Silgan Holdings Inc (SLGN) 2025 Q2 法說會逐字稿

Good day, and welcome to the Silgan Holdings second-quarter 2025 earnings call. Today's conference is being recorded.

大家好，歡迎參加 Silgan Holdings 2025 年第二季財報電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Alex Hutter, Vice President of Investor Relations. Please go ahead.

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 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、企業發展管理執行副總裁 Bob Lewis 和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. 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.

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性和風險，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不確定性和風險。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。

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. 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.

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、自由現金流量和調整後的每股稀釋淨收益或調整後的每股盈餘。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 財務資訊部分中找到。

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 second-quarter earnings call.

謝謝你，亞歷克斯，我們歡迎大家參加 Silgan 的第二季財報電話會議。

Our second-quarter results showcase the structural changes that have been taking shape in our business over the past decade as our teams continue to build upon the momentum in our business and delivered 15% adjusted EPS growth and record adjusted EBIT, driven by the success of our strategic initiatives, the strong operational execution of our teams, and the benefit of our capital deployment model. Our second-quarter and first-half results have shown significant organic growth in dispensing and pet food markets, the integration of the Weener acquisition, and the success of our cost reduction initiatives that have resulted in first-half adjusted EPS that is 17% above the prior year period, record first-half adjusted EBIT, and record first-half adjusted EBITDA.

我們第二季的業績展示了我們業務在過去十年中正在形成的結構性變化，我們的團隊繼續鞏固業務勢頭，實現了 15% 的調整後每股收益增長和創紀錄的調整後息稅前利潤，這得益於我們戰略舉措的成功、我們團隊強大的運營執行力以及我們的資本配置模式的優勢。我們第二季和上半年的業績表明，配藥和寵物食品市場實現了顯著的有機增長，Weener 收購的整合以及我們成本削減計劃的成功，這些都導致上半年調整後的每股收益比去年同期高出 17%，上半年調整後的息稅前利潤和上半年調整後的息稅前利潤均創歷史新高。

Our Dispensing and Specialty Closures segment shows significant year-over-year growth and delivered another quarter of record adjusted EBIT, with over 40% growth in dispensing products and continued success in the markets we serve. Our market-leading innovation and design capabilities, the strength of our long-term customer relationships, and the execution and focus of our teams continue to set us apart in the market and drive organic growth that outpaces our peers and the end markets we serve.

我們的配藥和特殊封蓋部門同比增長顯著，並再次創下季度調整後息稅前利潤的新高，配藥產品增長超過 40%，並在我們服務的市場中繼續取得成功。我們市場領先的創新和設計能力、長期的客戶關係實力以及團隊的執行力和專注力使我們繼續在市場中脫穎而出，並推動著超越同行和我們所服務的終端市場的有機成長。

We have made meaningful progress in the integration of the Weener acquisition from a cultural, synergy, and product portfolio perspective. And we have been very pleased with the incremental opportunities our teams are continuing to uncover to leverage both our global commercial presence and our expanded product offering to drive accelerated growth well into the future as a result of this combination.

我們在從文化、協同效應和產品組合角度整合威納收購方面取得了有意義的進展。我們非常高興看到我們的團隊不斷發現新的機遇，利用我們的全球商業影響力和擴大的產品供應，透過這種結合推動未來的加速成長。

We continue to have success with new and existing customers in our core high-end fragrance and beauty, personal care, and home care markets, and are seeing incremental opportunities in healthcare and pharma markets as well. Our dispensing momentum remains strong into the second half of the year as we execute in our near and long-term priorities in this rapidly growing high-value portion of our business.

我們繼續在核心高端香水和美容、個人護理和家庭護理市場中與新舊客戶取得成功，並且在醫療保健和製藥市場也看到了增量機會。隨著我們在這一快速成長的高價值業務領域中執行近期和長期優先事項，我們的分配勢頭在下半年依然保持強勁。

Volumes for our North American beverage specialty closures products, particularly in the hot fill markets, fell short of our expectations entering the quarter due mostly to cool wet weather experienced in much of the country during the second quarter. Additionally, with weather impacting consumption patterns in the first half, our customers have adjusted their promotional spending plans to reflect the lower consumption patterns during this period, which further impacted our volumes. While weather conditions have improved as we enter the third quarter, our expectation is that the missed consumption occasions for these beverages in the first half of the year will not be recovered in the balance of the year as our customers work through the inventory they built for the peak season.

我們的北美飲料特種封蓋產品（尤其是熱灌裝市場）的銷售量在本季未達到我們的預期，主要原因是第二季全國大部分地區經歷了陰冷潮濕的天氣。此外，由於天氣影響了上半年的消費模式，我們的客戶調整了促銷支出計劃，以反映這段時期較低的消費模式，這進一步影響了我們的銷售量。雖然進入第三季後天氣狀況有所好轉，但我們預計，由於我們的客戶正在消耗為旺季建立的庫存，因此上半年錯過的這些飲料的消費機會將無法在今年剩餘時間得到彌補。

In Metal Containers, we continue to see strong demand for our pet food products, which grew by a mid-single-digit percentage in the second quarter, driven by our strong presence in the fastest-growing portions of the pet food market. As expected, our total volumes in the second quarter were comparable to prior year levels, mostly as a result of the timing of orders for containers for soup markets in the first half. Our adjusted EBIT performance in Metal Containers during the second quarter was 21% above the prior year period, driven by a more normalized production environment relative to the prior year.

在金屬容器方面，我們繼續看到對寵物食品產品的強勁需求，由於我們在寵物食品市場增長最快的領域的強勁存在，該產品在第二季度實現了中等個位數的百分比增長。正如預期的那樣，我們第二季度的總銷量與去年同期相當，這主要是因為上半年湯品市場訂購貨櫃的時間表。由於生產環境較上年同期更加正常化，我們第二季金屬容器業務的調整後息稅前利潤比去年同期成長了 21%。

In Custom Containers, our business delivered strong operating performance and experienced continued success in the marketplace as comparable volumes grew 2% after adjusting for the impact of lower-margin business exited as a result of our cost savings initiatives. As expected, our adjusted EBIT margins expanded 190 basis points as a result of our cost reduction activities.

在客製化貨櫃業務中，我們的業務實現了強勁的營運業績，並在市場上取得了持續的成功，在調整了因成本節約舉措而退出的低利潤業務的影響後，可比銷量增長了 2%。正如預期的那樣，由於我們採取了成本削減措施，調整後的息稅前利潤率擴大了 190 個基點。

With our strong start to the year, we remain confident in our ability to deliver on our strategic objectives and achieve significant earnings growth in 2025. And our expectations for continued growth in dispensing and pet food products remain unchanged. We continue to expect dispensing organic volume to deliver another year of high-single-digit growth, but we now expect the adverse weather impact on our hot fill beverage specialty closures volumes in North America in the second and third quarters to impact segment adjusted EBIT by approximately $10 million for the year.

憑藉今年強勁的開局，我們仍然有信心能夠實現我們的策略目標並在 2025 年實現顯著的獲利成長。我們對分配和寵物食品產品持續成長的預期保持不變。我們繼續預計分配有機量將再實現一年的高個位數增長，但我們現在預計，第二季度和第三季度不利的天氣對我們在北美的熱灌裝飲料特種封蓋量的影響將對本年度分部調整後的息稅前利潤造成約 1000 萬美元的影響。

Our Metal Containers volumes are on track to grow by a mid-single-digit percentage, driven primarily by mid to high-single-digit growth in pet food and a partial recovery in fruit and vegetable pack volumes. Unfortunately, a recent customer bankruptcy in North America that has resulted in that customer exiting certain markets is expected to impact Metal Containers adjusted EBIT by approximately $10 million in the second half of 2025.

我們的金屬容器銷售量有望實現中等個位數百分比成長，主要得益於寵物食品的中等至高個位數成長以及水果和蔬菜包裝銷量的部分復甦。不幸的是，最近北美的一位客戶破產，導致該客戶退出某些市場，預計這將對 Metal Containers 2025 年下半年的調整後息稅前利潤造成約 1,000 萬美元的影響。

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 comparable volumes to grow by a mid-single-digit percentage this year.

在客製化貨櫃方面，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可比銷量將以中等個位數百分比增長。

We remain focused on the opportunities laid ahead for the company and are confident in our ability to execute in our plan as the structural changes and evolution in our portfolio have positioned us to drive significant growth in our business in the near term and long term. Our financial performance remains strong, and we are pleased that we are positioned to achieve a 9% increase in adjusted EPS and exceed $1 billion in adjusted EBITDA at the midpoint of our estimated adjusted EPS range in 2025.

我們將繼續關注公司未來的機遇，並對我們執行計劃的能力充滿信心，因為我們投資組合的結構性變化和發展使我們能夠在短期和長期推動業務的顯著增長。我們的財務表現依然強勁，我們很高興看到我們能夠實現調整後每股收益 9% 的成長，並在 2025 年預計調整後每股收益範圍的中點實現調整後 EBITDA 超過 10 億美元。

With that, Kim will take you through the financials for the quarter and our estimates for the third 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 年全年第三季的預測。

Thank you, Adam.

謝謝你，亞當。

As Adam highlighted, we reported another quarter strong financial results in the second quarter, driven by the continued success of our Dispensing business, more normalized production of metal containers, and the execution of our cost reduction plan. Net sales of approximately $1.5 billion increased 11% from the prior year period, driven primarily by growth in dispensing products, including the addition of the Weener business and the pass-through of higher raw material and other manufacturing costs in metal containers.

正如亞當所強調的，我們在第二季度報告了另一個強勁的財務業績，這得益於我們的分配業務的持續成功、金屬容器生產的更加規範化以及我們的成本削減計劃的執行。淨銷售額約為 15 億美元，較上年同期成長 11%，主要由於分配產品的成長，包括增加 Weener 業務以及將原材料和其他製造成本的增加轉嫁到金屬容器中。

Record total adjusted EBIT for the quarter of $193 million increased by 17% on a year-over-year basis, driven by strong growth in Dispensing products, including from the acquisition of Weener, improved price costs in metal containers, and the benefits of our cost reduction efforts resulting in higher adjusted EBIT in all segments and record adjusted EBIT in the Dispensing and Specialty Closures segment. Adjusted EPS of $1.01 increased $0.13 or 15% from the prior year quarter.

本季調整後息稅前利潤總額達創紀錄的 1.93 億美元，較上年同期增長 17%，這得益於分配產品的強勁增長（包括收購 Weener 帶來的增長）、金屬容器價格成本的改善以及我們降低成本的努力帶來的效益，導致所有部門的調整後息稅前利潤均有所提高，並且分配和特息稅前利潤。調整後的每股收益為 1.01 美元，較去年同期增加 0.13 美元，即 15%。

Turning to our segments. Second-quarter sales in our Dispensing and Specialty Closures segment increased 24% versus the prior year period, primarily as a result of the inclusion of the sales from Weener and higher organic volumes of dispensing products. Due to the rapid integration of Weener and the overlap in customers and products, organic volume mix calculations have become less meaningful for the segment and for dispensing products in particular.

轉向我們的部分。我們的配藥和特種封蓋部門第二季度的銷售額比去年同期增長了 24%，這主要是由於納入了 Weener 的銷售額以及配藥產品的有機銷量增加。由於 Weener 的快速整合以及客戶和產品的重疊，有機銷量組合計算對於該細分市場，尤其是對於分配產品而言，變得不再那麼有意義。

Volume for food and beverage specialty closures declined 3% during the quarter, driven by a mid-single-digit decline in North American beverage products, predominantly in hot fill markets. The decline in North American beverage volume is a result of cool wet weather in the second quarter, which drove lower overall consumption of these products and, as a result, lower promotional activity.

本季度，食品和飲料專用封蓋的銷量下降了 3%，主要是由於北美飲料產品（主要是熱灌裝市場）的中等個位數下滑。北美飲料銷售下降是由於第二季度陰冷的天氣，導致這些產品的整體消費量下降，從而導致促銷活動減少。

Record second-quarter 2025 Dispensing and Specialty Closures adjusted EBIT increased $15 million or 16% versus the prior year period as a result of the contribution from Weener and higher organic volumes of dispensing products. The previously discussed decrease in North American beverage volumes resulted in an approximately $5 million year-over-year headwind to adjusted EBIT in the second quarter.

創紀錄的 2025 年第二季配藥和特種封蓋調整後息稅前利潤較去年同期增加 1,500 萬美元，增幅為 16%，這得益於 Weener 的貢獻以及配藥產品有機產量的增加。先前討論過的北美飲料銷售下降導致第二季調整後息稅前利潤年減約 500 萬美元。

In our Metal Containers segment, sales increased 4% versus the prior year period as a result of favorable price mix due to the contractual pass-through of higher raw material and other costs and a 1% benefit from foreign currency translation. As expected, unit volumes during the quarter were comparable due to mid-single-digit volume growth in pet food and higher volume for fruit and vegetable markets, partially offset by lower volumes for soup markets, primarily related to the timing of orders during the first half of the year. Metal Containers adjusted EBIT increased 21%, primarily as a result of favorable price costs due to a more normalized production schedule and better fixed cost absorption relative to the prior year quarter, which was impacted by a customer's reduction of their fruit and vegetable pack plans mid-year.

在我們的金屬容器部門，銷售額較上年同期增長了 4%，這得益於合約中轉嫁的更高原材料和其他成本帶來的有利價格組合，以及 1% 的外幣折算收益。正如預期的那樣，本季度的單位銷量與去年同期相當，這歸因於寵物食品銷量呈中等個位數增長，水果和蔬菜市場銷量增加，但湯類市場銷量下降部分抵消了這一增長，這主要與上半年的訂單時間有關。金屬容器調整後的息稅前利潤增長了 21%，這主要是由於生產計劃更加規範化以及與去年同期相比固定成本吸收更好，導致價格成本更加優惠，而去年同期受到客戶在年中減少水果和蔬菜包裝計劃的影響。

In Custom Containers, sales decreased 3% compared to the prior year quarter, driven by a 2% decrease in volume due to the exit of lower-margin business as a result of a planned footprint reduction to achieve the previously announced cost reduction goals. Excluding the lower-margin business exited to achieve cost reduction plans, volumes increased 2%. Custom Containers adjusted EBIT increased 11% as compared to the second quarter of 2024, primarily due to favorable price costs, including mix, as a result of cost savings initiatives.

客製化貨櫃業務的銷售額與去年同期相比下降了 3%，原因是由於為了實現先前宣布的成本削減目標而計劃減少佔地面積，從而退出利潤率較低的業務，導致銷量下降了 2%。不計為實現成本削減計劃而退出的低利潤業務，銷量增長了 2%。客製化貨櫃調整後的息稅前利潤與 2024 年第二季相比成長了 11%，這主要歸因於成本節約措施帶來的優惠價格成本（包括產品組合）。

Looking ahead to the full year of 2025, we are revising our estimate of adjusted EPS from a range of $4 to $4.20 to a range of $3.85 to $4.05, a 9% increase at the midpoint of the range as compared to $3.62 in 2024. The revision in our estimate of adjusted EPS is the result of lower volume expectations for specialty closures in the North American beverage market, which we expect to impact Dispensing and Specialty Closures adjusted EBIT by approximately $10 million and the impact associated with certain changes in the market due to a customer bankruptcy in Metal Containers, which is also expected to impact the second half and full year by approximately $10 million. 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 estimated 2025 adjusted EPS range, we will exceed the prior record levels of adjusted EBIT and adjusted EBITDA and exceed $1 billion of adjusted EBITDA for the first time in the company's history.

展望 2025 年全年，我們將調整後每股收益預測從 4 美元至 4.20 美元區間修訂為 3.85 美元至 4.05 美元區間，與 2024 年的 3.62 美元相比，區間中點增長 9%。我們對調整後每股收益估計值的修改是由於北美飲料市場對特種瓶蓋銷量的預期下降，我們預計這將對分配和特種瓶蓋調整後的息稅前利潤產生約 1000 萬美元的影響，以及由於金屬容器客戶破產導致的某些市場變化帶來的影響，預計也將對下半年和全年產生約 1000 萬美元的影響。該估計包括約 1.85 億美元的利息支出、約 24% 的稅率、約 4,500 萬美元的公司支出以及約 1.07 億股的加權平均股數。在我們預計的 2025 年調整後每股收益範圍的中點，我們將超過調整後息稅前利潤和調整後息稅折舊攤銷前利潤的先前記錄水平，並在公司歷史上首次超過 10 億美元的調整後息稅折舊攤銷前利潤。

From a segment perspective, we now expect a low-teen percentage increase in total adjusted EBIT in 2025, driven primarily by an approximately 20% increase in Dispensing and Specialty Closures adjusted EBIT; a mid-teen percentage increase in Custom Containers segment adjusted EBIT; and a mid-single-digit percentage increase in Metal Containers adjusted EBIT.

從細分市場角度來看，我們目前預計 2025 年總調整後息稅前利潤將出現低十幾個百分點的增幅，主要原因是配藥和特種封蓋調整後息稅前利潤將出現約 20% 的增幅；定制容器部門調整後息稅前利潤將出現中等十個百分點的中等增幅；金屬容器的增幅。

Based on our current earnings outlook for 2025, we are revising our estimate of free cash flow from approximately $450 million to approximately $430 million, a 10% increase from the prior year, as earnings growth will be partly offset by higher cash interest and 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，我們將自由現金流預估從約 4.5 億美元修訂至約 4.3 億美元，較上年增加 10%，因為盈利增長將被更高的現金利息和約 3 億美元的資本支出部分抵消。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 third quarter of 2025. We are providing an estimate of adjusted earnings in the range of $1.18 to $1.28 per diluted share. Third-quarter earnings are expected to benefit from the inclusion of Weener, higher organic volumes of dispensing products, and the ongoing benefits of our cost reduction programs. These benefits are expected to be partially offset by the reduction in specialty closures volumes in the North American beverage market and the impact of a recent customer bankruptcy in Metal Containers.

展望 2025 年第三季。我們提供的調整後每股收益估計介於 1.18 美元至 1.28 美元之間。預計第三季的收益將受益於 Weener 的納入、分配產品的有機產量增加以及我們成本削減計劃的持續效益。預計這些收益將被北美飲料市場特種瓶蓋產量的減少以及金屬容器近期客戶破產的影響部分抵消。

Dispensing and Specialty Closures third-quarter net sales are expected to grow by a mid to high-20s percentage rate driven by strong volumes for dispensing products, including the results of Weener. Metal Containers and Custom Containers third-quarter volume is expected to increase by a mid-single-digit percentage.

配藥和特殊封蓋業務第三季淨銷售額預計將成長 25% 至 30%，這主要得益於配藥產品（包括 Weener 的業績）的強勁銷量。金屬容器和客製化容器第三季的銷售量預計將實現中等個位數百分比的成長。

Third-quarter adjusted EBIT in the Dispensing and Specialty Closures and Custom Containers segment are expected to be above prior year levels. Metal Containers third-quarter adjusted EBIT is expected to be slightly below prior year levels as a result of a $5 million to $10 million impact related to the previously discussed recent customer bankruptcy.

配藥和特殊封蓋以及客製化容器部門第三季調整後的息稅前利潤預計將高於去年同期水準。由於先前討論過的近期客戶破產將帶來 500 萬至 1,000 萬美元的影響，預計金屬容器第三季調整後息稅前利潤將略低於去年同期水準。

That concludes our prepared comments, and we'll open 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) Matt Roberts, Raymond James.

（操作員指示）馬特羅伯茨、雷蒙德詹姆斯。

Hey. Good morning, everyone. Thank you for taking the question.

嘿。大家早安。感謝您回答這個問題。

First, on Metal, maybe you could help me understand that customer. I believe they used to be 3% of revenue. They cut 30% last year, so call it out 2% of revenue now, if my math is right there. How much of a hit to volume was that in '25? And what categories does that expand to versus '24 or maybe, longer term, coming out to '26? And what's a worst-case scenario? 2% revenue goes away, I mean, how much would EBIT be down in '26? Are there any assets or facilities that are co-located or dedicated to this customer? Or what is a more likely scenario for '26? Any additional clarity would be great there. Thank you.

首先，關於 Metal，也許您可以幫助我了解那位客戶。我相信它們曾經佔收入的3%。如果我沒算錯的話，他們去年削減了 30%，所以現在這相當於收入的 2%。這對 25 年的銷售量造成了多大的影響？與 24 年或更長遠的 26 年相比，這會擴展到哪些類別？那麼最壞的情況是什麼呢？2% 的收入消失了，我的意思是，26 年的息稅前利潤會下降多少？是否有任何資產或設施與該客戶同處一地或專為該客戶提供？或者 26 年更有可能出現的情況是什麼？任何額外的澄清都會很有幫助。謝謝。

Sure. Thanks, Matt. Obviously, it was a recent filing that one of our large customers went into bankruptcy proceedings. So we've been dealing with that for a little bit of time now. And one thing I would say, just to be really clear, our company and our team did a great job of protecting any downside financial risk related to that filing. So our teams worked very hard and diligently to make sure there was no financial impact of the filing itself.

當然。謝謝，馬特。顯然，我們的一位大客戶最近提交了破產申請。我們已經處理這個問題一段時間了。我想說的一件事是，為了非常清楚起見，我們公司和我們的團隊在保護與該文件相關的任何下行財務風險方面做得很好。因此，我們的團隊非常努力和勤奮地工作，以確保申請本身不會造成財務影響。

Now, as we pivot and move forward to the ongoing operations, there's a couple things to think about. One, you're right, it's a large customer. You can probably figure out for yourself who that might be. We've got near-site, on-site locations that are competitively advantaged to any other potential supply scenario that that particular customer could consider. We continue to operate under our contract as normal. And we are working really hard to help them have a successful 2025 pack.

現在，當我們轉向並繼續進行正在進行的運營時，有幾件事需要考慮。第一，你說得對，這是一個大客戶。您或許可以自己猜出那人是誰。我們擁有近現場和現場位置，與特定客戶可能考慮的任何其他潛在供應方案相比，這些位置都具有競爭優勢。我們將繼續按照合約正常運作。我們正在盡全力幫助他們成功打造 2025 年產品線。

And as they ramped into the bankruptcy proceeding, they've been operating under an asset-light strategy. So by that, I guess I would say they've been sort of shedding some of their operating facilities and moving some of their volume to co-pack. And that's where really the impact is where we're feeling at this year. They've closed a couple of facilities.

當他們進入破產程序時，他們一直實行輕資產策略。因此，我想說他們已經放棄了一些營運設施，並將部分業務轉移到共同包裝。這就是我們今年真正感受到的影響。他們已經關閉了一些設施。

And I'll just -- I won't give you the specific markets that they closed those facilities for. They've moved most of that volume. They've lost some share. They've moved most of the remaining volume to co-pack locations. And in some instances, we are the supplier of that co-pack locations -- or location, excuse me. In some instances, we are not. So where we are not is where we would have a potential shortfall in volume that we've now included in our forecast for the remainder of the year.

我不會告訴你他們關閉這些設施的特定市場。他們已經轉移了大部分貨物。他們已經失去了一些份額。他們已將大部分剩餘貨物轉移到聯合包裝地點。在某些情況下，我們是聯合包裝地點的供應商——或者地點，對不起。在某些情況下，我們不是。因此，如果我們沒有達到預期目標，那麼我們可能會出現產量短缺，我們現在已經將其納入了今年剩餘時間的預測中。

The bankruptcy proceeding should conclude sometime probably in the first quarter of next year. So we will, like I said, work really hard to help them have a successful 2025 pack season. Anything beyond that would be speculation. But I'll just reiterate what I started with is we have competitively advantaged facilities on site or near site to the filling location. And that's proven for about 38 years to be a very effective business model.

破產程序大概會在明年第一季的某個時候結束。所以就像我說的，我們會非常努力地幫助他們在 2025 年的包裝季節中取得成功。除此之外的任何事情都只是猜測。但我只想重申一下，我們在灌裝地點現場或附近擁有具有競爭優勢的設施。38 年來，事實證明這是一種非常有效的商業模式。

Thank you. I really appreciate all of it.

謝謝。我真的很感激這一切。

And then -- hey, Matt. Sorry, just one last thing. If the volume doesn't come back or the volume doesn't stay, we have a long track record of rightsizing our capacity to the demand levels of our customers. And we'll absolutely do that here. I think we're premature in saying that at this point because we don't know what the final outcome is going to be, but clearly, that's a core part of our strategy is we do rightsize our capacity to the demands of our customers. And we'll continue to do that. We'll have cost-out opportunities if we need them.

然後——嘿，馬特。抱歉，還有最後一件事。如果產量沒有恢復或沒有保持下去，我們長期以來都會根據客戶的需求水準調整產能。我們絕對會在這裡這樣做。我認為我們現在說這個還為時過早，因為我們不知道最終結果會是什麼，但顯然，這是我們策略的核心部分，我們確實會根據客戶的需求調整我們的產能。我們將繼續這樣做。如果需要的話，我們會有降低成本的機會。

Okay. No, you certainly -- really appreciate all the color there, Adam. And maybe if I may ask another one on the dispensing side. I don't know if you can take it, but I know -- Kim, I believe you said mid-teens 25% EBIT increase, where I think last quarter you were expecting 20%. So my math says that's about a $20 million shortfall, and beverage was $10 million of that. Am I missing anything there? Or maybe my math is wrong.

好的。不，你當然——真的很欣賞那裡的所有色彩，亞當。我是否可以再問一下配藥方面的另一位朋友。我不知道您是否能接受，但我知道——金，我相信您說的是息稅前利潤增長 25% 左右，而我認為上個季度您預期的是 20%。因此我的計算表明，缺口約為 2000 萬美元，其中飲料佔 1000 萬美元。我遺漏了什麼嗎？或者也許我的數學是錯的。

And on the dispensing side, I think you still said you expect high-single-digit volume and mix, but hard to parse that out with Weener now. So is that high-single-digit volume mix inclusive of Weener? Or can you discuss how Weener has done versus '24 and your legacy dispensing volumes in '25 and just any color on end markets in dispensing, how that's performing? I mean, tariffs or whether it's fragrance, beauty, and the likes, any additional color there would be great. Thanks again for taking the question.

在分配方面，我認為您仍然說過您期望高個位數的銷量和組合，但現在很難用 Weener 來分析這一點。那麼，高個位數成交量組合是否包括 Weener 呢？或者您能否討論一下 Weener 與 24 年相比的表現如何，以及 25 年您的傳統分配量以及分配終端市場上任何顏色的表現如何？我的意思是，關稅，或者無論是香水、美容等等，任何額外的顏色都會很棒。再次感謝您提出這個問題。

Sure. No problem. And I think maybe you were a little high on your increase.

當然。沒問題。我覺得你的漲幅可能有點高了。

Yeah. Matt, think about mid to high-teens percentage increase. The impact from, as Adam said, the hot fill beverage is about $10 million. So no reduction to the balance of the business.

是的。馬特，想想中到高十幾個百分點的成長。正如亞當所說，熱灌裝飲料的影響約為 1000 萬美元。因此業務餘額不會減少。

And that's the important point. The only thing we're dealing with here in this conversation are the two discrete items that we outlined in the comments earlier. The balance of the prospects and forecast for the business remain.

這就是重點。我們在這次對話中唯一要處理的事情是我們之前在評論中概述的兩個獨立項目。業務前景和預測的平衡仍然存在。

And then I think, Matt, you think about dispensing volume. Yes, we're seeing significant growth. I mean, it's really interesting. We've acquired 42 companies in our history at Silgan. And we've done a pretty good job of integrating all of those businesses. And it should be no surprise to anyone that Weener is already not fully integrated, but we've made significant progress. So the synergies are right on track where we expected.

然後我想，馬特，你考慮一下分配量。是的，我們看到了顯著的成長。我的意思是，這真的很有趣。在 Silgan 的歷史上，我們已收購了 42 家公司。我們在整合所有這些業務方面做得相當出色。儘管 Weener 尚未完全融入，但我們已經取得了重大進展，這應該不會讓任何人感到驚訝。因此，協同效應正如我們預期的那樣。

What's really interesting is some of the growth opportunities, when you think about the global footprint, you think about the broadening of our basket of products we take to our customers, we're finding more opportunities than what we had initially identified. And as a reminder, we don't include those commercial synergies in our estimates when we set our synergy estimates at the beginning or the announcement of the acquisition.

真正有趣的是一些成長機會，當你考慮全球足跡時，當你考慮到我們向客戶提供的產品範圍的擴大時，我們發現了比最初發現的更多的機會。需要提醒的是，當我們在收購開始時或宣布收購時設定協同效應估計時，我們並沒有將這些商業協同效應納入我們的估計中。

So we're feeling really good about it. It gets harder and harder to parse out our legacy volume from Weener because we are making investments into Weener facilities. And one thing I would say is, remember, those facilities are very well capitalized and carry with them a slightly higher depreciation. So if you think of EBIT margin, maybe the incremental EBIT margin didn't appear to be as robust as you would have thought. But when you get to the EBITDA margin level, we're delivering exactly what we would have expected from the Weener acquisition.

所以我們對此感覺非常好。由於我們正在對 Weener 設施進行投資，因此從 Weener 中解析出我們的遺留量變得越來越困難。我想說的是，請記住，這些設施的資本非常充足，折舊率也略高。因此，如果您考慮息稅前利潤率，也許增量息稅前利潤率並不像您想像的那麼強勁。但當達到 EBITDA 利潤率水準時，我們實現的目標正是我們對 Weener 收購的預期。

And then the last point I'd make in DSC is you've got this powerhouse in fragrance and beauty for our products that continues to perform. And what we've seen a good indicator of future market needs is our sampler platform. I'll just say we continue to essentially be sold out in samplers. And volume has been very, very strong. Our fragrance and beauty volumes are accelerating in the second half of the year.

我在 DSC 中要強調的最後一點是，我們的產品擁有強大的香水和美容功效，並且性能持續良好。我們發現，我們的採樣器平台是未來市場需求的一個很好的指標。我只想說，我們的樣品基本上已經賣完了。而且交易量非常非常強。我們的香水和美容產品銷售在下半年正在加速成長。

So we're expecting significant growth in the back half of the year with new product launches. And I think many of our customers in the prestige and high end of this market segment have been talking about new product launches on their public calls and talking about how these products continue to perform versus some of the other portfolio products they have in their company. And we feel really good about high-end fragrance and beauty, and our customers do, too. They continue to invest. And we're right there with them to support them for their growth.

因此，隨著新產品的推出，我們預計今年下半年將顯著成長。我認為，我們許多處於這一細分市場高端的客戶一直在公開電話會議上談論新產品的發布，並談論這些產品與他們公司現有的其他一些產品組合相比表現如何。我們對高端香水和美容產品非常滿意，我們的客戶也是如此。他們繼續投資。我們會一直陪伴著他們，支持他們的成長。

Adam, thank you again for all the detail there and correcting my user error. Back to math class I go.

亞當，再次感謝你提供的所有詳細資訊並糾正我的用戶錯誤。我要回數學課了。

Thanks, Matt.

謝謝，馬特。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Hi, everyone. Good morning. Hope you're doing well. Thanks for the details.

大家好。早安.希望你一切都好。謝謝你的詳細資料。

Hey, Adam, I know you've already said you don't really want to get into the organic sort of legacy growth question on dispensing. But I want to give it one more shot if you can answer the question this way. I mean, clearly, you know the number of parts, you know the number of units you're shipping. And you probably knew what Weener was doing at the time you acquired it. If we sort of stopped the clock at that point with Weener's units being what they were and you measured all the other incremental growth from here as growth and legacy, what kind of growth would that show ex-beverage? Is there any way you can talk to that?

嘿，亞當，我知道你已經說過你不太想討論分配方面的有機遺留增長問題。但如果你能這樣回答這個問題，我想再試一次。我的意思是，您清楚知道零件的數量，也知道要運送的單位數量。您可能在收購 Weener 時就知道它在做什麼。如果我們在那時停止計時，讓 Weener 的單位保持原樣，並將從此處開始的所有其他增量增長作為增長和遺留來衡量，那麼這將顯示出什麼樣的增長（不包括飲料）？有什麼方法可以談論這個嗎？

Sure. And George, you're exactly right. I think we can do that. We obviously have done that. But there's a little bit of mathematics that it takes to get there. And you're making some assumptions, too. So maybe let me just be really clear. Our legacy dispensing products are in the mid to high-single-digit growth rate in the quarter, which is right in line with our expectations. So the business continues to perform. There are no issues whatsoever.

當然。喬治，你說得完全正確。我認為我們可以做到。我們顯然已經這樣做了。但要達到這個目的需要一些數學知識。而且你也做了一些假設。所以也許我可以把話說清楚。我們傳統的分配產品在本季實現了中高個位數的成長率，這完全符合我們的預期。因此業務繼續表現良好。沒有任何問題。

You mentioned hot fill beverage. Unfortunately, with the wet, cool weather that we talked about, our customers did pull back a bit on their promotional spending in the second quarter as they saw really limited opportunity for consumers to be out about enjoying their sports drinks, as an example, given that it was raining just about everywhere. I think one of the anecdotal comments from a customer was that they didn't put in their forecast for the year 25 consecutive weekends of rain in a particular market that they served.

您提到了熱灌裝飲料。不幸的是，由於我們所說的潮濕、涼爽的天氣，我們的客戶在第二季度確實減少了一些促銷支出，因為他們發現消費者外出享用運動飲料的機會非常有限，因為幾乎到處都在下雨。我認為顧客的軼事評論之一是，他們沒有在他們所服務的特定市場中預測今年將連續 25 個週末的降雨。

So those are the kind of issues we're dealing with. It is really -- I mean, we mentioned food and beverage in the press release, but this is really a North American hot fill. You can call them isotonic sports drinks, on the go, whatever you want. It's those products that people typically enjoy when they're not in their home and out doing activity.

這些就是我們正在處理的問題。它確實是——我的意思是，我們在新聞稿中提到了食品和飲料，但這確實是北美熱填充。您可以稱它們為等滲透壓運動飲料，隨時隨地，無論您喜歡什麼。人們通常在不在家或外出活動時會喜歡使用這些產品。

Sure. And at the end of the day, the customer is the customer. You're not going to dictate to them. They're going to ask you to help them in the market. But with that being said, there was a but coming. All right. So it's not going to rain 52 weeks out of the year. Presumably, they are going to need to defend share in the third quarter and even into the fourth quarter in football season. What are they doing in terms of promotional activity? Why haven't they at least dialed it back up to capture that portion of the market, again, to the extent that you can comment? And what might it mean for your business for the rest of the year?

當然。歸根究底，顧客就是顧客。你不會對他們發號施令。他們會請求你在市場上幫助他們。但話雖如此，但還是有一個問題。好的。因此，一年中 52 週內不會都下雨。據推測，他們需要在足球賽季的第三節甚至第四節捍衛自己的份額。他們在促銷活動方面做了什麼？為什麼他們至少沒有重新加強佔領那部分市場，您能評論一下嗎？這對您今年剩餘時間的業務意味著什麼？

Last question for me, and I'll turn it over after this and come back. So soup was down. You mentioned it was timing. What is the outlook for third and fourth quarter, and how's that factored in? And then, yeah, I'll turn it over there and I'll come back. Thank you.

這是我的最後一個問題，問完這個問題後我會再回來。所以湯就喝完了。您提到了時機問題。第三季和第四季的前景如何？有何影響？然後，是的，我會把它轉到那裡然後再回來。謝謝。

Okay. Thanks, George. Back to the hot fill segment for just a second. So it's a great question, one that obviously we're working really hard to understand with our customers, too. So there's a couple things.

好的。謝謝，喬治。回到熱灌裝部分。這是一個很好的問題，顯然我們也在努力與客戶一起理解這個問題。所以有幾件事。

The pre-season filling for hot fill beverages, sports drinks, et cetera, really starts in February and March. So they're building inventory to support the demand of the season, call it, late in the first quarter through the second quarter and through the summer. The reality is with the lower consumer demand that we've seen, they've actually built a little bit of inventory. Nothing to be worried about, but they're going to burn off their inventory. And then the reality of that market is, there's a summer season for sports drinks, and the shoulders is just less demand. There is less demand.

熱灌裝飲料、運動飲料等的季前填充實際上從二月和三月開始。因此，他們正在建立庫存以滿足季節性需求，即第一季末到第二季以及整個夏季的需求。事實是，由於我們看到消費者需求下降，他們實際上累積了一些庫存。沒什麼好擔心的，但他們會燒掉他們的庫存。而現實情況是，夏季是運動飲料旺季，而冬季需求較少。需求減少了。

So there is going to be a recovery. It's highly unlikely that's in '25. It will be in '26. And again, we're not going to try to forecast weather for '26 at this point, but there's nothing about the underlying demand and our customer's position. They are very focused on maintaining or growing their market share, and usually that plays out pretty well for the packaging suppliers. So we feel good that there's a recovery. It's just unfortunate that it's going to be beyond the current calendar year.

因此，經濟將會出現復甦。這在 25 年發生的可能性很小。將在 26 年舉行。再說一次，我們現在不會嘗試預測 26 年的天氣，但我們不會預測潛在需求和客戶的狀況。他們非常注重維持或擴大其市場份額，而這對於包裝供應商來說通常效果很好。因此，我們對經濟復甦感到高興。不幸的是，它將超出當前日曆年。

And then when you think about soup, soup's very stable in the second half. We just had a little bit of timing issue in the first half. There was a little bit of pull into Q1, and then we had a really strong Q2 last year. So outside of that, soup volumes are really consistent. Got super close relationships with those customers and those markets and understand what their programs are for the back half and feel like we're in a very good spot. And soup continues to perform well. Again, underlying demand at the consumer level seems to be very consistent, and our customers are confident in their second-half forecast.

然後當你想到湯時，湯在下半場非常穩定。我們只是在上半場遇到了一點時間問題。去年第一季出現了一些拉動，而第二季則表現非常強勁。除此之外，湯的量確實很穩定。與這些客戶和市場建立了非常密切的關係，了解了他們後半部分的計劃，感覺我們處於非常有利的位置。湯類產品持續表現良好。再次，消費者層面的潛在需求似乎非常一致，我們的客戶對下半年的預測充滿信心。

Adam, just a point of clarification. You said you expect stable second half of the year on soup? Did I hear that right?

亞當，我只是想澄清一點。您說您預計下半年湯品銷售會穩定嗎？我沒聽錯吧？

Yes, you got it. Thank you.

是的，你明白了。謝謝。

Thank you. Thank you very much.

謝謝。非常感謝。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Thank you, operator. Good morning, guys. I guess, as you step back a bit, Adam, coming into the year, I think your initial view was that volumes would be up mid-single digits across the three operating segments, if I remember that correctly. And so is the adjustment for EPS for 2025 specific as of this morning, is that specific to the weakness in specialty closures in North American beverage and then the bankruptcy impact at the customer level? Or is there anything else we should consider?

謝謝您，接線生。大家早安。我想，亞當，當你回顧今年的情況時，如果我沒記錯的話，我認為你最初的看法是，三個營運部門的銷量將增長中等個位數。那麼截至今天上午，2025 年每股盈餘的調整是否具體，是否針對北美飲料專業關閉的疲軟以及破產對客戶層面的影響？或者我們還需要考慮其他什麼嗎？

I know. I think you've got it exactly right. I mean, I think it's two incredibly discrete items, the hot fill beverage item in North America and the customer bankruptcy in Metal Containers. And everything else about our message and our story remains exactly the same as we came into the year.

我知道。我認為你說得完全正確。我的意思是，我認為這是兩個非常獨立的項目，北美的熱灌裝飲料項目和金屬容器的客戶破產。我們傳達的訊息和我們的故事的其他一切都與我們今年初完全一樣。

So I mean, we actually feel -- we feel very confident that, A, we had it right with the exception of those two discrete items, and B, our businesses continue to perform. And maybe the last item I'd tell you is our key strategic markets of dispensing and pet food continue to accelerate in the second half of the year. And we will see that acceleration in both of those product categories.

所以我的意思是，我們實際上感覺——我們非常有信心，A，除了這兩個獨立的項目之外，我們做對了；B，我們的業務繼續表現良好。也許我要告訴你的最後一件事是，我們分配和寵物食品這兩個關鍵策略市場在下半年將繼續加速發展。我們將看到這兩個產品類別的成長加速。

And that statement's true even with the mixed consumer across the US and Europe, just to be clear on some of your discretionary categories and so on, right?

即使對於美國和歐洲的混合消費者來說，這種說法也是正確的，只是為了明確一些可自由支配的類別等等，對嗎？

Yeah. And fair enough, with literally 100% of our products being consumer staples, we feel like we fall very much into the category that consumers use and need the products that we manufacture.

是的。公平地說，由於我們的產品 100% 都是消費必需品，我們覺得我們完全屬於消費者使用和需要我們生產的產品的類別。

Got it. And just as a clarification, so the weakness in specialty closures in North American beverage, when did you start seeing that during the quarter relative to when you reported last and you had visibility in the first month into the quarter at that time?

知道了。需要澄清的是，北美飲料特種瓶蓋的疲軟現象，相對於您上次報告的情況，您是什麼時候開始在本季度看到這種現象的，並且當時您在進入本季度的第一個月就已經看到了這種現象？

Yeah. It was shortly thereafter, really kind of the mid part of the quarter that they are -- we saw the weather, we kept asking the questions. Our customers did not pull back their forecast until mid to later in the quarter, unfortunately.

是的。此後不久，實際上已經到了本季的中期——我們看到了天氣，並不斷提出問題。不幸的是，我們的客戶直到本季中後期才撤回他們的預測。

Got it. Thank you.

知道了。謝謝。

Sure.

當然。

Jeff Zekauskas, JPMorgan.

摩根大通的 Jeff Zekauskas。

Thanks very much. For 2026, should we think as a base case of the effect of the food can bankruptcy as an additional $10 million versus 2025?

非常感謝。對於 2026 年，我們是否應該將食品罐破產的影響視為與 2025 年相比增加 1,000 萬美元的基準情況？

So I think, Jeff, number one, again, we're -- we haven't concluded all the way through the process of the bankruptcy filing. I think what we have in there right now is a $10 million impact in the back half of '25. I think that there is some element of that where our customers -- that customer has exited the market in certain areas and that volume has gone to co-packers that we don't supply.

所以我認為，傑夫，首先，我們還沒有完成破產申請的整個過程。我認為我們現在所取得的成果將在 2025 年下半年產生 1000 萬美元的影響。我認為其中存在一些因素，我們的客戶已經退出了某些地區的市場，而這些產品流向了我們不供應的聯合包裝商。

There is a chance some of that comes back next year, to be clear. I think the base case is that it stays right where it is in the second half of the year. As far as the remaining assets and remaining volumes, it will largely depend on who actually acquires the business out of bankruptcy and what their intention of running the assets are.

需要明確的是，其中一些情況明年有可能再次出現。我認為基本情況是，下半年它將保持在目前的水平。至於剩餘資產和剩餘交易量，很大程度上取決於誰真正收購了破產企業，以及他們經營資產的意圖是什麼。

Okay. And then what you did is you -- you talked about these two $10 million pre-tax items and you lowered your free cash flow by $20 million. And I would think currencies would be a help to you in the second half. Is the free -- does the free cash flow generation reduction contain something more than these two items?

好的。然後你所做的就是——你談到了這兩個 1000 萬美元的稅前項目，並將你的自由現金流降低了 2000 萬美元。我認為貨幣將在下半年對你有所幫助。自由現金流產生的減少是否包含這兩項以外的內容？

No, it's primarily the two items that we talked about on the EBITDA line.

不，主要是我們在 EBITDA 方面討論的兩項內容。

And there's a lot of moving parts on currency, foreign currency too. We've got some favorability with the euro. We've got some unfavorable in other jurisdictions. So all of that is factored in and really came out in the wash of the net zero. And the $20 million impact is directly attributed to the two discrete items that we're talking about. So from an earnings, from a free cash flow perspective, those are the only things that have changed as far as our outlook for the year.

貨幣方面有很多變動因素，外幣也是。我們對歐元有一定的好感。在其他司法管轄區我們遇到了一些不利的情況。因此，所有這些都被考慮在內，並真正在淨零的衝擊中顯現出來。2000 萬美元的影響直接歸因於我們正在談論的兩個獨立項目。因此，從收益和自由現金流的角度來看，就我們對今年的展望而言，這些是唯一改變的事情。

Great. Thank you so much.

偉大的。太感謝了。

Gabe Hajde, Wells Fargo Securities.

富國證券的 Gabe Hajde。

Morning, Silgan team. I guess with the stock reacting the way it is, I'll try to take one more stab at the question. I mean, Jeff asked about if there's an incremental $10 million in the next year. But maybe as it sits today, you mentioned you're assuming kind of the business that's transitioned to co-packers for the bankrupt customer sits where it is for the remainder of the year. I kind of came up with the same revenue number that Matt did.

早安，Silgan 團隊。我想，鑑於股票的反應，我會再嘗試回答這個問題。我的意思是，傑夫詢問明年是否會增加 1000 萬美元。但也許就目前的情況而言，您提到您假設已經轉型為破產客戶聯合包裝商的業務在今年剩餘時間內將維持現狀。我得出的收入數字和馬特的差不多。

So in a worst-case scenario, which seems to be what's sort of implied in like I said today's stock move, would that total hit be in -- the notwithstanding cash costs that you may have to put out to restructure the business. But would that, in EBITDA terms, be in that $20 million to $25 million range? Is there anything else that we should be aware of or thinking about?

因此，在最壞的情況下，這似乎就是我所說的今天的股票走勢所暗示的，總損失將是——儘管你可能不得不投入現金成本來重組業務。但以 EBITDA 計算，這個數字會在 2,000 萬至 2,500 萬美元之間嗎？還有什麼事情是我們應該注意或考慮的嗎？

Boy, I think that's a very large number, one that's larger than what we're considering, to be honest with you, Gabe. So I really don't think there's anything else to consider. The remaining facilities that we supply, we are on site or near site. And it doesn't really matter who the owner of the filling asset is. We are going to be significantly competitively advantaged versus any other supply option they have.

老實說，加布，我覺得這個數字非常大，比我們考慮的還要大。所以我真的認為沒有其他需要考慮的了。我們提供的其餘設施均位於現場或現場附近。填充資產的所有者是誰並不重要。與他們擁有的任何其他供應選擇相比，我們將具有顯著的競爭優勢。

So the question I have, Gabe, and just full disclosure here, is what is the new owner going to do with those assets? In fairness, again, under the asset-light strategy, they exited a couple facilities. They still own several facilities. And those facilities are some of the best in the world. And anybody who buys them, I think it'll be a very interesting set of conversations as to whether they want to run them or not. I think they're advantaged versus others in the market. And we feel really good about our position right next door to them.

所以我的問題是，加布，這裡只是全面披露，新主人將如何處理這些資產？公平地說，在輕資產策略下，他們退出了一些設施。他們仍然擁有幾個設施。這些設施是世界上最好的設施之一。對於購買這些產品的人來說，我認為他們是否想運行它們將會是一系列非常有趣的對話。我認為他們比市場上的其他人更有優勢。我們對自己就在他們的隔壁感到非常滿意。

Understood. Clear. Okay. Maybe, Kim, one for you. It seems like every year that goes by, the working capital swing gets bigger. And Adam talked about the team being proactive in terms of protecting Silgan, again, from any sort of AR or inventory exposure to this other customer. So I think the outflow, including changes in outstanding check balances, was an outflow of $1.325 billion.

明白了。清除。好的。也許，金，有一個適合你。似乎每一年過去，營運資本的波動都會變得越來越大。亞當談到團隊積極主動地保護西爾甘，避免其因任何形式的應收帳款或庫存而暴露給其他客戶。所以我認為，包括未償支票餘額的變化在內的流出量是 13.25 億美元。

Is there anything that you all are doing different operationally? Or maybe with Weener or some addition of assets, that the working capital outflow is so large at this point? And then anything that gives you consternation that -- I mean, I know you talked about $430 million of free cash flow that won't come back in the second half?

你們在操作上有什麼不同嗎？或者可能是由於 Weener 或一些資產的增加，導致此時營運資金流出如此之大？然後有什麼讓您感到驚愕的事情嗎——我的意思是，我知道您談到了 4.3 億美元的自由現金流不會在下半年回來？

Hey, Gabe. It's Adam. I'm just going to jump in before Kim goes. And really, the biggest change in working capital was the ability that we were able to execute to secure additional raw materials in advance of the tariffs being implemented. And really, I think as you understand, it really has no impact on a full-year basis for Silgan. So we don't benefit from that. The cash that went out the door will come in by the end of the year in the receivable.

嘿，加布。是亞當。我只是想在 Kim 離開之前加入進來。實際上，營運資金的最大變化是我們能夠在關稅實施之前確保獲得額外的原材料的能力。而且實際上，我認為正如你所理解的，它對 Silgan 的全年業績確實沒有影響。所以我們不會從中受益。支出的現金將在年底以應收帳款的形式到帳。

But what it does do, it helps us mitigate the cost increase that gets passed on to our customers in 2025. So this was great execution by our team. Yes, in a certain quarter, it's going to look like maybe working capital was a little out of whack. We're incredibly confident as we are every year that that all comes back and is cleansed by the end of the year. So I just -- I wanted to say that really the biggest difference is that we took advantage of that opportunity to provide even more value to our customers in the metal containers market.

但它確實能幫助我們減輕 2025 年轉嫁給客戶的成本增加。這是我們團隊的出色表現。是的，在某個季度，營運資金可能看起來有點失衡。我們和每年一樣充滿信心，相信到年底一切都會恢復正常。所以我只是想說，最大的不同是我們利用這個機會為金屬容器市場的客戶提供更多價值。

Right. And Adam has it right. It's just timing. So as we move through the year, that will go back to our normalized level, and we're still expecting to be at our regular free cash flow levels.

正確的。亞當說得對。這只是時間問題。因此，隨著時間的推移，這將回到我們的正常水平，我們仍然預計自由現金流將達到正常的水平。

And I know you're probably tired of me saying this, Gabe, but everything else remains exactly as it was before. So the Weener acquisition working capital is exactly what we expected. The balance of the businesses are exactly what we expected. It was this one item that will have no impact on the full year.

我知道你可能已經厭倦我這麼說了，加布，但其他一切都和以前一樣。因此，Weener 收購營運資金正是我們所預期的。業務平衡正如我們所預期的。此項不會對全年產生影響。

Sounds like you guys sleep better at night than I do. All right. Thank you.

聽起來你們晚上睡得比我好。好的。謝謝。

Anthony Pettinari, Citi.

花旗銀行的安東尼‧佩蒂納裡 (Anthony Pettinari)。

Good morning. Regarding tariffs on steel and aluminum, I think a few weeks ago, one large can buyer talked about maybe potentially repositioning the food can in their portfolio. And I'm just wondering if there's sort of any finer point you can put in terms of how tariffs are impacting your customers or just the competitive environment. I guess, we also had recent trade deal with Europe. So just maybe how that's evolved or the impact that you're seeing or not seeing.

早安.關於鋼鐵和鋁的關稅，我想幾週前，一家大型罐頭買家談到可能重新定位其產品組合中的食品罐頭。我只是想知道您是否可以更詳細地說明關稅如何影響您的客戶或競爭環境。我想，我們最近也與歐洲達成了貿易協議。所以也許它是如何演變的，或者您看到或看不到的影響。

Yeah. I think we've talked a lot about the impact of tariffs. And I'll say again that the company still will not have any impact from tariffs on our financial exposure of acquiring, in this case, steel and aluminum, at higher cost and passing those through to our customers. The contractual pass-throughs of our long-term agreements allow for the pass-through of all of those costs. And that's what's going to happen, which makes the last conversation really interesting because we're helping mitigate some of those costs for our customers within the year.

是的。我認為我們已經討論了很多有關關稅的影響。我再說一遍，關稅不會對公司以更高成本收購鋼鐵和鋁並將其轉嫁給客戶的財務風險產生任何影響。我們的長期協議的合約轉嫁允許轉嫁所有這些成本。這就是即將發生的事情，這使得最後的對話非常有趣，因為我們正在幫助我們的客戶在今年內減輕部分成本。

So we think that the purpose of the food can is many things. It's the lowest cost means of getting nutrition to consumers that need it. And for the most part, our customers -- what's in a can today, our customers actually cook their product in our can. It's an integral part of their filling operation and how they take nutrition to the market. So it's not easy to replace. It's not easy to replicate. And we think those barriers to entry still remain. And what's in a food can today pretty much has to be in a food can from a preparation and a process standpoint.

所以我們認為食品罐的用途是多方面的。這是向需要營養的消費者提供營養的最低成本方式。在大多數情況下，我們的客戶——今天罐頭裡的東西，我們的客戶實際上是在我們的罐頭裡烹飪他們的產品。這是他們的填充操作以及將營養品推向市場的一個重要組成部分。所以並不容易被取代。這並不容易複製。我們認為這些進入障礙仍然存在。從準備和加工的角度來看，如今食品罐中的東西基本上都必須放在食品罐中。

I think with the 232 tariffs maintaining it, call it, 50% on steel, I think the impact on the food can itself is about something like $0.05 per food can on kind of an average food can. When you get to the largest part of our business, which is our wet pet food category, those are primarily aluminum cans. And again, we've talked a lot about the idea that we like to source raw materials in the markets where we manufacture and the markets in which we sell. Most -- the vast, vast majority of our aluminum products are sourced in the US and not subject to tariff. And so there is a little bit of price change with some of the pricing components. The Midwest premium has increased, and we're obviously passing that through.

我認為，如果 232 關稅維持在鋼鐵的 50% 水平，那麼對食品罐本身的影響大約是每個普通食品罐 0.05 美元。當你談到我們業務中最大的部分，也就是我們的寵物濕食類別時，那些主要是鋁罐。再說一次，我們已經多次討論過我們喜歡在我們製造的市場和銷售的市場採購原材料的想法。我們的絕大多數鋁產品都來自美國，不受關稅限制。因此，一些定價要素的價格會有些變動。中西部地區的保費已經上漲，我們顯然正在將這一趨勢傳導出去。

And I tell you, it's something like a penny per can on the wet pet food side. So the reason why I wanted to walk you through that, Anthony, is I think it's important. We don't think either of those values cause the consumer to make a different decision at the purchase point when they're securing product for their families, themselves, or their pets. So we think we've got a really good mechanism to pass those costs through. We think our customers understand how to deal with it. And we think consumers are paying a little bit higher price. But as I said, it's not a material change to the cost of the finished goods.

我告訴你，寵物濕食每罐的價格大約是一分錢。安東尼，我之所以想向你介紹這一點，是因為我認為這很重要。我們認為，當消費者為家人、自己或寵物購買產品時，這兩種價值觀都不會導致消費者在購買時做出不同的決定。因此我們認為我們有一個非常好的機制來轉嫁這些成本。我們認為我們的客戶知道如何處理它。我們認為消費者所支付的價格略高一些。但正如我所說，這不會對成品成本造成實質的改變。

Okay. That's very helpful. And then just maybe two quick follow-ups on hot fill closures. The $10 million hit from -- as customers work down inventories, is it your view that it's highly unlikely that that headwind could persist into '26? I don't want to put words in your mouth, but that's kind of what it sounded like, but maybe not.

好的。這非常有幫助。然後也許只是對熱灌裝封蓋進行兩次快速跟進。由於客戶減少庫存，造成了 1000 萬美元的損失，您是否認為這種不利因素不太可能持續到 26 年？我不想替你說話，但聽起來確實有點像這樣，但也許不是。

And then the second question, in Closures, I mean, there's some scanner data that shows that PET maybe in some cases has lagged canned in the first half of the year. And obviously, sports drinks and juices are not one for one what goes into a beverage can. But I'm just wondering if you think about substrate, share shift, or maybe certain containers doing better than others, do you think any of that could have crept into the weaker volumes that you saw in the first half?

然後是第二個問題，在封蓋方面，我的意思是，有一些掃描器數據顯示，在某些情況下，PET 可能在上半年落後於罐裝。顯然，運動飲料和果汁並不是一模一樣的，都裝在飲料罐裡。但我只是想知道，如果您考慮基質、份額變化，或者某些容器的表現可能比其他容器更好，您是否認為其中任何一個因素都可能導致上半年銷量下降？

Sure. Great question. And maybe, let me just -- I'll touch the second point first. And just on the substrate, a couple things. But I mean, really, the PET can is not a substitute for kind of our sports drink package or on-the-go packages. They're not only reclosable, they're resealable. And so we think that's a differentiated product, and there's been no discussion with our customers about a potential shift.

當然。好問題。也許，先來談談第二點。光是基底上，就有幾件東西。但我的意思是，PET 罐實際上不能取代我們的運動飲料包裝或便攜包裝。它們不僅可以重新封閉，而且可以重新密封。因此我們認為這是一種差異化產品，而且我們還沒有與客戶討論過潛在的轉變。

And I think when you think about -- I'll just say more of the niche isotonic markets that we support versus the incredibly high-volume, high-output carbonated soft drink and maybe canned water market, they're just fundamentally different. And the good news is our customers are focused on maintaining their market share in the hot fill segment, and we think that'll be what drives recovery in 2026.

我認為，當你思考時——我只想說，我們支持的更多利基等滲市場與容量巨大、產量高的碳酸軟性飲料和罐裝水市場相比，它們是有根本區別的。好消息是，我們的客戶專注於保持其在熱灌裝領域的市場份額，我們認為這將成為 2026 年復甦的動力。

I think if you -- the inventory levels that we understand our customers have will meet the needs for what remains of the peak season of sports drinks in 2025. They cannot go into the 2026 summer season with no inventory. So that's -- we're pretty confident that it's going to normalize, and I think we've got a pretty good line of sight into their inventory levels and to their projections for next year and feel comfortable that the recovery is going to happen next year. We're disappointed it's not this year, but all of the data points would align to say, yes, there will be a recovery to a normalized level next year in '26.

我認為，據我們了解，客戶的庫存水準將滿足 2025 年運動飲料旺季剩餘時間的需求。他們不能在沒有庫存的情況下進入 2026 年夏季。所以，我們非常有信心它會恢復正常，而且我認為我們對他們的庫存水準和明年的預測有很好的了解，並且有信心明年經濟將會出現復甦。我們很失望今年不會出現這種情況，但所有的數據點都一致表明，是的，明年即 26 年將會恢復到正常水平。

Got it. That's very helpful. I'll turn it over.

知道了。這非常有幫助。我把它翻過來。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Yeah. Thank you, Adam, Bob, Kim, Philippe, and Alex, for taking my questions. Just one quick one on metal containers. Are you aware of any other customers who may be facing similar headwinds in their food can businesses? Or is this particular customer that you mentioned in terms of bankruptcy the only one that you're aware of that has these issues?

是的。感謝 Adam、Bob、Kim、Philippe 和 Alex 回答我的問題。關於金屬容器，我只想簡單說一下。您是否知道其他客戶在食品罐頭業務上也面臨類似的阻力？或者您提到的破產客戶是否是您所知的唯一一個有這些問題的客戶？

Well, it's a very discreet item to one customer that did file for bankruptcy that has been a requirement customer for us since we acquired their assets 25 or 30 years ago. So it really -- it is very simply, we are the only one dealing with this in the canning industry because we're a requirement supplier and we continue to operate under that contract.

嗯，對於一位申請破產的客戶來說，這是一個非常謹慎的項目，自從我們在 25 或 30 年前收購他們的資產以來，他們一直是我們的必需客戶。所以這真的——很簡單，我們是罐頭行業中唯一一家處理這個問題的公司，因為我們是需求供應商，我們繼續按照該合約運作。

And the balance of our pack business is actually doing pretty well. No one's asked about the weather for the pack yet, but for the most part, the pack, we're expecting a normal season, and thus far -- so far, the reports from the fields have been pretty good. So the balance of our pack business is right in line with our expectations for the year.

我們的包裝業務的平衡實際上做得很好。還沒有人詢問過狼群的天氣狀況，但總體來說，我們預計狼群將迎來一個正常的季節，到目前為止——到目前為止，來自田野的報告都相當不錯。因此，我們的包裝業務的平衡與我們對今年的預期完全一致。

Got it. And given that you're so close to your customers, I mean, is there any way you could have preempted this a little bit? I mean, given that you're situated so closely, is there anything you could have done in advance? What did you find out? And is there anything you could have done earlier maybe to preempt it?

知道了。鑑於您與客戶如此親近，我的意思是，您有什麼辦法可以稍微預防一下這種情況嗎？我的意思是，考慮到你們的位置這麼近，你們可以提前做些什麼嗎？你發現了什麼？您是否可以早點採取一些措施來預防這種情況發生？

Well, it's a good question, and I actually -- I'll pivot right off of your question into the answer because we were ready for this. We didn't talk about it publicly, but we've been preparing for this day. We've been concerned for quite a while, for I'd say several years, and again, I actually speak with great pride that we had no financial exposure as a single largest supplier.

嗯，這是一個好問題，實際上——我會直接轉到你的問題來回答，因為我們已經準備好了。我們沒有公開談論這件事，但我們一直在為這一天做準備。我們已經擔心了很長一段時間，我想說有好幾年了，而且我可以非常自豪地說，作為最大的單一供應商，我們沒有財務風險。

We had no financial exposure or loss related to this bankruptcy filing, and that is a real testament to being incredibly close with that customer, understanding all of the items they were dealing with, and anticipating eventual outcomes. And there were a whole bunch of outcomes that we were ready for, and when this happened, we were ready for it. And again, we continue to operate under our contracts, and we're going to try to help them have as good a pack season as they can have in 2025.

我們沒有因此次破產申請而遭受任何財務風險或損失，這充分證明了我們與該客戶的關係非常密切，了解他們處理的所有事項，並能預測最終結果。我們已經為一系列結果做好了準備，當這件事發生時，我們也做好了準備。再次強調，我們將繼續按照合約開展業務，並盡力幫助他們在 2025 年取得盡可能好的成績。

Got it. And one last question, Adam, and I'd love to show the color. Just is this something that's structural, meaning that if, let's say, the company goes through with bankruptcy, they close more plants, is Metal Containers now at a lower base in terms of both revenue and EBITDA? Or is there a way for you to maybe attract other customers, bring in other customers that could get you back to where you were with this customer?

知道了。最後一個問題，亞當，我很樂意展示顏色。這是否是一個結構性問題，也就是說，如果公司破產，他們會關閉更多工廠，那麼金屬容器公司的收入和 EBITDA 基數是否會降低？或者，您有辦法吸引其他客戶，引進其他客戶，讓您回到與該客戶的關係？

Sure. I think it's an interesting question. I think our -- in the markets that we serve and our deep customer relationships, I think what I would tell you, Mike, I mean, the first thing we would look at is making sure we understand the landscape. And if there are the right opportunities that fit with the profile of operations that we have, we would obviously consider taking on additional volume.

當然。我認為這是一個有趣的問題。我認為，在我們服務的市場和深厚的客戶關係中，我想告訴你，麥克，我們首先要考慮的是確保我們了解市場狀況。如果有適合我們營運狀況的合適機會，我們顯然會考慮承擔額外的業務量。

Outside of that, we absolutely have cost out measures that we would implement in a worst-case scenario, sort of what you're describing. So I don't think it's a rebasing of the EBITDA of the business because we'll either fill those assets because they're incredibly low cost, or we will exit facilities and take out higher-cost operations.

除此之外，我們絕對有在最壞情況下實施的成本措施，就像您所描述的那樣。因此，我認為這不會重新調整業務的 EBITDA，因為我們要么填補這些資產（因為它們的成本極低），要么退出設施並取消成本較高的業務。

Got it. Thank you very much.

知道了。非常感謝。

Arun Viswanathan, RBC Capital.

加拿大皇家銀行資本管理公司的阿倫‧維斯瓦納坦 (Arun Viswanathan)。

Great. Thanks for taking my question. Sorry to belabor the point here, but I guess this is maybe the second or third time we've seen this in the last few years, not necessarily bankruptcies, but some major customer disruptions on the Metal Containers side. Maybe you can just talk about if there's further impacts on the inventory side that you expect from this.

偉大的。感謝您回答我的問題。抱歉在這裡過多地強調這一點，但我想這可能是我們在過去幾年中第二次或第三次看到這種情況，不一定是破產，而是金屬容器方面的一些重大客戶中斷。也許您可以談談這是否會對庫存方面產生您預期的進一步影響。

And then related to that, just wondering if it's really -- I'm sure you guys have these discussions, but is it more indicative of some structural concerns about the food can market in general and maybe some shifting consumer tastes? Or what would you attribute some of these disruptions to, I guess, if anything?

然後與此相關，我只是想知道這是否真的——我相信你們有這些討論，但它是否更能說明對整個食品罐頭市場的一些結構性擔憂，以及消費者口味的一些轉變？或者，如果有的話，您認為這些中斷的原因是什麼？

Sure. It's a good question, Arun. I mean, a couple things. One, you're right, last year we had a customer call down their pack volume by about 30% right at the beginning of the pack last year. Unfortunately, it's the same customer we're talking about. So again, we keep calling these things discrete. It is discrete to the same customer. They have been -- as we talked about, we were preparing for a variety of potential outcomes over a longer period of time.

當然。這是個好問題，阿倫。我的意思是，有幾件事。首先，您說得對，去年我們接到一位顧客的電話，說去年剛開始包裝時，包裝量就減少了約 30%。不幸的是，我們談論的是同一個客戶。因此，我們再次將這些東西稱為離散的。對於同一個客戶來說它是離散的。正如我們所討論的，我們正在為較長時期內可能出現的各種結果做準備。

So unfortunately, I would just say it revolves around a very similar conversation. The good news of that is there's absolutely nothing about the structural components of the food can market, the fruit and vegetable market, anything about what we do with the balance of the business. Pet food is a wonderful growing product category for us. Soup is stable. The balance of our fruit and vegetable pack business is very good this year. Even in spite of this discrete item, we're on track to deliver mid-single-digit growth in the Metal Containers segment this year and feel pretty good about that.

所以不幸的是，我只能說它圍繞著一個非常相似的對話。好消息是，這與食品罐頭市場、水果和蔬菜市場的結構成分以及我們如何處理業務平衡沒有任何關係。對我們來說，寵物食品是一個蓬勃發展的產品類別。湯很穩定。今年我們的水果和蔬菜包裝業務的平衡性非常好。即使有這個獨立的項目，我們今年仍有望在金屬容器領域實現中等個位數的成長，並且對此感到非常滿意。

So unfortunately, it was the same customer. We feel great about food cans. It's a fantastic part of our portfolio. And with our product portfolio and mix of markets that we serve, I think we are well advantaged for the future. And wet pet food, again, is growing at a very nice rate. It will accelerate for the second half of the year, and I'll just say it'll be something around 50% of our total volume. And that's part of our thesis. That's one of the key strategic growth areas for our entire company. It is driving growth and continued growth in wet pet food. And we're doing just that.

不幸的是，這是同一位顧客。我們對食品罐頭感覺很好。這是我們產品組合中非常棒的一部分。憑藉我們的產品組合和服務市場組合，我認為我們在未來將擁有巨大的優勢。濕寵物食品也再次以非常快的速度成長。今年下半年這一成長將會加速，我只能說它將占到我們總銷量的 50% 左右。這就是我們的論文的一部分。這是我們整個公司的關鍵策略成長領域之一。它正在推動濕寵物食品的成長和持續成長。而我們正是這麼做的。

Okay. Appreciate that. And then I did have a related question, which is, you mentioned redirecting some of these volumes, which are very low-cost assets elsewhere. So it sounds like you may have a strategy to offset some of this loss. Is that a fair characterization?

好的。非常感謝。然後我確實有一個相關的問題，也就是說，您提到將其中一些資產轉移到其他地方，這些資產的成本非常低。因此聽起來您可能有一個策略來抵消部分損失。這是一個公正的描述嗎？

And then, I guess, similar question for Closures. Given the weakness that we've seen in isotonics now for quite a while, does that also appear to be structural? Are there any customer concerns there that we should be aware of? And if something like that happens, can you redirect your volumes elsewhere? And could you potentially even do that in an anticipatory fashion just given the last few quarters of weakness? Thanks.

然後，我猜，對於閉包也有類似的問題。鑑於我們在相當長一段時間內看到的等滲透壓飲料的弱點，這是否也似乎是結構性的？我們應該注意哪些客戶關心的問題？如果發生類似情況，您可以將磁碟區重新導向到其他地方嗎？考慮到過去幾季的疲軟表現，您是否有可能以預期的方式做到這一點？謝謝。

Sure. So a couple of things. One, on the Metal Containers side, first of all, we're continuing to operate under a requirements contract. So there's no shifting of volume anywhere else at this point. I think what I'd like to give our team a lot of credit for is, again, planning for a whole series of potential outcomes and not being surprised by any of them.

當然。有幾件事。首先，在金屬容器方面，我們將繼續按照需求合約開展業務。因此此時其他地方的音量都沒有改變。我想我要給予我們團隊很大的讚揚，再次強調，我們為一系列可能出現的結果做好了計劃，並且沒有對任何結果感到驚訝。

So as this bankruptcy proceeding continues on and hopefully gets to conclusion sometime in the maybe first quarter, early second quarter of next year, we'll be prepared for any of those eventual outcomes. I can't tell you which one will be the actual outcome. We'll be ready for a whole variety of them with specific actions to take. And we'll talk about probably more on this call at that point once the future of those assets is a little more clear.

因此，隨著破產程序的繼續進行，並預計在明年第一季或第二季初的某個時候結束，我們將為任何最終結果做好準備。我無法告訴你哪一個會是實際結果。我們將做好準備，採取具體行動應對各種挑戰。一旦這些資產的未來變得更加明朗，我們可能會在這次電話會議上討論更多內容。

And then actually, I do feel differently on the Closures volume. So yeah, it's that segment in hot fill that is a challenge for us right now. It was a little challenge last year, but it goes with the territory of being kind of the leader in the market. We had a disruptor brand that we supplied a requirements contract to that provided significant volume growth in that particular market late '23 -- or actually through '23, and that disruptor brand, all of it went away in '24. So we were the only ones that experienced that volume lift and the volume decline because of our presence in that market and our market share.

但實際上，我對 Closures 卷的感受確實有所不同。是的，熱灌裝環節對我們來說現在是一個挑戰。去年這是一個小挑戰，但作為市場領導者，這是必不可少的。我們有一個顛覆性品牌，我們為其提供了一份需求合同，該品牌在 2023 年末（實際上是整個 2023 年）在該特定市場實現了顯著的銷量增長，而這個顛覆性品牌在 2024 年就消失了。因此，由於我們在該市場的存在和市場份額，我們是唯一經歷銷量上升和下降的公司。

So I think the good news, Arun, is that there continue to be disruptor brands and we're actively engaged with many at this point that we hope will become billion unit franchises, but we'll see what happens. So nothing structural about the business. And we think the underlying hot fill market continues to grow. And with our low-cost, long-term customer relationship and leading market share in that business, we think we're positioned for success on the long term and certainly in '26 moving forward.

因此，阿倫，我認為好消息是，顛覆性品牌不斷湧現，我們目前正積極與許多顛覆性品牌合作，希望這些品牌能夠成為擁有數十億單位特許經營權的品牌，但我們會拭目以待。因此，該業務沒有任何結構性可言。我們認為潛在的熱灌裝市場將持續成長。憑藉我們在該業務領域的低成本、長期客戶關係和領先市場份額，我們認為我們已做好準備，能夠在長期內取得成功，並且肯定會在 26 年取得進步。

Great. Thanks. And if I may, just one quick one. So given that you're reducing guidance only by, what, 4% at the midpoint here, and then your stock is off quite a bit more than that, maybe triple, so can you pivot and change your strategy maybe to focus more on share buyback and be opportunistic here rather than deleveraging? Or maybe you can just comment on how you view that? Thanks.

偉大的。謝謝。如果可以的話，我只想快速問一句。因此，考慮到您僅將指導值下調了 4%（中間值），而您的股價卻下跌了不少，可能是三倍，那麼您能否調整策略，將重點更多地放在股票回購上，抓住機會，而不是去槓桿？或者也許您可以評論一下您對此的看法？謝謝。

Yeah. So you're right. I think we view this guide as something like a 4% change for two specific items on a full-year basis with the entirety of the rest of the thesis intact. So there is no change to strategy. There's no change to really anything else in the business outside of these two items.

是的。所以你是對的。我認為，我們認為這個指南相當於全年兩個特定項目的變化為 4%，而論文的其餘部分全部保持不變。因此戰略沒有改變。除了這兩項之外，業務上的其他任何事情都沒有真正的變化。

And I think Bob can talk about capital deployment and how we think about share repurchases in the grand scheme of what else we do here.

我認為鮑伯可以談談資本配置，以及我們如何從宏觀角度考慮股票回購。

Sure. Yeah, Arun, I think we've been pretty clear over the years that that's kind of the third leg of the stool, if you will, in terms of capital allocation. Obviously, we would target M&A activity where we can find it and it earns the kind of returns that we're accustomed to and that shareholders are accustomed to.

當然。是的，阿倫，我認為多年來我們已經非常清楚，就資本配置而言，這可以說是凳子的第三條腿。顯然，我們會將併購活動鎖定在能夠找到併購機會的地方，而這種併購活動能夠帶來我們和股東習慣的回報。

In the near term, we would delever. But as in the past, we have done share repurchases when the market has gotten and stayed dislocated. So I don't think there's anything that's changed about that strategy and we will continue to kind of focus on what opportunities we have in the M&A market.

短期內，我們將去槓桿。但與過去一樣，當市場陷入混亂並持續混亂時，我們就會進行股票回購。所以我認為該策略沒有任何改變，我們將繼續關注我們在併購市場上所擁有的機會。

Thanks.

謝謝。

Daniel Rizzo, Jefferies.

傑富瑞的丹尼爾·里佐 (Daniel Rizzo)。

Good morning. Thanks for putting me in. So with the bankruptcy by the customer, does your -- with everything that's going on, is your contract now more liberal whereas it gives you a lot more flexibility as this becomes re-resolved where you don't have the same commitments that you've had since you bought the asset, as you mentioned?

早安.謝謝你讓我加入。那麼，隨著客戶破產，考慮到目前發生的一切，您的合約現在是否更加自由，而當問題重新解決時，它為您提供了更大的靈活性，而您不再承擔自購買資產以來一直承擔的承諾，正如您所提到的？

The contract continues on in the bankruptcy filing. So we are operating, they are operating, and we are operating under the same requirements contract that we have been operating under for many, many years. That has been renewed multiple times since we originally acquired those assets. So again, no flexibility beyond that. We'll honor the contract as they are as well.

在申請破產保護期間，合約仍繼續有效。因此，我們正在運營，他們在運營，我們也在按照多年來一直遵循的相同需求合約運營。自我們最初收購這些資產以來，該協議已多次續約。所以，除此之外，沒有其他彈性。我們也會照樣履行合約。

Okay. And then, I mean, the weather issue was, I guess, a little bit unique with the wet spring we had at least here in the Northeast. But I was wondering if weather has ever been kind of an issue before or something that, I mean, just with global warming, it's the kind of more extreme weather patterns, if it's something that could crop up from time to time as we move forward.

好的。然後，我的意思是，我想，天氣問題有點特殊，至少在我們東北地區，春天是潮濕的。但我想知道天氣以前是否曾經成為過某種問題，或者說，隨著全球變暖，天氣是否成為一種更極端的天氣模式，是否會隨著我們的前進而時不時地出現。

So I think -- I've been here for 20 years. I think Bob is a little bit ahead of me on that. It's the first time that we've seen cold and wet weather affect a sports drink kind of product and market for a specific period of time for, call it, the peak part of their season. It just -- it was a different experience this year than anything that I've seen. So I don't anticipate it returning going forward and we're planning on normalization for 2026. Our customers are talking about that and planning for it. So we'll see what happens, Dan. And I think if I were trying to predict the weather, I would not be very good at that.

所以我想——我已經在這裡待了20年了。我認為鮑勃在這一點上比我領先一點。這是我們第一次看到寒冷潮濕的天氣在特定時期（也就是季節的高峰期）影響運動飲料類產品和市場。這只是——今年的經歷與我所見過的任何經歷都不同。因此，我預計它不會在未來再次出現，我們計劃在 2026 年實現正常化。我們的客戶正在討論這個問題並為此做計劃。所以我們會看看會發生什麼，丹。我認為，如果我嘗試預測天氣，我不會做得很好。

No, I get that. I guess what I was also thinking was like if something like with global warming, if like warm weather could affect soup going forward, I mean, from time to time.

不，我明白。我想我當時也在想，如果像全球暖化這樣的事情發生，溫暖的天氣是否會時不時影響湯的品質。

I think -- I mean, who knows? What I'd tell you again is I think the food can, and soup included, is probably the lowest cost of means or lowest cost of getting nutrition to consumers that need it. And I just feel very comfortable saying that I think the food can will always have a real value for consumers at the end of the day, regardless of what the other circumstances may be.

我認為──我的意思是，誰知道呢？我想再次告訴你們的是，我認為食品罐頭（包括湯）可能是向需要營養的消費者提供營養的最低成本的手段或最低成本的方式。我可以很輕鬆地說，無論其他情況如何，食品罐最終對消費者來說總是具有真正的價值。

All right. Thank you very much.

好的。非常感謝。

George Staphos, Bank of America.

美國銀行的喬治‧斯塔福斯 (George Staphos)。

Hi, everyone. It's late in the call. I'll try to ask these quickly. Just for posterity, for the next couple of quarters, what should we expect is your volume outlook for the segments for 2025 after 2Q? So I think you already said Metal is still mid-single digits, correct me if I'm wrong on that. Is Custom still mid-single digits even with -- okay. And DSC, ex-beverage, legacy, mid to high single -- mid-single digits are better. Would that be all correct?

大家好。通話已經很晚了。我會盡快詢問這些問題。僅供參考，對於接下來的幾個季度，我們應該預期第二季之後 2025 年各細分市場的銷售前景如何？所以我認為你已經說過金屬仍然處於個位數的中間水平，如果我錯了，請糾正我。即使有的話，定制是否仍處於中等個位數？好的。而 DSC，不含飲料，遺留，中高個位數 - 中個位數更好。這些都正確嗎？

Yeah. You've got it exactly right, George.

是的。你說得完全正確，喬治。

Okay. Number two, on the working capital and the work that you did for your customers to mitigate their cost increase, is there any way that you can get paid for that extra working capital effort that you're putting out for them? Or no, it's just part of being a great supplier in the market? How can you get paid for that, if at all, or it's normal part of it? It's table stakes.

好的。第二，關於營運資本以及您為客戶減輕成本增加所做的工作，有什麼方法可以讓您因為他們付出的額外營運資本努力而獲得報酬嗎？或者不是，這只是成為市場上優秀供應商的一部分？您如何能因此獲得報酬，或者這是正常現象嗎？這是賭注。

Yeah. So, it's an interesting question, George. My first answer is we do get paid for that. And we do get paid for that throughout the system as we have our contractual pass-throughs, all of the costs associated of procuring that raw material, whether it's freight, whether it is carry costs, whatever it may be, we ultimately get paid for that. And our customers and we lock -- we're arm in arm in that conversation. And it was a good thing for them, and they understand that those costs will be passed through. And we felt it was a great opportunity to help them be advantaged versus their competition in the marketplace.

是的。所以，這是一個有趣的問題，喬治。我的第一個回答是，我們確實因此得到了報酬。而且我們確實在整個系統中獲得報酬，因為我們有合約轉嫁，所有與採購原材料相關的成本，無論是運費，還是運輸成本，無論是什麼，我們最終都會獲得報酬。我們的客戶和我們緊密相連——在這次對話中我們緊密相連。這對他們來說是一件好事，他們明白這些成本將會轉嫁。我們認為這是一個幫助他們在市場上比競爭對手更具優勢的絕佳機會。

Okay. Appreciate that, Adam. And then the last question, and it came up a couple times before. So let's assume the customer in question here is acquired or has some of those operations acquired. How does the contract work in that at that stage? Do you -- is it still covered -- are you still covered? Are you still the supplier? Number one.

好的。非常感謝，亞當。接下來是最後一個問題，這個問題之前已經出現過幾次了。因此，我們假設這裡討論的客戶已被收購或已獲得部分業務。在那個階段合約如何運作？您 - 它還被覆蓋嗎 - 您還被覆蓋嗎？您還是供應商嗎？第一。

Number two, and you've mentioned, and certainly we've known this, we've covered Silgan for a very long time, that your operations are going to be lower cost, you're well located logistically and so on. But since such of the -- some of the volumes now move to co-pack operations, do you have -- do your operations have the same status being the best logistically placed, the lowest cost? Because now you're no -- that volume isn't necessarily running at where it used to run. How would you answer those questions? Thanks, and good luck for the rest of the year.

第二，你們提到過，我們當然也知道這一點，我們報告 Silgan 已經很久了，你們的營運成本將會更低，你們的物流位置也很好，等等。但是，由於現在部分產量轉移到聯合包裝業務，您的業務是否也具有相同的地位，即物流位置最佳、成本最低？因為現在你不再需要──那個音量不一定會以原來的速度運轉。你會如何回答這些問題？謝謝，祝你今年剩下的時間一切順利。

Sure. Thanks, George. So we won't go into specific details of any of our contracts, but I would just say, broadly speaking, our long-term agreements in Metal Containers provide for a follow the liquid provision. And so that's how we think about Metal Containers volumes, any time there's a change of control being considered. So there's that component.

當然。謝謝，喬治。因此，我們不會詳細介紹任何合同，但我只想說，廣義上講，我們在金屬容器方面的長期協議規定了遵循液體條款。每當考慮控制權變更時，我們都會這樣考慮金屬容器的容量。所以有這個組件。

The second component is, you're right, we support these filling assets with the lowest cost. Again, near-site, on-site production model available in the market. I'd tell you that even if we bring in a disadvantaged freight component, this site -- these sites that we're talking about are probably still advantaged at the end of the day in the can making market in North America. So we feel good about that position.

第二個組成部分是，您說得對，我們以最低的成本支持這些填充資產。再次，市場上有近現場、現場生產模式。我想告訴你，即使我們引入處於不利地位的貨運零件，這個網站——我們正在談論的這些站點最終在北美的製罐市場上可能仍然具有優勢。因此我們對這個職位感到滿意。

And then the final point, George, I think that -- I mean, we'll have the cost take out opportunities if we need them. And whether it's these assets or other higher-cost assets in our system, we'll have the ability to respond to really anything that happens from a market perspective with the assets and whether a new owner wants to run them or not.

最後一點，喬治，我認為——我的意思是，如果我們需要的話，我們會有成本削減機會。無論是這些資產還是我們系統中的其他高成本資產，我們都有能力從市場角度應對資產發生的任何事情，無論新所有者是否願意經營它們。

Maybe the last point for you, George, is those co-pack locations. It's not that we can't supply them. It's just that we're not supplying them today. I mean, typically, we focus on our brands and helping them be successful in the marketplace, and that's where a lot of our effort and energy is. If we need to pivot there, certainly we could do that with our very low-cost footprint as well.

喬治，也許您要說的最後一點就是那些聯合包裝地點。這並不是說我們不能供應它們。只是我們今天不供應它們。我的意思是，通常我們專注於我們的品牌並幫助它們在市場上取得成功，這就是我們投入大量精力和精力的地方。如果我們需要轉向那裡，我們當然也可以利用我們非常低成本的足跡來做到這一點。

Okay. Thanks so much, Adam.

好的。非常感謝，亞當。

Thanks, George.

謝謝，喬治。

Thank you. This does conclude today's question-and-answer session. I would now like to turn the call back for any additional or closing remarks.

謝謝。今天的問答環節到此結束。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. Thanks, Rachel. And thanks, everyone, for their interest in Silgan. We look forward to sharing our third-quarter results later in the year.

偉大的。謝謝，Rachel。感謝大家對 Silgan 的關注。我們期待在今年稍後分享我們的第三季業績。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。