Silgan Holdings Inc (SLGN) 2025 Q1 法說會逐字稿

Good day and welcome to the Silgan Holdings first-quarter 2025 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Alex Hutter, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Silgan Holdings 2025 年第一季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給投資者關係副總裁 Alex Hutter。請繼續。

Thank you and good morning. Joining me on the call today are Adam Greenlee, President and CEO; Philippe Chevrier, EVP and COO; Bob Lewis, EVP Corporate Development and Administration; and Kim Ulmer, SVP and CFO.

謝謝，早安。今天參加電話會議的還有總裁兼執行長 Adam Greenlee、執行副總裁兼營運長 Philippe Chevrier、企業發展與管理執行副總裁 Bob Lewis 以及資深副總裁兼財務長 Kim Ulmer。

Before we begin the call today, we would like to make it clear that certain statements made on this conference call may be forward-looking statements. These forward-looking statements are made based upon management's expectations and beliefs concerning future events impacting the company and therefore. involve a number of uncertainties and risks, including but not limited to those described in the company's annual report on Form 10-K for 2024 and other filings with the Securities and Exchange Commission.

在今天開始電話會議之前，我們想明確指出，本次電話會議上的某些陳述可能是前瞻性陳述。這些前瞻性陳述是基於管理層對影響公司的未來事件的預期和信念而做出的，因此涉及許多不確定因素和風險，包括但不限於公司 2024 年 10-K 表年度報告和向美國證券交易委員會提交的其他文件中所述的因素和風險。

Therefore, the actual results of operations or financial condition of the company could differ materially from those expressed or implied in the forward-looking statements. In addition, commentary on today's call may contain references to certain non-GAAP financial metrics, including adjusted EBIT, adjusted EBITDA, free cash flow, and adjusted net income per diluted share or adjusted EPS.

因此，公司的實際經營結果或財務狀況可能與前瞻性陳述中表達或暗示的結果有重大差異。此外，今天電話會議的評論可能包含對某些非 GAAP 財務指標的引用，包括調整後的 EBIT、調整後的 EBITDA、自由現金流量以及調整後的每股稀釋淨收益或調整後的每股盈餘。

Reconciliation of these metrics, which should not be considered substitutes for similar GAAP metrics, can be found in today's press release and under the non-GAAP financial information portion of the Investor Relations section of our website at silganholdings.com.

這些指標的對帳表不應被視為類似 GAAP 指標的替代品，您可以在今天的新聞稿中以及我們網站 silganholdings.com 投資者關係部分的非 GAAP 財務資訊部分找到。

With that, let me turn it over to Adam.

說完這些，讓我把它交給亞當。

Thank you, Alex, and we'd like to welcome everyone to Silgan's first-quarter earnings call. Before we get into our discussion on the quarter today, I want to take a moment to welcome Philippe Chevrier, Silgan's Chief Operating Officer, to the call. Since joining the company in February, Philippe is integrated into the Silgan culture and is already contributing to the success of our organization. We're excited to have Phillipe on the holdings team.

謝謝你，亞歷克斯，我們歡迎大家參加 Silgan 的第一季財報電話會議。在我們開始討論今天的季度之前，我想花點時間歡迎 Silgan 首席營運長 Philippe Chevrier 參加電話會議。自從二月加入公司以來，Philippe 已經融入 Silgan 文化，並為我們組織的成功做出了貢獻。我們很高興 Phillipe 加入控股團隊。

Thank you, Adam, for the warm welcome, and it is a pleasure to join our analysts and investors on today's call. This has been an exciting quarter personally and professionally. Having had almost 90 days to become more fully acquainted with the company and our businesses, I continue to be very impressed with the caliber of our people at Silgan, the effectiveness of our operating model, the intense focus on execution, and the strong position we enjoy as long-term partners with our customers across all of our businesses.

謝謝亞當的熱烈歡迎，我很高興參加今天的電話會議，與我們的分析師和投資者一起。對於我個人和職業生涯來說，這是一個令人興奮的季度。經過近 90 天的時間來全面了解公司和我們的業務，我仍然對 Silgan 員工的素質、我們營運模式的有效性、對執行的高度關注以及我們作為所有業務領域客戶的長期合作夥伴所享有的強大地位印象深刻。

Unique structure clearly drives an opportunity culture in the company that is built upon sense of accountability and naturally creates opportunities for profitable growth with our customers. I've been impressed by the passionate people I've met and the high level of efficiency in our operations and manufacturing technology.

獨特的結構顯然推動了公司建立在責任感基礎上的機會文化，並自然而然地為我們的客戶創造了獲利成長的機會。我所遇到的熱情的人們以及我們營運和製造技術的高效率給我留下了深刻的印象。

I'm excited to be part of the Silgan team and look forward to contributing to Silgan's continued successes and growth.

我很高興成為 Silgan 團隊的一員，並期待為 Silgan 的持續成功和發展做出貢獻。

That's great. Thank you, Philippe. Now turning our attention back to Silgan's performance, our company's off to a very strong start in 2025 as our team delivered another quarter of record results that reflect the success of our long-term strategic efforts, the efficiency of our operating model, our focus on meeting the unique needs of our customers, the resilience of our chosen end markets and products, and the power of our capital deployment model.

那太棒了。謝謝你，菲利普。現在將注意力轉回到 Silgan 的表現上，我們公司在 2025 年取得了非常強勁的開局，因為我們的團隊又創造了一個季度的創紀錄業績，這反映了我們長期戰略努力的成功、我們運營模式的效率、我們對滿足客戶獨特需求的關注、我們選擇的終端市場和產品的力量以及我們資本配置模式的效率。

The continued normalization of volume conditions in our food and beverage markets highlighted the success of our strategic initiatives as we delivered double-digit revenue growth and nearly 20% adjusted EPS growth in the first quarter, primarily driven by strong organic growth in each of our businesses, our cost savings actions, and the contribution of the Weener acquisition.

我們食品和飲料市場的銷售狀況持續正常化，凸顯了我們戰略舉措的成功，因為我們在第一季度實現了兩位數的收入增長和近 20% 的調整後每股收益增長，這主要得益於我們各項業務的強勁有機增長、我們的成本節約措施以及收購 Weener 的貢獻。

Our dispensing and specialty closure segment continues to capitalize on our momentum in the marketplace, our market-leading innovation, and the strength of our long-term customer relationships by delivering our fourth consecutive quarter of double-digit organic growth and dispensing products. The Weener acquisition integration is on track, and we continue to see incremental opportunities to leverage both our commercial presence and our expanded product offering to drive accelerated growth well into the future as a result of this combination. Our teams are executing well on both the synergy capture for the Weener acquisition and our multi-year cost reduction initiative in our legacy businesses.

我們的配藥和特種封蓋部門繼續利用我們在市場上的勢頭、我們市場領先的創新以及我們長期客戶關係的優勢，連續第四個季度實現兩位數的有機增長和配藥產品。Weener 收購整合工作正在順利進行，我們繼續看到利用我們的商業影響力和擴大的產品供應的增量機會，透過此次合併推動未來的加速成長。我們的團隊在威納收購案的協同效應以及我們傳統業務的多年成本削減計劃方面都表現良好。

In metal containers, our volume growth continued to accelerate in the first quarter, driven by strong demand for both pet food and soup products. Consumer demand for our customers' pet food products continues to grow at a mid-single-digit rate driven by pet population growth and mainstream premiumization in our core markets for cats and small dogs. In soup, consumers continue to appreciate the value that these highly efficient, low-cost meal occasions provide, and we have commercialized several new customer product launches in the category to drive growth.

在金屬容器方面，受寵物食品和湯類產品強勁需求的推動，我們第一季的銷售成長持續加速。受寵物數量的增長以及我們核心市場（貓和小型犬）的主流高端化推動，消費者對我們客戶的寵物食品產品的需求繼續以中等個位數的速度增長。在湯品方面，消費者持續欣賞這些高效、低成本的用餐場合所提供的價值，我們已經將該類別的幾款新客戶產品商業化，以推動成長。

In custom containers, our business delivered record operating performance and experienced continued success in the marketplace as the commercialization of contractual business awards, more normalized market conditions, and growth in pet food products drove low-single-digit volume growth and nearly 250 basis points of adjusted EBIT margin improvement.

在客製化容器方面，我們的業務實現了創紀錄的營運業績，並在市場上取得了持續的成功，因為合約業務授予的商業化、更加正常的市場條件以及寵物食品產品的增長推動了低個位數的銷量增長和近250個基點的調整後息稅前利潤率提高。

With our strong start to the year and momentum into the second quarter, we remain confident in our ability to achieve our objectives in 2025 and deliver record results. Our long-term contractual arrangements and localized manufacturing philosophy of sourcing materials and producing packaging in regions where the products are consumed insulate our business from much of the recent uncertainty in international trade policy that has impacted the financial markets.

憑藉今年強勁的開局和第二季度的強勁勢頭，我們仍然有信心在 2025 年實現目標並取得創紀錄的業績。我們的長期合約安排和在地化製造理念（即在產品消費地區採購材料和生產包裝）使我們的業務免受近期影響金融市場的國際貿易政策不確定性的影響。

The deliberate construct of our portfolio of products and end markets, our long-term partnerships with our customers, and our low-cost global manufacturing footprint continue to uniquely position Silgan to outperform through all stages of the economic cycle. Additionally, our unwavering focus on meeting the unique and at times evolving needs of our customers and aiding those customers to solve any challenges they face through uncertain times solidifies our company as the long-term packaging partner of choice to the world's most recognizable and most successful brands.

我們精心建構的產品和終端市場組合、與客戶的長期合作夥伴關係以及低成本的全球製造足跡，使 Silgan 繼續在經濟週期的各個階段保持獨特的優勢。此外，我們始終致力於滿足客戶獨特且不斷變化的需求，並幫助這些客戶解決他們在不確定時期面臨的任何挑戰，這鞏固了我們公司作為全球最知名和最成功品牌的首選長期包裝合作夥伴的地位。

Our expectations for the remainder of 2025 remain largely unchanged. We continue to expect to spending and specialty closures, organic volume mix to grow by a mid-single-digit rate in 2025, driven by another year of high-single-digit growth in our dispensing products and improved mix.

我們對 2025 年剩餘時間的預期基本上保持不變。我們繼續預計，到 2025 年，支出和專業封蓋、有機銷售組合將以中等個位數的速度增長，這得益於我們的配藥產品又一年的高個位數增長和組合的改進。

Our metal containers are on track to grow by a mid-single-digit percentage driven primarily by mid-single-digit growth in pet food and a partial recovery in fruit and vegetable pack volumes. In custom containers with the annualization of the new business that ramped up in 2024, as well as additional new business awards in 2025, we continue to expect volumes to grow by a mid-single-digit percentage this year.

我們的金屬容器有望實現中等個位數百分比的成長，這主要得益於寵物食品的中位數個位數成長以及水果和蔬菜包裝量的部分復甦。在客製化容器方面，隨著 2024 年新業務的年度化以及 2025 年新業務獎勵的增加，我們繼續預計今年的銷量將以中等個位數百分比成長。

We remain focused on the opportunities that lay ahead for the company in both the near and longer term and confident in our ability to execute on our plan. Our customer intimacy model continues to set us apart in the marketplace as we compete and win in the markets we serve. After several years of market disruptions, we are confident that the success of our strategic growth initiatives will be more evident in our results in 2025 as our organic growth and the power of our capital deployment model drives record results.

我們將繼續關注公司近期和長期面臨的機遇，並對我們執行計劃的能力充滿信心。當我們在所服務的市場中競爭並獲勝時，我們的客戶親密度模型繼續使我們在市場中脫穎而出。經過數年的市場動盪，我們相信，隨著我們的有機成長和資本配置模式的力量推動創紀錄的業績，我們的策略成長計畫的成功將在 2025 年的業績中更加明顯。

With that, Kim will take you through the financials for the quarter and our estimates for the second quarter in the full year of 2025.

接下來，Kim 將帶您了解本季的財務狀況以及我們對 2025 年全年第二季的預測。

Thank you, Adam. As Adam highlighted, we reported another quarter of record financial results that were near the high end of our expected range in the first quarter, driven by strong performance from the Weener acquisition, organic growth in each of our segments, and the success of our cost reduction plan.

謝謝你，亞當。正如亞當所強調的，我們報告了另一個創紀錄的季度財務業績，接近我們第一季預期範圍的高端，這得益於對威納的收購帶來的強勁表現、我們各個部門的有機增長以及我們成本削減計劃的成功。

Net sales of approximately $1.5 billion increased 11% from the prior year period, driven primarily by the addition of the Weener business, which closed in the fourth quarter of 2024, and organic volume growth in all segments. Record total adjusted EBIT for the quarter of $158.3 million increased by 17% on a year-over-year basis, driven by the inclusion of Weener packaging, strong organic growth, and the benefits of our cost reduction efforts, resulting in record adjusted EBIT in the dispensing and specialty closures and custom container segments and higher adjusted EBIT in the metal container segment. Record adjusted EPS of $0.82 increased $0.13 or 19% from the prior year quarter.

淨銷售額約為 15 億美元，較上年同期成長 11%，主要得益於 2024 年第四季關閉的 Weener 業務的加入以及所有部門的有機銷量成長。本季總調整後息稅前利潤達到創紀錄的 1.583 億美元，較上年同期增長 17%，這得益於威納包裝的納入、強勁的有機增長以及我們降低成本的努力所帶來的好處，導致分配器和特種封蓋以及定制容器部門的調整後息稅前利潤創歷史新高，金屬容器部門的調整後息稅前利潤更高。調整後每股收益為 0.82 美元，較去年同期增加 0.13 美元，即 19%。

Turning to our segments, first quarter sales and our dispensing and specialty closure segment increased 25% versus the prior year, primarily as a result of the contribution from the Weener packaging acquisition, which added approximately $126 million during the quarter and higher volume mix of 4%. The improvement in volume mix is driven primarily by a double-digit increase in organic volume of dispensing products during the quarter, resulting in favorable mix.

談到我們的部門，第一季的銷售額和我們的分配和特殊封蓋部門比上年增長了 25％，這主要歸功於 Weener 包裝收購的貢獻，該收購在本季度增加了約 1.26 億美元，並且銷量增長了 4％。銷售組合的改善主要得益於本季分配產品有機銷售的兩位數成長，從而形成了有利的組合。

Record first quarter 2025, dispensing and special closures adjusted EBIT increased $21 million or 28% versus the prior year period as a result of the contribution from the Weener packaging acquisition, which added approximately $17 million and favorable volume mix.

2025 年第一季創下紀錄，分配和特殊封蓋調整後的息稅前利潤比去年同期增加了 2,100 萬美元或 28%，這得益於 Weener 包裝收購的貢獻，增加了約 1,700 萬美元和有利的銷售組合。

In our metal container segment, sales increased 2% versus the prior year as a result of a 4% increase in unit volumes during the quarter due to mid-single-digit growth in pet food and strong demand for soup. Higher volumes were partially offset by less favorable price mix due to the strong growth in smaller cans for pet food markets, which drove a less favorable mix.

在我們的金屬容器部門，由於寵物食品的中等個位數增長和對湯的強勁需求，本季度單位銷量增長了 4%，導致銷售額比上年增長了 2%。由於寵物食品市場小罐裝食品的強勁增長，導致價格組合不太有利，從而部分抵消了銷量增加的影響。

Metal containers adjusted EBIT increased 10% primarily as a result of favorable price/cost and higher volumes. In custom containers, sales increased 2% compared to the prior year quarter, driven by a 2% increase in volumes as a result of the commercialization of new business awards. Custom containers adjusted EBIT increased 22% as compared to the first quarter of 2024, primarily due to favorable price costs, including mix and higher volumes.

金屬容器調整後息稅前利潤成長 10%，主要由於價格/成本優惠和銷售量增加。客製化容器的銷售額與去年同期相比成長了 2%，這得益於新業務獎商業化導致銷量成長 2%。客製化貨櫃調整後息稅前利潤與 2024 年第一季相比增長了 22%，這主要歸功於優惠的價格成本，包括產品組合和更高的銷售量。

Looking ahead to 2025, we are confirming our estimate of adjusted EPS in the range of $4 to $4.20, a 13% increase at the midpoint of the range as compared to $3.62 in 2024. This estimate includes interest expense of approximately $185 million, a tax rate of approximately 24%, corporate expense of approximately $45 million and a weighted average share count of approximately 107 million shares. At the midpoint of our 2025 adjusted EPS range, we will exceed our prior records of adjusted EBIT, adjusted EBITDA, and adjusted EPS achieved in 2022.

展望 2025 年，我們確認調整後每股盈餘預計在 4 美元至 4.20 美元之間，與 2024 年的 3.62 美元相比，中位數成長 13%。該估計包括約 1.85 億美元的利息支出、約 24% 的稅率、約 4,500 萬美元的公司支出和約 1.07 億股的加權平均股數。在我們 2025 年調整後每股盈餘範圍的中點，我們將超過 2022 年實現的調整後息稅前利潤 (EBIT)、調整後息稅折舊攤銷前利潤 (EBITDA) 和調整後每股盈餘 (EPS) 的先前記錄。

From a segment perspective, we are confirming our prior expectations of a mid-teen percentage increase in total adjusted EBIT in 2025, driven primarily by a greater than 20% increase in dispensing especially closures adjusted EBIT, a mid-teen percentage increase in custom containers adjusted EBIT, and a high single digit percentage increase in metal containers adjusted EBIT.

從細分市場角度來看，我們確認了先前的預期，即 2025 年總調整後息稅前利潤將出現中等百分比的增長，這主要得益於分配器（尤其是封蓋）調整後息稅前利潤增長 20% 以上、定制容器調整後息稅前利潤出現中等百分比的增長，以及金屬容器調整後息稅前利潤出現高個位數百分比的增長。

Based on our current earnings outlook for 2025, we are confirming our estimate of free cash flow of approximately $450 million, a 15% increase from the prior year as earnings growth will be partly offset by higher cash interest and tax payments with CapEx of approximately $300 million. This estimate also includes approximately $20 million of cash costs to support our cost reduction program.

根據我們目前對 2025 年盈利的展望，我們確認自由現金流約為 4.5 億美元，較上年增長 15%，因為盈利增長將被更高的現金利息和稅款部分抵消，資本支出約為 3 億美元。該估算還包括約 2000 萬美元的現金成本，用於支持我們的成本削減計劃。

Turning to our outlook for the second quarter of 2025, we are providing an estimate of adjusted earnings in the range of $0.98 to $1.08 per diluted share, a 17% increase as compared to adjusted EPS of $0.88 in the prior year period.

展望 2025 年第二季度，我們預計調整後每股收益將在 0.98 美元至 1.08 美元之間，較去年同期的調整後每股收益 0.88 美元增長 17%。

The year over year improvement in adjusted earnings in the second quarter is driven primarily by the inclusion of Weener packaging, higher volumes in the dispensing, especially closures and custom container segments, and the ongoing benefits of our cost reduction program.

第二季調整後收益年增主要得益於 Weener 包裝的納入、分配量增加（尤其是封蓋和客製化容器部分），以及我們成本削減計畫的持續效益。

Dispensing and specialty closure second quarter volume mix is expected to grow by a mid-single digit percentage. Volumes in the custom container segment are expected to grow by a mid-single digit rate. Metal containers volumes are expected to be flat to prior year levels in the second quarter, with the majority of the volume improvement for the fruit and vegetable pack occurring in the peak harvest months during the third quarter.

預計第二季配藥和專業封蓋銷售將以中個位數百分比成長。客製化貨櫃領域的銷售量預計將以中等個位數的速度成長。預計第二季金屬容器的銷售將與去年同期持平，其中水果和蔬菜包裝的銷售成長主要發生在第三季的收穫高峰期。

That concludes our prepared comments, and we'll open up the call for questions. Rachel, would you kindly provide the directions for the question-and-answer session?

我們的準備好的評論到此結束，我們將開始提問。Rachel，您能否提供問答環節的指導？

(Operator Instructions) George Staphos, Bank of America.

（操作員指示）美國銀行喬治‧斯塔福斯 (George Staphos)。

Hi, everyone. Good morning. Thanks for the details. Hope you're doing well. My question to start is just really around volume. The question, I know you've probably received, because you've received it from some of us on the phone, and certainly that we get from investors why you remain comfortable with the volume guidance that you've been providing in light of the fact that portions of your business, especially in metal, are not the most rapidly growing, Adam.

大家好。早安.謝謝你的詳細資料。希望你一切都好。我首先要問的問題其實只是關於音量的問題。我知道你可能已經收到過這個問題，因為我們中的一些人在電話裡問過你這個問題，當然我們也從投資者那裡得到過這個問題，為什麼你仍然對你提供的交易量指導感到滿意，因為事實上你的部分業務，特別是金屬業務，並不是增長最快的，亞當。

And recognizing that a lot of the volume, just because of the nature of the business, is seasonally weighted to the second half and the third quarter, and we have the overlay certainly of kind of a potentially weaker economy as a factor. So can you go through the 123 in terms of why you remain or maybe have changed your view on the outlook?

而我們認識到，由於業務性質的原因，很大一部分交易量受到下半年和第三季季節性影響，而且我們肯定會將潛在的經濟疲軟作為一個因素。那麼，您能否詳細解釋為什麼您仍然堅持或改變了對前景的看法？

Secondly, on volume. Secondly, can you talk if at all, whether you're seeing customers changing their purchasing patterns, doing any tactical moves within the supply chain to get ahead of any potential risks in terms of tariffs and the like, how that's factoring into your business? And she mentioned that earlier in the call, I apologize that I joined the call late, and I'll stop there.

其次，關於數量。其次，您能否談談，您是否看到客戶改變了他們的購買模式，在供應鏈中採取了任何策略性舉措來應對關稅等方面的潛在風險，這對您的業務有何影響？她在通話中早些時候提到，我很抱歉我遲到了，我的談話就到此為止。

Great, thanks, George. Maybe just a couple of things getting back to kind of your first question with overall volume. So nothing's changed for us, we continue to expect mid-single-digit volume growth in each of our operating segments for 2025. And I think it's important to understand the details of that as we just talked about, we've just delivered our fourth consecutive quarter of double-digit growth in dispensing products, so very pleased with how the business continues to reform.

太好了，謝謝，喬治。也許只是回到你關於總量的第一個問題。所以對我們來說沒有任何變化，我們仍然預計到 2025 年我們每個營運部門的銷售都將實現中等個位數成長。我認為了解細節很重要，正如我們剛才談到的，我們剛剛連續第四個季度實現了分配產品的兩位數增長，因此對業務的持續改革感到非常高興。

I think we've talked a lot about, in the higher end segments that we participate in, we are winning a disproportionate amount of the new product launches in those categories. Really right in line with our expectation, it's driving mid-single-digit growth for that segment, and we continue to feel really good about that. Our innovation agenda, our customer relationships all driving, I think, outperformance versus the market and versus competition.

我想我們已經討論過很多了，在我們所參與的高端領域，我們在這些類別的新產品發布中贏得了不成比例的數量。這與我們的預期完全一致，它推動了該領域中等個位數的成長，我們對此感到非常滿意。我認為，我們的創新議程、我們的客戶關係都在推動我們超越市場和競爭對手。

I think when you move over to metal containers, it's really important to reiterate that about 50% of our overall unit volume falls into the pet food category, and I know we've talked about that many times, but we've been a requirement supplier for 30-plus years and have decades of experience in understanding the dynamics of that market and having another quarter where we've delivered mid-single-digit growth in our pet food products is critically important to what we've done and I think I'd probably throw in a comment here that our strategic growth initiatives include a significant capital deployment in our dispensing products.

我認為，當您轉向金屬容器時，請務必重申我們總單位產量的約 50% 屬於寵物食品類別，而且我知道我們已經多次討論過這個問題，但我們已經成為需求供應商 30多年了，在了解該市場動態方面擁有數十年的經驗，並且在另一個季度，我們的寵物食品產品實現了中等個位數的增長，這對我們所做的事情至關重要，我想我可能會在這裡評論一下，我們的戰略增長計劃包括在我們的分配產品中進行大量資本部署。

You're seeing that growth fall through. Our other strategic growth initiative around the metal containers business is the investments we've made over time to continue to support our customers' growing pet food product demands, and we've just continued to deliver results, I think, year after year in the pet food segment of our business. So feeling really good about that, it's half of our volume.

你會看到這種成長正在下滑。我們圍繞金屬容器業務的另一項策略性成長舉措是我們長期以來所做的投資，以繼續支持客戶日益增長的寵物食品產品需求，而且我認為，我們在寵物食品業務領域年復一年地持續取得成果。所以感覺非常好，這是我們銷售的一半。

I'll dovetail just a second, George, and start to answer a part of your second question. For our volume in the quarter, we didn't see any unusual buying activity. Remember, half of our volume is in pet food, and for the most part those are aluminum cans. Our aluminum volumes are supported primarily by North American suppliers. So just take that that there's nothing to do from a tariff or a supply chain perspective on half of the volume.

喬治，我稍等片刻，開始回答你的第二個問題的一部分。就本季的交易量而言，我們沒有看到任何異常的購買活動。請記住，我們的一半產量來自寵物食品，而其中大部分都是鋁罐。我們的鋁產量主要由北美供應商提供。因此，從關稅或供應鏈的角度來看，對於一半的出口量來說，沒有什麼可做的。

I'll come back to the other side of that in just a second, but wrapping up on custom containers. We talked a lot last year about two specific large new business awards. We've commercialized those in 2024 as we cycle over and get the full year annualization of those awards, that's a bit of a driver for our growth, but it's very clear that we continue to win in that market, and we've said for a while that we believe the market has been underserved from a customer service perspective, and that's what Silgan brings to the table.

我馬上就會回到另一邊，但要結束關於自訂容器的討論。去年我們多次討論過兩個具體的大型新商業獎項。隨著我們循環往復並獲得這些獎項的全年年化，我們在 2024 年將這些獎項商業化，這對我們的成長有一定的推動作用，但很明顯，我們將繼續在該市場獲勝，我們曾說過，從客戶服務的角度來看，我們認為市場服務不足，這就是 Silgan 帶來的。

And then I'll jump back to the other part of the question, George, just going back to customers buying activities, food and beverage is a big part of what we do. We've said, I think on this call roughly 75% of our products fall into that consumer staple category. So these really for the most part are nondiscretionary items that consumers are making purchase decisions on. And we feel comfortable and confident in our outlook. We've got excellent relationships. When you get to the food can side, remember, so much of that business is on site or near site with our customers.

然後我回到問題的另一部分，喬治，回到顧客的購買活動，食物和飲料是我們工作的重要部分。我們在這次電話會議上說過，我認為我們大約 75% 的產品屬於消費必需品類別。因此，這些實際上在很大程度上是消費者做出購買決定時所依據的非自由支配物品。我們對我們的前景感到滿意和自信。我們的關係非常好。當您談到食品罐頭時，請記住，許多業務都是在客戶現場或現場附近進行的。

We're returning back to the historic days of having quite a bit of transparency and clarity between us and our customers and the supply chains that support them having success in the marketplace. So George, long question, probably even longer answer, so I apologize for that but hopefully the detail was helpful.

我們正在回到過去的歷史，我們與客戶以及支持他們在市場上取得成功的供應鏈之間擁有相當高的透明度和清晰度。喬治，這個問題很長，答案可能也更長，對此我深表歉意，但希望這些細節對您有所幫助。

No, I appreciate it Adam, a quickie, and I'll turn it over just out of respect for everybody just. Weener, it sounds like it's going well. What would be the one learning you've had that makes you comfortable on the deal model? I'll leave it there. Thank you.

不，我很感謝亞當，很快，我會把它轉交給大家，只是出於對大家的尊重。維納，聽起來一切都很順利。您學到了什麼，讓您對交易模式感到滿意？我就把它留在那裡。謝謝。

Sure, look, Weener's going really well. We're very pleased with the acquisition. George, we've known that business for a long time, so not a whole lot of surprises, probably a confirmation in our thesis for dispensing products that there is greater than market growth rate activities available for the right business, for the right innovation, for the right customer service model and so we talked on the last call we had some opportunities to invest in some new capital supporting customer growth.

當然，你看，維納表現得非常好。我們對此次收購感到非常高興。喬治，我們很早就了解這個業務，所以不會有太多意外，這可能證實了我們關於產品分配的論點，即對於正確的業務、正確的創新、正確的客戶服務模式，可用的增長率高於市場增長率的活動，所以我們在上次電話會議上談到，我們有一些機會投資一些新資本來支持客戶增長。

We did that at the end of last year. That is part of the, I'll say a beat that we had in Weener in Q1 is we're realizing the volumes that we were able to invest in at the end of last year. So it's been really good. It's right in line with what we were hoping for and it's a really strong business.

我們在去年年底就這麼做了。這是其中的一部分，我想說的是，我們在第一季對 Weener 的業績超出預期，因為我們實現了去年年底我們能夠投資的數量。所以這真的很好。這完全符合我們的期望，而且這是一項非常強大的業務。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Thank you, operator. Good morning, everybody. Adam, I just want to go back to your comments to George's question, obviously you laid out guidance assumption for 2025, which seems very comparable to what you said, when you're in 4Q, seems like a lifetime ago. But just given the sequence of events that have occurred which, undoubtedly create more uncertainty from a macroeconomic standpoint, maybe you can answer the question as it relates to customer new product activity, and if you've seen any change there across the different regions and businesses that you sell it to?

謝謝您，接線生。大家早安。亞當，我只是想回到你對喬治問題的評論，顯然你列出了 2025 年的指導假設，這似乎與你在第四季度所說的非常相似，似乎是一輩子以前的事了。但是，考慮到已經發生的一系列事件，從宏觀經濟角度來看，這些事件無疑會產生更多的不確定性，也許您可以回答與客戶新產品活動相關的問題，以及您是否看到您銷售產品的不同地區和企業之間發生了任何變化？

We're at the forefront of innovation and new product development with our customers. Maybe the one thing that I would give you, Ghansham, that I can think of that changed versus Q4, one of our large soup customers actually initiated two new product launches for 2025 in the first quarter. And as a large CPG, those two launches fall into their top 5 of total spend for new product launches in 2025. So if anything, I tell you we're feeling more comfortable with our soup volume in particular.

我們與客戶一起站在創新和新產品開發的前沿。甘沙姆，也許我想告訴你的一件事是，與第四季度相比，我們的一個大型湯類客戶實際上在第一季度就啟動了兩款 2025 年新產品的發布。作為一家大型快速消費品公司，這兩個新產品發布均躋身其 2025 年新產品發布總支出的前五名。因此，如果有的話，我告訴你，我們對湯的量感到更加滿意。

We had a good first quarter, as you heard, as we look to the rest of the year, we think there's potential some opportunity there. And then when you think about dispensing, well, let me just jump to dispensing really fast. Again, a little longer pipeline with our dispensing products, so no knee jerk reaction to the uncertainty that that maybe the market has felt here in the first quarter.

正如您所聽到的，我們第一季表現良好，展望今年剩餘時間，我們認為仍有一些潛在的機會。然後，當您考慮分配時，好吧，讓我快速跳到分配。再次，我們的分配產品管道稍長一些，因此對於市場在第一季可能感受到的不確定性，不會做出下意識的反應。

You think about kind of the fragrance and beauty market, we're catering to a specific set of consumer demographic that's just simply less elastic with the products that they purchase, the utility we provide to our customers at that high end of prestige and luxury, fragrance, and beauty.

想想香水和美容市場，我們迎合的是特定的消費群體，他們對所購買的產品不太有彈性，我們為高端的聲望和奢華、香水和美容客戶提供實用性。

We haven't seen any slowdown in the development activities and innovation requests from our largest customers. So again, I understand the question, and I think what I would tell you, we were confident on the last call. I think our confidence is unchanged as we look at the rest of the year, given the intelligence and knowledge we have about our businesses.

我們沒有看到來自最大客戶的開發活動和創新要求有任何放緩。所以，我再次理解了這個問題，我想我會告訴你，我們對上次通話充滿信心。考慮到我們對業務的了解和認識，我認為展望今年剩餘時間，我們的信心不會改變。

Okay, fair enough. And then in terms of the impact of tariffs, obviously the direct impact seems pretty low for you, but in terms of what your best estimate is in terms of the DSC segment, do you have a sense as to how much crosses borders, you mentioned some of the categories like luxury fragrances, et cetera. Those get shipped around. What would that equate to and then just separately, what do you expect net debt EBITDA to end 2025?

好吧，夠公平。然後就關稅的影響而言，顯然直接影響對您來說似乎很低，但就您對 DSC 領域的最佳估計而言，您是否知道有多少是跨境的，您提到了一些類別，例如奢侈香水等。這些都被運送出去了。這相當於什麼？然後單獨來看，您預計 2025 年底的淨負債 EBITDA 是多少？

Sure, I'll pass it to Kim for the second part of that question, but for the impact of tariffs, Ghansham, I mean, it's a good question for DSC specifically and there just isn't that much cross-border activity within that business. It's back to what I mentioned earlier, our manufacturing philosophy, we like to buy raw materials, make it and sell it in the same geography, so you sort of take out the noise of all this cross-border activity that we've been dealing with. So in DSC, there's not a whole lot of impact that we see on tariffs, in fairness, specifically on fragrance.

當然，我會將問題的第二部分交給 Kim 來回答，但對於關稅的影響，Ghansham，我的意思是，這對於 DSC 來說是一個好問題，而且該業務中並沒有那麼多的跨境活動。這又回到我之前提到的，我們的製造理念，我們喜歡在同一個地區購買原材料、製造並銷售，這樣就可以消除我們一直在處理的所有這些跨境活動的噪音。因此，在 DSC 中，公平地說，我們看到關稅並沒有受到太大的影響，特別是對香水的影響。

A lot of that product is built in Europe and shipped around the world, but you talk about the price point of those products and, I think again, as I mentioned before, it's just a different consumer demographic that we're addressing. What we have seen is several of our customers on the high end of beauty and fragrance side of the business have actually gone out with price increases to reflect any additional inflation from the tariffs.

許多產品都是在歐洲製造並運往世界各地，但談到這些產品的價格點，我想，正如我之前提到的，我們針對的只是不同的消費者群體。我們看到，我們高端美容和香水行業的幾家客戶實際上已經提高了價格，以反映關稅帶來的額外通膨。

So again, we're feeling comfortable that we've got a good understanding of the impact for Silgan, as you mentioned, there really isn't much of an impact financially to Silgan. We will pass through the inflation to our customers and I'll say that irrespective of the segment that we're talking about. And I think that's kind of in summary how we're feeling about tariffs at this point. We don't believe it's driving any different purchase activity for our customers.

因此，我們再次感到欣慰，我們已經充分了解了對 Silgan 的影響，正如您所說，這對 Silgan 的財務影響確實不大。我們會將通貨膨脹轉嫁給我們的客戶，無論我們談論的是哪個部分，我都會這麼說。我認為這概括了我們目前對關稅的感受。我們不相信這會為我們的客戶帶來任何不同的購買活動。

And on the leverage ratio side, so on a long-term basis where you know our range is 2.5 to 3.5 times we would expect to be towards the low end of that range by the year end assuming there are no acquisition opportunities. And that's driven primarily by our strong earnings as we talked about, including the Weener acquisition and a strong free cash flow of about $450 million for the year for the year end.

就槓桿率方面而言，從長期來看，我們的槓桿率範圍是 2.5 到 3.5 倍，假設沒有收購機會，我們預計到年底我們的槓桿率將接近該範圍的低端。這主要得益於我們之前談到的強勁盈利，包括對 Weener 的收購以及年底約 4.5 億美元的強勁自由現金流。

So I think from us that you've heard it say before, with our range of 2.5 to 3.5 when we get to the lower end of that range, we would expect to be deploying cash somehow.

所以我想您之前已經聽過我們的說法，我們的範圍是 2.5 到 3.5，當我們達到該範圍的下限時，我們預計會以某種方式部署現金。

Matt Roberts, Raymond James.

馬特羅伯茲、雷蒙詹姆斯。

Hey, good morning, everyone, and welcome, Philip. Good to hear you. First question, let me ask, a metal containers, I believe you said flat volume expectation in 2 or was that Ebi, and if it is volume. You know that there were new product launches in soup. While there is a harder comp in 2 cu and metal. Maybe you could just talk about the split between pet and food cans in 2 and just generally what you're seeing on on each of those, it seems like some of your peers have also put up strong results in metal food cans as well. So just getting your view there.

嘿，大家早安，歡迎菲利普。很高興聽到你的聲音。第一個問題，讓我問一下，對於金屬容器，我相信您說的是 2 中的固定體積預期或 Ebi，以及它是否是體積。你知道湯品方面有新產品推出。而 2 立方英尺和金屬的複合材料則較硬。也許您可以談談寵物罐和食品罐之間的區別，以及您在這兩種罐頭上看到的一般情況，似乎您的一些同行在金屬食品罐頭方面也取得了很好的成績。我只是在此表達一下你的看法。

Sure, yeah, you've got it right. So volume for metal containers was expected to be flat in Q2. So the one thing I would mention, Matt, we're working through the the details. There may have been a slight pull forward of of some aluminum can volume on the pet food side into Q1 as one of our customers was dealing with a a labor issue in one of their facilities, so. Doesn't materially impact anything but as they were preparing for those issues that have now been fully resolved, there might have been a little bit of volume that brought got brought into Q1, but outside of that, not a whole lot of activity. So as we, you're right, it's a pretty tough comp as we look at at last year's volume, so soup and. Was up quite a bit last year, in the 2nd quarter. So, as we look at the year over year comps, we're expecting nice growth to get in pet food. What we'll see is our veg and and fruit volume, that's going to happen more in the back half of the year, and I'm saying back half intentionally because that's when the products.

當然，是的，你說得對。因此預計第二季金屬容器的銷售量將持平。所以我想提的一件事，馬特，我們正在研究細節。由於我們的一位客戶正在處理其工廠的勞動力問題，因此第一季寵物食品方面的部分鋁罐產量可能略有提前。不會對任何事情產生實質影響，但由於他們正在為那些現已完全解決的問題做準備，因此可能會有一點點交易量進入第一季度，但除此之外，並沒有太多的活動。所以，您說得對，從去年的銷售來看，這是一個相當艱難的比較，所以湯和。去年第二季上漲了不少。因此，當我們查看同比數據時，我們預計寵物食品將實現良好的成長。我們將看到的是，我們的蔬菜和水果產量將在下半年大幅增加，我特意說下半年，因為那時的產品產量將會增加。

It'll be stronger in Q3. We'll see how late the pack runs this year. But given that in some pack volume in Q2 last year, it's just the timing of a couple of our specific markets, but nothing out of a a surprise or out of the realm of what we were expecting as we came into the year for Q2.

第三季將會更加強勁。我們將看看今年該包運行到什麼程度。但考慮到去年第二季的一些包裝量，這只是我們幾個特定市場的時機，並不令人意外，也不超出我們進入第二季時的預期。

Okay, that makes sense.

好的，這很有道理。

Thank you, Adam. And maybe, on pet performance there continues to impress and customers seem to corroborate that view, and pet, are you seeing any changes in the promotions in that category or maybe even just more broadly what you're seeing in terms of the promotional environment overall?

謝謝你，亞當。也許，寵物的表現繼續給人留下深刻的印象，顧客似乎也證實了這種觀點，寵物，您是否看到該類別的促銷活動有任何變化，或者甚至更廣泛地看到您在整個促銷環境中看到的變化？

Thank you again for taking the questions.

再次感謝您回答這些問題。

Sure, yeah, great question. We talked about on the last call that one of the examples that we talked about was where promotional activity had been successful was on the wet pet segment in our canned pet food. We continue to see that. So the first quarter there was strong promotional activity, and I think one thing that I want to bring in that's on a broader base, it's not only our customers promoting the product, it's retail establishment establishments promoting product as well. So I think we've been a beneficiary of that now for a couple of quarters. We're anticipating that to continue. It's a big part of our customers, plans and profiles for 2025. And I think broadly speaking, where we see that targeted promotional activity we are seeing volume follow that. We have a couple of instances where, maybe to jump over to dispensing especially closures for a quick second, we're seeing very good promotional activity in certain areas of the business in items like isotonics and sports drinks. We're seeing a mixed bag where we've got several customers with very aggressive promotional activity. We're seeing volume follow the. Emotional activity and grow, and we're seeing others that that didn't promote quite as aggressively as maybe what we would have liked them to do and therefore they're not seeing the growth that they expected. So isotonics is the one point where I'd probably tell you it's just a little mix. Customs that are targeted and aggressive, they are driving growth, and where that's not happening, the growth is not following. Outside of that across the businesses, targeted promotional activity is driving growth throughout all of Silgan.

當然，是的，很好的問題。我們在上次電話會議上談到，我們談到的促銷活動成功的一個例子是我們的罐裝寵物食品中的濕寵物部分。我們繼續看到這種情況。因此，第一季的促銷活動非常強勁，我想從更廣泛的角度介紹一下，不僅是我們的客戶在推廣產品，零售機構也在推廣產品。所以我認為我們已經從中受益好幾個季度了。我們預計這種情況將會持續下去。這是我們 2025 年客戶、計畫和概況的重要組成部分。我認為從廣義上講，我們看到有針對性的促銷活動的數量隨之增加。我們有幾個例子，也許可以快速轉到分配特別是封蓋，我們看到在諸如等滲透壓飲料和運動飲料等特定業務領域的促銷活動非常好。我們看到的情況是好壞參半，有幾位客戶進行了非常積極的促銷活動。我們看到成交量隨之而來。情感活動和成長，我們看到其他人並沒有像我們希望的那樣積極地推動，因此他們沒有看到他們期望的增長。因此，等滲就是我可能會告訴你它只是一點點混合物。有針對性和侵略性的習俗會推動經濟成長，而如果沒有這種習俗，經濟成長就不會隨之而來。除此之外，針對性促銷活動正在推動整個 Silgan 的業務成長。

Gabe Hajde, Wells Fargo Securities.

富國證券的 Gabe Hajde。

Adam, Kim, Bob, good morning. I had a question on import tariffs a little bit from a different angle, Adam, based on your conversations with some of your fruit and vegetable customers. Has there been any discussion around, Chinese food not making its way into the US and onto the shelves, and I know again, like it requires planning ahead and planting, etc.

亞當、金、鮑勃，早安。亞當，根據您與一些水果和蔬菜客戶的談話，我從不同的角度對進口關稅提出了一個問題。有沒有關於中國食品無法進入美國並上架的討論，我再次知道，就像它需要提前計劃和種植等。

But maybe that leads to actually a better than expected, I guess harvest in 2025 and better plantings in 206.

但這實際上可能帶來比預期更好的結果，我猜 2025 年的收成和 206 年的種植面積會更好。

Yeah, it's a really interesting question, Gabe. As you very well know, we're putting crops in the ground right now, so you know it's the time that contracted acreage is concluded. They're planting crops, so they're planning right now for the The pack season of this year back to imported filled goods, that that was an issue, a large issue, we'll call it a year ago.

是的，這是一個非常有趣的問題，加布。眾所周知，我們現在正在種植農作物，所以你知道現在是簽訂合約種植面積的時候了。他們正在種植農作物，所以他們現在正在為今年的包裝季節做計劃，重新進口填充貨物，這是一個問題，一個大問題，我們稱之為一年前的問題。

One of the large retailers in the US market for their private label brand had brought in filled goods from Southeast Asia and actually had a social media campaign that went against that change in their private label brand, and they did move back to Purchasing canned vegetables for the US market from US producers, so that was a good thing last year. I think that continues a bit this year. I think your question's spot on. I think there probably is some upside in the event that there is a tariff on filled goods coming in from any other region outside of the US. In the US market and really that should be the benefit to the hackers of fruit and veg in the US market and obviously as we're a little underweight to the category, but to the can makers that should also be a benefit as well. We don't have anything that says that's what's happening, but it's one of the opportunities on our list as well.

美國市場上一家大型零售商為其自有品牌從東南亞引進了灌裝產品，並實際上開展了一場社交媒體活動來反對其自有品牌的這一變化，他們確實重新從美國生產商那裡為美國市場購買罐裝蔬菜，所以這是去年的一件好事。我認為這種情況今年還會持續下去。我認為你的問題很正確。我認為，如果對來自美國以外其他地區的填充商品徵收關稅，可能會有一些好處。在美國市場，這確實應該對美國市場的水果和蔬菜駭客有利，顯然我們對該類別的重視程度略低，但對於罐頭製造商來說，這也應該有利。我們沒有任何證據表明正在發生這樣的事情，但這也是我們名單上的機會之一。

Okay, and then in pet food, it seems like maybe just depending on which scanner data you look at, the trend could be decelerating or disappointing if you're talking about through traditional channels.

好的，然後在寵物食品中，似乎可能僅僅取決於你查看的掃描器數據，如果你透過傳統管道談論，趨勢可能會減速或令人失望。

Do you have a sense for how much pet food goes through e-commerce at this point? And is your, to the best of your knowledge, I know it's tough to say once it leaves your factory, but are you overweight or underweight or under indexed to the Overall e-commerce channel and and pet food specifically.

您是否知道目前有多少寵物食品是透過電子商務銷售的？據您所知，我知道一旦產品離開工廠就很難說，但您的整體電子商務管道和寵物食品是否超重、不足或指數不足。

Yeah, and so what I tell you and it's a little bit of a loose number okay, but call it 25% of the market goes through kind of an e-commerce channel.

是的，所以我告訴你，這是一個有點廣泛的數字，但是可以說 25% 的市場是透過電子商務管道實現的。

And now it's very loose after that. So what I tell you is we are significantly overweight in the market for wet pet food products. So I assume that our market share sort of correlates to that 25% of the market that goes through an e-commerce channel. And in fairness, our small dog and cat products ship very efficiently. So I, my guess is. We're appropriately represented through e-commerce and you wouldn't see a big change of of our share of that particular channel. Again, we think that that we've got a winning solution with our largest branded customers. We're represented in private label, but really think about us as the big brands that are driving the volume growth into to this segment on a continued basis.

現在這之後就變得非常寬鬆了。所以我想告訴你的是，我們在濕寵物食品市場上的份額明顯過大。因此我認為我們的市場份額與透過電子商務管道的 25% 的市場份額是相關的。公平地說，我們的小型犬和貓產品運輸非常有效率。所以我的猜測是。我們透過電子商務得到了適當的體現，你不會看到我們在該特定管道的份額發生很大的變化。再次，我們認為我們已經為我們最大的品牌客戶找到了成功的解決方案。我們代表的是自有品牌，但實際上我們是持續推動該領域銷售成長的大品牌。

Understood. Last one maybe a little bit of in the Weener question on corporate. I think Kim you reaffirmed around 45 million for the year, a bit elevated in the first quarter.

明白了。最後一個問題可能與 Weener 關於公司的問題有點關係。Kim，我認為您重申了今年的銷售額約為 4500 萬美元，比第一季略有增加。

You guys run on a mostly decentralized fully allocated.

你們運作的是一個基本上去中心化的、完全分配的系統。

I guess reporting basis for for Vayner specifically I'm thinking about. So was there, is there any added corporate expense as it relates to Vayner.

我想我正在考慮的是針對 Vayner 的具體報告基礎。那麼，與 Vayner 相關的公司費用是否有增加？

And if not, that means that Bob is really busy.

如果沒有，那就代表鮑伯真的很忙。

Bob is very busy and yeah so from our perspective it's all in here at the holdings office and it was about $45 million or about $5 million higher as a result of.

鮑勃非常忙，是的，所以從我們的角度來看，這一切都在控股辦公室，結果是大約 4500 萬美元或高出約 500 萬美元。

Higher corporate development activity in the first quarter, so our expectation is going forward that we're going to be at a total for $45 million as we mentioned in the opening remarks.

第一季企業發展活動增加，因此我們預計總收入將達到 4500 萬美元，正如我們在開場白中提到的那樣。

And to your point, I think that the SGNA and the corporate costs associated with Boehner resides down in the business so you know what Kim's describing is our corporate activities here at the holding.

至於您的觀點，我認為 SGNA 和與博納相關的公司成本都歸結於業務本身，所以您知道 Kim 所描述的就是我們控股公司的公司活動。

Same functionality as all of the other businesses that we have.

與我們所有其他業務具有相同的功能。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Hi, good morning. This is actually Bryan Burgmeier on for Anthony.

嗨，早安。這實際上是布萊恩·伯格邁爾 (Bryan Burgmeier) 代替安東尼 (Anthony)。

Thank you for taking the question. Maybe just one housekeeping item to start, after acquiring Boehner. Do you have like an earning sensitivity to, changes in in FX, or could you share maybe what your guidance is assuming in terms of, FX rates for the EUR, at this point, I think silicon's about 25%, revenue from Europe now, so I just wanted to check on that.

感謝您回答這個問題。在收購博納之後，也許只需開始一項家務事。您是否對外匯變化有獲利敏感度，或者您是否能分享您對歐元匯率的指導假設，目前，我認為矽片約有 25% 的收入來自歐洲，所以我只是想檢查一下這一點。

Right, look, just from an FX perspective, what we have, typically what we do is we kind of hold a current rate, spot rate through the end of the forecast period. So that's where we are, we're kind of taking the end of Q1 spot rate and we hold that for the balance of the year on all currencies, so specific to the EUR as well and really it's kind of a 113, 114 number. I'm not sure exactly which one. From a sensitivity perspective, we talk a lot about the fact that we've got a natural hedge that we like to have local debt and local currency that offsets any exposure to FX. So we can come back to you on that one. I'll just say the exposure sensitivity is pretty limited from an FX perspective.

是的，從外匯的角度來看，我們通常的做法是，在預測期結束前保持當前匯率、即期匯率。這就是我們現在的狀況，我們採用的是第一季末的即期匯率，並且在今年餘下的時間裡對所有貨幣都保持這個匯率，特別是歐元，實際上它是一個 113、114 的數字。我不確定具體是哪一個。從敏感度角度來看，我們經常談論這樣一個事實：我們擁有一種自然對沖，即我們喜歡擁有本地債務和本地貨幣來抵消任何外匯風險。因此我們可以就此問題再回覆您。我只想說，從 FX 角度來看，曝光靈敏度相當有限。

Okay, got it. Makes sense. And then, maybe just on the M&A landscape, Adam, you've you've been with Slogan for a while, in your experience, do you think, these kind of heightened levels of economic uncertainty can create, more or less appetite from sellers? Do you think people want to cash out or, the interest rates become kind of a a roadblock for Silgan, even perhaps, just kind of your general thoughts here just kind of given the macro backdrop.

好的，明白了。有道理。然後，也許只是就併購領域而言，亞當，您在 Slogan 工作了一段時間，根據您的經驗，您認為這種高度的經濟不確定性是否會增加或減少賣家的興趣？您認為人們想要套現嗎，或者利率對 Silgan 來說是一種障礙，甚至可能，只是您在宏觀背景下的一般想法。

Thank you, I'll turn it over.

謝謝，我會轉過來的。

Yeah, sure, look, it, I've been here for a little over 20 years. Bob has been beat by a stretch, so we'll ask his opinion too. But from my perspective, what I tell you is that I think the opportunity for corporate development and M&A activities is probably as great as it's ever been in my time with Silgan, and I also would say that I think we are more advanced. Advantaged in these kind of environments because of our ability to, be deep into our markets so we understand the businesses we're talking about. We are quick and thorough in our diligence, we have access to capital, we've got tremendous cash generation in our legacy businesses. And we are ready and able to move when the time is right. So much like with the Boehner transaction, very competitive process, we thought we were advantaged from the get-go, and there were a lot of reasons for that. But I feel like we're sort of in the same position today, and I'll throw it over to Bob for for any other comments you might add.

是的，當然，你看，我來這裡已經 20 多年了。鮑伯已經被打敗了，所以我們也要徵求他的意見。但從我的角度來看，我想告訴你的是，我認為企業發展和併購活動的機會可能和我任職 Silgan 期間一樣好，我還想說，我認為我們更加先進了。在這種環境中我們具有優勢，因為我們有能力深入市場，從而了解我們所談論的業務。我們的盡職調查迅速而徹底，我們能夠獲得資金，我們的傳統業務產生了巨大的現金流。我們已經做好準備，並且能夠在適當的時候採取行動。與博納交易非常相似，這是一個競爭非常激烈的過程，我們認為我們從一開始就佔據了優勢，而這其中有很多原因。但我覺得我們今天處於同樣的境地，我將把它交給鮑勃，以便您可以添加任何其他評論。

Yeah, I think Adam's answer was spot on. I think if you recall back to the last earnings call, we spoke pretty optimistically about our ability to get a deal done.

是的，我認為亞當的回答是正確的。我想，如果你回想一下上次的財報電話會議，你會發現我們對達成交易的能力非常樂觀。

I still, certainly believe that that level of optimism is warranted, particularly from an internal perspective, right, for all the reasons that Adam just laid out. Out, we feel like we've got our arms around the banner acquisition and we're well on our way to that integration and on track with the synergy capture. Our leverage outlook as we talked about is really good trending to the lower end, having just completed nearly a billion dollars dollar acquisition and getting back inside the range pretty quickly, as Adam indicated, we've got some strategic.

我仍然堅信這種程度的樂觀是有道理的，特別是從內部角度來看，對吧，因為亞當剛才列出的所有原因。總的來說，我們感覺我們已經掌握了橫幅廣告的收購權，並且我們在整合的道路上進展順利，並且在協同效應的獲取上也步入正軌。正如我們所討論的，我們的槓桿前景非常好，趨向於較低水平，剛剛完成了近 10 億美元的收購，並很快回到了範圍內，正如亞當所指出的，我們有一些戰略。

Candidates out there that we've identified, we've begun, doing our internal work there, so should they become available, we believe we can move really quickly.

我們已經確定了候選人，並已經開始在那裡進行內部工作，因此，如果他們有空，我們相信我們可以迅速採取行動。

So all of that is still intact. I think the only thing that's changed from the last call is a bit of the economic slash political backdrop, and the only difference that that makes to us is whether or not some of those targets choose to to come to market. Otherwise we're armed and ready to go.

所以所有這些都還完好無損。我認為與上次通話相比唯一的變化是經濟和政治背景的改變，而這對我們來說唯一的區別在於這些目標是否選擇進入市場。否則，我們已經武裝好並準備出發了。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Yeah, thank you for taking my questions and congrats on on the quarter and the progress.

是的，感謝您回答我的問題，並對本季的進展表示祝賀。

I, you've spoken at length about volume outlook.

我，您已經詳細談論了銷售前景。

Just quickly, trends you're seeing thus far in April, how our order books shaping up for Mary? I mean, is everything it just I'm sure the answer is probably going to be yes, it is, and I move on to the next question, but figured I'd throw it out there anyway in terms of how things are trended in April and what the orders look like for May thus far.

簡單來說，您從四月到目前為止看到的趨勢來看，我們為瑪麗準備的訂單情況如何？我的意思是，一切都是這樣？我確信答案可能是肯定的，是的，然後我繼續下一個問題，但我想我還是會把它拋出來，看看四月份的情況如何，以及到目前為止五月份的訂單情況。

Sure, and again we're about 30 days into the 2nd quarter and so what I tell you, the momentum we carried into the quarter continues on and we're right in line with what we expected for the month of April and so you know our quarter is off to exactly the start that we were expecting and that that we were looking for and. Each of our businesses continues to perform. Boehner continues to perform. So again, hopefully it comes across in the conversation. There's a level of of clarity and confidence here and and what we're doing and how we're doing it that's that's translating to continued growth for the company and and we're looking forward to the remainder of 25 as well.

當然，我們已經進入第二季度大約 30 天了，所以我想告訴你們，我們在本季度保持的勢頭仍在繼續，而且與我們對 4 月份的預期完全一致，所以你們知道我們這個季度的開局正如我們所預期的，也是我們所期待的。我們的每項業務都持續表現良好。博納繼續表演。所以，再次希望這一點能夠在對話中體現。這裡有一定程度的清晰度和信心，我們正在做什麼以及我們如何做，這將轉化為公司的持續成長，我們也期待著剩下的 25 年。

That's great. And and any early read on May thus far in terms of order books?

那太棒了。到目前為止，5 月的訂單狀況如何？

Yeah, obviously it's order books, yeah, it's order book activity and again I'd start with DSC and dispensing especially closures, very strong, as we prepare for the summer months, we're now heading into kind of the beverage season that we have our hot filled beverages, and dispensing and especially closures, metal containers right in line with expectations, nice month already. And and pet food and expected to continue, we talked a while back, Mike, about our customers' investments and manufacturing capacity expansions. They're running those lines better this year than they did last year, and that's great news for us that they've improved their efficiencies as well. That's part of the support for the the year over year volume increases in in pet food products. And then in custom containers again, I'll just say the team's done a great job. They continue to win in the marketplace multiple new business awards, nothing quite as big as we had last year at this point to announce, but winning every single day in that business and again that it just flows through to the bottom line and it flows through to the volume conversation. So right where we wanted to be in Q2 and and feeling confident in the delivery of Q2.

是的，顯然是訂單簿，是的，是訂單簿活動，我再次從 DSC 和分配特別是封蓋開始，非常強勁，隨著我們為夏季做準備，我們現在正進入飲料季節，我們有熱灌裝飲料，分配特別是封蓋，金屬容器完全符合預期，已經是一個不錯的月份了。還有寵物食品，預計還會繼續，麥克，我們剛剛談到了客戶的投資和製造能力擴張。他們今年的生產線運作情況比去年更好，而且他們的效率也提高了，這對我們來說是個好消息。這是寵物食品銷售逐年成長的部分原因。然後再次談到定制容器，我只想說團隊做得很好。他們繼續在市場上贏得多個新業務獎項，雖然沒有像去年此時宣布的那麼重大，但在該業務中每天都在獲勝，而且它再次流向了底線，流向了銷量對話。因此，我們在第二季度的業績表現正是我們所期望的，並且我們對第二季度的業績交付充滿信心。

That's great and thank you. And then just one quick follow up. I beli I believe or call that part of the 2025 guidance in DSC including some new wins.

太好了，謝謝。然後只需快速跟進一次。我相信或稱之為 DSC 2025 年指導的一部分，其中包括一些新的勝利。

I think you mentioned they were going to ramp up late this year and really have more of an impact in 2026. Can you give us a little more color on where those winds are coming from? I'm trying to get a sense whether they're coming from your base business, whether it's from the higher end perfumes and closures, maybe even from Boehner as well. Just, any color you can provide them on that upcoming on those winds.

我想你提到他們將在今年稍後加大力度，並在 2026 年產生更大的影響。您能否向我們詳細介紹一下這些風是從哪裡來的？我想了解的是，這些客戶是否來自你們的基礎業務，是否來自高端香水和封蓋業務，甚至可能來自博納。只是，您可以為即將到來的那些風提供任何顏色。

Thank you.

謝謝。

Sure, and to be really clear in dispensing and especially closures we're winning literally in all of the segments that we serve again it's back to that innovation and and customer service model that Silgan's really well known for that we've rolled out across all the acquisitions over time. So, there are new business wins and beauty and. Fragrance for sure, lawn and garden for sure. The one that I specifically mentioned, I think on the last call, Mike, it was a beverage application and it's sort of in the legacy business and it does, it is a new contractual award that we're investing for right now and we'll bring that cap capacity online. Later in 2025 just given lead times and we will start 26 with a with a nice step up in our hot beverage volume as we we move into 26 so right in line with where we expect it to be, but probably not much of an opportunity to bring that volume into 25 for whatever that's worth.

當然，要真正清楚地說明，在分配方面，特別是封口方面，我們在我們服務的所有領域都取得了勝利，這又回到了 Silgan 所熟知的創新和客戶服務模式，我們已經在一段時間內在所有收購中推廣了這種模式。因此，有新的業務勝利和美麗。當然是香味，當然是草坪和花園。我特別提到的那個，我想在上次電話會議上，邁克，是一個飲料應用程序，它屬於傳統業務，而且它確實是一個新的合同獎勵，我們現在正在投資，我們將把這個上限容量上線。2025 年下半年，考慮到交貨時間，我們將從 26 年開始，隨著我們進入 26，我們的熱飲銷量將有一個很大的提升，這正好符合我們的預期，但可能沒有太多機會將銷量提升到 25，無論它值多少錢。

Arun Viswanathan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Arun Viswanathan。

Thanks for taking my questions. Congrats on the, strong quarter there.

感謝您回答我的問題。恭喜本季業績強勁。

I apologies if I missed this. I think, the volume expectations you provided last time were mid single digits for each segment. I think you may have moderated that a little bit, but could you just review what your volume expectations for, the full year are now again? Thanks.

如果我錯過了這一點，我深感抱歉。我認為，您上次提供的數量預期對於每個部分來說都是中等個位數。我認為您可能已經稍微緩和了這一點，但您能否再次回顧一下您對全年銷售的預期？謝謝。

Sure, no problem. And we did talk about that a little bit earlier, Arun, so no, just for clarity, no change in our original expectations for the year. So, mid single digit volume growth in each of the segments and again I think with a really strong first quarter it it's confirming our belief and our our confidence in the full year as well.

當然，沒問題。阿倫，我們之前確實談過這個問題，所以不，只是為了清楚起見，我們對今年的最初預期沒有改變。因此，每個部門的銷售量都實現了中等個位數成長，而且我認為第一季的強勁表現證實了我們的信念以及對全年的信心。

Thanks. And then, on free cash flow, so I know you've got it to 450 this year and I think last time around you'd mentioned that there's maybe 50 million of working capital drags in there that won't repeat next year and so next year you're at a base of 500 million. Is that still the way you're thinking about it? And if so, I guess there's and just given your other comments around M&A. Is M&A still kind of the priority use of that cash flow? Could you potentially pivot more to, buybacks just given some of the uncertainty and, if deals don't come to market?

謝謝。然後，關於自由現金流，我知道今年你的自由現金流已經達到了 4.5 億，我想上次你提到過，其中可能有 5000 萬的營運資金拖累，明年不會再出現，所以明年你的基數是 5 億。您現在還是這麼想的嗎？如果是這樣，我想是有的，並且剛剛給出了您對併購的其他評論。併購仍然是現金流的優先用途嗎？考慮到一些不確定性，如果交易沒有進入市場，您是否有可能更多地轉向回購？

Sure, so yes, our assumption is our pre-cash flow is 450 million this year. That includes, really strong earnings growth as Adam has been talking about both organically and from Weinner. We have a lower rationalization spend year over year, so $30 million last year for $20 million dollar run rate savings, and then the reverse this year $20 million spend for $30 million of run rate savings. We are assuming a lower working capital benefit versus the prior year, but it is still a benefit in our numbers, and we do have higher interest in cash tax again from from the Boehner acquisition and then our profit from that perspective. Capital expenditures are expected to be, what we had provided as guidance last time and our working capital is, as I mentioned, a little bit less of a benefit this year than than last year.

當然，是的，我們的假設是今年的預現金流是 4.5 億。其中包括真正強勁的獲利成長，正如亞當所談論的有機成長和韋納的成長。我們的合理化支出逐年減少，去年我們花費了 3,000 萬美元，從而節省了 2,000 萬美元的運行率，而今年我們則相反，花費 2,000 萬美元，從而節省了 3,000 萬美元的運行率。我們假設營運資本利得與前一年相比有所下降，但從我們的數據來看這仍然是一項收益，而且從博納收購案中我們確實獲得了更高的現金稅利息，從這個角度來看我們的利潤也更高。預計資本支出將達到我們上次提供的指導，正如我所提到的，今年我們的營運資本利得將比去年略少。

And so I think the normalized free cash flow maybe to that very point is about 500 million and that's how we continue to think about the business. So, does that answer your question, Arun?

因此，我認為到那時，正常化的自由現金流可能約為 5 億美元，這就是我們對業務的持續看法。那麼，這回答了你的問題嗎，阿倫？

Yes, and just as far as the deployment, what would you say priority there?

是的，就部署而言，您認為優先事項是什麼？

Yeah, and clearly I mean I think you heard Bob mention as well we're we're comfortable with the pipeline of activity and in our corporate development activity, so we obviously put M&A as a priority for our capital allocation and Again, we are incredibly disciplined as I think you've seen over the years with our 41 acquisitions and and how we evaluate and integrate and bring on M&A opportunities into the company. Outside of that, sure, we've got the usual levers that we. We can pull for capital allocation whether it's returning cash to shareholders, whether it's it's paying down debt, but you know clear preference to continuing to to grow out the portfolio in a very deliberate way and as we've done in the past through M&A activity.

是的，顯然我的意思是，我想你也聽到鮑勃提到過，我們對活動管道和企業發展活動感到滿意，所以我們顯然把併購作為資本配置的優先事項，而且，我們非常自律，我想你多年來已經看到了我們的 41 次收購，以及我們如何評估和整合並將併購機會帶入公司。除此之外，當然，我們還有常用的手段。我們可以進行資本配置，無論是向股東返還現金，還是償還債務，但您知道，我們顯然傾向於繼續以非常慎重的方式擴大投資組合，就像我們過去透過併購活動所做的那樣。

Hey, Arun, if I could just add one thing to that, I think we've got a long history of discipline and patience here about how we deploy capital, and yes, while we would love to get an M&A deal done, and we think that's how we've created a lot of value for shareholders on an ongoing basis. We've also been disciplined and patient around how we. How we deploy capital, so I don't think there's anything changed in that strategy and and we'll we'll go where we need to go relative to capital deployment, but I think given where the leverage is at year end, we still have ability to to read the tea leaves relative to the M&A market and we're going to do what's right for shareholders and the returns therefore.

嘿，阿倫，如果我可以補充一點，我認為我們在如何配置資本方面有著悠久的紀律和耐心，是的，雖然我們很想完成併購交易，但我們認為這就是我們持續為股東創造大量價值的方式。我們在做事方式上也一直很自律，也很有耐心。至於我們如何部署資本，我認為該策略沒有任何改變，我們會按照資本部署的需要去做，但考慮到年底的槓桿率，我們仍然有能力預測併購市場的情況，並因此採取對股東有利和回報有利的做法。

Jeffrey Zekauskas, JPMorgan.

摩根大通的 Jeffrey Zekauskas。

Thanks very much.

非常感謝。

Propylene values have come down pretty sharply. Does that give you a benefit in your dispensing and specialty closure business?

丙烯價格已大幅下降。這是否會為您的配藥和專業封蓋業務帶來好處？

Hey Jeff, as we think about resin pass through, maybe I'll start with custom containers quickly because that's the business that Silgan's had for so long, we worked very diligently over the years to shorten the exposure to changes in resin cost and pass through, and so we've really limited the lag in that business and I would say virtually eliminated it. Obviously with dispensing as we continue to invest and expand that portfolio.

嘿，傑夫，當我們考慮樹脂通過時，也許我會很快從定制容器開始，因為這是 Silgan 長期從事的業務，多年來我們非常努力地縮短樹脂成本和通過變化的影響，因此我們確實限制了該業務的滯後，我想說幾乎消除了它。顯然，隨著我們繼續投資和擴大投資組合，我們會繼續分配。

What we typically find through acquisition is the pass throughs of of resin changes are a little longer than what Silgan typically has, so we get to work right away and shortening those resin pass through lags whenever we can, and as quickly as we can. So in fairness to your question, yes, there's a little more lag effect in our dispensing, especially closure segment, but it's a small impact overall for the business and there would be a slight benefit to the company if propylene continues on the trend that that we just saw posted, I think it was earlier this week or late last week.

我們通常透過收購發現，樹脂變化的傳遞時間比 Silgan 通常的時間要長一些，因此我們立即開始工作，並儘可能快地縮短樹脂傳遞滯後時間。因此，公平地回答您的問題，是的，我們的分配，特別是封閉部分存在一些滯後效應，但對於整體業務而言，影響很小，如果丙烯繼續保持我們剛剛看到的趨勢，公司將獲得輕微的好處，我認為這是本週早些時候或上週晚些時候。

And as far as the Venner acquisition, when you look at the first quarter results on a pro forma basis.

就 Venner 收購而言，當您以備考形式查看第一季業績時。

How did you do in terms of volumes and operating process?

就數量和操作流程而言，你們做得怎麼樣？

For the vener acquisition that really.

對於尊貴收購而言確實如此。

Really, in other words, versus the pro forma results, yeah.

確實，換句話說，與形式結果相比，是的。

From last year.

從去年開始。

Yeah, so I mean, a Silgan performed really well. B Boehner performed really well, as two separate entities. Both grew versus prior year and again I think for Boehner specifically the ability that we had to put some cap. Capital into play to support customer growth that is indeed driving not only volume growth at Vayner but also bottom line growth as well. So versus our models, Weinner came in slightly ahead of where we were expecting as we came into the year, Jeff.

是的，我的意思是，Silgan 的表現確實很好。B 博納表現確實很出色，作為兩個獨立的實體。兩項數據都比上年有所增長，而且我再次認為，對於博納來說，我們有能力設定一些上限。資本投入用於支持客戶成長，這不僅推動了 Vayner 的銷售成長，也推動了底線成長。因此，與我們的模型相比，傑夫，韋納的表現略高於我們今年的預期。

(Operator Instructions) And at this time, we have no further questions. I would now like to turn the call back for any additional or closing remarks.

（操作員指示）目前，我們沒有其他問題。現在我想將電話轉回去，以便大家做進一步的補充或結束語。

Great, thank you, Rachel, and we appreciate everyone's interest in the company and look forward to reviewing our second-quarter results towards the end of July. Thank you.

太好了，謝謝你，Rachel，我們感謝大家對公司的關注，並期待在七月底審查我們的第二季業績。謝謝。

This does conclude today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。