Silgan Holdings Inc. (SLGN) 2026 Q2 法說會逐字稿

Good day, and welcome to the Silgan Holdings second quarter 2026 earnings call. Today's call is being recorded. At this time, I'd like to turn the call over to Alex Hutter, Senior Vice President, Strategy, Investor Relations. Please go ahead.

大家好，歡迎參加 Silgan Holdings 2026 年第二季財報電話會議。今天的電話會議將被錄音。此刻，我想把電話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 conference 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暨執行長 Adam Greenlee；執行副總裁暨營運長 Philippe Chevrier；以及執行副總裁暨財務長 Shawn Fabry。在我們開始今天的電話會議之前，我們想先說明，本次電話會議中的某些陳述可能屬於前瞻性陳述。

These forward-looking statements are made based on 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. 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.

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，因此涉及若干不確定性與風險，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。因此，公司實際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。

In addition, commentary on today's call may contain references to certain non-GAAP financial metrics, including adjusted EBIT, adjusted EBITDA, free cash flow and adjusted net income per diluted share or adjusted EPS. A reconciliation of these metrics, which should not be considered substitutes for similar GAAP metrics, can be found in today's press release under the non-GAAP financial information portion of the Investor Relations section of our website at silganholdings.com. With that, let me turn it over to Adam.

此外，今天電話會議中的評論可能會提及某些非 GAAP 財務衡量指標，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）。這些指標（不應被視為類似 GAAP 指標的替代）之調節表，可於 silganholdings.com 我們網站投資人關係專區中今日新聞稿的「非 GAAP 財務資訊」部分查閱。接下來，讓我把時間交給 Adam。

Thank you, Alex, and we'd like to welcome everyone to Silgan's second quarter earnings call. We're pleased to have delivered another quarter of solid financial results in the second quarter as our teams continue to execute our plan for the year and position our company for continued success well into the future. Our businesses performed well in the second quarter and successfully overcame some significant challenges, including a dynamic geopolitical and operating backdrop.

謝謝你，Alex，我們也歡迎各位參加 Silgan 的第二季財報電話會議。我們很高興在第二季再度交出穩健的財務成果，因為我們的團隊持續執行年度計畫，並讓公司在未來很長一段時間內持續成功。我們各項業務在第二季表現良好，並成功克服一些重大挑戰，包括多變的地緣政治與營運環境。

And our team successfully managed significant cost inflation, normalizing order patterns and developing market conditions to deliver results that were above the midpoint of our expected range. Our results in Dispensing and Specialty Closures were consistent with our expectations, and we delivered another quarter of strong growth in products for the fine fragrance market.

同時，我們的團隊成功管理顯著的成本通膨、訂單模式正常化，以及市場狀況的演變，使得成果高於我們預期區間的中位數。我們在 Dispensing and Specialty Closures（分配器與特殊封蓋）業務的表現符合預期，且在高級香氛市場產品方面再度實現強勁成長。

Our teams continue to compete and win in this high-value market as our customer partnership model, differentiated technology and market-leading innovation continue to set us apart from our competition. While overall market conditions remain mixed and were softer than expected in Brazil in the second quarter, our business continues to outperform the trends in our end markets.

我們的團隊持續在這個高價值市場競爭並取勝，因為我們的客戶夥伴合作模式、差異化技術與市場領先的創新，持續讓我們有別於競爭對手。儘管整體市場狀況仍然好壞參半，且第二季巴西市場較預期疲弱，我們的業務仍持續優於終端市場趨勢。

Additionally, the value we provide through these critical dispensing products was once again validated in the market as we successfully implemented commercial actions during the quarter to recover cost increases we have seen during the year as a result of raw material and other inflation. Our Metal Containers segment reported another quarter of strong organic volume growth in products for wet pet food, which grew 7% year-over-year despite facing more challenging comps from the prior year.

此外，我們透過這些關鍵分配產品所提供的價值再次在市場上獲得驗證；我們在本季成功採取商業措施，以回收今年因原物料及其他通膨所造成的成本上升。我們的 Metal Containers（金屬容器）部門在濕式寵物食品產品方面再度呈現強勁的有機銷量成長；儘管面臨前一年較具挑戰性的比較基期，仍年增 7%。

Our team successfully executed a new long-term supply agreement in the vegetable market, and we are eager to have a conclusion to the multiyear disruption created by this unique customer situation and looking forward to continuing our long-term partnership with the new owners of this business.

我們的團隊在蔬菜市場成功簽訂一項新的長期供應協議；我們也期待這個特殊客戶情況所造成的多年期干擾能告一段落，並期待與該業務新所有者延續我們的長期合作夥伴關係。

Overall, volumes in the Metal Containers segment were flat year-over-year as the growth in pet food products was offset by the anticipated normalization in order pattern timing in the vegetable and soup markets. In Custom Containers, our team delivered another quarter of solid results despite significant raw material volatility associated with higher crude oil prices, with volumes comparable to prior year levels after accounting for business exited as part of our cost reduction program.

整體而言，Metal Containers 部門的銷量與去年同期持平，因寵物食品產品的成長被蔬菜與湯品市場訂單時點如預期的正常化所抵銷。在 Custom Containers（客製化容器）方面，儘管原油價格上升導致原物料波動顯著，我們的團隊仍交出另一季穩健成果；在扣除我們成本削減計畫中退出的業務後，銷量與去年同期水準相當。

Our second quarter results continue to display our team's focus on executing our plan in 2026, and we are pleased to have delivered another strong quarter of financial results. As we move into the second half of 2026 and past some of the challenges that we planned for in our first half results, we are confident in our ability to deliver organic growth in the third and fourth quarters despite the incremental challenges that have developed since we last reported.

我們第二季的結果持續展現團隊專注於執行 2026 年計畫，我們也很高興再度交出強勁的財務表現。隨著我們進入 2026 年下半年，並度過我們在上半年結果中已規劃的部分挑戰，我們有信心即使自上次財報以來出現額外挑戰，仍能在第三與第四季實現有機成長。

As always, our unique portfolio of consumer staple products and end markets, our long-term partnerships with our customers, our market-leading innovation, our unique capital deployment model and our low-cost global manufacturing footprint continue to differentiate Silgan in the market and position us to outperform through various macroeconomic and geopolitical backdrops.

一如既往，我們獨特的民生必需品產品與終端市場組合、與客戶的長期合作關係、市場領先的創新、獨特的資本配置模式，以及低成本的全球製造布局，持續使 Silgan 在市場上脫穎而出，並使我們能在各種總體經濟與地緣政治環境下表現優於同業。

Turning now to our outlook. We are confirming our estimates for 2026 earnings and free cash flow 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 low to mid-single-digit growth in our dispensing products.

接著談我們的展望。我們確認 2026 年盈餘與自由現金流的預估，且今年剩餘期間的銷量預期大致維持不變。我們仍預期 2026 年 Dispensing and Specialty Closures 的有機銷量／產品組合將以低至中個位數的幅度成長，主要由我們分配產品的低至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 for human food. We continue to expect our Custom Containers volumes to be comparable to prior year levels after accounting for volumes exited related to our restructuring plan, with second half volumes higher than the prior year on a comparable basis as we commercialize new business.

我們的 Metal Containers 銷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所帶動，而人類食品銷量維持穩定。在扣除與重整計畫相關而退出的銷量後，我們仍預期 Custom Containers 的銷量將與去年同期相當；在可比基礎上，隨著我們將新業務商業化，下半年銷量將高於去年同期。

We remain laser-focused on executing our plans for the year and delivering on our longer-term strategic growth initiatives and are confident in our ability to deliver on both. With that, Shawn will take you through the financials for the quarter and our estimates for the third quarter and full year of 2026.

我們仍高度專注於執行今年的計畫並推動較長期的策略性成長倡議，且對於兩者皆能達成充滿信心。接下來，Shawn 將帶各位回顧本季財務表現，以及我們對 2026 年第三季與全年之預估。

Thank you, Adam. As Adam highlighted, we reported another quarter of strong results in the second quarter of 2026, with adjusted EPS coming in above the midpoint of our expected range due to strong operational EBIT performance and favorable interest expense, which was partially offset by higher corporate expense. Net sales of approximately $1.6 billion increased 7% from the prior year period as a result of the pass-through of higher raw material and other costs, mostly in our Metal Containers business.

謝謝你，Adam。如 Adam 所強調，我們在 2026 年第二季再度繳出強勁成果；由於營運 EBIT 表現強勁及利息費用有利，調整後 EPS 高於我們預期區間的中位數，但部分被較高的公司費用所抵銷。淨銷售額約 16 億美元，較去年同期成長 7%，主要因將較高的原物料及其他成本轉嫁，且多數發生在我們的 Metal Containers 業務。

Total adjusted EBIT for the quarter of $185 million was 4% below the prior year, with higher adjusted EBIT in our Custom Containers segment, offset mostly by higher corporate expense and lower EBIT in the Metal Containers segment. Adjusted EPS of $0.98 decreased $0.03 from the prior year period due to lower adjusted EBIT, which was partially offset by lower interest expense.

本季調整後 EBIT 總額為 1.85 億美元，較去年同期下降 4%；其中 Custom Containers 部門的調整後 EBIT 較高，但多數被較高的公司費用及 Metal Containers 部門較低的 EBIT 所抵銷。調整後 EPS 為 0.98 美元，較去年同期減少 0.03 美元，主因調整後 EBIT 較低，但部分被較低的利息費用所抵銷。

Turning to our segments. Second 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 and other costs and foreign currency translation, which was partially offset by lower volume and less favorable mix. Volumes in the quarter were impacted by softer market conditions in Brazil, which contributed to a 1% decline in segment unit volumes and also caused an adverse impact on the mix of products sold.

接著談我們的各事業部門。第二季我們的分配與特殊封蓋（Dispensing and Specialty Closures）事業部門銷售額較去年同期成長2%，主要來自較高原物料及其他成本的轉嫁，以及外幣換算影響；但部分被較低出貨量與較不利的產品組合所抵銷。本季出貨量受到巴西市場環境轉弱影響，導致該事業部門單位出貨量下滑1%，並對銷售產品組合造成不利影響。

As expected, second quarter Dispensing and Specialty Closures adjusted EBIT was comparable to the prior year levels with favorable price over cost offset by lower volumes and less favorable mix. The combination of lower volumes in Brazil and less favorable mix impacted the second quarter by approximately $5 million.

如預期，第二季分配與特殊封蓋事業部門的調整後EBIT與去年同期大致相當，價格優於成本的有利因素被較低出貨量與較不利的產品組合所抵銷。巴西出貨量下降與較不利的產品組合合計對第二季影響約500萬美元。

In our Metal Containers segment, sales increased 13% versus the prior year quarter as a result of the contractual pass-through of higher raw material and other manufacturing costs, principally related to steel and aluminum, and volumes were comparable to prior year levels. As Adam mentioned, higher volumes for wet pet food products were offset by the anticipated normalization of order patterns for products in the fruit and vegetable market, a result of the change of ownership in one of our previous customers in this market.

在金屬容器（Metal Containers）事業部門，銷售額較去年同期成長13%，主要因合約性地將較高的原物料及其他製造成本轉嫁，主要與鋼材與鋁材相關；而出貨量與去年同期大致持平。如Adam所提到，濕式寵物食品產品的較高出貨量，被水果與蔬菜市場產品訂單型態如預期回歸常態所抵銷；此係因該市場中我們一位先前客戶的所有權變更所致。

Metal Containers adjusted EBIT was below prior year levels, as higher volumes of smaller containers for pet food markets and lower volumes of larger containers for fruit and vegetable markets resulted in a less favorable mix of products sold. In Custom Containers, our results were largely consistent with our expectations as sales increased 3% compared to the prior year quarter due to favorable price mix, which was partially offset by a 4% decline in volumes.

金屬容器事業部門調整後EBIT低於去年同期，原因是寵物食品市場較小尺寸容器出貨量增加，以及水果與蔬菜市場較大尺寸容器出貨量下降，導致銷售產品組合較不利。在客製化容器（Custom Containers）方面，我們的結果大致符合預期；銷售額較去年同期成長3%，受惠於有利的價格/組合，但部分被出貨量下滑4%所抵銷。

As expected, volumes were below prior year levels due to the continued impact of the exit of lower-margin business associated with the planned footprint optimization. Custom Containers adjusted EBIT was above prior year levels as a result of favorable price over cost, including mix, which includes the cost savings associated with the footprint optimization that drove lower volumes. Turning to our outlook for the third quarter of 2026.

如預期，出貨量低於去年同期，係因持續受到配合既定產能/據點（footprint）最佳化計畫而退出低毛利業務的影響。客製化容器事業部門調整後EBIT高於去年同期，主要因價格優於成本（包含產品組合）帶來的有利因素，其中亦包含與產能/據點最佳化相關的成本節省；該計畫也導致出貨量下降。接著談我們對2026年第三季的展望。

We are providing an estimate of adjusted earnings in the range of $1.21 to $1.31 per diluted share as compared to the adjusted EPS of $1.22 in the prior year period. At the midpoint, this estimate assumes higher year-over-year adjusted EBIT of approximately $10 million, interest expense of $50 million to $55 million and a tax rate of approximately 25% to 26%. Volumes are expected to be above prior year levels in all segments on a comparable basis.

我們提供調整後盈餘的估計區間為每股稀釋後1.21至1.31美元，相較去年同期調整後EPS為1.22美元。以區間中點計算，此估計假設調整後EBIT年增約1,000萬美元，利息費用為5,000萬至5,500萬美元，稅率約25%至26%。在可比基礎下，預期所有事業部門的出貨量均將高於去年同期。

For the full year of 2026, as Adam discussed, we are confirming our estimate of adjusted EPS in the range of $3.73 to $3.93 as compared to $3.72 in 2025. This estimate continues to include low to mid-single-digit percentage total adjusted EBIT growth, corporate expense of approximately $50 million, interest expense of approximately $200 million and an expected tax rate of 25% to 26%.

就2026年全年而言，如Adam所述，我們確認調整後EPS估計區間為3.73至3.93美元，相較2025年為3.72美元。此估計仍包含總調整後EBIT低至中個位數百分比的成長、公司費用約5,000萬美元、利息費用約2億美元，以及預期稅率25%至26%。

We continue to expect low to mid-single-digit volume growth in Dispensing and Specialty Closures, low single-digit volume growth in Metal Containers and low single-digit comparable volume growth in Custom Containers. 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. With that said, we'll open the call for questions.

我們仍預期分配與特殊封蓋出貨量將呈低至中個位數成長，金屬容器出貨量為低個位數成長，客製化容器在可比基礎下出貨量為低個位數成長。基於我們目前對2026年的獲利展望，我們確認自由現金流估計約為4.5億美元，其中包含資本支出（CapEx）約3.1億美元。接下來，我們開放提問。

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

Katie，麻煩你說明問答環節的進行方式，好嗎？

(Operator Instructions)

（接線員指示）

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Maybe first on Brazil, maybe you could speak to how big this is within DSC, where exactly that weakness was? Shawn, I believe you said it was a 1-point headwind to volume mix in 2Q. Please correct me if I'm wrong, but maybe if that is correct, ex Brazil, what were the drivers of the volume mix declines in that segment? And how does that influence your thinking for second half?

先從巴西談起，能否說明巴西在DSC中的占比有多大、弱勢具體出現在哪裡？Shawn，我記得你說第二季對出貨量/組合有1個百分點的不利影響。如我理解無誤，若這點正確，扣除巴西後，該事業部門出貨量/組合下滑的驅動因素是什麼？這又如何影響你們對下半年的看法？

Or what gives confidence that there can be an acceleration in second half given some volatility in Brazil? It seems like the volumes are low single digit to mid-single digit now for 2026. Is that all Brazil or anything else to be mindful of?

或者說，在巴西存在一些波動的情況下，什麼讓你們有信心下半年能加速？看起來你們對2026年的出貨量目前是低個位數到中個位數成長。這全部都是巴西因素嗎？還是有其他需要留意的？

Matt, it's Adam. Maybe we'll both jump in on this one. I think you've got that right. Brazil, maybe to put some context to it, in Brazil, in the region, we had about a 15% volume decline year-over-year and a significant change for us. I'd remind you that we had planned for quite a few unknown activities this year in our overall guidance.

Matt，我是Adam。這題我們可能兩個人一起回答。我認為你的理解是對的。巴西方面，提供一些背景：在巴西這個區域，我們的出貨量年減約15%，對我們來說是相當顯著的變化。我也提醒你，我們在今年的整體指引中已規劃納入不少未知活動。

So we're pleased to continue to be able to absorb that and deliver the results that we had guided to. So you're right that overall, it's about a 1% decline for us. We talked about volume mix in the segment being down 3%. Really, that's 1% volume, 2% mix, just for some additional clarity there. And so outside of that, the balance of the business essentially was flat, and we feel really good about the performance, and it was right in line with the expectations that we had for the full year.

因此，我們很高興仍能消化這些影響並交出我們所指引的結果。所以你說得沒錯，整體而言對我們大約是1%的下滑。我們提到該事業部門的出貨量/組合下滑3%。更清楚地說，那其實是1%出貨量、2%組合。因此，撇除這些因素後，其餘業務基本上持平；我們對表現感到非常滿意，也與我們對全年預期完全一致。

So nothing's changed from that perspective. I think as we look at Q3, what's included in our guidance is a similar impact from Brazil with a recovery starting in Q4 and to be fully recovered as we head into 2027. And maybe just to provide a little context, as we go around the world, Europe was very strong for Dispensing and Specialty Closures.

所以從這個角度來看，沒有任何改變。我想就第三季而言，我們的指引已包含巴西帶來的類似影響，並預期第四季開始復甦，且在邁入2027年時可望完全恢復。另外提供一些背景：放眼全球，歐洲在分配與特殊封蓋方面表現非常強勁。

We talked about our performance in fine fragrance. It is largely a European market for us, although we do those products also in Brazil and North America as well. Americas, the North American region, continues to be a little bit of a mixed bag. It's a tougher market for us. I think with the K-shaped economy, we're seeing a variety of performance by segment.

我們談到在高級香氛（fine fragrance）方面的表現。對我們而言，這主要是歐洲市場，雖然我們也在巴西與北美生產這些產品。美洲方面，北美區域仍有些好壞參半。對我們來說那是較具挑戰的市場。我認為在K型經濟之下，我們看到各事業部門的表現呈現多樣化。

Our higher-end segments continue to do very well. I think the low end, we're seeing a good pull-through. It's the middle part of the market that I think with all of the volatility that occurred in Q2, that was a little choppy for us in the second quarter.

我們較高端的細分市場持續表現非常好。我認為低端市場方面，我們看到良好的帶動效應。我覺得市場中段在第二季發生的各種波動之下，對我們來說在第二季就有些顛簸不穩。

Super helpful. Appreciate all that color. Maybe one on metal. I believe in the prepared remarks, you noted a more seasonal order patterns for fruit and veggie pack. How did human food perform in 2Q? And given that you did reach that long-term supply agreement, what type of visibility does that give you into 3Q and second half volumes in metal? And any comments on how the pack season is shaping up at present?

非常有幫助。感謝你提供這些細節。也許問一題關於金屬的。我記得在事先準備的發言中，你提到水果與蔬菜罐裝的訂單模式更具季節性。第二季人類食品表現如何？另外，鑑於你們已達成那份長期供應協議，這讓你們對第三季以及下半年金屬品項的出貨量有什麼樣的能見度？以及目前罐裝旺季的進展情況有何評論？

Yes, sure. As we look at Q2, again, I think as Shawn had said and I had mentioned too, pet food was up 7%. So another just terrific quarter for pet food. The human food side, veg was down kind of double digits and soup was down double digits as well. But I'd say that's pretty much in line with our expectation.

好的，當然。我們看第二季時，再次如 Shawn 所說、我也提到的，寵物食品成長了 7%。所以寵物食品又是一個非常出色的季度。人類食品方面，蔬菜約下滑雙位數，湯品也同樣下滑雙位數。但我會說這大致符合我們的預期。

As we talked previously, the large customer that we've been discussing for so long in the veg market, those assets came to us in a self-manufactured takeout. And as part of that, the prior owner of those assets, once upon a time, had made cans all year long and essentially sold cans to themselves, I would say, all throughout the year.

如同我們先前談過的，我們在蔬菜市場長期討論的那位大型客戶，其相關資產是以自製外包（self-manufactured takeout）的方式移轉給我們。作為其中一部分，這些資產的前任所有者在過去曾全年製罐，基本上等於把罐子賣給自己，我會說是一整年都如此。

And as we acquired that business, we maintained that business model. As we now move to a new agreement with the new owners, those cans are going to be sold much closer to the time that they're filled. And therefore, Q3 will be a higher volume quarter for us for that particular customer going forward. From a visibility standpoint, as we look at the fruit and veg pack, particularly in North America, growing conditions have been good thus far.

而在我們收購該業務後，我們維持了那個商業模式。如今我們與新所有者簽訂新協議後，這些罐子將會在更接近實際充填時間點時才出售。因此，對於該特定客戶而言，第三季將成為我們未來較高出貨量的一季。就能見度而言，當我們看水果與蔬菜罐裝旺季，特別是在北美，目前為止的生長條件一直不錯。

The high heat actually has been beneficial to the crop. I think our expectations are up just a little bit for the veg pack in particular, which will bring into a little more volume later into the pack season, which will drop into Q4 for us. But good visibility, feel confident in our customer forecast for the pack season and our ability to deliver as well.

高溫其實對作物是有利的。我認為我們對蔬菜罐裝旺季的預期略有上調，這將在旺季後段帶來更多一些的出貨量，對我們而言會落在第四季。但整體能見度良好，我們對客戶在旺季的預測以及我們的交付能力都很有信心。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Just the first one I had, last quarter, Adam, you mentioned commercializing 2027 product launches and developing '28 and '29 product launches at that point in time. How much of your fragrance and beauty business is already locked in for 2027?

我第一個問題是，上季 Adam 你提到當時正在推進 2027 年產品上市的商業化，並在開發 2028 與 2029 年的產品上市。你們香氛與美妝業務中，有多少已經為 2027 年鎖定了？

And relatedly, at that point in time, you mentioned already working with some of the largest perfume houses and the like. Are there any incremental opportunities to work with potential customers that you're not currently aligned with?

另外相關地，當時你提到已經在與一些最大的香水公司等合作。是否還有任何增量機會，去與目前尚未合作、但可能成為客戶的對象合作？

Sure. As we look at fragrance, again, it's got that longer developmental cycle. We also have long-term contracts that cover a lot of the franchises that we support. So to your point, Mike, I mean, '27 is -- we've got a pretty good view on it as of right now, and most of that business is contractualized because to meet those launch dates, those products are already in not only past development, but in the commercialization stage now.

當然。我們看香氛業務時，它確實有較長的開發週期。我們也有長期合約，涵蓋我們所支援的許多品牌系列（franchises）。所以如你所說，Mike，對於 2027 年——我們目前的掌握度相當高，而且那部分業務多數都已合約化，因為要趕上那些上市時程，這些產品不僅已經完成開發階段，現在也已進入商業化階段。

So I feel really good about that. We are a big player in the fine fragrance or the premium segment, and there's always more opportunity to work with existing customers and others in the space. And I think what has really set us apart now for several years is the differentiated technology that we bring to bear, this customer partnership model that we continue to talk about that we think is very valuable to our customers and particularly this market where the utility of the product that we provide is so critical to the overall package for the fragrance houses.

所以我對此非常有信心。我們在高級香氛（fine fragrance）或高端細分市場是重要的參與者，而與既有客戶以及該領域其他客戶合作，永遠都有更多機會。我認為過去幾年真正讓我們脫穎而出的是我們所具備的差異化技術，以及我們持續提到、我們認為對客戶非常有價值的客戶夥伴合作模式；尤其在這個市場中，我們提供的產品之效用對香氛品牌商的整體包裝而言至關重要。

So it continues to be a really good story. We think we've got pretty good clear sight to continued growth in kind of the high single-digit rate for fragrance products around the world and feel really good about our position in that market.

因此這仍然是一個非常好的成長故事。我們認為，對於全球香氛產品以約高個位數的增長率持續成長，我們有相當清晰的視野，也對我們在該市場的定位感到非常有信心。

Got it. And then just one quick one on healthcare. I believe you mentioned it's a $250 million business targeting nasal and ophthalmic applications. Your goal is to double that business organically over the next three to five years. That implies a CAGR of about 15% to 20% plus per year.

了解。接著快速問一題醫療保健。我記得你提到這是一個 2.5 億美元的業務，聚焦於鼻用與眼科應用。你們的目標是在未來三到五年內以內生成長將該業務規模翻倍。這意味著年複合成長率（CAGR）大約每年 15% 到 20% 以上。

So can you help us frame how you intend to drive that type of internal growth? Obviously, you've had some help recently from Weener and tapping into existing commercial relationships domestically. But just wondering how you intend to drive that growth organically over the next three to four years?

所以你能否協助我們理解，你們打算如何推動這種內生成長？顯然你們最近也受惠於 Weener，以及在國內切入既有的商業關係。但我想了解的是，未來三到四年你們打算如何以內生方式推動這個成長？

Yes. I think when we first started talking about that, the healthcare business for us was about $200 million. It's now already grown to $250 million. So I think we're well on our way. With those long developmental cycles, again, most of that volume is commercial -- or is contractualized, I should say, over the course of the next couple of years.

是的。我想當我們一開始談到這件事時，我們的醫療保健業務大約是 2 億美元。現在已經成長到 2.5 億美元。所以我認為我們進展得很順利。由於開發週期較長，再次強調，這些出貨量在未來幾年大多已經——或者我應該說——已合約化。

And we continue to have additional opportunities that come to us in our specific areas of nasal and ophthalmic. And I think we've got a competitively advantaged product, and we've got some design and innovation capabilities that we're bringing to bear that are of terrific interest.

而且在我們專注的鼻用與眼科領域，仍持續有更多機會找上門。我認為我們擁有具競爭優勢的產品，也具備設計與創新能力，正在發揮作用，並引起極大興趣。

And I think as we think about potential growth beyond where we are in nasal and ophthalmic, it's taking our technology and applying that to different applications for drug delivery. So feel really good at that. And that is part of the low to mid-single digit this year as well as we've got some healthcare that is ramping up. It was planned to ramp up for the second half of the year all along. And I would say it's probably a little heavier in the fourth quarter as we think now about the second half of the year.

我認為當我們思考在鼻用與眼科之外的潛在成長時，就是把我們的技術應用到不同的藥物傳輸（drug delivery）應用上。所以對此我感覺非常好。而這也包含在今年低到中個位數的成長之中，因為我們有部分醫療保健業務正在放量爬坡。原本就一直規劃在下半年放量。而就我們現在對下半年的看法，我會說第四季的比重可能會更高一些。

Ketan Mamtora, BMO Capital Markets.

Ketan Mamtora，BMO 資本市場。

Perhaps to start with on that, the resin lag that you talked about, the impact of $10 million, is that still sort of consistent with how you all are thinking right now?

或許先從這點開始，你剛才提到的樹脂滯後（resin lag），其影響為 1,000 萬美元，這是否仍大致符合你們目前的看法？

Yes. As we -- well, number one, welcome to the space. It's great to have another analyst in the coverage group. So welcome to the coverage. As far as that $10 million, that was a Q2 item that we talked about, and that's kind of the net unrecovered inflation, primarily resin in all fairness, but the net unrecovered inflation that we experienced and it played out essentially exactly as we thought.

是的。我們——嗯，第一，歡迎加入這個領域。很高興覆蓋團隊又多了一位分析師。所以歡迎加入覆蓋。至於那 1,000 萬美元，那是我們在第二季談到的一個項目，基本上是未能回收的通膨淨額，主要是樹脂（公平地說），但就是我們所經歷的未能回收的通膨淨額，而實際結果幾乎完全如我們所預期地發展。

There's a tremendous amount of volatility, as everybody knows, still in those markets. And that will be unrecovered until such time as resin declines in the future, and we just don't have clear visibility as to when that's going to happen. So it played out pretty much as we expected. It's behind us now. And as resin falls in the future, that will be a benefit back to Silgan at that point.

如大家所知，那些市場仍然波動非常大。而在未來樹脂價格下降之前，這部分都將是未能回收的；我們也無法清楚掌握何時會發生。所以整體走勢大致如我們預期。現在已經過去了。而當未來樹脂下跌時，屆時將會回饋成為對 Silgan 的利多。

Got it. No, that's helpful. And then just switching to capital allocation. Curious how you guys are thinking about sort of M&A opportunities? How is the pipeline looking at the moment? And sort of what is the bias between share repurchase and M&A at current sort of valuation levels?

了解。不，這很有幫助。接著切換到資本配置。想請教你們如何看待併購（M&A）機會？目前的案源管線（pipeline）看起來如何？以及在目前這樣的估值水準下，股票回購與併購之間的偏好取向是什麼？

Ketan, this is Shawn. I'll jump in and then turn it over to Alex to answer the M&A side of the question. Really, nothing has changed with respect to how we view capital deployment. We have a returns-based decision model that we've been using for many, many years. Everything is benchmarked against share buyback as a hurdle under that model that we consider, and we make the decisions that we feel are best for our shareholders and create the most shareholder value.

Ketan，我是 Shawn。我先回答，然後再交給 Alex 回答併購部分的問題。就我們看待資本運用的方式而言，真的沒有改變。我們多年來一直使用以報酬為基礎的決策模型。在該模型下，我們會把所有選項都以股票回購作為門檻（hurdle）來做基準比較，並做出我們認為最符合股東利益、能創造最大股東價值的決策。

I think we look at kind of where we're going to land at the end of the year, and we believe we'll be below the midpoint of our target range, so somewhere below that 3 times leverage. So we're right where we would like to be with respect to having all options available to us, inclusive of M&A.

我想我們會看年底大概會落在哪裡；我們相信會低於目標區間的中點，也就是低於 3 倍槓桿左右。因此，就保有所有選項（包含併購）而言，我們正處於我們希望的位置。

And Ketan, on the pipeline, look, it remains an active environment on the M&A side, a fairly full pipeline, but it's been that way for some time. I think as you know, what you'll see from us, as Shawn mentioned, is the continued discipline on capital deployment. So that hurdle rate moves around on alternative uses for capital. And ultimately, what we do is we take a long-term view on capital deployment and what will create the most value for our shareholders, and that's what we execute on.

Ketan，關於案源管線，你看，併購端仍然是活躍的環境，管線也相當充實，但這種情況已經持續一段時間了。我想如你所知，正如 Shawn 提到的，你會看到我們在資本運用上持續保持紀律。因此，對於資本的替代用途，那個門檻報酬率會隨情況調整。最終，我們會以長期觀點來看資本配置以及什麼能為股東創造最大價值，並據此執行。

Arun Viswanathan, RBC Capital Markets.

Arun Viswanathan，RBC 資本市場。

Just going to get your thoughts on maybe some of your customer behavior. Do you still see continued promotional activity across some of the major verticals? I guess what could you share on that side? And to the effect that, that could translate into what your outlook on volumes would be, I guess we'd be interested in that as well.

想請你們談談一些客戶行為的看法。你們是否仍看到在一些主要垂直領域持續的促銷活動？在這方面你們可以分享些什麼？以及這可能如何反映到你們對出貨量（volumes）前景的看法，我想我們也很有興趣。

Sure. Obviously, a fairly volatile environment today with -- between tariffs and resin pricing and cost being what they have been through the second quarter. So our customers and most CPGs are continuing to pass that inflation on to the consumer. And I think what we've seen the change in 2026 versus maybe prior year is, I think in the prior year coming out of the post-COVID era, our CPG customers for the most part were willing to trade price and margin versus volume.

當然。顯然目前環境相當波動——關稅、樹脂定價以及第二季以來的成本水準都在影響。因此，我們的客戶以及多數民生消費品公司（CPG）仍在把這些通膨轉嫁給消費者。我認為我們在 2026 年相較於可能的前一年所看到的變化是：在前一年、也就是後疫情時期走出來時，我們的 CPG 客戶大多願意用價格與毛利去換取出貨量。

And I think there's a much greater focus on volume right now throughout CPG than with many of our customers. So they are using and they're viewing promotional activity as a just a tool in the toolkit to move volume. And I think with that focus on volume, what we continue to see is where the target promotional activity is being used in the marketplace, it is actually working, and it is driving volume in certain segments.

而我認為目前在整個 CPG 領域，許多客戶對出貨量的關注度高得多。因此，他們正在使用、也把促銷活動視為推動出貨量的工具箱中的一項工具。而在這種以出貨量為重點的情況下，我們持續看到：當市場上採用目標式（精準）促銷時，實際上是有效的，並且在某些品類帶動了出貨量。

We've continued to point out in our wet pet food segment, particularly in cat, there's been targeted promotional activity for some time. We do think that is driving volume. So it is successful when it's applied in a targeted manner right now for the consumer who continues to seek out value. And we think our customers are aligned to focus more on volume in 2026 than what had been done in the prior years.

我們也持續指出，在我們的濕式寵物食品品類，特別是貓用產品，已經有一段時間在做目標式促銷。我們確實認為這正在帶動出貨量。所以，當它以精準方式運用時，對於仍在尋求性價比的消費者而言，目前是成功的。而我們認為，我們的客戶在 2026 年會比前幾年更一致地把重點放在出貨量上。

Okay. And then also maybe if you can just describe some of the bolt-on M&A opportunities. Do you see that more so in the closures area at this point?

好的。另外，如果可以的話，請你也描述一下某些補強型（bolt-on）的併購機會。你們目前是否更常在瓶蓋／封口（closures）領域看到這類機會？

Yes, Arun, it's Alex. So we obviously don't comment on any specific assets in the market. I think what you've seen from us over time is that we typically look at anything that's rigid packaging for consumer goods, largely in the developed markets.

是的，Arun，我是 Alex。我們當然不會評論市場上任何特定資產。我想你們長期以來看到的是：我們通常會看所有面向消費品的硬質包裝（rigid packaging）機會，主要在已開發市場。

What that has meant and where we found the highest returns over the past several years has been in the Dispensing and Specialty Closures market, where we've found higher margin, higher growth assets that can generate really strong returns over time. But we look at a broad range of opportunities and that's kind of the opportunity set.

這在過去幾年意味著、也是我們找到最高報酬的地方，是在分配式與特殊封口（Dispensing and Specialty Closures）市場；我們在那裡找到毛利更高、成長更快的資產，能在時間推移中產生非常強勁的報酬。但我們也會看廣泛的機會，這大致就是我們的機會集合。

And the only thing I would add to that is that I think as we look at our three business franchises, they're all performing at a pretty high level right now. And I think they're all capable of dealing with acquisitions if that is in the framework for any of the three business segments. I look at the margin profile and the operating leverage that we have. So we feel really good about all three of our business segments at this point.

我唯一想補充的是，我認為當我們看我們三個事業平台時，它們目前都在相當高的水準上運作。而且我認為，如果在三個事業部門中的任何一個框架下有併購，它們都具備消化收購的能力。我看的是我們的毛利結構以及我們擁有的營運槓桿。所以就目前而言，我們對三個事業部門都感到非常有信心。

Anojja Shah, UBS.

Anojja Shah，瑞銀。

I wanted to go back to Brazil a little bit. Can you give a little more detail on was it market or end consumer driven? Or was there a share shift or something like that? And I think you mentioned recovery in Q4. What's driving that?

我想稍微回到巴西的話題。您能否更詳細說明一下，這是市場端驅動還是終端消費者驅動？或者是否有市占率移轉之類的情況？另外我想您提到第四季會復甦。是什麼在推動這件事？

Sure. So Brazil, look, it's an inflationary market, and it's taken significant inflation in Brazil for many years now. And so we've done a really good job of passing that through to our customers who obviously pass that through on to the market. So this is all about the market. We've not lost any share.

當然。巴西，你看，它是一個通膨型市場，而且巴西多年來一直承受相當顯著的通膨。因此，我們在將這些成本轉嫁給客戶方面做得非常好，而客戶顯然也會再轉嫁到市場端。所以這完全是市場因素。我們沒有流失任何市占。

We've got a terrific position in the Brazilian market for our high-value dispensers. I think the thing that maybe we haven't said yet is those high-value dispensers, the volume reduction in Brazil also generated quite a bit of the mix impact that we had in the quarter, too. So really for us, it's a temporary action, I think, with our customers in the market in Brazil.

我們在巴西市場的高價值分配器（dispensers）方面擁有極佳的地位。我想我們可能還沒提到的一點是：這些高價值分配器在巴西的出貨量下滑，也在本季造成了相當程度的產品組合（mix）影響。所以對我們而言，這主要是我們客戶在巴西市場採取的暫時性動作。

They're expecting some recovery starting late in Q3. We think that will lead into Q4 from a seasonality standpoint. And really, it's the same holiday season kind of discussion that we've had about Brazilian activity as well with our two largest customers in Brazil, a good portion of their revenue comes through the holiday events in the Brazilian region. So we feel pretty comfortable that we'll begin that recovery in Q4 and be fully recovered as we head into 2027.

他們預期從第三季末開始會有一些復甦。我們認為從季節性角度來看，這會延續到第四季。而且基本上，這與我們先前談到巴西活動的「假期旺季」討論相同；我們在巴西的兩大客戶，其相當一部分營收來自巴西地區的假期活動。因此，我們相當有信心第四季會開始復甦，並在邁入2027年時完全恢復。

Great. And I just was wondering if we could put a finer point on your volume expectations for metals in the third quarter. I think you said low single digit for the full year, but I know in the third quarter, you have that customer timing issue, which should be a help. But then how do you balance that against a pretty tough comp?

很好。另外我想更精準地了解一下你們對第三季金屬（業務）出貨量的預期。我記得你們說全年是低個位數，但我知道第三季有那個客戶時點（timing）問題，應該會帶來幫助。但你們如何在這與相當艱難的比較基期之間取得平衡？

Sure. I mean we've got a couple of things working. Obviously, we've got continued growth in pet food that we feel really good about. Veg is going to be up year-over-year with the timing issue coming out of Q2 that we talked about. So I think we're looking kind of low to mid-single-digit volume growth for Metal Containers in Q3.

當然。我們有幾個因素在發揮作用。很明顯地，我們在寵物食品方面持續成長，這點我們感覺非常好。蔬菜（Veg）將會年增，因為我們先前提到的那個從第二季移出的時點問題會解除。所以我認為，我們對第三季金屬容器（Metal Containers）的出貨量成長預期大約是低到中個位數。

Yes. Anojja, the only other thing I'd point out is, remember, we have the timing. So volumes came out of the second quarter into the third quarter. So that will help the third quarter this year.

是的。Anojja，我唯一想補充的是：請記得我們有時點因素。所以出貨量從第二季移到第三季。因此這會對今年第三季帶來幫助。

Daniel Rizzo, Jefferies.

Daniel Rizzo，Jefferies。

You mentioned your contracts in healthcare and the new contract in metal coatings. I was wondering if these contracts have like clauses, like minimum purchase requirements or how they're kind of structured in that regard?

你們提到醫療保健（healthcare）的合約以及金屬塗料（metal coatings）的新合約。我想請問這些合約是否包含條款，例如最低採購量要求，或在這方面它們大致是如何設計的？

Yes. We don't really talk about any individual contracts, and maybe I'll just take it up one level and talk about Silgan. Particularly in the Metal Containers side of the business, that business has long focused on requirements-based contracts. So you can think of our long-term contracts that we're 100% supply for their requirements.

是的。我們通常不會談任何單一合約的細節；我可能把層級拉高一點，從Silgan的角度來說明。特別是在金屬容器這一端的業務，長期以來一直專注於「按需求」的合約（requirements-based contracts）。因此你可以把我們的長期合約理解為：我們對客戶需求提供100%供應。

And typically, those never had a minimum purchase requirement. Silgan takes the risk essentially on the volume side, but also gets the full upside of any volume gain. I think in other parts of our business, we've got a variety of contractual language. I think healthcare, to your point, probably has a little more provision around kind of the risk of volume and some minimum requirements because of the capital that's required that goes into those types of investments.

而且通常這類合約從來沒有最低採購量要求。Silgan基本上承擔了出貨量端的風險，但同時也能享有任何出貨量增加的全部上行。我想在我們業務的其他部分，合約條款會比較多樣。就醫療保健而言，如你所說，可能會有更多關於出貨量風險以及一些最低要求的規定，因為這類投資需要投入資本。

That's very helpful. And then just my second question is, I think you mentioned that corporate expenses were a little elevated in the quarter. And I was wondering if this is kind of how we should think about it going forward or if there's something now with just a lot of the moving pieces that is going to kind of fade away as we move through the end of the year and into 2027 and beyond.

這非常有幫助。接著我的第二個問題是，我想你們提到本季公司費用（corporate expenses）略為偏高。我想了解未來我們是否應該以這樣的水準來看待，或是目前因為有很多變動因素，這種情況會在今年底、進入2027年及之後逐步消退？

Sure. I'll take that one. As we mentioned, we're constantly looking at everything, rigid packaging. So this particular category versus spend category can be lumpy over the years in terms of any single quarter. And overall, we feel pretty confident with the $50 million guidance that we're giving for the full year, and that includes the increase that we experienced in H2 -- for H1, excuse me.

當然。這題我來回答。如我們所提到的，我們一直在檢視所有事項，包含硬質包裝（rigid packaging）。因此，就某一特定類別相對於支出類別而言，單一季度的表現可能會在年度間呈現不均勻（lumpy）。整體而言，我們對全年提供的5,000萬美元指引相當有信心，而這也包含了我們在上半年（H1）所經歷的增加——抱歉，我是說上半年。

(Operator Instructions) And with no additional questions in queue, that will conclude our question-and-answer session. I'd like to turn the call back over to Adam Greenlee for any additional or closing remarks.

（接線員指示）目前隊列中沒有其他問題，問答環節到此結束。我想把電話交回給Adam Greenlee，請他做任何補充或結語。

Great. Thank you very much, Katie. Thank you all for your interest in Silgan. We're pleased that we've delivered a first half that's slightly ahead of our original expectations as we came into the year and confident in our delivery of our second half performance. Thank you.

很好。非常感謝你，Katie。也感謝各位對Silgan的關注。我們很高興今年上半年表現略優於年初時的原先預期，並且對下半年表現的達成充滿信心。謝謝。

Thank you. That will conclude today's call. We appreciate your participation.

謝謝。今天的電話會議到此結束。感謝各位的參與。