Hain Celestial Group Inc (HAIN) 2026 Q3 法說會逐字稿

Thank you for standing by. My name is Carlene, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hain Celestial fiscal fourth quarter earnings call. (Operator Instructions) I would now like to turn the call over to Alexis Tessier, Vice President of Investor Relations. Please go ahead.

感謝各位耐心等候。我是 Carlene，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 Hain Celestial 會計年度第四季財報電話會議。（接線員指示）現在我想把電話交給投資人關係副總裁 Alexis Tessier。請開始。

Good morning, and thank you for joining us for a review of our fiscal third quarter 2026 results. I am joined this morning by Alison Lewis, our President and Chief Executive Officer; and Lee Boyce, our Chief Financial Officer. Slide 2 shows our forward-looking statements disclaimer. As you are aware, during the course of this call, we may make forward-looking statements within the meaning of federal securities laws. These include expectations and assumptions regarding the company's future operations and financial performance.

各位早安，感謝各位加入我們，一同回顧 2026 會計年度第三季的業績。我今天早上與我們的總裁暨執行長 Alison Lewis，以及財務長 Lee Boyce 一同出席。投影片第 2 頁為我們的前瞻性陳述免責聲明。如各位所知，在本次電話會議過程中，我們可能會在聯邦證券法的意義下作出前瞻性陳述。這些陳述包括對公司未來營運與財務表現的預期與假設。

These statements are based on our current expectations that involve risks and uncertainties that could cause actual results to differ materially from our expectations. Please refer to our annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed from time to time with the SEC as well as the press release issued this morning for a detailed discussion of the risks.

這些陳述係基於我們目前的預期，並涉及風險與不確定性，可能導致實際結果與我們的預期出現重大差異。關於風險的詳細討論，請參閱我們的 Form 10-K 年度報告、Form 10-Q 季度報告，以及不時向美國證券交易委員會（SEC）提交的其他報告，並參考今天早上發布的新聞稿。

We have also prepared a presentation inclusive of additional supplemental financial information, which is posted on our website at hain.com under the Investors heading. As we discuss our results today, unless noted as reported, our remarks will focus on non-GAAP or adjusted financial measures.

我們也準備了一份簡報，包含額外的補充財務資訊，已張貼於我們的網站 hain.com「Investors」欄目下。今天討論業績時，除非特別註明為「按報告口徑」，我們的發言將聚焦於非 GAAP 或調整後的財務衡量指標。

Reconciliations of non-GAAP financial measures to GAAP results are available in the earnings release and the slide presentation accompanying this call. This call is being webcast, and an archive will be made available on the website. And now I'd like to turn the call over to Alison.

非 GAAP 財務衡量指標與 GAAP 結果之間的調節表，已載於財報新聞稿及本次電話會議隨附的投影片簡報中。本次電話會議將以網路直播方式進行，並會在網站上提供存檔回放。接下來我想把電話交給 Alison。

Thank you, Alexis. Good morning, everyone, and thank you all for joining the call. Our third quarter performance reflects improved execution and financial discipline as we continue to strengthen our foundation and advance our turnaround strategy. We remain focused on our near-term priorities, optimizing cash strengthening the balance sheet, improving profitability and stabilizing sales.

謝謝你，Alexis。各位早安，也感謝大家加入本次電話會議。我們第三季的表現反映出在持續強化基礎並推進轉型策略的同時，執行力與財務紀律有所提升。我們仍專注於短期優先事項：優化現金、強化資產負債表、提升獲利能力並穩定銷售。

As a reminder, our goal is to position Hain for sustainable growth. The road map to achieving that growth is guided by our five actions to win portfolio streamlining, accelerating brand renovation and innovation, revenue growth management and pricing, productivity and working capital management and enhanced digital capabilities.

提醒各位，我們的目標是讓 Hain 具備可持續的成長動能。達成成長的路線圖由我們「五大致勝行動」所引導：精簡產品組合、加速品牌翻新與創新、營收成長管理與定價、生產力與營運資金管理，以及強化數位能力。

During the quarter, strong cash generation and total debt reduction of $155 million materially improved our financial position with a major contribution coming from the completion of the North America Snacks business divestiture. From an operating perspective, we delivered Q3 adjusted EBITDA of $26 million, reflecting disciplined execution.

本季強勁的現金創造能力以及總負債減少 1.55 億美元，顯著改善了我們的財務狀況，其中一項主要貢獻來自完成北美零食業務的出售。從營運角度來看，我們第三季調整後 EBITDA 為 2,600 萬美元，反映出有紀律的執行。

Overall profitability improved sequentially with both gross margin and adjusted EBITDA margin improving versus Q2. While our organic net sales performance was not as strong as we expected, the resilience we are seeing across much of the portfolio based on the actions we have put in place is encouraging, and we understand and are actively addressing several isolated challenges.

整體獲利能力較前一季改善，毛利率與調整後 EBITDA 利潤率相較第二季皆有所提升。雖然我們的有機淨銷售表現不如預期強勁，但基於我們已採取的行動，我們在產品組合多數品類看到的韌性令人鼓舞；同時，我們也理解並正積極處理若干零星的挑戰。

Importantly, the work we have accelerated in innovation as a clear differentiator in our turnaround. We have significantly stronger renovation and innovation pipelines, meaningful new news to reenergize core categories. Recent launches delivering early share gains and a clear focus on continuing to scale these wins to drive sustainable growth.

重要的是，我們加速推進的創新工作，已成為本次轉型中清晰的差異化因素。我們的翻新與創新管線顯著更強，帶來具意義的新品訊息以重新點燃核心品類動能。近期上市產品已帶來早期市占提升，我們也明確聚焦於持續放大這些勝利，以推動可持續成長。

I'll now drill down into the net sales drivers, including the progress on innovation as we review each of our regions. Q3 was a pivotal quarter for North America. We completed the divestiture of the Snacks business and made good progress in eliminating associated stranded costs, which Lee will expand on. The remaining core North American business is more focused, stable and profitable portfolio capable of generating gross margins exceeding 30% and low double-digit adjusted EBITDA margin.

接下來我將深入說明淨銷售的驅動因素，包括在檢視各地區時創新進展的情況。第三季對北美而言是關鍵的一季。我們完成了零食業務的出售，並在消除相關閒置成本方面取得良好進展，Lee 稍後會進一步說明。剩餘的北美核心業務產品組合更聚焦、更穩定且更具獲利能力，毛利率可超過 30%，調整後 EBITDA 利潤率可達低雙位數。

In the third quarter, North America organic net sales declined 3%, which was consistent with Q2 trends, excluding the impact of that divestiture. Importantly, our core business is stable with organic net sales growth across yogurt, tea, baby and kids, finger foods and cereal. And we delivered expansion in both gross margin and adjusted EBITDA margin year-over-year.

第三季北美有機淨銷售下滑 3%，若排除該項出售的影響，與第二季趨勢一致。重要的是，我們的核心業務保持穩定，優格、茶、嬰幼兒與兒童、手指食物以及穀物等品類均實現有機淨銷售成長。同時，我們的毛利率與調整後 EBITDA 利潤率皆較去年同期擴張。

Sales pressure in the quarter was largely confined to select smaller brands and included the impact of portfolio simplification as we will discuss. Notably, we continue to see improving innovation, driving momentum and share gains. Let me give you more color on how our innovation success is contributing to core category performance.

本季的銷售壓力主要集中在部分較小品牌，並包含我們將討論的產品組合簡化所帶來的影響。值得注意的是，我們持續看到創新改善，帶動動能與市占提升。接下來我將更具體說明，我們的創新成功如何促進核心品類表現。

In tea, wellness tea remains a bright spot with dollar sales up high single digits and segment share gains in the quarter, supported by strong distribution increases and elevated consumer demand in functional benefit areas. Building upon this momentum, Celestial Seasonings is expanding its wellness platform with innovation launching beginning this month in gut health and through support, further broadening its presence in these high-growth segments.

在茶品方面，健康機能茶仍是一大亮點，美元銷售額成長高個位數，且本季該細分市場市占提升；這得益於通路鋪貨顯著增加，以及消費者對功能性效益領域的需求升溫。在此動能之上，Celestial Seasonings 正擴展其健康平台，自本月起推出腸道健康與免疫支持等創新產品，進一步擴大其在這些高成長細分市場的布局。

This builds upon the successful wellness launches this year in emerging benefit areas, detox, energy and women's wellness. In baby and kids, finger foods remains the primary growth driver with Earth's Best holding the number 2 position in this segment. Momentum continues behind our self-feeding platform, particularly our crunchy stick heating snacks.

這也延續了今年在新興功效領域（排毒、能量與女性健康）成功推出的健康系列新品。在嬰幼兒與兒童方面，手指食物仍是主要成長驅動力，Earth's Best 在該細分市場維持第 2 名的地位。我們的自主進食平台持續增溫，特別是我們的酥脆棒狀加熱點心。

We are energized about the upcoming launch of Earth's Best Big Kids finger food. This multi-SKU expansion with protein and fiber for high-density nutrition is designed to extend the brand into new consumption occasions beyond baby and toddler into its backpack territory, and will be supported by a full funnel marketing campaign.

我們對即將推出的 Earth's Best Big Kids 手指食物感到振奮。此多 SKU 的擴充系列，加入蛋白質與纖維以提供高密度營養，旨在將品牌從嬰兒與幼兒延伸至更多新的食用情境，進入「書包族」的範疇，並將以全漏斗行銷活動支持。

In yogurt, Greek Gods continues to exhibit strong momentum with high-teen dollar sales growth and share gain. Multi-serve remains the foundation of the business continuing to drive performance, and we have the power to expand distribution supported by strong underlying demand. Innovation remains a key focus, and we are moving with pace against the biggest growth opportunities.

在優格方面，Greek Gods 持續展現強勁動能，美元銷售額以十位數後段（high-teen）的幅度成長並提升市占。多人分享規格仍是業務基礎並持續帶動表現，而在強勁的底層需求支撐下，我們具備擴大通路鋪貨的能力。創新仍是關鍵重點，我們正以快速節奏推進最大的成長機會。

Our new single-serve packaging format is beginning to scale, helping to drive trial and introduce new customers to the brand. we are seeing promising incrementality both to the Greek Gods brand and to the single-serve category as a whole.

我們新的單份包裝形式正開始放量，有助於推動試用並將新客導入品牌。我們看到對 Greek Gods 品牌本身以及整體單份品類都帶來了可觀的增量效益。

In April, at select grocery retailers, Greek Gods launched a new high-protein offering, delivering 20 grams of protein per serving while maintaining the brand's differentiated indulgent taste profile. As we move through the balance of fiscal 2026, we remain focused on advancing our turnaround strategy and positioning Hain for sustainable growth at or above category growth rates.

4 月份，Greek Gods 在部分雜貨零售商推出新的高蛋白產品，每份提供 20 克蛋白質，同時維持品牌差異化的濃郁口感。隨著我們進入 2026 會計年度剩餘期間，我們仍專注於推進轉型策略，並讓 Hain 實現可持續成長，成長速度達到或高於品類成長率。

Across our portfolio, key performance indicators point to improving brand health and stronger execution. We are increasingly effective at reaching and engaging core consumers through a more disciplined digitally led approach with measurable returns and the momentum is evident across our core. Supported by an accelerated innovation and renovation pipeline, we are executing with greater consistency and impact, reinforcing our path towards a more focused, resilient and built to win Hain in North America.

在整體產品組合中，關鍵績效指標顯示品牌健康度正在改善、執行力更強。我們透過更有紀律、以數位為主導且可衡量回報的方法，愈來愈有效地觸及並吸引核心消費者，而這股動能在我們的核心業務中清晰可見。在加速的創新與翻新管線支持下，我們以更一致且更具影響力的方式執行，強化我們在北美打造更聚焦、更具韌性、且具備致勝能力的 Hain 之路。

Turning now to our international business. We have a portfolio of well-recognized and loved brands with decades of quality and category leadership and a track record of resilient financial performance. The categories we operate in have struggled with volume as heightened geopolitical uncertainty and elevated inflation, including rising fuel prices are contributing to a decline UK and European consumer confidence.

接著談我們的國際業務。我們擁有一系列廣受認可且深受喜愛的品牌，具備數十年的品質與品類領導地位，並有韌性財務表現的歷史紀錄。我們所處的品類在銷量上面臨壓力，因地緣政治不確定性升高與通膨維持高檔（包括燃料價格上漲）正導致英國與歐洲消費者信心下滑。

In the quarter, we saw an organic net sales decline of 8% due to continued industry-wide volume softness in wet baby food ongoing challenges in spreads and drizzles as well as a decline in branded soup from a challenging year-ago comparison and strong private label competition. As a result, gross margin and adjusted EBITDA margin contracted in the quarter.

本季我們的有機淨銷售下滑 8%，原因包括：濕式嬰兒食品全產業銷量持續疲弱、抹醬與淋醬品類的持續挑戰，以及品牌湯品因去年同期比較基期具挑戰性與強勢自有品牌競爭而下滑。因此，本季毛利率與調整後 EBITDA 利潤率均出現收縮。

The industry-wide decline we have seen in purees in the Baby and Kids category has stabilized, and we expect it to begin to recover as this month, we anniversary the beginning of the slowdown. As a reminder, the industry decline began last May, following a BDC documentary on nutritional content in baby food. Encouragingly, we have seen early signs of consumption improvement in Ella's Kitchen in the last two months.

我們在嬰幼兒與兒童品類中看到的泥狀副食品（purees）全產業下滑已趨於穩定；我們預期隨著本月進入放緩開始的週年比較期，將開始回升。提醒各位，該產業下滑始於去年 5 月，起因是一部 BDC 紀錄片探討嬰兒食品的營養含量。令人鼓舞的是，過去兩個月我們已在 Ella's Kitchen 看到早期的消費改善跡象。

Ella's Kitchen remains the number 1 baby and kids food brand in the UK and Ireland. We have a strong pipeline of finger foods and new frozen meals innovation coming to the market, all supported by exceptionally strong nutritional credentials when compared to the competitive set. All of our innovation will be completely in line with Office for health improvement and disparities guidelines.

Ella's Kitchen 仍是英國與愛爾蘭排名第 1 的嬰幼兒與兒童食品品牌。我們擁有強勁的手指食物與新冷凍餐點創新管線即將上市，且相較競品具備極為突出的營養資歷。我們所有創新都將完全符合「健康改善與差異辦公室」（Office for Health Improvement and Disparities）的指引。

The launches are backed by fully integrated end-to-end marketing activation. We believe this innovation will fuel the category and brand recovery by bringing new news at shelf while advancing our better for little ones positioning. The spreads and drizzles category continues to be challenged as increased consumer focus on health and wellness is impacting consumption patterns.

這些上市計畫將由完整整合的端到端行銷啟動方案支持。我們相信，這些創新將透過在貨架端帶來新品訊息，同時強化我們「更適合小小孩」的定位，進而推動品類與品牌復甦。抹醬與淋醬品類仍持續承壓，因消費者對健康與福祉的關注提升，正在影響其消費模式。

We are leaning in and making bold moves with a robust end-to-end transformation of the Hartley's brand, anchored by a full relaunch hitting shelves in June. This includes comprehensive product reformulation across the core portfolio with meaningful upgrades to improve fruit content and flavor and a step change in better-for-you innovation.

我們正加大投入並採取大膽行動，對 Hartley's 品牌進行強而有力的端到端全面轉型，並以 6 月上架的全面重新上市作為核心。這包括對核心產品組合進行全面配方重整，透過實質升級提升水果含量與風味，並在更健康（better-for-you）創新上實現階躍式提升。

As part of this relaunch, we are also rolling out Hartley's first ever 100% fruit spread along with new fruit flavor combination products designed to energize the category. The brand will debut with a new visual look and feel and will be supported by premium pricing and an in-store promotion strategy for consumption acceleration. Along with consumer communication designed to drive trial, reappraisal and category engagement. This innovation has been very well received by retail partners with expanded distribution and support confirmed for Q1.

作為此次重新上市的一部分，我們也將推出 Hartley’s 史上首款 100% 果醬抹醬（fruit spread），並同步推出全新水果風味組合產品，旨在為該品類注入活力。品牌將以全新的視覺形象與感受亮相，並以高端定價及店內促銷策略支持，以加速消費。並搭配旨在推動試用、重新評價與品類互動的消費者溝通。此項創新已獲零售合作夥伴高度肯定，並已確認於第一季（Q1）擴大鋪貨與提供支持。

Additionally, we continue to address near-term margin pressures by optimizing our manufacturing operations. In soup, we are the market leader with the top three brands in the UK New Covent Garden, Yorkshire Provender, and Cully & Sully, which span distinct propositions and good, better, best price tiers. Our most premium offering, Cully & Sully, again grew value double digits and share.

此外，我們持續透過優化製造營運來因應短期毛利壓力。在湯品方面，我們以英國前三大品牌 New Covent Garden、Yorkshire Provender 與 Cully & Sully 居於市場領導地位，涵蓋差異化定位以及「好／更好／最佳」的價格帶。我們最高端的產品 Cully & Sully 再次實現價值（value）雙位數成長並提升市占。

And our private label soup grew organic net sales by high single digits. However, our remaining brands face aggressive private label competition and a tough distribution gain comparison in the year ago period. We have a full brand relaunch plan for Yorkshire Provender this fall, representing a meaningful upgrade to the franchise.

我們的自有品牌（private label）湯品有機淨銷售額（organic net sales）亦以高個位數成長。然而，其餘品牌面臨自有品牌更為激烈的競爭，以及相較去年同期較難的通路增量比較基期。我們已規劃於今年秋季對 Yorkshire Provender 進行全面品牌重新上市，將對該品牌資產帶來顯著升級。

We are updating every single recipe with high-quality ingredients redesigning the packaging to visually demonstrate our naturally abundant and honestly delicious food and introducing premium innovation through our special collection and adding too to our successful destination launch program. In spite of the pressure points in Baby & Kids, spreads and drizzles and soup, 50% of our brands are holding or gaining share, demonstrating brand and competitive strength in a tougher operating environment.

我們將更新每一項配方，採用高品質原料；重新設計包裝，以視覺化呈現我們「天然豐盛、真誠美味」的食品；並透過我們的特別系列導入高端創新，同時也將其納入我們成功的目的地式（destination）上市計畫。儘管在嬰幼兒（Baby & Kids）、抹醬與淋醬（spreads and drizzles）以及湯品等品類面臨壓力點，我們仍有 50% 的品牌維持或提升市占，顯示在更艱難的營運環境下仍具品牌力與競爭力。

We see renovation and innovation-led growth critical to energizing the categories with innovation rates that are accelerating across the portfolio. Our innovation renewal rate or percent of net sales coming from SKUs launched or relaunched the last three years was more than 12% in the quarter, up over 2.5 points from a year ago. And we have significant renovation and innovation plan for Q4 and beyond as we have discussed.

我們認為，以翻新（renovation）與創新（innovation）驅動的成長對於為品類注入活力至關重要，而我們整體產品組合的創新速度正在加快。我們的創新更新率（innovation renewal rate），亦即過去三年內新推出或重新上市 SKU 所貢獻的淨銷售占比，本季超過 12%，較去年同期提升逾 2.5 個百分點。正如我們先前所討論，我們在第四季（Q4）及之後亦有重要的翻新與創新計畫。

This innovation, along with the lack of the start of the industry-wide baby food softness is expected to drive improved organic net sales trends in Q4. Before I turn the call over to Lee for a closer look at the financials, I want to touch briefly on our ongoing strategic review. We are in the execution phase and our first action against North America snacks has been completed.

這些創新，加上嬰兒食品產業整體疲軟尚未開始的因素，預期將推動第四季有機淨銷售趨勢改善。在我把電話會議交給 Lee 更深入說明財務之前，我想簡要談談我們持續進行的策略檢討。我們目前處於執行階段，且針對北美零食（North America snacks）的第一項行動已完成。

We are actively executing additional actions with a clear priority on further deleveraging and driving long-term shareholder value. As we've indicated previously, while this work is ongoing, we will provide updates only when there are definitive actions or outcomes to share. With that, I'll turn the call over to Lee for a more detailed discussion of Q3 results.

我們正積極推進更多行動，並明確以進一步去槓桿（deleveraging）及驅動長期股東價值為優先。如同我們先前所表示，在此工作持續進行期間，我們僅會在有明確行動或結果可分享時提供更新。接下來我把電話會議交給 Lee，請他更詳細說明第三季（Q3）業績。

Thank you, Alison, and good morning, everyone. Before I go through our Q3 performance, I want to remind everyone that we completed the sale of our North American snacks business on February 27, 2026. Accordingly, our reported and adjusted financial results contain the results of North American snacks in January and February, but not in March.

謝謝你，Alison，各位早安。在我說明第三季表現之前，我想提醒大家：我們已於 2026 年 2 月 27 日完成出售北美零食業務。因此，我們所揭露的報告與調整後（reported and adjusted）財務結果包含北美零食在 1 月與 2 月的業績，但不包含 3 月。

When we speak about organic net sales, by definition, we exclude the results of North American snacks from the calculation, both in the current quarter as well as in the comparable period. When we talk about certain items, excluding snacks, we exclude the impact of North American snacks and TSA proceeds and assume removal of associated stranded costs. For the third quarter, we saw an organic net sales decline of 6% year-over-year, driven primarily by lower sales in the International segment.

當我們談到有機淨銷售額（organic net sales）時，依定義，我們在本季與可比期間的計算中都排除北美零食的結果。當我們談到某些項目（excluding snacks）時，我們會排除北美零食與 TSA（過渡服務協議）收益的影響，並假設移除相關的擱置成本（stranded costs）。第三季有機淨銷售額年減 6%，主要由國際事業部（International segment）銷售下滑所致。

The decline in organic net sales reflects an 11-point decrease in volume mix and a five-point increase in price. Adjusted gross margin was 21% in the third quarter. This represents an approximately 90 basis point decrease year-over-year, while improving by approximately 150 basis points sequentially. The year-over-year decrease was driven primarily by inflation and lower volume mix, partially offset by productivity savings and pricing.

有機淨銷售額的下滑反映出銷量／組合（volume mix）下降 11 個百分點，以及價格上升 5 個百分點。第三季調整後毛利率（adjusted gross margin）為 21%。這代表年減約 90 個基點，但較前一季改善約 150 個基點。年減主要由通膨與較低的銷量／組合所驅動，部分被生產力節省與定價所抵銷。

The sequential increase reflects the North American snacks divestiture as well as actions taken, including SKU simplification, more effective trade management, targeted pricing and productivity initiatives. SG&A decreased 6% year-over-year to $59 million in the third quarter, primarily driven by a reduction in employee-related expenses. SG&A represented 17.5% of net sales for the quarter as compared to 16.1% in the year ago period. SG&A stranded costs less the impact of mitigation actions and TSA proceeds were negligible in the quarter.

季比改善反映北美零食的剝離，以及我們所採取的行動，包括 SKU 精簡、更有效的通路促銷（trade）管理、精準定價與生產力計畫。第三季 SG&A 年減 6% 至 5,900 萬美元，主要由員工相關費用下降所致。本季 SG&A 占淨銷售比重為 17.5%，相較去年同期為 16.1%。本季 SG&A 擱置成本扣除緩解措施與 TSA 收益影響後，影響可忽略不計。

As Alison mentioned, we are making good progress in the elimination of stranded costs, which are now expected to be in the high end of the $20 million to $25 million range. We've already initiated actions to remove nearly 70%, primarily people-related costs, which we were able to implement quickly. The remaining costs will be reduced through fiscal 2027, with roughly half coming out by the end of Q2 and the remainder by the end of Q4. In the near term, our transition services agreement, or TSA, is generating proceeds from providing ongoing support to the recently divested snacks business.

如 Alison 所提及，我們在消除擱置成本方面進展良好，目前預期擱置成本將落在 2,000 萬至 2,500 萬美元區間的高端。我們已啟動行動以移除近 70% 的成本，主要為人員相關成本，且能快速落地。其餘成本將在 2027 會計年度內逐步降低，約一半將於第二季（Q2）末前移除，其餘將於第四季（Q4）末前移除。短期內，我們的過渡服務協議（transition services agreement，TSA）透過持續為近期剝離的零食業務提供支援而產生收益。

Together with actions taken to date, this has essentially eliminated any near-term stranded cost impact. We are nearly finished with our restructuring program to date, having taken $108 million in charges associated with the transformation program, excluding inventory write-downs, out of unexpected charges of $115 million to $125 million.

結合迄今採取的行動，這基本上已消除短期擱置成本的影響。我們幾乎已完成目前的重組計畫，已就轉型計畫認列 1.08 億美元費用（不含存貨減記），相較原先預期費用為 1.15 億至 1.25 億美元。

We remain on track to deliver the targeted $130 million to $150 million in benefits through fiscal 2027. Interest expense rose 17% year-over-year to $14 million in the quarter, primarily driven by higher spreads over variable rates due to last year's refinancing as well as increased amortization of deferred financing fees related to the credit agreement amendment and repayment of term loans using proceeds from the snacks divestiture.

我們仍按計畫在 2027 會計年度前實現 1.3 億至 1.5 億美元的目標效益。第三季利息費用年增 17% 至 1,400 萬美元，主要由去年再融資後浮動利率加點（spreads over variable rates）提高所致，另亦包含與信貸協議修訂相關的遞延融資費用攤銷增加，以及使用零食剝離所得償還定期貸款所帶來的相關攤銷影響。

We have hedged our rate exposure of more than 70% of our loan facility with fixed rate of 7.1%. We continue to prioritize reducing net debt over time. Adjusted net loss, which excludes the effect of restructuring charges amongst other items, was $1 million in the quarter, or $0.01 per diluted share as compared to adjusted net income of $6 million or $0.07 per diluted share in the prior year period.

我們已以 7.1% 的固定利率對超過 70% 的貸款額度利率曝險進行避險。我們仍持續優先逐步降低淨負債。第三季調整後淨損（adjusted net loss，排除重組費用等項目影響）為 100 萬美元，或稀釋後每股 0.01 美元；相較去年同期調整後淨利為 600 萬美元，或稀釋後每股 0.07 美元。

We delivered adjusted EBITDA of $26 million in the third quarter compared to $34 million a year ago. The decrease was driven primarily by lower gross margins partially offset by a reduction in SG&A. Adjusted EBITDA margin was 7.8%, demonstrating sequential improvement from 6.3% in the second quarter.

第三季調整後 EBITDA 為 2,600 萬美元，去年同期為 3,400 萬美元。下降主要由毛利率較低所致，部分被 SG&A 降低所抵銷。調整後 EBITDA 利潤率為 7.8%，較第二季的 6.3% 呈現季比改善。

Turning now to our individual reporting segments. In North America, organic net sales declined 3% year-over-year, primarily driven by lower sales in Baby & Kids, partially offset by growth in beverages. As Alison mentioned, the core is relatively healthy with growth in tea, yoga and Earth's Best finger food and cereal. Excluding country brands, which consist of oil, nut butter and soup brands, organic net sales in North America would have grown 3%.

接著看各個報告事業部。在北美，有機淨銷售額年減 3%，主要由嬰幼兒（Baby & Kids）銷售下滑所致，部分被飲料成長所抵銷。如 Alison 所提及，核心業務相對健康，茶品、yoga 與 Earth’s Best 的手指食品與穀物均有成長。若排除 country brands（包含食用油、堅果醬與湯品品牌），北美有機淨銷售額本可成長 3%。

Third quarter adjusted gross margin in North America was 23.4%, an increase of 100 basis points versus the prior year period. The increase was driven primarily by productivity savings and pricing, partially offset by lower volume mix and cost inflation. Excluding snacks, gross margin would have been 30% in the quarter. Adjusted EBITDA in North America was $17 million or 10% of net sales, reflecting a decrease of 1% from the year ago period.

北美第三季調整後毛利率為 23.4%，較去年同期增加 100 個基點。提升主要由生產力節省與定價所驅動，部分被較低的銷量／組合與成本通膨所抵銷。若排除零食，本季毛利率將為 30%。北美調整後 EBITDA 為 1,700 萬美元，或占淨銷售 10%，較去年同期下降 1%。

The decrease resulted primarily from lower volume mix and cost inflation, nearly offset by SG&A reduction, pricing and productivity savings. Excluding snacks, adjusted EBITDA margin would have been 16.4% in the quarter, demonstrating the strength of the go-forward margin profile in North America.

下降主要源自較低的銷量／組合與成本通膨，幾乎被 SG&A 降低、定價與生產力節省所抵銷。若排除零食，本季調整後 EBITDA 利潤率將為 16.4%，顯示北美未來（go-forward）的利潤結構具備強勁韌性。

In our International business, organic net sales declined 8% in the quarter, primarily driven by lower sales in meal prep and Baby & Kids. International adjusted gross margin was 18.5% and a 270 basis point decrease versus the prior year period. The decrease was driven primarily by cost inflation, partially offset by productivity savings and pricing.

在國際業務方面，本季有機淨銷售額下降 8%，主要由餐食準備（meal prep）與嬰幼兒（Baby & Kids）銷售下滑所致。國際調整後毛利率為 18.5%，較去年同期下降 270 個基點。下降主要由成本通膨所驅動，部分被生產力節省與定價所抵銷。

Adjusted EBITDA was $20 million or 11.7% of net sales, reflecting a decrease of 12% compared to the prior year period. The decrease resulted primarily from cost inflation and lower volume mix, partially offset by productivity savings and pricing.

調整後 EBITDA 為 2,000 萬美元，或占淨銷售 11.7%，較去年同期下降 12%。下降主要由成本通膨與較低的銷量／組合所致，部分被生產力節省與定價所抵銷。

Now turning to category performance. In Baby & Kids, organic net sales were down 14% year-over-year, driven primarily by continued industry-wide volume softness in purees in the UK as well as by purees and formula in North America, partially offset by growth in finger foods in both regions and cereal in North America. In terms of consumption, we have continued to see strength in Earth's Best finger foods and cereal in North America, with each showing dollar sales growth of mid- to high single digits year-over-year.

現在轉向各品類表現。在嬰幼兒（Baby & Kids）方面，有機淨銷售額年減14%，主要受英國整體產業泥狀副食品（purees）持續疲弱的銷量影響，以及北美的泥狀副食品與配方奶粉（formula）下滑所致；部分被兩個地區的手指食物（finger foods）成長及北美穀物（cereal）成長所抵銷。就消費端而言，我們持續看到北美 Earth's Best 手指食物與穀物表現強勁，兩者的美元銷售額年增皆為中到高個位數。

Ella's Kitchen finger food also saw value sales growth of low single digits year-over-year. And while still in decline, we are seeing signs of stabilization in the wet baby food category in the UK and expect to see improvement as we begin to lap the industry-wide declines in May.

Ella's Kitchen 手指食物的價值銷售額也呈現年增低個位數。雖然仍在下滑，但我們看到英國濕式嬰兒食品品類出現穩定跡象，並預期隨著我們在5月開始進入與產業整體下滑的比較基期（lap）後，將看到改善。

In the beverages category, organic net sales were flat year-over-year as growth in tea in North America and private label nondairy beverages in international was offset by a decline in branded nondairy beverage. We expect branded nondairy beverage trends to improve in Q4 as we roll out significant innovation, including clean label and protein offerings.

在飲料品類，有機淨銷售額與去年同期持平；北美茶品成長以及國際市場自有品牌（private label）非乳飲品成長，被品牌非乳飲品下滑所抵銷。我們預期品牌非乳飲品的趨勢將在第四季改善，因為我們將推出重大創新，包括潔淨標示（clean label）與蛋白質產品。

In meal prep, organic net sales were down 5% year-over-year. The decline was driven primarily by pantry brands in North America, spreads and drizzles in the UK, partially offset by strength in Yoga in North America. Greek gods continue to outpace the category, growing dollar and unit sales by high teens and low 20s percent, respectively, and gaining share.

在餐食準備（meal prep）方面，有機淨銷售額年減5%。下滑主要由北美的常溫食品（pantry）品牌，以及英國的抹醬與淋醬（spreads and drizzles）所致，部分被北美 Yoga 的強勁表現所抵銷。Greek gods 持續跑贏品類，美元銷售額與單位銷售量分別以高十幾％與低20％的幅度成長，並提升市占。

Our SKU simplification efforts in our pantry brands had approximately a negative 1 point impact on meal prep organic net sales in the quarter, though these efforts are driving a more productive assortment that positions the business for stronger margin performance over time.

我們在常溫食品品牌推動的 SKU 精簡措施，於本季對餐食準備有機淨銷售額約造成負面1個百分點的影響；不過，這些措施正帶來更具生產力的產品組合，並使業務在時間推移下具備更強的毛利表現定位。

Following the sale of the North American snacks business, the snacks category is comprised of jellies in the International segment. Organic net sales in snacks were down 7% year-over-year. Hartleys remains the number 1 brand in Jelly pops, and we expect the category to recover as consumers continue to prioritize healthy snacking, and we bring meaningful new innovation. Further, we are launching upgraded or jelly SKUs in Q1 with the cleaner ingredient list and the new look and category-leading innovation with our new protein collagen jelly, offering 10 grams of protein.

在出售北美零食業務後，零食品類在國際事業部中由果凍（jellies）構成。零食品類的有機淨銷售額年減7%。Hartleys 仍是果凍冰棒（Jelly pops）第一品牌；我們預期隨著消費者持續優先選擇健康零食，以及我們帶來具意義的新創新，該品類將回復成長。此外，我們將在第一季推出升級版果凍 SKU，採用更潔淨的成分表與全新外觀，並以我們新的蛋白膠原果凍（protein collagen jelly）帶來品類領先的創新，每份提供10克蛋白質。

Shifting to cash flow and the balance sheet. As Alison mentioned, we had a strong cash delivery in the quarter. Free cash flow in the third quarter was $35 million, an increase compared to the outflow of $2 million in the year ago period. The improvement was primarily driven by inventory delivery, improved accounts receivable collections and insurance proceeds, partially offset by lower benefits from accounts payable and accrued expenses.

接著談現金流與資產負債表。如 Alison 所提，本季我們的現金交付表現強勁。第三季自由現金流為3,500萬美元，相較去年同期為流出200萬美元有所提升。改善主要來自庫存去化、應收帳款回收改善以及保險理賠收入，部分被應付帳款與應計費用帶來的效益下降所抵銷。

We are pleased with the progress we made on inventory, driven by improved operating discipline. Inventory continues to be an area of focus for fiscal 2026. Days inventory outstanding improved to 73 days in the quarter to our lowest level in two years. This compared to 75 days in Q2 2026 and 79 days in the prior year period. As a reminder, every day of inventory is worth approximately $3.5 million.

我們對庫存方面取得的進展感到滿意，這主要由營運紀律提升所驅動。庫存仍將是2026會計年度的重點工作。本季庫存周轉天數（days inventory outstanding）改善至73天，為兩年來最低水準；相較之下，2026會計年度第二季為75天，去年同期為79天。提醒一下，每減少一天庫存約相當於3,500萬美元。

We also made progress in our days payable outstanding with days payable outstanding of 59 days in the quarter, an improvement from 57 days in Q2 2026, but down from 61 days in the year ago period. CapEx of $4 million in the quarter was down from $7 million in the prior year period. We expect capital expenditures to be approximately $20 million for fiscal 2026.

我們在應付帳款周轉天數（days payable outstanding）方面也有所進展，本季為59天，較2026會計年度第二季的57天改善，但低於去年同期的61天。本季資本支出（CapEx）為400萬美元，低於去年同期的700萬美元。我們預期2026會計年度資本支出約為2,000萬美元。

The completion of the North American snack sale and cash generation this quarter brought cash on hand to $44 million and net debt to $505 million, a reduction of $145 million since the beginning of the fiscal year. We also have $196 million of available liquidity under our revolver and remain in compliance with all credit agreement covenants.

北美零食出售案完成以及本季的現金創造，使期末現金達4,400萬美元，淨負債為5.05億美元，較本會計年度開始以來減少1.45億美元。我們在循環信貸（revolver）項下亦有1.96億美元可用流動性，並持續符合所有信貸協議的財務約束條款（covenants）。

With leverage of 4.3 times in the quarter, we have plenty of headroom under the covenant of 5.5 times. We have a disciplined approach to capital management and continue to prioritize debt reduction. We have reduced net debt by $272 million over the last 11 quarters. We are proactively addressing our December maturity.

本季槓桿倍數為4.3倍，距離5.5倍的約束上限仍有充足緩衝。我們採取嚴謹的資本管理方式，並持續優先降低負債。在過去11個季度，我們已將淨負債降低2.72億美元。我們正主動處理12月到期事項。

Our strategic review yielded a multistage plan aimed at materially improving liquidity and leverage, while creating value for shareholders. The sale of the North American Snacks business was an important first step. As we continue to execute the next phases of this plan, we are advancing additional actions, including further asset sales and operational improvements.

我們的策略檢討產出了一項多階段計畫，目標是在實質改善流動性與槓桿的同時，為股東創造價值。出售北美零食業務是重要的第一步。隨著我們持續執行該計畫的下一階段，我們也在推進其他行動，包括進一步的資產出售與營運改善。

We remain actively engaged with our lenders while we evaluate potential strategic transactions. We continue to believe that aligning the maturity solution timing with the execution of the strategic plan will enable us to achieve the strongest long-term outcome for the company and for shareholders. We are confident that we will be able to refinance, extend or repay our debt prior to maturity.

在評估潛在策略交易的同時，我們仍與放款機構保持積極互動。我們持續相信，將到期解決方案的時點與策略計畫的執行相互配合，將使公司與股東取得最強的長期結果。我們有信心能在到期前完成再融資、展期或償還債務。

Turning now to our outlook. As previously communicated, we are not providing numeric guidance on fiscal 2026 operating results given the uncertainty around the outcome and timing of the completion of our strategic review.

接著談展望。如先前所溝通，鑑於策略檢討完成結果與時程仍具不確定性，我們不提供2026會計年度營運結果的數值指引。

Looking ahead, we expect the divestiture of North American snacks to be gross margin and EBITDA accretive, and the profile of the go-forward North American portfolio to have gross margin above 30% and EBITDA margin in the low double digits. For fiscal 2026, we continue to expect positive free cash flow for the full year. While it's too early to provide guidance on fiscal 2027, I did want to provide a little bit of context.

展望未來，我們預期北美零食的剝離將對毛利率與 EBITDA 具增益（accretive），而北美未來投組的毛利率將高於30%，EBITDA 利潤率將落在低雙位數。就2026會計年度而言，我們仍預期全年自由現金流為正。雖然現在提供2027會計年度指引仍為時過早，但我想補充一些背景。

In fiscal 2027, our fundamental priorities will be continuing to stabilize as through our five actions to win, thereby setting the foundation for future growth. driving gross and EBITDA margin improvement versus fiscal 2026, generating cash and eliminating stranded costs. Upon completion of our strategic review, we plan to provide guidance for fiscal 2027. Now I'll turn the call back to Alison for some closing remarks.

在2027會計年度，我們的根本優先事項將是：透過我們的「五項致勝行動」持續推動穩定化，從而為未來成長奠定基礎；相較2026會計年度推動毛利與 EBITDA 利潤率改善；創造現金並消除閒置成本（stranded costs）。在策略檢討完成後，我們計畫提供2027會計年度指引。接下來我把電話交回 Alison 做結語。

Thanks, Lee. We are making tangible progress on our turnaround, strengthening our foundation through improved operating discipline, strong cash generation and ongoing net debt reduction. We simplified the portfolio with the completion of the North America Snacks divestiture, positioning North America for a stronger margin profile and focused reinvestment in growth and we are actively executing the next phase of our strategic review.

謝謝，Lee。我們的轉型正在取得具體進展，透過更佳的營運紀律、強勁的現金創造以及持續降低淨負債來強化基礎。我們完成北美零食剝離以精簡投組，使北美具備更強的利潤結構並能聚焦再投資於成長，同時我們也正積極執行策略檢討的下一階段。

We delivered gross margin and adjusted EBITDA margin expansion in North America while advancing brand renovation and innovation across tea, Baby & Kids and yogurt. Internationally, we're growing or holding share in half of our brands supported by innovation pipeline while navigating category softness and a few isolated challenges that we are quickly and aggressively actioning.

我們在北美實現毛利率與調整後 EBITDA 利潤率擴張，同時推進茶品、嬰幼兒（Baby & Kids）與優格的品牌翻新與創新。在國際市場方面，在創新管線支持下，我們有一半的品牌正在成長或維持市占，同時也在因應品類疲弱與少數個別挑戰；我們正迅速且積極地採取行動。

We are actively addressing the December debt maturity and remain confident that we will be able to refinance, extend or repay prior to maturity. Q3 reinforce view that while stabilizing the top line remains a priority, the underlying operating trajectory is improving. As we close out fiscal 2026, we remain focused on executing our five action to win to drive sustainable, profitable growth. That concludes our prepared remarks, and we are now happy to take your questions. Operator, please open the line.

我們正積極處理12月債務到期，並仍有信心能在到期前完成再融資、展期或償還。第三季強化了我們的看法：雖然穩定營收仍是優先事項，但底層營運走勢正在改善。隨著我們結束2026會計年度，我們仍聚焦執行「五項致勝行動」，以推動可持續且具獲利性的成長。以上為我們的準備發言，接下來很高興回答各位問題。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Jim Salera, Stevens Inc.

Jim Salera，Stevens Inc.

I appreciate the update on some of the new innovations. Are you able to give us some details about how you're thinking about supporting kind of the continued innovation and the success once the products launched and are on shelf amidst all the other activity.

感謝你們更新一些新創新產品的資訊。你們是否能提供一些細節，說明在其他各項活動同時進行的情況下，你們如何思考支持持續創新，以及在產品上市並上架後，如何確保其成功？

I mean should we think about some of the flow-through benefit on the improved gross margin is going to support either trade spend or marketing or in kind of the remainder of the calendar year is all the incremental savings just going to drop down to the upcoming maturity that you mentioned?

我的意思是，我們是否應該認為毛利率改善所帶來的一些傳導效益（flow-through benefit）會用來支持通路費用（trade spend）或行銷，或是在今年剩餘的日曆年度中投入這些項目？還是所有新增的節省都會直接用於你們提到的即將到期事項？

Yes. Happy to jump in. So innovation, overall, we believe it's a really important part of our growth story, as you heard. I think many of these categories rely on new news to not only create interest in the category and drive the category but also expand distribution, expand presence, drive new occasions, et cetera. In terms of that innovation, we do believe that, that innovation does need to be supported with marketing.

是的，我很樂意先回應。整體而言，我們認為創新是我們成長故事中非常重要的一部分，正如你所聽到的。我認為許多品類都仰賴「新消息」不僅能引發對品類的興趣並帶動品類成長，也能擴大通路覆蓋、擴大陳列能見度、創造新的使用情境等等。就創新而言，我們確實相信創新需要行銷支持。

It's really important to create that awareness, to create that trial, to create that repeat. And we believe that innovation isn't one and done, meaning launch innovation, but then you have to leverage it and leverage it over a three-year time horizon to make sure that it sticks and is sustainable.

要創造認知、促成試用、帶動回購，這一點非常重要。我們也相信創新不是一次性（one and done）的，也就是推出創新後就結束；你必須在三年的時間軸上持續放大並運用它，確保它能站穩並具可持續性。

So we have been able to increase our marketing investment in North America, and we're putting that investment against the innovation. We've worked out ways where we can get a halo on the basin brand, but also drive the innovation. And the same with international, while international has remained relatively flat year-over-year.

因此，我們已能在北美提高行銷投資，並把這些投資用在創新上。我們也找到了方法，既能讓基礎品牌（base brand）獲得光環效應（halo），同時也能推動創新。國際市場亦同，雖然國際市場的投資相較去年同期大致持平。

We are looking to, as we go forward, continue to accelerate that innovation behind -- marketing investment behind that innovation. So I think we're talking about from a P&L standpoint, balance. We're looking to stabilize and grow, particularly our core businesses, as we talked about. We are seeing improvement in gross margin and you saw a sequential improvement.

我們展望未來，將持續加速創新背後的——以及支持該創新的行銷投資。因此我認為，從損益表（P&L）的角度來看，重點在於平衡。我們希望穩定並成長，特別是我們如先前所談到的核心業務。我們看到毛利率有所改善，而且你也看到環比的改善。

We are looking to take some of the benefit of the simplification actions that we've taken in North America not only from the sale of snacks, but also the SKU rationalization and use that more productive portfolio and gross margin while to invest a little bit back into the business. We're going to be balanced in doing that. But we believe that investment is an important part of our growth story to support that innovation.

我們希望把在北美所採取的簡化措施所帶來的一部分效益——不僅來自零食業務的出售，也包括SKU精簡——運用在更具生產力的產品組合與毛利率上，同時再回投一部分到業務中。我們在這方面會保持平衡。但我們相信，這項投資是我們成長故事中很重要的一環，用以支持該創新。

I would just say we're also prioritizing our spend. We talked about this before on the marketing to make it more effective as well. So we do want to drive awareness and trial in the innovation and renovation. And I think as we talked about previously, we are accelerating the shift to digital and social led as well. So it's not just about kind of the investment. It's also just the effectiveness of that investment as well.

我想補充的是，我們也在優先排序支出。我們之前也談過，會讓行銷更有效率。因此我們確實希望提升對創新與產品翻新（renovation）的認知與試用。而且如同先前所說，我們也在加速轉向以數位與社群為主導。所以不只是投資金額本身，也包括投資效益的提升。

Great. And then a follow-up question on the core business you guys called out, you've seen some stability on the organic sales line across yogurt tea and the baby segments. Anything we should think about in the back half of the year just as a lot of uncertainty on kind of the overall economic backdrop.

了解。接著針對你們提到的核心業務再追問一下：你們在優格、茶與嬰幼兒等品類的有機銷售線上看到一些穩定性。考量整體經濟背景仍有很多不確定性，下半年有沒有什麼我們需要特別留意的？

I don't know if you've seen competitors maybe engaging in more trade spend, the same way that we've seen in more kind of mainstream categories? And do you have any flexibility if you see more competition or more discounting to be able to kind of address that while also working through some of the other parts of the strategic plan.

我不確定你們是否看到競爭對手可能在通路促銷投入（trade spend）上更積極，就像我們在一些更主流的品類所看到的那樣？如果你們看到競爭加劇或折扣增加，在推進其他策略計畫的同時，你們是否有彈性去因應？

Yes. So I'll comment on North America, if you asked about North America. I mean, we have not seen a significant uptick in competitive activity. Just if you look at the published data out there, Serafuld on promotion. It's remained relatively stable, a little bit of puts and takes by some segments, but relatively stable. In terms of what we expect, we can expect that the business those core businesses in North America.

是的。如果你問的是北美，我先就北美評論。我們並沒有看到競爭活動顯著升溫。就公開數據來看，Serafuld 的促銷情況仍相對穩定；某些細分品類有些此消彼長，但整體相對穩定。就我們的預期而言，我們可以預期北美的那些核心業務。

So yogurt tea and our baby business will remain relatively stable and retain that growth. We have seen that consistently quarter-on-quarter as we continue to launch innovation, as we continue to keep the marketing investment on the business, we do expect that we'll continue to see the results that we've seen as we go forward.

也就是優格、茶以及我們的嬰幼兒業務，將維持相對穩定並保持成長。我們在持續推出創新、並持續維持對業務的行銷投資之下，已經連續幾季都看到這樣的表現；展望未來，我們預期會持續看到同樣的成果。

In terms of flexibility, if competition becomes more aggressive. We will always be surgical and smart about how we think about that investment. But obviously, we do need to remain competitive in the marketplace. And so we'll appropriately focus dollars as we need to based on where competition is moving.

就彈性而言，如果競爭變得更具侵略性，我們一向會以精準且聰明的方式來思考這些投資。但顯然，我們也必須在市場上保持競爭力。因此，我們會依據競爭動向，在需要的地方適當配置資金。

And then maybe just on the international side. We do continue to see the major brands leaning heavily on promotions. So there is some increase in media investment there, but the same strategy with North America, we continue -- we will be surgical as we look at our spend.

另外在國際市場方面，我們確實持續看到主要品牌高度依賴促銷。因此媒體投資有一些增加，但策略與北美相同——我們在檢視支出時仍會採取精準投放。

(Operator Instructions)

（接線員指示）

Anthony Vendetti, Maxim Group.

Anthony Vendetti，Maxim Group。

Yes. I was just -- in terms of private label, it seems like in this economic environment, probably consumers are moving towards that a little bit more. Maybe just talk a little bit about your private label strategy, how you're addressing that?

是的。我想就自有品牌（private label）來問：在這樣的經濟環境下，看起來消費者可能會更傾向選擇自有品牌。能否談談你們的自有品牌策略，以及你們如何因應？

And then certainly, I like the fact that you're moving towards these higher protein offerings with Greek cost that seems to be resonating. And in terms of branded Don dairy, it sounds like you have a new offering coming out that's high protein. When is that scheduled to hit the shelves, and are you going to be putting marketing dollars behind that?

另外，我也很喜歡你們朝向更高蛋白的產品發展，像是希臘（Greek）系列，看起來很受市場歡迎。就品牌的 Don 乳製品而言，聽起來你們會推出一個高蛋白的新產品。預計何時上架？你們會在背後投入行銷預算嗎？

Great. So on private label, I mean, I'll break it down by North America versus international, because I think actually there's quite a difference in terms of those two regions. So from a North America perspective, with the exception of yogurt and our pantry brands, private labels are relatively low share and we have not seen significant growth in private label.

好的。關於自有品牌，我會按北美與國際來拆解，因為這兩個地區其實差異很大。以北美來看，除了優格與我們的 Pantry 品牌之外，自有品牌的市占相對偏低，而且我們並未看到自有品牌顯著成長。

So tea and baby, two categories where quite low private label, five or below. When it comes to the yogurt brands, I mean, yogurt definitely has more private label in the category. However, it is also a category that really relies on innovation and relies on sort of benefits such as protein, which you mentioned.

像茶與嬰幼兒這兩個品類，自有品牌占比很低，大約在 5% 或以下。至於優格品牌，優格品類確實有較多自有品牌；但同時這也是一個非常依賴創新、以及依賴你提到的蛋白質等效益訴求的品類。

And so the branded players by default, I think, have a leg up because they innovate faster in those areas. So not overly concerned about private label in yogurt as long as we continue to innovate and follow where the consumer is going and what the consumer needs. In our Pantry brands, we do have more competition from private label.

因此我認為，品牌廠商在這些領域通常更具優勢，因為他們在相關創新上速度更快。所以只要我們持續創新、跟上消費者的走向與需求，我們對優格的自有品牌競爭並不過度擔心。在我們的 Pantry 品牌方面，確實會面臨更多自有品牌競爭。

As you can imagine, those can be -- those are used for baking ingredients, those sorts of things. So they're more substitutable brands, and so you do see more competition there. And so again, continuing to make sure that we're managing versus and driving stability versus private label is important.

如你所想像，這些產品多用於烘焙原料等用途。因此它們更容易被替代，競爭也更激烈。所以，再次強調，確保我們能夠管理並推動相對於自有品牌的穩定性是很重要的。

When it comes to international, we have quite a different story. We actually have seen private label increase in international. I mean overall, while inflation in international versus North America is sort of the same from a rate basis. Consumer sentiment is very different in North America versus international. And so you do see a lot more shifting to private label. You see a lot more premiumization in private label in international.

至於國際市場，情況就很不同。我們確實看到國際市場的自有品牌占比上升。整體而言，國際相較北美的通膨率在「增速」層面大致相近，但北美與國際的消費者情緒差異很大。因此你會看到更多轉向自有品牌的情況；在國際市場，自有品牌也出現更多高端化（premiumization）。

The piece of good news, I will say, as we've talked about with you in the past, is we actually have quite a balanced portfolio in international. So while we have brands and play well in the branded space. We also have significant private label business. And so we're able to sort of compete on both fronts depending on where the market is shifting.

好消息是——如同我們過去與你討論過的——我們在國際市場其實擁有相當均衡的產品組合。我們既有在品牌市場表現良好的品牌，也有相當規模的自有品牌業務。因此，我們能夠依據市場轉移方向，在兩個戰場上同時競爭。

Okay. And then just lastly, on meal prep, that segment seems to be a good segment in the US Is there a plan to return that to growth? How do you see your strategy there playing out?

好的。最後一題，關於餐食準備（meal prep）：這個細分市場在美國看起來是不錯的市場。你們是否有計畫讓它回到成長？你們的策略會如何展開？

In the US specifically, you're asking?

你是特別問美國市場嗎？

Yes.

是的。

Okay. So yes, in the US, I mean meal prep consists of our yogurt business, which is growing very well, gaining share. You mentioned, and I actually forgot to answer that part of your question. You mentioned the innovation. We've moved into single-serve, we've moved into protein that has launched with -- started with one large retailer and obviously, we'll continue to roll that.

好的。就美國而言，meal prep 主要包含我們的優格業務，而優格目前成長非常好、也在提升市占。你提到的部分——我剛剛其實忘了回答那一段——你提到創新：我們已經切入單份裝（single-serve），也切入蛋白質產品，該產品已經先在一家大型零售商上架，當然我們會持續擴大鋪貨。

So moving into sort of new occasion space, and we are absolutely supporting that with marketing. So that's a very important and valuable part and the largest part of our meal prep segment. When you look at the remainder of meal prep, it really is what we call the Pantry brands. The Pantry brands consist of our nut butters, our oils and our broth business. That is under 20% of our total portfolio.

因此我們是在切入新的使用情境（occasion）空間，而我們也確實以行銷來支持它。這是我們 meal prep 細分中非常重要且很有價值的一部分，也是其中最大的一部分。至於 meal prep 的其餘部分，主要是我們所稱的 Pantry 品牌。Pantry 品牌包含我們的堅果醬、食用油以及高湯（broth）業務。這部分占我們整體產品組合不到 20%。

And that business, as I mentioned, is a little more it's been a little more challenging for us because they're busy categories. They have higher private label, higher substitutability. We're relatively small share in those categories. So our focus in those categories is really stabilizing. We're doing a lot of work sort of by retailer on how do we stabilize those businesses with trade investment and a little bit of marketing investment to keep those businesses healthy as we move forward.

而這塊業務，如我提到的，對我們來說更具挑戰，因為這些品類競爭激烈，自有品牌占比較高、可替代性也更高；我們在這些品類的市占相對較小。因此我們在這些品類的重點是先穩定。我們正按零售商逐一推進大量工作，思考如何透過通路投資（trade investment）以及少量行銷投資來穩定這些業務，讓它們在未來保持健康。

At this time, there are no further questions. I'll now turn the call back over to Alison Lewis, CEO, for closing remarks.

目前沒有其他問題。我現在把電話交回給執行長 Alison Lewis 作結語。

Well, thanks for joining today. We appreciate the questions, and we appreciate the time. I guess what I'll close with is really what I opened with, which is -- you saw that this quarter represented a quarter of strong cash generation, total debt reduction of $155 million, with materially improved our financial position, and we closed the divestiture of the snack business. We're also seeing our turnaround take hold with a meaningful EBITDA and margin in as we look at the business quarter-on-quarter.

感謝各位今天加入。我們很感謝大家的提問，也感謝大家的時間。我想最後重申我一開始提到的重點——你們看到本季展現了強勁的現金創造能力，總負債減少 1.55 億美元，顯著改善了我們的財務狀況，並且我們完成了零食業務的剝離。我們也看到轉型正在奏效，從 EBITDA 與利潤率的角度來看，按季比較有明顯改善。

And while revenue was slightly below expectations, we see growth in many of our core categories, and we're very focused and actively addressing the isolated challenges. So we believe that as we closed the quarter, the underlying operating trajectory is improving, and we're going to continue to move that forward as we move into the fourth quarter and beyond. So thanks for joining.

雖然營收略低於預期，但我們在許多核心品類看到成長，而且我們非常專注並積極處理那些個別的挑戰。因此我們相信，在本季結束時，基礎營運走勢正在改善；隨著我們進入第四季及之後，我們將持續推動這一趨勢向前。感謝各位加入。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. 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。