科蒂集團 (COTY) 2026 Q3 法說會逐字稿

Good morning and good afternoon, everyone. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to Coty's third-quarter fiscal 2026 question-and-answer conference call. As a reminder, this conference call is being recorded today, May 6, 2026, at 8:00 PM Eastern Standard Time or 2:00 PM Central European Time.

各位早安、午安。我叫 Chelsea，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加科蒂（Coty）2026 財政年度第三季問答電話會議。提醒各位，本次電話會議將於今日 2026 年 5 月 6 日錄音，時間為美東標準時間晚上 8:00，或中歐時間下午 2:00。

Please note that on May 5, at approximately 4:30 PM. Eastern Standard Time or 10:30 PM Central European Time, Coty issued a press release and prepared remarks webcast, which can be found on his Investor Relations website.

請注意，5 月 5 日約美東標準時間下午 4:30，或中歐時間晚上 10:30，科蒂發布了新聞稿並提供了預先準備的發言網路直播，可於其投資人關係網站查閱。

On today's call are Markus Strobel, Executive Chairman of the Board and Interim Chief Executive Officer; and Laurent Mercier, Chief Financial Officer.

今天出席電話會議的有董事會執行主席兼臨時執行長 Markus Strobel，以及財務長 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 these forward-looking statements. 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.

提醒各位，今天的多項評論可能包含前瞻性陳述。請參閱科蒂的財報新聞稿以及向美國證券交易委員會（SEC）提交的報告，其中列示可能導致實際結果與這些前瞻性陳述存在重大差異的因素。此外，除非另有說明，對科蒂財務結果及其預期的討論均反映了若干調整，詳見公司新聞稿中「非 GAAP 財務衡量指標」章節。

With that, we will now open the line for questions. (Operator Instructions)

接下來，我們將開放提問。(接線員指示)

Filippo Falorni, Citi.

Filippo Falorni，花旗（Citi）。

Hi, good morning and good afternoon there. First question, Mark, I was hoping you can elaborate on the sell in versus sellout gap that you called out yesterday, both for prestige and consumer beauty, different drivers there, but how should we think about it going forward into Q4 and as you start thinking about fiscal 2027?

大家早安、午安。第一個問題，Mark，我希望你能更詳細說明你們昨天提到的出貨（sell-in）與終端銷售（sell-out）之間的落差，無論是高端（prestige）或大眾美妝（consumer beauty）都有不同的驅動因素；那麼我們應該如何看待這個落差在第四季的走勢，以及當你們開始思考 2027 財年的時候？

And then one question for Laurent on the margin side, can you provide some color on the exposure to oil and higher oil prices, both from a raw material standpoint, but also from a distributional logistical standpoint? Thank you.

另外一個問題給 Laurent，關於毛利率方面，你能否說明一下對原油及油價上升的曝險？不論是原物料端，或是配送與物流端。謝謝。

Thanks, Filippo. On your first question, I mean, first of all, on the prestige side, it was good that we saw some sellout growth, not much, but it was good and we're happy about that, but the sell in was trailing. There's basically three reasons behind it. Number one is the Middle East because when this hit us end of February, we basically couldn't sell anything in March and the Middle East for us is a mid-teens region, was growing very highly. So a good part of that selling problem is attributable to the Middle East. Number two, we are still in a highly promotional environment, which can be visible in the gross to net.

謝謝你，Filippo。先回答第一個問題。首先，在高端業務方面，我們看到終端銷售有一些成長，雖然不多，但這是好事，我們也很高興；但出貨端則落後。背後基本上有三個原因。第一是中東，因為這件事在 2 月底衝擊到我們後，我們在 3 月幾乎無法在中東賣出任何產品；而中東對我們而言是約中十位數占比的區域，且原本成長非常強勁。因此，這個出貨問題有相當一部分可歸因於中東。第二，我們仍處於高度促銷的環境，這在毛額到淨額（gross to net）上也看得出來。

And finally, what we also saw is that a lot of our European retailers stocked up quite a bit for the holiday, for the Christmas period. And our sellout was not as high as they had intended it to be, so they were working down a little bit of inventory in Q3. So all these three factors combined led to that gap between sell in and sellout.

最後，我們也看到許多歐洲零售商為了假期、聖誕檔期而提前大量備貨。而我們的終端銷售並沒有達到他們原先預期的水準，因此他們在第三季稍微去化了一些庫存。這三個因素加總起來，就造成了出貨與終端銷售之間的落差。

When it comes to consumer, first of all, the good news on consumer is that we have closer to the gap to the category, especially on Sally Hansen and on CoverGirl in the US. Actually, on both of these brands, we are now growing versus the market in unit volume, and we are catching up in value.

至於大眾美妝，首先好消息是，我們與品類之間的差距正在縮小，特別是在美國的 Sally Hansen 與 CoverGirl。事實上，這兩個品牌目前在銷量（unit volume）上都已經相對市場呈現成長，我們在金額（value）上也正在追趕。

Now, why have you not seen this in the sell in? There is basically multiple reasons behind this. Number one, we have basically decided to get our whole organization focused on sellout and market share. This is for us a big cultural shift. So in the Q3, we sold in much slimmer, much sharper bundles because we sell in big in the past, we sold in very big bundles, a lot of volume.

那為什麼你沒有在出貨端看到這點？背後基本上有多個原因。第一，我們已決定讓整個組織聚焦在終端銷售與市占率。對我們而言，這是一個重大的文化轉變。因此在第三季，我們以更精簡、更精準的組合包（bundles）出貨；因為過去我們出貨量很大，常常是非常大的組合包、很多量。

Problem with it, if it doesn't sellout, it comes back in return, some obsolescence, we avoided it this time, so we sold in less, but we sold through much more. That's how we got up against the category. So this is short-term effect of selling in less because we changed our strategy in the way we drive retail productivity.

這樣做的問題是，如果終端賣不動，就會以退貨形式回來，並產生一些報廢（obsolescence）；這次我們避免了這種情況，所以出貨較少，但實際售出（sell-through）更多。這就是我們能追上品類表現的原因。因此，這是因我們改變推動零售生產力的策略、而導致短期出貨較少的效果。

And number two, we also exited some smaller markets on the consumer business, especially on color cosmetics in Southeast Asia and in Mexico, and obviously when you exit, you don't sell in. So we believe that long-term, the focus on sellout and sharper bundles and much more retail productivity will make us a stronger company, and over time, sell in, sellout will equal sell in.

第二，我們也退出了大眾美妝業務中的一些較小市場，特別是東南亞與墨西哥的彩妝品類；顯然退出市場後，就不會再出貨。我們相信，長期而言，聚焦終端銷售、更精準的組合包，以及更高的零售生產力，將使我們成為更強的公司；隨著時間推進，出貨與終端銷售將會收斂，最終終端銷售會等於出貨。

Yeah, so Filippo, I can take the second question on -- so Middle East, indeed, there are two implications, so on, of course, the top-line margins, so Middle East is a mid-single-digit net revenue for the company. And of course, the other impact is on oil price. So what I can tell you, if you have to keep in mind some numbers is that roughly speaking, $1 impact from oil price is impacting our profit by $2 million. This is roughly the gross number.

好的，Filippo，我來回答第二個問題——關於中東。確實有兩個影響：首先是對營收端與利潤率的影響；中東約占公司淨營收的中個位數比例。當然，另一個影響是油價。我可以提供一個你需要記住的數字：大致而言，油價每變動 1 美元，會使我們的利潤影響約 200 萬美元。這大致是毛額影響（gross number）。

So this is before any intervention on productivity, change of sourcing or any other activity or ultimately even pricing, but just to have in mind. So now about the timing is there is some delay, number one, because we have inventories on components, number two, also that procurement team, they have also some hedging policy with our suppliers, which is also protecting suppliers and as a result, is protecting us.

這是在尚未採取任何生產力介入、改變採購來源或其他行動，甚至最終也尚未反映定價之前的數字，但可先作為概念參考。至於時間點，會有一些遞延：第一，因為我們有零組件庫存；第二，採購團隊也與供應商有一些避險政策，這同時保護供應商，因而也保護到我們。

So all in all, it means that we are protecting against oil inflation, roughly by the end of calendar year 2026. So this is the rough cut. And maybe just to conclude on this, but what are the scope impacted? So number one is freight. This has an impact on freight and it's also on glass obviously, and this is where procurement teams are really finding, optimizing in terms of sourcing, how we can avoid these impacts. And number three, it's about components when we have some plastic components.

總體而言，這表示我們對油價通膨的防護大致可延續到 2026 年曆年年底。這是大致的切面。最後補充一下，哪些範疇會受到影響？第一是運費（freight）。這會影響運費，當然也會影響玻璃；而這正是採購團隊在採購來源等方面持續優化、以降低影響的領域。第三則是含有塑膠零組件的部件。

So again, we are managing these very tightly. I mean, the procurement teams have really demonstrated over the last year's ability and agility to navigate this kind of volatility of inflation was the case three, four years ago when there was a peak of inflation. So again, the teams are really full on and managing all these elements, while at the same time, of course, making sure that we keep always the top-quality products.

因此，我們對這些項目都在非常嚴密地管理。我的意思是，採購團隊在過去幾年已經展現出能力與敏捷度，能夠應對這類通膨波動；就像三、四年前通膨達到高峰時一樣。所以團隊正全力以赴管理所有這些要素，同時也確保我們始終維持最高品質的產品。

Great. Thank you very much.

很好。非常感謝。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Great. Thanks. Good morning. Can you -- you mention retail restocking is mostly complete, but promotional levels are obviously still higher than you'd like, and at least in the near-term, Middle East is likely a continued headwind. So perhaps can you give us a better sense of when you expect that sell in and sellout to converge, is this a next 12 months endeavor or do you think it could potentially take longer? I understand your comments to Filippo about some of the actions that you're taking, particularly in Consumer Beauty, but would love a little bit more detail on that.

很好。謝謝。早安。你提到零售端補庫大多已完成，但促銷水準顯然仍高於你們希望的程度，而且至少在短期內，中東很可能仍會是持續的逆風。因此，或許你能更清楚說明你們預期出貨與終端銷售何時會收斂？這會是未來 12 個月內要完成的事，還是你認為可能需要更久？我理解你對 Filippo 提到的一些行動，特別是在大眾美妝方面，但希望能再多一些細節。

And then just longer-term, can you talk about some more of the building blocks to get you closer to category growth and whether you may need to take even more drastic actions, particularly in Consumer Beauty to get you there?

然後從較長期來看，您能否談談一些讓你們更接近品類成長的組成要素，以及是否可能需要採取更激烈的行動，特別是在大眾美妝（Consumer Beauty）方面，以達成這個目標？

I'm going to just start with how we get to category growth, both from Prestige and Consumer Beauty. And they're pretty similar because both run under the Coty. Curated. framework. So number one is getting the right innovation out there and focusing on the right innovation. So what we have done already for fiscal 2025, we have identified what is our best innovation, what is innovation that complements the brand, that has a halo effect on the brand. And what are some small things that we have been doing in the past that we should not be doing at all.

我先從我們如何達到品類成長談起，涵蓋高端美妝（Prestige）與大眾美妝。兩者其實非常相似，因為都在 Coty 之下運作。Curated. 架構。第一點是推出正確的創新，並聚焦在正確的創新上。因此，針對 2025 財年，我們已經辨識出哪些是我們最好的創新、哪些創新能補強品牌、並對品牌產生光環效應（halo effect）。以及我們過去做過的一些小事情，其實我們根本不該再做。

So we have cut our number of activities, but we're going to make the innovation that we bring to market bigger, better, and make sure it has a halo effect on the brand. So that's point number one. We're doing this on Prestige and we're also doing this on Consumer because we already see now that some of our reduced bundles with bigger, better innovation. Some of our items are far ahead of objectives, some of them 3x. So we've seen we can appeal much more to the consumer, get more traction.

所以我們已經削減了活動數量，但我們會讓推向市場的創新更大、更好，並確保它能對品牌產生光環效應。這是第一點。我們在高端美妝這麼做，也在大眾美妝這麼做，因為我們現在已經看到，透過一些精簡後的組合搭配更大、更好的創新，我們有些品項遠超目標，有些甚至達到 3 倍。所以我們看到我們能更有效吸引消費者、獲得更多動能。

Second point is getting consumer engagement, improved consumer engagement. As I mentioned in the last call, by doing so many activities, we have invested a lot of money in creating assets. But even have enough sufficient money to put these assets out there for consumers to see. So we're changing that, creating fewer assets, having more money in working media and especially focusing more on what we call advocacy, which is a modern way of doing marketing influencers.

第二點是提升消費者互動、改善消費者參與度。如我在上次電話會議提到的，因為做了太多活動，我們投入了大量資金在製作素材資產（assets）。但卻甚至沒有足夠的資金把這些素材投放出去讓消費者看見。所以我們正在改變：製作更少的素材，把更多資金放到有效媒體投放（working media）上，並且特別更聚焦在我們所說的「倡議」（advocacy）——也就是以更現代的方式做網紅影響者行銷。

We have been a bit slow on this one because we still had a very traditional marketing mix up until last year, but we're catching up very quickly. So that we believe that the consumers will respond much more to offering.

在這一點上我們過去有點慢，因為直到去年為止，我們仍然採用非常傳統的行銷組合，但我們正在非常快速地追趕。因此我們相信，消費者會對我們的產品主張（offering）有更強的回應。

Number three, and this is very important, when you mentioned the sellout and you're changing our whole company culture toselloutt oriented. It used to be fairly sell in oriented, but now, we are for every innovation, for everything you've been doing, you're asking what is the sellout plan, what is the joint business planning with the retailer, does it fit into the cadence of the retailer, so they have a really fully synchronized plan to drive sellout and then sell in will follow.

第三點，而且非常重要：當你提到終端銷售（sellout），我們正在把整個公司文化轉向以終端銷售為導向。過去比較偏向出貨（sell in）導向，但現在，對於每一項創新、每一件我們在做的事，我們都會問：終端銷售計畫是什麼？與零售商的聯合商業規劃（joint business planning）是什麼？是否符合零售商的節奏（cadence）？讓他們有一個完全同步的計畫來推動終端銷售，然後出貨自然會跟上。

And number four is on everything that we do, we put the ROI lens. That's it, we have very good ROI measurements now of all our actions, of our media spending, marketing spending, and we're saying everything what we do, does it move the needle, yes or no. So across these four elements, which is basically coded curated on both Prestige and Consumer, we believe this is going to have a big impact over time.

第四點是：我們做的每一件事都用 ROI 的視角來檢視。就這樣——我們現在對所有行動、媒體投放、行銷支出都有非常好的 ROI 衡量，我們會說：我們做的每件事，是否真的帶來成效（move the needle），是或不是。因此，透過這四個要素——基本上在高端與大眾兩端都以 coded curated 的方式運作——我們相信隨時間推進會帶來很大的影響。

Now there will be -- we had a framework, we put out this framework in the last call as you remember, we're putting into the market now and hopefully it will improve quite a bit in 2027. It's probably going to go much faster on the innovation side because we decided this already -- it's going to go much faster on the ROI side because we have the data.

接下來會是——我們有一個架構，你們也記得我們在上次電話會議中提出過，現在我們正在把它推向市場，希望在 2027 年能有相當明顯的改善。在創新面可能會更快，因為我們已經做出決定——在 ROI 面會更快，因為我們有數據。

Moving asset creation to working media is going to take a little bit more time because you need some me time to do that and getting the whole organization that has been traditionally focused on sell in, sellout oriented will also take a little bit more time.

把素材製作的資源轉到有效媒體投放上，會需要多一點時間，因為你需要一些時間來完成轉換；而讓整個組織從傳統上聚焦出貨（sell in）轉為終端銷售（sellout）導向，也會需要多一點時間。

When everything comes together, we believe we will finally be in a position that sellout and sell in kind of equate, and we have a very healthy business from which to grow and reduce the gap we have versus the market. We want to grow overtime at least with the market and in the long-term obviously we want to outgrow the market.

當一切都整合到位時，我們相信我們終於能讓終端銷售與出貨大致相匹配，並擁有一個非常健康、可用來成長的業務基礎，從而縮小我們相對於市場的差距。我們希望隨時間至少與市場同步成長，而長期來看，當然希望能跑贏市場。

Sydney Wagner, Jefferies.

Sydney Wagner，Jefferies。

Thanks for taking our question. So just curious, you were encouraged to hear some of the progress early from CoverGirl. Which of those strategic steps do you think are most repeatable outside of the US? And then we are seeing several mass retailers developing and broadening their beauty offerings. So can you talk about how you think about where the Coty brands fit into that evolving mass retail environment and how your strategy fits around there?

謝謝讓我們提問。我想了解的是，聽到 CoverGirl 早期的一些進展令人鼓舞。你認為那些策略步驟中，哪些最能在美國以外的市場複製？另外，我們看到幾家大眾零售商正在發展並擴大其美妝品類供給。所以你能談談你如何看待 Coty 品牌在這個不斷演變的大眾零售環境中的定位，以及你們的策略如何配合嗎？

Yeah, I find it quite interesting when you look at CoverGirl and Sally Hansen, we had a lot of failed efforts in the last couple of years to position the brands where the brands don't fit. I think at one point in time, they tried to turn CoverGirl into the ultimate Gen Z brand, that didn't really work because this was not credible for the consumer.

是的，我覺得很有意思：當你看 CoverGirl 和 Sally Hansen，我們在過去幾年做過很多失敗的嘗試，把品牌定位到不適合它們的位置。我想在某個時點，他們試圖把 CoverGirl 打造成終極的 Z 世代品牌，但那其實行不通，因為對消費者而言缺乏可信度。

And each time when I go to the retailer in the United States, but also in Europe, they always say, please, can anybody do something for Gen X, because Gen X women has money ready to spend it, but nobody talks to them and nobody has an offering for them. So basically, what we're doing, what we've with CoverGirl, we made CoverGirl, again, in the process of making the penultimate Gen X brand, and retailers really support us in this.

而且每次我去拜訪美國的零售商、以及歐洲的零售商，他們總是說：拜託，有沒有人可以為 X 世代做點什麼？因為 X 世代女性有錢、也準備花錢，但沒有人跟她們對話，也沒有人為她們提供產品主張。所以基本上，我們正在做的事——我們在 CoverGirl 上所做的——是讓 CoverGirl 再次、並正在把它打造為近乎最具代表性的 X 世代品牌，而零售商也非常支持我們。

What this means, the way we're going to market, we need to have a good mix of advocacy, as I just mentioned, we've got to improve that, but also some traditional media to focus on the core properties, Simply Ageless, Lash Glass, all these kind of things that people know, that people trust in. So where we bring innovation on these existing franchises versus news all the time.

這代表我們的上市路徑（go-to-market）需要有良好的「倡議」（advocacy）組合，如我剛提到的，我們必須改善這一點；同時也需要一些傳統媒體，聚焦在核心資產上，例如 Simply Ageless、Lash Glass 等這些大家熟悉、也信任的產品。因此，我們是在既有的主力系列（franchises）上帶來創新，而不是永遠只推新品。

And I think that it's highly appreciated that helps us now to actually get much closer with CoverGirl to the category. And we're actually outgrowing the category at the moment in terms of units in the US. And I believe this model is also applicable outside of the US. We're going to apply on Rimmel in the UK and on some of our other properties like Bourjois and Max Factor in Europe.

我認為這點非常受到肯定，現在也確實幫助我們讓 CoverGirl 更接近品類表現。而且就美國市場的銷量（units）而言，我們目前其實正在跑贏品類。我相信這個模式也適用於美國以外的市場。我們會把它應用在英國的 Rimmel，以及歐洲的其他品牌資產，例如 Bourjois 和 Max Factor。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Hi, Markus and Laurent. Regarding the focus on the sellout culture, what does that mean in terms of your systems and/or capabilities or working capital and what you're thinking that requires? It sounds like it's quite prudent. As you mentioned earlier, Markus, on the promotional environment that you're seeing, as well as the European accounts being overstocked, how long might that persist or what are you monitoring in terms of the relationship of what you're seeing there relative to guidance? Lastly, Laurent, on the A&CP shift, was that planned or was that in relation to what you were seeing in the marketplace? Thank you.

嗨，Markus 和 Laurent。關於聚焦終端銷售文化（sellout culture），就你們的系統與／或能力、或營運資金（working capital）而言，這代表什麼？以及你們認為需要哪些投入？聽起來相當審慎。另外，如你先前提到的，Markus，關於你們看到的促銷環境，以及歐洲客戶庫存過高的情況，這可能會持續多久？或你們在監測哪些指標，以判斷你們所看到的狀況與財測（guidance）之間的關係？最後，Laurent，關於 A&CP 的轉移，那是原本就規劃好的，還是因應你們在市場上看到的情況而調整？謝謝。

Yeah, in terms of sellout culture, which is obviously like probably the more difficult part because culture change is usually more difficult and takes a bit longer than strategy change, what we're doing is we're trying to implement this in all parts of the organization, so when we do a business review, what are the selling plans, what is the retailer plan, how we can engage with the retailer, has the retailer verified these plans, so that asking the right questions, but also personally on the top level, connecting with the right retailers, which we're doing.

是的，談到終端銷售文化，這顯然可能是更困難的部分，因為文化變革通常比策略變革更難、也需要更長時間。我們正在做的是，嘗試把這件事落實到組織的各個部分：當我們做業務回顧時，銷售計畫是什麼？零售商計畫是什麼？我們如何與零售商互動？零售商是否已驗證這些計畫？也就是提出正確的問題；同時在最高層面，我們也親自與關鍵零售商建立連結，而我們正在這麼做。

And number two is we will also, as you move forward, putting some on these metrics into our evaluation system. If you put market share, right, into your way -- into how you evaluate the organization, you see a shift on sellout almost immediately. So I think it's a mix of putting it into our performance metrics, KPIs, measure it and drive it home with the organization every single day, but also building the capability for joint business planning with retailers, not just selling it in and hope it sells with top-line media, but having the right plan every time.

第二點是，隨著你們往前推進，我們也會把其中一些指標納入我們的評估體系。如果你把市佔率（market share）納入——納入你評估組織的方式，你幾乎會立刻看到終端銷售（sellout）的轉變。所以我認為這是多管齊下：把它放進我們的績效指標、KPI，去衡量並每天在組織內持續推動；同時也要建立與零售商共同進行聯合商業規劃（joint business planning）的能力，而不只是把貨賣進去、再寄望靠上層媒體投放就能賣動，而是每一次都要有正確的計畫。

It's much easier to have the right plan if you go back to the curation, if you have fewer, bigger initiatives, because you can focus on that to make the right plan versus throwing out too many things where you just don't have the bandwidth and the capacity to do the right plan. So I think this is going to help quite a lot.

如果你回到「精選／聚焦」（curation）的做法、讓專案更少但更大，你就更容易制定正確的計畫，因為你可以把注意力集中在那些重點上，而不是丟出太多事情、導致你根本沒有足夠的頻寬與能力去把計畫做好。所以我認為這會帶來相當大的幫助。

When it comes to retailer inventory, again, we said before that we don't think there's anymore much more structural destocking in the trade. Structural destocking means retailers are in general dramatically reducing their inventory or their days on hand, we don't see that at the moment. It was just for us that our Christmas sellout was not as great as we wanted. And we've worked through that in the first quarter.

談到零售商庫存，我們之前也說過，我們不認為通路端還存在更多結構性的去庫存（destocking）。所謂結構性去庫存，是指零售商整體大幅降低庫存或降低庫存天數（days on hand）；我們目前沒有看到這種情況。對我們而言，只是我們的聖誕節終端銷售沒有達到我們想要的水準。而我們已在第一季把這部分消化處理掉了。

Now, as you go into the next holiday period, which is Mother's Day and Father's Day, we obviously much more attuned to that. And now that we get into the sellout culture, I think we will be better in sellout. And sellout and inventory will be much closer correlated than what they had been, what they were in the past. So I think it's going to get better over time.

接下來進入下一個節慶檔期，也就是母親節與父親節，我們顯然會更敏銳地因應。而且現在我們開始建立終端銷售文化（sellout culture），我認為我們在終端銷售表現上會更好。終端銷售與庫存之間的關聯性，將會比過去更緊密。所以我認為隨著時間推移，情況會變得更好。

Yeah. Oliver, I would take, just maybe to build on in your first question about working capital. I would like to build on this also to make clear that as part of the Coty. Curated.. and again, this focus on sellout, I mean, there are also some strong benefits on cash and working capital because of course, by, you know, focusing on the biggest SKUs, you know, reducing the tail, it has some implication on inventory and on working capital. That's one, and it's part really of the discussion.

是的。Oliver，我想補充一下你第一個關於營運資金（working capital）問題的延伸。我也想藉此說清楚，作為 Coty「精選／聚焦」（Coty. Curated）的一部分——同樣地，聚焦終端銷售（sellout）其實也會對現金與營運資金帶來明顯好處，因為當然，透過聚焦最大宗的 SKU、縮減長尾（reducing the tail），會對庫存與營運資金產生影響。

And number two, when we say, you know, focus on sellout culture, it's also behind this is also to have a very strong focus on forecast security, really understand better the dynamic with the retailers. And again, by doing this is really to be much more efficient on our inventory and also on excess and obsolescence. So it's really a big element, and that's also what you saw that, you know, what procurement implementing, you know, alliance of project, which is really about streamlining our supplier ecosystem. It's also another benefit as part of this Coty. Curated. That's very important, and it has indeed concrete implication on top line, on the gross margin and also on the working capital and the cash.

第二點，當我們說要聚焦終端銷售文化（sellout culture），其背後也代表要非常重視預測的可靠性（forecast security），更深入理解與零售商之間的動態。同樣地，這麼做是為了讓我們在庫存管理上更有效率，也能更好地管理過剩與報廢（excess and obsolescence）。所以這是一個很大的要素；你也看到採購端在推動的「Alliance」專案，本質上是要精簡我們的供應商生態系。這也是 Coty.Curated 的另一項效益。這非常重要，且確實會對營收（top line）、毛利率（gross margin）、以及營運資金與現金產生具體影響。

Now I go to your last question on A&CP. First of all, I want to remind that our level of A&CP in Q3 is flat. Which means that even in terms of percentage, it has increased. So it's really that there is no cut or drastic reduction, and it's part of our tight monitoring that we are implementing. Because when we say focus, it's of course, focusing on the big bets. But it's also focusing on where we are seeing strong ROI. And this is also the analysis and the decision we made during the Q3 that we believe that we need to preserve, and we need to invest more for the KCP and indeed Mother's Day and Father's Day are really KCP, especially for Prestige.

接著回答你最後一個關於 A&CP 的問題。首先我要提醒的是，我們第三季（Q3）的 A&CP 水準是持平的。這表示即便以百分比來看，它是上升的。所以並不存在削減或大幅縮減；這是我們正在實施的嚴格監控的一部分。因為當我們說「聚焦」，當然是聚焦在重大押注（big bets）。但同時也是聚焦在我們看到投資報酬率（ROI）強勁的地方。這也是我們在 Q3 做出的分析與決策：我們認為需要維持並加大對 KCP 的投資，而母親節與父親節確實是關鍵消費檔期（KCP），尤其對高端（Prestige）業務而言。

This is a conscious decision that we made during the quarter to say, okay, let's reserve some money from Q3 because we are in a good place, and then reallocate this money where we are seeing in fact a strong ROI. That's really part also of the new dynamic, okay. Not to be absolutely stuck on some decisions made three months ago. We are seeing how things are evolving, and when we have to make the decision to reallocate some money, we do it. It's absolutely conscious decision.

這是我們在本季做出的有意識決策：好，因為我們目前狀況不錯，所以先從 Q3 保留一些預算，然後把這些預算重新配置到我們實際看到 ROI 強勁的地方。這也確實是新動態的一部分。不要被三個月前做出的某些決策完全綁死。我們會觀察事情如何演變，當需要做出重新配置部分預算的決策時，我們就會去做。這是完全有意識的決定。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

Hi, Alec Legg on for Susan. Thanks for taking our question. I guess how should we think about the exit of Orveda and then also some of the brands from smaller markets? When should we expect, I guess the Orveda exit to occur? Can you give any details on how large that business was? Thank you.

嗨，我是代替 Susan 的 Alec Legg。謝謝讓我們提問。我想請問，我們應該如何看待退出 Orveda，以及同時退出一些較小市場的部分品牌？我們大概何時會看到 Orveda 的退出發生？你們能否提供一些細節，說明那項業務規模有多大？謝謝。

Well, let me put it that way. Orveda, we have started transitioning out of Orveda since February, basically. We have reserved for all these costs in our Q2 already. We're executing this at the moment, which means closing some of these big boutiques, some of them might be taken over by the previous licensor, we're still working on that.

好，我這樣說。Orveda 方面，我們基本上從二月起就開始逐步退出 Orveda。我們已在第二季（Q2）為所有相關成本提列準備。我們目前正在執行中，這包括關閉一些大型精品店（boutiques）；其中部分可能會由先前的授權方接手，我們仍在處理中。

We think we're going to be out more or less completely by the end of this fiscal year. So from June, July, August, we should be out of that business, and we can reallocate some of that spending that we're on this business on our core fine fragrance brands. The size of the business, we don't break out individual brands, but you can imagine it was not huge, to say the least.

我們認為在本財政年度結束前，我們大致上會完全退出。因此從 6 月、7 月、8 月起，我們應該就會退出該業務，並可把原本投入在這項業務上的部分支出重新配置到我們核心的高級香水（fine fragrance）品牌上。至於業務規模，我們不會單獨揭露個別品牌，但你可以想像，它至少稱不上大。

So that is Orveda. And from the other brands, you mentioned mostly the consumer business where we exited some smaller markets because they're just not economical. We cannot create any scale or make any money or have any ROI. And with our new ROI culture, we will continue some of these, but there will not be -- it will not be dramatically pronounced because the volume per market there is fairly small.

以上是 Orveda。至於你提到的其他品牌，主要是在大眾消費（consumer）業務中，我們退出了一些較小市場，因為它們在經濟上不划算。我們無法建立規模、無法賺錢，也無法取得任何 ROI。在我們新的 ROI 文化下，我們會持續做其中一些調整，但不會——不會非常顯著，因為那些市場的單一市場量體相當小。

We will focus in Consumer Beauty on our most important franchises, CoverGirl, Rimmel, Sally Hansen, Max Factor. We got a win in North America, that's job number one. We got a win on Rimmel in the UK, that's job number two. And then we got a win in Europe with the rest of our portfolio, job number three in that priority.

在消費者美妝（Consumer Beauty）方面，我們會聚焦在最重要的主力品牌／系列（franchises）：CoverGirl、Rimmel、Sally Hansen、Max Factor。我們要在北美打贏，這是第一要務。我們要在英國讓 Rimmel 打贏，這是第二要務。接著是讓我們其餘產品組合在歐洲打贏，這是第三順位。

Thanks. That's really helpful. Just a quick follow-up. Are you able to quantify the tariffs you've paid over the last year and any insight on if there's a chance for getting refunds on that? Thank you.

謝謝。這非常有幫助。再快速追問一下。你們能否量化過去一年已支付的關稅金額？以及是否有機會獲得退稅（refunds）的任何看法？謝謝。

Yes. Laurent?

可以。Laurent？

Yeah. Indeed. You know, roughly it's about $30 million impacting the P&L this year. And of course, I mean, we are looking carefully at any opportunity to refund and depending how situation is evolving, if, when and if we can do it, of course, this is something we will contemplate to help indeed our P&L.

是的。確實。大致而言，今年對損益表（P&L）的影響約為 3,000 萬美元。當然，我們也會仔細評估任何可能的退稅機會；視情勢如何演變，若在何時、以及如果我們能夠這麼做，當然這是我們會考慮的事項，以協助改善我們的損益表（P&L）。

Charles Scotti, Kepler.

Charles Scotti，Kepler。

Yes. Good morning and good afternoon. Two questions for me, please. The first one, you mentioned that the competitive environment remains very intense. Could you provide more details on this and who is putting pressure on pricing and in which regions? And more broadly, do you think that, similarly to the luxury industry, consumer are starting to push back against the perfumes price increases? And could prices eventually start to decline at some point? You know, could you push more on the smaller formats to adapt to a lower purchasing power?

是的。早安、午安。我有兩個問題。第一個，您提到競爭環境仍然非常激烈。您能否提供更多細節：是哪些競爭者在對定價施壓、以及主要在哪些地區？更廣泛地說，您是否認為，類似於奢侈品產業，消費者開始對香水漲價出現反彈？價格是否可能在某個時間點開始下滑？您知道，是否能更多推動小容量規格，以因應較低的購買力？

And then second question, there have been, you know, many media rumors suggesting that you could dispose of certain licenses to other industry players in order to accelerate your deleveraging. I think these rumors have since been denied, but do you have any comments on this topic? And regarding Gucci more specifically, you previously seemed open to a disposal ahead of the license maturity. Could you give us an update on this matter, please? Thank you.

第二個問題，媒體上有許多傳聞指出，為了加速去槓桿，您可能會把某些授權（license）出售給其他同業。我想這些傳聞之後已被否認，但您對此議題有任何評論嗎？另外更具體談到Gucci，您先前似乎對在授權到期前提前處置持開放態度。能否請您就此提供最新進展？謝謝。

Okay. Now, I have to make these three questions. I have to make sure I don't forgot them one by one in terms of the price. First of all, I mean, you've got to know that the beauty market is extremely resilient. So again, 5% growth in the market in Q3. And both 5% on prestige and 5% on the mass. So basically, the consumer is shopping across a very wide price spectrum. And so far, we have seen an amazing resilience of the consumer out there.

好的。現在，我得回答這三個問題。我得確保就價格這一塊不要一個個漏掉。首先，你們必須知道，美妝市場極具韌性。所以再次強調，第三季市場成長5%。而且高端（prestige）成長5%，大眾（mass）也成長5%。基本上，消費者在非常廣泛的價格帶中購物。到目前為止，我們看到消費者展現出驚人的韌性。

Yes, there is a bit of everybody is fighting for market share, so there is a lot of promotion in the market, but that has more to do with building sellout and market share than it has to do with absolute price level. So we believe we're still in good shape when it comes to the resilience of the consumer, at least we haven't seen anything negative yet.

是的，確實有點像大家都在爭奪市占，所以市場上促銷很多，但這更多是為了拉動終端銷售（sellout）與市占，而不是與絕對價格水準有關。因此，我們認為就消費者韌性而言，我們仍處於良好狀態，至少目前我們還沒有看到任何負面跡象。

On the rumors that you may have heard that we will be divesting anything in our prestige portfolio, I can see here for everybody, very clear that there is no truth to this. We categorically deny this, there is no plans whatsoever. We're very happy with our portfolio, we're very happy with our brands on this niche side and each of them has an important role to play for us in the future.

至於你可能聽到的傳聞，說我們會在高端產品組合（prestige portfolio）中剝離任何資產，我可以在此非常清楚地向各位說明：這完全不是真的。我們斷然否認，完全沒有任何計畫。我們對我們的產品組合非常滿意，也對我們在利基（niche）端的品牌非常滿意；每一個品牌在未來對我們都扮演重要角色。

And if you go to the specific article, our Burberry and Hugo Boss are our biggest brands, they are our global brands and we love them. And we continue to strongly build them in the future. Very clear, no doubt about that.

如果你去看那篇特定的文章，我們的Burberry與Hugo Boss是我們最大的品牌，它們是我們的全球性品牌，我們非常喜歡它們。而且未來我們會持續大力打造它們。非常清楚，毫無疑問。

And when it comes to Gucci, yes, obviously, we are open to everything to an early exit if it creates value for us. We need to create value for us and for our shareholders. And if anything becomes clear and fixed, we will obviously notify the public as it's based on our requirements. Nothing to report here at the moment. We'll keep you posted.

至於Gucci，是的，顯然如果提前退出能為我們創造價值，我們對任何選項都保持開放。我們需要為我們以及股東創造價值。如果有任何事情變得明確且確定，我們當然會依照我們的要求對外公告。目前沒有可報告的內容。我們會持續向各位更新。

Thank you very much.

非常感謝。

Andrea Teixeira, JPMorgan Chase & Co.

Andrea Teixeira，JPMorgan Chase & Co.（摩根大通）。

Hi, good morning, everyone. Thank you for the question. Markus, you -- and Laurent, you, both talked about going back to the SKU, the SKU rationalization, brand rationalization, consumer beauty. This has been obviously a very long journey, I just wanted to see what inning you are in terms of that, if how many more iterations of that you think you need.

嗨，各位早安。謝謝讓我提問。Markus——以及Laurent，你們兩位都談到回到SKU、SKU精簡（rationalization）、品牌精簡，以及消費者美妝（consumer beauty）。這顯然是一段非常長的旅程，我想了解你們目前進行到哪一局（inning），以及你們認為還需要再迭代多少次。

And then related to that, on the cost side, I think you talked about returns of obsolescences impacting your numbers. How, again -- how we should be thinking where these margins will land, and how long you think you're going to take as you focus, to your point, more on the sellout vis-a-vis the sell in. It seems to me that you're going to have to, you know, incurring something, kind of restructuring those brands and making sure that you get the best returns on those. Thank you.

另外與此相關，在成本端，我想你們提到退貨與報廢/過時（obsolescence）對你們數字的影響。我們應該如何看待毛利率最終會落在哪裡？以及當你們如你所說更聚焦於終端銷售（sellout）相對於出貨（sell in）時，你們認為需要多久？在我看來，你們可能必須承擔一些成本，某種程度上重整這些品牌，並確保能取得最佳回報。謝謝。

Yeah, well, I think in terms of getting the innovation to a place that really makes sense for shelf and retail productivity. I mean, in the past, you probably know that we put out such a big innovation bundle every spring and every fall that we almost crowded out productive SKUs on the shelf. So it's a double whammy. You have stuff out there that doesn't sell and you have lost some productive SKUs. And if you add it all up, it's all coming back to you in either returns or obsolescence. Okay, and we're still suffering from the hangover of that. But this quarter, Q3 was the first time where we're breaking that cycle.

是的，我想就把創新調整到真正對貨架與零售生產力有意義的狀態而言——過去你可能知道，我們每年春季與秋季都推出非常龐大的創新組合（innovation bundle），幾乎把貨架上原本表現良好的SKU都擠掉了。所以這是雙重打擊。你有一些賣不動的產品在外面，同時又失去了一些高產出的SKU。把這些加總起來，最後都會以退貨或報廢/過時的形式回到你身上。好的，而我們仍在承受那種後遺症。但本季，第三季是我們第一次打破這個循環。

And we're going to break the cycle even more in the fall bundle, which is going to be sharper. And the most important thing, it's not like just reducing the number of properties, it's actually important to bring properties out there that resonate with the consumer. So we're going to be much more consumer-based, much more trend-based, trying to meet the market in creating some of these trends.

而且我們會在秋季組合中更進一步打破這個循環，會更精準、更聚焦。最重要的是，這不只是減少專案（properties）的數量，更重要的是推出能與消費者產生共鳴的專案。因此我們會更以消費者為導向、更以趨勢為導向，嘗試在創造部分趨勢時與市場接軌。

And the first results we have seen now are really good. I mean, we have some of the innovations are really far above our expectations and they help actually to build market share in volume but also catching up very much in value now to the market with actually a much smaller number of bundle and a much longer number of SKUs, much more efficient model. It's probably going to take us one, two, three iterations through those bundles to work through that and see the full effects as we will see less and less obsolescence over time. But give us a few quarters and you will see the effects of this.

而我們目前看到的第一批成果非常好。我的意思是，我們有些創新遠遠超出預期，確實有助於在量上提升市占，同時在價值面也正在快速追上市場；而且是以更少的組合（bundle）、更長尾的SKU數量來達成，模型更有效率。我們可能還需要一到兩到三次的組合迭代，才能把這件事完全梳理完，並看到完整效果，因為隨著時間推移，我們會看到報廢/過時（obsolescence）越來越少。但請給我們幾個季度，你們就會看到這些措施的效果。

Lauren, there was a second part, right?

Lauren，還有第二部分對吧？

Yes, I think when we're talking about E&O. You know, it is really to build on this and, you know, what we were referring before. I think it's really important you look at all these initiatives really from an end-to-end element or cycle. It's not just one bucket, but reducing the number of SKUs, but how we are -- can be very precise. And again, it will have some implication on forecast accuracy, on inventory and E&O. Indeed today, this is, as you saw in the Q3, it's really an element which is hurting our gross margin in prestige, but also in consumer beauty.

是的，我想當我們在談E&O（呆滯與過時庫存）時。你知道，這其實是建立在上述內容之上，也就是我們先前提到的。我認為你必須從端到端的要素或循環來看待所有這些措施。不只是單一項目、或只是減少SKU數量，而是我們如何能做到非常精準。同樣地，這會對預測準確度、庫存以及E&O產生一些影響。確實，如你在第三季看到的，這是一個正在侵蝕我們高端（prestige）毛利率、也侵蝕消費者美妝（consumer beauty）毛利率的因素。

So by reducing this and with the working example, you know, reducing the bundle, it's indeed a way that we are reducing inventory. We reduce E&O, also we will reduce the returns that we get from retailers. So this will flow into the P&L. And also there are also currently some, let's say, exceptional elements. Markus was referring to some markets that we are closing in consumer beauty because they are not profitable. It also triggers, I would say as a short term, that sometimes it's impacting we need to get some inventory here, and it's hurting E&O or even in some cases we have some returns.

因此，透過降低這些（E&O）並以實際案例來說，減少組合（bundle）確實是我們降低庫存的方法之一。我們會降低E&O，也會降低從零售商那邊收到的退貨。因此這些都會反映到損益表（P&L）中。此外，目前也有一些可以說是一次性（exceptional）的因素。Markus提到，我們在消費者美妝中會關閉一些市場，因為它們不具獲利性。我會說，短期內這也會觸發一些影響：有時我們需要處理一些庫存，這會傷害E&O，甚至在某些情況下會出現一些退貨。

These are also some exceptional costs that, you know, as time goes, will disappear. And then on the other hand, we get really the benefit from these decisions. So it takes time, but again, it's really part of a very consistent plan, and it will be visible in the gross margin improvement.

這些也屬於一些特殊成本，你知道，隨著時間推移會消失。另一方面，我們也確實會從這些決策中獲益。所以這需要時間，但同樣地，這確實是非常一致計畫的一部分，並且會在毛利率改善上顯現出來。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

All right. Thank you. Hi, everyone. I had a couple of questions on your FY27. First, how should we think about the impact from the Middle East? Is the two to three-point headwind that you expect in FQ4 a good proxy? And then could you provide a little more context of these pressures and maybe investments to support your launches in the year? Ultimately, is it reasonable to assume continued EBITDA declines or could EBITDA start to float positive? Thank you.

好的。謝謝。各位好。我有幾個關於你們FY27的問題。第一，我們應該如何看待中東帶來的影響？你們預期在FQ4有2到3個百分點的逆風，這是否是一個不錯的參考指標？另外，你們能否就這些壓力，以及可能為了支持今年的新品上市而進行的投資，提供更多背景說明？最終來看，是否可以合理假設EBITDA會持續下滑，還是EBITDA可能開始轉為正向？謝謝。

Yes. Thank you, Bonnie, for the question. I think you agree on, you know, in your question, but there are a lot of moving pieces. We always make clear that we operate in an environment where there is a lot of volatility. And indeed, currently the geopolitics is bringing, of course, some additional volatility.

是的。謝謝你，Bonnie，提出這個問題。我想你在問題中也提到了，但確實有很多變動因素。我們一直都很清楚地說明，我們所處的環境波動性很高。而且目前地緣政治確實也帶來了額外的波動。

So on Middle East, I think like all of us and we read the news every day, as we understand the big numbers, mid-single digit percentage of the size of Coty as a whole. Indeed, it's a very strong fragrance business and also very dynamic. So indeed, it's creating a headwind. Now, you need really to understand that within Middle East there are different dynamics. The channel which is the most impacted is travel retail, which of course given the circumstances is drastically reduced.

就中東而言，我想跟大家一樣，我們每天都在看新聞；就我們理解的大數字來看，中東約占Coty整體規模的中個位數百分比。而且那裡的香水業務非常強勁，也很有活力。因此，確實正在形成逆風。不過你需要真正理解的是，中東內部存在不同的動態。受影響最嚴重的通路是旅遊零售，當然在目前情況下已大幅縮減。

Also in the Emirates because you have a, you know, a lot of tourists, and currency of course this is very to the minimum. But on the other hand, you have markets like Saudi, which are, you know, pretty well protected. So we need to understand these dynamics. We are monitoring as we go and also, we are managing the P&L equation and the investment and the spending of the region according to how the situation is evolving. And we have very good team on site and very close to all the actions and really the agility. So we'll keep you posted, but of course we are making sure that we are managing this very closely within our equation.

另外在阿聯酋，因為有很多觀光客，加上匯率因素，當然這也降到非常低的水平。但另一方面，也有像沙烏地這樣的市場，你知道，相對受到良好保護。所以我們需要理解這些動態。我們會隨時監測，同時也會依據情勢演變，來管理該地區的損益（P&L）方程式、投資與支出。我們在當地有非常好的團隊，緊貼所有行動，並且具備真正的敏捷性。所以我們會持續向各位更新；當然，我們也確保在我們的整體方程式內非常密切地管理這件事。

So now when on your second question. Again and again, the big focus and it brings all the discipline, and the organization is a focus on sellout. So this is really what will drive the performance and the improvement. Of course, at some moment, it will be visible in the selling, but that's really a matter of discipline that Markus shared loud and clear.

那麼回到你的第二個問題。一再強調，我們最大的重點、也是帶來所有紀律與組織動能的，是聚焦在終端銷售（sellout）。這才是真正驅動表現與改善的因素。當然，在某個時點它會反映在出貨/銷售上，但這確實是Markus已經非常清楚強調的紀律問題。

So gradually improve our sellout to reduce the gap versus the category which is resilient. And of course, is really our goal is really indeed to improve our EBITDA year on year trends over the course of fiscal year 2027, so that's for sure.

因此，我們會逐步改善終端銷售，以縮小與具韌性的品類之間的差距。而且我們的目標確實是在2027財年期間，逐年改善EBITDA的趨勢，這點是肯定的。

At the same time, we've been very clear, we need to manage potential inflation, which is, you know, was the first question, you know, from oil increase. So we've been very clear on the presentation that there are also some short-term benefits that also will create some headwind next year. So again, the trend -- the organic trend is really to improve sellout and of course indeed to improve, you know, the trend of our EBITDA trajectory.

同時，我們也非常清楚，我們需要管理潛在的通膨，你知道，第一個問題提到的油價上升。我們在簡報中也很清楚說明，還有一些短期利多，明年也會轉而形成一些逆風。所以再次強調，趨勢——有機成長的趨勢——就是改善終端銷售，並且確實改善我們EBITDA走勢的軌跡。

Anna Lizzul, Bank of America.

Anna Lizzul，美國銀行。

Hi. Good morning. Good afternoon. Thank you so much for the question. I know you talked a bit about the promotional environment here being a bit elevated, I was wondering if you could comment more on both the prestige and consumer beauty lines of business and when you expect this to better normalize. Thank you so much.

你好。早安。午安。非常感謝讓我提問。我知道你們提到這裡的促銷環境有點偏高，我想請你們進一步評論一下高端美妝（prestige）與大眾消費美妝（consumer beauty）兩條業務線的情況，以及你們預期何時會更趨於正常化。非常感謝。

Good morning, Anna Lizzul. Indeed, we are seeing some promotion, you know, being more elevated. So it is coming from, you know, specific actors, specific retailers. I think this is something that I would not call as, you know, a major change versus what we observed in the previous quarters and what we flagged. We are always making sure that we are protecting our brands, we are protecting our innovation, and really that we are not playing that game.

早安，Anna Lizzul。確實，我們看到促銷活動，你知道，變得更為升高。這主要來自特定的參與者、特定的零售商。我認為，這並不是我會稱之為相較於前幾季、以及我們已提示過的情況，有什麼重大的改變。我們一直確保保護我們的品牌、保護我們的創新，並且確實不參與那種遊戲。

I will insist also, and you saw in the consumer beauty presentation that we have been also very cautious in terms of price increase versus most of our competitors. You see that in fact our sellout in units, especially in the US is growing, this is very encouraging. And it really helps also to avoid playing this kind of promotionality game.

我也要強調，你們在大眾消費美妝的簡報中也看到，我們在漲價方面相較於多數競爭對手一直非常謹慎。你們可以看到，事實上我們的終端銷售量（以件數計），尤其在美國，是在成長的，這非常令人鼓舞。而這也確實有助於避免去玩這種促銷化的遊戲。

You see tangible results in the sellout improvement in CoverGirl, in Sally Hansen. We are managing this very closely, managing really all the revenue management approach. So again, this is the way we are looking at it. When it will normalize, I can tell you on our side, we stay very disciplined on this. And then how our peers want to play that game, of course, this is a question that you can raise with them. But again, we stay very disciplined managing the revenue management in a very targeted way.

你們可以在CoverGirl、Sally Hansen的終端銷售改善上看到具體成果。我們非常密切地管理這件事，真正管理整套收益管理（revenue management）的方法。所以再次強調，這就是我們看待此事的方式。至於何時會正常化，我可以告訴你，就我們而言，我們會在這方面保持非常嚴謹的紀律。至於同業想怎麼玩那個遊戲，當然，這是你可以向他們提出的問題。但再次強調，我們會以非常有針對性的方式，嚴謹地管理收益管理。

Great. Thank you very much.

很好。非常感謝。

Thank you.

謝謝。

Good. So we'll do just fine in closing comments. Obviously, we're not -- no. To be honest, we're not yet where we want to be, but we're improving, and I think Q3 demonstrated our ability to protect profitability and cash flow, while taking first concrete steps to strengthen execution across the business. Coty. Curated. is the framework that's guiding the shift, sharpening up priorities, simplifying operating model, and scaling what works.

好的。那我們做一些簡短的結語。顯然，我們還沒有——不。坦白說，我們還沒到達我們想要的位置，但我們正在改善；我認為第三季展現了我們在採取第一批具體步驟、強化全公司執行力的同時，仍能保護獲利能力與現金流的能力。Coty。Curated. 是引導這項轉變的框架：聚焦優先事項、簡化營運模式，並擴大有效作法的規模。

With sustained focus and disciplined execution, we are confident Coty is well-positioned to deliver more consistent profitable growth in the long-term value creation. And I want to use this opportunity again to thank all Coty employees around the world. They are working very hard to make this happen and especially our colleagues in the Middle East are doing a tremendous job under a high state of high uncertainty. So thank you very much.

在持續聚焦與嚴謹執行下，我們有信心Coty已具備良好定位，能在長期價值創造上帶來更一致的獲利性成長。我也想藉此機會再次感謝全球所有Coty員工。他們非常努力讓這一切成真，特別是我們在中東的同事，在高度不確定的情況下做得非常出色。非常感謝。

Thank you, ladies and gentlemen. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝各位女士先生。今天的會議到此結束。感謝各位撥冗參與。各位現在可以斷線。