Sonoco Products Company (SON) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Sonoco second-quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Sonoco 2026 年第二季財報電話會議。（接線員指示）

I will now hand the conference over to Roger Schrum, Head of Investor Relations and Global Marketing Communications. Roger, please go ahead.

現在我將把會議交給投資人關係與全球行銷傳播主管 Roger Schrum。Roger，請開始。

Thank you, Warren, and good morning, everyone. Last evening, we issued a news release and posted an investor presentation that reviews Sonoco's second-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，Warren，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 年第二季的財務結果。兩者皆已刊登於我們網站 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，本週稍後也會上傳逐字稿。

If you would turn to slide 2, I'll 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.

請各位翻到第 2 頁投影片。我提醒各位，在今天的電話會議中，我們將根據目前的預期、估計與推測，討論若干前瞻性陳述。這些陳述不保證未來表現，且受某些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，這能為投資人提供有關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 this morning 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.

今天早上與我一同出席的有：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提供準備好的發言，接著進入問答。

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

請各位翻到簡報第 4 頁投影片，現在我把電話會議交給 Howard。

Thank you, Roger, and good morning, everyone. Our Sonoco team delivered solid second quarter results that met our expectations and exceeded consensus estimates as productivity and cost controls helped offset global inflation in logistics, petroleum-based chemicals and coatings, and raw materials. Paul will go through the financial details, so I'll concentrate my comments on the solid operating performance of our Industrial and Consumer segments, where we are the global leaders in uncoated recycled paper and metal and paper cans.

謝謝你，Roger，各位早安。我們 Sonoco 團隊交出穩健的第二季成果，符合我們的預期並優於市場一致預估；生產力提升與成本控管有助於抵銷全球物流、石油基化學品與塗料，以及原物料的通膨影響。Paul 會說明財務細節，因此我將把重點放在我們工業與消費品兩大事業部的穩健營運表現；我們在未塗佈再生紙以及金屬與紙罐領域為全球領導者。

Results from our Industrial segment exceeded our expectations with operating profits up 4% from what was a strong quarter last year and up 29% from the first quarter. The segment's improvement was driven by $16 million in productivity gains, which more than offset price cost headwinds stemming from rising costs for freight, chemicals, OCC, and lumber.

我們工業事業部的表現優於預期，營業利益較去年同季（當時已是強勁的一季）成長 4%，並較第一季成長 29%。該事業部的改善主要來自 1,600 萬美元的生產力增益，足以抵銷因運費、化學品、OCC 與木材成本上升所帶來的價格/成本逆風。

Driving industrial growth was strong results from our North American URB mills as trade tons were up 6.4%, which boosted mill utilization rates to 95%, the highest level in years. Much of this increased demand came from new market development, such as saturated URB for laminates as well as share gains.

帶動工業成長的是北美 URB 紙廠的強勁表現，外銷噸數成長 6.4%，使紙廠產能利用率提升至 95%，為多年來最高水準。這些新增需求多來自新市場開發，例如用於層壓板的飽和 URB，以及市占率提升。

Reels volumes were up 10% as we continue to benefit from demand from wire and cable customers who are helping with the infrastructure build-out of data centers, serving artificial intelligence investments.

捲筒（reels）銷量成長 10%，我們持續受惠於電線電纜客戶的需求；這些客戶正協助資料中心的基礎建設擴張，以支援人工智慧投資。

Overall, global industrial volume mix was flat for the quarter as the strong results from our mills were partially offset by lower demand in Latin America and some of our converting operations.

整體而言，本季全球工業產品的銷量組合持平；紙廠的強勁表現部分被拉丁美洲需求走弱以及部分加工（converting）業務需求下降所抵銷。

On the consumer side, operating profit was off by 5% during the quarter, but was up 22% sequentially from the first quarter. Productivity and cost containment initiatives boosted consumer results. Paper can volumes were up 9% in EMEA and APAC, with Asia volumes being up 29%.

在消費品方面，本季營業利益年減 5%，但較第一季季增 22%。生產力提升與成本抑制措施推升了消費品事業部的表現。紙罐銷量在 EMEA 與 APAC 成長 9%，其中亞洲銷量成長 29%。

Overall, segment volume mix was off 1.8%, driven primarily by lower metal aerosol cans and adhesives and sealant tube demand in the United States. I would add that both US food can and aerosol volumes were strong last year in the second quarter with volume mix up 6%.

整體而言，事業部銷量組合下滑 1.8%，主要因美國金屬氣霧罐以及黏著劑與密封膠管的需求較低。我也要補充，去年第二季美國食品罐與氣霧罐銷量都很強勁，銷量組合上升 6%。

As shown on slide 5, global inflationary pressure driven by higher energy expenses stemming from the Middle East situation costs us roughly $10 million of operating profit in the quarter. Freight was the largest component of those cost headwinds, but raw materials were also higher, particularly OCC, which is up $40 per ton year-to-date to $100 a ton.

如第 5 頁投影片所示，由中東局勢引發、能源費用上升所帶動的全球通膨壓力，使我們本季營業利益約減少 1,000 萬美元。運費是這些成本逆風中最大的項目，但原物料也上升，尤其是 OCC，今年迄今每噸上漲 40 美元至每噸 100 美元。

While we were behind the price/cost curve in Q2, recovery mechanisms are now in place to fully offset these costs. This includes an April URB and converted product price increase, which fully goes into effect in the third quarter and a $60 ton increase for URB, which went in place on July 8. We have also implemented contracted paper can price increases globally and are adding necessary surcharges to offset higher diesel costs.

雖然我們在第二季的價格/成本曲線上落後，但目前已建立回收機制，可完全抵銷這些成本。其中包括 4 月 URB 與加工產品的漲價（將於第三季全面生效），以及 URB 每噸 60 美元的調漲（已於 7 月 8 日生效）。我們也已在全球推動合約式紙罐漲價，並加收必要的附加費以抵銷柴油成本上升。

Now I'll take a minute and turn the call over to Paul, and then I'll come back on with some thoughts regarding second half expectations.

接下來我先把電話會議交給 Paul，之後我會再回來分享對下半年展望的一些看法。

Thank you, Howard, and good morning, everyone. Before turning to the quarter, two quick reminders. First, all the results discussed today are on an adjusted basis, unless otherwise noted, with a full GAAP reconciliation included in our earnings release and accompanying presentation.

謝謝你，Howard，各位早安。在進入本季之前，先提醒兩點。第一，除非另有說明，今天討論的所有結果皆以調整後（adjusted）為基礎；完整的 GAAP 調節表已包含在我們的財報新聞稿與隨附簡報中。

Second, while the TFP divestiture has now fully annualized, ThermoSafe continues to affect certain year-over-year comparisons within continuing operations, and I'll provide underlying context where it is helpful.

第二，雖然 TFP 的出售案如今已完全反映為全年化影響，但 ThermoSafe 仍會影響持續營運中某些年度比較；在有助理解之處，我會提供相關背景說明。

Turning to the second quarter results on slide 7, the second quarter was another quarter of solid execution in line with the priorities we outlined at Investor Day. We delivered earnings growth, generated strong cash flow, maintained margins, and continue to realize benefits from our profitability performance plan.

請看第 7 頁投影片的第二季結果。本季我們再次展現穩健的執行力，符合我們在投資人日所提出的優先事項。我們實現獲利成長、創造強勁現金流、維持利潤率，並持續享受獲利能力績效計畫所帶來的效益。

Most importantly, these results demonstrate that the strategic actions underway across Sonoco are translating into measurable financial improvement and positioning the company for stronger, long-term performance. Net sales were $1.9 billion, down 1% compared with the prior year.

更重要的是，這些結果顯示 Sonoco 全公司正在推動的策略行動，正轉化為可衡量的財務改善，並使公司具備更強的長期表現定位。淨銷售額為 19 億美元，較去年同期下降 1%。

Pricing gains continue to provide support and helped offset softer demand in select markets, while foreign exchange was a modest tailwind during the quarter. Adjusted EBITDA was $324 million, down 1% versus the prior year, and adjusted EBITDA margin was 17.2%, in line with the prior year period. Productivity, pricing actions, and early contributions from our profitability performance plan helped offset inflationary pressures and supported margin stability in the mixed demand environment.

價格提升持續提供支撐，並有助於抵銷部分市場需求轉弱；同時，本季匯率對我們有小幅順風。調整後 EBITDA 為 3.24 億美元，較去年同期下降 1%；調整後 EBITDA 利潤率為 17.2%，與去年同期相當。在需求環境好壞參半的情況下，生產力提升、定價行動，以及獲利能力績效計畫的早期貢獻，協助抵銷通膨壓力並支撐利潤率穩定。

Adjusted EPS to $1.51 compared to $1.37 in the prior year, supported by the continued execution across the business, benefits from the profitability performance plans and lower interest expense resulting from the debt reduction actions completed over the last year.

調整後每股盈餘（EPS）為 1.51 美元，去年同期為 1.37 美元；此表現受惠於全業務持續的執行力、獲利能力績效計畫的效益，以及過去一年完成降債行動所帶來的利息費用下降。

Prior year second quarter results from the divested ThermoSafe businesses were $66 million of revenue, $11 million of EBITDA, and $0.08 of EPS. Excluding those results, second quarter 2026 revenue and EBITDA grew by 2% and adjusted EPS increased by 17%.

去年第二季已出售的 ThermoSafe 業務貢獻為：營收 6,600 萬美元、EBITDA 1,100 萬美元，以及 EPS 0.08 美元。若排除上述結果，2026 年第二季營收與 EBITDA 分別成長 2%，調整後 EPS 成長 17%。

Operating cash flow was also a highlight, coming in at $301 million, more than $100 million above the prior year. This performance reflects strong earnings conversion and continued discipline around working capital and capital deployment. Taken together, the quarter reinforces the strength of our operating priorities and demonstrates continued progress off of the strategy we laid out at Investor Day.

營運現金流同樣是一大亮點，達 3.01 億美元，較去年同期高出逾 1 億美元。此表現反映了強勁的獲利轉現能力，以及在營運資金與資本配置方面持續的紀律。綜合來看，本季再次印證我們營運優先事項的強度，並展現我們在投資人日所提出策略上的持續進展。

Turning to the EPS bridge on slide 8, I'll take you through the primary drivers of the year-over-year improvement in earnings per share. Adjusted EPS grew $0.14 or 10% year over year within the business. Both the Consumer and Industrial segments benefited from pricing gains and productivity improvements, which helped mitigate input cost pressures and softer volume in several markets.

接著看第 8 頁投影片的每股盈餘（EPS）橋接表，我將帶各位了解推動每股盈餘年對年改善的主要因素。在業務層面，調整後 EPS 年對年增加 0.14 美元或 10%。消費品與工業兩大事業部皆受惠於價格提升與生產力改善，有助於緩解投入成本壓力，以及多個市場較疲弱的銷量。

Nonoperational items also contributed meaningfully to the year-over-year improvement. Lower net interest expense provided $0.14 of a benefit driven by debt reduction actions completed over the past year. Foreign exchange and improved tax rate and other elements also supported the EPS improvement.

非營運項目也對年對年改善做出顯著貢獻。由於過去一年完成的減債行動，淨利息費用下降帶來 0.14 美元的正面效益。外匯、稅率改善及其他因素亦支持 EPS 的提升。

Our profitability performance plan contributed $0.07 during the quarter, marking the second consecutive quarter of realized benefits. This is an important proof point that the program is gaining traction and beginning to deliver the structural cost and productivity improvements we committed to at Investor Day.

我們的獲利績效計畫在本季貢獻 0.07 美元，為連續第二季實現效益。這是一個重要的佐證，顯示該計畫正逐步發揮成效，並開始帶來我們在投資人日所承諾的結構性成本與生產力改善。

The key takeaway from the bridge is straightforward. While the operating environment remains uneven, our teams are executing well. Pricing, productivity, and cost discipline actions are helping offset external pressures and support continued earnings growth.

從橋接表得到的關鍵結論很直接。儘管營運環境仍不均衡，我們的團隊執行表現良好。定價、生產力與成本紀律等措施正協助抵消外部壓力，並支持獲利持續成長。

While the earnings bridge highlights the benefits of those initiatives on profitability, turning those earnings into cash is equally important.

雖然獲利橋接表凸顯這些措施對獲利能力的助益，但將獲利轉化為現金同樣重要。

Turning to the cash flow on slide 9, cash generation remains a central priority for the company, and the second quarter results were strong. Operating cash flow of $301 million was up 56%, and free cash flow of $237 million was up 139% year over year. Gross capital investment was $64 million, consistent with the first quarter spending levels.

接著看第 9 頁投影片的現金流，現金創造仍是公司的核心優先事項，而第二季表現強勁。營運現金流為 3.01 億美元，年對年成長 56%；自由現金流為 2.37 億美元，年對年成長 139%。資本投資總額為 6,400 萬美元，與第一季支出水準一致。

We continue to monitor capital spending very closely and remain focused on projects that generate attractive returns. Our capital allocation priorities remain unchanged: fund the business, support the dividend, and continue strengthening the balance sheet through disciplined capital deployment.

我們持續非常密切地監控資本支出，並專注於能帶來具吸引力報酬的專案。我們的資本配置優先順序維持不變：投入業務、支持股利，並透過審慎的資本運用持續強化資產負債表。

Turning to our segment performance on slide 10. Looking at the Consumer segment first, sales increased 1% year over year to $1.24 billion. Despite continued demand variability in select markets, pricing discipline remains strong at plus 2 points and favorable foreign exchange contributed 1 additional point.

接著看第 10 頁投影片的事業部表現。先看消費品事業部，銷售額年對年成長 1% 至 12.4 億美元。儘管部分市場需求仍有波動，定價紀律依然強勁，貢獻正 2 個百分點，且有利的外匯再貢獻 1 個百分點。

We are seeing volume improvements in several served markets. Looking at metal cans, we had double-digit unit growth in our pet food in EMEA, which now represents 15% of our global food can units.

我們在多個服務市場看到銷量改善。以金屬罐為例，我們在 EMEA 的寵物食品罐單位數呈現兩位數成長，目前已占我們全球食品罐單位數的 15%。

As Howard mentioned earlier, we are seeing strength in the paper can volumes in EMEA and APAC as well. The consumer team continues to make steady progress through pricing discipline, productivity improvements and profitability initiatives. The team remains focused on simplifying processes, strengthening their cost structure, and improving operating performance. These actions are helping position the segment for stronger execution as we move through the balance of the year.

如 Howard 先前提到的，我們也看到 EMEA 與 APAC 的紙罐銷量表現強勁。消費品團隊持續透過定價紀律、生產力改善與獲利提升措施穩健推進。團隊仍聚焦於簡化流程、強化成本結構並改善營運表現。這些行動正協助該事業部在今年剩餘期間具備更強的執行力。

Turning now to Industrial, Industrial sales were $643 million, up 4% versus the prior year. Pricing contributed 3 points of growth, while favorable foreign exchange rate added another point. Volume and mix were flat as growth in the global URB, reels, and industrial plastics offset softer demand in the LatAm market and converting.

接著看工業事業部，工業銷售額為 6.43 億美元，較去年成長 4%。定價貢獻 3 個百分點的成長，而有利的匯率再增加 1 個百分點。銷量與產品組合持平，全球 URB、捲筒（reels）與工業塑膠的成長，抵消了拉丁美洲市場與加工（converting）需求較疲弱的影響。

Segment adjusted EBITDA increased 3% year over year to $122 million. The Industrial segment delivered solid execution in the quarter, supported by productivity improvements, commercial initiatives, and disciplined cost management.

事業部調整後 EBITDA 年對年成長 3% 至 1.22 億美元。工業事業部本季展現穩健執行力，受惠於生產力改善、商業推動方案與嚴謹的成本管理。

While inflation in materials and freight and other operating costs exceeded price recovery during the quarter, productivity initiatives more than offset the remaining pressures and supported year-over-year earnings growth. Given the exit rates we are seeing in both pricing and productivity initiatives, the current actions underway position this segment as we move through the second half of the year.

雖然本季材料、運輸與其他營運成本的通膨高於價格回收幅度，但生產力措施不僅抵消了剩餘壓力，亦支持年對年獲利成長。考量我們在定價與生產力措施上所看到的退出率（exit rates），目前進行中的行動將在下半年推進過程中為該事業部奠定良好基礎。

On the next slide, I'll take you through the progress of our profitability performance plan. On Investor Day, we outlined a three-year initiative designed to strengthen margins, simplify our operating structure, improve commercial execution, and enhance the long-term profitability and competitiveness of Sonoco. We are encouraged by the progress we've made through the first half of the year.

在下一頁投影片，我將說明我們獲利績效計畫的進展。在投資人日，我們提出一項為期三年的計畫，旨在強化利潤率、簡化營運架構、提升商業執行力，並增進 Sonoco 的長期獲利能力與競爭力。我們對今年上半年的進展感到鼓舞。

During the second quarter, the program delivered $10 million of savings, bringing the year-to-date savings to $18 million. Annualized savings now stand at roughly $38 million for modeling purposes, representing 25% at the low end of our three-year target range.

第二季該計畫帶來 1,000 萬美元的節省，使年初至今的節省達到 1,800 萬美元。以建模用途而言，年化節省目前約為 3,800 萬美元，約占我們三年目標區間低端的 25%。

More importantly, these benefits are already visible in our financial results today and reinforce our confidence in margin improvement and earnings growth objectives we outlined at Investor Day. The progress we are seeing reflects the quality of the initiatives underway and the organization's ability to execute. While we are still early in the program, the results achieved to date are encouraging and reinforce our confidence in the path ahead.

更重要的是，這些效益已在我們目前的財務結果中可見，並強化我們對投資人日所提出的利潤率改善與獲利成長目標的信心。我們所看到的進展反映了目前推動中各項措施的品質，以及組織的執行能力。雖然計畫仍在早期階段，但迄今成果令人振奮，並進一步強化我們對未來路徑的信心。

Turning now to our full-year guidance on slide 12. Based on our year-to-date performance, the momentum we are seeing across our operating initiatives and our expectations for the balance of the year, we remain confident in our ability to deliver results within our previously communicated guidance.

接著看第 12 頁投影片的全年指引。基於年初至今的表現、我們在各項營運措施上所看到的動能，以及對今年剩餘期間的預期，我們仍有信心在先前溝通的指引範圍內交付成果。

For the full year, we continue to expect net sales of $7.25 billion to $7.75 billion, adjusted EBITDA of $1.25 billion to $1.35 billion, adjusted earnings per share of $5.80 to $6.20, and operating cash flows of $700 million to $800 million.

就全年而言，我們仍預期淨銷售額為 72.5 億至 77.5 億美元，調整後 EBITDA 為 12.5 億至 13.5 億美元，調整後每股盈餘為 5.80 至 6.20 美元，營運現金流為 7 億至 8 億美元。

As we move through the second half of the year, our priorities remain unchanged. We are focused on executing the profitability performance plans, driving productivity improvements, maintaining pricing discipline, and strengthening the working capital performance. Sonoco is becoming a more focused, more streamlined, and more financially disciplined company.

進入下半年，我們的優先事項維持不變。我們聚焦於執行獲利績效計畫、推動生產力改善、維持定價紀律，並強化營運資金表現。Sonoco 正成為一家更聚焦、更精簡、且財務紀律更強的公司。

In summary, the second quarter demonstrated continued execution aligned with priorities established at Investor Day. We generated strong cash flow, maintained our EBITDA margins, advanced our profitability performance plans, and delivered year-over-year EPS growth.

總結而言，第二季展現了與投資人日所建立優先事項一致的持續執行力。我們創造了強勁的現金流、維持 EBITDA 利潤率、推進獲利績效計畫，並實現 EPS 年對年成長。

Collectively, these actions are improving the quality of our earnings, strengthening the balance sheet, increasing the company's long-term value creation. We are encouraged by the momentum we have built through the first half of the year and remain focused on delivering our commitments for 2026.

綜合而言，這些行動正在提升我們獲利的品質、強化資產負債表，並提高公司長期價值創造能力。我們對上半年所建立的動能感到鼓舞，並將持續專注於兌現我們對 2026 年的承諾。

With that, I'll turn the call over to Howard.

接下來，我把電話會議交給 Howard。

Thanks, Paul. And to your point, Sonoco is well positioned entering the second half. Let me explain why I'm bullish, starting with our Industrial segment. As shown on slide 14, our team continues to ramp up production of saturating URB for a growing opportunity in high-pressure alignments.

謝謝，Paul。也如你所說，Sonoco 在進入下半年時具備良好態勢。我先從工業事業部開始，說明我為何看多。如第 14 頁投影片所示，我們的團隊持續提升用於高壓貼合（high-pressure laminates）成長機會的浸漬用 URB 產能。

Recognizing an unmet need in this market, we took more than a year of technical development, trialing and testing to develop a recycled paper grade that can be used in making laminate products for countertops, flooring, composite boards and decorative panels.

我們注意到該市場存在未被滿足的需求，因此投入超過一年的技術開發、試作與測試，開發出一種可回收紙等級，可用於製作檯面、地板、複合板材與裝飾面板的層壓產品。

By the end of this year, we'll be producing roughly 10,000 tons annually. And with added capability, we expect to increase to 20,000 tons annually by the end of 2027. We're being conservative about this new market, but we think there is additional growth potential, but we will need further capacity to meet domestic demand.

到今年年底，我們每年將生產約 10,000 噸。隨著能力提升，我們預期到 2027 年底可提高至每年 20,000 噸。我們對這個新市場採取保守態度，但我們認為仍有額外的成長潛力；不過，要滿足國內需求，我們將需要進一步擴充產能。

In addition to market leadership in URB, we also are the North American market leader in the production of nailed wood, metal, and polyfiber reels as shown on slide 15. In the second quarter, we completed a $20 million expansion at our Hartselle, Alabama wire and cable reels production center. This capacity addition is vitally needed to address the fast-growing wire and cable industry's demand and building out artificial intelligence data centers, along with serving the growing power grid and communication markets.

除了在 URB 市場的領導地位之外，如投影片 15 所示，我們也是北美釘製木捲盤、金屬捲盤與聚纖維捲盤的生產市場領導者。第二季，我們在阿拉巴馬州哈茨爾（Hartselle）的電線與電纜捲盤生產中心完成了 2,000 萬美元的擴建。這項產能增加對於因應快速成長的電線電纜產業需求、人工智慧資料中心建置，以及服務日益成長的電網與通訊市場而言至關重要。

Even though we increased sales by 13% and volumes 10% in the second quarter, we have been essentially sold out and needed this additional capacity to meet market demand. Currently, we're starting up new robotic equipment that will enable us to increase our nailed wood reels production by approximately 15%.

儘管第二季我們的銷售成長 13%、出貨量成長 10%，但我們基本上已接近滿載銷售，因此需要這些額外產能來滿足市場需求。目前我們正在啟動新的機器人設備，將使我們的釘製木捲盤產量提升約 15%。

Now switching to our Consumer Packaging segment. We continue to develop new commercial opportunities through new products and market developments as illustrated on slide 16. Our new paper can plant in Thailand, which came online in March is continuing to ramp up production and recently started a second line that allow us to produce roughly 200 million units annually with room for additional growth.

現在切換到我們的消費者包裝事業部。如投影片 16 所示，我們持續透過新產品與市場開發來拓展新的商業機會。我們位於泰國的新紙罐工廠於 3 月投產後，持續爬坡提升產量，近期也啟動了第二條產線，使我們每年可生產約 2 億個單位，且仍有進一步成長空間。

In addition, we will be adding new paper can production lines in South America and the US in 2027 to serve growing snack customers. In Europe, Sonoco is the largest producer of metal cans serving seafood and vegetables, which are two of the largest can markets. To improve efficiency and to meet demand in the Italian market, we are installing two new can lines to serve tomato and tuna customer.

此外，我們將於 2027 年在南美與美國新增紙罐生產線，以服務成長中的零食客戶。在歐洲，Sonoco 是金屬罐最大生產商，服務海鮮與蔬菜兩大罐裝市場。為提升效率並滿足義大利市場需求，我們正安裝兩條新的製罐產線，以服務番茄與鮪魚客戶。

As Paul mentioned, pet food grew double digits in the quarter and represents one of the fastest-growing markets globally. We're launching new projects to grow our position, particularly in Europe. We recently opened a new metal can and ends production line in France that will enable us to work more closely in partnership with key brands and co-packers.

如 Paul 所提到，寵物食品在本季呈現兩位數成長，並且是全球成長最快的市場之一。我們正啟動新專案以提升我們的市場地位，特別是在歐洲。我們近期在法國啟用一條新的金屬罐與罐蓋（ends）生產線，將使我們能與關鍵品牌與代工包裝商更緊密合作。

Finally, our commercial teams have been working with our engineers as we invest to grow new products, which include examples such as Orbit, easy-open closures, which make opening jars easier than regular twist closures.

最後，隨著我們投資發展新產品，我們的商務團隊一直與工程師合作；其中包括例如 Orbit 易開式封蓋，讓開罐比一般旋轉式封蓋更容易。

Ecopeel, an easy-open feature for metal food cans, which uses less materials. New microwavable-safe metal bowls, which are a highly recyclable alternative to traditional plastic trays for ready meals and convenience foods. And finally, our proprietary Greencan packaging innovation featuring up to 98% paper content that is able to package a wide range of dry food products.

Ecopeel，一種金屬食品罐的易開功能，使用更少材料。新的可微波安全金屬碗，作為即食餐與便利食品傳統塑膠托盤的高可回收替代方案。最後，我們的專有 Greencan 包裝創新，紙含量最高可達 98%，可用於包裝多種乾燥食品產品。

Turning to slide 17, we are encouraged that several key indicators are strengthening in our favor as we begin our busiest period of the year. Demand for Sonoco URB in North America, as we've noted, is very strong and our backlogs have grown, which requires that we import paper from Europe and Latin America mills through the third -- all the way through the third quarter.

轉到投影片 17，隨著我們進入一年中最繁忙的時期，我們很受鼓舞地看到幾項關鍵指標正朝有利於我們的方向增強。如我們所提，北美對 Sonoco URB 的需求非常強勁，我們的訂單積壓也已增加，因此需要一直到第三季都從歐洲與拉丁美洲的紙廠進口紙張。

To remind you, this is a very complex market, and this allows us to not only ensure supply security, but also enables longer sustainable grade runs in North America, which further drives our productivity.

提醒各位，這是一個非常複雜的市場；這不僅讓我們能確保供應安全，也使北美能進行更長、更具永續性的紙種連續生產，進一步提升我們的生產力。

In consumer, as I mentioned, new paper can growth in Europe, Asia, South America, and North America has us exploring additional capacity expansions while customer promotions and new product launches are projected to lift can volumes as we enter the important pack season in both the US and EMEA.

在消費者端，如我所提，歐洲、亞洲、南美與北美的新紙罐成長，促使我們評估進一步的產能擴張；同時，客戶促銷與新產品上市預期將在我們進入美國與 EMEA 的重要包裝旺季時，帶動罐裝出貨量提升。

And finally, we now have in place inflation recovery mechanisms, which will help us restore our margins. While we remain mindful of external macroeconomic conditions, we are confident in our strategy, our portfolio, and ability to execute through economic cycles.

最後，我們目前已建立通膨回收機制，將有助於我們恢復利潤率。雖然我們仍留意外部總體經濟情勢，但我們對自身策略、產品組合以及跨越經濟循環的執行能力充滿信心。

So with that, operator, we'd be happy to take any questions that the folks may have.

因此，接下來請接線員，我們很樂意回答各位可能有的任何問題。

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

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

Thanks. Hi, everyone. Good morning. Thanks for the details. My two questions. Howard, over the weekend, we got some of the market commentary from the trade publications regarding some of the markets. And there was commentary that the URB market actually loosened at least in terms of what the trade pubs were hearing from their respondents.

謝謝。各位好。早安。謝謝你們提供的細節。我有兩個問題。Howard，週末我們從產業刊物取得了一些關於部分市場的評論。其中有評論指出，至少就這些產業刊物從受訪者那裡聽到的情況而言，URB 市場其實有所鬆動。

Is there anything -- I recognize you're bringing in paper from Europe, but did any of your markets loosen? What, if anything, do you think might be observed by respondents? And I guess, do you remain comfortable with your pricing for July?

有沒有任何情況是——我知道你們從歐洲進口紙張——但你們的任何市場有出現鬆動嗎？你認為受訪者可能觀察到的是什麼（如果有的話）？另外，你們對 7 月的定價仍然感到安心嗎？

The second question, as we look back at our notes and what you're talking to coming out of 1Q, looks like Industrial did better. It looks like Consumer maybe was a bit off from your trajectory coming into 2Q. Would you agree with that? And where were, if there were, some of the variances in consumer, especially in consumer volume in North America, if you can talk to that? Thank you.

第二個問題，回頭看我們的筆記以及你們在第一季後所談到的內容，看起來工業端表現更好。消費者端似乎可能比你們進入第二季時的軌跡稍微偏弱一些。你同意嗎？如果有的話，消費者端的差異主要在哪裡，特別是北美的消費者端出貨量，你能談談嗎？謝謝。

Sure, George. Look, no, we are not seeing any weakness in our served markets under URB. As you know, we focus on the high end of the market. It just -- frankly, that was a bit of a surprise for us to read that. So we have gained some share along the way.

當然可以，George。你看，沒有，我們在 URB 所服務的市場並沒有看到任何疲弱。如你所知，我們聚焦在市場的高端。坦白說，讀到那樣的內容我們也有點意外。因此一路走來我們也取得了一些市占。

But I really can't comment because we, as I said in my commentary, are actually looking at backlogs all the way through the third quarter. We are bringing paper in support of demand here in North America.

但我真的無法評論，因為如我在評論中所說，我們目前看到的訂單積壓一直延伸到第三季。我們正在進口紙張，以支援北美這裡的需求。

But as I noted again in my commentary, we can serve the market. It's just when we get to these type of operating rates in order to be as efficient as we can, it makes better sense for us to set up on our high-quality, high-performing grades and run, run, run and fill in with material from overseas. So I can't answer the question on what that survey -- where that data came from because we certainly are not seeing that.

但如我在評論中再次提到，我們能夠供應市場。只是當我們達到這類的開工率時，為了盡可能提高效率，對我們而言更合理的做法是以高品質、高績效的紙種進行設定，然後持續運轉、運轉、再運轉，並以海外材料來補足缺口。所以我無法回答那份調查——那些數據來源為何，因為我們確實沒有看到那種情況。

On the consumer side, particularly in North America, we did see a bit of a slowdown, but it was somewhat, I would call, macro related, particularly in the adhesives and sealants. As you know, we are the largest producer of caulking cartridges, mastic cartridges in the US. And particularly in June, we saw a bit of a pullback. But that is more of a housing-related remodeling type. And could that be an indicator of what's to come? Maybe. But that was probably the biggest.

在消費者端，特別是北美，我們確實看到些許放緩，但我會說這在某種程度上與總體環境有關，尤其是在黏著劑與密封膠領域。如你所知，我們是美國最大的填縫膠筒（caulking cartridges）與膠泥筒（mastic cartridges）生產商。特別是在 6 月，我們看到一些回落。但那更多與住房相關的翻修類需求有關。這會不會是未來走勢的指標？也許。但那可能是最大的因素。

Aerosols were slightly down. We had a tough comp for sure. But the two, you can say, portions of that are related to that segment, spray paints, et cetera. Other than that, things seem to be well in order. I also talked about the international side, really strong snack performance and overall performance outside the United States that really help balance things.

氣霧罐（aerosols）略有下滑。我們確實面臨較高的比較基期。但其中你可以說有兩個部分與該事業部相關，例如噴漆等。除此之外，整體看起來都相當有序。我也談到國際市場方面，零食表現非常強勁，以及美國以外的整體表現確實有助於平衡。

George, on the commentary, too, on the URB markets, our North American mills are running at 95% utilization. Our European mills are at 92%, and we're not seeing any slowdown in there. So I echo what Howard said, too, is we have a very technical quality grade of paper and our servicing industry goes out there really, really well. So we're not seeing any slowdown in the markets that we serve today in that URB space. So it is a very strong demand still.

George，另外就 URB 市場的評論而言，我們北美紙廠的產能利用率在 95%。我們歐洲紙廠在 92%，我們也沒有看到任何放緩。所以我也呼應 Howard 所說：我們的紙張屬於非常技術性、品質等級很高的產品，而我們所服務的產業表現也非常、非常好。因此，在我們目前所服務的 URB 領域市場，我們沒有看到任何放緩。所以需求仍然非常強勁。

Okay. I'll go back in queue. Thank you, guys.

好的。我會回到隊列裡。謝謝各位。

Anthony Pettinari, Citi.

Anthony Pettinari，花旗。

Good morning. Just following up on George's question. I was wondering if you could talk about maybe second half volume expectations that are assumed for your full year guide? And if there's any finer point you'd put on RPC versus metal cans and any early reads on pack season or maybe it's too soon.

早安。我想接續 George 的問題。我想請你談談，你們全年指引中所假設的下半年出貨量（volume）預期大概是怎樣？另外，關於 RPC 相較於金屬罐是否有更細的觀察，以及對包裝旺季（pack season）的初步判讀，或是現在還太早。

I'd say year over year, as we've entered the second quarter, pack season looks to be solid in both regions. What are we modeling low to mid-single digits on the consumer side of things year over year and low single digits on the industrial side. But the pack seasons are starting out pretty impressively at this point in time. We'll see if that sustains itself through the quarter.

我會說，以年對年來看，隨著我們進入第二季，兩個地區的包裝旺季看起來都很穩健。我們的模型假設是：消費端年對年為低到中個位數成長，工業端為低個位數成長。但就目前而言，包裝旺季的開局相當亮眼。我們會觀察這樣的態勢能否在本季持續。

Okay. That's helpful. And then I was wondering, over the weekend, we heard news about potential tariffs on Canadian paperboard maybe coming into place next month. I think in the past, some URB had come from Canada. And I'm just wondering, does that impact any part of your business?

好的。這很有幫助。另外我想問，週末我們聽到消息說，可能對加拿大紙板徵收關稅，或許下個月就會上路。我記得過去有些 URB 來源是加拿大。我想確認一下，這會影響你們業務的任何部分嗎？

I would say it's still an understanding and process of how this is going to settle out. But while we do cross-border, it's relatively immaterial. However, then --

我會說，我們仍在理解並釐清這件事最終會如何落定。不過，雖然我們確實有跨境業務，但相對而言影響不大。然而，接著--

Got it. Got it. Thank you.

了解。了解。謝謝。

Yeah. Thanks, man.

好的。謝啦，老兄。

John Dunigan, Jefferies.

John Dunigan，Jefferies。

Good morning, Howard, Paul, Roger. Thanks for all the details and congrats on the solid quarter. I just wanted to touch first on the news that one of your peers who hasn't been in URB is now looking to add about 10% to URB capacity by the end of 2027.

早安，Howard、Paul、Roger。謝謝你們提供這麼多細節，也恭喜本季表現穩健。我想先談一下新聞：你們其中一位同業，過去沒有涉足 URB，現在計畫在 2027 年底前把 URB 產能增加約 10%。

So I'm just wondering how much of your open market tons would you say is insulated from this and whether that be from longer-term contracts or markets like laminates that you have a clear competitive advantage? Just trying to gauge the potential impact going into next year.

所以我想請教，你們在公開市場（open market）的出貨量中，大概有多少可以說是不受這件事影響的？例如因為有較長期合約，或是像積層材料（laminates）這類你們具備明顯競爭優勢的市場。我只是想衡量一下，進入明年可能的影響。

All right. Thanks, John. Yeah, Howard was saying. So what I would say is URB is a very complex market. We -- as you're well aware, we have invested heavily frankly, we've been in it for over 125 years. But in the last five to eight years, we have really invested in our capabilities. And one thing that we have been clear about is that we are focused on the high end, high-quality, truly demanding markets.

好的。謝謝你，John。對，正如 Howard 剛才提到的。我會說 URB 是一個非常複雜的市場。我們——如你所知——投入了大量資本與資源，坦白說，我們在這個市場已經超過 125 年。但在過去五到八年，我們確實大幅投資於自身能力。而我們一直很清楚的一點是：我們聚焦在高端、高品質、真正要求嚴苛的市場。

It's not just about the product that we produce, but it's what's behind the scenes, the service, the various applications and our deep knowledge of usage of our product and how we can solve problems for our customers.

這不只是我們生產的產品本身，還包括幕後的服務、各種應用，以及我們對產品使用方式的深度理解，並且能如何為客戶解決問題。

So we don't target. We don't play in a commodity side of this business on a regular basis. And we are full as we can be servicing the high end of the market. We're now bringing materials in from Europe and Latin America. That's because they, too, can make and do make and participate in these higher-end markets. So yeah, we hear that. And I don't see where that has any bearing on what we do for a living.

所以我們不會去鎖定、也不會經常在這個業務的商品化（commodity）端競爭。我們不會在這門生意的商品端常態性地參與。而且我們在服務市場高端需求方面，產能已經盡可能滿載。我們現在也從歐洲與拉丁美洲引進材料。那是因為他們也能生產、也確實在這些高端市場中參與。所以，是的，我們有聽到這個消息。但我看不出這會對我們的核心業務造成任何影響。

That's great to hear. And then just going back to the comments on tariffs. So I understand that you guys don't really ship a lot from Canada into the US. I believe some of your peers in Canada do. Do you think that's material enough to maybe offset the new capacity coming online from one of your US competitors? Obviously, the whole situation is fluid, and we had to actually see 50% tariffs on URB get implemented. But I'm just wondering how much could actually be constrained if these tariffs go into place?

很高興聽到。另外回到關稅的評論。我理解你們其實不太會從加拿大大量出貨到美國。我相信你們在加拿大的一些同業會。你認為這是否足夠具實質性，可能抵消你們某家美國競爭對手新增產能上線的影響？當然整個情況仍在變動，我們也得真的看到 URB 50% 關稅被實施。但我想問，如果這些關稅生效，實際上可能會有多少供給被限制？

Yeah. I think first off, it depends on what the ultimate ruling is, meaning is of what's tariffs, what's not tariff. I'm not all that familiar. I agree with you. There's a couple of folks that in Canada that probably do cross-border.

是的。我想首先，這取決於最終裁定是什麼，也就是哪些算關稅、哪些不算。我對此並不是非常熟悉。我同意你的看法。加拿大那邊確實有幾家可能有跨境出貨。

I would imagine they participate. And I would assume in the tube and core side of things with smaller players. I don't want to be speculating, but there'd be a real effort there to requalify someone that's not been a participant in this market to make sure they've got a product that would perform outside of the simplest grades that are available in the marketplace.

我想他們會參與其中。而且我猜在紙管與紙芯（tube and core）這一端，可能是一些較小的業者。我不想做過多推測，但若要重新認證一家過去未曾參與這個市場的供應商，會需要很大的努力，以確保他們的產品能在市場上最基本等級之外也能達到所需的性能表現。

Appreciate it. Thanks for the insights, and I'll get back in the queue.

了解，謝謝。感謝你的見解，我會回到隊列裡。

Mike Roxland, Truist Securities.

Mike Roxland，Truist Securities。

Thank you, Howard, Paul, Roger, for taking my questions. One quick one just on the -- on your guide. Howard, I think your comment, it sounds like your guidance for the year embeds the July price increase of $60 per ton. However, as George noted, the trade publication didn't reflect that in the latest print. So can you help us understand any downside risk to the guide should that price increase not ultimately be implemented, particularly, I would assume that you still be negative price cost if you don't get that additional $60 through. So any color you can provide on negative or downside risk to your guide should that not be reflected?

謝謝 Howard、Paul、Roger 回答我的問題。我有一個關於你們指引的小問題。Howard，我理解你的評論聽起來是：你們今年的指引已經納入 7 月每噸 60 美元的漲價。不過如 George 所提，最新一期的產業刊物並未反映這點。所以你能否協助我們理解：如果這次漲價最終沒有落實，對指引可能有哪些下行風險？特別是我猜如果拿不到額外的每噸 60 美元，你們的價格/成本（price-cost）可能仍會是負向。因此，若最終未反映這次漲價，你能否提供一些關於指引負面或下行風險的說明？

Yeah. Thanks, Michael. I'll let Paul jump in this in a little deeper, but what I would say what we really feel good about the third quarter that we've got the recognition and pricing, while it was recognized in second quarter, contractually July 1 is when we really start seeing complete pass-through of the inflation that we have seen and the pricing that we deserve going into the third quarter.

好的。謝謝你，Michael。我先讓 Paul 再更深入補充，但我想說的是：我們對第三季其實很有信心，因為我們已經取得認列與定價；雖然第二季已經有部分認列，但依合約條款，7 月 1 日才是我們真正開始看到先前通膨以及我們應得定價能夠完整轉嫁（pass-through）的時間點，進入第三季會更明顯。

And I'll add to it on the consumer side, we have some major contracts that, based on our customers' financial years, were pricing in the first half of the year was not passed that we'll be passing July 1, August 1 timeframe. So it's on both sides of the business for Q3, Q4. Paul, do you have --?

我再補充消費端：我們有一些主要合約，因為客戶的會計年度安排，上半年原本未能轉嫁的定價，會在 7 月 1 日、8 月 1 日這個時間區間開始轉嫁。所以第三季、第四季在兩個業務端都會反映。Paul，你有--？

Yeah. So Michael, just I echo what Howard is saying it too is our demand is really strong. And even though the guide came out last Friday and didn't indicate any movement in the pricing that's out there, we're not seeing any slowdown. Our full expectation is that we will be able to pass it.

有的。Michael，我呼應 Howard 的說法，我們的需求確實非常強勁。即使上週五發布的指引、以及外部最新的價格資訊沒有顯示任何變動，我們也沒有看到需求放緩。我們完全預期能夠把這次漲價轉嫁出去。

But just as a reminder, we're shifting to like to tan bending chip as an indicator for our profitability and a $10 movement in that is about a $10 million annualized number that's out there, so call it, $2.5 million a quarter of an impact.

但提醒一下，我們正轉而以類似 tan bending chip 作為我們獲利能力的指標，而該指標每變動 10 美元，大約相當於年化 1,000 萬美元的數字，所以可視為每季約 250 萬美元的影響。

So if you do see some movement, it's hard to predict the future that's out there. But given our demand levels across our industrial space today, we are not seeing any weakening. So that would help us position for a very strong pricing position on a go-forward basis. Now we do have that this round of price increase would impact primarily the fourth quarter. Given the timing and the nature of it, it would go live into basically starting October timeframe.

所以如果你確實看到一些變動，未來很難預測。但以我們目前在工業領域的需求水準來看，我們沒有看到任何走弱。因此，這將有助於我們在未來維持非常強勢的定價地位。另外，這一輪的漲價主要會影響第四季。考量時點與性質，基本上會在 10 月左右開始生效。

So it would be more of a fourth quarter impact than it would be a third quarter impact for us.

所以對我們而言，影響會更偏向第四季，而不是第三季。

Got it. Very clear. Appreciate the color. And then just one quick follow-up, follow-up if I have you. It seems like in terms of profitability performance, you stressed that's gaining traction, but it seems like there was a little bit of a deceleration in 2Q relative to 1Q.

了解。非常清楚。感謝補充說明。接著我再快速追問一個問題。看起來就獲利表現而言，你強調正在取得進展，但似乎第二季相較第一季有一點點放緩。

Is that just a function of the macro higher inputs? Or is there something else going on? And can you help us think about the profitability performance acceleration in 3Q and 4Q? Thanks.

這只是因為宏觀環境下投入成本上升的因素嗎？還是有其他事情在發生？你能否協助我們理解第三季與第四季獲利表現加速的情況？謝謝。

Yeah. So the profitability performance plans that we outlaid at Investor Day, we feel really good about it. Now we are focusing more on the back-office functions in the first early phases of this, and that's really what you're seeing in that $8 million in Q1 and then $10 million and it's accelerating.

是的。我們在投資人日所提出的獲利表現計畫，我們對此感覺非常好。目前在這個計畫的早期階段，我們更聚焦在後勤/後台職能上，這也正是你所看到的：第一季 800 萬美元，接著第二季 1,000 萬美元，而且正在加速。

Now we do have plans on the operations front to focus on our footprint and some more of the improvements that are out there. Those structural changes take a little bit longer to implement. We need to move lines, things of that nature. So you'll see larger acceleration of the profitability performance plan in Q3, Q4 and then also in '27 and '28 and beyond. But I feel really good about where we sit today, confident that the teams are doing the right things and the whole organization is focused in on.

另外，在營運端我們也有計畫，將聚焦於我們的據點布局以及其他改善措施。這些結構性變更需要更長時間才能落地。我們需要移轉產線之類的工作。因此你會在第三季、第四季，以及 2027、2028 年及之後，看到獲利表現計畫更大幅度的加速。但我對我們目前的位置感覺非常好，也有信心團隊正在做正確的事，整個組織也都專注在這上面。

Thank you.

謝謝。

Mark Weintraub, Seaport Research Partners.

Seaport Research Partners 的 Mark Weintraub。

Thank you. First, just one quick clarification on the URB. You talked about $10, $10 million-ish or so. I thought though that some of the pricing is actually like tied to OCC, not necessarily what Pulp and Paper Week is doing. Could you just clarify -- recognizing the expectation is that you are going to see that price increase reflected. But if it were not to be, what type of impact does it have?

謝謝。首先，關於 URB 我想快速釐清一下。你提到 10 美元、約 1,000 萬美元左右。但我以為有些定價其實是與 OCC 掛鉤，而不一定取決於 Pulp and Paper Week 的走勢。你能否釐清一下——我們理解你們預期會看到這次漲價反映出來。但如果沒有反映出來，會造成什麼樣的影響？

I think it's less than that the numbers you were saying, but if you could just clarify, please.

我認為影響應該小於你剛才提到的數字，但能否請你說明一下？

Yeah, Mark. So OCC is -- it's definitely an input cost that's out there. But really, what we had shifted the market to is tan bending chip a while ago. OCC will move. And if it moves up or down, that's a reflection of our input costs. And I think before we have said a $10 movement in OCC is a $6 million to $8 million impact on an annualized basis, so call it, $1.5 million to $2 million a quarter type of a number.

好的，Mark。OCC 的確是一項投入成本。但我們其實在一段時間前就已把市場的指標轉向 tan bending chip。OCC 會波動。而它上升或下降，反映的是我們的投入成本。我想我們之前提過，OCC 每變動 10 美元，年化影響約 600 萬到 800 萬美元，所以每季大約 150 萬到 200 萬美元左右。

Okay. Got it. So you have moved more to -- you did say that. I'm sorry. Thank you.

好的。了解。所以你們已更多轉向——你確實有提到。不好意思。謝謝。

Then second, -- so it's interesting because you've been -- you're pointing out a lot of areas where you're seeing nice growth on the consumer side and where it can make sense for you to be investing in some of that going on right now. And yet the overall number still hasn't been very good.

第二點——這很有意思，因為你一直在指出消費端有許多領域出現不錯的成長，而且目前投資其中一些領域對你們而言是合理的。但整體數字看起來仍然不太好。

I mean, are there certain areas where you would highlight where you think it's cyclical, i.e., like the building products area. Are there other areas where there are cyclical or secular concerns that are offsetting the areas where you are talking about growth? Just trying to get a sense as to with all these specific areas of opportunity, where are the risks of offset that it doesn't translate to as much upside as potentially one looking at the specifics of growth might believe is possible?

我的意思是，有沒有某些領域你會特別指出你認為是景氣循環性的，例如建材相關領域？是否還有其他領域存在循環性或結構性（長期）疑慮，抵銷了你所談到的成長領域？我只是想了解：在這些具體機會之下，哪些風險或抵銷因素可能導致它無法轉化為那麼多的上行空間——也就是說，可能不如只看成長細項時所認為的那麼樂觀？

Well, let me start with the positive side of things. I noted in my commentary that globally, our stock volumes have been turbocharged, if you will, 29% increase in Asia, 9% in EMEA, APAC total region. And we've talked about this in many, many calls about one of our largest customers on the consumer side has changed hands. Prior to that, we had invested capital that got put on hold.

我先從正面來說。我在評論中提到，全球而言，我們的原紙（stock）出貨量可說是被「加速推進」：亞洲成長 29%，EMEA 成長 9%，也就是 APAC 整體區域。而且我們在很多次電話會議中都談到，我們消費端最大客戶之一已經易主。在那之前，我們投入的資本支出曾被暫緩。

We're seeing that capital go to work now. So I've had folks independently ask about World Cup and that impact. But what we're really seeing is an acceleration of market expansion from a couple of customers actually on an international perspective. So that's really a positive thing for the rigid paper side of the business.

現在我們看到那些資本開始投入運作。也有人獨立詢問過世界盃及其影響。但我們真正看到的是，從國際角度來看，有幾位客戶的市場擴張正在加速。因此，這對我們硬質紙（rigid paper）業務來說確實是正面的。

I guess your question, as we look into the third quarter, and as I said earlier, early indicators, don't see -- we're not expecting to see much improvement as it relates to the housing market-related caulking cartridge, that type of business. But what we're hearing from our customers is things like pet food, things like canned fish, it's a global phenomenon going on in terms of the growth rates.

至於你的問題，當我們展望第三季，如我先前所說，從早期指標來看——我們不預期與房市相關的填縫膠筒（caulking cartridge）這類業務會有太多改善。但我們從客戶那邊聽到的是，像寵物食品、像罐頭魚，這些在成長率方面是一個全球性的現象。

And so we're seeing tuna volumes in Europe almost -- well, outstripping our demand to the point where we're adding additional capacity tomato similarly. So yeah, are there macro, are there weather-related issues that are unforeseen at this point in time, they could come in play. That's certainly always the case. But right now, things are feeling really positive.

因此我們看到歐洲的鮪魚需求量幾乎——嗯，已經超過我們的供應能力，以至於我們正在增加額外產能；番茄也是類似情況。所以，是的，是否存在宏觀因素或天候相關、目前尚未預見的問題，可能會產生影響？那當然永遠都有可能。但就目前而言，整體感覺非常正面。

Yeah. And Mark, just to add on to that, too. In last year, we had a really tough comp. We had some really strong growth in our aerosols businesses and all of those categories really tied to that discretionary spend with the variability in demand and just the current macroeconomic conditions that are out there today. We did see a softness in that in the second quarter here for us.

是的。Mark，我也補充一下。去年我們的比較基期非常艱難。我們在氣霧罐（aerosols）業務有很強的成長，而這些品類都與可支配支出高度相關，在需求波動以及當前宏觀經濟環境之下。我們在第二季確實看到那部分有些疲軟。

That is not dependent in our Q3 volumes. Q3 volumes are very critical for this organization in our consumer space. They are tied to pack seasons. Pack seasons is a little bit tied to mother nature out there, but early indicators, as Howard mentioned, too, are really strong for us, and we're expecting a strong pack season.

這並不會影響我們第三季的出貨量。對我們消費品領域而言，第三季的出貨量對這個組織非常關鍵。它們與包裝旺季（pack seasons）相關。包裝旺季在某種程度上也與大自然因素有關，但如 Howard 也提到的，早期指標對我們非常強勁，我們預期會有一個強勁的包裝旺季。

Appreciate the color.

感謝提供相關補充說明。

Hillary Cacanando, Deutsche Bank Securities.

Hillary Cacanando，德意志銀行證券。

Hi. Thanks for taking my questions. Just going back to the weakness in aerosols and sealants and adhesives. Can you quantify the volume declines? I don't know if you talked about that. I don't know if I missed it, but what was the volume decline associated with those? And then did you see any improvement just exiting June -- the month of June?

嗨。謝謝讓我提問。我想回到氣霧罐以及密封膠與黏著劑的疲弱。你們能量化一下出貨量下滑幅度嗎？我不確定你們是否有提到。我不知道是不是我漏聽了，但這些品項對應的出貨量下滑是多少？另外，你們在6月結束時——也就是6月份——有看到任何改善嗎？

Yeah. Are you saying that we see improvement in those particular markets, Hillary?

是。Hillary，你是問我們是否在那些特定市場看到改善嗎？

Yeah, in those the consumer categories, so aerosol cans.

對，在那些消費類別，例如氣霧罐。

On the adhesives and sealants side, yeah, no, we don't have that available in terms of what --?

在黏著劑與密封膠這一塊，是的，不，我們目前沒有可提供的資料來說明——？

Yeah. Actually, Hillary, I'll jump in here a little bit, too. So on the adhesives and sealants and the aerosols, remember, too, there was a large player exited the space in 2024. So that capacity shifted over to a few markets that are in there. That did pick up and increase our volumes in '25, which created a really tougher comp for us.

是。其實，Hillary，我也補充一下。關於黏著劑與密封膠以及氣霧罐，也請記得，2024年有一家大型業者退出了這個領域。因此那部分產能轉移到其中幾個市場。這在2025年確實帶動並提高了我們的出貨量，使得我們今年的同比比較變得更具挑戰。

So I don't expect any long-term issues. It's just as a comp issue from a year over year of as you're shifting out suppliers to those large aerosol customers, you're requalifying things, they're restocking your shelves, things of that nature. So I'm not seeing any long term, but now it is tied to, obviously, discretionary spend that's out there as well. So we have to be cautious of it, but not seeing anything that's of concern for us at this point in time.

所以我不預期會有任何長期問題。這主要是同比比較的因素：當你把供應商從原本的供應來源轉換到那些大型氣霧罐客戶時，需要重新認證、他們也會補庫存，諸如此類。因此我沒有看到任何長期面向的問題；但當然它也與可支配性支出相關。所以我們必須保持謹慎，但就目前而言，沒有看到任何令我們擔憂的跡象。

Okay. Got it. And then I guess your presentation talked about World Cup-related demand and promotions boosting volumes. How much is that -- I guess, are we going to see -- how much of that, I guess, is in the third quarter and fourth quarter?

好的。了解。另外我想你們簡報提到，世界盃相關需求與促銷活動帶動出貨量。那這部分——我想問的是——第三季與第四季大概會反映多少？

The World Cup volume impact is really hard to read. That would have been more of the first quarter type as our customers are building to load up their distribution chain. What we're really seeing is that our customers, particularly one or two in particular, are actually growing their geographic and distribution channels, and we see that going on for -- throughout this year and frankly, into the coming years as well.

世界盃對出貨量的影響其實很難判讀。那比較像是第一季的現象，因為客戶在為其配送通路備貨、把貨鋪到供應鏈。我們真正看到的是，我們的客戶——特別是一兩家——正在擴張其地理覆蓋與通路分銷，我們預期這會在今年持續，坦白說也會延續到未來幾年。

So we're just seeing an overall lift in terms of new ownership of one particular brand that is being very aggressive. Good news is we both had invested capital that got put on hold during the sales process that is now being fully utilized.

所以我們看到的是整體性的拉升，原因在於某個品牌的新所有權方非常積極。好消息是，我們先前在出售流程期間暫緩的資本投資，現在已被充分運用。

I noted Thailand as an example. We're only about -- with the units I noted, that represents about one-third of the targeted output of that particular location, and there's more to come in other parts and regions of the world. So it's not a World Cup pop. This is what we've been looking for, for the last couple of -- well, 18 months to two years as new ownership comes into play.

我以泰國為例。以我提到的產量單位來看，那大約只占該據點目標產出的三分之一，後續在全球其他地區與區域還會有更多。所以這不是世界盃帶來的短期跳升。這正是我們在過去——嗯，大概18個月到兩年——隨著新所有權到位後一直在等待的情況。

Yeah. And Hillary, to add on to that, too, we are seeing increased promotional activity in that space as well, which is leading to higher volumes. And that growth is really sitting in the international markets. You think about Europe, the Asia Pacific regions that are out there, too, and seeing really strong generation for that demand, but led to, I'll say, all of those competitors in that space, really promoting the product and driving the growth. And that's just -- we are -- I'll call it, we ride on those coattails a little bit.

是的。Hillary，再補充一點，我們也看到該領域的促銷活動增加，進而帶動更高的出貨量。而這個成長主要來自國際市場。你想想歐洲、亞太地區等，我們看到需求動能非常強；但我會說，這也源於該領域所有競爭者都在大力促銷產品、推動成長。而我們——我會說——多少也搭上了這股順風車。

Got it. Great. Thank you very much.

了解。很好。非常感謝。

Ghansham Panjabi, Baird.

Ghansham Panjabi，Baird。

Yeah. Thank you. Good morning, everybody. Howard, just going back to the consumer business. I know there's a lot going on depending on specific end markets, including aerosol, et cetera. But how has Eviosys been performing relative to your initial plan, including synergy realization, et cetera? It looks like it's been about 18 months since you closed on the acquisition. So just your thoughts as it relates to the franchise position there, your market share in the region, et cetera, would be helpful. Thank you.

是。謝謝。各位早安。Howard，我想回到消費者業務。我知道依不同終端市場而有很多變化，包括氣霧罐等等。但Eviosys的表現相對於你們最初的計畫如何，包括協同效益的實現等？看起來你們完成收購已經大約18個月了。所以若能分享你對其特許經營地位、在該區域的市占率等方面的看法，會很有幫助。謝謝。

Yeah. Thanks. Things are going -- evolving nicely. It's a big acquisition. It's going to take us a while to fully settle things down.

是。謝謝。整體進展——演進得很不錯。這是一筆大型收購。我們需要一些時間才能把各項事情完全穩定下來。

We're seeing the benefits. Frankly, we said this from the very beginning across the globe. So we're seeing benefits here in North America. Certainly, incrementally every day, we see improvements in Europe. And -- so not to belabor the point, but volumes have, as we've mentioned multiple times, continue to improve.

我們正在看到效益。坦白說，我們從一開始就這麼說——是全球性的。所以我們在北美看到效益。當然，在歐洲我們也每天都看到逐步改善。而且——不想贅述，但如同我們多次提到的，出貨量持續改善。

Our playbook is being rolled out. It's going to be a multiyear playbook, and it's going to be a global base as well. So benefit around the world, volumes look good, key markets. I talked about investments that we made last year that are already contributing. And I'm talking about volume-related investments as well as productivity. And we have a nice funnel over the coming periods related to both growth and productivity.

我們的作戰手冊正在推行。這會是一個多年期的作戰手冊，而且也會以全球為基礎。因此全球各地都能受益，出貨量看起來不錯，關鍵市場亦然。我提到我們去年所做的投資，現在已經開始貢獻。我指的是與出貨量相關的投資以及生產力提升。而在未來幾個期間，我們在成長與生產力兩方面都有很好的專案管線。

So we feel good about how things are heading and looking forward to continued progress, frankly, from a global perspective as these teams continue to work together to make it a much stronger business than there ever was.

所以我們對發展方向感到樂觀，也期待持續進展；坦白說，從全球角度來看，隨著這些團隊持續合作，將把這門業務打造得比以往任何時候都更強。

Thank you. And then in terms of URB, as it relates to the strength that you're specifically seeing, you step back, is it a function of just tighter capacity in the industry or improving demand? And if it's improving demand, what is that specifically being driven by you think?

謝謝。另外就URB而言，針對你們目前看到的強勁表現，拉遠一點看，這是因為產業產能更緊，還是需求改善？如果是需求改善，你認為具體是由什麼驅動的？

Yeah. Well, we talked about new markets that we've entered relatively on scope and scale, small, but really what we're seeing good share gain as well. And it goes back to an earlier question.

是。我們談過我們進入了一些新市場，就範圍與規模而言不大，但我們確實看到不錯的市占提升。這也回到先前的一個問題。

We compete with some really good competitors out there. But one thing that Sonoco has done I don't know -- we probably invested close to $200 million in our network over the last five, six, seven years, obviously, including the conversion of the number 10 machine. And we continue to separate ourselves from the existing competition. And with that, you get market share gains. So it's a combination of new products as well as doing what we do better than the rest of the market.

我們面對的是一些非常優秀的競爭對手。但Sonoco做的一件事是——我不確定——在過去五、六、七年裡，我們在網路上投資了接近2億美元，當然也包括第10號機的改造。而我們持續拉開與既有競爭者的差距。因此就能帶來市占提升。所以這是新產品與我們把事情做得比市場其他人更好兩者的結合。

Ghansham, I think one of the things, too, being relatively new to this space is the innovation that that industrial business keeps driving and keeps challenging to get into those new markets to provide the better customer service across the space is phenomenal.

Ghansham，我想其中一點也是，作為相對剛進入這個領域的人，這項工業業務持續推動創新、持續挑戰進入那些新市場，並在整個領域提供更好的客戶服務，真的是非常了不起。

And just seeing the demand generation that they have done and been able to do in the last 12 months is great to see, and they're not stopping. They're very aggressive on working with customers to find new solutions to continue to utilize our URB mills to their full capacity and keep that funnel completely full.

而且看到他們在過去12個月所做、也能做到的需求創造，真的很棒，而且他們並沒有停下來。他們非常積極地與客戶合作，尋找新的解決方案，持續讓我們的URB紙機滿載運轉，並讓那個漏斗完全保持滿滿。

Yeah. And I don't want to belabor the point. We don't spend a lot of time talking about our Adhesives division and the hand-in-glove relationship and how do you take a select greater board and ensure that it's going to be bound and wound and meet the needs of customers. And it's not just making paper. It's making sure that the adhesives are absolutely -- and it's an enabler for us to be in the saturated kraft market.

是的。我也不想一直重複這個重點。我們花很多時間談我們的黏著劑事業部並不多，但它之間那種緊密合作的關係——你如何把特定的高等級紙板，確保它能被黏合、捲繞，並滿足客戶需求。而且這不只是造紙。而是要確保黏著劑絕對到位——它也是讓我們能進入飽和牛皮紙市場的一個關鍵促成因素。

It's our adhesives group working with our paper group, which is now all under one roof to again, separate ourselves from the existing competition and allow us to enter into new markets.

這是我們的黏著劑團隊與我們的紙品團隊合作，而現在都在同一個屋簷下，再次讓我們與既有競爭對手做出區隔，並讓我們得以進入新市場。

Okay. Perfect. Thank you.

好的。完美。謝謝。

Matt Roberts, Raymond James.

Matt Roberts，Raymond James。

Good morning. Second half, that inflation number came in at the high end, I think, of the 8% to 10% since last quarter, but then ran up again here in July. So maybe what are you betting in 3Q and second half? And would you say your inflation outlook has improved or worsened since April and where the greatest pressures there would be?

早安。下半年，那個通膨數字落在我想自上季以來8%到10%區間的高端，但7月又再往上跑。所以你們在第三季與下半年大概是怎麼預期的？另外，你們會說自4月以來，你們對通膨的展望是改善了還是惡化了？最大的壓力會在哪些地方？

Yeah. So Matt, the inflation did come in at the high end of the range of $10 million, and that was just due to, I'll call it, our inability or lack of passing the recovery through it. Q3, though, all of the recovery mechanisms, as Howard talked about it, we have contractual increases that are out there, fully expect to cover that now as it sits today.

是的。所以Matt，通膨確實落在1,000萬美元區間的高端，這主要是因為——我稱之為——我們無法或未能把回收（轉嫁）機制完全傳導出去。不過第三季，如Howard提到的，所有回收機制都已到位，我們有合約性的調漲在外面，依目前狀況，我們完全預期可以把它覆蓋掉。

The changes can happen in reality is there could be new issues that pop up. But as we sit, we feel really confident in our Q3 recovery of that inflation, and we don't see it as a headwind on a go-forward basis.

現實中可能會發生變化的是，可能會冒出新的問題。但以目前來看，我們對第三季回收這些通膨非常有信心，而且我們不認為它在往後會成為逆風。

And then one last clarification. That's a hard one, but what portions of the industrial paper are you able to get the list price into as of July 8? Or is it basically all tied to the tan bending chip index now that should then start layering in, in October given that one quarter lag on those index-based contracts? Thanks, again.

再做最後一個釐清。這題有點難，但截至7月8日，你們在工業用紙中，有哪些部分能把牌價（list price）反映進去？還是說現在基本上都已經跟棕色瓦楞紙板（tan bending chip）指數綁在一起，因此考量到以指數為基礎的合約有一季的落後期，應該會在10月開始逐步反映？再次感謝。

Yeah. I think we've been pretty public about 70% is tied to index. So that recovered day one of the following quarter, so July, July 1 or so. And the rest is open market, and those are typically able to pass through a big portion of that during the course of the quarter. So the real recovery starts as we enter the second -- or excuse me, the third quarter.

是的。我想我們一直很公開地說，大約70%是跟指數連動。所以會在下一季的第一天就回收，也就是大概7月、7月1日左右。其餘的是開放市場，而這部分通常能在該季期間轉嫁其中很大一部分。所以真正的回收會在我們進入第二——呃，抱歉，是第三季時開始。

Gabe Hyda, Wells Fargo.

Gabe Hyda，Wells Fargo。

Good morning, guys. Thanks for taking the question. I'm going to try to put maybe a little bit of a finer point on consumer and industrial first half, second half. I think you're actually on a year-over-year basis, ahead on price cost in Consumer. And I think, Howard, you said you've got some contracts that reset effective July 1, August 1. And then on a year-over-year basis, it's on the first half, you're down in EBITDA terms, about $20 million, all of which I think is attributable actually a little bit more to volume.

早安，各位。謝謝讓我提問。我想先把消費品與工業品的上半年、下半年狀況再講得更精準一點。我認為以年對年來看，你們在消費品的價格/成本是領先的。而且我想Howard你提到有一些合約會在7月1日、8月1日生效重設。另外以年對年來看，上半年你們的EBITDA大約少了2,000萬美元，我認為這其實主要是比較多來自於銷量。

And it sounds like you said low single-digit year-over-year volume growth in the second half. So if that's the case and then you recover, I guess, maybe what you're behind on price cost or what you're envisioning for the second half, does that mean that we should get back to year-over-year growth of $20 million to $30 million in consumer in the second half?

而聽起來你說下半年銷量年對年會有低個位數成長。所以如果是這樣，再加上你們回收——我猜——你們在價格/成本上落後的部分，或你們對下半年的想像，是否代表消費品在下半年應該可以回到年對年增加2,000萬到3,000萬美元的成長？

And then the URB hike, I think, Paul, $2.5 million per quarter per $10 a ton. So a $15 million swing factor is what we're thinking about for Q4 should RISI not reflect the price increase? Is that directionally how you're thinking about it?

然後URB的調漲，我想Paul你說每季每噸10美元大概是250萬美元。所以如果RISI沒有反映這次漲價，我們在第四季要考慮的擺動因子大概是1,500萬美元，對嗎？這大方向上是你們的思考方式嗎？

Yeah. So Gabe, I'll break this down. So the consumer impact, you're spot on around the positive price cost sitting in consumer. Now with the contractual targeted increases that are out there, that will help keep that momentum out there for us and still have a positive price/cost relationship in the consumer space.

是的。所以Gabe，我來拆解一下。就消費品的影響而言，你對消費品目前呈現正向的價格/成本關係判斷得很準。而現在外面那些合約性的目標調漲，會幫助我們維持這個動能，並且在消費品領域仍保持正向的價格/成本關係。

On the industrial side, though, it was lagging on call it the price cost recoveries that are out there, and we're seeing a little bit more stronger lift. And that really had to do with the inflation that was incurred in the second quarter.

不過在工業端，價格/成本回收相對落後，我們看到的拉升力道更強一些。而那主要與第二季發生的通膨成本有關。

So saying specifics around numbers, there is -- that's a -- I'll say I'm going to stay away from that, but we do expect our Q3 to sit still right on top of consensus as it sits today. We're not seeing anything that's changing around there.

至於具體數字——那個——我會說我先不談那部分，但就目前來看，我們預期第三季會正好落在市場一致預期之上（貼近一致預期）。我們沒有看到那邊有任何變化。

Now the URB though, the $15 million, it's highly dependent upon what actually happens in the market base from a pricing that's out there. So if you do see a drop and we don't get any recovery, a little bit tough, too, to balance it out because we have such high demand in our mill utilization that's out there. So it's really -- it's challenging to say that, that would be the impact. But if it did market stop, I'd say you'd be in the right range for that for industrials.

至於URB，那1,500萬美元高度取決於市場端實際的定價走勢。所以如果你真的看到價格下滑，而我們又沒有任何回收，這也有點難平衡，因為我們的紙機稼動率需求非常高。所以要說那會是影響多少，真的——很有挑戰。但如果市場真的停住，我會說以工業端來看，你的估算區間大致是對的。

Okay. Thank you, Paul. And then I appreciate a little bit of a management philosophy, but you're talking about low end of the guide for EPS. And the range, I appreciate, is still pretty large for EBITDA for understandable reasons. Is there maybe some justification or thought behind maybe not lowering that to $12.50 to 1.3 or something like that?

好的。謝謝你，Paul。另外我想問一點管理哲學的問題：你們提到EPS指引的低端。我理解EBITDA的區間仍然很大，原因也可以理解。但是否有一些理由或想法，讓你們不把區間下修成例如12.50到13.00之類的？

I don't want to put words in your mouth, but just given the volatility and seemingly things re-escalating in the Middle East, putting some upward pressure on input costs? Or is there something that you see in the second half that can give you still a clear path to maybe mid-range, upper end of the guide? Thanks.

我不想替你們下結論，但考量到波動性，以及中東局勢似乎再度升溫，對投入成本造成一些上行壓力？或者你們在下半年看到某些因素，仍能讓你們有清楚路徑走到指引的中段、甚至高端？謝謝。

Yeah. So Gabe, honestly, Q3 is our most critical quarter for this company, and it is highly dependent on our pack season. And right now, the early indicators of pack seasons are it's coming in strong. And so what I wanted to do is give us the optionality. Now after Q3 gets done, we'll be able to tighten that range up and dial it in right for the full year.

是的。所以Gabe，坦白說，第三季是這家公司最關鍵的一季，而且高度取決於我們的包裝旺季。而目前包裝旺季的早期指標顯示，它的表現會很強。所以我想做的是保留我們的彈性。等第三季結束後，我們就能把區間收斂，並把全年數字更精準地校準。

But given that close to 40% of all of our profits happen in that third quarter, we wanted to keep the optionality around the range open.

但鑑於我們接近 40% 的全部利潤都發生在第三季，我們希望在該區間上保留彈性選擇。

Thank you.

謝謝。

Anojja Shah, UBS.

Anojja Shah，瑞銀（UBS）。

Hi. Good morning, everyone. I just have a quick question. It sounds like you have the investment in saturating URB. You have some capacity expansion plans in paper cans. So given what we know now, is it correct to say that there will be a step-up in CapEx in 2027? And if so, what kind of order of magnitude are we talking about?

嗨。各位早安。我只有一個簡短的問題。聽起來你們在 URB 的投資正接近飽和。你們在紙罐方面也有一些產能擴張計畫。所以就我們目前所知，是否可以說 2027 年的資本支出（CapEx）會有一個上台階的增加？如果是的話，大概會是什麼量級？

No, we really -- first off, on the paper can side of it, what we've seen from a growth perspective is actually capital that's been deployed year-to-date. Going forward, and I noted several multiple different projects, we're very comfortable to maintain the type of capital expenditure range that we've been in, which is roughly about 4% of our turnover and pacing ourselves through that. So as we work with our customers, we think that the timing, we should not see a material step-up beyond just what I said, about a 4% rate against our sales.

不會。我們其實——首先，就紙罐這一塊而言，從成長角度來看，我們看到的是今年迄今已經投放的資本。往前看，我也提到好幾個不同的專案，我們非常有信心可以維持我們一直以來的資本支出區間，大約是營收的 4%，並以此節奏推進。因此，當我們與客戶合作時，我們認為在時點上，不會看到超出我剛才所說的、約占銷售額 4% 的水準之上的重大上調。

Okay. Thank you for that. And then just sticking with capital allocation. I know you're planning to continue paying down debt through your three-year plan through 2028. But how do you think about share repurchases within there? Is there any opportunity to maybe step that up a bit over the next couple of years? Or how are you thinking about that? Thanks.

了解。謝謝你的說明。接著仍然談資本配置。我知道你們計畫在到 2028 年的三年計畫期間持續償還債務。但你們如何看待其中的股票回購？未來幾年是否有機會把回購力度提高一些？或者你們是怎麼思考的？謝謝。

Yeah. it's a great question. And honestly, we remain committed to paying down our debt. But now we do get to a spot once we get our leverage ratio to the right kind of, I'll call it, targeted for the rating agencies. Our cost of debt sits around 3.5% today. And if our dividend yield is north of 4%, now it does create a different equation for us.

是的，這是個很好的問題。坦白說，我們仍然致力於償還債務。但當我們把槓桿比率降到合適的位置——我稱之為符合信評機構目標的水準——我們就會進入另一個階段。我們目前的債務成本大約是 3.5%。而如果我們的股息殖利率高於 4%，那對我們來說就會形成不同的算式。

And now this is just math. Do we buy back shares because it's costing us more in a dividend? Or do we pay down more debt? And that's really an answer that we'll get to more in the '27 and '28 equations. But we feel really good about where we sit. And so share repurchases can become an option for us in the future.

而這其實就是數學問題。我們是回購股票，因為股息成本更高？還是繼續多還一些債？這個答案我們會在 2027 年與 2028 年的規劃中更清楚地做出判斷。但我們對目前的位置感到非常有信心。因此，未來股票回購可能會成為我們的一個選項。

Great. Thank you. I'll turn it over.

很好。謝謝。我把時間交回去。

John Dunigan, Jefferies.

John Dunigan，Jefferies。

Hey, guys. Thanks for the follow-up. So just looking at 3Q volumes, I get that they're much more dependent for consumer on the pack season. But with the businesses that struggled focusing on Americas, sealants and aerosols in 2Q, I'm just wondering what do you have baked into the guide? Have you lapped some of those aerosol gains that you had at this point? And then specific comp issues, anything that we should think of in second half as we're modeling?

嗨，各位。謝謝接續回答。就第三季（3Q）出貨量來看，我理解消費端更依賴包裝旺季。但針對第二季（2Q）表現較吃力的業務，聚焦在美洲的密封膠與氣霧罐，我想問你們在指引裡已經納入了哪些假設？你們是否已經在此時點把先前那些氣霧罐的增長基期效應（lapped gains）消化掉了？另外，下半年在我們建模時，有沒有任何特定的可比（comp）問題需要考量？

Yeah, I wouldn't think so from a comp perspective. And our go forward is not to expect that we're going to see much lift. And let's don't overreact in terms of the A&S side. It represents about 15% of our turnover or so in our North America-only paper can business, it's down, but it's still a bit highly active, but it's just not meeting our original expectations. So as we go into the second half, we're not planning on any material improvements that's built into our guide.

是的，從可比角度我不會這麼認為。而我們往前看的假設也不是預期會看到太多拉升。另外，對 A&S 這一塊也不要反應過度。在我們僅北美的紙罐業務中，它大約占我們營收的 15% 左右；它確實下滑，但仍然相當活躍，只是沒有達到我們原先的預期。因此進入下半年，我們的指引並沒有納入任何重大的改善。

Great. And then I just wanted to touch quickly on the freight surcharge opportunities that you called out in the deck. Just wondering what the opportunities are. Is this contractual price recovery that you guys are able to implement, have implemented? I would think it's going back up.

很好。另外我想快速談一下你們在簡報中提到的運費附加費（freight surcharge）機會。想請問機會點是什麼？這是你們能夠、或已經能夠實施的合約性價格回收嗎？我原本以為它正在回升。

And then maybe you could just touch on how your freight is. Is it mostly spot contracted? I'm thinking particularly on the URB side where you guys are running particularly having to import tons from abroad?

另外也請你們談談你們的運費狀況。主要是即期（spot）還是合約（contract）？我特別想到 URB 這邊，你們目前運作上似乎需要從海外進口大量噸數？

Mostly contracted and balance with some spot to answer that side of it first. And we are just simply putting in surcharges. There will be an exception here and there, but for the most part, it's -- and this is not new to the world. It's a line item at the bottom of the invoice that says fuel surcharge, and it will come and go as diesel varies.

主要是合約，並搭配一部分即期，先回答你那部分。而我們就是單純加收附加費。可能偶爾會有例外，但大多數情況下——而且這也不是什麼新鮮事。它就是發票底部的一個項目，寫著燃油附加費，會隨著柴油價格變動而上上下下。

Understood. Thank you, guys, for the insights.

了解。謝謝各位的分享。

We have reached the end of the question-and-answer session. I will now turn the call back to Roger Schrum for closing remarks.

問答環節到此結束。我現在把電話交回給 Roger Schrum 作結語。

Yeah, I want to thank everybody's participation today and look forward to further communication during the next quarter. You can now hang up.

是的，我想感謝大家今天的參與，也期待在下一季期間能有進一步的溝通。各位現在可以掛線。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。各位現在可以斷線。