Olaplex Holdings Inc (OLPX) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Olaplex Holdings, Inc. Fourth Quarter 2025 Earnings Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Olaplex Holdings, Inc. 2025 年第四季收益業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Michael Oriolo, Vice President of Investor Relations. Thank you. You may begin.

現在，我榮幸地向大家介紹主持人，投資者關係副總裁邁克爾·奧裡奧洛。謝謝。你可以開始了。

Good morning, everyone. Welcome to our fourth quarter fiscal 2025 earnings call. Joining me today are Amanda Baldwin, Chief Executive Officer; and Catherine Dunleavy, Chief Operating Officer and Chief Financial Officer.

各位早安。歡迎參加我們2025財年第四季財報電話會議。今天與我一同出席的有執行長阿曼達·鮑德溫，以及營運長兼財務長凱瑟琳·鄧利維。

Before we start, I would like to remind you that management will make certain statements today, which are forward-looking, including statements about the outlook for the Olaplex business and other matters referenced in the company's earnings release issued today. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied by such statements. Additional information regarding these factors appears under the heading Cautionary Note Regarding Forward-Looking Statements in the company's earnings release and the filings the company makes with the Securities and Exchange Commission that are available at www.sec.gov and on the Investor Relations section of the company's website at ir.olaplex.com. The forward-looking statements on this call speak only as of the original date of this call, and we undertake no obligation to update or revise any of these statements.

在開始之前，我想提醒各位，管理層今天將發表一些前瞻性聲明，包括關於 Olaplex 業務前景的聲明以及公司今天發布的盈利報告中提到的其他事項。每項前瞻性陳述都存在風險和不確定性，可能導致實際結果與此類陳述所預測或暗示的結果有重大差異。有關這些因素的更多信息，請參閱公司盈利報告中“關於前瞻性聲明的警示性說明”標題下的內容，以及公司向美國證券交易委員會提交的文件（可在www.sec.gov和公司網站ir.olaplex.com的投資者關係欄目中查閱）。本次電話會議中的前瞻性聲明僅代表截至本次電話會議當天的觀點，我們不承擔更新或修改任何此類聲明的義務。

Also during this call, management will discuss certain non-GAAP financial measures, which management believes can be useful in evaluating the company's performance. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in the company's earnings release. A live broadcast of this call is also available on the Investor Relations section of the company's website at ir.olaplex.com.

此外，在本次電話會議中，管理階層也將討論一些非GAAP財務指標，管理階層認為這些指標有助於評估公司的表現。非GAAP財務指標的列示不應被孤立地看待，也不應被視為替代依照GAAP編製的結果。您可以在公司的獲利報告中找到有關這些非公認會計準則財務指標的更多信息，以及這些非公認會計準則財務指標與最直接可比的公認會計準則指標的調節表。本次電話會議的現場直播也可在公司網站 ir.olaplex.com 的投資者關係版塊觀看。

Additionally, during this call, management will refer to certain data points, estimates and forecasts that are based on industry publications or other publicly available information as well as our internal sources. The company has not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Furthermore, this information involves assumptions and limitations, and you are cautioned not to give undue weight to these estimates.

此外，在本次電話會議中，管理層將參考基於行業出版物或其他公開資訊以及我們內部來源的某些數據點、估計和預測。該公司並未獨立核實這些行業出版物和其他公開資訊中所含數據的準確性或完整性。此外，這些資訊涉及假設和局限性，請勿過度依賴這些估計。

For today's call, Amanda will start by providing highlights of our fourth quarter and fiscal year performance and discuss the progress we have made on our strategic areas of focus. Then Catherine will discuss our financial results and 2026 outlook. Following this, we will turn the call over to the operator to conduct the question-and-answer session. With that, I will now turn the call over to Amanda.

在今天的電話會議上，Amanda 將首先介紹我們第四季和本財年的業績亮點，並討論我們在策略重點領域的進展。接下來，凱瑟琳將討論我們的財務表現和 2026 年展望。接下來，我們將把通話轉交給接線員進行問答環節。接下來，我將把電話交給阿曼達。

Thank you, Mike, and good morning, everyone. I'm pleased to be here today to share that for the full year of 2025, we delivered on our financial expectations while advancing our transformational goals. Net sales were flat at $423 million, and adjusted EBITDA margin was strong at 22.2%, even as we invested to strengthen our foundation for the future.

謝謝你，麥克，大家早安。今天我很高興地宣布，在 2025 年全年，我們實現了財務預期，同時推進了轉型目標。淨銷售額持平於 4.23 億美元，調整後 EBITDA 利潤率強勁，達到 22.2%，即便我們進行了投資以加強未來的基礎。

The year ended on an encouraging note with fourth quarter revenue growth of 4% and adjusted EBITDA outperforming expectations. I'm incredibly proud of this team and feel that we are well on our way in our transformational journey to deliver long-term sustainable growth built on the incredible scientific foundation that is at Olaplex's core.

該年度以令人鼓舞的成績收尾，第四季營收成長 4%，調整後 EBITDA 超出預期。我為這個團隊感到無比自豪，並且感覺我們在轉型之旅中進展順利，我們將以 Olaplex 核心的卓越科學基礎為基礎，實現長期可持續增長。

As a reminder, in 2024, we focused on the research and foundational work needed to build a brand and a business at a global scale. We began the development of our innovation and marketing functions, reconnected with our pros and our partners, designed new business processes, and assembled an experienced and passionate executive team.

再次提醒大家，2024 年，我們專注於在全球範圍內建立品牌和業務所需的研究和基礎工作。我們開始發展創新和行銷職能，重新與我們的專業人士和合作夥伴建立聯繫，設計新的業務流程，並組建了一支經驗豐富、充滿熱情的管理團隊。

In 2025, we introduced our Bonds & Beyond vision to create a foundational health and beauty company, powered by breakthrough innovation that starts with and is inspired by the professional hair stylist. We moved from planning to making that vision a reality across three priorities: generating brand demand, harnessing innovation, and executing with excellence.

2025年，我們推出了「Bonds & Beyond」願景，旨在打造一家以突破性創新為基礎的健康美容公司，而這種創新始於專業美髮師，並受其啟發。我們從規劃階段過渡到將願景變為現實，並專注於三個方面：創造品牌需求、利用創新以及卓越執行。

As I reflect on where we are today, we have reclaimed our rhythm, sharpened our tools, and solidified what we believe is a stable investment model. Now we step into a new chapter focused on optimizing our investments and moving faster with both purpose and precision.

回顧我們今天的處境，我們已經重拾節奏，磨礪工具，並鞏固了我們認為穩定的投資模式。現在，我們將邁入新的篇章，專注於優化投資，並以更有目的性和更精準的方式加快步伐。

From the start, we have called out that transformation is not linear, and that remains the case. But we believe that we have made great progress toward delivering long-term value creation in an industry that is healthy and growing.

從一開始，我們就指出轉型並非線性過程，至今仍成立。但我們相信，在一個健康且不斷發展的行業中，我們在創造長期價值方面取得了巨大進展。

Our industry remains vibrant. According to Euromonitor, premium hair care is forecasted to grow at 6% to 7% through 2029. We believe hair care is in the early innings of premiumization with premium hair care representing only 20% of the overall hair care market. As beauty, health and wellness continue to converge, we believe Olaplex's scientific capabilities, new brand positioning and transformational agenda position us well to participate in and get back to leading the premium hair care market.

我們的產業依然充滿活力。根據歐睿國際預測，到 2029 年，高端護髮市場將以 6% 至 7% 的速度成長。我們認為，護髮業正處於高端化的初期階段，高端護髮產品僅佔整個護髮市場的 20%。隨著美容、健康和保健的不斷融合，我們相信 Olaplex 的科學能力、新的品牌定位和變革議程使我們能夠很好地參與並重新引領高端護髮市場。

As I just mentioned, to capture this objective, we introduced our Bonds & Beyond vision and outlined three strategic priorities for 2025: generate brand demand, harness innovation, and execute with excellence. I'm pleased to share progress against each.

正如我剛才提到的，為了實現這一目標，我們推出了「債券與超越」願景，並概述了 2025 年的三大策略重點：創造品牌需求、利用創新和卓越執行。我很高興與大家分享各項進展。

Our first priority in 2025 was to generate brand demand. To achieve this, we launched a comprehensive new visual identity supported by a 360-degree marketing engine. We successfully refreshed the brand across every touch point, physical and digital, in an effort to ensure that our market presence reflected both our scientific credibility and the emotional resonance of our professional heritage.

我們2025年的首要任務是創造品牌需求。為了實現這一目標，我們推出了一套全新的綜合視覺識別系統，並輔以360度全方位行銷引擎。我們成功地在實體和數位的各個接觸點上更新了品牌形象，以確保我們的市場形象既能反映我們的科學信譽，又能反映我們專業傳承的情感共鳴。

This transformation included a revamped website featuring elevated brand storytelling, refreshed in-store visual merchandising across our key retail and professional partners globally, a revitalized content strategy spanning social media, influencer partnerships, and education.

此次轉型包括：對網站進行全面改版，提升品牌故事敘述水平；在全球主要零售和專業合作夥伴門市中更新視覺行銷；以及製定並實施內容策略，涵蓋社交媒體、影響者合作和教育等領域。

The results of this relaunch were clear and measurable. According to our brand health tracker at the end of Q3 2025, brand awareness rose 7%, sentiment improved 3% and purchase intent trended upward against our prelaunch baseline. We saw significant gains in key brand associations. Specifically, we saw improvement in Olaplex as essential to my Beauty routine and Olaplex as containing special ingredients.

此次重新啟動的成果清晰可見，並且可以衡量。根據我們 2025 年第三季末的品牌健康追蹤器顯示，品牌知名度上升了 7%，品牌好感度提高了 3%，購買意願較我們發布前的基線呈上升趨勢。我們在關鍵品牌聯想方面取得了顯著提升。具體來說，我們發現 Olaplex 對我的美容程序至關重要，並且 Olaplex 含有特殊成分，這方面有所改進。

Beyond sentiment, we significantly expanded our share of voice. In 2025, we increased earned media value by 14% year-over-year, engaged with nearly 4,000 creators, and generated approximately 2 billion impressions across our 2025 campaign.

除了情緒因素之外，我們的聲音量也顯著提升。2025 年，我們的媒體曝光價值年增 14%，與近 4,000 名創作者互動，並在 2025 年的推廣活動中產生了約 20 億次曝光。

Our commitment to a pro-first philosophy remains at the center of the flywheel of our business. We moved beyond simple outreach to execute a multilayered strategy designed to put the pro back in the picture.

我們始終堅持以客戶為先的理念，這仍然是我們業務發展的核心動力。我們不再只是進行簡單的宣傳推廣，而是執行了一項多層次的策略，旨在讓專業人士重新回到人們的視野中。

A key highlight was our market blitz program. By deploying teams across seven high-density markets, we reestablished direct high-touch relationships with stylists. These markets outperformed the baseline, driving average sell-through mid-teens higher on a percentage basis in the 60 days following an activation.

其中一個亮點是我們的市場推廣活動。透過在七個高密度市場部署團隊，我們與造型師重新建立了直接、密切的聯繫。這些市場表現優於基準，在啟動後的 60 天內，平均銷售額按百分比提高了 15% 左右。

In an effort to foster long-term retention, our newly scaled professional education team overhauled nearly 60 core educational assets, modernizing our curriculum to be modular and digital forward. By integrating these assets with our field efforts, we are providing the professional community with a platform designed to reinforce our position as their most trusted partner.

為了促進長期人才保留，我們新組建的專業教育團隊對近 60 項核心教育資產進行了全面改革，使我們的課程現代化，使其模組化和數位化。透過將這些資源與我們的實地工作相結合，我們正在為專業界提供一個平台，旨在鞏固我們作為他們最值得信賴的合作夥伴的地位。

With our new visual identity and 360-degree marketing engine now fully operational, we believe the foundational work of our brand relaunch is complete. As we transition into 2026, our focus shifts from building the engine to high-performance execution. We are committed to raising the bar with every launch, better optimizing our investments, and remaining agile as we continue to sharpen our messaging in a dynamic market.

隨著我們全新的視覺形象和 360 度行銷引擎全面投入運營，我們相信品牌重塑的基礎工作已經完成。隨著我們邁入 2026 年，我們的重點將從建置引擎轉向高性能執行。我們致力於在每一次產品發布中都提高標準，更好地優化我們的投資，並在不斷變化的市場中保持敏捷，不斷改進我們的訊息傳遞方式。

Our second priority for 2025 was harness innovation. Over the past two years, we have worked to systematize our go-to-market engine, aiming to transform our scientific heritage into a consistent pipeline of high-impact launches. We aim to capture the unmet needs for both Pros and consumers with the right product, timing, and global support. The potential of this engine was on full display this year. Olaplex delivered four of the top 5 prestige hair care launches in the industry, according to Circana.

我們2025年的第二項優先事項是利用創新。在過去的兩年裡，我們致力於系統化我們的市場推廣引擎，旨在將我們的科學遺產轉化為持續推出具有重大影響的產品。我們的目標是透過合適的產品、適當的時機和全球支持，滿足專業人士和消費者的未被滿足的需求。今年，這款引擎的潛力得到了充分展現。根據 Circana 報導，Olaplex 推出了業界排名前五的高階護髮產品中的四款。

To further fuel our long-term trajectory, we made the strategic acquisition of Purvala Bioscience. Purvala specializes in transformative bio-inspired technologies that can be utilized to enter additional verticals across health and beauty. With a highly curated portfolio of only approximately 30 SKUs, we see significant white space ahead of us.

為了進一步推動我們的長期發展，我們對 Purvala Bioscience 進行了策略性收購。Purvala 專注於具有變革意義的仿生技術，這些技術可用於進入健康和美容領域的其他垂直行業。我們精心挑選了大約 30 個 SKU，產品組合非常完整，因此我們看到了巨大的市場空白。

Our third priority for 2025 was to execute with excellence. We have built out the people, processes, and tools we believe are needed to drive executional excellence and efficiency on a global scale. We developed integrated business planning, established clear KPIs and implemented data analytics designed to improve our speed and outcomes.

我們2025年的第三個優先事項是追求卓越執行。我們已經建立了我們認為在全球範圍內推動卓越執行和效率所需的人員、流程和工具。我們制定了綜合業務計劃，建立了清晰的關鍵績效指標，並實施了數據分析，旨在提高我們的速度和成果。

Additionally, we executed an international realignment that aims to ensure consistent execution globally and prioritizes investments of both time and dollars in markets with the greatest growth potential. We built a strong culture and believe we have hired the right talent that is committed to our vision and driving results.

此外，我們也進行了國際重組，旨在確保全球執行的一致性，並將時間和資金優先投入到最具成長潛力的市場。我們建立了強大的企業文化，並相信我們已經聘請了合適的人才，他們致力於實現我們的願景並推動業績成長。

In conclusion, while we continue to refine our approach as part of our transformation, putting in place all the building blocks I have just discussed has already led to sales and sell-through metrics moving in the right direction.

總之，雖然我們仍在不斷完善轉型方法，但我剛才討論的所有要素的落實已經使銷售額和銷售轉換率指標朝著正確的方向發展。

After a 35% decline in 2023 and an 8% decline in 2024, we stabilized sales in 2025. While for the full year of 2025, sell-through remained down, we exited the year with improving trends. In fact, in December, we recorded positive sell-through in key accounts, reflecting the cumulative efforts of our strategic priorities over the year. The team and I are energized by and confident in the road ahead.

在 2023 年下降 35% 和 2024 年下降 8% 之後，我們在 2025 年實現了銷售穩定。儘管 2025 年全年銷售額持續下降，但我們以改善的趨勢結束了這一年。事實上，12 月我們在重點客戶中達成了正銷售業績，這反映了我們一年來各項策略重點工作的累積成效。我和我的團隊對未來的道路充滿熱情和信心。

So now turning to 2026. In 2026, we will enter a new chapter of our transformation. We have moved beyond the heavy lifting of a strategic recalibration and process building. Today, our focus shifts from our successful initial implementation to crisp execution, optimization, and the deliberate acceleration of our Bonds & Beyond strategy.

現在展望2026年。2026年，我們將進入轉型發展的新篇章。我們已經完成了策略調整和流程建構的繁重工作。今天，我們的重點從成功實施的初期階段轉移到清晰的執行、優化以及有意識地加速推進我們的債券及其他策略。

We believe our foundational pillars are now firmly in place, a 360-degree marketing engine, a robust innovation pipeline, a realigned international strategy, and a strong leadership team. With our core infrastructure stabilized, productive partnerships and the professional community reengaged, we are ready for our next phase.

我們相信，我們的基礎支柱現在已經穩固到位，包括360度行銷引擎、強大的創新管道、重新調整的國際策略和強大的領導團隊。隨著核心基礎設施的穩定、富有成效的合作夥伴關係的建立以及專業社區的重新參與，我們已經準備好進入下一個階段。

To drive this next phase, we have identified three strategic priorities for 2026 that continue to align with our Bonds & Beyond framework. First, energize our hero products; second, fuel science-based innovation; and third, expand our diversified, scalable go-to-market model. Let's dive into each of these.

為了推動下一階段的發展，我們確定了 2026 年的三個策略重點，這些重點將繼續與我們的「債券及其他」框架保持一致。首先，為我們的明星產品注入活力；其次，推動以科學為基礎的創新；第三，拓展我們多元化、可擴展的市場推廣模式。讓我們逐一深入探討這些問題。

Our first priority is to energize our hero products. This year, we are utilizing our 360-degree marketing engine to maximize the productivity of our core franchises, which remain the most significant contributors to our brand health and overall volume.

我們的首要任務是為我們的明星產品注入活力。今年，我們將利用我們的 360 度行銷引擎來最大限度地提高我們核心加盟店的生產力，這些加盟店仍然是我們品牌健康和整體銷售的最重要貢獻者。

As I mentioned earlier, in December, we recorded positive sell-through in key accounts, reflecting the cumulative efforts of our strategic priorities over the year. In 2026, we intend to build on our sell-through momentum by positioning our heroes as the definitive choice in the market.

正如我之前提到的，12 月我們在重點客戶中取得了積極的銷售業績，這反映了我們一年來策略重點工作的累積成果。2026年，我們計劃鞏固目前的銷售勢頭，將我們的英雄形象定位為市場上的首選。

We are upgrading and expanding our core assortments by capitalizing on what makes Olaplex unique, specifically our proprietary claims and compelling proof of performance, we intend to continue to elevate our science-meets-style positioning. Through targeted marketing support and elevated storytelling to support these assortments, we're focused on turning our brand awareness into consistent, repeatable conversion.

我們正在升級和擴展我們的核心產品系列，充分利用 Olaplex 的獨特優勢，特別是我們專有的產品聲明和令人信服的性能證明，我們打算繼續提升我們「科學與時尚相結合」的定位。我們透過有針對性的行銷支援和更精彩的故事敘述來支持這些產品系列，致力於將我們的品牌知名度轉化為持續、可重複的轉換。

Our second priority is to fuel science-based innovation. Olaplex has always been about bringing technical solutions to real-world hair concerns. And in 2026, we are focused on doing that with even greater emphasis. This year, in addition to our heroes, we're continuing to build out our foundational portfolio. Our R&D and new product development processes have been refined to quickly prioritize innovation that addresses specific meaningful consumer and professional needs.

我們的第二項優先事項是推動以科學為基礎的創新。Olaplex一直致力於為現實世界中的頭髮問題提供技術解決方案。2026年，我們將更加重視並致力於實現這一目標。今年，除了我們的英雄人物之外，我們還將繼續拓展我們的基礎投資組合。我們的研發和新產品開發流程已經過改進，可以快速優先考慮能夠滿足消費者和專業人士特定且有意義的需求的創新。

Our disciplined approach allows us to pursue growth in new verticals that are a natural extension of where we exist today. We're focusing on targeted science-backed solutions that simplify the user experience and deliver visible results. And as a result, we expect to bring even more innovation in 2026 than we did in 2025.

我們嚴謹的方法使我們能夠在新的垂直領域中追求成長，這些領域是我們現有業務的自然延伸。我們專注於以科學為依據的針對性解決方案，以簡化使用者體驗並帶來可見的效果。因此，我們預計 2026 年將比 2025 年帶來更多創新。

Our third priority is to expand our diversified, scalable go-to-market model. Following the success of our 2025 initiatives, we are focused on sharpening our execution across every channel.

我們的第三項優先事項是擴大我們多元化、可擴展的市場推廣模式。繼 2025 年計畫取得成功之後，我們將專注於加強各個管道的執行力。

First, we intend to capitalize on our renewed professional momentum. After successfully reengaging the stylists community this past year, 2026 is about turning that advocacy into a high-velocity flywheel, ensuring our pro partners have the tools and support to remain our most powerful brand ambassador.

首先，我們打算充分利用我們重獲的專業發展勢頭。繼去年成功重新吸引造型師群體之後，2026 年的目標是將這種支持轉化為高速運轉的飛輪，確保我們的專業合作夥伴擁有必要的工具和支持，繼續成為我們最強大的品牌大使。

Second, we are deepening our point-of-sale partnerships to ensure our marketing and messaging translates well at every touch point and utilizing key promotional windows to drive visibility while protecting our premium positioning.

其次，我們正在深化與銷售點的合作關係，以確保我們的行銷和訊息在每個接觸點都能有效傳達，並利用關鍵的促銷窗口來提高知名度，同時保護我們的高端定位。

Finally, we intend to scale our global reach in a disciplined, repeatable way. Through our three-tiered international strategy, we are prioritizing high potential regions and improving local execution. This priority also includes efforts to optimize our points of access to meet our consumers where they shop and ensure that we -- as we extend our footprint, we do so with an unwavering commitment to brand integrity.

最後，我們計劃以有條不紊、可重複的方式擴大我們的全球影響力。透過我們的三級國際策略，我們優先發展高潛力地區並提高本地執行力。這項優先事項還包括努力優化我們的存取點，以便在消費者購物的地方滿足他們的需求，並確保我們在擴大業務範圍的同時，始終堅定不移地維護品牌誠信。

The execution of our three priorities is already visible in our first activations of 2026, which center on the three icons that started at all, No. 1, No. 2, and No. 3. In January, we relaunched our original pro-focused number 1 Bond Multiplier and number 2 Bond Perfector with new messaging, education and available as stand-alone products.

我們三大優先事項的執行情況已在 2026 年的首批活動中有所體現，這些活動圍繞著最初啟動的三個標誌性項目展開，即第 1、2 和 3 項。1 月，我們重新推出了最初針對專業人士的 1 號債券倍增器和 2 號債券完善器，並採用了新的宣傳訊息和教育內容，而這些產品可以作為獨立產品購買。

This was in direct response to stylist feedback, intended to remove purchase friction and allow pros to restock their back bars with greater flexibility.

這是直接回應造型師的回饋，旨在消除購買障礙，讓專業人士更靈活地補充他們的吧台庫存。

This relaunch is a critical reset moment for our professional community. We are currently executing a global retraining program with our partners aimed at allowing our pros to be the ultimate authority on bond building and hair health.

這次重新啟動對我們的專業社群來說是一個至關重要的重置時刻。我們目前正在與合作夥伴一起實施一項全球再培訓計劃，旨在使我們的專業人員成為頭髮結構和健康方面的權威。

Additionally, last week, we unveiled our most significant product innovation for 2026, No. 3+. Over a decade ago, we created the at-home treatment category with No. 3 Hair Perfector. It became a global phenomenon, selling on average one unit every six seconds since 2019.

此外，上週，我們發布了 2026 年最重要的產品創新—3+。十多年前，我們推出了家用護髮產品系列－3號護髮精華。它已成為一種全球現象，自 2019 年以來，平均每 6 秒售出一件。

Nevertheless, consumer needs have evolved and so has our science. No. 3+ represents the next evolution in bond repair. Powered by Olaplex's patented Bond Building technology and its new Damage Defense Cationic Complex, No. 3+ now repairs damage across the hair's inner structure and surface simultaneously.

然而，消費者的需求不斷變化，我們的科學也在不斷發展。3+代表了鍵結修復的下一個發展階段。3+號產品採用Olaplex專利的鍵結建構技術及全新的損傷防禦陽離子複合物，可同時修復頭髮內部結構與表面的損傷。

It delivers the long-term strength Olaplex is known for while providing the immediate softening and conditioning that today's consumer looks for, all in a fast, intuitive three-minute in-shower treatment.

它具有 Olaplex 聞名遐邇的持久強效，同時也能提供當今消費者所追求的即時柔順和調理效果，所有這些都可以在快速、便捷的 3 分鐘淋浴護理中實現。

The result is hair that is visibly transformed with clinically proven results, 3 times stronger, 3 times softer and healthier looking after just one three-minute use. In addition, we launched a back bar size to ensure that this new technology is available to our pro community.

使用一次，只需三分鐘，即可獲得經臨床驗證的顯著效果，頭髮強度提升 3 倍，柔軟度提升 3 倍，外觀更健康。此外，我們也推出了後吧台尺寸，以確保我們的專業用戶群也能使用這項新技術。

We believe the opportunity for this product is significant. Our internal research supported by Circana panel data indicates that there are approximately 40 million prestige hair care consumers who experience daily damage from heat, mechanical stress in the environment that are not currently using a prestige treatment. Many of these consumers find the category overwhelming and the marketing claims confusing. It is our job to offer a solution.

我們認為這款產品具有巨大的市場潛力。我們內部研究（由 Circana 小組數據支持）表明，大約有 4000 萬高檔護髮產品消費者，他們每天都會因環境中的熱損傷和機械應力而遭受頭髮損傷，但目前卻沒有使用高檔護髮產品。許多消費者覺得這個品類產品太多太雜，行銷宣傳也令人困惑。我們的職責是提供解決方案。

To mark the launch of .3+, we have built on our (inaudible) platform with the launch of a campaign, Science never looked so good, inviting consumers into the Olaplex lab to discover the innovation behind the formulas that have defined the bond repair category for over a decade.

為了慶祝 .3+ 的發布，我們以（聽不清楚）平台為基礎，推出了一項名為「科學從未如此美好」的活動，邀請消費者走進 Olaplex 實驗室，探索十多年來定義鍵修復類別的配方背後的創新。

The work features actor and comedian, Chloe Fineman as Olaplex's Chief Hair Officer, whose long-term relationship with the brand through her stylist, Olaplex ambassador, Jacob Schwartz, offers an authentic perspective on how advanced hair repair shows up in real life. The campaign brings joy and approachability to complex hair science, reinforcing Olaplex's transparent, science-led, and future-focused approach to hair care innovation.

該作品以演員兼喜劇演員 Chloe Fineman 為主角，她飾演 Olaplex 的首席美髮官。她與該品牌有著長期的合作關係，這得益於她的造型師、Olaplex 品牌大使雅各布·施瓦茨 (Jacob Schwartz)。她從真實的視角展現了先進的頭髮修復技術在現實生活中的效果。這項活動將複雜的頭髮科學變得輕鬆有趣，強化了 Olaplex 在頭髮護理創新方面透明、以科學為導向、面向未來的理念。

To maximize this moment, we are coordinating a unified global launch across media, influencers and retail and pro partners. This includes a refreshed visual identity for our No. 3+ packaging that elevates our package design to match our scientific credibility. This refreshed packaging will be brought across our entire portfolio, reflecting our new brand identity with a phased implementation.

為了充分利用這項契機，我們正在協調媒體、影響者、零售商和專業合作夥伴，在全球範圍內進行統一的推廣活動。這包括我們3號+包裝的全新視覺形象，提升了我們的包裝設計，使其與我們的科學信譽相匹配。我們將分階段實施這項全新包裝，並將其應用於我們所有產品系列，以體現我們全新的品牌形象。

In summary, we entered the year with brand momentum, a robust innovation pipeline, stabilized margins, and strong cash flow. Our strategic priorities are designed to accelerate our Bonds & Beyond vision. We believe that we have the right model, the right team, and the right actions in place to create long-term shareholder value built on the incredible scientific foundation at Olaplex's core.

總而言之，我們以良好的品牌發展勢頭、強大的創新產品線、穩定的利潤率和強勁的現金流進入了新的一年。我們的策略重點旨在加速實現我們的「債券及其他」願景。我們相信，我們擁有正確的模式、正確的團隊和正確的行動，能夠基於 Olaplex 核心的卓越科學基礎，創造長期的股東價值。

With that, I'll turn it over to Catherine to review our fourth quarter and fiscal year 2025 results and 2026 outlook. Catherine?

接下來，我將把發言權交給凱瑟琳，讓她回顧我們第四季和 2025 財年的業績以及 2026 年的展望。凱瑟琳？

Thank you, Amanda, and good morning, everyone. We are pleased with our results, which reflect the disciplined execution of our transformation plan. For the full year 2025, we delivered or exceeded the expectations we shared across net sales, adjusted gross profit margin, and adjusted EBITDA margin.

謝謝你，阿曼達，大家早安。我們對所取得的成果感到滿意，這反映了我們轉型計畫的嚴格執行。2025 年全年，我們在淨銷售額、調整後毛利率和調整後 EBITDA 利潤率方面均達到或超過了預期。

Beyond the numbers, we have fundamentally strengthened our operating architecture, implementing more rigorous processes and established what we believe is a more stabilized adjusted EBITDA margin base upon which we can build for long-term growth.

除了數字之外，我們還從根本上加強了營運架構，實施了更嚴格的流程，並建立了我們認為更穩定的調整後 EBITDA 利潤率基礎，我們可以以此為基礎實現長期成長。

Fourth quarter net sales reached $105.1 million, a 4.3% increase year-over-year, led by strong holiday performance across professional and DTC channels. For the year, sales were $423.0 million or flat year-over-year.

第四季淨銷售額達到 1.051 億美元，較去年同期成長 4.3%，主要得益於專業通路和 DTC 通路強勁的假日銷售業績。該年度銷售額為 4.23 億美元，與去年持平。

Perhaps most encouraging and reflective of our transformational progress is our fourth quarter ending velocity. While total fourth quarter sell-through was slightly lower compared to the prior year, we exited December with positive year-over-year sell-through trends across our key accounts. We are moving into 2026 with clear sequential momentum.

或許最令人鼓舞、最能體現我們轉型進步的是我們第四季末的成長速度。雖然第四季總銷售額略低於去年同期，但我們在 12 月底實現了主要客戶的年銷售額成長趨勢。我們帶著清晰的發展動能邁入2026年。

By channel, professional increased 18.9% year-over-year in the quarter to $36.8 million, with net sales increasing 5.5% for the year. In the fourth quarter, growth was driven by high-impact US innovation and strong participation in global holiday events. As we execute our three-tiered go-to-market strategy, we deliberately shifted international volume towards the professional channel as a primary growth engine.

按通路劃分，本季專業通路銷售額年增 18.9% 至 3,680 萬美元，全年淨銷售額增長 5.5%。第四季度，成長主要得益於美國高影響力創新和全球假期活動的積極參與。在執行三級市場進入策略的過程中，我們特意將國際銷售轉向專業管道，並將其視為主要的成長引擎。

Specialty retail declined 14.5% year-over-year in the quarter to $24.7 million, with net sales decreasing 8.3% for the year. This reflects our deliberate strategic pivot in international distribution, moving volume away from retail distribution partners towards pro partners.

本季專業零售額年減 14.5% 至 2,470 萬美元，全年淨銷售額下降 8.3%。這反映了我們在國際分銷方面有意進行的策略調整，將銷售量從零售分銷合作夥伴轉向專業合作夥伴。

Additionally, sell-through remained down on an annual basis, but we saw encouraging momentum exiting the fourth quarter as our initiatives hit the market. Despite the top line decline, retail outperformed our expectations in the fourth quarter. It is important to note that we believe inventory levels at our key partners are healthy.

此外，銷售額同比仍然下降，但隨著我們的各項措施進入市場，我們在第四季末看到了令人鼓舞的成長動能。儘管營收下滑，零售業在第四季的表現仍超出了我們的預期。值得注意的是，我們認為主要合作夥伴的庫存水準處於健康狀態。

Direct-to-consumer increased 6.6% year-over-year to $43.6 million in the quarter, with net sales increasing 3.1% for the year. Our revamped digital strategy successfully captured demand around key shopping events. In the fourth quarter, we delivered strong holiday performance, which led to richer replenishment activity.

本季直接面向消費者的銷售額年增 6.6% 至 4,360 萬美元，全年淨銷售額成長 3.1%。我們改進後的數位化策略成功地抓住了關鍵購物活動的需求。第四季度，我們取得了強勁的假期銷售業績，從而帶動了更豐富的補貨活動。

Over Cyber Weekend, we outperformed select retail partners' expectation with our Wash & Shine kit ranking number 1 in shampoo and conditioner and our No. 7 ranking number 1 in hair oil within the premium hair care category.

在網路週末促銷活動中，我們的洗護套裝在洗髮精和護髮素類別中排名第一，而我們的第七款護髮油在高端護髮類別中排名第一，均超出了部分零售合作夥伴的預期。

Additionally, we successfully launched on TikTok Shop during the fourth quarter and while a small contributor to overall revenue, significantly outperformed our expectations. We expect to expand the strategic channel in 2026 with a focus on recruiting new customers and boosting our overall content engine.

此外，我們在第四季度成功在TikTok Shop上線，雖然對總收入的貢獻較小，但遠遠超出了我們的預期。我們預計在 2026 年擴大策略管道，重點是招募新客戶和提升我們的整體內容引擎。

By region, in 2025, US net sales were down approximately 3%, with international sales up approximately 3%. US net sales remained down while we continue to focus on sequentially improving sell-through. International benefited from the execution of our new go-to-market strategy and our increasingly disciplined promotion process.

按地區劃分，到 2025 年，美國淨銷售額下降約 3%，國際銷售額成長約 3%。美國淨銷售額持續下降，我們將繼續專注於逐步提高售罄率。國際市場受益於我們新的市場進入策略的實施以及我們日益規範的推廣流程。

Adjusted gross profit margin for the quarter was 70.6%, up 200 basis points year-over-year, driven by supply chain management, which offset lower margin on new products that have not yet reached full production scale or efficiency. Fiscal year 2025 adjusted gross margin was 71.8%, a 40-basis-point improvement.

本季調整後的毛利率為 70.6%，年增 200 個基點，主要得益於供應鏈管理，抵銷了尚未達到全面生產規模或效率的新產品的較低毛利率。2025 財年調整後毛利率為 71.8%，提高了 40 個基點。

Adjusted SG&A was $61.4 million for the quarter and $211.4 million for the year, an increase of $40.8 million year-over-year. This increase is aligned with our strategic priorities and primarily reflects investment in sales and marketing, which increased $5.9 million year-over-year in the quarter compared to the previous year and $26.7 million for the year.

本季調整後的銷售、一般及行政費用為 6,140 萬美元，全年為 2.114 億美元，年增 4,080 萬美元。這一成長符合我們的策略重點，主要反映了對銷售和行銷的投資，該季度同比增長 590 萬美元，全年增長 2,670 萬美元。

We entered 2025 with a clear intent to invest in our brand, our people, and our core infrastructure. We believe that we have now reached the right level of investment and our focus in 2026 turns to refining and optimizing this spend.

進入 2025 年，我們明確表示要投資我們的品牌、員工和核心基礎設施。我們認為，我們現在已經達到了合適的投資水平，2026 年的重點將轉向完善和優化這項支出。

Adjusted EBITDA was $12.9 million for the quarter, representing a 12.2% margin. This compares to 17.4% margin in the fourth quarter of 2024. For the year, adjusted EBITDA was $93.9 million, representing a 22.2% margin compared to 30.7% in the prior year. This year-over-year change reflects the strategic investments in marketing and people we are making to position our business for sustainable long-term growth.

本季調整後 EBITDA 為 1,290 萬美元，利潤率為 12.2%。相較之下，2024 年第四季的利潤率為 17.4%。本年度調整後 EBITDA 為 9,390 萬美元，利潤率為 22.2%，而前一年為 30.7%。這一同比變化反映了我們在行銷和人才方面的策略性投資，旨在使我們的業務實現可持續的長期成長。

We generated positive operating cash flow again in the fourth quarter. For the year, we generated operating cash flow of $58.7 million, reflecting strong management of our working capital and the power of our asset-light business model.

第四季我們再次實現了正的經營現金流。本年度，我們實現了 5,870 萬美元的營運現金流，這反映了我們對營運資本的良好管理以及我​​們輕資產商業模式的優勢。

We ended the quarter with cash and cash equivalents of $318.7 million and debt of $352.3 million. Inventory was $60.2 million, down $15 million from $75.2 million in the fourth quarter of fiscal year 2024, representing our improved working capital discipline.

本季末，我們持有現金及現金等價物 3.187 億美元，負債 3.523 億美元。庫存為 6,020 萬美元，比 2024 財年第四季的 7,520 萬美元減少了 1,500 萬美元，這反映了我們營運資金管理能力的提高。

Regarding our 2026 outlook, we expect net sales in the range of approximately minus 2% to plus 3% versus fiscal year 2025, adjusted gross profit margin between 71% and 72% and adjusted EBITDA margin of 21% to 22%. This guidance assumes no material impact from tariffs. While the trade environment remains fluid, we believe our global supply chain is minimally exposed.

關於我們 2026 年的展望，我們預期淨銷售額將比 2025 財年下降約 2% 至上升約 3%，調整後的毛利率將在 71% 至 72% 之間，調整後的 EBITDA 利潤率為 21% 至 22%。本指南假設關稅不會產生實質影響。儘管貿易環境依然瞬息萬變，但我們相信我們的全球供應鏈受到的影響極小。

Furthermore, it does not include disruption that may occur from the geopolitical environment. The full range of our outlook balances the momentum we see exiting 2025 and the confidence in our 2026 plan with a recognition that we remain in a state of transformation.

此外，它還不包括地緣政治環境可能造成的干擾。我們全面展望未來，既看到了 2025 年末的發展勢頭和對 2026 年計劃的信心，也認識到我們仍處於轉型期。

Key drivers of our net sales guidance include improved sell-through. We expect sell-through to improve sequentially and turn positive for the year. The range reflects the magnitude and the pace of this recovery.

我們淨銷售額預期的主要驅動因素包括銷售轉換率的提高。我們預計銷售情況將環比改善，並有望全年正成長。這一範圍反映了復甦的幅度和速度。

Brand evolution and supply chain. 2026 marks the rollout of new packaging following our February 2025 visual identity launch. While we have robust plans in place, managing this transition alongside a multiyear innovation pipeline adds operational complexity. Our outlook prudently accounts for these evolving supply chain processes. Additionally, this guidance reflects a normalized impact from promotional activities in 2026 as compared to 2025.

品牌演進與供應鏈。繼2025年2月推出視覺辨識系統後，我們將在2026年推出全新包裝。雖然我們已經制定了完善的計劃，但要將這項轉型與多年的創新計劃結合起來，將會增加營運的複雜性。我們的展望謹慎地考慮到了這些不斷變化的供應鏈流程。此外，該指導意見反映了 2026 年促銷活動與 2025 年相比的正常化影響。

Macroeconomic context. Finally, we continue to monitor an uncertain global macroeconomic environment and shifting consumer sentiment. Our ability to hit the high end of our range is tied in large part to the speed and effectiveness with which we execute on our three core priorities: energizing our hero products, fueling high-impact innovation, and expanding our diversified go-to-market model.

宏觀經濟背景。最後，我們將繼續關注不確定的全球宏觀經濟環境和不斷變化的消費者情緒。我們能否達到產品系列的高端水平，很大程度上取決於我們執行三大核心優先事項的速度和效率：為我們的明星產品注入活力，推動高影響力創新，以及擴展我們多元化的市場推廣模式。

As we continue through our transformation, we expect the slope of our demand to be weighted towards the second half of the year. We expect sell-through for both our heroes and our new launches to build sequentially throughout the year as our strategic initiatives take full effect. Specifically, for the first quarter, we expect sales to land below our full year guidance range on a percentage basis compared to the prior year.

隨著我們轉型工作的持續推進，我們預計需求成長的趨勢將更集中在下半年。我們預計，隨著我們的策略性舉措全面生效，我們旗下明星產品和新推出的產品的銷售量將在今年內逐步成長。具體而言，我們預計第一季的銷售額將低於我們全年預期範圍，與去年同期相比將出現百分比下降。

We are strategically pacing the sell-in of No. 3+, whereas early 2025 innovation sell-in was more concentrated to the first quarter. Furthermore, EBITDA will be significantly pressured in the first quarter as we front-load marketing to support No. 3+.

我們正在有策略地控制 3+ 號產品的銷售節奏，而 2025 年初的創新產品銷售則更集中在第一季。此外，由於我們提前投入行銷以支援3號以上產品，第一季的EBITDA將面臨較大壓力。

For the remaining of the year, we expect to see marketing efficiency improve year-over-year. We will also begin to fully lap our 2025 foundational investments, which started late in the first quarter of 2025, which we believe will allow us to optimize marketing spend. We expect non-sales and marketing operating expense to increase as we analyze the 2025 investments in people and processes that we believe are integral to the success of our transformation.

今年剩餘時間裡，我們預期行銷效率將逐年提升。我們也將從 2025 年第一季末開始全面完成 2025 年的基礎性投資，我們相信這將使我們能夠優化行銷支出。我們預計，隨著我們對 2025 年在人員和流程方面的投資進行分析（我們認為這些投資對於我們轉型的成功至關重要），非銷售和行銷營運費用將會增加。

Importantly, we believe our expected 2026 adjusted EBITDA margin range is a sustainable base upon which we can execute our vision, drive sustainable long-term growth, and unlock Olaplex's true potential. We enter 2026 with stable revenue and EBITDA margins and are squarely focused on executing our transformation to support our long-term growth.

重要的是，我們相信我們預期的 2026 年調整後 EBITDA 利潤率範圍是一個可持續的基礎，我們可以在此基礎上實現我們的願景，推動可持續的長期增長，並釋放 Olaplex 的真正潛力。進入 2026 年，我們擁有穩定的收入和 EBITDA 利潤率，並將全力以赴執行轉型計劃，以支持我們的長期成長。

As it relates to our capital allocation, we possess an advantaged asset-light business model that generates consistent, robust cash flow. This, along with our strong balance sheet, allows us to invest in opportunities to accelerate our strategic priorities and drive growth, explore tuck-in acquisitions similar to Purvala and expand our long-term potential and evaluate opportunities to return value to shareholders.

就我們的資本配置而言，我們擁有優勢的輕資產商業模式，能夠產生持續、強勁的現金流。憑藉強勁的資產負債表，我們能夠投資於加速策略重點和推動成長的機會，探索類似 Purvala 的補充收購，擴大我們的長期潛力，並評估為股東創造價值的機會。

In conclusion, we met or exceeded our financial expectations in 2025 while restoring brand momentum and strengthening the fundamentals of our business. We are navigating this transformation with discipline, and we enter 2026 with a more stabilized margin and clear strategic priorities designed to accelerate our Bonds & Beyond vision and move Olaplex towards consistent long-term value creation.

總而言之，我們在 2025 年達到或超越了財務預期，同時恢復了品牌發展動能並加強了業務基本面。我們正以嚴謹的態度應對這一轉型，進入 2026 年，我們將擁有更穩定的利潤率和清晰的戰略重點，旨在加速實現我們的「債券及其他」願景，並推動 Olaplex 實現持續的長期價值創造。

Operator, we are now ready to take questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions) Susan Anderson, Canaccord.

（操作說明）Susan Anderson，Canaccord。

I guess maybe just to start out, maybe if you could talk about, I guess, just the discrepancy between the spec retail and DTC. I guess, was there retailer destocking in the quarter? Or did the specialty retail channel kind of play out as you expected?

我想，或許可以先談談，比如說，零售規格和 DTC 規格之間的差異。我猜想，這季度零售商是否進行了清倉處理？或者說，專業零售通路的發展是否基本符合你的預期？

And then as we look to next year, you mentioned just the first quarter being a little bit lower, but maybe also if you could talk about kind of the cadence of the rest of the year and then any major launches you're expecting to impact the sales of the quarters?

展望明年，您提到第一季的銷售額可能會略有下降，但您能否也談談今年剩餘時間的銷售節奏，以及您預計哪些重大產品發布會影響各季度的銷售額？

Thanks for the question. So let me take the first one you were asking about is our specialty retail. And again, we run the business and encourage everybody to look at it as our flywheel, and we also run the business for the total year. We -- our job is to put the product in front of the customer wherever they want to buy it. And initiatives that we might put in place for -- that appear in the pro channel may actually drive revenue into the DTC channel. So we feel very pleased with the way our flywheel is working.

謝謝你的提問。那麼，讓我先回答您問的第一個問題，那就是我們的特色零售業務。再次強調，我們經營這家企業，並鼓勵大家把它看作是我們的飛輪，而且我們全年都在經營這家企業。我們的工作就是把產品擺在顧客面前，無論他們想在哪裡購買。我們可能會採取一些措施——這些措施可能會出現在專業管道中——實際上可能會為 DTC 管道帶來收入。我們對飛輪的運作非常滿意。

Our specialty retail, as we mentioned, outperformed expectation in the fourth quarter and sell-through did improve sequentially in the fourth quarter versus the third quarter level. We had strong exit rate sell-through velocity and our top customers turned positive. Additionally, when you look at consolidated retail performance, there continues to be noise with our international realignment, which serves as a headwind to that channel. So in conclusion, in retail, we're pleased with the momentum we're seeing and the sell-through turning positive, we believe, sets up for a nice 2026.

正如我們之前提到的，我們的專業零售業務在第四季度表現超出預期，銷售轉換率在第四季度較第三季度有所提高。我們的退出率和銷售速度都很高，而且我們的頂級客戶都轉為獲利。此外，從綜合零售業績來看，我們的國際重組持續帶來一些幹擾，這對該通路構成不利影響。總之，在零售業，我們對目前的發展勢頭感到滿意，銷售情況轉正，我們相信這將為2026年帶來良好的發展前景。

Second part of your question was about just the first quarter and going through the year?

你問題的第二部分是關於第一季以及全年的情況嗎？

Yes. Correct.

是的。正確的。

Right. Okay. So let me just think back -- take us on the journey of what you're -- where we are as a company. 2025 was really our year of transformation. We went from planning in 2024 to our initial implementation in 2025. We introduced our Bonds & Beyond Vision. We had our first three priorities against that vision: Generate brand demand, harness innovation, execute with excellence.

正確的。好的。讓我回顧一下—請您帶我們回顧貴公司的發展歷程—我們公司目前所處的位置。 2025年確實是我們轉型之年。我們從 2024 年的規劃階段過渡到 2025 年的初步實施階段。我們推出了「債券與超越願景」。我們根據這個願景制定了前三項優先事項：創造品牌需求、利用創新、追求卓越執行。

We're pleased, as Amanda just went through, with the progress we've made. We successfully relaunched our brand, we launched a full 360 marketing campaign. We accelerated our innovation. We built people and processes and tools we need to actually execute. We executed our international alignment.

正如阿曼達剛才所說，我們對所取得的進展感到滿意。我們成功重塑了品牌形象，並進行了全方位的360度行銷活動。我們加快了創新步伐。我們已經建立了執行所需的人員、流程和工具。我們完成了國際化整合。

And the progress was measurable. Sales were flat after an 8% decline in '24, 35% decline in '23. Sell-through improved sequentially throughout the year. Awareness, sentiment, purchase intent, all increased. We had four of the top 5 prestige hair care launches. So we are in a much healthier place as we enter 2026 when we were in 2025.

而且取得的進展是可以衡量的。2024 年銷售額下降 8%，2023 年下降 35%，之後銷售額維持穩定。全年銷售率逐週提高。認知度、好感度、購買意願均有所提升。我們推出了五款頂級高階護髮產品中的四款。因此，進入 2026 年時，我們的健康狀況比 2025 年好得多。

The first quarter revenue is going to be below the range and EBITDA significantly below the range as we introduced No. 3, first quarter of last year, 2025, had a very significant pipe for our 4, 5 launch. And the pipe for the sell-in for the No. 3 this year is more balanced throughout the year.

第一季的營收將低於預期範圍，EBITDA 也將遠低於預期範圍，因為我們在去年第一季推出了 3 號產品，而 2025 年第一季我們為 4 號和 5 號產品的推出準備了非常重要的資金。今年排名第三的賽車的銷售管道全年更加平衡。

However, we are putting a lot of marketing spend against the launch of No. 3, which we expect to benefit the rest of this year and well into the future. And that laps the first quarter of 2025, where we had not yet started to invest in marketing. We said we started at the end of the first quarter. So those two factors combined really drive our EBITDA margin outside of the range for the first quarter.

然而，我們投入了大量行銷資金來推廣第三款產品，我們預計這將使今年剩餘時間和未來很長一段時間都受益。而這涵蓋了 2025 年第一季度，當時我們還沒有開始在行銷方面進行投資。我們說過，我們是從第一季末開始的。因此，這兩個因素加在一起，確實導致我們第一季的 EBITDA 利潤率超出預期範圍。

As you think about the second and third and the fourth quarter, we expect sell-through to sequentially improve as we go through the year as we launch our innovations and our initiatives take effect.

展望第二、第三和第四季度，我們預計隨著我們推出創新產品和各項舉措，銷售額將逐年提高。

And our marketing outside of the first quarter, you'll start to see leverage. We put in place our foundational investments in 2025, and we get the benefit from those in 2026. That benefit will be partially offset by the people costs from the hiring that we did in the back half 2025 level loading throughout 2026. So for the year, our SG&A costs will be relatively flat. And that -- and we're confident in the EBITDA margins that, that implies. And we plan to hit our guidance just like we did in [2025].

在第一季之外，我們的行銷將會開始發揮作用。我們在 2025 年進行了基礎性投資，並在 2026 年獲得了這些投資的回報。這項收益將被我們在 2025 年下半年招募的人員成本部分抵消，並在整個 2026 年保持穩定的工作量。因此，今年我們的銷售、管理及行政費用將相對持平。而這一點——我們對由此產生的 EBITDA 利潤率充滿信心。我們計劃像去年一樣，實現我們的業績指引。[2025]

Sydney Wagner, Jefferies.

雪梨‧華格納，傑富瑞。

Can you share more on those additional verticals across beauty? Just curious, maybe any sense on timing of those? And then, where do you see the most opportunity or consumer permission?

能詳細介紹一下美容領域的其他垂直產業嗎？只是好奇問問，您大概知道這些事情發生的時間嗎？那麼，你認為哪裡最有機會或最能獲得消費者許可呢？

And then one more, just on the kind of where are the easy wins in share gain opportunity. You mentioned that you were seeing premiumization in hair. We've certainly seen that as well. How do you think about the TAM in terms of maybe a mass shopper trading up to prestige for the first time? Anything strategically or from a marketing perspective that you need to do to capture those consumers?

然後還有一個問題，就是關於在市場份額成長機會中哪些方面比較容易獲勝。你提到你看到了美髮產業的高端化趨勢。我們也確實看到了這一點。您如何看待大眾消費者首次升級到高端品牌這個概念？從策略或行銷角度來看，你需要採取哪些措施來吸引這些消費者？

Sydney, it's Amanda. I'll talk about that. And obviously, innovation is the lifeblood of Olaplex and certainly something that we've been focused from two years ago, over two years ago when I joined the organization, job number 1 was to get this innovation engine going because there is so much opportunity.

悉尼，我是阿曼達。我會談到這一點。顯然，創新是 Olaplex 的生命線，也是我們從兩年前，甚至兩年多前我加入公司以來一直關注的重點。當時的首要任務就是啟動這個創新引擎，因為這裡有很多機會。

I'd really focus us on things that we see as opportunity within hair care. And the fact that we are a 30 SKU-ish business, which if you look in comparison to other competitors in the market, the large competitors in the market, that's significantly under what you might see.

我會專注於我們認為在護髮領域有機會的事情。而且我們只有大約 30 個 SKU，如果你看看市場上的其他競爭對手，尤其是市場上的大型競爭對手，你會發現這遠低於他們的規模。

And as we talked about innovation and our strategy going forward this year, I think there's two different buckets. One that we're highlighting is the impact of hero SKUs, No. 3+ being obviously the most important of that and a real core launch for us this year.

當我們討論創新以及我們今年的未來策略時，我認為可以分為兩個不同的類別。我們重點關注的是明星 SKU 的影響，其中 3 號及以上產品顯然最為重要，也是我們今年真正的核心產品發布。

I think that there's a lot of opportunity, to your point, about bringing people into this industry into the premiumization through hero SKUs is often how one is able to do that. We have done research, and we alluded to this in the call today that there are a significant number of consumers. We all experience daily damages everything that is going on in our launch around No. 3+ today that don't yet understand the power of a treatment to fix that.

我認為，正如你所說，這其中蘊藏著很多機會，透過明星 SKU 將人們引入這個行業，實現高端化，這通常是實現這一目標的方式。我們已經進行了調查，並在今天的電話會議中提到過，消費者數量相當龐大。我們每天都會遭受各種損害，包括今天在3號及以上年齡層中發生的各種問題，而他們還不了解治療的力量可以修復這些問題。

And one of the things that I've seen in the hair care category, and we spent a lot of time, again, very research-driven, very data-driven, a lot of social listening; and I've concluded that this is highest passion, highest infusion category that exists in beauty, which I think is an extraordinary opportunity for us as a brand, given that we're very fact-based and science-led. And so we'll really be focusing.

我在護髮類別中觀察到的一點是，我們投入了大量時間，再次強調，我們進行了大量的研究，以數據為導向，並進行了大量的社交媒體聆聽；我的結論是，這是美容行業中最具熱情、投入程度最高的品類，我認為這對我們品牌來說是一個絕佳的機會，因為我們非常注重事實和科學。所以我們會集中精力。

And I think we've talked over the last couple of years about the opportunity to put the marketing and the education behind our hero SKUs. We're now ready for it. We haven't been ready for it yet. And so I think that's a really, really important moment for us.

我認為在過去的幾年裡，我們一直在討論如何將行銷和教育融入我們的明星產品中。我們現在已經準備好了。我們還沒做好準備。所以我認為這對我們來說是一個非常非常重要的時刻。

The second that we highlighted was this idea of science-based innovation and finding other areas where we can compete. I won't share yet the future innovation pipeline in this organization, but I will say that it is quite robust.

我們強調的第二個重點是基於科學的創新理念，以及尋找其他我們可以參與競爭的領域。我暫時不會透露本組織未來的創新計劃，但我可以肯定地說，它非常穩健。

And as Catherine spoke to, we expect to have more innovation coming this year than we have in the past and just getting that engine going. We see a lot of white space in areas where we just simply do not compete. And lastly, the Purvala acquisition allows us to do these things with forward-thinking science and efficacy-driven positioning.

正如凱瑟琳所說，我們預計今年會有比以往更多的創新，現在正努力讓這個引擎運轉。我們看到很多我們根本不參與競爭的領域有空白市場。最後，收購 Purvala 使我們能夠運用前瞻性的科學和以功效為導向的定位來做這些事情。

Yes. I would just add on that, as Amanda said, one of the first things she did when she came was to restart that innovation engine. We worked throughout 2025 to put in place the robust operating processes that allow us to focus innovation and to get to market as quickly as we can.

是的。我還要補充一點，正如阿曼達所說，她上任後做的第一件事就是重新啟動創新引擎。我們在 2025 年全年致力於建立健全的營運流程，使我們能夠專注於創新並儘快將產品推向市場。

We look out not just in '26, but we have a multiyear innovation calendar, where we have competing priorities for every slot that there is, we have more products that could fill that. So it's a nice place to be when you think about the strength of our innovation pipeline that's been built.

我們不僅著眼於 2026 年，我們還制定了多年的創新計劃，每個階段都有不同的優先事項，我們還有更多產品可以填補這些空缺。所以，考慮到我們已經建立起的強大的創新管道，這裡是一個令人欣慰的地方。

Owen Rickert, Northland Capital Markets.

歐文‧里克特，北地資本市場。

Can you just walk us through and provide maybe a little more color on the strong performance in the professional channel? And with the distributor restocking, new salon wins, stronger sell-through for door, the Blitz program; just any more color there would be great.

您能否為我們詳細介紹一下，並詳細說明專業頻道的出色表現？隨著經銷商補貨、新沙龍贏得訂單、門市銷售更加火熱、閃電促銷計劃的開展；只要能有更多色彩就太好了。

I can speak to that. Nice to hear your voice, Owen. So really look at the -- there's, again, two things that were job number 1 and job number 2. Job number 1 was innovation, job number 2 was get back to supporting the pro. This is the heritage of the brand. And so we really have been focused on this as the center of our flywheel from day 1.

我可以就此發表看法。很高興聽到你的聲音，歐文。所以仔細看看——再說一遍，有兩件事分別是第一項任務和第二項任務。第一項任務是創新，第二項任務是重新支援專業人士。這是品牌的傳承。因此，從一開始，我們就一直將此作為我們飛輪的核心。

It's a lot of different moving pieces, as you spoke about, that really come to being in contact with the pro, supporting the channels in which they purchase. The Blitz program was a very important piece of this. And I would also highlight our education program. That's something that is really brand-new overhaul over the course of approximately the last year when we put leadership in place into our education team, built out that team, built out the assets.

正如你所說，這涉及到許多不同的環節，真正與專業人士接觸，支持他們購買的管道，這其中有許多環節需要協調。「閃電戰」計畫是其中非常重要的一環。我還要重點介紹一下我們的教育計畫。這是我們過去一年左右進行的全新改革，當時我們為教育團隊配備了領導階層，組建了團隊，並擴充了資源。

And this -- I think of pro as something that does operate slightly differently than the consumer business. It's much more human-to-human and education focused than you might see in what I'll call classic marketing in a consumer business. So we're just starting to see the benefits of that.

而且—我認為專業業務的運作方式與消費者業務略有不同。它比我所說的消費品產業中的傳統行銷方式更注重人與人之間的交流和教育。所以我們才剛開始看到它的好處。

We also had benefits of how we're handling promotions in that channel across the organization. We're just being a lot more thoughtful and disciplined in that approach. So there's a combination of a lot of things.

我們也從我們在整個組織內透過該管道進行促銷活動中受益。我們只是在處理這個問題時更加深思熟慮、更加嚴謹自律。所以這是多種因素共同作用的結果。

And lastly, the international realignment that you also spoke about is the other key driver of this, and that was really about making sure -- and this has been a story also over the course of the last two years, making sure that we have the right partners who are invested in supporting the pro is a really important piece of how we're thinking about our international business.

最後，您提到的國際重組是另一個關鍵驅動因素，這實際上是為了確保——這也是過去兩年來我們一直在努力的方向——確保我們擁有合適的合作夥伴，他們願意投入資源支持職業選手，這是我們思考國際業務時非常重要的一部分。

Got it. Super helpful. And then secondly for me, focusing on that international front, strong year-over-year growth there. What markets drove that performance? And does 2026 guide assume that international continues to grow faster than domestic?

知道了。非常有用。其次，對我來說，重點是國際市場，該市場實現了強勁的同比增長。哪些市場推動了這項業績？2026 年的指導方針是否假設國際市場成長速度持續快於國內市場？

Thanks for the question. We really manage our business as a global business, as a global flywheel. And so we don't typically break out any regional performance. We are pleased with our international strategy. We believe that it's -- that's what you're seeing in the numbers, and we're optimistic about our global guidance for 2026.

謝謝你的提問。我們真正像經營全球性企業那樣經營我們的業務，就像一個全球飛輪一樣運作。因此，我們通常不會單獨列出任何區域業績。我們對我們的國際戰略感到滿意。我們相信——這就是你們從數字中看到的情況，我們對 2026 年的全球業績預期持樂觀態度。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

First question is just around the top line progression, better understanding the Q1 expectation on sales. You mentioned, obviously, the base period comparisons is a driver of the tougher start to the year. But I'm a bit confused by that as you saw a lot of destocking last year, and it sounds like that's less of a factor this year.

第一個問題是關於營收成長情況，更了解第一季的銷售預期。正如您所提到的，基期比較顯然是今年開局更加艱難的原因之一。但我對此有點困惑，因為去年出現了大量的清倉甩賣，而今年這種情況似乎有所緩解。

So when I look at the comps, on a one-year basis, you've got a negative; on a two-year basis, you have the least demanding comp on a two-year stack. So just wondering if you could provide a little bit more color on sort of the cadence as the year progresses.

所以，當我查看這些比較數據時，如果以一年為單位來看，結果是負數；如果以兩年為單位來看，兩年期薪酬體系中薪酬要求最低。所以我想問您能否再詳細說說隨著時間推移，這種節奏的變化。

And then what gets you on a full-year basis from the high end to the low end of the year, given its plus or minus a few points around flattish? Just trying to understand what's embedded in that expectation.

那麼，考慮到全年波動幅度在幾個百分點點左右，從年末最高點到年末最低點，全年情況如何呢？我只是想弄清楚這種期望背後蘊含著什麼。

Thanks for the question. So let's talk about the first quarter. As we've consistently said, we manage the business annually, especially as we're moving through a transformation. Revenue performance in the first quarter is largely driven by the timing difference in the innovation shipments.

謝謝你的提問。那我們來談談第一季吧。正如我們一直所說，我們將對業務進行年度管理，尤其是在我們經歷轉型之際。第一季的營收表現很大程度受到創新產品出貨時間差異的影響。

In the first quarter of 2025, we had a large concentration of shipments of 4 and 5. This year, we are strategically phasing in our 3-plus innovation. So that's what you're seeing in the numbers.

2025 年第一季度，我們大量出貨了 4 和 5 號產品。今年，我們將有條不紊地逐步推出我們的 3+ 創新技術。這就是你從這些數字中看到的內容。

I can talk about the adjusted EBITDA margins. Again, we will be significantly pressured in the first quarter as we're investing to support that launch. And you're going to see that returns through the entire year.

我可以談談調整後的 EBITDA 利潤率。同樣，由於我們需要投資支援產品發布，第一季我們將面臨巨大的壓力。而且你會在全年都看到這種回報。

I'd just build on that also to say that it was a very deliberate and strategic choice to launch 3+ at this moment in time. And so I think we have the opportunity to focus on our hero and really think about how that can support and build throughout the entire year. So it's just a very strategic choice to make sure that we're coming out of the gate strong.

我還要補充一點，在這個時間點推出 3+ 是一個非常謹慎且具有策略意義的選擇。所以我認為我們有機會專注於我們的英雄，並認真思考如何在一整年中支持和培養他。所以，這完全是一項戰略選擇，旨在確保我們開局強勁。

Katie Grafstein, Barclays.

凱蒂·格拉夫斯坦，巴克萊銀行。

When you think about the development of the prestige hair care category over time, why do you think it's been less developed than the other prestige beauty categories? And is there a benefit of being a scaled player in this category just as you think about the importance of the pro channel?

綜觀高端護髮類別的發展歷程，你認為為什麼它的發展不如其他高端美容類別？那麼，在這個類別中，身為一個規模化玩家是否有好處呢？正如你思考職業頻道的重要性？

Yes. Thanks for the question. I think there's a couple of different things at play. I think that historically, in prestige hair, the channels were much more tightly defined than they exist today. So the flywheel that we're talking about is relatively new in the history of premium hair.

是的。謝謝你的提問。我認為這裡面有幾個不同的因素在起作用。我認為，從歷史上看，在高檔美髮領域，髮際線的劃分比現在要清晰得多。所以，我們現在討論的這種飛輪技術在高階美髮產業史上算是比較新的。

If you rewind -- I'm going to go with probably 10 years ago, there was a very strong line between products that were available in the pro channel for sales and things that were available elsewhere. So you really did not see premium pro hair available outside of the salon.

如果把時間倒回去——我猜大概是 10 年前——專業通路銷售的產品和其他地方銷售的產品之間有著非常明顯的界線。所以，除了美髮沙龍之外，你真的很難看到高端專業美髮產品。

So just the size opportunity and scale opportunity of the channel has changed dramatically as we're able to access retail channels and direct-to-consumer, which is obviously where much of the business in the beauty industry is happening.

因此，隨著我們能夠進入零售通路和直接面向消費者的管道，通路的規模和機會發生了巨大變化，這顯然是美容行業大部分業務發生的場所。

I think the other thing is actually intention of the consumer. Like I said, there's a lot of passion around hair. I think that there is a growing interest in hair and how it actually works. It's something that I think we've actually seen happen in the skin care industry before.

我認為另一點其實是消費者的意圖。正如我所說，人們對頭髮充滿熱情。我認為人們對頭髮及其運作方式越來越感興趣。我認為這種情況在護膚行業其實已經發生過。

I think it's an interesting model and comparison to look at where there was a lot of probably an earlier stage prestige skin care business, and we've seen that grow significantly over time as people have learned to understand, I would say, the impact of a more premium product and the impact of science on the efficacy and the results that they see.

我認為這是一個有趣的模式和比較，可以看看早期的高端護膚品業務，隨著時間的推移，我們看到，隨著人們逐漸了解更高端產品的影響以及科學對功效和效果的影響，高端護膚品業務顯著增長。

I think that's why Olaplex is so well positioned at this moment in time. And I would venture to say that Olaplex really started the conversation around scientific and prestige-led hair care, and we're really excited to kind of get back to leading that conversation.

我認為這就是 Olaplex 目前處於如此有利地位的原因。我敢說，Olaplex 真正開啟了關於科學和高端護髮的討論，我們非常高興能夠重新引領這場討論。

So I think it's a lot around consumer behavior, there's channel behavior. And what we're seeing from our partners around the globe is that they're very excited about what the potential is in this category, which I think bodes well for our future.

所以我認為這很大程度與消費者行為有關，也與通路行為有關。我們從全球合作夥伴那裡了解到，他們對這一領域的潛力感到非常興奮，我認為這對我們的未來來說是一個好兆頭。

Andrea Teixeira, J.P. Morgan.

Andrea Teixeira，摩根大通。

I was hoping if you can please talk about your distribution and shelf into this innovation? And is the outlook that you're embedding in 2026 for distribution to be flattish or any movement up or down?

我想請您談談貴公司在這項創新中的分銷和貨架策略？您對 2026 年分銷前景的預測是保持平穩，還是會有上升或下降的波動？

And then when you think about sell-in and sell-out, I was just hopeful to see how you exit. And you talked about sell-through getting better in December, which is encouraging. But I was hoping to see, as you launched 3+, did you have any initial pull forward for the retailers, and that's what is indicating for you kind of more soft first quarter? I just want to see how those dynamics have been playing out.

然後，當你想到賣出和賣出的時候，我只是很想看看你是如何退出的。您提到12月的銷售情況有所好轉，令人鼓舞。但我希望看到，隨著你們推出 3+，零售商是否有任何初步的搶購意向，這或許預示著你們第一季業績會比較疲軟？我只是想看看這些動態是如何發展的。

And the same with the pro, anything that you talked about the back bar and then the way they've been encouraged with the relaunches. So just to feel like how the sell-through, the sell-in and sell-out have been placing and consumption in general. If you can talk about consumption into the first few months of the year, that would be wonderful.

專業版也是如此，你談到後台欄以及他們如何受到重新發布的影響。所以，我只是想了解一下銷售情況，包括銷售量、進貨量和出貨量，以及整體消費狀況。如果能談談今年前幾個月的消費情況，那就太好了。

Yes. I think what we can say is that there's no pull forward of anything in this launch. And we don't talk about specifics of exact distribution. But I think if you go in and you look at our product on shelf, you'll see the No. 3+ plus, and it really looks great in stores.

是的。我認為我們可以說的是，這次發表會上沒有任何產品提前上市。我們不討論具體分佈情況。但我覺得，如果你去店裡看看我們貨架上的產品，你會看到3號+，它在商店裡看起來真的很棒。

And so we're very pleased that we're starting to really hit our stride around all the investments that were made in visual merchandising and the opportunity around the brand. So that's what I'd not comment on at this point.

因此，我們非常高興地看到，我們在視覺行銷和品牌發展方面所做的所有投資都開始真正步入正軌。所以，目前我不會對此發表評論。

This concludes the question-and-answer session. I would like to turn the floor back over to Amanda Baldwin, Chief Executive Officer, for closing comments.

問答環節到此結束。我謹將發言權交還給執行長阿曼達·鮑德溫，請她作總結發言。

I just wanted to say thank you to everyone for being with us here today, and we hope you have a great day.

我只想對今天到場的各位表示感謝，祝大家今天過得愉快。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。