Silgan Holdings Inc (SLGN) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Silgan Holdings 2025 年第三季財報電話會議。今天的會議正在錄影。

At this time, I'd like to turn the conference over to Mr. Alex Hutter, Vice President, Investor Relations. Please go ahead, sir.

此時，我謹將會議交給投資人關係副總裁亞歷克斯‧胡特先生。請繼續，先生。

Thank you, Anna, 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.

謝謝你，安娜，早安。今天與我一起參加電話會議的有：總裁兼執行長 Adam Greenlee；執行副總裁兼營運長 Philippe Chevrier；執行副總裁兼企業發展與行政主管 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. Therefore, the actual results of operation or financial condition of the company could differ materially from those expressed or implied in the forward-looking statements.

在今天的電話會議開始之前，我們想明確指出，本次電話會議中所做的某些陳述可能是前瞻性陳述。這些前瞻性聲明是基於管理層對影響公司的未來事件的預期和信念而作出的，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 表格年度報告以及向美國證券交易委員會提交的其他文件中描述的風險和風險。因此，本公司的實際經營績效或財務狀況可能與前瞻性聲明中明示或暗示的內容有重大差異。

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. A reconciliation of these metrics, which should not be considered substitutes for similar GAAP metrics can be found in today's press release under the non-GAAP financial information portion of our 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、自由現金流和調整後的每股攤薄淨收入或調整後的EPS。這些指標的調整說明（這些指標不應被視為類似 GAAP 指標的替代指標）可在我們網站 silganholdings.com 的投資者關係部分的「非 GAAP 財務資訊」部分找到。

With that, I'll turn it over to Adam.

接下來，我將把麥克風交給亞當。

Thank you, Alex, and we'd like to welcome everyone to Silgan's third-quarter earnings call. Our third-quarter results continue to show the resilience of our business model, the success of our strategic initiatives and the power of our unique portfolio of products as we delivered another quarter of strong financial performance. Our teams executed well during the quarter and adapted our operating plans to the changing market conditions we identified midyear, delivering on our strategic growth initiatives, including meaningful organic growth in high-value dispensing products and metal containers for pet food, achieving our cost reduction goals and working closely with our customers to meet their unique needs as we head into the end of the year and begin to plan for 2026. We delivered 10% adjusted EPS growth to the first three quarters of the year, returned over $120 million in cash to our shareholders through dividends and share repurchases, successfully integrating an acquisition and are on track to reduce leverage to near the midpoint of our range, just over 12 months after closing the acquisition.

謝謝 Alex，我們也歡迎大家參加 Silgan 第三季財報電話會議。第三季業績持續展現了我們商業模式的韌性、策略舉措的成功以及我們獨特產品組合的強大實力，我們又一個季度實現了強勁的財務業績。我們的團隊在本季度表現出色，並根據年中發現的市場變化調整了營運計劃，實現了戰略增長目標，包括高價值分發產品和寵物食品金屬容器的顯著內生增長，實現了成本削減目標，並與客戶緊密合作，以滿足他們獨特的需要，同時我們也即將進入年底並開始規劃 2026 年。今年前三個季度，我們實現了 10% 的調整後每股收益成長，透過分紅和股票回購向股東返還了超過 1.2 億美元的現金，成功整合了一項收購，並在完成收購 12 個月多一點的時間裡，正朝著將槓桿率降低到我們預期範圍中點的進度穩步前進。

Our Dispensing and Specialty closures segment delivered another quarter of significant year-over-year growth and record adjusted EBIT in the third quarter with nearly 40% growth in dispensing product sales and continued success in the markets we serve. Our team successfully responded to the anticipated decline in sports drink volumes following more subdued first half volumes for these products.

我們的配藥和特種瓶蓋業務部門在第三季度再次實現了顯著的同比增長，調整後息稅前利潤創歷史新高，配藥產品銷售額增長近 40%，並在我們服務的市場中持續取得成功。由於上半年運動飲料銷售量較為低迷，我們的團隊成功應對了運動飲料銷售預期的下滑。

We've completed the integration of Weener and have won additional contractual volume based on the combined power of our innovation teams, complementary portfolios of products, and the new product technology this acquisition brings to our platform. Our long-term customer relationships continue to expand as the execution and focus of our teams remains a key competitive advantage in our markets to drive organic growth that outpaces our peers and the end markets we serve.

我們已經完成了對 Weener 的整合，並憑藉我們創新團隊的綜合實力、互補的產品組合以及此次收購為我們的平台帶來的新產品技術，贏得了額外的合約量。我們與客戶的長期合作關係不斷擴大，我們團隊的執行力和專注力仍然是我們在市場上的關鍵競爭優勢，能夠推動有機成長，超越我們的同行和我們所服務的終端市場。

Our core high-end fragrance and beauty business continues to win in the market, with 15% organic growth in fragrance volumes in the third quarter, and we are seeing incremental opportunities in healthcare and pharma end markets that should contribute more meaningfully in 2026. Our metal containers business delivered strong volume growth of 4% as expected, with a 10% increase in product for pet food market and a partial recovery in the fruit and vegetable markets as our team successfully navigated the impact of the bankruptcy of one of our large fruit and vegetable customers during the quarter and executed on our cost reduction plan.

我們的核心高端香水和美容業務繼續在市場上取得成功，第三季香水銷售量實現了 15% 的有機成長，我們看到醫療保健和製藥終端市場出現了新的機遇，這些機會將在 2026 年做出更有意義的貢獻。正如預期，我們的金屬容器業務實現了 4% 的強勁銷量增長，其中寵物食品市場產品增長了 10%，水果和蔬菜市場也出現了部分復甦，這得益於我們的團隊成功應對了本季度一家大型水果和蔬菜客戶破產的影響，並執行了我們的成本削減計劃。

In custom containers, our teams continue to build on our commercial success as comparable volumes grew 4% after adjusting for the impact of lower margin business exited to achieve our cost savings initiatives, and continue to deliver exceptional operating performance as they execute on our cost reduction plans. As expected, our adjusted EBIT margin expanded 180 basis points, largely as a result of these cost reductions, and we're on track to have a record year of adjusted EBIT and adjusted EBITDA for custom containers.

在客製化貨櫃方面，我們的團隊繼續鞏固我們的商業成功，在調整了為實現成本節約計劃而退出的低利潤業務的影響後，可比銷量增長了 4%，並且在執行我們的成本削減計劃的過程中，繼續提供卓越的運營業績。正如預期的那樣，由於這些成本削減，我們的調整後 EBIT 利潤率增長了 180 個基點，我們有望實現定制集裝箱調整後 EBIT 和調整後 EBITDA 創紀錄的一年。

Turning to our expectations for the balance of 2025. We are adjusting our outlook to reflect higher interest expense and a higher tax rate and lower volumes in our dispensing and specialty closures and Custom Container segments for certain personal care and home care products in the fourth quarter. As 2025 has progressed, it has become clear that North American consumer trends have become more bifurcated with certain high-end products continuing to perform very well, while other products appear to have impacted by a subset of the North American consumer that is stretched by both inflation and muted wage growth. As a result, some consumers are being more selective with their purchases and focusing their buy around essential low-cost goods like shelf-stable food cans and delaying purchase decisions for products that may be more sensitive to promotional activity like hard surface cleaners or hand motions.

接下來，我們展望一下2025年剩餘時間的預期。我們正在調整預期，以反映第四季度某些個人護理和家庭護理產品的分配和特殊瓶蓋以及定制容器業務的利息支出增加、稅率提高以及銷量下降。隨著 2025 年的推進，北美消費趨勢的分化已經變得非常明顯，某些高端產品繼續表現良好，而其他產品似乎受到了一部分北美消費者的影響，這部分消費者既受到通貨膨脹的影響，又受到工資增長乏力的影響。因此，一些消費者在購買商品時更加謹慎，將購買重點放在保質期長的食品罐頭等必需的低價商品上，並推遲購買那些可能對促銷活動更敏感的產品，例如硬表面清潔劑或手勢促銷。

On the other hand, the high-end consumer continues to drive growth for instance, in the fragrance and beauty markets where we are expecting another quarter of double-digit fragrance volume growth in the fourth quarter. As a result of these trends, demand for some of the products for which consumers are being more selective with their purchases, predominantly for the personal care and home care markets in our dispensing and specialty closures and Custom Container segments, while they are growing, they appear to have been below the levels our customers were anticipating throughout 2025.

另一方面，高端消費者繼續推動成長，例如在香水和美容市場，我們預計第四季度香水銷售將再次實現兩位數成長。由於這些趨勢，消費者在購買某些產品時更加挑剔，主要針對我們分裝和特種瓶蓋以及定制容器領域的個人護理和家庭護理市場，雖然這些產品的需求正在增長，但似乎低於我們的客戶在 2025 年的預期水平。

Our customers remain committed to growing volumes in these products and end markets over time, and we remain very well positioned to capture that growth. But given the growth trend in 2025 fell below expectations, our customers have shifted priorities in the fourth quarter to more closely align their inventories exiting the year with the levels of demand they have experienced throughout 2025. As a result, we are now expecting dispensing and specialty closures and custom containers volumes to decline by a mid-single-digit percentage in the fourth quarter. and have proactively taken the step of reducing our own inventories in the fourth quarter as well.

我們的客戶始終致力於不斷擴大這些產品和終端市場的銷售量，而我們也已做好充分準備，把握這項成長機會。但鑑於 2025 年的成長趨勢低於預期，我們的客戶在第四季度調整了優先事項，以便使年底的庫存與他們在 2025 年全年所經歷的需求水準更加緊密地保持一致。因此，我們預計第四季度分裝瓶蓋、特種瓶蓋和定制容器的銷量將下降個位數百分比，並且我們也已主動採取措施，在第四季度減少自身的庫存。

Outside of these specific products, we have seen signs of stabilization in the North American sports drink closures market as we enter the fourth quarter. It appears the challenges we saw in the market earlier this year have been contained in the second and third quarters as we expected. Our expectations for metal containers volume and profit are unchanged, -- and we're on track to grow volume by a mid-single-digit percentage in the fourth quarter and full year driven primarily by mid- to high single-digit growth in pet food and higher fruit and vegetable pack volumes.

除了這些特定產品之外，隨著第四季的到來，我們看到北美運動飲料瓶蓋市場出現了穩定的跡象。正如我們預期的那樣，今年稍早市場面臨的挑戰似乎在第二季和第三季得到了控制。我們對金屬容器的銷量和利潤預期不變，——我們預計在第四季度和全年實現銷量中等個位數百分比的增長，這主要得益於寵物食品中等至高個位數的增長以及水果和蔬菜包裝銷量的增加。

Before I turn it over to Ken to discuss our financial results and outlook, I want to take a few minutes to provide some high-level commentary on our businesses. Our Dispensing and Specialty Closures segment has provided tremendous organic and inorganic growth for our company over the past decade. And while the growth rate of some of the products in our portfolio this year have fallen short of our and our customers' expectations, nothing has changed about the way we think about the growth in this segment. The dispensing products in this segment, which represent approximately 65% of sales and 75% of adjusted EBITDA post the Weener acquisition are expected to grow by at least a mid-single-digit rate.

在將發言權交給 Ken 來討論我們的財務表現和展望之前，我想花幾分鐘時間對我們的業務進行一些高層次的評論。過去十年，我們的分配和特殊瓶蓋業務為公司帶來了巨大的內生式和外延式成長。雖然我們產品組合中某些產品今年的成長率沒有達到我們和客戶的預期，但我們對此領域成長的看法並沒有改變。該業務板塊的分配產品約佔銷售額的 65% 和 Weener 收購後調整後 EBITDA 的 75%，預計至少將以中等個位數的速度成長。

And with above-average portfolio margin for these products should provide mix enhancement to this segment. Our growth in this segment is underpinned by a long pipeline of product innovation and customer portfolio additions, which we believe will drive above-market growth rates as our teams continue to compete and win in the marketplace. The food and beverage products in this segment have historically shown modest growth driven by new customer acquisitions or product innovations from our existing and new customers. While the beverage innovation in the hot fill category over the past few years has been somewhat below historical levels, that we would typically see in the segment, we still believe the category is a stable one for Silgan as we continue to be well positioned with the major players in this category as a key strategic partner. From an inorganic perspective, we continue to see significant opportunities to expand our dispensing and specialty closures business and new and existing end markets through acquisitions with similar growth and financial profiles to the businesses we have acquired over the past eight years with mid-20s percentage EBITDA margins and mid-single-digit organic growth. or metal container segment has been the benchmark of the Silgan portfolio since our inception.

這些產品組合的利潤率高於平均水平，應該能夠改善該細分市場的產品組合。我們在該領域的成長得益於一系列產品創新和客戶組合的拓展，我們相信，隨著我們的團隊繼續在市場中競爭並取得成功，這將推動我們實現高於市場平均水平的成長率。該領域的食品和飲料產品歷來增長緩慢，這主要得益於新客戶的獲取以及現有和新客戶的產品創新。儘管過去幾年熱灌裝飲料品類的創新水平低於該領域通常的歷史水平，但我們仍然認為該品類對 Silgan 而言是穩定的，因為我們作為關鍵戰略合作夥伴，與該品類的主要參與者保持著良好的合作關係。從非有機成長的角度來看，我們持續看到透過收購具有類似成長和財務狀況的企業來拓展我們的分裝和特種瓶蓋業務以及新舊終端市場的巨大機會。這些收購目標的目標企業應與我們過去八年收購的那些企業類似，其 EBITDA 利潤率在 20% 左右，有機成長率在個位數中段。自公司成立以來，金屬容器領域一直是 Silgan 投資組合的標竿。

And within our portfolio generates among the highest returns of any of our businesses as a result of the relatively stable nature of overall demand over time. the resilience of the profit profile through all economic circumstances due to our contractual cost pass-throughs and relatively low cash requirements to operate this customer partnership model that results in strong free cash flow generation. Over time, we have significantly improved the profitability of this business through cost reductions and organic growth and currently see opportunity for both continued growth opportunities in our pet food market and further cost reductions in this business.

而且，由於整體需求長期相對穩定，我們的投資組合中該業務的回報率在所有業務中名列前茅。此外，由於我們透過合約將成本轉嫁給客戶，並且經營這種客戶合作模式所需的現金相對較少，因此該業務的利潤狀況在各種經濟環境下都保持了韌性，從而產生了強勁的自由現金流。隨著時間的推移，我們透過降低成本和實現有機成長，顯著提高了這項業務的獲利能力，目前我們看到了寵物食品市場持續成長的機會，以及這項業務進一步降低成本的機會。

While 2024 and 2025 have presented some unique challenges with regard to one customer's specific financial situation, we believe it is likely that our customers' business will emerge stronger than it has been over the past several years once this process is complete. However, should our volumes remain at the current levels for this customer, we see a potential cost reduction opportunity of at least $10 million over the next couple of years as we align capacity with demand. Our customer partnerships remain a key differentiator for Silgan in the marketplace as these long-term arrangements provide tremendous stability to the business as well as a significant growth opportunity as clearly demonstrated in the pet food market. As a reminder, approximately 90% of our metal containers business is under long-term contracts, which typically range from 5 to 10 years in length. And excluding the volumes from the customer that is currently undergoing a reorganization, approximately 90% of our contractual volume is with large blue-chip customers, nearly all of whom are investment-grade rated publicly traded companies under contracts that extend through the next several years.

雖然 2024 年和 2025 年對於一位客戶的具體財務狀況來說帶來了一些獨特的挑戰，但我們相信，一旦這一過程完成，我們客戶的業務很可能會比過去幾年更加強勁。但是，如果我們對這位客戶的銷售量保持在目前的水平，隨著產能與需求的匹配，我們認為在未來幾年內，我們有機會節省至少 1000 萬美元的成本。與客戶的合作關係仍然是 Silgan 在市場上的關鍵差異化優勢，因為這些長期合作關係為公司提供了巨大的穩定性，也帶來了巨大的成長機會，這在寵物食品市場中得到了充分的體現。再次提醒，我們約 90% 的金屬容器業務都是長期合同，合約期限通常為 5 至 10 年。除目前正在重組的客戶的業務量外，我們約 90% 的合約業務量來自大型藍籌客戶，幾乎所有這些客戶都是投資級上市公司，合約期限長達數年。

We continue to believe this unique business creates exceptional value for our shareholders, driven by its stable earnings, low capital requirements and strong free cash flow generation, superior returns and growth. In fact, after continuing to see strong growth in our differentiated aluminum products for the pet food segment in 2024 and 2025, we anticipate investing in additional capacity in 2026 to support continued contractual volume growth with our long-term partners.

我們仍然相信，這項獨特的業務憑藉其穩定的盈利、較低的資本需求和強勁的自由現金流生成能力、優異的回報和增長，為我們的股東創造了非凡的價值。事實上，在 2024 年和 2025 年，我們面向寵物食品領域的差異化鋁產品持續強勁成長，因此我們預計將在 2026 年投資增加產能，以支持與長期合作夥伴持續的合約銷售成長。

Our Custom Containers business has demonstrated the value we provide in the small and medium run length market, delivering consistently strong operating performance and a best-in-class service model and is on track to deliver another year of record profit. As we look to the future for this business, we see significant opportunities to expand as our service model continues to resonate in the markets we serve. We have long said that this market, which is the most fragmented market we participate in, would benefit from consolidation. And with some of that consolidation having taken place already, we believe we are well positioned as a differentiated value-added player in this market. While the growth in this business can be somewhat episodic and lumpy from year-to-year, the long-term trajectory and the growth of this business is clear.

我們的客製化貨櫃業務已證明我們在中小批量市場提供的價值，持續保持強勁的營運業績和一流的服務模式，並有望再創一年的利潤紀錄。展望未來，隨著我們的服務模式在所服務的市場中持續獲得認可，我們看到了巨大的發展機會。我們一直認為，我們所參與的這個市場（也是最分散的市場）會受益於整合。隨著部分整合已經完成，我們相信我們作為一個差異化增值企業，在這個市場中佔據了有利地位。雖然該行業的成長每年可能會出現一些波動和起伏，但該行業的長期發展軌跡和成長趨勢是明確的。

We remain focused on the opportunities that lay ahead for the company and are confident in our ability to execute on our plan as the structural changes and evolution in our portfolio have positioned us to drive growth in our business in the near term and long term. While some of the market developments in 2025 have not been as predictable as in the past, we remain excited with the incremental opportunities that we have -- that have materialized during the year, and we are focused on delivering strong free cash flow and achieving our deleveraging objectives into the year-end. As we begin to look into next year, we continue to see tailwinds in our business and anticipate higher earnings and free cash flow in 2026.

我們將繼續專注於公司未來的機遇，並對我們執行計劃的能力充滿信心，因為結構性的變化和投資組合的演變使我們能夠在短期和長期內推動業務成長。儘管 2025 年的一些市場發展不像過去那樣可預測，但我們仍然對今年出現的新增機會感到興奮，我們將專注於實現強勁的自由現金流，並在年底前實現我們的去槓桿化目標。展望明年，我們繼續看到業務發展中的利多因素，並預計 2026 年的收益和自由現金流將有所提高。

With that, Kim will take you through the financials for the quarter and our estimates for the fourth quarter and 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 年第四季和全年的預測。

Thank you, Adam. As Adam highlighted, we reported another quarter of strong financial results in the third quarter that were consistent with our expectations with continued success in our dispensing business and the execution of our cost reduction plan more than offsetting headwinds in sports drinks volumes and metal containers price cost in the quarter. Net sales of $2 billion increased 15% from the prior year period, driven primarily by growth in dispensing products, including the addition of the Weener business and the contractual pass-through of higher raw material and other manufacturing costs. Total adjusted EBIT for the quarter of $221 million increased by 8% on a year-over-year basis driven by strong growth in dispensing products, including from the acquisition of Vayner, improved price/cost in Custom Containers, higher volumes in Metal Containers and the benefits of our cost reduction efforts, which were partially offset by expected lower volumes for sports drinks in North America and unfavorable price/cost, including mix in Metal Containers. Adjusted EPS of $1.22 was slightly above the prior year quarter as the improvement in adjusted EBIT was mostly offset by higher interest expense and a higher tax rate.

謝謝你，亞當。正如亞當所強調的那樣，我們在第三季度再次取得了強勁的財務業績，這與我們的預期一致。分銷業務的持續成功以及成本削減計劃的執行，足以抵消本季運動飲料銷售和金屬容器價格成本的不利因素。淨銷售額達 20 億美元，比上年同期成長 15%，主要得益於分配產品的成長，包括收購 Weener 業務以及透過合約轉嫁更高的原材料和其他製造成本。本季調整後息稅前利潤總額為 2.21 億美元，年增 8%，主要得益於分裝產品的強勁增長（包括收購 Vayner 帶來的增長）、定制容器價格/成本的改善、金屬容器銷量的增加以及我們降低成本的努力所帶來的效益。但北美運動飲料銷售的預期下降以及不利的價格/成本（包括金屬容器的產品組合）部分抵消了這些成長。調整後的每股收益為 1.22 美元，略高於上年同期，因為調整後的息稅前利潤的改善主要被更高的利息支出和更高的稅率所抵消。

Turning to our segments. Third quarter sales in our Dispensing and Specialty Closures segment increased 23% versus the prior year period, primarily as a result of the increase in sales from Weener and higher volume for the high-value dispensing products.

接下來進入我們的節目環節。第三季度，我們分配和特種瓶蓋業務的銷售額比去年同期增長了 23%，這主要是由於 Weener 的銷售額增長以及高價值分配產品的銷量增加。

As anticipated, volumes for food and beverage closures declined 5% during the quarter, driven by a double-digit decline in North American hot fill products, predominantly for sports drinks. Record third quarter 2025 Dispensing and Specialty Closures adjusted EBIT increased $18 million or 19% versus the prior year period as a result of the contribution from Weener and higher organic volumes of high-value dispensing products. In our Metal Container segment, sales increased 13% 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, higher unit volumes of 4% and a 1% benefit from foreign currency translation. Volume growth during the quarter was a result of 10% growth in products for pet food markets which represents approximately half of our unit volumes in metal containers, and higher volumes of fruit and vegetable markets, which was partially offset by lower volumes for submarkets due to the timing of orders in 2025. Metal Container adjusted EBIT decreased slightly as a result of less favorable price cost, including mix in the current year quarter due to less favorable production efficiencies associated with inventory management in the quarter.

正如預期的那樣，本季食品和飲料瓶蓋的銷量下降了 5%，主要原因是北美熱灌裝產品（尤其是運動飲料）的銷量出現了兩位數的下降。2025 年第三季度，分配和特殊封蓋業務調整後息稅前利潤創歷史新高，較上年同期增長 1800 萬美元，增幅達 19%，這主要得益於 Weener 的貢獻以及高價值分配產品有機銷量的增長。在我們的金屬容器業務板塊，由於原材料和其他成本上漲的合約轉嫁，價格/產品組合有利，銷量增長了 4%，外幣折算帶來了 1% 的收益，因此銷售額比上年同期增長了 13%。本季銷售成長主要得益於寵物食品市場產品銷售成長 10%（約占我們金屬容器包裝產品銷售的一半），以及水果和蔬菜市場銷售量的成長，但由於 2025 年訂單時間的原因，部分細分市場銷售量下降，部分抵銷了上述成長。由於本季庫存管理相關的生產效率較低，導致金屬容器調整後的息稅前利潤略有下降，原因是價格成本（包括產品組合）較不利。

In custom containers, sales increased 1% compared to the prior year quarter, driven by improved price mix in the current year quarter. Unit volumes were comparable to the prior year, including the impact of lower margin business exited as a result of a planned footprint optimization to achieve the previously announced cost reduction boards. Excluding the lower margin business exited to achieve cost reduction plans, volume increased 4%. The Custom Containers adjusted EBIT increased 15% as compared to the third quarter of 2024 due to favorable price/cost, including mix, primarily as a result of cost savings initiatives.

客製化貨櫃的銷售額比去年同期成長了 1%，這主要得益於本季價格組合的改善。單位銷售與上年相當，其中包括因計劃進行佈局優化以實現先前宣布的成本削減目標而退出的低利潤業務的影響。剔除為實現成本削減計畫而退出的低利潤業務後，銷量成長了 4%。由於價格/成本有利（包括產品組合），定制容器業務的調整後息稅前利潤較 2024 年第三季度增長了 15%，這主要得益於成本節約措施。

Turning to our outlook for the fourth quarter of 2025. We are providing an edit of adjusted earnings in the range of $0.62 to $0.72 per diluted share. Fourth quarter earnings are expected to be negatively impacted by the reduction in volumes for the North American personal care and home care markets, as Adam discussed, and the related impact of under-absorbed costs as we take extended downtime and reduce our inventory. The total impact of lower volumes extended downtime and associated inventory reductions in the fourth quarter is expected to be a $25 million headwind in the quarter versus our prior estimates.

接下來，我們展望一下2025年第四季。我們預計調整後每股攤薄收益在 0.62 美元至 0.72 美元之間。正如亞當所討論的那樣，由於北美個人護理和家庭護理市場的銷售下降，以及由於我們延長停機時間和減少庫存而導致的成本吸收不足，預計第四季度收益將受到負面影響。第四季銷量下降、停機時間延長以及相關的庫存減少，預計將比我們先前的估計造成 2500 萬美元的不利影響。

In addition, fourth quarter earnings are expected to be negatively impacted by higher interest expense related to the recent Eurobond issuance as well as a higher-than-expected tax rate due to the geographical mix of profits. Dispensing and Specialty closures and custom containers fourth quarter volumes are expected to decline by a mid-single-digit percentage, while metal container volumes are expected to grow by a mid-single-digit percentage, driven by continued strong growth in pet food and higher crude and vegetable volumes. From a segment perspective, we now expect a high single-digit percentage increase in total adjusted EBIT in 2025, driven primarily by an approximately 15% increase in Dispensing and Specialty closures adjusted EBIT with custom containers adjusted EBIT of approximately $10 million year-over-year. Our expectations for metal containers remain unchanged, and we continue to expect approximately $10 million of year-over-year improvement in adjusted EBIT in the segment for the year.

此外，由於近期發行的歐洲債券導致利息支出增加，以及利潤地理分佈導致稅率高於預期，預計第四季度收益將受到負面影響。預計第四季度分裝和特種瓶蓋及定制容器的銷量將下降個位數百分比，而金屬容器的銷量預計將增長個位數百分比，這主要得益於寵物食品的持續強勁增長以及原油和蔬菜銷量的增加。從業務部門來看，我們現在預計 2025 年總調整後息稅前利潤將實現高個位數百分比的增長，主要得益於配藥和特種瓶蓋調整後息稅前利潤增長約 15%，以及定制容器調整後息稅前利潤同比增長約 1000 萬美元。我們對金屬容器的預期保持不變，我們繼續預計該業務板塊本年度調整後息稅前利潤將比上年增長約 1000 萬美元。

Based on our current earnings outlook for 2025, we are maintaining our estimate of free cash flow of approximately $430 million, a 10% increase from the prior year as a result of earnings growth and working capital improvement. We continue to expect capital expenditures of approximately $300 million. That concludes our prepared comments, and we'll open the call for questions.

根據我們對 2025 年的當前盈利展望，我們維持對自由現金流約 4.3 億美元的估計，比上一年增長 10%，這得益於盈利增長和營運資本改善。我們仍然預計資本支出約為 3 億美元。我們的演講到此結束，接下來我們將開始接受提問。

Anna, would you kindly provide the directions for our question-and-answer session?

安娜，請問您能否提供我們問答環節的流程說明？

(Operator Instructions) Ghansham Panjabi, Baird.

（操作員說明）Ghansham Panjabi，Baird。

Adam, just consuming a little bit and kind of looking back over the last three years when you had a previous sort of inventory destocking cycle, et cetera. This seems like the second iteration almost a double dip, if you will, in terms of volume improvement and then some level of decline, et cetera. What do you sort of attribute this towards this go-around, and how does this go-around compared to the first iteration back in 2022 and 2023?

Adam，我只是稍微回顧了一下過去三年，當時你經歷了一次庫存去庫存週期等等。這似乎是第二次迭代，幾乎可以說是雙跌，從銷售成長和一定程度的下降等方面來看都是如此。您認為這次的進展有哪些原因？與 2022 年和 2023 年的第一輪迭代相比，這次的進展有何不同？

I think it's a really good question because I think there are some very stark differences between what is occurring in the fourth quarter now versus kind of what we're dealing with in the very broad destocking post pandemic cycle that we dealt with in 2023. Maybe I'll start with 2023 and just talk about that was a broad-based the cycle post pandemic that really affected all of our products and pretty well described, I think, throughout the portfolio. And then I think about what's going on in 2025, and I'll just start with last quarter and say, we did have a large customer bankruptcy. Unfortunately, that had a negative impact to our '25 earnings.

我認為這是一個非常好的問題，因為我認為現在第四季的情況與我們在 2023 年經歷的疫情後大規模去庫存週期的情況之間存在一些非常明顯的差異。也許我會從 2023 年開始，談談疫情後廣泛的周期，這場週期確實影響了我們所有的產品，我認為在整個產品組合中都得到了很好的描述。然後我想到 2025 年會發生什麼，我就從上個季度說起吧，我們確實有一位大型客戶破產了。不幸的是，這給我們的 2025 年收益產生了負面影響。

We had very poor weather that affected the sports drink category. We've already talked about those, but those are very unique one-off instances that we think affected two of our key markets and fruit and veg Fresh fact and then our sports drinks category. And really, I think the difference now is the kind of the bifurcation of consumer activity, right? So we've got our high-value, high-end products continue to do well that are targeted at kind of a higher-income consumer. I think the lower to mid tier of income consumer really struggling.

惡劣天氣對運動飲料類別造成了影響。我們已經討論過這些情況了，但這些都是非常獨特的個別案例，我們認為它們影響了我們的兩個主要市場：新鮮水果蔬菜市場和運動飲料市場。而實際上，我認為現在的差異在於消費者活動的分化，對吧？因此，我們面向高收入消費者的高價值、高端產品持續表現良好。我認為中低收入消費者真的很難過。

I mentioned earlier that between inflation and maybe some muted wage growth they're trying to stretch dollars at point of purchase. And we're seeing it. Ghansham, I think we've talked for many, many years that the food can business is a bit of an indicator of the broader economy. We are seeing strength in food cans as those consumers that are making that purchase point and decision and trying to stretch the dollars moving into categories like shelf-stable cans for nutrition. So it's pretty consistent with what we've seen in the past. And then likewise, we see in some products, we've specifically called out kind of hard surface cleaners and handset solutions and some of the other products that move into our personal care categories, those are nondiscretionary, but in fairness, those can be stretched, right?

我之前提到過，由於通貨膨脹和薪資成長可能較為緩慢，他們正試圖在購買時讓美元發揮更大的作用。我們已經看到了這一點。甘沙姆，我認為我們多年來一直在討論，食品罐頭業在某種程度上是整體經濟的風向標。我們看到食品罐頭市場表現強勁，因為那些正在做出購買決定並試圖精打細算的消費者，會轉向營養豐富的常溫罐頭等品類。所以這和我們過去看到的情況相當一致。同樣地，我們看到一些產品，例如我們特別提到的硬表面清潔劑和手機清潔液，以及其他一些進入個人護理類別的產品，這些都是非必需品，但公平地說，這些產品也可以延後使用，對吧？

You can move that purchase from 1 month to another, whereas when you're feeding your family and you're stretching those dollars, that purchase point decision becomes pretty clear. And again, we're seeing it. We've also, I think, collectively, the market in general, we've taught consumers to buy on promotion. And if there's not promotional activity that is moving volume or is very focused on moving volume. We have seen consumers be reticent to make that purchase and purchase decision.

你可以把購買計劃從一個月推遲到另一個月，但是當你需要養家糊口，並且要精打細算的時候，購買決策就變得非常明確了。我們再次看到了這種情況。我認為，總的來說，我們已經教會了消費者在促銷時購買商品。如果沒有能夠促進銷售成長或非常注重促進銷售成長的促銷活動。我們發現消費者在購買和做出購買決定方面猶豫不決。

And we're seeing effective promotional activities drive volume, much like we've seen to some degree in our wet pet food category.

我們看到有效的促銷活動推動了銷售成長，這與我們寵物食品類別中觀察到的情況類似。

Okay. That's helpful. And then just related question. So within the last three months, last three months ago, you called out weakness in food and beverage closures in North America, now it's Personal Care and Home Care. Do you see that broadening to perhaps have pet food? I mean, is that a risk as you kind of think about how the sequencing will work through the early part of -- into 2026?

好的。那很有幫助。然後還有一個相關的問題。所以，在過去的三個月裡，也就是三個月前，你指出北美食品和飲料行業的倒閉情況疲軟，現在又輪到個人護理和家庭護理行業了。你認為這個領域未來可能會擴展到寵物食品領域嗎？我的意思是，考慮到 2026 年初期的定序工作將如何進行，這是否有風險？

Yes. So to answer your question directly, no, we don't. And we just delivered 10% growth in Q3 in our Pet Foods segment we're expecting high single-digit growth in the fourth quarter, which we communicated on the last call as well. So Pet Foods is playing out exactly as we thought it would. For the year, we're looking at mid-single-digit growth in the Containers business, the media containers business. So really, everything is playing out exactly as we expected. I'll go back to your point on food and beverage.

是的。所以直接回答你的問題，不，我們沒有。我們在第三季實現了寵物食品業務 10% 的成長，預計第四季將實現高個位數成長，我們在上次電話會議上也提到了這一點。寵物食品產業的發展正如我們所預想的那樣。今年，我們預計容器業務（媒體容器業務）將實現中等個位數的成長。所以，一切真的如我們所料。我再回到你剛才提到的餐飲方面。

Again, we were very specific that that conversation, while we talked about food and beverage, it was very specific to sports strengths, and related to the really bad weather and wet weather that really limited the drink occasions for those products in the early part of the summer, and our customers responded to that with further inventory reductions because they were not getting the sell-through because the drink occasions were limited. They also pulled back their promotional dollars and allocated them to other categories. So I just think it's different and I think it's much different than it was in '23 back to your earlier question, and we think it's isolated to these specific instances.

我們再次明確指出，雖然我們談到了食品和飲料，但那次談話的內容非常具體地與運動優勢有關，並且與夏季初期惡劣的天氣和潮濕的天氣有關，這些天氣嚴重限制了這些產品的飲用場合，而我們的客戶對此的反應是進一步減少庫存，因為飲用場合有限，他們的銷售情況不佳。他們還撤回了促銷預算，並將這些預算分配到其他類別。所以我覺得情況不一樣了，而且和 2023 年的情況大不相同，回到你之前的問題，我們認為這種情況僅限於這些特定案例。

So it's back to -- it's the bifurcation of the consumer and the consumer that's stretching the dollar is making those purchase point decisions and focus on low-cost nutrition at this point.

所以問題又回到了消費者的分化上，精打細算的消費者在購買決策上更重視低成本營養。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

I guess the first question I had, even though it's not surprising given the ultimate release today, Adam, why did DC miss on what was -- I said at 1 point in time, you said mid- to high 20s revenue growth for the quarter. I didn't hear kind of a specific comment there. I don't think I had a couple of follow-ons in terms of what's going on in the business and your vantage point?

我想問的第一個問題，雖然考慮到今天的最終發布並不令人驚訝，亞當，為什麼DC沒有達到——我說過，你曾經說過本季營收成長在20%到20%之間。我沒聽到什麼具體的評論。我想我沒有就公司目前的狀況以及您的觀點提出一些後續問題吧？

Sure. Yes, you're right, George. So as we guided kind of mid- to high 20s and delivered something like 22%, 23%, it was really the late September change that we were seeing some pressure in the personal care and home care market. So really, the change started to really show in our numbers kind of late in the month of September. And as we really pressed hard for additional forecast clarity and visibility with our customers, that's what led to the ultimate reduction here for Q4 as well.

當然。是的，你說得對，喬治。因此，當我們預期成長率在 20% 到 23% 之間，實際成長率達到 22% 到 23% 左右時，真正讓我們感到壓力的是 9 月下旬的個人照護和居家照護市場的變化。所以實際上，這種變化直到九月下旬才真正體現在我們的數據中。而且，由於我們確實努力向客戶爭取更清晰、更透明的預測，這也最終導致了第四季度預測的下調。

Okay. So look, just on that point, it's kind of a minor point. But since you already were seeing signs of this in late September, did you ever think about what were your considerations in terms of maybe just doing a guidance reduction or preannouncement? Recognizing the third quarter was coming in, in line, the fourth quarter was going to look a lot different versus what was implied for the fourth quarter in your prior guidance.

好的。所以你看，就這一點而言，這只是個小問題。但既然你在 9 月下旬就已經看到了這些跡象，你有沒有考慮過是否應該下調業績預期或提前發佈公告？考慮到第三季即將到來，第四季的情況將與您先前對第四季的預測大相徑庭。

Yes. So I mean, certainly some conversation around that, George, but maybe just to reiterate what you said, our third quarter came in exactly with our expectations. And in fairness, we were trending ahead of the third quarter prior to this conversation regarding personal care and home care products. It takes a little bit of time to work with our customers to work all the way through their forecast. Obviously, as I would relay the information here, George, we're really good a week out.

是的。所以我的意思是，喬治，當然，這方面肯定會有一些討論，但也許只是想重申一下你剛才說的，我們第三季度的業績完全符合我們的預期。公平地說，在討論個人護理和家庭護理產品之前，我們的趨勢已經領先於第三季。我們需要花一些時間與客戶合作，才能完整地完成他們的預測。顯然，正如我在這裡轉達的信息，喬治，我們提前一周就準備好了。

We're great a week out. We're really good a month out. And as we get kind of further and further out with our customers, it takes more time for them to aggregate their forecast information and for us to then react to it. So while we did see volumes starting to soften in late September, we didn't have forecast until the kind of first -- probably late first week, second week of October from our customers, and then we're putting our plans together and and did not feel it was within the timeline to talk about it prior to this call.

我們一週前狀態極佳。我們提前一個月就準備得很充分了。隨著我們與客戶的距離越來越遠，他們需要更多的時間來匯總預測訊息，而我們也需要更多的時間來做出反應。所以，雖然我們在 9 月下旬確實看到銷量開始疲軟，但我們直到 10 月第一周下旬或第二週才從客戶那裡得到預測，然後我們才開始製定計劃，並且覺得在這次電話會議之前談論此事還不合時宜。

Okay. That's fair. It's just a volatility that we've seen in equities over the last number of quarters with variation from performance and guidance. That's kind of what a question. We understand.

好的。這很合理。這只是過去幾季以來我們在股市中看到的波動，與業績和預期有差異。這算是一個問題吧。我們明白了。

So if we look at the pretax amount of $25 million, and that's what we were getting and very, very simplistically apply the mid-single digit to the revenue in DSC and Custom Containers, I wind up with a relatively high incremental margin. Now I know you're saying there's decrementals from overhead absorption and so on. But can you give us a bit more color in terms of how much is the absorption versus the impact from earnings? And how does that split across the segments? And is it pretty even on the mid-single-digit decline, I think you said for both segments?

因此，如果我們看一下稅前金額 2500 萬美元（這就是我們得到的收入），然後非常簡單地將個位數中段的增長率應用於 DSC 和 Custom Containers 的收入，我最終會得到一個相對較高的增量利潤率。我知道您指的是間接費用吸收等因素造成的損耗。但您能否更詳細地說明一下，吸收效應與獲利影響之間的比例是多少？那麼，這些細分市場是如何劃分的呢？我記得您說過，這兩個板塊的跌幅都比較均衡，都在個位數中段嗎？

Yeah. So I think maybe to try to carve into that, George. So the $25 million, I think you can think about $20 million in DSD and $5 million in Custom Containers. And then -- this will apply to both businesses because we did take proactive actions to mitigate kind of the impact here and make sure we secured our free cash flow to obtain our deleveraging goals for the year. So of the $25 million, I'd say it's probably half of that is going to be related to volume and half of it is going to be related to kind of us taking cost out and reducing our own inventories in response to the customer forecast change. So it's kind of a 50-50 -- and I think that the volume is not a permanent reduction by any stretch, and we'll expect to recover that in future periods. The lost inventory or the impact of the inventory is kind of a onetime gain that we likely aren't going to recover.

是的。所以我覺得也許可以試著把它刻進去，喬治。所以這 2500 萬美元，你可以理解為 2000 萬美元的 DSD 配送費和 500 萬美元的客製化貨櫃費。而且——這將適用於兩家企業，因為我們確實採取了積極主動的措施來減輕這方面的影響，並確保我們獲得自由現金流，以實現我們今年的去槓桿化目標。所以，在這 2,500 萬美元中，我認為可能有一半與銷售量有關，另一半與我們為了因應客戶預測變化而削減成本和減少自身庫存有關。所以情況有點五五開——而且我認為，無論如何，銷量都不會是永久性的下降，我們預計在未來的時期內會恢復到之前的水平。庫存損失或庫存影響屬於一次性收益，我們可能無法彌補。

Okay. My last one, I'll turn it over. So if we take the midpoint of your guidance for this year to $3.71, and so that means you're trading right now roughly at less than 10 times trailing 12 months. And while I know you're not guiding on '26, we'll take it if you have it, but we assume we'll have to wait until February for that. We assume any growth at all, you're at 9 times, and that's the lowest valuation Silgan has been at, I think, in 20 years.

好的。最後一個，我把它翻過來。所以，如果我們採用您今年的指導價中點 3.71 美元，這意味著您目前的交易價格大約不到過去 12 個月市盈率的 10 倍。我知道您2026年不帶隊，但如果您有的話我們會帶，不過我們估計得等到二月份才能帶隊。假設有任何成長，你的本益比是 9 倍，我認為這是 Silgan 20 年來最低的估值。

even with your dispensing acquisitions. So clearly, it's a very skeptical market out there relative to Silgan, recognize the market has been a volatile period. So what mile markers are you going to tell investors here and now and then analysts that we should hold you to in terms of fourth quarter and 1Q to mark your progress and to gain -- it's kind of to Ghansham's question as well, gain more faith in the outlook for the next year.

即使你擁有分發設備。所以很明顯，相對於 Silgan 而言，目前的市場非常懷疑，而且市場也經歷了一段波動期。那麼，您打算向投資者和分析師們說明，在第四季度和第一季度，我們應該關注哪些里程碑事件來衡量您的進展，並獲得——這也有點像是 Ghansham 提出的問題——對明年的前景更有信心。

Sure. Thanks, George. Look, performance matters, and we'll take full ownership and accountability of the performance of the business. So you're right, we're not providing '26 outlook yet or Q1 guidance. So if you're looking for a marker, I think it's very clear that we need to deliver the fourth quarter as we've discussed here already on the call and you saw in the press release.

當然。謝謝你，喬治。業績至關重要，我們將對公司的業績承擔全部責任。所以你說得對，我們目前還沒有提供 2026 年的展望或第一季的業績指引。所以，如果你要找一個衡量標準，我認為很明顯，我們需要實現第四季度的目標，正如我們在電話會議上討論過的那樣，也正如你在新聞稿中看到的那樣。

So I think holding us accountable and we're holding ourselves accountable for delivering the free cash flow, deleveraging, as we've talked about. And again, unfortunately, it's not the growth that we anticipated for 2025, but delivering a year of growth in 2025 while setting ourselves up for growth, not only in EPS for '26, but also in free cash flow.

所以我認為，正如我們之前討論過的，追究我們的責任，而我們也在追究自己的責任，以實現自由現金流和去槓桿化。遺憾的是，2025 年的成長並未達到我們預期的水平，但我們在 2025 年實現了成長，同時為 2026 年的成長奠定了基礎，不僅在每股收益方面，而且在自由現金流方面也是如此。

So 1Q, should we be looking at low to mid-single-digit growth across the platform? That's what I was kind of getting at. Sorry -- because I know fourth quarter is what it is, but --

那麼，第一季度，我們是否應該期待整個平台實現個位數低到中等的成長？我大概就是這個意思。抱歉——因為我知道第四季就是這樣，但…--

Yes. Thanks, George. We're just not going to comment on outlook for Q1 at this point.

是的。謝謝你，喬治。目前我們不打算對第一季的前景發表評論。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Adam, I was wondering in dispenser, if you could help parse that down a bit more. First, could you isolate the revenue mix exposure to just those personal and home care products and how much those markets are expected to be down? Fragrance that continues to shine. Is that just general demand resilience? Or how much of that 15% growth was really innovation ahead of holiday releases?

Adam，我想請教一下，你能不能幫我再詳細解釋一下？首先，您能否單獨分析個人護理和居家護理產品的收入構成風險，以及這些市場預計會下降多少？持久閃耀的香氣。這僅僅是指整體需求彈性嗎？或者說，這 15% 的成長中，有多少是真正源自於假日產品發布前的創新？

And then lastly, within that segment, you did say healthcare and pharma could contribute more meaningfully in '26. How much growth do you think that could bring in 2026?

最後，您也提到，在這一領域，醫療保健和製藥業在 2026 年可以做出更有意義的貢獻。你認為到 2026 年這會帶來多大的成長？

Got it. So I'll do the last one quickly for you, Matt. The healthcare and pharma for '26, we'll be talking about that on our next call when we're providing guidance for '26. So we've got contractual wins that will impact '26 favorably, and we'll get into that in a little more detail in the future period. Back to your beginning of the question, for personal care and home care products, again, talk about this from a volume perspective, we were guiding to kind of mid-single-digit growth for Q4 and now expect a mid-single-digit decline in volumes for Q4 versus prior year.

知道了。那我就快速地幫你做最後一個吧，馬特。關於 2026 年的醫療保健和製藥行業，我們將在下次電話會議上討論，屆時我們將提供 2026 年的業績指引。因此，我們取得了一些合約上的勝利，這將對 2026 年產生有利的影響，我們將在未來更詳細地討論這一點。回到你最初的問題，就個人護理和家庭護理產品而言，再次從銷量角度來看，我們之前預計第四季度銷量將實現中等個位數的增長，但現在預計第四季度銷量將比上年同期下降中等個位數。

So that's kind of the magnitude. It's sort of an average margin for the portfolio. And then you rightly highlighted the fragrance business. Again, as we said on the last call, we were expecting double-digit growth in Q3. We delivered that.

大概就是這個程度。這算是該投資組合的平均利潤率。然後你正確地指出了香水產業的重要性。正如我們在上次電話會議上所說，我們預計第三季將達到兩位數成長。我們做到了。

We're expecting double-digit growth in Q4 as well and are positioned for nice growth in '26. And the reasons why I think you touched on a couple of them. One, we continue to win a disproportionate amount of the new product launches in the space where we compete and win every single day, and that's in the premium end of the fragrance and beauty market. So a lot of product innovation from our teams, and that's winning and being rewarded in the marketplace. And then as our customers continue to innovate, we are being chosen as the partner of choice to help them get their products to market.

我們預計第四季也將實現兩位數成長，並預計在 2026 年實現良好成長。我認為你已經提到了其中幾個原因。第一，在我們每天都在競爭和獲勝的領域，也就是香水和美容市場的高端領域，我們繼續贏得不成比例的新產品發布份額。因此，我們的團隊進行了大量的產品創新，這讓我們在市場上贏得了勝利和回報。隨著客戶不斷創新，我們逐漸成為他們首選的合作夥伴，幫助他們將產品推向市場。

And that's been a successful story really since we've been probably all the way back to the Albea acquisition in 2020. or 2021, excuse me. And that is set up for continued growth going forward. And I think as we've talked, Matt, once you're kind of -- it's not pharma, it's not healthcare, but it's pretty darn close. Once you're spec-ed in, you have a long runway with those product launches that occur.

自從我們可能追溯到 2020 年（或者更準確地說，是 2021 年）收購 Albea 以來，這確實是一個成功的故事。這樣就為未來的持續成長奠定了基礎。我認為，正如我們之前討論過的，馬特，一旦你意識到——它不是製藥業，也不是醫療保健業，但它與製藥業非常接近。一旦確定了規格，你就有很長的時間來應對未來的產品發布。

And so we benefit in the long term, but again, continue to win a disproportionate amount of the new product launches being made by customers as well.

因此，從長遠來看，我們受益匪淺，而且，我們還能繼續贏得客戶推出的新產品中不成比例的份額。

Matt, just one point of clarification. The margins on these products in Personal Care Home Care. Their average for dispensing, which is obviously higher for the overall portfolio of DSC. So there's mix involved as well.

馬特，我還有一點要澄清。這些產品在個人護理和家庭護理領域的利潤率。他們的平均配藥量顯然高於 DSC 的整體產品組合。所以其中也牽涉到混合因素。

That makes sense. And then as a follow-up on Weener. So you've talked about for 12 months now. Could you break out what kind of 12-month revenue and EBITDA contribution was from that business? Any update on the $20 million in synergies achieved to date?

這很有道理。然後是對韋納的後續報導。所以你們已經談論這件事12個月了。能否具體說明一下該業務在過去 12 個月中的營收和 EBITDA 貢獻是多少？關於迄今為止實現的2000萬美元協同效應，有任何最新進展嗎？

And it sounded like Personal and Home Care was isolated to North America. Is that really in legacy products or any impact on the banner portfolio given it has, I think, about 1/3 US exposure.

聽起來個人及家庭護理服務僅限於北美地區。這真的會影響傳統產品嗎？或會對橫幅廣告組合產生任何影響？因為我認為它在美國的業務佔比約為 1/3。

Yes, great question. And really, the personal care and home care impact within the legacy business. So that's the traditional Silgan side of dispensing closures business. So et honestly, it's fully integrated. It's nearly impossible now.

是的，問得好。事實上，個人護理和家庭護理對傳統業務產生了影響。這就是 Silgan 在瓶蓋分銷業務方面的傳統做法。所以說實話，它已經完全整合了。現在幾乎不可能了。

Yes, we have a standalone P&L, but we've made investments into their facilities that would've gone into legacy Silgan facilities. So it really is difficult to try to break anything out there. What I'll say is that the product portfolio that came over with the acquisition continues to perform very well. And right in line, if not slightly ahead of expectations in many of the cases.

是的，我們有獨立的損益表，但我們已經對他們的設施進行了投資，而這些投資原本會用於原先的 Silgan 設施。所以，想要在那裡取得任何突破都非常困難。我想說的是，這次收購帶來的產品組合持續表現非常出色。而且在很多情況下，結果都符合預期，甚至略微超出預期。

And the synergies, yes, so very detailed synergy estimates that we come up, we do bottoms up synergies. The phasing is very specific. So there are no surprises. So we delivered exactly what we expected from a synergy standpoint and really have another six-ish months to deliver the remaining synergies. So right on track. I think it's $20 million of the $25 million has been delivered, and we're in good shape to deliver the balance.

是的，綜效方面，我們會進行非常詳細的綜效估算，我們採用由下而上的協同效應分析方法。相位非常具體。所以沒什麼好意外的。因此，從協同效應的角度來看，我們完全實現了預期目標，並且還有大約六個月的時間來實現剩餘的協同效應。一切進展順利。我認為2500萬美元中的2000萬美元已經到位，我們有能力支付剩餘部分。

Gabe Hajde, Wells Fargo Securities.

Gabe Hajde，富國證券。

I'm trying to reconcile, I think in your comments, you said you expect 2026 free cash flow to be up from appreciating that you guys. It sounds like you're obviously whittling down, I think you said some of your own inventory this year. And historically speaking, we've kind of seen an inverse relationship with production EBITDA and cash flow, right? So if you're ramping up earnings, typically cash flow is going to go the opposite direction and vice versa. So -- and unless the business is in wind down or something like that, I'm curious how you're thinking about or what the levers are to grow cash flow in '26, (inaudible) '25.

我正在努力理解，我想你在評論中說過，你預計 2026 年的自由現金流會因為你們的讚賞而增加。聽起來你顯然是在縮減開支，我想你說過今年要削減一些自己的庫存。從歷史角度來看，我們已經看到生產 EBITDA 與現金流之間存在某種反比關係，對吧？因此，如果你提高獲利能力，現金流通常會朝著相反的方向發展，反之亦然。所以——除非公司正在逐步解散或類似情況，我很好奇您是如何考慮或有哪些槓桿可以增加 2026 年、（聽不清楚）2025 年的現金流的。

Yeah. And I don't disagree with what you said, Gabe. I think for us, if we're looking at '26 is continued improvement in working capital and incremental programs that will execute next year, frankly, just as we have been doing for the last several years. So there's always room to improve, but we've got specific working capital initiatives that we'll be executing in '26.

是的。我同意你的說法，蓋布。我認為對我們來說，展望 2026 年，重點在於持續改善營運資金，並推進明年將要實施的各項增量計畫。坦白說，這些計劃和我們過去幾年一直在做的一樣。所以總有改進的空間，但我們有一些具體的營運資金計畫將在 2026 年執行。

Okay. And then I guess maybe to George's point on communications as it relates to expectations and things like that. outside of giving us a view about earnings for next year or guidance on volumes. Is there anything that you can think of to do that would instill some confidence and conviction in sort of the strategy? Because I do believe that DSC should be a faster growing, higher-margin segment.

好的。然後，我想也許可以參考喬治關於溝通的觀點，尤其是在預期等方面。除了給出明年獲利預測或銷售指引之外，其他方面都做得不夠好。您認為有什麼辦法可以增強人們對這項策略的信心和信念嗎？因為我確實認為DSC應該是一個成長更快、利潤更高的細分市場。

You guys have spent a lot of time and effort over the past three to five years to reposition the business. So I'm just curious from your perspective as there are other considerations to infill some confidence.

在過去三到五年裡，你們投入了大量的時間和精力來重新定位業務。所以我很好奇，想聽聽你的看法，因為還有其他因素可以增強信心。

Sure, Gabe. Look, it's -- I think performance matters, delivery upon expectations matters. I think if we take a half a step back and and talk about our businesses. dispensing of specialty closures is still growing and is delivering tremendous organic growth and inorganic opportunities for the business. I think it's some of the legacy applications has been a bit of a challenge in 2025 specifically.

當然可以，蓋布。我認為，業績很重要，能否達到預期目標也很重要。我認為，如果我們退後一步，談談我們的業務，就會發現特種瓶蓋的銷售仍在成長，並為公司帶來了巨大的內生成長和外延成長機會。我認為，尤其是在 2025 年，一些遺留應用程式帶來了一些挑戰。

Media containers has done exactly what we expected it to for the year, and we're going to have another record year of performance in our Custom Container segment. So I think just how we communicate that to the market. And we talked, I think, even on the last call about as we think about getting guidance for 2026, it's likely that we're going to be a little more conservative as far as our outlook of what we'll be delivering for the business to try to take into account more of the unknown things like the customer bankruptcy and weather that impacted a specific product.

媒體容器業務今年的表現完全符合我們的預期，我們的客製化容器業務也將迎來另一個創紀錄的業績年。所以我覺得關鍵在於我們如何把這一點傳達給市場。我認為，即使在上次電話會議上，我們也討論過，當我們考慮獲取 2026 年的業績指引時，我們可能會對業務交付的前景持更加保守的態度，以盡量考慮到更多未知因素，例如客戶破產和影響特定產品的天氣。

Okay. Maybe anything on the capital redeployment side? I know leverage is a consideration, but --

好的。或許在資本重新部署上有什麼進展？我知道槓桿作用是一個需要考慮的因素，但是--

Yeah. Look, capital allocation is a focus for us certainly here in our corporate office all the time. And so we did buy back about $60 million worth of of shares in the third quarter. Clearly, we thought there was a dislocation in the market, and we were opportunistic with that. We continue to evaluate our capital allocation all the time.

是的。你看，資本配置一直是我們公司總部關注的重點。因此，我們在第三季回購了價值約 6,000 萬美元的股票。顯然，我們認為市場出現了錯位，所以我們抓住了這個機會。我們會持續評估我們的資本配置。

And again, I'll just say we thought there was a dislocation in Q3, and we were opportunistic with that.

我再說一遍，我們認為第三季出現了市場動盪，我們抓住了這個機會。

Yeah, Gabe, I think what's not said in that is that our leverage point is kind of dripping back towards the midpoint of the range after we fully integrated the Weener acquisition. So what that means is that we're well positioned to continue looking for M&A opportunities to deploy capital and continue to grow the business.

是的，Gabe，我認為其中沒有提到的是，在我們完全整合了對 Weener 的收購之後，我們的槓桿點正在慢慢回落到區間的中點附近。這意味著我們已做好充分準備，繼續尋找併購機會來部署資本並繼續發展業務。

Mike Roxland, Truist Securities.

Mike Roxland，Truist Securities。

Adam, can you tell us why you're seeing North America hot fall beverage is a good market to be in. Obviously, stating some issues this year. It seems like it only started to recover from a volume perspective, last year from destocking. And at the same time, one of your peers is looking to exit. So I would love to get just any color you have about why you think this is a business that it makes sense to be in.

亞當，你能告訴我們為什麼你認為北美秋季熱飲市場是一個值得進入的市場嗎？顯然，今年出現了一些問題。從銷售角度來看，似乎直到去年才開始從去庫存的衝擊中恢復過來。與此同時，你的一位同事正打算離開。所以我很想知道你對從事這個行業有什麼看法，以及為什麼你認為這是一個值得涉足的行業。

Yes. It's always been a really good business for Silgan, very stable I think if you go back a decade, growth rates were a little bit more accelerated than we've gotten to today, but it is still a growing market. And we think that we're very well positioned with the largest players in that market. When we think about sports drink specifically, it's really not a commodity beverage. It's a higher volume beverage in some of the specialty applications that we deal with.

是的。對於 Silgan 來說，這始終是一項非常好的業務，非常穩定。我認為，如果回顧十年前，成長率比現在要快一些，但它仍然是一個不斷成長的市場。我們認為，我們與該市場中最大的幾家公司建立了非常有利的關係。具體來說，當我們想到運動飲料時，它其實並不是一種普通的飲料。在我們涉及的一些特殊應用領域，這是一種銷量較高的飲料。

But nothing close to kind of the CSD water market from a volume standpoint. So those packages are differentiated. The beverages themselves are differentiated and there's a lot of technology that goes into the packaging around those products. So the closures that we provide to the North American park market, particularly for the hotel beverages, is a technologically advanced solution versus some of the other more monetized products.

但從銷售來看，它與碳酸飲料市場相去甚遠。所以這些套餐是有差別的。這些飲料本身就各具特色，而這些產品的包裝也運用了許多技術。因此，我們為北美公園市場（特別是飯店飲料市場）提供的封蓋方案，與一些其他更注重獲利的產品相比，是一種技術先進的解決方案。

And we believe we get value for providing the silicon service model along with really technologically advanced closure systems for the beverage market. So we've always thought it's a good market, Mike, and it's provided a really stable none of us had anticipated the weather challenge at the sporting category going faced earlier in the year. We think it's isolated to the year.

我們相信，透過為飲料市場提供矽基服務模式以及真正技術先進的密封系統，我們能夠獲得價值。所以我們一直認為這是一個不錯的市場，麥克，它提供了一個非常穩定的市場，我們誰也沒有預料到今年早些時候體育用品類別會面臨天氣方面的挑戰。我們認為這只是今年的個別現象。

For the most part, I would tell you, volume played out in the second and third quarter, ultimately, as we expected. -- quarter volumes have stabilized and we think that the correction took place in Q2 and I think Q2 and Q3 as we had discussed previously.

總的來說，我認為第二季和第三季的成交量基本上符合我們的預期。 ——季度成交量已經趨於穩定，我們認為調整已經發生在第二季度，而且正如我們之前討論的那樣，第二季度和第二季度都出現了調整。

Got it. So if I heard you correctly or came correctly that there was a double-digit decline in volumes of hot fill for sports drinks in 3Q. So that was in line with the (inaudible)

知道了。所以，如果我沒理解錯的話，第三季運動飲料熱灌裝量出現了兩位數的下降。所以這與…一致（聽不清楚）

Yes. Right at 10% food and beverage and DSP was down, call it, 5%, and the hot fill beverage force and sports drinks was down 10%, but that was right in line with where we expected it to be.

是的。食品飲料銷售額下降了 10%，直接銷售產品銷售額下降了 5%，熱灌裝飲料和運動飲料銷售額下降了 10%，但這與我們的預期完全一致。

Got you. Okay. And then just one quick follow-up. In terms of metal containers, that -- any update on the cost of growing through bankruptcy volumes came in better than we were expecting earlier in the quarter. see you guys for your significant increase in pet food.

抓到你了。好的。然後，還有一個簡短的後續問題。就金屬容器而言，任何關於破產清算導致銷售成長成本的最新消息都比我們本季初的預期要好。期待你們寵物食品業務的大幅成長。

But just wondering where that meals container bankruptcy stands and whether the $10 million EBIT impact you mentioned last quarter is still around for 2H. And do you have any sense of what that impact could be for 2026?

但我只是想知道餐盒破產案的進展如何，以及您上個季度提到的 1000 萬美元 EBIT 影響是否會在下半年繼續存在。您是否預估到2026年會受到怎樣的影響？

Yes. So metal containers had a really good third quarter, right? Volume came in right as expected, not only for the pet food market, as you mentioned but also before the customers going to the bankruptcy. So really, we don't have an update. We can tell you timing would indicate that there should be some indication of resolution to the bankruptcy proceeding, call it, around year-end.

是的。所以金屬容器在第三季表現非常出色，對吧？正如您所提到的，銷售量完全符合預期，不僅寵物食品市場如此，而且在客戶破產之前也是如此。所以，我們目前沒有任何最新消息。我們可以根據時間推移告訴您，破產程序應該會在年底左右出現一些解決的跡象。

So we think as we go into '26, we'll have much greater clarity, but just want to make it really clear, that customer did exactly what they said they were going to do in Q3 and volumes were right in line with our expectations. There's a little bit of rollover into Q4 as some of the pack was a little bit later than the September date for Q3 that we typically talk about. So I think everything is going essentially as planned. I think the thing that we want to make really clear is -- and we think we're probably at a low point with volume for that customer, given what happened in '24 and in '25. There could be a potential where an owner wants to grow the business and put put support behind that brand, that would be a great thing because we'll be able to utilize the capacity that essentially we put on hold for this customer and a requirement-based contract.

所以我們認為，進入 2026 年，情況會更加明朗，但只想明確一點，客戶在第三季度完全按照他們所說的做了，銷量也完全符合我們的預期。由於部分產品的上市時間比我們通常所說的第三季（9 月）晚了一些，所以第四季出現了一些延續現象。所以我覺得一切基本上都在照計畫進行。我認為我們真正想明確指出的是——鑑於 2024 年和 2025 年發生的事情，我們認為我們目前對該客戶的銷量可能處於低谷。如果業主想要發展業務並支持該品牌，那將是一件好事，因為我們將能夠利用我們為這位客戶和基於需求的合約而暫時擱置的產能。

If that doesn't happen, if we just maintain the volume that we have right now. Again, I think as I said earlier today, we're going to look to take out costs. And I think that's kind of at least in the $10 million range as I sit here now. It will all be in 2026, but that's kind of the magnitude that we see at the current volume level.

如果這種情況沒有發生，如果我們只是維持目前的銷售量。正如我今天早些時候所說，我們將努力削減成本。我現在估計，這個數字至少在 1000 萬美元左右。這一切都將在 2026 年發生，但這就是我們目前所看到的交易量規模。

Jeff Zekauskas, JPMorgan.

Jeff Zekauskas，摩根大通。

You have a lower outlook for the fourth quarter, but your free cash flow for the year is unchanged. Why or what are the compensatory mechanisms to generate the same amount of free cash flow this year?

您對第四季度的預期有所下調，但全年的自由現金流保持不變。今年為了產生與去年相同金額的自由現金流，有哪些補償機制？

Yes. So Jeff, we -- obviously, with the reduction from our customers to drive cost out in Q4. And as we take additional downtime, obviously, that's going to allow for us to reduce our inventory as well. So really, a couple of components of working capital improvements, but it's really driven by the inventory reduction that we're taking, I'll just say proactively as a response to our customers, reducing demand in Q4.

是的。所以傑夫，很顯然，由於客戶減少訂單，我們在第四季度降低了成本。隨著我們停機時間的增加，很顯然，這也將使我們能夠減少庫存。所以實際上，營運資本改善包含幾個方面，但主要驅動力是我們正在採取的庫存削減措施，我只能說，這是我們主動響應客戶需求下降而採取的措施，因為客戶在第四季度降低了需求。

Propylene values have really come down. And I would think that this might be an opportunity in dispense to build inventories, the polypropylene and propylene changes make a difference to that business?

丙烯價格確實下降了很多。我認為這或許是一個增加庫存的機會，聚丙烯和丙烯的變化會對這項業務產生影響嗎？

I think you got it exactly right. It is a business that has the most impact, and I'll come back to that in a second. Our custom containers business is very tight on the pass-through mechanisms. And there isn't much benefit or detriment to moves in resin. I'd say the same thing about our food and beverage closures.

我覺得你說得完全正確。這是一項影響最大的業務，我稍後會再談到這一點。我們的客製化貨櫃業務對過戶機制的要求非常嚴格。在樹脂中進行移動並沒有太大的好處或壞處。對於我們餐飲場所的關閉，我也持相同的看法。

When you get to the Dispensing Systems business, while we've made improvements in reducing the lag, they still exist. So we are a little more subject to kind of a quarterly lag, maybe a little bit longer in some cases. And so we kind of have a benefit or detriment depending upon how resin is moving. This most recent change is a pretty significant one. And we have included a couple of hundred thousand of upside in our forecast for the most recent change that just happened at maybe late last week in the resin market. So I think you've got it right. That's the business that gets impacted and polypropylene is their largest component of bread buy in that business.

在配藥系統業務方面，雖然我們在減少延遲方面取得了一些改進，但延遲問題仍然存在。因此，我們可能會出現一些季度性的滯後，在某些情況下，滯後時間可能會更長一些。所以，樹脂的流動方式會帶來好處或壞處。這次最新的變化意義相當重大。我們已經在預測中預留了數十萬美元的上漲空間，以應對上週晚些時候樹脂市場的最新變化。所以我覺得你說得對。受影響最大的就是這家企業，而聚丙烯是他們麵包採購中最大的原料。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

And apologies if this was asked earlier, but I guess I just wanted to ask about the last quarter is we've had a few discrete items show up and they were -- I guess, did you contemplate potentially preannouncing those items at all? And maybe that would help kind of frame that they are kind of onetime in nature. Did you contemplate that this time around as well or no?

如果之前有人問過這個問題，我先道個歉。我想問的是，上個季度出現了一些零星項目，我想問，你們有沒有考慮過提前公佈這些項目？或許這樣有助於說明它們本質上是一次性的。你這次也有考慮過這個問題嗎？

I don't -- we talked about it a little bit earlier, Arun. And I think the message I was trying to convey was really, while we did see some softening and a couple of the markets, personal care and home care products in dispensing and specialty closures and custom containers, very late in September. It wasn't until we got all the way through the October, early October forecast cycle. So this was a second late first week, early second week of October, that we were running through those numbers and then had to do our kind of reaction and what we were going to proactively do it Silicon to respond to the reduced demand requirements from our customers in Q4.

我不——我們之前稍微談過這件事，阿倫。而我當時想要傳達的訊息是，雖然我們在 9 月下旬確實看到一些市場有所疲軟，但個人護理和家庭護理產品在分裝、特殊封蓋和定制容器方面仍然有所疲軟。直到我們完成了整個十月，也就是十月初的預測週期。所以，這是 10 月第一個週末、第二週初的第二次，我們統計了這些數據，然後不得不做出反應，主動採取措施應對第四季客戶需求的減少。

So I just -- I would say in Q3, we delivered exactly what we said we were going to do. And that was very well known to us as we exited September and nothing to talk about there. And the Q4 forecasting process was pretty dynamic given the magnitude of the change and working with our customers and internally a city to make sure we got that right.

所以我覺得——在第三季度，我們完全實現了我們承諾要做的事情。九月份的時候，我們對此已經非常清楚，沒什麼好說的。鑑於變化的幅度，第四季度的預測過程相當動態，我們需要與客戶以及市政府內部人員合作，以確保預測準確。

Okay. And then I guess on a related not necessarily related, but along the lines of clarifying what's in each business, is there a way to kind of segment out maybe within DS how much of that business you would consider as highly cyclical or prone to some more of this volatility versus the portion that is maybe higher growth and less cyclical I think that the sports drink side, while you highlighted a number of positives also does exhibit some of that cyclicality, whereas fragrance and some other markets, maybe maybe more structural growers.

好的。然後，我想就一個相關（不一定相關）但又圍繞著澄清每個業務構成這一主題展開，有沒有辦法在DS內部劃分出哪些業務屬於高度週期性或更容易出現這種波動，以及哪些業務可能增長更快、週期性更小？我認為，運動飲料方面，雖然您強調了一些積極因素，但也確實表現出一定的周期性，而香水和其他一些市場，可能更多的是結構性增長。

So could you help kind of frame that maybe in the buckets for DSC and maybe even metal container, I imagine is not so much included there because it's a little bit more mature. But yes, maybe for DSC, that would be helpful.

所以，您能否幫忙解釋一下，DSC 的水桶，甚至金屬容器，我想可能不太包含在內，因為它更成熟一些。但沒錯，也許對DSC來說，這會有幫助。

Yes. I mean, Arun, here's how we think about our Specialty closure segment. It's basically all of it are consumer staple products. So we really don't view any of that business as being cyclical in nature. Yes, we've had a couple of onetime instances here like really bad weather that affected the sports drink category.

是的。我的意思是，Arun，我們是這樣看待我們的特種閉合部分的。基本上都是生活必需品。因此，我們並不認為這些業務具有週期性。是的，我們這裡也發生過一些一次性事件，例如惡劣天氣影響了運動飲料市場。

And I think the reality is it hasn't been clear yet, I'll just try to say it 1 more time. This inventory correction is our customers' growth they are growing. They did not grow in 2025 as much as they had anticipated. So this Q4 correction is kind of moving from a mid- to high single-digit growth expectation for those categories. back to a mid-single-digit growth or maybe a low single-digit growth in certain products.

我覺得事實還沒有明朗化，我再說一次。這次庫存調整反映了我們客戶的成長，他們正在成長。2025年，他們的成長幅度沒有達到預期。所以，第四季的調整意味著這些品類的成長預期從先前的個位數中高段位有所下降，回落到個位數中段位，甚至某些產品可能只有個位數低段位的成長。

So it's kind of -- it's fixing, running through the year with higher expectations for growth. They're still growing.

所以，這有點像是在——在進行調整，並帶著更高的成長預期貫穿全年。它們還在生長。

So that's what we've been working through with our customers. So I really don't think that our products are cyclical in nature. I agree with your point. I think how I would probably try to bucket that, I'm looking around the table to my team and say, we think we have a bifurcated consumer right now, and that's what's driving this activity. the higher-end consumer is doing exceptionally well and is buying products and driving growth for our company.

這就是我們一直在和客戶一起努力解決的問題。所以我真的不認為我們的產品有週期性。我同意你的觀點。我想我會這樣歸類：我環顧四周，對我的團隊說，我們認為目前的消費者群體已經分化，而這正是推動市場成長的因素。高端消費者表現特別出色，他們購買產品，推動了公司的成長。

The mid- to lower-end consumer is really thinking hard about where they're spending their dollars and how they're stretching those dollars. We get the benefit to your very point in our metal containers business because nutrition and low-cost nutrition is a really important item for all consumers, particularly for that portion of the consumer portfolio.

中低端消費者真的在認真思考他們把錢花在哪裡，以及如何讓每一分錢都花得更值得。我們從金屬容器業務中獲得了對您有利的這一點，因為營養和低成本營養對所有消費者都非常重要，尤其是對部分消費者而言。

So I mean we have products in (inaudible) care. We do home care products like hard surface cleaners. We think those products continue to get it purchased. It's just maybe they're put purchased a monthly. We'll see what happens with with 2026 and tax initiatives from the US administration. But I do think no tax on tips. I do think no tax on over time is a very clear response trying to provide some support to that lower and to your consumer that is trying to stretch dollars today.

我的意思是，我們有產品處於（聽不清楚）照護狀態。我們生產家居護理產品，例如硬表面清潔劑。我們認為這些產品會繼續暢銷。或許他們只是按月購買而已。我們將拭目以待，看看2026年美國政府的稅收政策會帶來什麼影響。但我認為小費不該課稅​​。我認為，不對加班徵稅是一個非常明確的回應，旨在為那些努力精打細算的消費者提供支援。

Okay. And then just lastly, on the free cash flow. So the 430 sounds very respectable in light of what's going on. And I know that you're taking an inventory hit right now in Q4. Just 2 things.

好的。最後，我們來談談自由現金流。考慮到目前的情況，430這個數字聽起來非常不錯。我知道你們目前在第四季面臨庫存壓力。只有兩件事。

So would you say that the inventory reduction that you're proactively pursuing will address all of that and maybe it lingers a little bit into Q1, but does get you a substantial part of the way there. . And then given that you will be generating that level of free cash flow, could you potentially more aggressively pursue share buyback, just given what's going on with the stock here today and more recently?

所以您認為您目前積極推行的庫存削減措施能夠解決所有這些問題，雖然可能在第一季會持續一段時間，但確實能讓您朝著目標邁出重要一步。。鑑於您將產生如此高的自由現金流，考慮到目前以及最近一段時間的股票走勢，您是否有可能更積極地進行股票回購？

Yes. So we do think the inventory reduction, both for our customers and for us is going to be limited to Q4. And to your point of routes that they part of us being able to deliver the $430 million of free cash flow. I think as we sit here today, again, we talked a little bit about capital deployment and capital allocation. I'll just repeat what I said earlier that we we repurchased $60 million of shares in the third quarter because we thought the market was dislocated.

是的。因此，我們認為無論是對我們的客戶還是對我們自己而言，庫存減少都將僅限於第四季度。至於您提到的路線，它們是我們實現 4.3 億美元自由現金流的一部分。我認為，今天我們再次坐在這裡，談到了資本部署和資本配置的問題。我再重複一遍我之前說過的話，我們在第三季回購了價值 6,000 萬美元的股票，因為我們認為市場出現了錯位。

And I think we have the ability to consider capital allocation in any of the tools that we have in our toolkit. And I think as Tom said, very clearly, we're getting back to the midpoint of our leverage ratio by the end of the year. So we've got flexibility, whether it be it for M&A activity, whether it be for share recurs activity, we aren't announcing anything by any stretch today, but I think all things are on the table as we move forward. and focusing on delivering value to our shareholders.

我認為我們有能力利用我們工具箱中的任何工具來考慮資本配置。正如湯姆非常明確地指出的那樣，我認為到今年年底，我們的槓桿率將回到中間水平。因此，我們在併購活動和股權激勵活動方面都擁有靈活性，今天我們絕對不會宣布任何事情，但我認為隨著我們不斷推進，一切皆有可能。我們將專注於為股東創造價值。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

Following up on Arun's question, is it possible to talk a little bit more about what you're dispensing and specialty closures customers are saying about the weakness in Personal Care and Home Care. I mean are they expecting volume growth in '26? Or are they changing product mix or promotions or strategies to grow volumes. Just wondering how they're kind of what they're sharing about maybe volume outlook? And do they see this as sort of a speed bump or an adjustment or something that could be kind of longer duration.

關於 Arun 提出的問題，能否再詳細談談您正在分發的產品以及特殊封蓋客戶對個人護理和家庭護理領域弱點的反饋？我的意思是，他們預計2026年銷量會成長嗎？或者他們正在改變產品組合、促銷活動或策略來提高銷售量。我只是好奇他們分享的關於銷售前景的資訊到底是什麼？他們認為這只是前進道路上的一個小障礙、一次調整，還是需要持續更長時間的事情？

Yes. So I think just to cut right to the chase, Anthony. It is an adjustment to where we have been, right? So those markets are -- and those customers are delivering growth in 2025. Just want to try to be really clear about that. it just is going from a mid- to high single-digit expectation to a low to mid-single-digit expectation. And that adjustment for the year is occurring all in Q4.

是的。所以我想我們就直奔主題吧，安東尼。這和我們過去的生活狀態需要調整，對吧？因此，這些市場——以及這些客戶——將在 2025 年帶來成長。我只是想把這一點說清楚。預期值從個位數中高段位降到了個位數低段位。而這項年度調整全部在第四季完成。

So these are growing markets. They are growing categories, they are growing products. And the expectation is very clearly that they will grow in 2026 as well. And I think what I would say is from a conservative standpoint, I would say you would think about them growing in the low to mid-single digits in 2026 versus the original expectation for 25 or mid to high. So that's probably adjustment that we're thinking about as we turn to 26%, even though we're not giving guidance yet.

所以這些都是不斷成長的市場。它們正在拓展品類，它們正在拓展產品。很明顯，預計到 2026 年它們也將繼續增長。我認為，從保守的角度來看，2026 年它們的成長率應該在個位數低到中段，而不是最初預期的 25% 或中到高段。所以，當我們轉向 26% 的目標時，這可能是我們正在考慮的調整，儘管我們目前還沒有給出具體指導意見。

That's how we're thinking about these specific markets.

我們就是這樣看待這些特定市場的。

Okay. Okay. That's very helpful. And then just switching gears to metal containers. Is there any dialogue with metal container customers on rising metal costs?

好的。好的。那很有幫助。然後就直接換用金屬容器了。公司是否與金屬容器客戶就金屬成本上漲問題進行對話？

Or are you seeing any kind of like push out of buying into '26 potentially? Is anyone waiting for tariffs maybe to get pulled back or some kind of move in metal. I'm just curious if you've seen any kind of push from 3Q to 4Q or maybe 4Q into '26. (inaudible)

或者您看到任何類似「拋售」2026年款產品的跡象？有沒有人期待關稅下調或金屬市場出現某種走勢？我只是好奇你是否看到從第三季度到第四季度，或從第四季度到 2026 年的任何推動趨勢。（聽不清楚）

Yes. So as I think you know, the metal component is the largest cost component of a metal food can. So it is literally a daily conversation with our customers and a really important one. So maybe to get to the end of the question, so Novos from Q3 to Q4 for us and our franchise customer model, they pay the thing value for the can in January that they're going to pay in November. So really, we don't see that within a year kind of product moving between quarters.

是的。如您所知，金屬零件是金屬食品罐最大的成本組成部分。所以，這其實是我們每天都要和客戶進行的對話，而且是非常重要的對話。所以，為了回答這個問題，對於我們和我們的特許經營客戶模式來說，從第三季度到第四季度，Novos 支付的罐頭價值是他們在 1 月份支付的，而他們將在 11 月支付。所以實際上，我們並不認為一年內會有產品在季度之間流動。

I think maybe there's 2 things to talk about as we think about turning the calendar to '26, yes, I think we're going to have maybe -- hopefully, we'll see more clarity on what happens from the tariff perspective and kind of the rulings that are expected between now and the end of the year from the core system. That is probably -- it would drive some activity, I would think if the courts overturn the tariffs. I think the other component is, right now, we're looking at sizable increases and the raw materials on the steel side of the metal containers business for '26. So in fairness, we're actually having prebuying conversations with some customers ahead of inflation that we're all expecting for 2026 outside of whatever court really happened between now and then. So that's more of the conversation versus trying to push orders out into 26 at this point.

我認為，當我們展望 2026 年時，或許有兩件事需要討論。是的，我認為我們或許——希望如此——能夠更清楚地了解關稅方面的情況，以及核心體系預計在今年年底前會做出的裁決。如果法院推翻關稅，我想這很可能會刺激一些經濟活動。我認為另一個因素是，目前我們看到金屬容器業務鋼鐵方面的原物料價格在 2026 年將大幅上漲。所以公平地說，我們實際上正在與一些客戶進行預購洽談，以應對我們都預期會在 2026 年出現的通貨膨脹，而這與從現在到那時法院實際發生的事情無關。所以，目前我們更關注的是這個主題，而不是試圖把訂單推到 26 號。

Daniel Rizzo, Jefferies.

Daniel Rizzo，傑富瑞集團。

So back in -- you mentioned that these are legacy issues with the destocking. I was wondering back in 2008, 2009, the Great Recession, we saw something similar and how long it lasted during that kind of downturn?

回到正題——您提到這些都是庫存清理過程中遺留下來的問題。我想知道，在 2008 年、2009 年的經濟大衰退期間，我們是否也曾經遇到類似的情況，以及這種衰退持續了多久？

2008, 2009, what I do remember about that and your testing we in because that was quite a few years ago, Metalpar volume was accelerating into the great recession, right? So that's sort of what I was mentioning earlier that for a very long time of Silgan, metal containers was an indicator of economic activity because you would see as times got tougher, metal food cans were the beneficiary of that. And we're seeing that to some degree now. So I'm trying to think of how the other categories performed then. I just would say, as consumer stretch dollars without knowing, specifically, Dan, I would assume that it was a very similar kind of phenomenon that impacted our Custom Container segment at that time and probably our beverage segment of our closures business prior to dispensing joining Silgan in 2017.

2008 年、2009 年，我記得當時以及你們的測試，因為那是好幾年前的事了，Metalpar 的銷量在大衰退期間加速增長，對吧？所以，我之前提到的情況就是，在錫爾根很長一段時間裡，金屬容器是經濟活動的指標，因為你會看到，隨著經濟狀況變得艱難，金屬食品罐頭反而從中受益。我們現在在某種程度上已經看到了這種情況。所以我正在思考其他類別當時的表現如何。我只想說，消費者在不了解具體情況的情況下精打細算，丹，我猜想當時影響我們定制容器業務的現象與此非常相似，而且可能也影響了我們在 2017 年加入 Silgan 之前飲料瓶蓋業務的飲料瓶蓋業務。

And then conversely, if credit is eased and the consumer is seeing some relief, how long let kind of flows through to your customers than to you guys? Is it relatively quick? Or does it take a couple of quarters? Or how should we think about that if things were to improve for the consumer because of that?

反過來，如果信貸寬鬆，消費者感受到一些緩解，那麼這種緩解需要多久才能真正惠及你的客戶，而不是你們自己呢？速度相對較快嗎？還是需要投幾25美分硬幣？如果因此而改善消費者的利益，我們該如何看待這件事？

Well -- and I missed the first part of your question.

嗯——我錯過了你問題的第一部分。

If credit eases consumers --

如果信貸能減輕消費者的負擔--

Yes. I do think that, that -- again, you're talking about the consumer that's making a purchase point decision of feeding their family or buying that hard surface cleaner in a given month. So I think you take a little bit of that pressure off. And ultimately, that consumer because these our docs cyclical products, they're consumer staples. I think they buy both products, and that's what we've seen for a very long time.

是的。我確實認為，——再說一遍，你談論的是消費者在某個特定月份做出購買決定，例如購買食物養家糊口或購買硬表面清潔劑。所以我覺得這樣可以稍微減輕一些壓力。最終，消費者會因為這些我們的文件中提到的周期性產品是消費必需品而選擇它們。我認為他們兩種產品都會購買，而且這種情況我們已經觀察了很久了。

So if you provide that relief to those consumers. I do think purchase patterns return more to normal as we've seen for many years in this business.

所以，如果你能為這些消費者提供這種幫助。我認為購買模式會逐漸恢復正常，就像我們在這個行業多年來所看到的那樣。

And I'm just curious about is the time frame that we should about, how fast it flows through to you specifically?

我只是好奇我們應該在多長時間內收到，具體到你那裡需要多長時間？

I think that will flow through pretty quickly. If the consumer is -- has released and is less worried about stretching that dollar. I think those decisions get made at the purchase point right then it's pretty quick.

我認為這件事很快就會解決。如果消費者已經放鬆下來，就不再那麼擔心每一分錢的花費。我認為這些決定是在購買時立即做出的，而且很快。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

I'll just keep it to one since it's late. So as you look out to next year, I know you're not guiding per se, but you did say you do expect low to mid-single-digit growth in dispensing and specialty. Metal should do at least as well as this year. assuming you have a new owner of the affected customer, which would mean that volumes are at least flat. I forget exactly what you said as custom, but what would be the reasons why you wouldn't have growth in 2026 -- in volumes in earnings versus '25, recognizing you're not giving formal guidance here.

時間太晚了，我就只說一個吧。展望明年，我知道您並沒有給出明確的預測，但您確實說過，您預計藥品分銷和特藥業務將實現個位數低至中等的增長。金屬產業的表現至少應該與今年持平。前提是受影響的客戶已易主，這意味著銷量至少會與去年持平。我記不清您之前具體是怎麼說的了，但是您認為 2026 年銷量和收益與 2025 年相比不會增長的原因是什麼？我知道您在這裡沒有給予正式的業績指引。

What is the biggest at this juncture concern you have? Would it be uncertainty in tariffs, although in some ways, that could actually help you? What would it be? And should we at least expect some growth next year.

您目前最擔心的是什麼？雖然關稅方面存在一些不確定性，但這或許反而會對你有幫助？那會是什麼呢？我們至少應該期待明年會有一些成長吧？

I think as we're putting the building blocks together for '26 and as you alluded to, and we said early, we're not done yet. But you're right. I think you've got some of the positives there. I think some of the headwinds that we're going to face is increased interest expense. Obviously, we've got the new bonds on a full year of the new 4.25% volumes that we just issued in Europe.

我認為，正如你所暗示的，我們也早先說過，我們正在為 2026 年的比賽搭建基礎，但我們還沒有完成。但你說得對。我認為你說的有些地方確實不錯。我認為我們將面臨的一些不利因素是利息支出增加。顯然，我們已經在歐洲發行了為期一年的4.25%新債券。

Our investment grade on the 1.4% that come due in April. So we'll probably be very opportunistic just as we were in 2025 as we think about refinancing those bonds but 1.4% even if we're utilizing our revolver. We're going to have negative arbitrage on that rate as well. So interest expense will be a headwind, and we're going through the the development of exactly what that headwind looks like.

我們持有4月到期的1.4%債券的投資等級債券。因此，我們可能會像 2025 年一樣，非常善於把握機會，考慮對這些債券進行再融資，但即使我們使用循環信貸額度，利率也只有 1.4%。我們在這個利率上也將出現負套利機會。因此，利息支出將是一個不利因素，我們正在研究這個不利因素究竟會是什麼樣子。

I mean tax will continue to be a slightly different profile for us going forward. With the Banner acquisition, we've got quite a bit more income outside of the United States. And the US is our lowest cost tax jurisdiction for many, many years. That was -- will continue to be our largest tax jurisdiction. But have more growth outside of the US at higher tax rates. So I think it's going to probably be north of 25% without giving any guidance yet, and we'll see where we wind up as we get through the business planning process.

我的意思是，未來我們的稅務情況仍將略有不同。收購 Banner 後，我們在美國以外的收入大幅增加。而且，美國多年來一直是我們稅收成本最低的管轄地區。那曾經是——並將繼續是我們最大的稅務管轄區。但在美國以外地區，即使稅率較高，也能獲得更大的成長。所以我認為，在不給出具體指導的情況下，這個數字可能會超過 25%，我們會在完成業務規劃過程後看看最終結果如何。

And I think you had the rest of the components, right? I'll go back to what I said at the beginning of the call. Nothing's changed as far as how we as a company think about the growth profile of our dispensing, especially closure business, nothing has changed about how we think about the growth profile of our metal containers business. And nothing has changed about how we think about the growth profile of our custom containers business. We have very unique instruments or attributes this year that are impacting our performance.

我想你們應該已經擁有其他所有部件了吧？我將重申我在通話開始時所說的內容。對於我們公司而言，我們對分銷業務（尤其是瓶蓋業務）的成長前景的看法沒有任何改變；對於我們對金屬容器業務的成長前景的看法也沒有任何改變。我們對客製化貨櫃業務成長前景的看法沒有任何改變。今年我們擁有一些非常獨特的工具或屬性，這些都對我們的業績產生了影響。

And unfortunately, we're dealing with that as we speak. But we don't anticipate those repeating in 2026.

不幸的是，我們現在正在處理這個問題。但我們預計這些情況不會在 2026 年重演。

And that does conclude our question-and-answer session for today. I'd like to turn the conference back over to Mr. Adam Greenlee for any additional or closing comments.

今天的問答環節到此結束。我謹將會議交還給亞當·格林利先生，請他作補充或總結發言。

Thank you, Anna. We appreciate everyone's interest in the company, and we look forward to sharing our fourth quarter and full year 2025 results in January.

謝謝你，安娜。我們感謝大家對公司的關注，並期待在1月與大家分享我們2025年第四季和全年的業績。

And once again, that does conclude today's conference. We thank you all for your participation. You may now disconnect.

今天的會議到此結束。感謝各位的參與。您現在可以斷開連線了。