希悅爾 (SEE) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2025 Sealed Air earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Sealed Air 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I'd now like to hand the conference over to your first speaker today, Mark Stone. Please go ahead.

現在我謹將會議交給今天的第一位發言人，馬克‧史東。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 Kristen Actis-Grande, who I'm pleased to welcome as our new Chief Financial Officer.

謝謝大家，大家早安。這是 Sealed Air 公司投資者關係副總裁 Mark Stone。今天陪同我的是我們的總裁兼首席執行官達斯汀·塞馬赫；以及我很高興地歡迎加入我們團隊擔任首席財務官的克里斯汀·阿克蒂斯-格蘭德。

Before we begin our call, I would like to note that we have provided a slide presentation to supplement today's discussion. This presentation, along with our third 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，我想說明一下，我們準備了一份幻燈片演示文稿，作為今天討論的補充。這份簡報以及我們的第三季財報報告，可從我們網站 sealedair.com 的投資者關係頁面下載。

I would 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 and the forward-looking statements section of our earnings release and the slide presentation.

我想提醒大家，在今天的電話會議中，我們會發表一些前瞻性聲明，包括我們對未來時期的展望或估計。這些聲明僅基於我們目前掌握的資訊。請查閱我們獲利報告和投影片簡報中的資訊和前瞻性聲明部分。

These sections also apply to this call. 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.

這些條款同樣適用於本次通話。我們未來的表現可能會受到多種因素的影響。這些因素中的許多因素都列在我們最近向美國證券交易委員會提交的文件中。此外，我們還將討論不符合美國通用會計準則的財務指標。有關這些措施的資訊以及與美國通用會計準則的調整情況，請參閱我們的獲利報告或投影片簡報的附錄。

I will now turn the call over to Dustin and Kristen. Operator, please turn to slide 3.

現在我將把通話交給達斯汀和克莉絲汀。操作員，請翻到第3張投影片。

Thank you, Mark, and good morning, everyone. Thank you for joining Sealed Air's third quarter 2025 earnings call.

謝謝你，馬克，大家早安。感謝您參加 Sealed Air 2025 年第三季財報電話會議。

Let me begin by welcoming Kristen Actis-Grande to Sealed Air. Kristen joined in late August and brings a proven track record of driving transformation, optimizing complex manufacturing and distribution networks and instilling operational rigor. She's already hit the ground running, and I'm looking forward to partnering with her and the rest of the team to further accelerate our ongoing transformation.

首先，我謹代表 Sealed Air 公司歡迎 Kristen Actis-Grande 加入。Kristen 於 8 月下旬加入公司，她在推動轉型、優化複雜的製造和分銷網絡以及灌輸營運嚴謹性方面擁有良好的業績記錄。她已經迅速進入工作狀態，我期待與她和團隊其他成員合作，進一步加速我們正在進行的轉型。

In a few minutes, Kristen will give color on our third quarter results and set expectations for how we anticipate closing the year. But first, I will provide an update on the progress both businesses are making to navigate the macro environment.

幾分鐘後，克里斯汀將詳細介紹我們第三季的業績，並闡述我們對今年年底業績的預期。但首先，我將介紹兩家企業在應對宏觀環境方面的進展。

The macroeconomic trends from the second quarter continued throughout the third quarter. These trends include softer global growth outlooks, muted industrial production and a consumer that while still resilient, has decreasing purchasing power, particularly in North America within the lower to middle income households. These factors, combined with lower consumer sentiment, persistent inflation and picking up unemployment numbers are contributing to increasing uncertainty around the consumer, particularly in the US.

第二季的宏觀經濟趨勢在第三季得以延續。這些趨勢包括全球經濟成長前景疲軟、工業生產低迷，以及消費者雖然仍具有韌性，但購買力卻在下降，尤其是在北美的中低收入家庭。這些因素，再加上消費者信心下降、持續通膨和失業率上升，導致消費者，尤其是美國消費者，面臨越來越大的不確定性。

Considering that backdrop, our team executed well in the quarter, continuing to focus on controlling the controllables by putting our customers first, executing with discipline, driving productivity and reducing costs across the business. In this market environment, we are focused on leveraging our core competitive strengths to find new sources of growth across both businesses. We are accelerating productivity initiatives to offset potential further market weakness while our transformation continues to take hold across the business. I will share more on those opportunities for each business, starting with Protective.

有鑑於此背景，我們的團隊在本季度表現出色，繼續專注於控制可控因素，將客戶放在首位，嚴謹執行，提高生產力，降低業務成本。在當前的市場環境下，我們專注於發揮自身的核心競爭優勢，為兩項業務尋找新的成長點。我們正在加快提高生產力的舉措，以抵消潛在的進一步市場疲軟，同時我們的轉型也在公司內部持續推進。我將詳細介紹這些機遇，首先從防護用品產業開始。

Our Protective turnaround remains on track. Our performance in the third quarter continues to demonstrate improving fundamentals despite market indicators, whether it's overall box shipments or industrial output pointing to a subdued demand environment and a cautious consumer.

我們的防護措施調整仍在按計劃進行。儘管市場指標（無論是整體箱體出貨量還是工業產出）都表明需求環境疲軟，消費者謹慎，但我們第三季的業績繼續表明基本面正在改善。

Sales sequentially improved with material volumes inflecting the growth for the first time since 2021. While we remain cautious on the consumer and the macro environment, we are expecting materials to continue to stabilize in the fourth quarter, offset by a weaker outlook for equipment driven by timing and continued market pressures.

銷售額環比成長，材料銷量自 2021 年以來首次推動了成長。儘管我們對消費者和宏觀環境仍保持謹慎，但我們預計材料價格將在第四季度繼續穩定，但受時機和持續市場壓力的影響，設備價格前景疲軟，這將抵消材料價格穩定帶來的正面影響。

The North American business has stabilized further and is performing relatively in line with the market. In the early stages of the transformation, we focused on minimizing churn and rebuilding our overall go-to-market strategy. We increased the number of sellers and improved customer and distribution partner engagement.

北美業務進一步趨於穩定，表現與市場基本一致。在轉型初期，我們專注於最大限度地減少客戶流失，並重建我們的整體市場進入策略。我們增加了賣家數量，並提高了客戶和分銷合作夥伴的參與度。

In parallel, we also focused on resetting our large account strategy and value proposition, which we knew would take time as this customer segment has a longer sales cycle. Our approach is beginning to yield results with the team recently landing multiple 7-figure competitive wins at national accounts.

同時，我們也專注於重新調整我們的大客戶策略和價值主張，我們知道這需要時間，因為該客戶群的銷售週期較長。我們的方法開始取得成效，團隊最近在全國性客戶中贏得了多個價值七位數的競爭性訂單。

As the transformation in North America is taking hold, we are beginning to increase our efforts in EMEA and APAC. While those businesses were less impacted by volume pressure than North America, the same value unlock exists to upgrade talent, create more efficient go-to-market strategies, enhance distributor relationships and invest in our field teams to accelerate growth. More to come as we progress on this.

隨著北美地區的轉型逐漸成型，我們開始加大在歐洲、中東和非洲地區以及亞太地區的投入。雖然這些企業受銷售壓力的影響小於北美，但同樣的價值釋放潛力依然存在，即提升人才水平、制定更高效的市場進入策略、加強與分銷商的關係以及投資於我們的現場團隊，從而加速成長。隨著研究進展，我們將發布更多資訊。

As we mentioned during our last call, with the go-to-market transformation well underway, we are shifting to other areas of the business to ensure they are fit for purpose, meaning streamlined and driving better business outcomes. As part of this, we have focused on improving the effectiveness of our R&D efforts, ensuring the organization is connected to our customers while taking a more balanced approach between internal and external solution development. While still early in this aspect of the transformation, this approach is already producing better solutions with stronger product market fit, increasing our speed to market and helping to accelerate the build-out of our substrate agnostic portfolio.

正如我們在上次電話會議中提到的，隨著市場轉型順利進行，我們正在轉向業務的其他領域，以確保它們能夠勝任其目標，這意味著精簡流程並推動更好的業務成果。為此，我們致力於提高研發工作的效率，確保公司與客戶保持緊密聯繫，同時在內部和外部解決方案開發之間採取更平衡的方法。雖然轉型的這一方面仍處於早期階段，但這種方法已經產生了更好的解決方案，產品與市場的契合度更高，提高了我們的上市速度，並有助於加速建立我們與基材無關的產品組合。

Recent proof points include the newly launched AUTOBAG brand 850HB Hybrid Bagging Machine, which processes poly and curbside recyclable paper bags with high-speed precision and print on bag capability. Our fully fiber Jiffy embossed padded mailer and our upcoming ProPad Mini, a new innovative tabletop paper system. We are excited about our pipeline, and I will keep you updated.

最近的證明案例包括新推出的 AUTOBAG 品牌 850HB 混合式裝袋機，該機能夠高速、精確地處理聚乙烯袋和路邊可回收紙袋，並具備在袋子上印刷的功能。我們的全纖維 Jiffy 壓花襯墊郵件袋和即將推出的 ProPad Mini，是一款創新的新型桌面紙張系統。我們對我們的產品線感到非常興奮，我會隨時向您報告最新進展。

Finally, I would like to highlight one other area of focus as part of our fit-for-purpose strategy, network optimization, where we are evaluating our footprint for opportunities to improve our cost positions and better serve our customers.

最後，我想重點介紹我們適應性策略的另一個重點領域——網路優化，我們正在評估我們的網路佈局，尋找改善成本狀況和更好地服務客戶的機會。

Historically, we incrementally rationalized the footprint, but our current planning efforts are taking a holistic approach, working backwards from our end markets, analyzing each of our products and then driving improved unit economics through a combination of facility, asset and logistics optimization. The transformation of this scale, progress is generally expected to be nonlinear. With that said, I am pleased to see the improvements we are making week after week, demonstrating incremental progress towards our goals.

從歷史上看，我們逐步合理化了佔地面積，但我們目前的規劃工作採取了整體方法，從我們的終端市場出發，分析我們的每一種產品，然後透過設施、資產和物流優化相結合的方式來提高單位經濟效益。如此大規模的變革，其進展通常預計不會是線性的。儘管如此，我很高興看到我們每週都在取得進步，這表明我們正朝著目標穩步前進。

Now turning to Food. The segment's performance was resilient this quarter despite continued market headwinds. The overall market dynamics discussed in the second quarter accelerated throughout the third quarter and into the fourth, where in North America, the consumer continued to rotate into value grocery as their purchasing power wanes. The rest of the world continue to perform well.

現在來說說食物。儘管市場持續面臨不利因素，但該業務類股本季表現依然穩健。第二季討論的整體市場動態在第三季和第四季加速發展，在北美，隨著消費者購買力的下降，他們繼續轉向購買物美價廉的食品雜貨。世界其他地區繼續保持良好表現。

This dynamic in our retail end markets results in trade downs to private label, different pack formats and away from higher-priced fresh counter items into prepackaged solutions. These are all trends our portfolio serves that change the mix of products. As an example, during the third quarter, we saw consumers here in the US continue to move from the fresh sliced deli counter, a shrinkback application into pre-sliced deli meats. While we are capturing a portion of the trade down, it's a roll stock type application with a lower margin profile.

零售終端市場的這種動態導致消費者轉向自有品牌、不同的包裝形式，並從價格較高的新鮮櫃檯商品轉向預包裝解決方案。這些都是我們產品組合所順應的趨勢，它們會改變產品的組合方式。例如，在第三季度，我們看到美國消費者繼續從新鮮切片熟食櫃檯轉向預切片熟食肉類，這種趨勢有所減弱。雖然我們能從中獲利一部分，但這是一種利潤率較低的捲材應用。

Within foodservice markets, the US was flat as many quick service restaurants and fast casual operators are leaning into value offerings and new products or promotions to help spur traffic. The rest of our international foodservice markets continue to be resilient.

在餐飲服務市場方面，美國市場表現平淡，因為許多速食店和休閒速食店經營者都在依靠物美價廉的產品、新產品或促銷活動來刺激客流量。我們其他國際餐飲服務市場依然保持韌性。

Despite the US market headwind, our focus on service quality and driving growth in dairy within Liquibox resulted in the fluids and liquids portfolio growing volume above expectations. Retail and foodservice continue to represent key growth areas for the food business, given higher growth rates and overall opportunity to take share. As we expand further into those end markets, we will smooth out the volatility that comes from our exposure to supply side dynamics within industrial food processing end markets.

儘管美國市場面臨不利因素，但我們專注於服務品質並推動 Liquibox 旗下乳製品業務的成長，使得液體產品組合的銷售成長超出預期。鑑於較高的成長率和整體市場份額成長機會，零售和餐飲服務仍然是食品業的主要成長領域。隨著我們進一步拓展到這些終端市場，我們將平抑因我們暴露於工業食品加工終端市場供應方動態而產生的波動。

On the supply side, US beef harvest rates were lower than anticipated in the quarter, down approximately 10.5% compared to the prior year, following a mid-single-digit decline in the second quarter. During the third quarter, the number of days that cattle spent on feed lots remained above historical averages. The steeper-than-anticipated decline in beef production is pressuring our industrial exposed volumes.

在供應方面，繼第二季出現個位數中段下降之後，本季美國牛肉屠宰率低於預期，比上年同期下降約 10.5%。第三季度，牛隻在飼養場停留的天數仍高於歷史平均。牛肉產量下降幅度超出預期，給我們的工業相關業務帶來了壓力。

The US cattle rebuilding is expected to persist into 2026, be relatively flattish in 2027 and return to growth in 2028. We now expect this year's beef slaughter to be worse than 2024 by mid-single digits. Outside of the US, beef production remained strong in Australia, while other regions saw tempered rates. We are more intentionally making a rotation into retail and foodservice end markets by applying the transformation playbook we developed in Protective to our food business.

美國牛業的重建預計將持續到 2026 年，2027 年相對平穩，2028 年恢復成長。我們現在預計今年的牛肉屠宰量將比 2024 年減少個位數百分比。除美國以外，澳洲的牛肉產量依然強勁，而其他地區的產量則有所下降。我們正有意識地將業務重點轉向零售和餐飲服務終端市場，將我們在 Protective 領域開發的轉型策略應用到我們的食品業務中。

Like Protective, we are initially focused on our North American business due to its size and current market pressure. We are in the process of rewiring the organization to connect our end markets in retail and foodservice throughout our commercial, R&D and supply chain teams. This alignment will support a mix of go-to-market changes, new innovations and network asset optimization. We will continue to upgrade talent to ensure we are building a team that's growth-oriented, externally focused, highly accountable and operating with urgency and pace.

與 Protective 一樣，由於北美市場的規模和當前的市場壓力，我們最初也專注於北美業務。我們正在對組織架構進行重組，以將我們在零售和餐飲服務領域的終端市場與我們的商業、研發和供應鏈團隊連接起來。這種協調將支持市場推廣策略的改變、創新和網路資產優化。我們將持續提升人才水平，以確保我們打造一支以成長為導向、以外部為重點、高度負責且行動迅速高效的團隊。

This is where I have been focusing my energy and effort, and we have made progress over the past couple of months. We are planning to make all the necessary foundational changes by the end of this year so we can hit the ground running in 2026. When you pull everything together, we continue to focus on controlling the controllables by extending the protective transformation across other geographies and down into R&D and supply chain as well as executing a growth transformation within our food business that will leverage an existing playbook, allowing us to move more quickly, starting in North America.

這就是我一直專注的地方，在過去的幾個月裡，我們取得了一些進展。我們計劃在今年年底前完成所有必要的基礎性變革，以便在 2026 年能夠迅速進入狀態。綜上所述，我們將繼續專注於控制可控因素，將保護性轉型擴展到其他地區，並深入研發和供應鏈，同時在我們的食品業務中實施成長轉型，利用現有的策略，使我們能夠更快地前進，首先從北美開始。

In parallel, we are advancing our productivity initiatives across the areas previously discussed as well as procurement and continued back-office improvements to further streamline our cost structure and position us well for stronger profitable growth when market conditions improve.

同時，我們正在推進之前討論過的各領域的生產力提升計劃，以及採購和持續的後台改進，以進一步簡化我們的成本結構，並在市場條件改善時為更強勁的盈利增長做好準備。

As we progress in the fourth quarter, we will have more visibility around where the consumer is headed, the resulting impact on next year's demand environment and more clarity on the timing of the benefits from our transformation initiatives. The combination of these factors will shape our outlook for 2026.

隨著第四季的推進，我們將更清楚地了解消費者的消費趨勢、對明年需求環境的影響，以及轉型措施何時能帶來效益。這些因素綜合起來將影響我們對2026年的展望。

I'm now going to turn it over to Kristen to give an update on our business performance and our updated outlook for 2025. Kristen, over to you.

現在我將把發言權交給克里斯汀，讓她介紹我們的業務表現以及我們對 2025 年的最新展望。克里斯汀，該你了。

Thank you, Dustin, and thank you to the Sealed Air team for the warm welcome and support over my first two months. This is an exciting time to join given where we are in our transformation journey. The transformation opportunity, along with the strength of the underlying brands in food and protective are a large part of what drew me here. I look forward to partnering with Dustin and the team to accelerate our efforts.

謝謝達斯汀，也感謝 Sealed Air 團隊在我入職前兩個月給予的熱情歡迎與支持。鑑於我們目前所處的轉型階段，現在加入正是好時機。轉型機遇，以及食品和防護用品領域現有品牌的強大實力，是我被這裡吸引的主要原因。我期待與達斯汀和團隊合作，加快我們的工作步伐。

Now let's turn to slide 4 to review Sealed Air's third quarter performance. Despite persisting market headwinds, our teams executed above expectations, delivering sales of $1.35 billion, up 0.5% as reported or down 1% on a constant currency basis. Adjusted EBITDA in the quarter was $287 million, up 4% as reported or 3% on a constant currency basis.

現在讓我們翻到第 4 張投影片，回顧 Sealed Air 第三季的業績。儘管市場持續面臨不利因素，但我們的團隊表現出色，銷售額達到 13.5 億美元，按報告匯率計算成長 0.5%，以固定匯率計算下降 1%。本季調整後 EBITDA 為 2.87 億美元，以報告匯率計算成長 4%，以固定匯率計算成長 3%。

Adjusted earnings per share was $0.87, up 10% as reported or 9% on a constant currency basis, driven by higher adjusted EBITDA and lower interest expense. Our adjusted tax rate was 23.9%, which was relatively flat compared to the prior year. Our weighted average diluted shares outstanding in the third quarter was $148 million.

調整後的每股盈餘為 0.87 美元，以報告匯率計算成長 10%，以固定匯率計算成長 9%，主要得益於經調整後的 EBITDA 增加和利息支出減少。我們調整後的稅率為 23.9%，與前一年相比基本持平。第三季我們加權平均稀釋後流通股數為 1.48 億美元。

Moving to slide 5. During the third quarter, volumes were down less than 1% with Food and Protective performing above expectations. Food volume was relatively flat in the quarter as the decline in our shrink bag business was offset by growth in our foodservice portfolio, which outperformed the market across all regions with volume up 4% year-over-year.

切換到第5張投影片。第三季銷量下降不到 1%，其中食品和防護用品銷量超出預期。本季食品銷量相對平穩，收縮袋業務的下滑被餐飲服務組合的成長所抵消，該組合在所有地區均表現優於市場，銷量較去年同期成長 4%。

Protective volume was down less than 2% in the quarter as our industrial portfolio showed modest growth year-over-year and the fulfillment portfolio continued to improve, led by strength in auto bag solutions and specialty foam. We reached another key milestone in our transformation in the third quarter as protective materials grew for the first time since 2021, 1% year-over-year. This was offset by lower equipment volumes.

本季防護用品銷量下降不到 2%，因為我們的工業產品組合同比增長幅度不大，而物流產品組合在汽車包裝袋解決方案和特種泡沫的強勁表現的帶動下繼續改善。第三季度，我們的轉型又邁上了一個新的台階，防護材料自 2021 年以來首次實現年增 1%。設備產量下降抵消了這一影響。

Price was essentially flat in the third quarter on relatively stable resin markets and a tariff landscape that didn't change meaningfully within the quarter. Although these are two areas we continue to watch heading into 2026.

第三季價格基本上持平，因為樹脂市場相對穩定，而且關稅環境在本季內也沒有發生實質變化。儘管這兩個領域是我們進入 2026 年後將繼續關注的。

Foods pricing was 20 basis points better than the prior year, while Protective declined 1%. Third quarter adjusted EBITDA of $287 million increased $11 million or 4% with a margin of 21.3%, up 80 basis points year-over-year. The strong adjusted EBITDA performance was primarily driven by lower operating costs, including favorable productivity savings and cost control actions, partially offset by slightly lower volumes and negative net price realization, which was mostly driven by inflation on labor and nondirect material costs.

食品價格比去年同期上漲了 20 個基點，而防護用品價格下降了 1%。第三季調整後 EBITDA 為 2.87 億美元，成長 1,100 萬美元，成長 4%，利潤率為 21.3%，年增 80 個基點。經調整後的 EBITDA 表現強勁，主要得益於營運成本的降低，包括生產效率的提高和成本控制措施的改善，但部分被銷量略有下降和淨價實現為負所抵消，而淨價實現為負主要是由於勞動力和非直接材料成本的上漲所致。

Moving to segment performance on slide 6. In the third quarter, food net sales of $910 million were consistent with last year on a constant currency basis, with both volume and pricing relatively flat. We are seeing continued consumer softness in North America, resulting in trade downs and trade-outs. On the supply side, beef production declined at a faster pace than was previously anticipated. Though market headwinds were partially offset by positive volume in our fluids and liquids portfolio.

轉到第 6 張投影片上的細分市場表現。第三季度，食品淨銷售額為 9.1 億美元，以固定匯率計算與去年同期持平，銷售和價格均相對穩定。我們看到北美消費市場持續疲軟，導致消費者降級消費或放棄購買現有產品。供應方面，牛肉產量下降速度比之前預期的快。儘管市場逆風被我們流體和液體產品組合的積極銷售部分抵消。

From a regional perspective, volumes were up in all regions outside of the US with low to mid-single-digit growth in EMEA, Latin America and APAC. Food adjusted EBITDA of $215 million increased $9 million or 3% in constant currency compared with the prior year. Adjusted EBITDA margin was 23.6%, a year-over-year improvement of 70 basis points. The increase in adjusted EBITDA on a constant currency basis was primarily driven by productivity and cost-out savings, partially offset by negative net price realization.

從區域角度來看，除美國以外所有地區的銷量均有所增長，其中歐洲、中東和非洲地區、拉丁美洲和亞太地區的銷量增長幅度為個位數低至中等。食品調整後 EBITDA 為 2.15 億美元，以固定匯率計算比上年增長 900 萬美元，增幅為 3%。經調整後的 EBITDA 利潤率為 23.6%，較去年同期成長 70 個基點。以固定匯率計算，調整後 EBITDA 的成長主要得益於生產力提高和成本削減，但部分被負淨價實現所抵銷。

Protective sales were $442 million in the third quarter, down $12 million or 3% on a constant currency basis. Volumes were down less than 2%, demonstrating once again continued improvement sequentially as the disciplined execution of our go-to-market strategy continues to yield iterative progress.

第三季防護用品銷售額為 4.42 億美元，以固定匯率計算下降 1,200 萬美元，降幅為 3%。銷量下降不到 2%，再次顯示我們市場推廣策略的嚴格執行持續取得迭代進步，銷量也因此持續改善。

Protective adjusted EBITDA of $78 million in the third quarter increased approximately $3 million or 3% as reported and 1.5% in constant currency compared with the prior year. This represents our first year-over-year adjusted EBITDA growth in this segment since the first quarter of 2024. Adjusted EBITDA margin in Protective was 17.7%, up 80 basis points year-over-year. The improvement was driven by productivity gains, which were partially offset by negative net price realization and lower volume.

第三季經保護性調整後的 EBITDA 為 7,800 萬美元，以報告匯率計算比去年同期成長約 300 萬美元或 3%，以固定匯率計算成長 1.5%。這是自 2024 年第一季以來，我們該業務板塊首次實現同比增長的調整後 EBITDA。Protective 的調整後 EBITDA 利潤率為 17.7%，較去年同期成長 80 個基點。生產力的提升推動了業績的改善，但負淨價實現和銷售下降部分抵消了生產力的提升。

Turning to slide 7. Through the first nine months of the year, free cash flow was a source of $201 million compared to a source of $323 million for the same time period a year ago. We generated $120 million in free cash flow during the third quarter, up 4% from the same quarter last year. At the end of the quarter, our total liquidity position was $1.3 billion, including $282 million in cash and the remaining amount in committed availability under our revolver.

翻到第7張投影片。今年前九個月，自由現金流為 2.01 億美元，去年同期為 3.23 億美元。第三季我們產生了 1.2 億美元的自由現金流，比去年同期成長了 4%。截至季末，我們的總流動資金為 13 億美元，其中包括 2.82 億美元的現金以及循環信貸項下剩餘的承諾可用金額。

Last week, we closed on the refinancing of our five-year revolving credit facility and as a part of the facility, incorporated a new delayed draw term loan. The committed delayed draw structure will act as a backstop to refinance our 1.573% senior secured notes maturing in October of 2026, which allows us to continue to take advantage of the low coupon of the existing notes until maturity. Our net leverage ratio was 3.5 times, and we remain on track to reaching a net debt to adjusted EBITDA leverage ratio of approximately 3 times by the end of 2026.

上週，我們完成了五年期循環信貸安排的再融資，並作為該安排的一部分，納入了一項新的延期提取定期貸款。承諾的延期提取結構將作為後備方案，用於為我們 2026 年 10 月到期的 1.573% 優先擔保票據進行再融資，這使我們能夠繼續利用現有票據的低票息直至到期。我們的淨槓桿率為 3.5 倍，我們仍有望在 2026 年底前實現淨債務與調整後 EBITDA 槓桿率約為 3 倍的目標。

Shifting gears to the update of our full year outlook on slide 8. We see market pressures accelerating in the fourth quarter, resulting in volumes lower than anticipated, particularly in North America Food, along with further competitive pricing pressure in both businesses. These dynamics will be partially offset by further tailwinds from a weakening US dollar.

接下來，我們將在第 8 頁更新全年展望。我們看到第四季市場壓力加劇，導致銷售低於預期，尤其是在北美食品領域，同時兩個業務領域都面臨進一步的價格競爭壓力。美元走軟帶來的進一步利多將部分抵銷這些不利因素。

In addition to the macro factors discussed earlier, we are monitoring the near-term implications of the US government shutdown, specifically as it relates to funding the Supplemental Nutrition Assistance Program, or SNAP. We don't yet know the impact the delay in funding the program will have on our US business, but anticipate it to be transitory.

除了前面討論的宏觀因素外，我們還在關注美國政府停擺的近期影響，特別是與補充營養援助計劃（SNAP）的資金相關的影響。我們目前還不清楚專案資金延遲撥付會對我們的美國業務造成什麼影響，但預計這種影響是暫時的。

In the short term, the shutdown may continue to exacerbate the trade downs we are seeing as lower-income households would stretch their dollars even further. At this time, we continue to target the $5.3 billion midpoint of our tightened full year sales range. We are raising the adjusted EBITDA expected range to $1.12 billion to $1.14 billion, up $5 million from the prior midpoint, implying $274 million in the fourth quarter.

短期來看，停擺可能會繼續加劇我們目前看到的消費降級趨勢，因為低收入家庭會更精打細算地使用每一分錢。目前，我們仍將全年銷售目標設定在53億美元的中點價值。我們將調整後的 EBITDA 預期範圍上調至 11.2 億美元至 11.4 億美元，比之前的中間值高出 500 萬美元，這意味著第四季將達到 2.74 億美元。

Our Q4 adjusted EBITDA outlook reflects continued operating discipline and ramping productivity initiatives that will be partially offset by lower volume and unfavorable net price realization. Given the strong year-to-date performance on adjusted EPS, we now expect the full year to be between $3.25 and $3.35 per share. This assumes full year shares outstanding of approximately $147 million and an updated full year tax rate of 26%.

我們對第四季度調整後 EBITDA 的展望反映了持續的營運紀律和提高生產力的舉措，但這些舉措將被銷售下降和不利的淨價實現部分抵消。鑑於今年迄今調整後每股收益表現強勁，我們現在預計全年每股收益將在 3.25 美元至 3.35 美元之間。假設全年流通股約為 1.47 億美元，且全年稅率更新為 26%。

Finally, we are reaffirming our full year free cash flow to be approximately $400 million. As a reminder, we seasonally ramp down inventories in the fourth quarter, which drives stronger cash generation toward the end of the year. We have lowered our full year capital expenditure projection to $175 million, reflecting increased rigor around capital deployment and refocused priorities guided by our transformation efforts.

最後，我們重申全年自由現金流約 4 億美元。再次提醒大家，我們在第四季會依照季節性規律減少庫存，這將有助於在年底前實現更強勁的現金流。我們將全年資本支出預測下調至 1.75 億美元，這反映出我們在資本部署方面更加嚴格，以及在轉型努力的指導下重新調整了優先事項。

As we progress through the remainder of the year, we will better understand where the consumer is headed, particularly in the US and its impact on next year's demand environment. We will also gain greater clarity on the timing of our transformation and productivity initiatives and how the combination of these factors will shape our outlook for 2026, which we look forward to sharing with you in February.

隨著今年剩餘時間的推移，我們將更了解消費者的消費趨勢，尤其是在美國，以及這種趨勢對明年需求環境的影響。我們也將更清楚地了解轉型和生產力提升計畫的時間安排，以及這些因素的結合將如何影響我們對 2026 年的展望，我們期待在 2 月與您分享。

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

那麼，我和達斯汀歡迎大家提問。操作員，我們現在開始問答環節。

(Operator Instructions) George Staphos, Bank of America Securities.

（操作員說明）喬治·斯塔福斯，美國銀行證券。

Thanks so much. I appreciate all the details, everyone. Kristen, welcome. And thanks for taking my question. I guess my question is really around food. Dustin, you talked about maybe beef production in North America picking up, I guess, by 2028. And I don't want to put words in your mouth. But can you give us a bit more detail in terms of the sources that you're using in terms of navigating this bottom in terms of cattle on feed and beef production, recognizing it's not the only thing that drives your food business.

非常感謝。感謝大家提供的所有細節。克里斯汀，歡迎。感謝您回答我的問題。我想我的問題其實是關於食物的。達斯汀，你之前提到北美牛肉產量可能會在 2028 年左右回升。我不想替你說話。但是，您能否更詳細地說明一下，您在應對飼養牛和牛肉生產方面的低迷時，使用了哪些資訊來源？我們都知道，這並不是推動您食品業務發展的唯一因素。

And the question behind the question is, we've seen some commentary from industry sources that suggest maybe '26 is really the plateau and we should start seeing an uptick in cattle on feed '26 or '27. Kind of what informs your view and what should we be mindful of?

而這個問題背後的問題是，我們看到一些業內人士的評論表明，2026 年可能真的是一個平台期，我們應該會在 2026 年或 2027 年開始看到飼養牛數量的上升。你的觀點主要受哪些因素影響？我們應該注意哪些方面？

Related point, and this may be just a punt to '26 and we understand, given the productivity initiatives that you have underway in food, do you expect that at least directionally, EBITDA should be up next year for Food as you put all of the pluses and minuses together, and obviously, we'll get more detail next quarter.

相關一點，這可能只是對 2026 年的預測，我們了解到，鑑於您在食品領域正在進行的生產力提升計劃，您是否預計，至少從趨勢上看，明年食品業務的 EBITDA 將會增長，因為您將所有利好因素和不利因素綜合考慮了。顯然，我們將在下個季度獲得更多細節。

Thank you.

謝謝。

Hey, George, and again, I appreciate the commentary and the question. So a couple of things that talk about the US beef cycle. As you kind of noted at the beginning of this year, we actually started the year on a stronger note in the first quarter of 2025. And as we've gone throughout the year, the cattle cycle has really steepened.

嗨，喬治，再次感謝你的評論和提問。所以，有幾件事要談談美國牛肉週期。正如您在今年年初所指出的那樣，我們在 2025 年第一季實際上開局強勁。隨著時間的推移，牛市週期變得越來越陡峭。

And we talk about the supply side dynamics, but really, it's an interplay between the demand side, right, where you don't have a consumer there that can really continue to purchase high-end beef. And that's why I think you're seeing this precipitous change where you're beginning to see higher [effort] retention and a steeper decline, which was steeper, obviously, in the third quarter. And then we're actually guiding it now in the fourth quarter until you see that steepening. But just as a reminder to everybody, it's a combination of where the consumer is at and then obviously supply side dynamics.

我們談論的是供應面的動態，但實際上，這是需求面的相互作用，對吧？因為沒有消費者能夠繼續購買高端牛肉。所以我認為，你會看到這種急劇的變化，即更高的[努力程度]留存率和更陡峭的下降，顯然，第三季度下降得更厲害。然後，我們現在實際上正在引導它進入第四季度，直到你看到它變得更加陡峭。但要提醒大家，這取決於消費者的現況以及供應方的動態。

So how we see it playing out as today kind of based on the latest forecast that happened and the change in Q3 and our expectations for Q4, as you would expect '25 now down kind of in the 5% range over holistically. But keep in mind, that's with a stronger Q1. And then you would expect a similar dynamic, George, which is in line with industry expectation around that same 5% to 6% going into 2026. And then the point is that you're seeing it really steepen right now in Q3 and then steepen further in Q4. You'll see that shallowing out in Q1 and Q2 of next year, and you would see it come back out of it, which actually leads '27 to be flattish right now based on current indication and '28, you actually revert back to positive growth.

所以，根據最新的預測、第三季的變化以及我們對第四季的預期，我們看到目前的情況是，正如你所預期的那樣，2025年整體下降幅度在5%左右。但請記住，這是在第一季業績強勁的情況下。喬治，你也會預期類似的動態，這與產業預期相符，即到 2026 年將成長 5% 到 6%。關鍵是，你會看到第三季的情況急劇惡化，第四季還會進一步惡化。你會看到這種情況在明年第一季和第二季趨於平穩，然後又會恢復成長，根據目前的跡象來看，這實際上會導致 2027 年經濟趨於平穩，而 2028 年經濟將恢復正成長。

And so that's -- that's the dynamic we see playing out, which is also why you see our commentary around how we're really focused on rotating into retail as well as foodservice as those areas provide an offset, which is actually what you would have seen in our Q3 results as we talked about the strength of our overall foodservice portfolio.

所以，這就是我們看到的動態，這也是為什麼你會看到我們評論說，我們真正專注於輪換到零售和餐飲服務領域，因為這些領域可以起到抵消作用，這實際上也正是你在我們第三季度業績中看到的內容，因為我們談到了我們整體餐飲服務組合的強勁表現。

And then going back to your question on '26. Right now, as Kristen and I both commented in the script, it's really a combination of those factors that we're looking through because a lot will determine how '26 shapes up based on where the consumer is at in the overall US economy.

然後回到你26號提出的問題。正如我和克里斯汀在劇本中提到的那樣，我們現在正在考慮的是這些因素的綜合作用，因為2026年的發展很大程度上取決於消費者在美國整體經濟中的地位。

And as we mentioned, right now, uncertainty is increasing. We've seen some of those macroeconomic trends weaken in the third quarter and intimating right now going into the fourth. And so we don't want to kind of comment right now on exactly where we land because it's that combination of where the market is at, which I would say is the biggest area of uncertainty in combination of what we're doing on the transformation side as it relates to food specifically, what benefits are we going to get from our initiatives in retail as well as foodservice and then the combination of productivity. But those are all the variables that we're managing right now, and we'll give you a more fulsome update in February when we come back.

正如我們之前提到的，目前不確定性正在增加。我們已經看到，第三季的一些宏觀經濟趨勢有所減弱，目前預示著第四季也將如此。因此，我們現在不想對最終結果發表任何評論，因為這取決於市場現狀（我認為這是最大的不確定因素）、我們在食品轉型方面所做的工作、我們在零售和餐飲服務方面的舉措將帶來哪些好處，以及生產力等因素的綜合影響。但這些就是我們目前正在控制的所有變量，我們將在二月回來時為大家帶來更全面的更新。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Yeah, hey guys, good morning, Kristen, welcome also. I guess just following up on George's question on the Food segment. If we could just kind of switch to the EMEA segment, a portion of that segment. Can you just touch on the operating environment there? Is it any different than the US baseline?

是的，大家好，早安，克里斯汀，也歡迎你。我猜我只是想接著喬治在美食環節提出的問題繼續問下去。如果我們能把目光轉向歐洲、中東和非洲地區，或者說轉向該地區的一部分。能簡單介紹一下那裡的作業系統環境嗎？它與美國的基準線有何不同？

And then I think you cited share gains in the region. Give us a bit more color as to what drove that, which specific businesses, et cetera, that would be helpful. Thank you.

然後，我想你也提到了該地區的市場份額成長。請您詳細說明背後的原因，具體是哪些企業等等，這將很有幫助。謝謝。

Thank you, Ghansham. And the question as it relates to our EMEA region, our European region and the food business. Those dynamics are still playing out, Ghansham, the region has been the strongest performer within the overall Food segment holistically. The operating environment is still very strong there and the share gains that really started in the back of 2024, it kind of rolled through '25, and that business has continued to perform very well from an overall margin expansion as well as share gains.

謝謝你，甘沙姆。這個問題與我們的 EMEA 地區、我們的歐洲地區以及食品業務有關。Ghansham，這些動態仍在持續，該地區在整個食品產業中表現最為強勁。當地的經營環境仍然非常強勁，市場份額的成長真正始於 2024 年末，並延續到了 2025 年，而且該業務在整體利潤率擴張和市場份額增長方面都繼續表現良好。

It's really across the entire portfolio. So there, obviously, in our EMEA region, you actually have less shrink bag penetration as you do relative to industrial markets. You have a bigger focus on retail just due to the dynamic in the European region holistically just as a region relative to our other regions. So it's less cycle driven than if you think about Australia, Latin America as well as the US. And so that dynamic is continuing to play out.

這實際上涵蓋了整個投資組合。所以很明顯，在我們的 EMEA 地區，收縮袋的滲透率實際上比工業市場低。由於歐洲地區整體而言相對於我們其他地區而言具有獨特的動態，因此你們更加關注零售業。所以，與澳洲、拉丁美洲以及美國相比，它的周期性影響較小。因此，這種動態仍在持續上演。

We will -- I will say that there is some cautiousness now kind of creeping into that market as it relates to broader global growth outlook. But as far as we're kind of anticipating closing out the year in 2025, we anticipate the European region to close out very strong. But it's on the back across all those portfolios, whether it was what we're doing in Liquibox, whether it's the rollstock applications, which for us, particularly a product called DMY as well as shrink bags. It's really kind of broad-based strength across that portfolio and across that region.

我會說，目前市場對全球經濟成長前景抱持著一些謹慎態度。但就我們預計到 2025 年末的情況而言，我們預計歐洲地區將以非常強勁的勢頭收官。但所有這些產品組合的背面都體現了這一點，無論是我們在 Liquibox 中所做的，還是卷材應用，對我們來說，特別是名為 DMY 的產品以及收縮袋。這確實體現了該投資組合和該地區的廣泛實力。

Phil Ng, Jefferies.

Phil Ng，傑富瑞集團。

Hey guys, congrats on another strong quarter in a tough environment. I guess, Dustin, well, first of all, welcome, Kristen, really looking forward to working with you going forward. I guess a quick question out of the gate. I guess your implied fourth quarter guide implies seasonal -- counter seasonality, certainly, you called out some headwinds on food in particular.

嘿，夥計們，祝賀你們在如此艱難的環境下又取得了一個強勁的季度業績。我想，達斯汀，首先歡迎克莉絲汀，我非常期待未來與你合作。我想先問一個簡短的問題。我猜你暗示的第四季度指導意見暗示了季節性因素——當然，也包括反季節性因素，你特別提到了食品業面臨的一些不利因素。

So I guess, number one, have you seen the correction in demand already, whether it's the consumer protective in terms of your order patterns weakening in the fourth quarter? And then you called out some price degradation as well. Have you seen that kind of soften already going into the fourth quarter, whether it's food or Protective?

所以我想問的是，第一，您是否已經看到需求調整，例如第四季度消費者的保護性消費行為是否減弱，導致訂單模式減弱？然後你也指出了一些價格下跌的問題。你是否已經注意到，進入第四節後，無論是食物還是保護性裝備，都出現了這種疲軟的趨勢？

Yes. I'll start by jumping in and just give you some perspective broadly on Q4, and then I'll let Dustin add some specificity around Protective and a couple of the other points you raised. So let me start by just framing the big picture Q4 and really what we are carrying in from Q3. We mentioned in the prepared remarks that the team is really executing well against the challenging backdrop, and there's a lot of focus here internally from the teams on making sure we're controlling what we're able to control.

是的。我先從宏觀角度談談第四季度，然後讓達斯汀具體闡述保護措施以及你提出的其他幾點。那麼，首先讓我來概述一下第四季的整體情況，以及我們從第三季繼承下來的內容。我們在準備好的演講稿中提到，在充滿挑戰的背景下，團隊的表現非常出色，團隊內部也高度重視確保我們能夠控制我們能夠控制的事情。

So if you think about the progress that we're making both on the growth initiatives, the transformation initiatives, all the things that contributed to the Q3 performance, we absolutely expect all of that to continue. But what you're really hearing from us quite broadly is concerns around a softer macro environment sequentially moving into the fourth quarter. And we touched on like industrial production index, various points around consumer sentiment and uncertainty.

因此，考慮到我們在成長計劃、轉型計劃以及所有促成第三季業績的因素方面所取得的進展，我們絕對期望所有這些進展都能繼續下去。但我們普遍表達的擔憂是，進入第四季後，宏觀經濟環境將逐漸疲軟。我們也談到了工業生產指數、消費者情緒和不確定性等各個面向。

And all of that broadly speaking, again, total enterprise on the top line is bringing us down in volume relative to the prior guide, about 2.5 points. And a couple of areas I'd point out where that's concentrated is in NAM food and that's specifically in industrial processing.

總的來說，所有這些因素再次導致企業整體營收下降，與先前的指導值相比，銷售量下降了約 2.5 個百分點。我想指出，這種情況在北美食品領域尤其集中，特別是工業加工領域。

As you mentioned, there's a little bit of negative price coming in, in the fourth quarter, and that really has to do just with the challenging volume metric environment that we're seeing. But I will point out it's being offset by currency. So it really doesn't net out to being a very volume-driven story. But the teams are going to continue to do all the things they did in Q3 to deliver against that.

正如您所提到的，第四季度價格略有下跌，這實際上與我們目前面臨的充滿挑戰的銷售指標環境有關。但我要指出的是，匯率波動抵銷了部分影響。所以，總的來說，這不是一個以數量取勝的故事。但各隊將繼續沿用第三季的所有策略，以實現這一目標。

And Dustin, maybe you want to put a finer point on some of the questions on Protective.

達斯汀，或許你想更詳細闡述關於保護性的一些問題。

Yes, absolutely. Well, Phil, going back to the question you ask specifically as it relates to food, -- what I would tell you is that in Protective in both cases, the order entry patterns are seeing the -- we are seeing that dynamic play out, particularly in industrial volumes in terms of industrial processing within food.

是的，絕對的。菲爾，回到你提出的具體與食品相關的問題，——我想告訴你的是，在 Protective 的兩種情況下，訂單錄入模式都呈現出——我們看到這種動態正在上演，尤其是在食品工業加工的工業量方面。

And so that's the area that we talked about the downward pressure you saw in Q3. There was offsets there that helped offset in Q3. But in Q4, because it's steepening even further, you're seeing that pressure, and it's absolutely coming through in our order entry, albeit the dynamic is still yet to play out. And so we're going to be cautious as we go through fourth quarter, but it's -- we're seeing it already.

所以，這就是我們之前討論過的第三季面臨的下行壓力。第三季有一些抵消因素，有助於抵消這些影響。但到了第四季度，由於情況進一步惡化，這種壓力已經顯現出來，並且絕對體現在我們的訂單中，儘管這種動態尚未完全展現。因此，我們在進入第四季度時會保持謹慎，但我們已經看到了這種情況。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Good Morning, Dustin, you spent a lot of time talking about that commercial playbook. So maybe more specifically, what could you borrow from the Protective playbook you've already executed on? Or maybe what needs to be done in terms of either customers' R&D spend or KPIs you measure within the sales force? And how does the shift to food impact capital allocation in coming years?

早安，達斯汀，你花了很多時間談論商業策略手冊。更具體地說，你可以從你已經執行過的保護策略中藉鏡哪些內容？或者，客戶研發支出或銷售團隊的關鍵績效指標方面需要做些什麼？這種向食品業的轉變將如何影響未來幾年的資本配置？

And to the point you just talked about as well, despite those headwinds, 3Q still came in good as did the margin, I think an unfavorable mix of margin from those end markets, and you discussed the price headwinds, but how are you able to preserve margin in food in 3Q? And could you expect to hold margins year-over-year in 4Q despite those incremental beef headwinds?

正如您剛才提到的，儘管面臨這些不利因素，第三季業績依然良好，利潤率也保持穩定。我認為，終端市場的利潤率組合並不理想，您也討論了價格方面的不利因素，那麼，您是如何在第三季度保持食品利潤率的呢？即使面臨牛肉價格上漲帶來的不利影響，您能否預期第四季利潤率能夠與去年同期持平？

Thanks for taking the question.

感謝您回答這個問題。

Yes. So a couple of things, Matt. Again, thank you for that multipart question. So the first comment I would make is really related to the overall commercial playbook, right? And so if you think about what we've done in Protective and you talk about -- if you take a step back even when we went through the kind of the reconstitution of both Food and Protective as overall segments, a lot of that playbook in Protective was really around changing our reactive sales approach to a proactive sales approach.

是的。有幾件事，馬特。再次感謝您提出的這個包含多個部分的問題。所以我首先要說的評論其實是與整體商業策略有關，對吧？因此，如果你想想我們在防護領域所做的工作，並且你談到——即使當我們對食品和防護這兩個整體業務部門進行重組時，防護領域的許多策略實際上都是圍繞著將我們被動的銷售方式轉變為主動的銷售方式。

And we talked about putting investment in the field, we talked about simplifying our go-to-market structure, overhauling incentives as well as really focusing on the strategies we have in each segment. And to give you an example, in Protective, what that largely meant was simplifying the engagement model we have with our distribution partners and stepping up overall engagement. That same approach is coupled with sales performance management.

我們討論了加大對該領域的投資，我們討論了簡化我們的市場推廣結構，徹底改革激勵機制，以及真正專注於我們在每個細分市場所製定的策略。舉個例子來說，在 Protective 公司，這主要意味著簡化我們與分銷合作夥伴的合作模式，並提高整體合作水準。這種方法也適用於銷售績效管理。

And again, what I would say is for leading indicators, everything from managing activity at the field level from how many calls per week, visits per week, managing customer satisfaction, managing pipeline, all those areas are applicable to our food business, which is -- has been historically been more exposed to industrial volumes, which has a different type of sales approach than you would see relative to retail and food service, right?

我再次強調，對於領先指標而言，從現場活動管理（例如每週的電話量、每週的拜訪量）、客戶滿意度管理、銷售通路管理等各個方面，都適用於我們的食品業務。食品業務歷來更接觸工業量，其銷售方式與零售和餐飲服務業有所不同，對吧？

So it's really tailoring that go-to-market model, working from our end markets back, focused on our strategy and connecting that through R&D and supply chain. But it starts in our biggest region, North America and food being roughly 50% overall holistically and then being able to work in North America first from a commercial perspective. But even more importantly, in food, that connection back, how you connect it into R&D as well as supply chain matters even more, particularly as you want to rotate into these other segments further.

所以，這實際上是在調整市場進入模式，從我們的終端市場出發，專注於我們的策略，並透過研發和供應鏈將其連接起來。但這一切都始於我們最大的地區——北美，食品約佔整體的 50%，然後才能從商業角度在北美開展業務。但更重要的是，在食品業，這種聯繫，即如何將其與研發以及供應鏈聯繫起來，就顯得更加重要，尤其是當你想進一步拓展到其他領域時。

As it relates to the overall margin profile that you discussed, yes, we feel really good about where we're at from how we executed in the quarter. As we've talked about beforehand in Q2 as well as in Q1, recognizing there may be some potential demand weakness in the year, controlling the controllables, taking a more proactive approach, we really put a lot of energy and effort as a management team driving productivity across the business. And you're seeing that come in and really offset some of the -- again, net price realization that we see picking up in the fourth quarter and coming in to offset that particular piece.

至於您提到的整體利潤率情況，是的，我們對本季的執行情況感到非常滿意。正如我們在第二季和第一季度所討論的那樣，考慮到今年可能存在一些潛在的需求疲軟，我們控制了可控因素，採取了更加積極主動的方式，管理團隊投入了大量精力和努力來提高整個業務的生產力。而且，你會看到這種情況正在發生，並真正抵消了一些——再次強調，我們看到第四季度淨價實現率上升，並抵消了那一部分。

And then as it relates to capital allocation changes, I'm going to turn it to Kristen and give her an opportunity to comment on that part of your question.

至於資本配置變化方面，我將請 Kristen 回答，讓她有機會就您問題的這一部分發表評論。

Yes. Thanks, I appreciate it. So broadly speaking, what we're really trying to focus on with our capital expenditures is how we're choosing to invest in things that are accretive to ROIC, which has really been a focus of ours since the Liquibox acquisition.

是的。謝謝，非常感謝。總的來說，我們在資本支出方面真正關注的是如何選擇投資於能夠增加 ROIC 的項目，這自收購 Liquibox 以來一直是我們的重點。

And if you think about deployment of CapEx, really, whether it's to food or it's Protective, it really links back to the transformation priorities. And those priorities are absolutely going to inform what investments we're making and the timing of those investments. And I do think that there's a lot of interesting things ahead of us with respect to food transformation specifically that we can do to continue to drive profitable growth in the business. Specifically what those are or how much we're going to spend on them, we'll come back to you in February with more color on the '26 guide, and we'll elaborate a bit more on the CapEx side as well.

如果你仔細考慮資本支出的部署，無論是用於食品還是用於防護，實際上都與轉型優先事項息息相關。這些優先事項絕對會影響我們的投資方向和投資時機。而且我認為，在食品轉型方面，我們還有很多有趣的事情要做，我們可以做很多事情來繼續推動業務的獲利成長。具體來說，這些是什麼，或者我們將在這些項目上花費多少，我們將在 2 月份向您詳細介紹 2026 年的指南，並且我們還將對資本支出方面進行更詳細的闡述。

Edlain Rodriguez, Mizuho.

埃德蘭·羅德里格斯，瑞穗。

Thank you, good morning, everyone, and welcome, Kristen. In terms of Protective, Dustin, again, you've seen an inflection in material volume in there. Like what drove that? And do you believe that's sustainable going forward? And do you still expect to see the overall volume inflection in that segment as we go into 2026?

謝謝大家，早安，歡迎克里斯汀。就防護用品而言，達斯汀，你已經再次看到該類用品的用量出現了轉折點。是什麼原因導致的？你認為這種模式未來能夠持續下去嗎？您是否仍預期到 2026 年該細分市場的整體銷售會出現轉折點？

So great question. So again, I'll just start by saying, look, we're really pleased in the third quarter, right? It's obviously a major milestone for us in the Protective transformation to inflect the material volumes in the third quarter.

問得好。所以，我再說一遍，首先我想說，我們對第三季的表現非常滿意，對吧？顯然，這是我們在防護用品轉型過程中的一個重要里程碑，它將在第三季對物料銷售產生影響。

What drove that as we talked about in the second quarter, our industrial portfolio flipped positive and you see continued strength there. Notable areas that performed better would be Instapak, AUTOBAG, but we also had many other areas like our Korrvu, which is our suspension films, inflatables. So you had more, I would say, parts of the portfolio that grew this time than we've seen historically.

正如我們在第二季度討論的那樣，推動這一趨勢的原因是我們的工業投資組合轉為盈利，而且你可以看到這部分業務持續走強。表現較好的領域包括 Instapak 和 AUTOBAG，但我們還有許多其他領域，例如我們的 Korrvu（懸吊膜和充氣產品）。所以，我認為，這次投資組合中成長的部分比以往任何時候都要多。

You saw continued improvement in fulfillment. And as we talked about some of the wins we had in national accounts, those are largely in the fulfillment space. And so that area should be able to -- as those sales kick in and roll through, that's largely a benefit that you'll see rolling through 2026.

您看到了訂單履行方面的持續改進。正如我們之前討論的，我們在全國性客戶方面取得的一些勝利主要集中在物流領域。因此，隨著這些銷售的開始和持續，該地區應該能夠——這在很大程度上是一個好處，你會在 2026 年看到它持續帶來好處。

As it relates to -- so I'll pause there to say, yes, very strong Q3 that we feel really excited about relative to the journey that we've been on, obviously inflecting since 2021. We already intimated in the script that we are going to see further stabilization in material volumes in the fourth quarter. And then as you get into 2026, against what we're looking is the same combination of items that we discussed earlier, which is as it relates to growth specifically, take productivity aside is where are we going to be from an overall US economy is that will obviously drive a lot of the market -- underlying market lift or downward pressure.

至於這方面——所以我要停頓一下，是的，第三季業績非常強勁，我們對此感到非常興奮，這與我們自 2021 年以來所經歷的歷程顯然有關。我們在劇本中已經暗示，第四季材料產量將進一步趨於穩定。然後，到了 2026 年，我們所關注的仍然是之前討論過的那些因素的組合，具體來說，撇開生產力不談，美國整體經濟將會走向何方，這顯然將很大程度上驅動市場——市場的潛在上漲或下跌壓力。

And so we're very cautious there and is looking through that. And so our Q4 will inform a lot about how we view 2026 as outlook. But what I'm really confident in is what we're doing in terms of being able to change the game going back to Matt's question around that playbook and how that transformation is really playing out in Protective.

因此，我們在這方面非常謹慎，並且正在密切關注。因此，我們第四季的業績將很大程度上反映出我們對 ​​2026 年的展望。但我真正有信心的是，我們正在做的事情能夠改變比賽，回到馬特關於戰術手冊的問題，以及這種轉變在保護防守中是如何真正發生的。

So I'm really excited about where we're headed, and I'll have more to update you on as we understand that market dynamic in combination with the benefits and timing of our transformation initiatives and some of the wins we've been able to knock down this year.

所以我對我們未來的發展方向感到非常興奮，隨著我們對市場動態的了解加深，結合我們轉型計畫的益處和時機，以及我們今年取得的一些成果，我將向大家提供更多最新資訊。

Jeff Zekauskas, JP Morgan

傑夫‧澤考斯卡斯，摩根大通

Thanks very much. I was hoping that you would talk about your SG&A costs in that they came down about $10 million sequentially on higher sales. And so I was wondering if there was anything unusual about your SG&A number this quarter? Or is it sustainable?

非常感謝。我原本希望您能談談您的銷售、一般及行政費用，由於銷售額增長，該費用環比下降了約 1000 萬美元。所以我想知道，你們本季的銷售、管理及行政費用（SG&A）數據是否有任何異常之處？或者，它是否可持續？

I take it most of your restructuring has to do with your food business in that the food operating profit kind of matches the change in SG&A. Is that true? And for next year, is there another $50 million or $60 million in charges? Or are we done?

我認為你們的重組大多與食品業務有關，因為食品業務的營業利潤與銷售、一般及行政費用的變化基本吻合。是真的嗎？那麼明年是否還會有 5,000 萬美元或 6,000 萬美元的支出呢？還是說我們已經結束了？

So a couple of things, Jeff. I appreciate the question. So look, we're really pleased, as we've talked about over the past couple of years, we've really been very intentional about bringing down our overall SG&A. And keep in mind that as we've gone through what we call the CTO2Grow program over the past couple of years since we initiated it back in 2023, we've been able to consistently drive down that number.

傑夫，有幾件事。感謝您的提問。所以你看，我們真的很高興，正如我們在過去幾年裡一直在談論的那樣，我們一直非常有意識地降低整體銷售、一般及行政費用。請記住，自從我們在 2023 年啟動 CTO2Grow 計畫以來，在過去的幾年裡，我們一直在努力降低這個數字。

There's nothing unusual about the third quarter other than it's just reflective of timing related to some of those overall initiatives. And as you see -- or you will see in our Q3 disclosure, we're kind of formally closing the CTO2Grow program, but we will have continued restructuring initiatives cascading into next year.

第三季並沒有什麼特別之處，只是反映了與某些整體措施相關的時機。正如你所看到的——或者你將在我們的第三季度披露中看到的——我們正在正式結束 CTO2Grow 計劃，但我們將繼續推進重組計劃，這些計劃將持續到明年。

The TBD relative to how much payments that we think will be there, we've already intimated, again, as we talked about in the prepared remarks, that there's continued back-office restructuring. And keep in mind that while we're in Food and Protective, our overall SG&A, take the sales and marketing out to the site, but our G&A footprint, whether it's legal, whether it's finance, whether it's HR, those are all corporate functions that really support both segments.

至於我們認為將會有多少款項支付，目前還不得而知。正如我們在準備好的演講稿中所提到的，我們已經暗示過，後台部門將繼續進行重組。請記住，雖然我們身處食品和防護用品行業，但我們的整體銷售、一般及行政費用（SG&A）涵蓋了銷售和市場營銷，而我們的一般及行政費用（G&A）則涵蓋了法律、財務、人力資源等各個方面，這些都是真正支持這兩個業務部門的公司職能。

So as you continue to rationalize that G&A footprint through transformation, and we've highlighted some of those initiatives in the past, like our office in Manila that if you go back to the beginning of the year, we really had -- we just stood up the site. And as we sit here today, we're over 300 employees strong, right? It's the second largest G&A facility we have in our entire fleet.

因此，隨著您繼續透過轉型來合理化 G&A 規模，我們過去也重點介紹了一些此類舉措，例如我們在馬尼拉的辦事處，如果您回顧年初，我們實際上——我們剛剛建立了該辦事處。而今天，我們公司擁有超過 300 名員工，對吧？這是我們整個車隊中第二大的 G&A 設施。

And so there's -- a lot of those vehicles continue to be sustainable relative to two things: one, streamlining our back-office operations, but more importantly, driving better business outcomes as we've seen in IT. And to give you perspective, IT, where we've really modernized our overall infrastructure, we've also done that while at the same time, bringing down our IT cost into the high double digits. So really pleased with those outcomes. I think there's more opportunity ahead, but we'll give you more clarity on the timing of restructuring payments when we come back in 2026.

因此，許多這類工具之所以能夠繼續發揮作用，主要體現在兩方面：一是簡化我們的後台運營，但更重要的是，正如我們在 IT 領域所看到的，推動更好的業務成果。為了讓大家更清楚地了解狀況，在 IT 方面，我們真正實現了整體基礎架構的現代化，同時，我們也把 IT 成本降低了兩位數以上。對這些結果非常滿意。我認為未來還有更多機會，但我們會在 2026 年再次與您見面時，就重組付款的時間安排給出更明確的答案。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Good morning. I'm wondering if it's possible to give the maybe updated bridge items for the full year EBITDA guide in terms of net price, volumes, FX cost saves. And then apologies if I missed this, but you're reducing the CapEx for the full year, but your free cash flow estimate is unchanged. I don't know if you had any comment there in terms of the offsets.

早安.我想知道是否有可能提供全年 EBITDA 指南中可能更新的過渡項目，包括淨價、銷售、外匯成本節省等。如果我錯過了什麼，請見諒，你們降低了全年的資本支出，但自由現金流預測保持不變。我不知道你對偏移量方面有什麼意見。

Yes. Yes, I'm happy to take that. And maybe I'll just actually start with free cash flow, work back into the full year EBITDA bridge question. So we are guiding to a midpoint still of $400 million on free cash flow. To your point, we did bring the CapEx number down about $25 million.

是的。是的，我很樂意接受。或許我應該先從自由現金流入手，然後再逐步推導出全年 EBITDA 的橋樑問題。因此，我們預期自由現金流的中位數為 4 億美元。正如您所說，我們確實將資本支出減少了約 2500 萬美元。

And then of course, we're bringing EBITDA up. So both of those would be tailwinds to the free cash flow number. One of the reasons that, that's not flowing through and causing us to raise the midpoint is really around reductions in accounts payable, and that has to do with some of the mix of raw materials relative to what we were forecasting in the last guide.

當然，我們也要提高 EBITDA。因此，這兩項因素都將對自由現金流產生正面影響。導致我們提高中點的原因之一是應付帳款減少，而這與我們在上一份指南中預測的原料組合有關。

And just to put a finer point on the fourth quarter cash flow generation, too, just keep in mind that we're very Q4 weighted on cash generation, and that has to do with inventory management at year-end, which we do historically see and we're laser-focused with the teams on how we're operationally creating that inventory reduction for the fourth quarter. So that's a little bit of color I'd give you on the guide around cash flow.

為了更清楚地說明第四季度的現金流情況，請記住，我們非常重視第四季度的現金流，這與年底的庫存管理有關，我們歷來都會遇到這種情況，因此我們正與團隊密切合作，重點研究如何在營運中減少第四季度的庫存。以上就是一些關於現金流指南的簡單介紹。

And then going back to your first question, which was on the updated EBITDA bridge on a year-over-year basis, I think you had asked for that on a full year basis. Yes. So let me give you Q4 and then happy to go through full year, too.

回到你的第一個問題，即關於同比更新的 EBITDA 橋接數據，我想你當時要求的是全年數據。是的。那麼，我先給你介紹一下第四季的情況，之後也很樂意介紹一下全年的情況。

So four buckets I'll give you on the fourth quarter EBITDA year-over-year bridge. The first is volume, which we've talked quite a bit about, largely market-driven, again, concentrated in North America food and industrial processing.

所以，關於第四季 EBITDA 同比數據，我將給出四個分析方向。首先是銷量，我們已經討論過很多次了，這主要受市場驅動，同樣集中在北美食品和工業加工領域。

And then the second year-over-year change is continued negative net price realization, which is largely stable to what we've seen through the first three quarters of the year. And then productivity, we continue to generate high levels of productivity. The fourth quarter benefit, there is a little bit under $30 million. And then the rest of the change is really two things. It's improved FX, and it is lower incentive compensation payments in Q4.

其次，年比變動是淨價格實現持續為負，這與今年前三個季度的情況基本一致。在生產力方面，我們持續保持高水準的生產力。第四季財報略低於 3,000 萬美元。其餘的變化實際上包含兩方面。外匯市場有所改善，第四季激勵性薪資支出減少。

And then to step in and give you some color just on the full year numbers, you're talking about approximately $20 million year-over-year in terms of benefit from an EBITDA perspective. That's true that's a negative $51 million or $50million-ish relative to volume, negative $75 million on net price realization, which is a $10 million step-up that we alluded to earlier, which is concentrated in the fourth quarter. That's a change from our third quarter guide.

然後，為了更詳細地說明全年數據，從 EBITDA 的角度來看，年增約 2,000 萬美元。沒錯，相對於銷量而言，虧損了 5,100 萬美元或 5,000 萬美元左右；以淨價實現計算，虧損了 7,500 萬美元，這比我們之前提到的 1,000 萬美元的增幅要大，而且主要集中在第四季度。這與我們第三季的預期有所不同。

And then you see roughly $150 million, I would say, restructuring combined with cost control and cost containment. That's obviously a step-up, as we mentioned, to come in and offset some of that price impact in the fourth quarter and the rest of it being associated with other incentive comp payments.

然後，我認為，大約有 1.5 億美元用於重組，同時進行成本控制和成本遏制。正如我們所提到的，這顯然是一個進步，可以抵消第四季度的一些價格衝擊，其餘部分則與其他激勵性薪酬支付有關。

Anojja Shah, UBS.

阿諾賈·沙阿，瑞銀集團。

Hi everyone, good morning. I just wanted to go back to that comment that you made on network optimization and evaluating your footprint. Can we get a little more detail on that? And also, does that relate to both segments or just one?

大家好，早安。我只是想回到你之前關於網路優化和評估網路足蹟的評論。能提供更多細節嗎？另外，這與兩個部分都相關，還是只與其中一個部分相關？

Thank you.

謝謝。

It's a great question. So network optimization, if you go back over the past three years, has been a continued focus, right? So if you look at it, we've talked a couple of times around areas where we either consolidated sites or in other examples like our Lakeland facility in the Protective segment, where we opened a new site that's obviously benefiting even in 2025.

這是一個很好的問題。所以，回顧過去三年，網路優化一直是我們的重點工作，對吧？所以，如果你仔細觀察，我們已經多次討論過一些領域，例如我們整合了部分場地，或者像我們在防護用品領域的萊克蘭工廠那樣，我們開設了一個新工廠，顯然即使到了 2025 年，這個新工廠仍然會受益。

What I would tell you is that comment relates to both segments on a go-forward basis, but the primary point of it is we are taking a holistic approach right now and looking at the entire footprint, where historically, we've been opportunistic relative to, I would say, incrementally rationalizing the portfolio. We're not at a point in time where we want to talk about specifics.

我想告訴大家的是，這一評論與這兩個部分的未來發展都相關，但重點是，我們現在採取的是一種整體方法，著眼於整個業務範圍。從歷史上看，我們一直比較注重機會主義，而不是逐步合理化投資組合。我們現在還不想討論具體細節。

But as we continue to progress our planning efforts, and we'll come back out and talk about that into -- in the beginning of 2026 and as we progress throughout 2026 because that, as you can imagine, and this isn't necessarily leaning towards just pure site consolidation. This is really a mix, as we talked about in that holistic approach around, logistics optimization or freight optimization as well as asset optimization.

但隨著我們規劃工作的不斷推進，我們將在 2026 年初以及整個 2026 年期間再次討論這個問題，因為正如你所想，這並不一定意味著純粹的網站整合。這實際上是多種因素的綜合，正如我們在整體方法中所討論的那樣，包括物流優化或貨運優化以及資產優化。

Going back to some of the questions around capital deployment, which we're being very intentional on, particularly on the growth capital side and then obviously, the sites themselves. But as we progress, it is in both areas. So the comment in the script was primarily focused on Protective, but it's both areas, and we'll give you more clarity once we get into February.

回到一些關於資本部署的問題，我們對此非常謹慎，尤其是在成長資本方面，當然還有專案本身。但隨著我們不斷進步，這種情況在兩方面都有所體現。所以劇本中的評論主要集中在保護方面，但它涉及兩個方面，等到二月我們會給你更清晰的解釋。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Great, thank you so much for taking my question. Dustin, now that things kind of are beginning to stabilize and inflect and you're clearly making substantial progress on the cost front, is now the right time to further assess the portfolio?

太好了，非常感謝您回答我的問題。達斯汀，現在情況開始趨於穩定和好轉，而且你在成本方面顯然取得了實質進展，現在是進一步評估投資組合的合適時機嗎？

I know there's been kind of this willingness to see kind of where you want to be ultimately in the future, especially on the food side of it. But as far as Protective is concerned, given the progress there, is there any reason to believe that now is the right time to further assess that? Or is it still really too early?

我知道大家一直都願意去思考，未來究竟想達到什麼目標，尤其是在食品領域。但就防護方面而言，鑑於目前的進展，是否有任何理由相信現在是進一步評估防護的適當時機？還是現在真的還太早了？

Thank you.

謝謝。

Yes, Chris, great to hear your voice. Thank you for the question. A couple of comments I would make to that is, as we mentioned before in the past, we're always looking for opportunities to maximize shareholder value. Right now, we're heads down in our transformation, really focused on making the impacts we need in each segment.

是的，克里斯，很高興聽到你的聲音。謝謝你的提問。我對此有幾點要補充：正如我們之前提到的，我們一直在尋找機會來最大化股東價值。目前，我們正全力以赴進行轉型，並真正專注於在每個領域產生我們需要的影響。

What we focused on is really bringing both businesses back to long-term sustainable profitable growth. While we're really pleased with the progress we made in both segments, we still think there's a lot of opportunity right now to optimize and drive us to a place where we're achieving that long-term goal. And so that's where we're really focused right now. But with that said, we're always looking for opportunities to maximize shareholder value.

我們關注的重點是真正讓這兩家企業重回長期可持續獲利成長的軌道。雖然我們對在兩個領域取得的進展感到非常滿意，但我們仍然認為目前有很多機會可以進行最佳化，並推動我們實現長期目標。所以，這就是我們目前真正關注的重點。但即便如此，我們始終在尋找機會，以最大限度地提高股東價值。

Mike Roxland, Truist Securities.

Mike Roxland，Truist Securities。

I thank you, Dustin, Kristen, and Mark for taking my questions. Congrats on another strong quarter despite the backdrop. And Kristen, congrats on the new role. Look forward to working with you.

謝謝 Dustin、Kristen 和 Mark 回答我的問題。儘管面臨諸多挑戰，但祝賀你們又取得了一個強勁的季度業績。克里斯汀，恭喜你獲得新職位。期待與您合作。

On Protective, Dustin, you mentioned the reset in terms of the large account strategy. You said you recently landed a few 7-figure wins. It sounds like they mostly came in fulfillment. Can you confirm that? And can you also comment on maybe the EBITDA impact you're expecting from those wins in 2026?

Dustin，關於 Protective，你提到了大客戶策略的重置。你說你最近中了幾筆七位數的獎金。聽起來它們大多是應訂單而來的。能確認一下嗎？您能否也談談您預計這些勝利在 2026 年會對 EBITDA 產生怎樣的影響？

And for Kristen, you've been in the seat for about three months now. Given your background driving transformations across complex manufacturing and distribution businesses, what do you think Sealed Air is doing right? And where do you see incremental opportunities at Sealed Air for -- to affect further change?

至於克莉絲汀，你已經在這個位置上待了大約三個月了。鑑於您在推動複雜製造和分銷業務轉型方面的背景，您認為 Sealed Air 做對了什麼？您認為 Sealed Air 在哪些方面還有進一步改變的機會？

Thank you.

謝謝。

Hey, Mike, again, great question. Yes, we referenced kind of winning some large 7-figure accounts, which are big actual deals for our Protective segment because typically, relative to food, you have smaller kind of order size per customer. And it is largely fulfillment. If you think about national accounts, you're thinking about distribution networks. And so you're largely helping them facilitate their distribution.

嘿，麥克，又問了個好問題。是的，我們提到了贏得一些價值七位數的大客戶，這對我們的防護部門來說是真正的大單，因為通常來說，相對於食品而言，防護部門的每個客戶的訂單金額較小。而且這很大程度是一種滿足感。如果你考慮的是全國性帳戶，那麼你實際上考慮的是分銷網絡。因此，你很大程度上是在幫助他們促進分銷。

And the margin right now, it's really a mix. It depends on the -- really, if you drive margin within these particular businesses, it's really on the mix of different products that you're selling into each one. And one of the benefits that we have in terms of where we sit as a market leader in the Protective segment is really the breadth and depth of our portfolio.

而目前的利潤率，情況比較複雜。這要看具體情況——實際上，如果你想在這些特定業務中提高利潤率，關鍵在於你向每個業務銷售的不同產品的組合。我們在防護領域佔據市場領先地位的優勢之一，在於我們產品組合的廣度和深度。

The strength of that portfolio has given us the opportunity as well as the strength of our distribution relationships has given us those opportunities to get in there and win again. So really excited about it. We're not at this point in time, quantifying what that impact is in the next year because we're still going to be working through the ramping of those new wins and what does that mean.

強大的產品組合以及強大的分銷關係為我們提供了再次進入市場並取得成功的機會。我真的非常興奮。目前我們還沒有量化明年會產生什麼影響，因為我們仍在努力擴大這些新成果的影響範圍，以及這代表什麼。

But again, I would tell you, it's really about the mix of products, which across the board is a different set for each individual account because they're not -- no two deals are kind of alike.

但我還是要說，關鍵在於產品組合，每個客戶的產品組合都不一樣，因為沒有兩筆交易是完全相同的。

Yes. Thanks for the question, too. I think I just crossed like the 60-day mark last week. It's been a really great 60 days and enjoying it so far. It's a great business. I think we commented -- yes, we commented this in the prepared remarks, but it's really the transformation opportunity that was one of the big things that drew me here.

是的。謝謝你的提問。我想我上週剛好過了60天這個里程碑。過去的60天過得非常美好，目前為止我都很享受。這是一項很棒的生意。我想我們已經提到過——是的，我們在準備好的演講稿中提到過這一點，但真正吸引我來到這裡的重要原因之一，是這裡蘊藏的轉型機會。

And what I would say, first of all, what I've observed so far about the transformation is it's really one of the most well built-out transformations that I've seen given where we are in our sort of stage of maturity around transformation. It's really better than I even expected to be once I got in the door.

首先我想說的是，就我目前對轉型的觀察而言，考慮到我們轉型所處的成熟階段，這確實是我所見過的最完善的轉型之一。進門之後，我發現這裡比我想像的還要好。

And what I mean by that is sort of the breadth and depth of the transformation opportunity, but also the specificity of it, the amount of initiatives that are laid out in a very data-driven and actionable way, and that gives me a lot of confidence both in being able to continue to deliver on what's in motion right now, but also on delivering the road map if we look out one, two, three years.

我的意思是，轉型機會的廣度和深度，以及它的具體性，還有以數據驅動和可操作的方式製定的眾多舉措，這讓我對繼續推進目前正在進行的工作以及展望未來一、二、三年的路線圖都充滿信心。

So that's been really positive. I think where I can help and where we have opportunity to continue to mature the transformation opportunity is really in some of the management systems you've heard Dustin talk about. In the background that I come from, we refer to that more as the operating system. And we don't really have a very mature operating system here. If you think about how we sort of structure accountability through the business, how we coach our people, how we think about executing initiatives through leading indicators, really like holistic continuous improvement efforts.

所以這方面確實很正面。我認為我能提供幫助的地方，以及我們有機會繼續完善轉型機會的地方，實際上在於你聽達斯汀談到的一些管理系統。在我所處的領域，我們更傾向於稱之為作業系統。而且我們這裡還沒有一個非常成熟的作業系統。想想我們是如何透過業務來建構問責制的，我們如何指導員工，我們如何透過領先指標來思考如何執行各項舉措，真正做到全面持續改進。

Those are all areas where I think we can make a lot of improvements. And we've put some things in motion already since I've been here, but that's a really big opportunity for us. And then broadly speaking, too, I think we're always looking to make sure that as we're going through this major change and this major transformation that we have the right talent in all parts of the organization to support that.

我認為這些都是我們可以做出很大改進的領域。自從我來到這裡以來，我們已經採取了一些措施，但這對我們來說是一個非常大的機會。而且總的來說，我認為我們一直在努力確保，在我們經歷這項重大變革和轉型之際，組織的各個部門都有合適的人才來支持這項變革和轉型。

It is a big change. We are evolving a lot of things in the company, including the culture, and that really requires us to make sure that we have the right leaders on board to drive that change over the next several years.

這是一個很大的改變。公司內部許多面向都在進行變革，包括企業文化，這要求我們確保有合適的領導者加入，在未來幾年推動這項變革。

Stefan Diaz, Morgan Stanley.

Stefan Diaz，摩根士丹利。

Hi, Dustin and Mark and welcome Kristen. Thanks for taking my question. So foodservice volumes, I think you said in your prepared remarks were plus 4% this quarter, which is very nice to see, especially given the pressure consumer in the US.

嗨，達斯汀和馬克，歡迎克里斯汀。謝謝您回答我的問題。所以，我認為您在事先準備好的發言稿中提到，本季餐飲服務銷量成長了 4%，這非常好，尤其是在美國消費者面臨壓力的情況下。

Can you just speak to some of the strength there and if you expect to continue to gain share in the quick service space and maybe some of the things that are driving that strength? Thanks.

您能否談談貴公司在該領域的優勢，以及您是否預期會繼續在快餐服務領域擴大市場份額，並探討一下推動這種優勢的因素？謝謝。

Yes. So a couple of things I would talk about, which is, one is, particularly within foodservice, we're continuing to see more and more opportunities because as a reminder, one of the big portfolio that supports foodservice is really our fluids and liquids portfolio, which has demonstrated the ability to grow for a long period of time.

是的。所以我想談兩件事，其中之一是，尤其是在餐飲服務領域，我們不斷看到越來越多的機會，因為需要提醒的是，支持餐飲服務的重要產品組合之一實際上是我們的流體和液體產品組合，該組合已經證明其能夠長期增長。

We've talked about new products we brought to the market like FlexPrep, [ZeroPrep] which are really designed for that specific QSR segment and we continue -- and the whole thesis there, combined with Liquibox is this displacement or this conversion from a pack type from rigids into flexibles. And so we continue to see the opportunity in that space.

我們已經談到了我們推向市場的新產品，例如 FlexPrep 和 ZeroPrep，這些產品實際上是為特定的 QSR 細分市場設計的，我們將繼續——而整個論點，結合 Liquibox，就是這種包裝類型的置換或轉換，從硬質包裝到軟質包裝。因此，我們繼續看到該領域的機會。

And if you think about it, it's really the same value proposition that if you go back to our industrial side relative to the combination of equipment, material science and technical service. And really what that does is increase the throughput and maintain uptime for our customers in the Industrial segment. That same thesis applies really into the Foodservice segment, where really what you're doing is optimizing around labor.

仔細想想，這其實和我們工業方面的價值主張是一樣的，也就是結合設備、材料科學和技術服務。這樣做確實可以提高工業領域客戶的吞吐量並保持正常運作時間。同樣的道理也適用於餐飲服務領域，在這個領域，你真正要做的就是優化勞動力。

As you know, in foodservice, labor is very challenging and has continued to be really ever since post-COVID. QSRs are under more pressure now than ever. So this gives the ability to maximize yield in the products. So think of this as like sauces, condiments and areas like that, that are newer segments for us.

如您所知，餐飲服務業的勞動力一直面臨很大的挑戰，而且自新冠疫情爆發以來，這種情況一直持續至今。快餐店現在面臨的壓力比以往任何時候都更大。這樣就能最大限度地提高產品的產量。所以你可以把這想像成醬料、調味品以及類似的領域，這些都是我們比較新的細分市場。

But also within Liquibox, we had a rotation where we've already serviced QSRs, but we've made an intentional rotation into dairy and we're continuing to see a lot of uptick and uplift there. And so in both those areas, we're continuing to see opportunity to grow. We're obviously very pleased with the result we had in Q3, and we see the opportunity continuing ahead of us, albeit right now a smaller segment for the overall business because you're talking about roughly $0.5 billion in size.

但 Liquibox 內部也存在類似的情況，我們之前已經為快餐店提供服務，但現在我們有意將服務範圍擴展到乳製品行業，並且我們持續看到該行業的業務大幅增長。因此，在這兩個領域，我們都看到了持續成長的機會。我們顯然對第三季的業績非常滿意，我們看到未來仍有機會，儘管目前這部分業務在整體業務中佔比較小，因為規模大約只有 5 億美元。

Gabe Hajde, Wells Fargo.

Gabe Hajde，富國銀行。

Dustin, Kristen, good morning. Kristen, looking forward to working with you. Two unrelated questions, Dustin, I hate to revisit it, but I'm looking in, I guess, the filing, it shows 102 facilities, 15 of which are kind of co-located or serving both segments. You've done a lot of work to, what I'll say, disentangle the support and the commercial approach over the past 18 months.

達斯汀，克莉絲汀，早安。克里斯汀，期待與你合作。Dustin，還有兩個不相關的問題。我不想再提這件事了，但我查了一下，我想，在備案文件中，顯示有 102 個設施，其中 15 個是位於同一地點或服務於兩個部門的。在過去的 18 個月裡，你們做了很多工作，可以說，你們成功地將支持和商業策略分開了。

If we see you next year taking moves to kind of continue to disentangle those operations, would that enable you to kind of then evaluate other avenues for maximizing shareholder value and meaning outside of simply just improving the financial and operational performance?

如果明年我們看到您採取措施繼續拆分這些業務，這是否能讓您評估除改善財務和營運績效之外的其他途徑，從而最大限度地提高股東價值和意義？

And the second question, completely unrelated, I apologize. $75 million of price nondirect material headwinds in 2025. Again, you guys have made a lot of changes on the commercial approach. Does this cause you -- I mean, our view, and we're spending a lot of time thinking about this, maybe a paradigm shift in sort of these tangential or frictional costs, as I call them, inflating every year, maybe revisiting pass-through mechanisms to capture some of these other costs that you incur.

第二個問題與主題完全無關，我深感抱歉。 2025年，非直接材料價格將面臨7,500萬美元的不利因素。你們在商業策略上又做了很多改變。這是否會導致——我的意思是，我們的觀點，而且我們花了很多時間思考這個問題，也許需要對這些我稱之為「間接成本」或「摩擦成本」的範式進行轉變，這些成本每年都在膨脹，也許需要重新審視轉嫁機制，以捕捉你所承擔的其他一些成本。

Thank you.

謝謝。

So Gabe, I'm going to start with your first question and then come back to that point. So just keep in mind that this year, as you think about overall net price realization, right, a lot of that cost is -- if you look at where we see the inflation, the primary input cost in that negative $75 million is really labor inflation. And the offset to that, to give you an idea in net price realization of negative $75 million, about $60 million of it is labor inflation, which has been moderated since -- if you go back go back to three years ago or so when you're up into the 90s range.

蓋布，我先回答你的第一個問題，然後再回到這一點。所以請記住，今年在考慮整體淨價格實現時，對吧，其中很多成本——如果你看看我們看到的通貨膨脹在哪裡，那麼負 7500 萬美元的主要投入成本實際上是勞動力通貨膨脹。而抵銷這一損失的因素，為了讓您更好地理解淨價格實現為負 7500 萬美元的情況，其中約 6000 萬美元是勞動力通脹，而勞動力通脹自三年前左右以來已經有所緩和，當時的通脹率高達 90 美元左右。

So you're seeing labor inflation continue to moderate, which is one a positive. The second thing is, historically, we've been able to demonstrate that we drive productivity every individual year within -- and this is not associated with restructuring per se, but just general productivity within our business that offsets that inflation. That's how we target that every individual year.

所以你會看到勞動成本通膨繼續趨於緩和，這是一個正面的訊號。第二點是，從歷史數據來看，我們已經證明，我們每年都能提高生產力——這與重組本身無關，而是我們業務內部的整體生產力提高，抵消了通貨膨脹的影響。這就是我們每年設定的目標。

And so we don't see that as a structural difference, albeit I would state that you're probably seeing lower inflation in those areas kind of going forward than we've seen historically because you've seen it continue to moderate. It's TBD a little bit on the nondirect material side, particularly as it relates to tariffs because the tariff impact, as everyone knows, relative to August 1, you're going to see a lot of that be capitalized on balance sheets and those pricing dynamics play out in 2026.

因此，我們並不認為這是一個結構性差異，儘管我認為，這些地區的通膨水平未來可能會比歷史上的水平要低，因為通膨一直在持續放緩。在非直接材料方面，情況仍有待確定，尤其是在關稅方面，因為眾所周知，相對於 8 月 1 日，關稅的影響將會在資產負債表上得到體現，而這些價格動態將在 2026 年顯現出來。

So we're still kind of, again, working through what does that outlook look like next year in combination with the resin markets overall holistically. So -- but as it relates to your comment around -- so that's the cost base I would put in that category. As it relates to pricing, again, our business has a mix.

所以，我們仍在努力分析明年樹脂市場的整體前景。所以——但就你提到的那點而言——這就是我會歸入該類別的成本基礎。至於定價方面，我們的業務也採取了多種策略。

We've talked about this in the past where in our food business, a big portion, roughly half of it has largely been on formula pricing that's predominantly in North America. And it does capture -- those formulas capture a wide range of different kind of input measures relative to how you price in the marketplace beyond just raw materials.

我們過去曾討論過這個問題，在我們的食品業務中，很大一部分（大約一半）主要來自北美地區的公式定價。而且，這些公式確實涵蓋了——除了原材料之外，這些公式還涵蓋了與你在市場上定價相關的各種不同的投入指標。

And the second piece that I would say to that is if you look over the past five years and you look at net price realization holistically across both businesses, they've really been able to demonstrate strong pricing power even as it relates to inflationary costs.

第二點我想說的是，如果你回顧過去五年，從整體上看這兩個業務的淨價格實現情況，你會發現，即使在通貨膨脹成本的情況下，他們也確實展現出了強大的定價能力。

And this is really without even bringing into frame the discussion that we had around productivity. If you think about going forward for pricing environments, when we came into 2025, we really expected the overall polyethylene markets to be kind of slightly inflationary, which as we discussed in the past, would be a more ideal kind of environment for flexible packaging manufacturers to operate within. And so it's TBD. I mean, right now, if you look at commodity resins holistically, they're kind of -- they're right now sitting on the floor. And so it's TBD where that heads into 2026, but that would be, to me, the catalyst if you see any type of repricing in overall segment from a market standpoint.

而且這還沒考慮到我們之前討論的關於生產力的問題。如果展望未來的定價環境，當我們進入 2025 年時，我們確實預期聚乙烯市場整體將略有通膨，正如我們過去討論的那樣，這將是軟包裝製造商更理想的經營環境。所以，目前還待定。我的意思是，現在，如果你從整體上看商品樹脂，它們就有點——它們現在就像是被冷落了一樣。因此，到 2026 年，這種情況還有待觀察，但從市場角度來看，如果整個細分市場出現任何類型的重新定價，那麼在我看來，這將是催化劑。

Going back to your original question around the overall segments, et cetera. Look, I mean, the reason we went down the road of putting the businesses back into Food and Protective, as we've talked about before, is they have very different end markets, very different routes to market in terms of whether it's distribution or direct sales, different products, applications, et cetera.

回到你最初關於整體細分市場等的問題。你看，我的意思是，我們之所以將這些業務重新納入食品和防護用品領域，正如我們之前討論過的，是因為它們的終端市場、銷售管道（無論是分銷還是直銷）、產品、應用等等都截然不同。

And this was really to give each business the ability to drive towards a long-term strategy that's tailored to that specific business. And that's what we're focused on. As it relates to shared facilities, a lot of what you're talking about there specifically as it relates to shrink films and stretch overwrap films, those are the same asset base that produce both of those product categories. And that's really a legacy coming back from the days we acquired CRYOVAC back in 1998, where that asset base was acquired there.

這樣做的目的是為了讓每個企業都能製定適合自身情況的長期策略。這就是我們關注的重點。就共享設施而言，你提到的許多內容，特別是與收縮膜和拉伸包裝膜相關的內容，都是基於同一資產基礎生產的。這實際上是我們1998年收購CRYOVAC時留下的遺產，當時我們獲得了那裡的資產基礎。

So our shrink films in the market, even though we sell them in the Protective segment because they're a protective application, they're originally a CRYOVAC technology and those assets actually produce both. And so right now, we're really focused on, as I mentioned beforehand, continuing to effectuate the strategies for each of those segments.

所以，我們市場上銷售的收縮膜，雖然我們將其歸類為防護膜，因為它們具有防護用途，但它們最初是 CRYOVAC 技術，而這些資產實際上同時生產這兩種產品。所以現在，正如我之前提到的，我們真正關注的是繼續落實每個細分市場的策略。

And we're still, as Kristen said, while we've made a lot of progress over the past three years and keep in mind, we've been in this new structure for about a year now. We're really kind of wrapping. This is actually around the same time last year that we went back into Food and Protective. And we still think there's runway here to continue to really optimize each individual segment and their overall outlook and particularly as we head into 2026 and beyond.

正如克里斯汀所說，雖然我們在過去三年裡取得了很大的進步，但請記住，我們採用這種新結構也才大約一年。我們差不多要收尾了。實際上，這和去年同期我們重新進入食品和防護領域的時間差不多。我們仍然認為，在邁向 2026 年及以後，我們還有很大的空間來繼續優化每個細分市場及其整體前景。

Arun Viswanathan, RBC.

Arun Viswanathan，RBC。

Great, thanks for taking my question. I hope you guys are well. Congrats on the strong results, and welcome, Kristen, looking forward to working with you as well. So I guess my question is just on the volume side and organic growth side. I guess I think you mentioned that your outlook now embeds maybe 2.5 points lower of volume growth in Q4.

太好了，謝謝你回答我的問題。希望你們一切都好。恭喜你們取得如此優異的成績，也歡迎克莉絲汀加入，期待與你共事。所以我想我的問題只是關於銷量和自然成長的問題。我想你之前提到過，你現在的預期可能比第四季的銷售成長預期降低了2.5個百分點。

Is that just maybe relative to what you saw in the last month or so? When did you start to see that kind of weakness materialize? And do you expect that to kind of last through the first half of next year as well? And maybe you can just break that down how that looks in both segments.

這或許只是相對於你最近一個月左右所看到的情況而言的？你是什​​麼時候開始發現這種弱點的？你預計這種情況會持續到明年上半年嗎？或許你可以把這兩個部分分別分析一下。

Yes. So a couple of comments. So yes, if you look at our fourth quarter guide, what it embeds is a lower outlook for volume about 2.4 points. But in total, that brings the volume to down 4% in the quarter. That's primarily in food and more concentrated within North American food, as we've talked about the rest of the world performing relatively strong. And so -- and it relates primarily to the dynamic we're seeing with this rotation from the consumer into value grocery, right?

是的。有幾點要補充說明。所以，如果你看一下我們第四季的業績指引，你會發現其中隱含著成交量預期下調了約 2.4 個百分點。但總體而言，這導致本季銷量下降了 4%。這主要體現在食品領域，而且更集中在北美食品領域，正如我們之前討論過的，世界其他地區的表現相對強勁。所以——這主要與我們看到的消費者轉向物美價廉食品的趨勢有關，對吧？

And so that rotation into value grocery is bringing down volumes holistically and then is compounded by, like I said, this interplay between consumer dynamics and that driving the beef cycle itself. That steepening of the beef cycle, as Kristen alluded to earlier, was we did not anticipate it to be as steep as it has become. And that's really, again, driven by that overall weakness within the consumer and the uncertainty surrounding it.

因此，轉向平價食品雜貨的趨勢正在全面降低銷量，然後，正如我所說，消費者動態與牛肉週期本身之間的相互作用加劇了這種情況。正如克莉絲汀之前提到的，牛肉價格週期的陡峭程度是我們始料未及的。這其實還是由消費者整體的疲軟以及圍繞消費者的不確定性所造成的。

So as you think about that cycle and how it plays out, going back to one of the comments and questions that we had earlier in the session today, that really what you would expect is that to continue to deepen in the fourth quarter, you would expect that weakness to persist at a minimum through the first half of 2026. Now to what degree and to what extent, that's what we're working through, but you would expect that to continue to cascade through.

所以，當你思考這個週期以及它如何發展時，回到我們今天早些時候在會議中提出的一個評論和問題，你真正會預期的是，為了在第四季度繼續加深，你預計這種疲軟至少會持續到 2026 年上半年。至於程度和範圍如何，這是我們正在研究的問題，但可以預見的是，這種情況會繼續蔓延開來。

And then it's kind of right now TBD on the second half of '26. And some of that's also just in terms of what's within our control relative to the initiatives we can drive. So what I'm really speaking to is overall market dynamics. If you go to Protective itself, Protective, just as a reminder, is a very short-cycle business, right?

至於 2026 年下半年的具體安排，目前還待定。其中一部分也取決於我們能夠控制的因素，以及我們可以推動的措施。所以我真正想談的是整體市場動態。如果你去了解 Protective 公司本身，需要提醒的是，Protective 是一家週期非常短的公司，對吧？

So where I believe going back to Chris in terms of maturity of operating systems, we're better today than we have been in the past relative to understanding competitive intelligence, market intelligence, it still gives us -- we still have limited visibility in that business about -- think of it as one quarter at a time in terms of really understanding where we're at, how orders will go through because volumes can shift quickly from our customers' perspectives, and that would obviously have a knock-on effect in our volumes.

所以，我認為回到克里斯的觀點，就操作系統成熟度而言，我們現在比過去更了解競爭情報和市場情報，但這仍然讓我們——我們在這個業務方面仍然缺乏足夠的可見性——想想看，要真正了解我們所處的位置，訂單將如何進行，就得按季度來考慮，因為從客戶的角度來看，銷量可能會迅速變化，這會對我們的銷量產生連鎖反應。

And so we're really looking at the fourth quarter to understand we're still forecasting some seasonal strength in that number. And so relative to the prior year and looking to see how the quarter plays out to begin to rethink and then the combination of the wins that we've made to really understand how it's going to shape our outlook in 2026.

因此，我們主要關注第四季度，以了解我們是否仍預測該數字會有一些季節性成長。因此，相對於上一年，看看本季的情況如何，以便開始重新思考，然後結合我們所取得的勝利，真正了解它將如何塑造我們對 2026 年的展望。

But what I would leave you with is we are -- as we made in the comments in the prepared remarks, we are seeing some uncertainty continue to increase dynamics play out relative to the market in terms of lower market demand. And that really goes back to some of those upfront comments around industrial production is still very muted really ever since. You've seen kind of growth outlooks across the globe lower since the tariff announcements back in March.

但我想最後強調的是——正如我們在準備好的演講稿中所說——我們看到一些不確定性因素持續加劇，市場需求下降，這在一定程度上影響市場動態。而這其實可以追溯到之前關於工業生產的一些評論，自那時以來，工業生產一直非常低調。自3月宣布加徵關稅以來，全球各地的成長前景普遍下調。

And then you've seen really where you see the consumer begin to weaken is that lower kind of middle-income households. And the middle-income household is actually relatively new in terms of a dynamic that's played out over the past quarter, where before that, you would have seen at the lower levels in areas like SNAP, which we believe to be transitory to what degree that plays out could obviously have an impact.

然後你會發現，消費者力量開始減弱的地方，正是收入較低的中低收入家庭。就過去一個季度以來的發展動態而言，中等收入家庭實際上是一個相對較新的概念。在此之前，你會在諸如 SNAP 等較低收入群體中看到這種現象，我們認為這是暫時的，但這種現象的發展程度顯然會產生影響。

So what we're trying to signal is that we're very cautious about how we're going into the fourth quarter and cautious about 2026, and we'll have a lot more clarity no different than we did over the past 90 days as we progress into February. And at that point in time, we'll be able to give you a better update on how 2026 will shape in the combination of the three factors we outlined earlier.

因此，我們想表達的是，我們對進入第四季度以及 2026 年都持非常謹慎的態度，隨著我們進入 2 月份，我們將比過去 90 天的情況更加清晰。屆時，我們將能夠更好地向您介紹 2026 年在我們前面提到的三個因素共同作用下將會如何發展。

And I will now turn the call back over to Dustin for closing. Thank you.

現在我將把電話轉回給達斯汀，讓他來結束通話。謝謝。

Thank you for joining us this morning. Kristen and I look forward to coming back in February to discuss how we finished the year and our expectations for 2026. More importantly, I want to reiterate that as a company, we are focused on maximizing shareholder value and are leaving no stone unturned.

感謝您今天早上收看我們的節目。克里斯汀和我期待著二月回來，討論我們今年的總結以及我們對 2026 年的展望。更重要的是，我想重申，作為一家公司，我們專注於實現股東價值最大化，並且正在盡最大努力。

And a sincere thank you to all of our customers, our channel partners and our employees who are at the center of what we do and are driving our transformation here at Sealed Air. Thank you.

在此，我衷心感謝所有客戶、通路夥伴和員工，他們是我們工作的核心，也是 Sealed Air 轉型發展的動力。謝謝。

Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。