怪物飲料 (MNST) 2025 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to the Monster Beverage Corporation third-quarter 2025 financial results conference call. (Operator Instructions)

各位下午好，歡迎參加 Monster Beverage Corporation 2025 年第三季財務業績電話會議。（操作說明）

Please also note today's event is being recorded.

請注意，今天的活動正在錄影。

At this time I would like to turn the floor over to Hilton Schlosberg, Chief Executive Officer. Sir, please go ahead.

此時，我想把發言權交給執行長希爾頓‧施洛斯伯格。先生，請繼續。

Good afternoon, ladies and gentlemen. Thank you for attending this call. I'm Hilton Schlosberg, Vice Chairman and Chief Executive Officer. Also on the call are Tom Kelly, our Chief Financial Officer; Emelie Tirre, our Chief Commercial Officer; Rob Gehring, our Chief Growth Officer; Guy Carling, our President of EMEA and OSP; and Mark Astrachan, our Senior VP of Investor Relations and Corporate Development.

女士們、先生們，午安。感謝您參加本次電話會議。我是希爾頓‧施洛斯伯格，副董事長兼執行長。參加電話會議的還有：財務長 Tom Kelly；商務長 Emelie Tirre；首席成長長 Rob Gehring；EMEA 和 OSP 總裁 Guy Carling；以及投資者關係和企業發展高級副總裁 Mark Astrachan。

Mark will now read our cautionary statement.

現在，馬克將宣讀我們的警示聲明。

Before we begin, I would like to remind listeners that certain statements made during this call may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended and are based on currently available information regarding the expectations of management with respect to revenues, profitability, future business, future events, financial performance, and trends.

在開始之前，我想提醒各位聽眾，本次電話會議中作出的某些陳述可能構成經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條所指的前瞻性陳述，這些陳述基於目前可獲得的有關管理層對收入、盈利能力、未來業務、未來事件、財務業績趨勢的預期信息。

Management cautions that these statements are based on our current knowledge and expectations that are subject to certain risks and uncertainties, many of which are outside the control of the company that may cause actual results to differ materially from the forward-looking statements made during this call.

管理階層提醒，這些聲明是基於我們目前的知識和預期，但存在某些風險和不確定性，其中許多風險和不確定性超出公司的控制範圍，可能導致實際結果與本次電話會議中所做的前瞻性聲明有重大差異。

Please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K filed on February 28, 2025, and quarterly reports on Form 10-Q, including the sections contained therein entitled Risk Factors and Forward-Looking Statements.

請參閱我們向美國證券交易委員會提交的文件，包括我們於 2025 年 2 月 28 日提交的最新年度報告（表格 10-K）和季度報告（表格 10-Q），包括其中題為“風險因素”和“前瞻性陳述”的部分。

For discussion on specific risks and uncertainties that may affect our performance, the company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

對於可能影響我們業績的具體風險和不確定性，本公司不承擔任何更新前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

I would also like to note that an explanation of the non-GAAP measures which we refer to as adjusted where applicable mentioned during the course of this call is provided in the notes in the condensed consolidated statements of income and other information attached to the earnings release dated November 6, 2025. A copy of this information is also available on our website www.monsterbevcorp.com in the Financial Information section.

我還想指出，我們在本次電話會議中提到的非GAAP指標（在適用情況下稱為「調整後」）的解釋，已在2025年11月6日發布的收益公告所附的簡明合併損益表和其他資訊中的註釋中提供。您也可以造訪我們的網站 www.monsterbevcorp.com，在「財務資訊」部分查看此資訊的副本。

Please note that like last quarter, Scanner Data, which was previously provided on earnings calls, is included in an exhibit filed with our 10-K. We point out that certain market statistics that cover single months or four-week periods may often be materially influenced positively or negatively by promotions or other trading factors during those periods.

請注意，與上個季度一樣，先前在財報電話會議上提供的掃描器資料已包含在我們提交的 10-K 文件中的附件中。我們指出，某些涵蓋單個月或四周的市場統計數據，往往會受到該期間促銷活動或其他交易因素的實質正面或負面影響。

I would now like to hand the call over to Hilton Schlosberg.

現在我想把電話交給希爾頓‧施洛斯伯格。

Good afternoon and thank you for joining us. We're pleased to report in another quarter of strong financial results and cash generation with record quarterly net sales, gross profit dollars, operating income, and net income. The percentage growth rates and reported gross profit operating income, net income, and earnings per share all outpaced our growth rate in net sales.

下午好，感謝各位的參與。我們很高興地宣布，本季財務業績和現金流表現強勁，季度淨銷售額、毛利潤、營業收入和淨利潤均創歷史新高。百分比成長率以及報告的毛利潤營業收入、淨收入和每股收益均超過了我們的淨銷售額成長率。

Overall, the global energy drink category remains healthy with robust growth. We believe household penetration continues to increase in the energy drink category, driven by functionality and lifestyle positioning, diverse offerings that appeal to an increasingly broad and loyal consumer base, and affordable value offerings in addition to premium offerings.

整體而言，全球能量飲料市場維持健康成長態勢。我們認為，在功能性和生活方式定位、吸引日益廣泛和忠誠的消費者群體的多樣化產品以及價格實惠的優質產品之外的高端產品等因素的推動下，能量飲料品類的家庭滲透率將繼續提高。

In the United States, according to Nielsen, for the recently reported 13-week period through October 20, 2025, sales in dollars in the energy drink category, including energy shots for all outlets combined, namely convenience, grocery, drug, mass merchandisers, increased by 12.2% versus the same period a year ago.

根據尼爾森公司的數據，在美國，截至 2025 年 10 月 20 日的最近公佈的 13 週期間，包括能量飲料在內的所有銷售管道（便利商店、雜貨店、藥局、大型零售商）的能量飲料銷售額（以美元計）比去年同期增長了 12.2%。

In EMEA, the energy drink category, according to Nielsen, for our track markets for the recently reported 13-week period, which differ from country to country, grew at approximately 13.3% versus the same period last year, ForEx neutral.

根據尼爾森的數據，在歐洲、中東和非洲地區，在我們追蹤的市場中，最近報告的 13 週期間（各國情況有所不同），能量飲料品類與去年同期相比增長了約 13.3%（匯率中性）。

In APAC, the energy drink category, according to Nielsen, Circana and INTAGE are tracked channels for the recently reported 13-week period, which differ from country to country, grew at approximately 20.0% versus the same period last year, FX neutral.

根據尼爾森、Circana 和 INTAGE 的數據顯示，在亞太地區，能量飲料類別在最近公佈的 13 週期間（各國情況有所不同）的追蹤管道中增長了約 20.0%，與去年同期相比，匯率保持不變。

In LATAM, the energy drink category, according to Nielsen for track markets for three months ended September 30, 2025, grew at approximately 12.6%. This is the same period last year, FX neutral.

根據尼爾森公司對截至 2025 年 9 月 30 日的三個月追蹤市場的調查，拉丁美洲的能量飲料品類成長了約 12.6%。與去年同期相比，匯率維持不變。

Our net sales to customers outside the United States rose to approximately 43% of total reported net sales in the 2025 third quarter, the highest percentage recorded by the company for a single quarter. We believe our portfolio of energy drink offerings are well positioned to participate in the growing global energy drink category appealing to a broad range of consumers across geographies, price points, and need states. Innovation continues to be an important contributor to category growth, and we maintain a robust innovation pipeline.

2025 年第三季度，我們面向美國以外客戶的淨銷售額佔報告總淨銷售額的約 43%，這是公司單季記錄的最高百分比。我們相信，我們的能量飲料產品組合能夠很好地參與不斷增長的全球能量飲料市場中，吸引不同地理、價格區間和需求狀態的廣大消費者。創新一直是推動品類成長的重要因素，我們維持強大的創新管道。

Now turning to marketing. Our marketing messaging continues to resonate globally as we build strong momentum through the summer, with marketing efforts focused on growing the core business and attracting new consumers. Highlights in the third quarter included the continued success of the Monster-sponsored McLaren Formula 1 team; a Monster Energy Lando Norris Zero Sugar product was well received in EMEA and has recently been introduced in Texas, California, and the Las Vegas Metropolitan area as an LTO, limited time offering, with a nationwide launch planned in 2026.

現在來說說市場行銷。隨著夏季的到來，我們的行銷訊息在全球範圍內持續引起共鳴，我們保持著強勁的發展勢頭，行銷工作重點放在發展核心業務和吸引新客戶。第三季的亮點包括 Monster 贊助的麥克拉倫一級方程式車隊的持續成功；Monster Energy Lando Norris Zero Sugar 產品在歐洲、中東和非洲地區廣受歡迎，最近已在德克薩斯州、加利福尼亞州和拉斯維加斯都會區作為限時產品推出，計劃於 2026 年在全國推出。

The Summer X Games in Salt Lake City provided significant brand exposure as Monster Energy was once again the primary sponsor. Other major sponsorships and events during the quarter included the UFC; the Motocross Finals in Las Vegas; the Monster Energy MotoGP of Catalonia, Spain; and the Outside Lands Music Festival in San Francisco, among others.

在鹽湖城舉行的夏季極限運動會為Monster Energy品牌帶來了極佳的曝光度，Monster Energy再次成為主要贊助商。本季其他主要贊助和活動包括 UFC；拉斯維加斯摩托車越野賽決賽；西班牙加泰隆尼亞 Monster Energy MotoGP 大獎賽；以及舊金山 Outside Lands 音樂節等等。

The Ultra brand family continued its strong performance with the introduction of a digital media campaign centered around zero sugar flavors unleashed, complementing the viral social media surge of flagship White Ultra Zero (sic - "Zero Ultra") together with robust merchandizing activity at retail.

Ultra 品牌家族持續保持強勁勢頭，推出了以零糖口味為中心的數位媒體宣傳活動，與旗艦產品 White Ultra Zero（原文如此 - “Zero Ultra”）在社交媒體上的病毒式傳播以及零售業的大力推廣活動相輔相成。

During the third quarter of 2025, the impact of tariffs on our operating results is modest. In general, while our flavors and concentrates are manufactured both in the US and Ireland at the present time, production of our finished products takes place locally in our respective markets.

2025 年第三季度，關稅對我們經營業績的影響不大。總的來說，雖然我們目前的香精和濃縮液是在美國和愛爾蘭生產的，但我們的成品生產是在各自的市場中當地進行的。

Despite the modest impact on our business in the third quarter, the tariff landscape continues to be complicated and dynamic. For instance, tariffs significantly impacted the Midwest premium for aluminum, which increased the cost of our aluminum cans. We also import some raw materials into the United States, export certain raw materials for local markets, and export limited quantities of finished products.

儘管第三季對我們的業務影響不大，但關稅環境依然複雜多變。例如，關稅對中西部地區的鋁溢價產生了重大影響，增加了我們鋁罐的成本。我們也向美國進口一些原料，向當地市場出口某些原料，並出口少量成品。

We do not believe based on our business model that the current tariffs will have a material impact on the company's operating results. However, we expect it will continue to have a modest impact in the fourth quarter of 2025 and in 2026. We will continue to recognize tariffs on aluminum through the higher Midwest premium and continue to implement mitigation strategies across the business where possible.

根據我們的商業模式，我們認為目前的關稅不會對公司的經營業績產生實質影響。不過，我們預計它在 2025 年第四季和 2026 年仍將產生輕微影響。我們將繼續透過提高中西部地區的溢價來反映鋁關稅的影響，並繼續在業務的各個環節盡可能實施緩解策略。

Now turning to our Q3 results, net sales were $2.2 billion for the 2025 third quarter was 16.8% higher than net sales of $1.88 billion in the 2024 third quarter. Net sales, excluding the Alcohol Brand segment, increased 17.5% in the 2025 third quarter.

現在來看我們第三季的業績，2025 年第三季的淨銷售額為 22 億美元，比 2024 年第三季的淨銷售額 18.8 億美元成長了 16.8%。2025 年第三季度，不包括酒精品牌業務在內的淨銷售額成長了 17.5%。

Net changes in foreign currency exchange rates had a favorable impact on net sales for the 2025 third quarter of $31.8 million. Net sales on a foreign currency adjusted basis increased 15.1% in the 2025 third quarter. Net sales, excluding the Alcohol Brand segment on a foreign currency adjusted basis, increased 15.8% in the 2025 third quarter. Excluding the Alcohol Brand segment from our reported results is purely illustrative, as it remains part of our ongoing operations.

外匯匯率的淨變動對 2025 年第三季的淨銷售額產生了有利影響，增加了 3,180 萬美元。2025年第三季度，按外幣調整後的淨銷售額成長了15.1%。2025 年第三季度，淨銷售額（不包括酒精品牌部門，按外幣調整後）成長 15.8%。在報告績效中排除酒精品牌業務板塊純粹是為了說明問題，因為它仍然是我們持續營運的一部分。

Net sales for the company's Monster Energy drinks segment increased 17.7% to $2.03 billion for the 2025 third quarter from $1.72 billion for the 2024 third quarter. Net sales on a foreign currency adjusted basis for the Monster Energy drink segment increased 16% in the 2025 third quarter.

該公司旗下 Monster Energy 飲料部門的淨銷售額從 2024 年第三季的 17.2 億美元成長 17.7%，達到 2025 年第三季的 20.3 億美元。2025 年第三季度，Monster Energy 飲料業務的淨銷售額（按外幣調整後）成長了 16%。

Net sales for the company's Strategic Brand segment increased 15.9% to $130.5 million for the 2025 third quarter from $112.6 million in the 2024 third quarter. Net sales on a foreign currency adjusted basis for the Strategic Brand segment increased 13.2% in the 2025 third quarter.

公司策略品牌部門的淨銷售額從 2024 年第三季的 1.126 億美元成長 15.9%，到 2025 年第三季的 1.305 億美元。2025 年第三季度，戰略品牌部門的淨銷售額按外幣調整後成長了 13.2%。

Net sales for the Alcohol Brand segment decreased 17% to $33 million for the 2025 third quarter from $39.8 million in the 2024 third quarter. Gross profit as a percentage of net sales for the 2025 third quarter was 55.7% compared with 53.2% in the 2024 third quarter.

2025 年第三季酒精品牌部門的淨銷售額下降 17% 至 3,300 萬美元，而 2024 年第三季為 3,980 萬美元。2025 年第三季毛利佔淨銷售額的百分比為 55.7%，而 2024 年第三季為 53.2%。

The increase in gross profit as a percentage of net sales for the 2025 third quarter was primarily the result of pricing actions, supply chain optimization, and product sales mix, partially offset by higher promotional allowances, increased aluminum can costs, and geographical sales mix.

2025 年第三季毛利潤佔淨銷售額的百分比成長主要是由於定價措施、供應鏈優化和產品銷售組合，但部分被更高的促銷補貼、鋁罐成本增加和地理銷售組合所抵消。

Distribution expenses for the 2025 third quarter were $82.6 million or 3.8% of net sales compared with $82.7 million or 4.4% of net sales in the 2024 third quarter. Selling expenses for the 2025 third quarter with $214.6 million or 9.8% of net sales compared with $196.1 million or 10.4% of net sales in the 2024 third quarter.

2025 年第三季的分銷費用為 8,260 萬美元，佔淨銷售額的 3.8%，而 2024 年第三季的分銷費用為 8,270 萬美元，佔淨銷售額的 4.4%。2025 年第三季銷售費用為 2.146 億美元，佔淨銷售額的 9.8%，而 2024 年第三季銷售費用為 1.961 億美元，佔淨銷售額的 10.4%。

General and administrative expenses for the 2025 third quarter were $251.9 million or 11.5% of net sales compared with $241.1 million or 12.8% of net sales for the 2024 third quarter. Stock-based compensation was $32.8 million for the 2025 third quarter compared with $27.5 million in the 2024 third quarter. The increase in stock-based compensation for the 2025 third quarter included $7.4 million related to certain equity awards granted late in the 2025 first quarter that contained a new retirement clause.

2025 年第三季一般及行政費用為 2.519 億美元，佔淨銷售額的 11.5%，而 2024 年第三季一般及行政費用為 2.411 億美元，佔淨銷售額的 12.8%。2025 年第三季的股票選擇權補償為 3,280 萬美元，而 2024 年第三季為 2,750 萬美元。2025 年第三季股票選擇權激勵增加額包括 740 萬美元，這筆款項與 2025 年第一季末授予的某些股權獎勵有關，這些獎勵包含一項新的退休條款。

Operating expenses for the 2025 third quarter were $549.1 million compared with $519.9 million in the 2024 third quarter. Adjusted operating expenses for the 2025 third quarter with $510.4 million compared with $474.7 million in the 2024 third quarter.

2025 年第三季的營運費用為 5.491 億美元，而 2024 年第三季的營運費用為 5.199 億美元。2025 年第三季調整後營運費用為 5.104 億美元，而 2024 年第三季為 4.747 億美元。

Operating expenses as a percentage of net sales for the 2025 third quarter were 25.0% compared with 27.6% in the 2024 third quarter. Adjusted operating expenses as a percentage of net sales for the 2025 third quarter were 23.6% compared with 25.8% in the 2024 third quarter.

2025 年第三季營業費用佔淨銷售額的百分比為 25.0%，而 2024 年第三季為 27.6%。2025 年第三季調整後的營業費用佔淨銷售額的百分比為 23.6%，而 2024 年第三季為 25.8%。

Operating income for the 2025 third quarter increased 40.7% to $675.4 million from $479.9 million in the 2024 comparative quarter. Adjusted operating income for the 2025 third quarter increased 35.6% to $705.8 million from $520.4 million in the 2024 third quarter.

2025 年第三季營業收入較 2024 年同期成長 40.7%，達到 6.754 億美元，而 2024 年同期為 4.799 億美元。2025 年第三季調整後營業收入成長 35.6%，達到 7.058 億美元，而 2024 年第三季為 5.204 億美元。

The effect of tax rate for the 2025 third quarter was 23.9% compared with 21.8% in the 2024 third quarter. The increase in the effective tax rate was primarily attributable to higher income taxes from foreign tax jurisdiction.

2025 年第三季的稅率影響為 23.9%，而 2024 年第三季的稅率影響為 21.8%。實際稅率的上升主要歸因於外國稅收管轄區徵收的較高所得稅。

Net income per diluted share for the 2025 third quarter increased 41.1% to $0.53 from $0.38 in the third quarter of 2024. Adjusted net income per diluted share for the 2025 third quarter increased 36.2% to $0.56 from $0.41 in the third quarter of 2024.

2025 年第三季每股攤薄淨收益成長 41.1%，從 2024 年第三季的 0.38 美元增至 0.53 美元。2025 年第三季調整後每股攤薄淨收益成長 36.2%，從 2024 年第三季的 0.41 美元增至 0.56 美元。

And now let's turn to North America. Net sales in the US and Canada in the 2025 third quarter increased by 11.6% in dollars over the same period in 2024. The quarter was driven by strong execution across channels, sustained momentum from prior innovations, continued strength of the Monster Energy Ultra Family, and a strong contribution from the Juice Monster family.

現在讓我們把目光轉向北美。2025 年第三季美國和加拿大的淨銷售額比 2024 年同期成長了 11.6%（以美元計）。本季業績的提升得益於各通路的強勁執行力、先前創新帶來的持續勢頭、Monster Energy Ultra 系列的持續強勁表現以及 Juice Monster 系列的出色貢獻。

In the US, according to Nielsen, for the 13 weeks ended September 27, 2025, the Monster Energy Ultra brand family grew 29% year over year, led by a flagship White Zero Ultra and strong repeat purchases of early innovations including Ultra Blue Hawaiian and Ultra Vice Guava.

根據尼爾森的數據，截至 2025 年 9 月 27 日的 13 週內，Monster Energy Ultra 品牌在美國的銷量同比增長了 29%，這主要得益於旗艦產品 White Zero Ultra 以及早期創新產品（包括 Ultra Blue Hawaiian 和 Ultra Vice Guava）的強勁重複購買。

Our revenue growth management team remains focused on delivering sustainable revenue growth, value creation, and strategic trade spend optimization. We implemented pricing adjustments to frontline price increases and/or reductions in promotional allowances by packaging channel in the US effective November 1, 2025. Our pricing strategy considers consumer purchasing behavior, and momentum, channel and package mix.

我們的營收成長管理團隊將持續專注於實現永續的營收成長、價值創造和策略性貿易支出優化。我們從 2025 年 11 月 1 日起，對美國各包裝通路的第一線產品價格進行了調整，包括提高價格和/或減少促銷補貼。我們的定價策略考慮了消費者的購買行為和購買動能、通路和產品組合。

We continue to anticipate minimal impact on volume supported by the categories favorable value proposition and the relatively modest pace of energy drink price increases compared to other NARTD beverages over the past decade. Currently, we are in the process of launching a number of SKUs at retail to take us through 2025. These are Monster Energy Ultra Wild Passion, Juice Monster Bad Apple, Monster Electric Blue, Monster Orange Dreamsicle, and in certain markets, Monster Energy Lando Norris Zero Sugar.

我們仍預期銷售量受到的影響將微乎其微，這得益於該品類良好的價值主張，以及過去十年中能量飲料價格上漲速度與其他非酒精類抗過敏飲料相比相對溫和。目前，我們正在零售通路推出一系列 SKU，以滿足 2025 年的需求。這些包括 Monster Energy Ultra Wild Passion、Juice Monster Bad Apple、Monster Electric Blue、Monster Orange Dreamsicle，以及在某些市場銷售的 Monster Energy Lando Norris Zero Sugar。

Our innovation is supported by upgraded analytics for SKU flow, display optimization, and cooler resets. Additionally, we have refined our merchandizing strategy to prioritize high impact placements across the convenience, mass, and grocery channels. In addition, we have a robust innovation state planned for 2026.

我們的創新得到了 SKU 流轉、展示優化和冷藏櫃重置等升級分析功能的支持。此外，我們也改善了商品陳列策略，優先在便利商店、大眾市場和食品雜貨通路進行高影響力陳列。此外，我們也制定了2026年強而有力的創新發展策略。

In January, we are planning to launch Monster Energy Strawberry Shots in 16-ounce cans in full and zero sugar offerings. In February, we are planning to launch Juice Monster Voodoo Grape, Reign Watermelon Sour Gummy, and Bang Lime Pop Drop. We are planning to introduce Monster Energy Lando Norris Zero Sugar on a nationwide basis.

我們計劃在一月份推出 16 盎司罐裝的 Monster Energy 草莓風味能量飲料，有全糖和無糖兩種規格。二月份，我們計劃推出 Juice Monster Voodoo Grape、Reign Watermelon Sour Gummy 和 Bang Lime Pop Drop。我們計劃在全國推出 Monster Energy Lando Norris Zero Sugar。

Later in the first quarter, we're planning to launch Flirt in select channels. Flirt is a female-focused brand with four initial flavors: Strawberry Fling, Guava Lava, Very Tempting, and Sunset Squeeze and contains zero sugar and includes ingredients we believe will appeal to our target audience. We're also planning to launch Monster Energy Ultra Punk Punch in March.

第一季晚些時候，我們計劃在部分管道推出 Flirt 功能。Flirt 是一個以女性為中心的品牌，最初有四種口味：草莓激情、番石榴熔岩、非常誘人、日落之戀，不含糖，並包含我們認為會吸引目標受眾的成分。我們也計劃在三月推出 Monster Energy Ultra Punk Punch。

In April, we are planning to launch Full Throttle Red Apple and NOS Grand Prix Guava. Additionally, we are planning to launch Storm Energy in the second quarter of 2026 in the wellness, zero sugar energy drink segment. We're also planning to introduce two LTOs, limited time offers, from May to July 2026, Monster Energy Ultra Red White & Blue Razz; and Juice Monster Strawberry Lemonade to coincide with America's 250th anniversary.

我們計劃在四月推出 Full Throttle Red Apple 和 NOS Grand Prix Guava。此外，我們計劃於 2026 年第二季在健康零糖能量飲料領域推出 Storm Energy。我們也計劃在 2026 年 5 月至 7 月期間推出兩款限時特惠產品：Monster Energy Ultra 紅白藍覆盆子風味能量飲料；以及 Juice Monster 草莓檸檬口味能量飲料，以慶祝美國建國 250 週年。

Turning to sales internationally. Net sales to customers outside the United States increased 23.3% to $937.1 million or a record of approximately 43% of total net sales in the 2025 third quarter compared to $760.1 million or approximately 40% of total net sales in the corresponding quarter in 2024. Net sales to customers outside the United States on a foreign currency adjusted basis increased 19.1% and to $905.3 million in the 2025 third quarter.

轉向國際銷售。2025 年第三季度，美國以外客戶的淨銷售額成長 23.3%，達到 9.371 億美元，佔總淨銷售額的約 43%，創歷史新高；而 2024 年同期，數字為 7.601 億美元，約佔總淨銷售額的 40%。2025 年第三季度，按外幣調整後，對美國以外客戶的淨銷售額成長 19.1%，達到 9.053 億美元。

Gross profit as a percentage of net sales increased in all three of our international regions: EMEA, Asia Pacific, and Latin America in the 2025 third quarter as compared to the 2024 third quarter.

與 2024 年第三季相比，2025 年第三季我們三個國際區域（歐洲、中東和非洲地區、亞太地區和拉丁美洲）的毛利佔淨銷售額的百分比均有所增長。

Now focusing on EMEA. Our net sales in EMEA in the 2025 third quarter increased by 30.3% in dollars and increased 23.0% on a currency-neutral basis over the same period in 2024. Gross profit in this region as a percentage of net sales for the 2025 third quarter was 37.0% versus 35.4% in the same period in 2024.

現在專注於歐洲、中東和非洲地區。2025 年第三季度，我們在歐洲、中東和非洲地區的淨銷售額以美元計算增長了 30.3%，按固定匯率計算增長了 23.0%，與 2024 年同期相比。2025 年第三季該地區的毛利佔淨銷售額的百分比為 37.0%，而 2024 年同期為 35.4%。

The quarter was driven by strong execution across markets, including accelerated cooler placements and space games. Sales growth reflects contributions from both existing SKUs and 2025 innovation with growth from all brand families, especially the Monster Energy Ultra and Juice Monster families.

本季業績成長主要得益於各市場的強勁執行，包括加速推出冷藏櫃產品和太空遊戲。銷售成長反映了現有 SKU 和 2025 年創新產品的貢獻，所有品牌系列均實現成長，尤其是 Monster Energy Ultra 和 Juice Monster 系列。

Energy Drink category growth remains healthy with Monster are performing the category in the majority of the EMEA markets. According to Nielsen, in all measured channels in Coca-Cola Euro-Pacific Partners Western European markets, the Monster Energy brand was the fastest-growing FMCG brand by value and value growth year-to-date. According to Nielsen, for the most recent 30-week period, the Monster brand is now the number-one energy drink in Greece, adding to our market leadership in a number of other countries.

能量飲料品類成長依然穩健，Monster 在歐洲、中東和非洲大部分市場都表現出色。根據尼爾森的數據，在可口可樂歐洲太平洋合作夥伴公司西歐市場的所有衡量管道中，Monster Energy 品牌是迄今為止價值和價值成長率成長最快的快速消費品品牌。根據尼爾森的數據，在最近的 30 週內，Monster 品牌已成為希臘排名第一的能量飲料，進一步鞏固了我們在其他一些國家的市場領先地位。

Our affordable brands continue to grow and gain share in their respective markets. Within EMEA, we are seeing continued strong growth of Predator Fury in Egypt, Kenya, and Nigeria and are continuing the rollout of Predator in Morocco. We are the market leader in Kenya.

我們價格親民的品牌持續發展壯大，並在各自的市場中不斷擴大份額。在歐洲、中東和非洲地區，我們看到 Predator Fury 在埃及、肯亞和奈及利亞持續強勁成長，並且正在摩洛哥繼續推廣 Predator。我們是肯亞的市場領導者。

Innovation continues to drive performance in this region, in particular, Monster Energy Lando Norris Zero, which is now available in 27 EMEA markets, became the company's most successful new product launch in the EMEA.

創新持續推動該地區的業績成長，尤其是 Monster Energy Lando Norris Zero，目前已在歐洲、中東和非洲地區的 27 個市場上市，成為該公司在歐洲、中東和非洲地區最成功的新產品發布。

In the third quarter, we launched Monster Energy Valentino Rossi Zero Sugar in 12 markets and Monster Ultra Vice Guava in Australia, with both products showing promising initial results. We will also continue the rollout of various Monster Energy strategic brands and affordable brand innovations in additional markets in the EMEA throughout the last quarter of the year.

第三季度，我們在 12 個市場推出了 Monster Energy Valentino Rossi Zero Sugar，並在澳洲推出了 Monster Ultra Vice Guava，這兩款產品都取得了令人鼓舞的初步成果。今年最後一個季度，我們也將繼續在歐洲、中東和非洲地區的其他市場推出各種 Monster Energy 策略品牌和實惠的品牌創新產品。

Turning to Asia Pacific. Net sales in Asia Pacific in the 2025 third quarter increased 28.7% in dollars and 26.9% on a currency-neutral basis over the same period in 2024. Gross profit in this region as a percentage of net sales for the 2025 third quarter was 40.7% versus 40.2% in the same period in 2024.

轉向亞太地區。2025 年第三季亞太地區淨銷售額以美元計算比 2024 年同期成長 28.7%，以固定匯率計算成長 26.9%。2025 年第三季該地區的毛利佔淨銷售額的百分比為 40.7%，而 2024 年同期為 40.2%。

Net sales in Japan in the 2025 third quarter increased 15.6% in dollars and increased 9.7% on a currency-neutral basis. We launched two SKUs of Rainstorm in Japan in the 2025 third quarter.

2025 年第三季度，日本淨銷售額以美元計算成長 15.6%，以固定匯率計算成長 9.7%。我們於 2025 年第三季在日本推出了 Rainstorm 的兩款 SKU。

Net sales in South Korea in the 2025 third quarter increased 23.9% in dollars and increased 23.6% on a currency-neutral basis as compared to the same quarter in 2024. Net sales in China in the 2025 third quarter increased 42.9% in dollars and increased 42.0% on a currency-neutral basis as compared to the same quarter 2024.

2025 年第三季韓國淨銷售額以美元計算成長 23.9%，以固定匯率計算成長 23.6%，與 2024 年同期相比。2025 年第三季度，中國淨銷售額以美元計算成長 42.9%，以固定匯率計算成長 42.0%，與 2024 年同期相比。

Net sales in India in the 2025 third quarter increased 54.5% in dollars and increased 58.6% on a currency-neutral basis as compared to the same quarter in 2024. We continue to remain optimistic about the long-term prospects for our brands in Asia Pacific and the expansion of our affordable brands in China and India.

2025 年第三季度，印度淨銷售額以美元計算成長 54.5%，以固定匯率計算成長 58.6%，與 2024 年同期相比。我們依然對我們在亞太地區的品牌長期前景以及我們在中國和印度的平價品牌擴張保持樂觀。

In Oceana, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased 56.9% in dollars and increased 60.2% on a currency-neutral basis.

在包括澳洲、紐西蘭、大溪地、法屬玻里尼西亞、新喀裡多尼亞、巴布亞紐幾內亞和關島在內的大洋洲地區，淨銷售額以美元計成長了 56.9%，以固定匯率計算成長了 60.2%。

Turning now to Latin America and the Caribbean. Net sales in Latin America, including Mexico and the Caribbean, in the 2025 third quarter increased 9.3% in dollars and increased 9.8% on a currency year-on basis over the same period in 2024.

現在轉向拉丁美洲和加勒比海地區。2025 年第三季度，拉丁美洲（包括墨西哥和加勒比地區）的淨銷售額以美元計算成長 9.3%，以匯率計算年增 9.8%。

Gross profit in this region as a percentage of net sales was 46.8%,for the 2025 third quarter versus 42.2% in the 2024 third quarter. Net sales in Brazil in the third quarter increased 11.3% in dollars and increased 10.4% on a currency-neutral basis. We launched Juice Monster Rio Punch in the third quarter with positive market acceptance.

該地區 2025 年第三季的毛利佔淨銷售額的 46.8%，而 2024 年第三季為 42.2%。第三季巴西淨銷售額以美元計算成長11.3%，以固定匯率計算成長10.4%。我們在第三季推出了 Juice Monster Rio Punch，並獲得了良好的市場反響。

Net sales in Mexico increased 26.8% in dollars and increased 30.1% on a currency-neutral basis in the 2025 third quarter. We launched Monster Energy Ultra Strawberry Dreams and Predator Wildberry in the quarter and both contributed to growth and market share gains.

2025 年第三季度，墨西哥的淨銷售額以美元計成長了 26.8%，以固定匯率計算成長了 30.1%。本季我們推出了 Monster Energy Ultra Strawberry Dreams 和 Predator Wildberry，這兩款產品都為成長和市場份額的提升做出了貢獻。

As you may be aware, Mexico recently approved new excise taxes on sugar and artificially sweetened drinks effective January 2026, which will apply to drinks in our portfolio. While Mexico accounts for a low single-digit percentage of our sales, we will work to reduce the impact on our business where possible.

您可能已經知道，墨西哥最近批准了對糖和人工甜味飲料徵收新的消費稅，該稅將於 2026 年 1 月生效，這將適用於我們產品組合中的飲料。雖然墨西哥的銷售額僅占我們銷售額的個位數百分比，但我們將盡可能努力減少對我們業務的影響。

Net sales in Chile in the 2025 third quarter increased 6% in dollars and 8.1% on a currency-neutral basis. Net sales in Argentina in 2025 third quarter decreased 15.1% in dollars and 15.0% on a currency-neutral basis. The net sales decrease in Argentina was due to lower price per case revenues as a result of a change in our operating model late in the first quarter of 2025 with the objective of better managing our foreign currency exposure. Our volumes in Argentina actually increased in the quarter.

2025 年第三季智利淨銷售額以美元計算成長 6%，以固定匯率計算成長 8.1%。2025 年第三季阿根廷淨銷售額以美元計算下降 15.1%，以固定匯率計算下降 15.0%。阿根廷淨銷售額下降是由於我們在 2025 年第一季末改變了營運模式，以更好地管理我們的外匯風險敞口，導致每箱價格收入下降。本季我們在阿根廷的銷量實際上有所成長。

Turning to Monster Brewing. Net sales for the Alcohol Brands segment were $33 million in the 2025 third quarter, a decrease of approximately $6.8 million or 17% lower than the 2024 comparable quarter. Our recently launched hard lemonade lines, Lime Lemon and Blind Lemon, began shipping nationally in July; our first subline of the beast, a spirit-based RTD, ready-to-drink and two new beer brands among the planned innovations in 2026.

轉向怪獸釀酒廠。2025 年第三季度，酒精品牌部門的淨銷售額為 3,300 萬美元，比 2024 年同期減少了約 680 萬美元，降幅達 17%。我們最近推出的硬檸檬水系列產品，Lime Lemon 和 Blind Lemon，已於 7 月開始在全國範圍內發貨；我們計劃在 2026 年推出的創新產品包括我們首個子系列產品，一種以烈酒為基礎的即飲型飲料，以及兩個新的啤酒品牌。

During the 2025 third quarter, no shares of the company's common stock were repurchased against our repurchase program. As of November 5, 2025, approximately $500 million remain available for repurchase under the previously authorized repurchase program.

2025 年第三季度，本公司沒有根據回購計畫回購任何普通股。截至 2025 年 11 月 5 日，根據先前授權的回購計劃，仍有約 5 億美元可供回購。

Turning now to October 2025 sales. We estimate that October 2025 sales on a non-foreign currency adjusted basis were approximately 14.1% higher than the comparable October 2024 sales and 14.5% higher on a non-foreign currency adjusted basis, excluding the Alcohol Brand segment.

現在就來看看 2025 年 10 月的銷售情況。我們估計，2025 年 10 月的銷售額（按非外幣調整後）比 2024 年 10 月的銷售額高出約 14.1%，（按非外幣調整後）高出約 14.5%（不包括酒精品牌部門）。

We estimate that on a foreign currency adjusted basis, October 2025 sales were approximately 13% higher than the comparable October 2024 sales and 13.4% higher on a foreign currency adjusted basis, excluding the alcohol brand segment. October 2025 had the same number of selling days as October 2024.

我們估計，按外幣調整後，2025 年 10 月的銷售額比 2024 年 10 月的銷售額高出約 13%，按外幣調整後（不包括酒精品牌部分）則高出約 13.4%。2025 年 10 月的銷售天數與 2024 年 10 月相同。

In this regard, we caution again that sales of the short period, often disproportionately impacted by various factors such as, for example, selling days, days of the week in holidays fall timing of new product launches, the timing of price increases and promotions in retail stores, distributor incentives as well as shifts in the timing of production in some cases, our bottlers are responsible for production and determine their own production schedules. This affects the dates on which we invoice such partners.

在這方面，我們再次提醒，短期銷售往往會受到各種因素的不成比例的影響，例如銷售日、節假日期間的星期幾、新產品上市時間、零售店提價和促銷活動的時間、分銷商的激勵措施以及生產時間的調整。在某些情況下，我們的裝瓶商負責生產並自行決定生產計劃。這會影響我們向這些合作夥伴開立發票的日期。

Furthermore, our bottling and distribution partners maintain inventory levels according to the only internal requirements, which they may alter from time to time for their own business reasons. We reiterate that sales over a short period such as a single month should not necessarily be imputed to or regarded as indicative of results for a full quarter or any future period.

此外，我們的裝瓶和分銷合作夥伴僅根據內部要求維持庫存水平，他們可能會出於自身業務原因不時更改這些要求。我們重申，短期內（例如一個月）的銷售額不應被簡單地歸因於或視為整個季度或任何未來時期的業績指標。

In conclusion, I'd like to summarize some recent positive points. Our record quarterly net sales, gross profit dollars, operating income and net income speak to the strength of our brands. In addition, the percentage growth rates in reported gross profit, operating income, net income and earnings per share all outpaced our growth rates in net sales.

最後，我想總結一下最近的一些正面方面。我們創紀錄的季度淨銷售額、毛利潤、營業收入和淨利潤都反映了我們品牌的實力。此外，報告的毛利、營業收入、淨收入和每股盈餘的成長率均超過了淨銷售額的成長率。

The energy drink category continues to grow globally. We believe that household penetration continues to increase in the energy drink category, growth opportunities in household penetration for capital consumption, along with consumers' needs for energy are positive factors for the category. We continue to expand ourselves in non-Nielsen-tracked channels.

全球能量飲料市場持續成長。我們認為，能量飲料品類的家庭滲透率持續成長，家庭滲透率的成長為資本消費帶來了機遇，加上消費者對能量的需求，這些都是該品類發展的正面因素。我們將繼續拓展在尼爾森未追蹤頻道的業務。

Globally, as measured by Scanner Data, consumer demand remained strong in the energy drink category. We continue to review opportunities for price increases both domestically and internationally. We continue to invest in our supply chain to better service our customers and improve our cost structure. We are excited about our innovation pipeline for 2026 and beyond.

根據 Scanner Data 的測量結果，全球範圍內，消費者對能量飲料品類的需求仍然強勁。我們將繼續評估國內外漲價的機會。我們將繼續投資供應鏈，以更好地服務客戶並改善成本結構。我們對2026年及以後的創新計畫感到非常興奮。

Finally, we are hosting an Investor Day in New York City on December 2, and we hope you can join us in person or online. I would now like to open the floor to questions about the quarter. Thank you.

最後，我們將於 12 月 2 日在紐約市舉辦投資者日活動，希望您能親自到現場或在線上參加。現在我想接受大家關於本季的問題。謝謝。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

Hi guys, so I just wanted to touch on EMEA revenue growth, strong reported results in the last couple of quarters. We're also seeing really robust retail takeaway in Nielsen and Western Europe and what's countries that are more developed with higher per capita consumption. So just want to get your perspective on what's driving the strong category growth in Western Europe, perhaps compare and contrast that with the US category acceleration we've seen over the last year?

大家好，我只想簡單談談 EMEA 地區的營收成長，過去幾季的業績表現強勁。我們也看到尼爾森和西歐以及人均消費量較高的已開發國家的零售外送市場表現非常強勁。所以我想了解您對推動西歐強勁品類成長的因素有何看法，或許可以將其與過去一年美國品類加速成長的情況進行比較和對比？

And the second part of that strength in the EMEA is Monster's market share has accelerated in the last couple of quarters here. So I know Hilton touched on some of the factors in the prepared remarks, but perhaps just give us a bit more detail on what's also driving the Monster share acceleration in EMEA?

而Monster在歐洲、中東和非洲地區實力的第二個方面是，在過去的幾個季度裡，其市場份額迅速增長。我知道希爾頓在準備好的演講稿中提到了一些因素，但或許可以再詳細說說還有哪些因素推動了 Monster 在歐洲、中東和非洲地區的市佔率加速成長？

Sure, Dara. That's a long question, but I'll do my best to answer it. Category acceleration in Europe, fundamentally driven by strong value proposition that we have with energy products compared to other NARTs combined with brand image, image is really important in our industry and category functionality which all combined to make energy drinks, all day, multi-occasion beverages with a wide appeal across age groups.

當然，達拉。這是一個很長的問題，但我會盡力回答。歐洲品類加速成長的根本原因在於，與其他非酒精類抗憂鬱飲料相比，我們的能量產品具有強大的價值主張，再加上品牌形象（形像在我們行業中非常重要）和品類功能，所有這些因素結合起來，使得能量飲料成為適合全天飲用、多場合飲用的飲料，對各個年齡段的人群都具有廣泛的吸引力。

We've also had this Ultra White viral social media growth through the Internet and finding that a lot of endorsements. And for those of you who haven't followed that on social media, it's something really worth seeing.

我們還發現，Ultra White 透過網路在社群媒體上迅速走紅，並獲得了許多代言。對於那些還沒有在社群媒體上關注此事的人來說，這真的非常值得一看。

A large percentage of our category consumers, we've heard about 25%. We did some studies in Western Europe based on usage and attitude. And we basically have heard from these studies that 25% of consumers are actually new to the category in the last 12 months and come from a range of other categories, including water, juice, coffee and sparkling soft drinks. We have not done the study in the US, just in Europe to be precise.

我們聽說，我們品類消費者中有很大一部分人（約佔 25%）。我們根據使用和態度，在西歐進行了一些研究。我們從這些研究中了解到，25% 的消費者實際上是在過去 12 個月內首次接觸該類別，他們之前接觸過其他各種類別，包括水、果汁、咖啡和碳酸軟性飲料。我們沒有在美國進行這項研究，確切地說，只在歐洲進行過。

The energy category has a wide range of product offerings, both sugar, non-sugar SKUs with an extensive range of flavors and material product innovations and innovations. Similar to the US, value proposition, brand image, functionality, consumers new to the category come from a range of other categories, water, coffee, coffee house. Coffees are becoming really expensive, and energy drinks are seen as a more affordable alternative. We've got zero and we've got full sugar variants and as you know, a wide variety of innovation.

能量食品類別擁有廣泛的產品供應，包括含糖和不含糖的 SKU，以及豐富的口味和材料產品創新。與美國類似，價值主張、品牌形象、功能性，以及該品類的新消費者來自其他各種品類，例如水、咖啡、咖啡館。咖啡價格越來越貴，能量飲料被視為更實惠的替代品。我們有零糖版本，也有全糖版本，而且如您所知，我們還有各種各樣的創新產品。

And if we talk about share gains, it was another part of your question. Mark, you send me a note and said, I didn't answer your question properly, I have to talk about share gains. So Monster outperformed the category, and you could see the share gains in the attachment to the release, which we're pretty excited about.

至於市佔率成長，那是你問題的另一部分。馬克，你給我發了一條訊息說，我沒有正確回答你的問題，我得談談股票收益。所以 Monster 的表現優於同類產品，而且從人們對這款遊戲的喜愛程度可以看出其市場份額的成長，我們對此感到非常興奮。

The achievement in EMEA in market share was pretty phenomenal. So again, we outperformed the category, with growth driven both from innovation and from existing SKUs, which are consumer favorites. And that's really important about our business is that growth is driven by innovation as well as from existing SKUs whereas if you look at the rest of the category, they are mainly dependent on innovation for growth.

在歐洲、中東和非洲地區的市場佔有率方面取得的成就相當驚人。因此，我們再次超越了同類產品，成長既得益於創新，也得益於現有 SKU，而這些 SKU 正是消費者最愛的產品。而我們業務的真正重要之處在於，成長是由創新以及現有 SKU 驅動的，而如果你看看該類別中的其他公司，它們主要依靠創新來實現成長。

Ultra, the Ultra brand platform has led to growth with Ultra White supported online, as I mentioned, and social media consumer endorsements together with really good ultra innovation. Growth in the Monster SKUs has Monster Green, Juice Monster has added to the positioning in Europe and Lando Norris Zero Sugar, you add that altogether, and that combined to drive growth ahead of the category. Lando Norris, as I mentioned in the script, one of the best launches we've ever had in EMEA, and we've had some good results in the US as well in the limited markets where we have released Lando Norris sugar.

Ultra品牌平台憑藉Ultra White在線支援（正如我所提到的）以及社交媒體消費者的認可和非常好的創新，實現了成長。Monster SKU 的成長包括 Monster Green、Juice Monster 在歐洲的定位提升以及 Lando Norris Zero Sugar，這些因素加在一起，推動了該品類的成長。正如我在腳本中提到的，Lando Norris 是我們在歐洲、中東和非洲地區推出的最成功的產品之一，而且在我們在美國有限推出 Lando Norris 糖的市場也取得了一些不錯的成績。

So sorry, it was a bit long-winded, but I hope that answered your question. Mark seems to be happy so --.

非常抱歉，我說得有點囉嗦，但我希望這能解答你的疑問。馬克看起來很高興。——。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Great, thanks. Good afternoon, everyone. Hilton, I was hoping to just get your perspective on the top-line trajectory from here but more from a category standpoint. Obviously, this year has been solid, probably better than most of us would have expected if you asked us this time last year. So just as we look out to 2016 and just given the various cross currents and tougher comps, how do you see category growth evolving as we look ahead? Would you expect some moderation? Or do you think the strong level of growth can continue?

太好了，謝謝。大家下午好。希爾頓，我原本希望從品類角度了解您對未來營收走勢的看法。顯然，今年表現穩健，可能比去年這個時候我們大多數人的預期都要好。展望 2016 年，考慮到各種交叉因素和更激烈的競爭，您認為未來該品類的成長將如何演變？你認為會有一些緩和的措施嗎？或者您認為這種強勁的成長勢頭能夠持續下去？

And then just quickly more of a housekeeping. The quarter-to-date number, sometimes there can be a shift in ordering patterns around pricing adjustments. So just curious if there was any sort of benefit from that in the October number?

然後快速地處理一些家務事。季度至今的數據，有時價格調整會導致訂單模式改變。所以，我只是好奇這是否對10月的數據產生了任何正面影響？

Okay. So we did not see a benefit in this quarter from the price increase that. We will talk about if anyone asked a question that is effective November 1 and including October. So we do not see any impact in the quarter and in October either.

好的。因此，本季我們並未從價格上漲中看到任何好處。我們將討論是否有人提出自 11 月 1 日起生效（包括 10 月）的問題。因此，我們預計本季和10月份都不會受到任何影響。

So just looking at the key drivers of growth and then we can talk about your question for 2026, but again, we don't give guidance. But as I talk through what I believe are the key drivers for the category and for growth, we can get a feel or you can get a feel of what could happen in 2026.

所以，我們先來看看成長的關鍵驅動因素，然後再討論你關於 2026 年的問題，但再次聲明，我們不提供預測。但是，當我談到我認為推動該品類發展和成長的關鍵因素時，我們可以感受到，或者你們可以感受到，2026 年可能會發生什麼事。

Number one, we spoke about the value proposition relative to other beverages relative to coffeehouse coffees. So that's something that I believe is really important in the growth that we are seeing.

首先，我們討論了相對於咖啡館咖啡而言，與其他飲料相比的價值主張。所以我認為這對於我們所看到的成長至關重要。

We're seeing increasing household penetration. We've seen new entrants into the category. Monster has always stood for image. Image is really important and image is really important in the energy drink category. We've spoken about innovation, the need state for energy. There's a huge -- everyone wants energy. They need energy and we offer that.

我們看到家庭滲透率正在不斷提高。我們看到該領域出現了新的競爭者。Monster一直都代表著形象。形象非常重要，在能量飲料類別中尤其如此。我們已經討論過創新，以及對能源的需求。能源需求龐大－每個人都需要能源。他們需要能源，而我們剛好能提供能源。

The fact that we are an affordable luxury, which we've spoken in the past and also this whole sort of move behind the Ultra brand family. And energy drinks are becoming more acceptable in society. At one time, they were kind of looked at and people were concerned about them. But now understanding the levels of caffeine, which are not exorbitant, and less than half of the equivalent size of a coffeehouse coffee, energy drinks are becoming more acceptable.

我們一直以來都致力於打造價格適中的奢侈品，這一點我們之前也談過，而且我們整個 Ultra 品牌家族的戰略方向也是如此。能量飲料也越來越被社會接受。曾經，他們受到人們的關注，人們也對他們感到擔憂。但現在人們了解到能量飲料中的咖啡因含量並不高，而且只有咖啡店咖啡的一半不到，因此能量飲料正變得越來越容易被接受。

And then when we look at 2026, we can make our own conclusions, but we are having a price increase that we'll talk about maybe. And innovation. We've got a lot of innovation planned for the remainder of this year. That's happening.

展望 2026 年，我們可以自行得出結論，但價格可能會上漲，我們或許會對此進行討論。以及創新。今年剩下的時間裡，我們有許多創新計畫。這事正在發生。

It's all in market, and we've got great innovation for 2026 as well. And we're excited about all the innovation, including these LTOs for America's 250th year anniversary.

一切都已準備就緒，而且我們2026年也有很棒的創新計畫。我們對所有創新都感到興奮，包括為慶祝美國建國 250 週年而推出的限量版唱片。

Matthew Smith, Stifel.

馬修史密斯，史蒂費爾。

Hi Hilton, thank you for the question. Since you mentioned pricing, I'll swap my question in here. You have pricing effective November 1. It sounds like you're taking a strategic approach versus a broad line increase. In the US, what level of pricing do you expect from the increases in promo reductions? And do you expect price realization to be significantly different by channel?

您好，希爾頓，感謝您的提問。既然你提到了價格，那我就把我的問題也問在這裡吧。您的價格將於11月1日起生效。聽起來你們採取的是策略性方法，而不是大刀闊斧地提高薪資。在美國，您預期促銷折扣增加後，價格會達到什麼水準？您認為不同通路的最終售價會有很大差異嗎？

Okay. So let me start off by saying we've completed our discussions with our bottlers and our customers. And we will have revised pricing implemented effective November 1, which has already happened. As I also said on the call, we anticipate minimal impact on volumes, reflecting the energy drink categories favorable value proposition and relatively modest pace of price increases, compared to other NARTD categories.

好的。首先我想說的是，我們已經完成了與裝瓶商和客戶的討論。我們將於11月1日起實施修訂後的價格，而修訂後的價格實際上已經實施。正如我在電話會議上所說，我們預期銷售量受到的影響最小，這反映了能量飲料品類具有良好的價值主張，並且與其他非酒精類抗逆轉錄病毒飲料品類相比，價格上漲速度相對溫和。

And I'm just going to hand this question over to Rob Gehring, who has been our Chief Growth Officer, as most of you will know, who's been intimately involved in implementing the price increasing and the -- it's better you hear it from him rather than from me. So Rob, please go ahead.

我將把這個問題交給羅伯·格林，正如你們大多數人所知，他是我們的首席增長官，他深度參與了價格上漲的實施——最好還是讓你們聽他解釋，而不是聽我解釋。羅布，請繼續。

You bet. Matt, thanks for the question. I appreciate that. As you're aware, we believe RGM is a balance of art and science rooted in consumer insights where we sequentially strive to grow top line faster than units. And as Hilton mentioned, we remain focused on unit growth, and we're constantly evaluating elasticities because we believe that's a critical strategic consumption metric.

當然。馬特，謝謝你的提問。我很感激。如您所知，我們認為 RGM 是一門藝術與科學的結合，以消費者洞察為基礎，我們不斷努力實現營收成長速度超過銷售成長速度。正如希爾頓所說，我們仍然專注於單位成長，並且不斷評估彈性，因為我們認為這是一個關鍵的策略性消費指標。

So as we engage with our bottlers and our retailers, we strive to optimize the ideal balance of rate, trade spend package mix and channel mix. And what we have implemented effective November 1, you will start to see in the coming weeks in Scanner Data, but our goal is to consistently achieve and deliver those objectives.

因此，在與裝瓶商和零售商合作的過程中，我們努力優化價格、貿易支出、包裝組合和通路組合之間的理想平衡。從 11 月 1 日起，我們將實施一些措施，您將在接下來的幾週內開始在掃描資料中看到這些措施，但我們的目標是持續實現並交付這些目標。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

All right, thank you. Actually, if I could, Rob, maybe just ask a quick follow-up question on pricing, about the net price realization you're hoping to achieve with the actions you just talked about. How do we think about it versus, I guess, the 5% rate or price increase you took last year?

好的，謝謝。實際上，羅布，如果可以的話，我想就定價問題問一個後續問題，關於你剛才提到的措施，你希望實現的淨價格是多少。我們該如何看待它，比如說，與去年您接受的 5% 的利率或價格上漲相比？

Bonnie, thanks for the question and thanks for the follow-up. We're going to go into a lot more detail about our strategy in December. But at this point, the complexity across channels and package mix and across our brand families, it's a little early to state an exact precise number as we watch this materialize. You're starting to see it in stores now. You'll see it in Scanner Data in coming weeks.

邦妮，謝謝你的提問，也謝謝你的後續跟進。我們將在12月份更詳細地闡述我們的策略。但就目前而言，由於通路、包裝組合以及我們各個品牌系列的複雜性，在我們觀察這一切逐漸成形的過程中，現在給出一個確切的數字還為時過早。現在商店裡已經開始出現這種商品了。未來幾週您將在掃描資料中看到它。

But again, our goal is always to manage that balance between delivering that top line ahead of unit growth. So you can see how effective it was for us in 2025, and our goal is to consistently deliver that moving forward.

但是，我們的目標始終是在實現營收成長和實現銷售成長之間找到平衡。所以你可以看出這在 2025 年對我們是多麼有效，我們的目標是繼續保持這種效果。

Okay. And then if I could, Hilton, I'd love to ask you a question about your gross margins in the quarter, which were really strong. And I think they came in better than you expected since I believe you suggested to us last quarter that they would decline sequentially.

好的。然後，希爾頓，如果可以的話，我想問您一個關於本季毛利率的問題，您們的毛利率非常強勁。我認為他們的表現比你預期的要好，因為我相信你上個季度曾告訴我們，他們的業績會環比下降。

So just would love to hear from your perspective, like, I guess, what came in better than you thought? I mean, was it stronger volumes, you've got more leverage, et cetera?

所以，我很想聽聽你的看法，例如，有哪些方面比你預想的要好？我的意思是，是不是因為交易量更大，槓桿作用更強等等？

So what we said in the release and I think that's quite important to look at that. So we had pricing actions, which were positive. Our supply chain optimization was again positive and we had product sales mix. And as we move from more sugar beverages to lower -- to zero sugar alternatives, that benefits our margin. And then in the quarter, we also had higher promotional allowances increased aluminum can costs, which we've discussed and geographical sales mix.

我們在新聞稿中提到了一些事情，我認為這一點非常重要，值得關注。因此，我們採取了價格調整措施，這些措施是積極的。我們的供應鏈優化再次取得正面成果，我們擁有良好的產品銷售組合。隨著我們從含糖飲料轉向低糖乃至零糖替代品，這將有利於我們的利潤。此外，本季我們還面臨更高的促銷補貼、更高的鋁罐成本（我們已經討論過）以及地理銷售組合的變化。

So you put it all together, pricing was good, increase in pricing, supply chain optimization and product sales mix. And they were the major contributors to gross margin. Now gross margin was the same as last quarter, which was really pleasing to see. And we're really happy with where we are now. We spoke a little bit about tariffs in the script, and that we will see an impact in tariffs.

綜上所述，定價合理，價格上漲，供應鏈優化和產品銷售組合優化。它們是毛利率的主要貢獻者。目前的毛利率與上一季持平，這著實令人欣喜。我們對目前的狀況非常滿意。我們在劇本中稍微談到了關稅問題，以及我們將看到關稅產生的影響。

Tariffs, we spoke about another a modest impact in this quarter. We spoke about a modest impact of tariffs in the fourth quarter and the first quarter of 2026. And then as we depend, if things stay very much the same, we'll then be benefiting from what happened in 2025 because that's when the Midwest premium and the LME started moving on.

關稅方面，我們之前也提到過，它在本季會產生輕微的影響。我們討論了關稅在第四季度和 2026 年第一季的輕微影響。然後，正如我們所依賴的那樣，如果情況保持不變，我們將從 2025 年發生的事情中受益，因為那時中西部溢價和倫敦金屬交易所 (LME) 開始向前發展。

And then, of course, we'll have the benefit of pricing, which Rob has just spoken about and which has been implemented effective November.

當然，我們也會享受定價方面的優勢，羅布剛才也談到了這一點，而且這項政策已經從 11 月開始實施。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

Hey everybody. Well done this quarter. A question on the contribution of affordable energy around the world and it's sort of impact on margins. The long history has been margin because of international has been lower than the US.

大家好。本季表現出色。關於全球範圍內價格合理的能源所做出的貢獻及其對利潤率的影響的問題。由於國際貿易的長期影響，利潤率一直低於美國。

Now with the launch of affordable energy and given the margin profile, is that the sort of gap that -- is that the sort of product that could maybe narrow that gap in margins of international versus the US? Or is it perhaps just not big enough at this stage to help bridge that?

現在，隨著價格親民的能源的推出，考慮到利潤率，這種產品是否能夠縮小國際市場與美國市場之間的利潤率差距？或者說，它目前規模還不夠大，不足以彌補這一差距？

Yes. One of the problems internationally, as I've spoken on many occasions is that the pricing internationally is not the same pricing that we're able to achieve in the US. And that we look at some of our competitors, and we have to -- as we compete in the market, we have to price ourselves competitively. And we found that if we stay more than a certain percentage from a large competitor, it does impact volumes.

是的。正如我多次提到的，國際上存在的問題之一是，國際定價與我們在美國能夠實現的定價並不相同。而且，我們還要觀察一些競爭對手，因為我們要在市場上競爭，所以我們必須制定有競爭力的價格。我們發現，如果我們與大型競爭對手保持一定百分比的距離，就會對銷售產生影響。

So we have to be very careful with pricing internationally, plus in most countries, our costs are a lot higher because in the US, we have significant scale. So now turning to affordable energy. I think affordable energy, because it's a concentrate, will actually benefit overall margins internationally, but not to a significant degree, I would believe, but it will be a positive contribution because it's a concentrate model. And as you know, concentrated models really generate higher margins and finished good models, which we run on with our Monster brands.

因此，我們在國際定價方面必須非常謹慎，而且在大多數國家，我們的成本要高得多，因為在美國，我們擁有相當大的規模。所以現在要轉向價格低廉的能源。我認為，價格親民的能源，因為它是一種濃縮能源，實際上將有利於國際上的整體利潤率，但我相信不會有顯著的程度，但它將做出積極的貢獻，因為它是濃縮能源模式。如你所知，集中銷售模式確實能帶來更高的利潤率和成品銷售模式，而我們的 Monster 品牌正是採用這種模式經營的。

And ladies and gentlemen, with that, we will be concluding our question-and-answer session for this afternoon.

女士們、先生們，今天下午的問答環節到此結束。

I'd like to turn the floor back over to Hilton Schlosberg for any closing comments.

我想把發言權交還給希爾頓·施洛斯伯格，請他做最後的總結發言。

Thank you. On behalf of Monster, I would like to thank everyone for their interest in the company. We are confident in the strength of our brands and the talent of our entire Monster family throughout the world, and I'm excited to be working with them all and thank them for their contributions during the quarter. We believe in the company and our growth strategy and are committed to innovating, developing and differentiating our brands and expanding the company both at home and abroad.

謝謝。我謹代表Monster公司，感謝大家對本公司的關注。我們對我們的品牌實力和全球 Monster 大家庭的全體成員的才能充滿信心，我很高興能與他們一起工作，並感謝他們在本季度所做的貢獻。我們對公司和我們的成長策略充滿信心，並致力於創新、發展和差異化我們的品牌，以及在國內和國外拓展公司業務。

We are proud of our relationship with the Coca-Cola system and the opportunities this presents to us. We believe that we are well positioned in the beverage industry and are optimistic about the future of our company. Thank you so much for your attendance.

我們為與可口可樂系統建立的合作關係以及由此帶來的機會感到自豪。我們相信我們在飲料行業擁有良好的市場地位，並對公司的未來充滿信心。非常感謝您的出席。

And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。非常感謝您出席今天的報告會。現在您可以斷開線路了。