Silgan Holdings Inc (SLGN) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加 Silgan Holdings 2025 年第四季財報電話會議。今天的會議正在錄影。

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

此時，我謹將會議交給策略與投資人關係資深副總裁 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; Shawn Fabry, EVP and CFO; and Bob Lewis, EVP, Corporate Development and Administration.

謝謝，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；執行副總裁兼財務長 Shawn Fabry；以及負責企業發展與行政的執行副總裁 Bob Lewis。

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所述的不確定性和風險。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 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）可在今天的新聞稿以及我們網站 silganholdings.com 的投資者關係部分的「非 GAAP 財務資訊」部分找到。

With that, let me turn it over to Adam.

那麼，接下來就交給亞當吧。

Thank you, Alex, and we'd like to welcome everyone to Silgan's fourth-quarter earnings call. Before we begin our discussion on our fourth quarter and full-year results and our outlook for 2026, I want to welcome Shawn Fabry, who was promoted to CFO in November to the call.

謝謝 Alex，我們也歡迎大家參加 Silgan 第四季財報電話會議。在我們開始討論第四季度和全年業績以及 2026 年展望之前，我想歡迎 11 月份晉升為首席財務官的肖恩·法布里參加本次電話會議。

Shawn joined the company through the IPEC closures acquisition in 2010 and has served in senior finance roles in each of our operating segments and most recently on our corporate development team. Shawn brings a wealth of knowledge and experience to his new role that I know will make him and our company successful well into the future. Shawn is looking forward to meeting our analysts and investors in the coming quarters. So please join me in welcoming Shawn to the call.

Shawn 於 2010 年透過 IPEC 封鎖業務收購加入公司，並在我們各個營運部門擔任高階財務職務，最近則在我們公司發展團隊任職。肖恩擁有豐富的知識和經驗，我相信這些將使他和我們公司在未來取得更大的成功。肖恩期待在接下來的幾個季度與我們的分析師和投資者會面。請大家和我一起歡迎肖恩參加這次通話。

I also would like to take a moment to thank Bob Lewis, who informed the company of his decision to retire at the end of March, for his over 21 years of steadfast commitment to our company. Since Bob joined the company in 2004, our sales have nearly tripled, and our stock price has appreciated over 7 times, representing a 10% compound annual growth rate. And Bob's leadership in our finance and corporate development efforts have contributed meaningfully to our growth and value creation. He's been a trusted and valued partner to me, our executive team, and to our advisers, and we wish Bob all the same success as he enters his retirement.

我還要藉此機會感謝鮑勃·劉易斯，他已通知公司他將於三月底退休，感謝他二十一年來對我們公司的堅定奉獻。自鮑伯於 2004 年加入公司以來，我們的銷售額成長了近三倍，股價上漲了 7 倍多，複合年增長率達到 10%。Bob 在財務和企業發展方面的領導作用，對我們的成長和價值創造做出了重要貢獻。他一直是我、我們的執行團隊和顧問值得信賴和重視的合作夥伴，我們祝福鮑伯在退休後也能取得同樣的成功。

Moving now to our results. Our team continued to show exceptional focus and determination in 2025 as our business navigated evolving consumer spending trends throughout the year that created a more challenging operating environment for our customers and our company. We delivered our second highest adjusted earnings and free cash flow in the history of the company, returned approximately $160 million in capital to our shareholders, and returned within our target leverage range just over a year after closing the Weener acquisition. We made significant progress towards our strategic goals in 2025 as we successfully integrated the Weener acquisition, continued to outpace the market and our peers in target organic growth products and end markets, and completed our multiyear cost savings program as expected.

接下來公佈我們的結果。2025 年，我們的團隊繼續展現出非凡的專注和決心，因為我們的業務在一年中不斷應對不斷變化的消費者支出趨勢，這為我們的客戶和公司創造了更具挑戰性的經營環境。我們實現了公司歷史上第二高的調整後收益和自由現金流，向股東返還了約 1.6 億美元的資本，並在完成對 Weener 的收購一年多後，重新回到了我們的目標槓桿範圍內。2025 年，我們在實現策略目標方面取得了重大進展，成功整合了 Weener 收購，在目標有機成長產品和終端市場方面繼續超越市場和同行，並按預期完成了多年的成本節約計劃。

We continue to validate the success of our unique operating model in our customer partnerships and are being rewarded in the market with new business opportunities and awards as a result of our unmatched focus, operational excellence, market-leading innovation, and relentless efforts to provide the best total value solutions to our customers.

我們不斷在與客戶的合作中驗證我們獨特的營運模式的成功，並且由於我們無與倫比的專注、卓越的營運、市場領先的創新以及為客戶提供最佳整體價值解決方案的不懈努力，我們在市場上獲得了新的商機和獎項。

Our Dispensing and Specialty Closures segment, which now represents over half of our adjusted EBITDA, delivered another year of record sales, adjusted EBIT, and adjusted EBITDA with continued EBITDA margin expansion and significant free cash flow generation. With the Weener acquisition now fully integrated and our run rate synergies fully achieved, the business is positioned to continue to achieve organic growth well in excess of our peers as we continue to win an outsized proportion of new product launches in the market.

我們的配藥和特種瓶蓋業務部門目前占我們調整後 EBITDA 的一半以上，又一年創下了銷售額、調整後 EBIT 和調整後 EBITDA 的紀錄，EBITDA 利潤率持續擴大，並產生了可觀的自由現金流。隨著對 Weener 的收購全面整合，我們的營運協同效應也已完全實現，公司將繼續保持遠超同業的有機成長，並繼續在市場上贏得相當大的新產品發布份額。

The combined innovation engine of these two market-leading businesses has already yielded additional contractual business wins and the business pipeline in dispensing products continues to accelerate. While 2025 included some unforeseen challenges, our team adapted during the year to the changing landscape and more importantly, have used the learnings from 2025 to further strengthen our processes that will help the businesses operate and serve their markets in an even more agile and adaptive way in the future.

這兩家市場領導者的聯合創新引擎已經帶來了更多合約業務的成功，分銷產品業務管道也持續加速發展。儘管 2025 年面臨一些意想不到的挑戰，但我們的團隊在這一年中適應了不斷變化的環境，更重要的是，他們利用 2025 年的經驗教訓進一步加強了我們的流程，這將有助於企業在未來以更加靈活和適應性更強的方式運營和服務於他們的市場。

Our Metal Containers business delivered another year of positive earnings and volume trends with 4% growth in volumes, led by 7% growth in pet food products. While our business was faced with a very challenging circumstance as one of our long-term customers during the year, our teams focus -- our teams were focused on protecting our business ahead of this outcome and worked diligently to nearly fully offset the secondary impact of this customer exiting certain markets.

我們的金屬容器業務在新的一年繼續保持盈利和銷售雙雙增長的良好勢頭，銷量增長了 4%，其中寵物食品產品增長了 7%。儘管我們公司在這一年中面臨著一位長期客戶退出市場帶來的非常嚴峻的挑戰，但我們的團隊專注於保護公司業務，並努力彌補這一結果，幾乎完全抵消了該客戶退出某些市場帶來的次生影響。

More importantly, with the recently announced developments with this customer, we believe we are uniquely positioned to continue to supply this business in the future and, at this time, do not anticipate any further impact from this situation.

更重要的是，隨著最近宣布的與該客戶的合作進展，我們相信我們擁有獨特的優勢，能夠在未來繼續為該業務提供服務，並且目前預計這種情況不會產生任何進一步的影響。

In Custom Containers, our teams continue to build on our commercial success and despite significant destocking in personal and home care products in the fourth quarter, delivered a record year of profitability, driven by our cost reduction programs and continued commercial successes. Our adjusted EBIT and EBITDA margins expanded by 150 basis points to a level well above the target we laid out about a decade ago, and the business is now in a strong position to transition into an accelerated growth phase over the next several years.

在客製化容器業務方面，我們的團隊繼續鞏固我們的商業成功，儘管第四季度個人和家庭護理產品庫存大幅減少，但在成本削減計劃和持續的商業成功推動下，我們實現了創紀錄的盈利年。我們的調整後 EBIT 和 EBITDA 利潤率成長了 150 個基點，遠高於我們大約十年前設定的目標水平，公司目前處於有利地位，可以在未來幾年內過渡到加速成長階段。

Our team continues to demonstrate and validate our unique position in this market. And despite being a smaller scale than some of our competitors, the levels of service we provide, new product innovation and the value of our long-term customer partnerships create significant opportunity to deliver organic growth in this business. As we turn our focus to 2026, we continue to see significant opportunities to grow our company both organically and inorganically. Our teams remain focused. Our strategic initiatives continue to bear fruit.

我們的團隊不斷證明並驗證我們在該市場中的獨特地位。儘管我們的規模比一些競爭對手要小，但我們提供的服務水平、新產品創新以及我們與客戶建立的長期合作夥伴關係的價值，為該業務的有機增長創造了巨大的機會。展望 2026 年，我們仍然看到公司在有機成長和無機成長方面存在著巨大的發展機會。我們的團隊依然專注。我們的策略措施持續取得成效。

Our balance sheet is within our target leverage range, and we believe the opportunities for significant value creation for shareholders in 2026 and beyond remain as compelling as at any time in our history.

我們的資產負債表處於目標槓桿率範圍內，我們相信，在 2026 年及以後，為股東創造重大價值的機會仍然像我們歷史上的任何時期一樣具有吸引力。

At the segment level, we are expecting Dispensing and Specialty Closures organic volumes to grow by a low to mid-single-digit rate in 2026, driven by another year of growth in our dispensing products and improved mix. We expect Metal Containers volumes to grow by a low single-digit percentage, driven primarily by another year of mid-single-digit growth in pet food. In Custom Containers, after a record year of profitability, volumes are expected to be flat as the first quarter is expected to see some continued but limited impact from customer destocking.

從細分市場來看，我們預計 2026 年分配和特種瓶蓋的有機銷量將以個位數低至中等的速度增長，這主要得益於分配產品銷量的另一年增長以及產品組合的改善。我們預計金屬容器銷售將以較低的個位數百分比成長，主要原因是寵物食品銷售連續第二年維持中等個位數成長。在客製化容器領域，在經歷了創紀錄的盈利年份之後，預計銷量將保持平穩，因為預計第一季客戶去庫存的影響將持續存在，但影響有限。

Importantly, we anticipate this impact to be offset in the remaining three quarters as the business repositions to longer-term growth with key franchise customers. As we enter 2026, we remain excited about the opportunities that lay ahead for the company and are confident that the structural changes and evolution in our portfolio have positioned us to drive growth in our business in the near and long term. Our teams remain focused on meeting the unique needs of our customers as we continue to compete and win in the markets we serve, and our strategic growth initiatives continue to shape the company's future. The power of our portfolio, the strength of our teams and the discipline of our capital deployment model continue to drive significant opportunity to create value for shareholders in 2026 and beyond.

重要的是，我們預計這種影響將在剩餘的三個季度內得到抵消，因為公司將重新定位，與主要加盟客戶實現長期成長。進入 2026 年，我們仍然對公司未來的機會感到興奮，並相信我們投資組合的結構性變化和發展已經使我們能夠在近期和長期內推動業務成長。我們的團隊始終專注於滿足客戶的獨特需求，在我們服務的市場中持續競爭並取得成功，我們的策略成長計畫也持續塑造公司的未來。我們強大的投資組合、優秀的團隊以及嚴謹的資本部署模式，將繼續為股東在 2026 年及以後創造價值帶來重大機會。

With that, Shawn will take you through the financials for the quarter and our estimates for the first quarter and full year of 2026.

接下來，肖恩將帶您了解本季的財務狀況以及我們對 2026 年第一季和全年的預測。

Thank you, Adam. As Adam highlighted, we reported another year of strong financial results for 2025, driven by the continued success of our long-term strategic initiatives, the discipline of our capital deployment model, and the resilience and growth of our products and end markets. During the year, we successfully integrated the Weener transaction and achieved full run rate synergies, returned our balance sheet leverage to within our target range in just over a year following the closing of the transaction, and completed our multiyear cost reduction program.

謝謝你，亞當。正如亞當所強調的那樣，我們公佈了 2025 年又一個強勁的財務業績，這得益於我們長期戰略舉措的持續成功、我們資本部署模式的嚴謹性以及我們產品和終端市場的韌性和增長。年內，我們成功整合了 Weener 交易，實現了全面協同效應，在交易完成後的一年多時間裡，將資產負債表槓桿率恢復到了目標範圍內，並完成了多年的成本削減計劃。

Turning to the fourth-quarter 2025 results. Net sales of approximately $1.5 billion increased 4% from the prior-year period, driven primarily by the contractual pass-through of higher raw materials, mostly in our Metal Containers business and favorable foreign currency translation. Total adjusted EBIT for the quarter of $150.6 million was relatively flat from the prior year, with higher adjusted EBIT in our Metal Container segment offset primarily by higher corporate expense.

接下來來看2025年第四季的業績。淨銷售額約 15 億美元，比上年同期成長 4%，主要得益於原物料價格上漲的合約轉嫁（主要來自我們的金屬容器業務）以及有利的匯率變動。本季調整後息稅前利潤總額為 1.506 億美元，與去年同期基本持平，金屬容器業務部門調整後息稅前利潤的成長主要被更高的公司支出所抵銷。

Adjusted EPS of $0.67 decreased by $0.18 from the prior-year period due to higher interest expense and a higher tax rate in the fourth quarter. The fourth quarter tax rate was negatively impacted by certain nonrecurring noncash tax items which impacted the tax rate in the quarter by approximately 3% and the year by approximately 0.5%.

第四季調整後每股收益為 0.67 美元，較上年同期減少 0.18 美元，原因是利息支出增加和稅率提高。第四季稅率受到某些非經常性非現金稅項的負面影響，導致該季度稅率下降約 3%，全年稅率下降約 0.5%。

Turning to our segments. Fourth-quarter sales in our Dispensing and Specialty Closures segment increased 1% versus the prior year, primarily as a result of foreign currency translation of 4%. Higher volumes for high-value fragrance and beauty products were offset by the anticipated destocking impact for products in the personal and home care markets.

接下來進入我們的節目環節。第四季度，我們的分配和特種瓶蓋業務銷售額比去年同期成長了 1%，主要原因是 4% 的外幣折算。高價值香水和美容產品銷售增加，但個人護理和家居護理市場產品預計的去庫存影響抵消了這一增長。

Fourth-quarter 2025 Dispensing and Specialty Closures adjusted EBIT was comparable to the record level in the prior year. As expected, the contribution of double-digit growth in high-value fragrance and beauty products and favorable foreign currency translation were largely offset by the anticipated impact of lower volumes of products for personal care and home care markets and related under-absorbed costs for production and inventory reductions in the quarter. Relative to our expectations entering the quarter, both sales and adjusted EBIT in Dispensing and Specialty Closures were largely in line.

2025 年第四季配藥和特種瓶蓋調整後的息稅前利潤與去年創紀錄的水平相當。正如預期的那樣，高價值香水和美容產品兩位數增長以及有利的匯率變動帶來的貢獻，很大程度上被個人護理和家庭護理市場產品銷量下降以及本季度生產和庫存減少的相關成本未充分吸收的影響所抵消。與本季初的預期相比，配藥和特種瓶蓋業務的銷售額和調整後息稅前利潤基本上符合預期。

In our Metal Containers segment, sales increased 11% versus the prior year quarter as a result of the contractual pass-through of higher raw material costs, principally for steel and aluminum and higher volumes of 4%. Our volume growth mid-quarter was largely a result of higher volumes for pet food markets of 7% as we continue to experience strong volume growth in this category. Additionally, we did see a limited amount of prebuy volume in the fourth quarter as certain customers pulled forward volume ahead of the anticipated raw material inflation in 2026.

在我們的金屬容器業務板塊，由於原材料成本（主要是鋼鐵和鋁）的上漲以及銷量增長4%，銷售額比上年同期增長了11%。本季中期銷售成長主要得益於寵物食品市場銷售成長 7%，因為我們在該類別中持續保持強勁的銷售成長勢頭。此外，由於某些客戶在預計 2026 年原物料價格上漲之前提前採購，我們在第四季度確實看到了有限的預購量。

Metal Containers' adjusted EBIT increased approximately 5% versus the prior-year quarter as the segment benefited from both strong operational cost management, which was responsible for the majority of the outperformance in the segment versus our expectation entering the quarter and a limited impact from prebuy volumes ahead of additional raw material inflation in 2026.

由於金屬容器業務部門受益於強勁的營運成本控制（這是該部門業績超出我們季度初預期的主要原因），以及在 2026 年原材料價格進一步上漲之前提前採購量的影響有限，該部門的調整後息稅前利潤較上年同期增長了約 5%。

We estimate the impact of prebuy volumes to 2025 adjusted EBIT was approximately $2 million. In Custom Containers, our results were largely consistent with our expectations as sales decreased 8% compared to the prior year quarter due to lower margin business exited as a result of a planned footprint optimization. Excluding these volumes, our volume increased 1% versus the prior year quarter. Custom Containers' adjusted EBIT was comparable to the prior year levels.

我們估計，到 2025 年，預購量對調整後 EBIT 的影響約為 200 萬美元。在客製化容器業務方面，我們的業績與預期基本一致，銷售額較上年同期下降了 8%，這是由於計劃中的佈局優化導致利潤率較低的業務退出所致。剔除這些銷量後，我們的銷量比去年同期成長了 1%。Custom Containers 的調整後息稅前利潤與去年同期水準相當。

Looking ahead to 2026, we are estimating EPS in the range of $3.70 to $3.90 as compared to $3.72 in 2025, with higher operating income, partially offset by higher interest and tax expense during the year. This estimate includes interest expense of approximately $205 million, a tax rate of approximately 25% to 26%, corporate expense of approximately $45 million and a weighted average share count of approximately 106 million shares.

展望 2026 年，我們預計每股盈餘 (EPS) 將在 3.70 美元至 3.90 美元之間，而 2025 年為 3.72 美元，營業收入增加，但部分被當年的利息和稅收支出增加所抵消。該估算包括約 2.05 億美元的利息支出、約 25% 至 26% 的稅率、約 4,500 萬美元的公司支出以及約 1.06 億股的加權平均股份數。

Interest expense is expected to be above 2025 levels due primarily to the maturity of our 1.4% senior secured notes become due in April. At the midpoint of our 2025 adjusted EPS range, we will exceed the prior year levels of adjusted EBIT and adjusted EBITDA achieved in 2025. From a segment perspective, low to mid-single-digit percentage total adjusted EBIT growth in 2026 is expected to be driven primarily by a low to mid-single-digit percent increase in Dispensing and Specialty Closures adjusted EBIT and a low single-digit percent increase in Metal Containers adjusted EBIT.

預計利息支出將高於 2025 年的水平，這主要是因為我們 1.4% 的優先擔保票據將於 4 月到期。在我們 2025 年調整後每股盈餘範圍的中點，我們將超過前一年在 2025 年實現的調整後 EBIT 和調整後 EBITDA 水準。從業務板塊來看，預計 2026 年調整後 EBIT 總成長率將達到個位數百分比，主要由分配和特種瓶蓋調整後 EBIT 的個位數百分比成長以及金屬容器調整後 EBIT 的個位數百分比成長所驅動。

Custom Containers segment adjusted EBIT is expected to be comparable to 2025 levels as the business completes its multiyear cost reduction initiative and transitions to organic growth during 2026. Volumes in 2026 are expected to grow by a low to mid-single-digit percentage in Dispensing and Specialty Closures, driven by a mid-single-digit increase in dispensing products. Metal Containers volumes are expected to grow by a low single-digit rate as a result of the mid-single-digit growth in products for pet food markets, which now represent more than half of the segment volume.

隨著客製化容器業務在 2026 年完成多年成本削減計劃並過渡到內生增長，預計其調整後的息稅前利潤將與 2025 年的水平相當。預計 2026 年分配和特種瓶蓋的銷售量將以個位數百分比的低到中等增長，這主要得益於分配產品個位數百分比的中等增長。由於寵物食品市場產品實現了中等個位數的成長，金屬容器的銷售量預計將以較低的個位數速度成長，而寵物食品市場產品目前已佔該細分市場銷售量的一半以上。

Custom Containers volumes are expected to be comparable to prior year levels as first quarter volume will be lower than the prior year due to a limited carryover of destocking activity, which is expected to be offset by growth in the subsequent quarters. Based on our current earnings outlook for 2026, we are providing an estimate of free cash flow of approximately $450 million as operating earnings growth will be partly offset by higher cash interest and tax and slightly higher CapEx of approximately $310 million to support investments in future growth in dispensing and pet food products.

由於去庫存活動的結轉有限，第一季客製化貨櫃的銷量預計將低於上年同期水平，但預計隨後幾季的成長將抵消這一影響。根據我們對 2026 年的當前獲利展望，我們預計自由現金流約為 4.5 億美元，因為營運獲利成長將被更高的現金利息和稅收以及略高的資本支出（約 3.1 億美元）部分抵消，以支持對未來在分銷和寵物食品產品方面的成長進行投資。

Turning to our outlook for the first quarter of 2026. We are providing an estimate of adjusted earnings in the range of $0.70 to $0.80 per diluted share as compared to adjusted EPS of $0.82 in the prior year period. First quarter interest expense is anticipated to be in the range of $45 million with a tax rate of approximately 25% to 26%. From a segment standpoint, first quarter Dispensing and Specialty Closures adjusted EBIT is expected to be below the prior year period, principally as a result of the year-over-year impact of the benefit of selling through prior year inventory in an inflationary environment in 2025 as compared to the headwind of selling through prior year inventory in 2026 for steel, food and beverage products in Europe.

接下來展望一下我們對 2026 年第一季的展望。我們預計調整後每股攤薄收益在 0.70 美元至 0.80 美元之間，而去年同期調整後每股收益為 0.82 美元。預計第一季利息支出將在 4,500 萬美元左右，稅率約為 25% 至 26%。從業務板塊來看，第一季分配和特種瓶蓋調整後的息稅前利潤預計將低於上年同期，這主要是由於2025年通膨環境下銷售上年庫存的利好因素，與2026年歐洲鋼鐵、食品和飲料產品銷售上年庫存的不利因素相比，同比影響所致。

Metal Containers adjusted EBIT is expected to be comparable to slightly below the prior-year level in the first quarter as a result of the impact of limited prebuy volume in the fourth quarter of 2025 that pulled volume forward from the first quarter of 2026. Custom Containers adjusted EBIT is expected to be modestly below prior-year levels in the first quarter due to the carryover of destocking activity into January.

由於 2025 年第四季預購量有限，導致 2026 年第一季的銷售提前，金屬容器業務調整後的息稅前利潤預計在第一季將與去年同期水準持平或略低於去年同期水準。由於去庫存活動延續至 1 月份，預計 Custom Containers 調整後的息稅前利潤在第一季將略低於去年同期水準。

With that, we'll open the call for questions. Melinda, would you kindly provide the directions for the question-and-answer session?

接下來，我們將開始接受提問。梅琳達，請問您能否提供問答環節的規則？

(Operator Instructions) George Staphos, Bank of America.

（操作員說明）喬治·斯塔福斯，美國銀行。

Bob, congratulations, well-earned retirement. And Shawn, nice to chat with you again, and welcome to the call. I guess my first question, Shawn, could you give us a bit more detail in terms of the first quarter outlook for DSC, just kind of the puts and takes that you see. I think you mentioned there was also some impact from prebuy.

鮑勃，恭喜你，這是你應得的退休生活。肖恩，很高興再次和你聊天，歡迎參加通話。肖恩，我的第一個問題是，你能否更詳細地介紹DSC第一季的展望，以及你看到的利弊分析。我想你之前也提到過預購也產生了一定的影響。

More broadly, with DSC having grown now to being the largest business, I would imagine maybe you disagree that the order patterns, the operations, the way that business runs might be different than what you normally would have seen in a traditional Silgan business, say, 5 and 10 years ago. Philippe and Shawn, what -- and Adam, how do you manage the business? How do you manage forecast? Do you keep your customers in a narrower band relative to, say, what traditionally you would have seen in metal? And then I might have one follow-on after that.

更廣泛地說，隨著 DSC 發展成為最大的企業，我想您可能不同意訂單模式、運作方式以及業務運作方式與您在 5 年前或 10 年前在傳統的 Silgan 企業中通常看到的情況有所不同。Philippe 和 Shawn，你們──還有 Adam，你們是如何管理公司的？您如何進行預測？與傳統金屬樂市場相比，你的客戶群是否更窄？之後我可能還會再寫一篇後續文章。

Sure. So I'll take the first part of that question, and Adam will take the second part. For the DSC segment in the first quarter, we're seeing low to mid-single-digit volumes. And one of the challenges that we're facing there is that we do have some low-cost inventory that we put through the system in the first quarter of 2025. So a little bit of a headwind going into the quarter to overcome that EBIT benefit from that position.

當然。所以我來回答這個問題的第一部分，亞當來回答第二部分。第一季度，DSC 業務的銷售量為個位數低至中位數。我們面臨的挑戰之一是，我們在 2025 年第一季有一些低成本庫存需要透過系統處理。因此，進入本季後，需要克服一些不利因素來抵消該職位帶來的息稅前利潤優勢。

Got you.

抓到你了。

And then, George, on the Dispensing and Specialty Closures business, the portfolio evolution that we've been talking about for the last decade, you're right, has moved that business to our largest business in the portfolio now. And -- you're also correct that, that -- it's a bit of a business -- it is different business than kind of the historic food can business for Silgan or maybe even some of the rigid plastic packaging businesses that the company started with when we were founded back in the '80s.

喬治，關於配藥和特種瓶蓋業務，我們過去十年一直在討論的產品組合演變，你說得對，已經使該業務成為我們產品組合中最大的業務。而且——你說的也對——這有點像是一門生意——它與 Silgan 的歷史食品罐頭生意，甚至與公司在 80 年代創立之初的一些硬質塑料包裝生意都不同。

You think about co-located facilities that you're integrated very deeply into your customers. In many cases, you're buying customer assets, so you're part of their production model already right out of the gate. And I think as you think about the growth that we've had in Fragrance and Beauty and some of the Personal Care and Home Care products and dispensing and specialty closures, it is a bit of a different supply relationship. We're more of a supply partner with an outside-in perspective versus being kind of on-site and deep in the weeds with how they're running their business.

想想那些與客戶深度融合的共同辦公場所。在很多情況下，你購買的是客戶的資產，所以從一開始就成為了他們生產模式的一部分。我認為，考慮到我們在香水美容、個人護理和家居護理產品以及分裝和特殊封蓋方面的增長，其供應關係就有所不同了。我們更像是從外部視角出發的供應合作夥伴，而不是深入他們的現場，詳細了解他們的業務運作方式。

So I think it has -- we have some learnings from '25. We'll be very clear about that. And I think part of those learnings are taking a broader view, broader perspective on the macro environment and other influences that may affect our customer businesses more so than maybe just what's within our own two, four walls as we are on site, near site in those kind of food can operations. So part of that, George, is as we've talked, we've taken a broader view of risk as we've come out with our guidance now for Q1 and also for 2026 to try to take into account some of the unknown risks that maybe we hadn't included in guidance before, again, taking those learnings from 2025.

所以我認為－我們從2025年吸取了一些經驗教訓。我們會把這一點說得很清楚。我認為，這些經驗的一部分是要從更廣泛的角度看待宏觀環境和其他可能對客戶業務產生更大影響的因素，而不僅僅是我們自己的兩面牆內的情況，因為我們身處食品罐頭生產現場或附近。喬治，正如我們剛才討論的，我們在發布第一季度和 2026 年的業績指引時，對風險採取了更廣泛的視角，試圖考慮到一些我們之前可能沒有納入指引的未知風險，同時也吸取了 2025 年的經驗教訓。

Adam, my follow-on, I'll turn it over to everyone else. For you to be -- and recognizing there are no guarantees in life, right, forecast can be significantly above or below, that's the world that we're all in. At the low end of your guidance, what would be some of the key volume and margin considerations across the business? So again, not saying that's where you're necessarily going, nothing is guaranteed. But at your low end of guidance, what's embedded in that?

亞當，我的下一個問題，接下來就交給其他人了。你要明白──人生沒有絕對的保證，對吧？預測可能會大大高於或低於預期，這就是我們身處的現實世界。依照您給予的最低預期，公司各方面的關鍵銷售和利潤率考量有哪些？所以再次強調，我並不是說你一定會去那裡，一切都無法保證。但是，在指導的最低要求下，其中又蘊含著什麼呢？

Yes. I think, George, I mean, Shawn walked through kind of our volume expectations for each of the segments. I think we've got a pretty good feel for demand profiles and patterns with our customers and with the business that we have. I think maybe to try to answer your question, I would say, broader market conditions that might influence our customers' demand for their products, probably is one of the items I would point you to that could move us closer to the low end of the range.

是的。我認為，喬治，我是說肖恩，已經大致講解了我們對每個部分的銷售預期。我認為我們對客戶和現有業務的需求特徵和模式已經有了相當不錯的了解。為了回答您的問題，我想說，更廣泛的市場狀況可能會影響客戶對我們產品的需求，這可能是我們能夠更接近價格區間低端的原因之一。

But again, we've taken a very broad approach to taking those risks into consideration to develop the range that we have, and that's included in our guidance to the midpoint as well.

但是，我們再次強調，我們在製定現有產品系列時，採取了非常全面的方式來考慮這些風險，這一點也體現在我們的產品中期價格預期中。

(Operator Instructions) Matt Roberts, Raymond James.

（操作說明）Matt Roberts，Raymond James。

Congratulations to Shawn and Alex on your new roles. First, on the DSC volume for 2026, I am wondering if you could help me parse that out and bear with me, I'm going to play about 3-in-1 here. But first on hot-fill beverage, how do volumes perform in 4Q and the outlook there for '26 or contribution from new contracts there?

恭喜肖恩和亞歷克斯榮任新職。首先，關於 2026 年的 DSC 發行量，我想請您幫我分析一下，請耐心聽我說，我這裡要講的是 3 合 1 的內容。但首先來說說熱灌裝飲料，第四季的銷售表現如何？ 2026 年的前景如何？新合約的貢獻如何？

In Home and Personal Care destocking, was there any lingering impact in 1Q in DSC? I might have missed that. And lastly, in Fragrance, I mean that continues to grow at double-digit growth. And by math, comps alone, you would think that, that would have to slow at some point. But based on customer orders or innovation pipeline, what are you expecting there?

家居及個人護理用品的去庫存，對第一季DSC的影響是否持續存在？我可能錯過了。最後，就香水產業而言，我的意思是它繼續保持兩位數的成長。單從數學角度來看，單從綜合考試的角度來看，你會覺得這種情況總有一天會放緩。但根據客戶訂單或創新計劃，您對此有何預期？

And is it a function of high-end consumer doing well or continued new product launches or partners expanding distribution channels? What's going to sustain momentum there?

這是否與高端消費者的良好表現、持續的新產品推出或合作夥伴拓展通路有關？什麼因素能夠維持這種發展動能？

Sure. So maybe just jumping back to kind of fourth quarter volumes. So for DSC, Matt, really, volumes were very close to what we expected, right? So as Shawn pointed out, double-digit growth in our Fragrance and Beauty volumes. Personal Care and Home Care, we had anticipated the destocking. It did happen in Q4, essentially right in line with our expectation.

當然。所以或許應該直接跳到第四季的銷售數據。所以對於DSC來說，Matt，銷售量確實非常接近我們的預期，對吧？正如肖恩指出的那樣，我們的香水和美容產品銷售量實現了兩位數的成長。個人護理和家庭護理用品，我們早就預料到會減少庫存。這件事確實在第四季發生了，基本上符合我們的預期。

I think there is a slightly different answer here than Custom Containers. So to be really clear, we think the destocking activity is complete in our Dispensing and Specialty Closures segment. And so volumes were right in line with expectations, including food and beverage as well. So fourth quarter played out pretty close to what we thought. As we turn to the full year of 2026, again, as Shawn just outlined, significant growth, again, expected in Fragrance and Beauty.

我認為這個問題的答案與自訂容器略有不同。所以說清楚點，我們認為在分裝和特種瓶蓋領域，去庫存活動已經完成。因此，銷量與預期完全一致，食品和飲料的銷量也是如此。所以第四節的比賽結果和我們預想的差不多。展望 2026 年全年，正如肖恩剛才所概述的那樣，預計香水和美容行業將再次實現顯著增長。

You think about Food and Beverage and maybe some of my comments I just made to George, our assumption for volume right now is going to be comparable.

想想食品飲料產業，也許就像我剛才跟喬治說的那樣，我們目前對銷售的預期是相近的。

So you mentioned new contractual wins. Yes, there are some. We've taken an approach that we're going to include some conservative guidance for the market for our food and beverage, hot fill products and sports drinks, et cetera, as we're looking at 2026, and we'll see how that plays out.

你提到了新簽下的合約。是的，有一些。我們採取的方法是，在展望 2026 年時，對食品飲料、熱灌裝產品和運動飲料等市場做出一些保守的預測，看看結果如何。

Fragrance and Beauty, it's really -- it's more of the same story. And I think, Matt, as we've talked before, the development pipeline for these products, it is multiyear. It's probably not quite as long as some of our healthcare products, but you're talking two to three years. So all of this volume that we're going to deliver in 2026 has really been in the innovation pipeline for us for several years.

香水和美容，其實——本質上還是同一個故事。而且我認為，馬特，正如我們之前討論過的，這些產品的開發流程需要數年時間。雖然可能沒有我們的一些醫療保健產品那麼長，但也差不多有兩到三年了。因此，我們將在 2026 年交付的所有這些產品，實際上已經在我們的創新計劃中醞釀了好幾年。

So there's really no surprise to us. I think the really important point here is that we keep getting rewarded with our performance from our customers with new business wins. We get a disproportionate amount of the new product launches they have, and that's what's continuing to drive, I'll say, the double-digit growth that we had in the last two quarters of 2025 in our estimate for 2026 as well.

所以這真的沒什麼好驚訝的。我認為真正重要的是，我們不斷從客戶那裡獲得新業務的認可，這要歸功於我們出色的業績。我們獲得了他們推出的新產品中不成比例的份額，而這正是推動我們在 2025 年最後兩個季度以及對 2026 年的預測中實現兩位數增長的原因。

So maybe to go back to your question, Matt, I'd say it's for fragrance and Beauty, it's all of the above. All of the things that you outlined are the reasons why we continue to grow faster than the market. And again, we take a lot of pride in that. We take it very seriously. We're working right now on '27 and '28 product launches and have a pretty good feel for what that's going to look like at this point given that development pipeline.

所以回到你的問題，馬特，我會說它適用於香水和美容，它涵蓋了以上所有方面。您所提到的所有因素，正是我們能夠持續以高於市場平均的速度成長的原因。我們對此感到非常自豪。我們非常重視此事。我們目前正在籌備 2027 年和 2028 年的產品發布，鑑於目前的開發進度，我們對最終成果已經有了比較清晰的認識。

So hopefully, that covered all your items.

希望以上內容涵蓋了您所需的所有物品。

Certainly did. I appreciate all the detail there. And as a follow-on, if I could ask about metal. So 4Q EBIT came in better than I think your prior expectations and margin even improved with the higher pet volume mix. So as you continue to invest and see pet food growth there, are there any contractual changes in metals that are going on, should continued margin expansion, excluding any raw materials impact, of course?

確實如此。我很欣賞其中的細節。最後，可以問一下關於金屬的問題嗎？所以，第四季息稅前利潤比你之前的預期要好，而且隨著寵物銷量佔比的提高，利潤率甚至有所提高。因此，隨著您繼續投資並看到寵物食品行業的成長，金屬方面的合約是否有任何變化？這是否會影響利潤率的持續擴張（當然，不包括原材料方面的影響）？

Or was it cost outs that are driving strong results there? Any additional color you could have on margin expectations absent raws in '26?

或者說，是成本控制方面的努力才帶來了強勁的業績？關於2026年沒有原始數據的情況下，您對利潤預期還有其他補充說明嗎？

Sure. There are probably three things to really think about. I think the single largest is the cost reduction initiatives that we put forward in actually all three of our segments. Certainly, Metal Containers had a good portion of that cost savings program over the last two years. So they've executed really well against that cost savings initiative and have lowered the overall cost structure.

當然。可能有三件事值得認真考慮。我認為最大的變化是我們在所有三個業務部門都提出的成本削減計劃。當然，在過去兩年裡，金屬容器公司在成本節約計畫中發揮了重要作用。因此，他們在成本節約計劃的執行方面做得非常出色，降低了整體成本結構。

As you can imagine, volume leverage in this business is incredibly important. So as you continue to deliver growth in pet food and 4% growth in the entirety of the business, that leverage is pretty strong as well. So that -- it is helpful for the operating margin. And then finally, you're right, we continue to invest to grow with our largest customers. I think it was -- and guys, correct me if I've got it wrong, it was 2024 that we announced a significant long-term extension with our single largest customer.

如你所想，在這個產業裡，銷售槓桿作用極為重要。因此，隨著寵物食品業務持續成長，以及整個業務持續成長 4%，這種槓桿作用也相當強大。所以，這有利於提高營業利益率。最後，您說得對，我們會繼續投資，與我們最大的客戶一起成長。我想應該是——各位，如果我記錯了請糾正我，我們是在 2024 年宣布與我們最大的單一客戶達成一項重要的長期續約協議。

And we said at that time that there's nothing structurally changing about the contract, Matt, but we thought that, that contract would be margin accretive over the life of the agreement. And it is playing out the way we anticipated.

當時我們就說過，馬特，合約的結構沒有任何改變，但我們認為，這份合約在協議有效期內會增加利潤。事情的發展正如我們所預料的。

So it's -- that's a little bit more on the margin versus our cost reduction initiatives. But our anticipation is our largest contracts are going to be slightly margin accretive over the life of those agreements as well.

所以，這與我們的成本削減計劃相比，只是略微超出了預算範圍。但我們預計，我們最大的幾份合約在協議有效期內也將略微提高利潤率。

Matt, the only other thing to add is, as you think about 2026, remember, we have, again, raw material inflation in this segment. So that will have a mathematical impact on margins, so probably stable on margins for 2026, given the incremental leverage on pet food, offset partly by the higher sales from pass-through of raw materials.

馬特，還有一點要補充的是，當你考慮 2026 年時，請記住，我們再次面臨該領域原物料價格上漲的問題。因此，這將對利潤率產生數學上的影響，考慮到寵物食品業務的增量槓桿作用，2026 年的利潤率可能會保持穩定，部分被原材料轉嫁帶來的更高銷售額所抵消。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

My congrats to Shawn, Bob, and Alex as well for all the news and the promotions, best wishes into the future. I guess, Adam, if we go back to the Dispensing Closures segment and thinking back from a high-level standpoint on 2025, right? So if you -- I think you started to see the destocking impact on beverage pretty early on relative to your initial guidance and then it broadened to other categories as the year unfolded.

也恭喜肖恩、鮑伯和亞歷克斯所取得的所有成就和晉升，祝福他們未來一切順利。我想，亞當，如果我們回到「分配蓋」部分，從宏觀角度展望 2025 年，對吧？所以，我認為你很早就開始看到去庫存對飲料行業的影響，這與你最初的預期相比有所偏差，然後隨著時間的推移，這種影響擴展到了其他品類。

Have you seen normalization in demand for the categories that were initially into the downturn? And just more broadly, where are we on destocking? Do you still see some lingering impacts into early part of the year, just given the sequence of what unfolded last year?

您是否觀察到最初處於低迷狀態的品類需求出現正常化跡象？更廣泛地說，我們在去庫存方面進展如何？鑑於去年發生的事情，您是否認為今年年初還會有一些持續的影響？

Sure. Yes. I think you pretty much got that right, Ghansham. So the food and beverage destocking activity really took place for us. We saw that in Q2.

當然。是的。我覺得你說的基本沒錯，甘沙姆。所以，食品和飲料的清倉活動確實是為我們進行的。我們在第二季就看到了這一點。

And to your point, the rest of the year in Food and Beverage roughly played out as we expected. We think those volumes are now normalized. We think that year-end inventory levels in the system are at the level that our customers had targeted for year-end.

正如您所說，今年剩餘時間裡，食品飲料產業的情況大致符合我們的預期。我們認為這些交易量現在已經正常化了。我們認為系統中的年末庫存水準達到了客戶設定的年末目標水準。

And as we turn the page going to 2026, we're calling out comparable volumes for Food and Beverage. So we had a little bit of destocking in Q4 for our Personal Care and Home Care products in the segment. We believe that is completed in Q4 and won't have an impact on Q1 volumes for the Dispensing and Specialty Closures segment.

展望 2026 年，我們將對食品和飲料產業進行類似的預測。因此，我們在第四季度對該領域的個人護理和家居護理產品進行了一些去庫存。我們相信這項工作將在第四季度完成，不會對第一季的配藥和特種瓶蓋業務量產生影響。

Shifting gears slightly, there is a little bit of a carryover of destocking for custom containers. And really, that just is the simple probably unique position that, that business has in our portfolio. As you know, Ghansham, most of our customer relationships are direct. We've got a 10% to 15% distribution business in our custom containers or our plastic bottle business. And typically, destocking just takes a slightly different time line in that distribution segment.

稍微轉換一下話題，客製化貨櫃的去庫存工作也略有延續。事實上，這正是該企業在我們投資組合中可能獨有的地位。甘沙姆，你也知道，我們大部分的客戶關係都是直接的。我們的客製化容器或塑膠瓶業務的分銷份額佔 10% 到 15%。通常情況下，該分銷環節的去庫存流程會略有不同。

Again, thinking just a simple fact that there's another layer of inventory in the supply chain. So typically, destocking starts a little bit later, ends a little bit later. And so we're seeing that carry over a little bit into Q1, saw that activity a little bit in January as well. So that's included in our guidance. But to be really clear about DSC, that destocking activity is now completed as of the end of 2025.

再想想一個簡單的事實：供應鏈中還有另一層庫存。所以通常情況下，去庫存工作開始得晚一些，結束得也晚一些。因此，我們看到這種趨勢延續到了第一季度，1月也出現了一些類似的跡象。所以這部分內容已經包含在我們的指導方針中了。但要真正明確說明DSC的情況，截至2025年底，去庫存活動已經完成。

Got you. Perfect. And then on Weener Packaging, I think originally, when you outlined the logic behind the transaction, it was going to be additive as it relates to growth. It was very complementary, et cetera. It sounds like the integration is well underway.

抓到你了。完美的。至於 Weener Packaging，我認為最初當你概述這筆交易背後的邏輯時，它是為了促進成長而增加的。它非常互補，等等。聽起來整合工作進展順利。

What about the commercial synergies specific to the asset, the underlying growth that you're seeing there? Any specific wins you can cite as it relates to step functioning your position in pharmaceuticals and healthcare and so on?

那麼，該資產的具體商業綜效，以及您所看到的潛在成長呢？您能否列舉一些具體的成功案例，來說明您在製藥和醫療保健等領域如何逐步提升自身地位？

Sure. You're right. It's been a great addition to our portfolio. I would say the acquisition integration is now complete. We achieved our synergy targets.

當然。你說得對。它極大地豐富了我們的投資組合。我認為收購整合現已完成。我們實現了協同效應目標。

We're now 15 months, let's call it, post acquisition. We've achieved our run rate synergy targets. And I think you're touching on an item, the commercial synergies, Ghansham, that's really not something we typically include in our synergies, but they're absolutely there in this business. And you're taking two market-leading dispensing businesses and combining them, particularly when you think about Bayer's position in North America, great products, very limited reach and very limited scope in North America.

收購完成至今已經15個月了，姑且這麼稱呼吧。我們已經實現了運行率協同效應目標。甘沙姆，我認為你提到了商業協同效應這一點，這通常不是我們考慮的協同效應，但在這個行業中，協同效應確實存在。你們將兩家市場領先的藥品分銷業務合併在一起，尤其考慮到拜耳在北美的地位，其產品很棒，但在北美的覆蓋範圍和規模卻非常有限。

We've been able to take some of their products, their technology to our large food customers that Silgan has such a great history and relationship with. And we have been awarded new business, not only on the food side, but some of our other consumer products as well.

我們已經能夠將他們的一些產品和技術推廣給我們的大型食品客戶，Silgan 與這些客戶有著非常良好的歷史和合作關係。我們不僅在食品領域，而且在其他一些消費品領域也獲得了新的業務。

So I think it's -- we're getting the best of both worlds between the two businesses, leveraging those relationships wherever they may exist, whether it's legacy Silgan dispensing or at the Weener customer relationship level, and we're seeing growth opportunities on both sides of that equation.

所以我認為——我們正在兩家公司之間獲得最佳優勢，利用現有的各種關係，無論是傳統的 Silgan 分銷管道還是 Weener 的客戶關係，我們都看到了雙方的成長機會。

Gabe Hajde, Wells Fargo.

Gabe Hajde，富國銀行。

I wanted to ask, we're hearing a lot of mixed messaging from some of your peers as well as customers trying to navigate the current environment. I don't want to go down the laundry list, but population trends, affordability, GLP-1, et cetera. We're seeing some restagings, some strategy changes at big CPGs. I'm just curious, in this type of an environment, obviously, nothing has been sort of normal, let's say, in the past five, six years.

我想問一下，我們從你們的一些同行以及試圖適應當前環境的客戶那裡聽到了很多相互矛盾的訊息。我不想一一列舉，但人口趨勢、可負擔性、GLP-1 等等。我們看到一些大型消費品公司正在重組，一些策略發生了變化。我只是好奇，在這種環境下，顯然，在過去的五、六年裡，沒有什麼事情是正常的。

But just as you look across your portfolio, think about your go-to-market strategy, your long-term relationships and contracts, et cetera, do you see the current environment where it seems like customers are looking to reduce cost, complexity, things like that in the supply chain as an opportunity for Silgan? And how would you say that's incorporated into your thinking and/or the guidance for '26?

但當你審視你的產品組合，思考你的市場進入策略、長期合作關係和合約等等時，你是否認為當前客戶似乎正在尋求降低供應鏈成本、複雜性等問題的環境，對 Silgan 來說是一個機會？那麼，您認為這是如何融入您的思考和/或 2026 年的指導方針中的呢？

Sure. I mean I think '25 was a very volatile year for all the same reasons that you outlined, Gabe. And I think we all had to deal with that one way or another. And I think for us, the vast majority -- I mean, almost all of our products are in the consumer staples category. So we get away from the discretionary spend quite a bit of our portfolio.

當然。我的意思是，我認為 2025 年是一個非常動蕩的年份，原因和你提到的完全一樣，Gabe。我認為我們所有人都必須以某種方式面對這個問題。我認為對我們來說，絕大多數——我的意思是，我們幾乎所有的產品都屬於消費必需品類別。因此，我們相當一部分投資組合都避免了非必要支出。

So I think we feel confident that our products continue to have good underlying demand even with population trends and affordability conversations, the food can will continue to, say even with some inflation that we pass through is the lowest cost means of getting nutrition to consumers that need it.

因此，我認為我們有信心，即使考慮到人口趨勢和價格承受能力的討論，我們的產品仍然有良好的潛在需求。食品罐頭將繼續成為向需要營養的消費者提供營養的最低成本方式，即使我們承擔了一些通貨膨脹。

So we feel like our portfolio of products is advantaged in this kind of environment and I would agree with you that we think there's quite a bit of opportunity with our customer relationships, our portfolio of products and some of the sustainability initiatives that we've got underway, not only just at Silgan, but with our customers as well. Whether it's lightweighting or other cost-out initiatives, those are always top-of-mind activities between us and our customers.

因此，我們覺得我們的產品組合在這種環境下具有優勢，我也同意你的看法，我們認為我們的客戶關係、我們的產品組合以及我們正在進行的一些可持續發展舉措都蘊藏著相當大的機會，這不僅適用於 Silgan，也適用於我們的客戶。無論是輕量化還是其他降低成本的措施，這些始終是我們與客戶之間最關注的活動。

So to answer your question, Gabe, yes, we think those are opportunities. How that fits into our guidance for 2026? What I'd tell you is we've actually broadened the kind of view of the unknown risk as it relates to things like population trends, GLP-1s, affordability discussions. And we've taken probably a more conservative approach to how those opportunities might play out, but it gives us confidence that our products are well positioned for the marketplace and the volatility that we're all dealing with.

所以，蓋布，回答你的問題，是的，我們認為這些都是機會。這與我們 2026 年的指導方針有何關聯？我想告訴你們的是，我們實際上拓寬了對未知風險的看法，因為它與人口趨勢、GLP-1、可負擔性討論等有關。我們可能對這些機會的發展採取了更保守的態度，但這讓我們相信，我們的產品能夠很好地適應市場以及我們所有人都在面對的市場波動。

All right. One, I guess, digging into maybe Ghansham's question a little bit with Weener as well as I want to say in 2021, you guys had acquired Unicep. But just anything that you can talk about maybe higher-margin products beyond Fragrance in the dispensing business where you're seeing growth opportunities. I think you guys were working on a couple of maybe unit dose products and things like that.

好的。我想，或許可以稍微深入探討一下 Ghansham 和 Weener 提出的問題，因為我想說的是，在 2021 年，你們收購了 Unicep。但除了香水之外，你還可以談談其他利潤較高的產品，例如在分銷業務中，你看到了哪些成長機會。我想你們當時可能在研發一些單劑量產品之類的東西。

Sure. Look, I think healthcare and pharma is probably the next logical step of the conversation, as we've talked about before. And clearly, the margin profile, the growth rates of that part of our portfolio really are similar, if not even stronger than what we've seen in our Fragrance and Beauty business. The size and scale of our pharma healthcare business, it's growing rapidly, but it started from a much smaller starting point at Silgan. Obviously, with the Weener acquisition, what we brought in from their healthcare assets and business portfolio has been very complementary, very beneficial.

當然。我認為，正如我們之前討論過的，醫療保健和製藥可能是接下來合乎邏輯的討論方向。顯然，我們投資組合中這部分業務的利潤率和成長率與香水和美容業務的利潤率和成長率非常相似，甚至可能更高。我們的醫藥保健業務規模正在迅速成長，但它最初是從 Silgan 的一個小起點起步的。顯然，透過收購 Weener，我們從他們的醫療保健資產和業務組合中獲得的資源與我們的業務非常互補，非常有益。

We are continuing to grow. It's a longer development cycle than what I mentioned on fragrance and beauty, as I think you'll all appreciate. So yes, we've been working for many years on some of these products and have some that are reaching market now, some that are in final stage development, but the pipeline is as strong and active as we've seen really since you go all the way back to the acquisition of WestRock. And I think we were talking at one point that it would be disappointing if we didn't double the size of our healthcare business and, call it, the next three to five years.

我們正在持續發展壯大。與我之前提到的香水和美容產品相比，它的開發週期更長，我想大家都會理解的。是的，我們已經為其中一些產品投入了多年的研發，現在有些產品已經上市，有些產品正處於最後階段的開發，但就目前而言，我們的產品線是自收購 WestRock 以來最強大、最活躍的。我認為我們曾經討論過，如果我們不能在未來三到五年內將醫療保健業務的規模擴大一倍，那將令人失望。

Mike Roxland, Truist Securities.

Mike Roxland，Truist Securities。

Shawn, congrats on the role. Bob, congrats on your upcoming retirement. It's been great working with you. First question, Adam, I just want to follow up on what Gabe mentioned in terms of Weener. Can you provide some more color just around the wins that you achieved?

肖恩，恭喜你獲得這個角色。鮑勃，恭喜你即將退休。和你一起工作非常愉快。第一個問題，亞當，我只是想就蓋布提到的關於韋納的事情做個後續說明。能否詳細介紹一下你所取得的勝利？

You mentioned that in your -- in some of your remarks. So can you comment on the type of products that we're -- or maybe speak broadly about the type of products that you've gained wins in and what type of growth you're expecting this year from Weener with those wins?

你在你的某些發言中提到了這一點。那麼，您能否評價我們正在開發的產品類型——或者，您能否大致談談您在哪些產品類型上取得了成功，以及您預計 Weener 今年憑藉這些成功將實現怎樣的增長？

Yes. I think, again, we'll try to say, Mike, that Weener has been fully integrated into our dispensing business. So when we talk about dispensing products growing at a mid-single digit, that's including Weener. And again, we fully lapped the comparative. We acquired the business, I think, in the middle of October of 2024. So those results for the most part, were already fully comparable in our fourth quarter results.

是的。我想，我們還是要說，麥克，Weener 已經完全融入我們的分銷業務中。所以，當我們談到分銷產品以中等個位數成長時，這其中也包括了 Weener。我們再次完全超越了比較級。我想，我們是在 2024 年 10 月中旬收購了這家公司。因此，這些結果在很大程度上已經與我們第四季的業績完全一致。

So I think combined, we feel confident with that mid-single-digit growth. I mean the product portfolio and where we're able to get new business awards with the combination. I'll give you a great example. Again, in the North American market, we talked a lot about during the acquisition that they have a terrific valve technology for their business and for their portfolio of products. And that's really something that we were very small in at Silgan.

所以我認為綜合來看，我們對實現個位數中段的成長有信心。我的意思是產品組合，以及我們能夠透過這種組合獲得新的業務獎項。我給你舉個很好的例子。同樣，在北美市場，我們在收購過程中多次談到，他們擁有出色的閥門技術，這對他們的業務和產品組合非常有利。而這正是我們在 Silgan 之前非常薄弱的​​環節。

And we've been able to take that technology and apply it with other customers that really advance kind of Silgan technology with existing customers.

我們已經能夠將這項技術應用到其他客戶身上，從而真正推進 Silgan 技術在現有客戶中的應用。

So I don't know how we want to give credit there. It's an existing customer for Silgan, and we're using Weener's technology. So I think we all win in that scenario, including our customers. But it's really the power of the combination is, I think, the bigger part of the discussion. We have some other products, again, just deodorant products that are winning.

所以我不知道我們應該如何給予應有的榮譽。這是 Silgan 的現有客戶，我們正在使用 Weener 的技術。所以我認為在這種情況下，包括我們的客戶在內，我們所有人都是贏家。但我認為，真正值得討論的是這種組合的力量。我們還有一些其他產品，同樣都是效果不錯的除臭產品。

I think they were a little stronger in some of their personal care kind of shower, multi-use products with dispensing closures. And we've just been able to continue to leverage that strength on the Weener side and grow out that part of our portfolio, particularly in North America with our existing customer base.

我認為他們在一些個人護理用品方面，例如沐浴露、多用途產品和帶有按壓式瓶蓋的產品，表現更出色一些。我們一直能夠繼續利用 Weener 的優勢，發展壯大我們產品組合的這一部分，尤其是在北美，憑藉我們現有的客戶群。

Got it. Very helpful. Appreciate the color there, Adam. And just one quick follow-up. In the past, I believe one of your peers around Metal Containers may have picked up some of the tomato business which cost you some share.

知道了。很有幫助。亞當，欣賞一下那裡的色彩吧。還有一個後續問題。過去，我相信你們金屬容器行業的同行可能搶佔了一些番茄生意，導致你們損失了一些市場份額。

With this bankruptcy settlement, it appears that one of the asset buyers is getting some of that business back. And so could you potentially regain some of the tomato share that you previously lost?

透過這項破產和解協議，似乎其中一位資產買家將收回部分業務。那麼，你是否有可能重新奪回之前失去的部分番茄市場份額呢？

And then relatedly, you mentioned in your script that you expect no further issues from this customer that was in bankruptcy. If there are no other changes and the assets continue to run as is, can you remind us as to the total EBITDA loss in Metal Containers, if any? I'm not saying there is any, but if there is any EBITDA, there's a reset lower, could you remind us if that -- what that is? And does Silgan still intend to pursue any asset rationalization and consolidation in Metal Containers?

另外，你在腳本中提到，你預計這位破產的客戶不會再有任何問題。如果沒有其他變化，資產繼續按原樣運行，請問金屬容器業務的 EBITDA 總虧損是多少？我不是說一定有，但如果有 EBITDA，那就有重置下限，可以提醒我們一下那是什麼嗎？Silgan 是否仍打算對金屬容器業務進行任何資產合理化和整合？

Sure. And maybe I think the first thing I would say, Mike, is that the situation with that customer is not fully resolved. It's a process, and they're making progress in the process. So you're right, there was an auction, and there were three winners of the auction. I mean, the business that we're talking about really falls into three categories. There's a broth business, a fruit business, and a core vegetable business.

當然。或許我想說的第一件事，麥克，就是那位客戶的問題還沒完全解決。這是一個過程，他們在這個過程中正在取得進展。你說得對，確實舉行了一場拍賣會，而且有三位競標成功者。我的意思是，我們所談論的業務實際上可以分為三類。這裡有肉湯業務、水果業務和核心蔬菜業務。

So good news for us is that from an outcome, again, there's still procedural steps that have to be taken before the winners of the auction actually take over the assets and the brands. But the broth and the fruit are going to our customers that we supply today. And so we feel pretty good about the ongoing relationship there.

對我們來說的好消息是，從結果來看，在拍賣的獲勝者真正接管資產和品牌之前，仍然需要採取一些程序步驟。但是，肉湯和水果將送往我們今天的客戶手中。因此，我們對目前與兩國的關係感到非常滿意。

The veg business is as a new player into canned vegetables, but a prominent player in the fresh category. So I look at that and I say on the veg side, we are co-located. It's -- we are incredibly well positioned to continue to supply all of the can requirements that, that new customer would need to continue to operate the facility where we are co-located. So I think that, again, we'll see what happens as final resolution plays out.

這家蔬菜企業雖然是罐裝蔬菜領域的新晉玩家，但在新鮮蔬菜領域卻是舉足輕重的玩家。所以我看了看，就蔬菜方面而言，我們是在同一地點辦公的。我們完全有能力繼續滿足這位新客戶在我們所在的工廠繼續運作所需的所有罐頭需求。所以我覺得，我們還是要看看最終結果如何。

We're taking, again, a cautious approach to our thoughts here. We don't think there's significant upside. We don't think there's significant risk from where we are either because of those ongoing relationships and the supply situation of where we are. Regarding our facilities, again, we're going to wait and make sure we understand exactly what the go-forward position is once the proceedings have reached a resolution.

我們再次對我們的想法採取了謹慎的態度。我們認為上漲空間不大。我們認為，由於我們與合作夥伴保持良好的關係，而且我們所在地區的供應狀況良好，因此我們目前的情況也不會帶來重大風險。關於我們的設施，我們仍然會等待，確保在訴訟程序解決後，我們能夠確切地了解下一步的立場是什麼。

But as part of our $50 million cost reduction program, we had closed a facility in 2024 that was supplying fruit products to that customer, and we consolidated that into other operations to get the benefit of the consolidation. So really nothing to do from that perspective. And I think it's a great question for the next earnings call. Hopefully, the entire process will be resolved. But for us, Mike, I don't view 2026 as having any further risk than what we experienced in 2025.

但作為我們 5000 萬美元成本削減計劃的一部分，我們在 2024 年關閉了一家向該客戶供應水果產品的工廠，並將該工廠整合到其他業務中，以獲得整合帶來的好處。所以從這個角度來看，真的沒什麼好做的。我認為這是一個非常適合在下次財報電話會議上討論的問題。希望整個過程都能解決。但對我們來說，麥克，我不認為 2026 年的風險會比 2025 年更大。

Anthony Pettinari, Citi.

安東尼佩蒂納裡，花旗銀行。

With regards to the steel and aluminum tariffs, is it your view that customers and consumers have sort of fully absorbed the impact of the tariffs and it's reflected in their behavior and the price of the package? Or is it possible that you could see some kind of lagged customer change or consumer change over the course of the year, either changing product positioning or consumer change in behavior? Just wondering how you kind of think about that in 2026.

關於鋼鐵和鋁關稅，您是否認為客戶和消費者已經完全消化了關稅的影響，而這種影響反映在他們的行為和產品價格中？或者，是否有可能在一年中觀察到某種滯後的客戶變化或消費者變化，例如產品定位的變化或消費者行為的變化？我只是好奇你對2026年這件事的看法。

Yes. Well, maybe let's start with '25. It was a very volatile year on raw material costs because of those tariffs and kind of the limited notice that we had to deal with that prior to the implementation of those tariffs. And Anthony, as you very well know, our contracts are sort of designed to make sure we are insulated from those kinds of activities. So we contractually pass through those costs and those tariffs on to our customers and they then on to the consumer.

是的。好吧，或許我們可以從 25 年開始。由於關稅的影響，以及我們在實施這些關稅之前只有有限的時間來應對，因此原材料成本在這一年波動非常大。安東尼，你很清楚，我們的合約旨在確保我們免受此類活動的影響。因此，我們透過合約將這些成本和關稅轉嫁給客戶，然後客戶再將成本轉嫁給消費者。

So I think those tariffs were kind of, let's just round about, call it, midyear, April, May, June of '25. So there is some full year annualization of those costs in 2026 as we get a full year impact of those. I do think the market has absorbed those costs. In many cases, our customers have passed those costs on through to consumers, and they're now really challenging themselves on kind of promotional activity, trying to understand what the price elasticity is across the board for those products.

所以我認為那些關稅大概是在，我們姑且稱之為，2025 年年中，4 月、5 月、6 月左右。因此，到 2026 年，這些成本將按全年計算，因為我們將看到這些成本的全年影響。我認為市場已經消化了這些成本。在許多情況下，我們的客戶已經將這些成本轉嫁給了消費者，他們現在正在積極進行促銷活動，努力了解這些產品的價格彈性究竟如何。

But to be really clear, the food can, we still think is competitively advantaged from a cost standpoint on the store shelf. Again, for those consumers that are looking for nutrition, we think it's the lowest cost means of getting nutrition to those consumers. So there -- we're still talking to our customers about their pricing activities for 2026. And it's a blend. It's different by customers, as you can imagine.

但需要明確的是，我們仍然認為，從成本角度來看，這種食品在商店貨架上具有競爭優勢。再次強調，對於那些追求營養的消費者來說，我們認為這是提供他們營養的最經濟的方式。所以，我們仍在與客戶討論他們 2026 年的定價策略。而且它是混合口味的。正如你所想，不同顧客的需求各不相同。

There's a blend of promotional activity trying to drive some volume. There's also still some conversation about cost recovery. So I think we'll see it play out more as we get through the year, but I think it's a balanced approach that all of that means, I think it's fairly well absorbed in the market.

目前採取了多種促銷活動來提升銷售量。關於成本回收的問題，目前仍有一些討論。所以我認為隨著時間的推移，我們會看到更多發展趨勢，但我認為這是一個平衡的方法，這意味著所有這些都被市場很好地吸收了。

I think our volumes, again, nice growth for food cans in 2025. We'll see continued growth in 2026 as well. So we think that particular package is positioned very well even with the tariffs that they've already incurred.

我認為我們的銷量，2025 年食品罐頭銷量將再次實現良好成長。我們預計2026年也將持續維持成長。因此，我們認為即使考慮到他們已經承擔的關稅，該方案的定位仍然非常有利。

Got it. Got it. That's very helpful. And then just switching gears and following up on healthcare and the opportunity there. I think you disclosed that healthcare was 3% of sales in 2024, maybe at better than company margins.

知道了。知道了。那很有幫助。然後，我們轉換思路，繼續關注醫療保健領域以及那裡的機會。我認為你曾透露，醫療保健業務在 2024 年佔銷售額的 3%，這可能高於公司平均利潤率。

You talked about doubling, I think, over the next few years. So I guess just to make sure I got it right, should we think about healthcare maybe going from low single-digit percentage sales maybe to high single-digit percent of sales in the next three years or so or something like that?

我想，你之前提到過未來幾年產量會翻倍。所以我想確認一下，我們是否應該考慮一下，醫療保健行業的銷售額在未來三年左右的時間裡，可能會從個位數百分比的低位增長到個位數百分比的高位，或者類似的情況？

And I guess related, are there acquisitions that could really accelerate that exposure? Or is it really more kind of the organic growth with clean rooms and all the stuff that you're doing internally?

我想問的是，是否存在一些收購會真正加速這種擴張？或者，這其實更像是透過無塵室以及你們內部所做的一切所實現的有機成長？

Sure. Again, it's a great market. We're excited that we're continuing to grow and what the future looks like for our healthcare business. So I think you're right. I think you mentioned a 2024 number.

當然。再次強調，這是一個很棒的市場。我們很高興公司能夠持續發展壯大，並且對我們醫療保健業務的未來前景充滿信心。所以我覺得你是對的。我想你提到過2024年這個數字。

So it's grown a little bit beyond kind of that number. I would say we're still in that $200 million-ish just as a proxy of total revenue. So could that easily get to $400 million over the course of the next couple of years? Yes, we absolutely think so.

所以它已經比那個數字稍微增加了一些。我估計，作為總收入的大致估算，我們仍然維持在 2 億美元左右。那麼，未來幾年內，這個數字很容易達到 4 億美元嗎？是的，我們絕對這麼認為。

How we get there? That's with our own pipeline, and that's with our own kind of contractual obligations that we've already secured over the next three to five years with the drugs and pharma and healthcare products that are in development with our largest customers. I think you raised a really good point, Anthony, that I think as we have continued to expand our Dispensing and Specialty Closures segment, with each acquisition, we say it opens a broader horizon for future acquisition opportunities. Weener is a great example. It brought a lot of different products, but it brought a very strong healthcare business with it.

我們該如何到達那裡？這是指我們自己的研發管線，也是指我們已經與最大的客戶簽訂的、在未來三到五年內正在開發的藥品、醫藥和醫療保健產品合約義務。安東尼，我認為你提出的觀點非常好，隨著我們不斷擴大配藥和特種瓶蓋業務，每一次收購都為未來的收購機會開闢了更廣闊的前景。韋納就是一個很好的例子。它帶來了許多不同的產品，但同時也帶來了非常強大的醫療保健業務。

And we think that opens up even more opportunities from a corporate development perspective and where we can inorganically continue to grow out the business as we've done in the past.

我們認為，從企業發展的角度來看，這將帶來更多機會，我們可以像過去一樣，透過非有機成長的方式繼續擴大業務。

So I think we even said it in maybe some of the prepared remarks, the opportunities for organic and inorganic growth for Silgan are probably as great as at any time in my 21 years that I've been with the company. And we're extremely positive and excited about what the future, particularly in healthcare products, looks like for the company.

所以我覺得我們甚至在一些準備好的演講稿中也提到過，Silgan 的有機成長和無機成長機會可能是我加入公司 21 年來任何時候都最大的。我們對公司的未來，特別是醫療保健產品的未來前景，感到非常樂觀和興奮。

Daniel Rizzo, Jefferies.

Daniel Rizzo，傑富瑞集團。

So not to belabor the point, but on the last call, I thought consumer caution within Dispensing and also in Custom Containers was kind of something that bears watching because of, again, affordability issues and things like that. But it seems to be have faded. So I was wondering if that was just kind of a temporary blip amongst your customers or it's something that kind of bears monitoring over the rest of the year?

所以，我不想贅述這一點，但在上次通話中，我認為消費者在分裝和客製化容器方面的謹慎態度值得關注，因為同樣涉及到價格問題等等。但現在似乎已經褪色了。所以我想知道，這只是你們客戶中暫時出現的一個小波動，還是需要在今年餘下的時間裡持續關注的問題？

I definitely think it bears monitoring over the course of the year. I think what I was trying to convey, Dan, is that in that affordability discussion, we think our products are incredibly well positioned to be a very positive value driver for customers that are seeking affordability across a whole bunch of different products. And that's really where a good swath of our portfolio sits. So we actually encourage that conversation, and we'll be watching it closely. But we think our products are very well positioned for that discussion.

我認為絕對值得在一年中持續關注。丹，我想表達的是，在討論價格承受能力時，我們認為我們的產品具有非常有利的地位，能夠為那些在各種不同產品中尋求價格承受能力的客戶帶來非常積極的價值驅動因素。而這正是我們投資組合中相當大一部分資產的所在地。所以我們鼓勵這種對話，並且我們會密切注意。但我們認為我們的產品非常適合參與這場討論。

All right. And then with everything that's happened with the bankruptcy with the customer, does that change how you kind of, I don't know, design contracts or do business with a customer like that or just in metal containers in general? I mean, is this just kind of a one-off thing that you just moved past?

好的。那麼，考慮到客戶破產這件事，這是否會改變你設計合約的方式，或者改變你與這類客戶開展業務的方式，或者改變你處理金屬容器相關業務的方式呢？我的意思是，這只是一件一次性的事情，你已經翻篇了嗎？

Well, again, I think since our founding, this would be the first large customer bankruptcy that we dealt with in our Metal Containers business. And I go back to the contractual nature of this part of our portfolio that it's just the contracts have been so well written, so well written over a long period of time that the company did not face any detriment during the course of one of our large customers going bankruptcy during the year.

嗯，我想，自公司成立以來，這將是我們金屬容器業務中遇到的第一起大型客戶破產事件。我再次強調，我們投資組合的這一部分具有合約性質，正是因為這些合約長期以來都寫得非常好，所以即使我們的一位大客戶在一年內破產，公司也沒有遭受任何損失。

So our teams did a great job of protecting the company. But in fairness, the contracts allows us to do that as well. So I think it's just -- Dan, it's more of the same as far as the contractual nature and the protections that we build in those contracts to make sure we protect our company and our shareholders from any adverse outcome.

所以我們的團隊在保護公司方面做得非常出色。但公平地說，合約也允許我們這樣做。所以我覺得——丹，就合約性質和我們在這些合約中建立的保護措施而言，情況基本上相同，以確保我們保護公司和股東免受任何不利後果的影響。

Ano Shah, UBS.

阿諾沙阿，瑞銀集團。

We have some new FDA food guidelines that came out recently promoting protein. And it seems to me like that would be pretty positive for your metal cans business. Do you see that as a significant opportunity for you? Or are there offsets elsewhere in the portfolio from these guidelines?

最近美國食品藥物管理局（FDA）推出了一些新的食品指南，提倡攝取蛋白質。在我看來，這對你的金屬罐生意來說應該是個相當正面的消息。你認為這對你來說是一個重要的機會嗎？或者，投資組合中是否有其他策略可以抵銷這些指導原則的影響？

Sure. I think we're working very closely with our customers to make sure that we help them position products into the marketplace to really accommodate or maybe incorporate the new FDA guidelines. So we look at protein as part of our portfolio and our high-protein products, again, the can is a great vehicle to get that nutritional value to consumers. And sure, I mean, we think it's an opportunity, but there are several opportunities that we continue to work on. So I do think we're working with our customers.

當然。我認為我們正在與客戶密切合作，以確保幫助他們將產品推向市場，真正適應或融入新的 FDA 指南。因此，我們將蛋白質視為我們產品組合的一部分，對於我們的高蛋白產品而言，罐頭再次成為將營養價值傳遞給消費者的絕佳載體。當然，我們認為這是一個機會，但我們仍在努力爭取其他幾個機會。所以我認為我們正在與客戶合作。

There's nothing specific that we're outlining in our guidance or anything at all. It's just one of the puts and takes that we would typically consider as we give forward guidance.

我們的指導方針或其他任何文件中都沒有具體列出任何內容。這只是我們在給予前瞻性指引時通常會考慮的眾多因素之一。

And then just for context, protein is about 10% of the Metal Containers volume.

另外，作為參考，蛋白質約佔金屬容器體積的 10%。

Okay. And then also just your CapEx this year is stepping up modestly, I think, about $10 million year-over-year. And you mentioned dispensing and pet food growth sort of driving that. Any details you can give there on what -- where you expect CapEx to step up? And I'll turn it over.

好的。而且，我認為你們今年的資本支出也略有增加，比前一年增加了約 1,000 萬美元。你提到了分銷和寵物食品的成長在某種程度上推動了這個趨勢。您能否詳細說明一下，您預期資本支出將在哪些方面增加？我把它翻過來。

Yes. I think our -- this is Shawn. I think our guidance was $310 million for 2026. And really, that's driven by increased growth in pet food, as you mentioned, in dispensing products. We're really happy with our pet food customers, and we are continuing to invest money in that space where we see the growth prospects.

是的。我認為我們的——這是肖恩。我認為我們2026年的預期是3.1億美元。正如您所提到的，這實際上是由寵物食品和分裝產品的成長所驅動的。我們對寵物食品客戶非常滿意，並將繼續在這個具有成長前景的領域進行投資。

And honestly, we're under a long-term agreement to do so. So we're happy to do it and continue to invest in that space where we see the growth.

說實話，我們簽了長期協議要這樣做。因此，我們很樂意這樣做，並將繼續投資於我們看到成長潛力的領域。

And I think just maybe to add to that, if you look back over the last 30 years of our CapEx portfolio, investments in wet pet food have been very consistent in our CapEx profile. It might not be every year, but we are investing to support that customer growth, again, driving significant volume growth for the company over a very long period of time.

而且我認為，或許還可以補充一點，回顧我們過去 30 年的資本支出組合，濕寵物食品的投資在我們資本支出結構中一直非常穩定。雖然可能不是每年如此，但我們正在投資以支持客戶成長，這將在很長一段時間內再次推動公司實現顯著的銷售成長。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，加拿大皇家銀行資本市場。

I guess, first off, congrats to Bob. Great working with you over the last several years. And Shawn, I look forward to working with you as well. And then just on the results. So the guide, I guess, first on volume.

首先，恭喜鮑伯。過去幾年與您合作非常愉快。肖恩，我也很期待與你合作。然後就只看結果了。所以，我想，這份指南首先應該從音量方面來說。

So I think you said low to mid-single digits in DSC and low single digits in metal driven by pet food. Just curious on the pet food item because you do face a pretty tough comp there, and you've seen some volatility. So maybe you can just kind of parse out what drives that? And I guess, where are you in kind of penetration in wet pet?

所以我想你說過，DSC 為個位數低到中，而寵物食品驅動的金屬為個位數低。我只是對寵物食品這個類別比較感興趣，因為你們在這個領域面臨相當嚴峻的競爭，你們也看到了一些波動。所以或許你可以分析一下是什麼因素導致了這種情況？我猜，你在濕寵物身上那種深入的感覺如何？

And then on DSC, I think you had a relatively kind of choppy year last year, just given some of those consumer trends. Would you say that you've kind of settled down? And were there any execution issues that you had last year that you've maybe addressed? Or was it just mainly market impacts?

至於DSC，我認為鑑於一些消費趨勢，你們去年的業績相對來說比較不穩定。你覺得你已經安定下來了嗎？去年你們在執行上遇到哪些問題，現在是否已經解決了？或主要只是市場影響？

Sure. Maybe to address the DSC item, I think really, the big items that we talked about during the year were much more market related, right? So you had the food and beverage item in sports drinks in Q2 that we talked about earlier on the call. You had a little destocking in Q4 for Personal Care and Home Care products. Those are definitely market-related activities that were the two items, I think, in DSC that went a long way to challenge kind of the performance in Fragrance and Beauty that was fantastic through the course of the year.

當然。或許要談到DSC這個問題，我認為，我們今年討論的重大問題實際上更多地與市場相關，對吧？所以，第二季我們在電話會議上早些時候討論過的運動飲料食品和飲料項目。第四季你們對個人護理和家居護理產品進行了一些去庫存。我認為，這些絕對是與市場相關的活動，也是DSC中對香水和美容業務全年出色表現構成巨大挑戰的兩項舉措。

So moving over to Metal Containers. Again, I think if you think about wet pet food, this has been an annual grower for us for decades, and we've been a requirement supplier to our largest customer since we bought assets associated with their business. And they've continued to invest in capacity.

接下來我們來看看金屬容器。再說一遍，我認為如果你想想濕寵物食品，幾十年來，這一直是我們的年度增長項，而且自從我們收購了與他們業務相關的資產以來，我們一直是最大客戶的必需供應商。他們持續投資擴大產能。

Arun, I know we've talked about this before, but the primary animals that we're talking about here are cats and it's primarily cats and a little bit of small dog as well. So those populations have grown over time. They continue to grow going forward. I think wet pet food in these categories is considered to be a premium product. So we haven't talked a lot about the K-shaped economy on this call.

阿倫，我知道我們以前討論過這個問題，但我們這裡主要討論的動物是貓，主要是貓，還有一點小型犬。因此，這些人口數量隨著時間的推移而增長。它們將繼續發展壯大。我認為這些類別的濕寵物食品屬於高端產品。所以，我們在這次電話會議上還沒有太多討論K型經濟。

But as you get back to some of those larger macro trends, the high-end consumer is still seemingly doing pretty darn well. And we see that in our wet pet food segment.

但從一些更大的宏觀趨勢來看，高端消費者似乎仍然過得相當不錯。我們在寵物濕食領域也看到了這一點。

And then the last piece of it, and we've seen this for decades again, once pet owners feed their animals wet pet food, it is very rare that they move out of the category in a cat or a small dog. Large dog moves in and out, and we've always talked about that. It's a very small part of our portfolio. But for cats, we've seen the stickiness of that product with pet owners and with the consuming animals for a very, very long time.

最後一點，我們已經看到這種情況持續了幾十年，一旦寵物主人開始給他們的寵物餵食濕寵物食品，那麼對於貓或小型犬來說，它們就很少會脫離濕寵物食品的範疇。家裡有隻大型犬經常搬進來搬出去，我們一直在討論這個問題。它在我們投資組合中所佔比例非常小。但對於貓來說，我們已經看到這種產品在寵物主人和食用動物身上有著非常非常長的黏性。

Okay. And just as a quick follow-up, just on the cash flow. So the $450 million guide, was there any inventory impact? Or -- and is there potential for upside if that's not as bad? Or how would you kind of characterize that $450 million?

好的。最後再簡單問一下現金流方面的狀況。那麼，4.5億美元的指導價是否對庫存產生了影響？或者——如果情況沒有那麼糟糕，是否存在上漲的可能性？或者你會如何描述這4.5億美元？

Is it -- is there any kind of variability in that?

這方面是否有任何變數？

Yes. This is Shawn. We normally have working capital improvement initiatives every year in our free cash flow, and 2026 is no different in that regard. I'd call it a modest amount of working capital improvement. But generally speaking, we're expecting our operating earnings to go up, call it, $20 million, $25 million, and that's offset mostly by cash -- higher cash interest and taxes in the year, and that gets us to the $450 million for '26, bridging that versus our '25 number.

是的。這是肖恩。我們通常每年都會在自由現金流中推出營運資本改善計劃，2026 年也不例外。我認為這只是營運資金的少量改善。但總的來說，我們預計營業利潤將成長，比如說 2,000 萬到 2,500 萬美元，這主要會被現金——今年更高的現金利息和稅收——所抵消，這將使我們 2026 年的利潤達到 4.5 億美元，彌補了 2025 年的不足。

George Staphos, Bank of America.

喬治‧斯塔福斯，美國銀行。

I'll try to make it quick. So you've talked a lot about on this call here and there kind of the impact of healthier living and the like. As you've analyzed across your categories, is it a net positive, neutral, negative, all that commentary relative to the end market growth and demand you'd see across food can, DSC and Custom Containers as you've analyzed it?

我會盡量快一點。所以，你在這通電話中多次談到了更健康的生活方式等等方面的影響。根據您對各個類別的分析，相對於您分析的食品罐頭、DSC 和定制容器的終端市場增長和需求，您的評論是積極的、中性的、消極的，還是其他任何評論？

The second question related, we've seen over the last year or so new products, zero-calorie products on the beverage side, anything that we should be aware of that could perhaps help growth in the dispensing segment for this year or in the next couple of years that you know.

第二個問題與此相關，在過去一年左右的時間裡，我們看到了飲料方面的新產品，例如零卡路里產品。我們應該注意哪些方面，這些產品或許能夠幫助今年或未來幾年內飲料分銷領域的成長？

Last question for me, just on availability and supply chain in metal, steel and aluminum. I assume you're doing fine. I just wanted to check the box on that. And has there been any commentary at all from your suppliers about maybe bringing back some tinplate capacity to the US. Again, congratulations to everybody, to Shawn, Alex and bon voyage Bob, talk to you guys soon.

我最後一個問題，是關於金屬、鋼鐵和鋁的供應和供應鏈方面的。我想你一切都好。我只是想勾選一下那個選項。你們的供應商有沒有就將部分鍍錫鐵皮產能遷回美國發表過任何評論？再次恭喜大家，祝福肖恩、亞歷克斯和鮑伯一路順風，回頭見。

Thanks, George. As far as the healthier conversation that we were having and its impact to our volume growth, I mean, I think it's relatively neutral to our volume growth. I mean I think we're well positioned already for a variety of outcomes across the portfolio that we have. It's a bit of the intentional nature of how we've built out the portfolio that we can do well in different economic circumstances, we can do well with different consumer preference patterns evolving and feel pretty good that we've got that captured and we'll support our customers in whatever way we need to.

謝謝你，喬治。至於我們進行的更健康的對話及其對銷售成長的影響，我的意思是，我認為它對銷售成長的影響相對中性。我的意思是，我認為我們已經為應對我們現有投資組合中的各種結果做好了充分準備。我們有意建立產品組合，以便在不同的經濟環境下都能取得成功，也能適應不斷變化的消費者偏好模式，我們對已經把握住這些機會感到非常滿意，我們將盡一切努力為客戶提供支援。

You're right. I think '26 on the food and -- on the beverage side is going to be a year of innovation. One of our largest customers has clearly stated that. And whether it's 0 calorie or better-for-you products, we're watching very carefully to see what is new volume brought into the category versus cannibalizing some of the existing products.

你說得對。我認為2026年在食品和飲料方面將是創新之年。我們的一位大客戶已經明確表示了這一點。無論是零卡路里產品還是更健康的產品，我們都在密切關注，看看哪些是為該類別帶來的新銷量，哪些是蠶食現有產品的市場份額。

So again, I'd say roughly we're neutral in that scenario because the cannibalization is just -- it's a similar volume, comparable volume to what we already had. And I think they're looking at it from a value perspective as well with potentially healthier for you products requiring a premium in the marketplace.

所以，我再次表示，在這種情況下，我們大致上是中立的，因為蠶食的規模——與我們已經擁有的規模相似，相當。我認為他們也是從價值的角度來考慮這個問題的，對人體更有益的產品在市場上需要更高的溢價。

And then as we think about aluminum and steel supply, our two largest expenditures that we have and critically important to our customers' success as well, we've talked a lot about tinplate in particular, in the US market and the US market being a net importer now with significant tariffs. So it's a challenging environment. We're one of the largest buyers for both steel and aluminum can sheet anywhere in the world.

然後，當我們考慮鋁和鋼的供應時，這是我們最大的兩項支出，對我們的客戶的成功也至關重要。我們特別討論過美國市場上的鍍錫鋼板，而美國市場現在是淨進口市場，並且面臨高額關稅。所以這是一個充滿挑戰的環境。我們是全球最大的鋼材和鋁罐板材買家之一。

So you're right, you can't check the box for us. We get the products that we need. Our contracts allow us to pass through those costs whatever they may be to our customers. We take that very seriously, and we fight like crazy to get the lowest cost for ourselves and for our customers, George. But I think the market dynamics are continuing to evolve.

所以你說得對，你不能替我們勾選這個選項。我們獲得了所需的產品。我們的合約允許我們將這些成本（無論多少）轉嫁給客戶。喬治，我們非常重視這一點，我們會盡全力為自己和客戶爭取最低成本。但我認為市場動態仍在不斷演變。

I'd love to tell you there might be more tinplate capacity coming on in the US. It has to be high-quality wide tinplate capacity for it to really work well in the manufacturing systems and not just Silgan, but can manufacturers have assembled now over time. So there will be some hurdles to that.

我很想告訴你，美國可能會增加更多的鍍錫鐵皮產能。它必須是高品質的寬幅鍍錫鋼板，才能在製造系統中真正發揮作用，而且不僅適用於 Silgan，也適用於製造商隨著時間的推移而組裝的任何其他產品。所以這其中會存在一些障礙。

So I think our perspective is it's going to be more of the same as we go forward. We'll continue to get the products that we need and regardless of where that supply comes in from. We'd love to buy product, raw materials in the market where we're making products and selling products. Unfortunately, the way the tinplate market in the US has evolved over time, we're no longer able to do that.

所以我認為，我們的看法是，未來情況還會繼續如此。我們將繼續獲得我們需要的商品，無論這些商品來自哪裡。我們很樂意在我們生產和銷售產品的市場購買產品和原材料。遺憾的是，隨著美國鍍錫鐵皮市場的發展，我們現在已經無法再這樣做了。

We have no further questions. I'll turn the floor back over to Adam Greenlee, President and CEO, for any additional or closing remarks.

我們沒有其他問題了。我將把發言權交還給總裁兼執行長亞當·格林利，請他作補充或總結發言。

Great. Thanks very much, Belinda. We appreciate everyone's interest in the company, and we look forward to discussing our first-quarter results near the end of April. Thank you.

偉大的。非常感謝，貝琳達。我們感謝大家對公司的關注，並期待在四月底與大家討論我們第一季的業績。謝謝。

This concludes today's conference. We thank you for your participation. You may disconnect at this time.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。