百事 (PEP) 2026 Q3 法說會逐字稿

Good morning, and welcome to PepsiCo's 2026 third quarter earnings question-and-answer session. (Operator Instructions)

早安，歡迎參加百事公司 2026 年第三季財報問答環節。（接線員指示）

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 of Investor Relations. Mr. Pamnani, you may begin.

今天的電話會議將被錄音，並將存檔於 www.pepsico.com。現在我很榮幸介紹投資人關係資深副總裁 Ravi Pamnani 先生。Pamnani 先生，您可以開始了。

Good morning, everyone. Thank you, Kevin. 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. Before we begin, please take note of our cautionary statement. We may make forward-looking statements on today's call, including about our updated business plans, guidance and outlook.

各位早安。謝謝你，Kevin。希望大家今天早上都已經有機會閱讀我們的新聞稿與事先準備的講稿，兩者皆可在我們的網站上取得。在開始之前，請留意我們的警示性聲明。我們可能會在今天的電話會議中作出前瞻性陳述，包括關於我們更新後的業務計畫、指引與展望。

Forward-looking statements inherently involve risks and uncertainties and only reflect our view as of today, October 8, 2026, and we are under no obligation to update. When discussing our results, we refer to non-GAAP measures, which exclude certain items from reported results.

前瞻性陳述本質上涉及風險與不確定性，且僅反映我們截至今日（2026 年 10 月 8 日）的觀點，我們沒有義務更新。在討論我們的業績時，我們會引用非 GAAP 指標，該等指標會自已報告結果中排除某些項目。

Please refer to our third quarter 2026 earnings release and third quarter 2026 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.

請參閱我們在 pepsico.com 上提供的 2026 年第三季財報新聞稿與 2026 年第三季 Form 10-Q，其中包含非 GAAP 指標的定義與調節表，以及關於我們業績的其他資訊，包括可能導致實際結果與前瞻性陳述存在重大差異之因素的討論。

Joining me today are PepsiCo's Chairman and CEO, Ramon Laguarta; and PepsiCo's Executive Vice President and CFO, Stephen Schmitt. (Event Instructions)

今天與我一同出席的有百事公司董事長兼執行長 Ramon Laguarta，以及百事公司執行副總裁兼財務長 Stephen Schmitt。（活動指示）

And with that, I will turn it over to the operator for the first question.

那麼，接下來我把時間交給接線員，開始第一個問題。

(Operator Instructions)

（接線員指示）

Dara Mohsenian, Morgan Stanley.

Morgan Stanley 的 Dara Mohsenian。

Hey, good morning. So Ramon, I thought, first, maybe we could just get a bit of a state of the union from you on the revenue side as we approach calendar year-end here. Obviously, internationally, another strong set of results in the quarter. You did have some weather and World Cup boost in theory. We are seeing a volatile environment. So just would love your thoughts on the sustainability of the strong growth that you're seeing internationally and the forward growth opportunities?

嗨，早安。Ramon，我想先請你就營收面，在接近曆年年底之際，給我們一個整體概況。顯然在國際市場，本季又交出一組強勁的成績。理論上你們也受到一些天氣因素與世界盃的提振。我們看到的環境相當波動。所以很想聽聽你對於目前國際市場強勁成長的可持續性，以及未來成長機會的看法？

And then just shifting to NA, again, from a revenue standpoint, numerous strategy changes this year, volume I don't think has responded as much as some as hoped, clearly in North America. So just look back on the efforts in '26 so far, any plans to tweak pricing or plans from here? We've heard a lot about snacks pricing recently in the marketplace. So just any strategy tweaks going forward?

接著轉到北美，同樣從營收角度來看，今年有許多策略調整，但我覺得在北美，銷量的反應並沒有如部分人所期待的那麼明顯。所以回顧目前為止 2026 年的努力，接下來是否有調整定價或後續計畫？我們最近在市場上聽到很多關於零食定價的討論。所以未來是否會有任何策略微調？

And then, Steve, if I can just slip in one on the margin side. Obviously, the earnings revision in Q4 is margin driven with the top line expectations holding. So just help us understand what changed there. But I think really the context is when you have a big Q4 revision, it may imply further pressure in '27. So just -- as we look out to '27, I know you won't give guidance, but just some of the key buckets to margins as we look out to '27, reinvestment to reinvigorate North American volumes, commodity pressure, given that's a big change for Q4. Any incremental cost savings thoughts. Those would all be helpful just conceptually for '27.

另外，Steve，如果我可以再插問一題關於毛利率/利潤率。顯然第四季的獲利修正是由利潤率驅動，而營收端的預期維持不變。請協助我們理解其中有哪些變化。但我想更重要的背景是，當你們對第四季做出較大的修正時，可能意味著 2027 年會有進一步壓力。所以就 2027 年來看，我知道你不會提供指引，但能否就利潤率的幾個關鍵構成面向談談：例如為了重新帶動北美銷量而進行的再投資、原物料壓力（鑑於這是第四季的一個重大變化）、以及是否有任何額外的成本節省想法。這些就概念上理解 2027 年都會很有幫助。謝謝。

Great. Dara, this is Steve. Good morning, and thanks for the question. Good morning, everyone. Maybe I'll start with the second question and then kick it to Ramon for the State of the Union where you began your question.

好的。Dara，我是 Steve。早安，謝謝你的提問。各位早安。我或許先從第二個問題開始回答，然後再把你一開始提到的整體概況交給 Ramon。

So -- before I get into the guidance revision, maybe I'll talk a little bit about the quarter, at least from a highlight standpoint. And the reality is that we're pleased with many aspects of our Q3 performance. Organic revenue accelerated to 3.1%, reported revenue was north of 5%, core operating profit increased 3% and EPS to increase 2%.

在我談到指引修正之前，我先從亮點角度簡單談談本季表現。事實上，我們對第三季表現的許多面向感到滿意。有機營收增速加快至 3.1%，已報告營收成長超過 5%，核心營業利益成長 3%，每股盈餘（EPS）成長 2%。

Importantly, as we look at the health of the business around the world, global beverage volume was up 3%, global food volume was up 1%, and it's actually up 4% if you exclude the grains business in South Africa. And overall, International had really quarter. Organic revenue increased 8%, operating margin expanded 105 basis points. Now shifting to the North America business. Our Foods business in North America, organic sales improved from Q2 and our beverage business in North America decelerated.

重要的是，從全球業務健康度來看，全球飲料銷量成長 3%，全球食品銷量成長 1%；若排除南非的穀物業務，實際上成長為 4%。整體而言，國際業務本季表現非常出色。有機營收成長 8%，營業利潤率擴張 105 個基點。接著轉到北美業務。北美食品業務的有機銷售較第二季改善，而北美飲料業務的增速則放緩。

So if I turn to guidance, there are always a number of factors that go into how we think about guidance. The largest changes and you mentioned, we said in our prepared remarks, was margin performance is below where we expected it to be. Input costs are trending higher and mix has been a headwind in particular. But despite these pressures, I think it's important to note that we've decided to sustain key investments around the company to make sure that we stimulate growth and build momentum. This includes A&M, which increased in international. It also increased in North America importantly.

談到指引，我們在思考指引時通常會納入多項因素。最大的變化，如你所提到、我們也在事先準備的講稿中說明的，是利潤率表現低於我們原先的預期。投入成本走勢更高，尤其是產品組合（mix）成為逆風。但儘管面臨這些壓力，我認為重要的是，我們決定維持公司內部的關鍵投資，以確保能刺激成長並建立動能。這包括 A&M（廣告與行銷），在國際市場有所增加。同樣重要的是，在北美也有所增加。

So it's the margin piece that's driving the guide down EPS, but sales, as you mentioned, we expect to be robust. Another mention, we're also identifying structural cost reduction areas, and we're going to be using revenue management tools in the coming months to partially mitigate this margin pressure that we have in the fourth quarter, these benefits should start helping as we turn the calendar year.

因此，利潤率因素推動我們下修 EPS 指引，但如你所說，銷售方面我們預期仍將強勁。另外一點，我們也正在辨識結構性成本降低的領域，並且在接下來幾個月運用收益管理工具，部分緩解第四季的利潤率壓力；這些效益應會在進入新曆年後開始帶來幫助。

So that's how I think about guidance, the revision. You mentioned '27, so maybe I'll touch on that, too. In '27, we have clear priorities. We certainly want North America to grow faster and more efficiently. We're going to continue to fuel the international business and maintain momentum there. And we're going to be very disciplined with costs and capital allocation.

以上就是我對指引修正的看法。你提到 2027 年，我也稍微談一下。在 2027 年，我們有明確的優先事項。我們當然希望北美能更快、也更有效率地成長。我們將持續為國際業務注入動能並維持那裡的成長勢頭。同時，我們會在成本與資本配置上保持高度紀律。

So as you imagine, we've been working through our '27 plans for some time. We're just not in a position today to provide a complete view of what our expectations might be, and I'd rather not give a partial view now. So we'll give more detail on our 2027 expectations in Feb when we report the fourth quarter. So I know that was a lot, but now I'll kick it over to Ramon and give a state of the union.

如你所想，我們已經推進 2027 年計畫一段時間了。但今天我們還不適合提供對我們預期的完整觀點，我也寧可不要現在給出片段式的說法。因此，我們會在 2 月公布第四季業績時，提供更多關於 2027 年預期的細節。我知道我講了很多，接下來我把時間交給 Ramon，請他提供整體概況。

Okay. So you guys got a lot -- the framework there. So -- listen, we're pleased with the acceleration of the business. So going into the year, our priority number one was to accelerate top line across the company. Now if you think about the enterprise, we grew 3.1% in organic net revenue in Q3. That is the fastest rate of growth since Q4 '23. So clearly, an important milestone for us to cross the 3%. And we like the way that growth came, which was volume led.

好的。所以你們那邊已經建立了很多——那個框架。所以——聽著，我們對業務加速感到滿意。因此進入今年時，我們的第一優先事項就是推動全公司營收端（top line）加速成長。如果你看整個企業層面，我們在第三季（Q3）的有機淨營收成長了3.1%。這是自2023年第四季（Q4 '23）以來最快的成長速度。所以很明顯，跨越3%對我們而言是一個重要的里程碑。而且我們喜歡這次成長的方式——主要是由銷量（volume）帶動。

So if you think as Steve mentioned, a 3% growth in beverages, global beverage volume and 4% in snacks globally, the snacks business, not the foods. We had some large business in South Africa that are very heavy kind of commodity type that impacted the overall global. So -- good, I would say, very positive threshold, we cross the threshold of 3%. And obviously, it is on its way to the long-term 4% that we want to get to.

所以如同Steve提到的，飲料成長3%（全球飲料銷量），以及零食在全球成長4%——是零食業務，不是食品（foods）。我們在南非有一些規模較大的業務，屬於非常偏大宗商品型態，對整體全球表現造成影響。所以——我會說，這是一個很好的、非常正向的門檻，我們跨過了3%的門檻。而且很明顯，這也正朝著我們希望達到的長期4%目標前進。

Now international was a big driver of that, and we're very pleased with the momentum that we've been building on international now for many quarters. It is not there, you mentioned weather and some -- I think it's much more structural. I think we're becoming much more competitive in both foods and beverages in more markets. The scale of the business now is to the point that we put on the remarks, that is year-to-date, international is already 45% of our profit so that we keep building it. And it's broad. It's broad based. It's in Europe, it's in Middle East, it's in Asia. It's in LatAm. So good performance overall.

現在，國際市場是其中一個很大的驅動因素，我們也非常滿意過去好幾個季度在國際市場累積起來的動能。這不只是你提到的天氣以及一些——我認為更多是結構性的因素。我認為我們在更多市場的食品與飲料兩個品類都變得更具競爭力。目前業務規模已經到了我們在講稿中提到的程度：年初至今，國際市場已經貢獻了我們45%的利潤，因此我們會持續建設。而且這是廣泛的。是廣泛分布的。在歐洲、在中東、在亞洲。在拉丁美洲（LatAm）。所以整體表現不錯。

Now we're not satisfied with the performance in the US. And as Steve mentioned, I would provide some nuance though. The volume bed that we made in Snacks, North America, especially with the price reset, we're happy with the turnaround in the volume performance.

現在，我們對美國市場的表現並不滿意。而如同Steve提到的，不過我想補充一些細微差異。我們在北美零食（Snacks）所做的以銷量為核心的押注，特別是在價格重置之後，我們對銷量表現的回升感到滿意。

If you think about last year, that business was low single-digit negative volume growth. This year, we're low single-digit positive volume growth. That is a major turnaround. And it was -- it is the price, but it's also some of the innovation, some of the new platforms we're building aligned with the portfolio of the future. So good progress there. We're going to keep investing in those platforms going forward. I think we can accelerate the category. We gained share in volume now for multiple quarters in Foods North America, in Snacks North America, we're starting to turn that into value share as well.

如果你回想去年，那個業務的銷量成長是低個位數的負成長。今年，我們是低個位數的正成長。這是一個重大的反轉。而且——這固然與價格有關，但也與一些創新、以及我們正在打造、並與未來產品組合（portfolio of the future）一致的新平台有關。所以那邊進展良好。我們接下來會持續投資這些平台。我認為我們可以加速整個品類的成長。我們在北美食品（Foods）已經連續多個季度在銷量市占上取得提升；在北美零食方面，我們也開始把這轉化為價值市占（value share）。

So that was the playbook. As you said, less volume growth than what we had initially anticipated. It had to do with the consumer environment. It had to do with some of the commercial execution, that's getting better, and we feel good.

所以那就是我們的作戰手冊（playbook）。如你所說，銷量成長低於我們最初的預期。這與消費者環境有關。也與部分商業執行有關——這正在改善，我們感覺良好。

Now we don't feel good about the beverage business. I think in the beverage business, as we put in our remarks, we're competing well in some platforms like hydration, like energy, and we're not competing well in soft drinks. So we're putting all the urgency of the business and the focus in improving our performance in soft drinks. We're cutting cost in many areas of the business where including corporate and allocated including overhead costs everywhere to invest back into the beverage business, also the food business in North America. And we're looking at any other opportunities to improve our execution because I think there's also an element of execution that can improve.

現在，我們對飲料業務的感受並不好。我認為在飲料業務上，如同我們在講稿中提到的，我們在某些平台（例如補水、能量飲料）競爭得不錯，但在碳酸軟性飲料（soft drinks）方面競爭得不好。因此我們正以最高的緊迫感與聚焦度，來改善我們在碳酸軟性飲料的表現。我們正在業務的許多領域削減成本，包括公司層面與分攤項目，也包括各處的間接費用（overhead costs），以便把資源再投回飲料業務，同時也投回北美的食品業務。此外，我們也在尋找任何其他機會來提升執行力，因為我認為在執行層面也還有改善空間。

So that is the state of the union there. For us, priority, as Steve was saying, going into next year, is to maintain the top line momentum. That's why we continue to invest in the business, double-digit A&M in both businesses in the US this quarter. We continue to invest in A&M going forward. We want to go enter '27 with a lot of momentum and make sure that we manage the business for the long term, which is what we're doing.

所以這就是目前的整體狀況。對我們而言，如同Steve所說，進入明年的優先事項是維持營收端的動能。這也是為什麼我們持續投資於業務——本季在美國兩個業務的A&M（廣告與行銷）都達到雙位數成長。我們未來也會持續投入A&M。我們希望在進入2027年（'27）時帶著很強的動能，並確保我們以長期角度來經營業務——這正是我們正在做的。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛（Goldman Sachs）。

All right. Thank you. Good morning, everyone. I guess a follow-up on all of Dara's questions. Maybe just a question on PFNA. Curious if you would consider accelerating SKU rationalization and some of the underperforming brands in that business, thinking about maybe in an attempt to redeploy investments behind SKUs that are actually showing signs of improvement or momentum?

好的。謝謝。各位早安。我想接續Dara所有問題再追問一下。也許是關於PFNA的一個問題。我很好奇，你們是否會考慮加速SKU精簡（rationalization）以及處理該業務中一些表現不佳的品牌，想著也許藉此把投資重新配置到那些實際上已經出現改善跡象或動能的SKU上？

And I guess, if not, could you just maybe walk us through the puts and takes of your current portfolio and why you believe you have the right brands in place? And then how should we think about you potentially supplementing growth as you potentially pursue M&A in that business to, again, kind of reignite growth?

另外我想，如果不會的話，你們能否帶我們梳理一下目前產品組合的利弊取捨（puts and takes），以及為什麼你們相信現有品牌配置是正確的？然後，當你們在該業務中可能推動併購（M&A）以再次點燃成長時，我們應該如何看待你們可能透過併購來補充成長？

Yes. I think it's a good point, Bonnie. I think the -- there are two elements or two big vectors of growth in the US Foods business. One is making sure that you provide the right value, right? So affordability, price points, entry points to the different categories, subsegments, making sure that we're competitive in that space with a consumer that is clearly challenged, we don't expect the consumer to suddenly become much more in a much better place in the next 12, 18 months. So value, affordability, price points, giving the people the right format.

是的。Bonnie，我認為這點提得很好。我認為——美國食品（US Foods）業務有兩個要素、或兩個主要的成長向量。第一個是確保你提供正確的價值，對吧？也就是可負擔性、價格帶、各品類與子區隔的入門價位，確保在消費者明顯承壓的情況下，我們在那個領域具備競爭力；我們不預期消費者在接下來12到18個月會突然變得處境好很多。所以是價值、可負擔性、價格帶，並提供給消費者合適的規格/形式（format）。

The second one is, I guess, what you're referring to, which is the portfolio, the portfolio of the future and how we're evolving the portfolio to satisfy the various demand moments of that business. Now there is -- I think we have been investing in multiple platforms that position us very well for the future. Then the first one is portion control and affordability, and we talked about this in the past. We think that 100-calorie packs, 120-calorie packs, that is critical for the future. That business is already $3 billion-plus.

第二個，我想就是你所指的，也就是產品組合——未來的產品組合，以及我們如何演進產品組合，以滿足該業務各種不同的需求時刻（demand moments）。現在——我認為我們一直在多個平台上投資，這讓我們在未來具備非常好的定位。第一個是份量控制與可負擔性，我們過去也談過。我們認為100卡包、120卡包，對未來至關重要。那個業務規模已經超過30億美元。

We continue to invest. All the permissible portfolio we have over $3 billion as well of permissible portfolio, which is going to be the growth space for the future, I think we have great brands in that space. If you think about SunChips, Smartfood, Naked, simply, pop corners and others that I forget at this point, so that is a great portfolio that is growing. We're obviously launching Doritos protein and some other variants that we see also having very good consumer momentum. So we're doing both things, trying to make sure the core is still very relevant with the right pricing, right advertising, right emotional connection with the consumer.

我們會持續投資。我們的「可適度享用（permissible）」產品組合也超過30億美元；我認為那將是未來的成長空間，而我們在那個領域有很強的品牌。如果你想到SunChips、Smartfood、Naked、Simply、PopCorners，以及此刻我一時想不起來的其他品牌——所以那是一個正在成長的很棒的產品組合。我們也正在推出Doritos蛋白（protein）以及其他一些變體，我們也看到消費者動能非常不錯。所以我們兩方面都在做：一方面確保核心業務仍然非常貼近市場，具備正確的定價、正確的廣告投放、以及與消費者之間正確的情感連結。

And then building these new platforms that is where the double-digit growth are including, I wouldn't say indulgence continues to be a great space, right? So if you think about Miss Vickie's with avocado oil or baked with olive oil, so those are spaces where we're also investing and where we can premiumize the brand. So I think the portfolio is in a very good place from the -- where the consumer is today or when the consumer is going tomorrow.

接著打造這些新平台，這正是雙位數成長所在；我不會說「放縱型」品類仍然是一個很棒的空間，對吧？所以如果你想到 Miss Vickie’s 使用酪梨油，或是用橄欖油烘烤，這些都是我們也在投資、並且能夠讓品牌走向高端化（premiumize）的領域。因此我認為，從消費者今天所處的位置、或消費者明天要去的方向來看，整個產品組合都處在非常好的狀態。

Now is there opportunities for M&A in small subsegments? We've been looking at that for quite some time, both in Foods and Beverages. We acquired not too long ago. was another good example in the beverage business. And we keep looking at opportunities to complete the portfolio, smaller tuck-in opportunities that we don't -- we never say no. If it's -- it has strategic value, it has financial returns and it makes sense for the levers of growth that we can provide.

那麼在一些小型子分項上，是否有併購（M&A）的機會？我們在食品與飲料兩個領域都已經觀察這件事相當一段時間了。我們不久前也完成了一項收購，這在飲料業務上是另一個很好的例子。而我們會持續尋找能補齊產品組合的機會，也就是一些較小的補強型（tuck-in）機會；我們不會——我們從不把話說死。只要它——具備策略價值、能帶來財務回報，而且符合我們能提供的成長槓桿，就合理。

So -- but I think we're in a good place from where the portfolio is going. Now we need to put more investment in scaling up those platforms. That's what we're trying to do taking cost from other parts of the portfolio -- of the P&L and investing in those growth platforms for the future.

所以——但我認為，就產品組合的走向而言，我們處在一個不錯的位置。現在我們需要投入更多資源，把這些平台的規模做大。這就是我們正在做的：從產品組合的其他部分——從損益表（P&L）的其他部分——挪出成本，並把資源投到這些面向未來的成長平台上。

Peter Grom, UBS.

Peter Grom，瑞銀（UBS）。

Great. Thank you, operator. So I wanted to ask just on North America and maybe just carbonated soft drinks in general. Remember, it's pretty clear that you are not pleased with kind of the performance of the business. But as you take a step back, can you maybe unpack why performance has fallen short of expectations. And as you think about the path forward, what you plan to do differently?

好的。謝謝主持人。我想問一下北美，或更廣泛地說碳酸軟性飲料的情況。記得很清楚，你們對這項業務的表現並不滿意。但如果你退一步看，能否拆解一下為什麼表現未達預期？以及在思考未來的路徑時，你們打算有哪些不同的做法？

And then, Steve, just maybe more of a housekeeping question on the organic sales outlook. Approximately 3% growth can mean a lot of different things. So I'm just curious if the right takeaway is that you would expect sequential improvement from the 3% growth or 3.1% growth that we just saw in the third quarter and the fourth quarter.

另外，Steve，這可能是個比較例行的問題，關於有機銷售（organic sales）的展望。大約 3% 的成長可能代表很多不同的情境。所以我想確認一下，正確的解讀是否是：你們預期會從我們在第三季與第四季剛看到的 3% 或 3.1% 成長，出現逐季改善（sequential improvement）。

Yes. I would think about the -- starting from the last point. I would think that way. I think we're expecting sequential improvement as you -- we go into Q4 and especially, as we go into next year. So I'll continue to invest. It's our number one priority, invest in growth, invest in growth. Steve mentioned, we didn't take any resources away from the business in Q4. On the contrary, we're trying to invest more in growth across the world, international and the US to make sure that we continue the sequential improvement or acceleration of the business on the top line. So that's from the -- how we're thinking about top line.

是的。我會從——先從你最後那點來談。我會用那樣的方式來思考。我認為我們預期會有逐季改善，當你——我們進入第四季，尤其是進入明年時。所以我會持續投資。我們的第一優先事項就是投資成長、投資成長。Steve 提到，我們在第四季沒有從這項業務抽走任何資源。相反地，我們正嘗試在全球、國際以及美國加大對成長的投資，以確保我們能持續逐季改善，或讓營收端（top line）的業務加速。以上是——我們對營收端的思考方式。

Now soft drinks US, let's start with LRB US, right? LRB US, I think we're -- one important priority for us this year was to accelerate the hydration business. That business is -- has accelerated in volume and in net revenue. The overall category is very important for us that the hydration category, which has tailwinds given some of the food -- the eating habits and drinking habits of the population.

現在談美國軟性飲料，我們先從 LRB US 開始，對吧？LRB US，我認為——我們今年一個重要的優先事項，是加速補水（hydration）業務。那項業務——在銷量與淨營收上都已經加速成長。整體品類對我們非常重要：補水品類本身具備順風因素（tailwinds），這與人們的一些飲食——飲食習慣與飲用習慣有關。

So that was critical. We made that happen. It's working well, and we'll continue to innovate in and in Propel and investing in those brands to accelerate. So that part is a good one for us. Energy as well. I think the Alani plus sales use makes sense. By the time we get the two brands into the business, and well executed, that will be an important source of growth for us.

所以那是關鍵。我們做到了。運作得很好，而且我們會持續在 Propel 上創新，並投資這些品牌以加速成長。所以這一塊對我們來說是好的。能量飲料也是如此。我認為 Alani 的加入在銷售面上是合理的。當我們把這兩個品牌納入業務並且執行到位時，這將成為我們重要的成長來源。

Now in soft drinks, we -- as you said, we're dissatisfied. I think there is a -- two things that we're trying to do. One is increased investment behind the brands. So invest more behind Poppy, Pepsi, Mountain Dew and some of the other brands we have in soft drinks. And the second one is improve the execution.

至於軟性飲料方面，我們——如你所說，我們不滿意。我認為我們正在做——兩件事。第一是加大對品牌的投資。也就是在 Poppy、Pepsi、Mountain Dew 以及我們在軟性飲料中的其他一些品牌上加大投資。第二是改善執行。

I think there's opportunities for us to become a better -- raise the bar on execution in our beverage business, and the team is fully focused. We have great partners in our bottling partners as well. And we're -- that's the focus, execution improvements and more investments in the brands to be competitive with our key competitors that have having increased their investment in the portfolio and it's working.

我認為我們有機會做得更好——在飲料業務的執行上把標準拉高，而團隊也完全聚焦在這上面。我們的裝瓶合作夥伴也都是很棒的夥伴。而我們——重點就是：提升執行力，並加大品牌投資，以便在主要競爭對手已提高其產品組合投資、且已見成效的情況下，保持競爭力。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊（Barclays）。

Great. Thanks so much, everyone. I'm going to do two things because everyone is doing two things. So the first was just in thinking about the 4Q guide and the margin, I just wanted to ask again maybe a little bit differently. If you can try to clarify how much of the margin pressure is incremental investment versus incremental unexpected inflation. So I think that's really important to just understand both what you're doing versus what you're dealing with is an external environment standpoint.

好的。非常感謝各位。我也要問兩件事，因為大家都在問兩件事。第一個是關於第四季指引（4Q guide）與毛利率（margin），我想用稍微不同的方式再問一次。你們能否試著釐清：毛利率壓力中，有多少來自額外投資（incremental investment），又有多少來自額外、出乎意料的通膨（incremental unexpected inflation）？我認為這點非常重要，因為需要理解哪些是你們主動在做的事，哪些是你們從外部環境角度正在面對的狀況。

And then the second thing is just the ROI on the spending you're doing. I know, Ramon, you pointed to volumes in US Snacks starting to get better. But like the time to think bigger, if you will, like the innovation platform you've had is massive and super impressive. But everything that you've been talking about of them on is sounds a little bit tactical.

第二件事是你們支出的投資報酬率（ROI）。Ramon，我知道你提到美國零食（US Snacks）的銷量開始變好。但如果把視角放大一點，你們的創新平台非常龐大、也非常令人印象深刻。但你們一直在談的內容聽起來有點偏戰術層面（tactical）。

So like are there things you need to reevaluate on, how you communicate with consumers, how you're doing your A&P, Bonnie's point on SKU rationalization. But like the innovation is there, but is it time to step back and have bigger thoughts about like how you do things -- going to be so tactical in nature?

所以像是：你們是否需要重新評估與消費者溝通的方式、你們如何做 A&P（廣告與促銷）、以及 Bonnie 提到的 SKU 精簡（SKU rationalization）。但就像——創新是有的，可是是否到了該退一步、用更宏觀的角度思考你們做事方式的時候——而不只是這麼偏戰術性的做法？

Lauren, it's Steve. Let me talk a little bit about margin first. I won't get into granular detail, but I can give you at least a few things on, I guess, cost A&M and tariffs. So one, I would talk about on cost inflation overall, the teams internally have done a really nice job with our hedging programs. They're typically 6 to 12 months and it yielded us from some costs up into this point where we're starting to see these hedges roll off in our -- essential input costs starting to ramp.

Lauren，我是 Steve。我先談一下毛利率。我不會深入到非常細的細節，但我至少可以談幾個面向：我想是成本、A&M（廣告與行銷）以及關稅。第一，談到整體成本通膨，內部團隊在我們的避險（hedging）計畫上做得非常好。這些避險通常是 6 到 12 個月，讓我們在目前為止免於部分成本上升；但我們開始看到這些避險到期（roll off），而我們的——關鍵投入成本（essential input costs）開始走升。

So in spite of that, we are going to be investing in growth across the company. I think it's important to mention not just internationally, but we want to make sure we build momentum in the North America business. The piece on margin that is important to model is we did have a benefit in our Beverage North America business in the third quarter related to tariffs. We talked a little bit about in our remarks about how much that was.

因此，儘管如此，我們仍將在全公司範圍內投資於成長。我認為重要的是要提到，不僅是在國際市場，我們也希望確保在北美業務上建立動能。在利潤率方面、建模時很重要的一點是：我們在第三季的北美飲料業務因關稅因素而受惠。我們在發言中也稍微談到那部分的影響有多大。

And so once that goes away, that puts some more underlying pressure on the North American Beverages business that we didn't have in the third quarter -- sorry, in investments in A&M, we will continue to do that. Obviously, we want to have momentum going into next year.

因此，一旦那項效益消失，就會對北美飲料業務帶來更多我們在第三季沒有承受的基本面壓力——抱歉，至於A&M（廣告與行銷）投資，我們會持續投入。顯然，我們希望在進入明年時能帶著動能。

On the -- on the A&M investment, I think two points there. One, quantity and then quality. I think quantity, we're looking at every cost in the company and making sure that any cost that is not linked to growth is not there, including overheads, including corporate and allocated, including any line that you can think of because we think quantity matters and we need to invest more in growth in the US business, both beverages and food, and they both -- they share.

關於——關於A&M投資，我認為有兩點。第一是量，第二是質。就「量」而言，我們正在檢視公司內的每一項成本，並確保任何與成長無關的成本都不應存在，包括管理費用、包括總部與分攤費用、包括你能想到的任何科目，因為我們認為投入的「量」很重要，而且我們需要在美國業務上投入更多以推動成長，無論是飲料或食品，而兩者——是共享的。

Now quality is, as you saw, we're making some important pivots in how we're thinking about investing that A&M with much higher return. We just announced -- we announced a few weeks ago a partnership with publishers. That is an important capability for us as we go into this partnership, we'll be able to invest with much more data, much more granularity, understand consumers and be able to talk to consumers in a different way, where I think we're going to get better return on the investment -- not one thing. I'm sure given what I know about the capabilities we both have.

至於「質」，如你所見，我們正在對A&M投資的思維做出一些重要轉向，以取得更高的回報。我們剛宣布——我們在幾週前宣布與出版商建立合作夥伴關係。這對我們而言是一項重要能力；在這項合作中，我們將能以更多數據、更細緻的粒度來投資，理解消費者，並以不同方式與消費者溝通，我認為這將帶來更好的投資回報——不只是一件事。以我對我們雙方能力的了解，我很有信心。

So I think both quantity and quality, you will see more investment in A&M, and you see better investment in selling every consumer about our products and selling them in a way that they will be much more enlighted with it. So I think that's how we're thinking about it. Obviously, we continue the journey of increasing the competitiveness in the US and accelerating the categories, which is the role that we need to play for the long term.

所以我認為在「量」與「質」兩方面，你會看到更多A&M投資，也會看到我們以更好的方式向每一位消費者推廣我們的產品，並以讓他們更充分理解的方式來銷售。這就是我們的思考方式。顯然，我們會持續提升在美國的競爭力並加速各品類發展，這是我們為長期所必須扮演的角色。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

Hey everybody, good morning. I know there have been many questions around this topic, but just to make sure that we understand specifically, particularly because of various media reports of higher pricing or lower pricing or whatever it happens to be, what exactly is the plan? Which direction are you -- what is the correct direction of travel? And that's on North American Foods.

各位早安。我知道圍繞這個主題已經有很多問題，但我想確認我們能具體理解，特別是因為媒體有各種報導，說價格更高或更低或不管是哪一種情況，究竟計畫是什麼？你們的方向——正確的前進方向到底是什麼？這是針對北美食品業務。

And then on beverages, the word urgency you've used many, many times. What does that mean? Because urgency sounds tactical, as Loren had mentioned, but brand building and all those other things usually take a lot of time and could use a pivot. So just trying to understand what do you really mean by urgency in terms of what you want to do on the beverage side? Both of these questions, of course, are North America specific.

另外在飲料方面，你們多次使用「緊迫感」這個詞。那是什麼意思？因為緊迫感聽起來比較偏戰術性，正如Loren提到的，但品牌建設以及其他事情通常需要很長時間，也可能需要轉向。所以我想了解，你們所說的飲料端「緊迫感」到底是指什麼、你們想做什麼？當然，這兩個問題都是針對北美。

Yes. I would say urgency, means we're going to look at every cost with aggressive lenses and with the lenses that everything that is not related to growth will not be part of the company. So that, to me, is an important mindset and then putting the money against the brands that will drive us growth. So that from the -- then on the executional side, raising the bar on what is expected from everyone in the company in every customer negotiation, in executing in every point of sale, in the levels of granularity and executional excellence that we're going to look in our people. So those is how we're thinking about it.

是的。我會說，「緊迫感」的意思是：我們將以更具攻擊性的視角檢視每一項成本，並以「凡是不與成長相關的，就不會成為公司的一部分」這樣的視角來看待。對我而言，這是一種重要的心態，接著就是把資金投入到能帶動我們成長的品牌上。因此，在——在執行面，我們會提高對公司每個人的要求標準：在每一次客戶談判中、在每一個銷售點的執行上、在我們對人員所要求的細緻粒度與卓越執行水準上。這就是我們的思考方式。

Now we're also looking at are all the decisions that we've made in terms of how we execute the business, the right decision should we look at partnerships in other ways. So we're looking at every single element of the strategy in terms of executing in the US, and we're not taking anything for granted in that space.

此外，我們也在檢視：我們在業務執行方式上所做的所有決策是否正確、是否應該以其他方式來看待合作夥伴關係。因此，我們正在檢視在美國執行策略的每一個要素，在這個領域我們不會把任何事情視為理所當然。

Now what was the other -- price in North America. Price in North America. We're pleased with the -- as I was saying earlier, in Dara's question, we're pleased with how the pricing investment has worked for us in the food business. We were negative low single digit in volume in snacks in the US, now we're positive volume and units and gaining share.

那另一個是——北美的價格。北美的價格。我們對——如我先前在回答Dara的問題時所說，我們對食品業務的定價投資所帶來的效果感到滿意。我們在美國零食的銷量曾是低個位數的負成長，現在銷量與件數都轉為正成長，並且正在提升市佔。

So that gives us, I think, flexibility in what do we do to absorb this new wave of inflation that is coming to every country, not only the US, given energy prices and given agricultural prices. So we're going to see a mix of net revenue management tactics that will impact some pricing, but also mix and all the decisions that we can make around that. And we're going to see a lot of productivity the one we've been doing for many years, but additional areas of productivity to minimize the decisions we have to make in increasing the cost to our consumers.

因此，我認為這讓我們在如何吸收即將到來的新一波通膨方面更有彈性；這波通膨會影響每個國家，不僅是美國，考量到能源價格以及農產品價格。所以我們會採取一系列淨營收管理（NRM）策略，這會對部分定價產生影響，同時也會透過產品組合（mix）以及我們能做的各種相關決策來因應。我們也會看到大量生產力提升——這是我們多年來一直在做的——但還會有額外的生產力領域，以盡量減少我們必須做出把成本轉嫁給消費者的決策。

Now we feel good about the way we're thinking about this. We're putting some guardrails to our people, making sure that next year's pricing is going to be below '25. So we continue to be very affordable. In most of the take home parts of the business. We don't set pricing. Obviously, our customers do, but we have the right conversations, and we have the right partnership in how we drive volume in the category.

目前我們對這套思路感覺良好。我們也會為團隊設下某些護欄，確保明年的定價幅度會低於「25」。因此我們仍將維持非常可負擔。在多數居家消費（take-home）業務的部分。我們不直接設定零售價格。顯然是我們的客戶（通路）來定價，但我們會進行正確的對話，並以正確的合作方式來推動品類的銷量。

So we're trying to be very cautious, but there's going to be a set of tactics between net revenue management and productivity to mitigate the inflation that is coming through our various lines of the P&L, as Steve was saying earlier.

所以我們會非常謹慎，但在淨營收管理與生產力之間，會有一整套策略來緩解通膨對我們損益表（P&L）各條線帶來的影響，正如Steve先前所說。

Do you want to say anything else, Steve?

Steve，你還想補充什麼嗎？

Nothing.

沒有。

Kevin Grundy, BNP Paribas.

Kevin Grundy，BNP Paribas。

Great. Good morning, everyone. Ramon, question on potential consideration for bigger strategic changes that could unlock value. PepsiCo spent a lot of time on North America. I know you're not pleased with where that is at the moment. I think it's clear that the results they have singularly driven the stock price lower because international continues to perform really, really well.

很好。各位早安。Ramon，我的問題是關於是否可能考慮更重大的策略性變革，以釋放價值。百事公司在北美投入了很多時間。我知道你對目前的狀況並不滿意。我認為很明顯，北美的表現單獨就把股價拉低了，因為國際業務仍持續表現得非常、非常好。

So can you comment on the Board's consideration for bigger strategic changes? I think there's an to be made that there's real latent value in your stock price. So whether this is splitting North America and international, which have very different financial profiles now splitting snacks and beverages, which you're well aware, has been discussed for decades among the investment community brand divestitures, bottler refranchising. I did ask in the context that perhaps is a better structure for shareholders that maximizes value. So your updated thoughts there would be appreciated.

那麼您能否評論一下董事會對於更大幅度策略性變革的考量？我認為可以提出一個觀點：你們的股價中確實存在相當可觀的潛在價值。因此，無論是將北美與國際業務拆分（兩者如今的財務特徵非常不同）、或是將零食與飲料拆分（如您所知，投資界數十年來一直在討論）、品牌剝離、裝瓶商再特許經營（refranchising）。我是在這樣的脈絡下提問：或許存在一種對股東更好的架構，能夠最大化價值。因此也希望聽到您對此最新的看法，將不勝感激。

Yes. Thanks. Listen, obviously, we're not satisfied with the performance. That means that we have to look at options that improve our performance long term, right? I mean, it's not only about the short term, it's the long term.

是的。謝謝。聽著，顯然我們對目前的表現並不滿意。這意味著我們必須檢視能在長期改善我們表現的選項，對吧？我的意思是，這不只是短期的問題，而是長期的。

So we have been talking about how, especially to your point on go-to-market and business model. We're open to revisiting every option. We're working with the team on accelerating some of the tactics on the integration part, so -- where we can eliminate cost. But also, we're looking at -- are there opportunities to expand or accelerate some of the refranchising in some parts of the country where we have good partners and where it makes sense that, that partnership will drive better execution and potentially better margin for the company.

所以我們一直在討論，特別是針對您提到的市場進入（go-to-market）與商業模式。我們願意重新檢視每一個選項。我們正與團隊合作，加速整合部分的一些戰術性措施，因此——在我們能夠消除成本的地方。同時，我們也在看——在國內某些地區，是否有機會擴大或加速部分再特許經營（refranchising）：在那些我們有優質合作夥伴、且這樣做合理的地方，因為該合作關係將帶來更好的執行力，並可能為公司帶來更佳的利潤率。

So we're opening all the avenues. Clearly, as you were saying, the performance of the business, requires that we are open and we're realistic with the realities of the marketplace, the inflation, the consumer realities. And where does it make more sense to invest the resources of the company to drive growth long term. So yes, we're looking at everything, and these are important decisions that we'll be making with a sense of urgency and with the strategic midterm long-term vision that we always run the company with.

所以我們正在開啟所有可能的途徑。如您所說，業務表現要求我們保持開放，並務實面對市場現實、通膨、以及消費者的現實狀況。並且思考：把公司的資源投向哪裡，最有意義，才能在長期推動成長。所以是的，我們正在檢視所有事情；而這些都是重要決策，我們將以緊迫感來推進，同時也會以我們一貫經營公司的策略性中期與長期願景來做出決定。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

Great. Thank you very much. Two quick ones. One, I was wondering if you could give us an update on your efforts to integrate the food and beverage business in the US, I think you were piloting something in Texas, and I think it's been going on now about eight or nine months. So I'd love to get an update on that.

很好。非常感謝。兩個簡短問題。第一，我想請您更新一下在美國整合食品與飲料業務的進展。我記得你們在德州做了一個試點，現在大概已經進行了八到九個月。所以我很希望能聽到最新進度。

And then second, you're doing more and more with Carlsberg internationally. And I guess it's working well. But I'd love to hear what you've learned from that experience working with Carlsberg and particularly, a beer company and how you've been able to maintain strong execution?

第二，你們在國際市場與嘉士伯（Carlsberg）的合作越來越多。我想這看起來運作得不錯。但我很想聽聽你們從與嘉士伯合作、尤其是與一家啤酒公司合作的經驗中學到了什麼，以及你們如何能維持強而有力的執行？

Good. So listen, we've been with beer companies around the world for quite some time. ABI, we have partnership in Brazil and Argentina and some other parts of the world. And with Carlsberg, we've had relationships for many years in Norway and Sweden. So this is an expansion of a strategy, which is in countries where we have business that competes well, but it's not the leading business, merging with the resources with a beer company makes a lot of sense.

好的。聽著，我們與全球各地的啤酒公司合作已經有相當長一段時間了。像是ABI，我們在巴西、阿根廷以及世界其他一些地區都有合作夥伴關係。而與嘉士伯，我們在挪威與瑞典也已經合作多年。所以這是既有策略的延伸：在一些國家，我們的業務具備競爭力，但並非市場領導者，與啤酒公司整合資源就非常合理。

It gives us presence in the on-premise channel, and it gives us very good execution scale in the home channel. So this is working. Carlsberg has been an incredible partner. The latest example of that partnership is the in the UK, the Britvic acquisition they made, and that has been a very successful investment for Carlsberg and also for PepsiCo, as we keep growing share in the UK.

這讓我們能進入餐飲通路（on-premise channel），同時也讓我們在家用通路（home channel）具備非常好的執行規模。所以這個模式正在奏效。嘉士伯一直是非常出色的合作夥伴。該合作關係最新的例子是在英國：他們收購了Britvic，而這對嘉士伯而言是一筆非常成功的投資，對百事公司（PepsiCo）也是如此，因為我們在英國持續提升市占。

Now we've expanded to other geographies, the strategic, I would say, we're both together for the long term. And we believe this is a win-win and the resources that have been invested on both sides is great. So we'll continue with Carlsberg, but we -- it's the same philosophy we have with many of our bottlers globally.

現在我們已擴展到其他地區；從策略上來說，我會說我們雙方是以長期合作為目標。我們相信這是雙贏，而雙方投入的資源也非常可觀。所以我們會持續與嘉士伯合作；不過——這也與我們在全球與許多裝瓶商合作時所秉持的理念一致。

Now on one North America, we keep working not so much the strategy anymore, but the execution of this tactic. And there is a lot of positive news. We will update you to all the investors in a future meeting. Now the integration is working well on the physical side with warehouses and the transportation. Now we're into the details of delivery into the small shops, the bigger shops. So clearly, there is a lot of value we're seeing, both for the customer and for us. This will apply to some parts of the country, as we said. I think long term, this will apply to some parts of the country.

至於北美這邊，我們現在持續推進的已不太是策略本身，而是這項戰術的落地執行。而且有很多正面的消息。我們會在未來的會議上向所有投資人更新。目前在實體端的整合——包括倉儲與運輸——運作良好。現在我們正深入到配送細節：送到小店、以及較大型的門店。因此很明顯，我們看到相當多的價值，對客戶與對我們都是如此。如我們所說，這會適用於國內某些地區。我認為長期來看，這會適用於國內部分地區。

Now there are other parts of the country, well, this will not apply and that's the comment I made earlier about, can we accelerate refranchising in some other parts of the company -- of the country and take value earlier. So again, this is the hybrid approach, the nuance approach by geographies. And this is -- the team continues to, I think, learn and execute the details that matter in this kind of transformation.

那麼在國內其他一些地區，這就不適用；這也呼應我先前提到的：我們是否能在國內其他一些地區加速再特許經營（refranchising），更早釋放價值。所以再次強調，這是一種混合式做法（hybrid approach），也就是依地理區域而定的細緻做法。而團隊也持續在學習並落實這類轉型中真正重要的執行細節。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通（JPMorgan）。

Good morning, everyone. Thank you for the question. I was hoping if -- and I do appreciate I would say, more of an open conversation about resisting the refranchising in the US. And then the One PepsiCo commentary you just gave to Robert. When you said urgency, how is the shape and form and to your point by hybrid, the complexity of your system and the many partnerships you have? Who we should be thinking? How we should be measuring success?

各位早安。謝謝讓我提問。我想請教——而且我也很感謝你們就美國是否要抵制／放緩再特許經營（refranchising）進行更開放的討論。以及你剛才對Robert所做的「One PepsiCo」評論。當你提到「緊迫感」時，考量到你所說的混合式做法、你們系統的複雜性以及眾多合作夥伴，這件事的樣貌與形式會是什麼？我們應該把重點放在誰身上？我們又該如何衡量成功？

And then the timing of it, it seems like it's going to be like a multiyear as it was, frankly, with all the companies in the industry. So how we should be thinking? And what -- in terms of like potential savings for more the savings, I would say, synergies in terms of execution, the eye on the ball, the last mile your ability to obviously check the coolers and any AI that you've been using for productivity that could illustrate an acceleration of that execution and potentially convert into savings given the -- obviously, the DSD system now with higher cost of service. It can improve that.

另外在時程上，看起來這會是多年期的推進，就像坦白說產業內所有公司一樣。所以我們應該如何看待？以及——就潛在節省而言，或更像是執行面的協同效益：聚焦關鍵、最後一哩路（last mile）、你們顯然能夠檢查冷藏櫃（coolers）的能力，以及你們是否使用任何AI來提升生產力，從而說明執行加速，並在目前DSD系統服務成本更高的情況下，可能轉化為節省。這可以改善。

And perhaps if can complement on that when it comes to large customers and accounts, how that system, the hybrid system will work better for you than, I would say, a full refranchising. I know it's a lot in there, but just to think about strategically now and how fast we could see the results coming through?

或許也可以補充一下，當談到大型客戶與大客戶帳戶時，那套系統、也就是混合式系統，將如何比起我所說的全面重新特許經營（refranchising）更適合你們運作。我知道這裡面涵蓋很多，但想請你們從策略角度談談，以及我們多快能看到成果開始顯現？

Hey, Andrea, it's Steve. Thanks for the question. Maybe I'll just talk a little bit about urgency. The sense of urgency around the company, as you would expect, is very high and all that we're doing and the business reviews and how we're operating and our attention to detail on costs and looking at other parts of the company, whether even that's corporate and unallocated to make sure every dollar we're spending on shareholders' behalf is providing a benefit to the business and a return that we'd be proud of.

嗨，Andrea，我是Steve。謝謝你的提問。也許我先談一下緊迫感。如你所預期，公司內部的緊迫感非常高；我們所做的一切、業務檢討、營運方式、對成本的細節關注，以及檢視公司其他部分——甚至包括總部與未分攤項目——都是為了確保我們代表股東所花的每一塊錢，都能為業務帶來效益，並帶來我們引以為傲的回報。

And so -- there's a lot in the question that you asked, I don't think I'll go through all of the different details. But just you should know it from a sense of urgency standpoint, just in the short time that I've been here, you can see it shifting gears in all that we're doing.

所以——你問的問題內容很多，我想我不會把所有不同細節都逐一講完。但你應該知道，就緊迫感而言，在我來到這裡的短時間內，你可以看到我們在所做的一切上都在加速換檔。

Yes. And then if you think about growth, margin and long-term marketplace performance, we're looking at execution as an important lever. And so everything you said around where can we execute better as a combined business grow from the growth cost or where we can leverage a partner. I think we're obviously looking at all of it at this point.

是的。然後如果你從成長、利潤率以及長期市場表現來看，我們把執行力視為一個重要槓桿。因此，你提到的所有關於我們在哪些地方能以整體業務的方式把執行做得更好、從成長成本中提升效率，或是在哪些地方可以借助合作夥伴的力量。我想我們此刻顯然都在全面檢視。

And the solution will be a mix of solutions for different parts of the country. The key point being growth, marketplace execution, competitive performance and margin and we'll get to that when the moment comes.

而解決方案會是針對全國不同地區採取不同方案的組合。關鍵點在於成長、市場執行、競爭表現與利潤率；時機到了我們會再談到。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Thank you. Good morning. Just wanted to come back to pricing, but on the North American Beverages side. And just appreciate, of course, aluminum costs are up, diesel, the tariff refund goes away. And there certainly is the case for pricing there that it sounds like you're making, but -- how do you balance that with the need to compete more effectively that you've also called out? And just help us understand what your pricing approach is and how we should think about volume growth expectations?

謝謝。早安。我想回到定價議題，但聚焦在北美飲料業務這邊。也理解，當然鋁成本上升、柴油上漲、關稅退稅也取消了。聽起來你們確實有理由在那邊進行定價，但——你們如何在這與你們也提到的「需要更有效競爭」之間取得平衡？也請協助我們理解你們的定價方法，以及我們應該如何看待銷量成長的預期？

Yes, I think the same answer I gave to the food business. I think there will be a mix of tactics on net revenue, trying to provide as much value as possible to consumers in the right occasions and the right -- moments with the right brands and then continue to go very aggressively at productivity, not only -- I mean we've been on productivity from multiyear, and we mentioned automation, digitalization, standardization of the company network rationalization that you've seen in some of the beverage business with some asset divesting.

是的，我想答案和我對食品業務給的相同。我認為在淨營收方面會採取一組混合策略，嘗試在正確的場合、正確的——時點，透過正確的品牌，為消費者提供盡可能多的價值；同時持續非常積極地推動生產力提升，不僅——我的意思是，我們多年來一直在做生產力提升，我們也提到自動化、數位化、標準化、公司網路的合理化，你也在部分飲料業務中看到一些資產剝離。

But we're even accelerating that even with more structural productivity and making sure that all the money that is not linked to growth disappears from the company, all the duplications, I referred earlier in the call to overheads, to incorporate and allocate it, things that don't make sense, make sure that we -- with a sense of urgency, we pivot those resources towards growth and making sure they were affordable that we capture the opportunities for net revenue management and growth in the business.

但我們甚至在加速推進，包含更多結構性的生產力提升，並確保所有與成長無關的支出都從公司中消失——所有重複項目；我在電話會議前面提到過管理費用（overheads），包括公司層面與分攤項目，那些不合理的事情——確保我們以緊迫感把這些資源轉向成長，並確保其具可負擔性，讓我們能掌握淨營收管理與業務成長的機會。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Hey, guys. Good morning. Just two really quick cleanup questions from me. Steve, I think just in the context of the Q4 kind of guidance reduction, maybe you can just give us a sense order of magnitude, how much kind of the inflation expectation moved up that drove that?

嗨，各位。早安。我這邊只有兩個很快的釐清問題。Steve，我想在第四季指引下修的背景下，你能否讓我們大概了解一下量級：推動那次調整的通膨預期上修了多少？

And in that context, I know you don't want to get into '27, and we're all trying to kind of develop a framework to think about it. But just as some of these hedges kind of rule and obviously, you're working through the plan, just -- if we're constructing a narrative for next year? Is it very much the case of, a, maybe expect a bit more of that pressure, at least in the first half of next year? I just want to make sure that we're kind of trying to level that expectation as best we can at this point.

在這個背景下，我知道你不想談到『27年，我們也都在嘗試建立一個思考框架。但隨著部分避險逐步到期，且你們顯然正在推進規劃，想請問——如果我們要為明年建構一個敘事？是否很大程度上可以說：a）至少在明年上半年，可能還會承受更多這類壓力？我只是想確認，我們此刻是否能盡可能把這個預期拉平、校準得更好。

You're welcome. The -- look, the piece that I would assume is commodities are ramping up, right? And we'll see some of that in Q4 as the hedges roll off. Our hedging program again is 6 to 12 months. We'll give you a more complete view on how that all comes together in February. But as a general trend, commodities continue to ramp up.

不客氣。——你看，我會假設的一點是，大宗商品正在走升，對吧？而隨著避險到期，我們會在第四季看到其中一部分影響。我們的避險計畫同樣是6到12個月。我們會在2月提供更完整的觀點，說明這些如何整體匯總。但就一般趨勢而言，大宗商品仍在持續走升。

Okay. So listen, thank you for the conversation today, and thank you for the investment in PepsiCo and the confidence you give us by investing in our company. Thank you. And -- see you all around. Thank you.

好的。那麼，感謝今天的交流，也感謝各位投資百事公司，以及透過投資我們公司所給予的信心。謝謝。那——各位回頭見。謝謝。

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

謝謝。各位女士、先生，今天的簡報到此結束。感謝各位的參與。您現在可以斷線，祝您有美好的一天。

Thank you, gentlemen.

謝謝，各位先生。