Edgewell Personal Care Company (EPC) 2026 Q3 法說會逐字稿

Good morning, and welcome to Edgewell's third-quarter fiscal year 2026 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Chris Goff, Vice President, Investor Relations. Please go ahead.

早安，歡迎參加 Edgewell 2026 會計年度第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想將會議交給投資人關係副總裁 Chris Goff。請開始。

Good morning, everyone, and thank you for joining us this morning for Edgewell's Third Quarter Fiscal Year 2026 Earnings Call. With me this morning are Rod Little, our President and Chief Executive Officer, and Dan Sullivan, our Chief Financial Officer. Rod will kick off the call and then hand it over to Dan to discuss our third quarter and full year fiscal '26 outlook. We will then transition to Q&A. This call is being recorded and will be available via replay on our website, www.edgewell.com.

各位早安，感謝各位今天早上參加 Edgewell 2026 會計年度第三季財報電話會議。今天與我一同出席的有我們的總裁暨執行長 Rod Little，以及財務長 Dan Sullivan。Rod 將先開場，接著把時間交給 Dan，討論我們第三季以及 2026 會計年度全年展望。之後我們將進入問答環節。本次電話會議將被錄音，並可透過我們網站 www.edgewell.com 的重播功能收聽。

During this call, we may make statements about our expectations for future plans and performance. This might include future sales, earnings, advertising and promotional spending, product launches, brand investment, investments in technology, advanced analytics and AI-enabled capabilities, organizational and operational structures and models, costs, mitigation and productivity efficiency efforts, savings and costs related to restructuring and repositioning actions, impacts from tariffs and other recent developments such as the conflict in the Middle East, changes to our working capital metrics, currency fluctuations, commodity costs, inflation, future plans for return of capital to shareholders, and the disposition of our Fem Care business, and more.

在本次電話會議中，我們可能會就未來計畫與表現的預期發表聲明。這可能包括未來銷售、盈餘、廣告與促銷支出、產品上市、品牌投資、對科技、進階分析與 AI 賦能能力的投資、組織與營運架構及模式、成本、緩解措施與生產力效率提升工作、與重整及重新定位行動相關的節省與成本、關稅影響及其他近期發展（例如中東衝突）、營運資金指標的變動、匯率波動、原物料成本、通膨、未來回饋股東資本的計畫、以及我們 Fem Care（女性護理）業務的處置等。

Any such statements are forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to future events, plans, or prospects. These statements are based on assumptions and are subject to various risks and uncertainties, including those described under the caption, Risk Factors, in our annual report on Form 10-K for the year ended September 30, 2025, and as may be amended in our quarterly reports on Form 10-Q filed with the SEC. These risks may cause our actual results to be materially different from those expressed or implied by our forward-looking statements.

任何此類聲明均屬於 1995 年《私人證券訴訟改革法》安全港條款所稱之「前瞻性陳述」，反映我們目前對未來事件、計畫或前景的看法。這些陳述係基於若干假設，並受多項風險與不確定性影響，包括我們截至 2025 年 9 月 30 日止年度之 Form 10-K 年報中「風險因素」標題下所述者，以及我們向美國證券交易委員會（SEC）提交之 Form 10-Q 季報中可能不時修訂者。這些風險可能導致我們的實際結果與前瞻性陳述中明示或暗示者存在重大差異。

We do not assume any obligation to update or revise any of these forward-looking statements to reflect new events or circumstances, except as required by law. During this call, we will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. Reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is shown in our press release issued earlier today, which is available at the Investor Relations section of our website. This non-GAAP information is provided as a supplement to, not as a substitute for, but as superior to, measures of financial performance prepared in accordance with GAAP.

除法律另有規定外，我們不承擔更新或修訂任何前瞻性陳述以反映新事件或新情況的義務。在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標。這些非 GAAP 指標並非依一般公認會計原則編製。非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表，已載於我們今日稍早發布的新聞稿中，該新聞稿可於我們網站的投資人關係（Investor Relations）專區取得。本非 GAAP 資訊係作為補充，而非替代 GAAP 編製之財務績效衡量指標，亦不應被視為優於 GAAP 衡量指標。

However, management believes these non-GAAP measures provide investors with valuable information trends of our business and allows more meaningful period-to-period comparisons of ongoing operating results. With that, I'd like to turn the call over to Rod.

然而，管理階層認為，這些非 GAAP 指標可為投資人提供有關我們業務趨勢的有價值資訊，並使各期間之間對持續營運結果的比較更具意義。接下來，我想把電話會議交給 Rod。

Thank you, Chris, and good morning, everyone. We delivered a solid third quarter that represented an important step forward in our fiscal '26 progression. Organic net sales returned to growth, driven by a meaningful improvement in North America, where performance exceeded our expectations. We saw strength across Sun Care, Grooming, and Branded Wet Shave, reflecting improved execution across the business. Adjusted earnings per share and adjusted EBITDA were ahead of our expectations, while adjusted gross margin performance was in line with the outlook we outlined last quarter.

謝謝你，Chris，各位早安。我們交出穩健的第三季成績，這代表我們在 2026 會計年度的推進上邁出重要一步。有機淨銷售重回成長，主要受北美顯著改善所帶動，且表現優於我們的預期。我們在防曬（Sun Care）、理容（Grooming）以及品牌濕式刮鬍（Branded Wet Shave）皆見到強勁表現，反映出整體業務執行力的提升。調整後每股盈餘與調整後 EBITDA 皆優於我們的預期，而調整後毛利率表現則符合我們上季所提出的展望。

At the beginning of the year, we anticipated that fiscal '26 would be a back-half story and that the company would return to both organic sales growth and earnings growth for the full year at the midpoint of our ranges. Despite market uncertainty and increased pressure, we have stayed the course and the destination remains unchanged. We grew sales in the third quarter. We expect stronger overall growth in Q4 with growth across international markets and North America. Our outlook for the full year adjusted earnings per share and adjusted EBITDA is unchanged at the midpoint.

在年初時，我們預期 2026 會計年度將是「下半年見真章」的一年，且公司在我們區間中點的假設下，全年將回到有機銷售成長與盈餘成長。儘管市場不確定性與壓力增加，我們仍持續按既定方向前進，而目標並未改變。我們在第三季實現銷售成長。我們預期第四季整體成長將更強勁，且國際市場與北美皆將成長。我們對全年調整後每股盈餘與調整後 EBITDA 的展望，在中點水準維持不變。

Importantly, the quarter provides encouraging evidence that the investments we have made and the actions we have taken are strengthening our brands and capabilities and are beginning to translate into improved business performance. While the operating environment remains dynamic and challenging, consumption trends remained relatively stable during the quarter. North America returned to growth, and our priority brands continued to gain traction. Together, these results reinforce our confidence in the underlying trajectory of the business and our ability to deliver against our commitments. Before turning the call over to Dan, I'd like to take a step back and share why we believe Edgewell is becoming a stronger business.

重要的是，本季提供了令人鼓舞的證據，顯示我們所做的投資與採取的行動正在強化我們的品牌與能力，並開始轉化為更佳的營運表現。雖然營運環境仍然多變且具挑戰性，但本季的消費趨勢相對穩定。北美重回成長，我們的優先品牌也持續取得進展。綜合而言，這些結果強化了我們對業務基本走勢的信心，以及我們履行承諾的能力。在把電話會議交給 Dan 之前，我想先退一步，分享我們為何認為 Edgewell 正在成為一家更強健的企業。

We believe Edgewell today is stronger, more focused, and better positioned than it was just a few years ago. Our confidence is not based on any single quarter. Rather, it is based on a series of actions and investments that have strengthened the business and we believe position us to deliver improved performance over time. There are 4 factors in particular that give us confidence in the path ahead, including our setup heading into fiscal '27. First, we have fundamentally improved our ability to execute.

我們相信，今日的 Edgewell 比幾年前更強健、更聚焦，也更具備良好定位。我們的信心並非建立在單一季度之上。相反地，這份信心來自一連串行動與投資，這些作為已強化業務，我們相信也使我們能在時間推移中交出更佳表現。有 4 項因素特別讓我們對前方道路充滿信心，其中也包括我們邁向 2027 會計年度的布局。第一，我們從根本上提升了執行能力。

Over the last several years, we have strengthened our leadership team, improved commercial capabilities, enhanced our analytics and revenue growth management tools, simplified the organization, and increased accountability throughout the business. These investments have strengthened how we plan, execute, and allocate resources across the business. Sustainable performance ultimately depends on consistent execution, and we believe the capabilities we have built are beginning to show up more clearly in our results. Second, we've become a more focused company. Following the Fem Care divestiture, our portfolio is simpler and allows us to direct a greater share of investment towards our highest return growth opportunities.

在過去幾年中，我們強化了領導團隊、提升商業能力、增強分析與營收成長管理工具、簡化組織，並在整個企業提升問責。這些投資強化了我們在全公司範圍內的規劃、執行與資源配置方式。可持續的表現最終取決於一致且穩定的執行，我們相信我們所建立的能力正開始更清楚地反映在成果之中。第二，我們已成為一家更聚焦的公司。在處分 Fem Care（女性護理）業務後，我們的產品組合更為簡化，使我們能將更高比例的投資導向報酬最高的成長機會。

In particular, we have increased investment behind our global-focused brands, concentrating advertising, innovation, and commercial resources where we believe they can create the greatest long-term value. In addition to the campaigns we outlined last quarter for Schick, Billie, and Cremo, this quarter saw another step up in investment, including year 2 of our Hawaiian Tropic campaign. We believe this focus is helping create a stronger foundation for sustainable growth, profitability, and cash generation. Third, we are seeing encouraging evidence that our U.S. business is improving.

特別是，我們加大對全球聚焦品牌的投資，將廣告、創新與商業資源集中於我們認為能創造最大長期價值之處。除了我們上季針對 Schick、Billie 與 Cremo 所說明的行銷活動外，本季投資再度加碼，其中包括我們 Hawaiian Tropic 行銷活動的第 2 年。我們相信，這樣的聚焦有助於建立更強健的基礎，以支持可持續的成長、獲利能力與現金創造。第三，我們看到令人鼓舞的證據顯示美國業務正在改善。

The U.S. remains our largest value creation opportunity. During the quarter, North America returned to growth as commercial execution improved, distribution gains increased, and a number of our strategic initiatives gained traction. Importantly, we are seeing encouraging proof points across several of the areas where we have been concentrating investment. Hawaiian Tropic delivered strong growth during the quarter, supported by positive brand momentum, increased distribution, and continued retailer support.

美國仍是我們最大的價值創造機會。本季北美重回成長，原因在於商業執行改善、通路鋪貨（distribution）增長，以及多項策略性計畫取得進展。重要的是，我們在數個持續加大投資的領域看到了令人鼓舞的具體佐證。Hawaiian Tropic 本季實現強勁成長，受惠於正向的品牌動能、通路鋪貨增加，以及零售商持續支持。

Cremo continued to gain traction across mass retail through expanded distribution and strong consumer demand, while Schick delivered encouraging performance across key portions of the portfolio. We also continue to see positive momentum across the Billie shave portfolio, which delivered continued share growth despite a highly competitive category environment. Notably, the progress we're seeing is not limited to sales results alone. Across many of our priority brands, awareness metrics are improving. Branded search activity has increased this quarter, and our recent brand lift studies indicate strengthening consumer engagement and brand relevance.

Cremo 透過擴大通路鋪貨與強勁的消費者需求，持續在大眾零售通路取得進展；同時，Schick 在產品組合中的關鍵部分也交出令人鼓舞的表現。我們也持續看到 Billie 刮鬍產品組合的正向動能；儘管品類競爭激烈，仍帶來持續的市占成長。值得注意的是，我們所見到的進展不僅限於銷售結果。在多個優先品牌上，品牌認知指標正在改善。本季品牌關鍵字搜尋活動增加，而我們近期的品牌提升（brand lift）研究顯示，消費者互動與品牌關聯性正在增強。

While these indicators may not immediately translate into marketplace results, we believe they provide additional evidence that the investments we are making behind our brands are resonating with consumers. The progress we are seeing is becoming increasingly broad-based. It is not being driven by a single initiative, customer, or brand. Rather, we are seeing positive indicators across distribution, brand performance, and category execution, which gives us increasing confidence that our focused investments are beginning to be successful to translate into improved marketplace results. While we still have work to do and recognize that performance will not improve in a straight line every quarter, we believe the results we delivered in North America this quarter reflect meaningful progress and are consistent with the trajectory we expected to see.

雖然這些指標未必會立即轉化為市場端的成果，但我們相信，它們提供了額外證據，顯示我們在品牌背後所做的投資正與消費者產生共鳴。我們所看到的進展正變得愈來愈廣泛。這並非由單一措施、客戶或品牌所驅動。相反地，我們在通路覆蓋、品牌表現與品類執行等方面都看到正向指標，這讓我們更有信心，相信我們聚焦的投資正開始成功轉化為更佳的市場端成果。雖然我們仍有工作要做，也理解績效不會在每一季都呈直線式改善，但我們相信，本季在北美所交出的結果反映了具意義的進展，並與我們預期的發展軌跡一致。

Fourth, we are accelerating the transformation of our operating model. As we look ahead, we see meaningful opportunities to further simplify the organization, improve speed and agility, enhance decision-making, and create a structurally lower cost base. These actions are intended to help offset stranded costs associated with the Fem Care divestiture, positioning Edgewell to become what we believe will be a faster, more efficient, and more responsive organization. An important part of this effort is increased investment in technology, advanced analytics, and AI-enabled capabilities. We see significant opportunities to leverage these tools to improve consumer insights, accelerate innovation, enhance commercial execution, and drive productivity across the enterprise.

第四，我們正在加速營運模式的轉型。展望未來，我們看到可觀的機會，能進一步簡化組織、提升速度與敏捷性、強化決策品質，並打造結構性更低的成本基礎。這些行動旨在協助抵銷與女性護理（Fem Care）事業剝離相關的閒置成本，使 Edgewell 得以成為我們所相信更快速、更有效率且更具回應力的組織。此項努力的重要一環，是加大對科技、進階分析以及 AI 賦能能力的投資。我們看到可觀的機會運用這些工具，以改善消費者洞察、加速創新、強化商業執行，並推動全企業的生產力提升。

We believe these initiatives, together with our broader transformation and productivity efforts, will help create a simpler, more agile organization that is better positioned to deliver more consistent growth, profitability, and cash flow over time, even in a dynamic external environment. We look forward to providing additional details on these initiatives and our broader fiscal '27 priorities during our year-end earnings call in November. One important example of this transformation is our wet shave manufacturing consolidation, which is the largest operational initiative we have undertaken since becoming a standalone company in 2015. The project's objectives are straightforward: simplify our manufacturing network, modernize our capabilities, improve service levels, and create a structurally lower cost position. As we discussed previously, the project has created some temporary disruption as we transition production across the network.

我們相信，這些計畫連同我們更廣泛的轉型與生產力提升工作，將有助於打造更精簡、更敏捷的組織，使我們即使在外部環境多變之下，仍能隨時間推進，交付更一致的成長、獲利能力與現金流。我們期待在 11 月的年終財報電話會議中，提供關於這些計畫以及我們更廣泛的 2027 會計年度（fiscal '27）優先事項的更多細節。此轉型的一個重要例子，是我們的濕刮製造整併，這是自 2015 年成為獨立公司以來，我們所推動的最大營運計畫。該專案的目標很明確：簡化我們的製造網絡、現代化我們的能力、提升服務水準，並建立結構性更低的成本定位。如我們先前所述，隨著我們在網絡間移轉產能，該專案在過渡期間造成了一些暫時性的干擾。

While those impacts extended longer than originally anticipated and affected supply greater than expected in certain international markets during the third quarter, we continue to make meaningful progress against the implementation plan. As network performance improves, we expect to further strengthen production volumes, service levels, and overall operational effectiveness, positioning the business to deliver meaningful productivity, margin, working capital, and free cash flow benefits over time.

雖然這些影響延續的時間比原先預期更長，並在第三季於部分國際市場對供應造成了超出預期的影響，但我們仍持續依照導入計畫取得具意義的進展。隨著網絡績效改善，我們預期將進一步強化產量、服務水準與整體營運效能，使業務能隨時間推進，帶來具意義的生產力、毛利率、營運資金與自由現金流效益。

Finally, disciplined capital allocation remains central to our strategy. We plan to continue investing behind the business where we see the highest returns, strengthening the balance sheet, reducing net debt leverage, and maintaining the flexibility necessary to create long-term shareholder value. Taken together, these actions give us confidence that Edgewell is moving on to a better performance path.

最後，嚴謹的資本配置仍是我們策略的核心。我們計畫持續在我們認為報酬最高的領域加碼投資、強化資產負債表、降低淨負債槓桿，並維持創造長期股東價值所需的彈性。綜合而言，這些行動讓我們有信心，Edgewell 正走向更佳的績效軌道。

While it remains too early to provide specific guidance for fiscal '27, the combination of four factors: one, better execution; two, a more focused portfolio; three, improving US performance; and four, a major operational transformation approaching its inflection point—is why we believe we will enter fiscal '27 from a stronger position than we have been in several years.

雖然目前仍言之過早，尚無法就 2027 會計年度（fiscal '27）提供具體指引，但四項因素的結合：第一，更佳的執行；第二，更聚焦的產品組合；第三，美國市場表現改善；第四，一項重大營運轉型正接近拐點—正是我們相信，相較於過去數年，我們將以更強的態勢進入 2027 會計年度的原因。

The third quarter provided further evidence that this strategy is working. We returned to organic net sales growth, North America returned to growth, and we delivered earnings ahead of expectations, reinforcing our confidence in the path ahead.

第三季提供了更多證據，顯示這項策略正在奏效。我們恢復了有機淨銷售成長，北美也重回成長，且我們交出的獲利優於預期，進一步強化我們對未來道路的信心。

With that, I'll turn it over to Dan to walk through our third-quarter results and outlook in greater detail.

接下來，我把時間交給 Dan，請他更詳細說明我們第三季的業績與展望。

Thank you, Rod. As Rod outlined, the third quarter marked an important step forward in our fiscal '26 progression, with organic sales returning to growth, adjusted EBITDA, and adjusted EPS ahead of our expectations.

謝謝你，Rod。如 Rod 所概述，第三季是我們 2026 會計年度（fiscal '26）進程中的重要一步：有機銷售恢復成長，調整後 EBITDA 與調整後 EPS 也都優於我們的預期。

I'll now walk through the quarter in more detail, beginning with top-line performance, then the P&L, and our outlook for the balance of fiscal '26. Now let's turn to our performance in the quarter on a continuing operations basis. Organic net sales increased 1.1% in the quarter, as strong performance across Grooming, Sun, and Skin, along with growth in Branded Wet Shave, more than offset continued weakness in private label wet shave, driven by the supply disruptions previously discussed.

我現在將更詳細地說明本季表現，先從營收端開始，接著談損益表（P&L），以及我們對 2026 會計年度（fiscal '26）剩餘期間的展望。現在讓我們來看本季在持續營運基礎上的表現。本季有機淨銷售成長 1.1%；Grooming、Sun 與 Skin 的強勁表現，加上品牌濕刮（Branded Wet Shave）的成長，足以抵銷自有品牌濕刮（private label wet shave）持續疲弱的影響；後者主要受先前提及的供應中斷所拖累。

North America organic sales increased 3%, driven by double-digit Grooming growth, mid-single-digit growth in Sun and Skin, and a return to growth in Branded Wet Shave. International organic sales declined 1.4%, reflecting the impact of the Middle East conflict, lower private label sales due to the temporary supply disruption discussed earlier, and a weaker-than-anticipated start to the sun season in Europe and LatAm.

北美有機銷售成長 3%，主要由 Grooming 的雙位數成長、Sun 與 Skin 的中個位數成長，以及品牌濕刮重回成長所帶動。國際有機銷售下滑 1.4%，反映中東衝突的影響、先前提及的暫時性供應中斷導致自有品牌銷售下滑，以及歐洲與拉丁美洲日曬季開局弱於預期。

Importantly, we continue to deliver growth in several of our key international markets, and we expect overall international to return to growth in the fourth quarter as supply chain challenges improve. On a year-to-date basis, we have grown or held dollar market share in nearly 70% of our markets. Specifically in the US, branded unit market share has held steady or increased in 39 of the past 43 weeks.

重要的是，我們在多個關鍵國際市場仍持續成長，且我們預期隨著供應鏈挑戰改善，整體國際業務將在第四季重回成長。以年初至今來看，我們在近 70% 的市場中，市占金額（dollar market share）有所成長或持平。特別是在美國，品牌的單位市占（branded unit market share）在過去 43 週中的 39 週維持持平或有所提升。

Wet Shave organic net sales declined 1.9% as continued supply disruption within private label more than offset growth across the branded portfolio. Encouragingly, Branded Wet Shave returned to growth during the quarter, reflecting improving performance across our focus brands and that our commercial initiatives in the U.S. are beginning to gain traction. In U.S. razors and blades, category consumption increased 160 basis points in a heightened competitive and promotional environment.

濕刮（Wet Shave）有機淨銷售下滑 1.9%，因自有品牌端持續的供應中斷，抵銷了品牌產品組合的成長。令人鼓舞的是，品牌濕刮在本季重回成長，反映我們聚焦品牌的表現正在改善，且我們在美國的商業措施開始取得進展。在美國刮鬍刀與刀片品類中，在競爭與促銷更為激烈的環境下，品類消費量提升了 160 個基點。

Our overall share remained pressured by private label availability constraints, but branded share declined 40 basis points as we cycled elevated promotional activity from a year ago and changes in our approach to couponing primarily in the drug channel. Sun and Skin Care organic net sales increased 5%, driven by mid-single-digit growth in Sun in North America, strong global Grooming performance, and continued growth in Skin Care. Hawaiian Tropic, Cremo, and Wet Ones all delivered encouraging results in the quarter, supported by increased distribution, innovation, and brand investment. Cremo completed its seventh consecutive quarter of approximately 20% or more growth in Grooming.

由於自有品牌供應可得性受限，我們的整體市占仍承壓；但品牌市占下滑 40 個基點，原因是我們在比較基期上消化了去年較高的促銷活動，以及我們在主要為藥妝通路的折價券（couponing）策略有所調整。Sun 與 Skin Care 有機淨銷售成長 5%，主要由北美 Sun 的中個位數成長、全球 Grooming 的強勁表現，以及 Skin Care 的持續成長所帶動。Hawaiian Tropic、Cremo 與 Wet Ones 本季皆交出令人鼓舞的成果，並受惠於通路擴張、創新與品牌投資增加。Cremo 在 Grooming 已連續第七季達成約 20% 或以上的成長。

In the US, Sun Care category consumption declined approximately 2% in the quarter. Our value share declined 60 basis points. As expected, market share declines in Banana Boat more than offset 110 basis points share growth in Hawaiian Tropic.

在美國，Sun Care 品類本季消費量約下滑 2%。我們的價值市占（value share）下滑 60 個基點。如預期所示，Banana Boat 的市占下滑，超過了 Hawaiian Tropic 市占成長 110 個基點所帶來的正面影響。

As Sun Care consumption can shift meaningfully between quarters depending on weather patterns and the timing of seasonal demand, we believe a broader year-to-date market share view provides a more accurate read on the season than any single quarter. Looking at the category year-to-date, consumption through mid-July increased by 1.4% and overall market share was flat, generally in line with our expectations. Now turning to the P&L.

由於 Sun Care 的消費量可能會因天候型態與季節性需求時點而在各季之間出現顯著變動，我們認為，相較於單一季度，以年初至今的更廣泛市占視角，能更準確反映整個日曬季的狀況。從品類年初至今來看，截至 7 月中旬的消費量成長 1.4%，整體市占持平，整體而言與我們的預期大致一致。接下來談損益表（P&L）。

Adjusted gross margin declined 30 basis points compared to prior year and broadly in line with our expectations. While margin ultimately came in as planned, the underlying drivers were somewhat different than what we anticipated entering the quarter. Inflation, particularly across certain commodities and input costs, was higher than expected.

調整後毛利率較去年下滑 30 個基點，整體符合我們的預期。雖然最終毛利率如計畫落地，但其背後的驅動因素與我們在進入本季時的預期略有不同。通膨，特別是在某些大宗商品與投入成本方面，高於預期。

However, those pressures were largely offset by modest tariff refunds and higher productivity realized during the quarter. As compared to prior year, productivity savings of approximately 200 basis points and 40 basis points of favorable currency movements were more than offset by unfavorable mix and promotional levels, as well as inflation and net tariff impacts.

然而，這些壓力在很大程度上被本季適度的關稅退稅以及更高的生產力實現所抵銷。與去年同期相比，約200個基點的生產力節省與40個基點的有利匯率變動，仍被不利的產品組合與促銷水準，以及通膨與關稅淨影響所超過。

A&P expenses were 14.6% of net sales, up from 13.6% last year, a spending increase to support the new campaign launches as expected. While this was slightly below the levels we outlined for the quarter, the difference was largely timing related, as our outlook for the full year is unchanged.

A&P費用占淨銷售額的14.6%，高於去年的13.6%，如預期為支持新行銷活動上線而增加支出。雖然此水準略低於我們對本季所概述的水準，但差異主要與時點相關，因為我們對全年展望維持不變。

Adjusted SG&A was 18.4% of net sales compared to 17.6% last year, primarily driven by higher incentive compensation and unfavorable currency impacts in the current year, partly offset by lower people and consulting expenses. Adjusted operating income was $53 million, or 9.3% of net sales, compared to $63.6 million, or 11.3% of net sales last year, primarily reflecting the impact of lower gross margins, higher A&P, and SG&A expenses. GAAP diluted net earnings per share from continuing operations were $0.26 compared to $0.46 in the third quarter of fiscal '25.

調整後SG&A占淨銷售額的18.4%，去年為17.6%，主要由於本年度較高的激勵性薪酬以及不利的匯率影響所致，部分被較低的人員與顧問費用所抵銷。調整後營業利益為5,300萬美元，占淨銷售額的9.3%，去年為6,360萬美元，占淨銷售額的11.3%，主要反映毛利率下降、A&P增加以及SG&A費用上升的影響。依GAAP計算之持續營運稀釋後每股淨利為0.26美元，去年會計年度'25第三季為0.46美元。

Adjusted earnings per share from continuing operations were $0.72 and flat to prior year quarter. Currency favorably impacted adjusted EPS by $0.04 in the quarter. Adjusted EBITDA was $78.9 million, inclusive of a $2.1 million favorable currency impact compared to $81.2 million in the prior year. Net cash provided by operating activities was approximately $47 million for the first 9 months of fiscal '26 compared to approximately $44 million last year, primarily due to changes in working capital. For the third quarter of fiscal '26, cash provided from operating activities was approximately $100 million.

持續營運調整後每股盈餘為0.72美元，與去年同期持平。本季匯率對調整後EPS帶來0.04美元的正面影響。調整後EBITDA為7,890萬美元，其中包含210萬美元的有利匯率影響；去年同期為8,120萬美元。會計年度'26前9個月營運活動提供的淨現金約為4,700萬美元，去年約為4,400萬美元，主要由於營運資金變動。會計年度'26第三季，營運活動提供的現金約為1億美元。

As a reminder, cash flow is presented on a consolidated basis for both continuing and discontinued operations. We continued our quarterly dividend payout, declaring a $0.15 per share dividend for the third quarter and returned approximately $7 million to shareholders via dividend. Now turning to our outlook for fiscal '26. Consistent with Rod's comments, our underlying expectations for the year and the second half are intact. As we enter the final quarter of the fiscal year, we are updating our outlook to reflect year-to-date performance and narrowing our guidance ranges.

提醒一下，現金流量係以合併基礎呈列，包含持續營運與停業單位。我們持續按季發放股利，宣告第三季每股0.15美元股利，並透過股利向股東返還約700萬美元。接著談我們對會計年度'26的展望。與Rod的評論一致，我們對全年及下半年的基本預期仍然不變。隨著我們進入會計年度最後一季，我們更新展望以反映年初至今的表現，並縮窄指引區間。

With a return to organic sales growth in the third quarter, we expect growth to strengthen in the fourth quarter, supported by a return to normalized growth trends in international and continued growth in North America. We also continue to expect material gross margin expansion in the fourth quarter, driven primarily by significant productivity savings, the cycling of one-time costs from a year ago, and favorable foreign exchange.

第三季恢復有機銷售成長後，我們預期第四季成長將進一步增強，受惠於國際市場回到常態化成長趨勢，以及北美持續成長。我們也仍預期第四季毛利率將顯著擴張，主要由可觀的生產力節省、去年一次性成本的基期效應，以及有利的外匯所驅動。

While we have modestly reduced our full-year gross margin rate outlook to reflect a somewhat more challenging cost environment and the impact of lower international sales in the third quarter, we continue to expect gross margin expansion for the full year. More importantly, we remain committed to our planned level of investment behind the business as our expectations for A&P are largely unchanged. We expect favorable SG&A and financing items to provide some offset.

雖然我們小幅下調全年毛利率展望，以反映較具挑戰的成本環境以及第三季國際銷售較低的影響，但我們仍預期全年毛利率將擴張。更重要的是，隨著我們對A&P的預期大致不變，我們仍致力於按計畫維持對業務的投資水準。我們預期有利的SG&A與融資項目將提供部分抵銷。

Overall, our outlook remains consistent with the framework we outlined at the beginning of the year. The operating environment remains dynamic. We continue to expect stronger fourth quarter performance, gross margin expansion, and adjusted EBITDA and adjusted EPS and free cash flow that remain largely in line with prior expectations. Just as importantly, we are maintaining our planned investment levels behind our brands and strategic priorities, while continuing to improve productivity and offset external pressures. With that context, I'll walk through the core metrics of our fiscal '26 outlook.

整體而言，我們的展望仍與年初所概述的架構一致。營運環境仍然多變。我們仍預期第四季表現更強、毛利率擴張，以及調整後EBITDA、調整後EPS與自由現金流大致符合先前預期。同樣重要的是，我們在持續提升生產力並抵銷外部壓力的同時，仍維持對品牌與策略重點的既定投資水準。在此背景下，我將說明會計年度'26展望的核心指標。

Organic net sales are expected to be in the range of flat to plus 50 basis points. Adjusted EPS is expected to be in the range of $1.80 to $2 per share. Adjusted EBITDA is expected to be in the range of $250 million to $260 million. Adjusted free cash flow excluding the impact of the Fem Care divestiture is expected to be approximately $80 million to $110 million. And we expect adjusted net debt leverage to end the year in the range of 3.3 to 3.4 times, which includes an estimated 0.3 to 0.4 negative turn impact from temporary Fem Care divestiture timing and related items.

有機淨銷售額預期介於持平至增加50個基點。調整後EPS預期介於每股1.80至2.00美元。調整後EBITDA預期介於2.50億至2.60億美元。排除Fem Care出售影響後的調整後自由現金流，預期約為8,000萬至1.10億美元。我們預期調整後淨負債槓桿比在年底落在3.3至3.4倍區間，其中包含因Fem Care出售時點暫時性因素及相關項目所估計帶來約0.3至0.4倍的不利影響。

Taken together, we believe the actions we've implemented position the business well to finish fiscal '26 on a strong note and enter fiscal '27 from a position of strength. For the specific guidance ranges, I would refer you to the press release issued earlier today.

綜合而言，我們相信已採取的行動使業務具備良好條件，以強勁態勢結束會計年度'26，並以更有利的基礎進入會計年度'27。至於具體的指引區間，請參閱我們今日稍早發布的新聞稿。

With that, I'll turn the call over to the operator for Q&A.

接下來，我把電話交給接線員進行問答。

(Operator Instructions) Peter Grom, UBS.

(接線員指示) UBS的Peter Grom。

I wanted to start just on the top line and maybe just thinking about the fourth quarter a little bit. So can you maybe just help us understand the confidence behind the implied acceleration in the fourth quarter, kind of given the weaker wet shave and international results in 3Q?

我想先從營收端開始，並稍微談談第四季。鑑於第三季濕刮與國際業務表現較弱，能否請你們協助我們理解，對第四季隱含加速成長的信心來源是什麼？

Yes, good morning, Peter. Thank you for the question there. I mean, that's the focus for us. It's been the focus. We've said from the beginning of the year we provided the guide that this was going to be a back-half inflection to growth.

是的，早安，Peter。謝謝你的提問。我的意思是，這就是我們的重點。一直都是重點。我們從年初提供指引時就說過，成長將在下半年出現拐點。

You see the result for Q3, and as we look to Q4, implied is an acceleration in Q4 off of Q3. I think we feel confident in that. All segments of the portfolio, from a branded perspective, are growing in Q3. We see that continuing in Q4. Q3, as you would have seen, was impacted by what is more of a transitory impact around supply chain, primarily around private label products, into both Europe and Latin America.

你看到第三季的結果，而展望第四季，指引隱含第四季相較第三季將加速。我認為我們對此很有信心。從品牌角度來看，產品組合的所有品類在第三季都在成長。我們也看到這將在第四季延續。如你所見，第三季受到較偏短暫性的供應鏈影響，主要與自有品牌產品有關，影響到歐洲與拉丁美洲。

And as we cycle that and look to Q4, that improves. And July is a data point that we have line of sight to, and we've seen what we expected there in July. So I think we feel good about Q4. The other thing you're doing, you're seeing our A&P spend for the year be unchanged. We've not changed or reduced that spend on a full-year basis.

隨著這些因素進入基期並展望第四季，情況會改善。而7月是我們能掌握的數據點，我們在7月看到的表現符合預期。因此我認為我們對第四季感覺良好。另外，你也看到我們全年A&P支出維持不變。我們並未在全年基礎上改變或削減該支出。

There is a profile shift as we looked at the execution from Q3 to Q4. So implied in the forward-looking guide is more spend in Q4 as well, which gives us confidence with the campaigns we have in place, July in the books, and that spend that we can deliver the step up. I don't know if you'd add anything, Dan.

從第三季到第四季的執行來看，支出結構有所調整。因此，前瞻指引隱含第四季支出也會增加，這讓我們對既有行銷活動、已完成的7月表現，以及這些支出能帶來的提升更有信心。Dan，你是否要補充？

Yes, I think you covered all the points, Rod. Maybe a finer point on Q3 performance for international. We do view this as transitory. The impact was probably about 350 to 400 basis points to international, so their run rate would have been right around 3%, which is where we expected them to be, and looking ahead to Q4, we're expecting mid-single-digit growth, which is in line with our overall expectations, especially on a back-ended sun season.

是的，我想你已涵蓋所有重點了，Rod。或許補充一點關於第三季國際業務表現的細節。我們確實將其視為短暫性影響。該影響對國際業務大約造成350到400個基點的拖累，因此其常態化成長率大約會在3%左右，符合我們原先預期；展望第四季，我們預期將有中個位數成長，與我們整體預期一致，特別是在偏向下半年發生的防曬旺季帶動下。

Great. And then I guess, you know, I know we're not getting guidance today and the category growth remains volatile, but I guess as you look forward to '27, do you believe you're kind of exiting '26 with a better underlying growth profile than maybe the results reported in 3Q would suggest?

很好。接著我想，你也知道，我知道我們今天不會提供指引，而且品類成長仍然波動，但我想當你展望到 '27 年時，你是否認為你們在結束 '26 年時的基本成長輪廓，會比 3Q 所呈報的結果所暗示的更好一些？

I think, Peter, we feel good. And if you go back a year ago when we provided the guide for the year, there was an implied step up in the second half of the year. There was more in the range of our old algorithm that we had talked about, kind of in that low single-digit growth rate. And now we sit here in the back half of the year, and we have line of sight for the second half to that. And I think as we look at how we move forward, the brand momentum, the brand strength we have, how we're coming through the supply chain manufacturing change, that headwind here that you saw in Q3 is largely going to be behind us.

我認為，Peter，我們感覺不錯。如果你回到一年前我們提供全年指引的時候，下半年隱含著一個成長的躍升。那更接近我們過去談過的舊演算法區間，大概是低個位數的成長率。而現在我們來到今年下半年，我們對下半年達到那個水準已有可視性。我認為，當我們看未來如何前進時，品牌動能、我們擁有的品牌實力，以及我們如何度過供應鏈製造變更；你在 Q3 看到的那個逆風，基本上很大程度將會在我們身後。

We can't predict that perfectly. So I think if you look at the second half in total, we think that's a good proxy as we look out to '27 for top-line growth rate. We should be growing next year. We're not ready to give guidance on that. We'll do that next quarter.

我們無法完美預測。所以我認為，如果你看下半年整體，我們認為那是我們展望到 '27 年營收成長率的一個不錯的代理指標。我們明年應該會成長。我們還沒準備好對此提供指引。我們會在下個季度提供。

But we have increasing confidence that we can do that. And I'll tell you, part of what's different today than a couple of years ago is the absolute strength we have in some of our brands. Cremo is now 20-plus percent for the seventh consecutive quarter. In the quarter just finished, Cremo grew 70-plus percent at the top retailer. North America is now a top 3 brand in all of men's.

但我們對能做到這點的信心正在提高。我告訴你，今天與幾年前不同的一部分，是我們某些品牌的絕對強勢。Cremo 已連續第七個季度維持在 20% 以上的成長。在剛結束的這一季，Cremo 在最大零售商的成長超過 70%。北美現在在所有男性品類中已是前三大品牌。

That brand has tripled and headed towards a quadruple in a very short period of time. That provides real tailwinds to us. The other brand strength piece I would call out is Hawaiian Tropic. A year ago, that was the number 6 brand in Sun Care. Today, it's the number four brand in Sun Care, and it's had the largest increase in household penetration in the category.

這個品牌在很短時間內已成長到三倍，並正邁向四倍。這為我們帶來實質的順風。我還要點出的另一個品牌實力是 Hawaiian Tropic。一年前，它在防曬品類中是第 6 大品牌。今天，它是防曬品類第 4 大品牌，且在該品類的家庭滲透率提升幅度最大。

So it shows you the teams that are building these brands and are doing an excellent job. And then as we go out to retailers, we talked about distribution outcomes. We had net gains in distribution this year. There's no reason we can't have at least neutral or better gains as we look to next year. So I do think there's underlying strength.

這顯示出打造這些品牌的團隊表現非常出色。接著當我們走向零售商端，我們談到通路分銷的成果。我們今年在分銷上有淨增。展望明年，沒有理由我們不能至少維持持平或取得更好的增長。所以我確實認為基本面是有實力的。

And again, we feel good about Branded Shave. In the quarter just finished, private label shave was down 10%. Branded Shave was up nearly 1%. And so as we sort the private label piece out, I think we feel good overall in our capabilities just being better to grow as we move forward.

而且再次強調，我們對品牌刮鬍（Branded Shave）感覺良好。在剛結束的這一季，自有品牌刮鬍下滑 10%。品牌刮鬍則成長接近 1%。因此，當我們把自有品牌那一塊理順之後，我認為整體而言，我們對自身能力更有信心，能在未來更好地推動成長。

Chris Carey, Wells Fargo Securities.

Chris Carey，Wells Fargo Securities。

I wanted to ask first about gross margin. I think in fiscal Q4, you're implied to deliver your best gross margin in at least five years. I think clearly there was a restructuring, not restructuring of the business, but your portfolio is different following the divestiture of Fem Care.

我想先問毛利率。我認為在會計年度 Q4，你們隱含將交出至少五年來最佳的毛利率。我想很明顯地，這裡有一個重整——不是業務的重整，但在出售女性護理（Fem Care）之後，你們的產品組合已不同。

So if you look at the last few quarters of gross margin delivery inclusive of what's implied for Q4, it would be suggesting a decently higher run rate than what you're landing on the full year this year. Is there any reason why gross margins shouldn't be up next year given that you're operating a structurally higher gross margin business, or are there anomalies that you would highlight, namely into the back half of the year gross margin that won't repeat?

所以如果你看最近幾季的毛利率表現（包含 Q4 隱含的水準），這會暗示一個相當更高的常態水準，超過你們今年全年落點。既然你們現在營運的是結構性毛利率更高的業務，是否有任何理由使得明年毛利率不應該上升？或者你會指出一些異常因素，特別是下半年毛利率中不會重複的部分？

Yes, no, Chris, let me just give some overall perspective, and then Dan can build on this. Look, part of the rationale in divesting Fem Care is it was gross margin, profit dilutive, and it was a capital-intensive business, right? So strategically, we moved away from that, and we put our investments in the higher margin businesses that are less capital intensive. Strategically, directionally, that's where we're going. And so we have that fact as we go into next year.

是的，不，Chris，我先給一些整體觀點，然後 Dan 可以再補充。你看，出售女性護理的部分理由在於，它會稀釋毛利率與獲利，而且那是一個資本密集型的業務，對吧？所以在策略上，我們遠離那一塊，並把投資放到毛利率更高、資本需求較低的業務上。在策略方向上，這就是我們要走的方向。因此，進入明年我們具備這個有利因素。

The other thing we have as we go into next year is we start to lap what is a net investment period and begin to realize some level of return on the plant manufacturing consolidation program. And so what we don't control and know is what is the inflation rate we face next year, right? That's an open input as you look at oil and the whole commodities complex. Where does that sit? So we're not going to give a guide for next year.

另外，進入明年我們也將開始跨越一段淨投資期，並開始從工廠製造整併計畫中實現一定程度的回報。而我們無法掌控、也無法確定的是明年面臨的通膨率是多少，對吧？這是一個開放的變數，尤其是看油價以及整個大宗商品複合體。那會落在哪裡？所以我們不會對明年提供指引。

But what I would tell you as we go into next year, I expect gross margin to be up year-over-year versus fiscal '26. So we're not going to give a specific range on that, but yes, we should be up year-over-year with what we have line of sight to. So Dan, I don't know what you would add to that or talk to Q4.

但我可以告訴你的是，進入明年，我預期毛利率將較會計年度 '26 年年增。我們不會就此提供具體區間，但以我們目前可視的情況來看，是的，毛利率應該會年增。所以 Dan，我不確定你要補充什麼，或談談 Q4。

Thanks, Rod. So, Chris, I think when we look at Q4 and we talked about it at the last quarter, we always expected, and half two, we would have gross margin acceleration that was concentrated in Q4. And when you double click into Q4, it's two factors. One is really related to productivity initiatives and how they phased out and tariff mitigation, which we anticipated we'd be at run rate in Q4, and that's about a third of the uptick in gross margin. Two-thirds of it, though, is what we're cycling versus last year, which a significant portion is at-bats, and also one-time items where we had inventory adjustments and deflator changes.

謝謝，Rod。所以，Chris，我想當我們看 Q4，而且我們在上一季也談過，我們一直預期在下半年，毛利率加速會集中在 Q4。而當你深入看 Q4，主要是兩個因素。第一個主要與生產力提升措施及其退出節奏、以及關稅緩解有關；我們預期在 Q4 會達到常態水準，這大約占毛利率上升的三分之一。但其中三分之二，是我們相對去年同期的比較基期效應；其中相當一部分是「對比基期」，以及一次性項目，例如我們有存貨調整與通縮因子（deflator）變動。

So when you really remove the cycling aspect of it, we're pretty much at the absolute run rate that we've seen in Q3 and what we're seeing in the full year average. So structurally, we're in a healthy place. We just have to get rid of the noise in Q4 of what we're cycling versus the year before, which we're realizing disproportionately this quarter. I think when you press on to fiscal '27, as Rod said, we would expect that we would be creating gross margin really based on the factors that we've had all along. Significant productivity savings, more modest inflation, and continued focus on RGM and mix management with healthier brands going into fiscal '27.

所以當你把比較基期的因素移除後，我們基本上處在與 Q3 以及全年平均所見到的絕對常態水準。因此在結構上，我們處於健康的位置。我們只是需要排除 Q4 的雜訊，也就是相對前一年比較基期的影響，而這一季我們不成比例地反映出來。我認為當你推進到會計年度 '27 年，如 Rod 所說，我們預期毛利率的提升將主要基於我們一直以來的因素：顯著的生產力節省、較溫和的通膨，以及持續聚焦於 RGM 與組合管理，並以更健康的品牌組合進入會計年度 '27 年。

But we do know there's market volatilities. And at the last quarter, we talked about oil and we tried to size it at that point in time. Clearly, these prices have been continually changing. So we're not giving a guidance in terms of what we're expecting as far as oil is concerned. But based on where the spot rate is right now, it is materially less than what we had quantified last quarter, and definitely in a much more manageable place.

但我們也知道市場存在波動。在上一季，我們談到油價，並嘗試在當時做出量化。很明顯地，這些價格一直在持續變動。因此我們不會就油價相關的預期提供指引。但以目前的現貨價格來看，它顯著低於我們上一季所量化的水準，而且確實處在更可控、更好管理的位置。

Okay, thank you. One follow-up would be, there were headlines during the quarter about an unsolicited offer, and the board had rejected the offer as insufficient. To the extent that you're able to comment, can you just talk about how you view the long-term opportunity at Edgewell and the value creation relative to perhaps how others may view the value of the company? Thanks so much.

好的，謝謝。我有一個追問：本季期間有新聞標題提到一項未經邀請的收購提案，而董事會已以出價不足為由予以拒絕。在您可評論的範圍內，能否談談您如何看待 Edgewell 的長期機會，以及相較於外界可能對公司價值的看法，您認為公司在創造價值方面的定位？非常感謝。

Yes. Look, Chris, we can't comment specifically on rumors or speculation in the market. So there's nothing to say or confirm relative to that story that broke mid-quarter. What I would tell you is, you know, as you can see in our numbers as they're evolving, in the line of sight we have towards '27, our focus is on building value organically. And we're increasingly confident we can grow sales, build margin, and improve the structural profitability of the company.

是的。Chris，你看，我們無法就市場上的傳聞或臆測作具體評論。因此，對於本季中段爆出的那則消息，我們沒有任何可補充或可確認的內容。我能告訴你的是，正如你從我們數據的演進所看到的，以及我們對 2027 年的可視性（line of sight），我們的重點是以內生成長來打造價值。而且我們愈來愈有信心能夠提升銷售、擴張利潤率，並改善公司的結構性獲利能力。

We're laser-focused on that. The board has a fiduciary duty if there's ever something that comes inbound that can beat that organic plan, which we have financial advisors and legal advisors we go through a very strict fiduciary process to consider anything that's inbound versus the value of the organic plan, and if it beats it, the board would follow that through. And so I assure you we're focused on building organic value, and if there's something added to that, I and the board are open to whatever that is.

我們對此高度聚焦。若未來有任何外部提案主動上門，董事會負有受託責任（fiduciary duty）：如果該提案能勝過我們的內生計畫，我們會在財務顧問與法律顧問的協助下，依循非常嚴格的受託程序，將任何外部提案與內生計畫的價值進行審慎比較；若外部提案更優，董事會就會推進後續流程。因此我向你保證，我們專注於打造內生價值；若有任何能在此基礎上增值的機會，我與董事會都願意對其保持開放態度。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

I guess maybe I just wanted to follow up on the international weakness. It sounded like maybe it was mainly private label. I don't know if you could talk about just how the branded or Schick performed, particularly in Japan in the quarter. And then also the Billie data in the US has been a little light of late. I guess just curious, is that brand, is it just more maturing of the brand or is it increased competition and what you're expecting out of the brand as we look forward?

我想我可能只是想追問一下國際市場的疲弱。聽起來主要可能是自有品牌（private label）。不確定你是否能談談品牌產品或 Schick 的表現，特別是日本在本季的表現。另外，美國的 Billie 數據最近看起來有點偏弱。我想了解的是，這個品牌是因為逐漸成熟，還是競爭加劇？以及展望未來，你們對該品牌的期待是什麼？

Yes, we'll take those in order. Again, I think the Q3 results, if you look at the international step back, in the quarter, that was primarily private label and shave. It was focused primarily in a couple of European markets and Latin America. Again, Branded Shave in the quarter grew in international, in line with what we expected. So the weak spot there was uniquely limited to private label in a couple of markets.

好的，我們依序回答。再次強調，如果你回頭看第三季（Q3）國際市場的下滑，本季主要是自有品牌與刮鬍（shave）所致。主要集中在幾個歐洲市場與拉丁美洲。同樣地，本季國際市場的品牌刮鬍（Branded Shave）仍有成長，符合我們的預期。因此，疲弱點是相當特定地侷限在少數市場的自有品牌。

We have now solved much of that from a production capacity standpoint. Again, as we look to Q4, we're expecting international to be back in that mid-single-digit growth rate, we actually saw happen. And so we are confident that that part of this is transitory. Japan continues to be a strong market for us, exactly as we expected in the quarter. Japan will be in growth as you look at Q3, Q4 combined, in that mid-to-high single-digit rate.

從產能角度來看，我們現在已解決其中大部分問題。同樣地，展望第四季（Q4），我們預期國際市場將回到中個位數成長率，這也是我們實際看到的走勢。因此我們有信心，這部分屬於短期因素。日本市場依然如我們在本季所預期般強勁。若將 Q3 與 Q4 合併來看，日本將維持中到高個位數的成長。

We have very strong innovation that's gone into Japan on the base Hydro line, both men's and women's, and we have new innovation coming in our Schick First Tokyo range that will hit towards the end of the fiscal year here. And so I think we feel really good about not only Japan, but international Branded Shave with the gap in private label closing off. To Billie, I'll let Dan give a couple of details there, but we feel really good about the business. We continue to grow share in every period. The absolute growth rate is slowing versus where it was a couple of years ago.

我們在日本的 Hydro 基礎產品線（男女皆有）投入了非常強的創新；同時，我們的 Schick First Tokyo 系列也將在本財政年度接近尾聲時推出新創新。因此，我們不僅對日本市場感到非常樂觀，也對國際品牌刮鬍在自有品牌缺口逐步收斂後的表現感到樂觀。至於 Billie，我先讓 Dan 補充幾個細節，但我們對這項業務的感覺非常好。我們在每個期間都持續提升市占。整體的絕對成長率相較兩年前確實在放緩。

But again, the brand's growing, the brand is growing market share. And I'm excited about the portfolio and the innovation to come in Billie as we start to look at next year. We haven't had a focus on innovation in that brand over the last couple of years like we have now, and what will be coming over what is a multi-year string of new innovation to come on that brand with what we think is some pretty breakthrough technology in shave. Dan, I don't know if we're missing anything.

但同樣地，品牌仍在成長，且品牌市占也在提升。隨著我們開始展望明年，我對 Billie 的產品組合與即將到來的創新感到很興奮。過去幾年我們對該品牌的創新投入不像現在這麼聚焦；接下來我們預期將有一連串、跨多年的新品創新推出，並且我們認為在刮鬍技術上會有相當突破性的技術。Dan，我不確定我們是否還漏了什麼。

Yes, Susan, specifically on your Billie point, what we have seen in shave is that Billie actually grew about low-to-mid single-digit in the quarter. We see continued share gains. And I think more importantly, what we're encouraged by is the increase in household penetration because that really does point to the structural health of the brand and supported by now a campaign that we just launched in Q3.

是的，Susan，針對你提到的 Billie：我們在刮鬍品類看到 Billie 本季約有低到中個位數的成長。我們看到市占持續提升。而我認為更重要、也讓我們受到鼓舞的是家戶滲透率（household penetration）的提升，因為這確實反映了品牌的結構性健康度；同時也有我們在 Q3 剛推出的行銷活動作為支撐。

So we really feel good about overall Billie shave. There's some noise around Billie grooming and portfolio in terms of what we're cycling versus last year, but shave, which is the core focus of Billie, has been performing in line with our expectations.

因此我們對 Billie 刮鬍整體表現非常有信心。Billie 的修容（grooming）與產品組合在同比基期（cycling versus last year）上有一些雜訊，但刮鬍作為 Billie 的核心重點，其表現符合我們的預期。

Okay, great. And then maybe just one follow-up on the Sun Care business and the strength we've seen there. I guess, should we expect any more replenishment, or do you think that's done for the season? And then just curious, any comments around inventory at retail and your categories, if you're seeing any destocking or anything? Thanks.

好的，很棒。那我再追問一下防曬（Sun Care）業務，以及我們看到的強勁表現。我想問的是，我們是否還應該預期會有更多補貨（replenishment），還是你認為這個季節的補貨已經結束了？另外也想請教，零售端以及你們各品類的庫存狀況如何？你們是否看到任何去庫存（destocking）之類的情況？謝謝。

Yes, we expect Sun to grow in Q4 with what's implied here. I would suggest some replenishment into Q4. One of the things we've seen is the season has had a bit of a longer tail domestically here in the US over the last couple of years. So we do have that implied.

是的，依照這裡所隱含的指引，我們預期防曬在 Q4 仍會成長。我會認為 Q4 會有一些補貨。我們觀察到的一點是，過去幾年美國國內的防曬季節尾端拉得稍微更長。因此我們的預期中確實包含這一點。

What I would point you to on Sun Care though is, if you look at a year-to-date range and you take the quarterly noise out of it, the category's up about 1.5% year-to-date through the first nine months. Our performance is very much in line with that. We had planned as two different stories on the brands. We had planned Banana Boat to be down this year with some distribution changes has come in as expected ahead of what is a multi-year restage of that brand. You've seen the marketing, the positioning change.

不過就防曬品類而言，我想提醒你看的是：如果以年初至今的區間來看，並把季度間的雜訊剔除，該品類在前九個月年初至今約成長 1.5%。我們的表現基本上與此一致。我們對各品牌的規劃原本就是兩個不同的故事。我們原先規劃 Banana Boat 今年會下滑，因為一些通路配置調整；實際結果如預期，且也優於我們對該品牌多年期重新定位（restage）的規劃節奏。你也看到我們的行銷與定位已經改變。

We've just lit up a new campaign around Banana Boat, and then the big move as we launch into next year is a new packaging refresh, which is being super well received, obviously, by the consumers in the test markets, but also retailers are very positive on that. And then Hawaiian Tropic, I mentioned earlier, is now the number four brand in Sun Care, up from number six a year ago. It's grown 110 basis points on the year. And I think from a portfolio perspective, we feel good about what we take into next year.

我們剛為 Banana Boat 推出一個新的行銷活動；而明年我們啟動的最大動作是全新的包裝更新（packaging refresh）。這在測試市場的消費者之間顯然反應非常好，同時零售商對此也非常正面。另外，Hawaiian Tropic 如我先前提到，現在已是防曬品類的第 4 大品牌，較一年前的第 6 名上升。今年以來市占提升了 110 個基點。從產品組合角度來看，我們對帶入明年的配置感到樂觀。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

I know the backdrop is obviously pretty dynamic at the moment between the consumer constraints and higher costs, as well as the actions you're taking, like the manufacturing consolidation. So understood that you narrowed the full year '26 range. That said, it clearly implies a pretty wide range of potential results for Q4.

我知道目前的大環境顯然相當多變，包括消費者受限與成本上升，以及你們正在採取的行動，例如製造整併。因此我理解你們縮窄了 2026 全年的區間。但即便如此，這仍然明顯意味著 Q4 的潛在結果區間相當寬。

So can you talk about what underlying expectations you have that gets you from one end to the other, given that some of the supply chain things that you mentioned, you feel like you've remedied, you have pretty good line of sight with respect to both the gross margin acceleration as well as the advertising shifts. And then just for fiscal '27, I know we'll get a fuller outlook next quarter, but you did mention that you're in a stronger position than you have been for several years.

那麼，鑑於你提到的一些供應鏈事項，你覺得已經補救到位，而且你對毛利率加速以及廣告投放轉移也有相當清晰的能見度；你能否談談你有哪些底層假設與預期，讓你能從一端推導到另一端？另外，就 2027 財年而言，我知道我們會在下季拿到更完整的展望，但你確實提到，你目前的處境比過去幾年都更強。

So as you see it today, just specifically on organic sales, you're back to growth in North America. You did provide some clarity in terms of gross margin optimism, so we'd love a little bit more color in terms of your puts and takes on the organic sales line.

所以就你今天所看到的，特別是在有機銷售方面，你在北美已經回到成長。你也就毛利率的樂觀程度提供了一些清晰度，因此我們希望你能就有機銷售這條線的利多與利空因素，多補充一些細節。

Sure. Good morning, Olivia. So from an overall consumer perspective, I think similar to some others that reported before us, we're seeing similar things. Remarkable resilience here. The categories, if you look at the average aggregate growth rate average, a little bit of slowing, a little more competitiveness, but not a meaningful change in terms of trend change and direction.

當然。早安，Olivia。從整體消費者的角度來看，我認為和一些在我們之前公布的公司類似，我們看到的情況也差不多。韌性相當驚人。就品類而言，如果你看平均的整體成長率，確實有一點放緩、競爭更激烈一些，但在趨勢的變化與方向上，並沒有出現實質性的改變。

So I think the consumer continues to hang in there. You're absolutely right on the higher cost tariffs are hurting us as we go forward this year, and then we've got this potential inflation around the whole oil complex. So that's what we face. Our Q4 guide, I guess what's implied, if you look at it here, I would have you focused on the midpoint, right? That's what we're focused on, making sure we deliver and are working very hard to beat that.

所以我認為消費者仍然撐得住。你說得完全沒錯，較高成本的關稅在今年接下來的時間會持續對我們造成壓力，另外整個油品相關領域也可能帶來通膨。這就是我們所面對的情況。至於我們對第四季的指引，我想其中隱含的意思是——如果你看這裡——我會希望你把焦點放在中位數，對吧？那也是我們聚焦的重點：確保交付，並且非常努力要超越它。

That's what we set out at the beginning of the year. That has not changed. The ranges are around it half, more than anything reflecting the dynamism in the market and just the volatility of the market that I think warrants a bit of a wider range versus normal times. And that's up and down, right? So I think it's appropriate for where we are. I'll come back to the sales growth thought for next year. But Dan, anything to add to the guide range piece?

這就是我們在年初所設定要達成的目標。這點沒有改變。區間之所以拉開，主要是反映市場的動態性，以及我認為市場波動性使得相較於正常時期，需要一個稍微更寬的區間。而且是上下雙向的，對吧？所以我認為以我們目前的處境來說，這是合適的。我等一下會再回到明年的銷售成長想法。不過 Dan，關於指引區間這一塊，你有要補充的嗎？

I think you covered it, Rod. As we look back to half two, the midpoint of our guide has not really changed, right? There's been some phasing shifts between Q3 and Q4 for our expectations for the year, and that's what we're focused on. We've just tightened the range to really focus on volatility that could happen. But more importantly, we've been consistently delivering over the last few quarters in line with our expectations and feel really good as we go forward into Q4.

我想你已經涵蓋了，Rod。回頭看下半年，我們指引的中位數其實沒有真的改變，對吧？我們對全年預期在第三季與第四季之間有一些時點上的移轉，而這就是我們目前聚焦的重點。我們只是把區間收斂，以更聚焦於可能發生的波動。但更重要的是，過去幾個季度我們一直都能依照預期穩定交付，展望進入第四季，我們感覺非常好。

Yes, and then looking at that sales line for next year, I think there's a couple of things going on. Overall categories, we're seeing a little bit of a slowdown. If you look forward and look at what are people projecting, not only domestically in the US, but across European markets. In our category, there's a view that there may be a little bit of a slowdown coming at us. We'll plan accordingly, right?

是的，然後再看明年的那條銷售線，我認為有幾件事同時在發生。整體品類方面，我們看到有些許放緩。如果往前看、看大家的預測，不只是美國國內，也包括歐洲各市場。在我們的品類裡，市場普遍認為可能會有一些放緩朝我們而來。我們會據此來規劃，對吧？

We're not going to plan for categories to accelerate from here, certainly. So from a planning basis, I think that's how we're looking at it. Stable, potentially a little slower growth in our category. But as we've referenced on the call earlier, what we take into next year is stable, if not growing, distribution in aggregate globally. We've been strong with brand health with growing household penetration in many of our brands, and we take into next year significantly improved capabilities in our frontline commercial sales and marketing teams across the board that we just have confidence in.

我們當然不會在規劃時假設品類從這裡開始加速成長。所以就規劃基礎而言，我認為我們就是這樣看待的。我們的品類成長穩定，可能略慢一些。但如同我們在稍早的電話會議中提到的，我們帶入明年的，是全球整體而言穩定、甚至成長的通路覆蓋（distribution）。我們在品牌健康度方面表現強勁，許多品牌的家庭滲透率持續提升；同時，我們也將把明顯改善的能力帶入明年——也就是我們第一線商業銷售與行銷團隊在各方面的能力提升——我們對此很有信心。

And so when you stack that up, I don't want to give a range or a number or predict anything next year, but back to this low single digits growth rate, that ought to be achievable, right, as we build our plans and work towards giving you all a guide three months from now.

因此把這些因素疊加起來，我不想給出區間或數字、也不想預測明年，但回到低個位數的成長率，這應該是可達成的，對吧？我們會在建立計畫的同時，朝著三個月後提供給各位指引的方向努力。

There are no more questions in the queue. I would like to turn it over to Chris.

目前排隊中已沒有更多問題。我想把時間交給 Chris。

I'll hand it back over to Rod Little for any closing comments.

我把時間交回給 Rod Little，請他做結語。

All right. Hey, thank you, everybody, for taking the time to be with us this morning. We're pleased, you know, with where we are this year against the commitments we made at the beginning of the year, given the environment we're operating in, to have line of sight to deliver the commitment we made at the beginning of the year. There's three things driving that. More consistent delivery around top line and how we're planning.

好的。各位，感謝大家今天早上撥冗與會。在我們所處的營運環境下，對於今年截至目前相對於年初所做承諾的進展，我們感到滿意，也對於能夠交付年初所做承諾具備清晰能見度。這背後有三個驅動因素。第一，是在營收端以及我們的規劃方式上，交付更為一致。

And the investment approach we've taken, where we're investing significantly more in advertising and promotion behind our brands. Second, we're building more and more resiliency into our plans, and I think you see that as we face headwinds, some external, some self-inflicted from time to time.

以及我們所採取的投資方式——我們在品牌背後的廣告與促銷投入顯著增加。第二，我們正在把更多韌性納入我們的計畫中；我想你也看到，當我們面對逆風時，有些來自外部，有些則是我們偶爾自我造成的。

We're now in a planning stance where we're able to offset that, and that's what we want to continue going forward. And I think as we have more parts of the portfolio winning and stronger, it becomes incrementally easier to do that. And third, we are very focused on improving structural profitability in the company.

我們現在的規劃立場已能夠抵消這些影響，而這也是我們希望未來持續做到的。而且我認為，當投資組合中有更多品項勝出、表現更強時，要做到這點就會逐步變得更容易。第三，我們非常專注於提升公司的結構性獲利能力。

We'll talk more about that next quarter, but as we look to simplify our operations, improve productivity, and lower our cost base as we bring that together with some top-line momentum, we think we have an opportunity to not only invest, but also build margin. So anyway, we'll talk in November. Thanks for the time. And our year-end call in November, we'll provide more color towards '27. Thank you.

我們下季會談更多，但當我們著眼於簡化營運、提升生產力、並降低成本基礎，同時再結合一些營收端動能時，我們認為不僅有機會持續投資，也能建立利潤率。總之，我們 11 月再談。感謝各位撥冗。在 11 月的年終電話會議上，我們也會就 2027 年提供更多細節。謝謝。

Thank you. That concludes today's conference. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。