Energizer Holdings Inc (ENR) 2026 Q3 法說會逐字稿

Good morning. My name is Kelsey, and I'll be your conference operator for today's call. At this time, I would like to welcome everyone to the Energizer's third fiscal year 2026 conference call. (Operator Instructions) This event is being recorded Tuesday, August 4, 2026.

各位早安。我叫 Kelsey，將擔任今天電話會議的接線員。此刻，我想歡迎各位參加 Energizer 2026 會計年度第三季財報電話會議。（接線員指示）本活動正在錄音，時間為 2026 年 8 月 4 日（星期二）。

I would now like to turn the conference call over to Mr. Jon Poldan, Vice President, Global Finance, Treasurer and Investor Relations.

接下來我想將電話會議交給全球財務副總裁、財務長兼投資人關係主管 Jon Poldan 先生。

Good morning, and welcome to Energizer's third-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.

各位早安，歡迎參加 Energizer 2026 會計年度第三季財報電話會議。今天與我一同出席的有總裁暨執行長 Mark LaVigne，以及執行副總裁暨財務長 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。本次電話會議的重播將於我們網站 energizerholdings.com 的投資人關係專區提供。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亦已發布於我們網站。

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 that 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.

在本次電話會議中，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層目前的預期，並受風險與不確定性影響，可能導致實際結果與上述陳述存在重大差異。我們不承擔更新這些前瞻性陳述的義務。其他可能導致實際結果與上述陳述存在重大差異的因素，已載於我們向美國證券交易委員會（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. 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.

我們在簡報中亦會提及非 GAAP 財務衡量指標。非 GAAP 財務衡量指標與可比 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。本次電話會議中所討論之品類與估計市占率資訊，係與我們競爭之品類相關，並基於 Energizer 內部資料、產業分析資料，以及我們認為合理之估計。電池品類資訊同時包含實體通路與電商零售銷售。除非另有說明，所有關於本季與本年度之評論均指 Energizer 之會計年度，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 third quarter performance and our outlook, but I wanted to begin with a few brief comments. As we move through fiscal 2026, our priorities remain centered on strengthening the earnings power of the business, generating strong free cash flow and continuing to improve our balance sheet.

各位早安，感謝今天加入我們。與前幾季相同，我們已在網站上發布事先準備的講稿，提供對第三季表現與展望的詳細回顧；但我想先以幾點簡短說明作為開場。隨著我們推進 2026 會計年度，我們的優先事項仍聚焦於強化公司獲利能力、創造強勁自由現金流，並持續改善資產負債表。

In the third quarter, we delivered organic growth across both Batteries & Lights and Auto Care, while sustaining the margin recovery achieved since the beginning of the year. These results reflect the actions we've taken over multiple years to strengthen our brands, improve execution, streamline our cost structure, and build a more resilient organization.

在第三季，我們在「電池與照明」以及「汽車護理」兩大業務皆實現內生成長，同時維持自年初以來所達成的毛利率修復。這些成果反映了我們多年來採取的行動：強化品牌、提升執行力、精簡成本結構，並打造更具韌性的組織。

While consumer demand moderated in the quarter, our business continues to benefit from the progress across key strategic initiatives, enabling Energizer to meaningfully outperform the battery category. We expanded distribution, advanced innovation, and made further progress on the transition of APS sales into the Energizer branded portfolio. At the same time, Project Momentum has improved our operational flexibility and positioned us to navigate a range of operating environments while maintaining a focus on profitability and cash generation.

儘管本季消費者需求有所放緩，我們的業務仍持續受惠於多項關鍵策略計畫的進展，使 Energizer 能夠顯著優於電池品類整體表現。我們擴大通路覆蓋、推進創新，並在將 APS 銷售轉入 Energizer 品牌產品組合的轉換上取得進一步進展。同時，Project Momentum 提升了我們的營運彈性，使我們能在各種營運環境下保持對獲利能力與現金創造的專注。

Looking ahead, we remain confident in our strategy and the actions already underway across the business. We expect strong fourth quarter earnings growth to be supported by productivity initiatives, supply chain optimization and the work we have done throughout the year to strengthen the profitability of the business. We believe these actions position us well to continue creating value through strong free cash flow generation and disciplined capital allocation.

展望未來，我們對自身策略以及目前已在各業務推動中的行動仍充滿信心。我們預期第四季獲利將強勁成長，並將受惠於生產力提升計畫、供應鏈最佳化，以及我們全年持續強化公司獲利能力的工作。我們相信，這些行動使我們能透過強勁的自由現金流創造與審慎的資本配置，持續為股東創造價值。

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

感謝各位持續關注 Energizer。接下來，我們開始進入問答環節。

(Operator Instructions)

（接線員指示）

Lauren Lieberman, Barclays.

Barclays 的 Lauren Lieberman。

Great. Thanks so much. I wanted to start by just kind of getting more detail on the change in guidance. So one quarter left and you moved to the low end of the range after an in-line delivery this quarter. So just wanted to better understand the drivers of that change. Thanks.

很好，謝謝。我想先從指引變動的部分多了解一些細節。只剩下一季，你們在本季表現符合預期的情況下，卻把指引調到區間的低端。因此想更清楚了解這項變動的驅動因素。謝謝。

Good morning, Lauren. When we spoke in May, our expectation at that time was that the back half of the year, we deliver around 4% organic growth. Today, we expect the back half to be roughly flat to up 1%. So clearly, there's been a change in the demand outlook.

早安，Lauren。我們在 5 月通話時，當時的預期是下半年可達到約 4% 的內生成長。今天，我們預期下半年大致持平到成長 1%。因此，很明顯需求展望已經有所改變。

The primary driver behind this is in the battery category. At the time of the Q2 call, we expected the category to be roughly flat through the balance of the year. Since then, consumers have remained more cautious than we anticipated, and the battery category trends have softened by roughly 200 to 300 basis points relative to those expectations. And those items have been reflected in the outlook we provided today.

主要驅動因素來自電池品類。在第二季電話會議時，我們預期該品類在今年剩餘期間大致持平。自那之後，消費者比我們預期更為謹慎，電池品類趨勢相較於當時預期已轉弱約 200 到 300 個基點。而這些因素已反映在我們今天提供的展望中。

This is more of a category adjustment than it is really an Energizer adjustment. The business is actually performing well within the environment that we're seeing. We continue to gain share. We're expanding distribution. We're launching innovation, and we're outperforming the category. So while we've taken a more prudent view on our top line demand, our confidence in the business has not changed at all.

這更像是品類層面的調整，而非真正屬於 Energizer 自身的調整。事實上，在我們所看到的環境下，公司的表現仍然良好。我們持續提升市占、擴大通路、推出創新，並且優於品類整體。因此，雖然我們對營收端需求採取更審慎的看法，但我們對公司本身的信心完全沒有改變。

The actions we've been taking are working. We're improving the quality of the portfolio, rebuilding margins, and strengthening the earnings power and increasing financial flexibility. I would also point out the earnings and cash flow story remains very much intact. Gross margin has improved more than 430 basis points from first quarter levels. We expect fourth quarter gross margin to be north of 40%, and we expect 25% adjusted EPS growth at the midpoint in Q4.

我們正在採取的行動正在奏效。我們正提升產品組合品質、重建毛利率、強化獲利能力並提高財務彈性。我也要指出，獲利與現金流的故事仍然非常完整。毛利率較第一季水準已提升超過 430 個基點。我們預期第四季毛利率將高於 40%，並預期第四季在中位數情境下調整後 EPS 成長 25%。

And at the same time, we expect strong free cash flow generation and meaningful debt reduction. So all in, that's kind of the way we were thinking about the balance of the year and wanted to provide that outlook for Q4 as well as pension up to '26.

同時，我們預期將有強勁的自由現金流創造以及顯著的負債降低。總體而言，這就是我們對今年剩餘期間的思考方式，也希望就第四季以及到 2026 年的退休金（pension）提供這樣的展望。

Okay, great. And just one given the slowdown in category growth that you're calling, I was just curious about your read on retailer inventory levels. I know inventory there's been some retailer inventory dynamics in the first half of the fiscal year, but with the incremental slowing in the category, is that something we should watch out for further from here?

好的，很好。再問一個：鑑於你們所提到的品類成長放緩，我想了解你們對零售商庫存水位的看法。我知道在本會計年度上半年，零售商庫存曾有一些動態變化；但在品類進一步放緩的情況下，這是否會成為我們接下來需要持續留意的風險？

It is something we watch. We went through this. It occurred earlier this year, and there's actually a slide in the slides -- there's a reference in one of the slides we posted this morning where we referenced that in the first half. It was really the first part of this year where we dealt with some inventory and destocking. We do not expect it to be an additional meaningful headwind. And really, it's embedded in the revised numbers that we provided today.

這確實是我們會持續關注的事項。我們之前已經歷過——是在今年稍早發生的；而且在投影片中——我們今天早上發布的投影片其中一頁也有提到上半年相關情況。主要是在今年前半段的初期，我們處理了一些庫存與去庫存（destocking）問題。我們不預期它會成為額外且重大的逆風。而且，這也已經納入我們今天提供的修正後數字之中。

Okay. All right, great. Thanks so much. I'll pass it on.

好的。明白了，非常感謝。我把時間交給下一位。

Andrea Teixeira, JPMorgan.

JPMorgan 的 Andrea Teixeira。

Thanks, operator and good morning, everyone. I was just hoping to see if you can comment a little bit on that decline of 200 to 300 basis points. From a volume perspective, from a pricing perspective, it seems like it's both that consumers are also down trading not only like volume-wise, but down trading from a value perspective. So can you elaborate on that and also speak to not only the US but international?

謝謝接線員，各位早安。我想請你們多談一點那個下滑 200 到 300 個基點的部分。從銷量角度、從定價角度來看，似乎兩者都有影響；而且看起來消費者不只是量的層面在降級消費，也在價值層面往更便宜的選項移動。能否請你們進一步說明？也請談談不僅是美國，還包括國際市場的情況。

Sure, Andrea. Let me get started. I think it's important to separate near-term consumer environment from long-term health of the overall category. Consumers are being more selective today. They're looking for value. They're shopping across channels and pack sizes and managing overall basket spend more carefully. That can pressure dollars and mix in the short term. Energizer is winning in this environment. In the US, our value grew 1.8%, volume grew 5% on a category decline. We also gained volume and value share globally as well.

當然可以，Andrea。我先開始說明。我認為重要的是要把短期的消費者環境與整體品類的長期健康狀況區分開來。消費者目前更為挑選，他們在尋找更高的性價比，會跨通路與包裝規格購買，並更謹慎地管理整體購物籃支出。短期內這可能會對金額與組合（mix）造成壓力。Energizer 在這樣的環境中表現出色。在美國，我們的銷售金額成長 1.8%，在品類下滑的情況下銷量成長 5%。我們在全球也同樣提升了銷量與金額市占。

I think on the promotional front, we have no interest in buying share. I think for our business, the category is more promotional today because consumers are seeking that value that I mentioned. But the improvement we're seeing in our business is broader than just price. We're benefiting from better distribution, stronger execution, innovation, and the breadth of our portfolio.

我認為在促銷方面，我們沒有興趣用促銷去買市占。就我們的業務而言，品類目前的促銷程度更高，因為消費者正在尋找我剛才提到的價值。但我們業務的改善不僅僅來自價格。我們正受惠於更好的通路覆蓋、更強的執行力、創新，以及我們產品組合的廣度。

The actions we're taking are resonating, distribution gains and the strength of our brands and the breadth of our portfolio allow us to meet consumers across both premium and value. So we're not assuming that the consumer improves from here, but we are managing the business to win with consumers where they are today. I think you're seeing that play out. I would say in the Q3, you are seeing a bit of a pricing headwind in Q3. We would expect that to be neutral in Q4. So I would not extrapolate the trends you're seeing in Q3 into Q4.

我們正在採取的行動正在引起共鳴；通路的提升，以及我們品牌的強度與產品組合的廣度，使我們能同時在高端與價值端滿足消費者需求。因此，我們並未假設消費者環境會從現在開始改善，但我們正以能在消費者當前所在的位置取勝的方式來經營業務。我認為你們正看到這一點逐步展現。我會說在第三季，你們確實看到一些定價逆風；我們預期第四季會轉為中性。因此，不要把第三季看到的趨勢外推到第四季。

That's helpful. And then can you comment on the cost side, how we should be thinking of your outlook now with oil prices, you get less impacted because your cargo is value-added but just thinking of how to think about the commodity cost pressure also on the raw material side.

這很有幫助。那接著您能否評論一下成本端，我們現在在油價的背景下應該如何看待你們的展望；由於你們的貨物是加值產品，所以受影響較小，但我想了解的是，該如何看待商品成本壓力，以及原物料端的成本壓力。

Sure. Andrea, we've done a good job getting costs out of the system. We've seen improvement in gross margins from the beginning of the year to where we are now. As Mark mentioned, we're expecting fourth quarter gross margin to be in the low 40s, and that's really a clean number for the first time this year. By clean, I mean, we've had a lot of these in and outs, for instance, there won't be any IEEPA credits in our fourth quarter number. So we think that reflects a lot of the hard work that we've done, and we're in a much better shape.

當然。Andrea，我們在把成本從系統中移除方面做得很好。我們看到毛利率自年初到現在已有所改善。如 Mark 提到的，我們預期第四季毛利率會落在 40% 出頭，而這也是今年第一次真正的「乾淨」數字。所謂乾淨，我的意思是，我們之前有很多這種進進出出的項目；例如，我們第四季的數字裡不會有任何 IEEPA 抵免。所以我們認為這反映了我們所做的大量努力，我們的狀況也好很多。

There's still a number of moving parts, and we've been talking about it for the last couple of quarters, commodities, tariffs, FX, logistics. We're going to be disciplined about providing a full view to that when we're ready, that should be next quarter. What I would say is we have a lot of levers that are available to us, including productivity, sourcing, network flexibility, operating efficiencies, and pricing where appropriate. So our goal as we go forward is going to be to maintain the margins we've worked to recover, as well as the overall earnings profile of the business.

仍然有不少變動因素，我們過去幾季一直在談：大宗商品、關稅、匯率（FX）、物流。我們會在準備好時，以有紀律的方式提供完整觀點，應該會在下個季度。我要說的是，我們手上有很多可用的槓桿，包括生產力、採購、網路彈性、營運效率，以及在適當情況下的定價。因此，我們接下來的目標是維持我們努力恢復的毛利率，同時也維持整體的獲利輪廓。

I would say the other area where I think we're seeing as we move forward some important factors that I think will bolster our free cash flow, which is really important to the story. So first we're finishing up Project Momentum this year. So we expect related cash costs to execute that program, which we're in large part like facility exits and severance. Those should be significantly reduced going forward.

我想另外一個領域是，隨著我們往前走，我們看到一些重要因素將支撐我們的自由現金流，這對整個故事非常重要。首先，我們今年會完成 Project Momentum。因此，我們預期與執行該計畫相關的現金成本（主要是像是設施退出與資遣費）在未來應會顯著降低。

The CapEx that we've been spending really for digital transformation and some of that supply chain transformation, that's been elevated in recent years in coordination with the Momentum program. And we expect that to be down pretty significantly. We're pushing for like 1% of net sales or $30 million to come back into the run rate basis.

我們在資本支出（CapEx）方面，主要用於數位轉型以及部分供應鏈轉型；這在近年配合 Momentum 計畫而偏高。我們預期這將大幅下降。我們正推動回到約占淨銷售額 1% 或 3,000 萬美元的常態化水準（run rate basis）。

And then we talked about it last quarter and it's starting to occur, but we've already collected about $11 million of IEEPA tariffs. That's on the recovery side. We expect the remaining $53 million that we booked to provide a meaningful source of cash generation as we kind of finish out this year and go into next year. So cash flow should be a strong story for us as we finish up the year and go into '27.

另外，我們上季談過而且已開始發生：我們已經收回約 1,100 萬美元的 IEEPA 關稅，這是在回收端。我們預期已入帳的剩餘 5,300 萬美元，將在我們完成今年並進入明年時，提供一個有意義的現金生成來源。因此，當我們完成今年並邁向 '27 時，現金流會是我們的一個強項。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Rob Ottenstein, Evercore.

Rob Ottenstein，Evercore。

Great. Thank you very much. First, just wanted to follow up on the category slowdown. Is this something that increased during the quarter, was fairly stable? Just kind of a little bit of color on the cadence of that. And then I think you mentioned 200 to 300 basis points, would that have been split roughly equally between price and volume, just any color around that.

很好。非常感謝。首先，我想追問一下品類放緩的情況。這是在本季中變得更嚴重，還是相對穩定？想請你們補充一下其節奏。然後我想你們提到 200 到 300 個基點，這大致會在價格與銷量之間各占一半嗎？也請提供一些說明。

And then my second question is, we get the Circana data, and in that, your main competitor had pretty dramatic declines, I mean very high double-digit declines in volume in the period. I was wondering if you can give any color around that. It looks like a lost customer and any color in terms of if that's the fact, timing around that, and circumstances, whether that's something that will likely benefit you going forward. Thank you.

第二個問題是，我們有看到 Circana 的數據，其中你們的主要競爭對手在這段期間的下滑相當劇烈，也就是銷量出現非常高的雙位數下滑。我想請問你們能否對此提供一些看法。看起來像是流失了一個客戶；如果確實如此，能否談談時間點與相關情況，以及這是否可能在未來對你們有利。謝謝。

Hey, good morning, Rob. I never like to speak on behalf of our competitors, I think I would just direct questions that way. We see the scanner data just like you do. Rest assured, we are in the market competing and trying to win distribution and do it the right way. So -- and it all plays out in the scanner data that you receive.

嗨，早安，Rob。我一向不喜歡代表競爭對手發言，我想這類問題你可以直接問他們。我們看到的掃描數據跟你看到的一樣。請放心，我們在市場上競爭、爭取通路鋪貨（distribution），並以正確的方式去做。所以——這些都會反映在你收到的掃描數據裡。

I think in the -- to your first question around the dynamic in the battery category, I think we referenced it in our last quarter where we were seeing a bit of pressure on the consumer. And I think as we worked our way through the quarter, we saw it accelerate a bit. We're not anticipating that it snaps back and improves in a meaningful way over the balance of the year, which led to the 200 to 300 basis call down that we made this morning.

就你第一個關於電池品類動態的問題，我想我們在上季就提到，當時看到消費者端有一些壓力。而在本季推進的過程中，我們看到它有些加速。我們不預期在今年剩餘期間會明顯反彈或有實質改善，這也是我們今天早上把指引下調 200 到 300 個基點的原因。

I do think that's a near-term dynamic, and I don't think it impacts our longer-term view of the category. Devices still continue to be healthy. Usage continues to be healthy. Change-out frequency is healthy. So all the fundamentals behind category demand are in place.

我確實認為這是短期動態，且不會影響我們對該品類的長期看法。裝置端仍然健康。使用量仍然健康。更換頻率也健康。因此，支撐品類需求的基本面都在。

And what you are seeing though is consumers reacting in a more near-term environment where they're making choices. They're making choices about frequency of their spend. They're stretching dollars further. And as a result, they're seeking value and they're more cautious. And you're seeing that play out in the battery category, which results in our making a call for the Q4 that we did this morning.

不過你看到的是，消費者在更偏短期的環境下做出反應，他們在做選擇：選擇支出的頻率、把每一塊錢花得更久。結果就是他們在尋求價值、也更謹慎。你會看到這在電池品類中反映出來，因此我們今天早上才會對第四季做出那樣的判斷。

And again, is this weakness split equally between volume and value and price? Or is it biased in one direction or the other?

再確認一下，這種疲弱是由銷量與金額／價格各占一半嗎？還是偏向其中一個方向？

Well, so what you saw in the quarter is there's a little bit of promotional activity and there's a little bit of volume erosion in the quarter. I think going forward, you're going to see that split be -- it's going to be split a little bit between both. And so I think it's just our job to manage continuing to connect with consumers, invest in promotion where it makes sense, drive the appropriate volume dynamics, keep margin -- keep the margin that we've worked hard to preserve intact so that we can go into '27 with a stable margin, which allows the rest of our investment thesis to hold.

嗯，你在本季看到的是：有一些促銷活動，另外也有一些銷量流失。我認為往前看，這個拆分——會在兩者之間各占一些。所以我想我們的工作就是持續與消費者建立連結，在合理之處投入促銷，推動適當的銷量動態，同時維持——維持我們辛苦守住的毛利率不被破壞，讓我們能以穩定的毛利率進入 '27，從而使我們其餘的投資論點得以成立。

Yeah. I think our fourth quarter call, specifically for us is that pricing would be neutral to a slightly positive.

對。我想我們對第四季的看法，特別就我們而言，是定價會持平到略為正向。

Great. Thank you very much.

很好。非常感謝。

Brian McNamara, Canaccord Genuity.

Brian McNamara，Canaccord Genuity。

Hi, this is Madison Callinan on for Brian. Thanks for taking our questions. Not to beat a dead horse, but can you comment on the battery category and struggles there? Is there something structural going on, whether it's a push towards battery-free technologies or something else? Is it pantry destocking? Thanks for any color you guys can give.

嗨，我是代替 Brian 的 Madison Callinan。謝謝讓我們提問。不是要老調重彈，但你們能否再談談電池品類及其困境？是否有任何結構性因素在發生，例如轉向無電池技術或其他原因？是否是家庭囤貨去化（pantry destocking）？謝謝你們能提供的任何補充。

Yeah. Sure, appreciate the question. No, there's nothing structural going on. The foundational health of the battery category is intact. Again, I mentioned devices continue to be stable in the household usage frequency. If anything, you're seeing a little bit of increased frequency because the power that these devices require is greater than it used to be. So structurally, the battery category is healthy.

好的。當然，謝謝你的問題。不，沒有任何結構性因素在發生。電池品類的基礎健康狀況仍然完好。如我所說，裝置端在家庭使用頻率上仍然穩定。甚至可以說，你會看到使用頻率略有提高，因為這些裝置所需的功率比過去更高。所以從結構面來看，電池品類是健康的。

I think what you are seeing play out in the scanner data numbers is simply a reflection of consumer caution, value-seeking behavior, and the dynamic nature with which they shop. And they're changing channels, they're changing pack sizes. All of that plays out in the scanner data. But no, we feel as positive about the battery category today as we ever have.

我認為你在掃描數據中看到的，只是反映了消費者的謹慎、追求性價比的行為，以及他們購物方式的動態變化。他們在換通路、換包裝規格。這些都會反映在掃描數據裡。但不，我們對電池品類的正面看法，今天跟以往任何時候一樣。

Great. And then are there any nuances to holiday shipment timing that we should be mindful of for Q4 and Q1 of fiscal '27? Thank you.

很好。那麼在假期出貨時點方面，對於 '27 財年的第四季與第一季，有沒有任何我們需要留意的細節？謝謝。

Holiday timing? Anything that we're aware of was built into our call today. And again, our back half is right now between Q3 and Q4 will be flat to plus 1%. And that's built into any sort of pacing and phasing we had relative to holiday.

假期時點？我們所知道的任何因素都已納入我們今天的預估。再重申一次，我們下半年目前的看法是第三季到第四季將持平到成長 1%。這已包含任何與假期相關的節奏與分期（pacing and phasing）。

Thank you.

謝謝。

Thank you. And there are no further questions at this time. Mark, you may please proceed.

謝謝。目前沒有其他問題。Mark，請繼續。

Great. Thanks for joining us today and your interest in Energizer. Hope everyone has a great rest of the day.

很好。感謝今天加入我們，也感謝各位對 Energizer 的關注。祝大家今天剩下的時間一切順利。

Ladies and gentlemen, this does conclude your conference call for today. We thank you very much for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。非常感謝各位的參與。您現在可以掛線。