寶潔 (PG) 2025 Q4 法說會逐字稿

Good morning, and welcome to Procter & Gamble's quarter-end conference call. Today's event is being recorded for replay.

早安，歡迎參加寶潔公司季度末電話會議。今天的活動正在錄製以供重播。

This discussion will include a number of forward-looking statements. If you will refer to P&G's most recent 10-K, 10-Q, and 8-K reports, you will see a discussion of factors that could cause the company's actual results to differ materially from these projections.

本次討論將包括一些前瞻性陳述。如果您參考寶潔最新的 10-K、10-Q 和 8-K 報告，您將看到有關可能導致公司實際結果與這些預測有重大差異的因素的討論。

As required by Regulation G, Procter & Gamble needs to make you aware that, during the discussion, the company will make a number of references to non-GAAP and other financial measures. Procter & Gamble believes these measures provide investors with useful perspective on underlying business trends and has posted on its Investor Relations website, www.pginvestor.com, a full reconciliation of non-GAAP financial measures.

根據 G 條例的要求，寶潔公司需要讓您知道，在討論期間，公司將多次提及非 GAAP 和其他財務指標。寶潔公司認為這些指標為投資者提供了了解潛在業務趨勢的有用視角，並在其投資者關係網站 www.pginvestor.com 上發布了非 GAAP 財務指標的完整對帳表。

Now I will turn the call over to P&G's Chief Financial Officer, Andre Schulten.

現在我將電話轉給寶潔公司的財務長安德烈‧舒爾滕 (Andre Schulten)。

Jon Moeller here. I'm going to start the call and then I will hand it over to Andre. Good morning. Obviously, Andre is joining me here, as is John Chevalier, Senior Vice President of Investor Relations.

這裡是喬恩·莫勒。我要開始通話，然後我會把它交給安德烈。早安.顯然，安德烈 (Andre) 和我一起來到這裡，還有投資者關係高級副總裁約翰·謝瓦利埃 (John Chevalier)。

Last evening, we announced that, after 38 years of service, I will transition into the role of Executive Chairman of the Board beginning January 1, 2026, and that the Board of Directors has elected Shailesh Jejurikar as the incoming President and Chief Executive Officer. This move has been thoughtfully planned and provides P&G with highly capable and experienced leadership going forward.

昨晚，我們宣布，在服務 38 年後，我將從 2026 年 1 月 1 日起擔任董事會執行主席一職，並且董事會已選舉 Shailesh Jejurikar 為新任總裁兼執行長。這項措施經過深思熟慮，為寶潔未來提供了一支能力強、經驗豐富的領導團隊。

Shailesh has a distinguished track record throughout his 36-year P&G career and has been an integral part of P&G's leadership team for the past 12 years. He's delivered substantial contributions across multiple businesses in both Focus and Enterprise Markets, including regional and global leadership of our Fabric & Home Care categories.

Shailesh 在寶潔公司 36 年的職業生涯中有著傑出的業績，並且在過去 12 年裡一直是寶潔領導團隊不可或缺的一部分。他在焦點市場和企業市場的多項業務中做出了巨大貢獻，包括擔任我們織物和家居護理類別的區域和全球領導。

Most recently, Shailesh served as Chief Operating Officer with P&L ownership for our Enterprise Markets business, along with the management responsibilities for our product supply, market operations, global business services, and IT organizations.

最近，Shailesh 擔任營運官，負責我們的企業市場業務的損益，以及我們的產品供應、市場營運、全球業務服務和 IT 組織的管理。

Over the last 17 years as CFO, COO and CFO -- COO and CEO, I've had the benefit of working closely with Shailesh and our outstanding global leadership team to develop an integrated comprehensive set of strategies to guide our choices and priorities. Those strategies continue to serve us well.

在過去 17 年擔任財務長、營運長和財務長（營運長和執行長）期間，我有幸與 Shailesh 和我們傑出的全球領導團隊密切合作，制定了一套綜合全面的策略來指導我們的選擇和優先事項。這些策略繼續為我們帶來良好的作用。

Shailesh has been a partner in advocating for a focus on balanced top and bottom line growth and the need for P&G brands to lead the growth of our markets. Growing markets versus simply taking business to build market share. These fundamentals guide our decision-making as we execute our integrated growth strategy and drive value creation for shareowners.

Shailesh 一直致力於倡導平衡的營收和利潤成長以及寶潔品牌引領市場成長的必要性。擴大市場而不是僅僅開展業務來建立市場份額。當我們執行綜合成長策略並為股東創造價值時，這些基本原則引導著我們的決策。

For my part, it's been a tremendous honor to serve as P&G's Chairman, President and Chief Executive Officer. As I've walked the halls of P&G buildings around the world for the last 38 years, I'm constantly reminded of the privilege it is to work alongside such committed colleagues and friends.

就我而言，能夠擔任寶潔公司董事長、總裁兼執行長是我的莫大榮幸。過去 38 年來，當我走遍世界各地的寶潔公司大樓時，我不斷意識到能夠與如此盡職盡責的同事和朋友一起工作是多麼榮幸。

P&G has afforded me the chance to serve consumers and communities around the world. It's been a true joy and a tremendous learning experience.

寶潔公司給了我為全球消費者和社區服務的機會。這真是一件令人高興的事，也是一次非常棒的學習經驗。

Our strategy is working. Our bench is strong. As we cross the calendar year, it's a good time to transition to the next generation to lead the P&G team through its next chapter of top and bottom line growth, and of course, value creation.

我們的策略正在發揮作用。我們的替補席實力雄厚。隨著時間的流逝，我們迎來了新的一年，也正是過渡到下一代的好時機，帶領寶潔團隊開啟新的篇章，實現營收和利潤的成長，當然還有價值創造。

With that, I'll now turn the call over to another esteemed colleague, Andre Schulten, to lead us through fiscal year 2025 fourth quarter and the year-end results.

說完這些，我現在將電話交給另一位尊敬的同事安德烈·舒爾滕 (Andre Schulten)，帶領我們了解 2025 財年第四季和年終業績。

Thank you, Jon, and congratulations to you and to Shailesh. And I'm very happy you will be in the current position for the next 6 months and Executive Chairman thereafter.

謝謝你，喬恩，恭喜你和沙伊萊許。我很高興您將在未來六個月內擔任現任職位，之後擔任執行主席。

So with that, I'll start with an overview of results for fiscal '25 and then the fourth quarter. Jon will add perspective on strategic focus areas and capabilities. And we will close with guidance for fiscal '26, and then take your questions.

因此，我將首先概述 25 財年的業績，然後概述第四季的業績。喬恩將補充關於戰略重點領域和能力的觀點。最後，我們將提供 26 財年的指導，然後回答您的問題。

Execution of our integrated strategy enabled the company to grow organic sales and core EPS and to return cash to share owners in line with our target range in a challenging fiscal '25 despite volatile macroeconomic, geopolitical, and consumer dynamics resulting in market-level headwinds that were not anticipated at the start of the fiscal year.

儘管宏觀經濟、地緣政治和消費者動態動盪，導致市場層面出現本財年年初未曾預料到的阻力，但我們實施的綜合策略使公司在充滿挑戰的 25 財年中仍實現了有機銷售額和核心每股收益的增長，並按照我們的目標範圍向股東返還現金。

Organic sales for the year grew 2%. Volume growth contributed 1 point and price/mix added 1 point. Growth continues to be broad-based across categories and regions. Nine of 10 product categories grew organic sales for the year. Family Care and Personal Health Care each grew with singles.

全年有機銷售額成長2%。銷量成長貢獻了 1 個點，價格/組合增加了 1 個點。各類別和各地區的成長持續廣泛。全年 10 個產品類別中有 9 個實現了有機銷售成長。家庭護理和個人健康護理均隨著單身人士的增長而增長。

Fabric Care, Home Care, Feminine Care, Hair Care, Grooming, Oral Care and Skin and Personal Care were up low single digits. Baby Care was down low singles.

織物護理、家庭護理、女性護理、頭髮護理、美容、口腔護理以及皮膚和個人護理的銷售額均出現了低個位數增長。Baby Care 的單曲銷售量很低。

Focus Markets grew organic sales 2% for the year with North America up 2% and Europe Focus Markets up 3%. Greater China organic sales were down 5% versus the prior year, but improved sequentially throughout the fiscal year, growing 2% in the most recent quarter. Enterprise Markets were up 2%, led by Latin America with 4% organic sales growth.

焦點市場全年有機銷售額成長 2%，其中北美成長 2%，歐洲焦點市場成長 3%。大中華區有機銷售額較上年下降 5%，但整個財年均較上季成長，最近一個季度成長 2%。企業市場成長 2%，其中拉丁美洲的有機銷售額成長 4%。

E-commerce sales increased 12%, now representing 19% of total company. 30 of our top 50 category/country combinations held or grew share for the year. Seven of 10 product categories held or grew share globally. In aggregate, global value and volume share were both in line with prior year.

電子商務銷售額成長了 12%，目前占公司總銷售額的 19%。我們前 50 個類別/國家組合中有 30 個在當年保持或成長了份額。十個產品類別中有七個在全球範圍內保持或增長了市場份額。整體而言，全球價值和銷售份額均與去年持平。

All channel market value in the US categories in which we compete grew around 3.5% in fiscal '25. P&G consumption growth was roughly in line with category value and volume levels for the year. Our earnings per share were $6.83, up 4% for the year. Core gross margin declined 40 basis points and core operating margin increased 50 basis points.

我們所參與競爭的美國所有通路市場價值在 25 財年成長了約 3.5%。寶潔的消費成長與全年的品類價值和銷售水準大致一致。我們的每股收益為 6.83 美元，年增 4%。核心毛利率下降 40 個基點，核心營業利益率上升 50 個基點。

Nearly $2.7 billion of productivity improvement across cost of goods sold and SG&A enabled an increase in investment in superior products, packages and brand communication to drive market growth. On a currency-neutral basis, core EPS was up 4% and core operating margin increased 50 basis points. Adjusted free cash flow productivity was 87%.

銷售成本和銷售、一般及行政費用的生產力改善近 27 億美元，從而增加了對優質產品、包裝和品牌傳播的投資，推動了市場成長。以貨幣中性計算，核心每股收益成長 4%，核心營業利潤率成長 50 個基點。調整後的自由現金流生產力為87%。

We increased our dividend by 5% and returned $16 billion of value to shareowners, nearly $10 billion in dividends and $6.5 billion in share repurchase, consistent with our guidance at the start of the fiscal year.

我們將股息提高了 5%，並向股東返還了 160 億美元的價值，其中包括近 100 億美元的股息和 65 億美元的股票回購，這與財年初的指導方針一致。

Moving to fourth quarter results. Organic sales rounded up to 2%. Volume was in line with prior year. Pricing and mix were each up 1%.

轉向第四季業績。有機銷售額四捨五入至 2%。交易量與去年持平。定價和產品組合均上漲 1%。

Growth continues to be broad-based across categories and regions as 9 of 10 product categories held or grew organic sales. Fabric Care, Home Care, Feminine Care, Family Care, Grooming, Oral Care, Personal Health Care and Skin and Personal Care each grew low singles. Hair Care was in line with prior year. And Baby Care was down low singles.

各產品類別和地區的成長持續保持廣泛態勢，10 個產品類別中有 9 個保持或實現了有機銷售額的成長。織物護理、家居護理、女性護理、家庭護理、美容、口腔護理、個人保健以及皮膚和個人護理的銷售量均出現低增長。護髮產品與去年持平。而 Baby Care 則是低調的單曲。

Six of seven regions held or grew organic sales. Focus Markets were up 1%. Organic sales in North America were in line with prior year, while we continued to see solid consumption growth in North America of around 2%. Sell-in trail sell-out due to retailer inventory reductions. European Focus Markets organic sales were up 2%.

七個地區中有六個地區維持或成長了有機銷售額。焦點市場上漲 1%。北美的有機銷售額與去年持平，同時我們繼續看到北美約 2% 的穩健消費成長。由於零售商庫存減少，銷售量隨後售罄。歐洲焦點市場有機銷售額成長 2%。

Greater China organic sales grew 2%, another quarter of sequential improvement and positive momentum heading into fiscal '26. The 618 key consumption period was relatively strong, but we are closely watching economic and consumer confidence impacts resulting from higher US tariffs on Chinese imports.

大中華區有機銷售額成長 2%，連續一個季度取得改善，並呈現正面勢頭，邁入 26 財年。618關鍵消費期相對強勁，但我們正密切關注美國對中國進口商品提高關稅對經濟和消費者信心的影響。

Enterprise Markets grew 3% for the quarter. Latin America organic sales were up 6%, including double-digit growth in Mexico more than offsetting a modest sales decline in Brazil due to trade inventory reductions.

本季企業市場成長了 3%。拉丁美洲有機銷售額成長 6%，其中墨西哥的兩位數成長足以抵消巴西因貿易庫存減少而出現的輕微銷售額下滑。

Europe Enterprise and Asia Pacific, Middle East, Africa Enterprise regions each grew organic sales low singles. Global aggregate market share was down 20 basis points. 28 of our top 50 category/country combinations held or grew share for the quarter.

歐洲企業和亞太、中東、非洲企業地區的有機銷售額均成長。全球整體市佔率下降了 20 個基點。本季度，我們前 50 個類別/國家組合中有 28 個保持或成長了份額。

On the bottom line, core earnings per share were $1.48, up 6% versus prior year. And on a currency-neutral basis, core EPS increased 5%. These results include a $0.03 impact from tariffs.

總體而言，每股核心收益為 1.48 美元，較上年增長 6%。以貨幣中性計算，核心每股收益成長了 5%。這些結果包括關稅造成的 0.03 美元影響。

Our gross margin was down 70 basis points and core operating margin increased 150 basis points. Very strong productivity improvement of 560 basis points with healthy reinvestment in innovation and demand creation. Currency-neutral core operating margin increased 170 basis points. Adjusted free cash flow productivity was 110%.

我們的毛利率下降了 70 個基點，核心營業利潤率增加了 150 個基點。生產力大幅提升 560 個基點，對創新和需求創造進行健康的再投資。不計貨幣影響的核心營業利潤率增加了 170 個基點。調整後的自由現金流生產力為110%。

And we returned $3.3 billion of cash to shareowners this quarter, $2.6 billion in dividends and $700 million in share repurchase.

本季我們向股東返還了 33 億美元現金、26 億美元的股利和 7 億美元的股票回購。

In summary, another year of sales and earnings growth and strong cash return to shareholders in a challenging economic and geopolitical environment.

總而言之，在充滿挑戰的經濟和地緣政治環境下，我們迎來了銷售額和獲利成長以及股東豐厚現金回報的一年。

With that, I'll pass it back to Jon.

說完這些，我就把它交還給喬恩。

Thanks, Andre. I'll start with a few thoughts on results before discussing the strategy. We're pleased with the performance P&G people delivered last fiscal year in the face of a very dynamic, difficult and volatile environment, growing sales and profit and returning high levels of cash to shareowners despite heightened consumer anxiety with tariffs, inflation, interest rates, political and social divisiveness, and immigration and employment status uncertainty, all resulting in lower category growth and unpredictable geopolitical environment and against highly capable competitors.

謝謝，安德烈。在討論策略之前，我先對結果談談一些想法。我們對寶潔員工在上個財年所取得的表現感到滿意。儘管消費者對關稅、通貨膨脹、利率、政治和社會分歧以及移民和就業狀況的不確定性感到擔憂，導致產品類別增長放緩、地緣政治環境難以預測，並且面臨著強大的競爭對手，但寶潔員工在面對如此動態、困難和動蕩的市場環境時，銷售額和利潤仍然增長，並向股東返還了高額現金。

While not all results are at the levels we aspired to deliver at the beginning of the year, growth in this environment is worth acknowledging.

雖然並非所有結果都達到了我們年初所期望的水平，但在這種環境下的成長是值得承認的。

To be clear, there's more work to do to continue improving the areas in our control, which will be needed to offset the headwinds that are largely not in our control. The restructuring program we announced last month is one important step towards strengthening the execution of our integrated strategy. I'll talk more about this later.

需要明確的是，我們還有很多工作要做，以繼續改善我們能夠控制的領域，以抵消那些很大程度上我們無法控制的阻力。我們上個月宣布的重組計畫是加強綜合策略執行的重要一步。我稍後會詳細討論這一點。

At Investor Day last year and at recent investor conferences, we've highlighted the significant growth opportunities we have ahead of us just in the categories where we play today. In North America, up to $5 billion of market potential simply by growing household penetration of our brands among currently unserved or underserved consumers.

在去年的投資者日和最近的投資者會議上，我們強調了我們在當前所涉及的領域中面臨的巨大成長機會。在北美，僅透過提高我們品牌在目前尚未服務或服務不足的消費者中的家庭滲透率，就可實現高達 50 億美元的市場潛力。

In Europe, more than $10 billion of opportunity by driving consumption in growing markets to the current best-in-class levels in the region while maintaining the current market share. In Enterprise Markets, $10 billion to $15 billion of sales opportunity by driving per capita consumption to the levels we currently have in Mexico.

在歐洲，透過推動成長型市場的消費達到該地區目前的最佳水平，同時保持現有的市場份額，將帶來超過 100 億美元的商機。在企業市場，透過將人均消費推高至墨西哥目前的水平，將帶來 100 億至 150 億美元的銷售機會。

Positioning ourselves to capture these growth opportunities and manage the increasing near-term challenges is best accomplished with disciplined execution of our integrated growth strategy with a focus on driving category growth and value creation.

為了抓住這些成長機會並應對日益嚴峻的短期挑戰，我們最好嚴格執行綜合成長策略，並專注於推動品類成長和價值創造。

A focused portfolio of daily use products in categories where performance drives brand choice. The portfolio is performing, delivering broad-based growth across nearly all categories and most geographies.

專注於日常使用產品的組合，這些產品類別以性能驅動品牌選擇。該投資組合表現良好，幾乎在所有類別和大多數地區都實現了廣泛的成長。

We're active managers of this portfolio. Over the last several years, we've made some targeted additions and subtractions in our brand portfolio. We've adjusted our operating model in several markets. We'll be making additional portfolio moves as part of the new restructuring program.

我們是該投資組合的積極管理者。過去幾年，我們對品牌組合進行了一些有針對性的增減。我們已經調整了多個市場的營運模式。作為新重組計劃的一部分，我們將對投資組合進行額外的調整。

Next, an ongoing commitment to and investment in integrated irresistible superiority through innovation across the 5 vectors of product, package, brand communication, retail execution and value holistically defined. Leveraging that superiority to delight consumers, grow markets and our share in them to jointly create value with retail partners.

其次，透過對產品、包裝、品牌傳播、零售執行和價值五個方面進行整體創新，持續致力於並投資於綜合的不可抗拒的優勢。利用這一優勢來取悅消費者，擴大市場和我們的份額，與零售合作夥伴共同創造價值。

The innovation plans across the businesses are broad and strong as each category team works to increase their margin of superiority and consumer delight.

由於每個類別團隊都致力於提高其優勢和消費者滿意度，因此整個業務的創新計劃廣泛而有力。

Superior innovations that are driven by deep consumer insights communicated to consumers with more effective and efficient marketing programs, executed in stores and online in conjunction with retailer strategies to grow categories and our brands and priced to deliver superior value across each price tier where we compete.

卓越的創新是由深刻的消費者洞察驅動的，透過更有效、更有效率的行銷計劃傳達給消費者，在商店和網上實施，結合零售商策略來擴大產品類別和我們的品牌，並以合理的價格在我們競爭的每個價格層級提供卓越的價值。

No one of the five superiority vectors can carry the day by itself. It's all 5 working together. A few recent examples. In China, Pampers is driving growth in the premium and super-premium segments of the market by consistently upgrading and clearly communicating its superior offerings to deliver ultimate comfort, protection and luxury softness on skin.

五個優勢向量中沒有一個能夠單獨取得勝利。需要 5 個人共同努力。一些最近的例子。在中國，幫寶適透過不斷升級和清晰地傳達其優質產品，為肌膚帶來極致的舒適、保護和奢華的柔軟，推動了高端和超高端市場的成長。

In fiscal '25, Pampers grew organic sales nearly 20% in China and increased value share by over 2 points, growing share in both off-line and online channels. Pampers grew its point of market entry share becoming the best diaper for newborns among moms less than 30 years old.

2025財年，幫寶適在中國的有機銷售額成長了近20%，價值份額增加了2個百分點以上，線下和線上通路的份額均有所增長。幫寶適的市佔率不斷擴大，成為 30 歲以下媽媽中最好的新生兒尿布。

SK-II recently launched a supercharged product line called LXP. It contains our highest concentration of PITERA, delivering 8 times faster visible results and is positioned in the super-premium segment of the Prestige skin market. This superior product in a beautiful package sold online and in department stores with upgraded counters and beauty counselors is a superior shopping experience and value for the PITERA-loving loyal consumer.

SK-II 最近推出了名為 LXP 的超強產品系列。它含有我們最高濃度的 PITERA，能夠以快 8 倍的速度帶來顯著效果，並且定位於高端護膚市場的超高端領域。這款優質產品採用精美包裝，在線上和百貨公司出售，配有升級的櫃檯和美容顧問，為熱愛 PITERA 的忠實消費者提供卓越的購物體驗和價值。

The superior LXP messaging has the added benefit of haloing over the total SK-II brand and is building brand equity through consistent recognition from top beauty award groups.

卓越的 LXP 訊息傳遞也為整個 SK-II 品牌帶來了額外的光環，並透過頂級美容獎項團體的持續認可來打造品牌資產。

During the most recent key consumption event in China, SK-II and Pampers led growth in their respective categories, outperforming the market and gaining share.

在最近一次中國關鍵消費活動中，SK-II和幫寶適引領了各自品類的成長，表現優於市場並獲得了份額。

Another example in Latin America, Pantene's deep conditioning treatment collection is leading category growth, leveraging formulas featuring visibly enticing melting pearls, which deliver superior hair repair, superior advertising with compelling visuals and retail execution with beautiful end-aisle displays communicate the benefit and value for the consumer seeking softer, shinier hair.

另一個例子是拉丁美洲，潘婷的深層護理系列引領著品類增長，利用具有明顯誘人的融化珍珠的配方，提供卓越的頭髮修復，具有引人注目的視覺效果的卓越廣告和漂亮的末端過道展示的零售執行，向尋求更柔軟、更亮澤頭髮的消費者傳達益處和價值。

Mexico Hair Care organic sales were up mid-teens in fiscal 2025 with value share growth over 1.5 points.

2025 財年，墨西哥護髮產品有機銷售額成長 15% 左右，價值份額成長超過 1.5 個百分點。

Swiffer recently introduced the Sweep and Mop Deluxe, the first major upgrade to the original Swiffer sweeper since its launch 25 years ago and following the Swiffer PowerMop launch last year.

Swiffer 最近推出了 Sweep and Mop Deluxe，這是自 25 年前推出原版 Swiffer 掃地機以來的首次重大升級，也是繼去年推出 Swiffer PowerMop 之後。

Sweep and Mop Deluxe features a sturdier stick that collapses in half for easy storage and 2-in-1 dry and wet cleaning capabilities. It's designed for efficient floor cleaning and is great for small spaces.

Sweep and Mop Deluxe 具有更堅固的桿，可折疊成兩半，方便存放，並具有二合一乾濕清潔功能。它專為高效地板清潔而設計，非常適合小空間。

Early launch results indicate 6% new users and 30% incremental sales to the Swiffer Sweeper starter kit business.

早期發布結果顯示，Swiffer Sweeper 入門套件業務新增用戶 6%，銷售量增加 30%。

For the PowerMop launch, the Swiffer team brought several top TikTok creators into their labs to learn about PowerMop from P&G scientists and create engaging communication. From there, the created social media content was tested with P&G's proprietary AI studios. This process ultimately created the superior Mop Smarter campaign across TV, digital and influencer marketing to connect with consumers in fresh ways.

為了推出 PowerMop，Swiffer 團隊邀請了幾位頂級 TikTok 創作者來到他們的實驗室，向寶潔科學家學習有關 PowerMop 的知識，並進行引人入勝的交流。從那時起，創建的社群媒體內容就透過寶潔專有的人工智慧工作室進行了測試。這個過程最終創造了卓越的「Mop Smarter」活動，涵蓋電視、數位和影響力行銷，以新的方式與消費者建立聯繫。

Swiffer PowerMop has become the largest product launch in Swiffer's history, contributing to 40% of the growth of Swiffer portfolio and driving 35% of category growth, making it the number one growth driver in the category.

Swiffer PowerMop 已成為 Swiffer 史上最大的產品發布，貢獻了 Swiffer 產品組合 40% 的成長，並帶動了 35% 的品類成長，成為該品類中第一大成長動力。

In the US digestive wellness market, Align launched its bloating relief and food digestion version to address the number one unmet need for nearly half of all consumers, bloating, associated with the inability to digest food.

在美國消化健康市場，Align 推出了緩解腹脹和食物消化版本，以解決近一半消費者未滿足的首要需求，即與無法消化食物相關的腹脹。

Align delivered meaningful product innovation and communicated the symptom by showing one of the most common and relatable signs of bloating for consumers: not being able to button their pants.

Align 實現了有意義的產品創新，並透過向消費者展示最常見、最容易理解的腹脹症狀之一來傳達症狀：無法扣上褲子。

This spring, Align launched its first 3-in-1 Biotic, a prebiotic to nourish good bacteria, a probiotic to soothe bloating and a postbiotic to support immune health. This new innovation is off to a strong start, enabling Align to accelerate share growth since launch.

今年春天，Align 推出了首款三合一生物製劑，包括滋養有益細菌的益生元、緩解腹脹的益生菌和支持免疫健康的後生元。這項新創新開局強勁，使 Align 自推出以來就加速了市場份額的成長。

Finally, Tide evo, our new laundry detergent developed on our breakthrough functional fibers platform, has started its first stage of national expansion with an online launch of Tide evo Free & Gentle. evo offers superior cleaning performance in a recyclable package with no plastic bottles or water.

最後，我們在突破性功能纖維平台上開發的新型洗衣液 Tide evo 已開始在全國擴張的第一階段，在線推出了 Tide evo Free & Gentle。 evo 採用可回收包裝，無需塑膠瓶或水，提供卓越的清潔性能。

In test market stores, evo sales have been highly incremental to category growth. And retailer demand has been well above initial expectations. We're in the process of adding manufacturing capacity, and we'll have more to share about this exciting innovation over the coming months.

在測試市場商店中，evo 的銷售額對於品類的成長有著很大的增量。零售商的需求遠高於最初的預期。我們正在增加製造能力，未來幾個月我們將分享更多有關這項令人興奮的創新的資訊。

There are many more examples across all categories, more than we have time to discuss in detail this morning. One third-party measure of innovation success is the Circana US New Products Pacesetters report. In 2024, P&G earned 4 of the top 10 spots for the most successful nonfood product launches of the year as measured by retail sales, and 5 of the top 25. This marks the fifth year in a row that we have had at least 3 of the top 10 entries.

各個類別中還有更多的例子，我們今天上午沒有時間詳細討論。衡量創新成功程度的第三方指標之一是 Circana 美國新產品領跑者報告。2024 年，以零售額衡量，寶潔在年度最成功的非食品產品發布前 10 名中佔據 4 個席位，在前 25 名中佔據 5 個席位。這是我們連續第五年擁有至少 3 個進入前 10 名的參賽作品。

Our five entries in the top 25 list are the most by any individual company for the seventh consecutive year and more than our seven closest competitors, Unilever, Kenvue, Kimberly-Clark, Colgate, L'Oreal, Clorox, Reckitt Benckiser, combined, for the fifth consecutive year.

我們在前 25 名榜單中的 5 家公司連續第七年成為入圍數量最多的公司，並且連續第五年超過了我們最接近的七家競爭對手——聯合利華、Kenvue、金佰利、高露潔、歐萊雅、高樂氏和利潔時——入圍數量總和。

Looking forward, P&G has seven entries on the Pacesetters rising stars list for next year, including Downy Comfy cozy fabric enhancer, Febreze premium seasonal collection air care, Gain Mood Collection detergent, Luvs Platinum Protection diapers, Mr. Clean 2x Concentrated Cleaner, Oral-B iO Series 2 power brushes and Secret whole-body deodorant sprays.

展望未來，寶潔公司在明年的 Pacesetters 新星榜單上有七款產品，包括 Downy Comfy 舒適織物增強劑、Febreze 優質季節性系列空氣護理產品、Gain Mood Collection 洗滌劑、Luvs Platinum Protection 尿布、Mr. Clean 2x 濃縮清潔劑、Oral-B iO Series 2 尿布和電動刷。

For perspective, all three of our products on the rising stars last year finished in the top 10 for the current year.

從長遠來看，我們去年入選新星榜單的三款產品今年都進入了前十名。

Third strategy element, productivity improvement in all areas of our operation to fund investments in innovation, brand building and market growth; to mitigate costs and currency challenges; and to expand margins and generate cash.

第三個策略要素是提高我們所有營運領域的生產力，為創新、品牌建立和市場成長提供資金；降低成本和貨幣挑戰；擴大利潤率並產生現金。

We have an objective for gross savings and cost of goods of up to $1.5 billion before tax, enabled by platform programs with global application across categories with Supply Chain 3.0. We have line of sight to savings from improved marketing productivity, more efficiency and greater effectiveness, avoiding excess frequency and reducing waste while increasing reach. We're taking targeted steps to reduce overhead as we digitize more of our operations.

我們的目標是，透過供應鏈 3.0 平台程序，實現稅前總成本和商品成本節省高達 15 億美元，該平台程序可在全球範圍內應用於各個品類。我們的目標是透過提高行銷效率、提高效率和效益，避免過度銷售頻率，減少浪費，同時擴大覆蓋範圍，從而實現成本節省。隨著我們業務的數位化程度不斷提高，我們正在採取有針對性的措施來降低管理費用。

Visibility to more savings opportunity is increasing as the businesses continued to build their three-year rolling productivity master plans and as we accelerate productivity with our restructuring efforts.

隨著企業繼續制定三年滾動生產力總體規劃，以及我們透過重組努力加快生產力，更多的節約機會正在增加。

Next element of the strategy, constructive disruption of ourselves and our industry, a willingness to change, adapt and create new trends, technologies and capabilities that will shape the future of our industry and extend our competitive advantage.

該策略的下一個要素是對我們自己和我們行業的建設性顛覆，願意改變、適應和創造新的趨勢、技術和能力，以塑造我們行業的未來並擴大我們的競爭優勢。

Finally, we've designed and continued to refine an empowered, agile and accountable organization, an inclusive and diverse organization enabling us to better serve an increasingly diverse set of consumers.

最後，我們設計並持續改善一個有權力、靈活、負責的組織，一個包容、多元化的組織，使我們能夠更好地服務日益多元化的消費者。

There are times when continuous improvement of each element of the strategy is enough to deliver the near-term objectives we've set and to prepare us for the next phase of growth and value creation. However, at times, there's a need for a bigger step forward to bolster P&G's growth and value creation. The two-year restructuring program we announced is aimed at making changes to enable stronger delivery of our integrated growth strategy.

有時，持續改善策略的每個要素就足以實現我們設定的近期目標，並為下一階段的成長和價值創造做好準備。然而，有時需要採取更大的措施來促進寶潔的成長和價值創造。我們宣布的兩年重組計劃旨在做出改變，以便更有力地實施我們的綜合成長策略。

This is not a new approach, rather an intentional strengthening of our current strategy to widen our margin advantage in superiority fueled by productivity to win in the increasingly challenging environment in which we compete.

這並不是一種新方法，而是有意加強我們當前的策略，以生產力為動力，擴大我們的利潤優勢，從而在日益嚴峻的競爭環境中獲勝。

The three main areas of focus: portfolio, supply chain, and organization design. The portfolio choices include exits of some categories, brands and product forms in individual markets. They may also include some brand divestitures. It takes time to plan the execution of these moves and most have not been communicated broadly, so we can't discuss all of the details today. Our priority is communicating first to employees and to retail customers.

三個主要關注領域：產品組合、供應鏈和組織設計。投資組合選擇包括退出個別市場中的部分品類、品牌和產品形式。其中可能還包括一些品牌剝離。規劃這些措施的執行需要時間，而且大多數舉措尚未廣泛傳達，因此我們今天無法討論所有細節。我們的首要任務是與員工和零售客戶溝通。

So here are a few examples of the areas where we will be simplifying the portfolio. We'll be streamlining the Feminine Care pad lineup in several markets in Asia. Similarly, in Oral Care, Fabric Care and Grooming, we'll be continuing small nonstrategic country product form combinations. We'll be discontinuing business operations in Bangladesh. This is not an exhaustive list, but a representation of the ways we're focusing our energy and resources on higher value-creation opportunities.

以下是我們將簡化投資組合的幾個領域的例子。我們將精簡亞洲多個市場的女性護理墊產品線。同樣，在口腔護理、織物護理和美容方面，我們將繼續小型非戰略性國家產品形式組合。我們將停止在孟加拉的業務運作。這不是一個詳盡的清單，而是代表了我們將精力和資源集中在更高價值創造機會上的方式。

These portfolio moves enable us to make related investments -- interventions in our supply chain, rightsizing and right-locating production to drive efficiencies, faster innovation, cost reduction and even more reliable and resilient supply.

這些投資組合措施使我們能夠進行相關投資——幹預我們的供應鏈、調整規模和正確定位生產，以提高效率、加快創新、降低成本，甚至提高供應的可靠性和彈性。

Finally, we're making additional changes to ensure an even more agile, empowered and accountable organization design, making roles broader, teams smaller, work more fulfilling and more efficient, leveraging digitization and automation. Smaller teams with greater breadth of skills will work on an integrated end-to-end basis from consumer understanding to design and execution, eliminating the siloed approach to work, creating more integrated ways of working, broadening employee skills to empower decision-making, increasing individual contribution and development and improving the employee value proposition.

最後，我們正在進行額外的變革，以確保組織設計更加靈活、授權更多、責任更大，擴大角色範圍、縮小團隊規模、讓工作更加充實、更有高效，並充分利用數位化和自動化技術。規模較小但技能更廣泛的團隊將在整合的端到端基礎上開展工作，從消費者理解到設計和執行，消除孤立的工作方式，創造更加整合的工作方式，拓寬員工技能以增強決策能力，提高個人貢獻和發展，並提高員工價值主張。

Across these three areas, portfolio, supply chain, organization, we expect to reduce up to 7,000 nonmanufacturing roles or roughly 15% of our current nonmanufacturing workforce over the next two years. These steps have been in evaluation by the leadership team for some time. We've been thinking through some of these organization design changes since shortly after our last restructure change six years ago. And we've had pilots in Focus on Enterprise Markets in place for well over a year. The portfolio moves have been evaluated over the last year following successful execution with other brands and markets over the past two years.

在產品組合、供應鏈和組織這三個領域，我們預計未來兩年將減少多達 7,000 個非製造業職位，約占我們目前非製造業勞動力的 15%。領導團隊已經對這些步驟進行了一段時間的評估。自從六年前我們上次重整後不久，我們就一直在思考一些組織設計的改變。我們在「重點關注企業市場」的試點計畫已經進行了一年多了。在過去兩年與其他品牌和市場成功合作之後，我們在過去一年對投資組合的變動進行了評估。

I say all of this to ensure our owners that these are well-thought-out plans, not knee-jerk reactions to recent slower markets or higher cost impacts.

我之所以這麼說，是為了向我們的業主保證，這些都是經過深思熟慮的計劃，而不是對近期市場放緩或成本上升影響的下意識反應。

We remain as confident as ever in our strategy and our ability to drive market growth; to deliver balanced growth and value creation; to delight consumers, customers, employees, society and shareowners. And we're taking steps to drive better execution and more investment in the strategy to grow markets and improve our ability to achieve our growth and value-creation objectives.

我們對我們的策略和推動市場成長、實現平衡成長和價值創造以及讓消費者、客戶、員工、社會和股東滿意的能力一如既往地充滿信心。我們正在採取措施，更好地執行這項策略，加大投資，以擴大市場，提高我們實現成長和價值創造目標的能力。

With that, I'll hand it back to Andre to outline our guidance for the new year.

說完這些，我將把它交給安德烈，讓他概述我們對新年的指導。

Thanks, Jon. As we enter fiscal '26, we continue to expect the environment around us to remain volatile and challenging from cost to currencies, to consumer, competitor, retailer and geopolitical dynamics. We believe our going-in guidance for fiscal '26 prudently reflects these market realities.

謝謝，喬恩。隨著我們進入26財年，我們預計周圍的環境仍將持續動盪和充滿挑戰，包括成本、貨幣、消費者、競爭對手、零售商和地緣政治動態。我們相信，我們對 26 財年的預期謹慎地反映了這些市場現實。

On the top line, we currently expect the markets in which we compete to deliver local currency value growth in the range of flat to 3% for the year with the current run rate roughly in the middle of this range. Our objective is to grow organic sales modestly ahead of the underlying growth of these markets. However, our guidance includes a 30 to 50 basis point headwind from brand and product form discontinuations as part of our two-year restructuring program.

就總收入而言，我們目前預計，我們所競爭的市場今年的當地貨幣價值增長率將在持平至 3% 之間，目前的運行率大致處於這一範圍的中間。我們的目標是使有機銷售額略微成長，領先於這些市場的潛在成長。然而，作為我們兩年重組計畫的一部分，我們的指導包括品牌和產品形式停產帶來的 30 至 50 個基點的阻力。

Taken together, our guidance range for organic sales growth is in line to up 4% versus prior year. The low end of this range protects for additional softness in underlying market growth rates. The high end would require acceleration in underlying market growth and market shares.

總體而言，我們對有機銷售額成長的預期範圍與上年相比上漲 4%。此範圍的低端可防止基礎市場成長率進一步疲軟。高端市場需要加速基礎市場的成長和市場佔有率。

On the bottom line, we are guiding for core EPS growth in line to plus 4% versus fiscal year '25, core EPS of $6.83. This guidance equates to a range of $6.83 to $7.09 per share, $6.96 or up 2% at the center of the range.

整體而言，我們預期核心每股盈餘將較2025財年（核心每股收益6.83美元）成長4%。預期相當於每股收益6.83美元至7.09美元的區間，區間中間值為6.96美元，即上漲2%。

This outlook includes a commodity cost headwind of approximately $200 million after tax and a foreign exchange tailwind of approximately $300 million after tax.

這項前景包括稅後約 2 億美元的商品成本逆風和稅後約 3 億美元的外匯順風。

In addition, our outlook includes $1 billion before tax in higher costs from tariffs in fiscal '26. This is based on tariff rates announced since July 9 and assumes USMCA exceptions -- exemptions still apply for imports from Canada and Mexico.

此外，我們的預測還包括 26 財年關稅導致的稅前 10 億美元成本增加。這是基於 7 月 9 日以來公佈的關稅稅率，並假設 USMCA 例外情況——從加拿大和墨西哥進口的產品仍可享有豁免。

You can think about the tariff impact in three buckets: about $200 million from materials and products imported from China to the US, another $200 million from Canada's tariffs on goods shipped from the US and the remaining $600 million from tariffs on goods coming to the US from the rest of the world.

你可以從三個方面來考慮關稅的影響：約 2 億美元來自從中國進口到美國的材料和產品，另外 2 億美元來自加拿大對從美國運來的商品徵收的關稅，其餘 6 億美元來自對從世界其他地區運往美國的商品徵收的關稅。

At these rates, tariffs alone are a 5-point headwind to core EPS growth in fiscal '26. We will look for every opportunity to mitigate these impacts, including sourcing flexibility, productivity improvements and pricing with innovation in affected categories and markets.

依照這樣的稅率，光是關稅一項就對26財年核心每股收益成長造成5個百分點的阻力。我們將尋找一切機會減輕這些影響，包括採購彈性、生產力提高和受影響類別和市場的創新定價。

Below the operating line, we expect modestly higher interest expense versus last fiscal year and a core effective tax rate in the range of 20% to 21% for fiscal '26. Combined, roughly a $250 million after-tax headwind to earnings growth.

在營業線以下，我們預期利息支出將比上一財年略高，26 財年的核心有效稅率將在 20% 至 21% 之間。總計約 2.5 億美元的稅後獲利成長阻力。

We are forecasting adjusted free cash flow productivity in the range of 85% to 90% for the year. This includes an increase in capital spending as we add capacity in several categories and as we incur the cash costs from the restructuring work.

我們預測今年調整後的自由現金流生產力將在 85% 至 90% 之間。這包括隨著我們增加多個類別的產能以及重組工作產生的現金成本而增加的資本支出。

We expect to pay around $10 billion in dividends and to repurchase approximately $5 billion in common stock. Combined, a plan to return roughly $15 billion of cash to shareowners in fiscal '26.

我們預計將支付約 100 億美元的股息，並回購約 50 億美元的普通股。綜合起來，該計劃將在 26 財年向股東返還約 150 億美元現金。

These guidance ranges reflect current market realities for consumption and costs, including tariffs. They also reflect our desire to maintain strong investment in the business to enable delivery of our growth algorithm over two- and three-year rolling periods as we work through market and cost volatility.

這些指導範圍反映了當前消費和成本（包括關稅）的市場現實。它們也反映了我們希望保持對業務的強勁投資，以便在我們應對市場和成本波動的同時，在兩年和三年的滾動期內實現我們的成長演算法。

This outlook is based on current market growth rate estimates, commodity prices and foreign exchange rates. Significant additional currency weakness, commodity cost increases, geopolitical disruption, major supply chain disruptions or store closures are not anticipated within these guidance ranges.

該展望基於當前市場成長率估計、商品價格和外匯匯率。這些指導範圍內預計不會出現顯著的額外貨幣疲軟、商品成本上漲、地緣政治動盪、重大供應鏈中斷或商店關閉等情況。

With that, I'll hand it back to Jon for closing thoughts.

說完這些，我會把話題交還給喬恩，讓他做最後的總結。

We're very pleased with the results P&G people have delivered in a very challenging and volatile environment, growing sales, growing earnings and returning strong levels of cash to shareowners. We continue to believe the best path to sustainable balanced growth is to double down on the strategy. Excellent execution of an integrated set of market constructive strategies delivered with a focus on balanced top and bottom line growth and value creation, starting with a commitment to deliver irresistibly superior propositions to consumers and retail partners.

我們對寶潔員工在充滿挑戰和動盪的環境中取得的成績感到非常滿意，銷售額不斷增長，收益不斷增加，並為股東帶來了豐厚的現金回報。我們仍然相信，實現永續平衡成長的最佳途徑是加倍實施這項策略。出色地執行了一套全面的市場建設性策略，重點是平衡頂線和底線成長和價值創造，首先致力於向消費者和零售合作夥伴提供不可抗拒的優質服務。

We're taking proactive steps to improve the execution of strategy and our ability to deliver our growth and value-creation objectives.

我們正在採取積極措施來改善策略執行以及實現成長和價值創造目標的能力。

I'm looking forward to being with you through the calendar year as CEO and then as Executive Chair. I'm excited by the additional contributions that Shailesh and our team will make to delight consumers, customers, employees, society, and through this, our shareowners.

我期待著以執行長和執行主席的身份與你們一起度過這一年。我很高興看到 Shailesh 和我們的團隊將做出更多貢獻，讓消費者、客戶、員工、社會以及我們的股東感到高興。

With that, we'll be happy to take any questions.

這樣，我們很樂意回答任何問題。

(Operator Instructions) Steve Powers, Deutsche Bank.

（操作員指示）德意志銀行的史蒂夫鮑爾斯。

Picking up on last night's announcement, I guess I'd like to begin by extending my congratulations to Shailesh, assuming he's listening somewhere. And also say congratulations to you and the entire team, Jon, in what appears a well-thought-out transition.

接昨晚的公告，我想先向 Shailesh 表示祝賀，假設他正在某處聽到這個消息。也要向你和整個團隊表示祝賀，喬恩，這似乎是一次深思熟慮的過渡。

Two questions stemming from that, if I could. First, I know we'll hear a lot more from Shailesh starting in about 6 months, but maybe you could offer a bit more perspective, Jon, on what you see as Shailesh's unique attributes and why you feel he's the right person to succeed you while also elaborating on your goals as you think about the pivot to Executive Chairman.

如果可以的話，我提出兩個由此產生的問題。首先，我知道大約 6 個月後我們會聽到更多關於 Shailesh 的消息，但喬恩，也許你可以提供更多觀點，說明你認為 Shailesh 的獨特之處，以及為什麼你認為他是繼任你的合適人選，同時闡述你在考慮轉任執行董事長時的目標。

And then secondly, shifting back to the business, Shailesh spoke in early June about the importance of P&G working, as he put it, to create its own tailwinds as we enter fiscal '26 in order to reaccelerate category growth and P&G's own top line. You spoke to the innovation slate this year and overall priorities. But could you elaborate further on those tailwind creation efforts and when within the fiscal year you might expect them to accumulate into more tangible overall results?

其次，回到業務上，Shailesh 在 6 月初談到了寶潔公司努力工作的重要性，正如他所說，在我們進入 26 財年時創造自己的順風，以重新加速品類增長和寶潔自己的營收。您談到了今年的創新計劃和整體優先事項。但是，您能否進一步闡述這些順風創造努力以及您預計它們將在財政年度內何時積累成更切實的整體成果？

Thanks, Steve. As relates to Shailesh's strong suitability to lead the next phase of growth and value creation for the company, he has successfully led our largest businesses, specifically the Fabric & Home Care sector most recently. He's led businesses in both Enterprise Markets and Focus Markets. Most recently, as COO, he had responsibility for -- P&L responsibility for each of the Enterprise Markets. As COO, he gained even deeper knowledge of some of our functional skill sets and capabilities.

謝謝，史蒂夫。Shailesh 非常適合領導公司下一階段的成長和價值創造，他最近成功領導了我們最大的業務部門，特別是織物和家居護理部門。他曾領導企業市場和焦點市場的業務。最近，作為首席營運官，他負責每個企業市場的損益表。作為首席營運官，他對我們的一些職能技能和能力有了更深入的了解。

So he'll bring all of that to bear combined with 36 years of experience. I've worked closely with Shailesh, most closely in the last number of years as he was COO and I was CEO, but we've worked in other capacities together over the years.

因此，他將把所有這些與 36 年的經驗結合起來。我與 Shailesh 密切合作，最近幾年合作最為密切，當時他擔任首席營運官，我擔任首席執行官，但多年來，我們還在其他職位上合作過。

So he's going to be a great -- a very strong candidate to lead again the next phase of growth and value creation, and I feel very, very good about that. It gives me a fair amount of peace and comfort as I move into my next chapter.

因此，他將成為一個偉大的、非常有力的候選人，再次領導下一階段的成長和價值創造，我對此感到非常非常高興。當我進入下一個篇章時，它給了我相當多的平靜和安慰。

In terms of creating our own headwinds -- or sorry, tailwinds, the last thing we need to do is create any more headwinds. The restructuring program that both Andre and I referenced in our remarks is a very good example of that, building financial headroom to invest in innovation, invest in commercialization. And that's the reason we're doing that is to continue to create our own tailwinds to accelerate growth in what is otherwise a very, very difficult environment.

就創造我們自己的逆風（或抱歉，順風）而言，我們最不需要做的就是創造更多的逆風。安德烈和我在演講中提到的重組計畫就是一個很好的例子，它建立了財務空間來投資創新、投資商業化。我們這樣做的原因是為了繼續創造我們自己的順風，以在非常非常困難的環境中加速成長。

Focusing those efforts on the categories and brands and markets that matter is another example of creating our own tailwinds. And we continue to create tremendous advantage with all the work that we're doing in supply, both to improve service to consumers and customers, reduce costs, creating more financial headroom.

將這些努力集中在重要的類別、品牌和市場上是創造我們自己的順風的另一個例子。我們將繼續透過在供應方面所做的所有工作創造巨大的優勢，既改善了對消費者和客戶的服務，也降低了成本，創造了更多的財務空間。

And then obviously, the appropriate levels of investment and expertise focused on the next round of innovation, the next round of commercialization and I took you through some of the on-market examples in my prepared remarks. And there are many exciting things coming, not just in the categories we currently compete in, but also, selectively, a few additional categories.

然後顯然，適當的投資和專業知識水平集中在下一輪創新、下一輪商業化上，我在準備好的演講中向你們介紹了一些市場上的例子。還有很多令人興奮的事情即將發生，不僅僅是在我們目前競爭的類別中，而且還包括一些可選的附加類別。

So again, I move to my next assignment with a sense of excitement and anticipation for what the team will accomplish. And that's one thing I think is important to emphasize when we have these kinds of leadership rotation. Big multinational business is not a me sport. It is a we sport. And I'm most comforted by the breadth and quality of the leadership team, the breadth and quality of the organization that's been executing against the strategies that have generated some of the results that we've been talking about.

因此，我再次懷著興奮和期待的心情開始我的下一個任務，期待團隊能夠取得成果。我認為，當我們進行這種領導輪調時，這一點是需要強調的重要一點。大型跨國企業並不是我自己可以做到的。這是一項我們的運動。而最讓我感到欣慰的是領導團隊的廣度和質量，以及組織的廣度和質量，這些組織一直在執行我們一直在談論的策略，並產生了一些成果。

I'll leave it there.

我就把它留在那裡。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

Great. And I'll just echo everything that Steve so eloquently said both to you, Jon, and to Shailesh.

偉大的。我只是想重複史蒂夫對你、喬恩和沙伊萊什所說的一切。

It was great to get the context of your expectations for market growth and also kind of the current rate. But one thing that's become true over the last couple of quarters is the outperformance of P&G versus its categories. That gap has narrowed and narrowed and narrowed. And that's with what I think has still been a very steady fleet of innovation, of consistent reinvestment.

很高興了解您對市場成長的預期以及當前的速度。但過去幾季以來，寶潔的表現優於其他同類產品，這是事實。差距已經越來越小了。我認為，這仍然是一支非常穩定的創新隊伍，並且持續不斷地進行再投資。

So notwithstanding all the words you just shared around consistency of strategy and confidence in the strategy, what do you think maybe needs to change, and maybe we can focus just on North America, to widen that gap back out where your innovation, your strategies are, in fact, growing the categories, and by virtue of that, growing your share?

因此，儘管您剛才談到了策略的一致性和對策略的信心，但您認為可能需要做出哪些改變？也許我們可以只專注於北美，擴大差距，看看您的創新和策略實際上在擴大產品類別，並藉此增加您的份額？

Because that math doesn't seem to be working more recently. So whether it's competitive environment, particular cohorts in the consumer landscape that have been more challenged, what your perspective would be on how that gap kind of widens back out to support P&G outperformance?

因為最近這種數學方法似乎已經不再運作了。那麼，無論是競爭環境，還是消費者群體中面臨更大挑戰的特定群體，您如何看待這種差距將如何擴大以支持寶潔的優異表現？

I'll provide some perspective on your accurate observations and our response to them. And then I'll ask Andre to do the same from his vantage point.

我將根據您的準確觀察以及我們的回應提供一些觀點。然後我會要求安德烈從他的有利位置做同樣的事情。

In North America specifically, we have kind of three things that are happening. One is the reduction in category growth rates. The second is -- so if you're operating within a category that's growing at a lower rate, by definition, your margin of growth advantage narrows.

具體來說，在北美，有三件事正在發生。一是品類成長率的降低。第二，如果你所在的類別成長速度較低，那麼根據定義，你的成長優勢幅度就會縮小。

Second is, as Andre mentioned in his remarks, the relationship between sell-in and sell-out where we've seen inventory reductions in the part of our retail partners, that is exaggerated by the shift of shopping across the retail channels. And the channels that are growing the quickest right now typically carry lower levels of on-hand inventory, whether that's Walmart, whether that's Amazon, whether that's club stores.

第二，正如安德烈在評論中提到的那樣，銷售和銷售之間的關係，我們看到零售合作夥伴的庫存減少，這是由於零售通路購物的轉變而加劇的。目前成長最快的通路通常庫存水準較低，無論是沃爾瑪、亞馬遜或俱樂部商店。

The third, and probably most important, is that we do have categories where we've lost superiority. And we simply must regain that level of superiority that allows us to outgrow the market. That's why we're going through the restructuring program that we are. There are specific plans. As you can imagine, they're competitively sensitive and I'm not going to go into step-by-step elements.

第三，也可能是最重要的一點是，我們確實在某些領域失去了優勢。我們必須重新獲得讓我們超越市場的優勢。這就是我們正在重組計劃的原因。有具體的計劃。你可以想像，他們對競爭很敏感，所以我就不打算一步步講了。

But you should assume that we clearly understand that we have work to do there. And hopefully, the restructuring program gives you some confidence that we're committed to do exactly that. And obviously, as these things come to market, we'll be talking more about them as early as the back-to-school conference in September.

但你應該假設我們清楚地知道我們在那裡有工作要做。希望重組計畫能給你們一些信心，相信我們致力於做到這一點。顯然，隨著這些東西進入市場，我們最早會在九月的返校會議上更多地討論它們。

Andre, any other thoughts?

安德烈，還有其他想法嗎？

No, I echo what you said, Jon. I think maybe to be specific and give you some confidence here, as Jon said, I think in some categories we have not been able to maintain the level of superiority that we know we need in order to grow the category and grow within the category. But we also know that when we do that, the business quickly reaccelerates and picks up.

不，我同意你的說法，喬恩。我想也許可以具體一點，給你一些信心，正如喬恩所說，我認為在某些類別中，我們還沒有能夠保持我們所知道的優勢水平，以便擴大類別並在類別內成長。但我們也知道，當我們這樣做時，業務會迅速恢復並回升。

So if you take Baby Care, for example, while the premium end of the lineup has been growing consistently because we've innovated consistently on Swaddlers and Cruisers 360, et cetera, the lower end, the value tier had not delivered. When we put innovation on Luvs with Platinum Protection, the category part we accelerated, our share reaccelerated and our organic sales reaccelerated.

以嬰兒護理產品為例，雖然高端產品線一直在穩步增長，因為我們在 Swaddlers 和 Cruisers 360 等方面不斷創新，但低端產品線，即價值層，卻未能實現增長。當我們透過白金保護對 Luvs 進行創新時，我們加速了類別部分，我們的份額再次加速，我們的有機銷售額再次加速。

We have the same opportunity on Olay on the core jars business. So we know we're not superior, we know we need to adjust, and we're on it. But where we have superiority in the Olay lineup like Super Serum, we bring in 65% of business via new users. So we grow the category, we grow share within the category.

我們在玉蘭油的核心瓶裝業務上也擁有同樣的機會。所以我們知道我們並不優越，我們知道我們需要調整，而且我們正在努力。但我們在玉蘭油系列產品的優勢，例如超級精華液，是 65% 的業務來自新用戶。因此，我們擴大了產品類別，也擴大了產品類別內的份額。

And then we just have a few S-curves that will just fundamentally change the category operates, which is evo, which will launch in the back half of the year. We've got it in the online business right now, but we firmly plan to expand that further.

然後，我們只有幾個 S 曲線，它們將從根本上改變類別的運作，即 evo，它將在今年下半年推出。我們現在已經開展了線上業務，但我們堅定地計劃進一步擴大業務。

So there's plenty of proof. We know what to do. We need to execute brilliantly. And we create the fuel to do that with the restructuring and the productivity efforts that you see.

所以有足夠的證據。我們知道該做什麼。我們需要出色地執行。我們透過重組和提高生產力的努力為實現這一目標提供了動力。

The second part I'll leave you with is the new business opportunity of $5 billion that we quote is real. These are underserved and unserved consumers that we can access. But they are -- this is only a number on a piece of paper until we allocate resources to it, which is exactly what we're doing and doubling down to ensure that regions, segments, consumer groups that we have not as actively pursued in the US we are going after with full intention and all the resources we have.

我要告訴你們的第二部分是，我們所說的 50 億美元的新商機是真的。這些是我們可以接觸到的服務不足和尚未得到服務的消費者。但在我們為其分配資源之前，它們只是紙面上的數字，而這正是我們正在做的事情，我們會加倍努力，確保我們在美國尚未積極追求的地區、細分市場和消費者群體，我們會全力以赴，投入我們所有的資源。

And I think, Lauren, as you just -- again, to the heart of your question on reaccelerating the gap in performance or the advantage in performance between P&G and the competitive set, I mean, one thing you need to look at is who is positioning themselves for the level of investment that we're describing here. And I won't speak to others, but we are intent on ensuring that we're well positioned to do exactly what we described.

我認為，勞倫，正如你剛才提到的，關於寶潔與競爭對手之間的業績差距或業績優勢的問題的核心，你需要關注的一件事是誰在為我們在此描述的投資水平進行定位。我不會和其他人說話，但我們決心確保我們能夠做好我們所描述的事情。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

So Jon, congrats on a remarkable run at driving shareholder value and Shailesh on his greater responsibilities.

所以，喬恩，恭喜你在推動股東價值方面取得的卓越成就，並祝賀沙伊萊什承擔了更大的責任。

Jon, can you discuss how the restructuring you recently announced will enable greater organizational capabilities looking forward, particularly just given the external technology advancements that we've seen and how those 2 points interplay with each other?

喬恩，您能否討論一下您最近宣布的重組將如何在未來增強組織能力，特別是考慮到我們已經看到的外部技術進步以及這兩點如何相互作用？

And on the other piece of big news, with the CEO change, all the background on Shailesh's capabilities is very helpful. Just any insight or perspective on the timing of the CEO change, why is now or technically January the right time to move to new leadership?

另一條重大消息是，隨著執行長的變動，有關 Shailesh 能力的所有背景資訊都非常有幫助。關於執行長變動時機的任何見解或觀點，為什麼現在或從技術上講一月是更換新領導層的最佳時機？

Great. I'm going to start with the last part of your question, Dara. And usually when I do that, you'll have to repeat the first part.

偉大的。達拉，我將從你問題的最後一部分開始。通常當我這樣做時，你必須重複第一部分。

But in terms of why now and you said technically January 1. It's not technically January 1. It's actually January 1. And the only reason I emphasize that is because the next observation I'm going to make, as of January 1, I will have served this company for 38 years.

但就為什麼是現在而言，您說技術上是 1 月 1 日。從技術上來說，這不是 1 月 1 日。實際上是 1 月 1 日。我強調這一點的唯一原因是，我接下來要說的是，截至 1 月 1 日，我將為這家公司服務滿 38 年了。

My wife worked for this company in a senior executive capacity until she retired when I became CEO. Between the two of us, we'll have served this company for 7 decades, almost 3/4 of a century. The results that you referred to and that have been delivered give me comfort in the strength of the strategy, the sustainability of the strategy.

我的妻子曾在這家公司擔任高階管理職務，直到我擔任執行長時她才退休。我們兩個人已經為這家公司服務了 70 年，差不多有 3/4 個世紀了。您所提到的以及已經取得的成果讓我對策略的力度和可持續性感到欣慰。

If you go back to when we completed the articulation of the strategy and began executing against it, which was seven years ago, in 2018, this team has built -- has created $17.5 billion in incremental sales, which puts us at the 84th percentile of the S&P 500. At the same time, they generated $6 billion in incremental profit, which puts us at the 92nd percentile of the S&P 500, creating, as you referenced, significant market cap growth of $180 billion, more value creation than all but one of our competitors have created over their entire one- and two-century histories as a company. So seven years vis-a-vis one or two centuries.

如果回顧我們完成策略闡述並開始執行的時候，也就是七年前，即 2018 年，這個團隊已經創造了 175 億美元的增量銷售額，這使我們處於標準普爾 500 指數的第 84 個百分位。同時，他們創造了 60 億美元的增量利潤，這使我們位居標準普爾 500 指數的第 92 個百分位，正如您所說，創造了 1800 億美元的顯著市值增長，比我們除一家競爭對手外所有競爭對手在其公司一到兩百年曆史中創造的價值還要多。因此七年對應一到兩個世紀。

And in the process, the team has built the 18th most valuable publicly -- US publicly traded company, the 21st most valuable in the world. So we embark on our next chapter from a position of strength, both from a strategic standpoint and from an executional standpoint.

在此過程中，該團隊打造了美國市值排名第 18 位、全球市值排名第 21 位的上市公司。因此，無論從策略角度或執行角度，我們都將以強大的實力開啟新的篇章。

We've recently, and Andre mentioned, we've described this first at the Deutsche Bank conference in Paris in June, strengthened the execution of that strategy, which gives me further comfort that we'll be able to execute against that. And as I mentioned, we have a very strong team inclusive of Shailesh.

安德烈提到，我們最近在六月於巴黎舉行的德意志銀行會議上首次描述了這一點，加強了該戰略的執行，這讓我更加確信我們能夠執行該戰略。正如我所提到的，我們擁有一支非常強大的團隊，包括 Shailesh。

And so I just look at all of this and say, this is the right time to make a transition as we lap the fiscal year. I'm very confident we'll be able to do that in a very constructive way.

因此，我只是看看這一切，然後說，隨著財政年度的結束，現在是進行轉型的最佳時機。我非常有信心我們能夠以非常建設性的方式做到這一點。

In terms of the timing or the cadence that you asked about in terms of when these tailwinds that we're creating for ourselves bear fruit, as you would expect, there's an executional period that has -- there's a planning period that has to occur. There's an executional phase. And then we get to impact. So that will build as we go through the fiscal year and into next.

至於您詢問的我們為自己創造的順風何時會結出碩果的時間或節奏，正如您所期望的那樣，有一個執行期 - 有一個必鬚髮生的規劃期。有一個執行階段。然後我們就會受到衝擊。因此，隨著我們度過本財政年度並進入下一個財政年度，這一數字將會不斷增加。

Oh, sorry. You always ask very complex questions, Dara. So my team here has reminded me that I, as is typical, overlooked one of your key questions and it's a very important one, which is how are we thinking about the organization design and why do we -- why does that give us confidence, and what tailwinds does that create?

噢，對不起。達拉，你總是問非常複雜的問題。因此，我的團隊提醒我，我像往常一樣忽略了你們的一個關鍵問題，這是一個非常重要的問題，那就是我們如何思考組織設計，為什麼——為什麼這會給我們信心，以及這會帶來什麼樣的順風？

Many of you have probably heard me talk about this before, it's one of my pet topics to talk about because I think there's so much there, there. Industry broadly defined has operated over the last 100 years in a very siloed, heavily functional organization model.

你們中的許多人可能以前聽過我談論這個話題，這是我最喜歡談論的話題之一，因為我認為這裡有很多內容。廣義的工業在過去 100 年裡一直以一種非常孤立、高度功能化的組織模式運作。

But the world has changed. And the world isn't thinking about things that way. And so I think there is immense opportunity to tear down some of those silos, and in the process, build better and quicker decision-making, more efficient work processes and a much higher employee value proposition.

但世界已經改變。但世界並不是這樣思考問題的。因此，我認為，打破這些孤立狀態有著巨大的機會，並且在這個過程中，可以建立更好、更快的決策機制、更有效率的工作流程和更高的員工價值主張。

Each one of those things by themselves would make a significant difference in terms of the creation of tailwinds that we've been talking about. Together, I think they're extraordinarily powerful. And that expands across the activity system of the enterprise. So the potential there is significant.

就我們所談論的順風效應而言，上述每一件事本身都會產生重大影響。我認為，如果把它們結合起來，就會產生非常強大的力量。並且這擴展到整個企業的活動系統。因此，那裡的潛力巨大。

So I'm highly -- well, one last thing because you also referred to this. That would have been a very, very difficult task or reality to get your arms wrapped around without the advent of some of the technology that we have available to us now. So now is the time to utilize those tools and empower the organization to move forward. Each one of those functional silos that I referred to, largely, historically and even currently, has their own data repository. And there are people within each of those functions, and I mean each and every whose job is to create, maintain, extract, translate all of that data.

所以我非常——好吧，最後一件事，因為你也提到了這一點。如果沒有我們現在所掌握的一些技術的出現，那將會是一個非常非常困難的任務或現實。所以現在是利用這些工具並推動組織前進的時候了。我提到的每一個功能孤島，從很大程度上來說，無論是歷史上還是現在，都有自己的資料儲存庫。每個職能部門都有人負責創建、維護、提取和翻譯所有這些數據。

And our objective is to make that seamlessly available to everybody on an end-to-end basis, not siloed just like the organizations are siloed. Not hard to access, and obviously utilizing the analytical and even predictive tools that are increasingly available.

我們的目標是讓每個人都能端到端地無縫使用這項服務，而不是像組織那樣孤立地使用。訪問起來並不困難，而且顯然可以利用日益普及的分析甚至預測工具。

Sorry for the long answer, but when you ask a long question, you get a long answer.

抱歉，我的回答太長了，但是當你問一個長問題時，你會得到一個長答案。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right. And congratulations from me, too, to both Shailesh and Jon. And Jon, we're really all going to miss seeing you, especially at CAGNY, but of course, you're always welcome.

好的。我也要向 Shailesh 和 Jon 表示祝賀。喬恩，我們真的都會想念你，特別是在 CAGNY，但當然，我們隨時歡迎你。

But I just had a few questions on your FY26 guidance, if I may. First, your ranges are quite a bit wider than they've been historically. Now I certainly recognize there's a fair amount of volatility and uncertainty. But is there any other reason maybe why you have less visibility on your business right now?

但如果可以的話，我對您的 FY26 指導有幾個疑問。首先，你們的範圍比歷史上要廣泛得多。現在我確實認識到存在相當大的波動性和不確定性。但是，還有其他原因導致您目前對自己的業務了解程度較低嗎？

And then also, your guidance does imply deleverage at the midpoint. So maybe help us understand the puts and takes of this.

而且，您的指導確實暗示了中點去槓桿。所以也許可以幫助我們理解這件事的優缺點。

And then finally, how are you thinking about phasing in the year? Should we assume EPS growth will be back half weighted?

最後，您考慮如何分階段實施此計劃？我們是否應該假設每股盈餘成長將回落一半？

I'll take a run at this, and Jon, please jump in here. On the top line, I think the reality that we're seeing is simply a lack of clarity on where the category growth is going to go. Our midpoint assumes that growth rates in the US and in Europe stay about where we see them today, which is around 2%, maybe a little bit lower, in the most recent weekly data. China continuing on its path to growth.

我會嘗試一下，喬恩，請加入。總的來說，我認為我們所看到的現實是，我們對於品類成長的未來走向缺乏清晰的認識。我們的中點假設美國和歐洲的成長率與今天大致持平，即最近的每週數據中約為 2%，可能略低一些。中國繼續走增長之路。

Not quite there. And Latin America and Enterprise Markets in general remaining at around 5%, 6% of category growth. So if that holds true, we think we can be at the midpoint or slightly higher.

還沒到那一步。拉丁美洲和企業市場整體維持在5%、6%左右的類別成長率。因此，如果情況屬實，我們認為我們可以處於中間點或略高一點。

There is a scenario where the categories reaccelerate to historical growth rates. Europe and the US return to 3% to 4%, China accelerates. Latin America reaccelerates beyond 6%. And that's the upper end of the range.

有一種情況是，這些類別的成長率將重新加速到歷史水準。歐美重回3%至4%，中國加速。拉丁美洲再次加速超過6%。這就是範圍的上限。

The lower end of the range is the opposite. We see the deceleration that we saw over the last few months continue in Europe and in the US. China not really gaining positive trajectory. And Enterprise Markets remain muted, specifically in the Asia, Middle East, Africa region.

範圍的下端則相反。我們看到過去幾個月來歐洲和美國的經濟減速仍在持續。中國並沒有真正獲得積極的發展軌跡。企業市場依然低迷，特別是在亞洲、中東和非洲地區。

So that's just the reality we're looking at. And it's very hard to say where in that range we're going to be. So we find it prudent to give you transparency on where the range is on the top line.

這就是我們所看到的現實。很難說我們將會處於這個範圍的哪個位置。因此，我們認為向您透明地展示營收範圍是明智之舉。

Then you move to the EPS line and it's, first of all, an outcome of where we think we're going to be on the top line. But then you have incremental volatility coming from tariff negotiations that are ongoing. And again, you saw from Deutsche Bank today we saw a $400 million increase in tariff exposure. With the EU trade deal over the weekend, we saw $100 million decrease. So there's a lot of swing here from a tariff standpoint.

然後你轉到 EPS 線，首先，它是我們認為我們將處於頂線的結果。但正在進行的關稅談判將帶來增量波動。再說一次，您今天從德意志銀行看到，關稅風險敞口增加了 4 億美元。隨著週末歐盟貿易協定的達成，我們看到了 1 億美元的減少。因此，從關稅角度來看，這裡存在著很大的波動。

You then have to assume what can you pass on in terms of pricing after we maximize productivity and how much of that pricing is going to be sticking in the market. And you have foreign exchange and commodity volatility that you always have. So you layer all of that on top, and you can see easily between the top line and those effects how the range is wider than we typically have.

然後你必須假設在我們最大限度地提高生產力之後，你可以在定價方面傳遞什麼，以及有多少定價將在市場上保持不變。且外匯和商品的波動始終存在。因此，你將所有這些疊加在一起，你可以輕鬆地在頂線和這些效果之間看到範圍比我們通常看到的要廣。

In any case, be assured, our objective is to firmly be at the upper end of the range, and we work and do everything we can to be in the middle of upper range. But again, there's many factors on the macro side which we don't control, which we have to take into account.

無論如何，請放心，我們的目標是穩居該範圍的上端，並且我們會盡一切努力達到中端水平。但同樣，宏觀方面有很多我們無法控制的因素，我們必須將其考慮在內。

Quarterly timing.

每季計時。

Jon reminds me on the quarterly timing. It is going to be an upward trajectory on EPS, as you can appreciate. Some of the pricing recovery of the tariffs will come later in the year. The category acceleration is expected to happen later in the year, so it will be an upward trajectory from quarter one upwards.

喬恩提醒我注意季度時間。如您所見，每股收益將呈現上升趨勢。部分關稅價格的恢復將在今年稍後實現。預計該類別的加速將在今年稍後發生，因此從第一季開始將呈上升趨勢。

Right. And the savings as well are coming. Obviously, the restructuring savings are coming in the second half of the year.

正確的。而節省的費用也隨之而來。顯然，重組節省的效果將在下半年顯現。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Jon, Shailesh, congratulations from my end as well. Jon, we're definitely going to miss you.

Jon、Shailesh，我也向你們表示祝賀。喬恩，我們一定會想念你的。

So I kind of wanted to pick up on that last point, Andre. I wanted to get some perspective from -- actually from both of you just in terms of category growth and kind of this trend line that we've seen over the last few months and how that compares to what you were expecting. And I know the team's long expressed confidence in the category growth returning to historical averages, but the timing has been a bit of a wildcard.

所以我想談談最後一點，安德烈。我想從你們兩位那裡獲得一些觀點，就類別成長和過去幾個月我們看到的趨勢線而言，以及這與你們的預期相比如何。我知道團隊長期以來一直對類別成長恢復到歷史平均充滿信心，但時機卻有點難以預料。

But I guess just going back to the last call, category growth is running at 2.5%. Andre, I think you mentioned it's now running closer to 1.5%. Can you maybe just unpack what's really happening, the drivers of the slowdown? And I guess, is it evolving as you would have expected?

但我想回到上次通話，類別成長率為 2.5%。安德烈，我想你有提到現在這個數字已經接近 1.5%。您能否解釋一下真正發生的情況以及經濟放緩的原因？我想，它是否如您所預期的那樣發展？

And then I guess, just related, when you think about the guidance of flat to 3% growth, your commentary to Bonnie's question was really helpful, but how realistic is it to expect category growth to decelerate further? Is that simply you're embedding some cushion here? Or do you think that's a realistic outcome?

然後我想，只是相關的，當您考慮持平至 3% 的增長指導時，您對 Bonnie 的問題的評論確實很有幫助，但預期類別增長進一步減速有多現實？這只是你在這裡嵌入一些緩衝墊嗎？還是您認為這是一個現實的結果？

Look, the reason why we have a wide guidance range on the top line is exactly because it's very hard to predict where the category growth line is going to go. What we are observing is that the consumer, on both ends of the spectrum, the lower-income consumer and the higher-income consumer, they are reacting to the current volatility they are seeing and they are observing.

你看，我們之所以對營收有如此廣泛的指導範圍，正是因為很難預測類別成長線將會走向何方。我們觀察到的是，無論是低收入消費者還是高收入消費者，他們都對他們所看到和觀察到的當前波動做出了反應。

And we see consumption trends consistently decelerating, not significantly, but we see a deceleration in the US. We see a deceleration in Europe. And those are the biggest regions that have an immediate impact on the global category growth numbers.

我們看到消費趨勢持續減速，雖然不是很明顯，但我們看到美國的消費趨勢正在減速。我們看到歐洲經濟正在減速。這些地區對全球品類成長數字有著直接的影響。

The volatility the consumer is seeing, I think, is maybe not necessarily grounded in their current reality, but more on what to expect for the future. So consumers are a bit more careful in terms of consumption. They are using up pantry inventory and they are looking for value, either in smaller packs and promotions or in larger pack sizes in the club channel and online. That's the behavior we've been outlined before, but it's not stopped. It continued.

我認為，消費者所看到的波動可能不一定是基於他們當前的現實，而更多地取決於對未來的預期。所以消費者在消費方面會更謹慎一些。他們正在消耗食品儲藏室的庫存，並尋求價值，無論是小包裝和促銷，還是俱樂部管道和網路上的大包裝。這是我們之前概述過的行為，但它並沒有停止。它繼續著。

So the trajectory here could be that we've reached the low point and the consumer gains confidence, the labor market is stable, inflation doesn't pick up. And therefore, we see category growth returning to 3% to 4%, or not. And that's exactly the reason why we have a guidance range that is relatively wide. Our job in all of that -- and that's why I come back to where Jon started, our job is to create our own tailwinds. Our job is to create category growth, create an incentive for the consumer to return to the category and find value in our propositions every day.

因此，這裡的軌跡可能是我們已經達到了低點，消費者信心增強，勞動市場穩定，通貨膨脹沒有上升。因此，我們認為類別成長率可能會回升至 3% 至 4%，也可能不會。這正是我們的指導範圍相對較廣的原因。我們的工作就是──這也是為什麼我回到喬恩開始的地方，我們的工作就是創造自己的順風。我們的工作是促進品類成長，激勵消費者回歸該品類並每天在我們的主張中找到價值。

And these categories, even though the consumer slows down for a period of time, they don't stop doing their laundry. They don't stop washing their hair. They don't stop using diapers. That's why we're exactly in these categories. So overall, I feel good about the portfolio. I feel very good about the innovation. But there is a level of baseline uncertainty that we reflect in the guidance range.

而這些類別，即使消費者在一段時間內放慢了速度，他們也不會停止洗衣服。他們不停地洗頭髮。他們不會停止使用尿布。這就是我們恰好屬於這些類別的原因。所以總體來說，我對這個投資組合感覺很好。我對這項創新感到非常滿意。但我們在指導範圍內反映了一定程度的基線不確定性。

And just to build on that a little bit, and we've talked about this before, but to the extent that people are frustrated, and I would say understandably frustrated with the lack of certainty and the breadth of the range, trust me, because there's no one more frustrated with that than I. But as you look at the predictability and you think about things like what's the impact of immigration status and immigration policy on consumption over time? What's the impact of tariffs and related both pricing and potential supply chain shifts and portfolio shifts over time?

稍微補充一下，我們之前已經討論過這個問題，但就人們感到沮喪的程度而言，我想說，由於缺乏確定性和範圍之廣，人們感到沮喪是可以理解的，相信我，因為沒有人比我更沮喪。但是，當你看到可預測性並思考諸如移民身分和移民政策對消費的長期影響之類的事情時，你會怎麼做呢？隨著時間的推移，關稅和相關定價以及潛在的供應鏈轉變和投資組合轉變會產生什麼影響？

If you look at a place, what's the impact of inflation? What's the impact of interest rates? We talked about the acceleration of growth in China, but that comes largely driven by the month of June, which is a heavy promotion period in China. I don't know how much of that went into inventory and how much was actually consumed.

如果你觀察一個地方，通膨的影響是什麼？利率有何影響？我們談到了中國經濟成長的加速，但這主要是受到六月的推動，因為六月是中國的促銷高峰期。我不知道其中有多少被存入庫存，又有多少被實際消耗掉。

So there's just all those uncertainties that are out there. And as Andre rightfully said, we're just trying to give you the benefit of that aggregated perspective in terms of what outcomes might be. And our job is to wake up each morning, put both feet on the floor, and power ahead to do the best that we can in creating the tailwinds that we've described and seeing that impact in the market, and that's what we're committed to do.

所以，存在著所有這些不確定性。正如安德烈正確指出的那樣，我們只是想讓您從整體視角了解可能出現的結果。我們的工作就是每天早晨醒來，腳踏實地，全力以赴，盡最大努力創造我們所描述的順風，並看到其對市場的影響，這就是我們致力於做的事情。

And just one last point, I just want to reassure you, the strategy has not changed. We will push as hard as we can to generate category growth because we believe that's the only way to sustainably create value and regain share momentum. The easy answer would be to react to strong promotions we're seeing in the market with equal promotion response.

最後一點，我只想向你保證，戰略沒有改變。我們將竭盡全力推動品類成長，因為我們相信這是持續創造價值和重新獲得份額成長的唯一途徑。簡單的答案就是對我們在市場上看到的強力促銷做出同等的促銷反應。

That would protect share in the short term, but it would protect share of a contracting category. So you will not see us go there. You will see us continue to innovate, drive market growth. And you kind of heard the story in the beginning of the call. So that ties right into why we are where we are, independent of where we see the category going.

這可以在短期內保護份額，但可以保護收縮類別的份額。所以你不會看到我們去那裡。您將看到我們不斷創新，推動市場成長。您可能在通話開始時就聽到了這個故事。因此，這與我們所處的位置直接相關，與我們對類別發展方向的看法無關。

And to that end, every time that I interact with our organization, I remind that our job in the face of uncertainty is to step forward, not backward. And we will do that. I think the restructuring is a reflection of our commitment to do that.

為此，每次我與我們的組織互動時，我都會提醒大家，面對不確定性，我們的工作是向前邁進，而不是向後退。我們會這麼做的。我認為重組體現了我們這樣做的承諾。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Congrats to Jon and to Shailesh as well. Andre, I wanted to ask maybe one clarification and then one follow up. I believe in response to Bonnie's question, you mentioned that maybe the $1 billion tariff headwind had moved down by about $100 million after this past weekend with Europe. So I just wanted to clarify that as a first piece.

也恭喜 Jon 和 Shailesh。安德烈，我想先澄清一下，然後再問一個後續問題。我相信在回答邦妮的問題時，您提到，經過上週末與歐洲的談判，10 億美元的關稅逆風可能已經下降了約 1 億美元。因此，我只是想先澄清這一點。

And then secondly, on the $600 million within the tariff bucket that you kind of said rest of the world, just a bit broader. But as we continue to get kind of more trade announcements, just can you help us identify how much flexibility there maybe is in that? I don't know if Brazil isn't really at a 50% rate. Is there flex for that to move? Just other kind of countries around the world that could impact that?

其次，關於關稅範圍內的 6 億美元，您所說的世界其他地區，範圍稍微廣一些。但是，隨著我們不斷收到更多貿易公告，您能否幫助我們確定其中可能有多少彈性？我不知道巴西的失業率是否真的達到了 50%。那裡有可以移動的彎曲嗎？世界上其他國家也會對此產生影響嗎？

Thanks for the question, Peter. Yes, so the tariff announcements over the weekend indeed have reduced at face value, the $1 billion to $900 million BT. But we don't fully understand what's in that agreement yet. So I would take that with a grain of salt until we really see the details. And yes, I think there are -- it's very hard for us to judge what is real and what is not real. So we're reflecting spots like we do in commodities, like we do on FX. So we're just taking every announcement at face value and pricing it out from a tariff standpoint.

謝謝你的提問，彼得。是的，所以週末宣布的關稅確實從表面上減少了 10 億美元至 9 億美元的英國電信。但我們尚未完全了解該協議的具體內容。因此，在我們真正了解細節之前，我對此持保留態度。是的，我認為有──我們很難判斷什麼是真實的，什麼不是真實的。因此，我們反映的是商品市場和外匯市場的現貨情況。因此，我們只是從表面上看待每項公告，並從關稅的角度來定價。

I would caution us to be too optimistic that future trade agreements will be a significant tailwind. The other question here is how much of the pricing that we're taking will actually remain in market if that turns into a tailwind from a tariff perspective. So I would see the two as equalizing. So I would not view -- and that's what we're telling our organization. Don't assume you're getting tailwind from decreased tariffs, because if the tariffs come down, most likely the pricing will not sustain in the market. So I would see those two as moving in parallel.

我想提醒我們，不要過於樂觀地認為未來的貿易協定將帶來巨大的推動力。另一個問題是，如果從關稅角度來看這成為順風，那麼我們所採取的定價中有多少實際上會保留在市場上。因此我認為這兩者是平等的。所以我不會這麼認為——這就是我們告訴我們的組織的。不要以為關稅降低就會為你帶來好處，因為如果關稅下降，市場上的定價很可能無法維持。所以我認為這兩者是並行發展的。

Just to give you even additional perspective on the difficulty here and to encourage you not to spend a ton of time on it, I'll just give you two examples -- three examples of the uncertainty that exists currently. And this isn't a judgment or a criticism. It's just a reflection of reality. We don't, as Andre said, really have details for these agreements. So it's hard to analyze exactly how they would impact our business.

只是為了讓您進一步了解這裡的困難，並鼓勵您不要花費大量時間，我只給您舉兩個例子——三個當前存在的不確定性的例子。這並不是評斷或批評。這只是現實的反映。正如安德烈所說，我們確實不掌握這些協議的詳細資訊。因此很難分析它們究竟會對我們的業務產生什麼影響。

The second, there's a whole round of work that's going on under the heading of what's referred to as 232 Investigations, which are headed by the Commerce Department. And that work hasn't been completed. It's designed to assess the strategic risk that's imposed by overdependence on imports of certain goods and products, so for example, metals, but also inclusive of pulp. Within that -- wood pulp. Within that, there's the whole question of exemption from tariffs for USMCA-compliant materials. We don't know if those -- if that's going to hold under the new policies.

第二，目前正在進行一輪所謂的“232調查”，由商務部牽頭。但這項工作尚未完成。其目的是評估過度依賴某些商品和產品（例如金屬，也包括紙漿）進口所帶來的策略風險。其中有木漿。其中，涉及符合 USMCA 規定的材料的關稅豁免問題。我們不知道這些是否會在新政策下持續下去。

The last piece I would mention is also very, very difficult to get your arms around, which is the potential for retaliatory tariffs, what -- these will be tariffs imposed by other countries on the US. That's the situation we have right now with Canada who's imposed a 25% tariffs on imports of products from the US into Canada. And in our case, that ends up being a big impact, which Andre referenced in his remarks because most of our Canadian business is sourced from the US.

我要提到的最後一點也是非常難以理解的，那就是報復性關稅的可能性，這些關稅將由其他國家對美國徵收。這就是我們現在的情況，加拿大對從美國進口的產品徵收 25% 的關稅。就我們而言，這最終會產生很大的影響，安德烈在他的演講中提到了這一點，因為我們的大部分加拿大業務都來自美國。

So that just gives you again a little bit of a picture of the degree of uncertainty that's in there. There's upside potential within that, though I think Andre's caution is rightly presented. And there's just a range of outcomes that we're all going to have to get comfortable managing with. And the best thing I know to do in that situation, again, is step forward on those things we can control, which is exactly what we're doing with restructuring. It's exactly what we're doing with spending portfolios. It's exactly what we're doing with innovation. I'm not out there asking our innovation teams to slow anything down. Quite the contrary.

所以這只是再次給你一點點關於其中不確定程度的印象。儘管我認為安德烈的謹慎是正確的，但這其中仍有上行潛力。我們所有人都必須能夠適應各種結果。我知道在這種情況下最好的方法就是繼續推進那些我們能夠控制的事情，而這正是我們在重組時所做的。這正是我們在支出組合方面所做的事情。這正是我們創新所做的事情。我並不是要求我們的創新團隊放慢任何速度。恰恰相反。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I also wanted to extend my congratulations to Shailesh and Jon on your new roles. So for my question, I wanted to zoom in on the US market, your largest market. Clearly, we've talked about some of the consumption slowdown. But from a reported standpoint, we've also seen the impact of the inventory destocking that you talked about.

我也想對 Shailesh 和 Jon 擔任新職務表示祝賀。所以對於我的問題，我想放大美國市場，也就是你們最大的市場。顯然，我們已經討論了一些消費放緩的問題。但從報告的角度來看，我們也看到了您談論的去庫存的影響。

I'm just curious, why do you think we've seen this more pronounced deceleration over the last two quarters? Because some of the comments you made about the channels that are growing faster, having lower inventory, those have been going on for a while. But really, over the last two quarters, we've seen a much bigger negative impact from destocking.

我只是好奇，您認為為什麼我們在過去兩個季度中看到了這種更明顯的減速？因為您提到的一些關於成長更快、庫存更低的管道的評論已經持續了一段時間了。但實際上，在過去兩個季度中，我們看到了去庫存帶來更大的負面影響。

So maybe can you give us a sense of what is happening at the retailer level? Are there certain categories that are getting impacted? And do you think that negative impact in the US will continue in the first half of 26% until you cycle some of this impact in Q3 of next year?

那麼，您能否讓我們了解一下零售商層面的情況？是否有某些類別受到影響？您是否認為，美國的負面影響將在上半年持續 26%，直到明年第三季才開始顯現？

You're right. I think the channel shifting has been an effect that we've observed for a number of months. But it also is an effect that isn't stopping. So we continue to see strength in the online channel. We continue to see strength in Walmart and Costco, in club in general, in Amazon. And obviously, as that trend continues, those retailers are more inventory efficient, so that will continue to be a headwind until that trend changes. When and if that changes is a question I can't answer.

你說得對。我認為通路轉變是我們幾個月來觀察到的一個效應。但它的影響仍不會停止。因此，我們繼續看到線上管道的強勁表現。我們繼續看到沃爾瑪、好市多、俱樂部以及亞馬遜的強勁表現。顯然，隨著這種趨勢的持續，這些零售商的庫存效率會更高，因此，在這種趨勢改變之前，這將繼續成為一個阻力。我無法回答這種情況何時會改變以及是否會改變。

The other point, I think, that is clear, retailers have to deal with tariff impacts as well as they allocate cash and inventory. And as tariff impacts become real and hit their cash availability, they have to make choices. We are fast-turning categories. The easiest way to make a choice and reallocate cash is in our categories. So if you need to free up cash for other general merchandise, you go to CPG because we have the fastest turn, so you free up the fastest amount of cash, which is the second driver.

我認為另一點很清楚，零售商在分配現金和庫存時必須應對關稅的影響。隨著關稅影響變得現實並影響他們的現金可用性，他們必須做出選擇。我們是快速轉變的類別。做出選擇和重新分配現金的最簡單方法是在我們的類別中。因此，如果您需要釋放現金用於其他日用百貨，您可以選擇 CPG，因為我們的周轉速度最快，因此您可以釋放最快的現金，這是第二個驅動因素。

I think the third driver is if consumption slows, a retailer would react with reducing the inventory because you don't quite need as many turns as you would in a fast-growing consumer environment. So all of those effects coming together, none of them give us certainty on to what degree this inventory contraction will continue or if inventory actually would come back over the next few quarters.

我認為第三個驅動因素是，如果消費放緩，零售商就會透過減少庫存來應對，因為在快速成長的消費環境中，你不需要那麼多的周轉率。因此，所有這些影響加在一起，都無法讓我們確定庫存收縮將在多大程度上持續下去，或者庫存是否會在未來幾季內真正回升。

I can tell you what our assumption is. Our assumption is relatively stable inventory levels are going forward. But we've not made any assumption on returning inventory levels. And it's not just the US and Brazil, for example. We saw a 10-point inventory effect between consumption and organic sales growth. So these effects are visible not only in the US but also in other parts of the world, and again, introduce a level of variability, which is reflected in our guidance range.

我可以告訴你我們的假設是什麼。我們的假設是未來的庫存水準將相對穩定。但我們尚未對庫存恢復水準做出任何假設。例如，不只是美國和巴西。我們發現消費和有機銷售成長之間存在 10 點的庫存效應。因此，這些影響不僅在美國可見，而且在世界其他地區也可見，並且再次引入了一定程度的變化，這反映在我們的指導範圍內。

And just to be clear, I'm not suggesting that you were suggesting otherwise, but in general, lower inventory throughout the system is a good thing. That leads to more efficient operations of the entire supply chain from our suppliers through to our inventory, through to retail inventory, all of which has a cost associated with it. So this is -- there's a silver lining in this as well.

需要明確的是，我並不是說你提出了其他建議，但總的來說，整個系統的庫存較低是一件好事。這使得從我們的供應商到我們的庫存，再到零售庫存的整個供應鏈的運作更加高效，而所有這些都與成本有關。所以這是——其中也有一線希望。

Chris Carey, Wells Fargo Securities.

富國證券的克里斯凱裡 (Chris Carey)。

I wanted to ask about China specifically. Andre, I think you characterized it as another quarter of sequential improvement with 618 being relatively strong. Can you talk about just the durability of the trends that you're seeing? 618 is obviously more of an annual seasonal event, but really sort of underlying durability that you may or may not be seeing in the market.

我想具體問一下有關中國的問題。安德烈，我認為你將其描述為另一個連續季度的改善，其中 618 相對強勁。您能談談您所看到的趨勢的持久性嗎？618 顯然更像是年度季節性活動，但實際上具有一種潛在的持久性，你可能會在市場上看到或看不到。

And I think there is this dynamic where P&G and your peers are still waiting to assess the impact of tariffs on the economy and what it means for the Chinese consumer in the months ahead. And as such, you're perhaps a bit more measured on carrying through this improvement that you've seen in the market into out quarters. And so can you just contextualize, again, the durability versus the one-time nature that we may have seen in the quarter? And just how we would see the medium term in the context of what will be an evolving consumer landscape in China?

我認為寶潔和你的同行仍在等待評估關稅對經濟的影響以及未來幾個月對中國消費者的影響。因此，您可能會更加謹慎地將市場上看到的改善延續到本季。那麼，您能否再次將我們在本季看到的持久性與一次性性進行比較呢？那麼，在中國消費格局不斷演變的背景下，我們該如何看待中期前景？

Everything you said is accurate, but there are some things that are encouraging. I'll give you two of those. One is the trend continues to be more positive. That doesn't offer any definitive perspective on what the future is going to hold. But it's not like this thing is bouncing all around. It's generally improving. Second, the Chinese consumer continues to be very responsive to innovation. I gave you two examples in our prepared remarks where Pampers is growing at 20%; where SK-II is growing very, very strong double digits.

您所說的一切都是正確的，但有些事情令人鼓舞。我會給你兩個。一是趨勢繼續向好。這並沒有為未來帶來什麼明確的看法。但這並不意味著這個東西會到處彈跳。整體來說，情況正在好轉。其次，中國消費者對創新依然反應非常正面。我在準備好的發言中給了兩個例子：幫寶適的成長率為 20%；SK-II 的成長率非常非常強勁，達到了兩位數。

So it comes back to our activity system and what we do to ensure that the best propositions are available at the best value to Chinese consumers as the most important and certain way to control our destiny, which we're very focused on. But I don't see anything personally that causes me concern of another shock in the system, so to speak, but I haven't foreseen those in the past. Andre, any perspective from you?

所以，這又回到了我們的活動體系，以及我們為確保向中國消費者提供最物有所值的最佳產品而採取的措施，這是掌控我們命運的最重要、最可靠的方式，我們對此非常關注。但我個人並沒有看到任何值得我擔心的事情，即係統會再次受到衝擊，但是我過去也沒有預見到這些。安德烈，你有什麼看法嗎？

No, I think you're right. I think the -- so a few -- I feel very encouraged about the picture in China right now. The market, as Jon says, hasn't returned to growth, but its trajectory is positive. It's more balanced across channels than we've seen in the past. It's less pronounced on key consumption periods, more in line with consumption patterns. All of those are good things. It doesn't look great in aggregate yet, but it's getting better.

不，我認為你是對的。我認為——所以——我對中國目前的情況感到非常鼓舞。正如喬恩所說，市場尚未恢復成長，但其軌跡是正面的。與過去相比，它在各個管道上更加平衡。在關鍵消費時期這種現像較不明顯，更符合消費模式。所有這些都是好事。從整體來看還不是很好，但正在好轉。

But the most encouraging thing I'll tell you is the progress our team is making on the ground. They have literally, Jasmine and her team, have changed every element of the business model to adopt to a different reality. They have changed the go-to-market model, including the entire distributor lineup to ensure that our propositions show up in stores better, more consistently than they ever have in the past. That is showing progress.

但我要告訴你的最令人鼓舞的事情是我們的團隊在實地取得的進展。他們，Jasmine 和她的團隊，確實改變了商業模式的每個元素，以適應不同的現實。他們改變了市場進入模式，包括整個經銷商陣容，以確保我們的產品比過去更好、更一致地出現在商店中。這表明了進步。

We have adapted our media model. We've adapted our innovation model. We've adapted our customer value-creation model. All those things start to show progress, which I think I like to believe is part of the 2% growth we were able to generate. And in pockets, like Jon said, SK-II up 23%, now admittedly on a lower base, but also Baby Care consistently growing. We see pockets of real strength in China emerging. So that in aggregate makes me feel better than I felt about China in a long time.

我們已經調整了我們的媒體模式。我們已經調整了我們的創新模式。我們已經調整了我們的客戶價值創造模式。所有這些事情都開始顯示出進展，我認為這是我們能夠實現的 2% 成長的一部分。而在某些領域，正如喬恩所說，SK-II 成長了 23%，現在不可否認的是基數較低，但嬰兒護理產品也持續成長。我們看到中國正在湧現一些真正實力雄厚的群體。總的來說，這讓我對中國的感覺比很長一段時間以來都要好。

And this is kind of neither here or there, but I lived and worked in China for a while, admittedly a long time ago, in the late '90s, but have stayed very close to that market and that organization partially as a result of that. And you can -- to Andre's point, you can -- I can tell within five minutes walking into one of our facilities how things are going, both immediately and more broadly. And I just talked to Shailesh earlier this week, who returned from China last week, and the indications from an organization standpoint and their confidence has significantly and sequentially improved. So that's very encouraging.

這有點無關緊要，但我在中國生活和工作過一段時間，誠然那是很久以前了，在 90 年代末，但我一直與那個市場和組織保持著非常密切的關係，部分原因是如此。正如安德烈所說，當我走進我們的一個設施五分鐘內，我就能知道事情進展如何，無論是即時的還是更廣泛的。本週早些時候，我剛剛與上週從中國返回的 Shailesh 進行了交談，從組織的角度來看，他們的信心已經顯著且持續地提高。這非常令人鼓舞。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Jon, Shailesh, I actually want to extend my congratulations to both of you as well. Jon, much to be proud of given your remarkable career. I wanted to pick up on elements of Lauren's and Peter's question, specifically on consumer trade-down risk given what remains a more premium price portfolio at Procter.

喬恩，沙伊萊什，我其實也想向你們兩位表示祝賀。喬恩，鑑於你傑出的職業生涯，我為你感到非常自豪。我想了解勞倫和彼得提出的問題，特別是考慮到寶潔仍然保持較高的價格組合，消費者的消費降級風險。

So the context, of course, the company has made significant progress extending pricing ladders going back to the Global Financial Crisis. Tide Simply in Fabric Care would be just one example of that. And while private-label share is not accelerating, we are seeing some level of trade down. But US Fabric Care would be another example of that where your key competitor leads with a value-priced offering and we're seeing share pick up there.

因此，當然，在這樣的背景下，該公司在延長自全球金融危機以來的定價階梯方面取得了重大進展。Tide Simply 織品護理產品就是其中一個例子。儘管自有品牌份額沒有加速成長，但我們看到貿易量有所下降。但美國織物護理公司就是另一個例子，其主要競爭對手以高性價比產品領先，我們看到其市場份額正在上升。

So it doesn't seem like it may be a brand superiority issue in all cases, rather more sort of commoditization, if you will, of -- that we're seeing across staples, right, where consumers are making decisions. And increasingly this is kind of weighing on category growth, in certain cases, for Procter weighing on market share performance. So can you comment on that assessment, whether you think that's accurate or not? And then just broadly on implications as you address trade-down risk in your categories? I'd appreciate your thoughts there.

因此，在所有情況下，這似乎都不是一個品牌優勢問題，而是一個商品化問題，就像我們在主食中看到的那樣，是由消費者做出決定的。在某些情況下，這越來越影響著產品類別的成長，甚至影響著寶潔的市佔率表現。那麼您能否對該評估進行評論，無論您認為它是否準確？那麼，當您解決類別中的降價風險時，其影響如何？我很感激您的想法。

Let me start with a few numbers and then I'll go into the more strategic part of that question. I think we see, I think, some level of pressure to drive trade down because of price promotional behavior. So private label, for example, volume share, flat; but value share, down, both in Europe and in the US. That indicates more aggressive pricing from a retailer standpoint on retailer brands. That doesn't result in share growth, but it's certainly an attempt to drive volume and traffic into a lower-priced part of the portfolio.

我先從幾個數字開始，然後再討論這個問題的更具策略性的部分。我認為，我們看到了由於價格促銷行為而導致貿易下滑的一定程度的壓力。以自有品牌為例，其銷售份額持平，但價值份額卻下降，無論是在歐洲還是在美國。這表明，從零售商的角度來看，零售品牌的定價更具競爭力。這不會導致股價成長，但無疑是為了將銷售量和流量推向投資組合中價格較低的部分。

We also see significant promo levels in mid-tier laundry, which is driving some of the trade down. As I've indicated before, we don't think that's a winning strategy. It doesn't generally return value share growth. It might return volume share growth in the short term, but it certainly compresses the category. We also see some trade down in our portfolio. Jon mentioned this earlier from Tide into maybe a Tide Simply or a Gain.

我們也看到中階洗衣店的促銷力度顯著，這導致部分交易量下降。正如我之前指出的，我們認為這不是一個制勝策略。它通常不會帶來價值份額的成長。它可能會在短期內恢復銷售份額的成長，但肯定會壓縮產品類別。我們也發現我們的投資組合中有一些交易下滑。Jon 之前提到過，Tide 洗衣液可能包含 Tide Simply 或 Gain。

But that is part of our strategy, as you said, to serve the consumer across the price ladder and across the value tier that we choose to play in, and we need to innovate across all of those value tiers, be it Luvs in Baby Care or be it Gain and Tide Simply in laundry. I think the most important point to your question, are we concerned about commoditization, I don't think so.

但正如您所說，這是我們策略的一部分，即為我們選擇參與的各個價格階梯和價值層級的消費者提供服務，並且我們需要在所有這些價值層級上進行創新，無論是嬰兒護理領域的 Luvs 還是洗衣領域的 Gain 和 Tide Simply。我認為你的問題最重要的一點是我們是否擔心商品化，我不這麼認為。

If you look at our categories, the consumer satisfaction in our categories is still remarkably low. Only 25% of consumers believe that they are -- or are happy with their laundry detergent performance in the wash. It doesn't come out clean enough. It doesn't come out smelling nice enough. 50% of diapers still fail and leak. Only 30% of women are happy with their protection during their period. So there's dissatisfaction, and I firmly believe, and I think we all do, that the path of better innovation, better performance at adequate value is an enormous opportunity to not only grow the category but grow our share within the category.

如果你看一下我們的類別，你會發現消費者對我們類別的滿意度仍然非常低。只有 25% 的消費者認為他們對洗衣粉的洗滌效果感到滿意。清洗得不夠乾淨。它的氣味不夠好。 50％的尿布仍然會失效並漏水。只有 30% 的女性對她們在經期的防護措施感到滿意。因此存在不滿，我堅信，而且我認為我們都這麼認為，更好的創新、更好的性能和足夠的價值的道路是一個巨大的機會，不僅可以擴大類別，還可以增加我們在該類別中的份額。

I think a great example of that is the test market results we've talked about on Tide evo in Colorado, where the market is growing ahead of the balance of geography, where our share within that is growing. So there's true incrementality to the proposition at a 50% premium to the average cost per laundry load. So it's just another indication of the ability of delight from a product usage standpoint and performance against specific jobs to be done that drives the category.

我認為一個很好的例子就是我們在科羅拉多州對 Tide evo 進行的測試市場結果，該市場的成長速度超過了其他地區的成長速度，而我們的份額也在不斷增長。因此，該提議確實具有增量性，即每洗衣次的平均成本高出 50%。因此，這只是從產品使用角度體現出的愉悅能力以及推動該類別發展的特定工作表現的另一種表現。

And in terms of competitors investing and those kinds of things, innovation, communication of the benefits of that, innovation and the value of that innovation, I would much rather spend $1 on those things every day than $1 of promotion. There's nothing proprietary in promotion. So there's no long-term advantage that's conveyed. That's different than innovation-driven growth.

就競爭對手的投資和諸如此類的事情、創新、交流其好處、創新以及創新的價值而言，我寧願每天花 1 美元在這些事情上，而不是花 1 美元進行推廣。促銷中不存在任何專有性。因此，這並沒有帶來任何長期優勢。這與創新驅動的成長不同。

And just to double down on and coming full circle, we always prepare a list of our upcoming innovation just to get ourselves confident as we go into these calls. And I am very confident that we have both the technology, the commercialization ideas, the innovation that allows us to capture that dissatisfaction that consumers still have in our categories and make incremental progress that allows us to regain both momentum on category growth but also share.

為了加倍努力並取得圓滿成功，我們總是準備一份即將推出的創新清單，以便在參加這些電話會議時充滿信心。我非常有信心，我們擁有技術、商業化理念和創新，這些使我們能夠抓住消費者對我們的產品類別仍然存在的不滿，並取得漸進式進展，使我們能夠重新獲得產品類別增長的勢頭，同時也能重新獲得市場份額。

Nik Modi, RBC Capital Markets.

尼克莫迪 (Nik Modi)，加拿大皇家銀行資本市場 (RBC Capital Markets)。

Jon and Shailesh, congratulations from me as well. Just one clarification and one question. On the clarification, any perspective on which categories we're experiencing the destocking during the quarter, if you could just help give us some frame there? And then the question is just kind of piggybacking on Dara's question, if you can give us some kind of specific outcomes that you saw in the test markets that you have kind of deployed this new organizational design. Anything specific that you can provide us just so we can kind of understand what the broader implications could be for the entire company?

喬恩和沙伊萊什，我也向你們表示祝賀。只需澄清一個問題。關於澄清，對於本季我們經歷去庫存化的類別，您有何看法，能否幫助我們提供一些框架？然後這個問題只是對達拉問題的補充，如果你能為我們提供一些你在測試市場中看到的具體結果，你已經部署了這個新的組織設計。您能否向我們提供任何具體信息，以便我們了解這對整個公司可能產生的更廣泛的影響？

I'll start with your destocking question. It's broad based. There's no specific category. And I think the only insight I'll give you, the faster the turn in the category, the faster the impact. But it's broad based, so no differentiation across categories I would call out.

我先從您關於去庫存的問題開始。它的基礎很廣泛。沒有特定的類別。我認為我能給你的唯一見解是，類別轉變越快，影響就越快。但它的基礎很廣泛，因此我認為不同類別之間不存在區別。

And each of the businesses is different across categories and across markets. So I hesitate to deploy a learning from a test market. But there is some commonality in what we've learned. One is that we can operate at significantly lower cost. Each of the pilots have identified the opportunity to do that. And we've yet to supply them with the IT tools that I talked about, which will drive that even further.

而且，不同類別和不同市場中的每項業務都是不同的。所以我猶豫是否要部署從測試市場學到的東西。但我們所學到的知識有一些共同之處。一是我們可以以顯著更低的成本運作。每位飛行員都發現了這樣做的機會。我們還沒有向他們提供我所說的 IT 工具，這將進一步推動這項進程。

There hasn't been an experience that we've had in a market or a category where this hasn't been true and isn't felt with conviction, which is why the leadership team, as we went through this during primarily the month of May, was confident signing up for the restructuring opportunity that we all felt that we have as a result of this.

我們從未在任何一個市場或類別中經歷過這種情況，而且這種感覺不是真的，這就是為什麼領導團隊在五月經歷這種情況時，有信心簽署重組機會，我們都認為這是我們因此而獲得的。

There's another commonality, which is that -- and this was always one of the primary drivers for me, is that people are thrilled with the opportunity to have a wider impact, to have a wider scope, to be more end-to-end decision makers than components of a COGS in a factory that are trying to reach a decision in a very expensive and costly way.

還有另一個共同點，那就是——這一直是我的主要驅動力之一，人們對有機會產生更廣泛的影響、擁有更廣泛的範圍、成為更端到端的決策者感到興奮，而不是像工廠中那些試圖以非常昂貴的方式做出決策的 COGS 組件那樣。

There are -- of course, there's a degree of concern within the organization, which is understandable in terms of just simply because we're looking to change things, and change causes a degree of uncertainty. But if you just look at those two things alone, if you knew that you could operate at a significantly lower cost -- and by the way, the business results in these tests have been strong. So there's little risk in that regard.

當然，組織內部存在一定程度的擔憂，這是可以理解的，因為我們希望改變現狀，而改變會帶來一定程度的不確定性。但如果你只看這兩件事，如果你知道你可以以更低的成本運作——順便說一句，這些測試的業務結果一直很強勁。因此從這方面來說風險很小。

If you could operate at lower cost, if you could make decisions better and faster. And if people place more value in the relationship they have with the company, those are strong motivations to push forward, which is exactly what we're doing. The specific implementation of role by role, serial number by serial number will be driven by the individual leaders of those businesses.

如果您能夠以更低的成本運營，如果您能夠更好、更快地做出決策。如果人們更重視與公司的關係，那麼這將是推動我們前進的強大動力，而這正是我們正在做的事情。具體依照角色、序號來實施，由各業務部門的領導來推動。

We will share with them the learnings. We have shared with them the learnings that we've gained from the pilots. We have a year-end -- what we call our year-end meetings. It's an annual meeting of our leadership team here in Cincinnati in the early part of September. And one of the things we'll be featuring in that leadership meeting is presentations from each of the pilot leaders to the balance of the 250 people that lead this company on what they think is possible.

我們將與他們分享經驗。我們與他們分享了從試點中獲得的經驗。我們有一個年終會議──我們稱之為年終會議。這是我們領導團隊於九月初在辛辛那提舉行的年度會議。在這次領導會議上，我們將重點介紹每位試點領導人將向公司其他 250 名領導者介紹他們認為可行的方案。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

Congratulations, and thank you for all your help over the decades, Jon. And congratulations to Shailesh. A question on that, maybe a little bit following up on some earlier questions was often the timing of a change like this is just related to maybe a small or maybe a large pivot in what the world is going to look like over the coming three to five years. So curious whether it's data that you had mentioned, whether it's M&A. Is there a bit of a philosophical pivot or shift in any way that would be related to the timing of this?

恭喜你，並感謝你幾十年來的幫助，喬恩。並向 Shailesh 表示祝賀。關於這個問題，也許可以稍微延續一下之前的一些問題，通常這種變化的時機可能與未來三到五年世界面貌的一個小轉變或大轉變有關。所以很好奇您提到的是否是數據，是否是併購。是否存在與此時間相關的哲學轉變或轉變？

And then the second question, more related to sort of the business right now, is the commentary on losing or not having the superiority position that you want in some categories. To what degree is that, in many ways, just related to the last five years have been complicated for a whole host of things? And did that maybe limit the ability to execute this playbook which has been in place for quite some time? Or is there something else that maybe led to the lagging within those categories for where you want to be?

第二個問題與目前的業務更相關，即對在某些類別中失去或不具備優勢地位的評論。從多大程度上來說，這在許多方面都與過去五年發生的一系列事情有關？這是否可能限制了執行已經實施了相當長一段時間的劇本的能力？或者是否存在其他因素導致您在這些類別中落後於您想要達到的水平？

One example of what's occurred that hopefully provides some specificity, China built a market supply system that anticipated a lot of growth within that market. The reverse has happened. That supply is not going to go unutilized. So we see it showing up in various markets around the world, including the US. And to their credit, the product quality is very high. So it's produced at a lower cost, at very high quality. And all of a sudden, overnight, we have a superiority gap that we need to close.

希望能夠提供一些具體訊息，其中一個例子就是中國建立了一個市場供應體系，預計該市場將大幅成長。事實卻相反。這些供給不會被閒置。因此我們看到它出現在世界各地的各個市場，包括美國。值得稱讚的是，他們的產品品質非常高。因此，它的生產成本較低，但品質卻很高。突然之間，一夕之間，我們就出現了需要縮小的優勢差距。

So we're actively monitoring those situations. We're actively -- we have strong innovation plans designed to restore superiority across all price tiers. But that's an example much more so than an internal dynamic of too much difficulty and complexity. I don't see that being the primary driver here. And the reality is, and it's a good thing, we operate in a very competitive industry. We have strong competitors who are good at what they do.

因此我們正在積極監控這些情況。我們正在積極地制定強有力的創新計劃，旨在恢復所有價格層級的優勢。但這只是一個例子，而不是一個過於困難和複雜的內部動態。我認為這不是主要驅動因素。事實是，這是一件好事，我們處在一個競爭非常激烈的行業。我們擁有實力雄厚的競爭對手，他們各有所長。

And again, that's a market constructive dynamic, which I welcome. And it pushes us to be better every day, which is a good thing. But I don't think there's anything limiting us from an internal standpoint or even from an external complexity standpoint in terms of continuing to execute this model that you rightly refer to. It's part of who we are. It's part of what we do and has become much more so over the last number of years. I forget the first part of the question.

再次強調，這是一種有利於市場的建設性動力，我對此表示歡迎。它促使我們每天都變得更好，這是一件好事。但我認為，從內部角度甚至從外部複雜性角度來看，在繼續執行您正確提到的這個模型方面，沒有什麼可以限制我們。這是我們身分的一部分。這是我們工作的一部分，並且在過去幾年中變得越來越重要。我忘了問題的第一部分。

Any pivot in direction that drove the CEO change or any pivot you expect coming out of a CEO change?

任何方向的轉變都推動了 CEO 的變動，或是您預期 CEO 變動會帶來什麼改變？

Not to my knowledge.

據我所知沒有。

Olivia Tong, Raymond James.

奧利維亞唐，雷蒙德詹姆斯。

Great. Congrats to Shailesh and Jon. Jon, thank you, and you'll be missed. We've talked a bunch about the challenged state of the consumer. And yet you're still seeing positive price, positive mix this quarter, this year. So three questions there. First, are you surprised that consumers are still mixing up and willing to accept price despite their current challenged state? Can you characterize your confidence and ability to price next year? Some color on where you see the most need because of the tariffs or increasing costs. And then just on the fiscal '26 outlook, your view on contribution from Focus versus Enterprise Markets.

偉大的。恭喜 Shailesh 和 Jon。喬恩，謝謝你，我們會想念你的。我們已經討論了很多關於消費者面臨的挑戰。但今年本季度，你仍然會看到積極的價格和積極的組合。所以有三個問題。首先，儘管目前面臨挑戰，但消費者仍然混淆價格並願意接受價格，您是否感到驚訝？您能否描述一下您對明年定價的信心和能力？由於關稅或成本增加，您認為哪些地方最需要關注。然後就 26 財年的展望而言，您對焦點市場與企業市場貢獻的看法是什麼？

Maybe I'll start with this, and Andre can jump in. I'm not surprised by the consumer dynamics that you described. It was inherently part of the decision we made when we concentrated our portfolio into daily use categories where performance drives brand choice, performance being a significant contributor to value. Value, holistically defined, is much more than price. And I expected that as we made these moves and this shift, that we'd be even -- and continue to innovate, that we'd be even more resilient, which largely has occurred.

也許我應該從這個開始，然後安德烈可以加入。我對您所描述的消費者動態並不感到驚訝。當我們將產品組合集中到日常使用類別時，這本質上是我們所做的決定的一部分，在這些類別中，性能驅動品牌選擇，性能是價值的重要貢獻者。從整體來看，價值遠不止於價格。我希望，隨著我們採取這些舉措和轉變，我們會更加——並繼續創新，我們會更加有韌性，而這在很大程度上已經發生了。

The second is if you just look at price as a component of our top-line growth, over long periods of time, we've been -- price has been a positive contributor to that top line growth. I think it's close to 20 -- 19 out of 20 of the last years the combination of price and mix has been a positive contributor. The same occurs at the quarterly level. So this is part of the model of an innovation machine that operates in categories where performance drives value.

第二，如果你只是將價格視為我們營收成長的一個組成部分，那麼長期以來，價格一直是我們營收成長的正面推動因素。我認為接近 20——在過去的 20 年中，有 19 年價格和產品組合的結合都起到了積極的推動作用。季度層級也出現同樣的情況。因此，這是創新機器模型的一部分，該模型在性能驅動價值的類別中運行。

In terms of future pricing, given that past history, given our commitment to innovation, given what Andre described in the innovation pipeline, I don't see any reason why historical patterns don't play themselves forward. And if you think about something like Tide evo, there are many other examples. If you just look at the growth of both ends of the Oral-B business; the high-end iO 10 and the entry price point on iO 2, which is a significant step-up in terms of price versus a manual brush; and then to iO 10 is an even more significant price to participate in that product segment, they're growing extraordinarily well.

就未來的定價而言，考慮到過去的歷史，考慮到我們對創新的承諾，考慮到安德烈在創新管道中所描述的內容，我看不出歷史模式不會向前發展的任何理由。如果您想想 Tide evo 之類的產品，還有很多其他的例子。如果你只看 Oral-B 業務兩端的增長情況，高端 iO 10 和入門價位 iO 2，與手動牙刷相比，後者在價格方面有顯著提升；而 iO 10 的價格對於參與該產品領域來說甚至更為重要，它們的增長情況非常好。

So I don't ever like to overly simplify things, but I really, really, really believe that superiority in terms of product, package, communication, go-to-market, value holistically defined is primary. And as long as we do that well and better than others, we're going to be in great shape, and we'll be serving consumers at a very high level.

所以我從來不喜歡過度簡化事情，但我真的、真的、真的相信，產品、包裝、溝通、市場進入、整體價值的優勢是首要的。只要我們做得好，並且比其他人做得更好，我們就會處於良好的狀態，並且我們將為消費者提供非常高水準的服務。

If we fail to do that, then all bets are off, which is why you see us being very proactive on creating the financial flexibility to continue to do exactly that. So that's how I look at this dynamic. I think we're better positioned than almost any other company. I don't really think about it that way on a daily basis. I think about, are we better positioned today than we were yesterday and will be better positioned tomorrow? I feel good about all of that.

如果我們做不到這一點，那麼一切都將失敗，這就是為什麼你會看到我們非常積極地創造財務靈活性以繼續做到這一點。這就是我對這種動態的看法。我認為我們比幾乎任何其他公司都處於更有利的地位。我其實並不每天都這樣想。我在想，我們今天所處的位置是否比昨天更好，明天會更好嗎？我對這一切感覺很好。

That doesn't mean there won't be challenges. You've seen challenges. It doesn't mean that competitors won't outcompete us in certain categories, in certain markets, in certain days and months and quarters. But it's pretty strong reassurance that our commitment to that approach should be pretty strong reassurance that this should be manageable.

這並不意味著不會有挑戰。您已經看到了挑戰。這並不意味著競爭對手不會在某些類別、某些市場、某些日子、某些月份和某些季度勝過我們。但這非常有力地證明了我們對這種方法的承諾應該非常有力地證明了這一點是可以管理的。

Second part of your question, Olivia, Enterprise Markets versus Focus Markets, at aggregate level, I expect both to perform similarly in terms of top-line growth and bottom-line growth in the year. Obviously, within the Enterprise Market bucket, there's a lot of variability between markets. Turkey has returned to 17% organic sales growth. India is still growing at 5%. Still significant challenges in the Middle East. But if you allowed me to do it at aggregate level, at an aggregate level, we should be fairly consistent between the two segments, Focus Markets and Enterprise Markets.

奧利維亞，你問題的第二部分，企業市場與焦點市場，從總體層面來看，我預計今年兩者在營收成長和利潤成長方面的表現會相似。顯然，在企業市場中，各個市場之間存在著很大的差異。土耳其的有機銷售額成長已恢復至 17%。印度仍保持5%的成長率。中東地區仍面臨重大挑戰。但是如果你允許我在總體層面上這樣做，那麼在總體層面上，我們應該在焦點市場和企業市場這兩個部分之間保持相當的一致性。

Robert Ottenstein, Evercore ISI.

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

Congratulations all around from myself and Javier Escalante. Most of my questions have been answered, but one thing I would like to drill down into a little bit is kind of the difference between value and affordability. Obviously, the superiority emphasis makes all the sense in the world. You want to give consumers more value, and that has worked. You've touched on affordability.

我本人和哈維爾·埃斯卡蘭特向大家表示祝賀。我的大部分問題都已得到解答，但有一件事我想深入探討一下，那就是價值和可負擔性之間的區別。顯然，強調優越性是完全合理的。您希望為消費者提供更多價值，而且這一目標已經實現。您已經提到了可負擔性問題。

But I guess the question is, number one, is this a consumer that really wants and needs more affordability, and there were some comments around that and some, I guess, behavior suggesting that. And then the -- I guess the most important question is do you believe that as an organization and how you look at the markets, look at the consumer, look at your innovation that perhaps you need to or it would make sense to focus a little bit more on providing superiority that is more affordable for consumers?

但我想，問題首先在於，消費者是否真的想要並需要更高的可負擔性？對此有一些評論，我想，也有一些行為表明了這一點。然後——我想最重要的問題是，作為一個組織，您是否認為您如何看待市場、消費者和創新，也許您需要或更有意義地將重點放在為消費者提供更實惠的優質產品上？

I'll make a couple of comments there, Robert. Thank you for the question, I think it's an important one. Affordability is a relevant concern. We get at that in a couple of ways. One is making sure that we have a pack size that meets dollar outlay capacity at the consumer level. And that becomes even more important in the environment that we're in. So in that context, an overdependence on large sizes, large pack sizes can be a problem and work against you from an affordability standpoint. So we're very attentive to that.

羅伯特，我要發表幾點評論。謝謝你的提問，我認為這是一個重要的問題。負擔能力是一個相關問題。我們透過幾種方式來實現這一點。一是確保我們的包裝尺寸能滿足消費者的美元支出能力。在我們所處的環境中，這一點變得更加重要。因此，在這種情況下，過度依賴大尺寸、大包裝尺寸可能會成為一個問題，並且從負擔能力的角度來看對您不利。所以我們對此非常關注。

The second is once you get beyond dollar outlay and the capacity to outlay that dollar, it really does come down to an understanding of the benefit that I receive to understand whether something is, quote, affordable or not. And it's all a relative comparison across categories, across brands. So ensuring that we have clarity, when we talk about advertising, for example, and by advertising, I mean that in a broadly defined way; in other words, advertising, package, shelf, communication, in-store, or online communication.

第二，一旦你超越了金錢支出和支出金錢的能力，它實際上就歸結為對我所獲得的利益的理解，以了解某件東西是否負擔得起。這都是跨類別、跨品牌的相對比較。因此，確保我們在談論廣告時有清晰度，例如，我所說的廣告是指廣義的廣告；換句話說，廣告、包裝、貨架、溝通、店內或線上溝通。

We're trying to emphasize two things: performance and value. And I'm not really interested in the current environment given that the accurate situation you described of entertainment and a lot of other things. We want our ads to be as entertaining as they can be, but not to the extent that they compromise right to the heart of the matter, performance and value message.

我們試圖強調兩件事：性能和價值。鑑於您所描述的娛樂和許多其他事物的準確情況，我對當前環境並不真正感興趣。我們希望我們的廣告盡可能具有娛樂性，但又不會損害廣告的核心內容、效果和價值訊息。

The third thing is, yes, you're right. We should be, and are, aggressively looking at ways to create more affordability through the innovation lines. And that's true on package. Can we identify formulas that are more efficient from a cost standpoint but still deliver ideally and deliver higher levels of performance? Can we -- are there opportunities from a packaging standpoint that allow us to reduce cost? Are there opportunities from a manufacturing standpoint that allow us to reduce cost?

第三件事是，是的，你是對的。我們應該並且正在積極尋找透過創新方式提高可負擔性的方法。包裝上確實如此。我們能否從成本角度找到更有效率但仍能達到理想效果並提供更高水準效能的配方？從包裝的角度來看，我們是否有機會降低成本？從製造角度來看，是否存在可以讓我們降低成本的機會？

All of those things we're very, very actively focused on and will continue to be. I think there's a misperception that occurs sometimes, which is our fault, that when we talk about superiority, we're talking about premium. That's not how we think about it. We think about it as having the best offer in the price tiers in which we choose to compete. And someone earlier mentioned pricing ladders. We're very intentional in trying to fill out those ladders so that there is an affordable proposition for different groups of consumers. So thanks again for asking that question. It's a very important one.

我們非常積極地關注所有這些事情，並將繼續這樣做。我認為有時會出現一種誤解，這是我們的錯，當我們談論優越性時，我們談論的是優質。我們的想法並非如此。我們認為這是在我們選擇競爭的價格層級中提供最佳報價。之前有人提到價格階梯。我們非常有意地嘗試填補這些階梯，以便為不同的消費者群體提供可負擔的產品。再次感謝您提出這個問題。這是非常重要的一點。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Jon, you will be missed. And congratulations to you and Shailesh and the respective families. As you correctly pointed out, this is a family company, two families. Impressive results all over these years. I have a question and two specific clarifications on fiscal '26 guide for both of you. I guess, Jon, starting over the years, my question is like more stepping back from a strategic standpoint. You mentioned that consumer health is an area that you felt P&G was punching below its weight. Did that change? And if not, would that -- would be the growth be organically mostly or M&A based?

喬恩，我們會想念你的。並向您和 Shailesh 以及各自的家人表示祝賀。正如您正確指出的那樣，這是一家家族企業，兩個家族的企業。這些年來取得了令人印象深刻的成績。我有一個問題，並且想向你們兩位詢問有關 26 年財政指南的兩個具體說明。我想，喬恩，多年來，我的問題更像是從策略角度退一步來看。您提到，您認為寶潔在消費者健康領域做得不夠。那有改變嗎？如果不是，那麼成長主要是有機成長還是基於併購？

And then second on the clarification side, within your fiscal '26 EPS guide, are you adding back any tariff-mitigation efforts to the $800 million headwind after taxes? And would that mitigation become the upside for the midpoint if that's not included? And related to that, the two-year restructuring savings was -- were it added to the fiscal '26 or will be mostly felt on a net effect on the fiscal '27?

其次，澄清一下，在您的 26 財年每股收益指南中，您是否將任何關稅減免措施添加到稅後 8 億美元的逆風中？如果不包括這一點，那麼這種緩解是否會成為中點的優勢？與此相關的是，兩年的重組節省是被加到 26 財年還是主要對 27 財年產生淨效應？

So I'll let Andre handle those last two questions, Andrea, and then I'll come back to your question about Personal Health Care.

因此，我將讓安德烈來處理最後兩個問題，安德里亞，然後我會回到你關於個人醫療保健的問題。

So Andrea, I think the short answer is the midpoint of headwinds and mitigation is included in the midpoint of the guidance range. And on the productivity savings, they will materialize beginning second half of fiscal year. But we're working through the program details, and as you can appreciate, execution will have to be diligently planned. So as we gain more visibility to the CPS by market, by legal entity, by project, we will give you more visibility to the timing of those savings. Rough cut, would say, building up towards the second half of the year.

所以安德里亞，我認為簡短的回答是逆風和緩解的中點包含在指導範圍的中點。至於生產力節省，則將於財政年度下半年開始實現。但我們正在研究計劃細節，正如您所知，執行必須經過認真規劃。因此，隨著我們按市場、按法律實體、按項目對 CPS 的了解越來越多，我們將為您提供更多有關這些節省的時間的可見性。粗略地說，是在下半年進行製作。

And on your question on Personal Health Care, that continues to be a strong focus area for us. It's been a business that's performed extraordinarily well even in the context of a light cough/cold season in the most recent year. We have been clear that there is significant opportunity for organic growth within that portfolio. And the last several years, double-digit growth has been driven by organic innovation and geographic expansion. So that will continue.

關於您關於個人醫療保健的問題，這仍然是我們關注的重點領域。即使在最近一年輕微咳嗽/感冒季節，該公司的業務表現仍然非常出色。我們已經明確，該投資組合具有巨大的有機成長機會。過去幾年，兩位數的成長是由有機創新和地理擴張所推動的。這種情況將會持續下去。

We also have been clear that there are a couple of categories that we currently compete in where we might be interested in acquisitions if they offer an opportunity to significantly improve the growth rate and margin structure through both revenue and cost synergies.

我們也明確表示，我們目前在幾個類別中競爭，如果這些類別能夠透過收入和成本協同效應顯著提高成長率和利潤結構，我們可能對收購感興趣。

That's what we did when we purchased the German Merck portfolio of OTC products. We're very happy with that acquisition. It's paid out extremely well. It's built capability, both from a supply standpoint and a commercial standpoint. So we'll continue analyzing opportunities that are presented to us. I expect that the future of Personal Health Care will be bright, and it will be driven both organically and opportunistically through some level of acquisition.

我們在購買德國默克公司的非處方藥產品組合時就是這麼做的。我們對這次收購感到非常高興。它的回報非常豐厚。無論從供應角度或商業角度來看，它都具有建設性的能力。因此，我們將繼續分析我們面臨的機會。我預計個人醫療保健行業的未來將是光明的，並將透過一定程度的收購以有機和機會的方式推動其發展。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Okay. We're going to finish strong here. Congrats, Jon. But I'm hoping to ask the same question everyone is asking a little more directly about the US. Are you going to be raising prices more this year in the US than you did in fiscal '25? I would think it would be a necessity given the tariffs. And then secondly, there's a very wide range in your guidance for top line. Is there also a wide range of scenarios on the pricing embedded in that? I would think that would be where there would be a high degree of uncertainty given the moving target on tariffs.

好的。我們會在這裡取得圓滿的成果。恭喜，喬恩。但我希望更直接地提出大家對美國的同一個問題。今年你們在美國的漲價幅度會比 25 財年更大嗎？我認為考慮到關稅，這是必要的。其次，您對營收的預期範圍很廣。其中是否也包含多種定價方案？我認為，鑑於關稅目標的變動，這將存在高度的不確定性。

So the pricing on those SKUs that are impacted by tariffs, largely in combination with innovation, is mid-single digits in the US, and that's about 25% of our SKUs that are impacted. That is not vastly different from what we typically take with innovation, a couple of points higher to account for the tariff impact that we can't offset with productivity. If you average out the pricing across the entire portfolio, we're looking at about 2.5%, broadly in line with where inflation is trending, so also not too disruptive.

因此，受關稅影響的 SKU 的定價（主要與創新相結合）在美國處於中等個位數，這約占我們 SKU 的 25％。這與我們通常對創新採取的措施並沒有太大區別，高出幾個點，以彌補我們無法透過生產力抵消的關稅影響。如果對整個投資組合的定價進行平均，我們會看到約為 2.5%，與通膨趨勢大致一致，因此也不會造成太大的損害。

And as I mentioned before, the variability on the pricing is part of the range on the top line. If the pricing is holding, if the pricing is supported by the tariffs actually being implemented, then that supports the upper end of the guidance range. If the pricing needs to be rescinded or spent back because the tariffs are coming in differently or for other reasons, that would lead to the lower end of the guidance range. So it's built in. I don't think it's the biggest variability in the top line. I think it's one factor. I think the underlying consumer strength is still the biggest unknown that we're dealing with here.

正如我之前提到的，定價的變化是營收範圍的一部分。如果價格保持不變，如果價格受到實際實施的關稅的支持，那麼這將支持指導範圍的上限。如果由於關稅變更或其他原因而需要取消或收回定價，則將導致指導範圍的下限。所以它是內建的。我不認為這是營收最大的改變。我認為這是一個因素。我認為潛在的消費者實力仍然是我們目前面臨的最大未知數。

All right. I think that brings us to a close here. I want to just make a couple of comments reflecting on the conversations that we've just had. First, as Andre already said, but I just want to make sure it's registered, our ambition is to deliver at the midpoint to the high point of these guidance ranges. I believe, though I've always been guilty of this, that there are more opportunities than there are challenges. And that's both in the near term, but certainly in the long term.

好的。我想我們的討論到此就結束了。我想就我們剛才的談話發表幾點評論。首先，正如安德烈已經說過的，但我只是想確保它被記錄下來，我們的目標是實現這些指導範圍的中點到高點。我相信，儘管我一直對此感到內疚，但機會比挑戰多。這不僅是短期的，而且肯定是長期的。

I tell our Board of Directors all the time, this company has never faced more challenges than it currently does. That's the bad news. The good news is we've never had more opportunities than we currently do. Getting ahead of ourselves in that regard in month 1 of 12, particularly given how things developed through last fiscal year, is probably not a prudent approach and probably doesn't serve you well. So that's kind of the summation of this overall discussion. We'll stay close and make sure that you're learning as we're learning, and we have many opportunities to do that as the year progresses.

我一直告訴董事會，公司從未面臨過比現在更大的挑戰。這是壞消息。好消息是，我們從未擁有過像現在這麼多的機會。在 12 月的第一天就在這方面超越自己，特別是考慮到上個財政年度的情況，可能不是一個謹慎的做法，而且可能對你沒有好處。這就是本次總體討論的總結。我們會保持密切聯繫，確保你在我們學習的同時也在學習，隨著時間的推移，我們有很多機會做到這一點。

I have tremendously enjoyed, in most instances, my interactions with each of you and your constituents. You play a very important role in helping people make very important decisions in their lives. And you're a steward, in many cases, for the resources that they utilize to support their families. So I thank you. There's been a lot of thanks and congratulations extended my way, but I offer the same in return. And we all look forward to interacting with you, hopefully narrowing these ranges as we learn more and having a very good year in the process. Thanks a lot.

大多數情況下，我非常享受與你們每個人以及你們的選民的互動。您在幫助人們做出生活中的重大決定方面發揮著非常重要的作用。在很多情況下，您是他們用來養家糊口的資源的管家。所以我感謝你。許多人對我表達了感謝和祝賀，但我也給予同樣的回報。我們都期待與您互動，希望隨著我們學到更多知識並度過非常愉快的一年，縮小這些範圍。多謝。

That concludes today's conference. Thank you for your participation. You may now disconnect. Have a great day.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。祝你有美好的一天。