Sonoco Products Co (SON) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Sonoco Third Quarter 2025 Earnings Conference Call. (Operator Instructions) I'd now like to turn the call over to Roger Schrum, Head of Investor Relations and Communications. You may begin.

感謝您的耐心等待，歡迎參加索諾科公司2025年第三季財報電話會議。（操作員指示）現在我將把電話轉交給投資者關係和傳播主管羅傑·施魯姆。你可以開始了。

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

謝謝你，珍妮，大家早安。昨晚，我們發布了一份新聞稿和一份投資者演示文稿，回顧了 Sonoco 2025 年第三季的財務業績。這兩份文件都已發佈在我們網站www.sonoco.com的投資人關係欄位中。今天電話會議的錄音回放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 two, 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. 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.

請翻到第二張投影片，我提醒各位，在今天的電話會議中，我們將討論一些基於當前預期、估計和預測的前瞻性陳述。這些聲明並非對未來績效的保證，並且存在一定的風險和不確定性。因此，實際結果可能與實際情況有重大差異。此外，今天的演示還包括使用非GAAP財務指標，管理層認為這些指標可以為投資者提供有關公司財務狀況和經營業績的有用資訊。

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.

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，請訪問我們網站的投資者關係部分。

Joining me this morning are Howard Coker, President and CEO; Roger Fuller, Chief Operating Officer and Interim CEO of Sonoco Metal Packaging EMEA; and Paul Joachimczyk, Chief Financial Officer. For today's call, we'll have our prepared remarks followed by your questions. If you'll turn to Slide four in our presentation, I will now turn it over to Howard.

今天早上和我一起出席的有：總裁兼執行長 Howard Coker；Sonoco Metal Packaging EMEA 營運長兼臨時執行長 Roger Fuller；以及財務長 Paul Joachimczyk。今天的電話會議，我們將先發表準備好的講話，然後回答您的問題。請翻到我們簡報的第四張投影片，我現在將把簡報交給霍華德。

Thank you, Roger, and good morning, everyone. Let me start by saying I am incredibly proud of our team's strong operating performance in the third quarter as we achieved record top line and bottom line performance along with margin expansion despite challenging market conditions, which affected both consumer and industrial demand, particularly in the EMEA region.

謝謝你，羅傑，大家早安。首先，我要說，我對我們團隊在第三季的強勁營運表現感到無比自豪，儘管市場環境充滿挑戰，影響了消費者和工業需求，尤其是在歐洲、中東和非洲地區，但我們仍然實現了創紀錄的營收和利潤增長，以及利潤率的提升。

Slide five shows net sales grew 57% and adjusted EBITDA was 37% up. While adjusted EBITDA margin achieved a record 18.1% due primarily to improving margins from our industrial paper packaging business. Total adjusted earnings grew 29% in spite of higher-than-expected interest expense. Our Consumer Packaging sales and operating profit grew 117% and adjusted EBITDA increased 112%. Most of the improvements came from the addition of metal packaging in EMEA and strong results from our metal packaging U.S. business where we saw food can volumes up 5%.

第五張投影片顯示，淨銷售額成長了 57%，調整後的 EBITDA 成長了 37%。調整後的 EBITDA 利潤率達到創紀錄的 18.1%，這主要得益於我們工業紙包裝業務利潤率的提高。儘管利息支出高於預期，但調整後的總收入仍增加了 29%。我們的消費品包裝銷售額和營業利潤成長了 117%，調整後的 EBITDA 成長了 112%。大部分改進都來自 EMEA 地區金屬包裝業務的增加，以及我們在美國金屬包裝業務的強勁業績，其中食品罐頭銷量增長了 5%。

Our Industrial Packaging segment also had an exceptional quarter with operating profits up by 28% and adjusted EBITDA up by 21%. If operating profit and adjusted EBITDA margins grew significantly during the quarter and registered an eighth consecutive quarter of margin improvement in the Industrial segment. Our industrial team continues to successfully drive our value-based pricing model while achieving solid productivity savings. Paul will go through all the numbers and those drivers for the quarter in a few minutes.

我們的工業包裝業務部門本季也表現出色，營業利潤成長了 28%，調整後 EBITDA 成長了 21%。如果本季營業利潤和調整後 EBITDA 利潤率顯著增長，且工業部門連續第八個季度實現利潤率改善。我們的工業團隊在持續成功推行以價值為基礎的定價模式的同時，也實現了可觀的生產力提升。保羅將在幾分鐘內詳細介紹本季的所有數據和驅動因素。

As shown on Slide six, we successfully entered into an agreement on September 7 to sell our ThermoSafe temperature-assured packaging business to Arsenal Capital Partners for a total purchase price of up to $725 million. We expect the transaction to close during the quarter, subject to regulatory review.

如投影片六所示，我們於 9 月 7 日成功達成協議，將我們的 ThermoSafe 溫度保證包裝業務出售給 Arsenal Capital Partners，總收購價最高可達 7.25 億美元。我們預計該交易將在本季完成，但仍需獲得監管部門的批准。

The first price includes $650 million of cash at closing, an additional earn-out opportunity of up to $75 million based on the businesses 2025 overall performance. The completion of the sale of ThermoSafe will substantially complete Sonoco's portfolio transformation from a large portfolio of diversified businesses into a stronger, more simplified structure with two core global business segments.

首期價格包括交割時支付的 6.5 億美元現金，以及根據公司 2025 年整體業績而定的額外最高 7500 萬美元的盈利能力支付機會。ThermoSafe 的出售完成將基本完成 Sonoco 的業務組合轉型，從多元化的大型業務組合轉變為擁有兩個核心全球業務部門的更強大、更簡化的結構。

Consumer Packaging, which consists of our global metal and paper can businesses, and industrial packaging, where we have global leadership and uncoated recycled paperboard and convert products. Pro forma for the transaction, the expected net proceeds from the divestiture excluding any additional considerations are projected to reduce our net leverage ratio to approximately 3.4 times.

消費品包裝業務包括我們的全球金屬和紙罐業務，以及工業包裝業務（我們在該領域擁有全球領先地位，並生產未塗佈再生紙板和加工產品）。根據交易的備考情況，此資產剝離的預期淨收益（不包括任何額外對價）預計將使我們的淨槓桿率降低至約 3.4 倍。

I'm now going to turn the call over to Roger Fuller to give us an update on activities and where we are at S&P EMEA.

現在我將把電話交給 Roger Fuller，讓他為我們介紹 S&P EMEA 的最新動態和進展。

Yes. Thank you, Howard. Good morning, everyone. If you turn to Slide eight, I'll provide a brief review of Metal Packaging EMEA's third quarter performance and outlook for the rest of the year and actions we're taking to improve performance in 2026 and beyond. Third quarter results modestly improved over the same quarter last year, with adjusted EBITDA up approximately 9% and EBITDA margins improving to approximately 18%.

是的。謝謝你，霍華德。各位早安。如果您翻到第八張投影片，我將簡要回顧 Metal Packaging EMEA 第三季的業績和對今年剩餘時間的展望，以及我們為在 2026 年及以後提高業績而採取的行動。第三季業績較去年同期略有改善，調整後 EBITDA 成長約 9%，EBITDA 利潤率提高至約 18%。

Food can units increased 3.5% year-over-year but unfortunately, business activity was below our expectations due to macroeconomic headwinds and weaker-than-anticipated seafood availability. With the vegetable harvest season substantially behind us, we believe the fourth quarter will likely be weaker than we had anticipated based on our customers' projected demand throughout the EMEA region. In response to these challenges, we're taking actions now to improve our competitive position and drive cost savings to accelerate our performance in 2026. As I mentioned on our last call, our team is making tremendous progress in achieving our targeted $100 million in annual run rate synergies by the end of 2026, with savings benefiting our entire consumer metal and paper can portfolio.

食品罐頭銷量年增 3.5%，但遺憾的是，由於宏觀經濟逆風和海鮮供應弱於預期，業務活動低於我們的預期。由於蔬菜收穫季節已基本結束，我們認為第四季度可能會比我們根據客戶對整個 EMEA 地區需求的預測所預期的要弱。為了應對這些挑戰，我們正在採取行動，提高我們的競爭地位，並降低成本，以加快我們在 2026 年的業績成長。正如我在上次電話會議中提到的，我們的團隊在實現到 2026 年底每年 1 億美元的協同效應目標方面取得了巨大進展，節省的成本將惠及我們所有的消費金屬和紙罐產品組合。

Our team expects to further drive procurement synergies in 2026 after they were delayed in 2025 due to the late closing of the acquisition. In addition, we are rightsizing our manufacturing footprint to match our customers' demand profile and better leverage our operating costs.

由於收購完成時間較晚，導致採購綜效在 2025 年有所延遲，我們的團隊預計將在 2026 年進一步推動採購綜效。此外，我們正在調整生產規模，以適應客戶的需求，並更好地利用營運成本。

We're also building out our commercial team and have active growth projects that are focused on increasing our exposure to more nonseasonal products. As an example, we're making capital investments to gain new pet food and seafood business in Eastern Europe, which will improve our mix by large vegetable can customers.

我們也正在擴充商業團隊，並積極開展成長項目，旨在增加我們對更多非季節性產品的接觸。例如，我們正在進行資本投資，以在東歐獲得新的寵物食品和海鮮業務，這將透過大型蔬菜罐頭客戶改善我們的產品組合。

In closing, while I'm not satisfied with our recent performance. I'm encouraged by the receptiveness Sonoco has received from our customers and our team's focus on taking the necessary actions to drive improved performance going into 2026.

最後，雖然我對我們最近的表現並不滿意。令我感到鼓舞的是，我們的客戶對 Sonoco 給予了積極回應，我們的團隊也專注於採取必要措施，以推動公司在 2026 年取得更好的業績。

So I'll now turn it over to Paul for the quarterly financial review.

現在我將把季度財務回顧交給保羅。

Thank you, Roger. I am pleased to present the third quarter financial results, starting on Slide 10 of the presentation. Please note that all results are on an adjusted basis and all growth metrics are on a year-over-year basis unless otherwise stated. The GAAP to non-GAAP EPS reconciliation is an appendix of this presentation as well as in the press release. Adjusted EPS was $1.92, representing a 29% year-over-year increase.

謝謝你，羅傑。我很高興向大家介紹第三季的財務業績，從簡報的第10頁開始。請注意，除非另有說明，所有結果均已調整，所有成長指標均以同比計算。GAAP 與非 GAAP 每股盈餘調整表是本次簡報的附錄，同時也在新聞稿中提供。調整後每股收益為 1.92 美元，年增 29%。

This improvement was primarily driven by favorable price cost performance of $43.5 million, the EMEA Metal Packaging acquisition and continued strong productivity of $11 million primarily from our converting businesses. These benefits were partially offset by unfavorable volume mix, an increase in the effective tax rate by approximately 180 basis points, a slightly higher legacy interest expense.

這項改善主要得益於有利的價格成本表現（4,350萬美元）、EMEA金屬包裝收購以及主要來自我們加工業務的持續強勁生產力（1,100萬美元）。這些收益部分被不利的銷售結構、實際稅率上升約 180 個基點以及略高的遺留利息支出所抵銷。

Third quarter net sales for continued operations increased 57% to $2.1 billion. This change was driven by the acquisition of Metal Packaging EMEA. Strong pricing disciplines across all segments and favorable impact of [FX]. Adjusted EBITDA of $386 million was up by an outstanding 37% and adjusted EBITDA margin improved by 130 basis points to 18.1%.

第三季持續經營業務淨銷售額成長57%，達到21億美元。這項變更是由收購 Metal Packaging EMEA 推動的。所有業務板塊均採取嚴格的定價策略，並產生了正面影響。[FX]。調整後 EBITDA 為 3.86 億美元，成長了驚人的 37%；調整後 EBITDA 利潤率提高了 130 個基點，達到 18.1%。

This was driven by strong price cost discipline, continued productivity and the net impact of acquisitions and divestitures. These benefits were partially offset by volume softness in the consumer and industrial segments and an unfavorable sales mix in our all other businesses.

這主要得益於嚴格的價格成本控制、持續的生產力提升以及收購和剝離的淨影響。這些收益部分被消費品和工業領域的銷售疲軟以及我們所有其他業務的銷售組合不利所抵消。

Slide 11 presents information on our operating cash flows, which was a source of cash of $292 million during the quarter, up more than 80% over the prior year. Gross capital investments for the quarter were $65 million, and our annual capital spending is tracking below our $360 million target for the year. As we enter our fourth quarter, we expect similar operating cash flow performance as last year, as the seasonal build of net working capital reverses.

第 11 頁介紹了我們的經營現金流訊息，該季度現金流為 2.92 億美元，比上年增長超過 80%。本季總資本投資為 6,500 萬美元，而我們的年度資本支出低於我們 3.6 億美元的年度目標。進入第四季度，我們預期經營現金流表現將與去年同期類似，因為淨營運資本的季節性成長將逐漸逆轉。

Slide 12 has our consumer segment results on a continuing operations basis. Consumer sales were up 117% and due to the metal packaging EMEA acquisition, price increases implemented to offset the effects of inflation and tariffs and the favorable impact of foreign currencies. This was offset by unfavorable volume mix.

第 12 頁展示了我們持續經營業務的消費者部門表現。消費者銷售額成長了 117%，由於收購了 EMEA 金屬包裝業務，實施了提價以抵消通貨膨脹和關稅的影響以及外匯的有利影響。不利的銷量組合抵消了這一優勢。

Our domestic metal packaging business presented higher sales versus the prior year due to the higher food can units and price, which was offset by unfavorable mix. Sales for our global rigid paper can business was relatively flat as favorable price was offset by mix and lower volumes.

由於食品罐頭數量和價格的增加，我們國內金屬包裝業務的銷售額比上年有所增長，但不利的產品組合抵消了這一增長。由於有利的價格被產品組合和銷售下降所抵消，我們全球硬紙罐業務的銷售相對持平。

Adjusted EBITDA from continuing operations grew extraordinarily 112% year-over-year due to the acquisition, favorable price disciplines, continued productivity gains and the favorable impact of foreign currency exchange rates. This was offset by weaker volume year-over-year.

由於收購、有利的價格約束、持續的生產力提高以及外匯匯率的有利影響，持續經營業務的調整後 EBITDA 同比增長了驚人的 112%。但這被同比銷量下滑所抵消。

Now let's turn to our Industrial segment's slide on Slide 13. Sales were flat year-over-year at $585 million, with the recovery of price offset by volume softness and the exit from our Chinese paper operations. Adjusted EBITDA margins expanded 360 basis points year-over-year in the third quarter and increased by $21 million to $123 million, representing a 21% increase.

現在讓我們來看第 13 張投影片，了解工業板塊的情況。銷售額與去年同期持平，為 5.85 億美元，價格回升被銷售疲軟和退出中國造紙業務所抵銷。第三季調整後 EBITDA 利潤率年增 360 個基點，增加 2,100 萬美元至 1.23 億美元，增幅達 21%。

Adjusted EBITDA was positively impacted by price, improved productivity and fixed cost savings resulting from footprint rationalization in North America and head count reductions in Europe and Asia.

調整後的 EBITDA 受到價格上漲、生產力提高以及北美地區佈局合理化和歐洲、亞洲地區裁員帶來的固定成本節約的正面影響。

Slide 14 has the results for the all other businesses. All other sales were $108 million, and adjusted EBITDA was $21 million. Sales were higher versus prior year due to higher volumes in ThermoSafe. Adjusted EBITDA improved 2% to $21 million, as favorable productivity and fixed cost savings more than offset the negative impact of unfavorable mix and price cost.

第 14 頁列​​出了其他所有企業的績效。其他所有銷售額為 1.08 億美元，調整後 EBITDA 為 2,100 萬美元。由於 ThermoSafe 的銷量增加，銷售額比上年有所增長。經調整的 EBITDA 成長 2% 至 2,100 萬美元，有利的生產力和固定成本節省超過了不利的產品組合和價格成本的負面影響。

Transitioning to our outlook for the remainder of the year as shown on Slide 15. We are tightening our guidance with net sales in the range of $7.8 billion to $7.9 billion. The European market continues to soften, and we are seeing pressures in the North American market with slightly lower demand. From an adjusted EBITDA perspective, we are narrowing our range to $1.3 billion to $1.35 billion, with strength in the performance of our North American businesses offset by the softness in the European and Asian markets.

接下來，我們將展望今年剩餘時間的業績，如投影片 15 所示。我們將淨銷售額預期收緊至 78 億美元至 79 億美元之間。歐洲市場持續疲軟，北美市場也面臨壓力，需求略為下降。從調整後的 EBITDA 角度來看，我們將預期範圍縮小至 13 億美元至 13.5 億美元，北美業務的強勁表現被歐洲和亞洲市場的疲軟所抵消。

We are reducing our adjusted EPS range to $5.65 to $5.75. This adjustment is primarily driven by subdued market conditions outside of the United States and the deleveraging process occurring across those facilities as sales volumes declined. Reflecting on the third quarter, July commenced successfully surpassing our expectations. However, August and September experienced declines, mirroring the market weakening trend. This downward trajectory is continuing into our fourth quarter, which serves as the primary rationale for the lowered outlook.

我們將調整後的每股盈餘預期範圍下調至 5.65 美元至 5.75 美元。這項調整主要是由於美國以外地區的市場狀況疲軟，以及隨著銷售量下降，這些地區的工廠正在進行去槓桿化過程。回顧第三季度，7 月開局順利，超出了我們的預期。然而，8 月和 9 月出現了下滑，反映了市場疲軟的趨勢。這種下滑趨勢延續到了第四季度，這也是我們下調業績預期的主因。

An additional item of note is our guidance assumes a full quarter of ThermoSafe performance. Given the projected pressures in our sales and operating profit, we are adjusting our operating cash flows range to $700 million to $750 million.

另一點要注意的是，我們的指導意見是基於 ThermoSafe 能夠達到完整季度表現的假設。鑑於銷售額和營業利潤預計將面臨壓力，我們將營運現金流範圍調整為 7 億至 7.5 億美元。

Over the next 90 days, we'll be closing out 2025 and getting ready for our Investor Day, which is scheduled in New York on February 17, 2026. We are very excited about the strength, stability and simplification of the new Sonoco and the competitive advantage it creates in the marketplace. We intend to lay our road map over the next three years to show how we're going to grow our businesses, strengthen our balance sheet, and continue to drive margin expansion.

在接下來的 90 天裡，我們將完成 2025 年的工作，並為定於 2026 年 2 月 17 日在紐約舉行的投資者日做準備。我們對新 Sonoco 的強大功能、穩定性、簡化操作以及它在市場上創造的競爭優勢感到非常興奮。我們計劃在未來三年內制定發展路線圖，展示我們將如何發展業務、增強資產負債表並繼續推動利潤率成長。

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，請他做總結發言。

Right. Thanks, Paul.

正確的。謝謝你，保羅。

We look ahead at the remainder of the year, our top priorities are to continue building momentum for growth and improving our competitive position of further reducing our cost structures. As the graphic shows on slide 16, we believe our consumer and industrial businesses have solid funnels in place with several new products and market launches planned in 2026 and beyond.

展望今年剩餘時間，我們的首要任務是繼續保持成長勢頭，並透過進一步降低成本結構來提高我們的競爭地位。如第 16 張投影片所示，我們相信我們的消費品和工業業務已經建立了穩固的管道，並計劃在 2026 年及以後推出幾款新產品和新市場。

We believe we can continue to gain additional wins with both aerosol and Food can customers in North America, as we have successfully done through this year with can units of approximately 9%. As Roger mentioned, metal packaging the media continues to achieve market wins, which will provide growth in '26 and beyond.

我們相信，我們可以繼續在北美氣霧劑和食品罐頭客戶中贏得更多訂單，就像我們今年在罐頭銷售量方面取得的成功一樣，大約佔 9%。正如羅傑所提到的，金屬包裝媒體持續贏得市場，這將為 2026 年及以後的發展帶來成長。

Also, we believe our rigid paper containers business is on the cusp of reigniting growth in global stock chips, and we continue to launch new all paper cans and paper bottom cans for customers looking to substitute with less sustainable substrates.

此外，我們相信我們的硬紙容器業務即將重新點燃全球庫存晶片的成長，我們將繼續為尋求替代可持續性較差的基材的客戶推出新的全紙罐和紙底罐。

Finally, our industrial packaging segment is purposefully driving share gains while focusing on new product categories such as wire and cable reels where we experienced double-digit growth in 3rd quarter, as well as new markets and applications for URB paper.

最後，我們的工業包裝部門正有意識地推動市場份額的成長，同時專注於新的產品類別，例如電線電纜捲筒（我們在第三季度實現了兩位數的成長），以及 URB 紙的新市場和應用。

If you turn to slide 17, I'll make some final comments with the planned sale of ThermoSafe. We will be entering the next stage of our transformation journey, which is focused on optimizing our operating footprint and reducing future support function costs to align them with the needs of our now simpler portfolio. Our restructurings are never easy. They're necessary if we are to realize the full value of these portfolio changes.

如果您翻到第 17 張投影片，我將對 ThermoSafe 的出售計劃做一些最後的評論。我們將進入轉型之旅的下一階段，重點是優化我們的營運佈局，降低未來的支援職能成本，以使其與我們現在更簡化的產品組合的需求保持一致。我們的重組從來都不是一件容易的事。要充分發揮這些投資組合調整的價值，它們是必要的。

As an example, we recently closed a 25,000 tons per year URB machine in Mexico City. Which eliminates an older higher cost machine and allows us to better balance our North American mill network.

例如，我們最近在墨西哥城關閉了一台年產能 25,000 噸的 URB 機器。這樣就淘汰了一台老舊且成本較高的機器，使我們能夠更好地平衡我們在北美的工廠網路。

As Roger mentioned, we expect to continue to drive actions to meet our synergy targets, and expect to further optimize our footprint to better serve our customers and to react to changing market conditions. With the simplified operating muscle model also comes with additional opportunities to optimize support functions.

正如羅傑所提到的，我們將繼續採取行動以實現我們的協同效應目標，並進一步優化我們的佈局，以便更好地服務我們的客戶並應對不斷變化的市場狀況。簡化的操作肌肉模型也帶來了更多優化輔助功能的機會。

We've actioned approximately $25 million in annual savings from stranded costs left from invested businesses. We're implementing additional actions that will enable our businesses to fully leverage our market capabilities and generate strong cash flow.

我們已經從投資企業遺留的擱淺成本中節省了約 2500 萬美元的年度開支。我們正在實施更多措施，使我們的業務能夠充分發揮市場能力並產生強勁的現金流。

We've had save the date reminder of our investor day in New York on slide 18 of our presentation. I look forward to sharing our growth plans and the significant savings and value capture we expect to unlock with our simplified focus operating vision.

我們在簡報的第 18 頁上放置了紐約投資者日活動的日期提醒。我期待與大家分享我們的成長計劃，以及我們透過簡化專注營運願景所預期實現的顯著成本節約和價值獲取。

So that operator, we will now take any questions.

那麼，現在我們將回答操作員的任何問題。

Thank you. We will now begin the question-and-answer session.

謝謝。現在開始問答環節。

(Operator Instructions) And your first question comes from the line of Gabe Hajde with Wells Fargo. Your line is open.

（操作員說明）您的第一個問題來自富國銀行的 Gabe Hajde。您的線路已開通。

Good morning, Howard, Roger and Paul, thanks for all the detail. I wanted to dig into I guess, the European food can business. It feels like there's a couple of mixed signals here. And I'm thinking about you guys talking to win some share, I guess, in seafood. I appreciate you talked about some powdered formula wins. But just maybe more near term, you're talking about Q4 maybe getting a little bit sequentially weaker. I'm curious if that's associated with a shortened vegetable pack or if there's something unique going on there?

早安，霍華德、羅傑和保羅，感謝你們提供的所有細節。我想深入了解歐洲的食品罐頭產業。感覺這裡似乎有一些相互矛盾的訊號。我想你們大概是為了在海鮮市場贏得一些份額而進行的談判吧。感謝您談到一些粉狀配方奶粉的成功案例。但就近期而言，你指的是第四季可能會比去年同期略微疲軟。我很好奇這是否與蔬菜包裝縮短有關，還是其他特殊情況？

And then I thought kind of in the second quarter, you talked about Northern Africa some disappointing seafood trends. I'm just curious, your increasing exposure there? And then last part, on the footprint rationalization or consolidation what's going on there? It felt like that business was pretty well optimized when you acquired it? If you could just elaborate there.

然後我想，在第二季度，你談到了北非一些令人失望的海鮮趨勢。我只是好奇，你在那裡的曝光度是不是越來越高了？最後一部分，關於業務佈局合理化或整合，目前的情況如何？感覺你收購那家公司的時候，它的營運已經相當完善了？如果您能詳細說明一下就太好了。

It's Rodger. I hit all three of those. First one on volume. First of all, when you look at the third quarter volumes, we had guided to mid-single-digit can units up quarter-over-quarter. We came in at 3.5%.

是羅傑。這三點我都答對了。首先是音量問題。首先，從第三季的銷售量來看，我們先前預期環比成長個位數罐裝產品數量將達到中等水平。我們得了3.5%。

The seasonal business, fruits and vegetables for the third quarter came in almost exactly as expected. The shortfall was in Africa, and it was again the starting issue in Morocco plus we had a plant in Ghana, which supplies tuna and other products, it primarily supplies one customer and that customer's projections were too high and that was down. So if you strip out Africa for the third quarter, we would have been in that -- well into that mid-single-digit range. So as we look at the fourth quarter, what we're seeing and what we're hearing from our customers and the seasonal business is ramping down.

第三季水果和蔬菜等季節性業務的業績幾乎完全符合預期。短缺發生在非洲，摩洛哥再次出現問題，此外，我們在加納還有一家工廠，供應鮪魚和其他產品，主要供應一個客戶，而該客戶的預測過高，導致產量下降。因此，如果將第三季的非洲數據剔除，我們的成長率就會達到——遠遠超過個位數的中段水準。因此，當我們展望第四季度時，我們看到和聽到客戶回饋的情況是，季節性業務正在逐漸減少。

So we'll have some of the seasonal business continue in October, but it is ramping down. What we're hearing from our customers, and while we take the guide down for the fourth quarter for the EMEA volume is they're going to be very sensitive to any inventory build in the fourth quarter due to what they see as macroeconomic conditions. Technically, this could help us in the first quarter. But again, they're watching the inventories very closely, and we're watching the Africa business very closely to see how that's starting business improves. We've not seen it this year. We're not expecting it, and we're not guiding that for the fourth quarter.

因此，10月我們還會有一些季節性業務持續進行，但業務量逐漸減少。我們從客戶那裡了解到，儘管我們下調了 EMEA 第四季度的銷售預期，但由於他們認為宏觀經濟狀況的原因，他們對第四季度的任何庫存增加都非常敏感。從技術層面來說，這可能對我們第一季有所幫助。但是，他們正在密切關注庫存情況，而我們也在密切關注非洲業務，看看其開局業務是否有所改善。今年我們還沒看到。我們並不預期會出現這種情況，也沒有對第四季做出這樣的預測。

When you talk about the footprint issues, the number one issue is for me right now is Africa because if you look across the board in Sardines, again, primary Morocco, other fish products in Ghana and others, we do have to address our footprint there and our cost base there, and we're actively, actively doing that. We've also started some negotiations in France to do some continued footprint optimization around our metal end supply across our platform, which was expected, and we intended to do that as we came into the acquisition. So that was as expected. So yes, it's been a little confusing. The starting business down hundreds of millions of units over a few year period is a fact, not really excuse is, in fact, and it's something that we're dealing with, and we've got to really get after the Africa footprint.

談到足跡問題，對我來說，目前最重要的問題是非洲，因為如果你縱觀整個非洲市場，沙丁魚主要產自摩洛哥，其他魚類產品則產自加納等地，我們確實需要解決我們在那裡的足跡和成本問題，而我們正在積極主動地解決這個問題。我們也開始在法國進行一些談判，以繼續優化我們平台上的金屬終端供應佈局，這也在預料之中，而且我們收購時就打算這樣做。這也在意料之中。是的，這確實有點令人困惑。幾年內銷量下降數億台是事實，而不是藉口，事實上，這是我們正在面對的問題，我們必須真正努力擴大在非洲的業務。

So I hope that covers some of the confusion, I think, Howard, do you want to follow up .

所以，我希望這能解答一些疑問。霍華德，你想繼續追問嗎？。

Yes, sure. Gabe, thanks for your question. What I want to say is, first off, we are really, really pleased with this acquisition, the people, the technology, the market position all the things that you point out, optimization. As Rodger just said, we see more opportunity there. And yes, we are indeed disappointed in how we're going to finish up the year and what the fourth quarter is rolling to -- and again, Rodger talked to the main points there. But we did this to create a global platform. consumer for the first quarter ever is one product, basically it's can. It's cans made from steel along them on paper. That's it.

當然可以。Gabe，謝謝你的提問。我想說的是，首先，我們對這項收購非常非常滿意，包括人員、技術、市場地位以及您提到的所有方面，還有優化。正如羅傑剛才所說，我們看到了更多的機會。是的，我們對今年的收官方式以及第四季的走勢確實感到失望——羅傑也談到了其中的要點。但我們這樣做是為了創造一個全球平台。第一個季度，消費者只擁有一種產品，基本上就是罐頭。紙上畫著鋼罐。就是這樣。

And so we have clear line of sight as we've talked about in terms of the synergies associated with the acquisition. But what really excites us is what we can do from a one consumer perspective. We are very early in the process that some of the structural, commercial and other opportunities that are materializing across our three formats, metal, our legacy rigid paper and steel aluminum are creating some really, really exciting opportunities that we're working now. And so as we talked about February when we go into February, we'll be able to talk more. But different ways to manage, run, go to market than we ever even thought about as we started on this journey that or incremental that, again, we'll talk about in more detail in February.

因此，正如我們之前討論過的，我們對此次收購帶來的綜效有著清晰的認知。但真正讓我們興奮的是，我們可以從單一消費者的角度做些什麼。我們目前還處於早期階段，但我們三種產品形式（金屬、傳統硬紙和鋼鋁）正在湧現出一些結構性、商業性和其他方面的機會，這些機會正在創造一些非常令人興奮的機會，我們正在努力實現這些機會。所以，就像我們之前討論的二月一樣，到了二月份，我們就可以進行更多討論了。但是，在開始這段旅程時，我們甚至從未想過要採用不同的管理、營運和市場推廣方式，或者說是漸進式的，我們將在二月份更詳細地討論這些方式。

Thank you for that Howard. Unfortunately, we tend to be greedy over here, I guess. If we think about big moving parts into 2026, just to make sure we're calibrated properly, and we picked the midpoint 1,325 just to remind us, that does include $50 million TSP contribution in the first quarter. And then assuming that the ThermoSafe transaction closes, that will be another $50 million to $55 million adjustment again, starting with that 1,325. You've talked about actioning about $25 million of stranded cost savings, SG&A, et cetera.

謝謝你，霍華德。我想，不幸的是，我們這裡的人往往比較貪婪。如果我們考慮 2026 年的重大變動，為了確保我們正確校準，我們選擇了 1325 這個中點來提醒自己，這其中確實包括第一季 5000 萬美元的 TSP 繳款。然後假設 ThermoSafe 交易完成，那麼又將有 5,000 萬至 5,500 萬美元的調整，從 1325 開始。您曾談到要採取措施節省約 2500 萬美元的擱淺成本、銷售、一般及行政費用等。

I'm not assuming all of that hits in '26, but a decent portion of it. And then we'll make our own assumptions about volume, FX and price costs. Is there anything else that we should be thinking about? I mean, are you -- would you say in the fourth quarter, you talked about Rodger throttling maybe production in the food can business to keep inventories in check. Do we have an estimate of order of magnitude, what that might be hitting Q4 earnings?

我並不是說所有這些事情都會在 2026 年發生，但其中相當一部分會發生。然後我們將對交易量、匯率和價格成本做出我們自己的假設。還有其他需要考慮的事情嗎？我的意思是，您——您說在第四季度，您談到羅傑可能會削減食品罐頭業務的產量以控制庫存。我們能否估算一下，這可能會對第四季度收益造成多大的影響？

Yes. Gabe, this is Paul. And to answer your question there, too, you're thinking about the stranded costs, you're thinking about TFP and ThermoSafe exactly correct. I'd say the one element that you probably have to factor into your model for next year is the reduced interest expense that we're going to be using the proceeds from the ThermoSafe sale and transaction that have talked about earlier in the call. All of those proceeds will go directly to debt reduction.

是的。Gabe，這是Paul。至於你提出的問題，你考慮的是擱淺成本，你考慮的是TFP和ThermoSafe，完全正確。我認為，明年您可能需要在模型中考慮的一個因素是，我們將利用先前在電話會議中提到的 ThermoSafe 出售和交易所得款項來減少利息支出。所有收益將直接用於償還債務。

So I'd say that would be the largest element to change on there, too. If you think about our Q4 performance that's out there, you can see our operating cash flow guide did come down. That does rate a little bit of a strain on the ability to pay down our debt. So that's why we are experiencing a little bit of higher interest rate expense out there, too.

所以我覺得那也是需要改變的最大因素。如果你看看我們公佈的第四季業績，你會發現我們的經營現金流預期確實下調了。這確實會對我們的還債能力帶來一些壓力。所以，這也是為什麼我們現在也面臨較高的利率支出。

So as you're modeling in your Q4 projections that are out there, and this wasn't a direct question, but interest expense should be in the range of around $50 million for the quarter and all the other performance will be a little bit muted just due to the overall consumer demand that we're seeing really in the EMEA regions that are out there today.

因此，正如您在第四季度預測中所做的建模一樣（雖然這不是一個直接的問題），本季度的利息支出應該在 5000 萬美元左右，而所有其他業績都會略顯疲軟，這主要是由於我們目前在歐洲、中東和非洲地區看到的整體消費者需求疲軟所致。

Your next question comes from the line of George Staphos with Bank of America. Your line is open.

你的下一個問題來自美國銀行的喬治‧斯塔福斯。您的線路已開通。

Thanks everyone. Good morning. Thanks for the details, and congratulations on the progress. I guess my first question, I know we'll get more of this in February, but is it possible at this juncture to quantify some of the cost or revenue synergies you expect to get from having a metal and paper can business together? And can you give us a couple of for instances in terms of what you already think you might be able to pick up commercially?

謝謝大家。早安.感謝您提供的詳細信息，並祝賀您的進展。我的第一個問題是，我知道二月份我們會得到更多相關信息，但目前是否有可能量化一下您將金屬罐和紙罐業務合併後預期獲得的成本或收入協同效應？您能否舉出幾個例子，說明您認為目前可以從商業管道獲得哪些產品？

Yes. George, you want to be your follow-ups now.

是的。喬治，你現在需要跟進。

No, we'll start first with that question as it possible.

不，我們先盡可能地從這個問題開始。

Yes. And I hate that you started out correctly. It's too early for us and I truly mean it. It's been in the last, I don't know, a month or so that we've or to that we've really got into this and think it started to settle down from an integration perspective, when we start stepping back and we're saying, wow, we've got plant [indiscernible] plants around the world, how are we managing geographically, how are we managing substrates that are very, very similar. So it's -- we got a number of mine that we got to work that a little more but we're actioning now to be in a position to start generating the savings side of the thing as early as the first of next year. But...

是的。我討厭你一開始就走對路了。現在對我們來說還太早了，我是認真的。大概在過去一個月左右的時間裡，我們真正投入到這項工作中，並且認為從整合的角度來看，情況開始穩定下來。當我們開始退後一步，然後說，哇，我們在世界各地都有植物，我們是如何進行地理管理的，我們是如何管理非常非常相似的基質的。所以——我們有一些項目需要進一步完善，但我們現在正在採取行動，爭取最早在明年年初就開始產生節省成本的效果。但...

What do you think the long-term EBIT growth is for the consumer business as it's currently constructed? And look, the reason behind the question, we recognize all the M&A heavy lifting that's been going on at the company over the last year and a half, two years. Having said that, this quarter, you're very happy with the platform, you love the structure, et cetera. But sardines don't swim, the pack is late and the volumes wind up being really not particularly good and nor is the earnings, and you spend a lot of capital to build out this platform. And so that's kind of the reason behind the question.

您認為以目前的架構，消費業務的長期息稅前利潤成長前景如何？你看，提出這個問題的原因是，我們意識到公司在過去一年半到兩年裡進行了大量的併購工作。話雖如此，本季度您對平台非常滿意，您很喜歡它的結構等等。但沙丁魚不會游泳，隊伍行動遲緩，最終銷量和收益都不太理想，而你卻要花費大量資金來建造這個平台。這就是我提出這個問題的原因。

So if you had a view on what you think the long-term EBIT growth is for the combined consumer business, that's what's driving the question. If you had a view at this juncture. If not, we can move to the next question.

所以，如果你對合併後的消費業務的長期息稅前利潤成長有什麼看法，那麼這就是提出這個問題的原因。如果你在這個時候有自己的看法。否則，我們可以進入下一個問題。

Yes. Well, we have a positive view. I can't sit here and give you a percentage point at this time, but we did this for that very reason to grow the profitability of the company. And you can talk about individual fair enough in terms of -- I'm a hell of a fishermen, but I can't guarantee you that I'm going to catch fish every time I go, but that's the thing you worry about your controllables, you're not your noncontrollables. And that's where Rodger talked about getting rightsized structuring and when I talk about -- and you asked about commercial opportunities across substrates, it's amazing once we started putting pen to paper to say how many people are buying one or the other from us that we could materially take advantage of.

是的。我們持樂觀態度。我現在無法告訴你具體的百分比，但我們這樣做正是為了提高公司的獲利能力。你可以從個人角度來談論——我是一個很棒的釣魚者，但我不能保證每次出海都能釣到魚，但那是你應該擔心的，你擔心的是你能控制的事情，而不是你無法控制的事情。羅傑正是談到瞭如何進行合理規模的結構設計，而當我談到——你問到了不同基材的商業機會時，一旦我們開始著手記錄，就會發現有多少人從我們這裡購買了我們可以充分利用的某種或另一種產品，這真是令人驚訝。

So all our conversations right now, all of our actions that we're taking right now over to do exactly what you're saying, the expectation should be that we should be growing our profitability on into the long term. And we have some very chunky growth opportunities in front of us as we sit here today. And that's without consideration of what if we go to market in a different way. What if we structure our plants in a different way that gives us the positive viewpoint that we have. And I'm really sorry, I can say, hey, this is -- it's going to be 8.75% going forward, we'll talk about this in February.

所以，我們現在所有的對話，我們現在採取的所有行動，都是為了實現你所說的目標，我們的預期應該是長期提高獲利能力。今天，我們面前擺著一些非常可觀的成長機會。而且這還沒考慮到如果我們換個方式進入市場會怎麼樣。如果我們以不同的方式佈置植物，從而獲得我們現在所擁有的正面視角，那會怎麼樣呢？我很抱歉，我可以說，嘿，這——以後會是 8.75%，我們會在二月討論這個問題。

Okay. I understand, Howard. I guess next question I had on cans again in the U.S. I want to say little on the 2Q sort of commentary kind of into the third quarter, the commentary was that maybe it'd be a late pack, but you'd see an uptick in the fourth quarter. What in particular is driving the weaker volume? And then as regards to third quarter, food cans being up 5%, but I think overall, the performance in metals for the third quarter in the U.S. was down low single. That's just mix, right? That's pet food versus other end markets or something else behind that?

好的。我明白了，霍華德。我想接下來要問的還是關於美國罐頭的問題。我想簡單談談第二季到第三季的一些評論，當時的評論是，也許會是一包末班車，但你會看到第四季銷量上升。導致成交量疲軟的具體原因是什麼？至於第三季度，食品罐頭成長了 5%，但我認為總體而言，美國第三季金屬產業的表現低迷。那隻是混合物，對吧？這是寵物食品與其他終端市場之間的差異，還是背後另有隱情？

Yes. That's just mix. And what I'd say is it was a good pack season. It has carried over into North America into October. So we're actually looking at a pretty reasonable fourth quarter on the food can side of North America. I'd be extremely remiss if I didn't talk about the paper can side of things globally. We've got an issue going on that I can -- what's the appropriate word. I would say temporary situation with a very major customer that highly material to us, particularly on an international perspective, it certainly touches North America as well. And that's been an extremely disappointing but exciting at the same time, disappointing in terms of the performance at that this particular transaction as nears closure but exciting in terms of where this business can go into the future. So we're seeing inventory draw down what we're seeing in the fourth quarter.

是的。這只是混合物。我想說的是，這是一個不錯的狩獵季。這種天氣已經蔓延到北美，一直持續到十月。所以，我們預期北美食品罐頭市場第四季的業績將相當不錯。如果我不談談全球範圍內的紙罐問題，那將是極其失職的。我們現在遇到一個問題，我──用什麼字來形容最適合呢？我認為這只是暫時的，我們遇到了一個非常重要的客戶，這對我們來說意義重大，尤其是在國際層面上，當然也影響了北美地區。這既令人極度失望，又令人興奮；失望的是，就這筆交易即將完成而言，其表現令人失望；興奮的是，就這項業務未來的發展方向而言，它令人興奮。所以我們看到庫存正在下降，就像我們在第四季看到的那樣。

So that's part of this forecast that we've got in front of you. And again, I look at that as a temporary problem.

這就是我們呈現在你們面前的這份預測的一部分。而且，我認為這只是一個暫時性的問題。

Last one quick one. OCC prices are really low right now. That's probably helping you a bit on margin, hopefully OCC heads up in 2026 for macro reasons and the like. Any way you will try to avoid any margin pressure ahead of time? Or is it -- will it be really the same sort of mechanism you've had in the past in terms of pricing and the like, your pass-through mechanisms and just you'll manage it on the way up just like you always have. Thanks guys, good luck on the quarter.

最後一個，很快。目前OCC價格真的很低。這或許對你的利潤率有幫助，希望OCC能在2026年因為宏觀經濟等原因而上台。你們會採取什麼措施來提前避免利潤率壓力？或者——它真的會像過去那樣，在定價等方面採用同樣的機制嗎？你的轉嫁機制，你會像以往一樣一路走來進行管理嗎？謝謝各位，祝福你們這季一切順利。

Yes. Thanks, George. We're going to do what we've always done, but I did just highlight one example in my prepared remarks about preemptively making the right moves in terms of the balance of supply in North America. So if you listen, we're taking 25,000 tons out and it's a really smart thing to do just in and of itself, replacing coming off of a 25,000 ton machine. And here we're sitting in South Carolina with a 180,000-ton machine with the different cost profile.

是的。謝謝你，喬治。我們將一如既往地做我們一直在做的事情，但我剛才在準備好的演講稿中重點提到了一個例子，即在北美供應平衡方面採取先發製人的正確措施。所以如果你聽著，我們正在減少 25,000 噸的重量，這本身就是一件非常明智的事情，取代一台 25,000 噸的機器。而我們現在身處南卡羅來納州，面對著一台18萬噸的機器，它的成本結構卻截然不同。

So we'll do what we have to do, what we've done traditionally as it relates to price cost management, but we're going to control those things that we can control as well to make decisions like I just announced.

所以我們會做我們必須做的事情，就像我們傳統上在價格成本管理方面所做的那樣，但我們也會控制那些我們可以控制的事情，以便做出我剛才宣布的那些決定。

Very good. Thanks, Howard.

非常好。謝謝你，霍華德。

Your next question comes from the line of John Dunigan with Jefferies. Your line is open.

你的下一個問題來自約翰鄧尼根與傑富瑞的合作系列。您的線路已開通。

Good morning, guys. I really appreciate all the details here. If I could start with the URB mill in Mexico City that you just touched upon, what does that do to your operating rates for the business? And what I'm thinking about is cost going to end up going up because you have to still supply those same customers. So freight may be more of a headwind next year? And then if you could touch upon much larger price cost spread in both Industrial Packaging, which obviously you had the price increases go through for URB.

各位早安。我非常感謝您提供的所有細節。如果我能從您剛才提到的墨西哥城 URB 工廠開始談起，那對貴公司的營運率有什麼影響？我擔心的是，成本最終會上升，因為你仍然需要向相同的客戶提供產品。所以明年貨運可能會成為更大的阻力？然後，如果您能談談工業包裝領域更大的價格成本差距，顯然 URB 的價格上漲就是其中之一。

OCC continues to slide a bit. But overall, still quite a bit ahead of where we're expecting. Same with the Consumer Packaging business. I know there was pricing to help cover some of the tariffs, but price cost spread again seem outside to our expectations. So maybe you can touch upon price costs for both those segments going into 4Q and 2026 and how we should be thinking about that?

OCC價格繼續小幅下滑。但總體而言，仍然比我們預期的要好得多。消費品包裝產業的情況也是如此。我知道定價是為了彌補部分關稅，但價格成本差額似乎再次超出了我們的預期。那麼，您能否談談這兩個細分市場在第四季度和 2026 年的價格成本，以及我們應該如何看待這個問題？

Sure, John. Let me start with your opening around the mill network. First off, we're running in the low 90s. And we've been proactive and aggressive all along the way in terms of making sure we were -- we had a pretty balanced portfolio here. As it relates to Mexico, that's a math decision as well as the capacity say, control, but a capacity-oriented decision -- but it just makes better sense.

當然可以，約翰。讓我先從您關於磨坊網絡的開場白說起。首先，我們的運行速度在90英里/小時左右。我們一直積極主動地確保我們擁有一個相當均衡的投資組合。就墨西哥而言，這既是一個數學決策，也是一個能力決策，例如控制，但這是一個以能力為導向的決策——但這更有意義。

I mean, the math says that 25,000 tons coming off of the mill across the border versus what we can do from a leverage perspective with much larger facilities here. So strictly a math equation. Price costs going forward, we'll see what happens, very similar question to what George asked wouldn't surprise us to see OCC, hopefully, as noted that markets are going to continue, and that's what happens.

我的意思是，從數學角度來看，邊境另一側的工廠每天只能生產 25,000 噸鋼鐵，而我們這裡擁有規模更大的工廠，從槓桿作用的角度來看，我們能做的就少得多。所以嚴格來說，這是一個數學方程式。價格成本如何發展，我們拭目以待。這與喬治提出的問題非常相似，如果OCC（貨幣監理署）採取行動，我們不會感到驚訝。如同先前所提到的，市場將會繼續發展，這就是市場的發展趨勢。

OCC starts going up. markets tighten up. That's a sign of market tightening up and net price cost and there's two forms of that. One is contractual related to the indices and the others are just good management of our cost side of the business as well. So are we going to.

OCC開始上漲，市場趨緊。這是市場趨緊和淨價格成本的跡象，而淨價格成本有兩種形式。其中一項是與指數相關的合約條款，其他幾項也只是對我們業務成本的良好管理。所以我們要這麼做嗎？

I mean we've got -- it's a big quarter for us in industrial and we expect that it's probably going to step through the course of next year, but be at levels that very consistent with the last three years or four years, which is remarkably higher than the old Sonoco.

我的意思是，對於我們工業部門來說，這是一個重要的季度，我們預計它可能會在接下來的一年中逐步增長，但會保持在與過去三四年非常一致的水平，這比以前的索諾科公司要高得多。

Yes. John, just I had [indiscernible] question on the URB mill closure there, too. This is really to get us to the maintaining an operational efficiencies in the '90s. So this is balancing the overall portfolio. As we started to see, we have redundant capacity across the network and structure, and we wanted to make sure we maintain that because that efficiency rate.

是的。約翰，我也有一個關於 URB 工廠關閉的問題（聽不清楚）。這確實是為了讓我們恢復到 90 年代的營運效率水準。這樣就能平衡整體投資組合。正如我們逐漸看到的，我們的網路和結構中存在冗餘容量，我們希望確保保持這種冗餘容量，因為這樣可以提高效率。

We had to balance out logistics costs and everything else like that to make sure that the net transaction actually was a benefit for the overall company. But our goal is to maintain all of those facilities in the '90s, and we started to see the trend, but starting to be a little bit overcapacity in the market space. So just to give you a little bit more context on that. And the total cost transaction after it is down, just to be clear on that.

我們必須平衡物流成本以及其他類似成本，以確保最終交易確實對公司整體有利。但我們的目標是保持 90 年代的所有設施，我們開始看到這種趨勢，但市場空間開始出現一些產能過剩的情況。為了讓大家對這件事有更多了解。最後，為了明確起見，也要說明交易完成後的總成本。

Okay. That's helpful. And then just a couple of more questions on the bridge in 2026 that Gabe touched upon earlier. I'm sure we'll get more insights in February. But just thoughts of rounds with the moving pieces in S&P EMEA, what are you kind of expecting out of that $100 million or so synergy run rate by the end of next year?

好的。那很有幫助。然後，關於 Gabe 之前提到的 2026 年的橋樑問題，還有幾個問題。我相信二月我們會獲得更多資訊。但考慮到標普歐洲、中東和非洲地區業務的變動，您預計到明年年底，這大約 1 億美元的綜效能帶來怎樣的收益？

How should that be flowing through? And in terms of -- apologies, I'll leave it there.

它應該如何流動？至於其他方面——抱歉，我就說到這裡吧。

Yes. And John, Rodger mentioned too, we're on track to getting the $100 million of synergies [indiscernible]. By the end of 2026, that would be the full run rate. Year-to-date, we're kind of expecting to have a run rate of $40 million by the end of '25 and the goal would be is to achieve that full run rate of $100 million. Now you could say that's a $60 million more run rate you have to go get.

是的。約翰，羅傑也提到過，我們正朝著實現1億美元協同效應的目標穩步前進。[無法辨認]。到 2026 年底，這將達到完全運行速度。今年到目前為止，我們預計到 2025 年底，營業額將達到 4,000 萬美元，而目標是達到 1 億美元的營業額。你可以說，這意味著你還得再爭取 6,000 萬美元的年收入。

And then timing of this, as you can imagine, in Europe, it does take longer to take those costs out in those stranded cost and other synergies that are out there. So you can split the difference and say roughly $30 million will be actually realized in 2026 with the remainder coming into '27 and beyond.

而時間安排方面，正如你所想，在歐洲，要消除這些擱淺成本和其他協同效應，確實需要更長的時間。所以你可以取個中間值，說大約 3000 萬美元將在 2026 年實際實現，其餘部分將在 2027 年及以後實現。

Very helpful. Thank you.

很有幫助。謝謝。

Your next question comes from the line of Anthony Pettinari with Citi. Your line is open.

你的下一個問題來自花旗銀行的安東尼·佩蒂納裡。您的線路已開通。

Good morning. You talked about potential reacceleration in RPC, which I guess, was down low single digits in 3Q and is expected to be down that much in 4Q. In terms of the reacceleration, is that just a large customer getting to kind of a deal completion? Or are there new projects that are in the pipeline? Or are you seeing anything in terms of inventory. So I'm just wondering if you could give any more detail in terms of what drives that inflection? And is that something maybe we see in the first quarter, the first half of '26? Or any further detail there?

早安.你提到了 RPC 可能重新加速成長，我猜想，RPC 在第三季下降了個位數百分比，預計第四季也會下降這麼多。就重新加速而言，這是否僅僅意味著大客戶達成了某種交易？或是有正在籌備中的新項目？或者，您在庫存方面有什麼發現嗎？所以我想知道您能否更詳細地說明是什麼導致了這種轉變？這會不會是我們在 2026 年第一季或上半年看到的現象？或是有其他細節嗎？

Yes. Anthony, the easy answer to that is all of the above. What I would tell you is that the receleration if that's a word, receleration of our snack business that's a foot on the gas pedal type thing that really is impactful immediately. If and when it happens, expectation that will happen, and that's a global phenomenon for us. We're continuing to win as it relates to all paper solutions in Europe.

是的。安東尼，這個問題的簡單答案是以上所有選項。我想告訴你們的是，如果用「加速」這個詞來形容我們零食業務的發展，那就是踩下油門，這種加速會帶來立竿見影的效果。如果這種情況發生，我們預期這種情況會發生，這對我們來說是一種全球現象。我們在歐洲所有紙張解決方案領域持續取得勝利。

We're adding those capabilities to the U.S. Those are more incremental. They build as big as the businesses you win 50 million units doesn't really -- it's rounding error, but over time, and what we're seeing is our trajectory in that direction that will continue to build momentum throughout. So I suggest to you that we're really bullish about the paper can side of the business, and then you start adding that to the synergies that are associated with the metal side we're looking forward to next year and on into the next coming years with what these businesses can do.

我們正在為美國增加這些能力。這些能力的提升是漸進式的。他們打造的業務規模與你贏得的業務規模一樣大，5000 萬台實際上並不算多——這只是一個四捨五入的誤差，但隨著時間的推移，我們看到的是我們朝著這個方向發展的軌跡，並且這種趨勢將繼續持續下去。因此，我認為我們對紙罐業務非常看好，再加上金屬業務帶來的協同效應，我們期待明年以及未來幾年這些業務能夠取得更大的發展。

Okay. That's helpful. And then just switching gears to capital allocation. You talked about getting leverage down to 3.4 times by year-end, debt pay down next year. I'm wondering if you can talk a little bit more about the capacity for share repurchases in terms of when you'd be able to really buy back at scale in terms of timing or leverage threshold?

好的。那很有幫助。然後就直接轉到資本配置方面。你曾說過要在年底前將槓桿率降至 3.4 倍，明年再償還債務。我想請您再詳細談談股票回購的能力，例如在什麼情況下才能真正大規模地回購股票，包括回購的時機或槓桿門檻？

Or is there an opportunity to maybe pull that forward given valuation of the stock? And then I guess related question, the $100 million run rate synergies that you're going to get in '26, is there a cash cost associated with that we should think about when we think about that '26 cash bridge?

或者，鑑於該股票的估值，是否有可能提前實現這一目標？那麼，我想問一個相關的問題，關於您將在 2026 年獲得的 1 億美元運行率協同效應，在考慮 2026 年的現金過渡方案時，是否需要考慮相關的現金成本？

Yes, Anthony, I'll start with the -- I'll call it the capital allocations. And that strategy, we will really lay out in our February meeting. But I wanted to reiterate too is we are committed to as an organization to getting our debt structure down. We talked about our last call getting our debt leverage ratio to 3% to 3.3% by the end of '26. You can see we'll be at 3.4% by the end of this year.

是的，安東尼，我先從──我稱之為資本配置開始。我們將在二月的會議上詳細闡述這項策略。但我還要重申，我們作為一個組織，致力於降低我們的債務結構。我們在上次電話會議上討論了 2026 年底將債務槓桿率降至 3% 至 3.3% 的目標。你可以看到，到今年年底，我們的成長率將達到3.4%。

So very strong performance. Once we are at that level, it does offer us the optionality to get things like share repurchase and other activities. But debt in the near term is going to be our primary capital allocation strategy that's out there. And I'm not kind of delaying the question, but I really want to wait for that road map in February to give you the full capital allocation story that's out there.

表現非常出色。一旦達到那個水平，它就為我們提供了進行股票回購和其他活動的選擇。但短期內，債務融資將是我們主要的資本配置策略。我並不是故意拖延問題，但我真的想等到二月的路線圖出來後，再向你詳細介紹現有的資本配置。

Now the $100 million of synergies and cost outs, we have put in a significant amount of money of restructuring charges already to date. We will have to allocate some capital to that in '26. That amount has not been released, and we haven't disclosed that but I will say there will be capital definitely allocated towards that as a priority to hit those synergies and run rate.

現在，為了實現 1 億美元的協同效應和成本削減，我們迄今為止已經投入了大量的重組費用。我們將在 2026 年為此撥出一些資金。具體金額尚未公佈，我們也沒有透露，但我可以肯定的是，我們會優先為此撥出資金，以實現協同效應和提高營運效率。

Okay, that, that's helpful. I'll turn it over.

好的，這很有幫助。我把它翻過來。

Your next question comes from the line of Mike Roxland with Truist Securities. Your line is open.

你的下一個問題來自 Truist Securities 的 Mike Roxland。您的線路已開通。

Yeah, thank you, Howard, Roger, Paul and Roger for taking my questions and congrats on all the progress. I just wanted to follow up on Europe again. And can you give us some more color on EMEA, S&P EMEA and the cost savings that you're looking to achieve? It seems like the business is facing headwinds that you think are structural, given the cost actions you're pursuing and the end market realignment. So any additional time you could provide on the cost you see to take out dollar-wise and whether you see there's a structural shift in the [EMEA] initial expectations.

是的，謝謝 Howard、Roger、Paul 和 Roger 回答我的問題，也恭喜你們取得的所有進展。我只是想再次了解歐洲的情況。能否詳細介紹 EMEA、S&P EMEA 以及您希望實現的成本節約目標？鑑於您正在採取的成本控制措施和終端市場調整，您認為公司正面臨結構性阻力。所以，您能否提供更多時間來分析您認為需要花費多少金錢才能實現的成本，以及您是否認為 [EMEA] 的最初預期存在結構性轉變。

Yes, Mike, thanks. This is Rodger. Yes, I think if you look at what we've actioned. First of all, you've got the synergies that Paul just talked about, so I won't repeat that. Then you've got the incremental cost outs that were actioning now as a result of learnings that we've had in the marketplace.

是的，麥克，謝謝。這是羅傑。是的，我認為如果你看看我們已經採取的行動。首先，保羅剛才已經談到了協同效應，所以我就不再贅述了。然後，根據我們在市場上獲得的經驗，我們現在正在採取行動，降低成本。

Typically, and we'll share the more numbers in February. But typically, we're getting one-year returns on these cost-outs so whether it's footprint consolidation, whether it's actually going in and taking out costs to match the volumes that we see in places like Africa, we look, we're getting a full one-year return.

通常情況下，我們會在二月公佈更多數據。但通常情況下，這些成本削減措施可以在一年內收回成本，無論是整合業務規模，還是實際進入非洲等地並削減成本以匹配我們的業務量，我們都能看到，我們都能獲得整整一年的回報。

And it's not -- if you look at the base business in Europe, the Europe-based business, we're really just advancing plans that the business had in place, again, going around the metal ends and consolidating our metal end production and low-cost facilities. And we're actually adding some plans, some capability in Eastern Europe where we see the growth in products like fish and pet food. So it really is a balance.

事實並非如此——如果你看看我們在歐洲的基礎業務，也就是以歐洲為基地的業務，我們實際上只是在推進該業務已有的計劃，再次繞過金屬端面，整合我們的金屬端面生產和低成本設施。我們實際上正在東歐增加一些計劃和產能，因為我們看到魚類和寵物食品等產品在那裡有成長。所以這確實是一種平衡。

What we found is, again, back to Africa, if you look at a small plant in Thailand, if you look at what we have in Turkey with inflation concerns, those outlying areas that we're really targeting getting some pretty significant cost out to match the volumes that we have today and make sure they have the profitability that we see in our base business in Europe. So there's nothing I would say that's extraordinarily different than what we went into the plan with.

我們發現，回到非洲，如果你看看泰國的一家小型工廠，如果你看看我們在土耳其的業務（考慮到通貨膨脹問題），那些我們真正著眼於大幅降低成本的偏遠地區，以達到我們目前的產量，並確保它們能夠獲得我們在歐洲基礎業務中看到的盈利能力。所以，我覺得沒有什麼地方和我們最初的計畫有太大的不同。

The rationale, strategic rationale around the acquisition is still solid. Service quality leader in the organization, strong operational team. Frankly, as we look at next year, where we're focusing, and I mentioned in my opening comments, is around our commercial capability and commercial excellence. We're building out our talent and our regional sales team. We've added talent in France and Italy and Germany.

此次收購的理由和策略理由依然充分。公司服務品質負責人，擁有強大的營運團隊。坦白說，展望明年，我們的重點，正如我在開場白中提到的，是圍繞著我們的商業能力和商業卓越性展開的。我們正在擴充人才隊伍和區域銷售團隊。我們在法國、義大利和德國都補充了人才。

And towards the end of the year, we're going to have a new commercial leader coming into the organization. So I'm real excited about that. So as you get into all areas of commercial excellence, price cost, a real disciplined approach to share gain in the marketplace, so on and so on. That's where we're focusing our time, and I think that's really what will drive our improvement that we're targeting in 2026.

到今年年底，我們將迎來一位新的商業領導人加入公司。所以我對此感到非常興奮。因此，當你深入商業卓越、價格成本、真正有紀律地獲取市場份額等各個領域時，就會發現這一點。這就是我們投入時間精力的地方，我認為這才是真正能夠推動我們實現 2026 年目標進步的動力。

Thank you, Roger. How much -- from your being involved in the business as closely as you are, how much of the weakness that you're seeing in EMEA relates to end markets versus commercial capabilities and maybe not having the talent in the right seats at present?

謝謝你，羅傑。鑑於您對業務的深入了解，您認為 EMEA 地區的弱點有多少是由於終端市場與商業能力之間的差距，以及目前可能缺乏合適的人才造成的？

No, I think it's -- no. I don't see that. I think when I get into those type of comments, longer term, I think certainly it's going to help us. So we've got some exciting growth projects that are going to hit in 2026. For me, it's about recovering all forms of inflation.

不，我認為——不。我沒看到這一點。我認為，從長遠來看，這類評論肯定會對我們有所幫助。因此，我們有一些令人興奮的成長項目將於 2026 年啟動。對我來說，關鍵在於消除所有形式的通貨膨脹。

Again, back to the disciplined process to go to market to win share. So what we've seen this year, the surprises we've seen this year, I hate to repeat myself, is around things like sardines in Africa is some of the business that we've seen in Turkey to go -- be reduced that result really high inflation levels. So I don't think this -- volume-wise, I think the year played out exactly how this is going to play out. That had nothing to do with commercial capability because we've got wins coming. For me, it's more around that value add, getting paid to be the service quality, technical service leader in the market and make sure we're getting paid for the value we're taking into the marketplace. The unexpected volume drops really, we talked about the reasons for those. And now they're included in our fourth quarter guidance, and we'll talk about more of that in February, how we see it for 2026.

再次強調，要遵循嚴謹的市場推廣流程來贏得市場佔有率。所以，我們今年看到的，我們今年看到的驚喜，我不想重複自己，就是像非洲沙丁魚這樣的商品，我們在土耳其看到的一些生意——數量減少，導致通貨膨脹水平非常高。所以我不認為——就銷售量而言，我認為今年的發展趨勢與未來的發展趨勢完全一致。這與商業能力無關，因為我們即將取得成功。對我來說，更重要的是創造附加價值，獲得報酬，成為市場上服務品質和技術服務的領導者，並確保我們為我們在市場上創造的價值獲得相應的報酬。銷量意外下降，我們確實討論過原因。現在它們已被納入我們的第四季業績預期，我們將在2月份詳細討論我們對2026年的看法。

Got it. And then just one quick follow-up. Can you just help us frame the procurement benefits you expect to receive next year from integrating both U.S. and EMEA steel procurement teams into a single globally focused organization. I think you -- the company originally mentioned $20 million from reducing support functions. Is that still what you're looking to achieve? Is there any upside to that? Any color would be helpful. Thank you.

知道了。然後，還有一個簡短的後續問題。您能否幫我們闡述一下，明年將美國和歐洲、中東及非洲地區的鋼鐵採購團隊整合到一個以全球為中心的組織中，您預期會獲得哪些採購方面的好處？我認為你——該公司最初提到透過削減支援職能節省 2000 萬美元。你仍然希望達到那個目標嗎？這樣做有什麼好處嗎？任何顏色都會有幫助。謝謝。

Yes, from the procurement, we said from the very beginning that procurement savings of the $100 million synergies would be about 60%. We said $20 million will come from synergies around support functions. That's still a really good number. What Rodger has been talking about and Paul has mentioned before as far as future restructuring, that would be on top of that. But you're right, the numbers you called out are exactly right.

是的，從採購環節開始，我們就從一開始就說過，1億美元的綜效帶來的採購節省將達到約60%。我們說過，2000萬美元將來自支持職能的綜效。那仍然是一個非常不錯的數字。羅傑一直在談論、保羅之前也提到的未來重組，那將是在此基礎上進行的。但你說得對，你報的數字完全正確。

Procurement is about $60 million of the full $100 million right and other support cost is about $20 million. And then final $20 million is supplying ends to our paper can business that we have not supplied before. Another one-off moves that we're making, again, we're fully confident we get to that $100 million run rate by the end of 2026.

採購費用約 6,000 萬美元，佔總費用 1 億美元的約 2,000 萬美元，其他支援費用約 2,000 萬美元。最後 2000 萬美元將用於為我們的紙罐業務提供我們以前從未供應過的封頭。這是我們採取的另一項一次性舉措，我們完全有信心在 2026 年底前達到 1 億美元的年化收入。

I think, Mike, your comment related to mine about the $20 million that we've stranded costs that we've taken out through the course of this year. That's going to be rolling into next year. And then what I alluded to was that we're on the cusp of looking at even more opportunities corporately, I think -- well, it's corporate as well as operationally that we'll be talking about as we go into next year.

麥克，我認為你的評論與我之前提到的我們今年已經產生的 2000 萬美元擱淺成本有關。這種情況將會持續到明年。然後我暗示的是，我們即將迎來更多公司層面的機會，我認為——嗯，明年我們將討論的公司層面和營運層面的問題。

Got it. Thank you very much.

知道了。非常感謝。

Your next question comes from the line of Ghansham Panjabi with Baird. Your line is open.

你的下一個問題來自 Ghansham Panjabi 與 Baird 的對話。您的線路已開通。

Hey guys, good morning. Just given that there's so many moving parts with your portfolio, et cetera. Howard, if you just do a lot a bit and kind of think about the end markets, how are you thinking about the operating environment for both consumer and industrial as you look ahead to both 4Q and the early part of 2026. And I'm just asking, as it relates to the time line from what we've seen in consumer and the industrial markets over the last few quarters. Is it -- is there any inflection or is it just more of the same at this point?

嘿，各位，早安。鑑於您的投資組合涉及諸多變數等等。霍華德，如果你只是做很多事情，並且思考終端市場，那麼在展望第四季和 2026 年初時，你如何看待消費和工業領域的經營環境？我只是想問，這與過去幾季我們在消費市場和工業市場看到的時間線有何關聯。目前來看，情況是否有任何變化，還是仍如故？

Yes. First, Ghansham, appreciate the comments about all the moving pieces. I get it. We've been busy for the last five years saying the portfolio in place that we have today. I just want to kind of put a stake in the ground and say that's done.

是的。首先，Ghansham，感謝你對所有相關因素的評論。我得到它。過去五年，我們一直致力於建立我們今天所擁有的投資組合。我只是想明確表態，這件事就此結束了。

So this first quarter being the third quarter, where you're actually able to look at the go-forward consumer business, which is nothing but cans, Industrial is what it is. On the consumer, what's happening at this point in time and into 2026, I'd say, I don't see a real stimulus across the globe at this point in time. We've spent most of this call talking about EMEA.

所以，這第一季其實是第三季度，你可以真正地看看未來的消費品業務，也就是罐頭業務，工業業務就是這樣。就消費者而言，就目前以及到 2026 年的情況來看，我認為，目前全球範圍內並沒有真正的刺激措施。我們這次通話的大部分時間都在討論歐洲、中東和非洲地區（EMEA）。

And I talked about the consumer side as it related to certainly Rodger -- as it related to the metal, but the paper can volumes are actually okay right now, flattish the last year, but that's with the impact of one discrete customer that I think we all understand. So I'm not looking -- we're not looking for. We're not planning on to see some great resurgence in terms of consumer volumes going forward.

我談到了與羅傑相關的消費者方面——當然也與金屬有關，但紙罐的銷量目前其實還可以，去年基本持平，但這受到了一個獨立客戶的影響，我想我們都明白這一點。所以，我沒在找──我們也沒在找。我們預計未來消費者數量不會大幅回升。

Typically, if macroeconomics -- and I say typically, it's actually factual. We went back and looked at slowdowns in the macro, we win on the consumer side and the consumer spending more in the supermarkets than they are in the restaurant. So we'll see how that plays out. Industrial, just in North America, it's kind of flattish quarter-over-quarter, and I don't think you'll see us expecting that to materially improve either as we go into next year based on what we see at this point in time. Europe, as we talked about EMEA and we look at fourth quarter and the forecast came out of the August holiday season there.

通常情況下，如果宏觀經濟學——我說的是通常情況，那實際上是事實。我們回顧了宏觀經濟放緩的情況，發現消費者方面出現了利好，消費者在超市的支出比在餐廳的支出更多。所以，我們拭目以待。僅就北美而言，工業方面，季度環比增長較為平穩，而且根據我們目前所看到的，我認為明年也不會出現實質改善。歐洲，正如我們之前討論的 EMEA 地區，我們展望第四季度，預測結果來自 8 月的假期。

And typically, in our industrial business, we see a pretty good lift as we get into September falling off as we get to the latter part of the fourth. We didn't see that left. So there is it's September. So there is definitely signs that things aren't great. And again, additionally, that's been a good thing on the consumer side of the business because people are shopping in the markets more, but too thin to call at this point in time.

通常情況下，在我們的工業業務中，我們看到9月份業務量會有相當大的成長，而到了4月下旬業務量則會下降。我們沒看到左邊那塊。就這樣，現在已經是九月了。所以，種種跡象顯示情況不太樂觀。此外，這對消費者來說也是一件好事，因為人們更多地在市場購物，但目前還不足以進行電話推銷。

Okay thanks for that Howard. And then in terms of the industrial margin expansion of 380 basis points year-over-year for the third quarter, was there anything unique that boosted the quarter? I mean it seems like margins were quite a bit higher than the trend line over the previous quarters, just given the price cost flip that has benefited. Just more color on that would be great. Thank you.

好的，謝謝你，霍華德。那麼，就第三季工業利潤率年增 380 個基點而言，有什麼特殊因素推動了該季度的成長嗎？我的意思是，考慮到價格成本的轉變，利潤率似乎比前幾季的趨勢線高出不少。如果能多加些色彩就更好了。謝謝。

Yes. Price cost is certainly a part of it. And I want to take it back in time, our margins in our industrial business, if you go back to -- way back to project horizon to where we are today with our refocus of saying, we are the world's number one in URB and converted URB products, let's behave that way. So the capitals that we started putting in four years or five years ago have continued to drive improved margins, obviously, exceptional for this quarter and price cost is part of that. But I'd be remiss if I didn't say that as an example, our North American team is completely restructured how they manage the business, and they look at how they view the business.

是的。價格成本當然是其中一個因素。我想回顧一下我們工業業務的利潤率，如果你回到——回到專案規劃階段，再看看我們今天所處的階段，我們重新聚焦於我們是世界領先的城市可再生能源和城市可再生能源產品製造商，讓我們以這樣的姿態行事。因此，我們四、五年前開始投入的資金持續推動利潤率的提高，顯然，本季的利潤率尤其突出，而價格成本也是其中的一部分。但如果我不舉例說明，那就是我的失職了。我們的北美團隊已經徹底重組了業務管理方式，並且他們重新審視了他們對業務的看法。

And what I'm saying is we no longer here have a paper division and a converting division. They're all on. And it's created a powerful new viewpoint in terms of how we are optimizing our supply chain between the paper mills and the converting operations, driving cost out so there's some stickiness to the improved margins, but certainly, price cost is going to be a part that ebbs and flows.

我的意思是，我們現在不再設有造紙部門和加工部門了。它們都開著。它為我們如何優化造紙廠和加工業務之間的供應鏈創造了一種強有力的新視角，降低了成本，從而使提高的利潤率具有一定的穩定性，但價格成本肯定會有起伏波動。

But I'm very, very proud of this team and be able to say that five years ago if I told you guys we were operating in the 16%, 17%, 18% type margin range. You would ask the same question, when is it going to drop down to 13%.

但我為這支球隊感到非常非常自豪，五年前如果我告訴你們我們當時的利潤率在 16%、17%、18% 左右，你們肯定會感到驚訝。你也會問同樣的問題，什麼時候才會降到 13%。

Very impressive. Thank you.

非常出色。謝謝。

Your next question comes from the line of Mark Weintraub with Seaport Research Partners. Your line is open.

你的下一個問題來自 Seaport Research Partners 的 Mark Weintraub。您的線路已開通。

Thank you. Few quick follow-ups. One, on the synergies or really after the purchasing synergies. I remember last year, the deal closed a bit late. And so you did end up getting them in 2025. I would have thought you would have gotten most of that $60 million in 2026.

謝謝。後續進展不多。第一，關於協同效應，或者更確切地說，是關於採購綜效之後的綜效。我記得去年，這筆交易完成得有點晚。所以你最終在 2025 年收到了它們。我以為你會在 2026 年收到那 6000 萬美元中的大部分。

But the way you talked about maybe like $30 million in total for synergies, it seems like that might not be correct. Can you explain why the purchasing synergies -- how much have already come and why more of it wouldn't come quickly in 2026?

但你剛才提到協同效應總共可能達到 3000 萬美元，這似乎不太準確。你能解釋一下採購綜效的原因嗎？目前已經實現了多少，以及為什麼到 2026 年不會很快實現更多？

Yes, Mark, it's a great question. And if you think about the cycle of the sales as they come through throughout the whole year, the procurement is 60% of the overall savings. We did realize a portion of procurement in 2025. So it won't be a full $60 million of savings at additional incremental in $26 million. So that's why I'm kind of -- I gave you a midpoint of it to be conservative.

是的，馬克，這是一個很好的問題。如果你考慮全年的銷售週期，你會發現採購成本佔總節省成本的 60%。我們確實在 2025 年達成了部分採購目標。因此，節省的金額不會達到 6,000 萬美元，而是額外增加 2,600 萬美元。所以，我之所以給一個中間值，是為了保守起見。

We'll give you that real strong clarity in that February 26 of the outlook of the full synergies and the road map that's out there. But the $30 million is a conservative approach.

我們將在 2 月 26 日向您清楚闡述全部綜效的前景以及已公佈的路線圖。但3000萬美元是一個保守的估算。

Yes. Mark, remember, we're not just thought people immediately go to tinplate, but we're talking about all purchasing, so compounds, coatings, indirect, freight and the likes. So many of those, we were able to start realizing some synergies this year.

是的。馬克，記住，我們說的不僅僅是人們首先想到的鍍錫鐵皮，而是所有採購，包括化合物、塗料、間接費用、運費等等。今年，我們開始在許多方面實現協同效應。

Okay. And second, congratulations. I think you say it's an all-time record quarter. Your stock doesn't seem to be reflecting the really strong financial performance. So I guess I was a little surprised that I didn't sense a more clear-cut communication on the share repurchase opportunity.

好的。其次，恭喜。我想你會說這是有史以​​來業績最好的一個季度。你的股票似乎並沒有反映出非常強勁的財務表現。所以，我有點驚訝，因為在股票回購機會方面，我沒有感受到更明確的溝通。

I think buying back stock, the cash benefit of not paying out the dividend is probably after tax, even higher than your after-tax interest expense. And I was just wondering, is that a function of like debt maturities that you have to be conscious of? Or why not kind of a more -- this is a terrific opportunity to take advantage of what's a mispriced stock given the financial performance that you're putting up and I think you're going to continue to achieve.

我認為，回購股票帶來的現金收益（無需支付股利）在稅後可能甚至高於稅後利息支出。我只是想知道，這是否與債務到期等因素有關，需要注意？或者，為什麼不更進一步說——鑑於你們目前的財務業績，這是一個絕佳的機會，可以利用這支被低估的股票，而且我認為你們還會繼續取得這樣的成績。

Mark, what I'd say is, certainly, stock buybacks are in the mix, but we're also looking at. We talk about options, one of which is obviously stock buybacks, more resale pay back down debt and the third being capital reinvestments in the business and restructuring and so we're balancing -- that's our decision for, if you will, and which one is going to offer the longest term payback to our shareholders, to our owners. So again, we've talked about the restructuring that -- things that are really coming to light today talked about a very chunky business wins and opportunities that we're looking at that are going to require, in some cases, fairly significant capital. So we're taking the approach that at this point let's stay on the path, let's continue to pay our debt down, that's buying these opportunities.

馬克，我想說的是，股票回購當然是其中一個選擇，但我們也在考慮其他方案。我們討論各種方案，其中之一顯然是股票回購，透過出售更多股票來償還債務；第三個方案是對業務進行資本再投資和重組。因此，我們正在權衡——這就是我們的決定，也就是哪種方案能為我們的股東、我們的所有者帶來最長期的回報。所以，我們再次談到了重組——今天真正浮出水面的是我們正在關注的一些非常重要的業務勝利和機會，這些勝利和機會在某些情況下需要相當大的資金。所以我們目前採取的策略是，讓我們繼續走這條路，繼續償還債務，抓住這些機會。

And at the right point in time, we look and say we've got this capital project. We can buy back shares. We can do this restructuring and still maintain the debt type levels that we think the shareholders expect of us to make that right decision at that.

在合適的時機，我們會審視並宣布，我們找到了這個大型專案。我們可以回購股票。我們可以進行這種重組，同時保持股東期望的債務水平，從而做出正確的決定。

Okay, I appreciate that. Thank you.

好的，謝謝。謝謝。

Your next question comes from the line of Matt Roberts with Raymond James. Your line is open.

你的下一個問題來自 Raymond James 的 Matt Roberts。您的線路已開通。

Good morning. Following to Anthony's question earlier on RPC, any indications on when new international capacity, specifically Thailand will begin to ramp? How many points of incremental volume is expected from that? Or is customer merger timeline still a drag into 2026 and potentially delaying any benefit there?

早安.繼 Anthony 先前在 RPC 上提出的問題之後，是否有任何跡象表明新的國際運力，特別是泰國航線的運力，何時開始逐步提升？預計由此將增加多少銷售量？或者，客戶合併的時間表是否會拖延到 2026 年，並有可能延遲屆時的任何收益？

Yes. So we're ramping up. We are starting up as we speak. So first lines up and running, going through qualifications with the customers. So things are moving forward.

是的。所以我們正在加緊推進。我們現在就開始啟動了。所以第一批人員已經到位，正在與客戶進行資格審查。所以事情正在向前發展。

What I'll tell you is it was when first presented to us, and we've mentioned that to you guys, the intent is this will be the world's largest paper can facility in the market. So we've got -- we've got to see this transaction closed. The expectation would be that, that would be remained the objective but at this point in time, we're just kind of starting up and on hold. So we've got a new facility that's ramping up pretty aggressively and in Mexico, and we've got capacity additions that are fully ramping up right now in Brazil. So Matt, I wish I knew. It's all quiet right now until things are clearer through their process.

我可以告訴你們的是，當初我們第一次聽到這個方案時，我們也跟你們提到過，我們的目標是將其打造成為全球最大的紙罐生產設施。所以我們必須——我們必須看到這筆交易完成。預期目標仍將如此，但目前我們只是剛起步，處於停滯狀態。因此，我們在墨西哥新建了一家工廠，目前正在積極推動產能提升；同時，我們在巴西的新增產能也正在全面提升。馬特，我真希望我知道。目前一切都很平靜，直到事情經過調查程序後才會明朗。

Howard, and Second, you mentioned investments in pet and seafood in Europe. Is the timing of when those come online, any CapEx consideration next year? And relatedly, what is the mix of these categories expected to be versus what it is now? And how did the margins compare to the system average for novel packaging EMEA? Thanks again for taking my question.

霍華德，其次，你提到了對歐洲寵物和海鮮產業的投資。這些設施何時上線？明年是否需要考慮資本支出？與此相關的是，這些類別之間的預期組合與目前的組合相比如何？與 EMEA 地區新型包裝系統的平均利潤率相比如何？再次感謝您回答我的問題。

Yes, Matt, yes. Capital would be in process as we speak, and that will run into the first quarter of next year. So you're looking at growing really probably starting in the second quarter. of next year. If you look at fish and seafood and pet, they're both today about 15% to 17% share of our overall market.

是的，馬特，是的。目前資金正在撥付過程中，並將持續到明年第一季。所以，你們的成長很可能從明年第二季開始。如果觀察魚類、海鮮和寵物，它們目前在我們整體市場中約佔 15% 到 17% 的份額。

[inaudible] mover we see it going to 20% on the same for seafood. So pretty nice gains in both those markets again with the whole idea being our seasonal business is a very good business, but it's very seasonal -- has really spread out and better leverage our operations.

[聽不清楚] 我們認為海鮮價格也會上漲 20%。所以，這兩個市場都取得了相當不錯的收益，而我們的整個理念是，季節性業務是一個非常好的業務，但它的季節性非常強——這確實分散了我們的業務，並更好地利用了我們的營運。

As far as EBITDA margins in that business pretty much average, we approached 18% in the quarter. I'd say it's maybe slightly better than some of our average margins. But with the incremental investments that will be ramping up starting, let's call it, at beginning of second quarter next year.

就該業務而言，EBITDA 利潤率基本上處於平均水平，本季接近 18%。我覺得這可能比我們一些平均利潤率略好。但隨著逐步增加的投資，我們不妨稱之為從明年第二季初開始逐步增加。

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。現在我將把電話轉回給羅傑·施魯姆，請他作總結發言。

Again, I want to thank everybody for joining us today. And do please save the date for our February 17th New York Investor Day, and we'll be providing you more information on that in the future. Thank you again for your attention.

再次感謝各位今天蒞臨。請務必記住我們2月17日在紐約舉行的投資者日活動日期，我們將在未來提供更多相關資訊。再次感謝您的關注。

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了。