藍威斯頓 (LW) 2026 Q4 法說會逐字稿

Good day, and welcome to the Lamb Weston fourth-quarter and full-year fiscal 2026 earnings call. Today's call is being recorded. At this time, I'd like to turn the call over to Debbie Hancock. Please go ahead.

大家好，歡迎參加 Lamb Weston 2026 會計年度第四季與全年財報電話會議。今天的電話會議將被錄音。此刻，我想把電話交給 Debbie Hancock。請開始。

Thank you. Good morning, and thank you for joining us for Lamb Weston's fourth-quarter and full-year fiscal 2026 earnings call. I'm Debbie Hancock, Lamb Weston's Vice President of Investor Relations. Earlier today, we issued our press release and posted slides that we will use for our discussion today. You will find both on our website at lambweston.com.

謝謝。各位早安，感謝各位參加 Lamb Weston 2026 會計年度第四季與全年財報電話會議。我是 Debbie Hancock，Lamb Weston 投資人關係副總裁。今天稍早，我們已發布新聞稿並上傳了今天討論將使用的簡報投影片。您可在我們的網站 lambweston.com 上找到這兩項資料。

Please note that during our remarks, we will make forward-looking statements about the company's expected performance that are based on our current expectations. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our SEC filings for more details on our forward-looking statements.

請注意，在我們的發言中，我們將就公司預期表現發表前瞻性陳述，該等陳述係基於我們目前的預期。由於風險與不確定性，實際結果可能出現重大差異。有關我們前瞻性陳述的更多資訊，請參閱我們向 SEC 提交文件中所載的警示性聲明與風險因素。

Some of today's remarks include non-GAAP financial measures. These non-GAAP financial measures should not be considered a replacement for and should be read together with our GAAP results. You can find the GAAP to non-GAAP reconciliations in our earnings release in the appendix to our presentation.

今天部分發言包含非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標不應被視為 GAAP 結果的替代，並應與我們的 GAAP 結果一併閱讀。您可在我們的財報新聞稿以及簡報附錄中找到 GAAP 與非 GAAP 的調節表。

Joining me today are Jan Craps, Executive Chair; Mike Smith, President and CEO; and Jim Gray, Chief Financial Officer. Each will provide prepared remarks and then will be available to take your questions. I will now turn the call over to Jan.

今天與我一同出席的有：執行董事長 Jan Craps、總裁暨執行長 Mike Smith，以及財務長 Jim Gray。各位將先進行準備好的發言，之後將開放回答各位提問。接下來我把電話交給 Jan。

Thank you, Debbie, and good morning, everyone. I'm happy to be with you today for my first earnings call at Lamb Weston. I will start with observations for my first month as Executive Chair. Then turn the call over to Mike and Jim for their review of our performance. I will come back at the end of our call with additional remarks about the roadmap ahead before we take your questions. In the next hour, we plan to spend about two-thirds of our time on prepared remarks and leave about 20 minutes for questions.

謝謝你，Debbie，各位早安。很高興今天能與各位一起參加我在 Lamb Weston 的第一場財報電話會議。我將先分享我擔任執行董事長第一個月的觀察。接著把電話交給 Mike 與 Jim，請他們回顧我們的營運表現。在電話會議結束前、進入問答之前，我會再回來補充談談未來的路線圖。接下來一小時內，我們預計約三分之二時間用於準備好的發言，並保留約 20 分鐘進行提問。

It's a real pleasure to work with this Board, Management Team, and Partners. I joined Lamb Weston in early February after more than 20 years with ABI, most recently as a CEO and Co-Chair of Budweiser APAC, and APAC CEO for ABI. Now, let me share what attracted me to Lamb Weston.

能與本董事會、管理團隊與合作夥伴共事，確實是一大榮幸。我在二月初加入 Lamb Weston；此前我在 ABI 任職超過 20 年，最近的職務包括百威亞太（Budweiser APAC）執行長兼聯席主席，以及 ABI 的亞太區執行長。接下來我想分享，究竟是什麼吸引我加入 Lamb Weston。

First, the company operates in an attractive and growing category, expanding volume, price, mix, and margins over time, largely serving Foodservice customers on multi-year contracts.

第一，公司所處的品類具吸引力且持續成長，長期而言在銷量、價格、產品組合與利潤率方面皆可擴張，且主要透過多年期合約服務餐飲服務（Foodservice）客戶。

Second, Lamb Weston is a skilled leader with an advantaged plant network in this great category, with a strong and growing core North America profit pool, significant cash generation potential, and a meaningful turnaround opportunity and optionality across our international footprint.

第二，Lamb Weston 在這個優質品類中是具備能力的領導者，擁有具優勢的工廠網絡；其北美核心獲利池強勁且持續成長，具顯著的現金創造潛力，並且在我們的國際版圖上也存在重要的扭轉契機與策略選項。

And third, Lamb Weston has a seasoned Board making swift and purposeful decisions to drive incremental value for shareholders.

第三，Lamb Weston 擁有一個經驗豐富的董事會，能迅速且有目的地做出決策，以為股東創造增量價值。

My role as Executive Chair has several key responsibilities; chairing a deeply engaged Board of Directors to set the company's priorities and track its progress, focusing on people through talent development and building a performance culture, leading the next leg of our strategy development, including Where to Play, How to Win, inorganic moves like M&A and partnership or divestitures, and driving a clear growth algorithm.

我作為執行董事長的角色包含幾項關鍵職責：主持一個高度投入的董事會，以設定公司的優先事項並追蹤進度；聚焦於人才發展與建立績效文化；領導下一階段的策略制定，包括「在哪裡競爭（Where to Play）」、「如何致勝（How to Win）」、併購等非有機行動（如 M&A）以及合作或資產剝離，並推動清晰的成長演算法。

Mentoring Mike and the Executive Leadership Team, providing insights from priority topics like embedding a cost culture, realizing tech and benchmarking opportunities, where my past experience complements the leadership team's expertise.

指導 Mike 與執行領導團隊，針對優先議題提供洞見，例如導入成本文化、實現科技與標竿比較（benchmarking）的機會；在這些方面，我過去的經驗可補足領導團隊的專業。

And finally, working with Mike as he continues to lead the daily operations of the organization as a CEO, translating our strategic plan into a robust operational plan, and driving the execution of our strategy and our teams to deliver results. It's an exciting time to be part of Lamb Weston.

最後，與 Mike 合作；他將持續以執行長身分領導組織的日常營運，把我們的策略計畫轉化為扎實的營運計畫，並推動策略與團隊的執行以交付成果。能在此時加入 Lamb Weston，令人振奮。

Let me wrap up my opening remarks with observations and reflections from my global onboarding sprint so far. Over my first 100 days, I spent a significant amount of time meeting our teams and getting to know our people. They are passionate about our business.

在結束開場前，我想以目前為止全球到職融入（onboarding）衝刺的觀察與反思作結。在我前 100 天中，我花了相當多時間與團隊會面並認識我們的同仁。他們對我們的事業充滿熱情。

I've engaged with our colleagues at more than 15 plants in the US, in the UK, Europe, China, and Australia, so more than half of our facilities. I've visited farms, customers, and stores, and I've spoken with select analysts, bankers, investors, and industry players.

我已與我們在美國、英國、歐洲、中國與澳洲超過 15 座工廠的同仁交流，涵蓋我們一半以上的設施。我也走訪農場、客戶與門市，並與部分分析師、銀行家、投資人及產業人士交流。

I've been struck by the energy and ideas across our value chain and ecosystem. I'm encouraged that we are rebounding confidently from a period of uneven execution and disrupted market dynamics, controlling the controllables, including rebuilding North America volumes on a more resilient and efficient supply chain.

我深刻感受到我們整個價值鏈與生態系中所展現的活力與想法。我也很受鼓舞：我們正從一段執行不均與市場動態受干擾的時期中，帶著信心反彈，專注於可控事項，包括在更具韌性且更有效率的供應鏈上重建北美銷量。

And I see a Leadership Team that is embracing more strategic clarity and choices, a deeper performance culture and sharper focus on costs, cash flow, and consistency.

我也看到領導團隊正擁抱更清晰的策略方向與取捨、更深的績效文化，並更聚焦於成本、現金流與一致性。

While the Focus to Win strategy is in its first year, I view it as the right first steps for Lamb Weston, implemented with an essential customer-first mindset. I view execution of the first phase of Focus to Win as a key step of a broader program to improve performance and returns on capital at Lamb Weston. I'm encouraged by our team's progress and execution of this first phase.

雖然「Focus to Win」策略才進入第一年，但我認為這是 Lamb Weston 正確的第一步，且以必要的「客戶優先」思維來推動。我也認為，執行「Focus to Win」第一階段，是 Lamb Weston 更廣泛計畫中的關鍵一步，旨在提升營運表現與資本報酬。我對團隊在第一階段的進展與執行感到鼓舞。

In parallel, we are driving initiatives to expand those efforts more broadly across the organization in subsequent phases of Focus to Win. I will discuss some of these efforts later in our call, and this will culminate in an Investor Day in early calendar '27.

同時，我們也在推動各項措施，於「Focus to Win」後續階段把這些努力更廣泛地擴展到整個組織。我稍後會在電話會議中談到其中一些工作，而這些工作將在 2027 年曆年初的投資人日達到階段性成果。

The key message I want you to take from me is that there is focus and alignment in driving this company to achieve its full potential. To that end, and in support of this opportunity, I have made a significant personal investment in Lamb Weston shares, and my compensation is tied to the stock price. I don't participate in the annual incentive plan. I am rewarded if you, our shareholders, are rewarded.

我希望各位從我這裡帶走的關鍵訊息是：我們在推動公司充分發揮潛力方面，具備專注與一致的方向。為此，並為了支持這項機會，我已以個人名義大幅投資 Lamb Weston 股票，而我的薪酬也與股價掛鉤。我不參與年度獎勵計畫。只有當你們——我們的股東——獲得回報時，我才會獲得回報。

With that, let me hand it over to Mike.

接下來，我把電話交給 Mike。

Thank you, Jan. It's great to have you and Jim with us today. I am excited about the work we are doing together to accelerate and build on the foundation we have in place. And good morning to everyone joining us today to discuss our fourth-quarter and full-year results.

謝謝你，Jan。很高興你和 Jim 今天與我們同在。我對我們共同推動的工作感到振奮，這將加速並在既有基礎上持續建構。也向今天加入我們、一起討論第四季與全年業績的各位道早安。

The key message I want to leave with you today is that we made meaningful progress as an organization in fiscal '26. I told you a year ago that Lamb Weston was on a journey to rebuild its credibility with both our customers and investors. I believe fiscal '26 was a strong step toward that goal. We delivered for our customers in the way they expect of us, and we delivered on the financial targets and key performance milestones that we shared with you on our July 2025 call.

我今天想留給各位的關鍵訊息是：在 2026 會計年度，我們作為一個組織取得了實質進展。一年前我曾告訴各位，Lamb Weston 正在踏上一段旅程，重建我們在客戶與投資人心中的可信度。我相信 2026 會計年度是朝此目標邁出的堅實一步。我們以客戶對我們的期待方式交付成果，也達成了我們在 2025 年 7 月電話會議中與各位分享的財務目標與關鍵績效里程碑。

I want to start again this quarter by thanking the Lamb Weston teams around the world for their efforts in executing a new strategy in a challenging and dynamic market. Together, we delivered a solid quarter and year, led by the strength of North America. Throughout fiscal '26, we stabilized our North America business, growing volume, sales, and EBITDA for the full-year and ending with a 26% segment EBITDA margin.

我想在本季重新開始，首先感謝 Lamb Weston 全球各地團隊在充滿挑戰且瞬息萬變的市場中，為執行新策略所付出的努力。我們攜手交出穩健的一季與一整年表現，主要由北美的強勁動能帶動。在 2026 會計年度期間，我們穩定了北美業務，全年度的銷量、銷售額與 EBITDA 均成長，並以 26% 的事業部 EBITDA 利潤率作結。

Internationally, in the fourth quarter, we faced disruption in shipments and volatile input cost inflation from the Middle East. Jim will speak to our fourth-quarter performance shortly.

在國際市場方面，第四季我們面臨來自中東的出貨中斷，以及投入成本通膨的劇烈波動。Jim 稍後將說明我們第四季的表現。

As we've previously discussed, market conditions drove greater competition and pricing pressure, notably in EMEA. We are controlling the controllables and setting a strategic plan to maximize returns across our global footprint, including closing a facility in the Netherlands.

如同我們先前討論過的，市場狀況帶來更激烈的競爭與定價壓力，尤其是在 EMEA。我們正專注於可控事項，並制定策略計畫，以在全球布局中最大化報酬，包括關閉荷蘭的一座工廠。

We invested effectively, significantly reducing capital expenditures and delivering strong cash flow. And we returned $321 million to shareholders, bringing our total return since going public to greater than $2.2 billion.

我們有效地進行投資，大幅降低資本支出並帶來強勁的現金流。同時我們向股東返還 3.21 億美元，使我們自上市以來的累計回饋總額超過 22 億美元。

Today, I'm going to focus on what we accomplished this past year, my first full fiscal year as CEO. Jim will then review the financials, and Jan will speak to the strategic work he is leading as Executive Chair.

今天我將聚焦於我們在過去一年所完成的成果，這也是我擔任 CEO 的第一個完整會計年度。接著 Jim 將回顧財務表現，而 Jan 將就他以執行董事長身分所主導的策略工作進行說明。

Within our Focus to Win strategy, strengthening customer partnerships has been my top priority since taking over as CEO. We have worked to reaffirm our role as a trusted partner. We drove the mantra of customer-centricity across the organization. We focused our commercial teams on joint business partnerships and value-added relationships.

在我們的「Focus to Win」策略中，自我接任 CEO 以來，強化客戶夥伴關係一直是我的首要任務。我們致力於再次確認我們作為值得信賴夥伴的角色。我們在全組織推動以客戶為中心的理念。我們讓商務團隊聚焦於共同業務夥伴關係與增值型關係。

Our supply chain organization was laser-focused on meeting our customers' quality, service, and order fill rate requirements. And our marketing and innovation teams ensured we armed our customers with insights and menu items to stand out in the marketplace. These efforts have delivered six consecutive quarters of volume growth, and in Q4, volume and share grew in North America despite a demand-challenged market, and we grew in opportunity regions such as Asia Pacific and Latin America.

我們的供應鏈組織高度聚焦於滿足客戶對品質、服務與訂單滿足率的要求。而我們的行銷與創新團隊則確保以洞察與菜單品項武裝客戶，使其在市場中脫穎而出。這些努力帶來連續六季的銷量成長；在第四季，即使市場需求承壓，北美的銷量與市占仍成長，同時我們也在亞太與拉丁美洲等機會區域實現成長。

During the year, we extended several of our largest strategic customers' contracts. We seamlessly supported significant new customer rollouts. We partnered on menu innovation, including value-add, higher-margin LTOs. And we facilitated the store and geographic expansions of our customers.

在年度期間，我們延長了數個最大型策略客戶的合約。我們順利支援多項重要的新客戶導入上線。我們在菜單創新上合作，包括增值、較高毛利的限時供應（LTO）產品。我們也協助客戶進行門市與地理版圖的擴張。

In the US, where we measure Net Promoter Score, according to proprietary research. Our NPS increased over last year and is the highest among major competitors. Our customers value Lamb Weston. They trust us. They demand our quality. They rely on our service and our innovation. We are committed to creating value together.

在美國，我們依據專有研究衡量淨推薦值（NPS）。我們的 NPS 較去年提升，且在主要競爭對手中最高。客戶重視 Lamb Weston。他們信任我們。他們要求我們的品質。他們仰賴我們的服務與創新。我們致力於共同創造價值。

Executional excellence is another strategic pillar we significantly advanced this past year. Similar to reaffirming customers' trust, this was another top priority for me.

卓越執行是我們在過去一年大幅推進的另一個策略支柱。如同再次贏得客戶信任一樣，這也是我的另一項首要任務。

Our increasingly nimble supply chain team facilitated this customer success, meeting the demand in incremental North America volume, while also driving improved operational efficiencies, recurring cost savings, and debottlenecking plants to increase capacity.

我們日益靈活的供應鏈團隊促成了這些客戶成功：一方面滿足北美新增的銷量需求，另一方面也推動營運效率提升、持續性的成本節省，並透過產線去瓶頸化以提高產能。

We are moving in the right direction, with opportunity for improvement as we bring standardization and adopt best practices across our manufacturing network. As we further develop our demand planning systems, we believe that outstanding individual plant operating teams can be even better together.

我們正朝正確方向前進；當我們在製造網絡中導入標準化並採用最佳實務時，仍有進一步改善的空間。隨著我們持續發展需求規劃系統，我們相信各工廠優秀的營運團隊在協同運作下能表現得更好。

Outside North America, we are optimizing supply chain assets globally to reduce our costs and better meet future customer demand. During fiscal '26, we opened a new state-of-the-art production facility in Mar del Plata, Argentina. This facility provides us with a clear advantage to deliver some of the highest quality and premium products in the region.

在北美以外，我們正於全球範圍內優化供應鏈資產，以降低成本並更好地滿足未來客戶需求。在 2026 會計年度期間，我們於阿根廷馬德普拉塔（Mar del Plata）啟用一座全新、最先進的生產設施。該設施讓我們在該區域具備明確優勢，可提供一些最高品質與高端產品。

As we ramped up production, performance and profit improved throughout the year. We closed an older legacy facility and consolidated production into one location. Volume is up. Utilization is better, and we have room to grow.

隨著我們逐步提升產量，績效與獲利在全年持續改善。我們關閉了一座較老的既有工廠，並將生產整併至單一據點。銷量上升。產能利用率更佳，且仍有成長空間。

In China, our newest facility in Inner Mongolia has a similar trajectory. Opened in 2023, this facility provides us with additional local processing capacity in a growing market. We've grown volume and net sales double-digits since opening the facility.

在中國，我們位於內蒙古的最新工廠也呈現類似的發展軌跡。該設施於 2023 年啟用，為我們在成長中的市場提供額外的在地加工產能。自工廠啟用以來，我們的銷量與淨銷售額均以兩位數成長。

The strategic facilities are big bets in important growth regions that take time to build to optimal utilization. Our local presence has led to expansion of our market opportunity and additional customer wins.

這些策略性設施是在重要成長區域的大型押注，需要時間才能達到最佳產能利用率。我們的在地布局帶動市場機會擴大，並贏得更多客戶。

In Europe, our efforts to meet global customer demand and maintain a competitive advantage have led to the reduction in our footprint. During Q4, we temporarily curtailed a line in the Netherlands. And in early June, we announced our intention to close an older production facility in Broekhuizenvorst, which is also in the Netherlands. That facility represents about 10% of our EMEA production capacity.

在歐洲，為了滿足全球客戶需求並維持競爭優勢，我們的努力已導致我們縮減版圖。在第四季，我們在荷蘭暫時縮減了一條產線的運作。並且在 6 月初，我們宣布有意關閉位於 Broekhuizenvorst 的一座較老生產設施（同樣位於荷蘭）。該設施約占我們 EMEA 生產產能的 10%。

These actions, while difficult, will rebalance our capacity with demand and build a foundation for more effective network utilization and lower costs. And as it has been reported in the media, the industry has announced some delays to the new production. There is significant work being done behind these decisions about Where to Play and How to Win. Jan will speak to this next layer of our strategy work shortly.

這些行動雖然艱難，但將使我們的產能與需求重新平衡，並為更有效的網絡利用率與更低成本奠定基礎。此外，如媒體所報導，產業已宣布部分新產能投產將有所延後。在這些決策背後，正進行大量關於「在哪裡競爭（Where to Play）」與「如何致勝（How to Win）」的工作。Jan 稍後將就我們策略工作的下一層面進行說明。

Another significant deliverable in our Executing with Excellence pillar is lowering costs and improving productivity. The team has done a tremendous job of identifying and successfully executing against opportunities.

在我們「以卓越執行」支柱下，另一項重要交付成果是降低成本並提升生產力。團隊在辨識機會並成功落實執行方面表現非常出色。

A year ago, we launched a cost savings program to deliver at least $250 million of annualized run rate savings by the end of fiscal 2028. After year one, we exceeded our first-year milestone of $100 million. This is the result of a lot of hard work from everyone at Lamb Weston.

一年前，我們啟動一項成本節省計畫，目標是在 2028 會計年度結束前達成至少 2.5 億美元的年度化執行率節省。在第一年結束後，我們超越了第一年 1 億美元的里程碑。這是 Lamb Weston 全體同仁辛勤努力的成果。

Based on the success of the program to date in delivering structural savings to supply chain, reducing our manufacturing cost per pound, and reducing SG&A costs, we will continue to pursue additional opportunities to improve our cost structure and capital efficiency.

基於該計畫迄今在為供應鏈帶來結構性節省、降低每磅製造成本，以及降低 SG&A 成本方面的成功，我們將持續尋求更多機會，以改善成本結構與資本效率。

These savings have offset inflation and allowed us to invest in targeted support for our customers and to offset some mixed headwinds. We believe the investments that we have made in our customers has strengthened our base and will lead to future opportunities to create value together.

這些節省抵銷了通膨，並使我們得以投入對客戶的精準支持，同時抵銷部分產品組合的不利因素。我們相信，對客戶所做的投資已強化我們的基本盤，並將帶來未來共同創造價值的機會。

Our price/mix investment has moderated in Q4, and the combination of strong volume demand and cost savings is beginning to show results, as evidenced by our fourth-quarter North America EBITDA margin expansion and dollar growth.

我們在價格／組合（price/mix）方面的投資於第四季趨於緩和，而強勁的銷量需求與成本節省的組合正開始展現成果，這可從我們第四季北美 EBITDA 利潤率擴張以及 EBITDA 金額成長中看出。

Finally, disruptive innovation remains a key unlock in our value add for customers and consumers. Innovation drives traffic, unlocks new markets, and anticipates consumers' changing taste preferences.

最後，顛覆式創新仍是我們為客戶與消費者提供增值的關鍵解鎖因素。創新能帶動來客數、開啟新市場，並預判消費者不斷變化的口味偏好。

In fiscal 2026, we launched new items at Retail, including private label innovation and new Alexia seasoned items. And with Foodservice, we introduced operator and distributor innovation, as well as Lamb Weston batter line extensions.

在 2026 會計年度，我們在零售通路推出新產品，包括自有品牌的創新以及新的 Alexia 調味品項。在餐飲服務（Foodservice）方面，我們推出了面向營運商與經銷商的創新，同時也推出 Lamb Weston 裹粉產品線的延伸品項。

Our consistent focus on innovation has increased the percentage of net sales coming from new items. A key KPI in measuring our innovation success. And this month, we launched new items aligned to consumer preferences, expanding our Alexia olive oil product into additional retailers and launching similar products into the Foodservice channel. There is more to come this fall with disruptive innovation launches for both Retail and Foodservice.

我們一貫專注於創新，已提高淨銷售中來自新品的占比。這是衡量我們創新成功的關鍵KPI。本月，我們推出符合消費者偏好的新品，將我們的 Alexia 橄欖油產品擴展至更多零售商，並在餐飲服務（Foodservice）通路推出類似產品。今年秋季還會有更多動作，零售與餐飲服務兩大通路都將推出具顛覆性的創新產品。

At the core of our success is our people, throughout the year, we worked to develop a continuous improvement in performance culture. As leaders, my team and I led with transparency and clarity. We ended the year with improved employee engagement scores, and we are building on this going forward.

我們成功的核心在於人才；全年我們致力於培養持續改善的績效文化。作為領導者，我和我的團隊以透明與清晰的方式帶領。我們在年底以更佳的員工敬業度分數收官，並將在此基礎上持續推進。

We also added depth to our Board and Management, with additional global and strategic expertise from Jan, and more recently, the addition of Jim as CFO. Earlier this month, Amit Phillip joined us in the new role of Chief Strategy and Technology Officer. Amit brings expertise from a distinguished career spanning consulting, technology, and food manufacturing, including leadership roles at Treehouse Foods and The Hershey Company.

我們也強化了董事會與管理團隊的深度，透過 Jan 帶來更多全球與策略專長；而更近期則增添 Jim 擔任財務長（CFO）。本月稍早，Amit Phillip 加入我們，擔任新設職位：策略與技術長（Chief Strategy and Technology Officer）。Amit 擁有傑出的職涯背景，橫跨顧問、科技與食品製造領域，並曾在 Treehouse Foods 與 The Hershey Company 擔任領導職務。

In closing, we delivered a solid year driven by sustainable results, including a strong recovery in our North America business, meaningful progress in executing Focus to Win, especially with customers and execution, a greater than anticipated achievement of cost savings, improved capital discipline and strong return of capital to shareholders, and strengthened engagement with our teams and new Executive Team members.

總結而言，我們交出由可持續成果驅動的穩健年度表現，包括北美業務強勁復甦、在執行「Focus to Win」上取得實質進展（尤其在客戶與執行面）、成本節省達成超出預期、資本紀律改善並向股東強力回饋資本，以及與團隊的互動更為緊密並迎來新的高階管理團隊成員。

The year was not without its challenges. As the International segment absorbs startup costs associated with our new Argentina plant and an industry slowdown in the EMEA region. And across the business, we faced volatile inflation at year-end due to the Middle East conflict. We are addressing these issues head on.

這一年並非沒有挑戰。國際事業部正吸收阿根廷新工廠相關的啟動成本，以及 EMEA 地區的產業放緩。此外，受中東衝突影響，年末全公司面臨通膨劇烈波動。我們正正面處理這些問題。

I am proud of what we accomplished this year, and we have strong plans to continue driving progress in fiscal '27 and beyond.

我為今年的成果感到自豪，我們也有強而有力的計畫，將在 2027 會計年度及其後持續推動進展。

I will now turn the call over to Jim to review the financials and our outlook.

接下來我把電話會議交給 Jim，請他回顧財務表現與我們的展望。

Thank you, Mike, and good morning to everyone. I've been with Lamb Weston since April, and it has been a pleasure getting to know the team and see our operations in the basin as well as the Netherlands. We have a great team, and I'm excited about the opportunities to create shareholder value.

謝謝你，Mike，也向各位道早安。我自四月加入 Lamb Weston，很高興能逐步認識團隊，並參觀我們在盆地地區以及荷蘭的營運。我們有一支很棒的團隊，我也對創造股東價值的機會感到振奮。

Let's turn to our performance, which was a solid result fueled by North America. Fourth-quarter net sales for the company increased 6%, led by a 7% increase in sales volume and 2% favorable currency impact, partially offset by 3% decline in price/mix. It was the sixth consecutive quarter of sales volume growth.

接著看我們的表現：在北美帶動下，成果穩健。公司第四季淨銷售成長 6%，主要由銷售量成長 7%與匯率有利影響 2%帶動，但部分被價格/組合下滑 3%所抵銷。這是連續第六季銷售量成長。

On a constant currency basis, net sales were up 4%. As Mike said, our North America segment had a strong Q4. North America net sales increased 9% with sales volume up 11% as momentum continued with customer wins, share gains, and strong retention, as well as the addition of an extra week.

以固定匯率計算，淨銷售成長 4%。如 Mike 所說，我們北美事業部第四季表現強勁。北美淨銷售成長 9%，銷售量成長 11%；動能延續，來自客戶贏單、市占提升與高留存率，以及多出的一週。

Price/mix declined only 2%, with price and mix equally impacting the quarter. Modest investment in price and trade and a continued mix shift towards lower-priced channels, including chain and private label, drove the change.

價格/組合僅下滑 2%，其中價格與組合對本季的影響各占一半。對價格與通路促銷（trade）的溫和投資，以及產品組合持續轉向較低價格通路（包括連鎖與自有品牌），推動了這項變化。

Looking at the underlying market drivers for this quarter, as reported by Circana Crest, US Restaurant traffic was flat. QSR traffic was also flat, led by 3% growth in QSR chicken, largely offset by a 4% decline in QSR burger traffic.

就本季的基本市場驅動因素而言，依 Circana Crest 報告，美國餐廳來客數持平。速食餐廳（QSR）來客數亦持平，其中 QSR 雞肉品類成長 3%領先，但大致被 QSR 漢堡來客數下滑 4%所抵銷。

In our International segment, net sales declined 2%, led by a sales volume decline of 2% and price/mix decline of 4%, partially offset by favorable currency impacts. Sales growth in Asia Pacific and Latin America was more than offset by challenging market conditions in EMEA, including the impact of the Middle East conflict, which began early in our fourth quarter of fiscal 2026. Internationally, QSR traffic in the quarter declined 2% in the UK and France and 1% in Italy, however, was up slightly in Germany and Spain.

在國際事業部，淨銷售下滑 2%，主要由銷售量下滑 2%與價格/組合下滑 4%所致，但部分被有利匯率影響所抵銷。亞太與拉丁美洲的銷售成長，超過被 EMEA 充滿挑戰的市場狀況所抵銷，其中包括中東衝突的影響；該衝突在我們 2026 會計年度第四季初期爆發。在國際市場，本季英國與法國的 QSR 來客數下滑 2%，義大利下滑 1%；但德國與西班牙則小幅上升。

Adjusted EBITDA declined $6 million compared to last year, as North America adjusted EBITDA dollars grew 17% or $45 million. In Q4, North America sales volume grew with modest price/mix investment and cost savings more than offset inflation.

調整後 EBITDA 較去年減少 600 萬美元；其中北美調整後 EBITDA 金額成長 17%，即增加 4,500 萬美元。第四季北美銷售量成長，搭配溫和的價格/組合投資與成本節省，足以抵銷通膨。

Our International decline was driven by EMEA challenges. We were carrying higher raw potato costs into the quarter, and we experienced higher fixed cost absorption due to slower European demand. Furthermore, we incurred higher incremental freight costs as a result of the Middle East conflict.

我們國際業務的下滑主要由 EMEA 的挑戰所致。我們在本季承接了較高的馬鈴薯原料成本，且因歐洲需求放緩而出現較高的固定成本吸收（fixed cost absorption）。此外，受中東衝突影響，我們也產生較高的增量運費成本。

For the company, inflation in the quarter was up more than we had expected. All inputs other than raw potato prices were up, with a substantial increase in edible oils and transportation costs. Demand for biodiesel has driven up the cost of most edible oils, and while we are hedged against oil, we are seeing spot price inflation.

就公司整體而言，本季通膨上升幅度高於我們預期。除馬鈴薯原料價格外，其他投入成本皆上升，其中食用油與運輸成本大幅增加。生質柴油需求推升多數食用油成本；雖然我們對油品已進行避險，但仍看到現貨價格通膨。

The input cost volatility experienced in Q4 impacted the quarter and also carried into the cost of our finished goods, which we will move through in the first quarter of fiscal '27.

第四季所經歷的投入成本波動影響了本季表現，也反映在我們成品成本中；我們將在 2027 會計年度第一季逐步消化。

Adjusted SG&A increased $16 million in the quarter as cost savings benefits were more than offset. By higher incentive compensation.

本季調整後 SG&A 增加 1,600 萬美元，因成本節省帶來的效益被更高的獎酬激勵（incentive compensation）所抵銷。由於較高的獎酬激勵。

On a full-year basis, net sales increased 2%, led by a 7% increase in sales volume and 1% increase in favorable currency impact, partially offset by a 6% decrease in price/mix. The North America segment delivered 3% net sales growth for the year, led by a 9% increase in sales volume, partially offset by a 6% price/mix decline. This included an $86 million benefit from the 53rd week.

以全年來看，淨銷售成長 2%，主要由銷售量成長 7%與有利匯率影響增加 1%帶動，但部分被價格/組合下滑 6%所抵銷。北美事業部全年淨銷售成長 3%，主要由銷售量成長 9%帶動，但部分被價格/組合下滑 6%所抵銷。其中包含第 53 週帶來的 8,600 萬美元效益。

International segment net sales increased 1%, led by a 5% favorable currency impact and 2% sales volume growth, notably in Asia Pacific and Latin America. These gains were partially offset by a 6% decline in price/mix. On a constant currency basis, net sales were down 4%. In addition, the extra week added $41 million to the full-year results.

國際事業部淨銷售成長 1%，主要由有利匯率影響 5%與銷售量成長 2%帶動，成長尤以亞太與拉丁美洲為著。但部分被價格/組合下滑 6%所抵銷。以固定匯率計算，淨銷售下滑 4%。此外，多出的一週為全年結果增加 4,100 萬美元。

Full-year adjusted EBITDA was down 9% as international challenges were only partly offset by growth in North America. In North America, higher sales volume, lower manufacturing cost per pound, and the benefit of cost savings more than offset inflation and price/mix investment.

全年調整後 EBITDA 下滑 9%，因國際業務的挑戰僅部分被北美成長所抵銷。在北美，較高的銷售量、每磅較低的製造成本，以及成本節省效益，足以抵銷通膨與價格/組合投資。

Internationally, the decline in EBITDA was driven by lower organic sales given the competitive environment, as well as higher manufacturing cost per pound. The higher costs included write-offs of excess potatoes, lower utilization of our international production facilities, and start-up expenses for our new plant in Argentina. These were only partially offset by the benefits of cost savings initiatives. The extra week added $29 million in adjusted EBITDA for the year.

在國際市場，EBITDA 下滑主要由競爭環境下的有機銷售較低所致，並伴隨每磅較高的製造成本。較高成本包括過剩馬鈴薯的報廢、國際生產設施稼動率較低，以及阿根廷新工廠的啟動費用。上述影響僅部分被成本節省措施的效益所抵銷。多出的一週為全年調整後 EBITDA 增加 2,900 萬美元。

Cash generation has improved significantly this year. In fiscal 2026, we generated $943 million of cash from operations, up $75 million versus last year. The increase is largely attributable to $55 million of favorable changes in working capital.

今年的現金創造能力已顯著改善。在2026會計年度，我們自營運活動產生9.43億美元現金，較去年增加7,500萬美元。此增幅主要歸因於營運資金出現5,500萬美元的有利變動。

Capital expenditures were $410 million in the year, down more than $240 million year over year. Our focus on execution and capital discipline has enabled us to deliver $537 million in free cash flow for fiscal '26, a significant increase year over year.

本年度資本支出為4.10億美元，較去年同期減少逾2.40億美元。我們對執行力與資本紀律的聚焦，使我們在2026會計年度實現5.37億美元自由現金流，較去年同期大幅增加。

Our liquidity remains strong, with approximately $1.3 billion available under our revolving credit facility. Net debt was $3.8 billion, and our net debt to adjusted EBITDA leverage ratio was 3.4 times on a trailing 12-month basis.

我們的流動性仍然強勁，循環信貸額度下約有13億美元可用。淨負債為38億美元，過去12個月基礎下的淨負債對調整後EBITDA槓桿比率為3.4倍。

For the full year, we have returned $321 million to shareholders, including $208 million in cash dividends and $113 million of stock repurchases, of which $63 million was repurchased in the fourth quarter. In addition, we announced this morning the next quarterly dividend of $0.38 per share to be payable on September 4.

全年我們向股東回饋3.21億美元，包括2.08億美元現金股利與1.13億美元股票回購，其中第四季回購6,300萬美元。此外，我們今早宣布下一次季度股利為每股0.38美元，將於9月4日支付。

As we look to fiscal '27, our position with customers, lower cost base, improved operating efficiencies, and the lap of one-time items provides us with a view to expect earnings to grow faster than sales in the coming year. In fiscal '27, we expect net sales to be flat to up 1% versus a 52-week adjusted net sales base of $6.5 billion for fiscal 2026.

展望2027會計年度，我們在客戶端的地位、更低的成本基礎、提升的營運效率，以及一次性項目的基期效應，使我們預期來年獲利成長將快於銷售成長。在2027會計年度，我們預期淨銷售額相較於2026會計年度52週調整後淨銷售額65億美元，將持平至成長1%。

We are focused on sustainable earnings growth. In fiscal 27, our adjusted operating income target is a range of $720 million to $800 million. The benefits are lower raw potato costs, incremental supply chain cost, savings initiatives, favorable fixed cost absorption from higher utilization, and the lapping of fiscal 2026 potato write-offs. And Argentina start-up costs is anticipated to be mostly offset by inflation in essentially all other input cost areas.

我們專注於可持續的獲利成長。在2027會計年度，我們的調整後營業利益目標區間為7.20億至8.00億美元。其效益來自較低的馬鈴薯原料成本、供應鏈成本的增量、節省成本的各項措施、更高產能利用率帶來的固定成本吸收改善，以及2026會計年度馬鈴薯減記的基期效應。而阿根廷新廠啟動成本預期將大多被幾乎所有其他投入成本領域的通膨所抵銷。

We will continue to drive cost savings in both cost of sales and SG&A. In fiscal 2027, we expect SG&A to decline as a result of these efforts. Equity earnings from our JV in North America is anticipated to grow modestly as we have restarted curtail bonds.

我們將持續在銷貨成本與SG&A兩方面推動成本節省。在2027會計年度，受這些努力影響，我們預期SG&A將下降。北美合資企業的權益法收益預期將小幅成長，因為我們已重新啟動curtail bonds。

We expect interest rate expense of approximately $190 million, an effective tax rate in the range of 25.5% to 27.5%. We anticipate adjusted EPS to be in the range of $2.95 to $3.25 versus the 52-week fiscal '26 adjusted EPS number of $2.90.

我們預期利息費用約為1.90億美元，有效稅率區間為25.5%至27.5%。我們預期調整後每股盈餘（EPS）介於2.95至3.25美元，相較於2026會計年度52週調整後EPS的2.90美元。

We anticipate diluted common shares outstanding to be between $137.5 million and $139 million. Adjusted EBITDA is expected to be in the range of $1.1 billion to $1.2 billion versus a comparable $1,128 million over the 52-week period of fiscal '26.

我們預期稀釋後普通股流通股數介於1.375億至1.39億股。調整後EBITDA預期介於11億至12億美元，相較於2026會計年度52週期間可比的11.28億美元。

In fiscal '27, we anticipate cash used for capital expenditures of approximately $380 million to $410 million. This estimate includes carry-in amounts from projects started in the prior year.

在2027會計年度，我們預期資本支出現金使用約為3.80億至4.10億美元。此估計包含前一年度已啟動專案的結轉金額。

Going forward, on an accrual basis, we anticipate investments of up to $350 million. We are improving capital efficiency through the better pacing of investments, process improvements to debottleneck, which also expands capacity, and strong rigor on returns on investment. In addition, our anticipated wastewater-related spend will largely be complete by the end of fiscal '27.

展望未來，以應計基礎計算，我們預期投資最高可達3.50億美元。我們透過更妥善安排投資節奏、以流程改善消除瓶頸（同時擴充產能），以及對投資報酬率的嚴格把關，來提升資本效率。此外，我們預期與廢水相關的支出將在2027會計年度末前大致完成。

Operating cash flow remains strong and is expected to be in the range of $750 million to $800 million. We expect to hold the investment in working capital relatively flat year over year, despite an anticipated increase in net sales.

營運現金流仍然強勁，預期介於7.50億至8.00億美元。儘管預期淨銷售額將增加，我們仍預期營運資金投資將維持與去年大致持平。

Our company net sales outlook of flat to up 1% assumes flat global restaurant traffic. Our range for EBITDA outcomes on the low side, largely reflects uncertainty around the Middle East impacts on global input cost volatility through the first half of fiscal '27. The upper end of our EBITDA range would assume more favorable net sales from customers, channel and product mix, as well as delivery of cost savings.

我們公司淨銷售額展望為持平至成長1%，係假設全球餐廳來客量持平。我們EBITDA結果區間的低端，主要反映對中東局勢在2027會計年度上半年對全球投入成本波動影響的不確定性。EBITDA區間的高端則假設來自客戶、通路與產品組合的淨銷售額更為有利，以及成本節省的落實。

North America is expected to continue top-line sales volume growth and market share gains. Net sales on a comparable week's basis is expected to be flat to up low-single digits with low-single digit volume growth and low-single digit price/mix decline.

北美預期將持續實現營收量成長與市占率提升。以可比週數基礎計算，淨銷售額預期持平至低個位數成長，其中銷量低個位數成長、價格/組合低個位數下滑。

North America EBITDA is anticipated to be flat to up low-single digits as modest price/mix investments combined with cost inflation are anticipated to be offset by sales volume growth in our ongoing cost savings initiatives.

北美EBITDA預期持平至低個位數成長，因為溫和的價格/組合投資加上成本通膨，預期將被銷量成長與我們持續推動的成本節省措施所抵銷。

Our International segment top line is anticipated to be down low-single digits. Driven by the challenging competitive conditions in EMEA, price/mix investment is expected to be low to mid-single digits, partially offset by low-single digit volume growth. We expect top-line growth in the other regions in international.

我們的國際事業部營收預期將下滑低個位數。受EMEA競爭環境嚴峻所驅動，價格/組合投資預期為低至中個位數，部分由低個位數的銷量成長所抵銷。我們預期國際事業部其他地區的營收將成長。

International segment EBITDA is anticipated to improve between 40% and 50% as we lap an incremental $33 million of pre-tax charges for potato write-offs, as well as start-up costs from our Argentina facility.

國際事業部EBITDA預期將改善40%至50%，因為我們將迎來額外3,300萬美元稅前費用（馬鈴薯減記）以及阿根廷廠啟動成本的基期效應。

Overall, segment EBITDA is expected to reflect positive contributions from international regions outside of EMEA, SG&A savings, and operating leverage, partially offset by price investments from carryover and a competitive environment.

整體而言，分部EBITDA預期將反映來自EMEA以外國際地區的正向貢獻、SG&A節省，以及營運槓桿；但部分將被延續的價格投資與競爭環境所抵銷。

To help with modeling the cadence through the year, in Q1, we expect the carryover effects from the cost of prior-year potato crop and edible oil inflation to have a greater impact. For the first quarter, we anticipate net sales to be flat and EBITDA to decline in the low teens before growth ramps through the remainder of the year.

為協助建立全年節奏的模型，在第一季，我們預期前一年度馬鈴薯作物成本與食用油通膨的延續效應影響較大。就第一季而言，我們預期淨銷售額持平，EBITDA將下滑至低十位數百分比，之後在今年剩餘期間逐步加速成長。

Shifting to an update on the potato crop. In North America, the crop year is off to a strong start with favorable weather and crop development slightly ahead of historical timing. Our contracted acreage is modestly higher year over year to support increased sales volume growth.

接著更新馬鈴薯作物情況。在北美，作物年度開局強勁，天候有利，作物生長進度略早於歷史時點。為支援更高的銷量成長，我們的合約種植面積較去年同期小幅增加。

In Europe, the crop year is also off to a favorable start with good growing conditions across key regions. Our expectation is for an average crop, but it is early in the season. Planted acreage is down year over year with a more pronounced reduction in contracted volumes across the industry, including our own.

在歐洲，作物年度也有良好開局，主要地區的生長條件良好。我們預期作物收成將屬平均水準，但目前仍在季初。種植面積較去年同期下降，且全產業（包括我們在內）的合約量減少更為明顯。

With that, let me hand it back to Jan.

接下來我把時間交還給Jan。

Thank you, Jim. When I joined Lamb Weston, I decided to invest significant time and energy in a deep onboarding process to get to know the business well and identify the biggest opportunities for these turnarounds. My global onboarding sprint and deep engagement so far with fellow Board Members, Senior Leaders, and the broader team and partners have reinforced the reasons I joined Lamb Weston and are informing how we unlock additional value in the business rapidly from here.

謝謝你，Jim。我加入Lamb Weston後，決定投入大量時間與精力進行深入的到職融入流程，以充分了解業務並找出這些轉型中最大的機會。截至目前，我的全球到職融入衝刺，以及與其他董事會成員、高階主管、以及更廣泛的團隊與合作夥伴的深度互動，進一步強化了我加入Lamb Weston的原因，並正在指引我們如何從此刻起快速為業務釋放更多價值。

We have a strong foundation, a good start with a Focus to Win strategy, and an opportunity to be even bolder in our decisions, braver in our performance targets and acting with even more urgency in our initiatives and execution. We have momentum underway to make the business more predictable, more profitable and more valuable.

我們擁有堅實基礎，並以「Focus to Win」策略取得良好開端，同時也有機會在決策上更果斷、在績效目標上更勇敢，並在各項倡議與執行上以更高的急迫感行動。我們已累積動能，讓業務更可預測、更具獲利能力，也更有價值。

To accelerate change with incremental initiatives and to drive structural change throughout the business, I'm focused on three priorities: people, strategy, and resources. I'm driving three key initiatives within each priority. So first, people, my top priority is unlocking our greatest assets, our people. Our first initiative within our people strategy is performance culture. In fiscal '26, we added our OIC and free cash flow already to our compensation metrics.

為了透過漸進式舉措加速變革，並在整個企業推動結構性改變，我聚焦於三項優先事項：人才、策略與資源。我在每一項優先事項之下推動三項關鍵舉措。首先是人才；我的首要任務是釋放我們最重要的資產——我們的員工。在人才策略之下的第一項舉措是績效文化。在 26 財年，我們已將 OIC 與自由現金流納入我們的薪酬衡量指標。

To fully achieve the potential of Lamb Weston, we are building a performance culture by adding enterprise, entity and individual targets. We are driving individual accountability and ownership through the tighter use of individual KPIs based on hard quantitative results.

為了充分實現 Lamb Weston 的潛力，我們正透過加入企業、事業體與個人層級的目標來建立績效文化。我們透過更嚴謹地使用以硬性量化結果為基礎的個人 KPI，來推動個人問責與主人翁精神。

We encourage stronger collaboration among our teams through country and region-level entity targets for net sales, adjusted EBITDA, and cash generation, a change we have already approved for this fiscal '27. For example, Mike's five individual targets as a CEO are designed to deliver holistic improvements, including net sales growth, Big Bets innovation growth, targeted growth in some focused regions, as well as ambitious SG&A targets, and EBITDA margin improvements.

我們透過在國家與區域層級設定事業體目標（淨銷售額、調整後 EBITDA 與現金創造）來鼓勵團隊之間更強的協作；這項變更我們已核准於本 27 財年實施。例如，Mike 作為執行長的五項個人目標旨在帶來全方位改善，包括淨銷售成長、Big Bets 創新成長、在部分重點區域的目標性成長，以及具企圖心的 SG&A 目標與 EBITDA 利潤率改善。

Our second initiative within people's strategy is leadership talent. Here, recent appointments, including Jim as CFO and Amit as Chief Strategy and Tech Officer, are strengthening our talent bench. We are elevating the talent management process and strengthening our succession planning to ensure we are identifying and developing top-tier talent around the world.

人才策略之下的第二項舉措是領導人才。在這方面，近期的人事任命，包括 Jim 擔任 CFO 以及 Amit 擔任首席策略與科技長，正在強化我們的人才梯隊。我們正提升人才管理流程並強化接班規劃，以確保我們能在全球識別並培育頂尖人才。

Finally, people strategy addresses organization design. We are implementing an organizational design which focuses on simplicity and accountability to enable faster decision making.

最後，人才策略也涵蓋組織設計。我們正在推行以簡化與問責為核心的組織設計，以促進更快速的決策。

My second priority is strategy. We kicked off rigorous new strategy work that defines which market clusters or logical groups of countries profitable growth will come from, Where to Play in this landscape, and How to Win in these priority markets so we drive sustainable, profitable growth.

我的第二項優先事項是策略。我們啟動了嚴謹的新策略工作，界定獲利成長將來自哪些市場群集或合乎邏輯的國家組合、在此版圖中的「在哪裡競爭」（Where to Play），以及在這些優先市場中的「如何取勝」（How to Win），以推動可持續且具獲利性的成長。

As Mike and Jim have shared, we have made big progress over the past year, reconfirming our leadership with North America customers. That business has stabilized, it is operating with less volatility, and the team delivered a strong year with a healthy profit profile and more efficient operations, with more room for growth.

如同 Mike 與 Jim 所分享的，過去一年我們取得了重大進展，並再次確認我們在北美客戶中的領導地位。該業務已趨於穩定、營運波動性降低，團隊在具健康獲利結構與更高效率營運的情況下交出強勁的一年，且仍有更大的成長空間。

As we look beyond North America, we are working to identify new routes to growth and value creation with the right international footprints. We will make choices and allocate different roles to different geographic clusters with sharper resource allocation. We will use M&A partnerships and divestitures together with our organic growth priorities to navigate and execute these outcomes across clusters.

在展望北美以外的市場時，我們正致力於透過合適的國際布局，找出新的成長與價值創造路徑。我們將做出取捨，並以更精準的資源配置，為不同地理群集分配不同角色。我們將結合併購、合作夥伴關係與資產剝離，並配合我們的有機成長優先事項，在各群集中推進並落實這些成果。

This will lead to a renewed growth algorithm. First is our resources priority. Over the past year with Focus to Win, the company already began implementing a cost program, and we are now taking that further to drive a deeper cost culture in SG&A capital expenditures and working capital, driving immediate impact on the business results.

這將帶來一套更新的成長演算法。第一項是我們的資源優先事項。過去一年在「Focus to Win」之下，公司已開始推行成本計畫；我們現在將進一步深化，在 SG&A、資本支出與營運資金方面建立更深層的成本文化，對業務成果帶來即時影響。

Across the globe, we are creating a culture connected to costs where costs are reset to zero and justified on current business value rather than historical habits, spend is connected to strategic outcomes through granular KPIs, and savings help rebuild margin and fund high-return innovation, market expansion and organizational resilience.

在全球範圍內，我們正打造一種與成本緊密連結的文化：成本歸零並以當前業務價值而非歷史慣性來加以合理化；支出透過細緻的 KPI 與策略成果連結；節省下來的成本將用於修復利潤率並投入高報酬的創新、市場擴張與組織韌性。

We are also implementing more rigorous planned rankings and adopting best practices to continue to drive supply chain efficiency. Finally, we invest smartly behind clear and simple technology priorities, including leveraging the potential of AI to be ever more efficient overtime time.

我們也正在導入更嚴謹的規劃排序並採用最佳實務，以持續提升供應鏈效率。最後，我們將在清晰且簡單的科技優先事項上進行明智投資，包括善用 AI 的潛力，隨時間推進而變得更有效率。

Looking ahead, we expect to drive outcomes in a business with more durable growth and less volatility than many anticipate. There is a high sense of urgency in the organization to drive change and impact in an accelerated way.

展望未來，我們預期將在一個具更持久成長、且波動性低於許多人預期的業務中推動成果。組織內部對於加速推動變革與影響具有高度的急迫感。

I'm energized by our momentum and potential. We see significant opportunities to build a high-performance culture, sharpen our strategic clarity and growth algorithm, and strengthen our cost discipline, supply efficiency, and tech capabilities. And we are undertaking this as a seasoned and aligned board and leadership team.

我們的動能與潛力讓我備受鼓舞。我們看到顯著機會可建立高績效文化、強化策略清晰度與成長演算法，並提升成本紀律、供應效率與科技能力。而我們正以一個經驗豐富且高度一致的董事會與領導團隊來推進這些工作。

We look forward to sharing more with you in future calls and at our Investor Day in early calendar '27. We will now take your questions.

我們期待在未來的電話會議以及 27 年曆年初的投資人日與各位分享更多內容。我們現在開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Andrew Lazar, Barclays.

Andrew Lazar，巴克萊。

Maybe first off, just for you, Jan, I realized, Management and the Board are still working through various possible actions to sort of solve for International profitability. I guess my question is whether there are certain limits to what actions can be taken or are all options on the table regarding where and how the company should compete? Or are there certain maybe structural limitations around what can be done that maybe I'm not aware of?

也許先從您這邊開始，Jan，我了解到管理層與董事會仍在研議各種可能的行動，以解決國際業務的獲利能力問題。我想問的是，對於公司應該在哪裡以及如何競爭，是否存在某些行動上的限制，還是所有選項都在檯面上？或者是否存在某些結構性的限制，使得有些事情其實做不到，而我可能並不清楚？

Thank you, Andrew, and great to connect again. Thank you for your question. Yes, so as I mentioned, we're in the middle of our strategy work now. It's really a fact-based discipline process, and we're really looking at net-lended costs, where do the profit pools develop, and what are the clusters of countries that will drive our growth.

謝謝你，Andrew，很高興再次交流。謝謝你的提問。是的，如我提到的，我們目前正處於策略工作的進行中。這是一個以事實為基礎、具紀律性的流程；我們正在檢視淨落地成本（net-landed costs）、獲利池會在哪裡形成，以及哪些國家群集將驅動我們的成長。

And then we looked at Where to Play, How to Win, and really essentially, it sets us up to make choices between these country clusters as we grow -- as we build our growth algorithm. And as a result, we are going to be allocating different roles to different country clusters, where today, maybe every country is trying to achieve everything in a certain way.

接著我們會看「在哪裡競爭」（Where to Play）與「如何取勝」（How to Win）；本質上，這讓我們在成長——在建立成長演算法的過程中——能在不同國家群集之間做出取捨。因此，我們將為不同國家群集分配不同角色；而在今天，可能每個國家都試圖以某種方式做到所有事情。

It will be more -- there will be more clarity as to what is the mission of each country cluster, which will also drive sharper resource allocation. So that will then in turn drive any decisions on M&A partnerships and divestitures that will really be a result of this work.

未來會更——會更清楚每個國家群集的使命是什麼，這也將帶來更精準的資源配置。因此，任何關於併購、合作夥伴關係與資產剝離的決策，也都將是這項工作的結果。

And to your point, technically everything is on the table as we look through the different country clusters and their role to drive the growth algorithm. So we're really in the middle of the work right now and we will come back to you with more details at the Investor Day.

而就你提到的點而言，從技術上來說，當我們檢視不同國家群集及其在推動成長演算法中的角色時，一切選項都在檯面上。所以我們目前確實正在工作進行中，並會在投資人日向各位提供更多細節。

But the other thing is the team is not sitting still while we're doing the strategy work, right, so maybe it's helpful. Andrew, if I hand it over to Mike, and maybe, Mike, you can talk us through how we are improving the EMEA results in the shorter term as well.

不過另一點是，在我們進行策略工作的同時，團隊並沒有停下腳步，對吧，所以也許這會有幫助。Andrew，如果我把問題交給 Mike，也許 Mike 你可以跟我們談談，我們在較短期內也如何改善 EMEA 的表現。

Yes, thanks, Jan. Andrew, as I think about the work that we're doing right now, as Jim cited, LATAM APAC had a good quarter, and really some of the challenges we're seeing are in EMEA. But we're not sitting back, we're really trying to control what we can control. I think one thing to remind the group is that the industry is facing three challenges really. Last season, we experienced really high yields, more acres were planted, and that led to a lot of extra potatoes in the marketplace, which then were processed.

好的，謝謝你，Jan。Andrew，當我思考我們目前正在做的工作時，如 Jim 所提到的，拉丁美洲與亞太（LATAM APAC）本季表現不錯，而我們看到的一些挑戰主要在 EMEA。但我們並沒有坐等，我們正努力掌控我們能掌控的部分。我想提醒大家的一點是，這個產業其實正面臨三項挑戰。上一季我們經歷了非常高的單產，種植面積也增加，導致市場上出現大量額外的馬鈴薯，之後被加工處理。

The second piece was around the fact that there was a lot of excess capacity in the marketplace. Some of that was driven by demand, part of that was driven by less exports from Europe as new capacity was built in some of those developing markets.

第二個部分是市場上存在大量的過剩產能。其中一部分是由需求所驅動，另一部分則是因為在一些新興市場新增產能後，歐洲的出口減少所致。

And then the third area challenge for Europe is really around the traffic slowdown, similar to what we've seen in other areas around the globe. The thing we're doing in each of those areas is that when you think about the potato crop, it resets every year. And as we shared in the prepared remarks, we reduced our acres in EMEA.

接著，歐洲的第三個挑戰領域，確實是與我們在全球其他地區所看到的情況類似的客流放緩。我們在上述每個領域所做的事情是：當你想到馬鈴薯作物時，它每年都會重新開始一個週期。而且如同我們在事先準備的發言中所分享的，我們已降低了EMEA的種植英畝數。

And there's some industry reports out there that suggest that acres are down across the EMEA region. We recently announced closing of Broekhuizenvorst. We believe that will improve our utilization rates by about 10 points and get us into those high 80s, low 90s. We're also consolidating that Broekhuizenvorst and some of the other facilities that we've closed or curtailed into more cost-efficient plants.

而且外界有一些產業報告指出，整個EMEA地區的種植英畝數都在下降。我們最近宣布關閉Broekhuizenvorst。我們相信這將使我們的產能利用率提升約10個百分點，並讓我們進入高80%、低90%的區間。我們也正把Broekhuizenvorst以及其他我們已關閉或縮減的設施，整併到成本效率更高的工廠中。

And I'll tell you, by doing some of that, I have a lot of confidence that we're going to be able to serve our customers even better. There's even been some media reports out there that there's been other companies that have delayed some new production.

我可以告訴你，透過做其中一些事情，我非常有信心我們將能更好地服務客戶。此外，媒體也有一些報導指出，其他公司已延後部分新增產能的投產。

And then the last thing I'd just say is, as it relates to some of the pressure around traffic, we are seeing some softer traffic in the area, but in EMEA, we have some clear initiatives and programs in place that are going to help us offset the impact through lower costs. So really proud of what the team is doing, and they have plans in each one of our regions around the globe.

最後我想補充的是，關於客流壓力，我們確實看到該地區的客流較為疲弱，但在EMEA，我們已經有一些明確的倡議與計畫到位，將透過降低成本來幫助我們抵消影響。所以我對團隊正在做的事情感到非常自豪，而且他們在我們全球各個區域都有相應的計畫。

Really helpful color. I appreciate it. And then just one quick follow-up. I know it's probably still early in the process a bit, but I guess where is Lam on negotiations with some of the key sort of customers that come up for contract renewals as we go forward? And I guess I'm trying to get the sense of the visibility you have to pricing in a competitive environment in North America in '27 now that industry utilization is back into the low 90s. Thanks so much.

這些補充資訊非常有幫助。謝謝你。接著再快速追問一個問題。我知道可能還在很早期的階段，但我想問Lam在與一些關鍵客戶、也就是接下來合約續約的客戶，談判進度到哪裡了？我想了解的是，在北美競爭環境下、且產業利用率回到低90%之後，你們對於2027年的定價能見度如何。非常感謝。

So I'd say when it comes to contracting, we're in the very early innings of that, just kicking things off. I think one thing to remind the group about is we have moved to that contracting calendar about a third of our large QSRs come due for contracting every year. Similar to what we've had the last two years, and so we'll see that for this fiscal year as well. There's nothing I would say that sticks out to me as being an anomaly this year, but like I said, we're early. In that process, and we'll share an update next quarter.

我會說，就簽約而言，我們還在非常早期的階段，才剛開始啟動。我想提醒大家的一點是，我們已經改為那樣的簽約行事曆：我們大型QSR客戶中大約三分之一每年會到期需要重新簽約。這與我們過去兩年的情況類似，因此本財年也會是如此。今年沒有任何我會說特別突出的異常狀況，但如我所說，我們還在早期。在這個流程中，我們會在下個季度提供更新。

As I think about price/mix, as you mentioned, Andrew, we have growing volumes and we see a more balanced supply and demand in some of our regions. That allows us to be a bit more thoughtful about how we go after incremental volume. And as you look at our quarter performance, last quarter, we had shared that we had recently taken a price increase in our North America business to cover that input cost inflation across all of our categories, except potatoes.

至於你提到的價格/組合（price/mix），Andrew，當我思考這點時，我們的銷量正在成長，而且在部分地區我們看到供需更為平衡。這讓我們在爭取增量銷量時，可以更審慎、更有策略。而從我們本季的表現來看，上季我們曾分享，我們近期在北美業務已進行一次漲價，以涵蓋所有品類的投入成本通膨，唯獨馬鈴薯除外。

And as we start to look at the impacts of potential price/mix in the future, we'll base the need for pricing changes on that input cost inflation and the margin requirements it takes to invest in our business to be able to support our customers. So like I said, contracting is just starting off, and we'll give an update next quarter.

而當我們開始評估未來潛在的價格/組合影響時，我們會依據投入成本通膨，以及為了投資我們的業務、以支援客戶所需的利潤率要求，來判斷是否需要調整價格。所以如我所說，簽約才剛開始，我們會在下個季度提供更新。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Maybe, Mike, just to ask on the back of Andrew's question around kind of the country cluster work, as it relates more so to capacity in the manufacturing network. I mean, assuming the US in a state now that's better and maybe you're not going to do as much there, a lot of the capacity expansion that's happened in the last five or six years has been international. And so, a lot of those plants, I would imagine, are relatively new.

Mike，延續Andrew關於國家群組（country cluster）工作的問題，想從製造網絡的產能角度請教。我的意思是，假設美國現在狀況較好、也許你們不會在那裡做那麼多調整，過去五、六年發生的許多產能擴張其實是在海外。因此，我想其中很多工廠應該都相對較新。

And so, as you go through the process of identifying countries and areas you want to be or don't want to be -- just how are you factoring in how new some of this capacity is and how you've spent a lot of capital in some of these markets and to give that up now after, again, these are probably highly efficient plants. Just how that's factoring into the decision making?

所以，當你們在辨識想要或不想要布局的國家與區域時——你們如何把這些產能的新舊程度納入考量？畢竟你們在其中一些市場投入了大量資本，而現在要放棄——再說，這些工廠可能是高度效率的。這一點在決策中是如何被納入考量的？

I think one thing to keep in mind, Peter, is listen, our company has been around for 75 years, and this industry has been around for a long time, and there are a lot of older facilities around the world. When I think about the capacity out there, a lot of it is driven by new additions in some of those developing markets. And that's reduced that export demand, like I said earlier, out of Europe.

Peter，我認為有一點要記住：我們公司已經有75年歷史，這個產業也存在很久了，因此全球有很多較老的設施。當我想到外部的產能時，其中很大一部分是由一些開發中市場的新建產能所驅動。而這也降低了我先前提到的、歐洲對外出口的需求。

When I look at our side of the business, we're closing older facilities that are close to the end of their useful life. We're able to move that volume into more productive, more efficient facilities, which reduces our costs and optimizes our network. As I mentioned in the prepared remarks, the media has reported that there are other manufacturers that have curtailed lines or delayed previously announced new capacity.

從我們自身業務來看，我們正在關閉那些接近使用年限末期的老舊設施。我們能把這些產量移轉到生產力更高、效率更好的設施中，從而降低成本並優化我們的網絡。如我在事先準備的發言中提到，媒體報導也指出，其他製造商已縮減產線或延後先前宣布的新產能。

I think the one thing to remember when it comes to these new lines, scaling a modern fry line, it's a pretty significant undertaking. You already know it involves a lot of capital, like you just said, but you really need a reliable source of high-quality raw potatoes. And then there's some other various complexities that go into that. One that you may not think about is energy, and it takes a lot of energy to run these plants. And so that requires securing the right electricity and approvals to be able to operate it and so forth.

我認為談到這些新產線時，有一點要記住：擴建一條現代化的薯條產線，是一項相當重大的工程。你也知道，正如你所說，這需要大量資本，但你還需要可靠的高品質原料馬鈴薯來源。此外，還有各種其他複雜因素。其中一個你可能不會立刻想到的是能源，因為運行這些工廠需要大量能源。因此，這也需要確保合適的電力供應與取得營運所需的核准等等。

So as we think about our asset position, we feel really good about where we're at in North America and the advantaged position that we're in and location that we're in. We have great assets in great locations, and we continue to evaluate that manufacturing footprint around the globe and make sure that we balance it with supply and demand. But like I said, it's about reducing our footprint in some of the older, higher-cost facilities and moving that into more efficient facilities that we recently built.

因此，當我們思考我們的資產布局時，我們對北美目前的位置感到非常滿意，也對我們所處的有利地位與地理位置很有信心。我們在很好的地點擁有很好的資產；同時我們也持續評估全球的製造版圖，並確保供需之間取得平衡。但如我所說，重點在於縮減一些較老、成本較高的設施占比，並把產量移轉到我們近期建成的更高效率設施中。

Got it. Okay. Thanks for that, Mike. And Jan, helpful to get your comments just on overall strategy. I think maybe the one piece that we didn't hear about today is on the pause on the ERP program that was put in place two years ago. That was obviously a core to modernizing the network and probably helping to simplify and improve things.

了解。好的。謝謝你，Mike。Jan，也很有幫助聽到你對整體策略的評論。我想今天我們沒有聽到的一個部分，是兩年前啟動、後來暫停的ERP計畫。那顯然是網絡現代化的核心，也可能有助於簡化並改善各項流程。

Just where do we stand on that? Is there work being done around restarting that program that was paused? Is it something that Amit needs to come in and see a bit more first before we make a decision? Just help us understand kind of where we stand at this point. Thanks very much.

目前那個計畫進展到哪裡了？是否正在進行重新啟動這個已暫停計畫的相關工作？還是說需要Amit先進來再多看一看，之後我們才會做決定？請協助我們理解目前的狀況。非常感謝。

That's a good question as well. I think we brought Amit in, and of course, one of his priorities is strategy, another one is technology. And in technology, to your point, one of the reasons that we combine these two areas is that they go very well together, right? So I think on the technology front, there is some clear priorities put in place. Will have to do with data governance, indeed the ERP approach, which is more like these days, more like a lean backbone. And then, of course, things like AI and cybersecurity are quite relevant in that context.

這也是個好問題。我認為我們把 Amit 延攬進來，當然，他的優先事項之一是策略，另一個是科技。而在科技方面，如你所說，我們之所以把這兩個領域結合在一起，是因為它們彼此非常契合，對吧？所以我認為在科技面，已經訂出一些明確的優先事項。會涉及資料治理，確實也包括 ERP 的作法，而如今更像是一個精實的骨幹。然後，當然，像 AI 與資安在這個脈絡下都相當重要。

And as Amit. Get some boards, this is for sure one of the elements that he's looking at on how best to organize it. And suffice to say that this company has some learnings on how to do things and what kind of things to avoid, and we'll be sure to take that into account as we progress the agenda.

而且隨著 Amit加入一些董事會，這肯定是他正在思考的要素之一：如何以最佳方式來組織它。簡而言之，這家公司在如何做事以及哪些事情該避免方面累積了一些經驗教訓，我們在推進議程時一定會把這些納入考量。

Tom Palmer, JPMorgan.

Tom Palmer，摩根大通。

Good morning, and thanks for the questions. First off, I did want to follow up a little bit about North America. I think if we look back over time, there have been periods where maybe innovation, right? Coated fries, products that you guys developed that didn't require fryers have been key drivers of winning customers. And I think there have been other times where maybe price is kind of the key determinant in terms of winning certain customers.

早安，謝謝讓我提問。首先，我想稍微追問一下北美。我想如果回顧過去，曾有一些時期可能是創新，對吧？像是裹粉薯條、以及你們開發的不需要油炸鍋的產品，都是贏得客戶的關鍵驅動因素。我也認為在其他一些時期，價格可能是贏得某些客戶時的關鍵決定因素。

I mean, where do we stand in North America today within that cycle? And then I guess, as we think about the coming year and how you're thinking about price negotiations, maybe a little color in how much that first part of that question guides your assumptions for the back half as you go through these negotiations?

我的意思是，今天北美在這個循環中處於什麼位置？然後我想，當我們思考來年以及你們如何看待價格談判時，能否多分享一些細節：當你們在進行這些談判、尤其是下半年時，前面那個問題的第一部分在多大程度上會引導你們的假設？

Maybe, Tom, I'll take us back to what we're doing around Focus to Win, because it has more to do with kind of the team and the execution rather than pricing or maybe to what you're alluding to, buying business. Really, over this last year, there's been kind of three pillars of that Focus to Win that have stuck out to me. One, we're building those customer partnerships, they're valuing the quality, the consistency, the service, the innovation that we deliver to them, and I think that's proven by the fact we have a strong NPS score with those customers.

Tom，也許我先把話題拉回到我們在「Focus to Win」上的作法，因為這更多與團隊與執行有關，而不是定價，或你可能在暗示的那種「買進業務」。其實在過去一年，「Focus to Win」有三個支柱特別讓我印象深刻。第一，我們在建立客戶夥伴關係；他們重視我們提供的品質、一致性、服務與創新，我認為這點也由我們在這些客戶中的 NPS 高分所證明。

The second piece is we've been really focused on the cost savings program, and we've identified some additional cost savings above that current program, and it will allow us to offset some of that price/mix.

第二個部分是，我們非常專注在成本節省計畫上，而且我們在現有計畫之上又辨識出一些額外的節省空間，這將使我們能抵銷部分的價格/組合影響。

The last piece, as you mentioned, innovation is super important. It drives loyalty, it expands the market. And I think some perfect examples are those that we shared today. We're also seeing some renewed interest from customers around LTOs globally, and that's exciting to see as well.

最後一個部分，如你提到的，創新非常重要。它能帶動忠誠度，也能擴大市場。我認為我們今天分享的內容就是很好的例子。我們也看到全球客戶對 LTO（限時供應）重新燃起一些興趣，這也令人振奮。

And as you know, innovation has higher price points, which drives margin accretion. So we feel really good about the progress that we're making in North America, and you can see that in the results in Q4.

而且如你所知，創新通常有較高的定價，這會推動毛利率提升。所以我們對北美的進展感到非常樂觀，你也可以在第四季的結果中看到。

Tom, maybe I'd add that, so as we always think about, well, are there is the North America customer channel mix of what's its posture towards pricing? What I've noticed is that if we have freight rate changes, and there's freight pressure, that's almost a separate negotiation, and it can happen almost any time during the year.

Tom，我也許補充一下：我們一向會思考，北美客戶的通路組合對定價的態度是什麼。我注意到的是，如果運費費率有變動、出現運輸成本壓力，那幾乎是另一場獨立的談判，而且幾乎一年中的任何時候都可能發生。

On some of our multi-year contracts, we have some variability elements that are tied to underlying cost inputs. Maybe edible oil price is changing in the market. Some of our larger customers know that's an element of our cost. And clearly, as we have a two or a three-year contract, that pricing of that element is always going to be dynamic and passing through.

在我們一些多年期合約中，會有一些與底層成本投入連動的可變動條款。例如食用油價格在市場上變動。我們一些較大的客戶知道那是我們成本的一部分。而且很明顯，當我們簽的是兩年或三年的合約時，那個要素的定價一定會是動態的、並且會轉嫁（pass-through）。

So while you asked the question a little bit like, well, this upcoming fall, contracting for calendar 2027 with a lot of our foodservice customers is true, I would just say that our customers are also seeing the underlying cost inflation and that there are elements in how we price into the marketplace that are a bit more dynamic as we go through each year.

所以雖然你問得有點像是：今年秋天要為 2027 年曆年的許多餐飲服務客戶進行合約談判，這確實沒錯；但我想說的是，我們的客戶也看得到底層成本通膨，而我們在市場上的定價方式中，有一些要素在每一年推進時都會更具動態性。

Great. Thank you for that. And Jim, maybe I could just follow-up on that inflation picture. How does it net out? It sounds like it may be a little bit different regionally, but when we think about the two segments, inflation or deflation, I guess, when weighing potatoes versus all these other pieces that are more inflationary.

很好。謝謝你的說明。Jim，也許我可以就通膨情況再追問一下。整體加總後會是什麼結果？聽起來各地區可能有些不同，但當我們看兩個事業部門時，通膨或通縮——我想是指在權衡馬鈴薯相對於其他更具通膨性的項目時——會如何呈現？

Yeah, I think, net, if you do take in the maybe an expectation of the more of a decline in the potato cost in Europe, although, let's see what that crop looks like right now, given some of the heat. And then in the US, we're about 3% inflation. And so, that means other than potato, our inflation is a little bit higher.

是的，我認為整體來看，如果把歐洲馬鈴薯成本可能更偏向下滑的預期納入——不過，考量到目前一些高溫，我們還得看看那一季作物現在的狀況——而在美國，我們大約是 3% 的通膨。因此，這表示除了馬鈴薯以外，我們的通膨會稍微更高一些。

Max Gumport, BNP Paribas.

Max Gumport，法國巴黎銀行。

Thanks for the question. On North America, your outlook for sales and EBITDA would suggest margins could be relatively flat for North America in '27. I understand you've got modest price/mix investments combined with cost inflation, which are effectively offset by volume growth in some ongoing cost savings initiatives. But can you talk a bit more about how you're viewing the current segment margin level and whether you see any opportunity to build from here going forward?

謝謝讓我提問。就北美而言，你們對營收與 EBITDA 的展望顯示，北美在 2027 年的利潤率可能相對持平。我理解你們有溫和的價格/組合投資，加上成本通膨，基本上會被銷量成長與一些持續進行的成本節省措施所抵銷。但你能否再多談談你們如何看待目前該事業部門的利潤率水準，以及未來是否看到從這裡再往上提升的機會？

Yes, maybe let me touch on this just quickly. I think price/mix moderated in the back half of fiscal '26, like we had forecasted. I think as you think about fiscal '27, we expect modest price/mix investments, and a lot of that is going to be the result of decisions we've made in last contracting season that will be carrying over into this calendar year.

可以，我先很快回應一下。我認為價格/組合在 2026 財年下半年如我們預測般趨於溫和。至於 2027 財年，我們預期會有溫和的價格/組合投資，而其中很大一部分將來自我們在上一個合約季所做的決策，並會延續到今年的曆年。

But at the end of the day, we're winning with customers and growing, and we expect some volume growth. Like I said, some modest price/mix investment, and we'll continue to execute against our cost savings program that you talked about to offset that inflation and some of the cost volatility.

但歸根結底，我們正在以客戶為核心取得勝利並成長，我們預期會有一些銷量成長。如我所說，會有一些溫和的價格/組合投資，而我們也會持續執行你提到的成本節省計畫，以抵銷通膨以及部分成本波動。

Yeah, maybe on just on what would be on the upper end of what we would see in North America. Clearly, if there is some continued inflation or unexpected inflation, maybe it's inedible oils, maybe it's in corrugate or polybags, or maybe it's in freight, we're going to have to be working with customers on pricing that through. So we'll be very agile in thinking about the timing of that.

是的，另外就北美我們可能看到的較高端情境而言：很明顯，如果通膨持續或出現非預期通膨，可能是在非食用油、可能是在瓦楞紙箱或塑膠袋、也可能是在運費，我們就必須與客戶合作把這些反映到定價中。因此我們在時點安排上會非常敏捷。

But we're also looking at what we can get favorable channel mix, and we can get favorable product mix. And what that means is within Foodservice, do we generally see our Foodservice operators relying on the attachment rates and relying on the value of French fries as part of the meal offering, whether that's part of a value meal or part of a broader serving to consumers?

但我們也在看是否能取得更有利的通路組合，以及更有利的產品組合。這代表在餐飲服務（Foodservice）中，我們是否普遍看到餐飲業者仰賴加購率（attachment rates），並仰賴薯條作為餐點供應一部分的價值——不論那是超值餐的一部分，或是更廣泛提供給消費者的餐點的一部分？

I think there is potential, at least within the US Economy in terms of where wage growth is and stuff that away from home eating, at least in terms of dollar spend, is still going to be healthy for our customers. And so we very much look at that opportunity on the upside for North America.

我認為仍有潛力，至少就美國經濟而言，從薪資成長的走勢等面向來看，外食（至少以美元支出衡量）對我們的客戶而言仍會維持健康。因此，我們非常看好北美在這方面的上行機會。

Great. And then just a follow up on CapEx. So you mentioned how obviously on an accrual basis, CapEx is moving lower in '27. And you mentioned that going forward on an accrual basis, you anticipate investments of up to $315 million, but that's an upper end. Can you talk about whether you see any further opportunity to reduce CapEx even further as you go forward in time?

很好。接著就資本支出（CapEx）再追問一下。你提到很明顯地，以應計基礎來看，CapEx 在 27 年會下降。你也提到，往後以應計基礎，你預期投資最高可達 3.15 億美元，但那是上限。你能談談，隨著時間往前推進，你是否看到還有進一步降低 CapEx 的機會嗎？

Yes, I think what we are using is not just thinking about our approach around zero based. It doesn't just stop with expenses. It also thinks about our capital investments. And the global team does an amazing job prioritizing opportunities. And so, within that, to the extent that we're going to get leaner on some of the existing investments that are currently in our plan that adds up to that accrual of $350,000.

是的，我認為我們採用的不只是思考零基預算（zero-based）的做法。它不僅止於費用。也同樣會檢視我們的資本投資。而全球團隊在機會排序上做得非常出色。因此，在這之中，只要我們能在目前計畫中的既有投資上變得更精實，這些就會累積到 35 萬美元的應計金額。

If we can take $10 million or $20 million out of that number, we have a list. And so, number five or number six or number seven on that list may offer a high teens type of ROI and pretty quick payback. We're going to choose at that time whether or not to pursue that or if it feels like, hey, maybe some of the inflation on those types of capital projects is more expensive, then we might pause and deliver a lower accrual amount.

如果我們能從那個數字中拿掉 1,000 萬或 2,000 萬美元，我們有一份清單。因此，清單上的第 5、第 6 或第 7 項，可能提供十幾個百分點的投資報酬率（ROI），而且回收期相當快。到時我們會選擇是否要推進；或者如果感覺像是，某些資本專案的通膨使成本更高，那我們可能會暫停，並做出較低的應計金額。

But we definitely have a list, and we would like to prioritize what we go after.

但我們確實有一份清單，也希望能優先排序我們要追求的項目。

Scott Marks, Jefferies.

Scott Marks，Jefferies。

Hey, good morning. Thanks very much for taking your questions. I wanted to just follow-up on the North America conversation. Obviously, this past year was pretty solid from a volume perspective. And I'm just wondering, as you think about going forward, how do you think about, number one, maintaining those gains, holding the share that you've picked up? But also, as we look at fiscal '27, maybe talk about which channels or opportunities you see as the most realistic or the most priority for your team?

嗨，早安。非常感謝回答問題。我想延續一下北美的討論。很明顯，過去一年從銷量角度來看相當穩健。我想請教，展望未來，你們如何看待：第一，維持這些成長、守住你們拿到的市占？另外，當我們看 27 財年時，也請談談你們團隊認為最務實、或最優先的通路或機會會是哪些？

Yeah, as I think about the business into the future here into '27, we feel really good about the work that we've done this past year. Like I mentioned, we've delivered some strong results. Our customer NPS scores have improved. We're delivering innovation to the team, and we're having our customers come to us asking for more innovation and talking about LTOs, which is all positive.

是的，當我思考業務未來、一路到 27 年時，我們對過去一年所做的工作感到非常有信心。如我提到的，我們交出了強勁的成果。我們的客戶 NPS 分數有所提升。我們持續為團隊帶來創新，而客戶也主動來找我們、希望看到更多創新，並談到限時供應（LTO），這些都是正面的。

Like I mentioned, we will be lapping some of the pricing decisions that we made in '26, but I have a little bit of a carryover into '27 but feel really good about our plan for '27 in that North America business.

如我提到的，我們會面臨 26 年所做部分定價決策的基期效應，但在 27 年仍會有一些延續效應；不過我們對北美業務在 27 年的計畫感到非常有信心。

And we encourage you to go try our olive oil innovation. It's quite tasty, and it sells at a better price point.

也鼓勵你們去試試我們的橄欖油創新產品。味道相當好，而且能以更好的價格帶銷售。

Understood. Thank you. And then just a quick follow-up on the CapEx conversation, just to piggyback off of what Max asked just a moment ago. As we think about this accrual rate of $350 million, obviously, that's a material step down from what the business was talking about just about a year and a half ago. I think it was a $450 million base target previously.

了解。謝謝。接著就 CapEx 的討論再快速追問一下，延續 Max 剛剛問的。當我們看這個 3.5 億美元的應計水準時，很明顯這比大約一年半前公司所談的水準大幅下降。我記得之前的基準目標是 4.5 億美元。

So just wondering, with that big of a reduction, if I have that correct, how do you think about maintaining the status quo of the business, investing for growth, investing for efficiency with that much coming out of the base investments?

所以我想確認一下，在這麼大幅度的削減之下（如果我理解正確），你們如何看待在維持業務現狀、投資成長、投資效率等方面，當基礎投資被抽掉這麼多時要怎麼兼顧？

Hey, Scott, look, I think our reliability level of spend, just staying in business on the plants, I believe it's less than $350 million. And so, we still have dollars that we're putting into really optimizing. And so, Sylvia and her team globally have ideas around each of the plants in terms of where we can actually make major production line changes.

嗨，Scott，你看，我認為我們的可靠性支出水準，也就是讓工廠維持營運、持續經營所需的支出，我相信是低於 3.5 億美元的。因此，我們仍有資金可以投入在真正的最佳化上。Sylvia 和她的全球團隊針對各個工廠都有想法，包含我們實際上可以在哪些地方做重大的產線變更。

And when we do that, one, we put in new equipment, which usually runs with better water usage, lower energy costs, and maybe it even expands our capacity because we've debottled part of a particular production line. And so, we're just thinking about how we pace those investments as we go forward.

而當我們這麼做時，第一，我們會導入新設備，通常能更有效用水、降低能源成本，甚至可能因為我們解除某條特定產線的瓶頸而擴充產能。因此，我們在思考的是，未來要如何安排這些投資的節奏。

And so, I think there's still a substantial amount of budget left in the $350 million amount. I think we should always, as a company, because what Management may present to the Board may say, hey, we have some really fantastic ideas that lead to payback, and we want to have a little agility on that number. But right now, for 2027, we're going to accrue to $350 million in new projects.

因此，我認為在 3.5 億美元這個金額中仍然保留了相當可觀的預算。我認為公司一向應該保有彈性，因為管理層向董事會提出的內容可能會說：嘿，我們有一些非常棒、能帶來回收的點子，我們希望在這個數字上保有一些機動性。但就目前而言，針對 2027 年，我們將在新專案上應計 3.5 億美元。

Thank you. That will conclude our question-and-answer session. At this time, I'd like to turn the call back over to Ms. Hancock for any additional or closing remarks.

謝謝。問答環節到此結束。此刻我想把電話交回給 Hancock 女士，請她做任何補充或結語。

Thanks. Thank you. And I want to thank everyone for joining us today. Just a reminder that the replay of the call will be available on our website later this afternoon. Have a great day.

謝謝。謝謝。也感謝各位今天加入我們。提醒一下，電話會議的重播將於今天下午稍晚在我們的網站上提供。祝各位有美好的一天。

That will conclude today's call. We appreciate your participation.

今天的電話會議到此結束。感謝各位的參與。