卡夫亨氏 (KHC) 2025 Q3 法說會逐字稿

Greetings. Welcome to the Kraft Heinz Company third quarter 2025 earnings call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the conference over to Anne-Marie Megela, Head of Investor Relations. Thank you, Anne-Marie. You may now begin.

問候。歡迎參加卡夫亨氏公司2025年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給投資者關係主管安妮-瑪麗·梅格拉。謝謝你，安妮-瑪麗。現在你可以開始了。

Thank you, and hello, everyone. Welcome to the Q&A session for our third quarter 2025 business update. During today's call, we may make forward-looking statements regarding our expectations for the future, including items related to our business plans and expectations, strategy, efforts and investments and related timing and expected impacts as well as statements regarding the proposed separation of Kraft Heinz into two independently traded companies.

謝謝大家，大家好。歡迎參加我們2025年第三季業務更新的問答環節。在今天的電話會議中，我們可能會就我們對未來的預期發表前瞻性聲明，包括與我們的業務計劃和預期、策略、努力和投資以及相關時間安排和預期影響相關的事項，以及關於將卡夫亨氏拆分為兩家獨立交易公司的聲明。

These statements are based on how we see things today, and actual results may differ materially due to risks and uncertainties. Please see the cautionary statements and risk factors contained in today's earnings release, which accompanies this call as well as our most recent 10-K, 10-Q, and 8-K filings for more information regarding these risks and uncertainties.

這些陳述是基於我們目前的看法，但由於風險和不確定性，實際結果可能與此有重大差異。請參閱今天發布的收益報告中的警示聲明和風險因素，該報告隨本次電話會議一同發布，以及我們最新的 10-K、10-Q 和 8-K 文件，以了解有關這些風險和不確定性的更多信息。

Additionally, we may refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP. Please refer to today's earnings release and the non-GAAP information available on our website at ir.kraftheinzcompany.com under News & Events for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures.

此外，我們可能會參考非公認會計準則財務指標，這些指標從我們依照公認會計準則報告的財務表現中剔除了某些項目。請參閱我們網站 ir.kraftheinzcompany.com 的「新聞與活動」欄位下發布的今日收益報告和非 GAAP 信息，以了解我們的非 GAAP 財務指標以及與可比 GAAP 財務指標的調節情況。

I will now hand it over to our Chief Executive Officer, Carlos Abrams-Rivera, for opening comments. Over to you.

現在我將把發言權交給我們的執行長卡洛斯·艾布拉姆斯-裡維拉，請他致開幕詞。接下來該你了。

Well, thank you, Anne-Marie, and thank you, everyone, for joining us today. I am encouraged by our progress in the third quarter, recognizing there's more work to do to navigate today's complex environment. We delivered a modest year-over-year recovery in the top line performance, showing progress versus the first half of the year.

好的，謝謝安妮瑪麗，也謝謝各位今天蒞臨。我對我們在第三季的進展感到鼓舞，但也意識到，為了應對當今複雜的環境，我們還有更多工作要做。我們的營收年比略有回升，較上半年有所進步。

That said, the operating environment remains challenging with worsening consumer sentiment and ongoing inflation influencing buying behavior around the world. To reflect our third quarter results and the expected continuation of these macro trends, we have updated our 2025 outlook.

儘管如此，經營環境依然充滿挑戰，消費者信心惡化和持續的通貨膨脹影響著世界各地的購買行為。為了反映我們第三季的業績以及這些宏觀趨勢的預期延續，我們更新了 2025 年的展望。

We remain on track to separate into two independent companies in the second half of 2026. And while we manage that transition, our priority is to drive performance today and position both businesses for long-term success. I want to thank our teams for their efforts and our customers, consumers and shareholders for their support.

我們仍按計劃在 2026 年下半年拆分為兩家獨立公司。在我們努力完成過渡的同時，我們的首要任務是推動當前的業績成長，並為兩家企業的長期成功奠定基礎。我要感謝我們團隊的努力，以及我們的客戶、消費者和股東的支持。

With that, I have Andre joining me, so let's open the call for the Q&A.

接下來，安德烈也加入了我們，那麼讓我們開始問答環節吧。

(Operator Instructions)

（操作說明）

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Thanks so much. Good morning, Carlos and Andre. Carlos, In light of the weaker consumer sentiment that you've talked about, we are seeing a number of food companies sort of lean in more aggressively on investment spend, both pricing related and broader A&C.

非常感謝。早安，卡洛斯和安德烈。卡洛斯，鑑於你剛才提到的消費者信心疲軟，我們看到許多食品公司都在增加投資支出，包括與定價相關的投資和更廣泛的廣告和廣告支出。

I guess I'm curious how much of the '25 profit revision, if any, is due to more aggressive spending behind the brands than initially contemplated versus just the impact of sort of higher costs and volume deleverage. And if there's not significant additional spend, I guess I'm curious why wouldn't more make sense now to help jump-start volume improvement in a still tough consumer environment as you think towards next year?

我很好奇，2025 年的利潤修正有多少是由於比最初設想的更積極的品牌投入造成的，還是僅僅是成本上升和銷量下降的影響造成的。如果沒有額外的重大支出，我很好奇，為什麼在當前依然嚴峻的消費環境下，為了迎接明年的挑戰，現在不採取更多措施來幫助提升銷售？

Let me have Andre kind of give you a little bit of context how we think about the updated guidance and I kind of fill in some additional information.

讓我請安德烈給大家簡單介紹一下我們對更新後的指導意見的看法，我再補充一些資訊。

Thank you.

謝謝。

Thanks for the question, Andrew. Good morning, again. The profit revision is not linked to incremental investments beyond what we had previously communicated. The profit revision is a function of lower expectation on consumption in the US which we can talk more about that, is a function of elongated recovery on Taste Elevation, which has been improving in a meaningful way, 70% of the revenue now is gaining market share. However, the recovery is still slower than what we anticipated.

謝謝你的提問，安德魯。早安.利潤調整與先前我們公佈的額外投資無關。利潤修正是由於美國消費預期降低（我們可以對此進行更詳細的討論），也是由於口味提升的長期復甦（口味提升已顯著改善），目前 70% 的收入來自市場份額的提升。然而，復甦速度仍然比我們預期的要慢。

So there is a mix component to that. And we face incremental inflation in Meat and Coffee, and we didn't price certain elements of it due to competitive dynamics. And we had a few other one-offs affecting our supply chain results in Q3 that should not be expected to repeat in Q4. However, they stick in the year. Remember, though, that for this year, we are increasing promotional investment around $300 million in the US. We have $80 million-ish of incremental marketing spending in media.

所以這其中包含多種因素。肉類和咖啡的價格出現了逐步上漲，而且由於競爭形勢，我們沒有對其中某些成分進行定價。第三季我們的供應鏈業績也受到一些其他一次性因素的影響，預計第四季不會重現。然而，它們會留在這一年裡。不過請記住，今年我們將在美國增加約 3 億美元的推廣投資。我們在媒體行銷方面新增了約 8,000 萬美元的支出。

We have more R&D investments, and we have incremental headcount in selected areas, mainly commercial-related functions. So we are adding relevant investments on the business. And we don't think that adding more price at this moment will yield results. The investments we have made already allow us to have opening price points in critical categories to the retailers and to the consumers.

我們增加了研發投入，並在特定領域增加了人員編制，主要涉及商業相關職能。因此，我們正在對公司進行相關的投資。我們認為此時提高價格不會產生任何效果。我們已進行的投資使我們能夠在關鍵品類中為零售商和消費者提供極具競爭力的價格點。

We have investments in Meat and Cheese, in Frozen Potatoes, in Mac & Cheese and a few others. We don't believe adding more marketing at this point. Remember that the entire marketing investment increase is concentrated in the second half of the year.

我們在肉類和起司、冷凍馬鈴薯、通心粉和起司以及其他一些領域都有投資。我們認為目前沒有必要增加行銷投入。請記住，所有行銷投資的成長都集中在下半年。

So we don't think going even further beyond that would deliver returns at this point. However, we are open in the future to add more marketing as we continue to go deeper in our brand assessments. But at this point, we don't think it's a matter of putting more investments.

所以我們認為，在目前情況下，再進一步擴大規模不會帶來回報。但是，隨著我們對品牌評估的不斷深入，未來我們可能會增加更多的行銷活動。但就目前而言，我們認為這不是增加投資的問題。

I think the one thing I would add, Andrew, is, I mean, listen, we think about this at our company as a very much a consumer-centric brand-driven company. So for us, what is important is that we're building brand for the long term.

安德魯，我想補充一點，我的意思是，聽著，我們公司一直把這看作是一家以消費者為中心、以品牌為驅動的公司。所以對我們來說，重要的是要著眼於長遠發展來打造品牌。

So when we think about stepping up investments, we are thinking in terms of the -- what Andre mentioned in R&D, in marketing, continue to drive the renovation of our products because I think that is going to be the way for us to be successful over the long term.

所以，當我們考慮加大投資時，我們指的是——正如安德烈在研發和行銷方面所提到的，繼續推動我們產品的革新，因為我認為這將是我們長期成功的途徑。

I think the fact that we have concentrated our effort behind our Brand Growth System to make sure that we are continuing to bring distinct attributes that consumers value, that's going to be the way we continue to be able to be successful over the long term. And by the way, I think some of the pricing that we have done strategically in terms of promotions have worked.

我認為，我們集中精力打造品牌成長體系，確保我們持續推出消費者重視的獨特產品，這將是我們長期成功的途徑。順便說一句，我認為我們在促銷方面採取的一些策略性定價策略是奏效的。

If you look at our back-to-school campaign, we were able to actually be successful in able to drive great returns behind the key brands that we focused during the back-to-school campaign, Capri Sun, Lunchables, Jell-O. So I think we are going to continue to be tactical in our investments, but really building our brand for the long term. Thanks for the question.

如果你看看我們的返校季行銷活動，你會發現我們確實成功地為我們在返校季行銷活動期間重點關注的關鍵品牌（Capri Sun、Lunchables、Jell-O）帶來了巨大的回報。所以我認為我們將繼續採取策略性投資，但真正著眼於長期品牌建立。謝謝你的提問。

Yeah. Thank you.

是的。謝謝。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Hey, good morning, Carlos and Andre. I wanted to ask maybe a more conceptual question around the spin. And really, if I think about it, one of your CPG peers is going through a similar dynamic right now in terms of kind of a split and you're living kind of parallel lives, I guess, for lack of a better word.

嘿，卡洛斯和安德烈，早安。我想問一個關於旋轉的更概念性的問題。仔細想想，你們的一位消費品產業同行目前也正經歷著類似的局面，可以說是分崩離析，你們的生活可以說是平行發展，如果非要用一個詞來形容的話。

In the case of your peer, right, there was an announcement, the market responded the way that it did, and there's been a pivot on their behalf, not in terms of pursuing the split, but in terms of how they're going about it, right? There's been an alteration in terms of the path forward.

就你的同行而言，沒錯，他們發布了公告，市場也做出了相應的反應，他們也因此改變了策略，不是在推進分拆這件事上，而是在分拆的方式上，對吧？前進的方向已經改變了。

I wonder just as you've solicited feedback from investors and as you've heard from investors since your announcement, has there been any thought as to a pivot for Kraft Heinz, whether that means the leadership isn't the way that you thought it would pan out, the brands that you announced at the spin now, maybe some of them move from one to the other. Just any thoughts, again, as you've heard feedback that you may potentially pivot versus the initial announcement? Thanks very much.

我想知道，既然您已經徵求了投資者的反饋意見，而且自從您宣布分拆以來也聽到了投資者的聲音，那麼卡夫亨氏是否考慮過轉型？這是否意味著領導階層沒有按照您預想的方式發展？您在分拆時宣布的品牌，現在是否會有一些從一家轉移到另一家？您還有什麼想法嗎？因為您聽到了一些回饋，說您可能會改變最初宣布的計劃？非常感謝。

Well, thank you for the question. And listen, I think that -- let me give you a little bit of the context of how we ended up with the decision. We have spent a number of months working with our Board of Directors to make sure we felt that we were going to do something that was going to be unlocking shareholder value. And we believe in the fact that we create two stronger companies that can be more focused for us to drive that unlock the shareholder value.

謝謝你的提問。聽著，我想──讓我簡單介紹一下我們最終做出這個決定的背景。我們花了幾個月的時間與董事會合作，以確保我們確信我們將要做的事情可以釋放股東價值。我們相信，透過創造兩家更強大的公司，我們可以更專注於釋放股東價值。

And if you think about our two companies, I think we have already shown that we have a playbook that we have focused on in a part of our business that will be part of the Global Taste Elevation. In fact, if you look at our Taste Elevation progress in the Q3, you are seeing already that, that playbook is working, that, in fact, we are improving our dollar sales that we're improving our share position.

如果你想想我們兩家公司，我認為我們已經表明，我們有一套策略，我們專注於我們業務的某個部分，這部分將成為全球口味提升計劃的一部分。事實上，如果你看看我們第三季的「口味提升」進展，你會發現，這套策略確實奏效了，我們的美元銷售額和市場份額都在提升。

And in fact, in September, we gained share in 70% of the US Taste Elevation business. So the playbook that we have has been working, and we want to apply it now to both companies with the right amount of resources and support.

事實上，9 月我們獲得了美國 Taste Elevation 業務 70% 的份額。所以，我們現有的策略一直行之有效，現在我們希望將其應用到兩家公司，並為其提供足夠的資源和支援。

Having said that, we also have said that we are going to continue to look at opportunity for us to think what is the right way to support this with the right amount of experience, capabilities and technical resources. So I think that's something that we'll continue to do as we think about the announcements that we'll have ahead of the second half of the year with the management teams and the way we're going to create the right operating model for us to grow.

話雖如此，我們也說過，我們將繼續尋找機會，思考如何以適當的經驗、能力和技術資源來支持這項工作。所以我認為，在考慮下半年即將發布的公告時，我們會繼續這樣做，屆時我們將與管理團隊一起探討如何為我們創造合適的營運模式以實現成長。

So our focus remains on us doing the right thing by us creating these two companies. And really, in every situation, and you picked a particular peer that you had in mind, the reality is that there's many other examples of people who have done this. For us, what we're trying to do is, well, it's the right thing to do for both Kraft Heinz and our shareholders.

因此，我們仍然專注於透過創建這兩家公司來做正確的事情。事實上，在任何情況下，即使你選擇了你心中特定的同伴，現實情況是，還有很多其他人也這樣做過。對我們來說，我們努力做的事情，對卡夫亨氏和我們的股東來說都是正確的。

The other thing I'll add is, look, comments on perimeter and balance sheet. On the perimeter front, we -- as we said before, we decide this perimeter: one, to allow focus; two, based on growth history and growth potential of the different brands, the margin profile and the synergies.

我還要補充一點，請看，關於公司規模和資產負債表的評論。在邊界方面，我們——正如我們之前所說，我們決定這個邊界：第一，是為了集中精力；第二，基於不同品牌的成長歷史和成長潛力、利潤率和協同效應。

So as we go deeper now, we're doing all the bottom-up work. There's a lot of work going on, as you can imagine. If at any moment, we think it might create more value to shareholders to have some adjustments, we will. But at this point, we think we did the right thing because we put a lot of thought before that.

所以，隨著我們深入研究，我們現在要做的都是自下而上的工作。正如你所想，現在有很多工作正在進行。如果我們認為在任何時候進行一些調整可能會為股東創造更多價值，我們就會進行調整。但現在，我們認為我們做出了正確的決定，因為我們事先經過了深思熟慮。

The second, the balance sheet. I know there was initially some maybe misunderstanding about what we intend to do with both companies, thren we try to clarify that in the subsequent forums. So we said we are targeting both companies to be investment grade. We are committed to ensure that we keep the net debt at reasonable levels.

第二點，資產負債表。我知道最初可能對我們打算如何對待這兩家公司存在一些誤解，然後我們會在隨後的論壇上嘗試澄清這一點。所以我們說，我們的目標是讓這兩家公司都達到投資等級。我們致力於將淨債務保持在合理水平。

We put -- even the prepared remarks, we were very clear. Our capital allocation priorities have not changed. And the second one after organic investments is to maintain the net debt at or close to 3 times, and we're committed to do that, which should allow both companies to have good balance sheets with optionality.

我們甚至在事先準備好的發言稿中，也表達得非常清楚。我們的資本配置優先事項沒有改變。繼有機投資之後，第二個目標是將淨債務維持在 3 倍或接近 3 倍，我們致力於實現這一目標，這將使兩家公司都能擁有良好的資產負債表和選擇權。

And a clarification, when you say we want to have company investment grade, for us, net debt is below 4 times. And obviously, the specifics, we're going to be still discussing in the coming months and discussing greatly in agencies, but we are committed for that as well.

另外，需要澄清一下，您說我們希望公司達到投資等級，對我們來說，淨債務低於 4 倍。顯然，具體細節我們還會在接下來的幾個月繼續討論，也會在各機構內部進行深入探討，但我們對此也同樣充滿信心。

Thank you, Peter.

謝謝你，彼得。

Thanks so much.

非常感謝。

Tom Palmer, JPMorgan.

湯姆‧帕爾默，摩根大通。

Good morning. Thanks for the question. I wanted to just ask on Emerging Markets. It seems like excluding Indonesia, trends were more encouraging. I guess, one, and you did provide some commentary here on Indonesia from a sales overhang. But how big is Indonesia within Emerging Markets?

早安.謝謝你的提問。我只想問一下關於新興市場的問題。如果排除印度尼西亞，其他地區的趨勢似乎更令人鼓舞。我想，第一點，而且你在這裡也對印尼的銷售過剩問題發表了一些評論。但印尼在新興市場中究竟有多大份額？

And then when we think about the fourth quarter, the mid-single-digit growth guidance for Emerging Markets, what does that assume kind of for the business ex-Indonesia and Indonesia in terms of potentially seeing some improvement? Thank you.

那麼，當我們展望第四季度，並考慮到新興市場中等個位數的成長預期時，這對印尼以外的業務而言意味著什麼，以及印尼的業務是否有可能出現一些改善？謝謝。

Well, thanks for the question. Let me start, I guess, with the point of the context of Emerging Markets. You're correct. There is great progress outside of Indonesia, and we have continued to see the -- not only the success in terms of growth, but also the continued improvement in terms of that growth.

謝謝你的提問。我想，首先要談談新興市場的背景。你說得對。印尼以外的地區取得了巨大的進步，我們不僅看到了成長方面的成功，而且還看到了成長方面的持續改進。

I think for me, what it also gives me confidence is the fact that we think about the $1 billion that we have in the Emerging Markets, that actually is accelerating and is accelerating because of our key brands like Heinz, where it continues to show a tremendous amount of growth.

我認為，讓我更有信心的是，我們在新興市場擁有 10 億美元的投資，而這筆投資實際上正在加速成長，這主要得益於我們像亨氏這樣的核心品牌，這些品牌持續展現出巨大的成長潛力。

In fact, in emerging markets, our Heinz brand year-to-date is growing 13%. So I think for us is we continue to see that as a value piece of our portfolio and one of our key growth drivers as we think about the future. In the case of Indonesia, top line is about $0.5 billion business. And frankly, what we have seen is a meaningful decline in consumer sentiment that has led then to the softening of demand.

事實上，在新興市場，我們的亨氏品牌今年迄今成長了 13%。所以我認為，對我們來說，我們仍然將其視為投資組合中具有價值的一部分，也是我們展望未來時的主要成長驅動力之一。以印尼為例，其營業額約 5 億美元。坦白說，我們看到的是消費者信心的顯著下降，進而導致需求疲軟。

In fact, I think that the consumer sentiment in Indonesia year-over-year is about down almost 10 points in terms of consumer sentiment. So that has led to the sellout -- reducing the sell-out growth expectations and some of the challenges that we have seen in terms of our distributor -- particular distributor in the country and also how that has disrupted the overall our own business.

事實上，我認為印尼的消費者信心指數比去年同期下降了近 10 個百分點。因此，這導致了售罄——降低了售罄增長預期，以及我們在分銷商方面遇到的一些挑戰——特別是國內的分銷商，以及這如何擾亂了我們自身的整體業務。

At the same time, this is something now we're taking actions to make sure that this is only something that we can correct into the future. So we are rightsizing the inventory to the right levels. We are transitioning to a new distributor, and we're also making sure that we're reducing the pricing stability that happen in the country, while we continue to invest in Indonesia in terms of our marketing of our brand and ABC is the largest brand that we have.

同時，我們正在採取措施，確保這種情況只會在未來發生，而且只能由我們自己來糾正。因此，我們正在將庫存規模調整到合適的水平。我們正在過渡到新的經銷商，同時也確保降低該國的價格波動，同時我們繼續在印尼投資，進行品牌行銷，而ABC是我們最大的品牌。

And we believe that us continue to drive superiority on the brand equity, making sure we continue to drive the -- also penetration in a meaningful way is going to be the best way for us to getting Indonesia back to where we wanted to be in terms of contributing the growth to the business.

我們相信，持續提升品牌資產的優越性，確保我們繼續以有意義的方式推動市場滲透，將是讓印尼市場重回我們預期水平，並為業務成長做出貢獻的最佳途徑。

Just to add to that, we -- Emerging Markets aside from Indonesia grew 9.2%. So it did accelerate in a relevant way compared to the first half of the year, as we have said before. Indonesia, just maybe a little more specific, is close to $300 million revenue. So it's like 12% of the emerging markets business. So still relevant, but not massive.

補充一點，除印尼以外的新興市場成長了 9.2%。所以，正如我們之前所說，與上半年相比，它的確以一種顯著的方式加速發展。更具體地說，印尼的收入接近 3 億美元。所以它佔新興市場業務的12%左右。所以仍然重要，但影響力不大。

And we do expect the recovery in the P&L only to happen in the second half of next year because we still have adjustments to do into Q4. In Q1, there is Ramadan, which is very important for Indonesia, a big seasonality in that business, so -- which will affect Q1. So we really head into Q3, end of Q2, Q3, we're going to see the recovery there.

我們預計損益表的復甦要到明年下半年才會發生，因為我們還需要對第四季進行一些調整。第一季有齋月，這對印尼來說非常重要，因為齋月是該行業一個很大的季節性因素，所以——這將影響第一季。所以，我們真正進入第三季度，也就是第二季末到第三季度，我們將會看到復甦的跡象。

Yeah, but I think what is good is we invested a lot in this business in the past two, three years. There was a lot of marketing investment to put the ABC brand, which is the leading brand in several categories in a very good spot. So market share standpoint, things are doing well, but we have to make the adjustments on the distribution network.

是的，但我認為好的一點是，我們在過去兩三年中對這項業務進行了許多投資。公司投入了大量行銷資金，使 ABC 品牌（多個類別中的領先品牌）處於非常有利的地位。從市場佔有率的角度來看，情況不錯，但我們必須對分銷網絡進行調整。

Thanks for the question.

謝謝你的提問。

Thank you.

謝謝。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Great. Thanks so much, and good morning. I don't -- Carlos, I don't believe I saw it anywhere this morning, and apologies if I missed the relevant disclosure, but are you able to frame maybe pro forma the performance of Global Taste Elevation Co. versus North American Grocery Co. in the third quarter?

偉大的。非常感謝，早安。我不知道——卡洛斯，我今天早上好像沒在任何地方看到相關信息，如果我錯過了相關的披露，請見諒。你能否以準備考試的方式，分析 Global Taste Elevation Co. 與 North American Grocery Co. 第三季的業績對比？

And then also update us on how you see those businesses progressing into the fourth quarter, just so we can better assess momentum into '26 and eventual separation. And maybe alongside that, Andre, I don't know if you -- where you're -- sort of where you are in this process.

此外，也請您向我們報告您對這些業務在第四季度發展情況的看法，以便我們更好地評估它們在 2026 年的發展勢頭以及最終的分拆情況。或許同時，安德烈，我不知道你──你現在──在這個過程中處於什麼階段。

But as you think ahead towards separation, I'm just curious if you have a more formal estimate around any onetime restructuring costs or cash costs that Kraft Heinz is likely to incur in preparation for the split? I'm just trying to see how we should handicap those dynamics over the next three or four quarters. Thank you.

但考慮到分拆事宜，我很好奇您是否對卡夫亨氏在分拆準備過程中可能產生的任何一次性重組成本或現金成本有更正式的估算？我只是想看看在接下來的三到四個季度裡，我們應該如何評估這些動態變化。謝謝。

Sure. Thanks for the question. Good morning. Look, both companies -- both two big companies pro forma declined low single digits in the quarter. We see the Global Taste Elevation trajectory improving and in the very low single-digit territory at this point. And the expectation is for Q4 that to continue. So our main priority is to put the Global Taste Elevation back to growth in 2026 as it has grown for several of the last 15 years. And so that's the priority number 1 to us.

當然。謝謝你的提問。早安.你看，這兩家公司──這兩家大公司──本季業績都出現個位數百分比的下滑。我們看到全球口味提升趨勢正在改善，目前已處於個位數低點。預計第四季將繼續保持這一趨勢。因此，我們的首要任務是使全球口味提升計畫在 2026 年恢復成長，就像過去 15 年中的幾年一樣。所以，這是我們的首要任務。

The North American Grocery Company had a significant improvement in trends in the third quarter compared to the first half, but also declining low single digits, though more than the Global Taste Elevation Company. But the priority number 1 for the North American Grocery Company now is to ensure that we have stable cash flows heading into '26.

與上半年相比，北美食品雜貨公司第三季的趨勢有顯著改善，但仍出現個位數的下滑，不過下滑幅度比全球口味提升公司更大。但北美食品雜貨公司目前的首要任務是確保我們在 2026 年擁有穩定的現金流。

And -- but in parallel, we're working hard to make sure that this company also has the prospects of growing low single digits into the future. In terms of one-off costs, I think it's [a case] to talk about that. There is a lot of work in motion right now.

但同時，我們也在努力確保這家公司未來也能維持個位數低成長的前景。至於一次性成本，我認為這值得討論。目前有很多工作正在進行中。

We are committed to be very, very disciplined with the use of cash like we have been. So you can see our results despite the EBITDA decline, our cash flow is up year-over-year, and it's going to continue to be the case here to go. So count on us to be very disciplined and do the right type of investments that are needed to put those two companies set up for success.

我們承諾將繼續像以往一樣，嚴格自律地使用現金。所以你可以看到，儘管 EBITDA 下降，但我們的現金流同比增長，而且這種情況還會持續下去。所以請相信我們會非常自律，並進行必要的正確投資，以確保這兩家公司成功。

Yeah. Let me just add then particularly as we think about the North America grocery company. I think if you look at our history, we have proven that we can be an efficient operator. So as we think about our separation, we're going to have the same level of efficiency as we think about how do we actually drive both of those companies. And I think that beyond that, we also have been a great and a confident company in terms of delivering strong cash flow for our shareholders.

是的。我還要補充一點，尤其是當我們考慮北美食品雜貨公司的時候。我認為，回顧我們的歷史，我們已經證明我們能夠成為一家高效的營運公司。所以，當我們考慮分拆事宜時，我們會保持同樣的效率，並認真思考如何才能真正推動這兩家公司的發展。而且我認為，除此之外，我們在為股東創造強勁現金流方面也一直是一家非常出色且充滿信心的公司。

Now I would also point out the fact that I mentioned earlier that we have a playbook that has worked. Some of that playbook, we actually already have deployed to some of the key brands that will be part of North American Grocery.

現在我還想指出，正如我之前提到的，我們有一套行之有效的策略。我們實際上已經將其中的一些策略應用到北美雜貨業務的一些關鍵品牌。

So if you think back to Q3 and our results on Lunchables, on Capri Sun, those are brands that now in the future will be part of North American Grocery, and we were able to return to growth. What will happen as we go into these two separate companies and we can create two more focused companies, we can then put the right level of attention and resources to allow both of those companies and to fulfill their true potential.

所以，如果你回想一下第三季以及我們在 Lunchables 和 Capri Sun 上的業績，這些品牌現在和將來都將成為北美雜貨的一部分，我們也得以恢復成長。當我們成立這兩家獨立的公司，並創建兩家更專注的公司時，我們將能夠投入適當的關注和資源，使這兩家公司充分發揮其真正的潛力。

So I think as we go into the -- going forward, the attention of management remains in us making sure that we continue to see the progress of the company because that will support both companies as we exit into the second half of 2026. And thanks for the questions.

所以我認為，展望未來，管理階層的注意力仍然在於確保我們繼續看到公司的發展，因為這將支持兩家公司在 2026 年下半年順利過渡。謝謝大家的提問。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Great. Thanks, and good morning, Carlos and Andre. In your slide presentation, you noted several of those key categories where you're clearly improving in terms of market share. Your guidance for the fourth quarter doesn't imply much improvement. And I just wanted to get your thoughts about maybe offsets. Is it categories that you're in? Are they slowing? Maybe there's some offsetting brands where you're seeing a little bit of deterioration?

偉大的。謝謝，卡洛斯和安德烈，早安。在你的幻燈片簡報中，你提到了幾個關鍵類別，在這些類別中，你的市場佔有率顯然正在提高。您對第四季的業績預期並未顯示出太大改善。我只是想聽聽你對偏移量的看法。這是你所處的類別嗎？它們的速度在放緩嗎？或許有些品牌出現了輕微的下滑？

And then separately, there's that story of the promotion spending that you -- those investments, the $280 million that you're making. that's maybe 2% of North America retail sales. When we track in scanner data, I know these are audited numbers, but it only shows like that your volume on promotion is only up -- is only down, I'm sorry, 1%, basically unchanged. I'm just wondering what is going on with your promotions? Maybe you could tell us better than what the data is showing us, which doesn't show us much in terms of what activity you are doing? Thanks.

此外，還有你們在促銷支出方面的故事——那些投資，你們投入的 2.8 億美元。這可能只佔北美零售額的 2%。當我們追蹤掃描器數據時，我知道這些是經過審計的數字，但它只顯示您的促銷量只上升了——抱歉，實際上只下降了 1%，基本上沒有變化。我想知道你們的促銷活動目前進展如何？或許你能比數據更能告訴我們你正在進行哪些活動？數據並沒有告訴我們太多關於你正在進行的活動的資訊。謝謝。

Sure. Thanks. Thanks for the question. So first, regarding Q4, you are right. The outlook implies revenue in Q4 worse than revenue in Q3, about 100, 110 and [120] basis points. We have inventory phasing in -- especially in North America, especially in the US. So we do expect this headwind of inventory to be north of 100 bps for the total company.

當然。謝謝。謝謝你的提問。首先，關於第四季度，你是對的。展望表明，第四季度的收入將比第三季的收入低約 100、110 和 120 個基點。我們的庫存正在逐步到位——尤其是在北美，尤其是在美國。因此，我們預計庫存帶來的不利影響將對整個公司造成超過 100 個基點的影響。

It's a combination of inventory phasing Q4 last year to January given some timing of promotion and some September, October. We also do expect lower consumption in Q4. And that's -- so the inventory has been in our outlook for a while. There's nothing new.

這是由於去年第四季到今年一月的庫存調整，以及一些促銷活動的時間安排，還有一些是九月、十月的庫存調整。我們也預期第四季消費量會下降。所以，庫存問題一直是我們關注的重點。沒什麼新鮮的。

The different aspect that also was one of the reasons why we adjusted the expectation for sales down year to go is related to the softness in consumption. So we saw throughout Q3, the industry decelerating further in the US.

另一個導致我們下調一年銷售預期的原因與消費疲軟有關。因此，我們在第三季看到，美國汽車產業進一步放緩。

In October, aside from hurricane noise, it also started soft. So we do expect the market share to continue to improve, especially in Taste Elevation, but we should expect share to improve, but we expect the industry to get worse. So that results in the consumption overall in the US to be relatively flat to Q3, but with the inventory then headwind impacting us. The second part of your question?

10月份，除了颶風的噪音，天氣也開始變得柔和。因此，我們預期市場佔有率將繼續改善，尤其是在口味提升方面，但我們預期市場佔有率會改善，而產業狀況將會惡化。因此，美國整體消費量與第三季相比將保持相對平穩，但庫存方面的不利因素將對我們產生影響。你問題的第二部分是什麼？

The promotions.

促銷活動。

On the promotions. So we concentrate promotion mostly about the key holidays. So our highest market share in the year historically is in Thanksgiving and Christmas. So we do have a lot more promotion activity around this upcoming holiday. Part of the investments we have made, they were to secure incremental distribution. So that's part of joint business plans that we do every year with the retailers, and we were very intentional in some cases to ensure that we expand distribution, which we have been generally getting.

關於促銷活動。所以我們主要把推廣活動集中在重要的假日。因此，從歷史數據來看，我們一年中市佔率最高的時期是感恩節和聖誕節。因此，我們在即將到來的這個假期期間會進行更多促銷活動。我們進行的部分投資是為了確保逐步擴大分銷管道。所以這是我們每年與零售商共同製定的商業計劃的一部分，在某些情況下，我們非常有意識地確保擴大分銷管道，而我們也總體上實現了這一目標。

And in some other cases, we did invest deeper than what we would normally do during back-to-school to ensure that we can accelerate consumers trying the renovated products. So we focus a lot on trying to drive units to have those household penetrations coming in. And the expectation that this will eventually generate repeat purchases, which will help with the sales in the future.

在其他一些情況下，我們確實投入了比平常返校季更大的資金，以確保能夠加快消費者嘗試翻新產品的速度。因此，我們非常注重努力提高銷量，以增加家庭滲透率。並期望這最終會帶來重複購買，有助於未來的銷售。

Remember, we said that at the beginning in the last quarter that we will try to do different tactics to accelerate this consumer trial of the new products. So we see that. The ROIs of those are not good, to be honest, the lifts are low. And maybe that's why when you look at the syndicated data, you have this perception.

記住，我們在上個季度初就說過，我們將嘗試採取不同的策略來加速消費者對新產品的試用。我們看到了這一點。說實話，這些投資報酬率並不高，收益很低。也許正因如此，當你查看聯合數據時，你才會產生這種看法。

But I think let me add a couple of things. I think, first of all, we talked quite a bit about the US because if you think about our total company, the reality is that while we're seeing some pressure in Europe in terms of the consumer, particularly in the UK, we actually are holding our share in a moment in which the UK consumer also is seeing some challenges.

但我認為我應該補充幾點。我認為，首先，我們談了很多關於美國市場的事情，因為如果你從整個公司的角度來看，現實情況是，雖然我們在歐洲，尤其是在英國，消費者方面面臨一些壓力，但實際上，在英國消費者也面臨一些挑戰的情況下，我們仍然保持著我們的市場份額。

And I mentioned earlier, Emerging Markets, where we've seen actually strong growth, whether it's in Brazil, the recovery in Mexico that we feel great about, the stability in China and really is Indonesia aspect that has been kind of holding us back in terms of getting to the double-digit growth that we can see in Emerging Markets into the future.

我之前提到過，新興市場確實實現了強勁增長，無論是巴西，還是我們感到非常欣慰的墨西哥復甦，亦或是中國的穩定，而印尼的情況確實在某種程度上阻礙了我們實現未來新興市場兩位數增長的目標。

So I think from that perspective, it is why we spent quite a bit of time talking about the US. And if I do a double-click on what some of the things Andre mentioned, the reality is that we are seeing some inventory pull back from customers. And I think that's a response to what they're seeing in terms of the consumer sentiment.

所以我覺得從這個角度來看，這就是為什麼我們花了相當多的時間談論美國的原因。如果我仔細查看安德烈提到的一些事情，就會發現實際情況是，我們看到一些顧客正在撤回部分庫存。我認為這是他們對消費者情緒的一種回應。

So the fact that we have now one of the worst consumer sentiments we have seen in decades, as we go into even a holiday season, we're already seeing how customers are pulling back on inventory, and that's reflected in our guidance as well, too. So it is a unique moment right now in which this is getting -- the consumer negativity and the sentiment is extending longer than we had originally expected. And we are seeing already on top of that, that customers are also adjusting their own level of inventory to accommodate for that.

因此，我們現在面臨著幾十年來最糟糕的消費者信心之一，即便是在假期季節，我們已經看到顧客正在減少庫存，這一點也反映在我們的業績預期中。所以，現在正值一個獨特的時刻，消費者的負面情緒持續時間比我們最初預期的還要長。而且我們已經看到，客戶也在調整自己的庫存水準以適應這種情況。

Thanks for the questions.

謝謝大家的提問。

John Baumgartner, Mizuho Securities.

John Baumgartner，瑞穗證券。

Good morning. Thanks for the questions. Just sticking with the promotional environment in US retail. Despite the joint programming with retailers that you mentioned, Andre, and the larger investment dollars and the improving analytics, weak promos seem to be a theme right now across the center of the store.

早安.謝謝大家的提問。只是繼續沿用美國零售業的促銷環境。儘管安德烈，正如你所提到的，我們與零售商進行了聯合促銷活動，投入了更多資金，分析能力也得到了提升，但目前商店中心區域的促銷活動似乎仍然乏力。

And Carlos, you mentioned some success with your lips around back-to-school, but lips have also been weaker in other parts of your portfolio as well. So I'm curious what you're finding that's working differently in the areas where the lips are stronger. Is there a distinction there? And then what changes are you making, if any, to your promo approach into '26 given the consumer environment?

卡洛斯，你提到你的嘴唇在返校季取得了一些成功，但嘴唇在你作品集的其他部分也表現得不好。所以我很好奇，在嘴唇較強壯的部位，你發現有哪些不同的方法可以改善這種情況。這兩者之間有差別嗎？那麼，鑑於當前的消費環境，您在 2026 年的促銷策略會做出哪些改變（如果有的話）？

I think there were about three different questions in there. So let me take one. I think there's a part of it you were getting at is some of the success we've seen in back-to-school. And for us, I think one of the things that we were playing in back-to-school, and I think we did that effectively is how do we make sure we are winning in those key moments in which consumers are going disproportionately to stores.

我想裡面大概有三個不同的問題。那我來拿一個。我認為你所指的一部分是我們在返校季取得的一些成功。對我們來說，我認為我們在返校季期間所做的一件事，而且我認為我們做得非常有效的一件事，就是如何確保我們在消費者大量湧向實體店的關鍵時刻取得成功。

So back-to-school was actually one of our first pilot in which we kind of created a whole more executional approach of how we leverage the entire brands together during that particular moment. So what you saw is an improved in-store display and increased investment both in marketing, but also in the promotional aspects inside of the retail environment.

所以，返校季其實是我們最早的試點計畫之一，我們藉此機會創造了一種更具執行力的方法，來探討如何在那個特定時期將所有品牌結合起來。所以你看到的是店內陳列的改進，以及在行銷和零售環境內部促銷方面的投入增加。

And that actually helped us make sure that we have a cross-selling where brands cross-shopping purchase improved by 60 bps. We also saw that improving in base velocity as a result of the investments that we make in back-to-school so that when consumers were going to the store, I mentioned the fact that we have brands like Lunchables and Capri Sun.

這實際上幫助我們確保了交叉銷售，品牌交叉購物購買率提高了 60 個基點。我們也看到，由於我們在返校季的投資，基本銷售速度有所提高，因此當消費者去商店時，我會提到我們擁有像 Lunchables 和 Capri Sun 這樣的品牌。

So when they go to a back-to-school time period, they were actually experiencing a product that we had now renovated in both Lunchables and Capri Sun. So that actually helps us for us to the long term to make sure we continue to build a stronger base volume as we go into the future.

所以，當他們回到學校的時候，他們實際上體驗到的是我們已經在 Lunchables 和 Capri Sun 中改進過的產品。所以這實際上有助於我們實現長期目標，確保我們在未來能夠繼續建立更強大的基礎規模。

And I think those are key learnings that we'll take as we go into the holidays as we go into key also moments into the future. I think that was one of your questions. Andre, I think you want to address some of the other pieces.

我認為這些都是我們在假期以及未來重要時刻需要學習的重要經驗教訓。我想那是你提出的問題之一。安德烈，我覺得你還想談談其他一些問題。

And maybe just to complement. So what you have seen working better generally is more on higher frequency than deeper discounts. So -- and we see overall lifts coming down year-over-year. The ROIs are lower than they were last year, generally in part because of higher overall incremental activity, which dilutes the lift across different players, but also in our case, as I mentioned before, because we're going deeper in certain occasions to drive household penetration.

或許只是為了錦上添花。所以，我們發現，通常來說，提高折扣頻率比加大折扣力度效果更好。所以——我們看到整體升降機數量比去年同期下降。投資回報率低於去年，這通常是由於整體增量活動增加，從而分散了不同參與者的收益，但就我們而言，正如我之前提到的，也是因為我們在某些​​情況下會進行更深入的推廣，以提高家庭滲透率。

As we head into next year, we have a lot of tests running in selected places to see different type of tactics that could work well, including in some case, cross-merchandising and bundling products, putting -- adding more events in e-commerce, trying to maybe go less deep and less focus on key holidays and maybe spread these resources around in a more harmonic way throughout the year. So there are a set of different things that the teams are currently assessing to make sure that we can improve those returns into next year again. Carlos?

展望明年，我們將在選定的地方進行大量測試，以檢驗哪些不同類型的策略可能行之有效，包括在某些情況下進行交叉銷售和產品捆綁銷售，在電子商務中增加更多活動，嘗試減少對關鍵節日的投入和關注，並將這些資源以更協調的方式全年分散開來。因此，各團隊目前正在評估一系列不同的因素，以確保我們明年能夠再次提高這些回報。卡洛斯？

Yeah. The one thing just to complete the thought on your question is, I think right now, we're also seeing some challenges with the consumer. But I think what we are looking to do and the game that we're playing for the long term here is to make sure we continue to invest behind our brands to drive superiority from a consumer experience perspective.

是的。關於您的問題，我最後補充一點，我認為目前我們也看到消費者方面存在一些挑戰。但我認為，從長遠來看，我們正在努力實現的目標是，確保我們繼續投資我們的品牌，從消費者體驗的角度推動卓越發展。

I do think that right now, the challenges we're facing are more cyclical in nature. So for us, it's important that as we get out of this particular era in which consumers are feeling with a down sentiment that we come out of it with a much stronger portfolio with stronger brands. So I do think that we are preparing ourselves not to just be victims of the moment, but actually stronger -- building a stronger company for the long term. Thank you.

我認為，目前我們面臨的挑戰更具週期性。因此，對我們來說，重要的是，當我們走出消費者情緒低落的這段特殊時期時，我們能夠擁有更強大的產品組合和更強大的品牌。所以我認為我們正在做好準備，不僅要讓自己成為當下的受害者，還要讓自己變得更強大——為長遠發展打造一個更強大的公司。謝謝。

Thanks, Carlos. Thanks, Andre. Very helpful.

謝謝你，卡洛斯。謝謝你，安德烈。很有幫助。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Hi. Thanks for the questions. I wanted to drill in a little bit on the commoditized categories, Carlos, like Coffee and Meats. And I guess, Cheese to some extent, these three categories are going to be like 40% of the sales of North American Grocery. And as you can see in your results here, Sliced Meats and Coffee have become really problematic.

你好。謝謝大家的提問。卡洛斯，我想稍微深入探討一下商品化的類別，像是咖啡和肉類。我猜，起司在某種程度上，這三類商品將佔北美食品雜貨銷售額的 40% 左右。正如您在這裡的結果中所看到的，切片肉和咖啡已經變得非常成問題。

I guess I wanted to know, have you started rolling out the Brand Growth System to these categories? Is it harder to implement it in these than it is in the others? In your CAGNY presentation, you yourself said that you have a much lower right to win in coffee and meat. And as a result, does that make it harder to get traction with Brand Growth System than the others? Thanks.

我想知道的是，你們是否已經開始將品牌成長系統推廣到這些類別？在這些地方實施是否比其他地方更難？在你的 CAGNY 演講中，你自己也說過，你在咖啡和肉類領域獲勝的權利要低得多。因此，與其他品牌成長系統相比，品牌成長系統是否更難獲得用戶認可？謝謝。

Hello? (technical difficulty)

你好？（技術難題）

Please stand by ladies and gentlemen, we'll resume momentarily.

女士們先生們，請稍等，我們馬上繼續。

Ladies and gentlemen, please stand by. We are experiencing technical difficulties. We will resume momentarily. Thank you.

女士們先生們，請稍等。我們遇到了技術故障。我們將立即恢復。謝謝。

Please remain online, ladies and gentlemen, we will resume momentarily.

各位女士、先生，請繼續在線，我們馬上恢復直播。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本文字稿中標示（技術難題）的部分錶示有音訊問題。如果有重播視頻，我們會補充缺少的文本。