高露潔 (CL) 2026 Q3 法說會逐字稿

(audio in progress) And is being simulcast live at www.colgatepalmolive.com.

(音訊進行中) 並於 www.colgatepalmolive.com 進行同步直播。

Now for opening remarks, I'd like to turn this call over to Executive Vice President, Investor Relations, Claire Ross. Please go ahead.

現在進入開場致詞，我想把本次電話會議交給執行副總裁、投資人關係部的 Claire Ross。請開始。

Good morning and welcome to our third quarter 2026 earnings release conference call. This is Claire Ross, Executive President, Investor Relations. Today's conference call will include forward-looking statements. Actual results could differ materially from these statements. Forward-looking statements inherently involve risks and uncertainties and are made on the basis of our views and assumptions at this time.

各位早安，歡迎參加我們 2026 年第三季財報發布電話會議。我是 Claire Ross，投資人關係部執行總裁。今天的電話會議將包含前瞻性陳述。實際結果可能與這些陳述存在重大差異。前瞻性陳述本質上涉及風險與不確定性，並係基於我們目前的觀點與假設所作出。

Please refer to the third quarter earnings press release and our most recent filings with the SEC, including our 2025 annual report on Form 10-K and our 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.

請參閱第三季財報新聞稿以及我們最近向美國證券交易委員會（SEC）提交的文件，包括我們 2025 年 Form 10-K 年報及其後續的 SEC 申報文件。上述資料皆可於我們網站取得，其中討論了可能導致實際結果與這些陳述出現重大差異的因素。

These remarks also include a discussion of non-GAAP financial measures, which exclude certain items from reported results, including these identified in Tables 4, 6, 7, 8 and 9 on the third quarter earnings press release. A full reconciliation to the corresponding GAAP financial measures and related definitions are included in the earnings press release. Joining me on the call this morning are Noel Wallace, Chairman, President and Chief Executive Officer; and Stan Sutula, Chief Financial Officer.

本次發言亦將討論非 GAAP 財務衡量指標，其自已報告結果中排除若干項目，包括第三季財報新聞稿表 4、6、7、8 與 9 所列示之項目。與相對應 GAAP 財務衡量指標的完整調節表及相關定義，已包含於財報新聞稿中。今天早上與我一同參與電話會議的還有：董事長、總裁暨執行長 Noel Wallace，以及財務長 Stan Sutula。

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

Noel 將分享他對我們業績表現及 2026 年展望的看法。之後我們將開放問答。

So thanks, Claire, and good morning, everyone. So a few thoughts. We're clearly pleased to have delivered another quarter of solid top and bottom line growth, particularly in the context of the continued global volatility we're seeing.

謝謝你，Claire，各位早安。我有幾點想法。我們顯然很高興在持續的全球波動背景下，仍交出另一季穩健的營收與獲利成長。

Our strong results were broad-based with organic sales growth in all four of our categories and four of our five divisions. We delivered solid gross margin expansion in a challenging cost environment. Base business EPS came in ahead of our expectations even as we continue to increase our advertising.

我們的強勁表現相當全面，四大品類與五大事業部中的四個事業部皆實現有機銷售成長。在成本環境具挑戰的情況下，我們仍達成穩健的毛利率擴張。即使我們持續提高廣告投放，基礎業務每股盈餘（EPS）仍高於我們的預期。

We are driving operating leverage through our productivity programs, including funding the growth and the strategic growth and productivity program, which drove lower costs. Our balance sheet and cash flow performed through the third quarter was also very strong, with free cash flow up 7%, and we've returned $2.2 billion to shareholders year-to-date.

我們透過生產力計畫推動營運槓桿，包括「資助成長」以及策略性成長與生產力計畫，帶動成本下降。截至第三季，我們的資產負債表與現金流表現也非常強勁，自由現金流成長 7%，且年初至今已向股東回饋 22 億美元。

Our strong on-the-ground execution, coupled with our continued investment in our AI capabilities, helped drive our performance. As was the case last quarter, sales growth was led by emerging markets, which were up mid-single-digits, driven by India, Brazil and China. We also had strong contributions from our European markets where science-based premium innovation and our omnichannel generation model have led to record market shares. Our Hills business had also had a very strong quarter across both therapeutic and wellness businesses.

我們強大的在地執行力，加上持續投資 AI 能力，帶動了本季表現。如同上季，銷售成長主要由新興市場帶動，新興市場成長中個位數，主要由印度、巴西與中國驅動。我們在歐洲市場也有強勁貢獻，以科學為基礎的高端創新與全通路需求生成模式帶來創紀錄的市占率。我們的 Hills 業務在處方與健康（wellness）兩大業務也都交出非常強勁的一季。

We are pleased with our global momentum, but remain focused on executing our US turnaround. As mentioned in the prepared remarks, we have seen market share improvements in toothpaste but remain focused on driving the long-term reset, which starts with scaling premium innovation while we're reinforcing our core brands. We plan to increase both the pace and impact of innovation with a pipeline focused on premium opportunities that can grow at scale.

我們對全球動能感到滿意，但仍專注於推動美國市場的扭轉。如同事先準備的發言所提到，我們已看到牙膏品類的市占率改善，但仍聚焦於推動長期重置，起點是擴大高端創新的規模，同時強化我們的核心品牌。我們計畫提高創新的速度與影響力，並以可規模化成長的高端機會為重點建立產品管線。

We are also strengthening our marketing model and support behind our core equities with a sharper focus on high priority channels, including digital, social, and emerging agentic commerce. Faster innovation, better use of AI and data, and more consistent execution will underpin that work.

我們也正在強化行銷模式，並以更聚焦的方式支持核心品牌資產，將重點放在高優先通路，包括數位、社群，以及新興的代理式商務（agentic commerce）。更快的創新、更善用 AI 與數據，以及更一致的執行，將支撐這項工作。

On a global basis, we continue to invest in our revenue growth management strategies as well as our omnichannel demand generation. We're scaling our AI capabilities globally with promo AI now in many key markets, as well as with our proprietary AI innovation platform that has made our new product ideation process significantly faster than before. This leaves us well positioned to deliver perceivable superior products to accelerate category growth and drive continued market share improvement.

在全球層面，我們持續投資於營收成長管理（RGM）策略，以及全通路需求生成。我們正於全球擴大 AI 能力，目前促銷 AI 已在多個關鍵市場導入，同時我們也運用自有的 AI 創新平台，使新產品構想流程較以往顯著加快。這讓我們具備良好定位，能提供可感知的更優越產品，以加速品類成長並推動市占率持續提升。

We believe our efforts in RGM AI and our funding the growth initiatives give us the flexibility needed to invest appropriately in advertising to build our brands while driving profit and compounding EPS growth, even in a period of significant cost inflation, which we expect to remain elevated in the near term.

我們相信在 RGM AI 以及「資助成長」計畫上的努力，使我們具備所需的彈性，能在預期短期內仍將維持高檔的顯著成本通膨期間，適度投資廣告以打造品牌，同時推動獲利並複利式提升 EPS。

We are also focused on delivering against our SGPP program, which is helping us build a simpler, more agile organization. The goal is not simply to manage through volatility, it's to emerge with a stronger business and an even more resilient business moving forward. We are pleased with our year-to-date results and while there are still some uncertainties ahead, we are optimistic that the strength of our global model will set us up for long-term success.

我們也專注於落實 SGPP 計畫，該計畫正協助我們打造更精簡、更敏捷的組織。目標不僅是度過波動，而是要在未來以更強大、也更具韌性的業務走出波動。我們對年初至今的表現感到滿意，儘管前方仍有一些不確定性，但我們樂觀認為全球營運模式的優勢將使我們具備長期成功的基礎。

And with that, let me take your questions.

接下來我來回答各位的問題。

(Operator Instructions)

(接線員指示)

Peter Galbo, Bank of America.

美國銀行（Bank of America）的 Peter Galbo。

Hey, good morning. Thanks for taking the question. Noel, I noticed just in the prepared remarks, there was very little, if at all, commentary on 2027. And I know you're probably going through the planning process of that now. But maybe you could just give us some of the knowables for next year and some of the early puts and takes, particularly on the cost side. Clearly, you're delivering organic sales in line with plan, but I think there's just some concern around. The elevated cost environment might mean for next year. So just any early thoughts would be appreciated.

嗨，早安。謝謝讓我提問。Noel，我注意到在事先準備的發言中，幾乎沒有、甚至完全沒有對 2027 年的評論。我知道你們現在可能正在進行相關規劃流程。但也許你可以跟我們分享一些明年可預見的事項，以及一些初步的利多與利空，特別是在成本端。顯然你們的有機銷售表現符合計畫，但我想市場仍有一些擔憂。高企的成本環境對明年可能意味著什麼。因此若能分享任何初步想法，我們將不勝感激。

Thanks very much. Yeah. Thanks, Peter. Clearly, since we're in '26, we won't be sharing guidance on '27 until. The first quarter of next year. But clearly, the business model we're executing right now is helping to offset a very stubborn cost environment that we're experiencing around the world. And as we said, as I said in my prepared remarks, we expect the cost environment to continue. Through the fourth quarter and into the early part of next year.

非常感謝。是的，謝謝你，Peter。很明顯，既然我們目前在 2026 年，我們不會在此時提供 2027 年的財測指引，直到。明年第一季。但很明顯，我們目前正在執行的商業模式，正協助抵銷我們在全球各地所面臨、相當頑固的成本環境。而且如同我們所說、也如同我在事先準備的發言中提到的，我們預期成本環境將持續。延續到第四季並進入明年初期。

So what we're focused on are the levers we can control and executing our strategy in an environment where costs are actually elevated. As we mentioned, tariffs would peak in the fourth quarter, FX is moving a little bit against us, but we have the levers and the flexibility and we believe the growth opportunities to continue to accelerate. As we see the opportunities come to bear. So again, we'll provide guidance on '27 in the first quarter next year. Right now, we're focused on what we can control and delivering against that as well as we can.

因此我們專注於我們可控的槓桿，並在成本確實偏高的環境中執行我們的策略。如同我們提到的，關稅將在第四季達到高峰，外匯（FX）也稍微對我們不利，但我們具備槓桿與彈性，也相信仍有成長機會可以持續加速。隨著我們看到這些機會逐步落地。所以再次強調，我們將在明年第一季提供 2027 年的指引。目前我們專注於可控事項，並盡我們所能把它做好。

Dara Mohsenian, Morgan Stanley.

摩根士丹利（Morgan Stanley）的 Dara Mohsenian。

So just wanted to continue along that line of questioning. Just can you give us a bit more specifics on what drove the gross margin upside in the quarter and the confidence on raising full year gross margin guidance, strong internal performance? That's a bit incongruous with a worse than expected external cost environment. So just wondering what really drove that internally and what was better than expected. And then just Noel, you mentioned some of the offsets you're focused on going forward, maybe you can just touch on high level, the pricing lever, number one.

所以我想沿著這條提問思路繼續問下去。你們能否再更具體說明一下，本季毛利率優於預期的驅動因素，以及你們有信心上調全年毛利率指引的原因——是強勁的內部執行表現嗎？這與外部成本環境比預期更差似乎有些不一致。所以想請教，內部到底是什麼因素在推動、哪些表現優於預期？另外，Noel，你提到未來你們會聚焦的一些抵銷因素，能否從高層次談一下，第一個是定價槓桿。

And then just second on ad spend, you've had a 40% increase over a four-year period with Q4 left to go, but it looks like about 40%. Huge increase over time. Can you just talk about the ROI behind that? And if you're comfortable, you're getting a strong ROI and maybe if that's changing at all with some of these AI tech tools.

第二個關於廣告投放，你們在四年期間增加了40%，在還剩Q4的情況下看起來大約也是40%。長期來看增幅很大。你能否談談背後的ROI？如果方便的話，你們是否對目前獲得強勁ROI感到放心，以及在一些AI技術工具的影響下，這是否有任何變化？

Yeah, thanks, Sarah. So I'll let Stan talk in a minute about the cost environment, how we're dealing with that. A lot of the key initiatives that we've talked about, whether it's funding to growth, SGPP. Have been a key driver of us helping to offset that. But let me talk to something that has been pretty consistent in our narrative over the last couple of quarters, and that's our ability to get ahead of costing with pricing.

好的，謝謝你，Sarah。我先讓Stan稍後談談成本環境以及我們如何應對。我們談過的許多關鍵舉措，不論是「為成長提供資金」（funding the growth）、SGPP，都是幫助我們抵銷這些影響的關鍵驅動因素。但我想先談一個在過去幾個季度我們敘事中相當一致的點，也就是我們透過定價來領先成本上升的能力。

And if you go back to the first quarter of this year, we generated 220 basis forms of pricing, 160 in the second quarter and 200 more or less in the third quarter. So clearly, we're getting pricing into the P&L as quickly as we can. Our general managers are using that to obviously drive some margin and help offset the uncertainty and the continued volatility we're seeing around costs. So it's imperative that we get that pricing into the P&L upfront as we see a continued challenging cost environment as well as potentially a challenging foreign exchange environment.

如果回到今年第一季，我們帶來了220個基點的定價貢獻，第二季是160個基點，第三季大約是200個基點。所以很明顯，我們正盡可能快速地把定價反映到損益表（P&L）中。我們的各地總經理正在運用這點，來推動部分利潤率並幫助抵銷我們在成本方面看到的不確定性與持續波動。因此，當我們面對持續具挑戰性的成本環境，以及可能同樣具挑戰性的外匯環境時，務必在前端就把定價反映到P&L中。

The second aspect that is certainly outside the U.S. We have been extremely successful in premiumizing our bundle and driving more premium innovation, whether that's at Hills with a very strong therapeutic business this quarter, whether that's through some of the Optic White success and the total relaunch we've had around the world, but that premium innovation is clearly driving.

第二個面向，特別是在美國以外，我們在提升組合高端化（premiumizing our bundle）以及推動更多高端創新方面非常成功；不論是在Hills，本季治療型業務表現非常強勁，或是Optic White的成功，以及我們在全球進行的全面重新上市（relaunch），這些高端創新顯然正在帶動……

Nice upside in margin. And the third is clearly the strong volume that we're consistently delivering through the P&L and the leverage we're getting at our manufacturing facilities with that volume. That's certainly helping to offset that. So with that, let me let Stan talk a little bit about the cost environment, what we're seeing and how we're dealing with it with a couple of initiatives we have in place.

利潤率相當不錯的上行空間。第三個因素，顯然是我們持續在P&L中交付的強勁銷量，以及在製造工廠端因這些銷量而取得的槓桿效益。這也確實有助於抵銷上述影響。因此，接下來我讓Stan談談成本環境、我們看到的情況，以及我們如何透過幾項已在推進的舉措來應對。

Thanks, Noel. So let's start with the gross profit here. We're pleased with the gross profit performance on a year-to-date basis. And as we look at that year-to-date performance, I think it's indicative of the comments Noel just made, but in particular, the expansion if you kind of go down through the drivers, obviously, material cost is a headwind. Material prices were roughly 300 basis points of a headwind in line with our expectations, but it remains a volatile environment around commodities. Particularly around oil-based commodities.

謝謝你，Noel。那我們先從毛利談起。我們對年初至今的毛利表現感到滿意。當我們看年初至今的表現時，我認為這也印證了Noel剛才的評論；但特別是，如果你往下拆解各項驅動因素，顯然原物料成本是一個逆風。原物料價格大約帶來300個基點的逆風，符合我們的預期，但大宗商品環境仍然波動很大。尤其是與石油相關的大宗商品。

And helping to offset that was our productivity. So funding the growth drove over 290 basis points of offset to the material inflation. And that's really the hard work of all of the Colgate people around the world driving that performance. Pricing, as Noel just talked about, contributed 80 basis points of favorable driven by RGM, and we have slight favorable from mix of about 20 basis points.

而幫助抵銷這些影響的是我們的生產力提升。因此，「為成長提供資金」帶來超過290個基點的抵銷，用以對沖原物料通膨。這確實是全球所有高露潔同仁努力推動而來的成果。如Noel剛才所說，定價貢獻了80個基點的正面影響，主要由RGM（營收成長管理）驅動；此外，組合（mix）也有約20個基點的小幅正面影響。

As you kind of look, we guided for margin to be up on a year-on-year basis, up from roughly flat previously. And that's really driven by the performance we have, the confidence and the productivity as we exit the year, even though commodities are elevated. Our commodities right now are largely locked in for Q4. So as we look at the overall balance, we think we can expand our gross profit margin for the year.

再看指引方面，我們指引毛利率將年對年上升，從先前大致持平的看法上調。這主要是由我們目前的表現、我們的信心，以及在年末退出時的生產力表現所驅動，儘管大宗商品價格仍處於高位。我們目前的大宗商品成本大多已為Q4鎖定。因此，綜合整體平衡來看，我們認為今年可以擴大全年毛利率。

Let me peel that back a little bit on raw materials and freight and logistics, I'll lump that in, continues to operate in a really volatile environment. While we raised our guidance, raw and pack costs remained a significant headwind in Q3, particularly residents in petrochemicals as well as pulp and paper.

我再把原物料以及運費與物流（我把它們合併來談）拆解說明一下：整體仍處於非常波動的環境。雖然我們上調了指引，但原料與包材成本在Q3仍是顯著逆風，尤其集中在石化產品，以及紙漿與紙張。

Their productivity and that's funding the growth and SGPP helped us to mitigate that within the quarter. Now we expect that underlying cost commodity pressure to remain elevated in Q4 and the near term. Our residents in petrochemicals remain high, but our cost projections for the balance of 2026 are largely locked in and included in our guidance. But it will be, as you see the commodity volatility, I think a headwind heading into 2027.

我們的生產力提升——也就是「為成長提供資金」與SGPP——幫助我們在本季內緩解了這些影響。目前我們預期，潛在的大宗商品成本壓力在Q4及短期內仍將維持在高位。我們在石化方面的成本仍然偏高，但我們對2026年剩餘期間的成本預估大多已鎖定，並已納入我們的指引之中。不過，考量大宗商品的波動性，我認為進入2027年時仍會是一項逆風。

Now, freight and logistics, we've all seen the escalating fuel costs, and those are having a direct impact on freight costs. And as those hit the P&L faster than commodity costs, which flow through inventory. Logistic costs have increased, they remain elevated, and our guidance for Q4 has the highest logistics cost quarter of the year, both in dollars and as a percent of sales. We expect that continued pressure through the end of the year and heading into next year. But overall, it's the balance of our. It's the balance of offsetting those elevated costs through pricing, productivity, both from funding the growth and SGPP that give us confidence to raise the guidance for the year.

再來談運費與物流。我們都看到燃料成本在上升，而這對運費成本有直接影響。而且這些影響反映到P&L的速度比大宗商品成本更快，因為大宗商品成本會先流經存貨。物流成本已經上升且仍維持在高位；我們對Q4的指引顯示，Q4將是全年物流成本最高的一季，無論以金額或以銷售額百分比來看都是如此。我們預期這種壓力會持續到年底並延續到明年。但整體而言，這是我們的……整體而言，正是透過定價與生產力（包括「為成長提供資金」與SGPP）來抵銷這些高企成本的平衡，使我們有信心上調全年指引。

Yes, thanks, Dan. Just perhaps one additional clarification. We had an insignificant amount of tariff-free fund come through in the third quarter, so that was not the driver there, and we're not anticipating in the fourth quarter to have any further tariff-free funds.

是的，謝謝你，Dan。我再補充一點釐清。第三季只有極少量的免關稅資金（tariff-free fund）流入，因此那並不是驅動因素；而且我們也不預期第四季會再有任何額外的免關稅資金。

Let me come back to your last part of your question, Dara, which is on advertising. Clearly, the strategy that we've been deploying for the last few years is to drive consistent top-line growth with the accelerated advertising spend that we're deploying around the world, and clearly that model seems to be working for us. We're spending a significant amount of time. With understanding ROI, as I've talked about, and we feel very good about the ROIs that we're seeing.

我再回到你問題的最後一部分，Dara，也就是關於廣告。很明顯，我們過去幾年所推動的策略，是透過在全球加速投入廣告支出，來帶動一致的營收成長（top-line growth）；而且很明顯，這個模式對我們而言似乎正在奏效。我們投入了大量時間。用於理解ROI，如我先前談到的，我們對目前看到的ROI感到非常滿意。

Now, the focus moving forward is to continue to accelerate advertising, but we're going to continue to use the tools we have at our disposal to optimize that spending as efficiently as possible. So we've got a good handle of what's going on with the advertising line. We feel very good about the spend. And you see that playing out in the market share growth across the world. So this quarter on oral care, toothpaste up, toothbrushes up. Mouthwash up.

接下來的重點是持續加速廣告投放，但我們也會持續運用手上可用的工具，盡可能有效率地優化這些支出。因此，我們對廣告費用這一項目的狀況掌握得很好。我們對這些投入感到非常放心。而你也可以從全球各地市占率的成長看到這點正在發酵。因此，本季在口腔護理方面，牙膏上升、牙刷上升。漱口水也上升。

So all we think consistent with the innovation strategy and the brand building that we have. And if we talk about some of the sluggishness that we've seen in categories around the world, it's also important that we continue as leaders in the category to support the growth with value-oriented premiumization to accelerate the advertising -- excuse me, the category growth as we move forward.

因此，我們所做的一切都與我們的創新策略以及品牌建設保持一致。而如果我們談到我們在全球各品類中看到的一些疲弱情況，同樣重要的是，作為品類領導者，我們必須持續以「以價值為導向的高端化」來支持成長，並在我們向前推進時加速廣告投入——抱歉，是加速品類成長。

Peter Galbo, UBS.

Peter Galbo，瑞銀（UBS）。

Great. Thank you. Good morning, everyone. Hope you're doing well. I wanted to pivot to top-line and maybe with the emphasis on Hills, very impressive organic sales growth this quarter. So can you maybe just unpack how the quarter came in relative to your expectations, what you're seeing from a category and market share standpoint, and how you see growth evolving from here?

很好。謝謝。各位早安。希望大家都一切順利。我想把話題轉到營收端（top-line），也許特別聚焦在希爾思（Hills），本季有非常亮眼的有機銷售成長。所以你能否拆解一下本季表現相較於你們原先預期如何、從品類與市占角度你們看到了什麼，以及你們如何看待接下來的成長走勢？

Yeah, thanks, and good morning, Peter. Hill had a terrific quarter, probably above our expectations, but that team is pretty consistent in delivering against that, which is great to see. So a lot of things happened in the quarter that were quite interesting. Clearly, the top-line was good, 6.5% ex-private label. And as we talked about, the category is still relatively sluggish. We're not seeing any material moves that we've talked about at least through the first nine months of the year.

好的，謝謝，Peter，早安。希爾思本季表現非常出色，可能高於我們的預期，但那個團隊一向很穩定地交付成果，這點很高興看到。所以本季發生了很多相當有意思的事情。很明顯地，營收端表現不錯，扣除自有品牌（private label）後成長6.5%。而如同我們先前談到的，整個品類仍相對疲弱。至少在今年前九個月，我們沒有看到任何我們之前提到的重大變化。

So most of that growth. Is the strategic focus we have on growing segments, particularly CAT and WET and market share growth. So it's pleasing to see the fact that in a tough environment with increased competition, we're seeing good market share growth and very much the deliberate efforts we're placing in country category combinations and the segment growth opportunities that we're seeing good return on that investment. Therapeutic, as I mentioned earlier, had an excellent quarter. So prescription. Diet dog was up behind mid-single-digits, prescription diet cat was up double-digits.

因此，大部分的成長。來自我們在成長型區隔上的策略性聚焦，特別是貓（CAT）與濕食（WET），以及市占成長。所以令人欣慰的是，在艱困環境與競爭加劇之下，我們仍看到良好的市占提升；而且我們在「國家×品類」組合上的刻意投入，以及我們所看到的區隔成長機會，這些投資都帶來了很好的回報。我先前提到的治療性（Therapeutic）業務本季表現也非常好。也就是處方端。處方飼料狗（prescription diet dog）在中個位數成長帶動下上升，處方飼料貓（prescription diet cat）則是雙位數成長。

So clearly the therapeutic side of the business and the advocacy we're driving through the profession is playing out on the prescription side and that's having a halo effect obviously on the rest of the business. The other piece I'd call out is we've been on this long-term journey to truly optimize our manufacturing and capacity that we have around the world and the increased capacity we put in the wet is certainly. Delivering some of the improvements we're seeing there.

因此很明顯地，治療性業務以及我們透過專業人士所推動的倡議（advocacy），正在處方端展現成果，而這也顯然對其餘業務帶來光環效應（halo effect）。另外一點我想強調的是，我們長期以來一直在推進一段旅程，真正去最佳化我們在全球的製造與產能配置，而我們在濕食端所增加的產能，確實。正在帶來我們所看到的一些改善。

But overall, with the strong volume growth we had in the quarter and the continued pricing, we saw gross margin up 170 basis points. And that's allowing us back to maybe dovetail some of the comments I made to Dara's question to continue to accelerate the advertising spend on Hills because the ROI is absolutely there for us. And we're very happy with the campaign we're deploying, with the innovation that we're bringing across both prescription diet as. As well as the wellness side of the business. So overall, doing quite well. But it's a challenge category, and we need to continue to execute well to drive that consistent growth moving forward.

但整體而言，憑藉本季強勁的銷量成長以及持續的定價，我們看到毛利率提升了170個基點。這也讓我們能夠回到我對Dara提問時所說的一些觀點，繼續加速希爾思的廣告投入，因為對我們而言投資報酬率（ROI）確實存在。而我們對正在投放的行銷活動感到非常滿意，也對我們在處方飼料方面所帶來的創新感到滿意。以及健康（wellness）業務端的創新。所以整體表現相當不錯。但這是一個具挑戰性的品類，我們必須持續把執行做好，才能在未來推動那種一致且穩定的成長。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊（Barclays）。

Great. Thanks. Good morning. One thing that jumped out to me this morning was the overhead efficiencies, 90 basis points in SG&A, and that was, it's been growing each quarter of the year for the benefit. So just curious, like how much of it that's from the SGPP versus kind of ongoing productivity initiatives? Like how has, I guess, what you're doing internally allowed that productivity of the SG&A line to become a bigger component. P&L? And should we think of this as like a new run rate? And what's the forward look on SG&A efficiencies?

很好。謝謝。早安。今天早上有一點讓我特別注意到，就是間接費用效率：SG&A改善了90個基點，而且這個效益在今年每一季都在擴大。所以我想了解一下，其中有多少是來自SGPP， versus（相對於）持續性的生產力提升計畫？也就是說，你們內部做了哪些事情，讓SG&A這條線的生產力成為更大的組成部分。在損益表（P&L）上？以及我們是否應該把這視為一個新的run rate（常態化水準）？另外，對於SG&A效率的前瞻展望是什麼？

Thanks, Lauren. I'll take that one. So on overhead efficiencies, it's really a combination of underlying productivity, but our sales and growth and productivity program has certainly been a driver. The teams have done a very nice job to implement that. And remember, when we looked at this, we're going to use the proceeds from that in two forms. We're going to invest back into the business. That's in things like advertising, like skill sets, AI, data and analytics.

謝謝，Lauren。這題我來回答。關於間接費用效率，確實是基礎生產力提升的組合，但我們的銷售、成長與生產力計畫（SGPP）無疑也是一個驅動因素。各團隊在落實方面做得非常好。另外請記得，當我們看這件事時，我們會把由此產生的成果用在兩個方向。我們會再投資回到業務中。包括像是廣告、技能組合、AI、資料與分析等。

And we're going to take some of that to the bottom line. There are still escalations underneath the covers as we are doing merit increases and those vary around the world. We're investing back in the business. But under the covers, even with that 90-point improvement, there's a lot of activity going on. So SGPP, as a reminder, goes out through the end of 2028.

同時，我們也會把其中一部分反映到最終獲利（bottom line）。在檯面下仍有一些成本上升因素，例如我們在做績效調薪（merit increases），而且各地區情況不同。我們也在把資金再投資回到業務。但在檯面下，即便有這90個基點的改善，其實仍有很多活動在進行。另外提醒一下，SGPP會持續到2028年底。

So we have more that will be coming, and we've talked about that in the past. But there's a nice mix here of underlying productivity plus the SGPP contributing to that. This is part of our business model that we're looking at. So trying to drive margin improvement, manage overheads, grow the business to invest back in the underlying business and deliver compounding profitable growth.

因此後續還會有更多成果釋出，我們過去也談過。但這裡有一個很好的組合：基礎生產力提升加上SGPP對此的貢獻。這也是我們正在檢視的商業模式的一部分。也就是努力推動毛利率改善、管理間接費用、推動業務成長，以便再投資回到核心業務，並交付可複利的獲利成長（compounding profitable growth）。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行（Deutsche Bank）。

Thanks and good morning. Latin America remains a very solid growth driver. But as you called out in the prepared remarks, Mexico slowed this quarter, and there have been some external questions on forward momentum in Brazil. So maybe just an update on puts and takes as you look around the region and how you feel your business is positioned as we exit '26 and move into '27?

謝謝，早安。拉丁美洲仍然是非常穩健的成長驅動力。但如你在事先準備的發言中提到的，墨西哥本季放緩，而且外部也有一些問題在關注巴西未來動能。所以能否就你們觀察該區域時的利多與利空（puts and takes）做個更新，以及當我們走出’26、進入’27時，你們覺得自身業務的定位如何？

Yeah, thanks, Steve, and good morning. Yeah, as you said, another solid quarter for Latin America, up 6%, which is pleasing given some of the economic and political changes that we've seen across the region. But that's a testament to the team that we have in place and their ability to be highly resilient and agile as they adjust to things across the region. And I think what's particularly pleasing is to see the strong volume growth in Latin America as well, so up 3.9%.

好的，謝謝，Steve，早安。是的，如你所說，拉丁美洲本季再度交出穩健表現，成長6%，考量到我們在該區域看到的一些經濟與政治變化，這樣的表現令人欣慰。但這也證明了我們當地團隊的實力，以及他們在因應區域內各種變化時展現出的高度韌性與敏捷性。而我認為特別令人欣慰的是，拉丁美洲也呈現強勁的銷量成長，上升3.9%。

And delivering that with 2% pricing in a tough environment. I'll get to both Brazil and Mexico in order. So Brazil obviously up double-digits, another very strong quarter, nice market share acceleration, largely driven by, I think, the strong advertising support, but importantly, the portfolio and focus we're putting on premiumizing oral care with shares up there. Driving execution in some of the faster-growing categories like shower gels and others, and it's doing a nice job executing broadly across the portfolio.

並且在艱困環境下，以2%的定價來達成。我會依序談巴西與墨西哥。巴西顯然是雙位數成長，又是一個非常強勁的季度，市占加速提升；我認為主要由強力的廣告支持所帶動，但更重要的是，我們在口腔護理的高端化（premiumizing）上所做的產品組合與聚焦，使得那裡的市占上升。同時在一些成長更快的品類（如沐浴乳等）推動執行落地，並且在整體產品組合上廣泛地執行得很到位。

And we feel pretty good about where things would go. We'll need to watch the real carefully here as you've seen it inch up or inch down, so to speak, as the dollar has appreciated against that currency quite considerably over the last week or two post the elections, and we hopefully will see that settle down here soon.

而且我們對事情接下來的走向感覺相當不錯。我們需要非常仔細地觀察匯率，如你所見，隨著美元在選後過去一兩週相對該貨幣大幅升值，匯率可說是時而小幅上升、時而小幅下降；我們也希望很快能看到它在此趨於穩定。

Mexico is hit with a difficult consumer backdrop, obviously some uncertainty in the categories at which we compete, but also some very specific retailer challenges that we had in the quarter. We'll see some of those challenges start to subside as we exit the fourth quarter and we feel comfortable that those will be behind us as we move into '27.

墨西哥面臨艱難的消費者環境，顯然在我們競爭的品類上也存在一些不確定性，但同時我們在本季度也遇到一些非常具體的零售商端挑戰。隨著我們走出第四季，我們會看到其中一些挑戰開始緩解；我們也有信心在邁入 '27 時，這些問題將會成為過去。

But we need to get those behind it. Executionally, we've got a really strong plan for next year, so I feel good about that. And the slowness in the quarter hopefully will be resurrected a bit as we move into the fourth quarter. But as I mentioned, we're anticipating another tough quarter in Mexico, but the rest of Latin America doing well. I'd also call out Andina and Central America, good regions for us, both had very positive organic growth and executing very well against that.

但我們需要先把這些問題處理完。在執行面上，我們對明年的計畫非常有把握，所以我對此感覺良好。而本季度的放緩，希望在進入第四季後能有所回升。不過如我先前提到的，我們預期墨西哥還會再有一個艱難的季度，但拉丁美洲其他地區表現良好。我也想特別提到安第納地區與中美洲，這兩個區域對我們而言都是表現不錯的市場，兩者都有非常正向的有機成長，且執行得非常到位。

As I look at some of the categories, we had strong category growth across Latin America and oral care with double-digits up in oral care with low single to mid-single-digit growth in home care and a slight decline in personal care. But broad-based, the personal care was driven somewhat by a softer shampoo business in Mexico specifically. But across the board, oral care up varied strongly and home care up as well, so we're really pleased with that.

就一些品類來看，我們在拉丁美洲的品類成長表現強勁；口腔護理呈現雙位數成長，家居護理為低個位數到中個位數成長，而個人護理則小幅下滑。但整體而言，個人護理的走弱在某種程度上是由墨西哥洗髮精業務較疲軟所致。不過全面來看，口腔護理明顯強勁上升，家居護理也在成長，因此我們對此非常滿意。

The other thing I'd shares are up across on oral care, both for toothpaste, toothbrushes and mouthwash in the quarter. So again, we think across the board executing well with the diversity of opportunities we have in Latin America. Brazil will continue to perform well.

另外，我想分享的是，本季度我們在口腔護理的市佔率全面上升，涵蓋牙膏、牙刷與漱口水。所以再次強調，我們認為憑藉在拉丁美洲多元的機會，我們整體執行良好。巴西將持續表現出色。

We need to get Mexico back on track and that's some challenges that we're facing and dealing with and the consumer hopefully will be a little bit more resilient as we move into a more settled environment potentially in '27.

我們需要讓墨西哥回到正軌，這是我們正在面對並處理的一些挑戰；也希望隨著環境可能在 '27 更加穩定，消費者能更具韌性。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

Hi, good morning, everyone. Good morning. I wanted to ask on the US business, you mentioned. In the prepared remarks that you're seeing some early signs of improvements in US. Toothpaste, maybe can you expand a bit on what parts of your plan are starting to work, what more you have to do there in terms of seeing further improvement and then just bigger picture what you're seeing from our category standpoint in the US.

嗨，各位早安。早安。我想問一下美國業務，你提到。在事先準備的發言中，你們看到美國牙膏業務出現一些早期改善跡象；你能否再多談一點，計畫中的哪些部分開始奏效、為了看到進一步改善你們還需要做哪些事，以及從更宏觀的角度，你們在美國就品類面觀察到什麼？

Obviously, there's been a lot of focus on price and promotional activities. Do you see an environment of potentially seeing more pricing in your categories as we enter into next year given the cost pressure that we talked already about earlier in the call?

顯然，市場一直非常關注價格與促銷活動。鑑於我們在電話會議前面已談到的成本壓力，你是否看到在進入明年時，你們的品類環境可能出現更多定價（漲價）的情況？

Yeah, thanks, Filippo. Let me take the last part of your question first because it's more holistically across the world. And the one thing to bear in mind is the escalating cost environment that we're seeing impacts everyone, right, so my expectation is that you'll to see some pricing as you've heard from others go back into the business and that will be executed differently by different brands and different competitors.

好的，謝謝你，Filippo。我先回答你問題的最後一部分，因為那是更全球性的議題。需要記住的一點是，我們看到的成本環境持續升高會影響所有人，對吧；因此我預期你會看到如同你從其他公司聽到的那樣，會有一些定價回到業務中，而不同品牌與不同競爭對手的執行方式會有所不同。

But there will have to be some pricing to offset some of the raw material logistics headwinds that everyone is faced with. And we are pleased, obviously, that we got pricing pretty broad-based in the quarter as we've done in the second and first in the business, which as I mentioned earlier is critically important to maintain that gross margin and spending. So a little bit more specifically on North America, our focus is on repowering our marketing model.

但為了抵消所有人都面臨的原物料與物流逆風，勢必需要一定程度的定價調整。而我們也很高興，顯然我們在本季度取得相當廣泛的定價成果，正如我們在第二季與第一季所做的一樣；如我先前提到，這對維持毛利率與支出水準至關重要。更具體談北美，我們的重點是重新強化我們的行銷模式。

Really across the board, particularly focused on premium innovation. But at the same time, we've got big core equities that we need to continue to support. So we're going to be increasing over the next couple of quarters the pace and impact of our innovation and with a pipeline more specifically focused on premium opportunities, which is where the growth in the categories is coming from.

基本上是全方位推進，特別聚焦在高端創新。但同時，我們也有一些重要的核心品牌資產需要持續支持。因此在接下來幾個季度，我們將加快並提升創新的節奏與影響力，並建立更聚焦於高端機會的產品管線，因為品類成長主要來自這些高端領域。

We're going to step up omni demand, which has been a big focus structurally, and I'll talk about that maybe in just a second, supporting our core equities with omni demand generation, supporting the new premium innovation we're bringing into the market, and making sure that we're more deliberate and intentional about the priority growth channels that we're seeing across the US, whether that's digital, agentic, and an emerging social commerce business as well. Capabilities will be critical to invest in the capabilities in that organization, and we're very much in the process of seeing that now, very much work in process.

我們將加強全通路需求（omni demand），這在結構上一直是我們的重點；我稍後也許會再多談一點：透過全通路需求生成來支持我們的核心品牌資產，支持我們帶入市場的全新高端創新，並確保我們對於在美國看到的優先成長通路更有策略、更有意識地投入，不論是數位、agentic（代理式/智能代理）以及正在興起的社群電商業務。能力建設將是關鍵——我們必須投資該組織的能力，而我們目前正處於推進過程中，仍在進行中。

And that is the innovation resources to deliver breadth and quality moving forward. We're stepping up our AI and data deployment with a series of multiple verticals in different parts of the organization, stronger execution fundamentals across different channels. And then importantly, let me spend a minute talking about our go-to-market structure, which is clearly an area of opportunity for us in North America.

也就是投入創新資源，以在未來提供更廣的覆蓋與更高的品質。我們正在加速AI與數據的部署，涵蓋組織不同部分的一系列多個垂直領域，並在不同通路上強化執行基本功。此外，重要的是，讓我花一點時間談談我們的上市（go-to-market）結構，這顯然是我們在北美的一個機會領域。

Structurally, we built our go-to-market for a world of channels, and what we're seeing today is a world that runs on connections. Connections with data, connections with retailers, connections with different platforms that ultimately get to the consumer. So we're restructuring to win that connection so we get more premium innovation that earns its full value with the consumer.

在結構上，我們是為「通路的世界」打造我們的上市模式；而我們今天看到的是一個由「連結」驅動的世界。與數據的連結、與零售商的連結、與不同平台的連結，最終觸達消費者。因此我們正在重組，以贏得這些連結，讓我們的高端創新能在消費者端充分實現其價值。

And so that premium innovation in terms of how we're structuring our commercial teams on the ground is continuing to be optimized because we think we can execute more effectively moving forward, particularly with the increased advertising we're putting into that region. You mentioned categories. Categories maybe improved a bit as we exited the quarter, but still relatively sluggish.

因此，關於高端創新，以及我們如何在第一線重塑商業團隊的架構，我們仍在持續優化，因為我們認為未來可以更有效地執行，特別是在我們對該地區增加廣告投放的情況下。你提到品類。品類在季度末可能略有改善，但仍相對疲弱。

But overall, there's more or less where they've been through the first half of the year and anticipate that as we get a strong innovation cycle in '27 coming in, that we'll see those categories and do a little bit more pricing start to inflect more positively moving forward.

但整體而言，它們大致維持在上半年以來的水準；我們預期當 '27 進入一個強勁的創新週期時，這些品類再加上一些定價動作，將開始出現更正向的拐點並持續改善。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

All right. Thank you. Good morning, everyone. I had a question on consumption trends across your markets with gas prices still elevated. Curious to hear from you if you've seen any further deterioration in consumption across your markets or has it been more of the same?

好的。謝謝。各位早安。我想問一下在汽油價格仍然偏高的情況下，你們各市場的消費趨勢。想請教你們是否看到各市場的消費有進一步惡化，還是大致維持原狀？

And then I'd love to hear which markets are doing well and maybe which ones have been more pressured recently? And then lastly, what is your expectation for category growth for the rest of this or this year and then for next year? Does the guidance assume sequential improvement in trends over the course of the year?

另外也想聽聽哪些市場表現良好、哪些市場最近壓力較大？最後，你們對今年剩餘時間（或今年全年）以及明年的品類成長預期是什麼？你們的指引是否假設全年趨勢會逐季改善？

Yeah, good morning. Thank you, Bonnie. So there's a lot there. Let me start, I guess, big picture category growth overall globally. We're seeing growth in the 1% to 5% to 3% globally with Avashi. Emerging markets driving faster growth in that 3% to 5% range and the developed markets driving growth in that 1.5% to 2% range. So overall, 1.5% to 3% globally with emergings at the higher end, 3% to 5%, and the expectation is that will continue.

是的，早安。謝謝你，Bonnie。這裡面內容很多。我先從整體大方向來看，也就是全球整體品類成長。我們看到 Avashi 在全球的成長大約落在 1% 到 5%（大致約 3%）。新興市場帶動較快的成長，約在 3% 到 5% 的區間；成熟市場帶動的成長約在 1.5% 到 2% 的區間。所以整體而言，全球約 1.5% 到 3%，其中新興市場在較高端 3% 到 5%，而我們的預期是這個趨勢會持續。

Now, that being said, there will be some probably more pricing that needs to be taken globally that will take that up. A lot more premium innovation because that's where the growth is in the categories across the board. So we'll see that come into it, but we're going to watch that very carefully. And our focus on the increased support and increased premiumization is intended to obviously grow our retailers' categories. So let me walk around the world. I guess I'll start with emerging markets, which are up mid-singles.

不過話說回來，全球可能還需要再採取一些定價措施，這會把成長再往上推。另外，會有更多高端（premium）創新，因為各品類的成長動能普遍都在高端化。所以我們會看到這些因素逐步反映出來，但我們也會非常謹慎地觀察。而我們聚焦於加大支援力度與提升高端化，顯然是為了帶動我們零售客戶的品類成長。我接著按地區快速帶大家看一圈。我先從新興市場開始，新興市場目前是中個位數成長。

Asia had a really good quarter, although I would say the China business continues to be challenged from a category standpoint, has not really changed from what we've seen over the last nine months. India, still pretty good. We had obviously another really strong quarter in India with double-digits, and that was really driven by a lot of the premium innovation that we're seeing. In terms of our China business, please, the Greater China was at mid-single-digits.

亞洲這一季表現很好，不過我會說，中國業務從品類角度來看仍然持續面臨挑戰，和過去九個月我們看到的情況並沒有太大改變。印度仍然相當不錯。我們在印度顯然又交出非常強勁的一季，達到雙位數成長，主要是由我們看到的許多高端創新所帶動。至於中國業務方面，請注意，大中華區是中個位數成長。

And high single-digits for the Colgate part of the business and low single-digits for Holly and Hazel as we exited the quarter. The category is still somewhat challenged. You're seeing brick and mortar very soft and a significant migration continues to the online part of the business, particularly in more social driven platforms like Duyen.

其中 Colgate 這部分業務是高個位數成長，而 Holly and Hazel 在本季末時是低個位數成長。整體品類仍然有些承壓。你會看到實體通路非常疲弱，而且持續有顯著的消費移轉到線上業務，特別是在像 Duyen 這類更偏社群驅動的平台上。

Latin America, obviously, as I mentioned just earlier, I won't get into more detail there, another strong quarter. Categories, pretty much consistent, maybe inflected a little bit positive toward the end of the quarter, particularly in Brazil, maybe a little softer in Mexico, as I mentioned, but good numbers in Central America and Andina.

拉丁美洲，正如我稍早提到的，我就不再展開更多細節了，又是一個強勁的季度。品類表現大致一致，可能在季末略微轉為更正向一些，特別是在巴西；墨西哥可能如我所提到的稍微偏弱一些，但中美洲與安地娜地區（Andina）的數字表現不錯。

EMEA on the emerging side, overall, the African markets continue to perform well. We had some blips in the Middle East with some pricing challenges there. But overall, EMEA from an emerging market standpoint is performing quite well from the category standpoint.

EMEA 在新興市場這一側，整體而言，非洲市場持續表現良好。中東那邊因為一些定價方面的挑戰出現了些小波動。但整體來看，從品類角度，EMEA 的新興市場表現相當不錯。

Flipping over to the developed part of the world, categories as I mentioned in that 1.5 to more or less 2.5 growth. North America is where we're seeing the most pressure, but a little bit of improvement as we exited the quarter. Europe categories remain roughly flat, no big change there in the second quarter and the third quarter from what we've seen. However, we continue to drive really nice market share on the premium side of the business, particularly in Southern and Northern Europe where we saw nice growth.

再切換到成熟市場這一側，如我所提到的，品類成長大約在 1.5% 到約 2.5% 的區間。北美是我們看到壓力最大的地方，但在本季末時有些許改善。歐洲的品類大致維持持平，第二季與第三季沒有太大變化。不過，我們持續在業務的高端端（premium）推動非常好的市占表現，特別是在南歐與北歐，我們看到不錯的成長。

As well. And Hills, as I mentioned just now, the category remains somewhat subdued, but we're seeing nice growth in certain segments. So in segments particularly where we're underindexed, like CAT, like WET, and we're generating very nice growth against that. So that's more or less how I characterize the consumption around the world. And clearly, I think we'll see that continued trend in the fourth quarter, and we'll talk about '27 when we get there.

同樣如此。至於 Hill's，如我剛才提到的，品類仍然有些低迷，但我們在某些細分領域看到不錯的成長。特別是在我們滲透率相對不足的細分領域，例如 CAT、例如 WET，我們在這些領域帶來非常好的成長。以上大致就是我對全球消費狀況的描述。而且很明顯，我認為第四季會延續這個趨勢；至於 '27，我們到時候再談。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

One follow-up on Hill's given the strong volume lead acceleration. Can you talk about the sustainability of that and whether you're seeing more distribution with recent innovations? You call that therapeutic and CATs. Obviously, those are still the biggest growth drivers, but are the growth drivers widening or is that still the lion's share of the growth? And then just on margins.

關於 Hill's 的一個追問：鑑於強勁的量（volume）帶動加速成長。你能談談這種表現的可持續性嗎？以及近期創新是否帶來更多通路鋪貨（distribution）？你提到治療型（therapeutic）以及 CAT。顯然這些仍是最大的成長驅動因素，但成長驅動因素是否正在擴大，還是仍主要由這些貢獻大部分成長？另外再問一下毛利率（margins）。

A bit surprising that you saw a decline given the sales upside. I know it's a small decline, but given the sales upside, obviously, overall strength of margins for Colgate as a whole, can you talk about the drivers there and whether it's investment levels behind new innovation or marketing or what needs to happen to get better operating leverage on pretty strong top-line results?

在銷售優於預期的情況下，你們的毛利率卻出現下滑，這點有點令人意外。我知道下滑幅度不大，但在銷售優於預期、而且 Colgate 整體毛利率表現強勁的背景下，你能談談背後的驅動因素嗎？

So again, the strategy that we're executing against Hills. Perhaps very redundantly boring because it's working for us. And we clearly see growth opportunities in the growing segments, and we're executing against those really well. So the wet business was up really nicely. The cat business was up really nicely, both across prescription diet and science diet. So just to give you a couple of facts there, science diet cat on the wellness side was up high single-digits.

所以再說一次，我們在 Hill's 所執行的策略。也許聽起來非常重複、甚至有點無聊，因為它對我們確實有效。我們清楚看到在成長中的細分領域存在成長機會，而我們也在這些領域執行得非常好。所以濕食（wet）業務成長非常亮眼。貓（cat）業務也成長非常亮眼，無論是處方飼料（Prescription Diet）或科學配方（Science Diet）都一樣。舉幾個數據：Science Diet 貓在健康（wellness）端是高個位數成長。

Science Diet Prescription Diet was up double-digits. So clearly, we're growing in the growth segments. Likewise, very similar trends on Science Diet Wet as well as Prescription Diet Wet. So we're focused on those opportunities where we see real upside despite the fact that some of the other parts of the business, particularly Dog Dry, is relatively flat to down. And we're seeing that migration to smaller pets, and we're capitalizing on the strategies to do that. Our online business. To perform very well and we still continue to be able to execute against those initiatives there.

Science Diet 的處方飼料（Prescription Diet）是雙位數成長。所以很明顯，我們是在成長型細分領域中成長。同樣地，Science Diet 濕食以及 Prescription Diet 濕食也呈現非常類似的趨勢。因此，我們聚焦在那些我們看到真正上行空間的機會上，儘管業務的其他部分，特別是狗乾糧（Dog Dry），相對持平到下滑。我們也看到消費者往小型寵物移轉，而我們正透過相關策略把握這個趨勢。我們的線上業務。表現非常好，而且我們仍持續能在那邊把這些計畫執行到位。

The other aspect moving forward, we haven't necessarily talked about it, is fresh. Now fresh was insignificant in the quarter. As I've talked about in previous meetings, we announced the launch of our single protein diets in late June.

另外一個面向是未來的 fresh（鮮食）。這一季 fresh 的占比還不顯著。如同我在先前的會議中提過的，我們在六月下旬宣布推出我們的單一蛋白配方（single protein diets）。

With three diets, chicken and brown rice, beef and carrot, and lamb and pumpkin, making everyone hungry here, I'm sure. But the key is that we're in a very deliberate and methodical rollout of that. We're doing it very carefully. We're trying to ensure that the quality that we bring to the vets and the reputation that we have behind the Hills brand name is executed and consistent with where we want that business to be long-term. We're looking to drive this business in a way that we create long. Sustainable growth of the business. So it's a disciplined rollout and we'll see that continue to roll out as we move through the balance of this year and into '27.

一共三種配方：雞肉與糙米、牛肉與胡蘿蔔、以及羊肉與南瓜，想必讓在座各位都餓了。但重點是，我們正以非常審慎且有步驟的方法來推進上市（rollout）。我們做得非常小心。我們希望確保我們帶給獸醫的品質，以及 Hill's 品牌背後的聲譽，能夠被落實並且與我們對這項業務長期定位一致。我們希望以一種方式來推動這項業務，使我們能夠創造長期。可持續的業務成長。因此這是一個有紀律的推進，我們會在今年剩餘時間以及進入 '27 的過程中持續擴大推進。

I would say that the Prime launch in Australia, the Prime business in Australia, that team continues to execute exceptionally well with that business and we're transferring those learnings over to us. On the margin side, I'll let Stan give you a couple more details on that.

我會說，澳洲的 Prime 上市、澳洲的 Prime 業務，那個團隊持續把這項業務執行得非常出色，而我們也正把那些經驗移轉到我們這邊。至於毛利率方面，我讓 Stan 再補充幾個細節。

So it's not clear if your question is on Hill's operating margin, which is down just slightly. That really represents these investments, the investments into advertising, growing the brand, the margin and launching of Fresh because on an operating basis for the total company, the EBIT margins are actually up slightly year-on-year. So again, we always look to balance the investment portfolio. So our capital allocation.

所以目前不清楚您的問題是否是在問 Hill's 的營業利益率，該數字僅小幅下滑。那其實反映了這些投資——對廣告的投資、品牌成長、利潤率，以及 Fresh 的上市——因為就全公司合計的營運基礎而言，EBIT 利潤率其實較去年同期略有上升。所以再次強調，我們一向會在投資組合之間取得平衡。也就是我們的資本配置。

Remains the same. We're going to invest back in the business. It ties into why we launched the SGPP program to invest back in the business as well as take to the bottom line. You're going to see us make those investments in innovation and functional capability. Noel talked several times about how we're applying AI and then in some day-to-day operational efficiencies in our manufacturing. In our advertising and in new categories like fresh launch in the US. So we always balance those out. And again, we delivered bottom-line EPS growth faster than top-line organic.

維持不變。我們會把資金再投資回到業務中。這也呼應了我們為何推出 SGPP 計畫：一方面再投資於業務，同時也能帶動最終損益。您會看到我們在創新與功能性能力上進行這些投資。Noel 多次談到我們如何應用 AI，以及在製造端的一些日常營運效率提升。也包括我們的廣告投放，以及在美國像 Fresh 上市這類新類別。 所以我們總是會在這些之間取得平衡。而且再次強調，我們交出的底線 EPS 成長速度快於營收端的有機成長。

Chris Carey, Wells Fargo Securities.

Chris Carey，富國證券（Wells Fargo Securities）。

Hi, good morning, everyone. Just one. Follow-up on North America that I just wanted to ask a question about APAC. In North America, was there any destocking in the quarter or is this some elasticity to new pricing? I think just like the price versus volume dynamic was a bit different than what we had expected coming in. So I would just love any context for that and how you see that trending from here and whether there was any noise in Q3. The question on APAC, it's been a more challenging segment to model over some recent years, but clearly really nice momentum this year. What about what's going on as durable versus coming off a tough year last year? Maybe just give us a sense of if the business has turned a corner with both Colgate China and H&H back to growth?

嗨，各位早安。我只有一個問題。延續剛才北美的追問，我想再問一下亞太（APAC）。在北美，本季是否有任何去庫存（destocking），還是這是新定價帶來的某種需求彈性影響？我覺得價格與銷量的動態，跟我們進來前預期的有點不一樣。所以很希望能聽到一些背景脈絡，以及您怎麼看接下來的趨勢，還有 Q3 是否有任何雜訊。至於 APAC 的問題，過去幾年這個部門比較難建模，但今年動能顯然很不錯。目前的表現有多少是可持續的、又有多少是因為去年基期較低？也請談談業務是否已經轉折，包含高露潔中國（Colgate China）與 H&H 是否都回到成長？

Great, Chris. Thank you. Let me take the inventory. No, we did not see any meaningful inventory destocking in the quarter. Clearly, I think as the categories have somewhat stabilized in the US, the retailers are a bit more comfortable, but if they see the category soften, that is typically where you see action being taken from a working capital and from an inventory standpoint. But we'll watch that. Asia, another good quarter, roughly 5% organic across the Asia Pacific regions and geographies.

很好，Chris。謝謝。我先回答庫存的部分。沒有，我們本季沒有看到任何具意義的去庫存。很明顯地，隨著美國各品類某種程度上趨於穩定，零售商也更安心一些；但如果他們看到品類走弱，通常就會從營運資金與庫存角度採取行動。不過我們會持續觀察。亞洲方面，本季又是一個不錯的季度，亞太各區域與各地理市場合計有機成長約 5%。

Growth was led this time, as you saw, again, as we delivered in the second quarter by a very strong India business, which was up, again, double-digits. And that's pleasingly largely driven by acceleration of our premium business. In Asia. So we're deliberately focusing on the opportunities to grow that in the modern trade and the e-commerce channels and executing quite well, so my congrats to the team there. Hawley and Hazel, another quarter of growth, low single-digit growth in the.

如您所見，這次的成長動能——就像我們在第二季交出的表現一樣——主要由印度業務強勁帶動，印度再次達到雙位數成長。而令人欣慰的是，這在很大程度上是由我們高端（premium）業務加速所驅動。在亞洲，我們正有意識地聚焦於在現代通路與電商通路擴大這部分的成長機會，且執行得相當不錯，所以也要恭喜那邊的團隊。Hawley and Hazel 也再度呈現成長，本季為低個位數成長，在。

The quarter, largely driven by a good combination of BTC and being able to at least hold the brick-and-mortar business, which, as you heard me mention, is from a category standpoint, is down. And they're doing well to explore and optimize some of the new platforms that we're seeing like Duyen, particularly with some premium innovation.

本季的表現主要由 BTC 的良好組合所帶動，同時也至少能守住實體通路（brick-and-mortar）業務；如同我提到的，從品類角度來看，實體通路是下滑的。而他們在探索並優化我們看到的一些新平台方面做得很好，例如 Duyen，特別是搭配一些高端創新。

So a lot more work to do. I would say Holly & Hazel themselves is not 100% pleased, while we've had three quarters of decent growth. They're still implementing quite a bit of structural change to the business that they believe will set them up for more long-term success, particularly like we're seeing in CP China, and CP China, as I mentioned, had high single-digit growth. And clearly has figured out how to execute really well against the premium segments in that market. So our online business is terrific, our retailer, brick and mortar, particularly club business is very strong there, and so they've really figured out social incubation.

所以還有很多工作要做。我會說 Hawley & Hazel 自己並非 100% 滿意；雖然我們已經連續三個季度有不錯的成長。他們仍在推動相當多的結構性變革，認為這將讓他們在更長期取得更大的成功，特別是像我們在 CP China 看到的那樣；而 CP China 如我提到的，達到高個位數成長。而且顯然已經掌握了如何在該市場的高端細分領域執行得非常到位。所以我們的線上業務表現非常出色；我們的零售端、實體通路，尤其是會員制通路（club）在那裡非常強勁，因此他們確實已經摸索出社群孵化（social incubation）的做法。

And how to translate that into more broad-based growth across the enterprise through their portfolio management and their content creation, using a lot of AI-generated content in that market to make sure that we're personalizing our messages effectively as possible. So overall good, and India, I think, is hitting stronger now, getting the execution done well in the rule trade, getting the pricing where it needed to be. Consistent and now trying to optimize the premium part of the category, which continues to be a nice growth opportunity for the business.

以及如何透過其產品組合管理與內容創作，把這轉化為企業層面更廣泛的成長；在該市場大量使用 AI 生成內容，確保我們能盡可能有效地個人化訊息傳遞。所以整體而言表現不錯；而我認為印度現在也更強勁了，在傳統通路把執行做好，並把定價調整到需要的位置。目前維持一致性，並嘗試優化品類中的高端部分，而這仍是該業務相當不錯的成長機會。

Kaumile Gajrawala, Jefferies.

Kaumile Gajrawala，Jefferies。

Everybody, good morning. I want to try to maybe just understand the cost curves. It sounds like you're hedged for 4Q, but often it's a six-month hedge, nine-month hedge, that sort of thing. And when you think about the various initiatives of taking pricing, RGM, all the various things to sort of protect margins, are we sort of ahead of what might be an acceleration in the cost pressure based on where you're positioned and maybe the pricing. Stuff has come in early and that's why margins look pretty good? Or do you feel reasonably comfortable that where costs are now is about what it's going to look like for I guess the near-term period?

各位早安。我想試著理解一下成本曲線。聽起來你們已經對第四季（4Q）做了避險，但通常避險會是六個月、九個月之類的期限。當你們思考各種措施——調價、RGM，以及各種用來保護利潤率的作法——基於你們目前的部位與可能的定價，我們是否其實已經走在成本壓力可能加速之前？是不是因為有些事情提早發生，所以利潤率看起來相當不錯？或者你們是否相當有信心，認為目前的成本水準大致就是我想說的短期內會呈現的樣子？

I'll take that one. So I don't have a magic crystal ball on cost curves. I mean, we looked at Evan. We have good insight for what was coming in fourth quarter. We've locked wherever possible. So we're comfortable with our guidance and our ability to execute that for Q4. What we see is continued volatility and escalation, and Q4 will be probably the highest level of commodity inflation on a year-on-year basis. And that ripples into the logistics, as I mentioned before. That one hits the P&L faster.

我來回答這題。我沒有能預測成本曲線的水晶球。我的意思是，我們看了 Evan。我們對第四季將發生什麼有很好的洞察。在可能的地方我們都已經鎖定。所以我們對我們的財測指引以及在第四季執行達成的能力感到有信心。我們看到的是波動持續且壓力上升，而第四季在年對年基礎上，可能會是商品通膨最高的水準。而這也會傳導到物流，如我先前提到的。那一項對損益表（P&L）的反映速度更快。

So we try to do, and I think as we headed into the year driving our SGPP program, that timing is clearly helpful. That additional productivity has helped us to mitigate this. While we're not going to provide '27 guidance, I don't see the headwinds on commodities lightening up here as we exit the year, and we have to deal with the movement in FX that Noel referenced earlier. So we've had FX move just over the past couple of weeks here. That's volatile. We deal with that regularly. But again, we don't have a way to predict exactly where that will go into the future. So we focus on what we can control and what we can control is our productivity, our RGM and executing day-to-day.

因此我們嘗試做的事情——而且我認為在今年一開始推動 SGPP 計畫時——這個時點顯然是有幫助的。額外的生產力提升幫助我們緩解了這些影響。雖然我們不會提供 2027 年的指引，但當我們走出今年時，我不認為商品端的逆風會在此刻減輕；而且我們還必須面對 Noel 先前提到的匯率（FX）變動。所以在過去幾週，匯率確實有所波動。那是很波動的。我們經常需要處理這件事。但同樣地，我們沒有辦法精準預測未來會走到哪裡。所以我們專注在可控的事情上；而我們可控的是生產力、RGM，以及日常執行。

Robert Ottenstein, Everclear ISI. Please go ahead.

Robert Ottenstein，Everclear ISI。請繼續。

Great. Thank you very much. A couple of follow-up questions. Noel, a lot of puts and takes on Hills, mostly positive. But if you step back and look at the traction that you're getting in a lot of the innovations and particularly the potential for fresh, in some, does it feel -- and it was a great quarter, does it feel like the business.

很好。非常感謝。我有幾個追問。Noel，關於 Hills 有很多利弊權衡的看法，整體多為正面。但如果你退一步看你們在許多創新上的推進力，特別是部分產品在「鮮食」方面的潛力，這是否讓你覺得——而且這是一個很棒的季度——業務似乎正在……

In a tough market is accelerating as the year went forward and can continue to accelerate? That's question number one. And then the second question is on emerging markets in general and particularly the ones that we don't talk about. So Africa, Southeast Asia, individually maybe not significant, but in some given the growth rates is interesting. So any thoughts about. One, are you managing those markets differently in the past? And do you see continued strong growth, kind of healthy mid-single-digit there and any kind of comments about strategy in all those markets, not obviously individually, but how you're managing emerging markets in general outside of the main ones that we talk about all the time?

在艱難的市場中，隨著年度推進而加速，並且能夠持續加速？這是第一個問題。第二個問題是關於新興市場，尤其是那些我們不常談到的市場。例如非洲、東南亞，單一市場也許不算重大，但考量其成長率，仍相當有意思。所以想請教你們的看法。第一，你們是否以不同於過去的方式在管理這些市場？第二，你們是否看到那裡仍能維持強勁成長，例如健康的中個位數成長？以及對於這些市場的策略有何評論——當然不是逐一談，而是你們如何在主要市場之外、以更整體的角度管理新興市場？

Thank you and good morning to you. So let me take the Hills question first. Clearly, we're not immune to the sluggishness in the category, so we need to make sure we're executing a strategy against where we see the growth opportunities. And we've talked about that quite openly about where we're seeing growth. We've been investing in small paws for the better part of five years. We put a significant amount of capital into understanding.

謝謝，早安。我先回答 Hills 的問題。很明顯，我們也無法完全免於該品類的疲弱，因此我們必須確保在我們看到的成長機會上，策略執行到位。我們也相當坦率地談過我們在哪些地方看到成長。我們在小型寵物（small paws）領域投資已將近五年。我們投入了相當可觀的資本來理解……

The nutritional values and health needs of small pets and using that to leverage some of the innovations that we're bringing into the market. We had some good innovation in the category that was in the prepared remarks on comorbidity diets, which we think is an opportunity for further growth.

小型寵物的營養價值與健康需求，並以此作為槓桿，推動我們帶入市場的一些創新。我們在該品類也有一些不錯的創新，已在事先準備的發言中提到，例如共病（comorbidity）處方飲食，我們認為這是進一步成長的機會。

But the biggest opportunity we see is obviously the continued low brand penetration that we're seeing in some of the growing segments like CAT, like WET, like Smallpaw. So if we're deliberate and intentional about focusing on those opportunities, we think we can continue to drive nice growth, but we're not immune to the softness of the category and we're going to be focused on obviously the opportunities that we see in the levers. That we can control around the world. I didn't talk about the broad-based nature of the business. Clearly, the US had a strong quarter, and that's the bulk of our business.

但我們看到最大的機會，顯然是一些成長中細分領域仍然偏低的品牌滲透率，例如貓（CAT）、濕糧（WET）、以及 smallpaw。因此，只要我們有計畫且有意識地聚焦這些機會，我們認為就能持續帶動不錯的成長；但我們也不會對品類的疲弱掉以輕心，並會聚焦於我們所看到、且能掌控的槓桿機會。這些是在全球各地我們可以控制的部分。我先前沒有談到業務的廣泛性。很明顯，美國本季表現強勁，而那也是我們業務的大宗。

But a call out to the EMEA group and the European group who had a really strong quarter as well and continued to execute against the business in a very promising and positive way with a lot of the consistent strategies that I've talked to. And nothing but delighted to say this is the last quarter we have to talk about private label. I've been assured that that will not be in our nomenclature moving forward, so you'll get clear reads, but obviously the volume growth, which is where I wanted to go to next, Robert, it looks terrific. If you take the trans-ex private label, 1-2 in the first quarter, 1-2 in the second quarter, 1-8 in the third quarter, we're going to be comping a little bit more aggressive comp in the fourth quarter next year, so don't get too far ahead of yourselves on that, but overall, the team is executing well.

但也要特別點名 EMEA 團隊與歐洲團隊，本季同樣表現非常強勁，並持續以非常有前景且正向的方式推動業務，採用我提到的許多一致性策略。另外我也很高興地說，這將是我們最後一次需要談到自有品牌（private label）。我已被告知，未來我們的用語中將不再出現這個詞，因此你們會得到更清楚的解讀；但很明顯，銷量成長——這也是我接下來想談的，Robert——看起來非常出色。如果把「剔除自有品牌的交易影響」（trans-ex private label）來看，第一季 1-2、第二季 1-2、第三季 1-8；明年第四季我們將面對更具挑戰性的比較基期，所以不要過度超前預期，但整體而言團隊執行得很好。

And as you said, the fresh opportunity is a long-term opportunity. We're not looking to any home runs quarter to quarter. We're looking to build this business in a really sticky way that drives long-term durable growth for the business over the next couple of years. And that's how we're executing the bundle and how we're executing our marketing strategies as well.

如你所說，「鮮食」機會是長期機會。我們不會期待每一季都打出全壘打。我們希望以非常高黏著度的方式建立這項業務，讓公司在未來幾年能帶來長期且可持續的成長。這也是我們在組合方案（bundle）以及行銷策略上的執行方式。

On Africa obviously, we've moved -- let me start with that. We've moved that into our new division segmentation. So that sits under Jean-Luc and his team in Europe. Jean-Luc ran Africa previously before he was in the European job and the U.S. Job. So he knows that region extraordinarily well. And what's interesting is you see the European influence across many of the growth markets we have in Africa. And so we're doing a lot of work to align the portfolios and optimize the.

至於非洲，顯然——我先從這裡開始。我們已將非洲納入新的事業部區隔之中。因此它歸在 Jean-Luc 及其歐洲團隊之下。Jean-Luc 在擔任歐洲職務與美國職務之前，曾負責非洲，所以他對該區域非常熟悉。有趣的是，你會看到歐洲的影響力遍及我們在非洲的許多成長市場。因此我們正在做大量工作來對齊產品組合並最佳化……

To really leverage some of the European innovation that has been so successful for that group over the last couple of years, particularly on the premium side where OMEX makes sense, that's particularly in the Middle East where we've seen some nice opportunities there. So overall, I think that integration into the European business with the strategies that we're deploying across that region will play out nicely for Africa as we move forward. And we had, speaking of Africa, one of. Of the reasons we haven't talked about is we've invested quite considerably over the last couple of years in Nigeria. We did see a very strong double-digit growth in Nigeria, continued market share growth.

以真正槓桿運用過去幾年在該團隊非常成功的一些歐洲創新，特別是在高端（premium）領域、以及 OMEX 合理的地方——尤其是在中東，我們在那裡看到一些不錯的機會。因此整體而言，我認為把非洲整合進歐洲業務、並在該區域推行我們的策略，將會在未來對非洲帶來良好成效。另外，談到非洲，我們之所以較少提到其中一個原因是……過去幾年我們在奈及利亞投入相當可觀的資金。我們確實在奈及利亞看到非常強勁的雙位數成長，市占率也持續提升。

That's a long-term play for us as I would say some of the Asia markets that we've recently invested in like Bangladesh as well, where we're investing for long-term growth and we're seeing that starting to play out nicely as we get the fundamentals and the distribution right. But Africa is clearly a growth opportunity, but the caveat there is a region that's wrought with volatility and uncertainty.

這對我們而言是長期布局，就像我們近期投資的一些亞洲市場，例如孟加拉也是如此；我們是在為長期成長而投資，並且隨著我們把基本面與通路分配做對，開始看到成效逐步顯現。非洲顯然是成長機會，但需要補充的是，這個區域充滿波動與不確定性。

But the teams on the ground do an exceptional job dealing with that and being quite resilient. On the Asia side, listen, Philippines, Vietnam, Thailand, all nice growth in the quarter. I think it speaks to the broadness of our portfolio. We've been in these regions and geographies for a long time.

不過當地團隊在應對這些情況方面做得非常出色，也相當有韌性。在亞洲方面，聽著，菲律賓、越南、泰國，本季都有不錯的成長。我認為這反映了我們產品組合的廣度。我們在這些區域與地理市場深耕已久。

They are a bit more volatile, but the good news, I think the execution we have on oral care, the premiumization, the move to digital that's been so forward-thinking for the China business that we're applying those learnings across most of Southeast Asia. And seeing nice growth from it in some of those markets I just mentioned. So overall, it doesn't necessarily move in a straight line always in that region, but the fundamentals and the basic underlying aspects of the category and the growth opportunities we see are encouraging.

它們的確比較波動，但好消息是，我認為我們在口腔護理的執行、高端化（premiumization）、以及數位化轉型方面——這些在中國業務上一直非常具有前瞻性——我們正把這些經驗應用到東南亞大多數市場，並在我剛提到的一些市場看到不錯的成長。總體而言，該區域的走勢不一定總是直線向上，但就品類的基本面與我們看到的成長機會而言，仍令人鼓舞。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通（JPMorgan）。

Good morning, everyone. No, I was just trying to piece together like the commentary about the North America, in particular the US. You said you have seen some signs and green shoots of improvement into space market share. I was wondering if you can comment on how we should be thinking as we progress there. Should we -- basically competitive environments getting more normalized or. There is still a lot of promo there and how Colgate is going to be able to continue to improve that metric.

各位早安。我只是想把你們對北美、特別是美國的評論拼湊起來理解。你提到你們已看到一些改善跡象與「綠芽」（green shoots），在太空市場（space market share）的市占方面有所改善。我想請你們評論一下，隨著我們往後推進，我們應該如何看待這件事。我們是否——基本上競爭環境正在趨於正常化？還是……促銷仍然很多？以及高露潔（Colgate）將如何能夠持續改善該指標。

Then a follow-up also in Europe, you had very strong numbers and you called out Northern European, also Southern European. Just wondering how we should be thinking as I'm assuming you're going through the process of like discussing pricing into next year. Like your ability to pass on some of the cost pressures, which I'm assuming for the consumer in Europe is even more pronounced than it is in the US or other developer markets?

接著追問一下同樣在歐洲，你們的數據非常強勁，你也特別提到北歐以及南歐。我想了解的是，我們應該如何看待這件事——因為我假設你們正在進行把定價討論延伸到明年的流程。例如你們把部分成本壓力轉嫁出去的能力；我假設對歐洲消費者而言，這種壓力甚至比美國或其他已開發市場更為明顯？

So let me start with North America again. Clearly, this is very much a work in process. And as I mentioned on the second quarter, this is going to take some time. We want to do this the right way. Premium bundles require real value orientation and connection. As I mentioned earlier with the consumer, we need to ensure that we get that premium innovation seated in the market effectively, and you're going to start to see.

那我先從北美再談起。很明顯，這仍然非常在進行中。而且如我在第二季提到的，這會需要一些時間。我們希望把這件事做對。高端組合（premium bundles）需要真正以價值為導向並建立連結。如我先前提到的，面對消費者，我們需要確保這些高端創新能有效在市場落地，而你們將開始看到。

That translate into a better portfolio in 2027. So we're clearly gearing up for that, and that will be important for us to establish that from a long-term strand point because that's where the growth is. And the growth numbers are quite startling when you look, particularly within the toothpaste category, the difference between the super premium and the premium and the mid-pricing value. Are multiples of two to three, and the growth is certainly at the top end of the premium segment, and that's where we need to get our portfolio right. The other thing I mentioned is clearly the advertising effectiveness that we want to push even harder in the US.

這會在2027年轉化為更好的產品組合。所以我們顯然正在為此做準備，從長期策略角度來看，建立這一點對我們很重要，因為成長就在那裡。而當你觀察時，成長數據相當驚人，特別是在牙膏品類中，超高端（super premium）相較於高端（premium）以及中價位/價值帶（mid-pricing value）的差異。是2到3倍的倍數；而成長確實集中在高端區隔的最上端，這也是我們必須把產品組合調整到位的地方。我另外提到的一點是，我們希望在美國更進一步加大廣告效能的推動。

We're seeing, obviously, it translated into good brand equity, but we need to see it translate into more purchase. And so we're going to be much more deliberate, intentional, analytical. About the spending in the US and the teams gearing up for more data personalization using some of the AI models we have in place to truly optimize that as we move forward. So structurally, I already talked about some of the changes we're making. We've got a new team in place there, very energized, very excited and bringing some very fresh perspectives to it. So we'll watch that carefully. Clearly, our objective is to get back to sustainable top-line organic growth and market share growth, and we'll keep.

我們看到，顯然這已轉化為良好的品牌資產（brand equity），但我們需要看到它轉化為更多購買。因此我們會更有計畫、更有目的、更具分析性。在美國的投放支出方面；團隊也正為更進一步的數據個人化做準備，運用我們已部署的一些AI模型，在往前推進時真正把它最佳化。在結構面上，我已談過我們正在做的一些調整。我們在那裡已建立一個新團隊，充滿動能、非常興奮，也帶來一些非常新鮮的觀點。所以我們會密切觀察。很明確，我們的目標是回到可持續的營收端（top-line）有機成長與市占成長，我們也會持續。

Everyone well apprised of that as we move forward. On Europe, again, strong execution from a premium standpoint, particularly on our whitening and the relaunch of Colgate Total and the continued very strong growth we're seeing on LMEX, which has been terrific. So I give the team a lot of credit in a more difficult consumer environment, as you rightfully alluded to. They're able to execute against the premiumization, and that's being done, as I mentioned in. Upfront comments through really effective omni demand generation, so truly understanding the myriad of different media opportunities we have and how to connect those much more systematically to drive brand equity and drive persuasion across the premium part of our business and the omex market shares are a good testament to that and we need to clearly continue to step that up. From an innovation standpoint and from an advertising standpoint.

在我們往前推進時，讓大家充分掌握最新進展。至於歐洲，再次強調，從高端化角度來看執行力很強，特別是在我們的美白產品、Colgate Total的重新上市（relaunch），以及我們在LMEX上持續看到的非常強勁成長，表現非常出色。所以在你剛才正確提到的、較為艱難的消費環境下，我要給團隊很高的肯定。他們仍能推動高端化的執行；而這是透過我在。開場評論中提到的、非常有效的全通路需求生成（omni demand generation）來完成的，也就是真正理解我們擁有的各式各樣媒體機會，並更系統性地把它們串聯起來，以推動品牌資產並在我們業務的高端部分提升說服力；而OMEX的市占表現就是很好的證明，我們顯然需要持續把這件事再往上推。無論是在創新面或廣告面。

Likewise, we had some undersupported brands, as I alluded to, I think, in the first or second quarter across Europe, particularly the Sandex brand, and that is driving really nice growth on body wash that we see our ability to sustain moving forward because of the unique nature and the positioning of that brand and the fact that we haven't supported it very strongly historically and seeing a good return on that investment.

同樣地，如我在第一季或第二季提到的，在歐洲我們也有一些過去支持不足的品牌，特別是Sandex品牌；而這正在帶動我們看到沐浴乳（body wash）相當不錯的成長，我們認為這種成長具備持續性，原因在於該品牌的獨特性與定位，以及我們過去在歷史上並未給予很強的支持，而現在看到這項投資帶來良好的回報。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Thank you. Good morning. I just wanted to come back to pricing and you pointed out how you've got a nice, pretty steady pace and making efforts to get ahead of it and just keep that going. But maybe can you give a little sense of the composition and how much is list pricing versus mix or price pack architecture? And then maybe as you look ahead, there's still a lot to figure out for next year in your planning process.

謝謝。早安。我想回到定價的問題。你提到你們的節奏很好、相當穩定，也在努力走在前面並持續推進。但你是否能稍微說明一下組成：有多少來自牌價調整（list pricing），有多少來自組合（mix）或價格/包裝架構（price pack architecture）？另外，當你往前看，明年的規劃流程仍有很多需要釐清。

Is this recent level about right? Would you expect for it to have to step up? If cost pressure stay elevated, is this about how we should think about where pricing needs to be or is it something a little different?

近期這個水準是否大致合理？你是否預期需要再提高？如果成本壓力仍維持在高檔，這是否就是我們應該用來思考定價所需水準的方式，還是會有些不同？

Yeah, thanks, Michael. So I have really talked a lot about revenue growth management, a lot of the work that we're doing in that space. I mentioned it in my upfront because it's very important for everyone to understand the promo AI tools.

好的，謝謝你，Michael。我其實談了很多關於營收成長管理（revenue growth management），以及我們在這個領域所做的大量工作。我在開場也提到，因為讓大家理解促銷AI工具（promo AI tools）非常重要。

That our team has generated here. We're starting to obviously scale that much more systematically around the world and seeing a really nice return on that proprietary tool, which is giving us. Incredible insights on how to optimize our promotional spending by analyzing hundreds of millions of data points historically and particularly high low retailers and how effective the promotions have been or haven't been. And so that continues to learn and effectively generate improvements as we move forward. So on the essence of your question, how much is new price, list price versus other aspect, we have six or seven levers we pulled under revenue growth management.

這是我們團隊在這裡開發出來的。我們顯然正開始在全球更系統性地擴大規模應用，並且看到這個專有工具帶來非常好的回報；它為我們提供。極其深入的洞察：透過分析歷史上數億個數據點，特別是高低促銷（high-low）零售商，以及促銷活動有效或無效的情況，來最佳化我們的促銷支出。因此它會持續學習，並在我們往前推進時有效產生改善。回到你問題的核心：新價格、牌價（list price）相對於其他因素各占多少——在營收成長管理之下，我們有六到七個槓桿會去運用。

Every year and every quarter, there's different aspects. If we have a really strong premium innovation lineup, that's going to drive more of the pricing. If we have more, if we don't have that necessarily and we see a lot of cost inflation, we'll take less price increases. But we're very deliberate and thoughtful about how we take those pricing in the category and every 10 basis points is important to us. So it is price pack architecture. It is premium line innovation. It is promo optimization and looking at overall how we effectively drive our everyday pricing versus our promotion pricing. So over the teams, I think it's discipline around the revenue growth management and making sure that they're using the levers at their disposal and the capabilities and technologies. That we're offering them to be more effective in how they execute it.

每一年、每一季，著力點都會不同。如果我們有非常強的高端創新產品線，那會帶動更多的定價貢獻。如果我們沒有那樣的條件、但看到大量成本通膨，我們就會採取較少的漲價。但我們在品類中如何進行這些定價動作，一直都非常審慎且深思熟慮；每10個基點對我們都很重要。所以它包含價格/包裝架構（price pack architecture）。也包含高端產品線創新。也包含促銷最佳化，以及整體上如何有效推動我們的日常定價（everyday pricing）相對於促銷定價（promotion pricing）。因此我認為，對各地團隊而言，關鍵在於營收成長管理的紀律，並確保他們運用手上可用的槓桿與能力、以及我們提供給他們的技術。讓他們在執行上更有效率。

Moving forward, listen, we've got a couple of new components to deal with. We'll see where foreign exchange adds up, that's moved obviously against us and we're going to have to look that compounded with some of the cost inflation that we're seeing in the categories and I think that's, as I mentioned earlier, that's going to impact everyone. And so in some markets, we will lead with pricing and others.

往前看，坦白說，我們還有幾個新的因素需要面對。我們會觀察外匯的影響最終會累積到什麼程度；匯率顯然已朝不利於我們的方向變動，我們必須把這點與我們在各品類看到的部分成本通膨一起評估；而我認為，如我先前提到的，這會影響所有人。因此在某些市場，我們會以定價作為領先動作，而在其他市場。

We will follow, but it's a challenge that everyone's dealing with. And the good news is we've been able to afford some of the pricing in the category, certainly not all to offset this, but I think the effectiveness of how we're executing our portfolio and funding the growth and the fact that we're getting some margin growth in a very challenging environment is encouraging and gives us confidence that we're doing the right things.

我們會跟隨，但這是每個人都在面對的挑戰。好消息是，我們在品類中已能承擔（afford）部分的定價動作——當然不是全部——來抵消這些影響；但我認為，我們在產品組合上的執行成效、對成長的資金投入方式，以及在非常具挑戰的環境下仍能取得一些毛利率成長，都是令人鼓舞的，也讓我們更有信心我們正在做正確的事情。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Just to kind of finish up, I didn't hear a number for cost inflation in absolute terms. I think last quarter you said a little below $300 million. Where are you now? Is it higher than that? And then secondly, there's a lot of talk about pricing. We're all wondering whether it's possible in developed markets. When will we know whether the pricing is going through? Is January a typical time frame for raising list price?

我想做個收尾，我沒有聽到以絕對金額計的成本通膨數字。我記得上季你們說略低於3億美元。現在是多少？有比那個更高嗎？第二，市場上對定價有很多討論。我們都在想在已開發市場是否可行。我們何時會知道定價是否順利推進？1月是調漲牌價的典型時間點嗎？

So I'll start with the cost inflation. So we originally said $300 million. We said coming out of the last quarter's earnings call that at the time oil had been lightening up a little bit, that it might be a little bit less. Obviously, we saw what happened through the quarter is that escalated again. I'd say roughly it's still in the same. Range of $300 million plus or minus, and that's with our locked in. So we don't have a price for fourth quarter because we have a series of lock-ins that occur overtime, but I'd say we're roughly in line with the original guidance.

我先從成本通膨談起。我們最初說是3億美元。我們在上季財報電話會議時也提到，當時油價稍微回落，因此可能會略低一些。但顯然，本季期間我們看到情況又再度升溫。我會說大致上仍在相同水準。大約是3億美元上下、正負一些，而這是在我們已鎖定的情況下。所以我們沒有第四季的價格，因為我們有一系列的鎖定安排會隨時間發生，但我會說我們大致符合原先的指引。

On the pricing, Robert, it's a tough question. Clearly, we're not going to necessarily guide to where we are in '27 with regards to pricing. I would just leave you with the fact that the cost environment, as we've said, consistently will peak in the fourth quarter. And so I think as everyone's looking at the '27 plans, obviously getting pricing in the categories.

至於定價，Robert，這是個很難的問題。很明顯，我們不一定會就定價在’27年的狀況提供指引。我只想提醒你一點：如我們一再提到的，成本環境將在第四季達到高峰。因此當大家在看’27年的計畫時，顯然在各品類取得定價。

Will be very important, whether that's through new innovation, which is probably more the likelihood of where you see pricing come through in the developed part of the world, where we have a little bit more opportunity in the emerging markets to take list prices. But that, as I mentioned just a moment ago, it really is market dependent and category dependent. And we'll see that as we see the fluctuations of pricing come through and where the competition is and where the consumer is. So it's all very thoughtful approach. But historically, we've done a really good job on managing pricing in tough environments, and I wouldn't expect that to change much moving forward.

將會非常重要；不論是透過新品創新——這可能更是你在已開發世界看到定價得以實現的方式——而在新興市場，我們在調漲牌價方面則有更多空間。但如我剛才提到的，這確實取決於市場與品類。我們會隨著定價變動的落地、競爭態勢以及消費者狀況來觀察。所以這一切都會以非常審慎的方式推進。不過從歷史來看，我們在艱難環境下管理定價做得非常好，我不預期未來會有太大改變。

Edward Lewis, Rothschild & Co.

Edward Lewis，Rothschild & Co.。

Thanks very much. Noel, just looking at the performance of Colgate China up high single-digits and obviously what's a tough consumer economy over there. And I guess I was struck by your comments on the US around world of connections and premium innovation that gets full value with consumers. I mean, how much does what you've done or the success you've had in China in sort of similar consumer environment, it seems, how much can you deploy that in the US as you go forward?

非常感謝。Noel，看看高露潔中國的表現，成長在高個位數，而那邊顯然是相當艱難的消費景氣。我也注意到你談到美國時提到「連結的世界」以及能讓消費者覺得物有所值的高端創新。我的意思是，你們在中國在某種看似類似的消費環境中所做的事情或取得的成功，有多少可以在你們未來推進美國市場時加以運用？

Yeah, thanks for the question, an area I love talking about because I think I've mentioned in previous meetings, we had taken almost all of our executive operating teams from each division over to China. And while some of it applies, some of it doesn't, but the key is getting them to think on ultimately where the world is going. That being said, there are applications that translate very directly to any market around the world, and you're seeing obviously.

是的，謝謝你的問題。這是我很喜歡談的領域，因為我想我在之前的會議中提過，我們幾乎把各事業部的所有高階營運團隊都帶到中國去。其中有些做法適用，有些不適用，但關鍵是讓他們思考世界最終將走向何處。話雖如此，確實有一些應用可以非常直接地移植到全球任何市場，而你也很明顯地看到。

A stronger growth around social commerce, whether that's the TikTok platforms here in the US, you'll see to a certain extent where Agentic starts to come in. But the key is really translating those learnings, as you said, Ed, very quickly. And the enterprise oral care, if I speak to oral care team, along with our marketing organization, are very focused on building those capabilities. Across all of our divisions as aggressively as possible and using AI as a way to facilitate that and particularly around content creation and data personalization. So your observation is spot on and we clearly want to see and we are translating those capabilities across the world as quickly as we can.

社群電商帶來更強的成長，不論是美國這邊的TikTok平台；你也會在某種程度上看到Agentic開始介入。但關鍵在於，如你所說的，Ed，要非常快速地把這些學習轉化落地。如果我跟口腔護理團隊以及我們的行銷組織談，他們非常專注於建立這些能力。在我們所有事業部盡可能積極地推進，並把AI作為促進這件事的方式，特別是在內容創作與資料個人化方面。所以你的觀察非常到位，我們也確實希望、而且正在把這些能力以最快速度推廣到全球。

Okay, I think that's it, so let me just close up. First of all, we measure duration at Colgate on the years we've worked. Hope Spiller measures those on the quarters she's delivered for the company and today, as many of Hope is her last day, last earnings call with us. She will leave the company and retire. Happily moving forward after 103 quarters of earnings. So we're impressed with that. That will be a record that's tough to beat, that we'll hold, but we'll certainly set everyone up for that success. But Hope, thank you for everything that you've done, and I'm sure all of you can reach out and congratulate her on such a stellar and exciting career at Colgate.

好，我想就到這裡，讓我做個結語。首先，在高露潔，我們用在公司服務的年數來衡量資歷。Hope Spiller則是用她為公司交出的季度數來衡量，而今天——對Hope而言——是她最後一天，也是她與我們一起的最後一場財報電話會議。她將離開公司並退休。在完成103個季度的財報之後，開心地邁向下一段旅程。我們對此印象深刻。這將會是一個很難被打破的紀錄，我們會保有它，但我們也一定會讓每個人都為成功做好準備。Hope，謝謝你所做的一切；我相信各位也都可以聯絡她，祝賀她在高露潔如此傑出且令人振奮的職涯。

And then let me just thank in keeping with the incredible work our 34,000 people have done around the world. It's a tough market out there and we are relentlessly focused on the details and getting the execution right and case by case, two by two. Brush by brush, finding ways to drive value across the world and doing that in a tough environment. So I applaud the teams and thank them for executing the strategy and delivering another solid quarter of consistent top-line bottom line growth. So with that, I thank everyone and look forward to seeing everyone soon and wish everyone a very happy Halloween.

另外，讓我也感謝我們全球34,000名同仁所做的卓越工作。外部市場很艱難，而我們持續不懈地專注於細節，把執行做到位，一案一案、兩件兩件地推進。一刷一刷地在全球各地找出驅動價值的方法，並在艱困環境中做到這一點。因此我向各團隊致敬，並感謝大家落實策略，交出又一個穩健季度，實現營收與獲利的持續成長。最後，我感謝各位，期待很快再見到大家，也祝大家萬聖節快樂。

The conference is now concluded. Thank you for attending today's call and you may now disconnect.

本次電話會議到此結束。感謝各位參加今天的電話會議，現在可以掛線。