雅詩蘭黛 (EL) 2026 Q4 法說會逐字稿

Good day, everyone, and welcome to The Estée Lauder Companies fiscal 2026 fourth-quarter and full-year conference call. Today's webcast is being recorded. For opening remarks and introductions, I would like to turn the call over to the Senior Vice President of Investor Relations, Ms. Rainey Mancini.

大家好，歡迎參加雅詩蘭黛集團 2026 會計年度第四季暨全年電話會議。今天的網路直播將進行錄音。接下來進行開場致詞與介紹，我想把電話會議交給投資人關係資深副總裁 Rainey Mancini 女士。

Hello. On today's webcast are Stéphane de La Faverie, President and Chief Executive Officer; and Akhil Shrivastava, Executive Vice President and Chief Financial Officer. Since many of our remarks today contain forward-looking statements, let me refer you to our press release and our reports filed with the SEC where you'll find factors that could cause actual results to differ materially from these forward-looking statements.

各位好。今天參與網路直播的有：總裁兼執行長 Stéphane de La Faverie，以及執行副總裁兼財務長 Akhil Shrivastava。由於我們今天的許多發言包含前瞻性陳述，請參閱我們的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。

To facilitate the discussion of our underlying business, the commentary on our financial results and expectations is before restructuring and other charges and adjustments disclosed in our press release. Unless otherwise stated, references to net sales refer to organic net sales, which excludes the non-comparable impacts of acquisitions, divestitures, brand closures, and the impact of foreign currency translation.

為了便於討論我們的核心業務，我們對財務結果與展望的評論，均以新聞稿中揭露的重組及其他費用與調整項目前的數字為基礎。除非另有說明，文中提及的淨銷售額係指有機淨銷售額（organic net sales），不包含併購、處分、品牌關閉等不可比影響，以及外幣換算影響。

You can find reconciliations between GAAP and non-GAAP measures in our press release and on the investor section of our website. Retail sales performance discussed is based on information available as of August 14, 2026. As a reminder, references to online sales include sales we make directly to our consumers through our brand.com sites and through third-party platforms. It also includes estimated sales of our products through our retailers' websites.

您可在我們的新聞稿以及官網投資人專區找到 GAAP 與非 GAAP 指標之間的調節表。所討論的零售銷售表現係基於截至 2026 年 8 月 14 日可取得的資訊。提醒各位，文中提及的線上銷售包含我們透過 brand.com 網站及第三方平台直接向消費者銷售的金額。亦包含我們產品透過零售商網站銷售的估計金額。

Throughout our discussion, our profit recovery and growth plan will be referred to as our PRGP. (Event Instructions) And now we have a brand portfolio video before Stéphane begins.

在整段討論中，我們的獲利復甦與成長計畫將簡稱為 PRGP。(活動說明) 接下來在 Stéphane 開始之前，我們先播放一段品牌組合影片。

(video playing)

(影片播放中)

Thank you, Rainey, and hello to everyone. I am incredibly proud of our fiscal '26 results. We reignited growth with organic sales rising 3%, driven by the breadth of growth across brands and expanded operating margins significantly. When we introduced Beauty Reimagined in February 2025, we committed to the biggest organizational, leadership, and cultural transformation in our company's history to become faster and more agile with greater discipline.

謝謝你，Rainey，也向各位問好。我對我們 2026 會計年度的成果感到無比自豪。我們重新點燃成長動能，有機銷售成長 3%，成長動能來自多品牌的廣泛成長，同時營業利益率也大幅擴張。當我們在 2025 年 2 月推出「Beauty Reimagined」時，我們承諾推動公司史上最大規模的組織、領導與文化轉型，以更快、更敏捷並以更高紀律運作。

Our ambition was clear, become the best consumer-centric prestige beauty company with more diversified, balanced, and sustainable growth drivers. Before getting into our fiscal '26 result, which reflect the early success of this ambition, I want to share why I'm more optimistic for the company's future today, 18 months into my tenure as CEO, and address some of the questions that have arisen in recent months. First, can we accelerate growth? Yes, we just did, and we will again.

我們的企圖心很明確：成為最以消費者為中心的高端美妝公司，並擁有更多元、更均衡且更可持續的成長驅動力。在深入說明反映此一企圖心初步成功的 2026 會計年度成果之前，我想分享為何在我擔任執行長 18 個月後，對公司未來更為樂觀，並回應近幾個月出現的一些問題。第一，我們能否加速成長？可以，我們剛剛做到了，而且還會再做到。

The PRGP's approvals are done, and now all our energy can be focused on accelerating growth. As we continue to deploy our One ELC operating model, we are enabling the entire organization to do what we do best. This means deepening investment in the desirability of our brands, leveraging superior AI-enabled consumer-driven insights to drive breakthrough innovation and executing with excellence.

PRGP 的核准程序已完成，現在我們可以把所有精力聚焦在加速成長上。隨著我們持續推動 One ELC 營運模式，我們正讓整個組織能夠發揮我們最擅長的能力。這意味著加大對品牌吸引力的投資，運用更優異、由 AI 賦能且以消費者為導向的洞察來推動突破性創新，並以卓越執行力落地。

Second, the elephant in the room, M&A. Our focus has been and will remain growing our core business. We will continue to pursue minority and single-brand deals that enhance our portfolio and can benefit from our ability to create scale and deliver attractive ROIC. We have done this with KILIAN PARIS, Le Labo, and The Ordinary, our three fastest-growing brands in fiscal 2026.

第二，大家最關心的問題：併購（M&A）。我們的重點一直是、也將持續是成長我們的核心業務。我們將持續尋求少數股權與單一品牌的交易，以強化我們的品牌組合，並可受益於我們創造規模、帶來具吸引力投資資本報酬率（ROIC）的能力。我們已在 KILIAN PARIS、Le Labo 與 The Ordinary 上做到這點；這三個品牌也是我們 2026 會計年度成長最快的品牌。

We have no doubt we will do it again with Forest Essentials, which we have announced we are adding to our portfolio. To be clear, for the foreseeable future, we are not entertaining transformational deals that will divert us from our winning strategy.

我們毫不懷疑，對於我們已宣布納入品牌組合的 Forest Essentials，我們也將再次做到。說清楚一點：在可預見的未來，我們不會考慮會讓我們偏離致勝策略的變革性大型交易。

Third, I have heard the question about whether the transformation has left us without the right talent in place. Nothing could be further from the truth. I can say definitely we are now stronger having invested in the retained organization and brought in great new talent across the company, including in creative, marketing, research and innovation, and technology.

第三，我也聽到有人問：這場轉型是否讓我們缺少合適的人才配置？事實完全相反。我可以明確地說，透過對留任組織的投資，以及在全公司引進優秀新人才（包括創意、行銷、研發與創新、以及科技領域），我們現在更強大了。

Even more powerful is what is harder for outsiders to see, the ways that the team is working more efficiently, significantly less layers, fewer silos, clarity of roles, and greater accountability. A truly empowered organization. This is why I am confident we will accelerate our growth and continue to rebuild profitability.

更有力量的是，外界較難看見的部分：團隊運作更有效率、管理層級顯著減少、部門藩籬更少、職責更清晰、問責更到位。這是一個真正被賦權的組織。這也是我有信心我們將加速成長並持續重建獲利能力的原因。

Now, let's turn to our strong fiscal 2026 results. Reported sales rose 5% and organic sales grew 3%, with positive sales performance every quarter. Looking at profitability, we significantly exceeded our initial outlook from last August. Benefits from the PRGP were more robust and achieved more quickly than anticipated, which is a tribute to the extraordinary contribution of our employees around the world and our strengthening cultures around speed of execution.

現在，讓我們來看 2026 會計年度的強勁成果。報告銷售額成長 5%，有機銷售成長 3%，且每一季的銷售表現皆為正成長。就獲利能力而言，我們顯著超越去年 8 月提出的初始展望。PRGP 帶來的效益比預期更強勁、達成速度也更快，這要歸功於全球員工的卓越貢獻，以及我們在提升執行速度方面日益強化的文化。

Gross margin expanded 150 basis points, operating margin expanded 320 basis points, and diluted EPS grew 66%. Impressively, Jo Malone London and TOM FORD joined our billion-dollar club. Our portfolio of billion-dollar brands is unparalleled in prestige beauty, with these two brands joining Clinique, Estée Lauder, La Mer, and M·A·C. With their scale, premier brand desirability, breakthrough innovation, and consumer reach, these brands are positioned to be powerful contributors to growth.

毛利率擴張 150 個基點，營業利益率擴張 320 個基點，稀釋後每股盈餘（EPS）成長 66%。令人印象深刻的是，Jo Malone London 與 TOM FORD 也加入我們的「十億美元品牌俱樂部」。我們的十億美元品牌組合在高端美妝領域無可匹敵；這兩個品牌與 Clinique、Estée Lauder、La Mer 以及 M·A·C 並列。憑藉其規模、頂級品牌吸引力、突破性創新與消費者觸及力，這些品牌具備成為強勁成長貢獻者的有利定位。

In fiscal 2026, five of the six delivered sequentially improved organic sales performance. And The Ordinary is quickly ascending towards this milestone, fueled by another year of double-digit organic sales growth in fiscal 2026. Looking at categories, skincare delivered 4% organic sales growth. We drove growth across the price spectrum with The Ordinary vibrant in the entry price tier, Estée Lauder thriving in the art of prestige, and La Mer exceptional in the luxury price tier.

在 2026 會計年度，六個品牌中有五個的有機銷售表現呈現逐季改善。而 The Ordinary 也正快速邁向此一里程碑，受惠於 2026 會計年度再度達成兩位數的有機銷售成長。從品類來看，護膚品有機銷售成長 4%。我們在各價格帶推動成長：The Ordinary 在入門價位帶表現亮眼，Estée Lauder 在高端美妝領域持續蓬勃，La Mer 則在奢華價位帶表現卓越。

For fragrance, our results are amongst the best in the industry, with organic sales growth of 10%. This reflects our continued investment to develop and capture growing demand. Hero scent and newness from Le Labo, TOM FORD, KILIAN PARIS, and Jo Malone London prospered. We also successfully launched Balmain Beauty into the prestige price tier, and we have more to come as we enter fiscal 2027.

在香氛方面，我們的表現名列業界最佳之一，有機銷售成長 10%。這反映我們持續投資以開發並掌握不斷成長的需求。Le Labo、TOM FORD、KILIAN PARIS 與 Jo Malone London 的明星香氛與新品皆表現強勁。我們也成功將 Balmain Beauty 推入高端價位帶；隨著我們進入 2027 會計年度，後續還有更多動作。

Looking at makeup, we stabilized performance and improved organic sales trend by 500 basis points, led by M·A·C and TOM FORD. Lip drove M·A·C renaissance, while TOM FORD innovation in face and eyes powered its growth. We have much more to do in makeup, but we are making encouraging progress as we better position our brand in high-growth channels like social commerce and specialty multi and speed up launch cycles.

在彩妝方面，我們穩定了表現，並將有機銷售趨勢改善 500 個基點，主要由 M·A·C 與 TOM FORD 帶動。唇彩帶動 M·A·C 的復興，而 TOM FORD 在底妝與眼妝的創新推動其成長。彩妝仍有許多工作要做，但隨著我們更好地在社群電商與專業多品牌等高成長通路中定位品牌，並加快上市週期，我們正取得令人鼓舞的進展。

For haircare, while not yet back to organic sales growth, we are seeing evidence of Aveda's turnaround in the US, its biggest market, given share expansion in track salon data. The Ordinary's serum for hair density remained a viral sensation, delivering strong growth in both organic and retail sales.

在護髮方面，雖然尚未恢復到有機銷售成長，但從可追蹤沙龍數據中的市占擴張來看，我們已看到 Aveda 在其最大市場美國的復甦跡象。The Ordinary 的髮量密度精華仍是病毒式爆紅的話題產品，在有機與零售銷售兩方面皆帶來強勁成長。

Now for the regions. Each improved in fiscal 2026 versus fiscal 2025, from negative to positive organic sales growth across the board. Mainland China led with broad-based 9% organic sales growth as skincare rose high-single digit, makeup rose mid-single digit, and fragrance rose double digits. We outperformed the market every quarter of fiscal 2026 to gain prestige beauty share for the year, led by La Mer, Le Labo, and TOM FORD.

接下來談各地區。各地區在 2026 會計年度相較 2025 會計年度皆有所改善，全面由負轉正，實現有機銷售成長。中國大陸以廣泛帶動的 9% 有機銷售成長領先：護膚高個位數成長、彩妝中個位數成長、香氛雙位數成長。我們在 2026 會計年度每一季都跑贏市場，全年提升高端美妝市占，主要由 La Mer、Le Labo 與 TOM FORD 帶動。

Within Asia-Pacific, global travel retail returned to growth, fueled in part by our investment in experiential retail across mainland China and Korea. Travel retail represented approximately 15% of reported sales in fiscal '26, similar to the channel's global prestige share. Our priority emerging markets excelled, with organic sales growth accelerating from mid-single digit in fiscal'25 to high single digit in fiscal '26, despite the disruption in the Middle East.

在亞太區內，全球旅遊零售重回成長，部分受惠於我們在中國大陸與韓國對體驗式零售的投資。旅遊零售約占 2026 會計年度申報銷售額的 15%，與該通路在全球高端市場的占比相近。我們優先布局的新興市場表現出色，儘管中東出現干擾，有機銷售成長仍由 2025 會計年度的中個位數加速至 2026 會計年度的高個位數。

For the US, the UK and Ireland, and Korea, we improved organic sales trend throughout fiscal '26. In the US, we returned to organic sales growth in the fourth quarter, with retail sales again rising mid-single digit amid continuous prestige beauty volume share gain. For fiscal '26, we gained volume share with every category contributing. In the UK and Ireland, we delivered three consecutive quarters of organic sales growth, including the fourth quarter when we also gained prestige beauty share in the UK.

在美國、英國與愛爾蘭，以及韓國，我們在 2026 會計年度全年度持續改善有機銷售趨勢。在美國，我們於第四季重回有機銷售成長；在高端美妝銷量市占持續提升之際，零售銷售再度呈現中個位數成長。就 2026 會計年度而言，我們在各品類共同貢獻下提升了銷量市占。在英國與愛爾蘭，我們連續三季實現有機銷售成長，包括第四季同時在英國提升高端美妝市占。

This is especially meaningful given prestige beauty's strength in the UK and following many years of share loss. Our performance in Korea was similarly encouraging. With three consecutive quarters of organic sales growth through the fourth quarter, retail sales growth accelerated from high-single digit in the third quarter to double digits in the fourth quarter, driving a return to prestige beauty share gain to end the year.

鑑於高端美妝在英國的強勢，以及我們在多年市占流失之後，這一點尤其具有意義。我們在韓國的表現同樣令人振奮。截至第四季連續三季有機銷售成長，零售銷售成長由第三季的高個位數加速至第四季的雙位數，帶動我們在年末重回高端美妝市占成長。

Looking at channels, online performance was outstanding, with organic sales rising double digits, driving strong prestige beauty share gain for the channel across many markets, including China and the US. Impressively, online reached 34% of reported sales for fiscal '26, up 3 percentage points from fiscal '25 to an all-time record.

從通路來看，線上表現非常出色，有機銷售雙位數成長，推動該通路在多個市場（包括中國與美國）取得強勁的高端美妝市占提升。令人印象深刻的是，線上在 2026 會計年度占申報銷售額的 34%，較 2025 會計年度提高 3 個百分點，創下歷史新高。

Finally, when we introduced Beauty Reimagined, we committed to creating transformative innovation as we restored sales growth. During fiscal '26, we accelerated speed to market, launching breakthrough on-trend and commercial innovation across every category with 23% of sales from innovation. With this fiscal '26 result, we deliver on all aspect of Beauty Reimagined.

最後，當我們推出 Beauty Reimagined 時，我們承諾在恢復銷售成長的同時，打造具變革性的創新。在 2026 會計年度，我們加快上市速度，在各品類推出突破性、符合趨勢且具商業性的創新，創新產品貢獻了 23% 的銷售額。憑藉 2026 會計年度的成果，我們在 Beauty Reimagined 的各個面向皆兌現承諾。

As promised, accelerating best-in-class consumer coverage, bringing innovation to market faster, increasing consumer-facing investment, streamlining our fixed cost base, and revitalizing our entrepreneurial spirit. Looking ahead to fiscal 2027, we are doubling down on our strengths to further diversify growth across product categories and geographies, including accelerating growth in North America.

如同承諾，我們加速達成同級最佳的消費者覆蓋、更快將創新推向市場、增加面向消費者的投資、精簡固定成本基礎，並重振我們的創業精神。展望 2027 會計年度，我們將加倍發揮自身優勢，進一步在產品品類與地理區域上分散成長來源，包括加速北美成長。

This means expanding more brands into high-growth channels across more markets, launching a bigger and bolder innovation pipeline, continuing to increase consumer-facing investment, including more into our priority emerging markets, and increasingly benefiting from One ELC, our new operating model. We kicked off fiscal '27 with a robust slate of newness.

這意味著在更多市場把更多品牌拓展到高成長通路，推出更大、更具膽識的創新管線，持續增加面向消費者的投資（包括對我們優先的新興市場投入更多），並日益受惠於我們新的營運模式 One ELC。我們以一系列強勁的新品陣容揭開 2027 會計年度序幕。

For the fiscal year, innovation as a percentage of sales is set to increase 200 to 250 basis points, led by skincare. Already out in skincare, Clinique and The Ordinary tapped into emerging ingredient trends with PDRN innovation, while Estée Lauder introduced a breakthrough in longevity as well newness for night. La Mer and Bobbi Brown created next generation editions of beloved hero products, and Clinique introduced a new franchise for sensitive skin, spanning skincare and makeup.

就全年而言，創新占銷售額的比重預計將提升 200 至 250 個基點，主要由護膚帶動。在護膚方面，Clinique 與 The Ordinary 已透過 PDRN 創新切入新興成分趨勢；同時 Estée Lauder 推出在「長壽/抗老」領域的突破性創新，以及夜間新品。La Mer 與 Bobbi Brown 打造了深受喜愛的明星產品之次世代版本；Clinique 也推出針對敏感肌的新系列，涵蓋護膚與彩妝。

Building on this in makeup, M·A·C launched exciting innovation in a signature lip franchise, including an all-new lip stain, which was a blockbuster success in its early launch in Korea during fiscal '26. For fragrance, the category we expect to lead prestige beauty's growth again in fiscal 2027. Our first-quarter innovations are extensive from Balmain Beauty, along with the new prestige line from KILIAN PARIS and Estée Lauder, to Jo Malone London and TOM FORD in the luxury price tier.

在彩妝方面延續此動能，M·A·C 在其標誌性唇部系列推出令人振奮的創新，包括全新唇釉/唇染產品，並在 2026 會計年度於韓國的早期上市即取得爆款成功。至於香氛，我們預期該品類將在 2027 會計年度再次引領高端美妝成長。我們第一季的創新非常豐富，從 Balmain Beauty、KILIAN PARIS 與 Estée Lauder 的全新高端系列，到奢華價位帶的 Jo Malone London 與 TOM FORD。

We introduced distinctive scents to drive new consumer acquisition across demographics and regional preference. For One ELC operating ecosystem, we are advancing with speed across our three biggest initiatives. We launched [macusbrand.com] on Shopify last week, the first of many deployment online and in-store across brands around the world in fiscal '27, as we modernize capabilities in our direct-to-consumer business to drive growth.

我們推出具辨識度的香調，以推動跨不同族群與區域偏好的新客獲取。在 One ELC 營運生態系方面，我們正以速度推進三大核心計畫。上週我們在 Shopify 上推出了 [macusbrand.com]；這是 2027 會計年度在全球各品牌、線上與門店多項部署的第一步。我們正現代化直面消費者（DTC）業務的能力，以推動成長。

For enterprise business services, we are on track to have transitioned about 80% of the expected roles by September, while also standardizing select processes and standing up key AI-enabled technologies to facilitate service delivery and productivity. For our new unified global media model, most of our markets have transitioned to WPP, already lighting up over 1,500 campaigns and harnessing AI for real-time personalization for many of our performance campaigns.

在企業業務服務方面，我們預計可在 9 月前完成約 80% 的預期職能/角色轉移，同時也在標準化部分流程，並建置關鍵的 AI 賦能技術，以促進服務交付與生產力提升。在我們新的全球統一媒體模式方面，多數市場已轉移至 WPP，已啟動超過 1,500 個行銷活動，並在多項成效型投放中運用 AI 進行即時個人化。

And we expanded our collaboration with Meta, leveraging their AI-powered tools built for advertising, conversational commerce, and agentic messaging across our brand portfolio to reflect the new consumer behavior of where they are interacting with brands.

我們也擴大與 Meta 的合作，運用其為廣告、對話式商務與代理式訊息（agentic messaging）打造的 AI 工具，覆蓋我們的品牌組合，以反映消費者與品牌互動場域的新行為。

Now, let me close where I began. I am proud of our fiscal '26 results. In Beauty Reimagined, we have a winning playbook, and I am confident we will deliver another strong year in fiscal '27. We have the right brands, the right team, a clear momentum, onward and upward.

現在，讓我回到一開始作結。我為我們 2026 會計年度的成果感到自豪。在 Beauty Reimagined 中，我們擁有致勝的作戰手冊，我有信心在 2027 會計年度再交出強勁的一年。我們擁有正確的品牌、正確的團隊、清晰的動能，持續向前、再創高峰。

And I will now turn the call over to Akhil.

接下來我把電話會議交給 Akhil。

Thank you, Stephane. Hello, everyone, and thank you for joining us today. We are proud of the progress we made in fiscal 2026 and how our teams executed with excellence against Beauty Reimagined with speed, focus, and discipline. We had promised a focus on growth margin cash to drive sustainable growth and long-term value creation.

謝謝你，Stephane。各位好，感謝今天加入我們。我們為 2026 會計年度取得的進展感到自豪，也為團隊以速度、專注與紀律，卓越執行 Beauty Reimagined 而感到驕傲。我們曾承諾聚焦於「成長、利潤率、現金」，以推動可持續成長並創造長期價值。

Our return to organic sales growth of 3%, operating margin improvement of 320 basis points, diluted EPS growth of 66%, and net cash flows from operations of $1.8 billion reflect our strong delivery against that commitment. This was driven by the strategic and disciplined actions we have taken to focus on restoring growth, transforming our operating model, improving our cost structure, and creating operating leverage.

我們有機銷售成長回升至 3%、營業利益率改善 320 個基點、稀釋後 EPS 成長 66%，以及營運活動淨現金流達 18 億美元，反映我們對該承諾的強勁交付。這主要來自我們採取的策略性且具紀律的行動：聚焦恢復成長、轉型營運模式、改善成本結構，並創造營運槓桿。

Before discussing our fiscal 2027 outlook, I will briefly highlight our fourth quarter and full-year results and progress across key areas of the business. For more information on our full-year and fourth-quarter performance, please refer to a press release issued this morning.

在討論我們 2027 會計年度的展望之前，我將先簡要重點說明第四季與全年業績，以及我們在業務關鍵領域的進展。如需更多關於全年與第四季表現的資訊，請參閱我們今早發布的新聞稿。

Starting with organic net sales, we saw broad-based growth in the fourth quarter across all product categories and geographic regions, with the exception of haircare. Our 5% organic sales growth was the strongest quarterly performance of the year, with sequential improvement from the third quarter across every region except EUKEM, where business disruptions from the conflict in the Middle East reduced growth by 2%.

先從有機淨銷售額來看，第四季除護髮品類外，我們在所有產品類別與各地理區域皆呈現廣泛成長。我們 5% 的有機銷售成長為本年度最強的單季表現，且相較第三季在除 EUKEM 以外的每個區域皆呈現逐季改善；EUKEM 因中東衝突造成的業務中斷使成長率降低 2%。

We are encouraged by North America's sequential improvement in retail sales growth, along with its return to organic sales growth in the fourth quarter, even without the one-time benefit discussed in our press release. These results reflect the progress we are making through our consumer-facing investments to drive growth.

我們對北美零售銷售成長的逐季改善感到鼓舞，且即使未計入我們新聞稿中提及的一次性利多，北美仍在第四季恢復有機銷售成長。這些結果反映出我們透過面向消費者的投資來推動成長所取得的進展。

Now looking at margins. Fourth quarter and full-year gross margin reached 75.5%, expanding 360 basis points and 150 basis points respectively compared to last year. This represents nearly 400 basis points of improvement in gross margin compared to fiscal 2024, when we first announced the PRGP. These results reflect the structural improvements we have made and our ability to execute with speed, enhancing operational efficiency, reducing excess, and bringing gross margin back to near historical levels.

接著看毛利率。第四季與全年毛利率達到 75.5%，分別較去年擴張 360 個基點與 150 個基點。相較於我們首次宣布 PRGP 的 2024 會計年度，毛利率改善接近 400 個基點。這些結果反映我們所做的結構性改善，以及我們快速執行的能力，提升營運效率、降低過剩，並使毛利率回到接近歷史水準。

Turning to operating margin. We delivered nearly 300 basis points or more of expansion in every quarter this year, including 330 basis points in the fourth quarter, contributing to a full-year operating margin of 11.2%, up 320 basis points from last year. Through our PRGP initiatives, we delivered net benefits that funded additional consumer-facing investments throughout the year. Our investments increased 7% for the full year, or 4% excluding FX.

再看營業利益率。今年每一季我們都實現接近或超過 300 個基點的擴張，第四季更達 330 個基點，帶動全年營業利益率達 11.2%，較去年提升 320 個基點。透過 PRGP 各項措施，我們取得的淨效益支應了全年額外的面向消費者投資。我們的投資全年增加 7%，若排除匯率影響則增加 4%。

We reduced non-consumer-facing expenses in every quarter this year, except the fourth quarter, which included higher employee incentive costs tied to a better-than-expected full-year performance. This reflects our continuous focus on streamlining our fixed cost base to create greater flexibility and our disciplined allocation of investments toward the highest return areas.

今年除第四季外，我們每一季都降低了非面向消費者的費用；第四季則因全年表現優於預期，與之連動的員工激勵成本較高。這反映我們持續聚焦精簡固定成本基礎以提升彈性，並以紀律將投資配置至報酬最高的領域。

In terms of our PRGP restructuring program, we concluded approvals as of June 30 and recorded $823 million of total cumulative charges in fiscal '26, primarily in employee-related costs. Although the approval phase is behind us, our unrelenting focus on everyday efficiency is not. It is embedded in how we operate, enabling ongoing investments in growth opportunities.

就 PRGP 重整計畫而言，我們已於 6 月 30 日完成核准程序，並在 2026 會計年度累計認列總費用 8.23 億美元，主要為員工相關成本。雖然核准階段已告一段落，但我們對日常效率的持續專注並未停止。這已內嵌於我們的營運方式之中，使我們得以持續投資於成長機會。

Our adjusted effective tax rate for the full year improved to 35.7%, a decrease from 38.8% last year. Diluted EPS increased to $0.39 in the fourth quarter from $0.09 last year, and increased 66% for the full year to $2.51.

我們全年調整後有效稅率改善至 35.7%，較去年的 38.8% 下降。稀釋後每股盈餘（EPS）第四季由去年的 0.09 美元提升至 0.39 美元，全年則成長 66% 至 2.51 美元。

Moving to our next strategic priority, cash flow. Cash generation was very strong this year, with cash flow from operating activities of $1.8 billion, up from $1.3 billion last year, despite higher restructuring payments. This reflects higher earnings and disciplined working capital management, which improved cash productivity across the business. We spent $457 million in CapEx this year compared to $602 million last year, reflecting disciplined capital allocation and prioritizing consumer-facing investments to support growth.

接著談我們下一項策略重點：現金流。今年現金創造力非常強勁，營運活動現金流量為 18 億美元，高於去年的 13 億美元，儘管重整支付增加。這反映獲利提升與具紀律的營運資金管理，進而改善全公司現金生產力。今年資本支出（CapEx）為 4.57 億美元，低於去年的 6.02 億美元，反映我們具紀律的資本配置，並優先投入面向消費者的投資以支持成長。

These actions supported improved free cash flow, and we ended the year with $3.5 billion in cash on hand. The significant progress we made in fiscal '26 through our disciplined execution of Beauty Reimagined, including our PRGP, has transformed our operating model, strengthening our company as we enter fiscal '27.

這些行動支持自由現金流改善，年底我們持有現金達 35 億美元。我們在 2026 會計年度透過具紀律地執行 Beauty Reimagined（包括 PRGP）所取得的重大進展，已轉型我們的營運模式，並在邁入 2027 會計年度之際強化了公司體質。

With our momentum, I am excited about our outlook for fiscal '27, and even more confident in our ability to deliver long-term sustainable value creation. For fiscal '27, we expect to accelerate organic sales growth and deliver stronger adjusted operating profitability.

在這股動能之下，我對 2027 會計年度的展望感到振奮，並對我們創造長期可持續價值的能力更具信心。針對 2027 會計年度，我們預期將加速有機銷售成長，並帶來更強的調整後營業獲利能力。

Turning to top line. For fiscal '27, we expect organic net sales growth in the range of 3% to 5%, reflecting more diversified growth across product categories and geographic regions. We expect organic net sales growth in the first half of the year to be stronger than in the second half, reflecting a slate of innovation earlier in the year and stronger travel retail shipments giving improving retail trends and a lower base of shipment in the prior year.

回到營收端。針對 2027 會計年度，我們預期有機淨銷售成長介於 3% 至 5%，反映在產品類別與地理區域上更為多元的成長動能。我們預期上半年有機淨銷售成長將強於下半年，反映年初較多的創新推出，以及在零售趨勢改善、且前一年出貨基期較低的情況下，旅遊零售出貨更為強勁。

Looking at EUKEM, we expect stronger sales growth in the second half of the year as we lap the business disruptions related to the conflict in the Middle East that affected the second half of fiscal '26. While the situation remains dynamic, based on what we know today, we do not expect the impacts from the conflict in the Middle East to be material to our fiscal '27 results.

就 EUKEM 而言，我們預期下半年銷售成長將更強，因為屆時將跨越（lap）中東衝突相關業務中斷對 2026 會計年度下半年造成的影響。儘管情勢仍在變動，但就我們目前所知，我們不預期中東衝突的影響會對 2027 會計年度業績造成重大影響。

Turning now to profitability. We are raising our preliminary outlook and now expect operating margin to range between 12.7% and 13.5%. This reflects, in part, our strong fiscal '26 results, continued operating leverage in non-consumer facing expenses, and a modest expansion in gross margin.

接著談獲利能力。我們上調先前的初步展望，目前預期營業利益率將介於 12.7% 至 13.5%。這部分反映我們 2026 會計年度的強勁表現、非面向消費者費用的持續營運槓桿效益，以及毛利率的小幅擴張。

We expect an effective tax rate in the range of approximately 33% to 34%, building upon the progress we made in fiscal 2026. Diluted EPS is expected to range between $3.10 and $3.35, assuming a weighted average share count of approximately 368 million shares.

我們預期有效稅率約介於 33% 至 34%，延續我們在 2026 會計年度取得的改善進展。在加權平均流通股數約 3.68 億股的假設下，稀釋後每股盈餘（EPS）預期介於 3.10 美元至 3.35 美元。

Moving now to cash generation. In fiscal '27, we expect to generate net cash flows from operating activities between $1.3 billion and $1.4 billion. This decrease from last year reflects higher restructuring payments, as well as increased working capital needs to support growth, compared to strong working capital improvements in fiscal '26. After the restructuring payments expected in fiscal '27, the vast majority of the cash payments associated with the program will be behind us.

接著談現金創造。在 2027 會計年度，我們預期營運活動產生的淨現金流量介於 13 億至 14 億美元。相較去年下降，反映重整支付增加，以及為支持成長而提高的營運資金需求；相較之下，2026 會計年度的營運資金改善幅度較大。在 2027 會計年度預期的重整支付之後，與該計畫相關的現金支付絕大部分將已告一段落。

We expect capital expenditures for the full year to be approximately 4% of sales as we continue to prioritize consumer-facing investments to fuel growth, including upgrades to our brick-and-mortar and online distribution channels, as well as targeted expanded consumer reach.

我們預期全年資本支出約為銷售額的 4%，並將持續優先投入面向消費者的投資以驅動成長，包括升級實體通路與線上通路的配銷渠道，以及有針對性地擴大消費者觸及。

Before we close, I would like to highlight another example of the more streamlined processes and stronger execution discipline we have built into the organization. Beginning with fiscal '27, we are accelerating our year-end reporting timeline and plan to report our fiscal '27 results on August 4.

在結束之前，我想再強調一個例子，說明我們已在組織中建立更精簡的流程與更強的執行紀律。自 2027 會計年度起，我們將加速年終財報時程，並計畫於 8 月 4 日公布 2027 會計年度業績。

In closing, we enter fiscal '27 as a different company, more focused, more agile, and better positioned to execute with speed and excellence. We remain confident in Beauty Reimagined and our ability to deliver sustainable growth and long-term value creation. I want to thank our employees around the world for leading our transformation, and for your unwavering commitment to our company and our success. That concludes our prepared remarks.

最後，我們以一家不同以往的公司邁入 2027 會計年度：更聚焦、更敏捷，且更能以速度與卓越執行。我們對 Beauty Reimagined 以及我們實現可持續成長與長期價值創造的能力仍充滿信心。我要感謝全球員工引領我們的轉型，並對公司與成功展現堅定不移的承諾。以上為我們預先準備的發言。

I will now turn it over to the operator to begin the Q&A session.

我現在把時間交給接線員，開始問答環節。

(Operator Instructions) Steve Powers, Deutsche Bank.

(接線員指示) Steve Powers，德意志銀行。

Great. Very good. Thank you. Good morning. Can you hear me?

很好。非常好。謝謝。早安。聽得到我嗎？

Morning, Steve. We can hear you.

早安，Steve。我們聽得到你。

Okay, perfect. Great. I guess, if we could start on profitability, just a little bit more detail, if you could, on what has improved since May that it has allowed you to upgrade the fiscal '27 margin outlook. And within that, if I could, in the quarter, we are seeing growth appear increasingly diversified, but profitability still seems very concentrated. As we think about the year ahead, the timeline for makeup, fragrances, haircare, and maybe the Americas to contribute more meaningfully to that profitability improvement. Thank you.

好，完美。很好。我想如果可以先從獲利能力談起，能否請你再多提供一點細節：自5月以來有哪些改善，讓你們得以上調27財年的利潤率展望。另外，在這之中，如果我可以補充，這一季我們看到成長似乎愈來愈多元化，但獲利能力看起來仍然非常集中。展望未來一年，彩妝、香氛、護髮，以及可能美洲地區，何時能更有意義地對獲利改善做出貢獻的時間表。謝謝。

Thank you, Steve. So essentially, we had a strong '26 beat. We had a strong '26 beat, so we wanted to flow that to the next year. In addition, as we have completed our PRGP work, we see further opportunities for SG&A optimization, which we are flowing through, and that has been a consistent message on non-consumer facing investment optimization all through the year. And that is included in the improved outlook.

謝謝你，Steve。基本上，我們在26財年表現強勁、超出預期。我們在26財年表現強勁、超出預期，因此我們希望把這個成果延續到下一年。此外，隨著我們完成PRGP的工作，我們看到進一步優化SG&A的機會，我們也把這些反映進去；而這一年來，我們對於非面向消費者的投資優化一直傳達一致的訊息。這些都包含在改善後的展望之中。

What is also included in the improved outlook is continued investments to fuel growth, because that is ultimately the way to continue driving better leverage, better value creation. And then of course, we are also looking at executing the savings we have on PRGP ramp-up through the year. So frankly, this then goes to the full run rate will even be reflected in '28.

同樣納入改善後展望的，還包括持續投資以驅動成長，因為這終究是持續帶來更佳槓桿、更高價值創造的方式。當然，我們也在推動並執行PRGP在全年逐步放量所帶來的節省。坦白說，這也意味著完整的常態化運行水準（full run rate）甚至會在28財年才完全反映出來。

We will exit with a stronger '27 with most of the savings coming through, but the full run rate will come through on '28 as well. Now, related to your point on the diversity or the concentration of a profit, I agree. We have strong profitability on skincare. We have strong profitability in Asia, and we are improving profitability in all our segments.

我們將以更強勁的27財年作結，大部分節省會逐步體現，但完整的常態化運行水準也會在28財年顯現。至於你提到獲利的多元化或集中度，我同意。我們在護膚品類的獲利能力很強。我們在亞洲的獲利能力也很強，而且我們正在所有業務部門提升獲利能力。

However, you are right that we have opportunity to further improve profitability on categories like makeup, haircare, and fragrances as well, and which is a clear part of our plan to improve profitability as we go towards further from the 13.5%, which is the top end we have given. So over the next coming years, you should continue to see clear sequential improvement in all segments, both geographic and category.

不過你說得對，我們在彩妝、護髮與香氛等品類上仍有進一步提升獲利能力的空間；這也是我們計畫的一個明確部分，隨著我們朝向高於我們所給出的上限13.5%持續改善獲利能力。因此在接下來幾年，你應該會持續看到所有部門——不論是地理區域或品類——都有清楚的逐季改善。

Very good. Thank you very much.

非常好。非常感謝。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

Great. Thanks so much. I thought there was very big news today in the earlier August reporting, so thank you for that. I wanted to acknowledge that. And also all of the great transparency throughout the presentation was really helpful.

很好。非常感謝。我認為今天稍早8月的公告/揭露是非常重大的消息，謝謝你們。我想先表達肯定。另外，整場簡報的高度透明度也非常有幫助。

My question, at the risk of being a bit nitpicky, is the organic sales guide for '27 of 3% to 5% growth versus the comment that expectation to accelerate organic sales growth, because obviously at the low end, that would not be an acceleration. So I just wanted to understand that low end. And then more specifically, it does feel like there is a degree of organic sales growth that is still very tied to timing and dynamics around travel retail shipments.

我的問題可能有點吹毛求疵：你們對27財年有機銷售的指引是成長3%到5%，但同時又提到預期有機銷售成長會加速；因為很明顯在低端3%並不算加速。所以我想了解一下這個低端的含義。再更具體一點，感覺有機銷售成長仍在相當程度上與旅遊零售出貨的時點與相關動態緊密相連。

It feels that areas of the business, particularly Hainan retail, has really stabilized. And I guess that inventory levels there have as well, given the visibility you seem to have into first-half shipments. But just some commentary on, I guess, overall sort of stability and inventory levels on particularly Asia TR and the degree to which that influences the organic sales outlook. Thanks.

看起來業務的某些領域，特別是海南零售，已經真正穩定下來。而且就你們似乎對上半年出貨有的能見度來看，我猜那裡的庫存水位也已經穩定。但想請你們評論一下，特別是亞洲旅遊零售（TR）的整體穩定性與庫存水位，以及這在多大程度上影響有機銷售展望。謝謝。

Yeah, thanks, Laura, and thank you for your comment. Really appreciate it. Very proud of what the team has achieved throughout fiscal '26. When it looks at the talk about the outlook, obviously as the Beauty Reimagined strategy lays it out very clearly, we want a much more diversified growth across geography, across categories, across channel going forward.

好的，謝謝你，Laura，也謝謝你的評論。非常感謝。我們對團隊在26財年所達成的成果感到非常自豪。談到展望時，顯然如Beauty Reimagined策略非常清楚地闡述，我們希望未來在地理區域、品類與通路上都能有更為多元化的成長。

So you are going to see us continuing to build on the strengths, obviously, of China and the Asia-Pacific, including travel retail geographies. But we also clearly laying out an acceleration on the West, especially with North America, where we are laser focused on pushing retail. You saw, obviously, in the quarter four some very strong result in the mid-single digit growth. So obviously, this is really balanced in the way we do it.

因此你會看到我們持續在既有優勢上加碼，當然包括中國與亞太地區，也包含旅遊零售相關市場。但我們也非常清楚地提出西方市場的加速，尤其是北美，我們會高度聚焦推動零售端。你也看到第四季有非常強勁的表現，達到中個位數成長。所以我們的做法顯然是相當平衡的。

And to complement what Akhil was saying, we are obviously going to continue to accelerate skincare and fragrances. Fragrances, like I said in my prepared remark, we expect fragrances to continue to be a stunning performance in fiscal '27, but obviously with a clear intent to accelerate the performance on makeup. And the performance of makeup will be broad-based from a geography standpoint, but with a clear focus also on the West, especially North America again.

另外補充Akhil剛才所說，我們也會持續加速護膚與香氛。香氛方面，如我在事先準備的發言中提到，我們預期香氛在27財年將持續有亮眼表現；但同時我們也明確意圖加速彩妝的表現。彩妝的表現將在地理區域上呈現廣泛基礎，但也會明確聚焦西方市場，尤其再次強調北美。

So I think you have to see the outlook for us. We are always looking at it three to five. But as we, in fiscal '26, deliver the top end of the guidance, our goal is to just look an acceleration over fiscal '26. If you look at the midpoint, there will be 100 basis point improvement. If you look at the top end of the guidance, will be 200 basis point improvements.

所以我認為你需要這樣看我們的展望。我們一向以3到5來看。但由於我們在26財年交出指引上緣的表現，我們的目標是讓27財年相較26財年呈現加速。若看指引中點，將改善100個基點。若看指引上緣，將改善200個基點。

That mainly will obviously come from the West. That is where I would look at our overall guidance from a sales standpoint for fiscal '27. Your second part of your question, when you talk about TR shipment, I want to be very clear, and I will reiterate what I have said many, many times. We are shipping to demand, so our inventory is in a very good place in travel retail.

這主要顯然會來自西方市場。就27財年的銷售指引而言，我會從這個角度來看。至於你問題的第二部分，談到旅遊零售（TR）出貨，我想非常清楚地說，我也會重申我已經說過很多次的話：我們是依需求出貨，因此我們在旅遊零售的庫存處於非常良好的狀態。

Now I'm very happy to report another good news in travel retail. For the first time in three years, for the months of June and the months of July, we are back into positive territory for travel retail global, led by Hainan. That is in double-digit growth in the fourth quarter. That was also there in Q3. We are seeing great momentum in Korea, in Hong Kong, in Southeast Asia, in travel retail.

現在我也很高興再報告一個旅遊零售的好消息。三年來第一次，在6月與7月，我們的全球旅遊零售回到正成長區間，由海南帶動。這在第四季呈現雙位數成長。第三季也同樣如此。我們在韓國、香港、東南亞的旅遊零售也看到很好的動能。

And obviously, travel retail West, the America is strong, and it is helping to offset some of the headwind that we are getting from the Middle East. So the retail is strong in travel retail, and we are managing inventory to the demand. As I said also many times, travel retail represent about 15% of our business, and we intend to just keep it in line with industry standard.

而且很明顯，西方的旅遊零售（美洲）表現強勁，這也有助於抵消我們在中東所面臨的一些逆風。因此，旅遊零售端的零售表現強勁，我們也在依照需求來管理庫存。如我也多次提到，旅遊零售約占我們業務的15%，我們的目標是讓它維持在與產業標準一致的水準。

Hope it answers your question, Lauren.

希望這回答了你的問題，Lauren。

Great. Thank you.

很好。謝謝你。

Thanks, Lauren.

謝謝，Lauren。

Chris Carey, Wells Fargo Securities.

Wells Fargo Securities 的 Chris Carey。

Hi. Good morning, everyone. Can you hear me?

嗨。各位早安。聽得到我嗎？

Yes. Morning, Chris.

聽得到。早安，Chris。

Great. I wanted to follow up on this from a bit of a different angle. But just number one, you talked about faster organic sales growth in the front half of the year. Can you just dimensionalize that? Would you be above your guidance range in the front half or more at the higher end?

太好了。我想從稍微不同的角度追問一下。首先，你提到上半年有更快的有機銷售成長。你能不能把這個量化一下？上半年會高於你們的指引區間，還是會更接近區間的高端？

And then secondly, just on this travel retail comment, I think the question's well taken in that travel retail shipment are these two words that we've come accustomed to representing volatility over recent years, and clearly you just said that you're shipping in line with consumption.

第二，關於你剛才對旅遊零售的評論，我認為這個問題很有道理，因為「旅遊零售出貨」這兩個詞在過去幾年我們已經習慣把它和波動性連在一起，而你剛剛也明確表示你們的出貨是與消費同步。

But can you just give us a sense of how you've evolved the management of the broader Asia ecosystem when you go to market, and how you're thinking about managing the mainland China business versus the travel retail business in Asia, such that you can deliver more consistent growth in both areas over the course of the year. Thanks so much for those two.

但你能否讓我們了解一下，你們在進入市場時，對更廣泛的亞洲生態系管理方式是如何演進的？以及你們如何思考在亞洲管理中國大陸業務與旅遊零售業務之間的關係，讓你們能在一年當中在這兩個領域都交出更一致的成長。非常感謝這兩個問題。

Thanks, Chris. So let me just take on this question. When it looks at the outlook for fiscal '27, and we said it in our prepared remark, we have a stronger pipeline on innovation in the first half versus the second half. It was by design, obviously, because when we laid out Beauty Reimagined, we said we were going to just accelerate our innovation and obviously, skincare, alongside every other category, was a key focus for us, for acceleration.

謝謝，Chris。我來回答這個問題。談到 2027 財年的展望，我們在事先準備的發言中也提到，上半年的創新產品管線比下半年更強。這當然是刻意的安排，因為在我們提出「Beauty Reimagined」時，我們就說過要加速創新；而護膚與其他所有品類一樣，都是我們加速的重點。

So you're seeing a lot more coming in the first half, which led to believe that obviously we will be higher in term of growth in the first half than we would be in the second half. Okay? That will help to guide, somehow, the construction of how we are looking at the year between first half and second half and deliver the 3% to 5% guidance.

因此你會看到上半年推出的內容更多，這也讓我們相信，上半年的成長率顯然會高於下半年。好嗎？這將在某種程度上引導我們如何看待上半年與下半年之間的年度結構，並交付 3% 到 5% 的指引。

Hopefully, that just gives you a little bit flavor on how to look at it. When it comes to the TR visibility, we have a very clear system in place today. Like you said, on the management, first of all, we had a complete transformation of the leadership team in travel retail with a new leader in travel retail, managing from different places around the world. And we have like two key region, one for the East and one for the West.

希望這能讓你對該如何解讀有一些感覺。至於 TR（旅遊零售）的能見度，我們現在有一套非常清楚的系統。如你所說，在管理方面，首先我們已對旅遊零售的領導團隊做了全面轉型，旅遊零售有了新的領導者，並從全球不同地點進行管理。我們大致分成兩個關鍵區域，一個負責東方、一個負責西方。

The West being managed out of London for us, and the East managed from Singapore, and we have new talent. Like I said in my prepared remark also, we've really accelerated experiential retail in travel retail, so you are going to see us doing a lot more activities in the East and in the West.

對我們而言，西方由倫敦負責管理，東方由新加坡負責管理，我們也引進了新的人才。如我在事先準備的發言中也提到，我們確實加速了旅遊零售的體驗式零售，因此你會看到我們在東方與西方都會進行更多活動。

We've accelerated the deployment of our brand in the West, especially led by the fragrances. You're seeing a lot more visibility on Jo Malone London, on TOM FORD, on KILIAN PARIS, on Le Labo, on many, many airport in the Americas and [EMEA].

我們也加速了在西方市場的品牌佈局，尤其是由香氛品類帶動。你會在美洲以及[EMEA] 的許多機場看到 Jo Malone London、TOM FORD、KILIAN PARIS、Le Labo 等品牌的能見度大幅提升。

When it comes to the management of the East, we have some system in place that allows a clear coordination of activities between mainland China and travel retail China. That is done in conjunction between Joy Fan, who is the leader of China, and Matthew Growdon, who is the leader of APAC and travel retail, where they meet regularly to coordinate launches, activities, how do we go at 11.11 versus 618 between the travel retail and in local market.

至於東方市場的管理，我們有一些制度安排，使中國大陸與中國旅遊零售之間的活動能夠清楚協同。這是由中國負責人 Joy Fan 與亞太及旅遊零售負責人 Matthew Growdon 共同推動；他們會定期會面，協調新品上市、活動安排，以及在 11.11 與 618 期間，旅遊零售與本地市場要如何推進。

So it's a very sophisticated model that allows us to really making sure that we are managing the total China ecosystem, and we are looking at it from mainland to travel retail, alongside also the Chinese travelers around the world in a very coordinated model that allows us to delight the Chinese consumer wherever they are, and as you say, to continue to ship to the demand wherever it is.

因此這是一個非常成熟的模型，能確保我們真正是在管理整個中國生態系；我們以高度協同的方式，從中國大陸到旅遊零售，同時也涵蓋全球各地的中國旅客，讓我們能在消費者所在之處取悅中國消費者，並如你所說，持續在需求所在之處按需出貨。

Okay. Thanks so much.

好的。非常感謝。

Thanks, Chris.

謝謝，Chris。

Filippo Falorni, Citi.

Citi 的 Filippo Falorni。

Hi, good morning, everyone.

嗨，各位早安。

Morning, Filippo.

早安，Filippo。

Morning. I wanted to ask about the mainland China business. Clearly, the category has improved, and you call out the significant improvement market share as well, in terms of brand rankings around the 618, 11.11, and you mentioned even a number one share position in prestige beauty.

早安。我想問一下中國大陸業務。很明顯，品類表現已經改善，你也提到市占率顯著提升，包括在 618、11.11 期間的品牌排名表現；你甚至提到在高端美妝（prestige beauty）拿到第一名的市占位置。

So I just wanted to get your perspective of what has changed in the market, both at the category level and at your execution that has really transformed this business and put in a consistent top-line growth. And what allowed you to consistently gain market share in the market, both in terms of innovation changes, marketing, social media presence? What has been the big change that has allowed this very impressive turnaround in China? Thank you.

所以我想請你談談，你認為市場層面（品類層面）以及你們自身執行層面，究竟有哪些改變，真正改造了這項業務並帶來更一致的營收成長。以及是什麼讓你們能在市場中持續提升市占率——無論是創新上的變化、行銷、社群媒體能見度等？在中國能有這樣令人印象深刻的反轉，最大的改變是什麼？謝謝。

Thank you, Filippo. Fantastic question on China. The first thing I would say is I am really proud of the work that the team in China is doing across all the brands. The most important thing is understanding the fundamental of the market, and the market is very, very strong. It's in high single-digit growth from a prestige beauty. We are seeing China growing again, and as thank you for pointing it out, we have had some fantastic results.

謝謝你，Filippo。關於中國的問題非常好。我首先要說的是，我對中國團隊在所有品牌上的工作感到非常自豪。最重要的是理解市場的基本面，而這個市場非常、非常強勁。在高端美妝領域，市場呈現高個位數成長。我們看到中國再次成長；也謝謝你指出這點，我們確實取得了一些非常出色的成果。

We have been gaining market share in every single quarter and in every single category. So now we are onto six consecutive quarters of market share gain in China. In the last quarter, what is very impressive, we have 11 brands in retail sales growth, of which six are in double-digit growth. That's very important for you to just note, because as we committed a diversified growth around the world, we also committed to a more diversified growth within the region and within the China where we operate.

我們在每一個季度、每一個品類都在提升市占率。因此，我們在中國已經連續六個季度市占率成長。上一季非常令人印象深刻的是，我們有 11 個品牌的零售銷售成長，其中 6 個達到雙位數成長。這點很重要，值得你留意，因為當我們承諾在全球推動更分散的成長時，我們也承諾在區域內、以及在我們營運的中國市場內，實現更分散的成長。

So today, we have obviously continued to have very strong performance on La Mer, but we have a very diversified growth across now six brands in double-digit growth, and we have brands, Le Labo, that are growing in excess of 50% during the year, which is fantastic. The other thing, to answer your question of why we are winning in the market is remarkable, despite the remarkable execution from the team.

因此，今天我們當然仍在 La Mer 上維持非常強勁的表現，但我們現在在 6 個品牌上都實現雙位數成長，成長動能非常分散；而且像 Le Labo 這樣的品牌，在年度期間成長超過 50%，這非常出色。另外，回答你為什麼我們能在市場中勝出——除了團隊卓越的執行之外——這點也非常值得一提。

We are also accelerating innovation in China for China. Now, 30% of our innovation around the world is coming from China for the China market, thanks to the ramp-up of all the activities we have from our R&D center in Shanghai. So this is also allowing us to be even more tailored to the need of the Chinese consumer in skincare or in makeup. The last thing I would say is, in China, we have always been first movers to new channels.

我們也正在加速在中國、為中國進行創新。如今，我們在全球的創新中有30%來自中國、並服務於中國市場，這要歸功於我們上海研發中心各項活動的加速推進。因此，這也讓我們能更貼近中國消費者在護膚或彩妝方面的需求。我最後想說的是，在中國，我們一直都是新通路的先行者。

So today, obviously, we started years ago with the department stores. That continues to be strong. We accelerated our freestanding stores that allows us to accelerate our experience. But obviously in online, which is now over 50% of the business in China, we are having great success with Douyin. We have now 11 brands in China on the Douyin platform, and we are performing extremely well there.

所以今天，顯然，我們多年前從百貨公司通路起步。那部分仍然表現強勁。我們也加速拓展獨立門店，讓我們能加速打造體驗。但顯然在線上方面——目前線上已占中國業務的50%以上——我們在抖音上取得了很大的成功。我們現在在中國的抖音平台上已有11個品牌，且表現非常出色。

So overall, the market is strong. Our business is even stronger than the market. And the last thing that I would say in China, we are now less promotional. We have really pushed the valorization in the market that have really allowed us to just recruit new consumers and allowed us to, thanks to the valorization, to continue to sustain strong investment in the market to just capture the Chinese demand.

總體而言，市場很強勁。我們的業務表現甚至比市場更強。最後我想說的是，在中國，我們現在的促銷力度更小。我們確實推動了市場的價值提升（valorization），這讓我們得以吸引新消費者，並且也讓我們能夠在價值提升的支持下，持續在市場投入強勁資源，以把握中國需求。

Great. Thank you very much.

很好。非常感謝。

Thanks, Filippo.

謝謝，Filippo。

Peter Grom, UBS.

UBS 的 Peter Grom。

Hey, Peter.

嗨，Peter。

Peter, your line is now open. You may ask your question.

Peter，你的線路已開通。你可以提問了。

You guys hear me now?

你們現在聽得到我嗎？

Yes, we can hear you, Peter.

是的，我們聽得到你，Peter。

Yes.

是的。

All right. Cool. Thank you. Good morning, guys. I was hoping to get some perspective on '26 and just kind of taking a step back, and just looking at where things came in relative to your expectations and just the drivers of the upside. Organic sales came at the high end, operating margin well ahead of the midpoint if we go back to where guidance was a year ago.

好。太好了。謝謝。各位早安。我希望能請你們分享一下對於26財年的看法，稍微退一步回顧，看看實際結果相對於你們原先預期的落點，以及超預期的驅動因素。有機銷售落在區間高端；如果回到一年前的指引，營業利益率也明顯高於中位數。

And I'm curious if you have embedded similar levels of flexibility as it pertains to 2027 guidance, particularly as it would seem you are exiting the year with some really nice momentum on the top line, and the majority of the benefits related to PRGP are still to be realized.

我想了解的是，在2027財年指引上，你們是否也內含了類似程度的彈性？特別是看起來你們在年末時營收端動能相當不錯，而且與PRGP相關的大部分效益仍有待實現。

Thank you, Peter. Yeah. So I will start, and Stéphane can add here. Essentially, look, it has been what Stéphane just said. It has been outstanding execution against our priorities overall on all of the pillars. So of course, we started the year with a guide of 94%-99% on margin, and we significantly beat that through the year. That is really the outstanding execution of PRGP, first of all.

謝謝你，Peter。是的。我先開始，Stéphane 也可以補充。基本上，如同 Stéphane 剛才所說，這主要是我們在所有支柱、各項優先事項上的卓越執行。因此，當然，我們年初給出的毛利率指引是94%到99%，而我們在年度中顯著超越了該區間。這首先要歸功於PRGP的出色執行。

Secondly, the continued progress we made on reducing, therefore, the non-consumer facing. Thirdly, which allowed us to fuel the business, which is seen as the much more diversified growth in quarter four. So we are pleased with the fact that North America has come back to positive results this quarter on net sales, as well as our retail has been building. So those have been positive surprises from a cost and top-line perspective.

第二，是我們在降低非面向消費者端成本方面持續取得進展。第三，這使我們得以為業務提供燃料，並體現在第四季更為多元化的成長上。因此，我們很高興看到北美本季淨銷售回到正成長，同時我們的零售業務也在持續建立動能。所以，從成本與營收端來看，這些都是正向的驚喜。

And at the same time, China business, consistent share growth quarter-over-quarter in one of the most competitive market, and that too by a significant distance, as we just said. That has been a positive. Travel retail returning to positive retails as we are exiting the year. So these are all positive surprises.

同時，中國業務在競爭最激烈的市場之一，季度對季度持續實現市占成長，而且如我們剛才所說，幅度相當顯著。這也是正面因素。旅遊零售在我們即將結束本年度之際也回到正成長。因此，這些都是正向的驚喜。

And also on gross margin, we delivered 150 basis points. When we entered the year, the environment was quite uncertain with the tariffs, et cetera, being announced, but we really executed very well against that and mitigated a significant part. And so our beat on gross margin as well has been very strong.

另外在毛利率方面，我們提升了150個基點。我們進入年度時，關稅等政策陸續宣布，使得外部環境相當不確定，但我們在應對上執行得非常好，並緩解了其中相當大的一部分影響。因此，我們在毛利率上的超預期表現也非常強勁。

As we look to '27, of course, the outlook is 3% to 5% on sales growth, but it is a much more diversified growth, as Stéphane just said. North America should accelerate. Makeup should accelerate. While East will lead growth, West will accelerate from its prior trends. We will keep building savings through the year, ramping as we execute, which should also give momentum into '28. And then of course, when we give guidance, we consider various things which are controllable.

展望27財年，當然，我們對銷售成長的展望是3%到5%，但如 Stéphane 剛才所說，成長將更為多元化。北美應該會加速。彩妝應該會加速。東方市場將引領成長，而西方市場將在先前趨勢基礎上加速。我們會在年度中持續建立節省效益，並隨著執行而逐步加速，這也應該會為28財年帶來動能。此外，當我們給出指引時，我們會考量各種可控因素。

What we are demonstrating is execution against controllables is very strong, and we typically exceed that. Of course, what we are also keeping in mind is the macro environment, which we do not control. So we keep enough scenario planning to get to our goals into multiple different paths. So that's generally been our posture, and I will pass it over to Stéphane to add.

我們所展現的是：在可控事項上的執行力非常強，而我們通常也會超越這些可控目標。當然，我們同時也會把我們無法控制的總體環境納入考量。因此，我們會保留足夠的情境規劃，以便在多種不同路徑下達成目標。這大致就是我們一貫的立場；我把時間交給 Stéphane 補充。

Yeah, no. I think, Peter, I'd just love to add to what Rohit said. I think what you have to take into consideration is the way we enter fiscal 2026 and the way we enter fiscal 2027, we're a very different company. The business is really clearly transformed. We are really operating at a very different speed than we've ever done before, and we are back growing.

是的。Peter，我想在 Rohit 的基礎上再補充幾點。我認為你需要考量的是：我們進入2026財年與進入2027財年的狀態，已經是一家非常不同的公司。業務確實已明顯轉型。我們的運作速度與以往相比已大不相同，而且我們已重新回到成長軌道。

That's the most important things because the streamlining of the cost has given us a lot greater flexibility to manage sales volatility. So to your question, are we building scenario planning for sales volatility? Absolutely, as we did it in fiscal '26. We are also realizing a lot more sales leverage. And I think when we started the year from 0% to 3%, and we are finishing at the top end of the guidance, that is giving us a lot of leverage.

這是最重要的，因為成本精簡讓我們在管理銷售波動方面擁有更大的彈性。所以回到你的問題：我們是否針對銷售波動建立情境規劃？絕對有，就像我們在26財年所做的一樣。我們也正在實現更高的銷售槓桿。我認為，當我們年初的指引是0%到3%，而我們最終落在指引高端，這給了我們很大的槓桿。

Next year to 3% to 5%, let's say we just deliver the midpoint or the high point of the guidance, this is going to give us a lot more sales leverage, and that allows us continue to accelerate. So the model and the discipline that we've built in fiscal '26 is now pulling in place clearly on a very different company on how we are operating for fiscal '27, and is going to allow us to replicate, and accelerate, frankly, what we've done in 2026, in 2027.

明年指引是3%到5%，假設我們只做到指引中位數或高端，這將帶來更大的銷售槓桿，並使我們能持續加速。因此，我們在26財年建立的模式與紀律，如今已清楚地在一家運作方式截然不同的公司中到位，並將使我們能在27財年複製、甚至坦白說加速我們在2026年所做的成果。

Great. Thank you so much. I'll pass it on.

太好了。非常感謝。我會轉達。

Thanks, Peter.

謝謝你，Peter。

Christian Rios, Bernstein.

Christian Rios，Bernstein。

Hi, good morning and congratulations on a fantastic quarter.

嗨，早安，恭喜你們交出非常出色的一季。

Thanks.

謝謝。

I was hoping, can you break down the 5% organic sales growth in North America in the quarter into how much of that was sell-through or consumption? And I think there was mention of timing of shipments. Can you talk a bit more about what that was, the magnitude of the impact, and how it connects to previous or next quarter growth? Are any other puts and takes that you think we should understand?

我想請教，你能否把本季北美 5% 的有機銷售成長拆解一下，其中有多少來自終端銷售（sell-through）或消費量（consumption）？另外我想也有提到出貨時點的因素。能否再多談一些那是什麼、影響幅度有多大，以及它如何與前一季或下一季的成長連動？還有沒有其他你認為我們應該理解的正負因素（puts and takes）？

Then, as we think about next year, what are you most excited about in terms of channels or retailers or maybe even brands in North America? Thank you.

另外，當我們思考明年時，在北美就通路、零售商，甚至品牌而言，你最期待的是哪些？謝謝。

Yeah. Thank you, Christian. I think North America for us is a key focus. It's been a key focus in '26, and you see there was one slide in our prepared remark that shows the sequential improvement quarter-over-quarter on our performance, finishing on a high note in Q4. Now, obviously from a timing of shipment, this is retail driven.

是的。謝謝你，Christian。我認為北美對我們來說是關鍵重點。在 26 財年一直是重點，你也看到我們事先準備的講稿裡有一張投影片，顯示我們的表現逐季改善，並在第四季以高點作收。當然，就出貨時點而言，這是由零售端所驅動。

Now obviously, there's a change on activities like Prime Day from Amazon was in July the prior, it's in June in fiscal '26. So there's obviously the market has been growing faster in the last quarter, especially due to the June activity. But the good news is that us, we've been able to accelerate as the market is accelerating at the midpoint.

另外，像亞馬遜的 Prime Day 活動時點也有變化，前一年是在 7 月，而在 26 財年是在 6 月。因此市場在上一季成長更快，特別是因為 6 月的活動。但好消息是，當市場在中段加速時，我們也能夠跟著加速。

The one thing that I would say is the most important thing for us, and the most important indicator in '26 was to make sure that we could resume with volume share gain because it is an acquisition game. We needed to just make sure that we reignite the recruitment wheel. It is exactly what we have done. And alongside, we are seeing brand like The Ordinary continuing to having outstanding performance.

我想說，對我們而言最重要的一點、也是 26 財年最重要的指標，是確保我們能恢復「量的市占」成長，因為這是一場獲客的競賽。我們需要確保重新點燃拉新（recruitment）的飛輪。這正是我們已經做到的。同時，我們也看到 The Ordinary 等品牌持續有非常亮眼的表現。

M·A·C, thanks to our deployment in new channel like Sephora, not only we have been able to regain the number one ranking in Q4, but we have been able to gain market share also in Q4, which is quite outstanding and a very quick turnaround that we will continue to accelerate in fiscal '27. I could go on.

M·A·C 方面，得益於我們在 Sephora 等新通路的佈局，我們不僅在第四季重新奪回第一名排名，也在第四季取得市占成長，這非常出色；而且這是非常快速的扭轉，我們會在 27 財年持續加速。我還可以繼續講下去。

Bobbi Brown is also in market share gain in makeup. We've had exceptional performance on brand like Le Labo that are not in the track data because it is mostly a direct to consumer brand, but also TOM FORD, prestige brands that is doing very strong. Let alone online where we know and we have clear data showing that we are gaining market share.

Bobbi Brown 在彩妝也同樣取得市占成長。Le Labo 等品牌表現也非常突出，雖然它主要是 DTC（直面消費者）品牌，因此不在追蹤數據中；另外 TOM FORD 等高端品牌也表現非常強勁。更不用說線上通路，我們有明確數據顯示我們正在提升市占。

So that is actually showing the outstanding execution that our team are doing in North America, and I really believe that we are going to be able to just continue to do that. And actually, the early signal of the months of July that we are getting are extremely strong for The Estée Lauder Companies led by Clinique and M·A·C, thanks to great activities that we are doing on social commerce and also obviously the continuous deployment of M·A·C into more growth distribution.

這些其實都反映出我們北美團隊非常出色的執行力，我也真的相信我們能持續做到。而且，我們目前拿到的 7 月初步訊號非常強勁，雅詩蘭黛集團由 Clinique 與 M·A·C 領軍，得益於我們在社群電商上的優秀活動，以及當然 M·A·C 持續擴展到更多成長型的通路佈局。

So I feel very confident and frankly, there is nobody more impatient than me to just drive the growth in North America, and the entire team is really focused in '27 to take on the great momentum that we have had in Q4. So as far as what we are exciting in North America, in China, we are excited about all the channels.

所以我非常有信心；坦白說，沒有人比我更急著推動北美成長，而整個團隊在 27 財年也非常聚焦，要承接我們在第四季累積的強勁動能。至於我們在北美最期待什麼——在中國，我們對所有通路都感到興奮。

We are excited where the consumer is, and our objective is to delight the consumer wherever we can create the experience that it is online, that is in specialty multi, that is in our own direct to consumer, as well as in department store where we can create the right experience. So I think there is great momentum. We have great innovation behind our brands.

我們對消費者所在之處感到興奮；我們的目標是在任何我們能創造體驗的地方取悅消費者——不論是線上、專業多品牌通路（specialty multi）、我們自有的 DTC（直面消費者）通路，或是我們能打造正確體驗的百貨通路。所以我認為動能非常好。我們的品牌背後也有很強的創新動能。

We are excited, I mentioned it, a new exciting launch behind the Estée Lauder brand in France is called Glimmer that we are shipping as we speak. We have great exciting new launches on Clinique Skincare with the new smart cream serum, tapping into PDRN. So we have a slate of innovation that is really going to allow us to just maintain, if not to accelerate our growth in North America in fiscal '27.

我們也很期待——我提過——雅詩蘭黛品牌在法國有一個令人興奮的新上市，叫做 Glimmer，我們此刻正在出貨。Clinique 護膚也有非常令人期待的新上市，包括新的智慧乳霜精華（smart cream serum），切入 PDRN。因此我們有一整套創新產品組合，將讓我們在 27 財年得以維持、甚至加速北美的成長。

Great. Thank you.

很好。謝謝。

You're welcome.

不客氣。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

Good morning, and thanks for taking my question. Just going back to your commentary that expectations for a return back to growth in the makeup category, just curious the bigger opportunities you see and then just confidence in being able to get back to growth in makeup.

早安，謝謝讓我提問。回到你剛才提到對彩妝品類重回成長的預期，我想了解你看到的更大機會是什麼，以及你對彩妝能夠回到成長的信心來源。

Yeah. We have some of the leading brands in makeup, starting with M·A·C. So we are clearly planning to accelerate that business. On makeup, of course, we play with Clinique, which is the number one brand in makeup in the US. We have M·A·C. We are also addressing the challenges we have had on some of the other brands in the past.

是的。我們在彩妝領域擁有一些領先品牌，首先是 M·A·C，所以我們顯然計畫加速這項業務。在彩妝方面，當然我們也有 Clinique，它是美國彩妝第一品牌。我們有 M·A·C。同時，我們也在處理過去某些其他品牌所面臨的挑戰。

So what we are exiting is a stronger performance on makeup, and makeup being our number two category, we continue to believe that it will not only improve on sales trends, it will also improve, as was question was asked earlier, on profitability with all of the work we are doing. And that would be a critical part of continuing to build a broader, more diversified sales growth and also profitability in this segment.

因此，我們感到興奮的是彩妝表現將更強；彩妝是我們第二大品類，我們持續相信它不僅會改善銷售趨勢，也會如先前有人提問的那樣，透過我們正在進行的各項工作改善獲利能力。而這將是持續打造更廣泛、更分散的銷售成長與此分部獲利能力的關鍵一環。

Yeah, and I think just one addition to what Akhil said, Rupesh, is obviously we are also making sure that we're deploying our makeup brand in the fast-growing channel where the makeup consumers are shopping, mainly specialty multi, as well as social commerce.

是的，我想補充 Akhil 所說的，Rupesh：很明顯我們也在確保把彩妝品牌部署到彩妝消費者購物的快速成長通路，主要是專業多品牌通路（specialty multi），以及社群電商。

One of the reason of the strong acceleration that we're seeing in M·A·C is the entire ecosystem that we've created from social commerce to specialty multi department store and freestanding stores that are now all working in conjunction just to really activate the recruitment wheel and the retention wheel across the brand. So I think what was missing as part of our arsenal was to be

我們在 M·A·C 看到的強勁加速，其中一個原因是我們打造的完整生態系——從社群電商到專業多品牌通路、百貨，以及獨立門市（freestanding stores）——現在都協同運作，真正去啟動品牌的拉新飛輪與留存飛輪。所以我認為我們過去武器庫裡缺少的一部分，是能夠

Everywhere where the consumer is from a recruitment and from the retention. Now that we have the right platform from a distribution standpoint, and then we are adding an acceleration on innovation like this outstanding lip stain that M·A·C launched, this has been like a blockbuster in many market around the world. We believe that now we have the right recipe for us to just accelerate in makeup.

在拉新與留存兩個面向上，出現在消費者所在的每一個地方。現在我們在通路佈局上有了正確的平台，並且再加上創新加速，例如 M·A·C 推出的這款非常出色的唇釉（lip stain），在全球許多市場都像是爆款。我們相信現在我們已經具備正確的配方，能夠推動彩妝加速成長。

At the moment, frankly, where we see in many market, the makeup category also starting to just accelerate, especially in China, we're seeing acceleration in the US, which has been, as you know, the category pretty flattish for quite some time, since the exit of COVID. This is also for us the right moment to accelerate.

坦白說，就目前而言，我們在許多市場看到彩妝品類也開始加速，尤其是在中國；我們也看到美國在加速，而如你所知，自從 COVID 結束以來，該品類相當長一段時間都相對持平。對我們而言，這也是加速的正確時點。

And the last thing I would say in makeup, we are continuing to also rationalize the distribution where we don't have the right profitability and the right productivity per door. And we've closed a significant amount of freestanding stores in M·A·C around the world as we are pivoting to more growth and profitable channels.

另外我想在彩妝方面補充的是，我們也持續在我們無法達到合適獲利能力、以及單店生產力不夠理想的地方，合理化通路佈局。隨著我們轉向更具成長性且更高獲利的通路，我們已在全球範圍內關閉了相當數量的 M·A·C 獨立門市。

Great. Thank you.

很好。謝謝。

Thanks, Rupesh.

謝謝你，Rupesh。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Great. Thanks. Good morning.

很好。謝謝。早安。

Morning.

早安。

I want to talk about margins because it's an exciting time as margins continue to move in the right direction. As you think about expanding from about 200 basis points this year, where do you see the biggest opportunity? It seems like there is more opportunity for efficiency gains as well as delayering the organization, and if so, which areas do you see the most opportunity?

我想談談利潤率，因為利潤率持續朝正確方向改善，這是一個令人振奮的時刻。當你們思考今年大約擴張 200 個基點之後，最大的機會在哪裡？看起來在效率提升以及組織去層級化方面還有更多空間；如果是的話，你們認為哪些領域的機會最大？

And then I also want to ask about cash uses, now that you have taken transformational M&A off the table, PRGP is now closed. So how do you think about the deployment of cash from here? Thank you.

另外我也想問資金用途：既然你們已把轉型型併購（M&A）排除在外，PRGP 也已經完成交割。那麼接下來你們如何思考現金的部署？謝謝。

Thank you, Olivia. So, look, we are pleased with the 320 basis points of margin we expanded this year, which was coming from two big drivers, gross margin and the progress on non-consumer facing, which includes, as you pointed out, employee cost reduction and all of the infrastructure rationalization we have done, including real estate and so on and so forth, and the work we have done on procurement.

謝謝你，Olivia。我們對今年利潤率擴張 320 個基點感到滿意，這主要來自兩大驅動因素：毛利率，以及在非面向消費者端的進展；後者包括如你所提到的員工成本降低，以及我們所做的各項基礎設施合理化（包含不動產等），還有我們在採購方面所做的工作。

As we look forward on the guide that we have given 150 to 230 basis points margin expansion, as we mentioned, that gross margin would be a modest driver, but a large part of the driver here will come, as you pointed out, from all of the SG&A, which includes employee cost and the announcement we made of the total restructuring that continues through '27.

展望未來，依我們給出的指引，利潤率將擴張 150 到 230 個基點；如我們所提到的，毛利率會是較溫和的驅動因素，但這裡很大一部分的驅動將來自你所指出的 SG&A（銷售、一般及行政費用），其中包括員工成本，以及我們宣布的、將持續到 2027 年的整體重組。

So we do see a large opportunity even after this year's guide, which is what I said earlier, that as we complete our execution, we will be exiting the year with full benefits starting to hit in the later part of the year, which will then have the full annualized benefit in 2028. So that flow-through and margin should continue to come in 2028. Of course, at 13.5 margin, we still believe we have runway to go further, driven by that.

因此，即使在今年的指引之後，我們仍看到很大的機會。正如我先前所說，隨著我們完成執行，我們將在年底時看到完整效益開始在年內後段逐步顯現，並在 2028 年帶來完整的年度化效益。因此，這種流入（flow-through）與利潤率在 2028 年應會持續改善。當然，以 13.5 的利潤率水準來看，我們仍相信還有進一步提升的空間，而這將由上述因素所驅動。

Consumer facing, we have continued to invest, and as Stéphane has talked about, all of the work we are doing on media, one from a better placement and better procurement of media. There should be runway there as well, but of course, right now our focus is to build our brands, drive growth, drive share, but that would be another leg to add down the road. It started with gross margin, passes to SG&A, but we will have the full 360 approach to continuing to build margin.

在面向消費者端，我們持續投資；正如 Stéphane 所談到的，我們在媒體方面所做的所有工作，包括更好的投放位置與更好的媒體採購。那裡也應該還有提升空間，但當然，目前我們的重點是打造品牌、推動成長、提升市佔；不過這會是未來可再加上的另一個槓桿。我們從毛利率開始，接著轉到 SG&A，但我們會以完整的 360 度方式持續提升利潤率。

So that's what we believe, and this should have at least a good flow-through even in '28. Now on cash uses, our stated mission has been to deleverage the company beyond any other points on M&A. So we are continuing to use cash to drive down our debt. We have debt coming due later in the year, which we will, for all practical purposes, we would continue to pay down. Of course, we are making sure that our CapEx is fully funded to drive consumer CapEx.

這就是我們的看法，而這在 2028 年也應該至少會帶來不錯的流入效應。至於現金用途，我們既定的使命是在不再考慮其他併購的情況下，持續為公司去槓桿。因此，我們會繼續用現金來降低負債。我們在今年稍晚有到期債務，基本上我們會持續償還、降低。當然，我們也會確保資本支出（CapEx）獲得充分資金支持，以推動面向消費者的資本支出。

Secondly, of course, other one is dividend, and then thirdly is deleverage, and at the same time, we will look for any other opportunities to drive a better return on our cash. But first priority right now is to continue to build a stronger balance sheet, and we made solid progress this year with the cash performance.

第二，當然還有股利；第三則是去槓桿。同時，我們也會尋找任何其他機會，以提高現金的報酬率。但目前的首要任務是持續打造更強健的資產負債表，而我們今年在現金表現方面已取得扎實進展。

Yeah. The only one thing, Olivia, that I would add to Akhil is obviously look at it as with the streamlining of our cost and the efficiency that we are building across the company, it allows us to realize a lot more sales leverage.

是的。Olivia，我唯一想補充 Akhil 的是：顯然，隨著我們精簡成本並在全公司建立效率，這讓我們能夠實現更高的銷售槓桿。

So as we are accelerating growth, you will see the flow-through in profitability and our ability to continue to accelerate. And this is also why, to reinforce the earlier question that was asked, why we felt comfortable to raise our preliminary view from a margin standpoint and even go beyond on the top end at 13.5, which is 50 basis point higher than our preliminary view that we have in the last quarter.

因此，當我們加速成長時，你會看到獲利能力的流入效應，以及我們持續加速的能力。這也是為什麼——呼應先前那個問題——我們會有信心從利潤率角度上調我們的初步看法，甚至在上緣超過 13.5；這比我們上一季的初步看法高出 50 個基點。

Sales leverage now is our disposal to be able to continue to invest in the business to fuel growth, but at the same time to continue to just increase, in a sustainable way, our profitability over time.

現在，銷售槓桿就在我們手上，使我們能夠持續投資業務以驅動成長，同時也能以可持續的方式，隨時間推移持續提升我們的獲利能力。

Great. Thank you.

很好。謝謝。

Thanks, Olivia.

謝謝你，Olivia。

Thank you. This concludes our allotted time for Q&A today. If you were unable to join for the entire webcast, a playback will be available at 1:00 PM Eastern Time today until October 30. Please visit the investor section of the company's website to view a replay of the webcast. I would like to thank you all for joining and wish you a good day.

謝謝。今天的問答時間到此結束。如果你未能全程參與本次網路直播，今天美東時間下午 1:00 起至 10 月 30 日將提供回放。請造訪公司網站的投資人專區觀看網路直播重播。感謝各位參與，祝各位有美好的一天。