Oatly Group AB (publ) (OTLY) 2025 Q3 法說會逐字稿

Good day and welcome to the Oatly third quarter 2025 conference call. (Operator Instructions). I would now like to turn the conference over to Brian Kearney. Please go ahead.

大家好，歡迎參加 Oatly 2025 年第三季電話會議。（操作說明）現在我將把會議交給布萊恩·卡尼主持。請繼續。

Good morning. 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-José David.

早安.感謝您今天收看我們的節目。在今天的電話會議上，我們的執行長 Jean-Christophe Flatin、全球總裁兼營運長 Daniel Ordonez 和財務長 Marie-José David 出席了會議。

Please review the cautionary statement regarding forward-looking statements and other disclaimers on slide three, which are integrated into this presentation and includes the Q&A that follows. Please also 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.

請查閱幻燈片三上的關於前瞻性陳述和其他免責聲明的警示性聲明，這些聲明已整合到本次簡報中，並包括隨後的問答環節。另請參閱我們向美國證券交易委員會提交的文件，其中詳細討論了可能導致實際結果與今天所作任何前瞻性聲明中明示或暗示的結果存在重大差異的風險。

Also on today's call, management will refer to certain non-IFRS financial measures including adjusted EBITDA, constant currency revenue, and free cash flow. 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, Oatley has posted a supplemental presentation on its website for reference. I'd now like to turn the call over to Jean-Christophe.

在今天的電話會議上，管理階層也將提及一些非國際財務報告準則財務指標，包括調整後的 EBITDA、固定匯率收入和自由現金流。請參閱今天發布的公告，以了解非 IFRS 財務指標與依照 IFRS 編製的最可比較指標的調節情況。此外，Oatley 還在其網站上發布了補充演示文稿，供參考。現在我想把電話交給讓-克里斯托夫。

Thank you, Brian, and good morning, everyone. Slide four are the key messages I want you to take away. First, I am proud to report that for the first time since our IPO we drove profitable goals in the quarter with solid constant currency revenue goals and positive adjusted EBITDA.

謝謝你，布萊恩，大家早安。第四張投影片是我希望你們記住的關鍵訊息。首先，我很自豪地宣布，自公司上市以來，我們首次在本季度實現了盈利目標，實現了穩健的固定匯率收入目標和正的調整後 EBITDA。

Second, we are seeing clear signs that our refreshed old playbook is working, and we are driving positive category momentum in every market where we have fully deployed it. And finally, we are reaffirming our 2025 guidance.

其次，我們看到了明顯的跡象，表明我們更新後的舊策略正在奏效，並且在我們全面部署該策略的每個市場中，我們都推動了積極的品類發展勢頭。最後，我們重申2025年的業績指引。

Turning to slide five. This quarter marks an important milestone for Oakley as we achieved our first quarter of profitable goals. Achieving profitability reflects the disciplined strategic actions we have taken over the past three years to strengthen the foundation of our business.

翻到第五張幻燈片。本季對 Oakley 而言是一個重要的里程碑，因為我們實現了第一個獲利季度目標。實現獲利反映了我們過去三年為加強業務基礎所採取的嚴謹策略行動。

Since Daniel and I joined the company in mid 2022, our sales have increased by over 20%, and both our COGS per liter and total is G&A each have been reduced by over 25%. These results are the outcome of a company-wide effort to operate smarter, serve customers better, and position the company for sustained success as we execute our company's mission.

自 Daniel 和我於 2022 年中加入公司以來，我們的銷售額成長了 20% 以上，每公升的銷售成本和總管理費用都減少了 25% 以上。這些成果是公司上下齊心協力，以更聰明的方式運營，更好地服務客戶，並為公司在執行公司使命的過程中取得持續成功而共同努力的結果。

A tournament like this is not the making of just a few people. It has taken everyone throughout the company to deliver the results. And I therefore want to thank our entire team for their trust, dedication and effort. To be clear, profitability is not our finish line. It's a marker of progress, a crucial credibility milestone, and even more important, a ramp up for future profitable goals.

像這樣的賽事並非少數人就能辦成的。這是公司全體員工共同努力的成果。因此，我要感謝我們整個團隊的信任、奉獻和努力。需要明確的是，獲利並不是我們的最終目標。這是一個進步的標誌，一個重要的信譽里程碑，更重要的是，它為未來實現獲利目標奠定了基礎。

On my first earnings score at this company's CEO, I spoke to the importance of balancing performance and purpose. I believe achieving profitable goals is validation that we can achieve our dual mandate of driving both purpose and performance.

當我第一次向這家公司的執行長報告業績時，我談到了平衡績效和目標的重要性。我認為，實現獲利目標能夠證明我們能夠實現既追求目標又追求業績的雙重使命。

We see further potential ahead, and we are confident that the steps we have taken have set us on a path for durable, scalable, and profitable goals. This quarter's performance is a proof point of what this team can accomplish, and this is only the beginning of what's possible.

我們看到了未來更大的潛力，我們有信心，我們採取的措施已經使我們走上了實現持久、可擴展和獲利目標的道路。本季的表現證明了這支球隊所能取得的成就，而這只是無限可能的開始。

Turning to slide six. Here you can see the results of the deliberate and disciplined execution of our refreshed gals playbook. Put simply, our refreshed gals playbook is working. Our European and international segments started to roll out this playbook last year, and it grew revenue by over 12% in the third quarter.

翻到第六張幻燈片。在這裡，你可以看到我們精心策劃、有條不紊地執行更新後的女性行動計畫所取得的成果。簡而言之，我們更新後的女性發展策略正在發揮作用。我們的歐洲和國際業務部門從去年開始推行這項策略，第三季營收成長超過 12%。

And the North American segments are started to see early progress, especially in the food service channel, which is where execution of these playbooks begins. Daniel will go deeper on the topic, but we are pleased with the progress we are seeing so far, and we are doubling down on the execution of our strategy.

北美市場已經開始看到初步進展，尤其是在餐飲服務管道，這些策略手冊正是從這裡開始實施的。丹尼爾將就此主題進行更深入的探討，但我們對目前的進展感到滿意，並將加倍努力執行我們的策略。

On slide seven, we are reaffirming our 2025 guidance, and we remain on track to deliver our first full year of profitable goals. We continue to expect constant currency revenue growth of approximately flat to one person.

在第七張幻燈片中，我們重申了我們對 2025 年的業績預期，並且我們仍然有望實現我們第一個全年盈利目標。我們仍然預期以固定匯率計算的收入成長將與先前持平，或與個人收入持平。

Adjusted EBITDA in the range of $5 million to $15 million and CapEx of approximately $20 million. We will continue to deploy your playbook while maintaining strong cost discipline. We believe this is a winning recipe for our company, and we believe we remain on the right path.

調整後 EBITDA 在 500 萬美元至 1,500 萬美元之間，資本支出約 2,000 萬美元。我們將繼續執行您的方案，同時保持嚴格的成本控制。我們相信這是我們公司成功的秘訣，我們也相信我們仍然走在正確的道路上。

Finally, slide eight gives an update on our Greater China segment and the ongoing strategic review. Our Greater China business and our greater China team continue to perform well and need those strong profitable goals in the quarter. The strategic review is ongoing, and we continue to evaluate a range of options including a potential carve out with the goal of accelerating goals and maximizing the value of this business.

最後，第八張投影片介紹了我們的大中華區業務以及正在進行的策略評估的最新情況。我們在大中華區的業務和團隊繼續表現良好，需要在本季實現強勁的獲利目標。策略審查仍在進行中，我們將繼續評估一系列方案，包括潛在的業務剝離，以期加快目標的實現並最大限度地提高該業務的價值。

We continue to believe in the future potential of this business. As we mentioned last quarter, we continue to operate in the region, including our [Mansion facility], and we remain committed to our customers, our consumers, and our employees while maintaining the safety and continuity of our operations. We will update the markets on our progress as if necessary and appropriate. Daniel, over to you.

我們依然相信這家企業的未來潛力。正如我們上個季度所提到的，我們將繼續在該地區開展業務，包括我們的[Mansion工廠]，我們將繼續致力於服務我們的客戶、消費者和員工，同時保持我們營運的安全性和連續性。我們會根據實際情況和時機，及時向市場通報我們的進展。丹尼爾，該你了。

Thank you, JC. Good morning, everyone. Slide 10 shows how the European and international segment has performed. Revenue grew 12% in the quarter, driven by strong 8% volume growth. This growth is a direct result of the rollout of the refreshed growth playbook.

謝謝你，JC。各位早安。第 10 張幻燈片展示了歐洲和國際市場的表現。本季營收成長 12%，主要得益於銷售強勁成長 8%。這一成長是推行全新成長策略的直接結果。

As we're driving the top-line, we're also expanding margins. The segment delivered another quarter of strong profitability with an EBITDA margin of 18%, which is 700 basis points higher than last year's third quarter.

在提升營收的同時，我們也在擴大利潤率。該業務板塊又一個季度實現了強勁的獲利能力，EBITDA 利潤率為 18%，比去年第三季高出 700 個基點。

I am enormously thankful to this team who are really hitting its stride. As we move forward, we expect this segment to drive profit growth primarily through generating incremental consumer demand as we continue to execute against our growth playbook.

我非常感謝這支正在步入正軌的團隊。展望未來，我們預計該業務板塊將主要透過創造增量消費者需求來推動利潤成長，同時我們將繼續執行我們的成長策略。

Slide 11 shows why we believe we're on the right track with our new growth strategy. Recall that the pillars of our playbook are to drive relevance, to attack barriers to conversion, and to increase availability. To do so, we're partnering with our customers to make their menus and shelves much more relevant for the taste and flavor obsessed Gen Z generation.

第 11 張投影片展示了我們為什麼相信我們的新成長策略是正確的。請記住，我們策略的核心是提高相關性、消除轉換障礙和增加可用性。為此，我們正在與客戶合作，使他們的菜單和貨架更符合痴迷於口味和風味的 Z 世代的需求。

We start with our iconic barista market developers to renovate food service menus to be ahead of the trends curve with drinks that use oddly as a default experience canvas, not just as cow's milk substitute any longer. As these rings generate vast awareness, consumer engagement, and trial, a growth naturally shows up first in the full-service channel with retail following.

我們首先與標誌性的咖啡師市場開發人員合作，對餐飲服務菜單進行改造，使其走在潮流前沿，將飲品以一種奇特的方式作為默認體驗載體，而不再僅僅作為牛奶的替代品。由於這些戒指能夠引起廣泛的關注、消費者參與和試用，因此成長自然首先體現在擁有零售通路的全方位服務管道中。

Here you can see that exact dynamic occurring in our ENI segments. Food service growth started to accelerate as we rolled out the playbook late last year, driving 28% year on year growth in quarter three. The retail business has started to accelerate, moving from 4% growth in the last few quarters to 11% growth in quarter three.

在這裡，您可以看到這種動態在我們ENI業務板塊中發生的現象。隨著我們去年底推出該策略，餐飲服務業的成長開始加速，第三季年增 28%。零售業開始加速成長，從過去幾季的 4% 成長到第三季的 11%。

On slide 12, you see this dynamic playing out in a specific market. The takeaway of this slides is that Germany is our success story, and an example of how this strategy can and will drive repeatable consistent results. We rolled out this strategy in Germany late last year with relevant messaging that directly attacks the primary barrier to conversion taste.

在第 12 張投影片中，您可以看到這種動態在一個特定市場中的表現。這些投影片的重點是，德國是我們的成功案例，也是這項策略如何能夠並且將會帶來可重複的、持續的成果的例證。去年底，我們在德國推出了這項策略，透過相關的宣傳訊息直接攻克了影響口味轉換率的主要障礙。

We then launched a Lookbook to inspire food service customers to renovate their menus with much more interesting and Gen Z friendly offerings. These actions have driven food service growth over 45% for five straight quarters.

然後，我們推出了一本產品圖冊，旨在啟發餐飲服務客戶更新他們的菜單，提供更多有趣且符合 Z 世代口味的菜餚。這些措施已連續五個季度推動餐飲服務業成長超過 45%。

As consumers engage with our products in the food service channel, they naturally look for our products in retail. So that outstanding food service growth has led to strong growth in retail, accelerating over 14% year on year growth in the last 12 weeks.

當消費者在餐飲服務通路接觸到我們的產品後，他們自然會在零售通路尋找我們的產品。因此，餐飲業的強勁成長帶動了零售業的強勁成長，在過去 12 週內年增超過 14%。

This strong performance has driven 70 basis points increase in our retail market share of the plant-based milk market, and 280 basis points increased in the oat milk market when compared to full year 2024. And it's not just Germany, slide 13 shows that we are seeing similar trends across our largest European markets like UK and Sweden.

與 2024 年全年相比，這一強勁的業績推動我們在植物奶市場的零售市場份額增長了 70 個基點，在燕麥奶市場的零售市場份額增長了 280 個基點。而且不只是德國，第 13 張投影片顯示，我們在英國和瑞典等最大的歐洲市場也看到了類似的趨勢。

Retail sales growth in these markets was about 4% in the last 12 weeks and have accelerated those growth rates in the last four weeks. In the UK, we have gained 70 basis points of plant-based market shares since 2024, and in Sweden, we have gained 40 basis points. In a nutshell, we see that our experience and taste-driven strategy hits the bull side of what young and not so young generations are expecting.

過去 12 週，這些市場的零售額成長約為 4%，並且在過去 4 週，成長速度加快。自 2024 年以來，我們在英國的植物基市佔率增加了 70 個基點，在瑞典增加了 40 個基點。簡而言之，我們發現，我們以體驗和口味為導向的策略恰好迎合了年輕一代和不太年輕的一代的期望。

Oatly is creating relevance and generating category demand again. We see this strategy working not only in the big established markets but also in our expansion markets where we grew nearly 50% year on year in quarter three as we continue to create the category.

Oatly正在重新創造相關性並帶動品類需求。我們看到這項策略不僅在成熟的大市場中奏效，而且在我們正在擴張的市場中也奏效，第三季度我們在這些市場實現了近 50% 的同比增長，我們繼續引領著品類發展。

When Oatly enters a new market, we consistently see that it goes all oats. We believe these markets have a long runway for growth, and we're excited to continue bringing the ugly magic to more people in more places around the world.

Oatly 進入一個新市場時，我們總是看到它全力以赴。我們相信這些市場還有很長的成長之路，我們很高興能繼續把這種醜陋的魔力帶給世界各地更多的人。

We are convinced that making our customer menus and shelves more relevant by sharing the future trends from around the world is no doubt the way to continue to drive excitement and create the next wave of all drinks category momentum. While each market will have its unique execution and timeline, we're confident that there is still more runway for expansion everywhere. That is why we're taking this strategy to the next stage.

我們堅信，透過分享來自世界各地的未來趨勢，使我們的客戶菜單和貨架更具相關性，無疑是繼續激發消費者熱情並創造下一波所有飲料品類發展勢頭的途徑。雖然每個市場的執行方式和時間表都會有所不同，但我們相信，在任何地方都還有進一步擴張的空間。這就是我們要將這項戰略推進到下一階段的原因。

Slide 15 shows the latest step in capitalizing on the Gen Z-driven flavor bonanza that is going on across the globe. We have seen an explosion in popularity in matcha-based drinks, and so we fast tracked the launch of the [Ovita on matcha], an incredible product at the center of taste and flavor paradigm, tailored made for Gen Z to shake, open, and pour.

第 15 張幻燈片展示了利用 Z 世代在全球範圍內掀起的口味熱潮的最新舉措。我們看到抹茶飲料的受歡迎程度呈爆炸式增長，因此我們加快了 [Ovita on matcha] 的上市速度，這是一款令人難以置信的產品，處於口味和風味範式的中心，專為 Z 世代量身定制，只需搖晃、打開和傾倒即可享用。

We then execute our unique food service led and experience-based model. As always, we are at our best when we drive culturally relevant experiences like in music festivals, engaging with content creators, or meeting with customers.

然後，我們實施我們獨特的以餐飲服務為主導、以體驗為基礎的模式。一如既往，我們在打造與文化相關的體驗時，例如在音樂節上、與內容創作者互動或與客戶會面時，都能發揮出最佳水平。

The engagement has been exceptional. Then to enable consumers to enjoy our products at home, we executed the third pillar of our playbook, which is to increase availability. On slide 16, you can see several of our in-store executions.

這次互動非常精彩。然後，為了讓消費者在家中也能享受我們的產品，我們執行了策略手冊的第三個支柱，即增加產品的供應量。在第 16 張投影片中，您可以看到我們的一些店內執行案例。

These products, not only matcha, but the popcorn version we presented last quarter, have been performing very well and are driving truly incremental volume by bringing new young consumers into the category and expanding the consumption of the existing consumer base.

這些產品，不僅是抹茶，還有我們上個季度推出的爆米花版本，都表現得非常好，並透過吸引新的年輕消費者進入該品類和擴大現有消費者群的消費，真正推動了銷量的增長。

Across Europe, we're seeing examples of these new products quickly becoming the fastest turning in the category and with excellent repeat rates. Importantly, these new products are accretive to our sales mix and gross margin, which is very encouraging indeed as a business model.

在歐洲各地，我們看到這些新產品迅速成為同類產品中周轉速度最快的，且復購率非常高。重要的是，這些新產品提升了我們的銷售組合和毛利率，這對商業模式確實非常令人鼓舞。

But we're not stopping there. Slide 17 shows what we're working on. We recently launched our first Future of Taste report where we interviewed hundreds of baristas and drinks experts from all around the world to identify the key trends that we expect to drive menus going forward. Again, we do not just follow trends, but through to our DNA, we aim at creating them.

但我們不會就此止步。第 17 張投影片展示了我們正在進行的工作。我們最近發布了第一份《未來口味報告》，採訪了來自世界各地的數百名咖啡師和飲品專家，以確定我們預計將推動未來菜單發展的關鍵趨勢。我們不僅追隨潮流，而且從基因裡帶著創造潮流的意圖。

I encourage you all to read it, but if you don't have the time, you should know that we have used those insights to inform our latest Lookbook, which we recently launched in Berlin at the global event where we invited customers, media, and opinion leaders from around the world.

我鼓勵大家閱讀，但如果您沒有時間，您應該知道，我們已經利用這些見解來指導我們最新的產品圖冊，該圖冊最近在柏林舉行的全球活動上發布，我們邀請了來自世界各地的客戶、媒體和意見領袖參加。

Our prior Lookbook was a big success and helped us drive incremental demands with provocative drinks and unexpected recipes that totally changed the way in which consumers view oat milk. It is no longer just an alternative to cow's dairy, but an exciting canvas to experience drink in the broader and more exciting beverage space that is way bigger than only coffee.

我們先前的宣傳冊取得了巨大的成功，透過一些挑釁性的飲品和出人意料的食譜，幫助我們推動了需求的成長，徹底改變了消費者對燕麥奶的看法。它不再只是牛奶的替代品，而是一個令人興奮的平台，讓人們可以在比咖啡更廣闊、更令人興奮的飲料領域中體驗飲品。

Third to North America on flight 18. We continue to face the discrete headwinds that we have discussed in the past, including a large customer sourcing change and the frozen SKU rationalization. Importantly though, we made underlying progress, excluding the impacts of those headwinds. The segment has grown revenue by 5% in the quarter and by 4% year-to-date.

第三位搭乘18號班機飛往北美的乘客。我們繼續面臨過去討論過的各種不利因素，包括客戶來源的重大變化和凍結的 SKU 合理化。但重要的是，撇開這些不利因素的影響不談，我們取得了根本性的進展。該業務類股本季營收成長 5%，今年迄今成長 4%。

We believe these growth rates are a better representation of how the underlying business is actually performing. We have clearly reduced our dependence on our largest food service customer as they represented just 10% of the segment's revenue in the quarter compared to nearly 30% three years ago.

我們認為這些成長率更能反映公司實際的業務表現。我們顯然已經減少了對最大餐飲服務客戶的依賴，該客戶在本季度僅佔該業務部門收入的 10%，而三年前這一比例接近 30%。

This enhanced diversification increases our flexibility to pursue growth where it is most strategic. As we move forward, we are open to partnering and growing with any customer if they are supportive to our mission, helpful in building our brands, and committed to growing the category profitably.

這種增強的多元化提高了我們在最具策略意義的領域中追求成長的靈活性。展望未來，只要顧客支持我們的使命，幫助我們打造品牌，並致力於實現品類獲利成長，我們都願意與他們合作共贏。

As we have started to roll out the playbook, we have found that many new customers checked all those boxes. On slide 19 you can see that our North American food service business, excluding the largest customer group, up by 11% in the quarter as we are building momentum with the playbook.

隨著我們開始推廣這套方案，我們發現許多新客戶都符合所有這些條件。從第 19 張投影片可以看出，我們的北美食品服務業務（不包括最大的客戶群）在本季成長了 11%，因為我們正在透過該策略累積勢頭。

Our relevant messaging using the unique ugly voice to inform consumers that they are likely to prefer Aussie to cow's dairy. These executions are in super high traffic areas such as train stations you see on this slide. And then when consumers are at their local coffee shop, they can now order interesting social media ready drinks that use oat milk as the default base.

我們利用獨特的「醜陋」嗓音傳遞相關訊息，告知消費者他們可能更喜歡澳洲乳製品而不是牛奶。這些死刑執行地點都選在人潮極為密集的區域，例如你在這張投影片中看到的火車站。然後，當消費者在當地的咖啡店時，他們現在可以點一些有趣的、適合在社群媒體上分享的飲品，這些飲品以燕麥奶為預設基底。

On slide 20, you can see we have also continued to make progress in retail, where total revenue increased by 4% in the quarter. This growth was held by extending our relevant messaging to in-store executions. Additionally, I am excited to see the growth contribution by strong club sales, which have rapidly increased to 6% of the segments worth three revenue compared to less than 1% in 2024.

從第 20 張投影片可以看出，我們在零售業也持續取得進展，該季總營收成長了 4%。透過將相關資訊推廣到店內執行，我們實現了這一成長。此外，我很高興地看到強勁的俱樂部銷售對成長做出了貢獻，其收入佔比已迅速增長至 2024 年的 6%，而 2024 年這一比例還不到 1%。

We're driving strong velocities, and we expect clubs to be a growth driver for us. Today we're in five Cosco regions and we expect to add more clubs and more SKUs in the near future. Well, food service and club sales are not in the scanner data you track closely. These are high-quality channels that are very helpful in building our brands, growing the category, improving profitability, and ultimately delivering on our mission.

我們正在以強勁的速度發展，我們期望俱樂部能夠成為我們成長的驅動力。目前我們已進入中遠集團的五個區域，預計在不久的將來會增加更多俱樂部和更多SKU。嗯，餐飲服務和俱樂部銷售數據並不包含在您密切追蹤的掃描器資料中。這些都是高品質的管道，對打造我們的品牌、發展品類、提高獲利能力以及最終實現我們的使命都非常有幫助。

As I mentioned last quarter, we are being thoughtful, deliberate, and disciplined in rolling out our playbook in North America. Given the success in Europe and international, we know what's possible. We continue to see that the underlying category, coffee and consumer trends are extremely similar in both regions. However, our execution is a few steps behind and we're still in the very early stages of rolling out our playbook.

正如我上個季度提到的，我們在北美推出我們的策略方案時，一直秉持著深思熟慮、謹慎周密和嚴謹自律的態度。鑑於我們在歐洲和國際上的成功，我們知道什麼是可能的。我們持續看到，咖啡這一基礎品類以及這兩個地區的消費趨勢都非常相似。然而，我們的執行仍有些滯後，我們仍處於推廣計畫的初期階段。

The US market is also more complex, and what we expect, we will continue to improve. We do not expect the growth acceleration to come as quickly as we have seen in the European and international markets. Make no mistake though, we are committed to driving the performance that we expect in this critical segment.

美國市場也更加複雜，我們預計，我們將持續改進。我們預期成長加速不會像歐洲和國際市場那麼迅速。但毋庸置疑，我們致力於在這個關鍵領域實現我們預期的績效。

And we're confident that with sharp, locally relevant execution, our playbook can drive strong profitable growth in North America, but step by step. Turning to Greater China on slide 21. A Greater China team continued to execute well in a challenging consumer environment. The segment posted strong growth in both channels.

我們相信，只要採取精準、符合當地實際情況的執行策略，我們的策略就能在北美實現強勁的獲利成長，但要循序漸進。第 21 頁，我們將轉向大中華區。大中華區團隊在充滿挑戰的消費環境中持續保持良好的表現。該細分市場在兩個通路均實現了強勁成長。

The food service business, which is the largest part of this segment, grew revenue by 18% in the quarter, and we maintain strong relationship with the largest coffee chains. We have continued to develop the retail channel with our entrance into club. In the quarter, the segment's retail volume reached an all-time high.

餐飲服務業務是該業務部門中佔比最大的部分，本季營收成長了 18%，我們與最大的咖啡連鎖店保持著牢固的合作關係。我們透過進軍俱樂部市場，持續拓展零售通路。本季度，該業務類股的零售額創歷史新高。

And the segment drove positive adjusted EBITDA quarter and on a year-to-date basis. I am proud that the teams have remained focused on the business as we execute the ongoing strategic review. They have continued to build the business and service customers very well.

該業務板塊推動了季度調整後 EBITDA 的正成長，並且年初至今也實現了正成長。我感到自豪的是，在執行持續的策略審查過程中，各個團隊始終專注於業務。他們持續發展業務，並為客戶提供優質服務。

I will now turn the call over to Marie-José. MJ.

現在我將把電話交給瑪麗喬斯。MJ。

Thank you, Daniel, and good morning, everyone. Slide 23 shows the quarterly P&L, which is our best performance as a [Oatly company]. This quarter, we grew revenue 7.1% and 3.8% on a constant currency basis.

謝謝你，丹尼爾，大家早安。第 23 張投影片展示了季度損益表，這是我們迄今為止的最佳業績。[Oatly公司]。本季度，我們的營收成長了7.1%，以固定匯率計算成長了3.8%。

Gross margin was 29.8%, which is flat compared to last year Q3. Adjusted EBITDA was a positive $3.1 million in the quarter, which is $8.2 million higher than last year, Q3. Slide 24 shows the bridging item of our revenue growth. Volume grew 6.6%, partially offset by a 2.8% decline in price mix. Foreign exchange was a 3.2% 10 week.

毛利率為 29.8%，與去年第三季持平。本季調整後 EBITDA 為正 310 萬美元，比去年同期（第三季）高出 820 萬美元。第 24 張投影片展示了我們收入成長的銜接項目。銷量成長 6.6%，但價格組合下降 2.8% 部分抵消了這一增長。外匯匯率在過去10週內為3.2%。

Slide 25 shows our year over year growth margin bridge. The benefits of absorption and supply chain efficiencies improved margin by 60 basis spots. This includes the benefits of the closure of our Singapore manufacturing facility in December.

第 25 張投影片展示了我們同比增速的差距。吸收效率和供應鏈效率的提高使利潤率提高了 60 個基點。這包括我們新加坡製造工廠於 12 月關閉所帶來的好處。

These benefits were partially offset by the impact of lower volumes in North America, including absorption headwinds and supplier penalties that were higher than anticipated as we threw up our efforts. We expect fewer supplier penalties in Q4.

這些收益部分被北美銷售下降的影響所抵消，其中包括吸收方面的阻力以及由於我們加大了力度而導致的供應商罰款高於預期。我們預計第四季供應商罰款將減少。

Pricing and product mix was natural to gross margin in the quarter. The benefits of our strategic mix management in Europe and international and customer mix in North America were offset by unfavorable product mix in northern China.

本季的定價和產品組合對毛利率產生了自然影響。我們在歐洲的策略組合管理以及在北美的國際和客戶組合所帶來的益處，被中國北方不利的產品組合所抵消。

We experienced a 90 basis point headwinds from inflation in the quarter, which was mainly driven by higher labor costs in our European supply chain. Finally, the impact of foreign exchange movements added 30 basis points.

本季我們遭遇了 90 個基點的通膨阻力，這主要是由於我們歐洲供應鏈的勞動成本上升所致。最後，外匯波動的影響增加了 30 個基點。

Slide 26 shows the year over year improvement in our adjusted EBITDA. The $8.2 million improvement was driven by a $4.3 million increase in gross profit and a $3.8 million decrease in SG&A and over. The reduction in SG&A reflects the ongoing work for a more fit for purpose cost structure.

第 26 頁顯示了我們調整後的 EBITDA 的年比改善。820萬美元的改善主要得益於毛利增加430萬美元，以及銷售、一般及行政費用減少380萬美元。銷售、一般及行政費用的減少反映了為實現更符合實際需求的成本結構而持續進行的工作。

These reductions are from various areas, including indirect procurement that we mentioned last quarter, and were partially offset by the impact of FX movement. Slide 27 shows segment level detail. Europe and international grew volume by 8.4%, which highlights that our growth playbook is working.

這些削減來自各個領域，包括我們上個季度提到的間接採購，但部分被匯率波動的影響所抵消。第 27 張幻燈片顯示了細分級別的詳細資訊。歐洲和國際市場銷量成長了 8.4%，這表明我們的成長策略是有效的。

This strong growth drove a $9.5 million increase in the segment adjusted EBITDA. North America's 10.1% revenue decline was driven mainly by the change in sourcing strategy at a large customer. The settlements adjusted EBITDA declined $4.5 million compared to the prior year, which was mostly driven by the decrease in revenue.

這一強勁成長推動該部門調整後 EBITDA 增加了 950 萬美元。北美地區收入下降 10.1%，主要原因是某大客戶改變了採購策略。經結算調整後的 EBITDA 比前一年減少了 450 萬美元，主要是由於收入下降所致。

Greater China grew constant currency revenue by 28.7%, which was higher than we expected. Its outside growth was impacted by the timing of consumer orders, and we do not expect sales to be as strong in the fourth quarter. Corporate improved by $3 million as we continue to drive out costs.

大中華區以固定匯率計算的營收成長了28.7%，高於我們的預期。其外部成長受到消費者訂單時間的影響，我們預期第四季的銷售額不會像之前那麼強勁。公司業績提升了 300 萬美元，我們繼續努力降低成本。

Turning to our cash flow on flight 28. In the quarter, free cash flow was a net cash outflow of $5 million, which is $22 million better than last year third quarter. As a big driver of our cash flow improvement has been working capital, year-to-date, our total working capital, as reported in the cash flow statement, was a $20 million cash inflow.

接下來我們來看看28號航班的現金流。本季自由現金流為淨現金流出 500 萬美元，比去年第三季減少了 2,200 萬美元。由於營運資本是我們現金流改善的主要驅動力，截至目前，根據現金流量表報告，我們的營運資本總額為 2,000 萬美元現金流入。

In the quarter, our cash conversion cycle was below 40 days, which is the best level since our IPO, driven by strong processes to manage inventory, collections, and payment terms. I continue to see good progress through the company, and I believe we still have room for improvement.

本季度，我們的現金週轉週期低於 40 天，這是自 IPO 以來的最佳水平，這得益於我們強大的庫存、收款和付款條件管理流程。我看到公司持續取得良好進展，但我相信我們仍有提升空間。

Turning to slide 29. In September, we disclosed that we signed a series of transactions to improve our capital structure and our financial foundation. The transactions were fully executed at the beginning of October.

翻到第29張幻燈片。9 月份，我們揭露了我們簽署了一系列交易，以改善我們的資本結構和財務基礎。交易已於10月初全部完成。

Specifically, we reduced the size of our revolving credit facility to SEK750 million, which is a more appropriate size for our asset like strategy. We issued SEK1.7 billion of Nordic bonds, we prepaid our Term Loan B, and we repurchased and canceled a portion of our convertible notes.

具體來說，我們將循環信貸額度縮減至 7.5 億瑞典克朗，這對我們的資產型策略而言更為合適。我們發行了 17 億瑞典克朗的北歐債券，提前償還了 B 類定期貸款，並回購並註銷了部分可轉換票據。

These transactions will be fully reflected in our financial statements starting next quarter. This slide shows the impact of the transactions on certain financial items of our go forward business. We expect to save approximately $5 million in annualized interest expense, which is a 7% reduction.

這些交易將從下個季度開始全面反映在我們的財務報表中。此投影片展示了這些交易對我們未來業務某些財務項目的影響。我們預計每年可節省約 500 萬美元的利息支出，降幅達 7%。

These savings will hit the finance expense line in our P&L. Finally, the repurchase of convertible notes reduced the potential dilution from the convertible notes. We benefit from both the reduction in outstanding convertible notes as well as the avoidance of any future peak interest.

這些節省下來的資金將計入我們損益表中的財務費用項下。最後，回購可轉換債券降低了可轉換債券可能帶來的股權稀釋。我們既受益於未償還可轉換債券的減少，也受益於避免了未來任何利息高峰。

The potential dilution from the convertibles is approximately [40 million shares] lower or approximately 10%. This equals to [$2 million ADS]. On slide 30, we are reaffirming our outlook for our main guidance metrics. We continue to expect constant currency revenue growth in the range of approximately flat to 1%.

可轉換債券可能造成的稀釋減少約 4,000 萬股，即約 10%。這等於[200萬美元 ADS]。在第 30 頁，我們重申了我們對主要指導指標的展望。我們仍預期以固定匯率計算的營收成長將維持在1%左右。

This full year range is slightly below our year-to-date growth of 1.4% and Q3 growth rate largely due to a shift in timing of sales in the Greater China segment. Based on recent FX rates and assuming no change for the rest of the year, we estimate FX to add approximately 250 basis points to full year net growth versus our prior expectations of 150 basis points.

全年預期略低於我們年初至今的 1.4% 的成長率和第三季的成長率，這主要是由於大中華區銷售時間的變化。根據最近的外匯匯率，並假設今年剩餘時間匯率不變，我們估計外匯將使全年淨增長增加約 250 個基點，而我們先前的預期為 150 個基點。

Adjusted EBITDA, we are reaffirming the range of $5 million to $15 million. Given our year-to-date performance and outlook for the fourth quarter, we are likely to be in the bottom half of that branch. Our guidance continues to assume no direct impact from US tariffs. We also assume that the current economic conditions and consumer behavior will remain largely consistent for the rest of the year. Finally, we continue to expect CapEx to be approximately $20 million for the full year.

經過調整後的 EBITDA，我們重申其範圍為 500 萬美元至 1500 萬美元。鑑於我們今年迄今為止的業績以及對第四季度的展望，我們很可能在該行業中處於後半段。我們的預測仍然假設美國關稅不會產生直接影響。我們也假設，目前的經濟狀況和消費者行為在今年剩餘時間內將基本保持不變。最後，我們仍然預計全年資本支出約為 2000 萬美元。

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

我們的發言稿到此結束。操作員，我們現在可以開始接受提問了。

(Operator Instructions). Andrew Lazar with Barclays.

（操作說明）安德魯·拉扎爾，巴克萊銀行。

Great, thanks so much. Good morning. I guess first off, you were able to reaffirm your constant currency topline sales guide for the year that looks for very modest growth. That's obviously inclusive of some of the one-time headwinds in North America and the discontinuation of some of the frozen products in the region.

太好了，非常感謝。早安.首先，我想說的是，你們重申了今年的固定匯率銷售預期，預期成長將非常溫和。這顯然包括北美地區一些一次性的不利因素以及該地區一些冷凍產品的停產。

It's obviously still early to give any specific '26 guidance, but as we start to lap some of these one-time headwinds in North America. And momentum in Europe remains strong. How are you thinking through what sales growth might look like next year and what are the sort of the key puts and takes to consider. And then I've got a follow-up. Thanks.

現在就給出 2026 年的具體指導意見顯然還為時過早，但隨著我們開始克服北美曾經面臨的一些不利因素。歐洲的成長勢頭依然強勁。您如何看待明年的銷售成長前景？需要考慮的關鍵因素有哪些？然後我還有一個後續問題。謝謝。

Hi, Andrew. How are you doing? It's Daniel here. I will take your question if that's okay. As you said, it's early to talk about 2026, but this is how we're thinking about the business at the moment, and it's going in the direction you are, you're suggesting.

你好，安德魯。你好嗎？我是丹尼爾。如果可以的話，我會回答你的問題。正如你所說，現在談論 2026 年還為時過早，但這就是我們目前對業務的思考方式，而且它正朝著你所建議的方向發展。

First, in Europe, we see solid continuity of the playbook that is clearly working. As we prepare in the prepared remarks, we see profit growth via demand generation. That's what we see in Europe, and I will unpack it for you a little bit.

首先，在歐洲，我們看到行之有效的策略得到了穩定延續。正如我們在準備好的發言稿中所闡述的，我們看到利潤成長是透過創造需求來實現的。這就是我們在歐洲看到的現象，我來為你詳細解釋。

In the US we will continue to see step by step progress. That's the way we see without the one-offs, right? That we will be lapping eventually in 2026. So, how to think about Europe and how to think about profit growth via demand generation.

在美國，我們將繼續看到循序漸進的進步。如果不考慮個別事件，我們就是這樣看待問題的，對吧？我們最終將在 2026 年超越它。那麼，我們該如何看待歐洲市場，以及如何透過創造需求來實現利潤成長呢？

I think it's a combination, Andrew, of a much stronger portfolio with focus on new usage during occasions that are really allowing the taste strategy to bring more exciting recipes to food service customers and grow share of shelf. The growth of share of shelf in retail is very significant at the moment.

安德魯，我認為這是多種因素共同作用的結果，一方面是產品組合更加強大，另一方面是專注於在特定場合的新用途，這使得口味策略能夠為餐飲服務客戶帶來更多令人興奮的食譜，並提高貨架份額。目前，貨架在零售業中所佔份額的成長非常顯著。

To that, you should add an increase of the critical mass of the expansion markets. So, as ugly growth returns, so does the category. That's what we are looking in Europe at the moment. And we're confident that, with the new playbook, the category growth, overhaul will take a little bit of time, but we're already seeing very concrete signals that we're in a good path.

此外，也應增加擴張市場的臨界規模。因此，隨著醜陋的成長再次出現，這個類別也隨之復甦。這就是我們目前在歐洲看到的情況。我們相信，有了新的策略，品類成長和改革需要一些時間，但我們已經看到了非常具體的跡象，表明我們走在正確的道路上。

When it comes to the US, as I was just saying, we see progress. If you exclude the one-off effects, we see the highest sales on records in both channels, retail, and food service. We continue to outperform the market.

至於美國，正如我剛才所說，我們看到了進步。如果排除一次性因素，零售和餐飲服務兩個管道的銷售額均創歷史新高。我們持續跑贏大盤。

And competitive and also competitors in a market that continues to show softness in retail, and I underline in retail. Why do I underline in retail? Because, of course, you need to ex you have to expect Andrew a bit of a one-off portfolio, delisting to continue to hit us for the rest of this year and the start of 2026.

而且，在零售業持續疲軟的市場中，競爭也異常激烈，我刻意強調一下，是在零售業。為什麼我在零售業要用底線？當然，你需要預料到安德魯會面臨一些一次性的投資組合，而退市的影響將在今年剩餘時間和 2026 年初繼續衝擊我們。

Normally, we should be lapping that and start with a clean base as of quarter two. And then you will see some new distribution coming. So, there is more distribution to go as of quarter one 2026.

正常情況下，我們應該在第二季完成研磨，並以乾淨的基礎開始。然後你會看到一些新的發行方式出現。因此，截至 2026 年第一季度，還有更多的分銷工作要做。

Second to that, you need to add clubs. Clubs is an exciting prospect. We see velocities mounting and significant expansion is still to take place, as we prepared, as we, prepare in the prepared remarks, and at least two more Costco regions.

其次，你需要增加俱樂部。俱樂部前景令人興奮。我們看到速度不斷加快，而且正如我們在準備好的演講稿中所準備的那樣，還將出現顯著的擴張，至少還有兩個 Costco 地區。

The most interesting part, to give you more color Andrew is food service. You see the double-digit growth quarter on quarter, and that is already proof that it's initial proof that the playbook is also working in North America in the channels in which we can activate faster and more strongly. That's as far as I can share with you today, I believe. Andrew. I hope that's okay.

安德魯，最有趣的部分，用更生動的語言來說，是餐飲服務。你可以看到每個季度都實現了兩位數的成長，這已經初步證明，這套策略在北美，在我們能夠更快、更有效地開展業務的管道中也同樣有效。我想，今天我只能跟大家分享這麼多了。安德魯。希望這樣可以。

Yeah, thank you for that. And then, just a quick follow-up on slide 11. It looks as though the European retail consumption for the oat milk category accelerated in the third quarter, surpassing that of plant-based milk category overall, and that had not been the case, I guess, in any of the prior three quarters.

是的，謝謝你。然後，簡單跟進一下第 11 張投影片的內容。看來歐洲燕麥奶類別的零售消費在第三季加速成長，超過了植物奶品類的整體消費，而這種情況在前三個季度似乎都沒有發生過。

I guess what would you attribute the acceleration to, and would you expect the trend of oat milk taking share within plant-based, to continue in Europe, or were there any extenuating circumstances that made this quarter sort of more of a one-off?

我想請問您認為是什麼因素導致了這種加速成長？您認為燕麥奶在植物性產品中佔據市場份額的趨勢會在歐洲繼續下去嗎？還是說有什麼特殊情況使得本季的情況更像是一次性的？

Yeah, thank you, Andrew, Daniel again. Yes, I certainly the attribution is to the experience and taste strategy. Yeah, it's clearly driving consumer relevance, and it's creating category demand again in Europe. If you ask me, we were we expecting to see this this fast, possibly not. The reality is that we see concrete signs that with Oatly's growth, the category growth follows.

是的，謝謝你，安德魯，也謝謝你，丹尼爾。是的，我認為這肯定歸功於經驗和口味策略。是的，這顯然提高了消費者的關注度，並在歐洲重新創造了品類需求。要我說，我們是否預料到會這麼快看到這一幕，或許並沒有。事實上，我們看到確鑿的跡象表明，隨著 Oatly 的增長，整個品類也隨之增長。

You will remember we use that phrase that, we differentiate plant-based milks from oat milk from oat leaf. That's exactly what we're seeing again. So we see strong volume growth and even oat milk penetration, and we talked this many times, penetration is a marker of of category growth that is the hardest. We see some decimals of category penetration showing signs of growth.

您應該記得我們用過這個短語，我們用它來區分植物奶、燕麥奶和燕麥葉奶。這正是我們再次看到的現象。因此，我們看到銷售量強勁成長，燕麥奶的滲透率也很高，我們多次討論過這個問題，而滲透率是衡量品類成長最困難的指標。我們看到某些品類滲透率的小數部分顯示出成長跡象。

What we see is that it clearly hits a bullside of what Gen Z are expecting flavor, excitement, well-being, and sustainability. So this new strategy puts us a bit of in the center of the storm in the in the forefront of this much bigger diverge space that we had in one of our slides in the presentation. We're making both food service menus and shelves in retail more relevant and way more exciting, more colorful, more exciting, so.

我們看到，它顯然迎合了 Z 世代對口味、刺激、健康和可持續性的期望。因此，這項新策略讓我們有點處於風暴中心，處於我們簡報中的一張投影片所展示的更大分歧領域的前沿。我們正在讓餐飲服務菜單和零售貨架更具相關性、更令人興奮、更豐富多彩、更令人興奮。

That's why I like this phrase that we use for the prepared remarks that it's a bit of a reframing of the category of what we're seeing, Andrew, and time will tell, but it's not just an alternative to milk any longer, but an experienced canvas for drinks that is relevant to all and not just for a few, right?

這就是為什麼我喜歡我們用來表達準備好的發言的這句話：安德魯，這有點像是對我們目前所見事物的重新定義，時間會證明一切，但它不再僅僅是牛奶的替代品，而是一個經驗豐富的飲品畫布，它與所有人相關，而不僅僅是少數人，對吧？

As we love the first generation of plant-based growth, we are indeed creating the, what we call internally the second revolution. We are implementing the same playbook in the US with positive signs in food service, as I said, so, I'm sure you were thinking about the US and so are we every day, the US being a bit more complex, so it would take a bit longer to close the cycle in retail, which you know is a much more slow moving channel.

因為我們熱愛第一代植物性生長，所以我們正在創造我們內部稱之為第二次革命的東西。正如我所說，我們正在美國實施同樣的策略，餐飲服務業也出現了正面的跡象。我相信你一直在考慮美國的情況，我們每天都在考慮。美國的情況比較複雜，零售業的周期需要更長的時間才能完成，你知道，零售業就是一個節奏慢得多的管道。

Hope that's okay, Andrew.

希望這樣可以，安德魯。

Yeah, thank you.

是啊，謝謝。

Tom Palmer with J.P. Morgan.

湯姆·帕爾默就職於摩根大通。

Good morning and thanks for the question. I wanted to just first ask on kind of some of the trialing that you've mentioned this quarter and also in some recent quarters how the taste preference is a great way to highlight or I guess a great differentiator and way to drive traction with customers.

早安，謝謝你的提問。我首先想問一下，您在本季度以及最近幾季提到的一些試驗，口味偏好是如何成為突出產品或差異化優勢，並吸引顧客的好方法。

What are the most effective ways you've found to I guess get customers to trial and you know maybe some color on kind of how that plays out. I mean it does seem like there is some distribution opportunity, especially in the US that you're starting to take advantage of. So just kind of driving the trial to bolster that. Thank you.

您認為最有效的讓客戶試用的方法是什麼？能否詳細介紹試用過程？我的意思是，看起來確實存在一些分銷機會，尤其是在美國，而你們已經開始利用這些機會了。所以，推動審判就是為了加強這一點。謝謝。

Very good, Tom. So, Daniel here again, I will try my best not to repeat, the part of the answer of Andrew were blended in your question, I guess. We believe we're really capitalizing on this taste and flavor bonanza as we like calling it internally, right? So, that has transformed coffee, as from hot to cold and much more of a beverage space than coffee.

很好，湯姆。我是丹尼爾，我會盡量避免重複，安德魯的回答部分內容可能已經融入你的問題了。我們相信我們正在充分利用這種我們內部稱之為「口味盛宴」的現象，對吧？因此，咖啡從熱飲變成了冷飲，更像是一種飲料，而不僅僅是咖啡。

So, how do we generate trial, which was your question, you know that Oatly has this proprietary way of looking at business, which is we have been since our inception, intimately woven into the coffee space. Today, we built an iconic team, Tom, of over 60 barista market developers who spend more than 1,500 hours a week in coffee shops from Mexico City to Seoul to Paris.

那麼，我們要如何進行試用呢？這也是你的問題。你知道 Oatly 有自己獨特的商業模式，從公司成立之初，我們就與咖啡產業緊密相連。今天，我們打造了一支標誌性的團隊，湯姆，由 60 多名咖啡師市場開發人員組成，他們每週在從墨西哥城到首爾再到巴黎的咖啡館裡花費超過 1500 小時。

And they are dedicated to working directly with our partners to making their menus more relevant as they capture the evolution of coffee in the, really in the early stages of the change curve. So, that is what we believe and that is how we generate the trial, so people see, experience the signature drinks first.

他們致力於與我們的合作夥伴直接合作，使他們的菜單更具相關性，因為這些菜單捕捉到了咖啡的演變，尤其是在變革曲線的早期階段。所以，這就是我們所秉持的理念，也是我們進行試飲的方式，讓人們先看到、體驗到我們的招牌飲品。

And then we scale it up, we have a very concrete monetization strategy, which is how does that show up in retail. We, you might remember from the last quarter, we talked about the popcorn, flavor which is flying off the shelves, and now we added the matcha or drink.

然後我們擴大規模，我們有一個非常具體的獲利策略，那就是它如何在零售業中體現。您可能還記得，上個季度我們談到了爆米花口味，這種口味非常暢銷，現在我們又增加了抹茶口味的飲料。

So these are drinks that have people have tried. In food service, they have tried in concerts and in pop-up stores, and then they find in the retails for them to take home. And that is a bit of the circle or the flywheel if you want, as to how we see the business model working.

所以這些都是人們嘗試過的飲品。在餐飲服務方面，他們嘗試在音樂會和快閃店中舉辦活動，然後在零售店購買帶回家。這就是我們對商業模式運作方式的看法，它有點像一個循環或飛輪。

That's what I can add, Tom, to your question.

這就是我能補充的，湯姆。

Thank you, very helpful. And then just on the guidance and you did provide not a super wide range here in terms of EBITDA but when thinking about kind of the upper end versus versus the lower end of the range, what are kind of the key swing items that that you're watching? Thank you.

謝謝，很有幫助。然後，關於績效指引，您給出的 EBITDA 範圍並不算特別寬泛，但是考慮到範圍的上限和下限，您關注的關鍵波動因素是什麼？謝謝。

Yes, hi, this is Marie-José. So, as we said, I'm going to repeat a little bit what we already said in the prepared remarks. If you look at Q3 right from a top-line standpoint, you do know that there is a timing shift here going into Q4. When it comes to gross margin, if you take back what we said in the prepared remarks.

是的，你好，我是瑪麗-何塞。所以，正如我們所說，我將稍微重複一下我們在準備好的演講稿中已經說過的內容。如果從整體來看，第三季的數據就會顯示，第四季的時間安排發生了變化。說到毛利率，如果你收回我們在準備好的演講稿中所說的內容。

There is an impact that it's a true up that happens in Q3 that will not happen in Q4, so we expect this impact to be for about 200 basis points to 300 basis points in Q4. And then if you take that from a gross margin standpoint and you add the work that we're doing in SG&A, which has been, and you can see that we have made improvements in our Q3 results as well

第三季發生的調整不會在第四季發生，因此我們預期第四季的影響約為 200 至 300 個基點。然後，如果你從毛利率的角度來看，再加上我們在銷售、管理及行政費用方面所做的工作（這些工作一直在進行），你可以看到我們在第三季度的業績中也取得了進步。

The combination of the two is what will drive a few millions of dollars to impact in Q4. So if you look at the evolution and the continuous improvement, what I just said explains why we just pull out the low and branch of our guidance.

這兩者的結合將在第四季度帶來數百萬美元的影響。所以，如果你觀察發展歷程和持續改進，我剛才所說的就解釋了為什麼我們只是剔除了指導方針中的低端分支。

I apologize. I meant I thought it was the bottom half of the range, so essentially the 5 versus the 10.

我道歉。我的意思是，我以為它是範圍的下半部分，也就是 5 和 10 之間的區別。

Yes, correct. This is, I mean, the way to look at it is it will be on the lower half because of how we are looking at Q4 when it comes from a phasing standpoint on the top-line with the true up that will not happen in gross margin in Q4, and that combined with our SG&A improvements will make the adjusted EBITDA on the lower half for the full year.

是的，沒錯。我的意思是，之所以說它應該處於下半年，是因為我們從第四季度營收的階段性角度來看，毛利率不會在第四季度進行調整，再加上銷售、管理及行政費用的改善，這將導致全年調整後的 EBITDA 處於下半年。

Okay, thank you.

好的，謝謝。

Dara Mohsenian with Morgan Stanley.

Dara Mohsenian，摩根士丹利員工。

Hey, good morning guys. So you've done an impressive job reinvigorating growth in Europe in the last few quarters, as you mentioned, North America is taking more time. Just anything you've learned in Europe from your success there that you think is applicable to the North American market as you think about returning to consistent growth in that region.

嘿，各位早安。正如您所提到的，過去幾季您在重振歐洲經濟成長方面做得非常出色，而北美市場則需要更多時間才能恢復。任何你從歐洲的成功經驗中學到的，你認為可以應用於北美市場，並幫助你在該地區恢復持續成長的經驗。

Obviously separate consumer dynamics in the two regions and the US is a complex market, but any cross-geography learnings you think can be applied. And just as we look forward to 2026.

顯然，這兩個地區的消費者動態各不相同，而且美國市場也很複雜，但任何你認為可以應用的跨地域經驗都可以藉鏡。就像我們展望2026年一樣。

Can you just give us a bit more detail on plans to drive greater household penetration in the US, more conversion of the oat milk category, the club expansion maybe is perhaps part of that, but just as you think about really trying to unlock new customers for this category, what are the biggest focus points for you? Thanks.

您能否詳細介紹一下在美國提高家庭滲透率、增加燕麥奶品類轉換率的計畫？拓展俱樂部業務或許是其中的一部分，但當您真正考慮如何為該品類開拓新客戶時，您最關注的重點是什麼？謝謝。

Dara, how are you doing? That's Daniel here again. Yes, as you can imagine, we think, day in and day out about that question. So, and, we, yes, the way in which I would like to start addressing that is that we are confident, we're very confident that we will be able to drive strong and profitable growth in the US.

達拉，你好嗎？我是丹尼爾，我又來了。是的，正如你所想，我們每天都在思考這個問題。所以，是的，我想從我們能夠在美國實現強勁且獲利成長的方式來回答這個問題。

We believe, strongly believe, and I will unpack it for you. We believe it's a matter of when, as opposed to a matter of if, right. So why the first part of your question, why do we believe that is the case? Well, first, you see, because we see that the evolution of the European and the American consumers in our space is fundamentally similar.

我們深信不疑，我會為你詳細解釋。我們認為這只是時間問題，而不是會不會發生的問題，對吧。那麼，對於你問題的第一部分，我們為什麼會認為情況是如此呢？首先，因為我們發現，歐洲和美國消費者在我們這個領域的演變本質上是相似的。

I underline in our in our space, right? Based on the hard evidence of the underlying consumer trends and the real-life experience of pulse check we have from our barista market developers. You saw what I answered to Tom, we have over 60 barista market developers in different cities in the world scanning what is the, how is the change curve happening?

我在我們的空間裡加了底線，對吧？基於對潛在消費者趨勢的可靠證據，以及我們從咖啡師市場開發人員那裡獲得的真實脈搏調查經驗。你看到了我對湯姆的回答，我們在世界各地不同的城市有 60 多名咖啡師市場開發人員正在掃描什麼是變化曲線，變化曲線是如何發生的？

And the three points that substantiate that, there are the coffee space. It has developed identically in both regions from hot to cold and into experiential beverages. You see exactly identical trends, and you see a lot of customers now pivoting from London to New York in the food service space, for instance, right? So that's number one.

而佐證這一點的三個點，就是咖啡領域。這兩個地區的發展歷程完全相同，都是從熱飲到冷飲，再到體驗式飲品。你會看到完全相同的趨勢，例如，你會看到很多顧客現在從倫敦轉向紐約，尤其是在餐飲服務領域，對吧？這是第一點。

Number two younger consumers, Gen Z, but then the alphas are obsessed with flavor and taste, obsessed. And number three, as we have mentioned in a couple of quarters ago, the preconceptions on taste for plant-based drinks are the number one barrier to conversion in both regions.

第二大消費族群是年輕一代，即 Z 世代，但他們對口味和味道非常執著。第三，正如我們在幾個季度前提到的，人們對植物性飲料口味的先入為主是這兩個地區轉變的最大障礙。

When we do blind taste test, tests in dairy versus oatly, we see that both in the US and in Europe, in many markets, the same 50% preference for oatly everywhere. So that's the, that's the fundamental. The second one is that we see it working already in coffee and food service.

當我們進行盲品測試，比較乳製品和燕麥奶時，我們發現，無論是在美國還是歐洲，在許多市場，燕麥奶的受歡迎程度都達到了 50%。所以，這就是，這就是根本所在。第二點是，我們已經看到它在咖啡和餐飲服務領域發揮了作用。

So, remember that when we look still, when, and when you look at these segments, you are going, we are navigating headwinds that have to do with this large customer, that I want to underline or now represents only 10% of our revenue.

所以，請記住，當我們繼續審視這些細分市場時，我們會發現，我們正在克服與這個大客戶有關的逆風，而這個大客戶現在只占我們收入的 10%，我想強調這一點。

And also some delisting's of adjacencies that didn't fully work, right? So when you remove that, we see it working in coffee and in food service where customers are more receptive to the strategy I was describing there, and so we can move faster.

還有一些相鄰關係的取消列入名單的舉措並沒有完全奏效，對吧？所以，當去掉這個因素後，我們發現它在咖啡和餐飲服務業行之有效，因為顧客更容易接受我剛才描述的策略，所以我們可以更快地發展。

So, we do believe that the taste-focused approach is the right approach for the US, and of course, we're adapting the nuances, on taste, and we're adapting to nuances on formats. We are under no illusion that things are identical, when it comes to the product offering in both markets.

所以，我們相信以口味為中心的策略對美國來說是正確的，當然，我們也在口味上做出調整，也在形式上做出調整。我們非常清楚，這兩個市場的產品供應情況並不完全相同。

Now, I will pause there to say what are the differences. The US market is very large. And more complex. The most notable difference is the timing of shelf resets at retail, typically that once a year in very strict and narrow windows.

現在，我先停在這裡，說說它們之間的差異。美國市場非常龐大。而且更加複雜。最顯著的差異在於零售貨架重新擺放的時間，通常每年一次，而且時間窗口非常嚴格。

So all of these differences and complexities might make progress lower than in Europe, and it will inevitably we believe the important thing is that we understand the differences and we set the course in the right direction. So we expect progress, but step by step.

因此，所有這些差異和複雜因素可能會導緻美國的進步速度低於歐洲，而這種情況不可避免地會發生。我們認為，重要的是我們要理解這些差異，並朝著正確的方向前進。所以我們期待進步，但要循序漸進。

Great, that's helpful. And then just on the profitability front, obviously EBITDA progress this year, just as we look beyond the guidance that's in place for this year, any thoughts around being able to drive continued cost savings, whether it be efficiencies on the supply chain front or SG&A in the in the broader organization as we look out to 2026 and beyond.

太好了，這很有幫助。然後，就盈利能力而言，顯然今年的 EBITDA 進展情況如何，以及當我們展望今年的業績指引之外時，是否有任何關於持續節約成本的想法，無論是供應鏈方面的效率，還是整個組織在 2026 年及以後的銷售、一般及行政費用。

Thank you, Jean speaking. Just to be clear, we will continue harvesting savings on both fronts, both supply chain and SG&A. What was initially two years to three years ago, a turnaround urgent necessity has become a permanent daily mindset. So all the teams are permanently looking for opportunities to be more efficient leaner and drive more impact with the same amount or even less of resources.

謝謝Jean發言。需要明確的是，我們將繼續在供應鏈和銷售、管理及行政費用這兩個方面節省開支。兩、三年前，轉型還是一種迫切需要，如今卻已成為一種常態。因此，所有團隊都在不斷尋找機會，以更有效率、更精簡的方式，以相同甚至更少的資源產生更大的影響。

So this continuous improvement obsession is all around and will continue in '26, as you can imagine, we are still in the middle of the budget planning, so too early to translate that statement into figures, but that's exactly what we will continue to do.

因此，這種持續改進的理念無所不在，並將延續到 2026 年。正如你所想，我們目前仍處於預算規劃階段，所以現在將這一說法轉化為具體數字還為時過早，但這正是我們將繼續做的事情。

Great, that's helpful thanks.

太好了，很有幫助，謝謝。

John Baumgartner with Mizuho Securities.

瑞穗證券的約翰·鮑姆加特納。

Good morning. Thanks for the question. I'm curious, coming back to North America, in terms of the profitability there, quarterly EBITDA has been bouncing around break even now since I guess early 2024, and presumably, some of the operating leverage benefits have now leveled off. I'm curious in the context of this, ongoing, productivity.

早安.謝謝你的提問。回到北美，我很好奇那裡的獲利能力，從2024年初開始，季度EBITDA一直在盈虧平衡點附近波動，而且可以推測，一些經營槓桿效應帶來的好處現在已經趨於平緩。我對此很感興趣，因為這關係到目前的生產力水平。

How are you thinking about the margin evolution in the region going forward? Short-term needs for incremental investment relative to new opportunities for efficiencies, what those efficiency buckets might be, and then long-term, how do you anticipate North America margins at normalized levels relative to those in Europe?

您如何看待該地區未來的利潤率變化？短期內，相較於提高效率的新機會，需要增加哪些投資？這些提高效率的機會有哪些？從長遠來看，您如何預測北美利潤率在正常水平下相對於歐洲的利潤率？

John, I will start by, I think MJ possibly will compliment or JC here as well. There's a very clear and concrete part of your question which is the volume decline in in North America had consequences, of course, in the levels of absorption and some of the penalties that MJ was referring to.

約翰，我先說一下，我覺得MJ或JC可能也會同意。你的問題中有非常清晰和具體的部分，那就是北美銷量的下降當然會對吸收水平以及MJ提到的一些處罰產生影響。

So that is the attribution to the, yeah, we call it lack of progress if you want, as we would have intended in North America. As we're lapping those effects eventually during quarter one, quarter two, as I mentioned in one of the previous questions on both food service and on the adjacencies, we do see underlying growth.

所以，這就是造成這種情況的原因，是的，如果你願意的話，我們可以稱之為缺乏進展，就像我們在北美所期望的那樣。正如我在之前關於餐飲服務及其相關領域的一個問題中提到的那樣，隨著我們在第一季和第二季逐漸消除這些影響，我們確實看到了潛在的成長。

So you see, you should be seeing those two lines crossing in the future now. There is absolutely nothing structural or long-term that you should be concerned about, and here we have said very very clear long-term guidelines for both our margin and profitability. And we have said consistently that we believe that the US should be driving strong profitable growth in the near future.

所以你看，以後你應該會看到這兩條線交叉。您完全不必擔心任何結構性或長期性問題，我們已經非常明確地闡述了我們的利潤率和盈利能力的長期指導方針。我們一直認為，美國在不久的將來應該會實現強勁的獲利成長。

It's only that the top-line has been most stubborn, for the reasons that we have explained so many times. There are some mechanical events that we're still lapping. Some of them are not under our full control, and we are focused relentlessly on driving consumer demands as we see.

只是最高層一直很頑固，原因我們已​​經解釋過很多次了。有些技術方面的改進我們還在進行中。有些因素我們無法完全控制，我們將全力以赴地推動我們所看到的消費者需求。

Already in clubs and as we see already in food service. So we will be relentless there. And and then with volume and with demand generation, you will eventually see what we're seeing in Europe, which is profit growth through consumer demand.

俱樂部裡已經出現了，餐飲服務業也已經出現了。所以我們會堅持不懈地追查下去。然後，隨著銷售和需求的成長，你最終會看到我們在歐洲看到的情況，那就是透過消費者需求來實現利潤成長。

Thanks for that. And then looking at Europe, a lot of conversation about the oat milk part of the category, but I'm curious, given how well-established plant-based beverages are in general in the region, what are you seeing from, some of the other varieties, soy milk, hazelnut? How do you think about the competitive advantage of, whether its formulation being used in creamers.

謝謝。然後看看歐洲，關於燕麥奶這個品類有很多討論，但我很好奇，考慮到植物性飲料在該地區總體上已經相當普及，你們對其他一些品種，比如豆奶、榛子奶，有什麼看法？您認為如果將其配方用於奶精中，會帶來怎樣的競爭優勢？

I'm curious what you're seeing with interactions with other plant-based varieties. Are volume softer? Do you see more price competition from other varieties? Can that price competition derail some of the progress that you're making in oat? Just, thoughts in the competitive environment in Europe.

我很想知道你觀察到與其他植物性品種的互動。體積更小嗎？您認為其他品種的價格競爭更激烈嗎？價格競爭會阻礙你們在燕麥領域的一些進展嗎？只是對歐洲競爭環境下的一些思考。

Very good. There are many elements of your question, Danielle again here, John. First, you see, it's not necessarily more established. You're talking about 30% penetration. So this category, when you look with perspective compared to all the categories we are used to manage you, us, it's on its infancy.

非常好。丹妮爾，約翰，你的問題包含很多面向。首先，你看，它不一定更成熟。你指的是30%的滲透率。所以，從我們習慣用來管理你我的所有類別來看，這個類別還處於起步階段。

So we look at the notion of opportunity of 70% category penetration ahead of us. That, that's how we look at the category. And when you look at it like that, you are creating new consumer demand. You're bringing new consumers into the category.

因此，我們展望未來，預計將實現 70% 的品類滲透率。這就是我們看待這個類別的方式。從這個角度來看，你就是在創造新的消費需求。你正在為這個品類帶來新的消費者。

And you're bringing new consumers into a category that by the new generations is not seen just as an alternative to cow's dairy. That is the most exciting, not that we have nothing. We're not changing our mission. Our mission is still identical, and we believe in our mission. It's just that bringing more people into this category takes a different playbook.

而且，你正在為新一代消費者帶來新的消費群體，他們不再只是將乳製品視為牛奶的替代品。那才是最令人興奮的，並不是說我們一無所有。我們的使命不會改變。我們的使命依然不變，我們堅信我們的使命。只是要讓更多的人進入這個群體，需要不同的策略。

So that that is the That is the most important part of addressing your question. Then, as coffee evolves into beverages and new, Gen Z and Alpha are kicking in, yes, you see some other crops evolving, but from a very small base. The reality is, as I said, I believe to Andrew at the beginning, the macro dynamic we see in Europe, whether it's in the established market for all on the new is ugly growth.

所以，這就是回答你問題最重要的部分。然後，隨著咖啡發展成飲料，Z世代和阿爾法世代開始嶄露頭角，是的，你會看到其他一些作物也在發展，但基礎非常小。現實情況是，正如我一開始對安德魯所說，我們看到的歐洲宏觀動態，無論是在成熟的市場還是新興市場，都是醜陋的成長。

Outgrows the oatmeal category and then that drives plant-based milk penetration and growth. That's the phenomenon we see today. Then the third angle to your question is pricing. You see, we command a strong premium in Europe.

超越燕麥片品類，進而推動植物奶的滲透與成長。這就是我們今天看到的現象。那麼，您問題的第三個角度就是定價。你看，我們在歐洲享有很高的溢價。

We have said this many times, there will always be space for pricing and private labels. That's not our market. And we respect consumers that go for price. That's not our game. We are in a value game and we feel very comfortable in it. So and we're driving growth and profitability in it. So that is in a nutshell, the way we see in Europe at the moment.

我們已經多次說過，價格差異化和自有品牌永遠都會有發展空間。那不是我們的市場。我們尊重註重價格的消費者。那不是我們的風格。我們身處價值導向的競爭環境中，並且對此感到非常得心應手。所以，我們正在推動該領域的成長和獲利。簡而言之，這就是我們目前在歐洲看到的現狀。

Great. Thank you for that.

偉大的。謝謝。

[Samuelson with Nordea Markets].

[薩繆爾森與諾迪亞市場]

Hi, and thank you for taking my question. Perhaps one question from my side, looking at the financial sequentially, we didn't see any improvement in free cash flow from Q2, despite the decrease in the cash conversion cycle. I'm just curious about how much there is still the squeeze from and what you would expect to be the magnitude for the next improvement in the coming quarters regarding a free cash flow.

您好，感謝您回答我的問題。我這邊可能有一個疑問，從財務數據來看，儘管現金週轉週期縮短，但我們並沒有看到第二季自由現金流有任何改善。我只是好奇目前還存在多大的壓力，以及您預計未來幾季自由現金流的改善幅度會有多大。

Hi, this is Marie-José. So look, since I joined at least two years ago, I've been repeating how cash is important to me and to the company, and this quarter, as you just mentioned, is another point of how much we are progressing on that field.

大家好，我是瑪麗-何塞。所以你看，自從我至少兩年前加入公司以來，我一直在強調現金流對我以及公司的重要性，而正如你剛才提到的，本季度再次證明了我們在這一領域取得了多大的進展。

So how to look at it that we've been working through a couple building blocks. The first one, of course, is to continue our P&L profitability journey. Second is definitely to double click on good practices and processes, and we do know that we have room for improvement when it comes to working capital.

所以，我們可以這樣理解：我們一直在逐步建立幾個基本要素。當然，首要任務是繼續推進我們的損益盈利之旅。其次，一定要加強對良好做法和流程的貫徹，我們也知道在營運資金方面還有進步的空間。

You saw the slide on the deck that as well show the improvements we're making not only from a free cash flow. But as well on the cash conversion cycle and then on top of that we remain disciplined on CapEx and you saw that as well as we go.

您在簡報中也看到了那張幻燈片，它展示了我們不僅在自由現金流方面所做的改進。但同時，我們也關注現金週轉週期，此外，我們在資本支出方面也保持著嚴格的紀律，正如你所看到的，我們做得非常出色。

So I'm not going to call any numbers or any evolution, but if you take all those building blocks and you look at how we have been continuously improving, it's a matter of time. We are on track. We are delivering our business plan. We are fully funded. It's a matter of time.

所以我不會給出任何具體的數字或發展趨勢，但如果你把所有這些組成部分都考慮進去，看看我們是如何不斷改進的，那這只是時間問題。我們一切進展順利。我們正在推進我們的商業計劃。我們資金充足。這只是時間問題。

This is all what I can tell you.

我只能告訴你這些。

Okay, understandable. Thank you very much for that.

好的，可以理解。非常感謝。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想把會議交還給布萊恩·卡尼，讓他做總結發言。

Great, thanks everyone for joining us today. If you have any follow-up questions, please feel free to to reach out to me and we can set something up. Have a great day.

太好了，感謝大家今天參加我們的節目。如果您有任何後續問題，請隨時與我聯繫，我們可以安排。祝你有美好的一天。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。