RPM International Inc (RPM) 2026 Q3 法說會逐字稿

Good day, and welcome to the RPM International fiscal third-quarter earnings conference call.

各位好，歡迎參加 RPM International 會計年度第三季財報電話會議。

(Operator Instructions) Please note, today's event is being recorded.

(接線員指示) 請注意，今天的活動將被錄音。

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

現在我想把會議交給投資人關係與永續發展副總裁 Matt Schlarb。請開始。

Thank you, Rocco, and welcome to RPM International's conference call for the fiscal 2026 Third Quarter. Today's call is being recorded. Joining on 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. This call is also being webcast and can be accessed live or replayed on the RPM website at www.rpminc.com.

謝謝你，Rocco，並歡迎各位參加 RPM International 2026 會計年度第三季電話會議。今天的電話會議將被錄音。今天與會者包括 RPM 董事長兼執行長 Frank Sullivan；副總裁兼財務長 Rusty Gordon；以及副總裁、財務控制長兼會計長 Michael Laroche。本次電話會議亦同步網路直播，可於 RPM 官網 www.rpminc.com 即時收看或回放。

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 review RPM's reports filed with the SEC. During this conference call, references may be made to non-GAAP financial measures.

本次電話會議中的評論可能包含以前瞻性陳述為主、基於目前預期，並涉及風險與不確定性，可能導致實際結果與預期有重大差異。關於這些風險與不確定性的更多資訊，請查閱 RPM 向美國證券交易委員會（SEC）提交的報告。在本次電話會議中，可能會提及非 GAAP 財務衡量指標。

To assist you in understanding these non-GAAP 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 after the third quarter of fiscal 2025 unless otherwise indicated. We have provided a supplemental slide presentation to support our comments on this call.

為協助您理解這些非 GAAP 用語，RPM 已在公司網站上提供與最直接可比的 GAAP 財務衡量指標之調節表。另外請注意，除非另有說明，我們的評論將以調整後（as-adjusted）基礎呈現，且所有比較均以 2025 會計年度第三季之後為基準。我們也提供補充簡報投影片，以支持本次電話會議中的評論。

It can be accessed in the Presentations and Webcasts section of the RPM website at www.rpminc.com. As a reminder, certain businesses that were previously part of the Specialty Products Group have been reallocated to other segments effective June 1, 2025.

可於 RPM 官網 www.rpminc.com 的「簡報與網路直播」專區取得。提醒各位，自 2025 年 6 月 1 日起，先前隸屬於 Specialty Products Group 的部分業務已重新分配至其他事業部門。

As a result, all references today reflect the updated structure and prior year figures have been recast accordingly. This change has no impact on consolidated. (technical difficulty)

因此，今天所有提及內容均反映更新後的組織架構，且前一年數據亦已相應重編。此變更對合併報表不造成影響。(技術問題)

Now I will turn the call over to Frank.

現在我將把電話會議交給 Frank。

Thank you, Matt. Thank you all for joining our investor call this morning. I'll begin with an overview of our third quarter results, provide an update on how current events in the Middle East are impacting our business followed by Michael Laroche, who will cover our financials in more detail. Matt Schlarb will then provide an update on cash flow, the balance sheet and how our focus on maintenance restoration and energy efficiencies has helped us during these volatile economic times. And then finally, Rusty Gordon will conclude our prepared remarks with our outlook, after which we'll be happy to answer your questions.

謝謝你，Matt。感謝各位今天早上參加我們的投資人電話會議。我將先概述第三季業績，接著更新目前中東事件對我們業務的影響，之後由 Michael Laroche 更詳細說明財務表現。接著 Matt Schlarb 將更新現金流、資產負債表，以及我們聚焦於維護、修復與能源效率如何在這些波動的經濟時期幫助我們。最後，Rusty Gordon 將以展望作為我們事先準備講稿的結尾，之後我們很樂意回答各位的問題。

Beginning on slide 3. We generated record results in the third quarter with top line growth, including higher unit volumes translating into strong earnings growth and improved margins in all segments. The RPM associates are executing at a high level on the things that we can control.

請看第 3 頁投影片。我們在第三季創下紀錄性成果，營收成長，包括更高的出貨量帶動強勁的獲利成長，且所有事業部門的利潤率均有所改善。RPM 的同仁在我們可控的事項上展現了高水準的執行力。

The economic backdrop remained volatile during the third quarter with some of our geographies experiencing severe winter weather. We successfully navigated these challenges by focusing on our competitive strengths, including turnkey and system solutions for high-performance buildings, a focus on maintenance, restoration and repair and a nimble sales approach to targeted expanding end markets.

第三季的經濟環境仍然波動，且我們部分地區遭遇嚴峻的冬季天候。我們透過聚焦競爭優勢成功因應這些挑戰，包括為高性能建築提供交鑰匙與系統解決方案、聚焦維護/修復/修繕，以及以靈活的銷售策略鎖定並拓展終端市場。

Aided by the operational improvement initiatives we put in place, we were able to leverage this growth to achieve a nearly 50% increase in adjusted EBIT. With this quarter, we have delivered record adjusted EBIT results in 15 of the last 17 quarters.

在我們推動的營運改善措施助力下，我們得以運用這波成長，使調整後 EBIT 幾乎增加 50%。截至本季，我們在過去 17 個季度中有 15 個季度交出創紀錄的調整後 EBIT。

Turning to slide 4. We previously talked about the power of RPM, combining RPM's ability to outgrow our markets and improve operational efficiency. This was on full display in our third quarter. We saw positive results from the targeted growth investments we've previously shared and the profitability of this growth was amplified by the operational improvements we have and continue to put in place. These include actions like our Green Belt program, which is now trained over 600 RPM associates and has expanded to administrative functions.

請看第 4 頁投影片。我們先前談到「RPM 的力量」，也就是結合 RPM 超越市場成長的能力與提升營運效率。這在第三季充分展現。我們看到先前分享的精準成長投資帶來正面成果，而這些成長的獲利性也因我們已推動並持續推動的營運改善而被放大。其中包括我們的綠帶（Green Belt）計畫，目前已培訓超過 600 位 RPM 同仁，並已擴展至行政職能。

Green Belts have generated more than $50 million in savings with $30 million in our current pipeline. We have also started realizing benefits from the SG&A-focused optimization actions we announced last quarter. These actions generated approximately $5 million in savings during the third quarter.

綠帶計畫已創造超過 5,000 萬美元的節省，且目前管線中另有 3,000 萬美元。我們也開始實現上季宣布、聚焦於 SG&A 的最佳化行動所帶來的效益。這些行動在第三季約帶來 500 萬美元的節省。

The optimization actions underway go beyond expense reduction. They're designed to make our organization more agile, better positioned to serve customers and to achieve accelerated growth. All segments have begun this transformation with some of the most meaningful changes occurring in our Consumer segment.

目前進行中的最佳化行動不僅僅是降低費用。其設計目標是讓組織更敏捷、更能服務客戶，並實現加速成長。所有事業部門都已開始這項轉型，其中最具意義的一些變革發生在我們的消費者（Consumer）事業部門。

As announced in our press release this morning, we promoted Don Harmeyer to President of the Consumer Group. Under his leadership, the Consumer group is reallocating assets towards its highest growth opportunities while maintaining strong financial discipline.

如同我們今天早上新聞稿所宣布，我們已晉升 Don Harmeyer 為消費者事業群總裁。在他的領導下，消費者事業群正將資產重新配置至最高成長機會，同時維持嚴謹的財務紀律。

Our center-led procurement team continues to do excellent work leveraging our company-wide buying power to achieve savings. They have played a critical role in navigating new supply chain challenges caused by current geopolitical activities.

我們的中心主導採購團隊持續表現出色，運用全公司採購規模以實現節省。他們在因應當前地緣政治活動所造成的新供應鏈挑戰方面，扮演了關鍵角色。

Turning to slide 5. I'd like to address the conflict in the Middle East, its impact on our business and how we are responding. Recent geopolitical events have created supply chain disruptions and increased raw material costs, which, as a reminder, represent approximately 60% of RPM's cost of goods sold.

請看第 5 頁投影片。我想談談中東衝突、其對我們業務的影響，以及我們如何因應。近期地緣政治事件造成供應鏈中斷並推升原物料成本；提醒各位，原物料約占 RPM 銷貨成本的 60%。

While the conflict is having a global impact on costs, the effects are being felt most acutely in the Middle East, Africa and the Asia Pacific regions, which together account for approximately 4% of RPM's year-to-date revenues. In Europe and South America, which represents about 20% of sales, inflation has picked up meaningfully.

雖然衝突對成本造成全球性影響，但影響最為明顯的是中東、非洲與亞太地區，這些地區合計約占 RPM 年初至今營收的 4%。在歐洲與南美（約占銷售額 20%），通膨已明顯回升。

North America at 70% of RPM, sales has also experienced inflation but to a lesser extent, and remains the region most insulated from the direct effects of the current conflict. Having navigated significant supply chain disruption and inflation in recent years, our teams are prepared for the current environment.

北美占 RPM 銷售額的 70%，也出現通膨，但程度較輕，且仍是受本次衝突直接影響最小的地區。鑑於近年來我們已因應過重大的供應鏈中斷與通膨，我們的團隊已為目前環境做好準備。

We have contracts in place covering the vast majority of our raw material volume requirements. These contracts help ensure continuity of supply during periods of disruption and reduced volatility from underlying commodity price movements.

我們已簽訂合約，涵蓋絕大多數原物料用量需求。這些合約有助於在供應中斷期間確保供應連續性，並降低基礎商品價格波動所帶來的波動性。

In addition, our use of FIFO accounting delays the P&L impact of cost changes, providing us additional time to respond. Previous actions such as qualifying multiple suppliers for key raw materials and developing strategic long-term supplier relationships have further positioned RPM to manage through the current challenges.

此外，我們採用 FIFO（先進先出）會計處理，會延後成本變動對損益表（P&L）的影響，讓我們有更多時間因應。先前的措施，例如為關鍵原物料認證多家供應商，以及建立策略性的長期供應商關係，也進一步讓 RPM 更有能力管理目前的挑戰。

As a result of these efforts and the execution of our center-led procurement team, supply conditions generally remain good for us globally, with only limited disruptions, primarily in the Middle East. We currently expect raw material inflation of approximately 1% to 2% in the fourth quarter of fiscal '26, increasing to an estimated mid- to high single-digit range in the first quarter of fiscal '27.

因此，在上述努力以及我們中心主導採購團隊的執行下，我們在全球的供應狀況整體仍然良好，僅有有限的中斷，主要發生在中東地區。我們目前預期 2026 會計年度第四季原物料通膨約為 1% 至 2%，並在 2027 會計年度第一季上升至估計中到高個位數區間。

While the situation remains dynamic, we are taking appropriate actions to mitigate cost pressures and consistent with prior inflationary cycles and begun implementing price increases offset inflation that we are unable to mitigate. These price increases vary by business and by region with those experiencing the most inflation also having the largest price increases.

儘管情勢仍在變動，我們正採取適當行動以緩解成本壓力；並依循過往通膨循環的做法，已開始實施漲價，以抵銷我們無法緩解的通膨影響。這些漲價幅度會因業務與地區而異；通膨最嚴重的地區也會採取最大幅度的漲價。

Finally, I want to commend our procurement team for their strong execution, both in the current environment and through the volatile tariff conditions we've experienced over the past year. I also want to thank our teams around the world who continue to focus on serving our customers during these challenging times and particularly our associates in the Middle East, where safety is our top priority. They have continued to operate despite the many challenges facing that region today.

最後，我要讚揚我們的採購團隊在當前環境下以及過去一年我們所經歷的關稅劇烈波動期間，展現出強勁的執行力。我也要感謝全球各地的團隊在這些充滿挑戰的時期仍持續專注於服務客戶，特別是我們在中東的同仁，當地的安全是我們的首要優先事項。儘管該地區當前面臨諸多挑戰，他們仍持續運作。

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

接下來我把電話會議交給 Mike Laroche，請他更詳細說明本季的財務表現。

Thank you, Frank. On slide 6, consolidated sales increased nearly 9% to a record driven by engineered solutions for high-performance buildings, M&A and FX, partially offset by continued DIY softness. Adjusted EBIT increased to a record as sales growth, including higher volumes resulted in improved fixed cost utilization.

謝謝你，Frank。在第 6 頁投影片，合併銷售額成長近 9% 並創下新高，主要由高性能建築的工程解決方案、併購（M&A）與匯率（FX）帶動，但部分被 DIY 持續疲弱所抵銷。調整後 EBIT 亦創新高，因銷售成長（包含更高出貨量）帶來固定成本利用率改善。

SG&A-focused optimization actions also contributed to the profitability growth and were partially offset by higher health care costs. Adjusted EPS was a record driven by higher adjusted EBIT. Adjusted EBIT and adjusted EPS exclude MAP-related costs including $22.1 million in pretax charges associated with SG&A-focused optimization actions implemented during the quarter.

以 SG&A 為重點的最佳化行動也對獲利成長有所貢獻，但部分被較高的醫療保健成本所抵銷。調整後 EPS 創新高，主要由較高的調整後 EBIT 所帶動。調整後 EBIT 與調整後 EPS 排除與 MAP 相關的成本，其中包括本季實施以 SG&A 為重點的最佳化行動所產生的 2,210 萬美元稅前費用。

Geographic results are on slide 7. All regions grew sales and most markets outside the US benefited from favorable FX rates. Europe grew over 20%, driven by M&A and FX. North America grew 6.3%, driven by an increase in high-performance building solutions and was also aided by M&A. In emerging markets, growth was led by Africa and Middle East as they continue to have success serving high-performance building and infrastructure projects.

各地區表現見第 7 頁投影片。所有地區的銷售額皆成長，且美國以外多數市場受惠於有利的匯率。歐洲成長逾 20%，主要由併購與匯率帶動。北美成長 6.3%，由高性能建築解決方案的成長帶動，並同樣受併購助益。在新興市場方面，成長由非洲與中東領軍，因其持續成功服務高性能建築與基礎建設專案。

Moving to our segments on slide 8. Construction Products Group sales grew to a record with broad-based strength in North American businesses, including roofing solutions, wall systems and concrete admixtures, currency translation and a rebound from the government shutdown also contributed to the sales growth. Improved sales mix, SG&A-focused optimization actions and fixed cost leverage drove adjusted EBIT growth. which more than offset temporary inefficiencies from plant consolidations.

接著看第 8 頁投影片的各事業群。建築產品事業群（Construction Products Group）銷售額創新高，北美業務表現全面強勁，包括屋頂解決方案、牆體系統與混凝土外加劑；匯率換算以及政府停擺後的反彈也推動了銷售成長。銷售組合改善、以 SG&A 為重點的最佳化行動與固定成本槓桿帶動調整後 EBIT 成長，且其增幅足以抵銷工廠整併造成的短期效率不彰。

Next, on slide 9, Performance Coatings Group achieved record sales with broad-based growth across its businesses. Protective Coatings and passive fire protection performed particularly well, as did infrastructure and high-performance building solutions in emerging markets. Adjusted EBIT was a record driven by higher sales, SG&A-focused optimization actions and improved fixed cost leverage.

接下來看第 9 頁投影片，性能塗料事業群（Performance Coatings Group）在各業務普遍成長下，銷售額創新高。其中防護塗料與被動式防火表現特別亮眼，新興市場的基礎建設與高性能建築解決方案亦表現強勁。調整後 EBIT 創新高，主要由較高銷售、以 SG&A 為重點的最佳化行動以及固定成本槓桿改善所帶動。

Moving to Consumer Group, whose results are on slide 10, M&A and pricing to recover inflation generated record sales, partially offset by continued soft DIY demand and product rationalization. Adjusted EBIT grew as MAP operational improvements, including SG&A-focused optimization more than offset reduced fixed cost leverage from lower volumes and temporary inefficiencies from facility closures and transitions. M&A integration also added to adjusted EBIT growth.

接著看消費者事業群（Consumer Group），其結果見第 10 頁投影片；併購與為回收通膨而進行的定價帶來創新高的銷售額，但部分被 DIY 需求持續疲弱與產品精簡所抵銷。調整後 EBIT 成長，因 MAP 營運改善（包括以 SG&A 為重點的最佳化）所帶來的效益，超過因出貨量較低導致固定成本槓桿下降，以及設施關閉與移轉造成的短期效率不彰。併購整合亦推升調整後 EBIT 成長。

Now I'll turn the call over to Matt to cover the balance sheet, cash flow and our focus on restoration.

現在我把電話會議交給 Matt，請他說明資產負債表、現金流以及我們對維修與修復（restoration）的重點。

Thank you, Mike. Moving to slide 11. Cash flow from operations, which has been a focus of MAP, remained solid during the third quarter. Year-to-date, we have generated $656.7 million, the second highest amount in the company's history. This has allowed us to continue returning cash to shareholders through dividends and share repurchases, which totaled $255.3 million through the first nine months of the year, an increase of 5.2% from the prior year.

謝謝你，Mike。請看第 11 頁投影片。營運活動現金流一直是 MAP 的重點，在第三季仍維持穩健。年初至今，我們已產生 6.567 億美元，為公司史上第二高。這使我們得以持續透過股利與庫藏股回購向股東返還現金；今年前九個月合計 2.553 億美元，較去年同期增加 5.2%。

Liquidity remained strong at $1.02 billion, which provides financial flexibility to take advantage of M&A opportunities where the pipeline remains good. On that topic, we closed on the previously announced agreement to purchase Kalzip on March 31.

流動性維持強勁，達 10.2 億美元，提供我們在併購機會上保持財務彈性，目前併購案源仍相當充足。在此方面，我們已於 3 月 31 日完成先前宣布的收購 Kalzip 協議。

This acquisition will expand CPG system offerings to include high-performance metal roofing and facade options that meet demanding specifications. Kalzip generated calendar 2024 sales of approximately EUR75 million. And once fully integrated, we expect this company to be accretive to margins. Proactively, we acted early and extended the maturity of our revolving credit facility to February 2031 and maintains its size at $1.35 billion. This will help maintain our financial flexibility.

此項收購將擴充 CPG 的系統產品組合，納入符合嚴格規格要求的高性能金屬屋頂與立面（facade）選項。Kalzip 在 2024 年曆年的銷售額約為 7,500 萬歐元。且在完成整合後，我們預期該公司將對毛利率具增益（accretive）。此外，我們也主動提前行動，將循環信用額度（revolving credit facility）的到期日延長至 2031 年 2 月，並維持規模為 13.5 億美元。這將有助於維持我們的財務彈性。

Turning to slide 12. We wanted to provide additional details on our maintenance repair and restoration focus, which generates approximately two-thirds of our sales. Whether it's a consumer preparing their grill for another season, a municipality restoring its critical infrastructure or a building owner improving the performance and aesthetics of their asset, our value proposition is the same. Our products and services allow end users to extend the life of their assets and improve their performance, often at a fraction of the cost of replacement with far fewer disruptions. Additionally, this focus is a core component of our Building a Better World sustainability program by reducing waste, improving efficiency and extending the life of assets.

接著看第 12 頁投影片。我們想就維護、修繕與修復（maintenance repair and restoration）的重點提供更多細節，該領域約占我們銷售額的三分之二。無論是消費者為烤爐準備下一個使用季、地方政府修復關鍵基礎設施，或建物所有人提升資產的性能與美觀，我們的價值主張都是一致的。我們的產品與服務讓終端使用者能延長資產壽命並提升其性能，且通常成本僅為更換的一小部分，並且干擾更少。此外，這項重點也是我們「Building a Better World」永續計畫的核心組成，透過減少浪費、提升效率並延長資產壽命來實現。

During times of economic volatility, our ability to provide maintenance and restoration solutions to address our end users challenges has distinguished us and proven to be a key component of our ability to outgrow our underlying markets. Additionally, we offer solutions that make both new and existing structures more energy efficient and increasingly important and valuable capability in a period of rising utility costs.

在經濟波動期間，我們提供維護與修復解決方案以因應終端使用者挑戰的能力，使我們脫穎而出，並證明是我們能夠跑贏所處市場的重要關鍵。此外，我們也提供可讓新建與既有結構更節能的解決方案；在公用事業成本上升的時期，這是一項愈發重要且更具價值的能力。

The images on slide 13, highlight a school constructed using both our Nudura insulated concrete forms along with the Dryvit exterior insulation and finished system. These offerings enhance thermal and insulation and improve the building's resistance to extreme weather events. The result is an attractive high-performance facility that lowers operating costs for the owner while delivering meaningful environmental benefits.

第 13 頁投影片的圖片重點展示一所學校，採用我們的 Nudura 保溫混凝土模板（insulated concrete forms）以及 Dryvit 外牆保溫與飾面系統（exterior insulation and finished system）建造。這些產品可提升保溫與隔熱效果，並增強建築對極端天候事件的抵抗力。其成果是一座具吸引力的高性能設施，可為業主降低營運成本，同時帶來顯著的環境效益。

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

現在我想把電話會議交給 Rusty，請他說明展望。

Thank you, Matt. Our outlook for the fourth quarter can be found on slide 14. And Economic conditions are expected to remain volatile, driven by events in the Middle East. Additionally, prior year comparisons will be more challenging. Despite these headwinds, we are reaffirming our sales guidance and expect to generate mid-single-digit revenue growth aided by M&A.

謝謝你，Matt。我們對第四季的展望見第 14 頁投影片。受中東事件影響，預期經濟情勢仍將維持波動。此外，與去年同期相比的比較基期也將更具挑戰。儘管面臨這些逆風，我們仍重申銷售指引，並預期在併購助益下，營收可達中個位數成長。

Organic growth is expected to be strongest at our construction businesses as they focus on maintenance and restoration solutions for high-performance buildings. In consumer, M&A growth is expected to be partially offset by soft DIY markets. As Frank mentioned, we currently anticipate fourth quarter raw material inflation will be in the 1% to 2% range, with mid- to high single-digit inflation expected in the first quarter of 2027.

有機成長預期在我們的建築相關業務最為強勁，因其聚焦於高性能建築的維護與修復解決方案。在消費者事業群方面，併購帶來的成長預期將部分被疲弱的 DIY 市場所抵銷。如 Frank 所提，目前我們預期第四季原物料通膨約在 1% 至 2% 區間，而 2027 年第一季預期為中至高個位數通膨。

We expect to offset raw material inflation with pricing. In the fourth quarter, we will also see more benefit from the SG&A-focused optimization actions we announced in January. We anticipate that these actions will have a favorable P&L impact of around $20 million in the fourth quarter, partially offset by inflation in areas we've discussed for the past several quarters like wage inflation and more recently, freight inflation.

我們預期將以定價來抵銷原物料通膨。在第四季，我們也將看到更多來自 1 月宣布之以 SG&A 為重點的最佳化行動所帶來的效益。我們預期這些行動在第四季對損益表（P&L）將帶來約 2,000 萬美元的正面影響，但部分會被我們過去幾季討論過的通膨項目所抵銷，例如薪資通膨，以及近期的運費通膨。

Taking all of this into account, we are reaffirming our adjusted EBIT guidance of low to high single-digit percentage growth over record prior year results. The wider-than-normal adjusted EBIT range reflects the heightened uncertainty in our markets. This concludes our prepared remarks, and we are now happy to answer your questions.

綜合以上因素，我們重申調整後 EBIT 指引：在去年創紀錄的基礎上，實現低至高個位數百分比的成長。調整後 EBIT 區間較正常更寬，反映我們市場不確定性升高。以上為我們的準備發言，接下來我們很樂意回答各位的問題。

Thank you. We'll now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions)

(接線員指示)

John Roberts, Mizuho.

John Roberts，瑞穗。

Morning, John.

早安，John。

Hello, John Roberts, your line is open.

您好，John Roberts，您的線路已開通。

And what's been helping them a lot of you? Yeah, volume has picked up, but you still see more shifting going on.

那麼是什麼在很大程度上幫助了你們？是的，出貨量已經回升，但你仍然看到更多的轉移正在發生。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行。

Good morning, everyone. So the raw material inflation numbers, I think not surprising, I guess. I wanted to ask, just given the backdrop and how fluid it is. What kind of takes you to the low end versus the high end for Fiscal 1Q? How do the how do you get to the high end? What do you think you need to see market-wise to take you there? What are the assumptions that bring you there?

各位早安。所以原物料通膨數據，我想不算意外。我想問的是，考量到目前的大環境以及其高度變動性，在財年第一季（1Q）的展望上，什麼因素會讓你們落在區間低端或高端？你們如何達到高端？你認為市場面需要看到什麼才會把你們推到那裡？哪些假設會讓你們到達那個水準？

So I'll answer that question, which is obviously key for our whole industry kind of at a high-level perspective first, and then give you a little specifics. But from a high-level perspective, we seem to have a whole of government that doesn't like stability, whether it's tariffs or government shutdowns and now war.

我先從較高層次的角度回答這個問題——這顯然對我們整個產業都很關鍵——然後再補充一些具體細節。但從高層次來看，我們似乎面對的是一個不喜歡穩定的「整體政府」，不論是關稅、政府關門，現在又有戰爭。

And so that volatility I think, frustrating a lot of folks were facing as is the whole industry, a meaningful raw material price increase potential. We're seeing significant increases across a lot of base chemicals as we speak. Their impact should be modest in Q4, but we'd anticipate them, as Rusty commented to be material in the first quarter.

因此我認為這種波動性讓很多人感到挫折；同時，整個產業也正面臨原物料價格可能大幅上漲的情況。我們目前看到許多基礎化學品都在顯著上漲。它們在第四季的影響應該不大，但我們預期——如Rusty所說——在第一季會變得顯著。

Back to the volatility, the markets are reacting well today to geopolitical events. If there is some period of stability, I think we're highly confident in the RPM ability to deliver strong results based on growth. You can see that in our third quarter, both at the operating gross profit margin line and the SG&A expense reduction program, which is continuing are optimized to leverage our volume growth to the bottom line pretty well.

回到波動性，市場今天對地緣政治事件的反應還不錯。如果能有一段穩定期，我們對RPM憑藉成長動能交出強勁成果非常有信心。你可以從我們第三季看到，不論在營業毛利率端，或是持續推進的SG&A費用削減計畫，我們都已最佳化，能把量的成長有效轉化為獲利。

So specific to Q1, I think, as Rusty commented, it's going to be hugely variable. There's a scenario in which we would have modest mid-single-digit raw material word. There is a scenario in which we will have high single-digit inflation.

就第一季而言，我認為如Rusty所說，變動幅度會非常大。有一種情境是原物料通膨溫和、約中個位數百分比。也有一種情境是高個位數通膨。

And so TBD, depending on volatility in the Middle East, the one thing that we're very confident in as we look out over the next six months is stability and supply. We've got really good relationships with key raw material suppliers, except for the Middle East, which we are seeing some disruptions in supply, we don't see supply challenges at this point.

因此仍有待觀察（TBD），取決於中東局勢的波動。不過，展望未來六個月，我們非常有信心的一點是供應的穩定性與可得性。我們與關鍵原物料供應商的關係非常良好；除了中東之外——我們確實看到一些供應中斷——目前我們不認為會有供應面的挑戰。

If the situation in the Middle East spins out of control, obviously, all bets are off, both in terms of understanding where raw material costs are going and what raw material availability might look like in the fall.

如果中東局勢失控，顯然一切都難以預測，無論是原物料成本走向，或是秋季原物料供應可能呈現的狀況。

All right. I appreciate that. And then on the SG&A front, a lot of puts and takes on the quarter itself. And I know you have some deals coming in, you have some costs coming out. If we were to strip out some of the noise, what would you consider like an applicable go-forward SG&A number here? How many, how much net savings were harvested in this quarter, noting I think you said $20 million next quarter?

了解。謝謝你的說明。另外在SG&A方面，單季有很多正負因素交錯。我知道你們有一些交易併入，也有一些成本移出。如果把雜訊剔除，你們認為未來可適用的SG&A水準大概是多少？本季實際取得了多少淨節省？我注意到你們好像提到下季是2,000萬美元？

In the third quarter, it was about $5 million. When you strip out the impact of FX and acquisitions, our SG&A was relatively flat year-over-year in dollar terms. So there's really good action going on there. We would expect the positive impact to be about $20 million, as Rusty indicated, that might net out to something less in the mid- to upper teens, depending on the impact of inflation in non-raw material categories like freight and then $75 million is lined up for fiscal '27 spread relatively evenly across our quarters.

第三季大約是500萬美元。若剔除匯率與併購的影響，我們的SG&A以美元計年對年大致持平。所以這方面確實有很好的進展。我們預期正面影響約2,000萬美元，如Rusty所指出；但考量非原物料類別（例如運輸）通膨的影響，淨額可能會落在1,000多萬美元的中段到高段。另外，財年2027年規劃了7,500萬美元，將相對平均地分布在各季。

All right. Thank you. I appreciate it.

好的。謝謝。感謝你的回覆。

Thank you.

謝謝。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

Yeah. Thanks for your question. Good morning, Frank. So with regard to your ability to put through price, I guess, around some of the raw material inflation. I guess can you give us an update as to whether that process has really started at this point?

是的。謝謝讓我提問。早安，Frank。關於你們在原物料通膨下推動漲價的能力，能否更新一下：這個流程目前是否真的已經開始了？

And how long you think it takes to catch up to where the raw materials are going? Do you think given the FIFO benefit or cushion that you have that we don't see any lag in the price versus cost? I guess how would you articulate it?

你認為需要多久才能追上原物料成本的走勢？你覺得在你們有FIFO（先進先出）帶來的利益或緩衝之下，我們不會看到價格相對成本的落後嗎？你會怎麼描述？

Sure, John. This is Matt. I'll take that one. So it's ongoing now. Some, and it really varies by business. It varies by geography because the levels of inflation are different in all these areas, and it has begun. And maybe it's probably helpful to look at how this is progressing in our view on it. So in the third quarter, pricing was up a little over 1%. And price/cost was favorable because we were catching up with some prior inflation. In the fourth quarter, because we're implementing some price increases now pricing will be higher again, we still expect price/cost to be favorable.

當然，John。我是Matt。我來回答。目前正在進行中。而且各事業差異很大。也會因地區而異，因為各地通膨程度不同；而且確實已經開始。或許從我們的觀點來看，看看進展情況會比較有幫助。第三季，價格上漲略高於1%。而價格/成本（price/cost）是有利的，因為我們正在追上先前的一些通膨。第四季，由於我們正在實施一些漲價，定價會再提高；我們仍預期價格/成本會維持有利。

And then as we look at the first quarter when we're starting to see that inflation, we are implementing those price increases. But as you can imagine, it's pretty dynamic. Things are changing on a week-to-week, if not day-to-day basis in some of these areas. So those incremental price increases are going on now. And so we should have better visibility on what that ultimately is in the next few months. But we are confident that pricing in the first quarter will be higher than the fourth quarter.

接著看第一季，當我們開始看到通膨時，我們也在實施那些漲價。但如你所想，這是相當動態的。在某些領域，情況以週為單位、甚至以天為單位在變化。因此這些增量漲價目前正在進行。我們應該會在接下來幾個月對最終結果有更好的能見度。但我們有信心第一季的定價會高於第四季。

Got it. Okay. No, that's helpful. And then when you think about the Construction and the Performance segments, both did really solidly from a volume and top line perspective. I guess there was a lot of noise. You had some of the government shutdown issues from the prior quarter, and you were seeing some benefit of that early on. But it also sounds like you've had a lot in the backlog, and it looks like it's starting to make its way through. I guess, what were the bigger drivers of the 3Q volume growth? And I guess, how do you expect that to kind of play out as we're going forward in both 4Q and at least at the start of 2027.

了解。好。不，這很有幫助。另外，從量與營收（top line）的角度來看，建築（Construction）與性能（Performance）兩個事業部表現都很扎實。我想其中有不少雜訊。你們上一季受到政府關門的一些問題影響，而這一季初期似乎有些回補效益。但聽起來你們也有不少在手訂單（backlog），而且看起來正開始逐步消化。第三季量成長的主要驅動因素是什麼？以及你們預期在第四季、以及至少到2027年初，這種趨勢會如何發展？

Sure. So in our Performance Coatings Group, we have solid backlogs and they seem to be being maintained. We are seeing a shift from larger projects to more small, medium-sized projects. That's good for margins, but create some volatility in our Construction Products Group, our backlogs continue to grow, both in roofing, in the waterproofing and building envelope areas. As we've indicated in the last couple of quarters, the work in Pure Air for the HVAC restoration business is also growing very nicely and really gaining some traction now.

當然。在我們的性能塗料事業群（Performance Coatings Group），我們有穩健的在手訂單，而且看起來仍在維持。我們看到需求從大型專案轉向更多小型與中型專案。這對毛利率有利，但也會讓我們的建築產品事業群（Construction Products Group）出現一些波動；而在該事業群，我們的在手訂單持續成長，涵蓋屋頂、防水與建築外殼（building envelope）等領域。如同我們過去幾季所提到的，Pure Air在HVAC修復業務的工作量也成長得非常好，現在確實正在加速取得進展。

We're excited about the Kalzip acquisition. They are a leader and a German-based leader in the US and in some cases globally for aluminum and metal roofing applications. Some are your core traditional industrial and commercial roofing, some are real high-profile architectural projects.

我們對收購 Kalzip 感到非常振奮。他們是鋁與金屬屋面應用領域的領導者，總部在德國，在美國、且在某些情況下在全球都居於領先地位。其中一部分屬於你們核心的傳統工業與商業屋面業務，另一些則是非常具指標性的建築設計專案。

Most of their work is European based, and so we will be working in the next six to nine months to bring the Kalzip products into the US, which is a real bang for us once we get it done effectively. So we're not only building good backlog in our core business, but particularly in our Construction Products Group, a lot of these product lines are very leverageable to drive future organic growth.

他們的大部分業務以歐洲為主，因此接下來六到九個月我們將把 Kalzip 產品導入美國；一旦有效完成，對我們來說將是很大的助益。所以我們不僅在核心業務建立良好的訂單能見度（backlog），尤其在我們的建築產品事業群，這些產品線中有許多都非常容易槓桿化，以推動未來的有機成長。

The flip side is in consumer, still really punky in terms of takeaway we've adjusted accordingly in terms of our expense base and really allocated growth investments to the areas that are both highest margin, and I think you have the best potential for growth as the DIY markets start to stabilize, which before all of the Middle East activity, we were starting to see after what's been more than two years of really punky consumer DIY takeaway.

另一方面，在消費端，就零售端帶走量（takeaway）而言仍然相當疲弱；我們已相應調整費用基礎，並把成長投資真正配置到毛利最高、且我認為在 DIY 市場開始趨於穩定時最具成長潛力的領域——在中東事件發生之前，經過兩年多消費者 DIY 帶走量相當疲弱之後，我們其實開始看到一些改善跡象。

Got it. Thanks very much for the call, Frank.

了解。非常感謝這通電話，Frank。

Thanks, John.

謝謝，John。

Mike Harrison, Seaport Research Partners.

Seaport Research Partners 的 Mike Harrison。

Morning, Mike.

早安，Mike。

Hi, good morning. Congrats on the nice quarter. I was hoping that you could talk a little bit about the temporary inefficiencies that you've seen related to the plant consolidations. How much of a headwind, if you can quantify it, did you see in the third quarter? And have those inefficiencies largely run their course? Or are there still some more to come? And I guess, which segments should we expect to still see some impact in Q4 and into next year?

嗨，早安。恭喜本季表現不錯。我想請你談談與工廠整併相關、你們看到的一些暫時性效率不彰。如果可以量化的話，第三季你們看到多大的逆風？這些效率不彰是否大致已經告一段落？還是接下來還會有一些？另外，我想問一下，第四季以及明年，哪些事業部門仍可能會看到一些影響？

Yeah, Mike, it's Rusty here. In terms of the third quarter, there is a little more than $6 million that cost us in some of these facility consolidations, about two-third is in consumer. They have a lot going on in Europe between opening a new shared RPM distribution facility and also consolidating two plants into one and rationalizing some lower-margin products there. Probably the remaining one-third mostly at our construction products group, they are consolidating their plant network in North America.

是的，Mike，我是 Rusty。就第三季而言，這些廠房整併讓我們多承擔了略高於 600 萬美元的成本，其中約三分之二在消費品部門。他們在歐洲有很多事情同時進行，包括啟用新的共享 RPM 配送中心，以及把兩座工廠整併為一座，並在那裡精簡一些低毛利產品。剩下約三分之一主要在我們的建築產品事業群，他們正在整併北美的工廠網絡。

And they're also repurposing a facility in Europe to sell Nudura, which is exciting. So I would expect that both of those will be completed by this fall. And so you will not see that negative impact at the end of the second quarter and fiscal '27 or beyond.

此外，他們也在歐洲將一處設施改作為銷售 Nudura 的用途，這很令人振奮。因此我預期這兩項都會在今年秋天前完成。所以在 2027 財年第二季末以及之後，你將不會再看到那樣的負面影響。

So I would expect that both of those will be completed by this fall. And so you will not see that negative impact at the end of the second quarter in fiscal '27 or beyond.

因此我預期這兩項都會在今年秋天前完成。所以在 2027 財年第二季末以及之後，你將不會再看到那樣的負面影響。

All right. And then just investors are starting to turn their attention to next fiscal year. I know there's a lot of moving pieces right now, but maybe could you walk through some of the puts and takes as we start to think about what earnings growth could look like next year?

好的。接著，投資人開始把注意力轉向下一個財年。我知道目前變數很多，但你是否可以帶我們梳理一下，當我們開始思考明年獲利成長可能長什麼樣子時，有哪些利多與利空因素？

I'm just curious if you have any current expectations for volume growth, what price versus cost could look like in terms of being a headwind or a tailwind? And then I believe you mentioned the MAP savings contribution something on the order of $75 million. But any initial thoughts on next year's earnings growth?

我想了解你們目前對出貨量成長是否有任何預期；價格相對成本可能呈現逆風或順風的情況會是如何？另外我相信你提到 MAP 節省的貢獻大約是 7,500 萬美元。但對於明年獲利成長，有沒有任何初步想法？

Sure. I'll start at a high level. Our MAP 3 (inaudible) development is pretty far along. We would expect to have that completed this summer and presented to our board in July and then be in a position sometime this fall to provide some of the details of what we are currently calling (inaudible) publicly. It will be a new long-term strategic plan out to 2030. I think you're seeing the beginnings of what that might look like in Q3. Our operating improvement initiatives are continuing, and you'll see some more detail on that in the fall.

當然。我先從較高層次談起。我們的 MAP 3（聽不清）規劃已相當成熟。我們預期今年夏天完成，並在 7 月提交董事會，之後在今年秋天的某個時間點，我們將能對外提供一些目前我們公開稱為（聽不清）的細節。這將是一個延伸至 2030 年的全新長期策略計畫。我認為你在第三季已經看到一些雛形。我們的營運改善計畫仍在持續推進，秋天你會看到更多細節。

The SG&A actions that we took in January are a down payment on that and so while we've committed to $75 million for fiscal '27. We'll provide more detail on what SG&A allocation looks like, both in '27 and beyond. And I think there'll be significant margin improvement opportunities there as well.

我們在 1 月採取的 SG&A 行動是其中的前期投入，因此雖然我們承諾在 2027 財年達成 7,500 萬美元，我們也會提供更多關於 SG&A 配置的細節，包括在 2027 年以及之後的安排。我認為那裡也會有顯著的毛利率改善機會。

Lastly, we still have opportunities of a couple more percentage points we feel in improving working capital and therefore, enhancing our cash flow. With that backdrop, we're going to use fiscal '26, the May 31 year-end is kind of the base year out to 2030 forecast. And it really goes back to whether or not the hostilities in the Middle East and the are ran is drawn to a close here in the coming weeks or months. or whether we are in a more protracted global problem.

最後，我們仍認為在改善營運資金方面還有再提升幾個百分點的空間，進而強化現金流。在這樣的背景下，我們會以 2026 財年（5 月 31 日為年結日）作為到 2030 年預測的基準年度。而這其實回到：未來幾週或幾個月內，中東的敵對行動以及伊朗是否會走向結束，或是我們將面臨更長期的全球性問題。

And I say that, I think there is reason to believe that this inflation spike could be temporary, and that would be very helpful. And then you'll see a continuation of what we just generated in the third quarter in terms of positive volume growth and good leverage to the bottom line.

我之所以這麼說，是因為我認為有理由相信這波通膨飆升可能是暫時性的，而那將非常有幫助。接著你會看到我們在第三季所展現的延續：正向的量成長，以及對最終獲利的良好槓桿。

If it is not, then I think the world could be facing another Biden administration like spike inflation that's sustained as it spreads across energy, freight, and materials on a higher-level basis, that's certainly not what anybody hopes for. And I think we'll be in a far better position to understand where the world is heading when we release fourth quarter results in July versus all the volatility from day to day and week to week that we're facing today.

如果不是這樣，那我認為全球可能面臨另一波類似拜登政府時期的通膨飆升，且隨著其擴散到能源、運輸與原物料，將以更高的水準持續；這當然不是任何人所希望的。我認為當我們在 7 月公布第四季結果時，相較於我們今天面對的日對日、週對週的高度波動，我們將更能掌握世界走向。

Understood. Thanks very much.

了解。非常感謝。

Ghansham Panjabi, Baird.

Baird 的 Ghansham Panjabi。

Good morning, everybody Frank, Frank, just on following up on the previous questions. How do you think this inflation cycle will be different from the previous ones? I mean, each of them seems to have different dynamics that are unique to them. And I'm just asking because this one is very supply shock related versus being demand-led.

各位早安。Frank，Frank，我想延續前面問題追問一下。你認為這一輪通膨循環會與之前的有何不同？我的意思是，每一輪似乎都有其獨特的動態。我之所以問，是因為這一輪更多是供給衝擊所致，而不是需求帶動。

And so do you think that the reversal will be just as pronounced if, in fact, oil has peaked and has started to come down. And then related to that, do you expect inflation to sort of sequentially flatten out after what you see in fiscal year 1Q? Or do you anticipate sequential increases beyond that due to lags just based on what we've seen so far.

所以你是否認為，如果油價確實已見頂並開始下滑，回落幅度也會同樣明顯？另外相關地，你是否預期在你們看到的財年第一季之後，通膨會逐季趨於持平？或者基於目前看到的滯後效應，你預期之後仍會逐季上升？

Sure. So again, the third quarter and our expectations before this massive disruption in the Middle East after rounding two very difficult years in the consumer DIY market, and generally, consumer products in general, as you've seen from a lot of CP companies and folks in the DIY and building materials space. We were anticipating stability and some modest growth there.

當然。再說一次，第三季以及在中東發生這次重大擾動之前，我們的預期是：在消費者 DIY 市場經歷了兩個非常艱難的年度之後——更廣泛的消費品也是如此，正如你從許多消費品公司以及 DIY 與建材領域的業者所看到的——我們原本預期那邊會趨於穩定並有一些溫和成長。

I'm not sure we're going to see that now with some of these disruptions and the impact on price increases, which consumers have been sensitive to across consumer products. So we're very aware that. This is not, as you commented on, Ghansham, this is not demand related. I think our Performance Coatings and Construction Products groups are outperforming their broader markets and so we're picking up share new products and new categories for maintenance to repair are starting to grow for us.

但在目前這些擾動以及對漲價的影響之下，我不確定我們現在還會看到那樣的情況；消費者對各類消費品的價格上漲一直很敏感。所以我們非常清楚這一點。正如你所評論的，Ghansham，這不是需求所驅動。我認為我們的高性能塗料與建築產品事業群表現優於其整體市場，因此我們正在透過新產品與新類別取得市占；而維護與修繕相關的新類別也開始為我們帶來成長。

But broadly speaking, commercial construction is still not recovering outside of data centers, you're seeing some moderation in industrial capital spending. So I think that if the hospitalities in the Middle East are drawn to a close in a more stable basis, you could see a reversion to oil prices and the related impact on raw materials pretty quickly. As we noted in the third quarter, inflation is almost nonexistent.

但整體而言，除資料中心之外，商業建築仍未復甦，你也看到工業資本支出出現一些趨緩。因此我認為，如果中東的敵對行動能在更穩定的基礎上告一段落，你可能會很快看到油價回歸常態，以及對原物料的相關影響。如同我們在第三季所提到的，通膨幾乎不存在。

Price cost inflation for us on a material basis in the quarter was slightly less than 1%. And our price across all of our businesses was slightly more than 1%. We did not anticipate much in the way of further price increases, raw material cost increases in Q4 until obviously the last couple of weeks.

就我們而言，本季在材料層面的價格成本通膨略低於1%。而我們在所有業務的定價幅度略高於1%。我們原本預期第四季原物料成本不會有太多進一步上漲，直到很明顯地在最近幾週才出現變化。

So I think we could get back there very quickly. I also think lastly, the cessation and this is Frank Sullivan on geopolitics, so take it for what it's worth. But I think a stabilization in the Middle East that people believe is lasting could actually be a catalyst for a pickup in economic demand, which would be great for everybody, and obviously, great for RPM given the structural improvements we're making.

所以我認為我們可能會很快回到那個狀態。最後我也認為，停火——這是Frank Sullivan談地緣政治，所以就當作參考。但我認為，如果中東局勢的穩定被市場相信是可持續的，實際上可能成為帶動經濟需求回升的催化劑，這對所有人都很好，當然，鑑於我們正在進行的結構性改善，對RPM也會非常有利。

Okay, perfect. Thank you for that, Frank. And then just for my second question, as it relates to the leadership changes in the Consumer segment, can you just give us some high-level thoughts on what we should expect in terms of changes as it relates to the commercial side for that segment?

好的，完美。謝謝你，Frank。接著我的第二個問題，關於消費者事業部的領導層變動，你能否從高層次談談，我們應該如何預期該事業部在商業端會有哪些變化？

Sure. So again, I'll start with a very high-level perspective. We've had a frustrating couple of years, not unique to us. I think in some aspects, we've outperformed the broader paint category, which has been under pressure because of interest rates and housing turnover and other factors.

當然。我再從非常高層次的角度開始。過去幾年我們確實很挫折，這並非我們獨有。我認為在某些方面，我們的表現優於整體塗料品類；該品類因利率、房屋交易周轉以及其他因素而承壓。

But we operate here with a few simple principles, one of which is if you want a different outcome, you got to do something differently. And we had not been approaching that market differently over the last couple of years.

但我們在這裡遵循幾個簡單原則，其中之一是：如果你想要不同的結果，就必須做些不同的事。而過去幾年我們並沒有以不同的方式切入那個市場。

And like everybody, we're experiencing some frustrating results so we made a change at the leadership level. We made a significant readjustment of both our expense levels and where we allocate our SG&A dollars towards growth. Of the $100 million in total SG&A program that we communicated in January actually about $15 million of that is in cost of goods sold, about $80 million to $85 million is in SG&A. Just about half of that, including a lot of the cost of goods sold elements are in our consumer group.

而且和大家一樣，我們也面臨一些令人沮喪的結果，因此我們在領導層做了調整。我們也大幅重新調整了費用水準，以及我們將SG&A（銷售、一般及行政費用）資金配置到成長上的方式。我們在1月對外溝通的總計1億美元SG&A方案中，實際上約有1,500萬美元屬於銷貨成本，約8,000萬到8,500萬美元屬於SG&A。其中大約一半（包含許多銷貨成本的項目）是在我們的消費者事業群。

Thank you so much.

非常感謝。

Patrick Cunningham, Citi.

花旗的Patrick Cunningham。

Hi, good morning. Could you maybe help unpack the relative strength within the Performance Coatings Group. It seems like pretty positive on protective and fire protection. But curious how other markets are performing, particularly the recently added Industrial Coatings group.

嗨，早安。你能否協助拆解一下Performance Coatings Group（高性能塗料事業群）內部相對強勁的部分？看起來在防護與防火保護方面相當正面。但我也想了解其他市場的表現，特別是最近納入的Industrial Coatings group（工業塗料事業群）。

We're taking share. We're picking up some pieces and parts of some larger OEM accounts that we've traditionally not targeted in the Industrial Coatings group. So that's positive. We are reorganizing some of their activities in Europe, while modest, they've not been as profitable as our US business.

我們正在提升市占。在工業塗料事業群，我們正在拿下一些過去傳統上未鎖定的大型OEM客戶的部分產品與零組件訂單。所以這是正面的。我們也正在重整他們在歐洲的一些活動；雖然規模不大，但其獲利性不如我們在美國的業務。

So that's improving the bottom line for the Industrial Coatings piece. And I think there's a nice fit there long term as our Carboline business is certainly a broad project and daily maintenance repair between the Powder Coatings activities and product production of the Industrial Coatings group and the capabilities to leverage that across the Carboline distribution and sales force.

因此這正在改善工業塗料這一塊的獲利底線。我認為長期來看這是很好的契合：我們的Carboline業務本身涵蓋廣泛的專案與日常維修保養；結合粉體塗料（Powder Coatings）的活動、工業塗料事業群的產品生產，以及能把這些能力透過Carboline的通路與銷售團隊加以槓桿運用。

So there's some synergies there as well. We're seeing strength for us in maintenance coatings, industrial coatings and in particular, fireproofing, which is a broad area globally of strength for our Carboline business. And our Stonhard business continues to generate really good results, both for Stonhard and our Tremco Roofing business, we feel that our supply and apply model, which is pretty unique in both categories is giving us an advantage in what's been a challenging labor construction labor market environment.

所以那裡也有一些協同效益。我們看到在維修保養塗料、工業塗料，尤其是防火塗裝（fireproofing）方面表現強勁；這對我們Carboline業務而言在全球都是一個廣泛的強勢領域。而我們的Stonhard業務持續交出非常好的成果；無論是Stonhard或我們的Tremco Roofing業務，我們都認為我們的供應加施工（supply and apply）模式在這兩個品類都相當獨特，並在充滿挑戰的建築勞動力市場環境中帶來優勢。

Our Fibergrate business, they're based in Texas, doing quite well in terms of both component of construction, but in data centers and energy and other areas where they're FRP grading and FRP structures and actually ability to design different platforms and structures for industrial markets is actually growing quite nicely.

我們的Fibergrate業務以德州為基地，在建築相關的各個組成面向表現都很好，並且在資料中心、能源及其他領域也表現出色；他們的FRP格柵與FRP結構，以及實際上為工業市場設計不同平台與結構的能力，都在相當不錯地成長。

Great. And I think emerging markets, while it's relatively small, has been a pretty substantial portion of growth the past couple of years. I guess, first, have you seen anything in terms of order cancellation, project pauses or general demand disruption in the Middle East or perhaps Asia? And how should we think about potential risk to top line if the conflict persists?

很好。另外，新興市場雖然規模相對小，但過去幾年占了相當可觀的成長比重。我想先問：你們是否看到中東或可能是亞洲出現任何訂單取消、專案暫停或整體需求受干擾的情況？如果衝突持續，我們應該如何看待營收端可能面臨的風險？

Yeah. I appreciate the question. We took a different approach to the developing world a couple of years ago, what we call the RPM platform approach. We have a great leadership team in our South African-based and they have oversight of Middle East, Africa, India, Southeast Asia.

是的。謝謝你的問題。幾年前我們對開發中國家採取了不同做法，也就是我們所稱的RPM平台策略（platform approach）。我們在南非有一個很強的領導團隊，負責監督中東、非洲、印度與東南亞。

And you can see that in the last year or so in most recent quarters, including the third quarter, solid organic growth improving profitability, really a well-run group, and it gives us confidence as RPM that we now have a more strategic approach to developing and the developing world to growing in the developing world. So we're very excited about that, and you can see it in our results.

你可以看到在過去一年左右、最近幾個季度（包括第三季），有穩健的有機成長且獲利能力提升；這是一個運作良好的團隊，也讓我們RPM更有信心：我們現在對開發中與開發中國家的成長，採取了更具策略性的做法。所以我們對此非常興奮，你也能從我們的結果中看出來。

To your specific question, we've seen an immediate impact in the Middle East. Our March was quite good in the Middle East, but we don't feel that, that's going to continue in Q4 because we've led through a lot of inventory. And so it's the one area where raw material supply is impacted and we will feel that certainly Q4 and beyond.

就你的具體問題而言，我們已在中東看到立即性的影響。我們在中東的3月表現相當不錯，但我們不認為第四季會延續，因為我們已消化了大量庫存。因此，這是原物料供應受到影響的一個領域，我們在第四季及之後肯定會感受到。

You're starting to see a little bit of an impact both in higher inflation and concerns about availability in parts of Asia. And all of those regions, particularly Asia, Middle East, our platform approach is more impacted by the shutdown of the straits and raw material production in the Middle East, which has been impacted. Beyond that, other than inflationary pressures, we don't anticipate any raw material supply issues.

你也開始在亞洲部分地區看到一些影響，包括較高的通膨以及對供應可得性的擔憂。在所有這些地區，特別是亞洲與中東，我們的平台策略受到海峽關閉以及中東原物料生產受影響的衝擊更大。除此之外，除了通膨壓力外，我們不預期會有任何原物料供應問題。

Great. Thank you.

很好。謝謝。

Kevin McCarthy, Vertical Research Partners.

Vertical Research Partners的Kevin McCarthy。

Thank you, and good morning, Frank. A broad question for you. How would you compare and contrast your efforts to optimize the price cost relationship in today's inflationary environment relative to what you experienced four years ago in the wake of Russia, Ukraine. Maybe you can remind us what worked well back then that you're continuing and maybe any learnings and things you're doing differently moving forward?

謝謝，早安，Frank。我有一個較宏觀的問題。在當前通膨環境下，你會如何比較並對照你們為優化「價格—成本」關係所做的努力，與四年前在俄烏事件之後你們所經歷的情況？也許你可以提醒我們，當時哪些做法效果很好、你們現在仍在延續；以及有哪些學習與未來你們會採取的不同做法？

Sure. We, like most companies are far better positioned today to manage through a crisis because of all that. In part because of a very successful centralized procurement activity that started in 2018 because of our ability to really engage our teams be strategic with major suppliers in ways that we weren't seven or eight years ago.

當然。我們和大多數公司一樣，如今在應對危機方面的準備更充分，因為有了那些經驗。部分原因在於我們自2018年開始推動非常成功的集中採購活動，也因為我們能真正動員團隊，並以更具策略性的方式與主要供應商合作，這是七、八年前我們做不到的。

So we've developed some longer-term relationships, more contract driven. And so I think we're in a much better position today than we were at the beginning of the Biden administration inflation period. We're more sophisticated. We get weekly reports on the impact of tariffs on a by region, by country, by category reports. We have, as Matt indicated, pretty sophisticated understanding of how inflation is hitting us by country, by region and by category.

因此我們建立了一些較長期的合作關係，更以合約為導向。所以我認為，相較於拜登政府通膨期間一開始的狀況，我們今天所處的位置要好得多。我們更成熟了。我們每週都會收到關於關稅影響的報告，按地區、按國家、按品類出具報告。正如 Matt 所指出的，我們對通膨如何按國家、按地區以及按品類影響我們，有相當深入且成熟的理解。

And so we're a lot more data driven on a real-time basis than we were, the last thing I'll say is we're also more sensitive to consumer price elasticity. You're seeing that again in various consumer product areas. And so we're sensitive to that relative to our consumer DIY products.

因此，相較於過去，我們在即時層面更以數據驅動；我最後想說的是，我們也更敏感於消費者價格彈性。你在各種消費性產品領域又再次看到這一點。因此，針對我們的消費者 DIY 產品，我們也會把這點納入考量。

All of that will result in a mix of price increases where appropriate and where necessary by product line or by region perhaps some adjustments in supply or manufacturing, greater efficiencies, some product engineering in terms of taking costs out and all of that are ways and/or expertise at RPM that didn't exist seven years ago.

所有這些將導致在適當且必要時，按產品線或按地區採取不同組合的漲價；也可能在供應或製造上做一些調整、提升效率、在產品工程上透過降本來移除成本。以上這些方式以及/或我們在 RPM 的專業能力，是七年前不存在的。

Very helpful. And then secondly for Rusty perhaps, could you provide your updated thoughts on maybe two cash flow items, working capital outlook given what we've talked about inflation wise? And then any early thoughts on capital expenditure trajectory in 2027?

非常有幫助。其次，可能請 Rusty 回答一下，能否更新你對兩個現金流項目的看法：在我們剛才談到通膨的背景下，營運資金的展望如何？另外，對 2027 年資本支出走勢是否有任何初步想法？

Sure. Yes. In terms of capital expenditures, we've had a lot of plant consolidations and ERP go live. In terms of CapEx, this year, we're probably trending Kevin, towards $225 million, $235 million in that range. So not quite as high as you've seen in past years.

當然。是的。就資本支出而言，我們進行了大量的工廠整併以及 ERP 上線。就今年的 CapEx 來看，Kevin，我們大概會落在 2.25 億到 2.35 億美元這個區間。所以不會像你在過去幾年看到的那麼高。

In terms of working capital year-to-date, we've made a little progress. Our cash conversion cycle is down by a day, and that's in spite of a lot of challenges with inventory between managing with tariffs and recent other turmoil managing inventory has been a challenge. We have backslid just a little bit, but we've more than offset that with continued progress and managing our terms with our suppliers, with our strength and procurement team.

就年初至今的營運資金而言，我們取得了一些小幅進展。我們的現金轉換週期縮短了 1 天；即便在庫存方面面臨許多挑戰——在關稅管理以及近期其他動盪之下，庫存管理一直是個挑戰。我們確實有一點點倒退，但我們透過持續改善與供應商的付款條件（憑藉我們採購團隊的實力）已經不只抵消了這些影響。

Thanks very much.

非常感謝。

Sure, you're welcome.

當然，不客氣。

Arun Viswanathan, RBC.

Arun Viswanathan，RBC。

Hey, This is Brian Don on for Arun. Thanks for taking the question. Can you talk a little bit more about the rising health care expenses. Specifically, could you quantify what was the Q3 impact and you expect it to continue on to Q4 and fiscal year 2027. Thanks.

嗨，我是 Brian Don，代 Arun 提問。謝謝讓我提問。你能再多談一點醫療保健費用上升的情況嗎？具體來說，你能量化一下第三季的影響是多少，以及你是否預期它會延續到第四季和 2027 財年？謝謝。

So in Q3, health care costs were up another $4 million. As we've commented before, the rising health care costs are not unique to us. It's been a huge cry across the United States, relative to what's happening in health care costs and insurance costs. We did make a decision more than a year ago to add some of these weight loss drugs to our health care program. That's been part of the significant rise this year that will annualize this summer.

第三季醫療保健成本又增加了 400 萬美元。如同我們先前提過，醫療保健成本上升並非我們獨有。在美國，醫療保健成本與保險成本的情況引發了非常廣泛的關注。我們在一年多前確實做了一個決定，把一些減重藥物納入我們的醫療保健計畫。這是今年顯著上升的一部分，並將在今年夏天進入年化。

We believe long term and will actually have a positive effect on our health care costs. But over the last year, it's certainly been part of the increase. So we would anticipate that our health care costs stabilize somewhat in fiscal '27. But I don't see anything reversing.

我們相信長期來看，這實際上會對我們的醫療保健成本產生正面效果。但在過去一年，它確實是增幅的一部分。因此我們預期 27 財年的醫療保健成本會在某種程度上趨於穩定。但我看不到有任何會反轉的跡象。

Great. Thank you.

很好。謝謝。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Good morning, Frank. Construction Products exceeded Street expectations. Anything you can point to that drove that large beat there in that segment?

早安，Frank。建築產品（Construction Products）超出市場預期。在該事業部門，有什麼因素可以指出來解釋這麼大的超預期表現嗎？

Sure. We have a really good team that's executing at a really high level. And they are very focused on providing solutions, our turnkey solutions. And so we have very, made a very deliberate shift from 10 years ago selling components for distribution, particularly in the CS&W the Tremco Sealant business, which is indicated in past calls.

當然。我們有一個非常優秀的團隊，以非常高的水準在執行。他們非常專注於提供解決方案，也就是我們的交鑰匙解決方案。因此，我們做了一個非常刻意的轉變：相較於 10 年前主要是銷售零組件給經銷通路，特別是在 CS&W 的 Tremco Sealant 業務（我們在過去的電話會議中提過）。

10 years ago, we were about 60% distribution and 40% direct on major projects that has reversed about 60% direct. When we get a building envelope sale, we're getting perhaps in one project to Nudura walls, the Dryvit finished systems and all of the Tremco gaskets and sealants and waterproofing coatings that go with that.

10 年前，我們大約是 60% 經銷、40% 直接承接大型專案；現在已經反轉為大約 60% 直接。當我們拿到建築外殼（building envelope）的銷售時，在單一專案中我們可能同時帶入 Nudura 牆體、Dryvit 表面系統，以及所有配套的 Tremco 墊片、密封膠與防水塗層。

And so we're able to sell complete systems. We're able to warrant complete systems and we're doing a better job of understanding what segments of the market value that and focusing our time and effort there. And then we're adding new categories. So we've done a lot of small acquisitions and from time to time, analysts scratched their head and asked us whether these small acquisitions are worth their time given our size.

因此我們能夠銷售完整系統。我們能夠為完整系統提供保固，而且我們也更擅長理解市場中哪些細分領域重視這些，並把時間與精力聚焦在那裡。此外，我們也在新增品類。我們做了很多小型併購；有時分析師會感到疑惑，問我們以我們的規模來看，這些小併購是否值得投入時間。

I can tell you on our Construction Products Group, the answer is definitive yes. We've added some high-performing kind of unique expansion joint products from metal expansion joints to different polymer expansion joints to add to what we have.

我可以告訴你，就我們的建築產品事業群而言，答案明確是值得。我們新增了一些高績效、相對獨特的伸縮縫（expansion joint）產品，從金屬伸縮縫到不同的聚合物伸縮縫，補強我們既有的產品組合。

Most recently, we bought two relatively small expansion joint businesses in Europe. We're transferring their technology and distribution to the US. And then most recently is the Kalzip acquisition, again, $75 million, mostly Europe-based with some real high-profile projects like to sphere like some of the big airports but not really present in the United States. And we're already selling purchased for resale of $40 million worth of metal roofing in the US. And so we're excited about what that can do.

最近，我們在歐洲收購了兩家相對較小的伸縮縫業務。我們正把他們的技術與通路移轉到美國。而最近的 Kalzip 併購，同樣是 7,500 萬美元，主要在歐洲，並有一些非常高知名度的專案，例如 The Sphere、一些大型機場，但在美國並沒有真正的布局。我們已經在美國以「採購轉售」（purchased for resale）的方式銷售了 4,000 萬美元的金屬屋頂產品。因此我們對它能帶來的效益感到很興奮。

So a combination of being in the right place, system selling and then having a real strategic approach to acquisitions or product lines that we can expand across our distribution is what's building a really solid momentum in our construction products group, and we see that continuing.

所以，這是多重因素的結合：處在對的位置、系統化銷售，以及對併購或可透過我們通路擴張的產品線採取真正具策略性的做法，正在為我們的建築產品事業群建立非常扎實的動能，而我們也預期這會持續。

Very helpful. And Frank, given that large be led by Construction Products, why can you at least raise the low end of the FQ4 guidance range for EBIT?

非常有幫助。Frank，既然這次大幅超預期主要由建築產品帶動，為什麼你們至少不把第四財季 EBIT 指引區間的下緣上調呢？

It's really about geopolitical circumstances. I can sit here and say confidently that we're not going to see any supply disruptions. Given what we know today and what we believe going forward, I in the world are hoping and praying for good outcomes.

主要是地緣政治情勢的因素。我可以很有信心地坐在這裡說，我們不會看到任何供應中斷。基於我們今天所掌握的資訊以及對未來的判斷，世界各地的人都在希望並祈禱能有好的結果。

There's a possibility that, that doesn't happen. And if things get worse in the Middle East, that could clearly impact our results in the next couple of months. Secondly, we're already seeing the impacts of that. We're anticipating the impacts of that in April and May, almost like in the fall, we had a really strong Q3. We had a very solid March, but there are a lot of cautionary flags as a result to what could happen in April and May. So I think we're being appropriately cautionary in a wider than normal guidance.

但也有可能事情不會如願。如果中東局勢惡化，顯然可能在接下來幾個月影響我們的業績。其次，我們已經看到其影響。我們預期 4 月與 5 月會受到影響；有點像去年秋天，我們第三季非常強勁。3 月也非常穩健，但由於 4 月與 5 月可能發生的情況，出現了許多需要謹慎看待的警示訊號。因此我認為，在比平常更寬的指引區間下，我們採取了適度審慎的態度。

Thank you.

謝謝。

Mike Sison, Wells Fargo.

Mike Sison，富國銀行。

So, Frank, just curious when you think about '26, if you were able to hit the range for the fourth quarter, your adjusted EBIT will be up low to mid-single digits, similar to fiscal '25. So given you've done a great job with cost savings and the MAP program and rolling out another. Do you think your EBIT growth should get better?

所以，Frank，只是好奇，當你思考’26 年時，如果你能達到第四季的區間，你的調整後 EBIT 將以低到中個位數百分比成長，與 2025 財年類似。那麼，鑑於你們在成本節省、MAP 計畫以及推動另一項措施方面做得很好。你認為你們的 EBIT 成長應該會變得更好嗎？

I mean I understand that DIY has been tough and everything. But do you think, should RPM be doing stronger EBIT growth for the rest of the decade? And how do you think you sort of get to that higher ramp going forward?

我的意思是，我理解 DIY 一直很艱難等等。但你認為，RPM 在本十年剩餘時間是否應該實現更強的 EBIT 成長？以及你認為未來要如何達到那樣更高的加速成長？

Sure. If we could find a period of stability where tariffs, government shutdowns and kinetic actions in Europe and the Middle East don't get in the way, and that's not unique to us. I think the things that we are doing at RPM, the decisions we're making and the execution of our associates is such that in the coming years, you'll see improvement in the gross margin line, you'll see a shrinking of SG&A as a percent of sales, and that will have a positive impact on a steady, stable improvement in our margin profile.

當然。如果我們能找到一段穩定期，讓關稅、政府關門，以及歐洲與中東的軍事行動不再造成干擾——而這也不僅僅是我們獨有的情況。我認為我們在 RPM 正在做的事情、我們所做的決策，以及同仁的執行力，將使你在未來幾年看到毛利率線的改善，看到 SG&A 佔銷售額的比例下降，而這將對我們利潤率結構的穩定、持續改善產生正面影響。

It's in the cards in terms of what we are doing, and you can see it in Q3, and it's going to get better. All that, notwithstanding. We will be disrupted like everyone else by major raw material inflation or availability if things get worse instead of better both in the Middle East and for that matter and with the Russian war in Ukraine. Both have a disproportionately negative impact on Europe versus North America, Europe being our second largest region.

就我們正在做的事情而言，這是可期的，你在第三季也看得到，而且還會更好。儘管如此。如果中東局勢以及俄羅斯對烏克蘭的戰爭不是好轉而是惡化，我們也會像其他人一樣，受到主要原物料通膨或供應可得性的干擾。這兩者對歐洲的負面影響相對於北美更為不成比例，而歐洲是我們第二大區域。

Got it. And then one quick follow-up on Consumer Group. Acquisitions have been a positive this year. I expect DIY is going to remain sluggish for another year. So when you think about developing growth algorithm for consumer group, do you have to shift a little bit more to acquisitions given the DIY is probably going to stay weak? Or maybe you have any thoughts on DIY for next year?

了解。接著關於消費者事業群的一個快速追問。今年併購帶來了正面貢獻。我預期 DIY 可能還會再低迷一年。所以當你思考消費者事業群的成長方程式時，鑑於 DIY 可能仍然疲弱，你是否必須把重心稍微更多轉向併購？或者你對明年的 DIY 有任何看法？

Sure. We were starting to see some stability, as I indicated, and then concerns about interest rates and raw material costs and pricing, I think, will not help improve the DIY market. You're seeing that from not only us but our peers. We need to focus on two things.

當然。如我所提到的，我們原本開始看到一些穩定跡象，但對利率、原物料成本與定價的擔憂，我認為將無助於 DIY 市場改善。你不只從我們，也從同業身上看得到這點。我們需要聚焦兩件事。

We need to focus on categories that are growing, and there are a number of those, including cleaners, which we're pulling together a pretty good cleaner portfolio. And we need to do a better job of driving consumers to our products, whether it's in stores or online.

我們需要聚焦在正在成長的品類，而這類品項有不少，包括清潔用品；我們正在整合一個相當不錯的清潔用品產品組合。同時，我們需要更有效地把消費者導向我們的產品，不論是在實體店或線上。

And so as we become more consumer-centric in our data and our marketing. With all of our retail partners, we need to be driving consumer purchase much more than focused on the retail takeaway. We got to be better at it. We're doing things. We've reallocated our spending in ways that should drive more consumer activity versus focusing on customer traffic and things like that.

因此，當我們在數據與行銷上變得更以消費者為中心。與所有零售合作夥伴一起，我們需要更著力於推動消費者購買，而不是把重點放在零售端的出貨/銷售帶走（takeaway）。我們必須做得更好。我們正在採取行動。我們已重新分配支出，讓它更能帶動消費者活動，而不是聚焦在客流等事情上。

We've got to get better at that, and we're spending money towards that. And just to finish that to your point, I think we've come to the conclusion we need to do some things differently because I don't think waiting for a big recovery in that market. It's a good strategy.

我們必須在這方面做得更好，也正把資金投入其中。最後回到你剛才的重點，我想我們已得出結論：我們需要用不同的方式做一些事，因為我不認為等待該市場出現大幅復甦。是一個好策略。

I think we and others have communicated that this spring of '24 and then this spring of '25, and then this spring of '26 is when the consumer is going to come back strong. And everybody that's waited for this spring to get better has been incorrect. So we're not waiting anymore.

我想我們和其他公司都曾溝通過，說 2024 年春季、接著 2025 年春季、再接著 2026 年春季，消費者就會強勢回歸。而所有等待這個春季變好的預期都被證明是錯的。所以我們不再等待了。

Great. Thank you.

很好。謝謝。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利。

Thank you. Good morning, everyone. If I could just ask, Frank, I think you said on the $100 million program. I think you indicated half of that would go to Consumer. Is it fair to allocate the balance to the other segments equally? Or would it be a different mix?

謝謝。各位早安。我想請教一下，Frank，我記得你提到那個 1 億美元的計畫。你表示其中一半會用在消費者事業群。那麼把剩餘部分平均分配到其他事業群，這樣理解合理嗎？還是會是不同的配置？

I would think it would be fair to allocate the balance roughly along revenue lines. So it will be a little bit heavier at the Construction Products Group and Performance Coatings in part just because they're a larger organization.

我認為把剩餘部分大致依照營收占比來分配是合理的。因此，建築產品事業群（Construction Products Group）和高性能塗料（Performance Coatings）的比重會稍微高一些，部分原因是它們的組織規模較大。

Okay. And then just a follow-up on your comments a couple of questions ago in consumer, I believe, about some concerns about demand as a function of raw material costs going up. And I just wanted to better understand whether you were indicating that maybe the large retailers are sort of saying, well, I don't know what things cost right now because every day the price is going up or the price is going down.

好的。接著針對你在前面幾個問題中對消費者業務的評論再追問一下，我理解你提到一些對需求的擔憂，與原物料成本上升有關。我想更清楚了解，你是否在表示大型零售商有點像是在說：嗯，我不確定現在成本是多少，因為每天價格不是上升就是下降。

So the being even more cautious about their inventory levels as we head into the big selling season or if that was also meant to imply that you actually think this will be an incremental headwind to consumer takeaway or maybe you meant both. So any clarity there would be helpful.

因此在進入大型銷售旺季時，他們對庫存水位會更加保守；或者你也想表達你其實認為這會對消費者端的零售帶走（takeaway）造成額外逆風；或你指的是兩者都有。所以若能釐清會很有幫助。

Part of it is related to the big macro there that will help everybody is a pickup in housing turnover, which we've talked about as have others, it's been at 30- or 40-year lows from last year or so. And the anticipation of improving housing turnover and improving new home construction, obviously, a fascination of the Trump administration as well in terms of some of the things they're trying to do anticipated interest rates declining.

其中一部分與更大的總體因素有關，而那個能幫到大家的因素是房屋換手率回升；我們以及其他人都談過，從去年左右開始，房屋換手率處在 30 或 40 年來的低點。而對房屋換手率改善與新屋開工改善的預期——顯然也是川普政府在一些政策上著力的重點——以及預期利率下降。

And I think with the current inflationary environment expectations to the extent that people think interest rates are not only not declining, but not go on that doesn't help that big macro. I think the other thing, quite candidly, is we and other consumer product companies have learned some lessons about consumer price elasticity.

我認為在目前的通膨環境下，若市場預期使得人們認為利率不但不會下降，甚至也不會朝那個方向走，這就無助於那個大的總體面改善。另外一點，坦白說，我們以及其他消費品公司也從消費者價格彈性中學到了一些教訓。

And so the ability to raise prices when necessary, we have, we had one super premium spray paint that got over $10 a share and people started trading, I'm sorry, $10 a can and people started trading down. And so that's just candid.

因此，在必要時調漲價格的能力——我們確實做過；我們有一款超高端噴漆，價格漲到每股超過 10 美元——抱歉，是每罐超過 10 美元——結果消費者開始轉向較便宜的產品。所以這就是很坦白的情況。

So whether it's value engineering, whether it is understanding the price points that will move products off the shelf that have nothing to do with raw material costs and/or getting price increases through customers and everything we do with understanding consumer price elasticity. Those are the reasons that we're cautionary about the current geopolitical activities and their impact on our consumer group.

所以，不論是價值工程（value engineering），或是理解能讓產品從貨架上賣得動的價格帶——這些不一定與原物料成本有關——以及/或透過客戶把漲價落實到位；我們所做的一切都與理解消費者價格彈性有關。這些就是我們對當前地緣政治活動及其對我們消費者事業群影響保持審慎的原因。

Thank you very much.

非常感謝。

Joshua Spector, UBS.

Joshua Spector，瑞銀。

Good morning, Josh.

早安，Josh。

This is Lucas Beaumont on for Josh. So I just wanted to go back to raw materials. So I mean, with oil and [petchems] up kind of 30% to 40%, I mean, that would seem to sort of imply that we're added towards more of like a 20% kind of annualized increase in raws over the next kind of 12 to 18 months. So I just sort of wanted to clarify your comments there around moving towards high single digits in the first quarter.

我是 Lucas Beaumont，代 Josh 提問。我想回到原物料的問題。我的意思是，油價和[石化產品]上漲了大約 30% 到 40%，這似乎意味著未來 12 到 18 個月原物料年化漲幅會更接近 20% 左右。所以我想釐清一下你剛才關於第一季走向高個位數的評論。

I mean that sort of would be on the pathway to those higher rates, but I just wanted to sort of clarify whether you're thinking you guys are going to see it peak kind of in the first quarter now and expecting things to come back down or if you see that more on a pathway to higher costs, which for RPM in particular, is sort of all going to hit your Fiscal '27 year lining up that way. So you just kind of walk through your assumptions there that would be great.

我的意思是，那大概會走在通往較高利率的路徑上，但我只是想釐清一下：你們現在是否認為它會在第一季左右見頂，之後預期會回落；還是你們認為這更像是走向更高成本的路徑？特別是對 RPM 而言，這些影響大概都會在你們 2027 財年集中反映，時間點看起來是那樣。所以如果你能帶我們走一遍你們在這方面的假設，那就太好了。

Sure. So the simple answer is we don't know. We have some insight and I think some foresight into where raw material costs are going. And so I think we're pretty confident in a couple of percent impact in Q4. And I also think we're pretty a range, but pretty confident in the mid- to high single-digit impact in Q1.

當然。簡單的答案是：我們不知道。我們對原物料成本的走向有一些洞見，我想也有一些前瞻性的判斷。因此，我們對第四季約幾個百分點的影響相當有信心。而且我也認為——雖然有一定區間——但我們對第一季中到高個位數的影響也相當有信心。

Beyond that, we don't know. And your estimation, I think, is not incorrect. If oil prices stay at these high levels and raw material costs stay at these high levels on a sustained basis for all of our fiscal '27 and into '27. Again, as my comments earlier. I think there's a possibility that this is temporary.

再往後，我們就不知道了。而你的估計，我認為並不算錯。如果油價維持在目前這些高檔水準，且原物料成本也在我們整個 2027 財年以及進入 '27 年都持續維持高檔。同樣呼應我先前的評論。我認為這也有可能是暫時性的。

And certainly, the whole world hopes for that for a lot of reasons. If not, there's a possibility that we, at least in the manufacturing sector, broadly are facing another by demonstration like inflation spike that's going to last for more than a couple of quarters, and we'll have to adjust accordingly.

而且當然，出於很多原因，全世界都希望如此。如果不是，那也有可能——至少在製造業領域、廣義而言——我們正面臨另一波類似通膨飆升的情況，且會持續超過幾個季度，我們就必須相應調整。

And Lucas, I'll just add too, if you look at our raw material basket, a little over half of our raw materials are derived from oil or natural gas. So we actually have several things that aren't derived from those which aren't subject to some of the volatility in the oil prices.

Lucas，我也補充一下：如果你看我們的原物料組合，我們的原物料中有略多於一半是由原油或天然氣衍生而來。所以其實我們也有好幾項不是由這些衍生而來，因此不會受到油價波動的部分影響。

And the other thing is our procurement team has done a really nice job, like Frank talked about with our strategic partnerships and having contracts, so we aren't a subject to the volatility related to the spot market and maybe as some others are.

另外一點是，我們的採購團隊做得非常好，就像 Frank 談到的，我們有策略性合作夥伴並且簽有合約，因此我們不會像某些其他公司那樣，受到現貨市場相關波動的影響。

But I would add to that, again, I think we are pretty confident in what we see between now and the end of our first quarter, and our confidence level of where things are going after that diminishes very quickly. We don't know.

但我也要再補充：同樣地，我認為我們對從現在到第一季末之間所看到的情況相當有信心；而對於之後走向的信心程度會非常快速地下降。我們不知道。

Okay. I mean that's helpful. So I guess kind of where I was going with this sort of is the flow on is, I mean if we're all kind of up 20, then you guys are going to kind of need high single digits or 10% kind of pricing to recover that over the next two years. Because I mean, if see (inaudible) you don't need it nearly as much. So that's probably going to drive you guys are thinking about your pricing outlook for next year? And I guess how proactive you're sort of being on that front. So I guess linking it back to pricing.

好的。我的意思是，這很有幫助。所以我想我這樣問的延伸是：如果大家的成本都上升 20%，那你們在未來兩年大概就需要中高個位數或 10% 左右的定價（漲價）才能把它補回來。因為如果（聽不清）你就不需要那麼多。所以這可能會影響你們對明年定價展望的看法？以及我想問你們在這方面有多積極。所以我想把它連回到定價。

I mean you've talked about sort of going to get more as needed. So I'm just trying to sort of understand, I guess, how, I guess, proactive or aggressive you kind of feel like you need to be there on the pricing front to kind of get that in place next year and kind of keep that lag on the price cost kind of impact, I guess, to a minimum.

我的意思是，你們談到會在需要時再多做一些。所以我只是想理解一下：在定價這一端，你們覺得明年需要多主動或多強勢，才能把這些措施先到位，並把價格與成本之間的落差影響盡量降到最低。

Sure. Well, we are in the middle of discovering that as we speak. Certainly, we're aware of, for instance, competitors have already come out with price increase announcements in the 5% to 7% range and could be doing more.

當然。我們現在正一邊講一邊在摸索、釐清這件事。我們當然也注意到，例如競爭對手已經宣布 5% 到 7% 區間的漲價，而且可能還會更多。

So there are a lot of dynamics there. But again, we feel pretty good about our outlook for the next three or four months, five months and beyond that. As I mentioned earlier, we're better positioned to adjust appropriately and more quickly than we've ever been. It just feel volatile right now. I don't know where oil prices are today, $10, $15 below where they were yesterday, who knows where they're going to be tomorrow.

所以這裡面有很多動態因素。但同樣地，我們對未來三、四個月——甚至五個月——的展望感覺相當不錯；再往後就比較不確定。如我先前提到的，我們比以往任何時候都更有能力更適切、也更快速地做出調整。只是現在感覺非常波動。我不知道今天油價在哪裡，可能比昨天低了 10、15 美元，誰知道明天又會到哪裡。

Alright. Thanks very much.

好的。非常感謝。

Eric Boyes, Evercore.

Eric Boyes，Evercore。

Good morning. Another one on consumer. I think organic sales have contracted now for four consecutive quarters. Curious on kind of the volume versus price split for fiscal 3Q if you're able to share that? And then shouldn't we be lapping easier comps in consumer, in particular, starting in fiscal 4Q? And have you seen any kind of organic green shoots in any particular product lines? Thanks.

早安。再問一題關於消費者端。我想有機銷售額現在已經連續四個季度下滑了。想請教一下，如果你方便分享，2026 財年第三季在「量」與「價」的拆分大概是怎樣？另外，消費者端——尤其是從 2026 財年第四季開始——我們不是應該會遇到比較容易的比較基期嗎？以及你們是否在任何特定產品線看到一些有機成長的「綠芽」跡象？謝謝。

Sure. Yes. In consumer, as we discussed, we had negative organic growth in the consumer group. We did have some pricing that came into effect from increases last fall. So that gave us some tailwind. But yes, you're right, the last four quarters, we have seen negative volume growth in Consumer.

當然。是的。在消費者端，如我們討論過的，消費者事業群的有機成長為負。我們確實有一些定價效應，是來自去年秋天的漲價開始生效。所以那給了我們一些順風。但沒錯，你說得對，過去四個季度，我們在消費者端看到的是負的量成長。

Yeah. And as I indicated earlier, it felt like consumer takeaway in the DIY markets were stabilizing. And I will tell you, we're not annualizing easier comps. We're annualizing 18 or 24 months of easier comps and so the whole industry has been anticipating some stability. It was coming. And now I think the current events are putting into question whether or not a seemingly stabilizing or improving consumer DIY takeaway is going to continue to be challenged.

是的。而且如我先前提到的，DIY 市場的消費者帶走量（takeaway）感覺正在趨於穩定。但我會告訴你，我們並不是在年化一個比較容易的比較基期。我們是在年化 18 或 24 個月的比較容易基期，所以整個產業一直在期待某種程度的穩定。那原本正在發生。但現在我認為，當前事件讓原本看似正在穩定或改善的消費者 DIY 帶走量，是否會持續受到挑戰，變得不確定。

So that's everybody's expectations for the balance of fiscal '26 and so it's also why we took the actions we took, particularly to the extent that we're focused on our consumer group because we've been waiting for easier comps for 18 months, and they're not coming.

所以這就是大家對 2026 財年剩餘期間的預期；也因此我們採取了我們採取的行動，特別是因為我們把重點放在消費者事業群——我們已經等了 18 個月想等到比較容易的比較基期，但它們並沒有出現。

Okay. I appreciate that. And then maybe for the second, can you speak to the structure of the pricing actions? Are those that are being done in response to this Iran situation? Are they being couched customers potentially is like temporary in nature? I guess I'm trying to understand if all of it will be structural, if or when I ran the escalates. Thank you.

好的。感謝說明。那第二個問題，能否談談這些定價行動的結構？那些是為了回應這次伊朗情勢而採取的措施，對客戶的說法是否會被包裝成「暫時性」？我想理解的是：這些會不會全部都會變成結構性的，取決於伊朗是否、或何時升級。謝謝。

Sure. First of all, I think when anybody, any of our competitors, peers come out with a broad comment about price increase, they're typically talking on average, particularly through our RPM we have three groups. We have 20 dependent on operating businesses. They operate in different geographies. And then, of course, we have a broad mix of product lines.

當然。首先，我認為當任何人——不論是我們的競爭對手或同業——對外發表一個廣泛的漲價評論時，通常談的是平均值；尤其在我們 RPM 這邊，我們有三個事業群。我們有 20 個左右相互獨立的營運事業。它們分布在不同地理區域營運。然後，當然，我們也有非常多元的產品線組合。

And so, while we can tell you, for instance, that price was up in the quarter about 1%, doesn't tell you really anything about where price is up on a particular product line. It could be down competitively in some industrial coatings businesses. It could be up in the high single digits or more in some of our specialty products areas.

因此，即使我們可以告訴你，例如本季價格約上升 1%，其實也無法真正告訴你某一條特定產品線的價格上升情況。在某些工業塗料業務上，可能因競爭而是下降的。而在我們某些特殊產品領域，可能上升到中高個位數甚至更高。

And so we are doing that as we speak. For the most part, what we will affect between now and the first quarter, I would guess it will be about 70% price and probably about 30% of temporary adjustments. Those particularly an area that we're particularly looking at surcharges as adjustments that would be temporary on freight.

因此我們正在即時推進這件事。大致上，我猜從現在到第一季之間，我們將影響的部分約有70%來自價格，約30%來自暫時性調整。其中我們特別關注的一個領域，是把附加費作為對運費的暫時性調整。

Mostly, we've talked on this call about raw material costs but the impact on what's happening in the Middle East is impacting freight broadly, whether it's ocean freight, whether it's a truck cost, gas cost for car fleets, you name it. And so that's likely to be dealt with in the near term through surcharges. And then if we are in a sustained inflation in environment, we'll have to figure out if and how and when to make that permanent.

這通電話中我們多半談的是原物料成本，但中東局勢的影響正廣泛衝擊運輸費用，不論是海運、卡車成本、車隊用油的汽油成本等等，無所不包。因此短期內很可能會透過附加費來處理。而如果我們處在一個持續通膨的環境中，我們就必須釐清是否、如何以及何時把它永久化。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Morning, Jeff.

早安，Jeff。

Hi, good morning. On slide 7, you said that Europe grew 20%, but driven by M&A and (technical difficulty) do Europe contract exclusive of M&A and FX in the quarter?

嗨，早安。在第7頁投影片，你提到歐洲成長20%，但主要由併購與（技術問題）所帶動；那麼本季歐洲在排除併購與匯率（FX）後的合約表現如何？

Yes, it did.

是的，有。

By how much?

幅度是多少？

I don't know that we disclosed that by region, but it wasn't down meaningfully. We are improving our bottom line. This is consistent with our comments on the last call, we are consolidating production. We're consolidating some distribution.

我不確定我們是否按地區揭露過這個數字，但並沒有明顯下滑。我們正在改善獲利底線。這與我們上次電話會議的評論一致：我們正在整併生產。我們也在整併部分配送。

We're focused on a margin improvement. So the bottom line is performing better than the top line. But the (inaudible) on Ukraine has not helped economic activity in Europe. The war in the Middle East and Iran is not helping energy costs in our economic activity in Europe. And so that continues to be a challenge.

我們聚焦於毛利率改善。所以整體而言，底線表現優於營收端。但（聽不清）烏克蘭的情勢並未有助於歐洲的經濟活動。中東與伊朗的戰事也不利於歐洲的能源成本與經濟活動。因此這仍然是一項挑戰。

As you noted, most of the growth has come from acquisitions. The Pink Stuff, a couple of other product line acquisitions that I referenced earlier in our Construction Products Group. So broadly speaking, we're flat down in consumer. We are on an organic basis without acquisitions. We're down slightly in construction products, which really touched on the strength of our Construction Products Group everywhere else, and we're up in our Performance Coatings Group modestly.

如你所指出，多數成長來自併購。包括 The Pink Stuff，以及我先前在我們建築產品事業群提到的另外幾項產品線併購。因此整體來看，消費品業務大致持平到下滑。在不含併購的有機基礎上，建築產品略為下滑（這也反映我們建築產品事業群在其他地區的強勁表現），而我們的高性能塗料事業群則小幅成長。

Okay. And in answer to one of the previous questions, you talked about experiencing a robust March. And you said April is different. Can you give some kind of quantification to what March was like and what April is like for your overall business?

好的。另外，在回答先前某個問題時，你提到3月表現強勁。你也說4月不同。你能否就整體業務，對3月與4月的情況做一些量化說明？

I don't want to provide much in the way of guidance for Q4, a, because we're in the middle of it other than to say that March was a solid month. And I think a continuation of what we just published on Q3. But given all the activity in the Middle East, we are seeing some projects delayed. We're anticipating some slowdowns that may happen or may not happen. We just went through this in the fall related to the government shutdown.

我不想就第四季提供太多指引，a，因為我們正處於季度進行中；我只能說3月是一個穩健的月份。我認為它延續了我們剛公布的第三季表現。但鑑於中東的各種活動，我們看到一些專案延後。我們預期可能會出現一些放緩，也可能不會。我們在秋季時也曾因政府關門而經歷過類似情況。

And so the full impact of raw material costs and the full impact of any disruptions. For instance, we had a really solid Middle East performance in March. But we burned through inventory on what's been really good a really good team there that's taking share and been growing organically in the double-digit range. That's going to come to a halt in April and May because that's the one area where supply is challenged in terms of getting raw materials back into our plants.

因此，原物料成本的全面影響，以及任何中斷的全面影響。例如，我們在3月於中東的表現非常強勁。但我們消耗了庫存；那裡有一支非常優秀的團隊正在搶占市佔，並以兩位數的有機成長在擴張。這在4月與5月將會停下來，因為那是供應受挑戰的區域之一，就把原物料運回我們工廠而言。

It's a modest portion of RPM's business, but it's just one reason why we're hesitant on how we'll finish the quarter because as we experienced in the fall, we had a good first quarter. We had a bank up in September and then the world fell apart for us in November and December.

這只占RPM業務的一小部分，但這只是我們對本季如何收尾感到猶豫的原因之一；因為如同我們在秋季所經歷的，我們第一季開局不錯。我們在9月表現強勁，然後到了11月與12月情勢對我們而言急轉直下。

We came roaring back. And the dynamics of RPM have changed. And if the disruptions of a lot of these geopolitical events we get out of the way. And again, that's almost a silly statement because it applies to everybody. The work that our people have been doing is really improving our business, and you can see it in Q3.

我們又強勢反彈。RPM的動態已經改變。如果這些地緣政治事件造成的許多干擾能夠消退。而且再次強調，這幾乎是句有點傻的話，因為它適用於所有人。我們的人員所做的工作正在真正改善我們的業務，你可以在第三季看到。

And that concludes our question-and-answer session. I would like to turn the conference back over to Frank Sullivan, Chairman and CEO, for any closing remarks.

以上為問答環節結束。我想把電話會議交回給董事長兼執行長Frank Sullivan，請他做結語。

Good. Thank you to everybody for your participation in our call today. We greatly appreciate your questions and your investment in RPM. While the economic conditions and the geopolitical conditions remain volatile, we are executing very well on the things that we can control. I particularly want to thank the RPM associates globally and those in the Middle East.

好的。感謝各位今天參與我們的電話會議。我們非常感謝各位的提問，以及各位對RPM的投資。儘管經濟與地緣政治情勢仍然動盪，我們在可控事項上的執行表現非常好。我特別要感謝全球的RPM同仁，以及在中東的同仁。

We wish for your safety and appreciate everybody's dedicated execution and commitment. Hopefully, we'll be seeing a return to great weather, which will help RPM's performance in Q4 and we look forward to communicating the results of Q4 and our 2026 fiscal year in July. Thank you, and have a great day.

我們祝願各位平安，也感謝大家專注的執行與投入。希望天氣能回到良好狀態，這將有助於RPM在第四季的表現；我們也期待在7月與各位溝通第四季以及我們2026會計年度的結果。謝謝，祝各位有美好的一天。

Thank you, sir. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝您，先生。今天的電話會議到此結束。感謝各位參加今天的簡報。各位現在可以掛線，祝各位有美好的一天。