百事 (PEP) 2025 Q4 法說會逐字稿

Good morning, and welcome to PepsiCo's 2025 fourth-quarter earnings question-and-answer session. (Operator Instructions) Today's call is being recorded and will be archived at www.pepsico.com.

早安，歡迎參加百事公司2025年第四季財報問答環節。（操作員說明）今天的通話正在錄音，並將存檔於 www.pepsico.com。

It is now my pleasure to introduce Mr. Ravi Pamnani, Senior Vice President of Investor Relations. Mr. Pamnani, you may begin.

現在我很榮幸地向大家介紹投資人關係資深副總裁拉維‧帕姆納尼先生。帕姆納尼先生，您可以開始了。

Thank you, Kevin, and good morning, everyone. I hope everyone has had a chance this morning to review our press release and prepared remarks, both of which are available on our website.

謝謝你，凱文，大家早安。我希望大家今天早上都有機會查看我們的新聞稿和準備好的發言稿，這兩份文件都可以在我們的網站上找到。

Before we begin, please take note of our cautionary statement. 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, February 3, 2026, and we are under no obligation to update.

在開始之前，請注意我們的警示聲明。我們可能會在今天的電話會議上發表一些前瞻性聲明，包括關於我們的業務計劃、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 2026 年 2 月 3 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 fourth-quarter 2025 earnings release and 2025 Form 10-K 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.

在討論我們的績效時，我們會參考非GAAP指標，這些指標從報告的績效中剔除了某些項目。有關非GAAP指標的定義和調節以及有關我們業績的更多信息，請參閱我們在pepsico.com上發布的2025年第四季度收益報告和2025年10-K表格，其中討論了可能導致實際結果與前瞻性聲明存在重大差異的因素。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Executive Vice President and CFO, Steve Schmitt. 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.

今天與我一同出席的有百事公司董事長兼執行長拉蒙·拉瓜爾塔，以及百事公司執行副總裁兼財務長史蒂夫·施密特。請您只提一個問題。接下來，我將把麥克風交給接線員，回答第一個問題。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（操作說明）邦妮·赫爾佐格，高盛。

I had a question this morning on PFNA. You did announce that you're going to be accelerating your increased affordability initiatives this year during the first half. So I guess, hoping for a little more color on this strategy. What's been working? And then how much lower will your average price points fall?

今天早上我有一個關於PFNA的問題。您曾宣布，今年上半年將加速提升提升民眾負擔能力的各項措施。所以，我希望對這項策略能有更詳細的闡述。哪些方法行之有效？那麼，平均物價水準又能下降多少呢？

And then you did mention productivity things will help fund these commercial plans. And I guess in the context of this, you expect PFNA op margins to expand this year. So if you could touch on how you'll ultimately balance growth and profitability for that business, that would be helpful.

然後您也提到，提高生產力將有助於為這些商業計劃提供資金。我想在這種背景下，您預計 PFNA 今年的營業利潤率將會擴大。所以，如果您能談談您最終將如何平衡企業的成長和獲利能力，那就太好了。

Bonnie, good morning. It's Steve. Maybe I'll take a stab at it and let Ramon comment a little further. In regards to your question on the investments we're making in PFNA, I'd say there's three points. First, and most importantly, we're playing offense here. And second, we're excited about the initiatives and the benefits that will come both in volume and sales growth.

邦妮，早安。是史蒂夫。或許我可以先試著回答一下，然後讓拉蒙再補充一些評論。關於您提出的我們在 PFNA 的投資問題，我想說有三點。首先，也是最重要的一點，我們要打進攻。其次，我們對這些舉措以及它們將在銷售和銷售成長方面帶來的好處感到興奮。

And third, from an overall perspective, this investment is manageable for the business. It's included in our guidance. And our productivity progress, as you mentioned, certainly, that's going to help fund the initiatives that we have. So we're really fortunate.

第三，從整體來看，這項投資對企業來說是可控的。我們的指南中已包含相關資訊。正如您所提到的，我們生產力的提高肯定有助於為我們的各項舉措提供資金。所以我們真的很幸運。

You saw the productivity that we had in the fourth quarter. We expect a lot of that to carry over. That's going to fund some of our investments. And we'll be balanced about how we use that productivity to invest in the business and drive sales growth.

你們看到了我們在第四季的生產力。我們預計很多情況會延續下去。這將為我們的一些投資提供資金。我們將平衡地利用這些生產力來投資業務並推動銷售成長。

Yeah, Bonnie, maybe I can give a bit more color. This is part of a multi-vector strategy to drive category growth and then obviously, our participation in the category. And this is something we've been working on since Q2 or so of last year, testing at scale in some of our key markets.

是的，邦妮，或許我可以再添一點色彩。這是推動品類成長的多方位策略的一部分，當然也包括我們參與該品類的程度。這是我們自去年第二季以來一直在努力的方向，我們在一些主要市場進行了大規模測試。

We think that for some consumers, low- and middle-income consumers, the biggest friction they have today in our category for faster penetration is affordability. So we have been testing multiple ways to give them affordability. So this will be a very surgical, very focused on particular brands, particular formats, particular channels investment. And we -- from the test that we've done at scale in multiple markets, this has very good ROI for us.

我們認為，對於某些消費者，尤其是中低收入消費者而言，目前在我們這個品類中，阻礙產品快速滲透的最大障礙是價格負擔能力。因此，我們一直在嘗試多種方法來降低它們的價格。所以這將會是一次非常精準、非常注重特定品牌、特定形式、特定管道的投資。我們－根據我們在多個市場進行的大規模測試，這對我們來說具有非常好的投資報酬率。

You should be thinking this on top of space gains, big space gains that we're getting through the partnership with our customers because of these investments in price. We're also investing, as we said in our prepared remarks, a lot on innovation, especially to provide more functionality, simpler ingredients, restate some of our larger brands.

你應該考慮到，由於我們在價格方面的投資，我們透過與客戶的合作獲得了巨大的空間收益，而這正是我們獲得空間收益的原因。正如我們在準備好的演講稿中所說，我們也在創新方面投入了大量資金，特別是為我們的幾個大品牌提供更多功能、更簡單的成分。

So it's a comprehensive investment plan funded through the productivities, the rightsizing with it in Frito and other productivity opportunities we took at the global level to reinvest in the acceleration of the category, managing the category for the long term and making sure that we participate at a higher level in this category that is starting to grow. And we feel very good about how these different interventions will continue to drive accelerated growth in the balance of the year.

因此，這是一項全面的投資計劃，資金來自生產力提升、Frito 的規模調整以及我們在全球範圍內採取的其他生產力提升機會，以便重新投資於加速該品類的發展，長期管理該品類，並確保我們在這個開始增長的品類中發揮更大的作用。我們非常有信心，這些不同的干預措施將在今年剩餘的時間裡繼續推動加速成長。

(Operator Instructions) Andrea Teixeira, JPMorgan.

（操作說明）Andrea Teixeira，摩根大通。

I was hoping to -- if you can comment further on the pricing reinvestment you just alluded to. There was a news article that talked about as much as 15% in some of the PFNA items, right? So -- and you're doing the restaging. So I was hoping to see if you are -- what are your tools to be able to indicate that in the first half? Or should we expect that to be a first half relative to what you just posted in PFNA?

我希望——如果您能就您剛才提到的定價再投資做進一步的評論。有一篇新聞報告提到，PFNA 的某些項目佔比高達 15%，對嗎？所以——你正在進行重新佈置。所以我希望了解一下，您是否—您有哪些工具可以在上半場表明這一點？或者我們應該預期這是相對於你剛剛在PFNA上發布的內容而言的前半部分？

And then related to that, it talks -- I mean, obviously, you're also restaging Gatorade. So I was hoping to see if you can comment on the volume trajectory. You have an easier comp for PFNA as you go into the first half, in particular, the second quarter. So if you can talk about like how we should be expecting the cadence of your guidance, that would be super helpful.

然後，與此相關的是──我的意思是，很明顯，你也在重新演繹佳得樂。所以我想請您就成交量走勢發表一下看法。進入上半場，特別是第二節，PFNA 的競爭會變得更容易。所以，如果您能談談我們應該如何預期您的指導節奏，那就太好了。

Okay, Andrea, let's step back for a minute. We expect Frito-Lay to grow volume, net revenue, and operating margin this year. So that should be the framework that we operate in. Now this growth will come early in the year, okay? So we expect volume growth and net revenue growth to come early in the year.

好的，安德莉亞​​，我們先退後一步。我們預計菲多利今年的銷售、淨收入和營業利潤率都將成長。所以，這應該是我們運作的框架。這種成長將在年初到來，好嗎？因此，我們預計銷售成長和淨收入成長將在年初實現。

The way you should think about the pricing investments and the article, obviously, talks about the maximum. As I said earlier, it will be very surgical investment, in particular, consumers, brands, channels where we see that the biggest friction for higher fluency is price and that's the way we've tested and the way it will go.

你應該這樣考慮投資定價，而這篇文章顯然是在討論最高定價。正如我之前所說，這將是一項非常精準的投資，特別是針對消費者、品牌和管道，我們發現提高流暢度的最大障礙是價格，這是我們測試過的方式，也是未來的發展方向。

Now you should think about a combination of some price investments, not all of it is obviously net revenue from PepsiCo. And a large space gains. Just to give you a number, the average space gain for Frito-Lay in the new resets of both the main aisle and the perimeter will be double digit.

現在你應該考慮一些價格投資的組合，顯然並非所有投資都來自百事可樂的淨收入。並獲得了大量的空間效益。舉個例子來說，菲多利在主通道和周邊區域重新佈局後，平均可獲得兩位數的空間成長。

So we'll be growing double-digit space in Frito-Lay from the March, April timeframe when most of our partners start changing their layout. So this is a good return for us and a great return for the category as well. And this category needs to grow. It's very relevant for our partners. It's relevant for us.

因此，從三月、四月開始，當我們的大多數合作夥伴開始改變佈局時，我們將在菲多利實現兩位數的成長空間。所以這對我們來說是一筆不錯的投資，對整個類別來說也是一筆非常好的投資。這一類別需要發展壯大。這對我們的合作夥伴來說非常重要。這與我們息息相關。

And one other thing, Andrea, you asked to think about the cadence of the quarters. We talked about in our guidance from a sales growth standpoint that we expected sales to strengthen in the second half as more of our initiatives are put in place and gains traction as well as we have poppi and some other acquisitions from prior year moving into organic growth.

還有一件事，安德烈亞，你要求思考一下季度的節奏。我們在銷售成長預期中提到，隨著更多措施的落實和取得成效，以及 Poppi 和去年收購的其他一些公司進入內生成長階段，我們預計下半年銷售額將有所增強。

From an EPS perspective, we think the year will be pretty balanced from a first half, second half standpoint, and we'll certainly update you as the year progresses.

從每股盈餘的角度來看，我們認為今年上半年和下半年的業績會比較均衡，隨著業績的推進，我們一定會及時向您報告最新情況。

Maybe if I can -- sorry, if I can add, Andrea, there is a -- we're also restaging two big brands. We're restaging Gatorade, and we're staging Quaker. We're starting the year with Lays and Tostitos. Those are multibillion-dollar brands for us. And then later in the year, we're going to have big launches of Gatorade and Quaker, two big, big brands, obviously, for us that are more on the sweet spot of growth of the categories.

也許我可以——抱歉，如果我可以補充一下，安德烈亞，還有一個——我們也在重新打造兩個大品牌。我們要重新推出佳得樂，還要推出桂格。新的一年，我們以樂事洋芋片和多力多滋玉米片開頭。對我們來說，這些都是價值數十億美元的品牌。然後在今年晚些時候，我們將隆重推出佳得樂和桂格這兩個大品牌，顯然，它們更符合我們品類成長的最佳趨勢。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

I was just hoping for a little more detail on the focus on affordability and the price investments. Just, a, is that more focused on specific packages, brands? Can you just give us a little more detail in terms of how you're thinking about that?

我只是希望能夠更詳細地了解一下在價格可負擔性和價格投資方面的考量。只是，a，它是否更側重於特定的包裝或品牌？能否更詳細說明一下您的想法？

And then, b, there is some evidence, right? There are some retailers where you've taken actions already as we look back to last year and the last few months of the year. So maybe just help us understand what level of payback you saw there?

其次，還有一些證據，對吧？回顧去年和今年最後幾個月，我們已經對一些零售商採取了行動。所以，您能否幫我們了解一下您在那裡看到的投資報酬率是多少？

Are you seeing volume pick up more than the price investments? Is it close to the price investments? How do you think about the forward outlook there relative to what you've seen so far, understanding that it will be more aggressive actions in '26?

你覺得成交量的成長幅度大於價格上漲的幅度嗎？它與投資價格接近嗎？您如何看待該地區的未來前景，考慮到2026年將會採取更積極的行動，您認為與目前所見的情況相比，前景如何？

Yeah, Dara. So as I mentioned, it is very surgical. This is well tested at scale. Obviously, we're executing it means that we got very good ROI from those investments. Volume return is pretty good, and that's what the category needs, units and volume to go up. This not only has a good impact in the consumer, obviously, being part of our business and being part of our brand.

是的，達拉。正如我之前提到的，這非常精細。這已經過大規模驗證。顯然，我們的執行情況表明我們從這些投資中獲得了非常好的回報。銷售回報相當不錯，而這正是該品類所需要的，銷量和銷售額都需要成長。這不僅對消費者有良好的影響，顯然，它也是我們的業務和品牌的一部分。

But as you can imagine, once we've rightsized Frito-Lay as we have, the flow-through of additional volume has a lot of good leverage for us. So you should think about all these components, and we'll update you more as we get more data in coming quarters. We're very optimistic and we started the year in a good place.

但正如你所想，一旦我們像現在這樣調整了菲多利公司的規模，額外的銷售成長就會為我們帶來很大的好處。所以您應該考慮所有這些因素，隨著我們在接下來的幾個季度獲得更多數據，我們會及時向您更新相關資訊。我們非常樂觀，而且年初開局良好。

(Operator Instructions) Lauren Lieberman, Barclays.

（操作說明）勞倫·利伯曼，巴克萊銀行。

We had quickly just had the time to go through the 10-K before the call started. I noticed that advertising was down like it was double digits, like $500 million in 2025. So just curious about what drove that thought for '26 whether advertising would -- seeing advertising would go up. But that was a bigger decline than I would have expected to see for 2025, and I'd love to hear more about it.

在通話開始前，我們只來得及匆匆瀏覽一遍 10-K 表格。我注意到廣告支出下降了兩位數，例如到 2025 年將下降 5 億美元。所以，我只是好奇是什麼促使你認為 2026 年廣告收入會增加。但這個降幅比我預期的 2025 年還要大，我很想了解更多相關資訊。

Hey, Lauren. It's Steve. Thanks for your question. You're right. It did go down this year. We did get some efficiency from both the working and non-working advertising line. And your assumption that should go up next year is a good one, too.

嗨，勞倫。是史蒂夫。謝謝你的提問。你說得對。今年確實有所下降。無論是有效的廣告宣傳線還是無效的廣告宣傳線，我們都獲得了一定的效率提升。你關於明年價格應該上漲的假設也是合理的。

That's a benefit just from a cost of sales standpoint that we did get in 2025 that we would expect not to get that same benefit. So we're going to be very growth-minded. We're going to be making sure our messaging comes through from a value and innovation standpoint. And so we'll be investing in the sales growth for this year.

從銷售成本的角度來看，我們在 2025 年獲得了一項收益，但我們預計不會再獲得同樣的收益。所以我們將秉持積極進取的心態。我們將確保從價值和創新角度傳遞我們的訊息。因此，我們將加大對今年銷售成長的投資。

(Operator Instructions) Filippo Falorni, Citi.

（操作員說明）Filippo Falorni，花旗銀行。

I wanted to ask on the guidance for organic sales for '26. You mentioned that in the second half of the year, you expect to be at the higher end of the full-year guidance range. Can you walk us through like the drivers of the acceleration throughout the year?

我想諮詢一下 2026 年有機銷售的指導。您提到，預計下半年業績將達到全年業績預期範圍的上限。能給我們詳細介紹一下全年加速發展的驅動因素嗎？

Because Ramon, you mentioned before, you're expecting PFNA to return already to volume growth earlier in the year. So is this further acceleration in PFNA or maybe some acceleration in the other two segments, PFNA and International? Maybe you can comment on the expectations for the other two segments as well?

因為拉蒙，正如你之前提到的，你預計 PFNA 將在今年早些時候恢復銷售成長。那麼，這是 PFNA 的進一步加速發展，還是 PFNA 和國際業務這兩個其他領域的加速發展？您或許也可以談談對其他兩個部分的預期？

Yeah. Filippo, hi. Yeah, I think the way you should think about the year is we expect our International business to continue to perform at similar levels to last year, mid-single digit. We're seeing good performance in some of our larger markets. Mexico improving in the Q4 and then also having a good start. China as well; South Africa as well.

是的。菲利波，你好。是的，我認為你應該這樣看待今年：我們預計國際業務將繼續保持與去年類似的水平，即個位數中段的成長。我們在一些較大的市場中看到了良好的業績表現。墨西哥隊在第四季度表現有所提升，開局也不錯。中國也是如此；南非也是如此。

So -- but you should think about mid-single-digit growth for our International business. That's the way it has been performing for the last 19 quarters or so. So there. And the acceleration comes mostly from our North America businesses. On the beverage side, we feel good about the acceleration it's had in '24 -- in '25. And we think that it will continue. So you should expect a little bit more acceleration from the beverage business.

所以——但你應該考慮到我們國際業務的中等個位數成長。過去19個季度左右，它的表現一直如此。就是這樣。而這種加速成長主要來自我們在北美的業務。在飲料方面，我們對它在 2024 年到 2025 年的加速發展感到滿意。我們認為這種情況還會持續下去。所以，飲料業應該會迎來更大的成長。

But clearly, it is our food business that has been improving throughout the year, both volume and net revenue. And December was better than October, and we expect that obviously, Q1 will be better than Q4 and so on. So that is the way we're thinking about the year.

但很明顯，今年以來，我們的食品業務一直在改善，銷售和淨收入都有所成長。12 月的業績比 10 月好，我們預期第一季的業績會比第四季好，以此類推。這就是我們對今年的展望。

And then you have some sort of a mechanical acceleration in organic from the -- some of the acquisitions we made earlier in the year, they turn into organic throughout the year. That will have also a some mechanical impact. But those acquisitions are very in high-growth segments of the category. That's why we did it.

然後，由於我們今年稍早進行的一些收購，有機成長出現了某種機械加速，這些收購在一年中逐漸轉化為有機成長。那也會產生一定的機械影響。但這些收購都集中在該品類的高成長領域。這就是我們這麼做的原因。

They've been integrated very well into our distribution systems and we're getting additional return on those brands. So they'll continue to grow, and there will be an acceleration of the portfolio in the second half. So those are the main buckets of growth and how you should be thinking about the acceleration in the second half.

它們已經很好地融入了我們的分銷系統，我們從這些品牌中獲得了額外的收益。因此，它們將繼續成長，並且下半年投資組合的成長速度將會加快。所以，以上就是主要的成長領域，以及你該如何看待下半年的加速成長。

(Operator Instructions) Peter Grom, UBS.

（操作說明）Peter Grom，瑞銀集團。

So Ramon, you outlined a lot of innovation in the prepared remarks and talked about some of the success you've seen with Naked and Pepsi Probiotic. So credit, it's still very, very early. But can you just talk about what you are learning or seeing from the innovation and how that informs your view on the path forward in North America?

拉蒙，你在準備好的演講稿中概述了很多創新之處，並談到了你在 Naked 和百事可樂益生菌方面取得的一些成功。所以，現在談信貸還為時過早。您能否談談您從創新中學到或看到的，以及這些如何影響您對北美未來發展方向的看法？

Yeah, it's a great question. And obviously, we're thinking about growth in two main dimensions. One is making sure that our core brands continue to grow, and that's why we're investing meaningful effort from the organization and dollars to restate some of our larger brands.

是的，這是一個很好的問題。顯然，我們從兩個主要方面來考慮成長。一是確保我們的核心品牌持續成長，因此我們正在投入大量精力和資金來重新建立我們的一些大型品牌。

So if you think about the effort to relaunch Lays globally, we did it with Pepsi two years ago. We're still getting very good returns on that investment. Now, we're relaunching Lays globally with a newer position -- a new positioning you will see for the Super Bowl based on freshness, based on farmers, simple ingredients, no artificials. We know that that is going to bring consumers to the brand.

所以，如果你想想在全球重新推出樂事薯片的努力，我們兩年前就和百事公司一起做到了。這項投資的回報仍然非常可觀。現在，我們將以全新的定位在全球範圍內重新推出樂事薯片——您將在超級碗期間看到這種基於新鮮、基於農民、簡單配料、不含人工成分的全新定位。我們知道這將為品牌帶來消費者。

We're relaunching Tostitos. And as I mentioned, we're relaunching Gatorade and we're relaunching Quaker. So big brands that need to continue to drive the machine. And they were innovating in the periphery of the category where we're seeing growth.

我們將重新推出 Tostitos 薯片。正如我之前提到的，我們將重新推出佳得樂和桂格。所以，那些需要持續推動產業發展的大品牌。他們在我們目前看到成長的品類邊緣地帶進行創新。

And just to give you some examples, Naked was a good innovation for us. It's going to be a permanent innovation for us. And what it taught us is that there are consumers out there that are looking for us to give them excuses to come into the category. And these are mainly younger households. Moms that are -- love our products, but they want it in this case, the case of Naked, like no artificials.

舉幾個例子來說，Naked 對我們來說就是一個很好的創新。這將是我們一項永久性的創新。這件事告訴我們，有很多消費者希望我們能給他們一些理由，讓他們進入這個類別。而且這些家庭大多比較年輕。媽媽們——喜歡我們的產品，但她們希望像 Naked 這樣的產品不含人工成分。

So now, the actual claim is, now I can give my children my favorite because it has an artificial. So we're thinking about innovation from a category-building point of view, bringing more consumers into the category and obviously driving frequency of the category as I discussed earlier with the affordability investments.

所以現在，實際的說法是，現在我可以給我的孩子們吃我最喜歡的東西了，因為它含有人工成分。因此，我們正在從品類建構的角度考慮創新，吸引更多消費者進入該品類，並且顯然會提高該品類的消費頻率，正如我之前在可負擔性投資方面所討論的那樣。

The same in beverages. We're seeing the consumers willing to come into the category if we give them the right products. Our big -- one of the big innovations we have in the plan for next year -- for this year is Gatorade low sugar, no artificials. Within this is going to be from the conversation with our customers, the space, the allocation, et cetera, it's going to be a big innovation for us. Again, probably the same the same consumer looking for reasons to come into some of our large brands.

飲料業也是如此。我們發現，如果我們提供合適的產品，消費者是願意接受這個品類的。我們明年計畫中的一項重大創新是——今年的重大創新是低糖、不含人工添加劑的佳得樂。這將源自於我們與客戶的對話，包括空間、分配等等，這對我們來說將是一項重大創新。同樣，很可能是同一批消費者在尋找理由來購買我們的一些大品牌產品。

We're very keen on some of the fiber innovation. We're very keen on some of the innovation with protein. But we are betting a lot on portion control. I think portion control is also a very big lever to keep consumers in the category and increase our frequency.

我們對一些纖維創新技術非常感興趣。我們對蛋白質方面的一些創新非常感興趣。但我們非常看好份量控制。我認為份量控制也是留住消費者並提高購買頻率的重要手段。

So our multipack both in Foods and Beverages is going to be a very critical lever for us to grow. And I think we're getting better, more insightful, more granular in the combinations and the price points and the different occasions where those packs can participate, and we know that they're driving category growth, and they're driving penetration of our brands.

因此，無論是在食品或飲料領域，多件裝產品都將是我們成長的關鍵槓桿。我認為我們在組合、價格點以及這些包裝可以參與的不同場合方面做得更好、更有洞察力、更細緻，我們知道它們正在推動品類增長，並且正在推動我們品牌的滲透。

Kevin Grundy, BNP Parabas.

Kevin Grundy，法國巴黎銀行。

Ramon, just picking up on that -- your comment a moment ago on healthier innovations, but I wanted to drill down specifically on GLP-1 adoption because it comes up a decent amount in terms of the pushback on what may keep certain investors out of your stock. So naturally, there remains a lot of concern. You have old tablets in the market, more insurance plans picking up weight loss drugs, et cetera.

Ramon，我剛才提到了你剛才關於更健康的創新方面的評論，但我想具體深入探討一下 GLP-1 的應用，因為在阻礙某些投資者購買你的股票方面，GLP-1 的應用經常被提及。因此，人們自然還有很多擔憂。市面上還有舊藥片，越來越多的保險計畫開始承保減肥藥等等。

Can you -- not to be redundant remote with your comments from a moment ago, but maybe just address this GLP-1 concern head on? Did you -- were you able to address this in the test markets where you had success with the innovation you're rolling out and the price investment? And do you feel like PepsiCo has a good handle on what higher adoption rates may look like in terms of implications for the category and for your outlook? So your thoughts there would be appreciated.

您能否—雖然不想與您剛才的評論重複，但或許可以正面回答一下關於 GLP-1 的問題？您是否—您是否能夠在您成功推廣創新和價格投資的測試市場中解決這個問題？您認為百事公司是否充分了解更高的採用率可能對該品類和您的前景產生的影響？所以，如果您有什麼想法，我們將不勝感激。

Yeah, I think we should assume that there will be a broader adoption of GLP-1 medicines, as those options evolve and they are more affordable. So I think that should be an assumption now.

是的，我認為我們應該預料到 GLP-1 藥物將會得到更廣泛的應用，因為隨著這些藥物的不斷發展和價格的降低，它們將會變得更加經濟實惠。所以我認為這現在應該是一個預設的假設。

We are reacting. We have been working on this for some time. There are multiple levers that we're using, and we're very optimistic on how PepsiCo can play in that new reality with the consumer. I think there are more opportunities than threats, but they are both.

我們正在做出反應。我們為此已經努力了一段時間。我們正在運用多種手段，並且對百事公司如何在這種新的消費現實中發揮作用感到非常樂觀。我認為機會多於挑戰，但機會和挑戰並存。

The way we're reacting is multiple. One, we believe portion control and we've tested and we see that families with GLP, they continue to engage in our category, but they do it in smaller portions. So the way to keep the category relevant is through smaller portions.

我們的反應方式是多方面的。第一，我們相信份量控制，我們已經測試過，我們發現，有良好生活習慣的家庭會繼續食用我們這類產品，但他們的份量會更小。所以，保持類別相關性的方法是將其細分。

If you think about our portfolio in the US, 70%-plus of our food business is already in single serve, right? So we're investing in single-serve capacity. We continue to provide consumer solutions for one ounce, 1.5 ounces, small portions that they can be through the consumers' life.

如果你看看我們在美國的產品組合，你會發現我們食品業務中超過 70% 的產品都是單份包裝的，對吧？所以我們正在投資單份包裝產能。我們持續為消費者提供一盎司、1.5盎司等小份量的產品解決方案，以滿足消費者在日常生活中的需求。

Now there are big opportunities for us. If you think about consumer habits in -- when consumers are in GLP medication. One is hydration, big idea for us, big opportunities. We're relaunching Gatorade; Propel is growing [20-plus], powder tablets, more functionality along with hydration, big idea.

現在我們面臨著巨大的機會。如果你考慮一下消費者的習慣－當消費者使用GLP藥物時。一是補水，這對我們來說是一個重要的想法，也是一個巨大的機會。我們正在重新推出佳得樂；Propel 正在發展壯大 [20 歲以上]，粉末片劑，除了補水之外還有更多功能，這是一個很棒的理念。

Fiber, we know those consumers are looking for fiber. They have some digestive problems. We can provide -- we are innovating around fiber, whole grains, that's a big space. We're relaunching Quaker. Quaker will put emphasis on that space, but not only that, SunChips and some of our food products as well.

我們知道消費者正在尋找富含纖維的產品。他們有一些消化問題。我們可以提供——我們正在圍繞纖維、全穀物進行創新，這是一個很大的領域。我們正在重新推出桂格品牌。桂格將重點關注這一領域，不僅如此，SunChips 和我們的一些食品也將如此。

Protein, obviously, that's an area where we've been innovating for some time, and we'll continue to do it. We're working on cooking methods, so our consumers like baked, they like pop. We're working on air frying. We're working on different technologies to make sure our products are cooked in a way that is more closer to what the consumers will prefer.

顯然，蛋白質是我們一直在創新的領域，我們將繼續在這個領域進行創新。我們正在研究烹飪方法，因為我們的消費者喜歡烘焙食品，他們也喜歡汽水。我們正在研究氣炸鍋。我們正在研究不同的技術，以確保我們的產品以更接近消費者喜好的方式烹調而成。

So multiple vectors of transformation that will be sequencing with a sense of urgency. We did last year; we continued to do this year. But I think this could turn into an opportunity for us, and that's how we're approaching it in the US, but not only the US. This is going to be an opportunity for us in multiple markets.

因此，多種變革途徑將以緊迫感依序展開。去年我們這樣做了；今年我們繼續這樣做了。但我認為這可能會為我們帶來機會，這也是我們在美國（但不僅限於美國）採取的因應方式。這將為我們在多個市場帶來機會。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，傑富瑞集團。

I guess the big news and congratulations to the double-digit shelf space gains that you talked about earlier. Can you maybe just give us some more details where is it coming from? When you go through a typical grocer, Frito has quite -- Frito-Lay has quite a bit of shelf space already. So is this within the salty snack style? Is it incremental shelf space, maybe in other parts of the store? And any more details around that expected to be this big increase at the reset time?

我想，最令人振奮的消息就是您之前提到的兩位數貨架空間成長，恭喜您！您能否詳細說明一下它來自哪裡？當你走進一家普通的雜貨店時，你會發現菲多利（Frito-Lay）已經佔據了相當大的貨架空間。所以這屬於鹹味零食的範疇嗎？是增加貨架空間嗎？或許是在商店的其他區域？關於重置時預計會出現如此大幅度的成長，還有更多細節嗎？

Yeah. Good question. And it is a great achievement of our commercial teams in partnership with our customers. And it will be multiple, as you can imagine, in multiple parts of the store. It is in the main shelf, but it's also in the perimeter. And it's a consequence of the increased units that we're seeing as we make our category more affordable.

是的。問得好。這是我們商業團隊與客戶共同達成的偉大成就。而且，正如你所想，它會在商店的多個區域出現。它位於主貨架上，但也位於週邊貨架上。這是由於我們不斷降低產品價格，導致銷售增加所致。

There's clearly more throughput and there needs to be more capacity in the store to either fulfill online or to give the consumers the in-store experience. So yeah, both main shelf, perimeter has been tested. Capacity will be critical for us to continue to increase the volume on the unit.

顯然，吞吐量需要增加，商店需要更大的容量來滿足線上訂單需求，或為消費者提供店內購物體驗。是的，主貨架和周邊貨架都經過了測試。產能對我們持續提高該設備的產量至關重要。

(Operator Instructions) Michael Lavery, Piper Sandler.

（操作說明）邁克爾·拉弗里，派珀·桑德勒。

I just wanted to come back to some of the innovation and marketing, but maybe on the biggest brands. I know you're driving the savings to help fund step-ups there. But what's different maybe in shift in capabilities?

我只是想再談談一些創新和行銷方面的事情，但也許可以談談最大的品牌。我知道你正在努力節省開支，以幫助那裡的升級改造。但能力轉變方面可能有什麼不同呢？

Or strategically, obviously, the biggest brands could potentially have the biggest impact if you can move the needle there. But I just want to understand maybe what's changing? And is it primarily just a bigger push in visibility? Or help us unpack some of what you're hoping to work on your largest brands?

或者從策略角度來看，顯然，如果你能改變現狀，最大的品牌可能會產生最大的影響。但我只是想了解究竟發生了什麼變化？這主要是為了提高知名度嗎？或者，能否幫我們詳細探討您希望在旗下最大品牌上開展哪些工作？

Yeah. Let me take the example of Lays and that I might give you a good sense. So Lays, we're changing the visuals with the idea of making the brand more center on simplicity, nature, freshness, potato, the ingredients of the food because that's what consumers are looking for, the food in the brand.

是的。我以樂事薯片為例，或許能讓你更能理解。所以樂事，我們正在改變視覺形象，讓品牌更注重簡單、自然、新鮮、馬鈴薯以及食品的成分，因為這正是消費者所追求的，品牌中的食品本身。

There is a -- we're also changing some of the oil. So you will see versions of Lays with avocado oil, you will see versions of Lays with the olive oil. So it's an elevation of the ingredients. It's the simplicity of the portfolio. We're eliminating artificials and we are investing much more in terms of A&M and in terms of price points of the brand.

還有──我們還要更換一些機油。所以你會看到添加酪梨油的樂事薯片，也會看到添加橄欖油的樂事薯片。所以這是對原料的升級。關鍵在於投資組合的簡潔性。我們正在淘汰人工添加劑，並在廣告宣傳和品牌定價方面投入更多資金。

So it's a holistic relaunch of the brand. We're doing it globally and we're elevating the farmers that produce our products, that grow our potatoes. And I think every time we do that, we see that consumers move them away from the artificiality or high processing of our products' perception.

所以這是一場全面的品牌重塑。我們正在全球範圍內開展這項工作，並提升生產我們產品、種植我們馬鈴薯的農民的地位。我認為，每當我們這樣做時，我們都會看到消費者逐漸擺脫對我們產品人為性或高度加工的感知。

And they move to what it is, which is simple product, cook with precision at scale, and kitchen logic and no artificials. So that is the change in perception we're trying to do. It is working, and we'll continue to invest. Think about that applied to Gatorade, applied to Quaker, applied to Tostitos, and you get a sense of what we're trying to do.

他們回歸初心，做簡單的產品，大規模精準烹飪，遵循廚房邏輯，不添加任何人工成分。這就是我們試圖改變人們觀念的方式。這項措施行之有效，我們將繼續投資。想想如果把這個理念應用在佳得樂、桂格、多力多滋薯片上，你就能明白我們想做什麼了。

(Operator Instructions) Steve Powers, Deutsche Bank.

（操作員指示）史蒂夫·鮑爾斯，德意志銀行。

Ramon, if we could get back to PBNA and how you expect that segment to ultimately contribute in terms of growth and profit margin, you mentioned a number of drivers in your response earlier to Filippo's question. But I guess if we could drill a little further down, I'd love some perspective on how you expect the energy portfolio to contribute to that segment's progress? Just how material that is to the plans in '26? And any early returns on either Celsius' category captaincy or the onboarding of Alani?

Ramon，如果我們能回到 PBNA 以及你期望該業務板塊最終在增長和利潤率方面做出怎樣的貢獻，你在之前回答 Filippo 的問題時提到了一些驅動因素。但我想，如果我們能更深入地探討一下，我很想了解您認為能源投資組合將如何為該領域的進步做出貢獻？這對於 2026 年的計畫究竟有多重要？關於 Celsius 擔任組別隊長或 Alani 加入團隊的早期進展如何？

That's great. So I think we're very happy with the progress we're making in the Beverage business. Our focus this year will be on increasing competitiveness of the business. I think there are some areas of the portfolio where we can be more competitive. And it's a combination of execution; it's a combination of affordability brand building.

那太棒了。所以我覺得我們對在飲料業務方面取得的進展非常滿意。今年我們的重點是提高企業的競爭力。我認為在某些投資組合領域，我們可以更具競爭力。這是執行力和價格親民與品牌建立結合的結果。

So we're focusing on that, in particular on the soft drinks and parts of the functional hydration portfolio. So that would be the focus. And we feel good about the plans, and we feel good about the -- again, the space, and we feel good about investments we're going to be making.

因此，我們將重點放在這方面，特別是軟性飲料和部分功能性補水產品組合。所以，這就是重點。我們對這些計劃感到滿意，我們對空間也感到滿意，我們對即將進行的投資也感到滿意。

So the other thing you should think about is we've been very consistent on improving the margins of the business. And to any states will be no different. We plan to continue to improve the margin of the Beverage business in North America and in direction to the target that we've shared with you in the past.

所以你也應該考慮的是，我們一直在努力提高公司的利潤率。對任何州來說，情況都不會有所不同。我們計劃繼續提高北美飲料業務的利潤率，並朝著我們先前與您分享的目標邁進。

Now with -- especially on your specific question on energy, we're very happy with the way we're going to participate in that fast-growing profit pool of the category, which is energy. The way we've engineered this through a combination of a distribution margin, last participating in ownership of Celsius, I think, is a good way faster to participate. The Celsius brand continues to grow.

現在，特別是關於您提出的能源問題，我們非常高興能夠參與能源這個快速成長的利潤池。我們透過分配利潤率和參與 Celsius 的所有權相結合的方式來實現這一點，我認為，這是一種更快參與的好方法。Celsius品牌持續發展壯大。

And the introduction or the integration of the Alani Nu portfolio into our business has been pretty positive so far. It's early. We still haven't completed all the distributors around the country. So we should see more acceleration in the coming months. But so far, we're seeing some of the metrics on execution already improving, and that should be positive for us going forward.

到目前為止，將 Alani Nu 產品組合引入或整合到我們的業務中取得了相當積極的成果。現在還早。我們尚未完成全國所有經銷商的招募工作。因此，我們應該會在未來幾個月看到進一步的加速成長。但到目前為止，我們看到一些執行指標已經開始改善，這對我們未來的發展應該是正面的。

There's very good collaboration with the Celsius team. I think the separation of functions between the brand building part and the more the execution part works well. And yeah, we should be able to continue to gain share in some -- I think we're close to 20% now for the full portfolio. It's a meaningful participation in a category that is continuing to grow, and -- but has opportunities to grow even further.

我們與Celsius團隊的合作非常愉快。我認為品牌建立部分和執行部分的功能分離效果很好。是的，我們應該能夠繼續在某些領域擴大市場份額——我認為我們目前在整個投資組合中的份額已經接近 20%。這是對一個不斷發展壯大的類別的有意義的參與，而且——這個類別還有進一步發展的機會。

(Operator Instructions) Peter Galbo, Bank of America.

（操作員說明）彼得·加爾博，美國銀行。

I just wanted to follow up maybe a little bit on Filippo's question and Ramon, I think you've mentioned it a few times. But just as we think about lapping some of the M&A that's going to go into the organic, is there any way to frame what those -- once they become organic, will be contributors to the full year? And I ask that just in the context of trying to compare the base business kind of like-for-like relative to when poppi and CSA moved into the organic base?

我只是想稍微補充一下 Filippo 的問題，Ramon，我想你已經提到過幾次了。但正如我們考慮將一些併購活動納入有機成長時，有沒有辦法確定這些活動——一旦它們成為有機成長——將對全年業績做出哪些貢獻？我這麼問，只是為了比較 Poppi 和 CSA 進入有機食品市場時，基礎業務和現在的業務，看看兩者之間是否存在可比性？

Hey, this is Steve. Maybe I'll just start with when they flip into organic. We have set that it will be in the March timeframe. Poppi, in the July timeframe, Alani Nu towards the end of the year, I think, as Ramon talked about. It should certainly help our organic growth. We haven't been specific on exactly what that will be, but we'll report on that as the quarters evolve.

嘿，我是史蒂夫。或許我應該從它們轉型為有機產品開始。我們已確定將在三月進行。Poppi 大概在七月份，Alani Nu 大概在年底，我想，就像 Ramon 所說的那樣。這肯定有助於我們的自然成長。我們還沒有具體說明會是什麼，但我們會隨著季度的發展進行報告。

(Operator Instructions) Chris Carey, Wells Fargo Securities.

（操作員說明）克里斯‧凱裡，富國證券。

So trademark Pepsi grew volume in dollars in 2025, which is a great outcome. Can you just give us a sense of what went well in 2025, specifically for that business? And perhaps a bit of a preview of how you can continue that momentum in 2026? Obviously, there's some previews of ad spots that are coming up, among other initiatives.

因此，百事可樂品牌在 2025 年實現了銷售額的成長，這是一個非常好的結果。您能否簡單介紹一下該業務在 2025 年有哪些進展順利的地方？或許還可以提前了解如何在 2026 年保持這種勢頭？顯然，除了其他舉措之外，還有一些即將推出的廣告預告片。

And just connected, it doesn't get a lot of attention, but Mountain Dew has been a bit more sluggish. But it's not an irrelevant brand specifically for the PBNA business, which will be important as we get through the year. Maybe just a few tidbits on how you're thinking about Mountain Dew and how to reinvigorate some of the growth as what you had seen with brand Pepsi?

而且，雖然它沒有引起太多關注，但激浪汽水的發展一直比較緩慢。但對於 PBNA 業務而言，它並非一個無關緊要的品牌，這一點在今年將變得非常重要。能否簡單談談您對激浪（Mountain Dew）的看法，以及如何像百事可樂一樣重振其成長動能？

Great. So yeah, listen, we're happy with Pepsi, obviously. It's a brand that is very important for our portfolio of beverages in the US and globally. And we're doing very well globally, but also is improving in the US. We're not satisfied yet, so I think we have more potential with Pepsi, and that's why we're investing in a couple of areas.

偉大的。所以，聽著，我們當然對百事可樂很滿意。這是一個對我們在美國乃至全球的飲料產品組合都非常重要的品牌。我們在全球範圍內都做得非常好，而且在美國也越來越好。我們並不滿足於現狀，所以我認為我們在百事可樂方面還有更大的潛力，這也是我們正在幾個領域進行投資的原因。

No sugar, as you saw, Pepsi Zero. I think we have a very good product, a product that over 100,000 consumers have told us that they prefer over our competitor based on our Pepsi challenge, and we want to tell our consumers that, hey, we're here and try us. So that's why we're investing in advertising in a way that is simple and easy to understand.

正如你所看到的，百事零度無糖可樂。我認為我們擁有一款非常好的產品，超過 10 萬名消費者透過百事挑戰告訴我們，他們更喜歡我們的產品而不是競爭對手的產品，我們想告訴我們的消費者，嘿，我們來了，試試我們的產品吧。所以，這就是為什麼我們要以一種簡單易懂的方式進行廣告投資。

The same way, we've been quite successful in our Food Deserves Pepsi campaign and that, together with increasing our availability in restaurants and food consumption spaces away from home, is also being a big driver of volume, but also I would say, awareness and trial of the brand. And we'll continue to push on those two. So feel good about Pepsi, feel good about our advertising, feel good about our consumer programs and customer programs.

同樣，我們的「美食配百事可樂」活動也取得了相當大的成功，再加上我們在餐廳和外出就餐場所的供應量不斷增加，不僅極大地推動了銷量，而且我認為也提高了品牌的知名度和試用率。我們將繼續推進這兩個項目。所以，請為百事可樂感到自豪，為我們的廣告感到自豪，為我們的消費者計劃和客戶計劃感到自豪。

Now Mountain Dew, as you said, has been a more difficult project. I think we're making good progress. The teams are iterating innovation. Baja has been a very successful innovation for us and some of the flavors that go with that, especially with Hispanic population, but not only.

正如你所說，激浪汽水專案則更加困難。我認為我們取得了不錯的進展。各團隊正在不斷迭代創新。Baja 對我們來說是一項非常成功的創新，它所衍生的一些口味尤其受到西班牙裔人口的喜愛，但不僅限於此。

We'll continue to iterate with -- I think we have a marketing model that is very local. It's a brand that is very different in different parts of the country. So our marketing needs to be quite segmented and granular. And I think our marketing teams are finding ways to be relevant in different parts of the country with the same brand, but obviously, different messages and different innovation and different portfolios.

我們將繼續迭代——我認為我們的行銷模式非常本土化。這是一個在全國各地差異很大的品牌。因此，我們的行銷需要進行相當細緻的細分。我認為我們的行銷團隊正在想辦法，用同一個品牌在全國各地保持相關性，但顯然，要傳遞不同的訊息，進行不同的創新，並推出不同的產品組合。

So we feel good. It will take a little bit longer, I would say, for Mountain Dew but we're seeing progress. '25 was better than '24, and '26 will be better than '25.

我們感覺很好。我認為，激浪汽水的情況還需要更長時間才能好轉，但我們已經看到了進展。 2025 年比 2024 年好，2026 年會比 2025 年好。

(Operator Instructions) Robert Moskow, TD Cowen.

（操作員說明）Robert Moskow，TD Cowen。

Ramon, I was hoping you could give us just a little bit of an update on the tests that you're conducting in Texas, and I think Florida too, where you're merging Food and Beverage distribution. What's working? And are there elements of the combination that are difficult to execute? And how does that inform the broader strategic review that you're conducting for North America Beverages distribution?

拉蒙，我希望你能給我們簡要介紹一下你在德克薩斯州（我想還有佛羅裡達州）進行的測試的最新情況，你們正在那裡整合食品和飲料分銷。哪些方法有效？這種組合中是否存在難以執行的要素？那麼，這對於您正在進行的北美飲料分銷的更廣泛的策略評估有何參考意義？

Yeah, great question, and it's clearly an area of focus for us, eliminating duplications between our two large US businesses and finding ways to create advantage on the integration is where we're working on. There is some good insights already in integrated delivery, integrated inventory points. So those are very positive initial numbers that we're getting that will make us more cost efficient, but at the same time, more flexible to provide better customer service, which at the end is one of the drivers of value.

是的，問得好，這顯然是我們關注的重點領域，我們正在努力消除我們兩家美國大型企業之間的重複工作，並找到在整合過程中創造優勢的方法。在一體化配送和一體化庫存點方面，已經有一些不錯的見解。因此，我們得到的這些初步數據非常積極，這將使我們更具成本效益，同時也將使我們更靈活地提供更好的客戶服務，而客戶服務最終是價值的驅動因素之一。

We plan to update all of you later in the year, towards the end of the year with specific details on our plans going forward. So we're working on learning as much as we can, scaling some of the solutions. There's obviously technical IT systems solutions that we're putting in place that would be high value, I think, for us and for the industry.

我們計劃在今年晚些時候，也就是年底，向大家詳細介紹我們未來的計劃。所以我們正在努力學習盡可能多的知識，並擴大一些解決方案的規模。顯然，我們正在部署一些技術性IT系統解決方案，我認為這些方案對我們和整個產業都非常有價值。

There's also some innovation in terms of vehicles and some of the transportation trucks that we have to put in place. So there is innovation. There is discovery and there is -- some of our best people are against this project, which gives us a lot of confidence that we'll build something unique that will be high value for the company, both in terms of efficiency and also in terms of giving our customers a much better service for the demand of the future.

在車輛和一些運輸卡車方面也有一些創新，我們需要添加這些車輛和卡車。所以，創新是存在的。既有發現的契機，也有反對的聲音——我們一些最優秀的人才反對這個項目，這讓我們更有信心，我們將打造出獨一無二的產品，無論從效率方面，還是從為客戶未來提供更好的服務方面，都將為公司帶來巨大的價值。

Now as we said in the past, this will not be a one-size-fits-all for the US because the reality of the marketplace is very different, and we will construct a scale model that takes into consideration the nuances of every part of the US, including potential small refranchising models in part of the country, if we consider that that is that is the best solution. Again, various small parts, very complementary to our main assumption, which is that the integration of the two businesses will drive a lot of value.

正如我們之前所說，這不會是一個適用於美國的「一刀切」方案，因為市場的現實情況截然不同，我們將建立一個規模模型，該模型考慮到美國每個地區的細微差別，包括在某些地區可能採用的小型特許經營模式，如果我們認為這是最佳解決方案的話。再次強調，各個小部分與我們的主要假設非常契合，即兩家企業的整合將創造巨大的價值。

(Operator Instructions) Robert Ottenstein, Evercore ISI.

（操作說明）羅伯特·奧滕斯坦，Evercore ISI。

I was wondering if you could just step back and touch on the macro backdrop that you're working with, maybe any change in trends in major markets through the fourth quarter, and into January? Any expectations of the impact of government measures in the US?

我想請您簡要介紹一下您所處的宏觀背景，例如主要市場在第四季度以及明年一月的發展趨勢是否有任何變化？對美國政府措施的影響有何預期？

And what are you thinking about in terms of the macro conditions, in terms of your guidance for the year? Are you expecting things to continue the way they are? Or pick up or weaken in any key markets in terms of supporting your guidance?

那麼，就宏觀經濟情勢而言，您對今年的業績有何看法？你希望事情繼續像現在這樣發展嗎？或者，在您指引的範圍內，關鍵市場的趨勢是否有所改變？是上漲還是下跌？

Yeah. The way we've constructed our guidance is continuous stick from what we've seen in Q4. So clearly, a middle- and low-income consumer that continues to be stretched and choiceful and that we have to earn being part of their basket every day. I think that's how we're thinking about it for the US.

是的。我們制定業績指引的方式是根據第四季的情況，採取持續穩健的策略。顯然，中低收入消費者仍面臨經濟壓力和選擇困難，我們必須努力爭取每天都能成為他們購物籃的一部分。我認為這就是我們美國方面的想法。

Internationally, we're seeing different parts of the world behaving differently, but we're optimistic about Mexico, as I said earlier. We're seeing positive trends in China. Again, I'm referring to our business and the surroundings of our business rather than larger macros.

國際上，我們看到世界各地採取了不同的應對措施，但正如我之前所說，我們對墨西哥持樂觀態度。我們看到中國正在出現積極的發展趨勢。再次聲明，我指的是我們公司以及我們公司所處的環境，而不是更大的宏觀層面。

We're seeing positive situation in the Middle East. We're seeing a good consumer there as well, a bit weaker in Western Europe. And then Brazil neutral. So those are our bigger markets, and those are the assumptions that we've been putting in our guidance. Overall, I would say, rather continuous stick based on the data that we have with monthly data that we have with consumers.

我們看到中東局勢呈現積極態勢。我們看到那裡的消費者也表現良好，而西歐的消費者則稍微疲軟。巴西保持中立。所以這些是我們較大的市場，這些也是我們在績效指引中一直在做的假設。總的來說，我認為應該根據我們掌握的每月消費者數據，持續堅持下去。

Okay. So I think this is the last question. So thank you very much, everybody, for joining us today and for the confidence you've placed in our stock. And I look forward to seeing you in CAGNY in a couple of weeks and continuing the conversation. Thank you.

好的。所以我想這是最後一個問題了。非常感謝各位今天蒞臨現場，也感謝大家對我們股票的信任。我期待幾週後在紐約國際會議中心與您見面，繼續我們的對話。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了，祝您度過美好的一天。