Westrock Coffee Co (WEST) 2026 Q1 法說會逐字稿

Hello, and welcome to Westrock Coffee Company's first quarter 2026 earnings conference call. My name is Rory. I'll be coordinating your call today. Following prepared remarks, we will open up the call to your questions with instructions will be given at that time.

各位好，歡迎參加 Westrock Coffee Company 2026 年第一季財報電話會議。我是 Rory，今天將由我協調本次會議。在管理層預先準備的發言結束後，我們將開放提問，屆時會提供相關指示。

I'll now hand the call over to Jauan Arnold with Westrock Coffee.

接下來我將把電話交給 Westrock Coffee 的 Jauan Arnold。

Thank you, and welcome to Westrock Coffee Company's first quarter 2026 earnings conference call. Today's call is being recorded. With us are Mr. Scott Ford, Co-Founder and Chief Executive Officer; and Mr. Chris Pledger, Chief Financial Officer.

謝謝，並歡迎各位參加 Westrock Coffee Company 2026 年第一季財報電話會議。今天的會議將被錄音。與會者包括共同創辦人兼執行長 Scott Ford 先生，以及財務長 Chris Pledger 先生。

By now, everyone should have access to the company's first quarter earnings release issued earlier today. This information is available on the Investor Relations section of Westrock Coffee Company's website at investors.westrockcoffee.com. Certain comments made on this call include forward-looking statements, which are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

目前各位應已可取得公司今日稍早發布的第一季財報新聞稿。相關資訊可於 Westrock Coffee Company 官網的投資人關係專區 investors.westrockcoffee.com 查閱。本次電話會議中的部分評論包含前瞻性陳述，並受 1995 年《私人證券訴訟改革法》之安全港條款所規範。

These forward-looking statements are based on management's current expectations and beliefs concerning future events and are subject to several risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to today's press release and other filings with the SEC for a more detailed discussion of the risk factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

這些前瞻性陳述係基於管理層對未來事件之目前預期與信念，並受多項風險與不確定性影響，可能導致實際結果與前瞻性陳述所描述者出現重大差異。請參閱今日新聞稿及公司向美國證券交易委員會（SEC）提交的其他文件，以取得更詳細的風險因素說明；該等風險因素可能導致實際結果與今日所作任何前瞻性陳述之明示或暗示內容出現重大差異。

Also, discussions during the call will use some non-GAAP financial measures as we describe business performance. The SEC filings as well as the earnings press release provide reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

此外，為了說明業務表現，本次會議將使用部分非 GAAP 財務衡量指標。公司向 SEC 提交的文件以及本次財報新聞稿，均提供這些非 GAAP 財務衡量指標與最直接可比之 GAAP 指標之調節表。

And with that, it's my pleasure to turn the call over to Scott Ford, our Co-Founder and Chief Executive Officer.

接下來，我很高興把電話交給我們的共同創辦人兼執行長 Scott Ford。

Thank you, Jauan. Good afternoon, everyone. Thanks for joining us.

謝謝你，Jauan。各位下午好，感謝大家加入我們。

I am pleased to report that our first quarter of '26 delivered strong results across every dimension of our business, marking our fourth consecutive quarter of year-over-year consolidated adjusted EBITDA growth and what I believe is the most important inflection point in Westrock Coffee's history. For the first time, we are reporting results as a fully operational integrated beverage platform with construction behind us, all lines running and the full enterprise now generating operating income.

我很高興報告，我們 2026 年第一季在業務各個面向都交出強勁成果，這是我們連續第四季實現合併調整後 EBITDA 的年增成長，也是在我看來 Westrock Coffee 歷史上最重要的轉折點。這是我們首次以一個全面運作的整合式飲料平台來揭露業績：建置工程已告一段落、所有產線全面運轉，整個企業如今開始產生營業利益。

On the numbers, Q1 consolidated adjusted EBITDA was $26 million, more than tripling year-over-year. Net sales were $308.8 million, up 44%. We went from a $13 million operating loss in Q1 of last year to a $3.2 million operating profit this quarter, and our secured net leverage ratio improved to 3.45 times, down 40 basis points from year-end. Chris will take you through the details, but the trajectory speaks for itself. The real story this quarter is what's happening commercially.

就數字而言，第一季合併調整後 EBITDA 為 2,600 萬美元，較去年同期成長超過三倍。淨銷售額為 3.088 億美元，年增 44%。我們從去年第一季 1,300 萬美元的營業損失，轉為本季 320 萬美元的營業利益；擔保淨槓桿比率改善至 3.45 倍，較年末下降 40 個基點。Chris 會帶各位看細節，但趨勢不言自明。本季真正的重點在於商業端正在發生的事情。

The platform we spent three years building is now attracting exactly the kind of demand we envisioned. Brands coming to us not for a single SKU, but for a full spectrum beverage partnership across multiple categories. At Conway, all five production lines are fully operational, cans, glass, multi-serve bottles, and bulk extract. With capital expenditure projects now complete, Conway has swung to operating cash flow positive. As volumes continue to build through the balance of this year and next, we expect the facility to become an increasingly meaningful contributor to segment profitability.

我們花了三年打造的平台，如今正吸引到我們當初所設想的那種需求。品牌客戶找上我們，不是只為了單一 SKU，而是希望在多個品類上建立全方位的飲料合作夥伴關係。在 Conway，我們五條產線已全面投入運作：鋁罐、玻璃瓶、多份量瓶裝，以及大宗萃取液。隨著資本支出專案現已完成，Conway 已轉為營運現金流為正。隨著今年剩餘期間及明年產量持續提升，我們預期該廠將對部門獲利能力做出愈來愈顯著的貢獻。

Commercially, we are continuing to make progress with current and new potential brand partners across the product portfolio from tea and lemonade-based refreshers to coffee RTD beverages to packaged coffee to single-serve cups, with energy drinks, high-protein drinks, and seltzers in various stages of product development and commercialization.

在商業進展方面，我們持續與現有及新的潛在品牌夥伴推進合作，涵蓋從茶與檸檬水基底的清爽飲品、即飲（RTD）咖啡飲料、包裝咖啡到單杯（single-serve）產品；同時，能量飲、高蛋白飲品與氣泡酒精飲（seltzer）也正處於不同階段的產品開發與商業化進程中。

In single-serve specifically, you'll recall the departure of a large customer in Q4 of '25 due to industry consolidation. That disruption is now fully behind us. We are seeing strong inbound interest from multiple customers, and we expect some of this volume to begin arriving in late '26 with full replacement targeted by the end of '27. On Palantir, our partnership continues to deepen, and I am convinced this relationship remains underappreciated by the market. Their foundry operating system is empowering completely new ways of work.

就單杯產品而言，各位應記得我們在 2025 年第四季因產業整併而失去一位大型客戶。這項干擾如今已完全過去。我們看到多家客戶的強勁主動洽詢，並預期其中部分量能將於 2026 年底開始導入，目標在 2027 年底前完成全面替補。至於 Palantir，我們的合作關係持續深化，我相信市場仍低估了這段合作。他們的 Foundry 作業系統正在賦能全新的工作方式。

From improving efficiencies in our manufacturing, logistics, planning, procurement to the automation of workflows throughout the company, we continue to believe that the upside to this body of work is well beyond anything approaching historical normality from traditional system upgrade efforts. We are reaffirming our '26 consolidated adjusted EBITDA outlook of $90 million to $100 million. Q1's 2026 beat plan and posted strong year-over-year growth. The pipeline is the healthiest by far that it's ever been and momentum is building.

從提升我們在製造、物流、規劃與採購的效率，到在全公司推動工作流程自動化，我們持續相信，這項工作的上行空間遠遠超過傳統系統升級所能帶來、接近歷史常態的改善幅度。我們重申 2026 年合併調整後 EBITDA 展望為 9,000 萬至 1 億美元。2026 年第一季不僅優於計畫，且年增成長強勁。我們的商機管線是迄今最健康的一次，動能正在累積。

To close, the prior three years were about building the platform. This year is about leveraging it. We're generating operating income. We're deleveraging our balance sheet. Conway is contributing, and we have a deep pipeline of customers who want to produce with us across an expanding array of categories.

最後總結，過去三年是打造平台；今年則是運用平台。我們正在產生營業利益、降低資產負債表槓桿。Conway 正在貢獻成果，而我們也擁有深厚的客戶管線，這些客戶希望與我們在不斷擴大的品類範圍內合作生產。

This is the business model working. I want to thank our entire team from the plant floors in Concord, Conway, Collins, and Clark, to our sourcing offices around the world to our systems and corporate teams. These results are theirs. I also want to thank our shareholders who had the vision to invest in what we were building and the conviction to hold their shares through three years of heavy investment to get here. We appreciate your patience, and we intend to keep rewarding it.

這就是商業模式正在發揮作用。我想感謝我們整個團隊——從 Concord、Conway、Collins 與 Clark 的工廠現場，到遍布全球的採購辦公室，再到系統與企業團隊——這些成果屬於他們。我也要感謝我們的股東：你們有遠見投資我們正在打造的事業，也有信念在三年高強度投資期間持續持有股份，才走到今天。感謝各位的耐心，我們也將持續以成果回報這份耐心。

We are one of the very few platforms in North America that can formulate, fill, and ship across cans, glass, bottles and single-serve formats from a single integrated footprint and brand owners are increasingly coming to us precisely because of that.

我們是北美少數能在單一整合據點內，完成配方研發、充填與出貨，並同時涵蓋鋁罐、玻璃瓶、瓶裝與單杯等多種規格的平台之一；品牌業主也正因為這一點而愈來愈多地選擇與我們合作。

With that, I'll turn it over to Chris Pledger, our CFO, for the financial details. Chris?

接下來，我把電話交給我們的財務長 Chris Pledger，請他說明財務細節。Chris？

Thank you, Scott. And good afternoon, everyone. As Scott noted, we just completed the first quarter in which our Conway extract and RTD facility is fully operational and contributing at scale, and the results speak for themselves.

謝謝你，Scott。各位下午好。如 Scott 所提到，我們剛完成第一個季度：Conway 的萃取液與即飲（RTD）工廠已全面運作並以規模化方式貢獻業績，而結果不言自明。

Consolidated net sales increased 44% to approximately $309 million. Our reported net loss of $8.5 million narrowed significantly from the $27.2 million net loss incurred in the first quarter of 2025, and we went from an operating loss of $13.1 million in the first quarter of last year to a $3.2 million operating profit this quarter. This improvement reflects operating leverage now visible in every line of the P&L as Conway start-up costs diminish and volume scales.

合併淨銷售額年增 44%，至約 3.09 億美元。我們公告的淨損為 850 萬美元，較 2025 年第一季 2,720 萬美元的淨損大幅收斂；同時，我們也從去年第一季 1,310 萬美元的營業損失，轉為本季 320 萬美元的營業利益。這項改善反映出，隨著 Conway 的啟動成本下降、產量規模擴大，損益表（P&L）各項目都已可見營運槓桿效益。

And finally, consolidated adjusted EBITDA was $26 million, which reflects another record quarter for Westrock, increasing over 3 times compared to consolidated adjusted EBITDA generated in the first quarter of 2025.

最後，合併調整後 EBITDA 為 2,600 萬美元，代表 Westrock 再創單季新高，較 2025 年第一季的合併調整後 EBITDA 成長超過 3 倍。

In Beverage Solutions, first quarter segment adjusted EBITDA was $23.3 million, up 143% versus 2025. This result includes a one-time gain of approximately $4.6 million, which represents the final payment we received under the single-serve cup contract with a customer who was acquired by a competitor earlier this year.

在 Beverage Solutions 部門，第一季部門調整後 EBITDA 為 2,330 萬美元，較 2025 年成長 143%。此結果包含約 460 萬美元的一次性收益，係我們依據單杯合約所收到的最後一筆款項；該客戶於今年稍早被競爭對手收購。

But even excluding this item, Beverage Solutions adjusted EBITDA was approximately $18.6 million, which is up 95% versus the first quarter of 2025. Growth in Beverage Solutions was driven by the continued ramp of our RTD can, glass and multi-serve bottle production lines in Conway, a 31% increase in single-serve cup volumes across both existing and new brand partners, 4% growth in our packaged coffee business and improved fixed cost absorption across the manufacturing footprint.

但即使排除此項目，Beverage Solutions 的調整後 EBITDA 仍約為 1,860 萬美元，較 2025 年第一季成長 95%。Beverage Solutions 的成長主要由以下因素帶動：我們在 Conway 的 RTD 鋁罐、玻璃瓶與多份量瓶裝產線持續爬坡；在既有與新品牌夥伴帶動下，單杯產品銷量成長 31%；包裝咖啡業務成長 4%；以及整體製造據點的固定成本吸收改善。

Our SS&T segment delivered segment adjusted EBITDA of $6.5 million in the first quarter compared to $1.9 million in the first quarter of 2025. SS&T continues to be a strategic capability for the platform, enabling us to offer brand owners verified traceable supply at the scale modern beverage platforms require. Capital expenditures for the quarter were approximately $7 million compared to over $41 million of CapEx for the first quarter of 2025.

我們的 SS&T 部門在第一季實現部門調整後 EBITDA 為 650 萬美元，相較於 2025 年第一季的 190 萬美元。SS&T 仍是平台的策略性能力，使我們能以現代飲料平台所需的規模，向品牌業主提供經驗證、可追溯的供應。該季資本支出約為 700 萬美元，相較於 2025 年第一季超過 4,100 萬美元的 CapEx。

As I mentioned on our last call, we expect a downward trajectory in the capital intensity of the business now that Conway is fully commercialized. That trajectory from $160 million in 2024 to $89 million in 2025 to an expected $30 million in 2026 represents a structural shift in the capital profile of the company. Maintenance capital is now our baseline as our investment phase is behind us.

如同我在上次電話會議中提到的，隨著 Conway 完全商業化，我們預期業務的資本密集度將呈現下行趨勢。從 2024 年的 1.6 億美元降至 2025 年的 8,900 萬美元，再到 2026 年預期的 3,000 萬美元，這一軌跡代表公司資本結構的根本性轉變。由於投資階段已經結束，維持性資本支出如今成為我們的基準。

At quarter end, we had approximately $63 million of unrestricted cash and revolver availability under our Beverage Solutions credit facility, and we remain in full compliance with our credit agreement. We ended the first quarter with Beverage Solutions net secured leverage of 3.45 times, down from 3.85 times at year-end, which is in line with our expectations and meaningfully ahead of our covenant requirements.

截至季度末，我們在 Beverage Solutions 信貸融資項下擁有約 6,300 萬美元的非受限現金及循環信貸可用額度，且我們仍完全遵守信貸協議。我們在第一季末的 Beverage Solutions 淨擔保槓桿倍數為 3.45 倍，較年末的 3.85 倍下降，符合我們的預期，並且顯著優於契約要求。

And importantly, we remain on track to be free cash flow positive in the second half of this year. Our first quarter results demonstrate the earnings power of the platform as we continue to grow into the capacity we've built.

更重要的是，我們仍按計畫在今年下半年實現自由現金流轉正。我們第一季的業績展現了平台的獲利能力，因為我們持續在已建置的產能上擴大規模。

We continue to convert our commercial pipeline at pace and the fact that capacity is now installed, and operating has materially shortened our sales cycle with new brand partners. Our focus is squarely on commercializing the installed capacity we've built and converting our pipeline into long-term partnerships.

我們持續以既定速度轉化商業管線；而且由於產能已完成安裝並投入運行，我們與新品牌夥伴的銷售週期已大幅縮短。我們的重點明確聚焦於將已建置的裝置產能商業化，並把管線轉化為長期合作夥伴關係。

With that, we'd be happy to open the line for questions.

接下來，我們很樂意開放電話線進行提問。

(Operator Instructions) Eric Des Lauriers, Craig-Hallum Group.

（接線員指示）Eric Des Lauriers，Craig-Hallum Group。

Congrats on the amazing execution over the past several years and the progress, especially seen in Q1 here, a great job. So my first question here, it seems like, I mean, pretty much everything is going in the right direction for you guys. All the comments are positive in terms of all the lines being produced. You have more volumes coming online throughout the year.

恭喜你們過去幾年的出色執行與進展，尤其是第一季的表現，做得非常好。我第一個問題是，看起來你們幾乎各方面都朝正確方向前進。你們的評論在各條產線投產方面都很正面，而且今年內還會有更多產量陸續上線。

So my real question here is just kind of on the potential variability around timing of the ramp in those volumes. Is there much, if any, variability in that? Or is that all pretty much squared away and sort of spoken for at this point? Just kind of wondering the ability for things to ramp either faster or slower this year than currently anticipated.

所以我真正想問的是，這些產量爬坡的時點在時間上可能會有多大的變動性？是否存在很大（如果有的話）的變動？還是說目前基本都已經敲定、也大致都有著落了？我想了解的是，今年產量爬坡是否可能比目前預期更快或更慢。

First of all, thank you for your very gracious comment. I think -- Eric, this is Scott. I think that the forecast that we've given for '26 and then the plans that we're working on '27 are for the most part at this juncture contracted in. So that doesn't mean everything will land right when we think it will land. But our confidence that we'll be able to make it at the margin that we expect is very high now that we've been running the plant and running several of these lines for 12 to 18 months.

首先，謝謝你非常慷慨的評論。我想——Eric，我是 Scott。我認為我們給出的 2026 年預測，以及我們正在制定的 2027 年計畫，在目前這個時間點大多已經簽約落定。這並不代表所有事情都會完全在我們預期的時間點落地；但由於我們已經運行工廠並運行其中幾條產線達 12 到 18 個月，我們對於能以預期的毛利率達成目標的信心現在非常高。

We've got our per unit economics right. We run those at scale. We know where those land. So we're actually pretty comfortable with the trajectory that we've got. And then we've got -- we do have one interesting thing beyond just the contracts that are in and the conversations that we're having.

我們已把單位經濟模型調整到位。我們以規模化方式運行，知道結果會落在哪裡。因此我們對目前的發展軌跡其實相當有把握。另外，除了已簽訂的合約以及我們正在進行的對話之外，還有一件有意思的事情。

We are seeing on the potential upside, which is -- I'm not trying to sell you on that it will happen. But we are seeing a number of brands coming around and taking a look at multiple products, and we are seeing engagement to close and commitment for production in four- to six-month windows as opposed to two- to four-year windows since Conway turned on and people could actually come walk through it, have us make a sample of their product, have us tweak it, et cetera, et cetera.

我們在潛在上行方面看到一些跡象——我不是要向你推銷說它一定會發生。但我們確實看到不少品牌開始回頭來看，並且同時評估多個產品；而且自從 Conway 啟用後，人們可以實際走進來參觀、讓我們製作他們產品的樣品、再請我們調整配方等等，我們看到品牌從接觸到成交、以及對生產的承諾，時間窗口變成 4 到 6 個月，而不是過去的 2 到 4 年。

And then it's something about the fact they can walk through it and see it has changed the pace at which brands are closing with us. So I would say we've got some upside to that. And I think you see more of that in '27, certainly at this point than '26.

而且某種程度上，正是因為他們能走進來看、能親眼看到，改變了品牌與我們成交的速度。所以我會說這裡有一些上行空間。我認為你會在 2027 年看到更多這種情況，至少就目前而言，相較於 2026 年更是如此。

Chris, what else would you --

Chris，你還會補充什麼——

No, I think that's exactly right. I think that in terms of what we have locked in for '26, I think there's some potential upside to that, but it's largely contracted and pulling through the system as we expect. '27, there's the best sales pipeline that we've had. So I expect to continue to be able to grow through the year, and we'll see that in our '27 numbers.

不，我覺得你說得完全正確。就我們在 2026 年已鎖定的部分而言，我認為有一些潛在上行，但整體上大多已簽約，並如我們預期地在系統中逐步落實。至於 2027 年，我們擁有目前為止最好的銷售管線。因此我預期我們能在全年持續成長，而你們也會在我們的 2027 年數字中看到。

Awesome. That's very helpful. I appreciate that. And no real surprises there but certainly encouraging on the expedited pace of brands closing. It's nice to hear.

太棒了。這非常有幫助，謝謝。我也沒有真的預期會有什麼意外，但品牌成交速度加快確實令人鼓舞，很高興聽到這點。

On to the Palantir commentary, I would say this is like this, at least from my perspective, is a bit more of like a qualitative thing for me. Certainly, nice to hear, and we'll sort of like await more results there. It's tough for me to sort of predict that. So I'm wondering if you can help us understand, as we look out to '28, '29, et cetera, where might we see the impact of this Palantir relationship progressing? Would this be on -- you mentioned procurement and operations.

接著談 Palantir 的評論。至少從我的角度來看，這對我而言比較偏質性的議題。當然，聽起來不錯，我們也會等待更多成果出來；但這很難讓我去預測。所以我想請你們幫我們理解一下：當我們展望 2028、2029 等等時，這段 Palantir 合作關係的影響可能會在哪些方面逐步顯現？你們提到採購與營運。

I mean I'm kind of just imagining improved margins overall. But is there anything else that we should sort of be on the lookout for over the next couple of years as this Palantir relationship potentially has increasing impact?

我的想像是整體毛利率會改善。但未來幾年，隨著這段 Palantir 合作關係可能帶來越來越大的影響，還有沒有其他我們應該留意的地方？

Super question. Let me take a run at it this way. And I was not the first person to the party on Palantir and what they could mean for our business. That came out of another group of people here in the business that did the research on it, started working on it three years ago, and I have been a follower, not a leader on this. But I have -- there's nothing like a convert or spreading the word.

這問題問得很好。我用這個方式來回答。我並不是最早接觸 Palantir、也不是最早想到他們對我們業務可能意味著什麼的人。這是公司內另一群同事做了研究、三年前就開始推動合作，而我在這件事上是追隨者，不是領導者。不過——沒有什麼比「皈依者」更熱衷於傳播理念了。

And as a bit of a somewhat reluctant convert, if you will, the more that we dig into this, the more I realize that the -- what I read and what we see talked about in the AI world and what Palantir's operating system actually is, I can barely recognize the reality of what they're doing on the ground with the talk that goes on around AI. I don't know any -- so you're talking to a guy who's not on social media, doesn't know anything about it, doesn't care to know anything about it. I was full-grown when that came out. I skipped all of that. I thought AI and the chatbot and having conversations with an AI system was of the same ilk.

而作為一個多少有點勉強的「皈依者」，我們越深入研究，就越意識到：我讀到的、以及我們在 AI 世界裡聽到的討論，和 Palantir 的作業系統在第一線實際做的事情之間，幾乎讓我難以辨認兩者是同一件事。我不懂——所以你現在是在跟一個不玩社群媒體、對那些東西一無所知、也不想知道的人說話。我在那些東西出現時就已經是成年人了，我完全跳過了。我原本以為 AI、聊天機器人、以及和 AI 系統對話，都是同一類的東西。

When I see though, is the reality that Palantir creates a walled garden, if you will, where every piece of data in our network across all the systems and all of the handoffs and all of the spreadsheets and all of the memos and the hundreds of hours a week that we spend as individuals trying to explain and connect information from one system to another to another to then even be able to guess what our profitability is, let alone audit it.

但我看到的現實是：Palantir 建立了一個「圍牆花園」（walled garden），可以這麼說，把我們網路中跨所有系統的每一筆資料、所有交接流程、所有試算表、所有備忘錄，以及我們每個人每週花上數百小時去解釋並把資訊從一個系統連到另一個、再連到另一個，最後才能「猜」出我們的獲利狀況，更別說去稽核它——全部都納入其中。

Palantir's Foundry system contains all of that information and drains the need for all of those systems and all of that activity. We're talking tens of millions of dollars of benefit over the next three to five years annually in a business our size at only $1.3 billion run rate. I don't think the world is even writing about the impact of -- it's a little bit like when Microsoft came out. You all are probably too young.

Palantir 的 Foundry 系統把所有這些資訊都涵蓋進去，並消除了對所有那些系統與所有那些活動的需求。以我們這種規模、年化營收（run rate）只有 13 億美元的企業來說，我們談的是未來三到五年、每年可帶來數千萬美元的效益。我不認為外界甚至正在書寫這種影響的程度——這有點像當年 Microsoft 剛出現的時候。你們大概都太年輕了。

I remember when it came out. I remember an operating system that brought about a cohesive desktop experience where you could get to a financial analysis and you could get to a word document and you could get to e-mail. That was unheard of.

我記得它剛推出的時候。我記得那是一個帶來一致性桌面體驗的作業系統，你可以進入財務分析、可以打開文字文件、也可以收發電子郵件。那在當時是前所未聞的。

Well, it rebuilt the office in the enterprise -- rebuilt office work across the world. I'm not so sure that the Foundry system isn't going to rebuild in the same fashion, the commercial systems of corporations around the world over the next 10 to 15 years. And we, I was a doubter, and I may be the biggest believer walking at this juncture.

嗯，它重塑了企業裡的辦公室——重塑了全球的辦公工作。我不太確定 Foundry 系統不會以同樣的方式，在未來 10 到 15 年重塑全球企業的商業系統。而我們——我以前是懷疑者——但在此刻我可能是走在路上最大的信徒。

Sarang Vora, Telsey Advisory Group.

Sarang Vora，Telsey Advisory Group。

Congratulations on a great quarter. My question is on the plant utilization, capacity utilization. I mean the demand is just very, very strong. The '26 pipeline seems full. '27, you're already taking orders.

恭喜繳出非常亮眼的一季。我的問題是關於工廠稼動率、產能利用率。我是說，需求真的非常、非常強勁。'26 的訂單管線看起來很滿。'27 你們已經在接單了。

I'm curious if you can share color on where the plant or capacity utilization is today and how it ramps up in like '27? And is there room for '28? I'm just curious to know like number of shifts. Any color you can share on how the plant or the capacity is being utilized?

我想請教你們能否分享一些細節：目前工廠或產能利用率大概在哪裡？到像 '27 會如何爬升？那 '28 還有空間嗎？我只是想了解像是班次數等。你們能分享任何關於工廠或產能如何被使用的資訊嗎？

Yes. At a high level, Sarang, as we said last quarter, we are not going to break that kind of detail out. Our competitors don't break it out. And I don't think it behooves -- it's not going to change the story for a Westrock investor to know the percentage utilization of a specific line versus quarter-over-quarter. So we broke that out during the construction phase so people can see where we are.

可以。Sarang，就高層次來說，正如我們上季所說，我們不會把那種細節拆出來。我們的競爭對手也不會拆。我也不認為——這不會改變 Westrock 投資人要理解的故事，去知道某一條特定產線的利用率百分比相較於上一季如何變動。所以我們在建造階段有拆出來，讓大家看到我們進度到哪裡。

I will say this: We have well in excess of an additional $100 million of EBITDA for sale in lines that we have capacity to sell against right now. So whether that takes us six months, 12 months, or 18 months, then we could expand it from there with small incremental CapEx additions within the footprint that we've built and that we have rebuilt in the plants that we've got running today.

我會這麼說：就我們目前可對外銷售的產線產能而言，我們手上還有遠超過額外 1 億美元 EBITDA 的可售空間。所以不論這需要六個月、12 個月或 18 個月，我們之後都可以在既有建置的廠區範圍內，透過小幅度的增量資本支出（CapEx）擴充——也就是在我們已建好、並且目前正在運轉的工廠裡進一步擴張。

No, that's great. That's exactly what I was trying to ask because we do get asked about like what is the long-term potential coming out of Conway. And one way or the other, I feel like you answered the potential of that business. So that was good to hear. The second question we get a lot is on the coffee prices.

不，這很棒。這正是我想問的，因為我們確實常被問到 Conway 長期的潛力是什麼。不管怎樣，我覺得你已經回答了那個業務的潛力，所以聽到這點很好。第二個我們常被問到的問題是咖啡價格。

And I understand the dynamics that you do end up passing the increases as well as the decreases to the customer. But can you walk us through how the lower coffee prices over '26 and maybe '27 kind of reflects on part of your businesses?

我理解你們的運作邏輯是會把漲價以及降價都轉嫁給客戶。但你能否帶我們走一遍：在 '26 以及可能 '27 咖啡價格走低，會如何反映在你們部分業務上？

Yes. Sarang, this is Chris. I think from -- in '25, I mean, '25 was sort of, I guess, we experienced in the coffee business, historically high C price throughout '25. That coffee still continues to flow through our P&L, although as prices have come down towards the back part of last year and into the first part of this year, we're starting to get lower cost coffee that comes through. And that's a passthrough for us, as we've talked about on prior calls.

好的。Sarang，我是 Chris。我想——在 '25 年，我是說，'25 年我們在咖啡業務上經歷了歷史高位的 C 價，幾乎貫穿整個 '25。那批咖啡仍持續流入我們的損益表（P&L）；不過隨著價格在去年後段回落並延續到今年前段，我們開始有成本更低的咖啡進來。而這對我們而言是轉嫁項目，正如我們在先前電話會議中談過的。

And what that ends up doing is that it will end up -- your net sales will be higher because you've got a higher cost of coffee flowing through your P&L and your gross profit -- dollar gross profit will stay the same on an apples-to-apples basis. And so, while your margins might compress, your absolute dollar growth happens on a dollar basis.

而這最終會造成的是——你的淨銷售額會更高，因為有較高的咖啡成本流入你的損益表；而你的毛利——以同口徑（apples-to-apples）來看，毛利金額會維持不變。所以，雖然你的毛利率可能會被壓縮，但以金額來看，你的絕對美元成長仍會發生。

And so, when we -- that's when we talk about look at the year-over-year growth in gross profit, look at the year-over-year growth in adjusted EBITDA on a dollar basis to really see the earnings power of the business. If you look at this year, gross profit in the first quarter of this year was $46 million. That's a 57% increase year-over-year. That's the value of the platform that we've created, cutting out the noise of a C price movement year-over-year.

因此，當我們——這也是為什麼我們會說：要看毛利的年對年成長、看調整後 EBITDA 的年對年成長，並以金額（dollar basis）來衡量，才能真正看出這門生意的獲利能力。如果你看今年第一季，毛利是 4,600 萬美元，年對年成長 57%。這就是我們打造的平台價值——把 C 價年對年波動的雜訊排除掉。

That's great. And my final question is on the outlook. Can you share any puts and takes we should be mindful of? Very strong first quarter, you didn't raise the annual. But I'm just curious to know anything that we should be mindful that you're watching in terms of guidance, like higher gas prices.

很好。我最後一個問題是關於展望。你們能分享一下有哪些利多與利空（puts and takes）是我們需要留意的嗎？第一季非常強，但你們沒有上調全年。只是我想了解，有沒有什麼你們在看、可能影響指引的因素，例如更高的汽油價格。

I know historically, they have impacted your business or the consumer, the lower end or the gas station consumer. So just curious to know like anything we should be mindful or watchful as we look out at the guidance for the year?

我知道歷史上它們確實影響過你們的業務或消費者，尤其是較低端的消費者或加油站通路的消費者。所以想請教：在我們看今年的指引時，有沒有什麼需要特別留意或保持警覺的？

You kind of answered your own question. I will say the first quarter was exceptionally strong, and it held up strong through all of our different -- our customer segments. As you have continued high gas prices, that's going to affect things like C-store channels and travel center customers. But the way we're built now where we've grown our retail packaging, we've grown our at-home consumption or products targeted towards at-home consumption. We are much better positioned to withstand volatility that results from a C-store channel because of high gas prices than we were when we kind of went through this two to three years ago.

你其實已經回答了你自己的問題。我會說第一季表現異常強勁，而且在我們不同的——客戶分群中都維持強勢。當油價持續偏高時，會影響像是便利商店（C-store）通路與旅遊中心（travel center）客戶。但以我們現在的組合來看，我們擴大了零售包裝，也擴大了居家消費（at-home consumption）或針對居家消費的產品。相較於兩到三年前我們經歷那段期間時，現在我們更能承受因油價高而導致 C-store 通路波動的影響。

And so that's certainly something that we watch. Obviously, $6 gas is nobody's friend when it comes to selling products, whether it's coffee or anything else you might find in an away-from-home environment. But we'll continue to watch that, but we like where we are and how we've diversified risks around the business, and we expect to continue to be able to deliver as we have.

所以這當然是我們會關注的事情。顯然，當汽油到 6 美元時，對賣產品來說沒有人會覺得好，不管是咖啡或任何你可能在外出（away-from-home）環境中買到的東西。但我們會持續觀察；不過我們喜歡目前的位置，以及我們如何在業務周邊分散風險，我們也預期能持續像過去一樣交出成果。

(Operator Instructions) I'm showing no further questions at this time. I would now like to turn the call back to Scott Ford for closing remarks.

（接線員指示）目前顯示沒有其他問題。我現在把電話交回給 Scott Ford 作結語。

All right. Well, fellas, thanks for hopping on. We appreciate it. Super proud of the team's effort. I'm really appreciative of the shareholder base that has stayed with us.

好的。各位，謝謝你們加入。我們很感激。對團隊的努力感到非常自豪。我也非常感謝一路支持我們的股東基礎。

About 70% of the shares are held by people that believed in the story of what we were doing, who were willing to put the money up to see construction go into this industry. We are excited about the fact that the construction phase is complete. I'm really appreciative of the shareholders who stayed with us. We've got about 30% of the float outstanding that's short. I know that not everybody is with us on this, but that's okay.

大約 70% 的股份由相信我們正在做的事情、願意投入資金來見證我們在這個產業進行建設的人持有。我們對建設階段已完成這件事感到振奮。我也非常感謝那些一路陪伴我們的股東。我們大約有 30% 的流通股（float）目前是放空部位。我知道不是每個人都站在我們這邊，但沒關係。

Life works its way through. But we are looking forward to a good remaining portion of the year. And then we think '27 is looking actually terrific because the volumes we're booking now are starting to be placed in '27. And we kind of outkicked our coverage in terms of what we expected. We're going to do some work through the back part of this year to make sure we get a good number on it.

人生總會往前走。但我們期待今年剩餘時間會有不錯的表現。然後我們認為 '27 看起來其實非常棒，因為我們現在正在簽下的量，開始會被排到 '27 交付。而就我們原先的預期而言，我們有點超出覆蓋範圍（outkicked our coverage）。我們會在今年後段做一些工作，確保把數字抓得更準。

But things are going really well as we come out of construction and into filling the plants. And I just want to say thank you to everybody who has stayed with us through the thick and the thin of construction phase. And all have a great evening. Thanks so much.

但當我們走出建設、進入產能填充（filling the plants）的階段，一切進展都非常順利。我只想對所有在建設階段不論順境逆境都一路支持我們的人說聲謝謝。祝大家晚上愉快。非常感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參與今天的電話會議。至此本次會議結束。您現在可以掛線。