麥當勞 (MCD) 2026 Q3 法說會逐字稿

Hello, and welcome to McDonald's third-quarter 2026 investor conference call. At the request of McDonald's Corporation, this conference is being recorded. (Operator Instructions)

大家好，歡迎參加麥當勞 2026 年第三季投資人電話會議。應麥當勞公司要求，本次會議將被錄音。(接線員指示)

I would now like to turn the conference over to Mr. Dexter Congbalay, Vice President of Investor Relations for McDonald's Corporation. Mr. Congbalay, you may begin.

現在我想將會議交給麥當勞公司投資人關係副總裁 Dexter Congbalay 先生。Congbalay 先生，您可以開始了。

Good morning, everyone, and thank you for joining us. With me on the call today are Chairman and Chief Executive Officer, Chris Kempczinski; and Chief Financial Officer, Ian Borden.

各位早安，感謝各位加入。今天與我一同參與電話會議的有董事長兼執行長 Chris Kempczinski，以及財務長 Ian Borden。

As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website, as are reconciliations of any non-GAAP financial measures mentioned on today's call, along with their corresponding GAAP measures. Following prepared remarks this morning, we will take your questions. Please limit yourself to one question and then reenter the queue for any additional questions. Today's conference call is being webcast and is also being recorded for replay via our website.

提醒各位，我們財報新聞稿與 8-K 申報文件中的前瞻性陳述，同樣適用於我們今天電話會議中的評論。上述兩份文件可於我們網站取得；此外，今天電話會議中提及的任何非 GAAP 財務衡量指標之調節表（reconciliations）及其對應的 GAAP 指標，也可在網站上查閱。在今天上午的準備發言結束後，我們將開放提問。請每位提問者限問一題，如有其他問題請重新排隊。今天的電話會議將以網路直播方式進行，並同時錄音，供日後透過我們網站回放。

And now I'll turn it over to Chris.

接下來我把時間交給 Chris。

Thanks, Dexter, and good morning, everyone. During today's call, I'll start with the next steps we're taking to build momentum in the US. Ian will then provide details on our performance in the quarter. I'll then wrap up with an update on how we're advancing McDonald's > NEXT across the system. In the third quarter, McDonald's delivered global comparable sales of 1.5% and system sales growth of 4% in constant currency, reflecting the growing contribution from new restaurant openings. Our international markets delivered another quarter of solid results, supported by the continued strong execution across value menu and marketing in most of our largest markets even amidst the continued challenging consumer environment.

謝謝你，Dexter，各位早安。在今天的電話會議中，我將先說明我們為在美國市場建立動能所採取的下一步行動。接著 Ian 會提供本季業績表現的細節。最後我會以我們如何在整個體系推進 McDonald's > NEXT 的最新進展作結。第三季，麥當勞全球同店銷售成長 1.5%，以固定匯率計算的系統銷售成長 4%，反映新餐廳開幕帶來的貢獻持續增加。我們的國際市場本季再度交出穩健成果；即使消費環境仍具挑戰，在多數最大市場中，超值菜單與行銷的持續強勁執行仍提供了支撐。

In the US, performance improved as the quarter progressed, with comparable sales turning positive in September, following a slightly negative result in July and August. That improvement followed a series of interventions we initiated during the quarter, restoring some digital offers to drive frequency with our most engaged customers, shifting marketing support toward proven value platforms and stepping up our focus on restaurant level execution. We're encouraged by the initial response to those interventions and the direction of the business. At the same time, we know there's more work to do. Our focus now is to build on that improvement and accelerate baseline performance.

在美國，隨著季度推進，表現逐步改善；在 7 月與 8 月同店銷售略為負成長後，9 月轉為正成長。這項改善源自我們在本季啟動的一系列介入措施，包括恢復部分數位優惠以提升最活躍顧客的來客頻次、將行銷資源轉向已驗證的超值平台，以及加強對餐廳端執行力的聚焦。我們對這些介入措施的初步反應以及業務走向感到鼓舞。同時，我們也知道仍有更多工作要做。我們目前的重點是延續這項改善，並加速基本面表現。

Specifically, that includes three additional interventions in the months ahead. First and most importantly, nailing the final piece of our value equation, entry-level offerings. Second, engaging our most frequent customers by stepping up compelling digital offers that give them more reasons to visit. And third, reinforcing taste and quality credentials are our biggest equities including system training on taste, quality and great hospitality. We know there's particular interest in our US value plan to allow me to elaborate on the specific steps that we are taking and their expected timing. Just last week, we began an eight-week test of two new everyday affordable price menu constructs across all dayparts in about 1,900 restaurants across a handful of regions.

具體而言，未來幾個月還包括三項額外的介入措施。第一，也是最重要的，是把我們超值方程式的最後一塊拼圖做好：入門級產品（entry-level offerings）。第二，透過加碼具吸引力的數位優惠來吸引最常光顧的顧客，讓他們有更多理由來店消費。第三，強化我們最重要的資產——口味與品質的信任度，包括在整個體系推動口味、品質與優質待客（great hospitality）的訓練。我們知道外界特別關注美國的超值方案，因此我想進一步說明我們正在採取的具體步驟及其預期時程。就在上週，我們在約 1,900 家餐廳、涵蓋數個地區，啟動為期八週的測試，測試兩種新的「每日平價」菜單架構，並涵蓋全天各時段（all dayparts）。

We're testing mix and match bundles that give customers greater choice and provide familiar ordering behaviors for prior buy one, add one offers. We're also testing fixed bundles that give customers a set combination at an attractive price and make ordering straightforward. At the same time, franchisees representing about an additional 4,000 restaurants have chosen to move forward with similar entry-level bundles in advance of the formal test results.

我們正在測試「自由搭配」組合（mix and match bundles），讓顧客有更大的選擇彈性，並延續過去「買一件、加一件」優惠的熟悉點餐行為。我們也在測試「固定組合」方案（fixed bundles），以具吸引力的價格提供固定搭配，讓點餐更直覺。同時，代表約另外 4,000 家餐廳的加盟業者，也選擇在正式測試結果出爐前，先行推動類似的入門級組合方案。

Together, these restaurants and those participating in the formal test represent more than 40% of the US system, reflecting strong alignment around the opportunity. We'll use the results of this test to determine which structure resonates most with customers, works best operationally and deliver sustainable incremental traffic and sales for franchisees.

上述餐廳加上參與正式測試的餐廳，合計已超過美國體系的 40%，反映大家對此機會高度一致的共識。我們將運用本次測試結果，判斷哪一種架構最能引起顧客共鳴、在營運上最可行，並能為加盟業者帶來可持續的增量來客與銷售。

Our goal is to launch a new program nationally in early 2027. We've already made significant improvements to address holistic value across our menu which contributed to improvement in value and experience scores across our top 10 markets. Today, our base menu pricing across the industry's most popular menu items in chicken, beef and beverages is generally below that of our nearing competitors. Our $5 and $6 Meal Deals remain industry standouts, and our extra value meals on everyday fan favorites have become a proven platform to drive incremental sales. And we provide a compelling broad set of digital offers to more than 45 million loyalty members in the US through the McDonald's app.

我們的目標是在 2027 年初於全美推出新的方案。我們已針對菜單的整體超值性做出顯著改善，並促成我們前 10 大市場的超值與體驗評分提升。目前，在雞肉、牛肉與飲料等產業最受歡迎的品項上，我們的基本菜單定價普遍低於我們最接近的競爭對手。我們的 5 美元與 6 美元餐點優惠（Meal Deals）仍是業界亮點，而針對日常熱門品項推出的超值套餐（extra value meals）也已成為帶動增量銷售的成熟平台。此外，我們透過麥當勞 App，向美國超過 4,500 萬名會員提供一系列具吸引力且廣泛的數位優惠。

Our goal is straightforward. Customers should see a clear and compelling value proposition every time they consider McDonald's, where they're looking for an affordable individual item, a complete meal or a digital offer in the mobile app. In conclusion, we're exactly where we hope to be when we shared our comments regarding US performance at Investor Day. We're taking the right steps to improve our near-term performance in the US, and I'm encouraged by our baseline traffic trends in September and October. At the same time, beverages continues to perform well and are contributing to incremental check growth.

我們的目標很明確。每當顧客考慮麥當勞時，都應該能看到清楚且具吸引力的超值主張——無論他們是在尋找平價的單品、完整的一餐，或是在手機 App 中的數位優惠。總結來說，這正是我們在投資人日分享美國市場表現評論時所期望達到的位置。我們正採取正確步驟來改善美國市場的短期表現，而我也對 9 月與 10 月的基本面來客趨勢感到鼓舞。同時，飲料品類持續表現良好，並帶動客單價的增量成長。

With that, I'll hand it over to Ian to take you through the quarter in more detail.

接下來，我把時間交給 Ian，請他更詳細地帶各位回顧本季表現。

Thanks, Chris, and good morning, everyone. In the third quarter, global comparable sales grew 1.5% in a soft consumer environment, particularly in Europe. In spite of the environment, we continue to gain or hold share across the majority of our top markets. Beginning with the US, comparable sales declined 0.2% for the quarter and are up 1.4% on a year-to-date basis. As Chris just highlighted, comp sales improved as the quarter progressed, turning positive in September as a result of steps we took during the quarter to begin to stabilize baseline guest counts.

謝謝你，Chris，各位早安。第三季在消費環境疲弱、尤其是歐洲市場更為明顯的情況下，全球同店銷售仍成長 1.5%。儘管環境如此，我們在多數主要市場仍持續擴大或維持市占。先從美國開始，本季同店銷售下滑 0.2%，年初至今則成長 1.4%。如 Chris 剛才所強調，隨著季度推進，同店銷售逐步改善；由於我們在本季採取措施開始穩定基本面來客數，9 月轉為正成長。

One step was to partially restore a broader range of regional and national digital offers to drive higher frequency of visits from active loyalty members as well as to generate traffic from new and lapsed loyalty members. Examples of these offers included a $2 breakfast sandwich and free fries with a $1 minimum purchase. The initial responses to the mass digital offers exceeded expectations for both incremental guest counts and sales. and helped to reverse the decline in baseline trends we saw in Q2 and early in Q3. The second step was reallocating marketing support towards rest of day entry-level meal deals and extra value meals, proven and compelling components of our value offerings.

其中一項措施是部分恢復更廣泛的區域性與全國性數位優惠，以提高活躍會員的來店頻次，並同時帶動新會員與流失會員回流所帶來的來客。這些優惠的例子包括 2 美元早餐三明治，以及單筆最低消費 1 美元即可獲得免費薯條。大眾化數位優惠的初步反應在增量來客數與銷售兩方面都超出預期，並有助於扭轉我們在第二季以及第三季初期所見的基本面下滑趨勢。第二項措施是將行銷資源重新配置至「非早餐時段」的入門級餐點優惠與超值套餐，這些都是我們超值主張中已被驗證且具吸引力的組成要素。

Since relaunching EVMs more than a year ago, unit sales from our top EVMs are up about 7% versus the prior year. and we've consistently seen incremental traffic with higher average check and margin. This trend continued late in the quarter behind nationally price-pointed offerings, including a $5 sausage McMuffin and egg meal and an $8 Big Mac meal. As Chris noted, the US is also testing additional entry-level value offerings, which we expect to launch in early 2027 to complement these strong existing value programs.

自從一年多前重新推出EVM以來，我們最暢銷EVM的單位銷量較前一年約成長7%。同時，我們也持續看到增量客流，且平均客單價與毛利率更高。在本季後段，受全國統一定價的產品帶動，這一趨勢延續，包括5美元的香腸滿福堡加蛋餐，以及8美元的大麥克餐。如Chris所提到，美國也正在測試更多入門級超值方案，我們預期將於2027年初推出，以補強這些既有且表現強勁的超值計畫。

Turning to menu. Our new specialty beverage platform continued to perform well, delivering clear incrementality in the quarter behind strong take rates and repeat purchases across the assortment. We continue to see checks that included a specialty beverage up about 50% compared to the full day average check with the majority of units sold after lunch.

接著談菜單。我們全新的特調飲品平台持續表現良好，憑藉強勁的點購率與全品項的重複購買，在本季帶來明顯的增量效益。我們持續觀察到：包含特調飲品的客單價較全日平均客單價高出約50%，且多數銷量發生在午餐之後。

The addition of Red Bull Dragonberry Energizer in August delivered a boost to the platform with minimal cannibalization of refreshers and crafted sodas. During the six-week advertised launch window, it sold the most units within the platform and lifted total specialty beverage category sales. In short, for the US overall, we're encouraged by the initial response to the interventions we undertook to improve baseline trends and how the US system is acting together to strengthen business momentum as we exit the year.

8月新增的Red Bull Dragonberry Energizer為平台帶來提振，且對清爽飲與手作汽水的替代效應（cannibalization）極小。在為期六週的廣告上市期間，它成為平台內銷量最高的品項，並帶動特調飲品品類總銷售成長。總結而言，就美國整體來看，我們對於為改善基礎趨勢所採取措施的初步反應感到鼓舞，也看到美國體系正齊心協力，在年底之際強化業務動能。

Turning to the international operated markets. Comparable sales increased 1.4%, led by Australia and Germany, and we gained or held share in most of our top markets. IOM comparable sales decelerated slightly as compared to the second quarter. This primarily reflected the continued underperformance versus our expectations in France as well as the impact on restaurant operating hours from the recent escalation of the war in Ukraine. Excluding these two factors, IOM comparable sales would have exceeded our expectation for the quarter as markets continued to execute our playbook of delivering everyday value, offering relevant menu innovation and driving strong marketing.

接著談國際自營市場（IOM）。同店銷售成長1.4%，由澳洲與德國領軍，且我們在多數主要市場的市占率提升或持平。相較第二季，IOM同店銷售增速略有放緩。主要反映法國持續低於我們預期的表現，以及近期烏克蘭戰事升級對餐廳營業時數造成的影響。若排除這兩項因素，IOM同店銷售本季將可超出我們預期，因各市場持續落實我們的作戰手冊：提供日常超值、推出貼近需求的菜單創新，並推動強而有力的行銷。

Beginning with value, Australia expanded its McSmart platform with new pricing tiers for meal bundles that drove incremental sales and guest counts. Germany and the UK strengthened their affordability platforms with a particular focus on families, including price-pointed Happy Meal offers. Additional value initiatives such as the UK's Chicken McNuggets Extra Value Meal add-on and Savers breakfast offers, help drive guest visits and strengthen value perceptions. For menu innovation, the launch of specialty beverages in Australia early in July significantly exceeded expectations with strong take rates and contribution to sales.

先從超值策略談起，澳洲擴大其McSmart平台，為套餐組合新增不同價位層級，帶動增量銷售與來客數。德國與英國強化其平價平台，特別聚焦家庭客群，包括具明確價位點的快樂兒童餐優惠。其他超值措施，例如英國的Chicken McNuggets超值餐加購方案與Savers早餐優惠，有助於帶動來客並強化超值感知。在菜單創新方面，澳洲於7月初推出特調飲品，點購率強勁且對銷售有貢獻，表現大幅超出預期。

Australia delivered many of the business performance and demographic trends we've shared about this platform in other markets. Specialty beverages also continued to deliver strong performance in Canada and Germany. Canada's launch of Red Bull Energizers in the quarter exceeded overall unit sales forecast and was incremental to other specialty beverage sales.

澳洲呈現了我們在其他市場分享過、此平台所帶來的多項營運表現與客群結構趨勢。特調飲品在加拿大與德國也持續展現強勁表現。加拿大於本季推出Red Bull Energizers，單位銷量超出整體預測，且對其他特調飲品銷售帶來增量。

In Germany, the platform featured its first specialty beverage LTO, the Italo Spritz and continue to drive incremental guest counts, improve baseline momentum and capture beverage market share in the quarter. The performance across the US, Canada, Germany and Australia reinforces our confidence that the specialty beverages become a sustainable global growth platform under McDonald's > NEXT and be a key driver for our goal to capture an additional 1.5 percentage points of beverage market share by 2030.

在德國，該平台推出首款特調飲品限時供應（LTO）Italo Spritz，並持續在本季帶動增量來客、改善基礎動能，並取得飲品市場市占。美國、加拿大、德國與澳洲的表現，強化了我們的信心：特調飲品將在麥當勞 > NEXT之下成為可持續的全球成長平台，並成為我們到2030年額外取得1.5個百分點飲品市占目標的關鍵驅動力。

We remain on track to launch specialty beverages across nearly all of our European markets by mid-2027 and across more international developmental license markets throughout 2027. Beyond beverages, we continue to see solid momentum in another global growth platform under McDonald's > NEXT, large beef burgers. In Australia, the Quarter Pounder was again the center of innovation and marketing featuring the Quarter Pounder Deluxe and Double Quarter Pounder Barbecue Bacon with the performance of both exceeding expectations. And Australia's successful quarter pound innovation has confirmed the opportunity that we believe exists with this equity across other markets, which will be a focus area in 2027.

我們仍按計畫在2027年年中前，於幾乎所有歐洲市場推出特調飲品，並在2027年期間擴展至更多國際發展型授權市場。除飲品之外，我們也持續看到麥當勞 > NEXT之下另一個全球成長平台——大型牛肉漢堡——展現穩健動能。在澳洲，四盎司牛肉堡（Quarter Pounder）再次成為創新與行銷核心，推出Quarter Pounder Deluxe與Double Quarter Pounder Barbecue Bacon，兩者表現皆超出預期。此外，澳洲成功的Quarter Pounder創新也驗證了我們所認為此品牌資產在其他市場存在的機會，並將成為2027年的重點聚焦領域。

Germany also continued to build on the momentum of the Big Arch platform featuring the Big Arch with bacon and big tasty bacon with performance beating expectations and supporting beef market share gains in the quarter. The UK and Spain also featured big arch during the quarter, extending positive performance in the beef category to these markets.

德國也持續延續Big Arch平台的動能，推出Big Arch with bacon與big tasty bacon，表現優於預期，並支持本季牛肉品類市占提升。英國與西班牙本季也主打Big Arch，將牛肉品類的正向表現延伸至這些市場。

Turning to marketing. As we highlighted at our Investor Day, Menu Heist is an example of how we're leveraging our global scale to offer customers a curated selection of international menu favorites at their local Donald's restaurant to create customer excitement, drive guest visits and keep the McDonald's brand at the center of the experience. In both Germany and Canada, the campaign generated strong sales and guest count growth. Germany delivered one of its highest sales weeks ever in the market, supported by menu items such as McExtreme Bacon from Spain and McCrispyChili Honey from Canada.

接著談行銷。如我們在投資人日所強調，Menu Heist是我們如何運用全球規模優勢的例子：在顧客所在地的麥當勞餐廳，提供精選的國際人氣菜單品項，以創造顧客興奮感、帶動來客，並讓麥當勞品牌成為體驗核心。在德國與加拿大，該活動帶動強勁的銷售與來客數成長。德國創下該市場歷來銷售表現最高的週次之一，並由西班牙的McExtreme Bacon與加拿大的McCrispyChili Honey等品項支撐。

And in the UK, Menu His launched at the end of September with early social media trends showing strong customer excitement. While many of our major IOM markets delivered strong execution during the quarter, France continued to perform below our expectations, which Chris will discuss in a few minutes.

而在英國，Menu His於9月底推出，早期社群媒體趨勢顯示顧客興奮度很高。儘管我們多個主要IOM市場在本季執行表現強勁，法國仍持續低於我們預期，Chris將在幾分鐘後進一步說明。

Turning to the international developmental license markets. Comparable sales increased 4.2% with all geographic regions delivering positive comparable sales. Japan led the way, driven by strong execution across value menu and marketing and has now delivered 44 quarters of consecutive comp sales growth. ID's comparable sales growth was tempered by results in China as the near-term macro environment and consumer backdrop remain challenging. At the same time, the China team continued to drive operational efficiency, which supported improved bottom line performance versus the prior year quarter.

接著談國際發展型授權市場。同店銷售成長4.2%，所有地理區域皆呈現正成長。日本表現領先，受惠於超值菜單與行銷的強勁執行，並已連續44個季度同店銷售成長。由於中國短期宏觀環境與消費者背景仍具挑戰，ID的同店銷售成長受到中國表現所抑制。同時，中國團隊持續推動營運效率，支持本季底線表現較去年同期改善。

Turning to the enterprise P&L. Our top line performance drove adjusted earnings per share of $3.57, including a $0.01 headwind from foreign currency translation. On a constant currency basis, adjusted earnings per share increased 11% compared with the prior year quarter. We currently estimate no impact of foreign currency translation on adjusted earnings per share for the fourth quarter versus the prior year based on current exchange rates. As always, this is directional guidance as rates will likely change.

接著談企業損益表（P&L）。我們的營收表現帶動調整後每股盈餘（EPS）達3.57美元，其中包含外幣換算帶來的0.01美元不利影響。以固定匯率計，調整後每股盈餘較去年同期成長11%。以目前匯率推估，我們預計第四季外幣換算對調整後每股盈餘相較去年同期不會造成影響。一如既往，這僅為方向性指引，因匯率很可能變動。

In the third quarter, we generated nearly $4.2 billion in restaurant margins. Our year-to-date adjusted operating margin was 48.3%, reflecting higher other operating income, including the benefit from our refranchising efforts, which led to higher gains on sale of restaurants.

第三季，我們創造了近42億美元的餐廳利潤（restaurant margins）。年初至今的調整後營業利益率為48.3%，反映其他營業收入較高，其中包含我們推動再特許經營（refranchising）所帶來的效益，進而提高餐廳出售收益。

We're making steady progress towards our goal of having 98% of our global restaurant portfolio franchised by 2028, having refranchised about 175 restaurants across the US and IOM so far this year. SG&A expenses were 2% of system-wide sales in the quarter, and we continue to expect SG&A as a percentage of system-wide sales for the full year to be approximately 2.2%. As we discussed at Investor Day, we expect the investments we've made in global systems, shared capabilities and high-quality enterprise data will begin contributing to improved efficiency on SG&A as a percentage of system-wide sales in 2027.

我們正穩步朝向2028年前將全球餐廳組合中98%完成特許經營的目標邁進；截至今年目前為止，我們已在美國與IOM再特許經營約175家餐廳。本季SG&A費用占系統銷售額的2%，我們仍預期全年SG&A占系統銷售額的比例約為2.2%。如同我們在投資人日所討論，我們在全球系統、共享能力與高品質企業數據上的投資，預期將自2027年起開始貢獻效率提升，反映在SG&A占系統銷售額比例的改善。

Turning to new unit growth. We remain disciplined in our development decisions as we continue to open restaurants only where we expect attractive long-term returns for both McDonald's and franchisees. We now expect 2,500 gross restaurant openings globally this year, slightly below our target of 2,600, but remain on track for approximately 2,100 net restaurant openings. We now expect 2026 capital expenditures of about $3.7 billion, which is at the low end of our previously guided range of $3.7 billion to $3.9 billion, reflecting opening slightly fewer gross new restaurants in owned markets as well as the impact of foreign currency.

接著談新店成長。在發展決策上，我們仍維持紀律，持續只在我們預期能為麥當勞與加盟商帶來具吸引力的長期報酬之地點開設餐廳。我們目前預期今年全球將有2,500家餐廳毛開店數，略低於2,600家的目標，但仍按計畫達成約2,100家餐廳淨開店數。我們目前預期2026年資本支出約為37億美元，位於先前指引區間37億至39億美元的低端，反映在自營市場毛新店開設數略少，以及外幣匯率影響。

In summary, our third quarter results were consistent with the trajectory that we previously outlined for the US business. alongside continued solid performance across most of our international business. We're encouraged by the improvement in US baseline trends that we saw as the quarter progressed and remain focused on the further work to do to position the business for stronger, more consistent performance in 2027. At the same time, we'll continue investing behind McDonald's > NEXT at scale to drive sustainable long-term growth and productivity.

總結來說，我們第三季的業績表現符合先前為美國業務所勾勒的發展軌跡，同時我們多數國際業務也持續展現穩健表現。我們對本季進行期間所看到的美國基礎趨勢改善感到鼓舞，並將持續聚焦於後續仍需完成的工作，以使業務在2027年展現更強勁且更一致的表現。同時，我們也將持續以規模化方式投資推動 McDonald's > NEXT，以帶動可持續的長期成長與生產力提升。

And with that, let me turn it back over to Chris.

接下來，我把時間交還給 Chris。

Thanks, Ian. I want to offer a quick word on France. A few weeks ago, our franchisees in France voted in support of a well-defined and holistic path forward, including simplifying the market's governance structure to enable greater flexibility and agility for our business moving forward. This was a historic vote, and I want to thank our franchisees for their partnership to get the business back on track.

謝謝，Ian。我想簡短談一下法國。幾週前，我們在法國的加盟商投票支持一條明確且全面的前進路徑，其中包括簡化該市場的治理架構，以便未來讓我們的業務具備更高的彈性與敏捷性。這是一項具歷史意義的投票，我要感謝加盟商的合作夥伴關係，協助讓業務重回正軌。

While we continue to face short-term disruptions to our business in France due to the recent protests, we're now better positioned to drive growth behind stronger marketing support and the right combination of innovation, value and improved execution. 6 weeks ago, we hosted an Investor Day here in Chicago to detail McDonald's next our new long-term growth strategy. At its core, McDonald's > NEXT is all about how we improve the customer experience from the food we serve to the hospitality that we offer while making our restaurants easier to operate and more efficient. Our ambition is simple to be the first choice for more customers more often.

儘管近期抗議活動使我們在法國的業務仍面臨短期干擾，但我們如今已更有條件在更強的行銷支持，以及創新、價值與更佳執行力的正確組合帶動下推動成長。6週前，我們在芝加哥舉辦投資人日，詳細說明 McDonald's > NEXT 這項新的長期成長策略。其核心在於：從我們提供的餐點到我們提供的待客之道，全面提升顧客體驗，同時讓餐廳更易於營運、效率更高。我們的企圖很簡單：成為更多顧客在更多時刻的第一選擇。

Across the global system, our franchisees, suppliers and employees are now stepping up exchanging ideas, sharing solutions and providing feedback. That's how we get better, and it demonstrates the power of our unique 3 legacy dual model. On McDonald's > NEXT is a multiyear strategy, we're already putting elements of it into action. Our internal mantra is Next is Now. In early October, on our Founder's Day, also known as Ray Kroc's birthday, we launched Make It Golden.

在全球體系中，我們的加盟商、供應商與員工正挺身而出，交流想法、分享解決方案並提供回饋。這正是我們變得更好的方式，也展現了我們獨特的「3-legged」雙重模式的力量。McDonald's > NEXT 是一項多年期策略，我們已開始將其中部分要素付諸行動。我們內部的口號是「Next is Now」。10月初，在我們的創辦人日（也就是 Ray Kroc 的生日），我們推出了「Make It Golden」。

Make It Golden is the largest capability building initiative in our history, focusing on elevating the guest experience by delivering great-tasting food and uniquely McDonald's Hospitality. We're giving restaurant teams the training and tools to create more of these moments more consistently and at scale.

「Make It Golden」是我們史上最大規模的能力建構計畫，聚焦於透過提供美味餐點與獨具麥當勞特色的待客之道，提升顧客體驗。我們正為餐廳團隊提供訓練與工具，讓這些時刻能更一致、並以規模化方式更常發生。

The first month, we completed the first round of trainings for our key leaders and experts who are responsible for cascading Make It Golden across more than 18,000 restaurants in the first quarter. We're also making great progress rolling out our new beverage platform. Today, nearly 18,000 restaurants across the US, Germany, Canada and Australia are driving incrementality by giving customers new reasons to choose McDonald's. We're on track to expand our specialty beverage platform to more than 7,000 additional restaurants across Europe by mid-2027. We've already begun setting up operational pilots for hand-breaded chicken in the US and Ireland as we work to elevate taste and quality in our fastest-growing category.

在第一個月，我們已完成第一輪訓練，對象為關鍵領導者與專家，他們將在第一季把「Make It Golden」向下推廣至超過18,000家餐廳。我們在推動全新飲品平台的導入方面也取得重大進展。目前，美國、德國、加拿大與澳洲近18,000家餐廳正透過為顧客提供選擇麥當勞的新理由，帶動增量成長。我們按計畫在2027年年中前，將特色飲品平台擴展至歐洲另外超過7,000家餐廳。為了提升我們成長最快品類的口味與品質，我們已開始在美國與愛爾蘭進行手工裹粉雞肉的營運試點。

In early 2027, we'll launch full advertised sales tests in about 100 restaurants in a couple of US cities and a complete full national rollout across Ireland. We're starting to open remodel next restaurants across the globe with the first international restaurant opened in Poland a few weeks ago, followed shortly by Spain. As we shared at Investor Day, we've reimagined the design of our restaurants to deliver a more appealing modern customer experience with new kitchen layouts and equipment to support future menu innovation and gold standard execution alongside our new restaurant operating platform, ArchIQ.

在2027年初，我們將在美國幾個城市約100家餐廳啟動完整的廣告支持銷售測試，並在愛爾蘭進行全面的全國性推廣。我們也開始在全球開設 NEXT 改裝餐廳，首家國際餐廳於數週前在波蘭開幕，隨後不久在西班牙也將跟進。如同我們在投資人日所分享的，我們重新構想了餐廳設計，以提供更具吸引力的現代化顧客體驗，並透過新的廚房配置與設備，支援未來菜單創新與黃金標準的執行，同時搭配我們新的餐廳營運平台 ArchIQ。

We're on track to begin remodeling hundreds of US restaurants in 2027 as we ramp up to a global run rate in excess of 5,000 restaurants per year beginning in 2028. And finally, we're expanding testing of Archie, our smart ordering system across more drive-thrus in the US and Australia, where it's giving our group more time to spend with our customers and make sure every order is delicious. We expect Archie to be deployed across the majority of US restaurants by the end of 2027 with further pilots planned internationally through 2027.

我們按計畫在2027年開始改裝數百家美國餐廳，並在2028年起將全球年化改裝速度提升至每年超過5,000家餐廳。最後，我們正擴大在美國與澳洲更多得來速通路測試 Archie（我們的智慧點餐系統），它讓我們的團隊能有更多時間與顧客互動，並確保每一筆訂單都美味可口。我們預期在2027年底前，Archie 將部署至美國多數餐廳，並計畫在2027年前於國際市場進一步進行試點。

This is next in action, strengthening how we operate today while building the growth platforms and capabilities that will position McDonald's to lead for the long term. We'll continue to regularly update you on our progress and associated results behind key elements of NEXT throughout 2027.

這就是 NEXT 的實際行動：在強化我們今日營運方式的同時，打造成長平台與能力，讓麥當勞在長期具備領先地位。在2027年期間，我們將持續就 NEXT 的關鍵要素之進展與相關成果，定期向各位更新。

At McDonald's, nothing is real until it's real in the restaurants. As we close out 2026, we're focused on reestablishing momentum on our US business while expanding share gains across our international business. I'm encouraged by our near-term progress and excited about the upside potential that McDonald's > NEXT will unlock for our business in the years ahead.

在麥當勞，只有在餐廳裡真正落地，才算真正實現。在結束2026年之際，我們聚焦於重新建立美國業務動能，同時擴大國際業務的市占提升。我對我們短期的進展感到鼓舞，也對 McDonald's > NEXT 在未來幾年將為業務釋放的上行潛力感到振奮。

With that, we'll take your questions.

接下來我們開始提問。

(Operator Instructions)

（接線員指示）

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

Thanks. Good morning, guys. I guess the question is just about franchisee conversations since we were last together. First of all, do you feel like there's alignment in the US on value at this point and that being kind of the primary mover as we go into early 2027?

謝謝。各位早安。我想問題是關於自上次我們交流以來，與加盟商的對話情況。首先，你們是否覺得目前美國市場在「價值」方面已經達成一致，並且在進入2027年初時，這會是主要的驅動因素？

And then I guess second, on the NEXT strategy, do you feel like they've been very receptive to the elements you laid out in September, kind of the investment required and the time line or any updates on your thinking there?

第二個問題是關於 NEXT 策略：你們是否覺得加盟商對你們在9月提出的各項要素——包括所需投資與時間表——反應非常正面？或是你們在這方面的想法有任何更新？

Hey, Brian. So first on value, I think there's very strong alignment around focusing on this entry-level value as being the last piece of the value equation for us that we need to figure out. And as I mentioned in my prepared remarks, I think that's why we already see that we've got about 40% of the US system is doing some version of an entry-level value program. Part of that is in testing. Part of that is franchisees not wanting to wait for the test and actually get out and put entry-level value in place already.

嗨，Brian。先談價值，我認為大家在聚焦「入門級價值」這件事上有非常強的共識，因為這是我們價值方程式中最後一塊需要釐清的拼圖。如同我在事先準備的發言中提到的，我想這也是為什麼我們已經看到美國體系約40%正在推行某種形式的入門級價值方案。其中一部分是在測試階段。另一部分則是加盟商不想等待測試結果，而是已經開始著手推出入門級價值。

So I do think there's really good alignment around getting after the entry-level value in the US, as I've talked about before, I think we're in good shape on the other elements of value. And then as you -- regarding McDonald's > NEXT, we're having a lot of different conversations with franchisees. But broadly, our franchisees aligned around improving the customer experience, taste quality hospitality 100%. Are they aligned around going after making the restaurants easier to operate more efficient? 100%.

所以我確實認為，針對美國入門級價值主張的推進，大家的方向非常一致；如我先前提過，我認為在價值的其他面向我們也處於不錯的狀態。接著，關於 McDonald's > NEXT，我們正與加盟主進行許多不同的對話。但整體而言，我們的加盟主在提升顧客體驗、口味品質與待客之道方面是 100% 一致的。至於是否也一致認同要讓餐廳更容易營運、更有效率？也是 100%。

In our system, as you know, the conversations are always around the how. And so one of the things that I think is so good about our system is now we're digging in and we've got teams particularly in the US, working through each of these elements.

在我們的體系裡，如你所知，對話永遠都圍繞在「怎麼做」。因此，我認為我們體系很棒的一點是，現在我們正深入拆解，而且我們已經有團隊——特別是在美國——逐一推進這些要素。

If you think about remodels, there's franchisees now who have a team who are going through line by line, item by item on the remodel and I'm sure they're going to find opportunities. They always do. There's always a good conversation on that. And so I would expect that as we get further into those conversations, we're going to get to a remodel program that we all feel really good about. And then on the other piece of this, which I know there's been conversation around hand breaded chicken is why we have the tests out there.

如果你想想改裝（remodels），現在有些加盟主已經組成團隊，針對改裝計畫逐行、逐項檢視，我相信他們會找到機會。他們一向如此。這方面總是會有很好的討論。因此我預期，隨著我們更深入這些對話，我們會形成一個讓大家都覺得非常好的改裝方案。另外，關於這件事的另一個部分——我知道外界一直在討論手工裹粉炸雞——這也是為什麼我們正在做測試。

We've got two ASTs or advertised sales tests in a couple of our cities in early 2027. And I just happened to spend the last -- last week, I was in Ireland for a couple of days with franchisees there going and visiting their restaurants as they prepare for hand breading.

我們在 2027 年初會在幾個城市進行兩個 AST（advertised sales tests，廣告銷售測試）。而我剛好在上週最後幾天到愛爾蘭，和那裡的加盟主一起待了幾天，走訪他們的餐廳，看看他們如何為手工裹粉做準備。

So this is like -- this is where McDonald's folks just get super excited because now they're getting into the operational details. How do we make this work? What are the challenges? How do we make it better? And so I do feel overall good about where franchisees are on NEXT. I think they're appropriately digging into the how on those things, and we'll share with you progress as we go through 2027.

所以這就像——這正是麥當勞的人會變得超級興奮的地方，因為現在大家開始進入營運細節。我們要怎麼讓它運作？有哪些挑戰？要怎麼把它做得更好？因此整體而言，我對加盟主在 NEXT 上的狀態感覺良好。我認為他們正以適當的方式深入研究這些事情的「怎麼做」，我們也會在 2027 年推進過程中與各位分享進展。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

Morning, guys. Thanks a lot for all that detail on the US strategy. Following the encouraging improvement in the US trends through the quarter post the interventions that you noted, can you touch a little bit more on how you're thinking about that US sales trajectory over the balance of this year? And any high-level thoughts to share on the path into '27 as you think about the benefits from the interventions and the benefits from NEXT? Thank you.

早安，各位。非常感謝你們提供這麼多關於美國策略的細節。在你們提到的介入措施之後，本季美國趨勢出現令人鼓舞的改善；能否再多談一點，你們如何看待今年剩餘時間美國銷售的走勢？以及在你們思考介入措施與 NEXT 帶來的效益時，對於走向 2027 年的路徑，有沒有任何高層次的想法可以分享？謝謝。

Hey, morning, Dennis. It's Ian. Let me maybe start and then I'll let Chris chime in maybe at the end. But I'd go back to kind of what we said on the Q2 earnings call because I think everything that we're doing and the results that we've seen in Q3 are all kind of confirmatory to what we outlined there, which was that our focus was about how we got the US business in a stronger position as we exit 2026.

嗨，Dennis，早安。我是 Ian。我先回答，最後再讓 Chris 也補充一下。不過我會回到我們在第二季財報電話會議上說過的內容，因為我們正在做的一切，以及第三季看到的結果，都在某種程度上印證了我們當時的說法：我們的重點在於，如何讓美國業務在 2026 年結束時處於更強的狀態。

I think certainly, we feel really good about the work and the decisions at Sky and the US system collectively are putting into place. I think we're -- as you heard us say in our upfront remarks, we're encouraged by the baseline traffic trends that we've seen through September and now through October. And I think we remain really confident that the US is on the right path to exit '26 in a stronger position.

我想我們對 Sky 的工作以及美國體系整體所做出的努力與決策感到非常有信心。而且如同你們在我們開場談話中聽到的，我們對 9 月、以及現在到 10 月為止所看到的基礎客流趨勢感到鼓舞。我們仍然非常有信心，美國正走在正確的道路上，能在 2026 年結束時以更強的姿態收官。

I might just also touch on IOM because that may -- I'm sure that's a question that's coming. And I just would say with IOM, I think as we outlined in our opening remarks, see in the most the majority of our large international markets we're holding or gaining share. It's a soft consumer environment, but we're doing well. And I think our international markets are very consistently executing that playbook of menu marketing and value. And I think as we look forward to Q4, I think the kind of conditions that we saw in Q3, we expect to be largely consistent through the rest of the year.

我也想順帶談一下 IOM，因為我確定這會是接下來會被問到的問題。我只想說，就 IOM 而言，正如我們在開場談話中所提到的，在我們多數大型國際市場，我們的市占率持平或提升。消費環境偏疲弱，但我們表現不錯。而且我認為，我們的國際市場非常一致地在執行那套「菜單、行銷與價值」的作戰手冊。展望第四季，我們預期第三季看到的環境條件，在今年剩餘時間大致會維持一致。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通（JPMorgan）。

Hi. Thank you. So I have had an opportunity to visit a fully operational NEXT door with hand-breaded chicken, and I will tell you, I'm very impressed to kind of see that operating in person. The point of the question is when I look at the hand-breaded chicken platform, does it make more sense to maybe just pursue significant upgrades of the sandwich of the strip, for example, as part of hand-breading and maybe pursue those type of product categories versus going into what I think might just be a higher-risk category with bone and wings.

嗨，謝謝。我有機會參觀一間完全運作中的 NEXT 門店，並且有手工裹粉炸雞；我必須說，親眼看到實際運作，我非常印象深刻。我的問題是：當我看手工裹粉炸雞這個平台時，是否更合理的是，或許只針對例如雞肉三明治或雞柳（strip）做顯著升級，作為手工裹粉的一部分，並且優先推進這類產品類別，而不是進入我認為可能風險更高的帶骨品類（例如帶骨雞翅）？

And I do ask the bone-in wing question in the context of the Mighty Wing kind of experience of 10 years ago, if there's something significant maybe that we could have learned from that in terms of the ease of execution of that product. Thank you so much.

我之所以問帶骨雞翅，是因為想到 10 年前 Mighty Wing 的經驗；想請教是否有什麼重要的教訓可以借鏡，特別是在該產品的執行難易度方面。非常感謝。

Hi, John. I think these are all things that, right now, those are the details that we dig into with franchisees to figure out how we deliver this, what's the best way to go about improving the taste and quality of our chicken offerings. I was in Ireland, as I mentioned last week, and one of the things that we're doing in there, and we've got -- I'd say right now about 10 restaurants is looking at two items, so strips and the sandwich versus three items, strip sandwich and wings and getting good experience and feedback on that.

嗨，John。我認為這些都是我們目前正在與加盟主深入討論的細節，用來釐清我們要如何交付這個方案，以及改善我們雞肉產品口味與品質的最佳方式。如我提到的，我上週在愛爾蘭；我們在那邊做的一件事——目前大概有 10 間餐廳——是在比較兩個品項（雞柳與三明治）對上三個品項（雞柳、三明治與雞翅），並蒐集實際操作經驗與回饋。

I think one of the things, again, it's 10 restaurants, but we're seeing that wings provides really strong incrementality. Again, it's in those 10 restaurants. It's really early but that's an interesting learning. So I think we're in kind of the now how do we actually go about and execute this, what are the challenges, what are the issues. And I think through that, we're going to learn whether there's the operational complexity of Wings or three items outweighs the benefits that you get with incrementality.

我認為其中一個發現是——再次強調，這只是 10 間餐廳——我們看到雞翅帶來非常強的增量效益。同樣地，這是在那 10 間餐廳的結果。現在還非常早，但這是個有意思的學習。所以我認為我們正處在「那我們到底要怎麼實際執行、有哪些挑戰、有哪些問題」的階段。而透過這些，我們會學到：雞翅或三個品項所帶來的營運複雜度，是否會大於增量效益所帶來的好處。

Maybe the only hook, John, I mean, I think we've done a lot of work to understand kind of we call it menu architecture, but just looking at the kind of composition of the market. And I mean, obviously, we're going to ultimately be led by what our customer is looking for. And I think, as Chris said, that may -- there may be some nuances market to market in that, but we certainly have had success with wings in a number of markets globally. And so we certainly know it's an opportunity area.

John，或許我補充一個切入點：我想我們做了很多工作來理解——我們稱之為菜單架構（menu architecture）——也就是檢視市場的組成。而且很明顯地，我們最終會以顧客想要什麼為依歸。我想如 Chris 所說，這裡可能會因市場而有一些細微差異；但我們在全球多個市場的雞翅品類確實取得成功。因此我們也很清楚，這是一個具機會的領域。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

Great. Thank you very much. Just maybe a quick clarification on the model and a question on the Make It Golden. So you mentioned it's a large capability building initiative on hospitality. I guess how are you -- are you changing how you measure franchisees? I know you have, I think, the pace metrics out there. But I'm wondering if as you pivot kind of where you focus on perhaps different metrics, if that's changed, what you're asking franchisees to be measured on or how often?

很好。非常感謝。我想先就這個模型做個快速釐清，並問一個關於「Make It Golden」的問題。你提到這是一項針對待客之道（hospitality）的大型能力建置計畫。我想問你們是否正在改變衡量加盟主的方式？我知道你們有一些（我想是）節奏（pace）指標。但我在想，當你們轉向、把重點放在可能不同的指標上時，是否改變了你們要求加盟主被衡量的項目，或衡量的頻率？

And then just quickly on the model. It looks like pretty healthy gains on the sale of -- or the refranchising of IOM units. Any comments on how we should think about that going forward or what the implications for the rent and royalty might be? Thanks.

另外很快地問一下模型。看起來在出售——或 IOM 單位的再加盟（refranchising）方面，有相當不錯的收益。你們能否談談我們應該如何看待未來的走勢，或對租金與權利金可能有哪些影響？謝謝。

Hey, Sara. Thanks for the question. I'll take the taste qualities kind of the pace question, and then I'll let Ian cover the second one. So yeah, as you noted, we're focused on how do we go about assessing tasting quality. It's a big part of what we're trying to upgrade the system on through the training that we've got here with Make It Golden. And then I think probably the most notable change that we're making here is really enhancing the customer feedback portion of this.

嗨，Sara，謝謝你的問題。我先回答口味品質、也就是你提到的節奏（pace）那一題，然後讓 Ian 回答第二題。是的，如你所說，我們聚焦在如何評估口味品質。這也是我們透過「Make It Golden」訓練要用來升級整個系統的一大部分。我想我們在這裡做的最顯著改變，是真正強化顧客回饋的部分。

So the core elements of how we assess restaurants from a food safety standpoint, what we're doing around making sure that we're doing the right things for our crew. All of those stay the same, but we have changed how we're going to be assessing customer satisfaction. We're rolling out in Q4, a new approach there. Across the US, it's on the way to going global. And then we're also at the end of Q4, going to be introducing into the app where the customer is now going to be able to give us a review within the app on their experience.

因此，從食品安全角度我們如何評估餐廳、以及我們如何確保對員工（crew）做對的事情，這些核心要素都維持不變，但我們已經改變了評估顧客滿意度的方式。我們將在第四季推出一個新的做法。先在美國全面推行，並正走向全球化。此外在第四季末，我們也會在 App 中導入功能，讓顧客可以在 App 內對其體驗給出評價。

So all of that is going to go to giving us much better insight into how the customer is actually perceiving the experience that they're getting in the restaurants. And when it comes to taste and quality, what ultimately matters is how the customer perceives it. So for us to be able to move the needle on taste and quality, it's -- beauty is in the eye of the beholder which is going to be the customer, and we're making significant enhancements there to improve our visibility and the accuracy of the feedback that we're getting.

這些都將讓我們更深入了解顧客實際如何看待他們在餐廳獲得的體驗。而談到口味與品質，最終重要的是顧客如何感受。所以要在口味與品質上真正帶來改善，關鍵在於「美在觀者眼中」——也就是顧客；我們正在做重大強化，以提升可視性，以及我們所取得回饋的準確度。

Morning, Sara, it's Ian. So let me maybe just touch on your question on gains. I mean, I think as we talked about kind of in the opening comments, I mean, gains are obviously up this year. That's, as you know, part of kind of the next strategy of getting us by end of 28% to 98% franchised globally. We've -- I think it's been about 175 restaurants so far in '26 through US and IOM segments that have been refranchised and I would expect that kind of level of activity to kind of carry forward through the next couple of years.

早安，Sara，我是 Ian。那我來回應你關於收益（gains）的問題。我的意思是，正如我們在開場評論中提到的，今年的收益確實上升。如你所知，這也是下一階段策略的一部分，目標是在 2028 年底前讓我們全球加盟比例達到 98%。截至目前在 2026 年，我們在美國與 IOM 事業群已再加盟了大約 175 家餐廳，我預期這樣的活動水準在未來幾年會延續。

Obviously, as you know, in the model, that has an impact on revenue, which is one of the reasons why our revenue was a bit down in Q3 because we moved that 100% revenue to obviously a franchised contribution of revenue. So I think looking forward, we feel really confident about the path to kind of get us to the objective of 98% by end of '28.

當然，如你所知，在這個模型下，這會影響營收；這也是我們第三季營收略為下滑的原因之一，因為我們把原本 100% 的營收，轉為加盟模式下的營收貢獻。所以展望未來，我們對於在 2028 年底前達成 98% 目標的路徑非常有信心。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great. Thank you. Ian, just a quick clarification that you called out 4Q US comps are positioned to see improvement through year-end. Just to make sure that we got the right message that you expect 4Q US comps to improve from 3Q's level.

很好。謝謝。Ian，我想快速釐清一下：你提到第四季美國同店銷售（comps）在年底前有望看到改善。我想確認我們理解正確：你預期第四季美國同店銷售會比第三季的水準更好。

And then Chris, my question was that as a follow-up to an earlier question, that in the past, you guys have quantified US owner operator support for different initiatives like the EVM revamp last September. I'm curious where does that support level sit for the next investments?

另外 Chris，我的問題是延續先前的一個提問：過去你們曾量化美國業主營運者（owner operator）對不同計畫的支持度，例如去年九月的 EVM 改版。我想了解，對於下一波投資，這個支持度目前大概落在什麼水準？

Let me clarify, Andrew, because I did not say that fourth quarter US comps would be better. What I said and what we said in the opening remarks was I think we're encouraged by the improvement in baseline trends that we saw through September and into October. And I said we're on path to what we've said consistently, which is that we want the US business to be in a stronger position as it exits 2026.

Andrew，我先釐清一下，因為我並沒有說第四季美國同店銷售會更好。我說的是——以及我們在開場談到的是——我們對於 9 月一路到 10 月所看到的基礎趨勢改善感到鼓舞。而我也說，我們正朝著我們一貫所說的方向前進，也就是希望美國業務在 2026 年結束時處於更強的位置。

And then on the second topic in terms of the actual support that we're providing through next, that varies country by country. It's one of the things that Sky is getting into right now with US owner operators is the exact complexion of that, how that breaks out between capital versus rent. So all of that is work in progress right now. We don't have a final partnering program landed. But certainly, we shared at Investor Day the broad parameter of what our investment would look like, and there's no change to that.

至於第二個主題，也就是我們接下來實際提供的支持，會因國家而異。Sky 目前正在與美國業主營運者討論其具體樣貌，以及在資本（capital）與租金（rent）之間如何拆分。因此這些都仍在進行中。我們尚未敲定最終的合作方案。但我們在投資人日已分享過我們投資的大致範圍與參數，這部分沒有改變。

Dave Palmer, Evercore.

Dave Palmer，Evercore。

Thanks. Good morning. Question on the US same-store sales outlook, and in particular, sort of the changes you're making and how you go to market with ideas, it sounds like you're making some tweaks there when you talk about Make It Golden, you're testing value right now. I know there's a lot of investor concern about the curation of ideas and what that means for franchisee alignment, especially after to the 2025 chicken introductions and value changes this year and the sort of the redos of those. So any changes you're making and how you go to market and why you think the hit rate will be getting better going forward would be super helpful. Thank you.

謝謝。早安。我想問美國同店銷售展望，特別是你們正在做的調整，以及你們如何把想法推向市場（go to market）。聽起來當你們談到「Make It Golden」、以及你們目前在測試價值（value）時，你們正在做一些微調。我知道投資人很擔心點子篩選（curation）以及這對加盟主一致性（alignment）的意涵，尤其是在 2025 年雞肉新品推出、以及今年價值策略的變動，還有後續某種程度的重做（redos）之後。所以，如果能談談你們在 go-to-market 上做了哪些改變，以及為什麼你們認為未來命中率（hit rate）會變得更好，會非常有幫助。謝謝。

Sure. Well, this is a topic you and I have spoken about before, David. And so I'll probably give you something similar there, which is certainly, we have testing as part of our go-to-market approach. And there's always a balance between where do we need to be fast and where do we need to be right. And that's where we think about sort of one-way doors and two-way doors. And the things that are really one-way doors that are important for us because it's tough to go backward.

當然。嗯，這個主題你我之前談過，David。所以我可能會給你類似的回答：我們的 go-to-market 方法中，確實包含測試（testing）。而且在「需要快」與「需要做對」之間，永遠存在一個平衡。這也是我們思考所謂單向門（one-way doors）與雙向門（two-way doors）的方式。那些真正屬於單向門的事情，對我們很重要，因為一旦做了就很難回頭。

Those we've got to get super right. And so we're very diligent about what we're testing there, the length of time that we're testing, the number of restaurants, et cetera. And you see with several elements of NEXT, where we're taking that approach, and we'll share with you the results and our progress as we move through 2027 on all of that. And then there's also areas where sometimes we just have different ideas. And I think right now, what you're seeing in the US is there's different ways for us to go after entry-level value. And so we're testing kind of a variety of different approaches there to inform and get us sort of the best way forward on that.

這些我們必須做到非常精準無誤。因此，我們在那方面對於測試內容、測試時間長度、餐廳數量等都非常謹慎。你也會在 NEXT 的幾個要素上看到我們採取這種做法；隨著我們一路推進到 2027 年，我們會把結果與進展分享給各位。另外也有一些領域，有時候我們只是想法不同。我認為目前你在美國看到的是，我們有不同方式可以切入入門級價值。因此我們正在測試多種不同方法，以便提供資訊並幫助我們找出在這方面最好的前進方向。

But certainly, there is a focus and alignment around we need to get entry-level value, right? It's the final piece missing. And then there will be areas where we have a lot of knowledge and information based on our experience around the world, where we're ready and we just go. And that's what we did with EVM, as you'll remember, about a year ago, where we knew where we needed to be on EVMs based on what we saw around the world. And so we didn't test EVMs.

但可以肯定的是，我們的重點與共識在於：我們需要把入門級價值做到位，對吧？這是最後一塊缺失的拼圖。接著也會有一些領域，我們基於全球各地的經驗，已累積大量知識與資訊，已經準備好了就直接推進。這就是我們在大約一年前對 EVM 所做的事，你應該還記得；我們根據全球所見，知道 EVM 必須做到什麼程度。因此我們沒有對 EVM 進行測試。

We just went ahead and did it, and I think that proved to be the right decision. So this is something we're always in conversations on with our franchisees. There's not sort of a one-size-fits-all approach on this. But it's really about the size of the decision, the permanence of the decision and making sure that we get it right.

我們就直接推動落地，而我認為那證明是正確的決定。所以這件事我們一直都在與加盟商持續溝通。在這方面並不存在所謂一體適用的做法。而是要看決策的規模、決策的不可逆程度，並確保我們把它做對。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Great. Good morning. A quick clarification on the real question, specifically on IOM. So the clarification is, to what extent are the protests weighing on your results right now? Anything to call out in the IOM markets because we've seen some rising process in the major markets. So if there is anything that you're willing to share regarding the impact on McDonald, so we can normalize for next year. And then the real question is, it's really encouraging to see that you're maintaining or actually be in market share in some of your IOM markets.

好的。早安。我想先就真正的問題做個快速釐清，特別是關於 IOM。釐清點是：目前抗議活動在多大程度上正在拖累你們的業績？在 IOM 市場是否有任何值得特別指出的地方，因為我們看到主要市場的抗議活動有所升溫。所以如果你們願意分享任何關於對麥當勞影響的資訊，讓我們可以為明年做正常化調整。然後真正的問題是：看到你們在部分 IOM 市場維持、甚至提升市占率，這點非常令人鼓舞。

At the same time, we are seeing some macro economic pressure that I'm mounting. We've seen some print on CPI in some countries that is actually very elevated. So to what extent do you expect IOM to be positive comps into next year? What do you have under control versus how much make will be weighing your results next year? Thank you very much.

同時，我們也看到一些宏觀經濟壓力正在累積。我們看到某些國家的 CPI 數據其實非常高。那麼你們預期 IOM 到明年仍能維持正向同店成長（comps）的程度有多大？哪些是你們能掌控的，哪些又會在明年拖累你們的表現？非常感謝。

Yeah, Danilo, thanks for the question. Certainly, there's a lot going on in Europe and part of what we called out in our comments is particularly France and Ukraine are two markets that are weighing on the performance there. And as you know, in both of those countries, there's significant external issues that are going on. So I do think that there is an impact, and we're expecting that impact to continue I think for -- certainly into Q4. But hopefully, we get to a better place on both of those as we move into 2027.

是的，Danilo，謝謝你的問題。歐洲確實有很多事情正在發生，而我們在評論中也特別提到，法國與烏克蘭這兩個市場正在拖累那邊的表現。如你所知，這兩個國家都有重大的外部議題正在進行。所以我確實認為這會帶來影響，而且我們預期這個影響會持續——我想至少會延續到第四季。但希望隨著我們邁向 2027 年，兩地都能走向較好的狀態。

In terms of the -- your read on the macroeconomic situation, certainly, it's muted in Europe. And I think you know all the reasons why -- our focus is always about gaining share. And I think what we're encouraged is that we're maintaining or gaining share in the majority of our markets, both in Europe as well as more broadly in international. So kind of control you can control and the macro is going to be the macro. But so long as we are gaining share in the majority of markets, that really is what we're setting ourselves up to be able to do in 2027.

就你對宏觀經濟情勢的判讀而言，歐洲確實相對疲弱。我想你也知道原因——我們的重點始終是提升市占。而讓我們感到鼓舞的是，我們在多數市場都能維持或提升市占，不論是在歐洲或更廣泛的國際市場。所以就是把能掌控的掌控好，宏觀環境就是宏觀環境。但只要我們在多數市場持續提升市占，這就能讓我們為 2027 年的表現做好布局。

And maybe the only hook, Daniel, just for me would be just to kind of emphasize, I think what Chris has talked about. I mean I think we're seeing consistency of results across most of our top IOM markets. And that always gives you confidence, as we said in our opening remarks, that they're implementing the playbook. The playbook is working, and I think they're leaning into the opportunities they've got despite the kind of macro around -- I mean the opportunity we've got to address is France.

也許我唯一想補充的一點，Daniel，是想強調 Chris 談到的內容。我的意思是，我們在大多數主要 IOM 市場看到結果的一致性。正如我們在開場致詞所說，這總是能帶來信心，因為這代表他們正在落實作戰手冊（playbook）。作戰手冊有效，我認為他們也在宏觀環境之下仍積極把握手上的機會——我的意思是，我們需要處理的機會點在於法國。

And as Chris talked about in his upfront remarks, we think we've made a really significant step forward with our system, our franchisees in France to get some of our kind of internal structural barriers addressed and allow us to be able to operate a lot more efficiently and a lot more -- with a lot more agility to kind of get the right plans going in France as we kind of work through 2027.

而如同 Chris 在開場談到的，我們認為我們已與法國的體系、加盟商一起向前邁出非常重要的一步，解決了一些內部結構性的障礙，讓我們能更有效率、也更具敏捷性地運作，從而在我們一路推進到 2027 年的過程中，能在法國推動正確的計畫。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. Thanks for taking the question. I was hoping you guys could elaborate a little bit more on the eight-week value test that you mentioned? And maybe just what you're seeing, how you're measuring the success of that platform and why is the EVM discounts just not enough? Why do you need to go further? Just a little bit more detail on. That would be helpful. Thanks.

好的。謝謝讓我提問。我希望你們能再多談一點你們提到的那個為期八週的價值測試？也許也談談你們看到什麼、你們如何衡量該平台的成功，以及為什麼僅靠 EVM 的折扣還不夠？為什麼需要再往前走一步？希望能再多一些細節。這會很有幫助。謝謝。

Sure. Well, regarding the value test, they started last week. So I think it'd be premature to share any results after one week. But we'll measure those tests the same way we measure most of our value test, which is around incrementality. And do they drive that incremental sales, which ultimately then drives franchisee economics. So it's going to be looking at the incrementality of those, the take rates on those and feeling good about what we're seeing there. And then on EVMs and why it's not sort of enough in and of itself.

當然。關於價值測試，它們是上週才開始。所以在只過了一週就分享任何結果，我想還為時過早。但我們會用與大多數價值測試相同的方式來衡量，也就是看增量效益（incrementality）。它們是否帶來增量銷售，進而最終改善加盟商經濟效益。因此我們會看這些方案的增量貢獻、採用率（take rates），並確認我們看到的情況令人滿意。接著談到 EVM，以及為什麼它本身還不算足夠。

It goes back to sort of how we think about value, and there's three elements there's a variety of elements, I should say they can need to get right. You need to get right, your menu prices, so on the menu board, and we're in a good place there on menu board prices. You need to get your meal bundles right, and I think we're in a good place there because of where we are with EVMs, but also remember, we've got that $5 and $6 meal. And then you need to have good entry-level value. And particularly for that low-income consumer, they're looking for great entry-level value, and we have not had that in place to the level that we are satisfied with.

這要回到我們如何看待「價值」：我應該說，有幾個要素需要做到位。你必須把菜單價格訂對，也就是菜單板上的標價；而我們在菜單板價格方面處於不錯的位置。你必須把套餐組合做對；我認為我們在這方面也處於不錯的位置，因為我們有 EVM，但也別忘了我們還有 5 美元與 6 美元的套餐。然後你還需要有好的入門級價值。特別是對於低收入消費者，他們在尋找的是非常有吸引力的入門級價值，而我們目前在這方面的到位程度，還沒有達到我們滿意的水準。

We talked quite extensively about how Q2, we didn't land that like we needed to. And so that's what we're in the midst of getting resolved right now and through testing. And we expect in early 2027, that will have the answer from that test and then be able to have entry-level value. So at that point, I think we'll feel really good that we've got kind of the full suite of value offerings that we need and can drive the business in '27.

我們相當深入地談過，關於第二季（Q2），我們沒有像需要的那樣把它落實到位。因此，這正是我們目前正在透過測試加以解決的事情。我們預期在2027年初，會從那項測試得到答案，然後就能提供入門級的價值方案。所以到那個時點，我想我們會非常有信心，覺得我們已經具備所需的完整價值產品組合，並能在2027年推動業務成長。

And maybe just a small build, just -- I mean, I think it goes back to what we've talked a fair bit about before. We've got such good experience in our international markets where we've got all of those components in place. And I think we certainly believe that's been one of the fundamental baseline drivers of the consistency of our results there as we've had those options in place. They've largely been in place for a longer period of time, and they're clearly working because we're winning share in kind of those challenging marketplaces. And I think value has been a core component of that.

也許再補充一點——我的意思是，我認為這回到我們之前談過不少的內容。我們在國際市場有非常好的經驗，因為那些要素都已經到位。我想我們確實相信，正是因為這些選項到位，才成為我們在那些市場結果能保持一致性的基本底層驅動因素之一。這些選項大多已經實施更長一段時間，而且顯然有效，因為我們在那些具挑戰性的市場中正在提升市占。我認為「價值」一直是其中的核心組成。

Jon Tower, Citi.

Jon Tower，花旗（Citi）。

Great. Thanks for taking the question. I was hoping we could dig into the beverage platform in the US specifically. So far, obviously, it sounds like it's been a nice platform for you. I'm curious if you could speak to what customers you're drawing in, where they're coming from? It sounds like it's hitting in the afternoon well for you and not cannibalizing the existing specialty platform, but perhaps the other beverages that you have on the menu are not getting picked up as much.

很好。謝謝讓我提問。我希望我們能更深入談談美國的飲料平台。到目前為止，顯然聽起來這對你們而言是一個不錯的平台。我想請你們談談你們吸引到哪些顧客、他們是從哪裡來的？聽起來它在下午時段表現很好，且沒有侵蝕既有的特調（specialty）平台，但或許菜單上其他飲品沒有被帶動得那麼多。

And curious about your experience so far with that consumer are they seeking a greater velocity of new news than the existing base? And therefore, going forward, are you going to have to kind of keep that wheel moving at a faster turn than perhaps the base menu.

也想了解你們目前對這類消費者的觀察：他們是否比既有客群更追求更高頻率的新品／新話題？因此，往後你們是否必須讓新品推出的節奏比基礎菜單更快地持續運轉？

Morning, Jon. Let me start, and I'm sure Chris may want to weigh in. I mean, I think the what we've talked about with beverages, I know you're asking about the US, but I think we are seeing very, very consistent results in every market so far that we've deployed beverages, which I think is why we're so I think, confident in the opportunity that this is going to be a multiyear growth platform for us and ultimately kind of get us to that 1.5% market share goal gain that we outlined at our Investor Day.

早安，Jon。我先開始回答，Chris 也許會想補充。我的意思是，關於飲料我們談過的內容——我知道你問的是美國——但我想我們在目前已導入飲料的每個市場，都看到非常、非常一致的結果；這也是為什麼我們對這個機會很有信心，認為它將成為我們多年的成長平台，並最終幫助我們達成在投資人日所提出的市占提升1.5%的目標。

I mean I think US specifically, what we're seeing, which is why we're very enthusiastic about the opportunity is that more than half of the occasions are coming after lunch. So they're coming at periods of the day where the restaurants are generally less busy. We've got capacity. I think that's a strong confirmation that there's kind of a good incrementality to those visits.

就美國而言，我們看到的情況——也正是我們對這個機會非常振奮的原因——是超過一半的消費情境發生在午餐之後。也就是說，這些消費發生在餐廳通常較不忙的時段。我們有產能。我認為這強烈印證了這些來客具有相當好的增量性。

We're seeing strong check in transactions that include a beverage in general, about 50% higher than the overall average day check. So we're seeing strong food attachment. The customer base skews younger. So we're seeing -- we know it's resonating with the kind of key consumers that are in the category, in the general marketplace.

我們看到包含飲料的交易，其客單（check）表現強勁，整體而言約比全日平均客單高出50%。因此我們看到很強的餐點搭配（food attachment）。顧客族群偏年輕。所以我們看到——我們知道這確實打動了該品類以及整體市場中的關鍵消費者。

For sure, like I think any part of the menu consumers want some of that kind of new news. I mean you got to start though with the fundamental that the goal is to deliver great tasting, high-quality, everyday choice that appeals to consumers and delivering that, which I think is what our unique proposition is great value for money relative to what's available in other parts of the market.

當然，就像菜單上的任何部分一樣，消費者都希望看到一些「新消息／新品亮點」。但你必須先從基本面開始：目標是提供好喝、高品質、可作為日常選擇且能吸引消費者的產品；而把這件事做到位，我認為正是我們獨特的主張——相較於市場上其他選擇，提供更高的性價比。

And I think our foundational layer is doing that really well. As I talked about in kind of my opening remarks, we are starting to rotate some new news. Germany did that in the quarter with what they called the Italo Spritz, which was their best performing beverage in the portfolio in the quarter. So we know new news is going to be important.

我認為我們的基礎層做得非常好。正如我在開場談到的，我們開始輪替推出一些新品亮點。德國在本季推出了他們稱為 Italo Spritz 的產品，這是本季飲料組合中表現最好的品項。所以我們知道新品亮點會很重要。

Obviously, we just want to make sure we're doing that at the right pace while continuing to kind of invest in the underlying platform. As far as cannibalization, I mean, of course, there's going to be some element of cannibalization like any time you're kind of adding incremental options to the menu. But I think what we're trying to really emphasize is there is clear incrementality.

顯然，我們只是想確保以適當的節奏來做，同時持續投資於底層平台。至於侵蝕（cannibalization），我的意思是，當你在菜單上增加額外選項時，當然會有某種程度的侵蝕，就像任何情況一樣。但我認為我們真正想強調的是：增量效益非常明確。

We know beverages are driving incremental visits and incremental sales for restaurants. And ultimately, that means, of course, incremental profitability for the franchisees and for the restaurants. So it's all of those things together that are getting us more -- even more convicted about the opportunity and the fact that we're seeing that consistently in each market that's bringing the opportunity to life.

我們知道飲料正在為餐廳帶來增量來客與增量銷售。而最終，這當然也意味著加盟商與餐廳的增量獲利。正是這些因素加總在一起，讓我們對這個機會更加篤定；而且我們在每一個把這個機會落地的市場，都一致地看到同樣的結果。

The only thing I would add, I think Ian covered that really well. But as you think about long term, we do think that there is an opportunity and a need for us to offer an even broader assortment of beverages. And part of what is inherent in the next remodels is we just need to increase space for beverages. We don't have adequate space in back of house to be able to offer kind of our full ambition of what we want to do in beverages. And so part of that, actually, one of the most significant investments associated with the next remodel is actually increasing what we call the beverage cell to give ourselves the platform to offer that broader variety of beverages going forward.

我唯一想補充的是，我認為 Ian 已經講得很完整了。但從長期來看，我們確實認為我們有機會、也有必要提供更廣泛的飲料品項組合。而下一輪改裝（remodel）的內在需求之一，就是我們需要增加飲料的空間。我們後場（back of house）的空間不足，無法提供我們對飲料業務所希望達成的完整企圖。因此其中一部分——事實上，下一輪改裝相關最重要的投資之一——就是擴大我們所稱的「飲料工作區（beverage cell）」，讓我們具備平台，未來能提供更廣泛多樣的飲料。

Andy Barish, Jefferies.

Andy Barish，Jefferies。

Yeah, good morning, guys. Wondering if you could address kind of the marketing advantage dollar-wise, you guys have is obviously significant, but the messaging just doesn't seem to have kind of cut through, if you will. Are there any changes you can highlight at this point just in terms of maybe where that message is being delivered and how some of the marketing spend is shifting between channels perhaps?

是的，早安，各位。想請問你們是否能談談行銷上的優勢——以金額來看，你們的優勢顯然很大，但訊息似乎沒有真正「打穿」市場、產生穿透力。就目前而言，你們是否能指出任何變化，例如訊息投放的位置、以及行銷支出是否在不同通路間有所轉移？

Yeah. Sure, Andy. Well, we would agree. The marketing has not been where we would set the standard at for McDonald's. And so that's certainly something that Sky and the team are getting after. And I feel good about some of the initial thinking that I've seen there and more to come on that. We talked a lot about it at Investor Day, as you know, Consumer NEXT and how we're thinking about changing our go-to-market approach, changing our demand generation approach and really emphasizing and leveraging the fact that McDonald's is one of the world's biggest global brands, and we can generate talk value that few other brands do.

好的。當然，Andy。我們同意。行銷表現尚未達到我們對麥當勞所設定的標準。因此這確實是 Sky 和團隊正在積極改善的事情。我對目前看到的一些初步想法感到樂觀，後續也會有更多更新。如你所知，我們在投資人日談了很多，包括 Consumer NEXT，以及我們如何思考改變上市策略（go-to-market approach）、改變需求創造（demand generation）方式，並真正強調與善用麥當勞作為全球最大品牌之一的事實——我們能創造的話題價值（talk value）是很少有其他品牌能做到的。

And we haven't, in my estimation, and I know Morgan would share this as well, we haven't done as much as we could to harness that and really channel it into driving brand love for us. And so that is going to be something that you're going to see us doing increasingly over the next several years.

依我看，而且我知道 Morgan 也會認同，我們還沒有做到我們本可以做的程度，去善用這股力量，並真正把它導向推動消費者對我們品牌的喜愛。因此，接下來幾年你們會看到我們在這方面的作為會愈來愈多。

Chris O'Cull, Baird.

Chris O'Cull，Baird。

Good morning, and thanks for taking my question. Where did the discussions with franchisees stand on getting alignment around pricing across the full menu heading into next year, not just the advertised value offers? And I'm just curious what needs to change to make that execution more consistent from restaurant to restaurant. And then maybe lastly, I think you guys had mentioned in the past that you expected system pricing to be in the mid-single-digit range at some point in the fourth quarter. I was just curious if that was still the plan.

早安，謝謝讓我提問。想請教與加盟主的討論進展到哪一步：針對明年全菜單的定價（不只是廣告宣傳的超值優惠）要如何取得一致性？我也好奇，要讓各家餐廳之間的執行更一致，需要改變哪些事情。最後，你們過去曾提到，預期在第四季某個時間點，系統定價會落在中個位數的區間。想確認這是否仍是目前的計畫。

Sure. Well, we're always in conversations with franchisees around pricing. And I think largely focused on the US right now. But largely, we're in a good spot with the exception of this entry-level value. So our base menu pricing as we compare and benchmark versus our competitors within the trading area, we are at a discount in the vast majority of our restaurants in the US on base menu pricing. So we feel good about that. As I mentioned, we feel really good about where we are with our meal bundles and other elements. So I don't think we have a problem in the US.

當然。我們一直都在和加盟主就定價進行溝通。而且我認為目前主要聚焦在美國市場。整體而言，除了入門級超值產品這一塊之外，我們的狀況不錯。就基礎菜單定價而言，當我們在商圈內與競爭對手比較與對標時，在美國絕大多數餐廳，我們的基礎菜單定價是有折讓的。所以我們對此感到放心。如我提到的，我們也非常滿意我們在套餐組合與其他要素上的位置。因此我不認為我們在美國有定價方面的問題。

Now you always have to stay vigilant on it, and it's a dynamic environment. So we're going to constantly keep looking at it. But we're starting from a good position on that. As you think about 2027, certainly, we're still expecting to see mid-single-digit food and paper inflation. And that is higher than, as you know, our long-term historical trends there.

當然，你必須時刻保持警覺，因為環境是動態的。所以我們會持續檢視。但我們在這方面是從一個不錯的起點出發。談到 2027 年，我們仍預期食品與包材（food and paper）通膨會是中個位數。而如你所知，這高於我們長期的歷史趨勢。

And so it is going to continue to be sort of a needle that we're going to have to thread of how do we make sure that we're getting pricing through to account for the inflation that we're seeing, but also make sure that we continue to lead with customers are offering great value and affordability.

因此，接下來我們仍需要在兩者之間取得平衡：一方面要確保定價能反映我們看到的通膨，另一方面也要確保我們持續以「為顧客提供高價值與可負擔性」作為領先主軸。

Brian Bittner, Oppenheimer.

Brian Bittner，Oppenheimer。

Thank you. Good morning. You guys talked about several action plans you took to improve baseline sales during the quarter and into 4Q, and one of those was the restoration of national digital offers. Can you -- maybe help us understand how big of a business this is for you or maybe you can explain how impactful it is when you do get it right?

謝謝。早安。你們談到在本季以及進入第四季，採取了幾項行動計畫來改善基礎銷售，其中之一是恢復全國性的數位優惠。你能否協助我們理解，這對你們而言是多大的業務，或是當你們把它做對時，影響力有多大？

And just in the same vein, can you also update us on what you're seeing with that low in consumer, some of your peers that have reported earnings already are talking about some improvements in this important cohort for the first time all year. I'm just curious maybe what your updated thoughts on the low end is.

同樣延伸這個話題，也想請你們更新一下你們對低端消費者的觀察；一些已經公布財報的同業提到，這個重要族群今年首次出現一些改善。我想了解你們對低端客群的最新看法。

Yeah. Morning, Brian, it's Ian. Let me start, and then I'm sure Chris may want to weigh in. I mean, I think you're right. We talked about a number of areas of intervention through Q3. And one of those was to partially restore national digital offers, which are really, really important for our high frequent users, our loyalty members, I think -- so I think that was certainly one of the things that contributed to the improvement in our baseline traffic momentum that we talked about. But we also said we've got more work to do, and that's certainly what Sky and the US are focused on through the rest of the year.

是的。早安，Brian，我是 Ian。我先回答，之後 Chris 也許會補充。我想你說得沒錯。我們談到在第三季採取了多個介入措施，其中之一就是部分恢復全國性的數位優惠；這對我們的高頻使用者、也就是忠誠會員而言非常非常重要。所以我認為，這確實是我們所提到的基礎來客動能改善的因素之一。但我們也說過，我們還有更多工作要做，這也是 Sky 與美國團隊在今年剩餘時間的重點。

I mean our loyalty membership in the US is almost 30% of our customer base. So it's a really important part. It's a part of our customer base that we interact with on a very regular basis. And as we've talked about before, the frequency of that loyalty base is much higher as members get into loyalty.

我們在美國的忠誠會員幾乎占我們客群的 30%。所以這是一個非常重要的部分。這也是我們會非常頻繁互動的一群顧客。而且如我們之前談過的，當顧客加入忠誠計畫後，這個忠誠客群的消費頻率會顯著提高。

In fact, it goes up about 2.5 times in the 12 months post joining the loyalty program. So connecting with those customers and getting offers in place that resonate with them and are clear and compelling is really important. And as I said, we've made progress, but we've got more work to do on that front that the US system is working through.

事實上，在加入忠誠計畫後的 12 個月內，頻率大約會提升 2.5 倍。因此，與這些顧客建立連結，並提供能引起共鳴、清楚且具吸引力的優惠非常重要。如我所說，我們已經有進展，但在這方面仍有更多工作要做，美國系統正在持續推進。

Yeah. I would just add, I think digital offers is important, particularly because digital offers goes after our most frequent customers. And if you think about our business, we've got about 1/3 of our sales, our digital sales, a significant portion of those are app-based, which are our loyalty members. And those frequent customers represent the majority of our sales. The occasional customer, while important, the occasional customers it's not as meaningful from a sales contribution as that frequent customer.

是的。我只想補充，數位優惠很重要，特別是因為數位優惠主要鎖定我們最常來的顧客。如果你看我們的業務，大約有三分之一的銷售來自數位銷售，其中相當大一部分是以 App 為主，而這些使用者就是我們的忠誠會員。而這些高頻顧客貢獻了我們大多數的銷售。偶爾來的顧客固然重要，但就銷售貢獻而言，沒有高頻顧客那麼關鍵。

That frequent customer is super sensitive to digital offers. And I think what we learned there is we've got to make that right. And when you perhaps change key elements of the digital offer program that we're really valued by the frequent customer the impact on that can be pretty significant. And so what Sky and the team have been able to do is go back and really address some of the biggest areas that needed to be put back in place. And then we're also continuing with franchisees to talk about other areas within digital that we make sure that we're rewarding those frequent customers and keeping them coming back to McDonald's.

高頻顧客對數位優惠非常敏感。我認為我們從中學到的是：這件事我們必須把它做對。當你可能調整了數位優惠計畫中的關鍵要素，而那些要素原本是高頻顧客非常重視的，影響可能會相當顯著。因此，Sky 和團隊能做的是回頭把一些最需要恢復的重點項目真正補回來。同時，我們也持續與加盟主討論數位領域的其他面向，確保我們能獎勵這些高頻顧客，並讓他們持續回到麥當勞。

Greg Francfort, Guggenheim.

Greg Francfort，Guggenheim。

Hey. Thanks for the question. I wanted to just ask maybe briefly about delivery. I think China part of the reason maybe it was soft this quarter is some of the aggregators have pulled back from the market. And I guess I'm wondering what your experience is like right now in either the US and maybe some of the key IOM markets. Are you still seeing that grow? And kind of any other thoughts on the strategy? Thanks.

嗨，謝謝讓我提問。我想簡單問一下外送。我認為中國本季表現偏弱的原因之一，可能是一些外送平台聚合商縮減了市場投入。我想了解你們目前在美國，以及一些主要 IOM 市場的經驗如何。你們是否仍看到外送在成長？以及對策略方面是否有其他想法？謝謝。

Sure. Well, within China, definitely, there's been a pullback by the third-party delivery providers. And we had an odd situation in China where it was actually cheaper for a period of time to order delivery than it was by going to the restaurant, which is -- requires a significant amount of subsidization that was going in by the third-party delivery providers. That has reversed out. They pulled back on a lot of offers. And so that has negatively impacted traffic in broader market in China, and certainly, it has impacted us.

當然。在中國，第三方外送業者確實有縮手。而中國曾出現一個特殊情況：有一段時間，叫外送反而比到店消費更便宜；這需要第三方外送業者投入大量補貼。這個情況已經反轉。他們撤回了許多優惠。因此，這對中國整體市場的來客造成負面影響，當然也影響到我們。

Delivery globally, though, is still growing. It's still growing kind of, call it, mid- to high single digits. And we're seeing, I think, strong performance for ourselves in delivery because of our size, because of the proximity of our restaurants to customers, we are a preferred venue for this 3PO providers. And so we're still feeling good about our delivery business. We feel good about the share gains that we're seeing in delivery.

不過，外送在全球範圍內仍在成長。仍在成長，大概可說是中到高個位數的增幅。而且我們看到，我認為，我們在外送方面表現強勁，原因在於我們的規模、我們餐廳與顧客之間的距離很近；對這些第三方外送平台（3PO）供應商而言，我們是偏好的合作據點。因此，我們對外送業務仍然感到樂觀。我們也對外送所看到的市占提升感到很有信心。

But I think as cost of living pressures continue to be a source of concern. It's also incumbent upon us as well as the delivery providers to make sure that we're being thoughtful about the surcharge or the incremental price that gets offered there. So there's a lot of conversations on that, but delivery is still broadly growing.

但我認為，隨著生活成本壓力持續成為令人擔憂的來源，我們以及外送平台也都有責任確保在附加費或額外加價的設定上保持審慎、周全。因此，這方面有很多討論，但外送整體仍在成長。

Chris Carril, KeyBanc.

Chris Carril，KeyBanc。

Hi. Good morning. Can you comment on how per store operating cash flows are now shaping up for the year? Just maybe relative to the $500,000 level you referenced at Investor Day. And then on the cost outlook, I believe you just mentioned you expect the cost outlook in '27 do include mid-single-digit food and paper inflation if I heard that correctly. So how is that factoring into your latest conversations with franchisees on the value initiatives for next year? Thank you.

嗨，早安。你能否評論一下，今年每店營運現金流目前的走勢如何？也許相對於你們在投資人日提到的50萬美元水準。另外在成本展望方面，我相信你剛提到，如果我沒聽錯，你預期在27年成本展望會包含食品與包材（food and paper）中個位數的通膨。那麼，這如何影響你們與加盟主就明年價值主張（value）相關方案的最新討論？謝謝。

Yeah. Thanks, Chris. So on the first question, which is around I'll actually hit the second question, which is around conversation with franchisees on pricing. We've actually had leadership franchisees at headquarters this week talking about that exact thing. And I think there's broad alignment around it's important for us in this environment to continue to make sure that we've got the right value program in place. And so that's why we've got the entry-level value testing.

好的，謝謝你，Chris。第一個問題我先回應第二個，也就是與加盟主就定價的討論。其實我們本週在總部邀請了加盟主領導代表來，正是在談同一件事。我認為大家普遍有共識：在目前這樣的環境下，我們必須持續確保有正確的價值方案（value program）。因此我們才會進行入門級價值（entry-level value）的測試。

I don't think see there's any wavering in terms of the commitment for us to get that right and it's now just going through the how of that we go do that. And then in terms of how that plays out in 2027, when you've got the mid-single-digit food and paper inflation, which is what we are seeing. It's just going to require us to continue to be nimble there.

我不認為我們在把這件事做好上的承諾有任何動搖；現在只是進入「要怎麼做」的執行層面。至於這在2027年會如何發展，當你面臨我們所看到的食品與包材中個位數通膨時，這只會要求我們持續保持靈活應變。

And I think there are -- we've got through our RGM team. I think much better insight and clarity around those key value items, the ones that we've got to get right from pricing and those areas where perhaps we have opportunities to be able to push through a little bit of pricing. So it varies restaurant to restaurant operator by operator.

而且我認為，透過我們的RGM團隊，我們對那些關鍵價值品項（key value items）——也就是在定價上必須做對的品項——有了更好的洞察與更清楚的判斷；同時也能辨識出哪些領域或許有機會可以稍微推進一些價格。因此會因餐廳而異、因經營者而異。

We are going to find ways to go try to push that through. But I think we've just got to be really careful. And I think we've learned the lesson over the last 18 months that you need to proceed very cautiously with that. And I think we're aligned with franchisees on that. Your question around cash flows and where that stands, I don't have the latest number, but I think we're broadly in line with where we talked about certainly part of that is going to be where we land in Q4. That's going to influence the final year number. But I think we're right around that $500 million and whether we're slightly above or below that. I think we still got a quarter to go.

我們會想辦法嘗試把這些調整推動落地。但我認為我們必須非常小心。而且我認為過去18個月我們已經學到教訓：在這方面必須非常謹慎地推進。我想我們與加盟主在這點上是一致的。至於你問到現金流以及目前的水準，我手上沒有最新數字，但我認為整體大致符合我們先前談到的方向；其中一部分將取決於第四季的落點，這會影響全年最終數字。但我認為大概就在5億美元左右，可能略高或略低。我們還有一個季度要走。

The only main thing I'd add, Chris, to Chris' comments is, I mean, at the end of the day, the most important thing for us to do to drive bottom line results, both for our franchisees and for us is get the momentum of the business back where we want it to be. And I would just say I think that's what our US system is focused on for the rest of this year, as we've talked about. And I know they're deep in kind of working through their '27 plan, and the focus is how do we get the strongest possible top line growth in the environment that we're operating in.

Chris，我唯一想補充在Chris剛才評論之上的重點是：歸根結底，對我們而言，推動盈餘（bottom line）成果、同時讓加盟主與我們都受益，最重要的事情就是把業務動能拉回到我們希望的位置。我會說，我認為這正是我們美國體系在今年剩餘時間的重點，如同我們先前所談。而且我知道他們正深入推進並梳理他們的27年計畫，重點在於：在我們所處的營運環境下，如何取得最強的營收端（top line）成長。

Obviously, that doesn't mean, of course, we don't take pricing or franchisees don't make decisions to take pricing, but the best thing for us to do is get the baseline of our business back into the spot where we want it to be, and that then helps us look after the rest.

當然，這並不表示我們不會調價，或加盟主不會做出調價決策；但對我們最好的做法，是先把業務的基本盤拉回到我們想要的位置，之後就能更好地處理其他面向。

Thank you, everyone, for joining us today. That concludes our Q&A session. Any follow-up questions, please e-mail either at McDonald's IR inbox or myself, and we could set up a time for a further discussion. Again, thank you, everybody, for joining, and we will talk to you later.

感謝各位今天加入我們。我們的問答環節到此結束。如有後續問題，請寄電子郵件至麥當勞投資人關係（IR）信箱或直接寄給我，我們可以安排時間進一步討論。再次感謝大家的參與，我們稍後再聊。

This concludes McDonald's Corporation investor call. You may now disconnect, and have a great day.

麥當勞公司投資人電話會議到此結束。您現在可以斷線，祝您有美好的一天。