Celsius Holdings Inc (CELH) 2025 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Celsius Holdings fourth-quarter 2025 earnings conference call. (Operator Instructions)

大家好。感謝您參加 Celsius Holdings 2025 年第四季財報電話會議。（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 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.

早安，感謝您收看 Celsius Holdings 2025 年收益網直播。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。

Our fourth quarter and full year 2025 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.

我們於今天上午發布了2025年第四季及全年獲利新聞稿，所有資料均可在本公司網站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日稍後提供。

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. 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.

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。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。

We will present results on both a GAAP and non-GAAP basis. 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 Q4 and full year earnings release. And non-GAAP financial measures should not be used as a substitute for our results reported in accordance with GAAP.

我們將依GAAP和非GAAP準則公佈業績。非GAAP指標，如調整後EBITDA、調整後EBITDA利潤率、調整後稀釋每股收益、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GAAP調節表，已在我們的第四季度和全年收益報告中詳細說明。非GAAP財務指標不應取代我們依照GAAP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 to discuss our fourth quarter and full year results for fiscal year 2025. As I look back in 2025, the message is clear. We continue to execute with momentum and operating discipline. We are reinforcing the scale of our platform as we build a modern energy portfolio.

謝謝你，保羅。各位早安，感謝大家今天蒞臨我們公司，共同探討 2025 財年第四季及全年業績。當我回首2025年時，這個訊息很明確。我們將繼續保持強勁的勢頭和嚴謹的營運紀律。隨著我們建立現代化能源組合，我們正在不斷擴大平台規模。

One of the reasons we feel good about the progress is that we delivered full year record revenue of $2.5 billion, reflecting our disciplined approach to growth and the material scale we've accomplished. At the core, our focus is straightforward. We stay close to the consumer, and we execute with consistency alongside Pepsi and retail partners, which creates the opportunity to grow in a sustainable and profitable way over time.

我們對所取得的進展感到滿意的原因之一是，我們實現了全年創紀錄的 25 億美元收入，這反映了我們嚴謹的成長策略以及我們所取得的實質規模。從本質上講，我們的關注點很簡單。我們與消費者保持緊密聯繫，並與百事可樂和零售合作夥伴保持一致的執行力，這為隨著時間的推移以可持續和盈利的方式發展創造了機會。

With that as context, let me start with the portfolio, what we see across CELSIUS, Alani Nu and Rockstar Energy. Across the portfolio, we continue to manage and invest in CELSIUS, Alani Nu and Rockstar Energy with the intent to broaden our reach. Our combined portfolio represents approximately one-fifth of the US energy market in tracked channels for the full year, which we believe to be very impressive both on an absolute basis and relatively. In addition, our portfolio includes $2 billion brands, validating that sustainability and scale of our portfolio.

有了這些背景訊息，讓我先從作品集開始，看看我們在 CELSIUS、Alani Nu 和 Rockstar Energy 方面看到了什麼。在我們的投資組合中，我們繼續管理和投資 CELSIUS、Alani Nu 和 Rockstar Energy，旨在擴大我們的業務範圍。我們的投資組合約佔全年追蹤通路美國能源市場的五分之一，我們認為無論從絕對值或相對值來看，這都非常令人印象深刻。此外，我們的投資組合包含價值 20 億美元的品牌，證明了我們投資組合的可持續性和規模。

Each brand can win in its own way, and our focus is to enable that to happen more and more. We operate with precision, making sure that we are present where it counts, bringing the right innovation and activating demand in a way that strengthens our core, not just a moment. When you look at the CELSIUS brand, the opportunity is about strengthening momentum and executing in a way that positions us to outgrow the category over time.

每個品牌都有自己的致勝之道，而我們的重點就是讓這種情況越來越常發生。我們以精準的方式運作，確保我們在關鍵時刻出現，帶來正確的創新，並以增強我們核心實力（而不僅僅是曇花一現）的方式激活需求。從 CELSIUS 品牌的角度來看，機會在於增強發展勢頭，並以一種能夠讓我們在一段時間內超越該品類的方式進行執行。

We are focused on the fundamentals that drive that outcome, staying disciplined with SKU productivity, sharpening revenue growth management and promotional efficiency, maintaining a consistent innovation cadence and elevating market execution with Pepsi and our retail partners, particularly during key priority periods.

我們專注於推動這一結果的基本要素，保持 SKU 生產力的嚴格控制，提高收入成長管理和促銷效率，保持持續的創新節奏，並與百事可樂和我們的零售合作夥伴一起提升市場執行力，尤其是在關鍵優先時期。

LIVE. FIT. GO continues to be the core part of how we connect with consumers, and we remain focused on the long-term runway and household penetration, expanding reach while also driving frequency and loyalty as modern energy becomes more embedded in daily routines.

居住。合身。GO 仍然是我們與消費者建立聯繫的核心部分，我們將繼續專注於長期發展和家庭滲透，擴大覆蓋範圍，同時隨著現代能源越來越融入日常生活，提高消費頻率和忠誠度。

For Alani, we continue to see momentum supported by the strength of our core brand and the opportunity to expand distribution. As the brand transitions into the PepsiCo system, we are focused on what is complete, what remains in motion and what improves as the transition finishes. We saw the momentum with Cherry Bomb as the first limited time offer in the PepsiCo system, and we are taking those key learnings forward.

對於 Alani 而言，我們持續看到其發展勢頭，這得益於我們核心品牌的強大實力和擴大分銷管道的機會。隨著品牌過渡到百事可樂系統，我們關注的是已經完成的、仍在進行中的以及隨著過渡完成而改進的方面。我們看到了櫻桃炸彈作為百事公司係統中第一個限時供應產品所取得的勢頭，我們將把這些關鍵經驗運用到未來的發展中。

And with Rockstar, our integration remains on track, and we expect to complete the remaining integration in the first half of 2026. Importantly, this is not just about completing one integration. It's about strengthening our growing operations. We are building repeatable processes, executing transitions with discipline and refining a playbook that improves how we manage complexity across our growing portfolio.

與 Rockstar 的整合工作仍在按計劃進行，我們預計將在 2026 年上半年完成剩餘的整合工作。重要的是，這不僅僅是完成一次整合。這是為了加強我們不斷發展的業務。我們正在建立可重複的流程，以嚴謹的態度執行轉型，並完善一套能夠改善我們管理不斷成長的業務組合複雜性的方案。

On that note, let me give you a quick update on the integration and transition progress across the portfolio. Starting with Alani Nu, we are making strong progress moving the business into the PepsiCo system. As of year-end, we are substantially complete on the US DSD transition. The way we're approaching the remaining work is intentional and methodical and is designed to make sure we set up the portfolio the right way with Pepsi and our retail partners. And they are brought in on this too. We believe we are set up for success, and we continue to expect the Alani implementation and integration to be completed by the end of the first quarter of 2026.

說到這裡，讓我快速向大家報告整個產品組合的整合和過渡進度。從 Alani Nu 開始，我們正在穩步推進公司業務向百事可樂體系的轉型。截至年底，我們已基本完成美國DSD過渡工作。我們處理剩餘工作的方式是經過深思熟慮和有條不紊的，旨在確保我們與百事可樂和我們的零售合作夥伴以正確的方式建立產品組合。他們也被牽扯進來了。我們相信我們已經做好了成功的準備，並繼續預計 Alani 的實施和整合將於 2026 年第一季末完成。

With Rockstar, we are progressing through the remaining integration steps and staying focused on the work required to fully bring the brand into our operating model. We are executing against a clear plan and remain on track to complete the integration in the first half of 2026. And when you talk about success, it is very clear. It is consistent execution, a more focused SKU set and improving the margin structure over time as we bring the brand further into our platform.

我們正在推進與 Rockstar 的剩餘整合步驟，並專注於將品牌完全融入我們營運模式所需的工作。我們正在按照明確的計劃執行，並預計在 2026 年上半年完成整合。而當你談到成功時，答案就非常明確了。持續的執行、更專注的 SKU 組合以及隨著我們將品牌進一步融入我們的平台而不斷改善的利潤結構，都是關鍵所在。

As we think about brand health and durability, our view is rooted in what drives loyalty and relevance. Across the portfolio, we continue to differentiate through sugar-free and flavor innovation. And we really believe the category continues to support brands that stay closely aligned with evolving consumer preferences.

當我們思考品牌健康和持久性時，我們的觀點根植於驅動忠誠度和相關性的因素。在整個產品組合中，我們不斷透過無糖和口味創新來實現差異化。我們堅信，與不斷變化的消費者偏好保持緊密聯繫的品牌將繼續在這個品類中獲得成功。

Looking at 2026, our focus is on making sure that loyalty and brand relevance remains durable. That means staying consistent on what each brand stands for, continuing to bring innovation that creates trial and drives frequency, and executing with that kind of operational discipline that protects the long-term value of our business.

展望 2026 年，我們的重點是確保客戶忠誠度和品牌相關性能夠持久維持。這意味著要堅持每個品牌所代表的理念，不斷推陳出新，創造嘗試機會並提高購買頻率，並以這種營運紀律來保護我們業務的長期價值。

We kicked off 2026 by making our Fizz-Freeline available nationally. And we see a meaningful opportunity as there's many consumers that prefer beverages without carbonation or like the optionality of Fizz or Fizz-Free. Across 2026, you will see a more intentional innovation and a limited time offer cadence, supported by broader distribution and strong end market execution. For Alani, that also includes expanding distribution of the core SKUs as we complete the transition into the PepsiCo system.

2026 年伊始，我們便在全國推出了 Fizz-Freeline 產品。我們看到了一個有意義的機會，因為有很多消費者喜歡不含碳酸的飲料，或是喜歡有氣泡或無氣泡的選擇。2026 年，您將看到更有​​針對性的創新和限時優惠活動，並輔以更廣泛的分銷管道和強大的終端市場執行力。對 Alani 而言，這也包括在我們完成向百事可樂系統過渡的過程中，擴大核心 SKU 的分銷範圍。

International represents a meaningful long-term growth opportunity for us. Today we are present in approximately 10 markets. While international remains a smaller portion of the total business, we see a significant runway as global consumer trends increasingly mirror what we're seeing in the US, particularly around fitness, wellness and better-for-you energy.

國際市場對我們來說代表著意義重大的長期發展機會。目前，我們的業務已遍及約 10 個市場。雖然國際業務在公司整體業務中所佔比例仍然較小，但我們看到了巨大的發展空間，因為全球消費趨勢越來越與我們在美國看到的趨勢相呼應，尤其是在健身、健康和更健康的能源方面。

Our approach to expansion is intentional. We are prioritizing focused market selection, clear entry plans and ensure the right execution model is in place before we scale. This is not about entering as many markets as possible. It's about building our brands the right way, with strong local partnerships, disciplined launch plans and sustained marketing and distribution support.

我們的擴張策略是經過深思熟慮的。我們優先考慮的是精準的市場選擇、清晰的進入計劃，並確保在擴大規模之前建立正確的執行模式。這並非關乎盡可能進入市場。關鍵在於以正確的方式打造我們的品牌，建立強大的本地合作夥伴關係，制定嚴謹的上市計劃，並提供持續的營銷和分銷支援。

To support this next phase, we brought on Garrett Quigley as President of International. Garrett brings deep experience, scaling beverage brands globally and is building a dedicated international sales and marketing organization to expand our footprint in a thoughtful and profitable manner.

為了支持下一階段的發展，我們聘請了 Garrett Quigley 擔任國際總裁。Garrett 擁有豐富的經驗，在全球範圍內拓展飲料品牌，他正在組建一支專業的國際銷售和行銷團隊，以深思熟慮且盈利的方式擴大我們的業務版圖。

As global consumer behaviors continue to shift towards zero sugar, functional energy that fits into daily routines, we believe our portfolio is well positioned to participate in that structural growth. We will continue to prioritize strong execution and long-term value creation as we build our international presence. That same focus on execution and scale also shapes how we're evolving our marketing capabilities.

隨著全球消費者行為不斷轉向零糖、功能性能量產品，以適應日常生活，我們相信我們的產品組合已做好充分準備，並參與這項結構性成長。我們將繼續優先考慮強而有力的執行和長期的價值創造，以拓展我們的國際業務。對執行力和規模的這種重視也影響著我們行銷能力的提升方式。

On marketing, we're continuing to sharpen how we tell our story and activate demand across the portfolio. Historically, our brands use separate creative teams across different companies. A key step forward in the creation of our new Brand Studio, a full-service in-house agency built to drive brand growth with speed, consistency and sophistication. More than a creative team the Brand Studio is a strategic engine that will shape, produce and scale how our brands show up across every consumer touch point, from packaging and campaigns, to digital-first content and 3D motion graphics.

在行銷方面，我們將繼續改進我們講述品牌故事的方式，並啟動整個產品組合的需求。從歷史上看，我們的品牌在不同的公司中使用獨立的創意團隊。這是我們在創造全新品牌工作室過程中邁出的關鍵一步。該工作室是一家提供全方位服務的內部機構，旨在以速度、一致性和成熟度推動品牌成長。品牌工作室不僅僅是一個創意團隊，更是一個策略引擎，它將塑造、製作和擴展我們的品牌在每個消費者接觸點上的呈現方式，從包裝和廣告活動，到數位優先內容和 3D 動態圖形。

And importantly, this strengthens our ability to run the portfolio in a more intentional way, helping us reach more consumers and connect awareness to trial and, ultimately, to retail activation. The scale of our portfolio allows us to leverage the team, maintain clear control of each brand's voice.

更重要的是，這增強了我們以更有針對性的方式經營產品組合的能力，幫助我們接觸更多消費者，並將認知度與試用以及最終的零售激活聯繫起來。我們龐大的產品組合使我們能夠充分發揮團隊優勢，並對每個品牌的形象保持清晰的控制。

Innovation remains central to how we grow the portfolio. That includes leaning into consumer preferences, like Fizz Free, while also deploying limited time offers in a disciplined way. For us, LTOs are not about chasing short-term spikes. They are about expanding the funnel, driving incremental trial, reinforcing the strength of the core portfolio. When executed with the right distribution and retail alignment, they can become a repeatable lever within our broader growth framework.

創新仍然是我們拓展產品組合的核心。這包括迎合消費者的喜好，例如推出無氣泡飲品，同時以嚴謹的方式推出限時優惠活動。對我們來說，LTO（長期限時搶購）不是為了追逐短期價格飆升。它們旨在擴大銷售管道，推動增量試用，增強核心產品組合的實力。如果配合正確的分銷和零售通路，它們可以成為我們更廣泛的成長框架中可重複利用的槓桿。

Energy remains one of the most attractive growth areas in beverage, with zero sugar offerings leading expansion. We believe our positioning allows us to help grow the category, not just participate in it. By staying relevant to consumers and executing with discipline across both mature and whitespace markets. And that matters because it speaks to the runway.

能量飲料仍然是飲料行業最具吸引力的成長領域之一，其中零糖產品引領著成長。我們相信，我們的市場定位能夠幫助我們發展這個品類，而不僅僅是參與其中。透過與消費者保持相關性，並在成熟市場和空白市場中嚴格執行。這很重要，因為它與跑道有關。

In more mature markets, the work is about consistency, innovation and driving frequency. In white space markets, the focus is on building awareness, expanding distribution and scaling trial, all while staying disciplined to how we execute. Our partnerships and activations are part of how we do that. We continue to leverage partnerships and others to connect awareness to trial and then the retail activation.

在較成熟的市場中，工作重點在於保持一致性、創新和提高銷售頻率。在空白市場中，重點在於建立認知度、擴大分銷管道和擴大試用規模，同時嚴格執行我們的執行方式。我們的合作夥伴關係和活動是我們實現這一目標的方式之一。我們將繼續利用合作夥伴關係和其他資源，將品牌認知與試用以及零售推廣連結起來。

These programs are designed to put the brands in motion in real consumer moments and to convert that energy into [brand] (inaudible) where consumers shop, through our social media community building as well as our macro and micro influencer bases, we are building excitement, brand awareness and loyalty to further grow the brands.

這些項目旨在讓品牌在真實的消費者時刻發揮作用，並將這種能量轉化為消費者在[品牌]（聽不清楚）購物時的消費熱情。透過我們的社群媒體社群建立以及我們的宏觀和微觀影響者群體，我們正在建立興奮感、品牌知名度和忠誠度，以進一步發展品牌。

And we're also proud to see Alani Nu recognized by BevNet's 2025 Brand of the Year. Congratulations to all of our team members. That recognition reflects the strength of our brand and the momentum we're building as we expand reach and execution.

我們也為 Alani Nu 榮獲 BevNet 2025 年度品牌獎而感到自豪。祝賀我們所有團隊成員。這項認可反映了我們品牌的實力，以及我們在擴大覆蓋範圍和提升執行力方面所取得的進展。

Finally, as we look ahead, we have a clear strategy and priorities for 2026 and believe they will support sustainable, profitable growth. Our focus on continuing to strengthen the platform we have built, executing with discipline across the portfolio and staying closely aligned with consumers as the category continues to evolve. Across each of these priorities, our intent is the same: execute consistently, strengthen our operating system and create long-term value.

最後，展望未來，我們對 2026 年制定了明確的策略和優先事項，並相信這些策略和優先事項將支持可持續的、獲利性的成長。我們將繼續加強我們已建立的平台，在整個產品組合中嚴格執行，並隨著品類的不斷發展與消費者保持緊密聯繫。在上述每一項優先事項中，我們的目標都是一樣的：持續執行，加強我們的營運體系，創造長期價值。

With that, I'll turn it over to Jarrod to walk through our financials. He'll begin with some context around the Rockstar accounting treatment, then cover full year and quarterly results. Jarrod?

接下來，我將把發言權交給賈羅德，讓他來介紹我們的財務狀況。他將首先介紹 Rockstar 的會計處理方式，然後介紹全年和季度業績。賈羅德？

Thanks, John, and good morning, everyone. From a financial perspective, we have a lot to cover. As John noted, I'll begin with Rockstar given the accounting treatment during the integration, then move to Alani and brand CELSIUS to walk through the components of our consolidated results.

謝謝你，約翰，大家早安。從財務角度來看，我們有很多內容需要討論。正如約翰所指出的，我將首先介紹 Rockstar 在整合期間的會計處理，然後介紹 Alani 和 CELSIUS 品牌，以了解我們合併績效的組成部分。

Beginning with Rockstar, during the quarter, we were actively integrating the brand into our supply chain, back office and commercial organization, which impacted how certain sales activities reflected under generally accepted accounting principles. As a result, some components were required to be recorded in other income rather than net sales.

從 Rockstar 開始，在本季度，我們積極將品牌整合到我們的供應鏈、後台和商業組織中，這影響了某些銷售活動在公認會計原則下的反映方式。因此，某些組成部分需要計入其他收入，而不是淨銷售額。

For the quarter, $45 million was recorded within net sales and an additional $6 million was recorded in other income. As we move into the first quarter, we expect to fully transition the US portion of the business to the finished good model, and we expect that only the Canadian portion will remain in the other income. We expect the Canadian portion of transition to the finished goods model in the first half of 2026.

本季淨銷售額為 4,500 萬美元，其他收入為 600 萬美元。隨著我們進入第一季度，我們預計將把美國業務部分完全過渡到成品模式，我們預計只有加拿大業務部分將保留在其他收入中。我們預計加拿大部分向成品模式的過渡將在 2026 年上半年完成。

On a full year basis, we recorded $56 million in net sales for Rockstar and an additional $13 million in other income. And as we sit here six to eight weeks into 2026, we remain confident the brand continues to resonate with many consumers, and we have a plan to stabilize the business and move it back into growth over the next handful of years as previously discussed.

以全年計算，Rockstar 的淨銷售額為 5,600 萬美元，其他收入為 1,300 萬美元。2026 年已經過去了六到八週，我們仍然相信該品牌將繼續引起許多消費者的共鳴，並且我們制定了一項計劃，將在未來幾年內穩定業務並使其恢復增長，正如之前討論的那樣。

Turning to Alani Nu, during the fourth quarter, Alani achieved record net sales of $370 million, benefiting from significant ongoing customer demand, increased distribution points and increased orders as we move the business out of its prior distribution system and into the PepsiCo distribution system. On a pro forma basis, that would equate to growth of 136% for the quarter compared to the prior year.

再來看 Alani Nu，在第四季度，Alani 實現了創紀錄的 3.7 億美元淨銷售額，這得益於持續旺盛的客戶需求、不斷增加的分銷點以及隨著我們將業務從之前的分銷系統轉移到百事可樂分銷系統而增加的訂單。以備考基準計算，本季同期成長136%。

In the nine months since we purchased the brand, Alani has contributed $1 billion to our net sales. During the quarter, we continued to execute against the integration plan we presented in May, and we are pleased to note we remain on track, including moving the business into our supply chain, back office and commercial operations. We have also moved a substantial portion of the distribution network into the Pepsi system with only a few pieces of the DSD network remaining outside of Pepsi today.

自從我們收購該品牌以來的九個月裡，Alani 為我們的淨銷售額貢獻了 10 億美元。本季度，我們繼續執行五月提出的整合計劃，我們很高興地註意到，我們仍然按計劃進行，包括將業務轉移到我們的供應鏈、後台和商業運營中。我們也把大部分分銷網絡轉移到了百事可樂系統內，如今只有少數 DSD 網路仍在百事可樂系統之外。

Moving a substantial portion of the business into Pepsi was a significant operational milestone, and I want to recognize the teams across our organization, our former distribution partners and Pepsi for making that happen as seamlessly as it did.

將大部分業務轉移到百事公司是一個重要的營運里程碑，我要感謝我們組織內的所有團隊、我們以前的分銷合作夥伴以及百事公司，感謝他們使這一過程如此順利地完成。

We also saw the execution show up in innovation. Cherry Bomb, our first Alani LTO launched in the Pepsi system and was very successful running out in record time. With strong pull-through, we saw increased orders in the last few weeks of the year above and beyond our initial projections, supporting triple-digit growth in the first six to eight weeks of the year. As we look across 2026, we expect continued expansion into more locations with more SKUs and overall triple-digit space gains.

我們也看到執行力體現在創新上。Cherry Bomb 是我們推出的第一款 Alani LTO 產品，在百事可樂系統中非常成功，並在創紀錄的時間內售罄。由於強勁的銷售拉動，我們在今年最後幾週的訂單量超過了我們最初的預測，從而支撐了今年前六到八週的三位數成長。展望 2026 年，我們預計將繼續擴張到更多地點，推出更多 SKU，並實現整體三位數的面積成長。

As expected, the transition of Alani into Pepsi drove increased orders and strong execution, which in turn impacted reported results for brand CELSIUS as we manage the timing and sequencing of inventory movements within the Pepsi system as we balance the Alani load-in with total inventory across the network.

正如預期的那樣，Alani 併入百事可樂後，訂單量增加，執行力強勁，這反過來影響了 CELSIUS 品牌的報告業績，因為我們需要管理百事可樂系統內庫存移動的時間和順序，同時平衡 Alani 的入庫量與整個網絡的總庫存。

As a result, scanner data is a healthy 12.8% for the quarter, while underlying GAAP sales for CELSIUS showed a 7.7% decline due to the timing activities noted. When combining brand CELSIUS inventory movements with the Alani load-in, the company had a net benefit of approximately $25 million.

因此，本季掃描器數據成長了 12.8%，表現良好；而由於上述時間安排活動的影響，CELSIUS 的基礎 GAAP 銷售額下降了 7.7%。將 CELSIUS 品牌庫存變動與 Alani 裝貨合併計算，該公司淨收益約為 2,500 萬美元。

Just a year ago, we were coming off a period in which both the category and brand CELSIUS experienced pressure in the back half of 2024, with some continued softness in the first quarter of 2025. As a result, we put a plan in place across our commercial organization, and we are pleased by the improvement seen since then where track sales are more aligned with the upper range of the energy category growth.

就在一年前，我們剛經歷了一段時期，CELSIUS 品牌和該品類在 2024 年下半年都面臨壓力，並且在 2025 年第一季仍然有些疲軟。因此，我們在整個商業組織中製定了一項計劃，我們很高興地看到，自那以後，軌道銷售與能源類別增長的上限更加一致。

As a result, for the full year, brand CELSIUS delivered $1.46 billion of net sales, growing 7.5% year-over-year. So combining everything for the fourth quarter, consolidated revenue was approximately $722 million and full year consolidated revenue was $2.5 billion, including having 2 billion-dollar brands.

因此，全年來看，CELSIUS 品牌淨銷售額達到 14.6 億美元，年增 7.5%。因此，第四季度所有收入加起來約為 7.22 億美元，全年合併收入為 25 億美元，其中包括 2 個價值 10 億美元的品牌。

Taking a step down the P&L, for the three months ended December 31, 2025, gross profit increased by $175.1 million to $341.8 million from $166.7 million for the prior year period. Gross profit margin was 47.4%, compared to 50.2% in the prior year period, reflecting dilution from Rockstar Energy, higher cost of product related to integration costs and tariffs, partially offset by improved outbound freight, lower consolidation billbacks as a percentage of revenue and favorable product impact mix.

從損益表來看，截至 2025 年 12 月 31 日的三個月，毛利從去年同期的 1.667 億美元增加到 3.418 億美元，增幅為 1.751 億美元。毛利率為 47.4%，而去年同期為 50.2%，這反映了 Rockstar Energy 的稀釋效應、與整合成本和關稅相關的更高產品成本，但部分被出境貨運的改善、合併回款佔收入的比例降低以及有利的產品組合影響所抵消。

As previously discussed, gross margin was impacted by onetime integration and distribution transition costs associated with the timing and sequencing of integrating Alani Nu and Rockstar and transitioning Alani into the Pepsi DSD system. While operational efficiencies and revenue growth management will be ongoing initiatives, we continue to expect the Alani integration to be completed by the end of the first quarter of 2026, and we expect the Rockstar integration to be completed in the first half of 2026.

如前所述，毛利率受到一次性整合和分銷過渡成本的影響，這些成本與整合 Alani Nu 和 Rockstar 的時間和順序以及將 Alani 過渡到百事 DSD 系統有關。儘管營運效率和收入成長管理將是持續的舉措，但我們仍然預計 Alani 的整合將在 2026 年第一季末完成，Rockstar 的整合將在 2026 年上半年完成。

As integrations progress and ongoing initiatives take hold, we expect margins to expand across 2026 and return to a more normalized profile with gross margins in the low 50s driven by savings across raw materials, scrap, manufacturing tolling fees, freight and package and brand mix, offset in part by tariffs and aluminum costs. For the full year, gross profit increased by approximately $1.27 billion from $680 million in 2024. Gross profit margin increased by 20 basis points from the prior year to 50.4% in 2025.

隨著整合的推進和各項舉措的落實，我們預計到 2026 年利潤率將擴大，並恢復到更加正常的水平，毛利率將達到 50% 左右，這主要得益於原材料、廢料、製造加工費、運費和包裝以及品牌組合方面的節省，但部分會被關稅和鋁成本所抵消。全年毛利較 2024 年的 6.8 億美元成長約 12.7 億美元。2025 年毛利率比前一年成長 20 個基點，達到 50.4%。

Sales and marketing expense in the fourth quarter was $249.2 million or 34.5% of sales, and administrative expense was $66.6 million or 9.2% of sales. Adjusted for distributor termination and integration costs of $81 million, sales and marketing expense in the fourth quarter was 23.3% of sales, and administrative expense was 8.5% of sales when adjusting for $5 million in acquisition and integration costs.

第四季銷售和行銷費用為 2.492 億美元，佔銷售額的 34.5%；管理費用為 6,660 萬美元，佔銷售額的 9.2%。經調整後，第四季銷售和行銷費用佔銷售額的 23.3%，扣除 500 萬美元的收購和整合費用後，管理費用佔銷售額的 8.5%。

On a GAAP basis, we reported a net income of $24.7 million for the quarter. On a non-GAAP basis, adjusted EBITDA was $134.1 million, up from $62.9 million in the prior year period. Adjusted SG&A for the quarter was 31.8% of sales. For the full year, sales and marketing expense was $876.3 million or 34.8% of sales and administrative expense was $250 million or 9.9% of sales.

以美國通用會計準則計算，本季淨收入為 2,470 萬美元。以非GAAP準則計算，調整後的EBITDA為1.341億美元，高於去年同期的6,290萬美元。本季調整後的銷售、一般及行政費用佔銷售額的 31.8%。全年銷售和行銷費用為 8.763 億美元，佔銷售額的 34.8%；管理費用為 2.5 億美元，佔銷售額的 9.9%。

Adjusted for distributor termination and integration costs of $327.5 million, the full year sales and marketing expense was 21.8% of sales, and administrative expense was 7.5% of sales when adjusting for $60.2 million of acquisition and integration and other costs. Adjusted SG&A for the year was 29.4% of sales. We had an adjusted EBITDA margin of approximately 18.6% for the quarter. For the full year, on a GAAP basis, we reported net income of $108 million, and adjusted EBITDA was $619.6 million, representing an adjusted EBITDA margin of approximately 24.6%.

扣除 3.275 億美元的經銷商終止和整合成本後，全年銷售和行銷費用佔銷售額的 21.8%；扣除 6,020 萬美元的收購和整合及其他成本後，管理費用佔銷售額的 7.5%。經調整後的年度銷售、一般及行政費用佔銷售額的 29.4%。本季調整後的 EBITDA 利潤率約為 18.6%。以美國通用會計準則 (GAAP) 計算，全年淨利潤為 1.08 億美元，調整後 EBITDA 為 6.196 億美元，調整後 EBITDA 利潤率約為 24.6%。

On cash flow and the balance sheet, we remain focused on free cash flow generation and working capital discipline. We ended the year with $399 million in cash and approximately $670 million in total debt. Operating cash flow was $359 million. Working capital reflects the timing dynamics we discussed earlier, including inventory positioning and customer order cadence during the transition period. As cadence normalizes, we expect working capital volatility to moderate.

在現金流量和資產負債表方面，我們仍然專注於自由現金流的產生和營運資本的嚴格控制。年底時，我們擁有現金 3.99 億美元，總債務約 6.7 億美元。經營活動現金流為3.59億美元。營運資本反映了我們先前討論的時間動態，包括過渡期內的庫存位置和客戶訂單節奏。隨著交易節奏趨於正常化，我們預期營運資本波動性將有所緩解。

On capital deployment, we remain focused on three priorities. One, investing to support brand growth and integration execution; two, strengthening the balance sheet; and three, returning capital to shareholders.

在資金部署方面，我們仍然專注於三個優先事項。第一，投資以支持品牌成長和整合執行；第二，強化資產負債表；第三，向股東返還資本。

During the quarter, we reduced debt by approximately $200 million and repurchased $40 million of shares. We ended the period with $260 million remaining under our share repurchase program. We will continue to evaluate repurchase activity based on cash generation, market conditions and capital priorities while preserving flexibility for strategic M&A opportunities.

本季度，我們減少了約 2 億美元的債務，並回購了價值 4,000 萬美元的股票。期末，我們的股票回購計畫還剩下 2.6 億美元。我們將繼續根據現金流量、市場狀況和資本優先事項來評估回購活動，同時保持策略併購機會的靈活性。

As we look at 2026, I want to briefly frame how we are thinking about cadence and variability following an active fourth quarter. As I mentioned, the fourth quarter included integration and distribution transition activity that we expected, and those actions created timing effects within the Pepsi network. At times, reported results can vary when shipments, inventory positioning and promotions are not perfectly aligned with consumer takeaway. When that occurs, it is typically a function of timing and sequencing, and we will continue to be clear about what we believe is transitory versus what we believe reflects underlying trends.

展望 2026 年，我想簡要概述一下在經歷了活躍的第四季度之後，我們對節奏和變化的看法。正如我之前提到的，第四季度包含了我們預期的整合和分銷過渡活動，這些行動對百事可樂網絡的時間表產生了影響。有時，當出貨、庫存位置和促銷活動與消費者實際購買情況不完全一致時，報告結果可能會有所不同。當這種情況發生時，通常是時機和順序的問題，我們將繼續明確區分我們認為的暫時現象和我們認為反映潛在趨勢的現象。

As we progress through the first half of 2026, we expect those impacts to moderate as integration milestones are completed. We remain focused on tightening alignment between shipments and underlying takeaway where possible, while recognizing that periods of integration and large customer ordering cycles can still create some quarter-to-quarter variability.

隨著我們進入 2026 年上半年，我們預計隨著整合里程碑的完成，這些影響將會緩和。我們將繼續致力於盡可能加強出貨量與實際消費量之間的協調一致，同時認識到整合期和大型客戶訂購週期仍可能造成季度間的波動。

On pricing and revenue growth management, we are taking a portfolio approach with greater precision and ROI discipline. Revenue growth management for us is not about broad-based price increases. It's about shaping the business through mix price pack architecture by channel, pack strategy and disciplined promotion to improve both growth and quality of earnings.

在定價和收入成長管理方面，我們採取了投資組合方法，更加精準，並專注於投資回報率。對我們來說，營收成長管理並非在於全面漲價。它旨在透過通路組合價格包裝架構、包裝策略和嚴格的促銷活動來塑造業務，從而提高成長和獲利品質。

As we scale, we are tailoring price pack architecture by channel, sharpening priority periods and using data to allocate investment where it drives the highest return. Over time, this should lead to promotional activity that is tighter, more intentional and more measurable. In addition to line planning and the captaincy with Pepsi support more consistent in-market execution and a more repeatable commercial playbook across retailers.

隨著規模的擴大，我們正在按通路調整價格方案架構，明確優先時期，並利用數據將投資分配到能夠帶來最高回報的地方。隨著時間的推移，這將促成更精準、更有目的性、更可衡量的推廣活動。除了產品線規劃和與百事可樂合作的領導階層之外，還要支持更一致的市場執行和更可重複的商業策略，以惠及所有零售商。

With that, I'll turn the call back to the operator to open the line for questions.

這樣，我就把電話轉回給接線生，以便接聽提問。

(Operator Instructions)

（操作說明）

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

The shelf space gains that you discussed last week at the CAGNY conference for both CELSIUS and Alani, can you give us a bit of an update on the spring shelf space resets and when we should start to see some of the benefits from the shelf mix gains? And then in particular for the brand CELSIUS, you explained the gap versus consumption in Q4, that was very helpful to add it to the release, so thank you for that. So could we see an improvement in Q1 as you think about on a reported sales basis given the shelf space for brand CELSIUS? Thank you.

您上週在 CAGNY 會議上討論了 CELSIUS 和 Alani 的貨架空間增長，您能否給我們更新春季貨架空間重置的情況，以及我們何時應該開始看到貨架組合增長帶來的好處？特別是對於 CELSIUS 品牌，您解釋了第四季度與消費量之間的差距，這對於將其添加到新聞稿中非常有幫助，非常感謝。那麼，考慮到 CELSIUS 品牌的貨架空間，從已公佈的銷售額來看，我們能否在第一季看到業績有所改善呢？謝謝。

Thank you. Good morning and I appreciate the questions. In regards to the shelf gains, historically, we've seen them really materialize through and kind of finalize right around the end of spring, has historically been when the final resets take place as everyone is gearing up, as we call, the beverage summer selling season.

謝謝。早安，感謝大家的提問。就貨架商品的成長而言，從歷史數據來看，我們看到它們真正實現並最終完成的時間大約在春末，而春末歷來都是最終調整的時間，因為每個人都在為所謂的飲料夏季銷售旺季做準備。

So we do expect those to continue to materialize through the end of spring, really with the biggest gains especially for Alani would be in convenience. So that's been a big white space opportunity for the portfolio as well as with the CELSIUS portfolio. And really excited about as we're heading into summer, especially leading off with a lot of our innovation that's coming.

因此，我們預計這些趨勢將在春季結束前繼續顯現，尤其對 Alani 而言，最大的收益將體現在便利性方面。因此，這對於投資組合以及 CELSIUS 投資組合來說，都是一個巨大的空白市場機會。非常興奮，因為我們即將迎來夏季，尤其是我們即將推出的許多創新產品。

In regards to some of the timing and some of the differences as we look through consumption data versus the revenue that's recognized as we sell through a distributor, there is timing and sequencing. Jarrod made some comments on that in our prepared remarks. Jarrod, do you want to provide any color? Historically, we don't provide any forward-looking information. But we do anticipate there could be gaps going forward within consumption on a weekly or within a moment of time. But over the long term, we'll start to see some more consistency there.

就一些時間安排和一些差異而言，當我們查看消費數據與透過分銷商銷售確認的收入時，會發現存在時間和順序方面的問題。賈羅德在我們的準備好的演講稿中對此發表了一些評論。賈羅德，你想提供什麼顏色？歷史上，我們不提供任何前瞻性資訊。但我們預計，未來每週或某一時刻的消費量可能會出現缺口。但從長遠來看，我們會看到這方面變得更加穩定。

But Jarrod?

但是賈羅德呢？

Yeah. I mean if you look at it from a portfolio perspective, I think you'll see it tighten up quicker than if you're going specifically brand by brand, because we are looking at different things across the calendar. So for instance, we just launched an LTO, the Lime Slush It's Delicious with Alani, so you'll see some spikes in some of the data. We also have LTOs coming out with CELSIUS this year. So depending upon the timing of those activities, you might see some differences within the scanner data versus load-ins and those kind of things.

是的。我的意思是，如果你從投資組合的角度來看，我認為你會發現它比逐個品牌地進行分析時收緊得更快，因為我​​們關注的是整個日曆上不同的事物。例如，我們剛剛推出了一款限時特飲——阿蘭妮的美味青檸冰沙，所以你會看到一些數據出現峰值。今年我們還有CELSIUS的限量版唱片即將發行。因此，根據這些活動的時間安排，您可能會看到掃描器資料與載入資料等存在一些差異。

And then as we continue to expand distribution with Alani in particular, as we continue to move across the Pepsi system and gain shelf space. you'll see some expansion there. And then you'll also see expansion within CELSIUS with the 17% space gains that we had as well.

然後，隨著我們繼續擴大與Alani的合作分銷管道，隨著我們不斷拓展百事可樂體系並獲得更多貨架空間，你會看到這方面的擴張。此外，您還會看到 CELSIUS 內部的擴張，我們獲得了 17% 的空間成長。

Excellent. Great, thank you.

出色的。太好了，謝謝。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Great. Thank you, everyone. Good morning. I wanted to follow up on that. Obviously, a lot of moving pieces as it relates to the top line growth. But when we think about the $25 million net benefit from CELSIUS versus the 1 year, can you help us unpack what that looks like from a brand perspective?

偉大的。謝謝大家。早安.我想就此事進行後續跟進。顯然，影響營收成長的因素很多。但當我們考慮 CELSIUS 帶來的 2,500 萬美元淨收益與 1 年收益相比時，您能否從品牌角度幫我們分析一下這意味著什麼？

And then I guess, Jarrod, maybe more specifically, as you think about Alani, would you expect inventory levels to remain elevated as we move through the transition? And similar to kind of what we saw when CELSIUS moved into the Pepsi system a couple of years ago, implying that maybe more of the unwind would be a 4Q into '27 dynamic? Or would you anticipate maybe kind of some under-shipment to (inaudible) faster? Thanks.

那麼，賈羅德，更具體地說，當你考慮阿拉尼時，你是否認為隨著我們過渡到新的階段，庫存水準會保持高位？這與 CELSIUS 幾年前進入百事系統時我們看到的情況類似，這意味著或許更多的解散過程會持續到 2027 年第四季？還是您預期會出現某種程度的缺貨情況，導致出貨速度（聽不清楚）更快？謝謝。

Thanks, Peter. So as we're looking at Q4 and into the future, I'd say John and I are committed to tightening up the peaks and the valleys of the data. With the captaincy and the more aligned partnership we have with our largest distributor, we're definitely much tighter and working very closely. We actually had the supply chain from their team in back in January. So we're committed to really tightening up those peaks and valleys.

謝謝你，彼得。所以，展望第四季及未來，我想說，我和約翰致力於縮小資料的高峰和谷值。有了隊長的領導，以及我們與最大分銷商之間更加協調一致的合作關係，我們的關係肯定更加緊密，合作也更加密切。實際上，我們早在1月就從他們的團隊那裡獲得了供應鏈資訊。因此，我們致力於真正縮小這些峰值和谷值。

From an operational perspective, we'll continue to have our supply chain and commercial teams focused on what ultimately is going to drive the success of our modern energy portfolio, which is winning at the register as that is -- that's where we're going to win or lose. So if we have the opportunity to load an additional volume of one brand kind of at or near the end of the quarter while adjusting another brand, while maintaining our service levels and the growth of those brands, that's something that we're committed to doing so that we win.

從營運角度來看，我們將繼續讓我們的供應鏈和商業團隊專注於最終將推動我們現代能源組合取得成功的因素，也就是在收銀台上取得勝利——這才是我們成敗的關鍵所在。因此，如果我們有機會在季度末或接近季度末時增加某個品牌的銷量，同時調整另一個品牌的銷量，同時保持我們的服務水平和這些品牌的成長，那麼我們致力於這樣做，以便我們能夠取得成功。

So as we look at kind of the results that you saw in the quarter, we benefited to the tune of roughly $25 million in our reported results. We were excited to see brand CELSIUS come out of gate with low double-digit growth and great service levels while seeing Alani kind of rocket out of the gate with triple-digit growth. And we have seen brand CELSIUS orders align more closely to the tracked data as we look at kind of the initial deliveries and orders in 2026. I will caveat that by saying there are four, five more weeks in the quarter, so we'll continue to manage the business holistically and make adjustments along the way as we do manage the portfolio.

因此，當我們回顧本季的業績時，我們在公佈的業績中獲得了約 2500 萬美元的收益。我們很高興看到 CELSIUS 品牌一上市就實現了兩位數的低成長和良好的服務水平，而 Alani 品牌則以三位數的成長迅速崛起。我們看到，隨著我們觀察 2026 年的初始交付和訂單，CELSIUS 品牌的訂單與追蹤數據更加吻合。需要說明的是，本季還有四到五週的時間，所以我們將繼續從整體上管理業務，並在管理投資組合的過程中不斷進行調整。

So I think there -- again, we'll manage the peaks and the valleys, I think, as a portfolio play in a much more scaled business. We'll be able to get those a bit tighter and manage that, so we don't have as many kind of as much volatility as we've seen historically when we just had a one brand and when we were really learning each other within that supply chain.

所以我認為，我們能夠應對高峰和低谷，就像在規模更大的企業中進行投資組合投資一樣。我們將能夠把這些限制收緊一些，並加以控制，這樣我們就不會像過去那樣出現那麼多的波動，那時我們只有一個品牌，而且我們還在供應鏈中互相了解。

If I go back to kind of Q4 and I boil it down, if I'm looking at our supply chain around DSD in particular, as we approach the end of Q4, we did adjust an additional week for brand CELSIUS and loaded in additional Alani, that benefited Alani, and it benefited the portfolio from a net basis, as I said. So this didn't have an impact on service levels, and we continue to win at the register with both brands.

如果我回顧一下第四季度，並進行總結，特別是就我們的DSD供應鏈而言，隨著第四季度接近尾聲，我們為CELSIUS品牌額外調整了一周，並增加了Alani的庫存，這對Alani有利，並且正如我所說，從淨收益來看，這對整個產品組合都有利。因此，這並沒有對服務水準產生影響，我們兩個品牌在收銀台都繼續保持領先地位。

And as John mentioned, as a proof point, we're picking up roughly 17% additional space with brand CELSIUS in '26, really as a result of that scanner growth and, obviously, even more with Alani, triple-digit space gains with Alani.

正如約翰所提到的，作為證明，我們在 2026 年透過 CELSIUS 品牌獲得了大約 17% 的額外空間，這實際上是由於掃描儀的成長，當然，Alani 的成長更多，Alani 的空間成長達到了三位數。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

Thanks. Good morning. I guess I had a question on gross margins. You mentioned you expect your gross margins to return to a more normalized profile in the mid-50% range across this year. So maybe first, could you touch on the potential impact that the Midwest premium is having on your business near term?

謝謝。早安.我想問一個關於毛利率的問題。您提到預計今年毛利率將恢復到 50% 左右的正常水平。那麼，首先您能否談談中西部溢價對貴公司近期業務可能造成的影響？

And then second, can you give us a sense of phasing gross margins this year? And then I guess beyond this year, how should we think about the evolution of your margins over the next few years? Can you highlight maybe some of the key puts and takes that we should think about? Thank you.

其次，您能否大致介紹今年的毛利率階段性目標？那麼，除了今年之外，我們該如何看待未來幾年貴公司利潤率的演變呢？您能否重點介紹一些我們應該考慮的關鍵投入和產出點？謝謝。

No, excellent question. And I would say in regards to the margin profile and a lot of the infrastructure and strategies we've built about building on our Orbit model with the CELSIUS portfolio, further looking at opportunities with supply chain, purchasing strategies as well as vertical integration with the acquisition of our co-packer over a year ago, really driving further leverage and scale and efficiencies through that location.

不，問得好。至於利潤率狀況以及我們圍繞 Orbit 模式和 CELSIUS 產品組合所建立的許多基礎設施和策略，我想說的是，我們進一步探索了供應鏈、採購策略以及垂直整合方面的機會，包括一年多前收購我們的代工包裝商，真正透過該地點進一步推動了槓桿作用、規模和效率。

We also, as we're further integrating Alani and Rockstar, as it's moving through Orbit over the next several quarters, we'll be able to gain additional leverage as well. Jarrod, do you want to provide additional color in regards to some of the timing around that and also some of the opportunities we see as we're progressing to this low to mid-50% margin profile by the end of the year?

隨著我們進一步整合 Alani 和 Rockstar，並在接下來的幾個季度內將其納入 Orbit 體系，我們也將能夠獲得額外的優勢。Jarrod，你能否就此的一些時間安排以及我們在年底前實現 50% 左右的利潤率目標過程中看到的機遇，再補充一些細節？

Yeah. So I think our target for this year is to get back to the more normalized low 50s. In terms of the opportunity, we do see our ability to move up into the mid-50s like you noted. I wouldn't necessarily call that a '26 target, but definitely a near-term target into the next handful of years.

是的。所以我認為我們今年的目標是恢復到比較正常的50度左右的水平。就發展機會而言，我們確實看到了我們有能力像您所指出的那樣，發展到 50 多歲。我不會把這稱為 2026 年的目標，但絕對是未來幾年內的近期目標。

Some of the things that are going to drive our benefit in order to get back, call it, from the 47.4% that we sat in Q4 and work our way to the low 50s are really getting the cost of sales of the COGS, the raw material prices in line with what you see with brand CELSIUS. So we are working through that with Alani and with Rockstar. We're a bit ahead on Alani, so we should have that cost structure in place by the end of Q1.

為了使我們的收益從第四季度的 47.4% 回升到 50% 左右，一些關鍵因素是降低銷售成本（COGS）和原材料價格，使其與 CELSIUS 品牌的價格保持一致。所以我們正在和 Alani 以及 Rockstar 一起解決這個問題。我們在 Alani 專案上進度稍快，因此我們應該能在第一季末之前完成成本結構調整。

For Rockstar, we should have that in place by the end of Q2. Some of that has to do with integration, some of that has to do with just moving through the inventory balances and moving through some of the higher raw material costs as we have them fully integrated. So Alani will be fully integrated by end of Q1 and Rockstar by the end of Q2. So we've got those costs.

對於 Rockstar 來說，我們應該在第二季末之前完成這項工作。部分原因與整合有關，部分原因與庫存餘額的調整以及原材料成本的逐步降低有關，因為我們已經將它們完全整合起來了。因此，Alani 將在第一季末完成整合，而 Rockstar 將在第二季末完成整合。所以我們已經有了這些成本。

Some other things that are going to benefit us is our Orbit model and our freight structure. Getting them fully baked into that structure will provide us with benefit. Our mix, when you kind of look at a blended mix of our price pack and promotion strategy, will also be beneficial. So you kind of put those together, if you look at Q4, some of the kind of onetime things we had, we did have some transition costs, where we had some COGS write-offs and we had some scrap and things like that, that were more onetime, so those will be gone after Q4. And so we'll have that benefit directly into Q1.

其他一些對我們有利的因素包括我們的軌道模型和貨運結構。將它們完全融入該結構中將為我們帶來好處。我們的組合，也就是我們價格方案和促銷策略的綜合組合，也會是有益的。所以，如果你把這些因素綜合起來看，你會發現第四季度我們有一些一次性支出，也有一些過渡成本，比如一些銷貨成本減記和一些廢料等等，這些都是一次性支出，所以這些支出在第四季度之後就會消失。因此，我們將在第一季直接受益。

But really, the goal is once we get through that first half of the year to be in good shape to get into that low 50s as you look at the back half of the year. Those do also factor in the Midwest premium that has picked up as well as tariffs. So depending upon where the Midwest premium goes, there could be some impact in terms of timing. And as well as tariffs, if the tariffs kind of subside quicker, then there's an opportunity to get to some of those numbers quicker.

但實際上，我們的目標是順利度過上半年，爭取下半年達到 50 場左右的成績。這些因素也考慮到了不斷上漲的中西部溢價以及關稅。因此，根據中西部溢價的走向，可能會對時間安排產生一些影響。而且，除了關稅之外，如果關稅能夠更快下降，那麼就有機會更快達到這些目標。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

Thank you. Good morning, everyone. I was hoping to see, John, if we step back and think about the three-brand portfolio and the opportunities of trimming at some point the SKUs and -- or you think that this cadence of LTOs now with CELSIUS, like how is the experience that you've had? And how do you think Velocity, obviously, with increase in shelf space, you obviously will have a reduction in Velocity at some point, but thinking of how to position the SKUs, how to position the category. And we all know this is a record year of innovation for everyone in the space. So hoping to see how you're seeing that set. And what are you hearing from the retailers as far as the competitor set and the -- what we think going forward?

謝謝。各位早安。約翰，我希望看看，如果我們退後一步，思考一下這三個品牌的組合，以及在某個時候減少 SKU 的機會，或者你認為現在 CELSIUS 的這種限時特賣節奏，你的體驗如何？那麼，您認為銷售速度會如何改變呢？顯然，隨著貨架空間的增加，銷售速度在某個時候肯定會下降，但需要考慮如何定位 SKU，如何定位品類。我們都知道，對於這個領域的每個人來說，今年都是創新創紀錄的一年。所以很想看看你對這套叢書的看法。那麼，您從零售商那裡聽到了哪些關於競爭對手以及—我們對未來發展的看法？

And just also on the -- just a clarification on the margin. It's very encouraging to see that you see the opportunity for synergies and improvements in the execution. I also was encouraged to hear from you guys at CAGNY in terms of the systems and visibility. So I was hoping to see if you can kind of wrap it up on how predictable your sales have been with the view from Pepsi and how you can see margins evolving as we go from a promo perspective. Thank you.

另外，還有一點需要補充說明。看到您看到了協同效應和執行改進的機會，這非常令人鼓舞。我也很高興能從 CAGNY 的各位那裡了解到有關係統和可見性方面的情況。所以我希望你能總結一下，從百事可樂的角度來看，你們的銷售額有多可預測，以及從促銷的角度來看，利潤率是如何隨著促銷活動而變化的。謝謝。

Excellent, Andrea. And your question, you're absolutely right in regards to the overall category and what we're seeing is driving growth. Innovation has been a key factor of that. And also, innovation has been a great, not only for our portfolio, but the total category. It's bringing new consumers in. And we're starting to see, as in CAGNY, we were talking about the evolution of a category, expanding dayparts, expanding usage occasions.

太好了，安德烈。至於你的問題，你完全正確，就整個類別而言，我們看到的成長正是由這一點所推動的。創新是其中的關鍵因素。而且，創新不僅對我們的產品組合，而且對整個品類都產生了巨大的影響。它正在吸引新的消費者。我們開始看到，就像在 CAGNY 中一樣，我們討論的是一個品類的演變，擴大了使用時段，擴大了使用場景。

Big opportunity is social occasions with energy drinks as we're seeing alcohol and liquor come into some challenges and headwinds. And what we're seeing is consumers are switching to energy drinks to -- as a replacement. And that's a huge opportunity with our CELSIUS, mocktails and dirty Alanis that we have out there. So that's a big push for us as well. They continue to bring excitement and new consumers, new occasions in.

能量飲料在社交場合蘊藏著巨大的商機，因為我們看到酒精飲料正面臨一些挑戰和阻力。我們看到的是，消費者正在轉向能量飲料作為替代品。而這正是我們推出的 CELSIUS、無酒精雞尾酒和 Dirty Alanis 等產品所帶來的巨大機會。所以這對我們來說也是一個巨大的推動力。它們不斷帶來新的活力、新的消費者和新的消費場景。

When you look at the SKU prioritization, that's the beauty of a portfolio. We're able to really maximize the value of the portfolio now with CELSIUS, Alani and Rockstar, making sure we're maximizing the SKUs and really for the channel and also for a regional basis. So that's going to allow us to put the fastest-turning SKUs on -- in the coolers, in the planograms.

當你審視 SKU 優先順序時，你就會明白產品組合的妙處所在。現在，借助 CELSIUS、Alani 和 Rockstar，我們能夠真正最大限度地發揮產品組合的價值，確保我們最大限度地利用 SKU，真正為通路和區域做出貢獻。這樣一來，我們就可以把周轉最快的 SKU 放在冷藏櫃裡，放在貨架陳列圖上。

The space allocations are also, that we're seeing with resets, 17% with CELSIUS and over 100% with Alani, is allowing us not only getting additional slots and distribution and more flavors and availability in retail, but also additional points of disruption. And having that path to purchase is so important, those cold checkouts, the impulse purchases, the expanded shelf space and the dry sets.

我們看到，空間分配也發生了變化，CELSIUS 的重置率為 17%，Alani 的重置率超過 100%，這不僅讓我們獲得了更多的貨架位置、分銷渠道、更多口味和零售渠道的供應，而且還帶來了更多的顛覆點。擁有這樣的購買路徑非常重要，例如冷清的收銀台、衝動性購買、擴大的貨架空間和乾燥的陳列。

So that's all going to come into landing on exactly what you're talking about, velocity. Velocity is very important in the category. That's when it's going to continue to drive it. We feel confident with the innovation. We're going to see the space gains. We're focused on velocity with some of our marketing strategies. Jarrod mentioned Lime Slush just hitting within our LTO strategy. And the LTOs are designed to lift up the core, to bring new consumers into the portfolio, into the franchise, and then keep -- deal that daily consumption, daily routine.

所以，這一切最終都會歸結於你所說的速度。速度在這個類別中非常重要。那時它就會繼續驅動它。我們對這項創新充滿信心。我們將看到空間優勢。我們的一些行銷策略側重於速度。Jarrod提到，青檸冰沙正好符合我們的限時特賣策略。限時特惠旨在提升核心客戶群，吸引新客戶加入產品組合和特許經營體系，然後留住他們——滿足他們的日常消費和日常習慣。

The other big area we see a huge opportunity is with the female consumer. That's a big opportunity. We're seeing them expand purchase occasions. There's a higher adoption rate that's taking place as well. And our portfolio is really positioned to lever that tailwind with Alani and with CELSIUS. So we think we're really well positioned there, especially as coming through the finalization of the resets at the end of spring. Really excited about great innovation from an LTO standpoint, not only for Alani, but also for CELSIUS. We got some great innovation coming out and it's going to be an exciting summer for us.

我們看到的另一個巨大機會領域是女性消費者。這是一個絕佳的機會。我們看到他們正在拓展購買場景。同時，採用率也不斷提高。我們的投資組合已經做好充分準備，可以利用 Alani 和 CELSIUS 帶來的這股順風。所以我們認為我們在這方面處於非常有利的地位，尤其是在春季末完成重置之後。從 LTO 的角度來看，這確實是一項重大的創新，不僅對 Alani 而言如此，對 CELSIUS 也是如此。我們即將推出一些很棒的創新產品，這將是一個令人興奮的夏天。

Talk about the synergies and some of the costs within our system, Jarrod touched on that in our prepared remarks and I also covered it, in regards to some of the investments we've made, the vertical integration, the optimization of our purchasing strategies, the further investment we've made in revenue management. Revenue management, RGM, is a really big component as we maximize the value. We're not just a singular brand anymore going on promotion against many other brands. We're really to maximize that value within the portfolio, gain that trial, gain that scale and compete at the highest level within the energy category.

談到我們系統內的協同效應和一些成本，Jarrod 在我們準備好的發言稿中提到了這一點，我也談到了這一點，包括我們所做的一些投資、垂直整合、採購策略的優化以及我們在收入管理方面所做的進一步投資。收益管理（RGM）是我們實現價值最大化過程中非常重要的一環。我們不再只是一個與許多其他品牌競爭的單一品牌了。我們的目標是最大限度地發揮產品組合的價值，獲得試用機會，擴大規模，並在能源領域最高水準上競爭。

So I think when you look at all those components there, where consumers are, where our portfolio is connecting with consumers, and then also the infrastructure we built here with the organization, really sets us up to continue to optimize and improve and continue to grow this category.

所以我覺得，當你審視所有這些因素時，例如消費者在哪裡，我們的產品組合如何與消費者連接，以及我們在這裡與組織共同建立的基礎設施，這些都真正為我們繼續優化和改進並繼續發展這一類別奠定了基礎。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Great. Thanks. Good morning, everyone. Great to see you at CAGNY last week. John, just a follow-up, and Jarrod, for you as well, the distribution gains again. Not to beat the dead horse. But obviously, super strong Alani, up triple digits, CELSIUS up 17%. Three questions here, if I may. Number one, what -- can you quantify what you sort of estimate the distribution gains to be for the category given the strength? That would be question number one.

偉大的。謝謝。各位早安。很高興上週在CAGNY見到你。約翰，還有賈羅德，也給你提個醒，分配收益再次增加。別再老生常談了。但顯然，Alani 表現非常強勁，漲幅達三位數，CELSIUS 上漲 17%。恕我冒昧，請容許我問三個問題。首先，你能否量化一下，考慮到該類別的實力，你估計其分銷收益會有多大？這是第一個問題。

Number two, where are the shelf space gains coming from for Alani and CELSIUS, to the extent it's sort of above and beyond what you'd expect with the category, which certainly would seem to be the case, where are the shelf space gains being sourced from within the category?

第二，Alani 和 CELSIUS 的貨架空間成長來自哪裡？如果這種成長超出了該類別預期，那麼這種成長究竟來自該類別的哪些面向？

And then just lastly, I think Andrea was sort of touching on this with respect to velocity, when we think about holistically the innovation that's coming on and which seems like a really strong pipeline, but you're moving in to new areas, new geographies, particularly in convenience, how should we think holistically about velocity growth for CELSIUS and Alani this year sort of vis-a-vis the TDP gains that you're going to benefit from?

最後，我認為 Andrea 剛才也談到了速度方面的問題。當我們從整體上考慮即將到來的創新，以及看似非常強勁的研發管線時，你們正在進入新的領域、新的地域，尤其是在便利商店領域，我們應該如何從整體上考慮 CELSIUS 和 Alani 今年的速度增長，以及你們將受益的 TDP 收益？

So thanks for all that, guys. I appreciate it.

所以，謝謝大家。謝謝。

No, Kevin, thanks for your great questions. We spent some time on the category on the space gains we anticipated for CELSIUS. But I think to your point in regards to the category, like where is that coming from? And when you look at the energy category and it continues to grow as a larger percentage of LRB, retailers are expanding more space. They're expanding half coolers and doors and more dry shelves.

不，凱文，謝謝你的好問題。我們花了一些時間研究我們預期 CELSIUS 的空間收益類別。但我認為你關於這個類別的觀點是正確的，那就是這個類別是從哪裡來的呢？當你觀察能源品類，你會發現它在零售零售中所佔比例持續成長，零售商正在擴大其銷售空間。他們正在擴大半冷藏櫃和櫃門，並增加乾貨貨架。

nd like in the convenience channel, we're hearing from a lot of retailers that are optimizing some of the beer coolers. Just to -- they're trying to get as much productivity out of these coolers as possible. So you've heard that -- juice category as well and high premium waters as well has been under pressure.

就像在便利商店通路一樣，我們從許多零售商那裡了解到，他們正在優化一些啤酒冷藏櫃。只是為了——他們正努力最大限度地提高這些冷卻器的生產力。所以你們也聽說了——果汁類別和高端瓶裝水也都面臨壓力。

So those are areas that retailers are making those decisions. I think each retailer is a little bit different on how they're being able to carve out more space. But there is a lot more space coming in the energy category as it's becoming part of a daily lifestyle, daily routine, daily -- and expanded usage occasions. Historically, it's been an impulse purchase and convenience has been a main driver of that, over 60% of sales.

所以，這些都是零售商正在做出決策的領域。我認為每個零售商在如何騰出更多空間方面都略有不同。但隨著能源逐漸成為日常生活的一部分、日常習慣以及日常使用情境的延伸，能源領域還有更大的發展空間。從歷史上看，這一直是一種衝動性購買，便利性是其主要驅動因素，佔銷售額的 60% 以上。

But if you look at large format, when you look at the space gains we saw over the last two years, we expect anticipated space gains in large format as they can capture a larger share of that -- of those energy drink sales that will continue to grow. So seeing a variety of different retailers react differently, but many in convenience are, we're hearing, cooler doors within the beer category, getting a little optimized there.

但如果你看看大包裝，看看我們在過去兩年看到的市場份額增長，我們預計大包裝市場份額將繼續增長，因為它們可以佔據更大的市場份額——這些能量飲料的銷售額將繼續增長。因此，我們看到各種不同的零售商做出了不同的反應，但我們聽說，許多便利商店正在對啤酒類別的冷藏櫃門進行一些優化。

And if you look at where we are within velocity, we're here to grow velocity. That's really important. That's a major KPI within our organization, within our teams. I think with the space gains, when you look at Alani particularly, we're expanding that distribution, right? So it's going into a lot of locations that are new. Many retailers, many regions, Alani is going to be new. So we will likely see a lower velocity entering new segments of the regions within also channels and retailers that we're going to have to build up those velocities.

如果你看看我們在速度方面的位置，我們來這裡是為了提高速度。這真的很重要。這是我們組織、我們團隊的一項重要KPI。我認為隨著空間的增加，特別是以 Alani 為例，我們正在擴大分銷範圍，對吧？所以它要進駐很多新的地點。對許多零售商、許多地區來說，Alani 將會是個全新的品牌。因此，我們可能會看到進入新區域細分市場的速度降低，通路和零售商也需要提高這些速度。

So each channel is going to be different. Each market is going to be different. But any time, just like when we saw CELSIUS, as you expand out broader, we did see reduced velocities as that expansion takes place. And then you build upon that. Remember, consumers are -- it's a daily routine, it's a daily lifestyle. We've got to get these brands into a cadence where consumers are purchasing on our frequency.

所以每個頻道都會有所不同。每個市場的情況都會有所不同。但任何時候，就像我們看到 CELSIUS 時一樣，隨著範圍的擴大，我們確實看到速度隨著這種擴大而降低。然後在此基礎上繼續發展。記住，消費者－這是一種日常習慣，一種生活方式。我們必須讓這些品牌進入一種節奏，讓消費者以我們的頻率購買。

And gaining distribution just doesn't mean the product starts flying right away. There is great momentum behind these brands. We're really excited about it. It's part of the LTO strategy, the innovation strategy to get trial and awareness. But that is something we're very keen on, is continuing to build velocity over time.

獲得分銷管道並不意味著產品會立即暢銷。這些品牌發展勢頭強勁。我們對此感到非常興奮。這是 LTO 策略的一部分，也是旨在獲得試用和提高知名度的創新策略。但我們非常希望的是，隨著時間的推移，能夠持續提升速度。

Gerald Pascarelli, Needham & Company LLC.

Gerald Pascarelli，Needham & Company LLC。

Great. Thank you very much. A couple of things. Just a housekeeping question, going back to the cadence, Jarrod. I just want to make sure I'm understanding this correctly, but are there any parts of the inventory benefit that Alani got this quarter that should in any way be considered a pull forward in revenue? It doesn't sound like it just based on the distribution opportunities ahead, but just wanted to confirm that.

偉大的。非常感謝。有幾件事。賈羅德，我有個關於節奏的問題想問一下。我只是想確認我的理解是否正確，Alani 本季獲得的庫存收益中，是否有任何部分應該被視為提前計入收入？從未來的分銷機會來看，似乎並非如此，但還是想確認一下。

And then John, just going back to the shelf space growth that you're expecting for Alani this year, is there a way for you to broadly contextualize that in terms of what we saw for core CELSIUS back in 2022 when that brand transitioned? I understand that back then, CELSIUS has been benefiting in part from lost shelf space from Bang. But yeah, just curious if you could provide your thoughts on how we should view that 102% in the context of the prior transition. Any similarities and differences? And then I guess, how that compares in this environment with a more competitive landscape.

約翰，回到你預計 Alani 今年的貨架空間成長問題，你能否從 2022 年 CELSIUS 核心品牌轉型時的情況出發，大致分析一下這個問題？我知道當時 CELSIUS 的部分受益來自 Bang 失去的貨架空間。是的，我只是好奇您能否就我們應該如何看待之前轉型背景下的 102% 這個數字發表一下看法。有哪些相似之處和不同之處？然後我想，在這種競爭更加激烈的環境下，這種情況會如何呢？

Thanks.

謝謝。

I'll jump in first. Morning, Gerald. In terms of pull-through, I do think we saw opportunity to load in even more of Alani with the ability of the Pepsi distribution system and really how quickly they were able to get Alani out from an ACV perspective across the shelf. So I think there was, I would call that more of an opportunity than a load-in that we took advantage of. And you saw coming out of the gate with the triple-digit growth that Alani has hit pretty quickly, and we continue to see that expand.

我先來。早上好，傑拉德。就銷售業績而言，我認為我們看到了利用百事可樂分銷系統的能力，以及他們能夠如此迅速地將 Alani 從蘋果醋的角度擺上貨架，從而增加 Alani 銷量的機會。所以我覺得，與其說是裝貨，不如說是一次機會，我們抓住了這個機會。大家可以看到，Alani 一開局就實現了三位數的成長，而且我們繼續看到這種成長勢頭持續擴大。

And then with our Cherry Bomb, we did -- that was kind of one of the pieces that was loaded in at the end of the year, and that really got depleted pretty quickly, record time. So we got the Lime Slush going out. We're looking for, hopefully, another record from an LTO perspective. But I would definitely see that as more of an opportunistic move as opposed to pull back or pull forward.

然後，我們的櫻桃炸彈——這算是年底推出的產品之一，而且很快就售罄了，創下了紀錄。所以，我們的青檸冰沙開始供應了。我們希望能夠從 LTO 的角度再創佳績。但我絕對認為這更像是一種投機的舉動，而不是撤退或前進。

In regards to some of the expansion when we look back on the CELSIUS integration expansion to the PepsiCo network and then timing of resets upon that, CELSIUS went in, in September, Alani's going in, obviously, in December. There are some similarities, but there's many differences as well. I think when you look at CELSIUS and Alani, when they were starting off, CELSIUS was at a lower ACV versus where Alani is. I think when you look at Alani, similar opportunities and convenience on distribution gains there.

回顧 CELSIUS 整合到百事可樂網絡以及隨後的重置時間，關於一些擴張，CELSIUS 於 9 月進入，而 Alani's 顯然在 12 月進入。兩者之間有一些相似之處，但也有很多不同之處。我認為，當你觀察 CELSIUS 和 Alani 時，你會發現，在它們起步階段，CELSIUS 的 ACV 比 Alani 的 ACV 低。我認為，如果你看看 Alani，你會發現類似的機會和便利的分銷優勢。

And yes, you are right. When we went into -- through that process, CELSIUS did take a lot of space from Bang at that point in time. But I will say when you look at Alani and the opportunity and you look at the category, this category has extremely strong growth. And although Alani will not likely be replacing brands, the category is expanding. We're hearing retailers expand their shelf presence for energy. So that's what really allowed Alani to gain some of that -- the large distribution gains as well.

是的，你說得對。當我們進入——透過這個過程，CELSIUS 在當時確實從 Bang 那裡獲得了很大的空間。但我想說的是，當你審視 Alani 和它所蘊含的機會，以及它所處的品類時，你會發現這個品類有著極為強勁的成長動能。雖然 Alani 不太可能取代現有品牌，但該品類正在擴張。我們了解到零售商正在擴大能源產品的貨架擺放範圍。所以，正是這一點讓 Alani 獲得了一些收益——包括大量的分銷收益。

Also, the consumer dynamics have changed as I mentioned, the usage (inaudible) have expanded. More females are coming into the category and increasing consumption. So there's a lot of different dynamics at play although there are some similarities. There's a variety of differences just due to the evolution of the category and the growth we've seen in energy overall, as well as the innovation that's come in.

此外，如我所提到的，消費者的動態也發生了變化，使用量（聽不清楚）擴大了。越來越多的女性進入這群消費群體，並增加了消費量。所以，儘管存在一些相似之處，但其中有許多不同的動態因素在起作用。由於該類別的發展演變、能源領域的整體成長以及創新，出現了各種各樣的差異。

And it's an exciting time for the portfolio coming out of NACS where we presented in October. We felt energy from a lot of retailers and the excitement about CELSIUS and now with the partnership with Pepsi being the energy captain with the Celsius Holdings portfolio and having that distribution confidence and breadth.

對於我們在 10 月 NACS 大會上展示的投資組合來說，這是一個令人興奮的時刻。我們感受到了許多零售商的熱情，以及他們對 CELSIUS 的興奮之情。現在，隨著與百事可樂的合作，百事可樂作為能源領域的領導企業，擁有了 Celsius Holdings 的產品組合，以及分銷管道的信心和廣度。

A lot of retailers really want to make sure you can keep those shelves full, especially with the velocity and how quickly these products turn. So that is really a show of confidence and really allowed our key accounts team to take advantage of those opportunities and gain that additional distribution for the total portfolio.

許多零售商都非常希望確保貨架上始終擺滿商品，尤其是在這些產品週轉如此迅速的情況下。這確實展現了我們的信心，也真正讓我們的大客戶團隊能夠抓住這些機會，並為整個產品組合獲得額外的分銷管道。

Perfect. Thanks very much.

完美的。非常感謝。

There are no further questions at this time. I will now turn the call over to John Fieldly, Chairman and Chief Executive Officer, for closing remarks.

目前沒有其他問題了。現在我將把電話交給董事長兼執行長約翰·菲爾德利，請他作總結發言。

Thank you again for joining us today. 2025 was truly a defining year for Celsius Holdings. We recorded a record $2.5 billion and continue to scale a true modern energy portfolio with Celsius Alani Nu and Rockstar Energy. As we move through 2026, our priorities are clear: execute with discipline, strengthen our operating system and stay closely aligned with consumers as the category continues to evolve.

再次感謝您今天蒞臨。 2025年對Celsius Holdings而言，的確是具有里程碑意義的一年。我們創下了 25 億美元的投資額紀錄，並繼續透過 Celsius Alani Nu 和 Rockstar Energy 擴大真正的現代能源投資組合。展望 2026 年，我們的優先事項很明確：嚴謹執行，加強營運體系，並與消費者保持緊密聯繫，因為該品類仍在不斷發展。

I want to take this opportunity to thank our employees, our partners and all of our customers out there for their focus, their teamwork that makes this all possible. We appreciate your support, and we look forward to updating you next quarter. Until then, grab a CELSIUS and live fit.

我想藉此機會感謝我們的員工、合作夥伴以及所有客戶，感謝他們的專注和團隊合作，正是他們的努力使得這一切成為可能。感謝您的支持，我們期待下季向您報告最新進展。在此之前，趕快入手一塊 CELSIUS，開啟健康生活吧！

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

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。