可口可樂 (KO) 2025 Q3 法說會逐字稿

At this time I'd like to welcome everyone to the Coca-Cola Company's third-quarter 2025 earnings results conference call. Today's call is being recorded. (Operator Instructions) I would now like to introduce Ms. Robin Halpern, Vice President and Head of Investor Relations. Ms. Halpern, you may now begin.

現在，我歡迎大家參加可口可樂公司 2025 年第三季獲利業績電話會議。今天的通話正在錄音。（操作員指示）現在，我想介紹副總裁兼投資者關係主管 Robin Halpern 女士。哈爾彭女士，現在可以開始了。

Good morning, and thank you for joining us. I'm here with James Quincey, our Chairman and Chief Executive Officer; Henrique Braun, our Chief Operating Officer; and John Murphy, our President and Chief Financial Officer. We've posted schedules under financial information in the investors section of our company website.

早安，感謝您加入我們。與我一起在場的還有我們的董事長兼執行長詹姆斯·昆西 (James Quincey)、我們的營運長亨利克·布勞恩 (Henrique Braun) 和我們的總裁兼財務長約翰·墨菲 (John Murphy)。我們已在公司網站的投資者部分的財務資訊下發布了時間表。

These reconcile certain non-GAAP financial measures that may be referred to this morning to results as reported under generally accepted accounting principles. You can also find schedules in the same section of our website that provide an analysis of our gross and operating margins.

這些將今天上午可能提及的某些非公認會計準則財務指標與根據公認會計原則報告的結果進行協調。您也可以在我們網站的同一部分找到提供我們的毛利率和營業利潤分析的時間表。

This call may contain forward-looking statements, including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC reports. Following prepared remarks, we will take your questions. Please limit yourself to one question. Re-enter the queue to ask follow-up.

本次電話會議可能包含前瞻性陳述，包括有關長期盈利目標的陳述，這些陳述應與我們的盈利報告和公司定期的 SEC 報告中包含的警示性陳述一起考慮。在準備好發言後，我們將回答您的問題。請只問一個問題。重新進入隊列詢問後續情況。

Now, I will turn the call over to James.

現在，我將把電話轉給詹姆斯。

Thanks, Robin, and good morning everyone. In the third quarter, the external environment remained dynamic. And in response, we adapted our plans as needed, focusing on sharper execution and investments to drive growth.

謝謝，羅賓，大家早安。三季度，外部環境依然嚴峻。作為回應，我們根據需要調整了計劃，重點是更精準的執行和投資以推動成長。

With one quarter remaining in 2025, we're on track to deliver on our reiterated top-line and bottom line guidance. We also believe we're well positioned to achieve our longer-term commitments. This morning, I'll provide some context on how we're executing our all-weather strategy in the current operating environment. Then, I'll pass the call to Henrique, who will discuss our segment performance, and how we're working to unlock the full potential of our system.

2025 年還剩一個季度，我們可望實現重申的營收和利潤預期。我們也相信，我們有能力實現我們的長期承諾。今天上午，我將介紹我們如何在當前營運環境下執行全天候策略。然後，我會將電話轉給 Henrique，他將討論我們的分部表現，以及我們如何努力釋放我們系統的全部潛力。

Finally, John will discuss financial details for the quarter, and guidance for the full-year 2025, and some early considerations for 2026. During the quarter, the operating landscape remained complex. While many consumers remain in overall good shape, certain segments of the population are under pressure due to varying factors.

最後，約翰將討論本季的財務細節、2025 年全年的指導以及 2026 年的一些早期考慮。本季，經營情勢依然複雜。雖然許多消費者的整體健康狀況良好，但某些群體由於各種因素而面臨壓力。

Some factors are transitory like unseasonable weather. Others may be long-lasting, like the cumulative impact of inflationary pressures, uncertain trade dynamics, and an ever-changing geopolitical environment. Despite this backdrop, we've delivered volume growth. July and August were slow to start, but September ended on a stronger note.

有些因素是暫時的，例如反常的天氣。其他因素可能是長期的，例如通膨壓力的累積影響、不確定的貿易動態以及不斷變化的地緣政治環境。儘管有這樣的背景，我們的銷量仍然實現了成長。七月和八月開始時進展緩慢，但九月結束時卻表現強勁。

Organic revenue growth continued to be at the high end of our long-term growth model, and ongoing efficiency and effectiveness initiatives drove comparable operating margin expansion. This led to 6% comparable earnings per share growth despite 6% currency headwinds. We benefit from operating in a vibrant and resilient industry with ample headroom for growth.

有機收入成長持續處於我們長期成長模式的高端，持續的效率和效益措施推動了可比營業利潤率的擴大。儘管面臨 6% 的貨幣逆風，但每股可比收益仍成長了 6%。我們受益於在一個充滿活力和韌性、具有充足成長空間的行業中運作。

For the 18th consecutive quarter, we gained overall value share. We also held or gained value share across each of our geographic segments. By offering consumers choice across our total beverage portfolio and by leveraging our systems capabilities, we continue to build momentum to develop our industry and expand our lead over the long-term.

我們連續第 18 個季度獲得整體價值份額的成長。我們還在每個地理區域保持或獲得了價值份額。透過為消費者提供我們整個飲料產品組合的選擇，並利用我們的系統功能，我們將繼續累積發展勢頭，發展我們的行業，並長期擴大我們的領先地位。

To deliver in today's environment, we're capitalizing on the strength of our portfolio and focusing on improving execution across all aspects of our strategic growth flywheel. We have unparalleled portfolio power as demonstrated by our $30 billion brands, which we estimate represents approximately 25% of the $1 billion brands in the industry. It's approximately double our nearest competitor.

為了在當今的環境中實現目標，我們正在利用我們產品組合的優勢，並專注於提高我們策略性成長飛輪各個方面的執行力。我們擁有無與倫比的產品組合實力，這體現在我們擁有的 300 億美元品牌上，我們估計這些品牌約佔業界 10 億美元品牌的 25%。這大約是我們最接近的競爭對手的兩倍。

As we continue to develop love brands, we expect our number of $1 billion brands to grow. Our marketing transformation is centered on connecting deeply with consumers through digital engagement, personal life experiences and cultural relevance.

隨著我們繼續開發愛情品牌，我們預計價值 10 億美元的品牌數量將會成長。我們的行銷轉型以透過數位互動、個人生活體驗和文化相關性與消費者建立深度聯繫為中心。

For example, we recently partnered with Universal Pictures and Blumhouse on a Halloween campaign for Fanta, who was activated in approximately 50 markets. Building on last year's success, the campaign featured iconic horror characters on our packaging, limited time flavors, and immersive retail and digital experiences.

例如，我們最近與環球影業和布倫屋影業合作，為芬達開展了萬聖節活動，活動在約 50 個市場開展。在去年成功的基礎上，這項活動在我們的包裝上展示了標誌性的恐怖人物、限時口味以及沉浸式零售和數位體驗。

While we're building capabilities in marketing, we're also prioritizing bigger and bolder innovation like Sprite plus tea in North America, Bacardi mixed with Coca-Cola in Mexico and Europe, and Powerade Springboks edition in South Africa.

在建立行銷能力的同時，我們也優先考慮更大、更大膽的創新，例如在北美推出雪碧加茶、在墨西哥和歐洲推出百加得與可口可樂混合，以及在南非推出 Powerade Springboks 版。

During the first three quarters of this year, innovation contributed strongly to revenue growth, and we're continuing to have strong velocities on our innovation. Last, our marketing and innovation agenda is brought to life by execution in the market.

今年前三個季度，創新對收入成長做出了巨大貢獻，我們的創新速度仍在繼續保持強勁。最後，我們的行銷和創新議程透過市場執行得以實現。

Over the past decade, we've been on a journey to refranchise company owned bottlers to fortify our system and unlock further growth. Recently, we reached two significant steps in completing this journey. In July, we sold a 40% ownership stake in our company owned Indian bottler to the Jubilant Bhartia Group.

在過去的十年中，我們一直在努力重新特許經營公司擁有的瓶裝廠，以加強我們的系統並實現進一步的成長。最近，我們在完成這趟旅程的過程中邁出了兩個重要的一步。7 月份，我們將公司旗下印度瓶裝企業的 40% 所有權出售給了 Jubilant Bhartia 集團。

Additionally, this morning, Coca-Cola Hellenic announced its intention to acquire a controlling interest in Coca-Cola Beverages Africa. It is expected to close next year, subject to regulatory approvals. We believe these moves will unlock growth opportunities in India and Africa.

此外，今天上午，可口可樂希臘公司宣布有意收購可口可樂非洲飲料公司的控股權。預計交易將於明年完成，但需獲得監管部門的批准。我們相信這些舉措將釋放印度和非洲的成長機會。

Jubilant Bhartia has built and grown consumer businesses in India, and Coca-Cola Hellenic has demonstrated a strong track record in Nigeria and Egypt. Our global franchise model is a strategic differentiator and it's very difficult to replicate.

Jubilant Bhartia 已在印度建立並發展了消費業務，而可口可樂希臘公司則在尼日利亞和埃及擁有良好的業績記錄。我們的全球特許經營模式是一種策略差異化因素，很難複製。

With these milestones, we have a clear line of sight to complete our re-franchchising strategy, allowing us to further focus on brand building and innovation complemented by integrated execution with our bottling partners. In summary, we're confident we can navigate what comes at us, deliver on our 2025 guidance, and create long-term value for our stakeholders.

憑藉這些里程碑，我們可以清楚地完成我們的重新特許經營策略，使我們能夠進一步專注於品牌建立和創新，並與我們的裝瓶合作夥伴進行全面執行。總而言之，我們有信心能夠應對各種挑戰，實現 2025 年的指導方針，並為我們的利害關係人創造長期價值。

With that, I'd like to hand off the call to Henrique. In his nearly 30 years at the company, Henrique has worked on multiple continents and has been a strong partner to me and to our system in driving sustainable growth.

說完這些，我想把電話轉給 Henrique。在公司工作的近 30 年裡，Henrique 曾在多個大洲工作過，並且一直是我和我們系統推動永續成長的強大合作夥伴。

Thank you, James. I'm glad to be joining the call today. I'd like to begin by discussing how we responded to varying market dynamics during the quarter by adapting faster, and then I will spend some time covering actions that we are taking to ensure we get better and sharper every day.

謝謝你，詹姆斯。我很高興今天能參加這次電話會議。我想先討論我們如何透過更快地適應來應對本季不斷變化的市場動態，然後我將花一些時間介紹我們正在採取的行動，以確保我們每天都變得更好、更敏銳。

Starting with North America, we delivered strong results. Despite ongoing differences in spending between income groups and slower traffic across channels, volume was flat and improved sequentially for the second consecutive quarter.

從北美開始，我們取得了強勁的業績。儘管不同收入群體之間的支出差異持續存在，且跨通路流量成長放緩，但銷量仍保持平穩，並連續第二個季度環比增長。

We also gained value share and had strong revenue and profit growth. We're investing behind our brand, which led to broad-based strength across our total beverage portfolio. In addition to ongoing strength with Coca-Cola Zero sugar, Diet Coke had strong volume growth by reaching a new generation of consumers with campaigns like Know the Science, which invites drinkers to take a Diet Coke break.

我們也獲得了價值份額，並實現了強勁的收入和利潤成長。我們對我們的品牌進行了投資，這使我們的整個飲料產品組合具有廣泛的優勢。除了零度可口可樂的持續強勁成長之外，健怡可樂還透過「了解科學」等活動吸引了新一代消費者，邀請飲用者暫時停止飲用健怡可樂，從而實現了銷量的強勁增長。

We also launched innovations for our loyal consumer base like Retro Diet Coke with cherry, and this October we are bringing back Retro Diet Coke with Lime nationwide in the US. Across our portfolio, our system accelerated cold drink equipment placement, expanded availability for key packages, and one share of visible inventory.

我們也為忠實的消費者群體推出了創新產品，例如櫻桃味復古健怡可樂，今年 10 月，我們將在美國全國範圍內重新推出青檸味復古健怡可樂。在我們的產品組合中，我們的系統加速了冷飲設備的放置，擴大了關鍵包裝的可用性，並佔有可見庫存的份額。

In Latin America, volume was flat, but we gained value share and grew organic revenue in comparable currency neutral operating income. We are taking steps to address softening macroeconomic conditions in key markets like Mexico. We are seeing good reactions to some of our interventions, but we believe it will take time.

在拉丁美洲，銷量持平，但我們獲得了價值份額，並在可比較貨幣中性營業收入中實現了有機收入的成長。我們正在採取措施應對墨西哥等主要市場的宏觀經濟狀況疲軟。我們的一些幹預措施得到了良好的反應，但我們相信這需要時間。

We had continued growth in Brazil, where we gained value share with strong performance from Coca-Cola Zero Sugar, driven by increasing trial with duo packs for linking the brand to the meal's location and expanding refillable packaging options.

我們在巴西的市場持續成長，憑藉可口可樂零度糖的強勁表現，我們獲得了更大的價值份額，這得益於雙包裝嘗試的增加，這種嘗試將品牌與餐飲地點聯繫起來，並擴大了可再填充包裝的選擇。

Also in Mexico, Santa Clara recently became the value share leader we think value-added there. In EMEA, we continue to grow volume and deliver the strong revenue and profit growth. In Europe, volume declined, driven by cycling and tougher comparison versus previous year and mixed performance across western and eastern markets. We partnered with the English Premier League with Coca-Cola, Smartwater, and Powerade to tap into consumer's passion for football.

同樣在墨西哥，聖克拉拉最近成為我們認為增值的價值份額領導者。在歐洲、中東和非洲地區，我們的銷售持續成長，營收和利潤均實現強勁成長。在歐洲，銷售量下降，原因是循環經濟和與去年相比更嚴峻的競爭情勢，以及東西方市場表現不一。我們與英超聯賽、可口可樂、Smartwater 和 Powerade 合作，激發消費者對足球的熱情。

We featured this partnership on our packaging and offered exclusive fans activation and access to tickets, which helped recruit weekly plus drinkers. In Eurasia and the Middle East and in Africa, we grew volume in both operating units despite volatile macroeconomic backdrops.

我們在包裝上突出了這種合作關係，並為粉絲提供獨家激活和門票獲取機會，這有助於招募每週飲酒者。在歐亞大陸、中東和非洲，儘管宏觀經濟背景動盪，但我們兩個營運部門的銷售量均有所成長。

We further emphasized our mix of local and global brands, launched the impactful marketing campaigns like our partnership with Springboks Rugby in South Africa, and innovations like Cappy bubble in Turkey. Also, we sharpened our revenue growth management capability and highlighted the localness of our system.

我們進一步強調了本地和全球品牌的組合，推出了有影響力的行銷活動，例如與南非 Springboks Rugby 的合作，以及在土耳其推出 Cappy bubble 等創新活動。加強營收成長管理能力建設，突顯體係本地化。

Lastly, in Asia Pacific, volume declined across each of the operating units driven by softer consumer spending, weaker industry performance, and inclement weather in a few markets like India and the Philippines.

最後，在亞太地區，由於消費者支出疲軟、產業表現疲軟以及印度和菲律賓等少數市場的惡劣天氣，各營運部門的銷售量均下降。

However, we gained by the share and grew revenue and profit for the segment. We are focusing on granular channel execution plans tailoring our brand price back architecture with a focus on affordability and investing for growth.

然而，我們的市場份額有所增長，並且該部門的收入和利潤都有所增加。我們專注於制定細緻的通路執行計劃，客製化我們的品牌價格回饋架構，專注於可負擔性和成長投資。

Putting it all together, we continue to execute in an uncertain external environment with strong plans in place in a focus on driving profit growth. Why our strategy continues to deliver, the world around us is changing. And as we have done throughout our history, we will continue to evolve to capture the full potential of our system.

總而言之，我們將繼續在不確定的外部環境中執行強有力的計劃，並專注於推動利潤成長。為什麼我們的策略能夠持續發揮作用，我們周圍的世界正在改變。正如我們在整個歷史中所做的那樣，我們將繼續發展以充分發揮我們系統的潛力。

Together with our botany partners, we're leveraging capability to deepen consumer connections, build on brands, and executive action. Digital Platforms are helping us to connect the dots across our system, enabling better experiences for our consumers and customers.

我們與植物學合作夥伴一起，利用能力加深消費者聯繫、打造品牌和執行行動。數位平台幫助我們連接整個系統的各個點，為我們的消費者和客戶提供更好的體驗。

As we adapt, we will enhance the way we work to move faster and with greater precision. We will become even more consumer-centric to drive enduring growth for our system and industry. Overall, I'm encouraged by the image across the network. We are learning fast, pushing boundaries, and unlocking new opportunities to deliver for the long-term.

隨著我們不斷適應，我們將改進工作方式，以更快、更精確地開展工作。我們將更加以消費者為中心，推動我們的系統和產業的持久成長。總的來說，網路上的這幅圖像讓我感到鼓舞。我們正在快速學習、突破界限並發掘新的機會以實現長期目標。

With that, I will hand the call over to John.

說完這些，我會把電話交給約翰。

Thank you, Henrique, and good morning, everyone. Today, I'll comment on our third quarter performance discuss the outlook for the remainder of 2025 and provide some early commentary on 2026. During the third quarter, we grew organic revenues 6%. Unit cases grew 1% after a slower start, we ended with improved performance. During the quarter, two-year volume trends accelerated each month.

謝謝你，亨利克，大家早安。今天，我將評論我們第三季的業績，討論 2025 年剩餘時間的前景，並對 2026 年提供一些早期評論。第三季度，我們的有機收入成長了 6%。單位案件在起步較慢之後成長了 1%，最終我們的業績有所改善。本季度，兩年的交易量趨勢每月都在加速。

Concentrate sales were 1 point behind unit care sales driven primarily by the timing of concentrate shipments. Our price/mix growth of 6% was primarily driven by approximately 4 points of pricing actions and 2 points of favorable mix. Pricing from intense inflationary markets has largely abated. Comparable gross margin declined approximately 10 basis points while comparable operating margin increased approximately 120 basis points.

濃縮液銷售量比單位護理液銷售量落後 1 個百分點，主要受濃縮液出貨時間的影響。我們的價格/組合成長 6% 主要得益於約 4 個點的定價行動和 2 個點的有利組合。劇烈通膨市場的定價已基本減弱。可比較毛利率下降約 10 個基點，而可比營業利潤率增加約 120 個基點。

Our year-to-date comparable operating margin expansion has been driven by our continued productivity mindset. While we're continuing to invest for growth, we're also driving productivity, including prioritizing supply chain efficiencies and improving the efficiency of our advertising spend and being prudent with our expense base.

我們今年迄今為止的可比營業利潤率擴張是由我們持續的生產力思維所推動的。在我們繼續投資實現成長的同時，我們也在提高生產力，包括優先考慮供應鏈效率、提高廣告支出效率以及審慎管理我們的支出基礎。

Putting it all together, third quarter comparable EPS of $0.82 in increased 6% year-over-year despite 6% currency headwinds, higher net interest expense and an increase in our effective tax rate. Free cash flow, excluding the fairlife contingent consideration payment was $8.5 billion, which was an increase versus the prior year.

綜合來看，儘管面臨 6% 的貨幣逆風、淨利息支出增加以及有效稅率上升，但第三季可比每股收益仍為 0.82 美元，同比增長 6%。不包括公平生活或有對價支付的自由現金流為 85 億美元，比上年增加。

Growth was driven by underlying business performance and lower tax payments, partially offset by cycling working capital benefits in the prior year. Our balance sheet remains strong with our net debt leverage of 1.8 times EBITDA, which is below our targeted range of 2 times to 2.5 times.

成長主要由基礎業務表現和較低的稅收推動，但被上一年循環營運資本收益部分抵銷。我們的資產負債表依然強勁，淨債務槓桿為 EBITDA 的 1.8 倍，低於我們的目標範圍 2 倍至 2.5 倍。

We're confident in our long-term free cash flow generation and have ample balance sheet capacity to pursue our capital allocation agenda, which prioritizes reinvesting in our business and returning capital to our share owners. I also want to give a quick update regarding our ongoing dispute with the U.S. Internal Revenue Service.

我們對長期自由現金流的產生充滿信心，並擁有充足的資產負債表能力來執行我們的資本配置議程，該議程優先考慮對我們的業務進行再投資並向我們的股東返還資本。我還想簡單介紹一下我們與美國國稅局之間正在進行的糾紛。

A portion of our case relates to royalties from our Brazilian affiliates that were blocked under Brazilian law. The recent 3M appellate court decision addressed the same underlying regulation. We believe this case is highly supportive of our position. As we have said many times in the past, we're continuing to vigorously defend our overall position and are encouraged about our chances of prevailing on appeal.

我們的案件的一部分涉及根據巴西法律被凍結的來自我們巴西附屬公司的特許權使用費。3M 上訴法院最近的判決也涉及同樣的基本規定。我們相信這個案例有力地支持了我們的立場。正如我們過去多次說過的那樣，我們將繼續大力捍衛我們的整體立場，並對我們在上訴中獲勝的機會感到鼓舞。

As previously mentioned, we're confident we will deliver on our 2025 guidance. We continue to expect organic revenue growth of 5% to 6% and expect comparable currency-neutral earnings per share growth of approximately 8%, both of which reflect delivery in line with our long-term growth algorithm.

如前所述，我們有信心實現 2025 年的目標。我們繼續預期有機收入成長 5% 至 6%，並預期可比貨幣中性每股收益成長約 8%，這兩項均反映出符合我們長期成長演算法的交付。

Based on current rates and our hedge positions, we continue to expect a 1 to 2 point currency headwind to comparable net revenues and an approximate 5-point currency headwind to comparable earnings per share for full-year 2025.

根據當前匯率和我們的對沖頭寸，我們繼續預計 2025 年全年可比淨收入將面臨 1 至 2 個百分點的貨幣逆風，可比每股收益將面臨約 5 個百分點的貨幣逆風。

Our underlying effective tax rate for 2025 is now expected to be 20.7%. All in, based on what we know today, we continue to expect 2025 comparable earnings per share growth of approximately 3% versus $2.88 in 2024. Last, excluding the fairlife contingent consideration payment, we now expect to generate at least $9.8 billion of free cash flow in 2025.

我們預計 2025 年的基本有效稅率為 20.7%。總而言之，根據我們今天所掌握的信息，我們仍然預計 2025 年每股收益將增長約 3%，而 2024 年為 2.88 美元。最後，不包括公平生活或有對價支付，我們現在預計 2025 年將產生至少 98 億美元的自由現金流。

There are a couple of considerations to keep in mind for the fourth quarter of 2025. We're cycling a more difficult volume comparison in some of our key markets. And due to our reporting calendar, there will be one additional day in the fourth quarter. While it is too early to provide specific guidance for 2026, we want to share some considerations based on what we know today.

對於 2025 年第四季度，有幾點需要注意。我們正在一些主要市場進行更困難的銷售比較。並且由於我們的報告日曆，第四季度將增加一天。雖然現在為 2026 年提供具體指導還為時過早，但我們希望根據目前所知分享一些考慮。

First, a calendar shift will impact the quarterly cadence as we will have six additional days in the first quarter and six fewer days in the fourth quarter. We're focused on driving balanced top-line growth with volume as a key priority. As inflation moderates, we anticipate pricing to normalize and we lean into both affordability and premiumization, depending on what the market demands.

首先，日曆的變化將影響季度節奏，因為第一季將增加六天，而第四季將減少六天。我們致力於推動均衡的營收成長，並將銷售作為首要任務。隨著通貨膨脹的緩和，我們預計價格將恢復正常，並且我們將根據市場需求傾向於可負擔性和高端化。

With respect to commodities, while we're experiencing cost inflation we believe the overall impact is manageable. However, the company and our system source several items exposed to volatility and trade dynamics, which could cause our outlook to vary across our markets.

就商品而言，雖然我們正在經歷成本通膨，但我們認為整體影響是可控的。然而，公司和我們的系統採購的幾個商品都受到波動性和貿易動態的影響，這可能會導致我們的前景在各個市場之間有所不同。

We continue to challenge all aspects of how we work, and we see opportunities to unlock cost efficiencies that can be reinvested to support portfolio growth and long-term value creation. Regarding currency, if we assume current rates and our hedge positions, there would be a slight tailwind to both comparable net revenues and comparable earnings per share for full-year 2026.

我們不斷挑戰工作的各個方面，我們看到了釋放成本效率的機會，這些成本效率可以再投資以支持投資組合成長和長期價值創造。關於貨幣，如果我們假設當前利率和我們的對沖頭寸，那麼 2026 年全年的可比淨收入和可比每股收益都會略有順風。

Many factors could impact both our currency outlook and broader business outlook between now and when we expect to provide guidance in February. In summary, while our external environment is dynamic, we see great potential for our industry and remain steadfastly focused on driving growth. We are confident in our ability to deliver on our 2025 guidance and create enduring value for our stakeholders.

從現在到我們預計在二月提供指導期間，許多因素都可能影響我們的貨幣前景和更廣泛的商業前景。總而言之，雖然我們的外部環境是動態的，但我們看到了產業的巨大潛力，並將繼續堅定不移地專注於推動成長。我們有信心實現 2025 年目標並為利害關係人創造持久價值。

With that, operator, we are ready to take questions.

接線員，現在我們可以回答問題了。

Thank you. Ladies and gentlemen. (Operator Instructions)

謝謝。女士們，先生們。（操作員指示）

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Great James, John, Henrique. Good morning. Thank you. I think each of you alluded to in your remarks, entering September, you'd called out momentum that was trending a bit slower than expected in the third quarter, and you highlighted a few specific markets at the time, Mexico and Latin America, India, Vietnam, Thailand and Asia. Obviously, it appears that you came out the quarter with seeing a bit more acceleration, which is obviously encouraging.

偉大的詹姆斯、約翰、恩里克。早安.謝謝。我想你們每個人在發言中都提到，進入 9 月份，你們指出第三季度的增長勢頭比預期要慢一些，並且當時強調了幾個特定的市場，即墨西哥和拉丁美洲、印度、越南、泰國和亞洲。顯然，本季你們似乎看到了更多的加速，這顯然是令人鼓舞的。

But I'm curious as to whether you describe that to sequential improvement in underlying category trends or more your own interventions made in response to shifting consumer sentiment? And then either way, maybe just a little bit more color on how those recent observations factor into both your 4Q -- your fourth quarter views as well as your approach to fiscal 2016 planning? Thank you.

但我很好奇，您是否將其描述為潛在類別趨勢的連續改善，還是您為應對消費者情緒的變化而採取的干預措施？無論如何，也許可以更詳細地說明這些近期的觀察如何影響您對第四季度的看法以及您對 2016 財年規劃的方法？謝謝。

Yeah, sure. Thanks, Steve. Yeah. As you say, we -- when -- I think Henrique is at the conference, we pulled out a little bit of softness at the opening part of Q3. You talked about where it was Mexico and a number of parts of Asia, India, China and some of the ASEAN countries. And clearly, we got a bit better in September, some sequential improvement.

是的，當然。謝謝，史蒂夫。是的。正如你所說，我們——當——我認為 Henrique 出席會議時，我們在 Q3 的開頭表現出了一點柔和。您談到了墨西哥、亞洲部分地區、印度、中國和一些東協國家。顯然，我們在九月的情況有所好轉，有一些連續的改善。

I think it would be fair to say as much as anything that was a doubling down by the system, increases in marketing and focus and innovation from us working with the bottlers on some affordability and revenue management options and some step-ups in execution. So I don't think the environment changed markedly in September from July and August, we just got more focused on drilling down into what needed to be done and to driving the quarter.

我認為可以公平地說，這是系統加倍努力的結果，我們與瓶裝商合作，在一些可負擔性和收入管理方案上加大了營銷力度、關注度和創新力度，並在執行方面取得了一些進展。因此，我認為 9 月的環境與 7 月和 8 月相比並沒有明顯變化，我們只是更專注於深入研究需要做的事情並推動本季的發展。

And I think, therefore, as you look out to Q4, I don't think the environment is changing that quickly. So I think we're going to have to be on the top of our game. We certainly expect to lean into and invest for growth in the fourth quarter. We have a lot of good marketing and innovation programs coming from Halloween all the way through to Christmas.

因此，我認為，展望第四季度，環境變化不會那麼快。所以我認為我們必須在比賽中發揮出最佳水準。我們當然期望在第四季度實現成長並進行投資。從萬聖節到聖誕節，我們有許多優秀的行銷和創新計畫。

So we'll be driving that and obviously executing with our bottlers. But I think, again, as you kind of hinted in the question, the environment is going to stay more or less the same, and we've got a focus on driving our own results and trying to get volume growth going into the fourth quarter, especially as we're cycling a steeper comparison versus last year.

因此，我們將推動這一進程，並與我們的瓶裝廠一起執行。但我認為，正如您在問題中暗示的那樣，環境將基本保持不變，我們將專注於推動我們自己的業績，並努力在第四季度實現銷量增長，特別是當我們與去年相比周期性增長更為劇烈時。

And then as we look out to '26, that's going to be a long way away from here and going through the year. Certainly, as John commented in his considerations, we certainly expect to see inflation and pricing moderate back to a more normal range. I think as we talked about on the previous call, if our long-term growth model calls for 4% to 6% on the top line and we look for balance, which kind of implies 2% to 3% on volume and 2% to 3% on price.

然後，當我們展望 26 年時，那將是一段漫長的歲月。當然，正如約翰在他的考慮中所評論的那樣，我們當然希望看到通貨膨脹和價格回落到更正常的範圍。我認為，正如我們在上次電話會議上討論的那樣，如果我們的長期增長模型要求營業收入增長 4% 到 6%，而我們尋求平衡，這意味著銷量增長 2% 到 3%，價格增長 2% 到 3%。

Certainly, that hopefully will get easier as we go through the year, but that's what we're aiming for. Our long-term objective remains to grow volume as a way of expanding our consumer franchise and earning the right to pricing so that we can stay at the top end of our revenue growth algorithm.

當然，希望隨著時間的推移，這會變得更容易，但這就是我們的目標。我們的長期目標仍然是增加銷售量，以擴大我們的消費者特許經營權並贏得定價權，以便我們能夠保持在收入成長演算法的頂端。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Great. Thanks, good morning. I wanted to ask you guys a little bit about local competition in various markets because I think historically, when consumers under pressure, affordability becomes a discussion point, you'll start to see some bubbling up of local competition particularly in sparkling. So I was wondering if you could just go through with us any markets where that's been a factor, and then kind of what you're doing in response? Thanks.

偉大的。謝謝，早安。我想問你們一些關於各個市場中本地競爭的問題，因為我認為從歷史上看，當消費者面臨壓力時，負擔能力就會成為討論的焦點，你就會開始看到一些本地競爭的湧現，特別是在起泡酒領域。所以我想知道您是否可以和我們一起介紹一下存在這一因素的任何市場，以及您對此採取了哪些措施？謝謝。

Yeah. Thanks, Lauren. I think actually, there's a big overall shift to a little more localness, not just from a competitive point of view. If you kind of look back the last five years, the whole world went on a kind of a similar journey with COVID, with lockdown, we're coming out of lockdown with inflation.

是的。謝謝，勞倫。我認為實際上，總體上存在著向更加本地化的轉變，而不僅僅是從競爭的角度來看。如果你回顧過去五年，你會發現全世界都經歷了類似的疫情和封鎖，而封鎖結束後，通貨膨脹也隨之而來。

There was a certain -- all on the same roller coaster effect of the last five years. And now that is starting to diverge in all sorts of ways, geopolitically, economically. And we are certainly seeing that there's more dynamism in regional competitors and some of the local competitors. I think regional would be more fair to call it that. But I don't think it's just about affordability.

過去五年都存在著某種過山車效應。現在，這種局面在地緣政治、經濟等各方面都開始出現分歧。我們確實看到，區域競爭對手和一些本地競爭對手的活力正在增強。我認為，從區域角度來稱呼它更為公平。但我不認為這只是與負擔能力有關。

I think this is part of a sort of kind of pendulum that swings out there with things becoming a little more global or a little more local and then a little more global. And what we're seeing at the moment is there's kind of a swing of the pendulum and a little more to regionality.

我認為這是一種鐘擺的一部分，鐘擺會隨著事物的全球化或地方化而擺動，然後又變得更加全球化。我們目前看到的是鐘擺的擺動，並且更偏向區域性。

Affordability is a feature of that, but it's certainly not the only feature, the identity of the brands, the innovation that's coming, you see different things in different places. So as we go forward, we're responding by driving more resources to the front line so that we can have different responses in different places.

可負擔性是其特點之一，但肯定不是唯一特點，還有品牌的身份、即將到來的創新，在不同的地方你會看到不同的東西。因此，隨著我們不斷前進，我們將向前線投入更多資源，以便我們能夠在不同的地方做出不同的反應。

And that's one of the things that Henrique was calling out in his piece, which is like we need to get even closer to the consumer, which is a way of saying, we need to be able to have different responses in different places, using the great strength of our global system and the scale that gives us but being able to respond to the different dynamics and the intimacy needed in the different parts of the world.

這就是恩里克在他的文章中呼籲的事情之一，那就是我們需要更加貼近消費者，也就是說，我們需要能夠在不同的地方做出不同的反應，利用我們全球體系的強大力量和規模，但能夠對世界不同地區所需的不同動態和親密關係做出反應。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hey, good morning. So James and Henrique, you mentioned some of the consumer stresses that we're seeing in general around the world. I just want to dive a bit deeper into Latin America. It's obviously tied in with the US economy, but also the policy changes that we're seeing in the US.

嘿，早安。詹姆斯和恩里克，你們提到了我們在世界各地普遍看到的一些消費者壓力。我只是想更深入地了解拉丁美洲。這顯然與美國經濟有關，也與我們在美國看到的政策改變有關。

So I think it would just be helpful to get an update on what you're seeing in the ground in Mexico as well as Brazil in the last few months and just how that consumer environment might impact your forward performance, but also your strategy changes in that region, specifically, Henrique mentioned some of the Mexico changes more recently. It'd be helpful to get a deeper update there. Thanks.

因此，我認為了解過去幾個月您在墨西哥和巴西看到的情況以及消費環境如何影響您的未來業績，以及您在該地區的戰略變化，將會很有幫助，具體來說，Henrique 最近提到了墨西哥的一些變化。獲得更深入的更新將會很有幫助。謝謝。

Hey, Dara, good here for you. Look, Latin America continues to be a market that had very strong system. And we are coming off like years of strong growth. Most recently, you have seen that we have over the last few quarters on a progressive improvement this quarter coming to flat, but also, it's important to unpack that, saying that Brazil continues to be pretty strong.

嘿，達拉，你真棒。瞧，拉丁美洲仍然是一個擁有非常強大體系的市場。我們正經歷多年的強勁成長。最近，您已經看到，我們在過去幾個季度中取得了逐步改善，而本季度則趨於平穩，但同樣重要的是，要說明巴西仍然保持著相當強勁的勢頭。

Colombia and Chile also grew in the quarter. And then Mexico is also a big market, but it's on a progressive improvement, but not yet where we want it to be. There are macroeconomic issues in the country. And also, our plans to really pivot and address that has been put in place in the last few quarters.

哥倫比亞和智利在本季也實現了成長。墨西哥也是一個大市場，但它正在逐步改善，但還沒有達到我們想要的水平。該國存在宏觀經濟問題。此外，我們在過去幾個季度中已經制定了切實轉變和解決這一問題的計劃。

We have seen some of the bright spots coming out of that. But it's too early to say that we out of the woods here on getting Mexico really on a growth trajectory. What we see is that it's going to take a little bit more time in there. And in the rest of Latin America, we have more momentum. So to your question about whether it's something more related to the whole region -- it's not specific to that. It's more related to the country itself.

我們已經看到了其中出現的一些亮點。但現在說墨西哥已經走出困境並真正走上成長軌道還為時過早。我們看到的是，這還需要多花一點時間。在拉丁美洲其他地區，我們的發展勢頭更為強勁。所以對於你關於這是否與整個地區更相關的問題——它並不是針對那個地區的。這與國家本身更相關。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hi, good morning, everyone. I wanted to ask about the refranchising efforts given this morning's announcement on [CCBA] which is clearly a very important step in your goal of becoming the world's smallest dollar. I guess, can you walk us through what will be left after the transaction closes in terms of other territories to potentially refranchise.

大家好，早安。我想問一下關於今天上午宣布的[CCBA]的重新特許經營努力，這顯然是你們實現成為世界上最小美元的目標的重要一步。我想，您能否向我們介紹一下交易結束後，在哪些其他地區可能進行重新特許經營？

And then in terms of the margin implications from refranchising, a few years ago, you had a target of like a mid-30s operating margin target for the Coca-Cola Company. And it seems like you're getting pretty close there to that after this transaction. So can you walk us through like the path on the margins post refranchising? Thank you.

就重新特許經營對利潤率的影響而言，幾年前，可口可樂公司的目標是實現 35% 左右的營業利潤率。看起來，經過這筆交易之後，你已經非常接近這個目標了。那麼，您能向我們介紹一下重新特許經營後的邊緣路徑嗎？謝謝。

Sure, Filippo. I'll let John jump in on that margin target and the evolution towards it. Look, with the two deals that we have announced with the Bhartia Group, Jubilant Bhartia Group in India, and with Hellenic relative to Coca-Cola Beverages Africa. Actually, those two transactions are the last two large pieces setting us on the path to completing the refranchising strategy that we started in 2015.

當然，菲利波。我會讓約翰參與討論利潤目標及其發展過程。我們宣布與巴蒂亞集團（Bhartia Group）、印度 Jubilant Bhartia 集團以及希臘可口可樂非洲飲料公司達成兩項交易。實際上，這兩筆交易是我們完成 2015 年開始的再特許經營策略的最後兩大步驟。

And just to remind, because that's taken us 10 years, the most important thing here was to find the right partners for each of those assets, the right owners who could drive the investment in capabilities into the future. And we have seen through all the refranchisings we've done over time that if we find the right partner to put these bottlers into their hands, they invest more, they do better.

需要提醒的是，因為這花了我們 10 年的時間，所以這裡最重要的是為每項資產找到合適的合作夥伴，找到能夠推動未來能力投資的合適所有者。透過我們長期以來進行的所有特許經營重組，我們發現，如果我們找到合適的合作夥伴，將這些瓶裝企業交到他們手中，他們就會投入更多，做得更好。

The bottler performs better and it helps us drive overall growth of the total system. So the combination grows faster and is more profitable. So it's been a very successful strategy over the years. And with these two pieces, we will largely put ourselves on the path to completing refranchise. The things that will be left are just a handful of smaller countries like Malaysia and Singapore.

裝瓶商的表現更好，這有助於我們推動整個系統的整體成長。因此，該組合成長更快，利潤更高。所以多年來這一直是個非常成功的策略。有了這兩點，我們將在很大程度上走上完成再特許經營的道路。剩下的就只有馬來西亞和新加坡等少數幾個小國了。

And so think of it as this is the final piece of stone in putting refranchising strategy to bed. And we now have a system that is super capable and set up to drive growth well into the future. And I'll let you answer the margin question, John?

因此，可以將其視為實施再特許經營策略的最後一塊基石。現在，我們擁有一個功能強大的系統，可以推動未來的成長。我讓你回答保證金問題，約翰？

Sure. Sure, James. Thanks, Filippo. Maybe it's worth taking a step back and go back a few years. And in 2017, our operating margin was 26.5%. And since that period, there have been two primary positive impacts offset by ongoing FX headwinds. The first has been the refranchising to date. And the second has been our continued focus on expanding margins in line with the implied guidance in our long-term growth model.

當然。當然，詹姆斯。謝謝，菲利波。也許值得退一步，回顧幾年前。2017年，我們的營業利益率為26.5%。自此以後，主要出現了兩個正面影響，但被持續的外匯逆風所抵消。第一個是迄今為止的重新特許經營。第二，我們持續致力於依照長期成長模型中隱含的指引來擴大利潤率。

As you look at this year-to-date, the primary driver has been the latter. In other words, as I mentioned in my remarks, a lot of focus on managing our cost base, lot of focus on managing our supply chain and getting some of the benefits to the bottom line of the marketing productivity work that we've had underway.

回顧今年迄今的情況，主要驅動力是後者。換句話說，正如我在演講中提到的那樣，我們非常注重管理成本基礎，非常注重管理我們的供應鏈，並從我們正在進行的營銷生產力工作中獲得一些收益。

And so as you look to the next couple of years, you can, I think, assume that the implied expansion that we expect from the core business will continue and the math will play itself out in terms of the uplift in overall --the overall margin profile of the company with the latest refranchising that James just talked about and our expectations for the next couple of years to finish the play.

因此，展望未來幾年，我認為，你可以假設我們預期核心業務的隱含擴張將會持續下去，而從整體利潤率的提升來看，計算結果將自行顯現出來——公司的整體利潤率狀況，加上詹姆斯剛才談到的最新特許經營權的重新分配，以及我們對未來幾年完成這一計劃的預期。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

Hi, good morning, everyone. I wanted to ask two category question. So just on coffee, it was the second quarter of (inaudible) growth after about 1.5 years of declines. Can you just reorient us on your latest thinking on your coffee strategy? Why has it been a bit tougher perhaps some of the drivers of the recent improvement, and how you see the general attractiveness of this category going forward?

大家好，早安。我想問兩個類別的問題。因此，僅就咖啡而言，這是在經歷了大約 1.5 年的下滑之後的第二個季度（聽不清楚）成長。您能否向我們重新介紹您對咖啡策略的最新想法？為什麼最近情況有所改善，這其中可能有些困難，您如何看待這一類別未來的整體吸引力？

And if I could, just on Zero Sugars, it's had this really nice run of reacceleration over the past couple of years from some slowing in 2023. Can you just talk about the runway there? And I ask because you're starting to bring up Diet Coke a bit more over the past couple of quarters. And I just want to maybe test a bit whether there is some broadening of this, what's called a zero, a light strategy, with a bit more breadth. So thanks so much for those two.

如果可以的話，僅就零糖而言，它在 2023 年有所放緩，但在過去幾年中，它經歷了非常好的重新加速。你能談談那裡的跑道嗎？我之所以問這個問題，是因為過去幾季您開始多提及健怡可樂。我只是想稍微測試一下是否可以擴大這種策略，即所謂的零策略、輕策略，其範圍是否更廣一些。非常感謝他們兩位。

Thanks, Chris. Let me start on coffee. I mean, firstly, the coffee category is a super attractive category. I mean it's very large is profitable and is growing and it's relatively unconsolidated. So let's start with coffee is an interesting category. If we can find -- one is interesting, too, it's interesting to the Coke system, if we can find a way to plan it that works for us.

謝謝，克里斯。讓我先從咖啡開始。我的意思是，首先，咖啡類別是一個非常有吸引力的類別。我的意思是，它規模很大，盈利豐厚，並且正在成長，而且相對來說不太穩固。那麼就讓我們從咖啡這個有趣的類別開始吧。如果我們能夠找到——一個也很有趣，對於可口可樂系統來說很有趣，如果我們能夠找到一種適合我們的方法來進行規劃。

And we've tried a number of things over the last decades to find a path that works for us in coffee, Costa being the most recent iteration of that. And what -- the summary on what's happening there is actually, the Costa business is doing well.

在過去的幾十年裡，我們嘗試了許多方法，希望找到一條適合我們咖啡產業的道路，而 Costa 就是我們最新的嘗試。總結一下那裡的情況，Costa 的業務實際上做得很好。

As you say, it's returned to volume growth, we've been reinvesting in the stores, principally in the UK, continuing to increase the footprint of the total park of the Costa Express machines and doing kind of beans to machines in a number of other countries.

正如您所說，它已恢復到銷售成長，我們一直在對商店進行再投資，主要是在英國，繼續增加 Costa Express 機器的整體覆蓋範圍，並在其他一些國家/地區對機器進行豆類銷售。

So the business is doing well and is getting some good growth from the top to the bottom line. The commentary we made last time is the investment hypothesis didn't work out as we expected in the sense that, we were looking for much more growth in the non-retail store side of the business, which much more suits the Coke system and that has not -- we have not found a path to that in the last number of years.

因此，業務進展順利，從上到下都實現了良好的成長。我們上次的評論是，投資假設沒有像我們預期的那樣發揮作用，因為我們期待非零售店業務方面有更大的增長，這更適合可口可樂系統，但在過去幾年中我們還沒有找到實現這一目標的途徑。

And so we are kind of standing back and reflecting on what that means for us on where we should go next in coffee. But in the meantime, it's a great business across the business, and we continue to run it to be successful. It just didn't create a multiplier so far that we're looking for into our broader business.

因此，我們退一步思考這對我們意味著什麼，以及我們下一步在咖啡方面應該走向何方。但同時，這對整個企業來說都是一項偉大的業務，我們會繼續經營它以取得成功。到目前為止，它還沒有為我們更廣泛的業務帶來我們所期望的乘數效應。

And then on the lights and zeros and diodes, look, the headline number is zeros and diets are our mid-teens percentage of total soft drink volume. So there's both an opportunity or a possibility that they could become a bigger piece of soft drink and actually help to continue to grow the sparkling category around the world.

然後在燈光、零和二極體上，看，標題數字是零，而飲食是我們十幾歲的青少年佔軟性飲料總量的百分比。因此，它們有機會或可能成為軟性飲料市場更大的份額，並實際上有助於繼續擴大全球碳酸飲料類別。

And so I think you're seeing both some degree of self-cannibalization in marketing, but also a way of the sparkling category continuing to grow globally and particularly in the developed markets. And I think the -- yes, we called out a Diet Coke because I think there was a period of time, decade-long, maybe longer, maybe two decades where diet coke particularly in the English-speaking countries, was declining, and it has more recently stabilized over the last years and is actually growing this year as long -- as well as in Coke Zero Sugar to grow.

因此，我認為你既看到了行銷中某種程度的自我蠶食，也看到了氣泡飲料類別在全球範圍內，特別是在已開發市場繼續增長的方式。我認為——是的，我們稱之為健怡可樂，因為我認為有一段時間，長達十年，甚至更長，也許是二十年，健怡可樂，特別是在英語國家的銷量一直在下降，但在過去幾年裡，它的銷量已經穩定下來，實際上今年還在增長——零糖可樂也在增長。

So the strategy has always been there to do justice for each brand on its own, but we have found more recently, more responsiveness to investment in marketing and innovation for Diet Coke in particular, and that has gone alongside sustained growth in Coke Zero. So lots of growth in the future.

因此，該策略始終是為了公平對待每個品牌，但我們最近發現，特別是健怡可樂對行銷和創新的投資反應更加積極，而這與零度可樂的持續成長相伴而生。因此未來將會有很大的成長。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Thank you. Dig a little more maybe on the consumer and CPG, particularly in the US and Europe, where gearing mix messages, I suppose, from whether it's banks and retailers versus what we're hearing from CPG. And many of your CPGs have restructured.

謝謝。也許可以對消費者和 CPG 進行更深入的挖掘，特別是在美國和歐洲，我認為，無論是銀行和零售商，還是我們從 CPG 聽到的，槓桿率資訊都是混合的。你們的許多中央政府部門都進行了重組。

So curious where you stand and where we are. Obviously, there's no restructuring. There's a bit of productivity. But can you just maybe talk about the differences in what we're hearing versus what maybe we're seeing for your business?

非常好奇你的立場和我們的立場。顯然，沒有重組。有一點生產力。但是您能否談談我們所聽到的和我們所看到的關於您的業務的區別？

Yeah. Okay. I mean let me stand back and have a thought on the industry and where we sit in it. And certainly, I hear from the banks that there's bits of the CPG industry that are under pressure in recent years. But let me focus in on beverages more particularly. The beverage industry has been characterized for many, many decades as being a growth industry.

是的。好的。我的意思是，讓我退一步思考這個產業以及我們在其中所處的位置。當然，我從銀行那裡聽說，近年來，快速消費品產業的某些部分面臨壓力。但讓我更具體關註一下飲料。幾十年來，飲料業一直被認為是成長型產業。

You can do a histogram of the growth rates of the beverage industry for decades and the kind of all the growth rates cluster around the 4% to 5% growth each year. So it's -- and there are underlying structural reasons about economic growth, urbanization that drive the creation of the beverage industry. And as we've talked about in previous investor conferences, actually the number one feature of the beverage industry is yet to be created.

您可以繪製幾十年來飲料行業增長率的直方圖，所有增長率都集中在每年 4% 到 5% 左右。因此，經濟成長、都市化等潛在的結構性原因推動了飲料產業的誕生。正如我們在之前的投資者會議上所討論的那樣，實際上飲料行業的首要特徵尚未被創造出來。

There's actually tons of potential ahead. So it's an industry that grows. And we, for the last 5, 10 years, have been very focused on how do we not only be the leader in that industry, but the winner in terms of market share. So we can take the industry growth, which we support through our investments, but also win and lead in that industry.

事實上，未來還有巨大的潛力。所以這是一個不斷發展的行業。在過去的 5 年到 10 年裡，我們一直非常專注於如何不僅成為該行業的領導者，而且成為市場份額的贏家。因此，我們不僅可以透過投資來支持產業成長，還可以在該產業中取得勝利並保持領先地位。

And how have we done that? We've talked about the flywheels of investing in marketing, innovation, RGM execution. And we've supported those by using marketing funds. But also, as John alluded to in his comments, we have had ongoing programs of productivity through the whole P&L, whether that be in COGS, marketing or in SG&A.

我們是如何做到這一點的？我們討論了投資於行銷、創新、RGM 執行的飛輪。我們利用行銷資金來支持這些活動。但同時，正如約翰在評論中提到的那樣，我們在整個損益表中都有持續的生產力計劃，無論是在銷貨成本、行銷還是銷售、一般和行政費用方面。

Sometimes that is more of an event. We've reorganized ourselves a couple of times. You'll remember, Lean Center a number of years ago, then we did the thing called emerging stronger coming out of COVID. So there are more episodic more big events of moving the organization around. But each year, we're looking for continuous improvement and continuous productivity.

有時這更像是一個事件。我們已經重組過幾次了。你會記得，幾年前的精實中心，我們做了一件叫做從 COVID 走出來、變得更強大的事情。因此，組織中會發生更多偶發性、更大程度的變動事件。但每年我們都在尋求持續的改善和持續的生產力。

And as we think about what's coming next, and you mentioned that a number of people have talked about restructuring. What we see going forward is, look, -- the industry is going to keep growing. We're the leader, and we're winning share. And what we need to do is to continue to fuel the top line growth.

當我們思考接下來會發生什麼時，您提到許多人都在談論重組。我們看到的未來​​是，這個產業將會繼續成長。我們是領導者，我們正在贏得市場份額。我們需要做的是繼續推動營收成長。

There was a -- if I diverge for a second, there's a famous -- at least famous at Coke speech that was written by the CEO of Coke Robert Woodruff, on the 50th anniversary, which is almost 90 years ago. It's only 1.5 pages. Speeches were shorter in those days. And he didn't have a title and he wrote on the title, the future belongs to the discontented and I think that is the key feature of what's gone.

有一篇——如果我稍微偏離一下主題，有一篇著名的——至少是可口可樂公司著名的演講，是由可口可樂公司首席執行官羅伯特·伍德拉夫在公司成立 50 週年之際撰寫的，那已經是將近 90 年前的事了。只有1.5頁。那時候的演講比較短。他沒有書名，但在書名上寫道，未來屬於不滿的人，我認為這就是過去的關鍵特徵。

Yes, we've been growing. We've been winning in the marketplace. And it's easy to be discontented if you're not doing well and you're under pressure from everyone else in the investor base. The hardest thing is to say I've done well and be discontented enough with yourself that you need to change and you know you need to transform. So think of what's coming as we're going to continue to drive that top line revenue growth, we're going to find the extra investments to drive that growth.

是的，我們一直在成長。我們在市場上一直處於領先地位。如果你做得不好，並且受到來自投資者群體中其他所有人的壓力，你就很容易感到不滿。最難的事情是說我做得很好，但對自己卻不滿意，你需要改變，你知道你需要轉變。所以想想接下來會發生什麼，我們將繼續推動營收成長，我們將尋找額外的投資來推動這一成長。

And yes, we will be discontented with ourselves and think what do we need to continue, what do we need to evolve and what do we need to transform to generate those funds for growth, and that will include ongoing productivity as we bring in AI and Agenic Tech over the coming years, and we'll do some restructuring of the organization in the coming -- in 2026. But this is all about replicating the game plan over the last 10 years of finding productivity through the whole P&L to invest and drive top line growth that falls to the bottom line.

是的，我們會對自己不滿意，並思考我們需要繼續做什麼，我們需要發展什麼，我們需要轉變什麼來產生成長資金，這將包括在未來幾年引入人工智慧和 Agenic Tech 時持續提高生產力，我們將在 2026 年對組織進行一些重組。但這一切都是為了複製過去 10 年的遊戲計劃，即透過整個損益表來尋找生產力，以投資並推動落到底線的頂線成長。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

Alright, thank you. Good morning everyone. I actually just had a quick question on your business in Asia. Organic sales in the quarter were up 7% and accelerated sequentially. So just hoping for some more color on the strength you're seeing in the region? And how sustainable this strong, I guess, high single-digit price/mix big. Thanks.

好的，謝謝。大家早安。實際上，我只是想快速詢問一下您在亞洲的業務。本季有機銷售額成長 7%，環比成長加快。所以，我只是希望能夠更詳細地了解該地區的實力？我猜想，這種強勁的高個位數價格/組合的可持續性如何？謝謝。

Yeah. Thanks, Bonnie. This falls into the bucket of one of the sporadic questions about how strange the Asia Pacific segment is. And what I would encourage is to look at multi-quarter trends in Asia Pacific because for management reasons, Asia, they're all on a different times.

是的。謝謝，邦妮。這屬於關於亞太地區有多奇怪的零星問題之一。我鼓勵大家關注亞太地區的多個季度趨勢，因為出於管理原因，亞洲的時期各不相同。

And it's much easier to manage when you're out there and you put them all together. But they are quite disparately different businesses. You've got the emerging market businesses with, let's say, India at one end with huge, huge, huge potential for growth in volume over many, many years, but much lower prices all the way through China, ASEAN and then at the other end of the spectrum, you get to Australia and Japan, which have been growing but have much higher realized prices given the developed economy.

當你在外面並將它們放在一起時，管理起來就容易得多。但它們是截然不同的業務。新興市場企業，如印度，在一端具有巨大的成長潛力，未來很多年其產量都有巨大的成長潛力，但整個中國、東協的價格卻低得多，而另一端則是澳洲和日本，這兩個國家也一直在成長，但相對於發達經濟體，它們的實際價格要高得多。

And so one of the predominant effects in Asia Pacific is how fast did each of those components grow. And in this particular quarter, as we talked about earlier, India, because the monsoon China because of some of the economic pressures and ASEAN. Those markets underperformed our expectations in volume terms.

因此，亞太地區的主要影響之一就是各個組成部分的成長速度有多快。在這個特定季度，正如我們之前談到的，印度因為季風、中國因為一些經濟壓力、東協。從交易量來看，這些市場的表現低於我們的預期。

And so as the mechanical effect of putting all that together, that means that in a waiting sense, the lower-priced countries did (inaudible) which means that the mix looks like it's shot up -- not shot up -- we've increased slightly in Japan and Australia, which then produces a PMO effect that looks like pricing went up a lot in Asia Pacific, which is the inverse of what normally happens, which is when the emerging markets grow, it looks like prices are flat or declining in Asia Pacific because of the growth of the lower price markets. So this is a mix effect problem or waiting problem of the way the segment is constructed, we manage each country to drive the business.

因此，將所有這些因素綜合起來產生的機械效應是，從等待的角度來看，低價國家確實（聽不清），這意味著價格組合看起來像是大幅上漲——不是大幅上漲——而是日本和澳大利亞的價格略有增加，這產生了 PMO 效應，看起來亞太地區的定價大幅上漲，這與通常發生的情況相反，即當新興市場增長時，由於持平市場增長時，由於持平的價格下降，或亞太市場似乎持平。因此，這是細分市場建構方式的混合效應問題或等待問題，我們管理每個國家來推動業務。

And so I would not overemphasize this. We should look for Asia Pacific over time to drive volume growth for the emerging markets, the pricing will go up in each country. But as that mix is out in the segment, you don't see it come through in the Asia Pacific segment quite so obviously.

所以我不會過度強調這一點。我們應該尋找亞太地區來推動新興市場的銷售成長，每個國家的定價都會上漲。但由於這種組合在該領域已經消失，因此你不會看到它在亞太地區如此明顯地體現出來。

Robert Ottenstein, Evercore.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，Evercore。

Great. Thank you very much. James, I wonder if we could kind of circle back to a topic that was in much discussion a couple of years ago and has stated a little bit is GLP-1 drugs and at this point, you ought to have some reasonably good data on their impact on beverage consumption.

偉大的。非常感謝。詹姆斯，我想知道我們是否可以回到幾年前討論過的一個主題，其中提到了一點 GLP-1 藥物，此時，您應該有一些關於它們對飲料消費影響的相當好的數據。

One consultant that we work with talks about an increase in consumption of protein, energy and hydration driven products from GLP-1. So I was wondering what your data says, do you see those interests increases? Do you see areas where there's weakness?

我們合作的顧問談到了 GLP-1 帶來的蛋白質、能量和水合物驅動產品消費量的增加。所以我想知道您的數據說明了什麼，您是否看到這些興趣增加？您是否發現存在薄弱之處？

And then just to double-click on protein, if you can give us an update on your platform, how capacity looks and when it comes on, and how you see the competitive environment developing as competitors kind of sharpen their tools and new competition comes in? Thank you.

然後雙擊蛋白質，如果您可以向我們提供有關您的平台的最新信息，容量情況如何以及何時開始，以及隨著競爭對手不斷磨礪工具和新競爭對手的出現，您如何看待競爭環境的發展？謝謝。

Sure. Thanks. Yes, we certainly are out there generating data on what seems to be happening with households and people that are on GLP-1, I think it's still ultimately early days to know the full cycle. But I think what you're seeing is very similar to what we're seeing. Obviously, we track not just what they do on non-alcoholic beverages but across what they eat and the alcoholic beverages.

當然。謝謝。是的，我們確實在收集有關使用 GLP-1 的家庭和個人的情況的數據，我認為現在了解整個週期還為時過早。但我認為你所看到的與我們所看到的非常相似。顯然，我們不僅追蹤他們喝非酒精飲料的情況，還追蹤他們吃什麼以及喝什麼酒精飲料。

And so one can see the full change in the diet makeup -- as it relates to non-alcoholic, clearly, we can see some very emerging conclusions. They tend to drink last full sugar soft drinks, but they tend to drink more diet soft drinks, also hydration, more coffee, and as you say, a big shift towards protein drinks.

因此，人們可以看到飲食組成的全面變化——因為它與非酒精有關，顯然，我們可以看到一些非常新興的結論。他們傾向於喝最後的全糖軟性飲料，但他們傾向於喝更多的低熱量軟性飲料，也喝補水飲料、喝更多的咖啡，而且正如你所說，他們正在轉變為蛋白質飲料。

I think that's a really standard set of conclusions that everyone sees. And then as it relates to what we're doing on protein, Obviously, we've got Fairlife and CorePower which have been standout successes for the last number of years and continue to grow in the third quarter.

我認為這是每個人都能看到的一組真正標準的結論。然後，就我們在蛋白質方面所做的事情而言，顯然，我們有 Fairlife 和 CorePower，它們在過去幾年中取得了突出的成功，並在第三季度繼續增長。

The capacity that we've talked about of the big factory in upstate New York is on track. We expect to begin to produce on time, and ramp up that capacity through the course of 2026. As much as I would love it to all be available on January 1. That will not be the case. And so we do see ourselves having a much more unconstrained ability to satisfy consumer demand over the course of 2026.

我們談到的紐約州北部大型工廠的產能正在正常運作。我們預計將按時開始生產，並在 2026 年期間提高產能。我非常希望這一切能夠在 1 月 1 日實現。事實並非如此。因此，我們確實看到，到 2026 年，我們將擁有更不受約束地滿足消費者需求的能力。

Yes, competitors coming into the space across all sorts of food and beverages into protein. We believe we have great brands. We have excellent products. There'll be a lot of new innovation. Our objective is to drive the fairlife in the core power brands. We have lots of new innovation, and we will have more capacity coming online, and it's going to be a growth area for sure in 2026.

是的，競爭對手正在透過各種食品和飲料進入蛋白質領域。我們相信我們擁有偉大的品牌。我們有優秀的產品。將會有很多新的創新。我們的目標是推動核心強勢品牌的公平生活。我們有許多新的創新，我們將有更多的產能上線，這肯定會成為 2026 年的成長領域。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Thank you, everyone, and good morning and James, I guess your comment takes me to the question. I appreciate what you said, the culture of this content and great in the organization. And your comment right now on fairlife and Core Power, you obviously had a lot of as retailers are still on a location and fully understand that you're not going to have the capacity right on January 1.

謝謝大家，早安，詹姆斯，我想你的評論讓我想到了這個問題。我很欣賞你所說的，這個內容的文化在組織中很棒。您現在對 fairlife 和 Core Power 的評論顯然有很多，因為零售商仍然在某個地方，並且完全理解您在 1 月 1 日不會有足夠的產能。

But how should we be thinking like given the allocation and innovation you spoke to, as we go into 2026, perhaps in the second half, we're going to see the acceleration there. And then, as you think about like potentially lifting into international, I understand that this is going to be more of a -- probably another 2026, but long term, would you see a fit perhaps even like with Santa Clara, Mexico and other places where you can build that protein, obviously, is a very difficult supply chain? Or I should say difficult, but just a longer-term supply chain. Is that something that you're thinking longer term?

但是，考慮到您提到的分配和創新，我們應該如何思考，當我們進入 2026 年，也許在下半年，我們將看到加速發展。然後，當您考慮可能進入國際市場時，我明白這可能需要更多時間——可能還要等到 2026 年，但從長遠來看，您是否會看到合適的選擇，甚至像聖克拉拉、墨西哥和其他可以生產這種蛋白質的地方，顯然，這是一個非常困難的供應鏈？或者我應該說困難，但只是一個長期的供應鏈。這是您長期考慮的事情嗎？

And then thinking of staying in Mexico since we spoke about Santa Clara. How should we be thinking about like the sugar drink taxes that you faced, obviously, in 2014, you pivoted really well, you bounced back much higher than you were before. And that was one is, I think, in pricing. So how can you think about like how to face potentially if that is implemented. Thank you.

既然我們談到了聖克拉拉，那麼我們就考慮留在墨西哥。我們應該如何看待你們面臨的含糖飲料稅，顯然，在 2014 年，你們做出了很好的轉變，反彈幅度比以前高得多。我認為其中之一就是定價。那麼，如果實施的話，您如何考慮如何應對潛在的情況。謝謝。

Yeah, okay. fairlife. Look, the New York factory when at full capacity will give us about 30% more capacity or volume potential fairlife. So we certainly are going to have the opportunity to significantly grow into 2026 and to move out of having the product on allocation to our retail partners, and that will take some time through 2026. So this is not a small factory.

是的，好的。公平生活。你看，紐約工廠滿載運轉時將為我們提供約 30% 的額外產能或產量潛力。因此，我們肯定有機會在 2026 年實現顯著成長，並擺脫將產品分配給零售合作夥伴的局面，而這將需要到 2026 年的一些時間。所以這裡不是一個小工廠。

It's, I think, one of the largest, if not the largest dairy processing facilities in the US and it's going to add 30% capacity. So that will be good and that will help us get out of the kind of bottlenecks that we're in at the moment, and get into the marketplace. As it relates to international expansion, you alluded to and I've said it before, the dairy industry is a complicated and protected industry around the world.

我認為，它是美國最大的乳製品加工廠之一，甚至可以說是最大的，它的產能將增加 30%。這將是件好事，這將有助於我們擺脫目前面臨的瓶頸，進入市場。至於國際擴張，您提到過，我之前也說過，乳製品產業在世界各地是一個複雜且受保護的產業。

It's certainly not a lift and shift in a simple sense of the word. But obviously, we are looking at the growth in the sort of beverages and brands that we have achieved with fairlife, and we have taken some of our learnings from the US and help to shape the way we've executed Santa Clara in Mexico. So Santa Clara and Mexico, for example, grew 13% in volume in the third quarter and became the number one value-added dairy brand in Mexico.

從簡單意義上來說，這當然不是徹底的改變。但顯然，我們正在關注透過 fairlife 實現的飲料和品牌的成長，我們從美國吸取了一些經驗，並幫助塑造我們在墨西哥聖克拉拉的執行方式。例如，聖克拉拉和墨西哥的銷售量在第三季成長了 13%，成為墨西哥第一大加值乳製品品牌。

I think since we bought Santa Clara a decade or so ago, we've increased its size by 10 times. So we've clearly found something that if we have the right platform we can make it work with the brand and the product ideas.

我想自從我們十年前買下聖克拉拉以來，我們已經將其規模擴大了 10 倍。因此，我們清楚地發現，如果我們擁有正確的平台，我們就可以使其與品牌和產品理念結合。

But we have also had some failures in the dairy business. Luckily, the successes were way bigger than the failures, which were small -- but we do know that it's a complicated business to get into around the world, but we will be looking to see how we can leverage the essential product ideas behind fairlife and Santa Clara into innovations around the rest of the world.

但我們在乳製品業務上也遭遇了一些失敗。幸運的是，成功比失敗要大得多，而失敗則很小——但我們確實知道，在世界範圍內開展這項業務是一項複雜的業務，但我們將著眼於如何利用 fairlife 和 Santa Clara 背後的基本產品理念，為世界其他地區帶來創新。

As it relates to the Mexico tax, which I believe was passed like a couple of days ago, yes, it's a significant increase. Obviously, we're working with the bottling system to look at how we accommodate and adapt to these increases that will be January 1, 2026.

至於墨西哥稅，我相信該法案幾天前就通過了，是的，這是一個大幅的增長。顯然，我們正在與裝瓶系統合作，研究如何適應 2026 年 1 月 1 日的這些成長。

As you pointed out, 2014, there was a tax increase in Mexico, which we were able to adapt to by doubling down on the marketing and the innovation using all our RGM technology and the execution of the bottling system to come through it stronger.

正如您所指出的，2014 年，墨西哥的稅收增加了，我們透過加倍行銷和創新，利用我們所有的 RGM 技術並執行裝瓶系統來適應這一變化，使其變得更加強大。

Obviously, there's likely to be some impact in the early days and then as we use all the implementation to recover from that. But yes, we are expecting it to come in the beginning of next year, and we will be all hands on deck to come up with the latest adaptations of the strategy now that we know what the final policy actually is in Mexico to come up with a plan and execute it starting this year.

顯然，早期可能會產生一些影響，然後我們會採取一切措施來恢復。但是的，我們預計它會在明年年初到來，現在我們知道墨西哥的最終政策是什麼，我們將全力以赴提出最新的戰略調整，制定計劃並從今年開始執行。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey, good morning guys. Thanks for the question. I had a question on North America. I think it was one of the markets actually where you did see that two-year kind of stack growth rate accelerate a bit, both on volumes and maybe on organic sales. Henrique, in your comments, I think you spoke a bit about just differences between spending on income groups and then maybe some different activities on channels.

嘿，大家早安。謝謝你的提問。我有一個關於北美的問題。我認為它實際上是一個市場，你確實看到兩年的堆疊成長率有所加快，無論是在銷量上還是在有機銷售上。恩里克，在您的評論中，我認為您談到了不同收入群體的支出差異，以及管道上的一些不同活動。

So I just was hoping to get a bit more detail and color on -- on one hand, you're seeing the business actually perform relatively well in North America. It seems like maybe there's a bit of cautious comments on some of the other factors, both on consumer and on channel that would love to get a bit more detail on. Thanks very much.

所以我只是希望獲得更多細節和色彩——一方面，你看到該業務在北美實際上表現相對較好。似乎對於其他一些因素，無論是消費者還是管道，都有一些謹慎的評論，希望獲得更多細節。非常感謝。

Sure. Glad to do that. So look, we had a tough Q1, as you remember. And since demo, we have been seeing the question improvement in North American volume-wise, we're really pleased with that, that in the Q3, we not only grew that, but we won volume and value share. When we look from a consumer point of view, we continue see divergency in spending between the income groups. The pressure on middle and low end income consumers is still there.

當然。很高興這麼做。所以，正如你們所記得的，我們經歷了一個艱難的第一季。自演示以來，我們看到北美問題在數量方面有所改善，我們對此感到非常高興，在第三季度，我們不僅實現了增長，而且還贏得了數量和價值份額。當我們從消費者的角度來看時，我們仍然看到不同收入群體之間的支出有差異。中低端收入消費者的壓力仍然存在。

What we have done since Q1 that has been really paying off, it's really to go back to the drawing board and have the plan that would really tackle not only affordability but premiumization as well. And you'll see that actually reflected on our price mix composition.

自第一季以來，我們所做的確實取得了成效，那就是重新制定計劃，不僅能解決可負擔性問題，還能解決高端化問題。您會發現這實際上反映在我們的價格組合構成上。

2 points of that positive mix came from premium brands like Topo Chico's Smart Water and fairlife, but we're also pleased with the introduction of packaging architecture that are addressing that pressure that the consumers have on their daily disposable income with the introduction, for instance, of mini cans that today, it already represents USD1 billion in revenue by itself. So we're pivoting accordingly. We know that the consumer landscape has not changed, but that's going to be continue our game -- working together with our bottlers throughout this come out strong.

其中兩點積極因素來自 Topo Chico 的 Smart Water 和 fairlife 等高端品牌，但我們也很高興看到包裝架構的推出，這些架構正在解決消費者日常可支配收入的壓力，例如，迷你罐的推出，如今，它本身就已經代表了 10 億美元的收入。因此我們正在做出相應調整。我們知道消費者格局沒有改變，但我們將繼續與我們的瓶裝商合作，共同取得強勁進展。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thank you. Good morning, everyone. I wanted to go back to Steve's question just on the volume for progression where it sounds like a lot of the improvement is related to better execution rather than a better backdrop.

謝謝。大家早安。我想回到史蒂夫關於進步量的問題，聽起來很多改進都與更好的執行有關，而不是更好的背景。

So two questions. One, have you seen that improvement sustain as we move into October? And then second, John, you mentioned tougher volume comps in the fourth quarter in some key markets. So would you anticipate unit case volume stepping back versus what we just saw? Or could we see continued momentum despite the tougher comps? Thanks.

所以有兩個問題。第一，進入十月後，您是否看到這種改善持續下去？其次，約翰，您提到第四季一些主要市場的銷售量年比情況更為嚴峻。那麼，您是否預期單位案件數量會比我們剛才看到的有所下降？或者，儘管競爭更加激烈，我們是否仍能看到持續的勢頭？謝謝。

So (inaudible) it's a little early in October to call October for anything. But I would say the market is still growing. This is not something that there's some sort of precipit or decline in anything going on. It's just I think the waste of what's going to drive success is more -- slightly more on our own actions -- our own marketing, our own innovation and our own execution. And yes, the tougher comps will be there, but that's not a way of saying we want to decline in the fourth quarter. We are certainly looking to continue to rebuild momentum and we'll see where we get to on that.

所以（聽不清楚）現在就稱十月為十月還為時過早。但我想說市場仍在成長。這並不是什麼突然發生或衰退的事情。我只是認為，推動成功的因素更在於我們自己的行動——我們自己的行銷、我們自己的創新和我們自己的執行。是的，競爭會更加激烈，但這並不意味著我們希望在第四季出現下滑。我們當然希望繼續重建勢頭，並且看看我們能取得什麼成果。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good morning. I wanted to ask a margin question, maybe with two kind of quick components. One is just maybe understanding if you have any visibility on currency impact next year, you called up 100 basis points, I assume transactional headwind in the gross margin build -- is that likely to fade?

謝謝。早安.我想問一個邊際問題，也許涉及兩個快速組成部分。一是也許只是了解您是否對明年的貨幣影響有任何了解，您稱其上漲了 100 個基點，我認為交易阻力會影響毛利率的建立——這種阻力可能會消失嗎？

Or how do we think about maybe how that flows through in 2016, if you've got the better currency on the top and EPS side, and then just also in the quarter, you had EBIT margins up well ahead of the gross margin performance. Were there any timing considerations or how sticky should we consider that to be? Is there anything in there we need to think about that may be a one-off?

或者我們如何看待這種狀況在 2016 年會如何發展，如果你在頂部和 EPS 方面擁有更好的貨幣，那麼在本季度，你的 EBIT 利潤率就會遠高於毛利率表現。是否有任何時間上的考慮，或者我們應該認為這有多棘手？其中是否有任何我們需要考慮的、可能是一次性的事情？

Thanks. Michael, let me -- on the first one, I think in my script, I mentioned we -- right now, based on everything that we know, there will be a slice tailwind for 2026. And assuming that, that actually materializes, yes, I think we would see a slight benefit to the -- on the margin front. So part one.

謝謝。邁克爾，關於第一個問題，我想在我的腳本中，我提到我們——現在，根據我們所知道的一切，2026 年將會出現順風。假設這真的實現了，是的，我認為我們會看到利潤方面略有好處。第一部分。

Part two, step out of -- I know we spend most of the time on the quarter itself. I think when it comes to the margin trends, I really like to step back and look at the trends over multiple quarters. And in line with our -- with the long-term algorithm. We continue to be focused on delivering against that over time.

第二部分，走出來——我知道我們大部分時間都花在了季度本身。我認為，當談到利潤趨勢時，我真的喜歡回顧並觀察多個季度的趨勢。並且符合我們的長期演算法。我們將繼續致力於實現這一目標。

We have had some timing benefits in Q3, and we also are in 2025 earning more productivity in the marketing area with some of the digitization work, et cetera, that we have underway, that is more pronounced for this year. I don't see that being the same every year. But as we go into 2026, we should have a little bit of a tailwind and the objective will be to continue to have that expansion of margins in line with the algorithm.

我們在第三季度獲得了一些時間上的優勢，隨著我們正在進行的一些數位化工作等，我們在 2025 年的行銷領域也將獲得更高的生產力，這在今年更為明顯。我認為每年的情況都不一樣。但隨著我們進入 2026 年，我們應該會有一些順風，而目標將是繼續按照演算法擴大利潤率。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Great. Thanks, morning, everyone. I want to come back to Lauren's question on competition, but focus here on North America. So your two key competitors are addressing bigger structural considerations with activist investors, uniquely involved at both PepsiCo and or Dr. Pepper. Can you please comment on what you think this will mean for the Coca-Cola Company, both near term and longer term?

偉大的。謝謝大家，早安。我想回到勞倫關於競爭的問題，但這裡的重點是北美。因此，你們的兩個主要競爭對手正在與激進投資者一起解決更大的結構性問題，百事可樂和胡椒博士都以獨特的方式參與其中。您能否評論一下這對可口可樂公司來說意味著什麼，無論是短期還是長期？

And to the extent you care to comment and you may not what dynamics, whether this is potential refranchising, just a more deliberate strategic focus, scope of brand support? Do you think is potentially most critical competitively for -- the Coca-Cola Company. So your thoughts there would be appreciated. Thank you.

就您評論的程度而言，您可能不知道這是否是潛在的再特許經營，僅僅是更慎重的策略重點，品牌支持範圍？您認為對可口可樂公司來說，最具潛在​​競爭力的是什麼？因此，我們將非常感激您的想法。謝謝。

You almost got that, Kevin, so my favorite answer, which is I couldn't possibly comment because it's M&A. Look, clearly, there's a lot going on around us globally and in particular, in North America with the competition. But let me go back a little bit to what I said with Lauren. It's a great industry. That's why people want to be in it.

凱文，你幾乎明白了，所以我最喜歡的答案是，我無法發表評論，因為這是併購。顯然，全球範圍內，特別是北美，發生了很多競爭。但讓我稍微回顧一下我和勞倫說過的話。這是一個偉大的行業。這就是人們想要參與其中的原因。

We're the leader, and we've been winning share consistently over the last number of years. Clearly, we have to focus on what we need to do. And to the extent that competitors are doing other things other than trying to win immediately in the marketplace, and I'm sure they've got a sense of urgency anyway.

我們是領導者，在過去幾年中我們一直在不斷贏得市場份額。顯然，我們必須專注於我們需要做的事情。並且，如果競爭對手除了試圖立即在市場上獲勝之外還在做其他事情，我相信他們無論如何都會有緊迫感。

As I said on the call, we got to remain discontented. We've been doing well. And the number one thing we've got to do is avoid being contented with our performance and what's happening around us. We've got to think about what's next. And we've got to transform from a position of solid performance.

正如我在電話中所說的那樣，我們必須保持不滿。我們一直做得很好。我們要做的第一件事就是避免對自己的表現和周遭發生的事情感到滿足。我們必須考慮下一步該怎麼做。我們必須從穩健的表現開始轉變。

And that's what's going to drive the extra investment drive the growth and extend our leadership in the marketplace. And that's all we can do. And we've got to take this opportunity to double down and pull further ahead in the US and around the world.

這將推動額外的投資，推動成長，並擴大我們在市場上的領導地位。這就是我們所能做的一切。我們必須抓住這個機會，加倍努力，在美國和世界各地取得更大的領先地位。

Robert Moscow, TD Cowen.

羅伯特·莫斯科，TD Cowen。

Hi. Just a quick question on Europe. It's not a huge part of your business, but volume was down. And I thought with the hot weather in the third quarter, that would have provided a tailwind to offset the tough comparisons to a year ago. Can you be more specific about your market share in Europe on a volume basis? Was it up or was it down?

你好。我只想問一個關於歐洲的簡單問題。這不是您業務的很大一部分，但業務量下降了。我認為，第三季的炎熱天氣將帶來一股順風，抵消與一年前相比的艱難局面。您能否更具體地說明您在歐洲的市場佔有率？是漲了還是跌了？

Look, Europe there were parts of the world, the (inaudible) There were some places in Europe, which had strong weather. I would say that Europe has been largely resilient in the third quarter and over time. But it's also true what we talked about in terms of the US consumer is also relatively true for the European consumer.

你看，歐洲是世界上的部分地區，（聽不清楚）歐洲有些地方的天氣惡劣。我想說的是，歐洲在第三季以及一段時間都表現出了很大的韌性。但我們談論的美國消費者的情況也同樣適用於歐洲消費者。

The top end of the pyramid has got money and has been investing. But the bottom end has been under pressure. And so we're doing okay in Europe. But there's definitely pressure the same way that is in the US on the bottom end of the consumer.

金字塔的頂端有錢，一直在投資。但底端一直承受壓力。所以我們在歐洲做得還不錯。但底層消費者肯定也面臨與美國同樣的壓力。

And you can see those same kind of value-seeking behavior trends that you see in the US for the bottom end in terms of panel, in terms of package mix in terms of channel performance. So I don't think there's anything much more to say there. But I think the European business has been doing okay, and we'll continue to focus on where we need to go.

您可以看到，在面板、套餐組合和通路表現方面，美國底端市場也存在著同樣的價值追求行為趨勢。所以我認為沒有什麼好說的了。但我認為歐洲業務表現不錯，我們將繼續專注於我們需要去的地方。

Carlos Laboy, HSBC.

卡洛斯·拉博伊，匯豐銀行。

Yes, good morning, thank you. James, you spoke about how you continue to evolve to drive revenues. It would be good to hear how your governance principles keep improving with the boomers for that purpose. So in Latin America, for example, five years ago, you redesigned the governance principles with the bonders, and we got that LTM agreement and some common KPIs between bottling executives and your executives and has produced more CapEx and faster revenue and higher ROIC from the bottlers.

是的，早上好，謝謝。詹姆斯，您談到如何不斷發展以增加收入。很高興聽到您的治理原則如何隨著嬰兒潮世代不斷改進。例如在拉丁美洲，五年前，您與債券人重新設計了治理原則，我們達成了 LTM 協議，並在瓶裝企業高管和您的高管之間建立了一些共同的 KPI，並從瓶裝企業獲得了更多的資本支出、更快的收入和更高的投資回報率。

So against that backdrop, can you speak to how you've revisited the locally relevant governance principles in these recently franchised territories of Africa, India, maybe Philippines, Indonesia or with other bottlers in order to continue to evolve this mutually agreed clarity of what each side is supposed to do and allow us to keep for the purpose of faster revenues and higher ROIC.

那麼在這樣的背景下，您能否談談您如何重新審視這些最近獲得特許經營權的非洲、印度、菲律賓、印尼或其他瓶裝商地區的當地相關治理原則，以便繼續發展雙方都同意的明確職責，並使我們能夠保持更快的收入和更高的投資回報率。

Yeah. Thanks, Carlos. Yes, Look, as we've gone around the refranchising outside Latin America, I think two things are important to highlight. One, which I kind of alluded to earlier, which is the process of choosing the new ownership groups and very much thinking and evaluating that, if you like through a kind of skill and will matrix, like who has the skill, who has the will and who has the capital to drive these franchises forward into the future.

是的。謝謝，卡洛斯。是的，你看，當我們在拉丁美洲以外進行再特許經營時，我認為有兩件事需要強調。一是，我之前提到過，這是選擇新所有權集團的過程，如果你願意，可以透過一種技能和意志矩陣來思考和評估，例如誰擁有技能，誰有意願，誰擁有資本來推動這些特許經營權走向未來。

And that's why we've been very choiceful in finding the right partners and taking our time to set these up well. And then as it relates to how we set the relationships up, of course, we've done so in a very similar way around the world to the way that we have evolved the relationships in Latin America, which were, of course, not refranchising, but evolutions of very enduring, long-lasting relationships with long-term owners of our bottling assets in Latin America.

這就是為什麼我們非常謹慎地尋找合適的合作夥伴並花時間安排。至於我們如何建立關係，當然，我們在世界各地採取的方式與我們在拉丁美洲發展關係的方式非常相似，當然，這不是重新特許經營，而是與拉丁美洲瓶裝資產的長期所有者建立非常持久、長久的關係。

And it was a very similar mindset we have started these relationships around the rest of the world, whether it be the creation of CCP in Europe, the refranchising in the Philippines, the most recent deals in India or in Africa or even in other parts of Asia. The direction of travel is a very clear corridor similar to Latin America.

我們與世界其他地區建立合作關係的心態非常相似，無論是在歐洲建立 CCP、在菲律賓重新特許經營，還是最近在印度、非洲甚至亞洲其他地區的交易。旅行的方向是一條與拉丁美洲類似的非常清晰的走廊。

Ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the call back over to James Quincey for closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將電話轉回給詹姆斯昆西，請他做最後發言。

Thank you, operator. So to summarize, we're confident, we'll deliver on our near-term and longer-term objectives. We're continuing to invest behind our brands and enhance our capabilities and fortify our systems drive long-term growth. Thank you for your interest, your investment in the company and for joining us this morning.

謝謝您，接線生。總而言之，我們有信心實現我們的近期和長期目標。我們將繼續投資我們的品牌，增強我們的能力並強化我們的系統以推動長期成長。感謝您的關注、對公司的投資以及今天早上的加入我們。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。