奧馳亞 (MO) 2025 Q4 法說會逐字稿

Good day and welcome to the Altria Group 2025 fourth-quarter and full-year earnings conference call. Today's call is scheduled to last about one hour, including remarks by Altria's management and a question-and-answer session. (Operator Instructions)

各位朋友，大家好，歡迎參加奧馳亞集團2025年第四季及全年業績電話會議。今天的電話會議預計持續約一小時，包括奧馳亞管理層的演講和問答環節。（操作說明）

I would now like to turn the call over to Mac Livingston, Vice President of Investor Relations. Please go ahead, sir.

現在我將把電話交給投資人關係副總裁麥克·利文斯頓。請繼續，先生。

Thanks, Chloe. Good morning and thank you for joining us. This morning, Billy Gifford, Altria's CEO; and Sal Mancuso, our CFO, will discuss Altria's 2025 fourth-quarter and full-year business results. Earlier today, we issued a press release providing our results. The release, presentation, quarterly metrics, and our latest corporate responsibility reports are all available at altria.com.

謝謝你，克洛伊。早安，感謝各位的參與。今天上午，奧馳亞執行長比利·吉福德和我們的財務長薩爾·曼庫索將討論奧馳亞 2025 年第四季和全年的業務業績。今天早些時候，我們發布了一份新聞稿，公佈了我們的研究結果。新聞稿、簡報、季度指標以及我們最新的企業社會責任報告均可在 altria.com 上取得。

During our call today, unless otherwise stated, we're comparing results to the same period in 2024. Our remarks contain forward-looking statements, including projections of future results. Please review the forward-looking and cautionary statements section at the end of today's earnings release for various factors that could cause actual results to differ materially from projections.

在今天的電話會議中，除非另有說明，我們將把結果與 2024 年同期進行比較。我們的發言包含前瞻性陳述，包括對未來績效的預測。請查閱今天財報發布末尾的前瞻性聲明和警示性聲明部分，以了解可能導致實際結果與預測結果有重大差異的各種因素。

Future dividend payments and share repurchases remain subject to the discretion of our Board of Directors. We report our financial results in accordance with US generally accepted accounting principles. Today's call will contain various operating results on both a reported and adjusted basis. Adjusted results exclude special items that affect comparisons with reported results. Descriptions of these non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures are included in today's earnings release and on our website at altria.com. Finally, all references in today's remarks to nicotine consumers or consumers within a specific nicotine category or segment refer to existing adult nicotine consumers 21 years of age or older.

未來的股利支付和股票回購仍由董事會酌情決定。我們依照美國公認會計原則報告財務表現。今天的電話會議將包含已公佈和調整後的各項經營績效。調整後的結果不包括影響與已公佈結果比較的特殊項目。這些非GAAP財務指標的說明以及與最接近的GAAP財務指標的調節表已包含在今天的盈利報告中，也可在我們的網站altria.com上查閱。最後，今天所有提及的尼古丁消費者或特定尼古丁類別或細分市場的消費者均指21歲及以上的現有成年尼古丁消費者。

With that, I'll turn the call over to Billy.

這樣，我就把電話交給比利了。

Thanks, Mac. Good morning, and thank you for joining us. 2025 was a year of continued momentum for Altria marked by strong financial performance, strategic progress across our smoke-free portfolio, new relationships in support of our long-term growth goals, and significant cash returns to shareholders. Our leading brands and talented teams enabled our core tobacco businesses to deliver solid income growth and margin expansion while we invested in our vision. For the full year, we grew adjusted diluted earnings per share by 4.4% and returned $8 billion to shareholders through dividends and share repurchases combined.

謝謝，Mac。早安，感謝各位的參與。 2025年是奧馳亞集團持續發展勢頭強勁的一年，其特點包括：強勁的財務業績、無菸產品組合的策略進展、為支持長期成長目標而建立的新合作關係，以及向股東返還的豐厚現金回報。我們憑藉領先的品牌和優秀的團隊，在投資實現願景的同時，使我們的核心菸草業務實現了穩健的收入成長和利潤率擴張。全年來看，我們調整後的稀釋每股收益成長了 4.4%，並透過股息和股票回購合計向股東返還了 80 億美元。

As the year progressed, we achieved meaningful milestones that we believe advance our smoke-free portfolio and position us for sustained success in the US nicotine space and for long-term adjacent growth. In 2025, Helix received marketing granted orders from the FDA for certain on! Plus products. Horizon submitted a combined PMTA and MRTPA to the FDA for Ploom and Marlboro heated tobacco sticks.

隨著這一年的推進，我們取得了意義重大的里程碑，我們相信這些里程碑將推進我們的無菸產品組合，並使我們在美國尼古丁市場取得持續成功，並實現長期的相關成長。2025年，Helix獲得了FDA頒發的某些產品的上市許可！Plus產品。Horizo​​n 向 FDA 提交了 Ploom 和 Marlboro 加熱菸草棒的 PMTA 和 MRTPA 合併申請。

We entered into a strategic collaboration with KT&G to advance international modern oral, US non-nicotine growth and traditional tobacco operating efficiencies. And we continue to advocate for a responsible and well-regulated marketplace. My remarks this morning will focus on our latest view of the US nicotine space our smoke-free progress and our earnings guidance for 2026.

我們與 KT&G 進行了策略合作，以推進國際現代口腔產品、美國非尼古丁產品的成長以及傳統菸草的營運效率。我們將繼續倡導建立負責任且監管完善的市場。我今天早上的演講將重點介紹我們對美國尼古丁市場的最新看法、我們在無菸方面取得的進展以及我們對 2026 年的獲利預期。

I'll then hand it over to Sal, who will provide further details on our business and financial results. Let's begin with our view of the US nicotine space. Over the past year, the estimated number of adult consumers in the e-vapor and oral tobacco categories, grew to almost 30 million, nearly as large as the adult smoker population and a reflection of the potential for tobacco harm reduction in the US Total nicotine industry equivalized volumes increased for the third consecutive year and grew by approximately 2% over the past 5 years on a compounded annual basis.

然後我會把它交給薩爾，他會提供有關我們業務和財務表現的更多詳細資訊。讓我們先從我們對美國尼古丁市場的看法開始。過去一年，電子煙和口服菸草的成年消費者估計數量增長到近 3,000 萬，幾乎與成年吸菸者的數量相當，這反映了美國菸草減害的潛力。尼古丁產業總當量銷量連續第三年成長，過去 5 年的複合年增長率約為 2%。

And we estimate that smoke-free alternatives represented more than 50% of the total nicotine space, up 5 percentage points from the prior year. However, the primary driver of industry and smoke-free growth continues to be the widespread availability of illicit flavored disposable e-vapor products invading the regulatory process, which jeopardizes the long-term tobacco harm reduction opportunity.

我們估計，無菸替代品佔尼古丁市場總量的 50% 以上，比前一年增長了 5 個百分點。然而，推動產業和無菸發展的主要因素仍然是非法調味一次性電子煙產品的廣泛流通，這些產品侵入監管程序，危及長期減少菸草危害的機會。

We estimate the e-vapor category grew approximately 15% in 2025 with illicit products representing approximately 70% of the category. At year-end, we estimate there were more than 20 million vapors with nearly 15 million using disposable products. We have long advocated for stronger enforcement against illicit products and an acceleration of FDA market authorizations for smoke-free products.

我們估計，到 2025 年，電子菸品類將成長約 15%，其中非法產品約佔該類別的 70%。截至年底，我們估計電子煙用戶超過 2,000 萬，其中近 1,500 萬用戶使用一次性產品。我們一直倡導加強對非法產品的執法力度，並加速FDA對無菸產品的市場准入審批。

In 2025, we saw increased engagement and action from federal agencies and government officials, including fourth quarter legislation requiring the FDA to allocate at least $200 million of tobacco user fees to enforcement activities. Early signs suggest that these efforts, together with tariffs of Chinese manufactured goods, are beginning to impact the illicit marketplace. We are also seeing early indication that growth in the total number of disposable vapors is moderating. In 2025, disposable e-vapor volumes grew approximately 30% compared to over 50% in 2024. Growth in the number of disposable vapors also slowed, rising approximately 10% in 2025 versus over 40% in 2024.

2025 年，我們看到聯邦機構和政府官員的參與度和行動力有所提高，包括第四季度立法要求 FDA 將至少 2 億美元的菸草用戶費用分配給執法活動。初步跡象表明，這些努力，加上對中國製造商品徵收關稅，已經開始對非法市場產生影響。我們還看到一些初步跡象表明，一次性電子煙的總量增長正在放緩。2025 年一次性電子煙銷量成長約 30%，而 2024 年的增幅超過 50%。一次性電子煙數量的增長速度也放緩，2025 年預計增長約 10%，而 2024 年的增幅則超過 40%。

Additionally, the FDA's pilot program to streamline PMTA reviews for certain oral nicotine pouches could be a meaningful step toward improved regulatory speed and clarity required to deliver products that meet adult consumer preferences and regulatory standards. While we are encouraged by this early progress, additional action is needed to accelerate product authorization decisions and ensure a level playing field for all manufacturers. We are hopeful that 2026 will bring consistent enforcement and further improvements to the regulatory process. We continue to believe that responsible participation in the e-vapor category with products that meet consumer preferences supports our vision and our broader smoke-free strategy.

此外，FDA 針對某些口服尼古丁袋的 PMTA 審查簡化試點項目，可能是朝著提高監管速度和清晰度邁出的重要一步，而監管速度和清晰度對於提供符合成年消費者偏好和監管標準的產品至關重要。雖然我們對這項初步進展感到鼓舞，但還需要採取更多措施來加快產品授權決定，並確保所有製造商都能在公平的競爭環境中競爭。我們希望2026年能帶來持續的執法力度和監管流程的進一步改善。我們始終相信，負責任地參與電子菸品類，推出符合消費者喜好的產品，有助於實現我們的願景和更廣泛的無菸策略。

We're making progress against our product pipeline and are executing with discipline and intention. The proliferation of illicit disposable products, pace of FDA authorizations and the intellectual property landscape remain significant headwinds. Accordingly, we intend to maintain a measured approach to our investments in e-vapor until the regulatory framework is functioning as intended, and enforcement actions meaningfully address the illicit market.

我們的產品線正在穩步推進，並且執行得嚴謹有條不紊、目標明確。非法一次性產品的氾濫、FDA 授權的速度以及智慧財產權環境仍然是重大的不利因素。因此，在監管框架按預期發揮作用，執法行動切實打擊非法市場之前，我們打算對電子煙領域的投資保持謹慎態度。

Let's now turn to the nicotine pouch category. Nicotine pouches continue to drive overall oral tobacco volume growth, which increased an estimated 14% over the past 6 months. In the fourth quarter, oral nicotine pouches grew 10.4 share points versus the prior year and now represent nearly 57% of the total oral category.

現在我們來看看尼古丁袋這一類產品。尼古丁袋繼續推動口服菸草總量的成長，據估計，在過去 6 個月裡，口服菸草總量增加了 14%。第四季度，口服尼古丁袋的市佔率比前一年增加了 10.4 個百分點，目前佔口服尼古丁產品總量的近 57%。

Competitor promotional activity remained elevated during the fourth quarter. Average retail prices for category competitors in the fourth quarter declined 3% sequentially and 12% year-over-year. In contrast, Helix remained focused on balancing profitability with retaining loyal on! consumers. At retail, on!'s price increased by approximately 4% sequentially and 3% versus the prior year.

第四季度，競爭對手的促銷活動依然活躍。第四季同類競爭產品的平均零售價格較上季下降 3%，較去年同期下降 12%。相比之下，Helix 則始終專注於在盈利能力和保持忠誠度之間取得平衡！消費者。在零售店，on!'s價格較上季上漲約 4%，較去年同期上漲約 3%。

For the full year, Helix successfully delivered against its plans and contributed profitable growth to our oral tobacco products segment. In this environment, Helix was relatively stable in the fourth quarter, growing on! reported shipment volume to more than 44 million cans. For the full year, Helix grew on! reported shipment volume by approximately 11% to more than 177 million cans.

全年來看，Helix 成功完成了各項計劃，並為我們的口服煙草產品部門帶來了盈利增長。在這種環境下，Helix 在第四季度表現相對穩定，並持續成長！據報道，出貨量超過 4,400 萬罐。整整一年，Helix 都在持續成長！報告顯示，出貨量成長約 11%，超過 1.77 億罐。

on!'s retail share of the total oral tobacco category was 7.7% for the fourth quarter and 8.2% for the full year. While Helix carefully stewarded going through disruptive second half market conditions, the team also prepared to bring on! Plus to the market. In December, the FDA authorized on! Plus Mint, Wintergreen and Tobacco in 6 and 9-milligram nicotine strengths with the 12-milligram variant still in the review process.

開！第四季度，口服菸草零售份額佔總零售份額的 7.7%，全年為 8.2%。儘管 Helix 謹慎地應對了下半年動盪的市場環境，但團隊也做好了迎接挑戰的準備！加上市場。12月，FDA批准了！此外，還有薄荷、冬青和菸草口味，尼古丁含量分別為 6 毫克和 9 毫克，12 毫克版本仍在審查過程中。

Following authorization, Helix resumed shipments of on! Plus in Florida, North Carolina and Texas. Innovation in pouch formats, including wet pouches, broader flavor variety and higher nicotine strength offerings is driving nicotine pouch growth. We believe on! Plus is a premium differentiated product that is well positioned to meaningfully participate in this growth.

獲得授權後，Helix 恢復了 on! 的發貨此外，在佛羅裡達州、北卡羅來納州和德克薩斯州也有分佈。袋裝形式的創新，包括濕袋、更廣泛的口味選擇和更高尼古丁濃度的產品，正在推動尼古丁袋的成長。我們堅信！Plus 是一款高階差異化產品，具備充分的優勢，能夠實際參與這一成長趨勢。

Early consumer feedback indicates that its innovative pouch material with smooth flavor proposition is a competitive advantage in the marketplace. In recent research, on! Plus Mint achieved higher overall purchase intention scores than the leading nicotine pouch brand and distinguished itself with superior pouch comfort and mouth feel, critical attributes in the nicotine pouch category. In the fourth quarter, Helix began laying the foundation to expand on! Plus nationally.

早期消費者回饋表明，其創新的包裝材料和順滑的口感是其在市場上的競爭優勢。在最近的研究中，開啟！Plus Mint 的整體購買意願得分高於領先的尼古丁袋品牌，並且憑藉卓越的袋體舒適度和口感脫穎而出，這些都是尼古丁袋類別中的關鍵屬性。第四季度，Helix 開始為未來的擴張奠定基礎！此外，在全國範圍內也是如此。

Our teams made strategic investments in retail merchandising fixtures and equity to prepare for the on! Plus national launch planned for the first half of this year. In 2026, Helix plans to focus on generating trial for on! Plus and retaining adopters for on! classic.

我們的團隊對零售商品陳列設備和資產進行了策略性投資，為迎接新賽季做好準備！此外，計劃於今年上半年在全國推出。2026年，Helix計畫專注於為On生成試驗！此外，還要留住用戶！經典的。

We anticipate Helix will continue to be profitable for the full-year 2026. Looking to the future. Helix strategy remains focused on innovation, and responsibly delivering on consumer preferences. In November, Helix submitted PMTA applications for on! Plus products in six additional flavor varieties across three nicotine strengths. Helix looks forward to bringing these new products to the US market.

我們預計 Helix 在 2026 年全年將繼續獲利。展望未來。Helix 的策略重點仍然是創新，並以負責任的方式滿足消費者的偏好。11 月，Helix 提交了 on! 的 PMTA 申請。此外，還有六種其他口味和三種尼古丁濃度可供選擇。Helix期待將這些新產品引進美國市場。

Turning to our international smokefree efforts, we continue to focus on the fast-growing nicotine pouch category. In 2025, on!, on! Plus, and our newly added FUMi brand competed across select international markets through e-commerce and targeted retail distribution. FUMi appeals to the 80% of consumers interested in slim, we -- pouch products. Early performance has been encouraging, supporting our expansion to 40,000 retail locations in 7 markets. In addition, we added 3 new line extensions bringing the brand to 12 unique flavor offerings.

談到我們在國際無菸領域的努力，我們將繼續專注於快速成長的尼古丁袋類別。2025年，加油！加油！此外，我們新推出的 FUMi 品牌透過電子商務和有針對性的零售分銷，在部分國際市場展開了競爭。FUMi 吸引了 80% 對纖薄、袋裝產品感興趣的消費者。早期業績令人鼓舞，支持我們在 7 個市場開設 40,000 個零售點。此外，我們還新增了 3 個產品線延伸，使品牌擁有 12 種獨特的口味選擇。

Our broadened nicotine pouch portfolio has accelerated international expansion and is generating valuable consumer insights that will inform future product development. While these are early days, we believe our expanded international portfolio and the momentum from our efforts in 2025, put us on a path towards accomplishing our long-term international smoke-free growth goals.

我們擴大的尼古丁袋產品組合加速了國際擴張，並產生了寶貴的消費者洞察，這將為未來的產品開發提供資訊。雖然現在還處於早期階段，但我們相信，隨著我們不斷擴大的國際業務組合以及我們在 2025 年所取得的進展，我們將走上實現長期國際無菸成長目標的道路。

Moving to our 2026 financial outlook, we expect to deliver 2026 full-year adjusted diluted EPS in a range of $5.56 and to $5.72. This range represents a growth rate of 2.5% to 5.5% from a $5.42 base in 2025. We expect growth to be weighted to the second half of the year, reflecting a progressive increase in cigarette import and export activity over the course of the year. Our guidance contemplates planned investments to support our contract manufacturing capabilities, limited impact on combustible and e-vapor product volumes from illicit enforcement efforts, and NJOY ACE not returning to the marketplace in 2026.

展望2026年財務前景，我們預計2026年全年調整後稀釋每股收益將介於5.56美元至5.72美元之間。此區間較2025年的5.42美元基數成長2.5%至5.5%。我們預期成長將主要集中在下半年，反映出捲菸進出口活動在年內逐步增加。我們的指導意見考慮了為支持我們的合約製造能力而進行的計劃投資，非法執法行動對可燃物和電子煙產品銷售的影響有限，以及 NJOY ACE 不會在 2026 年重返市場。

We remain committed to our ambition and to building a portfolio of FDA-authorized smoke-free products for adult smokers and nicotine consumers who use smoke-free products. Our planned investment areas include marketplace activities in support of our smoke-free products and continued smoke-free product research, development and regulatory preparations.

我們將繼續致力於實現我們的目標，為成年吸菸者和使用無菸產品的尼古丁消費者打造一系列獲得 FDA 授權的無菸產品。我們計劃的投資領域包括支持我們無菸產品的市場活動，以及持續的無菸產品研究、開發和監管準備。

In summary, Altria continued to build momentum in 2025. Our core businesses remain resilient. We advanced our smoke-free portfolio and we opened new pathways for long-term growth in international modern oral and non and US non-nicotine innovation. These efforts support our vision and enterprise goals. I am confident in our strategy, energized by the opportunities ahead and grateful for our employees' commitment to delivering long-term shareholder value. I'll now turn it over to Sal to provide additional details on our business and financial results.

總之，奧馳亞在 2025 年繼續保持成長勢頭。我們的核心業務依然保持韌性。我們推進了無菸產品組合，並為國際現代口服和非尼古丁產品以及美國非尼古丁創新領域的長期成長開闢了新途徑。這些努力有助於實現我們的願景和企業目標。我對我們的策略充滿信心，對未來的機會充滿熱情，並感謝我們的員工致力於為股東創造長期價值。現在我將把發言權交給薩爾，讓他詳細介紹我們的業務和財務表現。

Thanks, Billy. Our core tobacco businesses delivered solid financial performance again this year in a dynamic external environment. The smokeable products segment delivered over $11 billion in adjusted OCI for the full year and expanded adjusted OCI margins by 1.8 percentage points to 63.4%. This performance was supported by robust net price realization of 8.4%. For the fourth quarter, adjusted OCI declined by 2.4% and adjusted OCI margins contracted by 0.8 percentage points to 60.4%.

謝謝你，比利。今年，在瞬息萬變的外部環境下，我們的核心菸草業務再次取得了穩健的財務表現。全年可吸食產品業務部門的調整後其他綜合收益超過 110 億美元，調整後其他綜合收益利潤率提高了 1.8 個百分點，達到 63.4%。這一業績得益於強勁的淨價實現率，達到 8.4%。第四季度，經調整的 OCI 下降了 2.4%，經調整的 OCI 利潤率收縮了 0.8 個百分點，至 60.4%。

Year-over-year cost per pack comparisons were impacted by higher manufacturing costs driven by investments to build PM USA cigarette import and export capabilities. Smokeable Products segment, domestic cigarette volumes declined by 7.9% in the fourth quarter and 10% for the full year. When adjusted for calendar differences and trade inventory movements, domestic cigarette volumes declined by 7% in the fourth quarter and 9.5% for the full year.

由於投資建設 PM USA 香菸進出口能力，導致製造成本上升，因此每包香菸的年同比成本比較受到影響。菸草製品業務部門，第四季國內捲菸銷量下降 7.9%，全年下降 10%。經日曆差異和貿易庫存變動調整後，第四季國內捲菸銷量下降了 7%，全年下降了 9.5%。

At the industry level, when adjusted for trade inventory movements, calendar differences and other factors, we estimate domestic cigarette volumes declined by 8% for the full year and by 6.5% for the fourth quarter, representing a sequential improvement of approximately 1.5 percentage points. As Billy described, illicit flavor disposable e-vapor growth moderated slightly in 2025 compared to the prior year.

從行業層面來看，經調整貿易庫存變動、日曆差異和其他因素後，我們估計全年國內捲菸銷量下降了 8%，第四季度下降了 6.5%，環比改善了約 1.5 個百分點。正如比利所描述的那樣，與前一年相比，2025 年非法口味一次性電子煙的增長略有放緩。

We have closely monitored this trend and its impact on cigarette industry decline rates. Based on our latest data, we are updating our cigarette category decomposition. We now estimate that cross-category impacts primarily driven by illicit flavored disposable e-vapor contributed approximately 2% to 3% and to the cigarette industry decline over the past 12 months versus our prior estimate of 3% to 4%. In the discount segment, persistent discretionary income pressures remain the primary driver of growth. We also believe that the discount cigarette segment was most affected by the change in cost category impact.

我們密切關注了這一趨勢及其對捲菸產業衰退率的影響。根據我們最新的數據，我們正在更新捲菸類別的分解。我們現在估計，主要由非法調味一次性電子煙驅動的跨類別影響，在過去 12 個月中對捲菸行業的下滑貢獻了約 2% 至 3%，而我們之前的估計為 3% 至 4%。在折扣市場，持續的可支配收入壓力仍然是成長的主要驅動力。我們也認為，折扣香菸市場受成本類別變化的影響最大。

For the fourth quarter and full year, discount retail share grew by 2.6 share points and 2.2 share points, respectively. Continued discount segment growth pressured Marlboro's retail share, which declined 1.5 share points in the fourth quarter and 1.2 share points for the full year.

第四季和全年，折扣零售份額分別增加了 2.6 個百分點和 2.2 個百分點。折扣市場的持續成長給萬寶路的零售份額帶來了壓力，第四季度下降了 1.5 個百分點，全年下降了 1.2 個百分點。

In the premium segment, competitive dynamics during the fourth quarter contributed to Marlboro's share premium decreasing 0.1 share points to 59.2%. For the full year, Marlboro remained the undisputed leader in the highly profitable premium segment, growing its share to 59.4%, up 0.1 share point versus the prior year. Basic continued to capture share in the discount segment, reflecting PM USA's data-driven total portfolio approach to meeting a broad set of consumer needs.

在高端市場，第四季的競爭動態導致萬寶路的市佔率溢價下降了 0.1 個百分點，至 59.2%。全年來看，萬寶路在高利潤的高端市場中依然保持著無可爭議的領先地位，市佔率成長至 59.4%，比前一年增長了 0.1 個百分點。Basic 繼續在折扣市場佔據份額，這反映了 PM USA 以數據驅動的整體產品組合方法來滿足廣泛的消費者需求。

In the fourth quarter, Basic retail share grew by 0.6 share points sequentially and 1.9 share points year-over-year. Basic strong performance demonstrates PM USA's ability to deploy advanced RGM capabilities to effectively compete in the most price-sensitive stores, while minimizing incremental impact to Marlboro. In cigars, Middleton continued to outperform in the large mass cigar industry. For the fourth quarter and full year, Middleton reported shipment volume increased 4.2% and 1.8%, respectively. Let's turn now to the oral tobacco products segment.

第四季度，基礎零售市佔率成長 0.6 個百分點，較去年同期成長 1.9 個百分點。良好的基本表現表明 PM USA 有能力部署先進的 RGM 能力，在價格最敏感的商店中有效競爭，同時最大限度地減少對萬寶路的增量影響。在雪茄領域，米德爾頓繼續在大眾雪茄行業中表現出色。米德爾頓報告稱，第四季和全年出貨量分別成長了 4.2% 和 1.8%。現在我們來看看口服菸草製品領域。

Strategic investments behind on! and on! Plus contributed to a 4.6% decline in adjusted OCI for the fourth quarter. Over the same period, segment adjusted OCI margins contracted by 5 percentage points to 64.5%. For the full year, adjusted OCI increased by 1.3% and adjusted OCI margins expanded modestly by 0.1 percentage points to 67.9%.

戰略投資落後了！繼續！此外，第四季度調整後其他綜合收益下降了 4.6%。同期，經分部調整後的 OCI 利潤率下降 5 個百分點至 64.5%。全年來看，經調整的 OCI 成長了 1.3%，經調整的 OCI 利潤率小幅成長了 0.1 個百分點，達到 67.9%。

Total segment reported shipment volume decreased 6.3% for the fourth quarter and 5.5% for the full year as growth in on! was more than offset by lower MST volumes. When adjusted for trade inventory movements and calendar differences, we estimate that fourth quarter and full year oral tobacco products segment volumes declined by 6% and 4.5%, respectively. Oral Tobacco Products segment retail share was 29.6% for the fourth quarter and 31.9% for the full year.

第四季總出貨量下降 6.3%，全年下降 5.5%，成長停滯！但較低的MST交易量完全抵消了這一影響。在調整貿易庫存變動和日曆差異後，我們估計第四季和全年口服菸草產品銷售分別下降了 6% 和 4.5%。第四季口服菸草產品零售份額為 29.6%，全年為 31.9%。

Let's turn to an update on our e-vapor reporting unit. As Billy mentioned, while enforcement activity has increased, efforts thus far have not meaningfully reduced illicit e-vapor volumes to date. We now believe that effective sustained enforcement will develop over time at a more gradual pace.

接下來我們來看看電子煙報告部門的最新進展。正如比利所提到的那樣，雖然執法力度有所加大，但迄今為止，這些努力尚未顯著減少非法電子煙的銷售。我們現在認為，有效的持續執法將隨著時間的推移以更漸進的速度發展。

Given this dynamic, we performed impairment assessments of the e-vapor definite-live intangible assets and goodwill in the fourth quarter. Based on these assessments, we recorded noncash impairment charges of $1.3 billion. We continue to believe we gain valuable assets and capabilities in the NJOY acquisition that can be applied to a future e-vapor pipeline to meet consumer preferences over the long term.

鑑於這種動態，我們在第四季度對 e-vapor 確定性無形資產和商譽進行了減損評估。根據這些評估，我們提列了13億美元的非現金減損費用。我們仍然相信，透過收購 NJOY，我們將獲得寶貴的資產和能力，這些資產和能力可以應用於未來的電子煙產品線，以滿足消費者長期的偏好。

Before moving on from e-vapor, I'd like to point out a reporting change you will see in our 2025 financials. In accordance with accounting standards, we updated our reportable segments for the full year 2025, and to also include the e-vapor products segment, which consists of our Njoy business. Turning to ABI's financial results. we recorded $161 million of adjusted equity earnings in the fourth quarter, up 1.3% versus the prior year. We continue to view the ABI stake as a financial investment, and our goal remains to maximize the long-term value of the investment for our shareholders.

在結束關於電子煙的討論之前，我想指出您將在我們 2025 年的財務報表中看到的一項報告變更。根據會計準則，我們更新了 2025 年全年的報告分部，並將電子煙產品分部也納入其中，該分部包括我們的 Njoy 業務。接下來來看ABI的財務業績。第四季度，我們錄得調整後權益收益1.61億美元，較上年同期成長1.3%。我們仍將持有的 ABI 股份視為一項金融投資，我們的目標仍然是為股東實現投資的長期價值最大化。

Before I conclude, I'd like to highlight that as we continue to invest for the long-term success of the business, we are, at the same time, returning significant value to shareholders. In 2025, we paid $7 billion in dividends, and our Board raised our dividend by 3.9% in August, marking our 60th increase in the last 56 years. We also repurchased more than 17 million shares for $1 billion under our $2 billion share repurchase program. At the end of the fourth quarter, we had $1 billion remaining under the current program, which expires at the end of 2026. We effectively balanced our capital allocation priorities during the year.

在結束發言之前，我想強調，在我們繼續為企業的長期成功進行投資的同時，我們也為股東創造了巨大的價值。2025 年，我們支付了 70 億美元的股息，董事會在 8 月將股息提高了 3.9%，這是我們在過去 56 年中的第 60 次提高股息。我們也根據20億美元的股票回購計劃，回購了超過1,700萬股股票，總額達10億美元。截至第四季末，我們在目前計劃下還剩下 10 億美元，該計劃將於 2026 年底到期。年內，我們有效地平衡了資本配置優先事項。

and our balance sheet remains strong. Our total debt-to-EBITDA ratio as of December 31 was 2 timrd, in line with our target. With that, we'll wrap up and Billy and I will be happy to take your questions. While the calls are being compiled, I'll remind you that today's earnings release and our non-GAAP reconciliations are available on altria.com. We've also posted our usual quarterly metrics, which include pricing, inventory and other items.

我們的資產負債表依然穩健。截至 12 月 31 日，我們的總負債與 EBITDA 比率為 2 倍，符合我們的目標。好了，今天的節目就到這裡，我和比利很樂意回答大家的問題。在總結電話會議記錄的同時，我提醒各位，今天的財報和非GAAP財務報表已發佈在altria.com網站上。我們也發布了常規的季度指標，包括定價、庫存和其他項目。

Operator, let's open the question-and-answer period.

操作員，現在開始問答環節。

(Operator Instructions) Matt Smith, Stifel.

（操作說明）Matt Smith，Stifel。

Billy, the fiscal 2026 outlook ranges, you know the benefit from import export activity building in the second half. Can you provide any color on the scope of the program? We calculate today that the percent of packs with the FET benefits around 3%. And if the second half benefits are more weighted towards cost normalizing associated with the initiative versus increased volume throughput that would unlock greater tax efficiency?

比利，2026 財年的展望範圍，你知道下半年進出口活動成長帶來的好處。您能提供一下該專案的具體範圍嗎？我們今天計算得出，享受 FET 優惠的包裝百分比約為 3%。如果下半年的收益更多地體現在與該計劃相關的成本正常化，而不是提高吞吐量，從而釋放更大的稅收效率呢？

Yes. It's a little bit of both, Matt. We're a bit reluctant to share any of the specifics there, but certainly, there are some upfront investments that are moderate as we go through the year. We think those investments are wise. Not only are we able to make those investments and afford ourselves the opportunity of the duty drawback, but it also sets the manufacturing center that we have here in Richmond up to be available to produce for any market internationally, with some of the changes and differences in international markets versus the US market. In addition, as we've said previously, with the duty drawback, we're looking to not be at a competitive disadvantage regarding that, and we'll continue to look for opportunities to expand.

是的。馬特，兩者兼具。我們不太願意透露具體細節，但可以肯定的是，今年我們會進行一些前期投資，這些投資規模適中。我們認為這些投資是明智的。我們不僅能夠進行這些投資，並有機會獲得退稅，而且還能使我們在里士滿的製造中心能夠為任何國際市場生產產品，同時考慮到國際市場與美國市場的一些變化和差異。此外，正如我們之前所說，有了關稅退稅，我們希望在這方面不處於競爭劣勢，我們將繼續尋找擴張的機會。

I appreciate that perspective. And as a follow-up before I pass it along, the 2026 CapEx guide is elevated. I think that's associated with the investments you're talking about to unlock the double duty drawback efficiency. The $300 million to $375 million investment level, is that -- should we think of this as a onetime increase in CapEx, or do you expect kind of a multiyear higher CapEx level as we look forward?

我很欣賞這種觀點。在轉發之前，我還要補充一點：2026 年資本支出指南已上調。我認為這與你所說的釋放雙重稅收退稅效率的投資有關。3億至3.75億美元的投資水平，是——我們應該將其視為一次性資本支出增加，還是您預計未來幾年資本支出水平會持續較高？

Yes, Matt, thanks for the question. You are correct. The primary driver of the increase is the -- are the investments for our import export business. I'll repeat what Billy said, it not only provides us the ability to participate in the duty drawback, but it does provide us with capabilities for our longer-term vision. I would say obviously, we're not going to guide for future CapEx, but we are making investments today.

是的，馬特，謝謝你的提問。你說得對。成長的主要驅動因素是－也就是我們進出口業務的投資。我重複比利的話，它不僅讓我們能夠參與義務減免，而且還為我們實現更長遠的願景提供了能力。很顯然，我們不會預測未來的資本支出，但我們目前正在進行投資。

They generally proceed the volume, if you think about it for the import export, but we're also making investments in our smoke-free portfolio. Obviously, we want to have the appropriate manufacturing capability for products like on! Plus and future pipeline products. We believe that for a company of our size, it's still a relatively low level of capital expenditures, but we're going to be disciplined and diligent when we make those capital investments.

從進出口的角度來看，他們通常會優先考慮交易量，但我們也正在對無菸產品組合進行投資。顯然，我們希望具備生產類似產品的適當能力！此外，還有未來的管道產品。我們認為，對於我們這樣規模的公司來說，這仍然是一個相對較低的資本支出水平，但我們在進行這些資本投資時會保持自律和謹慎。

Bonnie Herzog, Goldman Sachs.

邦妮·赫爾佐格，高盛集團。

I guess I also had a couple of questions on the double duty drawback. I guess first, is it fair to assume your aggressive promotional strategy behind Basic, which is weighing on your net price realization and dollar OCI growth in smokeable? I mean, has that been implemented with the idea that these pressures can be offset this year as you ramp your import/export activity with KT&G?

我想我也有一些關於雙重課稅退稅的問題。首先，我想問的是，是否可以合理地假設Basic背後採取了激進的促銷策略，從而影響了可吸食產品的淨價實現和美元OCI增長？我的意思是，是否已經考慮到，隨著您今年與 KT&G 的進出口業務不斷增長，這些壓力可以抵消？

And then I guess without a pretty big step-up of this activity, it does seem like your smokeable dollar profit growth will likely remain negative, which could put you at the low end of your full year EPS guidance, right? So just any thoughts on that would be appreciated.

那麼，如果沒有大幅增加這項業務，你的可吸食產品美元利潤增長可能仍將為負，這可能會使你的全年每股收益預期處於下限，對嗎？所以，任何想法都非常感謝。

Yes. I would disaggregate those two. Everyone wants to keep combining those two decisions, and we see them as independent of one another. Certainly, we're not going to be at a competitive disadvantage for the duty drawback, as we discussed earlier. I think when you think about the strategy around Basic, remember that's only deployed in, call it, roughly over 30,000 stores.

是的。我會將這兩者分開來看。每個人都想把這兩個決定結合起來，但我們認為它們是彼此獨立的。當然，正如我們之前討論的那樣，我們不會因為退稅而處於競爭劣勢。我認為，在考慮 Basic 的策略時，請記住它只在大約 30,000 多家門市部署。

So it's not a nationwide type effort. What we saw there were a number of stores where the consumer has been under severe economic pressures. And that's really the major cause of that has been the cumulative inflation that the consumer has been experiencing.And we felt that while it was prudent to invest behind Basic, not much different than if you go back in history, Basic before and then L&M at other times, now we're repositioning Basic.

所以這不是全國性的行動。我們看到，很多商店的消費者都面臨嚴重的經濟壓力。而造成這種情況的主要原因是消費者所經歷的累積性通貨膨脹。我們認為，投資Basic是明智之舉，這與以往的做法並無太大區別，以前是Basic，後來是L&M，現在我們正在重新定位Basic。

And so in those 30,000 stores, we are able to apply the revenue growth management analytics that we have invested in and then you see the superb performance of Basic, what it does is it captures consumers that would have gone to a deep discount. And it allows us to capture it with latent equity and as the economic situation changes for our consumers adjust accordingly.

因此，在這 30,000 家門市中，我們能夠應用我們投資的收入成長管理分析，然後你會看到 Basic 的出色表現，它的作用是吸引那些原本會選擇大幅折扣的消費者。它使我們能夠利用潛在權益來獲取它，並隨著消費者經濟狀況的變化而做出相應的調整。

All right. And then any thoughts on just this notion of if you don't get a lot more activity to import export, just thinking about the EPS range you put out there, which is pretty wide.

好的。那麼，對於「如果進出口活動沒有大幅增加，你認為你公佈的 EPS 範圍會有多大影響」這個想法，你有什麼想法嗎？

Not any wider, Bonnie, if you go back, we typically open the year with about a 3% range. And then we (technical difficulty) accordingly as we move through the year and have more insight to how the year is going to play out. We feel very pleased to be able to provide the range that we provided and look forward to continuing through the year.

邦妮，不會更寬了，如果你回顧一下，我們通常年初的波動範圍約為 3%。然後，隨著時間的推移，我們會根據情況（技術難題）做出相應的調整，因為我們對這一年的發展趨勢有了更深入的了解。我們很高興能夠提供如此豐富的產品系列，並期待在今年繼續提供這些產品。

Okay. And then maybe just a little bit of a follow-up, it just as we're talking about Basic, but -- so then it does beg a question on Marlboro. Your retail share on the brand did drop below 40% for the first time, I think, ever. So how are you thinking about your strategy behind Marlboro? And then how much of your promotional strategy on Basic is maybe cannibalizing Marlboro?

好的。然後，也許可以稍微追問一下，就像我們在談論基本概念一樣，但是──這就引出了一個關於萬寶路的問題。我認為，貴公司在該品牌上的零售份額有史以來首次跌破 40%。那麼，您是如何看待萬寶路背後的策略的呢？那麼，你們在Basic上的推廣策略有多少可能是在蠶食萬寶路的市佔率呢？

So I guess, Billy, maybe I'd love to hear whether or not you might consider changing your strategy on Marlboro? And are you maybe rethinking your strategy to balance share with the goal of driving profitability?

所以，比利，我想問你是否考慮改變你對萬寶路的策略？您是否正在重新思考您的策略，以在提高市場佔有率的同時實現獲利目標？

Yes. I think it's important, Bonnie, to remember the strategy we used to manage the smokeable stuff. It's to maximize profitability over the long term while making appropriate investments in Marlboro in the growth categories and we feel like we're executing against that. And so when you think about Marlboro overall, we feel very good about the strength of the brand. Certainly, in the fourth quarter, you saw product availability in the e-vapor related to enforcement.

是的。邦妮，我認為記住我們過去用來處理可吸食物品的策略很重要。我們的目標是在長期內實現利潤最大化，同時對萬寶路在成長領域進行適當的投資，我們感覺我們正在朝著這個方向努力。因此，從整體來看萬寶路，我們對該品牌的實力感到非常滿意。當然，在第四季度，你會看到與執法相關的電子煙產品的供應。

And I think it's intuitive that the consumer was feeling some price break when they moved over to e-vapor, as that product availability is no longer available. And I don't want you to think that the consumer is moving back and forth. It's primarily dual consumers, those that are using cigarettes and those that are using e-vapor and they decide on the occasion which product to use. As product availability was much less due to enforcement, and they went back to more cigarette occasions in their day, it's intuitive that discounts brands benefited from that. I think through time, we'll see if that holds true or not.

我認為，消費者轉向電子煙時感受到價格上的優惠是很正常的，因為原有產品已經不再供應了。我不想讓你們覺得消費者會搖擺不定。主要是雙重消費者，既使用香煙又使用電子煙，他們會根據具體情況決定使用哪種產品。由於執法力度加大，產品供應量大大減少，人們又開始在更多場合吸煙，因此折扣品牌從中受益也就不足為奇了。我認為隨著時間的推移，我們會知道這是否屬實。

I think from a standpoint of your question related to Marlboro versus Basic, we feel like with our analytics, we feel comfortable that it's not impacting our cannibalizing Marlboro in the marketplace. Certainly, from a mathematical standpoint, the more Basic grows, its share grows and it affects the brands in the marketplace, but we don't feel like it's having any outsized impact on Marlboro.

我認為，就您提出的萬寶路與Basic的問題而言，根據我們的分析，我們感覺這不會影響萬寶路在市場上的蠶食效應。當然，從數學角度來看，Basic 的成長越多，其市場份額就越大，這會影響市場上的其他品牌，但我們並不認為它對萬寶路產生了任何過大的影響。

Eric Serotta, Morgan Stanley.

艾瑞克‧塞羅塔，摩根士丹利。

Just wondering, first, if you have any commentary or color around some of the articles and kind of popular press lately about increase in smoking incidents among younger 20-something legal-aged nicotine users? We don't really seem to see it in the data yet, but you guys have better data on this than anyone. So wondering if you're seeing any increased incidents among any of the younger legal cohorts? And then a separate question. Looking at on!

首先，我想問一下，對於最近一些關於20多歲合法尼古丁使用者吸煙事件增加的文章和大眾媒體報道，您有什麼評論或看法嗎？我們目前似乎還沒有從數據中看到這一點，但你們在這方面的數據比任何人都好。所以，我想知道您是否注意到年輕一代的法律從業人員中，此類事件有所增加？然後還有一個單獨的問題。正在觀看！

Plus, could you talk a bit about the pricing strategy there? Where you plan to position it sort of as you get past the initial introductory and trial periods? Do you think that, that could command a premium to the classic and what you're thinking about in terms of pricing there?

另外，您能否談談那裡的定價策略？在度過最初的推廣和試用期後，您打算如何定位它？你認為，在這種情況下，它的價格會比經典款高出多少？你對經典款的定價有什麼想法？

Yes, thanks for the questions. I think related to your first one, I would refer you to the vision, which is to move consumers in a responsible fashion to smoke-free products. Nothing in the trends that I would point to. I've seen some of the same stories you have. And that is why we've been asking the FDA for an expedited authorization process, so you can get smoke-free products in the marketplace and inform consumers about the risk of the various forms of nicotine in the marketplace.

是的，謝謝你的提問。我認為與你的第一個問題相關，我想向你介紹願景，即以負責任的方式引導消費者轉向無菸產品。我看不出有什麼明顯的趨勢。我看過一些跟你一樣的故事。因此，我們一直要求美國食品藥物管理局加快審批流程，以便讓無菸產品能夠進入市場，並告知消費者市場上各種形式的尼古丁的風險。

As far as on! Plus pricing, while I'll be careful not to play out our whole strategy, that we do believe on! Plus is a differentiated product and commands a premium in the marketplace and I would really direct you to go on nicotine.com. And what you can see is the price differential where e-commerce now is live on a national basis, you'll see the price differential that on! Plus is listed at there versus on!

至於繼續！此外，關於定價，雖然我會小心謹慎，不會完全複製我們確實信奉的策略！Plus 是一款差異化產品，在市場上享有溢價，我強烈建議您造訪 nicotine.com 網站。您可以看到，現在全國各地的電子商務平台都已上線，價格差異非常明顯！Plus 列在那裡而不是在！

classic. So we feel good about the strategy. Certainly, as we introduce the retail, we'll have various introductory price promotions, and that can vary state by state. So we'll continue to use our analytics, but we feel very excited about the differentiation we have and the consumer feedback related to that differentiation.

經典的。所以我們對這個策略感到滿意。當然，當我們推出零售業務時，我們會推出各種促銷活動，具體促銷方式因州而異。因此，我們將繼續使用我們的分析工具，但我們對我們所擁有的差異化優勢以及消費者對這種差異化的回饋感到非常興奮。

Great. And then just one follow-up on the double duty drawback, not to beat a dead horse here. But just in terms of sizing the potential here, can you talk or provide any color on what you're doing here that may be apart from the KT&G partnership or relationship? Are there things that are already in place, things that are set to ramp, I guess, separate from KT&G.? Just looking for to see if there was any scope apart from one partnership here and how you're thinking about adding capacity?

偉大的。然後，關於雙重職責的弊端，我只想補充一點，不想老生常談。但就評估這裡的潛力而言，您能否談談或提供一些關於您在這裡所做的事情（可能與 KT&G 的合作關係無關）的細節？是否有一些已經到位、即將逐步推進的項目，我想，這些項目與KT&G無關？我只是想了解除了目前的合作關係之外，是否還有其他合作機會，以及您打算如何增加產能？

Yes, I think when you think about it, the capital in that opportunity is truly the matching of exports with imports. And as much as you can match on those, that is the -- if you will, the cap through time, related to what's the opportunity. As far as specifics around individual companies or partners that we have relationships with, I'm not going to get into the detail there. Know that we are continuing to seek opportunities because we're not going to be put at a competitive disadvantage related to those other competitors that have both foreign or international manufacturing capacity and US-based. So we'll continue to seek opportunities as we go through time.

是的，我認為仔細想想，這個機會的真正價值在於出口與進口的匹配。而你所能達到的匹配度，就是──如果你願意這麼說的話──隨著時間的推移，與機會相關的上限。至於與我們有合作關係的具體公司或合作夥伴的具體細節，我不打算透露。請相信，我們將繼續尋求發展機遇，因為我們不會因為與其他擁有海外或國際製造能力且總部位於美國的競爭對手相比而處於競爭劣勢。所以我們會隨著時間的推移繼續尋找機會。

Faham Baig, UBS.

法哈姆·拜格，瑞銀集團。

A couple of questions from me as well. If I could come back to the controllable costs, I calculate they were up 14.5% in the quarter, and that sort of compares to a 9-month run rate of 9.5%. Was the investment behind this import and export the sole reason behind the different outcome in the fourth quarter, or would there be any other factors that you would point to? I would think the former is one-off in nature, but it would be good if you could clarify that as well.

我也有幾個問題。如果讓我回到可控成本方面，我計算出本季可控成本成長了 14.5%，這與過去 9 個月 9.5% 的成長率大致相當。此次進出口投資是導致第四季業績不同的唯一原因嗎？還是說還有其他因素要考慮？我認為前者只是個別現象，但如果您能對此進行澄清就更好了。

And I guess, secondly, I have a few clarifications on nicotine pouches. Do I understand that you will be national with on! Plus in the first half of this year, or you plan to start the national rollout? And I presume as you've sort of passed this comment, there aren't any sort of supply chain issues that you would be worried about?

其次，關於尼古丁袋，我還有一些需要澄清的地方。我理解您將成為全國性的！另外，你們計劃在今年上半年開始全國推廣嗎？我猜想，既然您已經發表了這條評論，那麼您應該不擔心任何供應鏈方面的問題吧？

And then the second clarification is on the momentum in on! Plus. I know it's been in the market for a few weeks now. Are you able to provide any in-state data from a market share perspective that you may have seen in the early readings that we can try and extrapolate from, please?

其次，第二個澄清是關於勢頭的！加。我知道它已經上市幾週了。您能否提供一些您在早期報告中看到的州內市場份額數據，以便我們嘗試進行推論？

Yes, so we'll try to unpack all of those. I'll let Sal start with controllable costs, but if we miss any, please follow up.

是的，我們會盡量逐一分析這些問題。我先讓薩爾從可控成本入手，但如果遺漏了任何成本，請跟進。

Yes. Faham, you are correct. It is predominantly the investments we are making around our manufacturing process for import export. If you think about it, there were different pack configurations, as an example. There are different capabilities we need for international markets.

是的。法哈姆，你說得對。我們主要在進出口製造流程方面進行投資。仔細想想，比如說，背包的配置方式有很多種。我們需要具備不同的能力才能開拓國際市場。

An example would be track and trace capabilities. So those investments precede really the volume and revenue you get from the export volume. So that is the driver that you are seeing.

例如，追蹤溯源能力。因此，這些投資實際上先於出口量和出口收入的增加。這就是你看到的司機。

Yeah, as far as nicotine pouches, you're correct, we'll be national through the first half of this year, 2026. As far as momentum, while I would love to be able to share exact volumes or exact shares, it was a bit messy. You'll recall, we launched in three states. Then we halted shipments to those three states related to the pilot program that was kicked off by the FDA.

是的，就尼古丁袋而言，你說得對，我們將在今年上半年到 2026 年期間實現全國範圍的銷售。至於市場動能，雖然我很想分享確切的交易量或確切的份額，但情況有點混亂。您可能還記得，我們​​最初是在三個州推出的。然後，我們停止了向與 FDA 啟動的試點計畫相關的那三個州的貨物運輸。

We have now launched back into those three states or resumed shipments. And again, we'll be national through the first half of this year. What we can share is the positive feedback anecdotally we received from consumers. It really supported some of the research we had where the consumer really sees differentiation in the mouth feel and the softness of the pouch paired with great flavor. And so we're excited to be able to bring that national as we progress through the first half of this year.

我們現在已經恢復了對這三個州的運輸或發貨。再次強調，今年上半年我們將面向全國市場。我們可以分享的是我們從消費者那裡收到的一些正面的回饋。它確實印證了我們的一些研究，即消費者確實能感受到口感和包裝袋柔軟度的差異，以及絕佳的口味。因此，我們很高興能夠在今年上半年將這項計畫推廣到全國。

Pallav Mittal, Barclays.

帕拉夫·米塔爾，巴克萊銀行。

I have three of them. Firstly, just a follow up, so on this on! Plus distribution, if I could just ask, I mean, why are you starting with these three states and not go out national from the start because we do have the distribution in place already? And just to check, is there any inventory benefits from on! Plus in the Q4 numbers?

我有三個。首先，跟進一下，我們繼續！另外，關於分銷方面，如果可以的話，我想問一下，為什麼你們先從這三個州開始，而不是一開始就面向全國，因為我們已經有了分銷管道？另外，請問從 on 開始是否有任何庫存收益？第四季數據還有什麼變化？

Yes. So from a standpoint, really no benefit in Q4. Remember, we had just initially started distribution in the three states, and then we halted that as we progressed through the end of the year. So we had very minimal and it was a bit messy. I think when you think about why the three states versus national, it was easy.

是的。所以從這個角度來看，第四季真的沒有任何好處。請記住，我們最初只是在這三個州開始分銷，然後隨著年底的臨近，我們停止了分銷。所以我們東西非常少，而且有點亂。我認為，當你思考為什麼是三個州而不是全國範圍時，答案就很容易理解了。

The sales force had already sold it into retailers, it was easy to turn those shipments back on and they're in the process of doing that on a national basis. So that will follow as we progress through the first half of 2026. I think that got all of your questions, but if I missed one, please follow up.

銷售團隊已經將產品賣給了零售商，所以很容易恢復這些發貨，他們正在全國範圍內開展這項工作。因此，這種情況將在2026年上半年陸續出現。我想我已經回答了你所有的問題，但如果我漏掉了什麼，請隨時提出。

That was the first one. Sir, secondly, if I can ask in your comments, you said that the pricing from competitors in nicotine pouches was down 3% sequentially and 12% YoY. But that is not what I think Scanner data suggests, and it seems pricing is rather up for the larger players. So can you just help us understand what we are missing there? Is there anything in terms of promotions or trade margins or some other factors?

那是第一個。先生，其次，如果可以的話，我想在您的評論中問一下，您曾說過競爭對手的尼古丁袋價格環比下降了 3%，同比下降了 12%。但我認為掃描器的數據並非如此顯示，而且對於規模較大的廠商來說，價格似乎上漲了不少。所以，您能幫我們理解一下我們究竟錯過了什麼嗎？促銷活動、貿易利潤或其他方面有什麼影響嗎？

Yes, so you're correct. We did say down 3% sequentially 12% for the year from a competitive standpoint. That's all competitors combined. I think what you saw was a significant competitor promotion that took place in the third quarter into the fourth, where free cans were distributed for any nicotine purchase. That had a significant impact on competitive pricing in the marketplace.

是的，你說得對。我們確實說過，季減 3%，從競爭角度來看，全年下降 12%。這是所有競爭對手加起來的數量。我認為你看到的是競爭對手在第三季到第四季期間所進行的一項重大促銷活動，凡購買尼古丁產品即可獲贈免費煙罐。這對市場上的競爭性定價產生了重大影響。

As far as -- and we're excluding, if you will, on! classic. From on! classic, we were up in price, both sequentially and total year. So that was the comparison we were trying to draw that there's significant promotional activity in nicotine pouch both in the third quarter and the fourth quarter.

至於──我們這裡不包括，如果你願意的話，關於！經典的。從現在開始！經典的，我們的價格上漲了，無論是環比上漲還是全年總上漲。所以，我們試圖得出的對比是，尼古丁袋在第三季和第四季都有顯著的促銷活動。

(Operator Instructions) Damian McNeela, Deutsche.

（操作說明）Damian McNeela，Deutsche。

Yeah, good morning. The first question is just on the basic strategy. And can you clarify or confirm that the 30,000 stores that you targeted is kind of the ceiling, or are there any potential stores that you may consider entering into during the course of '26? This is the first question. The second question is just, are you able to sort of indicate the payback time from the investment that you're making in manufacturing facilities to help import exports?

早安.第一個問題只涉及基本策略。您能否澄清或確認一下，您設定的 30,000 家門市的目標數量是否已經達到上限，還是說在 2026 年期間，您還會考慮進入其他潛在的門市？這是第一個問題。第二個問題是，您能否大致說明一下，您在製造設施方面進行的投資，用於幫助進出口，其投資回收期是多久？

And then the last one is just on the step-up in costs that you saw in Q4, are they likely to repeat in Q1 and Q2? Or are they done now? And it's the second half will see an improvement because you're seeing improved import export volumes?

最後一個問題是，您在第四季看到的成本上漲是否有可能在第一季和第二季重演？他們已經結束了嗎？下半年情況會有所改善，因為進出口量增加？

Yes. So I'll take the first one and then I'll turn it over to Sal. As far as basic again, slightly over 30,000 stores currently. We'll continue to monitor the situation. We want to be there for our consumer that's under economic pressure.

是的。所以我先拿第一個，然後把它交給薩爾。就基本情況而言，目前有略多於 30,000 家門市。我們將繼續關注事態發展。我們希望能夠幫助那些面臨經濟壓力的消費者。

We feel like it's prudent, Basic has performed very well. As I mentioned earlier, L&M used to play that role for us, and we've increased profitability on L&M. And it allows us, as the economic situation changes, we're still in connection and the consumers in our portfolio of brands.

我們認為這樣做是明智的，Basic 的表現非常出色。正如我之前提到的，L&M 曾經為我們扮演過這個角色，而且我們已經提高了 L&M 的盈利能力。而且，隨著經濟情勢的變化，我們仍然能夠與我們品牌組合中的消費者保持聯繫。

We're able to have conversations with them through time. And as that economic situation changes, you can look to see us adjust price promotions in the marketplace. So we feel like it's good as far as number of stores, it will make adjustments around the fringes, but we feel like we're in the right group of stores, but we'll continue to monitor that as we go through 2026.

隨著時間的推移，我們能夠與他們進行對話。隨著經濟情勢的變化，您可以期待我們在市場上調整價格促銷策略。所以，就門市數量而言，我們覺得情況不錯，雖然邊緣地帶還需要調整，但我們覺得我們目前的門市數量合適，不過我們會繼續關注到 2026 年的情況。

Sure. And, Damian, into your other two questions, the return on investment for the import export is very strong. The payback is less than a year. As far as continued spending, as Billy pointed out earlier, the back half weighted nature of our EPS growth guidance really is both volume and costs. So there are some incremental costs that continue to happen before you realized revenue, and that happens when you enter different markets or different partnership arrangements. So yes, we expect some elevated investments upfront as you get more volume through the import export process.

當然。達米安，關於你的另外兩個問題，進出口的投資​​報酬率非常高。投資回收期不到一年。至於持續支出，正如比利之前指出的那樣，我們每股收益成長預期下半年的權重實際上既包括銷售也包括成本。因此，在實現收入之前，還會產生一些額外的成本，這種情況會在你進入不同的市場或不同的合作安排時發生。所以，隨著進出口業務量的增加，我們預期前期投資金額會增加。

There appears to be no further questions at this time. I would like to turn the call back over to Mac Livingston for any closing remarks.

目前似乎沒有其他問題了。我謹將電話轉回麥克·利文斯頓，請他作總結發言。

Thanks, everybody, for joining us today. Have a great day. And if you have further questions, please feel free to reach out to Investor Relations.

謝謝大家今天收看我們的節目。祝你有美好的一天。如果您還有其他疑問，請隨時聯繫投資者關係部門。

This concludes today's call. Thank you for your participation. You may disconnect at any time.

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連線。