廣泛的成本節省計畫進展順利，既支撐當前的盈餘表現，也讓我們在今年推進過程中更能抵銷潛在的需求彈性影響。

As Scott mentioned, we are reporting under a new segment structure, which provides greater focus, improved go-to-market effectiveness, and clearer visibility into future growth platforms. We will be updating prior period comparables as we release results throughout the year. In the first quarter, we delivered net revenues of $877 million, representing 7% growth compared to $818 million in the first quarter of 2025, led by strong gains in our Reynolds Cooking and Kitchen Essentials segment, as well as broad-based growth across the portfolio.

如 Scott 所提到，我們正以新的事業部門架構進行揭露，這將帶來更聚焦的管理、更佳的上市策略（go-to-market）效能，以及對未來成長平台更清晰的能見度。我們將在全年發布業績時更新前期可比數據。第一季我們的淨營收為 8.77 億美元，較 2025 年第一季的 8.18 億美元成長 7%，主要由 Reynolds 烹飪與廚房必需品（Cooking and Kitchen Essentials）事業部的強勁成長帶動，且整體產品組合呈現廣泛成長。

Retail revenues of $804 million were $37 million above retail revenues in the first quarter of 2025, reflecting strong volume growth of 2% and outperforming our categories. Non-retail revenues also increased year over year, providing an additional contribution to top-line growth. Successful implementation of price increases and relentless focus on price pack architecture, along with ongoing productivity, allowed us to overcome cost inflation and expand our gross margin by approximately 60 basis points.

零售營收為 8.04 億美元，較 2025 年第一季零售營收增加 3,700 萬美元，反映出 2% 的強勁銷量成長並優於我們所處品類。非零售營收亦較去年同期增加，對營收成長提供額外貢獻。成功落實漲價與持續聚焦價格／規格（price pack）架構，加上持續的生產力提升，使我們得以克服成本通膨，並將毛利率擴大約 60 個基點。

Our core profitability increased approximately 200 basis points, with the dilutive impact of higher pricing and non-retail revenues resulting in a lower reported number. This strong gross profit was accompanied by an increased investment in SG&A to support our growth objectives and other strategic priorities.

我們的核心獲利能力提升約 200 個基點；但較高定價與非零售營收帶來的稀釋效應，使得報表呈現的提升幅度較低。這項強勁的毛利表現，同時伴隨 SG&A 投資增加，以支持我們的成長目標與其他策略優先事項。

Turning to profitability, adjusted EBITDA of $131 million was above our expectation and well above the $117 million adjusted EBITDA in the year-ago period, primarily driven by higher retail volumes and manufacturing efficiency gains. Adjusted EPS increased more than 20%. Importantly, we are able to deliver this performance while continuing to invest in our brands, capabilities, and people.

談到獲利能力，調整後 EBITDA 為 1.31 億美元，高於我們的預期，也明顯高於去年同期的 1.17 億美元調整後 EBITDA，主要由更高的零售銷量與製造效率提升所驅動。調整後 EPS 成長超過 20%。重要的是，我們在持續投資品牌、能力與人才的同時，仍能交出這樣的表現。

Looking ahead, the first quarter puts us on solid footing for the year, and the momentum we're seeing across the business reinforces our confidence in our plans. At the same time, the pressure the Iran conflict is putting on global commodity prices and supply chain costs is real. Based on increases in rates thus far, we expect incremental headwinds of approximately $200 million on an annualized basis coming primarily from aluminum and resin.

展望未來，第一季讓我們在全年奠定穩固基礎，而我們在各項業務看到的動能也強化了對計畫的信心。與此同時，伊朗衝突對全球大宗商品價格與供應鏈成本造成的壓力確實存在。根據目前為止的費率上升幅度，我們預期以年化計將新增約 2 億美元的逆風，主要來自鋁材與樹脂。

We are actively working to offset these headwinds through a combination of productivity initiatives, pricing, and incremental cost reductions. These actions are being implemented with a continued focus on balancing cost recovery with volume, share, and category health, and are reflected in our outlook. Following our strong start to the year, we are reiterating our full-year '26 net revenue outlook of minus 3% to plus 1% compared to 2025 net revenues of $3.7 billion.

我們正積極透過生產力計畫、定價以及額外的成本削減等組合來抵銷這些逆風。這些措施在推動時，仍持續聚焦於在成本回收與銷量、市占率及品類健康之間取得平衡，並已反映在我們的展望中。基於今年強勁的開局，我們重申 2026 全年淨營收展望為相較 2025 年淨營收 37 億美元下降 3% 至成長 1%。

We expect to continue to grow or maintain share across our categories, but we would expect pricing to be a larger contributor as well as some incremental demand pressure on our categories in the back half of the year. Non-retail revenue is still expected to be flat for the year. We are reiterating our full-year '26 earnings outlook, which reflects continued disciplined execution, ongoing operational improvements, and confidence in our ability to navigate the evolving macro environment.

我們預期將持續在各品類中成長或維持市占，但也預期在今年下半年，定價將成為更大的貢獻來源，同時我們的品類也會面臨一些額外的需求壓力。非零售營收今年仍預期持平。我們重申2026全年盈餘展望，反映我們持續嚴謹的執行、持續的營運改善，以及對於在不斷演變的總體經濟環境中因應的能力充滿信心。

We continue to expect net income and adjusted net income to be $331 million to $343 million, full-year adjusted EBITDA to be $660 million to $675 million, and full-year EPS and adjusted EPS to be $1.57 to $1.63. Second quarter 2026 net revenues are expected to be minus 2% to plus 1%, compared to second quarter 2025 net revenues of $938 million, benefiting from foil pricing actions. Net income and adjusted net income are expected to be $83 million to $91 million in the second quarter.

我們仍預期淨利與調整後淨利為3.31億至3.43億美元，全年調整後EBITDA為6.60億至6.75億美元，全年EPS與調整後EPS為1.57至1.63美元。2026年第二季淨營收預期為-2%至+1%，相較於2025年第二季淨營收9.38億美元，將受惠於鋁箔定價措施。第二季淨利與調整後淨利預期為8,300萬至9,100萬美元。

We expect adjusted EBITDA to be $165 million to $175 million by comparison to second quarter 2025 adjusted EBITDA of $163 million and earnings per share and adjusted earnings per share in a range of $0.39 to $0.43.

我們預期調整後EBITDA為1.65億至1.75億美元，相較於2025年第二季調整後EBITDA為1.63億美元；每股盈餘與調整後每股盈餘預期區間為0.39至0.43美元。

Turning to cash flow and capital allocation. Our approach to capital allocation is unchanged with a continued focus on deploying capital to its highest value uses across both organic and inorganic opportunities. We continue to operate from a position of balance sheet strength with net leverage at 2.1 times as of March 31, well within our target range and providing financial flexibility to continue advancing our capital pipeline. And support for organic and inorganic investment opportunities.

接著談現金流與資本配置。我們的資本配置方法維持不變，持續聚焦於在有機與無機機會之間，將資本投入到最高價值的用途。我們仍以強健的資產負債表為基礎運作，截至3月31日淨槓桿為2.1倍，遠在我們的目標區間之內，並提供財務彈性以持續推進我們的資本投資管線，並支持有機與無機投資機會。

In summary, we delivered a strong start to 2026 with results that reflect solid commercial performance, improving productivity, and continued progress against our strategic priorities. We're encouraged by the momentum we're seeing across the portfolio and believe our first quarter performance puts us on solid footing as we proceed through the year.

總結來說，我們在2026年有一個強勁的開局，成果反映穩健的商業表現、生產力改善，以及在策略優先事項上的持續進展。我們對於在整體產品組合所看到的動能感到鼓舞，並相信第一季的表現讓我們在接下來的一年中站穩良好基礎。

At the same time, we remain cautious about the external environment and are managing the business with a clear focus on pricing discipline, cost productivity, and thoughtful capital deployment. With a strong balance sheet. A robust pipeline of high-return investments, and a team that continues to execute well, we believe we are well positioned to navigate near-term headwinds while continuing to build long-term value.

同時，我們對外部環境仍保持審慎，並以清晰的重點來管理業務：定價紀律、成本生產力，以及審慎的資本投放。在強健的資產負債表、高報酬投資的強勁管線，以及持續良好執行的團隊支持下，我們相信自己具備良好定位，能在因應短期逆風的同時，持續打造長期價值。

With that, we're happy to take your questions. Operator?

接下來，我們很樂意回答各位的問題。接線員？

(Operator Instructions)

（接線員指示）

Peter Grom, UBS.

Peter Grom，瑞銀（UBS）。

So Nathan, I wanted to maybe just start on the $200 million of incremental inflation. Can you maybe just help us understand what that is based on? Is that based on current spot rates or futures terms? And then related, you reiterated your guidance, which clearly suggests that you have confidence in your ability to offset or mitigate that. So can you maybe just unpack the various drivers around price and productivity.

Nathan，我想先從2億美元的額外通膨開始。你能否協助我們理解這是基於什麼假設？是基於目前的現貨價格，還是期貨條款？另外，你重申了指引，這顯然表示你對於抵銷或緩解該影響的能力有信心。你能否進一步拆解一下，價格與生產力方面的各項驅動因素？

Sure thing, Peter. Good morning. From the start of the year to the end of Q1, we've seen increases across our commodities ranging from $0.15 to $0.40 on a per pound basis. If you think about our commodities in three buckets, aluminum, polyethylene, and then other resins, they're all contributing roughly equal amounts to the $200 million annualized headwind, and that's based on settled rates that we've seen, I think Scott wants to cover the last question.

當然可以，Peter，早安。從年初到第一季末，我們看到各項大宗原物料每磅上漲約0.15至0.40美元。若把我們的原物料分成三個籃子：鋁、聚乙烯，以及其他樹脂，它們對於年化2億美元逆風的貢獻大致相當，而這是基於我們已看到的已結算價格。我想Scott會回答最後一個問題。

Good morning, Peter. So the attempt of this is to walk you through thought process by category. So in aluminum in the foil business, we continue to see strong performance, as you have seen, in spite of the increased prices. And a reminder, a key element of that remains the price gap between Reynolds Rep and private label, which has remained constructive.

早安，Peter。我們的用意是按品類帶你走一遍思考過程。就鋁箔業務中的鋁而言，儘管價格上升，我們仍持續看到強勁表現，正如你所見。提醒一下，其中一個關鍵因素仍是Reynolds Rep與自有品牌之間的價差，而這個價差仍維持在有利的水準。

I think most of the volatility, as Nathan just got done talking about, is really in the resin stacks. And when we think about the food bag and waste bag business, we would generally expect to see rational supplier behavior in terms of taking price on resin-related items. And what I think remains to be seen, particularly in the back half of the year then, is the effect on the consumer inelasticities with that backdrop.

我認為大部分波動，如Nathan剛提到的，主要在樹脂成本結構上。當我們看食品袋與垃圾袋業務時，我們一般預期供應商在樹脂相關品項的漲價行為會較為理性。而我認為仍有待觀察的，特別是在今年下半年，是在這樣的背景下對消費者需求不彈性的影響。

In the tableware business, that's the one we would generally expect to see the greatest amount of elasticity as a reminder that the majority of the use occasions in that part of the business are really convenience, and therefore, it's probably the most discretionary of the categories. And then lastly, what we think we'll see some buffer or mitigate to elasticities just given the state of the consumer. Again, a lot of the survey research data points to more time at home and more consumption home from the consumer. So when we put all of that into a thought process, that's what we've attempted to do in our outlook.

在餐具業務方面，我們一般預期這會是彈性最大的部分；提醒一下，該業務的大多數使用情境其實是便利性需求，因此可能是各品類中最具可選擇性的。最後，我們認為在彈性方面會看到一些緩衝或緩解，主要是考量消費者的現況。同樣地，許多調查研究數據顯示，消費者在家時間增加、在家消費增加。因此，將上述因素納入思考後，我們在展望中嘗試反映這些判斷。

No, that's super helpful. And Scott, you mentioned in the prepared remarks that you're starting to see some early signs of consumers eating less away from home. You talked several times or mentioned several times throughout your prepared remarks around consumers being under more pressure. So can you maybe just talk a bit about what you're seeing from a category standpoint, how that's progressed through April? And then maybe related, what are you kind of embedding in your guidance from a category standpoint today?

這非常有幫助。Scott，你在事先準備的發言中提到，你開始看到一些早期跡象顯示消費者減少在外用餐。你也多次談到或提及消費者承受更大壓力。你能否從品類角度談談你看到的情況、這在4月的進展如何？另外，相關地，你目前在指引中，從品類角度大概納入了哪些假設？

So I guess, I mean, I'll start with the consumer. So most of what we've been reading about, again, on a survey basis suggests that on the order of three quarters of the US Consumer who are active drivers, I mentioned in prepared remarks, who are preparing to absorb $165 billion estimated impact in fuel, are looking at three different levers to help mitigate those costs and the roughly equal percentages, again, based on consumer response, a reduction in dining out, a reduction in travel and a reduction in entertainment, all to equal degrees.

我想我先從消費者談起。我們讀到的大多數資訊——同樣是基於調查——顯示大約四分之三的美國消費者（屬於活躍駕駛者，我在事先準備的發言中提到）正準備吸收估計1,650億美元的燃油影響，並且會透過三個不同的槓桿來協助緩解這些成本；而且比例大致相當——同樣是基於消費者回覆——包括減少外出用餐、減少旅行，以及減少娛樂支出，三者程度相當。

And so that's the backdrop to what we think we saw some consumer performance or strength in the first quarter. We commented in prepared remarks that the overall categories performed a bit stronger than we expected, and we think that's certainly a contributor and then I just go back to my commentary across each of the categories and how we think those evolve across FOIL, the food and waste bag business and tableware in terms of how we thought about the outlook and maybe the last piece would be really I think the year will end up being a tale of two halves.

因此，這就是我們認為第一季看到一些消費者表現或強勁的背景。我們在事先準備的發言中提到，整體品類表現比我們預期略強，我們認為這肯定是其中一個貢獻因素。接著我會回到我對各品類的評論，以及我們認為這些品類如何演變——包括鋁箔、食品袋與垃圾袋業務，以及餐具——也就是我們如何思考展望。最後一點可能是，我認為今年最終會呈現「上下半年兩個不同故事」的格局。

You've obviously seen the first quarter strong results. We anticipate a strong second quarter, and we want to be careful in thinking about the pricing landing in the second-half of the year on top of a challenged consumer. That's, I think, the dynamic that we're trying to think through and factor into our guide.

你顯然已看到第一季的強勁結果。我們預期第二季也會強勁，而我們希望在思考下半年定價落地時保持謹慎，因為那將疊加在承壓的消費者之上。我想這就是我們試圖思考並納入指引的動態。

Rob Ottenstein, Evercore ISI.

Rob Ottenstein，Evercore ISI。

Okay. So I want to focus on the waste bag segment and, you're flagging pretty intense competitive activity and promos, both on branded and on private label. So, number one, can you kind of let's kind of step back, why do you think that's happening on both sides, coming into the year? And, how deep are those promos? And then how much flexibility is there to change the promos as the year goes and have, given the input cost increases, have you started to see those promos abate a little bit? So just trying to understand that dynamic. And then maybe a little bit more in terms of how you're facing it. Thank you.

好的。我想聚焦在垃圾袋部門。你們提到競爭活動與促銷相當激烈，無論是品牌或自有品牌都是如此。第一，你能否先退一步談談，為什麼你認為年初進來兩邊都會出現這種情況？另外，這些促銷的力度有多深？再者，隨著年度推進，調整促銷的彈性有多大？考量投入成本上升，你是否開始看到這些促銷稍微趨緩？我只是想理解這個動態。然後也許再多談一點你們如何應對。謝謝。

Good morning, Robert. So I guess there's a couple of questions embedded in the waist bag category. It's difficult for us to answer questions about why other branded players are doing what they're doing, we just go back to it's about what we expected and commented on our Q4 call in February that we were preparing for a step-up in promotion and price competition. And that's very much what we saw in the quarter. And frankly, if anything, it escalated in April. So that's on the branded side of the business.

早安，Robert。所以我想腰包品類裡面其實包含了幾個問題。我們很難回答為什麼其他品牌業者在做他們正在做的事；我們只能回到我們在2月第四季電話會議中所預期並評論的內容：我們正為促銷與價格競爭的升溫做準備。而這正是我們在本季所看到的情況。坦白說，如果有什麼不同的話，那就是在4月又進一步升級了。這是品牌業務這一端的情況。

In the private label side of the business that we observe is the retailer community really looking to drive traffic, of course, in this climate, and one of the tools in that would be peak cost or price points using the private brands business to drive that traffic. So that's what we think is happening. Then I think on our specific business, we look at that environment and say, when we look at retail takeaways, we had plus one in volume in the quarter and plus three in dollar sales retail takeaways.

在自有品牌業務這一端，我們觀察到零售商社群在這樣的環境下，確實很希望帶動來客數；而其中一個工具，就是透過自有品牌業務，以最低成本或特定價格帶（price points）來帶動這些流量。我們認為正在發生的就是這樣。接著就我們自身業務而言，我們看這個環境並說，當我們看零售端的銷售帶出（retail takeaways）時，本季我們的銷量成長1%，而零售端美元銷售帶出成長3%。

So we look at that and say, that largely validates our view of generally staying to our strategy of maintaining our price pack architecture with a performance brand orientation. That's part one. Part two is, of course, we monitor the business every day, every week, every month. We certainly have the flexibility to invest differently in the business if conditions warrant, but we don't think that's what we saw in the first four months of the year.

所以我們看這些數據並認為，這在很大程度上驗證了我們的看法：整體而言，我們維持既定策略，也就是在以績效型品牌（performance brand）為導向的前提下，維持我們的價格／包裝架構（price pack architecture）。這是第一部分。第二部分當然是，我們每天、每週、每月都在監控業務。我們確實有彈性在必要時以不同方式投入資源，但我們不認為今年前四個月所看到的情況需要那樣做。

And I mean, I'll ask it again, and you'll probably get the same answer. I mean, just hypothetically thinking, I mean, why would it escalate in April in terms of the promos giving, what's going on? I mean, do your competitors, are they irrational? Do they have enormous excess capacity? What are the dynamics, do you think, are out there that could cause that sort of competitive behavior?

我的意思是，我再問一次，你可能還是會給我同樣的答案。假設性地想一下，為什麼4月在促銷力度上會升級？到底發生了什麼？我的意思是，你們的競爭對手是不理性嗎？他們有龐大的過剩產能嗎？你認為有哪些動態因素，可能導致那種競爭行為？

Again, I'd say it's really difficult for us to explain what others do. The only thing I can think about on the impact of commodities is, as we think about our business, we would envision our pricing activities being relevant for the start of the third quarter. And so it could be as simple as those actions have yet to take shape in terms of the dynamic here in the month of April.

我再說一次，我們真的很難解釋別人在做什麼。我唯一能想到、與大宗商品影響相關的是：就我們的業務來看，我們預期我們的定價行動會在第三季初開始變得相關（發揮作用）。所以也可能很單純：在4月這個月，這些行動在競爭動態上尚未成形。

So what it could have been is just these are promos that were planned in December or January, they were set out in the calendar. They were timed to be deeper in April, so it's not like they increased over the course of the year. This is just how things were timed, and, they will naturally roll over and become more rational later in the year. Is that the best way to look at it?

所以可能的情況是：這些促銷其實是在12月或1月就規劃好的，已經排進行事曆；只是時間點安排在4月做得更深，因此並不是它們在一年當中逐步加碼，而只是時點安排如此；然後它們會自然地結束，並在今年稍晚變得更理性。用這種方式來看，是不是最恰當？

It's certainly possible. As I said, we just have no way to offer any insights in the strategy of others, but that certainly is a plausible potential explanation.

這當然有可能。如我所說，我們沒有辦法對他人的策略提供任何洞見，但那確實是一個合理、可能的解釋。

(Operator Instructions)

（接線員指示）

Andrea Teixeira, JP Morgan.

Andrea Teixeira，JP Morgan。

Hi, this is [Shabana Choudhary] on for Andrea. Thanks for taking our question. I wanted to ask you about the initial fiscal year '26 guidance that included your first half, top-line to be price-driven, while the back half was to be more volume-driven. But now that it seems like you are contemplating additional pricing given the $200 million incremental headwind, how should we think about the top-line drivers, and specifically in the back half, is it going to be more pricing-driven?

嗨，我是代替Andrea的[Shabana Choudhary]。謝謝讓我們提問。我想問關於你們最初的2026財年指引：其中提到上半年營收成長主要由價格帶動，而下半年則會更偏向由銷量帶動。但現在看起來，鑑於2億美元的新增逆風，你們正在考慮額外的定價調整；那我們應該如何看待營收的驅動因素？特別是下半年，是否會更偏向由價格帶動？

And also, I wanted to confirm related to that, your initial expectations where the retail branded sales, the category was going to perform at about 2% decline. Is that still the case given how the consumers are behaving most recently?

另外我也想確認一下，與此相關，你們最初的預期是零售端品牌銷售、該品類表現大約會下滑2%。考量到近期消費者的行為，這個預期仍然成立嗎？

Good morning, Shabana. So your recollection is correct on how we'd initially guided and certainly with where commodities and other input costs were at the start of the year, that was our expectation. Here's what we know today. We've seen $200 million in annualized cost increases thus far. The pricing to offset these, any potential elasticities and other consumer impacts will be concentrated in the second-half year. So I would expect pricing to be a larger part of the year on year revenue performance in the second-half year than we originally contemplated, but would still expect to be inside our guidance range for the full year.

早安，Shabana。你的記憶沒錯，這確實是我們最初的指引；而且在年初大宗商品與其他投入成本的水準下，那就是我們的預期。以下是我們今天所知道的：到目前為止，我們已看到年化2億美元的成本上升。用以抵消這些成本的定價，以及任何可能的需求彈性與其他消費者影響，將會集中在下半年。因此我預期，相較於我們原先的設想，定價在下半年同比營收表現中會占更大比重，但我們仍預期全年會落在我們的指引區間之內。

Thank you. And also like the underlying category, is it still expected to decline 2% or is it worse from what you were seeing initially?

謝謝。那關於品類基本面，仍預期下滑2%嗎？還是說比你們一開始看到的更糟？

So I'll just point back to the same comments on the consumer. Our expectation is outperformance versus the categories is consistent that we believe we can outperform them. So any degradation in retail volumes would be as a result of category declines as opposed to our share performance.

我會回到我們對消費者的同樣評論。我們的預期是：相對於品類，我們能夠持續跑贏，也就是我們相信可以優於品類表現。因此，若零售端銷量有任何惡化，將是由於品類下滑所致，而不是我們市占表現的問題。

Thank you. And one quick question on tariffs, i.e. PA refunds, just wanted to. Ask if you, what is your stand on that? Are you working on your refunds and any update would be appreciated.

謝謝。再快速問一題關於關稅，也就是PA退款，我只是想問一下，你們對此的立場是什麼？你們是否正在處理退款？若有任何更新將不勝感激。

Certainly, yeah, we're certainly working on them, but I think context is probably important. You recall our imports are a single-digit percent of our COGS, and as we moved through the year last year, the tariff headwinds really shifted more to the 232 tariffs and the aluminum increases, which are out of scope for the Supreme Court ruling. So it's really quite an immaterial amount. We do have claims in process, and to the extent we recover any monies and we priced for them, our intent is to pass those back to the retailers.

當然，是的，我們確實正在處理。不過我想背景脈絡可能很重要。你會記得，我們的進口占銷貨成本（COGS）的比例是個位數百分比；而在去年下半年，我們的關稅逆風其實更多轉向232條款關稅以及鋁價上升，而這些不在最高法院裁決的範圍內。所以金額其實相當不重大。我們確實有申請案正在進行中；若我們收回任何款項且我們先前已就此進行定價，我們的意圖是把這些回饋轉交給零售商。

There are no further questions at this time. I would like to turn the conference back over to Scott for closing remarks.

目前沒有其他問題。我想把電話會議交回給Scott做結語。

Yeah. Thank you, operator. On behalf of our 6,000 teammates said that at Reynolds Consumer Products, we appreciate your interest in the company, and we certainly wish everybody a great day.

好的，謝謝你，接線員。我代表Reynolds Consumer Products的6,000位同仁，感謝各位對本公司的關注，也祝大家今天一切順利。