可口可樂 (KO) 2025 Q4 法說會逐字稿

At this time, I'd like to welcome everyone to the Coca-Cola Company's fourth-quarter 2025 earnings results conference call. Today's call is being recorded. If you have any objection, please disconnect at this time. (Operator Instructions). I would now like to remind everyone that the purpose of this conference is to talk with investors, and therefore, questions from the media will not be addressed. Media participants should contact Coca-Cola's Media Relations department if they have any questions.

此時此刻，我謹代表可口可樂公司歡迎各位參加2025年第四季財報電話會議。今天的通話將會被錄音。如有任何異議，請立即斷開連接。（操作說明）現在我想提醒大家，本次會議的目的是與投資者進行交流，因此，我們將不回答媒體提出的問題。媒體參與者如有任何疑問，請聯絡可口可樂媒體關係部門。

I would now like to introduce Ms. Robin Halpern, Vice President and Head of Investor Relations. Ms. Halpern, you may now begin.

現在我謹向大家介紹副總裁兼投資人關係主管羅賓‧哈爾彭女士。哈爾彭女士，您可以開始了。

Good morning, and thank you for joining us. I'm here with James Quincey, our Chairman and Chief Executive Officer; Henrique Braun, our CEO-elect and 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. 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.

早安，感謝各位的參與。我今天和我們的董事長兼首席執行官詹姆斯·昆西、候任首席執行官兼首席營運官亨里克·布勞恩以及總裁兼首席財務官約翰·墨菲一起出席。我們已在公司網站「投資者」部分的「財務資訊」欄位下發布了相關時間表。這些措施將今天早上提到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了核對。您也可以在我們網站的同一部分找到分析我們毛利率和營業利率的時間表。

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. (Operator Instructions)

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，這些陳述應與公司盈利報告和定期向美國證券交易委員會提交的報告中所包含的警示性聲明一併考慮。在發言結束後，我們將回答各位的問題。（操作說明）

Now I will turn the call over to James.

現在我將把通話交給詹姆斯。

Thanks, Robin, and good morning, everyone. Before I get started, I'd like to thank all of you for your support and collaboration over the years from the analysts on the call to the investors who are listening to the many employees and other stakeholders who are joining us as well. Today will be my last earnings call. It's been a tremendous honor to be the CEO of this remarkable company. Coca-Cola gave me the opportunity to serve consumers, customers, and communities around the world and work alongside incredibly talented and dedicated colleagues and friends.

謝謝羅賓，大家早安。在正式開始之前，我要感謝大家多年來的支持與合作，從參加電話會議的分析師到正在聆聽的投資者，以及眾多到場的員工和其他利害關係人。今天將是我最後一次財報電話會議。能夠擔任這家卓越公司的首席執行官，我深感榮幸。可口可樂給了我服務世界各地消費者、客戶和社區的機會，並讓我有機會與才華橫溢、敬業奉獻的同事和朋友一起工作。

Our company has achieved a lot over the last decade. Looking back to CAGNY 2017, we set four strategic priorities: accelerating our consumer-centric brand portfolio, strengthening our system, digitizing the enterprise, and unlocking the power of our people. And I think we've done a good job meeting those priorities. We've added $12 billion brands to our total beverage portfolio, bringing our total to $32 billion brands. 75% of our billion-dollar brands are outside our sparkling soft drinks. And while we've expanded our portfolio to offer consumers more choice, we've also reinvigorated growth of our legacy sparkling soft drink brands.

過去十年，我們公司取得了許多成就。回顧 2017 年紐約國際消費品展覽會 (CAGNY)，我們制定了四項策略重點：加速以消費者為中心的品牌組合發展、加強系統建設、實現企業數位轉型以及釋放員工潛能。我認為我們在實現這些優先事項方面做得很好。我們新增了價值120億美元的飲料品牌，使我們的品牌總數達到320億美元。我們75%的十億美元品牌並非來自碳酸軟性飲料。在擴大產品組合提供消費者更多選擇的同時，我們也重振了旗下傳統碳酸軟性飲料品牌的成長。

Trademark Coca-Cola retail sales grew by over $60 billion, and the brand is the highest valued food and beverage brand in the world according to Kantar with a long runway ahead. Alignment with our bottling partners is better than ever, and we have a clear line of sight into completing our refranchising strategy. This work created a virtuous circle for our system with higher returns, additional investment, and further value creation.

可口可樂商標零售額成長超過 600 億美元，根據凱度（Kantar）的數據，該品牌是全球價值最高的食品和飲料品牌，並且未來發展前景廣闊。我們與裝瓶合作夥伴的協調性比以往任何時候都好，我們對完成特許經營權再轉讓策略有著清晰的認識。這項工作為我們的系統創造了一個良性循環，帶來了更高的回報、額外的投資和進一步的價值創造。

We've also taken foundational steps to digitize our system. We've made good progress connecting with consumers and customers on a more granular and personalized level. And lastly, we've built a culture that prioritized our willingness to take risks, learn through iteration, push each other, and scale successes. Our people and our growth mindset remain two of our biggest advantages. As a result of delivering on these four strategic priorities, we've had a 7% average organic revenue growth since 2017, above our long-term growth algorithm.

我們也採取了基礎性措施來實現系統的數位化。我們在與消費者和客戶建立更細緻、更個人化的聯繫方面取得了良好進展。最後，我們建立了一種文化，這種文化重視我們承擔風險的意願、透過迭代學習、互相激勵以及擴大成功規模。我們的人才和成長型思維仍是我們最大的兩大優勢。由於實現了這四個策略重點，自 2017 年以來，我們的平均有機收入成長率達到了 7%，高於我們的長期成長演算法。

After years of being stuck at around $2 comparable earnings per share, we inflected our earnings, overcame ongoing currency headwinds, and have achieved a $3 comparable earnings per share in 2025. We also created more than $150 billion of market value for our shareowners and outperformed the consumer staples industry. Our foundation today is as strong as it's ever been. No matter how you slice it by category, by consumer, by channel, we have immense growth opportunities ahead of us.

多年來，我們的每股可比收益一直徘徊在 2 美元左右。如今，我們扭轉了收益頹勢，克服了持續的匯率不利因素，並已實現 2025 年每股可比收益 3 美元的目標。我們也為股東創造了超過 1500 億美元的市場價值，並且業績優於消費必需品產業。我們今天的根基一如既往地穩固。無論從類別、消費者或通路來看，我們都擁有巨大的成長機會。

Henrique will bring new energy to usher in our next chapter of growth, and he's particularly passionate about our brands, franchise operating model, digital engagement, and our people. We both started at the Coca-Cola Company in the same year over 30 years ago, and he's been an invaluable partner to me over the past decade. He's worked across many functions and has created value for our system on every continent where we do business. The best days for our system continue to be ahead of us, and I'm confident we'll capture these opportunities under Henrique's leadership.

亨里克將為我們開啟下一個成長篇章註入新的活力，他對我們的品牌、特許經營營運模式、數位互動和員工都充滿熱情。30多年前，我們倆同年加入可口可樂公司，在過去的十年裡，他一直是我非常寶貴的合作夥伴。他曾涉獵多個職能領域，並在我們開展業務的每個大洲都為我們的系統創造了價值。我們系統最好的日子還在後頭，我相信在亨里克的領導下，我們一定能夠抓住這些機會。

So without further ado, I'll pass the call off to Henrique Braun, the next Chief Executive Officer of the Coca-Cola Company.

那麼，事不宜遲，我將把電話交給可口可樂公司下一任執行長亨里克·布勞恩。

Good morning, everyone, and thank you, James. I'd like to take a moment to thank you for your leadership during your tenure as CEO and for your incredible contribution to our system. You leave a legacy of returning our business to growth. It's a privilege to be the next Chief Executive Officer, and I look forward to partnering with you in your ongoing role as the Chairman.

各位早安，謝謝你，詹姆斯。我想藉此機會感謝您在擔任執行長期間的領導才能，以及您對我們系統的巨大貢獻。你為我們公司帶來了重振成長的寶貴遺產。能夠成為下一任執行長是我的榮幸，我期待與您繼續合作，共同履行您作為董事長的職責。

Now I'd like to discuss our 2025 performance. Despite a complex external environment in 2025, we delivered on our initial top-line and bottom-line guidance set last February. We also continued our streak of gaining value share for the last 19 quarters. Organic revenue growth was in line with our long-term growth algorithm. While unit case volume was flat in 2025, we ended the year with better momentum as volume improved each month during the fourth quarter.

現在我想談談我們2025年的表現。儘管 2025 年外部環境複雜，但我們實現了去年 2 月制定的初步營收和利潤預期。我們也延續了過去19個季度價值份額成長的動能。有機收入成長符合我們的長期成長策略。雖然 2025 年單位箱銷售持平，但隨著第四季度銷售逐月增長，我們以更好的勢頭結束了這一年。

If you take a step back, we have a long track record of navigating complex external dynamics to hold or grow volume each year. Over the past 50 years, annual volume declined only once, and that was during the pandemic. Rounding out the P&L, ongoing efficiency and effectiveness initiatives drove strong comparable operating margin expansion in 2025, which contributed to 4% comparable earnings per share growth despite 5 points of currency headwinds and a 2-point increase in our comparable effective tax rate.

從長遠來看，我們在應對複雜的外部環境方面有著良好的記錄，每年都能維持或成長銷售。過去 50 年裡，年銷量只下降過一次，那就是在疫情期間。為完善損益表，持續的效率和效益提升舉措推動了 2025 年可比營業利潤率的強勁增長，儘管面臨 5 個百分點的匯率不利因素和 2 個百分點的可比實際稅率上升，但仍實現了 4% 的可比每股收益增長。

During the fourth quarter, we grew volume despite cycling a tougher comparison versus the prior year. We continued to invest to build our system for the year ahead as well as for the long term. Starting with North America. We delivered strong results despite continued macroeconomic pressure on lower-income consumers. We gained both volume and value share and grew volume, revenue, and comparable operating income.

第四季度，儘管與去年同期相比面臨更大的基數效應，但我們的銷售量仍然實現了成長。我們持續投資，為來年以及長遠發展建構我們的系統。首先從北美開始。儘管低收入消費者持續面臨宏觀經濟壓力，我們仍然取得了強勁的業績。我們提高了銷量和銷售額份額，並實現了銷量、收入和可比營業收入的成長。

We had broad-based strength across our total beverage portfolio as Trademark Coca-Cola, Sprite Zero, Fresca, Dasani, fairlife, BODYARMOR, Trademark, and Powerade each grew volume. Innovation contributed to our growth as Sprite Chill and Coca Holiday Creamy Vanilla had strong performance. Across our portfolio, our system focused on accelerating cold drink equipment placement, expanding availability of value offerings, and winning share of visible inventory. In Latin America, we are lifting and shifting learning from across our markets and leveraging our systems capability to navigate a challenging external environment. During the fourth quarter, we managed to gain value share and grow volume, revenue and comparable currency-neutral operating income.

我們整個飲料產品組合都表現出了強勁的勢頭，其中可口可樂商標、雪碧零度、弗雷斯卡、達薩尼、fairlife、BODYARMOR、商標和寶礦力水特等品牌的銷量均有所增長。創新推動了我們的成長，雪碧冰爽和可口可樂假日奶油香草口味表現強勁。在我們的產品組合中，我們的系統專注於加快冷飲設備的部署，擴大高價值產品的供應，並贏得可見庫存的份額。在拉丁美洲，我們正在藉鏡和借鑒各個市場的經驗，並利用我們的系統能力來應對充滿挑戰的外部環境。第四季度，我們成功提升了市場份額，並實現了銷售、收入和可比固定匯率營業收入的成長。

Both Coca-Cola Zero Sugar and Sprite Zero Sugar had strong performance. And Santa Clara, our value-added dairy brand in Mexico became another addition to our stable of billion-dollar brands. To drive consumer demand, we tapped into key passion points by linking Fanta with Halloween. We also continue to focus on refillable packaging, value offerings, and attractive absolute price points across our portfolio.

零糖可口可樂和零糖雪碧的銷售業績均十分強勁。我們在墨西哥的加值乳製品品牌 Santa Clara 也加入了我們價值數十億美元的品牌行列。為了刺激消費者需求，我們將芬達與萬聖節連結起來，抓住了消費者的關鍵興趣點。我們也將繼續專注於可重複填充包裝、高性價比產品以及我們產品組合中具有吸引力的絕對價格點。

In EMEA, we gained value share and grew volume and revenue. In Europe, volume declined as the quarter started slowly before recovery. To drive transactions, we activated several campaigns focused on the holiday and the upcoming Winter Olympics. In the UK, we leveraged our English Premier League partnership to engage consumers with customized product offerings.

在歐洲、中東和非洲地區，我們獲得了價值份額，銷售和收入也實現了成長。歐洲市場銷量在季度初表現疲軟，隨後出現回升，銷量下降。為了促進交易，我們開展了許多以假期和即將到來的冬季奧運會為主題的行銷活動。在英國，我們利用與英超聯賽的合作關係，透過客製化的產品來吸引消費者。

In Italy, to kick off the Winter Olympic Torch Relay, we launched a music festival in Rome, and our Coca-Cola truck followed the Olympic flame across key towns and cities ahead of the game. In Eurasia and the Middle East and in Africa, we grew volume in both operating units. We tapped into key innovations grounded in local consumers' insights like Sprite Lemon & Mint in the Middle East and had impactful marketing campaigns like Schweppes, Born Social 2.0, and Share a Coke in Nigeria. Our efforts to highlight the localness of our system and sharpen our revenue growth management capabilities led to volume growth in both operating units in 2025.

在義大利，為了啟動冬季奧運火炬傳遞，我們在羅馬舉辦了一場音樂節，我們的可口可樂卡車在比賽開始前跟隨奧運聖火穿過了重要的城鎮和城市。在歐亞大陸、中東和非洲，我們兩個營運部門的銷售都實現了成長。我們利用基於當地消費者洞察的關鍵創新，例如在中東推出的雪碧檸檬薄荷口味飲料，並在尼日利亞開展了有影響力的行銷活動，例如 Schweppes、Born Social 2.0 和 Share a Coke。我們努力突顯我們系統的在地化特點，並提高我們的收入成長管理能力，從而在 2025 年實現了兩個營運部門的銷售成長。

Lastly, in Asia Pacific, we gained value share and had flat volume. However, revenue and profit declined during the quarter. Volume growth in Japan was offset by declines elsewhere, driven primarily by softer consumer spending, weaker industry performance, and cycling strong growth in the prior year. We are continuing to invest in long-term growth opportunities across Asia Pacific, and we are implementing granular channel execution plans and tailoring our brand price pack architecture with a focus on attractive absolute price points and value offerings.

最後，在亞太地區，我們獲得了價值份額，但銷量持平。然而，本季營收和利潤均有所下降。日本的銷售成長被其他地區的銷售量下滑所抵消，這主要是由於消費者支出疲軟、行業表現疲軟以及前一年強勁增長的周期性波動所致。我們將繼續投資亞太地區的長期成長機會，並實施細緻的通路執行計劃，調整品牌價格包裝架構，專注於有吸引力的絕對價格點和價值產品。

In summary, we are responding to different dynamics across our markets by adapting faster, leveraging our portfolio power, and investing for growth. As I prepare to step into the CEO role and think about what's next, there will be a balance between continuing what's working and evolving where we can to become more effective and efficient. While we are proud of what we have accomplished, future success is never guaranteed. We must remain discontented. Every day, our system needs to focus on being a little bit better and sharper everywhere to drive transformational impact.

總而言之，我們正在透過更快地適應、利用我們的投資組合實力和投資成長來應對我們各個市場的不同動態。在我準備就任執行長一職並思考下一步計畫之際，我會在繼續做好現有工作和盡可能地改進工作以提高效率和效益之間取得平衡。雖然我們為已取得的成就感到自豪，但未來的成功永遠無法保證。我們必須保持不滿的態度。我們的系統每天都需要專注於在各方面做得更好、更出色，從而帶來變革性的影響。

We have enduring strength which includes an incredible foundation of $32 billion brands and unmatched system reach. Our mission is both to increase this number of billion-dollar brands and to turn today's billion-dollar brands into tomorrow's multibillion-dollar brands.

我們擁有持久的實力，包括價值 320 億美元的強大品牌基礎和無與倫比的系統覆蓋範圍。我們的使命既是增加十億美元品牌的數量，也是將今天的十億美元品牌變成明天的數十億美元品牌。

To drive further quality leadership, I'm excited about three key areas. First, we will aim to step change recruitment, especially with young adult consumers by better integrating our marketing campaigns with commercial execution at the point of sale. We already have a good starting point. In the US, for example, we have 10 of the top 20 beverage brands for young adult drinkers, including Coca-Cola, which is the number one beverage brand.

為了進一步提升領導力質量，我對以下三個關鍵領域感到興奮。首先，我們將致力於透過更好地將行銷活動與銷售點的商業執行相結合，實現招募工作的重大變革，尤其是在年輕成年消費者群體中。我們已經有了一個好的開始。例如，在美國，年輕人飲用的前 20 個飲料品牌中有 10 個是我們的產品，其中包括排名第一的飲料品牌可口可樂。

Second, we need to get closer to the consumer and improve our speed to market. While we have made some progress with our overall success rates over the past several years, our innovation today is not where it needs to be. We are striving to better anticipate the next growth opportunity in beverages and shape what comes next, driven by our deep consumer insights.

其次，我們需要更貼近消費者，加快產品上市速度。雖然過去幾年我們的整體成功率取得了一些進步，但我們今天的創新能力還沒有達到應有的水準。我們致力於更好地預測飲料行業的下一個​​成長機會，並憑藉我們對消費者的深刻洞察，塑造未來的發展方向。

Third, I am energized about steering our future-ready system. We must be intentional about putting digital at the core of every connection with consumers, customers, and across the system. The better-than-ever alignment that we have today with our bottling partners is simply the starting point. Putting it all together, we look to continue expanding our horizons and shape our future. We have a durable strategy and our runway is long.

第三，我對引領我們面向未來的系統充滿熱情。我們必須有意識地將數位化置於與消費者、客戶以及整個系統每一次連結的核心位置。我們目前與裝瓶合作夥伴之間前所未有的良好合作關係只是一個起點。綜上所述，我們希望繼續拓展視野，塑造未來。我們擁有可持續的策略，而且我們的發展空間很長。

I'm confident we will deliver on our 2026 guidance and capture the best opportunities available. I look forward to sharing more details on how we are thinking about evolving our culture and our enterprise to fuel a new decade of growth next week at CAGNY.

我有信心我們能夠實現2026年的目標，並抓住最佳機會。我期待下週在 CAGNY 大會上分享更多關於我們如何思考發展企業文化和推動新十年成長的細節。

With that, I will turn the call over to John to discuss 2025 performance and guidance for 2026.

接下來，我將把電話交給約翰，讓他討論 2025 年的表現和 2026 年的展望。

Thank you, Henrique, and good morning, everyone. First, I'd like to recognize James and congratulate him for his tremendous career and amazing leadership as our CEO. It's been an absolute honor working alongside him. I'm also confident in the company's future as Henrique steps into the CEO role. Looking back at 2025, we remain agile and focused on improving execution of our strategy to deliver on our guidance.

謝謝你，亨里克，大家早安。首先，我要表揚詹姆斯，祝賀他作為我們執行長所取得的輝煌成就和卓越領導能力。能與他共事，我感到無比榮幸。隨著亨里克擔任執行長一職，我對公司的未來也充滿信心。展望 2025 年，我們將保持靈活，專注於改善策略執行，以實現我們的預期目標。

During the fourth quarter, we grew organic revenues 5%. Unit case growth was 1%. Concentrate sales grew 3 points ahead of unit cases, driven primarily by the timing of concentrate shipments and an extra day in the quarter. Our price/mix growth of 1% was primarily driven by approximately 4 points of pricing actions, offset by 3 points of unfavorable mix, which was driven by an unusual combination of business mix, category mix, and timing of a number of items.

第四季度，我們的有機收入成長了 5%。單位病例成長率為1%。濃縮液銷售量比單位箱銷售量成長了 3 個百分點，這主要是由於濃縮液出貨時間以及季度中多出的一天所致。我們的價格/產品組合成長 1% 主要由約 4 個百分點的定價措施推動，但被 3 個百分點的不利產品組合所抵消，而不利產品組合是由業務組合、品類組合和一些產品上市時間的異常組合造成的。

Comparable gross margin and comparable operating margin both increased approximately 50 basis points. Both were driven by underlying expansion, partially offset by currency headwinds. Putting it all together, fourth-quarter comparable EPS of $0.58 was up 6% year-over-year despite 5% currency headwinds and an increase in our comparable effective tax rate. Free cash flow, excluding the fairlife contingent consideration payment was $11.4 billion in 2025, which is an increase of approximately $600 million versus the prior year's free cash flow, excluding the IRS tax deposit. Growth was driven by underlying business performance and lower tax payments versus the prior year.

可比毛利率和可比較營業利率均成長約 50 個基點。兩者都受到經濟基本面擴張的推動，但部分被匯率不利因素抵銷。綜合來看，儘管受到 5% 的匯率不利因素和可比實際稅率上升的影響，第四季度可比每股收益仍同比增長 6%，達到 0.58 美元。2025 年，不包括 fairlife 或有對價支付的自由現金流為 114 億美元，比上一年不包括 IRS 稅款存款的自由現金流增加了約 6 億美元。成長主要得益於良好的業務表現和與前一年相比較低的稅收支出。

Adjusted free cash flow conversion in 2025 was 93%, in line with our long-term targeted range for the third consecutive year. Our balance sheet remains strong with our net debt leverage of 1.6 times EBITDA, which is below our targeted range of 2 to 2.5 times. We'll continue to judiciously manage our balance sheet as we await a court decision related to our ongoing dispute with the IRS. Enabled by our all-weather strategy, we have demonstrated our ability to navigate local market dynamics to deliver on our global objectives. Our 2026 guidance builds on the results we've achieved over the past several years.

2025 年調整後的自由現金流轉換率為 93%，連續第三年符合我們的長期目標範圍。我們的資產負債表依然穩健，淨負債槓桿比率為 EBITDA 的 1.6 倍，低於我們 2 至 2.5 倍的目標範圍。在等待法院就我們與美國國稅局的持續糾紛作出裁決期間，我們將繼續謹慎管理我們的資產負債表。憑藉我們的全天候策略，我們已經證明了我們有能力駕馭當地市場動態，實現我們的全球目標。我們的 2026 年業績指引建立在過去幾年所取得的成果之上。

We expect organic revenue growth of 4% to 5%, which is in line with our long-term growth algorithm. We also expect growth in comparable currency-neutral earnings per share, excluding acquisitions and divestitures of 5% to 6%.

我們預計有機收入將成長4%至5%，這與我們的長期成長演算法相符。我們也預計，不計收購和剝離，可比固定匯率每股收益將成長 5% 至 6%。

We continue to focus on investing behind our brands to drive balanced top-line growth with volume as a key priority. Notwithstanding volatility in certain commodities and evolving global trade dynamics, we expect the overall impact on our cost basket to be manageable. Divestitures are expected to be an approximate 4-point headwind to comparable net revenues and an approximate 1 point headwind to comparable earnings per share. This assumes the pending sale of Coca-Cola Beverages Africa closes subject to regulatory approvals during the second half of 2026 and includes the impact of divesting Chi, which was our juice and value-added dairy finished product operations in Nigeria.

我們將繼續專注於投資旗下品牌，以推動營收均衡成長，並將銷售作為首要任務。儘管某些大宗商品價格波動，全球貿易狀況也在不斷變化，但我們預期對我們的成本構成整體影響是可控的。預計資產剝離將對可比淨收入造成約 4 個百分點的負面影響，對可比每股收益造成約 1 個百分點的負面影響。這假設可口可樂非洲飲料公司的待售交易在 2026 年下半年獲得監管部門批准後完成，並且包括剝離 Chi 的影響，Chi 是我們在尼日利亞的果汁和增值乳製品成品業務。

Based on current rates and our hedge positions, we anticipate an approximate 1-point currency tailwind to comparable net revenues and an approximate 3-point currency tailwind to comparable earnings per share for full year 2026. Our underlying effective tax rate for 2026 is expected to be 20.9%. All in, we expect comparable earnings per share growth of 7% to 8% versus $3 in 2025. We also expect to generate approximately $12.2 billion of free cash flow in 2026 through approximately $14.4 billion in cash from operations, less approximately $2.2 billion in capital investments. Driven by our free cash flow generation, we have an unwavering commitment to reinvest in our business and grow our dividend.

根據目前的匯率和我們的對沖頭寸，我們預計 2026 年全年可比淨收入將獲得約 1 個百分點的匯率利好，可比每股收益將獲得約 3 個百分點的匯率利好。預計 2026 年的實際稅率將達到 20.9%。總的來說，我們預計每股收益成長率將達到 7% 至 8%，而 2025 年為 3 美元。我們也預計，到 2026 年，透過經營活動產生的約 144 億美元現金流，減去約 22 億美元的資本投資，將產生約 122 億美元的自由現金流。在自由現金流的驅動下，我們堅定不移地致力於對業務進行再投資，並提高股利。

Approximately 25% of our expected 2026 capital investment relates to company-owned bottlers and the remaining capital investment is primarily growth-oriented, which includes building capacity for our concentrate and finished goods businesses.

我們預期 2026 年的資本投資中，約有 25% 與公司自有的裝瓶廠有關，其餘的資本投資主要用於成長，包括提高我們濃縮液和成品業務的產能。

For the past 63 years, we've grown our dividend. In 2025, dividends paid as a percentage of adjusted free cash flow was 73%, which is relatively in line with our long-term payout ratio of 75%. With respect to acquisitions and share repurchases, we'll stay both flexible and opportunistic. On acquisitions, while our track record has not been perfect, we have created a lot of value in aggregate. Just over half of our portfolio of $32 billion brands was created inorganically.

過去63年來，我們的股息一直在成長。2025 年，股利支付佔調整後自由現金流的百分比為 73%，這與我們 75% 的長期派息率基本一致。在收購和股票回購方面，我們將保持靈活和把握機會的態度。在收購方面，雖然我們的業績記錄並不完美，但總體而言，我們創造了很大的價值。在我們價值 320 億美元的品牌組合中，超過一半是透過非自然成長方式創造的。

Most of these were bolt-on acquisitions that we later scaled ourselves. On share repurchases, we continue to repurchase shares to offset any dilution from the exercise of stock options by employees in the given year. Putting it all together, our capital allocation policy prioritizes both discipline and agility to drive the long-term health of our business and create value for our stakeholders.

其中大部分是後來我們自行擴大規模的附加收購項目。在股票回購方面，我們繼續回購股票，以抵消員工在當年行使股票選擇權造成的任何股權稀釋。綜上所述，我們的資本配置政策兼顧紀律和靈活性，以推動業務的長期健康發展，並為利害關係人創造價值。

Finally, there are some considerations to keep in mind for 2026. First, due to a calendar shift in the first quarter, while we'll have six additional days, we expect approximately half of the benefit to be offset by concentrate shipment cycling and timing. Also, the fourth quarter will have six fewer days. Additionally, we will have lost equity income due to divesting our interest in Coca-Cola Consolidated in November 2025.

最後，對於 2026 年，還有一些需要考慮的因素。首先，由於第一季日曆的變動，雖然我們會多出六天時間，但我們預計大約一半的收益將被濃縮物運輸週期和時間安排所抵消。此外，第四季將比上一季少6天。此外，由於我們在 2025 年 11 月出售了在可口可樂聯合公司的股份，我們將損失股權收入。

Lastly, assuming the pending sale of Coca-Cola Beverages Africa closes during the second half of 2026, subject to regulatory approvals, we expect the impact from acquisitions and divestitures to be back half weighted.

最後，假設可口可樂非洲飲料公司的待售交易在 2026 年下半年完成（需獲得監管部門批准），我們預期收購和剝離的影響將在下半年達到高峰。

To sum it all up, we're focused on continuing what's working and transforming where needed to deliver on our 2026 guidance and create enduring value for our shareowners. We believe we're well positioned to drive top-line growth, margin expansion, cash generation, and returns over the long term. Next week at CAGNY, I'll elaborate further on how we will do this.

總而言之，我們將專注於繼續做好目前行之有效的事情，並在需要的地方進行變革，以實現我們 2026 年的業績指引，並為我們的股東創造持久價值。我們相信，我們已做好充分準備，在長期內推動營收成長、利潤率擴張、現金流產生和回報提升。下週在CAGNY會議上，我將進一步詳細闡述我們將如何做到這一點。

And with that, operator, we are ready to take questions.

好了，操作員，我們準備開始回答問題了。

(Operator Instructions)

（操作說明）

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

First, best wishes, James, after a remarkable run under your stewardship and congratulations to Henrique. I just wanted to get into the nitty-gritty of the 4% to 5% organic sales growth outlook for 2026. I was just hoping to get some perspective on the balance between price/mix and volume in 2026. First, obviously, the Q4 price/mix result was dragged down by geographic mix and timing, as you mentioned. What's a more normalized price/mix run rate as you build up the geographies and look forward to 2026, particularly in a tough consumer environment and relative to what you view as a more underlying run rate on price/mix coming out of Q4?

首先，詹姆斯，祝你一切順利，在你卓越的領導下取得了輝煌的成就；同時祝賀亨里克。我只是想深入探討 2026 年 4% 到 5% 的有機銷售成長預期。我只是想了解一下 2026 年價格/產品組合與銷售之間的平衡。首先，很顯然，正如您所提到的，第四季度的價格/組合結果受到了地理組合和時間因素的拖累。隨著您逐步拓展商業版圖並展望 2026 年，尤其是在當前嚴峻的消費環境下，相對於您認為第四季度之後更合理的價格/產品組合運行速度而言，更正常的運行速度應該是多少？

And then just on the volume side, impressive 1% result in the quarter against a tough 2% comparison, but you do have the Mexico drag on volume from taxes in '26, perhaps some concentrate timing, still difficult consumer environment. So just wanted to get perspective on volume prospects also for '26 and just, again, the balance between volume and price/mix that's implied in the organic sales growth guidance.

從銷量方面來看，本季銷量成長了 1%，與 2% 的高基數相比，成績令人印象深刻，但墨西哥 2026 年的稅收政策確實拖累了銷量，或許還有一些濃縮液上市時間的問題，以及仍然艱難的消費環境。所以，我只是想了解一下 2026 年的銷售前景，以及有機銷售成長預期中隱含的銷售量與價格/組合之間的平衡。

Well, thanks, Dara. And I was slightly worried that you were going to try and cram in all the questions for the next few years and your last opportunity to ask me one. Let me unpack a little, particularly, as you mentioned, 2025 price/mix and then roll into '26. And again, I'll take this opportunity on my last call to make an exhortation to people, particularly as it relates to price/mix and inventory given our position in the supply chain to always try and take a four-quarter view. What do I mean by that?

謝謝你，達拉。我當時有點擔心你會把未來幾年要問的所有問題都一股腦兒地塞給我，而這可能是你最後一次問我問題的機會了。讓我稍微解釋一下，特別是正如你所提到的，2025 年的價格/組合，然後再過渡到 2026 年。最後，我再次藉此機會，在最後一次電話會議上，向大家發出呼籲，特別是考慮到我們在供應鏈中的地位，在價格/組合和庫存方面，要始終嘗試從四個季度的角度來看待問題。我這話是什麼意思？

In the fourth quarter, pricing came in at 1%, but actually, it was really 4%. Underlying pricing, as John mentioned, was really 4%. There was this 3% negative mix, partly it was BIG, partly was some geographies and categories. In previous quarters, it's been plus 2% or plus 3%. If you look across the last four quarters, that mix number is even. So it's always useful to take a four-quarter view on the mix component.

第四季定價為 1%，但實際上，定價為 4%。正如約翰所提到的，實際定價為 4%。其中有 3% 的負面因素，一部分是規模較大的因素，一部分是某些地區和類別的因素。前幾個季度，這一數字為+2%或+3%。如果縱觀過去四個季度，這個混合比例是偶數。因此，從四個方面來看成分組合總是很有用的。

If you take that, what you see is 4% underlying price and 1% volume. So you see the fourth quarter in simple terms as a 5% revenue growth quarter, which is very much what we've been delivering through '25 and back into the previous year. So I think that's super important to bear in mind.

如果以這個比例來看，你會看到 4% 的基本價格和 1% 的成交量。所以，簡單來說，第四季就是營收成長 5% 的季度，這與我們 2025 年以及去年所取得的成績非常吻合。所以我認為牢記這一點非常重要。

And then we've talked historically, as we've -- as inflation has moderated, as we have stabilized -- seen that some of the economies around the world stabilize, we have been expecting our go-forward guidance to see a more balanced mix of volume and price. And so I think that's what you see for 2026 is a view that we still are going to be top line driven. We see strength in everything we're doing. And I know Henrique and John will unpack that in CAGNY. But we are just being a little more realistic as we always are on where we need to improve to get that volume in '26 and being a degree of prudence, some of the weaknesses that need to resolve themselves and bounce back, India, China, some of ASEAN, a few countries in Europe.

然後，我們從歷史角度來看，隨著通膨放緩、經濟趨於穩定，我們看到世界各地的一些經濟體也趨於穩定，因此我們一直預期，未來的業績指引將呈現更平衡的銷售和價格組合。所以我認為，對於 2026 年，我們仍然會以營收成長為導向。我們從所做的每一件事中都看到了力量。我知道亨里克和約翰會在CAGNY會議上詳細闡述這一點。但我們只是像往常一樣，對需要在哪些方面改進才能在 2026 年達到目標銷售保持更加務實的態度，並且出於謹慎，我們認為一些弱點需要解決並反彈，例如印度、中國、一些東盟國家和一些歐洲國家。

And then we've got the kind of the Mexican tax headwind starting now. We have just been what we believe to be realistic and prudent, but still super important, we are leaning into growth. We believe we have all the strategies and execution to drive top-line growth well into the future.

然後，我們現在又面臨來自墨西哥的稅收阻力。我們一直秉持著我們認為務實和謹慎的態度，但同時我們也非常重視發展，並致力於實現成長。我們相信我們擁有所有必要的策略和執行力，能夠推動公司營收在未來持續成長。

Steve Powers, Deutsche Bank.

史蒂夫鮑爾斯，德意志銀行。

Congrats again, both to you, James, on your past accomplishments and Henrique on the accomplishments to come. I guess following up on Dara's question related to the 4% to 5% call for '26. James, a few months ago, you talked about some steady, I think you framed it as light drizzle in the macro environment that seems to be trending worse for consumers. I guess, how have you assumed those general operating conditions trend in the year ahead? And as we think about the balance of that 4% to 5% growth in '26 from a different perspective, you talked about volume versus price, I guess the contributions that you're expecting from emerging versus developed markets in the year ahead would be helpful as well.

再次恭喜你，詹姆斯，恭喜你過去的成就；也恭喜亨里克，恭喜他未來的成就。我想接著 Dara 提出的問題，關於 2026 年 4% 到 5% 的預期。James，幾個月前，你談到了一些穩定的，我想你當時把它描述為宏觀環境中的小雨，而這種宏觀環境似乎正在朝著對消費者更不利的方向發展。我想問的是，您是如何預測未來一年的整體營運狀況趨勢的？當我們從另一個角度思考 2026 年 4% 到 5% 的成長平衡時，您談到了銷售與價格，我想您預計未來一年新興市場與已開發市場的貢獻也會有所幫助。

Sure. Yes, I think light drizzle was the December phrase, which I still think is true relative to what people were expecting then. Look, and I think this mix between volume and price also -- look, we believe we will get back to a balance, so call it 50-50. What is important this year is to know that the places that need to get better are the contributors of long-term volume growth. But India is a long-term contributor of volume growth.

當然。是的，我認為「毛毛雨」是十二月常用的說法，而且就當時人們的預期而言，我仍然認為這種說法是正確的。你看，我認為成交量和價格之間的這種平衡——你看，我們相信我們會回到平衡狀態，所以就稱之為 50-50 吧。今年重要的是要明白，那些需要改進的地方正是長期銷售成長的貢獻者。但印度一直是銷售成長的長期貢獻者。

But that needs to build back, and we would expect that to ramp up during the year. Similarly, China was a little weaker in the fourth quarter than it had been during the year, and we're looking to see that build back up through the year and a couple of other ASEAN and European markets.

但這種情況需要逐步恢復，我們預計這種情況會在今年內加速發展。同樣，中國第四季的經濟表現比年內略顯疲軟，我們期待看到中國經濟在今年內以及其他一些東協和歐洲市場出現復甦跡象。

So the bit that will -- and obviously, the Mexican tax headwind is more likely to be impactful at the beginning of the year in the first quarter and then to some extent, mitigate as we execute the actions to try and offset the impact. All of that would lead you to conclude that we need to see the actions executed and see that volume start to build back in some of the volume-driving countries through the year. So therefore, you might see a little more price at the beginning of the year and a little more balance towards the end of the year, if that makes sense. But in the end, we're looking, and the guys will talk about it in CAGNY next week, to get more growth, more brands, and more markets.

因此，很明顯，墨西哥稅收的不利影響更有可能在年初的第一季產生影響，然後隨著我們採取措施來抵消這種影響，這種影響會在一定程度上得到緩解。所有這些都表明，我們需要看到各項行動得到執行，並且需要看到一些銷售主要驅動國家的銷售在一年內開始恢復成長。所以，你可能會看到年初價格稍高一些，而到了年底價格會更平衡一些，如果我這麼說你能理解的話。但最終，我們的目標是（下週在紐約國際車展上，大家會討論這個問題），獲得更大的成長、更多的品牌和更多的市場。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

I wanted to talk a little bit about profitability. North America operating margin expansion, another strong year and now at 30% margins for the first time in this operating unit. I think when I've asked -- John, I've asked you about it in the past, you were like, oh, it's a one-off. Don't get too excited about profitability in North America, but it does look like there's been structural change. So just wanted to talk about now maybe long-term view of that.

我想稍微談談盈利能力。北美營業利益率擴張，又一個強勁的年份，該營運部門的利潤率首次達到 30%。我覺得我以前問過你——約翰，我以前問過你這個問題，你當時說，哦，這只是個特例。不要對北美的獲利能力抱持過高的期望，但看起來確實發生了一些結構性變化。所以現在我想談談這件事的長遠影響。

Is this an appropriate level of margin? Is there more incremental reinvestment you need to do? Do you feel like you're kind of over-earning in some way profitability-wise? Or is there more work to do and more expansion that can happen?

這個利潤空間是否合適？是否還需要進行更多增量再投資？你覺得你的收入在獲利方面是否有點過高了？或者說，是否還有更多的工作要做，還有更大的發展空間？

I'd answer it in two parts. Take the opportunity to talk about it at the total company level. We have, I think, in the last eight years have averaged about 60 basis points a year operating margin expansion. We have talked frequently about the fact that it's not a fluke. There's lots of levers that we have in the supply chain, marketing investment, how we run the business.

我會分兩部分來回答這個問題。藉此機會在公司層面討論此事。我認為，在過去的八年裡，我們的營業利潤率平均每年增長約 60 個基點。我們已經多次談到，這並非偶然。我們在供應鏈、行銷投資以及業務運營方面有很多可以掌控的因素。

And North America has been our, I guess, our star performer over the last few years in tapping into all three sources. And they expect and we expect there are folks running North America, and we expect them to continue to sort of lead the way because there's still tremendous opportunity to, as Henrique said earlier, just get a little bit better every day. We'll talk again next week on sort of a deeper dive into some of these levers and how they have been and will continue to help us deliver on our long-term algorithm, which, as you know, implies modest expansion on a going-forward basis.

我想，在過去幾年裡，北美一直是我們利用這三種資源表現最出色的地區。他們期望，我們也期望，北美有人在掌舵，我們也期望他們繼續引領方向，因為正如亨里克之前所說，仍然有巨大的機會，可以每天進步一點點。下週我們將再次深入探討這些槓桿及其如何幫助我們實現長期演算法，正如您所知，這意味著未來將進行適度擴張。

Chris Carey, Wells Fargo.

克里斯凱裡，富國銀行。

I wanted to bring the discussion back to some of these markets in 2025, which caused a bit more volatility for the business. Some are getting a bit better. I think India, China still has opportunity to get better. Mexico will be implementing the excise tax. So there could be some volatility around volume.

我想把討論引回到 2025 年的一些市場，這給業務帶來了一些波動。有些情況有所改善。我認為印度和中國仍有機會變得更好。墨西哥將實施消費稅。因此，成交量可能會出現一些波動。

I wonder if we just take a step back, can you perhaps comment on some of the markets which have been a bit more challenging or more volatile perhaps than usual in 2025 and how we should be thinking about overcoming those challenges into 2026, both because the compares get easier, but also some of the actions that you'll be driving in these markets, James, you had mentioned a few in a prior comment, but I wonder if we could just focus in on this concept and talk a bit more strategically about the sequential development and some of the actions that you're thinking through.

我想，如果我們退一步來看，您能否談談2025年哪些市場比往常更具挑戰性或波動性，以及我們應該如何考慮在2026年克服這些挑戰？一方面是因為比較更容易，另一方面是因為您將在這些市場中採取一些行動。詹姆斯，您之前提到過一些，但我想我們能否集中討論這個概念，更具策略性地談談後續發展以及您正在考慮的一些行動。

Chris, it's Henrique here. I'll take this one. So first of all, I think it's important to look at the numbers on Q4 because it tells a lot about what you mentioned in terms of how we got puts and takes all over the world in strong growth markets that continue to have the momentum and others that we expected to do better and for different reasons, they were on ups and downs during the year, as James mentioned, China, Indias of the world, and Mexico this year with the headwind that's coming with the taxes. But I'll cover how we're going to actually leverage the whole world performance to continue to deliver towards our outlook, okay? But the all-weather strategy has been working for us because we leverage not only the ones that have the momentum to offset these other markets.

克里斯，我是亨里克。我選這個。首先，我認為查看第四季度的數據很重要，因為它能很好地說明你剛才提到的情況，即我們在全球強勁增長的市場中是如何進行買賣操作的，這些市場繼續保持增長勢頭，而其他一些我們預期會表現更好的市場，由於不同的原因，在這一年中經歷了起伏，正如詹姆斯提到的，中國、印度以及印度不利都受到了稅收帶來的影響。但我會介紹我們將如何真正利用全球整體表現來繼續實現我們的預期目標，好嗎？但全天候策略對我們一直很有效，因為我們不僅利用那些有發展勢頭的市場來抵消其他市場的波動。

If you go specifically into the three that we mentioned, in APAC, when we have China, for instance, being one big market for us, volumetrically speaking, but it has been also a market that we have seen the consumer sentiment and the spend being below pre-pandemic dates. Nevertheless, we continue to gain share in the market. We took a strategy there to build this for the long term, and we continue to have a good inroads on the quality leadership on the core, and we continue to win in that. So it's more of a long-term market, and we expect on our plans to continue to drive that next year, but with some volatility in that. With China and with India, we had last year different impacts from industry tax dynamics, weather, and it was a market that we continue to invest also ahead of the curve, and we believe that we can get back on track in 2026.

具體來說，就我們提到的這三個市場而言，以亞太地區為例，中國是我們一個規模很大的市場，但同時我們也看到，該市場的消費者信心和支出低於疫情前的水平。儘管如此，我們的市佔率仍在不斷擴大。我們採取了長期發展的策略，並且在核心品質領導方面持續取得良好進展，並且我們在這方面不斷取得成功。所以這是一個更長期的市場，我們預計明年將繼續按照計劃推動這一市場發展，但其中可能會有一些波動。去年，中國和印度市場分別受到產業稅收動態、天氣等因素的影響，但我們仍會繼續提前投資這兩個市場，我們相信到 2026 年，我們可以重回正軌。

Finally, the other market, Mexico. We have to look at the context of Latin America. We have had headwinds in the past in different markets and the system together was able to build the right capabilities and address it through very good foundations on RGM. That's exactly what we're doing there in Mexico and leveraging the other markets that have the right momentum to get that algorithm going. So in a nutshell, we believe that we have plans to continue to navigate well and the all-weather strategy should put us in a good shape to deliver against the LTGA.

最後，還有另一個市場，墨西哥。我們必須考慮拉丁美洲的背景。我們過去在不同的市場都遇到過逆風，但該系統能夠透過 RGM 的良好基礎，共同建立正確的能力並應對這些逆風。這正是我們在墨西哥正在做的，我們利用其他具有良好發展勢頭的市場來推動該演算法的運作。總而言之，我們相信我們有計劃繼續順利運營，全天候策略應該能讓我們更好地完成 LTGA 目標。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Congrats from me as well to both James and Henrique as you step in the new role. Maybe first, just a little bit of expansion on the expectation for the North America business into 2026, especially around a few points. Obviously, you have incremental fairlife capacity coming in early in the year. So maybe give us a sense of how you're thinking that would play out throughout the year and the growth for the brand that you're expecting? And also, as we get into the summer, you obviously have the World Cup and a lot of activation around that event.

我也要祝賀詹姆斯和亨里克履新。首先，或許可以稍微擴展一下對北美業務到 2026 年的預期，尤其是在以下幾個方面。顯然，今年年初會有新增的公平生活產能。那麼，您能否大致談談您認為這一年將如何發展，以及您對品牌成長的預期？此外，隨著夏季的到來，顯然會有世界盃以及圍繞該賽事的大量活動。

Any expectations around potential uplift there? And then lastly, last year in Q1, you had the negative temporary issue with the Hispanic consumer around the video. So anything that you can think there to potentially see some more benefit in the first part of the year in North America?

對該地區的潛在成長有何預期？最後，去年第一季度，你們的影片產品在西班牙裔消費者群體中出現了暫時性的負面問題。那麼，您認為今年上半年北美地區有哪些可能獲得更多好處的因素呢？

I'll take that one as well. Look, North America 2025, you remember that we started the year with the challenge that you mentioned on some fake news that impacted part of the portfolio. And then we started to go on a sequential basis, improving quarter-on-quarter. We finished, as you see the numbers there on Q4 on a positive note and with good momentum across the portfolio. We continue to grow on the core, on sparkling, especially on Coca-Cola Trademark.

我也要那個。聽著，北美 2025，你還記得我們年初遇到的挑戰嗎？你提到過，一些虛假新聞影響了部分投資組合。然後我們開始按季度推進，每個季度都取得進步。如您所見，第四季業績圓滿結束，各業務板塊均呈現良好發展勢頭。我們繼續在核心業務、汽水業務，特別是可口可樂商標業務上成長。

And then we look at also fairlife continued the momentum. We have also very encouraging news on our dual strategy on sports with Powerade and BODYARMOR, not only gaining share, but volume in the market. Smartwater continues to do well as well.

然後我們再來看看，公平生活也延續了這股勢頭。我們還有非常令人鼓舞的消息，我們在運動領域與 Powerade 和 BODYARMOR 進行的雙重策略不僅獲得了市場份額，而且銷售量也大幅成長。Smartwater 的表現也持續良好。

So from a portfolio basis and the consumer resilience we believe that we have the good momentum and the plans to continue to build on an environment that didn't change anything so far in terms of the low-income consumer being pressured and also allowing us to continue to drive this across the different parts of the country to continue to grow and do better every day with our bottlers executing that strategy. So in a nutshell, we believe that we have good plans to continue the momentum that we have, and we expect North America in 2025 to continue the momentum that we built in -- sorry, in 2026 with the moment that we built in so far.

因此，從投資組合和消費者韌性來看，我們相信我們擁有良好的發展勢頭，並製定了計劃，繼續在目前低收入消費者面臨壓力的環境下發展，這使我們能夠繼續在全國各地推動這一戰略，並與我們的裝瓶商一起，每天持續增長並做得更好。總而言之，我們相信我們有很好的計劃來保持目前的勢頭，我們預計北美在 2025 年將繼續保持我們迄今為止所建立的勢頭——抱歉，是 2026 年，憑藉我們目前所建立的勢頭。

Rob Ottenstein, Evercore.

Rob Ottenstein，Evercore。

Please let me echo everyone's congratulations. So maybe moving in a slightly direction over on the FX side. Could you maybe remind us your approach to currency? It's a little complicated, different than some other companies. What the guidance entails and how that is where I think I'm seeing a 1% tailwind to the top line, but 3% on the bottom line, if I read that correctly.

請容許我轉達大家的祝賀。所以，或許在FX方面要稍微調整方向。能否簡單介紹一下您對貨幣的看法？這有點複雜，跟其他一些公司不太一樣。我認為，如果我理解正確的話，該指導方針的內容及其作用將為營收帶來 1% 的利好，但利潤將帶來 3% 的利好。

So what is driving that? And then what is your philosophy in terms of currency benefits, whether you'll be investing that into the business or dropping it to the bottom line, perhaps making up for some of the -- as James mentioned before, being stuck at $2 for a number of years due to currency. Is this a chance to catch up on that? And then if I may, just kind of looking out, given your hedging policy multiyear, based on where we are today, do you see currency being a similar tailwind to '27 or greater or less than the '26 guidance?

那麼，是什麼因素導致了這種情況呢？那麼，您在金錢收益方面有什麼理念呢？您會將這些收益投資到業務中，還是將其計入利潤，以彌補一些損失——正如 James 之前提到的，由於匯率問題，美元多年來一直被困在 2 美元左右。這是彌補遺憾的機會嗎？如果可以的話，我想問一下，鑑於您多年的對沖政策，根據我們目前的情況，您認為匯率波動對經濟的推動作用會與 2027 年類似，還是會比 2026 年的預期更大或更小？

Thanks, Robert. Indeed, it's been a while since we've talked about FX and even longer something to talk about FX tailwinds. So good to just anchor any conversation on FX to our broader growth equation. And at the root of that equation is a focus for us to win in each of our markets over time. And for that to happen, we have got to be able to invest in a consistent manner, which, among other things, allows us to price appropriately against both the local macros and the competitive backdrop.

謝謝你，羅伯特。的確，我們已經很久沒有討論外匯市場了，而討論外匯市場的利好因素就更久遠了。所以，最好把所有關於外匯的討論都與我們更廣泛的成長方程式連結起來。而這個等式的根本在於，我們必須在每個市場中不斷取得成功。要實現這一點，我們必須能夠持續投資，這樣一來，我們就能根據當地宏觀經濟狀況和競爭環境進行適當定價。

So that's part one. And hence, sort of fighting that part two is at the total enterprise level, we are committed to growing our US dollar earnings as we've demonstrated over the last few years. And so our hedging program is an enabler to manage both of these tensions.

這是第一部分。因此，要應對第二部分的問題，我們需要從整個企業層面著手，正如我們在過去幾年所展現的那樣，我們致力於提高美元收益。因此，我們的對沖計劃有助於管理這兩種緊張局勢。

So on the one hand, it removes the burden of sort of non-market-driven fluctuations at the local level so that local markets can focus on winning. And secondly, it provides clarity to us at the enterprise level to the task at hand to grow US dollar earnings. So that's sort of the strategic rationale as to why we hedge. And the question for any given year is, okay, how are we going to execute optimally against that.

一方面，它消除了地方層級非市場驅動的波動所帶來的負擔，使地方市場能夠專注於取得成功。其次，它讓我們在企業層面更清楚地了解當前任務，也就是增加美元收入。這就是我們進行避險的戰略理由。而每年的問題是，好吧，我們將如何才能最好地應對這種情況。

And for 2026, we've taken advantage to date of some uncertainty regarding the US dollar to lock in benefits. The tailwinds that we reflected in our guidance today is driven largely by a weaker dollar in some of our larger emerging markets, most notably in Latin America and South Africa.

對於 2026 年，我們利用迄今為止美元的一些不確定性鎖定了收益。我們今天在績效指引中反映出的利多因素，主要得益於一些較大的新興市場（尤其是拉丁美洲和南非）美元走軟。

And on the point about how far we go out, we're well hedged against the G10 currencies. Decisions on emerging market currencies are very much linked to the economics of doing it. As you well know, the further out you go, the more challenging the economics become. So we're well hedged through '26 on the G10 and we're as hedged as it makes sense economically on the emerging markets. So all of that is incorporated into the guidance, 1% NSR, 3% net income.

至於我們投資範圍有多大，我們已經對沖了 G10 貨幣的風險。新興市場貨幣的政策決策與相關的經濟因素密切相關。如你所知，越往後看，經濟情勢就越複雜。因此，我們對 G10 的對沖措施已到 2026 年，對新興市場的對沖措施也已在經濟上合理地進行了最大程度的對沖。因此，所有這些因素都已納入指導方針中，即 1% 的淨銷售回報率和 3% 的淨收入。

And we feel good about that being our going-in position for the year. As I say, it helps local markets focus on what they need to focus on, and it certainly gives us our homework here at the enterprise level to deliver US dollar earnings growth.

我們對今年的開局感到滿意。正如我所說，這有助於本地市場專注於他們需要關注的事情，也確實為我們企業層面實現美元獲利成長提供了必要的任務。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

So James, congrats on your amazing run as CEO and now as Chairman and wishing Henrique continued success now as CEO. My question is on the impact of SNAP changes in the US. And then a clarification regarding the Mexican tax, any initial read from the trade? And did that inform your conservative stance for organic sales growth in 2026?

詹姆斯，祝賀你作為首席執行官和現在的董事長取得瞭如此輝煌的成就，也祝愿亨里克作為首席執行官繼續取得成功。我的問題是關於美國食品券（SNAP）政策變化的影響。那麼，關於墨西哥稅收，能否請您澄清一下，業界方面有什麼初步看法？而這是否影響了您對 2026 年有機銷售成長的保守預期？

Sure. Thanks, Andrea. I'll do SNAP and then Henrique can talk about the strategy in Mexico. Look, overall SNAP, I think, is going to end up being manageable. It's a relatively small number from a global basis, and we think it's manageable at the US level.

當然。謝謝你，安德里亞。我先負責 SNAP 項目，然後 Henrique 可以談談墨西哥的策略。總的來說，我認為 SNAP 最終會是可控的。從全球範圍來看，這是一個相對較小的數字，我們認為在美國層級是可以控制的。

Clearly, we think that consumers should be allowed to choose, but regulation is regulation. What we think will happen is people will choose to spend the cash they've got on certain things, and they'll use the SNAP credits where they're applicable. And at the end of the day, what that all boils down to is we have to make them the brands and the beverages that they want to have and want to be able to spend their disposable income on. And that just puts the challenge on us to give them the category, the beverage, the brand, the pack size, the price point that most works for them.

顯然，我們認為應該允許消費者做出選擇，但監管就是監管。我們認為人們會選擇把錢花在某些東西上，並且會在適用的情況下使用 SNAP 積分。歸根究底，我們必須讓他們擁有他們想要擁有、願意用可支配收入購買的品牌和飲料。這就給我們帶來了挑戰，我們需要為他們提供最適合他們的品類、飲料、品牌、包裝規格和價格點。

And net-net, we see it as a manageable impact in the US and overall globally.

總而言之，我們認為它對美國乃至全球的影響都是可控的。

So I'll let Henrique comment on how he's approaching the Mexican tax situation.

那麼，就讓亨里克來談談他是如何處理墨西哥稅務問題的吧。

Yes. On the Mexican one, yes, clearly, it is a headwind that came to us in the beginning of the year already implemented. But this is a market, as you know as well that we have a system that has been for years working tremendously aligned on building the foundations of RGM and allowing us to play that impact of the taxes across the different packages, prices and channels in a way that optimizes how we actually go and try to be in front of our consumers and our customers with an impact that continues to be acceptable by the consumer and the customers moving forward. That is another point that helped us as well in 2026 is the fact that Mexico will host the World Cup event. It is the biggest event on earth in terms of engagement with consumers and customers as well.

是的。關於墨西哥，是的，很明顯，這是一股逆風，年初就已經開始實施了。但正如您所知，這是一個市場，我們擁有一個多年來運作良好的系統，致力於建立 RGM 的基礎，使我們能夠以優化的方式，在不同的套餐、價格和管道中發揮稅收的影響，從而更好地與消費者和客戶互動，並持續產生消費者和客戶可以接受的影響。對我們2026年奪冠有利的另一點是，墨西哥將舉辦世界盃賽事。就與消費者和客戶的互動而言，它是全球規模最大的盛事。

And we are dialing up our campaigns there from day one. From Jan 1, we already had the campaign in place. On top of that, we're celebrating 100 years of the system in Mexico as well. All of that helps us to go and navigate through what is a headwind. But with all the tools that we have in place as a very focused system to navigate that throughout the year.

從第一天起，我們就加強了在那裡的宣傳。從1月1日起，我們就已經啟動了這項活動。除此之外，我們今年也慶祝該制度在墨西哥實施100週年。所有這些都有助於我們克服逆風。但是，憑藉我們現有的所有工具，我們就能建立一個非常專注的系統，來應對全年的各種挑戰。

Remember that as well, it's -- we have other tax increases in the past, which we learned from the mistakes and the right movements that we made in 2014 moving forward, and we apply those learnings this time as well to navigate this in the best way.

此外，也要記住，我們過去也曾有過其他增稅措施，我們從 2014 年的錯誤和正確的舉措中吸取了教訓，並將這些經驗應用到這次的增稅工作中，以最好的方式應對這種情況。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

John, I was hoping just from your prepared remarks to dig in on a couple of topics. I know we've talked about the mix impact, but maybe you could just give a little bit more detail. I think you specifically called out some timing of investments, and there was a bit commentary more focused on EMEA and Asia Pac. So just any additional detail there?

約翰，我原本希望僅憑你準備好的發言稿就能深入探討幾個主題。我知道我們已經討論過混音的影響，但或許您可以再詳細說。我認為你特別提到了一些投資時機，並且有一些評論更多地集中在歐洲、中東和非洲以及亞太地區。還有其他細節嗎？

And then just the second part, John, in your remarks, I think you talked about maybe a headwind at the equity income line, not only related to some of the refranchising, but some other initiatives. Just how much of a hit that is to the EPS for the year would be helpful as we try to think about bridging operating income down to EPS?

然後是第二部分，約翰，在你的發言中，我認為你談到了股權收入方面可能存在阻力，這不僅與一些特許經營權的重新授予有關，還與一些其他舉措有關。如果能知道這會對當年的每股盈餘造成多大的影響，將有助於我們思考如何將營業收入轉化為每股盈餘？

On the first question, yes, maybe just a little bit more detail. There were three primary drivers and each of them roughly worth about the same, about 1 point each. So we've had the impact of some of the emerging markets growing faster than the developed markets. And typically, the emerging markets are slightly lower margin. Secondly, in a couple of the developed markets, we've had some categories that in the fourth quarter of a lower margin nature, not dramatically, but still lower performing better than the higher ones.

關於第一個問題，是的，或許可以再詳細一點。有三個主要驅動因素，每個因素的價值大致相同，每個因素約佔 1 分。因此，一些新興市場的成長速度超過了已開發市場，這對我們產生了影響。通常來說，新興市場的利潤率會略低一些。其次，在一些已開發市場，我們發現一些利潤率較低的品類在第四季度表現優於利潤率較高的品類，雖然降幅不大，但仍優於利潤率較高的品類。

So that was another point. And then the third point relates primarily to just some of the timing of marketing investments, primarily to both factor in the end of the year and the fast start programs that we have in place around the world.

所以這是另一點。第三點主要與行銷投資的時間安排有關，主要考慮的是年底因素以及我們在世界各地實施的快速啟動計劃。

So it's very -- it's the first time that I can remember going back, gosh, how many quarters to have three of those types of effects hitting us in the same quarter. So it's a one-off more than something to think of as a trend going forward. And as James said earlier, you take a step back and look at the full year and the way we've built our guidance for '25, I think, reflects more the full year view and that being a good benchmark in which to guide for next year -- sorry, for this year.

所以這非常——這是我記憶中第一次回顧過去幾個季度，天哪，竟然有三種類型的後果在同一季度發生。所以這更像是一次性事件，而不是未來發展的趨勢。正如 James 之前所說，退一步來看，看看整個年度，以及我們為 2025 年制定的指導方針，我認為，這更多地反映了全年的展望，並且是指導明年（抱歉，是今年）的一個很好的基準。

I'm sorry, in the second -- you had the second question?

抱歉，第二個問題──您是問第二個問題嗎？

Equity.

公平。

Yes. So the -- as you said, the primary driver that I alluded to is the sale of the consolidated shares towards the end of the year. And there's a lot of puts and takes that go into the equity income line. So I won't get into all of that detail. But the primary driver is the lost equity income on consolidated.

是的。所以——正如你所說，我提到的主要驅動因素是年底出售合併後的股份。股權收益包含了許多買賣操作。所以我就不贅述細節了。但主要原因是合併報表中的權益收入損失。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Congratulations to you both as well. I had a cash flow question. So just maybe with a much stronger year expected on the cash flow front in '26, would love an update on your capital allocation strategy and specifically whether you would consider leaning further into any of your four strategic priorities in the year ahead.

也恭喜你們兩位。我有一個關於現金流的問題。鑑於 2026 年現金流方面預計會更加強勁，我很想了解一下貴公司的資本配置策略的最新進展，特別是您是否會考慮在未來一年進一步加強四大戰略重點中的任何一項。

Great topic. I think the starting point here is to get -- is to look at the underlying drivers over the last few years. We've had some unusual items, the IRS tax deposit and the fairlife contingent consideration, which I know on a year-to-year basis has been a little confusing perhaps. But for me, what I look at is the underlying momentum coming from the business. And we see that having had a positive impact on a steady basis.

好話題。我認為，首先要做的就是了解過去幾年來的潛在驅動因素。我們收到了一些不尋常的款項，例如國稅局的稅款繳納和公平生活或有對價，我知道這些款項每年都可能讓人有些困惑。但對我來說，我關注的是企業發展的潛在動能。我們看到，這已經產生了持續的正面影響。

As I mentioned in my prepared remarks, there's a very clear picture as to how we want to best utilize the cash that is coming in. When you go to the top two line items, we are investing in the business as the business needs. About 1/4 of our capital investment this year and last year goes towards the franchises that we still own in Africa and India.

正如我在準備好的演講稿中提到的，對於如何最好地利用流入的資金，我們已經有了非常清晰的計劃。當你查看前兩項時，你會發現我們正在根據業務需求對業務進行投資。今年和去年，我們約有四分之一的資本投資用於我們在非洲和印度仍然擁有的特許經營權。

We have highlighted investments we're making in our finished goods businesses elsewhere in the world, notably with fairlife. And we also have the opportunity in a number of parts of the world to shore up capacity for our concentrate business as it continues to be challenged in some areas to supply market needs. So that's been a priority, will continue to be, and there's no -- there's not a lot of controversy about it. Secondly, with regard to the dividend, we continue to be very proud of the 63-year track record of growing the dividend, and we are supportive of that trend continuing. And then what's left longer term is the idea of being both flexible and opportunistic when it comes to any inorganic opportunities and share repurchases.

我們重點介紹了我們在世界其他地區成品業務方面的投資，特別是與 fairlife 的合作。此外，我們還有機會在世界許多地區提高精礦業務的產能，因為在某些地區，我們的精礦業務在滿足市場需求方面仍面臨挑戰。所以這一直是我們的優先事項，並將繼續如此，而且對此並沒有太多爭議。其次，關於股息，我們對過去 63 年股息成長的良好記錄感到非常自豪，並支持這一趨勢繼續下去。從長遠來看，在對待任何非有機成長機會和股票回購時，都要保持靈活和機會主義的態度。

For 2026, in particular, the idea going into '26 is to have as much optionality as possible to manage some specific variables, one of which is the outcome of the tax case that we have had with the IRS for many years, which we expect to certainly have a significant milestone towards the end of this year, early next year. And it's important for us to feel good about whatever outcome happens either in that or in other areas that we have what we need to deal with it. So '26, very clear on the flexibility needed. And in the meantime, we'll continue to focus the rest of the company on the core business, driving cash so that those longer-term priorities, as I just outlined, can get the attention that they deserve.

特別是對於 2026 年，我們的想法是盡可能地保留選擇權來應對一些具體的變量，其中之一就是我們與美國國稅局多年來一直進行的稅務案件的結果，我們預計該案件肯定會在今年年底或明年初取得重大進展。無論是在那方面還是在其他方面，無論結果如何，我們都應該感到安心，因為我們擁有應對所需的一切。所以 '26，非常清楚所需的彈性。同時，我們將繼續把公司的其他部門集中精力於核心業務，創造現金流，以便讓那些我剛才概述的長期優先事項能夠得到應有的關注。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

I'd like to maybe step back to maybe we started on the questions of the call, which is just sort of understanding the direction of travel for 2026. It looks like from an EPS perspective, you grew 4% with a 5% hit from FX. This year, you're expecting 7% to 8% with a 3-point benefit. So making adjustments there, it looks like quite a slowdown. So just curious what you're -- what's underneath that?

我想回到我們通話開始時提出的問題，也就是了解 2026 年的發展方向。從每股盈餘的角度來看，你們成長了 4%，但受到外匯影響卻下降了 5%。今年預計收益率為 7% 至 8%，收益為 3 個百分點。所以，做出調整後，速度似乎會慢下來。所以我很好奇你是什麼──你內心深處是什麼？

Is it investment? Are you just being conservative because it's the beginning of the year? Or is there something else in there?

這是投資嗎？你是不是因為年初所以比較保守？還是裡面還有其他東西？

Yes. Let me take that and complement the comments already made. The starting point is what do we think the top line can deliver. And when you look at the guidance we provided, the 4% to 5%, it reflects the sum of many parts around the world. We have momentum in some markets, and we've had challenges in other markets coming out of '25.

是的。讓我補充一下之前的評論。首先要考慮的是，我們認為這條主線能帶來什麼。當你查看我們提供的指導意見時，你會發現 4% 到 5% 這個數字反映了世界各地許多部分的總和。我們在某些​​市場擁有發展勢頭，但在 2025 年之後，我們在其他市場遇到了挑戰。

And we expect to be able to continue in the markets going well and over the course of the year to have the kind of recovery that this guidance deserves. So that's part one and really important. Secondly, we've had a long-standing conversation on staying ahead of the curve when it comes to investing in our brands, in our markets with our bottling partners and also in how we run the company. Henrique will talk next week about some of the priorities we have to continue to build capabilities. And so there is a bias going into next year to invest somewhat ahead of the curve.

我們預計市場將繼續保持良好勢頭，並在今年內實現與此預期相符的復甦。這是第一部分，非常重要。其次，我們長期以來一直在探討如何在品牌投資、行銷（包括與裝瓶合作夥伴的合作）以及公司營運方面保持領先地位。下週，亨里克將談到我們為繼續提升能力而必須優先考慮的一些事項。因此，明年市場存在著一種傾向，即提前進行一些投資。

And then the third area, just to keep in mind is that we have -- we've called it out, but it's important, some structural cycling as well as some of the below-the-line items I mentioned earlier regarding Coke. So we're -- I think we're being prudent going into '26, given the dynamics at the top line level and given the work that's underway in a number of key markets to get momentum and particularly to get volume momentum to where it needs to be.

第三個方面，需要記住的是——我們已經指出了這一點，但這很重要，一些結構性週期以及我之前提到的關於可口可樂的一些離線項目。所以，我認為，考慮到營收層面的動態變化，以及在一些關鍵市場正在進行的獲取成長勢頭，特別是獲取銷量成長勢頭以達到所需水平的工作，我們在進入 2026 年之際採取了謹慎的態度。

Charlie Higgs, Redburn.

查理希格斯，雷德伯恩。

And yes, just echoing congrats, James, Henrique and Robin, on your new roles, all the best for the future and yes, great earnings. James, I just wanted to ask about your move into the role of Executive Chairman. It sounds slightly more involved than the traditional Chairman role. Is that interpretation correct? And could you maybe just outline what your key priorities are in the role?

是的，再次恭喜 James、Henrique 和 Robin 榮升新職，祝福你們未來一切順利，收入豐厚。詹姆斯，我只是想問你擔任執行主席一職的情況。聽起來比傳統的董事長角色要承擔更多責任。這種解釋正確嗎？您能否簡要概述一下您在這個職位上的主要工作重點？

And then I was just curious, Henrique, on your comments on more to do regarding innovation. I'm sure we'll hear more next week, so I don't want to jump the gun too much. But could you perhaps just give some high-level views of where you see the most opportunity and how to execute on those in the context of a slightly weaker global consumer environment?

然後，亨里克，我很好奇你之前關於創新方面還有很多工作要做的看法。我相信下週我們會聽到更多消息，所以我不想操之過急。但您能否從宏觀層面談談您認為最大的機會在哪裡，以及在當前全球消費環境略顯疲軟的情況下，如何抓住這些機會？

Yes, sure. I'll share a few thoughts and then pass the back on figuratively and literally to Henrique to talk about the innovation question. I think Executive Chair is clearly more than just a full-on independent Nonexecutive Chair. The easiest way to understand it is that there are two buckets. One, which is things that the Executive Chair can do basically at the asking of the CEO to help him operate the business.

當然可以。我會分享一些想法，然後把話題從字面上和比喻意義上交還給亨里克，讓他來談談創新問題。我認為執行主席顯然不僅僅是一位完全獨立的非執行主席。最簡單的理解方式就是把它想像成兩個桶子。第一，執行主席基本上可以應執行長的要求，協助其營運業務。

So there's a whole load of stakeholders and people and things. He has a very full agenda, being CEO is a very full agenda at the Coca-Cola Company, notwithstanding there's a large team to help. And so there's an opportunity to help bridge that transition by continuing to carry the can on a set of things. But let's be clear, the person running the company is the CEO. The Executive Chair is there to help on certain issues where the CEO needs it, and that's part of the transition.

所以這裡牽涉到一大堆利害關係人、人員和事物。儘管有龐大的團隊協助，但作為可口可樂公司的首席執行官，他的日程安排非常繁忙。因此，我們有機會透過繼續承擔一些事情來幫助彌合這段過渡時期。但需要明確的是，實際管理公司的人是執行長。執行主席的角色是在執行長需要時協助處理某些問題，這是過渡的一部分。

The other piece of the puzzle is the Chair is involved because the Board is involved. I mean, the Chair is also the representative in a way of the Board. There are a set of issues around capital allocation, risk, long-term talent where the Board is obviously interested. And there, I can help work with Henrique and the team on making sure that we have the best possible dialogue at the Board level on those issues. That's the simple equation.

另一個關鍵因素是，主席的介入是因為董事會的介入。我的意思是，主席在某種程度上也是董事會的代表。董事會顯然對資本配置、風險、長期人才等一系列議題很感興趣。在那裡，我可以幫助亨利克和團隊，確保我們在董事會層面就這些問題進行盡可能最好的對話。就是這麼簡單。

And you're spot on. We're going to share more next week at CAGNY. I'm very excited about it. But let me give you a hint here about what I meant by that on the earlier remarks. Look, we're definitely making great progress on innovation over the years.

你說得完全正確。我們將於下週在CAGNY分享更多資訊。我對此感到非常興奮。但讓我在這裡給你一點提示，解釋一下我之前那句話的意思。你看，這些年來我們在創新方面確實取得了巨大的進步。

And you remember that we went from 400 brands to about 170 pruning those brands to continue to accelerate the pace on bigger and better brands connected to consumers. And part of that was to improve our batting ratio there out of the park on innovation, which we have been doing. We've been very disciplined about getting that success ratio better than the past. And we believe that now just looking at the insights from the different markets that the world continues to be really open, and the consumer is looking for more innovation at the local level as well. And that's where we believe that we can make a bigger difference.

你還記得嗎？我們從 400 個品牌減少到大約 170 個，精簡這些品牌是為了繼續加快發展與消費者更緊密、規模更大的品牌。其中一部分是為了提高我們在創新方面的成功率，而我們也一直在做這件事。我們一直非常注重提高成功率，力求比以往更高。我們相信，從不同市場的洞察來看，世界依然非常開放，消費者也在尋求當​​地層面的更多創新。而我們相信，正是在這裡，我們可以發揮更大的作用。

When I say that we want to be closer to the consumer is to understand them from a local point of view and not miss that opportunity to start in a local market, something that can turn into a billion-dollar brand later and then scale. I think we put a lot of efforts and discipline on how to prune the brands, learn how to grow them and leverage scale. Now it's about bringing more of those localness opportunities into the family and then accelerate. To that extent, you know that we announced today as well two more billion-dollar brands to the family, so Innocent and Santa Clara from Mexico.

我說我們想更貼近消費者，是指從本地的角度了解他們，不錯過從本地市場起步的機會，這在以後可能會發展成為一個價值十億美元的品牌，然後規模化。我認為我們在如何精簡品牌、學習如何發展品牌以及如何利用規模優勢方面投入了大量的精力和紀律。現在，關鍵在於將更多在地化的機會帶入家族企業，然後加速發展。就此而言，您也知道我們今天也宣布將另外兩個價值十億美元的品牌納入旗下，分別是來自墨西哥的 Innocent 和 Santa Clara。

That's a great example of something that started locally. And then we invested behind it. Now they're bigger brands, and a lot of the learnings from that can be turned into other places to bring more brands to that family. So more next week, but that's the idea. It's an evolution for where we are with an acceleration of innovation being more accretive to the LTGA.

這是一個起源於本地的絕佳例子。然後我們進行了投資。現在它們都變成了更大的品牌，從中獲得的許多經驗可以應用到其他地方，將更多品牌納入這個大家庭。所以下週再繼續，但這就是大致思路。這是我們目前所處階段的演變，創新加速將對長期全球農業（LTGA）產生更大的促進作用。

Carlos Laboy, HSBC.

卡洛斯·拉博伊，匯豐銀行。

Good morning, James, John, Henrique, and thank you for the focus, clarity, and the growth. You previously said that you reinvest capital, you raised from refranchising back into those markets. Should we expect a step-up in marketing and innovation investments in India?

早安，James、John、Henrique，感謝你們的專注、清晰的思路和所取得的進步。你之前說過，你會將透過特許經營籌集的資金再投資到這些市場。我們是否應該期待印度加大行銷和創新方面的投資？

And on a related basis, can you discuss for India the extent of the digital investments that you've been able to make in B2B platforms and advanced analytics and so forth for the purpose of more granular execution by point of sale before you refranchise? And what's your vision for how this demand fulfillment capability is going to evolve there?

另外，能否請您談談在重新特許經營之前，您為了在銷售點進行更精細化的執行，在印度對 B2B 平台和高級分析等方面進行了多少數位投資？您對當地的需求滿足能力未來的發展有何展望？

Carlos, great to hear from you. So let me step back here because it's not only about India. I think it's a strategy that has been working for us, and John mentioned two questions before that this idea of investing together, bottlers and us ahead of the curve. It's number one, showing the belief that the system has on this industry. And on top of that, that we invested that same idea in every market we operate in.

卡洛斯，很高興收到你的來信。所以，讓我先退一步說，因為這不僅僅是關乎印度。我認為這是一個對我們行之有效的策略，約翰之前也提到過兩個問題，那就是我們和裝瓶商一起投資的想法，這讓我們走在了時代的前沿。它排名第一，這表明該體系對這個行業充滿信心。除此之外，我們也將同樣的理念運用到了我們營運的每個市場。

That's very unique from The Coca-Cola. Every market has one mission, and it's important. So India, specifically speaking, we not only have been investing with our bottling partners ahead of the curve. I think we mentioned a few quarters back the level of investment that we had on new lines in India that has been unprecedented.

這與可口可樂截然不同。每個市場都有一個使命，而這個使命非常重要。所以具體來說，就印度而言，我們不僅一直在與我們的裝瓶合作夥伴進行前瞻性的投資。我想我們幾個季度前就提到過，我們在印度新生產線上的投資規模是前所未見的。

That's just to give you an idea about that investment. And we'll continue to invest because this is a market for the future. We're still building the industry in there. And that's why we need to continue to invest ahead of the curve because it's more almost on the model that build and will come, right? Because really on the market, you can actually continue to push forward.

這只是為了讓你對這項投資有個大致了解。我們將繼續投資，因為這是一個面向未來的市場。我們仍在當地建設產業。所以，我們需要繼續進行前瞻性投資，因為這更符合「先建後漲」的模式，對吧？因為在市場上，你實際上可以繼續前進。

Digital, it's part of it. It continues to be an opportunity in India. Why? Number one, because digitally speaking, the country infrastructure is pretty high as well has been an acceleration across the whole India in the last few years. And we also invested behind it with a lot of focus on not only engaging with the consumer through data tech and AI, but also from a customer point of view, developing a platform that we call Coke Buddy, which is a platform that connects the bottler to the customers through a digital platform that has been growing from day one.

數位化是其中的一部分。在印度，這仍然是一個機會。為什麼？第一，因為從數位化角度來看，印度的基礎建設相當完善，而且在過去幾年裡，整個印度的數位化進程都在加速發展。我們還投入了大量資源，不僅致力於透過數據技術和人工智慧與消費者互動，而且還從客戶的角度出發，開發了一個名為 Coke Buddy 的平台，該平台透過一個從第一天起就不斷發展的數位平台，將裝瓶商與客戶聯繫起來。

We still have 1/4 of the entire outlet base that we can reach in India. But we think that we're already deploying digital ordering, AI, agentic AI to determine the next best SKU. And the next phase of that growth will be an end-to-end digital platform that will connect not only the consumer, the customers, but the experiences to translate that engagement into transactions. So India, for those reasons is a market that on that space, it's going to continue to be ahead of the pack as well.

我們在印度仍有四分之一的銷售點可以覆蓋。但我們認為，我們已經在部署數位化訂購、人工智慧、智慧體人工智慧來確定下一個最佳 SKU。而下一階段的成長將是一個端到端的數位平台，它不僅連接消費者和客戶，還將連接各種體驗，從而將這種互動轉化為交易。因此，基於這些原因，印度在這個領域也將繼續保持領先地位。

Great. Thanks very much, everyone. To summarize, we're well positioned, I think, to achieve our objectives both in 2026 and the long term. It's a great foundation that's been set. As we've talked, this is the time for a seamless leadership transition, and I have every confidence, Henrique is the best person to help lead the Coca-Cola Company, the team and the system on our next chapter of growth.

偉大的。非常感謝大家。總而言之，我認為我們已經做好充分準備，能夠實現我們在 2026 年以及長期內的目標。這是一個非常好的基礎。正如我們之前所談，現在是實現平穩領導層過渡的最佳時機，我完全相信，亨里克是帶領可口可樂公司、團隊和系統邁向下一個成長篇章的最佳人選。

Thank you very much for your trust, your investment in the company, and for joining us this morning.

非常感謝您對公司的信任與投資，也感謝您今天早上蒞臨現場。

Thank you, James.

謝謝你，詹姆斯。

Yes.

是的。

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

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