金寶湯 (CPB) 2025 Q4 法說會逐字稿

Good morning, and welcome to Campbell's Company's fourth quarter fiscal 2025 earnings conference call. Today's conference is being recorded. (Operator Instructions)

早安，歡迎參加金寶湯公司 2025 財年第四季財報電話會議。今天的會議正在錄製中。（操作員指示）

I would now like to turn the call over to Rebecca Gardy, Chief Investor Relations Officer at Campbell's.

現在我想將電話轉給金寶湯首席投資者關係官麗貝卡·加迪 (Rebecca Gardy)。

Good morning, and welcome to the Campbell's Company fourth quarter fiscal '25 earnings conference call. I'm Rebecca Gardy, Campbell's Chief Investor Relations Officer. Joining me today are Mick Beekhuizen, Chief Executive Officer; and Carrie Anderson, Chief Financial Officer. Today's remarks have been prerecorded. Once we conclude the prepared remarks, we will transition to a live webcast Q&A.

早安，歡迎參加金寶湯公司 25 財年第四季財報電話會議。我是坎貝爾首席投資者關係長麗貝卡‧加迪 (Rebecca Gardy)。今天與我一起出席的還有執行長 Mick Beekhuizen 和財務長 Carrie Anderson。今天的講話已經預先錄製好了。一旦我們結束準備好的發言，我們將轉入網路直播問答。

The presentation, a transcript of management's prepared remarks and today's earnings press release have been posted to the Investor Relations section of our website, thecampbellscompany.com. Following the conclusion of the Q&A, a replay of the webcast will be available at the same location followed by a transcript of the entire call, including the Q&A within 24 hours.

本次演講、管理層準備好的發言稿以及今天的收益新聞稿已發佈於我們網站 thecampbellscompany.com 的「投資者關係」板塊。問答環節結束後，我們將在同一網站提供網路直播的重播，並在 24 小時內提供包含問答環節的整個電話會議的文字記錄。

Slide 2 outlines today's agenda. Mick will provide insights into our fourth quarter performance as well as our in-market performance by division. Carrie will then discuss the financial results of the quarter in more detail and review our guidance for the full fiscal year '26. Please note that all references to in-market performance refer to a 13-week period for the fourth quarter and a 52-week period for the full year for comparative purposes.

投影片 2 概述了今天的議程。米克將深入介紹我們第四季的業績以及各部門的市場業績。隨後，Carrie 將更詳細地討論本季的財務業績，並回顧我們對 26 財年全年的指導。請注意，為了進行比較，所有市場表現均指第四季度的 13 週和全年的 52 週。

I would also point out that beginning in fiscal 2026, we will change how we report share of chips for our Cape Cod, Kettle brand and Late July brands. Cape Cod and Kettle brand will be compared against the total potato chip category replacing the current comparison to the Kettle cooked potato chip category. Late July will be compared against the total tortilla chip category, replacing the current comparison to the natural and organic tortilla chip category. We believe these changes will better reflect the in-market performance for our brands and will highlight their favorable positioning within the chips category. In addition, beginning in fiscal '26, the Snacking and Meals & Beverages retail business in Latin America is managed under our Meals & Beverages segment.

我還要指出的是，從 2026 財年開始，我們將改變 Cape Cod、Kettle 品牌和 Late July 品牌的晶片份額報告方式。Cape Cod 和 Kettle 品牌將與整個薯片類別進行比較，取代目前與 Kettle 熟製薯片類別的比較。7 月下旬將與整個玉米片類別進行比較，取代目前與天然和有機玉米片類別的比較。我們相信這些變化將更能反映我們品牌的市場表現，並突顯其在晶片類別中的有利地位。此外，從 26 財年開始，拉丁美洲的零食和餐飲零售業務由我們的餐飲部門管理。

On our call today, we will make forward-looking statements, which reflect our current expectations. These statements rely on assumptions and estimates, which could be inaccurate and are subject to risk. Please refer to slide 3 of our presentation or our SEC filings for a list of factors that could cause our actual results to vary materially from those anticipated in the forward-looking statements. Because we use non-GAAP measures, we have provided a reconciliation of each of these measures to the most directly comparable GAAP measure in the appendix of our presentation.

在今天的電話會議上，我們將做出前瞻性陳述，反映我們目前的預期。這些陳述依賴假設和估計，可能不準確且有風險。請參閱我們簡報的第 3 張投影片或我們向美國證券交易委員會提交的文件，其中列出了可能導致我們的實際結果與前瞻性陳述中預期的結果有重大差異的因素。由於我們使用非 GAAP 指標，因此我們在簡報的附錄中提供了這些指標與最直接可比較的 GAAP 指標的對帳。

And now, it is my pleasure to turn it over to our Chief Executive Officer, Mick Beekhuizen. Mick?

現在，我很高興將權力移交給我們的執行長 Mick Beekhuizen。米克？

Thanks, Rebecca. Good morning, everyone, and thank you for joining our fourth quarter fiscal '25 earnings call. Our fourth quarter earnings performance was slightly ahead of our expectations as we continue to successfully navigate the dynamic operating environment.

謝謝，麗貝卡。大家早安，感謝大家參加我們的 2025 財年第四季財報電話會議。由於我們持續成功駕馭動態的營運環境，我們的第四季獲利表現略高於我們的預期。

Meals & Beverages in-market consumption continued to outpace the category. Our Snacks business saw sequential improvement in net sales and in-market consumption along with better sequential share performance across several key brands. Collectively, the in-market performance of our 16 leadership brands was in line with overall category performance.

餐飲市場消費繼續超過其他類別。我們的零食業務的淨銷售額和市場消費量均較上季成長，同時多個主要品牌的市佔率也較上季成長。整體而言，我們 16 個領導品牌的市場表現與整體類別表現一致。

As we have seen over the last few quarters, consumers remain cautious and intentional with their spending. They continue to seek value in a variety of ways, such as cooking at home, a behavior that fuels growth in our Meals & Beverages business. Consumers are also increasingly seeking flavor forward offerings, premium experiences and health and wellness benefits. These trends are the backdrop for exciting innovations and incremental brand support across both divisions.

正如我們在過去幾季所看到的，消費者在支出方面仍然保持謹慎和有意識。他們繼續透過各種方式尋求價值，例如在家做飯，這種行為推動了我們的餐飲業務的成長。消費者也越來越追求口味更佳的產品、更優質的體驗以及健康和保健益處。這些趨勢是兩個部門令人興奮的創新和逐步增加的品牌支持的背景。

Finally, as outlined in our press release, we issued fiscal 2026 guidance reflecting the anticipated tariff impact while continuing our commitment to prioritize innovation and increase marketing investments to support our amazing portfolio of brands and deliver increased cost savings. Carrie will provide more details on our guidance in a moment.

最後，正如我們的新聞稿中概述的那樣，我們發布了 2026 財年指南，反映了預期的關稅影響，同時繼續致力於優先考慮創新並增加行銷投資，以支持我們出色的品牌組合併實現更大的成本節約。凱莉稍後將提供有關我們指導的更多詳細資訊。

Now, let's turn to the key highlights from our fourth quarter and full year results. In-market consumption during the quarter declined 1%, while organic net sales declined 3%, with the bulk of the difference being driven by the favorable shipment timing in the third quarter, reversing in Q4.

現在，讓我們來看看第四季和全年業績的亮點。本季市場消費量下降 1%，而有機淨銷售額下降 3%，其中大部分差異是由於第三季度有利的出貨時機所致，而在第四季度發生了逆轉。

As a reminder, the organic net sales result excludes a 7 point positive impact from the additional week in the quarter and a 3 point negative impact related to our portfolio optimization strategy, specifically the Pop Secret and Nusa divestitures.

提醒一下，有機淨銷售額結果不包括本季額外一週帶來的 7 點正面影響，以及與我們的投資組合優化策略（特別是 Pop Secret 和 Nusa 資產剝離）相關的 3 點負面影響。

Overall results for the quarter were slightly ahead of our expectations with net sales up 1% and adjusted EBIT and adjusted EPS down 2% versus prior year. On a full year basis, net sales grew 6%, primarily due to the positive impact from the Sovos acquisition, while adjusted EBIT increased 2%. Full year volume declined 1%, but if we had owned Sovos for the full period, pro forma year-over-year volume would have been flat. Adjusted EPS of $2.97 included a slightly better-than-expected impact of $0.02 due to tariffs.

本季的整體業績略高於我們的預期，淨銷售額成長 1%，調整後息稅前利潤和調整後每股收益較上年下降 2%。全年淨銷售額成長 6%，主要得益於收購 Sovos 的正面影響，調整後的息稅前利潤成長 2%。全年銷量下降了 1%，但如果我們在整個期間都持有 Sovos，那麼預計的同比銷量將持平。調整後的每股收益為 2.97 美元，其中包括關稅導致的 0.02 美元略好於預期的影響。

Before reviewing the performance of our divisions and brands, I wanted to highlight the framework we use to guide how we connect with our consumers across our portfolio. As consumers become increasingly deliberate in their choices, it's more important than ever that we are equally intentional in how we engage them.

在回顧我們各部門和品牌的表現之前，我想先強調我們用來指導我們如何與整個產品組合中的消費者建立聯繫的框架。隨著消費者在選擇時變得越來越慎重，我們在如何與他們互動時也同樣要謹慎，這一點比以往任何時候都更加重要。

Specifically, our portfolio has a right to win across four key areas highlighted on the page here. These are areas where consumer demand is growing and where our brands are well positioned to lead. Capturing this growth requires not only having the right products but also ensuring we deliver the right innovation and messaging to meet evolving consumer expectations. By leaning into these areas with focus and discipline across our differentiated portfolio, we can create meaningful connections with our consumers and drive outsized growth opportunities.

具體來說，我們的投資組合有權在本頁重點介紹的四個關鍵領域中獲勝。這些領域的消費者需求正在成長，我們的品牌也具備引領優勢。抓住這項成長機會不僅需要擁有合適的產品，還需要確保我們提供正確的創新和訊息，以滿足不斷變化的消費者期望。透過在我們差異化的產品組合中集中精力並嚴格遵守這些領域，我們可以與消費者建立有意義的聯繫並推動巨大的成長機會。

With the launch of our new growth office, we are focused on meeting these consumer needs to ensure our innovation pipeline is clearly aligned to what matters most. We see this shift reflected in the strong performance of our recent innovation launches, which highlights how consumers are prioritizing health and elevated taste experiences. Just look at our avocado oil Kettle brand chips and our Pacific flavored Bone broth and Pepperidge Farm Milano White Chocolate Cookies.

隨著我們新增長辦公室的成立，我們專注於滿足這些消費者需求，以確保我們的創新管道與最重要的事情保持一致。我們看到這種轉變反映在我們最近推出的創新產品的強勁表現中，凸顯了消費者如何優先考慮健康和提升味覺體驗。看看我們的酪梨油 Kettle 品牌薯片和我們的太平洋風味骨湯和 Pepperidge Farm Milano 白巧克力餅乾。

In fiscal '25, innovation contributed approximately 3% to net sales, and we expect this momentum to increase as we continue investing in our brands and creating food and beverages that meet consumers where they are.

在 25 財年，創新對淨銷售額的貢獻約為 3%，隨著我們繼續投資於我們的品牌並創造滿足消費者需求的食品和飲料，我們預計這一勢頭將會增加。

Another step we're taking is removing FD&C colors from my portfolio. As you may have heard me say before, our use of these colors is limited. In the second half of fiscal '26, in line with consumer preferences, Campbell's will no longer produce any of our food or beverages with FD&C colors. These are a few examples of how this consumer-led approach informs how we work across our leadership brands in both divisions, ensuring we bring forward offerings that resonate with consumers and their evolving preferences.

我們正在採取的另一個措施是從我的產品組合中刪除 FD&C 顏色。您可能之前聽我說過，我們對這些顏色的使用是有限的。在 26 財年下半年，根據消費者的喜好，金寶湯將不再生產任何含有 FD&C 色素的食品或飲料。這些是這種以消費者為主導的方法如何指導我們在兩個部門的領導品牌中開展工作的一些例子，確保我們提供的產品能夠引起消費者的共鳴並滿足他們不斷變化的偏好。

Turning to slide 8. The in-market contribution of our 16 leadership brands representing approximately 90% of total net sales remained stable in the fourth quarter with 7 of our brands gaining or holding share. As I mentioned earlier, the consumer environment remained relatively consistent in the fourth quarter with at-home cooking continuing to be one of the ways consumers define value. This once again was a tailwind for our Meals & Beverages business, especially for our condensed cooking soups, broth and Italian sauces.

翻到第 8 張投影片。我們的 16 個領導品牌佔總淨銷售額的約 90%，其市場貢獻在第四季度保持穩定，其中 7 個品牌的份額增加或保持不變。正如我之前提到的，第四季的消費環境保持相對穩定，在家烹飪仍然是消費者定義價值的方式之一。這再次為我們的餐飲業務帶來了順風，特別是對我們的濃縮烹飪湯、肉湯和義大利醬汁而言。

As a result, our Meals & Beverages leadership brands outpaced category consumption, gaining 0.2 share points as five of our eight leadership brands grew or held share in the quarter. Our broth business as a whole, continued its strong performance, though Swanson share eased in Q4 primarily due to a promotional timing shift.

因此，我們的餐飲領導品牌的消費量超過了類別消費量，獲得了 0.2 個份額，因為我們的八個領導品牌中有五個在本季度增長或保持了份額。我們的肉湯業務整體持續保持強勁表現，儘管 Swanson 的份額在第四季度有所下降，主要是由於促銷時間的變化。

In total, Meals & Beverages leadership brand consumption increased by 1% in Q4 and 2% for the full year. Conversely, the consumer environment remained a headwind for our categories in snacks, though our consumption improved sequentially and driven by improvement in half of our Snacks leadership brands during the quarter.

總體而言，餐飲領導品牌消費量在第四季度增長了 1%，全年增長了 2%。相反，儘管我們的消費量在本季度環比改善，並受到一半零食領導品牌改善的推動，但消費環境仍然對我們的零食類別構成阻力。

In snacks, two of our eight leadership brands grew or held share. Pepperidge Farm held share, while Snack Factory, which has a presence in both the deli and snack house, grew share by 0.7 points. Given the category trends and aggregate share headwinds, our overall Snacks leadership brand consumption declined by 2% in the quarter. In fiscal '25, the growth in both consumption and share in our Meals & Beverages business offset the consumption and share decline in Snacks, underscoring the strength, resilience and balance of our combined leadership brands portfolio.

在零食領域，我們的八個領導品牌中有兩個品牌的份額有所增長或保持不變。Pepperidge Farm 佔據了市場份額，同時涉足熟食店和小吃店的 Snack Factory 的市場份額增長了 0.7 個百分點。鑑於類別趨勢和整體份額阻力，我們零食領導品牌的整體消費量在本季下降了 2%。在 25 財年，我們的餐飲業務的消費量和份額的成長抵消了零食業務的消費量和份額的下降，凸顯了我們合併領導品牌組合的實力、彈性和平衡性。

Let's take a closer look at each division, beginning with Meals & Beverages on slide 9. Organic net sales decreased 3% for the quarter with volume and mix down 4%. This was primarily due to the favorable timing of customer shipments in Q3, reversing in Q4, as I mentioned earlier. Year-over-year consumption grew by 1%, aided by Rao's return to high single-digit consumption growth. On a full year basis, including the pro forma contribution from Sovos, organic net sales grew 1%, fueled by volume growth, while dollar consumption grew 2%.

讓我們仔細看看每個部門，從幻燈片 9 上的餐飲部門開始。本季有機淨銷售額下降 3%，銷量和產品組合下降 4%。這主要是因為第三季客戶出貨時機有利，而第四季則出現逆轉，正如我之前提到的。受拉奧消費成長恢復至高個位數的推動，消費年增 1%。從全年來看，包括 Sovos 的備考貢獻在內，有機淨銷售額增長了 1%，這得益於銷量的增長，而美元消費量則增長了 2%。

Turning to slide 10. Our soup portfolio performed largely in line with the category in Q4. Campbell's total wet soup share declined by 0.8 points as a discontinuation of our Well Yes! brand more than offset aggregate share gains across the remainder of the portfolio. Similar to prior quarters, consumers continue to cook at home, fueling gains in both dollars and volume for the broth category. We maintained strong in-market performance with 7% broth consumption growth, driven by increased usage per buyer, particularly among millennials and boomers, segment momentum and private label service challenges.

翻到第 10 張投影片。我們的湯品組合表現與第四季的類別基本一致。由於 Well Yes! 的停產，金寶湯的總濕湯份額下降了 0.8 個百分點。品牌的增幅超過了投資組合中剩餘產品的總份額增幅。與前幾季類似，消費者繼續在家做飯，推動了肉湯類產品銷售和銷售的成長。我們維持了強勁的市場表現，肉湯消費量成長了 7%，這得益於每個買家的使用量增加，尤其是千禧世代和嬰兒潮世代，細分市場發展勢頭強勁，以及自有品牌服務挑戰。

Our condensed portfolio continued its strong performance with its seventh consecutive quarter of dollar share growth and increases in both dollar and volume consumption, driven by the strength of our condensed cooking soups.

我們的濃縮產品組合持續保持強勁表現，連續第七個季度實現美元份額增長，美元和銷售消費量均有所增加，這得益於我們濃縮烹飪湯的強勁表現。

Finally, our ready-to-serve in-market consumption declines were driven by category headwinds, increased competitive promotional intensity and the discontinuation of our Well Yes! brand product line. Bright spots in our ready-to-serve portfolio included our Chunky, Pacific and Rao's brands, which all gained share in the quarter.

最後，我們的即食市場消費量下降是由於類別逆風、競爭促銷強度增加以及 Well Yes 的停產造成的！品牌產品線。我們的即食產品組合中的亮點包括 Chunky、Pacific 和 Rao's 品牌，這些品牌在本季的市佔率均有所成長。

On slide 11, you can see the dollar consumption in the Italian sauce category grew 2% year-over-year in Q4, similar to the past two quarters. Campbell's Italy and Salt portfolio outpaced this mark, growing dollar consumption by 4%. This was driven by strength in Rao's as dollar consumption for the brand returned to high single-digit growth in Q4, while Prego dollar consumption was flat. Rao's also grew dollar share by 1.2 points in the quarter as we continued our focus on increasing distribution, household penetration and awareness of the brand.

在第 11 張投影片上，您可以看到第四季義大利醬料類別的美元消費量年增 2%，與過去兩季的情況相似。坎貝爾的義大利和鹽業投資組合超過了這一水平，美元消費量增加了 4%。這是由於 Rao's 的強勁表​​現所致，因為該品牌的美元消費量在第四季度恢復了高個位數成長，而 Prego 的美元消費量則持平。由於我們繼續致力於擴大分銷、家庭滲透率和品牌知名度，Rao's 本季的美元份額也增加了 1.2 個百分點。

Our stronghold in the Italian sauce category continues as Rao's, which will soon become our fourth billion-dollar brand and Prego, both at top two spots in dollar share, and we are excited about the prospects for future growth with these great brands.

我們在義大利醬料類別中的強勢地位仍然是 Rao's，它將很快成為我們的第四個十億美元品牌，而 Prego 則位居美元份額的前兩位，我們對這些偉大品牌未來的成長前景感到興奮。

Turning to slide 12. As I mentioned earlier, consumer preferences continue to evolve and so does our approach to innovation across our portfolio. Campbell's broth and stock have delivered strong performance over the past couple of years with volume share growth in seven of the past eight quarters.

翻到第 12 張投影片。正如我之前提到的，消費者偏好不斷發展，我們整個產品組合的創新方法也不斷發展。過去幾年，金寶湯和高湯表現強勁，過去八個季度中有七個季度的銷售份額都有成長。

In the fourth quarter, our broth offerings outpaced category growth in both buy rate and trips per buyer. I'll share two examples of great consumer-led innovation driving the continued relevance of our broth portfolio. In the fourth quarter, we introduced an exciting innovation to drive the ongoing at-home cooking trend with Swanson's first-ever ramen broth offering. Homemad ramen is one of the fastest-growing usages of broth and our team developed a national new product to meet consumers' needs.

在第四季度，我們的肉湯產品在購買率和每位買家的購買次數方面的成長都超過了同類產品的成長。我將分享兩個由消費者主導的偉大創新的例子，推動我們的肉湯產品組合持續保持相關性。在第四季度，我們推出了一項令人興奮的創新，透過 Swanson 首款拉麵湯產品來推動正在進行的家庭烹飪潮流。自製拉麵是成長最快的肉湯用途之一，我們的團隊開發了全國性的新產品來滿足消費者的需求。

Additionally, earlier this year in e-commerce channels, we expanded our Pacific flavored bone broth offerings by launching the Ginger, Turmeric and Black Pepper flavor, continuing to provide consumers focused on health & wellness with an excellent and easy way to increase the protein content of their meals.

此外，今年早些時候，我們在電子商務通路推出了生薑、薑黃和黑胡椒口味的太平洋風味骨湯產品，繼續為注重健康的消費者提供一種極佳且簡單的方法來增加膳食中的蛋白質含​​量。

Now, let's turn to our Snacks business on slide 13. Pressure on Snacking categories remained in the fourth quarter, but we were encouraged that our in-market results improved sequentially, resulting in a 2% consumption decline versus the prior year. Organic net sales declined by 2% driven by lower volume and mix but improved versus Q3 due to favorable net price realization. Dollar consumption in the quarter was in line with full year totals, while organic net sales were slightly better.

現在，讓我們來看看第 13 張投影片上的零食業務。第四季度，零食類別依然面臨壓力，但令人鼓舞的是，我們的市場業績環比改善，導致消費量與上年相比下降了 2%。由於銷量和產品組合下降，有機淨銷售額下降了 2%，但由於淨價格實現有利，有機淨銷售額較第三季有所改善。本季的美元消費量與全年總量一致，而有機淨銷售額略有改善。

Turning to slide 14, you can see how our Snacks portfolio performed relative to each respective snacking category. While we saw share losses in parts of the portfolio, in Q4, five of our eight leadership brands saw sequential share improvement and four of eight saw sequential dollar consumption gains compared to Q3.

翻到第 14 張投影片，您可以看到我們的零食產品組合相對於各個零食類別的表現。雖然我們看到部分產品組合的份額下降，但在第四季度，我們的八個領導品牌中有五個的份額與第三季度相比有所提升，八個品牌中有四個的美元消費額與第三季度相比有所增長。

In cookies, we gained share as we grew consumption during the quarter, outperforming the category through successful innovation launches, most notably our Milano White Chocolate line-up. We are excited to continue to expand our white chocolate product line with seasonal LTOs such as the popular Milano Chai Latte flavor and expect to drive sustained growth in the category with increased innovation.

在餅乾方面，隨著本季消​​費量的增加，我們的市場份額也隨之增加，並透過成功的創新產品發布超越了其他類別，其中最引人注目的是我們的米蘭白巧克力系列。我們很高興能夠繼續擴大我們的白巧克力產品線，推出季節性 LTO，例如廣受歡迎的米蘭柴拿鐵口味，並期望透過增加創新來推動該類別的持續成長。

Although consumption declined during the quarter in our fresh bakery business, we continued to hold share driven by positive momentum in our Farmhouse buns and rolls. This is a great example of consumers selecting premium options even while their spending habits have become more intentional throughout the year.

儘管本季度我們的新鮮烘焙業務的消費量有所下降，但在農家麵包和麵包卷的積極勢頭的推動下，我們繼續保持市場份額。這是一個很好的例子，說明儘管消費者的消費習慣在一年中變得更有目的性，但他們仍然會選擇高端產品。

While our pretzels, chips and crackers businesses experienced share losses in the quarter, we saw several key brands improve sequentially compared to Q3. Snack Factory saw in-market consumption growth and for the second straight quarter, share gains with the successful innovations of Pop'ums and Bites. In chips, we saw sequential improvement in our Kettle and Late July brands resulting in consumption growth as the attractiveness of better-for-you offerings resonates with consumers.

雖然我們的椒鹽脆餅、薯片和餅乾業務在本季度遭遇了份額損失，但我們看到幾個主要品牌的表現與第三季度相比有所改善。Snack Factory 的市場消費量連續第二季成長，憑藉 Pop'ums 和 Bites 的成功創新，市佔率實現成長。在薯片方面，我們的 Kettle 和 Late July 品牌的銷量連續改善，導致消費量增長，因為「更健康」產品的吸引力引起了消費者的共鳴。

Notably, Cape Cod, Kettle Brand, and Late July all gained market share against the broader potato and tortilla chips categories, giving us confidence that our brands are well positioned for growth and reside in advantageous subcategories.

值得注意的是，Cape Cod、Kettle Brand 和 Late July 在更廣泛的馬鈴薯和玉米片類別中均獲得了市場份額，這讓我們相信，我們的品牌已做好充分的成長準備，並佔據有利的子類別地位。

In crackers, Goldfish, as one of our flagship billion-dollar brands, continues to exhibit healthy brand fundamentals with sequential improvements in both dollar consumption and dollar share performance in the fourth quarter. New flavors, limited time offerings and improving multi-pack performance have helped us to begin reigniting that brand, though we still have more work to do. I am confident that with incremental marketing support and strategic promotional activity, we will get this important brand back to its historical growth trajectory.

在餅乾方面，作為我們價值數十億美元的旗艦品牌之一，金魚牌繼續展現出健康的品牌基本面，第四季度的美元消費量和美元份額表現均連續改善。新的口味、限時供應和改進的多包裝性能幫助我們重新點燃了品牌，儘管我們還有很多工作要做。我相信，透過不斷增加的行銷支援和策略促銷活動，我們將使這個重要品牌重回其歷史成長軌跡。

Turning to slide 15, I am excited to share the impact of our Milano White Chocolate innovation, a fantastic example of how the convergence of premiumization and value is resonating with consumers. It helped drive both incremental improvement in our cookies business, as well as fuel the entire cookies category.

翻到第 15 張幻燈片，我很高興與大家分享我們的米蘭白巧克力創新的影響，這是高端化和價值融合如何引起消費者共鳴的絕佳例子。它不僅推動了我們餅乾業務的逐步改善，還推動了整個餅乾類別的發展。

In the fourth quarter, while the cookies category declined by 1%, total Milano dollar consumption increased 27% versus prior year and lifted our overall Pepperidge Farm cookies business dollar consumption to 3%. In fact, over the past two quarters, Milano White Chocolate has been the number one driver of category dollar and volume growth. I am incredibly proud of the team for the insights that led to this innovation and how they are building momentum on this early success.

第四季度，雖然餅乾類別下降了 1%，但米蘭美元總消費量比上年增長了 27%，並將我們 Pepperidge Farm 餅乾業務的整體美元消費量提升至 3%。事實上，在過去兩個季度中，米蘭白巧克力一直是品類銷售額和銷售成長的頭號推動力。我為團隊帶來了這項創新的洞察力以及他們如何在這早期成功的基礎上積聚動力而感到無比自豪。

Before turning it over to Carrie, I'd like to briefly highlight how we're delivering today while we build for tomorrow. In this dynamic operating environment, day-to-day execution is critical. We've made great progress over the past couple of years and will continue to execute our near-term priorities across the organization to deliver results. In fiscal '26, we plan to increase marketing support and new product innovation across our leadership brands.

在將時間交給 Carrie 之前，我想簡單介紹一下我們如何在實現當前目標的同時為未來做好準備。在這個動態的營運環境中，日常執行至關重要。過去幾年我們取得了巨大進步，並將繼續在整個組織內執行我們的近期優先事項以取得成果。在26財年，我們計劃增加對領導品牌的行銷支援和新產品創新。

Specifically, in Meals & Beverages, we'll maintain momentum by investing in brands aligned with the growing at-home cooking trend. In Snacks, we are focused on reigniting Goldfish with incremental investment leveraging brand strength. In addition, we have well-defined and immediate action plans to mitigate more than half of the tariff impact and will continue pursuing additional mitigation opportunities.

具體來說，在餐飲方面，我們將透過投資符合日益增長的家庭烹飪趨勢的品牌來保持發展勢頭。在零食方面，我們專注於透過增量投資和品牌實力來重振金魚。此外，我們制定了明確且立即的行動計劃，以減輕一半以上的關稅影響，並將繼續尋求額外的緩解機會。

Finally, we are expanding our organizational capabilities, a key step was establishing the Growth Office, focused on elevating core commercial strengths in consumer insights, integrated marketing, innovation and revenue growth management. These capabilities will help drive enterprise-wide growth over time and top-tier performance. We're also continuing to invest in digital transformation to boost agility, efficiency, and effectiveness.

最後，我們正在擴展我們的組織能力，其中一個關鍵步驟是建立成長辦公室，專注於提升消費者洞察、整合行銷、創新和收入成長管理的核心商業優勢。這些能力將有助於推動整個企業的長期成長和頂級績效。我們也將繼續投資數位轉型，以提高敏捷性、效率和效能。

Additionally, as Carrie will discuss, we're expanding our cost-savings program to further optimize our cost structure and provide fuel for further investment in our leadership brands. All in, we're driving change to deliver growth. I am confident that our focus on day-to-day execution and the actions we're taking to strengthen our foundation will lead to sustainable profitable growth.

此外，正如 Carrie 所討論的，我們正在擴大我們的成本節約計劃，以進一步優化我們的成本結構並為進一步投資我們的領導品牌提供動力。總而言之，我們正在推動變革以實現成長。我相信，我們對日常執行的關注以及為加強基礎而採取的行動將帶來可持續的獲利成長。

Let me now turn it over to Carrie to go over the Q4 and full year fiscal '25 results and fiscal '26 guidance in more detail.

現在，讓我將時間交給 Carrie，讓她更詳細地介紹一下 25 財年第四季和全年業績以及 26 財年的指引。

Thanks, Mick. Turning to our Q4 results, as Mick said earlier, our fourth quarter performance was slightly ahead of our expectations. As a reminder, our Q4 and full year results include the contribution of an additional week in fiscal '25.

謝謝，米克。談到我們的第四季業績，正如米克之前所說，我們第四季的業績略高於我們的預期。提醒一下，我們的第四季和全年業績包括了 25 財年額外一週的貢獻。

Q4 reported net sales increased 1%, with the contribution from the additional week. Organic net sales, excluding the impact of the additional week, currency and the Pop Secret and noosa divestitures decreased 3%, which was driven by the expected reversal of favorable third quarter shipment timing in Meals & Beverages and continued pressure on snacking categories. As a reminder, the Sovos acquisition was fully included in organic growth in the fourth quarter following the anniversary date of the acquisition in Q3.

第四季報告淨銷售額成長 1%，這得益於額外一周的貢獻。有機淨銷售額（不包括額外一周、貨幣以及 Pop Secret 和 noosa 資產剝離的影響）下降了 3%，這是由於餐飲業第三季度有利出貨時機的預期逆轉以及零食類別的持續壓力所致。提醒一下，Sovos 收購在第三季收購週年紀念日之後的第四季已完全納入有機成長。

Adjusted EBIT decreased 2%, including the benefit of the additional week, with adjusted EBIT margin down 50 basis points, including 30 basis points impact from tariffs. Adjusted EPS of $0.62 was lower by 2% with the additional week contributing $0.06, partially offset by an approximate $0.02 headwind from tariffs and an approximate $0.02 impact from divestitures in the quarter.

調整後的息稅前利潤下降了 2%，其中包括額外一周的收益，調整後的息稅前利潤率下降了 50 個基點，其中包括關稅影響的 30 個基點。調整後每股收益為 0.62 美元，下降 2%，其中額外一周貢獻了 0.06 美元，部分被關稅帶來的約 0.02 美元的阻力和本季度資產剝離帶來的約 0.02 美元的影響所抵消。

Turning to slide 19, for the full year, net sales increased 6%, primarily driven by the contribution of the Sovos acquisition. Organic net sales decreased 1% compared to the prior year, driven by modestly lower volume and mix, and net price investment. Full year adjusted EBIT increased 2% driven by the contribution of the acquisition and the additional week in fiscal '25, partially offset by lower adjusted EBIT in the remainder of the business.

轉到投影片 19，全年淨銷售額成長 6%，主要得益於 Sovos 收購的貢獻。有機淨銷售額較上年下降 1%，原因是銷量和產品組合略有下降，以及淨價格投資。全年調整後息稅前利潤 (EBIT) 成長 2%，這主要得益於收購和 25 財年額外一周的貢獻，但其餘業務調整後息稅前利潤的下降部分抵消了這一增長。

Adjusted EPS decreased 4% driven by increased interest expense. The modest Q4 headwind from tariffs and the full year impact of divestitures offset the benefit of the additional week in our full year adjusted EPS results. The Sovos acquisition performed well in fiscal '25, with Rao's delivering high single-digit net sales growth on a pro forma basis as if we had owned Rao's for all of fiscal '24. And we over delivered integration synergies with the acquisition accretive to our fiscal '25 adjusted EPS.

調整後每股收益因利息支出增加而下降 4%。第四季度關稅帶來的溫和阻力以及資產剝離對全年的影響抵消了全年調整後每股收益業績增加一周帶來的好處。Sovos 的收購在 25 財年表現良好，Rao's 在備考基礎上實現了高個位數淨銷售額增長，就好像我們在整個 24 財年都擁有 Rao's 一樣。我們透過此次收購實現了超額的整合綜效應，增加了我們 25 財年的調整後每股盈餘。

Moving to slide 20, organic net sales for the fourth quarter declined 3% due to unfavorable volume and mix, partially offset by higher net price realization. The 1% increase in reported net sales in the quarter reflected a 7 point contribution from the additional week, partially offset by a 3 point impact from divestitures.

轉到投影片 20，由於銷量和產品組合不利，第四季度有機淨銷售額下降 3%，但淨價格實現上漲部分抵消了這一下降。本季度報告的淨銷售額增長 1%，反映了額外一周帶來的 7 個百分點的貢獻，但部分被資產剝離帶來的 3 個百分點的影響所抵消。

On slide 21, fourth quarter adjusted gross profit margin declined 90 basis points to 30.5% driven by higher cost inflation and other supply chain costs, inclusive of an approximate 30 basis points impact from tariffs. This was partially offset by supply chain productivity improvements, favorable net price realization and the benefits from cost savings initiatives.

在投影片 21 上，第四季調整後的毛利率下降 90 個基點至 30.5%，原因是成本通膨和其他供應鏈成本上升，其中包括關稅造成的約 30 個基點的影響。但這部分被供應鏈生產力的提高、有利的淨價實現和成本節約措施帶來的好處所抵消。

Turning to slide 22, the total combined dollar spend on adjusted marketing, selling and administrative expenses remained flat at approximately 15% as a percentage of net sales. Advertising and consumer promotion expenses increased 12%, primarily driven by the contribution of the additional week.

轉到投影片 22，調整後的行銷、銷售和管理費用總額佔淨銷售額的百分比保持不變，約為 15%。廣告和消費者促銷費用增加了 12%，這主要得益於額外一週的貢獻。

Adjusted administrative expenses decreased 4% compared to the prior year as the benefit from our enterprise cost savings initiatives, including benefits from the integration of Sovos and lower incentive compensation partially offset higher general administrative costs, inflation and the additional week.

調整後的管理費用與前一年相比下降了 4%，因為我們的企業成本節約計畫帶來的好處（包括 Sovos 整合帶來的好處和較低的激勵薪酬）部分抵消了更高的一般管理費用、通貨膨脹和額外一周的費用。

As shown on slide 23, fourth quarter adjusted EBIT decreased 2%, primarily due to lower adjusted gross profit and higher adjusted marketing and selling expenses, which were partially offset by lower adjusted administrative and other expenses.

如投影片 23 所示，第四季調整後的息稅前利潤下降 2%，主要原因是調整後的毛利下降以及調整後的行銷和銷售費用增加，但調整後的管理和其他費用減少部分抵消了這一影響。

On slide 24, adjusted EPS decreased 2% to $0.62, which is reflective of the lower adjusted EBIT. Higher interest expense due to the additional week in the quarter was offset by lower tax expense from a lower adjusted effective tax rate.

在投影片 24 上，調整後的每股盈餘下降 2% 至 0.62 美元，這反映了調整後的息稅前利潤較低。由於本季額外一週導致的利息支出增加，因調整後有效稅率降低而導致的稅費減少所抵銷。

Shifting to segment performance, our Meals & Beverages results are summarized on slide 25. Meals & Beverages reported fourth quarter net sales flat to prior year, which includes the contribution from the additional week and the impact of the noosa divestiture.

轉向分部表現，我們的餐飲績效總結在第 25 張投影片。餐飲部報告稱，第四季度淨銷售額與上年持平，其中包括額外一周的貢獻和努薩業務剝離的影響。

Excluding these impacts, organic net sales decreased 3% mainly driven by declines in Rao's pasta sauces and US Soup. Lower sales in Rao's were primarily due to the expected reversal of third quarter favorable customer shipment timing in connection with the integration of Sovos into Campbell's ERP system. Declines in US Soup were primarily the result of lower consumption and customer inventory reduction in ready-to-serve soups. Lower volume and mix of 4% was partially offset by favorable net price realization of 1%.

排除這些影響，有機淨銷售額下降 3%，主要原因是 Rao 義大利麵醬和美國湯的銷量下降。Rao's 銷售額下降的主要原因是，隨著 Sovos 融入 Campbell 的 ERP 系統，預計第三季有利的客戶出貨時機將會逆轉。美國湯品銷售下滑主要是因為即食湯品消費量下降以及顧客庫存減少所致。4% 的銷售量和產品組合下降被 1% 的有利淨價實現部分抵銷。

Fourth quarter operating earnings in the division decreased 5% primarily due to lower gross profit. Operating margin was lower by 100 basis points, which was primarily driven by higher inflation and other supply chain costs, inclusive of 50 basis points impact from tariffs. This was partially offset by supply chain productivity improvements, favorable net price realization and the benefits from cost savings initiatives.

該部門第四季營業收入下降 5%，主要原因是毛利下降。營業利潤率下降了 100 個基點，主要原因是通貨膨脹和其他供應鏈成本上升，其中包括關稅帶來的 50 個基點的影響。但這部分被供應鏈生產力的提高、有利的淨價實現和成本節約措施帶來的好處所抵消。

Turning to slide 26, Snacks reported a 2% increase in net sales, which includes the contribution from the additional week and the impact of the Pop Secret divestiture. Excluding these impacts, organic net sales decreased 2%, driven primarily by lower net sales in third party partner and contract brands and Snyder's of Hanover pretzels. Organic net sales were impacted by unfavorable volume and mix of 5% and favorable net price realization of 2%.

翻到第 26 張投影片，Snacks 報告淨銷售額成長了 2%，其中包括額外一週的貢獻和 Pop Secret 資產剝離的影響。排除這些影響，有機淨銷售額下降 2%，主要原因是第三方合作夥伴和合約品牌以及漢諾威 Snyder's 椒鹽捲餅的淨銷售額下降。有機淨銷售額受到 5% 的不利銷售和產品組合以及 2% 的有利淨價實現的影響。

Snacks' Q4 year-over-year organic net sales improved sequentially from Q3 due to improved net price realization. Snacks operating earnings in the quarter were comparable to prior year, while operating margin decreased 30 basis points to 14.2%. The margin contraction reflected higher marketing and selling expenses which offset gains from stronger gross profit and lower administrative and other expenses.

由於淨價格實現的提高，Snacks 第四季的有機淨銷售額較去年同期有所提高。本季零食營業收入與去年同期持平，但營業利潤率下降 30 個基點至 14.2%。利潤率的下降反映了行銷和銷售費用的增加，抵消了毛利增加和管理及其他費用減少帶來的收益。

Turning to slide 27, we generated $1.13 billion in operating cash flow in fiscal '25, slightly lower than the prior year period driven by changes in working capital, in part due to tariff mitigation strategies. Capital expenditures were $426 million for the year, 18% lower than prior year. We remain committed to returning cash to shareholders, with $62 million in share repurchases during the year and $459 million of dividends paid, including a 5% dividend increase that was effective in the third quarter of fiscal '25.

翻到第 27 張投影片，我們在 25 財年產生了 11.3 億美元的營運現金流，略低於去年同期，這是由於營運資本的變化所致，部分原因是關稅減免策略。全年資本支出為 4.26 億美元，較上年下降 18%。我們仍致力於向股東返還現金，年內回購了 6,200 萬美元的股票，支付了 4.59 億美元的股息，其中包括從 25 財年第三季開始生效的 5% 的股息成長。

Our net debt to adjusted EBITDA leverage ratio at the end of the fiscal year was 3.6 times, down from 3.7 times at the end of fiscal '24. At the end of the fourth quarter, the company had approximately $132 million in cash and cash equivalents and approximately $1.5 billion available under our undrawn revolving credit facility.

本財政年度末，我們的淨負債與調整後 EBITDA 槓桿率為 3.6 倍，低於 24 財年末的 3.7 倍。截至第四季末，該公司擁有約 1.32 億美元的現金和現金等價物，以及約 15 億美元的未提取循環信貸額度。

Turning to slide 28, in fiscal '26, we expect a more significant impact from tariffs. Gross tariffs are projected at approximately 4% of Cost of Products Sold, approximately 60% related to Section 232 steel and aluminum tariffs, and the remainder largely from global IEEPA tariffs. Despite the ongoing uncertainties around the IEEPA tariffs, we are still assuming that they remain in place for the year.

轉到第 28 張投影片，在 26 財年，我們預期關稅的影響將更為顯著。總關稅預計約佔銷售產品成本的 4%，其中約 60% 與第 232 條鋼鐵和鋁關稅有關，其餘主要來自全球 IEEPA 關稅。儘管圍繞IEEPA關稅仍存在不確定性，但我們仍假設該關稅將在今年維持不變。

We expect to mitigate approximately 60% of this impact in fiscal '26 through a number of actions including continued inventory management, supplier collaboration, alternative sourcing opportunities, productivity and cost savings and where absolutely necessary, surgical and responsible pricing actions.

我們預計透過一系列措施，包括持續的庫存管理、供應商合作、替代採購機會、生產力和成本節約，以及在絕對必要時採取精確和負責任的定價行動，在 26 財年減輕約 60% 的影響。

Moving to slide 29, we are intensifying our focus on additional cost savings initiatives. If you recall, at our Investor Day in September 2024, we announced our $250 million enterprise cost savings program that runs through fiscal '28. We refer to this program as PEAK. In fiscal '25, we delivered approximately $145 million of cost savings. The majority of these fiscal '25 savings were driven by accelerated synergies related to our Sovos integration and efficiencies gained through manufacturing and warehouse network optimization initiatives.

轉到第 29 張投影片，我們正在加強對額外成本節約措施的關注。如果你還記得的話，在 2024 年 9 月的投資者日上，我們宣布了持續到 28 財年的 2.5 億美元企業成本節約計畫。我們將該計劃稱為 PEAK。在 25 財年，我們節省了約 1.45 億美元的成本。25 財年的節省大部分得益於與 Sovos 整合相關的加速協同效應以及透過製造和倉庫網路優化計畫獲得的效率。

Today, we are increasing our cost savings target to $375 million by the end of fiscal '28, a 50% increase over the previous estimate. PEAK will continue to focus on four areas, network optimization, integration synergies, technology and organization effectiveness and indirect spend management.

今天，我們將成本節約目標提高到 28 財年末的 3.75 億美元，比先前的估計增加 50%。PEAK 將繼續專注於四個領域：網路優化、整合協同效應、技術和組織效率以及間接支出管理。

Turning to guidance on slide 30, as Mick mentioned earlier, consumers are making thoughtful food choices, focusing on elevated experiences, flavor exploration, prioritizing health and wellness, and cooking at home. Our portfolio of brands is well positioned to meet these needs, supported by incremental brand investment and continued innovation.

轉到幻燈片 30 上的指導，正如 Mick 之前提到的，消費者正在深思熟慮地選擇食物，注重提升體驗、探索風味、優先考慮健康和保健以及在家做飯。在不斷增加的品牌投資和持續創新的支持下，我們的品牌組合能夠很好地滿足這些需求。

At the same time, we are in a dynamic operating environment, resulting in input cost pressures, primarily driven by tariffs, which, despite significant mitigation efforts, are expected to be headwinds to our earnings outlook for the upcoming fiscal year. However, we do expect to make progress towards sustainable growth in fiscal '26 while mitigating some of the near-term cost pressures.

同時，我們處於動態的營運環境中，導致投入成本壓力，主要由關稅驅動，儘管我們做出了重大緩解努力，但預計關稅仍將對我們下一財年的獲利前景產生不利影響。然而，我們確實預計在26財年實現永續成長，同時緩解一些近期成本壓力。

With that as context, let me walk you through our guidance for this coming year. Our fiscal '26 guidance ranges are presented on a comparable basis, excluding the additional week in fiscal '25 to simplify year-over-year comparisons. Guidance also includes the impact of the divestitures of noosa and Pop Secret. The divestiture impact is estimated to be a 1% reduction to both reported net sales and adjusted EBIT and dilutive by $0.04 to adjusted EPS in fiscal '26.

基於此背景，讓我向您介紹我們對來年的指導。我們對 26 財年的指導範圍是按可比較基礎提出的，不包括 25 財年的額外一周，以簡化同比比較。該指引還包括剝離 noosa 和 Pop Secret 的影響。預計此次資產剝離將導致報告淨銷售額和調整後息稅前利潤 (EBIT) 減少 1%，26 財年調整後每股收益稀釋 0.04 美元。

Full year reported net sales are expected to be down 2% to flat, inclusive of the impact of the divestitures. Full year organic net sales are expected to be down 1% to up 1%, reflecting continued momentum in Meals & Beverages and stabilization in Snacks in the second half of the year at the midpoint of the range, with modest positive net price contribution compared to fiscal '25.

預計全年報告淨銷售額將下降 2% 至持平，其中包括資產剝離的影響。預計全年有機淨銷售額將下降 1% 至上升 1%，反映出餐飲業務的持續成長動能以及下半年零食業務的穩定，處於區間中點，與 25 財年相比，淨價格貢獻適度正向成長。

We expect adjusted EBIT to decline 9% to 13%, and adjusted EPS to be down 12% to 18%, inclusive of the impact of the divestitures. On a comparable 52-week basis and excluding the divestiture impact, approximately two-thirds of the year-over-year decline in fiscal '26 adjusted EPS guidance at the midpoint of the range is attributable to the estimated net tariff impact. The remaining one-third is driven by year-over-year changes in the base business.

我們預計調整後的息稅前利潤將下降 9% 至 13%，調整後的每股盈餘將下降 12% 至 18%，其中包括資產剝離的影響。在可比較的 52 週基礎上，排除資產剝離的影響，26 財年調整後每股收益指引中點的同比下降約有三分之二歸因於估計的淨關稅影響。其餘三分之一則是由基礎業務的年比變化所驅動。

Our assumptions in the base business reflect the net sales assumptions I've already touched on, increased marketing and selling investment in the range of 9% to 10% of net sales. And a normalization of the one-time benefits realized in fiscal '25, including a return to targeted payout levels of incentive compensation expense, which is estimated to be a 3 point headwind to the year-over-year change in adjusted EBIT.

我們對基礎業務的假設反映了我已經提到的淨銷售額假設，即行銷和銷售投資增加到淨銷售額的 9% 到 10% 之間。並使 25 財年實現的一次性收益正常化，包括恢復激勵薪酬費用的目標支出水平，預計這將對調整後息稅前利潤的同比變化產生 3 個百分點的阻力。

We expect full year core inflation, excluding tariffs, to be in the low single-digit range. We are intensifying our focus on productivity, with planned initiatives of approximately 5% of Cost of Products Sold, including tariff mitigation actions, and we expect approximately $70 million of enterprise cost savings.

我們預計全年核心通膨率（不包括關稅）將處於低個位數區間。我們正在加強對生產力的關注，並計劃採取約佔銷售產品成本 5% 的舉措，包括降低關稅的措施，我們預計企業成本節省約 7000 萬美元。

Moving to items below EBIT, full year net interest expense is expected to be between $320 and $325 million and our effective tax rate is assumed at 24%. And finally, capital expenditures are expected to be approximately 4% of net sales.

轉到息稅前利潤 (EBIT) 以下的項目，預計全年淨利息支出在 3.2 億美元至 3.25 億美元之間，我們的有效稅率假設為 24%。最後，預計資本支出約佔淨銷售額的 4%。

To wrap up, we believe we are well-positioned to navigate the challenges ahead, including mitigating the impacts of tariffs over time, while continuing to capture opportunities for growth. We are taking a balanced, disciplined approach to protect and expand our market-leading positions across both divisions while maintaining a focus on execution, delivering continued cost savings and driving strong cash flow generation with financial rigor. We believe in the strength of our portfolio and our ability to continue to execute our strategic priorities even in a dynamic environment with the goal to deliver long-term sustainable value creation.

總而言之，我們相信我們已準備好應對未來的挑戰，包括隨著時間的推移減輕關稅的影響，同時繼續抓住成長機會。我們採取平衡、嚴謹的方法來保護和擴大我們在兩個部門的市場領先地位，同時保持對執行的關注，持續節約成本，並透過財務嚴謹性推動強勁的現金流產生。我們相信，即使在動態環境中，我們的投資組合實力雄厚，我們也有能力繼續執行我們的策略重點，以實現長期可持續的價值創造。

This concludes our prepared remarks. Operator, let's begin Q&A.

我們的準備好的演講到此結束。接線員，我們開始問答。

(Operator Instructions) Peter Galbo, Bank of America.

（操作員指示）美國銀行的 Peter Galbo。

Mick, I was hoping you could just maybe dive a little bit deeper into some of the puts and takes on the outlook for fiscal '26, particularly just factors that may drive you kind of towards the upper or lower end of the ranges that you've given? And any other additional detail on phasing maybe from Carrie as we think about first quarter and then the first half or second half?

米克，我希望您能更深入地探討一下對 26 財年前景的一些看法和看法，特別是那些可能促使您達到您給出的範圍的上限或下限的因素？當我們考慮第一季、上半年或下半年時，Carrie 還能提供有關分階段的其他詳細資訊嗎？

Yeah. Great. So let me quickly dive into guidance and then, Carrie, I'll pass it over to you if you can talk a little bit more about the phasing piece.

是的。偉大的。因此，讓我快速進入指導，然後，Carrie，如果你可以再多談分階段部分，我會把它交給你。

So as I described during the prepared remarks, kind of stepping back for a minute. First of all, of course, we're very focused on the overall consumer environment and how the consumer continues to evolve, we believe that increased brand support and also innovation is going to be critical. And at the same time, as we allude to the dynamic operating environment, that really comes back to a necessity for us to step up productivity and cost savings across the organization.

正如我在準備好的發言中所描述的那樣，稍微退後一步。首先，當然，我們非常關注整體消費環境以及消費者如何不斷發展，我們認為增加品牌支援和創新至關重要。同時，正如我們所提到的動態營運環境，這實際上意味著我們需要提高整個組織的生產力和成本節約。

If you look specifically at our guidance and our guidance ranges, so maybe first on the top line, a range from minus 1% to plus 1% organically, really focusing on the midpoint, as I alluded to, continued M&B momentum that's really coming back to -- we have wind in our back with regard to the overall cooking trends. Our products and our portfolio are very well positioned to continue to benefit from the trend. And at the same time, you also saw the Rao's performance in Q4, and we continue to lean into that brand. And I'm a very big believer of the continued growth within the Rao's.

如果你特別看一下我們的指導和指導範圍，那麼也許首先在頂線上，範圍從-1％到+1％的有機增長，真正關注中點，正如我提到的，持續的M＆B勢頭真的回來了 - 就整體烹飪趨勢而言，我們處於有利地位。我們的產品和產品組合已做好充分準備，將繼續受益於此趨勢。同時，您也看到了 Rao 在第四季的表現，我們將繼續依賴該品牌。我非常相信 Rao 家族將繼續發展。

And then, on the snack side, we made sequentially some in-market progress. That being said, we are still down year-over-year in Q4. If you go into the fiscal year and look at our overall guidance, we are assuming that we're starting to stabilize in the second half. So you basically are assuming that recovery of the snacking business throughout the year. And that's partially predicated about on this incremental brand support as well as the innovation.

然後，在零食方面，我們陸續取得了一些市場進展。話雖如此，第四季的業績同比仍有所下降。如果你進入財政年度並查看我們的整體指導，我們假設我們將在下半年開始穩定。所以你基本上假設零食業務全年都會復甦。這在一定程度上取決於這種漸進式的品牌支援以及創新。

Then, from an overall pricing perspective, we are assuming pricing to be a bit of a positive contributor, which -- that's really in order to help offset some of the core inflation pressures that we're seeing, particularly on snacks. It's around items like cocoa. But on the flip side, we obviously also have on the M&B side, more exposure of the tariffs that we talk about. And we have a lot of different initiatives around that, that Carrie alluded to earlier, one of them is some surgical pricing activity.

然後，從整體定價的角度來看，我們假設定價會起到一些積極的貢獻，這實際上是為了幫助抵消我們看到的一些核心通膨壓力，特別是在零食方面。它與可可等物品有關。但另一方面，我們顯然在 M&B 方面也更多地接觸了我們所談論的關稅。正如 Carrie 之前提到的，我們圍繞這個問題採取了許多不同的舉措，其中之一就是一些手術定價活動。

So that really gives you a little bit of context around the top line. Investment in marketing is important, getting to that targeted 9% to 10%. At the same time, also continue to lean into innovation where, as you saw, we have some great successes.

這確實為您提供了一些有關頂線的背景資訊。行銷投資很重要，要達到目標的 9% 到 10%。同時，我們也將繼續致力於創新，正如您所見，我們取得了一些巨大的成功。

Now, from an EPS perspective, down 18% to down 12% year-over-year, $0.04 of that is the divestiture impact that we alluded to. It really implies a 16% to 11% decline, excluding that divestiture, impact and excluding the 53rd week. So at the midpoint, you're down, give or take, $0.40.

現在，從每股盈餘的角度來看，年減 18% 至 12%，其中 0.04 美元是我們提到的資產剝離影響。如果不考慮資產剝離的影響以及第 53 週的數據，這實際上意味著 16% 至 11% 的降幅。因此，在中間點，您損失了大約 0.40 美元。

Two thirds of the decline is really because of the net tariff impact that we talked about. Carrie talked about it earlier in the prepared remarks. So one third is really coming back to what I just talked about the top line trajectory that we've assumed where, at the midpoint of the range, we're assuming we're getting to 0% organic net sales growth, ie, overall stabilization for the full year for the total company.

三分之二的下降實際上是由於我們談到的淨關稅影響造成的。凱莉早些時候在準備好的發言中談到了這一點。因此，三分之一實際上回到了我剛才談到的我們假設的頂線軌跡，在該範圍的中點，我們假設有機淨銷售額增長率為 0%，即整個公司全年整體穩定。

And then we're stepping up the productivity cost savings to offset tariffs and other core inflation, but at the same time, we're also making some more marketing investments. And we have some of these, call it, like certain items that we benefited from this past year like lower incentive comp that we're expecting to reset in this coming year.

然後，我們正在加大生產力成本節約以抵消關稅和其他核心通膨，但同時，我們也在進行更多的行銷投資。我們有一些這樣的項目，例如去年我們從中受益的某些項目，例如較低的激勵補償，我們預計將在來年重新設定。

So a lot of puts and takes within that, but very focused across the organization on executing and stabilizing that overall top line with a combination of both price and then probably a little bit of, call it, like volume headwinds still throughout the year.

因此，這其中有很多投入和收穫，但整個組織都非常注重執行和穩定整體營收，同時結合價格，然後可能還會有一點點，比如說，全年的銷售逆風。

From a margin perspective, 150 basis points at the midpoint margin, down year-over-year because of the, call it, 0% organic sales growth at the midpoint of our range. You can basically follow the similar logic that I described earlier with two thirds of that margin pressure coming from net tariffs. So it hopefully gives you a little bit of additional context around the guidance and how we thought about it.

從利潤率的角度來看，中間點利潤率下降了 150 個基點，年減，因為我們範圍中間點的有機銷售額成長率為 0%。您基本上可以遵循我之前描述的類似邏輯，其中三分之二的利潤壓力來自淨關稅。因此，希望它能為您提供一些有關該指南的額外背景資訊以及我們對此的看法。

And Carrie, I'll kick it over to you to talk a little bit more about the phasing.

凱莉，我把這個問題交給你，讓你再多談談有關分階段的問題。

Thanks, Mick. As you think about the organic net sales phasing, I would ask you to consider looking at what we're lapping in fiscal '25 as you think about the quarters. But as I look at first half, second half, generally, I would say favorable trends when you look at it from a half perspective, first half year-over-year and second half year-over-year.

謝謝，米克。當您考慮有機淨銷售額的分階段時，我會請您在考慮季度時考慮我們在 25 財年所取得的進展。但當我總體回顧上半年和下半年時，我會說，從半年的角度來看，趨勢是有利的，上半年同比去年同期，下半年同比去年同期。

For Q1 specifically, I would say sequential better trends in Q4. So year-over-year growth trends sequentially better than Q4. There's still some pressure in Q1 fiscal '20 -- Q1 of fiscal '26, especially considering, again, the phasing of snacks recovery and some M&B lumpiness. That M&B lumpiness is really attributable to promotion timing, some shifts from Q1 into Q2 and then some weather benefits that we're lapping from Q1 of fiscal '25. So hopefully, that helps you from an organic net sales perspective.

具體來說，對於第一季而言，我認為第四季度的趨勢將更加良好。因此同比成長趨勢比第四季更好。2020 財年第一季至 2026 財年第一季仍存在一些壓力，尤其是考慮到零食復甦的階段性和一些 M&B 的不穩定性。M&B 的不平衡實際上歸因於促銷時機、從第一季到第二季的一些轉變以及從 25 財年第一季以來的一些天氣效益。因此希望這能從有機淨銷售額的角度為您提供幫助。

From the margin perspective, as you think about your quarterly phasing, Mick talked about that 150 basis points margin pressure at the midpoint. I would say we're going to see similar margin pressure throughout the year, including Q1. So I would say that should help you as you think through your quarterly phasing, Peter.

從利潤率的角度來看，當您考慮季度分階段時，Mick 談到了中間點的 150 個基點利潤率壓力。我想說，我們將在全年看到類似的利潤壓力，包括第一季。所以我想說，當你思考你的季度分階段時，這應該會對你有所幫助，彼得。

Tom Palmer, JPMorgan.

摩根大通的湯姆·帕爾默。

I wanted to just ask on the snack side. The outlook discusses the expected stabilization in the second half of the year. I wondered if you might talk a bit about whether -- or sorry, what you're seeing today across categories and how you think about the path to stabilization this year? And maybe to what extent you kind of look at it as being more of a category driver versus more company-specific initiatives because, in your answer to Peter, you did note a couple of company-specific areas like innovation and marketing to help?

我只是想問一下小吃方面的問題。展望討論了下半年預期的穩定。我想知道您是否可以談談——或者抱歉，您今天看到的各個類別的情況以及您如何看待今年的穩定之路？也許在多大程度上，您將其視為一種類別驅動因素，而不是公司特定的舉措，因為在您回答彼得的問題時，您確實提到了一些公司特定的領域，例如創新和行銷可以提供幫助？

Yeah. Okay. Great. So let me quickly give you a little bit of context. And first, let me step back with regard to overall snacking, and then I'll come back to some of the dynamics within our portfolio.

是的。好的。偉大的。那麼讓我快速地為你介紹一下背景。首先，讓我先回顧一下整體零食的情況，然後再回顧一下我們產品組合中的一些動態。

When I look at overall snacking, first of all, snacking occasions are here and they're here to stay. If anything, they're stable to slightly growing. As we described in our earnings and in our deck, you saw that we're very focused on the fact that snacking behaviors are evolving. And as a result, we laid out the framework with a focus on premiumization, flavor exploration as well as health and wellness in order to make sure that we continue to connect and evolve with the consumer.

當我檢視整體零食消費時，首先，零食消費的場合已經出現，而且會持續下去。如果有的話，它們會保持穩定或略有增長。正如我們在收益和簡報中所描述的那樣，您會看到我們非常關注零食行為正在改變的事實。因此，我們制定了以高端化、風味探索以及健康和保健為重點的框架，以確保我們繼續與消費者保持聯繫並不斷發展。

That's on the one hand with regard to brand activation because we actually believe our portfolio plays really well within these different trends and across this overall framework. But on top of it, it informs us how and where to innovate. And for instance, the Melano White chocolate success is a great example of that, that's really coming back to flavor exploration. And you see that when you really get the innovation right, it really works. And you see that in the Melano numbers with 27% growth.

一方面，這與品牌活化有關，因為我們確實相信我們的產品組合在這些不同的趨勢和整個框架內發揮了很好的作用。但最重要的是，它告訴我們如何以及在哪裡進行創新。例如，Melano White 巧克力的成功就是一個很好的例子，這實際上回歸了風味探索。你會發現，當你真正實現正確的創新時，它確實有效。您可以從 Melano 數據中看到 27% 的成長率。

So why do I feel so confident around our overall portfolio of brands is actually because if you look across our brands, you see that household penetration is actually relatively stable. If anything, maybe in certain instances over the past 12 months, slightly increasing. So the relevance of our brands is really there. And we need to make sure that we continue to focus, to the earlier point, on activation as well as innovation. So we continue to connect with the consumer.

那麼，我為什麼對我們的整體品牌組合如此有信心，實際上是因為如果你看看我們的品牌，你會發現家庭滲透率實際上相對穩定。如果有的話，也許在過去 12 個月的某些情況下，略有增加。因此，我們的品牌確實具有相關性。我們需要確保繼續專注於早先的觀點，即激活和創新。因此我們繼續與消費者保持聯繫。

So how do we think -- how do I think we're going to win in the overall marketplace? It's really focused on core key areas, which is coming back to, on the one hand, that increased brand support that we talked about earlier, the product innovation. We need to continue to evolve our price packs. We talked a little bit about that last time around, for instance, with Goldfish making sure that multipacks work and that we have the right pack sizes of multipacks, particularly during the back-to-school time period.

那我們如何思考——我們如何在整個市場中獲勝？它真正專注於核心關鍵領域，一方面，回歸到我們之前談到的增加品牌支持，即產品創新。我們需要繼續改進我們的價格套餐。例如，我們上次與 Goldfish 討論過這個問題，確保多件裝可以正常使用，並且我們有合適的多件包裝尺寸，特別是在返校期間。

It's one of the things that our teams are very focused on executing. That's really important. And then finally, we still have a lot of runway with regard to both distribution as well as in-market execution, and the team is all over it because that's obviously critical.

這是我們的團隊非常注重執行的事情之一。這真的很重要。最後，我們在分銷和市場執行方面仍有很大的發展空間，整個團隊都為此努力，因為這顯然至關重要。

So that comes back to kind of the bigger picture of snacking and how our portfolio fits within that. And generally, I'm a very strong believer of us being able to start to get our snacking portfolio back to sustainable, profitable growth. And you're seeing already some of the sequential progress, but we still have some work to do going into fiscal '26. Hence, we are talking about stabilization throughout the year because I expect it really to manifest itself in the second half.

所以這又回到了零食的大局，以及我們的產品組合如何適應這種情況。總的來說，我堅信我們能夠讓我們的零食產品組合恢復可持續的獲利成長。您已經看到了一些連續的進展，但進入 26 財年我們仍有一些工作要做。因此，我們談論的是全年的穩定，因為我預計它將在下半年真正顯現出來。

Carrie, you noted the 150 basis points of operating margin pressure at the midpoint of the outlook. Just when thinking between the two segments, just any help on kind of where we might see that impact greater? I mean, I would assume Meals & Beverages given some of the tariff commentary, but maybe you could help quantify.

凱莉，您指出，在展望的中點，營業利潤率壓力為 150 個基點。當我們在兩個部分之間進行思考時，我們能否從哪些方面看到更大的影響？我的意思是，考慮到一些關稅評論，我會假設餐飲和飲料，但也許您可以幫助量化。

Yeah, that is the correct assumption. So when you think about the tariffs, about 60% of those gross tariffs are coming from Section 232 steel aluminum tariffs, and that's going to really hit M&B. And then you've also got the IEPA tariffs that will also impact Rao's imports as well. So the majority of that headwind is going to be sitting in Meals & Beverages.

是的，這是正確的假設。因此，當你考慮關稅時，大約 60% 的總關稅來自第 232 條鋼鐵鋁關稅，這將對 M&B 造成嚴重打擊。此外，IEPA 關稅也會影響 Rao 的進口。因此，大部分逆風將集中在餐飲和飲料領域。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Two questions. One is, Mick, some of your peers who are facing tariffs on steel and aluminum are taking a more aggressive stance on pricing to offset it. I want to know how you thought about the pros and cons of raising prices more emphatically to offset these costs? Is the category just not -- is the soup category, in particular, just not ready for it? And then secondly -- well, let's go for the first. I'll come back.

兩個問題。一是，米克，你的一些同行面臨著鋼鐵和鋁關稅的衝擊，他們正在採取更積極的定價立場來抵消這一影響。我想知道您如何看待加大漲價力度以抵銷這些成本的利弊？這個類別是不是還沒有──尤其是湯類，還沒做好準備嗎？其次——好吧，我們先來談談第一點。我會回來的。

Yeah. No, that's good. Okay. So if you look -- Carrie described all the different initiatives that we're focused on in order to make sure that we help offset the tariffs, including the inventory management but also working with our suppliers as well as, as you heard us talk about, increased productivity and cost savings initiatives. Pricing and surgical pricing initiatives are part of that overall equation.

是的。不，那很好。好的。所以如果你看一下——Carrie 描述了我們關注的所有不同舉措，以確保我們幫助抵消關稅，包括庫存管理，以及與我們的供應商合作，以及正如你所聽到的，提高生產力和節約成本的舉措。定價和手術定價舉措是此整體方程式的一部分。

And to your point, Rob, around Meals & Beverages, the soup business is impacted by tariffs because of what Carrie described with the Section 232 steel and aluminum tariffs. So when I look at overall pricing, pricing is also manifesting itself within that soup portfolio, which is being really surgical about where do we believe we have some opportunity to increase pricing and where not.

羅布，正如你所說，在餐飲方面，湯品業務受到了關稅的影響，這是因為卡麗描述了第 232 條鋼鐵和鋁關稅。因此，當我查看整體定價時，定價也會在湯品組合中反映出來，這非常有助於判斷哪些地方我們認為有機會提高價格，哪些地方則沒有。

Okay. My follow-up was, I think the guidance for fourth quarter was for tariffs to be $0.03 to $0.05 of impact and it ended up being 0.02%. Were the cost lower than you expected or am I not counting something that happened in maybe third quarter?

好的。我的後續問題是，我認為第四季的指導價格是關稅影響為 0.03 美元至 0.05 美元，最終結果是 0.02%。成本是否低於您的預期，或者我沒有計算第三季度發生的事情？

Yeah. I would attribute it more to one of our levers. As we think about all the different levers we're pulling, it is primarily one of inventory management, right? So working with our suppliers and also active inventory management there. And so you'll see that fuller impact, obviously, when we talk about our fiscal '26, but that's really what helped us in the fourth quarter that coming in lower.

是的。我認為它更多地歸功於我們的一個槓桿。當我們考慮我們正在採取的所有不同措施時，它主要是庫存管理之一，對嗎？因此，我們與供應商合作並在那裡進行積極的庫存管理。因此，當我們談論 26 財年時，您顯然會看到更全面的影響，但這確實幫助我們在第四季度實現了更低的利潤。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Just want to follow up on some of the tariff mitigation and I guess you just touched on the inventory management. How sustainable is that? Or is it more just delaying some of the cost that comes later. And when you talk about alternate sourcing, can you help us unpack that a little bit? I know in plate is, I think, scarcely or maybe not really made in America. Rao's is, of course, coming from Italy or is that where you would imagine maybe potentially shifting that approach or help us understand just some of the mitigation approach in a little more detail.

只是想跟進一些關稅減免問題，我想你剛剛談到了庫存管理。這種做法的可持續性如何？或者這只是推遲了一些後續成本的產生。當您談到替代採購時，您能幫我們稍微解釋一下嗎？我知道盤子很少或可能不是在美國製造的。當然，Rao 來自義大利，或者您是否可以想像，在那裡可能會改變這種方法，或者幫助我們更詳細地了解一些緩解方法。

Yeah, I'll start there and have Mick talk about some of the other levers. But I think in terms of inventory management and supplier collaboration, to meet, those go very much hand in hand as we have discussions with our partners. So I think it will still be a lever that we'll be able to see some of that benefit in the combination of both of those together as we look at fiscal '26 and work to find offsets in conjunction indefinite partnership with our supplier partners.

是的，我將從這裡開始，讓 Mick 談談其他一些槓桿。但我認為，在庫存管理和供應商協作方面，當我們與合作夥伴進行討論時，這些是相輔相成的。因此，我認為它仍然會是一個槓桿，當我們展望 26 財年並努力與我們的供應商合作夥伴建立無限期的合作夥伴關係以尋找抵消因素時，我們將能夠看到兩者結合所帶來的一些好處。

Mick, do you want to talk a little bit about the alternative sourcing?

米克，你想談談替代採購嗎？

Yeah. So let me talk about it in three pieces. So when I look at alternative sourcing, you're right, we're still aluminum, there's not an alternative source. How does it impact our business? It's really coming back to put great thin plate that we need for our cans. And as Rob mentioned, referred to earlier as well, that's particularly within our soup business.

是的。那麼讓我分三部分來討論一下。因此，當我考慮替代來源時，您是對的，我們仍然是鋁，沒有替代來源。它對我們的業務有何影響？它確實回來放置我們罐頭所需的薄板。正如 Rob 之前提到的，這尤其適用於我們的湯類業務。

There's not enough capacity available in the United States or supply available in the United States. If it was available, we would buy it locally. We're not able to do that. So as a result, we have no choice but to import that key raw material for our product. There is -- obviously coming back to tariffs, there's a 50% tariff on that. And that, as a result, is something that we're mitigating with other alternatives or trying to partially mitigate with other alternatives than an alternative source because that is not available. So that is, call it, the steel aluminum bucket, I'll call it.

美國沒有足夠的產能或供應。如果有的話，我們會在當地購買。我們不能這麼做。因此，我們別無選擇，只能進口我們產品的關鍵原料。顯然，回到關稅問題上，該商品的關稅為 50%。因此，我們正在用其他替代方案來緩解這個問題，或嘗試用其他替代方案而不是替代來源來部分緩解這個問題，因為替代來源不可用。所以，就叫它鋼鋁桶吧，我會這麼叫它。

The second bucket is Rao's. Rao's is made -- or the vast majority of the product is made in Italy, and we imported and it is partially the magic of the sauce actually that -- or the magic of the product that the sauce is made in Italy and that we imported. And as you've heard us say in the past, we're not changing the sauce. And it's absolutely critical for us to make sure that we maintain that elevated product quality. So again, there, we have some flexibility with some production in Georgia, and we're working with the co-manufacturer on that with our partner in Italy. However, there is also only so much we can do around that.

第二個桶是 Rao 的。Rao's 的絕大部分產品都是在義大利生產的，而我們則從國外進口，實際上，醬汁的神奇之處在於——或者說產品的神奇之處在於，醬汁是在義大利生產的，而我們則從國外進口。正如您過去聽到我們所說的那樣，我們不會改變醬汁。對我們來說，確保維持較高的產品品質絕對至關重要。因此，我們在格魯吉亞的一些生產方面具有一定的靈活性，並且我們正在與義大利的合作夥伴共同進行生產。然而，我們能做的也只有這麼多。

Then the third bucket is what I'll call rest of world IEPA tariffs that Carrie referred to earlier. There, we have some flexibility because that's really coming back to. In certain instances, we're not because you have certain raw materials that come from one particular country or from one particular region and you have only so much choice.

第三個類別就是 Carrie 之前提到的世界其他地區的 IEPA 關稅。在那裡，我們有一些靈活性，因為這確實回歸了。在某些情況下，我們不會這樣做，因為您擁有來自某個特定國家或某個特定地區的某些原材料，而且您的選擇有限。

However, within that rest of world bucket, there are alternatives. And we are pursuing those actively. However, it's obviously really important that we maintain top-quality products for our consumers. So sometimes that's taking a little bit longer, particularly if you want to switch suppliers because we want to make sure that we maintain the quality of our product and maintain that consumer proposition. So that's a little bit of the process that we're going through.

然而，在世界其他地區，也存在其他選擇。我們正在積極追求這些目標。然而，為消費者提供最優質的產品顯然非常重要。所以有時這會花費更長的時間，特別是當你想更換供應商時，因為我們希望確保我們保持產品的品質並保持消費者的主張。這就是我們正在經歷的一小部分過程。

Just a follow-up on the increased productivity savings target that you've announced. You've got a plan that was already in place. You're pushing that harder. How comfortable are you that you're not putting sort of capabilities at risk or cutting too much? Or can you just help us understand maybe how you came to the figure that you felt like it wasn't maybe too aggressive? Or do you feel like it is? Can you just help us understand how to think about that?

這只是對您宣布的提高生產力節約目標的後續行動。您已經有一個計劃了。你正在更加努力地推動這件事。您對於沒有將某些能力置於風險之中或削減太多感到多麼放心？或者您能否幫助我們理解您是如何得出這個數字的，您認為它可能不是太激進？或者你覺得是這樣嗎？您能幫助我們理解該如何思考這個問題嗎？

Yeah. I would start and say as we think about fiscal '25, the savings of our peak cost savings program, came in much higher than what we initially expected, and a lot of that coming from the acceleration of Sovos integration.

是的。我想首先要說的是，當我們考慮 25 財年時，我們的峰值成本節約計劃所節省的金額遠遠高於我們最初的預期，其中很大一部分來自於 Sovos 整合的加速。

There will still be integration savings from Sovos as we move into fiscal '26. If you recall, we just moved Sovos into the Campbell's ERP system at the end of Q3, beginning of Q4. So there is still back-office opportunities and savings on integration as we move into fiscal '26 that we'll see. There is also some network optimization with Sovos that we'll continue to refine that with our Meals & Beverages network. So I think there's still more opportunity there for Sovos.

當我們進入 26 財年時，Sovos 仍將帶來整合節省。如果你還記得的話，我們剛剛在第三季末、第四季初將 Sovos 遷移到了 Campbell 的 ERP 系統中。因此，當我們進入 26 財年時，我們仍會看到後台機會和整合的節省。Sovos 也進行了一些網路優化，我們將繼續完善我們的餐飲網路。所以我認為 Sovos 還擁有更多機會。

The other areas are -- it's the same levers that we're pulling. And so whether it's or effectiveness, whether it's IT, digital roadmap and driving more productivity through realization of our IT roadmap. Whether it's our network optimization, which covers certainly broader than just our manufacturing plants, it also covers warehouses or logistics. So all of those areas, plus our indirect procurement team is doing a fantastic job there and identifying opportunities.

其他領域——我們正在拉動同樣的槓桿。因此，無論是有效性，還是 IT、數位路線圖，以及透過實現我們的 IT 路線圖來提高生產力。無論是我們的網路優化，其覆蓋範圍肯定不僅限於我們的製造工廠，還涵蓋倉庫或物流。因此，所有這些領域，加上我們的間接採購團隊都在那裡做著出色的工作並發現了機會。

So I think -- I don't think, and I'll have Mick maybe comment. I don't think that there is anything that we're short changing. I think these are all areas of where I think we can continue to unlock efficiency and effectiveness through the things that we're doing as part of peak.

所以我認為——我不這麼認為，也許我會讓米克發表評論。我認為我們沒有虧待任何東西。我認為這些都是我們可以透過在高峰期所做的事情來繼續提高效率和效力的領域。

Yeah. I'd add maybe to it, the step-up of productivity from historically, we've done all about like 3% this year. We're targeting around 5%. Definitely a lot of work across the organization, and I really applaud the team for stepping up the efforts across the board.

是的。我想補充一點，從歷史上看，今年我們的生產力成長了約 3%。我們的目標是5%左右。整個組織肯定做了很多工作，我真的很欣賞團隊在各方面加大努力。

It is a elevated target compared to what we've done in the past. However, the team is also identifying a lot of opportunities across the company and also collaborating across a lot of different functions in order to make sure that, one, we obviously deliver. But two, to your question that we also don't undermine any capabilities or if anything, we actually make ourselves better and stronger so we can continue to deliver and focus on delivering that growth that we're focused on.

與我們過去所做的相比，這是一個更高的目標。然而，團隊也在公司範圍內尋找許多機會，並在許多不同職能部門之間進行協作，以確保我們能夠實現目標。第二，關於你的問題，我們也不會削弱任何能力，或者如果有的話，我們實際上會讓自己變得更好、更強大，這樣我們就可以繼續實現並專注於實現我們所關注的成長。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Mick, I want to just start with just something that you had said in a previous response to, I believe, Tom's question, that your brand's household penetrations are kind of flat to slightly increasing in certain areas. That would obviously imply that the volume pressure is more from either a frequency or a mix. Can you just talk through what gives you confidence that you can start to see an uplift, either again on mix or volume if the consumer environment doesn't really improve in '26?

米克，我想先從你之前回答湯姆的問題時說過的一句話開始，那就是你的品牌在某些地區的家庭滲透率比較平穩或略有上升。這顯然意味著音量壓力更多來自頻率或混合。您能否談談，如果 26 年消費環境沒有真正改善，是什麼讓您有信心看到產品組合或銷售再次提升？

And are there any brands like Rao's comes to mind, obviously, where there's still kind of an awareness opportunity and you expect to get some lift from that on marketing to drive further penetration? So maybe the portfolio as a whole and then kind of thoughts on scaling Rao's awareness with the increase in marketing?

您是否曾想到像 Rao 這樣的品牌，顯然，這些品牌仍有某種知名度的機會，並且您期望從中獲得一些行銷上的提升，以推動進一步的滲透？那麼也許是整個投資組合，然後考慮隨著行銷的增加而擴大 Rao 的知名度？

Yeah. Okay. Great. So you're right. If you look at back to my earlier comment, household penetration slightly increasing means that the buy rate is down a little bit. And that comes back to what we're focused on is, we are -- our brands continue to maintain relevance. You see that back to the household penetration reference. They are still showing up in the households. We need to make sure that we continue to keep or increase that overall buy rate.

是的。好的。偉大的。所以你是對的。如果你回顧我之前的評論，家庭滲透率略有增加意味著購買率略有下降。這又回到了我們所關注的重點，我們的品牌將繼續保持相關性。您會看到這又回到了家庭滲透率參考。它們仍然出現在家庭中。我們需要確保繼續保持或提高整體購買率。

And by the way, we also still have opportunity to continue that household penetration across the board, right? It's really those two levers. And that's why we come back to what I described earlier that brand support is so important in order to make sure that we maintain or increase that overall awareness.

順便說一句，我們仍然有機會繼續全面實現家庭普及，對嗎？這實際上是這兩個槓桿。這就是為什麼我們要回到我之前所描述的，品牌支援非常重要，以確保我們保持或提高整體知名度。

And then, on top of it, innovation. Innovation can really further support increased buy rate because you're providing more variety. That also comes back with, for instance, the price pack architecture that I mentioned earlier, making sure that we have the right packs available at that proper decision point, like, for instance, back to school, making sure that we have those Goldfish multipacks available across the store.

然後，最重要的是創新。創新確實可以進一步支持提高購買率，因為您提供了更多種類。這也涉及到例如我之前提到的價格包架構，確保我們在適當的決策點有合適的包可用，例如回到學校，確保我們在整個商店都有那些 Goldfish 多件裝可用。

So I look at it really as like it is really good that household penetration is flat to stable with potential upside there. And at the same time, we've got to continue to make sure that we focus on the stabilization or growth in overall buy rate with these different initiatives. And that also comes back to the overall consumer framework that the team is using, which I wholeheartedly believe in.

因此，我認為家庭普及率保持平穩並具有上升潛力是一件非常好的事情。同時，我們必須繼續確保透過這些不同的措施來關注整體購買率的穩定或成長。這也與團隊正在使用的整體消費者框架有關，我對此完全相信。

Now, coming back to build on your second part of your question, there're certain brands where there's obviously significant upside potential from an overall household penetration perspective. We talked in the past about Rao's. Rao's is a great example of that. Also, going into this fiscal year, the team is very focused, as I mentioned earlier, on continued growth in Rao's.

現在，回到您問題的第二部分，從整體家庭滲透率的角度來看，某些品牌顯然具有巨大的上升潛力。我們過去曾談論過 Rao 的事情。拉奧就是一個很好的例子。此外，正如我之前提到的，進入本財年，團隊非常注重 Rao's 的持續成長。

It's probably going to be a little choppy quarterly because of some promotion -- timing of promotional activity. But overall continued focus on growth. You saw the 8% consumption growth on sauces in Q4. I expect us, we've said this in the past, mid to high single-digit growth for the Rao's brand. That's what the team is focused on and continued increase of household penetration is a key component of that.

由於一些促銷活動——促銷活動的時機——每個季度的銷售額可能會有點波動。但總體而言，我們仍將重點放在成長。您看到第四季醬料消費量增加了 8%。我預計，我們過去曾說過，Rao 品牌將實現中高個位數成長。這就是團隊關注的重點，而持續提高家庭普及率是其中的關鍵因素。

Great. And maybe just one real quick follow-up. Can you just give us any thoughts around, you mentioned choppiness with Rao's? Any particular quarter we should think about as being kind of a high point or a low point as we just think about the cadence through the year?

偉大的。也許只需要一個真正快速的跟進。您能否為我們講講您提到 Rao 的不穩定性的想法？當我們思考全年的節奏時，我們應該將任何特定季度視為一個高點或低點嗎？

Yeah. Again, if you think about what we're lapping from fiscal '25, I think that will be a reference point in Q1. If you go back, we had a pretty nice pro forma growth. We didn't have Sovos in the base '24, but we had it in the '25 on a pro forma basis, very nice growth in Q1. So we're going to see some promotional shifts from Q1 into Q2 for Rao's.

是的。再說一次，如果你想想我們與 25 財年相比有何差距，我認為這將是第一季的一個參考點。如果你回顧一下，你會發現我們實現了相當不錯的預測成長。我們在 24 年基準年中沒有 Sovos，但在 25 年備考基礎上我們有它，第一季的成長非常好。因此，我們將看到 Rao 的促銷活動從第一季轉移到第二季。

And then I think it's important to remember what we're lapping in the second half. We had the SAP implementation that buoyed the Rao's net sales growth in Q3. And then we saw some timing of that come back and reverse out. So just as you think about that phasing, just remember what we're lapping in fiscal '25, Jim.

然後我認為重要的是要記住我們在下半場要做什麼。我們實施的 SAP 促進了 Rao 第三季的淨銷售額成長。然後我們看到了一些回頭和逆轉的時刻。因此，當你考慮這個階段時，請記住我們在 25 財年要做什麼，吉姆。

We are out of time for questions today. This will conclude today's conference call. Thank you for your participation. You may now disconnect.

今天我們已經沒有時間回答問題了。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。