惠而浦 (WHR) 2026 Q1 法說會逐字稿

Good morning, and welcome to Whirlpool Corporation's first-quarter 2026 earnings call. Today's call is being recorded. Joining me today are Mark Bitzer, our Chairman and Chief Executive Officer; Roxanne Warner, our Chief Financial Officer; Juan Carlos Puente, our Executive President of North America in Global Strategic Sourcing; and Ludovic Beaufils, our Executive President of KitchenAid Small Appliances in Latin America.

早安，歡迎參加惠而浦公司（Whirlpool Corporation）2026 年第一季財報電話會議。今天的會議將被錄音。今天與我一同出席的有：董事長兼執行長 Mark Bitzer；財務長 Roxanne Warner；北美暨全球策略採購執行副總裁 Juan Carlos Puente；以及拉丁美洲 KitchenAid 小家電執行副總裁 Ludovic Beaufils。

Our remarks track with a presentation available on the investor section of our website at whirlpoolcorp.com. Before we begin, I want to remind you that as we conduct this call, we will be making forward-looking statements to assist you in better understanding Whirlpool Corporation's future expectations.

我們的發言將依據一份簡報進行，該簡報可於 whirlpoolcorp.com 網站的投資人專區取得。在開始之前，我想提醒各位，隨著本次會議進行，我們將發表前瞻性陳述，以協助各位更好地理解惠而浦公司對未來的預期。

Our actual results could differ materially from these statements due to many factors discussed in our latest 10-K, 10-Q, and other periodic reports. We also want to remind you that today's presentation includes non-GAAP measures outlined in further detail at the beginning of our earnings presentation.

由於我們最新的 10-K、10-Q 以及其他定期報告中所討論的多項因素，我們的實際結果可能與這些陳述存在重大差異。我們也要提醒各位，今天的簡報包含非 GAAP 指標，相關內容在我們財報簡報開頭處有更詳細的說明。

We believe these measures are important indicators in our operations as they exclude items that may not be indicative of our results from ongoing business operations. We also think the adjusted measures will provide you with a better baseline for analyzing trends in our ongoing business operations. Listeners are directed to the supplemental information package posted on the investor relations section of our website for reconciliations of non-GAAP items to the most directly comparable GAAP measures.

我們認為這些指標是衡量我們營運的重要指標，因為它們排除了可能無法反映持續性業務營運結果的項目。我們也認為調整後指標能為各位提供更好的基準，以分析我們持續性業務營運的趨勢。關於非 GAAP 項目與最直接可比的 GAAP 指標之間的調節表，請參閱我們網站投資人關係專區所發布的補充資訊套件。

(Operator Instructions) With that, I'll turn the call over to Mark.

（接線員指示）接下來，我把電話交給 Mark。

Thanks, Scott, and good morning, everyone. During today's call, you will hear three messages from us. First, we finished a tough quarter in our North American business. The month of March, which typically carries the quarter in North America was exceptionally weak due to these four drivers, which I will discuss in further detail in the following slides.

謝謝你，Scott，各位早安。在今天的會議中，各位將聽到我們傳達三個訊息。第一，我們北美業務度過了一個艱難的季度。3 月通常是北美地區支撐整個季度的月份，但本次 3 月異常疲弱，原因來自四項驅動因素，我將在接下來的投影片中更詳細說明。

Second, we are taking decisive and bold actions to restore North American margins back to healthy levels. We have issued the largest price increase in more than a decade that raised prices by more than 10%, and we're doubling down and accelerating our cost actions despite higher inflationary headwinds. Third, our equity offering and a renewed revolver credit line, which we expect to finalize in Q2, puts our balance sheet in a strong position to weather this difficult industry cycle.

第二，我們正採取果斷且大膽的行動，將北美利潤率恢復到健康水準。我們發布了十多年來最大幅度的漲價，價格上調超過 10%；同時，儘管通膨逆風更強，我們仍加碼並加速推動成本行動。第三，我們的股權發行以及更新的循環信用額度（revolver credit line），預期將於第二季完成，將使我們的資產負債表處於強健位置，以度過這一輪艱難的產業循環。

Before we get into the numbers, I want to provide a bit of background about the macro environment in North America, not as an excuse, but as context for what happened in the second-half of the first quarter. Turning to slide 7, we can see that consumer sentiment has dropped to its lowest level in 50 years. The consumer sentiment was already on a very low level by any historical standards, but the war in Iran amplified consumer concerns about the cost of living.

在進入數字之前，我想先提供一些北美總體環境的背景說明，不是作為藉口，而是作為理解第一季後半段發生情況的脈絡。請看第 7 頁投影片，我們可以看到消費者信心已降至 50 年來最低水準。以任何歷史標準來看，消費者信心原本就已處於非常低的水準，但伊朗戰爭加劇了消費者對生活成本的擔憂。

As a direct result, the Consumer Sentiment Index in the US plunged, reaching the lowest level on record in March. Now, while our view is that consumer sentiment is unsustainably low and should rebound from here, these events clearly pressured our industry and particularly, discretionary demand. Turning to slide 8, you can see the resulting impact on the US appliance industry.

其直接結果是，美國消費者信心指數大幅下滑，並在 3 月降至有紀錄以來最低水準。雖然我們認為消費者信心低迷的程度難以長期維持，後續應會回升，但這些事件確實對產業造成壓力，尤其是對可選擇性需求（discretionary demand）。請看第 8 頁投影片，您可以看到對美國家電產業所造成的影響。

The US appliance industry demand declined 7.4% in the first quarter, with March being down 10%. This level of industry decline is similar to what we have observed during the global financial crisis and even higher than during other recessionary periods. Keep in mind that we're operating in an environment where the rest replacement demand drives more than 60% of the industry and this part of the demand is relatively stable. So this gives you a sense about how dramatic the impact on discretionary demand was.

美國家電產業需求在第一季下滑 7.4%，其中 3 月下滑 10%。這樣的產業下滑幅度，與我們在全球金融危機期間觀察到的情況相近，甚至高於其他衰退時期。請記住，我們所處的環境中，「故障汰換」（rest replacement）需求占整體產業超過 60%，而這部分需求相對穩定。因此，這也讓各位理解可選擇性需求所受到的衝擊有多麼劇烈。

While we do believe that the negative industry demand in March was somewhat of an outlier, we do not anticipate a full recovery and are now forecasting US industry demand being down by 5% on a full-year base. Turning to slide 9, I want to share a snapshot of the industry pricing over the past 15 months.

雖然我們確實認為 3 月產業需求的負成長在某種程度上屬於異常值，但我們不預期會完全復甦，因此目前預估美國全年產業需求將下滑 5%。請看第 9 頁投影片，我想分享過去 15 個月的產業定價概況。

This picture represents an aggregate view of literally thousands of price points which we collect weekly. It is based on publicly available retail sell-out data. While it may not be 100% accurate, it is, in our view, directionally correct.

這張圖呈現的是我們每週蒐集、合計數以千計價格點的整體視圖。其基礎為公開可得的零售端售出（sell-out）資料。雖然它可能無法 100% 精準，但在我們看來，其方向性是正確的。

In 2025, the multiple changes in tariff policy, delays and on-the-ward exemptions, as well as the effect of inventory preloading by Asian competitors, created significant volatility in promotional behavior.

在 2025 年，關稅政策多次變動、延遲與臨時豁免，以及亞洲競爭對手提前備貨（inventory preloading）的影響，導致促銷行為出現顯著波動。

However, immediately after Black Friday, pricing improved slightly above pre-Black Friday levels. While the prices changes were still below the level needed to fully offset the accumulated inflation and cost of tariffs, it was a positive development in line with our expectation coming into the year.

然而，在黑色星期五之後不久，定價略微改善，回到略高於黑色星期五前的水準。雖然價格變動仍低於完全抵銷累積通膨與關稅成本所需的幅度，但這是一項正向發展，符合我們年初的預期。

As you can clearly see in the small chart on the top right of the page. After the IEEPA ruling by the Supreme Court, promotion pricing reverted back in the following weeks. We believe the Supreme Court ruling, the broader skepticism about the durability of tariffs and the anticipation of refunds related to the tariffs resulted in the resumption of an aggressive promotion environment. It is also obvious that price changes of 1% to 2%, as we've seen in February and March by the competition, did not even remotely cover the cost of inflation and tariffs.

如同各位在頁面右上角的小圖表中清楚看到的。在最高法院就 IEEPA 作出裁決後，接下來幾週促銷定價又回復到先前水準。我們認為，最高法院裁決、對關稅持久性的更廣泛質疑，以及對關稅退款的預期，導致激進的促銷環境再度出現。同時也很明顯，競爭對手在 2 月與 3 月所採取的 1% 到 2% 的價格變動，根本無法涵蓋通膨與關稅成本。

You can also see that after the price changes, which we announced on April 17, Whirlpool's sell-out prices as determined by our retail customers have moved up by 10% compared to January 2025. At the same time, the behavior from our competitors has shifted more favorably. The key development for the US appliance industry this quarter was the change in Section 232 tariffs, which brought clarity and predictability to the tariff landscape.

各位也可以看到，在我們於 4 月 17 日宣布調價後，依據零售客戶所判定的惠而浦售出（sell-out）價格，相較 2025 年 1 月已上升 10%。同時，我們競爭對手的行為也轉向較為有利。本季美國家電產業的關鍵發展，是《232 條款》（Section 232）關稅的變更，為關稅環境帶來更清晰與可預測性。

We will later discuss these changes in detail, but what might appear as a small change in the 232 tariffs has significant and lasting ramifications of the entire industry. Essentially, every imported appliance into this country, irrespective of where it comes from, would have to pay a tariff of 25% on full-product value, and in the case of China, even more.

我們稍後會更詳細討論這些變更，但看似對 232 關稅的小幅調整，卻對整個產業帶來重大且長期的影響。基本上，所有進口到美國的家電，不論來源地為何，都必須就整機產品價值繳納 25% 的關稅；若來自中國，稅率更高。

The combination of dropping consumer sentiment, decline of consumer demand, and the irrational industry pricing created an almost perfect storm during this first quarter. But we are taking decisive and bold pricing and cost actions that we expect will bring our North American business back on its path towards a healthier margins.

消費者信心下滑、消費需求下降，以及不理性的產業定價，三者交織，使第一季幾乎形成完美風暴。但我們正採取果斷且大膽的定價與成本行動，預期將使我們的北美業務回到邁向更健康利潤率的軌道。

With that, let me hand it over to Roxanne, who will discuss the first-quarter results in more detail.

接下來，我把時間交給 Roxanne，她將更詳細說明第一季的業績。

Thanks, Mark. Turning to slide 10, I will provide an overview of our first-quarter results. As Marc mentioned, our results in the first quarter were negatively impacted by the ongoing macroeconomic and geopolitical events that have developed since late February. We delivered an ongoing EBIT margin of 1.3% and an ongoing earnings per share of negative $0.56.

謝謝你，Mark。請看第 10 頁投影片，我將概述我們第一季的業績表現。如 Mark 所提到，自 2 月下旬以來持續發展的總體經濟與地緣政治事件，對我們第一季業績造成負面影響。我們的持續性 EBIT 利潤率為 1.3%，持續性每股盈餘為負 0.56 美元。

Our earnings per share in particular was negatively impacted by approximately $0.32 from the non-cash loss associated with our minority interests in Beko Europe BV. Looking at our segment performance, MDA North America was severely impacted by a sharp decline in consumer sentiment and the costs associated with our inventory reduction actions. MDA Latin America margin was pressured by the intense promotional environment. This was partially offset by the gains associated with the default tax ruling in Brazil.

尤其是每股盈餘，受到與我們在 Beko Europe BV 的少數股權相關之非現金損失影響，約為 0.32 美元。從各事業部表現來看，北美大型家電（MDA North America）受到消費者信心急遽下滑以及我們去化庫存行動相關成本的嚴重衝擊。拉丁美洲大型家電（MDA Latin America）利潤率則受到激烈促銷環境的壓力。上述影響部分被巴西稅務裁定違約（default tax ruling）所帶來的收益所抵銷。

Conversely, the SDA Global segment continues to perform exceptionally well. Our free cash flow was negative $896 million as the benefit from our inventory reduction efforts was more than offset by lower earnings. Finally, we returned cash to shareholders and paid a $0.90 dividend per share in the first quarter.

相較之下，SDA Global 部門持續表現極為出色。我們的自由現金流為負 8.96 億美元，因為庫存削減努力帶來的效益，已被較低的獲利所抵銷且有餘。最後，我們向股東返還現金，並在第一季支付每股 0.90 美元的股利。

Turning to slide 11, I will provide an overview of our first-quarter margin walk. Price mix unfavorably impacted margin by 275 basis points. This was driven by two key drivers. One, collapsing consumer sentiment further reduced discretionary demand and negatively impacted mix. Two, the encouraging industry pricing progress we observed in the first few weeks of the year was heavily disrupted by the Supreme Court's IEEPA tariff ruling and the anticipation of refunds, which created further external volatility and the return of an intense promotional environment.

接著看第 11 頁投影片，我將概述我們第一季毛利率變動（margin walk）。價格／組合對毛利率造成不利影響 275 個基點。這主要由兩項關鍵因素驅動。第一，消費者信心崩跌進一步降低非必需性需求，並對產品組合造成負面影響。第二，我們在年初前幾週觀察到令人鼓舞的產業定價進展，但受到最高法院對 IEEPA 關稅的裁決以及對退稅的預期而大幅干擾，進一步造成外部波動，並使激烈的促銷環境再度回歸。

Our net cost was negatively impacted by volume decline and one-time costs associated with the planned inventory reduction, resulting in 175 basis points of margin contraction year over year. We executed our originally planned inventory reductions and executed incremental reductions due to the unexpected industry decline.

由於銷量下滑以及與計畫性庫存削減相關的一次性成本，我們的淨成本受到不利影響，導致毛利率年減 175 個基點。我們執行了原先規劃的庫存削減，並因產業意外下滑而追加削減幅度。

Overall, we drove 20% year-over-year volume reduction. Raw materials unfavorably impacted margins by 50 basis points, driven by inflation of steel, base metals, and resins. The current and projected steel costs are now putting us at the maximum pricing of our long-term steel agreements. We experienced a neutral impact from tariffs in the first quarter. As the incremental cost from changes to Section 232 implemented in the second-half of 2025 were offset by tariff recovery and mitigation actions.

整體而言，我們推動銷量年減 20%。原物料對毛利率造成不利影響 50 個基點，主因為鋼材、基本金屬與樹脂的通膨。目前與預期的鋼材成本，正使我們達到長期鋼材合約的最高定價上限。第一季關稅影響為中性。因為 2025 年下半年實施的《232 條款》變更所帶來的增量成本，已被關稅回收與緩解措施所抵銷。

Marketing and Technology was favorable 50 basis points versus prior year, driven by reduced transition costs and a pullback in spending as we saw consumer sentiment shifts. Currency was also favorable by 50 basis points, driven by the appreciation of the Mexican peso and Brazilian real.

行銷與科技費用相較去年有利 50 個基點，主因為轉型成本降低，以及在我們觀察到消費者信心轉變後縮減支出。匯率亦有利 50 個基點，主因為墨西哥披索與巴西雷亞爾升值。

Lastly, transaction impacts were an unfavorable 50 basis points due to the non-cash loss associated with our minority interest in Beko Europe BV. It is important to note that based on the current carrying value of this investment, whirlpool will no longer recognize any further losses from Beko Europe BV.

最後，交易影響為不利 50 個基點，原因是與我們在 Beko Europe BV 的少數股權相關的非現金損失。需要注意的是，基於此投資目前的帳面價值，Whirlpool 將不再認列來自 Beko Europe BV 的任何進一步損失。

Now I will turn the call over to Juan Carlos to review our MDA North America results.

現在我將把電話會議交給 Juan Carlos，請他回顧我們 MDA 北美的業績。

Thanks, Roxanne. Turning to slide 12, I will provide an overview of our first-quarter results of our MDA North America segment.

謝謝你，Roxanne。接著看第 12 頁投影片，我將概述我們 MDA 北美部門第一季的業績表現。

In the first quarter, net sales decreased 8% year over year to $2.2 billion. Consumer sentiment collapsing to record lows due to the war in Iran prevented the recovery of the volume loss during the winter storms and resulted in recession-level industry contractions, with discretionary demand down approximately 15%.

第一季淨銷售額年減 8%，至 22 億美元。由於伊朗戰爭導致消費者信心崩跌至歷史新低，使冬季風暴期間的銷量流失無法回補，並造成產業出現衰退等級的萎縮，其中非必需性需求約下降 15%。

The segment delivered breakeven performance with event margins negatively impacted by the sharp decline in demand, higher-than-expected cost to reduce inventory, and the return of an intense promotional environment after the Supreme Court IEEPA rule. While we experienced high costs from the actions to reduce inventory levels and higher tariff costs year over year, these were partially offset by tariff recovery and mitigation actions.

該部門達成損益兩平表現，但事件毛利率受到需求急劇下滑、庫存削減成本高於預期，以及最高法院 IEEPA 裁決後激烈促銷環境回歸的負面影響。雖然我們因降低庫存水位的行動而產生高成本，且關稅成本年增，但部分已由關稅回收與緩解措施所抵銷。

As over three years of accumulated inflation continues to pressure our business, we have announced the largest price increase in a decade in conjunction with acceleration of critical initiatives to drive cost reduction. We expect these aggressive actions to put MDA North America profitability back on track. We'll share more details of those actions shortly.

隨著過去三年累積的通膨持續對我們的業務造成壓力，我們已宣布十年來最大幅度的漲價，並同步加速推動關鍵計畫以帶動成本降低。我們預期這些積極行動將使 MDA 北美的獲利能力重回正軌。我們稍後將分享更多這些行動的細節。

Now, I'll turn it over to Ludo to review the MDA Latin America and SDA Global results.

現在，我將把電話會議交給 Ludo，請他回顧 MDA 拉丁美洲與 SDA Global 的業績。

Thanks, Juan Carlos. Turning to slide 13, I'll review the results for our MDA Latin America business. Excluding currency, net sales decreased approximately 4% year over year. This is the net impact of an aggressive promotional environment in the region and volume increases from a growing industry and share gains. Due to the promotional pressure, the segment's EBIT margin was 6%. This margin was supported by a favorable Brazil tax ruling and our ongoing cost takeout initiatives, which partially offset the unfavorable price mix.

謝謝你，Juan Carlos。接著看第 13 頁投影片，我將回顧我們 MDA 拉丁美洲業務的業績。若排除匯率影響，淨銷售額年減約 4%。這是該地區激烈促銷環境的負面影響，與產業成長及市占提升帶來的銷量增加之淨結果。由於促銷壓力，該部門 EBIT 利潤率為 6%。此利潤率受惠於巴西稅務裁決帶來的有利影響，以及我們持續推動的成本削減計畫，部分抵銷不利的價格／組合影響。

Turning to slide 14, I'll review the results for our SDA Global business. This business continues to perform exceptionally well, delivering approximately 10% net sales growth year over year, excluding currency.

接著看第 14 頁投影片，我將回顧我們 SDA Global 業務的業績。該業務持續表現極為出色，若排除匯率影響，淨銷售額年增約 10%。

EBIT margins expanded an impressive 250 basis points year over year to 21%, driven by the continued growth in our direct-to-consumer business, solid execution of cost takeout initiatives and some marketing investment timing changes versus prior year. We are proud to celebrate the sixth consecutive quarter of year-over-year revenue growth, clearly underscoring the strength of our product portfolio and of our value creation strategy.

EBIT 利潤率年增亮眼的 250 個基點至 21%，主要受惠於我們直面消費者（DTC）業務持續成長、成本削減計畫的扎實執行，以及相較去年部分行銷投資時點的變化。我們很自豪地迎來連續第六季營收年增，清楚凸顯我們產品組合的實力，以及我們價值創造策略的強勁動能。

On slide 15, we showcased a few exciting new products that we're bringing to the market this year. We're proud to bring meaningful consumer-centric innovation to the stand mixer while maintaining our iconic design and heritage.

在第 15 頁投影片中，我們展示了今年將推向市場的幾項令人振奮的新產品。我們很自豪能在攪拌機上帶來以消費者為中心、具實質意義的創新，同時維持我們標誌性的設計與傳承。

The new Artisan Plus Stand Mixer is now featuring an integrated bold light and precise speed control. And our compact Fully Automatic Espresso Machine with iced coffee gives consumers the option to brew at a lower temperature, while also delivering a space-saving design that fits effortlessly into mini kitchens.

全新的 Artisan Plus 攪拌機現在配備整合式醒目燈光與精準的速度控制。此外，我們的迷你全自動義式咖啡機（含冰咖啡功能）讓消費者可選擇以較低溫度萃取，同時提供節省空間的設計，可輕鬆融入迷你廚房。

Now, I will turn the call back over to Dr. Juan Carlos to review the critical actions we are accelerating to recover profitability in MDA North America.

現在，我將把電話會議交回給 Juan Carlos 博士，請他回顧我們正在加速推動、以恢復 MDA 北美獲利能力的關鍵行動。

Turning to slide 17, I'll review some of our bold actions to restore MDA North America margins. On April 17, we announced the largest price increase in more than a decade. This price change is being executed in two steps. First, we executed a promotional price increase, which is already in effect of more than 10% relative to the first-quarter prices. This is the most impactful change and is expected to start driving price mix improvements in Q2, ramping up throughout the year. Secondly, we announced a lease price increase effective on July 9. This second wave represents an additional price increase of approximately 4%.

接著看第 17 頁投影片，我將回顧我們為恢復 MDA 北美利潤率所採取的一些大膽行動。4 月 17 日，我們宣布了十多年來最大幅度的漲價。此一價格調整分兩個步驟執行。首先，我們已執行促銷價格上調，已正式生效，相較第一季價格上調超過 10%。這是影響最大的一項變更，預期將自第二季開始帶動價格／組合改善，並在全年逐步加速。其次，我們宣布租賃價格上調，於 7 月 9 日生效。第二波調整代表額外約 4% 的漲價。

This multi-step plan is designed to offset the cost inflation accumulated over the last three years that has not yet been reflected in prices, the anticipated cost inflation in 2026 and some residual impact of tariffs. In addition to these pricing actions, we will continue to deliver product innovation and expand our mass premium and premium product offerings.

此一多步驟計畫旨在抵銷過去三年累積、但尚未反映在價格中的成本通膨、2026 年預期的成本通膨，以及關稅的部分殘餘影響。除上述定價行動外，我們也將持續推出產品創新，並擴大我們的大眾高端（mass premium）與高端（premium）產品供給。

The 30% incremental flooring gain on the back of the record year of product launches in 2025 is largely installed, and we are seeing the results of KitchenAid major appliances continue to deliver strong sell-through performance year over year despite the [softer] industry.

在 2025 年創紀錄的產品上市年之後，額外 30% 的陳列面積（flooring）提升已大致完成導入；同時，即使產業景氣較疲弱，我們也看到 KitchenAid 大型家電的終端銷售（sell-through）表現仍持續較去年強勁。

Our robust innovation pipeline was further validated by the outstanding award-winning performance at KBIS, where Whirlpool Corporation secured an impressive 23 awards. Turning to slide 18, I will highlight the successful launch of our Whirlpool-branded UV laundry tower, which we presented in our last earnings call.

我們強勁的創新產品管線也在 KBIS 上以卓越、屢獲獎項的表現獲得進一步驗證，Whirlpool Corporation 一舉拿下令人印象深刻的 23 項大獎。接著看第 18 頁投影片，我將重點介紹我們 Whirlpool 品牌 UV 洗衣塔的成功上市，我們已在上一場法說會中展示過該產品。

The national rollout of this product, featuring the industry-first UV Clean Technology that reduces bacteria in the wash while keeping fabric care in mind, has been exceptionally well received and is exceeding expectations. This innovation is driving rapid share gains, capturing approximately five points within weeks and increasing our balance of sales with trade partners who have floored the units. This confirms the competitive advantage of our game-changer UV Clean Technology.

這項產品在全國範圍推出，搭載業界首創的 UV Clean 技術，在兼顧布料護理的同時可在洗滌過程中降低細菌，市場反應極為熱烈，且表現超出預期。這項創新正推動市佔快速提升，於數週內約取得 5 個百分點，並提升我們與已將該產品上架鋪貨之通路夥伴的銷售占比平衡。這進一步印證我們具顛覆性的 UV Clean 技術所帶來的競爭優勢。

Turning to slide 19. I'm pleased to showcase the new KitchenAid Intelligent Wall Oven, which earned the prestigious [Best in Show] award, the highest honor at KBIS. This new wall oven is one of the many products available in our new KitchenAid suite, which began shipping late last year. This product allows consumers to experience cooking through a new lens with the intelligent cooking camera that identifies food. Monitors doneness and remembers your preference for your favorite recipes.

接著看第 19 頁投影片。我很高興展示全新的 KitchenAid 智慧嵌入式烤箱（Intelligent Wall Oven），其榮獲 KBIS 最高榮譽「[Best in Show]」大獎。這款全新嵌入式烤箱是我們全新 KitchenAid 產品套系中的眾多產品之一，該套系已於去年底開始出貨。本產品透過可辨識食物的智慧烹飪攝影機，讓消費者以全新視角體驗烹飪。可監測熟度，並記住您對喜愛食譜的偏好。

We continue to see strong sell-out through our KitchenAid market share gains to trend toward the highest level in over the decade. Turning to slide 20, I will highlight exciting innovation coming to our [InSync Curator business]. The new LEDefense Odor Fighting Sink Flange features a UV-free LED light that kills 99% of common germs, including odor-causing bacteria. This innovation feature addresses one of the biggest consumer pain points of bacteria odor. This is yet another product that received recognitions at KBIS this year and as the next-door neighbor to the dishwasher, continues to position as well for the eventual housing recovery.

我們持續看到 KitchenAid 的強勁終端銷售表現，帶動市佔提升，趨近於十多年來的最高水準。接著看第 20 頁投影片，我將重點介紹即將導入我們[InSync Curator 業務] 的令人振奮的創新。全新的 LEDefense 抗異味水槽法蘭（Sink Flange）採用無 UV 的 LED 光源，可殺死 99% 的常見病菌，包括造成異味的細菌。此創新功能解決了消費者最主要痛點之一：細菌異味。這也是今年在 KBIS 獲得表彰的另一項產品；且作為洗碗機的「隔壁鄰居」，在未來房市復甦時也將持續具備良好定位。

Turning to slide 21. Let me provide an update of the initiatives we are accelerating to bring our business back on track. As we navigate the current macro pressures, we maintain our commitment to deliver our $150 million in cost take out in 2026, which will be fundamentally supported by our ongoing Design to Value engineering efforts. Given our current EBITDA margins, we're taking decisive structural actions across several key levers to accelerate our cost actions.

接著看第 21 頁投影片。我來更新我們正在加速推進、以使業務重回正軌的各項措施。在因應當前總體環境壓力之際，我們仍承諾於 2026 年實現 1.5 億美元的成本削減，並將由我們持續推進的 Design to Value（價值導向設計）工程工作作為根本支撐。鑑於目前的 EBITDA 利潤率，我們正針對數個關鍵槓桿採取果斷的結構性行動，以加速成本改善。

First, we're heavily leaning into the vertical integration, automation, and the optimization of our manufacturing and logistics footprint. As part of these initiatives, we announced three key projects: one, our new strategic investment in Perrysburg, Ohio. Two, the ongoing modernization of our Amana, Iowa plant. Three, shifting production from Pilar, Argentina to Rio Claro, Brazil.

首先，我們大力推進垂直整合、自動化，以及製造與物流版圖的最佳化。作為這些措施的一部分，我們宣布三項關鍵專案：第一，於俄亥俄州 Perrysburg 的全新策略性投資。第二，持續推動愛荷華州 Amana 工廠的現代化升級。第三，將產能自阿根廷 Pilar 轉移至巴西 Rio Claro。

Together, this footprint and integration moves are expected to unlock approximately $45 million in savings in 2026, while significantly improving our product quality, speed of innovation, and overall supply chain resiliency. Additionally, as we shared previously, we are renewing our strategic sourcing initiatives. We have already completed the first phase of this project, and we're making good progress on the second phase. We expect to capture roughly $15 million in savings in 2026.

綜合而言，這些版圖與整合調整預期可在 2026 年釋放約 4,500 萬美元的節省，同時顯著提升產品品質、創新速度，以及整體供應鏈韌性。此外，如同我們先前分享的，我們正重新啟動策略性採購計畫。我們已完成該專案第一階段，第二階段也進展良好。我們預期在 2026 年可取得約 1,500 萬美元的節省。

Finally, we're introducing a new measure which encompassed targeted fixed cost actions within our corporate center. We expect to generate approximately $20 million in savings, which we will plan to share more details about it in the near future. Collectively, these actions will have a carryover benefit into 2027, ensuring that we are actively managing the elements with our control to offset external headwinds and restore our profitability.

最後，我們將導入一項新措施，涵蓋公司總部的定向固定成本行動。我們預期可創造約 2,000 萬美元的節省，並計畫在不久的將來分享更多細節。整體而言，這些行動將在 2027 年帶來延續效益，確保我們積極管理可控要素，以抵銷外部逆風並恢復獲利能力。

Turning to slide 22. Let me detail the accelerating of our vertical integration and how we significantly strengthen our US manufacturing footprint. We recently announced that we are making a $60 million investment in our new state-of-the-art production facility in Petersburg, Ohio. This represents our 11th factory in the US and our 6th in the state of Ohio, reinforcing a legacy that we have incredibly proud of, we started in America, and we stayed in America for over 100 years.

接著看第 22 頁投影片。我將詳述我們如何加速垂直整合，以及如何大幅強化我們在美國的製造版圖。我們近期宣布將在俄亥俄州 Petersburg 投資 6,000 萬美元，興建全新最先進的生產設施。這將成為我們在美國的第 11 座工廠、在俄亥俄州的第 6 座工廠，強化我們引以為傲的傳承：我們起源於美國，並在美國深耕超過 100 年。

This strategic investment will drive greater efficiency and is expected to deliver approximately $30 million in annualized EBIT benefits. Turning to slide 23, we are executing critical factory footprint changes to unlock greater operations efficiencies within our regional manufacturing network. First, in Amana, Iowa, we are undergoing a multi-year modernization effort. This modernization will refocus our manufacturing of bottom-mount refrigeration and optimize our part production and subassemblies, generating an expected analyzed EBIT benefit of approximately $70 million.

這項策略性投資將提升效率，預期可帶來約 3,000 萬美元的年化 EBIT 效益。接著看第 23 頁投影片，我們正執行關鍵的工廠版圖調整，以在區域製造網絡中釋放更高的營運效率。首先，在愛荷華州 Amana，我們正進行為期多年的現代化升級。此現代化將重新聚焦於下置式冷藏（bottom-mount refrigeration）的製造，並最佳化零件生產與次組裝，預期可帶來約 7,000 萬美元的年化 EBIT 效益。

We're also optimizing our Latin America operations by shifting our frontal washer production from Argentina to our Rio Claro facility in Brazil. This strategic shift drives valuable manufacturing cost efficiencies and logistic cost optimization, which we expect to deliver an additional $20 million in an annualized EBIT benefits.

我們也透過將前開式洗衣機（frontal washer）產能自阿根廷轉移至巴西 Rio Claro 廠，來最佳化拉丁美洲營運。此策略性轉移可帶來可觀的製造成本效率與物流成本最佳化，我們預期可額外帶來約 2,000 萬美元的年化 EBIT 效益。

Turning to slide 24, let me provide an update on Section 232 tariffs. While the Supreme Court overturned IEEPA tariffs in late February, the administration took significant actions in early April to strengthen Section 232 steel tariffs on home appliances. The updated 232 framework represents a significant win for the US Manufacturing and lasting structural advantage for Whirlpool.

接著看第 24 頁投影片，我來更新第 232 條關稅的最新情況。雖然最高法院在 2 月下旬推翻 IEEPA 關稅，但政府於 4 月上旬採取重大行動，強化針對家電的第 232 條鋼鐵關稅。更新後的 232 架構，對美國製造業而言是一項重大勝利，也為 Whirlpool 帶來長期的結構性優勢。

As a reminder, Section 232 steel tariffs were first implemented in 2018 and have proven their durability by remaining in effect throughout multiple administrations. While home appliances were officially covered under the framework in the mid-2025, the recent updates in April have increased the overall tariff rate on home appliances and greatly simplified both compliance and enforcement.

提醒一下，第 232 條鋼鐵關稅最早於 2018 年實施，並已證明其持久性，歷經多屆政府仍持續有效。雖然家電在 2025 年年中正式納入該架構，但 4 月的最新更新提高了家電的整體關稅稅率，並大幅簡化合規與執法。

Because we proudly manufacture the vast majority of our products domestically and continue to invest in domestic manufacturing, this trade policy strongly supports our position. We estimate that a 25% tariff impact on our competitors will now be between 10% to 15% of our competitors' total US major appliance net sales.

由於我們自豪地在國內製造絕大多數產品，並持續投資國內製造，這項貿易政策對我們的市場地位形成強力支撐。我們估計，對競爭對手而言，25% 的關稅影響如今將相當於其美國大型家電（major appliance）淨銷售額的 10% 至 15%。

By contrast, the impact of our MDA North America business is estimated to only be about 5%. Ultimately, these changes bring much-needed predictability to the industry and deeply strength our competitive advantage as, by far, the largest domestic appliance producer.

相較之下，我們北美 MDA 業務的影響估計僅約 5%。最終，這些變更為產業帶來迫切需要的可預測性，並且在我們作為迄今為止最大的國內家電生產商之背景下，進一步強化我們的競爭優勢。

Now, I will turn the call back over to Roxanne to review our revised expectations for 2026.

現在，我將把電話會議交回給 Roxanne，請她說明我們對 2026 年的修正後預期。

Thanks, Juan Carlos. Turning to slide 26, I will review our updated guidance for 2026. Given the rapid deterioration of the macro environment since late February, we have revised our expectations for our 2026 results. On a like-for-like basis, we expect revenue growth of approximately 1.5% in 2026 due to our revised expectations for the North American industry.

謝謝你，Juan Carlos。接著看第 26 頁投影片，我將說明我們更新後的 2026 年指引。鑑於自 2 月下旬以來總體環境快速惡化，我們已修正對 2026 年業績的預期。以同口徑（like-for-like）計算，因我們對北美產業的預期已調整，我們預期 2026 年營收成長約 1.5%。

Even though the industry has seen substantial degradation, our new product launches are expected to continue delivering growth in MDA North America. We expect our MDA Latin America business to regain momentum and expect continued strength in our SDA Global business. On a like-for-like basis, we expect approximately 70 basis points of ongoing EBIT margin contraction to a full-year EBIT margin of approximately 4%. Free cash flow is expected to deliver more than $300 million or approximately 2% of net sales, driven by significant structural inventory optimization.

儘管產業出現顯著下滑，我們的新產品上市預期仍將持續帶動北美 MDA 的成長。我們預期拉丁美洲 MDA 業務將重拾動能，並預期 SDA Global 業務將維持強勁。以同口徑（like-for-like）計算，我們預期 EBIT 利潤率將持續收縮約 70 個基點，全年 EBIT 利潤率約為 4%。自由現金流預期將超過 3 億美元，或約占淨銷售額的 2%，主要由顯著的結構性庫存最佳化所驅動。

We expect full-year ongoing earnings per share of $3 to $3.50. This includes approximately $1 impact due to the recent equity offering, alongside an additional $1 impact due to an adjusted effective tax rate of approximately 25%, which is an increase compared to 2025.

我們預期全年持續性每股盈餘為 3 美元至 3.50 美元。此預期包含近期股權發行約 1 美元的影響，以及因調整後有效稅率約 25%（較 2025 年提高）所帶來的額外約 1 美元影響。

Turning to slide 27, we show the drivers supporting our 2026 ongoing EBIT margin guidance. We have updated our expectation of price mix to 150 basis points, reflecting the current impact of collapsed consumer sentiment, offset by the impact of our bold pricing actions announced in April. We expect to substantially improve price mix as we progress through the year, with the benefits starting in May and ramping throughout the year. Net cost takeoff reflects the expectation of delivering more than $150 million supported by our accelerated cost actions.

接著看第 27 頁投影片，我們展示支持 2026 年持續性 EBIT 利潤率指引的驅動因素。我們已將價格組合（price mix）的預期更新為 150 個基點，反映消費者信心崩跌的當前影響，並由我們於 4 月宣布的大膽定價行動所抵銷。我們預期隨著年度推進，價格組合將大幅改善，效益自 5 月開始並在全年逐步放大。淨成本削減反映我們預期在加速成本行動的支持下，實現超過 1.5 億美元的交付成果。

While we have long-term steel contracts in place, the current and projected costs are putting us essentially at the maximum pricing of those contracts. This has a minor impact to our full-year RMI expectations. However, combined with the inflation of base metals and resins. We have updated our expectations to approximately 75 basis points of negative impact from raw materials.

雖然我們已簽訂長期鋼材合約，但目前及預估成本使我們基本上已達到這些合約的最高定價水準。這對我們全年 RMI（原物料通膨）預期造成輕微影響。然而，結合基本金屬與樹脂的通膨。我們已將預期更新為原物料帶來約 75 個基點的負面影響。

We expect approximately 175 basis points of negative impact from the tariff announced in 2025 and updated in April 2026. We expect the benefits seen in Q1 from the tariff recovery and mitigation actions to be more than offset by additional tariff costs due to the Section 232 tariff changes announced in April. It is important to note that these impacts represent currently announced tariffs and do not factor in any future or potential changes in trade policy. Our expectations for marketing and technology, currency, and transaction impacts remain unchanged.

我們預期 2025 年宣布並於 2026 年 4 月更新的關稅將帶來約 175 個基點的負面影響。我們預期第一季因關稅回收與緩解行動所見的效益，將被 4 月宣布的第 232 條關稅變更所帶來的額外關稅成本所抵銷且超過。需要注意的是，這些影響僅代表目前已宣布的關稅，並未納入任何未來或潛在的貿易政策變動。我們對行銷與科技、匯率以及交易影響的預期維持不變。

Turning to slide 28, I will review our segment guidance. Starting with industry demand, we expect the global industry to be down approximately 3% in 2026. In North America, given the drastic decline already seen in Q1 and the anticipated prolonged inflationary environment, we now expect full-year industry demand to decline by approximately 5%. Our industry expectations for MDA Latin America and SDA Global remain unchanged. For MDA North America, we now expect to deliver a full-year EBIT margin of approximately 4%.

接著看第 28 頁投影片，我將回顧我們的事業部門指引。從產業需求開始，我們預期 2026 年全球產業將下滑約 3%。在北美，鑑於第一季已出現的劇烈下滑以及預期通膨環境將延續，我們目前預期全年產業需求將下滑約 5%。我們對 MDA 拉丁美洲與 SDA 全球的產業預期維持不變。對於 MDA 北美，我們目前預期全年 EBIT 利潤率約為 4%。

The bold pricing actions we've taken and accelerated cost takeout initiatives are expected to drive profitability recovery in MDA North America. Margin expectations for MDA Latin America and SDA Global remain unchanged.

我們採取的大膽定價行動與加速成本削減措施，預期將推動 MDA 北美的獲利能力復甦。MDA 拉丁美洲與 SDA 全球的利潤率預期維持不變。

Turning to slide 29, I will provide the drivers of our free cash flow guidance. We have updated our cash earnings and other operating accounts consistent with full-year EBIT guidance. We have not changed our expectations for capital expenditures and continue to focus on delivering product excellence and investing in our US manufacturing footprint. We have taken necessary actions to optimize our inventory and are updating our expectations to improve working capital by approximately $150 million to support cash generation in 2026.

接著看第 29 頁投影片，我將說明我們自由現金流指引的驅動因素。我們已依全年 EBIT 指引更新現金獲利與其他營運科目。我們未改變對資本支出的預期，並持續聚焦於交付卓越產品，以及投資我們在美國的製造版圖。我們已採取必要行動以最佳化庫存，並更新預期：在 2026 年改善營運資金約 1.5 億美元，以支持現金創造。

As seen in our first-quarter results, our working capital initiatives are off to a very strong start, and we expect these structural changes to improve our day-to-day inventory levels. Our expectations for restructuring cash outlays related to our manufacturing and logistics footprint optimization efforts are unchanged. Overall, we expect to deliver free cash flow of more than $300 million or approximately 2% of net sales.

如第一季結果所示，我們的營運資金計畫已取得非常強勁的開局，我們預期這些結構性變革將改善我們日常的庫存水位。我們對與製造與物流版圖最佳化相關的重組現金支出預期維持不變。整體而言，我們預期自由現金流將超過 3 億美元，或約占淨銷售額的 2%。

Turning to slide 30, I will review our capital allocation priorities, which have been updated to reflect the current business environment. Investing in organic growth through product innovation remains critical to our business, and this will continue to be one of our top priorities. We will continue to invest in product innovation, digital transformation, and cost efficiency projects with approximately $400 million of capital expenditure expected this year.

接著看第 30 頁投影片，我將回顧我們的資本配置優先順序，並已更新以反映當前的經營環境。透過產品創新投資於有機成長仍是我們業務的關鍵，並將持續是我們的首要優先事項之一。我們將持續投資於產品創新、數位轉型與成本效率專案，預期今年資本支出約 4 億美元。

Secondly, we are committed to reducing our debt levels now more than ever. We expect to pay down more than $900 million of debt in 2026, continuing our commitment to deleverage. Lastly, after careful consideration, with a focus on ensuring financial flexibility during this challenging operating environment, we have made the prudent decision to pause our quarterly dividend starting in the second quarter. This decision is critical to ensure we create the capacity on our balance sheet to pay down debt and fund organic growth.

第二，我們比以往任何時候都更致力於降低負債水準。我們預期在 2026 年償還超過 9 億美元的債務，持續履行去槓桿承諾。最後，經審慎評估，並著重於在此具挑戰性的營運環境中確保財務彈性，我們做出審慎決定，自第二季起暫停季度股利。此決策對於確保我們在資產負債表上創造償債與資助有機成長的能力至關重要。

Turning to slide 31, I will review how we are taking additional actions to manage our debt maturities and ensure liquidity in an uncertain macro environment. We recently executed a strategic equity offering that successfully raised approximately $1.1 billion in capital. The use of these proceeds was focused on debt paydown and accelerating our vertical integration and automation efforts. The proceeds were used as expected. We paid down more than $900 million in debt and began to invest in vertical integration with the acquisition of our Perrysburg, Ohio facility.

接著看第 31 頁投影片，我將回顧我們如何採取額外行動以管理債務到期結構，並在不確定的總體環境中確保流動性。我們近期執行了一項策略性股權發行，成功募集約 11 億美元資金。這些資金的用途聚焦於償還債務，以及加速我們的垂直整合與自動化工作。資金如預期使用。我們償還了超過 9 億美元的債務，並透過收購俄亥俄州 Perrysburg 廠房，開始投資於垂直整合。

We are in the process of moving to an asset-based lending facility. As we transition, we entered into an amendment to our existing credit facility, reducing our available line of credit from $3.5 billion to approximately $2.25 billion effective in May. This amendment provides us with the valuable near-term flexibility and ample borrowing capacity. We have strong lender support on the asset-based lending facility and are tracking well to closing the next credit facility over the coming weeks. These decisive actions demonstrate our continued focus on debt paydown as we work to drive our long-term debt below $5 billion.

我們正在轉向資產基礎融資（asset-based lending）機制。在轉換期間，我們對現有信貸融資安排進行修訂，自 5 月起將可用授信額度由 35 億美元降至約 22.5 億美元。此修訂為我們提供了寶貴的短期彈性與充足的借款能力。我們在資產基礎融資方面獲得強勁的放款人支持，並正順利推進，預計在未來數週完成下一項信貸融資的簽訂。這些果斷行動展現我們持續聚焦於償債，並致力於將長期債務降至 50 億美元以下。

Now, I will turn the call back to Mark for closing remarks.

現在，我將把電話會議交回給 Mark 作結語。

Thanks, Roxanne. Turning to slide 32, let me summarize what you heard today. As we discussed, our first-quarter results were heavily impacted by severe external volatility and one-time events. The sudden macro pressures from war in Iran, the resulting plunge in consumer sentiment, and the disruptions to industry demand and pricing all mask the underlying operational progress we have made.

謝謝你，Roxanne。接著看第 32 頁投影片，讓我總結各位今天聽到的重點。如我們所討論，第一季結果受到嚴重的外部波動與一次性事件的重大影響。伊朗戰爭帶來的突發總體壓力、消費者信心隨之暴跌，以及對產業需求與定價的擾動，都掩蓋了我們在營運上取得的基礎性進展。

However, we are actively managing what is within our control. We have announced significant pricing and structural cost actions that are firmly in place to restore profitability to our MDA North America business. By driving over $150 million in cost takeout initiatives and executing our largest price increase in the decade, we are aggressively addressing our margin pressures.

然而，我們正積極管理我們可控的事項。我們已宣布重大的定價與結構性成本行動，且已確實到位，以恢復我們 MDA 北美業務的獲利能力。透過推動超過 1.5 億美元的成本削減計畫，並執行十年來最大幅度的漲價，我們正積極應對利潤率壓力。

More importantly, our ongoing US footprint optimization and the recent Section 242 tariff updates. Meaningfully strengthen our competitive advantage as a domestic producer. Because we proudly built approximately 80% of the products we sell in the US, here in America, we're structurally positioned to win in this new tariff landscape.

更重要的是，我們持續進行的美國版圖最佳化，以及近期第 242 條關稅更新。顯著強化了我們作為本土生產商的競爭優勢。由於我們自豪地在美國本土製造我們在美國銷售產品的約 80%，我們在這個新的關稅格局下具備結構性優勢，有望勝出。

Additionally, our SDA Global business continues to perform exceptionally well, remaining a bright spot in our portfolio, consistently delivering revenue growth and margin expansion. Whether it is in small appliances or major domestic categories. We continue to hold a leading position supported by a portfolio of iconic brands and innovative products.

此外，我們的 SDA 全球業務持續表現極為出色，仍是我們投資組合中的亮點，持續帶來營收成長與利潤率擴張。無論是在小家電或大型家用類別。在一系列具代表性的品牌與創新產品的支持下，我們持續維持領先地位。

Looking further ahead, we know the US housing market trough will be over at one point, and the March read of housing starts may be an early indication of a more positive trend. The eventual tailwinds from an inevitable recovery will be strongly catalyzed by our leading established position in the builder channel as well as the strength of our InSync Curator business.

展望更長遠，我們知道美國房市的谷底終將過去，而 3 月份的新屋開工數據可能是更正向趨勢的早期跡象。未來不可避免的復甦所帶來的順風，將在我們於建商通路的既有領先地位，以及 InSync Curator 業務的實力加持下，被強力催化。

Now, we will end our formal remarks. And open it up for questions.

現在，我們將結束正式發言。並開放提問。

(Operator Instructions) Michael Reho, JPMorgan.

(接線員指示) JPMorgan 的 Michael Reho。

Thanks. Good morning, everyone. Thanks for taking my questions. I wanted to take a step back. Good morning. And just kind of -- my question is really just on the consumer, and you highlighted the all-time low in confidence impacting results.

謝謝。各位早安。謝謝讓我提問。我想先退一步看。早安。我的問題主要是關於消費者，你提到信心跌至歷史低點正在影響業績。

So far this earnings season, we've heard from other building product companies where volumes are down, but not to the extent that we're seeing in appliances. And many have kind of reported that while the consumer confidence is shaky, demand trends have been somewhat more stable perhaps than what you've seen in your own industry. So I was wondering if you could kind of contrast what the drivers are that maybe has created that greater amount of volatility in appliances as you see it from the consumer's perspective compared to other products like power tools, flooring, paint, plumbing, et cetera.

到目前為止在這一季財報季，我們聽到其他建材產品公司表示出貨量下滑，但幅度沒有像家電這麼大。而且許多公司回報說，雖然消費者信心不穩，但需求趨勢可能比你們在自身產業看到的更為穩定。所以我想請你對比一下，從消費者角度來看，究竟是哪些驅動因素，讓家電相較於電動工具、地板、油漆、管材/衛浴管路等其他產品，呈現出更大的波動性？

So, Michael, obviously, I mean, just to repeat the numbers, we saw minus 7.4% industry demand in Q1 of which March was minus 10%. So that is, even in our industry, as we point out, a very, very unusual low level. I mean, that's why we pointed the last time you've seen minus 10% was during the global financial crisis.

所以，Michael，顯然，我的意思是，先重申一下數字，我們看到第一季產業需求下滑 7.4%，其中 3 月下滑 10%。所以這個水準，即便在我們這個產業，如同我們指出的，也是非常、非常不尋常的低點。這也是為什麼我們提到，上一次看到下滑 10% 是在全球金融危機期間。

I think one of the key elements which makes our category maybe slightly different for other categories, at the end of the day, for the majority of US households, appliances, or the purchase of an appliance are a significant portion of their disposable income. So ultimately, it's a decision against confidence the consumer has about the financial future.

我認為使我們這個品類可能與其他品類略有不同的一個關鍵因素是：歸根結底，對大多數美國家庭而言，家電或購買一台家電，佔其可支配所得相當大的一部分。因此，最終這是一個取決於消費者對其財務未來信心的決策。

So it's just a big-ticket item, it's not a $50 (inaudible) purchase. And that, I think, explains a little bit what it was being seen right now in Q1. And by the way, just a little bit more anecdotes, one of the strongest businesses which we had in Q1 was actually our Spare Parts and Repair business, which just as an indicator that even consumers are holding back replacing products and rather repairing it, we've seen that also in [2.8].

所以它就是一個高單價商品，不是 50 美元的（聽不清）購買。我想這在某種程度上解釋了我們在第一季看到的情況。順帶一提，再補充一點軼事：我們第一季最強的業務之一其實是零件與維修業務，這也顯示即使消費者在延後汰換產品、轉而維修，我們也在[2.8] 看到同樣現象。

Now, the flip side is consumer confidence is on a 50-year low, but we've seen in other phases, consumer confidence actually moves pretty fast. And I wouldn't expect that level of confidence, but also that level of industry demand being that much down for the rest of the year. So we do anticipate a recovery, but (inaudible) the first three months already took the industry so much down, no matter how you do the math.

現在，另一方面，消費者信心處於 50 年低點，但我們在其他階段也看過，消費者信心其實變動很快。我不預期這種信心水準，以及產業需求下滑到這麼多的情況，會在今年剩餘時間持續。所以我們確實預期會復甦，但（聽不清）前 3 個月已經把產業拉得很低，不管你怎麼算都是如此。

If you anticipate a more flattish environment going forward, that's why you ended at a [minus 5%]. So I do consider, and I agree with you, March was probably an exceptionally low outlier, which we didn't expect. Will that be the same going forward? No, but it's not going to be an immediate recovery for consumer environment.

如果你預期接下來環境較為持平，這就是為什麼你最後會落在[下滑 5%]。所以我確實認為，也同意你的看法，3 月可能是我們未預期到的、特別低的離群值。未來會一樣嗎？不會，但消費環境也不會立刻復甦。

Thank you for that, Mark. And I guess, secondly, obviously, big price increases by yourself. And it looks like from slide 9, the industry as well in the most recent couple of weeks. How are you thinking about second-quarter EBIT margins for North America? And if your assumptions hold, what are you thinking about the trajectory for the back half as well?

謝謝你，Mark。我想第二個問題，顯然你們自己做了大幅度的漲價。而且從第 9 頁投影片看起來，整個產業在最近幾週也一樣。你們如何看待北美第二季的 EBIT 利潤率？如果你的假設成立，你們對下半年走勢又是怎麼看的？

So, Michael, as we're not giving specific Q2 margin guides, but let me give you a little bit of broader perspective on this pricing and what we're seeing and how it flows through our bottom line. So first of all, I want to refer to a slide which we presented. This is the biggest price increase, I think we'll refer to in a decade, honestly, three decades in the company, I've not seen that level of price increase.

所以，Michael，我們不提供第二季利潤率的具體指引，但我可以從更宏觀的角度談談定價、我們看到的情況，以及它如何傳導到我們的損益底線。首先，我想引用我們展示的一張投影片。這是我認為十年來最大的一次漲價；老實說，在公司三十年的時間裡，我從未見過這種幅度的漲價。

Keep in mind, there's essentially three components of that price increase: one, a very significant promotional price MAP or PMAP increase of more than 10%. That's already out there, and you see that already reflected in the retailer pricing towards the consumer. Two, we significantly reduced our participation in promotions. So for example, July 4, we're going two weeks as opposed to three weeks, and we're not participating in all-house promotions. And three, we have a list price increase also kicking in July on vast majority of products. So it's kind of a multi-tiered approach.

請記住，這次漲價基本上有三個組成部分：第一，非常顯著的促銷價格 MAP 或 PMAP 上調，幅度超過 10%。這已經在市場上了，你也已經看到零售商對消費者的定價反映出來。第二，我們大幅降低參與促銷的程度。例如，7 月 4 日檔期我們做兩週而不是三週，而且我們不參與全品類促銷。第三，我們也有一個名目表價（list price）調漲，將在 7 月對絕大多數產品生效。所以這是一個多層次的做法。

I would say the first two weeks of what we've seen in consumer, visible prices have been very encouraging. So you could use the term first two weeks, yeah, the pricing is sticking. Needless to say, that is key to everything going forward on the EBIT margin. And if that holds, then we will be in a good place.

我會說，我們在前兩週看到的消費者端可見價格表現非常令人鼓舞。所以你可以用「前兩週」這個說法，是的，價格正在站穩。不用說，這對未來 EBIT 利潤率的一切都至關重要。如果這能維持，我們就會處在一個不錯的位置。

Now, keep in mind also, and this explains a little bit Q1, and then you should also anticipate in Q2. But the chart shows the consumer pricing. That is not exactly how it exactly immediately flows to our bottom line. What I'm referring to, for example, take Q1. In Q1, you still pay for the promotion investments on Q4 because it's a delayed or trailing effect. So even though the April pricing consumer starts, you're still partially paying for the March promotions out there. So there's a little bit of delay effect, which also will flow through Q2.

另外也請記住，這也在某種程度上解釋了第一季，而你在第二季也應該會看到。但圖表顯示的是消費者端的定價。那並不代表它會立刻、完全以同樣方式流入我們的損益底線。我指的是，例如看第一季。第一季你仍在支付第四季的促銷投入，因為它有遞延或滯後效應。所以即使 4 月消費者端價格開始上來，你仍在部分支付 3 月在市場上的促銷。因此會有一些延遲效應，也會延續到第二季。

But again, if the pricing holds, as we've seen in the two weeks, I think you will absolutely see the gradual recovery of our EBIT margin as we pretty much laid it out.

但再說一次，如果定價能如我們在這兩週所見般站穩，我認為你將會確實看到我們的 EBIT 利潤率逐步復甦，基本上就如同我們所闡述的那樣。

David MacGregor, Longbow Research.

Longbow Research 的 David MacGregor。

Yes, good morning, everyone, and thanks for taking my questions. My first question -- good morning, Mark. My first question was just on the guidance and I guess a few parts to this, but can you explain why you're calling out the improving price environment and at the same time taking down your full-year price mix guidance? And would you tell us how much of the price improvement you're including in the revised guidance? It looks like you've got partial inclusion with the reduced PMAPs, but maybe none of the July increase. And then how much are you specifically assuming for mix? And I have a follow-up.

是的，各位早安，謝謝讓我提問。Mark，早安。我的第一個問題是關於指引，我想有幾個部分：你能否解釋一下，為什麼你一方面強調價格環境正在改善，同時卻下調全年價格/組合（price mix）指引？另外，你能告訴我們在修正後的指引中，納入了多少價格改善？看起來你們部分納入了 PMAP 下調的影響，但可能沒有納入 7 月的調漲。那麼你們對組合（mix）具體假設是多少？我還有一個追問。

Yeah, so David. First of all, the full-year number, which you've seen on page 27, keep in mind, we basically have three months of negative pricing. And you saw that in the earlier pricing margin walk. So you first have to overcompensate on a full-year basis what you already lost in Q1. So put it differently, yes, on a full-year basis, it looks like it's kind of 25 points down. Actually, on the Q2 to Q4 points, it's significantly up.

好的，David。首先，關於你在第 27 頁看到的全年數字，請記住，我們基本上有三個月是負向定價。你在先前的定價與利潤率橋接中也看到了。所以你必須先在全年基礎上，超額補回我們在第一季已經失去的部分。換句話說，是的，在全年基礎上看起來大概下修了 25 個基點。但其實在第二季到第四季的基點上，是顯著上升的。

Did we factor in the full amount of a price increase? No, which also means the success of a stickiness of price will determine a lot. But we took, of course, there's a certain assumption, which we took into account here, but maybe not the full, full amount. But let's see how these things develop. The big uncertainty, and this is why we're a little bit cautious, and you alluded to this one, is mix. And let me explain that a little bit because that's probably on everybody's mind.

我們是否已將漲價的全部幅度納入考量？沒有，這也意味著價格黏著性的成功與否將在很大程度上決定結果。但當然我們做了一定的假設並在此納入考量，只是可能沒有把全部、全部的幅度都算進去。不過讓我們看看事情如何發展。最大的未知數，也是我們稍微保守的原因——你也提到了——是產品組合（mix）。我稍微解釋一下，因為這大概是大家都在想的。

I know some people will ask or may ask about what happens to price elasticity. Actually, in all previous years, we've not seen so much an impact on consumer price elasticity for simple reason, last time consumer bought an appliance was 10 years ago, buy them large, but prices are very similar, so we don't see the big elasticity from a pure demand, particularly in replacement market.

我知道有些人會問或可能會問價格彈性會怎麼變。其實在過去幾年，我們沒有看到消費者價格彈性受到太大影響，原因很簡單：消費者上一次買家電可能是10年前，買的是大件，但價格其實非常接近，所以從純需求面來看，特別是在汰換市場，我們看不到很大的彈性。

What you do see, however, that in particular in a distressed environment that consumers enter the store with a budget in mind. So what I mean is they have a budget, let's say $600 and they're basically going to stick with that price point. So what you see as opposed to a product which used cost $599 is not $649, they stick to a $599 price point. What it means is for us a mix down to another SKU.

不過你確實會看到的是，特別是在景氣受壓的環境下，消費者進店時心裡會有一個預算。我的意思是他們有個預算，比如說600美元，基本上就會守住那個價位。所以你看到的情況是：原本可能賣599美元的產品現在變成649美元，他們仍然會堅持599美元的價位。對我們而言，這代表產品組合會往較低的SKU移動（mix down）。

So we saw in other circumstances, not necessarily impact on volume of demand, but you've got to manage the mix very carefully. And that's what the but obviously that's the biggest uncertainty, that's why we didn't fully factor in what happens to mix, how much can we compensate, how much can we mitigate. We have tools in place in particular with our new products to manage the mix in the right direction, but that is really the consumer uncertainty about what happens to mix. When you go out in an environment which, from a consumer perspective, is distressed.

所以我們在其他情況下看到的，不一定是需求量（volume）受到影響，而是你必須非常謹慎地管理產品組合。而這顯然是最大的未知數，因此我們沒有把組合會怎麼變、我們能補償多少、能緩解多少完全納入。我們有一些工具，特別是透過我們的新產品，來把組合往正確方向引導，但真正的不確定性在於消費者端的組合會怎麼變。當你處在一個從消費者角度看是受壓的環境時。

Got it. Okay, thank you for that detail. Just as a follow-up, I guess this is maybe a higher-level question, but can you just update us on the path from where we are now to your 9% target for EBIT margins longer-term? How does that 500-basis-point bridge look in terms of price mix, net cost, volume leverage, RMI, the framework you typically employ?

了解。好的，謝謝你提供這些細節。再追問一下，我想這可能是更高層次的問題：你能否更新一下，從我們現在的位置到你們長期EBIT利潤率9%目標的路徑？這個500個基點的橋接，從價格/組合、淨成本、量的槓桿、RMI，以及你們通常採用的框架來看，會是什麼樣子？

Yeah, I mean, David, the first big step is actually what would need to happen in '26, I mean, as you can obviously and I know you probably already did the math, that guidance which we've given on 4% this year implies that basically you have an exit rate, which is very different from where we are today and without getting into the details of quarter-by-quarter margin, then you're basically talking about an exit rate of whatever, 60%-plus for North America. That is the fundamental step on everything. So the question of your 9% starts with exit rate of Q4 this year.

是的，我的意思是，David，第一個重大步驟其實是2026年需要發生什麼。你很明顯——我也知道你大概已經算過——我們今年給出的4%指引，基本上意味著你的退出率（exit rate）會和我們今天所在的位置非常不同；在不逐季拆解利潤率的前提下，你基本上是在談一個北美60%以上的退出率之類的水平。這是所有事情的根本一步。所以你問的9%，要從今年第四季的退出率開始談。

The pricing actions together with the cost actions will put us on the right trajectory. On the cost actions and a lot of things which we talked today about, obviously, as you can imagine, have a lot of carryover benefits. So all the manufacturing footprints, the vertical integration, the numbers for '26, as you could tell, are okay, they give some benefits, but the real benefits start '27 going forward, that's when you see a lot of these benefits. So we carry the exit rate into next year. We have additional cost actions that puts us on the path towards the 9%. I'm not saying that's a '27 number, but it puts us on the right path.

定價行動加上成本行動會讓我們走在正確的軌道上。在成本行動方面，以及我們今天談到的很多事情，如你所想，會有大量的延續效益（carryover benefits）。因此，所有製造據點布局、垂直整合，2026年的數字如你所見是可以的，會帶來一些效益，但真正的效益是從2027年開始往後才會顯現，屆時你會看到很多這些效益。所以我們把退出率帶入明年。我們還會有額外的成本行動，讓我們走向9%的路徑。我不是說那就是2027年的數字，但它會讓我們走在正確的路上。

Sam Darkatsh, Raymond James.

Sam Darkatsh，Raymond James。

Good morning, Mark. Good morning, Roxanne. So the -- two questions. First off, around the RMI guide, I think you raised it by about $100 million versus prior. Does that contemplate current market prices for PVC and resin and base metals? Or does that contemplate some give back from current market prices in the second-half of the year? And then I've got a follow-up.

早安，Mark。早安，Roxanne。我有兩個問題。首先，關於RMI指引，我想你相較之前上調了大約1億美元。這是否已反映PVC、樹脂與基本金屬的當前市場價格？還是說這包含了下半年相較目前市場價格會有一些回落（give back）的假設？然後我還有一個追問。

Sam, the short answer, it does. Let me give you a little bit of context. So as you know it very well, our number one purchase product is steel [to]. For example, to the point where we're kind of getting to the cap of our long-term agreements. We were hoping maybe a little bit below the cap, but that's fully factored in, but it's not volatile going forward for us.

Sam，簡短回答：有。我補充一些背景。如你很清楚，我們採購量最大的產品是鋼材[to]。例如，我們某種程度上已接近長期合約的價格上限（cap）。我們原本希望能略低於上限，但這已完全納入考量，而且對我們而言，往後不會那麼波動。

On the resins, it does not reflect the current spot because the current spot and the way how we buy it is still reasonably okay. But in the anticipated Q3 and Q4, we have some headwinds on all plastic components. It's just ultimately results of what we're seeing on oil prices. There's another element which maybe on a relative case may be a little bit more favorable for North America as opposed to Asia. I think there might be some supply constraints, plastics in particular for Asia, which ultimately will also drive prices on plastics.

至於樹脂，並未反映目前的現貨價格，因為目前現貨以及我們的採購方式仍算合理。但在預期的第三季與第四季，我們在所有塑膠零組件上會面臨一些逆風。這最終就是我們看到油價走勢所造成的結果。另外還有一個因素，可能相對而言對北美比對亞洲更有利。我認為亞洲在塑膠方面可能會有一些供應限制，最終也會推升塑膠價格。

But they do, because the second-half does contemplate like current market prices for resident oil throughout the year, and then it just hits you in the back half, just clarifying that.

但確實有，因為下半年是以全年樹脂/油品的當前市場價格為基礎來假設，然後影響會在下半年反映出來；我只是澄清這一點。

Yeah, it implies an increase of plastic prices in Q3, Q4 versus where we are today.

是的，這意味著第三、第四季的塑膠價格會比我們今天所在的水平更高。

Got you. And then my follow-up, you cut a lot of production, obviously. You get the inventories in better shape during the first quarter. The rest of the year, are you anticipating production and shipments to largely match or are there more production cuts to come?

了解。然後我的追問是，你們顯然大幅削減了產量。你們在第一季把庫存調整到更好的狀態。那今年剩下的時間，你們預期生產與出貨大致會匹配嗎？還是還會有更多的減產？

Yeah, so Sam. First of all, to clarify Q1, we already planned and we alluded to this one in January that we want to bring down inventory to the right levels. Obviously, with the industry and seeing what it is, we had to cut even more production than we ever had in mind. That cost us in the quarter around $60 million, so it was massive.

是的，Sam。首先澄清第一季：我們在1月就已規劃——也提到過——我們希望把庫存降到合適的水位。顯然，考量到產業狀況以及我們所看到的情況，我們不得不比原先想像的再多削減產量。這在本季讓我們付出了大約6,000萬美元的成本，影響非常大。

But the good news is right now, inventories in North America are what I would call on a really good level, on a healthy, sustainable level. Now having said that, we are anticipating also fully based that the industry demand will not fully recover. So also going forward, we will produce less than we, for example, produced last year, but we know that now we can adjust accordingly. So there's not going to be a big one-time reduction in inventory, but it's just more we want to keep production in line with what we're seeing in the industry demand.

但好消息是，目前北美的庫存我會說已在非常好的水位，是健康且可持續的水位。話雖如此，我們也預期、並完全基於判斷，產業需求不會完全復甦。因此往後我們的產量也會低於例如去年生產的水準，但我們現在知道可以相應調整。所以不會再有一次性的大幅去庫存，而是我們希望讓生產與我們看到的產業需求保持一致。

Mike Dahl, RBC Capital Markets.

Mike Dahl，RBC 資本市場。

Good morning. Thanks for taking my questions. I wanted to ask first about aerodynamics, so two parts. First is you didn't record a material tariff impact and -- in first quarter and you're still [lapping] the tariffs from last year.

早安。謝謝讓我提問。我想先問關於空氣動力學的問題，分兩部分。第一，你們在第一季沒有記錄到重大的關稅影響，而且你們仍在[對比]去年同期的關稅基期。

So curious if there was any booking of refunds or anything other one time in nature there. And then when you think about then the net tariff impact going up for the full year, despite that, can you just help us parse out like what the -- like obviously your competitors are more impacted by 232? But what your net puts and takes are around kind of the current guide and what's contemplated and how much is specific to 232?

所以想了解是否有認列任何退稅入帳或其他一次性性質的項目。另外，當你們談到全年淨關稅影響上升時，儘管如此，能否幫我們拆解一下——例如，顯然你們的競爭對手受 232 影響更大？但你們在目前指引下的淨影響有哪些增減項、已納入哪些假設，以及其中有多少是特別與 232 相關？

So, Michael, let me first talk about how it impacts us and then maybe broad on the 242 tariff and I'll read into this one. So first of all, as we as a company, we pay three different types of tariffs, that's a 232, the 301 in the past, both via IEEPA and now to some extent 122, so it's always going to be a stacked layer of this one.

Michael，我先談談它對我們的影響，然後再更廣泛地談一下 242 關稅，我也會一併說明。首先，作為一家公司，我們支付三種不同類型的關稅：232、過去的 301（透過 IEEPA），以及現在在某種程度上還有 122，所以這一直會是層層疊加的。

In Q1, we had a number of favorable tariff-mitigation actions, we had a combination of post-summary corrections, it's on tariff claim sales and tariff refunds, on my IEEPA piece, not on this 301 and 232. So in Q1, that was actually a pretty neutral guy, I'll put it differently, pretty much helped offsetting the cost of inventory reduction, so it's a wash.

在第一季，我們採取了多項有利的關稅緩解措施，包括事後報關更正（post-summary corrections）、關稅索賠銷售以及關稅退稅；這些是針對我的 IEEPA 部分，而不是 301 和 232。所以在第一季，這其實相當中性；換句話說，基本上有助於抵消去化庫存的成本，因此整體相抵、影響不大。

On a full-year basis, we do anticipate, and that's now the effective for $232 million and also with $122 million changes, but the tariff costs on a full-year base go up half a point, that's fully factored in. Now, again, that's from today's environment, if something changes, then something will change, but that's pretty much what we expect on a full-year base.

以全年來看，我們確實預期——目前 232 已生效，且也有 122 的變動——但以全年基礎計算，關稅成本上升 0.5 個百分點，這已完全納入考量。當然，這是基於今天的環境；若有變化，結果也會跟著變，但以全年而言，這就是我們的預期。

But keep in mind, on every given quarter, you may have ins and outs, that depends on shipment patterns, that depends on what happens on the three different tariffs. But at the current state, if a tariff is not disabled, I think 1.275% is pretty -- that's pretty much what you should expect. Now, a broader comment I want to make on 232 and Juan Carlos in his comments earlier already alluded to this one.

但請記住，每一季都可能有進有出，取決於出貨型態，也取決於三種不同關稅的變化。但在目前狀態下，只要關稅沒有被取消，我認為 1.275% 大致就是——這基本上就是你應該預期的水準。另外我想對 232 做一個更廣泛的評論，Juan Carlos 先前的發言也已提到這點。

I know it may feel to be outside like this is a small change in 232, it is actually big in the ramification thus far industry. And let me just explain it once again. Before, it was fairly complicated, but the appliance for the first time were included in 232 last year in April. The way how it was set up with declared steel value, declared weight was very complicated and I would say left many doors to open for maybe not a full declaration of real cost.

我知道從外部看可能覺得這只是 232 的小幅變動，但就目前對整個產業的影響而言其實很大。我再解釋一次。以前相當複雜，但家電是去年四月首次被納入 232。當時的設計是以申報鋼材價值、申報重量為基礎，流程非常複雜，我會說也留下了許多空間，可能導致未能完整申報真實成本。

What changed now is a flat rate of 25% against the full-declared product value. That brings a lot of stability and clarity to the equation because the Board authorities, which are very competent, they have a lot of history and understanding of full product declaration. So the ability to kind of circumvent that are very limited. And 25% on every single imported appliance in the country is massive. Nobody can escape that.

現在改變的是：對完整申報的產品價值採用 25% 的固定稅率。這讓整個計算更穩定、更清楚，因為邊境主管機關非常專業，他們對完整產品申報有大量歷史經驗與理解。因此，想要規避的空間非常有限。而對每一台進口到美國的家電都課 25%，影響非常巨大。沒有人能躲得掉。

And of course, with our domestic production footprint, that what I would call is finally the environment which allows a level playing field. Honestly, we've been waiting for this one essentially for a year. It's now, as of April 6, finally in place, and I personally believe it will drive a lot of positive changes for us.

當然，憑藉我們在美國的本土生產布局，我會說這終於形成了一個能夠提供公平競爭環境的局面。坦白說，我們基本上等這件事等了一年。現在自 4 月 6 日起終於到位，我個人相信這將為我們帶來許多正面的改變。

Thanks for that, Marc. That's helpful. My second question is more demand-related and specific to North America MDA. The understanding March was kind of the acute weakness. What are the trends that you've seen since March and April and midway through May, especially as you and others have tried to implement price, because I know you're saying that you're not assuming full recovery from a demand standpoint.

謝謝你，Marc。這很有幫助。我的第二個問題比較偏需求面，且聚焦北美 MDA。我的理解是 3 月是急劇走弱的月份。自 3 月、4 月到 5 月中旬以來，你們看到的趨勢如何，特別是在你們和其他同業嘗試推動漲價之際？因為我知道你們說你們並未假設需求面會完全復甦。

But it still seems like to get to your full-year revenue guide, volume trends in addition to price mix have to improve through the year, and it also seems to imply still some share gain. While you're on charts, show you trying to take, at least at this point in time, more price than your peers. So I'm just hoping to get a better walk for the more recent dynamics you've seen and then how you're envisioning the balance of the year.

但看起來要達成你們的全年營收指引，除了價格/組合之外，銷量趨勢也必須在年內改善，而且似乎也意味著仍有一些市占提升。同時從你們的圖表來看，至少在目前這個時間點，你們似乎試圖比同業取得更高的漲價幅度。所以我希望更清楚了解你們近期看到的動態，以及你們如何看待今年剩餘期間的平衡。

Yeah. So Michael, obviously, Q1 was really rough from an industry demand in March in particular, that March was just a fall off the cliff from demand. April slightly improved, but still on a negative trajectory. And honestly, that's pretty much what we expect. It's -- as long as the consumer sentiment is that much down, I don't think you would see strong market demand patterns, but not to the level of what we've seen in March.

好的。Michael，很明顯第一季在產業需求面非常艱難，尤其是 3 月，3 月的需求幾乎是斷崖式下滑。4 月略有改善，但仍在負向軌跡上。坦白說，這大致符合我們的預期。只要消費者信心下滑到這種程度，我不認為會看到強勁的市場需求型態，但也不至於像 3 月那樣嚴重。

March was just a shock to the system. So April is slightly improving. What we do see, again, the basic trends of business replacement market continues. What we do see is still mixing under pressure, consumers are budget constraints. It doesn't impact necessarily the volume of appliance sales, but it impacts a mix. That's what we've seen in Q1, and that's what we've also seen in April, and that relates back to my comments is we do go very aggressively on the overall pricing, but we've got to manage mix in the meantime.

3 月對整個系統來說就是一次衝擊。所以 4 月略有改善。我們看到的是，基本的汰舊換新市場仍在延續。我們也看到產品組合仍承壓，消費者有預算限制。這不一定影響家電銷售量本身，但會影響組合。這是我們在第一季看到的，也是我們在 4 月看到的；這也呼應我先前的評論：我們在整體定價上會非常積極，但同時必須管理組合。

So that's the market trend which I think you will see pretty much Q2 and Q3, i.e., volumes being soft to slightly negative and mix being under pressure.

因此，這就是我認為你在第二季和第三季大致會看到的市場趨勢，也就是：銷量偏弱到小幅負成長，而組合持續承壓。

Eric Brassard, Cleveland Research.

Eric Brassard，Cleveland Research。

Good morning. Thank you. Just clarification if you -- yeah, good morning. Clarification on two things. One, the March and April, the demand, this is industry shipments, is that correct?

早安。謝謝。我想釐清兩件事——對，早安。釐清兩點。第一，3 月和 4 月的需求指的是產業出貨量，對嗎？

That is correct, Eric. And maybe to elaborate on this. Keep on going.

沒錯，Eric。我也補充說明一下。你繼續。

Yeah, I was just going to ask, I'm just curious on sell-through, is the sell-through, what you're seeing at retail down 10% in March in a similar level in April, or is this just a shipment issue?

好的，我只是想問一下終端銷售（sell-through）：你們在零售端看到的 sell-through 在 3 月下滑 10%，4 月也差不多同樣幅度嗎？還是這只是出貨面的問題？

Yeah, so Eric, you're pointing out a good point. So what I'm referring to is industry shipment into the trade. In Q1, and of course, we don't have industry inventory levels, we know our own product inventory levels with retailers, so I would say estimate in the 7.4% down, that probably was half a point to a point of inventory reduction of trade included in there. But not more, but that's just an estimate from our side.

是的，Eric，你提到一個很好的點。我所指的是產業出貨到通路端的數據。在第一季，當然我們沒有產業整體的庫存水位，但我們知道我們自家產品在零售商端的庫存水位，所以我會說，估計 7.4% 的下滑中，大概有 0.5 到 1 個百分點是通路去庫存所造成的。但不會更多；不過這只是我們這邊的估算。

I would say on our products, because we don't have industry sell-out data, our products in Q1 actually held reasonably good ground. So I would say the last 13 weeks, what we've seen is pretty much a flat to slightly down sell-out, so a little bit better than the sell-in, and that's what we continue to see.

我會說就我們的產品而言，因為我們沒有產業端的終端銷售（sell-out）數據，我們的產品在第一季其實表現得相當穩健。所以我會說，過去13週我們看到的終端銷售大致持平到小幅下滑，因此比出貨（sell-in）稍微好一點，而這也是我們持續看到的情況。

Again, that relates back to we feel good about our product range, our products are selling and what (inaudible) showed earlier, the KitchenAid product in that market is still growing at double-digit rate. So we know our new products are selling, but the sentiment is just weak overall.

同樣地，這也回到我們對產品組合很有信心：我們的產品在賣，而且如同（聽不清）先前展示的，在那個市場KitchenAid產品仍以雙位數成長。所以我們知道新產品在賣，但整體情緒就是偏弱。

Okay, and so the dramatic change, the impact from the war is on the sell-in, the sell-out has not changed meaningfully. Is that your point?

好的，所以劇烈的變化、戰爭帶來的影響是在出貨（sell-in）端，而終端銷售（sell-out）並沒有出現有意義的變化。你的意思是這樣嗎？

Well, just I need to clarify on our products, but even in March, the sell-out was there were one or two weeks in the overall sell-out, which were really down. Our products right now, overall, sell-out a little bit better than what we see from sell-in from a broader market. But we now need to see what's going forward, but I mean, again, March also from sell-out was not the strongest.

嗯，我只是需要釐清就我們的產品而言；但即便在3月，整體終端銷售也有一兩週是大幅下滑的。就我們的產品目前整體來看，終端銷售比我們從更廣泛市場看到的出貨（sell-in）表現要好一點。但我們現在需要觀察接下來的走勢；不過我的意思是，3月在終端銷售端也不是最強的月份。

And then secondly, just to make sure I understand that you talked through the strategy with promotions in less weeks that you're going to participate, and all of that is then reflected in the industry down [5%].

第二點，為了確認我理解正確：你提到促銷策略是參與的週數會變少，而這些都反映在產業下滑[5%] 的預估裡。

Is that the, and I know we've elasticity, this is not an industry that responds a lot to price, the price is not that important is what I've heard you say, but in terms of your expectation on volume, that's all captured in this industry now down [5%] versus [0%], that's the expectation of these changes, is that correct?

也就是說——我知道我們談過價格彈性，這個產業對價格的反應不大，價格並不是那麼重要，這是我聽到你說的——但就你們對銷量的預期而言，這些變化都已經包含在產業從下滑[0%]改為下滑[5%]的預估裡，對嗎？

That is correct, and just again, it's -- in a market which is strong replacement driven, again, more than 60%. It just does not make sense to have promotions on July 4, which are three weeks long. You're not going to increase market demand, you pull forward at best, but you're not going to change market demand.

沒錯。再重申一次——在一個以汰換需求驅動的市場中，這部分占比超過60%。在7月4日做為期三週的促銷其實沒有意義。你不會增加市場需求，充其量只是把需求提前，但不會改變市場需求。

That's our decision, retailers make their own decision, our decision is we will only support on July 4 two weeks and not three weeks. And we're also not going to promote in every -- or participate in every single-house promotion. Again, retailers may make their own independent decision. That's what I'm referring to is what we are supporting because in such a market, you will not increase demand by excessive promotions.

這是我們的決定；零售商會做他們自己的決定。我們的決定是：7月4日我們只支援兩週、而不是三週。而且我們也不會在每一個——或參與每一個單一品牌的促銷。同樣地，零售商可能會做他們獨立的決定。我指的是我們會支援哪些活動，因為在這樣的市場裡，過度促銷不會增加需求。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

Hi, guys. This is Sean Callan on for Rafe. Just first one, you guys are raising price a little more than your competitors despite the higher tariff impact for them. Are you expecting them to have to catch up on the price increases? And then with that in mind, what are you guys expecting for share gains this year?

嗨，各位。我是Sean Callan，代替Rafe提問。第一個問題：你們的漲價幅度比競爭對手更大一些，儘管他們受到更高關稅影響。你們是否預期他們之後也必須跟上漲價？在此背景下，你們今年預期市占會提升多少？

Yeah. So Sean, first of all, I really want to be clear of the audience. We're raising prices not just because of tariffs. We have three years of pent-up inflation, which we have never reflected. The entire industry has not reflected that. Many people could argue that you have 20 years of inflation, which have never been passed on to consumers. So we're passing on three years of pent-up inflation, which at one point, we just have to pass on to consumers, in addition to tariffs.

是的。Sean，首先我想對聽眾說清楚：我們漲價不只是因為關稅。我們有三年累積的通膨成本一直沒有反映。整個產業都沒有反映這件事。很多人甚至會說，有20年的通膨都沒有轉嫁給消費者。所以我們是在轉嫁三年累積的通膨；在某個時間點，我們就是必須把它轉嫁給消費者，此外還有關稅因素。

Now that mix of inflation and tariffs may be different for every competitors and they make their own decision. We know what we have to do because of our cost base, we will reflect the cost of our products in consumer prices and that's and your question about are we slightly higher than competitors, it's more yeah, we also have a lot of new products, which I think deserve a higher value.

至於通膨與關稅的組合，每個競爭對手可能都不同，他們也會做自己的決定。我們知道基於我們的成本結構必須怎麼做：我們會把產品成本反映在消費者價格上。至於你問我們是否比競爭對手略高——是的，另外我們也有很多新產品，我認為它們值得更高的價值定位。

Okay, that makes sense. And then on the 10% to 15% impact. From [232] to competitors, how does that compare to what you guys thought the IEEPA impact was?

好的，這樣就說得通。那關於10%到15%的影響。從[232]到競爭對手，這和你們原先認為IEEPA的影響相比如何？

First of all, the IEEPA impact, I think there was a lot of uncertainty in terms of how much was going to be paid and how much flow-through. For me, the more relevant point is it's very stable. It's hard to circumvent and bypass. There is no country hopping, which will happen because of different rates.

首先，IEEPA的影響，我認為在到底要付多少、以及能轉嫁多少（flow-through）方面存在很多不確定性。對我來說，更重要的是它非常穩定。很難規避或繞道。不會出現因為稅率不同而進行「跳國」轉運的情況。

So nominally, it's probably slightly higher, but in terms of real effects, I think you could call it that tariff as grip. And I think that's a very, very different landscape than what we've seen a year ago, very different.

所以名目上可能略高一些，但就實質效果而言，我想你可以說那個關稅是「抓得很牢」。我認為這和一年前我們看到的情況是非常、非常不同的局面，差異很大。

Susan McClary, Goldman Sachs.

Susan McClary，高盛。

Thank you. Good morning, everyone. My first question -- good morning. My first question is on the strength that you actually saw in SDA, which seems to be quite contrary to what is going on with the consumer and your overall comments on demand. Can you talk about how much of that strength is driven by your products specifically and the investments in innovation versus the exposure that you have there, the price point? And how you're thinking about the sustainability of that, given the environment?

謝謝。各位早安。我的第一個問題——早安。我的第一個問題是關於你們在SDA看到的強勁表現，這似乎與消費者現況以及你們對整體需求的評論相當相反。你能談談這股強勁有多少是由你們的產品本身、以及在創新上的投資所驅動，相對於你們在那裡的曝險、價格帶（price point）因素？以及在目前環境下，你們如何看待其可持續性？

Susan, good morning. This is Leo. Thanks for the question. So in terms of the overall industry, we have not observed as much of a compression in consumer demand in SDA as what we just discussed in MBA, be it in North America or in other regions.

Susan，早安。我是Leo。謝謝你的問題。就整體產業而言，無論在北美或其他地區，我們在SDA並沒有觀察到像剛才在MBA所討論的那種消費需求明顯被壓縮的情況。

There's probably a couple of reasons for that. And actually, some of you alluded to it, we're looking at lower ticket items and so the consumer resilience is a little stronger. In that context, we're gaining share, and I think that's based on the fact that we're selling at more premium prices where the consumer also has more resilience, number one. Number two, we're doing really well with our new products.

這可能有幾個原因。其實你們有些人也提到了：我們面對的是單價較低的品項，因此消費者的韌性會更強一些。在這樣的背景下，我們正在提升市占；我認為這是因為我們以更高端的價格在銷售，而該族群的消費者韌性也更強，這是第一點。第二點，我們的新產品表現非常好。

So whether that's the carry-over effect from launches last year in blenders, for example, or just now the effect that are starting to show up in terms of stand mixer innovation. And Compact Espresso, we're seeing just really strong numbers all around, so really pleased with how that's shaking out so far. We're going to continue to monitor the industry going forward and but but with the strategy we have and the launches we've done so far, we're pretty upbeat about the rest of the year.

不論是例如去年果汁機（blenders）上市帶來的延續效應，或是現在攪拌機（stand mixer）創新開始顯現的效果。以及Compact Espresso，我們各方面都看到非常強勁的數字，所以對目前的進展非常滿意。我們會持續監測後續的產業走勢；但以我們的策略以及目前為止的上市節奏來看，我們對今年剩餘時間相當樂觀。

Okay, that's helpful. And turning to the dividend, can you talk a bit more about the decision to suspend that? What needs to happen to perhaps start to bring that back in and then just more broadly your thoughts on the current capital structure post the offering? And I know you talked about that path to deleveraging, but can you just give us a bit more color on how you're thinking about the future of the capital structure and what that will mean for uses of cash?

好的，這很有幫助。接著談到股利，你能再多談一些暫停發放的決策嗎？需要發生什麼情況才可能開始恢復？以及更廣泛地，增資發行後你們對目前資本結構的看法。我知道你們談到去槓桿的路徑，但能否再提供一些細節，說明你們如何看待未來的資本結構，以及這對現金用途意味著什麼？

So Susan, first of all, to clarify, dividend decisions are made by our Board. But as the CEO, to suspend the dividend is a very, very painful decision. I mean, just what it is and certainly it's not something which I want to keep for very many quarters in place. So we would like to resume the dividend as quickly as possible, but clearly it's a Board decision.

Susan，所以首先澄清一下，股利決策是由我們的董事會做出的。但作為執行長，暫停發放股利是一個非常、非常痛苦的決定。我的意思是，事情就是如此，而且這當然不是我希望維持很多個季度的作法。因此我們希望能盡快恢復發放股利，但很明顯這是董事會的決定。

What has to be true. It's basically we need to have a better ongoing operating margin, and we want to continue to pay down our debt. That's basically what has to be true before we resume the dividend, but it's really a reflection of we want to pay down our debt this year. You saw earlier $900 million, that's massive. And at the same time, we want to continue to invest in our future IEM products, so we did not want to cut back our capital investments. That's why we took the difficult decision, it's the right decision, the capital allocation. And we will reassess as the operating margins will improve. But again, it's ultimately a bold decision.

需要具備哪些條件。基本上，我們需要有更好的持續性營業利潤率，並且我們希望繼續償還債務。在我們恢復發放股利之前，基本上必須先達成這些條件；但這其實反映出我們今年想要償還債務。你先前看到的9億美元，那是非常龐大的。同時，我們也希望持續投資於未來的IEM產品，因此我們不想削減資本投資。這就是為什麼我們做出這個艱難的決定；就資本配置而言，這是正確的決定。而且隨著營業利潤率改善，我們會重新評估。但再次強調，最終這是一個大膽的決定。

Susan, to tap into your question related to overall what we would do with capital allocation post the equity offering. We do have, at this time, ample liquidity to operate the business in the uncertain environment. As you do know, we have the $3.5 billion unsecured revolver. At the end of Q1, we moved to a $2.25 billion unsecured revolver as part of our covenant amendment.

Susan，針對你關於股權發行之後我們在資本配置方面整體會怎麼做的問題。目前我們擁有充足的流動性，足以在不確定的環境中營運業務。如你所知，我們有35億美元的無擔保循環信貸額度。在第一季末，作為契約修訂的一部分，我們將其調整為22.5億美元的無擔保循環信貸額度。

With that revolver, we, as I said, have ample liquidity. But with that said, given the uncertain environment that Matt just touched on, we will continue to look at all opportunities to further bolster our balance sheet, whether it be continuing to evaluate asset sales, as we mentioned in the last earnings score. And then also continuing to look at financial alternatives like tapping in to the capital market as needed, with a focus on ensuring that our net debt leverage continues to improve.

有了這個循環信貸額度，正如我所說，我們有充足的流動性。但話雖如此，鑑於Matt剛提到的不確定環境，我們將持續尋找一切機會進一步強化資產負債表，不論是持續評估資產出售（如我們在上次財報電話會議中提到的）。同時也會在需要時持續評估如進入資本市場等財務替代方案，重點是確保我們的淨負債槓桿持續改善。

Kyle Menges, Citi.

Citi的Kyle Menges。

Good morning, this is Randy on for Kyle. Yeah, I was just hoping you could talk a little bit about what you're seeing in the promotional environment in Latin America, and I guess your expectations around how you'd expect pricing behavior to shape up in that market from here.

早安，我是代替Kyle發言的Randy。是的，我只是希望你們能談談你們在拉丁美洲看到的促銷環境，並且我想了解一下你們對於該市場未來價格行為走向的預期。

Hi, this is Ludo. So in terms of the promotional environment in Latin America, first of all, the general background is one of pretty significant growth in the market at this point. We're seeing growth in Brazil. We're also seeing growth in a large number of markets around Latin America.

嗨，我是Ludo。就拉丁美洲的促銷環境而言，首先，整體背景是目前市場呈現相當顯著的成長。我們看到巴西在成長。我們也看到拉丁美洲周邊許多市場在成長。

With that said, we're cautious, I would say, with the outlook for the rest of the year, considering the political environment, a number of elections coming up, and just general volatility in the region. I think the promotional environment has been particularly intense in Brazil lately with foreign competitors in particular and imports being pretty aggressive on the back of a strong real.

不過話說回來，考量政治環境、即將到來的多場選舉，以及該地區整體波動性，我們對今年剩餘時間的展望會保持謹慎。我認為最近巴西的促銷環境特別激烈，尤其是外國競爭者與進口產品，受惠於強勢雷亞爾而採取相當積極的策略。

So we're responding to this with product launches and particularly in the premium side of the market where we've got a nice lineup coming through that's being very successful right now, specifically in refrigeration and laundry, number one. And number two, we have a lot of cost actions accelerating in order to provide competitiveness in this particular market, whether it's vertical integration, whether it's the Rio Claro production facility expansion to take in the front-load volume that was previously built in our Argentina plant. So we're confident we're building the competitiveness that will enable us to be successful in a highly competitive environment.

因此我們透過產品上市來回應，特別是在高端市場端，我們有一系列表現非常成功的產品線正在推出，尤其是在冷凍冷藏與洗衣領域，第一點。第二點，我們也在加速推動多項成本措施，以提升在這個特定市場的競爭力，不論是垂直整合，或是擴建Rio Claro生產基地，以承接先前在阿根廷工廠生產的前開式機種產量。因此我們有信心，我們正在建立足以讓我們在高度競爭環境中取得成功的競爭力。

Got it. That's helpful.

了解。這很有幫助。

Thank you. Ladies and gentlemen, that concludes -- oh, please go ahead.

謝謝。各位女士、先生，以上結束——喔，請繼續。

I think that pretty much concludes today's questions and the earnings call. So, first of all, I appreciate everybody joining. I mean, I'm not going to repeat all the comments which were made, but you obviously saw we had a challenging Q1, which was driven by a very, very rough environment in North America. But even more importantly, we took the right bold and decisive actions. And we're talking about actions which are not just planned actions or hope, they're already in place. And you've seen awesome pricing charts. We start seeing the effects of this one.

我想今天的提問以及本次財報電話會議差不多就到這裡。首先，感謝各位參與。我的意思是，我不會重複先前已經提到的所有評論，但你們顯然看到我們第一季面臨挑戰，主要是由北美非常、非常艱困的環境所致。但更重要的是，我們採取了正確、果斷且大膽的行動。我們談的是不只是計畫中的行動或期待，而是已經落地執行的措施。你們也看到了很棒的定價圖表。我們開始看到這些措施帶來的效果。

So yes, the Q1 was challenging, but the actions are in place. And we have 100% focus on reverting the current profitability trends in North America, and we have full confidence behind that.

所以是的，第一季很具挑戰，但行動已經到位。我們將100%聚焦於扭轉北美目前的獲利趨勢，並且對此充滿信心。

So thanks for joining me, and we will talk to each other [and in] July. Thanks.

謝謝各位與我一同參與，我們將在七月彼此再交流。謝謝。

Ladies and gentlemen, that concludes today's conference call. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。