RPM International Inc (RPM) 2025 Q4 法說會逐字稿

Good morning and welcome to the RPM International fiscal fourth-quarter and fiscal year 2025 earnings conference call.

早安，歡迎參加 RPM International 第四財季和 2025 財年收益電話會議。

(Operator Instructions)

（操作員指示）

Please note this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to Matt Schlarb, Vice President of Investor Relations & Sustainability. Please go ahead.

現在，我想將會議交給投資者關係和永續發展副總裁 Matt Schlarb。請繼續。

Thank you, Gary, and welcome to RPM International's conference call for the fiscal 2025 fourth quarter and full year.

謝謝你，加里，歡迎參加 RPM International 2025 財年第四季和全年電話會議。

Today's call is being recorded.

今天的通話正在錄音。

Joining today's call are Frank Sullivan, RPM's Chair and CEO; Rusty Gordon, Vice President and Chief Financial Officer; and Michael Laroche, Vice President, Controller and Chief Accounting Officer.

參加今天電話會議的有 RPM 董事長兼執行長 Frank Sullivan、副總裁兼財務長 Rusty Gordon 和副總裁、財務主管兼首席會計長 Michael Laroche。

This call is also being webcast and can be accessed live or replayed on the RPM website at www.rpminc.com. Comments made on this call may include forward-looking statements based on current expectations that involve risks and uncertainties, which could cause actual results to be materially different. For more information on these risks and uncertainties, please view RPM's reports filed with the SEC. During this conference call, references may be made to non-GAAP financial measures. To assist you in understanding these non-GAAP items or terms, RPM has posted reconciliations to the most directly comparable GAAP financial measures on the RPM website. Also please note that our comments will be on an as adjusted basis and all comparisons are to the fourth quarter of fiscal 2024 unless otherwise indicated. We provided a supplemental slide presentation to support our comments on this call. It can be accessed in the Presentations & Webcasts section of the RPM website at www.rpminc.com.

本次電話會議也將進行網路直播，您可以透過 RPM 網站 www.rpminc.com 觀看直播或重播。本次電話會議中的評論可能包含基於當前預期的前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與預期有重大差異。有關這些風險和不確定性的更多信息，請查看 RPM 向美國證券交易委員會提交的報告。在本次電話會議中，可能會提及非公認會計準則財務指標。為了幫助您理解這些非 GAAP 項目或術語，RPM 已在 RPM 網站上發布了與最直接可比較的 GAAP 財務指標的對帳。另請注意，我們的評論將以調整後的基礎為基礎，所有比較均與 2024 財年第四季進行比較，除非另有說明。我們提供了補充幻燈片演示來支持我們對此次電話會議的評論。您可在 RPM 網站 www.rpminc.com 的簡報和網路廣播部分存取它。

Now I would like to turn the call over to Frank.

現在我想把電話轉給弗蘭克。

Thank you, Matt.

謝謝你，馬特。

I'll begin today's call with a high-level review of our fourth quarter and full year results and some additional details on our newly announced 3-Segment operating structure. Then Mike Laroche will cover the financials in more detail, Matt Schlarb will provide an update on cash flow and the balance sheet, and finally, Rusty Gordon will then conclude our prepared remarks with our outlook for fiscal 2026 full year in the first quarter. As always, we'll be happy to answer your questions after our prepared remarks.

我將在今天的電話會議上首先對我們的第四季度和全年業績進行高層回顧，並介紹我們新宣布的三部分營運結構的一些其他細節。然後，Mike Laroche 將更詳細地介紹財務狀況，Matt Schlarb 將提供現金流和資產負債表的最新情況，最後，Rusty Gordon 將在第一季以我們對 2026 財年全年的展望結束我們的準備好的發言。像往常一樣，我們很樂意在準備好發言後回答您的問題。

Highlights from our fourth quarter results can be found on slide 3. Thanks to the hard work of RPM associates, we demonstrated the power of RPM which we combined solid top line growth with improved operating efficiency that has been enabled by our MAP 2025 operating improvement initiatives.

我們的第四季業績亮點可以在幻燈片 3 上找到。感謝 RPM 員工的辛勤工作，我們展示了 RPM 的力量，我們將穩健的營收成長與提高的營運效率相結合，這得益於我們的 MAP 2025 營運改善計劃。

This resulted in fourth quarter sales, adjusted EBIT, and adjusted EPS all at record levels. We generated positive volumes led by systems and turnkey solutions for high-performance buildings as well as our focus on maintenance and repair.

這使得第四季的銷售額、調整後的息稅前利潤和調整後的每股盈餘都達到了創紀錄的水平。我們透過高性能建築的系統和交鑰匙解決方案以及對維護和維修的關注創造了積極的銷售。

The volume growth resulted in improved fixed cost leverage and allowed us to better realize the financial benefits of our MAP 2025 operating improvements. All segments increased adjusted EBIT, with the largest growth coming from our Construction Products Group and Performance Coatings Group, which generated volume growth that leveraged MAP '25 benefits to the bottom line.

銷售成長提高了固定成本槓桿率，使我們能夠更好地實現 MAP 2025 營運改善帶來的財務效益。所有部門的調整後息稅前利潤均有所增長，其中最大的增長來自我們的建築產品集團和高性能塗料集團，這兩個集團的銷售增長充分利用了 MAP '25 帶來的好處，從而提高了盈利能力。

Additionally, three of four segments generated record Q4 adjusted EBIT.

此外，四個部門中有三個部門創造了創紀錄的第四季度調整後息稅前利潤。

Turning to slide 4, the record results we generated in the fourth quarter reflected a strong and consistent trend as we had delivered record adjusted EBIT in 13 of the last 14 quarters. In fact, we generate a record annual sales, adjusted EBIT and adjusted EPS in each year since we began the MAP 2025 program in what can be best described as a mixed economic environment.

轉到幻燈片 4，我們在第四季度取得的創紀錄業績反映了強勁而持續的趨勢，因為我們在過去 14 個季度中的 13 個季度中實現了創紀錄的調整後息稅前利潤。事實上，自從我們在混合經濟環境下啟動 MAP 2025 計畫以來，我們每年都創造了創紀錄的年銷售額、調整後息稅前利潤和調整後每股收益。

Additionally, in fiscal 2025, we generated a record adjusted EBIT margin.

此外，在 2025 財年，我們實現了創紀錄的調整後息稅前利潤率。

Moving to slide 5, in addition to the consistent progress we've achieved, the cumulative impact of these improvements during MAP '25 has been significant. Compared to our baseline fiscal year of 2022, we expanded gross margins close to our 42% goal, adjusted EBIT margin by 260 basis points, and improved working capital as a percent of sales by 320 basis points.

轉到投影片 5，除了我們取得的持續進展之外，MAP '25 期間這些改進的累積影響也是巨大的。與 2022 財年基準相比，我們的毛利率已接近 42% 的目標，調整後的息稅前利潤率提高了 260 個基點，營運資本佔銷售額的百分比提高了 320 個基點。

These improvements in margins and working capital efficiency strengthened our cash flow and allowed us to complete the largest year of acquisition in RPM's history in fiscal 2025. Importantly, our balance sheet remains strong with credit metrics still close to our best ever.

利潤率和營運資本效率的提高增強了我們的現金流，並使我們能夠在 2025 財年完成 RPM 史上最大的收購年。重要的是，我們的資產負債表依然強勁，信用指標仍然接近歷史最佳水準。

These results are a testament to the dedication and relentless persistence of our associates, and I want to thank them for their execution of our operating improvement initiatives and commitment to RPM during this challenging low growth, no growth environment.

這些結果證明了我們員工的奉獻精神和不懈堅持，我要感謝他們在這個充滿挑戰的低成長、無成長環境中執行我們的營運改善計劃並致力於 RPM。

As we look to the future, we are focused on realizing the full power of RPM, essentially building on the efficiencies we have ingrained into our businesses and accelerating growth to take full advantage of those efficiencies.

展望未來，我們專注於充分發揮 RPM 的威力，本質上是建立在我們已融入業務的效率之上，並加速成長以充分利用這些效率。

To accelerate growth, we are taking a more strategic approach to allocating capital to both organic and inorganic opportunities. This includes leveraging the progress we have made in data analytics through MAP '25 to capture true profitability so we can focus investments on the highest potential opportunities and then aggressively pursue growth in those areas.

為了加速成長，我們採取更具策略性的方法將資本分配給有機和無機機會。這包括利用我們透過 MAP '25 在數據分析方面取得的進展來獲取真正的獲利能力，以便我們可以將投資集中在最具潛力的機會上，然後積極追求這些領域的成長。

We are starting to see this take hold as we begin fiscal 2026. As an example, we recently implemented $15 million in SG&A streamlining actions, and a portion of these savings are being reallocated into our highest growth opportunities and attractive end markets like turnkey engineered solutions, cleaners, and international markets in the developing world.

當我們開始 2026 財年時，我們開始看到這種情況的發生。例如，我們最近實施了 1500 萬美元的銷售、一般和行政費用精簡措施，其中一部分節省下來的資金被重新分配到我們成長最快的機會和有吸引力的終端市場，如交鑰匙工程解決方案、清潔劑和發展中國家的國際市場。

These investments are in areas such as technical sales force expansion, marketing, new products and new facility build up. One other key element of our growth plan that has been enabled by our MAP 2025 initiative is the cultural shift that has taken place to allow our businesses and associates to collaborate more closely, or what we call connections creating value.

這些投資涉及技術銷售團隊擴張、行銷、新產品和新設施建設等領域。我們的成長計劃的另一個關鍵要素是文化轉變，這種轉變使我們的企業和員工能夠更緊密地合作，或者我們所說的“聯繫創造價值”，這種轉變是由我們的 MAP 2025 計劃促成的。

This will drive additional organic growth opportunities and synergies in 2026 and beyond. To accelerate this shift towards realizing the full power of RPM, we've changed our operating structure to three segments: Construction Products Group, Performance Coatings Group, and the Consumer Group as you can see, this new structure on slide 6.

這將推動 2026 年及以後更多的有機成長機會和協同效應。為了加速實現 RPM 全部功能的轉變，我們將營運結構改為三個部分：建築產品集團、性能塗料集團和消費者集團，正如您在投影片 6 上看到的這個新結構。

Businesses that have previously been part of our Specialty Products Group are now reorganized under the three groups mentioned above. This new structure will allow us to achieve additional operational and administrative efficiency and enable our businesses to work more closely to realize synergies in new business generation, product development, and insourcing.

先前屬於我們專業產品集團的業務現已重組到上述三個集團之下。這個新結構將使我們能夠實現更高的營運和管理效率，並使我們的業務能夠更緊密地合作，實現新業務生成、產品開發和內部採購方面的協同效應。

For example, our Industrial Coatings Group of businesses has joined the Performance Coatings Group and will benefit from improved collaboration on high performance coatings development with our Carboline division, as well as a broad distribution network which will improve customer service levels.

例如，我們的工業塗料業務集團已加入高性能塗料集團，並將受益於與卡寶拉因部門在高性能塗料開發方面的更好合作，以及廣泛的分銷網絡，從而提高客戶服務水平。

The Color business has now joined the Consumer Group, which through insourcing has become DayGlo's largest customer. The new structure will allow cooperation more closely and efficiently in Color specifications, a critical component of our consumer products, in particular Rust-Oleum.

彩色業務現已加入消費者集團，該集團透過內部採購成為 DayGlo 的最大客戶。新的結構將使雙方在顏色規格方面進行更緊密、更有效的合作，顏色規格是我們消費產品（尤其是 Rust-Oleum）的重要組成部分。

This change will also allow the Color Group to operate with a more streamlined overhead structure and leverage our consumer segment's strong marketing know-how to raise the profile of our well-known DayGlo fluorescent pigment brand.

這項變更還將使色彩集團能夠以更精簡的管理結構運營，並利用我們消費者部門強大的行銷知識來提升我們知名的 DayGlo 螢光顏料品牌的知名度。

Importantly, this will not change what has served RPM so well throughout our history, having an entrepreneurial culture that serves our customers with leading brands, products and services, and staying true to our core values of operating with transparency, trust and respect.

重要的是，這不會改變 RPM 在整個歷史中一直表現優異的特質，即擁有一種企業文化，以領先的品牌、產品和服務服務於我們的客戶，並始終堅持以透明、信任和尊重的方式運營的核心價值觀。

We are pleased with the fourth quarter results our associates achieved in a continuing low to no growth environment, which continues to be unsettled due to the ongoing tariff uncertainty. We are optimistic about our opportunities to continue this positive momentum into and throughout fiscal 2026.

我們對我們的員工在持續低成長或零成長的環境中取得的第四季度業績感到滿意，由於持續的關稅不確定性，這種環境仍然不穩定。我們對在 2026 財年及全年繼續保持這一積極勢頭充滿信心。

I'll now turn the call over to Mike Laroche to cover our financials for the quarter in more details.

現在我將把電話轉給 Mike Laroche，讓他更詳細地介紹我們本季的財務狀況。

Thanks, Frank.

謝謝，弗蘭克。

On slide 7, consolidated sales increased 3.7% to a fourth quarter record, led by systems and turnkey solutions for high performance buildings, a focus on repair and maintenance solutions and acquisitions. Q4 adjusted EBIT increased 10.1% to a record as volume growth allowed us to better leverage MAP 2025 initiatives and overcome headwinds from temporary cost and efficiencies from plant consolidations and raw material inflation, which was driven by metal packaging.

在第 7 張投影片上，綜合銷售額成長 3.7%，創下第四季新高，主要得益於高性能建築的系統和交鑰匙解決方案、維修和維護解決方案以及收購。第四季調整後的息稅前利潤成長 10.1%，創歷史新高，因為銷售成長使我們能夠更好地利用 MAP 2025 計劃，並克服工廠合併和原材料通膨帶來的暫時成本和效率障礙（由金屬包裝推動）。

Profitability headwinds included higher M&A expenses, higher variable compensation associated with the sale of technical products, and the SG&A from acquired businesses partially offset by SG&A streamlining actions.

獲利能力的不利因素包括更高的併購費用、與科技產品銷售相關的更高的浮動薪酬以及收購業務的銷售、一般及行政費用，但銷售、一般及行政費用精簡措施部分抵銷了這些費用。

Fourth quarter adjusted EPS was also a record driven by the improved adjusted EBIT.

受調整後息稅前利潤改善的推動，第四季調整後每股盈餘也創下新高。

Turning next to geographic results on slide 8. Growth was led by Europe, where growth in Performance Coatings and M&A benefited sales. In North America, sales growth was driven by system and turnkey solutions serving high performance buildings.

接下來翻到投影片 8 上的地理結果。成長主要由歐洲帶動，其中高性能塗料和併購的成長促進了銷售額的成長。在北美，銷售成長是由服務高性能建築的系統和交鑰匙解決方案所推動的。

Emerging market sales were mixed, as Latin America grew, excluding FX. Africa and Middle East grew modestly in addition to solid prior year sales, and Asia declined as economic conditions in the region remained soft.

新興市場的銷售額漲跌互現，拉丁美洲（不包括外匯市場）有所成長。非洲和中東地區除去年穩健的銷售業績外，還實現了小幅增長，而亞洲地區則因經濟狀況依​​然疲軟而下滑。

Next, moving to the segments on slide 9. Construction Products Group sales increased to a record, driven by systems and turnkey roofing solutions to serving high performance buildings. This was in addition to strong prior year results.

接下來，轉到投影片 9 上的片段。建築產品集團的銷售額創下歷史新高，這得益於為高性能建築提供的系統和交鑰匙屋頂解決方案。這是對去年強勁業績的補充。

MAP 2025 and higher sales of engineered systems and services that expanded margins drove record adjusted EBIT. This was partially offset by temporary inefficiencies from plant consolidations.

MAP 2025 以及工程系統和服務銷售額的增加擴大了利潤率，推動了創紀錄的調整後息稅前利潤。工廠合併造成的暫時效率低下部分抵消了這一影響。

On slide 10, Performance Coatings Group achieved record sales, led by turnkey flooring solutions serving high performance buildings, fiberglass reinforced plastic structure growth, and M&A. Adjusted EBIT was a record as higher volumes improved fixed cost leverage which was aided by MAP 2025 and as a result of sales mix improvement.

在第 10 張幻燈片上，性能塗料集團實現了創紀錄的銷售額，其中最突出的是服務高性能建築的交鑰匙地板解決方案、玻璃纖維增強塑料結構的增長以及併購。調整後的息稅前利潤創下紀錄，因為銷售量增加提高了固定成本槓桿率，這得益於 MAP 2025 和銷售組合的改善。

Moving to slide 11. Specialty Products Group sales improved as specialty OEM showed signs of stabilization after a cyclical downturn. Food coatings continued to perform well and was aided by a prior acquisition. Demand was soft in the fluorescent pigments and disaster restoration businesses.

移至投影片 11。由於專業 OEM 在週期性衰退後顯示出穩定跡象，專業產品集團的銷售額有所改善。食品塗料持續表現良好，並得益於先前的收購。螢光顏料和災難復原業務的需求疲軟。

Adjusted EBIT increased thanks to MAP 2025 benefits partially offset by a $2.5 million bad debt expense due to a customer bankruptcy and higher startup expenses at a Resin Center of Excellence.

調整後的息稅前利潤有所增加，這得益於 MAP 2025 的收益，但由於客戶破產而產生的 250 萬美元壞帳費用以及樹脂卓越中心的啟動費用增加，部分抵消了這一增加。

On slide 12, the Consumer Group sales declined modestly as new product introductions and one month of The Pink Stuff acquisition were more than offset by continued DIY softness. We also continued rationalizing SKUs, which had a negative impact on sales, but helped improve the adjusted EBIT margin.

在第 12 張投影片上，消費者集團的銷售額略有下降，因為新產品的推出和 The Pink Stuff 收購的一個月被持續的 DIY 疲軟所抵消。我們也繼續合理化 SKU，這對銷售產生了負面影響，但有助於提高調整後的息稅前利潤率。

Adjusted EBIT increased to a record, driven by MAP 2025 benefits, which more than offset the sales decline and raw material inflation.

受 MAP 2025 效益的推動，調整後息稅前利潤創歷史新高，足以抵銷銷售額下滑和原物料通膨的影響。

I'll now turn the call over to Matt who will cover the balance sheet and cash flow.

現在我將把電話轉給馬特，他將負責資產負債表和現金流。

Thank you, Mike.

謝謝你，麥克。

Our strong cash flow in fiscal 2025 that was enabled by MAP 2025 profitability and working capital improvements allowed us to continue returning cash to shareholders in the form of dividends and share repurchases.

由於 MAP 2025 獲利能力和營運資本改善，我們在 2025 財年的強勁現金流使我們能夠繼續以股息和股票回購的形式向股東返還現金。

Overall, these increased $39 million or 13.5% over the prior year. Operating cash flow for fiscal 2025 was $768.2 million, the second highest amount in the company's history, surpassed only by the prior year when there was a large working capital release when supply chains normalized.

總體而言，這些金額比前一年增加了 3,900 萬美元，即 13.5%。2025 財年的營運現金流為 7.682 億美元，為該公司史上第二高的金額，僅次於上一年，當時供應鏈恢復正常，釋放了大量營運資金。

During fiscal 2025 fourth quarter, inventories increased as we made strategic purchases of raw materials to mitigate the impact of future tariffs. The strong cash flow also contributed to the funding of several acquisitions in fiscal 2025, which is the largest M&A year in RPM's history.

在 2025 財年第四季度，由於我們策略性地採購原材料以減輕未來關稅的影響，庫存增加。強勁的現金流也為 2025 財年的幾項收購提供了資金，這是 RPM 史上最大的併購年。

This momentum has continued in the new year with the acquisition of Ready Seal, a leader in high quality and easy to use exterior wood stains during the first month of fiscal 2026. Debt increased by $519.5 million year over year, primarily driven by the funding of TMPC and The Pink Stuff acquisitions.

這一勢頭在新的一年中得以延續，該公司在 2026 財年的第一個月收購了 Ready Seal，該公司是高品質且易於使用的外部木材著色劑領域的領導者。債務年增了 5.195 億美元，主要原因是 TMPC 和 The Pink Stuff 收購的資金增加。

Despite this debt increase, our leverage ratio is near all-time best levels and liquidity remains strong at $969.1 million. CapEx increased $15.9 million. Over the prior years, we invested in growth projects, including the Resin Center of Excellence and a distribution center, both of those facilities being in Belgium, and a new production or research facility in India.

儘管債務增加，但我們的槓桿率接近歷史最高水平，流動性仍然強勁，達到 9.691 億美元。資本支出增加了 1590 萬美元。在過去的幾年裡，我們投資了一些成長項目，包括樹脂卓越中心和配送中心（這兩個設施都位於比利時），以及位於印度的新生產或研究設施。

The consolidation of eight plants through our MAP 2025 program also contributed to the higher CapEx.

透過我們的 MAP 2025 計畫合併八家工廠也導致了資本支出的增加。

Now I'd like to turn the call over to Rusty to cover the outlook.

現在我想把電話交給 Rusty 來介紹前景。

Thank you, Matt.

謝謝你，馬特。

Moving to our full year outlook on slide 14. We expect another year of record sales and adjusted EBIT in 2026, including margin expansion as we benefit from MAP 2025 carryovers as well as from recent acquisitions.

轉到第 14 張投影片上的全年展望。我們預計 2026 年銷售額和調整後息稅前利潤將再創紀錄，利潤率也將擴大，因為我們受益於 MAP 2025 結轉以及最近的收購。

We expect sales to increase low to mid single digits and adjusted EBIT to grow in the high single to low double digit range. We will leverage the things within our control, including implementing additional efficiency initiatives and focusing on turnkey and system solutions for high performance buildings.

我們預期銷售額將成長低至中等個位數，調整後的息稅前利潤將成長高至低兩位數。我們將利用我們能控制的因素，包括實施額外的效率舉措，並專注於高性能建築的交鑰匙和系統解決方案。

Our new 3-segment organizational structure will contribute to improved collaboration and SG&A streamlining. Overall, SG&A streamlining actions completed throughout the first quarter will save around $15 million on an annualized basis, with most of the benefit coming in future quarters.

我們新的三段式組織結構將有助於改善協作和精簡銷售、一般和行政費用。總體而言，第一季完成的銷售、一般及行政費用精簡行動將按年節省約 1,500 萬美元，其中大部分收益將在未來幾季實現。

Approximately one-third of these savings will be reallocated into higher growth business platforms for technical sales force expansions and increased marketing activities. Additionally, we are in the process of consolidating eight less efficient plants while opening three plants in fast growing international markets that will be shared by multiple RPM businesses.

其中約三分之一的節省資金將重新分配到更高成長的業務平台，用於擴大技術銷售團隊和增加行銷活動。此外，我們正在整合八家效率較低的工廠，同時在快速成長的國際市場開設三家工廠，這些工廠將由多家 RPM 企業共享。

We expect higher pricing in response to inflation, particularly the tariff related inflation that we are unable to otherwise mitigate. We will also benefit from the businesses we have recently acquired. Interest rates are an important variable that we will be watching.

我們預計，通貨膨脹將導致價格上漲，特別是與關稅相關的通貨膨脹，而我們無法以其他方式緩解這種通貨膨脹。我們也將受益於最近收購的業務。利率是我們將要關注的重要變數。

They have remained elevated, which has pressured existing home sales and DIY activities, and have also been a headwind to some new build non-residential construction. Higher debt balances from M&A will also contribute to increased net interest expense, which is expected to range between $105 million and $115 million for the year.

它們一直處於高位，給現有房屋銷售和 DIY 活動帶來了壓力，也對一些新建非住宅建築造成了阻力。併購帶來的債務餘額增加也將導致淨利息支出增加，預計全年淨利息支出將在 1.05 億美元至 1.15 億美元之間。

Our first quarter outlook can be found on slide 15. We expect sales growth and record adjusted EBIT in the quarter, led by systems and turnkey solutions serving high performance buildings, as well as a focus on repair and maintenance, which customers tend to gravitate toward during times of economic uncertainty.

我們的第一季展望可以在第 15 張投影片上找到。我們預計本季銷售額將成長，調整後的息稅前利潤將創歷史新高，這主要得益於為高性能建築提供服務的系統和交鑰匙解決方案，以及對維修和保養的關注，在經濟不確定時期，客戶往往會選擇這些方面。

Additionally, we will benefit from a full quarter of The Pink Stuff acquisition and the Ready Seal acquisition, which closed a couple of weeks into the first quarter. We also expect inflation to continue increasing in the quarter, particularly in metal packaging, which has been rising in response to tariffs.

此外，我們還將受益於 The Pink Stuff 收購和 Ready Seal 收購的整個季度，這兩筆收購在第一季的幾週內完成。我們也預期本季通膨將持續上升，特別是金屬包裝，其價格因關稅而上漲。

This will temporarily cause price/cost to be negative during the quarter, as not all price increases were fully implemented at the beginning of the quarter. These profitability headwinds are expected to offset operational efficiency benefits during the quarter.

這將暫時導致本季的價格/成本為負值，因為並非所有價格上漲都在本季初全面實施。預計這些獲利方面的不利因素將抵銷本季營運效率帶來的好處。

Overall, we expect consolidated sales and adjusted EBIT to both increase by low to mid single digits in the quarter. By segment, we anticipate similar sales growth among the three groups, with consumers slightly higher because of their acquisitions of The Pink Stuff and Ready Seal.

總體而言，我們預計本季綜合銷售額和調整後息稅前利潤都將達到低至中個位數成長。以細分市場來看，我們預期這三個集團的銷售額成長幅度相似，但由於收購了 The Pink Stuff 和 Ready Seal，消費者的銷售額將略有成長。

That concludes our prepared remarks, and we are now happy to answer your questions.

我們的準備好的演講到此結束，現在我們很高興回答大家的問題。

(Operator Instructions)

（操作員指示）

Mike Sison, Wells Fargo.

富國銀行的麥克·西森。

Really nice quarter and outlook. Frank, I'm just curious in terms of what underlying demand or organic growth do you see this year. I know you have some acquisitions within your outlook for low single digit growth in sales, but just a little bit of color what you think the organic growth can be in this difficult environment.

真的是非常好的季度和前景。法蘭克，我只是好奇你認為今年的潛在需求或有機成長是什麼樣的。我知道，在您的預期中，有一些收購將使銷售額實現低個位數成長，但請您稍微解釋一下，在這種困難的環境下，您認為有機成長能達到什麼程度。

Sure. Broadly speaking, and you've heard this on some of our more recent investor calls, as we were approaching the end of our MAP '25 initiative, which formally ended at May 31, 2025, we've been talking within RPM about a pivot to growth and we're starting to see that take hold.

當然。廣義上講，您在我們最近的一些投資者電話會議上也聽到過，隨著我們的 MAP '25 計劃接近尾聲（該計劃於 2025 年 5 月 31 日正式結束），我們一直在 RPM 內部討論轉向增長，並且我們開始看到這一點發揮作用。

I think we anticipate the ability to consistently generate 2 to 3 points of organic growth on a consolidated basis for the year. I think the two biggest challenges that are kind of the dynamic factors as to whether things could be better are certainty and finality around the tariff issues or not.

我認為我們預計今年我們有能力在合併基礎上持續實現 2 到 3 個百分點的有機成長。我認為，決定情況是否會好轉的兩個最大挑戰是關稅問題的確定性和最終性。

And the worm turning for the consumer DIY business, which is, I see 24 months of no or negative growth on a pretty regular basis and something extraordinary in our history. But you're seeing really solid organic growth out of CPG and PCG and we're starting to see things move in the right direction after a challenging 18 months in the Industrial Coatings Group, so more OEM coatings. That was the largest piece of our Specialty Products Group.

對於消費者 DIY 業務來說，情況正在發生變化，我經常看到 24 個月的零增長或負增長，這在我們的歷史上是非同尋常的。但是，您會看到 CPG 和 PCG 實現了真正穩健的有機增長，在工業塗料集團經歷了充滿挑戰的 18 個月之後，我們開始看到事情朝著正確的方向發展，因此 OEM 塗料也更多了。這是我們專業產品集團最大的一塊生意。

I think those are the key factors that give us confidence that we're going to see modest organic growth quarter by quarter for the year.

我認為這些是讓我們有信心在今年逐季實現適度有機成長的關鍵因素。

And a quick follow up. The new 3-segment structure, does that enable you to generate more productivity, cost savings down the road? And how do you think about that with the new segments?

並快速跟進。新的三段式結構是否能幫助您提高生產力、節省成本？您如何看待新的細分市場？

Absolutely. So at the start of our MAP initiatives seven years ago, so in the fall of '18, our Specialty Products Group was about 11% of consolidated revenues, and somewhere in the 18% or 19% of consolidated EBIT. They, through economic challenges, and some underperformance in a few units, shrunk to this past year where they're slightly less than 10% in each case.

絕對地。因此，在七年前我們開始實施 MAP 計畫時，也就是 2018 年秋季，我們的特種產品集團約佔合併收入的 11%，佔合併息稅前利潤的 18% 或 19%。由於面臨經濟挑戰以及一些部門表現不佳，這些部門的佔比在去年縮減至略低於 10%。

And so we saw that in conjunction with the retirement of the Group President, Ronnie Holman, who's been with us for more than three decades. To consolidate those Specialty Products Group businesses into the other parts of RPM, we'll benefit from upfront about $15 million of expense reduction or efficiency actions taken in Q1, we'll benefit from the synergies both operationally, internally and externally.

因此，我們看到集團總裁羅尼·霍爾曼 (Ronnie Holman) 退休了，他已經與我們共事三十多年。為了將這些特種產品集團業務整合到 RPM 的其他部分，我們將受益於第一季採取的約 1500 萬美元的前期費用削減或效率行動，我們將受益於營運、內部和外部的協同效應。

I mentioned in my prepared remarks the opportunities to coordinate better the activities of our Industrial Coatings Group with Carboline, which will now both be part of the Performance Coatings Group. We think that not only are things improving in our Color Group, but on a $100 million, business, their largest single customer is $8 million of sales to Rust-Oleum.

我在準備好的演講中提到了更好地協調我們的工業塗料集團與卡寶拉因的活動的機會，現在它們都將成為高性能塗料集團的一部分。我們認為，不僅我們的色彩集團的情況正在改善，而且在價值 1 億美元的業務中，其最大的單一客戶是向 Rust-Oleum 銷售 800 萬美元的商品。

Rust-Oleum is in the Color business and so it's a combination that we think will move our Color business and our DayGlo business forward, better than had it continued to operate as an independent company. So those are just some examples of the synergies we see both on the cost side as well as on the revenue side.

Rust-Oleum 從事彩色業務，因此我們認為，這種結合將推動我們的彩色業務和 DayGlo 業務向前發展，比繼續作為獨立公司運作更好。這些只是我們在成本方面和收入方面看到的協同效應的一些例子。

John McNulty, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John McNulty。

Congratulations. Great results.

恭喜。效果非常好。

I guess I have two questions. One is on the MAP '25 program, and I know it sounds like there may be a new one coming soon, but I guess, can you help us to understand how much in terms of incremental savings in 2026 you may be expecting just so we can kind of have a good baseline to work with?

我想我有兩個問題。一個是關於 MAP '25 計劃，我知道聽起來好像很快就會有一個新的計劃，但我想，您能否幫助我們了解您預計 2026 年增量節省的數額，以便我們有一個良好的基準來開展工作？

And then the other question is just you made some pretty significant improvements on the working capital front in the MAP '25 program. I guess how much of that do you feel like you still have left to go because I think in the prior couple of quarters, you were at least implying that there's still some pretty heavy lifting going on there?

另一個問題是，您在 MAP '25 計劃的營運資金方面取得了一些相當重大的改進。我想您覺得您還有多少工作要做，因為我認為在前幾個季度中，您至少暗示過還有一些相當繁重的工作要做？

So can you help us to think about both of those?

那你能幫助我們思考這兩個問題嗎？

Sure. I'll give you a couple of data points which really highlight why we feel -- we'll have a choppy first quarter in terms of poor leverage because of the cost price mix dynamic that we're facing, but a combination of price increases and a number of our businesses and product lines that are rolling out at the end of July and into August and early September will help.

當然。我將向您提供幾個數據點，這些數據點真正突出了我們為什麼認為——由於我們面臨的成本價格組合動態，我們在第一季度的槓桿率較低，因此會比較不穩定，但價格上漲以及我們在 7 月底、8 月和 9 月初推出的一些業務和產品線將會有所幫助。

Specific to your question, the MAP 2025 benefits in fiscal '26 should be about $70 million across the full year. And then I think the last area will be the benefit of the one expense reduction actions associated with the consolidation from four segments to three, which will start benefiting from in the future quarters.

具體到您的問題，26 財年的 MAP 2025 收益全年應約為 7000 萬美元。然後我認為最後一個領域將是從四個部門合併為三個部門所帶來的一項費用削減行動的好處，這將在未來幾季開始受益。

So those are the key elements in terms of how we think about it. Relative to working capital, there's still a 200 or 300 basis point improvement that we expect. You will see forward progress in fiscal '26. Whether or not we get all of that in '26 or it bleeds into '27, time will tell, but we will make forward progress this year, and our goals, which we intend to meet, are to gain another 200 basis points or 300 basis points of improvement.

因此，這些就是我們思考這個問題的關鍵要素。相對於營運資金，我們預計仍會有 200 或 300 個基點的改善。您將在 26 財年看到進步。我們是否能在 26 年實現所有目標，或將其延續到 27 年，時間會告訴我們答案，但今年我們將取得進展，我們打算實現的目標是再提高 200 個基點或 300 個基點。

And then just as a follow up, it seems like the dams kind of opened up a little bit with regard to M&A. I guess, can you help us to think about the M&A pipeline as you're looking out to 2026 at this point? I know you've completed a bunch, but you still -- admittedly, you still have a really strong balance sheet and more cash flow to come in.

然後作為後續行動，似乎大壩在併購方面有所開放。我想，您能否幫助我們思考一下您目前展望 2026 年的併購管道？我知道你已經完成了很多，但你仍然——不可否認，你仍然擁有非常強勁的資產負債表和更多的現金流。

So how should we be thinking about that?

那我們該如何思考這個問題呢？

Sure. I'll tell you that both culturally, but also in terms of metrics, the benefits of the MAP initiatives that our people have executed over the last seven years, through a improved EBITDA margin which is a ratio that the rating agencies and banks look at and a sustainably improved cash flow, including Ready Seal and The Pink Stuff and TMPC in the last 12 months, we've completed over $600 million of debt funded acquisitions.

當然。我會告訴您，無論是從文化角度還是從指標角度來看，我們的員工在過去七年中執行的 MAP 計劃都帶來了好處，透過提高 EBITDA 利潤率（評級機構和銀行關注的比率）和持續改善的現金流，包括過去 12 個月中的 Ready Seal、The Pink Stuff 和 TMPC，我們已經完成了超過 6 億美元的融資收購。

A decade ago, that would have challenged our balance sheet a little bit. Today, it modestly moves those ratios. And so we've got plenty of dry powder. We're also seeing in these transactions, and it happened later than you would have expected, but we went through a period of incremental debt cost of capital for big companies of almost zero to a period where the cost of capital, even on an incremental basis, is in the 5% or 6% range, and you would have expected that to bring down M&A valuations.

十年前，這會對我們的資產負債表造成一些挑戰。如今，它適度調整了這些比率。因此，我們有足夠的乾粉。我們也看到這些交易，它發生的時間比你預期的要晚，但我們經歷了大公司增量債務資本成本幾乎為零的時期，到資本成本即使在增量基礎上也在 5% 或 6% 的範圍內的時期，你會預計這會降低併購估值。

It has. It took longer than maybe you would have expected, but the transactions that we're being successful on today are at historically high multiples for us, but two or three multiple turns below where transactions were happening maybe two or three years ago.

是的。這花費的時間可能比你預期的要長，但我們今天成功完成的交易對我們來說是歷史最高水平，但比兩三年前的交易水平低了兩到三個倍。

And we're in a good position to take advantage of that and I would expect our traditional acquisition growth machine to deliver more revenue growth and more deals this year and in subsequent years.

我們處於有利地位，可以利用這一點，我預計我們傳統的收購成長機器將在今年和隨後幾年帶來更多的收入成長和更多的交易。

Congratulations on the quarter.

恭喜本季。

Kevin McCarthy, Vertical Research Partners.

凱文·麥卡錫（Kevin McCarthy），Vertical Research Partners。

Congrats on the results and particularly nice to see the strength in construction products against the current macro backdrop. On slide 7 and 8, you talk a little bit or reference at least your success in systems and turnkey solutions.

祝賀取得的成果，尤其高興看到建築產品在當前宏觀背景下的強勁表現。在投影片 7 和 8 上，您可以稍微談論一下或至少提及您在系統和交鑰匙解決方案方面的成功。

So just wondering if you could frame that out a little bit in terms of maybe the size of what you're doing there, the growth rates, and my impression is you were a first mover in that regard, and I'm curious as to whether any of your competitors are adopting that sort of turnkey model or whether you have a lot of runway in terms of first mover advantage there.

所以我想知道您是否可以稍微介紹一下您在那裡所做的事情的規模、增長率，我的印像是您在這方面是先行者，我很好奇您的競爭對手是否正在採用這種交鑰匙模式，或者您是否在先發優勢方面擁有很大的發展空間。

Sure. I can't only speak to competitors, but I can tell you that we have had in our Construction Products Group a very deliberate effort over the last, let's say five years, maybe even a little bit longer, but it's really starting to take hold in the last year or two of moving from selling components to selling systems.

當然。我不僅可以談論競爭對手，還可以告訴您，我們建築產品集團在過去五年甚至更長的時間裡做出了非常刻意的努力，但在過去一兩年裡，我們才真正開始從銷售零件轉向銷售系統。

And so with the advent, so Dryvit was its own business a decade ago selling exterior finishes and EIFS. Tremco Sealants sold their sealants into construction projects via distribution and through specifications. Today, they're really focused on six sides of the building.

因此，隨著這項技術的出現，Dryvit 十年前就成立了自己的公司，銷售外牆裝飾和 EIFS。Tremco Sealants 透過分銷和規格將其密封劑出售給建築項目。今天，他們真正關注的是這座建築的六個側面。

Through acquisition and internal development, we've acquired things like Nudura, so ICF, panelization. And so when you think of a wall system a decade ago, we were providing all of the high margin sealants, gaskets, and the elements around window, door penetrations, roof connections to the walls.

透過收購和內部開發，我們獲得了 Nudura、ICF 和麵板化等產品。因此，當您想到十年前的牆體系統時，我們會提供所有高利潤的密封劑、墊圈以及窗戶、門穿透、屋頂與牆壁連接周圍的元素。

Today, we have a much larger share of that wall. We have high performance building solutions in Europe. We have opportunities now to be more of an asset maintainer with some of our big customers instead of just doing re-roofing or owning roofing.

如今，我們擁有的這堵牆已經大為增加。我們在歐洲擁有高性能的建築解決方案。我們現在有機會成為一些大客戶的資產維護者，而不僅僅是重新鋪設屋頂或擁有屋頂。

We now have Pure Air which allows us to address maintenance and rehabilitation of big HVAC units which we've been asked for decades by customers, hey, while you're on a roof, can you fix this? We didn't have a very good answer. We do now with Pure Air.

我們現在有了 Pure Air，它使我們能夠解決大型 HVAC 裝置的維護和修復問題，幾十年來客戶一直要求我們這樣做，嘿，當你在屋頂上時，你能解決這個問題嗎？我們沒有很好的答案。現在我們透過 Pure Air 來實現這一點。

So we've really been thinking about both asset management and what that means, and system solutions and how we own a bigger piece of the wall, not just the ceiling or gasket or unique components. So that's been one critical area.

因此，我們一直在思考資產管理及其含義、系統解決方案以及我們如何擁有更大的牆壁部分，而不僅僅是天花板、墊圈或獨特的組件。這是一個關鍵領域。

I think the other critical area in our stone hard flooring business in particular on Tremco Roofing is we've had, for decades, a unique supply and apply model and in a labor challenged environment, that gives us an advantage in some circumstances, and we're seeing those benefits as well.

我認為我們的石質地板業務（特別是 Tremco Roofing）的另一個關鍵領域是，幾十年來，我們一直擁有獨特的供應和應用模式，在勞動力緊張的環境中，這在某些情況下為我們帶來了優勢，我們也看到了這些好處。

The last comment in this area, and it highlights some of the outperformance of our Performance Coatings Group and our Construction Products Group, they have essentially teamed up in a what we call a platform approach to the developing world.

該領域的最後一條評論強調了我們的高性能塗料集團和建築產品集團的一些優異表現，他們基本上聯手採取了我們所謂的面向發展中國家的平台方式。

Five years ago, we did a full-blown analysis with our Board on acquisitions, and the one area that stood out as not being successful was what we deemed small and far away, a strategy of planting a flag, you name it, in Indonesia, in Dubai, in Poland, wherever, in different places.

五年前，我們與董事會對收購進行了全面的分析，發現有一個領域我們認為並不成功，那就是那些規模小、地點遙遠的公司，即在印度尼西亞、迪拜、波蘭等不同的地方插上旗幟的戰略。

And we really weren't following up. So we had these small operations, but there wasn't a lot of synergy and attention paid to them. We have reorganized developing world approach under one leadership team. They get the same attention as each of our groups in terms of monthly performance and outlook.

但我們確實沒有跟進。因此，我們進行了這些小型運營，但並沒有產生太多的協同效應，也沒有給予太多的關注。我們在一個領導團隊的領導下重新組織了發展中國家的方針。在月度業績和前景方面，他們與我們的每個團隊一樣受到關注。

And so I think we have a strategy to grow in the developing world, particularly across our industrial and commercial product lines. That's starting to come to fruition that quite handily five years ago wasn't working. So you put all of those together and I think it explains the outperformance in our CPG and PCG businesses and why we think that that's going to continue.

因此我認為我們有一個在發展中國家發展的策略，特別是在我們的工業和商業產品線上。五年前還未實現的夢想如今已開始實現。所以，把所有這些放在一起，我認為這解釋了我們的 CPG 和 PCG 業務的優異表現，以及為什麼我們認為這種情況會持續下去。

My second question is for Rusty. Would you comment on what the passage of the One Beautiful Bill Act means for RPM? For example, do you anticipate lower cash taxes given the provisions related to accelerated depreciation and R&D expensing?

我的第二個問題是問 Rusty 的。您能否評論一下《美麗法案》的通過對於 RPM 意味著什麼？例如，考慮到加速折舊和研發費用的相關規定，您是否預期現金稅會降低？

Sure. Yeah. We are still sorting through that, Kevin. In general, it's good news that the corporate tax rate is not going to 28%, which was proposed in the last administration. Also you mentioned bonus depreciation. Yeah, that should spur investment and that would be great as you can imagine for RPM. Manufacturing, of course, is one of many sectors of construction that we service.

當然。是的。我們仍在處理此事，凱文。總的來說，企業稅率不會達到上屆政府提出的 28% 是個好消息。您還提到了獎金折舊。是的，這應該會刺激投資，正如你所想像的，這對 RPM 來說是一件好事。當然，製造業是我們服務的眾多建築業之一。

And in terms of what I understand is that, yes, from a tax perspective, it is looking like that the depreciation on our $220 million a year of capital spending can be -- basically, we can expense the purchase of tangible property at 100%, not 40%, which was the case prior to January.

據我了解，是的，從稅收角度來看，我們每年 2.2 億美元資本支出的折舊可以——基本上，我們可以將購買有形資產的費用化率為 100%，而不是 40%，這是 1 月之前的情況。

So nothing but good news, but still a lot to sort through.

所以這只是好消息，但仍有許多事情要處理。

Patrick Cunningham, Citi.

花旗銀行的派崔克‧坎寧安。

Can we maybe unpack the sort of price/cost, particularly in 1Q and then expectations for the balance of the year? And are the biggest pricing opportunities more in these turnkey systems where you're seeing strong demand and have the value proposition or is there anything more broad based there?

我們能否解讀一下價格/成本，特別是第一季的價格/成本，以及今年剩餘時間的預期？最大的定價機會是否更多地出現在這些交鑰匙系統中，在這些系統中，您看到強勁的需求並具有價值主張，還是有更廣泛的基礎？

I think broadly, we look at pricing and have better discipline through our MAP initiatives across all our businesses. Specific to Q1, our big challenge is in consumer. There's a couple commodity chemicals that are actually showing deflation.

我認為，從廣義上講，我們會考慮定價，並透過我們所有業務中的 MAP 計劃來加強紀律。具體到第一季度，我們面臨的最大挑戰是消費者。有幾種大宗化學品實際上正在出現通貨緊縮。

One exception, which hurts our industrial businesses is epoxy resins, which we're a huge buyer of. Those are up low double digits, but specifically, the consumer -- metal packaging is a real challenge. Plastic packaging's up modestly. Pigments are up double digits. Propellants are up 13% or 14%.

對我們的工業業務造成損害的例外是環氧樹脂，我們是環氧樹脂的巨大買家。這些數字都達到了兩位數的低位，但具體來說，對於消費者來說，金屬包裝是一個真正的挑戰。塑膠包裝價格小幅上漲。顏料價格上漲了兩位數。推進劑上漲了 13% 或 14%。

And so when you look at our Rust-Oleum business in particular between metal packaging and propellants, it's a real challenge, and they're managing on the operating side to find efficiencies, but we're going to need some price there and have plans to get it at the end of the summer and early fall.

因此，當您查看我們的 Rust-Oleum 業務，特別是金屬包裝和推進劑之間的業務時，這是一個真正的挑戰，他們在運營方面進行管理以尋找效率，但我們需要一些價格，併計劃在夏末和初秋獲得它。

So that explains kind of the challenge in Q1, where I would expect us to demonstrate like we did in Q4 real solid growth, positive organic growth in our industrial and commercial businesses. But a lack of leverage, because of some of the segment consolidation activities that are driving some cost.

這解釋了第一季面臨的挑戰，我希望我們能像第四季一樣，實現真正的穩健成長，實現工業和商業業務的積極有機成長。但由於部分細分市場整合活動導致成本增加，因此缺乏槓桿作用。

Some of the MAP initiatives that are driving some duplicate cost is, for instance, we're closing a major Tremco plant and in the process of moving all that production into two plants in the United States. We have some similar activities in Europe, which cannot be adjusted out.

一些 MAP 計劃導致了一些重複成本，例如，我們正在關閉 Tremco 的一家主要工廠，並將所有生產轉移到美國的兩家工廠。我們在歐洲也有一些類似的活動，這些活動無法調整出去。

And then I think those are the key elements of what will drive a lack of leverage in Q1. But as I said earlier, expense reduction actions in Q1 in relationship to the seven consolidation, price increases that are scheduled here for the end of July into August and early September.

我認為這些是導致第一季缺乏槓桿作用的關鍵因素。但正如我之前所說，第一季的費用削減行動與七項合併有關，價格上漲計劃於 7 月底至 8 月和 9 月初進行。

And then broadly, the benefits of MAP '25 on the rest of fiscal '26 will show some nice leverage to the bottom line of the growth that we put forward in the quarters after Q1.

總體而言，MAP '25 對 26 財年剩餘時間的益處將對我們在第一季之後的幾個季度提出的成長底線產生良好的槓桿作用。

And then in the prepared remarks, you talked about the potential headwinds to non-resi construction. Can you speak to the health of the project backlogs in construction and performance coatings? Are you starting to see any commitments slow or maybe delays impacting the conversion of the existing backlog?

然後在準備好的發言中，您談到了非住宅建設可能面臨的阻力。您能談談建築和性能塗料項目積壓的健康狀況嗎？您是否開始看到任何承諾緩慢或延遲影響現有積壓的轉換？

No. The backlogs for those businesses are really strong. The challenges that we'll face are just difficult comps. Both PCG and CPG had really strong years in fiscal '25, really strong years in fiscal '24. So it's -- we're rounding some more challenging comps.

不。這些企業的積壓訂單確實非常多。我們將要面臨的挑戰只是艱難的較量。PCG 和 CPG 在 25 財年和 24 財年均表現強勁。所以——我們正在進行一些更具挑戰性的比較。

But as you saw in Q4, we're generating some pretty solid low single digit, mid single digit organic growth, and a lot of it's around the systems, a lot of it's around the advantage of the supply and apply model, and we expect that to continue.

但正如您在第四季度看到的那樣，我們正在實現相當穩健的低個位數、中個位數有機增長，其中很大一部分是圍繞系統，很大一部分是圍繞供應和應用模型的優勢，我們預計這種情況將會持續下去。

The other thing that they were working at is in our consumer DIY business, we have been introducing in our DAP business, in our Rust-Oleum business new products. There's a low odor product -- a water-based low odor product just introduced at Rust-Oleum.

他們正在進行的另一項工作是在我們的消費者 DIY 業務中，我們一直在 DAP 業務和 Rust-Oleum 業務中推出新產品。Rust-Oleum 剛剛推出了一種低氣味產品——水基低氣味產品。

There's some new single component foams that were introduced in the past six or nine months at DAP. The move into cleaners with The Pink Stuff really puts us on the MAP, where previously, we had somewhere in the $50 million to $70 million range of kind of niche cleaning products.

在過去六到九個月內，DAP 推出了一些新的單組分泡棉。透過 The Pink Stuff 進軍清潔領域確實讓我們登上了 MAP 的舞台，而之前我們的小眾清潔產品銷售額大約在 5,000 萬到 7,000 萬美元之間。

Now we'll have north of $250 million in the cleaning category. And importantly, The Pink Stuff gets us into channels that we didn't have much of a presence in, grocery, discount, drug and so these are thousands of outlets, where The Pink Stuff is a broad cleaning category versus the niches we had and the Krud Kutters and the Concrobiums.

現在我們在清潔領域的投資金額已超過 2.5 億美元。重要的是，The Pink Stuff 讓我們進入了以前沒有太多業務的管道，例如雜貨店、折扣店、藥局等等，這些有數千個門市，其中 The Pink Stuff 是一個廣泛的清潔類別，不同於我們之前的利基市場以及 Krud Kutters 和 Concrobiums。

And so a very deliberate strategy to diversify into new channels and into a new cleaning category with some of the disciplines our Consumer Group has. And hopefully, that will begin to pay off in fiscal '26 despite the lack of housing turnover and its impact on DIY markets, which is not really -- which has been bad for the last couple of years.

因此，我們制定了一項非常謹慎的策略，利用我們消費者集團的一些學科，開拓新的管道和新的清潔類別。儘管住房週轉率不足，並且對 DIY 市場產生了影響，但希望這種做法能夠在 26 財年開始產生回報，而過去幾年 DIY 市場的情況一直很糟糕。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴。

Congrats on a nice quarter and pretty good looking guidance.

恭喜您本季業績出色，並取得了相當不錯的業績指引。

I was hoping that you could maybe help us take a step backwards and just help us understand in the fourth quarter, you guys were pretty meaningfully ahead of your expectations. I was hoping you could walk through what areas specifically were better than you anticipated.

我希望你們能幫助我們退一步，讓我們明白在第四季度，你們的表現已經遠遠超出了預期。我希望您能具體介紹一下哪些方面比您預期的要好。

Where do you feel like you were right to be more cautious and can you help us understand how demand trends in some of your key segments or product lines were playing out in April into May into June. I think your press release referred to some momentum on the outlook, and I'm just curious, what specific areas you guys are seeing this momentum.

您認為在哪些方面應該更謹慎？您能否幫助我們了解 4 月、5 月和 6 月期間，您的一些關鍵細分市場或產品線的需求趨勢如何？我認為你們的新聞稿提到了前景的一些勢頭，我只是好奇，你們在哪些具體領域看到了這種勢頭。

Sure. So a couple things. One is new products in consumer that I mentioned, a lot of which were introduced this spring, and so that's starting to take hold, and it's helping us fight an otherwise broad economic challenge in that area.

當然。有幾件事。一是我提到的消費品新產品，其中許多都是今年春天推出的，這些產品開始發揮作用，並幫助我們應對該領域廣泛的經濟挑戰。

Another one is what we're doing in the developing markets. We're seeing double-digit growth and even margin improvement that's meaningful in local currencies. Currencies didn't help us last year. Looks like currencies might actually be a tailwind in fiscal '26, so that's good news.

另一個是我們在發展中市場所做的事情。我們看到了兩位數的成長，甚至利潤率的提高，這以當地貨幣計算具有重要意義。去年貨幣沒有為我們帶來幫助。看起來貨幣實際上可能成為 26 財年的順風，所以這是個好消息。

And then I will tell you that if you see the detail in our press release on PCG and CPG, as I indicated earlier, I think we can generate a solid 2 or 3 points of real unit volume growth. We had better than that in Q4. Some of that was weather related delays from the Q3, which we had talked about in Q3 and thankfully, the great momentum that we built from Q1, Q2 and through Q4 that we continue to see.

然後我會告訴你，如果你看到我們關於 PCG 和 CPG 的新聞稿中的詳細信息，正如我之前指出的，我認為我們可以實現 2 或 3 個百分點的實際單位銷量增長。我們在第四季的表現比這更好。其中一些原因是第三季的天氣相關延誤，我們在第三季已經討論過這個問題，值得慶幸的是，我們在第一季、第二季和第四季建立的強大勢頭仍在繼續。

Back to your question as we get into '26, Q3 was really an odd winter interruption. Our fiscal year end helps us in some ways and hurts us. In this case, the calendar didn't help. Our Q3 was December, January, February, and the weather was terrible.

回到你的問題，當我們進入 26 年時，第三季確實是一個奇怪的冬季中斷。我們的財政年度結束在某些方面對我們有幫助，但也有一些損害。在這種情況下，日曆沒有幫助。我們的第三季是 12 月、1 月、2 月，天氣很糟。

Had our Q3 been a January, February, March, on a calendar quarter like most of our peers, our results would have been better. And so I think it's a combination of those things that explain the strong fourth quarter, but the continuing momentum, if you really think of Q3 as an aberration, we're showing momentum from Q1, Q2, Q4, and we see that continuing as we enter fiscal '26.

如果我們的第三季像大多數同業一樣是日曆季度中的一月、二月、三月，我們的業績會更好。因此，我認為這些因素共同作用，解釋了第四季度的強勁表現，但如果你真的認為第三季度是一個異常現象，那麼我們就會發現第一季度、第二季度、第四季度的勢頭依然強勁，而且我們看到這種勢頭在進入 26 財年時仍將繼續。

And then I'm just curious, in terms of the inflation that you're seeing, would you categorize that as being normal supply and demand fluctuations, or do you think it's driven more by tariff impacts? I think we're just trying to get a sense of whether we could still expect some further changes in what you're seeing around input costs depending on what happens with trade policy.

然後我很好奇，就您所看到的通貨膨脹而言，您是否將其歸類為正常的供需波動，或者您認為它更多地受到關稅影響？我認為我們只是想了解，根據貿易政策的變化，我們是否還能預期投入成本會發生進一步的變化。

Sure. Our best guess and we look at it pretty -- in great detail, of the unmitigated impact of tariffs, as they stand today and of course, this can all change next week or next month, but our best guess today is a negative 4% to 5% hit in fiscal '26.

當然。我們最好的猜測是，我們會非常詳細地研究關稅目前造成的未減輕的影響，當然，這一切都可能在下週或下個月發生變化，但我們今天最好的猜測是，26 財年將出現 4% 至 5% 的負增長。

We have some mitigation activities in terms of agreements with vendors. We have some opportunities to -- as we talked about, for instance, The Pink Stuff moving production for the pace that they sell in the US to adapt plants, so we're working on that.

我們與供應商達成協議，採取了一些緩解措施。我們有一些機會——例如，正如我們所討論的，The Pink Stuff 會根據其在美國的銷售速度調整生產以適應工廠，所以我們正在努力實現這一點。

That's just one example. And then the final area would be in price increases. From an inflation perspective, I would tell you that this is a rough guess, and this is Frank Sullivan, but I think half to two-thirds is truly tariffs and half to one-third is the response of domestic suppliers taking advantage of the tariff regimes to raise prices.

這只是一個例子。最後一個領域是價格上漲。從通貨膨脹的角度來看，我會告訴你，這是一個粗略的猜測，這是弗蘭克·沙利文的說法，但我認為一半到三分之二是真正的關稅，一半到三分之一是國內供應商利用關稅制度提高價格的反應。

Steel's a great example. Tinplate does come a lot from overseas, not a lot of production in the US, but the aggressive pricing of steel companies because they can, it's a challenge for anybody to buy steel these days.

鋼鐵就是一個很好的例子。馬口鐵確實大量來自海外，美國國內的產量並不多，但由於鋼鐵公司可以採取激進的定價策略，因此現在任何人購買鋼鐵都是一個挑戰。

If I could sneak one more in. Just curious if you can give any guidance on depreciation and amortization for fiscal '26 as well as the CapEx outlook.

如果我能再偷偷溜進去一個。我只是好奇您是否可以對 26 財年的折舊和攤銷以及資本支出前景提供任何指導。

Sure, Mike. Yeah, so for depreciation and amortization, it should be around $200 million for fiscal year '26. The increase is really driven by the M&A we've done and also some of the higher CapEx spending we've had.

當然，麥克。是的，因此對於折舊和攤提而言，26 財年的金額應該在 2 億美元左右。這一增長實際上是由我們進行的併購以及我們一些較高的資本支出所推動的。

And then when we look at CapEx for the full year, it should be about $220 million to $240 million. That would be the range. And just also we mentioned this on the call, but just to reiterate, interest expense will be higher this year because of the additional debt that's been used to fund these M&A.

然後，當我們查看全年的資本支出時，它應該在 2.2 億美元到 2.4 億美元左右。這就是範圍。我們也在電話會議上提到了這一點，但需要重申的是，由於用於資助這些併購的額外債務，今年的利息支出將會更高。

So we expect net interest expense to be between $105 million and $115 million for the year.

因此，我們預計今年的淨利息支出將在 1.05 億美元至 1.15 億美元之間。

Matthew DeYoe, Bank of America.

美國銀行的馬修‧德約 (Matthew DeYoe)。

I'm not sure if I've ever heard that last name pronunciation. I like that one. But congratulations. I guess it was a good quarter and obviously, some of this organic growth.

我不確定我是否聽過這個姓氏的發音。我喜歡那個。但還是要恭喜你。我想這是一個好的季度，而且顯然實現了部分有機成長。

I wanted to touch a little bit on the flooring side of the equation. I mean some of this is reflective of the data center AI build out. Is that manifesting into critical mass here or is this still an opportunity to come as it relates to like Tremco?

我想稍微談談地板方面的問題。我的意思是，其中一些反映了資料中心 AI 的建置。這是否體現為臨界質量，或者這仍然是與 Tremco 相關的一個機會？

Yeah. I think there's still more opportunities there. We are seeing some benefits in certain areas, in particular our fiber grade business and FRP grading and its nonconductive nature in data centers. We're seeing some in flooring and coatings.

是的。我認為那裡還有更多機會。我們在某些​​領域看到了一些好處，特別是我們的光纖級業務和 FRP 等級及其在資料中心的非導電特性。我們在地板和塗料中看到了一些。

I would say we're getting our share. I would not say yet we're getting more than our share, and we're working on that. And -- but in general, we're just seeing a nice uptick in small to medium size flooring projects along with some of the larger, more headline projects that are out there.

我想說，我們得到了自己的份額。我還不能說我們得到的已經超過了我們的份額，我們正在努力實現這一目標。但總的來說，我們只是看到中小型地板項目以及一些更大、更引人注目的項目出現了良好的增長。

And some of it's a really focused sales force and I do believe some business of our supply and apply model, which in a challenging labor environment, is helping us.

其中一部分是真正專注的銷售隊伍，我確實相信我們的供應和應用模式的一些業務在充滿挑戰的勞動力環境中正在幫助我們。

And I think by our estimate, we have something like $230 million in top line contribution to deals next year. Is that right? And what do you expect EBITDA contribution from that? And kind of related, SG&A was up because of some of this deal, some of the deal activity. Is that mostly just one time legal banker fees? With the streamlining, how should we expect SG&A to kind of flow through the year?

我認為，根據我們的估計，明年我們將為交易貢獻約 2.3 億美元的收入。是嗎？您預計這將對 EBITDA 產生什麼貢獻？與此相關的是，由於部分交易和交易活動，銷售、一般和行政費用 (SG&A) 有所上漲。這主要只是一次性的合法銀行費用嗎？隨著精簡，我們預期銷售、一般及行政費用 (SG&A) 全年的流動情況如何？

Sure. Yeah, I can take that one. In terms of acquisitions, we've announced The Pink Stuff acquired at the beginning of May and annualized. That's GBP150 million, and then we just acquired Ready Seal in the middle of June.

當然。是的，我可以接受這個。在收購方面，我們已於 5 月初宣布收購 The Pink Stuff 並進行年度化。那是 1.5 億英鎊，然後我們剛剛在六月中旬收購了 Ready Seal。

We disclosed that at $40 million. So you can model those in. And you're right, Matthew, on acquisition deal costs, they were elevated in Q4 and they'll continue to be elevated in Q1. As Frank indicated on the last call, that's actually a favorable indicator for RPM when those costs are up, activity is robust and we would expect that to hopefully continue.

我們透露這個數字是 4000 萬美元。所以你可以對它們進行建模。馬修，你說得對，就收購交易成本而言，第四季有所上升，而且在第一季還會繼續上升。正如弗蘭克在上次電話會議上指出的那樣，當這些成本上升時，這實際上是 RPM 的有利指標，活動強勁，我們預計這種情況將持續下去。

Josh Spector, UBS.

瑞銀的喬許·斯佩克特。

Just a couple of quick follow-ups. First, on raw materials, apologize if I missed this, but previously, you said mid single digit inflation is where you thought we'd get to. What's your latest view there?

只需進行一些快速的跟進。首先，關於原材料，如果我錯過了這一點，請原諒，但之前您說過，您認為我們會達到中等個位數的通膨水平。您最近在那裡看到了什麼？

Yeah. In general, I think as we start the year, we're seeing broadly on a consolidated basis, inflation in the 1% to 2% range, but it's kind of heavily weighted towards what's happening in our consumer business around packaging, propellants and some pigments.

是的。總體而言，我認為在年初，我們大致可以看到綜合通膨率在 1% 到 2% 之間，但這在很大程度上取決於我們的消費品業務，包括包裝、推進劑和一些顏料。

And I'm hopeful that as this tariff issue gets some certainty and settle down that we'll see that simplify. As I indicated earlier, unmitigated, we see a 4% to 5% impact of the tariff regimes, and our ability to offset some of that through moving manufacturing and/or agreements with some of our suppliers will help and it would be nice to get through half of this year and have some of that VUCA, uncertain, volatile, changing every week, provide some certainty in which people can plan around.

我希望，隨著關稅問題逐漸確定和解決，我們將看到其簡化。正如我之前指出的，如果不加以緩解，我們看到關稅制度將產生 4% 到 5% 的影響，而我們通過轉移製造業和/或與一些供應商達成協議來抵消其中的一部分影響的能力將有所幫助，並且很高興能夠度過今年的一半時間，並且讓一些 VUCA（不確定、不穩定、每週都在變化）為人們提供一些可以製定計劃的確定性。

And as Rusty mentioned, that and some of the positive impacts of the One Big Bill, on manufacturing investment, I think will get people off the sidelines in terms of making decisions on additional projects which will help us.

正如拉斯蒂所提到的，我認為，這一點以及《一攬子法案》對製造業投資的一些積極影響，將使人們在對其他項目做出決策時不再袖手旁觀，這將對我們有所幫助。

I guess what I was trying to figure out is, so does that 1% to 2% inflation peak earlier in the year? Is that the mitigated impact or do you expect that to increase as we go through the year?

我想弄清楚的是，1% 到 2% 的通膨率是否在今年早些時候達到高峰？這是減輕的影響嗎？還是您預計隨著時間的推移，這種影響會增加？

The 1% to 2% inflation is what we're seeing in Q1, and it's disproportionately weighed towards consumer.

我們在第一季看到的通膨率為 1% 至 2%，並且對消費者的影響尤其嚴重。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Frank, just on, in consumer, the organic is down 3.8% in the quarter. How much is due to the SKU rationalization? With the remainder, are you seeing greater pressure on the consumer as we speak, or is it pretty much the same?

弗蘭克，就消費者而言，本季有機消費下降了 3.8%。有多少是由於SKU合理化所造成的？對於剩下的部分，您是否看到消費者面臨的壓力越來越大，還是基本上相同？

It's pretty much the same. We just finished our second year or eight quarters in a row of no or negative DIY takeaway and we've never seen anything like that. It's unprecedented. And it seems to be flatlining, if you will, but there's no real dynamic here.

幾乎是一樣的。我們剛剛結束了連續第二年或八個季度沒有或出現負面 DIY 外賣的情況，我們從未見過這樣的事情。這是前所未有的。如果你願意的話，它似乎是平穩的，但這裡沒有真正的動態。

We're at a 40-year low in housing turnover and certainly, others supplemented that, and that's a challenge in this area. It's predominantly in our Rust-Oleum business, and Small-Project Paints in part because of their size and their market share.

我們的住房週轉率處於 40 年來的最低水平，當然其他人也補充了這一點，這對該領域來說是一個挑戰。它主要集中在我們的 Rust-Oleum 業務和小型專案塗料業務中，部分原因是它們的規模和市場份額。

DAP continues to build momentum and show some positive momentum throughout '25 and as we get into '26. They have more of a contractor customer base than our Rust-Oleum business does. We're actually performing pretty well in the European marketplace.

民主行動黨在 2025 年以及 2026 年繼續保持強勁勢頭，並顯示出一些積極的勢頭。與我們的 Rust-Oleum 業務相比，他們擁有更多的承包商客戶群。事實上，我們在歐洲市場的表現相當不錯。

However, in Europe, we are in the process of discontinuing a lower margin product line and closing a factory there. And so that was part of the negative impact. On an annualized basis, the SPS business was $50 million and most of that will go away.

然而，在歐洲，我們正在停止利潤較低的產品線並關閉那裡的一家工廠。這就是負面影響的一部分。按年計算，SPS 業務價值為 5,000 萬美元，其中大部分將會消失。

And we're in the process of transitioning that into other plants and then we are looking to sell the facility.

我們正在將其轉移到其他工廠，然後我們打算出售該工廠。

And just back on raws, on Tuesday, one of your Cleveland-based peers lowered their back half raw material guidance. They're seeing reductions in solvents and resins. Why the disconnect with what you're seeing or is it just more packaging related costs or maybe you can help us there?

回到原料方面，週二，你們的一位克利夫蘭同行下調了後半年的原料指導。他們看到溶劑和樹脂的減少。為什麼與您所看到的不一致，或者僅僅是與包裝相關的成本更高，或者您能幫助我們嗎？

Sure. So to the last question which I -- it was really trying to get at the same thing in terms of where we see inflation going. I don't know. All I can tell you is that in Q1, our inflation on a consolidated basis, it's going to be 1% to 2% and it's mostly in consumer.

當然。所以對於最後一個問題，我其實想從通貨膨脹的走向來探討同樣的問題。我不知道。我可以告訴你的是，第一季度，我們的綜合通膨率將在 1% 到 2% 之間，而且主要集中在消費者方面。

And it is -- so metal packaging as we sit here today is up 11% or 12%. Propellant's up 13% or 14%. Plastic packaging is up 1% or 2%. Pigments are up 10%. Those are -- there are some solvent areas that are going down.

事實確實如此——今天我們坐在這裡的金屬包裝上漲了 11% 或 12%。推進劑上漲 13% 或 14%。塑膠包裝價格上漲1%或2%。顏料上漲了10%。這些都是——一些有償付能力的領域正在走向衰落。

The one exception, which is a meaningful raw material for RPM across the board is epoxy. So we're big producers of epoxy floor coatings, epoxy coatings, epoxy sealants, and so that's up about 11%. Certain solvents and other things are moving in the right direction.

唯一的例外是環氧樹脂，它是 RPM 全面使用的有意義的原料。我們是環氧地板塗料、環氧塗料、環氧密封劑等產品的大型生產商，因此產量增加了約 11%。某些溶劑和其他物質正在朝著正確的方向發展。

If oil prices move in the right direction, that'll be good. But given the impact that tariffs have and the uncertainty from one week to the next, other than being able to forecast a 1% to 2% inflation and give you the details we just did, we don't really have a clue as to where things are going post this fall and in the next year.

如果油價朝著正確的方向發展，那將是件好事。但考慮到關稅的影響以及每週的不確定性，除了能夠預測 1% 到 2% 的通膨率並提供我們剛才提供的詳細資訊外，我們真的不知道今年秋季和明年的情況會如何發展。

John Roberts, Mizuho.

瑞穗的約翰羅伯茲。

And I'll add my congrats. Is there a home for all of SPG in the other three segments?

我還要表示祝賀。其他三個部分是否都有 SPG 的歸屬地？

Yes. So if you look at the Color Group, roughly, $100 million. $0.8 million of that is intercompany sales from our Color Group to Rust-Oleum. And the Color Group is about color, and Rust-Oleum is about color. It's a great fit, and there's opportunities with our best consumer marketers to do things with the DayGlo brand that up until now, we have not.

是的。因此，如果你看一下 Color Group，大約有 1 億美元，其中 80 萬美元是我們 Color Group 與 Rust-Oleum 之間的公司間銷售額。Color Group 是關於顏色的，Rust-Oleum 也是關於顏色的。這非常契合，我們有機會與最好的消費者行銷人員合作，利用 DayGlo 品牌進行一些我們迄今為止尚未開展的工作。

Our Legend Brands business is really asset management and as we get into businesses like Pure Air, which is the refurbishment and rehabilitation of major rooftop HVAC units, it really fits into that same thing. That's about $100 million and then the balance of the $700 million SPG prior segment is the Industrial Coatings business and the food business.

我們的 Legend Brands 業務實際上是資產管理，當我們進入 Pure Air 等業務時，它實際上是同一業務，即翻新和修復主要屋頂 HVAC 裝置。這大約是 1 億美元，而 7 億美元的 SPG 前期業務的餘額是工業塗料業務和食品業務。

The food business -- the food coatings business, not a lot of synergies. It's just a great business, higher than RPM margin profile. At the gross margin and EBIT margin level, good solid growth. It had to go somewhere, so it's going to the Performance Coatings Group, but the other three elements all have really good strategic fits.

食品業務－食品塗料業務，綜效不大。這是一項偉大的業務，高於 RPM 利潤率。在毛利率和息稅前利潤率水準上，實現了良好且穩健的成長。它必須去某個地方，所以它將被分配到性能塗料集團，但其他三個元素都具有非常好的策略契合度。

And then you had a customer bankruptcy in SBG last quarter and prior, you had a bankruptcy in the Consumer segment. I know you said the backlog is relatively strong, but are you seeing signs of stress across other areas of your customers?

然後，上個季度，SBG 的一個客戶破產了，而在此之前，消費者部門也有一個客戶破產了。我知道您說過積壓訂單相對較多，但您是否看到客戶其他領域出現壓力跡象？

Not that we're aware of today. The dynamics and the air handling, air moving, rehabilitation Legend Brands business are changing and it's moving a little bit from distribution to direct sales. And so there's a lot of dynamics along the lines of both what you're asking.

我們今天還不知道這一點。動態和空氣處理、空氣流動、修復 Legend Brands 業務正在發生變化，並且正在從分銷轉向直銷。因此，有許多與您所問的問題類似的動態。

That's about $100 million business for us. Other than that, we don't see any signs of stress from our customer base or any expectations of further bankruptcies.

這對我們來說是一筆約 1 億美元的生意。除此之外，我們沒有看到客戶群有任何壓力跡像或進一步破產的預期。

Frank Mitsch, Fermium Research.

弗蘭克米奇，費米研究中心。

I'd love to get invited to one of the local Cleveland business meetings where you get together with some of the steel guys. I'm sure it's a very light environment. I wanted to follow up on the MAP savings for fiscal 2026 and confirm the $70 million that you referenced that from MAP would go into '26, that's an incremental number, correct?

我很高興被邀請參加克利夫蘭當地的商務會議，在那裡你可以和一些鋼鐵業的人聚在一起。我確信這是一個非常明亮的環境。我想跟進 2026 財年的 MAP 節省情況，並確認您提到的 MAP 中的 7000 萬美元將進入 26 年，這是一個增量數字，對嗎？

That's correct. So we formally concluded the MAP '25 program at May 31, but there were activities throughout fiscal '25 and during some plant closures and some other activities on, operating efficiencies within our plants, that will benefit and including some plant closures that are in process but not completed in fiscal '26, that will positively impact this new fiscal year, and that $70 million is incremental. That's correct.

沒錯。因此，我們在 5 月 31 日正式結束了 MAP '25 計劃，但在整個 25 財年以及一些工廠關閉期間，還有一些其他活動，以提高我們工廠的運營效率，這將使公司受益，其中包括一些正在進行但尚未在 26 財年完成的工廠關閉，這將對新的財年產生積極影響，而這增量是 700 萬美元增量。沒錯。

So if I basically add that to fiscal '25, assuming that's incremental, then you're basically at the low end of the guide for the full year. So hopefully, we have a better economic environment to get to the high end and beyond.

因此，如果我將其添加到 25 財年，假設這是增量，那麼您基本上處於全年指南的低端。因此，希望我們能擁有更好的經濟環境，從而邁向高端甚至更高水準。

And then on Europe --

然後是歐洲--

Let me just address that, Frank. Not just on the flow of the bottom line, the inflation that we haven't talked about is on the non-material side. Wages are up, and salaries are up about 3.5%, 4%. We're seeing huge increases in insurance costs and in medical cost.

讓我來談談這個問題，弗蘭克。不只是在底線流動上，我們還沒有談到的通貨膨脹是在非物質方面的。薪資上漲，薪水上漲約3.5%、4%。我們看到保險費用和醫療費用大幅增加。

So there's a lot of moving parts in any business and certainly, a lot of moving parts at RPM, but you got to offset a portion of that $70 million with a wage salary increase in the 3.5% to 4% healthcare costs and insurance costs that I mentioned.

因此，任何企業都有很多活動部件，當然，RPM 也有很多活動部件，但你必須透過工資增長來抵消這 7000 萬美元的一部分，我提到的醫療成本和保險成本為 3.5% 到 4%。

So there are tens of millions of dollars of rising costs across our business that are not associated with raw materials that we're also managing.

因此，我們整個業務中數千萬美元的成本都在上升，而這些成本與我們管理的原材料無關。

That's a good qualifier.

這是一個很好的限定詞。

And then lastly, Europe obviously, very impressive performance, part of that M&A related. Can you talk about the sustained -- how much of that 15% was coming from M&A and how sustainable is that improvement in Europe?

最後，歐洲的表現顯然非常令人印象深刻，部分原因在於併購。您能談談持續性嗎——這 15% 中有多少來自併購，以及這種改善在歐洲的可持續性如何？

Have you seen the bottom there and how's the outlook, please?

請問您看到那裡的底部了嗎？前景如何？

Sure. Most of the growth was M&A. We're seeing a nice improvement in profitability through bringing the MAP initiatives maybe later than where we started in North America to Europe. Dave Dennsteadt, who was President of our Performance Coatings Group, moved his family to Europe a couple of years ago to oversee and drive a lot of these operating improvement initiatives.

當然。大部分成長來自併購。透過將 MAP 計劃引入歐洲（可能比我們在北美開始的時間晚），我們看到盈利能力有了顯著提高。曾任我們高性能塗料集團總裁的戴夫·丹斯特德 (Dave Dennsteadt) 幾年前舉家搬到了歐洲，負責監督和推動許多此類營運改進計劃。

So on a core basis, our revenues have been relatively flat. Most of that fourth quarter pick up was M&A. A big chunk of that is The Pink Stuff, which is a disproportionate chunk of its business in Europe -- UK and Europe.

因此從核心層面來看，我們的收入相對持平。第四季的成長主要來自於併購。其中很大一部分是 The Pink Stuff，其業務在歐洲（英國和歐洲）佔了很大一部分。

But the margin profile there is improving and the cash flow there is improving and there's more to come on that.

但那裡的利潤率狀況正在改善，現金流也在改善，而且還會有更多改善。

Vincent Andrews, Morgan Stanley.

摩根士丹利的文森安德魯斯。

Most of my questions have been answered. So I'm just going to look for some clarification on something that I'm hearing different points of view on in the investment community, which is there going to be a formal MAP 3.0 program, and if so, when do you think you'll introduce it to us?

我的大部分問題都已得到解答。因此，我只是想就我在投資界聽到的一些不同觀點尋求一些澄清，即是否會有一個正式的 MAP 3.0 計劃，如果是的話，您認為什麼時候會向我們介紹它？

And I think from your your prior comments, it seems like if so, it'll be much more of a revenue oriented or growth oriented program from a revenue perspective rather than a lot more on the cost side of the equation. So any thoughts on that would be helpful.

我認為從您之前的評論來看，如果是這樣的話，從收入角度來看，它將更多地是一個以收入為導向或以增長為導向的計劃，而不是更多地關注成本方面。因此，任何有關這方面的想法都會有所幫助。

Sure. The answer is yes. There will be a new program. What we call it is still up for debate. I think given the uncertainty around tariffs and the stop starts change next week, and the decision that we came to over the last six months or so, to think about, all right, what's the right structure going forward in this move from four segments to three segments, I think all those are dynamics that we want to get settled.

當然。答案是肯定的。將會有一個新的節目。我們怎麼稱呼它仍有待商榷。我認為，考慮到關稅的不確定性和下週的停工變化，以及我們在過去六個月左右做出的決定，思考一下，從四個部分到三個部分的轉變中，未來的正確結構是什麼，我認為所有這些都是我們希望解決的動態。

And so I would expect a new MAP program probably to be unveiled in the spring or summer of next year, but we are absolutely working on A, continuing the operating efficiencies that we've gained through MAP. We've got 200 basis points or 300 basis points, as I mentioned earlier, of additional improvement in the pipeline on working capital which will enhance cash flow, and we fully intend to implement a new three year plan and then at some point in the next call it six to nine months, figure out, what the appropriate communication on that is externally.

因此，我預計新的 MAP 計劃可能會在明年春季或夏季推出，但我們絕對會致力於 A，繼續透過 MAP 獲得的營運效率。正如我之前提到的，我們在營運資本方面還有 200 個基點或 300 個基點的額外改善，這將增強現金流，我們完全打算實施一項新的三年計劃，然後在接下來的六到九個月的某個時候，弄清楚在外部進行適當的溝通是什麼。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

I'm sorry if I missed this if you already said this already, but what are you embedding for consumer volumes for fiscal year '26 and how should we think about the sequencing of that in context of it doesn't sound like there's much improvement, but you have some -- from an underlying market standpoint where you have some new products, et cetera?

如果您已經說過這​​一點，我很抱歉我錯過了這一點，但是您對 26 財年的消費者數量有何預測，我們應該如何考慮這種預測的順序，因為聽起來並沒有太大的改進，但是從基礎市場的角度來看，您有一些新產品等等？

I think that's right and Rusty can comment on some of the outlook we provided by segment, but we're introducing new products. We're focusing on cleaning as an entirely new category along with our small project, paints and spray paints, caulks and sealants, abrasives.

我認為這是正確的，Rusty 可以對我們按細分市場提供的一些展望進行評論，但我們正在推出新產品。我們專注於清潔這個全新類別，同時也專注於小型專案、油漆和噴漆、填縫劑和密封劑、磨料。

So we've got a -- we're broadening the breadth of the product categories that we're involved in very deliberately, introducing new products. And I think when you look at our performance versus our -- performance by itself has been flat to down for eight quarters in a row in terms of volume, not a happy thing, but to their credit, we have performed at or better than many of our peers in terms of what's been a very difficult environment.

因此，我們正在非常謹慎地擴大我們所涉及的產品類別的廣度，並推出新產品。我認為，當你比較我們的業績時——業績本身已經連續八個季度在銷量方面持平甚至下降，這不是什麼好事，但值得稱讚的是，在非常困難的環境下，我們的表現與許多同行相當，甚至更好。

Yeah. That's right. I would say that if you look at the outlook for Depot and Lowe's and the performance of our biggest competitors at those two accounts, I think our results hold up pretty well. We are not expecting a lot of growth, but like Frank says, we try to outrun it with innovation and bringing new products and new platforms to the retailers.

是的。這是正確的。我想說的是，如果你看看 Depot 和 Lowe's 的前景以及我們在這兩個帳戶上的最大競爭對手的表現，我認為我們的業績會保持得相當好。我們並不期望有太大的成長，但正如弗蘭克所說，我們試圖透過創新以及為零售商帶來新產品和新平台來超越它。

And so one last comment I'd make there is that Pink Stuff is a real dynamic brand. It gets us into new channels, but there's things in cooperation with Rust-Oleum that we can do to accelerate the US growth of that brand.

所以我最後要說的是，Pink Stuff 是一個真正充滿活力的品牌。它為我們開闢了新的管道，但透過與 Rust-Oleum 合作，我們可以加速品牌在美國的發展。

Ready Seal, great business, great franchise in partnership with Rust-Oleum, things that we can do to accelerate organic growth of that acquired business beyond what they could do on their own. And so acquisitions will also play into improved results for our consumer segment.

Ready Seal 是一家偉大的企業，與 Rust-Oleum 合作的優秀特許經營企業，我們可以採取一些措施來加速被收購企業的有機增長，而這些措施是他們自己無法做到的。因此，收購也將為我們的消費者部門帶來更好的業績。

And just one final one. Obviously, your guidance for fiscal year '26 scales low to mid single digits, and then significant operating leverage on EBIT, almost 2x that. Is that a function of your confidence that the volume outlook is better for the company, perhaps versus your thoughts coming into fiscal year '25, or is it on the cost side that you have a lot of confidence on or both? How would you ever think about that?

最後一個。顯然，您對 26 財年的預期是低到中等個位數，然後息稅前利潤的經營槓桿顯著，幾乎是這個數字的 2 倍。這是因為您有信心公司銷售前景更好，或許與您對 25 財年的想法相反，還是因為您對成本方面很有信心，或者兩者兼而有之？你怎麼會想到這一點？

Sure. It's mostly a function of our efforts throughout fiscal '25, mostly internally, although I referenced this on a couple of our calls to pivot to growth. We've spent seven years not only executing the MAP initiatives, consolidating production, bringing lean manufacturing disciplines on an effective and sustainable basis, into our operations, working on what was an obvious opportunity to improve cash flow with better working capital performance, but the cultural shift that we've made to greater collaboration and to a leadership level that thinks as much about RPM as they do their individual businesses, and then really a pivot to growth to really focus on how can we allocate more dollars to what's working and be a little more deliberate that way leads us to believe that we'll be able to generate a year of organic growth in the 2% to 3% range complemented by acquisition activity, complemented in at least in the first part of the year by some additional price and as we start the year, some favorable FXs.

當然。這主要是我們在整個 25 財年的努力的結果，主要是內部努力，儘管我在幾次轉向增長的電話會議中都提到了這一點。我們花了七年時間，不僅執行了 MAP 計劃、整合了生產、將精益製造原則以有效和可持續的方式引入我們的運營，致力於透過更好的營運資本績效來改善現金流的明顯機會，而且我們進行了文化轉變，加強了協作，領導層對 RPM 的思考與對各自業務的思考一樣多，然後真正轉向增長，真正關注如何將更多資金分配給 RPM 的思考與對各自業務的思考一樣多，然後真正轉向增長，真正關注如何將更多資金分配給範圍內的有機成長，輔以收購活動，至少在上半年透過一些額外的價格以及在年初的一些有利外匯來補充。

So there's a lot of things that are lining up as we sit here today. I would just caveat that with the two dynamics I mentioned earlier. Certainty, finality around this tariff issue seems to be in sight. Who knows? And so if that gets worse instead of better, that could temper all of this. And at some point, the worm's going to turn for the consumer DIY because while we're looking at M&A and while we're introducing new products, the negative performance in the DIY markets broadly has existed for almost eight quarters, and we've never seen that before.

所以，今天我們坐在這裡，有很多事情要處理。我只是想針對我之前提到的兩種動態提出警告。可以肯定的是，這項關稅問題的最終結果似乎就在眼前。誰知道呢？因此，如果情況變得更糟而不是更好，那麼這一切都可能會受到抑制。在某種程度上，消費者 DIY 市場將面臨困境，因為當我們在考慮併購和推出新產品時，DIY 市場的負面表現已經持續了近八個季度，這是我們以前從未見過的。

And eventually, the broader economic dynamics there, I think will improve. Couldn't tell you when, but when it does happen, we'll be ready.

我認為，最終那裡的整體經濟活力將會改善。無法告訴你具體時間，但當它發生時，我們會做好準備。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

You expect your EBIT to grow roughly 10% next year. Do you think of that as about half from acquisition benefits and half from organic and other factors?

您預計明年息稅前利潤將成長約 10%。您是否認為其中一半來自收購收益，另一半來自有機和其他因素？

I'm not sure I would cut it. I can tell you from a revenue perspective, it'll be about half acquisition and half organic growth. And so I suppose that you could think of EBIT growing that way. As we get into quarter by quarter, it'll really be a balance of how those acquisitions grow, what we can do with them, but also how organic growth leverages to our bottom line.

我不確定我會不會剪掉它。我可以告訴你，從收入角度來看，大約一半來自收購，一半來自有機成長。所以我想你可以認為息稅前利潤 (EBIT) 是按照這種方式成長的。隨著我們進入一個季度，這些收購將如何成長、我們可以用它們做什麼，以及有機成長如何影響我們的底線，這實際上將是一個平衡。

If we get to the high end of our range, it's because we will be generating better unit volume growth than we anticipate and if that happens, you'll see a nice leverage from our core operations.

如果我們達到範圍的高端，那是因為我們將產生比預期更好的單位銷售成長，如果發生這種情況，您將看到我們的核心業務產生良好的槓桿作用。

And then in the quarter, your cost of goods sold went up a little bit less than 2%, and your revenues went up, I don't know, 3.7%. So cost of goods sold rose less than revenues and really a lot of your revenue growth was acquisitions and organic volume.

然後在本季度，您的銷售成本上漲了不到 2%，而您的收入上漲了，我不知道，3.7%。因此，銷售成本的增幅低於收入，而實際上，您的大部分收入成長來自於收購和有機銷售。

And you talked about raw materials being higher, cost inflation for employees being higher, how did you achieve the lower rate of cost of goods sales growth and did you say how much the MAP initiative helped for this year?

您談到原物料價格上漲、員工成本通膨上升，您是如何實現較低的商品銷售成本成長率的？您是否說過 MAP 計劃對今年有多大幫助？

Sure. Yeah. We -- in terms of the MAP initiatives, we've been running roughly throughout the program at about $100 million a year run rate for incremental MAP initiatives. And Jeff, what was your question on --

當然。是的。就 MAP 計劃而言，我們在整個計劃中一直以每年約 1 億美元的運行率運行增量 MAP 計劃。傑夫，你的問題是什麼？--

While Rusty's looking at that, in the MAP initiatives, you're looking at meaningfully improved conversion costs both from consolidating production and closing plants as well as introducing lean manufacturing disciplines that are driving a higher level of throughput.

雖然 Rusty 正在研究這一點，但在 MAP 計劃中，您正在研究透過整合生產和關閉工廠以及引入精益製造原則來顯著降低轉換成本，從而提高產量。

And so all those have been meaningful in terms of our gross margin improvement. Some of it, Jeff is driven, dramatically by mix. And across RPM -- we could spend hours on this, but I'll just give you one good example in terms of where mix improves gross margin in ways that has nothing to do with raw material costs.

因此，所有這些對於我們的毛利率提高都具有重要意義。其中一些，傑夫受到混合的驅動。而對於 RPM 來說——我們可以花幾個小時來討論這個問題，但我只想給你一個很好的例子，說明組合如何以與原材料成本無關的方式提高毛利率。

In our roofing business, we have a straight material component and then our WTI contracting component and while their EBIT contributions are roughly equal, the gross margin in our material sales is dramatically higher than the gross margin in our WTI contracting business, which is lower than RPM's average.

在我們的屋頂業務中，我們有一個直接材料部分，然後是我們的 WTI 承包部分，雖然它們的 EBIT 貢獻大致相等，但我們材料銷售的毛利率遠高於我們的 WTI 承包業務的毛利率，而後者低於 RPM 的平均水平。

So construction products, roofing, the mix between WTI contracting and material can drive a meaningful difference in gross profitability at the segment level and then marginally for RPM. So a lot of moving factors in that question.

因此，建築產品、屋頂、WTI 承包和材料之間的組合可能會在細分市場層面對總獲利能力產生顯著影響，而對 RPM 則產生輕微影響。所以這個問題有很多變動因素。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Fiberglass grew 20% this quarter. Do you keep growing in this range in fiscal '26, and could you size this business for us, please?

本季玻璃纖維增長了20%。您是否會在 26 財年繼續保持這一成長幅度？能否為我們評估一下這項業務的規模？

Sure. I don't know the specific detail on that. I don't know that we've disclosed a specific fiber grade growth rate, but I can tell you that our fiber grade business has been growing. It's part of our Performance Coatings Group.

當然。我不知道那方面的具體細節。我不知道我們是否揭露了具體的纖維等級成長率，但我可以告訴你，我們的纖維等級業務一直在成長。它是我們高性能塗料集團的一部分。

It's been growing at a level higher than RPM, most certainly, in the double digits. A lot of it is the benefits of some acquisitions and in the past, we put Bison with our fiber grade business. That's the rooftop, decking, commercial decking.

它的成長速度高於 RPM，而且肯定達到了兩位數。其中許多都是一些收購帶來的好處，過去，我們將 Bison 與我們的纖維級業務放在一起。那是屋頂、甲板、商業甲板。

We acquired a business in the middle of the year in Europe, which is the bison of Europe called TMP Convert, and they do a lot of DIY stuff, but also commercial. But organically, we're also seeing really strong growth.

我們在今年年中收購了歐洲的一家公司，也就是歐洲的野牛 TMP Convert，他們做很多 DIY 產品，也做商業產品。但從有機角度來看，我們也看到了非常強勁的成長。

That business has benefited most from data centers of any of the businesses that RPM because of the non-conductive nature versus steel of their products and our team's ability to meet the specifications and the speed requirements once these things start in terms of construction.

在 RPM 的所有業務中，該業務從資料中心中受益最多，因為其產品具有非導電性（而非鋼材），一旦這些項目開始建設，我們的團隊就能滿足規格和速度要求。

So it's been a real bright star for us both in terms of acquisition and growing that business from what was predominantly a US business to something more global, entering into DIY, actually through a partnership with our DAP business, and then also broadly, not only organic growth, but their benefit in the data center activity.

因此，對我們來說，這確實是一顆耀眼的明星，無論是在收購方面，還是在將業務從主要在美國開展的業務發展到更全球化的業務方面，透過與我們的 DAP 業務合作進入 DIY 領域，以及從更廣泛的意義上講，不僅是有機增長，還有他們在數據中心活動中的利益。

(Operator Instructions)

（操作員指示）

Arun Viswanathan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Arun Viswanathan。

Congrats on those strong results. Maybe I'll just ask one question on the MAP savings. So for a little while there, Frank, I think you were alluding to the fact that you guys had taken out a lot of cost, but unfortunately, the volume environment was such that you couldn't really see the benefits dropped to the bottom line.

恭喜您取得如此優異的成績。也許我只想問一個有關 MAP 節省的問題。所以，弗蘭克，有一段時間，我認為你暗示你們已經削減了很多成本，但不幸的是，批量環境使得你無法真正看到收益下降到底線。

You are starting to see that now. Margins are obviously rising in the right direction, but maybe you can just comment on how much more margin growth do you expect to see if you do kind of hit that mid single digit organic growth that you just spoke about and if there's any leverage that would come from the acquisitions as well.

您現在開始看到這一點了。利潤率顯然正朝著正確的方向上升，但也許您可以評論一下，如果確實達到您剛才提到的中等個位數有機增長，您預計利潤率還會增長多少，以及收購是否也會帶來一些槓桿作用。

And how much -- i.e., how much more improvement in margins we could expect over the next little while?

以及利潤率在未來一段時間還能提高多少？也就是說，我們能預期利潤率還能提高多少？

Sure. I appreciate that question. So as most on this call knows, we've been talking about a 16% EBIT margin since the fall of 2018 and our efforts to attain that had been interrupted by COVID, supply chain challenges, inflation, you name it.

當然。我很感謝你提出這個問題。因此，正如本次電話會議中的大多數人所知，自 2018 年秋季以來，我們一直在談論 16% 的息稅前利潤率，而我們為實現這一目標所做的努力受到了 COVID、供應鏈挑戰、通貨膨脹等因素的干擾。

But that is still a target that is very deeply embedded within RPM. I think if you try and average out all the crazy volatility that the whole world and certainly business has been through in the last seven or eight years, we've been able to sustain about a 40 or 50 basis point improvement in margin year by year.

但這仍然是 RPM 中根深蒂固的一個目標。我認為，如果你嘗試平均過去七、八年裡全世界和企業所經歷的所有瘋狂波動，我們就能維持利潤率逐年提高約 40 或 50 個基點。

And I fully expect over the next two or three years that we're going to get to that 16% margin target. It didn't come as quickly as we wanted, but it's still front of mind. It still has some incentive compensation tied to it, and it's still a goal that we expect to achieve.

我完全相信在未來兩三年內我們將實現 16% 的利潤率目標。它並沒有像我們想要的那樣快地到來，但它仍然是我們最關心的問題。它仍然有一些與之相關的激勵性薪酬，並且仍然是我們期望實現的目標。

We will not get to a 16% EBIT margin in fiscal '26, but we'll make progress.

我們不會在 26 財年達到 16% 的息稅前利潤率，但我們會取得進展。

And then just one more quick one if I could, you guys have often noted M&A as maybe a principal area for capital allocation, but that's been a focus mostly on bolt-ons. Is that still the expectation that we should expect you guys to kind of head in that direction, or would you consider larger deals and maybe some adjacencies into, say, more gallon oriented paint?

如果可以的話，我再快速問一下，你們經常提到併購可能是資本配置的主要領域，但這主要集中在附加項目上。我們是否仍然期望你們朝這個方向發展，或者你們會考慮更大的交易，或許是一些相鄰的交易，比如說，更多加侖導向的油漆？

Maybe you can just offer your thoughts on where you're headed M&A wise.

也許您可以就併購方面的方向提出自己的看法。

Sure. I think The Pink Stuff is a good example of opportunities that we see that are in adjacencies or new product categories that fit with some of our strengths. And so we're very excited to become a bigger player in the cleaner space in our Consumer Group.

當然。我認為「The Pink Stuff」是一個很好的例子，它表明我們看到的鄰接產品或新產品類別中的機會與我們的一些優勢相符。因此，我們非常高興能夠成為消費者集團清潔領域中更重要的參與者。

So we will continue to look for acquisitions like that that are a little more sizable than what we've done in the past. But the pipeline for bolt-ons is pretty good. And particularly, in places like our Construction Products Group where they're out looking for components that they can add to these system sales, we'll continue to go look for $10 million and $50 million product lines that not only help us complete that more complete wall system sale or additions to asset management, but where we think that our sales force can double or triple the revenues in a relatively short period of time.

因此，我們將繼續尋找比過去規模更大的收購。但附加管道相當不錯。特別是在我們的建築產品集團等部門，他們正在尋找可以添加到這些系統銷售中的組件，我們將繼續尋找價值 1000 萬美元和 5000 萬美元的產品線，這些產品線不僅可以幫助我們完成更完整的牆體系統銷售或資產管理的補充，而且我們認為我們的銷售人員可以在相對較短的時間內將收入或翻三倍。

And so hopefully, that answers your question. We don't see paying huge multiples for $1 billion deals, but where there are $400 million and $500 million nice sized businesses, like The Pink Stuff acquisition, we're going to go after them and in the meantime, the bolt-on pipeline's pretty good.

希望這能回答你的問題。我們認為 10 億美元的交易不會支付巨額倍數，但對於 4 億美元和 5 億美元的規模不錯的企業，例如 The Pink Stuff 的收購，我們會追逐它們，與此同時，附加管道也相當不錯。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Frank Sullivan for any closing remarks.

我想將會議交還給弗蘭克·沙利文 (Frank Sullivan) 做結束語。

Thank you to everybody for your participation on our investor call today. With our fiscal calendar, we have the opportunity to celebrate the New Year twice at RPM. And so I would like to wish everybody a happy RPM New Year and we look forward to talking to you about our '26 results in October when we report our first quarter results and have our annual meeting of stockholders.

感謝大家今天參加我們的投資者電話會議。根據我們的財政日曆，我們有機會在 RPM 慶祝兩次新年。因此，我謹祝大家 RPM 新年快樂，我們期待在 10 月報告第一季業績並召開年度股東大會時與您討論我們的 26 年業績。

Thank you and have a great day.

謝謝您，祝您有愉快的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。