Energizer Holdings Inc (ENR) 2026 Q2 法說會逐字稿

Good morning. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energizer's first fiscal year 2026 conference call. (Operator Instructions) As a reminder, this call is being recorded. And now I would like to turn the conference over to Jon Poldan, Vice President, Treasurer and Investor Relations. Please go ahead.

早安。我叫 Kathleen，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Energizer 2026 會計年度第一季電話會議。(接線員指示) 提醒各位，本通話將被錄音。現在我想將會議交給 Jon Poldan，副總裁、財務主管暨投資人關係負責人。請開始。

Good morning, and welcome to Energizer's second quarter fiscal 2026 conference call. Joining me today are Mark LaVigne, President and Chief Executive Officer; and John Drabik, Executive Vice President and Chief Financial Officer. In just a moment, Mark will share a few opening comments, and then we'll take your questions. A replay of this call will be available on the Investor Relations section of our website, energizerholdings.com. In addition, please note that our earnings release, prepared remarks and a slide deck are also posted on our website.

早安，歡迎參加 Energizer 2026 會計年度第二季電話會議。今天與我一同出席的有總裁兼執行長 Mark LaVigne，以及執行副總裁兼財務長 John Drabik。稍後 Mark 會先分享幾點開場說明，接著我們將回答各位的提問。本次通話的重播將可在我們網站 energizerholdings.com 的投資人關係專區取得。此外，也請注意，我們的財報新聞稿、事先準備的講稿以及簡報投影片也已發布於網站上。

During the call, we will make forward-looking statements about the company's future business and financial performance, among other matters. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these statements. We do not undertake to update these forward-looking statements. Other factors that could cause actual results to differ materially from these statements are included in reports we file with the SEC.

在本次通話中，我們將就公司未來的業務與財務表現等事項發表前瞻性陳述。這些陳述係基於管理階層目前的預期，並受各項風險與不確定性影響，可能導致實際結果與這些陳述存在重大差異。我們不承諾更新這些前瞻性陳述。其他可能導致實際結果與這些陳述存在重大差異的因素，已載於我們向 SEC 提交的報告中。

We also refer in our presentation to non-GAAP financial measures. A reconciliation of non-GAAP financial measures to comparable GAAP measures is shown in our press release issued earlier today, which is available on our website. Information concerning our categories and estimated market share discussed on this call relates to the categories where we compete and is based on Energizer's internal data, data from industry analysis and estimates we believe to be reasonable.

我們在簡報中也會提及非 GAAP 財務衡量指標。非 GAAP 財務衡量指標與可比較 GAAP 指標之調節表，已列於我們今日稍早發布的新聞稿中，並可於我們網站取得。本次通話中所討論之品類與估計市占率相關資訊，係指我們參與競爭的品類，並基於 Energizer 內部資料、產業分析資料以及我們認為合理的估計。

The Battery category information includes both brick-and-mortar and e-commerce retail sales. Unless otherwise noted, all comments regarding the quarter and year pertain to Energizer's fiscal year and all comparisons to prior year relate to the same period in fiscal 2025.

電池品類資訊同時包含實體通路與電商通路的零售銷售。除非另有說明，所有關於本季與本年度的評論均指 Energizer 的會計年度，且與前一年度之比較均為 2025 會計年度同一期間。

With that, I would like to turn the call over to Mark.

接下來，我想把電話會議交給 Mark。

Good morning, and thanks for joining us today. As in prior quarters, we posted prepared remarks on our website that provide a detailed review of our second quarter performance and our outlook, but I wanted to begin with a few brief comments. As we move through fiscal 2026, our strategic priorities remain clear and consistent, restoring growth, rebuilding margins impacted by tariffs and returning the business to its long-term historical cash flow profile.

早安，感謝各位今天加入我們。如同先前各季，我們已在網站上發布事先準備的講稿，對第二季表現與展望提供更詳細的回顧，但我想先以幾點簡短的評論開場。隨著我們推進 2026 會計年度，我們的策略優先事項依然清楚且一致：恢復成長、重建受關稅影響的利潤率，並讓業務回到長期歷史的現金流輪廓。

The second quarter marked an important step forward as disciplined execution across pricing, supply chain optimization and an improved cost structure produced tangible results. During the quarter, tariff-related developments provided an incremental benefit, further supporting our ability to restore margins while still reinvesting in the business to drive sustainable top and bottom line growth.

第二季是重要的向前一步；我們在定價、供應鏈最佳化以及改善成本結構方面的紀律性執行，帶來了具體成果。本季與關稅相關的發展帶來額外助益，進一步支持我們在持續再投資以推動可持續的營收與獲利成長的同時，恢復利潤率的能力。

The building blocks for a return to growth are in place. We expect the third quarter to mark an inflection in organic net sales, supported by stable category dynamics, higher quality distribution across our portfolio, continued progress on the APS integration and strong innovation.

重返成長的基礎已經到位。我們預期第三季將成為有機淨銷售的轉折點，動能來自穩定的品類動態、我們產品組合中更高品質的通路佈局、APS 整合的持續進展以及強勁的創新。

Innovation remains a core pillar of our strategy, as highlighted by the recent launch of Energizer Ultimate Child Shield. In Auto Care, growing distribution of the Armor All Podium Series, together with continued innovation across the portfolio is enhancing the business' long-term earnings and growth potential.

創新仍是我們策略的核心支柱，近期推出的 Energizer Ultimate Child Shield 即為例證。在汽車護理（Auto Care）方面，Armor All Podium Series 的通路覆蓋持續擴大，加上產品組合的持續創新，正在提升該業務的長期獲利與成長潛力。

Stepping back, performance in the first half of fiscal 2026 was largely consistent with our expectations and reflected a transition that will be followed by a second half with organic sales growth and profitability continuing to benefit from announced and accepted pricing and ongoing supply chain initiatives. As a result, we expect to deliver the high end of our fiscal 2026 earnings outlook.

回頭看，2026 會計年度上半年表現大致符合我們的預期，並反映出一段過渡期；接下來的下半年將呈現有機銷售成長，而獲利能力也將持續受益於已宣布且已被接受的定價，以及持續推進的供應鏈措施。因此，我們預期將達成 2026 會計年度盈餘展望區間的高端。

Thank you for your continued confidence in Energizer. And with that, let's open the call for questions.

感謝各位持續對 Energizer 的信心。接下來，我們開放提問。

(Operator Instructions) Peter Grom, UBS.

(接線員指示) UBS 的 Peter Grom。

I was just hoping to get some perspective on the guidance for the year. Can you maybe just give us a sense for how FY26 is playing out relative to your expectations? And I ask this just more in context of moving to the high end of the range, but that now incorporates a tailwind related to tariff refunds, which would suggest pressure in other areas.

我希望能就全年指引取得一些觀點。你們能否談談 2026 會計年度的進展相較於你們原先預期的情況？我之所以這麼問，是因為你們正朝區間高端前進，但其中已納入與關稅退稅相關的順風，這似乎意味著其他領域存在壓力。

And then I guess my second question, you have this slide that really shows the multiyear progress of the business despite all the external volatility. How does this inform your view on the path forward? And maybe specifically, where do we go from here as we look out to '27?

然後我想第二個問題是，你們有一張投影片顯示，儘管外部波動很大，業務仍在多年期間持續改善。這如何影響你們對未來前進路徑的看法？也許更具體地說，當我們展望到 2027 年時，接下來會怎麼走？

I'll kick off, and let's start with the '26 first, and I'll cover a little bit, John will cover a little bit, and then maybe I can come back on the longer-term view. Look, I would say there's been a lot of moving pieces in fiscal '26. It is on track to be a successful year for Energizer. Our goals going into the year were to restore growth, rebuild margins and restore free cash flow. We've had nice success against all three.

我先開頭，我們先從 2026 年談起；我會先說一點，John 也會補充一點，之後我再回到較長期的觀點。坦白說，2026 會計年度有很多變動因素。但它正朝著成為 Energizer 成功的一年邁進。我們年初的目標是恢復成長、重建利潤率並恢復自由現金流。在這三項上我們都取得了不錯的成果。

When you think about it on a top line perspective, the first half and the back half are playing out largely as we expected. We knew the first half, we're going to have organic declines, and we still expect growth in Q3 and Q4. The growth in the back half of the year is really driven by the integration of the APS business. Some exciting new innovation that we're launching, new distribution that we've been able to achieve as well as a little bit of pricing. Those are in place. Those are known decisions. So that should drive the organic growth as we get into Q3 and Q4.

從營收端來看，上半年與下半年的走勢大致如我們所預期。我們知道上半年會出現有機下滑，而我們仍預期第三季與第四季會成長。下半年成長主要由 APS 業務的整合所驅動。此外還包括我們即將推出的一些令人振奮的新創新、我們所達成的新通路佈局，以及一點點定價因素。這些都已到位。這些都是已做出的既定決策。因此，當我們進入第三季與第四季時，這些應能推動有機成長。

We are tempering a bit in terms of the macro outlook. So we did bring down our overall call for Q3 and Q4 just a touch because we do see a little bit more of a cautious consumer than maybe what we anticipated going into November.

我們對總體環境展望稍微更為保守。因此，我們確實把第三季與第四季的整體預估略微下調了一點，因為我們看到消費者比我們在 11 月時所預期的更為謹慎一些。

On the margins, we've done a lot of work on the network on our cost structure. We obviously have the benefit from the tariff recovery as well. So all in all, I think it's been a successful year so far.

在利潤率方面，我們在網路以及成本結構上做了大量工作。我們顯然也受惠於關稅回收。因此總體而言，我認為今年迄今為止是成功的一年。

We're set up for success as we get into the back half of the year, and that's where the delivery at the high end of the earnings range is despite some of the headwinds that I just talked about. And John can maybe put a little finer point on some of the puts and takes as it relates to the tariffs.

隨著我們進入下半年，我們已做好成功的準備；儘管存在我剛才提到的一些逆風，我們仍能在獲利區間的高端實現交付。而 John 或許可以就關稅相關的增減因素再更精準地說明一下。

Well, I probably would just maybe a couple of numbers on that, Mark. So on the top line, we're calling top line kind of organic flat. And that's what you just talked about reflecting that cautious consumer. I think there's a corresponding gross profit impact. So that's one of the items that we're calling out in the back half of the year.

嗯，Mark，我大概只補充幾個數字。在營收端，我們的說法是營收大致有機持平。這正如你剛才所說，反映出消費者的謹慎。我認為毛利也會有相應的影響。所以這是我們在今年下半年特別提出的一個項目。

We also -- we're benefiting from these production credits. We get those credits on product that we make in the US and sell anywhere. We still have some foreign sourced product in our inventory, and we're going to flush more of that through than we originally planned. So those credits will probably in '26 be about 10% to 15% lower than we originally planned, but that doesn't change kind of the run rate of what we expect from those credits over time. But it will be a bit of an impact in the back half of '26.

另外——我們也受惠於這些生產抵免。我們對在美國製造、並在任何地方銷售的產品都能取得這些抵免。我們的庫存中仍有一些海外來源的產品，而我們將比原先計畫更大量地把這些庫存消化掉。因此，這些抵免在 2026 年可能會比我們原先規劃低約 10% 到 15%，但這不會改變我們對這些抵免長期可帶來的常態水準（run rate）的預期。不過，這會在 2026 年下半年帶來一些影響。

And then to Mark's point, what we're going to continue to reinvest for future growth? And I'd say that's in some of the innovation, e-comm and consumer engagement throughout the rest of the year. So that's really what you're kind of seeing on the back half, a bit more on the number side.

接著呼應 Mark 的觀點，我們會持續再投資以支持未來成長嗎？我會說，這主要在一些創新、電商以及全年其餘時間的消費者互動上。所以你在下半年看到的，基本上就是在數字面上更明顯的一些反映。

And Peter, on the -- in your question in terms of the longer term, we did put the slides in the earnings slides that we posted today because we really wanted to zoom out and take a look at how the business has performed over the last three years. I know you all get frustrated at the amount of seismic changes that seems to occur with the different factors that are driving our business with tariffs, production credits, (inaudible) tariff refunds. But when you take a step back and looking at how we've operated through the COVID disruption, historic inflation, the tariff pressure and through all that volatility, we stayed disciplined on the financial algorithm, which is centered on growth, margin expansion and free cash flow.

另外，Peter，就你問題中關於較長期的部分，我們確實把投影片放在今天發布的財報簡報中，因為我們很想把視角拉遠，看看過去三年業務的表現。我知道你們對於那些看似會發生的巨大變動感到挫折——不同因素（例如關稅、生產抵免、（聽不清）關稅退稅）一直在驅動我們的業務。但當你退一步，回顧我們如何在 COVID 擾動、歷史性通膨、關稅壓力以及所有這些波動之中運作時，我們始終在以成長、利潤率擴張與自由現金流為核心的財務算法上保持紀律。

When you look at the longer-term slides, I mean, the results speak to the resilience of what we've been able to do. And over that time period, we've maintained stable net sales while expanding our share. We've improved gross margins by about 360 basis points, and we've delivered consistent growth in both adjusted EBITDA and adjusted earnings per share. And that wasn't driven by tailwinds. That was really driven by really solid execution in the organization and structural changes that we've been able to make as all of those events were occurring.

當你看較長期的投影片時，我的意思是，結果本身就說明了我們所展現的韌性。在那段期間，我們在維持淨銷售穩定的同時，也擴大了市占率。我們將毛利率提升了約 360 個基點，並在調整後 EBITDA 與調整後每股盈餘方面都交出一致的成長。而這並不是靠順風推動的。這主要是因為組織內非常扎實的執行力，以及在所有事件發生的同時，我們得以推動的結構性變革。

Free cash flow has been a critical proof point. Over the last three years, we've generated USD740 million of cumulative free cash flow, which has allowed us to reduce debt and return capital through dividends and share repo.

自由現金流一直是關鍵的驗證指標。過去三年，我們累計產生了 7.40 億美元的自由現金流，使我們得以降低負債，並透過股利與庫藏股回購回饋資本。

Project Momentum, which you've all heard a lot about has been central to all of that. It reshaped the cost base. It strengthened the supply chain and improved working capital efficiency.

你們都聽過很多次的「Momentum 計畫」一直是這一切的核心。它重塑了成本基礎。它強化了供應鏈，並提升了營運資金效率。

So I think when you take a step back and you look at that longer-term horizon, the takeaway is that even in a highly volatile environment, which we're still in, we have the ability to drive this business and deliver solid financial performance and disciplined capital deployment. And so it was that overall track record, which gives us confidence that we're going to build on that as we finish out '26, and we think we're set up to do just that, and that's reflected in the outlook that we provided today by taking the earnings to the high end of the range.

所以我認為，當你退一步、以更長期的視角來看，重點是：即使在我們仍身處的高度波動環境中，我們仍有能力推動這項業務，交出穩健的財務表現與有紀律的資本配置。也正是這樣的整體紀錄，讓我們有信心在完成 2026 年之際能在此基礎上再接再厲；我們認為我們已做好準備做到這一點，而這也反映在我們今天提供的展望中——我們把獲利預期提高到區間的高端。

Anything else, Peter?

Peter，還有其他問題嗎？

No. That was super helpful.

沒有。這非常有幫助。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

Maybe just to build on that, the weaker consumer you touched on and pulling down the full year top line guidance to account for that. Can you give us a bit more detail there? Auto Care, you mentioned the weaker start to the peak season. What's driving that? Is that just the consumer volatility around macros we see here? Or are there other factors there? Do you expect that to linger? And how do you think your own business is positioned just from a market share and innovation standpoint heading into the full peak season?

或許延續剛才的話題，你提到消費者較疲弱，並因此下調全年營收指引以反映這點。你能再多提供一些細節嗎？在汽車護理（Auto Care）方面，你提到旺季開局較弱。是什麼在驅動這個情況？這只是我們在此看到的總體環境下消費者波動所致嗎？還是還有其他因素？你預期這會持續嗎？另外，從市占率與創新角度來看，進入完整旺季時，你認為你們自身業務的定位如何？

And then just on the Battery side, are you seeing anything in the US or Europe from a consumer standpoint in terms of demand impacts? And also just help us understand any impact from the Middle East and how you guys are thinking about that going forward?

另外在電池（Battery）方面，從消費者角度，你們在美國或歐洲是否看到任何需求影響？也請協助我們理解中東局勢帶來的任何影響，以及你們未來將如何看待這件事？

Thanks, Dara. Let me get started. A lot of questions in there. So let me answer them and then maybe as a follow-up, you can tell me where we fell short in terms of answer. Let's start with just the consumer generally.

謝謝你，Dara。我先開始回答。你這裡面有很多問題。所以我先逐一回答，然後也許你可以再追問，告訴我哪些部分我們的回答還不夠到位。我們先從整體消費者狀況談起。

We've said it before, you've heard it from a number of our peers. They are certainly in a cautious position. They're seeking value. They are willing to switch channels, retailers, brands, pack sizes to get what they want. We are committed to meeting consumers where they are. And we're best positioned in both of our categories in Batteries and Auto Care better than any of our competitors because of our broad portfolio of brands and offerings that we have.

我們之前說過，你也從不少同業那裡聽過。消費者確實處於較為謹慎的狀態。他們在尋求更高的性價比。他們願意為了得到想要的東西而更換通路、零售商、品牌、包裝規格。我們致力於在消費者所在之處與他們相遇。而在電池與汽車護理這兩個品類中，憑藉我們廣泛的品牌與產品組合，我們的定位都比任何競爭對手更有利。

We're confident we can win regardless of the environment. We have a broad distribution footprint. We have multiple brands, including value brands, which we've been able to leverage to meet consumers as well as the best innovation in our categories. So in terms of controlling what we can on that front, I think we're doing an excellent job.

我們有信心無論環境如何都能勝出。我們擁有廣泛的通路覆蓋。我們有多個品牌，包括價值型品牌；我們已能善用這些品牌來貼近消費者，同時也擁有我們品類中最好的創新。因此，就我們能掌控的部分而言，我認為我們在這方面做得非常出色。

Now let's turn to some of the category specifics on Auto Care, for example, we're just entering peak season now. A slightly colder start to the peak season. I don't think it's anything to be unduly worried about. We continue to see the high-end consumer engage in the category.

現在讓我們轉到汽車保養（Auto Care）的一些類別細節，例如，我們現在正要進入旺季。旺季開局稍微偏冷。我不認為這有什麼需要過度擔心的。我們仍持續看到高端消費者在這個類別中保持參與。

Our Podium Series launch was very timely. We've expanded that offering this year. We've expanded from 15,000 retail locations to 25,000. So from -- (inaudible) able to capture the growth there, I think we're on solid footing.

我們的 Podium Series 上市時機非常恰當。今年我們擴大了該產品供應。我們已從 15,000 個零售據點擴展到 25,000 個。因此，從——（聽不清）能夠掌握那裡的成長來看，我認為我們的基礎很穩固。

Some mainstream consumers, again, this is where the caution probably is a little more heightened than it is at the higher end. They're starting to opt out, starting to delay, starting to engage in some other habits. Some of them are switching from do-it-for-me to do-it-yourself, which is a natural offset to that.

一些主流消費者，同樣地，這裡的謹慎程度可能比高端市場更為明顯。他們開始選擇退出、開始延後、開始採取一些其他習慣。其中一些人正從「請人代做」轉向「自己動手做」，這是對上述情況的自然抵消。

We have the portfolio to win in Auto Care. I think we're calling for the Auto Care business to be roughly flat for the year instead of maybe some mild growth, which we thought it was going to be before. It's not a big call down. I think we're just reflecting the overall cautious consumer environment.

我們擁有能在汽車保養領域取勝的產品組合。我認為我們目前預期汽車保養業務今年大致持平，而不是像之前認為的可能會有些微成長。這不是很大的下修。我想我們只是反映整體偏謹慎的消費環境。

Let me switch to Batteries, which is obviously the biggest business we have. The category in the last 13 weeks in the US has been strong. You've seen volume growth. You've seen value growth. It was driven in part by some of the winter storm that you saw. That was offset in terms of our sales by a little bit of tighter retailer inventory management. So we didn't see as much of a flow-through from replenishment as we typically would in storms, but still a net very positive benefit to the category.

我切換到電池（Batteries），這顯然是我們最大的業務。在美國，過去 13 週該類別表現強勁。你看到銷量成長。你看到金額成長。部分動能來自你所看到的一些冬季風暴。就我們的銷售而言，這被零售商庫存管理稍微更緊所抵消。因此，我們沒有像通常在風暴期間那樣看到補貨帶來那麼多的傳導效應，但整體而言對該類別仍是非常正面的淨效益。

Globally, you're seeing similar dynamics. You're seeing volume and value growth. What I would say in that is in some of the international modern markets, they're trailing a little bit of the dynamic of what you saw in the US by maybe a quarter or two. So you're seeing a little bit of softness there that you saw in the US maybe six months ago. But all in all, I think it is a healthy category.

在全球範圍內，你也看到類似的動態。你看到銷量與金額成長。我想說的是，在一些國際的現代通路市場，它們相較於你在美國看到的動態，可能落後一到兩個季度。所以你會看到一些疲軟，類似於你在美國大約六個月前看到的情況。但總體而言，我認為這是一個健康的類別。

I do think as we look ahead and we see higher gas prices and we continue to see the impact on the consumer that we thought it was prudent to inject some caution in our forward look in terms of what we thought out of the consumer going forward. But both of our categories are stable. We expect to continue to drive growth. It's just not going to be as high as we thought it would be maybe six months ago. Let me stop there and see if -- where you want to take that, Dara.

我確實認為，展望未來，當我們看到油價上升且持續看到對消費者的影響時，我們認為在前瞻展望中注入一些謹慎是審慎之舉，針對我們對未來消費者表現的預期。但我們兩個類別都很穩定。我們預期將持續推動成長。只是成長幅度不會像我們可能在六個月前所想的那麼高。我先說到這裡，看看——你想怎麼接續，Dara。

That's very helpful. And I guess it sounds like Auto Care, a bit of a softer start reflecting this consumer environment, just given the Middle East situation, any changes in April versus March or it's more sort of the environment you're seeing generally externally and that softer start in Auto in fiscal Q2?

這非常有幫助。我想聽起來汽車保養的開局稍微偏弱，反映了這個消費環境；考量到中東局勢，4 月相較於 3 月有任何變化嗎？還是說更多是你在外部整體看到的環境，以及汽車在第 2 財季（fiscal Q2）較弱的開局？

Auto is going to be very weather dependent. So you did see a pickup as you got further along into April. So you saw some momentum in a positive direction with Auto Care. I still think you want to make sure that you play that season out. I also think on the Middle East, there was a question of how big of an impact that is.

汽車業務會非常受天氣影響。所以隨著 4 月進行到後段，你確實看到回升。因此你看到汽車保養出現正向動能。我仍認為你需要確保把整個旺季走完再看。我也認為就中東而言，存在一個問題是它的影響到底有多大。

So Middle East for us is about 1% of our revenue. In the quarter, we had some shipments of finished goods on both Battery and Auto side that were held up. It was about a 50 basis point drag to our top line. So we've got a team working on alternative routes. We think we're still going to get the majority of that back into those markets, but it's more of a timing issue at this point. But obviously, we'll continue to watch that area closely.

所以中東對我們而言約占營收的 1%。在本季度，我們在電池與汽車兩個端的部分成品出貨遭到延誤。這對我們營收（top line）造成約 50 個基點的拖累。因此我們有一個團隊正在研究替代路線。我們認為仍能把其中大部分補回到那些市場，但目前更多是時間點的問題。但顯然，我們會持續密切關注該地區。

Rob Ottenstein, Evercore Partners.

Rob Ottenstein，Evercore Partners。

I was wondering if you could comment a little bit more on the Battery side in terms of your share trends and in particular, by channel, if there are different trends by channel? And then given some of your concerns on the consumer, do you think that the industry is going to get -- start getting a bit more promotional as the year goes? And how do you plan on combating that?

我想請問你是否能就電池端再多評論一些，關於你們的市占趨勢，特別是按通路來看，不同通路是否有不同趨勢？另外，考量你們對消費者的一些擔憂，你認為隨著今年推進，產業是否會——開始變得更具促銷性？你們打算如何應對？

Sure, Robert. I think on the share side, let me -- I want to speak at a macro level and not get into individual retail share or even channel share. But what I would say is we grew share globally. We grew share in the US. So our share position continues to be strong.

當然，Robert。我想在市占方面，讓我——我想從宏觀層面來談，而不深入到單一零售商的市占，甚至也不談到通路市占。但我想說的是，我們在全球提升了市占。我們在美國也提升了市占。因此我們的市占地位仍然強勁。

In terms of what I would expect from a category standpoint, I do think when you're dealing with cautious consumers, there is a tendency to have slightly more promotion. I think you're seeing that play out in the category. I think the frequency is increasing, but the depth is staying about the same. So you're going to see slightly more promotions than what maybe you would typically see. But all that is for us is the sign of investing to stay consumers connected with the category.

就我對類別層面的預期而言，我確實認為當你面對謹慎的消費者時，往往會傾向於有稍多一些促銷。我認為你正看到這在該類別中發生。我認為促銷頻率在提高，但促銷力度大致維持不變。所以你會看到比一般情況稍多一些的促銷。但對我們而言，這些都只是投資的訊號，用以讓消費者與該類別保持連結。

As long as we can do that in a way that still drives the gross margin improvement, that's really the calibrating factor here. I think it's a wise investment in this environment to promote a little bit to stay connected to those consumers and still continue to engage with them in a way that creates long-term benefits to your business. And we're doing it in a way that still allows us to improve gross margin in the way we've talked about throughout the year.

只要我們能以仍能推動毛利率改善的方式來做，這就是此處真正的校準因素。在這樣的環境下，適度做一些促銷以保持與消費者的連結，同時以能帶來對業務長期效益的方式持續與他們互動，我認為這是一項明智的投資。而我們的做法也仍讓我們能夠如同我們全年所談到的那樣，持續改善毛利率。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，JPMorgan。

I was just hoping to see the 480 basis points that you had as a help for the quarter. It has obviously other quarters in from the tariff refund. How much it was in this quarter or the second quarter fiscal, just to think about like how the normalized gross margin would be?

我只是希望能看到你們所提到、對本季有幫助的480個基點。顯然，其他季度也有來自關稅退稅的影響。想請教這一季或第二個財政季度實際是多少，好讓我們思考若以常態化來看，毛利率會是什麼樣子？

And then related to that also, I know commodities, even though you have some important commodities, but they don't represent a lot. But just thinking how we should be thinking -- I think transportation is part of your COGS, but you have a quite valuable cargo like for the weight of it. So just thinking how to think in your outlook, how we incorporate it and if you can pinpoint the amount that you're incorporating for the headwind in commodities and transportation. And then as I'm sure you know, all the other HPC names kind of called out some impact already in the outlook. I know it might be more kind of like a fiscal '27 conversation, but then if you can give us like a little bit of a normalized margin going forward, that would be great.

另外也相關的是，我知道大宗商品，即使你們有一些重要的大宗商品，但它們占比不大。但在思考我們應該如何看待——我認為運輸成本是你們銷貨成本（COGS）的一部分，但你們的貨物以重量來看價值相當高。所以想請教在你們的展望中，我們應該如何納入，以及你們是否能指出你們納入的大宗商品與運輸所帶來逆風金額。另外，如你們所知，其他所有HPC同業大多已在展望中提到一些影響。我知道這可能更像是財年’27的討論，但如果你們能給我們一點未來常態化的毛利率水準，那就太好了。

And then on the Battery side, the category, as you said, like it's improving over the last few quarters. Just thinking of how like Amazon sales have been trending and private label, as it sounds like consumers may be a bit more cautious, but by the same token, you had a very good job kind of creating that premiumization factor, the new packaging. So how to think about like your value share against private label and how they would pass through these cost pressures as you hear what you see in the trade?

再來在電池（Battery）方面，正如你所說，這個品類在過去幾個季度有所改善。想請教像Amazon銷售趨勢與自有品牌（private label）的情況；聽起來消費者可能更為謹慎，但同時你們在打造高端化（premiumization）因素、新包裝方面做得很好。所以該如何看待你們相對於自有品牌的價值市占（value share），以及在你們從通路端所聽到、所看到的情況下，自有品牌會如何轉嫁這些成本壓力？

All right. Andrea, you win for squeezing in the most topics as possible in questions. Let me -- let's get started, and I'm sure we're going to have to double back on some of that.

好的。Andrea，你在問題裡塞進最多主題，算你贏。我先——我們開始吧，我想我們可能得回頭再補答其中一些。

But let me start with a little bit on '27. Like it's just too early for us to call anything related to fiscal '27, as you can appreciate. Things are changing in a relatively rapid way. We're going to approach it -- but take a step back, we are seeing what's happening in terms of any volatility related to our business. We're going to approach it the way we have the last 3 years, which is part of why we included those slides in the deck we did today.

不過我先從’27稍微談起。如你所能理解的，現在對任何與財年’27相關的事情下定論都還太早。情勢變化相對快速。我們會以過去3年的方式來因應——先退一步看，我們正在觀察與我們業務相關的任何波動。我們會用過去3年採取的方式來處理，這也是我們今天在簡報中放入那些投影片的原因之一。

We're going to work to offset any inflationary pressures that we're feeling with cost initiatives. We're going to leverage the flexibility that we've built into our network over the last 3 years. And then obviously, we'll take a look at pricing as it might become required because of those.

我們會透過成本改善措施來抵消我們感受到的任何通膨壓力。我們會運用過去3年在供應網路中建立的彈性。然後很明顯地，我們也會檢視定價，若因此而變得有必要的話。

Too early to call '27. I think for purposes of '26, we're largely locked. And so any of the margins that we're talking about today have largely reflected any input cost variation that we've experienced over the course of this year.

現在談’27還太早。我認為就’26而言，我們大致上已經鎖定。因此，我們今天所談到的任何毛利率，基本上已反映我們今年以來所經歷的投入成本變動。

In terms of the Battery category question in terms of private label, private label, again, I think as would be expected in this environment is gaining a little bit of share. It is isolated at fewer retailers. It's not broad-based. Our portfolio gives us an advantage, and we certainly are having a lot of success leveraging our value brands so that we can meet consumers where they are, including Rayovac and Eveready. And we've had some nice distribution wins over the last couple of quarters where we are successfully leveraging the value brands in lieu of private label with certain retailers to be able to capture that demand. And I think we're having great success.

至於電池品類、關於自有品牌的問題：我想在這樣的環境下，自有品牌如預期般正在取得一些市占。但它只集中在較少數的零售商。並非全面性、廣泛發生。我們的產品組合帶來優勢；我們也確實很成功地運用我們的價值型品牌來貼近消費者所在的位置，包括Rayovac與Eveready。而且在過去幾個季度，我們在通路上有一些不錯的配銷（distribution）勝利：我們成功在部分零售商以價值型品牌取代自有品牌，來承接那樣的需求。我認為我們做得非常成功。

And I think the categories where we are doing that with our retailers are benefiting from that. And as a result, we're going to continue to lean in. Private label will always have a role in the category. It's something that we don't take lightly, and we make sure that we invest to keep consumers invested with brands.

我認為我們與零售商在這些品類上採取上述作法的地方，都因此受益。所以我們會持續加大投入。自有品牌在這個品類中永遠會有其角色。這是我們不會輕忽的事情，我們也會確保投入資源，讓消費者持續認同品牌。

Let me shoehorn a couple of answers into that, Mark. So going back to the tariffs and kind of what a normal run rate is. Andrea, we continue to incur tariffs at roughly a consistent rate with how we entered the year. So that's something like USD15 million a quarter based on what we know right now or USD60 million on a yearly basis. Obviously, a lot of moving ins and outs through the first three quarters this year.

Mark，讓我在這裡硬塞幾個答案進來。回到關稅以及所謂的常態化運行水準（normal run rate）。Andrea，我們目前仍以大致與年初相同的速度持續承擔關稅成本。以我們目前所知，約為每季1,500萬美元，或以年度計約6,000萬美元。當然，今年前三個季度有很多進進出出的變動。

I think what we would point to is fourth quarter should be relatively clean. It should be kind of that USD15 million tariff hit with no offsets from any sort of receivables, any of those credits. So as we kind of get to the end of the year, we think it's much more normalized, and we're looking at a gross margin rate kind of in the low 40s at that point. So we think we've been able to, at least for this year, feel really good about getting a lot of those inefficiencies out, kind of normalizing the tariffs, pulling the levers that we can and getting back to a nice gross margin run rate at the end of the year.

我想我們要指出的是，第四季應該會相對乾淨。應該就是大約1,500萬美元的關稅衝擊，不會有任何應收款項、任何抵減（credits）之類的抵銷。因此，當我們接近年底時，我們認為情況會更常態化，屆時毛利率大概會落在40%出頭（low 40s）。所以我們認為，至少就今年而言，我們對於移除許多效率不彰、讓關稅常態化、運用我們能運用的槓桿，並在年底回到不錯的毛利率運行水準，感到非常有把握。

No, I just like -- just specifically the USD48 million that you have as a credit, how much it was the second quarter itself of the USD48 million?

不，我只是——更具體地問，你們列為抵減的4,800萬美元，在第二季本身占了多少（也就是那4,800萬美元中的多少是在第二季）？

So we actually booked a receivable for USD65 million. We're getting about 75% of that coming into the P&L in the second quarter, which is that USD48 million or so. And then the rest of it will flush through most likely. We've written down inventory, and that will flush through the P&L in Q3.

我們其實認列了一筆6,500萬美元的應收款項。其中約75%會在第二季進入損益表（P&L），也就是大約4,800萬美元。其餘部分很可能會在之後沖回。我們已經對存貨做了減記，而那部分會在第三季透過損益表反映（flush through）。

Brian McNamara, Canaccord.

Brian McNamara，Canaccord。

I think we touched a little bit on part of the question I wanted to ask here. But more broadly, I think you guys are the first company, at least that I cover that has received tariff refunds. So would you expect some of the tariff-related pricing you've taken to be subsequently clawed back given this dynamic?

我想我們剛才已稍微碰到我想問的其中一部分。但更廣泛來說，我認為你們是我所覆蓋的公司中第一家——至少是我所追蹤的——收到關稅退稅的公司。那麼在這樣的情況下，你們是否預期先前因關稅而採取的部分定價，之後會被要求回吐（clawed back）？

So let me clarify there, Brian. We have not gotten any refunds yet. We're booking a receivable. It's a long-term receivable. So our view is that our portfolio of IEEPA tariffs was relatively clean.

所以我在這裡澄清一下，Brian。我們目前還沒有收到任何退款。我們正在入帳一筆應收款。這是一筆長期應收款。因此，我們的看法是，我們的 IEEPA 關稅組合相對乾淨。

You had the Supreme Court ruling based on everything that we understand around the process, we feel like we are in good shape to go get this money back. So realizability is not in question. It's really just a matter of process and timing. So we are booking the receivable. We're not changing our cash flow outlook for the year. Again, it's a longer-term receivable. So we would expect to get that sometime out into the future, the actual cash back.

依據我們對流程的所有理解，加上最高法院的裁決，我們認為我們處於很好的位置，可以去把這筆錢拿回來。因此，可實現性並不是問題。真正只是流程與時點的問題。所以我們正在入帳這筆應收款。我們不會改變今年的現金流展望。再說一次，這是一筆較長期的應收款。因此我們預期會在未來某個時間點收到實際回款。

And Brian, I mean, we'll constantly have pricing discussions with our retailers. But just to level set, when you go back to last year, the vast majority of the pricing we took last year were -- it was before the IEEPA tariffs were put in place. And so we didn't then double back and take additional rounds of pricing as IEEPA came into place. So there wasn't a pricing justification based on IEEPA as we went through the pricing discussions.

而且 Brian，我的意思是，我們會持續與零售商進行定價討論。但先把基準講清楚，回到去年來看，我們去年採取的絕大多數調價——是在 IEEPA 關稅實施之前。因此，當 IEEPA 開始實施時，我們並沒有再回頭追加新一輪的調價。所以在定價討論過程中，並不存在基於 IEEPA 的調價理由。

I would point that you would see that in our gross margins that we generated in Q4, Q1 this year and would have been in Q2 that those IEEPA tariffs really were not offset by pricing.

我會指出，你可以從我們在去年第四季、今年第一季所產生的毛利率（以及原本在第二季也會呈現的情況）看到，那些 IEEPA 關稅確實沒有透過調價來抵銷。

Okay. Great. And then secondly, on Consumer Health, can you opine kind of what you've observed from higher tax refunds, obviously, in the season and then any notable detriment from higher gas prices? Were they a net positive, neutral or negative as you see it?

好的。很好。第二個問題，關於消費者健康（Consumer Health），你能否談談你們觀察到的情況：退稅金額提高（顯然在退稅季）帶來的影響，以及汽油價格上升是否造成任何顯著的不利影響？就你們的觀察而言，整體是淨正面、中性，還是負面？

I would say the consumer tends to just continue to be in a cautious posture. I think that maybe the increased tax refund that consumers are seeing is bolstering them a little bit. A lot of that is likely the way at the price of fuel that they're having to pay today. So I don't think that the consumer has moved in a meaningful direction because of tax refunds or necessarily because of the price of gas. I think they've offset each other.

我會說，消費者整體仍然維持謹慎的姿態。我認為消費者看到退稅增加，可能讓他們稍微有些支撐。但其中很大一部分可能會被他們現在必須支付的燃油價格所抵消。所以我不認為消費者因為退稅或一定因為油價而在方向上有明顯改變。我認為兩者互相抵消了。

But I still think the longer the consumer continues to be in that cautious posture, the more likely it is they're going to start to engage in different behaviors or change their spending habits. And so it's a duration issue as well for the consumer. So they're hanging in there. They're resilient. They're still spending money, but they are willing to change behaviors and they're seeking value in order to get what they need. And that's what I mentioned earlier, which is they'll switch channels, retailers, brands, pack sizes in order to meet the needs that they have.

但我仍然認為，消費者維持這種謹慎姿態的時間越長，他們就越可能開始採取不同的行為或改變支出習慣。因此，對消費者而言這也是一個「持續時間」的問題。所以他們還撐得住。他們很有韌性。他們仍在花錢，但他們願意改變行為，並且尋求更高的性價比來滿足需求。這就是我先前提到的：他們會切換通路、零售商、品牌、包裝規格，以滿足他們的需求。

William Reuter, Bank of America.

William Reuter，美國銀行。

I just have two. The first one, the guidance, does that now include not only the USD48 million credit that you got in the second quarter, but also the remaining, I guess, it would be USD24 million that you expect will hit the P&L for the remainder of the year of that receivable?

我只有兩個問題。第一個，關於指引（guidance），現在是否已經包含你們在第二季取得的 4,800 萬美元入帳（credit），以及剩餘的——我想應該是 2,400 萬美元——你們預期在今年剩餘期間會反映到損益表（P&L）的那部分應收款？

It does include the entire amount. It should be like USD16 million or USD17 million. It would be a USD65 million total.

有的，包含全部金額。剩餘部分應該大約是 1,600 萬或 1,700 萬美元。總額會是 6,500 萬美元。

Okay. USD65 million is total, not USD72 million. I must have just heard that incorrectly.

好的。總額是 6,500 萬美元，不是 7,200 萬美元。我應該是剛剛聽錯了。

Yes, USD65 million.

是的，6,500 萬美元。

Got it. And then have you -- just my follow-up to that, have you -- you mentioned that you guys have an understanding of the process. I have no clue if there's any dialogue that goes back and forth between those that have filed their refund requests and the governmental entities that will be paying those. Do they provide any color on when you actually may receive funds?

了解。那接著追問一下，你提到你們對流程有一定的理解。我不清楚提出退款申請的人與將支付退款的政府機關之間，是否會有任何來回溝通。他們是否有提供任何資訊，說明你們實際可能何時收到款項？

Not at this point. I think right now, there's a process that's opened up. There's a tool that they've implemented in order for people to submit their refunds. They're in Phase 1. We would be in Phase 2 of that refund process.

目前還沒有。我想現在流程已經開放。他們也實施了一個工具，讓大家可以提交退款申請。他們目前在第一階段（Phase 1）。我們會是在該退款流程的第二階段（Phase 2）。

As John mentioned earlier, our refund analysis is pretty clean. So we wouldn't expect a lot of back and forth. But as soon as the portal opens for us to submit, we'll submit and we'll start the process. I'm happy to have any dialogue along the way to clarify.

如 John 先前提到的，我們的退款分析相當乾淨。所以我們不預期會有很多來回補件或溝通。但只要入口網站（portal）一開放讓我們提交，我們就會提交並啟動流程。我也很樂意在過程中進行任何必要的溝通以釐清。

And then in terms of when the refunds actually get processed and issued, I still think that's an open question, which is why we've kind of had the position of the right to recover is not in question, but the process and the timing is a little open, and we're going to continue to work that process and see if we can receive the funds as soon as possible.

至於退款實際何時會被處理並核發，我仍然認為這是個未定問題；這也是為什麼我們一直的立場是：我們的追償權利沒有疑慮，但流程與時點仍有一些不確定性。我們會持續推進這個流程，看看能否盡快收到款項。

(Operator Instructions) And there are no further questions at this time. I will now turn the call back over to Mark LaVigne.

(接線員指示) 目前沒有其他問題。我現在把電話交回給 Mark LaVigne。

Thank you all for joining us today. I hope you all have a great rest of the day.

感謝各位今天加入我們。祝各位今天剩下的時間一切順利。

Ladies and gentlemen, this concludes today's call. Thank you, everyone, for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。