Oatly Group AB (publ) (OTLY) 2024 Q4 法說會逐字稿

Good day, and welcome to the Oatly fourth-quarter 2024 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Oatly 2024 年第四季財報電話會議。（操作員指令）

Please note this event is being recorded. I would now like to turn the conference over to Brian Kearney, Vice President, Investor Relations. Please go ahead.

請注意，該事件正在被記錄。現在，我想將會議交給投資者關係副總裁 Brian Kearney。請繼續。

Good morning and thanks for joining us today. On today's call, our Chief Executive Officer, Jean-Christophe Flatin, our global President and Chief Operating Officer, Daniel Ordonez; and our Chief Financial Officer, Marie-Jose David.

早安，感謝您今天加入我們。在今天的電話會議上，我們的執行長 Jean-Christophe Flatin、我們的全球總裁兼營運長 Daniel Ordonez；以及我們的財務長 Marie-Jose David。

Before we begin, please review the disclaimer on slide 3. During this call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995, including statements regarding our future results of operations and financial position, industry and business trends, business strategy, market growth, and anticipated cost savings.

在我們開始之前，請先閱讀投影片 3 上的免責聲明。在本次電話會議中，管理階層可能會根據 1995 年私人證券訴訟改革法案做出前瞻性陳述，包括我們未來經營績效和財務狀況、產業和業務趨勢、業務策略、市場成長和預期成本節約的陳述。

These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could differ materially from actual events or those described in these forward-looking statements. Please refer to the documents we have filed with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

這些聲明是基於管理層目前的預期和信念，涉及可能與實際事件或這些前瞻性聲明中描述存在重大差異的風險和不確定性。請參閱我們向美國證券交易委員會提交的文件，詳細討論可能導致實際結果與今天做出的任何前瞻性陳述中表達或暗示的結果有重大差異的風險。

Also, please note that Jean, today's call management will refer to certain non-IFRS financial measures including adjusted EBITDA, constant currency revenue, and free cash flow. While the company believes these non-IFRS financial measures will provide useful information, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS.

另外，請注意，Jean，今天的電話管理將參考某些非國際財務報告準則的財務指標，包括調整後的 EBITDA、固定貨幣收入和自由現金流。雖然公司認為這些非國際財務報告準則的財務指標將提供有用的信息，但這些資訊的呈現並非旨在單獨考慮或取代根據國際財務報告準則呈現的財務資訊。

Please refer to today's release for reconciliation of non-IFRS financial measures to the most comparable measures prepared in accordance with IFRS. In addition, [Oatly's] has posted a supplemental presentation on its website for reference.

請參閱今天發布的非國際財務報告準則財務指標與根據國際財務報告準則編制的最具可比性的指標的對帳表。此外，【Oatly's】已在其網站上發布補充介紹，以供參考。

With that, I'd now like to turn the call over to Jean Christophe.

說完這些，我現在想把電話轉給 Jean Christophe。

Thank you, Brian, and good morning, everyone.

謝謝你，布萊恩，大家早安。

Slide 5 as the key message is I want you to take away from today's presentation. First, let me tackle and our 2024 performance versus guidance. Despite a very robust volume goals of 8.8% versus 2023, our 2024 topline results came in below our guidance at 4.8% in constant currency revenue goals. At the same time, our profitable goals as delivered our adjusted EBITDA at the favorable end of our guidance.

第 5 張投影片是今天的簡報中的關鍵訊息，我希望您能記住。首先，讓我來處理一下我們 2024 年的業績與指導方針。儘管與 2023 年相比，我們的銷售目標非常強勁，為 8.8%，但以固定匯率收入目標計算，我們的 2024 年營收結果低於我們的預期，為 4.8%。同時，我們的獲利目標使我們的調整後 EBITDA 達到了預期的有利水平。

This demonstrates that Oatly is a much stronger company than it has been 2.5 years ago. Over the past 2-years, we have indeed executed a significant transformation where we now have a much healthier business with clear strategies, clear accountability, stronger margins, and significantly improved profitability. Looking ahead to 2025, we expect to buy our first full year of profitable goals.

這表明 Oatly 比兩年半前更強大。在過去的兩年裡，我們確實實現了重大轉型，現在我們的業務更加健康，策略清晰，責任明確，利潤率更高，獲利能力顯著提高。展望2025年，我們預計將實現第一個全年獲利的目標。

Specifically, we expect constant currency revenue growth in the range of 2% to 4%. As you saw in our press release, we expect an approximately 300 basis point impact to our goals from a change in sourcing decisions at our largest US customer. Absent this impact, our guidance range would have likely been 5% to 7%. We expect adjusted EBITDA in the range of $5 million to $15 million. And we expect capital expenditures in the range of $30 million to $35 million.

具體來說，我們預期貨幣收入成長率將在 2% 至 4% 之間。正如您在我們的新聞稿中看到的，我們預計，我們最大的美國客戶的採購決策變化將對我們的目標產生約 300 個基點的影響。如果沒有這種影響，我們的指導範圍可能是 5% 到 7%。我們預計調整後的 EBITDA 在 500 萬美元至 1500 萬美元之間。我們預計資本支出在 3000 萬美元至 3500 萬美元之間。

We expect to drive these profitable goals by leveraging our brand to ignite positive momentum in the category while simultaneously driving additional efficiencies. So let's dig in. Slide 6 outlines the significant transformation that we have methodically executed over the past 2-years. One of change has been in our supply chain. Today we have a more simplified supply chain that has become a strategic asset.

我們希望利用我們的品牌來激發該類別的積極勢頭，同時提高效率，從而推動這些盈利目標的實現。因此讓我們深入研究一下。投影片 6 概述了我們過去兩年有條不紊地實施的重大轉型。其中一個變化發生在我們的供應鏈中。今天我們擁有更簡化的供應鏈，它已經成為一項策略資產。

In December we announced we were closing our Singapore facility, and today we are announcing that we have discontinued construction of our second Chinese facility. With those two announcements, we have five manufacturing plants globally with no additional plants being built. These five plants can produce approximately 900 million litters of product.

去年 12 月，我們宣布關閉新加坡工廠，今天，我們又宣布停止中國第二家工廠的興建。隨著這兩項公告的發布，我們在全球擁有五家製造工廠，並且沒有新建工廠。這五家工廠可生產約 9 億公升產品。

We are guiding to $30 million to $35 million of CapEx, which is approximately 4% of poverty. And I am pleased to report that we achieved 99% customer fill rates in 2024, which highlights the significant benefits of increased focus. We have also made significant changes outside of our supply chain. First, we have significantly simplified our over agriculture. Today, we are much leaner, with approximately 1,500 employees, down 500 over the past two years.

我們指導的資本支出為 3,000 萬至 3,500 萬美元，約佔貧窮線的 4%。我很高興地報告，我們在 2024 年實現了 99% 的客戶滿足率，這凸顯著了提高關注度帶來的顯著好處。我們也在供應鏈之外做出了重大變革。首先，我們大大簡化了農業。如今，我們的人員配置精簡了許多，員工人數約為 1,500 人，過去兩年減少了 500 人。

When it comes to mindset, as profitable growth are North Star, we now make deliberate margin focused decisions about channels, customers, and products. We have also augmented our approach to marketing to focus on relevant and integrated bomb activation. Slide 7 shows the financial impact. On our second quarter of 2023 earnings call, I said that we must have a stronger business before we have a significantly bigger business.

從思維方式上講，由於獲利成長是北極星，因此我們現在對通路、客戶和產品做出以利潤為重點的深思熟慮的決策。我們也增強了行銷方式，將重點放在相關且全面的炸彈活化。幻燈片 7 展示了財務影響。在我們 2023 年第二季的財報電話會議上，我說過，在我們的業務規模顯著擴大之前，我們必須擁有更強大的業務。

I am pleased to report that we have strengthened the business. Versus 2022, our revenue grew by approximately $100 million or 14%. Our gross margin expanded 18% points. And our adjusted EBITDA improved by over $230 million. We are clearly making good healthy progress. Slide 8 further highlights our healthy progress. Each of our three operating segments improved the adjusted EBITDA by over $70 million in the past 2 years.

我很高興地報告，我們已經加強了業務。與 2022 年相比，我們的營收成長了約 1 億美元，即 14%。我們的毛利率增加了18個百分點。我們的調整後 EBITDA 成長了 2.3 億美元以上。我們顯然正在取得良好進展。幻燈片 8 進一步突顯了我們的健康進展。過去兩年中，我們三個營運部門的調整後 EBITDA 均提高了 7,000 多萬美元。

While we also make good progress in reducing our corporate expenses. Our teams embraced the challenge, made the necessary changes, and [do]. To be clear, we have executed this conformation in order to enable our mission. Our mission is an important part of our culture, and I believe it makes only unique. We have maintained our mission and purpose throughout our transformation, and we remain committed to it going forward.

同時我們在削減公司開支方面也取得了良好的進展。我們的團隊接受了挑戰，做出了必要的改變，並且[做]。需要明確的是，我們執行這項確認是為了實現我們的使命。我們的使命是我們文化的重要組成部分，我相信它使我們獨一無二。在整個轉型過程中，我們始終堅守我們的使命和目標，並將繼續致力於此。

As we look ahead to 2025 on slide 10. We now expect to enter a profitable growth era by driving top line grows and positive adjusted EBITDA. While our constant currency revenue growth rate is expected to be impacted by approximately 300 basis points from a sourcing decision that our largest US customer. We believe the underlying all sides of our business remains healthy, with further expected distribution gains in all channels and innovation performance that Daniel, will detail for us later.

正如第 10 張投影片中我們展望 2025 年。我們現在期望透過推動營業收入成長和正調整後 EBITDA 進入獲利成長時代。而我們最大的美國客戶的採購決策預計會使我們的固定匯率收入成長率受到約 300 個基點的影響。我們相信，我們業務的各個方面都保持著健康的發展，預計所有通路的分銷和創新表現都將進一步成長，丹尼爾稍後將為我們詳細介紹。

Slide 11 shows our priorities for 2025. Our top priority is to ignite category momentum. To do that, we will continue increasing our relevance. Aggressively attack the barriers to conversion from Delhi and increase the availability of our products to both new and existing consumers. As we are igniting this category of momentum, we intend to continue our aggressive pursuit of cost efficiency.

幻燈片 11 展示了我們 2025 年的優先事項。我們的首要任務是激發品類發展動能。為了實現這一目標，我們將繼續增強我們的相關性。積極攻克德里轉型障礙，增加我們產品對新舊消費者的供應。當我們點燃這項動力時，我們打算繼續積極追求成本效率。

Over the past two years we have built a strong efficiency muscle, and we intend to flex that muscle in 2025 again. To drive margin expansion, simplify for speed and impact, and provide further fuel for growth driving reinvestments. Our final 2025 priority is to fulfill our financial commitment of delivering our first full year of profitable goals as a public company.

在過去的兩年裡，我們已經建立了強大的效率力量，我們打算在 2025 年再次展示這股力量。推動利潤率擴大、簡化速度和影響力，並為推動再投資的成長提供進一步的動力。我們 2025 年的最後一個任務是履行我們的財務承諾，實現作為上市公司第一個全年盈利的目標。

With that I turned the call to Daniel.

說完我就把電話轉給了丹尼爾。

Thank you, JC and good morning, everyone. Slide 13 shows our 2025 priorities are introduced by JC. I will provide additional color and context on these priorities and how we plan to execute them. So let's start with priority one, which is creating the second wave of category momentum. First, I would like to highlight that we posted broad-based steady growth in 2024, as demonstrated on slide 14.

謝謝你，JC，大家早安。投影片 13 顯示了 JC 介紹的我們的 2025 年優先事項。我將就這些優先事項以及我們計劃如何執行它們提供更多細節和背景資訊。因此，讓我們從第一個優先事項開始，即創造第二波類別動力。首先，我想強調的是，如投影片 14 所示，我們在 2024 年實現了全面且穩定成長。

European international had solid growth in both channels with good contribution from both established and the expansion markets. North America reported double digit revenue growth in retail and 8% growth in food service. As we have previously discussed, North America has been aggressively diversifying its food service business, proactively balancing growth and margin. Excluding the sex's largest customer, food services grew by 22% in 2024, which shows you just how aggressive we have been.

歐洲國際在兩個通路都實現了穩健成長，成熟市場和擴張市場都做出了良好貢獻。北美零售業收入實現兩位數成長，食品服務業收入成長 8%。正如我們之前所討論的，北美一直在積極地實現其食品服務業務多元化，並積極平衡成長和利潤。除去性生活最大的客戶，食品服務在 2024 年成長了 22%，這顯示我們有多積極進取。

America has been impacted by a changing sourcing decisions of our largest food service customer, and while they remain large and important, we will continue to systematically expand our food service customer base with the same balance criteria as the opportunity remains massive. Our greater China segment boasted strong double-digit growth in the second half of this year after it fully lapped its strategic reset.

美國受到我們最大食品服務客戶採購決策變化的影響，儘管這些客戶仍然規模龐大、至關重要，但我們將繼續以同樣的平衡標準系統地擴大我們的食品服務客戶群，因為機會仍然巨大。我們大中華區分部在今年下半年全面完成策略調整後，實現了強勁的兩位數成長。

This is driven by our expanded presence in the food service. Slide 15 shows our barista portfolio. It is second to none in velocities and product performance, and it continues to be our largest business and our growth driver. The range continues to expand in breadth and depth, including new items that drive relevance and ubiquity for different occasions, channels, and price points.

這是由於我們在餐飲服務領域的業務不斷擴大。幻燈片 15 展示了我們的咖啡師組合。它在速度和產品性能方面首屈一指，並且繼續成為我們最大的業務和成長動力。產品範圍在廣度和深度上不斷擴大，包括適合不同場合、通路和價格點的相關性和普遍性的新產品。

In North America, for instance, barista grew by 10% in 2024, aided by the distribution expansion of the original barista and the addition of the new creamers to the lineup. In Europe and international, barista grew by 13% in 2024, growing both the original barista organically and with incremental growth coming from the 1.5 litter, lighter taste, the organic range, and the jiggers.

例如，在北美，由於原始咖啡師分銷範圍的擴大以及新奶精產品的加入，咖啡師的數量在 2024 年增長了 10%。在歐洲和國際上，咖啡師在 2024 年增長了 13%，既實現了原始咖啡師的有機增長，也帶來了來自 1.5 公升、清淡口味、有機系列和量酒器的增量增長。

Slide 15 shows we have driven this without the category wind at our back. Despite this category of sluggishness, we have seen in both Europe and in the US, we have continued to drive growth. In both markets, our retail takeaway grew in the mid-single digits in the last 52 weeks as we have continued to take steady share in nearly every one of our markets. This supports our continued belief that there is a clear difference between plant-based milk versus oat milk and versus oat leaf.

投影片 15 顯示我們在沒有類別風助力的情況下完成了這項任務。儘管我們在歐洲和美國都看到了這種不景氣，但我們仍在繼續推動成長。在這兩個市場，我們的零售外送在過去 52 週內都實現了中等個位數成長，因為我們在幾乎每個市場都保持了穩定的份額。這支持了我們一直以來的觀點：植物奶、燕麥奶和燕麥葉之間有明顯差異。

As I mentioned in the past, we cannot wait for others to grow this category and just take share from less relevant competitors. Oatly has long been the only brand proven to drive category growth, and we intend to use that competitive momentum to do it once again. Slide 17 shows the household penetration for the UK and the US. If we showed additional countries, the story would be identical. Household penetration for the category has plateaued around 20% to 30%.

正如我過去提到的，我們不能等待其他人發展這個類別，而只是從不太相關的競爭對手那裡奪取份額。Oatly 長期以來一直是唯一被證明能夠推動品類成長的品牌，我們打算利用這種競爭勢頭再次做到這一點。投影片 17 展示了英國和美國的家庭普及率。如果我們展示其他國家，故事將是相同的。此類別的家庭普及率已穩定在20%至30%左右。

Considering the health, product performance, and climate relevance of our products, as well as the meaning of our grant to younger generations, we see that 70% to 80% of category as an enormous opportunity. Slide 18 shows the first step in recruiting that remaining 70% to 80%, which is to make ultimately relevant to a broader population. In the UK, we activated the brand alerting consumers to our semi-oat milk that is tailor-made addition to the daily cup of tea but it's just a single activation to expand how we think about oat milk. The results have been quite solid.

考慮到我們產品的健康性、產品性能和氣候相關性，以及我們對年輕一代的資助意義，我們認為 70% 到 80% 的類別是一個巨大的機會。投影片 18 展示了招募剩餘 70% 到 80% 的第一步，即最終使其與更廣泛的人群相關。在英國，我們啟動了品牌，提醒消費者我們的半燕麥奶是日常茶飲的客製化補充，但這只是單一的激活，以擴大我們對燕麥奶的看法。成果非常可觀。

Are they velocities infected quickly? Interestingly, almost 80% of the volume improvement came from consumers that are new to plant-based milks, showing the power of the brands to increase penetration and convert people away from cow dairy when the offering is newsworthy and relevant. However, we know a simple change in messaging is not enough.

它們感染速度很快嗎？有趣的是，幾乎 80% 的銷售成長來自於首次接觸植物奶的消費者，這表明，當產品具有新聞價值和相關性時，品牌有能力增加滲透率並讓人們放棄牛奶製品。然而，我們知道，簡單的訊息改變是不夠的。

Slide 19 shows two of the biggest factors we believe are preventing the category from breaking through that 20% to 30% penetration level. The first is the preconceived notion taste. We know that most people who have not considered trying oat milk is because they believe it does not taste good even before they TRY it. The second and more recent barrier is misinformation. Following the rise of social media, we see a rise in misinformation, especially on the nutritional value of oat milk.

投影片 19 顯示了我們認為阻礙該類別突破 20% 至 30% 滲透率的兩個最大因素。第一是先入為主的品味觀念。我們知道，大多數人沒有考慮嘗試燕麥奶是因為他們在嘗試之前就認為它味道不好。第二個也是最新的障礙是錯誤訊息。隨著社群媒體的興起，我們看到錯誤訊息也隨之增加，尤其是燕麥奶營養價值的資訊。

Slide 20 shows one of the first steps in conquering the historical barrier of taste and preconceptions. In Germany, we use our unique voice to entice consumers with a very single message based on our local market research that proves that over one in two German consumers prefer Oatley to cow's milk in a blind test. Imagine that it's phenomenal. After two months of this integrated brand activation, our baseline sales increased by over 9%, and this is only the beginning with plenty to come.

投影片 20 展示了克服品味和先入為主的歷史障礙的第一步。在德國，我們利用獨特的聲音，根據當地市場調查，用一個非常單一的信息來吸引消費者，該調查證明，在盲測中，超過一半的德國消費者更喜歡奧特利而不是牛奶。想像一下這是多麼驚人的事情。經過兩個月的綜合品牌激活，我們的基線銷售額增長了 9% 以上，而這只是一個開始，未來還將有更多增長。

Onto misinformation then on slide 21. We are increasingly seeing noise on social and in legacy media, disparaging the nutritional facts of oat milk. As the most recognizable brand, we often find Oatley is the poster child of these attacks. Many of these false claims are at best misguided and at worst deliberately misleading. 45 plant-based meals like Oatley are recommended in dietary guidelines around the world.

然後轉到第 21 張投影片，討論錯誤訊息。我們在社群媒體和傳統媒體上越來越多地看到對燕麥奶營養成分的貶低。作為最知名的品牌，我們經常發現奧特利是這些攻擊的典型代表。許多此類虛假聲明充其量是誤導，最糟的情況是故意誤導。世界各地的飲食指南都推薦了 45 種像 Oatley 這樣的植物性飲食。

We are a company rooted in science, and we stand behind the nutritional makeup of our products. So we refuse to sit by and let consumers continue to fall victim to this disinformation. We have been and will continue to work with and partner with healthcare professionals, journalists, influencers, and registered dieticians to debunk misinformation and to ensure the correct science facts, true facts, get to consumers without us adding to the noise.

我們是一家植根於科學的公司，我們為我們產品的營養成分負責。因此，我們不會袖手旁觀，讓消費者繼續成為這種假訊息的受害者。我們一直並將繼續與醫療保健專業人士、記者、有影響力的人以及註冊營養師合作，揭穿錯誤訊息，並確保正確的科學事實、真實的事實傳達給消費者，而我們不會再製造噪音。

In short, we will continue to set the record straight in a very ugly way, of course. We are infused to see the welcoming initial reactions from these relevant key opinion leaders and their commitment to advocate for science and for facts. Turning now to slide 22, the final piece of the plan is to continue increasing our distribution and ensure our products are more available, be it in new spaces, channels, or customers.

簡而言之，我們當然會繼續以一種非常醜陋的方式來澄清事實。我們很高興看到這些相關關鍵意見領袖的初步反應以及他們倡導科學和事實的承諾。現在翻到第 22 張投影片，計畫的最後一部分是繼續擴大我們的分銷範圍，並確保我們的產品更容易獲得，無論是在新的空間、通路還是客戶。

We continue to believe there is vast opportunity in the European Food Service channel, and we continue to make progress in creating new moments of consumption. For example, many European airlines are showcasing our jiggers on their in-flight menus, replicating the success we have had across the railway networks. These intentional choices on spaces and customers continue to stimulate the oatmeal consumption habit.

我們始終相信歐洲食品服務通路擁有龐大的機遇，並在創造新的消費時刻方面不斷取得進展。例如，許多歐洲航空公司都在其機上菜單上展示我們的量酒器，複製我們在整個鐵路網絡中取得的成功。這些在空間和顧客方面的刻意選擇持續刺激著人們食用燕麥片的習慣。

In US retail, we already have our highest ever weighted distribution and our highest ever share of the plant-based meal category. And we have secured additional distribution gains in both chills and Ambience. This new distribution is already coming online just as we la last year's range reviews. Our teams will be aggressively pursuing additional opportunities in all channels with customers of all sizes. And in Greater China, we're excited to announce that we will be entering the club channel in 2025.

在美國零售業中，我們的植物性膳食類別的加權分佈已經達到歷史最高水平，而且份額也達到了歷史最高水平。而我們在寒冷天氣和氛圍方面都獲得了額外的分銷收益。正如我們去年進行的範圍評估一樣，這一新分佈已經上線。我們的團隊將積極透過各種管道與各種規模的客戶提供更多機會。在大中華區，我們很高興地宣布，我們將於 2025 年進軍俱樂部渠道。

The Chinese retail channel is very large, and we're very excited to partner with these great club stores to start capturing the opportunity in a disciplined way and more actively diversifying our channel footprint. Now turning to the next 2025 priority, which is aggressively driving cost efficiency to simplify and create more fuel for growth. On slide 24, you can see that we have reduced the cost per liter by 19% over the past two years.

中國的零售通路非常龐大，我們非常高興能與這些優秀的俱樂部商店合作，開始以有紀律的方式抓住機遇，更積極地實現通路足跡多樣化。現在轉向下一個 2025 年優先事項，即積極提高成本效率以簡化並創造更多成長動力。在投影片 24 上，您可以看到我們在過去兩年中將每公升成本降低了 19%。

We have driven these great results through deliberate actions and streamlining our supply chain processes, procurement, as well as forecasting and planning accuracy. While we are pleased with our progress, we believe plenty of opportunity remains. In 2025, we expect to drive additional efficiencies from the closure of our Singapore plants, as well as recently negotiated input cost contracts in North America business. And we have done in Europe, all productivity initiatives, whether large or small, have clearly identified project owners, resources and timelines attached to them.

我們透過深思熟慮的行動和簡化供應鏈流程、採購以及預測和規劃準確性來推動這些出色的成果。雖然我們對所取得的進展感到滿意，但我們相信仍有許多機會。2025 年，我們預計透過關閉新加坡工廠以及最近在北美業務中協商的投入成本合約來提高效率。正如我們在歐洲所做的那樣，所有生產力計劃，無論大小，都明確地確定了專案所有者、資源和時間表。

We are pleased to have built truly a culture of productivity and efficiency session, and of course we expect that volume growth will continue to help with fixed cost absorption. Slide 25 shows we have driven efficiencies in our overhead structure as well. Over the past two years, we have reduced our total SG&A and R&D by $80 million. With that is an $8 million increase of branding and advertising, so the reduction would have been $88 million if not for the reinvestment.

我們很高興真正建立了生產力和效率文化，當然，我們預計產量成長將繼續有助於吸收固定成本。投影片 25 顯示我們也提高了管理費用結構的效率。在過去兩年中，我們已將銷售、一般及行政開支和研發費用總額削減了 8,000 萬美元。其中品牌和廣告費用增加了 800 萬美元，因此，如果不進行再投資，減少金額將達到 8,800 萬美元。

We did this while growing our revenue by over $100 million driving the SG&A margin down by 17% points. Just like with the supply chain, we have built the muscle of finding leverage and eliminating waste. In early 2025, we have already executed additional SG&A efficiencies to further simplify and provide fuel for growth driving investments, and we will always look for more.

我們做到了這一點，同時收入增加了 1 億多美元，銷售、一般及行政費用利潤率下降了 17%。就像供應鏈一樣，我們已經建立了尋找槓桿和消除浪費的能力。2025 年初，我們已經執行了額外的銷售、一般和行政管理效率措施，以進一步簡化並為推動投資成長提供動力，並且我們將始終尋求更多。

So, as we enter 2025, you can see that we have a track record of simultaneously improving profitability and driving broad-based growth, even in a challenging environment. We have a plan to reignite category momentum. We have early traction on the execution of our plan, and we have additional efficiency programs that will provide more fuel for that growth.

因此，當我們進入 2025 年時，您會發現，即使在充滿挑戰的環境中，我們也擁有同時提高獲利能力和推動全面成長的記錄。我們有一個計劃來重新點燃類別發展勢頭。我們在計劃實施方面已取得初步進展，而且我們還有其他效率計劃，可以為這一增長提供更多動力。

I would now like to turn the call over to Maria-Jose.

現在我想將電話轉給瑪麗亞·何塞。

Thank you, Daniel, And good morning, everyone. Slide 27 shows an overview of the quarterly and full year P&L. For the full year, we reported 5.1% revenue growth and constant currency revenue growth of 4.8%. This was slightly below the guidance we provided last quarter, as category growth remains sluggish.

謝謝你，丹尼爾，大家早安。投影片 27 顯示了季度和全年損益表的概覽。我們報告全年營收成長 5.1%，以固定匯率計算營收成長 4.8%。這略低於我們上個季度提供的指引，因為類別成長仍然緩慢。

We continue to drive a strong cross margin expansion, with the fourth quarter margin extending 540 basis points year -over-year, bringing the full year margin expansion to 930 basis points. Adjusted EBITDA was a loss of $6.1 million in a quarter and was a loss of $35.3 million, which is at the favorable end of our guidance range. Slide 28 shows the breaching items of our total company revenue growth.

我們持續推動強勁的跨利潤率擴張，第四季利潤率年增 540 個基點，全年利潤率擴張至 930 個基點。調整後的 EBITDA 本季虧損 610 萬美元，上季虧損 3,530 萬美元，處於我們預期範圍的有利水準。幻燈片 28 展示了我們公司整體收入成長的突破項目。

As you can see, both our fourth quarter and full year revenue growth was driven primarily by volume growth. We grew volume by 9.9% in the fourth quarter and 8.8% for the full year. Slide 29 shows the drivers of our year-over-year morphine expansion. In both the fourth quarter and full year, the biggest driver of our margin expansion was absorption and supply chain improvements.

如您所見，我們第四季和全年的營收成長主要得益於銷售成長。我們第四季的銷量成長了 9.9%，全年銷量成長了 8.8%。投影片 29 展示了我們嗎啡逐年擴張的驅動因素。無論是第四季還是全年，我們利潤率擴大的最大驅動力是吸收和供應鏈的改善。

Our supply chain has become a strategic asset as the teams have maintained high customer service levels to support our growth, while also embracing an efficiency mindset to drive out waste, renegotiate contracts, and reduce costs. Slide 30 shows the year over year improvement in our adjusted EBITDA. In both the fourth quarter and full year, our improvement was primarily driven by a very good increase in gross profit.

我們的供應鏈已經成為一項策略資產，因為團隊一直保持著高水準的客戶服務來支持我們的成長，同時也秉承高效的思維來消除浪費、重新談判合約並降低成本。投影片 30 顯示了我們調整後的 EBITDA 年成長的情況。無論是第四季或全年，我們的進步主要得益於毛利的大幅成長。

In the fourth quarter, we had a slight year-over-year headwind in SNA as we increase our advertising investment to drive growth. Slide 31 shows segment level details. There are 3 big takeaways on this slide. First, this is our second quarter of ALL3 segments reporting profitable growth. Second, two of our segments drove profitable growth on a full year basis. Third, each segment of solid volume growth in both the fourth quarter and full year.

第四季度，由於我們增加了廣告投入以推動成長，因此 SNA 年比略有下滑。幻燈片 31 顯示了細分級別的詳細資訊。這張投影片上有 3 個要點。首先，這是我們所有三個部門第二次報告獲利成長。其次，我們的兩個部門實現了全年獲利成長。第三，第四季和全年各部門銷售量均穩定成長。

Our strategic initiatives and growth and growth plans clearly continue to work. Turning to our balance sheet and cash flow on slide 32. Our balance sheet remains solid at the end of the quarter, we had $99 million of cash and $186 million of our credit facilities. Note that our revolving credit facility is completely undrawn, and the quarterly changes in its value have been driven by foreign exchange rates. We continue to believe that our business plan remains fully funded with our path to profitable growth.

我們的策略舉措以及成長和成長計劃顯然繼續發揮作用。前往第 32 頁的資產負債表和現金流量表。截至本季末，我們的資產負債表依然穩健，我們擁有 9,900 萬美元的現金和 1.86 億美元的信貸額度。請注意，我們的循環信貸額度尚未完全提取，其價值的季度變化受外匯匯率的影響。我們始終相信，我們的商業計劃將得到充分資助，並將繼續實現獲利成長。

Our profitability continues to improve. We continue to optimize our capital expenditures and working capital, and the cash impact of our exited and discontinued factories remain on track. The middle of the slide shows our free improvement. Our 2024 free cash flow was $156 million use of cash, which is our best performance since the IPO and the $319 million improvement since 2022.

我們的獲利能力持續提高。我們持續優化資本支出和營運資本，退出和停產工廠的現金影響維持在正常水準。幻燈片中間展示了我們的自由改進。我們 2024 年的自由現金流為 1.56 億美元，這是我們自 IPO 以來的最佳表現，也是自 2022 年以來 3.19 億美元的改善。

In the fourth quarter, free cash flow was a $23 million use of cash, which was our best quarterly performance since the IPO and an improvement versus Q3. On the right side, you can see our progress on working capital. We have reduced trade working capital by $23 million over the past two years. We have done this while growing revenue, which has resulted in our trade working capital as a percentage of revenue, falling by over 500 basis points.

第四季度，自由現金流為 2,300 萬美元，這是我們自 IPO 以來最好的季度業績，與第三季度相比有所改善。在右側，您可以看到我們的營運資金進度。過去兩年來，我們已將貿易營運資本減少了 2,300 萬美元。我們在增加收入的同時做到了這一點，這導致我們的貿易營運資本佔收入的百分比下降了 500 多個基點。

I have repeatedly said that improving our cash flow is a top priority for me, and we're clearly making good progress. Our first priority for 2025 is to deliver our first full year of profitable growth as a public company. Slide 34 shows the detail of what we expect. We expect constant currency revenue growth in the range of 2% to 4%. Our largest US customer has made a change in how we source oat milk.

我曾多次表示，改善我們的現金流是我的首要任務，我們顯然正在取得良好進展。我們的 2025 年首要任務是實現作為上市公司的第一個全年獲利成長。投影片 34 展示了我們所期望的細節。我們預計貨幣收入成長率將在 2% 至 4% 之間。我們最大的美國客戶改變了我們的燕麥奶採購方式。

While they remain a large customer, we currently expect the change to cause an approximately 300 basis points headwind to our totaling growth. For adjusted EBITDA, we expect to report in the range of $5 million to 1$5 million. We expect the year-over-year adjusted EBITDA improvement to be primarily driven by gross profit. While we continue to monitor and evaluate the tariff situation in our North America segment and our teams are preparing for possible scenarios, we have not included any potential explicit impact into our guidance.

雖然他們仍然是我們的大客戶，但我們目前預計這項變更將對我們的整體成長造成約 300 個基點的阻力。對於調整後的 EBITDA，我們預計在 500 萬美元至 150 萬美元之間。我們預計，調整後 EBITDA 年比改善主要得益於毛利。雖然我們繼續監測和評估北美地區的關稅情況，並且我們的團隊正在為可能的情況做準備，但我們尚未將任何潛在的明確影響納入我們的指引。

We expect EBITDA to improve as we move through 2025, driven by a combination of the business continuing to strength, higher brand investments early in the year, and Q1 naturally being a lower sales due to Chinese New Year. We expect to be in the range of $30 million to $35 million for the whole year. This reflects how now simplified supply chain network of 5 plants with no additional plants under construction.

我們預計，隨著 2025 年的到來，EBITDA 將會改善，這得益於業務持續走強、年初品牌投資增加，以及第一季由於農曆新年導致銷售額自然下降等因素。我們預計全年收入將在 3,000 萬至 3,500 萬美元之間。這反映了目前已簡化了 5 家工廠的供應鏈網絡，且無需建造其他工廠。

Slide 35 shows the building block of our expected improvement in adjusted EBITDA. We expect the biggest improvement to come from efficiencies in our supply chain and. We have already taken the appropriate actions to achieve the majority of the savings, and we have clear plans and timelines to achieve the reminder. We will continue to regularly evaluate our entire cost structure to seek out additional efficiencies.

投影片 35 展示了我們預期的調整後 EBITDA 改善的基礎。我們預計最大的改進來自於我們的供應鏈效率的提升。我們已經採取了適當的行動來實現大部分的節省，並且我們有明確的計劃和時間表來實現提醒。我們將繼續定期評估我們的整個成本結構，以尋求額外的效率。

For example, in December, we announced the closure of our Singapore plant, which we expect will save us nearly $10 million annually. We have also recently renegotiated many contracts that will lower our input costs, as well as internally communicated some changes that will lead to additional HNA savings as we move through the year. We are controlling the controllable and have clear plans to deliver on our guidance.

例如，12 月，我們宣布關閉新加坡工廠，預計此舉每年將為我們節省近 1,000 萬美元。我們最近還重新協商了許多合同，以降低我們的投入成本，並在內部傳達了一些變化，這些變化將在今年為海航帶來額外的節省。我們正在控制可控的事情，並有明確的計劃來實現我們的指導。

This concludes our prepared remarks. Operator, we are now prepared to take questions.

我們的準備好的演講到此結束。接線員，我們現在準備回答問題。

(Operator Instructions) Kaumil Gajrawala, Jefferies.

(操作員指示) Kaumil Gajrawala，Jefferies。

Hey everybody, good morning and good afternoon. I guess let's dig into, the goal for profitability in '25 being driven by gross margin. Maybe if you could talk a bit about breaking down what the drivers within that gross margin will be, I see, some of the details you provide on supply chain, but. Is there a pricing component, a mixed component, regional pieces, some of those types of things. Any more details in that, what looks like is sort of the fat piece of the thing that'll swing you to profitability, I think that'd be useful.

大家早安，下午好。我想讓我們深入研究一下，25 年的獲利目標是由毛利率驅動的。也許您可以稍微談談毛利率的驅動因素，我看到您提供了一些有關供應鏈的細節，但是。是否存在定價成分、混合成分、區域成分等諸如此類的東西。如果還有更多細節的話，那看起來就像是可以讓你獲利的關鍵部分，我認為這會很有用。

Hi Kaumil, this is Marie-Jose. Hope you are well. Thank you for the questions. Let me double click on the answer on top of what we already said in the prepared remarks. So in the prepared remarks, we said that we expect the improvement of gross profit as you mentioned, coming from, let me explain a little bit more. First, optimizing our production footprint we have already announced a few things on that front. Maximizing our global sourcing resources, that's the second piece, and third piece is managing our product mix.

你好，Kaumil，我是 Marie-Jose。祝你一切安好。感謝您的提問。讓我在我們已經準備好的評論的基礎上雙擊答案。因此，在準備好的評論中，我們說，我們預計毛利會有所提高，正如您所提到的，讓我再解釋一下。首先，優化我們的生產足跡，我們已經宣布了一些這方面的措施。最大限度地利用我們的全球採購資源，這是第二部分，第三部分是管理我們的產品組合。

On that front, there are obviously several variables that could influence where we will exactly land. Such as our sales guidance lunch, such as the customer mix but also potentially the foreign exchange, as I could as well out already. So the takeaway on that for 2025. We will make progress on our path towards our long-term cross margin target of 55% to 40%. So hope that answer to the question.

在這方面，顯然有幾個變數可能會影響我們究竟會降落在哪裡。例如我們的銷售指導午餐，例如客戶組合，還有潛在的外匯，我已經可以知道了。這是 2025 年的要點。我們將在實現 55% 至 40% 的長期交叉利潤率目標的道路上不斷取得進展。所以希望這能回答這個問題。

It does. -- And then maybe if we could just talk about the US a bit and this might be very short term, but just in sort of very recent results it looks like promo activity has really sort of spiked at least in the Nielsen data that we're looking at. Is there something going on in the industry that we should be aware of as we're sort of starting 2025?

是的。 -- 然後也許我們可以稍微談談美國，這可能是非常短期的，但只是在最近的結果中，看起來促銷活動確實有所增加，至少在我們正在查看的尼爾森數據中是如此。在進入 2025 年之際，我們應該了解產業中正在發生的哪些事情？

Thanks, Kaumil, how are you doing, Daniel here. You're spot on there's been some volatility in the last day you're looking at the scanner data in the last four weeks, but if we look at a bit more, 12 weeks, this is how we see things in the US, right, apart from the category dynamics that you see them by yourself.

謝謝，Kaumil，你好嗎，我是 Daniel。您說得對，從過去四周的掃描器數據來看，過去一天確實出現了一些波動，但如果我們再看長一點，比如 12 週，我們就會發現美國的情況就是這樣，除了您自己看到的類別動態之外。

So the biggest driver we see moving forward would continue to be new distribution, and the new one here in the very short term is that this year's new distribution will hit a little bit later than last year. So expect a brief blip, in the lapping periods between one year and the other that would be one. The second one, that you see in terms of our own performance is, a little bit of a drag from the discontinued, older innovation and the ones that have been diverging a little bit are focus like frozen novelties or cream cheese that erodes in the short-term, 400 basis points to 500 basis points of our growth.

因此，我們認為未來最大的驅動力仍將是新分銷，而短期內的新因素是，今年的新分銷將比去年稍晚。因此，預計在一年與另一年之間的重疊期內會出現一個短暫的波動。第二個因素，就我們自己的表現而言，是由於停止使用舊創新產品而產生的一點拖累，而有些產品的重點已經發生了變化，例如冷凍新品或奶油奶酪，這些產品在短期內會侵蝕我們 400 個基點到 500 個基點的增長。

But this is short-term, and we expect this to be lapped in the coming months, right? So those are the, let's say mechanical ones. Importantly, this is how we look at things, Kamill. We see solid consistent velocities of our core portfolio, milks and creamers in both units and dollars. So all these while we register highest ever dollar shares in plant-based milk and oat milk, in the recent periods and in the longer-term. So we expect that with the upcoming incremental ACV that you saw in the prepared remarks and in the main banners, we should be maintaining the steady growth trajectory that we have posted so far.

但這只是短期的，我們預計這將在未來幾個月內完成，對嗎？所以這些就是我們所說的機械的。重要的是，這就是我們看待事物的方式，卡米爾。我們看到，我們的核心產品組合、牛奶和奶精的單位和美元銷售量均保持穩健的穩定成長。因此，在近期和長期內，我們在植物奶和燕麥奶中的美元份額均創下了歷史新高。因此，我們預計，隨著您在準備好的評論和主要橫幅中看到的即將到來的增量 ACV，我們應該保持迄今為止發布的穩定成長軌跡。

Okay, great. I could sneak in maybe a third on the sort of this headwind from your largest customer was that a, maybe a business that was, operating at a loss anyways and that perhaps could be a one of the contributors to higher gross margins or is it is there something else going on there?

好的，太好了。我可以偷偷地問一下，您最大的客戶所面臨的這種不利因素可能是一家本來就在虧損經營的企業，這也許是毛利率提高的一個因素，或者是其他什麼原因？

No, you've seen the consistent way in which we have handled, the food service channel, in the US and everywhere, in fact, balancing growth, decisions with volume growth decisions with margin, balancing the margin, right? So and we will continue to make these decisions as we move forward, growth and market. So in this context, it's important for you to, I think if I understand the question behind the question, Kamill, this customer in the US is now only over 20% of the 2024 US sales and only 7% of total company, right?

不，您已經看到了我們處理食品服務通路的一貫方式，無論是在美國還是其他地方，事實上，平衡成長、銷售成長決策與利潤率，平衡利潤率，對嗎？因此，在前進、發展和市場發展過程中，我們將繼續做出這些決定。因此，在這種情況下，對我而言，重要的是，如果我理解了問題背後的問題，卡米爾，這個美國客戶現在僅佔 2024 年美國銷售額的 20% 以上，僅占公司總銷售額的 7%，對嗎？

So well, only, -- any volume we lose means less cost absorption. In fact, your question is spot on we expect to keep tracking on a relentless journey of gross margin improvement we said, of course, two years ago. So you see, -- we maintain controlling the control levels and as we said, this large customer continues to be large and super important to us as it is the continued growth in the service channel, overall.

所以，好吧，只是——我們損失的任何數量都意味著更少的成本吸收。事實上，您的問題非常正確，我們希望繼續不懈地提高毛利率，當然，我們兩年前就說過了。所以你看，--我們保持控制控制水平，正如我們所說的，這個大客戶對我們來說仍然很大而且非常重要，因為總體而言，這是服務管道的持續增長。

Got it. Okay, great, thank you.

知道了。好的，太好了，謝謝。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯·甘波特（Max Gumport）。

Hey, thanks for the question. I thought you gave a very helpful update on the category sluggishness that we're seeing right now and it's encouraging to hear you aren't waiting for others and you've got plans in place to get the category moving in the right direction, I also recognize that you regardless are posting differentiated performance versus the category, but can you just expand on how much you think is in your control with regard to improving the category this year and then.

嘿，謝謝你的提問。我認為您對我們目前看到的類別低迷情況的更新非常有幫助，很高興聽到您沒有等待其他人，並且已經制定了計劃讓類別朝著正確的方向發展，我也認識到無論如何你都發布了與類別不同的​​表現，但你能否詳細說明一下你認為在今年和以後改進類別方面你能控制多少。

Also, how much of the pressure right now is simply the lack of ability to bring in new households, and then how much are you seeing in terms of existing households maybe leaving the oat milk category because of some of the headwinds you announced in terms of the misinformation on nutrition. Thanks very much.

此外，目前的壓力有多少僅僅是由於缺乏吸引新家庭的能力，然後，您看到有多少現有家庭可能由於您宣布的營養錯誤訊息方面的一些不利因素而放棄燕麥奶類別。非常感謝。

Thanks, there is a lot in that question where I will try to unpack, Max, but it's super helpful and thank you for appreciating the effort. I would start with a headline which is only did it once and we are decisively, going to, and willing to do it again. In fact, we don't see anything that impairs our ability, to start this second wave of momentum, right? If you allow me to start at the high level approaching your question.

謝謝，這個問題中有很多內容需要我去解答，馬克斯，但這非常有幫助，謝謝你對我的努力的讚賞。我首先要說的是，這件事只做過一次，而我們​​果斷地、將會並且願意再做一次。事實上，我們沒有看到任何因素削弱我們啟動第二波動能的能力，對嗎？如果您允許我從高層次開始解答您的問題。

Any of these paradigm shifts has never been a linear growth trend, right? There are waves of growth that have to do with the adoption by different consumer groups. If you want to stereotype them as millennials and Gen Z, they are different and they respond to different changing contexts, right? When it comes to sustainability tailwinds, less sustainability tailwinds say no more about the context to that. It's dramatically different.

任何這些範式轉變從來都不是線性成長趨勢，對嗎？成長的浪潮與不同消費者群體的採用有關。如果你想把他們定型為千禧世代和 Z 世代，他們是不同的，他們對不同的變化環境做出反應，對嗎？當談到永續發展的順風時，較少的永續發展順風就無法說明其背景。這是截然不同的。

There are two potentially three, elements to your question. The first one is mechanical growth, and I would like to stress the fact that the current performance that you have seen with no tailwinds or very, very light tailwinds will remain. We see opportunities for us to continue to post steady, solid growth by gaining distribution, by increasing penetration with the new portfolio you have seen, which is wide in formats and deep in new concepts, and we are encouraged to see that portfolio.

您的問題可能包含兩個、三個要素。第一個是機械成長，我想強調的事實是，目前所看到的、沒有順風或順風非常非常弱的表現將會維持下去。我們看到了透過獲得分銷、透過增加對您所看到的新產品組合的滲透率來繼續實現穩定、穩健增長的機會，這些新產品組合的形式廣泛、新概念深刻，我們很高興看到這些產品組合。

As well as the addition to the new markets to the mix, the new markets in E&I in Europe and international are starting to gain in critical mass. We started this journey two years ago and we like what we see, right? So the mechanical, -- I wouldn't underestimate the mechanical growth component for starters. And second of that, you would have heard us talking about our significant shift in marketing approach and that is not by changing the model, which is what makes us unique, but it's changing the way in which we allocate resources, in a much more precise manner.

隨著新市場加入，歐洲和國際電氣與儀器儀表領域的新市場也開始獲得臨界規模。我們兩年前就開始了這趟旅程，我們喜歡我們所看到的，對吧？因此，就機械而言——首先，我不會低估機械增長成分。其次，您可能已經聽過我們談論過行銷方法的重大轉變，這並不是透過改變模式（這也是我們的獨特之處），而是以更精確的方式改變我們分配資源的方式。

And that is the intentionality that you see behind on the two examples, and it's just quoting two, -- not random, but two examples with the tea integrated activation in the UK or with the taste experience, example in Germany, and you will of course see more in this direction which are precisely directed to breaking down the number one barrier to penetration of that 70% which is taste.

這就是您在兩個例子背後看到的意圖，這只是引用兩個例子——不是隨機的，而是英國的茶綜合激活或德國的味覺體驗的例子，當然，您會看到更多這方面的例子，它們正是為了打破滲透那 70% 的首要障礙，也就是味覺。

Whenever and wherever you taste plant-based milks before trying the number one barrier to consumption is taste and has always been the case, and it's proven today. And I'm encouraged to see that the first examples that you have seen in Germany are proving our ability to bring new consumers to the category, let alone only. As for the rest, we continue to believe in the power of these brands. I, I'm always amazed.

無論何時何地，在嘗試之前先品嚐植物奶，飲用的最大障礙就是味道，而且一直如此，今天也得到了證實。我很高興地看到，您在德國看到的第一個例子證明了我們有能力為該類別帶來新的消費者，更不用說僅僅如此了。至於其餘部分，我們仍然相信這些品牌的力量。我，我總是感到驚訝。

By the power of this brand, the latest one Max has to do with the, you would have seen the recent announcement of the collaboration with Nespresso all around the world, and we start seeing the, in two weeks, the impact of the ugly pots selling out and being top of the list of the of the Nespresso pots. And that's something that gives me confidence.

憑藉這個品牌的力量，Max 最新推出的這款咖啡機，您會看到它最近在世界各地與 Nespresso 宣布合作，我們開始看到，在兩週內，醜陋的咖啡壺銷售一空，成為 Nespresso 咖啡壺銷量榜首。這給了我信心。

That in a few quarters, we would be able to articulate to you the precision of how are we bringing new households into the franchise and starting to see the early innings of new category penetration, but it's early days. What I would like to say to you is for us internally, we're adding category growths in our list of controllables if that helps.

在接下來的幾個季度裡，我們將能夠向您清楚地說明我們如何將新的家庭帶入特許經營，並開始看到新類別滲透的早期階段，但現在還為時過早。我想告訴您的是，就我們內部而言，如果有幫助的話，我們會在可控列表中添加類別增長。

Yes, very helpful. And then as I look at your plans for '25, it strikes me that much of the EBITDA progress you're targeting is actually, completely unrelated to sales and to category growth, and it's much more related to supply chain improvements that are completely in your own control regardless of where the category goes.

是的，非常有幫助。然後，當我查看你 25 年的計劃時，我發現，你所針對的大部分 EBITDA 進展實際上與銷售和類別增長完全無關，而與供應鏈改進更相關，而無論類別走向何方，這些改進都完全由你自己控制。

So I was hoping you could just give us an update on where you are on that supply chain journey longer term as we think about the continued progress you could make on that front beyond 25. Thanks very much. I'll leave it there.

因此，我希望您能向我們介紹一下您在長期供應鏈旅程中取得的進展，因為我們在考慮 25 年後您在這方面還能取得哪些持續進展。非常感謝。我就把它留在那裡。

Thank you so much, Max, speaking, and thank you for the question. As you've noticed, lever strategic lever number one, to answer your question, is the very significant recalibration of our supply chain. As you have seen, we have taken the decision to discontinue three new factory projects, so previously the US and UK and now in China, as well as the closure of our Singapore plants. This allows us to focus all our execution and expertise power as well as our CapEx, of course, in only 5 existing sites around the world.

非常感謝馬克斯的發言，也感謝您的提問。正如您所注意到的，回答您的問題，第一個策略槓桿就是對我們的供應鏈進行非常重要的重新調整。正如您所看到的，我們已決定停止三個新工廠項目，之前是在美國和英國，現在在中國，同時也決定關閉我們在新加坡的工廠。這使我們能夠將所有執行力、專業能力以及資本支出集中在全球現有的 5 個站點上。

So that's super important. We believe that recalibration will focus and focus drives performance. That's the belief that drives this business. The second strategic lever is our permanent quest for supply chain efficiency and an asset li supply chain. This is what contributes to the gross margin progress that you have seen. We just posted a full year gross margin of 28.7 % which is 9.3% full percentage points higher than just one year ago, and as you very well noted, this represents again.

所以這非常重要。我們相信，重新校準將帶來焦點，而焦點將推動績效。這就是推動我們業務發展的信念。第二個策略槓桿是我們對供應鏈效率和資產鏈供應鏈的永久追求。這就是您所看到的毛利率提高的因素。我們剛剛公佈的全年毛利率為 28.7%，比一年前高出 9.3 個百分點，正如您所說，這再次表明。

The bulk of the 2025 EBITDA because we continue to relentlessly work on additional efficiencies, but we now do that on a much tighter compact fit for purpose network. So that's what you can expect from us.

2025 年 EBITDA 的大部分是因為我們繼續不懈地致力於提高效率，但現在我們在更緊密、更適合用途的網路上進行這項工作。這正是您可以期待我們的。

Great, thanks very much.

太好了，非常感謝。

Ailsa Lawson, JP Morgan.

摩根大通的艾爾莎·勞森 (Ailsa Lawson)。

Hi, it's Ailsa on for Ken. So it does seem like the majority of the year-over-year improvement and adjusted EBITDA for 2025 is expected to be driven by increases in gross profit tied to supply chain productivity. How should we think about the cadence of that improvement as we go throughout the year?

大家好，我是 Ailsa，為 Ken 主持。因此，看起來，2025 年同比增長和調整後 EBITDA 的大部分預計將受到與供應鏈生產力相關的毛利成長的推動。我們該如何看待全年改進的節奏？

I will take it. Thank you for the question. So as we said, adjusted EBITDA you just mentioned it again, will improve as we move forward 2025, driven by the combination of the business continuing to improve, higher brand investment as well early in the year, and Q1 naturally being a lower sales quarter due to the Chinese year.

我會接受它。感謝您的提問。因此，正如我們所說，您剛才再次提到的調整後 EBITDA 將隨著 2025 年的到來而改善，這得益於業務持續改善、年初品牌投資增加以及第一季度由於中國農曆新年而自然成為銷售較低的季度等多種因素。

Now with that said, let me tell you that we have three things that are happening in 2025. First, and how you need to look at the segments of the year. First, the expansion markets continue their growth rate, and we improve the segment growth rate as we move through the year. Second, in the second half of 2024, we increased our promotional activity in Europe, which has impacted our constant currency revenue growth, and we expect that to be less of a headwind as we enter in the second half of 2025.

說了這麼多，讓我來告訴你們 2025 年會發生三件事。首先，您需要如何看待一年中的​​各個部分。首先，擴張市場持續保持成長率，我們在全年中不斷提高細分市場的成長率。其次，在 2024 年下半年，我們增加了在歐洲的促銷活動，這對我們的恆定貨幣收入成長產生了影響，我們預計，進入 2025 年下半年，這種阻力不會那麼大。

The third point is that we expect our new integrated brand activation investment of the first half to drive accelerated growth in the second half. So the way to look at the second one within the year is really driven by these major three things that I just pulled out.

第三點，我們預期上半年新的綜合品牌活化投入將推動下半年加速成長。因此，看待年內第二個問題的方式實際上是由我剛剛提出的這三件主要事情所驅動的。

Great thanks I'll pass it on.

非常感謝，我會傳達的。

Michael Lavery, Piper Sandler.

麥可·拉弗里，派珀·桑德勒。

Thank you. Good morning and good afternoon. Just wanted to come back to the largest customer in the US. I realize it's not unprofitable, but like to your point, it helps cost absorption even if it may be a lower margin than retail. Can you give us a sense of, -- what if any risk to the remaining business there you anticipate it sounds like there's been a couple of times now that they, the footprint that that you represent there has been cut back. What any look ahead of how maybe stable that is going forward or what should we expect there?

謝謝。早安，下午好。只是想回去找美國最大的客戶。我知道這並非無利可圖，但就像你所說，即使利潤率可能低於零售額，它也有助於吸收成本。您能否為我們介紹一下—如果您預計那裡剩餘的業務會面臨什麼風險，聽起來好像已經有幾次了，您在那裡所代表的足跡已經被削減了。您能預見未來的穩定性嗎？

Thank you. Thanks a lot, Michael, good to hear from you, Daniel here. If you allow me, I will, perhaps double clicking a couple of remarks we made, I think to Camilla, at the beginning. So because, that's, it unfortunately falls into one of those questions which is, I cannot give you a full answer to yes or no answer to that, right? However, color and context first. Would like to underline again the exposure we have to this very large and important customer.

謝謝。非常感謝，邁克爾，很高興收到你的來信，我是丹尼爾。如果您允許的話，我可能會雙擊我們在開始時對卡米拉所說的幾條評論。所以因為，不幸的是，它落入了其中一個問題，即我無法給出一個完整的肯定或否定的答案，對嗎？然而，首先要考慮的是顏色和背景。我想再次強調我們對這個非常大且重要的客戶的關注。

In the US today, it is only 20% of the 2024 sales last year's and 7% of the total company, right? That gives you an impression of the size and the decisions that were made and why. However, to go straight to your question and the outlook, when we speak with consumers and baristas across our customer base in food service and in coffee, they consistently tell us that they can tell the difference in quality and in performance in coffee between and all other competitors right?

在今天的美國，它只是去年2024年銷售額的20%，整個公司的7%，對嗎？這可以讓您了解所做的決定的規模和原因。然而，直接回答您的問題和展望，當我們與餐飲服務和咖啡客戶群中的消費者和咖啡師交談時，他們一致告訴我們，他們可以分辨出咖啡與所有其他競爭對手在品質和性能上的差異，對嗎？

And I would like to pause there because that's already gives you a view about what's what can happen in the US market. It gives me confidence and gives us confidence that we will continue to aggressively pursue the customers, drive incremental distribution and increase penetration. And as you can see, we keep tracking on growth outside this large customer. You see, in the recent quarter, we saw 52% of growth in, outside this customer.

我想在這裡停頓一下，因為這已經讓你了解了美國市場可能發生的情況。它給了我信心，也給了我們有信心繼續積極爭取客戶，推動增量分銷和提高滲透率。正如您所看到的，我們一直在追蹤這個大客戶之外的成長。您知道，在最近一個季度，我們在該客戶以外的業務實現了 52% 的成長。

So the exposure continues to reduce, and that is exactly what we're doing. So we will continue to control the control levels, continue to drive this, good relationship with this large and impostor customer, and driving the business moving forward.

因此曝光度不斷降低，這正是我們正在做的事情。因此，我們將繼續控制控制水平，繼續推動與這個大型冒名頂替客戶保持良好關係，並推動業務向前發展。

Okay, yeah, that's helpful color to add. And then just on Asia with your decision to discontinue the second China plant, you said that the, Manchan can support, the current business and growth had your expectations for the market opportunity there changed.

好的，是的，添加顏色很有幫助。然後談到亞洲，您決定停止在中國的第二家工廠，您說，Manchan 可以支持當前的業務和成長，您對那裡的市場機會的預期發生了變化。

How much is there may be an influence of the current macro environment in China versus a longer-term view, maybe just help us understand, what if anything changed in your outlook for demand and how that change, -- how that impacted this decision.

從長期來看，中國當前的宏觀環境可能產生多大影響？

Thank you so much, Michael, JC here. I'll take it. First of all, let me confirm that OT business in Greater China is showing the development trends at the moment. We have reported profitable growth in this market since Q3 of '24 and we see that as a direct result of the strategy that our China team has executed with excellence. I could also comment on the fact that our relationships with our key customers and partners there are stable and we see them as being highly productive.

非常感謝，Michael，我是 JC。我要買它。首先，我想確認一下大中華區的OT業務目前正在呈現的發展趨勢。自2024年第三季以來，我們報告稱該市場實現了獲利成長，我們認為這是我們中國團隊出色執行策略的直接結果。我還可以評論說，我們與那裡的主要客戶和合作夥伴的關係很穩定，而且我們認為他們富有成效。

So overall, what do we see in China on the food service side, which is the majority of our business in China, we really see permitting systemic momentum across all our important customer base. It's a very, vivid vibrant environment there, and we have great, relationship with the keys there.

因此總體而言，我們在中國的食品服務方面（這是我們在中國的主要業務）看到的情況是，我們確實看到所有重要客戶群都獲得了系統性發展勢頭。那裡的環境非常生動、充滿活力，我們與那裡的鑰匙關係也很好。

Beyond this, as you heard, we are excited to announce that we will be entering the club chat in 2025, and this Chinese retail channel is extremely large, and we are very excited to partner with these great stores to start capturing the opportunity in a way and more actively diversify our footprint. So overall what you hear from us is we continue to see a lot of opportunities in China.

除此之外，正如您所聽到的，我們很高興地宣布，我們將在 2025 年進入俱樂部聊天室，這個中國零售渠道非常龐大，我們非常高興能與這些優秀的商店合作，以某種方式開始抓住機遇，更積極地拓展我們的足跡。所以總的來說，您從我們這裡聽到的是，我們繼續在中國看到很多機會。

Okay, that's great. Thank you very much.

好的，太好了。非常感謝。

John Baumgartner, with Mizuho.

瑞穗公司的約翰‧鮑姆加特納 (John Baumgartner)。

Good morning, thanks for the question. Maybe first off, it's nice to see the guidance for positive EBITDA in 2025 and that milestone, and I'm curious if you could walk through that in a bit more detail. This past year there was some flexibility in the model where you invested at a healthy level for trade and support to coincide with increased distribution.

早安，感謝您的提問。首先，很高興看到 2025 年 EBITDA 實現正成長以及這一里程碑，我很好奇您是否可以更詳細地介紹一下這一點。去年，該模型具有一定的靈活性，您可以在健康的水平上投資貿易和支持，以配合分銷的增加。

And I see you've incorporated some year-on-year drag in 2025 from larger brand building as well, but I'm curious, given the plans to build more distribution again this year, the comments you've made around challenge the household penetration, what's your confidence you've adequately built in enough reinvestment into the guide, whether for marketing, for trade, for pricing? I'm just curious as to your confidence level and at least the low end of EBITDA guidance for this year.

而且我看到您也考慮到了 2025 年更大的品牌建設帶來的一些同比拖累，但我很好奇，考慮到今年再次建立更多分銷渠道的計劃，以及您對家庭滲透率挑戰的評論，您對在指南中建立足夠的再投資（無論是用於營銷、貿易還是定價）有什麼信心？我只是好奇您的信心水平以及至少今年的 EBITDA 指引的低端。

Thank you so much, John, Jean-Christop here. I'll start and I'll probably get the compliment from my friend Daniel, here to answer your question. So thank you for noticing achieving profitable goals, as it is, has been and will remain being our nonstop.

非常感謝，約翰，我是讓‧克里斯托普。首先我來回答一下，我的朋友丹尼爾可能會對我表示讚賞，他會回答你的問題。所以感謝您注意到我們實現盈利目標，因為它是、一直是並將繼續是我們不懈的努力。

And I have to say it's a very important moment today for our teams, for ourselves, marking the moment to guide in 2025, a kind of a new era, which is the first full year of profitable goals as a public company. It's an important moment for us. And we are pleased with the significant structural progresses we have made so far, mainly the gross margin increase and the SG&A recalibration that we highlighted, and you spotted it very well.

我必須說，今天對我們的團隊、對我們自己來說都是一個非常重要的時刻，標誌著我們邁向 2025 年的一個新時代，這也是我們作為上市公司實現盈利目標的第一個完整年份。對我們來說這是一個重要的時刻。我們對迄今為止的重大結構性進展感到滿意，主要是我們強調的毛利率增加和銷售、一般及行政費用重新調整，您發現得非常好。

These two levers have significantly changed the shape of this business over the past two years, and because we continue and will continue to work on them, they will continue to explain the vast majority of our EBITDA improvements between '24 and the '25 guidance. Attached to that what we will remain extremely disciplined on is both the cost and the capital. So what we have applied so far is a very strong turn mindset, and we are turning it into an ongoing efficiency obsession mindset.

這兩個槓桿在過去兩年中顯著改變了我們業務的形態，而且由於我們將繼續致力於這兩個槓桿，它們將繼續解釋我們在24年和25年指引之間的絕大部分EBITDA改進。除此之外，我們還將對成本和資本保持極為嚴格的控制。所以，到目前為止，我們應用的是一種非常強烈的轉變思維，我們正在將其轉變為一種持續的效率痴迷思維。

And with this mindset, and this is exactly this mindset that will drive us to make deliberate margin focused decisions when it comes to new channels, new customers, new markets, and new products. So that's the way overall. I wanted to start there by saying what will fuel and drive. The vast majority of the EBITDA improvements and what's the mindset which we make these decisions now over to Daniel, to give more.

正是有了這種心態，當涉及新通路、新客戶、新市場和新產品時，這種心態將推動我們做出以利潤為重點的深思熟慮的決策。整體來說就是這樣。首先我想說一下燃料和動力。絕大多數 EBITDA 改進以及我們做出這些決定的心態現在都交給了丹尼爾，以提供更多。

That's a great question, John. As you can imagine, we have been all hands-on deck for a while reassessing our choices here. So long story short, it's not about allocating more, investments, into the brand, it's about the how are we allocating, investment into the brand to drive and bringing out these barriers of further co conversion, right? So in one hand, your question was about the confidence levels.

這是一個很好的問題，約翰。你可以想像，我們已經全力投入工作一段時間，重新評估我們的選擇。長話短說，問題不在於向品牌分配更多投資，而是我們如何分配對品牌的投資，以推動和消除進一步共同轉化的障礙，對嗎？一方面，你的問題是關於信心程度的。

I believe that our plants are fully resourced when it comes to the confidence levels to deliver what we are guiding for today, not more, and all the efficiencies that JC was referring to are blended into the resource we are allocating. And I would like to mention again what I was referring to a couple of remarks ago, which is what do we mean by this, the how, right?

我相信，我們的工廠擁有充足的資源，能夠有信心實現我們今天的指導目標，而不會更多，而且 JC 提到的所有效率都融入了我們分配的資源中。我想再次提一下我之前幾次評論中提到的內容，那就是我們這樣說的意思是什麼，怎麼做，對嗎？

And where this new marketing approach is simply being more precise and more intentional in how we articulate the brand activities against this new category context, which is focused on barriers to penetration. And we're deploying that in a much more integrated manner. Well, early days, we're very encouraged with the results.

這種新的行銷方式在我們針對這個新的類別背景表達品牌活動時更加精確、更有目的性，並著重於滲透障礙。我們正在以更加一體化的方式部署它。嗯，早期階段，我們對結果感到非常鼓舞。

So precise resource allocation while protecting the brands and the uniqueness of the model of this brand and the teams behind, which is what sets us apart. This may sound like a bit parochial and not very different to us, just as or as a poly is a paradigm shift, which is protecting the brand model and being super precise in how we allocate resources.

因此，在精確分配資源的同時，保護品牌以及品牌模式和背後團隊的獨特性，這就是我們的與眾不同之處。這聽起來可能有點狹隘，對我們來說也沒什麼不同，就像多元是一種範式轉變，它保護品牌模型，並且在資源分配方面做到超精確。

Okay, thanks for that. It's helpful. And then, coming back to Kamuil's question on margins just to focus more on the OpEx line. You made quite a bit of progress the last few years reducing expenses, and you've got another, benefit, coming through in 2025 guidance, but bigger picture, how do we think about incremental OpEx reductions from here? Are there more reductions to be had following what you achieve in 2025, or at this point are the incremental gains just more about leveraging the existing base from volume growth?

好的，謝謝。這很有幫助。然後，回到 Kamuil 關於利潤率的問題，只是更專注於營運支出線。過去幾年，你們在削減開支方面取得了很大進展，而且在 2025 年的指引中還獲得了另一項好處，但從更大的角度來看，我們如何看待從現在開始逐步削減營運支出？在實現 2025 年的目標之後，是否還會有更多的減排措施，或者目前的增量收益是否只是利用現有產量成長的基礎？

Thank you so much for the follow up, John. We will always be looking for efficiency. In other words, we don't think we are done. We will continue and what we are, what I was explaining is what has served us well as a turnaround mindset is now. A culture of efficiency, obsession, a mindset that will be ongoing, and we keep that with us. So we will be turning these mindsets into continued improvements both on the supply chain and on the SG&A.

非常感謝你的跟進，約翰。我們將始終追求效率。換句話說，我們認為我們還沒有完成。我們將繼續做我們現在所做的，我正在解釋的是，什麼讓我們現在的轉變思維變得非常有效。一種高效率的文化，一種執著的心態，將會持續下去，我們會一直保持這種心態。因此，我們將把這些思維轉化為供應鏈和銷售、一般及行政費用（SG&A）的持續改善。

You heard also MJ in the remarks says we are actively working on SG&A further reduction as we speak in the beginning of 2025, and they are being brought to life. One perhaps one or two additional points because that's a very important topic. When you benchmark your peers, it's important to keep in mind that our total SG&A includes both advertising as well as distribution costs, and we know it's not the case for every company, so sometimes it can impact the comparison with some others.

您還聽到 MJ 在演講中說，我們正在積極努力，在 2025 年初進一步降低銷售、一般和行政費用 (SG&A)，並且這些目標正在付諸實踐。也許還有一兩點要補充，因為這是一個非常重要的主題。當您與同行進行對標時，請務必記住，我們的總銷售、一般及行政開支包括廣告費用和分銷費用，我們知道並非每家公司都是如此，因此有時它會影響與其他公司的比較。

Finally, some of our SG&A reflects strategic profitable goals, choices as explained by Daniel, like investments in new markets to create category and simulate goals. So as we continue to work to grow our cells, here's what you can expect. We continue to work actively on SD&A improvements.

最後，我們的部分銷售、一般及行政費用反映了策略性獲利目標，正如丹尼爾所解釋的選擇，例如投資新市場以創造類別和模擬目標。因此，隨著我們繼續努力培育細胞，您可以期待以下結果。我們將繼續積極致力於 SD&A 改善。

There is a part of almost cells related portion of DNA that will continue to go alongside our volume goals but not stronger than that. But at the same time, of course, beyond our continued improvement work, we expect to see leverage on the fixed portion of SG&A. So never done, we all need and we know this is what is needed to fuel the goals.

幾乎與細胞相關的 DNA 部分有一部分將繼續與我們的體積目標同步發展，但不會比這更強。但同時，當然，除了我們持續的改善工作之外，我們還希望看到銷售、一般和行政費用固定部分的槓桿作用。所以永不言敗，我們都需要，而且我們知道這是實現目標所需要的。

And maybe the last one for me real quick, you highlight the degree of incrementality for new consumers into the plant-based beverages category in the UK. And I'm curious, tying back to some of the softness in consumption growth. What's your opportunity if you look more at capturing existing plant-based beverage buyers who already have overcome the hurdles of maybe, taste concerns and nutritional misinformation.

對我來說也許這是最後一個問題，您重點強調了英國植物性飲料類別新消費者的增量程度。我很好奇，這與消費成長的一些疲軟現像有關。如果您更專注於吸引那些已經克服了口味問題和營養錯誤訊息等障礙的現有植物飲料買家，那麼您的機會是什麼？

You're looking back in the US evolution where almond came into the category about 10 years ago and quite a bit of share from soy milk. Thinking about, oh, the ability to take share from soy or almonds from better functionality, whether it's in creamers, ingredients, recipes. How do you think about the ability to maximize that, taking share of the existing plant-based beverage consumer base, in addition to just getting more households in incrementality.

回顧美國的發展歷程，大約 10 年前杏仁就進入了這個類別，豆奶佔據了相當大的份額。想想看，哦，能夠透過更好的功能從大豆或杏仁中奪取份額，無論是在奶精、配料還是食譜中。您如何看待能夠最大限度地實現這一目標，除了逐步吸引更多家庭之外，還能佔據現有植物性飲料消費群體的份額。

Very good. Thanks, John Daniel, again, I will take that. Listen you'll see one of those charts where we talk about the portfolio and that's exactly, I would tackle your question twofold, right? The North star, our north star is to continue to convert and make this category bigger. Right, that is, that is not just because we're mission led, but that's the most part for us and I will want to do it again.

非常好。謝謝您，約翰·丹尼爾，我再次接受您的請求。聽著，你會看到我們討論投資組合的圖表之一，這正是我會從兩個方面來解決你的問題，對嗎？北極星，我們的北極星是繼續轉換並使這個類別變得更大。是的，這不僅是因為我們以使命為主導，而且這對我們來說是最重要的，我希望再次這樣做。

As we do that, what you have seen us doing for the last couple of years, well, how we are steadily gaining market share, which by definition, we are taking share not only not only by other oatmeal competitors but also by the other crops. If you look at the other crops development in both the US and in Europe, you will see that they are all in decline. And that is happening already as we continue to pursue our mission and to pursue conversion.

當我們這樣做的時候，正如您在過去幾年中所看到的，我們正在穩步獲得市場份額，根據定義，我們不僅在搶佔其他燕麥競爭對手的市場份額，也在搶佔其他作物的市場份額。如果你觀察一下美國和歐洲其他作物的發展情況，你會發現它們都在衰退。隨著我們繼續履行我們的使命和追求轉變，這一切已經發生了。

That if you go back to that chart, John, that talks about portfolio with the barista, all things coffee portfolio you could dissect that portfolio in two, which that's precisely what you're doing. We're going wide in formats by being ubiquitous in different channels, occasions, moments of consumption and price points. That's exactly what we're doing.

約翰，如果你回到那張圖表，它討論了咖啡師的投資組合，所有與咖啡相關的投資組合，你可以將該投資組合一分為二，這正是你正在做的事情。我們的形態越來越廣泛，滲透到不同的通路、場合、消費時刻和價位。這正是我們正在做的事情。

-- We're taking share and taking space from all different competitors outside plant-based milks but within plant-based milks. And if you were looking at the different concepts, in that portfolio, like for instance, the organic barista or the lighter taste barista, that is also not just attracting new consumers into the category, but taking share from the plant-based meals as well. So you see, I don't want to give you a half-hearted answer which is we do both.

——我們正在從植物奶領域以外的所有不同競爭對手那裡搶佔市場份額和空間。如果你看看該產品組合中的不同概念，例如有機咖啡師或清淡口味的咖啡師，這不僅會吸引新消費者進入該類別，還會從植物性膳食中奪取份額。所以你看，我不想給你一個半心半意的答案，那就是我們兩個都做。

Because you know that strategy is about choices, so doing both doesn't work. We go for conversion, and we have proven to ourselves and to you guys that for the last 2 years by taking share on other crops and other competitors, we do that in the making.

因為你知道策略是關乎選擇，所以同時做這兩件事是行不通的。我們致力於轉型，並且在過去兩年裡，透過佔領其他作物和其他競爭對手的市場份額，我們已經向我們自己和你們證明了這一點，我們正在實現這一目標。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想將會議交還給 Brian Kearney，請他作最後發言。

Great, thanks a lot, everyone for joining us. Feel free to reach out to me if you have any follow-up questions. Everybody have a great day.

太好了，非常感謝大家的加入我們。如果您有任何後續問題，請隨時與我聯絡。祝大家有個愉快的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。