高露潔 (CL) 2025 Q4 法說會逐字稿

Good morning. Welcome to today's Colgate-Palmolive 2025 Fourth Quarter and Year-End Earnings Conference Call. This call is being recorded and is being simulcast live at www.colgatepalmolive.com. Now for opening remarks, I'd like to turn this call over to Chief Investor Relations Officer and Executive Vice President, M&A, John Faucher.

早安.歡迎來到今天的節目高露潔棕欖公司2025年第四季及全年業績電話會議。本次電話會議正在錄音，並透過www.colgatepalmolive.com網站進行同步直播。現在，我將把會議交給首席投資者關係官兼併購執行副總裁約翰·福徹先生，請他致開幕詞。

Thanks, Betsy. Good morning, and welcome to our fourth quarter and full year 2025 earnings release conference call. This is John Faucher. Today's conference call will include forward looking statements. Actual results could differ materially from these statements.

謝謝你，貝齊。早安，歡迎參加我們2025年第四季及全年財報發布電話會議。這是約翰·福徹。今天的電話會議將包含前瞻性陳述。實際結果可能與這些說法有重大差異。

Forward-looking statements inherently involve risks and uncertainties and are made on the basis of our views and assumptions at this time. Please refer to the earnings press release and our most recent filings with the SEC, including our 2024 annual report on Form 10-K and subsequent SEC filings, all available on our website for a discussion of the factors that could cause actual results to differ materially from these statements. These remarks also include a discussion of non-GAAP financial measures which excludes certain items from reported results, including those identified in tables four, six seven, eight and nine of the fourth quarter earnings press release. Full reconciliation to the corresponding GAAP financial measures and related definitions are included in the earnings press release, which is available on our website. Joining me on the call this morning are Noel Wallace, Chairman, President and Chief Executive Officer; and Stan Sutula, Chief Financial Officer.

前瞻性陳述本身就涉及風險和不確定性，並且是基於我們目前的觀點和假設而做出的。請參閱我們的獲利新聞稿和我們最近向美國證券交易委員會提交的文件，包括我們的 2024 年 10-K 表格年度報告和後續向美國證券交易委員會提交的文件，所有這些文件都可以在我們的網站上找到，其中討論了可能導致實際結果與這些聲明存在重大差異的因素。這些評論還包括對非GAAP財務指標的討論，這些指標從報告結果中排除了某些項目，包括第四季度收益新聞稿表四、表六、表七、表八和表九中列出的項目。與相應的 GAAP 財務指標和相關定義的完整核對錶已包含在盈利新聞稿中，該新聞稿可在我們的網站上查閱。今天早上與我一起參加電話會議的有董事長、總裁兼執行長諾埃爾·華萊士，以及財務長史丹·蘇圖拉。

Noel will provide you with his thoughts on our results and our 2026 outlook. We will then open it up for Q&A. Noel?

諾埃爾將向您介紹他對我們的業績以及2026年展望的看法。接下來我們將開放問答環節。諾埃爾？

Thanks, and good morning, everyone, and thanks for joining us today as we discuss our stronger-than-expected Q4 results, and more importantly, our outlook for 2026, which marks the beginning of our new 2030 strategy. I'll give some brief thoughts on 2025 before heading into why I'm excited for what 2026 could bring despite a very volatile environment as we enter the year. We delivered organic sales, net sales, gross profit, base business earnings per share and free cash flow growth in 2025 despite lower-than-expected category growth higher-than-anticipated raw material inflation and the impact of higher tariffs.

謝謝大家，早安，感謝各位今天與我們一起討論我們超出預期的第四季度業績，更重要的是，討論我們對 2026 年的展望，這標誌著我們新的 2030 年戰略的開始。在深入探討為什麼儘管2026年伊始環境動盪不安，但我依然對這一年充滿期待之前，我會先簡要談談我對2025年的看法。儘管品類成長低於預期、原物料通膨高於預期以及關稅上漲的影響，我們仍在 2025 年實現了有機銷售額、淨銷售額、毛利、基本業務每股收益和自由現金流的成長。

I believe our ability to deliver dollar-based earnings per share growth in a year with that much volatility is a sign that the flexibility and resilience we have built into our operating model is working effectively to drive value for our shareholders. Encouragingly, we are exiting the year with improved momentum with organic sales growth in all four categories in the fourth quarter and sequential improvement in organic sales growth versus the third quarter in every division, except North America. And we delivered modest volume growth in Q4, excluding the impact of both the Prime 100 acquisition and the planned exit of the private label business.

我認為，在如此動盪的一年中，我們仍能實現以美元計價的每股盈餘成長，這表明我們營運模式中建立的靈活性和韌性正在有效地為股東創造價值。令人鼓舞的是，我們以更好的勢頭結束了這一年，第四季度所有四個類別的有機銷售增長，除北美以外，每個部門的有機銷售增長都比第三季度有所改善。第四季度，我們實現了適度的銷售成長，這還不包括 Prime 100 收購和計劃退出自有品牌業務的影響。

Last year, we completed our 2025 strategy as we added $5 billion in sales, and this year marks the transition to our new 23 strategy, which we believe provides the building blocks to accelerate change at our company to continue to drive top-tier growth and total shareholder return. The five key areas where we're focused on are: First, we have strong brands with global reach. We believe this provides a competitive advantage.

去年，我們實現了 2025 年策略目標，銷售額增加了 50 億美元。今年，我們開始向新的 23 年策略過渡，我們相信該策略將為加速公司變革奠定基礎，從而繼續推動一流成長和股東總回報。我們關注的五個關鍵領域是：首先，我們擁有具有全球影響力的強大品牌。我們認為這能帶來競爭優勢。

For example, the Colgate brand is the most penetrated brand in the world and this helps us drive distribution for our portfolio, particularly in emerging markets. Second, we are accelerating our investment in new innovation models with additional resources focused on delivering more impactful science-based innovation across all price tiers with greater investment in key strategic growth markets. Next, we're harnessing the power of best-in-class omnichannel demand generation by adapting how the right products with content and messages are delivered to the right people at the moments that matter in order to drive purchase behavior.

例如，高露潔品牌是全球滲透率最高的品牌，這有助於我們推動產品組合的分銷，尤其是在新興市場。其次，我們正在加速新創新模式的投資，投入更多資源，致力於在所有價格層級提供更具影響力的科學創新，並加大對關鍵策略成長市場的投資。接下來，我們將利用一流的全通路需求產生能力，調整在關鍵時刻將合適的產品、內容和訊息傳遞給合適的人，從而推動購買行為。

The goal is to deliver consistency of this consumer-centric model around the world to build brand strength and penetration. Fourth, we're continuing to double down on and accelerate investments in scale capabilities, digital, data, analytics and AI including our efforts in revenue growth management and AI-driven innovation to generate faster growth, higher return on investment, efficiency and productivity and to integrate new ways of working across the company. We are also executing on our plans to optimize our supply chain through predictive analytics and automation to handle customization and personalization in a new dynamic environment.

目標是在全球推廣這種以消費者為中心的模式，以增強品牌實力和市場滲透率。第四，我們將繼續加倍投入並加速投資於規模化能力、數位化、數據、分析和人工智慧，包括我們在收入成長管理和人工智慧驅動創新方面的努力，以實現更快的成長、更高的投資回報率、效率和生產力，並將新的工作方式整合到整個公司。我們也在執行相關計劃，透過預測分析和自動化來優化供應鏈，以應對新的動態環境下的客製化和個人需求。

This is intended to deliver personalization at scale, drive optimal asset utilization, minimize downtime, improve service levels and enhance quality systems. Finally, anyone who has worked for me knows how much I believe in culture is a competitive advantage. We are laser-focused on continuing to develop a high-impact culture by aligning key performance indicators in our training and development programs.

此舉旨在實現大規模個人化服務，推動最佳資產利用率，最大限度地減少停機時間，提高服務水準並增強品質系統。最後，任何在我手下工作過的人都知道，我多麼相信企業文化是一種競爭優勢。我們正全力以赴，透過在培訓和發展計畫中調整關鍵績效指標，持續發展高影響力文化。

We also announced our strategic growth and productivity program which should unlock the organizational changes and funding necessary to help us deliver on our new strategy. Combined with our fund growth initiatives, which delivered another strong year in 2025 and we believe we are well positioned to invest to grow our brands, build our capabilities and deliver productivity to help offset cost inflation and drive margin expansion. We have several reasons for optimism in 2026.

我們還宣布了策略性成長和生產力提升計劃，該計劃將帶來必要的組織變革和資金，以幫助我們實現新策略。結合我們的基金成長計劃，我們在 2025 年又取得了強勁的業績，我們相信我們已做好充分準備，投資發展我們的品牌，提升我們的能力，提高生產力，以幫助抵消成本上漲並推動利潤率擴張。我們有充分的理由對2026年保持樂觀。

Our new strategy and the resilience and strength of our operating model gives us the ability to adapt to this volatile environment. Emerging markets where we have significant exposure continued to perform ahead of developed markets. We delivered improved momentum on our business in Q4 in terms of organic sales growth and market share, and we have seen stabilization of category growth rates as we exit 2025, but we still face significant uncertainty.

我們的新策略以及我們營運模式的韌性和實力，使我們能夠適應這種動盪的環境。我們在新興市場擁有大量投資，這些市場的表現持續優於已開發市場。第四季度，我們的業務在有機銷售成長和市場佔有率方面取得了進步，隨著2025年即將結束，我們看到品類成長率趨於穩定，但我們仍然面臨著很大的不確定性。

While category growth may have stabilized, growth rates remain low. This is difficult in and of itself, but also could lead to higher levels of promotion and other competitive activity. Foreign exchange is favorable right now but has been a negative impact for eight of the past 10 years.

雖然品類成長可能已經趨於穩定，但成長率仍然很低。這本身就很難，但也可能導致更高層次的晉升和其他競爭活動。目前外匯市場情況有利，但在過去十年中有八年都產生了負面影響。

The geopolitical environment, including tariffs, is volatile, particularly in Latin America, and the US market remains sluggish, while we think trends will improve, we're not building in a big rebound. Because of this uncertainty, we're giving a wider range than normal in our net sales and organic sales growth guidance to incorporate various levels of category growth. So to finish up, I'm confident in our ability to navigate through this uncertain environment.

地緣政治環境（包括關稅）動盪不安，尤其是在拉丁美洲，美國市場依然疲軟，雖然我們認為趨勢會有所改善，但我們並不預期會大幅反彈。由於這種不確定性，我們在淨銷售額和有機銷售額成長預期中給出了比平常更寬的範圍，以涵蓋不同水準的品類成長。最後，我對我們應對這種不確定環境的能力充滿信心。

I believe we have the correct long-term strategy, very well-designed 2026 plans and, of course, the best people and culture so that we can continue to deliver value to all of our stakeholders through achieving our long-term ambitions. And with that, I'll take your questions.

我相信我們擁有正確的長期策略、精心設計的 2026 年計劃，當然還有最優秀的人才和文化，因此我們能夠透過實現我們的長期目標，繼續為所有利益相關者創造價值。那麼，接下來我將回答你們的問題。

(Operator Instructions)

（操作說明）

Dara Mohsenian, Morgan Stanley

摩根士丹利 Dara Mohsenian

Hey, good morning guys.

嘿，各位早安。

Morning, Dara.

早安，達拉。

So nice sequential progress on organic sales growth in Q4. 1% to 4% guidance for '26 is a wide range, understandable in this environment. But Noel, I'd just love to get your perspective on category growth within that guidance as you look at key regions around the world, where we sort of stand here at the beginning of the year.

第四季有機銷售成長取得了令人滿意的連續進展。 2026 年 1% 至 4% 的成長預期範圍較廣，在當前環境下可以理解。但諾埃爾，我很想聽聽你對上述指導方針下品類增長的看法，尤其是在你審視全球主要地區，以及我們年初所處的位置時。

Obviously, a difficult '25, but you talked about improvement in Q4, where we saw that clear sequential improvement. So just does that give you more confidence here? How do you see Colgate as positioned also within that industry framework just from a market share standpoint and as you look to drive greater marketing effectiveness?

顯然，2025 年情況嚴峻，但您提到第四季度有所改善，我們也看到了明顯的環比改善。這是否讓你更有信心了？從市場佔有率的角度來看，您如何看待高露潔在產業框架中的定位，以及如何提高行銷效率？

I think the point blunter is really just trying to understand how you think about landing within that OSG range in '26, an improvement versus '25 with the points you made around optimism versus the uncertainty. And then if I can slip the second one in, Stan, it's just been so long since we've seen favorable FX. Can you just talk about the flex on the earnings line relative to the top line dynamics I just asked about and how you manage the business in terms of spend and the way you manage that business relative to that FX benefit? Thanks.

我認為關鍵在於理解你如何看待在 2026 年落入 OSG 範圍內，與 2025 年相比有所改進，這與你之前提出的樂觀與不確定性的觀點相符。然後，如果我能把第二個也加進去就好了，斯坦，我們已經很久沒有看到有利的FX了。您能否談談我剛才提到的營收動態對獲利線的影響，以及您如何管理支出和利用外匯收益來管理業務？謝謝。

Yes. Thanks, Dara. Clearly, we're pleased with the -- as you said, the momentum exiting the year.

是的。謝謝你，達拉。顯然，正如你所說，我們對今年的良好勢頭感到滿意。

On an underlying basis, excluding private label, organic in excess of 3%. So a good number that we think sets us up well, but the environment continues to be very challenging and very volatile. Overall, it seems like the categories have stabilized at the lower rate than our historical assumptions, as you well know, probably in that 1.5% to 2.5% as we showed in the prepared commentary.

以基本面計算，不包括自有品牌，有機產品佔超過 3%。所以我們認為這個數字不錯，能讓我們處於有利地位，但環境仍然充滿挑戰，而且非常不穩定。總體而言，如您所知，各類別似乎已經穩定在低於我們歷史假設的水平，可能在 1.5% 到 2.5% 之間，正如我們在準備好的評論中所展示的那樣。

We're seeing a lot of month-to-month swings in the US, which you can see in the candidate, obviously, plus we continue to see some downward pressure on inventories as category slow. The volume is the particularly more acute issue in the US where we've seen on our core categories some of the volumes go negative in the categories. Our anticipation is that will get a little better.

我們看到美國市場出現了許多月度波動，這一點從候選人身上可以明顯看出。此外，隨著品類成長放緩，庫存持續面臨下行壓力。在美國，銷售問題特別突出，我們看到一些核心品類的銷售出現了負成長。我們預計情況會好轉一些。

But as I mentioned, we're not assuming the US will get significantly better, at least in the next couple of quarters. On an underlying basis, though, we think North America was actually a little better for us this quarter, but still not where we need it to be, as I've discussed before. We do things with a better -- with a little better thinking in 2026 versus our strategy in '25, we've got easier comps, we've got a much stronger innovation pipeline and the execution is improving, and we certainly saw that improve as we went through the back half of the year.

但正如我之前提到的，我們並不認為美國的情況會明顯好轉，至少在接下來的幾季內不會。但從根本上來說，我們認為北美本季的情況實際上比我們好一些，但正如我之前討論過的，仍然沒有達到我們需要的水平。2026 年，我們做事的方式變得更好了——與 2025 年的策略相比，我們的思緒更清晰了。我們面臨的比較更容易，我們的創新管道也更強大，執行力也不斷提高，而且我們確實在今年下半年看到了這種提高。

If I go on to some of the other regions, as expected, Europe is seeing less pricing than before. Volume is maybe slightly better than we were expecting. Western Europe better, which was good to see, but some continued weakness, particularly in Eastern Europe and specifically calling out Poland in that regard.

如果我繼續考察其他地區，不出所料，歐洲的價格比以前有所下降。銷量可能比我們預期的略好。西歐的情況有所好轉，這令人欣慰，但有些地區仍然疲軟，尤其是在東歐，特別是波蘭。

Latin America was very encouraging with Mexico and Brazil very strong in the quarter. The Andina region and Central America regions improved, although still very challenging from a category standpoint in those areas of the world. Asia improved sequentially, which is terrific to see with India returning to growth Hawley & Hazel not out of the woods yet, but improving on an underlying basis, and we particularly saw some encouraging shares as we exited the quarter in e-commerce on Hawley & Hazel driven largely by a very successful new product entry.

拉丁美洲市場表現非常令人鼓舞，墨西哥和巴西在本季表現尤為強勁。安地斯地區和中美洲地區的情況有所改善，但從類別角度來看，這些地區仍然面臨著很大的挑戰。亞洲市場環比改善，這令人欣喜，印度市場也恢復了成長。 Hawley & Hazel 尚未走出困境，但其基本面正在改善。尤其是在我們結束本季電子商務部門時，Hawley & Hazel 的股價出現了一些令人鼓舞的上漲，這主要得益於其非常成功的新產品上市。

The Chinese New Year moves into the first quarter this year, so we should see a little bit of improvement there. But solid growth across Asia, across the rest of the division, particularly on our premiumization strategy. Hill's is a terrific quarter, while the category remained soft and dogged down with the CAT continuing to grow.

今年春節假期進入了第一季度，所以我們應該會看到情況有所改善。但亞洲其他地區以及整個部門都實現了穩健成長，尤其是在我們的高端化策略方面。希爾思本季表現出色，整個品類依然疲軟低迷，卡特彼勒指數持續上漲。

We think the US bounced back quite nicely. On an underlying basis, you saw obviously the strong growth on Hill's ex private label in excess of 5% and volume being positive on Hill's. So we're very pleased with the continued progress, but the category continues to remain quite sluggish.

我們認為美國經濟復甦得相當不錯。從基本面來看，希爾思（Hill's）自有品牌產品明顯實現了超過 5% 的強勁成長，銷量也呈現正成長。因此，我們對取得的持續進展感到非常滿意，但該類別仍然相當低迷。

And we've seen some of the issues in up in Canada with the Buy Canadian on the business. But overall, on a broad basis, we're very pleased with the continued growth on that and particularly the share growth we're seeing on the prescription diet side. So overall, we think we were exiting where we want to.

我們已經看到加拿大「購買加拿大產品」運動在商業領域引發了一些問題。但總體而言，我們對這方面的持續成長非常滿意，尤其是處方飲食的份額成長。總的來說，我們認為我們的退出方式符合我們的預期。

We're very pleased that we've set up our 2030 strategy in 2025 that we think addresses a lot of the shortcomings in the market right now. And I think you saw some of that resilience come through and the flexibility we had in the quarter as well as setting up our SGPP, as we announced in the third quarter, that we think will give us the flexibility and the funding to continue to execute around building our brands and capabilities for the long term. So let me turn it over to Stan for the FX question.

我們非常高興地宣布，我們在 2025 年制定了 2030 年策略，我們認為該策略可以解決目前市場上的許多不足之處。我認為你們已經看到了我們在本季度展現出的韌性和靈活性，以及​​我們在第三季度宣布的SGPP計劃，我們認為這將為我們提供靈活性和資金，以便我們繼續圍繞長期品牌建設和能力建設開展工作。那麼，就讓史丹來回答FX的問題吧。

Thanks, Noel. So we saw in Q4 that FX was slightly favorable versus our expectations. As Noel highlighted, FX has only been favorable on an annual basis, two of the last 10 years, and we know it can change quickly.

謝謝你，諾埃爾。因此，我們在第四季度看到，外匯市場略微優於我們的預期。正如諾埃爾所強調的，外匯市場在過去 10 年中只有兩年是年度利好的，而且我們知道這種情況會很快改變。

As we look at 2026, we see it as a low single-digit benefit to revenue in 2026, focused on primarily the first half of the year. On the bottom line, we use that as part of our flexibility in our business model, using it to invest back into the business as well as contribute to the bottom line. At current rates, Europe is the biggest marginal benefit, but most currencies have moved favorably and Latin currencies have been stronger most recently, which is also good for us.

展望 2026 年，我們認為 2026 年的營收成長幅度將僅為個位數，主要集中在上半年。歸根結底，我們利用這一點來增強我們商業模式的靈活性，將其重新投資於業務，並為最終盈利做出貢獻。以目前的匯率來看，歐洲的邊際收益最大，但大多數貨幣都出現了有利的走勢，最近拉丁美洲貨幣走強，對我們也有利。

I guess I'd close with FX, our -- we have very experienced teams. They're really good at dealing with currency in a volatile environment. So they'll deal with it through RGM, through pricing and make sure that we don't try to take too much advantage of it and use it as a flexibility in the business model.

最後我想說外匯業務，我們有非常有經驗的團隊。他們非常擅長在動盪的市場環境下處理貨幣事務。所以他們會透過 RGM（零售管理）和定價來處理這個問題，並確保我們不會試圖過度利用它，並將其作為商業模式中的靈活性。

So I think our teams will execute this well.

所以我認為我們的團隊會很好地完成這項任務。

Dara, you asked a question on guidance in terms of the wide range. Let me provide a little specificity in terms of what went into that thinking. So it's pretty simple.

Dara，你問了一個關於指導方面的問題，涉及範圍很廣。讓我具體說明一下我當時的想法。很簡單。

If categories get worse, we're at the low end of that guidance range, if categories stay where they are, that we're in the middle of that 1% to 4% range, more than likely if category strengthen, we hope to obviously achieve more towards the higher end of that range. But as we've outlined and as you've seen, significant uncertainty all around the world, categories have stabilized but remain at lower levels.

如果各類別情況惡化，我們的目標將處於指導範圍的下限；如果各類別情況保持不變，我們的目標將處於 1% 到 4% 範圍的中間；如果各類別情況好轉，我們當然希望能夠更接近該範圍的上限。但正如我們所概述的，也正如您所看到的，世界各地都存在很大的不確定性，雖然各類別已經趨於穩定，但仍處於較低水平。

Peter Grom, UBS

瑞銀集團 Peter Grom

Great, that's good morning guys. Hope you're doing well. So I wanted to follow up on Hill's. I wanted to ask about Hill's, and you kind of alluded to this now a strong quarter on the volume front despite a pretty tough category backdrop. But can you maybe just speak to the performance in the quarter relative to your expectations? Where were things stronger than expected? Were there any pockets of weakness?

太好了，各位早安。希望你一切都好。所以我想跟進希爾的調查結果。我想問希爾思的情況，你剛才也暗示過，儘管產業環境相當艱難，但本季銷量表現強勁。您能否談談本季業績與您的預期相比如何？哪些方面比預期更強？是否存在薄弱環節？

And then I guess, as you noted, the category remains challenging. But as you look ahead, I'd be curious what you expect from a category standpoint and just your ability to continue to deliver this level of outperformance? Thanks.

正如你所指出的，這個類別仍然具有挑戰性。但展望未來，我很想知道從品類角度來看，您對公司未來的發展有何預期，以及您能否繼續維持這種優異的績效水準？謝謝。

Yes. Thanks, Peter. Again, as you mentioned, strong quarter for the business on a backdrop of pretty tough category.

是的。謝謝你，彼得。正如您所說，在競爭非常激烈的行業環境下，公司本季業績表現強勁。

Private label was a 360 basis points negative impact to volume. And despite that, if you take that out, obviously, on an underlying basis, we grew volume 2%, which is terrific. And that growth was pretty broad-based with the exception of the softness we continue to see in the category behind dry but we grew across all of our core strategic segments.

自有品牌對銷售量產生了 360 個基點的負面影響。儘管如此，如果排除這一因素，從根本上看，我們的銷量增長了 2%，這非常棒。除了乾型葡萄酒類別持續疲軟之外，其他品類的成長都相當廣泛，我們在所有核心策略領域都實現了成長。

So that's terrific to see. And the volume improved on a two-year stack basis, which is also encouraging. Therapeutic continues to be a big growth driver for us.

看到這個真是太好了。從兩年的累積數據來看，交易量也有所改善，這也令人鼓舞。治療業務仍然是我們重要的成長動力。

The Prescription Diet business growing very, very nicely with improved obviously, market shares, and that clearly helps the mix in the operating margins and gross profits. We're gaining share across all channels as our strategy of science-based innovation clearly continues to deliver growth for the category and our retailers. So we're pleased with that.

處方減肥業務發展非常非常順利，市場佔有率明顯提高，這顯然有助於提高營業利潤率和毛利。隨著我們以科學為基礎的創新策略持續為品類和零售商帶來成長，我們在所有通路的市佔率都在不斷擴大。我們對此感到滿意。

But clearly, a little bit of softness on pet adoptions is driving some of the sluggishness we're seeing in the categories. But science is winning, and we clearly continue to see upside in terms of our opportunities to grow the category for some of the premiumization and innovation that we're bringing into the category. We've also gained a [shelf] space as we exited 2025, which we think will help us as we move into 2026 in a more challenged environment.

但很明顯，寵物領養的寬鬆政策導致了我們在各個類別中看到的成長放緩。但科學正在取得勝利，我們顯然繼續看到，隨著我們為該品類帶來的一些高端化和創新，該品類的發展前景廣闊。隨著我們邁入 2026 年，我們也獲得了一些[貨架]空間，我們認為這將幫助我們應對 2026 年更具挑戰性的環境。

We've got a real benefit in the supply chain as we ramped up a lot more innovation going into 2026. Our (inaudible) plant that we've talked about has greater flexibility now to deliver more wet product around the world. and we continue to see across all of the key retail environments, growth of the Hill's brand.

隨著我們在2026年加強創新力度，我們在供應鏈方面獲得了真正的優勢。我們之前提到的（聽不清楚）工廠現在擁有更大的彈性，可以向世界各地供應更多濕產品。而且，我們在所有主要零售環境中都持續看到希爾思品牌的成長。

Very competitive categories we saw exiting the back half of the year, but the good news is we continue to drive incremental growth, and we continue to fund that business with increased brand advertising.

我們看到下半年各品類競爭非常激烈，但好消息是我們繼續推動穩定成長，並且我們繼續透過增加品牌廣告來為這項業務提供資金。

Rob Ottenstein, Evercore.

Rob Ottenstein，Evercore。

Great. Thank you very much. Great. You had a tremendous amount of success turning around and then growing the Colgate brand in China. I'm wondering if you could kind of reflect on the learnings from that, to what extent you can transfer those learnings to Hawley & Hazel.

偉大的。非常感謝。偉大的。您在扭轉高露潔品牌在中國的頹勢並使其發展壯大方面取得了巨大的成功。我想知道您是否可以反思從中獲得了哪些經驗，以及您可以在多大程度上將這些經驗應用到 Hawley & Hazel 專案中。

And I think you had mentioned that, that brand is starting to do a little bit better. And are there really learnings that are transferable outside of China to the rest of Asia and even in the US? Thank you very much.

我想你之前也提到過，那個品牌的情況開始好轉一些了。真的有一些經驗教訓可以從中國推廣到亞洲其他地區，甚至美國嗎？非常感謝。

Yes, Rob, thank you. It's interesting you asked about the transferability. And in fact, we've seen so much interesting learnings coming out of our China team, our Colgate China team that we've sent all of our key leaders and marketing directors over to China for immersions into the commercial strategies that they've deployed over the last couple of years, which have clearly are at the center of our omni demand generation.

是的，羅布，謝謝你。你問到可轉讓性的問題，這很有趣。事實上，我們從中國團隊，也就是高露潔中國團隊學到了很多有趣的東西，所以我們派出了所有關鍵領導和市場總監前往中國，深入了解他們在過去幾年中實施的商業戰略，這些戰略顯然是我們全通路需求生成的核心。

And they've really learned how to deliver in an omni demand world with very strong brick-and-mortar, but equally important is a very strong e-commerce and online business, and that learning is clearly getting transferred around the world as we speak. But the underlying objective of that business has been to transfer a lot of our success over the years in brick-and-mortar over to a rapidly growing online business. And we've seen a significant amount of competition online.

他們已經真正學會瞭如何在全通路需求的世界中提供服務，擁有非常強大的實體店，但同樣重要的是擁有非常強大的電子商務和線上業務，而且這種經驗顯然正在世界各地傳播。但該業務的根本目標是將我們多年來在實體店的成功轉移到快速成長的線上業務。我們看到線上競爭非常激烈。

But despite that, we've been able to bring a lot of nation into the category, and we've learned how to personalize the message on a much more fluid basis, which we're getting at the right time and the right place to drive a lot of that share growth we're seeing on the Colgate side. And your specific question, that's exactly what Hawley & Hazel now is trying to replicate. Now they have a significant widespread, downscale distribution business that we want to continue to leverage, but we realize the category continues to evolve to e-commerce and our ability to exploit the learnings that we've had on Colgate onto the Hawley & Hazel business will ultimately prove the long-term success of that.

儘管如此，我們還是成功地將許多國家納入了這個品類，並且學會瞭如何更加靈活地個性化信息，這讓我們能夠在正確的時間和地點獲得成功，從而推動高露潔市場份額的增長。至於你提出的具體問題，這正是 Hawley & Hazel 現在試圖複製的。現在他們擁有龐大的、覆蓋面廣的、規模較小的分銷業務，我們希望繼續利用這一業務，但我們也意​​識到，該行業正在不斷向電子商務發展，我們能否將我們在高露潔獲得的經驗運用到 Hawley & Hazel 的業務中，最終將證明其長期成功。

As you mentioned and as I mentioned, we had a great new product entry on the super premium side online with Hawley & Hazel, a dual chamber technology that's quite unique for that market. and we're seeing great uptake on that as we exit the quarter. And that will clearly be the business model that we need to continue to execute on the Hawley & Hazel business moving forward.

正如你和我所提到的，我們在超高階線上市場推出了一款非常棒的新產品——Hawley & Hazel，它採用雙腔技術，這在市場上非常獨特。隨著本季結束，我們看到這款產品的銷售量非常好。顯然，這將是我們未來在 Hawley & Hazel 業務中需要繼續執行的商業模式。

We've also made some pretty significant structural changes on that business. to better set us up for where the environment is going and where we anticipate the go-to-market should end up in the next couple of years.

我們也對該業務進行了一些相當重要的結構性調整，以便更好地適應未來的環境變化以及我們預期未來幾年市場走向。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

Thank you. Good morning, everyone. I had a question on your ad spend. Consumer backdrop remains challenged and your ad spend was slightly down last year following increases in the prior couple of years. So I guess with category growth still below historical levels, curious if the decision to spend more on A&P this year is because you want to improve your market share in certain categories.

謝謝。各位早安。我有一個關於你們廣告支出的問題。消費者環境依然充滿挑戰，繼前兩年成長後，去年您的廣告支出略有下降。所以我想，鑑於品類成長仍低於歷史水平，我很好奇今年增加廣告和促銷支出的決定是否是因為你們想提高某些類別的市場份額。

If you could touch on that, that would be helpful. And I'm wondering how much flex you ultimately have to maybe pull back on A&P spend, I guess, if necessary, to deliver on your EPS guidance?

如果您能談談這方面，那就太好了。我想知道，如果需要的話，你們最終在廣告和促銷支出方面有多少迴旋餘地，才能實現每股收益預期？

Thanks. Bonnie, and good morning. Clearly, a lot of the success we've had over the couple of years has been behind building our brands and our advertising acceleration has been a key driver of that. That being said, with the sluggishness that we saw in the back half in the categories, it was prudent for us to scale back a little bit of the advertising given some of the headwinds that we saw in the categories.

謝謝。邦妮，早安。顯然，我們近年來的成功很大程度上歸功於品牌建設，而廣告投入的加速是實現這一目標的關鍵驅動力。話雖如此，鑑於我們在下半年各品類銷售中看到的疲軟態勢，考慮到我們在各品類銷售中看到的一些不利因素，我們謹慎地縮減了一些廣告投入。

That being said, we spent a lot of time in the last six to nine months really deploying the omni demand generation capabilities that I talked about as part of our 2030 strategy, which is allowing us to get much more focused on driving efficiency through our spend. And while the advertising on the percent of sales was down a little bit in the fourth quarter, it was still up 5% on a dollar basis year-on-year, which is good in terms of the number of impressions and the impact we're getting in the market. So moving forward, a real focus on optimization and efficiency, but we have areas of the world and brands that we believe will continue to benefit immensely from improved advertising and increased levels of advertising in the market in order to drive not only our market share and penetration but to drive the categories as well.

也就是說，在過去的六到九個月裡，我們花了很多時間真正部署了我之前提到的全通路需求產生能力，這是我們 2030 年策略的一部分，這使我們能夠更加專注於透過支出提高效率。雖然第四季度廣告銷售額佔比略有下降，但以美元計算，同比仍增長了 5%，就曝光量和我們在市場上的影響力而言，這是一個不錯的成績。因此，展望未來，我們將真正專注於優化和效率，但我們相信，世界上的某些地區和品牌將繼續從改進的廣告和增加的市場廣告投入中受益匪淺，這不僅可以提高我們的市場份額和滲透率，還可以推動相關品類的發展。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Hey, good morning, Noel and Stan. Thanks for the question. Noel, I wanted to dig into your comments a little bit on North America specifically. As I look at the holistic portfolio, right, you've got pretty much every region moving in the right direction. And North America seems to be kind of the last ship to turn around here, particularly, I think you called out Personal Care as maybe one of the weaker points within that bucket.

嘿，早上好，諾埃爾和斯坦。謝謝你的提問。諾埃爾，我想就你關於北美地區的評論深入探討。從整體來看，沒錯，幾乎每個地區都在朝著正確的方向發展。北美似乎是最後才扭轉局面的地區，尤其是我認為你提到的個人護理領域可能是其中比較薄弱的環節之一。

So would just love some comments from you around kind of the planning whether it be innovation and market execution for North America specifically as we get into '26 to kind of write that ship so that, hey, maybe organic sales can come in even a little bit more accelerated than you saw in Q4. Thanks very much.

所以，我很想聽聽您對北美地區的創新和市場執行方面的規劃的一些看法，尤其是在我們進入 2026 年之際，如何規劃好未來，以便有機銷售額能夠比第四季度更快地增長。非常感謝。

Yes. Thanks for the question, Peter. Tough quarter for North America, but certainly an improvement of where we saw things in the third quarter.

是的。謝謝你的提問，彼得。北美地區本季情況嚴峻，但肯定比第三季的情況有所改善。

And you've heard from other companies, the category growth continues to lag in North America and that's been a challenge for most. October and November specifically impacted by the government shutdown, likely Snap and other factors December was a little better, but let's not get too excited about December. We'll see where the first quarter ends up.

您可能也從其他公司了解到，北美地區的品類成長持續落後，這對大多數公司來說都是一個挑戰。10 月和 11 月受到政府停擺、Snap 和其他因素的嚴重影響，12 月情況稍好一些，但我們不要對 12 月抱有過高的期望。我們拭目以待第一季的最終結果。

It's clearly what we're seeing now is continued softness in the category growth numbers across the board. Nine of our categories were down in volume in the US in October and 10 in November. That's category numbers.

很明顯，我們現在看到的是整個品類成長數據持續疲軟。10 月份，我們在美國有 9 個品類的銷量下降；11 月份，有 10 個品類的銷量下降。這是類別編號。

It was only six in December. So as I mentioned, improved a little bit. Home Care category is interesting seem to be particularly impacted.

12月的時候才6歲。正如我之前提到的，情況略有好轉。家庭護理類別似乎受到的影響尤其顯著。

This category took a pretty significant hit in the fourth quarter as did fabric softeners showing both mid-single-digit decline -- volume decline. So again, like you've heard from others, we're all plagued by the fact that there's a lot of headwinds in the category. And I think what's really driving that right now is just a lot of uncertainty at the consumer level in terms of where things are headed in the marketplace.

第四季度，該品類遭受了相當大的打擊，織物柔軟精也同樣如此，銷量出現了中等個位數的下滑。所以，就像你從其他人那裡聽到的那樣，我們都深受這個領域面臨許多不利因素的困擾。我認為目前真正推動這種情況發生的，是消費者對市場走向的許多不確定性。

And as a result, they're holding back on filling their pantries, buying a lot more on promotion as perhaps they've done in the past. They're taking their penetration of the category down to a certain extent. Still, we see a lot of growth in the super premium side of the business, which is -- that's terrific and some trade down into value.

因此，他們減少了食品儲藏室的物資儲備，並且更多地購買促銷商品，就像他們過去可能做的那樣。他們正在將他們在該類別中的滲透率降低到一定程度。不過，我們看到超高端市場業務成長迅猛，這非常棒，而且有些人還會轉向價格更低的市場。

But overall, as we've talked about, we have real opportunity in the North American business, particularly in Oral Care, to drive a lot more of our mix towards the super premium part of the category. There's a gap in organic versus consumption, as you may have seen from some of the standard data. This is probably possibly due to some of the coupon activity that we've seen in the category, some downward pressures on inventories, as I mentioned upfront due to the slower category growth and also some softness in the non-Nielsen category.

但總的來說，正如我們之前討論過的，我們在北美業務，尤其是在口腔護理領域，擁有真正的機會，可以推動我們的產品組合向超高端品類靠攏。正如你可能從一些標準數據中看到的那樣，有機食品與消費品之間存在差距。這可能是由於該品類的一些優惠券活動、庫存下行壓力（正如我前面提到的，由於品類增長放緩）以及非尼爾森品類的疲軟所致。

So a very uncertain environment in North America, what are we doing about it? We're obviously really gearing up with a much stronger innovation pipeline as we move into 2026, and you'll see that unfold as we go through the balance of this quarter. And we'll obviously be much more focused on making sure our revenue growth management strategies are well in place.

北美地區情況非常不明朗，我們該如何應對？隨著我們邁入 2026 年，我們顯然正在加緊準備，打造更強大的創新管道，您將在本季度剩餘的時間裡看到這一點。我們顯然會更加重視確保我們的收入成長管理策略到位。

Clearly, there's going to be a chase of volume. We're going to have to watch the competitive activity. So far, the competitive activity has been rather constructive.

顯然，市場將會追逐成交量。我們需要密切注意競爭對手的動向。到目前為止，競爭活動還算具有建設性。

We are seeing some of our competitors do more on couponing. So we'll have to watch that carefully as we move through the balance of the year. But our belief is that the right value is to drive -- in the categories is to drive more premium innovation, and that's what we'll be focused on across our categories.

我們看到一些競爭對手在優惠券方面投入了更多精力。所以，在接下來的日子裡，我們需要密切注意這一點。但我們相信，正確的價值在於推動——在各個類別中，在於推動更多高端創新，而這正是我們將在各個品類中重點關注的方向。

Skin was soft in the category. That's our premium skin health business, particularly as we consolidate that all into the North America business. Some of the decisions we've taken on China obviously slowed the skin health business, specifically as it rolls up to North America.

此類別中，皮膚質地柔軟。這是我們高端的皮膚健康業務，尤其是在我們將所有這些業務整合到北美業務之後。我們針對中國市場做出的一些決定顯然減緩了皮膚健康業務的發展速度，尤其是在該業務向北美擴張的過程中。

We have strong strategies. We've done a significant restructuring on that business moving forward, and we're quite confident that the innovation and the focus that we have on some of the growing markets around the world, will yield better results for the business moving forward.

我們擁有強而有力的策略。我們已經對該業務進行了重大重組，我們非常有信心，我們對全球一些成長型市場的創新和關注，將為該業務帶來更好的未來業績。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Hi, good morning, everyone. I want to touch on the emerging market business that saw a pretty significant improvement in Q4, especially Latin America and Africa, Eurasia. Maybe can you first talk a bit about what you're seeing from a macro standpoint, especially in big countries like Brazil, Mexico? And then longer term, still a lot of contribution from pricing.

大家早安。我想談談新興市場業務，在第四季度取得了相當大的改善，特別是拉丁美洲、非洲和歐亞大陸。您能否先從宏觀角度談談您觀察到的情況，尤其是在巴西、墨西哥這樣的大國？從長遠來看，價格仍然會做出很大貢獻。

How should we think about the balance of pricing and volumes in emerging markets as the FX turns potentially more favorable going forward, as you mentioned before? Thank you.

正如您之前提到的，隨著外匯匯率未來可能變得更加有利，我們應該如何看待新興市場的價格和交易量之間的平衡？謝謝。

Yes. Thanks, Filippo. As you probably saw emerging markets across the board, broadly, we're quite strong.

是的。謝謝你，菲利波。正如你可能已經看到的，總體而言，新興市場整體表現相當強勁。

If taking aggregate, emerging grew at about 4.5% organic growth in the quarter with a good balance between price and volume, which is encouraging. You specifically called out Latin America, which had a very, very strong quarter. We were up in both Mexico and Brazil, high single digits and we had strong growth across all three of our categories.

如果從整體來看，新興市場本季實現了約 4.5% 的有機成長，價格和銷售量之間保持了良好的平衡，這令人鼓舞。你特別提到了拉丁美洲，該地區本季表現非常非常強勁。我們在墨西哥和巴西的成長率都達到了接近兩位數，而且我們所有三個類別都實現了強勁成長。

We also had solid growth, as I mentioned in my comments, in the Andina region in Central America, but those regions continue to be challenged by heightened competition. But overall, we continue to execute our strategy and grow the business. We're seeing a similar movement in terms of Latin America, a little bit of sluggishness, but they are growing faster than the developed markets across the world, both in Latin America as well as Asia and Africa, which we think bodes well for us, given our strategic exposure to those categories worldwide.

正如我在評論中提到的，我們在中美洲安第斯地區也取得了穩健成長，但這些地區仍然面臨日益激烈的競爭挑戰。但總體而言，我們將繼續執行我們的策略並發展業務。我們在拉丁美洲也看到了類似的趨勢，雖然成長略顯緩慢，但無論是在拉丁美洲還是在亞洲和非洲，其成長速度都超過了世界各地的已開發市場。考慮到我們在全球範圍內對這些領域的戰略佈局，我們認為這對我們來說是個好兆頭。

And FX has certainly helped us a little bit in the short term. We'll see where that goes ultimately longer term, but the volatility is clearly there. The good news on our emerging markets is we're very focused on executing against very strategic growth markets in our 2030 strategy and we'll see up investment in those markets where we were able to obviously go capitalize on the stronger category growth rates we're seeing overseas, and that will be a clear focus as we move through the balance of 2026.

短期內，外匯確實對我們有幫助。我們拭目以待，看看長期來看市場會如何發展，但波動性是顯而易見的。新興市場的好消息是，我們非常注重執行 2030 年策略中具有戰略意義的成長市場，我們將加大對那些我們能夠利用海外更強勁的品類增長率的市場的投資，這將是我們 2026 年剩餘時間的明確重點。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

Great, thanks. Good morning. Hoping you guys could talk a little bit about India, just with the GST change and just some volatility there have been in that market overall, not just for you guys on demand, consumer and so on. Would love an update there. Thank you.

太好了，謝謝。早安.希望你們能稍微談談印度的情況，特別是消費稅的變化以及整個市場的波動，不只是你們的需求、消費者等面向。很想了解最新情況。謝謝。

Good morning, Lauren. As you saw in India company results, which we recently announced, organic was up in the quarter and certainly importantly, sequentially up versus the third quarter and better than, quite frankly, expected. But underlying demand in India, mostly in the low-income urban, consumer continues to be rather soft. Our focus and our strategy as -- and our innovation is supporting that is really to grow the premium side of the business in the urban market.

早安，勞倫。正如您在我們最近公佈的印度公司業績中所看到的，本季有機成長有所提高，而且更重要的是，環比成長高於第三季度，坦白說，也比預期要好。但印度的潛在需求，尤其是低收入城市消費者的需求，仍然相當疲軟。我們的重點和策略——以及我們的創新——都是為了真正發展城市市場的高端業務。

And we have some pretty aggressive new product introductions, Colgate Total, we've launched Colgate PerioGard through the profession and our Optic White purple brands are all moving through distribution as we speak, and we will continue to focus on the premiumization of the urban market while we continue to defend some of the implications from the GST changes that were made. We're mostly through those, by and large, and we think the execution will improve as we move through 2026. Overall, we are still quite bold on India longer term, a very important market for us where we've had great success.

我們推出了一些非常積極的新產品，例如高露潔全效牙膏，我們已經透過專業管道推出了高露潔牙周護理牙膏，我們的Optic White紫色品牌也正在分銷中，我們將繼續專注於城市市場的高端化，同時我們將繼續應對消費稅改革帶來的一些影響。總的來說，我們已經基本完成了這些工作，我們認為隨著我們進入 2026 年，執行情況將會得到改善。總體而言，我們對印度市場的長期發展仍然相當樂觀，印度對我們來說是一個非常重要的市場，我們在那裡取得了巨大的成功。

The team has a strong plan for 2026 with a lot of the changes in interventions we made in 2025 that we think will play out in '26 for a much stronger year.

團隊為 2026 年制定了強有力的計劃，我們在 2025 年做出的許多幹預措施的改變，我們認為將在 2026 年發揮作用，使之成為更強大的一年。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

Hey, good morning. I guess digging into maybe even a little bit more on what's behind the slowdown in the category. You mentioned a bit of pantry destocking, but for how long can that continue? Maybe there's a little promotional activity.

嘿，早安。我想或許應該更深入地探討一下該類別成長放緩背後的原因。你提到要清理一下食品儲藏室，但這能持續多久？或許會有一些宣傳活動。

But I'm sure we will dug into sort of what's maybe going on more specifically on the category that historically has been very consistent, seem to be slowing down. And then on FX, just to confirm, I think, Stan, you had mentioned the benefit on the top line. Is it fully intended to be reinvested?

但我相信我們會深入研究一下，具體是什麼原因導致了歷史上一直非常穩定的類別，現在似乎正在放緩。然後，關於 FX，我確認一下，史丹，我想你之前提到過頂線的好處。這筆資金是否完全打算用於再投資？

Or was the comment more related to -- not to expect any leverage from the benefit on top line down the P&L?

或者，該評論更多的是指——不要指望從損益表中的收入成長中獲得任何槓桿作用？

So on the US and the categories, by and large, I think your question is more germane for the US, it is unusual for everyday use categories to see the sluggish mish, obviously. And clearly, I think as consumers get more certain around where their futures are headed and where the economy is headed, we're going to see those categories come back. And it's incumbent upon us to ensure that we're bringing the right innovation across multiple price points with the real value orientation associated to it.

所以就美國和類別而言，總的來說，我認為你的問題對美國來說更相關，顯然，日常用品類別出現緩慢的混合現像是不尋常的。顯然，我認為隨著消費者對自己的未來走向和經濟走向越來越有把握，我們將會看到這些品類回歸。我們有責任確保在多個價格點上推出具有真正價值導向的正確創新。

We know consumers react to great new product ideas. So we have to accelerate our innovation in order to drive a little bit more vibrant in the category. Clearly, we've got some pricing opportunities as I laid out earlier on whether it's revenue growth management or going after the premiumization segment.

我們知道消費者會對優秀的新產品創意做出正面的反應。因此，我們必須加快創新步伐，才能推動該領域更加蓬勃發展。顯然，正如我之前闡述的那樣，我們在定價方面有一些機會，無論是收入成長管理還是進入高端市場。

But right now, I think it's largely driven by uncertainty. And as a result of that, we've seen obviously some softness in Hispanic cluster markets as we've talked about and you've heard others talk about. But the anticipation is that we think the category has bottomed out but it will be a slow return over the balance of this year.

但就目前而言，我認為這主要是由不確定性所驅動的。因此，正如我們之前討論過的，以及你們也聽到其他人討論過的，西班牙裔集群市場顯然出現了一些疲軟跡象。但我們預期該類別已經觸底反彈，但今年剩餘時間復甦速度會比較緩慢。

And I think as we put more innovation in the market, we should see the North American market come back nicely. And as we deploy our premiumization strategy, we believe there's a lot of upside growth for us still there.

我認為，隨著我們向市場投入更多創新，北美市場應該會很好地復甦。隨著我們推行高端化策略，我們相信我們還有很大的成長空間。

And on FX, we said in 2026, we see a low single-digit benefit to top line focused largely in the first half of the year. And on the bottom line, what I said was that this would be part of our flexibility in the business model. We use it to invest back in the business as well as a combination of contributing to bottom line, which is all of what we put into our overall guidance on top and bottom.

至於外匯業務，我們曾表示，到 2026 年，我們預計營收將出現個位數成長，主要集中在上半年。最後，我所說的就是，這將是我們商業模式靈活性的一部分。我們利用這些資金再投資於業務，並致力於提高利潤，這就是我們對整體獲利和利潤的指導原則。

We'll have to use this and see. The other thing we know is it's going to be volatile as we go through the year. It's been volatile through January, and we expect that, that will continue.

我們得用這個試試看。我們也知道，今年的市場波動性會很大。1月市場波動劇烈，我們預期這種情況還會持續。

So that's why we look at it through a flexibility model, which is how we've designed our guidance.

所以這就是為什麼我們要透過靈活模型來看待這個問題，這也是我們設計指導方針的方式。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

So I was hoping if you can elaborate a little bit more on the outlook for LatAm. Clearly, you reaccelerated in the quarter, even strong volume growth. I was hoping to see if you can parse out -- I think you got impacted in Brazil for the reformulation of (inaudible).

所以我想請您再詳細談談拉丁美洲的前景。顯然，你們本季再次加速成長，銷量也實現了強勁成長。我希望你能分析一下——我認為你在巴西受到了重新調整配方的影響（聽不清楚）

I was trying to see if there is any reload in the inventory at this point and what are you embedding within that category growth global for LATAM, you have some tailwinds with potential elections in Brazil and how Mexico has been recovering? Because you called out Mexico being the biggest driver for volume. So it's curious if Brazil was driven by volumes as well.

我想看看目前庫存是否有任何補貨，以及你們在拉丁美洲的全球成長類別中融入了哪些內容，巴西潛在的選舉以及墨西哥的復甦對你們來說都是一些有利因素？因為你指出墨西哥是銷量成長的最大驅動力。所以，巴西是否也是由銷售驅動的，這點值得關注。

Yes. Thanks, Andrea. Yes, a good quarter for Latin America coming off a slightly softer quarter in the third quarter, which is somewhat unusual given their long-term success.

是的。謝謝你，安德里亞。是的，拉丁美洲本季表現良好，此前第三季略顯疲軟，考慮到他們長期以來的成功，這種情況有些不尋常。

Clearly, some of the strategies we're executing are now starting to see prove out in terms of the growth and the volume which was terrific to see in the quarter. As we look forward, obviously, the total issue that we had in 2025, we'll lap some of that moving into 2026 and the execution of our strategy will hopefully drive some incrementality to what we've seen, given some of the softness we experienced in 2025. But overall, the category seems to be behaving okay.

顯然，我們正在執行的一些策略現在開始在成長和銷售方面取得成效，這在本季非常令人欣喜。展望未來，很顯然，我們在 2025 年遇到的總體問題，到 2026 年將會有所緩解，而且鑑於我們在 2025 年經歷的一些疲軟情況，我們戰略的執行有望帶來一些漸進式的改善。但總體而言，該類別表現似乎尚可。

Yes, they're down versus historical levels. We're still able to get pricing given the strength of the brand and some of the inflationary aspects we've seen, particularly on fats and oils in the region, we've been able to take some pricing in that market and we'll continue to do that moving forward. Our focus is on a strong innovation pipeline across multiple price points, and we believe we can continue to drive volume executing against the clear price points.

是的，它們比歷史水準有所下降。鑑於品牌實力和我們所看到的一些通膨因素，特別是該地區的油脂價格，我們仍然能夠獲得一定的定價權，我們已經能夠在該市場獲得一些定價權，並且我們將繼續這樣做。我們的重點是打造涵蓋多個價格點的強大創新產品線，我們相信我們能夠繼續透過明確的價格點來推動銷售成長。

We are seeing some of the middle gets squeezed in Latin America as well, where the super premium continues to grow quite nicely. The value segment is growing where the middle is getting squeezed. So we need to up our innovation across all price points in order to ensure we're securing better volume growth across the board.

我們看到拉丁美洲的一些中端市場也受到了擠壓，而超高端市場則繼續保持著相當不錯的成長勢頭。在中端市場受到擠壓的情況下，低端市場正在成長。因此，我們需要在所有價格區間提升創新能力，以確保全面實現更好的銷售成長。

And both Brazil and Mexico are contributing very nicely to the growth and we anticipate that will be the case as we move through the balance of 2026.

巴西和墨西哥都對經濟成長做出了非常好的貢獻，我們預計這種情況將持續到 2026 年剩餘時間。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Noel, in response to the plans for driving growth in the US, you're really focused on the premiumization strategy. But you also said that economic uncertainty is a problem, especially among Hispanics who just tend to have less purchasing power. So can you talk a little bit more about the US.

諾埃爾，針對推動美國市場成長的計劃，你非常注重高端化策略。但您也提到經濟不確定性是一個問題，尤其是對於購買力往往較低的西班牙裔群體而言。那麼，您能再多談談美國嗎？

And how does your strategy take into account improving performance, I guess, for lower and middle tier priced products? That seems to be where your competitors are increasingly focused as well.

那麼，你們的策略是如何考慮提高中低階產品的性能呢？看來你的競爭對手也越來越重視這一點。

Yes. Thanks for the question. Listen, it's a combination of many things in terms of strategically how we deploy our go-to-market.

是的。謝謝你的提問。聽著，這牽涉到我們在市場推廣策略上的許多因素的綜合考量。

If you take just the lower end of the market, obviously, more prochly sensitive. We need to get our couponing strategy in the right place. We need to get our price pack architecture in the right place.

如果只考慮市場低端部分，顯然，對價格波動較為敏感。我們需要調整好優惠券策略。我們需要把價格方案架構調整到適當的位置。

We have very, very strong core base businesses in the US and around the world. And so our ability to innovate against those and bring some new news will create some excitement in the category, executing the planogram successfully as we move through '26, making sure we're bringing growth stories to our trade in terms of the ability to drive some of the value end of the business in the middle price segments as well and the trade up necessary to do that. But it really comes down to executing a well-thought through promotional strategy, combined with a very aggressive innovation strategy.

我們在美國和世界各地擁有非常強大的核心業務。因此，我們有能力針對這些挑戰進行創新，並帶來一些新的消息，這將在該品類中引起一些興奮，隨著我們進入 2026 年，我們將成功執行計劃圖，確保我們為貿易帶來增長的故事，包括推動中等價格細分市場的一些價值端業務，以及實現這一目標所需的升級換代。但歸根究底，關鍵在於執行一個經過深思熟慮的推廣策略，並輔以一個非常積極的創新策略。

If we can get those two right, I realize I'm oversimplifying, but that's critically important to drive growth in the US across all price points. And we clearly will match any competitive activity that happens, but we're very focused on driving the category much more through innovation and I hope that the constructiveness of the category that we've seen over 2025 will play out that way in 2026 as well.

如果我們能把這兩點做好，我知道我的說法過於簡單化了，但這對於推動美國所有價格點的成長至關重要。我們當然會應對任何競爭活動，但我們非常注重透過創新來推動品類發展，我希望我們在 2025 年看到的品類建設性發展勢頭在 2026 年也能繼續保持。

Nik Modi, RBC.

Nik Modi，RBC。

So just if I could just follow up on Rob's question. Just how do you think about portfolio construction in this kind of K-shape world we're living in? I'm not talking about kind of what's going on here and now.

所以，我可以再補充一下羅布的問題嗎？在現今這種K型市場格局下，您是如何看待投資組合建構的？我說的不是現在正在發生的事。

I mean, income bifurcation globally has been going on for 40 years, right? So I would assume that it's going to continue. So when you think about portfolio construction or just product construction, low end versus high end, how do you think about that over the next couple of years?

我的意思是，全球收入分化已經持續了40年，對吧？所以我認為這種情況還會持續下去。那麼，當您考慮產品組合建構或產品建構時，無論是低端產品還是高端產品，您在未來幾年會如何看待這個問題？

That's just a quick follow up on the K shape. And the real question is just some of your larger competitors have announced and probably will announce soon organizational design changes that are less category-centric and more solutions-centric. And I'm just, again, thinking about just kind of the world we're living in right now and how you think about the Project 2030 or your business plan going through them?

這只是 K 形的簡單補充。真正的問題是，你的一些大型競爭對手已經宣布，而且可能很快就會宣布組織架構的改變，這些改變將不再以品類為中心，而是以解決方案為中心。我再次思考了我們現在所處的世界，以及您如何看待「2030計畫」或您的商業計畫如何應對這些挑戰？

Like how do you think about organizational structure? And do you think that may be making any changes might make sense just given the way the world is evolving?

你如何看待組織結構？鑑於世界的發展趨勢，你認為做出一些改變是否有意義？

Yes. Thanks, Nik. Let me take a lot about our portfolio composition.

是的。謝謝你，尼克。讓我詳細談談我們的投資組合構成。

And something we talked along about relative to our 2025 strategy was the importance of our core business. And it's interesting, you're hearing quite a few staples talk about revitalizing their core. We've been on that journey for three to four years, really elevating our core businesses, relaunching them with science-driven innovation and driving a lot more value in our big core businesses, which is the bulk of our business.

我們一直在討論與我們的 2025 年策略相關的一個方面，那就是我們核心業務的重要性。有趣的是，你現在會聽到不少主營業務都在談論重振其核心業務。在過去的三、四年裡，我們一直在努力提升我們的核心業務，透過科學驅動的創新重新推出這些業務，並在我們佔業務主體的大核心業務中創造更多價值。

And that strategy will absolutely continue as we move through 2030. We've learned that making sure that our big core businesses are not forgotten and then we get too focused on line extensions and super premium innovations, and we forget what got us to where we are today. That's a dangerous place to go.

到2030年，這項戰略必將繼續執行。我們已經意識到，如果我們過度專注於產品線延伸和超高端創新，就會忘記是什麼讓我們走到今天這一步，從而忽略了我們的核心業務。那是個危險的地方。

And so our core business and the strategy that we've been deploying, we think, has played out very nicely through 2025 and we have some exciting relaunches against our core business as we move into 2030. So that will continue to be very important around shaping our portfolio. But you've heard me consistently talk about where we under-indexed the most globally is on the super premium side.

因此，我們認為，我們的核心業務和我們一直在實施的策略在 2025 年取得了非常好的效果，並且隨著我們邁入 2030 年，我們將在核心業務方面推出一些令人興奮的新舉措。因此，這對於建立我們的投資組合仍然至關重要。但你們一直都聽我說過，我們在全球範圍內做得最差的領域是超高端市場。

And that will be a very focused effort going through 2030. For us to get more of our fair share in the super premium side of the business, we now have been spending years developing great science-based innovation that we think can exploit the super premium and drives real value and premiumization opportunities. You've seen that obviously on the Hill's business.

這將是持續到2030年的一項重點工作。為了在超高端市場獲得我們應得的份額，我們多年來一直致力於開發基於科學的創新技術，我們認為這些技術可以挖掘超高端市場潛力，並帶來真正的價值和高端化機會。這一點在國會山莊的商業活動中顯而易見。

We need to replicate that across our other categories more successfully. So you'll see that executed as we move through the 2030 plan. On organizational structure, I think the strategic growth and productivity plan is doing exactly what you, in general, laid out, which is laying out our organization for where we think the world is going.

我們需要在其他品類中更成功地複製這種模式。所以，隨著我們推進 2030 年計劃，你會看到這些措施得到落實。關於組織結構，我認為策略性成長和生產力計劃正在按照您總體上提出的方式進行，即根據我們認為世界的發展方向來規劃我們的組織。

And at the core of that is structuring our organization against what we call omni demand generation. So we will desilo the organization from an e-commerce business in a brick-and-mortar business and indirect trade distribution business and now have a much more holistic commercial, one commercial organization, that's deploying strategies to win the omni demand consumer. And that is a big focus for us in terms of how we're organizing ourselves, the SGPP plan is enabling us to look at the structure that we have today and find ways to optimize that, to drive faster decision-making and to organize ourselves against a very challenging and changing consumer environment around the world that requires us to be very fluid and dynamic in terms of our content and how we advertise and how we execute digitally and personalize our messaging at the same time at the right time and the right place.

而這一切的核心在於，要針對我們所謂的「全通路需求產生」來建構我們的組織架構。因此，我們將打破電子商務、實體店和間接貿易分銷業務之間的壁壘，打造一個更全面的商業組織，一個統一的商業組織，該組織正在部署策略以贏得全通路消費者的需求。而這正是我們在組織方式上的一個重點。 SGPP 計劃使我們能夠審視我們現有的結構，並找到優化它的方法，從而加快決策速度，並適應全球範圍內充滿挑戰且不斷變化的消費者環境。這要求我們在內容、廣告和數位化執行方面保持高度的靈活性和動態性，同時在適當的時間和地點個人化我們的訊息。

So it encompasses all of what you said. It's a pretty substantial change for us, but a really exciting change and a journey that we've been on for a couple of years to get to where we're ready to really embark on more substantive stages as we move through 2030.

所以它包含了你所說的所有內容。這對我們來說是一個相當大的變化，但也是一個令人興奮的變化，我們已經為此努力了幾年，才達到現在的階段，準備在 2030 年真正開始進入更實質性的階段。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

I just wanted to come back to North America pricing. You've gained some steam there and it was positive again. You've touched on just the need for flexibility and the consumer uncertainty.

我只是想回到北美定價模式。你在那方面取得了一些進展，而且結果再次是積極的。您剛才提到的正是靈活性的必要性和消費者的不確定性。

But maybe can you give a sense at a high level what your expectations are in 2026? And you touched on some of the RGM capabilities. But maybe I just want to clarify if you meant more that to manage price realization?

但您能否大致談談您對 2026 年的期望？您還談到了 RGM 的一些功能。但我或許只是想確認一下，你的意思是否不只是為了控制價格實現？

Or if you meant that more as driving value for the consumer? I'm sure it'd be a bit of both, but should we expect a little bit more pricing momentum to continue? Or any watch-outs there?

或者，你指的是為消費者創造價值嗎？我相信兩者兼而有之，但我們是否應該預期價格上漲勢頭會繼續增強一些？或者說，那裡有什麼需要注意的地方嗎？

Yes. Thanks for the question. Clearly, we've always suggested that we need to have a balance between pricing and volume.

是的。謝謝你的提問。顯然，我們一直認為需要在價格和銷售之間取得平衡。

And a lot of the efforts and capabilities that we've built over the last five years in revenue growth management, where we now have AI helping to deliver better, more prudent decisions around price pack architecture, promotional environment, how we think about our premiumization is a key vehicle for us to continue to execute against to drive pricing in the category. So we need to get some pricing in that category. And clearly, the teams are very focused on that.

過去五年，我們在收入成長管理方面投入了大量精力，並建立了強大的能力。現在，人工智慧幫助我們在價格包裝架構、促銷環境等方面做出更好、更明智的決策，而我們對高端化的思考方式，是我們持續推動該品類定價的關鍵工具。所以我們要來了解這個價位段的價格。顯然，各支球隊都非常關注這一點。

We'll be looking at our promotional strategies much more diligently on how we get pricing out of those. We'll be looking at our price pack architecture, how we get those. And importantly, as I laid out the innovation becomes critically important to ensure that we're getting premium innovation to drive pricing for the category, while we continue to execute core renovation to make sure that we're bringing value to that consumer as well.

我們將更加認真地研究我們的促銷策略，看看如何從中獲得最佳定價。我們將研究我們的價格方案架構，以及我們是如何制定這些方案的。而且重要的是，正如我之前所闡述的，創新對於確保我們獲得高端創新以推動該品類的價格至關重要，同時我們還要繼續進行核心革新，以確保我們也為消費者帶來價值。

We're looking at the portfolio in terms of getting the price points right, as I mentioned, and making sure that we're competing against the growing price points, and we have innovation there. So in essence, it's a little bit of everything there. The US, I think, will continue to be a challenging environment for the next couple of quarters.

正如我剛才提到的，我們正在審視產品組合，力求找到合適的價格點，確保我們能夠與不斷上漲的價格點競爭，並且我們在這方面擁有創新能力。所以本質上，它包含了各種各樣的東西。我認為，未來幾個季度，美國市場仍將是一個充滿挑戰的環境。

But as we move through the back half, I think our expectation is, is most of our competitors continue to bring more innovation in the category. We see the US market start to settle down post the elections. We think we'll see the categories come back, and we are ready to make sure that we drive penetration and brand share in that environment.

但隨著下半年的到來，我認為我們的預期是，大多數競爭對手將繼續在該領域帶來更多創新。我們看到美國市場在選舉後開始趨於穩定。我們認為各個品類將會回歸，我們也已做好準備，確保在這種環境下提高市場滲透率和品牌份額。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

I know you mentioned FX has only been a tailwind in two of the last 10 years. But can you remind us what happened to pricing promo in the past in emerging markets, whether price push back? Is there any risk that price pushbacks led -- could happen led by consumers or whether competition?

我知道你提到過，FX在過去10年只有兩年是順風。您能否提醒我們一下，過去新興市場的價格促銷活動都經歷了哪些情況，是否遭遇了價格抵制？是否存在價格抵制引發價格戰的風險──這種抵制可能是由消費者發起的，也可能是由競爭引發的？

Also uses the flex provided but at a greater magnitude to try and chip away at your shares in international markets? And then are there -- assuming that there is that flex, right, that you can spend back, are there programs that you have on tap that you plan to unleash if possible? Or is it more -- or should we think about this more as evenly spread across incremental advertising, investment and promotion?

也利用了所提供的靈活性，但規模更大，試圖蠶食你在國際市場上的份額？那麼，假設你有足夠的資金可以靈活支配，那麼是否有一些你計劃在可能的情況下啟動的專案？或者，我們是否應該將其更均勻地分配到增量廣告、投資和促銷中？

And then just lastly, you briefly touched on sort of a nationalistic view in Canada that impacted results. Are you seeing that anywhere else globally? Or how do you think about the risk of that potentially increasing?

最後，您也簡要地談到了加拿大某種程度上的民族主義觀點對結果的影響。你在世界其他地方也看過這種情況嗎？或者，您如何看待這種風險可能增加的問題？

Let me take the last one. Currently, it's mostly Canadian -- Canada issue, we haven't seen it necessarily travel in other parts of the world but you never say never in this environment, anything can happen, and we'll have to watch that carefully. I'll let Stan get into some of the specifics around foreign exchange.

讓我來選最後一個。目前，這主要還是加拿大的問題——加拿大問題，我們還沒有看到它蔓延到世界其他地方，但在這種環境下，凡事皆有可能，我們必須密切注意。我會讓史丹來詳細講解外匯方面的一些問題。

We don't have a lot of experience. And to answer your question, quite frankly, it's only happened two out of 10 years. But clearly, we don't plan nor do we build our plans based on foreign exchange being a benefit for us.

我們經驗不足。至於你的問題，坦白說，這種情況每十年只發生過兩次。但很顯然，我們在製定計劃時，既不考慮外匯對我們有利，也不以此為基礎制定計劃。

And so we clearly have our funding to growth programs. We clearly have our productivity and we clearly challenged our teams to get the pricing in the category to drive the value and return on the investment we put in to delivering science-driven innovation. So all of those will continue to happen.

因此，我們顯然已經為成長項目提供了資金。我們顯然擁有高效的生產力，我們明確地要求我們的團隊在該類別中製定價格，以推動價值和投資回報，從而實現以科學為驅動的創新。所以所有這些事情都會繼續發生。

We don't necessarily -- I think someone [pressing] your question, take our foot off the gas on taking pricing because of foreign exchange. If we need to take pricing because our products require it and the cost of the formulations require it we will take what the market can bear. And we've always done that quite successfully as you've seen through the years.

我認為，有人追問你的問題，並不代表我們會因為外匯波動而放鬆對價格的控制。如果因為我們的產品需要定價，或是配方成本需要定價，我們將接受市場能夠負擔的價格。正如你這些年來所看到的，我們一直都做得相當成功。

And I think a lot of the capabilities we've built on revenue growth management have helped that. So let me give Stan a sense to answer a couple of more questions around foreign exchange and how we're thinking about it moving through the P&L.

我認為我們在營收成長管理方面建立的許多能力都對此有所幫助。那麼，讓我給史丹一點時間，讓他回答幾個關於外匯以及我們如何考慮將其納入損益表的問題。

Yes. On the FX here, even if you go back and look at those two years where FX was favorable, we actually executed pricing in those two years as well. So as I said in my comments before, we have very experienced teams on the ground around the world. They know how to navigate this market.

是的。關於外匯方面，即使回顧過去兩年外匯情勢有利的情況，我們實際上在那兩年也執行了定價。正如我之前所說，我們在世界各地都有經驗豐富的團隊。他們知道如何在這個市場中游刃有餘。

Yes, some local players will on occasion try to use that for short-term advantage, but I come back to the flexibility in the P&L. We'll work that flexibility, whether it's investments in advertising, investments in product placement, et cetera, to optimize that for whatever currency environment we're operating in. So I would expect that we'd still be able to execute pricing.

是的，一些本地玩家有時會試圖利用這一點來獲得短期優勢，但我還是要回到損益表的彈性上來。我們將靈活運用這種靈活性，無論是廣告投資、產品置入投資等等，以優化我們所處的任何貨幣環境。所以我認為我們仍然能夠執行定價策略。

It may not be in every single geography around the world, but I think history is a good indicator of our ability to execute that.

雖然它可能並非在世界各地都能實現，但我認為歷史可以很好地表明我們實現這一目標的能力。

Kevin Grundy, BNP Paribas.

凱文·格倫迪，法國巴黎銀行。

Congrats on the results. Noel, I wanted to pivot back to the Fat food business, but thoughts specifically around fresh, really from a couple of angles. One, you're learning so far from the prime business, comment on how the brand is performing versus expectations, your ability to further expand that.

恭喜取得好成績。諾埃爾，我想重新回到 Fat 食品產業，但具體來說，我想從幾個角度考慮新鮮食材。第一，你從這家主要企業學到了很多，請評論一下該品牌目前的表現與預期相比如何，以及你進一步拓展該品牌的能力。

But then two, and perhaps more broadly, just kind of taking a step back, your updated thoughts on the attractiveness of that subsegment within pet food and whether Hill's will play a role.

但是，從更廣泛的角度來看，退一步思考一下，您對寵物食品中該細分市場的吸引力以及希爾思是否會在其中發揮作用有什麼最新的看法？

Yes. Thanks, Kevin. Let me address Prime 100, which is the acquisition we made in (inaudible) those that aren't familiar with it.

是的。謝謝你，凱文。讓我來談談 Prime 100，這是我們在（聽不清楚）中收購的，可能有些人還不熟悉它。

Our results continue to come in ahead of plan. And I think we're very pleased with one, how that team is executing against the plan and quite frankly, exceeding our expectations. As you may recall, it's a science-driven, [Bett] endorse brand.

我們的業績持續超出預期。我認為我們對其中一個團隊非常滿意，他們執行計劃的方式，坦白說，超出了我們的預期。你可能還記得，這是一個以科學為導向，並得到[Bett]認可的品牌。

So it really fits our narrative in terms of how we think about businesses and how we think about sustaining long-term growth in businesses, particularly through the profession. The formulas obviously bring more science to fresh, which we think is an interesting play. They're more positioned in the derm space there, which we like.

因此，這非常符合我們對企業的思考方式，以及我們對企業（尤其是專業領域）長期永續發展的思考方式。這些配方顯然為新鮮事物帶來了更多科學性，我們認為這是一個有趣的嘗試。它們的位置更靠近真皮層，我們很喜歡這一點。

But we're learning. And we have a lot to learn on that. We don't take that innovation lightly.

但我們正在學習。我們在這方面還有很多東西要學習。我們非常重視這項創新。

We're making sure that we think about what -- where it may apply for us around the world. The good news is that's a profitable business. So we're not obviously chasing our tail to get gross margins up, but we're finding ways to drive more efficiency and more science through the formulations and improving their supply chain.

我們正在確保思考它在世界各地可能適用於哪些方面。好消息是，這是一門有利可圖的生意。所以，我們顯然不是在盲目追求提高毛利率，而是在尋找方法，透過配方和改進供應鏈來提高效率和科學性。

But right now, it's basically just watch and learn and continue to learn from the team and figure out whether we can apply that to other areas of the world in the long term. But right now, we're focused on making sure we have a successful business in Australia.

但就目前而言，我們基本上只能觀察和學習，繼續向團隊學習，並弄清楚從長遠來看，我們是否可以將這些經驗應用到世界其他地區。但目前，我們的重點是確保在澳洲的業務取得成功。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

Can segue actually into the question that I wanted to ask. So the balance sheet is in very good shape. Leverage is reasonably low or very low.

其實這正好可以引出我想問的問題。因此，資產負債表狀況非常好。槓桿率相當低或非常低。

And I guess I just wanted to ask, what is the kind of the state of the union on how Colgate is thinking about using the balance sheet, perhaps more specifically with M&A? Does the impairment today change your views on the sorts of categories that you'd like to play in? And so I guess just taking a step back, what is the desire for M&A?

我想問的是，高露潔目前是如何考慮使用資產負債表的，尤其是在併購方面？今天的傷病是否會改變您對想要參加的比賽類別的看法？所以，我想退一步來說，併購的動機是什麼？

And perhaps just give us a bit of flavor on whether your thought process is evolving on the sorts of assets or categories that you might be interested in?

或許您還能簡單透露一下，您對感興趣的資產類型或類別的看法是否有改變？

Yes. Chris, it's Stan. So why don't I start, Noel can add in any additional commentary. So as part of our work over the last several years on kind of rebuilding our business model, one of the areas that I think has really benefited is the balance sheet and cash flow.

是的。克里斯，我是史丹。那我就先開始吧，諾埃爾可以補充任何補充評論。因此，在過去幾年裡，我們一直在努力重建我們的商業模式，我認為真正受益的領域之一是資產負債表和現金流。

If you look at '25, we had a strong finish to the year. We delivered record operating cash flow of $4.2 billion. Free cash flow is also up.

如果回顧2025年，我們那一年取得了強勁的收官成績。我們實現了創紀錄的 42 億美元經營現金流。自由現金流也有所增加。

That came both from generating cash profit, but also really good performance on net working capital. That has resulted in a really strong operational ROIC and good improvement on our cash conversion cycle. So when you take a look at our balance sheet and cash flow, I think it has really improved, which gives us flexibility.

這既得益於現金利潤的產生，也得益於淨營運資本的良好表現。這帶來了非常強勁的營運投資報酬率，並顯著改善了我們的現金週轉週期。所以，當你查看我們的資產負債表和現金流量表時，我認為情況確實有所改善，這給了我們更大的靈活性。

We often talk about flexibility in the income statement, but we also have flexibility in the balance sheet. We have really nice debt towers looking out over time. We've got really strong cash flow.

我們常談到損益表的彈性，但資產負債表也具有彈性。隨著時間的推移，我們看到了非常漂亮的債務高塔。我們的現金流非常強勁。

We have low leverage here, which gives us dry powder. Now as we look at capital allocation as a result of that, our first priority is going to be investing in the business. And you've seen us do that through investing in new facilities, investing in R&D, investing in capabilities.

我們目前的籌碼量很低，這讓我們手握實打實的籌碼。現在，當我們考慮由此產生的資本配置時，我們的首要任務是投資於企業本身。您已經看到我們透過投資新設施、投資研發、投資能力來實現這一目標。

And we think that we demonstrate really good discipline in that area. The second primary area is return to shareholders. So dividends, 63 years of dividend increases, share buyback.

我們認為我們在這一領域展現了非常好的紀律。第二個主要方面是股東回報。所以，股利、63年的股利成長、股票回購。

And then, of course, M&A. And around M&A, we always look at our options to improve our portfolio of businesses. The impairment that we announced today is part of running the business.

當然，還有併購。在併購方面，我們始終在尋找各種方案來改善我們的業務組合。我們今天宣布的減損是企業營運的一部分。

The market conditions changed. We still believe in the long-term health of that business and where it can fit into our portfolio. As we look at that M&A, we're going to demonstrate discipline there.

市場環境發生了變化。我們仍然相信該業務的長期健康發展前景，以及它在我們投資組合中的定位。在審視這些併購交易時，我們將展現出嚴謹的態度。

We're going to look for the right market opportunities. And if you look over the last few years, we saw those opportunities predominantly in Hill's. We've made those investments and Red Collar and in Prime 100.

我們將尋找合適的市場機會。回顧過去幾年，我們發現這些機會主要出現在希爾公司。我們已經進行了這些投資，包括 Red Collar 和 Prime 100。

We're very happy with the Prime 100. We'll continue to look for where that complements our portfolio in total, and then we have the wherewithal to go execute it in the environment due to all the hard work from the team.

我們對Prime 100非常滿意。我們將繼續尋找能夠與我們整體投資組合相輔相成的機會，然後憑藉團隊的辛勤努力，我們有能力在相應的環境中執行它。

Yes. Well, said, there's not a lot to add to that. And clearly, our teams on the ground and around the world are looking for opportunities to optimize their portfolio.

是的。說得好，沒什麼好補充的了。顯然，我們遍布全球的團隊都在尋找優化投資組合的機會。

These are discussions we have all the way at the Board level. And rest assured that if we found the right opportunity to utilize our balance sheet, we would. But we are, as you well know, cautious and we want to manage through this uncertain environment in the right way to ensure that we come out of this stronger than we went into it.

這些都是我們在董事會層級都會討論的問題。請放心，如果我們找到合適的時機來利用我們的資產負債表，我們一定會這樣做。但正如您所知，我們一向謹慎，我們希望以正確的方式應對這種不確定的環境，以確保我們能夠比進入這種環境時更加強大。

And clearly, investing back behind the business, where we see continued growth opportunities will be our priority, but it's good to be in a position where your leverage is so low, your cash generation is strong, and it gives us, I guess, the keys to kind of address the market as we see it unfold and deliver portfolio optimization at the right time in the right place. So with that, let me say thank you to everyone in terms of the questions you had this morning. I want to specifically thank all the Colgate people around the world for their tireless efforts and the results that they delivered through 2025 in a tough environment.

顯然，繼續投資於我們認為有持續成長機會的業務將是我們的首要任務，但令人欣慰的是，我們的槓桿率如此之低，現金流如此強勁，這讓我們能夠根據市場變化及時應對，並在合適的時間、合適的地點實現投資組合優化。那麼，在此，我要感謝大家今天早上提出的問題。我特別要感謝世界各地的所有高露潔員工，感謝他們在艱難的環境下不懈努力，並取得了到 2025 年的成果。

And I look forward to seeing everyone at CAGNY in a couple of weeks.

我期待幾週後在CAGNY見到大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。