Silgan Holdings Inc. (SLGN) 2026 Q1 法說會逐字稿

Good day, and welcome to the Silgan Holdings first-quarter 2026 earnings call. Today's conference is being recorded.

各位好，歡迎參加 Silgan Holdings 2026 年第一季財報電話會議。今天的會議將進行錄音。

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

此刻，我想將會議交給策略與投資人關係資深副總裁 Alex Hutter。請開始。

Thank you, and good morning. Joining me on the call today are Adam Greenlee, President and CEO; Philippe Chevrier, EVP and COO; and Shawn Fabry, EVP and CFO. Before we begin the call today, we would like to make it clear that certain statements made on this call may be forward-looking statements.

謝謝，各位早安。今天與我一同參與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，以及執行副總裁兼財務長 Shawn Fabry。在我們開始今天的會議之前，我們想先說明，本次會議中的某些陳述可能屬於前瞻性陳述。

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 2025 and other filings with the Securities and Exchange Commission.

這些前瞻性陳述係基於管理層對影響公司之未來事件的預期與信念而作出，因此涉及多項不確定性與風險，包括但不限於公司 2025 年 Form 10-K 年報及其他向美國證券交易委員會提交之文件中所述者。

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

因此，公司實際的營運結果或財務狀況可能與前瞻性陳述中明示或暗示者存在重大差異。此外，今天電話會議中的評論可能會提及若干非 GAAP 財務指標，包括調整後 EBIT、調整後 EBITDA、自由現金流，以及稀釋後每股調整後淨利或調整後 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.

上述指標之調節表（不應視為類似 GAAP 指標之替代）可見於今日新聞稿，以及我們網站 silganholdings.com 之投資人關係專區中的「非 GAAP 財務資訊」部分。

With that, let me turn it over to Adam.

接下來，我把時間交給 Adam。

Thank you, Alex, and we'd like to welcome everyone to Silgan's first-quarter earnings call. Our first-quarter results display the resilience of our business and the power of our diverse portfolio and continue to demonstrate the unique value of our critical packaging products and the strength of our long-term customer partnerships in the market.

謝謝你，Alex，我們也歡迎各位參加 Silgan 第一季財報電話會議。我們第一季的結果展現了業務的韌性與多元產品組合的力量，並持續證明我們關鍵包裝產品的獨特價值，以及我們與客戶長期合作夥伴關係在市場中的強勁實力。

Our teams executed well during the quarter and adapted to dynamic operating and market conditions. We're pleased to have delivered first-quarter results that were at the high end of our estimated range, and we remain confident in our outlook for the balance of the year despite the evolving macroeconomic and geopolitical environment.

我們的團隊在本季執行良好，並能因應多變的營運與市場狀況。我們很高興第一季的表現落在我們預估區間的高端；儘管總體經濟與地緣政治環境持續演變，我們對今年其餘期間的展望仍然有信心。

Our results in Dispensing and Specialty Closures were consistent with our expectations entering the quarter despite significant weather events in North America that impacted both our and our customers' production and volumes during the quarter. We delivered another quarter of double-digit organic volume growth in our fragrance and beauty products as a result of our market-leading innovation and customer partnership model.

我們在分配與特殊封蓋（Dispensing and Specialty Closures）業務的表現符合進入本季時的預期，儘管北美發生重大天候事件，影響了我們及客戶的生產與本季出貨量。我們在香氛與美妝產品方面再度實現雙位數的有機量成長，這得益於我們市場領先的創新能力與客戶合作夥伴模式。

We continue to outperform the market in these high-value strategic growth products and with the Weener portfolio now fully integrated and the power of the combined innovation engines of our legacy business in Weener, we see ample runway to continue to deliver organic growth well in excess of the market for many years to come in this business.

在這些高價值的策略性成長產品上，我們持續跑贏市場。隨著 Weener 產品組合現已完全整合，並結合我們既有業務與 Weener 的創新引擎之綜效，我們看見充足的成長跑道，未來多年在此業務中持續交付遠高於市場的有機成長。

Our metal containers business started the year strong with volume 2% higher than the prior year as pet food products increased by 11% over the prior year despite facing a more difficult year-over-year comp with the prior year quarter up 6% year-over-year. Consumer demand for our customers' market-leading pet food products continues to grow at a mid-single-digit rate as our mainstream wet pet food products serve the fastest-growing segments of the pet food market for cats and small dogs.

我們的金屬容器業務以強勁態勢開局，出貨量較去年同期增加 2%；其中寵物食品產品較去年同期成長 11%，儘管去年同期基期較高（去年同期年增 6%）。客戶旗下市場領先的寵物食品產品之消費需求，仍以中個位數的速度成長；我們主流的濕式寵物食品產品服務於貓與小型犬等寵物食品市場中成長最快的區隔。

The strength we experienced in pet food in the first-quarter was partially offset by the expected impact of prebuy-related volumes for fruit and vegetable markets. In Custom Containers, our team continued to prove the value we provide as an innovative partner of choice in the unique small and medium run length portion of the market we serve, and our results were consistent with our expectations entering the quarter.

第一季寵物食品的強勁表現，部分被水果與蔬菜市場因預購（prebuy）相關出貨量的預期影響所抵銷。在客製化容器（Custom Containers）方面，我們的團隊持續證明我們所提供的價值，作為我們所服務之市場中獨特的小批量與中批量生產區段的首選創新合作夥伴；而我們的結果也符合進入本季時的預期。

As expected, our custom containers volumes were below prior year levels as customer destocking from the prior year carried into and concluded in the first-quarter of 2026. In addition, we continue to lap the volume impact of our cost reduction activities in 2025, which should become less impactful as we move through the quarters in 2026.

如預期所示，我們的客製化容器出貨量低於去年水準，因為去年客戶去庫存（destocking）的影響延續至 2026 年第一季並於本季結束。此外，我們仍在承受 2025 年成本削減行動所帶來的出貨量影響之比較基期效應；隨著 2026 年各季推進，該影響預期將逐步減弱。

We are pleased to have started 2026 on a positive note, and our business remains on solid footing as we move into the second-quarter and look ahead at the second half of 2026. While much has changed in geopolitics since our last earnings call and the economic landscape is less certain, the deliberate construct of our portfolio of products and end markets, our long-term partnerships with our customers and our low-cost global manufacturing footprint continue to uniquely position Silgan to outperform through all stages of the economic cycle.

我們很高興 2026 年以正面態勢開局；隨著我們進入第二季並展望 2026 年下半年，我們的業務仍維持穩健基礎。雖然自上次財報電話會議以來地緣政治情勢變化甚多、經濟環境也更不確定，但我們在產品與終端市場上的審慎組合設計、與客戶的長期合作夥伴關係，以及低成本的全球製造布局，仍使 Silgan 在經濟循環各階段都具備獨特優勢以實現優於同業的表現。

Turning now to our outlook. We are raising our 2026 earnings estimate to reflect the operational outperformance in the first-quarter and our volume expectations for the remainder of the year remain largely unchanged. We continue to expect Dispensing and Specialty Closures organic volume mix to grow by a low to mid-single-digit rate in 2026, driven by mid-single-digit growth in our dispensing products.

接著談展望。我們上調 2026 年盈餘預估，以反映第一季營運表現優於預期；而我們對今年其餘期間的出貨量預期大致維持不變。我們仍預期 2026 年分配與特殊封蓋的有機量／組合將以低至中個位數成長，主要由我們分配產品的中個位數成長所帶動。

Our metal containers volumes are on track to grow by a low single-digit percentage, driven by mid-single-digit growth in pet food and stable volumes in human food. We continue to expect our custom containers volumes to be comparable to prior year levels as destocking in the first-quarter and the exit of business to achieve cost reduction goals in the prior year weigh on first half volumes, while second half volumes are expected to grow as new business ramps up.

我們的金屬容器出貨量可望以低個位數百分比成長，主要由寵物食品中個位數成長與人用食品出貨量持平所帶動。我們仍預期客製化容器出貨量將與去年相當：第一季的去庫存以及去年為達成成本削減目標而退出部分業務，將壓抑上半年出貨量；而下半年隨著新業務放量，出貨量預期將成長。

Our teams remain laser-focused on executing our plans for the year and the opportunities that lay ahead for the company in both the near and longer term, and we are confident in our ability to execute on our plan.

我們的團隊仍高度聚焦於執行今年的計畫，以及公司在短期與長期所面臨的機會；我們對於落實計畫的能力充滿信心。

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

接下來，Shawn 將帶各位回顧本季財務表現，以及我們對第二季與 2026 年全年之預估。

Thank you, Adam. As Adam highlighted, we reported another quarter of strong financial performance in the first-quarter of 2026, with results coming in towards the high end of the expected range due to strong operational EBIT performance and favorable interest expense, which was partially offset by higher corporate expense.

謝謝你，Adam。正如 Adam 所強調，我們在 2026 年第一季再度繳出強勁的財務表現，結果落在預期區間的高端，主要受惠於強勁的營運 EBIT 表現與較有利的利息費用；但部分被較高的公司費用所抵銷。

Net sales of $1.6 billion increased 6% from the prior year period, driven primarily by the contractual pass-through of higher raw material costs, mostly in our Metal Containers business and favorable foreign currency translation. Total adjusted EBIT for the quarter of $152 million was 4% below the prior year, with higher adjusted EBIT in our metal container segment offset by lower adjusted EBIT in the dispensing and specialty Closures and Custom Container segments and higher corporate expense.

淨銷售額 16 億美元，較去年同期增加 6%，主要由合約性轉嫁較高原物料成本所帶動（多數來自金屬容器業務），以及有利的外幣換算影響。本季調整後 EBIT 合計為 1.52 億美元，較去年下降 4%；其中金屬容器部門調整後 EBIT 增加，但被分配與特殊封蓋及客製化容器部門調整後 EBIT 下降，以及公司費用增加所抵銷。

Adjusted EPS of $0.78 decreased $0.04 from the prior year period due to lower adjusted EBIT and a higher tax rate, which was partially offset by lower interest expense. Turning to our segments. first-quarter sales in our dispensing and specialty closures segment increased 2% versus the prior year, primarily as a result of the pass-through of higher raw material costs and foreign currency translation of 6% which was partially offset by lower volume and less favorable mix.

調整後 EPS 為 0.78 美元，較去年同期減少 0.04 美元，主因為調整後 EBIT 較低及稅率較高；但部分被較低的利息費用所抵銷。接著看各部門。分配與特殊封蓋部門第一季銷售額較去年增加 2%，主要因轉嫁較高原物料成本，以及外幣換算帶來 6% 的正面影響；但部分被較低的出貨量與較不利的產品組合所抵銷。

Volumes in the quarter were adversely impacted by severe weather events that curtailed production and our customers' production facilities, which also caused an adverse impact on the mix of products sold. As expected, first-quarter dispensing and specialty closures adjusted EBIT was below the prior year levels, in part due to 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 higher cost inventory in 2026 for steel, food and beverage products in Europe.

本季出貨量受到嚴重天候事件不利影響，該事件抑制了我們的生產以及客戶的生產設施運作，並同時對銷售產品組合造成不利影響。如預期所示，分配與特殊封蓋第一季調整後 EBIT 低於去年水準，部分原因在於：2025 年通膨環境下銷售去年庫存所帶來的年對年利益，相較之下，2026 年在歐洲針對鋼材、食品與飲料產品銷售較高成本庫存則形成逆風。

Strong growth in dispensing products for fragrance and beauty markets were offset by the adverse volume mix and cost impact of severe weather during the quarter in North America. In our metal container segment, sales increased 15% versus the prior year quarter as a result of the contractual pass-through of higher raw material costs, principally related to steel and aluminum and higher volumes of 2%.

香氛與美妝市場的分配產品強勁成長，被北美本季嚴重天候所造成的不利出貨量／組合與成本影響所抵銷。在金屬容器部門，銷售額較去年同期增加 15%，主要因合約性轉嫁較高原物料成本（主要與鋼與鋁相關）以及出貨量增加 2%。

Our volume growth in the quarter was largely the result of higher volumes for pet food markets of 11% as we continue to experience strong growth in this category. As expected, volumes for fruit and vegetable markets were below the prior year levels as a result of prebuy activity in the fourth-quarter of 2025 as certain customers purchased ahead of anticipated raw material inflation in 2026.

本季出貨量成長主要來自寵物食品市場出貨量增加 11%，我們在此類別持續呈現強勁成長。如預期所示，水果與蔬菜市場出貨量低於去年水準，係因 2025 年第四季的預購活動所致，部分客戶因預期 2026 年原物料通膨而提前採購。

Metal containers adjusted EBIT was comparable to the prior year quarter as higher volumes for the pet food market were partially offset by the adverse mix impact of lower volumes for the fruit and vegetable markets due to the prebuy. In custom containers, our results were largely consistent with our expectations as sales decreased 10% compared to the prior year quarter as a result of lower-margin business exited due to a planned footprint optimization to achieve the previously announced cost reduction goals and a continuation of destocking activities that concluded during the first-quarter of 2026.

金屬容器調整後 EBIT 與去年同期相當：寵物食品市場較高出貨量的正面影響，部分被因預購導致水果與蔬菜市場出貨量較低所造成的不利產品組合影響所抵銷。在客製化容器方面，我們的結果大致符合預期；銷售額較去年同期下降 10%，原因為為達成先前公布的成本削減目標而進行的既定產能／據點優化（footprint optimization）所退出的低毛利業務，以及去庫存活動的延續，而該去庫存活動已於 2026 年第一季結束。

Custom containers adjusted EBIT was below prior year levels as a result of the lower volumes. Turning to our outlook for the second-quarter of 2026. We are providing an estimate of adjusted earnings in the range of $0.92 to $1.02 per diluted share as compared to adjusted earnings of $1.01 in the prior year period. second-quarter interest expense is anticipated to be in the range of $50 million with a tax rate of 25% to 26%.

客製化容器的調整後 EBIT 因出貨量較低而低於去年同期水準。接著談我們對 2026 年第二季的展望。我們提供的調整後盈餘預估區間為每股稀釋後 $0.92 至 $1.02，相較於去年同期調整後盈餘每股 $1.01。第二季利息費用預期約為 $5,000 萬，稅率為 25% 至 26%。

From a segment standpoint, second-quarter dispensing and specialty closures adjusted EBIT is expected to be comparable to the prior year period, with higher year-over-year volumes largely offset by significant inflation in the quarter. Based on the current resin market, we are expecting approximately $50 million of incremental cost in the segment during the quarter related to the inflationary pressure from the Middle East conflict, which is anticipated to impact adjusted EBIT by approximately $10 million in the second-quarter.

以事業部門來看，第二季分配與特殊封蓋（dispensing and specialty closures）的調整後 EBIT 預期與去年同期相當，年增出貨量的提升大致會被本季顯著的通膨所抵銷。依目前樹脂市場狀況，我們預期本季該事業部門將因中東衝突帶來的通膨壓力而增加約 $5,000 萬的增量成本，預計將在第二季對調整後 EBIT 造成約 $1,000 萬的影響。

Metal containers volume and adjusted EBIT is expected to be below prior year levels as mid-single-digit growth in pet food products is expected to be offset by a normalization in the seasonal ordering patterns for the fruit and vegetable markets as the segment reverts to a more typical volume pattern following several years of volatility related to one of our customers.

金屬容器的出貨量與調整後 EBIT 預期將低於去年同期水準，原因是寵物食品產品預期有中個位數成長，但將被水果與蔬菜市場季節性下單模式回歸常態所抵銷；在某位客戶相關的多年波動之後，該事業部門正回到較典型的出貨量型態。

This normalization is expected to be predominantly impact the timing of orders between the second and third-quarters and does not impact our expectations for volumes for the year. Custom containers adjusted EBIT and like-for-like volumes are expected to be modestly above prior year levels in the second-quarter. For the full year 2026, we are increasing our estimate of adjusted EPS by $0.03 to the range of $3.73 to $3.93 as compared to $3.72 in 2025 to reflect the strong operational EBIT performance in the first-quarter.

此一常態化預期主要影響第二季與第三季之間的訂單時點，並不影響我們對全年出貨量的預期。第二季客製化容器的調整後 EBIT 與同店（like-for-like）出貨量預期將略高於去年同期。就 2026 全年而言，我們將調整後 EPS 預估上調 $0.03 至 $3.73 至 $3.93 的區間，相較於 2025 年的 $3.72，以反映第一季強勁的營運 EBIT 表現。

This estimate includes corporate expense of approximately $50 million, an increase of approximately $5 million from our prior estimate, which is offset by lower anticipated interest expense of approximately $200 million. Our 2026 estimate of adjusted EPS continues to factor in an expected tax rate of approximately 25% to 26% and a weighted average share count of approximately 106 million shares.

此一預估包含約 $5,000 萬的公司費用，較我們先前的預估增加約 $500 萬，但可由預期較低的利息費用（約 $2 億）所抵銷。我們對 2026 年調整後 EPS 的預估仍納入約 25% 至 26% 的預期稅率，以及約 1.06 億股的加權平均流通股數。

Our updated 2026 adjusted EPS range now exceeds the prior record level of adjusted EBIT and adjusted EBITDA achieved in 2025 at the low end of the range. From a segment perspective, low to mid-single-digit percentage total adjusted EBIT growth in 2026 is expected to be driven primarily by a mid-single-digit percent increase in dispensing and specialty closures adjusted EBIT and a low single-digit percent increase in adjusted EBIT in the metal containers and custom container segments.

我們更新後的 2026 年調整後 EPS 區間，在區間低端即已超越 2025 年所達成的調整後 EBIT 與調整後 EBITDA 先前紀錄水準。從事業部門角度來看，預期 2026 年總調整後 EBIT 將以低至中個位數百分比成長，主要由分配與特殊封蓋調整後 EBIT 的中個位數百分比增幅所帶動，並由金屬容器與客製化容器事業部門調整後 EBIT 的低個位數百分比增幅所支撐。

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 container volumes are expected to grow by a low single-digit rate as a result of mid-single-digit growth in products for pet food markets, which represent more than half of the segment volume.

2026 年分配與特殊封蓋的出貨量預期將以低至中個位數百分比成長，主要由分配產品的中個位數增幅所帶動。金屬容器出貨量預期將以低個位數成長，原因是寵物食品市場產品預期有中個位數成長，而該類產品占該事業部門出貨量的一半以上。

Custom containers volumes are expected to be comparable to the prior year on a reported basis and above prior year levels on a like-for-like basis, excluding restructuring impacts as lower first-quarter volumes primarily due to destocking activities are expected to be offset by growth in the subsequent quarters. Based on our current earnings outlook for 2026, we are confirming our estimate of free cash flow of approximately $450 million, which includes CapEx of approximately $310 million.

客製化容器出貨量在申報口徑（reported basis）下預期與去年相當；在同店（like-for-like）口徑下，排除重整影響後，預期將高於去年水準，因第一季主要受去庫存（destocking）活動影響而較低的出貨量，預期將被後續季度的成長所抵銷。基於我們目前對 2026 年的獲利展望，我們確認自由現金流約 $4.5 億的預估，其中包含約 $3.1 億的資本支出（CapEx）。

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

接下來我們開放提問。Margo，麻煩您說明問答環節的進行方式？

(Operator Instructions) Brad Barton, Bank of America.

（接線員指示）Brad Barton，美國銀行（Bank of America）。

This is Brad Barton on for George. I was just wondering if you could -- looking at your M&A pipeline, just discuss how you're reviewing the pipeline. And relatedly, when you view candidates, can you discuss how you assess their capital and cash intensity relative to Silgan?

我是 Brad Barton，代 George 發言。我想請教，從你們的併購（M&A）案源管線來看，可否談談你們如何檢視這個管線？另外，當你們評估標的時，可否說明你們如何衡量其資本密集度與現金密集度相對於 Silgan 的情況？

Yes. Thanks, Brad. I appreciate the question. So I think as you think about Silgan, one of the real strengths of the company over time has been capital deployment. Really nothing has changed regarding our approach to capital deployment or how we evaluate M&A. So one of the key hurdles that every acquisition that we evaluate has to clear is the other opportunity of buying back stock or paying down debt.

好的。謝謝你，Brad。我很感謝這個問題。我想談到 Silgan 時，公司長期以來的一項真正優勢就是資本配置。就我們的資本配置方式或評估併購的方法而言，基本上沒有改變。我們評估的每一項收購案都必須跨過的一個關鍵門檻，是其回報必須優於回購股票或償還債務的替代方案。

We continue to look at our opportunities on a cash-on-cash return basis over a long period of time that factors in all the opportunities for the business, the capital that the business will require, any advantageous tax situations and the like. So nothing has changed about our return hurdles as well. I think as you think about the M&A pipeline, we've said now for a number of quarters that the M&A pipeline remains active.

我們仍以長期的現金對現金（cash-on-cash）報酬率為基礎來檢視機會，並將企業的所有機會、業務所需資本、任何有利的稅務情境等因素一併納入考量。因此，我們的報酬門檻也沒有改變。至於併購管線，我們已連續好幾季提到，併購管線仍然活躍。

We see a number of opportunities for assets that could be coming to market that would fit nicely in our strategy where we have been building out a portfolio of higher-margin, higher growth businesses in the dispensing and specialty closures laneway now, we look at everything that's rigid packaging for consumer goods. But I think that's kind of how you should think about our M&A pipeline and the way we look at M&A.

我們看到有不少資產可能會進入市場，且非常符合我們的策略；我們一直在分配與特殊封蓋這條跑道上，建立一個更高毛利、成長性更高的業務組合。當然，我們也會看所有屬於消費品的硬式包裝（rigid packaging）。但我認為，這就是你應該如何理解我們的併購管線，以及我們看待併購的方式。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

I appreciate the update today. I have a couple of questions on the volume outlook. It sounds like not many changes there, but just a couple of puts and takes by segment. Maybe I'll knock them off here all in a row. on Metal Containers, I think you called out 2Q timing. Any impact from weather, drought or fertilizer availability that could impact the pack season or what you're hearing from customers heading into 3Q on that or if it's still too early?

感謝今天的更新。我有幾個關於出貨量展望的問題。聽起來整體變化不大，但各事業部門有一些增減因素。我把問題一次問完。關於金屬容器，我想你提到第二季的時點因素。天氣、乾旱或肥料供應是否可能影響裝罐季（pack season），或你們從客戶那邊聽到第三季前的情況如何？還是現在談仍太早？

And then on Dispensing and Specialty Closures. First, fragrance and beauty continues to see good gains. Are you seeing any impact from export out of Europe or shipping constraints or ask given limited exposure, but anything from a lower duty-free travel or no impacts there? And then lastly, on beverage, how did that perform in 1Q, maybe on a same-store basis without new contracts, and anything you're seeing there in April into the summer season?

另外在分配與特殊封蓋方面，首先，香氛與美妝持續有不錯的成長。你們是否看到來自歐洲出口或航運限制的任何影響？我知道你們曝險有限，但例如免稅旅遊（duty-free travel）下降是否有影響，或是沒有影響？最後，關於飲料，第一季表現如何——若排除新合約、以同店基礎來看——以及你們在 4 月到夏季旺季期間看到的趨勢是什麼？

Sure, Matt. Thanks for the questions. Maybe just kind of picking them up in the order that you went through them. So for metal containers, really the timing issue that we talked about is the simple fact that one of our large fruit and vegetable customers now is in new ownership hands. And the profile of that credit essentially is different than it has been.

好的，Matt。謝謝你的問題。我依你提問的順序逐一回答。就金屬容器而言，我們提到的時點問題，主要是因為我們一位大型水果與蔬菜客戶目前已更換為新的所有權。該客戶的信用狀況輪廓本質上與過去不同。

So you should probably think about those products being shipped and consumed and products being filled, closer to the time that the product is packed in the field. So I think as we've talked a long time, our manufacturing philosophy at Silgan is we basically make cans all year long, particularly for the packed products, and we sell them kind of 2Q, 3Q and Q4.

因此，你可以把這些產品理解為：出貨、消費以及充填（filled）的時間點，會更貼近田間作物實際採收與裝罐（packed）的時間。正如我們長期以來所說，Silgan 的製造理念基本上是全年生產罐子，特別是針對裝罐產品，然後主要在第二季、第三季與第四季銷售。

And this is just moving the timing more to Q3 where products are picked and filled from the crop perspective. So no change whatsoever to the full year with that customer and how that has played out in 2026. As we then move over to our dispensing and specialty closures segment, the organic growth in fragrance and beauty has been terrific, and it's been strong and has been strong for quite a while now.

而這只是把時點更多移到第三季，因為從作物角度來看，產品是在那時採收並充填。因此，對於該客戶以及其在 2026 年的表現，我們對全年預期完全沒有改變。接著談到分配與特殊封蓋事業部門，香氛與美妝的有機成長非常出色，一直都很強勁，而且已經強勁了一段時間。

The pipeline is very, very full and the opportunities are in front of us. I think we're winning simply because of our innovation and our customer partnership model. And as we've talked before, that's a much longer developmental cycle than maybe some of our other products, call it, in food and beverage or personal care. So here it is 2026, and we're talking about product launches for certainly known product launches for '27 and developmental ideas in '28 and beyond.

案源管線非常、非常充實，機會就在眼前。我認為我們之所以能贏，純粹是因為我們的創新能力與客戶夥伴合作模式。正如我們之前談過的，這類產品的開發週期比我們其他一些產品（例如食品飲料或個人護理）更長。現在是 2026 年，我們談的是 2027 年確定的產品上市（product launches），以及 2028 年及以後的開發構想。

So pretty good line of sight into how that business is going to continue to perform for us. Obviously, with the conflict in the Middle East, there is potentially an impact on some luxury goods, but we don't think it applies and our customers don't think it applies to the products that we sell in fragrance and beauty. We're a little bit on the lower end of the luxury scale.

因此，我們對這項業務未來將如何持續為我們帶來表現，有相當清晰的能見度。當然，隨著中東衝突，奢侈品可能會受到一些影響，但我們認為不適用於我們在香氛與美妝所銷售的產品，我們的定位稍微偏向奢侈品光譜的較低端。

And I think one of the great ideas here is that our customers through the pandemic were able to identify and find new ways to reach their consumers. So particularly those duty-free and travel consumers, tourism consumers that you referenced. What we found is those consumers are continuing to buy the product, whether they're traveling or not. They found avenues to continue to consume those products.

而我認為這裡其中一個很棒的想法是，我們的客戶在疫情期間能夠辨識並找到新的方式去觸及他們的消費者。特別是你提到的那些免稅與旅遊消費者、觀光消費者。我們發現，這些消費者不論是否出行，都仍持續購買產品。他們找到了管道，得以持續消費這些產品。

And then finally, on the beverage side, Q1 performance right in line with expectations. You're right, we did have a new contractual win this year that has already been commercialized. That is part of our volume outlook for 2026. But I would say, again, on the beverage side, I think we talked about this a little bit last time, a fairly muted outlook from our perspective on market performance.

最後，在飲料業務方面，第一季表現與預期完全一致。你說得對，我們今年確實拿下了一個新的合約案，而且已經完成商業化。這已納入我們對 2026 年的銷量展望。不過我會再說一次，就飲料端而言，我想我們上次也稍微談過，從我們的角度看，對市場表現的展望相當溫和。

We're taking a conservative view on the market, adding in our contractual volumes, and that's what's embedded in our guidance for '26. We're not really at all subject to needing the market to grow in order to hit the guidance that we put forward.

我們對市場採取保守看法，並把合約量加進去，這就是我們『26 年指引中所內含的內容。我們其實完全不需要市場成長，才能達成我們提出的指引。

Brad Barton, Truist.

Brad Barton，Truist。

This is Niccolo Piccini for Mike Roxland. Just to start out, I think last quarter, you mentioned that Weener is positioned to grow ahead of peers and then take kind of outsized portion of new product launches. Just wondering how that performed in 1Q, how Weener performed versus peers? And what does the backlog look like for 2Q? And then how can you measure that, I guess, performance against peers and kind of tell with certainty that you're actually gaining share?

我是代替 Mike Roxland 的 Niccolo Piccini。先從這裡開始，我記得上季你提到 Weener 的定位是能夠比同業成長更快，並且在新產品上市中取得相對更大的份額。想請教在第一季的表現如何，Weener 相較同業表現如何？第二季的訂單積壓（backlog）看起來如何？另外，我想問的是，你們如何衡量相對同業的表現，並且能夠有把握地判斷你們確實正在提升市占？

Sure. Interesting question. I think, Nico, what I would say is it's the combination of Weener with our Dispensing and Specialty Closures business that drives kind of the commentary that you referenced. So really, it's the combined portfolio now, including Weener. And I think the area I'd probably point you to directly is fragrance and beauty. And we've had tremendous success in fragrance and beauty.

當然。這是個有趣的問題。我想，Nico，我會說這是 Weener 與我們的 Dispensing and Specialty Closures（分配與特殊封蓋）業務的組合，驅動了你所提到的那段評論。所以實際上是現在的整體組合產品，包括 Weener 在內。我想我會直接指向的領域是香氛與美妝，而我們在香氛與美妝方面取得了巨大的成功。

We've delivered another quarter in Q1 of double-digit growth. I feel confident that we're winning a higher percentage of the new product launches that are in the market and have been now for a couple of years in a row. So I think that's how we really determine that we are continuing to garner a larger percentage, larger share of that market. To be clear, we are not at all competing on price. This is about innovation.

我們在第一季又交出了一個雙位數成長的季度。我有信心，我們在市場上的新產品上市案中，贏得的比例更高，而且這種情況已經連續好幾年。因此，我們就是用這種方式來判斷，我們持續取得更高比例、也就是更大的市占。要說清楚的是，我們完全不是在價格上競爭；這是關於創新。

This is about partnership and helping our customers get new creative and innovative products into the market well into the future. Again, my comments from the last question were, we're already working on commercializing '27 product launches and developing '28, '29 product launches right now. And that is a core component to how we're going to continue to grow out the business with our, I'd say, market-leading innovation pipeline in those products.

這是關於合作夥伴關係，以及協助客戶在未來很長一段時間內，將新的創意與創新產品推向市場。再重申我在上一個問題的回覆：我們已經在推動『27 年產品上市的商業化，並且正在開發『28、 『29 年的產品上市。這是我們將持續擴大業務成長的核心要素之一，我會說，憑藉我們在這些產品上具市場領先地位的創新管線。

Got it. If I could just do one follow-on here. You called out some incremental opportunities for long-term growth in Custom Containers and both with new and existing customers. Can you provide a little more detail on that? Maybe if you can quantify how that could impact the P&L or just some additional details on those wins?

了解。如果我可以再追問一題。你提到在 Custom Containers（客製化容器）方面有一些長期成長的增量機會，包含新客戶與既有客戶。你能否提供更多細節？例如量化一下這可能對損益表（P&L）的影響，或是補充一些關於這些得標案的資訊？

Sure. And I think maybe just going back, we did exit a facility in 2025 as we were exiting some lower-margin business. And I think as we've talked historically, the exit of volume doesn't always line up perfectly with the new volume coming on to replace it. So I think what you see in '26 is we've had really good success in the marketplace. Those volumes will be commercialized over the back half of the year, and that's when you sort of see the inflection point on a like-for-like basis where volumes turn positive in the back half of the year.

當然。我想先回到前面一點：我們在 2025 年關閉了一座工廠，因為我們正在退出一些低毛利業務。正如我們過去談過的，退出的量不一定會與用來替代的新量完全在時間上對齊。因此你在『26 年看到的是，我們在市場上取得了非常好的成果；這些量會在下半年完成商業化，而那時你就會在可比基礎上看到拐點，也就是下半年銷量轉為正成長。

Gabe Hajde, Wells Fargo Securities.

Gabe Hajde，Wells Fargo Securities。

I wanted to ask about some of the health care applications that you guys have in the market. I think you kind of talked about over a medium-term three- to five-year basis, trying to 2x that business. Anything that you can talk about that's been commercialized this year, maybe where capacity utilization sits or growing into some capacity that you've added in the past couple of years?

我想問一下你們在市場上的一些醫療保健應用。我記得你們提到以中期三到五年的基礎，目標是把那塊業務做到 2 倍。今年有沒有什麼已經完成商業化的項目可以談？另外，產能利用率目前大概在哪裡？或是你們在過去幾年新增的產能，是否正在逐步被成長所消化？

Yes. Look, it's a core focus of where we're going, a big part of the growth profile of our dispensing and specialty closures segment going forward. We've had tremendous success in our nasal and ophthalmic applications, and we see really good growth in both of those specific target areas. We have invested, as we've talked in the past, Gabe, to support that volume growth.

是的。你看，這是我們前進方向的核心重點，也是我們未來 dispensing and specialty closures（分配與特殊封蓋）事業部成長輪廓中的重要一環。我們在鼻腔與眼科應用方面取得了非常大的成功，而且我們看到這兩個特定目標領域都有很好的成長。我們也如同過去所談，Gabe，已經進行投資以支援這些量的成長。

And we're seeing the growth that we expected right now. So I think we had talked, call it, a $200 million health care business at one point, and it's closer to $250 million now as we look into the rest of 2026. So we're getting the growth that we had targeted. And again, it's really focused on nasal and ophthalmic applications. And I would say, Gabe, the application opportunities continues to expand within kind of that nasal and ophthalmic realm.

而我們目前看到的成長符合我們的預期。所以我想我們曾經談過，醫療保健業務大概是 2 億美元的規模，而現在當我們展望 2026 年剩餘期間時，已更接近 2.5 億美元。因此我們正在取得我們所設定的成長。再一次，重點確實集中在鼻腔與眼科應用。我也會說，Gabe，在鼻腔與眼科這個範疇內，應用機會仍在持續擴大。

Got it. I guess, dimensioning what '26 could look like. Going back to the M&A question, there was obviously some reports out there pretty public about a competitor over in Europe. My question is less about that specifically and more about size scale. That would have been a fairly large transaction. I know you can't dictate timing when these things come available, but pushing the balance sheet a little bit.

了解。我想在衡量『26 年可能的樣貌時，回到併購（M&A）問題。外界顯然有一些相當公開的報導，提到歐洲那邊的一家競爭對手。我的問題不是針對那件事本身，而是關於規模尺度。那會是一筆相當大的交易。我知道你們無法決定這些機會何時出現，但那會讓資產負債表的槓桿提高一些。

Can you just talk around appetite for that? And maybe as you filter through some of the other opportunities, is there anything out there that strikes you as similar size and scale or that was probably on the high end of what you'd be looking at?

你能否談談你們對這種規模交易的意願？以及當你們篩選其他機會時，市場上是否有任何在規模與尺度上相近的標的？或者說，那大概已經是你們會考慮的上限？

Well, sure. Obviously, we're not going to comment on any rumors. And I think what we'll say has been consistent with kind of where we've always been. I mean I look at the scale of the company today versus maybe 10 years ago, Gabe, and it's in a much different position just simply because of the profitable growth that we've added to the business.

好的。很明顯，我們不會對任何傳聞發表評論。我想我們能說的是，這一直與我們一貫的立場一致。我的意思是，Gabe，我看今天公司的規模相較於大約 10 年前，已處於非常不同的位置，單純是因為我們為業務帶來了獲利性的成長。

And I look at the Weener acquisition, roughly just round numbers, $1 billion acquisition, where we actually did lever up and went outside of our target leverage range with a very clear plan to get back into that target leverage range within 15 months, and we executed very well and delivered that target. So $1 billion acquisition on top of Silgan and being able to get back within our leverage guidance within 15 months is a pretty impressive feat as far as I'm concerned as far as how the company has evolved over time.

我再看 Weener 的收購案，粗略取整數，大約是 10 億美元的收購；當時我們確實提高了槓桿，並且短暫超出我們的目標槓桿區間，但我們有非常明確的計畫，要在 15 個月內回到目標槓桿區間，而我們執行得非常好並達成了該目標。就我而言，在 Silgan 的基礎上再做一筆 10 億美元的收購，並且能在 15 個月內回到我們的槓桿指引範圍，這是一項相當令人印象深刻的成就，也反映公司隨時間演進的成果。

So we like acquisitions of all size and scale. I think with WestRock, with Albea, with Weener, we did go outside of our targeted range, but we've always had the ability to utilize the free cash flow of the business to delever quickly, and that's really more the important point. I think what our businesses have shown is a tremendous ability to integrate and bring on board the acquisitions that we've executed upon.

所以我們喜歡各種規模與尺度的收購。我想以 WestRock、Albea、Weener 這些案子來看，我們確實曾超出目標區間，但我們一直都有能力運用公司自由現金流快速去槓桿，而那才是更重要的重點。我認為我們的各項業務已展現出極強的整合能力，能把我們所執行的收購案順利納入並運作。

And I think what our team here at our corporate group has done has shown a real core competency in navigating the M&A landscape. And I think we -- I'll say it again, I think we are advantaged in many ways as we look at assets and properties in this space and are excited about the opportunities that still sit out there in front of us.

我也認為，我們企業總部團隊所做的事情，展現了在駕馭併購（M&A）環境上的核心能力。我想我們——我再說一次——當我們審視這個領域的資產與標的時，在很多方面都具備優勢，並且對於眼前仍然存在的機會感到興奮。

Perfect. No, look, execution has been really solid for the past 10 years.

很好。不，坦白說，過去 10 年的執行力一直非常扎實。

Hillary Cacanando, Deutsche Bank.

Hillary Cacanando，Deutsche Bank。

So based on the double-digit volume growth in the fragrance and beauty segment, it seems like consumer remains bifurcated. Is that what you're continuing to see? Could you talk about how other products in the DSD segment like personal care and home care products have performed?

所以基於香氛與美妝部門的雙位數銷量成長，看起來消費者仍然呈現兩極分化。這是否是你們持續看到的情況？你能否談談 DSD 部門中其他產品（例如個人護理與居家清潔產品）的表現如何？

Great. First of all, Hillary, welcome to the call. So it's nice to hear from you on the first call, so welcome to the space. Look, fragrance and beauty, we do think there continues to be evidence of a K-shaped economy. And I think Silgan is a great example of where that plays out because of the diverse nature of our product portfolio. So fragrance and beauty, you're right, I mean that's a luxury item.

很好。首先，Hillary，歡迎加入這通電話會議。很高興在你的第一場電話會議聽到你的聲音，歡迎加入這個領域。你看，香氛與美妝方面，我們確實認為仍持續有 K 型經濟的證據。我想 Silgan 是一個很好的例子，因為我們的產品組合非常多元，所以這種現象會在我們身上呈現。至於香氛與美妝，你說得對，我的意思是，那是一種奢侈品。

And I think the high-end consumer continues to do fairly well. And those purchase patterns with double-digit volume growth in those segments continue to do show tremendous strength. Maybe on the other end of that K-shaped economy that we've talked about, you have the consumer that is more focused on value and is making decisions at the point of purchase.

而我認為高端消費者的表現仍然相當不錯。而且在那些細分市場中，購買模式呈現兩位數的銷量成長，持續展現出極為強勁的力道。或許在我們談到的那種 K 型經濟的另一端，則是更重視性價比、並在購買當下做決策的消費者。

And I think you can look right at our food can business and again, when we think about the consumer of food can typically is targeting, it's for folks that are looking for the greatest value to deliver the highest nutritional content for the lowest cost. And that's what our food can products allow our customers to do for consumers.

而我認為你可以直接從我們的食品罐業務看出來；同樣地，當我們思考食品罐通常鎖定的消費者時，主要是那些希望以最低成本獲得最高營養含量、追求最大價值的人。而我們的食品罐產品讓客戶能夠為消費者做到這一點。

So I think the low-end consumer is more focused on value and stretching those dollars in the food can, I think, plays a really important part in that dynamic. So we see the K-shaped economy continuing to play out.

所以我認為低端消費者更專注於價值、並在食品罐這一塊盡可能把每一塊錢花得更有效率；我認為這在這種動態中扮演非常重要的角色。因此我們看到 K 型經濟仍在持續發展。

Okay. So how about in your like home care, spray, aerosol, cleaning spray, any impact there since it's kind of, I would say, less -- not as elastic inelastic, I guess?

好的。那你們像是家居護理、噴霧、氣霧罐、清潔噴霧這些品類呢？那邊有任何影響嗎？因為我會說，這類產品比較——我想應該是比較不那麼……需求彈性？或是不那麼缺乏彈性？

Yes. I think it's a really good point. And I think you look at our portfolio of products, and it's the vast majority of our products are consumer staples. We consider them to be non-discretionary. I do think in fairness, there are pockets of strength and pockets of some slight weakness that you would expect that across a diverse portfolio like ours. So I think it's more about the consumer staples that we support our customers with that really are more protected than the discretionary spend items that consumers are dealing with.

是的。我認為這點說得很好。我想你看看我們的產品組合，絕大多數都是民生必需品。我們認為它們屬於非選擇性消費。公平地說，在像我們這樣多元的產品組合中，確實會有一些表現強勁的區塊，也會有一些略為疲弱的區塊，這是你會預期的。所以我認為重點更在於：我們協助客戶的那些民生必需品，相較於消費者正在面對的可選擇性支出項目，其實更受到保護。

Got it. And then just on -- in the pet food category is doing so well. We've heard all your peers pounding their pet food performance. So are you seeing any competitive pressures there with everyone trying to increase their pet food business?

了解。那再來，寵物食品品類表現非常好。我們也聽到你們所有同業都在強調他們的寵物食品表現。所以在大家都想擴大寵物食品業務的情況下，你們有看到任何競爭壓力嗎？

Well, I think for me, as I look at our metal containers business and obviously, pet food is a large part of that, so much of this business is under significant long-term contracts that historically, we've stayed out of the fray of the market. As it relates to wet pet food specifically, we are heavily overweighted to that segment. So I think with our largest customers continuing to grow and drive the growth in that category.

嗯，我想就我而言，當我看我們的金屬容器業務——顯然寵物食品是其中很大的一部分——這個業務有很大比例是簽在重要的長期合約之下，歷史上我們也一直避免捲入市場的價格戰。就濕式寵物食品而言，我們在該細分市場的比重非常高。因此我認為，隨著我們最大的客戶持續成長並帶動該品類的成長。

Obviously, we continue to win and increase our volume in that market. I think on maybe some of the private label side, there's other opportunity for smaller growth for some other folks. But we're really focused on our largest customers driving that volume again, and we are focused on cats and small dogs in the portfolio of products that we take to market.

很明顯地，我們也持續在該市場贏得訂單並提升我們的出貨量。我認為在某些自有品牌（private label）那一端，其他業者可能還有一些較小幅度的成長機會。但我們真正聚焦的是：由我們最大的客戶再次帶動那個量；同時在我們推向市場的產品組合中，我們聚焦於貓以及小型犬。

Josh Vesely, Baird.

Josh Vesely，Baird。

This is actually Josh Vesely on for Ghansham. Maybe just piggybacking off of Hillary's question there, just maybe focusing more so on your CPG end markets. And just on a high-level basis, do you guys get any sense that they're shifting philosophy at all from kind of the volume emphasis that they were talking about at the beginning of the year, right?

我其實是代替 Ghansham 的 Josh Vesely。延續 Hillary 剛才的問題，想把焦點更多放在你們的 CPG 終端市場。從較高層次來看，你們是否感覺到他們的策略理念有任何轉變？例如年初他們談到的那種以量為主的重點，對吧？

Just given the context of pricing for them across the board has been very high on a multiyear basis. Again, they started switching towards more constructive volume commentary at the beginning of the year. Do you think they're going to kind of revert back to maybe pushing pricing just in context of the inflationary backdrop we're in? Or will they kind of stick to this volume dynamic just because of the pricing that's been in the past?

考量到他們在各品類的定價在多年期的基礎上都非常高。同樣地，他們在年初開始轉向較為正面的「量」的評論。你認為他們會不會在目前的通膨背景下，回頭改為更積極推動漲價？還是他們會維持這種以量為主的動態，因為過去已經漲過價了？

Very good question. I think that certainly, as we came into the year, volume was the focus, and I think there was more promotional and price activity supporting volume growth. I think with the conflict in the Middle East and the impact on inflation, I think we're still now in deep conversations with our customers, trying to understand exactly how they're thinking about the rest of the year.

非常好的問題。我認為確實，在我們進入今年時，重點在於銷量，而且我認為有更多促銷與價格活動來支撐銷量成長。隨著中東衝突及其對通膨的影響，我認為我們現在仍在與客戶進行深入對話，試圖了解他們對今年剩餘時間的想法究竟是什麼。

But I would say even up through early part of April, promotional activity was still pretty good for most of the products that we were looking for. And then I think how that ultimately relates to Silgan, it's back to the comment I made earlier. I mean, really, we looked at market growth in a fairly muted lens for 2026. So we're not expecting significant growth in markets to support the guidance that we've given.

但我會說，即便到四月初為止，我們所關注的大多數產品，其促銷活動仍然相當不錯。然後我認為這最終與 Silgan 的關聯，回到我先前提到的評論：我們以相當保守的角度來看待 2026 年的市場成長。因此，我們並不預期市場會有顯著成長來支撐我們所給出的指引。

We've added kind of our contractual lens to our volume outlook. But outside of that, we're expecting pretty muted volume trends across the markets that we serve.

我們已把某種「合約視角」納入我們的銷量展望。但除此之外，我們預期我們所服務的各市場，整體銷量趨勢都會相當溫和。

Okay. Great. That's super helpful. And then maybe just if I can sneak in one more, just on the input cost inflation component. Obviously, a lot of that's resin and you have contractual pass-through mechanisms there. But how are you thinking about the inflation specific to maybe some other derivatives such as energy, freight, coatings for cans, et cetera. Can you quantify that impact? And can you also remind us, too, is that passed through contractually as well? And if not, how do you plan on offsetting that?

好的。很棒，這非常有幫助。那如果我可以再追問一個：關於投入成本通膨的部分。顯然其中很大一塊是樹脂，而且你們有合約性的轉嫁機制。但你們如何看待其他衍生項目的通膨，例如能源、運輸、罐用塗料等等？你能量化其影響嗎？也請再提醒我們一下，這些是否也能透過合約轉嫁？如果不能，你們打算如何抵銷？

Sure. Well, maybe I'll just start with kind of reminding everyone of Silgan's sourcing strategy. I mean, look, what we like to do is, is we like to buy raw materials, we like to manufacture and we like to sell all within one geography. So you take some of the global influence out of the relationship with our customers. So I think that's an important point to start with.

當然。那我先提醒大家 Silgan 的採購策略。我的意思是，我們喜歡做的是：在同一個地理區域內採購原材料、製造、並銷售。如此一來，就能把一些全球性的影響從我們與客戶的關係中剔除。我認為這是很重要的起點。

You're right, I think resin costs are probably the biggest item here to address, and we talked a little bit about it in Shawn's comments earlier. And I think just for Q2, the inflation we're anticipating something around $50 million in our dispensing and specialty closures segment. I think the net impact of that inflation with our lag pass-through is going to be something like $10 million. So I think it's embedded in our guidance.

你說得對，我認為樹脂成本可能是這裡需要處理的最大項目，我們在 Shawn 先前的評論中也稍微談到。我想就第二季而言，我們預期在我們的分配器與特殊封蓋（dispensing and specialty closures）部門，通膨大約在 5,000 萬美元左右。我認為在我們的落後期轉嫁（lag pass-through）之下，該通膨的淨影響大概會是 1,000 萬美元左右。所以我認為這已反映在我們的指引之中。

As we talked about earlier in the year, we planned for more unknown risk in 2026. So it really doesn't change our guidance. We're able to absorb that and still maintain our guidance. And then I'll maybe pass it to Shawn to talk a little bit about how we manage through the other inflation that we're experiencing as well.

如同我們今年稍早所談到的，我們在 2026 年規劃了更多未知風險。因此這並不會改變我們的指引。我們能夠吸收這個影響並仍然維持我們的指引。接著我可能把問題交給 Shawn，請他談談我們如何管理我們也正在經歷的其他通膨。

Yes, sure. So you specifically asked about freight and energy. I'll start with freight. Freight is a relatively small spend for us. It's under 3% of our cost of sales. Most of the freight in this business is FOB. So from that perspective, it doesn't really apply on the inflation side. And what's left is predominantly pass-through based different formulas, fuel surcharges, things like that.

好的，當然。你特別問到運輸與能源。我先從運輸說起。運輸對我們而言是相對小的支出，佔我們銷貨成本不到 3%。這個業務中大部分運輸是 FOB（離岸價）條件。因此從那個角度來看，通膨面其實不太適用。剩下的部分主要是依不同公式轉嫁，例如燃油附加費之類的。

So we don't see a lot of exposure on the inflation side for freight. Similar comment on energy. It's again -- you think it might be larger than what it is, but it's still around 3% of our cost of sales. We have an active hedging program in place, and we're well hedged for the balance of the year. So we don't see much risk there for 2026.

所以我們在運輸通膨方面看不到太多曝險。能源也是類似的評論。它同樣——你可能會以為比實際更大——但也大約是我們銷貨成本的 3%。我們有一套積極的避險計畫，而且對今年剩餘期間已做了充分避險。因此我們不認為 2026 年在這方面有太多風險。

And if inflation does kind of linger here towards the back half of the year, we'll address that inflation with our customer base in the 2027 renewals. So no real impact on either of those categories. I'd say modest headwind, if anything.

而如果通膨在今年下半年仍有些延續，我們會在 2027 年續約時，與客戶群一起處理那部分通膨。因此這兩個類別都沒有實質影響。若真要說的話，頂多是些許逆風。

Bryan Burgmeier, Citi.

Bryan Burgmeier，Citi。

This is actually Bryan Burgmeier on for Anthony. Yes, I appreciate the detail on dispensing and resin costs that you provided there. Is that $10 million drag in 2Q something that you would expect to recover in kind of 3Q or 4Q? Can you maybe just kind of remind us the timing of these pass-throughs? Just trying to frame, I guess, like rising resin costs versus raising the 2026 outlook seemingly with most of your assumptions unchanged.

我其實是代替 Anthony 的 Bryan Burgmeier。是的，我很感謝你們提供關於分配器與樹脂成本的細節。第二季那 1,000 萬美元的拖累，你們預期會在第三季或第四季回收嗎？你能否再提醒我們這些轉嫁的時間點？我想要釐清的是，例如樹脂成本上升，對比你們在大多數假設不變的情況下看起來卻上調了 2026 年展望。

Yes. I mean, look, I think the rapid kind of unprecedented inflation that we've seen in resin is specifically what we're talking about. I think as you look at the indices for the remainder of the year, there's expected to be some stability kind of mid-to-late year and then potentially depending on the resolution to the conflict in the Middle East, some recovery to lower cost of resin.

是的。我的意思是，我認為我們談的具體是：我們在樹脂上看到的那種快速、某種程度上前所未見的通膨。當你看今年剩餘時間的指數走勢，預期在年中到年末會有一些穩定性；然後可能取決於中東衝突的解決情況，樹脂成本有機會回落、恢復到較低水準。

But that's relatively unknown at this point. So we're not anticipating that happening. I think as we think about the net impact of that $10 million, I mean, I think it's not immediately recoverable in Q2 or Q3. I think as we're thinking about it today, as resin markets decline in the future, that's when that recovery would ultimately happen.

但在目前這個時間點，這件事相對還不為人所知。所以我們不預期會發生。我想，當我們思考那 1,000 萬美元的淨影響時，我的意思是，我認為在第二季或第三季並不能立即回收。我想以我們今天的看法，隨著未來樹脂市場下滑，那時候才會最終發生那個回收。

So it's going to be spread over a longer period of time, and I would not anticipate that probably starting before potentially Q4 and well into '27 as we think about the resolution of the conflict in the Middle East.

所以它會分散在更長的一段時間內，我不預期可能在第四季之前就會開始，而且隨著我們思考中東衝突的解決，可能會一路延續到 2027 年。

Got it. Just following up, maybe curious if there's anything that's maybe been better than expected that allows you to offset that $10 million drag, maybe it's just the 1Q result. And then just in the press release, I think you mentioned you're now expecting custom containers EBIT to be up year-on-year. And I think last quarter it was kind of flattish year-on-year. So just curious what kind of drove that change in view.

了解。再追問一下，想請教是否有任何表現可能優於預期、讓你們得以抵銷那 1,000 萬美元的拖累，也許只是第一季的結果。另外在新聞稿中，我想你們提到現在預期客製化容器（Custom Containers）的 EBIT 會年增，而我記得上季的說法是年比大致持平。所以想了解是什麼驅動了這個觀點的改變。

Yes. I mean, look, I think our business has continued to perform at a very high level. We had a very strong start to the year. And for the most part, as we look at the balance of the year, nothing has really changed from our expectations, you mentioned Custom Containers. It is -- we continue to win in that market, and we continue to commercialize new volume.

是的。我的意思是，你看，我認為我們的業務持續以非常高的水準在表現。我們今年開局非常強勁。而且就大多數情況而言，當我們看今年剩餘時間時，基本上沒有任何事情偏離我們的預期。你提到客製化容器——我們持續在那個市場贏得訂單，也持續將新的量產商業化。

And that's really what's driving the growth in the back half of the year for Custom Containers. But I think as we came into the year, again, those sort of muted market assumptions. So a lot of stuff can happen, and we think we've factored that into our guidance for the year. So with really nothing changing as far as our portfolio of consumer staple products, we're very confident in the remainder of the year and importantly, the performance of each of our businesses as we go forward.

而這正是推動客製化容器在下半年成長的原因。不過我想，當我們進入今年時，市場假設仍偏保守、較為溫和。所以很多事情都可能發生，而我們認為已把這些因素納入今年的指引。因此，在我們的民生必需品產品組合沒有真正改變的情況下，我們對今年剩餘時間非常有信心，更重要的是，對我們各項業務未來的表現也很有信心。

Daniel Rizzo, Jefferies.

Daniel Rizzo，Jefferies。

So with Weener, fully integrated, I mean, is it -- could you provide color or just kind of some sort of numbers around what kind of revenue synergies you might see over the next two to three years? Or I mean, what the runway is and how we should think about it?

那麼 Weener 已經完全整合之後，我的意思是——你們能否提供一些說明或大概的數字，談談未來兩到三年可能看到哪些營收協同效益？或者說，成長跑道有多長、我們應該如何看待？

Well, I mean, Dan, yes, so it is fully integrated. You've got that innovation engine that we continue to talk about. And it's really difficult to say, does that come from Weener or from our dispensing group? I think I would say, look at the growth rate that we have from a longer-term perspective on this segment, and that's what supports that growth rate is this very powerful innovation engine combining our business with Weener.

嗯，我的意思是，Dan，是的，確實已完全整合。你們看到我們一直在談的那個創新引擎。而且很難說那是來自 Weener 還是來自我們的分配（dispensing）事業群。我想我會這樣說：從更長期的角度來看，請看我們在這個事業部門的成長率；支撐那個成長率的，就是這個非常強大的創新引擎——把我們的業務與 Weener 結合在一起。

Okay. And then you mentioned a couple of times about the muted beverage environment, which I understand. But what could trigger just some acceleration, I guess, just improved consumer confidence? Or what would -- I guess, you have to wait for your customers. So how should we think about that something that can provide some upside maybe in the back half of the year and into 2027?

好的。然後你提到幾次飲料市場環境偏疲弱、較為溫和，我理解。但什麼因素可能觸發一些加速呢？我想可能是消費者信心改善？或者會是什麼——我想你們得等客戶端的動向。所以我們應該如何看待：是否有什麼因素能在今年下半年到 2027 年帶來一些上行空間？

Well, I think for us, first-quarter was essentially flat in the beverage business and right in line with our expectations. So again, we are not expecting a tremendous amount of growth. I think if the market grows, that would be a great thing, and that would be upside for our company, but that's not what's embedded in our current guidance to the midpoint.

嗯，我想對我們而言，第一季飲料業務基本上是持平，且完全符合我們的預期。所以再說一次，我們不預期會有非常大的成長。我想如果市場成長，那會是很好的事情，也會成為我們公司的上行因素，但這並沒有納入我們目前指引的中位數假設之中。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC Capital Markets。

Congrats on the strong results. I guess I'm just curious on the volume side, would you attribute a portion of some of the growth to customers kind of trading down from two words, maybe food can and some other of your products. Maybe you can just kind of comment on the bifurcated customer trends that you've seen in the past. I mean, are you seeing growth kind of continuing at the high end and the low end and maybe the middle kind of weakening? Or how would you describe kind of the consumer environment out there?

恭喜你們有很強的結果。我想我好奇的是，在出貨量方面，你們是否會把部分成長歸因於客戶在「降級消費」（trading down），從兩個詞——也許是食品罐以及你們其他一些產品？也許你們可以評論一下你們過去看到的那種分化的客戶趨勢。我的意思是，你們是否看到高端與低端持續成長，而中間區間可能走弱？或者你們會如何描述目前外部的消費環境？

Yes. I think maybe to summarize it, I would say, yes, we continue to see that bifurcated consumer. I think you have some strength at the high end of the consumer portfolio. And I think you also have strength for us in the lower-end consumer as well. I think the middle range consumer, what I would say is it's been relatively stable. And I think that's because of the portfolio of consumer stable products that we supply.

是的。我想如果要總結一下，我會說，是的，我們確實持續看到消費者呈現分化。我想在消費者組合的高端有一些強勁表現；同時對我們而言，在較低端的消費者也同樣有強勁表現。我想至於中間區間的消費者，我會說相對穩定。我認為這是因為我們所供應的民生必需品產品組合。

And again, our feeling of a lot of our products being non-discretionary for that middle part of the consumer. But going back to that high-end consumer, I mean that's right where our fragrance and beauty products sit and delivering another quarter of double-digit organic growth in that -- in those market segments is really important to us and I think reflects the high-end consumer doing really well and the high-end consumer continuing to put those dollars to work.

而且再一次，我們認為我們很多產品對於那個中間區間的消費者而言屬於非選擇性（non-discretionary）支出。但回到高端消費者——那正是我們香氛與美妝產品所處的位置；在那些市場區隔再交出一季雙位數的有機成長，對我們非常重要，我想也反映出高端消費者表現非常好，並且持續願意在這些品類上花錢。

I think when you look over at our metal containers business and think about food cans for a minute, you get that consumer, again, that's looking to a value play for nutrition. And we think we've got a wonderful vehicle to get nutrition to the folks that are stretching dollars that need it most. And we think that's a bit what's driving our strength in our Metal Container segment as well. So we see it. And I think that middle consumer is struggling a bit, but with our consumer staples portfolio of products, we're protected to some degree.

我想當你看我們的金屬容器業務，並稍微想一下食品罐時，你會看到那類消費者同樣在尋求以更具性價比的方式取得營養。我們認為，我們提供了一個很好的載體，能把營養帶給那些需要精打細算、最需要的人。我們認為這也是推動我們金屬容器事業部門強勁表現的一部分原因。所以我們確實看到了。我想中間層消費者確實有些吃力，但憑藉我們的民生必需品產品組合，我們在某種程度上受到保護。

And then just on the pricing side, so obviously, there is some inflation going through I guess maybe you can just describe potential for demand destruction. I know that the question was asked about CPG companies wanting to not necessarily just yet pushing price. But do you see that -- foresee that happening, especially with potential increases in tariffs, including on the tinplate side. But then also on resin as it relates to your closures business and custom containers. How do you see kind of demand destruction playing out here?

另外在定價方面，顯然有一些通膨正在發生。我想也許你們可以描述一下需求被破壞（demand destruction）的可能性。我知道先前有人問到 CPG 公司可能還不一定急著推升價格。但你們是否看到——或預期會發生這種情況，特別是在關稅可能上升的背景下，包括馬口鐵（tinplate）方面；另外也包括樹脂，這會影響你們的瓶蓋（closures）業務與客製化容器。你們怎麼看需求破壞在這裡會如何發展？

Yes. I think it's very early to try to make a final decision on that inflation, the level of inflation and how it's getting passed through to consumers. I think -- maybe a couple of things I would give you is just with the construct of our portfolio, we can look back and talk about what happened during maybe COVID as an example, where there was significant inflation, particularly in metals that was passed through to consumers, and we did not see much of an impact to demand.

是的。我認為現在要對那個通膨、通膨程度以及它如何轉嫁給消費者做出最終判斷，還太早。我想——也許我可以給你幾點：就我們產品組合的結構而言，我們可以回頭看、例如以 COVID 時期為例，當時有顯著的通膨，特別是金屬，並且被轉嫁給消費者，但我們並沒有看到需求受到太大影響。

I think in some of those more discretionary items, that's where you do see some general impact from pricing activities that do impact volume. But I continue to firmly believe that our metal containers business is incredibly well positioned for that scenario if it plays out that way. I think the high-end consumer has shown for the entirety of our time in owning the dispensing systems business shown an ability to continue to acquire and purchase the product at the high end of our product portfolio.

我想在一些較具選擇性的品項上，你確實會看到定價行動對銷量造成一些普遍影響。但我仍然堅信，如果你所描述的情境真的發生，我們的金屬容器業務在那種情況下會處於極佳的位置。我想高端消費者在我們持有分配系統業務的整段期間，都展現出持續在我們產品組合高端購買與取得產品的能力。

So again, I think it's early, but I would say we've got a pretty good degree of confidence that history is not a bad example of what may happen if that situation plays out that you described.

所以再說一次，我認為現在還早，但我會說我們相當有信心：歷史並不是一個不好的參考，來推測如果你描述的情況發生，可能會出現什麼結果。

Anojja Shah, UBS.

Anojja Shah，UBS。

My question is about the guidance this year. And just walking through the quarters on a year-over-year basis, it seems like you'll be down 4% on the EPS guide in the first half, which is, of course, understandable with the Middle East situation. But on a year-over-year basis, the guide implies a 10% increase in the second half, so quite a big swing from the first half.

我的問題是關於你們今年的指引。若以年比年來看、逐季走一遍，似乎你們在 EPS 指引上，上半年會下滑 4%，當然考量中東情勢這是可以理解的。但以年比年來看，指引暗示下半年會成長 10%，所以從上半年到下半年的擺盪相當大。

And I know we've talked a lot about it already on this call, like new wins, pass-throughs, other positive factors. But maybe just to put it all in one place, can you frame out the top couple of drivers of strength that you expect to see in the second half that would let you hit the midpoint of your guidance?

我知道我們在這通電話中已經談了很多，例如新案獲勝、轉嫁（pass-through）、其他正面因素。但也許把它集中在一起，你能否概括一下你們預期下半年最主要的兩三個強勁驅動因素，讓你們能達到指引中位數？

Sure. Maybe just kind of going through the segments and trying to look at a high level, I would say, Dispensing and Specialty Closures, we're continuing to win and another quarter of double-digit growth in fragrance and beauty in Q1. We're expecting full year growth in the mid-single-digit kind of range for Dispensing and Specialty Closures products.

當然。也許我就按事業部門來看、用較高層次的方式說明：在分配系統與特殊瓶蓋（Dispensing and Specialty Closures）方面，我們持續贏得訂單，第一季在香氛與美妝再度實現雙位數成長。我們預期分配系統與特殊瓶蓋產品全年成長會落在中個位數（mid-single-digit）左右的區間。

So it is new wins and it's commercialization of new wins. And we're not expecting tremendous growth on the food and beverage side. So it's really driven by the high end of our portfolio that continues to show tremendous strength. On the metal container side, I think it's mostly related to the timing impact that we talked about with one part of our portfolio of fruits and vegetable that those customers are going to be buying the product more when they are harvested and filled.

因此，這是新案的新增訂單以及新案的商業化。我們並不預期食品與飲料端會有大幅成長。因此，真正的驅動力來自我們產品組合的高端部分，持續展現非常強勁的動能。在金屬容器端，我認為主要與我們先前談到的時點影響有關，涉及我們水果與蔬菜產品組合中的一部分；那些客戶會在收成並完成裝填時，採購量更大。

So we've got a shift from Q2 to Q3 that is impacting our metal containers business. Again, to be clear, no change on the full year outlook for metal containers. And then finally, in custom containers, again, we continue to win in that market. So contractual wins that are being commercialized in the second half of the year versus a prior year that had some destocking activity associated with it.

因此，我們從第二季到第三季出現了一個移轉，正在影響我們的金屬容器業務。再次說明，金屬容器全年展望沒有改變。最後，在客製化容器方面，我們同樣持續在該市場贏得訂單。因此，是合約型的贏單在下半年商業化，相較之下，去年則有一些與去庫存活動相關的影響。

Particularly in custom containers, I'd say a little bit in DSC last year as well. But I think those are maybe the top drivers to why we're comfortable because we've got pretty good line of sight into all of those items as we look at the back half of the year.

特別是在客製化容器方面，我會說去年在 DSC 也有一點。但我認為，這些可能是我們之所以感到有把握的主要驅動因素，因為在展望下半年時，我們對所有這些事項都有相當清晰的能見度。

The only other thing I'd add is if you look at the cadence of earnings through last year, the first half was incredibly strong, I think I believe up 17%. And then a lot of the headwinds that we faced materialized in the second half of the year. Some of those were self-inflicted like the destocking impact in the fourth-quarter. So that, I think just as you look at the year-over-year comp, you're talking about 10% growth year-over-year, that impacts it as well to some degree.

我唯一想補充的是，如果你看去年獲利的節奏，上半年非常強勁，我記得大約成長 17%。而我們面臨的許多逆風在下半年才顯現。其中有些是自我造成的，例如第四季去庫存的影響。因此，我認為，當你看年對年的比較時，你談的是年對年 10% 的成長，這也在某種程度上影響了比較基期。

That's very helpful. And then in the release, you called out the severe weather volumes in the first-quarter, but that you were confident you would get it back later in the year. Was the point -- I was just surprised that those orders weren't permanently displaced. Was the point that those orders are coming back or that new wins in that segment were sort of offset later in the year?

這非常有幫助。另外，在新聞稿中，你提到第一季嚴峻天氣造成的出貨量影響，但你有信心會在今年稍晚把它補回來。我只是有點驚訝那些訂單沒有被永久性地轉移。你的意思是那些訂單會回來，還是說該細分市場的新贏單會在今年稍晚抵銷？

I think the general consensus is those orders will ultimately get refilled because it not only impacted our business, it impacted our customers' production as well. I think the challenging part for some of those high-value dispensing items that we're talking about specifically is that order books are full and lead times are -- I don't want to say stretched, but lead times are longer than for some of our other products.

我認為一般共識是那些訂單最終會補回來，因為這不僅影響我們的業務，也影響了客戶的生產。我認為較具挑戰的部分，特別是我們所談到的某些高價值分配（dispensing）品項，是因為訂單簿已滿，而交期——我不想說被拉得很長，但交期確實比我們其他一些產品更長。

So really, the next time that we and our customers have open filling capacity probably gets you into Q3. So yes, I think it will eventually be recovered in the course of the year, but it will not be recovered in Q2.

所以，真正要等到我們和客戶下一次有空出的裝填產能，可能就會落在第三季。因此，是的，我認為它最終會在今年內逐步回補，但不會在第二季回補。

George Staphos, Bank of America.

美國銀行的 George Staphos。

Congrats on the progress so far. So you may have already covered this, if you have, apologies. Any sense, Adam, in terms of whether there's any prebuying affecting any of the volumes in your business as much as you're passing along the inflation that you're feeling? And might that be an issue in terms of why lead times are stretched?

恭喜目前為止的進展。你可能已經談過這點，如果有的話先致歉。Adam，你是否能談談，當你把所感受到的通膨轉嫁出去時，你們業務的任何出貨量是否受到提前採購（prebuying）的影響？而這是否可能是交期拉長的原因之一？

Second question, I'm not really sure necessarily whether the products themselves would lend themselves to this because it's more high end, and that seems to be doing well for you in relation to some -- answering some of the other questions earlier in the call. But the inflation in resin, is that causing any of your customers at beauty in fragrance to be considering other structures, other compositions that you'll need to deal with in terms of your business? Does it sound like it, but I wanted to check on that.

第二個問題，我不太確定這些產品本身是否適合這樣做，因為它們偏高端，而這似乎也讓你相對於——在電話會議前面回答其他問題時——表現得不錯。但樹脂通膨是否會讓你在美妝與香氛的客戶考慮其他結構、其他材質組成，而你需要在業務上因應？我覺得不太像，但我想確認一下。

And then the last question, again, maybe this came up already. You raised the guidance a little bit. That's terrific. But given the uncertainty, why even do that at this juncture? What do you want us to take away from your outlook for the business that even with the headwinds, you feel comfortable taking the numbers up a few percentage points?

最後一個問題，同樣也許已經提過。你把財測小幅上調，這很棒。但在不確定性之下，為什麼此時還要上調？你希望我們從你對業務的展望中得到什麼訊息：即使有逆風，你仍有信心把數字上調幾個百分點？

Thanks, George. For prebuy activities and impact, it's something we're watching very closely right now just given how much inflation that we're talking about. And so we're deep in conversations with all of our resin-based customers and think we have a pretty good understanding of what those activities are. We have not seen any yet, and we're working with customers to try to figure out the best path forward through these inflationary times. And so I think all of that is captured within the guidance that we've given for Q2.

謝謝你，George。關於提前採購活動及其影響，考量到我們所談的通膨幅度，我們目前正非常密切地關注。因此，我們正與所有以樹脂為基礎的客戶深入溝通，並認為我們對這些活動有相當好的掌握。我們目前尚未看到任何提前採購，我們也正與客戶合作，試圖找出在這段通膨期間最好的前進路徑。我認為這些都已反映在我們對第二季所給出的指引之中。

The lead time question, I think what I'd say there, George, is that's just more of a product mix perspective, right? I mean we're talking about 9, 10, 11 part sprayers that are a much more complex manufacturing system and assembly profile than maybe kind of our flat cap beverage closures as an example. So our lead times are typically longer anyway.

關於交期的問題，George，我會說那更多是產品組合的角度，對吧？我的意思是，我們談的是 9、10、11 件式噴頭（sprayers），其製造系統與組裝流程比起例如我們較平面的飲料瓶蓋要複雜得多。因此，我們的交期本來通常就比較長。

And so I don't want to say our lead times have gone out. It's just lead times are a bit longer and the order book is essentially full for Q2. So that's when we'll see the recovery of those weather-related impacts. Maybe on the high-end product, the luxury end of our fragrance and beauty products as well with inflation. I'd just remind you that our product is a very small percentage of the cost of those products that consumers are purchasing at the luxury and premium level.

所以我不想說我們的交期變得更長；而是交期本來就稍長，而且第二季的訂單簿基本上已滿。因此，我們會在那時看到這些天氣相關影響的回補。至於高端產品、也就是我們香氛與美妝產品的奢侈品端在通膨下的情況，我想提醒你，我們的產品在消費者購買的奢侈與高端產品成本中只占非常小的比例。

So obviously, we're making our customers aware of the inflation. They understand that. But I think in the grand scheme of things, that inflation is relatively small compared to the overall cost of that product. So no, we are not seeing any look to diversify or change the product or anything at all. It's with the strength that they're seeing, it's just -- it's continuing on the path that we've already laid out.

所以，當然，我們會讓客戶知道通膨情況，他們也理解。但我認為從整體來看，這個通膨相對於該產品的總成本是相當小的。因此，不，我們沒有看到任何想要分散或改變產品、或任何類似的情況。以他們所看到的需求強度來看，一切只是——持續沿著我們先前已經規劃的路徑前進。

And George, I'll just answer the question on the change in the full year forecast. Yes, we did increase our guidance about $0.03 for the full year at the midpoint. That's really about the operational beat on the EBIT line for the first-quarter that we see holding for the balance of the year. Also some -- on the corporate expense side, it was a little bit higher in the quarter, primarily due to corporate development activities that we incurred. So we are calling that up about $5 million for the year.

George，我也回答一下全年預測變動的問題。是的，我們在全年指引的中位數上調了約 0.03 美元。這主要是第一季在 EBIT 線上的營運表現優於預期，而我們認為這種表現可在今年剩餘期間延續。另外，在公司費用方面，本季略高，主要是因為我們發生了企業發展（corporate development）活動相關費用。因此，我們把全年公司費用上調約 500 萬美元。

And we're also seeing favorable movement on the interest line. We had some -- versus our expectations, we were a little better in the quarter. So we're moving that down from $205 million to $200 million, primarily driven by some global treasury management initiatives we did. And also, we did do an amendment to our credit agreement that improved our pricing for the go-forward period.

我們也看到利息費用項目出現有利變動。相較於我們的預期，本季表現略好。因此，我們把該項目從 2.05 億美元下調至 2.00 億美元，主要是由我們推動的一些全球資金管理（treasury management）措施所帶動。此外，我們也對信貸協議做了修訂，改善了未來期間的定價條件。

(Operator Instructions) And we have no further questions over the phone. I'd like to turn the call back over to our speakers for any closing remarks.

（接線員指示）我們電話線上已沒有其他提問。我想把電話交回給我們的講者，請他們做任何結語。

Great. Thank you, Margo, and thank you, everyone, for your interest in the company, and we look forward to reviewing our Q2 results in late July.

很好。謝謝你，Margo，也謝謝各位對本公司的關注。我們期待在七月下旬回顧我們第二季的業績。

Thank you. And this does conclude today's call. We thank you for your participation. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。