Lifeway Foods Inc (LWAY) 2026 Q1 法說會逐字稿

Good morning. Welcome to Lifeway Foods' first quarter 2026 conference call. On the call with me today is Julie Smolyansky, President and Chief Executive Officer.

各位早安。歡迎參加 Lifeway Foods 2026 年第一季財報電話會議。今天與我一同出席的有 Julie Smolyansky，總裁兼執行長。

(operator instructions)

（接線員指示）

With that, I would like to turn the call over to Lifeway's President and Chief Executive Officer, Julie Smolyansky.

接下來，我想把電話會議交給 Lifeway 的總裁兼執行長 Julie Smolyansky。

Thank you, John, and good morning to everyone joining us. As always, we greatly appreciate your interest in Lifeway Foods.

謝謝你，John，也向所有加入我們的朋友道早安。一如既往，我們非常感謝各位對 Lifeway Foods 的關注。

I'm absolutely thrilled to share what was a record-breaking first quarter for Lifeway Foods. We carried the momentum from 2025 into 2026 with blowout results that showcased the incredible strength of our business, both on the top and bottom line, while exceeding the top end of the strong preliminary outlook that we provided in April. Before getting into the specifics, I want to recognize our outstanding Lifeway team, a phenomenal. Results we're consistently achieving are a testament to your hard work, passion, and seamless execution. Your efforts fueled this business, and I am grateful.

我非常興奮地與各位分享，這是 Lifeway Foods 創紀錄的第一季。我們把 2025 年的動能延續到 2026 年，以亮眼的成績展現我們業務在營收與獲利兩端的驚人實力，同時也超越了我們在 4 月提供的強勁初步展望上緣。在進入細節之前，我想表揚我們傑出的 Lifeway 團隊，真的非常卓越。我們持續達成的成果，是各位辛勤付出、熱情投入與無縫執行的最佳證明。你們的努力推動了這門事業，我由衷感謝。

Now I'll walk through our first quarter 2026 results.

接下來我將說明我們 2026 年第一季的業績。

This was a historic quarter as we crossed the $60 million threshold for the first time ever, delivering net sales of $63 million, a remarkable 36.7% surge year-over-year. This record-breaking achievement extends our growth streak. To 26 consecutive quarters and represents entirely volume lead expansion, fueled by our flagship Lifeway kefir and high-protein Lifeway pharma cheese. We continue to set new standards at Lifeway, and as a result, each year, we face more challenging year-over-year comparisons.

這是一個歷史性的季度，我們首次突破 6,000 萬美元門檻，淨銷售額達 6,300 萬美元，年增高達 36.7%。這項破紀錄的成就延續了我們的成長走勢，達到連續 26 個季度成長，且完全由銷量帶動的擴張所驅動，主要來自我們的旗艦產品 Lifeway 開菲爾（kefir）以及高蛋白 Lifeway Farmer's Cheese。我們持續在 Lifeway 設立新標準，因此每一年都面臨更具挑戰性的年對年比較基期。

It is also worth noting that in the second quarter of 2025, we gained significant distribution as well as improved shelf assortments, which have helped. The incredible results were driven over the previous 12 months, and we have begun to lap that now.

另外值得一提的是，在 2025 年第二季，我們取得了顯著的通路鋪貨擴張以及更佳的貨架品項配置，這些因素在過去 12 個月推動了亮眼成果，而我們現在開始進入與該期間的比較（開始「對比高基期」）。

Beyond our exceptional revenue performance, we saw the growth flow clearly throughout the P&L.

除了卓越的營收表現之外，我們也清楚看到成長動能在損益表（P&L）各項目中全面反映。

Our gross profit margin for the first quarter was 27.5%, up 360 basis points from 23.9% last year. This impressive expansion was driven by robust volume increases in our core Lifeway branded offerings, which generated enhanced manufacturing efficiency supported by our ongoing Waukesha facility upgrades and favorable conventional milk pricing during that period.

第一季毛利率為 27.5%，較去年 23.9% 提升 360 個基點。這項亮眼的擴張主要來自我們核心 Lifeway 自有品牌產品的強勁銷量成長，帶動製造效率提升；同時也受惠於我們持續進行的 Waukesha 廠升級，以及該期間較有利的傳統牛奶價格。

As a reminder, our Waukesha facility expansion remains on track. For completion by the end of this year. Once the full initiative comes online in Q1 2027, we will be positioned to materially increase production capacity, improve operational efficiencies, grow our workforce, and further establish the Midwest as the country's center for key for manufacturing.

提醒各位，我們的 Waukesha 廠擴建計畫仍按進度推進，預計在今年底前完成。當整體計畫於 2027 年第一季全面上線後，我們將能大幅提升產能、改善營運效率、擴增人力，並進一步鞏固中西部作為全美開菲爾製造中心的地位。

Selling, general, and administrative expenses totaled $10.9 million, a 16.8% increase from the prior year, reflecting our ongoing commitment to marketing initiatives and brand building.

銷售、一般及行政費用（SG&A）合計 1,090 萬美元，較去年增加 16.8%，反映我們對行銷推廣與品牌建設的持續投入承諾。

As a percentage of revenue, SG&A leveraged a significant 300 basis points this quarter, underscoring the strong returns that we're generating from our investments. Our marketing approach is clearly delivering results evidenced by our growth. We are driving trial and cultivating last. And consumer relationships while our product velocities are accelerating.

以營收占比來看，本季 SG&A 顯著槓桿改善 300 個基點，凸顯我們投資所帶來的強勁回報。我們的行銷策略顯然正在產生成效，從成長表現即可見一斑。我們正在推動消費者試用並培養長期的消費者關係，同時產品銷售速度（velocity）也在加速。

Net income for the first quarter came in at $4.7 million, or $0.31 per basic, and $0.30 per diluted common share, compared to net income of $3.5 million, or $0.23 per basic and diluted common share last year. This represents a sizable 32% expansion, highlighting our effectiveness and translating revenue strength into our. Earnings growth with excellent flow-through from the top to bottom line. Our exceptional first quarter performance was propelled by several critical factors that continue to drive our business. We remain uniquely positioned in the convergence of powerful consumer trends driving demand in our space. Today's consumer is more health conscious than ever. Gut health awareness continues to increase, and the rapidly growing population of GLP-1 users is actively seeking nutrient-dense probiotic foods that support digestive health and satiation.

第一季淨利為 470 萬美元，基本每股盈餘 0.31 美元、稀釋後每股盈餘 0.30 美元；相較之下，去年同期淨利為 350 萬美元，基本及稀釋後每股盈餘皆為 0.23 美元。這代表淨利大幅成長 32%，凸顯我們有效將營收動能轉化為獲利成長，並在營收端到獲利端之間展現優異的傳導效應。我們卓越的第一季表現由多項關鍵因素所推動，而這些因素也持續驅動我們的業務。我們在多股強勁的消費者趨勢交會點上具備獨特優勢，帶動本產業需求。當今消費者比以往更重視健康；腸道健康意識持續提升；而快速成長的 GLP-1 使用者族群，正積極尋找營養密度高、含益生菌、可支持消化健康與飽足感的食品。

Adding to the momentum was the validation we received from the government.

此外，我們也因獲得政府的肯定而進一步增添動能。

Who included full fat dairy in the updated USDA food pyramid and kefir in the supporting documents while underscoring the significance of fermented food and digestive health to well-being. Lifeway delivers all of these benefits with our flagship product, and we expect these trends to build as consumers continue to educate themselves and focus on their health. The consistent performance of our core Lifeway drinkable kefir and Lifeway Pharma cheese demonstrates our positioning and ability to capitalize on these consumer tail.

政府在更新版 USDA 食物金字塔中納入全脂乳製品，並在支持文件中提及開菲爾（kefir），同時強調發酵食品與消化健康對整體福祉的重要性。Lifeway 的旗艦產品提供上述所有益處，我們預期隨著消費者持續自我教育並更專注於健康，這些趨勢將進一步增強。我們核心產品 Lifeway 可飲用開菲爾與 Lifeway Farmer's Cheese 的穩健表現，展現了我們的市場定位與把握這些消費者順風（tailwinds）的能力。

Our drinkable kefir remains the bellwether of our business, driving our brand strength as well as the entire kefir category, while our farmer's cheese continues to grow as we broaden its reach and drive trial opportunities.

我們的可飲用開菲爾仍是公司業務的風向球，推動品牌力以及整個開菲爾品類的成長；同時，隨著我們擴大觸及範圍並創造更多試用機會，我們的 Farmer's Cheese 也持續成長。

These products, alongside our innovative new products, are capitalizing on consumer demand for functional nutrition, and we will continue to invest behind them to support their performance.

這些產品連同我們創新推出的新產品，正把握消費者對功能性營養的需求，我們也將持續加大投資以支持其表現。

Speaking of innovation, I'll quickly highlight some of our recent developments. After the positive feedback we received presenting them at Expo West in March, we look forward to sharing our Lifeway muscle mates and kefir butter with a wider group of retailers and consumers as we expand our reach across the dairy landscape with these incredible items.

談到創新，我將快速重點介紹我們近期的一些進展。在3月於 Expo West 展出並獲得正面回饋後，隨著我們以這些令人驚豔的產品擴大在乳製品版圖的觸及範圍，我們期待將 Lifeway muscle mates 與 kefir 奶油分享給更廣泛的零售商與消費者。

These pioneering products bring the benefits and attributes that consumers are looking for, along with Lifeway's signature probiotic blend and reputation for quality.

這些開創性產品帶來消費者所尋求的益處與特性，同時結合 Lifeway 招牌的益生菌複方與優質口碑。

I'm also pleased to announce our innovative partnership with Open Farms, which incorporates Lifeway ingredients into a premium pet food line called Good Gut. We collaborated with Open Farms to formulate canine culture, a specialized blend of probiotic strains that also feature prebiotic fiber and postbiotic elements to support the thriving gut microflora for pets. The expanding consumer emphasis on health extends beyond humans.

我也很高興宣布我們與 Open Farms 的創新合作夥伴關係，將 Lifeway 的成分導入一條名為 Good Gut 的高端寵物食品產品線。我們與 Open Farms 合作配方設計 canine culture，這是一種專門的益生菌菌株混合配方，同時加入益生元纖維與後生元元素，以支持寵物腸道微生態的蓬勃發展。消費者對健康的重視正從人類延伸到更多領域。

Pet owners are prioritizing nutrition. For their beloved companions and digestive health is a cornerstone to long-term pet wellness.

寵物飼主正將營養放在優先位置。對他們心愛的夥伴而言，消化健康是長期寵物健康的基石。

This partnership brings Lifeway into an entirely new category where we can apply our decades of cultured dairy and probiotic expertise. To pet nutrition, and we are excited for the potential here. We continue to build brand recognition and simulate trial through strategic collaborations and experiential marketing that expose Lifeway to new audiences in creative environments. We recently partnered with Air One to launch the Tropical Lifeway Smoothie made with organic Lifeway kefir.

這項合作讓 Lifeway 進入一個全新的品類，我們得以運用數十年在發酵乳製品與益生菌方面的專業於寵物營養領域，我們對此潛力感到振奮。我們持續透過策略性合作與體驗式行銷來提升品牌能見度並促進試用，讓 Lifeway 在創意場域中接觸到新的受眾。我們近期與 Air One 合作推出 Tropical Lifeway Smoothie，使用有機 Lifeway kefir 製作。

Building on our previous successful collaborations with this iconic wellness destination, this movie delivers the ultimate summer refreshment with bright citrus, tropical fruits, coconut cream, and spirulina, reminiscent of a creamy frozen lemonade while providing the added benefits of probiotics and protein. This is available through the end of June at all Erewhon locations.

延續我們先前與這個指標性健康目的地的成功合作，這款飲品帶來終極的夏日清爽感，融合明亮的柑橘、熱帶水果、椰子奶油與螺旋藻，讓人聯想到綿密的冷凍檸檬水，同時提供益生菌與蛋白質的額外好處。此產品於6月底前在所有 Erewhon 門市販售。

I also hosted a retro-inspired wellness house in Palm Springs during festival weekend, where we celebrated Lifeway's 40th anniversary and brought together media, influencers, pacemakers, and Lifeway superfans. This immersive poolside experience blended 1980s and 90s nostalgia with modern wellness and festival energy, featuring performances by Debbie Gibson and Autograph, alongside a menu of high-protein probiotic-packed bites.

我也在音樂節週末於棕櫚泉舉辦了一場復古風格的健康主題屋，慶祝 Lifeway 成立40週年，並匯聚媒體、網紅、意見領袖與 Lifeway 超級粉絲。這場沉浸式的池畔體驗將1980與1990年代的懷舊氛圍與現代健康生活及音樂節能量融合，邀請 Debbie Gibson 與 Autograph 演出，並提供一系列高蛋白、富含益生菌的餐點小食。

These experiential collaborations help drive trial with fresh consumers and further define Lifeway as a lifestyle brand, not just a product in the dairy aisle.

這些體驗式合作有助於吸引新消費者試用，並進一步將 Lifeway 定位為生活風格品牌，而不僅僅是乳製品貨架上的一項產品。

Digitally, we're continuing to position Lifeway at the heart of viral content. A great example of this was our advertising campaign with Chicago football stars Colston Loveland and DeAndre Swift, released just prior to Big Game Weekend. Since its launch in February, the spot has gone truly viral, generating over 10 million views across the social platforms.

在數位端，我們持續將 Lifeway 置於爆紅內容的核心。一個很好的例子是我們與芝加哥足球明星 Colston Loveland 與 DeAndre Swift 的廣告活動，於 Big Game Weekend 前夕推出。自2月上線以來，該影片真正爆紅，在各大社群平台累計超過1,000萬次觀看。

Through our content, we are sharing helpful nutrition information and creating recipes to help our community enjoy Lifeway products in fresh, delicious ways.

透過我們的內容，我們分享實用的營養資訊並創作食譜，幫助社群以新鮮、美味的方式享用 Lifeway 產品。

Millions of impressions help connect us with consumers who are moving from the key for curious to dedicated fans of the brand.

數以百萬計的曝光幫助我們與消費者建立連結，讓他們從「好奇的關注者」轉變為品牌的忠實粉絲。

We're steadily growing our influencer network to build awareness of our portfolio and drive shoppers into retailers to discover their new favorite lightweight kefir and farmer's cheese items on the shelves.

我們正穩步擴大網紅合作網絡，以提升對我們產品組合的認知，並帶動消費者走進零售通路，在貨架上發掘他們新的最愛——輕盈型 kefir 與 farmer's cheese 產品。

In retail environments, we continue to strategically allocate our marketing spend and have been successful in driving velocities through high-impact programs that engage consumers at key decision points through their shopping journey.

在零售環境中，我們持續策略性配置行銷支出，並透過高影響力方案在消費者購物旅程中的關鍵決策點進行互動，成功提升銷售速度（velocities）。

Alongside our sales and marketing investments, our retail relationships remain robust. We recently. Secured an expansion of our Costco presence in select markets with a new twin pack of plain Lifeway Kefir. Our dialogues with major partners continue as we seek out incremental distribution wins across channels that align with Lifeway's growth strategy. To wrap up, these results marked a truly extraordinary launch to 2026. We achieved record-breaking sales, strong gross margin expansion, and significant bottom-line growth, while our core products continue to resonate. With consumers.

除了我們在銷售與行銷上的投入之外，我們與零售商的關係仍然穩健。我們近期在部分市場成功擴大 Costco 的鋪貨版圖，推出新的原味 Lifeway Kefir 雙入組。我們也持續與主要合作夥伴對話，尋求在符合 Lifeway 成長策略的各通路取得更多增量配銷成果。總結而言，這些成果為2026年帶來真正非凡的開局。我們達成破紀錄的銷售額、強勁的毛利率擴張，以及顯著的獲利成長，同時我們的核心產品持續引起共鳴。隨著消費者。

Through our continued execution, we have built a strong foundation for growth, and the strategic investments we are making today in sales and marketing, innovation, and manufacturing capacity will enhance our ability to serve our growing customer base, gain share, and capitalize on the structural tailwinds of our category.

透過持續的執行力，我們已建立堅實的成長基礎；而我們今日在銷售與行銷、創新以及製造產能上的策略性投資，將提升我們服務不斷成長客戶群的能力、擴大市占，並把握本品類結構性順風帶來的機會。

We remain deeply committed to our mission of bringing best-in-class probiotic and nutritious foods to our loyal and growing consumer base.

我們仍然堅定致力於我們的使命：為忠誠且持續成長的消費者群體帶來同級最佳的益生菌與營養食品。

Thank you for your continued support, and we look forward to. You on our progress when we report our second quarter 2026 results. Have a wonderful day.

感謝您持續的支持，我們也期待在公布2026年第二季業績時，向您更新我們的進展。祝您有美好的一天。