荷美爾 (HRL) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Hormel Corporation's fourth quarter earnings call. (Operator Instructions) This call is being recorded in Thursday, December 4, 2025. I'd now like to turn the conference over to Jess Blomberg. Please go ahead.

女士們、先生們，早安，歡迎參加荷美爾公司第四季財報電話會議。（操作員指示）本次通話於 2025 年 12 月 4 日星期四錄音。現在我將把會議交給傑西·布隆伯格。請繼續。

Good morning. Welcome to the Hormel Foods conference call for the fourth quarter of fiscal 2025. We released results this morning before the market opened. If you did not receive a copy of the release, you can find it on our website, hormelfoods.com under the Investors section, along with supplemental slide materials.

早安.歡迎參加荷美爾食品公司2025財年第四季電話會議。我們今天早上在市場開盤前發布了業績報告。如果您沒有收到新聞稿副本，您可以在我們的網站 hormelfoods.com 的「投資者」部分找到它，以及補充幻燈片資料。

On our call today is Jeff Ettinger, Interim Chief Executive Officer; John Ghingo, President; and Paul Kuehneman, Interim Chief Financial Officer and Controller. Jeff, John and Paul will begin by reviewing the company's fiscal 2025 performance before transitioning into commentary on our outlook for 2026. We will conclude with the Q&A portion of the call. (Event Instructions)

今天參加電話會議的有：臨時執行長 Jeff Ettinger；總裁 John Ghingo；以及臨時財務長兼財務總監 Paul Kuehneman。Jeff、John 和 Paul 將先回顧該公司 2025 財年的業績，然後再對 2026 年的展望進行評論。我們將以問答環節結束本次電話會議。（活動須知）

At the conclusion of this morning's call, a webcast replay will be posted to the Investors section of our website and archived for one year. Before we start this morning, I'd like to reference our safe harbor statements. Some of the comments we make today will be forward-looking, and actual results may differ materially from those expressed in, or implied by, the statements we will be making.

今天上午電話會議結束後，網路直播回放將發佈在我們網站的投資者關係版塊，並存檔一年。在今天早上正式開始之前，我想先提及我們的安全港聲明。我們今天發表的一些評論將具有前瞻性，實際結果可能與我們即將發表的聲明中明示或暗示的結果有重大差異。

Please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which can be accessed on our Investor website under the Investors section. Additionally, please note, we will be discussing certain non-GAAP financial measures this morning. Management believes that doing so provides investors with a better understanding of the company's underlying operating performance.

請參閱我們最新的年度報告（表格 10-K）和季度報告（表格 10-Q），這些報告可以在我們投資者網站的「投資者」部分查閱。另外，請注意，我們今天上午將討論一些非GAAP財務指標。管理階層認為，這樣做可以讓投資人更了解公司的基本經營績效。

The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Further information about our non-GAAP financial measures including our comparability items and reconciliations are detailed in our press release, which can be accessed on our website.

本資訊的呈現並非旨在孤立地看待，也不應被視為替代按照公認會計原則 (GAAP) 編制的財務資訊。有關我們非公認會計準則財務指標（包括可比項目和調節表）的更多信息，請參閱我們網站上發布的新聞稿。

I will now turn the call over to Jeff Ettinger.

現在我將把通話轉交給傑夫·埃廷格。

Thank you, Jess, and good morning, everyone. Today, we'll brie y review our fiscal 2025 results, then shift our focus to the strategic priorities and outlook for fiscal 2026. I'll begin with a few reflections on the year and our path forward. Paul will provide additional detail on key drivers from 2025, and then John will share our vision for 2026, and the actions we're taking to deliver consistent growth. I'll conclude with our fiscal 2026 outlook before we move on to Q&A.

謝謝你，傑西，大家早安。今天，我們將簡要回顧 2025 財年的業績，然後將重點轉向 2026 財年的策略重點和展望。首先，我想對過去一年以及我們未來的發展方向做一些反思。Paul 將詳細介紹 2025 年的關鍵驅動因素，然後 John 將分享我們對 2026 年的願景，以及我們為實現持續成長而採取的行動。在進入問答環節之前，我將以我們對 2026 財年的展望作為結尾。

Fiscal 2025 was a challenging year. Candidly, we fell significantly short of our earnings goal in navigating a dynamic consumer environment, elevated input costs and some unexpected setbacks, our bottom line performance was disappointing.

2025財年是充滿挑戰的一年。坦白說，由於面臨瞬息萬變的消費環境、不斷上漲的投入成本以及一些意想不到的挫折，我們的獲利目標未能實現，最終的業績令人失望。

On the other hand, net sales exceeded $12 billion, representing 2% organic growth over the prior year, and supported by gains across all three segments. We delivered four consecutive quarters of year-over-year organic net sales growth. This demonstrates the strength of our protein-forward portfolio.

另一方面，淨銷售額超過 120 億美元，比上年實現了 2% 的有機成長，這得益於所有三個業務板塊的成長。我們連續四個季度實現了同比增長的有機淨銷售額。這充分體現了我們以蛋白質為核心的產品組合的實力。

In the retail segment, our leading brands continue to hold number 1 or number 2 share positions in over 40 categories. Brands such as Jennie-O, Applegate, Wholly Guacamole and SPAM contributed strong growth for the year. Importantly, the Planters brand grew net sales year-over-year despite first half pressures arising from last year's production disruption.

在零售領域，我們的領先品牌在超過 40 個品類中持續保持第一或第二的市佔率。Jennie-O、Applegate、Wholly Guacamole 和 SPAM 等品牌為本年度的強勁成長做出了貢獻。值得注意的是，儘管去年生產中斷導致上半年面臨壓力，但 Planters 品牌的淨銷售額仍較去年同期成長。

Collectively, these brands represent a wide range of consumer preferences, diverse value propositions and eating occasions. Profitability was pressured across the retail segment, and this decline is reflected in our segment margins. Input cost pressures driven primarily by heightened commodity costs had a challenging impact across our broad retail portfolio in 2025.

這些品牌共同代表了廣泛的消費者偏好、多樣化的價值主張和用餐場合。零售業務的獲利能力普遍承壓，這一下滑也反映在我們的業務利潤率上。2025 年，主要由大宗商品價格上漲引起的投入成本壓力對我們廣泛的零售業務組合產生了挑戰性影響。

The Foodservice segment continued to outperform the broader industry by leveraging our direct sales team, operator-driven innovation and diverse channel presence. Our top line strength was wide ranging across many brands and categories, including the Jennie-O Turkey portfolio, Fire Braised meats, Café H globally inspired proteins, branded pepperoni and branded bacon.

憑藉我們的直銷團隊、營運商驅動的創新和多元化的通路佈局，餐飲服務部門繼續跑贏整個行業。我們的頂級產品實力涵蓋眾多品牌和品類，包括 Jennie-O 火雞系列、火烤肉、Café H 全球風味蛋白質、品牌辣香腸和品牌培根。

These products all showcased the premium protein-centric offerings that operators desire. The broader industry, however, experienced traffic declines and did not grow as expected. This, coupled with higher input costs, tempered the Foodservice segment's 2025 results.

這些產品都展現了營運商所渴望的以優質蛋白質為中心的產品。然而，整個產業卻經歷了流量下降，並未如預期般成長。再加上投入成本上升，抑制了餐飲服務部門 2025 年的表現。

The International segment's results highlight the importance of having a balanced portfolio as some geographies outperformed while others lagged. Our China business was the biggest contributor to the International segment's top line performance in fiscal 2025, and has achieved strong bottom line performance as well.

國際業務板塊的表現凸顯了擁有均衡投資組合的重要性，因為某些地區表現優異，而有些地區則表現落後。在 2025 財年，我們的中國業務是國際業務部門營收成長的最大貢獻者，也取得了強勁的獲利業績。

Our branded export business saw a strong top line performance though commodity input costs and trade disruptions weighed on profits. The Brazil market was challenged for us this year and negatively impacted the International segment's ability to deliver on our growth objectives. At the total company level, our Transform and Modernize initiative played a critical role in of setting a portion of the margin pressures we faced in 2025.

儘管大宗商品投入成本和貿易中斷對利潤造成了壓力，但我們的品牌出口業務營收表現強勁。今年巴西市場為我們帶來了挑戰，對國際業務部門實現成長目標的能力產生了負面影響。從公司整體層面來看，我們的轉型和現代化計劃在設定我們 2025 年面臨的部分利潤壓力方面發揮了關鍵作用。

We advanced many strategic pathways under the program, including expanding our distribution network, closing a reallocating product from multiple facilities and advancing our data and process maturity. Much of the work we completed is laying the foundation for growth in future years.

在該計劃下，我們推進了許多戰略路徑，包括擴大分銷網絡、關閉多個工廠的產品重新分配以及提高數據和流程的成熟度。我們完成的大部分工作都為未來幾年的發展奠定了基礎。

Late in fiscal 2025, we completed an extensive review of all administrative expenses. We made the decision to reduce some of our corporate positions and layers within the organization. This effort resulted in the reduction of approximately 250 corporate and sales positions, representing around 9% of this group. We also address the ongoing cost of benefits by making changes to certain programs.

在 2025 財政年度末，我們完成了對所有行政費用的全面審查。我們決定減少公司內部的一些職位和層級。這項措施導致公司和銷售職位減少了約 250 個，約佔該群體總人數的 9%。我們也透過對某些項目進行調整來解決福利的持續成本問題。

While these decisions are never easy, we believe these actions were both needed and responsible. We will also take the opportunity to allocate some savings from this work to reinvest in other areas, such as new capabilities and enhanced support of our growing brands.

雖然這些決定從來都不容易，但我們認為這些行動既是必要的，也是負責任的。我們也將藉此機會，把這項工作節省下來的一些資金重新投入到其他領域，例如開發新能力和加強對我們不斷發展的品牌的支持。

We believe we are coming out of fiscal 2025 with a conviction to win and in a position to grow. Paul Kuehneman will now provide a deeper look at our full year and fourth quarter financial performance. But first, I'd like to introduce Paul to our investor community and congratulate him on his new position.

我們相信，在 2025 財年結束時，我們將充滿必勝的信念，並處於發展壯大的地位。Paul Kuehneman 將進一步分析我們全年及第四季的財務表現。但首先，我想向我們的投資者群體介紹保羅，並祝賀他榮任新職。

Paul stepped into the role of Interim Chief Financial Officer on October 27, and he brings more than 30 years of experience at Hormel Foods, including his ongoing role as Corporate Controller. He is a deeply respected leader with a strong command of our business. I am confident you'll find Paul's insights valuable, and I look forward to you engaging with him more closely.

Paul 於 10 月 27 日就任臨時財務官，他在荷美爾食品公司擁有超過 30 年的經驗，目前擔任公司財務總監。他是一位備受尊敬的領導者，對我們的業務有著很強的掌控力。我相信你會發現保羅的見解很有價值，我期待你與他有更深入的交流。

With that, I'll turn the call over to Paul

好了，現在我把電話交給保羅。

Thank you, Jeff. And good morning, everyone. I'm looking forward to connecting with many of you over the coming months. Let's take a closer look at our results. As Jeff mentioned, net sales exceeded $12 billion for the full year of fiscal 2025. Top line strength continued in the fourth quarter as total company organic net sales grew 2% compared to the prior year.

謝謝你，傑夫。大家早安。我期待在接下來的幾個月與大家建立聯繫。讓我們仔細看看我們的結果。正如傑夫所提到的，2025 財年全年淨銷售額超過 120 億美元。第四季營收持續走強，公司有機淨銷售額年增 2%。

Profit was challenged this year and value-added growth was more than offset by year-over-year margin pressures related to higher commodity input costs, supply chain impacts of avian illnesses and some discrete items, each of which I'll dive deeper into. As previously shared, persistent inflation in key commodity inputs exceeded our expectations and remained elevated compared to prior year levels.

今年利潤面臨挑戰，增值成長被同比利潤率壓力所抵消，這些壓力與更高的商品投入成本、禽類疾病對供應鏈的影響以及一些個別項目有關，我將在下文中深入探討這些問題。如同先前所分享的，主要商品投入品價格持續上漲，超出我們的預期，且與去年同期水準相比仍然較高。

Specifically, we experienced over 500 basis points of raw material cost inflation during the fourth quarter alone. For the fiscal year, pork bellies increased approximately 25%. The pork cutout rose about 10% and pork trim increased approximately 20%. Beef remained a significant inflationary pressure across the industry throughout the year.

具體來說，光是在第四季度，我們就經歷了超過 500 個基點的原料成本上漲。在本財政年度，豬腩肉銷量成長了約 25%。豬肉分割肉價格上漲了約 10%，豬肉邊角料價格上漲了約 20%。全年以來，牛肉價格一直是整個產業通膨的主要壓力來源。

With respect to Turkey, as you'll recall, early in fiscal 2025, we were impacted by avian illnesses across our Turkey supply chain and the broader industry. Decrease in Turkey, supply in the industry have the compounding impact of higher commodity prices. In the fourth quarter we saw the return of HPAI cases, especially across the Midwest. Collectively, these developments caused challenges during fiscal 2025 and we anticipate continued Turkey supply constraints through the first half of 2026.

關於土耳其，您可能還記得，在 2025 財年初期，我們的土耳其供應鏈和整個產業都受到了禽類疾病的影響。土耳其的供應減少，加劇了產業內商品價格上漲的局面。第四季度，高致病性禽流感病例再次出現，尤其是在中西部地區。總的來說，這些發展在 2025 財年造成了挑戰，我們預計土耳其的供應限制將持續到 2026 年上半年。

As we previously discussed, we took pricing actions at various times during fiscal 2025. However, due to the timing of some cost inflation, we cannot fully offset the margin impacts within the fiscal year. In addition two unfortunate events took place during the fourth quarter, a chicken product recall and a fire at our Little Rock facility. Taken together, these events represented approximately $0.03 of negative EPS impacts in fiscal 2025.

正如我們之前討論過的，我們在 2025 財年期間曾多次採取定價措施。然而，由於某些成本上漲的時間節點，我們無法在本財年內完全抵銷利潤率所受到的影響。此外，第四季還發生了兩起不幸事件：雞肉產品召回事件和我們位於小石城的工廠發生火災。綜合來看，這些事件對 2025 財年的每股盈餘產生了約 0.03 美元的負面影響。

The benefits from our Transform and Modernize initiative helped to offset some of these margin pressures in fiscal 2025. We ended the year having delivered benefits within our stated range and are proud of the capabilities this growth initiative has generated for our company. As we moved to SG&A, marketing and advertising spend was lower compared to last year. This was a decision to prioritize efficiency in a challenging cost environment.

我們的轉型和現代化計劃帶來的效益有助於抵消 2025 財年的一些利潤率壓力。今年年底，我們實現了既定目標範圍內的收益，並為這項成長計畫為公司帶來的能力感到自豪。由於我們調整了銷售、一般及行政費用，行銷和廣告支出與去年相比有所下降。這是在成本壓力巨大的環境下，優先考慮效率而做出的決定。

Importantly, although we reduced spending, we remain focused on leveraging more targeted programs to support our brands. Other adjusted SG&A expenses increased during the year, driven in part by higher employee and external expenses. As we previewed in our fourth quarter business update, we recorded non-cash impairment charges in both our international and Retail segments as part of our year-end financial closing process.

重要的是，儘管我們減少了支出，但我們仍然專注於利用更有針對性的計劃來支持我們的品牌。本年度其他調整後的銷售、一般及行政費用增加，部分原因是員工和外部支出增加。正如我們在第四季度業務更新中預告的那樣，作為年終財務結算流程的一部分，我們在國際和零售業務部門都提列了非現金減損費用。

The international impairment totaled $164 million and was related to our minority investment in Indonesia and an investment that remains both valuable and strategically important to us. Our Retail segment impairments were $71 million, primarily related to our snack nuts business. We remain confident that our investment thesis is intact and we are still excited about the snack nuts category and the protein diversification within our portfolio.

國際減損總額為 1.64 億美元，與我們在印尼的少數股權投資有關，而這項投資對我們來說仍然很有價值，也具有重要的戰略意義。我們的零售業務減損損失為 7,100 萬美元，主要與我們的零食堅果業務有關。我們仍然堅信我們的投資理念仍然成立，我們仍然對零食堅果品類以及我們投資組合中的蛋白質多元化感到興奮。

Operating income for fiscal 2025 was $719 million and adjusted operating income was just over $1 billion. Operating margin was 5.9% and adjusted operating margin was 8.4%. The effective tax rate for fiscal 2025 was 28%, which was impacted by our fourth quarter minority investment impairment. For the full year, diluted EPS was $0.87 and adjusted diluted EPS was $1.37. For the fourth quarter, we recognized a diluted loss per share of $0.10. Adjusted diluted EPS was $0.32.

2025 財年的營業收入為 7.19 億美元，調整後的營業收入略高於 10 億美元。營業利益率為 5.9%，調整後營業利益率為 8.4%。2025 財年的實際稅率為 28%，這受到了我們第四季少數股權投資減損的影響。全年稀釋後每股收益為0.87美元，調整後稀釋後每股收益為1.37美元。第四季度，我們確認稀釋後每股虧損0.10美元。調整後稀釋後每股收益為0.32美元。

We recognize these results are well below our initial expectations for the year, but as Jeff mentioned, that we have laid a solid foundation for return to growth in fiscal 2026. I'd like to touch on a few other financial priorities for the fiscal year.

我們意識到這些結果遠低於我們年初的預期，但正如傑夫所提到的，我們已經為 2026 財年恢復成長奠定了堅實的基礎。我想談談本財年的其他一些財務重點。

We closed the year in a strong financial position with ample liquidity and a conservative level of debt. Cash flow from operations was $845 million in fiscal 2025, and inventories at fiscal year-end were $1.7 billion, an increase of $171 million from the beginning of the year. Capital expenditures were $311 million in fiscal 2025. We invested in high priority businesses with capacity expansions for Hormel Fire Braised and Applegate products. Our investments also advance data and technology, people, safety and animal welfare. Finally, we invested capital in our Jiaxing, China facility to support growth.

我們以穩健的財務狀況結束了這一年，擁有充足的流動資金和保守的債務水準。2025 財年經營活動產生的現金流量為 8.45 億美元，財年末庫存為 17 億美元，比年初增加了 1.71 億美元。2025財年資本支出為3.11億美元。我們對高優先級業務進行了投資，擴大了 Hormel Fire Braised 和 Applegate 產品的產能。我們的投資也促進了數據和技術、人才、安全和動物福利的發展。最後，我們向位於中國嘉興的工廠投入了資金，以支持業務成長。

In fiscal 2025, we returned a record $633 million to our shareholders in the form of dividends, including our 389th consecutive quarterly dividend. We recently announced an increase to our quarterly dividend of 1%, raising the implied annualized rate to $1.17 per share for fiscal 2026, making Hormel Foods one of the distinguished dividend aristocrats with 60 consecutive years of dividend increases.

在 2025 財年，我們以股息的形式向股東返還了創紀錄的 6.33 億美元，其中包括我們連續第 389 個季度派發的股息。我們最近宣布將季度股息提高 1%，使 2026 財年的隱含年化股息率達到每股 1.17 美元，使荷美爾食品成為連續 60 年提高股息的傑出股息貴族之一。

Finally, this year marked our second safest year on record following a historic achievement in 2024. I'm incredibly proud of our team members for their commitment to people safety, keeping it front and center every day and making it a core part of how we operate.

最後，繼 2024 年取得歷史性成就之後，今年成為有史以來第二安全的年份。我為我們的團隊成員感到無比自豪，他們始終將人員安全放在首位，並將其作為我們營運方式的核心部分。

And with that, more detailed context on our results. I'll turn the call over to John to walk through our strategic focus areas for fiscal 2026.

接下來，我們將提供更多關於研究結果的詳細資訊。我將把電話交給約翰，讓他來介紹我們 2026 財年的策略重點領域。

Thank you, Paul. In fiscal 2025, our protein-centric portfolio demonstrated strength with consumers. We leave the year ready to build off our top line momentum by leaning into our portfolio of winning brands and products. Protein demand isn't a passing trend. It's a sustained, growing priority for so many different consumer groups. Hormel Foods is excited to lead the way, delivering real protein solutions for everyday occasions.

謝謝你，保羅。在 2025 財年，我們以蛋白質為中心的產品組合在消費者中展現了強大的競爭力。今年我們已做好準備，將憑藉我們強大的品牌和產品組合，繼續保持營收成長動能。蛋白質需求並非曇花一現。對於許多不同的消費群體來說，這已成為一項持續且日益重要的優先事項。荷美爾食品公司很高興能夠引領潮流，為日常生活提供真正的蛋白質解決方案。

As we turn the page to 2026, we have every reason to be confident. We are focused on winning in attractive consumption spaces by positioning our brands and innovation where they have the most significant opportunities and prioritizing our resources to fuel growth.

當我們翻開新的一頁邁向2026年時，我們完全有理由充滿信心。我們專注於在具有吸引力的消費領域取得成功，方法是將我們的品牌和創新定位在最具發展潛力的領域，並優先投入資源來推動成長。

Hormel holds a truly unique position in the food industry. An advantage we've built over many years. We have a balanced, protein-centric portfolio with broad capabilities to create value and win with proteins. This, coupled with our extensive reach across Retail and Foodservice channels, provides a strategic advantage that we believe is compelling and unmatched in today's industry.

荷美爾在食品業中佔有真正獨特的地位。這是我們多年來累積的優勢。我們擁有均衡的、以蛋白質為中心的產品組合，具備廣泛的能力，能夠利用蛋白質創造價值並取得成功。這一點，再加上我們在零售和餐飲服務管道的廣泛覆蓋，為我們提供了我們認為在當今行業中無可匹敵的戰略優勢。

We've evolved from a meat company into a consumer-focused company. But unlike other consumer food companies, we are the consumer company that wins with protein. We deliver winning protein solutions for breakfast, lunch, dinner, and every snack in between at home or away from home, animal-based or plant-based, whether you're cooking or someone is cooking for you. Hormel is ready to provide great tasting solutions aligned with some of the most enduring consumer trends in the food industry. Ease and convenience, flavor experiences and the growing desire for more protein.

我們從一家肉品公司發展成為一家以消費者為中心的公司。但與其他消費食品公司不同，我們是一家以蛋白質產品贏得消費者青睞的公司。我們提供營養均衡的蛋白質解決方案，滿足您早餐、午餐、晚餐以及各種零食的需求，無論是在家還是外出，無論是動物性蛋白質還是植物性蛋白質，無論您是自己烹飪還是別人為您烹飪。荷美爾已做好準備，提供符合食品業一些最持久的消費趨勢的美味解決方案。便利性、口味體驗以及對更多蛋白質日益增長的需求。

Today, I'll share three focus areas that will guide us in 2026. The first focus is consumer obsession. We already have a strong foundational understanding of our consumers and operators, but in 2026 we are taking that a step further. We are actively listening, learning and anticipating. To better understand the challenges and aspirations of our consumers and operators. Also, we can better design solutions and experiences that uniquely meet and even exceed their needs for food occasions. We have great examples of how we have already put this framework into action.

今天，我將分享指導我們2026年的三個重點領域。首要關注點是消費者至上主義。我們已經對我們的消費者和營運商有了紮實的基礎了解，但到 2026 年，我們將更進一步。我們正在積極傾聽、學習和預測。為了更了解我們的消費者和營運商所面臨的挑戰和期望。此外，我們還可以更好地設計解決方案和體驗，以獨特地滿足甚至超越他們對美食的需求。我們有許多成功運用這框架的實例。

Take our baking platform as an example. We spent many hours in the kitchens of our consumers and operators understanding their pain points. We uncovered a clear insight. People love bacon and want to consume it more often, but they want it to be as effortless as possible to prepare. This insight led us to innovations that make bacon easy in any kitchen. In operators' kitchens, we brought them high quality, quick prep Bacon 1 platform, and now we are introducing the next generation of easy for our operator partners with pre-cooked and Pre-portioned Sandwich-ready bacon.

以我們的烘焙平台為例。我們花了大量時間在消費者和經營者的廚房裡，了解他們的痛點。我們發現了一個清晰的洞見。人們喜歡培根，也想經常吃培根，但他們希望培根的製作過程盡可能簡單輕鬆。這項洞察促使我們進行創新，使任何廚房都能輕鬆烹調培根。在餐飲業者的廚房裡，我們為他們帶來了高品質、快速準備的 Bacon 1 平台，現在我們為我們的營運商合作夥伴推出了下一代便捷的預煮和預分裝三明治培根。

In the home kitchen, we've climbed to the number one position in the convenient bacon category through our pre portioned ready to eat microwave-ready platform and we are now building distribution on the next iteration of making bacon easy at home with our oven-ready bacon platform, an innovation that all but eliminates the cleanup with a disposable oven tray. Grounded in real consumer insights, we're making sure bacon is accessible and easy for all.

在家庭廚房中，我們憑藉著預先分裝好的即食微波爐培根平台，已攀升至便捷培根類別的第一名。現在，我們正在建立下一代產品——烤箱即食培根平台的分銷網絡，這項創新幾乎完全消除了使用一次性烤箱托盤後的清潔工作。基於對消費者的真實洞察，我們致力於確保所有人都能輕鬆享用培根。

Through deep engagement with consumers, we've uncovered another key challenge, finding better for you convenient and versatile meal options is harder than it should be. We've listened closely to those who struggle with this tension, and as leaders in protein, we have been able to provide a range of easy meal solutions made possible by our leading portfolio in ground turkey.

透過與消費者的深入交流，我們發現了另一個關鍵挑戰：找到更健康、方便、多樣化的膳食選擇比想像中要困難得多。我們認真聽取了那些受此困擾的人們的意見，作為蛋白質領域的領導者，我們憑藉領先的火雞肉糜產品組合，提供了一系列便捷的膳食解決方案。

Our Jennie-O marketing program presents and offers varied meal solutions that are rooted in meeting consumers' mealtime needs for lean, satisfying protein options that are easy to plug into daily life. And we see plenty of opportunities to do even more to aid consumers during mealtimes with our leading Jennie-O brands and relevant Turkey products in the future.

我們的 Jennie-O 行銷計劃推出並提供各種膳食解決方案，旨在滿足消費者在用餐時對精瘦、令人滿足的蛋白質選擇的需求，這些選擇易於融入日常生活。我們看到，未來有很多機會可以利用我們領先的 Jennie-O 品牌和相關的火雞產品，在用餐時間為消費者提供更多幫助。

These successes show how our consumer obsession can drive real marketplace leadership. And this is only the beginning. Throughout the year, you can expect to see these insights come to life in bold, tangible ways as we continue to execute and accelerate growth by looking at the world through the eyes of our consumers and operators.

這些成功表明，我們對消費者的關注如何帶來真正的市場領導地位。而這只是個開始。在這一年中，我們將透過消費者和營運商的視角看待世界，繼續執行並加速成長，您將會看到這些見解以大膽、切實的方式變為現實。

Building on these consumer insights, our second focus is taking our brands beyond boundary. By breaking out of their traditional categories and unlocking new growth. We are stretching our brands to their full potential by leveraging their protein advantage and unlocking big, wide open marketplace opportunities. Protein can play an even broader role throughout the day, across different occasions and channels, and we are stepping into these growth opportunities with our protein-centric portfolio.

基於這些消費者洞察，我們的第二個重點是讓我們的品牌超越界限。透過突破傳統類別，釋放新的成長潛力。我們正在充分發揮品牌的潛力，並利用其蛋白質優勢，開拓廣大的市場機會。蛋白質可以在一天中的不同場合和管道中發揮更廣泛的作用，而我們正在透過以蛋白質為中心的產品組合來掌握這些成長機會。

Take our SPAM brand as an example. Our team saw an opportunity to take SPAM into new formats beyond the can. Inspired by global food culture, we reimagined new occasions for the brand, introducing a sushi style format now featured in sushi departments nationwide. This innovation taps into new consumers sourcing from the large and growing sushi category.

以我們的SPAM品牌為例。我們的團隊看到了將 SPAM 午餐肉推廣到罐頭以外的新形式的契機。受全球飲食文化的啟發，我們為該品牌重新構想了新的場合，推出了壽司風格的形式，現在全國各地的壽司專櫃都推出了這種形式。這項創新吸引了來自龐大且不斷成長的壽司品類的新消費者。

SPAM success in this product format isn't just a domestic success. By the end of fiscal 2025, over 100 million SPAM Musubis have been sold in Japan alone. An incredible milestone made just three years after the launch.

午餐肉罐頭產品在這種產品形式上的成功，不僅限於國內市場。截至 2025 財年末，光在日本就已售出超過 1 億個 SPAM 午餐肉飯糰。上市僅三年就取得如此驚人的里程碑。

Chicken is another attractive growth space with increasing consumer opportunities. And as a protein-centric consumer company, we are thinking bigger. Our innovative mindset and strong extendable brands allow us to follow consumer demand and deliver the experiences they crave. For Applegate, that means leveraging chicken to penetrate on-trend categories like quick-prep breakfast and easy dinner with better for you options such as frozen chicken breakfast sausage and lightly breaded chicken tenders for later in the day.

雞肉是另一個極具吸引力的成長領域，消費者需求不斷成長。作為一家以蛋白質為中心的消費品公司，我們的目標遠不止於此。我們憑藉著創新思維和強大的可擴展品牌，能夠滿足消費者的需求，並提供他們渴望的體驗。對 Applegate 來說，這意味著利用雞肉打入快手早餐和簡易晚餐等潮流品類，並提供更健康的選擇，例如冷凍雞肉早餐香腸和適合晚些時候食用的裹有薄麵包屑的雞柳。

In Foodservice, we're building on the success of our Flash 180 platform. Beyond the chicken breast, we're tapping into the growing demand for chicken tenders and chicken sandwiches by providing operators with a customizable solution that simplifies their back-of-the-house operations. These moves show how we're not just following trends. We're fueling them, expanding our reach and unlocking new growth opportunities.

在餐飲服務領域，我們正在鞏固 Flash 180 平台的成功。除了雞胸肉之外，我們還透過為經營者提供可客製化的解決方案來滿足日益增長的雞柳和雞肉三明治的需求，從而簡化他們的後廚操作。這些舉措顯示我們並非只是追隨潮流。我們正在為他們提供動力，擴大我們的影響力，並開拓新的成長機會。

The third focus is becoming future ready, rooted in some basic principles so we can focus on our company premise nourishing protein solutions. We are simplifying our company and we are renovating ourselves. Portfolio reshaping is a priority. We are focused on strategic categories and brands with long-term growth potential and have made deliberate decisions to simplify. We recently announced plans to move the Justin's business into a strategic partnership to enable its best path forward. We also recently exited certain private label product lines, and we announced the closure of a non-strategic soup stock operation to simplify our supply chain.

第三個重點是面向未來做好準備，紮根於一些基本原則，以便我們能夠專注於我們公司的宗旨——提供營養蛋白質解決方案。我們正在簡化公司架構，也進行自我革新。投資組合調整是當務之急。我們專注於具有長期成長潛力的策略品類和品牌，並已做出簡化的深思熟慮的決定。我們最近宣布了將 Justin's 的業務轉變為策略合作夥伴關係的計劃，以使其能夠走上最佳發展道路。我們最近也退出了某些自有品牌產品線，並宣布關閉一家非策略性湯料生產企業，以簡化我們的供應鏈。

For internal renovation, we are committed to advancing our data, technology, people and processes. One exciting example is how we are utilizing AI to accelerate and improve our marketing. For Skippy, our team leveraged generative AI to create over 25 high quality, seasonally relevant pieces of content in a single day. The game changer for creating impactful content at scale. These assets are now powering engagement through the critical holiday season. This is only the beginning of how we're leveraging AI to boost efficiency and unlock creativity across our brands.

在內部改造方面，我們致力於提升我們的數據、技術、人員和流程。一個令人興奮的例子是我們如何利用人工智慧來加速和改進我們的行銷。對於 Skippy，我們的團隊利用生成式人工智慧，在一天之內創作了超過 25 篇高品質、與季節相關的作品。大規模創造有影響力內容的顛覆性技術。這些資源正在為關鍵的假期季節提供強大的用戶互動支援。這只是我們利用人工智慧提升效率、釋放品牌創造力的開始。

Beyond marketing and innovation, we're implementing AI-enabled tools like o9 and streamlined processes such as integrated business planning, transforming how we plan and make decisions every day. Enhanced data access, cutting-edge technology, and modernized workflows are reinventing nearly every aspect of our business across all aspects of our supply chain to cross-functional collaboration, and all the way to the physical and digital shelf. This includes new tools, leveraging data and analytics for areas such as pricing, revenue growth management, real-time portfolio management and assortment optimization decisions.

除了行銷和創新之外，我們還在實施人工智慧工具（如 o9）和簡化流程（如整合業務規劃），從而改變我們每天的規劃和決策方式。增強的資料存取、尖端技術和現代化的工作流程正在重塑我們業務的幾乎方方面面，從供應鏈的各個環節到跨職能協作，一直到實體和數位貨架。這包括利用數據和分析來制定定價、收入成長管理、即時產品組合管理和產品組合最佳化決策的新工具。

The focus areas I described are underway now, though we understand our efforts must translate to margin expansion and sustainable, profitable growth. We believe this strategic path sets us apart in the marketplace by better meeting the needs of our consumers and operators with our unique and potent protein-centric portfolio. We have the opportunity to deliver consistent, profitable growth.

我所描述的重點領域目前正在進行中，但我們也明白，我們的努力必須轉化為利潤率的提高和可持續的獲利成長。我們相信，這條策略路徑能夠讓我們在市場上脫穎而出，透過我們獨特且強大的以蛋白質為中心的產品組合，更好地滿足消費者和營運商的需求。我們有機會實現持續獲利成長。

With that, I will turn the call back over to Jeff to click into our 2026 outlook and assumptions.

接下來，我將把電話轉回給傑夫，讓他來談談我們對 2026 年的展望和假設。

We said on our third quarter call that our goal is to return to the algorithm of 2% to 3% organic net sales growth and 5% to 7% operating income growth. These goals are intentionally ambitious but are grounded in the strength of our portfolio and take the broader food industry environment into consideration. We are providing fiscal 2026 guidance with a slightly wider range than our growth algorithm. This approach accounts for the dynamic current environment and supports our flexibility to navigate near-term volatility while remaining firmly focused on the strategic priorities John just outlined.

我們在第三季電話會議上說過，我們的目標是恢復到有機淨銷售額成長 2% 至 3%，營業收入成長 5% 至 7% 的演算法。這些目標雖然雄心勃勃，但都是基於我們強大的產品組合，並考慮了更廣泛的食品產業環境。我們提供2026財年業績指引的範圍比我們的成長演算法預測的範圍略寬。這種方法考慮到了當前動態的環境，並支持我們靈活應對近期波動，同時堅定地專注於約翰剛才概述的策略重點。

Let's turn now to our guidance and the key assumptions behind it. In fiscal 2026, we expect organic net sales growth of 1% to 4%. As John discussed, we think our protein-centric portfolio, coupled with our demonstrated strength and presence in both Retail and Foodservice, puts us in an advantaged strategic position going forward. We already momentum on the top line in fiscal 2025 and plan to build on this momentum in fiscal 2026 through enhanced marketing support. In fact, a number of these campaigns are already underway as the holidays are a key season for many of our strategic brands.

現在讓我們來看看我們的指導原則及其背後的關鍵假設。預計 2026 財年有機淨銷售額將成長 1% 至 4%。正如約翰所討論的，我們認為，我們以蛋白質為中心的產品組合，加上我們在零售和餐飲服務領域展現出的實力和影響力，使我們在未來處於有利的戰略地位。我們在 2025 財年的營收成長勢頭良好，並計劃在 2026 財年透過加強行銷支持，鞏固這一成長動能。事實上，許多此類行銷活動已經開始，因為假期是我們許多策略品牌的重要時期。

Our guidance also accounts for pricing actions across our portfolio. The steep increases in input costs in the summer and fall of 2025 precipitated two waves of pricing actions on many products, and the realization of the second wave will allow us to restore more balance with these inflated costs. In fiscal 2026, we expect adjusted operating income growth of 4% to 10% and adjusted earnings per share to be in the range of $1.43 to $1.51 per share.

我們的指導意見也考慮了我們產品組合中的定價策略。2025 年夏秋兩季投入成本的急劇上漲引發了對許多產品的兩波價格調整，而第二波調整的實施將使我們能夠更好地平衡這些上漲的成本。預計 2026 財年調整後營業收入將成長 4% 至 10%，調整後每股盈餘將在 1.43 美元至 1.51 美元之間。

Regarding key input cost assumptions in our outlook, we expect pork input costs to decline compared to fiscal 2025, but still remain above the five year average. Beef costs remain high and are expected to be a headwind throughout fiscal 2026 and net costs are anticipated to be elevated from the prior year as well. We also expect to see stronger turkey markets in fiscal '26.

關於我們展望中的關鍵投入成本假設，我們預期豬肉投入成本將比 2025 財年有所下降，但仍將高於五年平均值。牛肉成本居高不下，預計在 2026 財年持續構成不利因素，淨成本也預計將高於前一年。我們也預計 2026 財年土耳其市場將更加強勁。

Gross margin expansion is expected to be driven by a variety of levers, including mix improvements, the wraparound pricing benefits that I just mentioned, and productivity from our Transform and Modernize initiative. I want to be clear about our intentions with regard to the Transform and Modernize initiative. Our efforts will continue into fiscal 2026. However, we do not plan to report P&M savings separately going forward. We believe these financial benefits will be spread in supporting our enhanced marketing programs, offsetting some of the continued inflationary pressure, and allowing us to expand margins. And this is all accounted for in the range of our guidance.

毛利率擴張預計將由多種因素驅動，包括產品組合改進、我剛才提到的環繞式定價優勢，以及我們「轉型與現代化」計畫帶來的生產力提升。我想明確說明我們對「轉型和現代化」倡議的意圖。我們的努力將持續到2026財年。但是，我們未來不打算單獨報告P&M節省的費用。我們相信，這些財務收益將用於支持我們加強的行銷計劃，抵消部分持續的通膨壓力，並使我們能夠擴大利潤率。而這些都已包含在我們的指導範圍內。

Regarding SG&A, as I shared in my opening remarks, our recently announced corporate restructuring designed to support strategic priorities and long-term growth, is expected to result in savings in non-advertising spending in fiscal 2026. We expect each of our segments to deliver both top line and segment profit growth in fiscal 2026. And for further segment guidance information, please refer to our supplemental slides on our Investor Relations website.

關於銷售、一般及行政費用，正如我在開場白中所述，我們最近宣布的企業重組旨在支持戰略重點和長期增長，預計將在 2026 財年節省非廣告支出。我們預計2026財年，我們各個業務部門的營收和利潤都將成長。有關各業務板塊的更多指引信息，請參閱我們投資者關係網站上的補充幻燈片。

From a cadence standpoint, we expect Q1 earnings to decline compared to prior year, mainly due to timing of the impacts of pricing, commodity input costs and some lingering impacts from our fourth quarter. We believe our full year guidance range is achievable and realistic. It demonstrates the value of our balanced protein-centric portfolio and positions us for sustainable long-term growth.

從節奏上看，我們預計第一季收益將比去年同期下降，主要原因是價格、商品投入成本的影響以及第四季度的一些持續影響。我們相信，我們全年的業績預期範圍是可以實現的，也是現實的。它展現了我們以蛋白質為中心的均衡產品組合的價值，並為我們實現可持續的長期成長奠定了基礎。

With that, I will turn the call over to the operator to begin our Q&A portion of the call, and we look forward to your questions.

接下來，我將把電話交給接線員，開始我們的問答環節，期待您的提問。

(Operator Instructions) Michael Lavery, Piper Sandler.

（操作說明）邁克爾·拉弗里，派珀·桑德勒。

Thank you. Good morning. You touched on some of the cost expectations and how the T&M initiatives would be continuing and some of the other administrative savings. But could you maybe just unpack guidance a little bit further and give us some of the key puts and takes to keep in mind and just how to think about peeling that onion a little bit further?

謝謝。早安.您提到了一些成本預期，以及T&M計劃將如何繼續進行，還有一些其他的行政節省。但是，您能否進一步解釋指導原則，給我們一些需要記住的關鍵要點，以及如何更深入地分析這個問題？

Sure. Michael, thank you very much. This is Jeff Ettinger answering. So we'll start on the top line where we said we expect organic net sales growth of 1% to 4%. We already have substantial momentum on top line and with all four quarters last year generating top line growth and driven by all three segments, and expect that kind of momentum to continue.

當然。邁克爾，非常感謝你。這裡是傑夫·埃廷格回答。所以我們先從營收說起，我們預期有機淨銷售額將成長1%至4%。我們在營收方面已經取得了顯著的成長勢頭，去年四個季度的營收均實現了成長，這得益於三大業務板塊的共同努力，我們預計這種成長勢頭將會持續下去。

As John described, we think our protein-centric portfolio, coupled with our presence in both Retail and Foodservice, puts us in an advantaged strategic position. In terms of other specifics that will help the top line in fiscal 2026 we'll be -- get benefiting from the pricing actions that have already been taken place. But some of which just kind of roll in in Q1 or at the very beginning of Q2. And then we also will have enhanced marketing support. And we've been on air already supporting many of our brands.

正如約翰所描述的那樣，我們認為我們以蛋白質為中心的產品組合，加上我們在零售和餐飲服務領域的佈局，使我們處於有利的戰略地位。至於其他有助於 2026 財年營收成長的具體措施，我們將受益於已實施的價格策略。但其中一些產品會在第一季或第二季初上市。此外，我們還將獲得更強大的行銷支援。我們已經在廣播節目中為我們的多個品牌進行了宣傳。

When it comes to the bottom line, we've guided to adjusted operating income growth of 4% to 10% with the midpoint of the 7% growth in fiscal 2026. We have taken several steps to help our bottom line performance catch up with our top line momentum. So first of all, there is that pricing flow through which will better match up with cost as the year goes on.

就最終收益而言，我們預期 2026 財年調整後營業收入將成長 4% 至 10%，中位數為 7%。我們已採取多項措施，以幫助公司獲利能力跟上營收成長的步伐。首先，價格會隨著時間的推移而逐步調整，以更好地與成本相符。

Secondly, we expect to drive mix improvement and the marketing focus will help us to do that. Third, we do expect continued benefits from the T&M program. Fourth, we have the savings from the restructuring work, and I'm sure we'll be able to provide more details about that in further questions on the call here this morning.

其次，我們希望推動產品組合的改進，而行銷的重點將有助於我們實現這一目標。第三，我們期望T&M計劃能夠持續帶來收益。第四，我們有重組工作節省下來的資金，我相信我們能夠在今天上午的電話會議中就此提供更多細節。

And then lastly, we do expect some relief from input costs in particular in the second half of the year, although we're still facing some headwinds in beef and nut costs. So overall, I mean, I guess our theme is we believe our guidance is realistic and achievable and demonstrates the value of our balanced protein-centric portfolio.

最後，我們預計下半年投入成本會有所緩解，儘管牛肉和堅果成本方面仍面臨一些不利因素。總的來說，我的意思是，我想我們的主題是我們相信我們的指導方針是現實的、可實現的，並證明了我們以蛋白質為中心的均衡產品組合的價值。

That's helpful. Great color. And can I just add a follow-up on portfolio reshaping? You touched on in the prepared remarks and gave a couple of examples. It sounds like, is that more of a starting point and that you would be doing a bit more review there or how would you sort of assess maybe some of what you've just announced versus what may still be to come?

那很有幫助。顏色很棒。我可以補充一下關於投資組合重組的後續問題嗎？你在準備好的演講稿中提到了這一點，並舉了幾個例子。聽起來，這更像是一個起點，你會在那裡進行更多審查，或者你會如何評估你剛剛宣布的一些內容與未來可能發生的事情之間的關係？

Hi, Michael. This is John. I'll take that question. So thank you. Yes, portfolio reshaping certainly is an ongoing effort for us and it's a strategic one. We continue to look at strategic categories and brands and making sure we're building our portfolio around our growth ambitions. And also importantly, looking at how do we simplify our operations. Really, all of it is about positioning Hormel for sustainable long-term growth.

你好，麥可。這是約翰。我來回答這個問題。所以，謝謝你。是的，投資組合調整無疑是我們持續的工作，而且是一項策略性工作。我們將繼續專注於策略品類和品牌，並確保我們的產品組合圍繞著我們的成長目標。此外，更重要的是，也要考慮如何簡化我們的操作。實際上，這一切都是為了讓荷美爾實現可持續的長期成長。

So if you think about simplifying operations, that includes exiting non-strategic businesses and ensuring we have the best owner for our brands and product lines. The example, I mentioned earlier around Justin's. Justin's is a wonderful brand, but a better fit in the hands of the strategic partnership that we've created given its overall the opportunity it has for growth in confections, which is a non-strategic category for us, was it was an opportunity that we saw.

因此，如果您考慮簡化運營，那就包括退出非策略性業務，並確保我們的品牌和產品線擁有最佳所有者。我之前提到的賈斯汀的例子。Justin's 是一個很棒的品牌，但考慮到它在糖果領域（對我們來說並非策略性類別）的整體成長潛力，它更適合我們創建的策略合作夥伴關係，因為我們看到了這個機會。

So, I would say overall, our actions reflect a deliberate strategy around portfolio shaping, all intended to streamline and position our company for sustainable, profitable growth and allowing us to really focus on that premise I mentioned, which is nourishing protein solutions.

因此，總的來說，我認為我們的行動體現了圍繞產品組合構建的深思熟慮的策略，所有這些都是為了簡化和定位我們的公司，以實現可持續的盈利增長，並使我們能夠真正專注於我提到的前提，即提供營養蛋白質解決方案。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Tom Palmer, JP Morgan.

湯姆‧帕爾默，摩根大通。

Good morning and thanks for the question. Jeff, in the prepared remarks, you said you expect stronger turkey markets in your guidance. I just wanted to clarify around that since there are several turkey products you sell, including ground turkey where there was some pricing mid-year and then deli meat. What are you assuming in the outlook for whole bird pricing?

早安，謝謝你的提問。傑夫，你在事先準備好的演講稿中提到，你預計火雞市場將會走強。我只是想就此澄清一下，因為你們銷售幾種火雞產品，包括年中價格有所調整的碎火雞肉和熟食肉類。您對整禽價格前景有何預期？

Spot prices obviously up quite a bit, but I think you still have contracting to finalize over the coming quarters. So I think at times you guys have indicated it might be too early to embed much change in guidance until you start to capture it in contracts. Thanks.

現貨價格顯然上漲了不少，但我認為在接下來的幾個季度裡，你們仍然需要敲定一些合約。所以我覺得你們有時也表示過，在將變化納入合約之前，現在就將太多變化納入指導方針可能還為時過早。謝謝。

Okay. So this is John. Tom, I'll jump in on that one to just talk turkey a little bit. I'll kind of pull back overall on turkey in general for us and kind of come down to some of the areas you're touching on. So first, turkey continues to be a very important business for us, very important for the consumer, and in particular our focus around valueadded turkey, ground turkey continues to be a winning formula for us.

好的。這位是約翰。湯姆，我也來插一句，想跟你認真談談。總的來說，我會減少我們對火雞的投入，而更專注於你剛才提到的一些領域。首先，火雞對我們來說仍然是一項非常重要的業務，對消費者來說也非常重要，尤其是我們專注於增值火雞，碎火雞肉仍然是我們成功的秘訣。

From a consumer demand standpoint ground turkey in particular is a great option for consumers. Very versatile, plugs in very well to everyday life, different food experiences, different meal experiences. So in terms of creating value in a strained consumer environment, we love our ground turkey business.

從消費者需求的角度來看，碎火雞肉尤其適合消費者。用途非常廣泛，能很好地融入日常生活，帶來不同的美食體驗和用餐體驗。因此，在消費環境緊張的情況下，就創造價值而言，我們非常看好我們的碎火雞肉業務。

Second, I'll comment that there certainly has been some volatility in the markets in the industry. You'll recall that in 2025 we saw a run up in costs in the first half of the year around turkey in our supply chain, we said we needed to take price. We did that. We implemented pricing actions in the back half based on that inflation that we saw.

其次，我想指出的是，該行業的市場確實出現了一些波動。您可能還記得，2025 年上半年，我們供應鏈中火雞的成本出現了上漲，我們當時就表示需要控制價格。我們做到了。我們根據觀察到的通貨膨脹情況，在下半年實施了價格調整措施。

We actually weathered that pricing well on our ground turkey business driving both top line growth, market share improvements and profit recovery. So we're managing the volatility well. I would say coming from a position of strength with Jennie-O as we support the brand well, serve our customers well is absolutely critical.

事實上，我們的碎火雞肉業務很好地經受住了價格波動的影響，實現了營收成長、市場份額提升和利潤恢復。所以，我們對市場波動的應對情況良好。我認為，憑藉 Jennie-O 的強大實力，我們能夠很好地支持品牌，更好地服務客戶，這一點至關重要。

That being said, the markets have continued to fluctuate. Certainly that does impact our pricing. And coming to your point around whole birds in particular, I would say our guidance, our expectations for the year include somewhat elevated whole bird prices throughout the year. Although I will point out to your question, it's early and very little is settled at this point in terms of the market. We still need to see sell through from this holiday season as one factor in that. So, that's the that's the position of where we're at now.

儘管如此，市場波動仍在持續。這當然會影響我們的定價。至於你提到的整禽價格問題，我想說，我們對今年的指導和預期包括全年整禽價格將略有上漲。雖然我要指出你的問題，但現在還為時過早，就市場而言，目前很多事情都還沒有定論。我們仍需要觀察今年假期季節的銷售情況，這也是其中一個因素。所以，這就是我們目前的處境。

And again, from an overall standpoint, we love the turkey business, consumers looking for lean protein. Our ground turkey business continues to be a winning business for us that we're going to drive.

再說一遍，從整體來看，我們熱愛火雞生意，因為消費者正在尋找瘦蛋白。我們的碎火雞肉業務仍然是一項盈利的業務，我們將繼續大力發展。

Great. Thanks for that. And then maybe this question will catch you off guard. But I wonder if you might share a bit of the expected savings from your restructuring work.

偉大的。謝謝。也許這個問題會讓你措手不及。但我不知道您是否願意分享重組工作預計節省的部分費用。

Yeah. Hi, this is Jeff. I didn't answer your last question, so I owe you this one, right. So as we talked about, we made the difficult but responsible decision to reduce expenses, ultimately resulting in 250 position workforce reduction, which about 9% of our corporate and sales group.

是的。大家好，我是傑夫。我還沒回答你上一個問題，所以這個問題我得回答你，對吧。正如我們之前討論的那樣，我們做出了艱難但負責任的決定，削減開支，最終導致裁員 250 人，約占我們公司和銷售團隊的 9%。

Significantly, the other aspect of this, what we focused on was really making sure we had the right organizational structure going forward. We were able to reduce layers in many areas and we also targeted expenses, including certain benefit programs. This work has resulted in meaningful savings and will free up capacity for growth objectives and our company initiatives.

值得注意的是，我們關注的另一個面向是確保我們擁有正確的組織結構以迎接未來的發展。我們得以減少許多領域的層級，我們也針對性地削減了開支，包括某些福利項目。這項工作已經節省了大量資金，並將釋放出更多資源用於實現成長目標和公司各項措施。

We designed the program to deliver gross savings in the range of 2 times to 3 times our expected cost to implement, and we expect that the payback timing will be quick within the first 12 months, although in terms of quarterly cadence, it doesn't really kick in until the beginning of the calendar year. So the first two periods of Q1 really don't have this benefit.

我們設計的方案旨在實現預期實施成本的 2 到 3 倍的毛節省，我們預計在最初的 12 個月內就能迅速收回成本，儘管就季度節奏而言，它要到日曆年年初才會真正開始發揮作用。所以第一季的前兩個時期其實並沒有這種好處。

I also want to point out that you won't see all of this flow through as a direct reduction in SG&A because some of these gross savings are being reinvested in people and in brands and technology. Some of the benefit actually gets reflected in cost of goods instead of SG&A and some will cover incentive resets. Let me also pass over to Paul to give you a little more specific for modeling purposes.

我還想指出，您不會看到所有這些收益直接轉化為銷售、一般及行政費用的減少，因為部分節省下來的資金將重新投資於人員、品牌和技術。部分收益實際上會反映在商品成本中，而非銷售、一般及行政費用中，部分收益將用於支付激勵重置費用。我也想請保羅為大家更具體地介紹一下建模方面的內容。

Yeah, great. Thanks, Jeff. All in the work we've done for SG&A has allowed us to anticipate adjusted SG&A as a percent of net sales comparable to the prior year, inclusive of meaningful step up in marketing and advertising, maintaining prior year rates of spending while reallocating resources to what will drive our brands and company forward in the best way is an important lever to our growth story for fiscal 2026 and beyond.

好的，太棒了。謝謝你，傑夫。我們在銷售、一般及行政費用方面所做的一切工作，使我們能夠預測調整後的銷售、一般及行政費用佔淨銷售額的百分比與上一年相當，其中包括營銷和廣告方面的顯著增長，在保持上一年支出水平的同時，將資源重新分配到能夠以最佳方式推動我們的品牌和公司發展的方面，這是我們2026財年以後和槓桿增長故事的重要。

Great. Thanks for the details.

偉大的。謝謝你提供的詳細資訊。

Ben Theurer, Barclays.

本·圖雷爾，巴克萊銀行。

Hi. Yeah, good morning and thank you very much for taking my question. A lot to digest literally. But I wanted to go back into some of the comments and the outlook more particular as it relates to Planters. So obviously you've taken some decisions within the nut business on the private label side, but just wanted to understand where you are in terms of the journey of recovering on Planters of what you've lost in terms where are you in shelf space? Where are you on the profit side? Just to understand how we should think about the cadence into fiscal 2026 of further delivering from the Planters business. That would be my first question.

你好。是的，早上好，非常感謝您回答我的問題。確實需要好好消化一下。但我想回到一些評論和展望，特別是與 Planters 相關的觀點。顯然，您在自有品牌堅果業務方面做出了一些決定，但我只是想了解一下，就Planters品牌而言，您在恢復損失方面進展如何，以及您在貨架空間方面的情況如何？你們的獲利情況如何？只是為了了解我們應該如何考慮 Planters 業務在 2026 財年進一步交付的節奏。這將是我的第一個問題。

Right. Great. Ben, good morning. I'll take it. It's John. Yeah. Planters continues to be a very important brand for us in our portfolio, and we are very bullish overall on Planters going forward. Last quarter I mentioned that we had started growing Planters again, and now I am very pleased to say that we are fully back in growth mode behind Planters. And I mean that both in the near term as well as in the potential we see for Planters in the longer term.

正確的。偉大的。本，早安。我要買它。是約翰。是的。Planters 仍然是我們投資組合中非常重要的品牌，我們對 Planters 的未來發展整體非常看好。上個季度我提到我們已經開始重新發展 Planters，現在我很高興地說，我們已經全面恢復了 Planters 的發展勢頭。我的意思是，無論從短期還是從長遠來看，Planters 都具有巨大的潛力。

So when I talk about the near term, we are clearly delivering the gains we expected to see in the marketplace. I'm pleased to report that in the latest 13 weeks of consumption data, we've seen Planters plus 12% in dollar consumption and plus 6% in volume consumption versus prior year. This is largely to your point driven distribution gains. Distribution is up 13% versus prior year in the latest 30 week -- 13 weeks, and base sales are up over 10%.

所以，就近期而言，我們顯然正在實現我們預期在市場上看到的收益。我很高興地報告，在最近 13 週的消費數據中，Planters 的美元消費量比上年同期增長了 12%，銷量消費量增長了 6%。這主要如您所說，是由分銷收益所驅動的。與去年同期相比，最近 30 週（13 週）的分銷額增長了 13%，基礎銷售額增長了 10% 以上。

So the specific question around distribution, our distribution recovery is just about complete at this point. We are nearly all the way back to where we were prior to the supply disruption and we are gaining share in the growing snack nut category. I also mentioned last quarter that our top line momentum is good. Our consumer recovery is on track, but our profit recovery has been somewhat hampered. That continues primarily driven by mix shifts related to consumers trading out of cashews. You may recall that last year cashew saw significant price increases that were precipitated by commodity inflation.

所以關於分銷的具體問題，目前我們的分銷恢復工作已基本完成。我們幾乎已經完全恢復到供應中斷之前的水平，並且在不斷增長的零食堅果品類中獲得了更大的份額。我上個季度也提到過，我們的營收成長勢頭良好。我們的消費者復甦正在按計劃進行，但利潤復甦受到了一定程度的阻礙。這種情況持續存在，主要原因是消費者減少了腰果的消費，轉而購買其他品牌的腰果。你可能還記得，去年受大宗商品通膨的影響，腰果價格大幅上漲。

We love the fact that we have a brand and an equity with the Planters franchise that's big enough to keep all those consumers in the franchise as they trade among nut types. But that does drive some mix implications for us from a profitability standpoint. So as we go forward, we'll continue to build on that top line momentum. We are going to begin lapping that cashew pricing in the second quarter of 2026. And we are adjusting our go to market plans to take advantage of our broad portfolio to drive more favorable mix.

我們非常高興我們擁有 Planters 品牌和特許經營權，其規模足以讓所有消費者在購買不同種類的堅果時都留在該特許經營權範圍內。但從獲利能力的角度來看，這確實會對我們的投資組合產生一些影響。因此，展望未來，我們將繼續保持這一成長動能。我們將從 2026 年第二季開始逐步降低腰果價格。我們正在調整市場推廣計劃，以利用我們廣泛的產品組合來推動更有利的產品組合。

And we continue to focus on our three part plan that we've talked about before, attracting consumers to the brand, stepped up communications and advertising, strong in-store promotions, increased focus on our exciting innovation that's proving to be highly incremental to the brand in the category. And we just continue to love Planters as a snacking platform as consumers are migrating to snacks with substance, snacks with protein. We love the fact that we have this leading brand in that space.

我們將繼續專注於我們之前討論過的三部分計劃：吸引消費者關注品牌、加強溝通和廣告、大力開展店內促銷活動、更加註重我們令人興奮的創新，這些創新已被證明能極大地提升品牌在該品類中的地位。我們依然喜愛 Planters 作為零食平台，因為消費者正在轉向更有營養、富含蛋白質的零食。我們很高興在這個領域擁有這樣一個領先品牌。

Okay. Perfect. And then second, I mean, obviously, you've done a lot. We had some impairment charges within your International business, which you've highlighted was Indonesia related. But within International, you called out the dynamics in Brazil, but the challenges down there. So we know it was it was a venture, it was a relatively small business. But given some of the initiatives you're doing in terms of portfolio review, we've seen the Justin's thing. I mean, there is a lot going on.

好的。完美的。其次，我的意思是，很顯然，你已經做了很多。您的國際業務中出現了一些減損費用，您已明確指出這些費用與印尼有關。但在國際賽場上，你指出了巴西的動態，以及那裡的挑戰。所以我們知道它是一項投資，而且是一家規模相對較小的企業。但鑑於你們在投資組合審查方面採取的一些舉措，我們已經看到了賈斯汀的做法。我的意思是，現在發生了很多事。

So how should we think about that venture in Brazil? Is that is that still part of you want be there or is that something you would be open to put up for sale to literally have an even cleaner story maybe on the International business with more of a focus in Southeast Asia, Asia, and not so much with the venture as well in Brazil that has been causing, I guess , more headache than smiles? So just your take on Brazil, that would be appreciated.

那我們該如何看待在巴西的這項投資呢？你是否仍然想繼續留在那裡？或者你願意出售這部分股份，從而擁有一個更清晰的故事，或許專注於國際業務，更側重於東南亞和亞洲，而不再過多關注在巴西的合資企業——我想，它帶來的麻煩比快樂更多？所以，請談談您對巴西的看法，非常感謝。

Yeah, sure. Ben, it's John. I'll take that one too. Look, I would say, just a couple of general comments about our international business. Number one, our China business does continue to perform very well for us. That is a strategic priority. It's a focus. Two, we have seen good success on our branded export business, headlined by global SPAM. That continues to do very well for us.

當然可以。本，我是約翰。我也要那個。我想就我們的國際業務談幾點總體看法。第一，我們在中國的業務確實繼續表現得非常好。這是一項策略重點。這是一個重點。第二，我們的品牌出口業務取得了良好的成功，其中以全球午餐肉罐頭最為突出。這對我們來說一直都非常有效。

To the question around what's held us back, certainly, there are parts of the export business in terms of more commodity-type products that have been more of a struggle recently. And then Brazil for sure has been a drag in terms of our overall performance.

至於是什麼阻礙了我們前進，當然，出口業務中某些大宗商品類型的產品最近確實遇到了更多困難。巴西之行無疑拖累了我們的整體表現。

To come to your question around portfolio, certainly, my earlier comments where everything is under review, we do continue to look at our portfolio in total for what makes sense, what doesn't, and we'll continue that process as we go through 2026. Thank you.

關於您提出的投資組合問題，當然，正如我之前所說，一切都在審查中。我們確實會繼續全面審視我們的投資組合，看看哪些合理，哪些不合理，我們將繼續在 2026 年之前完成這個過程。謝謝。

Perfect. Thanks, John.

完美的。謝謝你，約翰。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones 研究公司。

Good morning and thanks for the questions. I guess I wanted to start with the assumptions on raw material input costs, specifically pork. So it seems like the recovery and productivity for the industry from disease is trending above expectations and we're set up for decent supply growth in 2026.

早安，感謝大家的提問。我想先從原料投入成本的假設開始，特別是豬肉的成本。因此，該行業從疫情中恢復和生產力似乎正在超出預期，我們已做好準備，迎接 2026 年的良好供應成長。

So I was just trying to get a sense. You said above the five year average, but below 2025. But I was just wondering if you could give us a little more detail as far as like how you're thinking about the year-on-year decline in raw materials, particularly given how much bellies and trim have already retrenched from the summer highs.

我只是想了解一下狀況。你說高於五年平均水平，但低於 2025 年。但我只是想知道，您能否更詳細地說明一下您是如何看待原材料價格同比下降的，特別是考慮到腹部和邊角料的價格已經從夏季高峰迴落了很多。

Yeah. Thanks, Heather, this is Paul. As the first quarter has begun, pork trim and beef remain at a headwind year-over-year like you mentioned. We have started to see some year-over-year relief in bellies. We have announced also targeting pricing actions to address the markets.

是的。謝謝，希瑟，我是保羅。第一季已經開始，正如您所提到的，豬肉邊角料和牛肉同比仍然面臨不利影響。我們已經開始看到腹部疾病的盛行率比去年同期有所下降。我們也宣布了有針對性的價格調整措施，以因應市場變化。

In Foodservice there's no changes to our pricing. We do have beef and not headwinds as we look at the full year of fiscal 2026 in our guidance. And then to your point, improving in pork benefits in half two is kind of what we've modeled internally.

餐飲服務方面的定價沒有變動。在我們的2026財年全年業績展望中，我們面臨的是成長而非阻力。至於你提到的，提高第二年上半年豬肉收益的目標，正是我們內部建模的目標。

If I could add, Heather. This is Jeff. Just kind of further response to your question. There's modeling for the whole year that obviously we need to do. But one of the things I think we've realized over the last three to four months is we really need to be more real-time responsive to changes in market.

如果可以的話，我想補充一下，希瑟。這是傑夫。算是對你問題的進一步回答。顯然，我們需要對全年進行建模。但我認為，在過去三、四個月裡，我們意識到的一件事是，我們真的需要對市場變化做出更即時的反應。

So in response to this heightened market volatility we're refining some of our processes to drive greater agility in forecasting and managing commodity risk. One example would be we're going to couple our external forecasting sources with some of our real-time internal knowledge about factors affecting the commodity markets. So, we can predict what we think will happen in H2 and how much recovery there is, but we need to be better than reacting to what really goes on.

為了應對這種加劇的市場波動，我們正在改進一些流程，以提高預測和管理商品風險的靈活性。例如，我們將把外部預測來源與我們關於影響大宗商品市場的因素的一些即時內部知識結合起來。所以，我們可以預測我們認為 H2 會發生什麼以及會有多少復甦，但我們需要做得更好，而不是被動地應對實際發生的事情。

That's helpful. Thank you. My second question is just you have a number of tailwinds going into 2026, whether it be potentially lower raw material cost in pork, the turkey markets, the lapping of non-recurring things. And you mentioned that headwinds of beef and nuts and you're going to raise your advertising spend.

那很有幫助。謝謝。我的第二個問題是，到 2026 年，你們有很多利多因素，例如豬肉原料成本可能降低、火雞市場、非經常性項目的減少等等。你提到了牛肉和堅果的逆風，並且你打算增加廣告支出。

But just wondering, as you were putting together your guidance and all, just if you could give us a sense of how much the consumer environment factored into your outlook? Like are you assuming a still tough consumer all the way through '26 or just how are you thinking about Foodservice traffic? And just I know it's a really big question, but just trying to get a better sense on how you're thinking about demand.

不過，我想問一下，在您制定指導方針的過程中，能否讓我們了解一下消費者環境在您的觀點中起到了多大作用？你是認為消費者在 2026 年之前仍然會很挑剔，還是你對餐飲服務業的客流量有什麼看法？我知道這是一個很大的問題，但我只是想更好地了解您是如何看待需求的。

So big Heather, it's going to take two of us to answer it. So I'll start and this is Jeff and then John is going talk about the consumer. I do want to give a little more color to all of you on the call today about cadence. So we do expect Q1 earnings to be pressured still compared to last year. And we're actually looking at probably $0.02 to $0.04 below year ago as a realistic range because we still have spillover effects on the bottom line in terms of the pricing actions that are not all fully implemented in Q1.

這個問題太大了，需要我們兩個人才能回答。那我先開始，這位是傑夫，接下來約翰將談消費者。今天我想就節奏問題再補充一些細節給大家。因此，我們預計第一季獲利仍將比去年同期面臨壓力。實際上，我們認為比去年同期低 0.02 到 0.04 美元是一個比較現實的範圍，因為在第一季度，我們還有一些定價措施尚未完全實施，這些措施仍然會對利潤產生溢出效應。

In terms of the commodity input costs, as you correctly pointed out, they've started to come down, but they do remain elevated. We have some turkey supply issues still from the turkey illness issues. As I mentioned a minute ago, we have the timing of the SG&A benefit, which will help us through the year, but not particularly in Q1.

至於商品投入成本，正如您所指出的，它們已經開始下降，但仍然居高不下。由於火雞生病的問題，我們仍然面臨一些火雞供應問題。正如我剛才提到的，我們有銷售、一般及行政費用的到帳時間，這將幫助我們度過今年，但對第一季幫助不大。

So although we expect Q1 earnings to be pressured compared to last year, we then are confident in our growth guide for the remainder of the year, but it does pull down the full year in terms of how that factors in. On the consumer side, John?

因此，儘管我們預計第一季的收益將比去年同期承壓，但我們對今年剩餘時間的成長預期充滿信心，但這確實會拉低全年的收益。約翰，你是從消費者的角度來說的嗎？

Yeah. So thanks, Heather. I'll talk a little bit. I mean, I think the consumer environment, I would still say the consumer is quite strained feeling the cumulative effects of inflation, feeling some of the uncertainty in the macro environment. Consumer sentiment remains quite low. So as we look out to 2026, I mean, we are factoring that into our guidance, meaning we expect the consumer to continue to exhibit value-seeking behavior throughout the year. We believe our portfolio is well-positioned to provide value in a number of different ways.

是的。謝謝你，希瑟。我來簡單說幾句。我的意思是，我認為消費者環境，我仍然認為消費者承受著相當大的壓力，他們感受到了通膨的累積影響，也感受到了宏觀環境的一些不確定性。消費者信心依然低迷。展望 2026 年，我們已將這一點納入我們的預測，這意味著我們預期消費者在全年將繼續表現出追求性價比的行為。我們相信，我們的投資組合能夠以多種方式創造價值。

From a Foodservice perspective, aligned with external forecast, we expect flat to little growth in the foodservice industry in total. But again, we love our solutions-based portfolio. We love our Foodservice model in terms of the channel diversification we have across small and large, across different types of channels, across commercial and non-commercial. So we love our channel resilience, we love our direct sales force. We love the types of solutions we provide to operators who value our partnership even in difficult times when traffic is down.

從餐飲服務業的角度來看，與外部預測一致，我們預期餐飲服務業整體成長將持平或略有放緩。但我們依然熱愛我們以解決方案為導向的產品組合。我們喜歡我們的餐飲服務模式，因為它實現了通路多元化，涵蓋了小型和大型企業、不同類型的通路、商業和非商業通路。所以我們熱愛我們的通路韌性，我們熱愛我們的直銷團隊。我們非常欣賞我們為營運商提供的解決方案，即使在流量下降等困難時期，他們仍然重視與我們建立合作關係。

So we feel like we have a good set of answers to the challenging environment, but we are modeled and forecasting a continued difficult environment from a consumer standpoint throughout 2026.

因此，我們感覺我們已經找到了應對當前充滿挑戰的環境的一系列有效方法，但我們根據模型預測，從消費者的角度來看，2026 年全年環境仍將持續艱難。

Very helpful. Thank you so much.

很有幫助。太感謝了。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Thanks for the question. I was just wondering if maybe you could give us a sense of kind of how much you're planning to invest back into the business. I know in terms of T&M, I know you're walking away from giving T&M targets going forward. But what you had given in the past was $75 million in FY24 and then $100 million to $150 million in FY25.

謝謝你的提問。我只是想問您能否大概透露您計劃向公司再投資多少資金。我知道就工時和材料而言，我知道你們以後不會再設定工時和材料目標了。但你過去在 2024 財年捐贈了 7,500 萬美元，然後在 2025 財年捐贈了 1 億至 1.5 億美元。

I was just wondering if you were able to give us a sense of how much of that, you were planning to -- you had invested back into the business or just give us a sense of how much reinvestment you're planning to drive back into the business.

我只是想問一下，您能否大致說明一下，您計劃將多少資金重新投資到企業中，或者能否大致說明一下，您計劃將多少資金重新投資到企業中。

Yeah, thanks for the question, Pooran. I think again -- this is Jeff and I'll start and John will conclude on your question. So do want to point out on T&M, so this is the final year of our current program, doesn't mean we've made any permanent decisions about where we go from here.

是的，謝謝你的提問，普蘭。我再說一次——我是傑夫，我先開始，約翰將總結你的問題。所以我想在T&M上指出，雖然這是我們目前專案的最後一年，但這並不意味著我們已經對未來的發展方向做出了任何永久性的決定。

And it really has played a critical role and delivered significant value to the company. We have continued efforts scheduled for this year, a number of specific projects, but we have found that breaking out the financial benefits separately seems like it hasn't been particularly helpful and in some cases has caused confusion.

它確實發揮了關鍵作用，並為公司帶來了巨大的價值。我們今年繼續推進一些具體項目，但我們發現，將財務收益單獨列出似乎並沒有特別的幫助，在某些情況下反而造成了混亂。

So we're not providing that breakout, but we do expect to see financial benefits in 2026 and they'll kind of be spread between the marketing enhancement that you're asking about. We're also going to use some to offset continued inflationary pressure and then hopefully, to allow us to expand margins.

因此，我們不提供具體的細分數據，但我們預計在 2026 年將獲得財務收益，這些收益將大致分配到您所詢問的營銷提升方面。我們還將利用部分資金來抵消持續的通膨壓力，並希望能夠擴大利潤率。

I'll hand it over to John now.

我現在把它交給約翰。

Yeah. Good morning, Pooran. So in terms of how we're thinking about that reinvestment behind our brands, we're spending largely in a concentrated way behind our focused brands. There's a couple of points to that. One is think about our brands like Planters, SPAM, Jennie-O, as well as critical innovation that we know is important in the market to deliver that value for consumers right now.

是的。早安，普蘭。所以，就我們如何考慮對旗下品牌進行再投資而言，我們主要以集中的方式將資金投入到我們重點關注的品牌上。這其中有幾點需要說明。一方面，想想我們的品牌，例如 Planters、SPAM、Jennie-O，以及我們知道在市場上至關重要的創新，以便現在就能為消費者帶來價值。

Driving our investments behind those brands is one of the levers we have to drive positive mix into 2026 and create some of that margin momentum. Second, I will say on those businesses, we do have a very good handle and analytics around return on investment behind those marketing investments. And most importantly, at this moment is, it's absolutely critical that we support our brands through the pricing. We know that the consumer is strained. We know that we've taken multiple waves of pricing that we've talked about. It's inflation justified, pricing it's needed. But the consumer is strained.

加大對這些品牌的投資是我們推動產品組合在 2026 年實現積極成長並創造利潤成長動能的關鍵因素之一。其次，我想說的是，對於這些業務，我們確實對這些行銷投資的投資報酬率有非常好的掌握與分析。而最重要的是，在當下，我們必須透過定價來支持我們的品牌，這一點至關重要。我們知道消費者現在壓力很大。我們知道，我們已經討論過多次定價策略。這是合理的通貨膨脹，定價是必要的。但消費者面臨壓力。

And so our ability to support our brands well through those pricing actions is actually for us proving to be the recipe for success to successfully implement those pricing actions and to be able to continue the category and brand momentum we want to see. So that's how we're thinking about our stepped up investment into 2026.

因此，我們透過這些定價措施來支持我們的品牌的能力，實際上已被證明是我們成功實施這些定價措施並繼續保持我們想要看到的品類和品牌發展勢頭的秘訣。這就是我們對2026年加大投資力道的設想。

Great. Great. Appreciate the color there. On the follow-up was maybe just hoping to dive into cadence just a tad bit further. I appreciate the color you just gave on 1Q. And just thinking about 2 through 4Q and the recovery in FY26, is it more of like a gradual recovery where you're going to see a sequential recovery quarter to quarter from 2Q to 4Q? Or is it more of kind of like a step up in the back half and just a little bit of recovery in 2Q? If you're able to just provide any color around, that would be helpful. Thank you.

偉大的。偉大的。欣賞那裡的色彩。後續可能只是希望能夠更深入地探索節奏。我非常欣賞你對第一季的評價。考慮到 2026 財年第二季到第四季的復甦情況，這更像是一個漸進的復甦過程，你會看到從第二季到第四季度，每個季度都出現連續的復甦嗎？或者更像是後半程的加速，第二節稍作恢復？如果你能提供一些背景顏色，那就太好了。謝謝。

Sure. Thanks, Pooran. This is Jeff again. Yeah, we do expect after the first quarter challenges to see an acceleration of benefits. Realistically, as you get to Q4, you're now against a quarter that, as we talked about, had $0.03 of onetime incidents. And so, that sort of clearly should be a more beneficial quarter. So the middle ones will be more modest increases and then Q4 should be more substantial.

當然。謝謝你，普蘭。我是傑夫。是的，我們預計在度過第一季的挑戰後，將會看到效益加速顯現。實際上，到了第四季度，你所面對的是一個正如我們之前討論過的，只有 0.03 美元一次性事件的季度。因此，這顯然應該是一個更有利的季度。因此，中間幾季的成長幅度會比較溫和，而第四季的成長幅度應該會更大。

Great. Thank you very much.

偉大的。非常感謝。

Leah Jordan, Goldman Sachs.

莉亞喬丹，高盛集團。

Thank you. Good morning. I just wanted to go back and dig in a little bit more on Heather's second question. Given the fact that you're planning for revenue growth in each of your segments next year, just seeing if you could talk more about the drivers between price and volume for each segment.

謝謝。早安.我只是想回去再深入探討Heather的第二個問題。鑑於您計劃明年在各個業務板塊實現收入成長，我想請您詳細談談每個業務板塊的價格和銷量之間的驅動因素。

I mean, we've got some pricing in Retail, but there's maybe some lower costs that will come through in the back half and we've got the quicker passthrough on foodservice. So just how should we think about those elements in the mix of a more challenged consumer environment?

我的意思是，我們在零售方面有一些定價，但下半年可能會有一些較低的成本體現出來，而且我們在餐飲服務方面能更快地實現成本轉嫁。那麼，在競爭日益激烈的消費環境中，我們該如何看待這些因素呢？

Hey, good morning, Leah. This is Paul. So on the segment detail guide, all-in for fiscal '26, we expect Retail to have modest declines in volume with low-single digit increases in net sales, Foodservice will have low-single digit increases in volume with net sales in the mid-single digits.

嘿，早上好，莉婭。這是保羅。因此，在 2026 財年的分部詳細指南中，我們預計零售業的銷量將略有下降，淨銷售額將實現個位數低增長；餐飲服務業的銷量將實現個位數低增長，淨銷售額將實現個位數中增長。

And then International also expecting low-single digit increases in volume with high-single digit increases in net sales. And as Jeff has stated, segment profit growth by all three segments for the course of the year.

國際方面也預期銷售量將達到個位數低成長，淨銷售額將達到個位數高成長。正如傑夫所說，全年三個業務部門的利潤均實現了成長。

Okay, great. Thank you. And then maybe just some comments around the competitive overall across your categories in Retail. I mean, what are you seeing from peers as you start to put through some targeted pricing in some areas? And then -- but you're also kind of planning for incremental brand investments as well. So just the competitive environment overall. Thank you.

好的，太好了。謝謝。然後，或許可以就您所在零售業各品類的整體競爭情況發表一些評論。我的意思是，當你在某些地區開始實施有針對性的定價策略時，你從同行那裡看到了什麼？而且——但你也在某種程度上計劃進行漸進式的品牌投資。所以，整體競爭環境就是如此。謝謝。

Yeah, sure. I can take that. This is John. Good morning, Leah. So, from a Retail perspective, we do feel very good about the top line momentum we're seeing across the Retail business despite what is a choppy and competitive environment and that strained consumer backdrop. When you look at the drivers underneath that consumption performance, you can see in the scanner data, our flagship and rising brands continue to perform well.

當然可以。我可以接受。這是約翰。早安，莉婭。因此，從零售的角度來看，儘管市場環境動盪且競爭激烈，消費者經濟形勢緊張，但我們對零售業務的整體營收成長勢頭感到非常樂觀。當你查看影響油耗表現的驅動因素時，你可以從掃描器數據中看到，我們的旗艦品牌和新興品牌繼續表現良好。

In the latest 13 weeks, they were up 3.7% versus last year. That carried our total Hormel portfolio to over 1% consumption growth in the latest 13 weeks. Some of the standout performers, Jennie-O, ground turkey were up double digits. We're certainly pacing ahead of the competition. Planters back to double digit growth, also pacing ahead of the competition. We're seeing good, strong growth in our rising Mexican brands, Wholly Guacamole and Herdez grew 7% and 5%, respectively. Applegate continues to grow.

最近 13 週，它們比去年同期成長了 3.7%。這使得我們 Hormel 旗下所有產品組合在最近 13 週內的消費成長超過 1%。一些表現突出的選手，例如 Jennie-O，他們的碎火雞肉得分都達到了兩位數。我們肯定領先競爭對手。種植者恢復了兩位數的成長，並且領先競爭對手。我們看到旗下新興的墨西哥品牌發展勢頭良好，其中 Wholly Guacamole 和 Herdez 分別成長了 7% 和 5%。Applegate持續發展壯大。

So we like our portfolio. We like the momentum we have on Retail. We have taken, as we've talked about, you know, multiple ways to pricing action. We in the last quarter call, we talked about we had announced a wave of pricing that we were going to monitor if we needed additional pricing. As we get deeper into the quarter and saw the markets continue to rise, we did in fact, announced another wave of pricing which largely will benefit us in the second quarter.

我們對我們的投資組合很滿意。我們對零售業務的發展勢頭感到滿意。正如我們之前討論過的，我們採取了多種定價策略。在上一季的電話會議上，我們談到我們宣布了一系列定價措施，我們將密切關注是否需要額外的定價措施。隨著本季深入，市場持續上漲，我們確實宣布了新一輪定價調整，這將主要使我們在第二季度受益。

To your point around, how do we maintain that momentum, how do we feel competitively? We're going to continue to invest our brands. We're going to continue to invest behind our core brands, as well as our innovation to weather that competitively. And all in all, we certainly see competitive activity in some of the categories, that is aggressive. But we feel like we have good differentiated positions. We know where our growth is needed to come from and we're going to continue to invest those spots.

正如你所說，我們如何保持這種勢頭，我們如何保持競爭力？我們將繼續投資我們的品牌。我們將繼續投資我們的核心品牌和創新，以應對競爭。總而言之，我們確實看到某些類別中存在激烈的競爭活動。但我們感覺我們擁有良好的差異化市場定位。我們知道成長需要來自哪裡，我們將繼續在這些領域進行投資。

Very helpful. Thank you.

很有幫助。謝謝。

Max Gumport, BNP Paribas.

馬克斯·古姆波特，法國巴黎銀行。

Hey, thanks for the question. So for an update on tariffs, particularly if there are any expenses, particularly such as those associated with cashews that you incurred in FY25 that might not repeat in FY26 due to recent exemption. And then if so, if you could quantify that impact for us.

嘿，謝謝你的提問。因此，為了了解關稅的最新情況，特別是如果存在任何費用，特別是與腰果相關的費用，由於最近的豁免，這些費用在 2025 財年可能不會在 2026 財年再次發生。如果確實如此，能否請您為我們量化這種影響？

Yeah. Max, this is Paul. Thanks for the question. Overall, the message on tariffs, really, we feel that we're fairly insulated. Obviously, the global environment remains dynamic and it's ever-changing. For '26, the range that we think that we'll have on tariffs was $25 million to $35 million. And it's mainly related to supplies in steel and aluminum.

是的。馬克斯，我是保羅。謝謝你的提問。總的來說，關於關稅，我們覺得自己受到的影響相當小。顯然，全球環境依然是動態的，而且瞬息萬變。對於 2026 年，我們認為關稅範圍將在 2,500 萬美元至 3,500 萬美元之間。這主要與鋼鐵和鋁的供應有關。

We obviously we were watching cashews until the recent announcements of the removal of reciprocal tariffs. We haven't really quantified that exact amount that we had in '25, to give you a range on the '26 question.

顯然，我們一直在關注腰果市場，直到最近宣布取消互惠關稅為止。我們還沒有真正量化 2025 年的確切數量，所以無法就 2026 年的問題給出一個範圍。

Okay. I think that $25 million to $35 million, is that roughly in line with the total tariffs that you saw on your P&L in '25? You had quantified a $0.01 to $0.02 impact, I believe in the second half of '25.

好的。我認為 2500 萬美元到 3500 萬美元，這與您 2025 年損益表上看到的關稅總額大致相符嗎？我相信，您在 2025 年下半年量化了 0.01 到 0.02 美元的影響。

Yes. So on a full year basis, that is correct.

是的。所以從全年來看，這是正確的。

Okay, great. Then that takes me to my second question, which would be, I mean it feels like there's plenty of discrete items you have in fiscal year '26 that will be a help to your profit growth. So, you've mentioned admin savings. I think you said it was 2 times to 3 times the cost to implement, which I think is $20 million to $25 million the cost to implement. Correct me if that's wrong, but if that's right, that would be, maybe at the midpoint, roughly $60 million in savings.

好的，太好了。那麼這就引出了我的第二個問題，我的意思是，感覺你們在 2026 財年有很多獨立的專案將有助於你們的利潤成長。所以，您提到了節省管理費用。我想你說過實施成本是原來的 2 到 3 倍，我認為實施成本是原來的 2,000 萬到 2,500 萬美元。如果我理解有誤請指正，但如果這是正確的，那麼，以中間值計算，大約可以節省 6000 萬美元。

Now, all of that is going to flow to the bottom line. Some of it gets invested, but let's assume half close the bottom line, that's $30 million in profit growth, you've got the chicken recalls, that you're lapping, the fire at the Little Rock facility that you're lapping. So that's another $20 million or so in profit growth. So now we're at $50 million of profit growth.

現在，所有這些都將直接影響到最終的利潤。一部分資金會被用於投資，但假設最終利潤為 3000 萬美元，那麼你還得應付雞肉召回事件，以及小石城工廠的火災。這樣一來，利潤成長就增加了約2000萬美元。所以現在我們的利潤成長達到了5000萬美元。

Your guidance is for $40 million to $100 million. And you've also got a benefit coming from T&M, again, some of which gets reinvested, some of which would slows the bottom line and then, whole bird turkey pricing. So I was hoping just to get a bit more color on sort of what's what am I missing? What's dragging you down? Is there other forms of inflation like on beef and nuts? Just one -- just given these discrete factors, I'm trying to get a better sense for what might be holding you back and sort of keeping the low end of the range at 4% EBIT.

您的指導方針是4000萬美元到1億美元。此外，T&M 也帶來了一些好處，有些會再投資，有些會拖慢利潤，還有整隻火雞的定價。所以，我只是想了解我到底錯過了什麼？什麼事情讓你情緒低落？牛肉和堅果等其他商品也會出現通膨嗎？僅就這一個因素而言——考慮到這些離散因素，我正在努力更好地了解是什麼阻礙了你，並將 EBIT 的下限限制在 4%。

Thanks very much.

非常感謝。

All right. I'll start, Max, this is Jeff. I mean, you're correct that the $20 million to $25 million number in terms of the onetime costs is what we've reported. And so your math of the 2 times to 3 times know works in that regard. And you correctly pointed out that that ends up being, the total available savings, but then we are going to be reinvesting parts of it in certain areas.

好的。我先來，Max，這位是Jeff。我的意思是，你說的沒錯，我們報道的一次性成本是 2000 萬到 2500 萬美元。所以，你計算的 2 倍到 3 倍的結果是成立的。您正確指出，這最終就是可用的總儲蓄，但我們會將其中的一部分再投資到某些領域。

I think a couple of other factors that we probably could point out to you that might mitigate your math a little bit. One, I'll remind you again about Q1. So, we start out the year in somewhat of a whole. So, the implied rest of the year is quite a bit higher than 7% then. And so that does factor in some of the advantages that, that you're citing.

我認為還有一些其他因素或許可以指出，這些因素可能會稍微緩解你的計算問題。第一，我再提醒你 Q1 的問題。所以，我們以某種整體狀態開啟了新的一年。因此，今年剩餘時間的隱含殖利率將遠高於 7%。所以，這確實考慮到了你提到的一些優勢。

Secondly, I mean, I think the other thing that maybe models miss that we've talked about in the past is in the pricing area that while we're in reasonably good position to be current to the costs on the Foodservice side with some lag. In Retail, it's a more complex decision. And there are cases where, okay, if we're yes, the costs are up this much, but if we price to that same equivalent amount, it's going to really harm the long-term future of the brand. There are times where we've chosen not to do that, and so some of the math factoring into how we think 2026 plays out, has that factored in as well?

其次，我的意思是，我認為模型可能忽略的另一點，也是我們過去討論過的，就是定價方面，雖然我們在餐飲服務方面的成本方面處於相當有利的地位，但仍然存在一些滯後。在零售業，這是一個更複雜的決定。有些情況下，成本確實上漲了這麼多，但如果我們把價格定在同樣的水平，那將會對品牌的長期發展造成嚴重損害。有些時候我們選擇不這麼做，因此，我們在預測 2026 年的發展趨勢時，是否有一些數學計算也考慮到了這一點？

Got it. Thanks very much. Appreciate the color.

知道了。非常感謝。欣賞這種顏色。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

Good morning. This is Erica Eiler on for Rupesh. Thanks for taking our questions. So I wanted to dive a little bit deeper into gross margin. So obviously under pressure here in Q4 because of some of those discrete items, but maybe you could just walk us through some of the high level puts and takes, how you're thinking about gross margins for the year? Maybe -- and in terms of cadence, you know how we should think about the recovery there?

早安.這裡是 Erica Eiler 為 Rupesh 報道。謝謝您回答我們的問題。所以我想更深入了解毛利率。顯然，由於一些特殊項目的影響，第四季度面臨壓力，但您能否為我們概述一些高層次的考慮因素，以及您對今年毛利率的看法？也許——至於節奏方面，你知道我們應該如何看待那裡的恢復情況嗎？

So when you think about the gross margins for the year. I think obviously we've got in '25, like you mentioned, we obviously had impacted by the commodity inflation with 500 bps year-over-year in Q4 alone. The chicken product recall and the Little Rock fire obviously drove that as well.

所以，當你考慮全年的毛利率時。我認為很明顯，正如你所提到的，我們在 2025 年受到了大宗商品通膨的影響，僅第四季度就比去年同期上漲了 500 個基點。雞肉產品召回事件和小石城火災顯然也是造成這種情況的原因之一。

Planters top-line is performing well. But as we said last quarter, we're balancing mix dynamics on profitability. So those are really the margin dynamics in 2025. As we look in 2026, we obviously guide gross margin expansion with mix improvements, a lot of pricing flow-through over the course of the year in different waves that John's already described on the call here. And then we've got T&M savings going forward as well in the final year of the Transform and Modernize project.

Planters 的業績表現良好。但正如我們上個季度所說，我們正在平衡產品組合動態與獲利能力之間的關係。所以，這些就是2025年的利潤率動態。展望 2026 年，我們顯然預計毛利率將透過產品組合的改善而擴張，並且正如 John 在電話會議上已經描述的那樣，價格將在一年中分階段逐步上漲。此外，在轉型和現代化專案的最後一年，我們還將節省時間和材料成本。

Okay. Thanks for the color. And then just on inventory, so I think inventory was up about 11% in the quarter. Just curious how you're feeling about the health of your inventory from here?

好的。謝謝你提供的色彩。然後是庫存方面，我認為本季庫存成長了約 11%。我只是好奇你覺得你目前的庫存狀況如何？

Yes. No, a great question, Eric. Overall, we feel very comfortable with our inventory levels. And as you know, they are up year-over-year, but they actually went down in the fourth quarter. The biggest driver of that increase in inventory is the commodity markets that are boosting the balances.

是的。不，艾瑞克，你問得好。總體而言，我們對目前的庫存水準非常滿意。如你所知，他們的業績同比增長了，但實際上在第四季度卻下降了。庫存增加的最大驅動因素是商品市場推高了庫存平衡。

And then we made strategic decisions on pounds to increase where the center store business for the colder months and weather events and then lapping last year we also had the Planters issue and the Suffolk plant and so we've got replenishment there. But overall, we feel very comfortable with where our inventory levels are today.

然後，我們制定了戰略決策，增加中心商店在寒冷月份和惡劣天氣事件中的業務，去年我們還遇到了 Planters 的問題和薩福克工廠的問題，所以我們在那裡進行了補貨。但總體而言，我們對目前的庫存水準感到非常滿意。

Very helpful. Thank you.

很有幫助。謝謝。

Yasmine Deswandhy, Bank of America.

Yasmine Deswandhy，美國銀行。

Hey, guys. Good morning. Thanks for the question. Can I just ask on turkey specifically? So we know that turkey was a $0.25 headwind to fiscal '23 and then roughly a $0.15 headwind to fiscal '24. So could you just help us bridge the '25 impact? So what was the full year turkey headwind or tailwind to earnings in '25?

嘿，夥計們。早安.謝謝你的提問。我可以專門問一下關於火雞的問題嗎？所以我們知道，火雞對 2023 財年造成了 0.25 美元的負面影響，對 2024 財年造成了約 0.15 美元的負面影響。那麼，您能否協助我們應對 2025 年帶來的影響呢？那麼，2025 年全年火雞養殖對收益是利好還是不利因素呢？

So good morning, Yasmine. Just to give you a little bit of color on Turkey. So I mean, in general, we saw a lot of, I'll say increased costs in Turkey in 2025. We were able to land on our ground turkey business, the pricing we needed to cover that in terms of, how that played out for the year, those first half pressures really hit us quite hard. And we were able to balance that back in the second half and offset those first half headwinds with the improved results in the back half.

早安，雅絲敏。只是想簡單介紹一下土耳其。所以我的意思是，總的來說，我們看到土耳其在 2025 年的成本大幅增加。我們最終確定了碎火雞肉業務的定價，以涵蓋該業務的運作。至於上半年的營運壓力，確實給我們造成了很大的打擊。我們在下半場扭轉了局面，用下半場成績的提升抵消了上半場的不利影響。

In terms of whole birds, they did come in somewhat better than expected compared to our original outlook from fiscal 2025. But it was obviously a very I'll call it volatile year on turkey and we weathered it quite well from a competitive standpoint. And the recovery in the back half of the year. All in, it was a benefit in 2025.

就整隻禽類而言，與我們最初對 2025 財年的預測相比，它們的表現確實比預期要好一些。但很顯然，對於土耳其市場來說，這是非常動盪的一年，而從競爭的角度來看，我們應對得相當不錯。以及下半年的復甦。總而言之，到 2025 年這將是一項優勢。

Okay, great. That's helpful. Thank you. And then on raw materials inflation, you had said last earnings that I think 3Q was roughly 400 bps. How much was it in 4Q and how should we think about it in '26 on a quarterly basis, given there's typically some seasonality there?

好的，太好了。那很有幫助。謝謝。關於原物料通膨，您在上一份財報中提到，我認為第三季大約是 400 個基點。第四季是多少？考慮到季度通常存在一定的季節性因素，我們應該如何看待 2026 年的季度情況？

Yeah. Thanks, Yasmine for your question. In quarter four of the 500 basis points of raw material cost inflation during the fourth quarter. The second part of the question, I'll direct you to Jess having more internal discussions there.

是的。謝謝Yasmine的提問。第四季原物料成本通膨率為 500 個基點。關於問題的第二部分，我建議你去看看傑西在那裡進行的更多內部討論。

There are no further questions at this time. We have no further questions at this time. So, I'll turn the call back to Jeff Ettinger for closing comments. Sir, please go ahead. There are no further questions at this time.

目前沒有其他問題了。目前我們沒有其他問題。那麼，我將把電話轉回給傑夫·埃廷格，請他做總結發言。先生，請繼續。目前沒有其他問題了。

Yeah. Thank you very much. Since we're already running over, I just want to express my thanks to everyone for taking the time to follow us today.

是的。非常感謝。既然時間已經到了，我只想對今天抽空關注我們的大家表示感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線了。