科蒂集團 (COTY) 2025 Q1 法說會逐字稿

Good morning and good afternoon, everyone. My name is Angela and I'll be your conference operator today. At this time, I would like to welcome everyone to Coty's first quarter fiscal 2025 question-and-answer conference call. As a reminder, this conference call is being recorded today, November 7, 2024, at 10:30 AM Eastern Time or 4:30 PM Central European Time.

大家早安，下午好。我叫安琪拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加科蒂 2025 財年第一季問答電話會議。謹此提醒，本次電話會議將於東部時間 2024 年 11 月 7 日上午 10:30 或歐洲中部時間下午 4:30 錄製。

Please note that on November 6, at approximately 4:30 PM Eastern Time or 10:30 PM Central European time, Coty issued a press release and prepared remarks webcast which can be found on its Investor Relations website. On today's call are Sue Nabi, Chief Executive Officer; and Laurent Mercier, Chief Financial Officer.

請注意，11 月 6 日東部時間下午 4:30 左右或歐洲中部時間晚上 10:30 左右，科蒂發布了新聞稿並準備了言論網絡廣播，可在其投資者關係網站上找到。出席今天電話會議的有執行長 Sue Nabi；和財務長 Laurent Mercier。

I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Coty's earnings release and the reports filed with the SEC where the company lists factors that could cause actual results to differ materially from the forward-looking statements.

我想提醒您，今天的許多評論可能包含前瞻性陳述。請參閱科蒂的收益報告和向美國證券交易委員會提交的報告，其中該公司列出了可能導致實際結果與前瞻性陳述有重大差異的因素。

In addition, except where noted, the discussion of Coty's financial results and Coty's expectations reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release.

此外，除非另有說明，對科蒂財務表現和科蒂預期的討論反映了該公司新聞稿中非公認會計準則財務指標部分中指定的某些調整。

With that, we will now open the line for questions.

現在，我們將開通提問熱線。

Ashley Helgans, Jeffries.

阿什利·赫爾根斯，杰弗里斯。

Hi, this is Sydney on for Ashley. Thank you for taking our question. I was just wondering, can you talk about the channel shift in outperformance online? Do you expect to see a continued shift? And do you feel that there is a higher level of trust for consumers to purchase online from platforms like Amazon? Thank you.

大家好，我是阿什利的雪梨。感謝您提出我們的問題。我只是想知道，您能談談在線表現出色的管道轉變嗎？您期望看到持續的轉變嗎？您是否認為消費者對從亞馬遜等平台在線購買商品的信任度更高？謝謝。

Sydney, this is Sue. Indeed, you're absolutely right to point out online as one of the (inaudible) of the company. Today, this has become almost the biggest channel for Coty -- as a channel for Coty in the company. And this indeed is fueled by retailers.com, but also by amazon.com, and pure players also that are acting on the beauty segment.

悉尼，這是蘇。事實上，您在網路上指出作為公司的（聽不清楚）之一是完全正確的。如今，這幾乎已經成為科蒂最大的管道——作為科蒂在公司內的管道。這確實是由retailers.com、amazon.com以及從事美容領域的純粹參與者所推動的。

So we believe this is -- has to do a lot, and we had this question already, I think in the previous earnings call. It has a lot to do with the fact that a lot of Gen Z, a lot of younger consumers are connecting online with their communities, with their favorite influencers, hence the importance of advocacy marketing and therefore, the conversion online between the advocacy ecosystem on one side, on which by the way, the company has been doing deep progress and I'll say a few words about this in a few minutes.

所以我們相信這需要做很多事情，我想在之前的財報電話會議上我們已經提出了這個問題。這與許多 Z 世代、許多年輕消費者在網上與他們的社區、他們最喜歡的有影響力的人聯繫這一事實有很大關係，因此倡導營銷的重要性以及倡導生態系統與一方面，順便說一句，公司在這方面一直在取得深入進展，我將在幾分鐘後對此說幾句話。

So the conversion from this ecosystem of advocacy online to sales online is the most natural and the most obvious, in fact. So that's the reason why we believe this online channel can only grow. And by the way, this is one of the regions where we are also seeing disruptions in the mass channel, but also on other channels around the world because a lot of consumers today are using the convenience of shopping online.

因此，從這種線上宣傳生態系統到線上銷售的轉變實際上是最自然、最明顯的。這就是我們相信這個線上管道只會成長的原因。順便說一句，這是我們看到大眾管道中斷的地區之一，而且世界各地的其他管道也出現中斷，因為當今許多消費者正在利用線上購物的便利性。

Coming now to Coty, you've seen that we've been working hard since two years and a half now to put in place a playbook which we started to implement behind Rimmel and CoverGirl with results that you have seen in our prepared remarks presentation that are outstanding.

現在來到科蒂，您已經看到我們兩年半以來一直在努力製定一個劇本，我們開始在 Rimmel 和 CoverGirl 背後實施該劇本，結果您在我們準備好的評論演示文稿中看到了：非常出色。

Number four for both brands, 40% of growth for Rimmel, 80% of growth for CoverGirl and this is exactly what we were working on. So remember, repositioning the brands creating products that have the ability to viralize, putting in place an ecosystem that surrounds advocacy, marketing, retail marketing -- retail.com marketing, sorry. And this explains our outperformance and the outperformance at large of the online channel in the US, but not only in the US, it's happening all around the world.

兩個品牌都排名第四，Rimmel 成長了 40%，CoverGirl 成長了 80%，這正是我們正在努力的方向。所以請記住，重新定位品牌，創造能夠病毒式傳播的產品，建立一個圍繞宣傳、行銷、零售行銷的生態系統——對不起，retail.com 行銷。這解釋了我們的優異表現以及整個美國線上管道的優異表現，但不僅在美國，而且在世界各地都在發生。

Robert Ottenstein, Evercore ISI.

羅伯特·奧滕斯坦，Evercore ISI。

Great. Thank you very much. I'm picking up through some of the emails I'm getting from investors that there may be some confusion in some of your commentary about the medium-term outlook, that somehow maybe it's changed or the algorithm has changed, either explicitly or implicitly. So there's just some confusion there. So I was wondering if maybe you could just kind of reinforce what is the message? What is the outlook? Is there any real change that's going on here? Thank you very much.

偉大的。非常感謝。我從投資者那裡收到的一些電子郵件中發現，你們對中期前景的一些評論可能存在一些混亂，不知何故，它可能已經改變，或者演算法已經改變，無論是明確的還是隱含的。所以這只是一些混亂。所以我想知道你是否可以強化一下這個訊息是什麼？前景如何？這裡正在發生任何真正的變化嗎？非常感謝。

Thank you very much for your question. So in fact, the reality is that we continue to say and see that the beauty market medium-term growth would be around 3% to 5%. We continue to see Coty outperforming these levels of growth for the beauty market. And we continue to see a steady growth for our growth margin, for our EBITDA margin, and our EPS growth.

非常感謝您的提問。所以事實上，現實是我們繼續說並看到美容市場的中期成長將在 3% 到 5% 左右。我們繼續看到科蒂在美容市場的成長水準優於這些水準。我們的成長率、EBITDA 利潤率和每股盈餘成長持續穩定成長。

So this is really -- to say it again and again, this is really what we are seeing and we believe this fiscal '24 is a transition year mainly due to all the changes, mainly channel changes, and changes that are happening in consumers' shopping behaviors, including the question I just had recently on the online performance. And by the way, where Coty is gaining market share in both divisions.

所以，一遍又一遍地說，這確實是我們所看到的，我們相信這個 24 財年是一個過渡年，主要是由於所有的變化，主要是渠道變化，以及消費者正在發生的變化。 ，包括我剛才問的關於網路表現的問題。順便說一句，科蒂在這兩個部門的市佔率都在增加。

So this year, we believe is a transition year, but once this transition and the different blocks will be in place all around the world, but also in the US. The 3 to 5% medium-term vision for the beauty market, which we believe is going to continue to be the most resilient market among all industries are going to give us this ability to have the full confidence in our fiscal '25 profit delivery and free cash flow. And therefore, looking at shareholder returns and of course, continued deleveraging of the company.

因此，我們認為今年是過渡年，但一旦這種過渡和不同的區塊將在世界各地落實到位，在美國也是如此。美容市場 3% 至 5% 的中期願景，我們相信美容市場將繼續成為所有行業中最具彈性的市場，這將使我們有能力對 25 財年的利潤交付和自由現金流。因此，我們要關注股東回報，當然也要關注公司的持續去槓桿化。

All the fiscal '26 and beyond growth drivers, such as new licenses, we are about to announce a new signature in the coming weeks or months. Skincare has a new category, new regions, and we were very wise to not bet on one country and to open the scope to many different regions, namely, what we call growth engines regions.

所有 26 財年及以後的成長動力，例如新許可證，我們都將在未來幾週或幾個月內宣布新的簽名。保養品有一個新的品類、新的地區，我們非常明智地沒有把賭注押在一個國家，而是向許多不同的地區開放，也就是我們所說的成長引擎地區。

All these together plus fragrances, which is the number one growth driver of the company and now extending to ultra-premium where we have a huge amount of white space, but also to mass fragrances where we have also as well, a huge amount of white space including in terms of diluted profitability for the [consolidated] division. This is what gives us this confidence that we are going to continue to deliver on our commitments.

所有這些加在一起，再加上香水，這是公司的第一大成長動力，現在已經擴展到超高端香水，我們有大量的空白空間，而且還擴展到大眾香水，我們也有大量的白色空間。空間，包括[合併]部門的攤薄盈利能力。這讓我們有信心繼續履行我們的承諾。

Laurent, do you want to add something?

勞倫特，你想補充點什麼嗎？

Absolutely. We need to build on those [commands]. Definitely, number one, basically confidence to deliver our profit and cash into '25. So this is really number one. And definitely, we are going to improve our EBITDA margin this year, close to 100 basis points. It's going to bring our EBITDA margin close to 19%So it means that in the last three, four years, in fact, we are growing our EBITDA margin above 250 basis points.

絕對地。我們需要以這些[命令]為基礎。當然，第一，基本上有信心將我們的利潤和現金交付到 25 年。所以這確實是第一。當然，我們今年的 EBITDA 利潤率將提高接近 100 個基點。這將使我們的 EBITDA 利潤率接近 19%。

And looking ahead, we continue to overperform the beauty market and we continue to improve our gross margin and EBITDA margin. So all the actions that we are putting in place, so definitely all the levers in terms of gross margin as we have over the last year, now we are above 65% and we are going to continue thanks to all the actions in terms of productivity, mix, pricing.

展望未來，我們將繼續跑贏美容市場，並繼續提高毛利率和 EBITDA 利潤率。因此，我們正在採取的所有行動，所以肯定是去年我們在毛利率方面的所有槓桿，現在我們超過 65％，並且由於在生產力方面採取的所有行動，我們將繼續下去、組合、定價。

And also, we are working definitely on to continue to optimize our SG&A. And this is exactly what I shared during the call, that we are accelerating our productivity initiatives and we have already a lot of actions in time and we are doing some new initiatives. And as you know, I mean, Coty is demonstrating the ability and the teams we needed to accelerate this kind of positive program.

此外，我們正在努力繼續優化我們的銷售及管理費用。這正是我在電話會議中分享的內容，即我們正在加快生產力計劃，我們已經及時採取了許多行動，並且正在採取一些新舉措。如您所知，我的意思是，科蒂正在展示我們加速此類積極計劃所需的能力和團隊。

So indeed, there is full confidence in the algorithm on all metrics, P&L and balance sheet.

因此，事實上，我們對演算法的所有指標、損益表和資產負債表都充滿信心。

And by the way, should I add that we are continuing to outperform all our comparative peers? You've seen this in the last 9 out of the last 13 quarters. And this is really what we intend to continue to do.

順便說一句，我是否應該補充一點，我們的表現繼續優於所有同行？在過去 13 個季度中的最後 9 個季度中，您已經看到了這一點。這確實是我們打算繼續做的事情。

Korine Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁爾，派珀·桑德勒。

Hey, good morning. Thanks for taking the question. I'd love to hear a little bit about some of the early signals that you've seen here in fiscal Q2 from a sell-in perspective across both mass and prestige? Any color you can give on what you're seeing between that sell-in versus sell-out differential and how you're thinking about that for the remainder of the year?

嘿，早安。感謝您提出問題。我很想聽聽您在第二財季從大眾和聲望的銷售角度看到的一些早期訊號？您可以對您所看到的賣出與賣出之間的差異以及您如何看待今年剩餘時間的情況給出任何顏色嗎？

And then additionally, as we talk about -- as you think about your partners with your various retail partnerships, how are you viewing the risk of those partnerships as we head into the back half of the year? Especially as some of them are rightsizing their store fleets and going through some of their own challenges themselves? Thanks.

另外，正如我們所討論的，當您考慮與各種零售合作夥伴關係的合作夥伴時，當我們進入今年下半年時，您如何看待這些合作夥伴關係的風險？尤其是當他們中的一些人正在調整其商店規模並自己經歷一些挑戰時？謝謝。

Yeah, thank you. Thank you, Korine for your questions. So first of all, let me remind you, on the Q1 platform. And so indeed, we indicated a few weeks ago that we will be between 4% and 5%. So that is very important. And number one is, as you can see, I mean, we are overperforming most of our peers. So again, it's a clear demonstration that even in a volatile environment, Coty continues to overperform. So that's really very important.

是的，謝謝。謝謝科林提出的問題。首先，我要提醒大家，在Q1平台上。事實上，我們幾週前就表示我們的比例將在 4% 到 5% 之間。所以這非常重要。第一，正如你所看到的，我的意思是，我們的表現優於大多數同行。這再次清楚地表明，即使在動盪的環境中，科蒂仍然表現出色。所以這真的非常重要。

Number two, which I really want to highlight, this is also on a high base from last year. As you remember last year, we are growing at 18%, one, eight; and prestige was 22%. So it shows again what we see several times is that last year, we had significant growth thanks to (inaudible), but we are able really to bring some incremental growth on this high base. So this is very important again to at least in mind.

第二，我真正想強調的是，這也比去年高。正如你所記得的，去年我們的成長率是 18%，一，八；聲望為22%。因此，它再次表明我們多次看到的是，去年我們取得了顯著的成長，這要歸功於（聽不清楚），但我們確實能夠在這個高基數上帶來一些增量成長。因此，至少在頭腦中，這一點再次非常重要。

So now, if we go a little deeper, so we indicated indeed that Q1 and some of our peers also indicated that some retailers indeed anticipated some [fragrant set ordering]. So indeed -- so this is really also driving some acceleration in prestige. And you see that prestige is growing 7%. Prestige fragrance grew by 9% in Q1. So there is definitely now moving from Q1 to Q2, there is a selling impact on the fragrance business.

所以現在，如果我們更深入一點，我們確實表明第一季和我們的一些同行也表明一些零售商確實預期了一些[香組訂購]。確實如此，這確實也推動了聲望的加速提升。你會發現聲望成長了 7%。高級香水第一季成長了 9%。因此，現在從第一季到第二季肯定會對香水業務產生銷售影響。

So this is also why we are indicating indeed that our selling on fragrance would be lower versus the sell-out. But definitely, on H1 it's neutral. So this is basically, but definitely on prestige and this is the standard and the category remains very high. And we have very strong initiatives which are moving in a different speed and now they are really -- definitely n the acceleration.

因此，這也是為什麼我們確實表明我們的香水銷售量將低於銷售量。但毫無疑問，在 H1 上它是中性的。所以這基本上是，但絕對是在聲望上，這是標準，而且類別仍然非常高。我們有非常強有力的舉措，它們正在以不同的速度前進，現在它們確實正在加速。

So definitely, very healthy [equation] on prestige. Consumer beauty, definitely we see Q2 same pattern as Q1. All the headwinds that we described in some retailers, either destocking or being very tight on their inventory and cash management. We see pattern continuing in Q2. So definitely, what's driving now our equation for Q2 and definitely, we are seeing very important is that we are not overexposed to any major retailer or channel.

所以毫無疑問，關於聲望的[方程式]非常健康。消費者美容，我們肯定會看到第二季與第一季相同的模式。我們所描述的一些零售商面臨的所有不利因素，要么是去庫存，要么是庫存和現金管理非常緊張。我們看到這種模式在第二季度繼續存在。因此，現在推動我們第二季度方程式的因素肯定是，我們看到非常重要的是，我們沒有過度接觸任何主要零售商或管道。

So we are seeing low-single digit to mid-single digit in US pharma, low-single digit in the US department stores, and low-single-digit percentage for both China and for the retail for APAC in H2. So it will bring the H2 to the same level of growth as we have in H1.

因此，我們看到下半年美國製藥業的百分比為低個位數到中個位數，美國百貨公司的百分比為低個位數，中國和亞太地區零售業的百分比也為低個位數。因此，這將使下半年達到與上半年相同的成長水準。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

Hi, good morning and thank you so much for the question. I was wondering if you could talk a bit about the broader vision for Coty at this point. Where are you at now in terms of executing on your six strategic initiatives that you outlined about three years ago? And just how would you rank your progress on each at this point? And then also with the lower expected growth going forward or more normalized growth, are you still expected to be on track here with your deleveraging goals? Thank you.

你好，早安，非常感謝你的提問。我想知道您是否可以談談科蒂此時更廣闊的願景。您三年前概述的六項策略舉措目前執行情況如何？此時您如何對每個方面的進展進行排名？然後，隨著未來預期成長較低或成長更加正常化，您是否仍有望實現去槓桿化目標？謝謝。

And I'm going to start the answer and maybe, Laurent, you can complement on the deleveraging path. Again, vision is unchanged. It's the vision we have presented to all of you in 2021 -- for 2021, which was about number one, at that time, it was about stabilizing and growing the consumer beauty division, which we are doing. I can tell you that the color cosmetics results we're having behind our key brands such as CoverGirl and Rimmel are very, very good.

我將開始回答，也許，勞倫特，你可以補充去槓桿化的道路。同樣，願景沒有改變。這是我們在 2021 年向大家提出的願景——對於 2021 年，這大約是第一要務，當時，我們正在做的就是穩定和發展消費者美容部門。我可以告訴你，CoverGirl 和 Rimmel 等主要品牌的彩妝效果非常非常好。

In fact, if you look at what's happening in the US market, you've seen it on the slide of the presentation, it's the only brand and most traditional heritage brand that is almost stable on an omnichannel basis versus [else] to name them. If we zoom in, and this was done by Evercore, I think recently on the data for numerator, the two only brands that are growing at Amazon and Target are indeed (inaudible) and CoverGirl, and all the others are losing and some of them are losing quite big.

事實上，如果你看看美國市場正在發生的事情，你就會在簡報的幻燈片上看到它，它是唯一一個在全通路基礎上幾乎穩定的品牌和最傳統的傳統品牌，而不是[其他]來命名它們。如果我們放大，這是由Evercore 完成的，我認為最近在分子數據上，亞馬遜和塔吉特唯一增長的兩個品牌確實是（聽不清）和CoverGirl，而所有其他品牌都在虧損，其中一些品牌損失相當大。

So the contract that I shared with you two years ago, which is to say, we are going to fix these brands, we are going to put them back to growth or to stability. It's exactly what is happening right now. And you can expect an acceleration because we are not only implementing this playbook in bigger, we mastered the way to do it now, we are going to put the means behind it, but also we are plugging in Agile Beauty, which is something new that we've been working on since 18 months now, testing here and there on different brands, how to make it happen to allow us to really beef up the level of innovation from this division, specifically behind [for our] cosmetics.

所以我兩年前與你們分享的合約就是說，我們將修復這些品牌，我們將讓它們恢復成長或穩定。這正是現在正在發生的事情。你可以期待加速，因為我們不僅在更大範圍內實施這個劇本，我們現在掌握了實現它的方法，我們將在其背後提供手段，而且我們正在插入敏捷美容，這是新的東西自18 個月以來，我們一直在努力，在不同的品牌上進行測試，如何實現這一目標，使我們能夠真正提高該部門的創新水平，特別是在[我們的]化妝品方面。

Second thing, still on the number one priority which is around diversifying the division into other categories and this is happening behind mass fragrances which are growing in double digits in '24 and in '25. Expected to grow in '25 double digit, in fiscal '25, of course. So that's the number one point. The number two point is around prestige where we have explained that we will not only accelerate but diversify our prestige fragrance business.

第二件事，仍然是第一要務，即將產品類別多元化到其他類別，這發生在大眾香水背後，大眾香水在 24 年和 25 年以兩位數增長。當然，預計在 25 財年將實現兩位數成長。這是第一點。第二點是關於聲譽，我們已經解釋過，我們不僅會加速我們的聲譽香水業務，而且會使其多元化。

We don't ever have to say in an outstanding way, putting on the market for blockbusters in the last fiscal year. Goddess, Kylie Cosmic, Marc Jacobs Daisy Wild, Hugo Boss, and [Gucci] and many more to come in the coming quarters, I have to say, without revealing anything to our competitors. So this was done and we started the first steps into niche fragrances including with the creation of an in-house brand (inaudible) whose stuff is very, very good.

我們不必以出色的方式說，上一財年的大片推出市場。 Goddess、Kylie Cosmic、Marc Jacobs Daisy Wild、Hugo Boss 和 [Gucci] 以及更多即將推出的產品，我不得不說，但沒有向我們的競爭對手透露任何資訊。這樣就完成了，我們開始邁向小眾香水的第一步，包括創建一個內部品牌（聽不清楚），其產品非常非常好。

Number two, adding two other legs to this prestige division. The first one is color cosmetics, which is, I would say around 3% to 4% of the net revenues of the company. And this is thanks to of course, Gucci makeup, Burberry makeup, Kylie Cosmetics. But we are also preparing a big launch behind Marc Jacobs Beauty. That's going to give us this ability to have a culture of [slash indie] brand positioning inside our portfolio.

第二，為這個聲望部門增加另外兩條腿。第一個是彩妝，我想說大約占公司淨收入的3%到4%。這當然要歸功於Gucci彩妝、Burberry彩妝、Kylie Cosmetics。但我們也準備在 Marc Jacobs Beauty 的背後舉辦一場盛大的發布會。這將使我們有能力在我們的產品組合中建立[斜線獨立]品牌定位文化。

And number three is skincare, and we are continuing to play on the marathon of skincare, as I like to call it with three brands that are all progressing in the right direction. Changes happen in the meantime, because China, that was supposed to be the growth engine behind the skincare brands, it's not anymore the growth engine it used to be. There are changes here and there, we are adapting our strategy to make the company very resilient.

第三是保養品，我們將繼續參加保養品馬拉松，我喜歡用三個品牌來稱呼它，它們都朝著正確的方向前進。同時，變化也在發生，因為中國本來應該是護膚品牌背後的成長引擎，但它不再是以前的成長引擎了。到處都有變化，我們正在調整我們的策略，以使公司具有強大的彈性。

So the skincare brands we are playing with, the positioning of the brands, the productivity we are seeing there in each and every brand is increasing and this is exactly what we were looking for. So the strategy around the two divisions is still valid, still delivering results. And that's what we have seen during this quarter in CoverGirl and Rimmel being the two brands that resist the most, with a stable market share in their homelands on consumer beauty.

因此，我們正在合作的護膚品牌、品牌的定位以及我們在每個品牌中看到的生產力都在提高，這正是我們所尋求的。因此，圍繞兩個部門的策略仍然有效，仍然取得成果。這就是我們在本季所看到的，CoverGirl 和 Rimmel 是最抵制的兩個品牌，它們在各自的祖國消費者美容市場上擁有穩定的市場份額。

But also, as Laurent said it, a continued growth of our prestige fragrance business. 9% of growth on top of the 22% of growth last year. This, I have to say, is an outstanding result. Last but not least it's channels. E-com, I've commented on e-com at the very beginning of the Q&A. I've commented -- I have not commented yet on travel retail which has been growing very, very fast in the last I would say, two years.

而且，正如洛朗所說，我們的高端香水業務也持續成長。在去年 22% 的基礎上成長了 9%。不得不說，這是一個了不起的成績。最後但並非最不重要的一點是管道。 E-com，我在問答一開始就評論過e-com。我已經評論過——我還沒有對旅遊零售發表評論，我想說，過去兩年，旅遊零售業成長得非常非常快。

Today, there is a disruption happening mainly in Korea and in China in the Asian travel retail. The two other centers of travel retail are doing very, very well. So there are all these on top of the geographic diversification. So with the normalization of the growth, are we still on track with the deleveraging path? And I'll give the answer to Laurent.

如今，亞洲旅遊零售業的混亂主要發生在韓國和中國。另外兩個旅遊零售中心的表現非常非常好。因此，所有這些都是在地理多元化之上的。那麼，隨著成長正常化，我們是否仍走在去槓桿的路上？我會把答案告訴勞倫特。

Absolutely. So let's be very clear, the delevering agenda is unchanged. I keep repeating, I repeated many times that number one, priority is deleveraging the company, and we are on track. In fact, as you saw end of Q1, I mean, we are [0.4%] below previous year. So this is basically confirming the great progress. And indeed, even with the tight inventory management that we shared by retailers, which is (inaudible) volatility on cash flow timing and we are absolutely on track with this calendar year '24.

絕對地。因此，我們要明確的是，去槓桿化議程並沒有改變。我不斷重複，我重複了很多次第一，優先事項是公司去槓桿化，我們正在走上正軌。事實上，正如您在第一季末看到的那樣，我的意思是，我們比去年低了 [0.4%]。所以這基本上證實了巨大的進步。事實上，即使零售商與我們一樣實行嚴格的庫存管理，現金流時間也會出現（聽不清楚）波動，但我們絕對會在今年 24 年內走上正軌。

We leverage below 3 times and we continue to target leverage close to 2.5 times, exiting calendar '24. And then second, we absolutely confirm, moving towards 2 times leverage ratio, end of calendar '25. So again, we have all the labors, all the actions in place and I'm insisting this is not counting on any of the large divestitures. So this is really pure organic. So it means that now in 12 months, the company will be deleveraging the ratio at 2 times and this is what you saw from the rating agency, consequently in the third (inaudible) the rating agency. So we are absolutely on the path for deleveraging.

我們的槓桿率低於 3 倍，我們繼續將槓桿率目標定為接近 2.5 倍，退出日曆 '24。其次，我們絕對確認，在 25 年曆結束時，槓桿率將達到 2 倍。再說一次，我們已經做了所有的努力，所有的行動都已到位，我堅持認為這並不指望任何大規模的資產剝離。所以這確實是純有機的。因此，這意味著在 12 個月內，該公司將把該比率去槓桿化兩倍，這是您從評級機構看到的，因此是第三家（聽不清楚）評級機構。因此，我們絕對走在去槓桿化的道路上。

Oliver Chen, TD Cowen.

奧利佛·陳，TD·考恩。

Hi, Sue and Laurent. Holiday remains key to second half. How are you planning this year versus prior years? And what do you expect for the holiday given a lot of the dynamics you've spoken to? And I know you had a lot of great comments on what's happening in prestige fragrance earlier.

嗨，蘇和洛朗。假期仍然是下半年的關鍵。與往年相比，您今年的計畫如何？考慮到與您交談過的許多動態，您對假期有何期望？我知道您之前對高級香水的發展發表了很多精彩的評論。

But what are your thoughts on the moderation and the normalization? And as you do anniversary, Burberry Goddess, some of your main innovation catalyst there. And finally, and third, the demand planning program sounds very good, just what's ahead with that and also the opportunity and managing the risk as you implement that program as well? Thank you.

但您對適度和正常化有何看法？當你慶祝週年紀念日時，Burberry Goddess 是你的一些主要創新催化劑。最後，第三，需求規劃計畫聽起來非常好，那麼接下來會發生什麼，以及實施計畫時的機會和管理風險？謝謝。

Yeah, absolutely, and thank you, Oliver. So definitely, we indicated and you saw the numbers, I mean, there is a prestige category and it remains very healthy and very dynamic. And you see the market category, and the category run by 10%. So this is very, very important as you see, [exiting] the fragrance category as we are at full speed. So the fragrance (inaudible) so many times is at play.

是的，當然，謝謝你，奧利佛。所以，我們明確指出，你看到了這些數字，我的意思是，有一個聲望類別，它仍然非常健康且充滿活力。你會看到市場類別，該類別成長了 10%。因此，如您所見，這非常非常重要，因為我們正在全速退出香水類別。所以香水（聽不清楚）很多次都在發揮作用。

So basically, what we are seeing is that we are very confident in the holiday season. And we have again, very strong ammunitions. You saw talking about Burberry, as you find (inaudible) Burberry grew by 17% in Q1. So it means that definitely, it's a momentum that we have on Burberry Goddess -- now with Burberry Goddess Intense, Burberry Hero, Burberry (inaudible) is we are at full speed.

所以基本上，我們看到的是我們對假期非常有信心。我們再次擁有非常強大的彈藥。您看到了有關 Burberry 的討論，因為您發現（聽不清楚）Burberry 在第一季成長了 17%。因此，這絕對意味著我們在 Burberry Goddess 上擁有的勢頭 - 現在，隨著 Burberry Goddess Intense、Burberry Hero、Burberry（聽不清楚），我們正全速前進。

We have very small plans on growing, really strong innovation, which is really a very, very good start. We accelerate the innovation that we launched last year in the second half like (inaudible), Kylie Cosmic, so there is really a long list of innovations which are fully supported and it definitely was a very good relative momentum from the retailers and the consumers.

我們有非常小的計劃來發展真正強大的創新，這確實是一個非常非常好的開始。我們加速了去年下半年推出的創新，例如（聽不清楚）Kylie Cosmic，所以確實有一長串創新得到了充分支持，這絕對是零售商和消費者的一個非常好的相對動力。

I want to also mention (inaudible) which is really number one now that we are expanding to full distribution in Q2. So again, it's very, very important to see that -- and we keep growing in penetration and we are also we are raising new markets. I mean, our growth engines market are also accelerating on prestige fragrance. But as you saw also, we have seen fragrance accelerating big time in the consumer beauty segment, okay? So this is also definitely an acceleration.

我還想提一下（聽不清楚），現在我們正在第二季擴展到全面分發，這確實是第一。再次強調，看到這一點非常非常重要——我們的滲透率不斷成長，我們也在開拓新市場。我的意思是，我們的成長引擎市場也正在加速高檔香水的發展。但正如您所看到的，我們已經看到香水在消費美容領域加速發展，好嗎？所以這也絕對是一個加速。

So that's today, what we are seeing on the category and our sell-out in the future. And then second question, which is about the new demand planning program. So absolutely, I mean, this is a program that we started now a while ago and we are currently in full implementation. So as I indicated, it's really that we are consolidating two planning hubs into one global planning hub, which is based in Barcelona.

這就是今天我們所看到的該類別以及未來的銷售情況。然後是第二個問題，關於新的需求計劃計劃。所以絕對，我的意思是，這是我們不久前開始的一個計劃，目前正在全面實施。正如我所指出的，我們實際上正在將兩個規劃中心合併為一個全球規劃中心，位於巴塞隆納。

I can tell you that there are a lot of benefits by doing this. And number one is basically that we are using technology to improve significantly our forecast system. So having this knowledge of the technology, leveraging AI in one hub and that basically, we have a clear control tower on planning and this will bring significant savings in terms of cost, number one.

我可以告訴你，這樣做有很多好處。第一個基本上是我們正在利用技術來顯著改善我們的預測系統。因此，掌握了這項技術的知識，在一個中心利用人工智慧，基本上，我們就有了一個清晰的規劃控制塔，這將在成本方面帶來顯著的節省，這是第一。

But also when we are improving the accuracy, it has immediate effect on what we described several times which we are calling excess and obsolescence. Excess and obsolescence is really when I know you have too much inventory because you build too much inventory on the SKUs and in fact, which are over forecast and then it's becoming a hurt in terms of cash. And so this is going to reduce significantly.

但當我們提高準確性時，它會對我們多次描述的內容產生即時的影響，我們稱之為過剩和過時。當我知道你有太多庫存時，實際上就是過剩和過時，因為你在 SKU 上建立了太多庫存，事實上，這些庫存超出了預測，然後就現金而言成為一種傷害。因此，這將大大減少。

But on the other hand, it's also to make sure that when we have great innovation, great start, we're also improving significantly our service level. And by doing this, it's going to optimize our net revenue and also optimize the gross margin and also improve the collaboration with our retailers.

但另一方面，這也是為了確保當我們有偉大的創新、偉大的開端時，我們的服務水準也會顯著提高。透過這樣做，它將優化我們的淨收入和毛利率，並改善與零售商的合作。

There is also dimensions by doing this. We are also now improving significantly in the relation with these retailers. So we will keep you posted on the progress, but you will hear from us, definitely this is the beginning that there will be a lot of knock-on effect, positive effect from this new approach that we are working.

這樣做也有維度。我們現在也正在顯著改善與這些零售商的關係。因此，我們將隨時向您通報進展情況，但您會收到我們的來信，這絕對是一個開始，我們正在研究的這種新方法將會產生許多連鎖反應和正面影響。

Andrea Teixeira, JPMorgan.

安德里亞·特謝拉，摩根大通。

Hi, this is Shovana Chowdhury on for Andrea. Thank you for taking our question. We wanted to ask you about, can you please parse out how much of your 3% to 4% LFL growth in the second half is from actual underlying growth expectations versus due to easier comps as compared to the front half?

大家好，我是安德里亞 (Andrea) 的肖瓦娜·喬杜里 (Shovana Chowdhury)。感謝您提出我們的問題。我們想問您，您能否分析一下下半年 3% 至 4% 的 LFL 成長有多少來自實際的基本成長預期，以及與上半年相比更容易的比較？

And how much confidence do you have in this updated outlook for second half? Given that it really depends on a few factors like retailer inventory levels, including the holidays and assuming -- we are assuming that fiscal third quarter may have lower sales of consumers hunker down posts overset during the holidays. And of course, consumers have been challenged for some time. Thank you.

您對最新的下半年展望有多少信心？考慮到這實際上取決於零售商庫存水準等幾個因素，包括假期和假設——我們假設第三財季消費者的銷售額可能會較低，因為假期期間消費者的銷售量可能會下降。當然，消費者受到挑戰已經有一段時間了。謝謝。

So I want to remind on H2, is number one, that in terms of pricing, definitely, H1 is benefiting from pricing effect, which is carryover from some price increase we implemented last year. And this carryover is going to fade away in H2. So it accounts for about two points if you want to compare the H2 to the H1. So that's number one.

因此，我想提醒一下下半年，第一，就定價而言，上半年肯定受益於定價效應，這是我們去年實施的一些漲價的結轉。這種遺留效應將在下半年逐漸消失。因此，如果你想將 H2 與 H1 進行比較，它大約佔兩點。所以這是第一。

Number two, I want also to remind that last year, especially in prestige, we made some big launches in Q3 and Q4. I refer to it as Daisy Wild and also Kylie Cosmic, which were really a breakthrough approach really to launch (inaudible) that holiday season, (inaudible). So we have also these higher comps in terms of prestige, but now they when we are taking all the elements and you're right that so overall, you know, having easier comps in H2, I mean, this is giving us the full confidence they need the H2 growth algorithm. And we made it really in reality, but also I would say prudent manner because at the same time, they think we are the new initiatives which are going to combinate soon. So we have a strong pipeline on innovation, you know, I can, you know, for example, I refer to Masss definitely we have a strong pipeline on innovation and it is going to accelerate big time. And in H2 and second, as I refer, we are seeing in this H1, you know, these, you know, normalization or you know, retailer inventory adjustment. And definitely we are considering that H2 is going to be, you know, more stable from this. So then we we really build this H2, taking all the assumptions that we are very confident on this algorithm.

第二，我還想提醒一下，去年，特別是在聲望方面，我們在第三季和第四季推出了一些重大產品。我稱之為“Daisy Wild”和“Kylie Cosmic”，這對於啟動（聽不清楚）那個假期季節來說確實是一個突破性的方法，（聽不清）。所以我們在聲望方面也有這些更高的比賽，但現在當我們考慮所有元素時，你是對的，所以總的來說，你知道，在H2 中有更容易的比賽，我的意思是，這給了我們充分的信心他們需要 H2 成長演算法。我們確實在現實中做到了這一點，但我也會說謹慎的方式，因為同時，他們認為我們是即將合併的新舉措。因此，我們在創新方面擁有強大的管道，你知道，我可以，你知道，例如，我指的是 Mass，我們肯定在創新方面擁有強大的管道，並且它將加速發展。在下半年和第二個季度，正如我所說，我們在上半年看到，這些，你知道，正常化，或者你知道，零售商庫存調整。當然，我們正在考慮 H2 將會因此變得更加穩定。那麼我們就真正建構了這個 H2，假設我們對這個演算法非常有信心。

Olivia Tong, Raymond James.

唐奧立，雷蒙德詹姆斯。

Great. Thank.

偉大的。感謝。

You. Just two questions around your sales growth. Outlook both medium and long term for the long term, maybe a bit of clarification of Robert's question earlier. But your target for mid single digit growth in fiscal '26 for fiscal '26 and beyond that, you just yesterday, can you talk about what's driving that deceleration versus 6 to 8 long term target you provided in the past? And then more closely if you could provide some detail around the GAAP between selling and sell through and what's reflected in your expectation for the Q2 slowdown and then the acceleration into the second half. Basically, why, why do you expect such a substantial second half snap back for this year? Thank you.

你。關於您的銷售成長只有兩個問題。中長期展望，也許對羅伯特之前的問題做了一些澄清。但是，您昨天提出的26 財年中個位數成長的目標是26 財年及之後的成長目標，您能否談談是什麼推動了與您過去提供的6 至8 個長期目標相比的減速？然後，您是否可以更詳細地提供有關銷售和銷售之間的 GAAP 的一些詳細信息，以及您對第二季度經濟放緩以及下半年加速的預期所反映的情況。基本上，為什麼，為什麼你預計今年下半年會出現如此大幅的反彈？謝謝。

Mm So maybe I can start with, you know, with the second half, which is really and I, I can, I can say to them that again between the Q1 and Q2, there is definitely an impact that there is anticipation of, you know, and this was really require, you know, from the anticipated orders end of one. So this is was driving mostly the saving between Q1.

嗯，所以也許我可以從下半場開始，這確實是，我，我可以，我可以對他們說，在第一季度和第二季度之間，肯定會產生預期的影響，你知道，這確實是一項要求，您知道，從預期的訂單結束來看。因此，這主要推動了第一季之間的節省。

And so this is all elements I would say more or less the same either you know, on retailers behaviors either in the US but also in China, travel retail, Asia, travel retail, and also what we shared about Australia where we have really won when we tailor the which is also adjusting its its inventory now that H2, this as as you know, just explained, we are now on the easier comp adding new initiatives and this again and this is what's really giving, you know, on, on, on the, on the H2, on the H2 plan.

因此，我想說的所有要素或多或少都是相同的，無論是在美國還是在中國的零售商行為、旅遊零售、亞洲、旅遊零售，以及我們分享的關於我們真正獲勝的澳大利亞的內容當當我們客製化時，現在H2也在調整其庫存，正如你所知，剛剛解釋過，我們現在在更容易的競爭中添加新的舉措，這又是真正給予的，你知道，上，上，關於，關於H2，關於H2計劃。

And on the second part of the question regarding the, the, you know, what's driving as you, what you see as an implied deceleration in the growth of new single digit, high, single digit, the 6 to 8% higher. I agree. And I think the answer is quite simple. This depends on where in the 3 to 5% rent, the beauty market will land. And this is something that we don't know. And of course, any further China disruption like we see this year specifically in the Asian region where for the moment, the visibility is quite low. So that's the way I would answer it very, very simply.

關於問題的第二部分，你知道，是什麼在推動你，你認為新個位數成長隱含的減速，高個位數，高出 6% 到 8%。我同意。我認為答案很簡單。這要看在3%到5%的租金中，美容市場會落地到哪裡。這是我們不知道的事。當然，中國任何進一步的干擾，就像我們今年看到的那樣，特別是在亞洲地區，目前，可見度相當低。所以這就是我會非常非常簡單地回答這個問題的方式。

Charles Scotti, Kepler.

查爾斯‧斯科蒂，開普勒。

Yes. Good, good afternoon, good morning. Thank you for taking my questions. I have three, the first one. Could you give us some details about your market share online versus offline and whether this channel shift could have an impact on your overall growth market share?

是的。好，下午好，早安。感謝您回答我的問題。我有三個，第一個。您能否向我們提供一些有關您的線上與線下市場份額的詳細信息，以及這種渠道轉變是否會對您的整體增長市場份額產生影響？

Secondly, can you please give us more color on your growth in, in China and the travel regional Asia in Tijuana as you were, you know, fairly underindexed and quite immune to the turmoil so far? But it seems to be no longer the case. And finally, third question, what do you think could be the impact of the potential 10 to 20% custom tax on imported product to the US? As I guess most of the prestige products are made in Europe. And is there any plan to move production to your, to us or brazilian facilities? Thank you.

其次，您能否給我們更多關於您在中國和蒂華納亞洲旅遊地區的增長的信息，因為您知道，到目前為止，指數相當低，並且對動盪相當免疫？但現在似乎不再是這樣了。最後，第三個問題，您認為對美國進口產品徵收 10% 至 20% 的潛在關稅可能會產生什麼影響？我猜大多數名牌產品都是在歐洲製造的。是否有計劃將生產轉移到你們、我們或巴西的工廠？謝謝。

Yeah, thank you. Thank you, Charles and so on online off line. And we started the experience that we are accelerating big time on online. So we are getting back to share. It's now about 20% of our, of our business. Basically with about 20% in prestige about DJ but definitely strong acceleration. We have definitely a very strong team with a full pay and working hand in hand with the commercial team. So now we have really, I mean, the only channel approach which is really at full speed and economy is accelerating. We are seeing we are we are the only channel that is really at some speed but also with the players, we are definitely we are very strong, very strong partnership and we refer to Amazon. Amazon is is accelerating and as you know, we were really pioneering these partnerships. So we have very strong position and it is a case in prestige consumer duty. So definitely this is, I mean, there is very strong potential for faculty and we work on this in his own channel approach. Okay. So making sure that online and offline and we speak together and are complementary. So the very, very very good dynamic that we are going to continue on your second question, travel retail Asia we we we shared during the call that indeed this is the this is declining in one why travel retail Europe and America are really, you know, are really Asia is really part of this whole China ecosystem which is indeed currently under tension. But and China is indeed likely to given the current tension.

是的，謝謝。謝謝查爾斯等線上線下。我們開始了在網路上加速發展的體驗。所以我們回來分享。現在它約占我們業務的 20%。 DJ 的聲望基本上有 20% 左右，但加速絕對強勁。我們絕對擁有一支非常強大的團隊，擁有全額薪資並與商業團隊攜手合作。因此，我的意思是，現在我們確實擁有真正全速運轉且經濟正在加速發展的唯一管道方法。我們看到我們是唯一一個真正以一定速度但也與玩家合作的管道，我們絕對是非常強大、非常強大的合作關係，我們指的是亞馬遜。亞馬遜正在加速發展，如您所知，我們確實是這些合作夥伴關係的先驅。因此，我們擁有非常強大的地位，這就是信譽消費者責任的一個例子。所以我的意思是，這絕對是教師的巨大潛力，我們以他自己的管道方法致力於這一點。好的。所以確保線上和線下我們一起說話並且是互補的。因此，我們將繼續回答你的第二個問題，我們在電話會議中分享了亞洲旅遊零售業的非常非常好的動態，這確實是歐洲和美國旅遊零售業正在下降的原因之一，你知道，亞洲真的是整個中國生態系統的一部分嗎？但考慮到目前的緊張局勢，中國確實有可能這樣做。

And I need to insist again, China is only 3% of our net revenue. So I would say despite I mean, the current return, I mean, we have limited exposure in this, in this current context. And this is also the same for retail Asia. But we are working on initiative as you know what accelerating in China is really high where we have very strong positions and we are also great initiative in skin care. So I keep repeating currently with the resistance but you know, the impact faculty is limited, okay, there is an impact that is limited and if we keep seeing some some, I'm sure.

我需要再次強調，中國市場僅占我們淨收入的 3%。所以我想說，儘管我的意思是，目前的回報，我的意思是，在當前的背景下，我們在這方面的曝光度有限。亞洲零售業也是如此。但我們正在努力採取主動行動，正如你所知道的那樣，中國的加速發展非常高，我們擁有非常強大的地位，而且我們在皮膚護理方面也具有很大的主動性。因此，我目前一直在與阻力重複，但你知道，影響力是有限的，好吧，影響是有限的，如果我們繼續看到一些影響，我確信。

So the third your third question on on Paris. So this is absolutely something that we have on the and that we have been working for for a while. But what's very important number one in terms of components, resource, you know, very limited components from China, we need to be. So there is very very limited exposure now about Europe and us, the strength of and we keep repeating is really this global foot. So we factories in Europe, but we have also factories in the US consumer beauty and also on farm. So these are exactly the kind of hedging that we can create in terms of localizing some some production, either in terms of fed food, but also in terms of complements where we have the. So, so basically, I mean, the point is helping at the same time and indeed in this firm and you know, our peers may be more exposed. We may, you know, it may imply, you know, some small price increase we mitigate and we need to keep the question intact.

第三個問題是關於巴黎的。所以這絕對是我們已經擁有並且已經工作了一段時間的東西。但就零件、資源而言，最重要的是，我們需要成為來自中國的非常有限的零件。因此，現在關於歐洲和我們的曝光度非常有限，我們不斷重複的實力實際上是全球腳。我們在歐洲設有工廠，但我們在美國消費者美容和農場也設有工廠。因此，這些正是我們可以在本地化某些生產方面創建的對沖，無論是在飼料方面，還是在我們擁有的補充方面。所以，基本上，我的意思是，重點是同時提供幫助，而且確實在這家公司中，你知道，我們的同行可能會更加暴露。我們可能，你知道，這可能意味著，你知道，我們會減輕一些小幅的價格上漲，我們需要保持問題的完整性。

And to complement what Laurence said, it's very important to say it again and again, we are the least exposed company to China and to travel retail Asia. And that's very important among the comparative players skip today.

為了補充勞倫斯所說的，有必要一再強調，我們是對中國和亞洲旅遊零售業務影響最小的公司。這對於今天跳過的比較玩家來說非常重要。

Filippo Falorni, Citi.

菲利波·法洛尼，花旗銀行。

Hi. Hi, everyone. On margins, you guys have delivered very strong performance both on growth and the margins. And you raised the target on cost savings to 120 million over 120 million. Can you talk a bit about like what are the incremental cost saving initiatives that you found that you're finding in the in the P&L and you talked about having momentum into fiscal '26. So maybe you can also give some color on what is going to continue and what's the pipeline on, on cost savings going forward? Thank you.

你好。大家好。在利潤方面，你們在成長和利潤方面都取得了非常強勁的表現。您將節省成本的目標提高到了 1.2 億，超過 1.2 億。您能否談談您在損益表中發現的增量成本節約舉措是什麼，以及您談到了進入 26 財年的勢頭。因此，也許您還可以對將要繼續的工作、正在進行的工作以及未來的成本節約等問題提供一些說明？謝謝。

Yeah, thank you Philippo. Absolutely. So MJ is really a key focus for the company. So I mean, we are delivering about 200 babies on Gross Malten in Q1. So I really want to highlight this because it shows that all the actions that we are putting in place are strongly deliver. So it's really a combination as I indicated, the pricing where there is really strong carryover on pricing, there is more moderate inflation. Indeed, we are improving significantly the level of excess and obsolescence. I I was referring to to it before, you know, with the plan and procurement and supply chain is working on very strong productivity initiatives. We share many times and we continue all the work we are doing and platforming. We are reviewing all the products, all the formula and the creating some formula synergies which you know, is helping and also helping our suppliers. So recently, strong partnership with our suppliers with very strong initiatives and this is so gross margin is basically we are now above 65% and this is what we had indicated three years ago. We at that time, we were below 60%. So definitely we continue. Now looking ahead the current environment, we had a long list of initiatives in our pipeline. So some are already in motion and we are accelerating this is exactly what I explained about the planning implementation and how we are going to significantly improve our planning and our forecast model, which will bring savings but also really improve our pipeline and relation with the retailers, which is absolutely absolutely key. The second element I can bring to you. And you know, we we we refer to it and there was a question about ecommerce online and off line channel.

是的，謝謝你，菲利波。絕對地。因此，MJ 確實是公司的重點關注對象。所以我的意思是，第一季我們在 Gross Malten 分娩了大約 200 名嬰兒。所以我真的想強調這一點，因為它表明我們正在採取的所有行動都得到了強有力的實施。因此，正如我所指出的，這實際上是一個組合，定價確實存在強烈的結轉效應，通膨更為溫和。事實上，我們正​​在顯著改善過剩和過時的水平。我之前提到過，你知道，計劃、採購和供應鏈正在致力於非常強大的生產力計劃。我們分享了很多次，並繼續我們正在做的所有工作和平台化。我們正在審查所有產品、所有配方，並創造一些配方協同效應，您知道，這正在幫助我們的供應商。最近，我們與供應商建立了強有力的合作關係，採取了非常強有力的舉措，所以毛利率現在基本上超過了 65%，這也是我們三年前表示的。我們當時，低於60%。所以我們肯定會繼續。現在展望當前的環境，我們正在醞釀一長串舉措。因此，有些已經在行動，我們正在加速，這正是我對規劃實施的解釋，以及我們將如何顯著改進我們的規劃和預測模型，這將帶來節省，但也真正改善我們的管道和與零售商的關係，這絕對是關鍵。我可以帶給你的第二個要素。你知道，我們提到過，有一個關於電子商務線上和線下管道的問題。

We are seeing that now the landscape is really moving to the omni channel world. And definitely, and we are seeing also some retailer centralization. This is definitely a fact. So which is blurring also and these offline online. So we are assessing also the changes to the structure, how to adapt to this. And we need to create some synergies and we need to gain to gain some efficiency. Also so expensive in terms our new model of the speed to market, the beauty is also here to bring some savings and also acceleration and last three months which I want to insist on is on technology I explained in July that we have successful implementation. Now we are leveraging this technology where we can and a very, very strong savings and improving also on the support function, how we can work on this. So you see that there are all these initiatives that are in the pipe that we are accelerating, they are all connected. And it's definitely part of the two program that we we we initiated. So that's indeed what's giving us confidence to continue to improve our our margin.

我們看到現在的格局正在真正轉向全通路世界。當然，我們也看到了一些零售商的集中化。這絕對是事實。因此，線下和線上的情況也變得模糊。因此，我們也在評估結構的變化，以及如何適應變化。我們需要創造一些協同效應，我們需要獲得一些效率。就我們的新型號上市速度而言，價格也非常昂貴，美感也在這裡帶來了一些節省和加速，過去三個月我想堅持的是我在 7 月份解釋的技術，我們已經成功實施了。現在，我們正在盡可能地利用這項技術，並節省大量資金，並改進支援功能，以及我們如何進行這方面的工作。所以你會看到，我們正在加速實施所有這些舉措，它們都是相互關聯的。這絕對是我們發起的兩個計劃的一部分。因此，這確實給了我們繼續提高利潤率的信心。

So your second point which is now looking ahead for fiscal '26 indeed, we have also a strong pipeline of growth initiatives. So we have fragrance launches across price points as we explained. And we spend several times of course strong innovations in the background, but we have also now stronger initiatives in the mass programs. So we are covering, you know, the full price spectrum mist is definitely a great opportunity for us. So skin care, we are accelerating geographic expansion basically with the growth engines which are really accelerating and we saw the numbers and they grow double digits. So they grow faster than the the metro market. And last but not least the beauty initiative in school, it will really bring some additional initiatives. So again, in a growing market dynamic, we have again, a lot of initiatives in the pipeline to go faster.

因此，您的第二點實際上是展望 26 財年，我們也有強大的成長計畫管道。因此，正如我們所解釋的，我們推出了跨價位的香水。當然，我們在後台花費了幾次強有力的創新，但我們現在在大眾計劃中也有了更強有力的舉措。所以我們正在覆蓋，你知道，完整的價格範圍對我們來說絕對是一個很好的機會。因此，護膚品方面，我們基本上正在加速地域擴張，成長引擎確實在加速，我們看到了數字，它們成長了兩位數。因此它們的成長速度比地鐵市場更快。最後但並非最不重要的一點是，學校的美容倡議，它確實會帶來一些額外的倡議。因此，在不斷成長的市場動態中，我們再次製定了許多旨在加快步伐的措施。

Chris Carey, Wells Fargo Securities.

克里斯凱裡，富國銀行證券。

Hi everyone. So there's been a few questions on the algorithm.

大家好。所以有一些關於演算法的問題。

So I won't go there on the on the top line per se. But I think what I'm hearing is basically that pre previously it was it was 6 to 8. But now we we have to be mindful that the category growth is a key foundation to be able to deliver that outcome. And if the and if that category growth is lower, then you know, that outcome could be lower, which, which by the way, I think makes sense. But correct me, if, if you heard anything there, which which doesn't make sense to you said another way, the category will do what it do does and you'll gain share on top of category. But then connected to that is the 9 to 11% ebida growth.

所以我本身不會去那裡。但我認為我聽到的基本上是之前的數字是 6 到 8。如果該類別的成長較低，那麼你知道，結果可能會較低，順便說一句，我認為這是有道理的。但請糾正我，如果你在那裡聽到了任何對你來說沒有意義的東西，那麼該類別就會做它所做的事情，並且你將在類別之上獲得份額。但與此相關的是 9% 至 11% 的 ebida 成長。

Obviously, this year, you have a pretty substantial step up in back half Ebida to kind of stay in that range. But over time, how like how should we be thinking about how sturdy 9 to 11, I mean, should, should, should that IDA growth range also also fluctuate somewhat depending on, on category or do you view that as, as really firm because perhaps it's more connected to your leverage target? So thanks. Thank you for entertaining any of that and responding how, how you see it. Thanks.

顯然，今年，你在後半區埃比達有了相當大的進步，以保持在這個範圍內。但隨著時間的推移，我們應該如何考慮 9 到 11 的強勁程度，我的意思是，應該，應該，IDA 增長範圍也應該根據類別而有所波動，或者您是否認為這確實很堅定，因為也許它與您的槓桿目標關係更大？所以謝謝。感謝您對其中的任何內容進行娛樂並做出回應，您如何看待它。謝謝。

Maybe I'll start with the first part, you know, around the growth of the company. I think you understood that indeed, we are playing in markets and the level of growth of the beauty market will be a part of how we are going to build our growth ourselves. But we are an author of business, you know, and beauty is one of the most resilient, if not the most resilient businesses. And Turkey has been outperforming this market since now four years or so. It's really, it's really a combination of both how the market will be. And indeed, our medium term outlook is to see the market between three and 5%. It is also going to be a question of how fast we are going to accelerate with our new growth engines. Be it regions, categories. Don't forget the new licenses, Army Jacobs Beauty, a new license to be announced soon and we are continuing to work on this topic. So all these elements together are going to give us the right number when it comes to the ability to be exactly in the algorithm that we did three years ago or close to this algorithm depending on all these elements altogether. And the second part, you can complement on the ATA.

也許我會從第一部分開始，你知道，圍繞著公司的發展。我想您確實明白，我們正在市場中競爭，美容市場的成長水平將成為我們自己實現成長的一部分。但我們是商業的創造者，你知道，美容即使不是最具彈性的行業，也是最具彈性的行業之一。自四年多以來，土耳其的表現一直優於該市場。確實，這確實是市場狀況的結合。事實上，我們的中期展望是市場成長在 3% 到 5% 之間。這也將是我們新的成長引擎加速速度有多快的問題。無論是地區、類別。不要忘記新的許可證，Army Jacobs Beauty，即將宣布的新許可證，我們將繼續研究這個主題。因此，當涉及到完全符合我們三年前所做的演算法或接近該演算法的能力時，所有這些元素加在一起將為我們提供正確的數字，具體取決於所有這些元素。第二部分，你可以補充ATA。

Absolutely. I mean, so first of all, I want remember that over the last three years, I mean, we are constantly, you know, over deliver these, you know, these 9 to 11% ebida growth. So that's really today, we are even ahead of our initial plan indeed, as I indicated leverage ratio. I mean, we will get, we definitely, we we explained a few a few years ago now, definitely looking ahead, it's the number one focus that we continue to deliver significantly on the top line growth. So this is this is a no brainer and all the savings initiatives that I just explained. In fact, they are going to even accelerate in fiscal '26. So it will give us the munition to fuel all the great initiatives that we have. But also of course, to keep going A B dam much faster than the net revenue and continue to expand our ebida margin. And you know, this year, in fact, our ebida margin is going to go close to 100 basis funds. So we will be close to 19% Abita margin and then starting from these days, yes, we will continue to expand significantly our Abida margin. So I want to make it very clear that I mean, even if we are reaching our two times leverage ratio, we are going to continue all this work to significantly expand our bigger margin.

絕對地。我的意思是，首先，我想記住，在過去的三年裡，我的意思是，我們不斷地超額實現這些，你知道的，這些 9% 到 11% 的 ebida 增長。所以今天確實如此，正如我所指出的槓桿率一樣，我們甚至領先於我們最初的計劃。我的意思是，我們肯定會得到，我們幾年前已經解釋過了，展望未來，這是我們繼續顯著實現營收成長的首要重點。所以這就是我剛才解釋的所有儲蓄舉措，這是理所當然的。事實上，他們甚至會在 26 財年加速。因此，它將為我們提供彈藥來推動我們所有偉大的舉措。當然，也要繼續以比淨收入快得多的速度前進，並繼續擴大我們的稅前利潤率。你知道，事實上，今年我們的 ebida 利潤率將接近 100 個基礎基金。因此，我們的 Abida 利潤率將接近 19%，然後從這些天開始，是的，我們將繼續大幅擴大我們的 Abida 利潤率。因此，我想明確表示，即使我們達到兩倍的槓桿率，我們也將繼續所有這些工作，以顯著擴大我們的利潤率。

This does conclude today's question and answer period. I will now turn the call back over to our presenters for any additional or closing remarks.

今天的問答環節到此結束。現在，我將把電話轉回給我們的主持人，以徵求任何補充或結束語。

No, no closing your mark. Thank you very much for your questions. Again and see you next doctor.

不，不關閉你的標記。非常感謝您的提問。再次見下一位醫生。

This does conclude Cody's first quarter, fiscal 2025 question and answer conference call. Thank you for your participation. You may disconnect at any time we.

Cody 的 2025 財年第一季問答電話會議到此結束。感謝您的參與。您可以隨時斷開我們的連線。