宣偉 (SHW) 2025 Q4 法說會逐字稿

Good morning. Thank you for joining The Sherwin-Williams Company's review of fourth-quarter and full-year 2025 results and our outlook for the first quarter and full year of 2026.

早安.感謝您參加宣偉公司對 2025 年第四季和全年業績的回顧以及 2026 年第一季和全年業績的展望。

With us on today's call are Heidi Petz, Chair, President and Chief Executive Officer; Ben Meisenzahl, Chief Financial Officer; Paul Lang, Chief Accounting Officer; and Jim Jaye, Senior Vice President, Investor Relations and Communications. This conference call is being webcast simultaneously in listen-only mode by Access Newswire via the Internet at www.sherwin.com. An archived replay of this website will be available at www.sherwin.com, beginning approximately 2 hours after this conference call concludes.

今天參加電話會議的有：董事長、總裁兼執行長 Heidi Petz；財務長 Ben Meisenzahl；首席會計長 Paul Lang；以及資深副總裁兼投資人關係與溝通負責人 Jim Jaye。本次電話會議將透過Access Newswire在www.sherwin.com網站上以僅收聽模式進行同步網路直播。會議結束後約2小時，www.sherwin.com網站將提供本次電話會議的存檔回放。

This conference call will include certain forward-looking statements as defined under the US federal securities laws with respect to sales, earnings and other matters. Any forward-looking statement speaks only as of the date on which such statement is made, and the company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A full declaration regarding forward-looking statements is provided in the company's earnings release transmitted earlier this morning. After the company's prepared remarks, we will open the session to questions.

本次電話會議將包含一些根據美國聯邦證券法定義的有關銷售額、收益和其他事項的前瞻性陳述。任何前瞻性聲明僅代表該聲明發布之日的情況，本公司不承擔任何更新或修改任何前瞻性聲明的義務，無論是因為新資訊、未來事件或其他原因。有關前瞻性聲明的完整聲明已在公司今天早上發布的盈利報告中提供。公司發言結束後，我們將開放提問環節。

I will now turn the call over to Jim Jaye.

現在我將把電話轉給吉姆·傑伊。

Thank you, and good morning to everyone. Sherwin-Williams ended the year with strong fourth quarter results, driven by solid core performance and inclusive of the first full quarter of the Suvinil acquisition.

謝謝大家，大家早安。宣偉公司第四季業績強勁，為全年畫上了圓滿的句號，這得益於其穩健的核心業務表現，並且包含了對 Suvinil 收購後的第一個完整季度。

Consolidated sales in the fourth quarter increased by a mid-single-digit percentage, inclusive of a low single-digit contribution from Suvinil. Reported gross margin was flattish year-over-year, but expanded excluding the dilutive impact of the Suvinil acquisition. SG&A as a percent of sales decreased year-over-year, including severance and other restructuring expenses and Suvinil, reflecting our disciplined ongoing cost control measures. Adjusted diluted net income per share in the quarter increased by 6.7%. Adjusted EBITDA in the quarter grew 13.4% and expanded 120 basis points to 17.7% as a percent of sales.

第四季度綜合銷售額成長了中等個位數百分比，其中包括 Suvinil 的低個位數貢獻。報告顯示，毛利率同比基本持平，但若不計入收購 Suvinil 帶來的稀釋影響，毛利率有所增長。銷售、一般及行政費用佔銷售額的百分比同比下降，其中包括遣散費和其他重組費用以及 Suvinil，這反映了我們嚴格的持續成本控制措施。本季經調整後的稀釋後每股淨收益成長了6.7%。本季調整後 EBITDA 成長 13.4%，佔銷售額的百分比上升 120 個基點至 17.7%。

Free cash flow conversion in the quarter was 90.1%.

本季自由現金流轉換率為 90.1%。

In terms of our segments in the fourth quarter, Paint Stores Group sales increased in the range we expected, led by high single-digit growth in Protective & Marine against a high single-digit comp. Residential repaint remained solid, and growth was just slightly below the mid-single-digit range and also against a high single-digit comp. Group sales included positive low single-digit price/mix partially offset by a low single-digit decrease in volume. Segment margin expanded 90 basis points to 20.8%.

就我們第四季的各個業務部門而言，油漆商店集團的銷售額成長符合預期，其中防護和船舶業務實現了高個位數成長，而同店銷售額也實現了高個位數成長。住宅重新粉刷市場依然穩健，成長率略低於個位數中段，而且與個位數高的年增幅相比也略低。集團銷售額包括小幅個位數的價格/產品組合成長，但部分被小幅個位數的銷售下降所抵銷。分部利潤率成長90個基點至20.8%。

Consumer Brands Group sales exceeded our expectations. Sales from the Suvinil acquisition and positive low single-digit FX were partially offset by price mix and volume, both of which were down less than a percentage point. Sales in the underlying business, excluding Suvinil were essentially flat, which was better than we expected and drove the top line beat. Adjusted segment margin decreased, including a negative impact from Suvinil and related transaction closing costs and purchase accounting items. Adjusted segment margin increased excluding these impacts.

消費品牌集團的銷售額超出了我們的預期。收購 Suvinil 帶來的銷售額和較低的個位數匯率利好部分被價格組合和銷售所抵消，這兩項指標均下降了不到一個百分點。除 Suvinil 外，基礎業務的銷售額基本上持平，這比我們預期的要好，並推動了營收超出預期。調整後的分部利潤率下降，其中包括 Suvinil 的負面影響以及相關的交易結算成本和購買會計項目。剔除這些影響後，調整後的分部利潤率有所提升。

Within Performance Coatings Group, sales were at the high end of expectations, led by strength in packaging and auto refinish. Adjusted segment margin improved 150 basis points to 19%, driven by new business wins as well as good control of SG&A, which was down mid-single digits. We also continued our strong cost control efforts within the administrative segment, where SG&A was down a low single-digit percentage in the quarter including onetime restructuring costs of approximately $2 million. Excluding these restructuring costs and the nonannualized newbuilding operating costs, administrative SG&A was down by a low-teens percentage, improving on third quarter results that were down low double digits, demonstrating our continued tight management of G&A costs. The slide deck accompanying our press release this morning provides more detail on fourth quarter segment results.

在高性能塗料集團中，銷售額達到了預期的高水平，這主要得益於包裝和汽車修補漆業務的強勁表現。經調整後的分部利潤率提高了 150 個基點，達到 19%，這主要得益於新業務的贏得以及對銷售、一般及行政費用（SG&A）的良好控制，SG&A 下降了中個位數。我們也繼續在行政部門大力控製成本，該季度銷售、一般及行政費用下降了個位數百分比，其中包括約 200 萬美元的一次性重組成本。除去這些重組成本和非年度新造船營運成本，行政管理費用下降了十幾個百分點，比第三季兩位數的下降幅度有所改善，這表明我們繼續嚴格控制管理費用。今天早上我們發布的新聞稿附帶的幻燈片提供了第四季度各業務部門業績的更多詳細資訊。

Let me now turn it over to Heidi, who will provide a few full year highlights before moving on to our 2026 outlook and your questions.

現在我把麥克風交給海蒂，她將為大家介紹過去一年的一些亮點，然後再展望 2026 年並回答大家的問題。

Thank you, Jim, and good morning. I want to start by thanking our 65,000 global employees for their dedication and determination to deliver a solid year during one of the more challenging operating environment our company has seen. Sherwin-Williams celebrates 160 years in 2026, and it's because of our employees and our culture that we're able to deliver sustainable results through all types of cycles. Our team continues to execute our playbook while finding new ways to help our customers become more productive and more profitable.

謝謝你，吉姆，早安。首先，我要感謝我們全球 65,000 名員工，感謝他們的奉獻和決心，使我們在公司面臨最具挑戰性的經營環境之一的情況下，取得了穩健的業績。2026年，宣偉公司將迎來160週年慶典。正是因為我們的員工和我們的企業文化，我們才能在各種經濟週期中取得永續的表現。我們的團隊將繼續執行既定策略，同時尋找新的方法來幫助我們的客戶提高生產效率和獲利能力。

I'm proud of what our team accomplished in 2025. At this time last year, we talked about the potential for a softer for longer demand environment, and that is exactly what we saw play out as there was no meaningful improvement in demand across our end markets. Our team refused to wait for the market and instead focused on creating opportunities and controlling what we could control. We stayed true to our strategy, made targeted investments, focused on share gains and executed on our enterprise priorities. We continue to deliver innovative solutions for our customers and in a disruptive competitive environment, Sherwin-Williams stood out by being a consistent, reliable and dependable partner.

我為我們團隊在2025年所取得的成就感到自豪。去年這個時候，我們討論了需求疲軟且持續時間可能更長的問題，而實際情況也正是如此，我們的終端市場需求並沒有出現實質的改善。我們的團隊拒絕等待市場，而是專注於創造機會並控制我們能夠控制的事情。我們堅持既定策略，進行有針對性的投資，專注於提升市場份額，並執行企業優先事項。我們持續為客戶提供創新解決方案，在充滿顛覆性的競爭環境中，宣偉公司憑藉其始終如一、可靠且值得信賴的合作夥伴關係脫穎而出。

Our success by design approach resulted in our team delivering record full year consolidated sales and record adjusted diluted earnings per share. Gross profit dollars and gross margin expanded. Adjusted EBITDA dollars and adjusted EBITDA margin also expanded. It was also another very strong year for cash generation, with net operating cash growing 9.4% to $3.5 billion or 14.6% of sales. This percent of sales is right in the middle of the most recent target range that we've previously announced.

我們透過精心策劃取得成功，使團隊實現了全年合併銷售額和調整後稀釋每股收益的歷史新高。毛利和毛利率均有所成長。調整後 EBITDA 金額和調整後 EBITDA 利潤率也均有所成長。今年現金流也十分強勁，淨經營現金成長 9.4% 至 35 億美元，佔銷售額的 14.6%。這一銷售百分比正好位於我們先前公佈的最新目標範圍的中間位置。

Free cash flow was $2.7 billion, and free cash flow conversion for the year was 59%.

自由現金流為 27 億美元，本年度自由現金流轉換率為 59%。

In terms of capital allocation, our policy remains consistent. We returned $2.5 billion to shareholders through share repurchases in our dividend, which we raised for the 47th consecutive year. We completed the acquisition of Suvinil and we continued to make strategic CapEx investments, including our new global headquarters and Global Technology Center, which opened at the end of the year. We've been talking about these buildings for years, and we are thrilled that we are here. The move-in is going extremely well, and I'm confident that this will continue to strengthen our culture of collaboration, innovation and winning together.

在資本配置方面，我們的政策保持不變。我們透過股票回購向股東返還了 25 億美元，並將這筆資金用於分紅，這也是我們連續第 47 年提高分紅。我們完成了對 Suvinil 的收購，並繼續進行策略性資本支出投資，包括我們新的全球總部和全球技術中心，該中心已於年底開放。我們已經討論這些建築好幾年了，我們很高興能來到這裡。搬遷工作進展非常順利，我相信這將繼續加強我們協作、創新和共同成功的企業文化。

All in, we ended 2025 with a strong balance sheet and a net debt to adjusted EBITDA ratio of 2.3x.

綜上所述，到 2025 年底，我們的資產負債表穩健，淨負債與調整後 EBITDA 比率為 2.3 倍。

Looking at our reportable segments on a full year basis. Paint Stores grew sales by a low single-digit percentage. Protective & Marine increased by high single digits. Residential repaint increased by mid-single digits and for the third year in a row, meaningfully outperformed the market where existing home sales remained soft. Low single-digit growth in commercial reflects share gains and above-market performance as multifamily completions were down significantly during the year.

從全年角度審視我們的可報告分部。油漆店的銷售額僅實現了個位數百分比的成長。防護用品和船舶用品實現了接近兩位數的成長。住宅重新粉刷業務實現了中等個位數的成長，並且連續第三年顯著優於現有房屋銷售疲軟的市場。商業房地產的個位數低成長反映了市場份額的提升和高於市場平均水平的表現，因為今年多戶住宅的竣工量大幅下降。

Share gains are also evident in property maintenance and new residential, both of which were flattish in a down market, characterized by muted CapEx spending, high rates and affordability challenges. Segment margin increased, reflecting operating leverage and solid returns on our investments. We also added 80 net new stores and 87 net new sales territories.

在市場低迷時期，由於資本支出疲軟、利率高企和負擔能力面臨挑戰，物業維護和新建住宅的市場份額增長也十分明顯。分部利潤率提高，反映了經營槓桿效應和我們投資的穩健回報。我們也新增了 80 家淨門市和 87 個淨銷售區域。

Consumer Brands full year sales grew by a low single-digit percentage, driven by the Suvinil acquisition as underlying sales decreased by low single digits, resulting from soft DIY demand in North America and unfavorable FX. Adjusted segment margin decreased, including a negative impact from Suvinil as we previously described as well as lower production in the segment's manufacturing operations to match softer demand, resulting in lower fixed cost absorption.

受 Suvinil 收購的推動，消費品牌全年銷售額實現了低個位數百分比的增長，而基礎銷售額則因北美 DIY 需求疲軟和不利的匯率而出現了低個位數百分比的下降。經過調整後的分部利潤率下降，其中包括我們先前描述的 Suvinil 帶來的負面影響，以及為適應疲軟的需求而降低分部生產營運的產量，導致固定成本吸收減少。

Performance Coatings full year sales varied by division and geography and were flat overall, which outpaced a very challenging industrial demand backdrop. Acquisitions added a low single-digit percentage in the year and FX was a slight tailwind, but these were offset by unfavorable price/mix.

高性能塗料全年銷售額因部門和地區而異，整體持平，但仍優於極具挑戰性的工業需求背景。收購在年內帶來了個位數百分比的成長，匯率也略有利好，但這些都被不利的價格/組合所抵消。

Packaging grew at the high end of high single digits as we continue to win new business globally, including those complying with new non-BPA coating requirements. Auto refinish was flat for the year with share gains becoming more evident in the second half where sales were up mid-single digits. Coil sales decreased by low single digits as meaningful new account wins were not enough to offset steel tariff impacts. Industrial wood and general industrial each decreased by low single digits driven by soft housing and industrial markets, respectively.

隨著我們不斷在全球贏得新業務，包括那些符合新的不含 BPA 塗層要求的業務，包裝業務實現了接近兩位數的高速成長。汽車修補漆市場全年表現平穩，但下半年市佔率成長更為明顯，銷售額實現了中等個位數的成長。由於未能贏得重要的新客戶，鋼捲銷售量下降了個位數百分比，不足以抵消鋼鐵關稅的影響。受房屋市場疲軟和工業市場低迷的影響，工業木材和一般工業木材價格均出現個位數百分比的下降。

Adjusted segment margin remained in our high-teens target range, but was impacted by unfavorable geographic mix, as Europe grew by mid-single digits, while other regions were down low single digits.

經調整後的分部利潤率仍保持在我們接近 10% 的目標範圍內，但受到不利的地域組合的影響，因為歐洲實現了中等個位數的增長，而其他地區則出現了低個位數的下降。

As we close out 2025, I'm also pleased to share that we are reinstating our 401(k) matching program for eligible US employees, effective February 1. We'll also be restoring the matching contributions that have been paused since October 1 by the end of our first quarter. As I described last quarter, the decision to pause the company match was made after we had implemented multiple cost savings initiatives and significant restructuring actions driven by multiyear demand and macroeconomic uncertainty.

在 2025 年即將結束之際，我也很高興地宣布，我們將從 2 月 1 日起恢復符合條件的美國員工的 401(k) 匹配計劃。我們也將在第一季末恢復自 10 月 1 日以來暫停的配捐。正如我上個季度所描述的那樣，暫停公司配比配額的決定是在我們實施了多項成本節約計劃和重大重組措施之後做出的，這些措施是由多年需求和宏觀經濟不確定性所驅動的。

Given what we anticipated back in July and with the prospect of additional risks materializing, we faced a difficult decision, either pursue further workforce reductions or temporarily pause the 401(k) company match. While many companies chose widespread layoff, we chose a different path. We chose to protect jobs, retain talent, and invest in the long-term health of the organization by keeping our teams intact. We also committed to restoring the match as soon as performance allowed just as we have done in the past.

鑑於我們在 7 月的預期，以及可能出現的其他風險，我們面臨著一個艱難的決定：要麼進一步裁員，要麼暫時停止 401(k) 公司匹配繳款。許多公司選擇了大規模裁員，而我們選擇了不同的道路。我們選擇保持團隊完整，以此保護就業、留住人才，並投資組織的長期健康發展。我們也承諾，一旦比賽條件允許，我們將立即恢復比賽，就像我們過去所做的那樣。

Our teams responded exactly as strong teams do. We elevated our performance and focused on controlling what we could control, including winning new business, growing share of wallet, pricing discipline and accelerating further cost reductions. We demonstrated what truly differentiates Sherwin-Williams. At the same time, some of the risks that we saw in July did not materialize or were less severe than expected, including the delayed realization of some tariff impacts. The combination of all these factors is enabling us to both resume and retroactively restore the match sooner than originally anticipated.

我們的團隊做出了與優秀團隊完全相同的反應。我們提升了業績，並專注於控制我們能夠控制的事情，包括贏得新業務、擴大市場份額、嚴格控制價格以及加快進一步降低成本。我們展示了宣偉公司真正的獨特之處。同時，我們在 7 月看到的一些風險並沒有發生，或者沒有預期的那麼嚴重，包括一些關稅影響的延遲顯現。所有這些因素結合起來，使我們能夠比原計劃更快地恢復比賽並追溯性地還原比賽結果。

Now moving on to our 2026 guidance. The demand environment feels much like it did a year ago. The softer for longer dynamic we described again back in October remains intact. While some conditions are gradually becoming more stable, many of the indicators we track along with cautious consumer sentiment provide little support for any broad-based or accelerated recovery at this time. This environment is likely to persist well into 2026.

接下來，我們來看看2026年的業績指引。市場需求環境與一年前基本相同。我們在十月再次描述的「柔和持續更長時間」的動態依然存在。雖然有些情況逐漸趨於穩定，但我們追蹤的許多指標以及謹慎的消費者情緒，目前都難以支撐任何全面或加速的復甦。這種環境很可能會持續到2026年。

The slide deck issued with our press release lays out our key economic assumptions for 2026. I'd also like to provide you with some additional color that informs our outlook. On the architectural side of the business, Residential Repaint remains our single biggest growth opportunity, and we have and will continue to make investments to win here. Demand remains difficult to predict with industry forecasts for existing home sales growth varying widely, from slightly down to up double digits. The mortgage rate lock-in effect remains real.

我們隨新聞稿發布的幻燈片列出了我們對 2026 年的主要經濟假設。我也想補充一些有助於我們理解這觀點的因素。在建築設計業務方面，住宅重新粉刷仍然是我們最大的成長機會，我們已經並將繼續投資以贏得這一領域。由於產業對現有房屋銷售成長的預測差異很大，需求仍然難以預測，從略微下降到兩位數成長都有可能。抵押貸款利率鎖定效應仍然存在。

Harvard's LIRA index is projecting very modest growth and select retailers have forecasted flattish home improvement growth as a base case.

哈佛大學的 LIRA 指數預測成長非常溫和，一些零售商也預測，家居裝修市場成長將保持平穩，以此作為基本情況。

Additionally, consumer sentiment remains muted. These same dynamics also signal another potentially challenging year for DIY.

此外，消費者信心依然低迷。這些同樣的趨勢也預示著DIY產業可能又將面臨充滿挑戰的一年。

We expect the new residential market to be down at least in the mid-single-digit range this year, given negative single-family starts over the back half of 2025 and many forecasters expectations for further softening in 2026. National Association of Homebuilder sentiment levels were notably negative exiting 2025 and mortgage rates remain in the 6-plus range. We welcome meaningful economic and policy proposals to address affordability and increased supply (inaudible) these will take time to finalize, implement and take effect. We expect to outperform the market as we continue strengthening our homebuilder customer relationships.

鑑於 2025 年下半年單戶住宅開工量為負值，以及許多預測者預計 2026 年市場將進一步疲軟，我們預計今年新住宅市場至少會下降個位數百分比。全美住宅建築商協會對 2025 年的預期明顯偏低，抵押貸款利率仍維持在 6% 以上。我們歡迎有關解決可負擔性和增加供應的有意義的經濟和政策建議（聽不清楚），這些建議需要時間才能最終確定、實施和生效。我們預計，隨著我們不斷加強與房屋建築商客戶的關係，我們的業績將優於市場平均水平。

In the commercial segment, the Architectural Billings Index has continued its long run of negative readings. We do see a bright spot in multifamily starts, which were positive for most of the second half of 2025. However, these starts won't turn to completions and painting until late this year and into 2027. We are pleased with the share gains we are making here as demonstrated by our above-market growth over the second half of 2025 and which we expect will continue throughout 2026. Property maintenance CapEx spending still appears to be idling and neutral, though we are well positioned to capture pent-up demand when rates moderate.

在商業領域，建築收費指數持續保持長期負成長。我們看到多戶住宅開工量出現了一線曙光，2025 年下半年大部分時間都維持了正成長。然而，這些開工項目要到今年稍後甚至 2027 年才會完成並進行塗裝。我們對目前所取得的市佔率成長感到滿意，這體現在我們在 2025 年下半年高於市場平均的成長，我們預計這種成長動能將持續到 2026 年。儘管我們已做好充分準備，在利率趨於緩和時抓住被壓抑的需求，但物業維護資本支出似乎仍處於停滯和中立狀態。

We expect flattish sales as we continue to grow our account base to help offset core softness.

我們預計銷售額將保持平穩，因為我們將繼續擴大客戶群以抵消核心業務的疲軟。

In Protective & Marine, the project pipeline remains solid, though the timing of starts and completions remain variable. We expect this business along with residential repaint to be the best sales performers in Paint Stores Group this year.

在防護和海洋領域，工程儲備依然充足，儘管開工和完工時間仍不穩定。我們預計這項業務以及住宅重新粉刷業務將成為今年油漆商店集團銷售業績最好的業務。

On the industrial side, the US manufacturing PMI ended at its lowest point in the year in December after 10 months of contraction. Brazil and the Eurozone PMIs are also contracting. Optimism is easing in China, and the PMI there remains below its historical average. We see a 2026 backdrop where our core business remains flat at best, but strong new account wins from last year and this year along with positive price mix to drive low single-digit sales growth in Performance Coatings Group.

工業方面，美國製造業採購經理人指數（PMI）在經歷了10個月的萎縮後，於12月跌至年內最低點。巴西和歐元區的採購經理人指數（PMI）也正在萎縮。中國的樂觀情緒正在減弱，採購經理人指數（PMI）仍低於歷史平均值。我們預計到 2026 年，我們的核心業務最多只能保持平穩，但去年和今年強勁的新客戶拓展以及積極的價格組合將推動高性能塗料集團實現低個位數的銷售成長。

We expect modest growth in auto refinish, driven by share gains and price mix, with the industry remaining flattish to down, given pressure on consumers and related softness of insurance claims. In coil, we expect flattish sales as the market remains under pressure related to steel tariffs. In packaging, share gains and our industry-leading non-BPA coatings to drive flattish sales against a tough double-digit comparison.

我們預計汽車修補漆行業將溫和增長，這主要得益於市場份額的提升和價格組合的變化；但鑑於消費者面臨的壓力以及相關的保險索賠疲軟，該行業整體將保持平穩或下滑。由於鋼材關稅相關的市場壓力持續存在，我們預期卷材銷售量將保持穩定。在包裝方面，市場份額的成長以及我們行業領先的不含雙酚A的塗層，使得銷售額在艱難的兩位數同比下滑的情況下保持平穩。

Our industrial wood and general industrial divisions have the strongest new account growth in the group last year. We expect these wins to drive low single-digit growth in both of these divisions even as core demand remains very weak.

去年，集團內工業木材和一般工業部門的新客戶成長最為強勁。我們預計，即使核心需求依然非常疲軟，這些勝利也將推動這兩個部門實現個位數低成長。

In summary, for the third year in a row, the market is not going to give us much help. And for the third year in a row, we expect to outperform the market and grow sales and earnings per share. We'll continue to remain extremely aggressive with a focus on helping existing customers grow as well as winning new business and converting share gains.

總而言之，市場連續第三年不會給我們太多幫助。我們預計將連續第三年跑贏大盤，實現銷售額和每股盈餘的成長。我們將繼續保持極具進取心的策略，專注於幫助現有客戶發展壯大，同時贏得新業務並鞏固市場份額。

I want to be very transparent here. We're providing guidance that we believe is very realistic given this backdrop. We are also confident that if the market is better than we're currently seeing, we would expect to outperform the guidance that we are providing to start the year. The slide deck issued with this morning's press release includes our expectations for consolidated and segment sales for the first quarter of 2026. The deck also includes our initial expectations for the full year where consolidated sales are expected to be up a low to mid-single-digit percentage and diluted net income per share is expected to be in the range of $10.70 to $11.10 per share.

我想在這裡坦誠相待。鑑於目前的情況，我們提供的指導意見我們認為非常切合實際。我們也相信，如果市場狀況優於目前的情況，我們預期年初的業績將超過我們所給予的預期。今天早上發布的新聞稿附帶的幻燈片包含了我們對 2026 年第一季合併銷售額和分部銷售額的預期。該簡報還包括我們對全年的初步預期，預計合併銷售額將成長個位數百分比（低至中等），稀釋後每股淨收益預計將在每股 10.70 美元至 11.10 美元之間。

Excluding acquisition-related amortization expense of approximately $0.80 per share, adjusted diluted net income per share is expected in the range of $11.50 to $11.90, an increase of 2.4% at the midpoint compared to 2025 adjusted diluted net income per share of $11.43. I'll note that at the $11.70 midpoint, earnings growth will outpace the midpoint of our core sales growth, excluding the impact of Suvinil sales.

剔除與收購相關的約每股0.80美元的攤銷費用後，調整後稀釋每股淨收益預計在11.50美元至11.90美元之間，較2025年調整後稀釋每股淨收益11.43美元增長2.4%（取中間值）。需要指出的是，若取中間值11.70美元，則獲利成長將超過核心銷售額成長的中間值（不計Suvinil銷售的影響）。

Our slide deck contains several additional data points that provide important context that I'd also like to briefly address. Any comparisons described are year-over-year. From a sales perspective, I'll remind you that the Paint Stores Group implemented a 7% price increase effective January 1. Realization should be in the low single-digit range given market dynamics and segment mix. We are also implementing targeted price increases in specific areas with our other 2 reportable segments.

我們的幻燈片中包含一些額外的數據點，這些數據點提供了重要的背景信息，我也想簡要地談談這些數據點。所有比較均為同比比較。從銷售角度來看，我要提醒各位，油漆商店集團已在 1 月 1 日起實施了 7% 的價格上漲。考慮到市場動態和細分市場組合，實際收益率應該在個位數低點。我們也在其他兩個可報告業務板塊的特定領域實施有針對性的價格上漲。

We expect the market basket of raw materials to be up a low single-digit percentage in 2026 driven by tariffs along with select commodities also inflating. We expect to overcome these raw material headwinds and deliver full year gross margin expansion given both incremental 2026 pricing and accelerated simplification efforts across our supply chain.

我們預計，受關稅以及部分大宗商品價格上漲的影響，2026 年原物料市場籃子價格將出現個位數百分比的上漲。我們預計，憑藉 2026 年的增量定價和供應鏈中加速的簡化措施，我們將克服這些原材料的不利因素，並實現全年毛利率成長。

We expect GAAP SG&A dollars to grow by a low single-digit percentage in 2026, inclusive of a low single-digit contribution from Suvinil. As we pointed out last quarter, interest expense will be up this year. This increase includes approximately $40 million related to the lease payments for our new global headquarters and approximately $35 million of interest related to the $1.1 billion 1 year delayed draw term loan that we executed in September. It also includes approximately $15 million in increased interest expense related to refinancing at higher rates. We expect to end the year within our current long-term target debt-to-EBITDA leverage ratio of 2 to 2.5x.

我們預計 2026 年 GAAP SG&A 金額將以個位數百分比成長，其中包括 Suvinil 的個位數百分比貢獻。正如我們上個季度指出的那樣，今年的利息支出將會增加。這一增長包括與我們新的全球總部租賃付款相關的約 4000 萬美元，以及與我們 9 月份執行的 11 億美元 1 年期延期提取定期貸款相關的約 3500 萬美元利息。其中還包括因利率上升而增加的約 1500 萬美元利息支出，這些支出與再融資相關的利率上升有關。我們預計今年底債務與 EBITDA 槓桿率將維持在目前長期目標值 2 至 2.5 倍的範圍內。

We expect to open 80 to 100 net new stores in the US and Canada in 2026. We'll also continue adding sales reps and territories, accelerating innovation and expanding our digital capabilities.

我們預計 2026 年將在美國和加拿大淨增 80 至 100 家門市。我們將繼續增加銷售代表和銷售區域，加快創新步伐，並擴大我們的數位化能力。

Next month at our Board of Directors meeting, we will recommend an annual dividend increase of 1.3% to $3.20 per share, up from $3.16 last year. If approved, this will mark the 48th consecutive year we've increased our dividend. We expect to continue making opportunistic share repurchases. We'll also continue to evaluate acquisitions that fit and accelerate our strategy. In addition, our slide deck provides guidance on our expectations for currency exchange, effective tax rate, CapEx, depreciation and amortization.

在下個月的董事會會議上，我們將建議將年度股利提高 1.3%，至每股 3.20 美元，高於去年的 3.16 美元。如果獲得批准，這將是我們連續第48年提高股利。我們預計將繼續進行擇機回購股票。我們將持續評估符合我們策略並能加速我們策略發展的收購機會。此外，我們的幻燈片還提供了有關我們對匯率、有效稅率、資本支出、折舊和攤銷的預期方面的指導。

Finally, I'll remind you that as our first quarter is a seasonally smaller one, we do not plan to make any updates to full year guidance up or down until our second quarter is completed, at which point, we will have a better view of how the paint and coatings season is unfolding.

最後，我要提醒各位，由於第一季通常是季節性的，規模較小，因此我們計劃在第二季結束之前，不會對全年業績預期進行任何上調或下調。屆時，我們將能更了解油漆和塗料銷售季的進度。

Sherwin-Williams is extremely well positioned as we enter 2026. Again, while we expect little of any help in terms of end market demand, our teams refuse to be discouraged by these near-term trends. We know stronger demand will return at some point, driven by powerful demographics and enduring market fundamentals, but we're not waiting for that moment. We're focused on winning today and securing our long-term future. We know the playbook, stay true to our proven customer-first strategy, control what we can control and turn volatility into opportunity.

進入2026年，宣偉公司已做好極為充分的準備。雖然我們預期終端市場需求不會有任何改善，但我們的團隊不會因為這些短期趨勢而氣餒。我們知道，在強勁的人口結構變化和持久的市場基本面的推動下，更強勁的需求終將回歸，但我們不會等待那一刻的到來。我們專注於贏得當下，並確保長遠的未來。我們熟知成功之道，堅持我們行之有效的客戶至上策略，掌控我們能掌控的因素，並將波動轉化為機會。

That means relentlessly pursuing new accounts and share of wallet, innovating in and out of the can, investing where returns are clear, maintaining price cost discipline, advancing our enterprise priorities and driving accountability to ensure flawless execution. This is how we grow and create value regardless of market cycles.

這意味著要不懈地爭取新客戶和市場份額，在產品內外進行創新，在回報明確的地方進行投資，保持價格成本紀律，推進我們的企業優先事項，並推動問責制以確保完美執行。這就是我們不受市場週期影響而實現成長和創造價值的方式。

We're proud of what we've accomplished, but we're even more energized by the opportunities ahead. Across every business, we see room to grow, innovate and lead. Our focus remains sharp. Gross sales drive returns on sales and assets and generate cash. We'll continue to deliver unique solutions for customers and outperform the market.

我們為所取得的成就感到自豪，但未來的機會更讓我們充滿動力。我們認為每個產業都有發展、創新和引領的空間。我們始終保持高度專注。總銷售額推動銷售和資產回報，並產生現金流。我們將繼續為客戶提供獨特的解決方案，並超越市場平均水平。

This is a great time to continue demonstrating what makes Sherwin-Williams so unique. We win when our customers win, and that is exactly what we plan to do.

現在正是繼續展現宣偉公司獨特之處的好時機。客戶成功，我們才能成功，而這正是我們計畫要做的事。

I'd like to end where I started by thanking our team for being truly the best in the industry. This concludes our prepared remarks. And with that, I'd like to thank you for joining us this morning, and we'll be happy to take your questions.

最後，我想回到開頭，感謝我們的團隊，他們是業界最優秀的團隊。我們的發言稿到此結束。最後，感謝各位今天上午收看我們的節目，我們很樂意回答大家的問題。

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

I guess, first off, on the Performance Coatings segment, the margin outperformance there relative to at least our expectations. The incremental seemed very, very high in 4Q, and I know you called out some of the more profitable businesses like packaging and auto refinish being up nicely, et cetera. But can you just give us a bit more color in terms of what drove that?

首先，就高性能塗料業務而言，其利潤率表現至少超出了我們的預期。第四季的增量似乎非常非常高，我知道你提到了一些利潤較高的業務，例如包裝和汽車修補等，這些業務的成長情況都很好。您能否再詳細說說是什麼原因促成了這件事？

Yes, Ghansham. I think what you're seeing there clearly is discipline on display. This is an organization led under Karl Jorgenrud, been in the industry for over 30 years. And I think this is an environment where we're in the fifth straight year of a challenging demand environment, the team stood tall and delivered, and you're going to see this play out a very clear aggressive focus on new business wins, taking market share. But also a lot of heavy lifting and we talk about simplification in our enterprise priorities, taking complexity out of the business.

是的，甘沙姆。我認為你看到的很明顯是紀律的展現。這是一個由卡爾·約根魯德領導的組織，在該行業已有 30 多年的歷史。我認為，在連續第五年面臨充滿挑戰的需求環境下，團隊表現出色，並出色地完成了任務。你會看到，我們將非常明確地、積極地專注於贏得新業務，搶佔市場份額。但同時也有很多繁重的工作要做，我們在企業優先事項中談到簡化，消除業務的複雜性。

I'm very pleased with some of the heavy lifting there. Having said that, we're early innings, and I'll hand over to Ben here to jump in.

我對其中一些繁重的工作完成情況非常滿意。話雖如此，現在才剛開始，接下來就交給本來繼續講解吧。

Ghansham, yes, adding to what Heidi said there, I'd point to the 2 halves of PCG. How you called out simplification, SG&A has been a focus of this team here. They've consistently been able to keep their SG&A at a moderated pace, considering where volumes are at. But if I look at the 2 halves, I think that's a good way to look at it here. We were under pressure the first part of the year right after the election and we started seeing some of the new policies take shape.

Ghansham，是的，補充一下 Heidi 剛才所說的，我想指出 PCG 的兩個部分。正如您所提到的簡化措施，銷售、一般及行政費用一直是我們團隊的工作重點。考慮到目前的銷售水平，他們一直能夠將銷售、管理及行政費用保持在適中的水平。但如果我把事情分成兩部分來看，我認為這是一個很好的看待問題的方式。今年上半年，大選結束後，我們承受著巨大的壓力，一些新政策也開始逐漸成形。

There might have been some hesitation. The operating margin was backwards about 160 basis points in the first half. The second half adjusted operating margin showed 20 basis points worth of improvement. The second half was at 17.9%, pretty close to where we ended 2024. Obviously, the 19% is a good pop in the fourth quarter.

可能當時有些猶豫。上半年營業利潤率下降了約 160 個基點。下半年調整後的營業利益率提高了20個基點。下半年佔比為 17.9%，與 2024 年末的佔比非常接近。顯然，第四季19%的漲幅相當不錯。

And so I agree with what Heidi said there. It just comes down to discipline, focus on SG&A. I think this is also a good example. We always talk about the operating margin and not looking just at gross margin or SG&A, here is a really good example of why we do that because we're able to demonstrate and grow operating margin as a really good SG&A controls.

所以我同意海蒂剛才說的話。歸根究底還是紀律問題，要專注於銷售、管理及行政費用。我認為這也是一個很好的例子。我們總是談論營業利潤率，而不只是專注於毛利率或銷售、一般及行政費用，這裡有一個很好的例子可以說明我們為什麼這樣做，因為我們能夠證明並提高營業利潤率，從而更好地控制銷售、一般及行政費用。

John McNulty, BMO Capital Markets.

John McNulty，BMO資本市場。

And maybe kind of a decent segue from that last question. On the SG&A outlook for 2026, I guess, can you help us to think about what you're factoring in what kind of level of growth we should be expecting? Because I know you continue to invest even when the markets struggle. You've also got this 401(k) match coming back in. So I guess, can you help us to think about how that should play out as the year progresses?

這或許可以算是對上一個問題的一個很好的過渡。關於 2026 年的銷售、一般及行政費用展望，我想請您幫我們思考一下，您在預測成長水準時都考慮了哪些因素？因為我知道即使在市場低迷的時候，你也會繼續投資。你還可以獲得401(k)退休金匹配繳款。所以我想，您能否幫我們思考一下，隨著時間的推移，這種情況該如何發展？

John, yes, the way to think about that, and we called out Heidi talked about in her opening comments, with reinstating the 401(k) and doing our retroactive match, we're apples-to-apples 2025 versus 2024. And so that the catch-up contribution as it relates to 2025 earnings, we're apples to apples there. And so because we did that, as you look 2024, 2025 and then into 2026, there is no quarter-to-quarter, year-over-year 401(k) impact.

約翰，是的，就是這樣想的。我們指出了海蒂在開場白中提到的，恢復 401(k) 計劃並進行追溯匹配，這樣 2025 年和 2024 年的情況就完全一樣了。因此，就 2025 年收益而言，追趕性貢獻是公平的。因此，由於我們採取了這些措施，展望 2024 年、2025 年以及 2026 年，401(k) 計劃不會受到季度和年度的影響。

As you look at broader SG&A, as we called out in the opening remarks, SG&A up a low single digit. That obviously includes the history of the restructuring costs that we took in 2025. And then you layer on the incremental Suvinil, which is also a low single digit. So you can do the math there to figure out the core versus Suvinil. But really, what we have embedded there is that low single-digit growth.

從更廣泛的銷售、一般及行政費用來看，正如我們在開場白中提到的，銷售、一般及行政費用僅增長了個位數。這顯然包括我們在 2025 年承擔的重組成本的歷史數據。然後再加上遞增劑量的 Suvinil，它也是一個很小的個位數。所以你可以自己計算一下，看看核心成分和 Suvinil 的差異。但實際上，我們所實現的只是個位數的低成長率。

Again, that points right back to the cost control. Everything that we talked about throughout the year here. We had about $40 million in savings in 2025. You saw that our onetime restructuring costs were a little bit higher than what we guided to in October. That's going to give us the ability to upsize the other $40 million that we initially called out that's probably closer to $46 million in savings in 2026.

這再次表明，關鍵在於成本控制。我們這一年在這裡討論的所有事情。到 2025 年，我們將有大約 4000 萬美元的儲蓄。您已經看到，我們的一次性重組成本比我們在 10 月的預期略高。這將使我們能夠擴大最初提到的另外 4,000 萬美元的規模，到 2026 年，節省的金額可能接近 4,600 萬美元。

And so again, really proud of what the teams are doing to really control cost while volumes are challenged.

所以，我再次為團隊在銷售面臨挑戰的情況下為真正控製成本所做的工作感到非常自豪。

John, (inaudible) done a lot of credit. He uses this phrase of -- to the team, and for those employees listening, I'm talking to you here, too, we want to earn our SG&A, right? And so we're going to always pace that to volume, and you're going to see that discipline play out throughout the year.

約翰（聽不清楚）做了很多貢獻。他用這句話──對團隊說，也對正在聽的員工說，我也是在對你們說，我們都想賺到我們的銷售、一般及行政費用，對吧？因此，我們將始終根據產量來控制產量，您將在這一年中看到這種紀律的體現。

Chris Parkinson, Wolfe Research.

克里斯帕金森，沃爾夫研究公司。

Should we talk about some of the things that are more or less in your control in terms of your guidance? And just how you've been and how we're thinking about in terms of the implied gross margin guide. Just perhaps just a quick comment on health care labor assumptions, the raw basket, it seems like there's some divergences between solvent (inaudible) CO2 asset utilization. Just kind of just what underpins that and what gives you the confidence that, that is the correct framework at least to begin the year?

我們是否應該談談在您的指導下，哪些事情在您的掌控之中？以及你們的情況，還有我們對隱含毛利率指引的看法。關於醫療保健勞動力假設，以及原料籃子，或許可以簡單評論一下，溶劑（聽不清楚）二氧化碳資產利用率似乎有些分歧。究竟是什麼支撐著這一切，又是什麼讓你確信，至少在年初，這是一個正確的框架？

Chris, this is Jim. I'll start with the last piece of your question. So as you saw in our slide deck, we're guiding to our raw material basket to be up a low single-digit percentage this year. That includes tariffs and some of the commodities inflating in particular. I'd say the areas where we're seeing the most pressure would be on the packaging side of our basket, also non-TiO2 pigments extenders, things of that nature, also some pressure on resins, and I'd say that's a little bit heavier weighted on the industrial side of the basket.

克里斯，這是吉姆。我先回答你問題的最後一部分。正如您在我們的幻燈片中看到的，我們預計今年原物料價格將成長個位數百分比。這其中包括關稅，尤其是一些大宗商品價格上漲。我認為我們目前面臨的最大壓力領域是包裝方面，還有非二氧化鈦顏料填料等類似產品，樹脂方面也面臨一些壓力，而且我認為工業方面的壓力更大一些。

But those are the things that are driving the raw material guidance that we're laying out.

但正是這些因素驅動著我們制定原料指引。

Yes, Chris, I'll add on to the SG&A side and just the overall cost side. You think about -- you called out in the admin segment, interest expense being a headwind for next year. So when you look at the growth that we have in our admin spending next year, about half of that is going to be interest expense and then half of it is normalization of other nonoperating costs and just your general SG&A, and you called out health care. We've all seen the headlines health care up double digits. We're in that camp.

是的，克里斯，我會把這些費用加到銷售、管理及行政費用以及總成本中。想想看——你在管理部分提到過，利息支出將是明年的一大不利因素。所以，當你觀察我們明年行政支出的成長時，大約一半將是利息支出，另一半是其他非經營成本的正常化以及一般銷售、管理及行政費用，你也提到了醫療保健。我們都看到了新聞標題：醫療保健支出成長兩位數。我們屬於這一陣營。

We have things that we can do to mitigate that. So what we're passing on to our employees isn't as meaningful as that. So we're trying to be really diligent there. But we continue to try to keep that cost low.

我們可以採取一些措施來緩解這種情況。所以，我們傳遞給員工的訊息並沒有那麼重要。所以我們在這方面力求做到非常認真。但我們會繼續努力降低成本。

If I go back and point to some of the opening comments on the admin SG&A, the core SG&A, we've been able to keep that down double digits, down low teens, and that just demonstrates, again, the levers we're able to pull to make sure we can keep that -- the cost in check, knowing that, again, we're in that lower volume environment right now.

如果我回顧一下之前關於行政、銷售、一般及行政費用（SG&A）和核心SG&A的一些評論，我們已經能夠將其控制在兩位數或十幾個百分點以下，這再次表明，我們能夠採取各種措施來確保控製成本，因為我們知道，我們現在正處於低銷量的環境下。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I wanted to follow up on price mix in the fourth quarter and then also the 7% price hike on Jan 1. I guess it looks like it was 3% to 3.5% price mix in 4Q. And with the price increase coming in, in January, why wouldn't we expect that to be more going into the first quarter in '26?

我想跟進一下第四季的價格組合，以及1月1日7%的價格上漲。我猜第四季的價格組合佔比在 3% 到 3.5% 之間。鑑於 1 月價格上漲，我們為什麼不預期 2026 年第一季價格會更高呢？

Yes, Greg, I'll start and I'll hand it over to Ben to give a little bit more color, but I'll take you back to some of the comments I said in my prepared remarks relative to market dynamics. And we are looking at the competitive environment. I would frame it more as a jump ball environment, to be honest with you. And so we're going to continue to be, as you would expect, extremely aggressive as it relates to chasing volume right now. And so there's a balance.

是的，格雷格，我先開始，然後交給本來補充一些細節，但我會帶你回顧我在準備好的演講稿中關於市場動態的一些評論。我們正在關注競爭環境。說實話，我更傾向於把它描述成一個充滿變數的環境。因此，正如你所預料的那樣，我們將繼續採取極其積極的策略來追求成交量。所以，這裡存在著一種平衡。

The team is very prepared. There's a lot of tenure in the organization. They know how to strike that right balance. But I'm very confident that when we get some of our customers in, I'm very confident in the team's ability to work with them to add value and continue to trade them into more premium products that ultimately is going to make them more productive. Let me get it to Ben to comment on the quarter.

球隊準備得非常充分。該組織裡有很多資深員工。他們懂得如何找到合適的平衡點。但我非常有信心，當我們吸引到一些客戶後，我非常有信心團隊有能力與他們合作，為他們創造價值，並不斷引導他們使用更優質的產品，最終這將使他們更有效率。我把稿子交給本，讓他對這季度的狀況發表意見。

Yes, I agree with everything Heidi said there. And again, we've talked about that price mix, looking at incremental pricing and mix of some of the business as well. And so you may have a little bit of noise in there. But Heidi hit the head on it with volume. I mean we've talked about in this environment, prioritizing volume.

是的，我完全同意海蒂說的所有話。我們再次討論了價格組合，也考慮了部分業務的增量定價和組合。所以裡面可能會有一些噪音。但海蒂用音量一針見血地指出了這一點。我的意思是，在這種環境下，我們已經討論過要優先考慮銷售量。

And so as our teams know that high effectiveness is critical for us to get to the high end of our guide. We're going to continue to put the pressure on there to capture as much price as we can. But we're not going to put volume at risk to do that. And so that may be what's a little bit different than what you've seen in the past.

因此，我們的團隊也知道，高效能對於我們達到指南中的高水準至關重要。我們將繼續向他們施壓，盡可能取得價格優勢。但我們不會為了這樣做而拿銷量冒險。所以，這可能與你過去看到的情況略有不同。

But still very confident in our gross margin targets that we put out, and we're going to hold to that.

但我們仍然對我們所製定的毛利率目標充滿信心，並且我們將堅持實現這些目標。

David Begleiter, Deutsche Bank.

大衛‧貝格萊特，德意志銀行。

Heidi, can you discuss the impact of the severe winter weather on your current demand trends? And does that mean that Q1 EPS could be down year-over-year just because of the weather impacts?

海蒂，你能談談嚴寒的冬季天氣對你們目前需求趨勢的影響嗎？那是否意味著，僅僅因為天氣因素的影響，第一季每股收益可能會比去年同期下降？

David, it's Ben. Let me make a couple of comments here. I mean I realize right now in the midst of watching the storm go through this week. We have weather every quarter, it may impact us every year. If you remember last year, we had the the Golf winter storm, it had all the classic ice, wind, snow, everything that you would expect with a winter storm like that.

大衛，我是本。我想在這裡補充幾點。我的意思是，我現在正在觀看這場風暴席捲本週，我才真正意識到這一點。每個季度都會有天氣變化，它可能每年都會對我們造成影響。如果你還記得去年的話，我們遭遇了高爾夫冬季風暴，它包含了所有典型的冰、風、雪，以及你所能想像的所有冬季風暴的特徵。

With our Southeast division and our Southwestern division, they deal with weather this time of year every single year. And so no concerns there right now.

我們的東南分部和西南分部每年這個時候都要應付各種天氣狀況。所以目前這方面沒有任何問題。

John Roberts, Mizuho.

約翰·羅伯茨，瑞穗銀行。

Your packaging coatings performance is impressive here. Have we recovered to new highs since the correction you had? And how much more is left in terms of the conversion of the industry?

貴公司包裝塗料的性能令人印象深刻。自從您提到的調整以來，我們是否已經恢復到新高？產業轉型還有多少空間？

Yes. John, I would tell you, we've essentially recovered a lot of what we said was kind of temporary share loss. And that doesn't mean that we're happy with where we are. There's still a lot more to go get. I really like our position here with our leading technology.

是的。約翰，我可以告訴你，我們基本上已經挽回了先前所說的暫時性市佔率損失。但這並不代表我們對現狀感到滿意。還有很多東西要爭取。我非常喜歡我們憑藉領先技術在這裡所處的地位。

We continue to win and demonstrate value. We've got some, obviously, dynamics playing out, EFSA the European Food Safety Association's ban on BPA. That's going to be taking effect in Q2. We know that, that will continue to drive more customer conversions for us. So I really like our position here.

我們持續取得勝利，並展現價值。顯然，目前有一些動態正在上演，例如歐洲食品安全局 (EFSA) 對雙酚A (BPA) 的禁令。這項措施將於第二季生效。我們知道，這將繼續為我們帶來更多的客戶轉換率。所以我很喜歡我們現在的處境。

So we're in good shape. Jim, maybe if you could comment on a few of those areas.

所以我們情況良好。吉姆，或許你可以就其中幾個方面發表一下看法。

Yes. I would add to that, John, that in terms of how much is left to go, I would say that in Asia and LatAm, there's still quite a bit to go. North America, as Heidi pointed out Europe are farther ahead on that. But in terms of that conversion, those other regions still have quite a ways to go. Thanks for the question.

是的。約翰，我還要補充一點，就還有多少路要走而言，我認為在亞洲和拉丁美洲，還有相當多的路要走。正如海蒂指出的那樣，北美在這方面比歐洲領先得多。但就轉換率而言，其他地區還有很長的路要走。謝謝你的提問。

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov，KeyBanc 資本市場。

Heidi, I wanted to come back to your comments on focusing more on volumes than price this year. I guess, typically, this could lead to a bit of a zero-sum game where your competitors would also focus on volumes. Is there something that's different right now about competitive environment, maybe your competitors cannot afford lower prices, so they have to raise their prices and see some volume? Or is there another dynamic that kind of makes your strategy of being more volume-focused the right one this year?

海蒂，我想回應你之前關於今年應該更注重銷量而不是價格的評論。我猜，通常情況下，這可能會導致一場零和博弈，你的競爭對手也會專注於銷售。目前競爭環境是否發生了變化？也許你的競爭對手無法負擔更低的價格，所以他們不得不提高價格以提升銷售？或者說，還有其他因素使得你今年採取更注重銷量的策略是正確的？

So Aleksey, let me reframe what I heard you say, I think you said not putting volume above price. And I would say it's not putting volume above price. It's been very balanced in our view here. And so in this is a jump ball competitive environment, there's a lot of market share up for grabs right now, and we're not going to lose our minds, lose our way. We have very disciplined when it comes to pricing.

所以阿列克謝，讓我重新表達我聽到的意思，我想你說過不要把成交量看得比價格更重要。我認為這並非以成交量凌駕於價格之上。在我們看來，這裡的情況一直都非常平衡。因此，在這種充滿競爭的環境下，現在有很多市場份額可以爭奪，我們不會失去理智，也不會迷失方向。我們在定價方面非常嚴格。

But we want to make sure that the teams are empowered out in the front line to convert some of these larger, bigger customers that weren't Sherwin-Williams family before. We're going to be (inaudible) in chasing that business.

但我們希望確保第一線團隊有能力爭取一些以前不是宣偉公司的大客戶。我們將全力以赴地去爭取那項業務。

Aleksey, I'll add to that. We've always talked about volume as the number one driver of our operating margin. And so when you look over the long term, getting that wider base of business, getting that share of wallet and new accounts in -- and even when we bring them in, we have ways in our stores wherever the customer is in their journey to help get them up into those premium products and other ways that flows into that price mix as well. But we recognize over the long term, that securing the volume, the right volume that we want is how we get to our midterm and long-term goals.

阿列克謝，我再補充一點。我們一直把銷售視為我們營業利潤率的首要驅動因素。因此，從長遠來看，擴大業務基礎、提高客戶錢包份額和新增客戶——即使我們把他們招進來，我們也會通過各種方式，無論客戶處於購買旅程的哪個階段，在我們的門店裡幫助他們升級到高端產品，以及其他能夠融入價格體系的方式。但我們體認到，從長遠來看，確保達到我們想要的銷量，達到我們想要的銷量，才是實現中期和長期目標的途徑。

One piece, Ben just said, and I think it's really important to emphasize. When we bring our contractors in, the confidence we have in trading them up to premium is they are making more money as a result of working with these higher-end better products. And I'll remind you, the total cost, labor comprises 85%, 87% of their total cost. So their willingness to pay a premium to get on and off of job sites faster, have less touch up, less quality issues, especially in an inflationary environment, it plays to our strength.

本剛才說了一件事，我覺得這一點非常重要，需要強調。當我們引進承包商時，我們有信心讓他們升級到高級產品，因為使用這些更高端、更好的產品能讓他們賺到更多的錢。我還要提醒你，總成本中，人工成本佔總成本的 85% 到 87%。因此，他們願意支付更高的價格，以便更快地進出工地，減少返工，減少品質問題，尤其是在通貨膨脹的環境下，這正中我們下懷。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

Your residential repaint sales were up low single digits, but your prices were probably up higher than that. So where residential repaint volumes flat or down PAUSE -- and have they decelerated through the course of the year? And if so, why?

您的住宅重新粉刷銷售額僅增加了個位數，但價格漲幅可能遠不止於此。那麼，住宅重新粉刷量是否停滯不前或下降——以及它們是否在今年持續放緩？如果真是如此，原因是什麼？

Jeff, if you look at the fourth quarter, we -- last year, we had -- we were up against a really strong comp in residential repaint, we're up a high single digit. And so that had a little bit of impact of what you're seeing here for the third quarter. We remain very confident in (inaudible). This is where we get -- we've made a lot of investments. We're -- the biggest opportunity for share gains.

傑夫，如果你看一下第四季度，我們——去年，我們面臨著住宅重新粉刷業務非常強勁的同店銷售，但我們仍然實現了接近兩位數的增長。所以，這在某種程度上影響了你們在第三季看到的情況。我們仍然非常有信心（聽不清楚）這就是我們所取得的成果——我們已經進行了大量投資。我們是－獲得市場佔有率的最大機會。

We're very confident with that segment with our pricing realization. And so I think we're -- we continue to be very happy with where residue paint is. And obviously, as you look forward into 2026, that's a segment that we're going to continue to count on and invest in.

我們對該細分市場的定價策略非常有信心。所以我覺得我們——我們對殘留油漆的情況仍然非常滿意。顯然，展望 2026 年，我們將繼續依賴並投資於這一領域。

This is also a segment we have a lot of confidence in because we continue year-over-year to outperform the market. And so I wouldn't characterize it, Jeff, is slowing. I think if you go back into some of our history, last 2 years, there was a surge as we continue to focus on taking that telling more share. That's now in our history and behind us. So you're probably seeing a little bit of that.

這也是我們對非常有信心的領域，因為我們每年都能持續跑贏大盤。所以，傑夫，我不會用「減速」來形容它。我認為，回顧我們過去兩年的歷史，隨著我們不斷專注於擴大市場份額，我們的業績出現了激增。那都已成為歷史，過去了。所以你可能已經看到一些這種情況了。

But in terms of what is out there, the amount of market share to be gained is extraordinary, and we're going to chase it.

但就現有市場而言，可獲得的市場份額非常巨大，我們將努力爭取。

Vincent Andrews, Morgan Stanley.

文森安德魯斯，摩根士丹利。

Wondering if you can help us bridge consumer brands from the fourth quarter performance on the top line, up about 25% with Suvinil in the mid-20s to your expectations for 1Q and for the full year with 1Q up low to mid-teens now and the full year up high single to low doubles recognizing that you have to (inaudible) in the year. But what does that imply that the existing business is going to do from a volume price mix perspective? And then what is your FX assumption within there as well?

想知道您是否能幫助我們將消費品牌從第四季度營收成長約 25%（Suvinil 成長 25% 左右）與您對第一季度和全年的預期聯繫起來，目前第一季度預計增長 10% 到 25% 左右，全年預計增長 10% 到 20% 左右，同時我們也意識到您必須在一年中（聽不清楚）。但從銷售量和價格組合的角度來看，這意味著現有業務將如何發展？那麼，你對外匯市場的預期又是什麼呢？

Vincent, yes. So going from fourth quarter into next year, I mean, you nailed it. We got the annualization that's obviously going to have a sizable impact through the third quarter of next year when we annualize. The underlying business, I mean, as Heidi talked about in her opening comments, I mean there's still a lot of challenges with the North American DIY market. We don't expect that to be an over performer for us until we see some of the housing catalysts really catch.

是的，文森。所以從第四季到明年，我的意思是，你預測得非常準確。我們已經實現了年化，這顯然會對明年第三季進行年化調整產生相當大的影響。我的意思是，正如海蒂在開場白中提到的那樣，北美DIY市場仍然面臨許多挑戰。我們預計，在看到一些房地產利好因素真正顯現之前，它不會為我們帶來超額收益。

You asked about pricing. All of our businesses have some level of pricing embedded in their guide for next year. And so even though we don't go out all at the same time like we do for Stores Group, you should expect that there are some targeted price increases, not only for Consumer Brands Group but also for Performance Coatings Group that could differ by the different business units or by region. And then FX, we look at a full year basis, and we do have Consumer Brands Group down low single digit because of FX. That's mainly going to come in the second half of the year, and that's mainly coming from headwinds that we anticipate in Latin America.

您詢問了價格問題。我們所有業務部門都在明年的定價指南中納入了一定程度的價格資訊。因此，即使我們不像 Stores Group 那樣同時進行價格調整，您也應該預料到會有一些針對性的價格上漲，不僅針對 Consumer Brands Group，也針對 Performance Coatings Group，不同業務部門或地區的漲價幅度可能會有所不同。然後是外匯方面，我們看的是全年情況，由於外匯影響，消費品牌集團的業績下降了個位數百分比。這主要將在今年下半年出現，主要原因是我們預期拉丁美洲將面臨不利因素。

And I'll mention on the Suvinil piece because I can't help it. We're really excited about this acquisition and the progress that we're making. It's obviously early, but the teams are laser focused. We've got our dedicated integration teams that are commercial teams can remain laser focused on our customer and business continuity. I think that we are certainly pulling out the Valspar playbook, the rigor behind customers and employees and making sure that we're keeping the -- what's happening in the market is going to be really important here.

我忍不住要提一下 Suvinil 的文章。我們對此次收購以及我們所取得的進展感到非常興奮。現在顯然還為時過早，但各支球隊都高度集中精力。我們擁有專門的整合團隊，這些商業團隊能夠始終專注於我們的客戶和業務連續性。我認為我們肯定會借鑒威士伯的成功經驗，堅持以客戶和員工為先，並確保我們始終關注市場動態——市場動態在這裡至關重要。

We've got an opportunity to demonstrate why these brands are better the other way. These teams are better together so that we can drive innovation with a market-leading brand, and I'm very confident in what we're going to be able to do in Brazil.

我們有機會證明，為什麼這些品牌換一種方式會更好。這些團隊團結起來會更有優勢，這樣我們就能以市場領先的品牌推動創新，我對我們在巴西能夠取得的成就非常有信心。

Josh Spector, UBS.

瑞銀集團的 Josh Spector。

So I was trying to go through all the macro assumptions you have in that slide, which is very helpful. When I put that all together, it seems to say that maybe you're thinking the market in your Paint Stores Group is down something like 1%, maybe 2% next year. If I look at your Paint Store Group guidance, you're flat, your store addition is typically at a point. So to me, that implies that you're basically saying you do closer to in line with the market versus outperform by a point or 2. I'm just curious if you disagree with any of that framing.

所以我一直在嘗試理解你在那張投影片中提出的所有宏觀假設，這非常有幫助。綜合以上信息，我的理解是，您可能認為您油漆商店集團的市場明年可能會下降 1% 到 2%。如果我看一下你們油漆商店集團的指導方針，你們的業績已經停滯不前，你們的商店擴張通常已經達到瓶頸。所以在我看來，這意味著你基本上是在說你的表現更接近市場平均水平，而不是比市場高出一兩個百分點。我只是好奇你是否對這種表述方式有任何異議。

Is the market lower? Are you assuming more? And just square that with the comments you've been talking about earlier about focus on gaining volumes and share gains?

市場價格下跌了嗎？你是不是想得更多了？這和你之前提到的專注於提升銷售和市場佔有率的說法是否一致呢？

Josh, respectfully, I disagree. The market is down. I think probably hard to characterize it, but I would say it's down more than that. And where we look at our performance base case, we've guided to down single to up single and the controllables in that space, and I'll point to Res repaint where we continue to take share in a down market, we're going to continue to make the investments, putting a new store in every 4 days, continue to invest in dedicated reps. We're investing in innovation.

喬希，恕我直言，我不同意。市場下跌。我覺得很難準確描述，但我認為下降的幅度比這還要大。從我們的業績基準來看，我們已經引導業績從下滑到上調，以及該領域可控因素，我會指出 Res repaint，在市場低迷的情況下，我們繼續擴大市場份額，我們將繼續投資，每 4 天開設一家新店，繼續投資於專職銷售代表。我們正在投資創新。

In fact, in the end of the quarter, we're going to be launching a (inaudible) plant-based interior coating that will be the best paint we've ever made, and it's because we're that confident in our ability to convert share with residential repaint. I'll hand over to Ben to speak to any of the other segments here.

事實上，在本季末，我們將推出一款（聽不清楚）植物性室內塗料，這將是我們迄今為止生產過的最好的塗料，因為我們對透過住宅重新粉刷來轉化市場份額的能力充滿信心。接下來我將把發言權交給本，讓他來回答其他部分的問題。

Yes. I mean if I take it to -- you're talking about volume here. I think one thing to point out in Paint Stores Group is the ability even in a challenged volume market to still grow incremental margins and you look at what happened in the fourth quarter, with volumes down low single digit with stores through good cost control, we're able to generate almost a 50% incremental margin. And if you look at the full year, I mean, it's almost 40%, again, in a volume challenged environment. And so we're going to continue to find ways despite what's happening in the market to continue to drive margin.

是的。我的意思是，如果我把它帶到——你這裡說的是音量。我認為油漆商店集團的一大特點是，即使在銷售不佳的市場環境下，也能達到利潤率的提升。看看第四季度的情況，銷量下降了個位數，但透過良好的成本控制，我們實現了近 50% 的利潤率成長。如果從全年來看，我的意思是，在銷售受到挑戰的環境下，這個比例接近 40%。因此，儘管市場情況不明朗，我們仍將繼續尋找方法來提高利潤率。

Mike Sison, Wells Fargo.

麥克西森，富國銀行。

Heidi, you mentioned that you'd welcome some policies or proposals to help affordability increase supply. What do you think would be helpful in terms of maybe sparking a recovery in paint demand this year? And then quick follow-up in Protective Marine (inaudible) like a year. Is that mostly the protective side? And does it do it -- does it go into data centers? And if it does, how big and what's the potential there?

海蒂，你曾提到你歡迎一些旨在提高住房可負擔性的政策或提案來增加住房供應。您認為今年哪些措施有助於刺激油漆需求復甦？然後，在《海洋保護》（聽不清楚）中迅速跟進，大約一年後。那主要是保護作用嗎？它真的能做到嗎？它會被連接到資料中心嗎？如果真有其事，規模會有多大？潛力又有多大？

Great. Well, Mike, I thought you were going to offer up a policy recommendation. So yes, we look at this kind of a 3-legged stool, if you will, I don't know that it's going to be 1 without the other. I think it's a combination of household income, rates and affordability. And so as we come into a year of a midterm election, we'll see what moves there.

偉大的。麥克，我還以為你會提出政策建議。所以，是的，我們把這看作是一個三腳凳，如果你願意這麼稱呼的話，我不知道它是否會單獨存在。我認為這取決於家庭收入、稅率和負擔能力等因素的綜合考慮。因此，隨著中期選舉年的到來，我們將拭​​目以待。

But at the end of the day, our builders, our partners are still -- still hesitating and waiting to see for some of those things to be solved. But I think we're in an environment here where as we partner with these our builders, and I remind you, we've got a pretty healthy position with some of the largest builders from an exclusive standpoint. So our ability to lock in with them, help them see around the corner and plan is going to be important now more than ever.

但歸根結底，我們的建造者、我們的合作夥伴仍然——仍然在猶豫不決，等待這些問題得到解決。但我認為，我們現在所處的環境是，當我們與這些建築商合作時，我提醒各位，從獨家合作的角度來看，我們與一些最大的建築商建立了相當穩固的關係。因此，我們與他們建立聯繫、幫助他們預見未來趨勢並製定計劃的能力，現在比以往任何時候都更重要。

I'll move on to the P&M side. And yes, it is higher on the protective side than the Marine side. And you said it right, Mike. This is where Sherwin-Williams is so exceptionally well positioned because of the boom we see with AI infrastructure. As you look across that PNM division and the healthy pipeline that the team is working on, and what we can bring to market these data centers, for example, you look at every coating that every service that needs to be coded, we've got a solution.

接下來我將轉到P&M方面。是的，它的防護性能比海洋防護性能更高。你說得對，麥克。正是由於人工智慧基礎設施的蓬勃發展，宣偉公司才擁有如此得天獨厚的優勢。當你縱觀 PNM 部門以及團隊正在開發的健康產品線，以及我們可以為市場帶來的資料中心產品時，例如，當你查看每項需要編碼的服務的每一個塗層時，我們都有解決方案。

Our high-performance flooring. We just made some acquisitions and recently puts us in market leadership position, and you're going to see us be extremely bullish as we move forward.

我們的高性能地板。我們最近進行了一些收購，這使我們處於市場領先地位，你們將會看到我們未來發展前景非常樂觀。

Yes. Mike, I'll add just one more time. And going back to the first question in the policies and how you laid that out well. What that all means to us, as it relates to our outlook. If there are things that happen, if there are policies that are implemented that become tailwinds for us, the plan that we have built is going to enable us to capture those and win from those.

是的。麥克，我再補充一遍。回到保單中的第一個問題，以及您是如何很好地闡述這個問題的。這一切對我們的世界觀意味著什麼？如果發生一些事情，如果實施一些政策對我們有利，我們制定的計劃將使我們能夠抓住這些機會並從中獲益。

And so I know we outlined on Slide 9 of the presentation, some of our economic assumptions. And so we're going to be watching to see if there are policy adjustments that could turn some of those metrics better for us. And in turn, you should expect our performance to mirror that.

我知道我們在簡報的第 9 張投影片中概述了一些經濟假設。因此，我們將密切關注是否有政策調整可以改善其中一些指標，從而對我們有利。反過來，你們也應該期待我們的表現能夠與之相符。

Patrick Cunningham, Citi.

派崔克‧坎寧安，花旗銀行。

Heidi, thoughout the past 1.5 years, you've talked about capitalizing on opportunities, disruption industry, given the recent mega merger announcement, there's potentially some fresh disruption. So how would you characterize the opportunity set maybe within more of your industrial-facing businesses?

海蒂，在過去的1.5年裡，你一直在談論如何抓住機會、顛覆產業，鑑於最近宣布的大型併購案，可能會出現一些新的顛覆性變革。那麼，您會如何描述您面向工業領域的更多業務中的機會呢？

Yes, it's a great question. I think the word disruption is the right word. And when you think about what's in play there, obviously, there's -- it impacts several of our divisions and the teams are going to continue to be very aggressive out there. But when I step back and look at the big picture, over the last few years, I think it's safe to say that, by and large, there's been a lot of shift across the competitive set on both architectural and industrial. And what I'm most excited about is the stability of our strategy.

是的，這是一個很好的問題。我認為「顛覆」這個詞用得恰當。當你考慮到其中的因素時，很明顯，這會影響到我們的幾個分區，各支球隊將繼續在場上採取非常積極的策略。但當我退後一步，從大局來看，在過去的幾年裡，我認為可以肯定地說，總體而言，建築和工業領域的競爭格局都發生了很大的變化。最令我興奮的是我們的策略穩定性。

We've got a rock solid strategy. We've got the playbook. We've got the management team, the team out in the field every day. Clarity about how to execute that playbook. And so we mentioned earlier that there's -- we think volatility as an opportunity to create opportunity, whether that's in the macro or in the competitive landscape.

我們制定了一套萬無一失的策略。我們已經有了應對方案。我們有管理團隊，也有每天在一線工作的團隊。明確如何執行該方案。因此，我們之前提到過，我們認為波動性是創造機會的機會，無論是在宏觀層面還是在競爭格局中。

And we're going to be just that. We're going to continue to stay close and get closer to our customers, find new ways to solve their challenges and we're going to come out winning.

我們將會成為那樣的人。我們將繼續與客戶保持密切聯繫，並不斷拉近彼此的距離，尋找解決他們挑戰的新方法，我們一定會取得勝利。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

I guess I just wanted to understand the element of potential conservatism in the guide here and maybe what could get you to the upper end. It sounds like you will be implementing that price increase, maybe you get 2 to 3 points out of that. And then would it be mainly volume in Paint Stores Group? I mean we have seen some improvement in existing home sales over the last few months? And are you kind of assuming kind of continued softness in commercial and new -- maybe you can just kind of go through some of the verticals within Paint Store Groups and see how maybe some of the different scenarios could play out and maybe push you towards the upper end of that guide?

我只是想了解一下這份指南中潛在的保守主義元素，以及或許什麼能讓你達到更高的境界。聽起來你們打算實施漲價計劃，也許能從中獲得 2 到 3 個百分點的收益。那麼，主要影響的是油漆商店集團的銷售嗎？我的意思是，過去幾個月我們看到二手房銷售有所改善？您是否認為商業和新產品市場將持續疲軟？也許您可以研究油漆商店集團內部的一些垂直領域，看看不同的情況會如何發展，並可能將您推向該指南的高端？

Arun, I'll start with saying that as you look at our outlook, I would call it realistic. And again, if I point back to the presentation deck and the economic assumptions that or the foundation of our guidance, you can see how we're framing that out. And I'll point to a couple of the indicators. If you look at existing home turnover, there's a wide varying range of assumptions next year. You have some people that think it's going to be back 1% to 2%.

阿倫，首先我想說，就我們目前的情況而言，我認為它是務實的。再說一遍，如果我回顧一下簡報和我們指導方針的經濟假設或基礎，你就可以看到我們是如何建立這個框架的。我再指出幾個指標。如果觀察現有房屋的周轉情況，會發現明年的預測有很大的差異。有些人認為它會恢復到 1% 到 2%。

You've got some that are reporting it could be as high as 14%. And -- and so I think what's important for us to share and the reason that we put that slide together so you could anchor on -- you can see where we were anchoring our basis for our midpoint guidance.

有報導稱，這一數字可能高達 14%。所以——因此我認為對我們來說重要的是要分享，也是我們製作這張投影片的原因，這樣你們就可以以此為依據——你們可以看到我們中期指導的依據是什麼。

And so we feel, in that example, with existing home sales, it's more realistic to be in that low single-digit range, absent any major policy shifts or anything else that we talked about. And so the basis of that foundation, I think we feel very comfortable and confident with -- and as I mentioned earlier, if those indicators get better, if we see rates trend lower existing home sales turnover is higher consumer confidence and affordability gets better, you should expect that our results are higher than the midpoint that we're providing.

因此，我們認為，在那個例子中，就現有房屋銷售而言，如果沒有重大的政策變化或我們討論過的其他任何事情，那麼實際增長率應該在個位數低位範圍內。因此，我認為我們對這一基礎感到非常滿意和有信心——正如我之前提到的，如果這些指標好轉，如果我們看到利率下降，現有房屋銷售週轉率提高，消費者信心增強，負擔能力改善，那麼你應該預期我們的結果會高於我們提供的中點。

Duffy Fischer, Goldman Sachs.

達菲費雪，高盛集團。

Could we go back to Consumer Brands Group. I just want to understand the margin implication of Suvinil coming in and the cost-cutting programs are -- so do we need to kind of model a 2% decline year-over-year until we anniversary Suvinil? And then it kind of bounces back up towards normal or how to think about that playing out throughout this year? And then once we've anniversaried what does it look like?

我們能回到消費者品牌集團嗎？我只是想了解 Suvinil 上市和成本削減計劃對利潤率的影響——所以我們是否需要模擬 Suvinil 上市週年紀念日之前利潤率每年下降 2% 的情況？然後它又會逐漸回升到正常水平，或者說，我們該如何看待這種情況在今年的發展？那麼，週年紀念日過後，會是什麼樣子呢？

Duffy, yes, if you think about -- the fourth quarter is generally a lower margin quarter for us anyway. And as we talked about coming out of our second quarter call, Consumer Brands Group, we have some supply chain inefficiencies built in there, and that was due to targeted production volume reductions as we're trying to manage our inventory to the end of the year. So I know there's a lot of noise there. Suvinil coming in, that doesn't help as well. But what I will tell you is that from an operating margin point of view, we should expect to see similar core business at our existing Sherwin business.

Duffy，是的，如果你仔細想想——第四季度對我們來說通常利潤率都比較低。正如我們在第二季電話會議上討論的那樣，消費品牌集團的供應鏈存在一些效率低下的問題，這是由於我們為了控制庫存到年底而有針對性地減少了產量。我知道那裡很吵鬧。服用舒維尼爾也無濟於事。但我可以告訴你們的是，從營業利潤率的角度來看，我們應該會看到我們現有的宣偉業務的核心業務與以往類似。

We will have some integrating costs, as you can imagine, a deal of that size, the integrating activities that are going to be required, the system integrations, et cetera. We're going to have some costs as we go through 2026.

如你所想，如此規模的交易會產生一些整合成本，包括所需的整合活動、系統整合等等。到 2026 年，我們將面臨一些成本。

But from a margin point of view, yes, until we anniversary that in the third quarter of next year, you can expect it to be maybe a little muted, the same degree that you saw in the fourth quarter.

但從利潤率的角度來看，是的，直到明年第三季我們迎來週年紀念日之前，預計利潤率可能會略顯疲軟，與第四季的情況類似。

Mike Harrison, Seaport Research Partners.

麥克·哈里森，海港研究夥伴公司。

You've talked in the past about periodic repaint of houses occurring every 5 to 7 years. A lot of demand was pulled forward into the 2021 time frame. So we should be getting into a period where we should start to see more repaint activity. In your view, Heidi, what is preventing that thesis from playing out? Is it the cost of labor and maybe availability of paint contractors?

您之前曾談到房屋每隔 5 到 7 年需要定期重新粉刷。很多需求都提早到了 2021 年。因此，我們應該會進入一個重新粉刷活動增加的時期。海蒂，在你看來，是什麼阻礙了這個論點的實現？是人工成本問題，還是油漆工的供應問題？

Is it the cost of the paint itself. When you think about consumer sentiment and just propensity to repaint periodically, what could conflict with that prevailing view of repainting every 5 to 7 years?

是油漆本身的成本嗎？當你考慮到消費者的情緒以及定期重新粉刷的傾向時，有什麼因素會與每 5 到 7 年重新粉刷一次的普遍觀點相衝突呢？

Yes. And you're right, it is a kind of a 5- to 6- to 7-year cycle, and we are coming off of that post COVID. I do think there are some natural governors in play right now just because we are in an inflationary environment. Consumer confidence is absolutely impacted. When you think about home improvement in general, though, what I love about our position is that we're one of the most affordable and most quick to update your home versus larger kitchen and bath projects.

是的。你說得對，這確實是一個 5 到 6 到 7 年的周期，而我們正處於新冠疫情後的這個週期中。我認為目前有一些自然調節機制在起作用，因為我們正處於通貨膨脹的環境中。消費者信心受到了嚴重影響。不過，就整體家居裝修而言，我喜歡我們公司的一點是，與大型廚房和浴室改造項目相比，我們是最經濟實惠、最快捷的家居改造公司之一。

And so I do believe as we continue to monitor a lot of these indicators, we're going to stay very close to it.

因此，我相信隨著我們繼續監測這些指標，我們將與結果保持非常接近。

But we'd like to see more tick-up happen faster. I do think it's going to still be a bit choppy throughout the year. And I'll remind you, too, the DIY segment represents about 40% of the available gallons out there. And so when it starts to move, you're going to want to come along for the ride, but we just needed to start moving.

但我們希望看到更多的小幅上漲發生得更快。我認為今年全年市場仍會有些波動。我還要提醒大家，DIY市場約佔可用加侖數的40%。所以當它開始前進的時候，你會想要一起行動，但我們只需要開始前進就行了。

And I think Ben's point that he mentioned a minute ago is important to, Mike, around the existing homesale outlook. I mean that range of something -- existing home sales could be down low single digits to up 14%. That gives you a really good view, I think, into the uncertainty that's out there in terms of demand. So whatever way it goes, though, we expect to outperform, and we're very well positioned to do that based on the investments we've consistently made over the last 2 years. And thanks for the question.

我認為本剛才提到的觀點對麥克來說很重要，因為它關係到當前的房屋銷售前景。我的意思是，這個範圍——現有房屋銷售可能會下降個位數百分比，也可能上升 14%。我認為這能讓你很好地了解市場需求的不確定性。所以無論結果如何，我們都期望能夠取得優異的成績，而且基於我們過去兩年持續進行的投資，我們已經做好了充分的準備來實現這一目標。謝謝你的提問。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

Heidi, in the prepared remarks, I think you commented with regard to the 7% price increase that you'd expect realization to be in the low single-digit percentage range. I'm not sure if that was a near-term comment or if that's where you would expect to be in the fullness of time. But maybe you can elaborate on what that trajectory does look like over the next few quarters? And what I'm really trying to get at is the nexus between this realization versus your historical realizations against the backdrop of your aggressive pursuit of volume? Will it be lower this time? Or do you think ultimately, it will be the same?

海蒂，在事先準備好的發言稿中，我認為你曾評論說，對於 7% 的價格上漲，你預計實際漲幅會在個位數百分比範圍內。我不確定那是指近期情況，還是指你預期在最終情況下會達到的狀態。但您能否詳細說明未來幾季的發展軌跡？我真正想表達的是，在你積極追求銷售的背景下，這種認識與你過去的經驗之間有何關聯？這次會更低嗎？或者你認為最終結果會一樣嗎？

We've said it's going to be in the historic range, maybe at the low end of the historic range, but I would look at this again because of this unique competitive environment that we find ourselves in. When I look at the low single-digit guidance, I would think of that Kevin, as a full year guy, and I'll invite Ben to jump in on any other details.

我們說過，價格會處於歷史範圍內，或許是歷史範圍的低端，但考慮到我們所處的獨特競爭環境，我會重新審視這個問題。當我看到個位數的低預期時，我會把凱文看作一個全年的球員，至於其他細節，我會請本補充。

Yes, Kevin, I think what's important to note here, the teams are engaged, we're getting after the effectiveness, where we can get it. There might be some delayed realization as you have different accounts that go a little later than January. And so we're going to continue to monitor this. We're -- we know how to do this well. There's a high degree of confidence in our Paint Stores Group teams to get the price where they can, and we're going to manage it that way.

是的，凱文，我認為需要注意的是，團隊都很投入，我們正在努力提高效率，盡我們所能地提高效率。可能會出現一些延遲到帳的情況，因為您的帳戶有不同的結算週期，有些帳戶的結算週期會晚於一月份。因此，我們將繼續關注此事。我們——我們很擅長做這件事。我們油漆商店集團的團隊對盡可能降低價格充滿信心，我們將繼續以這種方式進行管理。

Matthew DeYoe, Bank of America.

馬修‧德約，美國銀行。

To build a little bit on Pat's question, would you look at or participate in any asset sales on the backs of the kind of the peer merger going on? I mean, I know it's a bit of a broad question considering there's a pretty diversified portfolio. But say, for example, powder coatings, right? Would new market entry be interesting to you or expansion in some of these other more core industrial segments?

為了進一步回答 Pat 的問題，您是否會考慮或參與類似同業合併背景下的任何資產出售？我知道這是一個比較廣泛的問題，因為投資組合相當多元化。但比如說，粉末塗料，對吧？您對進入新市場或在其他一些更核心的工業領域進行擴張感興趣嗎？

Well, Matt, we love to grow, and we love expansion. Having said that, the way we look at our growth strategy, obviously, where we start with an organic focus. When we consider inorganic activity, it's a very disciplined review of our portfolio, which you just said. And so when I think about the -- what's in play there and as stewards of your capital, we're always going to look, but there are a few of those businesses that they fell out of the air and into our laps, all day long. Yes, we would love them.

馬特，我們喜歡成長，也喜歡擴張。話雖如此，我們看待成長策略的方式，顯然是從有機成長著手。當我們考慮非有機成長活動時，正如你剛才所說，我們會對我們的投資組合進行非常嚴格的審查。所以當我思考——那裡正在發生的事情，以及作為你們資本的管理者，我們總是會關注，但有些企業就像天上掉餡餅一樣落到我們頭上，整天都是如此。是的，我們非常喜歡它們。

But right now, we're just focusing on growing organically and competing in the market.

但目前，我們只專注於實現有機成長和參與市場競爭。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

As you made the decision to bring back the 401(k) match, you cited delays in tariffs is one of the drivers that helped you decide reinstituted. I was wondering if there's anything else specifically that you're looking at that give you confidence? And just on the flip side, you're talking to a number of choppy macro indicators and trends that don't seem to be flipping anytime soon. I'm just wondering if there's any incremental costs that you're looking to implement this year?

當您決定恢復 401(k) 匹配計劃時，您提到關稅延遲是促使您決定恢復該計劃的因素之一。我想知道你還在關注哪些其他方面能讓你更有信心？另一方面，你也要注意一些波動劇烈的宏觀指標和趨勢，這些指標和趨勢似乎短期內不會發生轉變。我只是想了解一下，今年你們是否計劃增加任何成本？

Great. So Garik, I'm going to start, and then I'll hand this over to Ben. I think your point and your recognition and our recognition that the tariffs are going to have a delayed realization. So I'll have Ben comment on that here in a moment. But I do want to take a minute just to address this.

偉大的。那麼，Garik，我先開始，然後我把麥克風交給Ben。我認為你的觀點以及我們所認識到的，即關稅的實施將會有一段時間的延遲，都是正確的。稍後我會請本就此發表評論。但我還是想花點時間談談這件事。

I think we said this in the prepared remarks, but this decision was not made on a single quarter or any short-term optics. And we all know this period of elevated and prolonged uncertainty. We had one objective in mind, which was protecting the operating strength, the stability and the long-term health of our company by protecting jobs. And I'm really proud that we've been in a position to restore that.

我認為我們在事先準備好的發言稿中已經說過，但這項決定並非基於某個季度的業績或任何短期影響而做出。我們都經歷過這段高度且持續的不確定性時期。我們只有一個目標，那就是透過保護就業機會來保護公司的營運實力、穩定性和長期健康發展。我非常自豪我們能夠恢復這一點。

But here is a reality, and I shared this with you just to bring you into how I'm thinking about this. When you have a differentiated strategy that you believe in, and it's clearly working and you've got a world-class team that knows how to execute through all types of cycles, your number one focus is on execution. And so I think now more than ever, you've got customers that are dealing with so much uncertainty, they are looking for partners that can be stable, reliable and predictable. And when you've got a winning strategy, you've got customers that need you, you're going to invest in that execution capacity. So which means we're going to continue to not only attract and hire, but it's in our best interest to retain this talent.

但現實情況是這樣的，我跟你分享這件事，只是想讓你了解我的想法。當你擁有一個你深信不疑的差異化戰略，並且這個戰略顯然行之有效，而且你還擁有一支世界一流的團隊，他們知道如何在各種週期中執行該戰略時，你的首要關注點就是執行。所以我認為，現在比以往任何時候都更甚，客戶面臨著許多不確定性，他們正在尋找穩定、可靠和可預測的合作夥伴。當你有了致勝的策略，有了需要你的客戶，你就會投資執行能力。所以這意味著我們不僅要繼續吸引和招募人才，而且留住這些人才也符合我們的最佳利益。

So we've seen a lot of widespread layoffs out there in and out of our industry. And I said earlier, we chose a different path and it was to maintain and preserve these jobs. And I think that making sure that we have that execution capacity, that is what has rewarded our shareholders very well over the last few decades. But let me hand it back to Ben to talk more about the '26 implication.

因此，我們看到業內外都出現了大範圍的裁員。我之前說過，我們選擇了一條不同的道路，那就是維護和保住這些工作。我認為，確保我們擁有這種執行能力，正是過去幾十年來為我們的股東帶來豐厚回報的原因。但還是讓本來詳細談談 '26 的影響。

Yes. I mean, just one comment there, and I'll remind you, back in July when we gave our guidance, we were operating in an environment of high uncertainty and Heidi talked about us wanting to have and make sure we preserve that financial flexibility. And so that didn't materialize the way that we had planned out. And part of having that flexibility employing that 401(k) lever is, since it didn't play out the way that we had thought throughout the year, it gave us that ability to reinstate that. And even though it was quicker than we had expected.

是的。我的意思是，我只想補充一點，提醒一下大家，早在七月份我們發布指導意見時，我們正處於高度不確定的環境中，海蒂當時談到我們希望擁有並確保保持這種財務靈活性。所以，事情並沒有按照我們計畫的方式發展。而利用 401(k) 槓桿的靈活性的一部分在於，由於它在過去一年中並沒有按照我們預想的方式發展，因此它使我們能夠重新啟用它。雖然比我們預想的還要快。

It's great that we're able to do that.

我們能夠做到這一點真是太好了。

As we go into 2026, it doesn't mean that the pressures that we see have alleviated. There are still tariff pressures, it's part of our low single-digit raw material guide that we're going to have to contend with this year. And that delayed realization is something that we're going to have to contend with this year. You've seen us on the cost out and pulling levers for some of the big needle movers. We have confidence that our teams are going to continue to do that.

進入2026年，並不代表我們所面臨的壓力已經減輕。關稅壓力依然存在，這是我們今年必須應對的原物料價格低迷（個位數）預期的一部分。而這種延遲的實現是我們今年必須面對的問題。你們已經看到我們參與成本控制，並為一些重大決策謀劃策。我們相信我們的團隊會繼續做到這一點。

And we see our cross business unit teams working really well together to unlock cost in areas that have been harder to get at in prior years. And so our confidence in them being able to do that also helps our decision to make this and get it reinstated, get this behind us, and we're going to find ways to continue to overcome the volume challenges.

我們看到各個業務部門的團隊合作非常出色，在過去幾年難以降低成本的領域實現了成本節約。因此，我們對他們能夠做到這一點的信心也幫助我們做出了這個決定，並恢復了這項計劃，把這件事拋在了腦後，我們將找到繼續克服銷量挑戰的方法。

Chuck Cerankosky, Northcoast Research.

Chuck Cerankosky，北海岸研究公司。

I want to take a look at the Paint Stores Group and see if there's any insights to be gleaned by how the noncoatings sales are going, especially with the professionals basket, -- when they're in your stores?

我想了解一下油漆商店集團的情況，看看能否從非塗料銷售情況中獲得一些啟發，特別是專業人士在你們商店的購物籃情況？

Chuck, we're going to need a little bit more on the question. If you don't mind. When you say non-coatings, what specifically are you referring to?

查克，關於這個問題，我們需要你提供更多資訊。如果你不介意的話。您所說的「無塗層」具體指的是什麼？

I'm thinking about the supplies, brushes, sprayers, things like that, that might indicate now where the Pros head is at. And what you folks might be looking at to change in the baskets?

我正在考慮耗材、刷子、噴霧器之類的東西，這些東西或許能顯示出專業人士的想法。你們覺得籃框應該要做哪些改動？

That was helpful. Jim is going to start off here, and then I'll jump in.

那很有幫助。吉姆先開始，然後我再加入。

Yes. Chuck, I was just going to say, one of the things you may be thinking about is spray equipment sales, and I'd say those have been flattish, reflecting the environment that we're in, especially those are areas we've talked about new res being under pressure, that would be an area where you might see some more of that activity. But Heidi, did you have anything else you want to add?

是的。查克，我正要說，你可能在考慮噴灑設備的銷售情況，我認為這類銷售一直比較平穩，反映了我們所處的環境，尤其是在我們討論過的新住宅項目面臨壓力的地區，你可能會看到這類銷售活動有所增加。海蒂，你還有什麼要補充的嗎？

Just flat. I mean it's flattish. And Chuck, the way we think about that, and we call it (inaudible) just obviously can be more of a leading indicator. Sprays equipment is a really good example. But I would just characterize it as flat is what we're looking at.

平坦。我的意思是，它比較平坦。查克，我們這樣想，我們稱之為（聽不清楚）顯然可以成為領先指標。噴塗設備就是一個很好的例子。但我認為，我們所看到的景象就是平坦的。

Eric Bosshard, Cleveland Research.

埃里克·博沙德，克利夫蘭研究公司。

On the DIY market, could you just frame a bit of what you're seeing in terms of perhaps your performance in terms of volume and what's going on with the price mix in 4Q and the expectation in '26?

在DIY市場方面，您能否簡單介紹一下您目前在銷售方面的表現，以及第四季度的價格組合情況，並展望一下2026年的市場前景？

Yes, Eric, volume continues to be very choppy. Obviously, this is similar to the comments I made earlier. It's -- I wish it was a different environment. Having said that, we've got a unique distribution because we service the DIY customer in 2 areas: one, through our paint stores, and we love the -- the margin accretion on that side of the business, that's more of a more discerning DIY customer that's looking for a higher level of service. But our partnerships through a lot of our strategic retail partners are extremely important here.

是的，埃里克，音量仍然非常不穩定。顯然，這與我之前的評論類似。我希望這裡是另一個環境。話雖如此，我們的分銷管道很獨特，因為我們透過兩個管道為 DIY 客戶提供服務：一是透過我們的油漆商店，我們很喜歡這部分業務的利潤增長，這部分業務的客戶是更有鑑賞力的 DIY 客戶，他們尋求更高水平的服務。但是，我們與眾多策略零售合作夥伴建立的合作關係在這裡至關重要。

And in this environment, we say don't let a downturn go to waste, making sure that we are aligned thinking differently about what's on the shelf, how we can compete across the street. And so there's a lot of good momentum in terms of planning. We just need the catalyst to come to realization. On price mix, I'll hand it over to Ben.

在這種環境下，我們認為不要浪費經濟衰退的機會，確保我們思路一致，以不同的方式思考貨架上的商品，以及如何與競爭對手競爭。因此，在規劃方面，目前勢頭良好。我們只需要一個契機讓這一切成為現實。關於價格組合方面，我會交給本來處理。

Yes, Eric, I mean you've seen in our stores. I mean our DIY performance has been a little bit better in the quarter here. If I look at DIY in total, though, a lot of what you see there is maybe the premium gallons push. We talked about that on our third quarter call with some of our channel partners, we're seeing better premium gallons. And so that's obviously a component of the price mix bucket that you see there.

是的，艾瑞克，我的意思是，你在我們的商店裡已經看到了。我的意思是，本季我們的DIY業績略有改善。但如果我整體來看 DIY，你會發現很多東西可能都在推銷高檔加侖裝產品。我們在與一些通路合作夥伴的第三季電話會議上討論過這個問題，我們看到優質加侖裝汽油的銷量有所改善。所以這顯然是你在那裡看到的價格組合中的一個組成部分。

And that's a win for our customers because that's putting them in a position where they can be more efficient for the projects that they're doing in their homes. And so that's about what we're seeing there. Obviously, in our stores, again, if we're changing pricing, that's a segment where maybe we can be a little more effective, but that would be my comment there.

這對我們的客戶來說是一件好事，因為這讓他們能夠更有效率地完成在家中進行的各種項目。這就是我們在那裡看到的情況。顯然，在我們的門市裡，如果我們要改變價格，這或許是我們能夠更有效率的領域，但我就說這麼多吧。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Could you give an update on what your net price tailwind is expected to be going into 2026 and how that compares to how you think about trend pricing, absent a sharp cyclical improvement?

能否更新一下您對 2026 年淨價格利好因素的預期，以及在沒有出現劇烈週期性改善的情況下，您對趨勢定價的看法有何不同？

Laurence, yes. I mean we're going to annualize our pricing. We went out January 6 last year. And so by the time we did our pricing January 1 in stores this year, we've annualized that. There might have been a little bit of pricing that we captured later in the year.

是的，勞倫斯。我的意思是，我們將實行年度定價。我們去年1月6日出去玩了。因此，到今年 1 月 1 日我們在商店進行定價時，我們已經將其年化了。今年晚些時候，我們可能掌握了一些定價資訊。

But our expectation is, hey, we've lapped last year's price increase, the timing coincides pretty well with the new price increase. And so as we've talked about a couple of times here this morning, we'll be managing high effectiveness in that pricing as best we can as we work through 2026.

但我們的預期是，嘿，我們已經趕上了去年的價格上漲，這次漲價的時間點與新的漲價時間點非常吻合。正如我們今天早上幾次提到的，我們將盡最大努力在 2026 年實現高效的定價。

And maybe just a final comment as it relates to pricing, I think (inaudible) again, and the discipline, just to put a bow on this. I think we are in a very unique position. There's a lot of inflection happening across the industry, and I'm very confident in our strategy, our leadership team and confident in where we're taking this company, and I'm excited for what's ahead and we just -- we need the market to help us a little bit, and we're having a very different conversation.

最後，關於定價，我想（聽不清楚）再補充一點，還有紀律，就當是為這篇文章畫下句點吧。我認為我們處於一個非常獨特的地位。整個產業正在發生很多變革，我對我們的策略、領導團隊以及公司的發展方向都非常有信心，我對未來充滿期待，我們只是——我們需要市場給我們一些幫助，我們現在正在進行一場非常不同的對話。

I would just add to tie that all up, Laurence. Again, if you look in the slide deck that we put out with some of the guidance, we're talking for the full year in '26. We've got low single-digit positive price/mix in all 3 segments, and that gives you a positive low single-digit price/mix on a consolidated basis for the full year. And thanks for the question.

我只想補充一點，把所有事情總結起來，勞倫斯。再說一遍，如果你看看我們發布的包含一些指導意見的幻燈片，我們說的是 2026 年全年的情況。我們所有 3 個細分市場的價格/組合都實現了低個位數的正成長，這使得全年合併後的價格/組合也實現了低個位數的正成長。謝謝你的提問。

Thank you. That concludes our Q&A session. I will now hand the conference back to Jim Jaye for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在我將把會議交還給吉姆·傑伊，請他作閉幕致詞。請繼續。

Yes. Thank you, Matthew, and thank you, everybody, for joining our call. And thanks to all the employees of Sherwin-Williams for all their continued hard work. Clearly, you heard today, we're continuing to operate in a very challenging demand environment, and we expect that to continue well into the year. But as Heidi mentioned, Ben mentioned, we believe the guidance we're giving today.

是的。謝謝馬修，也謝謝各位參加我們的電話會議。感謝宣偉公司全體員工的持續辛勤工作。顯然，正如你們今天所聽到的，我們仍在非常具有挑戰性的需求環境中運營，而且我們預計這種情況將持續到今年年底。但正如海蒂和本所說，我們相信我們今天給予的指導。

This initial guidance is realistic, given all the economic assumptions that we laid out in our slide deck.

考慮到我們在幻燈片中列出的所有經濟假設，這一初步指導是現實的。

And quite frankly, should the market be better than we're seeing today, we'd expect to outperform that guidance. So regardless of the environment, you can count on us, our strategy is clear, which is providing those differentiated solutions for our customers.

坦白說，如果市場狀況比今天好，我們預期業績將超乎預期。所以無論環境如何，您都可以信賴我們，我們的策略很明確，那就是為客戶提供差異化的解決方案。

I will close with a save the date request for everybody for our 2026 financial community presentation. It's going to be in Cleveland this year on Thursday, September 24, and it will include the opportunity for you to see our new global headquarters and our new global technology center. So we're excited for all of you to experience this amazing investment that we've made for our customers and our people. The date again is on September 24, and we'll have more details on that later in the year.

最後，我請求大家預留時間參加我們2026年的金融界宣講會。今年的活動將於 9 月 24 日星期四在克利夫蘭舉行，屆時您將有機會參觀我們的新全球總部和新全球技術中心。所以我們很高興大家都能體驗到我們為客戶和員工所做的這項了不起的投資。日期仍然是9月24日，我們將在今年稍後公佈更多細節。

As always, we'll be available for your follow-ups here, and thanks again for your interest in Sherwin. Have a great day.

如有任何後續問題，歡迎隨時與我們聯繫。再次感謝您對宣偉的關注。祝你有美好的一天。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動到此結束。您可以暫時斷開連接，祝您有美好的一天。感謝您的參與。