Sonoco Products Company (SON) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Sonoco first-quarter 2026 earnings conference call. (Operator Instructions) I'd now like to turn the call over to Roger Schrum, Head of Investor Relations and Global Marketing Communications. You may begin.

感謝各位耐心等候，歡迎參加 Sonoco 2026 年第一季財報電話會議。(接線員指示) 現在我將把電話交給投資人關係與全球行銷傳播主管 Roger Schrum。您可以開始。

Thank you, Rob, and good morning, everyone. Last evening, we issued a news release and posted an investor presentation that reviews Sonoco's first-quarter 2026 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 later today and we'll post a transcript later this week.

謝謝你，Rob，各位早安。昨晚，我們發布了新聞稿並上傳了一份投資人簡報，回顧 Sonoco 2026 年第一季的財務結果。兩者皆已發布於我們網站 sonoco.com 的投資人關係專區。今天電話會議的重播將於稍晚在我們網站提供，本週稍後我們也會公布逐字稿。

If you would turn to slide 2, I would 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.

如果各位翻到第 2 張投影片，我要提醒各位，今天的電話會議中我們將討論若干以前瞻性陳述為主的內容，係基於目前的預期、估計與推測。這些陳述並非對未來績效的保證，且可能受到特定風險與不確定性影響。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 operation. 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，今天的簡報包含非 GAAP 財務衡量指標之使用；管理階層認為，這些指標可向投資人提供關於公司財務狀況與營運成果的有用資訊。關於公司使用非 GAAP 財務衡量指標的更多資訊（包括定義以及與 GAAP 指標的調節表）可於我們網站的投資人關係專區查閱。

Joining me today are Howard Coker, President and CEO; and Paul Joachimczyk, Chief Financial Officer. For today's call, we will provide prepared remarks, followed by your questions. If you'll turn to slide 4 in our presentation. I'll now turn the call over to Howard.

今天與我一同出席的有：總裁暨執行長 Howard Coker，以及財務長 Paul Joachimczyk。今天的電話會議將先由我們進行準備好的發言，接著開放各位提問。請各位翻到簡報第 4 張投影片。現在我把電話交給 Howard。

Thanks, Roger, and good morning, everyone. During our February Investor Day, we set up a framework for our focused strategy over the next three years, which is linked to our three priorities of sustainable growth, margin improvement driven by our profitability performance plan and efficient capital allocation, which is focused on investing in our sales, debt reduction, and returning value to our shareholders.

謝謝你，Roger，各位早安。在 2 月的投資人日，我們建立了未來三年聚焦策略的架構，並與我們的三大優先事項相連結：永續成長、由獲利表現計畫（profitability performance plan）所驅動的毛利率改善，以及有效的資本配置；資本配置重點在於投資銷售、降低負債，並回饋股東價值。

We made strides in each of these priorities in the first quarter while achieving a solid start to the year despite some significant headwinds. Paul will go through the numbers in more detail, but as shown on slide 5, our adjusted earnings for the first quarter of $1.20 net our and consensus estimates. This performance was primarily driven by strong productivity savings, favorable price/cost environment, and a successful start to our profitability performance plan despite lower volume mix.

第一季我們在上述各項優先事項上皆取得進展；儘管面臨一些重大逆風，我們仍為今年打下穩健的開局。Paul 會更詳細說明數字，但如第 5 張投影片所示，我們第一季調整後每股盈餘為 1.20 美元，優於我們自身與市場一致預期。此表現主要受惠於強勁的生產力節省、價格/成本環境有利，以及在銷量組合較低的情況下，我們的獲利表現計畫仍成功啟動。

I was really proud of our team's performance in the first quarter despite severe winter weather, which temporarily closed some of our customers and our operations to fire that destroyed our recycling facility in Greenville, South Carolina and the effects of rapidly changing macroeconomic conditions stemming from the Middle East conflict.

我對團隊第一季的表現感到非常自豪，儘管遭遇嚴峻冬季天候，導致部分客戶暫時停工，以及我們位於南卡羅來納州格林維爾（Greenville）的回收設施遭火災摧毀，此外還有源自中東衝突、快速變動的總體經濟環境所帶來的影響。

Our Consumer Packaging segment exceeded our expectations during the quarter our Industrial Paper Packaging segment managed well through both operational and demand challenges. As I mentioned, severe winter weather disrupted several of our US operations in late January as well as some of our large consumer customers who face [for ologies], some lasting over a week. February was a much better month from a volume perspective. But with the onset of the Middle East conflict, we began experiencing rapid input cost inflation in March. And as I mentioned, an unfortunate fire in our Greenville facility on March 24.

本季我們的消費者包裝（Consumer Packaging）事業部表現優於預期；工業紙包裝（Industrial Paper Packaging）事業部也妥善因應營運與需求兩方面的挑戰。如我所提，1 月下旬嚴寒天候干擾了我們在美國的多處營運據點，也影響了部分大型消費品客戶，面臨[for ologies]，其中一些影響持續超過一週。從出貨量角度來看，2 月明顯好轉。但隨著中東衝突爆發，我們在 3 月開始經歷投入成本快速通膨。另外，如我所提，我們格林維爾廠於 3 月 24 日不幸發生火災。

Thankfully, no one was hurt, but it did lead to a one-time cost of $2 million within the quarter. As you would expect, we're not standing still in the face of these macroeconomic challenges. If you turn to slide 6, I'll talk further about the steps we're taking to mitigate rising costs and ensure supply for our customers in this challenging inflationary environment.

所幸無人受傷，但這在本季造成一次性成本 200 萬美元。如各位所料，面對這些總體經濟挑戰，我們不會停滯不前。請各位翻到第 6 張投影片，我將進一步說明我們為了緩解成本上升、並在這個具挑戰性的通膨環境中確保客戶供應所採取的措施。

Energy and freight and other petrochemical-related input calls such as resins, coatings and other chemicals represent approximately 10% of our annual sales. While the impact on the first quarter was under a few million dollars. Based on current estimates, we believe this inflation could add between $8 million to $10 million in additional costs in the second quarter. We are leveraging our global sourcing and supply assurance team to do all we can to help offset these rising costs. That said, we must recover this inflation and have implemented a number of necessary price increases, including a $70 per tonne uncoated recycled paperboard increase in the US and an EUR80 per tonne increase in Europe, along with other pricing actions.

能源、運輸，以及其他與石化相關的投入成本（例如樹脂、塗料與其他化學品）約占我們年度銷售額的 10%。第一季的影響金額在數百萬美元以內。依目前估計，我們認為此通膨可能在第二季增加 800 萬至 1,000 萬美元的額外成本。我們正運用全球採購與供應保障團隊，盡一切努力協助抵銷這些上升成本。儘管如此，我們必須回收這些通膨影響，並已實施多項必要的漲價措施，包括美國未塗佈再生紙板（uncoated recycled paperboard）每公噸上調 70 美元、歐洲每公噸上調 80 歐元，以及其他定價行動。

These actions are showing traction in the market. Fast markets reported by Friday and an initial $60 per tonne increase in US URB prices. Given our current backlogs and solid mill utilization rates entering April, we feel confident about the sustainability of our actions.

這些措施在市場上已開始展現成效。Fastmarkets 於週五報導，美國 URB 價格初步上調每公噸 60 美元。考量我們目前的訂單積壓情況，以及進入 4 月時穩健的紙廠稼動率，我們對這些行動的可持續性抱持信心。

As shown on slide 7, we have purposefully shifted our mix to more resilient consumer-focused businesses where today, two-thirds of our sales were generated by our leadership positions in paper and metal cans. We're focused on affordable center of the store safe food categories, which have historically remained resilient during periods of economic stress.

如第 7 張投影片所示，我們有意將產品組合轉向更具韌性的消費者導向業務；目前我們約三分之二的銷售額來自於我們在紙罐與金屬罐的領導地位。我們聚焦於價格親民、位於賣場核心（center of the store）的常溫安全食品品類；歷史上，這些品類在經濟壓力期間通常仍具韌性。

I'm happy that our recent portfolio work has substantially reduced our exposure to resin-based packaging. In 2023, we used approximately 240 million pounds of petroleum-based resins. While today, we used only about 75 million pounds primarily in our plastics -- industrial plastics business and our plastic cartridges for adhesives and sealants, where we do have recovery mechanisms in place.

我很高興我們近期的投資組合調整已大幅降低對樹脂基包裝的曝險。2023 年，我們使用約 2.4 億磅的石油基樹脂。而目前我們僅使用約 7,500 萬磅，主要用於我們的塑膠—工業塑膠業務，以及用於黏著劑與密封劑的塑膠筒（plastic cartridges）；在這些領域我們已建立成本回收機制。

As it relates to our growth pillar, we recently opened a new paper can plant in Nong Yai, Thailand. As shown on slide 8, Paul and I had the opportunity to participate in the grand opening with our team in Asia in March. This highly automated operation is expected to annually produce approximately 200 million units for the growing stacked chip markets in Asia and is one of the reasons we saw a 6% lift in paper can volume in the region in the first quarter.

就成長支柱而言，我們近期在泰國農艾（Nong Yai）啟用一座新的紙罐工廠。如第 8 張投影片所示，Paul 和我在 3 月有機會與亞洲團隊一同參與盛大開幕。這座高度自動化的營運據點，預計每年可為亞洲成長中的堆疊洋芋片市場生產約 2 億個單位；這也是我們第一季在該區紙罐銷量提升 6% 的原因之一。

This plant was built to accommodate future capacity expansion, and we believe it could eventually become one of the largest global paper can operations over the next several years. In our Industrial business, we are investing $20 million to add a new automated nailed wood, real production line at our Hartselle Alabama, facility. As shown on slide 9, when this new line opens at the end of the second quarter, we expect it will increase our capacity by 15%, and able us to meet the needs of the fast-growing wire and cable industry. as it supplies the booming power infrastructure demand for AI center broad.

此工廠的建置已預留未來擴產空間，我們相信未來數年它最終可能成為全球最大的紙罐營運據點之一。在工業業務方面，我們正投資 2,000 萬美元，於阿拉巴馬州哈茨爾（Hartselle, Alabama）廠新增一條新的自動化釘製木捲盤（nailed wood reel）生產線。如第 9 張投影片所示，當這條新產線於第二季末啟用時，我們預期將使產能提升 15%，並使我們能滿足快速成長的電線電纜產業需求，因其正供應 AI 資料中心帶動的電力基礎設施蓬勃需求。

I'll add that sales in our Reels business were up 13% in the quarter. In addition to funding our growth, our disciplined capital allocation strategy remains focused on reducing debt and returning capital to shareholders. As shown on slide 10, last week, our Board of Directors authorized the 43rd consecutive annual increase of dividends to shareholders, raising the payout to $2.16 per share which provides an annual yield of about 3.8%. Sonoco is one of only a few public companies that has paid dividends consecutively for more than 100 years.

我補充一下，我們捲盤（Reels）業務本季銷售額年增 13%。除了為成長提供資金外，我們嚴謹的資本配置策略仍聚焦於降低負債並回饋股東資本。如第 10 張投影片所示，上週董事會核准連續第 43 年提高股東股利，將配息提高至每股 2.16 美元，對應年化殖利率約 3.8%。Sonoco 是少數連續發放股利超過 100 年的上市公司之一。

In summary, we had a good start to the year despite challenges, and we remain confident in our portfolio, our strategy, and ability to execute through economic cycles. With that, I'll turn it over to Paul.

總結來說，儘管面臨挑戰，我們今年開局良好；我們對自身投資組合、策略以及穿越經濟循環的執行能力仍然充滿信心。接下來我把時間交給 Paul。

Thank you, Howard. I'll walk you through our first quarter financial performance, starting on slide 11. With our portfolio transformation complete, we're entering the next phase defined by sustainable growth, margin improvement driven by our profitability performance plan, and efficient capital allocation, which is focused on investing in ourselves, debt reduction, and returning value to our shareholders.

謝謝你，Howard。我將從第 11 頁投影片開始，帶各位回顧我們第一季的財務表現。隨著我們的投資組合轉型完成，我們正進入下一階段：以永續成長為核心、在獲利能力績效計畫帶動下提升利潤率，以及有效率的資本配置；資本配置重點在於投資自身、降低負債並回饋股東價值。

Today, I'll cover our first-quarter results and our early progress against the profitability performance plan we laid out at Investor Day in February. Before I review the quarter, a quick note on comparability and some nuances related to the accounting treatment for our divestitures in 2025. TFP was divested on April 1, 2025, is reported as discontinued operations in last year's first quarter.

今天我將說明第一季業績，以及我們在 2 月投資人日所提出之獲利能力績效計畫的初步進展。在我回顧本季之前，先簡要說明可比性，以及與 2025 年資產剝離之會計處理相關的一些細節。TFP 已於 2025 年 4 月 1 日完成剝離，並在去年第一季以停業單位列報。

ThermoSafe was divested on November 3, 2025, and was included in continuing operations in that same period. In 2026, neither TFP nor ThermoSafe as part of continuing operations. As a result, all year-over-year comparisons I discussed for continuing operations with ThermoSafe included in the 2025 figures, and I'll highlight the differences were applicable.

ThermoSafe 已於 2025 年 11 月 3 日完成剝離，且在同一期間仍納入持續營運。到了 2026 年，TFP 與 ThermoSafe 均不再屬於持續營運的一部分。因此，我所討論的所有持續營運年對年比較，2025 年數字均包含 ThermoSafe；我也會在適用之處說明差異。

Net sales from continuing operations were $1.7 billion, down 2% year over year. Results reflect lower-than-expected volumes, weather impacts as well as macroeconomic and geopolitical pressures win on both our supply chain and our customers. Those headwinds were partially offset by pricing actions and a foreign currency benefit primarily from the Euro. Also in the year-over-year comparison is ThermoSafe, which contributed $55 million of sales in the first quarter of 2025.

持續營運的淨銷售額為 17 億美元，年減 2%。結果反映出銷量低於預期、天候影響，以及宏觀經濟與地緣政治壓力同時衝擊我們的供應鏈與客戶。上述逆風部分被定價措施與外幣利多所抵銷，外幣利多主要來自歐元。此外，年對年比較亦包含 ThermoSafe，其於 2025 年第一季貢獻 5,500 萬美元銷售額。

Excluding ThermoSafe, our sales increased by approximately 1% versus the prior year. Adjusted EBITDA was $277 million, down 4% year over year; and margin was down approximately 35 basis points. The decline was driven by lower volumes and the absence of operating profit from the divested ThermoSafe business. These impacts were partially offset by productivity initiatives, strong pricing realizations, early savings from our multiyear profitability programs, and favorable foreign exchange rates.

若排除 ThermoSafe，我們的銷售額較去年約成長 1%。調整後 EBITDA 為 2.77 億美元，年減 4%；利潤率約下降 35 個基點。下滑主因為銷量較低，以及已剝離的 ThermoSafe 業務不再貢獻營業利益。上述影響部分被生產力提升措施、強勁的價格落地、我們多年期獲利能力計畫的早期節省，以及有利的匯率所抵銷。

Excluding ThermoSafe, adjusted EBITDA would have been flat reflecting strong cost containment from our profitability programs despite softer volumes. Overall, we're encouraged by how our continuing operations performed following last year's reorganization. On a consistent comparison basis, our key metrics are up year over year, reinforcing that we're building a more agile and resilient organization to navigate challenges as they arise.

若排除 ThermoSafe，調整後 EBITDA 將持平，反映出即使銷量較疲弱，我們的獲利能力計畫仍帶來強勁的成本控管。整體而言，我們對持續營運在去年重組後的表現感到鼓舞。在一致的可比基礎下，我們的關鍵指標年對年提升，進一步證明我們正在打造更敏捷、更具韌性的組織，以因應各種挑戰。

Now moving to slide 12. Adjusted EBITDA for the quarter was $1.20, flat year over year after excluding the impact of discontinued operations. The year-over-year results reflect the balance of a softer volume and the impact of divestitures, offset by productivity gains, pricing, early profitability savings from our three-year program, a lower effective tax rate, and a favorable foreign currency.

接著看第 12 頁投影片。本季調整後 EBITDA 為 1.20 美元；在排除停業單位影響後，年對年持平。年對年結果反映：銷量較疲弱與資產剝離的影響，並由生產力提升、定價、三年期計畫帶來的早期獲利能力節省、較低的有效稅率，以及有利的外幣因素所抵銷。

If we go a little deeper into the bridge here, I'd like to walk you through the components of each bar. We'll start with the discontinued operations adjustment, which is a net impact of $0.18 led by the TFP divestiture, partially offset by interest. The divestiture of ThermoSafe represents a $0.07 decrease. Operational changes are down $0.08 due to the pressures on the top line due to the macroeconomic and geopolitical factors within the quarter, partially offset by operational productivity.

若更深入看這張橋接圖，我想帶各位逐一說明每個柱狀的構成。先從停業單位調整開始，淨影響為 0.18 美元，主要來自 TFP 的剝離，並部分被利息所抵銷。ThermoSafe 的剝離代表減少 0.07 美元。營運變動下降 0.08 美元，原因是本季宏觀經濟與地緣政治因素對營收端造成壓力，但部分被營運生產力所抵銷。

Nonoperational changes are up $0.09, led by FX, especially the euro, reduction of our debt and tax benefits which helped to offset several headwinds the business faced within the quarter. Profitability performance drove $0.06 of improvement. I want to underscore the importance of what we're doing to drive margins for the rest of the year, by controlling the controllables. We're maintaining pricing discipline, accelerating productivity, advancing our profitability performance plan, and tightening -- tightly managing both our costs and our capital.

非營運變動增加 0.09 美元，主要由外匯（尤其是歐元）、負債降低以及稅務效益所帶動，協助抵銷本季業務面臨的多項逆風。獲利能力績效帶來 0.06 美元的改善。我想強調，透過掌控可控因素來推動今年剩餘期間的利潤率提升至關重要。我們將維持定價紀律、加速提升生產力、推進獲利能力績效計畫，並嚴格管理成本與資本。

While the macro environment remains uncertain, we remain committed to executing the long-term financial targets we shared at Investor Day. Turning to cash flow on slide 13. Operating cash flow in the first quarter was a use of $368 million, consistent with normal seasonal patterns as we build inventories ahead of the canning season. Gross capital investment was $62 million below our expectations.

儘管宏觀環境仍不確定，我們仍致力於達成在投資人日所分享的長期財務目標。接著看第 13 頁投影片的現金流。第一季營運現金流為淨流出 3.68 億美元，符合我們在罐裝旺季前建立庫存的正常季節性模式。資本支出總額為 6,200 萬美元，低於我們的預期。

Given the current macro environment, we are actively monitoring capital spending to stay disciplined and meet our targets. The year-over-year decline in cash flows was primarily driven by approximately $140 million of higher tax payments. That includes $103 million related to capital gains from prior period divestitures, which will not repeat.

鑑於目前的宏觀環境，我們正積極監控資本支出，以維持紀律並達成目標。現金流年對年下滑主要是因為稅款支付增加約 1.4 億美元。其中包含與前期資產剝離所產生的資本利得相關的 1.03 億美元，該項將不會重複發生。

As discussed at Investor Day, we have a clear and disciplined approach to capital allocation. That includes prioritizing high-return projects, continuing to optimize working capital, especially inventory and payables and preserving balance sheet flexibility by paying down debt while still supporting long-term growth initiatives.

如同在投資人日所討論，我們對資本配置有清楚且嚴謹的做法。這包括優先投入高報酬專案、持續優化營運資金（尤其是存貨與應付帳款），並透過償還負債來維持資產負債表的彈性，同時仍支持長期成長計畫。

Turning to slide 14. Before I go deeper into the segment results, I want to share a brief disclosure related to our Consumer segment and a footnote we've included for this discussion. In first quarter of 2025, Consumer segment adjusted EBITDA did not include $18 million of unallocated corporate costs. You can find these details in the earnings release table on page 20 of our press release dated April 21, 2026.

接著看第 14 頁投影片。在我更深入說明各事業部門結果之前，我想先就我們的消費者事業部門，以及本次討論中所附的一則註腳，做一個簡短揭露。在 2025 年第一季，消費者事業部門的調整後 EBITDA 未包含 1,800 萬美元未分攤的公司費用。相關細節可見於我們 2026 年 4 月 21 日新聞稿第 20 頁的盈餘發布表格。

Now let's turn our attention to the two segments and overall results. Starting with Consumer. Sales increased 3% year over year to $1.1 billion, driven by pricing and favorable foreign currency exchange rates, partially offset by volume and mix softness related to the macroeconomic conditions.

現在我們把焦點轉向兩個事業部門與整體結果。先從消費者事業部門開始。銷售額年增 3% 至 11 億美元，主要由定價與有利的外幣匯率所帶動，但部分被宏觀經濟情勢導致的銷量與產品組合疲弱所抵銷。

Adjusted EBITDA from continuing operations declined 7%, reflecting lower volumes, partially offset by productivity initiatives, pricing actions, and early transformation savings. Adjusting for the 2025 unallocated corporate costs I just described, Consumer adjusted EBITDA would have been up with margins flat. In Consumer, the team remains focused on price realization and mix discipline across key geographies while driving manufacturing and supply chain productivity. They are also leveraging accelerated transformation savings to improve their margins.

持續營運的調整後 EBITDA 年減 7%，反映銷量較低，但部分被生產力提升措施、定價行動與早期轉型節省所抵銷。若將我剛才提到的 2025 年未分攤公司費用納入調整，消費者事業部門的調整後 EBITDA 將呈現成長，且利潤率持平。在消費者事業部門，團隊仍聚焦於在關鍵地區落實價格與維持產品組合紀律，同時推動製造與供應鏈生產力提升。他們也正運用加速實現的轉型節省來改善利潤率。

Let's move on to our Industrial segment. Sales were $579 million, down year over year by 1%, driven by softer volumes, partially offset by favorable pricing and index-based resets with foreign currency benefits. Adjusted EBITDA declined by $7 million to $100 million, a 7% decrease as lower volumes were partially mitigated by pricing resets and productivity improvements.

接著看工業事業部門。銷售額為 5.79 億美元，年減 1%，主因銷量較疲弱；但部分被有利的定價、依指數調整的重設以及外幣利多所抵銷。調整後 EBITDA 減少 700 萬美元至 1 億美元，年減 7%；其中銷量下滑的影響部分被價格重設與生產力改善所緩解。

EBITDA margin was lower year over year due to unfavorable volume and mix, along with losses attributed to a fire at our recycling facility in Greenville, South Carolina. The Industrial segment is focused on fully on capturing index-based pricing resets as they flow through, executing it against cost and productivity initiatives already underway, and preserving margin discipline while managing demand variability. We've seen good progress throughout the current one, which supports our confidence as we move into the second quarter.

EBITDA 利潤率較去年同期下降，原因在於不利的銷量與產品組合，以及我們位於南卡羅來納州格林維爾回收設施火災所造成的損失。工業事業部門正全力聚焦於把握指數連動的價格重置在傳導過程中的機會，並結合已在推進的成本與生產力改善措施加以落實，同時在管理需求波動之際維持利潤率紀律。我們在本季迄今已看到良好進展，這也支持我們在邁入第二季時的信心。

Turning to slide 15. We are pleased with the early progress of our three-year profitability performance plan outlined at Investor Day. In the first quarter, we delivered $8 million of savings progressing towards our $150 million to $200 million target. These savings were primarily driven by structural transformation initiatives, which contributed $6 million, along with $2 million from commercial excellence and operational improvement efforts. Importantly, these savings are already flowing through the P&L reinforcing our confidence in the program's execution and durability. And as they annualize, they represent approximately $32 million of recurring savings.

接著看第 15 頁投影片。我們對投資人日所提出的三年期獲利表現計畫之早期進展感到滿意。第一季我們實現了 800 萬美元的節省，朝 1.5 億至 2 億美元的目標邁進。這些節省主要來自結構性轉型計畫，貢獻 600 萬美元，另有 200 萬美元來自商業卓越與營運改善工作。重要的是，這些節省已開始反映在損益表（P&L）中，進一步強化我們對該計畫執行力與持續性的信心。隨著其年度化，約相當於 3,200 萬美元的經常性節省。

Turning to guidance on slide 16. We are maintaining our full-year outlook while recognizing that continued macroeconomic and geopolitical uncertainty, particularly late in our quarter, rates a dynamic operating environment. We will continue to monitor inflation and demand trends closely. With that, let me walk you through our full-year expectations. For the full year, we expect sales of $7.25 billion to $7.75 billion, adjusted EBITDA of $1.25 billion to $1.35 billion, adjusted EBITDA (sic - see slide 16, "adjusted EPS") of $5.80 to $6.20 with results expected to trend towards the lower end of the range.

接著看第 16 頁投影片的財測指引。我們維持全年展望，同時也認知到持續的總體經濟與地緣政治不確定性，特別是在本季後段，使營運環境更具動態性。我們將持續密切監測通膨與需求趨勢。接下來我將帶各位了解我們對全年的預期。全年而言，我們預期營收為 72.5 億至 77.5 億美元，調整後 EBITDA 為 12.5 億至 13.5 億美元，調整後 EBITDA（原文口誤—見第 16 頁投影片「調整後 EPS」）為每股 5.80 至 6.20 美元，且結果預期將趨近區間下緣。

While we are maintaining our adjusted EBITDA outlook, EPS will not track EBITDA one for one because of the tighter EPS range of only $0.40. In the current environment, inflationary cost pressures and macro volatility will create a larger impact on EPS rather than EBITDA.

雖然我們維持調整後 EBITDA 的展望，但由於 EPS 的區間更窄、僅 0.40 美元，因此 EPS 不會與 EBITDA 一比一同步。在目前環境下，通膨成本壓力與總經波動對 EPS 的影響將大於對 EBITDA 的影響。

Operating cash flow of $700 million to $800 million, inclusive of the $103 million of tax payments related to 2025 divestitures, which were paid in the first quarter. For the remainder of 2026, our mandate is clear. deliver on our three-year strategy of focus by executing the profitability performance plan, which is delivering $32 million of annualized savings in 2026. We have to offset volume pressures that we experienced in the early 2026, and we are protecting our margins through disciplined pricing and productivity, strengthening our cash flow through working capital and disciplined capital spending.

營運現金流為 7 億至 8 億美元，其中包含與 2025 年資產處分相關、已於第一季支付的 1.03 億美元稅款。對於 2026 年剩餘期間，我們的任務很明確：透過執行獲利表現計畫，落實我們聚焦的三年策略；該計畫在 2026 年可帶來 3,200 萬美元的年度化節省。我們必須抵銷 2026 年初所經歷的銷量壓力，並透過有紀律的定價與生產力提升來守住利潤率，同時藉由營運資金管理與有紀律的資本支出來強化現金流。

We are more focused and have stronger execution levers than in recent years, building a higher quality earnings base and strengthening cash generation even in a challenging demand environment. Let me turn the call back over to Howard for some closing comments.

相較於近年，我們更聚焦，且擁有更強的執行槓桿；即使在需求具挑戰的環境下，也能建立更高品質的獲利基礎並強化現金創造能力。接下來我把電話交回 Howard，請他做一些結語。

Thanks, Paul. Let me close by again thanking our global team for successfully guiding us through these uncertain times during the first part of the year. The year started out fairly strong, but were affected by winter weather in the Americas, losing two weeks of production from two of our major consumer customers in the Tennessee region. We also had mill and converting downtime by our -- and our customers throughout the region. We lost the facility to fire and other relatively one-off type issues and, of course, the impact of the Middle East complete.

謝謝，Paul。最後我想再次感謝我們的全球團隊，在今年前段這些不確定時期成功帶領我們前行。今年開局相當強勁，但美洲地區受到冬季天候影響，我們在田納西地區兩家主要消費品客戶損失了兩週的產量。我們——以及該區域的客戶——也出現紙廠與加工（converting）停機。我們也因火災失去了一座設施，以及其他相對一次性的問題，當然還有中東局勢的全面影響。

In spite of these, we stayed focused on controls and long-term productivity to deliver well within our expectations. I think it's also important to note, while uncertainty remains, there is concern how the rest of the year will unfold. However, April has shown thus far some encouraging signs. As we enter the pack season, consumer EMEA has seen early positive signs in the South, the tuna pack has been strong, and while we have not built expectation for a rebound in (inaudible) this market, too, is showing some promise for improvement and salted snack volumes are increasing, which is typical in a World Cup year.

儘管如此，我們仍專注於控管與長期生產力提升，交出明顯符合我們預期的表現。我也認為需要指出的是，雖然不確定性仍在，市場對今年剩餘時間的走勢仍有疑慮。然而，截至目前 4 月已展現一些令人鼓舞的跡象。隨著我們進入包裝旺季，EMEA 的消費品業務在南歐已看到早期正面訊號，鮪魚罐裝表現強勁；而雖然我們並未對（聽不清）市場反彈建立預期，但該市場也顯示出一些改善的可能性；此外，鹹味零食的銷量正在增加，這在世界盃年份屬於典型現象。

We see necessary index-based price in North America in our Industrial business. which will drive full benefit during Q3 with incremental help in Q2 and early but reasonable expectations for URB and converted products and announced prices in Europe.

我們看到北美工業業務存在必要的指數連動調價，將在第三季帶來完整效益，並在第二季提供額外助益；同時，對 URB 與加工產品的需求有早期但合理的預期，歐洲也已宣布調價。

Our focus on our drive for $150 million to $200 million over the next three years is on pace and will only build as we go deeper into the year. But the reality is we are in uncertain times. Things are changing on a daily basis. We do have some catch-up to deal with from the quick hit of inflation as we entered into Q2 and thus the cautionary tone in our EPS forecast.

我們在未來三年推動 1.5 億至 2 億美元改善的進度符合規劃，且隨著我們在今年更深入推進，成效只會持續累積。但現實是，我們正處於不確定的時期。情勢每天都在變化。由於進入第二季時通膨快速上升，我們仍有一些需要追趕消化的部分，因此我們在 EPS 預測上採取較為審慎的語氣。

Let me close by saying how pleased I am we have made over the past several years, the changes you all have seen. If we had not made the portfolio shift, we'd be living in a vastly different world. Without our simplification efforts, we would not be driving the level of SG&A and other savings noted today. And we would be facing serious supply chain issues at a much larger degree of inflation impact and volume pressure.

最後我想說，我對我們在過去幾年所取得的進展、以及各位所看到的改變感到非常欣慰。如果我們沒有進行投資組合的轉移，我們現在所處的情境將截然不同。若沒有我們的簡化工作，我們也無法推動今天所提到的 SG&A 與其他節省幅度。而且我們將面臨更嚴重的供應鏈問題，並承受更大程度的通膨衝擊與銷量壓力。

So again, thanks to our team as we continue to drive through this difficult operating environment and certainly looking forward to any questions that you may have. I'll turn it back over to the operator.

因此，再次感謝我們的團隊在這個艱難的營運環境中持續推進；也非常期待回答各位可能提出的任何問題。我把電話交回給接線員。

(Operator Instructions) George Staphos, Bank of America Securities.

（接線員指示）美國銀行證券（Bank of America Securities）的 George Staphos。

I guess I had three questions. I'll ask them in sequence and turn it over. Howard, first of all, Paul, could you discuss what the effect of the storms was in the first quarter from a percentage of volume standpoint. In other words, if you did not have the storms, what would volumes have been? And what kind of early run rate are you seeing on volumes in consumer and in Industrial for the second quarter?

我想我有三個問題。我會依序提問，然後交給你們回答。Howard，首先，Paul，你們能否說明第一季風暴的影響，以銷量百分比的角度來看是多少？換句話說，如果沒有風暴，銷量本來會是多少？另外，你們在第二季的消費品與工業業務銷量，目前看到的早期運行率（run rate）如何？

Second point, we appreciate you calling out the inflation effect so far of $8 million to $10 million in 2Q. Is that a sequential impact from 1Q or year on year, and if costs stay where they're at right now, would that be the effect in 3Q? Or would it be a lesser effect? And then the last question I had for you is, can you talk to us about how you feel on your metal supply chain, both aluminum and steel? Are there any flash points we need to watch out against relative to the Street? Or do you feel like you're pretty well situated as far as you can see for the rest of the year?

第二點，謝謝你們指出第二季迄今通膨影響約 800 萬到 1,000 萬美元。這是相較第一季的季增影響，還是年增影響？如果成本維持在目前水準，第三季也會是這樣的影響嗎？還是影響會較小？最後一個問題是，你們能否談談你們對金屬供應鏈（鋁與鋼）的看法？相較於市場共識（Street），是否有任何我們需要留意的引爆點？或者就你們目前所見，今年剩餘時間你們的供應狀況都相當穩健？

Thanks, George. I'm going to let Paul cover. I don't have the direct -- Paul does either the full numbers in terms of the impact of the storm. What I would say on the metal side, which I will handle is -- we have no issues, no concerns, not only in terms of supply chain, but we have fixed pricing through the year. Obviously, we've seen tariffs and other things that an impact. But based off of where we sit today, we're in good shape.

謝謝，George。我會讓 Paul 來回答。我手上沒有——Paul 也沒有——關於風暴影響的完整直接數字。至於金屬部分我來回答：我們沒有任何問題、也沒有任何疑慮，不僅是在供應鏈方面，而且我們已鎖定全年固定價格。顯然，我們也看到關稅與其他因素帶來的影響。但就我們目前的位置而言，我們狀況良好。

And George, on the first question that you had around the storm effect, we did experience more declines in our Consumer business in the Americas, primarily due to the weather that was out there with some of our CPGs being down, two of our largest customers being down for over a week, that did create a -- I'll call it, a larger impact disproportionately than our international business that are out there.

George，針對你第一個關於風暴影響的問題，我們確實在美洲地區的消費者業務看到較多下滑，主要是因為當地天候因素，導致我們部分CPG客戶的需求下滑，其中兩個最大的客戶停擺超過一週，這確實造成了——我會說——相較於我們的國際業務，出現不成比例的更大影響。

I'll say the early run rate, though, that we're seeing is we're seeing some recovery back in the business, more so on our industrial businesses. We're seeing strengthening in those markets as mills are getting closer back to the 90% effective rates, run rates that are there. We're seeing some lift back in our consumer businesses, but still more focused on the international side. The Americas are still lagging behind, but it did impact the volume pressures there for sure. Moving on to your second--

不過我會說，就我們目前看到的早期運行趨勢而言，業務正出現一些回升，尤其是在我們的工業業務上。隨著各工廠的有效稼動率逐步回到接近90%的水準，我們看到那些市場正在轉強，運行率也在提升。我們也看到消費者業務有些回升，但仍然更多集中在國際市場。美洲地區仍然落後，但毫無疑問，這確實加劇了當地的出貨量壓力。接著談你第二個——

Just -- so I know it's early, but what kind of volume are you seeing up down? Can you put a percentage on it in your key consumer or industrial categories?

只是——我知道現在還早，但你們看到的量是上升還是下降？你能否在主要的消費或工業品類上，用百分比來量化一下？

Yeah. I would say internationally, say, low single digits that were up there. Industrial in the same ballpark too is March was impacted primarily because of all the uncertainties that are out there, we're starting to see the recovery of those flows coming in early part of the month. And I'll say it's -- right now, if that trend continues, it will be a nice quarter for us in Q2.

可以。我會說國際市場大概是低個位數的成長。工業端也在相近的區間；3月主要受到外部各種不確定性影響，但我們在月初開始看到這些流量正在回復。我也會說——就目前而言，如果這個趨勢延續，Q2對我們來說會是一個不錯的季度。

If I move on to your second question around the inflation impact, the $8 million to $10 million is what we have line of sight to for Q2. And with our recovery mechanisms that we have in place, there is a little bit of a lag. So I'd say right now, our exposure for Q2 is 8% to 10%. Obviously, if there's more macroeconomic effects, if there's something that happens with pricing pressures on our input costs, those could change to be greater in Q3 and Q4. But we do think our recovery mechanisms will help cover and offset this in those future quarters that are there. But we don't have full line of sight to what's going to happen in the macro world that's out there. But today, we feel confident in our exposure for what Q2 is going to bear, say, if everything holds steady, those would not recur and we could recover that by Q3 and Q4.

如果我接著回答你第二個關於通膨影響的問題，8百萬到1千萬美元是我們對Q2目前可見、可掌握的範圍。而由於我們已建立的回收機制，確實會有一些時間落後。所以我會說，就目前來看，我們在Q2的曝險約為8%到10%。當然，如果宏觀經濟影響加劇，或是投入成本出現定價壓力的變化，Q3與Q4的影響可能會更大。但我們確實認為，我們的回收機制將有助於在後續季度涵蓋並抵銷這些影響。只是我們無法完全掌握外部宏觀環境接下來會發生什麼。但以今天而言，對於Q2將承受的曝險我們有信心；如果一切維持穩定，這些影響不會重複發生，我們也可以在Q3與Q4把它回收回來。

John Dunigan, Jefferies.

John Dunigan，Jefferies。

Thank you, Howard. Thank you, Paul. I really appreciate all the details. I wanted to start back on the cost inflation with the $8 million to $10 million. Can you walk us through some of those key buckets and in particular, nat gas electricity across US and Europe? And how much of that you have hedged across your businesses? And then if we're thinking about the freight surcharges that you called out, is there any kind of lag to putting those through contractually? And maybe you can help us quantify how much of your contracts currently have those surcharge mechanisms contained in them?

謝謝你，Howard。謝謝你，Paul。我非常感謝你們提供的所有細節。我想先回到成本通膨的8百萬到1千萬美元。你能帶我們拆解一下幾個主要項目嗎？特別是美國與歐洲的天然氣與電力。以及你們在各業務中有多少比例已做避險？另外，關於你提到的運費附加費（freight surcharges），在合約上轉嫁是否存在任何時間落後？也許你可以協助我們量化一下，目前你們有多少合約包含這類附加費機制？

Yes, John, I'll take the first part of that. So the cost inflation, the breakdown of it you go through your freight as your primary driver of that. That was the one that we experienced almost immediately saw rising fuel prices primarily in the diesel aspect, come through. We do have recovery places and mechanisms out there. There is a lag related to those, call it, roughly three weeks, four weeks of a time period that's out there to get that recovery back. So you're exposed, let's just say, a month to be simplistic out there.

好的，John，我先回答第一部分。關於成本通膨，拆解來看，主要驅動因素是運輸費用。這一項我們幾乎是立刻就感受到，主要是柴油面向的燃料價格上升所帶來的影響。我們確實有相應的回收安排與機制。但這些機制會有時間落後，大約是三到四週左右才能把回收反映回來。所以簡化來說，你大概會有一個月的曝險期。

As far as all the other inputs that are out there, whether it's the resins, the energy, and things like that, I'd say we do have some coverage on our hedging. We haven't gone out with exactly what that coverage is from a hedging -- the $8 million to $9 million is inclusive. It's net of that. So that is an impact of us from already factoring into what we already have hedged and placed into programs. So that's the impact that we'll experience in our P&L. But freight is primarily the largest impact for us.

至於其他投入項目，不論是樹脂、能源等等，我會說我們在避險方面確實有一些覆蓋。我們尚未對外具體說明避險覆蓋的精確比例——而8百萬到9百萬美元的數字是已包含在內的。也就是扣除避險後的淨額。因此，這個影響是我們在把既有避險與已納入的方案都考慮進去之後，仍然會面臨的部分。所以這就是我們在損益表（P&L）上將會承受的影響。但對我們而言，運費仍然是最大的影響來源。

Great. That's very helpful. And then just on my follow-up, I just wanted to jump over to the cost savings. You called out the $8 million from the initiatives towards the $150 million to $200 million. But productivity in the quarter was pretty impressive. It was up $33 million year-over-year. Can you just walk us through the difference between those two figures and how we should think of the cadence through the rest of the year, that would be helpful.

很好。這非常有幫助。接著就我的追問，我想跳到成本節省。你提到在1.5億到2億美元的計畫中，這些措施帶來了8百萬美元。但本季的生產力表現相當亮眼。年增達3,300萬美元。你能否說明這兩個數字之間的差異，以及我們應如何看待今年剩餘時間的節奏？這會很有幫助。

Yes. And John, that's a great question. And really, what we're trying to do is we're trying to delineate productivity, which really is covering our inflationary impacts, things of that nature versus the profitability performance plan. The profitability performance plan, as we think about it, this is costs that are going to fall right to the bottom line, and they're going to be there every quarter on a go-forward basis.

可以。John，這是個很好的問題。我們真正想做的是把「生產力」與「獲利表現計畫」區分開來：生產力主要用來涵蓋通膨等影響、以及類似性質的項目；而獲利表現計畫則不同。就我們的定義而言，獲利表現計畫是會直接落到最終盈餘（bottom line）的成本節省，而且在未來每一季都會持續存在。

So that's why we did the delineation this quarter more so, and we'll continue that going forward. But we want to assure you that what we are delivering in those savings on that program of the $150 million to $200 million, that is something that you can bank on for us that's going to be there quarter, after quarter, after quarter, and it's going to be recurring.

因此我們本季才更明確地做了這樣的區分，未來也會持續如此。但我們想向你保證，我們在這個1.5億到2億美元計畫中所交付的節省，是你可以對我們有把握的——它會一季接著一季、再一季地持續出現，而且是可重複、可持續的。

Michael Roxland, Truist Securities.

Michael Roxland，Truist Securities。

This is Niko [Pacini] on for Michael Roxland. Just to clarify on the inflationary impacts, does your current guide assume that $8 million to $10 million is the limit of the impact? Or do you assume current conditions basically persist through the rest of the year rather than improve? And then secondly, what do you think to your customers and consumers' ability is to absorb price? How much in you can push before the manustructure might occur?

我是代替Michael Roxland出席的Niko [Pacini]。想釐清一下通膨影響：你們目前的指引是否假設8百萬到1千萬美元就是影響的上限？還是你們假設目前的狀況基本上會持續到今年剩餘時間，而不是改善？第二，你怎麼看客戶與消費者吸收漲價的能力？你們能推多少，才會出現需求結構（manustructure）可能發生變化？

Yeah. I would say the -- this is what we have visibility at this point in time. I went to extra effort to point out that with the new portfolio, particularly our key raw materials being still on the consumer side, is basically flat, contractually protected through the year. And so we do have the resin exposure I spoke to in my opening comments, that too has recovery mechanisms in it, and it varies from -- within the month within the quarter.

是的。我會說——這是我們在此時此刻所能看到的範圍。我特別強調，隨著新的產品組合，尤其是我們的關鍵原物料仍主要在消費端，基本上全年在合約上是持平且受到保護的。因此，我在開場提到的樹脂曝險也同樣有回收機制，而且回收節奏會在——同一個月內、同一個季度內——有所變動。

But will we see more? It's hard to say. It depends on what happened while we were talking during this call virtually just seems to be changing on an immediate basis. But the point here is that from a key raw materials perspective, we feel really good in terms of the position that we're in at this point in time.

但我們會看到更多嗎？很難說。這取決於在我們這通電話的對話期間發生了什麼，因為情況似乎正以即時的方式在變化。但重點是，從關鍵原物料的角度來看，我們對目前所處的位置感到非常有信心。

And the customer impact, it's hard to say. We're being a staple food. All I can say is what we've seen historically when, obviously, the inflation being felt at retail is also showing up in QSR and other outlets as well, while it's get tight. We historically have seen in our Consumer business that volumes are not affected and in fact, in some cases, have improved as people shop in the grocery store, cook at home as opposed to going out.

至於對客戶的影響，也很難說。我們屬於民生必需食品。我只能說，從歷史經驗來看，當通膨在零售端被感受到時，也會在 QSR（速食餐廳）及其他通路顯現出來，整體會變得吃緊。我們過去在消費者事業中看到，銷量並未受到影響，甚至在某些情況下還有所提升，因為人們會去雜貨店採買、在家烹飪，而不是外出用餐。

So hard to predict how that's going to go. But certainly would think that while we're talking about the packaging side of things, that there's pressures on all raw materials associated with all food items, really on all items going forward, and it ultimately will we'll see how that fares through the consumer.

所以很難預測接下來會怎麼走。但可以確定的是，當我們談到包裝端時，所有與食品相關的原物料都面臨壓力，實際上未來所有品項的原物料都會有壓力，最終就要看這些如何傳導到消費者端。

Got it. Understood. Just a quick follow-up. I think you mentioned a little softer EV volumes in 1Q, but a pickup more recently in April. What do you attribute that pickup to? And can you share where backlog stands right now?

了解。明白。再快速追問一下。我想你提到第一季 EV 銷量稍微偏弱，但最近四月有所回升。你把這個回升歸因於什麼？另外你能分享一下目前的在手訂單（backlog）狀況嗎？

Yeah. We don't really track backlogs on URB. But what we're seeing is, as Paul had noted, roughly 90%, 91% operating rate here, which is our largest market and URB in North America. And frankly, there's a couple of things going on. The main is that we told at Investor Day about new products and new markets that we're entering with URB that traditionally have been served by other grades of paper that have been -- some of which has been taken out of the market the mill closures.

是的。我們其實不太追蹤 URB 的在手訂單。但我們看到的是，如 Paul 所提到的，這裡的開工率大約在 90%、91%，而這是我們最大的市場，也是北美的 URB。坦白說，有幾件事同時在發生。主要是我們在投資人日提到，URB 正在切入新產品與新市場，而這些市場過去傳統上是由其他紙種供應——其中一些因為紙廠關閉而退出市場。

We've been successful in converting saturated craft. So we've got our first customer and a line of customers in the funnel right now that is really helping us to as we look out into the quarter, go from the low 90s% -- well still low 90s%, but from 90% to 92%, 93% type operating rates as that volume starts flowing through the mill now.

我們在轉換飽和牛皮紙（saturated kraft）方面取得成功。因此我們已經拿下第一位客戶，而且目前漏斗中還有一批客戶，這確實在幫助我們展望本季時，讓開工率從低 90%——仍在低 90%區間——但可從 90%提升到 92%、93%這類水準，因為這些量現在開始進入紙廠生產。

Hillary Cacanando, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Hillary Cacanando。

Just regarding the softer volumes and inflationary pressures in the first quarter, could you just elaborate on what specific end markets or geographies underperformed expectations or outperformed expectations, most notably? I know you talked a little bit about tuna pack and sardines but if you could give more -- a little more detail on other end markets.

關於第一季較疲弱的銷量與通膨壓力，你能否再說明一下，哪些特定終端市場或地區的表現最明顯地低於預期或高於預期？我知道你稍微提到鮪魚包裝與沙丁魚，但如果可以的話，能否再多提供一些其他終端市場的細節。

Yeah. What I'd say, I'm really just talking to geography. It was -- if you go around the world, all already noted that Consumer EMEA was a very -- well, low-single digits off from a volume year over year. It was a bigger impact here in North America. And I don't think I want to get into just from a confidentiality with customers. But our two largest customers on our paper can business loss seven, eight days during the winter storm.

好的。我想我主要是從地理區域來談。如果你放眼全球，我們已經提到消費者事業在 EMEA 的銷量年增年減幅度很小——大概是低個位數的下滑。影響更大的是北美這邊。而且基於與客戶的保密性，我不想談得太具體。但我們在紙罐業務中最大的兩位客戶，在冬季風暴期間停工了七、八天。

Now we talked about that in February and what would typically happen is as we see the rush to make up that time and enough time would be held in the quarter. Then, of course, five, seven, seven days after our Investor Day, you wake up and find out on February 27, we bombed Iran. So we think they took the opportunity to bring inventories down, and we're starting to see now a bit of a pickup and the expectation is the magnitude of what we saw in the first quarter will not repeat itself. In fact, they should be looking to make some of that up through the year.

我們在二月談過這件事，通常情況下會出現一波趕工把時間補回來，而且季度內會有足夠時間消化。然後當然，在我們投資人日後五到七天，你在 2 月 27 日醒來發現我們轟炸了伊朗。所以我們認為他們趁機把庫存降下來；而我們現在開始看到一些回升，並且預期第一季看到的影響幅度不會再重演。事實上，他們應該會在今年內把其中一部分補回來。

Got it. Great. And then just a follow-up. As we're three weeks into the second quarter, I know you said April picked up, but are you seeing any real discernible change in customer ordering patterns or conversations? Like has anything like really changed? I know you're forecasting weaker volumes. But just wanted to see if any pattern -- like any discernible change in patterns?

了解。很好。再追問一下。現在第二季已經過了三週，我知道你說四月有回升，但你是否看到客戶下單模式或對話中有任何真正可辨識的變化？例如有什麼事情真的改變了嗎？我知道你們在預測較弱的銷量。但只是想確認是否有任何模式——任何可辨識的變化？

Yeah. Hilary, this is Paul. So really no discernible patterns that are out there. We're seeing a slight uptick in the volume that's given us a little bit more confidence in our guide that's out there. But really nothing that's -- I'd say you could lead anything to other than just a recovery from Q1.

是的。Hilary，我是 Paul。所以目前真的沒有看到任何可辨識的模式。我們看到銷量略有上升，這讓我們對目前給出的指引更有信心。但除此之外，沒有什麼可以解讀為其他因素；我會說更像只是從第一季的復甦。

Anthony Pettinari from Citi.

花旗（Citi）的 Anthony Pettinari。

Actually this is [Bradbury] on for Anthony. Maybe just focusing on consumer a little bit. Volumes were down against a pretty tough comp from last year. Do you think we start to see some improvement in year-on-year volume growth in 2Q and as we start to get into the back half, maybe from easy comps or ramping investments? Just any detail on maybe how that volume trend could develop '26 in consumer?

其實我是代替 Anthony 的 [Bradbury]。也許聚焦在消費者業務一下。在去年基期相當高的情況下，銷量是下滑的。你認為我們會在第二季開始看到年對年銷量成長有所改善嗎？以及進入下半年後，可能因為比較基期變得容易或投資逐步放量而改善？能否分享一些細節，談談消費者業務在 2026 年的銷量趨勢可能如何發展？

Yeah. Pretty hard to really nail it with the amount of sorting that we have out there. What I would say is probably on our Aerosol business here in North America, pretty tough comps coming up here in the summertime and somewhat of a discretionary spend you can do without. But on the other side of that, that would be reflective of a consumer that more of an economic downturn situation.

是的。以目前外部變數這麼多的情況，要非常精準地判斷其實很難。我會說，就我們北美的噴霧罐（Aerosol）業務而言，接下來夏季會面臨相當艱難的比較基期，而且這某種程度屬於可選擇性支出——你可以不買。但從另一個角度看，這也會反映出消費者處於更偏向經濟下行的情境。

So you could see that being a tougher comp. But at the same time, as I said earlier, you would expect that the food side of the business, on the center of the store, drive to the supermarket as conditions stuff and they would balance that, if not, actually exceed that.

所以你可能會看到那邊的比較基期更具挑戰。但同時，如我先前所說，你會預期食品端業務——也就是賣場中間貨架（center of the store）的品類——在環境變得吃緊時，消費者會更常去超市採買，這會形成平衡，甚至可能超過那部分的下滑。

So tough to say. I mentioned earlier, in Europe, World Cup, that's kind of the normal thing for us to see that volume start to pick up around that particular event. But kind of a wait and see. I don't know if the consumer is fully, fully, fully felt it to the point, it does appear we're heading in that direction. That could be favorable, frankly, for the most part of the consumer side of the business.

所以很難說。我先前提到，在歐洲有世界盃，對我們而言通常會看到銷量在那個特定事件前後開始回升，這算是常態。但目前還是得觀察。我不確定消費者是否已經完全、完全、完全感受到那種程度；但看起來我們確實正朝那個方向走。坦白說，這對消費者業務的大部分來說，可能反而是有利的。

Got it. And then maybe just on working capital. I'm not sure if there's any maybe sensitivity to raw material inputs that we should be mindful of, just as the year goes on, trying to be mindful of higher metal prices and then pet chems. I'm not sure if like an earnings sensitivity or just any detail you would want to put on maybe working capital or free cash flow as we think about higher metal?

了解。另外想問一下營運資金。我不確定是否有任何對原物料投入的敏感度需要我們留意，尤其是隨著今年推進，要注意更高的金屬價格以及石化（pet chems）。我不確定例如獲利敏感度，或是你是否願意補充一些關於營運資金或自由現金流的細節，讓我們在思考更高金屬價格時有個參考？

Yeah. So really, from a working capital perspective, no real concerns there. I'd say one thing to highlight that we are being very disciplined about our spend on capital for the remainder of the year. We want to make sure that we're hitting our guide and our targets that we've committed to the Street. So there will be some products that we'll postpone but we're not cutting back any of our growth or our value adding capital products that are out there, but feel really confident that with our supply chain team and our efforts that they've done to secure are really strong. Supply chain, both around Metalpack and all the other inputs that are there. So really no concerns from this perspective right now. That's what our current environment is, as we said.

是的。所以就營運資金的角度來看，這方面沒有什麼真正的疑慮。我想強調的一點是，我們在今年剩餘時間的資本支出上非常自律。我們希望確保能達成我們給出的指引，以及我們對華爾街所承諾的目標。因此會有一些產品我們會延後，但我們不會削減任何成長型或能增加價值的資本產品；而且我們對供應鏈團隊以及他們為確保供應所做的努力非常有信心，這些都非常強。供應鏈方面，包含 Metalpack 以及其他所有投入品。所以就目前這個角度來看，真的沒有疑慮。這就是我們目前所處的環境，如同我們所說的。

Ghansham Panjabi, Baird.

Ghansham Panjabi，Baird。

Just kind of picking up on some of the last few questions. So obviously, 1Q was impacted from a volume standpoint for all the reasons you kind of went through. 2Q, you gave some parameters as it relates to raw material cost inflation, et cetera, and we know what your full-year guidance is. So specific to 2Q, do you expect earnings to grow year over year? Or will it be comparable to sort of 1Q just given what you called out as it relates to the price cost headwinds?

我想延續剛才最後幾個問題。很明顯地，第一季在出貨量/銷量方面受到影響，原因你們也大致都說過了。第二季，你們就原物料成本通膨等給了一些參數，我們也知道你們的全年指引。所以針對第二季，你們預期獲利會年增嗎？還是會比較接近第一季，考量到你們提到的價格/成本逆風？

Yeah, Ghansham, we do expect earnings to grow in Q2. I will say though, there is that inflationary impact for the raw materials that we talked about with freight and everything else that's there. So that will create a little bit of a margin drag for us. and some of the pressures that are there, but we definitely expect earnings to grow.

是的，Ghansham，我們確實預期第二季獲利會成長。不過我也要說，我們談到的原物料通膨影響，加上運費以及其他所有相關成本，確實存在。因此這會對我們造成一些毛利率的拖累，以及一些壓力，但我們仍然明確預期獲利會成長。

On a year-over-year basis, just to clarify.

以年對年來看，只是想確認一下。

Yes.

是的。

Yeah. And Ghansham, I do want to reiterate that I know we talked about it over and over, but in the full volume environment, the team really did deliver on the bottom line expectations for the most part. And that is not changing as we see seasonal volumes increase in terms of the levels of productivity and savings, and the programs that we've got in place. So I just want to say, again, hats off to our team in the sole volume environment still being able to drop down within our expectations.

是的。另外，Ghansham，我也想再次強調，我知道我們一再談到這點，但在完整的量能環境下，團隊在很大程度上確實交出了符合底線預期的成果。而且隨著季節性出貨量回升，我們在生產力與節省的水準，以及我們已經推行的各項方案，都不會改變。所以我想再說一次，向我們的團隊致敬：即使在這樣的量能環境下，仍能在我們的預期範圍內把成果落到損益表底線。

Yeah. For sure. A lot going on. So as it relates to the volume impact of this particular inflation cycle and obviously, customers know that price increases are coming and so on and so forth. Have you seen any sort of preordering or just some sort of order pattern distortions that maybe amplifying some of the volume that you're seeing early part of 2Q in terms of the recovery you called out?

是的。當然。現在有很多事情同時在發生。所以就這一輪通膨循環對出貨量的影響而言，而且客戶也知道漲價即將到來等等。你們有沒有看到任何提前下單，或是某種訂單模式的扭曲，可能放大了你們在第二季初所看到的量能（也就是你們提到的復甦）？

No. In fact, it's -- again, based off the portfolio. The type of inflation that we're seeing is not really about product inflation. It's how we deliver it's freight, obviously, some energy. But not to your typical, hey, you've got a 5% or 10% price increase coming in the next quarter, I need to load off that.

沒有。事實上，這又回到我們的產品組合。我們看到的這種通膨，並不是真的產品本身的通膨。而是我們如何交付：運費，當然還有一些能源成本。但不是那種典型的情況，例如「下季要漲 5% 或 10%，我得先囤貨/提前拉貨」那種。

Okay. And you haven't seen any change in the macro backdrop, just broadly speaking for your industrial business either right?

了解。那你們的工業業務在更宏觀的背景上，也沒有看到任何變化，對吧？

No. In fact, a little bit of concern about, yes, we had the weather impacts in the first quarter, but we've seen some green shoots here. A lot of it is self-help entering new markets that we've never participated in before. As I mentioned earlier, with saturated craft using I guess the furniture industry.

沒有。事實上，雖然第一季有天候影響帶來一些擔憂，但我們已經看到一些復甦的跡象。其中很大一部分來自自助式改善（self-help），也就是進入我們以前從未參與過的新市場。如我先前提到的，像是飽和牛皮紙（saturated kraft）我想是用在家具產業。

So right now, things are -- you got to put that into the model to say, hey, we've got new business coming on that we never participated in before. So that our operating rates, as I said, we've said a couple of times, we're in pretty good shape.

所以就目前而言，你必須把這放進模型裡：也就是我們有以前從未參與過的新業務正在導入。因此如我所說、我們也說過幾次，我們的營運稼動率狀況相當不錯。

And Ghansham, we have a realty business, too, that is doing really well in performance for us in Q1, and we expect that to continue into Q2 as well.

另外，Ghansham，我們也有不動產（realty）業務，第一季對我們的表現非常好，我們也預期第二季會延續。

Anojja Shah, UBS.

Anojja Shah，UBS。

So first, I just want to confirm that $8 million to $10 million of inflation that you pull out in 2Q, based on the lag in your pass-through, you're confident that, that should get recovered in the second half?

首先我想確認一下：你們在第二季吸收的 800 萬到 1,000 萬美元通膨，因為你們轉嫁（pass-through）有時間落差，你們有信心在下半年可以回收回來？

Yes.

是的。

I would get -- okay. Assuming and if there is additional inflation, then it's about [a quarter] you said. Is that right?

我明白——好。假設還有額外通膨，那你們說大概是「一季」的落差。是這樣嗎？

Correct. Yes.

正確。是的。

And then also, you announced a new-term loan at the end of March. And in the bridges you gave last quarter, you had a $0.20 to $0.40 nonoperational contribution on EPS. So is that -- is the interest on that new term loan sort of a headwind to that $20 million to $40 million? And is that part of why the EPS guidance is now on the lower end? How is that still filtering through your guidance?

另外，你們在三月底宣布了一筆新的定期貸款。而在你們上季提供的橋接（bridge）中，你們提到 EPS 有 0.20 到 0.40 美元的非營運貢獻。所以那筆新定期貸款的利息，是否會對那 2,000 萬到 4,000 萬美元造成逆風？而這是否也是為什麼現在 EPS 指引落在區間較低端？這部分目前是如何反映在你們的指引裡？

So the term loan that we announced is really it's a delayed draw term loan to effectively retire our loan that would be due in September later this year. That really does not have -- it's a meaningful or call it, it's not a significant impact to our EPS strain that's out there. It's more of this inflationary impacts in the short term that is driving our EPS down more than anything else.

我們宣布的那筆定期貸款，實際上是一筆延遲動用（delayed draw）的定期貸款，目的在於有效地償還我們今年稍晚、九月到期的貸款。它對我們的 EPS 影響並不大——可以說不是顯著的影響。真正讓我們短期 EPS 下修的主因，更多是這些通膨影響，而不是其他因素。

Okay. And because of the tight range on EPS, that's why it's impacting EPS and not as much EBITDA, is that correct?

了解。那因為 EPS 的區間很窄，所以它對 EPS 的影響會比對 EBITDA 更明顯，是這樣嗎？

You got it. Yeah, if you think about EBIT --

沒錯。是的，如果你想想 EBIT——

Go ahead, go ahead.

你說，你說。

I was going to say for the EBITDA range, if we think about it, it's really $100 million that's out there. If you take the taxes out of that, it really becomes a $133 million range and your EPS is only $0.40. So the two are disaggregated and disproportionate, almost a 3:1 ratio. So it's your EBIT impact, you can have a $10 million impact in your EBITDA, but it will drive a much larger impact on our EPS change that's out there.

我想說的是，就 EBITDA 的區間來看，大概是 1 億美元的範圍。如果把稅的因素拿掉，實際上就變成約 1.33 億美元的範圍，而你們的 EPS 只有 0.40 美元。所以兩者是拆開來看、且不成比例的，幾乎是 3:1 的比例。因此就你的 EBIT 影響而言，你的 EBITDA 可能只變動 1,000 萬美元，但會對我們的 EPS 變動造成大得多的影響。

Right. Got it. And then finally, how are you feeling about your geographic footprint now with your current split between US and Europe? I only ask because some of your peers are reconsidering the benefits that they thought they would get by adding on a European business and they're sort of saying that the large global customers tend to source more regionally. Do you believe that your global platform gives you significant economies of scale that maybe outweigh some of the complexity drawbacks?

對。了解。最後，你們如何看待目前的地理布局，也就是美國與歐洲之間的分布？我之所以問，是因為你們有些同業正在重新評估他們透過併入歐洲業務原本以為能獲得的好處，他們的看法是大型全球客戶往往更傾向於區域化採購。你們是否認為你們的全球平台能帶來顯著的規模經濟，足以抵消一些複雜性所帶來的缺點？

Yeah. We do -- certainly, economies of scale. We like the way we're situated right now. We're over half North America. I think it's about 40% in total company, both Consumer and Industrial. In Europe, -- and we've seen that flip back and forth over the last decade or so, more in favorable -- stronger in favor of North America. It just depends on the market, the opportunity -- it's not a conscious type situation.

是的。我們確實——當然有規模經濟。我們喜歡目前的佈局。我們在北美的占比超過一半。我想整個公司合計大約是40%，涵蓋消費與工業兩個部門。在歐洲——而且我們看到過去十年左右這個比例來回變動，整體更有利——更偏向北美、北美更強。這完全取決於市場與機會——並不是刻意為之的安排。

But we're happy with the portfolio. We're happy with the geographies that we participate in. Southeast Asia has on -- particularly on the consumer side, it's becoming even more material. And frankly, as we noted earlier, continues to grow at a nice pace. So we are where we are today, and we do not plan on any future portfolio or inorganic moves, but it wouldn't surprise me if we weren't talking years down the road and there's a different ratio there.

但我們對這個投資組合很滿意。我們也對所參與的地理市場很滿意。東南亞——特別是在消費端——正變得更具實質性。坦白說，如同我們先前提到的，仍以不錯的速度持續成長。所以我們今天就在這個位置上，我們不打算進行任何未來的投資組合調整或非有機動作，但若多年後再談、比例有所不同，我也不會感到意外。

Mark Weintraub, Seaport Research Partners.

Mark Weintraub，Seaport Research Partners。

I got disconnected, so apologies if there's any repetition in the question here. But I was hoping to focus a little bit more on the volume side. And two things. One, maybe a little bit more color possible on some of the growth on some of the [EBIT] potential business wins and some of the expansions. If you could perhaps scale the size of opportunity and what you've seen so far. So for instance, with the new paper can facility in Thailand, how much revenue or opportunity might that provide?

我剛剛斷線了，所以如果問題有任何重複先致歉。不過我想把焦點再多放在一些出貨量（volume）面。有兩點。第一，能否就一些成長動能提供更多細節，例如一些[EBIT]潛在的業務得標以及一些擴產。如果可以的話，請協助量化機會規模，以及目前你們看到的進展。例如泰國新的紙罐（paper can）工廠，可能帶來多少營收或機會？

And then in Europe, you had been talking about at one point, the possibility of converting some customers who were doing their own accounting, if there's any update there, on progress there. You mentioned on the saturating kraft that was helpful. Thank you. And then just on the flip side of that, where volume has been disappointing and certainly, there's the macroeconomic bears the weather, et cetera. But there's also the kind of a GLP-1 issue and hopefully, it's not as big a deal for you for some others, but maybe just update us on your thoughts relative to that.

另外在歐洲，你們曾在某個時間點談到，可能把一些原本自行做會計（accounting）的客戶轉換過來；這方面是否有最新進度？你提到飽和牛皮紙（saturating kraft）很有幫助。謝謝。然後從另一面來看，出貨量表現令人失望，當然有總體經濟、天氣等因素。但也有GLP-1的議題；希望對你們的影響不像對某些公司那麼大，但也請更新一下你們對此的看法。

Yeah, Mark, good question. And as Paul has said, I do not have a total off of -- we're not going to give out specific plant-level type details. But I can't really answer that question. What you did answer in your own question was where we're seeing opportunities, certainly, Thailand is reportedly going to be possibly even the third largest paper can plant that -- well, that we operate globally. So it's in its infancy in terms of -- and we're doing about somewhere around 200 million units right now during the start-up phase.

是的，Mark，問得很好。如同Paul所說，我手上沒有完整的——我們不會提供特定到單一工廠層級的細節。所以我無法直接回答那個問題。不過你在問題裡其實也提到了我們看到的機會：當然，泰國據報可能會成為——至少就我們全球營運而言——第三大的紙罐工廠。所以它仍在起步階段——目前在試產/爬坡階段，我們大約做到2億個單位左右。

Saturated kraft is really turning out to be quite an interesting market. And we're in with our first customer and I could keep going in terms of investments that we've made across the portfolio. But let's put that down as a homework assignment to aggregate that for you and the rest of the group. But no, we're not going to talk about individual opportunity, but I think it's a fair question from an aggregate perspective.

飽和牛皮紙（saturated kraft）確實正變成一個相當有趣的市場。我們已經與第一位客戶合作；我也可以繼續談我們在整個投資組合中所做的投資。不過我們把這當作回家作業，幫你以及其他與會者把資料彙整起來。但我們不會談單一機會的細節；不過從整體彙總的角度來看，我認為這是個合理的問題。

You're right on the GLP side, we feel better about our situation today. If you go back just over a year ago, it just feels good not to be in the type of markets confectionery, cookies, crackers and things like that, that we were pretty heavy in. So the portfolio shift, I think, is more favorable this context.

你在GLP那一塊說得對，我們對目前的處境感覺更好。如果回到一年多前，不在糖果、餅乾、薄脆餅乾等那類市場裡（我們以前比重很高），現在感覺確實更好。所以我認為投資組合的轉移，在這個脈絡下是更有利的。

And I would say, but yes, we do participate with salted snacks that what we're seeing there, as we just spoke to in a bit, was that, that growth seems to be -- it is really materializing internationally, where GLPs are just not at the same level as they are here in the United States, particularly in Southeast Asia, that Eastern Europe and even South America, where we've got expansions going on. So feel much better about our situation today from a portfolio perspective to drive through where GLPs will finally settle on that.

我會說，是的，我們確實有參與鹹味零食；而我們在那裡看到的情況——如同我們剛剛稍早提到的——是成長似乎正在國際市場真正顯現出來，因為GLP在那些地方的普及程度並不像美國這裡這麼高，特別是在東南亞、東歐，甚至南美洲，我們也正在進行擴產。因此，從投資組合角度來看，我們對目前的處境好很多，也更有信心能因應GLP最終會落在什麼水準。

Yeah. And Mark, just to give you a little bit more context in the Thailand plant and referring back to a comment that Howard made in his opening statement to that plant will lead to 200 million units on an annual basis for us, and it did contribute a 6% lift in our paper can volume in that region. So it is going to be a significant asset for us and contribution to our overall growth and the strategy for that region.

是的。Mark，再補充一點泰國工廠的背景，呼應Howard在開場致詞中的評論：那座工廠將為我們帶來每年2億個單位的產能，而且它確實讓我們在該區域的紙罐出貨量提升了6%。所以它會是我們的重要資產，並對整體成長以及該區域策略做出顯著貢獻。

With a reminder that that's the start-up of the plant.

提醒一下，那是工廠的起步/試產階段。

You got it.

沒錯。

Right. And the point being to start up, A, there's more to come. B, are there also extra costs that you incur during the start-up phase that presumably fade away?

了解。我的意思是，既然是起步階段，A，後面還會有更多；B，在起步/試產階段你們是否也會產生一些額外成本，而這些成本理論上之後會逐步消退？

Yeah. Always, when you're starting a new operation, yes, you've got a ramp-up curve. But I'll tell you though, we have a heck of a good team. We do a lot of cans in Southeast Asia, and it's -- you never have a vertical, but you're right. We did see some cost including a grand opening that you saw the picture in the slide was well done by the team.

是的。一如既往，當你啟動一個新營運據點時，確實會有爬坡曲線。不過我得說，我們有一支非常強的團隊。我們在東南亞做了大量的罐類業務，而且——你永遠不會做到完全垂直整合，但你說得對。我們確實看到一些成本，包括你在投影片照片中看到的盛大開幕活動，團隊做得很到位。

Great. And maybe this is getting a little too detailed. And if so, you either take it offline or whatever, but is it possible to walk us up a little bit to the $8 million to $10 million, and if we annualize it, $32 million to $40 million, you've got $7.5 billion of sales. So we're talking about 4% or 5%, 40 to 50 basis points of increase, which seems kind of low if freight and those other variables are about -- I think you had said about 10% of revenue. So it would seem like not too big an increase? I don't know if you can quickly easily walk us up sort of the big drivers, basically, how much is freight up on a percentage basis if that's the biggest driver?

很好。也許這有點太細了。如果是的話，你們可以私下再談或怎麼處理都行；但能否帶我們拆解一下那8百萬到1千萬美元——如果年化就是3,200萬到4,000萬美元——相對於你們75億美元的營收。所以我們談的是4%或5%，也就是增加40到50個基點，若運費和其他變數大約——我記得你們說過大約占營收10%——那看起來增幅似乎偏小。所以看起來不是很大的增加？不知道你能否快速帶我們看一下主要驅動因素；基本上，如果運費是最大驅動因素，那運費在百分比上到底上升了多少？

Yeah. And Mark, we did -- probably when you were disconnected, we did cover this. But freight is the largest component of that. And really, we're the -- I'll call it as a recovery to go after that is going to be lagged and delayed. So the $8 million to $10 million is net of all of our recovery efforts set out there. So that's I would say -- so it does seem small. And the reason it is small is because we did put the net number out there, not a gross number.

是的。Mark，我們——你斷線的時候我們大概有談到這點。運費是其中最大的組成項。而且我們——我會把它稱為我們要去追討/回收（recovery）的部分——會有時間落差與延遲。所以這8百萬到1千萬美元，是在我們所有回收努力之後的淨額。所以我會說——因此它看起來確實偏小。而之所以偏小，是因為我們提供的是淨數字，而不是毛數字。

Gabe Hajde, Wells Fargo Securities.

Gabe Hajde，Wells Fargo Securities。

I'm struggling a little bit with maybe just the commentary on the second quarter, and I appreciate there's a lot of uncertainty out there. But specifically, even to growing earnings in Q2, are we talking in EBITDA terms or ETFs? Because I think just the reduction in interest expense would get you something like $0.15 or so of EPS growth. So just a little bit of clarity there, please?

我對於第二季的評論有點難以理解，我也理解目前外部有很多不確定性。但具體來說，即便是談到第二季獲利成長，我們指的是 EBITDA 的角度，還是 EPS？因為我認為單就利息費用的下降，就能帶來大約 0.15 美元左右的 EPS 成長。所以想請你們再釐清一下，謝謝？

Yeah. So Gabe, it will be both an EBITDA and EPS. EPS does receive the benefit of interest favorability year over year as well, too. So that is part of it.

是的。所以 Gabe，會同時體現在 EBITDA 和 EPS 上。EPS 也會受惠於利息費用年對年的有利變動。所以這也是其中一部分。

Okay. And then maybe going -- looking backwards and thinking about even the second quarter, I know there's a lot of moving parts, and I apologize if I missed it. But if we think about North America Food, European food cans and then, I guess, maybe global composite cans. You talked about, I think, Europe food being up low-single digits in Q1, which would imply maybe down by single digits, 8% or so in North America food or aerosol and then I guess, composite can. And then half of that was off because of weather? Just help us maybe on Q1 volume trends in the three different geographies or three different businesses as you think about it.

好的。接著也許回頭看、並思考第二季，我知道有很多變動因素，如果我漏聽了也先致歉。但如果我們看北美食品、歐洲食品罐，然後我想還有全球複合罐。你提到我記得歐洲食品在第一季是低個位數成長，這意味著北美食品或噴霧罐可能是個位數下滑，大概 8% 左右，然後還有複合罐。而其中有一半是因為天氣因素？能否協助我們理解第一季在三個不同地區或三個不同業務的銷量趨勢？

Yes. You're pretty close in your math in terms of low single digits in EMEA and your -- the correlation to how that would have impacted the Americas. I really don't have that full, what does it mean, available to us at this point, and maybe it can be a follow-up that we can give to you.

是的。就 EMEA 低個位數的部分，以及你所推導的、它如何影響美洲的關聯性而言，你的計算相當接近。但目前我們手上沒有完整的拆解、也就是具體代表什麼的資料，也許我們可以後續再補充提供給你。

Okay. And then I guess, Paul, when I think about tax rate, you gave us 26% at the beginning of the year. Maybe interest tracking around $150 million and D&A was a little light in Q1, $125 million. I think we were kind of thinking about $135 million or so. Is the $125 million a good run rate going forward? I'm just thinking about it again, what the translation between EBITDA and EPS, if I take the low end of EPS, call it $585 or so coming off to like $165 implied EBITDA. So anything that we should be mindful of there?

好的。另外我想，Paul，談到稅率，你們年初給的是 26%。利息費用可能大約落在 1.5 億美元，而第一季的折舊與攤銷（D&A）有點偏低，為 1.25 億美元。我們原本大概預期是 1.35 億美元左右。1.25 億美元是否是未來合理的常態水準？我再想一次 EBITDA 與 EPS 之間的換算，如果我用 EPS 的低端，大概 5.85 美元，推回去大概隱含 EBITDA 約 1.65 億美元。所以這裡有沒有什麼我們需要特別留意的？

No. I'd say your depreciation will probably tick up a little bit as some of our products come online later this year, so you'll see a little bit of an increase. But your range is -- you're right in the same ballpark there.

沒有。我會說，隨著我們部分產品在今年稍晚投產，你們會看到折舊可能會小幅上升。但你們的區間——你說的差不多就在同一個範圍內。

Okay. And last one for me, and I apologize if it's repetitive. But getting to Mark's question, our math on transport as our paper businesses, about $20 a tonne of inflation flowing through the system. I think you have 1 million tonnes in North America, maybe 1 million tonnes in Europe.

好的。最後一個問題，也抱歉如果有點重複。回到 Mark 的問題，我們對運輸成本以及我們紙品業務的計算，大概是每噸有 20 美元的通膨在系統中傳導。我想你們在北美有 100 萬噸，歐洲可能也有 100 萬噸。

So that would imply -- I don't know, something $100 million just on inflation there, maybe I'm overestimating things. And then the 75 million pounds of polyethylene or resin buy that you were talking about, I think that was on a quarterly basis. It's up $0.30, give or take, just between April and March. But that would be implied just a lag on that would be maybe the $10 million? Again, I'm trying -- I'm having a hard time reconciling -- and I believe you, right, $8 million to $10 million of inflation versus sort of the math that we have come up with independently. So maybe we're over underestimating?

那這樣推算——我不知道，光是通膨可能就有 1 億美元，也許我高估了。另外你提到的 7,500 萬磅聚乙烯或樹脂的採購量，我記得那是以季度為基礎。它在 4 月相較 3 月上漲了約 0.30 美元上下。但這樣推算，若考慮價格傳導的滯後，可能也就約 1,000 萬美元？我再說一次——我很難把你們說的 800 萬到 1,000 萬美元通膨，和我們自己獨立算出來的數字對起來。所以也許是我們高估或低估了？

Yeah, Gabe, I'd say I'm going to give hats off to our supply chain. They have done a phenomenal job negotiating things. We do have in our contracts, too, some delays in the way the pricing gets passed, those surcharges, the things that you're talking about for freight and hit quicker.

是的，Gabe，我得向我們的供應鏈團隊致敬。他們在談判方面做得非常出色。我們的合約中也有一些延遲機制，價格傳導的方式會有時間差；而你提到的那些運費附加費等項目，反而會更快反映。

Also, you think about how we optimize our transportation, we keep our plants close to our customer bases and things like that as well, too. So we -- they've done a phenomenal job, and we feel fairly confident in our numbers around the $8 million to $10 million as being in that number and exposure. So the gross number, you're probably absolutely spot on. It's definitely in that range. But the team has done a phenomenal job of mitigating it. So like I said, I'm very happy with the progress that they've done.

另外，你也要考慮我們如何最佳化運輸，我們把工廠設在靠近客戶群的地方等等。所以我們——他們做得非常好，我們對於 800 萬到 1,000 萬美元這個數字及其曝險相當有信心。所以你算的總額，你可能完全算對了。確實就在那個範圍內。但團隊在降低影響方面做得非常出色。所以如我所說，我對他們的進展非常滿意。

On the resin side of it, it's variable in terms of contracts, some of which are monthly extending out to quarterly. So that's the balance there. And you've got to look at the anticipation of what was coming and the inventories that we were able to build. And so all of the above points to exactly what Paul said, hats off to our procurement organization and how they manage through this.

至於樹脂方面，依合約而定會有變動，有些是按月、也有延伸到按季的。所以這就是其中的平衡。而且你也得看我們對即將發生的情況的預判，以及我們能夠建立的庫存。因此，以上所有因素都指向 Paul 所說的：要向我們的採購組織致敬，他們是如何在這種環境下管理並度過的。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

A couple of questions. They're all on RPC. So I'll just fire them off one by one here. First, what was RPC volume performance in 1Q? I believe that used to be in the slide deck? On April --

我有幾個問題。都與 RPC 有關。所以我就一個一個快速問。第一個，RPC 在第一季的銷量表現如何？我記得以前投影片資料裡有這個？關於 4 月--

Yes, I don't have visibility of that level. So Matt, when we did the reorganization to the two segments, we're really talking about consumer in total -- we're not going to break out RPC cans. We're not going to break out Metal pack cans. We'll talk to any major events that happen within the quarter, but we're going to keep that more at a consumer total level.

是的，我沒有那個層級的能見度。所以 Matt，當我們重組為兩個事業部門後，我們主要會談整體消費品（consumer）——我們不會再拆分 RPC 罐。我們也不會拆分金屬包裝罐（Metal pack cans）。我們會談季度內發生的任何重大事件，但我們會把揭露維持在整體消費品的層級。

(technical difficulty) last couple of quarters. So about later a couple of more lines. I'm all good there. And then if I may, on the April promotional trends, I mean last year, we think because there is a customer on hold for working capital. (inaudible) Promotional environment changes from that customer now that the deal has closed or has there been broader promotional environment given your customers are seeing cost inflation as well?

（技術問題）最近幾個季度。所以大概再往後幾行。我這邊都沒問題。另外如果可以的話，關於 4 月的促銷趨勢，我是說去年我們認為是因為有一位客戶為了營運資金而暫停。（聽不清）該客戶在交易完成後，促銷環境是否有變化？或者是否因為你們的客戶也面臨成本通膨，而出現更廣泛的促銷環境變化？

You're kind of breaking out, Matt. But I think I understand your question. We're seeing -- it's slowly happening. It's one quarter post new owner of that particular brand. and seeing probably more activity on an international perspective than we have seen here in North America, but things are improving. The relationship is rock solid and again, it does appear, if you look over in Europe and Asia, that's really the starting point of focus when the expectation is then we'll start seeing more activity here in North America over time.

你這邊有點斷斷續續，Matt。但我想我理解你的問題。我們看到——正在緩慢發生。在那個特定品牌更換新所有者後才過了一個季度；從國際角度來看，我們看到的活動可能比北美更多，但情況正在改善。雙方關係非常穩固，而且看起來如果你看歐洲和亞洲，那裡確實是最先開始聚焦的起點；預期接下來隨著時間推進，我們也會在北美看到更多活動。

And then last one, if I may, on RPC. In 2025, how big was frozen juice in that category? And any material headwinds in 2026 we can call out?

然後最後一個問題，如果可以的話，關於 RPC。在 2025 年，該類別中的冷凍果汁規模有多大？以及 2026 年是否有任何我們可以點出的重大逆風？

Concentrate, gosh, it's been a long time since anybody asked about that. was fill in production here, probably more -- it is more related to the Spirit side of things and mixtures. I guess I can say it is public minute made has discontinued relatively immaterial to us and that the volume had reached such a low level. So it's just really not material at this point or prior to.

濃縮汁，天啊，已經很久沒有人問這個了。這裡的產量是補充性生產，可能更多——它其實更偏向 Spirit 相關的業務以及混合品。我想我可以說，公開資訊是 Minute Maid 已經停產，對我們而言相對不具重要性，而且其銷量已經降到非常低的水準。所以在此時點或之前，這部分真的都不具重大性。

George Staphos, Bank of America Securities.

George Staphos，美國銀行證券。

So (inaudible) just fishing up here. Can you talk about or give us some clarity on the size of the reals business within the portfolio? Or remind us how big that might be for you? Secondly, related to some of the activity that didn't necessarily happen last year on the consumer side with some of your customers. Are there any new products that are now being considered that you may actually get some business on for this year? And if you were in a position, could you size any of that for us in terms of the revenue opportunity later in the year? And then lastly, Howard, kind of longer term, looking at slide 10, where you've got the dividend, and you do have a very good track record at Sonoco over the years.

所以（聽不清）我在這裡只是試探性問問。你們能否談談或讓我們更清楚了解，Reels 業務在你們投資組合中的規模？或者提醒我們，對你們而言大概有多大？第二，關於去年在消費端、與你們部分客戶之間一些不一定發生的活動。今年是否正在考慮任何新產品，你們可能實際上會因此取得一些業務？如果你們方便的話，能否就今年稍晚的營收機會，幫我們量化一下規模？最後，Howard，從較長期來看，看看第 10 張投影片，你們有股利，而且 Sonoco 多年來的紀錄非常好。

Certainly, that dividend has been growing more quickly than the organic volume growth rate for the company. You're obviously doing a very, very good job with productivity and mix and all the things that has made Sonoco successful over the years. But how long do you think you can keep growing the dividend at that rate if volume isn't growing at that rate? And when do you think that we will get to a positive on volume in the businesses, Consumer and Industrial? Is it third quarter, fourth quarter 2027? Any thoughts there would be great.

當然，這個股利的成長速度一直快於公司有機量的成長率。你們顯然在生產力、產品組合以及所有讓 Sonoco 多年來成功的事情上，都做得非常、非常好。但如果出貨量沒有以同樣的速度成長，你認為你們還能以那樣的速度讓股利成長多久？以及你認為我們何時會在 Consumer 與 Industrial 這些業務的出貨量看到轉正？是 2027 年第三季、第四季嗎？任何想法都會很有幫助。

Sure. George, yes, there's more than a few new products that will be launched through the second half of the year. I can't tell you what the success rate is going to be and what type of volumes that's ultimately going to materialize in but pretty excited about some of what we see in the formula. It's here in North America. It's also on the consumer side.

好的。George，是的，下半年會推出不只幾個新產品。我無法告訴你成功率會是多少，以及最終會實現什麼樣的量，但我們對配方方面看到的一些東西感到相當興奮。這是在北美。也同樣是在消費端。

On the rail side of the business, it's doubled in the last couple of years, and it's probably about 10% of our industrial segment at this point in time. But again, continues to grow, and we certainly continue to support with capital. I guess that ties into your comment about dividend.

在鐵路相關業務方面，過去幾年已經翻倍，目前大約占我們工業事業部的 10%。但同樣地，它仍在持續成長，我們也確實持續以資本支出來支持。我想這也呼應你對股利的評論。

Yeah. I mean the good news is, if you look at the dividend payout ratio of where we are today, as we've continued to grow, it continues to go down as opposed to where we were not too many years ago, six, seven years ago.

是的。我的意思是，好消息是，如果你看我們目前的股利支付率，隨著我們持續成長，它其實是在下降，而不是像六、七年前那樣。

But you're right, productivity and other benefits to the P&L has certainly helped to support that dividend and the lowering of the payout ratio. When do we get back to growing? We've got some really exciting things in the funnel. But if you recall, in February, we said, look, we got a lot ahead of us over the next two to three years in terms of improving the bottom line for the company with the portfolio that we have today.

但你說得對，生產力以及損益表上的其他效益，確實有助於支撐股利以及支付率的下降。我們何時會回到成長？我們的管線裡有一些非常令人興奮的事情。但如果你還記得，我們在二月說過，未來兩到三年，就改善公司獲利底線而言，以我們今天的投資組合來看，還有很多工作要做。

There's incremental growth. We just talked to some of that. But I'm also very excited about some fairly large innovations from a capital perspective, from a market perspective that are in the funnel, that kind of overlap as we, over the next couple of years, continue to drive the SG&A and other savings within the simplified organization that we'll be starting to kick in with some new products that are indeed material in existing markets that we're excited about.

會有增量成長。我們剛剛也談到其中一些。但我也對管線中一些相當大型的創新感到非常興奮——不論從資本角度或市場角度——這些創新在未來幾年與我們持續推動 SG&A 以及在簡化組織下的其他節省相互重疊；這些節省將開始顯現，同時也會有一些在既有市場中確實具重大性的新品推出，讓我們很期待。

So I can't give you timing, I can't give you amounts, but yeah, we like the trajectory of the dividend. We also like the trajectory of the payout ratio, and we're going to continue to do what we need to do to improve the bottom line while we work on -- again, some pretty exciting things that are to come in the future.

所以我無法給你時間點，也無法給你金額，但沒錯，我們喜歡股利的走勢。我們也喜歡支付率的走勢，而且我們會持續做我們需要做的事來改善獲利底線，同時推進——再次強調——一些未來將到來、相當令人興奮的事情。

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

以上為我們的問答環節。我現在把電話交回給 Roger Schrum 做結語。

Again, thank you for your time this morning. And as always, if you have any further questions, please don't hesitate to give us a call. Thank you, and you can disconnect.

再次感謝各位今天早上的時間。一如往常，如果你有任何進一步的問題，請隨時致電給我們。謝謝，你們可以掛線。

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。感謝各位的參與。你們現在可以掛線。