Brown-Forman Corporation (BF.A) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Brown-Forman fourth-quarter and fiscal year 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Brown-Forman 2026 會計年度第四季暨全年財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Sue Perram, Vice President, Director, Investor Relations. Please go ahead.

現在我想把會議交給今天的發言人——投資人關係副總裁兼總監 Sue Perram。請開始。

Thank you, and good morning, everyone. I would like to thank each of you for joining us today for Brown-Forman's fourth-quarter and fiscal year 2026 earnings call. Joining me today are Lawson Whiting, President and Chief Executive Officer; and Jim Peters, Executive Vice President and Chief Financial Officer.

謝謝，各位早安。感謝各位今天參加 Brown-Forman 2026 會計年度第四季暨全年財報電話會議。今天與我一同出席的有：總裁兼執行長 Lawson Whiting，以及執行副總裁兼財務長 Jim Peters。

This morning's conference call contains forward-looking statements based on our current expectations. Numerous risks and uncertainties may cause actual results to differ materially from those anticipated or projected in these statements. Many of the factors that will determine future results are beyond the company's ability to control or predict. You should not place undue reliance on any forward-looking statements, and except as required by law, the company undertakes no obligation to update any of these statements, whether due to new information, future events, or otherwise.

今天上午的電話會議包含以前瞻性陳述為主、基於我們目前預期的內容。眾多風險與不確定性可能導致實際結果與這些陳述中所預期或推估者出現重大差異。決定未來結果的許多因素超出公司可控制或可預測的範圍。您不應過度依賴任何前瞻性陳述；除法律要求外，公司不承擔更新任何此類陳述之義務，無論係因新資訊、未來事件或其他原因。

This morning, we issued a press release containing our results for the fourth quarter and fiscal year 2026, in addition to posting presentation materials that Lawson and Jim will walk through momentarily. Both the release and the presentation can be found on our website under the section titled Investors, Events, and Presentations.

今天上午，我們發布新聞稿，內容包含 2026 會計年度第四季與全年業績，同時也上傳了簡報資料，Lawson 與 Jim 稍後將帶各位逐頁說明。新聞稿與簡報皆可於我們網站「Investors, Events, and Presentations」專區查閱。

In the press release, we have listed a number of the risk factors you should consider in conjunction with our forward-looking statements. Other significant risk factors are described in our 2025 Form 10-K and, from time to time, in our Form 10-Q reports filed with the Securities and Exchange Commission.

在新聞稿中，我們列示了若干您在閱讀前瞻性陳述時應一併考量的風險因素。其他重要風險因素載於我們的 2025 年 Form 10-K，以及我們不時向美國證券交易委員會提交的 Form 10-Q 報告中。

During this call, we will be discussing certain non-GAAP financial measures. These measures, a reconciliation to the most directly comparable GAAP financial measures, and the reasons management believes they provide useful information to investors regarding the company's financial condition and results of operations are contained in the press release and investor presentation.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。這些指標、與最直接可比之 GAAP 財務衡量指標的調節表，以及管理層認為其能為投資人提供公司財務狀況與營運成果之有用資訊的原因，均載於新聞稿與投資人簡報中。

With that, I would like to turn the call over to Lawson.

接下來，我想把電話會議交給 Lawson。

Thank you, Sue, and good morning, everyone.

謝謝你，Sue，各位早安。

I'm pleased to report that Brown-Forman delivered a strong finish to fiscal 2026, with full-year results coming in ahead of our organic expectations. Today, I'll walk through the key drivers of this performance, including the continued success of our innovation pipeline and our momentum in international markets. Then, I'll turn the call over to Jim to discuss our financial metrics and our full-year outlook for fiscal 2027.

我很高興向各位報告，Brown-Forman 在 2026 會計年度強勢收官，全年表現優於我們對有機成長的預期。今天我將說明推動此表現的關鍵因素，包括我們創新產品管線的持續成功，以及我們在國際市場的動能。接著我會把電話會議交給 Jim，請他說明我們的財務指標，以及 2027 會計年度的全年展望。

Before I move to our results, I want to provide a few comments regarding the termination of our discussions with Pernod Ricard. First, Brown-Forman regularly explores strategic opportunities in the normal course of business, evaluating every opportunity against the standard of long-term shareholder value. In this particular case, we were unable to reach mutually agreeable terms.

在我進入業績之前，我想就我們與 Pernod Ricard 終止討論一事補充幾點。首先，Brown-Forman 在日常營運中會定期探索策略性機會，並以長期股東價值作為評估每一項機會的標準。在此個案中，我們未能就雙方都可接受的條款達成一致。

Our ultimate goal was to create long-term value for all shareholders, and we intend to do that by focusing on our strategic and operational priorities, which include expanding our geographic footprint, building brands that resonate with consumers, and enhancing operational efficiency. Our strong balance sheet and healthy free cash flow support our long-held capital allocation philosophy of investing in the business, paying increasing regular dividends, pursuing strategic opportunities, and returning cash to shareholders.

我們的最終目標是為所有股東創造長期價值；我們將透過聚焦策略與營運優先事項來達成，包括擴大地理版圖、打造能與消費者產生共鳴的品牌，以及提升營運效率。我們強健的資產負債表與充沛的自由現金流，支持我們長期以來的資本配置理念：投資於業務、持續提高例行股利、追求策略性機會，並將現金回饋股東。

With that, let's turn our attention to our results. Despite continued volatility and uncertainty, we delivered fiscal 2026 organic net sales and organic operating income above our expectations and performed near the top of our industry. The drivers of our business were very consistent throughout the fiscal year as market conditions remained largely unchanged. Specifically, key emerging international markets and the travel retail channel experienced strong growth, supported by solid demand for our brands, while macroeconomic uncertainty continued to pressure discretionary spending in the US and many developed international markets.

接下來把焦點轉向我們的業績。儘管波動與不確定性持續存在，我們 2026 會計年度的有機淨銷售額與有機營業利益均高於預期，表現接近同業頂尖水準。由於市場環境大致未變，推動我們業務的因素在整個會計年度中相當一致。具體而言，主要新興國際市場與旅遊零售通路在品牌需求穩健的支撐下實現強勁成長；同時，總體經濟不確定性持續壓抑美國及許多已開發國際市場的非必需性支出。

Substantially lower used barrel sales and the trade dispute between the US and Canada remained persistent headwinds, negatively impacting our full-year organic net sales by more than 2 points, with a significantly greater impact on our organic operating income. While these external factors were outside of our control, internally, our team remained laser-focused on executing our fiscal 2026 strategic initiatives, including our organizational evolution, a generational US route to consumer transformation, and meaningful innovation led by the launch of Jack Daniel's Tennessee Blackberry.

二手橡木桶銷售大幅下滑，以及美加之間的貿易爭端，仍是持續性的逆風，使我們全年有機淨銷售額受到超過 2 個百分點的負面影響，且對有機營業利益的影響更為顯著。雖然這些外部因素非我們所能控制，但在內部，我們團隊仍高度聚焦於落實 2026 會計年度的策略性計畫，包括組織演進、具世代意義的美國直達消費者（route to consumer）轉型，以及由 Jack Daniel's Tennessee Blackberry 上市所帶動的具影響力創新。

I'm very proud of the way our people navigated a challenging and dynamic operating environment. They remained resilient and agile while making the necessary changes in how we think, work, and lead. The results Jim and I are sharing with you today are a direct result of their efforts and a testament to their dedication and hard work, and I'm deeply appreciative of their continued focus on our strategic priorities.

我為我們的同仁在充滿挑戰且瞬息萬變的營運環境中所展現的應對方式感到非常自豪。他們在思維、工作方式與領導方式上做出必要調整的同時，仍保持韌性與敏捷。Jim 和我今天與各位分享的成果，直接來自他們的努力，也證明了他們的投入與辛勤付出；我由衷感謝他們持續專注於我們的策略優先事項。

Now to the numbers. For the year, reported net sales declined 1%, with organic net sales flat after adjusting for the unfavorable impact related to the absence of Korbel and Sonoma Contrera as well as the positive effect of foreign exchange. For the first time in decades, Brown-Forman is no longer in the wine or champagne business. From a geographic perspective, the emerging international markets collectively delivered organic net sales growth of 12%, driven by the strong double-digit performance of NewMix in Mexico. NewMix, Mexico's original tequila RTD, continues to gain market share while leading the fast-growing RTD category in Mexico. This momentum is supported by the consumer trends of flavor, convenience, and value, especially as macroeconomic headwinds continue to impact consumer spending. The Travel Retail channel delivered.

接著看數字。全年而言，報告淨銷售額下滑 1%；在剔除 Korbel 與 Sonoma Contrera 不再納入所帶來的不利影響，以及外匯帶來的正面效果後，有機淨銷售額持平。數十年來首次，Brown-Forman 不再經營葡萄酒或香檳業務。從地理區域來看，新興國際市場整體有機淨銷售額成長 12%，主要由墨西哥 NewMix 的強勁雙位數表現所帶動。NewMix 作為墨西哥原創的龍舌蘭 RTD，持續提升市占率，並領先墨西哥快速成長的 RTD 類別。此動能受到風味、便利性與價值等消費趨勢支撐，尤其在總體經濟逆風持續影響消費支出的情況下。旅遊零售通路表現亮眼。

Organic net sales growth, driven by Jack Daniel's Tennessee Whiskey, which benefited from an increase in the number of travelers, as well as new product launches such as Jack Daniel's Tennessee Blackberry and Jack Daniel's Heritage Barrel. Organic net sales collectively for the developed international markets declined by 3%. This was led by Canada, which decreased nearly 60% as American-made products remain off shelves in the majority of Canadian provinces. In addition, the macroeconomic landscape within numerous European. Remains under pressure as persistent headwinds continue to weigh on consumer sentiment, resulting in a more cautious approach to discretionary spending. This behavior is notable in Germany and the U.K., where total distilled spirits trends remain weak and our organic net sales declined 7% and 9%, respectively. Despite the challenging environment in Europe, we're maintaining or gaining share of the whiskey category in six of our top eight European markets, and strategic innovation is delivering growth with.

有機淨銷售額成長，主要由 Jack Daniel's Tennessee Whiskey 帶動；該品牌受惠於旅客人數增加，以及 Jack Daniel's Tennessee Blackberry 與 Jack Daniel's Heritage Barrel 等新產品上市。已開發國際市場整體有機淨銷售額下滑 3%。其中以加拿大為首，因多數加拿大省份的貨架上仍下架美國製產品，導致銷售下滑近 60%。此外，歐洲多個國家的總體經濟環境仍承受壓力，持續的逆風拖累消費者信心，使非必需性支出更趨審慎。此行為在德國與英國尤為明顯，當地蒸餾酒整體趨勢仍疲弱，我們的有機淨銷售額分別下滑 7% 與 9%。儘管歐洲環境充滿挑戰，我們在歐洲前八大市場中的六個市場，仍維持或提升威士忌品類市占率，而策略性創新正帶來成長，並且隨著。

Daniels Tennessee BlackBerry continuing to outperform expectations, achieving almost 150,000 nine-liter depletions across six European launch markets in fiscal 2026. Also within the developed international markets, our route to consumer decisions are delivering strong growth in our most recently launched own distribution markets of Italy and Japan. In fiscal 2026, Italy doubled its organic net sales, driven by price and distribution momentum. We experienced growth across the entire portfolio of brands, led by Ginmare, Italy's number one super premium gin by volume and value, and Jack Daniel's Tennessee Whiskey, which both delivered very strong double-digit growth. In Japan, our distribution of the William Grant & Sons portfolio enables us to leverage our combined premium spirits expertise to scale our Japanese operations and deepen our relationship with trade partners. Reinforcing our commitment to driving growth and innovation within the world's third largest whiskey market. We continue to believe that owning our distribution fosters deeper engagement with our trade partners, drives the expansion of super premium labels such as Diplomatico and Ginmare and reinforces the strength of our iconic American whiskey portfolio anchored by the Jack Daniels family of brands. Let's turn now to the United States, where we also made significant route to consumer decisions, naming 11 new distributors across 25 markets. With these changes, we've engaged with distributors who we believe bring the capabilities, scale, and operational excellence required to drive our next generation of growth, as we recognize the benefits of enhanced dedication and focus, increased distributor investment funds, and an improved margin structure. Organic net sales were flat in the US in fiscal 2026, which remained. Ahead of both our depletion-based results and takeaway trends, driven by the benefit from our U.S. distributor changes and the ongoing impact of innovation. In general, innovation has been one of the few sources of growth within total distilled spirits. Since the launch of Jack Daniels Tennessee Blackberry in August of 2025, the brand has continued to exceed expectations, reaching almost 300,000 9-liter depletions by the end of the fiscal year. It's the second largest new product by value within total distilled spirits in Nielsen. We had expected the gap between shipments and depletions of BlackBerry to close during fiscal 2026, but we continue to see excitement and an outstanding consumer engagement for the brand. While shipments of BlackBerry exceeded depletions, the gap between the two continues to narrow. In addition to the strong U.S. launch, we're encouraged by BlackBerry's early performance in markets outside of the United States where we have launched the brand. Our team is now focused on capitalizing on this momentum as we continue executing our multi-year phased global launch of BlackBerry. But BlackBerry wasn't the only innovation within the Jack Daniels family of brands in fiscal 2026. This year, we made the Jack Daniels Single Barrel Heritage Barrel, the newest permanent addition to the Jack Daniels Single Barrel Collection. The expression was originally shared as a special release in 2018 and 2019, and has already received multiple awards. In 2018, it was named Whiskey Advocate's number three whiskey of the year, and just last year, it was named Breaking Bourbon's number one whiskey of 2025.

Daniels Tennessee BlackBerry 持續優於預期，在 2026 會計年度於歐洲六個上市市場的 9 公升裝去化量接近 150,000 箱。同樣在已開發的國際市場中，我們的消費者觸達（route to consumer）決策，正為我們最近啟動自有經銷的義大利與日本市場帶來強勁成長。2026 會計年度，義大利的有機淨銷售額在價格與通路動能帶動下翻倍成長。我們在全品牌組合皆見成長，其中以 Ginmare（按銷量與銷售額計為義大利第一的超高端琴酒）與 Jack Daniel's Tennessee Whiskey 表現最為突出，兩者皆繳出非常強勁的雙位數成長。在日本，我們經銷 William Grant & Sons 的產品組合，使我們能運用雙方在高端烈酒的專業，擴大日本營運規模並深化與通路夥伴的關係，進一步強化我們對於在全球第三大威士忌市場推動成長與創新的承諾。我們仍然相信，自有經銷能與通路夥伴建立更深度的互動，推動 Diplomatico 與 Ginmare 等超高端品牌的擴張，並強化我們以 Jack Daniels 品牌家族為核心的經典美國威士忌產品組合實力。接著看美國市場，我們同樣做出重要的消費者觸達決策，在 25 個市場任命了 11 家新經銷商。透過這些調整，我們與我們認為具備能力、規模與營運卓越性的經銷商合作，以推動下一階段成長；同時我們也看見更高的專注與投入、更大的經銷商投資資金，以及更佳的毛利結構所帶來的效益。2026 會計年度美國的有機淨銷售額持平，且仍領先於我們以去化量為基礎的結果與零售帶出（takeaway）趨勢，主要受惠於美國經銷商調整以及創新持續帶來的影響。整體而言，在蒸餾烈酒總市場中，創新一直是少數的成長來源之一。自 2025 年 8 月推出 Jack Daniels Tennessee Blackberry 以來，該品牌持續超越預期，至會計年度末 9 公升裝去化量接近 300,000 箱。依 Nielsen 數據，這是蒸餾烈酒總市場中按價值計第二大的新產品。我們原本預期 BlackBerry 的出貨量與去化量差距會在 2026 會計年度縮小，但我們仍看到市場熱度與極佳的消費者互動。雖然 BlackBerry 的出貨量高於去化量，但兩者差距持續收斂。除了美國上市表現強勁外，我們也對 BlackBerry 在美國以外已上市市場的早期表現感到鼓舞。團隊目前聚焦於把握這股動能，持續執行 BlackBerry 多年分階段的全球上市計畫。不過，2026 會計年度 Jack Daniels 品牌家族的創新不只 BlackBerry。今年我們推出 Jack Daniels Single Barrel Heritage Barrel，作為 Jack Daniels Single Barrel 系列最新的永久產品。該酒款最初於 2018 與 2019 年以限量特別版形式分享，並已獲得多項獎項。2018 年，它被《Whisky Advocate》評為年度威士忌第三名；而就在去年，它被《Breaking Bourbon》評為 2025 年度第一名威士忌。

Super premium innovations further strengthen Jack Daniels' craftsmanship and whiskey-making credentials, and we believe they will be continued growth drivers for the Jack Daniels family of brands in the upcoming years. In addition to innovation, RTDs are the other source of growth within Total Distilled Spirits, and we continue to apply a consumer-first approach to our RTD portfolio. First, the launch of NuMix in select US markets has surpassed our expectations. NuMix is an opportunity for us to connect with Mexican-American consumers through a highly recognizable brand while simultaneously introducing new consumers to the world's first tequila-based RTD. We're also continuing to innovate within the high-growth tequila RTD category in the US, where we launched El Jimador Spritz this spring for RTD drinkers seeking a light, refreshing option. Following the brand's initial introduction in Australia last summer, performance has continued to exceed our expectations, giving us confidence in its potential. While still early, we believe the initial launch in the US is off to a solid start and look forward to providing you with future updates.

超高端創新進一步強化 Jack Daniels 的工藝與釀造威士忌的專業背書，我們相信這些將在未來幾年持續成為 Jack Daniels 品牌家族的成長動能。除創新之外，RTD（即飲調酒）也是蒸餾烈酒總市場中的另一個成長來源，我們持續以消費者優先的方式管理 RTD 產品組合。首先，NuMix 在美國部分市場的上市表現已超出我們預期。NuMix 讓我們有機會透過高度辨識的品牌與墨西哥裔美國消費者建立連結，同時也將新消費者導入全球首款以龍舌蘭為基底的 RTD。我們也持續在美國高成長的龍舌蘭 RTD 類別中創新；今年春季我們推出 El Jimador Spritz，提供 RTD 飲用者一個清爽、輕盈的選擇。該品牌於去年夏天在澳洲首次導入後，表現持續超越預期，讓我們對其潛力更具信心。雖然仍在早期階段，我們認為在美國的初期上市進展穩健，並期待後續向各位提供更新。

In summary, I'm proud to say that we delivered on our plan in fiscal 2026 by executing our strategic priorities with excellence and managing the factors within our control. We acted swiftly in a challenging and dynamic operating environment with a focus on our brands, geographies, and people as we strategically innovated with a focus on the premium plus brands and ready-to-drink offerings to strengthen our brand portfolio and align with current consumer trends. We made key route to consumer transitions, including Japan. United States and streamlined our workforce structure with the goal of accelerating growth in an increasingly challenging and competitive environment. With that, after 19 quarters of hosting this conference call with Leanne, we now have a new CFO, and I'm pleased to introduce Jim Peters. Jim is a seasoned financial leader who brings a proven track record of driving operational discipline and resilience. During his 22-year career at Whirlpool, Jim led the company through complex global cycles and navigated margin pressures.

總結來說，我很自豪地表示，我們在 2026 會計年度透過卓越執行策略重點並管理可控因素，達成了既定計畫。在充滿挑戰且動態變化的營運環境中，我們迅速採取行動，聚焦於品牌、地理市場與人才；同時以高端加（premium plus）品牌與即飲（ready-to-drink）產品為重點進行策略性創新，以強化品牌組合並貼近當前消費者趨勢。我們也完成了關鍵的消費者觸達（route to consumer）轉換，包括日本與美國，並精簡人力結構，目標是在日益艱難且競爭激烈的環境中加速成長。基於此，在與 Leanne 一起主持這場電話會議 19 個季度之後，我們迎來新任 CFO，我很高興介紹 Jim Peters。Jim 是資深的財務領導者，具備推動營運紀律與韌性的實績。在 Whirlpool 的 22 年職涯中，Jim 帶領公司度過複雜的全球景氣循環並因應毛利壓力。

And volatile global consumer demand. Just as importantly, Jim is a values-based leader with a strong commitment to developing the next generation of talent. While the CFO recruitment process took a bit longer than we originally anticipated, this was not a decision to be rushed. Jim has been with us since the end of March, and as expected, the transition has been smooth. I'll now turn the call over to Jim.

以及波動的全球消費需求。同樣重要的是，Jim 是一位以價值觀為本的領導者，並強烈致力於培育下一代人才。雖然 CFO 的招募流程比我們原先預期稍長一些，但這不是可以倉促做出的決定。Jim 自三月底加入我們以來，如預期般交接順利。接下來我把電話會議交給 Jim。

Thank you, Lawson, and good morning, everyone. I am excited to be here and joining this strong leadership team. I truly believe we have the right brands, products, and people to continue winning in this industry.

謝謝你，Lawson，各位早安。我很高興能在這裡，加入這個強大的領導團隊。我真心相信，我們擁有正確的品牌、產品與人才，能在這個產業持續勝出。

Building on Lawson's overview, I will dive into the financial drivers that underpinned our fiscal 2026 performance, including our gross margin expansion, operating expenses, and capital allocation. From there, I will provide context on our fiscal 2027 outlook, outlining how we will manage the business through a unique cost cycle that we have discussed previously. First, looking at our gross margin. In fiscal 2026, our reported gross profit increased 2%, resulting in a reported gross margin. Our gross margin expanded 160 basis points due to a 130 basis point A&D benefit largely related to the conclusion of our relationship with Corbel and the absence of the prior year transition services agreement for Sonoma-Cotraire, a 20 basis point favorable impact from foreign exchange and 20 basis points of lower cost. While we are still experiencing higher costs due to lower production levels and inflation on our input costs such as wood, these were largely.

延續 Lawson 的概述，我將深入說明支撐我們 2026 會計年度表現的財務驅動因素，包括毛利率擴張、營業費用與資本配置。接著，我將就 2027 會計年度展望提供背景，說明我們將如何在先前討論過的特殊成本循環中管理業務。首先看毛利率。2026 會計年度，我們的報告毛利增加 2%，帶動報告毛利率提升。毛利率擴張 160 個基點，主要來自 A&D（收購與處分）帶來的 130 個基點效益，這大多與我們與 Corbel 關係的結束，以及前一年度 Sonoma-Cotraire 過渡服務協議不再存在有關；另有外匯帶來的 20 個基點正面影響，以及成本降低帶來的 20 個基點。儘管因產量較低以及木材等投入成本通膨，我們仍面臨較高成本，但這些影響在很大程度上被其他因素所抵銷。

Offset by the timing of cost fluctuations. These benefits were partially offset by 10 basis points of unfavorable price mix due to the strong growth of new mix and lower used barrel sales.

被成本波動的時點因素所抵銷。上述效益部分被 10 個基點的不利價格／組合影響所抵銷，原因在於 NuMix 的強勁成長以及二手酒桶銷售下降。

Turning to operating expenses, our long-term philosophy remains investing in our brands to drive sustainable growth. In fiscal 2026, our organic advertising expense decreased 5%, reflecting a more targeted, efficient, and disciplined approach to our marketing spend, as well as strategically investing behind sources of growth such as innovation, particularly Jack Daniels' Tennessee Blackberry. Our organic SG&A investment increased 7%, driven by costs associated with the contemplation. Transaction discussions, as well as higher compensation and benefit-related expenses. In the fourth quarter, we recognized $45 million and $87 million non-cash impairment charges for the Ginmare and Diplomatico brand names, respectively. These impairments largely reflect a decline in our forecast assumptions due to the softening category outlook and challenging macroeconomic environment in many of our top markets for these brands.

接著看營業費用，我們的長期理念仍是投資品牌以推動可持續成長。2026 會計年度，我們的有機廣告費用下降 5%，反映我們在行銷支出上採取更聚焦、更有效率且更具紀律的方法，同時也策略性地加大對成長來源（如創新）的投入，尤其是 Jack Daniels Tennessee Blackberry。我們的有機 SG&A 投入增加 7%，主要由與審慎評估（contemplation）交易討論相關的成本，以及較高的薪酬與福利相關費用所帶動。在第四季，我們分別就 Ginmare 與 Diplomatico 品牌名稱認列 4,500 萬美元與 8,700 萬美元的非現金減損費用。這些減損主要反映我們因類別前景轉弱，以及這些品牌多個主要市場的總體經濟環境具挑戰性，而下調了預測假設。

While the brands had a slower start than we planned and the operating environment has become more challenging since we acquired the brands in 2023, we continue to expect that Shinmari and Diplomatico will contribute long-term growth to our portfolio of brands.

雖然這些品牌的起步比我們原先規劃的更慢，且自我們於2023年收購這些品牌以來營運環境也變得更具挑戰，但我們仍預期 Shinmari 與 Diplomatico 將為我們的品牌組合帶來長期成長貢獻。

In total, reported operating income decreased 10% and organic operating income decreased 2% in fiscal 2026. Diluted earnings per share decreased 17% to $1.53 per share, which was driven largely by the non-cash impairment charges and the absence of the prior year gain on sale of our investment in Duckhorn.

整體而言，2026會計年度的報告營業利益下降10%，有機營業利益下降2%。稀釋後每股盈餘下降17%至每股1.53美元，主要係由非現金減損費用以及缺少前一年度出售我們在 Duckhorn 投資所產生的收益所致。

We continue to maintain a strong balance sheet and have strengthened our cash position in 2026. Our capital allocation philosophy has not changed. We continue fully investing in our business through both organic growth and strategic acquisitions. We balance these investments with a commitment to returning cash to shareholders through increasing regular dividends, share repurchases, and special payouts. All aimed at the fundamental goal of generating sustainable long-term value for our shareholders. We have been disciplined in managing our working capital appropriately. In fiscal 2026, our working capital needs were lower as we completed a series of significant multi-year capital investments that we believe will set us up well for the future. We grew cash flows from operations by $402 million to $1 billion, primarily reflecting our disciplined approach to working capital management.

我們持續維持強健的資產負債表，並於2026年強化了現金部位。我們的資本配置理念並未改變。我們持續透過有機成長與策略性併購，全面投資於本業。同時，我們也在這些投資與回饋股東之間取得平衡，透過提高例行股利、庫藏股買回與特別配發等方式將現金返還給股東；一切皆以為股東創造可持續的長期價值這一根本目標為依歸。我們一向在適當管理營運資金方面保持紀律。於2026會計年度，隨著我們完成一系列重大的多年期資本投資（我們相信這將使我們為未來做好準備），我們的營運資金需求降低。我們的營運活動現金流量增加4.02億美元至10億美元，主要反映我們在營運資金管理上的紀律作法。

As you can see on Schedule E of our earnings release, free cash flow, which we define as cash provided by operating activities, less capital expenditures, increased by $462 million to $893 million, reflecting strong operating cash flow generation and the lower capital expenditure needs.

如你們在我們盈餘新聞稿的附表E所見，自由現金流（我們定義為營運活動提供之現金減去資本支出）增加4.62億美元至8.93億美元，反映強勁的營運現金流創造能力以及較低的資本支出需求。

For the 42nd consecutive year, we increased our regular dividend and paid quarterly dividends totaling $427 million to stockholders in the fiscal year. We also repurchased $400 million of our outstanding shares of Class A and Class B common stock.

我們連續第42年提高例行股利，並於本會計年度向股東支付合計4.27億美元的季度股利。我們亦回購了4億美元的A類與B類普通股流通在外股份。

Now to our full year fiscal 2027 outlook. The spirits sector continues to face macroeconomic headwinds and geopolitical uncertainties. We anticipate that these conditions will continue to influence consumer behavior, negatively impacting beverage alcohol consumption, largely within developed markets, resulting in category growth that remains below long-term historical averages for total distilled spirits.

接著談我們2027會計年度的全年展望。烈酒產業仍面臨總體經濟逆風與地緣政治不確定性。我們預期這些情勢將持續影響消費者行為，對酒精飲料消費造成負面影響，主要發生在已開發市場，使得整體蒸餾烈酒品類的成長仍低於長期歷史平均水準。

As we navigate these cyclical disruptions, we will continue to leverage the strength of our portfolio of brands, including strategic innovation, our evolved route to consumer structure and our talented team of people around the world. With this in mind. In fiscal 2027, we expect the depletion-based trends in the U.S. and developed international markets to remain similar to fiscal 2026, offset by continued growth in our emerging international markets and the travel retail channels. There are a few exceptions, though, mainly related to year-over-year comparisons. First, while we remain hopeful for the return of American Spirits products to Canadian store shelves, we continue to assume they will remain off the shelves across most of Canada for our full fiscal. Year, although this will compare against a similar environment in the year-ago period. Next, the demand and pricing for used barrels remains volatile and at cyclical lows. Therefore, we expect continued pressure on used barrel sales, but the year-over-year dollar impact on net sales will be significantly less.

在因應這些景氣循環式的干擾時，我們將持續運用我們品牌組合的優勢，包括策略性創新、我們已進化的消費者觸達（route to consumer）架構，以及遍布全球的優秀人才團隊。基於此，在2027會計年度，我們預期美國與已開發國際市場以去化量（depletion）為基礎的趨勢將與2026會計年度大致相近，並由新興國際市場與旅遊零售通路的持續成長所抵銷。不過仍有幾項例外，主要與年對年比較有關。首先，雖然我們仍期待 American Spirits 產品能重返加拿大商店貨架，但我們仍假設在我們整個會計年度內，其在加拿大大部分地區仍將下架；不過這將與前一年度期間的類似環境進行比較。其次，二手桶的需求與定價仍然波動，且處於景氣循環低點。因此，我們預期二手桶銷售仍將承壓，但其對淨銷售的年對年金額影響將顯著降低。

Finally, we anticipated that shipments would be roughly in line with the depletions in 2026. Yet shipments related to innovation, particularly for Jack Daniel's Tennessee Blackberry, continue to exceed our expectations. While it is taking slightly longer than anticipated, we continue to expect that the gap between shipments and depletions will close. Therefore, we anticipate that depletions will exceed shipments in fiscal 2027. These expectations are reflected in our fiscal 2027 outlook. While we. Continue to execute on our long-term pricing strategy and expect to benefit from our revenue growth management activities and strategic innovation, particularly the continued international launch of Jack Daniels Tennessee Blackberry, we anticipate product mix headwinds due to the faster growth of our RTD portfolio. Based on the currently known factors, we expect organic net sales to be approximately flat. In this dynamic operating environment, we will carefully manage our costs and operating expenses.

最後，我們原先預期2026年的出貨量將大致與去化量一致。然而，與創新相關的出貨，特別是 Jack Daniel's Tennessee Blackberry，仍持續超出我們的預期。雖然所需時間略長於原先預估，但我們仍預期出貨與去化之間的差距將會收斂。因此，我們預期在2027會計年度去化量將高於出貨量。這些預期已反映在我們的2027會計年度展望中。雖然我們將持續執行長期定價策略，並預期受惠於我們的營收成長管理活動與策略性創新，特別是 Jack Daniels Tennessee Blackberry 的持續國際上市，但由於我們RTD（即飲）產品組合成長較快，我們預期產品組合（mix）將帶來逆風。基於目前已知因素，我們預期有機淨銷售約為持平。在此動態的營運環境下，我們將審慎管理成本與營運費用。

As we shared on our last earnings call, our inventory includes whiskey and barrels produced during the hyperinflationary years of the early 2020s, when we face significant cost increases for barrels, grain, energy, as well as general inflation. As we bottle and sell this inventory, we expect the cost pressures associated with our barreled whiskey to persist for the next couple of years. While we have taken strategic steps to optimize our wood supply chain due to the aging of most of our products, the impact of. Actions will take time to materialize in our results. Therefore, we have also been identifying other cost savings and efficiencies to help partially offset these cost pressures in the near term. We project higher input costs in fiscal 2027, largely driven by the impact of inflation, particularly transportation and glass related to higher energy costs as well as lower production volumes. Our outlook for organic operating expenses continues to reflect investment behind our brands utilizing our long. Investment philosophy. We anticipate a reduction in SG&A as we lap the significant investment levels of fiscal 2026. Based on the above, we forecast organic operating income to decline in the 3% to 5% range. We expect our estimated capital expenditures outlook to be in the range of $60 million to $70 million, which is down significantly compared to recent years.

如同我們在上次法說會所分享，我們的存貨包含於2020年代初期高通膨年份所生產的威士忌與橡木桶，當時我們面臨橡木桶、穀物、能源以及整體通膨帶來的顯著成本上升。隨著我們將這些存貨裝瓶並銷售，我們預期與桶陳威士忌相關的成本壓力在未來幾年仍將持續。雖然鑑於我們多數產品需要熟成，我們已採取策略性措施以優化木材供應鏈，但相關行動的影響需要時間才會在業績中顯現。因此，我們也在辨識其他成本節省與效率提升措施，以在短期內部分抵銷這些成本壓力。我們預估2027會計年度投入成本將上升，主要由通膨影響所驅動，尤其是運輸與玻璃（與較高能源成本相關），以及較低的生產量。我們對有機營業費用的展望仍反映依循我們的長期投資理念、持續對品牌進行投資。由於2026會計年度投資水準顯著，我們預期在其高基期效應下，SG&A將下降。基於上述，我們預測有機營業利益將下滑約3%至5%。我們預期資本支出將約為6,000萬至7,000萬美元，較近年水準顯著下降。

We believe our fiscal 2027 effective tax rate will be in the range of approximately 20% to 22%.

我們認為2027會計年度的有效稅率將約落在20%至22%的區間。

In summary, we delivered above our organic net sales and organic operating income expectations in an uncertain and volatile operating environment in fiscal 2026. While we navigate these near-term cycles, we are leaning into the power of our brands, our innovation momentum and the benefits of our optimized route to consumer, supported by a more agile organization and strong balance sheet. We remain focused on driving sustainable growth and delivering long-term value for our shareholders.

總結而言，在2026會計年度不確定且波動的營運環境中，我們的有機淨銷售與有機營業利益表現均高於預期。在因應這些短期循環之際，我們將更倚重品牌力、創新動能，以及我們優化後的消費者觸達模式所帶來的效益，並由更敏捷的組織與強健的資產負債表作為支撐。我們仍專注於推動可持續成長，並為股東創造長期價值。

Before proceeding to the Q&A, I want to briefly reiterate a few points on the termination of our discussions with Pranaud Ricard. As Lawson noted, we evaluate every opportunity against the standard of long-term shareholder value, and in this case, we were unable to reach mutually agreeable terms. Our focus remains on our strategic and operational priorities and delivering long-term value. Creation for our shareholders. We will not comment further on this topic or any M&A speculation, so thank you in advance for focusing your questions on our ongoing business operation. This concludes our prepared remarks. Please open the line for questions.

在進入問答之前，我想就我們終止與 Pranaud Ricard 討論一事，簡要重申幾點。如 Lawson 所提，我們以長期股東價值的標準評估每一個機會，而在此案中，我們未能達成雙方都可接受的條件。我們的重點仍在策略與營運優先事項，以及為股東創造長期價值。我們不會就此議題或任何併購（M&A）揣測再作進一步評論，因此也先謝謝各位將提問聚焦於我們持續進行的業務營運。以上為我們的準備發言。請開放線路進行提問。

(Operator Instructions) Lauren Lieberman, Barclays.

（接線員指示）Lauren Lieberman，Barclays。

Great, thanks. Good morning, everyone.

很好，謝謝。各位早安。

First thing I wanted to ask is just the CapEx guidance. So the implication is something less than 2% of sales, that's a level we haven't seen since the depths of COVID. So capital discipline makes a lot of sense, of course, but just curious if you see this as sort of a short-term decision or reflective of later capital needs kind of over the medium term like stretching beyond fiscal '27 and any additional color you think would be relevant there?

我第一個想問的是資本支出（CapEx）指引。因此其含意是低於銷售額的2%，這是自COVID最嚴峻時期以來我們未曾見過的水準。當然，資本紀律非常合理，但我想了解你們是否將此視為短期決策，或是反映中期（例如延伸至2027會計年度之後）較後續的資本需求？也請提供你們認為相關的補充說明。

Lauren, this is Jim. And here's where I'd start with. I think you have to kind of look back over a multi-year time frame to begin with on where our CapEx has been. And we've made some significant investments over the last few years. And what we're doing is we're coming to the end of those significant investments right now. And so I would say that 2027 or fiscal year '27 is really reflective of what is more of an ongoing level. And then as we continue to evaluate our portfolio, what the needs are, obviously, we'll vary off of that. But I think this is just. More reflective of the completion of a lot of big investments we've made that will give us the portfolio and the capacity that we believe is necessary on a go-forward basis.

Lauren，我是 Jim。我會從這裡開始說。我認為你必須先回頭用一個跨多年的時間框架來看我們的資本支出（CapEx）處於什麼位置。過去幾年我們做了相當重大的投資，而我們現在正走到這些重大投資的尾聲。因此我會說，2027 年或 27 財年其實更能反映一個較為持續性的常態水準。接著，隨著我們持續評估投資組合及其需求，當然也會在此基礎上有所變動。但我認為這更多是反映我們已完成許多大型投資，這些投資將為我們提供我們相信未來所需的產品組合與產能。

Peter Grom, UBS.

Peter Grom，瑞銀（UBS）。

Great.

很好。

Thank you. Good morning, everyone.

謝謝。各位早安。

This is maybe a bit more of a housekeeping question, but just over the last year, there's a lot of moving pieces as we think about GAAP operating income versus kind of the organic. So can we maybe just walk through the various puts and takes? And I guess what I'm trying to understand as we think about the GAAP operating income of fiscal '26 around $1 billion.

這可能比較偏行政／釐清性的問題，但在過去一年裡，當我們思考 GAAP 營業利益相對於所謂的有機（organic）表現時，有很多變動因素。能否請你們帶我們走一遍各項加減因素？我想理解的是，當我們看 26 財年 GAAP 營業利益約 10 億美元時。

What's the right starting point after adjusting for these items and then kind of applying the minus 5% to minus 3% guidance?

在把這些項目調整掉之後，正確的起點應該是什麼，然後再套用你們給的 -5% 到 -3% 指引？

So here's what I would say is I think obviously the biggest item in there has been the impairments. And those are a type of one-off type of thing. And obviously, we did have something with Genmare last year. But I believe when you look at that and you back that out, you get to some significantly smaller items that we have there that are very. Reflective of just some opportunities, to be H1st, that we've taken advantage of around duty drawbacks and some other things. And so I think if you think about it on a go-forward basis, I don't know that we expect that to be a significant amount within our results. And so I think our organic and our gap will be relatively close, absent of anything unknown out in the marketplace.

我會這麼說：我認為其中最大的項目顯然是減損（impairments）。而那是一種一次性（one-off）的事情。當然，我們去年在 Genmare 也有相關事項。但我相信當你把那個回推並剔除之後，剩下的是一些規模小得多的項目，這些項目非常……反映的是一些機會，坦白說（to be H1st），我們在關稅退稅（duty drawbacks）以及其他一些事情上加以把握。因此我認為，若從未來角度來看，我不覺得我們預期這會在我們的結果中占到顯著的金額。所以我認為，在沒有市場上任何未知事件的情況下，我們的有機與 GAAP 會相對接近。

Filippo Falorni, Citi.

Filippo Falorni，花旗（Citi）。

Thank you. Good morning, everyone.

謝謝。各位早安。

I wanted to ask about the guidance on organic sales for fiscal '27 or above flat.

我想問一下 27 財年有機銷售的指引，也就是持平或以上（above flat）。

I think, Jim, you said that you expect depletions to outpace shipments next year, which kind of would imply.

Jim，我想你提到你預期明年去化量（depletions）會快於出貨量（shipments），這某種程度上意味著……

Depletion-based result probably up slightly as you get the reversal of the overshipment. I guess what gives you the confidence to get to more positive kind of depletion numbers? And to your point, the macro environment in developed markets is still a bit challenging, energy market is still growing nicely, but it just feels there's quite still a bit of headwind in the macro environment and the distilled spirits category. So I was hoping to get a little more clarity on the drivers to get to that implied positive kind of shipment result, positive depletion result.

以去化為基礎的結果可能會小幅上升，因為你們會出現超額出貨（overshipment）的回轉。我想問的是，是什麼讓你有信心去化數字能更正向？而且如你所說，已開發市場的總體環境仍有些具挑戰性；能量飲料市場仍在良好成長，但整體宏觀環境與蒸餾酒類別看起來仍有不少逆風。所以我希望能更清楚了解，推動你們達到隱含的較正向出貨結果、較正向去化結果的驅動因素。

So let me kind of start here. And what I would say is you took some of the big.

那我先從這裡開始。我會說，你提到了一些大的……

Moving pieces there and moving parts, but what you've got to start with is I think we're going into the year with good momentum to begin with, especially around our innovation portfolio. And you kind of heard mentioned multiple times, the Jack Daniels Tennessee Blackberry. We're rolling that out. That's been mainly a domestic launch this year. It's now becoming more of an international launch. Also, we're launching different sizes of that into the marketplace at this time. So as I start to step back and say, yes, from a macro environment perspective. We still see that to be challenging.

變動因素與環節，但你必須先從一點開始：我認為我們進入新年度時本來就有不錯的動能，特別是在我們的創新產品組合上。你也多次聽到提到 Jack Daniels Tennessee Blackberry。我們正在推廣上市；今年主要是美國國內上市，現在正逐步成為更偏國際的上市。同時，我們也正在把不同規格／容量（sizes）推向市場。所以當我退一步看，沒錯，從宏觀環境角度……我們仍然認為那是具挑戰性的。

From a depletion standpoint, we do believe that distributor inventories will come down some next year, but there still will remain some additional inventory probably in the system as we look at the innovation and new launches as well as our new distributor portfolio.

從去化的角度，我們確實相信明年經銷商庫存會下降一些，但當我們看創新與新品上市，以及我們新的經銷商組合時，系統內可能仍會保留一些額外庫存。

Additionally, what we've had over recent years is a negative impact of barrel sales decreasing, which is starting to stabilize now at this point, so we don't have that type of drag.

另外，近幾年我們一直受到桶裝酒（barrel）銷售下滑的負面影響，而目前這點開始趨於穩定，因此我們不再有那種拖累。

Other things that I see as a neutral. To positive or things around pricing in that. And again, we continue to execute our long-term pricing strategy. And maybe what we'll put a little bit of pressure will help us from a volume perspective but puts a little bit of pressure on mixes just as our portfolio ships more to RTDs. But I think when you take all of those into account, we feel good about the innovation and the new products we're bringing to market that are really offsetting what I'd say is a challenging environment right now.

我看到的其他因素偏中性到正向，例如定價相關的因素。同樣地，我們持續執行長期定價策略。或許從量的角度會帶來一些壓力，但也會對組合（mix）造成一些壓力，因為我們的產品組合出貨更多轉向 RTD（即飲調酒）。但我認為把這些都納入考量後，我們對創新以及我們帶到市場的新產品感到有信心，這些確實在抵消我所說的當前具挑戰性的環境。

Nadine Sarwat, Bernstein.

Nadine Sarwat，伯恩斯坦（Bernstein）。

Hi, guys. Thanks for taking my question. Mine is on the guidance and in particular operating income growth being weaker than top-line. Could you provide us with your expectations with regards to gross margin contraction in particular? And here, I'm trying to get a sense of how much of that contraction would come from. More costly barreled whiskey versus the present day headwinds from transportation and glass versus the negative product mix you called out. Any form of magnitude that you could provide around those would be helpful.

嗨，各位。謝謝讓我提問。我想問的是指引，特別是營業利益成長弱於營收成長。你們能否提供對毛利率收縮（gross margin contraction）的預期？在這裡，我想了解這種收縮有多少來自……成本更高的桶陳威士忌（barreled whiskey），相較於目前運輸與玻璃的逆風，以及你們提到的負面產品組合。若能提供任何量級（magnitude）會很有幫助。

Yeah, I think, and again, this is Jim, I think we don't necessarily split out all those kind of components as we look at it. I mean, we had talked in the previous earnings calls about the whiskey that we have in barrels, that is a cost that we know, a cost that we understand very well and a cost headwind that will be with us for the next few years. And I think that's probably, if you just start to take order of magnitude, that's maybe one of the bigger cost issues that we see in front of us and that we're dealing with to offset. The other things that I talked about within there are more just reflective of the current environment and what's going on and can be cost that fluctuate on a regular basis, such as energy and transportation costs and the rest of that. So I think you just have to think about the biggest part of it is what we have in our barreled whiskey inventory right now, and that's driving the gross margin impact for 2027, which we'll continue to see.

好的，我想——再說一次，我是 Jim——我們在看這件事時不一定會把所有這些組成項目逐一拆分。我們在先前的財報電話會議中談過我們桶中威士忌的成本；那是我們知道的成本、非常了解的成本，也是一個未來幾年都會伴隨我們的成本逆風。我認為若以量級來看，那可能是我們眼前看到、也正在設法抵消的較大成本議題之一。我在其中提到的其他事項，更多只是反映當前環境與正在發生的事情，且可能是會經常波動的成本，例如能源與運輸成本等等。所以我認為你必須這樣看：最大的一部分是我們目前桶陳威士忌庫存的成本，而這正在驅動 2027 年的毛利率影響，且我們將持續看到。

But we do believe it's stabilizing and it's very predictable. And then on a go-forward basis, our cost actions will begin to offset more and more of that.

但我們確實相信它正在趨於穩定，而且非常可預測。並且從未來角度，我們的成本行動將會開始愈來愈多地抵消這些影響。

And let me add something to it, too, on the pricing side of things, because I think there's some good news sort of bubbling down low in the world of pricing in the U.S. Market. I mean, if you look at it ex-RTDs, excuse me, I mean.

我也補充一下定價面，因為我認為在美國市場的定價世界裡，有一些好消息正在底部慢慢浮現。我的意思是，如果你看它（不含 RTD，抱歉），我的意思是……

13-week numbers in TDS, pricing is down one, 52-week is basically down one also, and we're like down a half a point range. So for all those that thought this keel business and the American Whiskey business and expect a big significant drop in pricing around that, it has not happened, even keel is down two.

在 TDS 的 13 週數據中，定價下滑 1；52 週基本上也下滑 1，而我們大概下滑 0.5 個百分點左右。所以對於所有認為這個「keel」業務以及美國威士忌業務會出現定價大幅下跌的人來說，並沒有發生；甚至 keel 也只下滑 2。

I think American Whiskey is down one and a half-ish. So I mean, it's not great, but it's certainly not reflective of a giant repositioning of the category or a big amount of discounting or anything like that.

我認為美國威士忌大概下滑了約 1.5 個百分點左右。所以我的意思是，這不算好，但也絕對不代表這個品類出現了大規模的重新定位，或是有大量折扣之類的情況。

As we've said on a few of the last quarters, the. Big companies seem to be pretty rational on the state of pricing, at least in the US market. And I think it's true for Europe too.

正如我們在過去幾個季度所說的，大型公司在定價狀況上看起來相當理性，至少在美國市場是如此。我認為歐洲也是一樣。

And it's holding together.

而且目前仍撐得住。

So now impact on gross margin, I'm not saying we expect a big increase either. We're just trying to hold our own at this point. But it shouldn't be a drag. Pricing and mix, I don't expect to be really any kind of a significant drag at all on fiscal '27.

所以現在談到對毛利率的影響，我不是說我們也預期會有大幅提升。我們此刻只是努力守住基本盤。但它不應該成為拖累。就定價與產品組合而言，我不預期在 2027 會計年度會對我們造成任何顯著拖累。

I know you didn't ask Nadine, but I give it to you anyway.

我知道你沒有問，Nadine，但我還是順便告訴你。

Kevin Grundy, BNP Paribas.

Kevin Grundy，法國巴黎銀行（BNP Paribas）。

Excellent. Thanks. Good morning, everyone.

太好了，謝謝。各位早安。

Question for Jim. First, congratulations and welcome.

我有個問題想問 Jim。首先，恭喜你，也歡迎加入。

Of course, you're joining the company at a very unique time. I don't need to tell you that with the strategic discussions and some pretty intense demand headwinds. First, I wanted to ask for your early observations, what you see as the biggest opportunities here to unlock shareholder value as you think about sort of the big value triggers, sales, margins, and capital efficiencies. I don't expect you to comment, of course, on the terminated discussions, but within that context and thinking about those value triggers, what would you share with shareholders in terms of what you think is misunderstood about your current share price? So I appreciate your comments there.

當然，你是在一個非常特殊的時點加入公司。我不需要告訴你，當前有策略性討論，以及相當強烈的需求逆風。首先我想請教你初步的觀察：當你思考主要的價值觸發因素——銷售、利潤率與資本效率——你認為在這裡解鎖股東價值的最大機會是什麼？我當然不期待你評論已終止的討論，但在那樣的背景下、並以這些價值觸發因素來看，你會想對股東分享：你認為目前股價有哪些被市場誤解之處？也很感謝你對此的看法。

Thank you.

謝謝。

Yeah, and thank you, and maybe I'll kind of.

是的，謝謝你，也許我會稍微……

Tell you a little bit of my thoughts here. I mean, first off, as you heard in my prepared remarks, I'm excited to be here. I mean, and Brown-Forman has been a strong performer in what is now a challenging industry cycle. And I think fiscal year 2026 represents that. Strengths that I see within this company, obviously our brand and product portfolio, are second to none out there. And I think that really gives us the tools that we need.

跟你分享一下我的一些想法。首先，如同你在我事先準備的發言中聽到的，我很高興能來到這裡。Brown-Forman 在如今具挑戰性的產業循環中一直是表現強勁的公司，我認為 2026 會計年度就反映了這一點。我在這家公司看到的優勢，顯然是我們的品牌與產品組合，無出其右。我認為這確實給了我們所需的工具。

To be able to drive value. I think the other thing is, and this is where you asked one of the things that I would say differentiates us and maybe it's misunderstood in our value proposition is we have an extremely strong balance sheet. We generate extremely strong free cash flow and as you saw with this year and I think that will continue into the future. And in our industry, I tell you what, we're the top out there in terms of that. So I think that sets us up very well.

用以推動價值。我認為另一點是——這也呼應你問到的——我會說我們的差異化之處、也可能是市場對我們價值主張的誤解之一：我們擁有極其強健的資產負債表。我們創造極其強勁的自由現金流，正如你今年所看到的，而且我認為未來也會持續。在我們這個產業裡，我可以告訴你，就這方面而言我們是頂尖的。所以我認為這讓我們具備非常好的條件。

For the future.

迎向未來。

Listen, I think we're taking a lot of strong actions towards margin improvement and gaining share. And that is going to be key, especially in a market that is down and in a cyclical type of environment. And as you kind of heard from Lawson, I spent almost 20 years dealing with a cyclical type environment, but I think that's going to be very key for us.

聽著，我認為我們正採取許多強而有力的行動來改善利潤率並提升市占，而這將是關鍵，尤其是在市場下行、且屬於景氣循環型的環境中。正如你從 Lawson 那裡聽到的，我有將近 20 年都在處理景氣循環型的環境，我認為這對我們會非常關鍵。

And if you look at what I bring, hopefully, is I bring a different perspective coming from that type of environment.

而如果你看我能帶來什麼，希望是我能帶來一個不同的視角，因為我來自那種環境。

I bring some experiences over the last 20 years in constantly having to operate in something like that. And I think that my role now is to help drive and accelerate these actions and really help move forward on our organic growth strategy because I think that's also something that as people understand that better, I think that is something also that will continue to drive shareholder value here. So when I just step back and kind of summarize it all up, listen, I believe there is a very strong value.

我帶來的是過去 20 年在那樣的環境中必須持續營運的經驗。我認為我現在的角色，是協助推動並加速這些行動，並真正推進我們的有機成長策略；因為我也認為，當大家更理解這一點時，這也會持續在此推動股東價值。所以當我退一步把它總結起來，聽著，我相信這裡有非常強的價值。

Opportunity here. And whether it comes from the assets we have, the strong balance sheet we have, but also the actions that we are taking today to make us successful in this type of environment. So I'm excited to be here and excited about the future.

機會。不論是來自我們擁有的資產、我們強健的資產負債表，或是我們今天正在採取的行動，讓我們能在這種環境中成功。所以我很高興能加入，也對未來感到振奮。

Andrea Pistacchi, Bank of America.

Andrea Pistacchi，美國銀行（Bank of America）。

Yes, thank you. So my question is actually on the new mix launch in the US, which you said is exceeding your expectations. Now looking at Nielsen data, which I know may be skewed to certain states, but it appears to have had a really strong start and is becoming an important contributor to your growth. So could you update us on where you are with the distribution rollout, what you see as a potential.

是的，謝謝。所以我的問題其實是關於你們在美國推出的新 NuMix，你說它的表現超出預期。現在看尼爾森（Nielsen）數據——我知道可能會偏向某些州——但看起來它起步非常強勁，並且正在成為你們成長的重要貢獻者。你能否更新一下目前的通路鋪貨進度，以及你認為潛在的……

In what way has it exceeded your expectation? What makes a brand really stand out in a crowded RTD space?

它是以什麼方式超出你的預期？在競爭擁擠的即飲（RTD）市場中，什麼因素會讓一個品牌真正脫穎而出？

I'll try this one. I mean, it's look, NuMix, as I think you all realize, is a massive brand in Mexico. So it is very well known among Mexican consumers, both in Mexico and in the United States. And so it's been.

我來試著回答這題。我的意思是，你看，NuMix——我想各位都知道——在墨西哥是一個非常大的品牌。所以它在墨西哥消費者之間非常知名，不論是在墨西哥本地或在美國。因而它一直是……

One of our in terms of top-line, just a massive driver now for several years in a row and has gotten to be very large within that market. So we've got a set of consumers that know the brand already and.

就營收成長而言，連續好幾年都是非常巨大的驅動力，而且在那個市場的規模已經變得非常大。所以我們有一群本來就認識這個品牌的消費者，而……

We want to go after that inside the United States. So it was launched in October in nine markets.

我們希望在美國境內也去觸及這群人。因此它在 10 月於 9 個市場上市。

I did say it's the eighth largest contributor to the RTD category growth, and we haven't even had it out there for a year. So we're pretty happy with the beginning days of this.

我確實說過，它是 RTD 品類成長的第八大貢獻者，而我們甚至還沒有推出滿一年。所以我們對初期表現相當滿意。

It's a way to really get into the Mexican-American accounts and they are where you probably would expect heavy emphasis on California and the Southwest and places like that, which are very much Nielsen scanned markets, but it's exciting stuff, we've also done an El Himador Spritz, which just launched like in the last few weeks.

這是一種真正切入墨西哥裔美國人通路的方式；而這些通路如你所料，會重點放在加州、西南部等地，這些地方也正是尼爾森掃描市場覆蓋較多的區域。但這很令人振奮；我們也推出了 El Himador Spritz，這款大概就在最近幾週才上市。

Similar, it's going to be a broader set of consumers that we go after with that, but it's still a brand that's well known both in Mexico and the United States, and it's a little bit different. It's very much going after that light refreshing option, which pretty much dominates the RTD category these days. So yeah, so off to a good start. It's just so new.

類似地，我們會用它去觸及更廣泛的一群消費者，但它仍是一個在墨西哥與美國都很知名的品牌，而且它有點不一樣。它非常明確地鎖定清爽、輕盈的選項，而這幾乎是目前 RTD 品類的主流。所以，是的，目前開局不錯。只是它真的還很新。

But we'll see. I think there's a lot of enthusiasm and excitement, and we will slowly begin to move it out into the rest of the United States, I would expect, over the next year.

但我們再看看。我認為市場有很高的熱情與興奮感，而我預期在接下來一年，我們會逐步把它推向美國其他地區。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

Great.

很好。

Thank you very much. And congratulations, Jim.

非常感謝。也恭喜你，Jim。

So Lawson I was wondering if you can talk a little bit and you've kind of inched into it right with your discussions on price being down a little bit I was wondering if you could talk about To what extent you think that price levels are a barrier to more spirits consumption in the US.

Lawson，我想請你談談——你剛才在提到價格略有下滑時其實已經稍微帶到——我想問你，你認為在美國，價格水準在多大程度上成為烈酒消費進一步成長的障礙？

And to what extent, given a pretty constrained consumer, particularly at the lower end, the fact that in general spirits on the package side doesn't have maybe as much flexibility in terms of variety of package sizes and units as some other categories. And so perhaps you don't have as many levers to pull in terms of price pack architecture and revenue management tools to address affordability issues. So kind of big topic there, I know, but love to get your thoughts on that in terms of the spirits industry and Brown-Forman in particular.

以及在消費者相當吃緊、尤其是較低端消費者的情況下，考量到一般而言烈酒在包裝端可能不像其他品類那樣，在包裝尺寸與單位上有那麼多彈性；因此在價格包裝架構（price-pack architecture）與收益管理工具上，或許也沒有那麼多槓桿可用來處理可負擔性問題。這是個很大的題目，我知道，但很希望聽聽你對烈酒產業、以及 Brown-Forman 尤其是你們公司的看法。

And how you may or may not address those challenges.

以及你可能會或不會如何應對這些挑戰。

Interesting question.

有趣的問題。

Thank you, Robert.

謝謝你，Robert。

Taking a real like a decade view on it to start with a little bit, I've always kind of found it interesting and quite H1stly, I think spirits has underpriced over the last decade, not overpriced. But I always compare it to beer. So beer a decade ago or even a little longer was not getting any volume growth and they got all their value growth through pricing.

如果先用一個比較長期、像是十年的視角來看，我一直覺得很有意思，而且坦白說，我認為烈酒在過去十年其實是被低估了，而不是被高估。但我總是拿它跟啤酒相比。十年前甚至更早一點，啤酒的銷量並沒有成長，他們所有的價值成長都來自於提價。

Which look great on the financial statements at the time and improve margins, it does all that kind of stuff. But now, stand where we are today, relatively speaking, beer is more expensive than spirits, at least compared to history.

那在當時的財務報表上看起來很漂亮，也改善了毛利率，等等這些。但如果站在今天相對來看，啤酒其實比烈酒更貴，至少相較於歷史而言。

So as I said, Spirits really hasn't taken all that much pricing over the last decade. There was that spot post-COVID, but for the most part, it hasn't been all that much. Where the pricing challenge, I think, for the Spirits industry is the on-premise, and it's not that we're selling in and particularly.

所以如我所說，烈酒在過去十年其實沒有做太多提價。COVID 之後有一段時間有，但大多數時候並沒有太多。我認為烈酒產業的定價挑戰在於餐飲通路（on-premise），而不是我們特別在那裡賣進去、或是什麼原因。

Higher prices earning like that at the restaurants that have taken massive margin increases on the spirit side of their business and to pay for the rent and higher wages and all the rest of it. So I don't really see pricing, particularly off-prems pricing, I guess, as a significant impediment to consumers. Now, you're right, the sort of K economy changes, you still have.

而是餐廳端把烈酒這一塊的毛利大幅拉高，用來支付租金、更高的工資以及其他所有成本。所以我不太認為定價——特別是零售通路（off-premise）的定價——會成為消費者的一個重大阻礙。當然你說得對，所謂的 K 型經濟變化，你仍然有。

Super ultra-premium price brands that are doing well and that's a consumer that isn't so price sensitive, we're not very exposed to the sort of the lower end products and that's kind of been a debate over the last year really, should we have more exposure in that space, but I don't.

超高端（super ultra-premium）價位的品牌表現仍然很好，那類消費者對價格沒那麼敏感；我們在較低端產品的曝險並不大。這其實也是過去一年一直在討論的議題：我們是否應該在那個區間有更多曝險，但我不。

I don't expect that we're really going to chase that kind of volume. And we've had some good, some success stories. I mean, I'll say Jack Heritage Barrel is one that we had this year that is very high-priced and it's flying. It absolutely flies off the shelf. So we're all, we're feeling pretty good about where the consumer is relative to our brands and I just don't think pricing is the.

我不預期我們會真的去追那種量的成長。我們也有一些不錯的成功案例。比如我會說，今年的 Jack Heritage Barrel 就是一個例子，定價非常高，但賣得非常好，真的就是一上架就被掃光。所以我們對消費者相對於我們品牌的狀況感覺相當不錯，我也不認為定價是。

Not the challenge.

不是那個挑戰。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

Great.

很好。

Thank you very much.

非常感謝。

I guess going back real quick, going back to Peter's question on organic operating income, I'm just wondering if there is a specific dollar amount in terms of that we should anchor to exiting fiscal '26 as the organic operating income base off of which of fiscal '27 guidance is based because I'm not 100% sure exactly what the base is. That'd be kind of clean up number one. And then I wanted to talk about the. 150 basis points over the next couple of years of higher costs that are flowing through the P&L.

我想很快回到前面，回到 Peter 關於有機營業利益（organic operating income）那個問題。我只是想確認，是否有一個特定的美元金額，讓我們可以用來錨定在 2026 財年結束時的有機營業利益基礎，作為 2027 財年指引所依據的基準，因為我不是 100% 確定那個基礎到底是什麼。這算是第一個需要釐清的數字。然後我想談一下未來幾年有 150 個基點的較高成本會流入損益表（P&L）。

I guess as I think about it, a lot of those costs should be cash expenditures that were made historically.

我想，從我的角度來看，其中很多成本應該是過去已經發生的現金支出。

So I'm wondering if there is a silver lining to those costs as they flow through the P&L that maybe the cash conversion on.

所以我在想，當這些成本流入損益表時，是否有一個「好的一面」：也許現金轉換率（cash conversion）反而。

As they flow through has actually improved because maybe today's costs are less than what's flowing through on a cash basis, if that makes sense.

在它們流入的過程中其實改善了，因為也許今天實際的現金成本低於損益表上流入的成本——如果這樣說得通的話。

Thanks for both.

兩個問題都謝謝。

So maybe I'll start with your second question because I think that's probably the very straightforward one. And yes, there is an obvious cash benefit with that as you look at the inventory that we have that was higher priced and already has been paid for and then what we're able to sell it for right now.

那我先從你的第二個問題開始，因為我覺得那個比較直接。是的，確實有很明顯的現金效益：你看我們手上的庫存是以較高價格購入、而且已經付過款了，然後再看我們現在能以什麼價格把它賣出去。

And looking at what we're doing and how we're managing our inventory levels, working capital and especially inventory should generate positive cash flow for us on a go-forward basis. And I think even if you look at working capital within this year, it was positive to cash flow. So I think that's the right way to think about it. I think the other thing is as we kind of talk about this year on the starting point for organic.

再看我們正在做的事情以及我們如何管理庫存水位與營運資金，尤其是庫存，未來應該會為我們帶來正向的現金流。我想即便你看今年的營運資金，它對現金流也是正向貢獻。所以我認為這樣理解是對的。另一點是，當我們談到今年作為有機。

Income compared to, what to expect for next year, and if you really just go to the schedule that we had that shows that our reported was around $1 billion, and, then you do the adjustments off of that, and especially the biggest one being the impairment, it really kind of implies, but that's probably on an organic basis closer to $1.1 billion. And that's the base where we start from an organic perspective and work off of there.

利益的起點、以及相較之下明年可以期待什麼時，如果你直接看我們那張表，顯示我們的報告數（reported）大約是 10 億美元，然後你再把調整項加回去，尤其最大的一項是減損（impairment），其實就隱含了——在有機口徑下可能更接近 11 億美元。這就是我們從有機角度出發的基礎，再從那裡往下推。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Hi, this is Seamus Cassidy on for Robin. Thanks for the question. I wanted to ask about the realignment of your U.S. Control state distribution network. I know it's been three days now, so I won't ask about early learnings yet, but can you discuss, I guess, your expectations for this transition from an execution standpoint? And do you anticipate any short-term disruption? And then also what sort of benefit does your. Organic sales guidance bake in just from an improved margin standpoint? Thanks.

嗨，我是 Seamus Cassidy，代替 Robin 發問。謝謝這個機會。我想問一下你們美國管制州（Control state）經銷網路的重新調整。我知道現在才三天，所以我不會問早期學習（early learnings），但你能否談談你們對這次轉換在執行層面的預期？以及你是否預期短期會有任何干擾？另外，你們的有機銷售指引中，從毛利率改善的角度，內含了什麼樣的效益？謝謝。

Make sure I heard all that. But look, control state evolution isn't really -- we're not expecting dramatically different than what we've been through in the open states over the last year. If anything, it's a little bit easier, quite H1stly, because just the way that the control states are set up and how you do the purchases and things like that.

我先確認我都聽到了。不過你看，管制州的演進其實並不是——我們不預期會跟過去一年在開放州（open states）經歷的情況有戲劇性的不同。若有的話，坦白說反而更容易一些，因為管制州的制度架構，以及你如何採購等等。

Look, this is going to be a good thing for Brown-Forman. We've made these changes over the last year.

你看，這對 Brown-Forman 會是件好事。我們在過去一年已經做了這些改變。

And look, last summer and into the fall, there were some bumps along the way. It's going to take a little bit to get the emerging brands, as an example, going again. Everybody focused on Jack first and sort of works their way down. So we expect better performance in the emerging brands over the next year.

而且你看，去年夏天到秋天期間，過程中確實有一些顛簸。像是新興品牌（emerging brands）要重新跑起來，會需要一點時間。大家都先把重心放在 Jack，然後再往下推。所以我們預期未來一年新興品牌的表現會更好。

And I think, look, at this point, particularly distributors that were beer distributors before, it took a little bit of time to sort of get them up to speed, but they're fully up to speed now. And we're regaining the one thing that happens when you do these changes are we lost some on-premise listings.

我想，你看，到了這個時間點，特別是那些原本是啤酒經銷商的經銷商，確實花了一點時間讓他們上手，但他們現在已經完全上軌道了。而我們正在重新拿回一件事：當你做這些變更時，我們在餐飲通路（on-premise）會失去一些上架（listings）。

In a lot of states, we lost them. You just got to go fight and go get it back.

在很多州我們都失去了。你只能去拚、去把它拿回來。

And they're doing that now.

他們現在正在做這件事。

Hopefully, this year just has a little bit less disruption, a little bit less volatile, and I know there are a lot of puts and takes in there, and everybody is trying to figure it all out. But at the end of the day, we feel pretty good about our position now, better than we did a year ago, and excited to see what happens in fiscal '27.

希望今年的干擾能少一點、波動小一點。我知道裡面有很多利多利空因素，大家都在試著把它理清楚。但歸根結底，我們對目前的定位感覺相當不錯，比一年前更好，也很期待看看 2027 財年會發生什麼。

Chris Pitcher, Rothschild & Co. Redburn.

Chris Pitcher，Rothschild & Co. Redburn。

Thanks very much, Lawson and Tim. Hello.

非常感謝，Lawson 和 Tim。你們好。

Can I ask a question and a quick follow-up? In terms of Japan, given your opening comments, Lawson, I'm surprised it wasn't called out in the statement given...

我可以問一個問題再加一個簡短追問嗎？關於日本，鑑於你在開場的評論，Lawson，我很驚訝聲明中沒有特別點出，因為……

Extra sales you'd got from William Grant & Sons, etc. Are there any technical effects which held back the performance of Japan in the year? Because you sounded pretty confident on it. And then secondly, could I just follow-up on the comment around the non-branded and bulk? That's only been reported during a period of strong growth in the Scotch industry, for example. Is there any sort of residual income within that, like contract bottling or maybe some bulk sales that means it can't go to zero?

你們從 William Grant & Sons 等額外拿到的銷售量。日本在今年的表現是否有任何技術性因素拖累？因為你聽起來對此相當有信心。第二點，我想追問一下你對非品牌與散裝的評論？這通常只會在蘇格蘭威士忌產業強勁成長期間才會被揭露，例如。這裡面是否有任何殘餘收入來源，例如代工裝瓶，或某些散裝銷售，使得它不可能降到零？

Let me get Japan here first. And I'm not quite sure exactly what your question was other than let me just talk about Japan for a second. So look, it's one of the biggest whiskey markets in the world. It's a very big American whiskey market. It is one that we've had success. We're actually pretty good sized there. We hired a lot of people to be able to go after that market. It's a challenging market. So we've hired a lot of people with the expectation of. Pretty significant growth. Bringing in William Grants & Sons, just a handful of brands from them, just helps us get started.

我先談日本。我不太確定你的問題具體是什麼，不過我先花點時間談談日本。你看，日本是全球最大的威士忌市場之一，也是非常大的美國威士忌市場。我們在那裡一直有成功，我們其實在那裡的規模也不小。為了攻佔那個市場，我們聘了很多人。那是一個具挑戰性的市場，所以我們在預期相當顯著成長的前提下，聘用了很多人。引進 William Grant & Sons 的產品——只是他們少數幾個品牌——只是幫助我們起步。

And they're good brands. They're brands that fit well within our portfolio. They're very premium. And so it's just a way for us to supplement our, bring more brands in, more scale so that we can just, not justify, but so that we can continue to use our sales force and optimize the people that we have.

而且那些都是好品牌，和我們的產品組合非常契合，定位也很高端。因此，這只是讓我們補充產品線、引進更多品牌、擴大規模的一種方式，讓我們能夠——不是說要「合理化」——而是讓我們能持續運用我們的銷售團隊，並把現有人力的效益最佳化。

And then the biggest impact when you look at the non-branded and bulk is that's where our barrel sales flow through. And we've talked about this multiple times, but our barrel sales probably peaked around 2022, 2023, and then have come down significantly right now. And I think that the one question that what you implied there is, yes, you get to a point where eventually.

至於非品牌與散裝，影響最大的部分在於我們的酒桶銷售會計入這一項。我們已經多次談過，我們的酒桶銷售大概在 2022、2023 年左右達到高峰，之後目前已大幅下滑。我想你暗示的那個問題是：是的，你會走到某個點，最終……

You don't have any and that would just hit the bottom. But right now, I'd say we're still selling used barrels, but the prices are down significantly and the market is down significantly. And as I mentioned earlier in some of the comments, it should not be a significant impact on our top-line go forward that we've really seen the bulk of the decline and that has already occurred. And so now we're kind of what is a steady-state level that at some point we would probably expect to go back up, but doesn't have much further it could fall.

你就沒有任何銷售了，那就會直接反映到最終結果。但就目前而言，我們仍在出售二手酒桶，只是價格大幅下跌、市場也大幅走弱。正如我先前在一些評論中提到的，展望未來，這不應對我們的營收（top-line）造成重大影響，因為我們已經看到大部分的下滑，而且那已經發生了。因此現在我們大致處於一個穩態水準；未來某個時點我們可能會預期回升，但它進一步下跌的空間不大。

Eric Serotta, Morgan Stanley.

Eric Serotta，摩根士丹利。

Great. Thanks for taking the question.

很好，謝謝讓我提問。

Lawson, can you just give us a little bit of an update as to the BlackBerry international plans? And first, I guess, where are you today in terms of.

Lawson，你能否就 BlackBerry 的國際計畫給我們一點更新？首先，我想問，你們目前在……

Which markets and when you entered them, what are the plans for the next 12 months? And maybe it's too early, but how are these markets tracking versus other international flavors or other flavors in other international markets like how H1y is done? Thanks.

哪些市場、以及何時進入？未來 12 個月的計畫是什麼？也許現在還太早，但這些市場的進展相較於其他國際口味、或其他口味在其他國際市場（例如 H1y 的表現）如何？謝謝。

Sure. Yeah. So.

當然。是的。所以……

So we said on the call and a little bit earlier that we talked about the US and how excited we are about the US and how fast it's growing. So I'll focus really these on the international side of things. So we went into the UK, Germany, Poland, Chile.

我們在電話會議上以及稍早也提到，我們談了美國市場，以及我們對美國有多興奮、成長有多快。所以我這裡會把重點放在國際市場。我們已進入英國、德國、波蘭、智利。

In France in fiscal '26, so about halfway through the year. So they have launched and they're continuing to go. It's actually, the volumes are nice and we're pretty excited about it. Now, as I think we've said multiple times, this was always planned out to be a two-year launch plan. We have the advantage where others don't of having a very large international.

法國是在 2026 會計年度進入的，大約在年度過半時。因此它們已經上市並持續推進。實際上，銷量表現不錯，我們也相當興奮。再如我們多次提到的，這原本就規劃為一個為期兩年的上市計畫。我們有一個別人沒有的優勢：Jack Daniels 品牌在國際上有非常龐大的……

Demand for the Jack Daniels brand and so blackberry is going to basically go everywhere eventually Everywhere we've got our other flavors and H1y, but H1y has been a rock success for a long time It's been in the market now for 15 ish years It's approaching 2 million cases. So we're very happy that goes. We'll see how big blackberry can get But it's a flavor that works well in the we think in the international markets. It's just a it's a globally relevant flavor and they're.

需求，因此 Blackberry 最終基本上會進入所有市場——所有我們其他口味與 H1y 已經進入的地方。不過 H1y 長期以來一直是非常成功的產品，已在市場上大約 15 年左右，接近 200 萬箱。我們對它的表現非常滿意。至於 Blackberry 能做到多大，我們還要觀察，但我們認為它是一個在國際市場很適用的口味。它是一個我們認為具有全球相關性的口味，而這類……

They're harder to find globally relevant flavors, to be H1st, there's just so many different brands out there these days. But the initial response from retailers and consumers has been really strong and we're going to continue this launch throughout fiscal '27. We've got probably the market to look at or that we would say to be the most optimistic is Brazil just because.

具有全球相關性的口味其實更難找到，坦白說，因為現在市面上的品牌實在太多了。但零售商與消費者的初期反應非常強勁，我們會在 2027 會計年度持續推進這個上市計畫。我們可能最看好、或說最樂觀的市場是巴西，主要是因為……

Apple has been a home run down there. And even Tennessee was basically the entire Jack Daniels portfolio does so well down there. And we think Blackberry can do well. Just to end on, one of the things about Blackberry I think that is exciting is it mixes so well with lemonade. It's just a simple two, simply lemonade and Blackberry makes for a great summertime drink as we move into summer.

Apple 在那裡一直是大獲成功。甚至 Tennessee——基本上整個 Jack Daniels 產品組合在那裡都表現非常好。我們認為 Blackberry 也能做得很好。最後補充一點，我覺得 Blackberry 令人興奮的一點是，它和檸檬水非常好搭。很簡單，Simply Lemonade 加上 Blackberry 就是一杯很棒的夏日飲品，隨著我們進入夏季。

Other flavors, even our own flavors, it's more challenging to have a natural partner for it. Either the cocktails either get fancy or it just hasn't been as easy. This one seems to work really well, and so we're going to continue to grow that basically around the world.

其他口味，甚至我們自家的其他口味，要找到一個自然的搭配就更具挑戰性；不是調酒變得很花俏，就是不那麼容易。這個口味看起來非常合拍，因此我們會持續在全球範圍內推廣成長。

And I would now like to hand the conference back to Sue Perram for closing remarks.

現在我想把會議交回給 Sue Perram 作結語。

Thank you. And thank you, Lawson and Jim. And thank you to everyone for joining us today for Brown-Forman 's fourth quarter and fiscal year 2026 earnings call. If you have any additional questions, please contact us.

謝謝。也謝謝 Lawson 和 Jim。並感謝各位今天參加 Brown-Forman 2026 會計年度第四季與全年財報電話會議。如有任何其他問題，請與我們聯繫。

As we close, just to let National Bourbon Day is June 14th. It's a day to commemorate the 1,964 US Congressional resolution declaring bourbon as America's native spirit. On this day, wherever you are, we hope that you will responsibly enjoy a glass of Old Forrester and Woodford Reserve. And always remember that all bourbon is whiskey, but not all whiskey is bourbon. With that, this concludes today's call.

在結束前提醒一下，6 月 14 日是 National Bourbon Day（全國波本日）。這一天是為了紀念 1964 年美國國會決議，宣布波本為美國的本土烈酒。在這一天，無論你身在何處，我們都希望你能負責任地享用一杯 Old Forrester 與 Woodford Reserve。也請永遠記得：所有的波本都是威士忌，但不是所有威士忌都是波本。至此，今天的電話會議到此結束。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。