百事 (PEP) 2025 Q3 法說會逐字稿

Good morning, and welcome to PepsiCo's third quarter 2025 earnings question-and-answer session. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com. It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President, Investor Relations. Mr. Pamnani, you may begin.

早安，歡迎參加百事可樂 2025 年第三季財報問答環節。（操作員指示）今天的電話會議正在錄音，並將存檔於www.pepsico.com。現在，我很高興介紹投資者關係高級副總裁拉維·帕姆納尼先生。帕姆納尼先生，您可以開始。

Thank you, operator, and good morning, everyone. I hope everyone has had the chance this morning to review our press release and prepared remarks, both of which are available on our website. Before we begin, please take note of our cautionary statement.

謝謝接線員，大家早安。我希望今天早上每個人都有機會閱讀我們的新聞稿和準備好的發言稿，它們都可以在我們的網站上找到。在我們開始之前，請注意我們的警告聲明。

We may make forward-looking statements on today's call, including about our business plans, guidance and outlook. Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, October 9, 2025, and we are under no obligation to update.

我們可能會在今天的電話會議上做出前瞻性陳述，包括有關我們的業務計劃、指導和展望。前瞻性陳述本身涉及風險和不確定性，僅反映我們截至 2025 年 10 月 9 日的觀點，我們沒有義務更新。

When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results. Please refer to our third quarter 2025 earnings release and third quarter 2025 Form 10-Q available on pepsico.com for definitions and reconciliations of non-GAAP measures and additional information regarding our results, including a discussion of factors that could cause actual results to materially differ from forward-looking statements.

在討論我們的結果時，我們參考非公認會計準則指標，該指標從報告結果中排除了某些項目。請參閱 pepsico.com 上提供的 2025 年第三季度收益報告和 2025 年第三季度 10-Q 表，了解非 GAAP 指標的定義和調節以及有關我們業績的其他信息，包括可能導致實際結果與前瞻性陳述存在重大差異的因素的討論。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Executive Vice President and CFO, Jamie Caulfield. We ask that you please limit yourself to one question. And with that, I will turn it over to the operator for the first question.

今天與我一起出席的還有百事公司董事長兼執行長 Ramon Laguarta 和百事公司執行副總裁兼財務長 Jamie Caulfield。我們要求您只問一個問題。接下來，我將把第一個問題交給接線員。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（操作員指示）高盛的邦妮·赫爾佐格。

All right, thank you. Good morning, everyone. I had a question on the volume pressures you continue to face in both your food and beverage businesses. I guess, could you give us a sense of how much this is being impacted by your pivot to smaller pack sizes, maybe versus category trends softening or potential market share losses?

好的，謝謝。大家早安。我有一個問題，關於你們在食品和飲料業務中持續面臨的產量壓力。我想，您能否讓我們了解一下，轉向較小包裝尺寸對此有多大影響，也許是與類別趨勢疲軟或潛在的市場份額損失有關？

Essentially, how should we think about these volume declines? And then how should we think about volume growth moving forward? Is it realistic to assume that volumes could start to inflect, especially considering the robust innovation pipeline you've highlighted this morning? Thanks.

本質上，我們該如何看待這些交易量的下降？那我們該如何看待未來的銷售成長呢？假設交易量可能開始發生變化是否現實，特別是考慮到您今天早上強調的強勁創新管道？謝謝。

Good morning, Bonnie. Yeah, let me start with beverages. In beverages, the mass are easier when you take out the case back water kind of divestment or new business model we have, beverages actually grew volume in the quarter.

早上好，邦妮。是的，讓我先從飲料開始。在飲料方面，當你拿出我們現有的水類資產剝離或新商業模式時，品質會更容易，飲料的銷售量實際上在本季度有所增長。

So we're very happy with the performance on the beverage business, especially some of the larger brands like Pepsi grew volume, grew net revenue, grew shares. So positive, positive development in beverages.

因此，我們對飲料業務的表現非常滿意，尤其是百事可樂等一些較大的品牌，其銷售、淨收入和股價都有所成長。因此，飲料行業呈現出積極的發展勢頭。

In Foods, we changed the promo strategy in the summer, and we went rather than very deep on a particular brand as we did in '24. We try to provide everyday low value or better value to -- across all the brands. That impacted the volume, better revenue realization, probably a more balanced growth of the category and our competitiveness in the category. So that explains a little bit the Q3 volume.

在食品方面，我們在夏季改變了促銷策略，不再像 24 年那樣深入研究某個特定品牌。我們努力為所有品牌提供日常低價或更高價值的產品。這影響了銷量、更好的收入實現、可能使該類別的成長更加均衡以及我們在該類別中的競爭力。這稍微解釋了一下第三季的交易量。

Going forward, we're optimistic, as you said, both improvement of the basic performance. We had some service level issues early in the year as systems transition. Now that's behind, the service levels are very high on both businesses in the '97, '98, that's been well appreciated by our customers, and we're seeing much better fill rates, a much better execution point of sale that's driving growth.

展望未來，正如您所說，我們對基本業績的改善持樂觀態度。由於系統轉換，我們在今年年初遇到了一些服務水準問題。現在，問題已經解決，97 年和 98 年我們兩家公司的服務水平都非常高，得到了客戶的高度評價，而且我們的訂單填充率和銷售執行點也都得到了顯著提高，從而推動了業務的增長。

We're seeing, as you're saying, some of the innovation rolling out and that will give us volume growth. But I think we should think about the top line of the business and a balance between volume growth and price realization going forward. And we should see an acceleration in PBNA continued acceleration of net revenue in PBNA.

正如您所說，我們看到一些創新正在推出，這將為我們帶來銷售的成長。但我認為我們應該考慮業務的營收以及未來銷售成長和價格實現之間的平衡。我們應該會看到 PBNA 的淨收入持續加速成長。

And the same with the food business, we should be very close to flat this quarter in food actually. We're very optimistic that the business actually grew in the last four weeks, the last quarter and the last period that we closed. So optimistic about the top line growth on both businesses and the acceleration.

和食品業務一樣，本季我們的食品業務實際上應該接近持平。我們非常樂觀地認為，在過去四周、上個季度以及我們結束的最後一個期間，業務實際上都有所成長。因此，我對兩家公司的營收成長和加速持樂觀態度。

And when -- with regards to international, we had a bit of a weaker summer because of some weather and some other elements in some of our large markets. September was also very good in international. So we see that as the summer a bit of a blip and international is back to mid-single digit, high mid-single-digit performance in the last month that we closed.

就國際市場而言，由於一些天氣和其他因素的影響，我們的一些大型市場今年夏天的表現略顯疲軟。九月的國際賽事也非常精彩。因此，我們看到，隨著夏季的到來，國際業務出現了一些波動，而在我們結束的最後一個月，國際業務又回到了中等個位數、高中等個位數的業績。

The other thing I'd add, Bonnie, is as we lap some of these acquisitions, if you look at a Siete, poppi, the Alani Nu, that's not included in organic. So as we anniversary those, the volume and net revenue is going to be reflected in the organic sales growth.

邦妮，我想補充的另一件事是，當我們回顧這些收購時，如果你看一下 Siete、poppi、Alani Nu，你會發現它們並不包含在有機產品中。因此，當我們紀念這些時，銷售和淨收入將反映在有機銷售成長中。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

Hey, good morning. So the commentary was helpful on top line growth. I guess just looking out more to 2026 and longer term, obviously, a lot of work is underway to reinvigorate top line growth, clearly, the heightened innovation focus, focused on permissible or more functional benefits in terms of products, portfolio reshaping, price pack architecture, away from home, et cetera, et cetera.

嘿，早安。因此該評論對收入成長很有幫助。我想，如果只著眼於 2026 年及更長遠的未來，顯然，我們正在進行大量工作來重振營收成長，顯然，我們更加重視創新，注重產品、產品組合重塑、價格包架構、客場等方面允許的或更多功能性優勢。

So just when you bring it all together, Ramon, which areas do you think are most impactful as we think about potentially accelerating revenue growth in 2026? Can you give us a little more specificity on when you think we'll start to see material progress on that front?

那麼，拉蒙，當您把所有這些結合起來時，當我們考慮 2026 年可能加速收入成長時，您認為哪些領域最具影響力？您能否更具體地告訴我們何時才能開始看到這方面的實質進展？

And do you think there's a line of sight to returning potentially the long-term top line growth, your long-term algo at some point within 2026, just when you wrap all these efforts together. Thanks.

您是否認為，當您將所有這些努力結合在一起時，有可能在 2026 年的某個時候恢復長期營收成長和長期演算法？謝謝。

Yeah, thank you, Dara, for the question, and it's super critical, right? We're acting with a lot -- as you can -- as you saw and you said with a lot of sense of urgency on how we recognize top line growth, the growth across the business. And yes, we see a clear line of sight to going back to algorithm throughout '26.

是的，謝謝你，達拉，這個問題非常關鍵，對吧？正如您所看到的，我們正在採取許多行動，並且非常緊迫地考慮如何實現營收成長、整個業務的成長。是的，我們清楚地看到了在 26 年回歸演算法的趨勢。

Now is it Q3, is it Q4? We'll see. But clearly, I'll tell you about why we see that happening during the year. The first one is being brilliant at the basics. And that is something that we're focusing on. As I said earlier, the right price points, the right service levels, the right execution, the right service to our customers, the right customer plans.

現在是 Q3 嗎，是 Q4 嗎？我們拭目以待。但顯然，我會告訴你為什麼我們會看到今年發生這種情況。第一個是基礎紮實。這正是我們關注的重點。正如我之前所說，正確的價格點、正確的服務水準、正確的執行、為客戶提供正確的服務、正確的客戶計畫。

And we feel very good about how our customer plans are starting to shape up, and we're already quite advanced in the process with our larger customers. So that's being brilliant at the basics. And we're making some big interventions in big brands. I said Pepsi is growing globally, and we relaunched Pepsi 1.5 years ago. Now we're going after three of our top brands Lays, Tostitos and Gatorade.

我們對客戶計畫的進展感到非常滿意，並且我們在與大客戶的合作過程中已經取得了相當的進展。所以，從根本上來說，這是非常出色的。我們正在對一些大品牌進行一些重大干預。我說過百事可樂在全球正在發展，我們在一年半前重新推出了百事可樂。現在，我們正在進軍三大頂級品牌：樂事、多滋多滋和佳得樂。

We're relaunching three of our top brands in the US and globally, and that is going to drive growth in the core of the business, which is essential to your point on what's going to drive future growth. Now that is happening as we speak with Lays and Tostitos, and it's happening with Gatorade a little bit later in the Q1 to Q2 time frame.

我們正在美國和全球重新推出我們的三大品牌，這將推動核心業務的成長，這對於您對未來成長動力的觀點至關重要。現在，當我們談論樂事和多士多滋時，這種情況正在發生，而佳得樂的情況將在第一季至第二季的稍後時間範圍內發生。

The other element we're focusing on is really accelerating the platforms that are growing. And you mentioned some. Away-from-home is growing very fast for us in the US and internationally. It's going to be a focus for us. It's growing like 2 to 3 times the retail business. We'll continue to focus this execution of existing products and then some innovation special for away-from-home moving towards mills and more elevated experience.

我們關注的另一個因素是真正加速正在發展的平台。你也提到了一些。我們在美國和國際上的戶外業務發展非常迅速。這將成為我們的關注重點。它的成長速度是零售業務的2到3倍。我們將繼續專注於現有產品的執行，然後進行一些特別針對戶外運動的創新，以達到工廠和更高級的體驗。

You mentioned permissible snacks. We have a very strong portfolio of permissible snacks in the US and Zero Sugar across the world. That will continue to be a focus of our innovation and that will drive growth. And then we have in functional hydration, we have a superior portfolio with Propel and the enhancers and tablets growing very fast. Those will be platforms of existing parts of the portfolio that will put a lot of investments that will drive growth.

您提到了允許吃的零食。我們在美國擁有非常強大的允許零食產品組合，在世界各地擁有零糖產品組合。這將繼續成為我們創新的重點，並將推動成長。然後我們在功能性補水方面，我們擁有優質的產品組合，其中 Propel 和增強劑和片劑增長非常迅速。這些將成為投資組合中現有部分的平台，將投入大量投資來推動成長。

Now innovation is critical for us, and we've been working with a real sense of urgency on new platforms to capture segments of the market that are disproportionately growing within our somehow low growth categories.

現在創新對我們來說至關重要，我們一直懷著緊迫感致力於開發新平台，以佔領那些在我們成長緩慢的類別中成長過快的細分市場。

So you mentioned protein. So there are a lot of innovation on protein, the relaunch of Muscle Milk, Starbucks and protein, we know in the morning, consumers are looking for protein as well. Doritos protein, quicker protein.

所以你提到了蛋白質。因此，在蛋白質方面有許多創新，重新推出的 Muscle Milk、星巴克和蛋白質，我們知道，早上消費者也在尋找蛋白質。多力多滋蛋白質，速食蛋白質。

We're having a Good Warrior mid snacks without artificial, and then a new development from Propel for GLP-1 consumers that will have a special type of electrolyte, high content of fiber and good levels of protein. So that in the protein space, which, as you know, is driving a lot of growth.

我們正在推出一款不含人工成分的 Good Warrior 中型零食，然後是 Propel 為 GLP-1 消費者開發的一款新產品，它含有一種特殊類型的電解質、高含量的纖維和良好的蛋白質水平。因此，正如您所知，蛋白質領域正在推動大量成長。

Now the move to no-artificials, impacting all our brands, Lays and Tostitos now that the rest of the portfolio throughout '26. And a new platform, we call it Naked, that will have no colors and no artificials. We'll see how consumers react to the same great flavors with no colors.

現在，我們轉向不使用人工添加劑，這影響了我們所有的品牌，包括樂事和 Tostitos，以及整個 26 年產品組合中的其他品牌。我們把這個新平台稱為“Naked”，它不含任何顏色，也不含任何人工成分。我們將觀察消費者對不含色素的同樣美味食品有何反應。

The customers are really very excited. We're also excited. Let's see if we can take consumers along in what would be a great development for the category. We're launching products with higher fiber. I think fiber will be the next protein. Consumers are starting to understand that fiber is the benefit that they need, is actually an efficiency in US consumers diet and that will be elevated.

顧客們確實非常興奮。我們也很興奮。讓我們看看我們是否能夠帶領消費者一起推動這一類別的偉大發展。我們正在推出纖維含量較高的產品。我認為纖維將成為下一個蛋白質。消費者開始意識到纖維是他們所需要的營養，實際上是美國消費者飲食中的一種功效，而且這種功效還會不斷提升。

And then we're also innovating in new oil. Some of our platforms, especially in potato, you will see us coming with avocado oil versions and olive oil. So a very strong innovation pipeline, which we think will help us capture pockets of growth in our categories that will drive growth.

我們也正在新型石油方面進行創新。在我們的一些平台上，特別是在馬鈴薯平台上，您會看到我們推出酪梨油版本和橄欖油。因此，我們認為非常強大的創新管道將幫助我們抓住推動成長的類別中的成長點。

And the last element, as Jamie was saying, we made some acquisitions that are very strategic in how we reshape the portfolio. We divested some. We acquired some. We're very optimistic how poppi is now in our system, and we're already seeing benefits of the physical availability of the product.

最後一點，正如傑米所說，我們進行了一些對於重塑投資組合非常具有戰略意義的收購。我們剝離了一些。我們獲得了一些。我們對 poppi 在我們系統中的表現非常樂觀，我們已經看到了該產品實體可用性帶來的好處。

We're seeing growth with CHA, we're seeing growth with Sabra, and we're going to incorporate Alani Nu into our portfolio later in the year. So those are new platforms that will continue to accelerate the portfolio.

我們看到 CHA 正在成長，我們看到 Sabra 正在成長，我們將在今年稍後將 Alani Nu 納入我們的投資組合。因此，這些都是將繼續加速投資組合的新平台。

Some of that will be organic, some of that will be non-organic, but that's what -- how we see the portfolio moving towards positive growth in some parts of the portfolio, the total company going towards within our long-term net revenue growth targets within next year. And obviously, we're working to do it as soon as possible.

其中一些將是有機的，一些將是非有機的，但這就是 - 我們看到投資組合中的某些部分將朝著正增長的方向發展，整個公司將在明年朝著我們的長期淨收入增長目標邁進。顯然，我們正在努力盡快完成這項任務。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Great, thanks so much. Good morning. I wanted to talk a little bit or ask a little bit about the cost associated with a lot of these innovations in the plus protein, better for you, cleaner labels, et cetera, that you run through. Would think that these come at a higher cost of goods? I know you've talked a lot about cost savings as well, but I think you're going to want to reinvest.

太好了，非常感謝。早安.我想稍微談談或問一下您所經歷過的與蛋白質、對您更有益、更乾淨的標籤等許多創新相關的成本。您會認為這些商品的成本更高嗎？我知道您也談了很多關於節省成本的事情，但我認為您會想要重新投資。

So you talk a little bit about margin structure, or how to think about the cost implications of taking the portfolio and your big core brands in this direction. And also what you do to make sure there's sufficient brand support for these launches, particularly as we look into '26. Thanks.

所以，您稍微談談利潤結構，或是如何考慮將產品組合和核心品牌朝這個方向發展所帶來的成本影響。以及您要採取哪些措施來確保這些產品的發布獲得足夠的品牌支持，特別是在我們展望 26 年的時候。謝謝。

Yeah, good. The overall company we think that we'll continue to improve margins going forward. And we're -- again, with a very high sense of urgency, we are attacking the cost structure in the different businesses with different tools.

是的，很好。我們認為，整個公司未來的利潤率將持續提高。而且我們——再次，帶著高度的緊迫感，我們正在用不同的工具來攻擊不同業務的成本結構。

In particular, you already saw probably today in our remarks, how we are attacking the deleverage in Frito-Lay with very, I would say, intentional and active actions around the supply chain and the go-to-market fixed cost, and that's happening.

特別是，您可能已經在我們今天的演講中看到，我們正在透過圍繞供應鏈和上市固定成本採取非常有意和積極的行動來應對菲多利的去槓桿化，而這種情況正在發生。

Total company, Lauren, we see the margin improvement next year, again, driven by the continuous acceleration of international. And international is accretive to the company and continues to scale and becoming more profitable. That will continue in 2026.

勞倫，總體而言，我們預計明年利潤率將再次提高，這得益於國際業務的持續加速。國際業務對公司來說具有增值作用，可以持續擴大規模並提高獲利能力。這種情況將持續到 2026 年。

We see PBNA continue to expand margins at a good pace. The Q3 was impacted by tariffs. We see already in Q4 and expansion of the margin again to complete a positive margin expansion for the full year. And we see Frito-Lay or the Food business in North America also starting to bend the curve after all the interventions we're making in the fixed cost structure.

我們看到 PBNA 的利潤率繼續以良好的速度擴大。第三季受到關稅的影響。我們已經看到第四季利潤率再次擴大，從而完成全年利潤率的正成長。我們看到，在我們對固定成本結構進行各種幹預之後，菲多利或北美的食品業務也開始扭轉局面。

The truth is that we invested a lot in Frito-Lay in the last few years. Some of that was under investment. Some of that was expanding capacity. The demand signal we had in '23 is different from the demand signal we have in '25.

事實上，過去幾年我們在菲多利公司投入了大量資金。其中一些正在投資中。其中一些是擴大產能。我們在 23 年遇到的需求訊號與 25 年遇到的需求訊號不同。

So there is some adjustment that we're making to the -- both the assets and the headcount in the business to make sure that we have the right cost structure to navigate the coming quarters. So think about expansion of the margin for total PepsiCo with the drivers that I said.

因此，我們正在對業務中的資產和員工人數進行一些調整，以確保我們擁有正確的成本結構來應對未來幾季。因此，請考慮一下我所說的驅動因素對百事可樂整體利潤率的擴大。

The portfolio as you mentioned, cost of goods, yes, but also price will be higher. So you should see the innovation as accretive to the business. And the A&M, we're making, obviously, internal reallocations to make sure that the new platforms have the right money. And also some of the costs that we're taking out from our fixed cost structure, we will put it back into A&M to accelerate growth in the coming quarters.

正如您所提到的產品組合，商品成本是的，但價格也會更高。因此，您應該將創新視為對業務的增值。對於 A&M，我們顯然正在進行內部重新分配，以確保新平台有足夠的資金。此外，我們從固定成本結構中拿出的一些成本，我們將重新投入 A&M，以加速未來幾季的成長。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Great, thank you, everybody. We're going to picking up on that thread with respect to productivity. Could you just give a little bit more detail on where the interventions are specifically in PFNA that you're making to right size that kind of fixed cost structure. And how far along you think you'll be at the end of '25. Do you think you'll have rightsized that business relative to the current demand signal, or is there more work to do in '26?

太好了，謝謝大家。我們將在生產力方面繼續討論這個主題。您能否更詳細地介紹您在 PFNA 中採取的具體幹預措施，以正確調整這種固定成本結構。您認為到 25 年底您會取得多大的進展？您是否認為您會根據當前的需求訊號調整該業務的規模，或者在 26 年還有更多工作要做？

And if I could, one of the things that I didn't see in today's remarks or release is any difference to One North America, which obviously was a big point of focus last quarter. So maybe you could talk about if that emission was intentional or just kind of where we are with One North America as well. Thank you.

如果可以的話，我在今天的演講或發布中沒有看到的一件事就是它與北美一號有什麼不同，這顯然是上個季度關注的重點。所以也許你可以談談這種排放是否是故意的，或者只是我們與 One North America 的情況有關。謝謝。

Yeah, good. So let me cover both. On Frito, I'll give you -- we're clearly going after some manufacturing nodes that are not needed anymore. These are normally the least efficient older manufacturing nodes that we have in the system.

是的，很好。因此，讓我來介紹一下這兩個方面。關於 Frito，我會告訴你——我們顯然正在追求一些不再需要的製造節點。這些通常是我們系統中效率最低的舊製造節點。

And as we've increased capacity throughout the system in the last few years, those nodes can go away. We're also rationalizing our warehouse infrastructure, both in the context of some automation decisions that we're making and also some combination with the beverage business in some parts of the country.

隨著我們在過去幾年中增加了整個系統的容量，這些節點可能會消失。我們也正在合理化我們的倉庫基礎設施，這不僅考慮到我們正在做出的一些自動化決策，也考慮到與該國某些地區的飲料業務的結合。

There is a rightsizing of our go-to-market as we see the labor market stabilizing some of the excess labor that we had in go to market, now we can probably leave without those extra coverage. So those are the three main areas.

由於我們看到勞動市場正在穩定一些我們在進入市場時遇到的過剩勞動力，因此我們對進入市場的規模進行了適當調整，現在我們可能不需要這些額外的保障。這就是三個主要領域。

There's the global levers of we're servicing PepsiCo from global capability centers and some of the changes we're making in how we service the company that is also a continuation that applies to Frito-Lay. Now the good news in Frito-Lay is that when we see the productivity per FTE is now at the levels of a couple of years ago.

我們從全球能力中心為百事公司提供服務，我們在服務該公司的方式上也做出了一些改變，這也是對菲多利的延續。現在，菲多利的好消息是，我們看到每位全職員工的生產力已經恢復到幾年前的水準。

So we've been able to get to those metrics with the reduction of fixed cost that we've done in the last six, seven months. There will be a continuation of those interventions in the balance of the year. And I think they will continue, that we will have additional productivity interventions in '26 because we need to invest in affordability and we need to invest as was previously mentioned in some of the new platforms to drive growth. So you should expect that in the coming months.

因此，透過過去六、七個月降低固定成本，我們已經能夠達到這些指標。在今年餘下的時間裡，我們將繼續採取這些幹預措施。我認為他們會繼續，我們將在 26 年採取額外的生產力幹預措施，因為我們需要投資於可負擔性，我們需要投資於一些新的平台，正如之前提到的，以推動成長。因此，您應該可以預料到未來幾個月內會發生這種情況。

Now I don't know, Jamie, if you want to add something to the productivity.

現在我不知道，傑米，你是否想增加一些東西來提高生產力。

The only other thing I'd add is the pace of productivity, it built as we went out -- went through the year, and we took some of these incremental cost resizing actions. So as you go into 2026, we're going to have a pretty significant carryover benefit of those actions, particularly in the first half of the year.

我唯一要補充的是生產力的步伐，它是隨著我們出去而建立的——經過一年的時間，我們採取了一些增量成本調整措施。因此，當進入 2026 年時，我們將獲得這些行動帶來的相當顯著的延續效益，特別是在上半年。

Yeah. On One North America, we continue to -- as we look at all the different opportunities to reduce costs, improve margins, drive growth, we're looking at One North America is one of the options. We're testing that in Texas.

是的。關於“北美一號”，我們將繼續進行——當我們考慮降低成本、提高利潤率、推動成長的所有不同機會時，我們認為“北美一號”是其中一個選擇。我們正在德克薩斯州進行測試。

Texas is probably the state where we have the biggest opportunity given our low share in beverages, high share in snacks, when we put those businesses in the same warehouse, and we serve the customers from 1 point of distribution, this is giving us a lot of benefits. So we will see.

鑑於我們在飲料中的份額較低、在零食中的份額較高，德克薩斯州可能是我們擁有最大機會的州，當我們將這些業務放在同一個倉庫中，並從一個分銷點為客戶提供服務時，這給我們帶來了很多好處。我們將拭目以待。

We're testing and learning in Texas. And from that, we will make decisions on how we expand it to the rest of the country. The end solution will not be a one size fits all for the whole country. So it will be more of a nuanced solutions depending on the market positions and the market size and where the population is in the different parts of the country. So we'll keep updating you on the decisions in that space.

我們正在德克薩斯州進行測試和學習。在此基礎上，我們將決定如何將其擴展到全國其他地區。最終的解決方案不會是適合整個國家的一刀切。因此，這將是一個更細緻的解決方案，取決於市場地位、市場規模以及不同地區的人口分佈。因此，我們會持續向您通報該領域的決定。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Hi, good morning, everyone. I want to talk about the international business. Ramon, you mentioned the quarter was negatively impacted by poor weather, but you saw a nice improvement in September, which is pretty encouraging.

大家好，早安。我想談談國際業務。拉蒙，您提到本季受到惡劣天氣的負面影響，但 9 月情況有了明顯改善，這非常令人鼓舞。

But some of your peers have talked about like some macro pressures in regions like Latin America, Asia Pacific include including India, maybe can you give us a sense of the health of the consumer in some of those countries? What are you seeing? And what gives you the confidence in the acceleration? Thank you.

但是您的一些同行談到了拉丁美洲、亞太地區（包括印度）的一些宏觀壓力，您能否讓我們了解其中一些國家的消費者健康狀況？你看到了什麼？是什麼讓您對加速充滿信心？謝謝。

Yeah, it's great, Filippo. I think, listen, when it comes -- when it -- talking about Q3, I think most of the deceleration are linked to mostly weather, Filippo in some of the large markets. And the good news, as I said, is that September was -- is strong -- was strong, and we feel good about the balance of the year going back to the mid- to high mid-single digits for our international business.

是的，太棒了，菲利波。我認為，聽著，當談到第三季時，我認為大部分減速都與天氣、一些大型市場的菲利波有關。正如我所說，好消息是 9 月表現強勁，我們對今年國際業務恢復到中高個位數成長感到滿意。

Now overall, the consumer is, I would say, is stressed all over the world. We see the consumer making very choiceful decisions in many parts of the world, in China for sure, and China is a big market for us. Not so much in India.

現在整體而言，我想說，全世界的消費者都面臨壓力。我們看到，世界許多地方的消費者都在做非常精挑細選的決定，中國更是如此，中國對我們來說是一個龐大的市場。在印度則不然。

We're seeing growth in India. India was more impacted by weather, and there's some competitive situation in the beverage category that will impact the growth maybe for a few quarters but coming back strong.

我們看到印度正在成長。印度受天氣的影響更大，飲料類別的競爭情況可能會影響幾季的成長，但很快就會強勁復甦。

We're seeing good growth in the Middle East. The consumer in the Middle East is probably feeling good. Eastern Europe better than Western Europe, I would say. And then, yeah, Mexico is somehow connected to the US, right? And however, the US goes, that impacts Mexico quite a lot.

我們看到中東地區出現了良好的成長。中東的消費者可能感覺良好。我想說，東歐比西歐好。是的，墨西哥與美國有某種聯繫，對嗎？然而，美國認為，這對墨西哥影響很大。

Clearly, the Hispanic cohort in the US is being impacted by all these decisions. And we see remittances impact in Mexico in a way and that will continue probably for the next few quarters. Brazil continues to be strong for us, close to double digit in September in a good summer -- their summer -- I mean, our summer.

顯然，美國的西班牙裔群體正受到所有這些決定的影響。我們看到匯款對墨西哥產生了一定的影響，這種影響可能會持續數季。巴西隊對我們來說繼續表現強勁，9 月的客流量接近兩位數，這是一個美好的夏天——他們的夏天——我的意思是，我們的夏天。

And so good, I would say, we see the consumer different parts of the world, different realities. But overall, we're managing to compete well, and we're managing to keep consumers in our brands and developing the per caps, which is the big idea for us internationally.

我想說的是，這很好，我們看到了來自世界不同地區的消費者，他們有著不同的現實。但總體而言，我們設法保持良好的競爭力，並設法讓消費者對我們的品牌產生好感，同時提高人均消費量，這對我們國際市場來說是一個重大舉措。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good morning. Just want to come back to brand Pepsi, seeing it's better improvement -- it's better momentum and improvement in the US and even from a share performance perspective. And just curious, maybe some of what's been driving that? How much is it just a changing of the messaging or maybe an increase in marketing?

謝謝。早安.只想回到百事可樂品牌，看到它更好的改進——它在美國甚至從股票表現的角度來看都有更好的發展勢頭和改進。我只是好奇，也許是什麼導致了這種情況？這在多大程度上只是改變了訊息傳遞方式，還是增加了行銷力道？

And also when you talked about optimizing marketing spend as one of the ways to drive better ROI. Is there -- to the marketing spending that's planned, or do you believe you can be more efficient? Maybe help us understand just how to think about that language there as well.

而且當您談到優化行銷支出是提高投資報酬率的方法之一。是否有計劃的行銷支出，或者您認為可以更有效率？也許可以幫助我們理解如何思考那裡的語言。

Yeah, I think, as I mentioned, I think the Pepsi run has been a success for us. Every launch we did, I think, about 1.5 years ago in the US, about a year, a bit more in international has been a great success. And we're seeing momentum in the Pepsi brand in many, many markets. I would say internationally, it is driven by the non-sugar success.

是的，我認為，正如我所提到的，百事可樂的營運對我們來說是成功的。我認為，大約一年半前我們在美國推出的每一個產品，大約一年前，在國際上推出的每一個產品都取得了巨大的成功。我們看到百事可樂品牌在許多市場上呈現強勁勢頭。我想說，從國際上看，這是由非糖業務的成功所推動的。

I think Zero Sugar, and non-sugar, Max in Europe. It is driving consumers to the brand. It is keeping consumers in the brand and continue to be very positive for us from the market share, but also the overall non-sugar segment growth. So we're very pleased with that.

我認為歐洲的零糖和無糖是 Max。它正在推動消費者關注該品牌。它讓消費者繼續信賴該品牌，並且對我們的市場份額以及整體非糖領域的成長都產生了積極的影響。所以我們對此感到非常高興。

In the US, multiple factors. As I said, there is a I would say, a focus on away from home and food is sure Pepsi. I think the mill location is critical for beverages. It's very important for Cola. And we are focusing more and more in gaining points of access to the brand and linking the brand to that particular occasion in a culturally relevant way, no different types of foods for different types of consumers and good execution.

在美國，有多種因素。正如我所說的，我想說，百事可樂肯定會關注客場和食物。我認為工廠的位置對於飲料來說至關重要。這對可樂來說非常重要。我們越來越注重獲得品牌的切入點，並以文化相關的方式將品牌與特定場合聯繫起來，為不同類型的消費者提供不同類型的食物，並進行良好的執行。

I thought we're investing a bit more in the brand, and that is relevant, as you said, from the marketing point of view. There are two platforms that are growing faster than the rest. One is Zero Sugar, which is consistent with our international growth story.

我認為我們在品牌上投入了更多，正如您所說，從行銷的角度來看，這是有意義的。有兩個平台的成長速度比其他平台更快。一個是零糖，這與我們的國際成長故事一致。

And the second one is flavors. And flavors, especially Wild Cherry and Cream, but some others are bringing new consumers to the brand, younger consumers of the brand, and that is positive news for the development of Pepsi. So we feel good.

第二個是口味。還有口味，尤其是野櫻桃和奶油，但其他一些口味也為該品牌帶來了新的消費者，更年輕的消費者，這對百事可樂的發展來說是個好消息。所以我們感覺很好。

We'll continue with those drivers. We'll continue to invest in what is our -- clearly, our most important brand in the beverage portfolio. And we'll -- for next year, we're assuming that Pepsi will continue to grow, and we'll be able to add some new layers of growth with Mountain Dew and Baja Blast is a very solid platform, $1 billion retail value when you include both our sales and Taco Bell sales. So it's a very strong consumer platform. We're adding now a new a new platform with Dirty Dew.

我們將繼續使用這些驅動程式。我們將繼續投資於我們飲料產品組合中最重要的品牌。我們預計，對於明年，百事可樂將繼續成長，我們將能夠透過激浪和 Baja Blast 增加一些新的成長層次，這是一個非常穩固的平台，如果將我們的銷售額和塔可鐘的銷售額都算上，零售價值將達到 10 億美元。所以這是一個非常強大的消費者平台。我們現在正在添加一個帶有 Dirty Dew 的新平台。

So kind of a creamy flavors to the Mountain Dew platform. I think that will continue to expand the brand into more consumers. And then as I mentioned, the relaunch of Gatorade, which is critical for us. We're leaders in a category that needs to grow faster. So we're working on value for Gatorade.

因此，激浪平台具有一種奶油味。我認為這將繼續擴大品牌影響力，吸引更多的消費者。然後正如我所提到的，重新推出佳得樂，這對我們來說至關重要。我們是需要更快發展的領域的領導者。因此，我們正在努力提高佳得樂的價值。

But most importantly, we're working on to your point of marketing on superior hydration. We know we have proven superior electrolyte combinations that deliver both faster hydration, better hydration, longer hydration. And we are working on different parts of the portfolio to convey that message to the consumer. And we're optimistic about how that will play out for us.

但最重要的是，我們正在努力實現您關於卓越保濕的行銷目標。我們知道，我們已經證明了優質的電解質組合能夠實現更快的補水、更好的補水、更長的補水。我們正在對產品組合的不同部分進行改進，以便向消費者傳達這一訊息。我們對這結果充滿樂觀。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thank you. Good morning, everyone. So I was hoping to follow up on the prior commentary. I think it was Bonnie's question. So I think you mentioned an expectation for PFNA to get back to kind of flat organic sales performance in the fourth quarter and that you actually saw the business return to growth in the last month.

謝謝。大家早安。所以我希望跟進之前的評論。我認為這是邦妮的問題。所以我認為您提到了對 PFNA 第四季度恢復平穩有機銷售業績的預期，並且您實際上看到業務在上個月恢復了增長。

So just as you look at what happened over the last month, is that simply a function of what you were lapping? Or is it more related to the actions around innovation and everyday execution. It's just not something we've seen yet in the data. So just any color on what happened in the last month, has that drives the confidence on the path forward. Thanks.

那麼，正如您所看到的，過去一個月發生的事情是否只是您所做的事情的一個函數？或者它與圍繞創新和日常執行的行動更相關。這只是我們尚未在數據中看到的情況。因此，上個月發生的任何事件都會增強我們前進道路上的信心。謝謝。

I mean, listen, clearly, there is sequential improvement in the business. And at this point, I would say it is more related to being brilliant at the basics. So doing better the core things that drive our category, service, price, execution, customer space, et cetera. So the key drivers of our category.

我的意思是，聽著，顯然，業務正在不斷改善。在這一點上，我想說這更多是與基礎的出色表現有關。因此，我們要更能推動我們的產品類別、服務、價格、執行、客戶空間等核心事物。這是我們類別的關鍵驅動因素。

I don't think it's a one-off. We see a better customer engagement, customer relation as our service levels became better following the system transition early in the year, and that should be sustainable. Now I don't want to like things can change, things can evolve. But clearly, the direction of the business, it's in the right direction, and we're seeing signs that make us feel optimistic.

我不認為這是一次性事件。隨著今年年初系統轉型後我們的服務水準變得更好，我們看到了更好的客戶參與度和客戶關係，而且這種情況應該是可持續的。現在我不想喜歡事物可以改變、事物可以發展。但顯然，業務的方向是正確的，我們看到了讓我們感到樂觀的跡象。

Andrea Texeira, JPMorgan.

摩根大通的 Andrea Texeira。

Thank you, and good morning, everyone. So my question is how to think about the headwinds of the SKU rationalization impacting your organic growth? And two clarifications, Ramon, for PFNA, can you comment on the results of the price reinvestments, in particular in the core brands at the entry-level price points?

謝謝大家，早安。所以我的問題是如何看待 SKU 合理化所帶來的不利因素對有機成長的影響？拉蒙，對於 PFNA，我想澄清兩點，您能否評論一下價格再投資的結果，特別是入門級價位的核心品牌？

And then second, I think you and Subhani and Peter a bit on the volume inflection, is that a commentary in the -- you said volume inflected positive in the last four weeks. Is that for a total company or specific to some regions? I'm assuming specific to some regions in areas where you're seeing that service level coming back. So where are you seeing, if that's the case, where you're seeing the volume inflection? Thank you.

其次，我認為您和 Subhani 以及 Peter 對交易量變化的看法有些不同，您說交易量在過去四周內發生了正向變化。這是針對整個公司還是針對某些地區？我假設在某些地區，您會看到服務水準正在恢復。那麼，如果確實如此，您在哪裡看到了成交量轉折點？謝謝。

Andrea, pardon me, it's Jamie. On the SKU rationalization, I mean, there's a lot of benefits that come from cutting the long tail. And as we analyze the portfolio, there's a lot of overlap on those very small volume items with some of our larger parts of our portfolio.

安德里亞，對不起，我是傑米。關於 SKU 合理化，我的意思是，削減長尾會帶來很多好處。當我們分析投資組合時，我們發現那些交易量非常小的項目與我們投資組合中一些較大的部分有許多重疊。

And as you cut that long tail, you create a lot of operational efficiency that leads to better customer service and that -- so you're not losing a lot, and there's a lot to gain through the efficiency and improved service, I missed.

當你剪掉長尾時，你會創造很多營運效率，從而帶來更好的客戶服務，這樣你就不會損失太多，而且透過提高效率和改進服務可以獲得很多好處，我錯過了。

Yeah. Andrea, on the entry price points, can you just restate your question on that? We didn't quite capture it as you were cutting off there a little bit.

是的。安德里亞，關於入門價格點，您能重申您的問題嗎？由於您在那裡稍微打斷了一點，所以我們沒有完全捕捉到它。

Her line has actually left the queue. Can you give me one moment, I could not bring her back, okay?

她的隊伍實際上已經離開了隊列。你能給我一點時間嗎，我無法讓她回來，好嗎？

Okay, it's not a big deal, operator, either way.

好的，不管怎樣，這都沒什麼大不了的，操作員。

Okay, one moment. And your line is opening Andrea, you can now repeat the question.

好的，請稍等。安德里亞，您現在就可以重複這個問題了。

Thank you. So for the PFNA, if you're thinking like the pricing investments that you made in some of the core brands and entry-level price points, can you comment on how those results have been coming up, or it's more coming from the permissible area of the business, how we should be thinking about the price investments you've been making for, I think, more than three quarters for now?

謝謝。因此，對於 PFNA，如果您考慮對某些核心品牌和入門級價格點進行的價格投資，您能否評論一下這些結果是如何產生的，或者它更多地來自業務的允許領域，我們應該如何考慮您目前已經進行的價格投資，我想，已經超過三個季度了？

Yes, so I view them as too fairly separate. The permissible subcategory is doing well, our permissible portfolio continues to do well. We look at the entire portfolio for price pack architecture opportunities. I think the bigger opportunity is in some of, what I'll call, more of the mainstream in take-home.

是的，所以我認為它們之間的差異太大了。允許的子類別表現良好，我們的允許投資組合繼續表現良好。我們檢視整個投資組合，尋找價格組合架構機會。我認為更大的機會在於一些我稱之為「帶回家的主流產品」的東西。

And we've been refining as we've moved through the year, we'll continue to refine as we get more and more data on how the brands and the packs are interacting with each other across the competitive set. And yes, so that's the priority is to make sure that we've got the pricing very sharp to help drive demand.

隨著時間的推移，我們一直在不斷改進，隨著我們獲得越來越多關於品牌和包裝如何在競爭中相互作用的數據，我們將繼續改進。是的，我們的首要任務是確保定價非常合理，以幫助推動需求。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey, Ramon, Jamie, good morning. Ramon, one of the areas where you focused a lot on in the prepared remarks within PBNA what was on protein. And I guess I just want to understand a little bit more on the decision of kind of using the in-house brands like Muscle Milk or Propel to address protein in a bigger way versus other subcategories like energy or prebiotic where you've either bought or partnered.

嘿，拉蒙，傑米，早安。拉蒙，在 PBNA 的準備演講中，您重點關注的領域之一是蛋白質。我想我只是想多了解一下，是使用 Muscle Milk 或 Propel 等自有品牌來更大規模地解決蛋白質問題，還是使用購買或合作的其他子類別（如能量或益生元）來解決這個問題。

So maybe just if you can expand a little bit on kind of the decision to go more organic versus acquisition or partnership as we think about protein and beverages going forward. Thanks very much.

因此，當我們考慮未來的蛋白質和飲料時，也許您可以稍微詳細說明一下是採取更有機的方式還是收購或合作的方式。非常感謝。

Thank you. Yeah, no, listen, it was -- we always try to leverage as much as we can. Our existing platforms is a cheaper is a better business decision. I think Muscle Milk is a great brand that as we improve the product, and we're very proud of the product that we've been able to -- our R&D teams have been able to develop, will be a great tasting, high levels of protein, good mouth feel and artificials.

謝謝。是的，不，聽著，我們總是盡可能地利用槓桿。我們現有的平台是一個更便宜、更好的商業決策。我認為 Muscle Milk 是一個很棒的品牌，隨著我們不斷改進產品，我們對我們的研發團隊能夠開發的產品感到非常自豪，它將具有極佳的口感、高水平的蛋白質、良好的口感和人工成分。

I think it will clearly serve a lot of consumers that are looking for protein drinkable solutions to replace meals or snacks throughout the day. I think Muscle Milk can stretch, it's a brand that has the potential, we'll reposition, it will communicate a bit different. And the packaging will be very -- is very modern and update it.

我認為它顯然會滿足許多尋求蛋白質飲料來代替全天正餐或零食的消費者的需求。我認為 Muscle Milk 可以延伸，它是一個有潛力的品牌，我們會重新定位，它會以不同的方式進行交流。而且包裝將非常——非常現代和更新。

The same with Propel. Propel is a great platform. It has a high penetration in female, and it's been growing at a double-digit CAGR for the last five, six years. It has a lot of credibility in hydration, but I think it can expand into more.

Propel 也是一樣。Propel 是一個很棒的平台。它在女性中的滲透率很高，並且在過去五、六年裡一直以兩位數的複合年增長率增長。它在補水方面具有很大的可信度，但我認為它可以擴展到更多。

So this is why we think that we can take it into more of a functional hydration platform with Propel, focus on females but not only, both in powders and in liquids. And I think that, that will have a multiyear innovation opportunity for us as we see consumers looking for more functional solutions in drinks that are not even available right now in the market.

因此，我們認為我們可以將其與 Propel 一起帶入更具功能性的補水平台，不僅關注女性，還關注粉末和液體。我認為這將為我們帶來多年的創新機會，因為我們看到消費者正在尋找市場上目前還沒有的更具功能性的飲料解決方案。

So yeah, it's always a better ROI for the company to develop internally than not in some of the examples that you put with poppi and some others, we didn't have the platform to go after those opportunities. And the marketplace had already some scale players that it was a better return for us to go and acquire.

所以是的，對公司來說，內部開發總是比不開發投資報酬率更高，就像你舉的 poppi 和其他一些例子一樣，我們沒有平台去追求這些機會。而且市場上已經有一些規模企業，我們去收購它們可以獲得更好的回報。

And we'll continue to do both as we go along, innovate internally, take some of our big brands into new spaces, rejuvenate the portfolio under the big brands, and at the same time, look outside for tuck-in acquisitions that might give us a head start on additional scale in segments that are growing faster.

我們將繼續同時進行這兩件事：內部創新，將我們的一些大品牌帶入新的領域，重振大品牌下的產品組合；同時，我們也在外部尋找補充性收購，這可能會讓我們在成長較快的領域中領先一步，擴大規模。

So we're looking at portfolio transformation with a sense of urgency, and we're making that in the right moves, as you see from our innovation pipeline and some of the M&As we've made in the last six or seven months, yeah.

因此，我們迫切地考慮投資組合轉型，我們正在採取正確的舉措，正如您從我們的創新管道和過去六、七個月進行的一些併購中看到的那樣。

Robert Ottenstein, Evercore ISI.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，Evercore ISI。

Great, thank you very much. So Ramon, kind of a two part question. The first part is you talk a lot about rightsizing the cost structure, aggressively attacking costs, but at the same time, getting back to algorithm, suggesting that perhaps the top line isn't the problem, but maybe it's the type of costs that you have, perhaps too many costs in the US, in certain assets in certain brands, but you're going to make up for that in growth internationally and then innovation in the US, which may require a more complex cost structure, maybe smaller runs, different sorts of supply chains and a whole different way of looking at the cost structure. So number one, is that assessment roughly right?

太好了，非常感謝。那麼 Ramon，這個問題分成兩個部分。第一部分是您談論了很多關於調整成本結構、積極降低成本的事情，但同時，回到演算法上，這表明也許收入不是問題，但也許問題在於您的成本類型，也許在美國、某些品牌的某些資產上成本太多，但您將通過國際增長和美國創新來彌補這一點，這可能需要更複雜的成本結構、更小的運行、不同類型的供應鏈以及不同類型的供應鏈。那麼第一點，這個評估大致正確嗎？

And then connected to that, very big announcement on the CFO side. Congratulations to everybody. Could you talk a little bit about that decision to go outside of the firm to a very well-respected leader at your biggest customer, and how you see him driving through that vision? Thank you.

與此相關，財務長方面也發布了非常重大的公告。祝賀大家。您能否簡單談談您做出離開公司、前往您最大客戶的一位非常受人尊敬的領導者的決定，以及您認為他如何推動這一願景？謝謝。

That's good. So listen, I think it's an on. It's not an either, or. So for us to be fit for the future, we're going to have to transform the portfolio, and we're doing that with a sense of that will drive growth as we are more on consumer trend, and we're more in the spaces of the category that are growing.

那挺好的。所以聽著，我認為這是一個機會。這不是非此即彼的問題。因此，為了適應未來，我們必須改變產品組合，我們這樣做是為了推動成長，因為我們更專注於消費者趨勢，我們更專注於正在成長的類別空間。

So that I think we spent quite some time, but also we need to address the cost structure of the business because we need to continue to be extremely competitive, and we know consumers are looking for value, and value will be critical going forward, being at the right price points, competing with competitors, but also private label that will have their offering.

所以我認為我們花了相當多的時間，但我們也需要解決業務的成本結構，因為我們需要繼續保持極強的競爭力，我們知道消費者正在尋找價值，而價值在未來將是至關重要的，要處於合適的價格點，與競爭對手競爭，同時也要有自有品牌的產品。

So clearly, there is a need for us to reduce the cost also change the type of cost. We need to be much more agile. We need to be much more flexible, have optionality. We've invested a lot in technology in the last five years. It is in our P&L. It's been a cost for us for the last five years.

顯然，我們需要降低成本並改變成本類型。我們需要更加敏捷。我們需要更有彈性，擁有更多的選擇權。過去五年我們在科技方面投入了大量資金。它在我們的損益表中。這是我們過去五年來付出的代價。

Now we can benefit from applying technology to everything we do, applying AI, overlaying intelligence to the infrastructure of data we've created, and that will give us optionality, agility and flexibility, which is probably what the market requires, given the continuous pivot from the consumer and from our partners, our customers.

現在，我們可以從將技術應用到我們所做的一切事情中受益，應用人工智慧，將智慧覆蓋到我們創建的資料基礎設施中，這將為我們提供可選性、敏捷性和靈活性，考慮到消費者、我們的合作夥伴和客戶的不斷轉變，這可能正是市場所需要的。

So that's how we're thinking. So you'll see us going with a big sense of urgency against portfolio transformation and against cost transformation with decisions on assets, but also applying technology to our business at a very fast pace, and we're ready for that probably will become a competitive advantage for us versus other companies given the investments we've made.

這就是我們的想法。因此，你會看到我們帶著強烈的緊迫感進行資產組合轉型和成本轉型決策，同時也以非常快的速度將技術應用到我們的業務中，我們已經做好準備，考慮到我們所做的投資，這可能會成為我們相對於其他公司的競爭優勢。

Now with regards to the CFO transition, place, first, let me thank Jamie for all the 35 years, Jamie or --

現在關於財務長的過渡，首先，我要感謝傑米 35 年來的支持，傑米或--

33.

33.

33 years in the company. He's been an amazing partner. We've worked together for some periods. I mean I was in Europe, he was here, but we knew each other for a long time. And we've been doing a lot of work together. Now Jamie express his desire to retire some time ago.

在公司工作了33年。他是一位出色的合作夥伴。我們已經合作過一段時間了。我的意思是我在歐洲，他在這裡，但我們彼此認識很久了。我們一起做了很多工作。如今傑米早已表達了他想要退休的願望。

I started looking for a CFO for the future to help me execute the Strategy 2030. Steve is an incredible leader. As you said, the right experience, the right skills, proven record, the right culture fit in the company, and I'm looking forward to welcoming Steve in the next few weeks and continue to accelerate the transformation of the company to the highs that we know this company will achieve.

我開始尋找一位未來的財務長來幫助我執行2030年策略。史蒂夫是一位出色的領導者。正如您所說，正確的經驗、正確的技能、良好的記錄、適合公司的正確文化，我期待在接下來的幾週內歡迎史蒂夫，並繼續加速公司的轉型，達到我們知道這家公司將實現的高度。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Hey everybody, first of all, Jamie, thank you for all your help over the, I guess, what's now been decades. And Ramon, a question on the asset base and sort of following on with some of the answers to your questions on One North America maybe being regional, a focus on agility and focus on being fat a lot going on in terms of innovation and rightsizing.

大家好，首先，傑米，謝謝你幾十年來的幫助。拉蒙，我想問一下關於資產基礎的問題，我接下來會回答你關於北美一號的問題，它可能是區域性的，注重靈活性，注重在創新和精簡方面做大量工作。

To what degree are you open to the idea of franchising some of these operations on the beverage side, particularly maybe just from a regional perspective because it feels like many of the intentions of what you're looking to accomplish. Some of it could be moved along by pushing a sort of a refranchising initiative. So I'm curious what you think about that. Thanks.

您對特許經營飲料業務的想法有多大程度上持開放態度，特別是從區域角度來看，因為這感覺就像您想要實現的許多意圖。其中一部分可以透過推動某種再特許經營措施來推動。所以我很好奇你對此有何看法。謝謝。

Yeah, listen, we -- as I said, we're going after growth and margin with high speed and a very strong center of urgency. We are -- at this point, we're open to all the ideas and we appreciate all the perspectives to create shareholder value.

是的，聽著，正如我所說，我們正以高速和強烈的緊迫感追求成長和利潤。目前，我們對所有想法持開放態度，並欣賞所有為股東創造價值的觀點。

So we'll listen, we'll do what's best for PepsiCo. But as I'm thinking about this -- we think about the space of supply chain go to market, as I said earlier, the solution for this country, talk in US will not be a one-size-fits-all solution.

因此，我們會傾聽，並採取對百事公司最有利的措施。但當我思考這個問題時——我們考慮到供應鏈進入市場的空間，正如我之前所說，這個國家的解決方案，在美國談論的不會是一刀切的解決方案。

So there will be a nuance. There will be potential different geographical solutions that will be the best fit for that market given our market position, starting market position, the partners and everything else that we can do.

所以會有細微差別。考慮到我們的市場地位、起始市場地位、合作夥伴以及我們能做的一切其他因素，可能會有不同的地理解決方案最適合該市場。

Now as I'm thinking about this topic, there's three things that we're taking into consideration, and I'd like for you to be aware. One is we're trying to solve for the demand of the future, not the demand of the past. And the demand of the future will be much more concentrated in a few retailers or customers.

現在，當我思考這個主題時，我們正在考慮三件事，我希望你們能夠意識到這一點。一是我們試圖解決未來的需求，而不是過去的需求。而未來的需求將更集中在少數零售商或顧客身上。

And we need to assume the consumer will be looking for pickup or delivery and digital much more than it is today. It is today very high, it will be even better. So we need to solve for the demand of the future that will be different from the demand of the past.

我們需要假設消費者將比現在更加尋求取貨或送貨以及數位化服務。今天已經很高了，以後會更好。因此，我們需要解決與過去不同的未來需求。

The second is technology and the investment we've made in technology over the last five years helps -- allows us to do things that were unthinkable five years ago. And if you think about a lot of the basic processes of the company from order taking to transportation towers to how we can do manufacturing or warehousing is totally different than the past.

第二是技術，過去五年我們在科技上的投資幫助我們做到了五年前無法想像的事。如果你仔細想想，你會發現公司的許多基本流程，從訂單到運輸塔，再到我們如何進行製造或倉儲，都與過去完全不同。

So we can manage complexity different. We can eliminate some of the human bottlenecks in ways that we couldn't do before. So technology, demand of the future. And the third point is, I'm trying to optimize the full PepsiCo P&L and not just one or the other, so.

因此我們可以管理不同的複雜性。我們可以用以前無法做到的方式消除一些人為瓶頸。所以科技是未來的需求。第三點是，我正在嘗試優化百事可樂的整個損益表，而不僅僅是其中一個。

As we think of that, we will have, for sure, nuance solution, we will be driving different solutions in different parts of the country, and we'll be looking for what is the best for PepsiCo long term. We listen to every perspective, we'll have constructive dialogues, and I'm sure we'll come up with the best solution for this company going forward.

當我們想到這一點時，我們肯定會有細微的解決方案，我們將在全國不同地區推動不同的解決方案，我們將尋找對百事可樂的長期發展最有利的解決方案。我們會傾聽各方觀點，進行建設性的對話，我相信我們將為公司的未來發展找到最佳解決方案。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

Hey everyone. So yeah, most ground has been covered. So maybe just to take a step back, Ramon, I'd love to get your thoughts on something around cyclical versus structural, but really by geography. I think in North America, there's an ongoing debate about how much of this is the consumer shifting preferences toward healthier eating.

嘿，大家好。是的，大部分內容都已涵蓋。所以，拉蒙，也許只是為了退一步，我很想聽聽你對週期性和結構性問題的看法，但實際上是從地理位置上來說。我認為在北美，人們一直在爭論這在多大程度上是消費者轉向更健康飲食的偏好。

Obviously, there's a cyclical component as well with value seeking. Can you compare the consumer behavior in the US, this cyclical versus structural dynamic versus what you see in the international markets. Is the consumer there behaving in similar ways, both from an economic perspective, number one, but also are the preferences for the international consumer outside the US, shifting and evolving like they are in the North America business. So I love getting any context or additional color on how you see that interplay. Thanks.

顯然，價值追求也具有週期性成分。您能否將美國的消費者行為（這種週期性、結構性動態）與您在國際市場上看到的情況進行比較？首先從經濟角度來看，那裡的消費者的行為方式是否相似，而且美國以外的國際消費者的偏好是否也像北美業務一樣改變和發展。因此，我很想了解您如何看待這種相互作用的任何背景資訊或其他資訊。謝謝。

Yeah. So listen, it clearly is a very -- it's a complex topic, but I'll give you my point of view on a couple of areas. There are things that are clearly structural in the way we should think about consumers all over the world.

是的。所以聽著，這顯然是一個非常複雜的話題，但我將從幾個方面給你我的觀點。在我們思考全世界消費者的方式中，有些事情顯然是結構性的。

I think consumers are moving to digital purchasing in a very structural way, and that will change the dynamics of the industry in both the assortment, what they buy, how they buy, and what they expect the delivery method to be. I think consumers are going to expect different ways of how goods are delivered to them.

我認為消費者正在以一種非常結構化的方式轉向數位化購買，這將改變產業的動態，包括商品種類、購買什麼、如何購買以及他們期望的交付方式。我認為消費者會期待以不同的方式交付商品。

So that is a very structural change, and that's happening across the world with different speeds, but I think it's clearly a global trend. The second, I would say, in terms of -- the consumers are much more informed about the food and the drinks, the ingredients in the foods and the drinks, and I think it's a secular trend as well that consumers will be more making choices based on clean labels, based on the ingredients in the food and not only the taste, but also the type of food that is in the brands.

這是一個非常結構性的變化，它正在世界各地以不同的速度發生，但我認為這顯然是一個全球趨勢。第二，我想說，就消費者對食品和飲料、食品和飲料中的成分有了更多的了解，我認為這也是一個長期趨勢，消費者將更多地根據清潔標籤、食品中的成分以及口味，還有品牌中的食品類型來做出選擇。

And therefore, some of the relaunches of the brands that we're making, whether it's Lays or Gatorade or Tostitos, take that into consideration because I think they're very relevant going forward. And then affordability is also a reality.

因此，我們重新推出的一些品牌，無論是樂事、佳得樂或多士多滋，都會考慮到這一點，因為我認為它們對未來發展非常重要。而且負擔能力也是一個現實。

I think when you look at low-income households or middle-income households, they are very stretched, fixed cost, of living are going up around the world, and that will create the need for affordability and value and price points and cost consciousness also for the foreseeable future.

我認為，當你觀察低收入家庭或中等收入家庭時，你會發現他們的生活壓力很大，固定成本在世界各地都在上漲，這將在可預見的未來產生對可負擔性、價值、價格點和成本意識的需求。

So those are trends that they will go up and down notches in the curve. But I think the curve is going in the same direction, probably in the majority of the markets. And that's my point of view, that's how we're thinking about the future.

因此，這些趨勢將在曲線上上下下。但我認為曲線正朝著同一方向發展，可能在大多數市場都是如此。這就是我的觀點，這就是我們對未來的看法。

And that's why we're moving the portfolio quickly in those spaces. We're looking at the cost structure to be able to compete both on the cost side, but also on how we serve our customers. In this future of demand that will be very different from today.

這就是我們在這些領域快速轉移投資組合的原因。我們正在研究成本結構，以便能夠在成本方面以及我們如何服務客戶方面進行競爭。未來的需求將與今天截然不同。

Robert Moskow, TD Cowen.

羅伯特·莫斯科 (Robert Moskow)，TD Cowen。

Hi, thanks for the question. A few weeks ago, an activist investor announced a stake in your stock and published a long list of recommendations. So I wanted to know your willingness to engage with them. And if there's any ideas in there that you think are particularly important for your strategic direction.

你好，謝謝你的提問。幾週前，一位積極投資者宣布入股您的股票並發表了一長串推薦。所以我想知道您是否願意與他們交往。如果您認為其中有任何想法對您的策略方向特別重要。

One in particular, I wanted to know is establishing a margin target for Frito-Lay, it's been discussed in the past. I just want to know, is that something that you consider constructive for setting a path for the future, or you just look at the business and what it needs to do differently than that? Thanks.

我特別想知道的是為 Frito-Lay 設定利潤目標，這個問題過去已經討論過了。我只是想知道，您是否認為這對於設定未來的道路具有建設性，或者您只是從不同的角度來看待業務以及它需要做什麼？謝謝。

Yeah. Listen, a few questions in your question. So our engagement with Elliott has been -- we had a couple of interactions very constructive and collaborative, and we're trying to understand each other. I think we're aligned on one thing, which is critical, which is PepsiCo is undervalued. And there's a lot of opportunities to improve the valuation of the company by making a few interventions with a sense of urgency and the way we're doing.

是的。聽著，你的問題中有幾個問題。因此，我們與 Elliott 的合作是——我們進行了幾次非常有建設性和協作性的互動，我們正在努力相互理解。我認為我們在一件至關重要的事情上是一致的，那就是百事可樂被低估了。透過採取一些緊急幹預措施並按照我們的行事方式，有很多機會可以提高公司的估值。

So I think we both want to create shareholder value. We're as interested as any of our investors to do this. So we're aligned. Now of all the ideas that Elliott mentioned in the document, most of them are included in our Strategy 2030, and we're acting on it. So I think we're acting with a sense of urgency on both portfolio transformation, simplification of the portfolio, cost reduction to invest in future growth, et cetera, et cetera.

所以我認為我們都想創造股東價值。我們和我們的投資者一樣對此感興趣。所以我們的立場一致。現在，埃利奧特在文件中提到的所有想法中，大多數都包含在我們的 2030 策略中，我們正在採取行動。因此，我認為我們在投資組合轉型、投資組合簡化、降低成本以投資未來成長等方面都採取了緊迫行動。

So a lot of positives. There's a few areas where we need to probably educate each other a bit more. We're going to have conversations in the coming weeks and months. And I'm sure we'll reach a point where they will listen to their perspective.

有很多積極因素。在某些方面我們可能需要互相進行更多的教育。我們將在未來幾週和幾個月內進行對話。我相信我們最終會達到一個讓他們傾聽自己觀點的程度。

They will help us in our decisions to make PepsiCo a better company and to create value for the long term. So yeah, good collaboration, and I'm optimistic about how this will drive sense of urgency and will drive positive change for PepsiCo.

他們將幫助我們做出決策，使百事公司成為一家更好的公司，並創造長期價值。是的，合作很愉快，我對這將如何激發緊迫感並推動百事可樂的積極變化感到樂觀。

Good. Okay. So this concludes the meeting. Thank you very much to everybody for your engagement. And again, I would like to thank Jamie for the incredible work for PepsiCo for 33 years and support he's given me and the management team for all those years, but in particular, in the last two years. So thank you. And Jamie, I don't know if you want to say anything to the team here.

好的。好的。會議到此結束。非常感謝大家的參與。我再次感謝傑米 33 年來為百事公司所做的出色工作，以及他多年來給予我和管理團隊的支持，尤其是在過去兩年裡。所以謝謝你。傑米，我不知道你是否想對這裡的球隊說些什麼。

No, just thank you. It's been a terrific run, and this is a great company. I continue to believe our best days are ahead of us.

不，只是謝謝你。這是一次非常棒的運營，這是一家偉大的公司。我始終相信，我們最好的日子就在前方。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

謝謝。女士們、先生們，今天的演講到此結束。現在您可以斷開連接，享受美好的一天。