Celsius Holdings Inc (CELH) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Celsius Holdings third-quarter 2025 earnings conference call. (Operator Instructions)

早安，歡迎參加 Celsius Holdings 2025 年第三季財報電話會議。（操作說明）

I will now hand the call over to Paul Wiseman, Investor Relations. Please go ahead.

現在我將把電話交給投資者關係部的保羅·懷斯曼。請繼續。

Good morning and thank you for joining Celsius Holdings third-quarter 2025 earnings webcast. With me today are John Fieldly, Chairman and CEO; Jarrod Langhans, Chief Financial Officer; and Toby David, Chief of Staff. We'll take questions following the prepared remarks. Our third-quarter earnings press release was issued this morning with all materials available on our website, ir.celsiusholdingsinc.com, and on the SEC's website, sec.gov. An audio replay of this webcast will also be accessible later today.

早安，感謝您參加 Celsius Holdings 2025 年第三季財報網路直播。今天陪同我出席的有：董事長兼執行長約翰·菲爾德利；財務長賈羅德·蘭漢斯；以及幕僚長托比·戴維。在準備好的發言稿之後，我們將回答問題。我們今天上午發布了第三季財報新聞稿，所有資料均可在公司網站ir.celsiusholdingsinc.com和美國證券交易委員會網站sec.gov上查閱。本次網路直播的音訊回放也將於今天稍晚提供。

Today's discussion includes forward-looking statements based on our current expectations and information. These statements involve risks and uncertainties many beyond the company's control. Celsius Holdings disclaims any duty to update forward-looking statements, except as required by law.

今天的討論包含基於我們當前預期和資訊的前瞻性陳述。這些聲明涉及風險和不確定性，其中許多超出公司的控制範圍。Celsius Holdings 聲明，除法律要求外，不承擔更新前瞻性聲明的任何義務。

Please review our Safe Harbor statements and risk factors in today's press release and in our most recent filings with the SEC, which contain additional information and a description of risks that may result in actual results differing materially from those contemplated by our forward-looking statements. We will present results on both a GAAP and non-GAAP basis.

請查閱我們今天發布的新聞稿以及我們最近向美國證券交易委員會提交的文件中的「安全港聲明」和風險因素，其中包含更多資訊以及對可能導致實際結果與我們的前瞻性聲明中所設想的結果存在重大差異的風險的描述。我們將依GAAP和非GAAP準則公佈業績。

Non-GAAP measures like adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted SG&A and adjusted SG&A as a percentage of revenue and their GAAP reconciliations are detailed in our Q3 earnings release, and non-GAAP financial measures should not be used as a substitute for our results reported in accordance with GAAP.

非公認會計準則指標，如調整後 EBITDA、調整後 EBITDA 利潤率、調整後攤薄每股收益、調整後銷售、管理及行政費用以及調整後銷售、管理及行政費用佔收入的百分比及其公認會計準則調節表，已在我們的第三季度收益報告中詳細說明，非公認會計準則不應報告我們根據公認會計準則替代我們根據公認會計準則報告的績效。

With that, I'll turn it over to John.

接下來，我將把麥克風交給約翰。

Thank you, Paul. Good morning, everyone, and thank you for joining us today. The third quarter of 2025 was another pivotal period in what continues to be a transformational year for Celsius Holdings, setting the stage for our next phase of growth. Building on the Alani Nu acquisition in April and our ongoing international expansion, we've deepened our partnership with PepsiCo, added Rockstar Energy to create a total energy portfolio and strengthened our leadership team to lead the next era of modern energy.

謝謝你，保羅。各位早安，感謝大家今天收看我們的節目。2025 年第三季是 Celsius Holdings 持續轉型之年的另一個關鍵時期，為我們下一階段的成長奠定了基礎。繼 4 月收購 Alani Nu 以及我們持續的國際擴張之後，我們深化了與百事可樂的合作關係，收購了 Rockstar Energy，從而創造了一個完整的能源組合，並加強了我們的領導團隊，引領現代能源的下一個時代。

Before getting into the highlights of our business, I want to thank our employees, our retail and distribution partners and our loyal consumers for their commitment and belief in what we're building. Their energy continues to drive ours. In August, we announced an important expansion of our long-term partnership with PepsiCo, a milestone that deepens our collaboration and establishes Celsius Holdings as PepsiCo's US Strategic Energy Drink Captain.

在詳細介紹我們業務的亮點之前，我要感謝我們的員工、零售和分銷合作夥伴以及忠實的消費者，感謝他們對我們所做事業的投入和信任。他們的活力持續激勵著我們。8 月，我們宣布與百事公司長期合作關係的重要擴展，這一里程碑深化了我們的合作，並確立了 Celsius Holdings 作為百事公司美國戰略能量飲料領導企業的地位。

This new role gives Celsius a leadership position within PepsiCo's energy portfolio and greater control over the distribution of our leading portfolio of brands, including Celsius, Alani Nu and now Rockstar Energy. With the expanded partnership, we're further increasing our ability to shape planograms, prioritize SKUs, align promotional periods and bring a unified commercial strategy to life across channels.

這個新角色使 Celsius 在百事公司的能源產品組合中佔據領導地位，並更好地控制我們領先品牌組合（包括 Celsius、Alani Nu 和現在的 Rockstar Energy）的分銷。透過擴大合作關係，我們將進一步增強制定商品陳列圖、確定 SKU 優先順序、協調促銷期以及在各個管道實施統一商業策略的能力。

In short, we're helping lead how energy shows up in retail for the consumer from the aisle to the checkout cooler and everywhere in between. As part of the same transaction, a large portion of the US Alani Nu-based DSD network is joining the PepsiCo distribution network starting December 1, 2025, a move that over time is expected to expand Alani Nu's reach and accelerate its growth trajectory.

簡而言之，我們正在幫助引領能源在零售業的呈現方式，從貨架到收銀台冷藏櫃，以及兩者之間的所有環節，讓消費者都能感受到能源的魅力。作為同一交易的一部分，美國 Alani Nu 的 DSD 網路的大部分將於 2025 年 12 月 1 日起加入百事可樂分銷網絡，此舉有望隨著時間的推移擴大 Alani Nu 的覆蓋範圍並加速其增長軌跡。

For Celsius Holdings, this is a meaningful near-term catalyst, and we intend to execute the transition with the same efficiency that made our original Celsius integration into PepsiCo's leading distribution system a success.

對 Celsius Holdings 而言，這是一個意義重大的近期催化劑，我們打算以同樣的效率來執行過渡，就像我們最初成功地將 Celsius 整合到百事可樂領先的分銷系統一樣。

We also acquired the Rockstar Energy brand in the US and Canada at the end of August, adding one of the most recognizable brands in energy to our total energy portfolio. Rockstar extends our reach into new consumer segments and strengthens our ability to serve a broader spectrum of energy consumers from fitness to lifestyle to culture and music.

8 月底，我們也收購了美國和加拿大的 Rockstar Energy 品牌，將能源領域最知名的品牌之一加入我們的能源產品組合。Rockstar 將我們的業務拓展到新的消費群體，並增強了我們服務更廣泛的能源消費者的能力，涵蓋健身、生活方式、文化和音樂等領域。

Together, we believe that these steps, category accountancy, Alani Nu's expanded distribution and the Rockstar acquisition represent a meaningful advancement for our company. It gives us greater scale, control and the platform to compete from a position of strength. Importantly, this also comes with an endorsement of PepsiCo's increased ownership stake in Celsius Holdings and an additional Board representation, a vote of confidence in our shared long-term trajectory.

我們相信，這些舉措，包括品類會計、Alani Nu 擴大通路以及收購 Rockstar，共同代表我們公司所取得的重大進步。它賦予我們更大的規模、更強的控制力以及從優勢地位參與競爭的平台。重要的是，這也意味著對百事公司增持 Celsius Holdings 股份以及增加董事會席位的認可，是對我們共同長期發展軌蹟的信任投票。

In the third quarter of 2025, our combined portfolio represented more than 20% share of the US energy drink market in tracked channels and grew 31% year over year according to Circana, nearly twice as fast as the overall energy drink category. Only two years ago, Celsius Holdings was celebrating after surpassing a 10% share with the Celsius brand alone. Now through both organic growth and strategic expansion, we've doubled the share position with our total energy portfolio. It's a remarkable achievement that validates the power of our brands and our disciplined execution.

2025 年第三季度，根據 Circana 的數據，我們的合併產品組合在美國能量飲料市場追蹤管道中佔比超過 20%，年成長 31%，幾乎是整個能量飲料品類增速的兩倍。僅僅兩年前，Celsius Holdings 也因 Celsius 品牌的市佔率超過 10% 而歡欣鼓舞。現在，透過內生成長和策略擴張，我們在能源投資組合中的份額已經翻了一番。這是一項了不起的成就，它驗證了我們品牌的實力和我們嚴謹的執行力。

Over the last 52 weeks, our portfolio generated more than $5 billion in retail sales in US tracked channels according to Circana. That success is supported by strong retailer partnerships and consistent consumer demand for functional, great tasting modern energy innovation.

根據 Circana 的數據，在過去的 52 周里，我們的產品組合在美國追蹤通路的零售額超過了 50 億美元。這項成功得益於強大的零售商合作夥伴關係以及消費者對功能齊全、口味絕佳的現代能源創新產品的持續需求。

Across major retail and convenience partners, we continue to expand our space and distribution, winning new displays at Target, end caps at Walgreens and CVS and achieving double-digit growth in unit sales across Walmart, Circle K and Dollar General, just to name a few. In Walmart alone, Celsius Holdings portfolio gained more than two share points year over year, and Alani recorded its best ever sales week in August, led by Witch's Brew.

我們與各大零售和便利商店合作夥伴不斷擴大銷售空間和分銷渠道，在 Target 贏得了新的展示位，在 Walgreens 和 CVS 贏得了端架銷售位，並在 Walmart、Circle K 和 Dollar General 等商店實現了兩位數的銷量增長，這只是其中幾個例子。僅在沃爾瑪，Celsius Holdings 的產品組合就同比增長了超過兩個百分點，而 Alani 在 8 月份創下了有史以來最好的一周銷售額，這主要得益於 Witch's Brew 的出色表現。

The Celsius brand achieved double-digit retail sales growth in the third quarter of 2025 at a 13% year over year. Alani Nu grew triple digits at 115% year-over-year, and Rockstar began selling under our ownership. Together, these brands are defining what a modern energy company looks like, inclusive, functional, culturally relevant and growing.

Celsius 品牌在 2025 年第三季實現了兩位數的零售額成長，年增 13%。Alani Nu 實現了三位數的成長，年成長 115%，而 Rockstar 在我們接手後開始銷售。這些品牌共同定義了現代能源公司的形象：包容、實用、與文化相關且不斷發展。

Marketing and culture continue to drive how we win. Seasonal flavor offerings once again delivered strong results with Alani Nu's Witch's Brew notching record sales, reinforcing the power of flavor, innovation to excite consumers and drive velocity. In October, we launched our first Celsius limited time offering, Spritz Vibe, and we are seeing strong consumer response from US and Canada retailers.

行銷和企業文化仍然是我們取勝的關鍵因素。季節性口味產品再次取得了強勁的銷售業績，Alani Nu 的女巫特釀創下了銷售紀錄，這進一步證明了口味和創新能夠激發消費者的興趣並推動銷售成長。10 月，我們推出了 Celsius 的首款限時產品 Spritz Vibe，並看到了來自美國和加拿大零售商的強烈消費者反應。

Our Celsius LIVE FIT GO campaign continues to strengthen awareness, trial and repeat purchase for our core brand, connecting performance energy through an inspirational lifestyle. And we're extending the same storytelling across the entire portfolio, ensuring each brand stands for something clear and inspirational. Celsius, fitness and lifestyle performance. Celsius Essentials, high performance energy; Alani Nu, female-focused lifestyle energy; and Rockstar Energy, culture, music, next-generation energy.

我們的 Celsius LIVE FIT GO 活動持續加強對我們核心品牌的認知度、試用率和重複購買率，透過鼓舞人心的生活方式將運動能量與身體機能連結起來。我們將同樣的敘事方式推廣到整個產品組合中，確保每個品牌都代表著清晰而鼓舞人心的理念。攝氏、健身和生活方式表現。Celsius Essentials，高性能能量；Alani Nu，以女性為中心的活力生活方式能量；以及 Rockstar Energy，文化、音樂、新一代能量。

Last week, I and along with several of our leaders had the opportunity to speak directly to 30,000 PepsiCo employees at one of their national town halls. We showcased our total portfolio approach and shared how Celsius Holdings has become the energy partner capable of powering every consumer occasion. Our goal in the conversation was simple, to inspire 30,000 teammates across PepsiCo to rally behind our portfolio and help us win in the category together.

上週，我和幾位領導者有機會在百事可樂公司的一次全國性員工大會上直接與 3 萬名員工進行了交流。我們展示了我們的整體投資組合方法，並分享了 Celsius Holdings 如何成為能夠為每種消費場景提供動力的能源合作夥伴。我們在這次對話中的目標很簡單，就是激勵百事公司 30,000 名團隊成員團結起來支持我們的產品組合，幫助我們共同贏得該品類的勝利。

At the National Association of Convenience Stores Trade Show in mid-October, we spent time on the floor meeting with retailers. The excitement around our new portfolio was incredible. You could feel the confidence building for our growth in 2026. We believe that the message from consumers was clear. Celsius Holdings continues to be the growth engine of the energy category and retailers want to partner with us to share in the opportunities that lie ahead.

10月中旬，在全國便利商店協會貿易展上，我們花時間在展場與零售商會面。我們新推出的產品組合引起了巨大的迴響。您可以感受到我們對2026年發展前景的信心不斷增強。我們認為消費者的意願很明確。Celsius Holdings 一直是能源品類的成長引擎，零售商希望與我們合作，共同掌握未來的機會。

We're also proud of how we continue to invest in our people and culture. Our annual Celsius University Summit brought together more than 200 of our student marketing ambassadors from across the US and Canada, the next generation of marketers who are helping us stay culturally connected to our consumers. It's one of the many ways we build brand advocacy from the inside out.

我們也為我們持續投資於員工和企業文化而感到自豪。我們一年一度的 Celsius 大學高峰會匯集了來自美國和加拿大的 200 多名學生行銷大使，他們是下一代行銷人員，幫助我們與消費者保持文化聯繫。這是我們由內而外建立品牌擁護度的眾多方法之一。

As our business grows, so does the depth of our leadership team. We've recently welcomed Rishi Daing as Chief Marketing Officer, who brings more than two decades of global marketing and commercial leadership experience, including senior roles at PepsiCo and Mark Anthony brands. We also had two other important leadership appointments, including Garrett Quigley as President, Celsius International; and Ghire Shivprasad, as Chief Human Resource Officer.

隨著業務的成長，我們的領導團隊也日益壯大。我們最近迎來了 Rishi Daing 擔任首席行銷官，他擁有超過 20 年的全球行銷和商業領導經驗，曾在百事可樂和 Mark Anthony 品牌擔任高級職務。我們也任命了兩位重要的領導階層成員，包括 Garrett Quigley 擔任 Celsius International 總裁；以及 Ghire Shivprasad 擔任首席人力資源長。

Each brings valuable experience that complements the strong bench already leading the company. Our approach remains team first, execution-driven, focused on empowering our people and integrating new expertise, while at the same time, maintaining the entrepreneurial energy that defines Celsius. Across the organization, we're executing with focus, advancing Alani Nu's integration, capturing early synergies, onboarding Rockstar and preparing for what we believe will be an even stronger 2026.

他們都帶來了寶貴的經驗，與公司現有的強大領導團隊相得益彰。我們的方法仍然是團隊至上、執行驅動，專注於賦能員工和整合新的專業知識，同時保持 Celsius 所特有的創業活力。在整個組織中，我們正專注於執行各項工作，推進 Alani Nu 的整合，儘早實現協同效應，引入 Rockstar，並為我們相信會更加強大的 2026 年做好準備。

The third quarter was another step in a series of transformational moves for our global functional beverage portfolio future. We're now operating at true scale in the US, and we're currently beginning to build that same foundation internationally. In markets like Australia, performance has continued to exceed our expectations. In the UK, we've learned valuable lessons that will make us even stronger as we enter 2026.

第三季是我們全球功能性飲料產品組合未來轉型措施中的又一步。我們現在在美國已經實現了真正的規模化運營，並且目前正在國際上建立同樣的根基。在澳洲等市場，業績持續超越我們的預期。在英國，我們吸取了寶貴的經驗教訓，這將使我們在進入 2026 年時變得更加強大。

We're refreshing the Celsius Fizz-Free line and incorporating new limited time offers into Celsius brand portfolio, starting with Spritz Vibe, which has now launched in the US, Canada and the Nordics. Alani's highly successful Witch's Brew proved again in the third quarter that limited time offers that create consumer excitement also can lift the whole trademark around them. This week, another Alani fan favorite, Winter Wonderland, returns for the holidays, and we have more great innovation in store for 2026 that I'm excited to share with you soon.

我們正在更新 Celsius 無氣泡系列產品，並將新的限時優惠納入 Celsius 品牌組合，首先推出的是 Spritz Vibe，該產品現已在美國、加拿大和北歐地區上市。Alani 的 Witch's Brew 大獲成功，第三季再次證明，限時優惠活動不僅能激發消費者的興奮感，還能提升整個品牌的知名度。本週，另一款深受 Alani 粉絲喜愛的「冬季仙境」將在假期期間回歸，我們還為 2026 年準備了更多精彩的創新，我很興奮能盡快與大家分享。

We're optimizing our Rockstar Energy portfolio with a medium-term goal of stabilizing the brand and recapturing the magic that makes Rockstar an iconic and powerful force to grow the next generation of energy drink consumers. We've entered a new era for Celsius Holdings in 2025, one defined by scale, partnership and purposeful growth. We're building a portfolio that reaches more consumers during more occasions, and we're doing it with discipline, collaboration and a commitment to organizational excellence.

我們正在優化 Rockstar Energy 產品組合，中期目標是穩定品牌，重現 Rockstar 的魔力，使其成為一個標誌性的強大力量，從而吸引下一代能量飲料消費者。2025 年，Celsius Holdings 進入了一個新時代，這個時代以規模、合作和目標明確的成長為特徵。我們正在建立一個能夠觸及更多消費者、覆蓋更多場合的產品組合，並且我們以嚴謹的作風、協作的精神和對卓越組織的承諾來實現這一目標。

I look forward to what's ahead in 2026 and beyond. I'll now turn the call over to Jarrod to discuss third-quarter financial results. Jarrod?

我期待著2026年及以後的發展。現在我將把電話交給賈羅德，讓他討論第三季的財務表現。賈羅德？

Thank you, John, and good morning, everyone. Turning to the financials. For the quarter ended September 30, 2025, consolidated revenue was approximately $725 million, up 173% from a year ago. The Celsius brand's third-quarter 2025 US scanner growth rate was 13%, driven by favorable product mix and increases in total distribution points.

謝謝你，約翰，大家早安。接下來來看財務數據。截至 2025 年 9 月 30 日的季度，合併收入約為 7.25 億美元，比上年同期成長 173%。Celsius 品牌 2025 年第三季美國掃描器成長率為 13%，這得益於有利的產品組合和分銷點總數的增加。

A number of factors can cause the scanner data to vary from reported results such as promotions and incentives and the success of such programs, timing of acquisitions and timing of customer orders, which can vary from time to time based on various inventory builds for promotions, cash management programs, limited time offering programs as well as a number of other factors.

導致掃描器數據與報告結果差異的因素有很多，例如促銷和獎勵以及此類計劃的成功程度、採購時間和客戶訂單時間（這些時間會根據促銷活動的各種庫存構建、現金管理計劃、限時優惠計劃以及其他一些因素而隨時變化）。

The difference between the 44% revenue growth rate at the Celsius brand versus the US scanner growth rate of 13% was primarily driven by year-over-year inventory movements across the company's customer base, including a net benefit relative to the inventory optimization program with our largest distributor in the prior year quarter as well as increased promotional activity and our international expansion.

Celsius 品牌 44% 的收入成長率與美國掃描器 13% 的成長率之間的差異，主要由公司客戶群的同比庫存變動所驅動，包括上一季與我們最大的經銷商實施的庫存優化計劃帶來的淨收益，以及促銷活動的增加和國際擴張。

Alani Nu revenue nearly doubled, up 99%, driven by strong limited time offerings, particularly Witch's Brew, which delivered record sell-through as well as organic core SKU growth. Rockstar Energy contributed roughly $11 million in revenue in its first month under Celsius ownership.

Alani Nu 的營收幾乎翻了一番，成長了 99%，這主要得益於強勁的限時產品，尤其是 Witch's Brew，該產品實現了創紀錄的銷售量，以及核心 SKU 的自然成長。Rockstar Energy在被Celsius收購後的第一個月就創造了約1,100萬美元的收入。

An additional portion of Rockstar sales, roughly $7 million, was recorded in other income due to GAAP accounting. Combined, the total impact from Rockstar Energy was about $18 million in Q3. We expect this accounting treatment to continue through Q4 before normalizing in 2026. Year-to-date, consolidated sales are up roughly 75% or $770 million with Alani Nu accounting for the majority of that growth and Celsius up 12% through the first nine months of the year.

根據 GAAP 會計準則，Rockstar 銷售額的另外一部分（約 700 萬美元）被計入其他收入。第三季度，Rockstar Energy 的總影響約為 1,800 萬美元。我們預計這種會計處理方式將持續到第四季度，然後在 2026 年恢復正常。今年迄今為止，合併銷售額成長了約 75%，即 7.7 億美元，其中 Alani Nu 貢獻了大部分成長，Celsius 在今年前九個月成長了 12%。

Gross margin for the quarter was 51.3% compared with 46% a year ago.Year-to-date gross margin was 51.6%, up from 50.2% last year. The improvement reflects the lapping benefits of the prior year inventory optimization, lower net portfolio promotional spend, pack mix, favorable channel mix and scale benefits on raw materials from higher volume, partially offset by tariffs and the impact of Alani Nu and Rockstar Energy's lower margin profiles.

本季毛利率為 51.3%，去年同期為 46%。年初至今毛利率為 51.6%，高於去年的 50.2%。這項改善反映了上一年庫存優化帶來的收益、較低的淨產品組合促銷支出、包裝組合、有利的通路組合以及更高的銷售量帶來的原材料規模效益，但部分被關稅以及 Alani Nu 和 Rockstar Energy 較低的利潤率所抵消。

We expect to improve Rockstar Energy margins over time, starting in the first half of 2026 as we integrate sourcing and production, much like the progress we've seen with Alani Nu since its acquisition. Sales and marketing expenses were elevated, reflecting continued investment behind brand building, including the Celsius LIVE FIT GO campaign. Sales and marketing represented about 20% of sales, consistent with our reinvestment strategy.

我們預計，隨著採購和生產的整合，Rockstar Energy 的利潤率將從 2026 年上半年開始逐步提高，就像我們自收購 Alani Nu 以來的進展一樣。銷售和行銷費用增加，反映出對品牌建立的持續投入，包括 Celsius LIVE FIT GO 活動。銷售和行銷費用約佔銷售額的 20%，這與我們的再投資策略相符。

In connection with Alani Nu transition into Pepsi's DSD network, we recorded approximately $247 million in distributor termination expenses during the quarter. These costs are fully funded by PepsiCo under our long-term agreement. And while they are recognized in our P&L under GAAP, the reimbursements are deferred on the balance sheet and amortized into gross sales over the life of the distribution agreement, making the transactions cash neutral to Celsius Holdings.

由於 Alani Nu 過渡到百事可樂的 DSD 網絡，我們在本季記錄了約 2.47 億美元的經銷商終止費用。根據我們的長期協議，這些費用由百事公司全額承擔。雖然根據公認會計原則，這些款項會在我們的損益表中確認，但這些報銷款項會在資產負債表上遞延，並在分銷協議的有效期內攤銷到總銷售額中，從而使這些交易對 Celsius Holdings 而言是現金中性的。

General and administrative expenses remained well controlled at approximately 6% of sales, excluding acquisition costs, down from 9% last year, reflecting efficiency initiatives and cost discipline. Operating income benefited from higher margins and overhead efficiency, partially offset by marketing and integration investments.

一般及行政費用（不包括收購成本）控制良好，約為銷售額的 6%，低於去年的 9%，反映了提高效率的措施和成本控制。營業收入受益於更高的利潤率和營運效率，但部分被行銷和整合投資所抵消。

We ended the quarter with a strong balance sheet and cash position, giving us flexibility to fund future growth and integration initiatives. Shortly after quarter end, we reduced debt by $200 million and reduced our term note by 75 basis points, bringing total debt to roughly $700 million and reducing our annual interest rate expense by approximately $20 million beginning in 2026.

本季末，我們的資產負債表和現金狀況良好，這使我們能夠靈活地為未來的成長和整合計劃提供資金。季度末後不久，我們減少了 2 億美元的債務，並將定期票據利率降低了 75 個基點，使總債務降至約 7 億美元，並從 2026 年開始每年減少約 2,000 萬美元的利息支出。

Our near-term priorities remain unchanged: continue investing in brand growth, capture synergies from our acquisitions and further strengthen the balance sheet through debt reduction and disciplined capital allocation. As Alani begins distribution in the US Pepsi system in December, most of the financial benefit is expected to be realized in Q1 2026 due to a phased load-in approach ramping from Q4 into Q1 as retailers reset and inventory builds across the Pepsi network.

我們近期的優先事項仍然不變：繼續投資品牌成長，從收購中獲取協同效應，並透過減少債務和有紀律的資本配置進一步加強資產負債表。由於 Alani 將於 12 月開始在美國百事可樂系統中分銷，預計大部分經濟效益將在 2026 年第一季度實現，這是因為百事可樂網絡將採取分階段的引入方式，從第四季度逐步過渡到第一季度，零售商將進行調整併增加庫存。

Looking ahead, we expect continued growth in both Celsius and Alani Nu with a focus on stabilizing Rockstar Energy as we optimize the product assortment and reestablish the identity that makes that brand so relatable to consumers. We anticipate Q4 will be a noisy quarter, reflecting year-end timing effects from promotions, integration activities and cash management from our larger customers, along with some incremental freight and tariff pressure.

展望未來，我們預期 Celsius 和 Alani Nu 將繼續成長，同時我們將專注於穩定 Rockstar Energy，優化產品組合，並重新確立品牌與消費者產生共鳴的形象。我們預計第四季度將是一個波動較大的季度，這反映了年底促銷活動、整合活動以及大客戶的現金管理等因素帶來的時間影響，以及一些額外的貨運和關稅壓力。

We are looking at the potential for more pressure on our gross margins in Q4 2025 relative to the prior three quarters due to promotions, higher scrap and freight from the integration of Alani into the Pepsi system, and tariff pressure before re-expanding in Q1 2026. We also expect sales and marketing to represent 23% to 25% of sales in Q4 as we continue investing in our Celsius LIVE FIT GO campaign and complete the Alani Nu transition.

由於促銷活動、Alani 併入百事系統導致廢料和運費增加，以及在 2026 年第一季重新擴張之前面臨的關稅壓力，我們預計 2025 年第四季的毛利率將比前三個季度面臨更大的壓力。我們也預計，隨著我們繼續投資 Celsius LIVE FIT GO 活動並完成 Alani Nu 的過渡，銷售和行銷將在第四季度佔銷售額的 23% 至 25%。

In summary, we delivered strong top-line growth, maintained margins above 50% and continued investing for the future. Celsius is once again growing ahead of the category, Alani Nu continues to outperform expectations, and Rockstar Energy strengthens our total energy portfolio by expanding our reach to new energy consumers. We remain focused on balancing investment with profitability, maintaining a strong balance sheet and creating sustainable long-term value for shareholders.

總而言之，我們實現了強勁的營收成長，維持了 50% 以上的利潤率，並繼續為未來進行投資。Celsius 再次領先同類產品，Alani Nu 繼續超越預期，而 Rockstar Energy 透過擴大對新能源消費者的覆蓋範圍，增強了我們的整體能源組合。我們將繼續專注於平衡投資與獲利能力，保持穩健的資產負債表，並為股東創造可持續的長期價值。

With that, I'll turn the call back to the operator for Q&A.

這樣，我就把電話轉回接線生進行問答環節。

(Operator Instructions) Gerald Pascarelli, Needham.

（操作說明）Gerald Pascarelli，Needham。

I just wanted to go back to core Celsius here. The 44% growth in core Celsius off of that depressed year ago base period implies a meaningful negative delta between the 13% growth that we saw in measured channels when you add back the $110 million to $120 million to the base.

我只是想把單位改回攝氏度。與去年同期低迷的基期相比，核心攝氏度增長了 44%，這意味著，當我們把 1.1 億美元到 1.2 億美元加回基期時，我們在衡量渠道中看到的 13% 的增長之間存在顯著的負差值。

So I'm just curious on some of the mechanics on what's driving that negative delta. It would seem that the add-back to the base period should have been maybe much lower than the $110 million to $120 million. So I'm just curious if that's part of what happened in the quarter?

所以我很好奇是什麼機制導致了這種負差值。看來，加回基期的金額應該遠低於 1.1 億美元至 1.2 億美元。所以我很好奇這是否是本季發生的事情的一部分？

And then if that's not the case, how do you explain just the wide variance between what you reported versus what we saw in the measured channels? Thank you.

如果情況並非如此，你如何解釋你報告的結果與我們在測量通道中看到的結果之間存在的巨大差異？謝謝。

Yeah, Gerald, thank you for the question. In our prepared remarks, Jarrod touched on that and some of the deltas that we're seeing in regards to the variety of numerous factors that are really impacting that difference from the 44% to the 13%.

是的，傑拉德，謝謝你的提問。在我們的演講稿中，賈羅德談到了這一點，以及我們看到的一些差異，這些差異是由許多因素造成的，這些因素確實影響了從 44% 到 13% 的差異。

But I'll turn it over to Jarrod just to further reiterate some of his remarks he had.

但我將把發言權交給賈羅德，讓他進一步重申他的一些觀點。

Gerald, the short answer is yes, but there were a bunch of puts and takes. It's not a perfect apples-to-apples comparison. Over the 52 weeks, mix can change, promos can change, timing can change. For instance, Q2, we had some benefit from the Prime Day buildup, which happened in early Q3. So there's a number of factors built into that, but it was a lower number. It wasn't a perfect one-to-one comparison year over year when you're talking about the inventory optimization.

傑拉德，簡而言之，答案是肯定的，但其中有很多買賣交易。這並非完全公平的比較。在 52 週的時間裡，產品組合可能會改變，促銷活動可能會改變，時間安排也可能會改變。例如，第二季度，我們從第三季度初舉行的 Prime Day 活動中獲得了一些好處。這其中包含許多因素，但總體來說，這個數字比較低。在談到庫存優化時，這並不是一個完美的逐年一對一比較。

With that said, we're at 13% on the scanner growth. We believe the scanner is a good barometer of the health of the business. If you look at October, we're up ahead of the category growth from an energy perspective. So yes, definitely a lot of noise in the quarter with timing and sequencing of various things and Q4 will be a bit noisy as well.

也就是說，我們的掃描器成長率達到了 13%。我們認為掃描器是衡量企業健康狀況的良好晴雨表。如果看十月份的數據，從能源角度來看，我們的成長速度超過了該類別的平均值。所以，是的，本季各種事情的時間安排和順序肯定會帶來很多幹擾，第四季也會有些幹擾。

Understood. So lower base and then maybe just a little bit more of a variance than we saw over the past couple of quarters, given multiple factors.

明白了。因此，基數較低，考慮到多種因素，波動幅度可能比過去幾季略大一些。

Yes.

是的。

Yes, that's correct. And I think when you look at the 13% growth rate at the register, as Jarrod mentioned and reiterated, it was great to see really the rally come behind the brand. We started off slow in the first quarter and second quarter, not keeping up with the category growth rates. And heading into the back half, especially the end of the quarter, our LIVE FIT GO campaign that we kicked off really is adding more excitement around the brand, gaining more trial, more repeat purchase, which sets us up really nicely heading into resets in 2026 for the Celsius portfolio.

是的，沒錯。正如 Jarrod 所提及和重申的那樣，當你看到收銀機 13% 的成長率時，你會很高興看到品牌真正獲得了支持。第一季和第二季我們開局緩慢，未能跟上品類成長率。進入下半年，特別是本季末，我們啟動的 LIVE FIT GO 活動確實為品牌增添了更多活力，獲得了更多試用和重複購買，這為我們在 2026 年對 Celsius 產品組合進行調整奠定了良好的基礎。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

A lot of conversations these days about pricing. Monster has announced some pricing. It sounds like it might be even higher than the 5% they have announced despite some promotions back. Curious how you're thinking about the price point, not just of Celsius, but also Alani and Rockstar.

最近很多人都在討論定價問題。Monster已經公佈了部分定價資訊。儘管有一些促銷活動，但聽起來實際上漲幅可能比他們宣布的 5% 還要高。很好奇你對價格的看法，不僅是 Celsius，還有 Alani 和 Rockstar。

Yeah. Kaumil, it's something that is an extremely hot topic with a lot of the headwinds, even on the last earnings call that we had, we talked about some of the headwinds we're seeing, especially with tariff impacts, higher cost of commodities and then the investments behind these brands. So it's something we are contemplating and looking at.

是的。Kaumil 是一個非常熱門的話題，面臨許多不利因素。即使在我們上次的財報電話會議上，我們也談到了我們遇到的一些不利因素，特別是關稅影響、大宗商品成本上漲以及這些品牌背後的投資。所以這是我們正在考慮和研究的事情。

There's a variety of ways in addition to taking frontline price, promotional strategies we're evaluating. We're really also building out a revenue management team as well to further enhance our capabilities around that. So we can be more precise, building out further our key accounts team. But we think there's opportunities there. We're tracking it very closely, but we're not going to make any formal announcements today.

除了採取一線價格策略外，我們還在評估各種促銷策略。我們目前也積極組建收入管理團隊，以進一步提升我們在這一領域的能力。這樣我們就可以更精準地開展工作，進一步擴充我們的重點客戶團隊。但我們認為那裡蘊藏著機會。我們正在密切關注事態發展，但今天不會發布任何正式公告。

Okay. Got it. And then on some of this timing and integration stuff for Q4, if you could just go over it maybe in a little bit more detail. It sounds like there's some additional integration stuff and timing that moves into 1Q or Q4? Or is Q4 messy and then it's back to sort of ordinary course of business by the time we get to 1Q?

好的。知道了。關於第四季的一些時間安排和整合方面的問題，您能否再詳細解釋一下？聽起來好像還有一些額外的整合工作和時間安排上的問題，會推遲到第一季或第四季？或者說第四季比較混亂，但到了第一季就會恢復正常？

Yeah, I'll turn it over to Jarrod to further enhance some of his prepared remarks.

是的，我會把發言權交給賈羅德，讓他進一步補充他準備好的一些發言內容。

Yeah. So I mean, it's Q4 and its December when the activity is happening. If you go back to when Celsius went into the Pepsi system, it was October 1. We're going in on December 1. So obviously, a lot of CPG companies, there's not a lot of activity at the very end of December.

是的。我的意思是，現在是第四季度，活動發生在12月。如果追溯到攝氏度進入百事系統的時間，那是 10 月 1 日。我們將於12月1日入駐。很顯然，很多消費品公司在12月底的業務活動並不多。

Also, if you recall, when we went in, we were replacing Bang. So it was a one-for-one swap out. So there was a ton of space that needed to be filled immediately. So it was a bit quicker of a push. So it's going to be more of a phased approach.

另外，如果你還記得的話，我們當時是為了取代 Bang 而進入這個行業的。所以這是一對一的替換。所以當時有很多空間需要立即填補。所以這次推進速度更快一些。所以這將採取分階段的方式。

And because we're so close to kind of the timing of resets and when the OTS, the kind of up and down the street programs, are reloaded, we're going to kind of phase it in as opposed to have all this open space that will get shoved into. So I think it won't be quite as quick as you saw back in '22. But across kind of December and Q1, you'll see us really ramp up from Alani perspective. But there will be some crossover in the quarter as we build that inventory and as we roll it out across really Q1.

因為我們距離重啟的時間點非常接近，OTS（街頭巡邏隊）之類的項目也將重新啟動，所以我們將分階段進行，而不是把所有這些開放空間都一股腦地塞進去。所以我認為不會像2022年那麼快。但從 Alani 的角度來看，在 12 月到第一季度，你會看到我們真正加強。但隨著我們建立庫存並在第一季全面推出，本季會出現一些交叉情況。

And I'll just add additional color around the strategic energy drink case within the Pepsi partnership further enhances those capabilities. So it's not a one-for-one replacement. But as Alani rolls through the network, we're able to really have control over the planograms. And we have over 30,000 PepsiCo team members and our dedicated team really working to further penetrate, gain ACV, distribution and really maximize the sets for the highest quality offerings for the specific channels and regions that we'll see the expansion.

我還要補充一點，百事可樂的合作將進一步增強策略性能量飲料案例的影響力。所以這不是一對一的替換。但隨著 Alani 在網路中的推廣，我們能夠真正掌控貨架陳列圖。我們擁有超過 30,000 名百事可樂團隊成員，我們敬業的團隊正在努力進一步滲透市場，提高 ACV，擴大分銷渠道，並真正最大限度地提高我們即將擴張的特定渠道和地區的最佳產品組合。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

You cited that this transition could lead to optimized warehouse and distribution that may affect inventory levels. Can you be more specific, what exactly are you expecting? And how much does the intra-quarter transition mitigate disruptions that might be puts and takes within 4Q? Any just more detail on 4Q and into next year, what your comments there are pointing to would be great.

您提到，這種轉變可能會優化倉庫和配送，進而影響庫存水準。能說得更具體些嗎？您究竟期望的是什麼？季度內過渡能在多大程度上緩解第四季可能出現的買賣波動？如果您能提供更多關於第四季度以及明年計劃的細節，以及您當時的評論指向的內容，那就太好了。

Yeah. I think we're just trying to be transparent and lay out what some of the puts and takes you could see in the quarter are. So typically, if you look at most large CPG companies, they do have some cash management activity in Q4.

是的。我認為我們只是想保持透明，並列出本季可能會出現的一些交易機會和交易方向。因此，通常情況下，如果你觀察大多數大型消費品公司，你會發現它們在第四季度確實有一些現金管理活動。

You'll also -- if we're going into a system in a warehouse and we're starting to build some inventory, last time, we didn't have any inventory in that system. So when we went in, it was just us going in as opposed to us being a part of that process.

你也會發現——如果我們進入倉庫的某個系統，並且開始建立一些庫存，上次我們在該系統中沒有任何庫存。所以當我們進去的時候，只是我們進去而已，而不是我們參與那個過程。

So I think there's just going to be some movement as we build Alani and as we roll it out across really kind of December and Q1. And so we just wanted to list out some things that could cause some noise and really just let everybody know that there's going to be a lot of puts and takes in the quarter. It's going to be a really noisy quarter. So expect it to be noisy and not to be perfect.

所以我認為，隨著我們打造 Alani 並在整個 12 月和第一季逐步推出，將會出現一些變化。因此，我們只是想列出一些可能引起波動的事情，並讓大家知道本季會有很多買賣交易。這將會是一個非常吵雜的季度。所以，別指望它會很吵，也別指望它會完美無缺。

Can you just maybe unpack noise a little more? I mean, you cited puts and takes. Where does it net out?

能否再詳細解釋一下噪音問題？我的意思是，你引用了賣出價和賣出價。最終結果如何？

Well, again, it's going to depend on how quickly we roll things out. So there's a lot that could happen over the course of the next six weeks. So instead of kind of put my foot in my mouth and throw a bunch of numbers out at you, I'm going to say it's going to be really noisy. I'd look at the scanner data that's going to tell you about the health of the business, and that's what all we're going to give you right now.

嗯，這又取決於我們推出各項措施的速度。所以在接下來的六週裡，可能會發生很多事情。所以，與其胡亂說些數字，不如我就直說了，現場會非常吵鬧。我會查看掃描器數據，這些數據可以告訴你企業的健康狀況，而這正是我們現在要提供給你的全部資訊。

Yeah. Michael, I'll jump in, in regards to some of the additional variances. As an example, we'll be picking up inventory on returns from the prior distribution network. So you've got increased costs there on logistical movements, also secondary warehousing, right, that you wouldn't have under a normal course of business. Also, as our really supply chain is not optimized and fully integrated as now, we are strategically tied in with the routes servicing the warehouse through the PepsiCo network, and we're going to need to optimize that.

是的。邁克爾，關於一些額外的差異，我來補充一下。例如，我們將從先前的分銷網絡中回收退貨庫存。因此，物流運輸和二次倉儲方面的成本增加了，而這些在正常的業務過程中是不會發生的。此外，由於我們目前的供應鏈尚未充分優化和整合，我們在策略上與百事可樂網路為倉庫提供服務的路線緊密相連，因此我們需要優化這條路線。

We need to optimize the co-packing facilities, procurement, logistics. We want to make sure we're running one-day hauls to optimize the freight lanes and making sure we have the right inventory in the right locations around the US. So there will be some pressure on margins as well and then also the puts and takes on inventory levels and returns.

我們需要優化聯合包裝設施、採購和物流。我們希望確保進行一日內完成的運輸，以優化貨運路線，並確保我們在美國各地合適的地點擁有合適的庫存。因此，利潤率也會面臨一些壓力，庫存水準和退貨也會受到波動。

And just a quick clarification. So I appreciate some of the cost headwinds or the margin drags. As you get these returns, that's a reduction of sales, correct? And if so, would we hear you correctly that directionally you think that coming in could come more quickly than you refill pipeline going out that maybe directionally net that you at least are trying to make us aware of the possibility of a net drag as opposed to kind of all else equal?

還有一點需要澄清。所以我理解成本上升或利潤率下降帶來的影響。收到這些退貨，銷售額就會減少，對嗎？如果是這樣，我們是否可以理解您的意思是，您認為流入的速度可能比流出的管道補充速度更快，這樣一來，您至少是想讓我們意識到淨阻力的可能性，而不是其他條件相同的情況下？

Yeah. I think we're not -- I mean, we need to be conservative on that, and that could be a scenario that plays out. We're just -- it's too early for us. We don't have year-end orders in yet. So we got several weeks of orders in initially, but we got to see how the rest of the quarter plays out in Q4. And really, the return pickup is unknown right now. So we're evaluating that, but we'll have to see as we get closer. So making any firm predictions at this point is not really plausible.

是的。我認為我們不應該——我的意思是，我們需要在這方面保持保守，而這種情況可能會發生。我們只是──現在對我們來說還太早了。我們還沒有收到年底訂單。所以最初我們收到了幾週的訂單，但我們還得看看第四季剩餘時間的情況如何。目前，退貨取件時間尚不清楚。所以我們正在評估這一點，但具體情況要等到臨近時才能確定。因此，目前做出任何確切的預測都不太現實。

I would say if you go back to '22, the team did a great job managing that process so that there wasn't a significant impact. But with that said, it is a different time of year. There is different timing and sequencing that's going on. So we will manage that to the best we can, and we'll look to manage it as efficiently as we did before. And that's the plan.

我認為，如果回顧 2022 年，團隊在管理那個過程中做得非常出色，所以沒有造成重大影響。但話說回來，現在畢竟是不同的季節。事件發生的時間和順序有所不同。所以我們會盡力妥善處理，並力求像以前一樣有效率地管理。這就是計劃。

But we'll see where things kind of pan out when you're talking about 250-plus distributors that you're working to drive down their inventory, build up another set of inventory and take returns at the same time.

但是，當你要與 250 多個分銷商合作，努力減少他們的庫存，同時建立另一批庫存並處理退貨時，事情最終會如何發展，我們拭目以待。

Eric Serotta, Morgan Stanley.

艾瑞克‧塞羅塔，摩根士丹利。

Great. Just a housekeeping item, try not to beat a dead horse on the inventory and situation with respect to the third quarter. But did your inventories with Pepsi decline sequentially? I know you referred to the year-on-year variances, Jarrod, but was there any change sequentially? And then bigger picture, in terms of Alani growth, we have seen it flow in scanner really since the second quarter.

偉大的。只是提個醒，關於第三季的庫存和情況，就不要再贅述了。但你們的百事可樂庫存是否逐週下降？賈羅德，我知道你指的是同比差異，但環比變化如何？從更大的角度來看，就 Alani 的成長而言，我們已經從第二季開始在掃描器中看到了成長勢頭。

You obviously had two totally incremental LTOs in the second quarter, one large but not fully incremental LTO in the third quarter. So how are you thinking about the Alani growth rate on a going-forward basis for sort of the core brand and then whatever sort of incremental contribution from LTOs that you expect over time, realizing the LTO timing is going to always vary a bit. Thanks.

顯然，你們在第二季進行了兩次完全新增的長期發行，在第三季進行了一次規模較大但並非完全新增的長期發行。那麼，您如何看待 Alani 核心品牌未來的成長率，以及您預期 LTO 活動隨著時間的推移所帶來的增量貢獻？要知道，LTO 活動的時機總是會略有不同。謝謝。

Yeah. Thank you, Eric. I'll take the second part of that question in regards to Alani. We're really excited about the portfolio. And we've talked about in prior, there will be some lumpiness in regards to the timing of these LTOs and then the phase out.

是的。謝謝你，埃里克。關於阿蘭妮，我將回答問題的第二部分。我們對這個投資組合感到非常興奮。我們之前也討論過，這些限時特價商品的推出和逐步淘汰在時間安排上會有一些不規則之處。

And we're seeing that right now with Celsius, with Spritz Vibe that's now rolling out. But in the quarter, you had Witch's Brew, which was phenomenal, great success, amazing flavor. It was its fifth year, more than doubled prior year sales results and got everyone really excited. It was the talk of NACS with a lot of retailers as well.

我們現在就從 Celsius 的 Spritz Vibe 產品中看到了這一點，該產品目前正在推廣中。但本季推出的「女巫特飲」非常成功，味道極佳。今年是該活動的第五年，銷售額比前一年翻了一番還多，讓每個人都感到非常興奮。在NACS展會上，很多零售商都在談論這件事。

When you're looking at the growth rates and you look at the ACV where Alani is to where Celsius is in the PepsiCo system, I think there's a lot of underlying distribution and TDP gains that we're going to be able to capture as we move through 2026 and really leverage the benefit of the PepsiCo distribution network as well as the excitement behind the brand and all the work our key accounts team has been working on.

當你觀察成長率，並比較 Alani 和 Celsius 在百事可樂系統中的 ACV 時，我認為隨著我們邁向 2026 年，我們將能夠獲得很多潛在的分銷和 TDP 收益，真正利用百事可樂分銷網絡的優勢，以及品牌背後的活力和我們重點客戶團隊所做的一切工作收益。

When you look at large format, especially within food and mass and you look at Celsius and Alani, it is a large percentage of the overall energy drink category sales. So that really gives us a great leverage and to really further optimize and really create some unique programs for that channel.

當你觀察大包裝產品，尤其是在食品和大眾市場領域，例如 Celsius 和 Alani，你會發現它們在能量飲料類別的整體銷售額中佔了很大的比例。這確實給了我們很大的優勢，可以進一步優化並為該頻道打造一些獨特的節目。

And as I mentioned in the prepared remarks, coming out of NACS, retailers are really excited about what Alani is doing to the category. It's incremental, really driving increased female consumption rates. And they really like the uniqueness of what Alani brings to the table within the category, some of its flavor profiles, Sherbet Swirl and so on.

正如我在準備好的演講稿中提到的，從 NACS 展會上來看，零售商們對 Alani 為該品類所做的一切感到非常興奮。這是逐步實現的，確實推動了女性消費率的成長。他們非常喜歡 Alani 在該品類中的獨特性，例如它的一些口味，如雪芭漩渦等等。

And right now, we have Winter Wonderland launching, which is rolling out in retailers. So we do anticipate that will not be as large as Witch's Brew. Witch's Brew historically has been one of the larger LTOs. And also Winter Wonderland, amazing flavor profile, check out the social media activations and in-store execution. It's been phenomenal.

現在，我們的冬季仙境主題活動正在零售商處陸續推出。所以我們預計它不會像「女巫的釀造」那樣規模龐大。從歷史上看，Witch's Brew 一直是規模較大的限量版啤酒之一。還有冬季仙境，口味絕佳，快去看看社群媒體活動和店內宣傳吧。真是太棒了。

But it is crossing over through a transitional period with Alani moving from the prior distribution network into Pepsi December 1 in North America -- or in the US. So that likely will not be to its full potential as we're hoping to see next year there. So those are some of the puts and takes. The good news is, and which we're really excited about, is these LTOs bring up -- are growing the core SKU offering, which is great to see as well. So adding excitement, bringing incrementality and growing the base within Velocity.

但它正處於過渡期，Alani 將於 12 月 1 日在北美（或美國）從先前的分銷網絡轉移到百事可樂。所以，明年它可能無法發揮我們希望看到的全部潛力。以上就是一些買賣情況。好消息是，也是我們非常興奮的一點，這些限時特賣活動正在擴大核心 SKU 產品線，這真是令人欣喜。因此，在 Velocity 中增加興奮點、帶來漸進式成長並擴大用戶基礎。

Yeah. On the first part of the question, back on to the LTOs, John was talking about it, the Spritz Vibe was great for brand Celsius. I think we've got a great lineup for next year as well across the entire portfolio, in particular, Alani and Celsius. So I think that we were setting ourselves up well for 2026 from.

是的。關於問題的第一部分，回到限時特飲（LTO）的話題，John 談到了 Spritz Vibe 對 Celsius 品牌來說非常棒。我認為我們明年在整個產品組合中也擁有非常強大的陣容，特別是 Alani 和 Celsius。所以我認為，我們已經為2026年做好了充分的準備。

In terms of the inventory rollover, it's not perfect. It's always a point in time. There was some noise in there. Pack size will change, mix will change over the last 52 weeks, the promos have changed. So there's a lot of puts and takes that went into it as well as timing of the inventory movements. And so that's where you got a little bit of a lower number that came through than maybe you had expected if it was a perfect one-to-one rollover.

就庫存週轉而言，它並不完美。它始終是一個時間點。裡面有些噪音。過去 52 週，包裝規格會發生變化，產品組合會發生變化，促銷活動也會發生變化。因此，其中涉及許多進出操作，以及庫存變動的時機。因此，最終到達的數字比你預期的要低一些，如果是完美的 1:1 翻倍，你可能會預期會更低一些。

Okay. And any comments sequentially? I know the year on year is tougher, given all those noise factors you mentioned. But any change in the inventory sequentially? I realize there's probably some seasonality to it. But going back 1.5 years or so, you would talk inventory impact sequentially.

好的。還有什麼後續評論嗎？我知道，考慮到你提到的那些幹擾因素，每年的情況都會更加艱難。但庫存是否有任何連續變化？我知道這可能跟季節有關。但回溯到大約 1.5 年前後，你會依序討論庫存影響。

Yeah. I think what we've said thus far, that's really all we're going to go with.

是的。我認為我們目前為止所說的，就是我們最終要說的全部了。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

I had a question on gross margins in the quarter. I guess I'm hoping for some more color on the puts and takes and how we should think about gross margins moving forward. Maybe remind us of the impact, if any, from tariffs and then how big of an impact was the inflation we're seeing on the Midwest premium and then your hedging strategy on that? Thanks.

我有一個關於本季毛利率的問題。我希望能夠更詳細地了解買賣情況，以及我們應該如何看待未來的毛利率。或許可以提醒我們關稅的影響（如果有的話），以及我們目前看到的通貨膨脹對中西部溢價的影響有多大，以及你們對此的對沖策略？謝謝。

Yeah, good morning, Bonnie. Thank you for the question. And that's an area of opportunity for us within the gross profit line, especially as we further integrate Alani and Rockstar into the network we've built. And there's a lot of efficiencies in the areas we're focusing on. Midwest premium is impacted. We don't do hedging, but that is -- we do some forward buys that -- but long-term hedging is something we haven't implemented, and it's an opportunity and something we continue to evaluate.

早上好，邦妮。謝謝你的提問。而這正是我們在毛利方面的機會所在，尤其是在我們將 Alani 和 Rockstar 進一步整合到我們已經建立的網絡中之後。在我們重點關注的領域，有很多可以提高效率的地方。中西部地區的保費受到影響。我們不做避險，但我們會進行一些遠期買入——不過長期避險是我們尚未實施的，這是一個機會，也是我們將繼續評估的事情。

And as we have a larger purchasing power and a greater number of capacity, that's something that's on our radar. So more to come on that. In regards to tariff, we're seeing greater tariff impacts. We started to see it slightly in Q2, a little bit more in Q3. We anticipate even larger in Q4.

由於我們擁有更大的購買力和更多的產能，這已經是我們關注的重點了。關於這一點，後續還會有更多討論。就關稅而言，我們看到關稅的影響越來越大。第二季我們開始略微看到這種情況，第三季情況更加明顯。我們預計第四季規模會更大。

Now we're trying to offset some of that with the scale and the synergies we're seeing as we're bringing and starting to really kick off the production of Alani. So also leveraging the vertical integration of our co-packer we acquired back in November. There's opportunities there. As we look to '26, we'll be adding a second line to further enhance the capabilities of that and drive more efficiencies.

現在，我們正試圖透過規模和協同效應來抵消部分影響，因為我們正在引進並開始真正啟動 Alani 的生產。因此，我們也利用了去年 11 月收購的代工包裝商的垂直整合優勢。那裡蘊藏著機會。展望 2026 年，我們將增加第二條生產線，以進一步增強其能力並提高效率。

But I'll turn it over to Jarrod. Do you have any additional color in regards to addition to your prepared remarks?

但我會把它交給賈羅德。關於您準備好的發言稿，還有什麼補充說明嗎？

Yes. So I mean, John kind of covered the tariffs. We talked about last quarter that we'd see a little bit in Q3. It would increase a bit in Q4. At the same time, as we're integrating Alani, we were driving improved margin as an offset. Also with our scale, we're seeing the opportunity, and you've seen that across the last year from a raw material perspective.

是的。所以我的意思是，約翰算是負責了關稅問題。我們在上個季度討論過，第三季會有一些變化。第四季會略有成長。同時，在整合 Alani 的過程中，我們透過提高利潤率來抵銷損失。此外，憑藉我們的規模，我們看到了機遇，從原材料的角度來看，您在過去一年也已經看到了這一點。

Even with the tariffs, there's still opportunity to take some of that pricing down. We've seen some movement internationally with the US and in other countries where we may actually see some benefit from tariffs. And then there's a variety of other tactics and other programs that we're putting in to further drive raw material savings across the board as we scale up.

即使加上關稅，仍有機會降低部分價格。我們看到國際上，美國和其他一些國家出現了一些動向，關稅或許真的能為我們帶來一些好處。此外，隨著規模的擴大，我們還將採取各種其他策略和方案，以進一步全面節省原料成本。

Like John said, we've got a new line coming in our plant next year that will help drive some savings as well. We're looking to continue to save freight as we bring all three brands together. If you look at brand Celsius, it's roughly kind of 3% of sales. Alani is a bit ahead of that as is Rockstar. So we'll be able to bring that down as an offset. But that will take some time.

正如約翰所說，我們工廠明年將新增一條生產線，這也將有助於節省一些成本。我們將整合這三個品牌，希望繼續節省運費。如果你看一下 Celsius 這個品牌，它的銷售額大約佔 3%。Alani 和 Rockstar 都比他們領先一些。所以我們可以把它當作偏移量降低。但這需要一些時間。

We talked about Rockstar, really, you'll start to see the margin from that business improve in the really first half of '26. Alani, we're on track to capture most of that by, I believe, in the modeling call we did in May, we'd look to capture it by the end of Q1. So there's a number of good guys coming through. They're just not coming through necessarily as quickly as some of the pressures. So that's why we called out there's probably going to be a little bit of pressure in Q4.

我們確實談到了 Rockstar，你會在 2026 年上半年開始看到該業務的利潤率有所改善。Alani，我相信，根據我們在五月進行的建模電話會議，我們預計在第一季末實現大部分目標。所以有很多優秀人才湧現出來。只是它們不像某些壓力那樣迅速顯現出來。所以這就是為什麼我們預測第四季可能會面臨一些壓力。

We'll have some scrap and some returns and things like that that will drive some pressure on the margin like you saw back in '22 when we transitioned Celsius into the Pepsi system, and you saw some of those onetime impacts that came through and then we were able to then leverage the business from there on. So you'll see a similar thing happen in Q4 before we start to see a lot of those benefits come through in the first half of '26.

我們會有一些廢料和退貨之類的東西，這會給利潤率帶來一些壓力，就像你在 2022 年看到的那樣，當時我們將 Celsius 過渡到百事可樂系統，你也看到了這些一次性影響，然後我們能夠從那時起利用業務。因此，在 2026 年上半年我們開始看到許多好處顯現之前，第四季將會出現類似的情況。

Sean McGowan, Roth Capital Partners.

Sean McGowan，Roth Capital Partners。

Questions about international. Now that we're deeper into the ownership of Alani and you've had some time to think about what to do with Rockstar, what are the plans there internationally? And then more broadly, how do you feel about how the performance has gone internationally?

關於國際問題。現在我們已經更深入地了解了 Alani 的所有權，而且您也有一些時間思考如何處理 Rockstar，那麼在國際上有什麼計劃呢？那麼更廣泛地說，您對該劇在國際上的表現有何感想？

Yeah. No, great question. Thank you, Sean. Lots of opportunity in international. We just hired our first President of our international expansion. We've been really building a foundation over the last several years. As you know, we've started off in Sweden and Finland, been great markets for us for a long time and really just expanded into Australia, the UK, Ireland, New Zealand, France and Benelux markets.

是的。不，問得好。謝謝你，肖恩。國際領域有很多機會。我們剛聘請了第一位負責國際擴張的總裁。過去幾年，我們一直在努力打好基礎。如您所知，我們最初在瑞典和芬蘭起步，這兩個市場長期以來都是我們的重要市場，之後我們才真正擴展到澳洲、英國、愛爾蘭、紐西蘭、法國和比荷盧經濟聯盟市場。

And just getting started there. We built out small but yet impactful sales organizations and marketing organizations and really building that first foundation. And I think as you look for '26, we're going to lean in further. Those same opportunities we see in the health and wellness trends in the US, they're global trends. We're getting a lot of excitement from retailers and consumers as the world is just one click away.

而這只是個開始。我們建立了規模雖小但影響力巨大的銷售組織和行銷組織，真正打下了第一個基礎。我認為，展望 2026 年，我們將進一步加大投入。我們在美國健康和保健趨勢中看到的這些機遇，也是全球趨勢。零售商和消費者都對此感到非常興奮，因為世界近在咫尺，只需輕輕點擊一下滑鼠。

So as we look for '26, we are making further strategic investments in given markets. We've had a lot of key learnings as well, taking those key learnings and going to continue to build upon them. Our biggest successful market from last year and into this year and an early expansion market has been Australia, really 7-Eleven leaned in, and we're seeing some great expansion opportunities which will position us really well as we're entering '26.

因此，展望 2026 年，我們將在特定市場進行進一步的策略投資。我們也獲得了許多重要的經驗教訓，我們將吸取這些經驗教訓，並在此基礎上繼續發展。從去年到今年，我們最大的成功市場和早期擴張市場都是澳大利亞，7-Eleven 真的大力進軍澳大利亞市場，我們看到了一些很棒的擴張機會，這將使我們在進入 2026 年時處於非常有利的地位。

And then when you look at the other markets in Europe, they're really foundational and working really closely with retailers and some of our key partners. We kicked off our university ambassador programs and leaning into fitness, health and wellness. We're really well positioned. Celsius is our first push leading in, and then we see opportunities with Alani as well. So more to come on that, but definitely a growth driver for years to come.

然後，當你看看歐洲的其他市場時，你會發現它們確實具有基礎性，並且與零售商和我們的一些重要合作夥伴密切合作。我們啟動了大學大使計劃，並專注於健身、健康和保健。我們處於非常有利的地位。Celsius 是我們首先要大力推廣的產品，之後我們也看到了 Alani 的機會。關於這一點，後續還會有更多消息，但可以肯定的是，它將是未來幾年成長的驅動力。

Jon Andersen, William Blair.

喬恩·安德森，威廉·布萊爾。

Quick question on Alani Nu, kind of a two-parter. Currently well below the Celsius on ACV and TDPs in particular. How do you see the distribution kind of ramp for Alani Nu kind of playing out? And do you think it has the -- ultimately has the potential -- the appeal to reach the level that Celsius is in the market today?

關於 Alani Nu，我有個問題想問一下，這個問題可以分成兩個部分。目前ACV和TDP的攝氏值遠低於預期。你認為Alani Nu的發行通路拓展會如何發展？你認為它最終是否有潛力達到Celsius目前在市場上的水平？

And then the second part is, I know '23 was a really strong distribution build with Pepsi for Celsius. It did seem to result in quite a bit of inventory optimization in 2024. How do you kind of work with PepsiCo? Are you collaborating with them this time to avoid that experience as you look to take Alani Nu to new levels? Thanks.

第二部分是，我知道 23 年 Celsius 與百事可樂的合作建立了非常強大的分銷網絡。這似乎確實在 2024 年帶來了相當程度的庫存優化。你如何與百事公司合作？這次你與他們合作是為了避免重蹈覆轍，從而將 Alani Nu 推向新的高度嗎？謝謝。

Yeah. Let me take the second one, and then John can jump on the first one. So from an inventory perspective, I think together, we've learned a lot. We've already gone through the process of putting a fast triple-digit growing business into their system. So we've got a lot of learnings. I think our teams are much more tightly connected today than they were in the past.

是的。我先拿第二個，然後約翰可以跳到第一個。所以從庫存的角度來看，我認為我們共同學到了很多。我們已經完成了將快速成長（三位數成長）的企業納入其係統的過程。所以我們學到了很多。我認為我們團隊之間的聯繫比過去緊密得多。

We also have the captaincy, which gives us more control and more say in terms of what products we're putting in the coolers and how we're going to set that up within the Pepsi system, but also within our key accounts across the board. So I think overall, there's a lot more communication, and we also have brought Eric on, who was a long-time Pepsi person who is coordinating pretty tightly with them.

我們也擁有領導權，這讓我們在決定冷藏櫃裡放什麼產品以及如何在百事可樂系統內進行設置方面擁有更大的控制權和發言權，同時也讓我們在所有主要客戶中擁有更大的控制權和發言權。所以我覺得整體來說，溝通更加順暢了，而且我們還聘請了 Eric，他之前在百事公司工作了很長時間，現在和他們保持著非常緊密的協調。

So we're very confident that when it comes to kind of inventory movements, we've got a lot of learnings that we'll be utilizing so that we can make sure it flows efficiently and smoothly on a go-forward basis with the Alani business.

因此，我們非常有信心，在庫存流動方面，我們已經累積了許多經驗，我們將加以利用，以確保 Alani 業務在未來能夠高效、順利地進行。

And then I'll throw the other one over to John.

然後我把另一個丟給約翰。

Yeah. In regards to ACV and TDP and the opportunity and the appeal, I think specifically looking at Alani, we're really attracted to it. And what we hear is there's a lot of appeal for it. It's done extremely well in convenience. If you look at the latest convenience numbers, it's performing well.

是的。就 ACV 和 TDP 以及機會和吸引力而言，我認為特別是 Alani，我們真的被它吸引了。我們聽到的消息是，它很受歡迎。它在便利性方面做得非常出色。從最新的便利商店消費數據來看，它的表現相當不錯。

Huge opportunity there, especially, as I mentioned before, coming out of NACS. I think the one-for-one swap out with Celsius moving into the Bang really planograms and a lot of the [AOM] accounts and broader distribution within Pepsi, I think that happened very rapidly versus Alani. With the captaincy, we're able to control those planograms. So the opportunity still lies there, but it could be more of a quarterly transition over the next three to six months as we continue to really reset those and work our way through 2026 and the resets, eventually. But the same opportunity on ACV and TDPs lies within Alani.

那是一個絕佳的機會，尤其是我之前提到的，從 NACS 畢業後。我認為 Celsius 與 Bang 的一對一替換，以及百事可樂內部的許多 [AOM] 帳戶和更廣泛的分銷，與 Alani 相比，發生得非常迅速。有了隊長一職，我們就能掌控這些計畫圖。所以機會依然存在，但在接下來的三到六個月裡，隨著我們繼續真正地重新調整這些，並最終完成 2026 年的調整，可能會更像是季度性的過渡。但阿拉尼也擁有ACV和TDP的同樣機會。

And we have a bigger key accounts team. We have a bigger distributor management team and the excitement just last week when we were up at the Pepsi Town Hall meeting, really excited about that. And then in food service is a big opportunity. Now as really the category energy captain, we're able to get further enhancements and placements within the food service opportunities throughout PepsiCo. So I think the same opportunity within ACV and TDPs lies with all of our portfolio.

而且我們的重點客戶團隊規模更大。我們擁有一支更強大的經銷商管理團隊，就在上週，我們參加了百事可樂市政廳會議，對此我們感到非常興奮。餐飲服務業也蘊藏著巨大的商機。現在，作為真正的品類能源領導者，我們能夠在百事公司旗下的餐飲服務領域中獲得進一步的改進和佈局。所以我認為，ACV 和 TDP 領域都存在著同樣的機遇，這在我們所有的投資組合中都有可能。

And that is it for our question-and-answer session. I will now turn the call over to John Fieldly for closing remarks.

我們的問答環節到此結束。現在我將把電話交給約翰·菲爾德利，請他作總結發言。

Thanks again for joining us today. Q3 was another strong quarter and a transformational year, marked by strength, partnerships, portfolio expansion and our commitment to organizational excellence. The energy drink category is a standout growth area in staples, supported by consumers growing preferences for functional better-for-you modern energy offerings.

再次感謝您今天收看我們的節目。第三季度又是一個強勁的季度，也是充滿變革的一年，其特點是實力增強、合作夥伴關係擴大、產品組合擴展以及我們對卓越組織的承諾。能量飲料品類是必需品領域中一個突出的成長領域，這得益於消費者對功能性、更健康的現代能量產品的日益增長的需求。

We believe that we're very well positioned to continue to benefit from and lead the execution of this revolution that's taking place in the energy category. Thank you to all of our employees and partners for all their hard work, dedication that enables our success.

我們相信，我們擁有非常有利的地位，能夠繼續從這場正在能源領域發生的變革中受益，並引領這場變革的實施。感謝所有員工和合作夥伴的辛勤工作和奉獻精神，正是他們的付出才成就了我們的成功。

Until next time, grab a Celsius and live fit.

下次見，記得帶上Celsius，享受健康生活。

This concludes today's conference call. We thank you for your participation. You may now disconnect your lines. Have a pleasant day.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。祝您今天愉快。