希悅爾 (SEE) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the second quarter 2025 Sealed Air earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第二季 Sealed Air 收益電話會議。（操作員指示）請注意，今天的電話會議正在錄音。

I would now like to hand the conference over to your first speaker today, Mark Stone, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁馬克·斯通 (Mark Stone)。請繼續。

Thank you, and good morning, everyone. This is Mark Stone, Sealed Air's Vice President, Investor Relations. With me today are Dustin Semach, our President and CEO; and Roni Johnson, our Interim CFO.

謝謝大家，早安。我是 Sealed Air 公司投資者關係副總裁 Mark Stone。今天與我一起的有我們的總裁兼首席執行官達斯汀·塞馬赫 (Dustin Semach) 和我們的臨時首席財務官羅尼·約翰遜 (Roni Johnson)。

Before we begin our call, I would like to note we have provided a slide presentation to supplement today's discussion. This presentation, along with our second quarter earnings release is available to download from our Investor Relations page on our website at sealedair.com.

在我們開始通話之前，我想指出我們已經提供了幻燈片演示來補充今天的討論。您可以從我們網站 sealair.com 的投資者關係頁面下載此簡報以及我們的第二季財報。

I'd like to remind everyone that during today's call, we make forward-looking statements, including our outlook or estimates for future periods. These statements are based solely on information that is currently available to us. Please review the information in the forward-looking statements section of our earnings release and slide presentation. These sections also apply to this call.

我想提醒大家，在今天的電話會議中，我們做出了前瞻性的陳述，包括對未來時期的展望或估計。這些聲明完全基於我們目前掌握的資訊。請查看我們的收益報告和幻燈片簡報中前瞻性陳述部分中的資訊。這些部分也適用於本次通話。

Our future performance may differ due to a number of factors. Many of these factors are listed in our most recent filings with the SEC. Additionally, we will discuss financial measures that do not conform to US GAAP information on these measures and the reconciliation to US GAAP can be found in our earnings release or the appendix of our slide presentation.

由於多種因素，我們未來的表現可能會有所不同。我們最近向美國證券交易委員會提交的文件中列出了許多此類因素。此外，我們將討論不符合美國公認會計準則 (US GAAP) 資訊的財務指標，這些指標與美國公認會計準則 (US GAAP) 的對帳可以在我們的收益報告或幻燈片簡報的附錄中找到。

I will now turn the call over to Dustin. Operator, please turn to Slide 3.

現在我將把電話轉給達斯汀。接線生，請翻到幻燈片 3。

Thank you, Mark. Good morning, everyone, and thank you for joining our second quarter earnings call. Today, I will give an update on our leadership team, the impact of shifting global trade policies on the markets we serve and our ongoing transformation. Later, Roni will provide an update on our financial results and details on our outlook.

謝謝你，馬克。大家早安，感謝大家參加我們的第二季財報電話會議。今天，我將介紹我們的領導團隊的最新情況、全球貿易政策變化對我們所服務的市場的影響以及我們正在進行的轉型。稍後，羅尼將提供有關我們財務業績的最新情況以及展望的詳細資訊。

Yesterday, we announced after a thorough search process, Kristen Actis-Grande, will be Sealed Air's new Chief Financial Officer. We are excited to have Kristen and come on board later this month and leverage her experience driving transformations across complex manufacturing and distribution businesses to accelerate the transformation we are driving here at Sealed Air.

昨天，經過徹底的搜尋過程，我們宣布 Kristen Actis-Grande 將擔任 Sealed Air 的新任財務長。我們很高興 Kristen 能夠在本月稍後加入我們，並利用她在推動複雜製造和分銷業務轉型方面的經驗來加速我們在 Sealed Air 所推動的轉型。

She has a proven track record of creating shareholder value, and I'm looking forward to the impact she will make across both of our businesses, food and protective. I want to personally thank Roni for all her contribution during this interim period. Roni has been a trusted business partner since I joined the company, and I'm deeply grateful for her willingness to step up and support me through my transition to CEO, all while continuing to advance our finance strategy and drive outcomes across the business.

她在創造股東價值方面有著良好的記錄，我期待她能對我們的食品和防護業務產生影響。我要親自感謝羅尼在這段過渡期間所做的所有貢獻。自從我加入公司以來，羅尼一直是一位值得信賴的商業夥伴，我非常感謝她願意在我過渡到首席執行官的過程中挺身而出並支持我，同時繼續推進我們的財務戰略並推動整個業務的成果。

She will continue to be an integral part of our leadership team. My sincere thank you to you, Roni. Moving on to trade policies. Since our discussion in May, we continue to monitor the changing global trade landscape. As a reminder, we are largely domestic production for domestic consumption, and most of our products remain exempt under USMCA, both of which position us well against direct tariffs. The net impact of tariffs was not material to our second quarter results.

她將繼續成為我們領導團隊不可或缺的一部分。我真誠地感謝你，羅尼。繼續討論貿易政策。自從五月討論以來，我們一直在關注全球貿易格局的變化。提醒一下，我們主要是國內生產，供國內消費，而且我們的大多數產品仍然受到 USMCA 的豁免，這兩項規定都使我們在直接關稅方面處於有利地位。關稅的淨影響對我們第二季的業績並不重要。

While the situation remains dynamic, the second quarter was more stable than expected with a pause on broader tariff decisions into the third quarter. However, there are pockets of the business, particularly certain specialty resins that are procured for partners in countries being impacted by increased tariffs. We continue to focus on mitigating the impact of tariffs through production or procurement optimization and limited pricing actions.

儘管情況仍然動態，但第二季比預期更加穩定，更廣泛的關稅決定暫停到第三季。然而，有些業務，特別是為受關稅上調影響的國家的合作夥伴採購的某些特種樹脂，受到了影響。我們將繼續致力於透過生產或採購優化以及有限的定價行動來減輕關稅的影響。

The net tariff impact included in our second half outlook is minimal, and we will continue to provide updates as the longer-term impact becomes more clear. Let's now move to economic outlook and discuss each of our market-focused business segments. Globally, we are closely watching our end markets to understand the extent of demand impacts due to lower economic growth outlooks, shifting industrial production and changes in consumer spending patterns on the back half of this year and on a go-forward basis.

我們下半年展望中包含的淨關稅影響很小，隨著長期影響變得更加清晰，我們將繼續提供更新。現在讓我們轉向經濟展望並討論我們每個以市場為中心的業務部門。在全球範圍內，我們正在密切關注終端市場，以了解今年下半年及未來經濟成長前景下降、工業生產轉變和消費者支出模式變化對需求造成的影響程度。

Beginning with our Protective segment. We continue to be in full swing in our turnaround and are seeing early signs of progress. As a reminder, last year, most of our efforts were focused on our new go-to-market strategy with a strong emphasis on getting closer to our customers and executing well against the basics.

從我們的保護部分開始。我們繼續全力扭轉局面，並看到了初步進展的跡象。提醒一下，去年，我們的大部分精力都集中在新的市場進入策略上，重點強調拉近與客戶的距離並執行好基本策略。

We stepped up our field engagement, invested in frontline sales, refreshed our commercial excellence programs and reorganize our teams. We are beginning to see the impact of our actions and our results. Our second quarter volumes were down 2%. The Protective industrial portfolio up slightly, marking the most stable year-on-year quarterly volume results we've delivered since 2021.

我們加強了現場參與，投資了前線銷售，更新了商業卓越計劃並重組了我們的團隊。我們開始看到我們的行動和結果的影響。我們第二季的銷量下降了2%。防護工業產品組合略有上漲，標誌著我們自 2021 年以來實現了最穩定的年比季度銷售業績。

Additionally, sales were up 4% sequentially and adjusted EBITDA was up 6% sequentially, marking the second quarter in a row with sequential adjusted EBITDA growth in the first time in 2-years we have seen sequential growth in sales and adjusted EBITDA.

此外，銷售額環比增長 4%，調整後 EBITDA 環比增長 6%，這是連續第二個季度調整後 EBITDA 環比增長，也是兩年來我們首次看到銷售額和調整後 EBITDA 環比增長。

We remain focused on getting closer to and re-establishing trust with our distribution partners and customers. As a part of that effort, I continue to spend time in the field. More importantly, they are also recognizing the step change in field alignment and engagement. We will continue to build on this momentum as we progress throughout the second half.

我們將繼續致力於與我們的分銷合作夥伴和客戶建立更緊密的聯繫並重建信任。作為這項努力的一部分，我繼續花時間在該領域。更重要的是，他們也認識到了領域協調和參與的階梯變化。在下半年的進展中，我們將繼續保持這一勢頭。

While turn arounds are typically non-linear. This is a step in the right direction, and we plan on continuing to control the controllables by improving business fundamentals irrespective of market conditions. We are expanding our go-to-market strategies more fully across Protective, EMEA and Asia footprint, and we'll share more on the rest of the world go-to-market strategy as we make further progress.

而轉身通常是非線性的。這是朝著正確方向邁出的一步，我們計劃無論市場狀況如何，都透過改善業務基本面來繼續控制可控因素。我們正在保護性、歐洲、中東和非洲地區以及亞洲地區更全面地擴展我們的市場進入策略，隨著我們取得進一步進展，我們將分享更多關於世界其他地區的市場進入策略。

We continue to work on addressing fiber portfolio gaps in our protective business as we advance towards a substrate agnostic solution set. Our previously announced Jiffy Embossed Paper Mailer is gaining traction in the market and our hybrid Autobag solution that can run either fiber or poly materials is being brought to market now.

隨著我們向與基材無關的解決方案集邁進，我們將繼續致力於解決保護業務中纖維產品組合方面的差距。我們先前發布的 Jiffy 壓花紙質郵件袋在市場上越來越受歡迎，而我們能夠使用纖維或聚合物材料的混合 Autobag 解決方案也即將推向市場。

The process of bringing these innovations to market has led us to further transform our research and development strategy to increase our use of external partners and suppliers. This will reduce time to market and ensure we are addressing our customers most pressing challenges faster -- this is especially important during a period where we are focused on paying down debt and are not actively leveraging M&A to bolt on new solutions.

將這些創新推向市場的過程促使我們進一步轉變研發策略，以增加對外部合作夥伴和供應商的利用。這將縮短產品上市時間，並確保我們更快地解決客戶最緊迫的挑戰——這在我們專注於償還債務、沒有積極利用併購來推出新解決方案的時期尤為重要。

Lastly, we continue to optimize Protective's network to improve customer service and quality. We recently opened the Lakeland, Florida manufacturing facility to better serve our customers in the Southeast of the US. We are assessing the entire manufacturing footprint to identify additional opportunities to enhance service and quality while improving our cost positions. Our network optimization efforts will be outlined in more detail over the coming quarters.

最後，我們持續優化 Protective 的網絡，以提高客戶服務和品質。我們最近在佛羅裡達州萊克蘭開設了製造工廠，以便更好地服務美國東南部的客戶。我們正在評估整個製造足跡，以尋找在改善成本狀況的同時增強服務和品質的更多機會。我們將在未來幾季更詳細地介紹網路優化工作。

While we overdelivered in the volume in the first half against expectations and expect our turnaround and protected to continue to deliver iterative progress, we are being prudent on expectations for the second half, reflecting the market uncertainty ahead of us in the global trade policies that have lower growth expectations across many markets, but primarily in the US transitioning to food.

雖然我們上半年的銷售量超出預期，並預期我們的轉虧為盈和保護措施將繼續取得迭代進展，但我們對下半年的預期持謹慎態度，這反映了全球貿易政策面臨的市場不確定性，許多市場的成長預期較低，但主要是美國向食品市場的轉型。

Our food business remains resilient and continue to perform throughout the first half of 2025 despite market pressures accelerating in the second quarter. As a reminder, our food business is focused on serving fresh protein markets across industrial food processing, retail and foodservice.

儘管第二季市場壓力加劇，但我們的食品業務依然保持韌性，並將在 2025 年上半年繼續表現出色。提醒一下，我們的食品業務專注於服務工業食品加工、零售和餐飲服務的新鮮蛋白質市場。

Our international business, while tempered from a market perspective, continues to perform well we expect full year volume growth outside the US has been capitalized on opportunities. Our EMEA region is a standout, where we have continued to take share in the market throughout the first half of 2025 building on momentum coming out of 2024.

我們的國際業務雖然從市場角度來看有所放緩，但仍表現良好，我們預計美國以外地區的全年銷售成長已抓住機會。我們的 EMEA 地區表現突出，在 2024 年勢頭的推動下，我們在 2025 年上半年繼續佔據市場份額。

The pressures on the North American market that we outlined at the beginning of the year accelerated in the second quarter, putting even more pressure on the second half. I'll start by focusing on the demand side before shifting to the supply side dynamics. Despite choppy consumer sentiment, consumer spending continues to be relatively stable in the US.

我們年初提出的北美市場壓力在第二季進一步加劇，給下半年帶來了更大的壓力。我將首先關注需求方，然後再轉向供應方動態。儘管消費者信心波動，但美國的消費者支出仍相對穩定。

What is shifting, however, is where consumers are placing their dollars, especially as inflation continues to escalate across all food categories. The overarching theme is the shift into value grocery, which is affecting each of our end markets. These changes are particularly pronounced in lower and middle income households.

然而，消費者的支出正在發生變化，尤其是隨著所有食品類別的通膨持續升級。整體主題是向價值雜貨的轉變，這影響著我們的每個終端市場。這些變化在中低收入家庭中尤其明顯。

Within industrial food processing, the shifting spend landscape is resulting in pressure on premium beef cuts. Consumers are trading down to lower end costs and ground beef. While this shift is compressing our shrink back volumes it's being partially offset by a pickup in our retail solutions.

在工業食品加工領域，不斷變化的支出模式對優質牛肉切塊造成了壓力。消費者正在轉向價格更低的終端產品和碎牛肉。雖然這種轉變壓縮了我們的縮減量，但它被我們的零售解決方案的回升部分抵消了。

Within retail, the shift is away from high-end consumer packaging good brands into private label away from the deli counter to prepackaged goods, and from smaller portions into more economical bulk and family-sized packaging formats, reducing the packaging volume for protein weight sold.

在零售業中，轉變是從高端消費包裝品牌轉向自有品牌，從熟食櫃檯轉向預包裝商品，從小份包裝轉向更經濟的散裝和家庭裝包裝形式，從而減少了所售蛋白質重量的包裝體積。

Overall, changes in the consumer spending are resulting in lower outlook for foodservice with a mix shift from fast casual and quick service restaurants into retail, where we have a broad solution set and increasing focus but lower market share in our industrial and food service portfolios.

總體而言，消費者支出的變化導致餐飲服務前景下降，餐飲服務組合從快速休閒餐廳和快餐店轉向零售，我們在零售方面擁有廣泛的解決方案和日益增長的關注度，但在工業和餐飲服務組合中的市場份額較低。

We continue to bring new solutions battle new packaging formats, expanded printing capabilities and enhanced equipment offerings to capture more demand. While we are making progress, this strategy will take time to fully capture the market opportunity ahead of us. Shifting to the supply side. The US beef slaughter rates are declining at an accelerated pace leading to volatility in the beef markets.

我們將繼續推出新的解決方案，以應對新的包裝形式、擴大印刷能力和增強的設備供應，以滿足更多的需求。雖然我們正在取得進展，但這項策略仍需要時間才能充分抓住我們面前的市場機會。轉向供給面。美國牛肉屠宰率正在加速下降，導致牛肉市場波動。

While we've been closely watching the North American beef cycle, which are at 50-year lows, this quarter, we saw an inflection point in the market with fodder rates decreasing 7% and worse than our previous expectations of down 1% for the quarter.

雖然我們一直在密切關注北美牛肉週期，但本季度，我們看到市場出現轉折點，飼料價格下降了 7%，低於我們先前預期的本季下降 1%。

This second quarter USB production and a softer second half is now resulting in lower full year volume assumptions compared to what we anticipated at the start of the year. While hardware building has begun, it's only the first step in a lengthy return to a more normalized and predictable part of the cat cycle.

第二季的 USB 產量和下半年的疲軟表現導致全年產量預測低於我們年初的預期。雖然硬體建設已經開始，但這只是恢復到更正常化和可預測的貓週期的漫長過程的第一步。

As a reminder, the time between heparentention and the resulting cattle going to market is approximately 3-years. An improved FX outlook on the weaker US dollar is helping to offset the top line softness in North America. And as a result, we are reiterating our sales guidance. As we mentioned during the last call, with the anticipated slowdown in the US.

需要提醒的是，從父母監護到牛上市的時間大約是 3 年。美元走弱導致的外匯前景改善有助於抵銷北美營收疲軟的影響。因此，我們重申我們的銷售指引。正如我們在上次電話會議中提到的那樣，預計美國經濟將放緩。

Market and the visibility we have into the structures to support each business, we continue to further streamline each business to make them fit for purpose for their respective long-term strategies. The overarching themes remain simplifying our organization, moving closer to the markets we serve and becoming easier to do business with, which will result in long-term sustainable growth in earnings.

市場以及我們對支援每項業務的結構的可見性，我們將繼續進一步簡化每項業務，使它們適合各自的長期策略。我們的首要主題仍然是簡化組織，更貼近我們所服務的市場，並簡化業務往來，這將帶來長期可持續的獲利成長。

Shifting gears. I continue to be pleased with our disciplined approach to capital allocation. We are below $4 billion of net debt for the first time since the fourth quarter of 2022. We are on track for the full year free cash flow guidance, but we'll continue to solely focus on debt paydown.

換擋。我對我們嚴謹的資本配置方法仍然感到滿意。自 2022 年第四季以來，我們的淨債務首次低於 40 億美元。我們正按計劃實現全年自由現金流目標，但我們將繼續專注於償還債務。

Before turning the call to Roni to review our second quarter financial results, I'd like to reiterate my confidence that as an organization we are on the right path. Our priorities are unchanged and remain keeping the customer front and center, operating with urgency, driving further productivity and transforming the business to deliver long-term sustainable growth.

在打電話給羅尼回顧我們的第二季財務表現之前，我想重申我的信心，作為一個組織，我們正走在正確的道路上。我們的優先事項沒有改變，仍然把客戶放在第一位，緊急運營，進一步提高生產力，轉變業務，實現長期可持續增長。

Roni?

羅尼？

Thank you, Dustin, and good morning, everyone. Let's turn to Slide 4, to review Sealed Air's second quarter performance. As Justin mentioned, we executed well in the quarter and came in ahead of expectations. Net sales were $1.34 billion in the quarter, down 1% on a constant currency basis.

謝謝你，達斯汀，大家早安。讓我們翻到幻燈片 4，回顧一下 Sealed Air 的第二季業績。正如賈斯汀所提到的，我們在本季表現良好，超出了預期。本季淨銷售額為 13.4 億美元，以固定匯率計算下降 1%。

Adjusted EBITDA in the quarter was $293 million, up 3% on a constant currency basis. Adjusted earnings per share in the quarter of $0.89 was up 7% as reported and 10% on a constant currency basis. Our adjusted tax rate was 24.4% compared to 25.5% in the same period last year. Our weighted average diluted shares outstanding in the quarter was $147 million.

本季調整後的 EBITDA 為 2.93 億美元，以固定匯率計算成長 3%。本季調整後每股收益為 0.89 美元，按報告數字計算成長 7%，以固定匯率計算成長 10%。我們的調整後稅率為 24.4%，去年同期為 25.5%。本季我們的加權平均稀釋流通股數為 1.47 億美元。

Turning to Slide 5. During the second quarter, volumes were down 2% across both businesses. Food volume weakness was primarily due to softer-than-anticipated volumes for industrial food processing predominantly in North America. Protected volumes were down 2% in the second quarter our lowest volume reduction since the end of 2021.

翻到幻燈片 5。第二季度，兩家公司的銷量均下降了 2%。食品銷售疲軟主要是由於北美等地的工業食品加工產量低於預期。第二季受保護交易量下降了 2%，這是自 2021 年底以來的最低交易量降幅。

The fulfillment portion of the portfolio, which represents about 40% of the protected business was down mid-single digits as we lapped the tail end of material customer churn. The fulfillment declines were partially offset by volume increases within the industrial portfolio. Price was up 50 basis points, primarily on formula contract pricing in food, which was partially offset by pricing declines in protective of about 2%.

投資組合的履行部分（佔受保護業務的 40% 左右）下降了中等個位數，因為我們正處於重大客戶流失的尾聲。履行量的下降被工業組合內的銷售成長部分抵銷。價格上漲了 50 個基點，主要原因是食品配方合約定價上漲，但保護性價格下降約 2% 抵消了這一上漲。

Second quarter adjusted EBITDA of $293 million increased 3% on a constant currency basis. Margin of 22% was up 70 basis points. This performance was mainly driven by cost takeout, productivity efficiencies and a onetime benefit of $7 million from a lease buyout related to G&A network optimization, partly offset by unfavorable net price realization.

第二季調整後的 EBITDA 為 2.93 億美元，以固定匯率計算成長 3%。利潤率為 22%，上漲了 70 個基點。這一業績主要得益於成本削減、生產效率提高以及與 G&A 網路優化相關的租賃收購所帶來的 700 萬美元的一次性收益，但不利的淨價實現部分抵消了這一收益。

Moving to Slide 6. In the second quarter, food net sales of $896 million were flat as favorable pricing and formula pass-throughs were offset by softer volumes. As Dustin mentioned, Proceed Markets decelerated more rapidly than we initially anticipated entering the quarter. The global protein markets we serve were down approximately 1%, the largest of which was the US each cycle, which was down 7%.

移至幻燈片 6。第二季度，食品淨銷售額為 8.96 億美元，與上一季持平，原因是優惠的定價和配方轉嫁效應被銷售下滑所抵銷。正如達斯汀所提到的，進入本季度，Proceed Markets 的減速速度比我們最初預期的要快。我們服務的全球蛋白質市場每個週期下降了約 1%，其中最大的是美國，下降了 7%。

Despite these market headwinds, our Case Ready Retail Solutions benefited from prior share gains with volume up slightly. From a regional standpoint, food's EMEA and AGF businesses showed strength with volumes up low single digits in both regions. Food adjusted EBITDA of $210 million in the second quarter was up 3%. Adjusted EBITDA margin remained strong at 23.4%, up 50 basis points compared to last year. The increase in adjusted EBITDA was primarily driven by productivity and cost takeout savings combined with favorable net price realization.

儘管面臨這些市場阻力，我們的零售解決方案仍受惠於先前的市佔率成長，銷售量略有上升。從區域角度來看，食品的 EMEA 和 AGF 業務表現強勁，兩個地區的銷售量均實現了低個位數成長。第二季食品調整後息稅折舊攤提前利潤 (EBITDA) 為 2.1 億美元，成長 3%。調整後的 EBITDA 利潤率保持強勁，達到 23.4%，較去年同期上漲 50 個基點。調整後 EBITDA 的成長主要得益於生產力和成本降低以及有利的淨價實現。

These were partially offset by lower volumes. Protected second quarter net sales of $439 million were down 3% as reported and 4% in constant currency. While volumes declined 2% overall declines in our fulfillment portfolio were partially offset with slight growth within our industrial portfolio. Protected adjusted EBITDA of $78 million was down 5% in the second quarter as reported.

但銷量下降部分抵消了這一影響。第二季受保護的淨銷售額為 4.39 億美元，按報告數字計算下降 3%，以固定匯率計算下降 4%。雖然我們的履行組合的總體銷量下降了 2%，但我們的工業組合的輕微成長部分抵消了這一下降。據報道，第二季受保護的調整後 EBITDA 為 7,800 萬美元，下降了 5%。

Adjusted EBITDA margin of 17.8% was up 20 basis points from the first quarter. On a year-over-year basis, cost takeout and productivity savings partially offset negative net price realization. Now let's turn to free cash flow and leverage on Slide 7.

調整後的 EBITDA 利潤率為 17.8%，較第一季上升 20 個基點。與去年同期相比，成本削減和生產力節約部分抵銷了負淨價實現。現在讓我們來看看幻燈片 7 上的自由現金流和槓桿率。

During the 6-months, we generated $81 million in free cash flow as compared to $207 million in the first 6-months of 2024. The primary driver of this anticipated reduction was an increase in incentive compensation payments and the timing of tax payments, partially offset by lower interest payments and capital expenditures.

在這 6 個月中，我們產生了 8,100 萬美元的自由現金流，而 2024 年前 6 個月的自由現金流為 2.07 億美元。預期減少的主要驅動因素是激勵薪資支付和納稅時間的增加，但利息支付和資本支出的減少部分抵消了這一影響。

At the end of the quarter, our total liquidity position was $1.2 billion, including $354 million in cash and approximately $830 million available under our revolver. Our net leverage ratio was 3.6 times. We remain on track to drive net debt to adjusted EBITDA to approximately 3.0 times by the end of 2026.

截至本季末，我們的總流動資金狀況為 12 億美元，其中包括 3.54 億美元現金和約 8.3 億美元的循環信貸額度。我們的淨槓桿率為3.6倍。我們仍有望在 2026 年底前將淨負債與調整後 EBITDA 的比率提高到約 3.0 倍。

Let's turn to Slide 8, to review our outlook. We continue to operate in a low visibility and more volatile environment within both our food and protective businesses. As a result, the strong first half performance and improved foreign currency assumptions will be offset by softer volume expectations, primarily in food in the second half and slightly lower pricing across both segments due to deflationary raw materials driven by the global trade impacts.

讓我們翻到第 8 張投影片來回顧我們的展望。我們的食品和防護業務繼續在低可見度和更不穩定的環境中運作。因此，上半年強勁的業績和改善的外匯假設將被銷售預期的下降所抵消，主要是下半年食品銷售預期的下降，以及由於全球貿易影響導致的原材料通貨緊縮，兩個部門的價格將略有下降。

Foreign currency impacts are now expected to be approximately 1% better than anticipated in our previous outlook. We are maintaining our previous sales guidance range of $5.1 billion to $5.5 billion and adjusted EBITDA guidance range of $1.075 billion to $1.175 billion. Our net price realization assumptions across the total company remain relatively consistent for the full year. We regularly monitor our legislative changes to determine impact to the company's performance.

目前預計外匯影響將比我們先前的預測好約 1%。我們維持先前的 51 億美元至 55 億美元的銷售指引範圍，以及 10.75 億美元至 11.75 億美元的調整後 EBITDA 指引範圍。我們對整個公司的淨價格實現假設在全年保持相對一致。我們定期監控立法變化以確定對公司業績的影響。

In early July, the One Big Beautiful Bill Act was signed. We are currently evaluating the impact of these provisions and their impact on our effective tax rate and cash tax payments. For now, we still expect our adjusted tax rate to be ranged between 26% and 27% for the year. Based on our outperformance in the first half of 2025, we now expect adjusted earnings per share for the year to be slightly above the midpoint of our previous guidance range of $2.90 to $3.30 per share.

7月初，《一項偉大的美麗法案》獲得簽署。我們目前正在評估這些條款的影響及其對我們的有效稅率和現金稅款的影響。目前，我們仍預期今年的調整後稅率將在 26% 至 27% 之間。根據我們在 2025 年上半年的優異表現，我們現在預計全年調整後每股收益將略高於我們先前每股 2.90 美元至 3.30 美元的指導範圍中點。

Lastly, regarding free cash flow, we are maintaining the midpoint of our previous guide of $400 million. We continue to improve our discipline around capital deployment, reducing our outlays while improving our returns. As a result, we expect capital expenditures to come in lower than our original expectations though slightly offset by higher working capital.

最後，關於自由現金流，我們維持先前 4 億美元指引值的中點。我們不斷加強資本配置紀律，減少支出，同時提高回報。因此，我們預期資本支出將低於我們最初的預期，儘管會被更高的營運資本略微抵銷。

While our cash generation was more linear in 2024, we typically generate more cash in the second half of the year, mainly due to the seasonality of the business. Looking ahead to the third quarter, we remain prudent given the uncertainty around consumer spending primarily in North America, combined with a factor than anticipated deceleration in the US beef market. As a result, we expect net sales of approximately $1.3 billion, adjusted EBITDA of $270 million and adjusted earnings per share around $0.68.

雖然我們的現金產生在 2024 年更加線性，但我們通常在下半年產生更多的現金，這主要是由於業務的季節性。展望第三季度，鑑於主要在北美的消費支出存在不確定性，再加上美國牛肉市場預期減速的因素，我們仍保持謹慎。因此，我們預計淨銷售額約為 13 億美元，調整後 EBITDA 為 2.7 億美元，調整後每股收益約為 0.68 美元。

With that, Dustin and I welcome your questions. Operator, we would like to begin the Q&A session.

達斯汀和我歡迎大家提問。接線生，我們想開始問答環節。

(Operator Instructions)

（操作員指示）

Matt Roberts, Raymond James.

馬特羅伯茲、雷蒙詹姆斯。

Hey, good morning everybody. Thank you for taking the questions. Dustin, you gave a lot of good color on the beef headwinds, it seems pretty well documented, but certainly appreciate that. What does that translate into a volume impact for second half or any annualized impact we should expect in food. And maybe just broadly, any additional color on protective volume expectations for second half the product line or end markets?

嘿，大家早安。感謝您回答這些問題。達斯汀，你對牛肉逆風做出了很好的描述，這似乎有據可查，但我對此表示感謝。這對下半年的銷售有何影響？或對食品業年度化的影響如何？也許只是大致而言，對於下半部產品線或終端市場的保護量預期還有其他什麼資訊嗎？

It sounds like you're seeing good wins there. So maybe any incremental color on new customers or products and the lift contribution and just broaden how you're thinking about volumes for that segment in 3Q and second half.

聽起來你在那裡看到了不錯的勝利。因此，也許新客戶或新產品的任何增量顏色以及提升貢獻只是拓寬了您對第三季和下半年該細分市場銷售的思考。

Yeah, of course, Matt. And I appreciate the question. So starting with food is in the cattle cycle. As we kind of made the comments on the call itself, just keep in mind that the main area that we're focused on is really where the consumer is at.

是的，當然，馬特。我很感謝你提出這個問題。因此，從食物開始就屬於牛的循環。當我們在通話中發表評論時，請記住，我們關注的主要領域實際上是消費者所在的地方。

So I'll get into the supply side in a second, but just in general, what we talked a lot about is really more on the demand side relative to where consumer spending is, as we mentioned, is relatively stable, but where it's going into retail, especially because you're seeing parts of food service and parts of industrial processing shift into that end market. And we're just making sure that we're positioned to capture that demand.

因此，我馬上就會談到供應方面，但總的來說，我們談論的更多是需求方面，相對於消費者支出而言，正如我們所提到的，它相對穩定，但它流向了零售業，特別是因為你看到部分食品服務和部分工業加工轉向了終端市場。我們只是確保我們能夠滿足這種需求。

Still very optimistic about where we're at, what we're doing to get after it. And so -- but I'll go back to the supply side, and I'll give you more color on that. So on the cattle cycle itself, just as a reminder, if you think about the business that's impacting, it's really about $400 million out of our $3.5 million, right? This is shrink bags that go into the beef end market.

對於我們目前所處的位置以及我們為實現這一目標所採取的措施，我仍然非常樂觀。所以——但我會回到供應方面，並給你更多細節。因此，就牛週期本身而言，提醒一下，如果您考慮受影響的業務，那麼這實際上相當於我們 350 萬美元中的 4 億美元，對嗎？這是進入牛肉終端市場的收縮袋。

Right now for the year, we're expecting 3% to 4% for '25, down 3% to 4% for '26, flat in '27 and then in '28 will turn back to growth. Now keep in mind, is volatile. As we mentioned, you're seeing the acceleration in herd rebuilding right now, but it's still slow relative to have retention. So you're seeing a little bit more elongation, but a little bit shallow out than our original expectations.

目前，我們預期 2025 年經濟成長 3% 至 4%，2026 年將下降 3% 至 4%，2027 年持平，2028 年將恢復成長。現在請記住，它是不穩定的。正如我們所提到的，您現在看到了畜群重建的加速，但相對於保留率來說，它仍然很慢。因此，您會看到伸長量稍微增加一點，但比我們最初的預期要淺一些。

But I'll just reiterate that it's more volatile as we go forward. But the way to contextualize that, if you think about the roughly $400 million and you take the 3% to 4% off that, that's kind of the year-to-year headwind. If you think about it in the context of a $3.5 billion business, we're still very optimistic that, that -- while it's a headwind and it's worth calling out, it's not something that we can't overcome as an organization. And that's what we're focused on going back to the end markets that we're targeting, really trying to rotate more into retail into foodservice.

但我只想重申，隨著我們前進，情況會變得更加不穩定。但是，要具體地理解這一點，如果你考慮大約 4 億美元，並從中扣除 3% 到 4%，那麼這就是逐年逆風。如果你從 35 億美元業務的背景來考慮這個問題，我們仍然非常樂觀——儘管這是一個逆風，值得一提，但這並不是我們作為一個組織無法克服的事情。這就是我們專注於回到我們所瞄準的終端市場，真正嘗試將更多的業務轉向零售和餐飲服務。

If you think about volume expectations in the second half, particularly for the food business, what we're looking at is roughly down 2 points relative to we were and you're looking at the volume mix in the second half being around down 3 points in Q3 and Q4 from a volume perspective.

如果您考慮下半年的銷售預期，特別是食品業務的銷售預期，我們看到的銷售量與之前相比大約下降了 2 個百分點，從銷售角度來看，下半年的銷售組合在第三季度和第四季度下降了 3 個百分點左右。

And obviously, 2 points down relative to where we were back in May. And that's kind of shift overall in the business. But most of that is related to where we see, again, going back in the consumer. And it's still too early to talk about 2026s we'll have a lot more clarity as we progress throughout Q3 and Q4.

顯然，與 5 月相比，下降了 2 個百分點。這對整個業務來說是一種轉變。但其中大部分與我們再次看到的消費者回歸有關。現在談論 2026 年還為時過早，隨著第三季和第四季的進展，我們會更加清楚。

So when we shift to protective, obviously, really pleased with our performance in the second quarter. While we're still down. It is a market progress. Our industrial portfolio took a step up. fulfillment, as Roni mentioned in her commentary, is down mid-single digits. As we think about the second half, so you had roughly I think there's a couple of points ahead of our own expectations in the second quarter.

因此，當我們轉向保護性措施時，顯然，我們對第二季度的表現感到非常滿意。儘管我們仍處於低迷狀態。這是一個市場進步。我們的工業投資組合取得了進展。正如羅尼在她的評論中提到的那樣，履行率下降了中等個位數。當我們考慮下半年時，你大致認為第二季的業績比我們自己的預期高出幾個百分點。

And what we've done as we think about Q3 and Q4 is we really maintained our outlook for the second half despite the overperformance in 2Q. And that's really just around what Roni mentioned during the prepared remarks around being prudent around the second half as we closely watch our end markets. Now we talked about the industrial portfolio. And just to give you some color where some of that, the opportunity was. Our core view business performed really well.

當我們考慮第三季和第四季時，儘管第二季表現優異，但我們確實維持了對下半年的展望。這其實正是羅尼在準備好的發言中提到的，我們密切關注終端市場，在下半年要保持謹慎。現在我們討論的是工業組合。只是為了給你一些顏色，讓你知道其中的一些機會。我們的核心視圖業務表現非常好。

Our shrink business is performing well. Our while still slightly down, performed better than it has over the past, think of it as probably 6-, 7-, 8-quarters. And so we're really pleased. There's pockets of it. It's not perfect, like I said, holistic at the portfolio level.

我們的收縮業務表現良好。儘管我們的業績仍略有下滑，但比過去表現更好，大概可以想像是第 6、7、8 季。因此我們真的很高興。那裡有很多這樣的地方。正如我所說，它並不完美，在投資組合層面上並不全面。

And mixed around each individual region. But again, really pleased with where we're at. And a lot of that benefit is coming from the work, as we talked about in North America that we're now going to be extending across the rest of the world because that's where we had the biggest pressure point.

並混合在各個地區。但再次強調，我們對目前的狀況感到非常滿意。許多好處來自於我們在北美的工作，我們現在將把業務擴展到世界其他地區，因為那裡是我們面臨的壓力最大的地區。

The other area as well, I think the last color commentary I'll give on it is really around our electronics business and end markets that we see there. Very strong in the first half of the year. And while we're looking at it, trying to make sure it's not transitory related to this pre-buying during tariffs, et cetera, it's what we're thinking about now is really where is it going to be in the second half.

對於其他領域，我認為我最後要給出的詳細評論實際上是圍繞我們的電子業務和我們在那裡看到的終端市場。上半年表現非常強勁。我們正在研究這個問題，試圖確保它不是與關稅期間的預購等暫時相關的，我們現在真正考慮的是下半年它會如何發展。

And so far, as we've gotten off to the start here in Q3, it's on track. So we haven't really seen any shift in the end market dynamics at this point. But again, staying close to it and really excited about where we're headed and really positive about what we've been able to do in a relatively short period of time in terms of really beginning to turn the tide.

到目前為止，隨著第三季的開始，一切進展順利。因此，目前我們還沒有真正看到終端市場動態有任何變化。但是，我們再次密切關注這一目標，並對我們的前進方向感到非常興奮，並且對我們在相對較短的時間內能夠真正扭轉局勢所做的事情感到非常積極。

Ghansham Panjabi.

甘沙姆·旁遮普語。

Hey guys, good morning, I guess, Dustin, on the food business, I mean, you're pretty much at a high watermark for margins for that segment. your commentary on food and for the outlook through 2027, et cetera, I have to assume that red meat is more profitable, especially North American beef. You have the tariff unseat relates to Brazil, et cetera.

嘿，大家早上好，達斯汀，關於食品業，我的意思是，你在這個領域的利潤率幾乎處於高位。你對食品的評論以及對 2027 年前景的評論等等，我不得不假設紅肉更有利可圖，尤其是北美牛肉。您已將關稅取消與巴西等國有關。

How should we think about the near-term outlook for margin specific to food? And then also, as you think out to '26, '27, the natural headwinds associated with this large profitable market being a headwind?

我們該如何看待食品利潤率的近期前景？然後，當您想到 26 年、27 年時，與這個巨大的獲利市場相關的自然阻力會成為阻力嗎？

Hey, Ghansham, good question. So as it relates to kind of food margins where we're at now, you're right. I mean we're really pleased with where we're at from an overall margin perspective. We've talked in the past around shrink bags in general, which is what's serving that market and the specialty properties around that particular performance of that application and the equipment offers we bring with it is a high-margin business for us.

嘿，Ghansham，好問題。因此，就我們目前的食品利潤而言，您是對的。我的意思是，從整體利潤率的角度來看，我們對目前的狀況感到非常滿意。我們過去曾總體談論過收縮袋，這就是服務於該市場的產品，圍繞該應用的特定性能的特殊屬性以及我們帶來的設備優惠對我們來說是一項高利潤的業務。

What I would tell you is if I go back to it, when you think about '25 and '26 in '27, you're talking about a $400 million business with a slight impact relative to 3% to 4%. So in the scheme of things relative to our overall shrink bag business, which is about $1.4 billion in size, it's still relatively contained, particularly to North America.

我想告訴你的是，如果我回顧一下，當你想到 25 年、26 年和 27 年時，你談論的是一項價值 4 億美元的業務，其影響相對於 3% 到 4% 來說很小。因此，相對於我們整體收縮袋業務（規模約 14 億美元）而言，其規模仍然相對有限，尤其是在北美。

And while there is absolutely a margin impact relative to the loss of volume associated with that, we still believe the network optimization efforts, our transformation efforts relative to productivity, are going to continue to [buoy] and balance out our margins as we have over the past and demonstrated over the past couple of years.

雖然與此相關的銷售損失肯定會對利潤率產生影響，但我們仍然相信，網路優化工作、與生產力相關的轉型工作將繼續提振和平衡我們的利潤率，正如我們在過去和過去幾年中所表現的那樣。

So we feel still very confident that we're not going to have a material mix impact relative to to bags relative to the rest of the business that would bring down margins and that we're still able to drive earnings power despite that headwind. But again, we'll continue to monitor as we go forward throughout the second half of the year. And to understand, it does the outlook for 2016 to become more acute or not. But as of right now, down 3% to 4% and that [$400 million] business within North America, we the it's relatively contained and something that we can overcome. And so we're not as concerned about it.

因此，我們仍然非常有信心，相對於其他業務，我們不會對箱包業務產生材料組合影響，從而降低利潤率，而且儘管面臨逆風，我們仍然能夠提高盈利能力。但我們會繼續關注下半年的情況。並且要了解，2016 年的前景是否會變得更加嚴峻。但截至目前，北美地區的業務（4 億美元）下降了 3% 至 4%，我們認為下降趨勢相對可控，是我們可以克服的。所以我們對此並不擔心。

George Staphos, Bank of America Securities.

喬治‧斯塔福斯 (George Staphos)，美國銀行證券公司。

Everyone, thanks for the details. And congratulations on Kristin and Roni, congratulations to you on all you did in the interim role and your work going forward. I guess my question is twofold. One, Dustin, you said that you're maintaining guidance despite what's been an accelerated decline in food.

大家好，謝謝大家提供的詳細資訊。恭喜克莉絲汀和羅尼，恭喜你們在臨時職位上所做的一切以及你們今後的工作。我想我的問題有兩面。首先，達斯汀，您說過，儘管食品價格加速下跌，但您仍保持指導方針。

Can you talk about the specific controllables that you're controlling. So the specific cost outs, things like that you expect for the second half I guess, particularly within food, but wherever you want to talk about what will bolster your earnings in the second half relative to your guidance?

您能談談您正在控制的具體可控因素嗎？那麼具體的成本支出，諸如您對下半年的預期，特別是食品方面，但無論您想談論什麼，相對於您的指導，什麼將增加您下半年的收益？

Is there a way you can give us a bit of cadence food versus protective in third quarter. And then the second part of the question, your release last night mentioned and I'm paraphrasing that one of the reasons that Kristen was selected as CFO is that she has experience creating value with complex portfolios. How does that apply to Sealer, where do you think that to be most applicable.

有沒有什麼方法可以在第三季為我們提供一些節奏食物而不是保護。然後是問題的第二部分，您昨晚的新聞稿中提到，我轉述一下，克里斯汀被選為財務長的原因之一是她有透過複雜投資組合創造價值的經驗。這對於 Sealer 來說如何適用，您認為它最適用於哪裡。

Thank you, George. So a couple of pieces. So as we talked about earlier in the year, right, we really focused on cost takeout. We cited this roughly $90 million number that we're well on track to achieve for the full year. And as we looked in the out years, the hope was, at that point in time, but it could drive even further operating leverage in the business.

謝謝你，喬治。所以有幾件。正如我們今年早些時候談到的，我們真正關注的是成本削減。我們提到，我們預計在全年實現這一目標，預計約為 9,000 萬美元。當我們展望未來幾年時，我們希望，在那個時候，它可以進一步推動業務的營運槓桿。

And obviously, as our outlook and volume has come down, keep in mind that now a lot of that cost takeout effort is really balancing out earnings to get us to the 11.25 midpoint that we're calling out as the middle part of our guidance. And specifically, a lot of these initiatives, while we're continuing to kick off new things, network optimization, we mentioned, a couple of the areas that we think will be able to yield benefit in '26 and '27 and beyond.

顯然，隨著我們的前景和交易量下降，請記住，現在許多成本削減努力實際上都在平衡收益，以使我們達到我們稱之為指導中間部分的 11.25 中點。具體來說，在我們繼續啟動新專案的同時，我們提到了許多此類舉措，其中包括網路優化，我們認為其中幾個領域將能夠在 2026 年、2027 年及以後產生效益。

Right now, it's a lot of activities that we've been -- have been in earnest over the past 2-years. Areas like that, which we talked about in the past, which is our G&A optimization around our back office in Manila. That started from concept 1.5-years ago as an idea and now we're at full swing. The office is open. We've already hit our 200-plus employee there.

目前，我們在過去兩年中一直在認真開展許多活動。我們過去討論過的類似領域是圍繞馬尼拉後台辦公室的 G&A 優化。這個概念始於一年半前的一個想法，現在我們正全力以赴。辦公室開放。我們在那裡的員工人數已超過 200 人。

The same thing with Mexico City, which is staggered behind it. We're now ramping that up. Those are two examples of it, but there's a litany of them relative to the reorganization work we've done that's been able to streamline the organization, delayer it, actually improve accountability, improve speed to decision-making while at the same time, driving earnings power in this case, even offsetting some of that volume weakness that we have in the second half.

墨西哥城也是如此，其地位也落後了。我們現在正在加大力度。這只是兩個例子，但我們所做的重組工作還有很多，這些工作能夠精簡組織結構、減少層級、切實提高問責制、加快決策速度，同時提高盈利能力，甚至抵消下半年銷量疲軟的部分影響。

So it's a lot of stuff we've had in motion, and we talked during May around there's other opportunity now to continue to do that going into 2026 and '27, and we'll continue to work on it. And as we progress throughout the second half of the year, we'll give you more color about what's to come and what does that mean for '26 going back to even Ghansham's question in terms of what we can do more to balance out where we see any pressures in the business.

所以，我們已經在進行很多事情，我們在五月討論過，現在還有其他機會繼續做這些事情，直到 2026 年和 2027 年，我們將繼續努力。隨著下半年的進展，我們將為您提供更多關於未來發展的信息，以及這對 26 年意味著什麼，回到 Ghansham 的問題，即我們可以做些什麼來平衡我們在業務中看到的壓力。

But we're -- it's now more than ever, being really proactive about it and making sure that we have a pipeline of actions that we're taking that not only improve the business outcomes, but at the same time, help balance out the earnings power.

但我們現在比以往任何時候都更加積極主動，並確保我們採取一系列行動，不僅可以改善業務成果，而且同時有助於平衡獲利能力。

So when you think about the question on really, if you take a step back, she has a background, obviously, it's been our entire career in industrial -- and lastly, the MSE was doing distribution works. There's a lot of in our background relative to managing -- if you think about Ingersoll Rand, complex portfolio, international business.

因此，當您真正思考這個問題時，如果您退一步思考，您會發現她有這樣的背景，顯然，我們的整個職業生涯都在工業領域 - 最後，MSE 正在從事分銷工作。我們有很多與管理相關的背景——如果你想想英格索蘭、複雜投資組合、國際業務。

If you think about our Protective business, complex portfolio, international business, if you think about our food business, very similar, right? So even within underneath the food and protective kind of segments, there's obviously a lot of complexity in the proliferation of solutions and applications we have. And most recently in MSC, she actually led a lot of the transformation work in that business.

如果您考慮我們的保護性業務、複雜的產品組合、國際業務，如果您考慮我們的食品業務，它們非常相似，對嗎？因此，即使在食品和保護類領域，我們擁有的解決方案和應用的激增顯然也存在很大的複雜性。最近，在 MSC，她實際上領導了該業務的大量轉型工作。

And so we think a lot of our direct experience is really applicable here to accelerate the work that we're already doing and also bring new ideas. If you go back to even my own background, where I don't have a natural background in manufacturing, except for my time here so here. She really is going to come in and complement that and bring a different lens to what we're already working on. And and even bring a new perspective. So we're really excited about her coming on board.

因此，我們認為我們的許多直接經驗確實可以應用於此，以加速我們正在做的工作並帶來新的想法。如果你回顧我自己的背景，你會發現我並沒有製造業的自然背景，除了我在這裡的時間。她確實會加入並補充這一點，並為我們正在進行的工作帶來不同的視角。甚至帶來新的視角。因此，我們對她的加入感到非常高興。

And I'll just take a moment with that said also, again, just to thank Roni for all you did and I appreciate your words there. I guess he's done a tremendous job over the past 6-months.

我還要花一點時間再次感謝羅尼所做的一切，我很欣賞你的言語。我想他在過去六個月裡做了大量出色的工作。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Hey guys, congrats on a strong quarter in a dynamic environment. So Dustin, I think you guys kept your outlook for protective unchanged in the back half despite progress, which makes sense. But are you actually seeing any slowdown in bidding and order activity throughout 2Q and going into July? And then some of the uptick you're seeing on the industrial side the industrial side of your portfolio.

嘿夥計們，祝賀你們在充滿活力的環境中取得了強勁的季度業績。所以達斯汀，我認為儘管取得了進展，但你們在下半年仍然保持了對保護的展望不變，這是有道理的。但您是否真的看到第二季以及進入 7 月以來競標和訂單活動有所放緩？然後，您會看到工業方面、投資組合中的工業方面出現一些上漲。

Can you kind of size up how much of that is internal initiatives versus the cycle turning in that would be helpful.

您能否估算其中有多少是內部舉措，有多少是週期性轉變，這會有所幫助。

Yeah. So going down to your point about July, as I mentioned, I think it was early on, maybe in the Q&A, we really haven't seen a change in order pattern, right? And I was talking specifically at the time about our fabrication business. But in general, I wouldn't say we've seen a real shift. We're still on track kind of early here starting in Q3.

是的。所以回到你關於 7 月的觀點，正如我所提到的，我認為那是在早期，也許在問答中，我們真的沒有看到訂單模式的變化，對嗎？我當時特別談到了我們的製造業務。但總的來說，我不會說我們已經看到了真正的轉變。從第三季開始，我們仍處於正軌上。

And so I feel good about where that business is headed right now. And a lot of that is order entry activity in the market. But keep in mind, Phil, what we're trying to balance out is that a lot of that's being driven from the fact that we invest in sales. So if you think about just -- and we've lost significant amount of volumes since 2019. So we're going back to customers that we lost. We're going to existing customers to expand our business.

因此，我對目前業務的發展方向感到很滿意。其中很多是市場上的訂單輸入活動。但請記住，菲爾，我們試圖平衡的是，很多都是因為我們投資銷售。所以如果你想想——自 2019 年以來，我們已經損失了大量的交易量。所以我們要重新吸引那些失去的客戶。我們將向現有客戶拓展業務。

And so a lot of the work we've done in our go-to-market has given us that confidence and our ability to take -- not just grow existing business, but take share in the marketplace, particularly in areas where we've lost it in the past. If I contextualize that with industrial portfolios, what I would tell you is that, to me, that's not really a cycle turning.

因此，我們在行銷中所做的大量工作給了我們信心和能力——不僅發展現有業務，而且佔領市場份額，特別是過去我們失去的領域。如果我將其與工業投資組合聯繫起來，我會告訴你，對我來說，這並不是一個真正的週期轉變。

If anything, I would say there's been more market pressure here recently. If you think about areas like the automotive industry where our phone and place solutions used widely we're obviously concerned about tariffs on what it could potentially mean for end markets, but we've continued to perform really well.

如果有什麼不同的話，我想說最近這裡的市場壓力更大了。如果你考慮汽車產業等領域，我們的電話和定位解決方案在這些領域得到廣泛應用，那麼我們顯然會擔心關稅對終端市場可能產生的影響，但我們的表現仍然非常好。

And I think that speaks to now that we have the go-to-market motion really beginning to really work beyond the fact, keep in mind, too, that we've also minimized chart, and that's not just a Q2 '25, that's for the past 6-, 7-quarters, it's really begin to bear itself in the results.

我認為，這說明我們現在的行銷舉措確實開始發揮作用，請記住，我們也最小化了圖表，這不僅僅是 25 年第二季度，而是過去 6、7 個季度，它確實開始在結果中顯現出來。

And so -- we're still cautious, obviously, about the second half. That's part of your commentary. We obviously had a beat expectations in 2Q. We held the second half relative to volume expectations, which implies a slight uptick in volume in Q4. And so we're kind of heads down and really just focused on executing against those internal initiatives. But when I say internal, but keep in mind, a lot of this is really just being back out in front of customers back out in the field back out engaging with our distribution partners.

因此，顯然，我們對下半年仍持謹慎態度。這是您評論的一部分。我們第二季的業績顯然超出了預期。我們對下半年的銷售預期保持不變，這意味著第四季度的銷售量將略有上升。因此，我們全神貫注於執行這些內部舉措。但是當我說內部時，請記住，其中許多實際上只是回到客戶面前，回到現場，回到與我們的分銷合作夥伴的接觸。

So it's -- it's really been a lot more about, I think, engagement is really the first wave of that benefit when some of these other things are going to continue to yield. And I'm really excited about kind of cascading across our European as well as our Asian footprint and getting further leverage out of that, particularly as we head into 2026.

所以，我認為，當其他一些事情繼續產生效益時，參與度實際上是第一波效益。我對我們的歐洲和亞洲業務的影響力以及由此獲得的進一步優勢感到非常興奮，特別是在我們邁入 2026 年之際。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much. Your adjusted EBITDA range for 2025 is $100 million, and you only have two quarters to go hand your EBITDA was roughly flat in the first half. Why is the range so wide? Is that because of conservatism? Or is the uncertainty about second half EBITDA that large?

非常感謝。您 2025 年的調整後 EBITDA 範圍為 1 億美元，而且只剩下兩個季度了，而您的 EBITDA 在上半年基本上持平。為什麼範圍這麼廣？這是因為保守主義嗎？或者下半年 EBITDA 的不確定性真的那麼大嗎？

Thank you, Jeff. Yeah. So just to answer very directly, it's really just conservatism. As we think about the second half of the year, again, we don't -- the volatility just relative to the end markets that we serve and us being cautious around it, it really just being prudent with low visibility.

謝謝你，傑夫。是的。所以直接回答一下，這其實只是保守主義。當我們考慮下半年時，我們再次意識到，波動性不僅與我們所服務的終端市場有關，我們對此持謹慎態度，實際上只是在低可見度的情況下保持謹慎。

And rather than touch the ranges at this point in time, our thought process was let's work through the third quarter once we have more visibility into the obviously 3Q, we can then not just touch the range as we indicated, to keep in mind on the guidance side of it, the EPS is above we expect it to be slightly above the midpoint, but we'll come out more fully and kind of give you a sense of where we're landing across all the dimensions of our guidance and do that at that point in time, when we have a little bit more certainty.

我們目前還沒有觸及這些範圍，而是在思考如何度過第三季度，一旦我們對第三季度有了更多的了解，我們就可以不僅僅觸及我們所指出的範圍，要記住在指導方面，每股收益高於我們預期的中點，但我們會更全面地介紹，讓您了解我們在指導的所有方面所處的位置，並在那個時間點這樣做，當我們有更多的確定性時。

And it really just speaks to the dynamic environment we're operating in, particularly as it relates to tariff impacts. And I think as you obviously was all aware right here recently in August, A lot of those decisions were made, but it actually takes time. I don't think people always fully appreciate that relative to -- what is it going to do to inflation? What's going to do to price, and that takes us time to work through the system. And so a lot of that.

這實際上說明了我們所處的動態環境，特別是與關稅影響相關的環境。我想，正如大家在八月時所意識到的那樣，我們已經做出了很多決定，但這實際上需要時間。我認為人們並不總是充分認識到這一點——它將對通貨膨脹產生什麼影響？這將對價格產生什麼影響，我們需要時間來完善這個系統。還有很多這樣的事。

But I would say, in general, it's not that we believe we're concerned about the outcomes of those far end of the range up or down. It's more around just conservatism and looking to get through 3Q and give you a more full update.

但我想說，總的來說，我們並不擔心那些範圍上或下極端的結果。這更多的只是保守主義，並希望透過第三季為您提供更全面的更新。

Okay. And then secondly, can you describe a little bit of your issue with procuring specialty resins and why things seem to be a little bit more difficult for you?

好的。其次，您能否描述一下您在採購特殊樹脂時遇到的問題，以及為什麼事情對您來說似乎有點困難？

Yeah. It's not difficult to procure them. This is just really speaking about our footprint and just giving you a little color on where we're seeing more impact on tariffs. Now keep in mind, I'll reiterate that no real impact in the second quarter. We don't see any real impact full year relative to our outlook at this point in time. But there are certain resins. As we've gone through this process with tariffs, we've really been shifting around production.

是的。要獲得它們並不困難。這實際上只是在談論我們的足跡，並讓您稍微了解我們看到的對關稅產生更大影響的地方。現在請記住，我要重申第二季度沒有真正的影響。就我們目前的展望而言，我們預計全年不會有任何實際影響。但有一些樹脂。隨著我們經歷關稅這一過程，我們實際上一直在轉變生產方式。

We've been shifting around procurement in terms of being able to try to mitigate the impact as much as possible. It did happen on its own right and not just ourselves, but most of the companies are going through this relative to how we're optimizing where we buy from there are examples where we're not able just to mitigate it because certain specialty resins are only available in Europe. And you can't have a large chemical manufacturer shift it to another asset or shipped it to another -- location.

我們一直在調整採購方式，以盡可能減輕影響。它確實是自然發生的，而不僅僅是我們自己，但大多數公司都在經歷這種情況，相對於我們如何優化我們的購買地點，有些情況下我們無法減輕它，因為某些特種樹脂僅在歐洲有售。你不能讓大型化學品製造商將其轉移到另一項資產或運送到另一個地點。

And this is just an example where we're happening and we talked about limited pricing actions where we have to embed that into our cost structure and then price accordingly to mitigate it and just give you some of that color.

這只是我們正在發生的一個例子，我們討論了有限的定價行動，我們必須將其嵌入到我們的成本結構中，然後相應地定價以減輕它並為您提供一些顏色。

But no issue with procuring. We don't have an issue at this point in time of procuring anything.

但採購沒有問題。目前我們在採購任何東西方面都沒有問題。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good morning. Just following up on Jeff's question on the full year EBITDA bridge. I'm wondering if you can put a finer point on maybe the technical level of cost saves that you expect to achieve this year and how that offsets net price, which I think you said that will sort of unchanged. But if you can just go through the bridge items for sort of cost saves versus net price falls and FX. That would be helpful.

早安.只是跟進 Jeff 關於全年 EBITDA 橋樑的問題。我想知道您是否可以更詳細地說明您預計今年實現的成本節約的技術水平，以及這將如何抵消淨價，我認為您說過這將保持不變。但如果您可以透過過渡專案來節省成本，而不是淨價格下降和外匯。那將會很有幫助。

Yeah, sure. I'll just -- Anthony, I'll just walk you down and give you a sense of kind of where there's some slight changes. The first thing I'm going to talk about before because I'm going to talk about net price realization and some of the embedded assumptions there. And when you think about net price realization, really what's happened is prices come down, right?

是的，當然。我只是——安東尼，我只是帶你走一走，讓你了解哪些地方發生了一些細微的變化。我首先要談的是淨價實現以及其中的一些嵌入假設。當您考慮淨價格實現時，真正發生的情況是價格下降了，對嗎？

And that's being offset by Roni's commentary, deflationary aspects of our raw materials. It's remained relatively unchanged. It's actually gotten a little bit worse by about $7 million for the full year, it's but the dynamics have actually changed pretty materially, which is price coming down and raw materials coming down to offset it.

而這被羅尼的評論、我們的原料的通貨緊縮方面所抵銷。它基本上保持未變。事實上，全年的情況略有惡化，損失約 700 萬美元，但情況實際上已經發生了相當大的變化，即價格下降和原材料下降以抵消這一影響。

So when you think about the volume bridge -- and excuse me, the EBITDA bridge starting with volume, your volume -- we're expecting -- if you go back to the roughly $100 million we talked about holistically, that drops the bottom line about $44 million. Then you have net price realization down 65%.

因此，當您考慮銷售橋樑時——對不起，EBITDA 橋樑從銷售開始，您的銷售——我們預計——如果您回到我們整體上討論的約 1 億美元，那麼底線將下降約 4400 萬美元。那麼淨價格實現就會下降 65%。

The CTO is [90], and there's about another 16 of actions that we're taking on top of that, which brings you to a total of 106. But think of this as not just structural savings. This is -- this is cost takeout across the business relative to just being also just fiscally disciplined.

CTO 是 [90]，在此基礎上我們還將採取另外 16 項行動，這樣總數就達到 106 項。但不要以為這只是結構性儲蓄。這是──這是整個企業的成本支出，與財務紀律有關。

And then we've talked about the compensation programs relative to how they paid out last year versus where we're on track this year. That's roughly and FX is a drag of about $3 million, and that bridges you down to the roughly $14 million year-over-year.

然後，我們討論了薪酬計劃，包括去年的支付情況以及今年的進展。這是一個大致的數字，FX 拖累了大約 300 萬美元，與去年同期相比，這大約是 1400 萬美元。

Edlain Rodriguez, Mizuho Securities.

瑞穗證券的埃德萊恩·羅德里格斯 (Edlain Rodriguez)。

Thank you, good morning everyone. Just one quick one on the price raw material GAAP especially in protective. I mean, it's still negative. Like -- can you have any success in raising prices there that could narrow that GAAP in the second half of the year? Again, it's been that persistently negative. Like will we able to see that GAAP now completely as we get into the second half and into next year?

謝謝大家，早安。關於價格原料 GAAP 的簡單介紹，特別是在保護方面。我的意思是，它仍然是負面的。例如—您是否能成功提高價格，進而縮小下半年的 GAAP 差距？再次，它一直都是如此消極。當我們進入下半年和明年時，我們是否能夠完全看到 GAAP？

To answer your question, I'll start with the second half. And so when you think about -- and I'll go to what we think about 2026. So keep in mind, the change coming into this year relative to expectations that we're all wrestling with is really what's going on in the resin environment has really kicked off of the announcements back in the March time frame around just tariffs in general, what that did to the polyethylene market.

為了回答你的問題，我將從後半部開始。所以當你思考時——我會談談我們對 2026 年的看法。因此請記住，相對於我們都在努力應對的預期，今年發生的變化實際上是樹脂環境中發生的事情，它實際上已經從 3 月份有關關稅的公告開始，並對聚乙烯市場產生了影響。

And when you think about that, what's happened is it's actually created a more deflationary environment across the board. So the pricing impact you're seeing protective, and this has really been an ongoing theme, right, for the past 2- or 3-years kind of coming from resin highs going back into I want to say it's 2023 coming down to 22% to 23%, 24%, 25%. We expected this year to be getting back into a slightly inflationary environment, which is, I would say, positive for us but positive for the industry and sector as a whole. And that obviously did not happen.

如果你考慮到這一點，你會發現其實已經造成了全面通貨緊縮的環境。因此，您看到的定價影響具有保護性，這確實是一個持續的主題，在過去的 2 到 3 年裡，樹脂價格從高點回落到 2023 年，我想說的是，到 2023 年，價格將下降到 22% 到 23%、24%、25%。我們預計今年將重新回到略微通膨的環境中，我想說，這對我們有利，對整個產業和部門也有利。但這顯然沒有發生。

So what you've seen is you've kind of seen a flat line kind of where it dropped in the March timeframe and how that cascade throughout the rest of the year, which is what's creating that deflationary pricing aspect. And that's a market impact. It's not an issue with our products is for a while there, there was the resins coming down and we were also reducing our price GAAP relative to competition.

因此，您所看到的是，在 3 月期間價格呈下降趨勢，並且這種趨勢一直延續到今年剩餘時間，這就是通貨緊縮價格現象的形成原因。這對市場有影響。這不是我們產品的問題，有一段時間，樹脂價格下降，我們也根據 GAAP 降低了相對於競爭對手的價格。

We're really beyond that now. And this is to be a market dynamic that's happening in the second half and what we've given for guidance we fully expect from that perspective if we have optimism is what we can potentially do on the volume side.

現在我們確實已經超越了那個階段。這是下半年的市場動態，我們給出的指導是，從這個角度來看，如果我們保持樂觀，我們完全可以預期我們在交易量方面可能會取得一些進展。

When you think about going into 2026, it's really what happens to the underlying resin markets that will help drive that, particularly in Protected foods a little different for a variety of reasons. But -- but when you think about the primary is, really being low density, high-density polyethylene that goes into our protected business, you're really looking at what's where resin is going to go.

當你考慮進入 2026 年時，真正推動這一趨勢的是基礎樹脂市場的變化，特別是受保護食品，由於各種原因，情況略有不同。但是 - 但是當您考慮到主要成分實際上是進入我們受保護業務的低密度、高密度聚乙烯時，您真正關心的是樹脂將前往何處。

At this point in time, we don't have a clear view of that in terms of 2026. As we progress through Q3 and Q4, we'll get a lot more clarity and be able to give you an update. But our general view is right now where we're at. As soon as we get to kind of a stable inflationary environment, our pricing will go along with it and you'll begin again to narrow that net price realization and be able to bring it back to positive. And TBD at '26 will be that year.

目前，我們對 2026 年的情況還沒有清楚的認識。隨著第三季和第四季的進展，我們將獲得更清晰的認識並能夠為您提供最新消息。但我們的整體觀點就是我們現在所處的位置。一旦我們進入穩定的通膨環境，我們的定價就會隨之調整，您將再次開始縮小淨價格實現並使其恢復到正值。而那一年的具體時間是 26 日。

Nico Pasini, Truist.

Nico Pasini，Truist。

Hi guys, I'm sitting in for Mike Roxland today. I just had two quick ones. One is, how is the cattle cycle faring right now in South America and Australia. And then Previously, I think you had mentioned targeting growth in Fluids. Is there just any update in that area?

大家好，今天我代替 Mike Roxland 發言。我剛剛吃了兩塊。一是，目前南美和澳洲的牛群狀況如何。然後之前，我想您曾經提到過針對流體的成長目標。該地區有任何更新嗎？

Yeah. So on the cattle cycle itself, I'd say they're still -- you're kind of peakish in both Latin America as well as Australia. And we still expect a very strong, I would say, less strong relative to underlying cycle, but still strong years on a relative basis going into next year in both of those regions.

是的。因此，就牛群週期本身而言，我認為它們仍然——拉丁美洲和澳洲都處於高峰階段。我們仍然預計，這兩個地區明年的經濟都會非常強勁，雖然相對於基本週期而言不那麼強勁，但相對而言仍將保持強勁。

In the US, which I mentioned before and has obviously accelerated this year, which was making 2025 really the first year of those 3-years where we went into this year thinking it may be like '24 -- and -- it may be elongated. And so you're down 3% to 4%, similar outlook for '26 and then flat in '27 and back to growth in '28, and that cycle will obviously go generally for the next 7-years.

在美國，我之前提到過，今年顯然加速了，這使得 2025 年真正成為這三年的第一年，我們進入今年時認為它可能像 24 年一樣 - - 而且 - 它可能會被延長。因此，下降幅度為 3% 到 4%，與 26 年的前景類似，然後在 27 年持平，在 28 年恢復成長，而且這個週期顯然會在未來 7 年內持續下去。

On fluids performance, that business continues to perform well. So if you think about fluids, again, just to break it down, it's really this combination of our Cryovac fluids and liquid solutions as well as our -- the local box acquisition that we closed back in February of 2023.

在流體性能方面，該業務繼續表現良好。因此，如果您再次考慮流體，只是為了將其分解，它實際上是我們的 Cryovac 流體和液體溶液的組合，以及我們的 - 我們在 2023 年 2 月完成的本地盒子收購。

And so again, we've talked about the cryo back side of it, which has continued to perform well. We expect it to perform well this year and continue to be a growth driver for the business overall. [Locix], we obviously went through our own kind of destocking and down cycle in that business in '23, we've stabilized since then.

因此，我們再次討論了它的低溫背面，它一直表現得很好。我們預計它今年將表現良好，並繼續成為整體業務的成長動力。 [Locix]，我們顯然在2023年經歷了該業務本身的去庫存和下滑週期，但自那時起我們已經穩定下來。

It's not performing to where we would like it to be, which we talked about historically, that end market, being able to generate single digits, which is what our fluids business has done historically. If you look at the CAGR of that business, it's mid-single to high single digits.

它的表現並沒有達到我們所希望的水平，正如我們過去所討論的那樣，終端市場能夠產生個位數的增長，而這正是我們的流體業務歷史上所取得的成績。如果你看一下該業務的複合年增長率，它處於中等個位數到高個位數之間。

And so we're still working on getting a local box there, but we feel really good about the progress we've made continuing to stabilize that business and are now beginning to work out of, what I would say, some of the operational challenges we went through and getting back towards just focus solely on growth. So still more to come, and we'll give a lot more dialogue around this as we progress throughout the second half. And and we fully expect it to be a growth driver in 2026.

因此，我們仍在努力在那裡建立一個本地盒子，但我們對繼續穩定業務所取得的進展感到非常高興，現在我們開始解決我們遇到的一些營運挑戰，並重新將注意力集中在成長上。因此，接下來還會有更多內容，隨著下半場的進展，我們將就此進行更多對話。我們完全相信它將成為 2026 年的成長動力。

Gabe Hajde, Wells Fargo.

富國銀行的 Gabe Hajde。

Dustin, good morning. Roni, thanks for all your help. I wanted to revisit a comment you made in your prepared remarks, Justin, about utilizing some external partners. And I think it was protective you mentioned speed to market and maybe intimated a reduction in capital intensity.

達斯汀，早安。羅尼，謝謝你的幫忙。賈斯汀，我想重新審視你在準備好的發言中提出的關於利用一些外部合作夥伴的評論。我認為您提到的上市速度具有保護作用，也許暗示了資本密集度的降低。

If maybe you can elaborate on the concept a little bit. I don't know if it's a function of maybe customers being a little bit more dynamic in their own strategies and decision-making or what's driving it? And then maybe quantify for us, I'm assuming CapEx but maybe op costs as well, what I could save you?

也許您可以稍微詳細闡述這個概念。我不知道這是否是客戶在自己的策略和決策中更具活力的表現，或者是什麼在推動它？然後也許為我們量化，我假設資本支出，但也許還有營運成本，我可以為您節省多少？

Sure, Dave. So a couple of things. So keep in mind that our -- for the past, if you go back maybe 10-years ago, a majority of our new solutions were actually developed with external partners -- and I mean, people coming in to actually help us design and build. Think of it as leveraging outsourcing some of your R&D on equipment design, outsourcing R&D on even material. But in a lot of ways, it was around applications.

當然，戴夫。有幾件事。所以請記住，如果你回顧大約 10 年前，我們的大多數新解決方案實際上都是與外部合作夥伴共同開發的，我的意思是，人們實際上是為了幫助我們設計和建造。可視為利用外包部分設備設計研發、甚至材料研發。但在很多方面，它都與應用程式有關。

And so for the past 10-years, we've really taken an approach of vertical integration relative to doing internal development and not just development of new applications, materials and equipment, but also developing our own internal manufacturing technology.

因此，在過去的 10 年裡，我們確實採取了垂直整合的方法，而不是進行內部開發，不僅開發新的應用、材料和設備，還開發我們自己的內部製造技術。

And so we've really begin to rethink that, broadly speaking, it goes back to the situation we've been with our balance sheet over the past couple of years, and what I mean by that is for -- there's a period of time in our mailer strategy, where we are leveraging our existing lines, now we're looking at to be very specific.

因此，我們真的開始重新思考，從廣義上講，這可以追溯到過去幾年我們的資產負債表的情況，我的意思是——在我們的郵件策略中有一段時間，我們正在利用現有的線路，現在我們正在考慮非常具體的事情。

Now we're leveraging other manufacturing technology to still produce our application or product, but in a new form in a much more cost-effective way. And it speeds the time to actually get the lines of the right speeds we need is able to give us the ability to scale up much faster than the market relative to where you place those lines. And that's an example where it's not just application itself, but it's also thinking re-thinking manufacturing technology.

現在，我們正在利用其他製造技術來繼續生產我們的應用程式或產品，但採用新的形式，以更具成本效益的方式。它加快了我們獲得所需正確速度的線路的時間，使我們能夠比相對於放置這些線路的位置的市場更快地擴大規模。這是一個例子，它不僅是應用本身，也是對製造技術的重新思考。

In our food business, we've talked at length about our industrial food processing and the strength of our kind of that 3-legged stool around material science equipment and our service capabilities. But as you think about that broadly for retail, that's what we're thinking about, is it really our equipment or do we leverage external partnerships. So we talked about this a little bit in the past, but we're being a lot more intentional now about how we go after it.

在我們的食品業務中，我們詳細討論了我們的工業食品加工以及我們圍繞材料科學設備和服務能力的三條腿凳子的優勢。但是當你從零售業的廣泛角度考慮這個問題時，這就是我們正在考慮的，這真的是我們的設備嗎，還是我們利用外部合作夥伴關係。我們過去曾討論過這個問題，但現在我們更有意識地去實現它。

And it's really about leveraging people that are good at what they're doing is their core competency and giving us time to market versus trying to be everything -- being created everything effectively. And so that is bringing down some of our capital intensity. If you look at this year for our outlook, we brought it down to roughly -- it was embedded in Roni's numbers, it's roughly $200 million for the full year.

這實際上是利用那些擅長自己所做的事情的人，這是他們的核心競爭力，並給我們時間進入市場，而不是試圖成為一切 - 有效地創造一切。因此這會降低我們的資本密集度。如果您看今年的展望，我們將其降至大致 - 它包含在 Roni 的數字中，全年約為 2 億美元。

And if you go back to 2023, we're at that point, talking about doing $280 million at the beginning of the year. We brought it down to $240 million, $220 million last year, $200 million this year. And this is all while increasing our returns, I think addressing some of our performance issues -- and so I think that this approach that we're doing is not that we're actually under investing the business. To me, we're investing more now than we ever have before. We're just doing it in the right areas, they're going to yield better results for us longer term.

如果你回顧 2023 年，我們正處於那個階段，談論的是年初實現 2.8 億美元的目標。我們將其降至 2.4 億美元，去年為 2.2 億美元，今年為 2 億美元。這一切都是在提高我們的回報的同時，我認為也解決了我們的一些績效問題——所以我認為我們採取的這種方法並不是我們實際上對業務的投資不足。對我來說，我們現在的投資比以往任何時候都多。我們只是在正確的領域做這件事，從長遠來看，它們將為我們帶來更好的結果。

So hopefully that gives you some color.

希望這能給你一些啟發。

Brian Dong, RBC.

Brian Dong，加拿大皇家銀行。

Hey, this is Brian Dong on for -- and thanks for taking my question. Can you walk us through your CTO to grow cost savings? What are the different buckets to that? And are you still targeting $90 million of savings for the end of the year?

嘿，我是 Brian Dong，感謝您回答我的問題。可以向我們介紹一下您的 CTO 如何節省成本嗎？有哪些不同的桶子？您仍以年底省下 9,000 萬美元為目標嗎？

Yeah. So good question. So really the buckets have remained unchanged. If you really think about three broader areas that we've been going after. One is on the go-to-market side, how do we reorganize. This goes back to how do we reorganize back into food and protective, how do we reorganize our P&Ls back into the regional P&Ls underneath it. What do we do on the go-to-market side relative to marketing, sales, R&D.

是的。這個問題問得真好。因此，實際上存儲桶保持不變。如果你認真思考我們一直在追求的三個更廣泛的領域。一個是在市場進入方面，我們如何重組。這又回到了我們如何重新組織食物和保護，如何將我們的損益表重新組織到其下面的區域損益表。我們在行銷、銷售和研發方面做了哪些工作？

That's that first bucket that we did, which is really in the front line, which is really about while it generate cost savings, it's much more around how do we get to the market, closer to our customers, delayer the business and drive growth. And just again, the outcome of that was also being able to drive further productivity of the business.

這是我們做的第一個項目，它處於第一線，雖然可以節省成本，但更重要的是如何進入市場、更貼近客戶、拓展業務並推動成長。再次強調，這樣做的結果也能進一步提高企業的生產力。

Another big piece in supply chain, right? And so again, and I'm not quantifying each bucket because these are shifting all the time where we find better opportunities. So you kind of see a play between all three of the buckets.

供應鏈中另一個重要的環節，對嗎？所以，我再說一遍，我沒有量化每一個桶，因為它們一直在變化，我們會找到更好的機會。所以你可以看到這三個桶子之間的相互作用。

Network optimization, we're down about five plants holistically right now. just over the past 2-years. And we've talked about on the call, we're beginning to outline broader plans there as we think about '26, '27 and '28. And so it will be more to come on that topic. And then the last bucket is around G&A optimization.

網路優化，在過去的兩年裡，我們目前總共關閉了大約五家工廠。我們在電話會議上討論過，我們開始概述更廣泛的計劃，考慮 26、27 和 28 年。關於這個話題我們還會有更多的內容。最後一個方面是關於 G&A 優化。

I used an example in the Q&A earlier around our Manila facility, and it's really about leveraging a global footprint relative to where we need to be. And to give you an idea, it's roughly -- when you break down the numbers, it's really between 65% and 35% productivity. And so just to give you a sense.

我之前在問答環節中使用了有關我們馬尼拉工廠的一個例子，這實際上是利用相對於我們需要到達的地方的全球足跡。為了讓您有一個概念，大致來說——當您分解數字時，它的實際生產率在 65％ 到 35％ 之間。只是為了讓你有個概念。

Josh Spector, UBS.

瑞銀的喬希·斯佩克特。

Yeah, good morning. Thanks for all the details around food and the assumptions there. But I kind of want to ask about the non-red meat assumptions as you look at the second half. I guess really rough numbers. You talked about $400 million in sales, down high single digits. You roll that through to food.

是的，早安。感謝您提供有關食物和假設的所有詳細資訊。但當你看後半部時，我想問非紅肉的假設。我猜是粗略的數字。您談到了 4 億美元的銷售額，下降了個位數。你把它滾到食物裡。

That's kind of a point headwind or so, I think. So then the other 90% is down a couple of points. Can you maybe unpack that and some of the assumptions between, I guess, the retail market versus maybe some of the processed foods and meats, which I think would be somewhat of an offset for what you're seeing there. But more detail there would be helpful.

我認為，這是一種逆風。那麼其他 90% 就下降了幾點。您能否解釋一下這一點以及零售市場與一些加工食品和肉類之間的一些假設，我認為這會在某種程度上抵消您所看到的情況。但更多的細節將會很有幫助。

Thank you. Yeah I appreciate the question, Josh. And so again, when you think about overall, I think if you get back the prepared commentary and Roni's comments, she talked about the overall business, protein, global protein production being down about 1 point this year, right? And so keep in mind, that's just weighing on some of the broader volumes.

謝謝。是的，我很感謝你的提問，喬希。所以，再說一次，當你考慮整體情況時，我想如果你回顧準備好的評論和羅尼的評論，她談到了整體業務、蛋白質、今年全球蛋白質產量下降了約 1 個百分點，對嗎？因此請記住，這只是對一些更廣泛的交易量產生影響。

And I go back to even the consumer itself and where the consumer is spending where you're seeing that shift out of industrial food processing into retail and foodservice. Some of the markets, if you really look across every area, whether it's dairy, whether it's poultry, smoked and process, they've all come down slightly, which is why you see that broader impact across the business.

我甚至回顧一下消費者本身以及消費者的消費領域，你會看到他們從工業食品加工轉向零售和食品服務。有些市場，如果你真正觀察每個領域，無論是乳製品、家禽、熏制食品還是加工食品，它們都略有下降，這就是為什麼你會看到整個行業受到更廣泛的影響。

And again, we don't see that as a longer-term headwind for 2026 and '27. We see it as a condition right now of just the market we're operating in really more on the demand side. And so -- but I'll leave you with that. And that's really what's driving that broader impact.

而且，我們也不認為這會成為 2026 年和 2027 年的長期阻力。我們認為這只是我們目前營運的市場的一種狀況，實際上更多的是需求方面。所以——但我會把這個留給你們。這才是真正推動更廣泛影響力的因素。

Stefan Diaz, Morgan Stanley.

摩根士丹利的史蒂芬·迪亞茲。

Hi, Dustin. Hi, Roni, thanks for taking my question. So you noted industrial strength, which is nice to see, just considering some mix macro indicators on the industrial side. I was just wondering if any of that industrial end market strength was due to your automation business?

你好，達斯汀。你好，羅尼，謝謝你回答我的問題。所以你注意到了工業實力，這很好，只是考慮了工業方面的一些混合宏觀指標。我只是想知道工業終端市場的優勢是否歸功於您的自動化業務？

And then maybe how are you just thinking about your industrial portfolio for the second half and into 2026? And maybe how are you thinking about your automation business as well. Thanks.

那麼，您如何考慮下半年以及 2026 年的產業投資組合？也許您也正在考慮如何開展自動化業務。謝謝。

It's a good question. So just keep in mind, we don't think of it as an automation business. Well, the way we think about it is we're bringing a solution to the market really combining where we are the strongest, right? I think -- and if you go back to an example for protective is our APS business, our auto backing solutions, right, as an example, where you're bringing the piece of equipment, you're bringing out the hybrid one now you can bring the great materials, whether it's fiber or poly and you're bringing great technical service. And it's really all about throughput, yield ability to protect that particular item, et cetera, and packaging.

這是個好問題。所以請記住，我們不認為這是一項自動化業務。嗯，我們的想法是，我們要結合我們最強的優勢，為市場帶來解決方案，對嗎？我認為 - 如果你回到保護性的一個例子就是我們的 APS 業務，我們的自動支援解決方案，對吧，舉個例子，你帶來了設備，你帶來了混合設備，現在你可以帶來優質的材料，無論是纖維還是聚乙烯，你帶來了優質的技術服務。這實際上與吞吐量、保護特定物品的產量能力等等以及包裝有關。

And then food business is very similar. So keep in mind that we think of it less and other was talked about a lot going back 3-, 4- or 5-years ago around automation for automation's sake. We're much more around that solution sell and bringing solutions to market that combine that, which creates a lot of value for our customers.

食品業也類似。因此請記住，我們很少考慮這一點，而 3、4 或 5 年前人們就更多地談論了為了自動化而自動化。我們更專注於解決方案銷售，並將這些解決方案推向市場，為我們的客戶創造巨大的價值。

Again, on the industrial side, if you really look at our business, if you think about Instapak, right, same thing, rate equipment, great material science, great service. you think about EPS, very similar, right? And so as you look across the different solutions that we have in protective and food, in general, that's where we drive the generally higher margin businesses deliver more customer value --

再說一次，在工業方面，如果你認真看看我們的業務，如果你考慮一下 Instapak，對吧，同樣的事情，一流的設備，優秀的材料科學，優質的服務。你想想 EPS，非常相似，對吧？因此，當您查看我們在防護和食品領域的不同解決方案時，一般來說，這就是我們推動利潤率通常較高的業務提供更多客戶價值的地方--

And I think across the board, our approach doing that and going back to what made us great that solution sell is really making a difference in the market and is absolutely contributing to the -- some of the industrial performance you see in the numbers. And then I talked about it back as an example, which has performed a lot better than it has historically.

我認為，從總體上看，我們的做法以及讓我們變得偉大的原因在於，解決方案的銷售確實對市場產生了影響，並且絕對為您在數據中看到的一些工業績效做出了貢獻。然後我以它為例進行了討論，它的表現比歷史上好得多。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to the President and CEO, Dustin Semach, for closing remarks.

謝謝。問答環節到此結束。現在我想請總裁兼執行長達斯汀·塞馬赫 (Dustin Semach) 致最後總結。

Thank you for joining us this morning. I look forward to updating you in November on our ongoing turnaround and protective and the growth transformation we are driving in food to meet the market challenges ahead of us head on. Finally, thank you to the 16,000-plus Sealed Air employees and our customers who are at the center of our transformation. Thank you.

感謝您今天上午加入我們。我期待在 11 月向大家通報我們正在進行的扭轉和保護措施以及我們在食品領域推動的成長轉型，以迎接我們面臨的市場挑戰。最後，感謝 16,000 多名 Sealed Air 員工和我們的客戶，他們是我們轉型的核心。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。