宣偉 (SHW) 2026 Q1 法說會逐字稿

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

早安。感謝各位參加宣偉公司（Sherwin-Williams Company）2026 年第一季業績回顧，以及我們對 2026 年第二季與全年展望的電話會議。今天與會的有：董事長、總裁暨執行長 Heidi Petz；財務長 Ben Meisenzahl；會計長 Paul Lang；以及投資人關係與傳播資深副總裁 Jim Jaye。

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 webcast will be available at www.sherwin.com beginning approximately two hours after this conference call concludes.

本次電話會議將由 ACCESS Newswire 透過網際網路在 www.sherwin.com 以僅收聽模式同步網路直播。會議結束約兩小時後，該網路直播的存檔重播將可於 www.sherwin.com 觀看。

This conference call will include certain forward-looking statements as defined under 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.

本次電話會議將包含依據美國聯邦證券法所定義的若干前瞻性陳述，內容涉及銷售、獲利及其他事項。任何前瞻性陳述僅截至該陳述作成之日有效，公司不承擔因新資訊、未來事件或其他原因而更新或修訂任何前瞻性陳述之義務。

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 up the session to questions.

關於前瞻性陳述的完整聲明已載於公司今晨稍早發布的盈餘新聞稿中。在公司預先準備的發言結束後，我們將開放提問。

I will now turn the call over to Jim Jaye.

現在我把電話交給 Jim Jaye。

Thank you, and good morning to everyone. Sherwin-Williams delivered strong sales in a quarter characterized by heightened global uncertainty and persistent demand softness in most end markets. Our growth investments and ongoing new account and share of wallet initiatives continue to yield results, as sales exceeded guidance on a consolidated basis and in all three reportable segments. Consolidated sales grew by a high single-digit percentage, inclusive of a low single-digit contribution from the Suvinil acquisition. Reported gross margin expanded by 90 basis points, inclusive of a dilutive impact from Suvinil.

謝謝，各位早安。在全球不確定性升高、且多數終端市場需求持續疲弱的季度中，宣偉仍交出強勁的銷售表現。我們的成長投資，以及持續推動的新客戶開發與提升客戶錢包占比（share of wallet）計畫，持續產生成果；合併口徑及三個可報告部門的銷售皆超越指引。合併銷售以高個位數百分比成長，其中包含 Suvinil 併購帶來的低個位數貢獻。報告毛利率擴張 90 個基點，其中包含 Suvinil 帶來的稀釋影響。

This was the 14th quarter out of the last 15 quarters we have delivered year-over-year gross margin expansion. Against a challenging prior year comparison, SG&A increased by a mid-single-digit percentage, excluding the anticipated headwinds from our nonannualized acquisition of Suvinil, nonannualized operating costs and depreciation related to our new buildings and foreign currency translation that we anticipated to unfavorably impact our SG&A as a percent to sales by approximately 100 basis points. Our full year guidance of a low single-digit increase in SG&A remains unchanged. Adjusted diluted net income per share in the quarter increased by a mid-single-digit percentage. And adjusted EBITDA increased by a high single-digit percentage.

這是過去 15 個季度中第 14 個季度實現毛利率年增擴張。在艱難的去年同期比較基礎下，SG&A（銷售、一般及行政費用）以中個位數百分比增加；若排除我們預期的逆風因素，包括 Suvinil 併購（未年化）、未年化的營運成本與新建物相關折舊，以及外幣換算影響——我們原先預期這些因素將使 SG&A 佔銷售比率約不利 100 個基點。我們對全年 SG&A 低個位數增幅的指引維持不變。本季調整後稀釋每股淨利以中個位數百分比增加。調整後 EBITDA 以高個位數百分比增加。

Net operating cash improved by $200 million, driven by an increase in net income and working capital being a lower use of funds. Our full year guidance for adjusted diluted net income per share remains unchanged. We continue to execute our disciplined capital allocation strategy in the quarter by returning $773 million to shareholders through share buybacks and dividends. We ended the first quarter with a strong balance sheet and a net debt to adjusted EBITDA ratio of 2.5 times.

營運現金流量淨額改善 2 億美元，主要由淨利增加以及營運資金占用降低所帶動。我們對全年調整後稀釋每股淨利的指引維持不變。本季我們持續執行嚴謹的資本配置策略，透過庫藏股回購與股利向股東返還 7.73 億美元。第一季末我們的資產負債表維持強勁，淨負債對調整後 EBITDA 比率為 2.5 倍。

Let me now turn it over to Heidi, who will provide some color on first quarter segment performance before moving on to our outlook and your questions.

接下來我把時間交給 Heidi，她將先就第一季各部門表現補充一些說明，之後再談我們的展望並回答各位的問題。

Thank you, Jim, and good morning to everyone. I want to begin by thanking our more than 64,000 employees for executing our strategy in what remains a very challenging operating environment. We are continuing to deliver reliability, consistency and solutions for our customers at a time when these are more valuable than ever. Our differentiation continues to widen the gap between Sherwin-Williams and our competitors as evidenced by our strong top line and robust new account growth across the business. Looking at our segment results in the first quarter, I'll begin with Paint Stores Group, which grew by a mid-single-digit percentage.

謝謝你，Jim，各位早安。我想先感謝我們超過 64,000 名員工，在仍然非常具挑戰的營運環境中落實我們的策略。在可靠性、一致性與解決方案比以往任何時候都更有價值的時刻，我們持續為客戶提供上述承諾。我們的差異化持續拉大宣偉與競爭對手之間的差距，從我們強勁的營收表現以及全公司範圍內穩健的新客戶成長即可見一斑。就第一季各部門結果而言，我先從 Paint Stores Group（PSG，塗料門市事業群）開始，其銷售以中個位數百分比成長。

Price/mix and volume both increased by low single-digit percentages with price/mix increasing more than volume. Effectiveness of our January 1 price increase is trending slightly better than expected. Our Protective & Marine team continued to deliver impressive growth for us, as sales increased by double digits versus a high single-digit comparison. It was the seventh straight quarter of high single-digit growth in this business. In the commercial business, sales increased by mid-single digits in what remains a choppy market, reflecting a very targeted and ongoing share gain efforts.

價格/組合（price/mix）與銷量（volume）皆以低個位數百分比增加，且價格/組合的增幅高於銷量。我們 1 月 1 日的漲價成效趨勢略優於預期。我們的 Protective & Marine（防護與船舶）團隊持續帶來亮眼成長，在去年同期高個位數的比較基礎上，銷售仍以雙位數成長。這已是該業務連續第七個季度維持高個位數成長。在商用（commercial）業務方面，儘管市場仍然波動，銷售以中個位數成長，反映我們非常聚焦且持續的市占提升努力。

These efforts are also evident in residential repaint, which returned to mid-single-digit growth in the quarter. Low single-digit growth in property maintenance was encouraging, while demand in new residential remained very challenging as we anticipated. Segment profit grew by low single digits, with segment margin basically flat. We opened 21 new stores during the quarter and as planned, closed 27 or about 0.5% of total PSG stores. As we have done for decades, we continually assess and optimize our store portfolio to drive profitability, strengthen operational flexibility, drive improvement in return on net assets employed and ensure we maintain the highest level of service for our customers.

這些努力也反映在住宅翻新重塗（residential repaint）上，該業務本季回到中個位數成長。物業維護（property maintenance）低個位數成長令人鼓舞；而新建住宅（new residential）需求仍如我們預期般非常具挑戰。部門獲利以低個位數成長，部門利潤率基本持平。本季我們新開 21 家門市，並依計畫關閉 27 家，約占 PSG 門市總數的 0.5%。如同我們數十年來一貫作法，我們持續評估並優化門市組合，以提升獲利能力、強化營運彈性、改善投入淨資產報酬率，並確保我們為客戶維持最高水準的服務。

We still expect to open 80 to 100 new stores for the year. Consumer Brands sales exceeded our expectations, driven by high-teens growth from the Suvinil acquisition. Price mix and FX both increased in the low single-digit range and volume decreased in the mid-single-digit range. Group sales, excluding Suvinil increased by low single digits, driven by high-teens growth in Europe and high single-digit growth in our legacy Latin America business. Softness persisted in North America where sales decreased by low single digits.

我們仍預期全年將新開 80 至 100 家門市。Consumer Brands（消費品牌）銷售超出我們預期，主要由 Suvinil 併購帶來的高十位數成長所驅動。價格組合與外匯（FX）皆在低個位數區間增加，而銷量在中個位數區間下降。若排除 Suvinil，該事業群銷售以低個位數成長，主要由歐洲高十位數成長以及我們既有拉丁美洲業務高個位數成長所帶動。北美仍持續疲弱，銷售以低個位數下降。

Adjusted segment margin increased, driven by the strong top line with flow-through of 34.3%. In Performance Coatings Group, sales increased slightly above the mid-single-digit range we expected with growth in every division and region. These results reflect the strong new account growth focus we have spoken about over the last year, as demand in our underlying core business is still declining in some end markets. Volume in the quarter grew by low single digits, acquisitions were slightly positive, price/mix was flat and FX was a tailwind. Automotive Refinish sales increased by a low-teens percentage, driven by high single-digit volume.

調整後部門利潤率上升，主要受惠於強勁的營收表現，轉換率（flow-through）為 34.3%。在 Performance Coatings Group（高性能塗料事業群），銷售增幅略高於我們預期的中個位數區間，各事業部與各地區皆有成長。這些結果反映我們過去一年所提到、對新客戶成長的高度聚焦；因為在部分終端市場中，我們核心基礎業務的需求仍在下滑。本季銷量以低個位數成長，併購貢獻略為正向，價格/組合持平，外匯為順風。汽車修補漆（Automotive Refinish）銷售以低十位數百分比成長，主要由高個位數的銷量成長所帶動。

The growth was broad-based with sales up by double digits in all regions, providing further evidence of the value we are delivering in this end market to win new business. Packaging continued its strong performance as sales increased by high single digits against a high single-digit comparison. General industrial, coil and wood also delivered solid growth. Group sales expanded in all regions, including double-digit increases in Asia Pacific and Europe. Adjusted segment profit for the group increased by mid-single digits and segment margin was flat.

成長相當廣泛，各地區銷售皆以雙位數增加，進一步證明我們在此終端市場提供的價值正協助我們贏得新業務。包裝（Packaging）延續強勁表現，在去年同期高個位數的比較基礎上，銷售仍以高個位數成長。一般工業（general industrial）、捲材（coil）與木器（wood）也交出穩健成長。各地區的事業群銷售皆擴張，其中亞太與歐洲均為雙位數增幅。該事業群調整後部門獲利以中個位數成長，部門利潤率持平。

Higher incentive compensation related to the strong year-over-year sales along with the significant FX headwinds drove segment SG&A higher, resulting in muted flow-through. These same dynamics in addition to our nonannualized new building costs also drove SG&A higher within the Administrative segment. The slide deck accompanying our press release this morning provides more detail on second quarter segment results. Now moving on to our guidance. The assumptions we provided in our January call and slide deck largely remain intact.

由於銷售年增強勁帶動較高的獎酬性薪酬（incentive compensation），再加上顯著的外匯逆風，使部門 SG&A 上升，導致轉換率表現偏弱。同樣的動態，加上我們新建物成本尚未年化，也使行政部門（Administrative segment）的 SG&A 上升。今晨新聞稿所附的簡報投影片，提供了關於第二季各部門結果的更多細節。接下來談我們的指引。我們在 1 月電話會議與投影片中提供的假設大致維持不變。

What hasn't changed is that our customer feedback as well as the indicators we track continue to signal little support for meaningful recovery in most end markets. What has changed is the Middle East conflict, which has added further complexity and uncertainty in navigating the macro landscape. Our team has repeatedly demonstrated its ability to manage through crises most recently during the pandemic and the US supply chain disruption to name just a few. I am highly confident we are well equipped to manage through this newest challenge and continue supporting our customers at the highest levels.

未改變的是，我們的客戶回饋以及我們追蹤的各項指標，仍持續顯示在多數終端市場中，對於有意義的復甦幾乎缺乏支撐。改變的是中東衝突，這使我們在應對總體經濟環境時增添了更多複雜性與不確定性。我們的團隊已一再證明具備度過危機的能力，最近的例子包括疫情期間以及美國供應鏈中斷等。我非常有信心，我們已做好充分準備來應對這項最新挑戰，並持續以最高水準支持我們的客戶。

Let me provide some perspective here. First, we expect to see some negative impacts on demand from recent events as the year progresses. So it is difficult to predict the magnitude at this time given the highly fluid nature of the situation. But I will remind you that this is our fourth year in a row we have been operating with the expectation of getting no help from the market. We know we are operating in a share gain environment, and we will continue to be very aggressive here.

我在此提供一些觀點。首先，我們預期隨著今年進展，近期事件將對需求帶來一些負面影響。因此，鑑於情勢高度流動，目前很難預測其影響幅度。但我要提醒各位，這已是我們連續第四年在營運上以「市場不會提供任何助力」為前提。我們知道自己正處於市占率提升的環境中運作，我們也將持續在這方面非常積極。

We see opportunity and uncertainty. We will continue to support our existing and new customers by being the most reliable and consistent business partner in our industry. From a raw material perspective, our first objective is certainty of supply. The good news is that over 80% of our consolidated revenue is in North America. The majority of raw materials for these sales are sourced in region and remain largely insulated from supply disruptions tied to Strait of Hormuz volatility.

我們同時看到機會與不確定性。我們將持續透過成為本產業最可靠、最一致的商業夥伴，來支持既有與新客戶。從原物料角度來看，我們的首要目標是供應確定性。好消息是，我們合併營收超過80%來自北美。這些銷售所需的大部分原物料皆在區域內採購，並在很大程度上可免受與荷姆茲海峽波動相關的供應中斷影響。

In areas such as Asia Pacific and EMEA, where supply could become more challenged, we are managing risk closely. Our focus over many years on building strong relationships with strategic suppliers versus transactional ones is a competitive advantage and should continue to serve us well. In terms of raw material price/cost dynamics, cost for oil, natural gas and key petrochemical feedstocks such as propylene have inflated and remain volatile. As we have previously indicated, sustained inflation in these commodities typically takes about a quarter or two before we begin seeing an impact in our P&L. Specifically, we would expect to see these inflating costs impacting us more materially as we move through the second quarter and into the second half of the year.

在亞太與EMEA等供應可能更具挑戰的地區，我們正密切管理風險。多年來我們專注於與策略性供應商建立強健關係、而非僅以交易為導向，這是一項競爭優勢，並應能持續為我們帶來助益。就原物料價格/成本動態而言，原油、天然氣以及丙烯等關鍵石化原料的成本已上升且仍然波動。如我們先前所指出，這些大宗商品的持續通膨通常需要約一到兩個季度，才會開始在我們的損益表中反映出影響。具體而言，我們預期這些上漲的成本在第二季期間並進入下半年時，將對我們造成更為實質的影響。

Our industrial business is seeing inflationary pressures first. Starting in APAC and EMEA and to a smaller extent in North America. More recently, we have started to see the inflationary impacts in our North and South American architectural businesses. This leads us to increase our full year raw material inflation outlook to the range of up, low to mid-single digits. In this environment, we continue to focus on securing incremental volume, balanced with appropriate and decisive pricing and cost-out actions that allow us to maintain the products, services and supply solutions, which drive productivity and profitability for our customers.

我們的工業業務最先感受到通膨壓力。先從亞太與EMEA開始，北美的影響相對較小。最近，我們也開始在北美與南美的建築塗料業務中看到通膨影響。因此，我們將全年原物料通膨展望上調至「上升、低至中個位數」的區間。在此環境下，我們仍專注於爭取增量銷量，同時搭配適當且果斷的定價與降本行動，使我們能維持產品、服務與供應解決方案，進而為客戶帶來生產力與獲利能力。

In terms of pricing, we are out across the business with incremental targeted actions by customer, geography and end markets. As a result, our expectation for consolidated price/mix for the year increases to the high end of our low single-digit range. We are actively working to limit these increases for our customers, by accelerating meaningful and aggressive cost reduction actions. At the same time, we expect continued volatility in the raw material environment as the year progresses, and we are prepared to implement additional increases, if necessary. The slide deck issued with this morning's press release includes our expectations for consolidated and segment sales for the second quarter of 2026.

在定價方面，我們已在全公司範圍內，依客戶、地理區域與終端市場採取額外且具針對性的行動。因此，我們對今年合併價格/組合（price/mix）的預期上調至低個位數區間的高端。我們正積極透過加速推動具意義且強力的成本削減行動，來盡量限制對客戶的漲幅。同時，我們預期隨著今年推進，原物料環境仍將持續波動；如有必要，我們也已準備好實施進一步的調漲。今早新聞稿隨附的簡報中，包含我們對2026年第二季合併及各事業部銷售的預期。

Our consolidated sales and earnings guidance for the full year are unchanged. Though our deck outlines some adjustments in the mix of volume, price and FX. The deck also contains other details you may find useful for modeling purposes. Sherwin-Williams remains well positioned to outperform the market. We are highly confident in the clarity of our strategy and importantly, our team's deep experience and ability to out execute in this environment.

我們對全年合併銷售與獲利的指引維持不變。不過，我們的簡報概述了在銷量、價格與外匯（FX）組合上的一些調整。簡報也包含其他你們在建模時可能覺得有用的細節。Sherwin-Williams 仍具備優於市場表現的良好定位。我們對策略的清晰度非常有信心；更重要的是，我們的團隊在此環境下具備深厚經驗與卓越執行能力。

We remain deeply focused on the success of our customers, while continuously assessing and adapting to market conditions and controlling what we can. Whenever there is uncertainty and disruption, there is significant opportunity to demonstrate what makes Sherwin-Williams so unique. This concludes our prepared remarks. With that, I'd like to thank you for joining us this morning, and we'll be happy to take your questions.

我們仍高度聚焦於客戶的成功，同時持續評估並因應市場狀況，並掌控我們能掌控的事項。每當出現不確定性與干擾時，也往往是展現 Sherwin-Williams 獨特之處的重要機會。以上為我們的準備發言。最後，感謝各位今早與會，我們很樂意回答各位的問題。

(Operator Instructions) John McNulty, BMO Capital Markets.

(接線員指示) John McNulty，BMO Capital Markets。

Maybe a question on the price and cost dynamic. It seems like on your pricing commentary, sounds like it's a little bit more surgical than maybe you've taken in the past and a little more customer-specific or very end market-specific. I guess given the global cost pressures that we're seeing, why is it sounding maybe a little bit more surgical than usual and maybe a little bit less of a full across-the-board type price move? Can you help us to think about that?

我想問一個關於價格與成本動態的問題。從你們對定價的評論來看，聽起來比過去更「精準」一些，也更偏向針對特定客戶或特定終端市場。我想在我們看到全球成本壓力的情況下，為什麼聽起來比平常更精準、而不是那種全面性的普遍調價？你們能幫我們理解一下嗎？

Yes, John, I'll start, and I'll hand this over to Ben here for some color commentary. I do want to just demonstrate that this is an opportunity. We've operated through so many different types of cycles where volume is clearly key. And the discipline of the team to know when and where to go with pricing is on clear display. You see it in our first quarter results.

好的，John，我先回答，然後把問題交給 Ben 補充一些說明。我確實想強調，這是一個機會。我們經歷過許多不同類型的景氣循環，在那些情況下，銷量顯然是關鍵。而團隊對於何時、何地採取定價行動的紀律性，也展現得非常清楚。你可以在我們第一季的結果中看到。

But I want to take a moment before I hand this over to Ben. I said this in our prepared comments; it's the credit to our 24,000 (sic – 64,000) employees globally that are operating belly to belly with customers and have that intimacy so that when we do need to take pricing, we've got high credibility that it's absolutely out of necessity. I'll hand it over to Ben to maybe give some comments on a more surgical approach.

但在我把問題交給 Ben 之前，我想先花點時間補充。我在準備發言中提到，這要歸功於我們全球24,000（原文如此 – 64,000）名員工，他們與客戶近距離並肩作戰，建立了那種緊密連結；因此當我們確實需要調價時，我們具備很高的可信度，讓客戶理解這絕對是出於必要。我把問題交給 Ben，請他就更精準的做法提供一些評論。

John, it's Ben Meisenzahl. Yes, just to add to what Heidi said here, I think one place to anchor is that we have more than twice the pricing now in this new guide than what we had in the original guidance that we gave you in January. And it reflects, if you think about the phasing by the regions, we obviously know that Asia Pacific is maybe more impacted right now. That's going to impact EMEA, North America comes later. You also have the phasing where industrial is impacted sooner than you would have architectural.

John，我是 Ben Meisenzahl。是的，補充 Heidi 的說法，我認為可以先抓住一個重點：在這次新的指引中，我們的定價幅度已是今年1月給各位原始指引的兩倍以上。而這也反映了你若從各區域的時點來看，顯然亞太目前可能受到較大影響。這將影響到EMEA，而北美則會較晚出現。此外，在時點上，工業業務受到影響會早於建築業務。

That's because a lot of the solvent pricing that you would expect is -- you see first even the way that we buy is a variable here. You think about -- and we're met like 50-50 between contractual and spot buying, more of our architectural business is on a contract. And so you would expect on the industrial side, you're going to see more of that spot buying where you got a more varied range of raw materials.

這是因為你所預期的許多溶劑定價——你會最先看到；甚至我們的採購方式本身也是一個變數。你想想看——我們大約是50-50介於合約採購與現貨採購之間，而我們較多的建築業務是採合約。因此你會預期在工業端，會看到更多現貨採購，因為那裡涉及更廣泛、差異更大的原物料組合。

And so these are all things that have gone into how we thought about the pricing here and Heidi is absolutely right. We're going to monitor and watch. We're going to work with our customers. We're also really early in the year still. And so we have a lot of opportunity if our base case doesn't play out the way that we think we're going to have that ability to go out and get additional pricing.

因此，這些都是我們在思考此次定價時納入的因素，而 Heidi 說得完全正確。我們會持續監控與觀察。我們會與客戶合作。而且今年才剛開始不久。因此，如果我們的基本情境沒有如我們所預期那樣發展，我們仍有很大的空間與能力去爭取額外的定價。

And lastly, I mean we always talk about it is balancing price with the right volume and as we looked at some of the competitive opportunities we're not looking for all volume. And so that is an opportunity that we want to make sure that we don't forget about it here.

最後，我的意思是，我們一直在談的是在價格與適當的量之間取得平衡；而當我們看到一些競爭機會時，我們並不是要追求所有的量。因此，這是一個我們要確保不會在這裡忽略的機會。

(Operator Instructions) Duffy Fischer, Goldman Sachs.

(接線員指示) Duffy Fischer，高盛。

Just a question on cost. If you could kind of break the basket down a little bit, where you've seen the increase and going from kind of low single digits to low to mid. What is that based off of vis-a-vis spot prices? Do you think that we've put in the peak already for a lot of the VAMs, the propylenes, all that kind of stuff, and they're starting to roll over? Or do you think they'll continue to go up there?

我有個關於成本的問題。如果你能把成本籃子稍微拆解一下，你們看到增幅主要在哪裡，從原本的低個位數上升到低到中個位數。這是基於即期價格（spot prices）相對於什麼因素？你認為很多VAM、丙烯（propylene）之類的原料，是否已經見到高點，開始回落？還是你認為它們會繼續上漲？

Just some help of kind of what that increases vis-a-vis what you think the market is going to show us over the next several months.

想請你們協助說明一下，這些上漲相對於你們認為未來幾個月市場會呈現的走勢，大概是怎麼對應的。

Yes. Duffy, it's Jim. I'd say where we're seeing the most pressure, as Ben mentioned, would be more on that industrial basket. So you're seeing that in the solvents and resins, those petrochemical based commodities. Propylene drives about 75% of our basket, and that pricing is up because of the Middle East forecasted maybe up 50% more through the rest of '26 related to those disruptions.

是的。Duffy，我是Jim。我會說，我們看到壓力最大的地方，如Ben提到的，會比較集中在工業用的那個原料籃子。所以你會在溶劑和樹脂這些以石化為基礎的商品原料上看到。丙烯約占我們原料籃子的75%，而其價格上漲是因為中東的因素；由於相關擾動，預測到2026年剩餘期間可能還會再上漲約50%。

The solvents are elevated as well, epoxies, I would say, as well. TiO2 for the most part, has not elevated as much yet. I think we've talked, Duffy offline about the sulfur dynamics coming out of the Strait of Hormuz. The good news is we're not really buying sulfate TiO2. I understand it's a global market, but we're more on the chlorinated side.

溶劑也處於高位，環氧樹脂（epoxies）我也會這麼說。二氧化鈦（TiO2）大致上目前還沒有明顯上漲那麼多。我想我們之前也和你私下談過，關於霍爾木茲海峽（Strait of Hormuz）出來的硫磺供需動態。好消息是我們其實不太採購硫酸法（sulfate）TiO2。我理解這是全球市場，但我們更多是在氯化法（chlorinated）那一側。

So I think that's important. And the other thing I would say is again, as Heidi mentioned in her remarks, 80%% of our sales are in North America, and the vast majority of our raws that we're buying come from that region. So from a supply perspective, we feel very good and the contractual buying that Ben mentioned the way we buy is also helping us navigate these initial headwinds. And thanks for the question.

所以我認為這點很重要。另外我想再補充的是，如Heidi在發言中提到，我們80%%的銷售在北美，而我們採購的絕大多數原料也來自該地區。因此從供應角度來看，我們感覺非常良好；而Ben提到的合約採購方式、我們的採購模式，也在幫助我們度過這些初期逆風。謝謝你的提問。

David Begleiter, Deutsche Bank.

David Begleiter，德意志銀行。

Just a small thing. On your guidance for raw materials, you removed the term select commodity inflation from the prior quarter slide deck. Can you help us with what that meant and what that was removed?

一個小問題。在你們對原物料的指引中，你們把上一季簡報中的「特定商品通膨（select commodity inflation）」這個詞拿掉了。可以幫我們說明那原本代表什麼，以及為什麼移除嗎？

Yes, I'll take that one, David. I think when we talked about earlier in the year, we just wanted to make sure that people were indicating that tariffs were part of it, and we wanted to say, hey, commodities were moving a little bit as well. We just took that off now because it's very obvious that the commodities are moving upward. So I wouldn't read much into that. And thanks for the question, Dave.

好的，David，這題我來回答。我想我們在年初談到時，只是想確保大家理解關稅是其中一部分，同時也想表達：商品價格也有一些上行。我們現在把它拿掉，是因為商品價格上漲已經非常明顯了。所以我不會對此做過多解讀。謝謝你的提問，Dave。

Christopher Parkinson, Wolfe Research.

Christopher Parkinson，Wolfe Research。

Heidi, you mentioned we've been consistently in a share gain environment over the last several years. Can you just give us kind of a quick update just given the current dynamics on how you're thinking about growth spend, how you're thinking about net new store openings and closures? Just any dynamics that you can help us think about not only '26, but also the trajectory, which you still see for '27, '28 would be particularly helpful.

Heidi，你提到過去幾年我們一直處於市占率提升的環境。鑑於目前的動態，你能否快速更新一下你們如何看待成長投入（growth spend）、如何看待淨新增門市開設與關閉？任何你能協助我們思考的動態，不僅是2026年，也包括你們仍然看到的2027、2028年的軌跡，都會特別有幫助。

Yes. You bet. Chris. There's a lot of volatility, obviously, in the macro, but there's also a lot of volatility in the competitive environment. I also said in the prepared remarks, that is absolutely our opportunity.

好的。當然可以。Chris。宏觀環境顯然波動很大，但競爭環境的波動也很大。我在事先準備的發言中也提到，這絕對是我們的機會。

You're going to hear us talk about this jump ball environment. And so in this economy and in this competitive landscape, we're going to be extremely aggressive and making sure that we continue to take more than our fair share of volume. And I'll point to a couple of examples here, and then I'll come back to the stores in your second question. If you look at our Res Repaint segment, we're up mid-single digits in a flat to down market, focusing on a lot of these share gains. We see interiors are increasing some bidding activity.

你會聽到我們談到這種「跳球（jump ball）」的環境。因此在這樣的經濟與競爭格局下，我們會非常積極，確保我們持續拿到超過我們應得份額的量。我先舉幾個例子，然後再回到你第二個關於門市的問題。如果你看我們的住宅翻新（Res Repaint）部門，在市場持平到下滑的情況下，我們仍有中個位數成長，重點放在這些市占提升上。我們看到室內（interiors）投標活動正在增加。

We're going to take advantage of that. We see the exterior backlogs are very healthy. We're going to take advantage of that. Our team has been out laser-focused, Justin Binns and the stores organization, committing to aggressive new account activity. I would tell you it's the strongest we've seen in a long time.

我們會把握這個機會。我們看到外牆（exterior）的在手訂單（backlogs）非常健康。我們會把握這個機會。我們的團隊一直非常聚焦；Justin Binns和門市組織正致力於積極拓展新客戶。我會告訴你，這是我們很長一段時間以來看到最強的一次。

So even though there's some slowing in the market, our teams are out chasing square footage, earning business with these contractors every single day. I'd point to our Commercial segment, we're outperforming. There's soft completions, and yet we're up mid-single digits, while completions are down double digits. And so again, some good bidding activity out there. We see some positive signals that there's uptick with office tenant improvement, some modest uptick in multifamily starts that won't benefit us for at least 12 to 18 months.

所以即便市場有些放緩，我們的團隊仍在外面追逐施工面積（square footage），每天都在與這些承包商爭取業務。我也想提到我們的商用（Commercial）部門，我們表現優於市場。雖然完工量（completions）偏弱，但我們仍有中個位數成長，而完工量則是雙位數下滑。因此，外面仍有一些不錯的投標活動。我們看到一些正面訊號：辦公室租戶裝修（office tenant improvement）有回升，多戶住宅（multifamily）開工也有些溫和回升，但至少要12到18個月後才會對我們有利。

But we're up year over year all four quarters of '25 and '26 because we've been completely focused on demonstrating value with these contractors. I'm going to take a moment and just give you a bit more by segment. If you look at our property maintenance, we're up low single digits here in a market where turns and CapEx were both under pressure. So continue to be laser-focused on how we can add value. Even in the DIY space, we're up mid-single digits in stores that premium DIY is holding up a bit better than that value-conscious DIYer that prefers a home center environment.

但我們在2025年與2026年的四個季度都呈現年增，因為我們一直專注於向這些承包商展現價值。我花點時間再按部門多補充一些。如果你看我們的物業維護（property maintenance），在換租（turns）與資本支出（CapEx）都承壓的市場中，我們仍有低個位數成長。因此我們持續高度聚焦如何增加價值。即便在DIY領域，我們在門市端也有中個位數成長；高端DIY的表現比偏重性價比、偏好家居賣場（home center）環境的DIY客群更具韌性。

Our Protective & Marine seventh straight quarter of being up at least high single digits. It's all share gains. And so we're going to be relentless in being very targeted on our strategic investments as we are obviously going to be very focused on taking costs out on the admin side. But to your point on stores, it's going to be a continued disciplined process of looking at our portfolio. Ultimately, we're going to be driving a focus on return on net assets employed.

我們的防護與船舶（Protective & Marine）已連續第七個季度至少達到高個位數成長。這全部都是市占提升。因此，我們會非常堅持、非常精準地進行策略性投資；同時我們也會非常專注於在行政端（admin side）降低成本。至於你提到的門市，我們會持續以紀律性的流程檢視我們的門市組合（portfolio）。最終，我們會聚焦於提升投入淨資產報酬（return on net assets employed）。

And so it's incumbent upon us that as we're looking at that portfolio, as we've done for decades, we're going to make sure that we're driving profitability and strengthening our flexibility and our agility as we see migration, as we see changes in the competitive landscape, we're going to be very thoughtful in chasing that volume.

因此，當我們檢視這個組合時（就像我們數十年來一直做的），我們有責任確保推動獲利能力，並強化我們的彈性與敏捷性；當我們看到人口移動、看到競爭格局變化時，我們會非常審慎地追逐那個量。

Ghansham Panjabi, Baird.

Ghansham Panjabi，Baird。

On the 2026 guidance, I think initially, you had volumes up low single digits for your original expectation. And then it seems like now it's guided towards low single-digit decline. Is the delta just your reflection of what you think the market will do the rest of the year just given the sequence of events? And then what are the offsets as it relates to the intact earnings expectations on the plus side?

關於2026年的指引，我記得你們一開始的原始預期是銷量低個位數成長。但現在看起來指引轉向低個位數下滑。這個差異是否只是反映你們基於一連串事件，對今年剩餘期間市場表現的看法？另外，在維持獲利預期不變的情況下，上行面的抵銷因素有哪些？

Ghansham, it's Ben. On the volume piece, yes, I mean you heard us talk about a lot of the stronger price that's coming through. We recognize that with some of the inflation that there is going to be a likely demand impact. And so I think what you see in our guide, keeping it full year in that same range. It's how we get there is very, very different.

Ghansham，我是Ben。關於銷量那一塊，是的，我的意思是你也聽到我們談到許多正在反映出來的較強勁的價格。我們也認知到，在目前這些通膨之下，很可能會對需求造成影響。因此我想你在我們的指引中看到的，是把全年維持在同一個區間。只是我們達成的方式會非常、非常不同。

And so we expect maybe volumes to be a little more muted. And you think through the consumer sentiment numbers, I mean, we've seen the lowest level on record, even going back to GFC and COVID. We've seen prints that are much worse than that. And so some of our guidance is baking in some of the expectation on that volume being softer there. And again, as we talked about on the prior question, price is obviously an offset to that, and that helps us get to that same kind of guide for the full year.

因此我們預期銷量可能會稍微更為溫和。再想想消費者信心的數據，我的意思是，我們看到的水準是有紀錄以來最低，甚至回溯到全球金融危機（GFC）和COVID期間也是如此。我們看到的讀數比那些時期還要糟。因此，我們的部分指引已經把銷量走弱的預期納入考量。而且再次如同我們在前一題所談，價格顯然可以抵消一部分影響，並幫助我們達到同樣類型的全年指引。

John Roberts, Mizuho.

John Roberts，瑞穗（Mizuho）。

The current administration has turned its attention towards housing affordability. Do you see anything in the proposed actions that you think could help out the end markets materially?

現任政府已將注意力轉向住房可負擔性。你是否在這些擬議的行動中看到任何你認為能對終端市場帶來實質幫助的措施？

John, it's Ben. We've been monitoring obviously, a lot of what they're doing. We agree that affordability is a big part of the equation. We've talked pretty openly that we thought rates was maybe going to be the first indicator that could drive additional unlocking demand and affordability and consumer confidence may be more at the forefront. Our opinion is that we'd like to see some more of the supply opportunities versus some more of the given the demand.

John，我是Ben。我們當然一直在監測他們所做的許多事情。我們同意，可負擔性是整個方程式中的重要部分。我們也相當坦率地談過，我們原本認為利率可能會是第一個指標，能帶動更多需求釋放與可負擔性改善，而消費者信心可能會更站在前台。我們的看法是，相較於更多著眼於需求面，我們更希望看到更多供給面的機會。

You've seen the 50-year mortgage. You've seen the Trump homes. You've seen some of these other, maybe shorter-term unlocks. And so what we're looking for in some of these policy changes would be how do you get local governments working better with the federal government to open up land that makes it more cost effective for the new homebuilders to lower their costs. So that obviously have trickle-down effect to the affordability piece for the consumer who's buying the home.

你已經看到50年期房貸。你也看到所謂的「Trump homes」。你也看到其他一些可能較短期的釋放措施。因此，我們在這些政策變動中所關注的是：如何讓地方政府與聯邦政府更好地協作，釋出土地，讓新屋建商能以更具成本效益的方式取得土地、降低成本。這樣當然會對購屋消費者的可負擔性產生向下傳導的效果。

And so we welcome, obviously, any of the unlocking of affordability type mechanisms, and we're watching that closely to see how we should be reacting and be ready to act when you do see something unlock.

因此，我們當然歡迎任何能釋放可負擔性的機制，也會密切關注，看看我們應該如何因應，並在看到確實有措施解鎖時做好準備採取行動。

Vincent Andrews, Morgan Stanley.

Vincent Andrews，摩根士丹利（Morgan Stanley）。

Could you talk a little bit about the margin improvement in Consumer Brands? And I guess from a couple of different lenses. One, should we think about that as a base level? Typically, I believe those margins go up in the middle of the year. So will they be improving sequentially?

你能談談消費者品牌（Consumer Brands）的毛利率改善嗎？我想從幾個不同角度來看。第一，我們是否應把它視為一個基準水準？通常我相信這些毛利率會在年中上升。所以它們會逐季改善嗎？

And then was there any reallocation of costs among the three segments? I recall in prior years, sometimes at the beginning of the year, you've changed the cost allocation of the paint supply from Consumer Brands in the other two segments.

另外，三個事業部之間是否有任何成本重新分攤？我記得在過去幾年，有時在年初你們會調整把塗料供應的成本從消費者品牌分攤到另外兩個事業部的方式。

Vincent, it's Ben. On the first part of your question, the margin improvement in Consumer Brands that you saw, a lot of that is coming from our global supply chain efficiencies. And we've talked many quarters over about a lot of the simplification and continuous improvement culture that, that team has. And we continue to see benefits there. If you remember, the second half of last year, where our production was lower than what we had called out in the first half of the year.

Vincent，我是Ben。就你問題的第一部分，你看到的消費者品牌毛利率改善，很大一部分來自我們全球供應鏈效率的提升。我們在很多個季度都談過，該團隊在簡化流程以及持續改善文化方面做了很多工作。我們也持續看到相關效益。如果你還記得，去年下半年我們的產量低於我們在上半年所提到的水準。

That team is getting lean in a lot of different ways. And so that's a big part of what you see in the improved margin there. You also have some opportunities where our price mix has been a little bit better. You think about premium gallons improving in that segment and maybe a little bit of price ahead of some of the things that Heidi and I have already talked about with inflation. And so you see that there in that part of it there.

該團隊正以多種方式精實化。因此這是你在毛利率改善中看到的一大部分原因。此外，我們在價格/組合（price mix）方面也有一些更好的機會。你可以想到該事業部的高端（premium）銷量提升，以及在Heidi和我已談到的通膨因素之前，我們在某些項目上價格略有領先。因此你也能在那部分看到反映。

There is no reallocation. I know back in 2023, we talked about how we had that fixed cost allocation between the businesses. Nothing here. You should expect to still see low 20s margin in this segment as we've talked about.

沒有任何重新分攤。我知道早在2023年，我們談過各業務之間固定成本分攤的方式。這次沒有。如同我們所談，你應該仍可預期該事業部毛利率在20%出頭的水準。

Mike Harrison, Seaport Research Partners.

Mike Harrison，Seaport Research Partners。

I was hoping that we could go back to pricing. It seems like maybe the realization that you're getting on that 7% increase from January 1 is a little bit better than you had initially thought. And I'm curious, at this point, have all of those conversations with customers taken place and that the pricing is what it is? Or are there still some conversations yet to happen? And in terms of potentially needing another increase in response to what's going on in the Middle East and higher raw material costs, has the window passed to announce a price increase ahead of this year's paint season?

我希望我們可以回到定價的話題。看起來你們對1月1日起7%漲價的落實（realization）效果，可能比你們一開始想的要好一些。我想了解的是，到目前為止，與客戶的所有相關溝通是否都已完成，定價也就定案了？還是仍有一些對話尚未進行？另外，若因中東局勢與原物料成本上升而可能需要再度漲價，是否已錯過在今年塗料旺季前宣布漲價的時間窗口？

Or would you be willing to kind of break tradition and go with a mid-season increase, if that's what's necessary or if you see competitors doing that?

或者，如果有必要，或你看到競爭對手這麼做，你們是否願意打破慣例，在旺季中途調價？

Yes, Mike, I'll start with kind of a two-part question. The first part of your question relative to the January increase, yes, the realization is better than we expected. And yes, all of those conversations have happened and are out there. As it relates to has the window passed or how do we think about maybe more of this turbulent environment. And we've done this in the past.

是的，Mike，我先回答你這個算是兩部分的問題。關於你第一部分、也就是1月漲價的部分，是的，落實效果比我們預期更好。而且是的，所有那些與客戶的對話都已經完成並且都在進行中。至於是否已錯過窗口，或我們如何看待這種更動盪的環境，我們過去其實做過。

In fact, I did this when I was running stores. When you're in a more volatile environment, our -- what we're not going to do is go out with a big increase in the middle of the season and announce effective immediately. But what we might do -- if we need to go out with price, we will go out with price in the middle or at the beginning or the end of the season, but we'll do it the right way. We'll sit down with our customers. We'll make sure that they are prepared, so they're not stuck absorbing this, and we can work with them to get those into their bids.

事實上，我在管理門市時就做過。當你處於更具波動的環境時，我們——我們不會在旺季中途推出大幅漲價，並宣布立即生效。但我們可能會做的是——如果我們需要調價，我們會在旺季中段、或旺季開始、或旺季結束時調價，但我們會用正確的方式來做。我們會與客戶坐下來談。我們會確保他們已做好準備，不會被迫自行吸收這些成本，並且我們可以與他們合作，把這些調整納入他們的投標報價中。

So we'll do it very methodically. But let me be very clear, if we need to go again, we will go again.

所以我們會非常有步驟、很有系統地進行。但我要非常清楚地說，如果我們需要再來一次，我們就會再來一次。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I'd love to dig a little deeper on the gross margin expansion in the first quarter. I guess, the 90 bps. And what would have been without the Suvinil degradation? And if you think about going forward, do you think gross margins could be up each quarter this year, year on year? Or does that volatility mean there could be some quarters where it contracts year over year?

我想更深入探討第一季毛利率擴張的情況。我想是90個基點（bps）。如果沒有Suvinil的惡化（degradation），會是多少？以及展望未來，你是否認為今年每一季的毛利率都可能年對年上升？或者這種波動是否意味著有些季度可能會出現年對年下滑？

Greg, it's Ben. We haven't been calling out the specifics with Suvinil, but I could tell you that it's a multi-basis point level up, we would have been over 100 basis point improvement without Suvinil in the quarter. And then as you look forward to prior quarters, you do normally see our gross margins increase into the selling season as our sales improve and we get better cost margin dynamics. There could still be a little bit of lumpiness. We've talked about even with our midterm gross margin target that it's not a straight line up, that it is a little bit lumpy.

Greg，我是 Ben。我們一直沒有點出 Suvinil 的具體細節，但我可以告訴你，它大約是多個基點的拖累；如果本季不含 Suvinil，我們本來可以有超過 100 個基點的改善。再往前看過去幾季，通常隨著銷售進入旺季、銷售表現改善且成本/毛利結構更有利時，我們的毛利率會上升。期間仍可能會有一些波動。我們也談過，即使以我們的中期毛利率目標來看，也不是一條直線往上，而是會有些起伏。

But we would expect that we continue to get a little bit of expansion there. And obviously, all the things that we're trying to manage through with the Middle East conflict and the raw materials, that plays into it as well. But again, you look at the normal phasing quarter by quarter, you should expect us to see improved gross margins as we go into the spring and summer selling season.

但我們預期毛利率仍會持續有些許擴張。當然，我們正在因應與管理的中東衝突以及原物料等因素，也會影響其中。不過再看正常的逐季節奏，隨著進入春夏銷售旺季，你應該會預期我們的毛利率會改善。

Arun Viswanathan, RBC.

Arun Viswanathan，RBC。

Great. I guess I was a little bit pleasantly surprised by some of the volume comments and performance and across a couple of your businesses. So maybe in PSG, still very strong, I guess, or relatively solid resi repaint. Do you see that continuing?

很好。我想我對你們幾個業務在銷量方面的評論與表現有點驚喜（而且是正面的）。所以也許在 PSG 方面，仍然非常強勁，我想住宅重塗（resi repaint）也很強或相對穩健。你們認為這會持續嗎？

And then in PCG, better-than-expected performance out of refinish and general industrial and coil turning around. Do you see those continuing as well?

另外在 PCG，修補重塗（refinish）與一般工業（general industrial）的表現優於預期，捲材塗料（coil）也在回升。你們也認為這些會持續嗎？

The answer is absolutely, we see those continuing. And Arun, I'll point to resi repaint and just a little bit more color on that. It's the actions that we've taken over the last three to four years that help Sherwin-Williams has never been better positioned. I would tell you, we're better positioned now than even the turbulent last two, three, four years. And so the controllables mindset.

答案是絕對會，我們認為這些會持續。Arun，我先談住宅重塗，補充一點背景。這是我們過去三到四年採取的行動所帶來的成果，讓 Sherwin-Williams 的定位從未如此有利。我會說，我們現在的定位甚至比過去兩、三、四年那段動盪期間還要好。因此，我們採取「可控因素」的思維。

Residential repaint, I won't repeat what I said earlier, but this is an area where we're bringing really important innovation forward and technologies to help job site productivity. So an example, we just launched a product, a system called the Emerald Symmetry, which is our best-performing interior product that we've ever produced. So these have performance characteristics that are putting our contractors in a position to get on and off of job sites faster. The secondary benefit of something like this is, this happens to be zero VOC and plant-based interior coating. So it helps us on a number of fronts.

住宅重塗我就不重複先前說過的，但這是我們推出非常重要創新與技術、以提升工地生產力的領域。例如，我們剛推出一個產品/系統叫 Emerald Symmetry，這是我們迄今生產過、性能表現最好的室內產品。它的性能特點能讓承包商更快進出工地、縮短工期。此外，這類產品的次要效益是：它剛好是零 VOC、植物基的室內塗料。因此在多個面向都能幫到我們。

We're taking the time to make sure that we're setting our contractors up for success. And when we do that, we get rewarded. And so your point on some of the important businesses in PCG just take a moment here. This doesn't happen by chance. We talk about success by design.

我們花時間確保承包商能夠成功。當我們做到這點，就會得到回報。至於你提到 PCG 裡一些重要業務，我也稍微補充一下。這不是偶然發生的。我們談的是「以設計帶來成功」（success by design）。

You mentioned refinish. We have very strong momentum here. We're up double digits in every region. We're getting price in every region. And I think that is a demonstration of a clear value proposition that customers are really understanding.

你提到修補重塗（refinish）。我們在這裡的動能非常強。各區域都是雙位數成長。各區域也都拿到價格。我認為這展現了清晰的價值主張，客戶確實理解並認同。

There's a lot of dynamics certainly within the industry that we watch closely. But what we don't do is sit back and wait for the market to correct. We're out chasing new business aggressively. Our direct installs continue to grow double digits in the quarter. So there's a lot of runway in terms of future share gains there.

產業內當然有許多動態，我們也密切關注。但我們不會坐等市場自行修正。我們積極去爭取新業務。本季我們的直營安裝（direct installs）仍維持雙位數成長。因此在未來市占提升方面，還有很長的跑道。

Packaging, another fantastic example. We're up high single digits. The global beverage market is up low single digits. The global food market is flat to down low single digits. So it tells you that we're up high single digits.

包裝（Packaging）是另一個很棒的例子。我們成長高個位數。全球飲料市場成長低個位數。全球食品市場持平到下滑低個位數。所以這也說明了我們能成長高個位數。

What we're doing is working. Coil, general industrial and wood all have really positive stories. But the coil business, we're up mid-single digits, and that's despite a lot of softness that's tied to the North American commercial, residential construction, tariff uncertainty. The teams are out aggressively hunting. And GI is another great example, general finishing, heavy equipment, they're both up double digits.

我們正在做的事情是有效的。捲材塗料（coil）、一般工業（general industrial）與木器（wood）都有非常正面的故事。但就捲材塗料而言，我們成長中個位數，這還是在北美商用與住宅建築疲軟、關稅不確定性等因素影響下達成的。團隊正積極出擊、主動開發。而 GI 也是另一個很好的例子：一般塗裝（general finishing）與重型設備（heavy equipment）都成長雙位數。

So we're out trying to offset core erosion and core softness there. And industrial wood being up low single digits, despite the correlation to residential there. The soft residential end markets that impact wood furniture, flooring and cabinetry. So despite that backdrop, the team is out chasing. So here's the punchline.

所以我們正努力抵消核心業務的侵蝕與疲弱。工業木器成長低個位數，儘管它與住宅市場高度相關。住宅終端市場疲弱會影響木製家具、地板與櫥櫃。即便在這樣的背景下，團隊仍在積極爭取業務。所以重點是——

We're building new muscle, and I do expect that we will continue to keep our foot on the gas and take share.

我們正在建立新的能力，我也確實預期我們會持續踩著油門、提升市占。

Kevin McCarthy, Vertical Research Partners.

Kevin McCarthy，Vertical Research Partners。

I had a clarification and a question. On the clarification side, Ben, I think you made a comment that the price embedded in today's guide is more than twice what you had included last quarter. And I guess the clarification was, is that all to do with the January 1 increase and the realization against that? Or have you implemented incremental pricing since the onset of the war on March 1? And then just my question is on raw materials.

我有一個釐清與一個問題。先釐清部分，Ben，我想你先前提到，目前指引中隱含的價格因素，是你們上季納入的兩倍以上。我想釐清的是：這是否完全來自 1 月 1 日的漲價以及其落地/實現？還是你們在 3 月 1 日戰事爆發後，又實施了額外的增量定價？接著我的問題是關於原物料。

You're ratcheting the guide up a little bit, although, frankly, not as much as I might have thought. So I was wondering if you could just talk about the quarterly cadence of that. I think you're a majority LIFO company. So maybe you can kind of speak to the accounting flow-through and the assumptions that you're making on duration of the conflict there?

你們把指引稍微上調了一點，但坦白說，沒有我原本以為的那麼多。所以我想請你談談逐季的節奏。我記得你們多數採用 LIFO。因此也許你可以談談會計上的傳導（flow-through）以及你們對於衝突持續時間所做的假設？

Kevin, yes, to clarify on the -- my price comment from earlier, that is on the consolidated pricing. That would have been everything that we did -- in January with stores. That would be everything new that we've done since then. You see in our guide that we took up our pricing in Performance Coatings Group and goes back to the comment we made, industrial with all the more solventborne type raw materials with the international locations, that's where we're seeing it first. So that kind of phases into your second question of how do you see the raw materials flowing through.

Kevin，是的，先釐清我先前提到的價格評論——那是以合併口徑的定價來看。那包含我們在 1 月針對門市所做的一切。也包含此後我們新增採取的所有措施。你會在我們的指引中看到，我們上調了 Performance Coatings Group 的定價；這也呼應我們先前的評論：工業端因為有更多溶劑型（solventborne）原物料、且有國際據點，因此我們會先在那裡看到影響。這也就帶到你的第二個問題：你如何看原物料成本的傳導。

And so our updated guide to low to mid on a full year, you have to expect that -- the first half of this year, even as we have some of the deferrals, you don't see it as much in the first half. You're going to see it heavier in the second half. And as you exit the year, you're going to be at the higher end of that up low to mid-single digits. And so we're managing that closely. And as I mentioned earlier, we have enough price with what we see right now for what that inflation is.

因此，我們更新後的全年指引是低到中個位數上升；你必須預期——今年上半年即使有一些遞延，你在上半年不會看到那麼多影響。你會在下半年看到更明顯的影響。而在年底時，你會落在「低到中個位數上升」的較高端。因此我們會密切管理。如我先前提到的，以目前我們所看到的通膨幅度，我們已有足夠的價格來因應。

If the baseline changes, as Heidi mentioned, we're willing to go out and work with our customers to implement new pricing. There's plenty of time in the year to do that. And so that's how we're going to manage that.

如果基準情境改變，正如 Heidi 提到的，我們願意走出去與客戶合作、實施新的定價。今年還有充足的時間可以這麼做。這就是我們將如何管理。

Josh Spector, UBS.

Josh Spector，瑞銀。

I'll go down a similar line of questioning, I guess, Kevin. Just I mean, it's surprising to hear that at the exit rate, you're talking about the high end of low to mid-single digits on raws. I mean we have math out there that says you could see raws up 20% in that range. And that seems more consistent with some of the competitor price increases that are out there. So I don't know if due to your North America exposure, you'd say that inflation is substantially less or if how you're buying those raw materials and maybe some of the contracts either give you more protection for this year.

Kevin，我想我會沿著類似的提問脈絡來問。只是，我的意思是，聽到你們在退出（run-rate）水準下，談到原物料（raws）是低到中個位數成長區間的高端，這很令人意外。我的意思是，我們那邊的測算顯示，原物料可能會在那個區間上漲 20%。而這似乎也更符合目前一些競爭對手已經在做的漲價幅度。所以我不確定是不是因為你們在北美的曝險，你們會說通膨顯著較低；或是你們採購這些原物料的方式，以及某些合約條款，讓你們在今年獲得更多保護。

So this is more of an early 2027 inflationary event that you would see or if there's something that gives you more permanent kind of protection against some of that. Can you -- so can you talk about that a little bit and help us understand maybe what's going on that's different for you guys versus some of your competitors?

也就是說，這更像是你們會在 2027 年初才看到的通膨事件；或者是否有什麼因素讓你們對其中一部分有更長期、較永久性的保護。你能不能——所以能不能多談一點，幫我們理解一下，為什麼你們和一些競爭對手相比會有不同？

Josh, it's Ben. I can't comment on how our competitors buy, but I can tell you with and Heidi called out our strategic relationship with key suppliers, our procurement is maybe tighter than some of the others. And so, we're using that as a strategic advantage so that we're not having to maybe pass as much price to our customers as some of our competitors might have to do right now that aren't advantaged because of the way that their contracts are set up. And so we do have a number of spot buying. We aren't seeing the exit rates in that 20% range that you're seeing.

Josh，我是 Ben。我無法評論競爭對手怎麼採購，但我可以告訴你，正如 Heidi 提到我們與關鍵供應商的策略性關係，我們的採購可能比其他一些公司更緊密。因此，我們把這當作策略優勢，讓我們不必像某些競爭對手那樣，現在就把那麼多的漲價轉嫁給客戶；那些競爭對手可能因為合約架構的關係，沒有我們這樣的優勢。另外，我們也有不少現貨採購。我們看到的退出水準並沒有你所說的 20% 那個區間。

And again, I think you alluded to the mix of our business, the architectural and the industrial, that probably has some impact on that. And then again, I'll point back to 50% of our business on contracts. That's an advantage for us right now.

再者，我想你也提到了我們業務組合——建築與工業——這可能也會對此有些影響。然後我再重申一次，我們有 50% 的業務是在合約之下。這在目前對我們來說是一項優勢。

Matthew DeYoe, Bank of America.

Matthew DeYoe，美國銀行。

Heidi, you talked a bunch about the packaging. It's been brought up a few times and clearly, the numbers are really good. As we move into next year and we lap some of these regulatory shifts, like how much of what you're accomplishing now is because of that catalyst. Do you expect you can continue to outgrow the industry like this much? Or would you expect growth to shift closer to that low single-digit level that the industry is kind of growing at?

Heidi，你談了很多包裝業務。這已經被提到好幾次，而且顯然數字非常好。當我們進入明年、並且跨過（lap）一些法規變動之後，你們目前的成果有多少是因為這個催化因素？你預期你們還能像現在這樣大幅跑贏產業成長嗎？還是你會預期成長會回到更接近產業目前那種低個位數的成長水準？

So it's an interesting question because I think based on our preferred technology and our position to be ready for a lot of what's coming. You know I'm sure with EFSA, the European Food and Safety Association's ban on BPA is scheduled to take effect in Q2 of this year. And that -- we're at the very front edge of that. So there's a nice tailwind there. It's going to continue to drive a lot more customer conversions, certainly first half this year, well into the back half and into '27.

這是個很有意思的問題，因為我認為基於我們偏好的技術，以及我們已就緒、能迎接許多即將到來的變化的定位。你知道，我相信隨著 EFSA（歐洲食品安全局）對 BPA 的禁令預計在今年第二季生效。而那——我們正站在這個趨勢的最前沿。所以這裡有一股不錯的順風。它將持續推動更多客戶轉換，當然會在今年上半年、一路延伸到下半年，並進入 2027 年。

And I can tell you with confidence that no one is better positioned to ride that. So we do expect to see some significant wins here.

而且我可以很有信心地說，沒有任何人比我們更有條件去乘勢而上。所以我們確實預期會在這裡拿下相當可觀的勝利。

And Matt, this is Jim. Just to add to that, that conversion to non-BPA Europe, you called out. But really, if you look at Asia and LatAm, there's still a lot of room to run in those regions as well. And thanks for the question.

Matt，我是 Jim。補充一下，你提到的歐洲轉換到非 BPA 的趨勢。但其實如果你看亞洲和拉丁美洲，那些地區也還有很大的成長空間。謝謝你的提問。

Chuck Cerankosky, Northcoast Research.

Chuck Cerankosky，Northcoast Research。

Can you talk a little bit what you're looking at in terms of the mortgage environment, household formations in North America for the remainder of this year?

你能不能談談你們對今年剩餘時間北美房貸環境、以及家庭形成（household formations）的看法？

Yes, Chuck, it's Jim. I think in terms of the mortgage rate environment for this year, we're not expecting it to move a whole lot. And I think Ben referenced, if you dial back a year or so ago, we were putting a lot of emphasis on rates getting below that 6% number. I think that would help. But certainly, it's more about affordability as well.

好的，Chuck，我是 Jim。我認為就今年的房貸利率環境而言，我們不預期會有太大的變動。而且我想 Ben 也提到，如果你回推到大約一年前，我們非常強調利率要降到 6% 以下。我認為那會有幫助。但當然，更重要的也包括可負擔性。

And it's sort of this triangle that we look at of rates, affordability and incomes. So we need all three of those to sort of work in sync, if you will. In terms of where we go from household formations, it has slowed a little bit, but it's still a pretty healthy rate in terms of household formations, and we expect that to continue. And I'd also point to, as we've talked about many times, Chuck, the structural deficit that's out there in terms of we've underbuilt for a long period of time. So even if household formations do slow a little bit, there's a tremendous pent-up demand that has to happen.

我們看的是一個三角關係：利率、可負擔性與所得。所以我們需要這三者能夠同步運作。至於家庭形成的走勢，它確實放緩了一點，但就家庭形成的速度而言仍相當健康，我們預期會持續。我也想指出，正如我們多次談到的，市場存在結構性缺口——我們長期建造不足。因此，即使家庭形成稍微放緩，仍有非常龐大的被壓抑需求需要釋放。

And whether that's single-family, if it doesn't come through that way, it's going to come through in multifamily. People have -- need a place to live. So we're well positioned on that multifamily side as well.

而且不管是獨棟住宅，如果不是以那種形式釋放，就會以多戶住宅的形式釋放。人們——需要有地方住。所以我們在多戶住宅端也具備很好的布局。

One piece I would add to that, Chuck, as well, because the depth of our position with a lot of these national homebuilders and exclusive partnerships. I do believe we'll be uniquely rewarded as this pent-up demand starts to soften, because it's what we do right now in these partnerships, I mean we said this on the supplier side. It's true with our customers. We want to be the strategic partner that's helping them solve for simplification, helping them solve for cycle time. And so I think the work that we're doing now, while it's masked in the market when things start to move, I think we'll be uniquely rewarded for that.

另外我也想補充一點，Chuck，因為我們與許多全國性建商之間的合作深度，以及獨家合作夥伴關係。我確實相信，當這些被壓抑需求開始緩解時，我們會獲得獨特的回報，因為我們現在在這些合作中所做的事情——我們在供應商端也說過——在客戶端同樣成立。我們希望成為策略夥伴，協助他們解決簡化流程的問題，協助他們解決縮短週期時間的問題。因此我認為，我們現在所做的工作，雖然在市場環境下可能被掩蓋；但當市場開始動起來時，我們會因此獲得獨特的回報。

Patrick Cunningham, Citi.

Patrick Cunningham，花旗。

I just wanted to unpack the lower Performance Coatings sales volume guide. Have you seen any evidence of weakness quarter-to-date in order books or any indication that there was perhaps some pull forward in March? And conversely, we've seen some fits and starts on stable to expansionary industrial activity, particularly in the US. Have you seen any areas of more positive underlying market growth?

我想更深入拆解一下你們對 Performance Coatings（高性能塗料）銷售量指引較低的原因。你們是否在本季迄今的訂單簿中看到任何疲弱跡象，或有任何跡象顯示 3 月可能有提前拉貨？相反地，我們看到工業活動在穩定到擴張之間反覆，尤其是在美國。你們是否看到任何領域的底層市場成長更為正向？

No, I wouldn't say, Patrick, that we're seeing any material shift there in terms of orders or timing from a standpoint. But I'll hand this over to Ben to give a bit more commentary on guidance.

不，Patrick，我不會說我們在訂單或時點方面看到任何實質性的變化。不過我把這題交給 Ben，請他對指引再多做一些說明。

Yes, Patrick, I think one way to think about it is we know that there's going to be this gap in feedstocks. And you've had boats that are on the water 60 to 90 days from the start of the conflict. And so at some point, Asia and Europe are going to feel the squeeze a little bit more than maybe what they're seeing right now. And so I think what you have -- what you see in our guide is a pretty realistic view that there is going to be kind of an inflection point where getting those feedstocks are going to be tougher. That could have obviously a greater inflationary impact on the business there.

好的，Patrick，我認為可以這樣理解：我們知道原料（feedstocks）會出現一段缺口。而從衝突開始算起，船在海上航行需要 60 到 90 天。因此在某個時間點，亞洲與歐洲會比他們現在所看到的更明顯感受到供應吃緊。所以我認為——你在我們指引中看到的是一個相當務實的看法：會出現某種拐點，使得取得這些原料變得更困難。這顯然可能對那邊的業務帶來更大的通膨影響。

We feel as a big global company, we're going to be able to get our customers' product. It may come at a higher cost. So you may start seeing some people waiting for prices to come down, and that could have an impact on demand. And so that's really what you see in our guide that has that there. And I'll call out, I mean, we started to look at inflation, not as an uncontrollable headwind, but a variable we're actively managing.

我們認為，作為一家大型全球性公司，我們將能夠為客戶取得產品供應。但成本可能會更高。因此你可能會開始看到一些人等待價格回落，而這可能會對需求造成影響。所以這正是你在我們指引中看到所反映的內容。另外我也想強調，我們開始把通膨視為一個我們正在積極管理的變數，而不是不可控的逆風。

And so you start to see that with how we're looking at each of the different regions and that realistic view and our confidence for how we're going to support our customers.

因此你會開始看到，我們如何以務實的觀點檢視各個不同地區，以及我們對於將如何支援客戶所抱持的信心。

Laurence Alexander, Jefferies.

Laurence Alexander，Jefferies。

This is Kevin Estok on for Laurence. Just in Performance Coatings, just given the macro uncertainty, I guess, how would you characterize customer behavior? Are you seeing, I guess, confidence around production schedules or sort of more short-cycle ordering and hesitation to commit to like longer-term orders?

我是代替 Laurence 的 Kevin Estok。就績效塗料（Performance Coatings）而言，考量到總體環境的不確定性，我想請問你們會如何描述客戶行為？你們是否看到客戶對生產排程有信心，或是更偏向短週期下單、並且對承諾較長期訂單有所猶豫？

Well, it's probably a mix, if we're honest, on balance. I mean I think there'll be some prudence and people waiting to see kind of where cost of capital is. But there's also a lot of confidence in the backlogs and the pipelines. And so it's really a mix across the board, Kevin. But I think that it's a portfolio.

坦白說，整體來看可能是混合的情況。我的意思是，我認為會有一些審慎態度，人們會觀望資本成本會落在什麼水準。但同時，對於在手訂單（backlogs）與商機管線（pipelines）也有很高的信心。所以確實是全面性的混合狀況，Kevin。但我認為這是一個投資組合式的表現。

And so importantly, in that, while we would love for all segments to be up at all times across PCG, the reality is that we're going to be very focused on where the market is and make sure that we are best positioned for that run-up. And so we're going to continue to do what we do, Karl Jorgenrud and that organization runs with a very strong sense of agility and urgency, and you're seeing that play out right now. I think our strategy is clearly working. What we said we would do, we're doing it, and we're doing it better than we even thought, and that's a result of that strategy.

因此很重要的是，雖然我們希望 PCG 的所有細分市場在任何時候都能成長，但現實是我們會非常專注於市場所在的位置，並確保我們在那一波上行時處於最佳位置。所以我們會持續做我們一直在做的事；Karl Jorgenrud 和他的團隊以非常強的敏捷性與急迫感在運作，而你現在正看到這一點正在發揮作用。我認為我們的策略顯然正在奏效。我們說過要做的事，我們正在做，而且做得比我們原先想像的還要好，這就是該策略帶來的成果。

Garik Shmois, Loop Capital.

Garik Shmois，Loop Capital。

This is Zack Pacheco on for Garik Shmois. Just another quick one on customer behavior. Do you guys get the sense of any pre-buy taking place due to inflationary increases in which customers are trying to lock in supply? Or is this not really something you're seeing it in this moment?

我是代替 Garik Shmois 的 Zack Pacheco。再快速問一題關於客戶行為。你們是否感覺到，因通膨帶來的漲價，客戶為了鎖定供應而出現任何提前採購（pre-buy）的情況？還是說目前其實沒有看到這種現象？

We're not seeing that in this moment, nothing material. We're not at all concerned on that.

我們目前沒有看到這種情況，沒有任何實質性的跡象。我們對此完全不擔心。

Mike Sison, Wells Fargo.

Mike Sison，Wells Fargo。

Nice quarter. Heidi, it just feels like the US architectural paint demand in the US has been structurally impaired. If this continues through the end of the decade, how do you sort of think about strategy in this environment for even longer than we're seeing it?

本季表現不錯。Heidi，我的感覺是美國的建築用塗料需求在結構上已經受損。如果這種情況持續到本十年末，你們會如何在這樣的環境下思考更長期的策略？

And then just curious on your 2026 full year, your sales guidance for Paint Stores Group. Are we kind of tracking toward that down low single digits given how the housing market is shaping up this year?

另外也想請教你們對 2026 全年的 Paint Stores Group 銷售指引。考量今年房市的走勢，我們是否大致朝向低個位數下滑的方向發展？

So Mike, two-part question. I'll take the first part on demand and then hand it to Ben for guidance. I wouldn't use the word impaired. I would say under pressure. But you can imagine when we're sitting in our conference rooms and boardrooms, we are looking at every scenario, including softer for much, much longer.

所以 Mike，這是兩個部分的問題。我先回答需求的部分，然後把指引交給 Ben。我不會用「受損」這個詞。我會說是「承壓」。但你可以想像，當我們坐在會議室與董事會會議室時，我們會檢視每一種情境，包括更疲弱且持續更久的情況。

And so I can assure you that we do have a whole host of multiple levers that we look at, we contemplate. We don't want to have to pull some of those. And so we're going to do what we said we would do is control the controllables. We're going to look at this as a jump ball environment. There are a lot of gallons available up for grabs right now.

因此我可以向你保證，我們確實有一整套多種槓桿可以評估與思考。我們不希望必須動用其中一些。所以我們會照我們說的去做，也就是控制可控因素。我們會把這視為一個「跳球」式的競爭環境。現在市場上有很多可供爭取的銷量（gallons）。

And if I even point to res repaint, Mike, you know this well. This is an area where not only do we continue to take share, but it's the area we have the most share to gain. And so even in this environment, we're going to continue to outperform the market, and we're going to compensate for some of that core softness.

即使我指向住宅重塗（res repaint），Mike，你很清楚。這個領域不僅我們持續提升市占，也是我們最有機會再進一步擴大市占的領域。因此即便在這樣的環境下，我們仍會持續跑贏市場，並彌補部分核心需求的疲弱。

Yes. Mike, I'll add to that. I mean, as far as our full year guidance for Paint Stores Group, it remains in line in that low single digit. And you don't see as many of the variables changing as maybe you saw with some of the other segments. And so I think that's a barometer of confidence for us in how we're assessing the business there.

是的。Mike，我再補充一下。就 Paint Stores Group 的全年指引而言，仍維持在低個位數的範圍內。而且你不會看到像其他一些事業部那樣多的變數在變動。因此我認為，這也反映了我們在評估該業務時的信心指標。

But as we've talked about already, we're going to continue to make the right selling investments there. There could be different mix by the different segments that Heidi has walked through, but we feel pretty confident about our continued opportunities, especially with all the share gains that we've been after in Stores Group. And so that's why you see the guide kind of remaining where it's at.

但如同我們先前談到的，我們會持續在那裡做出正確的銷售投資。不同細分市場之間的組合可能會有所不同，Heidi 也已經說明過，但我們對持續的機會相當有信心，特別是我們在 Stores Group 一直努力取得的各項市占提升。因此你會看到指引大致維持在目前的水準。

Sebastian Bray, Berenberg.

Sebastian Bray，Berenberg。

I'm interested in two areas where Sherwin has taken market share, refinish and the EMEA decorative market. What is it that the Sherwin has to offer in refinish that its competitors don't? Is the aggressiveness on pricing something that has happened here? And any comments that you can give on EMEA deco are welcome. I think Sherwin has a relatively niche position in UK and one or two other markets.

我對 Sherwin 取得市占的兩個領域很感興趣：修補重塗（refinish）以及 EMEA 的裝飾塗料市場。在修補重塗方面，Sherwin 提供了哪些競爭對手沒有的東西？在定價上更具侵略性是否是這裡發生的事情？另外，任何你能提供的關於 EMEA 裝飾塗料（deco）的評論也都歡迎。我認為 Sherwin 在英國以及一兩個其他市場的定位相對偏利基。

Thanks, Sebastian. So on the refinish side, I'll take you -- not to make this a history lesson, but I think context is really important here. If you look at the acquisition of Valspar a few years ago, if you leverage the best of both, we've combined not only our controlled distribution platform with our automotive business and everything that we have to offer with the subject matter expertise of our reps that are embedded in these customers' body shops. Then you layer in with Valspar, the waterborne technologies that we've been able to bring together, and we really have created kind of a best of both in terms of the value proposition.

謝謝你，Sebastian。關於修補重塗這一塊，我帶你回顧一下——不是要把這變成一堂歷史課，但我認為背景在這裡非常重要。如果你看幾年前我們收購 Valspar，並把雙方的優勢加以整合，我們不僅把我們的自有控管通路平台與汽車業務，以及我們所能提供的一切，結合到一起，還結合了我們駐點在客戶鈑噴廠（body shops）的業務代表所具備的專業知識。再加上 Valspar 的水性（waterborne）技術整合進來，我們確實在價值主張上打造出一種「雙方優勢兼具」的方案。

Yes. And I'll take a little bit on the Europe sales. I mean Europe benefited from a reporting mix impact this quarter as certain immaterial resin sales we had previously reported as part of Performance Coatings Group are now fully integrated and reflected in our global supply chain, which is reported here in our Consumer Brands Group. And so don't read too much into the much stronger reported sales. If you look at the core sales of Consumer Brands Group in Europe, it grew by more of a mid-single-digit percentage if I exclude that resin classification.

是的。我也補充一點歐洲銷售的部分。本季歐洲受惠於報表組合的影響：我們先前將某些非重大的樹脂銷售列在 Performance Coatings Group 之中，現在已完全整合並反映在我們的全球供應鏈中，而全球供應鏈在此是列在 Consumer Brands Group 之下。因此不要對表面上更強勁的報告銷售額做過多解讀。如果我排除那項樹脂分類，Consumer Brands Group 在歐洲的核心銷售成長更接近中個位數百分比。

And similar to what we've seen in Europe with the challenging environment, DIY being a more challenged part of the segment, I think you see that playing out here.

而且與我們在歐洲所看到的具挑戰性的環境類似，DIY 是該事業部中較具挑戰的一部分，我想你也會看到這點在這裡反映出來。

Eric Bosshard, Cleveland Research Company.

Eric Bosshard，Cleveland Research Company。

I'm intrigued you commented that DIY volume in stores is up 5%, and it feels like the rest of retailer was down maybe 5%. Can you just talk about why? And then also talk a bit more about the down 5% at the rest of retail and where that's going from here?

我對你提到門市 DIY 銷量成長 5% 很感興趣，而其他零售通路似乎下滑約 5%。你能談談原因嗎？另外也請多談一些其他零售通路下滑 5% 的情況，以及接下來可能會如何發展？

So Eric, if you look at the DIY segment and split it into the premium, the homeowner that's willing to pay a premium rather and is looking for that high-touch service generally prefers the specialty store environment. So that -- the up was -- our sales were up. It was not volume. So that's obviously a mix of both volume and price. If you then look at more of that value-conscious homeowner that might prefer a specialty or a home center environment rather, that's where our strategic partnerships with Lowe's and Menards and others are so important so that together, we can cover that landscape.

Eric，如果你看 DIY 這個區隔並把它拆成高端市場，也就是願意支付溢價、並且在意高接觸式服務的屋主，他們通常更偏好專業門市的環境。所以那一塊——成長的是——我們的銷售額是成長的。但不是銷量。因此那顯然是由銷量與價格兩者的組合所構成。如果你再看更偏重價值、可能更偏好專業門市或家居賣場環境的屋主，那就是我們與 Lowe's、Menards 等夥伴的策略合作為何如此重要——讓我們能一起覆蓋整個市場版圖。

But really, it is kind of unique. If you split those out, there are different behaviors right now given some of the inflationary pressures.

但確實，這有點獨特。如果你把這些拆開來看，在目前一些通膨壓力之下，消費行為確實有所不同。

Jeff Zekauskas, JPMorgan.

JPMorgan 的 Jeff Zekauskas。

Is it fair to say that your architectural paint price increase happened at the very beginning of the year, but there haven't been architectural increases since then. But in your industrial businesses, you have increased prices later in 2026. And I was wondering how much that might be, what those price issuances were? And then secondly, in your description of raw materials, you said that 75% of your raw materials are related to propylene, and you said that propylene was up 50%. So wouldn't that mean that your raw materials are up 38%, 37% if you ignore timing?

是否可以說，你們建築塗料的漲價是在年初一開始就發生，但之後就沒有再針對建築塗料調漲。但在你們的工業業務方面，你們在 2026 年稍晚又提高了價格。我想請問大概是多少、那些調價幅度是什麼？第二，你在描述原物料時說你們 75% 的原物料與丙烯相關，且你說丙烯上漲了 50%。那麼如果不考慮時間差，是否意味著你們的原物料上漲了 38%、37%？

Jeff, it's Ben. I'm going to take this first part here. I'll let Jim answer the question about raw materials. The pricing phasing, you're right, yes, our architectural price that we went out with in January, the intention before the conflict was that's the price that we needed for the year. And if you go back to our initial raw material guidance of up low single digits for the year, we built that initial pricing based on that assumption that we made at that time.

Jeff，我是 Ben。我先回答第一部分。原物料的問題我讓 Jim 來回答。關於定價的時點，你說得沒錯：我們在 1 月推出的建築塗料價格，在衝突發生前，我們的意圖是那就是我們今年所需要的價格。如果你回頭看我們最初對原物料的指引——全年僅低個位數上升——我們當時就是基於那個假設來制定最初的定價。

And as you can imagine, we have a lot of architectural customers who are on contracts. So we have other points throughout the year, and we've talked about our effectiveness can get better throughout the year as you hit those certain milestones where we're able to get more pricing. But yes, you're right. A bulk of that comes at the start of the year. Industrial, historically, has been all throughout the year at different times based on business needs, based on what the raw material basket is doing.

而且如你所想，我們有很多建築塗料客戶是簽合約的。因此一年當中還有其他時間點；我們也談過，隨著你到達某些里程碑、能取得更多價格，我們的定價有效性在全年會逐步改善。但沒錯，你說得對。其中大部分是在年初發生。工業業務歷來則是分散在全年不同時間點，取決於業務需求，以及原物料組合的變化。

And so I think what you've seen post Middle East conflict, we've had to go out and reassess in all parts of the business. And so even though there's not an announced general increase for Paint Stores Group as we try to manage through cost-out and other simplification efforts, there might be some spotty other areas where we are able to get price without doing a full launch. And similarly, with the industrial business, as you can imagine, Asia and Europe, where you've got pricing that has got to be 20% or higher to cover where you have the bigger part of the inflation happening, our teams are out by business unit and geography, getting coverage where they need. And again, that would be bigger, again, on industrial, in APAC, in EMEA. There are still industrial impacts that are happening in the Americas.

所以我認為在中東衝突之後，你看到的是我們必須在業務各個部分重新評估。因此即使 Paint Stores Group 沒有宣布全面性調漲，因為我們正試圖透過降本與其他簡化措施來管理成本，但在某些零星領域，我們仍可能在不進行完整調價啟動的情況下取得價格。同樣地，在工業業務方面，如你所想，在亞洲與歐洲，為了覆蓋通膨較嚴重的部分，你可能需要 20% 或更高的定價；我們的團隊正按事業單位與地理區域出擊，在需要的地方取得覆蓋。而且同樣地，幅度會更大——在工業端、在 APAC、在 EMEA。在美洲地區，工業端仍然也有一些影響正在發生。

And so there's pricing that is going out there on the industrial side. But I think as we've talked about on a couple of different questions and even in Heidi's opening remarks, being very surgical and trying to find where we can take that price without having to be generic because we realize right now in this inflationary environment, we don't want to put volume at risk. And so you have to do that maybe to a stronger degree than you normally would see us do.

因此工業端確實正在推出一些定價。但我想，正如我們在幾個不同問題中談到的、甚至在 Heidi 的開場白也提到的，我們會非常精準（surgical）地操作，試著找出我們可以調價的地方，而不必採取一刀切，因為我們明白在目前這種通膨環境下，我們不想讓銷量承擔風險。所以你必須這麼做，而且可能要比你平常看到我們做的程度更強。

And our confidence that being very thoughtful about chasing volume in this environment that with the right programs, Jeff, we're trading these contractors up because the ability to get them on and off of job sites faster, the ability -- less touch up required, they're willing to pay a premium for that even in an inflationary environment because 85% of their cost is labor. And so we're being very thoughtful to get the volume, and it has to be the right volume to Ben's earlier point, but I'm very confident in the team's ability to get these contractors into premium gallons.

而且我們有信心：在這種環境下，對追求銷量保持非常審慎——透過正確的方案，Jeff，我們正在把這些承包商往更高端的產品帶動，因為能讓他們更快進出工地、需要的修補更少；即使在通膨環境下，他們也願意為此支付溢價，因為他們 85% 的成本是人工。所以我們在取得銷量上非常謹慎；而且如 Ben 先前所說，必須是「對的」銷量。但我對團隊把這些承包商導入高端塗料（premium gallons）的能力非常有信心。

And then, Jeff, on your question about propylene, I'd give you a couple of things to think about. The 50% that I mentioned is a forecast of where it could go perhaps over the rest of the year. We'll see how that plays out. And as Ben mentioned here, we'll be out with price if we need to there. The other thing I would say is, as you know, we're not buying propylene.

然後，Jeff，關於你問的丙烯，我給你幾點可以思考。我提到的 50% 是對今年剩餘期間它可能走勢的預測。我們會看看實際發展如何。而如 Ben 在這裡提到的，如果需要，我們也會推出價格調整。另外我想說的是，如你所知，我們並不是在買丙烯。

We're buying the things that are derivatives of propylene. Those do take some time to flow into our basket, and we'll be ready, again, if we need to go out with additional surgical price increases, that is -- we'll be prepared to do that.

我們買的是丙烯的衍生物。這些需要一些時間才會反映到我們的原物料組合中；如果需要再次推出額外、精準的調價，我們也會準備好這麼做。

We have reached the end of the question-and-answer session, and I will now turn the call over to Jim Jaye for closing remarks.

我們已到達問答環節的結束，接下來我將把電話交給 Jim Jaye 作結語。

Yes. Thank you, Holly, and thank you again, everyone, for joining our call. And a special thanks to our employees for their hard work in delivering a really solid start to our year. I think Heidi said it well. Our strategy is clear.

好的。謝謝你，Holly，也再次感謝各位參與我們的電話會議。並特別感謝我們的員工，辛勤努力讓我們今年有一個非常扎實的開局。我想 Heidi 說得很好。我們的策略很清楚。

It's working, and it's not changing. We're continuing to focus on providing our customers with solutions that make them more productive and profitable. You can count on us. We're going to continue executing at a high level, focusing on winning new business and controlling what we can. I'll close with a reminder, our 2026 Financial Community Presentation is coming up in Cleveland this year, September 24.

它正在奏效，而且不會改變。我們將持續專注於為客戶提供解決方案，讓他們更具生產力並更有獲利能力。你們可以信賴我們。我們會持續以高水準執行，專注於贏得新業務並掌控我們能掌控的事情。最後提醒一下，我們的 2026 年金融社群簡報會今年將在克里夫蘭舉行，時間是 9 月 24 日。

You'll have an opportunity to see our investments in our new global headquarters and our global technology center. Excited for all of you to experience that and see how that's moving the needle forward for us. So thanks again for your interest in Sherwin-Williams. As always, we'll be available for follow-up calls and hope you have a great day. Thank you.

你們將有機會看到我們對新全球總部與全球技術中心的投資。很期待各位親身體驗並看看這如何推動我們向前。再次感謝各位對 Sherwin-Williams 的關注。一如既往，我們也會提供後續電話會議的安排，並祝各位有美好的一天。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。