Mama's Creations Inc (MAMA) 2026 Q4 法說會逐字稿

Greetings, and welcome to the Mama's Creations' fourth-quarter fiscal 2026 earnings conference call. (Operator Instructions)

各位好，歡迎參加 Mama's Creations 2026 會計年度第四季財報電話會議。(接線員指示)

It is now my pleasure to introduce your host, Luke Zimmerman of Investor Relations with Mama's Creations. Thank you, and you may begin.

現在我很榮幸為各位介紹今天的主持人：Mama's Creations 投資人關係部的 Luke Zimmerman。謝謝，您可以開始了。

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Mama's Creations' fourth-quarter and fiscal year 2026 earnings conference call. (Operator Instructions) This conference is being recorded today, April 14, 2026, and the earnings press release accompanying this conference call was issued after the market closed today.

各位女士、先生，下午好。感謝各位稍候。歡迎參加 Mama's Creations 2026 會計年度第四季及全年財報電話會議。(接線員指示) 本次會議將於今日（2026 年 4 月 14 日）錄音，且配合本次電話會議的財報新聞稿已於今日收盤後發布。

On our call today is Mama's Creations' Chairman and CEO, Adam Michaels; and CFO, Anthony Gruber.

今天與會者包括 Mama's Creations 董事長兼執行長 Adam Michaels，以及財務長 Anthony Gruber。

Before we get started, I'd like to note that some of the statements on this call will be forward-looking statements that reflect management's current expectations about future operating and financial results. Although management believes their expectations and assumptions are reasonable, they remain subject to significant risks and uncertainties. Actual results for future periods may differ materially from what is stated or implied during today's call.

在開始之前，我想提醒各位，本次電話會議中的部分陳述將屬於前瞻性陳述，反映管理層對未來營運與財務結果的目前預期。儘管管理層認為其預期與假設屬合理，但仍可能受到重大風險與不確定性影響。未來期間的實際結果可能與今日電話會議中所陳述或暗示者有重大差異。

For more information, please refer to the forward-looking statements section in today's press release and the risk factors disclosed in the company's most recent Form 10-K and any subsequent reports that files with the SEC.

更多資訊請參閱今日新聞稿中的前瞻性陳述章節，以及公司最近一期 Form 10-K 與其後向美國證券交易委員會（SEC）提交的任何報告中所揭露的風險因素。

Please also note that today's call will include a discussion of adjusted EBITDA, which is a non-GAAP financial measure. Important information, including required disclosures containing a reconciliation to the most directly comparable GAAP measure, is also detailed in today's press release.

也請注意，今日電話會議將討論調整後 EBITDA，這是一項非 GAAP 財務衡量指標。重要資訊（包括必要揭露及與最直接可比 GAAP 指標的調節表）亦已在今日新聞稿中詳述。

At this time, I'd like to turn the call over to Chairman and CEO, Adam Michaels. Adam, the floor is yours.

現在我想把電話交給董事長兼執行長 Adam Michaels。Adam，請開始。

Thank you, Luke, and thank you to everyone for joining us today. I'd like to welcome you to our fourth-quarter and fiscal year '26 financial results conference call.

謝謝你，Luke，也感謝各位今天加入我們。歡迎各位參加我們 2026 會計年度第四季及全年財務結果電話會議。

Fiscal '26 was, without question, the most transformational year in the history of Mama's Creations. We grew revenue 39% to $171.7 million, expanded adjusted EBITDA over 50% to $15.4 million, completed a transformative acquisition that nearly doubled our manufacturing footprint and capped the year with a record fourth quarter that saw revenue grow 61% to $54 million.

2026 會計年度毫無疑問是 Mama's Creations 歷史上最具轉型意義的一年。我們營收成長 39% 至 1.717 億美元，調整後 EBITDA 擴增逾 50% 至 1,540 萬美元，完成一項具轉型意義的併購，使我們的製造產能版圖幾乎倍增，並以創紀錄的第四季作結：營收成長 61% 至 5,400 萬美元。

But what excites me most is not the numbers. It is the foundation we have built, the team we've assembled and the strategic position we now hold. This organization entered fiscal '26 as a high-growth deli-prepared foods company with ambition. We exit fiscal '26 as a scaled platform with the capabilities, capital and conviction to become the leading one-stop-shop deli solution in the country.

但最令我振奮的不是數字。而是我們所建立的基礎、所組建的團隊，以及我們如今所處的策略位置。本公司在 2026 會計年度開始時，是一家具雄心的高成長熟食即食食品公司。在 2026 會計年度結束時，我們已成為一個具規模的平台，擁有能力、資本與信念，朝向成為全美領先的一站式熟食解決方案供應商邁進。

As always, let us start with the macro trends. I learned early in my career that it is much easier and cheaper to ride a wave versus creating your own, and the deli-prepared space is a tsunami.

一如既往，先從總體趨勢談起。我在職涯早期就學到：順勢而為比起自己造浪更容易、成本也更低，而熟食即食領域正是一場海嘯。

On the consumer front, the generational shift towards deli-prepared foods continues to accelerate. Fresh format grocers saw the largest bump in food traffic in 2025 with double-digit year-over-year increases. Grocery stores are also capturing a growing share of short mid-day visits from quick service restaurants as consumers replace restaurant meals with more cost conscious and healthier options.

在消費者端，世代更迭帶動消費者轉向熟食即食食品的趨勢持續加速。2025 年，主打生鮮型態的雜貨零售商在食品客流量方面增幅最大，年增率達雙位數。隨著消費者以更具成本意識且更健康的選擇取代外食，雜貨店也正從速食餐飲（QSR）手中取得更多短暫的午間到店消費占比。

For the supermarket news, retailer expectation survey, 55% of retail respondents said deli and foodservice is the category they expect to have the most success with in 2026. And two-thirds of retailers plan to introduce more grab-and-go or prepackaged prepared foods this year. Meanwhile, meat sales hit a record high of $112 billion in 2025, with 77% of shoppers agreeing that meat and poultry are part of a healthy diet, up more than 20% since 2020.

根據《Supermarket News》零售商預期調查，55% 的零售受訪者表示，熟食與餐飲服務將是他們預期在 2026 年最有機會成功的品類。且有三分之二的零售商計畫在今年推出更多即拿即走或預包裝的即食食品。同時，2025 年肉類銷售額創下 1,120 億美元新高，且有 77% 的消費者認同肉類與家禽是健康飲食的一部分，較 2020 年提升超過 20%。

We continue to be in the right place at the right time with the right product portfolio. Now we have the platform to capture far more than our fair share.

我們持續在對的時間、對的地點，提供對的產品組合。如今我們也擁有平台，能夠取得遠高於「合理份額」的市場機會。

While we have made substantial progress over the past 3.5 years and built a rock-solid foundation from which to build a market-leading platform in the deli category, our fundamental 4 Cs strategy has not changed. Cost remains our first C, and the Bay Shore integration personifies the work Skip and his team are doing to deliver quarterly improvements in our gross margins.

過去 3.5 年我們已取得長足進展，並建立堅若磐石的基礎，以打造熟食品類的市場領先平台；但我們核心的「4C」策略並未改變。成本（Cost）仍是我們的第一個 C，而 Bay Shore 的整合正體現 Skip 與其團隊為實現毛利率逐季改善所做的工作。

The integration of Crown 1 Bay Shore facility has exceeded our expectations. What started as a 42,000 square foot acquisition with room for improvement last summer, has become a well-integrated third pillar of our manufacturing network.

Crown 1 Bay Shore 廠的整合成果超出我們的預期。去年夏天，這是一項 42,000 平方英尺、仍有改善空間的收購案；如今已成為我們製造網絡中整合良好的第三支柱。

Procurement and logistics are 100% centralized. Production has been rebalanced across all three facilities to optimize capacity, reduce overtime and improve absorption. The team at Bay Shore has embraced the Mama's culture. Mama's has learned from the Bay Shore team, and their premium product capabilities are opening doors to customers we could not previously access.

採購與物流已 100% 集中化。生產已在三座工廠間重新平衡，以最佳化產能、降低加班並提升吸收率。Bay Shore 團隊已擁抱 Mama's 的企業文化。Mama's 也向 Bay Shore 團隊學習，而他們的高端產品能力正為我們打開過去無法觸及的客戶大門。

And the results speak for themselves. Bay Shore's gross margin has improved meaningfully since the acquisition and we remain on track to bring that facility in line with our mid- to high-20s gross margin corporate target. The cross-selling opportunity between our legacy customer base and Crown 1's premium accounts, is just beginning to materialize, and we expect this to be a meaningful growth driver in the coming fiscal year.

成果不言自明。自併購以來，Bay Shore 的毛利率已顯著改善，我們仍按計畫推進，使該廠毛利率與公司中高 20% 區間的目標一致。我們既有客戶基礎與 Crown 1 高端客戶之間的交叉銷售機會才剛開始顯現，我們預期這將成為下一個會計年度的重要成長動能。

But Bay Shore is not our only location that is shedding costs and strengthening capabilities. As you see in our Q4 numbers, our favorable chicken costing in Farmingdale, coupled with fixed asset absorption in our Costco rotation in East Rutherford, improved our gross margins and delivered superior bottom-line results.

但 Bay Shore 並非我們唯一一個正在降低成本並強化能力的據點。如各位在第四季數字所見，Farmingdale 的雞肉成本有利因素，加上 East Rutherford 在 Costco 輪替（rotation）帶來的固定資產吸收，提升了我們的毛利率並帶來更優異的獲利表現。

Controls is our second C. And while my wife taught me that I should not have favorites, this C is a little dear to my heart because without Controls, we can't have the other Cs. And I could tell you that Q4 did not disappoint.

控制（Controls）是我們的第二個 C。雖然我太太教我不該偏心，但這個 C 對我而言格外重要，因為沒有控制，就不可能有其他的 C。而我可以告訴各位，第四季沒有讓人失望。

With food safety top of mind in our industry, I am proud to report that not one, not two, but all three of our facilities achieved a third-party SQF score of 98 recently, or excellent, the highest results category. What makes this even more impressive is that two of the three audits this year were unannounced, meaning while you might wake up on a particular day to a fresh cup of coffee, Mario, Julia and Eric woke up to a third-party inspector for a two-day acquisition, and all three blew it out of the water. Congratulations to the entire team who show us every day what Mama's quality really means.

在食品安全是本產業首要關切的情況下，我很自豪地報告：不是一座、不是兩座，而是我們三座工廠最近都取得第三方 SQF 評分 98 分（Excellent，優秀），為最高等級的結果類別。更令人印象深刻的是，今年三次稽核中有兩次是突擊稽核；也就是說，某天你可能醒來喝到一杯現煮咖啡，但 Mario、Julia 與 Eric 醒來面對的，卻是第三方稽核員進行為期兩天的稽核，而三座工廠都表現得極為出色。恭喜整個團隊，你們每天都向我們展現 Mama's 的品質真正代表什麼。

I'm also excited to share that we continue to add more analytical capabilities for our teams because what gets measured gets improved. Q4 saw the introduction of our Power BI platform as well as further expansion of our planning and procurement capabilities. Thank you, John, for leading our technology infrastructure; and Alberta for guiding our forecasting capabilities. Controls is not a tagline or a word on a page at Mama's. It's how we run our business every day to ensure we execute with excellence.

我也很高興與各位分享，我們持續為團隊增添更多分析能力，因為可衡量的就能被改善。第四季導入了我們的 Power BI 平台，並進一步擴展了我們在規劃與採購方面的能力。感謝 John 領導我們的科技基礎設施；也感謝 Alberta 引導我們的預測能力。在 Mama's，「控管」不是一句口號或紙上的文字。這是我們每天經營業務的方式，以確保我們以卓越的執行力落實到位。

If Costs and Controls get us to the party, it is our third C, Culture, that keeps us there. The Bay Shore acquisition brought tremendous management talent to our Mama's family and allowed us to build our first ever enterprise-wide shared services model.

如果說成本與控管讓我們得以進入派對，那麼我們第三個 C——文化（Culture）——則讓我們能留在派對裡。Bay Shore 的收購為 Mama's 大家庭帶來了卓越的管理人才，並讓我們得以建立公司史上第一個全企業共享服務模式。

In January, Abby led the design, communication and rollout of a new model for Mama's, increasing responsibilities for leaders, recognizing standouts with new promotions across all three sites and driving an overall empowerment culture, solidifying our one plant three-locations mantra.

1 月，Abby 主導設計、溝通並推動 Mama's 的新模式上線，提升領導者的責任範圍，透過在三個據點全面推動新的晉升來表揚表現突出的同仁，並帶動整體賦權文化，鞏固我們「一座工廠、三個據點」的信念。

To improve communications and culture, we implemented a new employee one-stop-shop portal to share messages across the organization and build community for our nearly 600 associates. Last month, Mama's Pantry, our first intranet site open for business, reinforcing our physical community with a digital extension available 24/7/365.

為了改善溝通與文化，我們導入新的員工一站式入口網站，用於在組織內分享訊息，並為近 600 位同仁建立社群。上個月，Mama's Pantry——我們第一個正式啟用的內部網路網站——開始營運，透過 24/7/365 的數位延伸，強化我們的實體社群。

We are even more excited to share next quarter the work we've been doing around learning and development at Mama's University. As my mother, who is a teacher for over 25 years in the public school system, taught me, you are truly never too old to go back to school.

我們更期待在下個季度分享我們在 Mama's University（Mama's 大學）學習與發展方面所做的工作。正如我的母親——在公立學校體系任教超過 25 年的老師——教導我的：你永遠不會太老而不能回到學校。

Our Catapult strategy, our fourth and final C, delivered extraordinarily strong results this quarter and throughout fiscal '26. Let me speak to the Costco journey, which exemplifies our progress.

我們的 Catapult 策略——第四個也是最後一個 C——在本季以及 2026 財年全年度都交出了異常強勁的成果。我想談談 Costco 的歷程，這最能體現我們的進展。

Just three years ago, we had approximately $0.5 million in Costco sales limited to one product in one region. By fiscal '25, thanks to Scott and the team, we have grown that to $10 million in annualized sales, with active promotions across multiple regions of the country. In Q1 of fiscal '26, we launched our first digital MVM, which essentially matched all of the fiscal '25 full-year Costco business in a single quarter.

就在三年前，我們在 Costco 的銷售約為 50 萬美元，且僅限於單一地區的一個產品。到了 2025 財年，在 Scott 與團隊的努力下，我們已成長至年化 1,000 萬美元的銷售額，並在全國多個地區進行促銷活動。在 2026 財年第一季，我們推出了第一個數位 MVM，基本上在單一季度就達到 2025 財年 Costco 全年業務的規模。

We continued ramping throughout the year with strong rotations across multiple items culminating in Q4 with our first ever national print MVM, a true milestone that set the tone for the types of volumes we can achieve. This was the trophy achievement for volume movement at Costco.

我們在全年持續加速推進，多個品項輪動表現強勁，並在第四季以我們史上第一次全國性紙本 MVM 收官——這是一個真正的里程碑，為我們可達成的量體定下基調。這是我們在 Costco 推動銷量成長的「獎盃級」成就。

Based on this success, capturing new customers and accelerating item velocities, earlier this year, we were informed that we achieved everyday item status in the Northeast, the very region where our Costco journey began. This is a landmark milestone that positions us for steady state, repeatable and plannable business, and we expect our everyday success in the Northeast will lead to even more rotations, and new item introductions across all eight of Costco's regions.

基於這項成功，我們吸引了新客群並加速品項動銷；今年稍早，我們獲知在東北區取得「日常品項」（everyday item）資格——也就是我們 Costco 旅程開始的那個地區。這是一個指標性的里程碑，使我們得以建立穩定、可重複、可規劃的業務模式；我們預期在東北區的日常品項成功，將帶來更多輪動機會，並在 Costco 八大區域推出更多新品。

Our operations team executed flawlessly throughout this growth, delivering on meaningful quarterly builds without a hitch which solidifies tremendous trust with our retail partners. Beyond Costco, Chris and his team are ensuring our Catapult strategy is delivering across the entire retail landscape.

在這段成長期間，我們的營運團隊執行得無懈可擊，順利完成具規模的季度備貨與產能爬坡，毫無差錯，進一步鞏固我們與零售合作夥伴之間的高度信任。除了 Costco 之外，Chris 與他的團隊也確保我們的 Catapult 策略能在整體零售版圖全面落地。

At Walmart, we added another item in Q4 following the breakout success of our four-count chicken item and are launching seven new SKUs in up to 2,000 stores, all branded, which represents exceptional penetration. At Target, we're approved for two branded SKUs, one already on shelf, launching in 750 stores, with plans to ramp up to approximately 2,000 stores. And at Food Lion, we've already expanded to roughly 1,200 stores across the Southeast and Mid-Atlantic with five branded SKUs.

在 Walmart，我們在第四季於四入裝雞肉品項爆發式成功之後，再新增一個品項，並將在最多 2,000 家門市推出 7 個全新 SKU，且皆為自有品牌，代表極高的滲透率。在 Target，我們已獲核准 2 個自有品牌 SKU，其中一個已上架，將在 750 家門市推出，並計畫擴大至約 2,000 家門市。在 Food Lion，我們已在東南部與中大西洋地區擴展至約 1,200 家門市，並上架 5 個自有品牌 SKU。

These placements represent a significant validation of our product innovation, quality and operational excellence. We are growing at 5 times the category growth rate, a category that has recently been growing units ahead of dollars which is rare in food and reflects strong consumer demand and trials.

這些上架與鋪貨，顯著驗證了我們的產品創新、品質與營運卓越。我們的成長速度是品類成長率的 5 倍；而該品類近期呈現「銷量（件數）成長快於銷售額」的走勢，這在食品業相當罕見，反映出強勁的消費者需求與試用。

A key driver of our Catapult success is our commitment to quality. Our NAE, no antibiotics ever, chicken initiative is a significant quality differentiator that resonates with today's consumers. We're also leveraging our Bay Shore acquisition to cross-sell capabilities and new products into both our legacy accounts and our Crown 1 customer base.

推動 Catapult 成功的一個關鍵動能，是我們對品質的承諾。我們的 NAE（no antibiotics ever，絕不使用抗生素）雞肉計畫，是重要的品質差異化優勢，能引起當代消費者共鳴。我們也運用 Bay Shore 收購案帶來的交叉銷售能力，將相關能力與新產品導入我們既有客戶，以及 Crown 1 的客戶基礎。

Another Catapult strength in Q4 was the work Lauren and her team are doing on the marketing front, which accelerated velocities and introduced new customers to Mama's. Our Instacart programming made Costco's MVM the most successful campaign in Mama's history, an unheard of 65% of consumers were new to brand, which creates a flywheel effect that turns trial into repeat.

第四季 Catapult 的另一項強項，是 Lauren 與其團隊在行銷端的工作，推動動銷加速，並讓新客群認識 Mama's。我們的 Instacart 行銷方案，使 Costco 的 MVM 成為 Mama's 史上最成功的活動；高達 65% 的消費者為品牌新客，前所未見，進而形成飛輪效應，將試用轉化為回購。

December, the peak of our Costco MVM saw our best month ever on Instacart. And the partnership Lauren and Chris built made Mama's the number one meatball on Instacart for all of Q4. The team's work delivered continued double-digit ROAs with Walmart. And Q4 saw new effective brand partnerships and collaborations with Brooklyn Bread and Mike's Hot Honey, all with the intention of driving trial, awareness and deepening relationships with our consumers.

12 月——Costco MVM 的高峰期——也讓我們在 Instacart 創下史上最佳單月表現。而 Lauren 與 Chris 建立的合作，使 Mama's 在整個第四季成為 Instacart 上排名第一的肉丸品牌。團隊的努力也讓我們在 Walmart 持續交出雙位數的 ROA。第四季亦促成新的有效品牌合作與聯名，包括 Brooklyn Bread 與 Mike's Hot Honey，目的皆在於推動試用、提升認知，並加深與消費者的關係。

This commitment to quality and visibility is being recognized, most recently in Progressive Grocer's 2026 Editors Picks list for the best new products where our cheese-stuffed chicken meatballs received worthy recognition. Looking to fiscal '27, we're planning to meaningfully increase our branded sales across our retail footprint, through new introductions like at Walmart and Target, and by transitioning legacy private-label items to branded like at BJ's and Publix.

這份對品質與能見度的承諾正獲得肯定；最近在 Progressive Grocer 的 2026 年編輯精選（Editors Picks）最佳新品名單中，我們的起司夾餡雞肉丸獲得應有的表揚。展望 2027 財年，我們計畫透過如 Walmart 與 Target 的新品導入，以及將 BJ's 與 Publix 等通路的既有自有品牌品項轉為自有品牌（branded）品項，來大幅提升我們在零售版圖中的自有品牌銷售。

And we have set a strategic goal of adding net plus two SKUs or items in each of our top 10 accounts. Our trade and marketing investments are delivering strong returns, with digital and in-store programming generating measurable lifts in consumer awareness and retail velocities.

此外，我們設定了一項策略目標：在前 10 大客戶中，每一個客戶淨增加至少 2 個 SKU 或品項。我們在通路促銷（trade）與行銷上的投資帶來強勁回報，數位與店內活動帶來可衡量的消費者認知提升與零售動銷成長。

As I look to fiscal '27, I see a business that is fundamentally different from where we were even 12 months ago. We have a scaled manufacturing network, a diversified and growing customer base, a strengthened balance sheet with significant M&A capacity and a team that has proven it could integrate with excellence.

展望 2027 財年，我看到的公司，與 12 個月前相比已在本質上截然不同。我們擁有具規模的製造網絡、多元且持續成長的客戶基礎、因具備顯著併購（M&A）能力而更為強健的資產負債表，以及一支已證明能以卓越水準完成整合的團隊。

Our path towards $1 billion in revenue is clearer than ever, and I am confident in our ability to deliver sustained, profitable growth for years to come.

我們邁向 10 億美元營收的路徑比以往任何時候都更清晰，我也對我們在未來多年持續交付可獲利的成長充滿信心。

I'd now like to turn the call over to Anthony Gruber, our Chief Financial Officer, to walk through some key financial details for the fourth-quarter and fiscal '26. Anthony?

接下來我想把電話會議交給我們的財務長 Anthony Gruber，請他說明第四季與 2026 財年的一些關鍵財務細節。Anthony？

Thank you, Adam. Moving to the financial results, revenue for the fourth quarter of fiscal '26 increased 60.7% to $54 million as compared to $33.6 million in the same year-ago quarter. Revenue for fiscal year '26 increased 39.2% to $171.7 million as compared to $123.3 million in the prior year. The increase was primarily due to item expansion at existing customers, successful high ROI promotional activities that accelerated velocities, initial placements at new customers and the acquisition of Crown 1.

謝謝你，Adam。接著看財務結果，'26 會計年度第四季營收較去年同期的 3,360 萬美元增加 60.7% 至 5,400 萬美元。'26 會計年度全年營收較前一年度的 1.233 億美元增加 39.2% 至 1.717 億美元。成長主要來自既有客戶的品項擴增、成功且高投資報酬率（ROI）的促銷活動帶動銷售速度提升、新客戶的初始上架，以及收購 Crown 1。

Gross profit increased 53.8% to $14 million or 25.9% of total revenues in the fourth quarter of fiscal '26 as compared to $9.1 million or 27% of total revenues in the same year-ago quarter. Gross profit increased 41% to $43 million or 25.1% of total revenues in fiscal '26 as compared to $30.5 million or 24.8% of total revenues in the prior year.

'26 會計年度第四季毛利增加 53.8% 至 1,400 萬美元，占總營收 25.9%；相較去年同期為 910 萬美元，占總營收 27%。'26 會計年度全年毛利增加 41% 至 4,300 萬美元，占總營收 25.1%；相較前一年度為 3,050 萬美元，占總營收 24.8%。

The fourth-quarter gross margin was impacted by the continued ramp of the Crown 1 facility. While the improvement in full-year gross margin reflects the operational efficiencies, procurement optimization and stabilized commodity costs across the platform. Operating expenses totaled $10.9 million in the fourth quarter of fiscal '26 as compared to $7.2 million in the same year-ago quarter. As a percentage of revenue, operating expenses declined to 20.2% from 21.4% in the prior-year quarter.

第四季毛利率受到 Crown 1 廠房持續爬坡的影響。而全年毛利率的改善反映了整體平台的營運效率提升、採購最佳化以及大宗商品成本趨於穩定。'26 會計年度第四季營業費用合計 1,090 萬美元，去年同期為 720 萬美元。以營收百分比計，營業費用由前一年同期的 21.4% 降至 20.2%。

For the full year, operating expenses totaled $35.9 million as compared to $25.7 million in the prior year. As a percentage of revenue, operating expenses were 20.9% in fiscal '26 and as compared to 20.8% in the prior year. The change was partially due to the Bay Shore acquisition, new digital strategies and enhanced product marketing, new management hires and further technology upgrades to drive actionable insights faster and deeper into the organization.

全年營業費用合計 3,590 萬美元，前一年度為 2,570 萬美元。以營收百分比計，'26 會計年度營業費用為 20.9%，前一年度為 20.8%。變動部分原因在於 Bay Shore 收購案、新的數位策略與強化的產品行銷、新增管理層招募，以及進一步的技術升級，以更快且更深入地在組織內推動可採取行動的洞察。

Net income for the fourth quarter of fiscal '26 increased 37.5% to $2.2 million or $0.05 per diluted share as compared to net income of $1.6 million or $0.04 per diluted share in the same year-ago quarter. Net income for fiscal '26 increased 43.2% to $5.3 million or $0.13 per diluted share as compared to net income of $3.7 million or $0.09 per diluted share in the prior year. Fourth-quarter net income totaled 4.1% of revenue as compared to 4.8% in the same year-ago quarter.

'26 會計年度第四季淨利增加 37.5% 至 220 萬美元，稀釋後每股盈餘 0.05 美元；去年同期淨利為 160 萬美元，稀釋後每股盈餘 0.04 美元。'26 會計年度全年淨利增加 43.2% 至 530 萬美元，稀釋後每股盈餘 0.13 美元；前一年度淨利為 370 萬美元，稀釋後每股盈餘 0.09 美元。第四季淨利占營收比重為 4.1%，去年同期為 4.8%。

Adjusted EBITDA, a non-GAAP measure, increased 77.4% to $5.5 million for the fourth quarter of fiscal '26 as compared to $3.1 million in the same year-ago quarter. Adjusted EBITDA increased 52.5% to $15.4 million in fiscal '26 as compared to $10.1 million in the prior year.

調整後 EBITDA（非 GAAP 指標）在 '26 會計年度第四季增加 77.4% 至 550 萬美元，去年同期為 310 萬美元。'26 會計年度全年調整後 EBITDA 增加 52.5% 至 1,540 萬美元，前一年度為 1,010 萬美元。

Cash and cash equivalents as of January 31, '26, totaled $20 million as compared to $7.2 million as of January 31, '25. The significant increase was primarily driven by improved profitability, strong operating cash flow generation and ongoing working capital optimization. As of January 31, '26, total debt stood at $5.4 million.

截至 '26 年 1 月 31 日，現金及約當現金合計 2,000 萬美元；相較截至 '25 年 1 月 31 日為 720 萬美元。此大幅增加主要由獲利能力改善、強勁的營運現金流創造，以及持續的營運資金最佳化所帶動。截至 '26 年 1 月 31 日，總負債為 540 萬美元。

The robust balance sheet, combined with our credit facilities and strong cash flow generation positions us extremely well to pursue the organic and inorganic growth opportunities that Adam described.

強健的資產負債表，加上我們的授信額度與強勁的現金流創造能力，使我們在追求 Adam 所描述的有機與非有機成長機會方面具備極佳的條件。

This completes my prepared comments. Now before we begin our question-and-answer session, I'd like to turn the call back to Adam for some closing remarks. Adam?

以上是我準備好的發言。在開始問答環節之前，我想把電話交回給 Adam 做一些結語。Adam？

Thank you, Anthony. As I reflect on fiscal '26, I'm incredibly proud of what our team of nearly 600 associates across all three facilities has accomplished. We have taken every step deliberately and strategically, guided by our 4 Cs framework: Cost, Controls, Culture, and Catapult. From strengthening our cost structures and controls in the early days to building a world-class culture founded on operational excellence and continuous improvements to now catapulting this company towards its next phase of growth through our disciplined financial management and strengthened balance sheet, we have built a platform for sustained success.

謝謝你，Anthony。回顧 '26 會計年度，我對我們在三座廠區、近 600 位同仁所達成的成果感到無比自豪。我們在 4C 架構的指引下，每一步都審慎且具策略性地推進：Cost（成本）、Controls（控管）、Culture（文化）與 Catapult（加速躍升）。從早期強化成本結構與控管，到建立以營運卓越與持續改善為基礎的世界級文化，再到如今透過嚴謹的財務管理與更強健的資產負債表，推動公司邁向下一階段成長，我們已打造出可持續成功的平台。

Looking ahead to fiscal '27, our strategic priorities are clear and focused.

展望 '27 會計年度，我們的策略重點清楚且聚焦。

First, we'll continue to optimize our integrated three-facility network, maximizing efficiency, driving margin expansion and increasing capacity utilization. Our operations team have shown they can scale flawlessly. And this is our core competitive advantage we will continue to leverage.

第一，我們將持續最佳化整合的三廠區網絡，最大化效率、推動毛利擴張並提高產能利用率。我們的營運團隊已證明能夠無縫擴張。而這正是我們的核心競爭優勢，我們將持續加以運用。

Second, we will deepen and expand our retail distribution through the aggressive ramp of our major new wins at Target, Food Lion and Walmart while simultaneously expanding our club channel partnerships with Costco, Sam's Club and BJ's.

第二，我們將透過在 Target、Food Lion 與 Walmart 等重大新案的積極加速導入，深化並擴大零售通路覆蓋；同時擴展我們在會員制量販通路與 Costco、Sam's Club 及 BJ's 的合作夥伴關係。

Third, we will deploy our strong financial position and balance sheet to pursue accretive acquisitions that add capacity, capabilities, categories and customer access to our platform.

第三，我們將運用強健的財務實力與資產負債表，尋求具增益性的併購，為平台增加產能、能力、品類以及客戶觸達。

The $40 billion deli prepared foods market is large, growing and fragmented, consumer preferences are moving decisively in our direction. Retailers need partners who could simplify their deli operations and deliver quality, variety and reliability at a national scale that is exactly what Mama's Creations does.

規模達 400 億美元的熟食即食食品市場龐大、成長中且高度分散，消費者偏好正明確地朝著對我們有利的方向移動。零售商需要能在全國規模下簡化其熟食部門營運，並提供品質、多樣性與可靠性的合作夥伴——這正是 Mama's Creations 所做的。

And our vision is to become the leading national one-stop-shop deli solutions provider. With our strengthened platform balance sheet and track record of execution, we are better positioned than ever to capture this generational opportunity and deliver sustained value for our shareholders.

而我們的願景是成為全國領先的一站式熟食解決方案供應商。憑藉我們更強健的平台資產負債表與一貫的執行紀錄，我們比以往任何時候都更有能力把握這個世代性的機會，並為股東創造可持續的價值。

I want to thank our team for their extraordinary dedication and execution. And to our shareholders, thank you for your continued support and confidence. The best is truly yet to come.

我要感謝我們團隊非凡的投入與執行力。也要對股東們說聲謝謝，感謝你們持續的支持與信任。最好的時刻確實還在後頭。

With that, operator, let's open the line for questions.

那麼，接線員，請開放線路讓大家提問。

(Operator Instructions) Brian Holland, D.A. Davidson.

（接線員指示）Brian Holland，D.A. Davidson。

Maybe the boring stuff first. Looking ahead to fiscal '27, can I assume that the double-digit growth outlook holds?

也許先從比較無聊的部分開始。展望 '27 會計年度，我可以假設雙位數成長的展望仍然成立嗎？

Yeah. Thanks, Brian. Yeah, look, I'm proud of the team. The team is just getting started. Hopefully, you're seeing like I am, opening new doors. You're seeing getting more average items carried into each of those doors. And the work that Lauren and team are doing on the marketing continues to accelerate the velocity.

是的。謝謝你，Brian。是的，你看，我為團隊感到自豪。團隊才正要開始。希望你跟我一樣看得到，我們正在打開新的大門。你也看到每一扇門裡平均上架的品項數正在增加。而 Lauren 與團隊在行銷上的工作也持續加速銷售速度。

So yeah, I feel -- we feel comfortable that double-digit growth will continue to gain meaningful share for the year ahead, absolutely.

所以是的，我覺得——我們覺得很有信心，未來一年兩位數成長將會持續並取得具意義的市占提升，絕對如此。

Looking on that, obviously, as you get bigger and you amass these bigger wins, you create tough compares for yourself, [obviously] with Costco. So just as we think about modeling sensitivities here, would any of these quarters in 2027 potentially be less than double digits just because of what you have to lap? Obviously, I'm thinking specifically about Q1 or Q4?

就這點來看，顯然，當你規模變大、拿下這些更大的勝利時，你會讓自己面臨更艱難的比較基期，[顯然]以 Costco 為例。所以當我們在這裡思考建模敏感度時，2027 年的某些季度是否可能因為需要與過去基期相比（lap）而低於兩位數？顯然，我特別想到的是 Q1 或 Q4？

Where is the love, Brian, come on? Where is that positive mental attitude that I'm looking for? Look, Chris is doing a job. The entire sales team is doing a job. And like I've shared with many of you, we have these lapping charts. Chris absolutely understands that there are some -- there was programming last year that we have to replicate and accelerate.

Brian，愛在哪裡，拜託？我在找的那種正向心態在哪裡？你看，Chris 正在把工作做好。整個銷售團隊都在把工作做好。而且就像我跟你們很多人分享過的，我們有這些比較基期（lapping）圖表。Chris 完全理解，確實有一些——去年有些推廣活動（programming）我們必須複製並加速。

So I will continue to tell you that, first of all, we will continue to gain meaningful share, right? The category is growing in the mid-single digits right now. I think that we could continue to grow that. And yeah, it's on Chris and team, and it's on Skip and operations to keep up with Chris, to ensure that when we see programming ahead from last year, we have to, again, meet that and accelerate it. So I'm going to keep to our double-digit growth aspiration.

所以我會繼續告訴你，首先，我們會持續取得具意義的市占提升，對吧？這個品類目前以中個位數成長。我認為我們可以持續把成長拉高。而且是 Chris 和團隊的責任，也是 Skip 與營運端的責任，要跟上 Chris，確保當我們看到去年延續到今年的推廣活動時，我們必須再次達到並加速它。所以我會堅持我們兩位數成長的目標（aspiration）。

On M&A, I believe Skip has final say on when you could pull the turn around the next acquisition. I think that's tied to Crown 1. What's the latest there as far as M&A readiness?

關於併購（M&A），我相信 Skip 對於何時能啟動下一筆收購有最終決定權。我想那與 Crown 1 有關。就併購準備度而言，最新進展如何？

Yeah. No, I am super proud of the Bay Shore team, Andy and Roger, Tony, everybody, Mario. We're ahead of the plan. Obviously, there's still more to do. We are not fully integrated, right? There -- we have to get the technology in, but I feel like we're in good shape. You know me, if I'm not on the road with you guys, I am on the road visiting other facilities, which I have been doing in the past month. I think we're in good shape.

是的。不，我對 Bay Shore 團隊非常自豪，Andy 和 Roger、Tony、所有人，還有 Mario。我們進度超前於計畫。當然，還有更多要做。我們還沒有完全整合，對吧？我們——還需要把技術導入，但我覺得我們狀況很好。你們了解我，如果我沒有跟你們一起在外跑，我就是在外跑拜訪其他廠區，過去一個月我一直在做這件事。我覺得我們狀況很好。

Look, let me repeat, this is really important. We want to do acquisitions. We don't need to do acquisitions. The internal team is doing an awesome job. There is so much to invest in to accelerate growth. But with the team doing such a good job here, means I don't got much to do, and allows me to go out and look at other opportunities.

聽著，讓我再重申一次，這非常重要。我們想做收購。我們不需要做收購。內部團隊做得非常出色。有太多可以投資的地方來加速成長。但團隊在這裡做得這麼好，代表我沒太多事要做，也讓我可以出去看看其他機會。

And if we could find something that is accretive to our business, both in the sense of getting new customers, getting new capacity, accretive in the sense that while it might be dilutive in the gross margin space because we're good at improving things. We're not looking for a turnaround. So they have to -- it has to be accretive to our EPS. And if we find something great at the right price and Skip tells me he's ready, then we're ready to go.

如果我們能找到對我們業務具增益（accretive）的標的——不論是帶來新客戶、帶來新增產能；而且所謂增益也包括：即便在毛利率層面可能會有稀釋（dilutive），因為我們很擅長把事情改善。我們不是在找需要翻轉（turnaround）的案子。所以它——必須對我們的每股盈餘（EPS）具增益。如果我們以合適的價格找到很棒的標的，而 Skip 告訴我他準備好了，那我們就準備出手。

Last one for me. It strikes me the more that I study this category, you referenced [to a] $40 billion category. I'm kind of surprised by how immature it is, right? And kind of interesting, I think your success sort of proves that out, the merits of having a branded presence in this category, which historically it didn't have.

我最後一個問題。我越研究這個品類，就越覺得——你提到這是一個 400 億美元的品類。我有點驚訝它竟然這麼不成熟，對吧？而且很有意思，我覺得你們的成功某種程度上證明了這點：在這個品類中建立品牌化的存在是有價值的，而歷史上它並沒有。

So as we think about all these wins that you [attacked] -- it's great to tackle the wins and more stores and more items per store. And sort of like the next wave after that is kind of category adviser to some of these retailers. And it seems crazy for me to think a company with less than $200 million could take on a role such as that.

所以當我們思考你們拿下的這些勝利——積極攻下這些勝利、更多門店、每家店更多品項，這很棒。而接下來的下一波，某種程度上就是成為這些零售商的品類顧問（category adviser）。而我覺得很不可思議的是，一家營收不到 2 億美元的公司竟能承擔那樣的角色。

But I'm just wondering how your success is manifesting as far as relationship building with these types of large retailers who might be looking at your success and asking you to help them think about [the story] because that's really kind of the last action I think retail customer connectivity and relationship solidification. I'll stop there.

但我想問的是，就你們與這些大型零售商建立關係而言，你們的成功正如何具體展現？他們可能看到你們的成功，並請你們協助他們思考[這個故事]，因為我認為那其實是最後一步：零售客戶連結與關係的鞏固。我先說到這裡。

Yeah. No. I think I agree with what you're saying. Obviously, the deli category is not as mature as center aisle. The category captaincy is not as clear.

是的。不。我想我同意你說的。顯然，熟食（deli）品類不像中間走道（center aisle）那麼成熟。品類主導（category captaincy）的定位也沒那麼清楚。

But look, I will tell you the amount of time that our sales team is on the road, not selling per se, but a major customer -- the biggest grocers and retailers in the country are calling us to say, hey, I'd love for you guys just to come and speak to my leadership team, and tell them what you're seeing in the category. I think that's pretty amazing. And what happens is great quality, great service. And when a customer wants a new item, the first call is they're giving us a call.

但聽著，我可以告訴你，我們銷售團隊在外奔波的時間之多——不完全是在「賣東西」，而是有重要客戶——全國最大的雜貨商與零售商打電話給我們說，嘿，我很希望你們來跟我的領導團隊聊聊，告訴他們你們在這個品類看到什麼。我覺得這相當驚人。而背後發生的就是：很棒的品質、很棒的服務。當客戶想要一個新品項時，他們第一通電話就是打給我們。

And that's what I think -- I talk about this flywheel effect, that's what continues to accelerate our growth more and more. So I love what the Chris and the sales team are doing to be that category adviser. And that doesn't mean we're going to have $1 billion of sales tomorrow. However, it makes it much more likely that we're going to have that $1 billion of sales a couple of years from now, and that's what we're building towards. We are in this for the long game without a doubt.

而這就是我所說的——我談到這種飛輪效應（flywheel effect），它會持續讓我們的成長越來越加速。所以我很喜歡 Chris 和銷售團隊所做的，去扮演那個品類顧問的角色。這不代表我們明天就會有 10 億美元的銷售額。但它會大幅提高我們在幾年後達到 10 億美元銷售額的可能性，而這正是我們正在打造的方向。毫無疑問，我們是在打長期戰。

Eric Des Lauriers, Craig-Hallum.

Eric Des Lauriers，Craig-Hallum。

Congrats on another strong quarter and a really exceptional year here. My first question, I noticed a big step-up in trade promotion spend in Q4. It's great to see. I know it's been sort of an area of focus.

恭喜又一個強勁的季度，以及今年非常出色的表現。我的第一個問題是，我注意到第四季的通路促銷（trade promotion）支出大幅增加。很高興看到這點。我知道這一直算是你們的重點領域之一。

You commented on the -- all the success you had on Instacart, around the Costco, MVM. And I'm just wondering how much we should sort of attribute that nice step up in Q4, kind of specifically to that Instacart, Costco commentary? And how much of it was kind of more broad-based result of your improved profitability and cash flow?

你提到——你們在 Instacart 上的各種成功、以及與 Costco 相關的、MVM。我想問，我們應該在多大程度上把第四季這個漂亮的提升，特別歸因於你剛才對 Instacart、Costco 的評論？又有多少其實是更廣泛地來自你們獲利能力與現金流改善的結果？

I guess, ultimately wondering, is this sort of a seasonal kind of onetime Costco MVM thing? Or does this represent a bit of a step-up or a new normal going forward?

我想，歸根結底想問的是，這是否屬於某種季節性、一次性的 Costco MVM 活動？還是說，這代表未來會有些許升級，或成為一種新的常態？

Yeah. Thanks, Eric. And again, the credit goes to the team. Everyone is just doing an incredible job. Actually, I love -- I'm glad you called that out. It's pretty amazing. So if we're at a -- what we had a 26% gross margin with nearly 10 points of trade. I'll let you guys do the math yourself, you know how that works with gross to net. That puts into perspective what the true gross margin could have been if we're not investing in the future.

是的。謝謝你，Eric。再次強調，功勞要歸於團隊。每個人都做得非常出色。其實我很喜歡——也很高興你點出這一點。真的很驚人。所以如果我們在——我們的毛利率是 26%，而且有將近 10 個百分點的通路費用（trade）。我就讓各位自己算，你們知道毛到淨（gross to net）是怎麼運作的。這能讓大家更清楚：如果我們不為未來投資，真正的毛利率本來可能會是多少。

One thing that I've been looking at is, overall, just the amount of investments that we've been making between more marketing, right? I think we're up like 70% on marketing for the year, literally a crazy amount of what do we like 4x trade. This is huge -- even stuff like -- I know you can't add the two numbers together, but depreciation, right, because we're investing in equipment and everything. It is amazing what we've accomplished from a profitability standpoint while making these massive investments. I'm super proud of the team.

我一直在看的其中一件事是，整體而言，我們在投資上的規模——例如更多的行銷，對吧？我想我們今年行銷費用大概增加了 70%，真的是很誇張的幅度，通路費用大概像是 4 倍那樣。這很巨大——甚至像是——我知道你不能把兩個數字直接相加，但像折舊也是，對吧？因為我們在設備等方面投資。在做出這些大規模投資的同時，我們在獲利能力上仍能達成這樣的成果，真的很驚人。我對團隊感到非常自豪。

Directly to your point, you've heard me say before, we will continue to invest the trade as long as our gross margins are in the mid- to high-20s. And you saw us being in the mid- to high-20s this time around, we're able to substantially invest in our trade.

直接回到你的問題，你之前也聽我說過，只要我們的毛利率維持在 20% 中段到高段，我們就會持續投入通路費用（trade）。而這次你也看到我們的毛利率落在 20% 中段到高段，因此我們能夠大幅投入通路費用。

What do we get for that trade? Crazy success at Costco already got an everyday item in the Northeast. So clearly, the ROI is there.

那我們從這些通路費用得到什麼？在 Costco 已經取得非常驚人的成功，甚至在東北地區已經成為日常品項。所以很明顯，投資報酬率（ROI）是存在的。

Also, to your point, we look at it every quarter, right? Peter, Chris, myself, Anthony, we look at trade every single day. And if we have the gross margin, we'll lean into the trade.

另外也呼應你的觀點，我們每一季都會檢視，對吧？Peter、Chris、我自己、Anthony，我們每天都在看通路費用（trade）。只要我們有毛利率空間，我們就會加大通路投入。

And equally, the good news is trade isn't set quarters ahead, even months ahead necessarily. If things are getting softer, meaning we know chicken is accelerating now. Obviously, freight is a bit more of a challenge now. That means that we have to pull it back. So again, we look at it week to week, month to month to decide what the right trade rate is for the quarter.

同樣的，好消息是通路費用（trade）不一定要提前好幾季、甚至好幾個月就固定下來。如果情況變得疲弱——也就是說，我們知道雞肉成本現在正在加速上升。顯然，運費現在也更具挑戰。那就代表我們必須把通路投入拉回。所以我們會按週、按月去看，來決定該季合適的通路費率（trade rate）。

Very helpful. I appreciate that color. And then just a follow-up for me. You mentioned some new technologies you're bringing into Bay Shore. Could you just kind of remind us, overall, how to think about CapEx for 2027?

非常有幫助。謝謝你提供這些補充說明。接著我還有一個追問。你提到你們要把一些新技術導入 Bay Shore。你能不能再提醒我們，整體而言，該如何看待 2027 年的資本支出（CapEx）？

What kind of equipment technologies are you guys looking at? And how to think about dollar amounts and timing here as we update our models?

你們在看的是哪些設備技術？以及在我們更新模型時，該如何思考金額規模與時程安排？

Yeah. I mean this is where Anthony is so helpful to us, right? So you know our rule, right? You don't get to spend CapEx if you're not making it from cash flow from operations. We spend -- the plan is to spend mid- to high-single-digit millions of dollars a year. Again, only if we have the cash flow from operations. We are very structured in that manner.

是的。我的意思是，這就是 Anthony 對我們非常有幫助的地方，對吧？你知道我們的規則，對吧？如果不是來自營運現金流（cash flow from operations），你就不能花資本支出（CapEx）。我們的支出——計畫是每年花中到高個位數百萬美元。再次強調，只有在我們有營運現金流的前提下才會花。我們在這方面非常有紀律、很有結構。

But yeah, there's always more equipment. We're doing exceptionally well now with these -- remember, I spoke to you guys about this map technology that extends shelf life naturally. We just bought two more of those.

不過是的，設備永遠都有更多可以買。我們現在在這些——記得我跟各位談過那個 MAP 技術嗎？它能以自然方式延長保存期限。我們剛又買了兩台。

But again, we're talking about hundreds of thousands of dollars -- a couple of hundred thousand dollar pieces of machinery. This is not like the grills, if you remember, a year or two back, where the grills are $1.5 million each. So these are still -- these are smaller things.

但再次強調，我們談的是幾十萬美元的等級——一台機器大概二十幾萬美元那種。這不像你們記得的一、兩年前那些烤爐（grills），每台要 150 萬美元。所以這些仍然——是比較小型的項目。

Again, we want to keep investing. Eric, you've toured our plants before. You know that I love buying more stuff that reduces complexity, that accelerates things, that reduces the need for the manual labor that I can now put the people in other places. So the more I can do that, obviously, the happier I am, happier Anthony is and obviously, that's going to improve our gross margins.

再次強調，我們希望持續投資。Eric，你以前參觀過我們的工廠。你知道我很喜歡買更多能降低複雜度、加快流程、並減少對人工需求的設備，這樣我就能把人力調到其他地方。所以我越能做到這些，顯然我就越開心，Anthony 也越開心，而這也會明顯改善我們的毛利率。

George Kelly, ROTH Capital Partners.

George Kelly，ROTH Capital Partners。

First from me is on input pricing just around chicken and beef. Wondering if you can update us just on what you've seen recently? And I think, especially beef, continues to be pressured. Adam, I think you just mentioned that chicken has been a little pressured here recently, too. Wondering how you're planning to kind of adjust pricing or what you're planning to do to respond to what you're seeing?

我第一個問題是關於投入成本定價，主要是雞肉和牛肉。想請你更新一下最近你們看到的情況？我想，尤其是牛肉，壓力仍在。Adam，我想你剛也提到雞肉最近也有點承壓。想了解你們打算如何調整定價，或你們計畫如何回應你們所看到的變化？

Yeah. Thanks, George. You guys definitely get your money's worth out of us in the sense that there is no dull day. As you mentioned, beef -- it's funny beef, I'm a little happier about because beef has gone up, as you guys have all seen and it's in the paper. But it's been relatively stable now, relatively stable high. But still, I'm all about stability.

是的。謝謝你，George。你們確實從我們這裡得到物超所值的資訊，因為每天都不會無聊。如你所說，牛肉——有趣的是，牛肉我反而比較開心一些，因為牛肉價格已經上漲了，各位也都看到了，報紙上也有。但現在相對穩定了，是相對穩定在高位。不過我仍然最重視的是穩定性。

Chris and team have done a great job. Again, we're very transparent with our partners -- our retail partners. The goal is not for us to get more margin, but we can't lose money because then we can't help you for out of business. So we have been successful in getting the price increases in to maintain our margins.

Chris 和團隊做得很棒。再次強調，我們對合作夥伴——我們的零售合作夥伴——非常透明。我們的目標不是要多賺毛利，但我們也不能虧錢，因為那樣我們就無法幫你們，反而會倒閉。因此，我們已成功把漲價落地，以維持我們的毛利率。

There is some delay a little bit. It can be anywhere from 30 days to 60 days. But beef, I do like the stability, but I'm telling you I don't think it's going to go down. And Alberto is the boss here. I don't think it's going to go down anytime soon, certainly not before the end of summer. But again, we have the pricing, we're still working on more pricing, and I think we're in good shape there.

確實會有一些延遲。可能介於 30 天到 60 天不等。但牛肉方面，我確實喜歡它的穩定性，不過我告訴你，我不認為它會下跌。而 Alberto 才是這裡的老闆。我不認為它短期內會下跌，至少在夏末之前肯定不會。但再次強調，我們已經有定價措施，也仍在推進更多定價，我認為這部分我們狀況良好。

Chicken, again, I'll always find a positive. Chicken is just a bell curve, right? Chicken always goes up around this time of year. It has gone up. We were very lucky that Q4 tended to be a little bit lower.

雞肉方面，再次強調，我總能找到正面因素。雞肉價格就是一條鐘形曲線，對吧？每年這個時候雞肉價格總是會上漲。它確實已經上漲了。我們很幸運，第四季通常會稍微低一點。

The great news about this is we're contracted, right, for close to 70% of our chicken sales. Now that doesn't mean we're immune to it, right? There's also the 30%. There's also some things we have that are -- have a floor and ceiling, so it moves up.

這件事的好消息是，我們有合約在身，對吧，我們接近 70% 的雞肉銷售是簽約的。當然這不代表我們就完全不受影響，對吧？還有那 30%。另外我們也有一些條款是——有下限和上限，所以它會跟著往上動。

But again, the sales team has done a great job at looking -- we're so much more proactive now. We actually show -- I've told you guys about Expana, best money we spent. It's a forecasting system that's all over the -- it's a global forecasting system on commodities.

但再說一次，銷售團隊在觀察這些事情上做得非常好——我們現在主動得多了。我們其實會展示——我跟各位提過 Expana，這是我們花得最值得的一筆錢。它是一套商品的預測系統——是一個涵蓋全球的商品預測系統。

You could see what's going to happen. They're pretty accurate, and we share that with retailers in advance. And the answer is, hey, guys, we think it's going to go up. I'm putting my price increase in now. And if it doesn't go up, I'm happy to pull it back.

你可以看到接下來會發生什麼。它們相當準確，而我們會提前把這些資訊分享給零售商。答案就是：嘿，各位，我們認為它會上漲。我現在就先把漲價放進去。如果最後沒有上漲，我也很樂意把漲價撤回。

I'd be remiss, though, pricing is just one piece of it, right? Skip and his team are doing an incredible job. Again, trimming is a big lever. We have to do more of that. We have to sell more of the bottoms. But there's work that Alberto and procurement are doing to -- and I look at this positively. There's still so much more for us to do, right?

不過我得說，定價只是其中一部分，對吧？Skip 和他的團隊做得非常出色。再說一次，修整（trimming）是一個很大的槓桿。我們必須做得更多。我們必須賣出更多的下腿肉（bottoms）。但 Alberto 和採購團隊正在做的工作——而我用正面的角度看——我們還有太多事情可以做，對吧？

We've been in Bay Shore, seven months. So there continues to be efficiencies from a procurement perspective. From a process perspective, I mentioned earlier that one plant, three locations. You've heard me say that before, we're moving stuff around all the time, and we had excess capacity in Bay Shore, so that's great. That means we got to do the Walmart -- the new Walmart stuff there, the new Food Lion stuff there.

我們在 Bay Shore 才七個月。所以從採購角度來看，效率還會持續提升。從流程角度來看，我先前提到一個工廠、三個據點。你們以前也聽我說過，我們一直在把東西到處調度，而 Bay Shore 有多餘產能，所以這很好。這代表我們可以把 Walmart——新的 Walmart 專案放在那裡做，把新的 Food Lion 專案也放在那裡做。

So with Skip helping us by lowering our costs, with Chris helping us by raising our prices, again, I certainly can't sit back with my hands up, but we are very intentional and very proactive in everything that's happening with beef, with chicken.

所以 Skip 透過降低成本來幫助我們，Chris 透過提高價格來幫助我們；再說一次，我當然不能雙手一攤坐等，但對於牛肉、雞肉正在發生的一切，我們都非常有意識、也非常主動。

Obviously, you guys know about what's going on in freight, a little pressure on freight. So we're way ahead of it. Freight is another good example where we're increasing our MOQs, minimum order quantities, right? So maybe we don't get all of the pricing we need passed on freight. But if I could make the process more efficient, if I get more in the truck, guess what happens? My costs go down, and then I could offset that increase. So all these things we're thinking of well ahead of them actually happening.

顯然，各位也知道運輸（freight）正在發生什麼事，運輸成本有一些壓力。所以我們早就走在前面。運輸是另一個很好的例子：我們正在提高 MOQ（最低訂購量），對吧？所以也許我們無法把運輸所需的所有漲價都轉嫁出去。但如果我能讓流程更有效率，如果我能在卡車上裝更多貨，猜會怎樣？我的成本就會下降，然後我就能抵銷那個上漲。所以這些事情我們都在它們真正發生之前就提前思考。

Okay. Okay. That's helpful. And then second question for me is on Crown. So I believe you were -- with respect to the legacy product portfolio there and some of the legacy customer base, you were managing that, potentially taking pricing, potentially sort of exiting some of their less productive SKUs.

好的。好的。這很有幫助。那我第二個問題是關於 Crown。所以我相信你們——就那邊的既有產品組合以及部分既有客戶基礎而言，你們一直在管理它，可能會調整價格，也可能會退出一些生產力較低的 SKU。

And that was a process that was maybe starting a few months ago, early this calendar year, I think. Just curious how that's gone. And when we think about the sequential growth at Crown, should we anticipate that sequential revenue number to perhaps dip a little bit before stabilizing and growing? Or like now that you've had it longer, how should we think about the sequential build on Crown's revenue?

而這個流程可能是幾個月前開始的，我想是在今年日曆年初。只是想了解進展如何。以及當我們看 Crown 的逐季成長時，我們是否應該預期逐季營收可能會先小幅下滑，之後才穩定並成長？或者說，現在你們持有它更久了，我們應該如何看待 Crown 營收的逐季累積？

Yeah. Look, we're right on track. I think I told everybody that just like we did in Creative Salads and like we did with Olive branch, the first year of Bay Shore is about getting the economics right, and that means getting price increases, changing up the products to improve the margins. There might -- we might have to exit some items, and we're doing just that.

是的。你看，我們完全按計畫進行。我想我跟大家說過，就像我們在 Creative Salads 以及 Olive Branch 所做的一樣，Bay Shore 的第一年重點是把經濟效益調整到位，這意味著要做價格上調、調整產品以改善毛利率。可能——我們可能必須退出一些品項，而我們正在這麼做。

The expectation, again, and I believe I've shared pretty consistently is my hope is that Crown is actually flat for the year, right? We're going to lose some stuff, but then add some stuff. And if we can be flat for the year on Crown, that would be a great success because our gross margin is going to be significantly higher on that flat growth.

再次強調，我的預期——而且我相信我一直很一致地分享——我希望 Crown 全年其實是持平的，對吧？我們會失去一些，但也會新增一些。如果 Crown 全年能做到持平，那會是很大的成功，因為在這個持平的成長下，我們的毛利率會顯著更高。

I think it's amazing. Again, what Chris is doing right, we have one sales team. It doesn't matter what facility it's being produced out of. Chris and his team have had great partnerships with our new customers that we're really excited about.

我覺得這很驚人。再說一次，Chris 做得對，我們只有一個銷售團隊。不管是在哪個廠生產都無所謂。Chris 和他的團隊與我們令人振奮的新客戶建立了很好的合作夥伴關係。

Actually, I haven't even shared yet, but I guess I can share now, like we're -- we actually have gotten wins already using our Bay Shore facilities and equipment. We have the shredded chicken which is awesome, which is a big Bay Shore item. We actually sold that into one of our -- the legacy Mama's Albertsons accounts and Shaw's.

其實我還沒分享過，但我想我現在可以分享：我們——我們其實已經利用 Bay Shore 的廠房與設備拿下一些案子了。我們有手撕雞（shredded chicken），非常棒，這是 Bay Shore 的一個大品項。我們實際上把它賣進了我們其中一個——既有的 Mama's Albertsons 客戶帳戶以及 Shaw's。

We're able to -- I mean, the team is amazing. The team's already sold some of our cheese-stuffed chicken meatballs, a legacy Mama's products into a Bay Shore customer, with Wakefern. So -- no, I love what the team is doing. And as bullish, if not more bullish than I was -- oh my goodness, I don't know, when I started this process last February, I think it's been like 1.5 years, it's been crazy. But now, the team is doing a great job, really great job.

我們能夠——我的意思是，團隊真的很棒。團隊已經把我們的一些起司夾餡雞肉丸（cheese-stuffed chicken meatballs），也就是既有的 Mama's 產品，賣進了一個 Bay Shore 客戶——Wakefern。所以——不，我很喜歡團隊正在做的事。而且我依然很看多，甚至比我之前更看多——天啊，我不知道，從去年二月我開始這個流程以來，我想已經大概 1.5 年了，真的很瘋狂。但現在，團隊做得非常好，真的非常好。

Ryan Meyers, Lake Street Capital Markets.

Ryan Meyers，Lake Street Capital Markets。

Congrats on another quarter of great progress. And just kind of following up on the last question, thinking about gross margins, for Q4, actually came in ahead of what I was looking for and expecting. But should we be using what you guys reported here in the fourth quarter and gross margin as a new baseline?

恭喜又一個季度取得很大的進展。我想延續上一個問題，談到毛利率，第四季實際上高於我原本的觀察與預期。但我們是否應該把你們在第四季所報告的毛利率視為新的基準？

And as we progress through 2027, you guys will continue to trend towards the target you gave in the Analyst Day of the mid- to high-20s? Or is there anything gross margin wise that we should be aware of in 2027?

而隨著我們進入 2027 年，你們會持續朝著在分析師日所給出的「20% 中段到高段」目標趨近嗎？或者在 2027 年的毛利率方面，有沒有什麼我們需要留意的？

Look, overall, I try as hard as I can not to run the business quarter to quarter. Brian asked the question earlier around gross margin and no, I certainly don't think we're going to -- God forbid, we're negative or even below double-digit growth. But there might be some quarters that were much higher, some quarters that were closer to that because -- just timing of promotions.

你看，整體而言，我會盡我所能不把公司用「一季一季」的方式來經營。Brian 先前問了毛利率的問題，不，我當然不認為我們會——老天保佑——出現負成長，甚至低於兩位數成長。但可能有些季度會高很多，有些季度會比較接近那個水準，因為——主要是促銷時點的影響。

Gross margin is similar, right? So we know, hopefully, I've been clear with everybody over since I think -- I don't know, I think this is my 14th conference call, if you could believe that. We're in the commodities business.

毛利率也類似，對吧？所以我們知道——希望我已經跟大家講清楚了——從我想……我不知道，我想這是我第 14 次電話會議了，你能相信嗎。我們是在做大宗商品的生意。

So that means that there's ups and downs throughout the year, right? It's always harder in the summer. I think we were -- we had some tailwinds in Q4 with the lower chicken prices, and we had really good absorption with the Costco rotation.

所以這代表一年當中會有起起落落，對吧？夏天總是比較難。我想我們——第四季因雞肉價格較低而有一些順風，而且 Costco 的輪換帶來了非常好的產能吸收。

We will continue. Again, I -- we're planning for. I feel confident that we will be higher four quarters from now than we were this quarter. I feel really good with that. But from quarter to quarter, depending on what season we're in, we might have a point or two dip up or down. So I wouldn't expect it just to keep going up because, again, we have to take into account the seasonality of chicken and beef prices, depending on particular promotions and rotations.

我們會持續下去。再說一次，我——我們的規劃是。我有信心，四個季度之後我們會比這一季更高。我對此感覺非常好。但就季度對季度而言，取決於所處季節，我們可能會上下波動一到兩個百分點。所以我不會預期它只會一路往上，因為同樣地，我們必須把雞肉與牛肉價格的季節性、以及特定促銷與輪換的影響納入考量。

So hopefully, that's helpful. But I will tell you, and I feel confident that we will have -- our gross margins will be higher a year from now than they are today.

希望這有幫助。但我可以告訴你，而且我有信心，我們的毛利率在一年後會比今天更高。

Okay. Fair enough. No, that makes sense. And then thinking back to some of your prepared remarks that we had talked about on the call, the emphasis on the branded side of the business and the branded products.

好的。合理。不，這說得通。接著回到你在電話會議中一些事先準備的發言，我們談到你們強調業務中的品牌端以及品牌產品。

Can you remind us what the mix between branded and private label is right now? And then maybe are you seeing more demand for your [guys'] private-label products or more demand right now for the branded side of the business?

你能提醒我們目前品牌與自有品牌（private label）的組合占比是多少嗎？另外，你們現在看到的是你們[各位]的自有品牌產品需求較多，還是品牌端的需求較多？

Actually, I don't know if it's just the magic of Chris and his team, but I'm seeing a lot more branded. I mean, so think about it, the last three wins. First, with Food Lion, five out of five were branded. Walmart, seven out of seven were branded. Target, the two items that they pulled -- that they're pulling are both branded.

其實我不知道是不是 Chris 和他團隊的魔法，但我看到品牌的比重高很多。你想想看，最近三個贏單。首先是 Food Lion，五個品項裡五個都是品牌。Walmart，七個品項裡七個都是品牌。Target，他們拉進來的兩個品項——他們正在拉進來的——也都是品牌。

So it seems that it's accelerating. I think I've given you guys examples of stuff that was historically private label, like Publix or BJ's, they're now asking it to be branded. So I think that there's more momentum.

所以看起來正在加速。我想我也給過你們一些例子，像是過去歷來是自有品牌的案子，例如 Publix 或 BJ's，他們現在要求改成品牌。所以我認為動能更強了。

Look, we've -- remember, I spoke to you guys about this flywheel effect, I think what I'd say, 65% of people that were on the Instacart that bought in Q4 were new to brand. That means that they had never heard of Mama Mancini’s before, Mama's Creations, and they bought. Now they're a loyal customer. And now they're going to look out for more Mama Mancini’s new products or Mama's Creations products.

你看，我們——記得我跟你們談過這個飛輪效應，我想我會說，第四季在 Instacart 上購買的人裡，有 65% 是品牌新客。這代表他們以前從沒聽過 Mama Mancini’s、Mama's Creations，但他們買了。現在他們成了忠誠客戶。接著他們會去找更多 Mama Mancini’s 的新產品或 Mama's Creations 的產品。

So I would expect that we're going to accelerate the percentage of branded because, just quite honestly, it sells better than what we've shown. We've proven the velocities are higher when you call it Mama Mancini's. Why wouldn't the retailer want that?

所以我預期品牌占比會加速提升，因為老實說，它的銷售表現比我們目前呈現的更好。我們已經證明，當你把它叫做 Mama Mancini's 時，銷售速度（velocity）更高。零售商為什麼不想要那樣？

But that said, if a retailer is absolutely adamant that I am only a private-label customer, why would I not sell them a private-label item. But you don't get a penny discount, right? Same -- that's why Anthony allows me to stay here. Margins -- the price is the same price. It doesn't matter whether it's branded or private label.

但話說回來，如果某個零售商非常堅持我只能做自有品牌客戶，那我為什麼不賣他自有品牌的品項呢。但你不會拿到一分錢折扣，對吧？同樣——這也是 Anthony 讓我能繼續待在這裡的原因。毛利——價格就是同一個價格。不管是品牌或自有品牌都一樣。

Anthony Vendetti, Maxim Group.

Maxim Group 的 Anthony Vendetti。

Just a couple of quick questions. I was just wondering the -- if you can give us an update on the progress of transitioning, your -- all your chicken products to antibiotic-free and what's the expectation for that being completed?

我只有幾個簡短問題。我想請問——你能否更新一下你們把所有雞肉產品轉為無抗生素（antibiotic-free）的進度，以及預期何時完成？

Yeah. It's pretty cool. So many people want us to do the NAE chicken, particularly Chris's wife [Rachel]. She's all into fitness. So she likes the NAE. We're all there. So 100% of what we're purchasing now is NAE chicken. It's going really well.

可以。這很酷。很多人希望我們做 NAE 雞肉，尤其是 Chris 的太太[Rachel]。她非常重視健身。所以她喜歡 NAE。我們都已經到位了。所以我們現在採購的 100% 都是 NAE 雞肉。進展非常順利。

Anthony Morello, remember the guy that started Creative Salads. He's been doing a great job helping us. He's our chickens art. He got amazing pricing for us.

Anthony Morello，記得那位創立 Creative Salads 的人。他一直在很棒地協助我們。他是我們的雞肉專家。他幫我們拿到了非常驚人的價格。

I think I told you another reason why Crown was such a great acquisition is it more than doubled our chicken needs, and made us a legitimate player in the marketplace that allowed us to have some pricing power. So we got great pricing.

我想我告訴過你們，Crown 之所以是很棒的併購，另一個原因是它讓我們的雞肉需求增加到兩倍以上，並讓我們成為市場上真正有份量的玩家，因而讓我們具備一定的議價能力。所以我們拿到了很好的價格。

And again, when you're up, right, from a sales perspective, when you're head to head with somebody and one is conventional and the other one is NAE, and I'll make it even harder for us or harder for Chris. If we're penny more, would you pay a penny more to be able to have an NAE product to be able to claim NAE? That's a pretty good selling point.

再說一次，當你在銷售面上與對手正面交鋒時，一個是傳統（conventional），另一個是 NAE——我再把難度提高一點，對我們或對 Chris 更難一點。如果我們貴一分錢，你會不會願意多付一分錢，來擁有一個 NAE 產品、並能宣稱 NAE？這是一個相當不錯的賣點。

So I love what we're doing. It's just one more piece that differentiates us in the marketplace and holds us in place. Again, I gave you the example of two head to head. We're in there with NAE chicken and someone else comes in with conventional chicken. Well, yeah, they're going to try to save $0.01, but we worth keeping the NAE chicken. So it's another moat that we've created for ourselves, which is great.

所以我很喜歡我們正在做的事。這只是又一個讓我們在市場上差異化、並鞏固我們位置的要素。再說一次，我給過你兩個正面對決的例子。我們用 NAE 雞肉進場，然後有人用傳統雞肉進來。嗯，沒錯，他們會想省 0.01 美元，但我們值得保留 NAE 雞肉。所以這是我們為自己打造的另一道護城河，這很棒。

No, that's excellent. And in terms of average, Adam, you mentioned average items carried has gone up. Do you have specific -- or I'm sure you do, but any specific metrics you can share with us, whether it's across the entire portfolio or in particular stores, let's say, Costco, where the number of items carry in those stores have gone up either on a numbers basis or percentage basis over the last 12 months?

不，那非常好。那麼就平均而言，Adam，你提到平均上架品項數已經上升。你是否有具體——我相信你有——但有沒有任何具體指標可以和我們分享，不論是整個產品組合層面，或是特定門店，例如 Costco，在過去 12 個月裡，這些門店的上架品項數是以數量或百分比的基礎增加了多少？

Yeah. I think it's -- like I've shared with you, it's harder because we've been concentrating a lot of our sales, which in the club channel, which is where I think consumers are going, and they tend to have fewer items.

有。我認為——就像我跟你們分享過的——這比較難，因為我們把很大一部分銷售集中在俱樂部通路，而我認為消費者正在往那裡走，而那個通路通常品項較少。

I'll tell you that in Q4 for last year, I did look -- so 9 of our top 10 customers were either the same, if not more items than they were a year ago. And the other one that wasn't at the time, or I just got another item back in. So it's just bad timing. But I know that every customer -- and you heard Chris say at the Investor Day that his goal and actually his bonus, he has to get two new items into each customer.

我可以告訴你，去年第四季我確實看過——我們前十大客戶中有 9 個，其品項數不是與一年前相同，就是比一年前更多。而另外那一個當時沒有——不過我剛又把另一個品項重新上架了。所以只是時機不巧。但我知道每一位客戶——而且你們在投資人日也聽到 Chris 說，他的目標、其實也是他的獎金條件之一，是必須在每個客戶導入兩個新產品。

Just the Walmart -- the seven items at Walmart, has gotten him on a good start, right? And the five items at Food Lion. So I feel great. Everything that we said we wanted to do, we are getting more items in on every major customer. So yeah, hopefully, that's helpful.

光是 Walmart 的七個品項，就讓他有了很好的開始，對吧？還有 Food Lion 的五個品項。所以我感覺非常好。我們說過想做的每一件事，我們都正在每一個主要客戶那裡增加更多上架品項。所以，是的，希望這對你有幫助。

Okay. That's helpful. And then Lastly, on Costco. So there's eight regions. How many regions are you currently in? Are you in all eight regions? And if you're not, what is it going to take to get into the rest? Or can you talk about just the opportunity to expand the Costco relationship in fiscal '27?

好的。這很有幫助。最後一題，關於 Costco。所以有八個區域。你們目前進入了多少個區域？你們是否已經在全部八個區域？如果還沒有，要怎麼做才能進入其餘區域？或者你能談談在 2027 財年擴大與 Costco 合作關係的機會嗎？

Yeah. So remember, so with Costco, we're always in somewhere. We're doing lots of different things. I think if you put a gun to my head right now, I think we're in three or four regions right this minute. But literally, every month, every quarter, it changes.

是。所以請記得，對 Costco 而言，我們總是會在某些地方上架。我們在做很多不同的事情。如果你現在逼我一定要回答，我想此時此刻我們在三到四個區域。但坦白說，每個月、每一季都會變。

I honestly don't even share with you guys just because I'd bore you to death on every time we get another meatball rotation, right, because it's happening all the time. Scott and team are talking to Costco. Actually, they had a meeting today, actually couldn't even to fake that. Scott and Chris had a meeting with Costco today on another opportunity. So we're constantly speaking to them. We are top of mind to them, all eight regions.

老實說我甚至不跟各位分享，因為每次我們又拿到一次肉丸輪換上架（rotation），我講起來你們可能會聽到厭煩，對吧？因為這種事一直在發生。Scott 和團隊一直在和 Costco 溝通。其實他們今天就有一場會議，這我甚至沒法編。Scott 和 Chris 今天也和 Costco 開會，討論另一個機會。所以我們一直在和他們對話。我們在他們心中一直是優先考量，涵蓋全部八個區域。

And again, I think what I'm looking for from Chris and Scott and where the three of us are aligned, is we're looking for some set of -- it's a combination of a couple of things: permanency, I don't know if that's a real word. And an example of that, like we're in every item in the Northeast. There are more opportunities to get that; rotations of our existing products. And I very much hope and expect to be able to share with you guys new items that we're getting in.

再說一次，我希望 Chris 和 Scott 能做到的、以及我們三個人一致對齊的方向，是我們在尋找某種——這是幾個因素的組合：長期性（permanency，我不知道這算不算一個詞）。舉例來說，我們在東北區的每個品項都有上架。還有更多機會可以擴大；也包括我們既有產品的輪換上架。而我非常希望也預期能和各位分享我們正在導入的新產品。

So the only thing that I can't tell you guys is we're going to get into a new region because I apologize, we're in all eight regions. But I definitely want to be telling you guys we're getting new items in that we haven't done in the past.

所以我唯一不能跟各位說的是「我們會進入一個新的區域」，因為很抱歉，我們其實已經在全部八個區域。但我確實希望能跟各位說的是：我們正在導入過去沒有做過的新產品。

Just as a reminder, last year or the year before, I don't know, five or six items. We had a meatloaf, sausage and peppers, three different types of sauces, beef, meatballs, chickens, cheese-stuffed chicken meatballs. Those are just items that we've had in Costco recently.

提醒一下，去年或前年，我不確定，大概五到六個品項。我們有肉餅、香腸與甜椒、三種不同的醬料、牛肉、肉丸、雞肉、起司夾心雞肉丸。這些都是我們最近在 Costco 上架過的品項。

So I love Costco as a partner. Yes, I just -- and I expect we're always going to be somewhere. And I love it. At some point this year, just like we did last year, I would hope to share with you guys that for some point in time, we're in all eight regions at once.

所以我很喜歡 Costco 這個合作夥伴。是的，我只是——而且我預期我們總會在某些地方上架。我很喜歡。今年某個時點，就像去年一樣，我希望能和各位分享：在某段時間內，我們同時在全部八個區域上架。

And we have reached the end of the question-and-answer session. And therefore, I would like to turn the call back over to CEO, Adam Michaels, for closing remarks.

我們已到達問答環節的結束。因此，我想把電話交回給執行長 Adam Michaels 作結語。

Thank you, operator, and thank you again to each of you for joining us today.

謝謝接線員，也再次感謝各位今天加入我們。

Fiscal '26 showed what this organization is capable of when every element of the strategy is aligned and executing. Our revenue growth, margin expansion, successful integration and strengthened financial position have prepared us for what I believe will be an even more exciting fiscal '27. We have the platform, the people and the products to execute on our vision of becoming the leading national one-stop-shop deli solution provider.

2026 財年展現了當策略的每個要素都對齊並落實執行時，這個組織能做到什麼。我們的營收成長、毛利率擴張、成功整合以及更強健的財務狀況，讓我們為我相信將更令人振奮的 2027 財年做好準備。我們具備平台、人才與產品，得以執行我們的願景：成為全國領先的一站式熟食解決方案供應商。

We are riding a wave that is only getting stronger with a ship that has been reinforced with capital and capacity and an emboldened crew who are harnessing these new capabilities. Our strategy has charted a course for deli leadership, and we are unwavering in our commitment.

我們正乘著一股只會愈來愈強的浪潮前進，而這艘船已以資本與產能加固，船員也更有膽識，正善用這些新能力。我們的策略已為熟食領導地位規劃航線，而我們對此承諾堅定不移。

As always, we appreciate our shareholders' continued support and look forward to updating you on our progress in the quarters ahead. Thank you.

一如既往，我們感謝股東持續的支持，並期待在接下來的幾個季度向各位更新我們的進展。謝謝。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的會議到此結束，您現在可以掛斷電話。感謝各位的參與。