可口可樂 (KO) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to Coca-Cola Company's third-quarter 2026 earnings results conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加可口可樂公司 2026 年第三季財報結果電話會議。（接線員指示）

I will now hand the conference over to Todd Beiger, Vice President and Head of Investor Relations. Mr. Beiger, please go ahead.

現在我將把會議交給投資人關係副總裁兼主管 Todd Beiger。Beiger 先生，請開始。

Good morning and thank you for joining us. I'm here with Henrique Braun, our Chief Executive Officer; and John Murphy, our President and Chief Finance Officer.

各位早安，感謝各位加入。今天與我一同出席的有我們的執行長 Henrique Braun，以及我們的總裁兼財務長 John Murphy。

We've posted schedules under financial information in the investor 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 to provide an analysis of our gross and operating margins.

我們已在公司網站投資人專區的財務資訊項下發布相關附表。這些附表將今天早上可能提及的某些非 GAAP 財務衡量指標，與依一般公認會計原則所報告的結果進行調節。您也可在網站同一區域找到附表，提供我們毛利率與營業利益率的分析。

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 the company's periodic SEC reports. (Event Instructions)

本次電話會議可能包含前瞻性陳述，包括關於長期獲利目標的陳述；在解讀時，應結合我們的財報新聞稿以及公司定期向美國證券交易委員會（SEC）提交之報告中的警示性陳述一併考量。（活動指示）

Now, I will turn the call over to Henrique.

現在，我把電話會議交給 Henrique。

Thanks, Todd, and good morning, everyone. Our third-quarter results reinforce the continued strength of the Coca-Cola system. We are acting with speed and discipline, enabling us to deliver strong results in an uneven environment. I want to start by thanking all our associates and bottling partners around the world. Every day they serve customers, support communities, and bring our brands to life. This year has required resilience, agility, and strong execution, and our people have continued to rise to the occasion.

謝謝 Todd，各位早安。我們第三季的結果再次印證可口可樂系統持續的強勁實力。我們以速度與紀律行事，使我們能在不均衡的環境中交出強勁成果。我想先感謝全球所有同仁與裝瓶合作夥伴。他們每天服務客戶、支持社區，並讓我們的品牌栩栩如生。今年需要韌性、敏捷與強而有力的執行，而我們的團隊持續迎難而上。

Their efforts reinforce my confidence in our updated 2026 guidance and in the long-term opportunities ahead. This morning, I will provide an update on the global landscape and review our third-quarter business performance. Then I will discuss how our system is delivering at scale and adapting locally to create durable growth. John will close with our financial results for the quarter, full-year 2026 guidance, and some early considerations for 2027.

他們的努力也強化了我對我們更新後的 2026 年指引，以及未來長期機會的信心。今天早上，我將更新全球情勢並回顧我們第三季的業務表現。接著我會說明我們的系統如何以規模交付成果，並在地調整以創造可持續的成長。最後 John 將說明本季財務結果、2026 全年指引，以及對 2027 年的一些初步考量。

First, the global operating environment continues to evolve. Geopolitical disruptions affect several parts of the world. Cost pressures have accelerated, and all of these has an impact on many consumers. Yet our confidence in the long-term opportunity remains unchanged. We have a strong portfolio of $32 billion brands and unmatched system reach with our bottling partners.

首先，全球營運環境仍在持續演變。地緣政治干擾影響世界多個地區。成本壓力加速上升，這些因素都對許多消費者造成影響。然而，我們對長期機會的信心依然不變。我們擁有強大的 320 億美元品牌組合，並透過裝瓶合作夥伴具備無可匹敵的系統觸及範圍。

These advantages matter, but so does what we do with them. For several years, we have been strengthening capabilities around consumer recruitment, digital revenue growth management, and system execution. By staying close to consumers and remaining constructively discontented, we continue to adapt in a dynamic environment. We're increasingly seeing that work reflected in our performance, including this quarter.

這些優勢很重要，但我們如何運用同樣關鍵。過去數年，我們持續強化在消費者招募、數位化收益成長管理，以及系統執行力等方面的能力。透過貼近消費者並保持建設性的「不滿足」，我們持續在動態環境中調整應變。我們愈來愈看到這些工作反映在我們的表現上，包括本季。

Volume grew 5% and organic revenue grew 7%. Stepping back, our longer-term performance reflects a more balanced contribution to top-line growth. We expanded margins while continuing to invest in our business. We delivered double-digit comparable earnings per share growth and gained value share. Beyond the headline numbers, I'm encouraged by how we are growing.

銷量成長 5%，有機營收成長 7%。從更長期來看，我們的表現反映出對營收成長來源更為均衡的貢獻。我們在持續投資業務的同時擴大了利潤率。我們實現了可比每股盈餘的兩位數成長，並提升了價值市占。除了表面數字之外，我更受到鼓舞的是我們成長的方式。

Our disciplined investments and digital capabilities are creating momentum across many of our markets and brands. Yet, we know there is still more work to do. We continue to sharpen how we turn consumer insights into innovation, and we are balancing scale and intimacy to drive stronger execution across our system. Our focus is simple, keep learning and do a little better every day.

我們有紀律的投資與數位能力，正在多個市場與品牌上創造動能。然而，我們也知道仍有更多工作要做。我們持續精進如何將消費者洞察轉化為創新，並在規模與貼近度之間取得平衡，以推動整個系統更強的執行力。我們的重點很簡單：持續學習，每天都做得更好一點。

This quarter, I spent much of my time with our people and bottling partners in several of our markets. These experiences always reinforce the importance of understanding local needs and responding to consumers, a strength of our system across the world. While every market is different, three things were consistent. One, affordability is working. Two, both Zero Sugar and original taste are recruiting consumers. And three, execution and local relevance are helping us win.

本季我大部分時間都與我們在多個市場的同仁與裝瓶合作夥伴在一起。這些經驗總是再次提醒我：理解在地需求並回應消費者的重要性，而這正是我們系統在全球的優勢。雖然每個市場都不同，但有三點是一致的。第一，可負擔性策略正在奏效。第二，無糖與原味都在吸引消費者。第三，卓越執行與在地相關性正幫助我們取勝。

Let me bring each of these to life across our business. Starting in North America, we grew revenue and gained value share for the quarter. Volume was even due in part to the timing of the July 4 holiday and temporary challenges in certain finished goods businesses, but performance improved sequentially each month during the quarter.

我來用我們的業務表現把這三點具體呈現。先從北美開始，本季我們營收成長並提升了價值市占。銷量持平，部分原因是 7 月 4 日假期時點影響，以及部分成品業務的短期挑戰；但本季每個月的表現皆逐月改善。

Across our total beverage portfolio, we had strong volume growth from many brands, including trademark Coca-Cola, fairlife, Powerade, Fresca, and smartwater. Mr. Pape continued its success with another quarter of double-digit volume growth. We're applying our learnings from our strong sports playbook with the next iteration of Fan Work Is Thirsty Work, which brings Coca-Cola into football fandom through team packaging, retail activation, and locally relevant fan experiences.

在我們整體飲料產品組合中，多個品牌帶動了強勁的銷量成長，包括可口可樂商標品牌、fairlife、Powerade、Fresca 與 smartwater。Mr. Pape 延續成功，再度繳出一季兩位數的銷量成長。我們正把在運動領域強勢作戰手冊的學習，應用到「Fan Work Is Thirsty Work」的下一次迭代，透過球隊包裝、零售端啟動活動，以及具在地相關性的球迷體驗，讓可口可樂融入足球迷文化。

For Halloween, we are pairing Fanta's Haunted Universe with limited edition Ghost Face Punch and collectible packaging that brings the experience from screen to shelf. We're also creating new opportunities across our portfolio. Fairlife expanded its nutrition plan offerings with the return of fan-favorite vanilla, while BODYARMOR FIT brings sports hydration beyond the workout with a sparkling, zero-sugar format with caffeine, electrolytes, and metabolism support.

在萬聖節期間，我們將芬達（Fanta）的「Haunted Universe」與限量版 Ghost Face Punch 及收藏版包裝結合，讓體驗從螢幕延伸到貨架。我們也在整體產品組合中創造新的機會。fairlife 透過人氣口味香草的回歸，擴充其營養計畫產品；同時 BODYARMOR FIT 以含咖啡因、電解質與代謝支持的氣泡零糖形式，將運動補水延伸到運動之外。

In Latin America, several key markets started the year facing difficult conditions, but our teams responded with market-specific actions that drove meaningful acceleration in the third quarter. We grew volume, delivered balanced top-line growth, and gained value share with broad-based improvement across the region. In Mexico, the environment remains challenging, but we are seeing encouraging progress by combining affordability, strong revenue growth management capabilities, and locally relevant marketing and disciplined execution.

在拉丁美洲，數個關鍵市場年初面臨艱困情勢，但我們的團隊以因地制宜的行動回應，推動第三季出現顯著加速。我們提升銷量、實現均衡的營收成長，並在整個區域廣泛改善的帶動下提升了價值市占。在墨西哥，環境仍具挑戰，但透過結合可負擔性、強大的收益成長管理能力、在地相關的行銷，以及有紀律的執行，我們看到令人鼓舞的進展。

In Brazil, momentum remained strong across our total beverage portfolio. Trademark Coca-Cola delivered another strong quarter, while Sprite and sports beverages also performed well. We continued to connect our brands with locally relevant passion points, including the Rock in Rio Music Festival, while also investing behind growth opportunities across our total beverage portfolio.

在巴西，我們整體飲料產品組合的動能依然強勁。可口可樂商標品牌再度交出強勁的一季，而雪碧（Sprite）與運動飲料也表現良好。我們持續將品牌與在地熱情點連結，包括里約搖滾音樂節（Rock in Rio Music Festival），同時也加大對整體飲料產品組合成長機會的投資。

In Argentina, the environment remains challenging. We have strong plans in place, and while there is still more work to do, we're encouraged by progress across the region. Moving to EMEA and starting with Europe. For the quarter, we grew volume, but we lost value share in a few key markets in Western Europe, and we are taking actions to improve performance.

在阿根廷，環境仍然充滿挑戰。我們已制定強而有力的計畫，雖然仍有更多工作要做，但我們對整個區域的進展感到鼓舞。接著談到 EMEA，先從歐洲開始。本季我們的銷量成長，但在西歐少數關鍵市場的價值市占有所下滑，我們正採取行動改善表現。

Following the FIFA World Cup, we transitioned into soccer activations around the English Premier League and Bundesliga while continuing to build everyday consumption occasions through our Muse platform. We are complementing these efforts with affordable propositions like our 500ml Supercan and are continuing to focus on price pack architecture to help us recruit consumers and drive transactions.

在 FIFA 世界盃之後，我們轉向圍繞英格蘭超級聯賽與德甲的足球啟動活動，同時透過我們的 Muse 平台持續打造日常飲用情境。我們以 500ml Supercan 等可負擔的產品主張來配合這些努力，並持續聚焦價格與包裝架構，以協助我們招募消費者並帶動交易。

In Africa, despite cycling a tough volume comparison, we gained value share and delivered high-single-digit volume growth. We celebrated 75 years of Coca-Cola system in Nigeria with an end-to-end activation. To meet evolving consumer needs in South Africa, we adapted an affordable single-serve package from India, giving it a locally relevant name, Mashesha, meaning quick.

在非洲，儘管面臨艱難的銷量比較基期，我們仍提升了價值市占，並實現高個位數的銷量成長。我們透過端到端的整合式行銷活動，慶祝可口可樂系統在奈及利亞成立 75 週年。為了滿足南非消費者不斷演變的需求，我們將源自印度的平價單人份包裝加以在地化，並賦予其具在地意涵的名稱 Mashesha，意為「快速」。

We also activated our Springboks rugby team partnership with the Be a Bok campaign and limited edition. collectible players cans. In Eurasia and the Middle East, ongoing geopolitical conflicts continue to disrupt business in parts of the region. Our system was resilient, delivering another strong quarter with volume growth and value share gains. From Coke Studio featuring Pakistani artists to affordability initiatives to locally relevant taste innovations like Sprite Cool Mint and Fanta Pomegranate, our teams are adapting to dynamic market conditions.

我們也透過「Be a Bok」活動與限量版球員收藏罐，啟動與南非跳羚（Springboks）橄欖球隊的合作夥伴關係。在歐亞與中東地區，持續的地緣政治衝突仍在部分區域擾亂業務。我們的系統展現韌性，再度交出強勁的一季，實現銷量成長並提升價值市占。從邀請巴基斯坦藝人的 Coke Studio，到平價策略，再到如 Sprite Cool Mint 與 Fanta Pomegranate 等具在地相關性的口味創新，我們的團隊正因應多變的市場環境調整作法。

Finally, in Asia Pacific, performance varied across our operating units, but we're encouraged by the progress in many markets. We gained value share and grew volume, revenue, and profit, while price mix remained pressured due to negative geographic mix and affordability initiatives.

最後，在亞太地區，我們各營運單位的表現不一，但我們對多個市場的進展感到鼓舞。我們提升了價值市占，並帶動銷量、營收與獲利成長；然而，由於不利的地理組合與平價策略，價格/組合（price mix）仍承受壓力。

India delivered strong volume growth, with each of our top 10 brands growing double-digits. We're expanding our consumer base by scaling both affordability and premiumization, strengthening execution and leaning into emerging channels.

印度交出強勁的銷量成長，我們前 10 大品牌皆達到雙位數成長。我們透過同時擴大平價策略與高端化來擴展消費者基礎，強化執行力並加速布局新興通路。

For example, we expanded our Sprite and Spicy platform into the QSR channel in India, with meal, combo activations, social media content and influencer collaborations, which contributed to Sprite's volume growth of nearly 20% in the region. In China, the consumer environment remains subdued, with cautious spending and soft domestic demand. Despite this, we delivered another strong quarter of volume growth with strength in trademark Coca-Cola and Fanta.

例如，我們在印度將 Sprite 與 Spicy 平台擴展至 QSR（速食餐飲）通路，透過餐點與組合促銷、社群媒體內容及網紅合作，帶動 Sprite 在該地區銷量成長近 20%。在中國，消費環境仍偏疲弱，支出趨於謹慎，國內需求走軟。儘管如此，我們仍再度交出強勁的一季銷量成長，商標可口可樂（trademark Coca-Cola）與芬達（Fanta）表現亮眼。

We continue to advance our digital capabilities to create more consumption occasions and connect with consumers in new ways. These actions are helping us drive immediate consumption packages and accelerate significant growth across digital commerce and emerging channels.

我們持續推進數位能力，以創造更多消費情境，並以新方式與消費者連結。這些行動正協助我們推動即飲包裝，並加速數位商務與新興通路的顯著成長。

In Japan, volume declined as consumers remained pressured in a challenging macroeconomic environment that was heavily impacted by a diverse weather. For the quarter, we gained share, expanded our consumer base in trademark Coca-Cola, and accelerated zero-sugar volume growth. We're adapting our offerings and executing to meet changing needs.

在日本，由於宏觀經濟環境充滿挑戰、消費者壓力仍在，且多變天候造成顯著影響，銷量下滑。本季我們提升了市占，擴大商標可口可樂（trademark Coca-Cola）的消費者基礎，並加速零糖產品的銷量成長。我們正調整產品組合並強化執行，以滿足不斷變化的需求。

In ASEAN and South Pacific, volume growth was broad-based across many key markets. Affordability, Zero Sugar offerings, innovation, and strong execution are helping us recruit consumers and create new growth opportunities, including the launch of Coca-Cola Zero Zero in Thailand. In Vietnam, we are expanding our affordable single-serve package, which is now available in over 400,000 outlets with high repurchase rates.

在東協與南太平洋地區，銷量成長在多個關鍵市場呈現廣泛擴張。平價策略、零糖產品、創新與強勁的執行力，正協助我們吸引新消費者並創造新的成長機會，包括在泰國推出 Coca-Cola Zero Zero。在越南，我們正擴大平價單人份包裝，目前已進入超過 40 萬個銷售據點，且回購率高。

To sum it all up, while the global operating environment remains uneven, we are encouraged by the momentum across our business and believe in our ability to deliver more for more markets and more for more brands. I'm energized by the progress we are making across the Coca-Cola system. We are learning as we go, continue to raise the bar and finding new ways to create value. The actions we are taking are helping us deliver today while strengthening our ability to create value for the long term.

總結而言，儘管全球營運環境仍不均衡，我們對整體業務動能感到鼓舞，並相信我們有能力在更多市場、為更多品牌創造更多成果。可口可樂系統各方面的進展令我備受鼓舞。我們在前進中持續學習，不斷提高標準，並尋找創造價值的新方法。我們正在採取的行動，正協助我們交付當下成果，同時強化長期創造價值的能力。

With that, I'll turn the call over to John.

接下來，我把電話會議交給 John。

Thank you, Henrique, and good morning, everyone. Our results once again demonstrate the strength and adaptability of our business. For the quarter, organic revenue grew 7%. Our unit cases grew 5%. Our two-year year-to-date volume growth average of 2% reflects a more sustained and balanced contribution to top-line revenue growth. Concentrate sales were 2 points ahead of unit case volume due to the timing of concentrate shipments.

謝謝你，Henrique，各位早安。我們的業績再次展現了業務的實力與適應力。本季有機營收成長 7%。單位箱數（unit cases）成長 5%。我們兩年期年初至今的平均銷量成長 2%，反映出對營收成長更持續且更均衡的貢獻。由於濃縮液出貨時點因素，濃縮液銷售（concentrate sales）較單位箱數銷量高出 2 個百分點。

Price mix grew 1%. This was driven by 4 points of pricing actions, partially offset by 3 points of unfavorable mix, primarily due to geographic mix, timing of investments, and category mix. Comparable gross margin increased approximately 170 basis points and comparable operating margin increased approximately 110 basis points. Both reflect underlying expansion, currency tailwinds, and a favorable structural impact from last year's sale of our finished product operations in Nigeria.

價格/組合（price mix）成長 1%。主要由 4 個百分點的定價行動所帶動，但部分被 3 個百分點的不利組合所抵銷，該不利組合主要來自地理組合、投資時點與品類組合。可比毛利率約提升 170 個基點，可比營業利益率約提升 110 個基點。兩者皆反映基本面擴張、匯率順風，以及去年出售我們在奈及利亞的成品業務所帶來的有利結構性影響。

Importantly, margin expansion did not come at the expense of investment and we continue to drive greater productivity and efficiency across our operations. We are investing behind our brands and executing revenue growth management strategies that help us better serve consumers across brands, packages, price points, and occasions. Putting it all together, third-quarter comparable earnings per share of $0.91 reflected an 11% increase, including a 2-point benefit from currency tailwinds.

重要的是，利潤率擴張並未以犧牲投資為代價，我們持續在營運各面向推動更高的生產力與效率。我們加大對品牌的投資，並執行營收成長管理策略，以便在品牌、包裝、價格帶與消費情境上更好地服務消費者。綜合而言，第三季可比每股盈餘為 0.91 美元，年增 11%，其中包含匯率順風帶來的 2 個百分點助益。

Year-to-date free cash flow was $11.4 billion, an increase versus the prior year. Our balance sheet remains strong with our net debt leverage of 1.3 times EBITDA which is below our target range of 2 to 2.5 times. We're continuing to judiciously manage our balance sheet as we await a court decision related to our ongoing dispute with the IRS. We are confident in our long-term free cash flow generation and the optionality it gives us as we move through the fourth quarter and into 2027.

年初至今自由現金流為 114 億美元，較去年增加。我們的資產負債表仍然穩健，淨負債槓桿為 EBITDA 的 1.3 倍，低於我們 2 至 2.5 倍的目標區間。在等待與美國國稅局（IRS）持續爭議相關的法院裁決期間，我們將持續審慎管理資產負債表。我們對長期自由現金流的創造能力充滿信心，以及其在我們邁入第四季並展望 2027 年時所提供的策略彈性。

Our priorities remain the same: invest in our business and return capital to share owners. Now let me turn to guidance for full-year 2026. We now expect organic revenue growth of at least 5%, which includes the impact of slight destocking and six fewer days in the fourth quarter. Our commodity exposure overall remains manageable. However, we are seeing elevated cost pressures in aggregate driven by increased logistics and transportation costs.

我們的優先事項維持不變：投資於業務並回饋資本給股東。接下來我說明 2026 全年指引。我們目前預期有機營收成長至少 5%，其中包含第四季輕微去庫存（destocking）以及第四季少 6 天的影響。整體而言，我們對大宗商品的曝險仍屬可控。然而，我們看到整體成本壓力上升，主要由物流與運輸成本增加所驅動。

We now expect comparable currency neutral earnings per share growth, excluding acquisitions and divestitures of at least 9%. Divestitures are now expected to be an approximate 2% headwind to comparable net revenues and we continue to expect an approximate 1% headwind to comparable earnings per share. This assumes the pending sale of Coca-Cola Beverages Africa closes during the fourth quarter, subject to regulatory approvals.

我們目前預期可比、以固定匯率計（currency neutral）的每股盈餘成長（不含併購與處分）至少 9%。目前預期資產處分將對可比淨營收造成約 2% 的逆風，我們仍預期對可比每股盈餘造成約 1% 的逆風。此假設待完成的 Coca-Cola Beverages Africa 出售案於第四季完成交割，並以取得監管核准為前提。

Based on current rates and our hedge positions, we continue to expect an approximate 1-point currency tailwind to comparable net revenues and continue to expect an approximate 3-point currency tailwind to comparable earnings per share for full-year 2026. Our underlying effective tax rate for 2026 is now expected to be 19.7%. This reflects certain benefits in the current year that we do not expect to repeat going forward.

基於目前匯率水準與我們的避險部位，我們仍預期 2026 全年可比淨營收約有 1 個百分點的匯率順風，且仍預期可比每股盈餘約有 3 個百分點的匯率順風。我們 2026 年的基本有效稅率目前預期為 19.7%。這反映了本年度的某些稅務利益，我們預期未來不會重複出現。

All in, we now expect comparable earnings per share growth of at least 11% versus $3 in 2025. Finally, we now expect to generate at least $13 billion of free cash flow in 2026. There are some considerations to keep in mind for the rest of the year. As a reminder, the fourth quarter will have six fewer days versus the prior year. We also now expect slight destocking in the fourth quarter. Therefore, we expect concentrate shipments to slightly trail unit case volume for the full year.

綜合而言，我們目前預期 2026 年可比每股盈餘成長至少 11%，相較 2025 年的 3 美元。最後，我們目前預期 2026 年將產生至少 130 億美元的自由現金流。對於今年剩餘期間，有幾點需要留意。提醒一下，第四季相較去年將少 6 天。我們也目前預期第四季將出現輕微去庫存（destocking）。因此，我們預期全年濃縮液出貨量將略低於單位箱數銷量。

For the fourth quarter, following the anticipated refranchising of CCBA, we expect a 4-point headwind to comparable net revenues, a three-point headwind to comparable earnings per share and slight margin benefits. While it is too early to provide specific guidance for 2027, we do want to share some considerations based on what we know today.

就第四季而言，隨著預期對 CCBA 進行重新特許經營（refranchising），我們預期可比淨營收將面臨 4 個百分點的不利因素（headwind），可比每股盈餘將面臨 3 個百分點的不利因素，並帶來些微的利潤率效益。雖然現在要提供 2027 年的具體指引仍為時過早，但我們確實希望基於目前所知，分享一些考量因素。

Overall, we expect consumer behavior to remain largely unchanged, with value being a very important consideration across all markets and income groups. The investments we've made to date and the actions we've taken across our business position us to enter 2027 ready to execute. With respect to commodities, we continue to manage various cost pressures and look for ways to navigate the environment through productivity initiatives with our cross-enterprise procurement group and using all of our revenue growth management levers.

整體而言，我們預期消費者行為大致維持不變，「價值」仍將是所有市場與各收入族群非常重要的考量。截至目前我們所做的投資，以及我們在全公司採取的行動，使我們在進入 2027 年時已就位、準備好執行。就大宗商品而言，我們持續管理各項成本壓力，並透過跨企業採購團隊的生產力提升計畫，以及運用我們所有的營收成長管理（revenue growth management）槓桿，尋找因應環境的方法。

At the same time, we'll continue to invest behind our brands, maintain disciplined cost management, and focus on expanding margins over time. With the anticipated refranchising of CCBA, we expect an 8-point headwind. To comparable net revenues and a 2-point headwind to comparable earnings per share, but expect positive impacts to both our margins and the return profile of our business.

同時，我們將持續加碼投資品牌、維持嚴謹的成本管理，並聚焦於隨時間推進擴大利潤率。隨著預期對 CCBA 進行重新特許經營，我們預期將有 8 個百分點的不利因素。對可比淨營收造成影響，並對可比每股盈餘造成 2 個百分點的不利因素，但我們預期對利潤率以及公司業務的報酬結構（return profile）皆有正面影響。

Additionally, as previously announced, we are exploring a potential IPO of our bottling operations in India and will provide further updates as appropriate. Regarding currency, if we assume current rates and our hedge positions there would be a slight headwind to both comparable net revenues and comparable earnings per share for full-year 2027.

此外，如先前所宣布，我們正在評估印度裝瓶業務潛在的首次公開募股（IPO），並將在適當時機提供進一步更新。就匯率而言，若假設目前匯率水準與我們的避險部位不變，則 2027 全年可比淨營收與可比每股盈餘都將面臨些微不利因素。

Many factors could impact both our currency outlook and broader business outlook between now and when we expect to provide guidance in February. To summarize, we are pleased with our third-quarter performance. Our proven all-weather strategy continues to be our best ally to sustain our momentum for the rest of the year and into 2027. Across our many markets and operating environments, our people continue to rise to the occasion, and we are grateful for their dedication every day.

從現在到我們預期於二月提供指引之間，許多因素都可能影響我們的匯率展望以及更廣泛的業務展望。總結而言，我們對第三季表現感到滿意。我們經驗證的「全天候」策略（all-weather strategy）仍是我們維持今年剩餘時間並延續至 2027 年動能的最佳盟友。在我們眾多市場與營運環境中，我們的同仁持續挺身而出，我們每天都感謝他們的投入與奉獻。

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

接下來，接線員，我們準備開始回答問題。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Dara Mohsenian。

Hey, good morning. Obviously, another very strong unit case result in Q3 on top of Q2 strength, but the summer results were aided by events such as the World Cup and favorable weather. So A, I wanted to touch on those events. It'd be helpful just what you learn from the summer events with the World Cup and even America's 250, how you're using technology investments to enable the system to better activate those events.

嗨，早安。顯然，第三季在第二季強勁表現之上，又交出非常強勁的箱量（unit case）結果，但夏季的成果也受惠於世界盃等活動以及有利的天氣。所以 A，我想先談談這些活動。希望你能分享一下，你們從夏季的世界盃活動、甚至美國的「250」活動中學到了什麼，以及你們如何運用科技投資，讓整個系統能更好地啟動（activate）這些活動。

But also, really how you're working to hold on to incremental customers or greater demand from the existing customers during the events as you look across your brand portfolio. And then B, just maybe taking it broader as you look out to 2027 across the business globally. Can you just discuss the challenge you see from cycling some of these tougher comparisons on the unit case side and how you think about the system's ability to continue to sustain volume growth going? Thanks.

另外，也想了解當你們檢視整體品牌組合時，你們究竟如何努力留住活動期間新增的顧客，或是把既有顧客在活動期間增加的需求延續下去。接著 B，把視角拉大一些，當你們放眼 2027 年、從全球業務角度來看。你能否談談在箱量（unit case）面臨一些較艱難的比較基期（tougher comparisons）時，你所看到的挑戰，以及你如何看待整個系統在未來持續維持量的成長能力？謝謝。

Thank you, Dara. It's great to hear from you. Look, first of all, we're really excited with the results that we had on Q3 because it shows sustained and steady momentum that we had from the first half. It was important to continue that through the Q3. (inaudible) the numbers that we're getting more for more markets and more for more categories. And that showed up also in how we continue to gain value share globally. So it's 22 consecutive quarters of value share again.

謝謝你，Dara。很高興聽到你的提問。首先，我們對第三季的結果感到非常振奮，因為這顯示我們延續了上半年持續且穩健的動能。能把這股動能延續到第三季很重要。（聽不清）我們看到的數字，來自更多市場、更多品類的「更多」。這也反映在我們持續於全球提升價值市占（value share）的表現上。因此，價值市占已連續 22 個季度成長。

So we're feeling that we got the right momentum. This strategy is working in an environment that continues to be very dynamic. To your point about the World Cup and specifically here in the US, also the 250 campaign, those were great moments for us to pressure test our end-to-end activation, going from the brand strategy, the innovations that we brought to life, the revenue growth management and execution coming in a very integrated way. And we showed up really well as a system, not only in North America, but globally.

所以我們覺得自己擁有正確的動能。在一個仍然非常動態的環境中，這個策略正在奏效。就你提到的世界盃，以及特別是在美國的「250」活動而言，這些都是很好的時刻，讓我們對端到端的啟動能力進行壓力測試（pressure test），從品牌策略、我們落地的創新、營收成長管理到執行，能否以非常整合的方式協同運作。而我們作為一個系統的表現非常出色，不僅在北美，也在全球。

And we leveraged that into Q3, and we're going to continue to leverage this in Q4 and 2027. Parts of the tech data and AI that we used during the World Cup, you're seeing on campaigns like Fanta Halloween that you can see the connected packaging, really with great content and going all the way down to a transaction, which brings that ability for us to start pressure test the opportunities to drive more engagement all the way to transactions moving forward.

我們把這些延伸到第三季，並將持續在第四季與 2027 年加以運用。在世界盃期間我們使用的部分科技、數據與 AI，你也能在像是芬達萬聖節（Fanta Halloween）這類活動中看到，例如連結式包裝（connected packaging），搭配非常好的內容，並一路連結到交易端，讓我們得以開始對未來從提升互動一路推動到交易的機會進行壓力測試。

So the plans continue to be addressed market by market in an environment that continues to be very dynamic. And we feel good about where we are right now for Q3 and building the plans for 2027 as well. To the point that you asked as well on what we're going to be bringing in for next year, I always start with the energy that we see with our bottlers, our customers when they see our plans year to date and what we are laying up for the rest of the year and next year.

因此，在一個仍然非常動態的環境中，我們會持續以「逐一市場」的方式推進各項計畫。我們對第三季的現況感到良好，也對 2027 年的計畫建構充滿信心。至於你也問到我們明年會帶來什麼，我通常會先從我們看到的能量談起：當裝瓶商與客戶看到我們今年迄今的計畫，以及我們為今年剩餘時間與明年所鋪陳的內容時，他們展現出很高的動能。

Yes, we are cycling year-to-date high-volume year, but we earned that, right, with getting closer to the consumer and building the flexibility on our plans to develop the right foundations to get where we are. So. We believe in our momentum. We believe in the plans. A lot still to happen until we get to next year, but we believe that we have everything that is under our control to guarantee that we continue to deliver on our long-term algorithm.

是的，我們今年迄今是在一個高銷量年度的基期上進行比較（cycling），但那是我們靠近消費者、並在計畫中建立彈性、打造正確基礎所「賺來的」，才走到今天這一步。所以，我們相信我們的動能。我們相信這些計畫。距離明年還有很多事情會發生，但我們相信，凡是我們可控的部分都已具備，足以確保我們能持續交付長期演算法（long-term algorithm）的目標。

Chris Carey, Wells Fargo Securities.

Wells Fargo Securities 的 Chris Carey。

Hi, good morning, everyone.

各位早安。

Good morning, Chris.

早安，Chris。

A key strategy coming into the year was to drive more balanced top-line across volume and price mix. Certainly, as noted with Dara's question, you're on track for an exceptional year from a volume delivery standpoint. And then you'll have to compare against that going into next year, as you just noted. But one of the things that I wanted to drill into a bit was the price mix side, which if it turns out to be about 2% this year, we'll see, could prove when the lower price mix here is in about a decade.

今年年初的一項關鍵策略，是在銷量（volume）與價格/組合（price mix）之間，推動更均衡的營收成長。當然，如同 Dara 的問題所提到的，你們在銷量交付方面正朝著一個非常出色的年度邁進。而如你剛才也提到的，明年就必須在此基礎上進行比較。但我想更深入探討的是價格/組合這一端；如果今年最終約為 2%（我們再看看），那可能會是大約十年來最低的價格/組合表現。

So the question is really, as you go into 2027, how do you think the price mix strategy evolves so as to continue to deliver on the commitments that you have around your top-line algorithm? And within that, can you perhaps provide a bit of perspective on how much control you have over that price mix line? There's clearly a geographic mix, there's category mix, you have pricing investments this year.

所以問題是，當你們進入 2027 年時，你們認為價格/組合策略會如何演進，以便持續兌現你們對營收端長期演算法的承諾？在此之中，你能否提供一些觀點，說明你們對價格/組合這條線（price mix line）究竟有多大的可控性？顯然其中有地理組合（geographic mix）、品類組合（category mix），而且你們今年也有定價投資。

And I think underlying the question is just your ability to have control over the complexion of your top-line as opposed to there are just these headwinds coming at the price mix line that are perhaps out of your control as you go into next year. So I'd love any context on that.

我想這個問題背後的核心，是你們在多大程度上能掌控營收端的結構（complexion of your top-line），而不是在明年面對一些可能超出你們控制範圍、對價格/組合造成不利影響的逆風。所以我很希望你能就此提供一些背景脈絡。

Thanks, Chris. Topic close to our hearts here. Let me just take a step back from the quarter, in fact, the last two quarters. And just a reminder that when you think about the two-year volume CAGR, it's still around the 2% mark, maybe slightly above that given the last two quarters. So we still feel good about the objective to deliver a balanced revenue algorithm, 2 to 3 points volume, 2 to 3 points price mix. As we move forward.

謝謝你，Chris。這個主題對我們而言非常重要。我先從本季拉回一步來看，事實上是回看過去兩季。提醒一下，當你看兩年期的銷量CAGR時，仍大約在2%左右，考量過去兩季可能略高於此。因此，我們仍對達成一個均衡的營收演算法目標感到有信心：銷量貢獻2到3個百分點、價格/組合貢獻2到3個百分點。隨著我們往前推進。

When you take into account some of the factors that have impacted our price mix numbers recently, it's worth unpacking a little bit. We mentioned in the script that we had 4 points of underlying pricing in the quarter. And that's pretty consistent with our year-to-date numbers, a little bit of higher inflation from a couple of the couple of markets in the emerging world, but pretty consistent. And then I think it's the mixed piece that has had a bigger impact on that PMO number and maybe a little bit of a surprise to some.

當你把近期影響我們價格/組合數字的一些因素納入考量時，值得稍微拆解一下。我們在講稿中提到，本季有4個百分點的基礎定價。這與我們年初至今的數字相當一致；新興市場中有幾個市場的通膨略高一些，但整體仍相當一致。然後我認為是「組合」這一塊對PMO數字的影響更大，對部分人來說可能也有點出乎意料。

But within that, about two-thirds of it relate to actions that either we have taken ourselves proactively or reflect just some of the inherent mix that has taken place this year, particularly with the finished goods performance. And if you were to factor in the Topo Chico situation we've had this year and you factor in the timing of investments, you take those out, our price mix for the year is pretty much within the band that we would look to deliver.

但在其中，大約三分之二與我們主動採取的行動有關，或是反映今年發生的一些內在組合變化，特別是成品業務的表現。如果你把我們今年遇到的Topo Chico情況以及投資時點因素納入並剔除影響，我們今年的價格/組合基本上就在我們希望交付的區間之內。

Now, as we go into 2027, it's a little early to give specifics on what we expect for 2027, but just look at the volume CAGR or the volume momentum that we have been delivering, we're continuing to look closely across the world at pricing dynamics going into 2027. Inflation is one factor, but we also take into account a number of other factors, the state of the consumer market by market, the competitive environment, customer environment, et cetera.

至於進入2027年，現在要給出我們對2027年的具體預期還稍早，但只要看看我們所交付的銷量CAGR或銷量動能，我們仍在全球範圍內密切關注進入2027年的定價動態。通膨是一個因素，但我們也會考量其他多項因素：各市場的消費者狀況、競爭環境、客戶環境等等。

We'll provide a little more color on that in February, but the mix piece will continue to see some geo mix headwinds, just given the nature of the overall portfolio globally with the developing markets will continue, I believe, to outgrow some of the developed markets volumetrically. But two-thirds of the mix, as I said, this quarter were due to factors which we think are managed will go into next year.

我們會在2月提供更多說明；但在組合方面，鑑於全球整體產品組合的特性，地理組合的逆風仍將持續，因為我相信開發中市場在銷量上仍會持續快於部分已開發市場。不過如我所說，本季組合影響的三分之二來自我們認為可控、可管理的因素，將延續到明年。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

Great, thanks. Good morning. I wanted to talk a little bit about reinvestment. I know the mantra is more with more, and it looks like this quarter in terms of the reinvestment that went into SG&A, there was a lot of more. So if you could just talk a bit about how much advertising and marketing was up, how much of this is sort of a set the stage into '27 because the gross margins -- and also while we're on margins, underlying gross margin, I think in the slide was up 70 basis points.

很好，謝謝。早安。我想談一下再投資。我知道口號是「更多帶來更多」，而從本季投入到SG&A的再投資來看，確實有很多「更多」。所以想請你談談廣告與行銷增加了多少，其中有多少算是在為2027年鋪路；另外談到毛利率——我記得投影片上顯示基礎毛利率上升了70個基點。

So just curious how to think about that, right? You've talked about mix has actually been a headwind. So is it just the absolute strength of the volume that's flowing through that's driving that gross margin strength? So marketing investments where the SG&A dollars went and then drivers of the underlying 70 basis points in gross margin?

所以我很好奇該怎麼理解，對吧？你們提到組合其實一直是逆風。那麼，是不是因為銷量的絕對強勁、帶來的規模效益在推動毛利率走強？也就是：行銷投資（SG&A資金流向）以及基礎毛利率提升70個基點的驅動因素？

Yes, Lauren, thank you. Let me start with the gross margin numbers. As you're well aware, we think of gross margin in three distinctive buckets, but the underlying strength of the business, the structural and currency were benefiting from some currency headwind or some currency tailwinds this year.

是的，Lauren，謝謝。我先從毛利率數字談起。如你所知，我們把毛利率分成三個明確的部分：業務的基礎表現、結構性因素以及匯率；今年我們在匯率方面受惠於一些順風（或較少的逆風）。

But the underlying numbers just reflects the quality of top line and the ongoing focus we have on managing our cost base. So as you think about the underlying going forward, implied in our algorithm is modest expansion and we believe we have the ability to sustain that as we go forward. Regarding the marketing investments, yes, we have taken a number of actions in recent months to set us up for a strong start to 2027.

但基礎數字反映的是營收端的品質，以及我們持續專注於管理成本基礎。因此，當你思考未來的基礎走勢時，我們的演算法隱含的是溫和擴張，而我們相信自己有能力在往前推進時維持這種擴張。至於行銷投資，是的，過去幾個月我們採取了多項行動，為2027年強勁開局做準備。

We have double-digit growth in above the line and we have a number of programs that we're working in partnership with our bottlers on to, as I say, to be ready for a strong start into 2027. I would expect as we go forward that we will have a -- we'll have marketing investments growing more or less in line with margins, with gross margins to get to shape of the P&L where we want it to be, not just for '27 but beyond.

我們在ATL（大眾媒體）方面有雙位數成長，並且與裝瓶夥伴合作推進多個專案，如我所說，為2027年強勁開局做好準備。我預期往後我們的行銷投資將大致與利潤率、與毛利率的走勢一致成長，以便把損益表調整到我們希望的樣貌，不僅是為了2027年，也為了更長遠的未來。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

Yes. Hey, great. Thanks, and good morning. We've spoken about this before, but just the reality is that a lot of the inflationary pressures facing the system today sit more heavily with your bottling partners than with the concentrate business itself.

是的。嗨，很好。謝謝，早安。我們之前談過這點，但現實是：當前系統面臨的許多通膨壓力，更多是落在你們的裝瓶合作夥伴身上，而不是濃縮液業務本身。

And I guess as you -- in that context, as you approach collective 2027 planning, how would you characterize bottler economics today and their stance relative to those inflationary pressures? And any impacts that may be having on considerations around future pricing, investment levels, or just the way that system economics are shared as you think about the year ahead?

我想在這個背景下，當你們著手進行整體的2027年規劃時，你會如何描述裝瓶商目前的經濟狀況，以及他們面對這些通膨壓力的立場？這是否會影響你們對未來定價、投資水準，或是你們在思考明年時系統經濟利益分配方式的考量？

Thank you, Steve. Look, first of all, we always look at that from a system point of view. Everything starts from how we're going to first grow our plans aligned with our brand plans per market. And we feel that we have great plans for 2027. And we are actually anticipating that with investments this year as we have done in previous years to be ahead of the curve, right? To get the momentum that we have and the flexibility that we build during the year to continue to invest on those plans.

謝謝你，Steve。首先，我們一向從系統的角度來看這件事。一切都從如何先把我們的成長計畫與各市場的品牌計畫對齊開始。我們認為自己已為2027年準備了很好的計畫。而且我們其實正如過去幾年一樣，在今年就提前投入投資，以走在曲線之前，對吧？藉此取得我們目前的動能，以及在年度中建立彈性，得以持續對這些計畫加碼投資。

Regarding costs, which is one input into the plan, the environment remains very fluid. The commodities have been manageable for us at this time. Looking forward, we are working with the bottlers right now through all the levers that we have as a system. One of them, it's our cross-enterprise procurement group that we procure the number -- the big commodities that we have for next year together.

至於成本——它是計畫的一個輸入項——環境仍非常多變。目前大宗商品對我們而言仍屬可控。展望未來，我們正與裝瓶商一起運用系統所擁有的所有槓桿。其中之一是我們的跨企業採購團隊，我們會一起為明年採購我們所需的主要大宗商品。

And with that, we bring also other levers into the equation, which is productivity, cost management, and our RGM choose to ensure that we have an operational environment that can be totally linked with our growth plans for next year. So more to come as we learn during the next few months. But so far, it has been something that we believe it's going to be manageable on the overall scheme of things.

此外，我們也把其他槓桿納入考量，包括生產力提升、成本管理，以及我們的RGM（收益成長管理），以確保我們擁有一個能與明年成長計畫完全連結的營運環境。未來幾個月隨著我們持續學習與掌握情況，會有更多更新。但到目前為止，這仍是我們認為在整體架構下可管理的事項。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

Hi, good morning, everyone. I wanted to go back to the North America business. Henrique, you mentioned that there were a few impacts on the volume being flat on the quarter, timing of July 4 and some changes in the finished goods business. Can you expand a little bit more on that? And given we see solid consumption data and truck channels, are you expecting some improvement as we move forward?

嗨，各位早安。我想回到北美業務。Henrique，你提到本季銷量持平有幾個影響因素，包括7月4日的時點，以及成品業務的一些變化。你能否再多展開說明一下？另外，鑑於我們看到穩健的消費數據與卡車通路表現，你們是否預期隨著時間推進會有所改善？

And then on price mix. I know you were cycling difficult comp in Topo Chico and fairlife, how should we think about that, particularly that mix component as we look ahead on the price mix in North America?

接著談到價格／組合（price mix）。我知道你們在 Topo Chico 和 fairlife 上正逢去年高基期的比較變得困難；我們該如何看待這點，特別是當我們展望北美的價格／組合時，那個「組合」的部分？

Thank you. So on North America, let me step back and talk a little bit about the quarter and the year so far. We continue to see solid performance in North America. We grew this quarter, right? Revenue, we gained value share, we expanded margins. We got pricing in line with inflation that was really important, which shows that the brands have the equity and the rights to take price. And we kept investing in our brands.

謝謝。關於北美，讓我先退一步，稍微談談本季以及今年迄今的表現。我們持續看到北美表現穩健。我們本季成長了，對吧？營收成長、我們提升了價值市占，也擴大了利潤率。我們讓定價與通膨保持一致，這點非常重要；這也顯示品牌具備品牌資產與調價的正當性。同時我們也持續投資於品牌。

The impact that you're mentioning on the price mix was definitely impacted by the cycling of a very strong prior year on some of the premium brands that were generated through our finished goods, including Topo Chico, one of them -- and BODYARMOR as well. So with that into the equation, if you take that out actually and you take the impact of the July 4 that fell into the second quarter, and we mentioned that before, we would see volume growth.

你提到的價格／組合影響，確實受到去年某些高端品牌非常強勁、且由我們成品（finished goods）所帶動的高基期循環影響，其中包括 Topo Chico——以及 BODYARMOR。因此把這些因素納入考量後，如果你把它們剔除，再加上我們先前提過的 7 月 4 日落在第二季的影響，其實我們會看到銷量成長。

So we see the momentum is still there. Now, in terms of the strength of our strategy and our brands, we also feel confident that we have pretty good momentum, especially with trademark Coca-Cola that grew again this quarter. Diet Coke and Coca-Cola Zero, especially Coca-Cola Zero growing double-digit again. And fairlife continues to do really well. Powerade also grew. And we have other areas that we have work to do, which is always good for us also to instill here our motto of being constructive with discontent that are areas for us to work on.

所以我們看到動能仍在。至於我們策略與品牌的強度，我們也有信心動能相當不錯，尤其是可口可樂（trademark Coca-Cola）本季再度成長。健怡可樂（Diet Coke）與可口可樂零糖（Coca-Cola Zero），特別是零糖可樂再次達到雙位數成長。fairlife 也持續表現非常好。Powerade 也成長。另外也有一些領域我們需要加把勁；這對我們也一向是好事，因為這能讓我們持續貫徹「建設性的不滿足（constructive discontent）」這個座右銘——也就是把它們視為我們需要努力的方向。

And one of them is to do a better performance on Sprite and BODYARMOR and our supply chain. Going into next year. So all in all, we believe that we have the good momentum as a system and the right plans to navigate through the rest of the year in 2027.

其中之一就是在雪碧（Sprite）、BODYARMOR 以及我們的供應鏈上要做出更好的表現。展望明年。總體而言，我們相信整個系統具備良好動能，也有正確的計畫，能夠在 2027 年度剩餘期間順利因應。

Yeah, and I would just add, Filippo, if you're looking at the overall volume number, the restaurant industry continues to be under pressure. And so when you're looking at the scanner data, et cetera, I think you're seeing a stronger business at home versus away from home, largely driven by consumer pressures that we've talked about in the past.

是的，我再補充一下，Filippo，如果你在看整體銷量（volume）數字，餐飲產業仍持續承受壓力。因此當你看掃描數據（scanner data）等等時，我想你會看到「在家消費」相對於「外出消費」的業務更強，這主要是由我們過去談過的消費者壓力所驅動。

And while our own business continues to have a lot of momentum across those channels, I think the underlying pressure across the consumer landscape is there and I think it will be there for the rest of the year as we go into '27.

雖然我們自身的業務在這些通路仍然動能十足，但我認為整體消費者環境的底層壓力確實存在，而且我認為在今年剩餘時間、以及邁入 2027 年時，這種壓力仍會持續。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通（JPMorgan）。

Hi, good morning, everyone. So I have a question on exploring the theme of affordability. And of course, among all the CPGs, you have significant brand equity. How should we be thinking about the list pricing and your bottling partners have historically been able to take pricing in the low-single digits? If we put the geographical mix aside, do you think you still can count on RGM capabilities and would still allow some selective pricing while protecting the entry price points?

嗨，各位早安。我想就「可負擔性（affordability）」這個主題延伸提問。當然，在所有民生消費品公司（CPG）之中，你們擁有顯著的品牌資產。我們應該如何看待牌價（list pricing）？而你們的裝瓶合作夥伴過去通常能以低個位數的幅度進行調價。如果先把地理組合因素放一邊，你認為仍可仰賴 RGM（營收成長管理）能力，並且在保護入門價位帶（entry price points）的同時，仍能進行一些選擇性的調價嗎？

And then a clarification on the fourth quarter, you obviously raised guidance and you have the six fewer selling days. John, you called out also the destocking comments, but you had also had said that in the third quarter. So I was ahead of the third quarter. So I was hoping to think about like how it's a wide range. Of course, minimum five allows you to have a wide range there, but just thinking, how demand and destocking and how we should just think how many points of headwind that could be. Thank you.

另外想釐清第四季：你們顯然上調了指引，而且少了 6 個銷售日。John，你也提到去庫存（destocking）的評論，但你在第三季也曾提過。所以我在第三季之前就已經注意到這點。我希望能理解為什麼區間會這麼寬。當然，最低 5（的假設）會讓區間看起來很寬，但我想更具體地理解需求與去庫存的影響，以及我們應該如何思考這可能帶來多少個點（points）的逆風。謝謝。

Okay, Andrea, so I'll start with your question, especially on our strategy and affordability, and John can chime in on the outlook. So look, the affordability, you need to look at this on the full context of revenue growth management. It's one of the legs of how we get closer to the consumer these days. The premium organization is equally important, so we always look at both.

好的，Andrea，我先回答你的問題，特別是關於我們的策略與可負擔性，John 也可以補充展望。你看，可負擔性需要放在營收成長管理（RGM）的完整脈絡下來看。這是我們如今更貼近消費者的其中一個支柱。高端化（premiumization）同樣重要，所以我們總是兩者並重。

What we are seeing across the world, and this is something that -- especially in my travel the last quarter, going divide and conquering here with John going different parts of the world, we have seen that value continues to be something that cuts across every market and every consumer that we see all over the world. And value means different things for the consumer, which then touches into affordability and [premiumization] in a way that we capitalize that in our plans. Let me elaborate on that.

我們在全球看到的情況是——尤其是我在上一季出差時，和 John 分頭走訪世界不同地區——我們看到「價值（value）」仍是橫跨每個市場、每位消費者的共同主題。而「價值」對消費者而言有不同意義，這就會同時觸及可負擔性與[高端化]，而我們會在計畫中加以運用。我再多說明一下。

On the affordability, what we always look at is do we have the right value, the relevance of that brand and the worth choosing option for the consumer to keep them in the franchise? And if the answer is yes, we continue to push forward and get more coverage of that packaging format. If not, we adapt our plans and put that in place. A good example of that is what we did in Africa, piggybacking from what we've learned in India where they had one package, which is a single serve PET package with plasma technology that can allow you to go in longer routes and still keep the shelf life high.

在可負擔性方面，我們一直在看的，是我們是否提供了正確的價值、該品牌是否具備相關性，以及是否是消費者「值得選擇（worth choosing）」的選項，從而把他們留在我們的品牌體系（franchise）中。如果答案是肯定的，我們就會持續推進，並擴大該包裝形式的覆蓋。如果不是，我們就會調整計畫並落地執行。一個很好的例子是我們在非洲所做的事：借鑑我們在印度的經驗——他們有一種包裝，也就是採用等離子技術（plasma technology）的單次飲用 PET 包裝，能讓你走更長的配送路線，同時仍能維持較長的保質期。

Now, we imported that into Africa and that plays on affordability on both of these markets, and it's going to continue to be very important moving forward because the consumer loves the brands but needs to be closer to what they can afford. On the premiumization side, that's equally important in this equation, we play out the category mix. There are a few brands that continue to help us with that.

我們把這套做法引進非洲，這在兩個市場都能支撐可負擔性；而且未來仍會非常重要，因為消費者喜愛這些品牌，但需要更貼近他們可負擔的價格帶。在高端化方面，在這個方程式中同樣重要，我們會透過品類組合（category mix）來發揮。有幾個品牌持續在這方面幫助我們。

In North America, you've got Core Power, you've got smartwater, and you've got in other parts of the world, also different packaging sizes that allows us to play with the convenience. And that value equation for the consumer also works really well. And in the overall RGM strategy, we end up delivering what we need. So it goes in tandem, affordability and premiumization. And that's where you're going to see not only the rest of the year, but building into 2027.

在北美，你有 Core Power、smartwater；在世界其他地區，也有不同的包裝規格，讓我們能在便利性上做文章。而對消費者而言，那個「價值」的方程式也運作得很好。在整體 RGM 策略下，我們最終能交付我們所需要的成果。所以可負擔性與高端化是並行的。而你將會看到這不僅體現在今年剩餘時間，也會延伸並建立到 2027 年。

John, if you want to add on that.

John，如果你想補充的話。

Yeah, Andrea, the whole marriage of unit cases with our concentrate shipments this year has proven to be maybe the more challenging year since I've been around for a few reasons. You've got the first quarter and the fourth quarter, the plus six, the minus six days. We have, as we've seen since the start of the year around the world, an external environment that's quite unpredictable. And I think our system has a tendency to want to get ahead of that.

好的，Andrea，今年我們的單位箱數（unit cases）與濃縮液出貨（concentrate shipments）之間的匹配，可能是我任內以來較具挑戰的一年，原因有幾個。第一季與第四季分別有多 6 天、少 6 天的影響。而且如同我們自年初以來在全球所見，外部環境相當難以預測。我認為我們的系統往往傾向於提前因應這種情況。

And so the expectation that we highlighted in guidance reflects the best information we have at the moment. There's a couple of our segments where we do expect to see some destocking on the back of what has happened year to date. But we still got some distance to go in the year and we're keeping a close eye on this area. And with six less days, it's difficult to predict with accuracy just the cutoffs as we move towards the end of the year.

因此，我們在指引中強調的預期反映了我們目前所掌握的最佳資訊。在我們的部分業務分部中，我們確實預期會因年初至今的情況而出現一些去庫存（destocking）。但今年還有一段時間，我們也正密切關注這個領域。而且少了六天，使得在接近年底時要精準預測各項截止點變得困難。

That's the best information we have at the moment. And based on all the inputs we get from around the world and if there's changes through the quarter, we'll certainly have the opportunity to update closer to the end of the year.

這就是我們目前所掌握的最佳資訊。並且基於我們從全球各地取得的所有輸入資訊，如果在本季期間出現變化，我們當然會有機會在更接近年底時更新。

Robert Ottenstein, Evercore.

Robert Ottenstein，Evercore。

Great, thank you very much. You had a pretty nice increase in your guidance for free cash flow. Your leverage is down to, I think, 1.3 you said. So I was wondering if you could talk about the drivers on the free cash flow. And then you mentioned in the opening comments about increased optionality from your strong free cash flow and balance sheet going into '27. So maybe if you could elaborate on that and then put these comments in the context of potential outcomes from the IRS case? Thank you.

很好，非常感謝。你們對自由現金流的指引上調幅度相當不錯。你們的槓桿比率降到，我想你說是 1.3。所以我想請你談談自由現金流的驅動因素。另外你在開場評論中提到，憑藉強勁的自由現金流與資產負債表，進入 2027 年將有更高的策略彈性（optionality）。所以也許你可以進一步闡述，並把這些評論放在 IRS 案件可能結果的脈絡下來看？謝謝。

Thank you. Let me take those one by one. So free cash flow year to date, three primary drivers. The first and the most important one is underlying business performance has been strong. We continue to make progress on working capital initiatives, our cash conversion cycle, if I get it correct, is as good as it's been for many years at the moment. And then we have some timing that will play its way through the rest of the year.

謝謝。我逐一回答。年初至今的自由現金流有三個主要驅動因素。第一個也是最重要的是，基礎業務表現強勁。我們持續推進營運資金相關的改善措施；如果我沒記錯，我們目前的現金轉換週期（cash conversion cycle）是多年來最好的水準之一。此外，還有一些時點因素會在今年剩餘期間逐步反映。

For example, our CapEx year to date is a little behind what you would typically expect and we expect that to make up in the fourth quarter. So key message though is free cash flow is strong, and we've got momentum as we close out the year into next year. We've used the word optionality very deliberately over the last number of months, because we are in a situation where we're anticipating a decision in the coming months in the IRS case.

例如，我們年初至今的資本支出（CapEx）略低於一般預期，我們預計第四季會補回。不過關鍵訊息是，自由現金流很強勁，而且在今年收官並延續到明年，我們具備動能。過去幾個月我們非常刻意地使用「策略彈性（optionality）」這個詞，因為我們正處於預期 IRS 案件在未來幾個月內將有裁決的情況。

And at the same time, we continue to think ahead as to the various outcomes that that decision could generate and feel good where we are with respect to being able to manage a best- and worst-case scenario. So the name of the game has really been to strengthen the balance sheet. I believe our balance sheet today is in as good a shape as it's been for many years and to be ready in '27 to deliver on the priorities that we outlined in the script.

同時，我們也持續提前思考該裁決可能帶來的各種結果，並且對於我們在管理最佳情境與最差情境方面的準備狀況感到放心。因此，核心工作其實就是強化資產負債表。我相信我們目前的資產負債表狀況是多年來最好的水準之一，並且為 2027 年能夠落實我們在講稿中所概述的優先事項做好準備。

We'll continue to invest in the business. Primarily, in the short-term organically. We remain open to other opportunities. We don't see them in the immediate horizon. And as always, we're here to return capital to our shareowners. And again, at the moment, that's primarily through our dividend.

我們會持續投資於業務。短期內主要以內生成長（organic）為主。我們也對其他機會保持開放。但在近期的視野內我們沒有看到。一如既往，我們也會把資本回饋給股東。而目前主要是透過股利。

So think of the work to date has been focused on strengthening the balance sheet, being ready for a decision and the outcome of that decision to do the right thing for the business and then to be ready for whatever that might mean in '27 and '28.

所以可以把迄今的工作理解為：聚焦於強化資產負債表、為裁決及其結果做好準備，以便為業務做出正確決策，並為 2027 年與 2028 年可能代表的各種情況做好準備。

Peter Grom, UBS.

Peter Grom，UBS。

Great. Thank you. Good morning, everyone. So I wanted to follow up on Filippo's question on North America. You touched on some of the timing dynamics, but you also mentioned that you saw sequential improvement in volume performance each month throughout the quarter. So I was wondering if you could elaborate on that and have you seen that momentum continue into the fourth quarter?

很好。謝謝。各位早安。我想延續 Filippo 關於北美的問題。你提到了一些時點上的動態，但你也提到本季每個月的銷量表現都呈現逐月改善。所以我想請你進一步說明一下，並且你們是否看到這股動能延續到第四季？

And then, John, you touched on the at-home versus away-from-home component. I'd be curious if you've seen any notable shifts in that dynamic as the years progressed. Thanks.

另外，John，你提到了居家（at-home）與外出（away-from-home）消費的組成。我也想了解，隨著年度推進，你們是否看到這個動態出現任何顯著變化？謝謝。

So on the volume, yes, we saw that improvement month on month the quarter. And the biggest impact in that was really what we said before was the July 4 impact that fell into the Q2. So we knew that it would start the first month of the quarter lagging behind it. What we have see and I mentioned when you look at the overall flat volume for the quarter, we're cycling a good performance of Topo Chico last year as well, which has also an impact on that.

關於銷量，是的，我們在本季確實看到逐月改善。其中最大的影響其實就是我們先前提到的 7 月 4 日效應落在第二季，因此我們知道本季第一個月會相對落後。另外我也提到，當你看本季整體銷量持平時，我們也在對比去年 Topo Chico 的良好表現，這同樣會對比較基期造成影響。

And we just got back with Topo Chico in Texas, so it's great news, I think, to everybody and to the consumers that have been waiting for too long. It's the first step back and we will sequence that moving into 2027, right? So that volume will start to come back. So definitely, it's something that we're looking forward to. The other ones, really the momentum that we have, we grew Coca-Cola trademark, like we mentioned, really good growth on the Zero variant as well.

而且我們剛在德州讓 Topo Chico 回歸供應，這我認為對所有人、以及等待太久的消費者而言都是好消息。這是回歸的第一步，我們會把這個節奏一路延伸到 2027 年，對吧？因此那部分銷量會開始回來。所以這絕對是我們很期待的事情。至於其他方面，我們的動能也很明顯；如同我們提到的，可口可樂（Coca-Cola）主品牌成長，Zero 版本也有非常好的成長。

Fairlife continues to grow. Powerade grew as well. Fresca, Mr. Pibb has been another very good surprise. Still small in the overall volume to impact the overall volume for North America. But within the innovation pipeline, it's something that we're very excited with that. So all in all, what we see is we have the momentum. We got the right plans in place, but we have also going into the Q4, which is important to reinforce the biggest quarter that we had in North America last year, and we had six last days.

Fairlife 持續成長。Powerade 也成長。Fresca、Mr. Pibb 也是另一個非常好的驚喜。雖然在北美整體銷量中占比仍小，對總體銷量的影響有限。但在創新產品管線中，這是我們非常興奮的一塊。總體而言，我們看到我們具備動能。我們有正確的計畫到位，但進入第四季時也要考量：去年北美第四季是我們最大的季度，而且今年少了六天。

So you need to compose that with the equation. But when you look into a daily average sales, we have the momentum that was built over the quarter.

所以你需要把這些因素納入整體方程式。但如果你看日均銷售（daily average sales），我們確實延續了本季累積起來的動能。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行（Bank of America）。

Hey, good morning. Thanks for taking the question. John, I was just hoping to get maybe a clarification and then the question is tied to that. But on the currency FX guidance for 2027, I just wanted to understand if that was updated through yesterday. And the context of it being, obviously, there's been some pretty big currency movements even in the last 48 hours and some big important markets for you.

嗨，早安。謝謝讓我提問。John，我想先請你釐清一下，接著問題也會基於此。關於 2027 年的外匯（FX）指引，我想了解這是否已更新到昨天為止。因為很明顯，過去 48 小時內匯率出現了相當大的波動，而且其中一些是你們非常重要的市場。

I know you caveated your commentary that there's many factors that could impact currency between now and February, but just want to understand kind of in real time how you're thinking about that given some of the moves that we've had and whether that's embedded in the slight headwind kind of outlook that you have for '27 at this point? Thanks very much.

我知道你在評論中也加註了但書，表示從現在到二月之間有許多因素可能影響匯率，但我想了解在這些近期波動之下，你們即時是如何看待的，以及這些變動是否已反映在你們目前對 2027 年「略為逆風」的展望之中？非常感謝。

Yeah, great question. And the short answer is no. We need to take into account what's unfolded over the last 24 to 48 hours and we'll continue to do so. There's been quite a lot, as you've seen throughout the years, there's been quite a lot of movement. So it's one we're watching very carefully. And if there's sufficient movement over the course of the next number of weeks, we certainly would want to provide an update on that.

是的，這是個很好的問題。簡短的答案是否定的。我們需要把過去24到48小時所發生的情況納入考量，而且我們也會持續這麼做。如你多年來所見，變動相當多。因此這是我們正在非常密切關注的一項。如果在接下來幾週內出現足夠的變動，我們當然會希望就此提供更新。

And as I say, there's been quite a lot of swings throughout the course of this year and it's one to keep watch on. But the numbers that I talked about in the script do not reflect the movement in the real, particularly over the last day or two.

而且如我所說，今年以來波動相當大，這是一項需要持續關注的事項。但我在講稿中提到的數字並未反映實際的變動，特別是過去一兩天的變動。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

Hey, guys. I guess, first, I'm sorry to belabor the point, but just for purposes of clarity, on the destocking is the full year intended to be sort of below in line or above in terms of concentrate versus shipments. And then maybe if there are particular regions where the destocking is expected to occur, I think that'd be useful. And then on gross margin, you had such a strong concentration shipment number.

嗨，各位。我想，首先很抱歉再三追問，但為了釐清，關於去庫存（destocking），全年在濃縮液（concentrate）相對於出貨（shipments）方面，是打算低於、持平，還是高於？另外，如果去庫存預期會發生在特定地區，我想那會很有幫助。再來談毛利率，你們的濃縮液出貨數字非常強勁。

Can you give some context of leverage on the GM and maybe leverage on the SG&A line as well and how it sort of works top to bottom because you probably won't have the spread going forward. And so to what degree can you help us forecast what margins would look like in the context of maybe better aligned unit case volume and gross margins? Thank you.

你能否提供一些關於毛利（GM）的槓桿效應背景，以及在SG&A費用線上的槓桿效應，並說明它從上到下大致如何運作？因為你們未來可能不會再有這樣的差距。因此，在單箱量（unit case volume）與毛利率可能更一致的情境下，你們能在多大程度上協助我們預測毛利率會呈現什麼樣貌？謝謝。

Sure. On the destocking, as I said in the previous question on this topic, it's somewhat of an anomalous year in trying to predict exactly. Right now, if you ask me, we expect shipments to run slightly behind volumes for the full year. That's our in-going assumption that's linked to the guidance that we've provided. And as I've said, there's a lot happening around the world and there's every possibility that that could deviate. But that's the ingoing assumption as we head into the rest of the year.

當然。關於去庫存，正如我在前一個相關問題中所說，今年在試圖精準預測方面有些異常。就目前而言，如果你問我，我們預期全年出貨會略微落後於銷量（volumes）。這是我們的初始假設，並且與我們所提供的指引相連結。如我所說，全球各地正在發生很多事情，完全有可能出現偏離。但這就是我們在進入今年剩餘期間時的初始假設。

On your margin question, if I line up cases, shipments, everything else. We expect to have margin expansion for the full year. And again, the exact amounts that we're anticipating, it's really on trend with what we've seen thus far this year.

關於你的毛利率問題，如果我把箱數、出貨以及其他因素對齊來看。我們預期全年毛利率將擴張。同樣地，我們所預期的確切幅度，基本上與今年迄今所看到的趨勢一致。

Kevin Grundy, BNP Paribas.

Kevin Grundy，BNP Paribas。

Good morning, everyone, and congrats on another strong quarter. We've mentioned the brand twice, but having spent a lot of time on the strategy and that's fairlife, which has been a fantastic success story. Additional capacity came on this year, so we've seen a nice re-acceleration in the scanner data.

各位早安，恭喜再度交出強勁的一季。我們已經兩次提到這個品牌，但值得花很多時間談策略，那就是fairlife，這一直是非常成功的案例。今年新增產能上線，因此我們在掃描數據（scanner data）上看到不錯的再加速。

So a few questions related to the brand. One, can you talk about updated plans and how you're defining success? Two, where you see the brand sourcing occasions at the moment? And then three, maybe an update on the opportunity for the brand outside of the US, understanding the supply chain complexities? So, thank you.

所以有幾個與該品牌相關的問題。第一，能否談談最新的計畫，以及你們如何定義成功？第二，目前你們看到該品牌的消費情境（occasions）主要來自哪些來源？第三，考量供應鏈的複雜性，能否更新一下該品牌在美國以外市場的機會？謝謝。

Okay, thanks, Kevin. Look, we love the brand, as you know, and fantastic performance. And we're pleased to see, number one, not the quarter of strong and double-digit growth across all the variants, right? So fairlife, the Nutrition Plan, and also on Core Power. And that has been really encouraging. You remember that at the beginning of the year, we're still lagging behind, the demand and supply with the ramp up of Webster.

好的，謝謝你，Kevin。你也知道，我們很喜歡這個品牌，表現非常出色。我們也很高興看到，第一，不只是單一季度，而是在所有品項（variants）上都有強勁的雙位數成長，對吧？包括fairlife、Nutrition Plan，以及Core Power。這真的很令人鼓舞。你還記得年初時，隨著Webster產能爬坡，我們的供需仍然落後於需求。

So we're getting better and better at that with the ramp up of the plant to the extent that we were able to launch also a new flavor for Nutrition Plan, the vanilla flavor, which is doing really well as well. And we announced already that we're going to have in the pipeline going to 2027, the banana flavor, which is great. right? We have a lot of fans for that flavor, and it's something that we always wanted to start expanding.

因此，隨著工廠產能爬坡，我們在這方面做得越來越好，以至於我們也能推出Nutrition Plan的新口味——香草口味——而且表現也非常好。我們也已經宣布，在通往2027年的產品規劃中，將推出香蕉口味，這很棒。對吧？我們有很多這個口味的粉絲，這也是我們一直想開始擴展的方向。

So good news is we're getting the product back on the shelf to keep up with the demand and the pipeline looks strong going into 2027. When you look at overall investment ahead of United States and Canada that we have today, we're still working around it. The brand has tremendous equity and value and that it's going to be embedded into our long-range plans. So more to come on that.

所以好消息是，我們正把產品重新補回貨架，以跟上需求，而通往2027年的產品規劃看起來也很強勁。當你看我們目前在美國與加拿大以外的整體投資時，我們仍在持續推進與規劃。這個品牌擁有極高的品牌資產與價值，並且將被納入我們的長期規劃之中。後續還會有更多更新。

But the number one priority for us right now is to keep up with the demand in these markets because there's still plenty of growth opportunities for us, and it's an important component of our growth moving forward.

但我們目前的首要任務，是在這些市場跟上需求，因為我們仍有大量成長機會，而這也是我們未來成長的重要組成部分。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，Goldman Sachs。

Bonnie, maybe mute?

Bonnie，要不要先靜音？

There's no Bonnie, so let's --

沒有Bonnie，那我們就——

So I think we go to the end then. Okay, great. Look, to close us out, our performance reflects the hard work of our teams and partners around the world who continue to stay close to consumers and doing a little bit better every day, and we are very pleased with that. We are confident in our ability to deliver our 2026 and long-term objectives. And thank you for your interest, for your investment in our company, and for joining us this morning. Thank you so much.

那我想我們就直接到最後。好的，很好。最後做個總結，我們的表現反映了全球各地團隊與合作夥伴的辛勤努力；他們持續貼近消費者，並且每天都做得更好一點，我們對此非常滿意。我們有信心達成我們的2026年以及長期目標。也感謝各位的關注、對本公司的投資，以及今天早上與我們一同參與。非常感謝。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。