Sonoco Products Co (SON) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Sonoco second quarter 2025 earnings conference call. (Operator Instructions) I'd now like to turn the call over to Roger Schrum, Interim Head of Investor Relations and Communications. You may begin.

感謝您的支持，歡迎參加 Sonoco 2025 年第二季財報電話會議。（操作員指示）現在，我想將電話轉給投資者關係和傳播臨時主管 Roger Schrum。你可以開始了。

Thank you, Rob, and good morning, everyone. Yesterday evening, we issued a news release and posted an investor presentation that reviews Sonoco's second quarter 2025 financial results. Both are posted on the Investor Relations section of our website at sonoco.com. A replay of today's conference call will be available on our website, and we'll post a transcript later this week.

謝謝你，羅布，大家早安。昨天晚上，我們發布了一份新聞稿並發布了一份投資者介紹，回顧了 Sonoco 2025 年第二季的財務表現。兩份文件均發佈於我們網站 sonoco.com 的「投資者關係」版塊。今天的電話會議錄影將在我們的網站上提供，會議記錄將於本週稍後發布。

If you would turn to slide 2, I will remind you that during today's call, we will discuss a number of forward-looking statements based on current expectations, estimates and projections. These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially.

如果您翻到投影片 2，我會提醒您，在今天的電話會議中，我們將根據當前的預期、估計和預測討論一些前瞻性陳述。這些聲明並非對未來績效的保證，並且會受到一定風險和不確定性的影響。因此，實際結果可能會有重大差異。

Additionally, today's presentation includes the use of non-GAAP financial measures, which management believes provides useful information to investors about the company's financial condition and results of operations. Further information about the company's use of non-GAAP financial measures, including definitions as well as reconciliations to GAAP measures, is available under the Investor Relations section of our website.

此外，今天的演示中還使用了非公認會計準則財務指標，管理層認為這些指標為投資者提供了有關公司財務狀況和經營業績的有用資訊。有關公司使用非 GAAP 財務指標的更多信息，包括定義以及與 GAAP 指標的調節，可在我們網站的投資者關係部分找到。

Joining me this morning are Howard Coker, President and CEO; Rodger Fuller, Chief Operating Officer and Interim CEO of Sonoco Metal Packaging EMEA; Jerry Cheatham, Interim Chief Financial Officer; and Paul Joachimczyk, our new Chief Financial Officer. For today's call, we have prepared remarks followed by Q&A.

今天早上與我一起出席的還有總裁兼執行長 Howard Coker、Sonoco Metal Packaging EMEA 營運長兼臨時執行長 Rodger Fuller、臨時財務長 Jerry Cheatham 和我們新任財務長 Paul Joachimczyk。對於今天的電話會議，我們準備了演講稿和問答環節。

If you turn to slide 4 in our presentation, I will now turn the call over to Howard.

如果您翻到我們簡報中的第 4 張投影片，我現在將把電話轉給霍華德。

Thank you, Roger, and good morning, everyone. Our second quarter results reflected the growing strength of the new Sonoco as we produced strong top line and bottom line growth along with margin expansion. However, we were impacted by global macroeconomic pressures which affected consumer and industrial demand, and by the delay of the European packing season compared to last year.

謝謝你，羅傑，大家早安。我們第二季的業績反映了新 Sonoco 日益增強的實力，因為我們實現了強勁的營收和利潤成長以及利潤率的擴大。然而，我們受到了全球宏觀經濟壓力的影響，影響了消費者和工業需求，並且歐洲包裝季節與去年相比有所延遲。

As slide 5 shows, net sales grew 49% and adjusted EBITDA was up 25% while adjusted EBITDA margin expanded by 100 basis points to 17.2% due primarily to improving margins from our industrial business. Total adjusted earnings grew 7% and were impacted by higher-than-expected interest expense. The 115% growth in adjusted EBITDA in the Consumer Packaging segment reflects 10% gains of volume/mix in our metal US business and the addition of Eviosys acquisition, which we have rebranded as our Sonoco Metal Packaging, SMP EMEA. The segment also generated solid productivity savings.

如投影片 5 所示，淨銷售額成長 49%，調整後 EBITDA 成長 25%，而調整後 EBITDA 利潤率擴大 100 個基點至 17.2%，這主要歸功於我們工業業務利潤率的提高。調整後總收益成長 7%，並受到高於預期的利息支出的影響。消費品包裝部門調整後 EBITDA 成長 115%，反映了我們美國金屬業務的銷售/產品組合成長 10%，以及對 Eviosys 的收購，我們已將其更名為 Sonoco Metal Packaging, SMP EMEA。該部門也實現了顯著的生產力節約。

Our industrial segment grew adjusted EBITDA by 16% due to a favorable price cost environment and productivity. Industrial segment EBITDA margins expanded to 19%, which was the seventh consecutive quarter of margin improvement. This performance is a tribute to our industrial team's efforts to drive value-based pricing and focus on productivity savings.

由於有利的價格成本環境和生產力，我們的工業部門調整後 EBITDA 成長了 16%。工業部門 EBITDA 利潤率擴大至 19%，這是利潤率連續第七個季度提高。這項業績是對我們工業團隊推動基於價值的定價和注重生產力節約的努力的肯定。

Jerry will go through all the numbers and business drivers for the quarter in a few minutes. But I also want to formally introduce Paul Joachimczyk, who joined us as Chief Financial Officer at the end of June. We're really excited to have Paul join us, and he will discuss our guidance before we take your questions.

傑瑞將在幾分鐘內介紹本季的所有數位和業務驅動因素。但我也想正式介紹 Paul Joachimczyk，他於六月底加入我們，擔任財務長。我們非常高興保羅能加入我們，在回答您的問題之前，他將討論我們的指導。

Over the past five years, we've been progressing a transformation journey to create a more focused enterprise providing value-added metal and fiber packaging. Slide 6 illustrates our strategy, in particular, what markets we will participate in and how we expect to win in these markets. We're focused on businesses where we can drive a competitive advantage through advanced material science and technology expertise, where our products possess high functionality and where we can best leverage continuous process improvements to drive productivity.

在過去的五年裡，我們一直在進行轉型之旅，以創造一家更專注於提供增值金屬和纖維包裝的企業。幻燈片 6 展示了我們的策略，特別是我們將參與哪些市場以及我們期望如何在這些市場中獲勝。我們專注於能夠透過先進的材料科學和技術專業知識來獲得競爭優勢的業務，我們的產品具有很高的功能性，並且我們可以最好地利用持續的流程改進來提高生產力。

We now have a portfolio of businesses with a mix of large growing global consumers that value the competitive advantage we provide. As always, Sonoco wins through superior customer service, strong operational execution, innovation and a culture that is built on our guiding principle of people build businesses by doing the right thing.

我們現在擁有一系列業務，其中不乏不斷成長的大型全球消費者，他們重視我們所提供的競爭優勢。一如既往，Sonoco 透過卓越的客戶服務、強大的營運執行力、創新以及以「人們透過做正確的事來建立企業」為指導原則的文化而獲得成功。

As illustrated on slide 7, we believe we have now focused our portfolio along the competitive strengths that will allow us to win in the marketplace. Our core businesses include Metal Packaging, Rigid Paper Containers and Industrial Paper Packaging. In each of these businesses, we check the box on our key strategic principles, including focusing on markets where we have market leadership.

如投影片 7 所示，我們相信，我們現在已經將投資組合的重點放在了能夠讓我們在市場上獲勝的競爭優勢上。我們的核心業務包括金屬包裝、硬紙容器和工業紙包裝。在每項業務中，我們都遵循關鍵策略原則，包括專注於我們擁有市場領導地位的市場。

This slide also illustrates why we decided to divest Thermoformed and Flexible Packaging and why we plan to sell ThermoSafe, our temperature-assured business. Both have developed into meaningful, profitable and attractive businesses. However, we felt they lack certain aspects that will allow us to best deploy our operating model to our advantage. So we believe monetizing these assets to redeploy capital back into our core was the right capital allocation decision.

這張投影片也說明了我們為什麼決定剝離熱成型和軟包裝，以及為什麼我們打算出售我們的溫度保證業務 ThermoSafe。兩者都已發展成為有意義、有利可圖且有吸引力的業務。然而，我們覺得他們缺少某些方面，這些方面將使我們能夠最好地部署我們的營運模式，從而發揮我們的優勢。因此，我們認為將這些資產貨幣化以將資本重新部署回我們的核心是正確的資本配置決策。

Now turning to slide 8. We continue to progress our transformation journey in the second quarter with the successful divestiture of TFP and the utilization of proceeds and cash to reduce our net leverage ratio to below 3.8 times. We're preparing ThermoSafe for a second half sale process, but the expectation that proceeds will be used to further reduce net leverage towards our target of 3 to 3.3 times by the end of 2026.

現在翻到第 8 張投影片。我們在第二季繼續推進轉型之旅，成功剝離TFP，並利用收益和現金將淨槓桿率降至3.8倍以下。我們正在為 ThermoSafe 下半年的銷售流程做準備，但預計所得將用於進一步降低淨槓桿率，以實現到 2026 年底 3 至 3.3 倍的目標。

As a result of our portfolio changes, we're in the process of further optimizing our operating footprint and reducing support functions to align them with the needs of our fewer bigger businesses. We've actioned approximately $20 million in annual savings from stranded costs left by the divested businesses, but also we are now positioned to better leverage shared services strategies for some of our global administrative functions to better serve our business, our customers and to reduce costs.

由於我們的投資組合發生變化，我們正在進一步優化我們的營運足跡並減少支援功能，以使其符合我們少數大型企業的需求。我們已從剝離業務留下的擱淺成本中每年節省約 2000 萬美元，而且我們現在能夠更好地利用共享服務策略來執行我們的一些全球行政職能，以便更好地服務於我們的業務和客戶並降低成本。

Our successful integration of SMP EMEA continues, but the team is now projecting between $40 million to $50 million in run rate synergies by the end of this year. We also have line of sight to achieve greater than $100 million in cost savings through 2026.

我們對 SMP EMEA 的成功整合仍在繼續，但團隊目前預計，到今年年底，運行率協同效應將達到 4,000 萬至 5,000 萬美元。我們還有望在 2026 年前實現超過 1 億美元的成本節約。

At the end of June, we were saddened by the news that Tomás López, CEO of SMP EMEA, had died in his hometown of Murcia, Spain. Lopez was a legend in the European can-making industry dating back to his leadership and developing Mivisa into the largest food can producer in the Iberian Peninsula and Morocco. He later became CEO of Eviosys and stayed on in that role when we acquired the business last December.

6 月底，我們悲痛地得知 SMP EMEA 執行長 Tomás López 在其家鄉西班牙穆爾西亞去世的消息。洛佩茲是歐洲罐頭製造業的傳奇人物，他領導 Mivisa 發展成為伊比利亞半島和摩洛哥最大的食品罐頭製造商。後來，他成為 Eviosys 的首席執行官，並在去年 12 月我們收購該公司時繼續擔任該職位。

Rodger Fuller, our Chief Operating Officer and who has been leading the integration of SMP EMEA, was named Interim CEO. Most of you are familiar with Rodger's 40 years of leadership experience at Sonoco. He has been deeply engaged since day 1 of the acquisition and worked alongside Tomás to build strong customer, employee and supplier relationships. While Tomás will be missed, Rodger is providing leadership stability, working with the team to continue our strategy of building global leadership in Metal Packaging.

我們的營運長 Rodger Fuller 一直領導著 SMP EMEA 的整合，他被任命為臨時執行長。大多數人都熟悉羅傑在 Sonoco 40 年的領導經驗。自收購第一天起，他就積極參與並與 Tomás 一起建立牢固的客戶、員工和供應商關係。雖然我們會想念托馬斯，但羅傑將提供領導穩定性，與團隊合作繼續我們的策略，打造金屬包裝領域的全球領導地位。

I'll now turn the call over to Rodger to give us a brief update on SMP EMEA. Rodger?

現在我將把電話轉給羅傑，讓他向我們簡要介紹 SMP EMEA 的情況。羅傑？

Yes. Thank you, Howard. Good day, everyone. If you turn to slide 10, I'll review some key points related to Metal Packaging EMEA's second quarter performance, third quarter outlook, along with a preview of some significant growth wins that will help us in 2026 and beyond.

是的。謝謝你，霍華德。大家好。如果您翻到第 10 張投影片，我將回顧與 Metal Packaging EMEA 第二季業績、第三季展望相關的一些要點，並預覽一些將在 2026 年及以後幫助我們取得的重大成長成果。

Second quarter results were impacted by the delay in the start-up of the European vegetable packaging season as compared to last year. As we've explained, approximately 40% of our EMEA sales are seasonal and dependent on the timing of the vegetable harvest. In addition, difficult macroeconomic conditions in Europe have slowed consumer demand, and we've also seen a decline in sardine availability in Africa, which has further reduced our volumes. That said, demand for pet food and certain premium food categories has remained resilient.

與去年相比，第二季的業績受到歐洲蔬菜包裝季節啟動延遲的影響。正如我們所解釋的，我們在歐洲、中東和非洲地區約 40% 的銷售額具有季節性，取決於蔬菜收穫的時間。此外，歐洲艱難的宏觀經濟條件減緩了消費者需求，非洲的沙丁魚供應量也有所下降，這進一步減少了我們的產量。儘管如此，寵物食品和某些高端食品類別的需求仍然保持強勁。

Looking at the third quarter, which is by far our strongest quarter, we're seeing the harvest season ramp up. Our customers and experts are predicting a solid vegetable harvest that could extend through October, and we expect other food categories to be in line with our expectations. As Howard mentioned, the team is making tremendous progress to achieve synergy savings in the second half of 2025 along with generating opportunities for cost savings that benefit our US Metal Packaging business.

縱觀第三季度，這是我們迄今為止表現最強勁的一個季度，我們看到收穫季節正在加速。我們的客戶和專家預測蔬菜豐收將持續到十月份，我們預計其他食品類別也將符合我們的預期。正如霍華德所提到的，團隊正在取得巨大進展，在 2025 年下半年實現協同節約的同時，創造有利於我們美國金屬包裝業務的成本節約機會。

We recently integrated our US and EMEA steel procurement teams into a single, globally focused organization based in Europe and led by a veteran Sonoco steel procurement expert. As we previously said, we expect significant procurement synergies in 2026 after they were delayed in 2025 due to the late closing of the acquisition.

我們最近將美國和歐洲、中東和非洲地區的鋼鐵採購團隊整合為一個總部位於歐洲的、專注於全球的組織，由資深的 Sonoco 鋼鐵採購專家領導。正如我們之前所說，由於收購完成較晚，採購綜效在 2025 年被推遲，我們預計 2026 年將出現顯著的採購綜效。

So let me close with some exciting new growth projects that our EMEA team signed in the second quarter. First is a multiyear contract with a pet food customer in Eastern Europe, where we'll provide up to 400 million incremental units annually. We expect to start providing cans for this customer from existing operations late in the fourth quarter, and we'll be ramping up production in 2026. Also, we committed to developing a new satellite production facility in Eastern Europe to help manage their large volume needs.

最後，讓我來介紹一下我們的 EMEA 團隊在第二季簽署的一些令人興奮的新成長項目。首先是與東歐一家寵物食品客戶簽訂的多年合約，我們每年將向該客戶供應多達 4 億個增量單位。我們預計將於第四季末開始透過現有業務為該客戶提供罐頭，並將於 2026 年提高產量。此外，我們致力於在東歐建立一個新的衛星生產設施，以幫助滿足他們的大量需求。

Next is a new five-year contract to provide unique-shaped cans for a powder nutrition product that will begin in the fourth quarter of 2026 and scale up in '27. The EMEA team is targeting several additional new customer opportunities that should lead to further volume growth in 2026 and beyond. I'm really excited to be working alongside such a strong international leadership team as we build upon their past success and drive future growth.

接下來是一份新的五年合同，為粉末營養產品提供獨特形狀的罐子，該合約將於 2026 年第四季度開始，並於 2027 年擴大規模。EMEA 團隊正在瞄準幾個額外的新客戶機會，這將導致 2026 年及以後的銷售量進一步成長。我很高興能與如此強大的國際領導團隊合作，在他們過去的成功基礎上再接再厲，推動未來的發展。

With that, I'll turn it over to Jerry for the quarterly financial review.

有了這些，我將把季度財務審查交給傑瑞。

Thanks, Rodger. I'm pleased to present the second quarter financial results. Turning on page 12 of the presentation. Please note that all results are on an adjusted basis and all growth metrics on a year-over-year basis unless otherwise stated. The GAAP to non-GAAP EPS reconciliation is in the appendix of this presentation as well as in the press release. Sales and adjusted EBITDA bridges are also in the appendix.

謝謝，羅傑。我很高興公佈第二季的財務表現。翻到簡報的第 12 頁。請注意，除非另有說明，所有結果均為調整後的結果，所有成長指標均為同比結果。GAAP 與非 GAAP EPS 的對帳在本簡報的附錄以及新聞稿中。銷售額和調整後的 EBITDA 橋樑也在附錄中。

Adjusted EPS was $1.37. Earnings per share increased 7% year-over-year, mainly driven by favorable price/cost performance in our industrial businesses of $20 million and continued strong productivity of $15 million, driven by SMP US and industrial businesses and the net impact of acquisitions and divestitures. This was partially offset by favorable volume/mix in our industrial business and all other businesses and higher interest expenses.

調整後每股收益為1.37美元。每股盈餘年增7%，主要得益於工業業務2000萬美元的良好性價比，以及1500萬美元的持續強勁生產力，這主要得益於SMP美國業務和工業業務以及收購和資產剝離的淨影響。這被我們工業業務和所有其他業務的良好銷售/組合以及更高的利息支出部分抵消。

Interest expenses were $0.07 higher than anticipated due to the pull forward of amortization fees associated with the term loan paid off in April of this year and higher commercial paper balances. Second quarter net sales for continued operations increased 49% to $1.9 billion. This change was driven by the impact of the SMP EMEA acquisition, strong volume in our SMP US business and favorable price. Adjusted EBITDA of $328 million was up by an impressive 25% and an adjusted EBITDA margins improved by 101 basis points to 17.2%, primarily driven by items that affected sales growth in addition to productivity improvements.

由於今年 4 月償還的定期貸款相關的攤銷費用提前以及商業票據餘額增加，利息支出比預期高出 0.07 美元。第二季持續經營淨銷售額成長 49%，達到 19 億美元。這項變更是由 SMP EMEA 收購的影響、我們 SMP 美國業務的強勁成長以及優惠的價格所推動的。調整後的 EBITDA 為 3.28 億美元，大幅成長了 25%，調整後的 EBITDA 利潤率提高了 101 個基點，達到 17.2%，這主要得益於影響銷售成長的項目以及生產力的提高。

Page 13 has our consumer segment results on a continuing operation basis. Consumer sales were up by 110% due to the SMP EMEA acquisition, favorable volume and price. Our domestic Metal Packaging business achieved double-digit growth, reflecting solid demand and continued commercial execution. Sales for our Global Rigid Paper Containers businesses were essentially flat as favorable price was offset by mix and lower volume.

第 13 頁列出了我們持續經營基礎上的消費者部門績效。由於收購 SMP EMEA、銷售和價格有利，消費者銷售額成長了 110%。我們的國內金屬包裝業務實現了兩位數的成長，反映了強勁的需求和持續的商業執行。由於產品組合和銷售下降抵消了有利的價格，我們的全球硬紙容器業務的銷售額基本上持平。

Consumer adjusted EBITDA from continuing operations grew a remarkable 115% year-over-year due to the impact of acquisitions, continued productivity gains, higher volume and the favorable impact of foreign currency.

由於收購、持續的生產力提高、銷售增加以及外匯的有利影響，持續經營業務的消費者調整後 EBITDA 同比增長了 115%。

Page 14 has our industrial segment results. Industrial sales decreased 2% to $588 million. Results were impacted by lower volumes and actions to exit the China market, partially offset by better pricing. Adjusted EBITDA margins expanded by 290 basis points year-over-year in the second quarter, primarily driven by favorable price/cost dynamics and productivity gains. These benefits were partially offset by negative volume/mix. Adjusted EBITDA increased by $15 million to $113 million, representing a 15% increase.

第 14 頁是我們的工業部門業績。工業銷售額下降 2% 至 5.88 億美元。業績受到銷量下降和退出中國市場的行動的影響，但更好的定價部分抵消了這一影響。第二季調整後的 EBITDA 利潤率年增 290 個基點，主要得益於有利的價格/成本動態和生產力的提高。這些好處被負面的銷售/組合部分抵消。調整後 EBITDA 增加 1,500 萬美元，達到 1.13 億美元，增幅為 15%。

Page 15 has our results for the all other businesses. All other sales were $95 million and adjusted EBITDA was $16 million. Sales were flat as higher volumes in ThermoSafe were offset by weaknesses in our plastic industrial business. Adjusted EBITDA declined 8% as unfavorable mix and price/cost were partially offset by favorable productivity and other nonrecurring items.

第 15 頁列出了我們對所有其他業務的調查結果。所有其他銷售額為 9500 萬美元，調整後的 EBITDA 為 1600 萬美元。由於 ThermoSafe 銷量的成長被塑膠工業業務的疲軟所抵消，銷售額持平。調整後的 EBITDA 下降了 8%，因為不利的產品組合和價格/成本被有利的生產力和其他非經常性項目部分抵消。

And now I'll hand it over to Paul to walk us through an update on our full year guidance.

現在我將把時間交給保羅，讓他向我們介紹我們全年指導的最新情況。

Thank you, Jerry. First off, let me say that I'm deeply honored to join the Sonoco team at this exciting time for the company. With the recent acquisition and divestitures, it is time to reinforce the core values that have made Sonoco successful for more than 125 years that are grounded in the culture of innovation, collaboration and operating excellence. We are confident that our teams will drive the targeted synergies from the SMP EMEA acquisition and continue to build upon our global metal packaging foundation.

謝謝你，傑瑞。首先，我要說的是，我非常榮幸能夠在公司這個令人興奮的時刻加入 Sonoco 團隊。隨著最近的收購和資產剝離，現在是時候強化 Sonoco 125 多年來成功的核心價值了，這些價值觀植根於創新、協作和卓越營運的文化。我們相信，我們的團隊將推動 SMP EMEA 收購的目標綜效，並繼續鞏固我們的全球金屬包裝基礎。

In my first weeks at Sonoco, I have been impressed with the strong operational foundation of the company. I also want to thank Jerry for doing an excellent job as interim CFO and helping me transition into the organization.

在 Sonoco 工作的最初幾週，公司強大的營運基礎給我留下了深刻的印象。我還要感謝傑瑞作為臨時財務長的出色工作並幫助我融入組織。

Looking at our outlook for the remainder of the year, as shown on slide 17. We are maintaining our guidance with net sales in the range of $7.75 billion to $8 billion. While we have seen some softening of the market conditions due to global macroeconomic pressures, we are expecting strong results in our Metal Packaging and North American industrial businesses.

看看我們對今年剩餘時間的展望，如幻燈片 17 所示。我們維持淨銷售額在 77.5 億美元至 80 億美元之間的預期。儘管由於全球宏觀經濟壓力，我們看到市場狀況有所疲軟，但我們預計金屬包裝和北美工業業務將取得強勁業績。

From an adjusted EBITDA guidance, we remain confident in our range of $1.3 billion to $1.4 billion. Again, we see continued strength from our North American consumer and industrial businesses being partially offset by softness in Europe and other international markets. Delays in recovering rising input costs as well as impacts tariff uncertainty is having on overall market conditions.

根據調整後的 EBITDA 指引，我們仍然對 13 億美元至 14 億美元的範圍充滿信心。我們再次看到，北美消費和工業業務的持續強勁表現被歐洲和其他國際市場的疲軟所部分抵消。投入成本上升的恢復延遲以及關稅不確定性對整體市場狀況的影響。

For adjusted EPS, we are targeting the low end of our range of $6 to $6.20. This reflects our first half performance and the projected performance improvements in the second half. In addition, we are expecting variability in FX and interest helping to mitigate some of the macroeconomic impacts mentioned earlier.

調整後每股盈餘目標設定在6美元至6.20美元區間的低階。這反映了我們上半年的業績以及下半年預期的業績提升。此外，我們預期外匯和利率的變化將有助於減輕前面提到的一些宏觀經濟影響。

Operating cash flows are still within our range of our previous guidance, but we are targeting the lower end due to higher-than-anticipated levels of net working capital usage, primarily from material inflation. We are extremely focused on improving our overall metrics and we'll continue to make the right strategic investments in the business to ensure we can hit our future strategic goals.

營運現金流量仍在我們先前指導的範圍內，但由於淨營運資本使用水準高於預期（主要由於材料通膨），我們將目標定在較低水準。我們非常注重改善我們的整體指標，我們將繼續對業務進行正確的策略投資，以確保我們能夠實現未來的策略目標。

I will now turn the call back over to Howard for closing comments.

現在我將把電話轉回給霍華德，請他發表最後評論。

Thank you, Paul, and again, welcome to Sonoco. One of the key tenets of our strategy is investing in ourselves to drive profitable growth and productivity. For the first half of 2025, we've invested $188 million in capital and expect to be in line with our estimate of $360 million in total spending by year-end.

謝謝你，保羅，再次歡迎你來到 Sonoco。我們策略的關鍵原則之一是投資自己以推動獲利成長和生產力提高。2025 年上半年，我們已投資 1.88 億美元的資本，預計到年底總支出將達到 3.6 億美元的估計。

If you turn to slide 18, I'll highlight a few new projects. The first is a $30 million investment we're making to expand production capacity to serve the growing US adhesives and sealants market. This initiative will add a total of $100 million additional units of annual capacity at three facilities in Florida, Kentucky and Ohio. Sonoco is one of the largest producers of cartridges for adhesives and sealants in the US, and we are currently sold out.

如果您翻到第 18 張投影片，我將重點放在幾個新項目。第一筆投資是 3000 萬美元，用於擴大生產能力，滿足不斷增長的美國黏合劑和密封劑市場的需求。該計畫將使佛羅裡達州、肯塔基州和俄亥俄州的三家工廠每年新增產能總計 1 億美元。Sonoco 是美國最大的黏合劑和密封劑墨盒生產商之一，目前我們的產品已售罄。

As part of the capacity additions, we will be adding new state-of-the-art technology, including digital printing. Recently, we expanded the robotic assembly of nailed wood reels in the Hartselle, Alabama facility to speed production, increase capacity and lower unit costs. Sonoco is the leader of the production of wire and cable reels in the US and this new automation project will allow us to keep up with our customers who are expanding the domestic energy and communications infrastructure.

作為產能增加的一部分，我們將添加新的最先進的技術，包括數位印刷。最近，我們擴大了位於阿拉巴馬州哈茨維爾工廠的釘木捲軸機器人組裝，以加快生產速度、提高產能並降低單位成本。Sonoco 是美國電線和電纜捲筒生產的領導者，這個新的自動化項目將使我們能夠跟上正在擴大國內能源和通訊基礎設施的客戶。

Overall, we're targeting $65 million in productivity savings in 2025. To achieve that goal, we're updating several of our manufacturing operations with automation to improve efficiency and reduce costs. A great example is an autonomous forklifts and robotic assemblers we recently added to our Jackson, Tennessee Rigid Paper Containers operation.

整體而言，我們的目標是到 2025 年節省 6,500 萬美元的生產力。為了實現這一目標，我們正在透過自動化更新我們的幾項製造業務，以提高效率並降低成本。一個很好的例子是我們最近在田納西州傑克遜的硬紙容器業務中增加了自動堆高機和機器人組裝機。

New customers and product development is key to the Consumer Packaging business as growth as illustrated on slide 19. Our SMP US business is projecting 12% and 15% growth in food and aerosol cans, respectively. For the year, this growth is coming from both new and existing customers. And as Rodger mentioned, we have several new projects starting up in Europe in the fourth quarter and into 2026 and beyond.

如投影片 19 所示，新客戶和產品開發是消費品包裝業務成長的關鍵。我們的 SMP 美國業務預計食品和氣霧罐的成長率分別為 12% 和 15%。今年的成長既來自新客戶，也來自現有客戶。正如羅傑所提到的，我們將在第四季以及 2026 年及以後在歐洲啟動幾個新專案。

In addition, our Global Rigid Paper Containers business continues to launch new all paper and paper bottom cans for customers looking to substitute from less sustainable packaging substrate. As an example, we launched two new oil paper cans for pet nutrition products in the second quarter in Europe.

此外，我們的全球硬紙容器業務繼續為尋求替代可持續性較差的包裝基材的客戶推出新的全紙和紙底罐。例如，我們在第二季在歐洲推出了兩款用於寵物營養產品的新油紙罐。

The sustainability of our metal and fiber-based packaging is also getting recognition. As shown on slide 20, Sonoco and our customers won three awards for Sustainable Packaging Business of the year, Sustainable Brand and Sustainable Investment Projects at the Environmental Packaging hosted by Packaging News.

我們的金屬和纖維包裝的可持續性也得到了認可。如投影片 20 所示，Sonoco 和我們的客戶在《包裝新聞》主辦的環境包裝上獲得了年度永續包裝業務、永續品牌和永續投資項目三項大獎。

Slide 21 and 22, we're developed to better explain the key tenets of our investment thesis and to illustrate the new Sonoco, our businesses, our markets and our geographic footprint.

投影片 21 和 22 旨在更好地解釋我們的投資論文的關鍵原則，並說明新的 Sonoco、我們的業務、我們的市場和我們的地理足跡。

In closing, we are encouraged by our trajectory as we enter the busiest quarter of the year. We expect continued strong performance in our consumer segment with our SMP US operation capitalizing on commercial wins to organically grow well above industry growth rates.

最後，當我們進入一年中最繁忙的季度時，我們對自己的發展軌跡感到鼓舞。我們預計，我們的消費者部門將繼續表現強勁，我們的 SMP 美國業務將利用商業勝利實現遠高於產業成長率的有機成長。

And we continue the integration of our Metal Packaging EMEA operations and expect to exceed our synergy targets. And our legacy Industrial Paper Packaging segment should have another strong quarter as it continues to benefit from improved market conditions while focusing on driving margin expansion through operation and commercial excellence initiatives.

我們將繼續整合金屬包裝 EMEA 業務，並期望超越我們的協同目標。我們的傳統工業紙包裝部門應該會迎來另一個強勁的季度，因為它繼續受益於改善的市場條件，同時專注於透過營運和商業卓越計劃來推動利潤率的擴大。

Finally, we remain mindful of external risks which are leading to global macroeconomic uncertainty that may affect our customers and consumers. We will remain flexible and focus on meeting the changing needs of our customers while consciously controlling cost, capital and reducing leverage while creating long-term value for our shareholders.

最後，我們仍然關注導致全球宏觀經濟不確定性的外部風險，這些風險可能會影響我們的客戶和消費者。我們將保持靈活性，專注於滿足客戶不斷變化的需求，同時有意識地控製成本、資本並降低槓桿率，同時為股東創造長期價值。

Operator, we will now take any questions.

接線員，我們現在將回答任何問題。

(Operator Instructions)

（操作員指示）

George Staphos, Bank of America Securities.

喬治‧斯塔福斯 (George Staphos)，美國銀行證券公司。

So you mentioned you're pleased with the trajectory that you have going to the third quarter. Can you talk about, across your major businesses, what kind of run rate you're seeing on volume right now? And related to that, if you can talk specifically about SMP EMEA, what kind of organic volume growth or, it sounds like, declines did you see 2Q versus 2Q and what are you expecting in third quarter? And then I had a quick follow-on and I'll turn it over after that.

所以您提到您對第三季的發展軌跡感到滿意。您能否談談，在您的主要業務中，目前的產量運行率是多少？與此相關，如果您可以具體談談 SMP EMEA，您認為第二季與第二季相比有機銷量有何成長或下降，您對第三季有何預期？然後我進行了快速跟進，之後我會將其轉交。

Sure. Let me kind of go around the world. And I'll pass on the EMEA question to Rodger, but let me start with the paper can business. Expectation is we're heading into our strongest part of the year, really, September -- end of August, September and early October. But we're not forecasting significant growth, maybe 1% or so low single digit.

當然。讓我環遊世界。我會將 EMEA 問題轉交給羅傑，但讓我先從紙罐業務開始。我們預計即將進入一年中最強勁的時期，也就是九月——八月底、九月和十月初。但我們預測不會有顯著的成長，可能只有 1% 左右的低個位數。

But if we look backwards into Q2, the business was slightly down, but Europe played a part of that. And we all know what's going on in the European marketplace today. And surprisingly, Asia for the first time in a long time was down. So not forecasting a lot of heavy recovery but just slight going into the busy season.

但如果我們回顧第二季度，業務略有下滑，但歐洲是其中的一部分原因。我們都知道當今歐洲市場正在發生什麼。令人驚訝的是，亞洲股市很長一段時間以來首次出現下跌。因此，預計不會出現大量復甦，但在旺季來臨之際，復甦幅度會很小。

On the metal can side here in the US, as I noted in my commentary, we saw about a 10% volume/mix type improvement in Q2. If you look at that on a unit base, container base, it's 15% up in food cans, 25% up in aerosol. We expect pretty close to that. Little bit difficult -- a little bit more of a difficult comp in Q3 particularly on aerosol, but the pack season is strong and the wins sustain themselves to the remainder of the year.

正如我在評論中指出的那樣，在美國金屬罐方面，我們看到第二季的銷售/混合類型改善了約 10%。如果以單位為基礎、以容器為基礎來看，食品罐頭上漲了 15%，氣霧劑上漲了 25%。我們預計這個數字非常接近。有點困難——第三季的比賽有點困難，特別是在氣霧劑方面，但包裝季節很強勁，勝利將持續到今年剩餘時間。

On the industrial side, just slightly up in the third quarter in total around the world. Almost I'd call it flat. In our biggest market here in North America or the Americas and what we really see happening there is while particularly in North America operating rates are strong, we see that continuing going forward with a pretty good lift from a price/cost perspective. And Rodger, if you want to talk about EMEA?

從工業方面來看，第三季全球整體工業產值略有成長。我幾乎會稱它為平的。在我們最大的市場北美或美洲，我們真正看到的是，特別是在北美，營運率很高，從價格/成本的角度來看，我們看到這種情況將繼續向前發展，並且會有相當好的提升。羅傑，您想談談 EMEA 嗎？

Yes. Thanks, Howard. George, yes, thanks for the question. First, let me just say as expected, and it's clear to me now, we remain really excited about the fit of the SMP EMEA business into Sonoco and convinced that we can deliver all the value to the shareholders that we committed when we made the acquisition. So I feel like we're off to a good start with the team.

是的。謝謝，霍華德。喬治，是的，謝謝你的提問。首先，我想說的是，正如預期的那樣，現在我很清楚，我們仍然對 SMP EMEA 業務與 Sonoco 的契合感到非常興奮，並相信我們能夠為股東帶來我們在收購時承諾的所有價值。所以我覺得我們團隊已經有了一個好的開始。

We acknowledge the first half was softer than expected, George. Two primary reasons. Number one, the sardine catch we talked about. But if you look at the balance of the fish segment, it's been on expectations for the first half. It's on expectations for the second half. And sardines is a relatively small subsegment of that overall segment, a small part of the overall segment.

我們承認上半年的表現比預期的要差，喬治。主要有兩個原因。第一，我們談論的是沙丁魚捕撈。但如果你看一下魚類市場的平衡，你會發現上半年的情況符合預期。這是對下半年的期望。沙丁魚只是整個細分市場中一個相對較小的子細分市場，只是整個細分市場的一小部分。

The vegetable harvest, we talked about. We're getting a late start. It looks like it's about three weeks behind. So if you think about the fact that 40% of our volume is seasonal to the vegetable market, you push that three weeks out into the third quarter and potentially into October as well, you can do that math and see what kind of growth that we expect coming in the third quarter versus the first half of the year.

我們談論了蔬菜的收穫。我們起步晚了。看起來大約落後了三週。因此，如果您考慮到我們 40% 的銷量是蔬菜市場的季節性銷量，那麼將這一數字推遲到第三季度的三週，甚至可能推遲到十月份，您就可以進行計算，看看我們預計第三季度與上半年相比會有什麼樣的增長。

July is off to a good start for our expectations. We're not building any kind of sardine recovery into our reforecast in the second half. Based on what we see now, it could be mid- to upper single-digit increases year-over-year in the third quarter. And so far in July, it looks like we're heading towards that level for those reasons that I've already talked about. There's been no material loss of share in the business for any reason. So pretty upbeat on the third quarter versus last year at this point.

七月開局良好，符合我們的預期。我們沒有在下半年的重新預測中考慮任何形式的沙丁魚式復甦。根據我們目前看到的情況，第三季的年成長可能達到中高個位數。到 7 月為止，由於我之前談到的原因，我們似乎正朝著這個水平邁進。業務份額並未因任何原因造成重大損失。因此，目前來看，第三季與去年同期相比表現相當樂觀。

Okay, Rodger. So let me maybe try to put a point on that and the last question, I'll turn it over. So was SMP EMEA raw numbers organically down 5% in 2Q? If you want to give us a range there. And then one thing I noticed, incremental margin in consumer were relatively light from my vantage point. I think you're up only like -- they were 12.5%. Any reason why? Thanks and good luck in the quarter.

好的，羅傑。因此，讓我嘗試就這一點和最後一個問題提出一點看法，我會把它翻過來。那麼 SMP EMEA 原始資料在第二季是否自然下降了 5%？如果你想給我們一個範圍。然後我注意到一件事，從我的角度來看，消費者的增量利潤相對較小。我認為你只上漲了——12.5%。有什麼原因嗎？謝謝，祝本季好運。

No, I don't think so, George. I mean, the business is performing well. Even with the volume shortfall in the first half versus our expectations, the business produced positive productivity. The business is executing well as I said. No share loss. So for me, it could be -- go ahead.

不，我不這麼認為，喬治。我的意思是，業務表現良好。儘管上半年的銷售量低於我們的預期，但該業務仍產生了積極的生產力。正如我所說，業務執行良好。無股份損失。所以對我來說，可能是──繼續吧。

So were you happy with 12.5% incremental margin? Because that would be normally relatively light and with all the productivity. So I was just trying to get a sense there.

那麼，您對 12.5% 的增量利潤滿意嗎？因為這通常相對較輕且具有全部生產力。所以我只是想了解一下狀況。

Yes. The seasonal mix did impact margins to some degree in the first half for SMP EMEA, George. That's probably what you're seeing here. And George, could you repeat your second -- I think you're getting ready to do it again. So can you repeat that second half?

是的。喬治表示，季節性因素確實在某種程度上影響了 SMP EMEA 上半年的利潤率。這可能就是您在這裡看到的。喬治，你能重複你的第二個問題嗎——我想你已經準備好再做一次了。那你能重複一下後半部嗎？

Okay. So like mix effect on the incremental margin, I'm just wondering what was SMP EMEA's volume year-on-year in 2Q on an organic basis, down 5%, down 10%, down 3%? Just a rough number.

好的。因此，就像混合效應對增量利潤的影響一樣，我只是想知道 SMP EMEA 在第二季度的銷量同比有機增長是多少，下降 5%，下降 10%，下降 3%？只是一個大概的數字。

Your final, the 12.5%.

您的期末成績為 12.5%。

12.5%?

12.5%？

No,. Volume was not down 12.5%. We'll give you a range but it's probably in that mid-single digit.

不，。交易量並未下降12.5%。我們會給你一個範圍，但可能在中間個位數。

Yeah, very similar.

是的，非常相似。

Got it. Perfect. Good luck.

知道了。完美的。祝你好運。

John Dunigan, Jefferies.

傑富瑞的約翰·鄧尼根。

Guys, I appreciate all the details. I just wanted to touch on, first, it seemed like you guys had some stranded costs, stranded corporate costs that were coming through in the quarter. We hadn't really factored that in. Is that something that would improve moving forward? Or maybe you can give us just some thoughts around that.

夥計們，我很感謝你們提供的所有細節。我只是想提一下，首先，看起來你們在本季遇到了一些擱淺成本，就是擱淺的公司成本。我們還沒有真正考慮到這一點。這是否會使未來有所改善？或者也許您可以就此給我們一些想法。

And then the interest expense stepping up in 2Q here, is that something that we should see as more onetime in nature or a step-up kind of moving forward as you had a decent amount of debt paydown as well? So maybe just interest expense for the full year as well.

那麼，第二季利息支出的增加，我們應該將其視為一次性支出，還是隨著您償還了大量債務而逐步增加的支出？因此也許也只是全年的利息支出。

Yes. Thanks, John. Let me take the interest expense question first. On the interest expense, yes, we do expect to see some improvement on that in the second half, really in line with what we previously assumed for the second half of this year. And also in the second quarter, we were impacted by about $0.03 a share of a pull forward on some loan amortization fees that will not happen in the second half of the year.

是的。謝謝，約翰。我首先來回答一下利息支出的問題。關於利息支出，是的，我們確實預計下半年會有所改善，這與我們先前對今年下半年的預期一致。此外，在第二季度，我們受到了一些貸款攤銷費用提前的影響，每股約 0.03 美元，而這些費用在下半年不會發生。

On the stranded cost front, yes, we do expect to see some improvement on that over the back half of the year and heading into 2026.

在擱淺成本方面，是的，我們確實預計今年下半年以及 2026 年情況會有所改善。

Yes. Let me just add to that. On stranded costs, we are laser-focused on that. We have a sub-team that has been working literally since late last summer knowing that we were going to be turning over or selling the TFP business. So we have a road map that will benefit us as we enter into next year. But it will take time. Some of these costs are pretty sticky. But we absolutely have a road map to full elimination going forward.

是的。讓我補充一下。對於擱淺成本，我們高度關注。我們有一個小組，自去年​​夏末以來一直在工作，他們知道我們將要移交或出售 TFP 業務。因此，我們有一份路線圖，它將使我們在進入明年時受益。但這需要時間。其中一些成本相當棘手。但我們絕對有未來全面消除的路線圖。

The second half of this which is not for stranded costs is comments that I alluded to in my opening, that as a much simpler company where we're managing, in my words, basically two big businesses, a large can business, metal and paper and a large industrial integrated converting business.

後半部與擱淺成本無關，我在開頭提到過，作為一家簡單得多的公司，我們管理著基本上兩大業務，一個大型罐頭業務、金屬和紙張業務，以及一個大型工業綜合轉換業務。

The amount of resources that it should take to manage those two businesses versus our prior portfolio dating back not too many years ago, we should be able to simplify what we're doing in terms of how we support that business. So rightsizing that is a second work stream that we'll be talking about in more detail later in this year, early next year.

與我們幾年前的投資組合相比，管理這兩項業務所需的資源量應該能夠簡化我們在支援該業務方面所做的工作。因此，調整規模是第二個工作流程，我們將在今年稍後和明年年初更詳細地討論。

Yes. And John, just to be a little more helpful on the interest expense side, we're expecting that number to be around $50 million-ish a quarter for the second half of the year.

是的。約翰，為了在利息支出方面提供更多幫助，我們預計今年下半年的利息支出將在每季約 5,000 萬美元。

Appreciate it. Great. That's very helpful. And then just to move over to Eviosys for a second question here. Coming into the year, you guys had expected about 10% improvement on EBITDA for the full business. Obviously, a little weaker here in 2Q. It seems like synergy capture should be a bit better this year. Are you still expecting to be up year-over-year in that Eviosys business?

非常感謝。偉大的。這非常有幫助。然後轉到 Eviosys 詢問第二個問題。進入今年，你們預計整個業務的 EBITDA 將提高約 10%。顯然，第二季的情況略微疲軟。看起來今年的綜效應該會好一點。您是否仍預期 Eviosys 業務的業績將年增？

And then just kind of adding on to that, the projects that were called out, $400 million of incremental units in one project and adding some of these other new projects that are going to be flowing through, it sounds more like a 2026 type of flow-through. How much does that actually add to volumes for the total business? I appreciate the details again.

然後，再加上那些被叫出來的項目，一個項目中 4 億美元的增量單位，再加上一些即將流出的其他新項目，這聽起來更像是 2026 年類型的流出。這實際上為整個業務量增加了多少？我再次感謝這些細節。

Yeah, John, to answer your first question, yes, we expect EBITDA to be up year-over-year versus what the business experienced in 2024. So the answer to that question is yes. If you think about total volumes for the business, $400 million, add another $100 million to that of incremental business is significant. I'm not going to get into the exact numbers for that. But we produce -- we put these numbers out, what, 8 billion-ish cans a year. You can do the math.

是的，約翰，回答你的第一個問題，是的，我們預計 EBITDA 將比 2024 年的業務表現同比增長。所以這個問題的答案是肯定的。如果你考慮業務總量為 4 億美元，那麼在增量業務上再增加 1 億美元是相當可觀的。我不會透露具體的數字。但我們生產——我們公佈的數字是，每年大約 80 億罐。你可以算一下。

I think what I am very optimistic about is not only those two wins but what I'm seeing in the business about other potential new business that we can bring in. I mean it's clear to me now, we are the service, quality, technical support leader in the market. We inherited a strong and deep leadership team. And you combine this with the strong business team we have in the US, I am convinced we will build a global leader in metal packaging.

我認為我非常樂觀的不僅是這兩場勝利，還有我在業務中看到的其他我們可以帶來的潛在的新業務。我的意思是，現在我很清楚，我們是市場上服務、品質和技術支援的領導者。我們繼承了一支強大而深厚的領導團隊。再加上我們在美國強大的業務團隊，我相信我們將成為金屬包裝的全球領導者。

So none of that's changed. And being directly involved in the business, I have even more confidence at this point that we will do as we said we would do.

所以這一切都沒有改變。由於直接參與了這項業務，我現在更有信心我們會按照我們所說的去做。

Very helpful. Thank you guys.

非常有幫助。謝謝你們。

Anthony Pentinari, Citi.

花旗銀行的安東尼‧彭蒂納裡 (Anthony Pentinari)。

I'm wondering if you could talk a little bit more about any potential tariff impact, whether you're seeing them directly maybe in terms of steel or how your customers are positioning the food can or maybe indirectly in terms of consumer behavior, or just any impact that you're seeing directly or indirectly on any of your businesses.

我想知道您是否可以再多談一下任何潛在的關稅影響，無論您是直接看到這些影響，可能是在鋼鐵方面，還是在客戶如何定位食品罐方面，或者可能是在消費者行為方面間接看到這些影響，或者只是您看到的任何直接或間接對您的任何業務產生的影響。

Yeah. Thanks, Anthony. Of course, I don't think there's many people that like tariffs. We certainly don't. We're doing all we can to mitigate those and we've said this multiple times. But unfortunately they're happening, and we have efficient ways to push those through. I'd suggest to you that our customers are saying that this is certainly going to be an impact in retail. When you start looking at the numbers it doesn't sound material, but when you do it by volume it is material.

是的。謝謝，安東尼。當然，我認為沒有多少人喜歡關稅。我們當然不會。我們正在盡一切努力來減輕這些影響，我們已經多次說過這一點。但不幸的是，這些事情正在發生，我們有有效的方法來推動這些事情的發生。我想告訴你們，我們的客戶說這肯定會對零售業產生影響。當你開始看數字時，它聽起來並不重要，但當你以體積計算時，它就是重要的。

So more to learn in terms of how that impacts the consumer. Ultimately, our expectation is if there's a slowdown and it's not going to be just in our categories, it's going to be throughout retail, throughout grocery. We see if there's a slowdown that drives consumers to the center of the store. And that's been something historical within our paper can business and our closures business and probably see more upside on the downside, if you will, in that regard.

因此，我們需要更多地了解這對消費者有何影響。最終，我們的預期是，如果出現經濟放緩，那麼這種放緩將不僅發生在我們的類別中，還將波及整個零售業和雜貨業。我們觀察是否有促使消費者前往商店中心的放緩現象。這是我們紙罐業務和封蓋業務中的歷史性事件，從這個角度來看，如果你願意的話，可能會看到更多的好處。

Jerry, you may want to talk about what we're seeing in terms of a financial perspective, just what is the magnitude of the numbers, et cetera.

傑瑞，你可能想談談我們從財務角度看到的情況，數字的大小等等。

Yes. I would just say, we've been able to mitigate the impact thus far on our -- from an EPS standpoint and from a margin standpoint. And that's our expectation going forward that we would anticipate fully recovering that on the P&L side. We are seeing some impact of that on the balance sheet as we talked about earlier, just the impact of higher carrying levels of network capital balances.

是的。我只想說，到目前為止，我們已經能夠減輕對我們的影響——從每股收益和利潤率的角度來看。這是我們未來的預期，我們預計在損益方面將完全恢復。正如我們之前所討論的，我們看到這對資產負債表產生了一些影響，只是網路資本餘額結轉水準提高的影響。

Got it, got it. That's helpful. And then maybe switching gears on the industrial business, maybe just two very quick questions. Pulp and Paper Week recognized I think most of URB price increase, and I'm wondering if you can remind us on kind of the flow-through or timing around that.

明白了，明白了。這很有幫助。然後也許轉換一下工業業務的話題，也許只是兩個非常簡單的問題。我認為《紙漿與造紙周刊》承認了大部分 URB 價格上漲，我想知道您是否可以提醒我們有關此過程的流通方式或時間安排。

And then you called out strength in reels, which I don't think you've necessarily called out before in the slides. I'm just wondering what's driving that and maybe how big of a business that is for you on the industrial side.

然後你在捲軸中喊出了力量，我認為你之前在幻燈片中不一定喊過這一點。我只是想知道是什麼推動了這一進程，以及從工業角度來看，這對你們來說是一個多大的業務。

Thanks, Anthony. On the URB pricing, we're going to start seeing benefit -- a healthy benefit in the third quarter growing into the fourth quarter. The timing of those increases, coupled with the open market increase which was fairly successful in terms of getting through to the market is going to, both cases, be favorable, again building through the course of the end of the year and into next year.

謝謝，安東尼。關於 URB 定價，我們將開始看到收益——第三季到第四季的健康收益。這些增加的時機，加上在進入市場方面相當成功的公開市場增加，這兩種情況都是有利的，並將在今年年底和明年再次形成。

Reels, to point out, it's not necessarily a very large business for us but it's just a highlight. A very profitable business. We're number 1. And we don't talk about it a lot. It's been embedded in our industrial converting business for a long time. But because of the growth that we're seeing with fiber -- I'm not a technical guy, so fiber optics and this overall energy shortages that are throughout North America, we're seeing heavy demand. We're out of capacity.

Reels，需要指出的是，這對我們來說不一定是一個非常大的業務，但它只是一個亮點。一門非常有利可圖的生意。我們是第一。我們很少談論這個。它早已融入我們的工業轉換業務之中。但由於我們看到光纖的成長——我不是技術人員，所以光纖和整個北美的整體能源短缺，我們看到了巨大的需求。我們已經沒有能力了。

And it's important for us to note to our stakeholders that we are putting significant capital to maintain our large market share in that business. The relationship to it within our industrial is we take the scrap and use it to make core plugs for our tube and core business. We sell into it with paper tubes for barrels. So it is definitely a great fit within our industrial business. And again, because of the capital and the improvements we see there, I just wanted to point that out.

我們必須向利害關係人指出，我們正在投入大量資金來維持我們在該業務中較大的市場份額。在我們的工業中，它與廢料的關係是，我們利用廢料來製造管道和核心業務的核心塞。我們用紙管做桶子來銷售。因此它絕對非常適合我們的工業業務。再次強調，由於我們在那裡看到了資本和改善，我只是想指出這一點。

Okay. That's very helpful.

好的。這非常有幫助。

Matt Roberts, Raymond James.

馬特羅伯茲、雷蒙詹姆斯。

Howard, you just discussed some of the timing of the URB price but -- and I know you also talked to the bridge earlier. But could you quantify maybe how the guidance bridge has changed versus last quarter? How much incremental from that URB price or lower OCC costs and then, additionally, maybe how FX has changed. And I think productivity stayed similar at $65 million, unless I'm wrong there.

霍華德，您剛才討論了 URB 價格的一些時機，但是——我知道您之前也談過橋樑問題。但是，您能否量化指導橋樑與上一季相比發生了怎樣的變化？URB 價格或更低的 OCC 成本增加了多少，此外，外匯可能發生了怎樣的變化。我認為生產力仍保持在 6500 萬美元左右，除非我錯了。

Right. Great. I'll let Jerry handle that. And you're right on productivity.

正確的。偉大的。我會讓傑瑞來處理這件事。您對生產力的看法是正確的。

Yes, Matt, let me take a URB question first. As we've said previously, about every $10 movement equates to about $6 million annualized benefit to us from that URB movement. And we've modeled that to start happening in the third quarter. So we do expect to see that flow through of that $40 a ton movement that happened would start kicking in. Yes, each $10 represents about $6 million of annualized benefit is what we've shared previously.

是的，馬特，讓我先回答一個 URB 問題。正如我們之前所說，每 10 美元的流動相當於我們從 URB 流動中每年獲得約 600 萬美元的收益。我們已經模擬了這種情況將在第三季開始發生。因此，我們確實希望看到每噸 40 美元的油價走勢開始發揮作用。是的，每 10 美元代表著約 600 萬美元的年化收益，這就是我們之前分享的。

On the FX front, we're looking at that number going forward somewhere, call it -- on the euro to the US dollar, somewhere between $1.17 and $1.18. And we ended the third quarter at $1.13.

就外匯方面而言，我們預計歐元兌美元匯率未來將在1.17美元到1.18美元之間。第三季末的匯率為1.13美元。

Okay. Thanks Jerry, I appreciate that. Maybe switching gears. If I can ask ThermoSafe, sounds like volumes were positive in 2Q. Could you quantify what that was and what type of volumes you all are expecting in second half there? I believe there were some exciting growth opportunities in pharma products in that business.

好的。謝謝傑瑞，我很感激。也許要換個方式。如果我可以問 ThermoSafe，聽起來第二季的銷售是正面的。您能否量化一下這個數字以及您預計下半年的銷售量是多少？我相信該行業的醫藥產品存在一些令人興奮的成長機會。

And maybe versus 2024 Investor Day, and I know a lot has changed, but how had conversations -- potential suitors of that business, how do those change, whether that be buyer appetite or just general business performance for ThermoSafe overall?

也許與 2024 年投資者日相比，我知道很多事情都發生了變化，但對話如何——該業務的潛在追求者，這些變化如何，無論是買家興趣還是 ThermoSafe 整體的一般業務表現？

And it might be a little early, but I'm not sure if you can carry out potential goalposts on what a pro forma leverage could be factoring in at sale there.

這可能有點早，但我不確定你是否可以實現潛在的目標，即在那裡銷售時形式上的槓桿可能會起到什麼作用。

Yeah. You're correct. We've had some good wins and we're onboarding those right now. I really don't have the details exactly which products and markets. I believe it has to do again with the continuation of the expanse of GLP-1 and how they are now starting to shift. That has added nice growth and the profitability is going to continue to improve as we onboard that business.

是的。你是對的。我們已經取得了一些不錯的勝利，現在我們正在努力實現這些勝利。我確實不了解具體是哪些產品和市場。我相信這又與 GLP-1 的持續擴展以及它們現在如何開始轉變有關。這帶來了良好的成長，隨著我們開展這項業務，獲利能力將繼續提高。

As far as the process goes, as I said, we're getting ready to go. The expectation is that we intend to have something signed by the end of this year. And really, at this point, I'd be guessing and not fair to really talk about what type of yield we get off of that and how that impacts our overall leverage. Certainly in a positive way.

就進程而言，正如我所說，我們正準備出發。我們期望在今年年底前簽署一些協議。實際上，在這一點上，我只是在猜測，不公平地談論我們從中獲得了什麼樣的收益以及這將如何影響我們的整體槓桿率。當然是正面的。

Fair enough. Really appreciate Howard for your words. Thank you.

很公平。非常感謝霍華德的言語。謝謝。

Mike Roxland, Truist Securities.

Truist Securities 的 Mike Roxland。

Congrats on the new role, Paul, and look forward to working with you.

恭喜保羅擔任新職務，並期待與您合作。

Thank you, Mike.

謝謝你，麥克。

One quick question, just following up on John's question regarding SMP EMEA and the EBITDA generation you expect this year. I think when you announced the deal, I mean, I think, Roger, you mentioned that it's going to be up year-over-year. And I think a couple of quarters ago, you mentioned that the business itself would achieve EBITDA of $430 million after $390 million of EBITDA last year. So I know you mentioned it was -- you still expect it to be up, but do you expect it to achieve that $430 million that you laid out a couple of quarters ago?

一個簡單的問題，只是跟進約翰關於 SMP EMEA 和您今年預期的 EBITDA 生成的問題。我認為，當您宣布這筆交易時，我的意思是，我認為，羅傑，您提到它將逐年增長。我想在幾個季度前，您曾提到，該業務本身將實現 4.3 億美元的 EBITDA，而去年的 EBITDA 為 3.9 億美元。所以我知道您提到過——您仍然預計它會上升，但您是否預計它會達到您在幾個季度前設定的 4.3 億美元？

Yes, Mike. As you know, we don't share business-specific profitability. What I will say is that certainly EBITDA will be up third quarter year-over-year as expected and as in the forecast. You have the bridge. You've got the profitability bridge that we put out with the announcement. And I will just repeat, we're pleased with where we are. Volume was softer than expected in the first half. We expect a nice recovery in the second half, and confident that we'll get to the levels and return on that business that we expected.

是的，麥克。如您所知，我們不分享特定業務的獲利能力。我想說的是，正如預期和預測的那樣，第三季的 EBITDA 肯定會比去年同期成長。你有橋。您已經了解了我們在公告中提出的獲利橋樑。我再說一遍，我們對目前的狀況感到滿意。上半年交易量低於預期。我們預計下半年將出現良好的復甦，並有信心達到我們預期的水平並實現業務回報。

One half doesn't make a year and doesn't make -- it doesn't tell the story of an acquisition. So there's nothing at this point that I would say would lead us to believe that we're not going to get a good return on that acquisition as expected and deliver the value to the shareholders.

一半的數據不足以構成一年的數據，也不足以說明收購的故事。因此，目前我認為沒有任何因素會讓我們相信我們不會像預期的那樣從此次收購中獲得良好的回報，也不會為股東帶來價值。

Thank you. And then just one quick follow-up. Can you just help us understand the factors affecting your revised guidance? You're maintaining EBITDA but EPS is coming in at the lower end of your previous guidance. It seems like interest expense should be favorable in the second half. So how can you help walk us through how are you going to wind up at the lower end of your EPS guide while maintaining EBITDA and you have better interest expense?

謝謝。然後只需快速跟進一下。您能否幫助我們了解影響您修訂指導意見的因素？您維持了 EBITDA，但 EPS 處於先前指導的低端。看起來下半年的利息支出應該會比較有利。那麼，您能如何幫助我們了解如何在保持 EBITDA 的同時達到 EPS 指南的低端並實現更好的利息支出？

Yes, Mike, this is Paul. So I want to reiterate too, we're really confident in our guide around the revenue and EBITDA. So we have really strong sales in our performance in North America in consumer businesses and industrial businesses that are there, but we did experience some softness and some weakness in international markets that were out there in the SMP EMEA. So that factored into our first half performance.

是的，麥克，這是保羅。所以我也想重申一下，我們對我們的收入和 EBITDA 指南非常有信心。因此，我們在北美的消費業務和工業業務的銷售業績非常強勁，但我們在 SMP EMEA 的國際市場確實經歷了一些疲軟和疲軟。這對我們上半年的表現產生了影響。

You combine that with the tariff impacts as well, really led to macroeconomic uncertainty. So if you think about from a revenue perspective and EBITDA perspective, really confident. Now EPS, let me shift gears to that, this was brought down primarily due to the interest expense that we experienced in the first half of the year.

再加上關稅的影響，確實導致了宏觀經濟的不確定性。因此，如果從收入角度和 EBITDA 角度考慮，確實很有信心。現在，讓我換個話題，每股收益，這主要是因為我們在上半年經歷的利息支出而導致的。

So Jerry talked about it in his script. This is about $0.07 higher in the first half of the year. That was more than what we anticipated. That will pull through and it does bring down our overall EPS guide for the full year that's there. But we are going to have a benefit in the back half of the year.

所以傑瑞在他的劇本中談到了這一點。這比今年上半年高出約 0.07 美元。這超出了我們的預期。這將實現目標，並且確實會降低我們對全年的整體每股收益指引。但我們今年下半年將會有福利。

As Howard and Roger both said, our Q3 is our strongest quarter that's out there. So we really are confident once we get back on that EBITDA and the revenue perspective. But EPS is really impacted by the interest expense that's out there.

正如霍華德和羅傑所說，我們的第三季是我們表現最強勁的一個季度。因此，一旦我們重新回到 EBITDA 和收入前景，我們真的充滿信心。但每股盈餘確實受到利息支出的影響。

And then operating cash flows, we did lower that guide down as well to the low end of that range mainly due to the usage of the net working capital, primarily as a result of the material inflation that Jerry talked about in his results.

然後，對於經營現金流，我們也將該指導值降低至該範圍的低端，這主要是由於淨營運資本的使用，主要是由於傑瑞在他的結果中談到的物質通貨膨脹。

Ghansham Panjabi, Baird.

甘沙姆·潘賈比，貝爾德。

Paul, my congrats to you as well. I look forward to working with you. I guess if you look at the consumer segment, kind of zooming out on a legacy basis, so setting aside Eviosys for a minute, volumes are off to best start in several years.

保羅，我也向你表示祝賀。我期待與您合作。我想，如果你看一下消費者領域，在傳統基礎上進行縮小，那麼暫時將 Eviosys 放在一邊，銷量將在幾年內達到最佳開端。

And just curious as to your thoughts as it relates to the sustainability of that in context of big food obviously reporting very well volumes, the consumer being impacted by affordability and maybe some GLP-1, et cetera. So how are you thinking about the sustainability of that? Obviously, this year has been led by the metal food can business, but just curious on your thoughts on that.

我只是好奇您的想法，因為這與食品行業的可持續性有關，因為大型食品公司顯然報告的銷量非常好，消費者受到負擔能力和一些 GLP-1 等的影響。那麼您如何看待它的可持續性？顯然，今年的主導業務是金屬食品罐業務，但我好奇您對此的看法。

Yes. So Ghansham, thanks. You're right, year-to-date, Q1 was strong, Q2 was strong, and we see that maintaining itself through the end of the year and frankly, flowing into the next year. And you're right again as it relates to the strength that we've seen in our SMP US business. We've talked over and over again in terms of how much investment that we've got going on right now on the remaining part effectively of our consumer side, which is our paper can business.

是的。所以，Ghansham，謝謝。您說得對，今年迄今為止，第一季表現強勁，第二季表現強勁，我們預計這種勢頭將持續到年底，坦白說，還將持續到明年。您再次說對了，因為這與我們在美國 SMP 業務中看到的實力有關。我們一再討論過目前我們在消費者方面的剩餘部分（也就是紙罐業務）上投入了多少資金。

We've got a new plant starting up in Mexico right now that's just, in our terms, starting to pull paper, just starting up, similarly in Thailand. We have assets that are going in place literally around the world, Brazil, the United States. It's all incremental and it's going to take time as in any capital deployment to get these up and running.

我們目前在墨西哥啟動了一家新工廠，用我們的話來說，它才剛開始生產紙張，泰國的情況也類似。我們的資產遍佈世界各地，包括巴西和美國。這一切都是漸進的，就像任何資本部署一樣，需要時間才能啟動和運行。

On the foundation of the business, again, bullish. You're seeing new products in the marketplace today. I won't really talk to -- I don't want to talk to customers, but the expectation is -- and we're not forecasting major or big double-digit type growth rate. It's going to be incremental and it's going to take us time as these assets come onboard and as these products continue to launch.

從業務基礎來看，我們再次看好該業務。您今天在市場上看到了新產品。我不會真正與客戶交談——我不想與客戶交談，但預期是——我們不會預測大幅或大幅兩位數的成長率。這將是漸進的，隨著這些資產的加入和這些產品的不斷推出，我們需要一些時間。

From a GLP perspective, I don't think we've seen anything there. I can't say that definitively. I think most of it, if there's any type of softness is the balance between new wins, growth and just some of the legacy products dating back for decades that have been in slow decline that we don't see that changing. So what we do see is that the growth will overtake that in the growing quarters and years.

從 GLP 的角度來看，我認為我們沒有看到任何東西。我無法明確地說這一點。我認為，如果存在任何類型的疲軟，那麼大部分都是新勝利、成長和一些已有幾十年歷史的傳統產品之間的平衡，這些產品一直在緩慢衰退，我們認為這種情況不會改變。因此，我們確實看到，在成長的季度和年份裡，成長將會超過這個水準。

Got it. Thanks for that Howard. And then as it relates to Eviosys, I mean, obviously the first half, it's played out slightly differently from a volume perspective. You can't control where the fish swim, if you will, and the fish catch, et cetera. But can you just give us the specifics of where you are on the synergies relative to plan? What's been done so far? And just having another quarter of the business under your belt, how are you thinking about the $100 million of synergies and maybe some upside to that relative to your initial forecast for 2026?

知道了。謝謝你，霍華德。然後，就 Eviosys 而言，我的意思是，顯然上半年，從數量的角度來看，情況略有不同。如果你願意的話，你無法控制魚在哪裡遊，以及魚的捕獲量等等。但是您能否具體說明一下與計劃相關的協同效應的具體情況？到目前為止做了什麼？現在您剛完成了四分之一的業務，您如何看待 1 億美元的協同效應，以及相對於您最初對 2026 年的預測而言可能存在的一些上升空間？

Yes, Ghansham, this is Rodger. Feel really good about it. I think we've mentioned that a couple of times in our opening comments. We've raised the run rate for 2025 to that $40 million to $50 million level. And just a reminder, we closed the deal late in December. So we were not able to negotiate a lot of raw material synergies that we were looking for in 2025, and those will hit in 2026. So I would say we're ahead of the game. What's encouraging about that, a lot of those are non-raw material synergies that we're seeing in that $40 million to $50 million.

是的，甘沙姆，這是羅傑。感覺非常好。我想我們在開場白中已經提到過幾次了。我們已將 2025 年的運行率提高到 4000 萬至 5000 萬美元的水平。提醒一下，我們在 12 月底完成了這筆交易。因此，我們無法在 2025 年協商我們所尋求的許多原料協同效應，而這些效應將在 2026 年實現。所以我想說我們處於領先地位。令人鼓舞的是，我們在 4,000 萬至 5,000 萬美元中看到了許多非原料協同效應。

So at this point, we think there's upside to the $100 million. We're starting, so we have those discussions now about 2026 from a raw material standpoint. So at this point, I see no reason why we would not hit and/or exceed that $100 million level. The team is executing extremely well, as I said before, are really focused and looking at a number of other non-raw material opportunities. But those have exceeded our expectations to this point.

因此，從目前來看，我們認為 1 億美元還有上漲空間。我們已經開始，所以我們現在從原材料的角度討論 2026 年的情況。因此，目前我認為我們沒有理由不達到或超過 1 億美元的水平。正如我之前所說，團隊的執行非常出色，他們非常專注並專注於許多其他非原材料機會。但到目前為止，這些已經超出了我們的預期。

Thank you.

謝謝。

Mark Weintraub, Seaport Research Partners.

馬克‧溫特勞布 (Mark Weintraub)，海港研究夥伴。

First of all, thanks, by the way, for reinstating the sales and adjusted EBITDA bridges so at the end. That was very helpful. On slide 17, the full year financial outlook, on the left side you've got upside, downside risk and then you have the fixed variables. But it seems that those are sort of the drivers of what created the adjustment in your kind of guidance.

首先，順便說一句，感謝您在最後恢復銷售額和調整後的 EBITDA 橋樑。這非常有幫助。在第 17 張投影片中，全年財務展望，左側列出了上行風險、下行風險以及固定變數。但看起來這些正是您在指導教授中做出調整的驅動因素。

So I'm just trying to understand, are those to be seen as the drivers that have created change in what you're now telling us? Or are those things that you think could impact the numbers that you are -- the updated numbers? A little unclear to me on that.

所以我只是想了解一下，這些是否可以被視為您現在告訴我們的導致變化的驅動因素？或者您認為這些因素可能會影響更新後的數字？我對此有點不清楚。

Yes. So Mark, great questions. So go back into -- and I'll start kind of at the bottom of the operating cash flow. So if we look at our usage of net working capital, that is a true update to the guidance that's out there. We did have more usage of our net working capital related to material price inflations that are out there. So that is a true change for us. And if you think about the interest expense that is out there too, that is a driver of why we lowered the EPS range that's down there. So those are the drivers that are there.

是的。馬克，這個問題問得真好。那麼回到——我將從經營現金流的底部開始。因此，如果我們看一下淨營運資本的使用情況，就會發現這是對現有指引的真正更新。由於材料價格上漲，我們確實更多地使用了淨營運資本。所以這對我們來說是一個真正的改變。如果你考慮到其中的利息支出，這就是我們降低每股盈餘範圍的原因。這些就是存在的驅動因素。

Now if we go into it and we look at the upside of that too we'll say is we do have some things around our fixed cost controls. We will control our controllables in softening markets and things like that as demand. So those are things that we can do to help enhance the outlook that's out there. But right now, to those largest two items around interest expense and net working capital is what did bring the guide down on EPS and the net working capital or operating cash flows.

現在，如果我們深入研究它，並看看它的好處，我們會說我們確實在固定成本控制方面做了一些事情。我們將控制市場疲軟和需求等可控因素。所以，這些都是我們可以做的事情，以幫助改善外界的前景。但目前，利息支出和淨營運資本這兩個最大的項目確實導致每股盈餘和淨營運資本或營運現金流的指引下降。

Got you. So then the other thing is obviously we've had a big move in the dollar. And so two questions on that. Just so what's the sensitivity? So for every $0.01 move in the dollar-euro exchange rate, I mean we know EBITDA at the former Eviosys order of magnitude, $400 million. So you might say just on conversion, that's $4 million. And so we've had like a pretty significant move there.

明白了。那麼另一件事顯然是美元發生了巨大變化。關於這一點我有兩個問題。那麼敏感度是多少呢？因此，美元兌歐元匯率每變動 0.01 美元，我們就知道 EBITDA 會達到前 Eviosys 的數量級，即 4 億美元。因此你可能會說，僅按轉換計算，那就是 400 萬美元。因此，我們在那裡採取了相當重大的舉措。

And then are there offsets? Because I do know you have some financial instruments, et cetera, which maybe create offsets. So two questions. One, how should we think about the sensitivity to dollar-euro moves running through your financial statements? And two, what do you have embedded?

那麼是否存在抵消？因為我確實知道你有一些金融工具等等，它們可能會產生抵消作用。所以有兩個問題。第一，我們該如何看待您的財務報表對美元兌歐元匯率變動的敏感度？第二，您嵌入了什麼？

Yeah. Mark, this is Jerry. On the sensitivity, on the euro to the US dollar, every penny equates to about $0.025 of movement on EPS on an annualized basis, and as I mentioned earlier, what we modeled going forward for the second half of the year is that euro between $1.17 and $1.18.

是的。馬克，這是傑瑞。就敏感度而言，就歐元兌美元而言，每美分的變動都相當於每股盈餘 (EPS) 年度化變動 0.025 美元，正如我之前提到的，我們預測下半年歐元兌美元的匯率將在 1.17 美元至 1.18 美元之間。

Okay. Because I believe at the start of the year, you were thinking like $1.05. And now we have -- so that would suggest that we got like $0.10 or $0.15 of averaging it out, of benefit from the exchange rate. And so that's already included in your updated guide. Is that the correct way to read that?

好的。因為我相信，年初的時候，你以為的匯率是1.05美元。而現在——這意味著平均下來，我們從匯率中獲得了0.10美元或0.15美元的收益。這已經包含在您更新的指南中了。這是正確的解讀方式嗎？

Yes. That's embedded in our guide. And yes, we did begin the year with that euro at $1.055, call it, $1.06.

是的。這已嵌入我們的指南中。是的，今年年初的時候，歐元的價格確實是 1.​​055 美元，或者說 1.06 美元。

Okay. Thank you so much.

好的。太感謝了。

Gabe Hajde, Wells Fargo.

富國銀行的 Gabe Hajde。

Paul, I look forward to working with you. There's been a lot of moving parts in the organization. I don't think anyone would debate that. And I think shareholders today are worried about what's going to happen maybe on a go-forward basis. And I'm just curious if you're willing to comment at all on some of the big moving parts in the '26. I mean, you alluded to some business wins in SMP EMEA, obviously the North American metal food and aerosol business is performing well.

保羅，我期待與您合作。組織中有很多活動部件。我認為沒有人會對此提出異議。我認為今天的股東擔心的是未來可能會發生什麼。我只是好奇您是否願意對 26 年的一些重大變動發表評論。我的意思是，您提到了 SMP EMEA 的一些業務勝利，顯然北美金屬食品和氣霧劑業務表現良好。

So from our [margin] point, a couple of things that are obvious. You talk about run rate synergies of $40 million to $50 million and escalating to close to $100 million by the end of next year, so call it, incremental $40 million to $50 million next year. If I flow through the URB hike, call it, $10 million positive. You're working really hard on productivity. You're doing $65 million this year. Maybe there's $50 million to $60 million of productivity. Yes, I know there's the inflation treadmill. And maybe we can get a little bit of volume growth in the composite container business once that big customer transitions.

因此，從我們的[邊際]角度來看，有幾件事是顯而易見的。您談到了 4000 萬美元到 5000 萬美元的運行率協同效應，到明年年底將增至接近 1 億美元，所以稱之為明年增量 4000 萬美元到 5000 萬美元。如果我順利完成 URB 加息，那麼就可稱得上是 1000 萬美元正值。您確實在努力提高生產力。你今年的收入為 6500 萬美元。可能有 5000 萬到 6000 萬美元的生產力。是的，我知道有通貨膨脹的問題。一旦大客戶轉型，我們的複合容器業務的銷售量也許會略有成長。

So I'm just curious if there's other things that we should be thinking about. And again, you guys can't control FX. You can't control the macro. But maybe we can be out of the industrial winter as well. So just anything you can help us in EBITDA terms bridge '25 to '26.

所以我只是好奇我們是否還應該考慮其他事情。再說一次，你們無法控制 FX。您無法控制巨集。但也許我們也能擺脫工業寒冬。因此，只要您能幫助我們在 EBITDA 方面跨越 25 年至 26 年的差距，我們就做吧。

Hi Gabe, I think you did a great job of kind of covering the moving pieces going forward into the second half of the year. If you really talk about -- yeah, I mean, there has been a lot of activity over the last not just quarters but years and we're at the point of now ending and normalizing the portfolio with a focus on a lot of things, but one of which is leverage. And I think we've made really nice movement here in the early part of this year. And I've talked about ThermoSafe, that too is going to be another benefit on a go-forward basis.

你好，Gabe，我認為你對下半年的動態做了很好的報導。如果你真的談論——是的，我的意思是，過去不僅僅是幾個季度，而是幾年來都有很多活動，我們現在正處於結束和規範投資組合的階段，重點關注很多事情，其中​​之一就是槓桿。我認為我們在今年年初取得了非常好的進展。我已經談到了 ThermoSafe，這也將是未來的另一個好處。

But in terms of just from an EBITDA perspective and the puts and takes for the quarter, I can't tell you how bullish I am. If you just look at the first half, who would have thought that Sonoco is going to be running at north of the 17% EBITDA margin? The metrics and the execution across the core of the business is exceptional.

但僅從 EBITDA 角度和本季的收益來看，我無法告訴你我有多樂觀。如果只看上半年，誰會想到 Sonoco 的 EBITDA 利潤率會超過 17%？業務核心的指標和執行情況都非常出色。

And as we've noted, there's been spot issues in terms of volume, ups and downs. But our team continues to deliver. I'm even more bullish, particularly as we get into the second half of this year, with the traditional seasonal upticks that we see, and now we're going to be able to leverage that.

正如我們所注意到的，在交易量、起伏方面存在一些問題。但我們的團隊仍在繼續努力。我更樂觀，特別是當我們進入今年下半年時，我們看到了傳統的季節性上漲，現在我們將能夠利用這一點。

I think Jerry and Paul have done a nice job of talking about below the operating profit line in terms of interest and the improvements that we expect to see. We noted the FX implications. But I guess I'm here to just say that I'm proud of the team and all of what they've done and continue to do, and we're sitting in a better position than this company ever has been in a very difficult operating environment and with a lot of change. And I'm not going to repeat myself, but the culture of the company is alive and well. And even though we've been through this much change, but the future looks extremely promising.

我認為傑瑞和保羅在談論低於營業利潤線的利息以及我們期望看到的改進方面做得很好。我們注意到了外匯影響。但我想我在這裡只是想說，我為這個團隊以及他們所做的和正在繼續做的一切感到自豪，而且我們現在的處境比公司在非常困難的運營環境和諸多變化中遇到的任何時候都要好。我不想重複，但公司的文化依然活躍且良好。儘管我們經歷瞭如此多的變化，但未來看起來仍然充滿希望。

Yes. And Gabe, I would just add cost, right? I mean we've talked about getting the stranded cost out. We're on that. But with the new three global segments, the simplification of the business, a lot of efficiency opportunities around procedures, how we get things done on a day-to-day basis, where we operate some of those support services. A real focus on cost that should also impact 2026.

是的。加布，我只會增加成本，對嗎？我的意思是我們已經討論過如何消除擱淺成本。我們正在做這件事。但隨著新的三個全球分部的成立，業務得到簡化，程序方面出現了很多提高效率的機會，我們如何完成日常工作，在哪裡運營一些支援服務。真正關注成本也將影響 2026 年。

Right. Well, I think you called out $20 million of annualized savings there. Okay. And then maybe one last one as it relates to taxes. Obviously, you talked about a net number and you already redeployed those proceeds to pay down debt from TFP. But any other tax items that we should be mindful of particularly given the passage of tax legislation here, if anything changes for you on the cash tax side?

正確的。嗯，我想你提到了每年 2000 萬美元的節省。好的。最後還有一個與稅務有關的問題。顯然，您談論的是一個淨數字，並且您已經重新部署了這些收益來償還 TFP 的債務。但是，我們應該注意其他稅種，特別是考慮到稅收立法的通過，現金稅方面是否有任何變化？

Gabe, from a tax standpoint, we expect the full year rate to really come in at approximately 25% that we modeled in at the start of the year. And the tax legislation, the impact of the Beautiful Bill, we don't see that having a significant impact on us in 2025.

加布，從稅收的角度來看，我們預計全年稅率實際上將達到年初預測的 25% 左右。至於稅收立法，即《美麗法案》的影響，我們認為它不會在 2025 年對我們產生重大影響。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Anojja Shah, UBS.

瑞銀的 Anojja Shah。

Just a quick clarification. I don't know if you called it, but you do have a lot of a lot of CapEx projects going on. Did you give some sense of how much your CapEx is expected to step up in 2026? Did I miss that?

只是簡單澄清一下。我不知道您是否這樣稱呼，但您確實有很多正在進行的資本支出項目。您是否預估過 2026 年您的資本支出預計會增加多少？我錯過了嗎？

A little early to talk about that. I don't see it stepping up materially. If you go back a number of years ago, we were running in the $170 million to $190 million and we ended up around $360 million last year, and that's our forecast for this year. The beautiful thing is we've got a lot of growth, customer-assigned capital. We'll see how that looks going into '26. Any major win could mean we may need to pop up and support some serious growth. So we'll just see how that plays out. So -- but this year is right on top of last year, your modeling. I would go there. But really too soon to say.

現在談論這個還為時過早。我不認為它會有實質的進步。如果回顧幾年前，我們的營運規模在 1.7 億至 1.9 億美元之間，而去年我們的營運規模約為 3.6 億美元，這就是我們對今年的預測。美妙的是，我們獲得了很大的成長，獲得了客戶分配的資本。我們將看看 26 年的情況如何。任何重大勝利都可能意味著我們需要突然出現並支持一些重大成長。所以我們只需看看結果如何。所以——但今年的建模正好高於去年。我會去那裡。但現在說還太早。

Okay. Thanks very much.

好的。非常感謝。

And that concludes our question-and-answer session. I will now turn the call back over to Roger Schrum for closing remarks.

我們的問答環節到此結束。現在我會把電話轉回給羅傑·施拉姆 (Roger Schrum) 作結束語。

I want to thank everybody for your participation today. And as always, if you have any further questions, don't hesitate to give us a call. Thank you.

我要感謝大家今天的參與。像往常一樣，如果您有任何其他問題，請隨時致電我們。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。