怪物飲料 (MNST) 2025 Q4 法說會逐字稿

Good day, and welcome to the Monster Beverage Corporation fourth quarter 2025 financial results conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Monster Beverage Corporation 2025 年第四季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Hilton Schlosberg, Vice Chairman and Chief Executive Officer. Please go ahead, sir.

現在我謹將會議交給副董事長兼執行長希爾頓‧施洛斯伯格先生。請繼續，先生。

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; Rob Gehring, our CEO of the Americas; Guy Carling, our CEO of EMEA and OSP; and Emily Terry, our Chief Strategy Officer.

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；美洲區執行長 Rob Gehring；歐洲、中東和非洲及海外銷售計畫 (EMEA & OSP) 執行長 Guy Carling；以及首席策略長 Emily Terry。

As you saw in the press release, these are new roles and responsibilities for Rob, Guy and Emily and I would like to congratulate each on their new position and for their contribution to Monster's ongoing success.

正如你在新聞稿中看到的，這些是羅伯、蓋伊和艾米麗的新角色和新職責，我謹祝賀他們獲得新職位，並感謝他們為Monster的持續成功所做出的貢獻。

Mark Astrachan, our SVP of Investor Relations and Corporate Development, will now read our cautionary statement.

現在，我們的投資者關係和企業發展高級副總裁馬克·阿斯特拉坎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 in Section 21E of 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 and 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.

管理層提醒，這些聲明是基於我們目前的知識和預期，並受到某些風險和不確定性的影響，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作出的前瞻性聲明存在重大差異。

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 for a discussion on specific risks and uncertainties that may affect our performance.

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“前瞻性聲明”的部分，以了解可能影響我們業績的具體風險和不確定性。

The company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. I would also like to note that an explanation of the non-GAAP measures which we refer to as adjusted or 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 February 26, 2026. A copy of this information is also available on our website, www.monsterbetcorp.com in the Financial Information section.

本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。我還想指出，我們在本次電話會議中提到的非GAAP指標（我們稱之為調整後指標或適用指標）的解釋，已在2026年2月26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.monsterbetcorp.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 the exhibit filed with our 8-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，掃描器資料（之前在財報電話會議上提供）包含在我們提交的 8-K 檔案中。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 are pleased to report another quarter of strong financial results and cash generation with net sales crossing the $2 billion threshold for the first time in the company's history for a fiscal fourth quarter. We gained share in many of our global markets in the fourth quarter, reflecting the success of our core offerings as well as our product innovations.

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，淨銷售額在公司歷史上首次突破 20 億美元大關，成為第四財季的首例。第四季度，我們在全球許多市場的份額都有所提升，這反映了我們核心產品的成功以及產品創新。

Now just giving you an Energy Drink category update, the global energy drink category remains healthy with continued 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.

現在跟大家更新一下能量飲料品類的情況，全球能量飲料品類依然保持健康，並持續強勁成長。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的支持下，能量飲料品類的家庭滲透率將繼續提高。

We believe our portfolio of existing and planned energy drink offerings is well positioned to participate in the growing global energy drink category, appealing to a broad range of consumers across geographies, price points, new states and day parts. Innovation continues to be an important contributor to category growth, and we maintain a robust innovation pipeline. Our business continues to be supported by robust marketing programs, impactful retail engagement and our strong global partnership with the Coca-Cola Company and its global bottling partners.

我們相信，我們現有的和計劃中的能量飲料產品組合能夠很好地參與到不斷增長的全球能量飲料市場中，吸引不同地域、價格區間、新州和不同時段的廣大消費者。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。我們的業務持續得到強有力的行銷計劃、有效的零售互動以及與可口可樂公司及其全球裝瓶合作夥伴的牢固全球合作關係的支持。

In the United States, according to Nielsen, for the recently reported 13-week period through February 14, 2026, sales in dollars in the Energy Drink category, including energy shots, for all our sets combined, namely convenience, grocery, drug, mass merchandisers, increased by 12.9% versus the same period a year ago.

根據尼爾森公司的數據，在美國，截至 2026 年 2 月 14 日的最近 13 週期間，包括能量飲料在內的所有能量飲品類別的銷售額（以美元計）在所有通路（便利商店、雜貨店、藥局、大型零售商）的綜合銷售額比去年同期增長了 12.9%。

In EMEA, the Energy Drink category according to Nielsen, for our tracked markets for the recently reported 13-week period, which differs from country to country, coincidently also grew at 12.9% versus the same period last year, FX neutral. In APAC, the Energy Drink category according to Nielsen, Second and Intage for our tracked channels for the recently reported 13-week period, which differs from country to country, grew at 16.8% versus the same period last year, FX neutral.

根據尼爾森的數據，在 EMEA 地區，我們追蹤的市場最近報告的 13 週期間（因國家/地區而異），能量飲料品類也恰好增長了 12.9%，與去年同期相比，匯率保持不變。根據尼爾森、Second 和 Intage 的數據，在亞太地區，能量飲料品類在我們追蹤的管道中，最近報告的 13 週期間（因國家/地區而異）增長了 16.8%，與去年同期相比，匯率保持不變。

In LatAm, the Energy Drink category according to Nielsen for our tracked markets, for the three months ended December 31, 2025, coincidently also grew at approximately 12.9% versus the same period last year, FX neutral. Our net sales to customers outside the United States were approximately 42% of total reported net sales in the 2025 fourth quarter compared to 39% in the same period last year.

根據尼爾森的數據，在拉丁美洲，我們追蹤的市場中，截至 2025 年 12 月 31 日的三個月內，能量飲料品類也與去年同期相比增長了約 12.9%（按匯率不變）。2025 年第四季度，我們對美國以外客戶的淨銷售額約佔報告淨銷售額的 42%，而去年同期這一比例為 39%。

Turning to marketing. Our marketing messaging continues to resonate globally as we built strong momentum through the fall and into winter with marketing efforts focused on growing the core business and attracting new consumers. Highlights in the fourth quarter included the Monster Energy sponsor McLaren Formula One team, winning the constructors championship for the second year in a row or land an Arsanis first Driver's Championship and Ascopiastry finished third.

轉向市場行銷。我們的行銷訊息在全球範圍內持續引起共鳴，我們在秋季和冬季保持了強勁的發展勢頭，行銷工作重點放在發展核心業務和吸引新客戶。第四季的亮點包括 Monster Energy 贊助商麥克拉倫一級方程式車隊連續第二年贏得車隊總冠軍，以及阿爾薩尼斯首次獲得車手總冠軍，而 Ascopiastry 獲得第三名。

Our land and our Sierra Sugar Energy Drink continued its momentum following its successful introduction in certain EMEA markets in the 2025 third quarter. Landon Ares is now available in 38 EMEA and OSP markets. It was also well received as an LTO, which is a limited time offer in selected US markets in the 2025 fourth quarter with a full US rollout on track, no unintended for later in the 2026 first quarter. We continue to introduce this Energy Drink into new markets, including a recent successful launch in Australia with New Zealand on schedule to launch in March.

我們的土地和我們的 Sierra Sugar 能量飲料在 2025 年第三季成功進入歐洲、中東和非洲部分市場後，繼續保持著強勁的發展勢頭。Landon Ares 目前已在歐洲、中東和非洲以及海外市場 38 個地區上市。作為 LTO（限時優惠），它也受到了熱烈歡迎。 LTO 是 2025 年第四季在美國部分市場推出的限時優惠，並計劃於 2026 年第一季在美國全面推廣，沒有意外情況。我們將繼續把這款能量飲料引入新市場，包括最近在澳洲成功推出，紐西蘭也計劃在 3 月推出。

Our sponsorship of the Call of Duty gaming franchise continue to provide considerable exposure with 650 million branded cans distributed in more than 40 markets globally in the 2025 fourth quarter. The Monster Energy sponsored Ducati team on the Moto GP World Championship, Marquez on the riders Championship is Race suit and bike featured Monster branding. Other notable sponsorships in the fourth quarter included the UFC, professional bull riding and the up and up music tour in major cottages and universities featuring Monster artists.

我們贊助《決勝時刻》遊戲系列將繼續帶來相當大的曝光度，到 2025 年第四季度，將在全球 40 多個市場分銷 6.5 億個品牌罐裝飲料。Monster Energy贊助的杜卡迪車隊參加MotoGP世界錦標賽，車手馬奎斯穿的賽車服和賽車都印有Monster的品牌標誌。在第四季其他值得關注的贊助活動包括 UFC、職業鬥牛比賽以及在各大度假村和大學舉辦的以 Monster 旗下藝人為特色的 Up and Up 音樂巡迴演出。

The Monster Ultra brand family continued its strong performance, enhanced by the viral social media surge of our flagship, Ultra White and further benefited from a digital media campaign centered around Zero Sugar flavors unleashed.

Monster Ultra 品牌系列持續保持強勁表現，這得益於我們的旗艦產品 Ultra White 在社群媒體上的病毒式傳播，以及以零糖口味為主題的數位媒體宣傳活動。

Further enhancing the Ultra family growth was a successful introduction of ultra wild passion last fall in the United States. We are also excited to be participating in America 250 celebration with LTOs, Monster Energy Ultra Red, White and Blue rays, Juice Monster, Strawberry and made and Bang American Barry.

去年秋天，Ultra Wild Passion 在美國成功上市，進一步促進了 Ultra 系列產品的發展。我們也很興奮能參與美國250週年慶典，推出限時特供產品，包括Monster Energy Ultra Red、White and Blue rays、Juice Monster、Strawberry and made以及Bang American Barry。

Turning to tariffs. During the fourth quarter of 2025, the impact of tariffs and the increase in the price of aluminum on our operating results was 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.

接下來談談關稅問題。2025 年第四季度，關稅和鋁價上漲對我們的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 fourth 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 goods.

儘管第四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, based on current aluminum pricing and the Midwest premium, we expect a further modest increase in our costs in at least the first half of 2026 as compared to the 2025 fourth quarter. We will continue to recognize tariffs on aluminum through the higher Midwest premium and continue to implement hedging 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。然而，根據目前的鋁價和中西部溢價，我們預計至少在 2026 年上半年，我們的成本將比 2025 年第四季略有增加。我們將繼續透過較高的中西部溢價來反映鋁關稅的影響，並繼續在業務範圍內盡可能實施避險策略。

Turning to our Q4 2025 results. Net sales were $2.13 billion for the 2025 fourth quarter, was 17.6% higher than net sales of $1.81 billion in the 2024 fourth quarter. Net sales, excluding the alcohol brand segment, increased 18.3% in the 2025 fourth quarter. Net changes in foreign currency exchange rates had a favorable impact on net sales for the 2025 fourth quarter of $27.7 million. Net sales on a foreign currency adjusted basis increased 16.1% in the 2025 fourth quarter.

接下來來看看我們 2025 年第四季的業績。2025 年第四季淨銷售額為 21.3 億美元，較 2024 年第四季淨銷售額 18.1 億美元成長 17.6%。2025 年第四季度，不包括酒精品牌部分的淨銷售額成長了 18.3%。外匯匯率的淨變動對 2025 年第四季的淨銷售額產生了有利影響，增加了 2,770 萬美元。2025 年第四季度，按外幣調整後的淨銷售額成長了 16.1%。

Net sales, excluding the alcohol brand segment on a foreign currency adjusted basis, increased 16.7% in the 2025 fourth quarter. Excluding Alcohol Brands segment, our reported results is purely illustrative as it remains part of our ongoing operations. Net sales for the company's Monster Energy Drinks segment increased 18.9% to $1.99 billion for the 2025 quarter from $1.67 billion for the 2024 fourth quarter.

2025 年第四季度，淨銷售額（不包括酒精品牌部分，按外幣調整後）成長 16.7%。除酒精品牌板塊外，我們報告的業績僅供參考，因為該板塊仍是我們持續營運的一部分。該公司旗下 Monster Energy Drinks 部門的淨銷售額從 2024 年第四季的 16.7 億美元成長 18.9%，達到 2025 年第四季的 19.9 億美元。

Net sales on a foreign currency adjusted basis for the Monster Energy Drink segment increased 17.5% in the 2025 fourth quarter. Net sales for the company's Strategic Brands segment increased 7.8% to $110 million for the 2025 fourth quarter from $102 million in the 2024 fourth quarter. Net sales on a foreign currency adjusted basis for the Strategic Brands segment increased 4.7% in the 2025 fourth quarter. Net sales for the Alcohol Brands segment decreased 16.8% to $29 million for the 2025 fourth quarter from $34.9 million in the 2024 fourth quarter.

2025 年第四季度，Monster Energy Drink 業務部門的淨銷售額按外幣調整後成長了 17.5%。公司策略品牌部門的淨銷售額從 2024 年第四季的 1.02 億美元成長 7.8%，到 2025 年第四季的 1.1 億美元。2025 年第四季度，戰略品牌部門的淨銷售額按外幣調整後成長了 4.7%。2025 年第四季度，酒精品牌部門的淨銷售額下降 16.8%，至 2,900 萬美元，而 2024 年第四季為 3,490 萬美元。

Gross profit as a percentage of net sales for the 2025 fourth quarter was 55.5% compared with 55.3% in the 2024 fourth quarter. Adjusted gross profit as a percentage of net sales, excluding the alcohol brand segment, for the 2025 fourth quarter was 56.1% compared with 56% in the 2024 fourth quarter. The increase in gross profit as a percentage of net sales for the 2025 fourth quarter is primarily due to the result of pricing actions, supply chain optimization and product sales mix, partially offset by increased can costs and geographical sales mix. Gross profit as a percentage of net sales increased year-on-year in all four geographic regions in the 2025 fourth quarter.

2025 年第四季毛利佔淨銷售額的百分比為 55.5%，而 2024 年第四季為 55.3%。2025 年第四季調整後的毛利佔淨銷售額的百分比（不包括酒精品牌業務）為 56.1%，而 2024 年第四季為 56%。2025 年第四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的變化，但部分被罐體成本增加和地理銷售組合的變化所抵消。2025 年第四季度，所有四個地理區域的毛利佔淨銷售額的百分比均較去年同期成長。

Distribution expenses for the 2025 fourth quarter were $88.9 million or 4.2% of net sales compared with $77.6 million or 4.3% of net sales in the 2024 fourth quarter. Setting expenses for the 2025 fourth quarter were $219.7 million, or 10.3% of net sales compared with $193.4 million or 10.7% of net sales in the 2024 fourth quarter. General and administrative expenses for the 2025 fourth quarter were $332.1 million or 15.6% of net sales compared with $350.3 million or 19.3% of net sales for the 2024 fourth quarter.

2025 年第四季的分銷費用為 8,890 萬美元，佔淨銷售額的 4.2%，而 2024 年第四季的分銷費用為 7,760 萬美元，佔淨銷售額的 4.3%。2025 年第四季設定費用為 2.197 億美元，佔淨銷售額的 10.3%，而 2024 年第四季設定費用為 1.934 億美元，佔淨銷售額的 10.7%。2025 年第四季一般及行政費用為 3.321 億美元，佔淨銷售額的 15.6%，而 2024 年第四季一般及行政費用為 3.503 億美元，佔淨銷售額的 19.3%。

Stock-based compensation was $39 million for the 2025 fourth quarter compared with $22.2 million in the 2024 fourth quarter. The increase in stock-based compensation for the 2025 fourth quarter was primarily the result of a $12.9 million increase in the estimated payout levels for performance-based incentive compensation awards.

2025 年第四季股票選擇權補償金額為 3,900 萬美元，而 2024 年第四季為 2,220 萬美元。2025 年第四季股票選擇權激勵支出增加主要是由於績效激勵性薪酬獎勵的預計支付水準增加了 1,290 萬美元。

General and administrative expenses, including $51.2 million and $130.7 million of alcohol brand segment impairment charges for the 2025 and 2024 fourth quarters, respectively. General and administrative expenses in the 2025 fourth quarter also included $5.1 million of professional services expenses related to our new AFF St Fernanda facility as well as $6.6 million of expenses related to our digital transformation initiatives.

一般及行政費用，包括 2025 年及 2024 年第四季酒精品牌部門減損費用 5,120 萬美元及 1.307 億美元。2025 年第四季的一般及行政費用還包括與我們新的 AFF 聖費爾南達工廠相關的 510 萬美元專業服務費用，以及與我們的數位轉型計畫相關的 660 萬美元費用。

We've launched a comprehensive digital transformation initiative in 2025 to modernize our enterprise platforms and strengthen end-to-end business capabilities across commercial, operations and supply chain. As part of this effort, we are upgrading our enterprise resource planning system, including the implementation of SAP S/4HANA with a 10 goal upgrade of January 1, 2028, to improve operational efficiency, scalability and overall business management.

我們已啟動一項全面的數位轉型計劃，旨在 2025 年實現企業平台現代化，並加強商業、營運和供應鏈的端到端業務能力。作為這項工作的一部分，我們正在升級我們的企業資源規劃系統，包括實施 SAP S/4HANA，並計劃於 2028 年 1 月 1 日完成 10 個升級目標，以提高營運效率、可擴展性和整體業務管理。

Operating expenses for the 2025 fourth quarter was $640.7 million compared with $621.2 million in the 2024 fourth quarter. Adjusted operating expenses for the 2025 fourth quarter were $561.6 million compared with $462.5 million in the 2024 fourth quarter. Operating expenses as a percentage of net sales for the 2025 fourth quarter were 30.1% compared with 34.3% in the 2024 fourth quarter.

2025 年第四季的營運費用為 6.407 億美元，而 2024 年第四季的營運費用為 6.212 億美元。2025 年第四季的調整後營運費用為 5.616 億美元，而 2024 年第四季為 4.625 億美元。2025 年第四季營業費用佔淨銷售額的百分比為 30.1%，而 2024 年第四季為 34.3%。

Adjusted operating expenses as a percentage of net sales for the 2025 fourth quarter were 26.7% compared with 26% in the 2024 fourth quarter. Operating income for the 2025 fourth quarter increased 42.3% to $542.6 million from $381.2 million in the 2024 comparative quarter. The adjusted operating income for the 2025 fourth quarter increased 16% to $617.6 million from $532.2 million in the 2024 fourth quarter.

2025 年第四季調整後的營業費用佔淨銷售額的百分比為 26.7%，而 2024 年第四季為 26%。2025 年第四季營業收入較 2024 年同期成長 42.3%，達到 5.426 億美元，而 2024 年同期為 3.812 億美元。2025 年第四季調整後的營業收入從 2024 年第四季的 5.322 億美元成長 16% 至 6.176 億美元。

The effective tax rate for the 2025 fourth quarter was 21% compared with 29.9% in the 2024 fourth quarter. The decrease in the effective tax rate was primarily attributable to higher stock-based compensation reductions, higher income in lower tax jurisdictions and the release of valuation allowances against certain following deferred tax assets. The effective tax rate for the 2024 fourth quarter included an adjustment to the full year effective tax rate.

2025 年第四季的實際稅率為 21%，而 2024 年第四季的實際稅率為 29.9%。實際稅率的下降主要歸因於股票選擇權激勵支出減少、低稅率地區收入增加以及某些後續遞延所得稅資產的估值準備金釋放。2024 年第四季的實際稅率包括全年實際稅率的調整。

Net income per diluted share for the 2025 fourth quarter increased 64.9% to $0.46 from $0.28 in the fourth quarter of 2024. Adjusted net income per diluted share for the 2025 fourth quarter increased 30.4% to $0.51 from $0.39 in the fourth quarter of 2024.

2025 年第四季每股攤薄淨收益成長 64.9%，從 2024 年第四季的 0.28 美元增至 0.46 美元。2025 年第四季調整後每股攤薄淨收益成長 30.4%，從 2024 年第四季的 0.39 美元增至 0.51 美元。

Turning now to the US and North America. We had a strong finish to the year in the US and Canada with net sales increasing 13.3% in the 2025 fourth quarter compared to the 2024 fourth quarter. Our strong performance reflected healthy category growth, share gains and disciplined execution across the organization.

現在轉向美國和北美。我們在美國和加拿大市場取得了強勁的年終業績，2025 年第四季淨銷售額比 2024 年第四季成長了 13.3%。我們強勁的業績反映了品類健康成長、市場佔有率提升以及整個組織的嚴謹執行。

Our Zero Sugar portfolio remained a significant contributor to year's growth led by Monster Energy Ultra. According to Nielsen, the Ultra brand family grew 24% in the 2025 fourth quarter compared to the 2024 fourth quarter with our flagship ultra-wide Energy Drink growing 32% over the same period.

我們的零糖產品組合仍然是今年成長的重要貢獻者，其中以 Monster Energy Ultra 為首。根據尼爾森的數據，Ultra品牌家族在2025年第四季比2024年第四季成長了24%，其中我們的旗艦超寬能量飲料在同一時期成長了32%。

Based on Nielsen data, Monster's full sugar portfolio also delivered a meaningful contribution in this 2025 fourth quarter, representing more than one-third of the company's total US gains and highlighting the depth of the portfolio. Growth was led by the Juice Monster family, which increased 37% compared to the prior year with Monster including Killebrew, increasing 7.8% despite ongoing softness in the Energy Drink coffee category.

根據尼爾森的數據，Monster 的全醣產品組合在 2025 年第四季也做出了顯著貢獻，佔該公司在美國總收益的三分之一以上，凸顯了該產品組合的深度。成長主要由 Juice Monster 系列產品帶動，與前一年相比成長了 37%，其中 Monster 旗下的 Killebrew 產品成長了 7.8%，儘管能量飲料咖啡品類持續疲軟。

In total, Monster's full sugar offerings grew 9.1% and accounted for the vast majority of full sugar category growth in the quarter. Innovation added momentum through the back half of 2025. Monster's fall innovation slate delivered strong early velocities, rapid distribution expansion and incremental volumes across channels. These launches were supported by coordinated retail activation and marketing execution, helping drive trials, secure high visibility placements and broaden household reach. The performance of late-year innovation further demonstrated the brand's ability to refresh the portfolio while sustaining strength across core franchises.

Monster 的全糖產品總銷量成長了 9.1%，佔該季度全醣品類成長的絕大部分。創新在 2025 年下半年持續推動成長。Monster 的秋季創新產品陣容在早期階段就展現出強勁的成長勢頭，分銷通路迅速擴張，各通路銷售也穩定成長。這些產品上市活動得到了協調一致的零售推廣和行銷執行的支持，有助於推動試用、確保高曝光率的銷售位置並擴大家庭覆蓋範圍。年底的創新表現進一步證明了該品牌有能力在保持核心產品線強勁勢頭的同時，不斷更新產品組合。

From December 2025 to summer 2026, our innovation launch calendar is strategically staggered across our brand portfolio. These initiatives are designed to drive incremental consumption, expand distribution opportunities and strengthen consumer engagement across channels. We remain focused on complementing our base business with impactful innovation, delivering the excitement today's consumers demand in the energy category while reinforcing our confidence in sustained growth.

從 2025 年 12 月到 2026 年夏季，我們的創新產品發布計畫在我們的品牌組合中進行了策略性的錯峰安排。這些措施旨在促進消費成長、擴大分銷管道並加強各通路的消費者互動。我們將繼續專注於透過具有影響力的創新來補充我們的基礎業務，滿足當今消費者在能源領域的需求，同時增強我們對持續成長的信心。

From a revenue growth management standpoint, pricing actions implemented on November 1, 2025, performed in line with expectations. The approach is targeted by channel package analytics-driven and designed to better align price architecture across channels. Early read-through indicated limited volume sensitivity consistent with Monster's brand strength and favorable value proposition of energy drinks relative to other non-alcoholic ready-to-drink categories.

從營收成長管理的角度來看，2025 年 11 月 1 日實施的定價措施達到了預期效果。此方法以通路套餐分析為驅動，旨在更好地協調各通路的價格架構。初步閱讀結果表明，銷售敏感度有限，這與 Monster 的品牌實力以及能量飲料相對於其他非酒精即飲飲料類別的有利價值主張相符。

Turning to sales internationally now. Net sales to customers outside the US increased 26.9% to $903.3 million or approximately 42% of total net sales in the 2025 fourth quarter compared to $711.5 million or approximately 39% of total net sales in the corresponding quarter in 2024.

現在開始拓展國際銷售市場。2025 年第四季，美國以外客戶的淨銷售額成長 26.9%，達到 9.033 億美元，約佔總淨銷售額的 42%，而 2024 年同期為 7.115 億美元，約佔總淨銷售額的 39%。

Net sales to customers outside the United States on a foreign currency adjusted basis, increased 23.1% to $875.6 million in the 2025 fourth quarter. 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 fourth quarter as compared to the 2024 fourth quarter.

2025 年第四季度，按外幣調整後，對美國以外客戶的淨銷售額成長 23.1%，達到 8.756 億美元。2025 年第四季度，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較 2024 年第四季有所成長。

Turning to EMEA. Our net sales in EMEA in the 2025 fourth quarter increased by 32.6% in dollars and increased 25.9% 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 fourth quarter was 35.8% versus 32.7% in the same period in 2024. The quarter was driven by strong execution across markets, including accelerated cooler placements and space gains.

轉向歐洲、中東和非洲地區。2025 年第四季度，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 32.6%，按固定匯率計算增長了 25.9%，與 2024 年同期相比。2025 年第四季該地區的毛利佔淨銷售額的百分比為 35.8%，而 2024 年同期為 32.7%。本季業績成長主要得益於各市場的強勁執行，包括冷藏設備投放速度加快和空間利用率提高。

Sales growth reflects contribution from both existing SKUs and 2025 innovation with growth from across our Monster affordable and strategic brand families, especially the Monster Energy Ultra and Juice Monster families. The Energy Drink category remains healthy, with Monster outperforming the category in many EMEA markets. Notably, the Monster Energy brand retained its position as the fastest-growing FMCG brand by value and value growth in the 2025 fourth quarter and for the full year 2025, according to Nielsen, in all major channels in CCEP's Western European markets.

銷售成長反映了現有 SKU 和 2025 年創新產品的貢獻，成長來自我們 Monster 平價和策略品牌系列，特別是 Monster Energy Ultra 和 Juice Monster 系列。能量飲料市場仍維持健康發展態勢，Monster 在許多 EMEA 市場表現優於同類產品。值得注意的是，根據尼爾森的數據，在 CCEP 西歐市場的所有主要管道中，Monster Energy 品牌在 2025 年第四季和 2025 年全年均保持了其作為快速消費品品牌價值和價值增長率增長最快的地位。

Within EMEA, we've also seen the continued growth of our affordable brands few in Egypt, and Petite in Kenya, Nigeria and Morocco. In fact, Predator inferior combined to be the number 1 Energy Drink brand by value in major countries in Africa. Innovation continues to drive performance in the region, driven by Juice Monteria Punch, Monster Energy Lane Marier Sugar and Monster Energy Ultra Strawberry Dreams. In addition, we launched Bang in Spain and four SKUs in the fourth quarter as an affordable proposition.

在歐洲、中東和非洲地區，我們也看到我們的平價品牌在埃及持續成長，Petite 品牌在肯亞、奈及利亞和摩洛哥也持續成長。事實上，Predator 劣質產品在非洲主要國家中以價值計算是排名第一的能量飲料品牌。創新持續推動該地區的業績成長，其中 Juice Monteria Punch、Monster Energy Lane Marier Sugar 和 Monster Energy Ultra Strawberry Dreams 等產品發揮了重要作用。此外，我們在西班牙推出了 Bang，並在第四季度推出了四款 SKU，旨在提供價格實惠的產品。

Turning to Asia Pacific, net sales in Asia Pacific in the 2025 fourth quarter increased 11.5% in dollars and 13.9% on a currency-neutral basis over the same period in 2024. A systems disruption and our Japanese distributor negatively impacted APAC region sales. We believe this impact on our APAC region sales was approximately 6% to 7% in the 2025 fourth quarter. Operations have been back to normal since February 1. Gross profit in this region as a percentage of net sales for the 2025 fourth quarter was 41.4% versus 41.3% in the same period in 2024.

再來看亞太地區，2025 年第四季亞太地區的淨銷售額以美元計算比 2024 年同期成長 11.5%，以固定匯率計算成長 13.9%。系統故障以及我們日本分銷商對亞太地區銷售造成了負面影響。我們認為，到 2025 年第四季度，這將對我們亞太地區的銷售額產生約 6% 至 7% 的影響。自2月1日起，營運已恢復正常。2025 年第四季該地區的毛利佔淨銷售額的百分比為 41.4%，而 2024 年同期為 41.3%。

Net sales in Japan in 2025 fourth quarter decreased 15.2% in dollars and decreased 13.4% on a currency-neutral basis with sales negatively impacted by the full engine system disruption as our distributor. We believe net sales in Japan would have increased by approximately 4% to 5% over the prior year quarter without the system disruption.

2025 年第四季度，日本的淨銷售額以美元計算下降了 15.2%，以固定匯率計算下降了 13.4%，銷售額受到我們經銷商引擎系統全面中斷的負面影響。我們認為，如果沒有系統中斷，日本的淨銷售額將比上年同期成長約 4% 至 5%。

Net sales in South Korea in the 2025 fourth quarter decreased 26.5% in dollars and decreased 23% on a currency-neutral basis compared to the same quarter in 2024. The decline was primarily a result of bottle inventory fluctuations as depletions increased in the quarter. We remain the market leader in Korea. Net sales in China in the 2025 fourth quarter increased 78.9% in dollars and increased 78.3% on a currency-neutral basis as compared to the same quarter in 2024.

2025 年第四季韓國淨銷售額以美元計算下降 26.5%，以固定匯率計算下降 23%，與 2024 年同期相比。銷售下降主要是由於瓶裝庫存波動，本季消耗量增加所致。我們仍然是韓國市場的領導者。2025 年第四季，中國淨銷售額以美元計算成長 78.9%，以固定匯率計算成長 78.3%，與 2024 年同期相比。

Net sales in India in the 2025 fourth quarter increased 54.2% in dollars and increased 62.3% on a currency-neutral basis as compared to the same quarter in 2024. Also notable is our launch of Monster in Thailand in January, which is exceeding expectations, driven by positive rates of sale for both Monster Green and Ultra White.

2025 年第四季，印度淨銷售額以美元計算成長 54.2%，以固定匯率計算成長 62.3%，與 2024 年同期相比。值得一提的是，我們在 1 月在泰國推出了 Monster 產品，其銷量超出預期，Monster Green 和 Ultra White 的銷售情況均表現良好。

We remain optimistic about the long-term prospects for our brands in Asia Pacific and the expansion of our affordable brands in China and India. In Oceana, which includes Australia, New Zealand, Haiti, French Polynesia, New Caledonia, Papua New Guinea and Guam, net sales increased 35.5% in dollars and increased 38.9% on a currency-neutral basis.

我們對旗下品牌在亞太地區的長期前景以及在中國和印度拓展平價品牌的前景依然保持樂觀。在包括澳洲、紐西蘭、海地、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 35.5%，以固定匯率計算成長了 38.9%。

Turning now to Latin America and the Caribbean. Net sales in Latin America, including Mexico and the Caribbean, in the 2025 fourth quarter increased [19.8%] in dollars and increased 15.1% on a currency-neutral basis over the same period in 2024. Gross profit in this region as a percentage of net sales was 45.1% for the 2025 fourth quarter versus 42.7% in the 2024 fourth quarter.

現在轉向拉丁美洲和加勒比海地區。2025 年第四季度，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增長了 19.8%，按固定匯率計算增長了 15.1%。該地區 2025 年第四季的毛利佔淨銷售額的 45.1%，而 2024 年第四季為 42.7%。

Net sales in Brazil in the fourth quarter increased 27.1% in dollars and increased 21.2% on a currency-neutral basis. Notably, we ended 2025 with solid momentum, achieving record high market shares in November and December. Net sales in Mexico increased 11.7% in dollars and increased 3.8% on a currency-neutral basis in the 2025 fourth quarter. And sales in the quarter were impacted by Barclay inventory fluctuations as the patients far exceeded our shipments in Mexico. This dynamic was further supported by Nielsen scanner data that showed growth compared to the prior year of 20.3% for Monster and 28.9% for Predator for the three months ended December 2025.

第四季巴西淨銷售額以美元計算成長 27.1%，以固定匯率計算成長 21.2%。值得一提的是，我們在 2025 年底保持了強勁的發展勢頭，並在 11 月和 12 月取得了創紀錄的市場份額。2025 年第四季，墨西哥的淨銷售額以美元計成長 11.7%，以固定匯率計算成長 3.8%。由於墨西哥的患者數量遠遠超過了我們的出貨量，巴克萊銀行的庫存波動影響了本季的銷售額。尼爾森掃描器數據進一步佐證了這一趨勢，數據顯示，截至 2025 年 12 月的三個月內，Monster 的銷量比上年同期增長了 20.3%，Predator 的銷量比上年同期增長了 28.9%。

Net sales in Chile in the 2025 fourth quarter increased 61.4% in dollars and 61.3% on a currency-neutral basis. sales in Argentina in the 2025 fourth quarter decreased 39.5% in dollars and 42.2% on a currency-neutral basis. The net sales decrease in Argentina was due to lower price per case revenue driven by a change to operating model implemented late in the first quarter of 2025 to better manage our foreign currency exposure, similar to last quarter, while revenues declined, volumes increased in Argentina in the quarter.

2025年第四季，智利的淨銷售額以美元計算成長61.4%，以固定匯率計算成長61.3%。 2025年第四季，阿根廷的銷售額以美元計算下降39.5%，以固定匯率計算下降42.2%。阿根廷淨銷售額下降是由於每箱價格收入降低所致，而這又是由於我們在 2025 年第一季末實施了營運模式的改變，以更好地管理我們的外匯風險敞口，與上個季度類似，儘管收入下降，但阿根廷的銷量在本季度卻有所增長。

Turning to Monterrey. Net sales for the Alto Brands segment was $29 million in the 2025 fourth quarter, a decrease of approximately $5.9 million was 16.8% lower than the 2024 comparable quarter. Our recently launched Hard lemonade line blind lemon and Blandon continues its national rollout. The first subline of the Beast Perfect 10 began shipping in 2026 first quarter. And new national be done double and the spirit base ready to drink just five or among the planned innovations for spring of 2026. Additional seasonal crop beer offerings are planned in 2026.

轉向蒙特雷。2025 年第四季 Alto Brands 部門的淨銷售額為 2,900 萬美元，比 2024 年同期減少了約 590 萬美元，降幅達 16.8%。我們最近推出的硬檸檬水系列產品「盲檸檬」和「布蘭登」正在全國推廣。Beast Perfect 10 的首批子系列產品於 2026 年第一季開始出貨。新的國家計劃將完成兩倍，而烈酒基酒只需五瓶即可飲用，或作為 2026 年春季計劃推出的創新之一。2026年計劃推出更多季節性農作物啤酒。

Turning to our share repurchase program. During the 2025 fourth quarter, no shares of the company's common stock were repurchased against our repurchase program. As of February 25, 2026 approximately $500 million remained available for repurchase under the previously authorized repurchase program.

接下來談談我們的股票回購計畫。2025 年第四季度，本公司沒有根據回購計畫回購任何普通股。截至 2026 年 2 月 25 日，根據先前授權的回購計劃，仍有約 5 億美元可供回購。

Turning to January 2026 sales. We estimate that January 2026 sales on a non-foreign currency adjusted basis were approximately 20.5% higher than the comparable January 2025 sales and 21% higher on a non-foreign currency adjusted basis, excluding the alcohol brand segment. We estimate that on a foreign currency adjusted basis, January 2026 sales were approximately 16.7% higher than comparable January 2025 sales and 70.1% higher on a foreign currency adjusted basis, excluding the Alcohol Brands segment. January 2026 had one fewer selling day than January 2025.

接下來展望2026年1月的銷售情況。我們估計，2026 年 1 月的銷售額（按非外幣調整後）比 2025 年 1 月的銷售額高出約 20.5%，（按非外幣調整後）高出約 21%（不包括酒精品牌部分）。我們估計，按外幣調整後，2026 年 1 月的銷售額比 2025 年 1 月的銷售額高出約 16.7%，按外幣調整後（不包括酒精品牌部門）則高出 70.1%。2026 年 1 月的銷售日比 2025 年 1 月少一天。

In this regard, we caution again that sales of a short period often disproportionately impacted by various factors such as for example sitting days, days of the week in which 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 instances, our bottlers are responsible for production and determining production schedules. This affects the dates on which we invoice such bottlers.

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，例如休息日、節假日所在的星期幾、新產品上市的時間、零售店提價和促銷的時間、分銷商的激勵措施以及生產時間的變化。在某些情況下，我們的裝瓶商負責生產和製定生產計劃。這會影響我們向這些裝瓶商開立發票的日期。

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

此外，我們的裝瓶和分銷合作夥伴會根據自身的內部需求維持庫存水平，並且他們可能會出於業務運營的原因不時地改變庫存水平。我們重申，短期內（例如一個月）的銷售額不應被視為第四季度或任何未來時期業績的指標。

In conclusion, I would like to summarize some recent positive points. The Energy Drink category continues to grow globally and consumer demand, as measured by scanner data remained strong. We believe that household penetration continues to increase in the Energy Drink category due to product functionality and affordable value proposition and lifestyle positioning. We are seeing increases in purchase frequencies as well as usage occasions expanding across dayparts. We gained share in many markets globally in the fourth quarter as our core brands continue to grow and were complemented by innovation.

最後，我想總結一下最近的一些正面方面。全球能量飲料市場持續成長，掃描數據顯示消費者需求仍然強勁。我們認為，由於產品功能、價格實惠的價值主張和生活方式定位，能量飲料品類的家庭滲透率將持續成長。我們看到購買頻率增加，同時使用場合也擴展到一天中的不同時段。第四季度，隨著核心品牌的持續成長以及創新的推動，我們在全球許多市場的份額都有所提升。

We continue to expand ourselves in non-Nielsen track channels with an objective to expand our FSP foodservice on-premise business, we're excited about our innovation pipeline for 2026 and beyond. We continue to review opportunities for price increases, both domestically and internationally. Gross margins expanded in all four geographic regions compared to the prior year period.

我們將繼續拓展尼爾森追蹤管道以外的業務，目標是擴大我們的 FSP 餐飲服務現場業務，我們對 2026 年及以後的創新計劃感到興奮。我們將繼續評估國內外漲價的機會。與去年同期相比，所有四個地理區域的毛利率均有所增加。

We are continuing our digital transformation in order to modernize our enterprise platforms and strengthen end-to-end business capabilities across commercial, operations and supply chain, including our upgrade to SAP S/4HANA with a planned go-live date of January 1, 2028.

我們正在繼續推動數位轉型，以實現企業平台的現代化，並加強商業、營運和供應鏈的端到端業務能力，包括升級到 SAP S/4HANA，計劃於 2028 年 1 月 1 日上線。

I would like to open the floor to questions about the quarter.

我想開放提問環節，請各位就本季的狀況提問。

(Operator Instructions)

（操作說明）

Dara Mohsenian, Morgan Stanley

摩根士丹利 Dara Mohsenian

Hey, good afternoon. Just wanted to touch on your market share gains internationally. It's really accelerated in recent periods. Obviously, you've consistently gained share internationally over a long period of time. But just was more focused on what you think has driven the recent acceleration and how sustainable that is?

嘿，下午好。我想談談你們在國際市場份額方面的成長。最近一段時間，這種趨勢確實加速發展了。顯然，你們在國際市場上的市佔率在很長一段時間內持續成長。但我更關注的是您認為是什麼因素推動了近期的加速發展，以及這種發展是否可持續？

And then also within that, maybe you can touch on the affordable energy strategy and how that's performing in emerging markets in terms of incrementality for the category and driving category development? Thanks.

此外，您或許還可以談談經濟適用能源策略，以及該策略在新興市場中對品類增量和推動品類發展的表現？謝謝。

Well, Dara, good afternoon. Let me talk a little bit about the affordable energy category. And then we're fortunate we have Guy Cladin here, who will be able to talk quite succinctly about what's happening with market shares internationally. So if you look at the affordable energy category, it's a way of positioning energy drinks to markets where the affordability of Monster is somewhat out of reach.

達拉，下午好。讓我簡單談談經濟型能源類別。我們也很幸運地邀請到了蓋伊·克萊丹，他能夠非常簡潔地談談國際市佔率的現況。因此，如果你觀察一下價格親民的能量飲料類別，你會發現這是一種將能量飲料定位到那些Monster能量飲料價格過高而無法觸及的市場的方法。

And we've always wanted to establish Monster as our lead brand, that is at a particular price point. And we've never wanted to take that down to where the affordable category should be. So the affordable business for us is growing. The last count estimates for 2025 and I've never given this number before, but we'll give it now, were in the order of 100 million unit cases.

我們一直想把 Monster 打造成我們的主打品牌，並設定一個特定的價格點。我們從來沒有想過要把它降級到平價類別的水平。因此，對我們來說，價格實惠的業務正在成長。2025 年的最新統計估計（我以前從未給出過這個數字，但現在就給出來）約為 1 億個單位案例。

So it's a business that's growing, and we're excited to have it as part of our portfolio. And also, it's important to understand that most of the world's population now lives in emerging developing markets. So it's a really big opportunity for us.

所以這是一個正在發展壯大的企業，我們很高興能將其納入我們的投資組合。此外，還需了解的是，目前全球大部分人口都生活在新興發展中市場。所以這對我們來說是一個非常大的機會。

And in key markets for affordable is Nigeria, Egypt, Kenya, Mexico, India, China, and we have affordable in a lot of other countries, but those really are our lead markets for affordable energy. I'm just going to pass the call now to Guy, who will talk about market shares internationally.

而經濟適用能源的主要市場包括奈及利亞、埃及、肯亞、墨西哥、印度和中國，我們在許多其他國家也提供經濟適用能源，但這些才是我們經濟適用能源的主要市場。我現在把電話交給蓋伊，他將談論國際市場份額。

Thank you, Hilton. The category has seen strong double-digit growth internationally, I think, across the world. People are attracted to the category by the strong value proposition and the multi occasion usage across multiple age groups. 25% of category consumers are new to the category in the last 12 months coming from a wide range of categories. Monster has been able to outperform the category.

謝謝你，希爾頓酒店。我認為，該品類在全球範圍內都實現了強勁的兩位數成長。該品類憑藉其強大的價值主張和跨年齡層的多場合適用性吸引消費者。 25%的消費者是在過去12個月內首次接觸該品類，他們先前曾購買其他品類的產品。Monster 的表現一直優於同類產品。

We've seen growth from both innovation and existing SKUs. In Europe, two-third of our growth is coming from the existing business, and one-third from innovation, where the rest of the category has been much more dependent on innovation.

我們看到，創新和現有產品線都帶來了成長。在歐洲，我們三分之二的成長來自現有業務，三分之一來自創新，而該類別的其他部分則更依賴創新。

For example, the Ultra brand platform in the fourth quarter grew by 53% in Nielsen sales headlined by Ultra White, which grew at 59%. So the existing SKUs and especially zero sugar SKUs are driving growth. And then innovation, such as Lando Norris Zero Sugar, grew usage with existing consumers, but also in itself, 25% of lando sales were new to the category and 25% of Lando sales were new to consumers. So across multiple occasions, sugar and nonsugar innovation and existing SKUs, we're seeing growth ahead of the category.

例如，尼爾森數據顯示，Ultra品牌平台在第四季度的銷售額成長了53%，其中Ultra White的成長最為顯著，達到了59%。因此，現有的 SKU，尤其是零糖 SKU，正在推動成長。然後，像 Lando Norris Zero Sugar 這樣的創新產品，不僅提高了現有消費者的使用率，而且就其本身而言，Lando 的銷售額中有 25% 是該類別中的新產品，另有 25% 是消費者首次購買 Lando 產品。因此，在多個方面，無論是含糖產品還是不含糖產品，以及現有 SKU，我們都看到了領先於同類產品的成長。

Filippo Falorni, Citi.

Filippo Falorni，花旗銀行。

Hi, good afternoon, everyone. Hilton, I'd love to get your perspective hon the US Energy Drink category for 2026. Obviously, phenomenal growth in 2025, coming off a relatively easier base in '24. But clearly, the momentum is continuing. As you mentioned, there's some long-term drivers.

大家好，下午好。希爾頓，我很想聽聽您對2026年美國能量飲料市場的看法。顯然，2025 年將出現驚人的成長，因為 2024 年的基數相對較小。但很明顯，這股勢頭仍在繼續。正如你所提到的，有一些長期驅動因素。

And in terms of distribution gains, do you expect the category to continue to gain distribution space in 2026? And any order of magnitude you're expecting would be helpful. Thank you so much.

就分銷管道的成長而言，您預計該品類在 2026 年會繼續擴大分銷空間嗎？如果您能提供預期的數量級，那就太好了。太感謝了。

Sure. We don't give guidance, but what I can talk a little bit about is -- what are the key drivers behind where we are today and where we really do expect to be going forward. The Energy Drink business presents a value proposition to consumers. Relative to CSDs and relative to coffee coffees, there really is value in the sale of or the purchase of an Energy Drink by a consumer.

當然。我們不提供指導，但我可以談談——我們今天所處位置背後的關鍵驅動因素是什麼，以及我們真正期望未來達到的位置是什麼。能量飲料產業為消費者提供了價值主張。與碳酸飲料和咖啡相比，能量飲料的銷售或消費者購買確實具有價值。

In terms of pricing, plus there is a need, there's a functional need for energy. So there's a benefit. There's a functional need. It's a product that's there. It's available and appeals to our consumer group. Increasing household penetration is another major factor innovation, which Guy touched on as well. And we spoke a little bit about it on the script earlier. The need state for energy.

從價格角度來看，再加上有需求，有對能源的實際需求。所以這樣做是有好處的。存在實際需求。這是一款已經存在的產品。它符合我們的消費群需求，並且能夠吸引他們。提高家庭滲透率是另一個重要的創新因素，蓋伊也提到了這一點。我們之前在劇本裡也稍微談到過這一點。對能源的需求狀態。

And what's also important is more dayparts. You're seeing energy consumed across the day, whereas historically, it was not that factor. So for Monster, pricing and innovation, I think, will remain very much a part of where we are going. And FSOP, as I mentioned earlier, is a focus for 2026 as well.

此外，增加播出時段也很重要。現在我們看到的是全天的能量消耗，而從歷史上看，這並不是一個重要因素。因此，我認為，對於 Monster 而言，定價和創新仍將是我們未來發展方向的重要組成部分。正如我之前提到的，FSOP 也是 2026 年的重點。

So overall, we're excited about the opportunities that are open to us in the space. And looking at space and space gains in stores, obviously, retail is a aliquot space to the brands that are selling and they do so on a well-measured and analytical basis.

總而言之，我們對這個領域為我們帶來的機會感到興奮。從商店的空間和空間成長來看，很明顯，零售空間是品牌銷售空間的一部分，而品牌銷售空間的分配是基於精心衡量和分析的基礎。

So the way this category is growing relative to other categories, I think we see that space will continue to grow. And merchants will give the consumer what they want. And there's also an opportunity to gain space from alcohol, which is underperforming and other products in the beverage category, which are also underperforming. And what we've always said, and I sort of want to stress that space for innovation, we always see that as incremental. We never want to take from our existing space for our innovation SKUs.

因此，鑑於該類別相對於其他類別的成長方式，我認為我們可以看到該領域將繼續成長。商家會滿足消費者的需求。此外，還有機會從表現不佳的酒精飲料以及飲料類別中其他表現不佳的產品中搶佔市場份額。我們一直強調，創新空間，我們總是將其視為漸進式的。我們絕不想從現有的創新產品庫存中佔用空間。

Matthew Smith, Stifel.

馬修史密斯，史蒂費爾。

Hi, good afternoon. I wanted to focus on the margin performance in the quarter, you expanded gross margin across regions, but also called out pressure from tariffs and inflation. Can you just help clarify some of the prepared remarks on margin progression.

您好，下午好。我想重點關注本季的利潤率表現，你們在各個地區都提高了毛利率，但也指出了關稅和通貨膨脹帶來的壓力。您能否幫忙澄清一下關於利潤率進展的一些準備好的發言稿？

And also on G&A, that's one area where you saw some deleverage despite the top -- the strong top line performance. You listed a couple of specific items in the prepared remarks, but can you provide a little more detail on G&A and the progress from here? Are some of the investment areas ongoing or more onetime in nature?

此外，儘管營收表現強勁，但一般及行政費用方面也出現了一些去槓桿化現象。您在準備好的發言稿中列舉了一些具體項目，但您能否就一般及行政費用以及接下來的進展情況提供更多細節？有些投資領域是持續性的，有些則是一次性的？

Thank you.

謝謝。

Okay. Good question. So just talking about margin in the quarter, what we normally see and this quarter was no different, that the increase in our gross profit margins was primarily the result of pricing actions supply chain optimization and product sales mix. As we develop and sell a larger proportion of Zero Sugar SKUs. On the other hand, we have these aluminum can costs from -- largely driven by the aluminum pricing and the Midwest premium.

好的。問得好。所以，就本季的利潤率而言，我們通常看到的情況與本季一樣，毛利率的成長主要是由於定價措施、供應鏈優化和產品銷售組合的調整。隨著我們開發和銷售的零糖產品種類越來越多。另一方面，鋁罐的成本主要受鋁價和中西部溢價的影響。

And then again, we also have this geographical sales mix as we sell more product overseas. I mean it's no secret. You guys know what our margins are internationally versus what they are in the US. So also, my comment normally is we don't bank gross profit percentages. We bank gross profit dollars, and I want to go back to that as well.

此外，隨著我們在海外銷售的產品越來越多，我們的銷售組合也呈現出地理差異。我的意思是，這已經不是什麼秘密了。你們都知道我們在國際市場的利潤率與在美國市場的利潤率有何不同。所以，我通常的評論是，我們不把毛利率記入銀行帳戶。我們把毛利存入銀行，我也想恢復這種做法。

So the impact on -- in the quarter on the tariffs and the increase in the LME and the similar premiums that you have in other parts of the world, including the Rotterdam premium. The impact on our margin was modest and I'm not going to give a specific number, but it was largely offset by the increase that we achieved in the increase in our selling price.

因此，本季關稅上漲以及倫敦金屬交易所 (LME) 和世界其他地區類似的溢價（包括鹿特丹溢價）的影響。對我們的利潤率影響不大，我不打算給出具體數字，但我們透過提高售價所取得的成長在很大程度上抵消了這一影響。

Going forward, -- we do, as I've mentioned on previous calls, have an active hedging program, and we'll continue to process aluminum on -- with our hedging program. So whatever I talk about our business, talking net of hedging program.

展望未來，正如我在先前的電話會議中提到的，我們確實有一個積極的避險計劃，我們將繼續透過我們的避險計劃來處理鋁。所以無論我談論我們的業務，談論的是避險計畫。

And if you look at what happened in the fourth quarter, it's actually quite interesting to aluminum and LME, you'll see that from Q4 to Q5, the LME increased by -- including Midwest premium, including increased by -- in excess of 50%. So that's -- those are the percentage numbers that you're dealing with, and we expect that they'll continue to increase going forward into 2026.

如果你看看第四季度發生的事情，你會發現鋁和倫敦金屬交易所（LME）的情況其實相當有趣，你會發現從第四季度到第五季度，LME價格上漲了——包括中西部溢價在內，上漲了——超過50%。所以，這些就是你們要面對的百分比數字，我們預計到 2026 年，這些數字還會持續成長。

I think they'll still be modest. I think Q1 will probably be a little bit higher than what we saw in this quarter, and Q2 will be a little bit higher than that, and then we start overlapping and the rest of the year is overlapping on high aluminum prices in 2025. So I see some impact on in Q1, in Q2, but after that, it will just lap previous increases in aluminum.

我認為他們仍然會保持謙遜。我認為第一季可能會比本季略高一些，第二季會比第二季略高一些，然後我們就會開始重疊，今年剩下的時間都將與2025年的高鋁價重疊。所以我認為第一季和第二季會受到一些影響，但之後，鋁價的漲幅將超過先前的漲幅。

On G&A, we mentioned in the script a couple of things. We said that we had this $12.9 million increase in estimated payout levels for performance-based incentive compensation. We spoke about the professional services expenses relating to the start-up of a new AFF San Fernando facility, which we booked in the fourth quarter as well as $6.6 million of expenses related to our digital transformation initiatives.

關於一般及行政費用，我們在劇本中提到了幾件事。我們曾表示，基於績效的激勵性薪酬的預期支付水準增加了 1,290 萬美元。我們討論了與新 AFF 聖費爾南多工廠啟動相關的專業服務費用，該費用已計入第四季度，以及與我們的數位轉型計劃相關的 660 萬美元費用。

So as we go forward on the digital transformation initiatives, some of them will be in -- capitalized, of course. And -- but there will be a chunk in G&A. So if you adjust and you take those numbers into consideration and you adjust the G&A numbers that are in our release and in the script and you'll see in the 8-K , you'll see that we -- the leverage is actually the percentage of G&A as a percentage of sales is actually coming down rather than going up as you possibly suggested.

因此，隨著我們推動數位轉型計劃，其中一些計劃將會——當然，要大寫。但其中會有一部分計入一般及行政費用。所以，如果你進行調整，並將這些數字考慮在內，並調整我們在新聞稿和腳本中列出的 G&A 數據，你會發現，在 8-K 文件中，我們——槓桿作用實際上是 G&A 佔銷售額的百分比正在下降，而不是像你可能建議的那樣上升。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

Alright, thank you. Hi, I had a quick follow-up question on the cost portion. Would you consider further pricing actions to offset the cost pressures? And then I did have a couple of questions on innovation. First, maybe Hilton, can you give us a sense of the phasing of your innovation this year? Is it more first half versus second half weighted? Or is it more balanced throughout the year?

好的，謝謝。您好，關於費用部分，我還有一個後續問題。您是否會考慮採取進一步的價格調整措施來抵銷成本壓力？然後，我還有一些關於創新的問題。首先，希爾頓，您能否為我們介紹一下您今年的創新計畫分階段進行？上半場權重比較大還是下半場權重比較大？或者說，全年情況比較均衡？

And then maybe talk to us a little bit about the repeat purchase rates that you've been seeing in some of the recent rollouts.

然後，或許可以和我們談談您在最近一些產品推廣活動中看到的重複購買率。

Okay. So what I said in the script, and I'll say it again, is we continue to review opportunities for price increases, both domestically and internationally. It's something that's very much in our minds. And if we think there's an opportunity, then it's something that we certainly will consider. As I've said also in previous calls and that we run our own playbook, and we decide what's right for us and what's right for the company and what's right for our distributors and our consumers and act accordingly.

好的。所以我在稿子裡說過，我再說一遍，我們會繼續評估國內外漲價的機會。這件事一直縈繞在我們心頭。如果我們認為有機會，那麼我們一定會認真考慮。正如我在先前的電話會議中也說過的那樣，我們有自己的行事準則，我們會決定什麼對我們有利、什麼對公司有利、什麼對我們的經銷商和消費者有利，並據此採取行動。

We also -- our GM plays a very big role in our processing decisions, and you saw what happened with the price increase that we put into effect in November 1. And we're actually quite pleased with the way that went. And I also said on the -- in the script that it really went according to plan. And we didn't really see a fall in volumes.

我們——我們的總經理在我們的決策過程中扮演著非常重要的角色，你們也看到了，我們在 11 月 1 日實施的價格上漲導致了這種情況。我們對結果相當滿意。而且我在劇本裡也說過，一切都照計畫進行。我們並沒有真正看到銷量下降。

And now turning to your question on innovation. This year, we will be seeing innovation staggered across at least the first half of the year for the ones that have already been announced. And then there will be some fall innovation, which we haven't announced yet. But you'll see instead of previous years where we launched everything in the first couple of months -- we -- what we're doing this year, what Rob is doing is a more kind of definitive approach where we are we're staggering our innovation.

現在來回答您關於創新的問題。今年，已公佈的創新項目至少會在上半年陸續推出。秋季還會有一些創新產品，我們尚未公佈。但你會發現，與往年我們在前幾個月就推出所有產品不同，今年，羅布採取了更明確的方法，我們正在分階段推進創新。

And then, of course, we have the Americas 250 innovation, which are in selected retailers right now, but they will be opened up to coincide with those celebrations. And we've seen good progress from innovation. I think that's something that we are monitoring, and we're really excited with our innovation

當然，我們還有美洲 250 週年創新產品，目前已在部分零售商處有售，但將在慶祝活動期間全面上市。我們已經看到創新方面取得了良好進展。我認為這是我們一直在關注的方面，我們對我們的創新感到非常興奮。

Carlos Laboy, HSBC.

卡洛斯·拉博伊，匯豐銀行。

Yes, good afternoon, everyone. Hilton, can you please share with us perhaps some more detail on how it's going in India. You have a new bottler there. Can you also please shed some light on how you get the governing principles and the long-range vision rate with such an important new bottler when you have a new bottling relationship, please? Thanks.

是的，大家下午好。希爾頓酒店，您能否和我們分享一下在印度的進展？你們那裡新來了一家裝瓶廠。請問您能否也解釋一下，在與這樣重要的新裝瓶商建立新的合作關係時，您是如何獲得管理原則和長遠發展願景的？謝謝。

Okay. Thanks, Carlos. I'm really excited about India. I was there in a couple of months ago. And we work very closely with the Coca-Cola team in Atlanta and with the Coca-Cola team in India and with the bottlers to really activate and accelerate our business in India.

好的。謝謝你，卡洛斯。我對印度充滿期待。我幾個月前去過那裡。我們與亞特蘭大的可口可樂團隊、印度的可口可樂團隊以及裝瓶商密切合作，以真正啟動和加速我們在印度的業務。

The new bottler is very excited to be part of the journey with us. I know that and have met the Chief Executive on a number of occasions, and they are very, very excited with the opportunity for Monster and Predator in India and for the ability to compete effectively with famous competition that is in the blue can.

新裝瓶商非常高興能與我們一起開啟這段旅程。我知道這一點，並且多次與首席執行官會面，他們對 Monster 和 Predator 在印度的機會以及與藍色罐頭裡的著名競爭對手有效競爭的能力感到非常非常興奮。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

Thank you. Hilton, would like to perhaps go deeper on the margin question. I know you don't bank margins and you bank dollars. But just wondering how we should be thinking given the hedges and what has been happening with the aluminum prices?

謝謝。希爾頓或許想更深入探討利潤率問題。我知道你不存利潤，你存的是美元。但我想知道，考慮到對沖交易以及鋁價的走勢，我們應該如何看待這個問題？

And obviously, you had an expansion and which is remarkable, but just thinking of ahead, how we should be embedding the international expansion, the low-price energy mix, geography effects would be very helpful? Thank you.

顯然，你們實現了擴張，這非常了不起，但展望未來，我們該如何將國際擴張、低價能源組合以及地理效應融入其中，這將非常有幫助？謝謝。

I think I spoke about aluminum that would have an impact on margin. I spoke a little bit about that earlier. So we do see some pressure in the first and second quarter of 2026. And so I'm not sure what else to what else to add to that. Internationally, you've seen what's happened with our gross margins.

我想我之前提到過鋁對利潤率的影響。我之前稍微提到過這一點。因此，我們預計 2026 年第一季和第二季將面臨一些壓力。所以，我不知道還能補充些什麼。從國際市場來看，你們已經看到了我們毛利率的變化。

We've been able to increase margin in each of the territories that we have that we participated and reported on. There was a question earlier about affordable and affordable also assess our gross margin. So it's something that we're really focused on internationally. As you know, we some -- we don't enjoy the same pricing that we have here in the US in many international markets, but we are focused on increasing margin. And I think you saw a little bit of that in this last quarter.

在我們參與並報告的每個地區，我們都提高了利潤率。之前有人問過關於價格實惠的問題，也請評估一下我們的毛利率。所以這是我們在國際上非常關注的事情。如您所知，我們在許多國際市場上無法享受與美國相同的定價，但我們專注於提高利潤率。我認為你在上個季度已經看到了一些這方面的變化。

This concludes our question-and-answer session. I would like to turn the conference back over to Schlosberg for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給施洛斯伯格，請他作總結發言。

On behalf of Monster, I would like to thank everyone for their interest in the company. We're 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 and thank them for their contributions. I'd also like to congratulate the Rob and Emily and Guy for their new positions and really look forward to working with them as we go forward into 2026 and beyond.

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遍布全球的Monster大家庭的才能充滿信心，我很高興能與他們共事，並感謝他們所做的貢獻。我還要祝賀羅伯、艾米麗和蓋伊榮升新職，並非常期待與他們一起邁向 2026 年及以後。

We all believe in the company and our growth strategy, and we're committed to innovating, developing and differentiating our brands and expanding the company both at home and abroad. We're proud of our relationship with the Coca-Cola system and the opportunity this presents to us. We believe that we are well positioned in the beverage category and are optimistic about the future of our company.

我們都對公司和我們的成長策略充滿信心，我們致力於創新、發展和打造差異化品牌，並在國內和國外拓展公司業務。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。

Thank you very much for your attendance.

非常感謝您的出席。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。