寶潔 (PG) 2026 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. 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.

早安，歡迎參加寶僑（Procter & Gamble）季度期末電話會議。今天的活動將錄音以供重播。本次討論將包含若干前瞻性陳述。若您參閱寶僑最近一期的 10-K、10-Q 與 8-K 報告，將可看到可能導致公司實際結果與這些預測出現重大差異之因素的討論。

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 -- Procter & Gamble believes these measures provide investors with useful perspective on underlying business trends and has posted on its Investor Relations site www.pginvestor.com, a full reconciliation of non-GAAP financial measures.

依據 G 規則（Regulation G）的要求，寶僑需要提醒各位，在討論過程中，公司將多次提及非 GAAP 及其他財務指標——寶僑相信這些衡量指標能為投資人提供對基本業務趨勢的有用觀點，並已在其投資人關係網站 www.pginvestor.com 上公布非 GAAP 財務衡量指標的完整調節表。

Now I will turn the call over to P&G's President and Chief Executive Officer, Shailesh Jejurikar.

現在我把電話交給寶僑總裁兼執行長 Shailesh Jejurikar。

Good morning. Joining me on the call today are Andre Schulten, Chief Financial Officer; and John Chevalier and Keri Cowan, Senior Vice President of Investor Relations. Before I hand over the call to Andre to begin the earnings portion of this call, I want to make a few comments on the second press release we issued this morning announcing Jon Moeller's upcoming retirement from the Board of Directors and the Procter & Gamble Company.

早安。今天與我一同參與電話會議的有：財務長 Andre Schulten；以及投資人關係資深副總裁 John Chevalier 與 Keri Cowan。在我把電話交給 Andre 開始本次電話會議的財報部分之前，我想就我們今早發布的第二則新聞稿——宣布 Jon Moeller 即將自董事會及寶僑公司退休——先做幾點說明。

I want to thank Jon for his many years of tireless and steady leadership at P&G having served in key roles, including Executive Chairman, Chief Executive Officer, Chief Operating Officer and Chief Financial Officer. In fact, some of you first interacted with Jon when he became P&G's Treasurer in 2007. Jon's strategic vision has been instrumental in shaping the company P&G is today, including his leading role in focusing P&G's portfolio and in designing our current operating structure.

我想感謝 Jon 多年來在寶僑不懈且穩健的領導，他曾擔任多個關鍵職務，包括執行董事長、執行長、營運長與財務長。事實上，你們當中有些人最早是在 2007 年 Jon 成為寶僑財務主管（Treasurer）時與他互動。Jon 的策略願景對塑造今日的寶僑至關重要，包括他在聚焦寶僑產品組合以及設計我們目前營運架構方面所扮演的領導角色。

We have benefited from his unwavering courage and its profound care for this institution and its people. Again, I want to thank Jon for his 38 years of dedicated service to the company and congratulate him from all of us on a very successful career.

我們受益於他堅定不移的勇氣，以及他對這個機構與其員工深切的關懷。再次感謝 Jon 為公司奉獻 38 年的服務，並代表我們所有人祝賀他擁有非常成功的職涯。

Now I'll hand the call over to Andre to lead the earnings discussion.

現在我把電話交給 Andre，由他帶領財報討論。

Thank you, Shailesh, and good morning, everyone. I'll start with an overview of results for fiscal '26 and the fourth quarter, Shailesh will add perspective on our strategic focus areas and capabilities. And we will close with guidance for fiscal '27 and then take your questions. For fiscal '26, we met our core objectives despite unexpected headwinds. We managed through a very volatile environment and delivered organic sales, core EPS and cash returned to share owners within our initial guidance range.

謝謝你，Shailesh，各位早安。我將先概述 2026 財年與第四季的業績，Shailesh 會補充我們策略聚焦領域與能力建設的觀點。接著我們將以 2027 財年的展望作結，然後進入問答。在 2026 財年，儘管遭遇意外逆風，我們仍達成核心目標。我們在高度波動的環境中妥善因應，並使有機銷售、核心每股盈餘（core EPS）以及回饋股東的現金均落在我們最初的財測區間內。

We built plans to return the business to consistent growth across all categories and regions. We stabilized global market share, and we identified and are deploying the capabilities needed to create the CPG company of the future to generate long-term growth and value creation, progress in light of many challenges.

我們制定計畫，讓業務在所有品類與各地區重回一致性的成長。我們穩定了全球市占率，並已辨識且正在部署打造未來消費品（CPG）公司的所需能力，以創造長期成長與價值創造；在諸多挑戰下仍取得進展。

Looking closer at fiscal '26 on a semester basis, we delivered an acceleration in top line results up about 1 point in the first half and 2 points in the second half. We also saw improvement in market share in the second half despite some softening in underlying market growth as inflation increased. Positive trends we will build on in the new year.

若以 2026 財年上、下半年來看，我們的營收表現加速：上半年約提升 1 個百分點，下半年提升 2 個百分點。我們也看到下半年市占率有所改善，儘管隨著通膨上升，基礎市場成長略有放緩。這些正向趨勢將成為我們在新年度持續發展的基礎。

Moving to the details. Organic sales grew more than 1%, volume was up modestly. Pricing added a point at mix had a neutral. This includes around 40 basis points of headwinds from product form and go-to-market portfolio choices. Growth was broad-based across regions and categories. 9 of 10 product categories held or grew organic sales for the year.

接著看細節。有機銷售成長超過 1%，銷量小幅上升。定價貢獻 1 個百分點，組合（mix）影響為中性。其中包含約 40 個基點的逆風，來自產品形態與上市路徑（go-to-market）的產品組合選擇。成長在各地區與各品類均具廣泛性；10 個產品品類中有 9 個在全年維持或提升有機銷售。

Hair Care and Skin & Personal Care each grew mid-single digits. Personal Care, Baby Care, Home Care, Fabric Care, Feminine Care, Grooming and Oral care were each in line to up low singles. Family Care was down for the year. All seven regions held or grew organic sales. Focus market organic sales were up 1% for the year.

護髮與肌膚及個人護理各自成長中個位數。個人護理、嬰兒護理、家居護理、衣物護理、女性護理、男士理容與口腔護理各自持平至成長低個位數。家庭護理全年下滑。全部七個地區皆維持或提升有機銷售。重點市場（focus markets）全年有機銷售成長 1%。

North America and Europe focused markets each grew modestly. Greater China organic sales were up 4% for the year.

北美與歐洲兩個重點市場皆小幅成長。大中華區全年有機銷售成長 4%。

Enterprise markets were up 4%, led by Latin America, with 6% organic fit growth. E-commerce sales increased 6%, now representing 20% of total company sales. 26 of our top 50 category country combinations held or grew share for the fiscal, 5 of 10 product categories held or grew share globally. In aggregate, global value and volume share trends improved in the back half exiting the year flat. Core earnings per share were $6.89, up 1% in fiscal '26.

企業市場（enterprise markets）成長 4%，由拉丁美洲帶動，其有機銷售成長 6%。電商銷售成長 6%，目前占公司總銷售的 20%。在我們前 50 大「品類×國家」組合中，有 26 個在本財年維持或提升市占；10 個產品品類中有 5 個在全球維持或提升市占。整體而言，全球價值與銷量市占趨勢在下半年改善，年末退出時持平。2026 財年核心每股盈餘為 6.89 美元，年增 1%。

Core gross margin declined 40 basis points and core operating margin decreased 70 basis points. $2.8 billion before tax 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 in line with prior year, and core operating margin decreased 60 basis points. Adjusted free cash flow productivity was 100%.

核心毛利率下滑 40 個基點，核心營業利益率下降 70 個基點。透過銷貨成本與銷售、一般及管理費用（SG&A）合計稅前 28 億美元的生產力改善，我們得以增加對更優質的產品、包裝與品牌溝通的投資，以帶動市場成長。以固定匯率（currency-neutral）計，核心每股盈餘與去年持平，核心營業利益率下降 60 個基點。調整後自由現金流生產力為 100%。

We increased our dividend by 3% and returned over $15 billion of value to shareholders, over $10 billion dividends and $5 billion in share repurchase, consistent with our guidance at the start of the year. For the fourth quarter, we saw improving global share trends versus prior period, but headline results were impacted by trade dynamics in the US and the spike in input costs.

我們將股利提高 3%，並向股東回饋超過 150 億美元的價值，其中超過 100 億美元為股利、50 億美元為庫藏股回購，符合年初提供的指引。就第四季而言，我們看到全球市占趨勢較前期改善，但表面結果受到美國貿易動態以及投入成本飆升的影響。

Organic sales increased modestly, rounding down to in line versus prior year. Adjusting for brand product and go-to-market restructuring impacts, organic sales for the ongoing business were around 1% for the quarter. 2% when adjusting for 1 point of pull forward into Q3, consistent structural growth of 2% across the second half of the year. As we mentioned before, the growth trajectory hasn't been and won't be a straight line quarter-to-quarter. Volume rounded down to flat for the quarter.

有機銷售小幅增加，四捨五入後與去年同期持平。若調整品牌產品與上市路徑（go-to-market）重整的影響，持續經營業務的有機銷售本季約為 1%；若再調整第 3 季提前拉貨（pull forward）約 1 個百分點的影響，則為 2%，與下半年 2% 的結構性成長一致。如同先前提到的，成長軌跡過去不是、未來也不會是逐季一條直線。本季銷量四捨五入後為持平。

Pricing at Mix were also neutral for the quarter. 6 of 10 product categories held or grew organic sales, Personal Health Care, Hair Care and Skin and Personal Care each grew mid singles. Baby Care, Fabric Care and Grooming, each were in line to up low singles. Home Care, Femcare, Family Care and Oral Care were down for the quarter. 5 of 7 regions held or grew organic sales.

本季定價與組合（mix）同樣為中性。10 個產品品類中有 6 個維持或提升有機銷售；個人健康護理、護髮以及肌膚與個人護理各自成長中個位數。嬰兒護理、衣物護理與男士理容各自持平至成長低個位數。家居護理、女性護理、家庭護理與口腔護理本季下滑。7 個地區中有 5 個維持或提升有機銷售。

Focus markets were down 1% for the quarter. Organic sales in North America were down 1% versus prior year. While consumption and market share of P&G brands improved through the quarter, there was a notable disconnect between sell-out and sell-in with sellout or consumption at plus 2% and sell-in at minus 1%. The shift of Amazon Prime Day to late June versus early July drove an increased merchandising spending recognized in the quarter.

重點市場本季下滑 1%。北美有機銷售較去年同期下滑 1%。儘管寶僑品牌的消費與市占在本季逐步改善，但終端銷售（sell-out）與出貨（sell-in）之間出現明顯落差：sell-out（或消費）為 +2%，sell-in 為 -1%。Amazon Prime Day 由 7 月初移至 6 月下旬，帶動本季認列的促銷（merchandising）支出增加。

Retailer inventory reductions, including the pull forward into last quarter also contributed to the three-point gap between sell-out and sell-in. European focus markets organic sales were down 1%, like the US, P&G sales trailed consumption due to inventory dynamics and value interventions. Greater China organic sales grew 4%, another quarter of positive momentum heading into fiscal '27. Enterprise markets grew 4% for the quarter.

零售商庫存削減（包括將部分拉貨提前至上一季）也促成了 sell-out 與 sell-in 之間 3 個百分點的差距。歐洲重點市場有機銷售下滑 1%，與美國類似，由於庫存動態與價值干預措施，P&G 銷售落後於消費。大中華區有機銷售成長 4%，在邁向 2027 財年之際再度呈現一季正向動能。企業市場本季成長 4%。

Europe enterprise markets grew 5% and Latin America organic sales were up 4%, and the Asia Pacific, Middle East, Africa Enterprise region grew 3%. Global aggregate market share was in line with prior year, 23 of our top 50 category country combinations held or grew share for the quarter.

歐洲企業市場成長 5%，拉丁美洲有機銷售成長 4%，亞太、中東、非洲企業區域成長 3%。全球合計市占率與去年同期持平；我們前 50 大「品類×國家」組合中，有 23 個在本季維持或提升市占。

On the bottom line, core earnings per share were $1.43, down 3% versus prior year. On currency-neutral basis, core EPS decreased 5%. These results include approximately $0.06 of higher costs driven by spike in energy, transportation and material costs, which were mostly offset by tariff refund receipts.

在獲利端，核心每股盈餘為 1.43 美元，較去年同期下降 3%。以不受匯率影響的基礎計算，核心 EPS 下降 5%。這些結果包含約 0.06 美元的成本上升，主要由能源、運輸與材料成本飆升所致，但大多被關稅退稅款項所抵銷。

For gross margin was in line versus prior year, and core operating margin decreased 130 basis points. Very strong productivity improvement of 460 basis points with healthy reinvestment in innovation and demand creation. Currency-neutral core operating margin decreased 130 basis points. Adjusted free cash flow productivity was 133%. We returned $3.5 billion of cash to shareowners in this quarter, $2.6 billion in dividends and roughly $900 million in share repurchase.

毛利率與去年同期大致持平，核心營業利益率下降 130 個基點。生產力改善非常強勁，提升 460 個基點，同時對創新與需求創造進行健康再投資。以不受匯率影響的基礎計算，核心營業利益率下降 130 個基點。調整後自由現金流生產力為 133%。本季我們向股東返還 35 億美元現金，其中 26 億美元為股利，約 9 億美元為庫藏股回購。

In summary, a year of progress and foundational work to enable accelerated future growth. Momentum with consumers is improving, results within guidance in a challenging macroeconomic and geopolitical environment, progress, but more work to do.

總結而言，這是一年取得進展並完成基礎性工作，以支撐未來加速成長。在具挑戰性的總體經濟與地緣政治環境下，消費者動能正在改善，業績落在指引範圍內；已有進展，但仍有更多工作要做。

Now I'll pass it over to Shailesh.

接下來我把時間交給 Shailesh。

Thanks, Andre. I'll start with a few thoughts on results before moving to our strategic focus areas. As mentioned, we delivered the fiscal within our going-in despite a very challenging operating environment. It's encouraging that growth was broad-based with all seven regions and 9 out of 10 categories growing or holding organic sales.

謝謝你，Andre。我會先就業績談幾點想法，再轉到我們的策略聚焦領域。如前所述，儘管營運環境非常艱難，我們仍在既定預期範圍內交出本財年的表現。令人鼓舞的是，成長相當廣泛：七大區域全數成長，且 10 個品類中有 9 個品類有機銷售成長或持平。

We exited the year holding global share with trends improving in the second semester. This was visible in our largest market, the US, as we measure the percentage of top customers growing or holding share. We had less than 10% holding or growing share in the first half of the fiscal year and improved in the second half to around 50%.

我們在年度結束時維持全球市占，且下半年趨勢改善。這在我們最大的市場—美國—也很明顯，我們以「前幾大客戶中成長或維持市占的比例」來衡量。在財年上半年，成長或維持市占的比例不到 10%，下半年改善至約 50%。

We will build on the improvement to further accelerate growth in the US, our largest and most profitable market. I am pleased with the progress we are making and confident the plans in place will continue to drive the momentum.

我們將在此改善基礎上，進一步加速美國市場的成長；美國是我們最大且最具獲利性的市場。我對我們正在取得的進展感到滿意，也有信心既有計畫將持續推動這股動能。

The organization is focused on the right strategic choices and executional plans to deliver sequential progress we expect going forward. We remain committed to the integrated growth strategy as the road map for growth and value creation. This strategy starts with the port of categories where performance matters, in performance-driven categories, we must deliver irresistible superiority across product package, brand communication, retail execution and value.

組織正聚焦於正確的策略選擇與執行計畫，以交付我們預期的逐季改善。我們仍致力於整合式成長策略，將其作為成長與價值創造的路線圖。此策略始於品類組合：在績效驅動的品類中，我們必須在產品包裝、品牌溝通、零售執行與價值等面向，提供令人難以抗拒的卓越優勢。

We continue to drive productivity with multiyear visibility to fund innovation and demand creation and to mitigate cost headwinds. Constructive disruption is key to stay ahead of and to create emerging trends and opportunities in our fast-changing industry.

我們持續推動生產力提升，並以多年期能見度來挹注創新與需求創造，同時緩解成本逆風。建設性的破壞（constructive disruption）是關鍵，讓我們能在快速變動的產業中保持領先，並創造新興趨勢與機會。

Finally, an organization that is fully engaged, enabled and excited to serve consumers and to win in the marketplace. P&G's point of difference, our competitive advantage comes from outstanding integrated execution of these strategies across all activity systems in the company and from anticipating what capabilities are needed next to delight our consumers. We continue to believe the strategy is right. but we must continue to adapt to the world that is changing around us.

最後，是一個全員投入、具備能力且充滿熱情的組織，去服務消費者並在市場中取勝。P&G 的差異化與競爭優勢，來自於在公司所有活動系統中對這些策略的卓越整合式執行，以及預判下一步需要哪些能力來取悅消費者。我們仍相信這個策略是正確的，但也必須持續因應周遭世界的變化而調整。

As I shared in CAGNY, there are three notable landscape changes defining the path ahead. These include media fragmentation, the changing retailer landscape and inflation. We are making multiple interventions to address these changes. The first is to have a deeper more complete connection with consumers. Nothing matters more than putting the consumer first in everything we do.

如我在 CAGNY 所分享，未來道路由三項顯著的環境變化所界定。包括媒體碎片化、零售商版圖變化以及通膨。我們正採取多項干預措施來因應這些變化。第一項是與消費者建立更深、更完整的連結。沒有什麼比在我們所做的一切中把消費者放在第一位更重要。

The second is transforming brand building, adapting how we build awareness of our brands and benefits drive consumer engagement and reduce time and steps from awareness to purchase. The next is building holistic partnerships with retailers across the entire value chain, not just in their traditional role as merchants. This is critical as we see the convergence of retail and media, including digital commerce and how shopping agents and AI-based search will affect our consumers shop.

第二項是轉型品牌打造：調整我們建立品牌與利益點認知的方式，驅動消費者互動，並縮短從認知到購買所需的時間與步驟。下一項是在整個價值鏈上與零售商建立全方位合作夥伴關係，而不僅僅把他們視為傳統的商家角色。這點至關重要，因為我們看到零售與媒體正在融合，包括數位商務，以及購物代理與 AI 搜尋將如何影響消費者的購物方式。

And finally, we need a stronger core and a bigger more. One of P&G's biggest strength is our portfolio of leading brands, the core of our business, we need to make sure the score is healthy and growing through impactful innovations that elevate the superiority of the brand and represent a good holistic value for consumers. These interventions are aimed at improving the vectors of superiority to win the consumer value equation.

最後，我們需要更強的核心與更大的增量成長。P&G 最大的優勢之一是我們的領導品牌組合，也就是業務的核心；我們必須確保核心透過具影響力的創新保持健康並持續成長，這些創新要能提升品牌的卓越優勢，並為消費者提供良好且全面的價值。這些干預措施旨在改善「卓越優勢」的向量，以贏得消費者價值方程式。

We know we are winning the consumer value equation when we are growing users of our brands. The simplicity of linking superiority to user growth in this way increases the urgency to adjust the vectors as needed versus assessing each element individually. When we get the equation right, we accelerate growth, growing users, leading market growth and growing market share, sales and profit. Here are a few examples.

當我們的品牌使用者人數成長時，我們就知道自己正在贏得消費者價值方程式。以這種方式把卓越優勢與使用者成長連結起來的簡潔性，提升了我們在需要時調整各項向量的急迫性，而不是逐一評估每個元素。當我們把方程式做對，就能加速成長：使用者增加、帶動市場成長，並提升市占、銷售與獲利。以下是幾個例子。

Greater China Baby Care continues to lead the growth of the premium and super premium segments behind consumer insight-driven innovation. Chinese parents want only the best for their baby, softness, comfort and dryness. The China team translated that insight into a diaper using materials to deliver skin comfort and protection wrapped in a unique soft-feel package that conveys superiority at first touch. The result is double-digit organic sales growth in each of the past 6 quarters and nearly 5 points of value share over this period.

大中華區嬰兒護理持續以消費者洞察驅動的創新，領先高端與超高端細分市場的成長。中國父母只想給寶寶最好的：柔軟、舒適與乾爽。中國團隊將此洞察轉化為一款尿布，採用能帶來肌膚舒適與防護的材料，並以獨特的柔觸包裝呈現，讓消費者第一觸就感受到卓越。成果是過去 6 個季度每季皆達到雙位數有機銷售成長，且在此期間價值市占提升近 5 個百分點。

Latin America cough and cold is winning through deeper consumer connection. The team identified the insight that consumers perceive products as more effective when they deliver a sensorial experience. Consumers need to feel the immediate sensation of relief to believe the product is working. The Vicks team brought this insight to life through upgraded packaging, brand communication and retail execution that made fast relief more visible at every touch point.

拉丁美洲的咳嗽與感冒品類，透過更深的消費者連結而勝出。團隊發現一項洞察：當產品能帶來感官體驗時，消費者會覺得更有效。消費者需要立即感受到緩解的感覺，才會相信產品正在起作用。Vicks 團隊透過升級包裝、品牌溝通與零售執行，將此洞察具體化，讓「快速緩解」在每個接觸點都更醒目。

The result, Vicks became the number one cough and cold brand in Latin America with mid-teen organic sales growth and over 1 point of share growth while growing the category this year.

結果是，Vicks 成為拉丁美洲第一大咳嗽與感冒品牌，有機銷售以十幾%的幅度成長，市占提升超過 1 個百分點，同時在今年帶動品類成長。

Germany Pantene is a great example of a brand team responding to media landscape shifts to transform brand building and accelerated growth. The team increased investments in social media and influencer partnerships including top German beauty opinion leaders and hair experts and culturally relevant brand events, including Oktoberfest and Berlin Fashion Week to meaningfully improve brand superiority awareness. The result was a fourfold increase in influencer content and tripling total reach.

德國的 Pantene 是品牌團隊因應媒體環境轉變、轉型品牌打造並加速成長的絕佳例子。團隊加大對社群媒體與網紅合作的投資，包括與德國頂尖美妝意見領袖與髮品專家合作，以及具文化相關性的品牌活動（如啤酒節 Oktoberfest 與柏林時裝週），以實質提升對品牌卓越優勢的認知。成果是網紅內容增加 4 倍，總觸及人數提升至 3 倍。

Pantene grew new users, resulting in value sales growth of 14% and with value share up 50 basis points versus a year ago. To win on social media and e-commerce platforms that combine lifestyle content with online shopping, shifted the focus from a functional message to a lifestyle approach. The team connected SKI to the moments and routines, consumer cares most about. -- encouraging them to live lighter, freer and more authentically backed by product performance that delivers on its promise.

潘婷新增使用者成長，帶動銷售額成長14%，且相較一年前的銷售額市占率提升50個基點。為了在結合生活風格內容與線上購物的社群媒體與電商平台上勝出，將溝通重點從功能性訊息轉向生活風格取向。團隊將SKI與消費者最在意的時刻與日常作息連結起來——鼓勵他們活得更輕盈、更自在、更真實，同時以能兌現承諾的產品表現作為後盾。

As more consumers brought SK 2 on their life journey, brand buzz, ROI and business growth naturally followed. Over the past year, SK 2 facial sense treatment led discussion volume on a top social commerce platform, improving the brand discussion ranking by five spots to third place. SK2 has grown organic sales double digits over the past six quarters with value share growth.

隨著更多消費者把SK 2帶進他們的人生旅程，品牌聲量、投資報酬率（ROI）與業務成長也自然隨之而來。過去一年，SK 2臉部感受護理帶動某一頂尖社群電商平台的討論量，品牌討論排名上升五名至第三名。過去六個季度，SK2有機銷售維持雙位數成長，並帶動銷售額市占率提升。

P&G Mexico elevated its strategic partnerships with retailers by transitioning from short-term tactical planning to longer-term joint business planning. They focused on having winning consumer propositions and aligning objectives and priorities across P&G and each of the retailers creating shared accountability for winning with the consumer.

P&G墨西哥透過從短期戰術規劃轉向較長期的聯合業務規劃，提升了與零售商的策略夥伴關係。他們聚焦於打造具競爭力的消費者主張，並在P&G與各零售商之間對齊目標與優先事項，建立共同責任，以在消費者端取得勝利。

As a result, P&G strengthens its position as a preferred supplier to these customers, achieving record levels of in-store visibility and support behind our joint priority growth initiatives. These efforts enable P&G to capture 60% of category growth approximately twice fair share. P&G Mexico grew organic sales high single digits and gained over 1 point of value share in fiscal '26.

因此，P&G強化其作為這些客戶首選供應商的地位，在門市能見度與對我們共同優先成長計畫的支持上，達到創紀錄水準。這些努力使P&G得以掌握約60%的品類成長，約為其公平份額的兩倍。P&G墨西哥在2026會計年度有機銷售達高個位數成長，銷售額市占率提升超過1個百分點。

Mr. Clean continues to innovate on its core proposition and solve more cleaning jobs across the home. Brand has launched new innovations on the Magic Eraser platform that improves the longevity with the denser form and a wider microscrubbing structure that now lasts 2 times longer. The packaging was updated to reflect room and mess specific users. At the same time, we launched Mr.

Mr. Clean持續在其核心主張上創新，解決家中更多清潔工作。品牌在Magic Eraser平台推出新創新，以更緻密的材質與更寬的微型刷洗結構提升耐用度，現在可使用時間延長2倍。包裝也更新，以對應特定房間與髒汙情境的使用者。同時，我們推出了Mr.

Clean Shower and Tubscrubber to address Home's number one most disliked clean core. Mr. Clean, Shower and Tubscrubber delivers a quicker, easier and deeper clean with the power of the Magic Eraser, a sturdy group handle built-in squeegee and a pivoting head for hard-to-reach areas.

Clean Shower與Tubscrubber，以解決居家最不受歡迎的清潔核心需求。Mr. Clean Shower與Tubscrubber結合Magic Eraser的清潔力，提供更快速、更省力、更深層的清潔，並配備堅固的握把、內建刮水器，以及可旋轉的刷頭，便於清潔難以觸及的區域。

The result, Mr. Clean is winning consumers and driving category growth, delivering 18x its fair share of the bath cleaning category growth since launch. Site is a great example of both core and more.

成果是，Mr. Clean正在贏得消費者並帶動品類成長，自上市以來在浴室清潔品類的成長貢獻達其公平份額的18倍。Site是核心與更多的絕佳範例。

Tide did their biggest upgrade in over two decades on the original Tide liquid detergent, which represents more than one-fourth of Tide detergent users, significantly improving the product for the same price. Since launch, Tide original liquid has gone from declining to high single-digit growth. On this side of the business to get that inflection is simply amazing and gives me tremendous confidence of what can happen if we activate the core much better.

Tide對原版Tide液體洗衣精進行了二十多年來最大幅度的升級；該產品代表超過四分之一的Tide洗衣精使用者，在價格不變的情況下大幅提升產品表現。自上市以來，Tide原版液體由下滑轉為高個位數成長。在這一端的業務能出現這樣的轉折實在令人驚嘆，也讓我對若能更好地啟動核心業務將會發生的事充滿信心。

Tide biggest strength is tide. So this is a very powerful example of strengthening the core. A great example of a bigger more is Tide evo. Tide evo represents the biggest innovation in laundry crafted by concentrating active surfactant ingredients into a mixture that is spun into individual fibers. This sophisticated process ensures each functional fiber delivers the part from cleaning performance of Tide while also enabling the creation of the convenient tie Evo unit dose form with no plastic packaging and no extra water.

Tide最大的優勢就是Tide本身。因此，這是強化核心的非常有力例證。「更大更多」的絕佳例子是Tide evo。Tide evo代表洗衣領域最大的創新：將活性界面活性劑成分濃縮成混合物，並紡製成單根纖維。這項精密製程確保每一根功能性纖維都能提供Tide的部分清潔效能，同時也能打造便利的Tide Evo單次用量形式，無塑膠包裝且不含額外用水。

This new-to-the-world formulation and assembly process is proprietary to P&G and protected by over 50 granted patents, making it a truly unique technology. National expansion of Tide evo is on track with full-scale launch support planned this fiscal year. To further accelerate scale and innovations, campaign ideas and executions like the ones we just shared, we are creating our vision of the CPG company of the future. P&G team are now scaling advanced capabilities in four areas that build on our unique strengths.

這項全球首創的配方與組裝製程為P&G專有，並受逾50項已核准專利保護，使其成為真正獨特的技術。Tide evo的全國性擴張進度如期，並計畫於本會計年度提供全面上市支援。為了進一步加速規模化與創新，以及像我們剛分享的活動構想與執行，我們正在打造未來的CPG公司願景。P&G團隊目前正於四個領域擴大先進能力，並建立在我們獨特優勢之上。

Platforms developed over many years now being fully activated across the company. First, branding transformation. Our teams are rapidly evolving how we connect with consumers in a more fragmented media landscape and translate those connections to real-time retail actions.

這些多年來建立的平台，如今正於全公司全面啟動。第一，品牌轉型。我們的團隊正快速演進，因應更碎片化的媒體環境，以新的方式與消費者連結，並將這些連結轉化為即時的零售行動。

We are scaling AI-enabled tools and integrating workflows from creative development to media activation to continuously improve content effectiveness and always on consumer engagement. By bringing together the voice of our brands, trusted experts and consumers themselves we can more effectively reach the right consumers in the right context at the right moment and optimize what works to drive trial, awareness, loyalty and ultimately, growth.

我們正在擴大AI賦能工具的規模，並將從創意開發到媒體啟動的工作流程整合起來，持續提升內容成效，並維持常態化的消費者互動。透過整合品牌聲音、可信賴的專家與消費者自身，我們能在正確的情境、正確的時刻更有效觸及正確的消費者，並優化有效作法以推動試用、認知、忠誠度，最終帶動成長。

Second, transforming internal work processes, leveraging data capabilities to free up the organization to focus on winning externally. Teams are using integrated data platforms, AI capabilities and programmatic shelf does built on top of our fully stocked data lake to work faster and deliver better outcomes.

第二，轉型內部工作流程，運用數據能力釋放組織資源，使其能專注於對外取勝。團隊正使用整合式數據平台、AI能力，以及建立在我們完整數據湖之上的程式化貨架（programmatic shelf）工具，以更快速度工作並交付更佳成果。

Processes that once required multiple touch points and handoffs are now being automated, improving both speed and quality. In many cases, time for discovery to execution is moving from weeks to hours, freeing up more time for higher value work focused on winning with consumers.

過去需要多次接觸點與交接的流程，如今正被自動化，提升速度與品質。在許多情況下，從洞察到執行的時間正由數週縮短至數小時，釋放更多時間投入更高價值、以贏得消費者為核心的工作。

Third, taking our existing R&D advantages to a new level by leveraging a unique set of innovation capabilities, substrate technologies, formulaic chemistry, devices and biology, to deliver breakthrough solutions in every part of the business. Technologies like AI-enabled molecular discovery will drive faster acceleration and more powerful integration of innovation capabilities leading to faster growth.

第三，將我們既有的研發優勢提升到新層級，運用一套獨特的創新能力、基材技術、配方化學、裝置與生物學，在業務各個部分提供突破性解決方案。例如AI賦能的分子發現等技術，將推動更快加速與更強大的創新能力整合，帶來更快速的成長。

And finally, supply chain capability. Supply Chain 3.0 is driving a more complete system connection from purchase signal to our production planning and material ordering to ensure consumers find the product they want each time they shop. We know how to digitize and automate our operations and more importantly, we have qualified a financial framework to generate strong returns on these investments.

最後，是供應鏈能力。Supply Chain 3.0正推動更完整的系統連結，從購買訊號到我們的生產規劃與物料訂購，確保消費者每次購物都能找到想要的產品。我們知道如何將營運數位化與自動化；更重要的是，我們已建立一套財務框架，以在這些投資上產生強勁回報。

Full activation of these advanced capabilities will enable speed and execution, smaller teams and a stronger connection to the consumer to enable the next S-curve of growth and value creation for P&G. We are confident in the short-term progress we are making and excited about the mid-to-long term as we leverage our strengths and unique capabilities to set us apart from the industry.

這些先進能力的全面啟動，將帶來速度與執行力、更精簡的團隊，以及與消費者更緊密的連結，進而推動P&G下一條S曲線的成長與價值創造。我們對短期進展充滿信心，也對中長期感到振奮，因為我們將運用自身優勢與獨特能力，讓我們在產業中脫穎而出。

Now I'll pass it back to Andre to cover guidance.

現在我把時間交回給Andre，請他說明財測指引。

Thanks. As we enter fiscal '27, we continue to expect the environment around us to remain volatile and challenging, from costs to currencies to consumer competitor retailer and geopolitical dynamics. We believe our going-in guidance for fiscal '27 prudently reflects these current market realities.

謝謝。隨著我們進入2027會計年度，我們仍預期周遭環境將持續波動且充滿挑戰，從成本、匯率，到消費者、競爭對手、零售商以及地緣政治動態。我們認為，2027會計年度的期初財測指引已審慎反映當前市場現實。

On the top line, we currently expect the markets in which we compete to deliver local currency value growth in the range of 1% 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 in these markets.

在營收端，我們目前預期我們競爭的市場在今年將帶來以當地貨幣計的銷售額成長1%至3%，目前的運行速度大致落在此區間的中間。我們的目標是讓有機銷售成長略高於這些市場的基礎成長。

However, recall our guidance includes a 30 to 50 basis point headwind from brand, product form and go-to-market restructuring. Taken together, our guidance range is for organic growth of 1% to 3% versus prior year. The low end of the range protects for additional softness in underlying market growth rates, the high end would require acceleration in underlying market growth rates and market shares.

不過，請記得我們的指引包含來自品牌、產品型態與上市路徑重整所造成的30至50個基點逆風。綜合而言，我們的指引區間為相較前一年有機成長1%至3%。區間低端是為了防範基礎市場成長率進一步走弱；區間高端則需要基礎市場成長率與市占率加速提升。

Our bottom line outlook is broadly consistent with top line with core EPS growth of 0% to 3% versus fiscal '26 core EPS of $6.89, and this guidance equates to a range of $6.89 to $7.11 per share, $7 at the center of the range. This outlook includes a cost headwind of approximately $1 billion after tax, driven by higher raw materials, energy, transportation costs and other premiums resulting from the conflict in the Middle East. This estimate assumes an effective Brent crude oil price of $90 a barrel. This is a combination of actual prices since March '26 and future contracts through Feb '27, which approximates the average price that will flow through our P&L in fiscal '27.

我們對底線的展望大致與營收端一致，核心EPS成長率為0%至3%，相較於2026財年核心EPS的6.89美元；此指引相當於每股6.89至7.11美元的區間，區間中值為7美元。此展望包含約10億美元（稅後）的成本逆風，主要由中東衝突導致的原物料、能源、運輸成本上升，以及其他溢價所驅動。此估算假設布蘭特原油有效價格為每桶90美元。這是2026年3月以來的實際價格與截至2027年2月的期貨合約價格之組合，約等同於將在2027財年損益表中反映的平均價格。

It's also in the ballpark of current spot prices. You'll likely note that our current estimated cost impact is the same as we projected last quarter, but at a somewhat lower oil price. This is due to a larger impact from the noncommodity elements of the supply chain like ocean freight and trucking surcharges, supplier inflation and force majeure premiums.

這也大致落在目前現貨價格的範圍內。你們可能會注意到，我們目前估計的成本影響與上季預測相同，但油價假設略低。這是因為供應鏈中非大宗商品要素（如海運與卡車運輸附加費）、供應商通膨以及不可抗力溢價的影響更大。

Most of this impact will be felt in the first half of fiscal '27 as those materials were produced when the underlying oil price was above $100 a barrel. While we don't typically provide quarterly guidance, we estimate the cost dynamic will cause Q1 EPS to be down 5% or more versus prior year.

由於這些材料是在基礎油價高於每桶100美元時生產的，因此大部分影響將在2027財年上半年顯現。雖然我們通常不提供季度指引，但我們估計此成本動態將導致第一季EPS較去年同期下降5%或更多。

We expect the foreign exchange headwind of approximately $50 million after tax and approximately $150 million of higher net interest expense after tax. We are also forecasting $150 million after tax of lower nonoperating income.

我們預期外匯逆風約為5,000萬美元（稅後），以及淨利息費用增加約1.5億美元（稅後）。我們也預測非營業收入將減少1.5億美元（稅後）。

We estimate that our core effective tax rate will be approximately 20%, in line with prior year. Combined input costs, foreign exchange rate items and items below the operating line will be roughly a $1.4 billion after tax of earnings headwind in fiscal '27 or $0.56 per share, 8% of fiscal '26 core EPS. We expect capital spending will be 4.5% to 5.5% of sales.

我們估計核心有效稅率約為20%，與去年持平。綜合投入成本、外匯相關項目以及營業線以下項目，2027財年的獲利逆風約為14億美元（稅後），或每股0.56美元，約為2026財年核心EPS的8%。我們預期資本支出將占銷售額的4.5%至5.5%。

We are forecasting adjusted free cash flow productivity at 85% to 90% for the year. We expect to pay over $10 billion in dividends and to repurchase approximately $5 billion in common stock combined a plan to return $15 billion of cash to shareowners in fiscal '27.

我們預測全年調整後自由現金流生產力為85%至90%。我們預期將支付超過100億美元股利，並回購約50億美元普通股，合計計畫在2027財年向股東返還150億美元現金。

The guidance range reflects the continued acceleration toward our long-term algorithm. It is a balanced outlook between top line and bottom line despite significant cost pressure early in the year and reflecting current market realities for consumer demand. We will maintain strong investment in the business balanced by a strong productivity program with an intent to improve results semester-by-semester and year-by-year.

此指引區間反映我們持續加速邁向長期演算法目標。儘管年初面臨顯著成本壓力，且反映目前消費需求的市場現實，該展望在營收端與獲利端之間保持平衡。我們將維持對業務的強勁投資，同時以強而有力的生產力計畫加以平衡，並期望逐學期、逐年度改善成果。

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

此展望係基於目前對市場成長率、商品價格與外匯匯率的估計。指引區間內未預期會出現顯著進一步的貨幣走弱、商品成本上升、地緣政治干擾、關稅、重大供應鏈中斷或門市關閉。

Now I'll hand it back to Shailesh for closing thoughts.

接下來我把時間交回給Shailesh做結語。

Thanks, Andre. Fiscal year '26 was a year of foundation building. The operating environment was even more challenging than expected, we delivered another year of organic sales and core EPS growth, and we continued our long-term record of returning high levels of cash to share owners. In fiscal '27, we will solidify progress and continue to build the technical, organizational and operational capabilities to have P&G lead as the CPG company of the future.

謝謝，Andre。2026財年是打基礎的一年。營運環境比預期更具挑戰，但我們仍交出又一年的有機銷售與核心EPS成長，並延續長期以來向股東返還高額現金的紀錄。在2027財年，我們將鞏固進展，並持續建構技術、組織與營運能力，讓P&G成為未來的CPG公司領導者。

We continue to believe the best part to sustainable balance growth is to double down on the strategy, stronger integrated execution to delight consumers with superior products at a superior value.

我們仍然相信，實現可持續且均衡成長的最佳方式，是加倍投入既定策略，以更強的整合式執行，透過更優異的產品與更卓越的價值取悅消費者。

We're driving interventions to improve near-term results and we are building the technical and operational capabilities to create the CPG company of the future. Our investments for growth will be balanced and funded with a strong productivity program. We are pleased with the progress we are making. It will be a straight line as the past few quarters have shown, but we are building momentum with consumers, and we are excited about the long-term opportunities ahead.

我們正推動各項舉措以改善短期成果，同時也在建構技術與營運能力，打造未來的CPG公司。我們的成長投資將以強勁的生產力計畫加以平衡並提供資金。我們對目前取得的進展感到滿意。正如過去幾季所顯示的，這不會是一條直線，但我們正在累積消費者動能，並對長期機會感到振奮。

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

接下來，我們很樂意回答各位的問題。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

(接線員指示) Morgan Stanley的Dara Mohsenian。

So it's at a little more than a year since you guys announced your restructuring and you put the plans in place to reinvigorate organic sales growth and get P&G back to outperformance versus the category -- you obviously gave some examples of progress today with your interventions, although we're not at outperformance you have with flat share in the quarter.

距離你們宣布重組並制定計畫以重振有機銷售成長、讓P&G重新回到相對於品類的超越表現，已經稍微超過一年了——你們今天顯然也分享了一些介入措施帶來的進展例子，雖然我們尚未看到超越表現，但本季市占持平。

So just looking forward to fiscal '27 what are the biggest areas or initiatives left to put in place versus what's already been implemented organizationally in your restructuring? And just as you think about fiscal do you think you can consistently return to sales outperformance versus your categories at some point? Any thoughts on timing there? And just the line of sight there as we move through the fiscal year from an org sales standpoint.

因此，展望2027財年，相較於你們重組中已在組織面落地的措施，還有哪些最大的領域或倡議尚待推進？另外，當你們思考2027財年時，你們是否認為在某個時間點可以持續回到相對於各品類的銷售超越表現？對於時程有任何想法嗎？以及，隨著財年推進，從有機銷售角度來看，你們對可見度的看法。

Thanks, Dara. Let me start with how we are feeling about the progress we've made so far. And it is consistent with the way we have felt over the last few months. We are happy with the recovery on the consumer front, particularly our performance relative to getting new users in. I think it is best reflected in the fact that our global share has now stabilized and has been flat for three-month periods. I think that is a big step forward.

謝謝，Dara。我先談談我們對目前進展的感受。這也與我們過去幾個月的感受一致。我們對消費者端的復甦感到滿意，特別是我們在吸引新用戶方面的相對表現。我認為最能反映這點的是，我們的全球市占如今已趨於穩定，並在連續三個月期間維持持平。我認為這是很大的一步。

More recently, one month doesn't tell you much, but the last volume share month inflected and volume share is sometimes a good predictor of the status on user growth. So from that point of view, we feel very pleased that we are getting on track to winning with consumers, which is the most important.

更近期來看，單一月份不代表太多，但最近一個月的銷量市占出現拐點，而銷量市占有時是用戶成長狀態的良好領先指標。因此從這個角度，我們非常高興我們正走在贏得消費者的正軌上，而這是最重要的。

Now when I then break it down and we see when we started interventions and whether that progress has happened, we feel that's what gives us confidence. So if I start with China, where, as you know, coming out of COVID, it was a depressed market, it was a tough competitive environment, and the results were not great. We are now growing share in China for the first time in 15 quarters, driven by fundamental changes we made similar to what we're doing in the company.

接著當我進一步拆解，觀察我們何時開始介入措施，以及是否出現相應進展時，我們認為這正是帶給我們信心的原因。以中國為例，如你所知，COVID之後市場低迷、競爭環境艱難，結果也不理想。如今我們在中國的市占首次在連續15個季度後轉為成長，這是由我們所做的根本性改變所驅動，與我們在公司內推動的作法類似。

We changed our market. We changed our brand building systems and processes and capabilities. We changed the kind of innovation we were doing because we knew we were in a lower growth market that needed us to drive market growth.

我們改變了我們的市場策略。我們改變了品牌建設的系統、流程與能力。我們也改變了創新的類型，因為我們知道我們處於一個低成長市場，需要我們去帶動市場成長。

So we've seen that begin to inflect in China. China closed AMJ, as you know, at 4%, ex exits that happened in China even better. Similarly, if you look at Latin America, where after our decision to change the go-to-market in Argentina and other choices, we've been really happy with the way our business has performed across every single metric, but probably most exciting three years back, less than 10% of that business was growing users.

因此我們已看到中國開始出現拐點。如你所知，中國AMJ收官為4%，若排除在中國發生的退出項目，表現更好。同樣地，如果你看拉丁美洲，在我們決定改變阿根廷的市場進入策略以及其他選擇之後，我們對業務在各項指標上的表現都非常滿意；但或許最令人振奮的是，三年前該業務中成長用戶的占比不到10%。

Today, over 55% of that business is growing users. Then even if I go to some of the markets in the Asia, Middle East, Africa region, which was pretty badly hit in the earlier Middle East crisis. Those have come back well. Last quarter, we closed at 3%, ex exits closer to 6%. Even a market like Gulf has had a very tough four, five-month period with disruptions, we are growing share across all time periods. That market had less than 5% of the business growing users last year, they are now at 60% of the business growing users.

今天，那項業務中超過55%來自於成長中的使用者。接著，即使我去看亞洲、中東、非洲地區的一些市場——這些市場在先前的中東危機中受到相當嚴重的衝擊。那些市場也都恢復得很好。上季我們收在3%，若排除退出因素則更接近6%。即便像海灣地區這樣的市場，在過去四、五個月因干擾而經歷非常艱難的期間，我們在各個時間區間的市占都在提升。該市場去年成長中的使用者占業務比重不到5%，現在已達到業務的60%。

So a pretty quick bounce back on some of these markets. Turkey is another good example of that. Europe focus, the market has been depressed, but we have been growing share even in a very difficult situation there. US is the market where we probably started the interventions closer in, in time line.

所以這些市場出現相當快速的反彈。土耳其是另一個很好的例子。歐洲聚焦市場的表現一直低迷，但即使在那裡非常艱難的情況下，我們仍在提升市占。美國則是我們可能在時間線上較晚才開始推動介入措施的市場。

We are beginning to see progress there, as Andre covered in some of the results, and we saw it very clearly in consumers. Even in the US, we saw a blip in the volume share in the recent time period. So we feel good about the progress we are making in the US as well. And as I said, Dara, with you and others at CAGNY, in US, we are doing our interventions in a way that will be category growth driven.

我們開始在那裡看到進展，如同Andre在部分結果中所提到的，而且我們在消費者端看得非常清楚。即便在美國，我們也在近期期間看到量的市占出現一個小波動。因此，我們對在美國取得的進展也感到樂觀。而且如我所說，Dara，和你以及其他人在CAGNY期間，在美國我們推動介入措施的方式將以帶動品類成長為導向。

So they depend on innovation and retail partnerships. So some of the time lines on that will be -- many of those interventions happen in the front half of the next fiscal or in the July, December -- so we expect that momentum in the US to pick up during the semester, behind some of these interventions.

因此它們仰賴創新與零售夥伴關係。所以其中一些時間線會是——許多介入措施會發生在下一個會計年度的上半年，或是在7月到12月期間——因此我們預期在這個半年期內，在這些介入措施的帶動下，美國的動能會加速。

So overall, long-winded answer, but I feel good about the progress we are making I feel confident based on the interventions we made and the time lines we have that we are on track. And which is why even though our cell and sell-out was mismatched, I feel good because as long as the consumption is strong, I'm very confident that we will have strong sales.

總之，回答得有點冗長，但我對我們正在取得的進展感到樂觀；基於我們已採取的介入措施以及既定的時間線，我有信心我們正按計畫推進。也正因如此，即使我們的出貨（sell-in）與終端銷售（sell-out）不匹配，我仍然感覺良好，因為只要消費端需求強勁，我就非常有信心我們會有強勁的銷售表現。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

Great. So you called out that 23 out of 50 country category combinations held or grew share. I think there was a step back sequentially. I know that you guys have talked about the progress won't be linear. But I was curious within that number, what percentage actually grew share within that.

很好。所以你提到在50個國家×品類組合中，有23個維持或提升了市占。我認為這個數字在序列上有所回落。我知道你們談過進展不會是線性的。但我想了解的是，在這個數字裡，實際上有多少比例是市占成長的？

And then the global roll up of flat, I understand there's a mathematical dynamic on that, but it has to some of the bigger categories versus the smaller ones within that that 50 grid. So I guess notwithstanding the comments on being pleased with progress, what are maybe some of the bigger category country combinations that still need more attention, more change and sort of time line on the next six to eight months of getting some of those interventions in market.

另外，全球彙總為持平，我理解其中有數學上的動態，但這與那50格矩陣中較大的品類相對於較小的品類有關。所以我想問的是，儘管你們表示對進展感到滿意，但有哪些較大的「品類×國家」組合仍需要更多關注、更多改變？以及在未來六到八個月內，讓其中一些介入措施進入市場的大致時間線是什麼？

Laura, let me start and then Shailesh can jump in. I think the most important turn that we see is enterprise markets continuing to progress. If you look at enterprise markets growth, consistently mid-single digits. So Asia, Middle East, Africa, 3% growth. If you exclude the market restructuring, Asia, Middle East, Africa growing 6%.

Laura，我先開始，然後Shailesh可以補充。我認為我們看到最重要的轉折，是企業市場持續改善。如果你看企業市場的成長，一直維持在中個位數。所以亞洲、中東、非洲成長3%。若排除市場重整，亞洲、中東、非洲成長6%。

Latin America continuously growing share across categories over time periods. Europe enterprise market is growing 5%. So enterprise market strength, I think, is sustained, visible and broad-based. From a market dynamic, the most important share growth component we needed was China to return to share growth because it is our number two market, and we've done that very decisively. We're back to leading share on Baby Care. We're leading -- we're growing share on FemCare growing share on Fabric Care. So it's broad-based.

拉丁美洲在各品類、各時間區間持續提升市占。歐洲企業市場成長5%。因此我認為企業市場的強勁是可持續的、可見的，而且是廣泛分布的。從市場動態來看，我們最需要的市占成長要素，是中國回到市占成長，因為它是我們第二大市場，而我們已非常果斷地做到這點。我們在嬰兒護理（Baby Care）重新回到市占領先。我們在女性護理（FemCare）提升市占、在衣物護理（Fabric Care）也提升市占。所以是全面性的。

And honestly, the recipe that the team is executing will result in the same dynamic across categories. But already, the majority of the categories in China is on share growth. The rest will follow. Europe continues to grow modest value share in a very difficult environment, up 20 basis points of value share. And the more the more impacted categories from a headwind standpoint, if you want to go there.

坦白說，團隊正在執行的配方，會在各品類帶來同樣的動態。但目前在中國，多數品類已處於市占成長。其餘的也會跟上。歐洲在非常艱難的環境下，仍持續小幅提升價值市占，上升20個基點的價值市占。而如果你想談受逆風影響較大的品類的話。

Fabric Care, for example, is one where competition has increased. And we are reestablishing competitiveness in Europe. So that's a big priority for the European focused market team.

例如衣物護理（Fabric Care）就是競爭加劇的一個品類。而我們正在歐洲重新建立競爭力。因此這是歐洲聚焦市場團隊的一項重大優先事項。

In the US, I would really point to the progress we're making at the customer category level. We quoted in the script that we had 10% of the top customer brand combinations growing in the front half. We're now up to 50%. And we expect that to continue to accelerate over the next six months, which will solidify the share growth that we're seeing early signs of in the US as well.

在美國，我會特別指出我們在「客戶×品類」層級取得的進展。我們在講稿中引用過，上半年前十大客戶×品牌組合中，只有10%在成長。現在已提升到50%。而我們預期在未來六個月會持續加速，這將鞏固我們在美國也已看到初步跡象的市占成長。

The more longer-term recovery trajectory, Baby Care. But for example, on diapers on tape diapers where we adjusted competitiveness from a value perspective, we saw the immediate adjustment in shares. So we're back to volume and value share growth on tape diapers. But we have an opportunity to drive that strength through the entire portfolio. That's where the innovation plan is focused and you see the next wave of innovation coming here over the next couple of months.

較長期的復甦軌跡是嬰兒護理（Baby Care）。但例如在黏貼式尿布（tape diapers）上，我們從價值角度調整競爭力後，立刻看到市占的即時調整。因此我們在黏貼式尿布上已回到量與價值市占的成長。但我們仍有機會把這股強勢擴展到整個產品組合。這正是創新計畫聚焦之處，你也會在接下來幾個月看到下一波創新推出。

The other big one in the US Family Care, that's more of a category dynamic and I feel very good about where family care is going. Again, we won't be talking about the future innovation and launches, but it gives me confidence that we have a very clear view of where we lost users and most importantly, very clear data on how to regain those users over the next six months. That's the run about. But what Shailesh is saying, I think, at the essence is core, we're building out that matrix of category, country, customer share growth, and we're increasing the number of greens.

美國另一個大的項目是家庭護理（Family Care），這比較屬於品類動態，而我對家庭護理的走向感到非常樂觀。同樣地，我們不會談未來的創新與上市細節，但這讓我有信心：我們非常清楚使用者流失發生在哪裡，更重要的是，我們有非常清楚的數據，知道在未來六個月如何把那些使用者找回來。大致就是這樣。但我認為Shailesh所說的核心是：我們正在建立那個「品類、國家、客戶」的市占成長矩陣，並且增加綠燈的數量。

Will it be linear? No. But do we have confidence that we exit next year with strong solidified share growth? Yes.

會是線性的嗎？不會。但我們是否有信心在明年結束時，能以強勁且更為穩固的市占成長作收？是的。

I would just say, Lauren, to that question in addition to what Andre said is we've made big inflections on some of them. I think Fabric Care, US being one of those and we are building further momentum there. And where we have gaps, we have very clearly identified the category customer combinations that need to inflect and have very clear time bound plans on those being executed over the next six months.

Lauren，我只想補充，除了Andre所說的之外，我們在其中一些項目上已出現很大的拐點。我認為衣物護理（Fabric Care）與美國就是其中之一，而我們正在那裡進一步累積動能。而在我們仍有缺口的地方，我們已非常清楚地識別出需要出現拐點的「品類×客戶」組合，並且對於未來六個月要執行的事項有非常明確、具時間約束的計畫。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

Great. As I look through the last several quarters, it strikes me that much of the volatility and surprise that we've seen has come either from the US or from focused markets in Europe. And so I guess my question is, how would you assess the underlying fundamentals of those markets as you think through the puts and takes and as you assess the outlook for fiscal '27.

很好。當我回顧過去幾個季度時，我的感覺是，我們所看到的許多波動與意外，主要不是來自美國，就是來自歐洲的特定重點市場。所以我的問題是，當你在權衡利弊並評估 27 財年的展望時，你會如何評估這些市場的基本面？

And is there anything that you've experienced midst all of that volatility and surprise that has altered the way you approach go-to-market plans interfacing with retailers, plans with the consumer. Just anything that you take away from recent experiences that informs any kind of different tactic as you think about fiscal '27?

另外，在這些波動與意外之中，你是否有任何經驗改變了你與零售商互動、制定上市（go-to-market）計畫，以及面向消費者的方式？也就是說，近期的經驗是否帶來任何啟發，讓你在思考 27 財年時採取不同的策略？

Steve, let me start and then maybe Andre has a few points to add. But I would start and say, fundamentally, these two markets, both North America and folks Europe, the market growth has slowed by 1 to 2 points over the past 12 to 18 months. And I think at the core, where we have large shares and the category growth slows down, the impact is greater. At the same time, we actually think there is a much bigger opportunity in the next five years for growth in these two markets.

Steve，我先回答，然後 Andre 也許可以補充幾點。我會先說，從根本上看，這兩個市場——北美以及歐洲的相關市場——在過去 12 到 18 個月裡，市場成長已放緩了 1 到 2 個百分點。而我認為在核心層面，當我們擁有較大市占、且品類成長放緩時，影響會更大。同時，我們其實認為，未來五年在這兩個市場仍有更大的成長機會。

If I just take the US and you we look at where is the maximum value we can add on top and bottom line, it is still the US Whether it is something like Power Oral Care, where even if we get to somewhat reasonable penetration levels compared to our Europe benchmarks, it's like the equivalent of creating a new India business for us.

如果只看美國，並思考我們在哪裡能在損益表的上、下兩端創造最大價值，那仍然是美國。

So we see a good $5 billion to $10 billion growth opportunities over the next three to five years in both US and Europe, just fundamentally by addressing some of these huge growth opportunities that still exist. A lot of this will require a higher level of innovation, and that's what I was referring to when I was talking about China. When China slowed down, it wasn't about driving in the train anymore. We needed to drive the train.

因此，我們看到在未來三到五年，美國與歐洲合計有約 50 億到 100 億美元的成長機會，根本上就是透過解決一些仍然存在的巨大成長機會。其中很大一部分需要更高水準的創新，這也是我在談中國時所指的。當中國放緩時，就不再是搭著列車前進而已。我們必須自己去開動列車。

And I think in US and Europe, we are modifying and adjusting our innovation plans to ensure that they are capable of lifting the category growth rates. Tide evo is an obvious example, but I would take the combination of Tide evo and Tide liquids work because Tide's going to get some of the new growth and get some of that new performance and innovation-driven growth but improving significantly the performance of our existing propositions has a lot of market growth and share growth opportunity for us.

我認為在美國與歐洲，我們正在調整與修正創新計畫，以確保它們能夠拉升品類成長率。Tide evo 是一個明顯的例子，但我也會把 Tide evo 與 Tide 液體洗衣精的組合一起看，因為 Tide 將取得部分新增成長，並獲得一些由新性能與創新驅動的成長；同時，若能顯著提升我們既有產品主張的性能，也能為我們帶來大量的市場成長與市占成長機會。

So when something like Tide liquids grows it is still a 50-plus percent premium to the market average. So when Tide liquid starts growing, the market gets lifted and Tide liquids will grow if we can really strengthen the value proposition, which is what we have done. So I think our biggest growth opportunities moving forward are still in US and some of the Europe focused markets. It does require a higher bar on innovation, and that is what we are preparing ourselves for.

所以像 Tide 液體洗衣精這樣的產品，一旦成長，其成長幅度仍比市場平均高出 50% 以上。因此，當 Tide 液體洗衣精開始成長時，市場也會被帶動；而只要我們能真正強化其價值主張——這正是我們已經做的——Tide 液體洗衣精就會成長。所以我認為，我們未來最大的成長機會仍在美國以及部分歐洲重點市場。這確實需要更高門檻的創新，而這正是我們正在為之做準備的。

Andre, anything?

Andre，有要補充的嗎？

Andrea Teixeira, JPMorgan.

Andrea Teixeira，摩根大通。

I wanted to just go back, and you've said many times, the value proposition that you're applying, particularly in the US. And we're seeing the increase in marketing spend, in particular, to investments and price reinvestments, as you called out. I was curious to see there's -- I understand a timing situation. And I wanted to see if you can parse out that timing impact.

我想回到你多次提到的、你正在採用的價值主張，特別是在美國。我們看到行銷支出增加，尤其是你提到的投資與價格再投資。我想了解的是——我理解這裡有時點因素。我想看看你是否能拆解這個時點影響。

And then more importantly, how have you learned in terms of those reinvestments and then the volume that you could get from those initiatives? I mean, I think you called out side, you called out some of the Baby Care -- but if you can explain to us and then perhaps think about how you're embedding those recoveries and market share recoveries into your guide?

然後更重要的是，就這些再投資而言，你們學到了什麼？以及你們能從這些舉措中帶來多少銷量？我的意思是，我想你提到了（某些）面向，你也提到了一些嬰兒護理——但如果你能向我們解釋，並且也談談你如何把這些復甦與市占回升納入你的財測指引？

Andrea. Look, I level up a second here. But we are very diligent in telling the categories to remain fully invested in the business. And I think that is what is allowing with the right interventions, the turn of business that you see in many parts of the world. And what is driving and fueling the share -- the volume share growth we see now in the US and the increasing number of customer brand combinations that are winning. How that investment is structured really depends on the specifics of the business.

Andrea。我先把層次拉高一點。我們非常嚴謹地要求各品類要持續對業務保持充分投資。我認為，正是這一點，配合正確的介入措施，才讓你看到我們在全球許多地區的業務扭轉。而這也在推動並支撐我們目前在美國看到的市占——銷量市占——成長，以及越來越多「客戶×品牌」組合正在勝出。投資如何配置，確實取決於各業務的具體情況。

In Baby Care, we needed a short-term intervention on key price points because we are being out-promoted and outpriced Making that intervention while painful, is absolutely necessary so that the innovation that is launching and the brand communication can be effective, and you see the results on tape diapers.

在嬰兒護理方面，我們需要在關鍵價格帶做短期介入，因為我們在促銷與定價上被對手壓過。進行這樣的介入雖然痛苦，但絕對必要，才能讓即將推出的創新與品牌溝通發揮效果，而你也在膠帶型尿布（tape diapers）上看到了結果。

In other categories, it is a channel price point conversation, for example, where we might have expanded our absolute cash outlay premium in club on certain categories too far. That requires correction and is being invested in.

在其他品類，則是通路價格帶的議題，例如在會員制賣場（club）某些品類上，我們可能把絕對現金支出溢價拉得過高。這需要修正，而我們也正在投入資源來修正。

In other categories like in type, the example Shailesh mentioned, it's about product performance but not changing the price point, but improving the value that way. All these interventions are very targeted and very carefully constructed and embedded in the guidance range that we've given you. We also will continue to invest in media.

在其他品類，例如在 Tide（如 Shailesh 提到的例子）上，重點是產品性能，而不是改變價格帶，而是透過提升價值來達成。所有這些介入措施都非常聚焦、且經過非常審慎的設計，並已納入我們提供給你們的指引區間之中。我們也會持續投資媒體。

I firmly believe we have a big opportunity to increase the effectiveness of our media spend. Because of what Shailesh is continuing to describe the fragmentation of the media landscape, I don't think we're at 100% effectiveness potential, and that's the investment we're making in media capabilities.

我堅信，我們在提升媒體投放效能方面有很大的機會。因為如同 Shailesh 持續描述的媒體版圖碎片化，我不認為我們已達到 100% 的效能潛力，而這正是我們正在投入的媒體能力建設。

So maybe a bit broader answer, but it's the combination of these interventions that are required to get to sustainable share growth -- and therefore, back to algorithm are embedded in the guidance ranges that we have given you. And if oil and the Middle East situation holds at the assumption, we feel comfortable with the midpoint of the guidance range because we're very certain that the interventions and the execution that we control will deliver. The uncertainty in the guidance range in our mind, entirely results from Middle Eastern oil and underlying consumer strength.

所以這可能是比較宏觀的回答，但要達到可持續的市占成長——因此回到我們的演算法（algorithm）——需要這些介入措施的組合，而它們都已嵌入我們給出的指引區間。如果油價與中東局勢維持在我們的假設之下，我們對指引區間的中位數感到有信心，因為我們非常確定我們可控的介入措施與執行將會交付成果。在我們看來，指引區間中的不確定性完全來自中東油價以及消費者基本面強度。

Chris Carey, Wells Fargo Securities.

Chris Carey，富國證券。

I wanted to pick up on this line of thinking actually around investment levels. Andre, I'm getting to a bit of gross margin compression for the full year, which let's just say, if I put it all together, would imply SG&A doesn't grow a whole lot this year, if anything, maybe it can be a bit lower year-on-year, so implied to have good operating leverage this year. And I guess I'm mindful that last year was a kind of significant investment year ended at historically high levels for investment.

我想延續這個思路，談談投資水準。Andre，我推算全年毛利率會有些壓縮；如果把所有因素放在一起，這意味著今年 SG&A 不會成長太多——如果有的話——甚至可能年對年略低，因此今年隱含有不錯的營運槓桿。而我也注意到，去年算是相當顯著的投資年，投資水準處於歷史高位。

Coming into this year, you have a restructuring and overhead initiative, which is going to drive a lot of savings -- number one, is my premise somewhat logical around a bit of gross margin compression and thereby SG&A doesn't grow a whole lot.

進入今年，你們有重整與間接費用（overhead）計畫，將帶來大量節省——第一，我的前提是否在邏輯上大致成立：也就是毛利率略有壓縮，因此 SG&A 不會成長太多。

And if so, can you just give us a sense of how you would view the full investment suite over the last several years, say, fiscal '26 in and kind of the underlying levels that you would foresee once you normalize for some of these overhead savings and some of the automation initiatives that you have, just to give us a sense of that indeed, you will be going into fiscal '27 with full and robust investment levels behind your brands? I know you had expanded on it to Andrea's question, but I'd like to dig just a bit deeper, if I could.

如果是這樣，你能否讓我們了解，如何看待過去幾年的整體投資組合——例如 26 財年——以及在把這些間接費用節省與自動化措施正常化之後，你所預期的基礎投資水準？這樣我們才能理解，你們確實會在 27 財年以充分且強勁的品牌投資水準進入新年度。我知道你在回答 Andrea 的問題時已經有所延伸，但如果可以的話，我想再深入一點。

Yes. No, it's good to dig a little deeper here, Chris. I think the -- the setup for the year we just started is good. We have the productivity savings now flowing through. Obviously, half of the headcount reduction has been executed. The major market restructuring has been executed. So the benefits of that from a cost perspective will start to flow through into fiscal '27.

是的。不，Chris，在這裡確實值得再深入一點。我認為——我們剛開始的這一年的布局是好的。我們的生產力節省現在正開始反映出來。顯然，人力縮減已執行了一半。主要市場重組也已完成。因此，從成本角度來看，這些效益將開始在 27 財年體現出來。

We have remained fully invested in the business. And if you look at our media spend and advertising spend over the last three to five years, the only way we've gone is up and as I said, I don't think note of Shailesh believes that 100% of that spending has been effective, and we will work to increase the effectiveness. And I think you'll see a combination of effectiveness flowing through to the P&L and effectiveness, increasing the efficiency of the spend.

我們仍然對業務保持全面投資。而且如果你看我們過去三到五年的媒體投放與廣告支出，我們唯一的方向就是增加；正如我說的，我不認為 Shailesh 會相信其中 100% 的支出都有效，我們會努力提升其有效性。我認為你會看到有效性一方面反映到損益表（P&L），另一方面也會透過提升有效性來提高投放效率。

And therefore, we maintain full support to the brands but we can be more selective on the tools, the platforms and therefore, the spend levels that we will apply. The third component that is part of the plan is very strong productivity on the cost of goods side.

因此，我們會持續全力支持各品牌，但在工具、平台上可以更有選擇性，進而調整我們將採用的支出水準。計畫中的第三個組成部分，是在銷貨成本端（COGS）實現非常強的生產力提升。

We've delivered record cost of goods productivity in the fiscal we just closed, and we will do that again, if not more. And that's our path to get to a reasonable EPS outcome with the cost headwinds we talked about, while maintaining investment in the business and providing the value balance that consumers need to give us the share growth that we want.

我們在剛結束的財年創下了銷貨成本生產力的紀錄，我們會再次做到，甚至做得更多。這就是我們在面對我們談到的成本逆風時，仍能達成合理 EPS 結果的路徑，同時維持對業務的投資，並提供消費者所需要的價值平衡，以帶來我們想要的市占成長。

I'd just add 1 point to that, Chris, which is that we are looking at investment depending on the brand, the country and the category in a few different buckets. So there's investment in brand building, which shows up as advertising costs -- there's investment in product per often like we did on Tide to significantly improve value.

Chris，我只想再補充一點：我們會依品牌、國家與品類，從幾個不同的「桶」來看投資。其中包括品牌建設投資（會以廣告費用呈現）——也包括產品端的投資，例如我們在 Tide 上所做的，顯著提升價值。

So we are very, very choiceful and disciplined of where we are investing for that brand in that country to get the maximum lift -- so we've gotten much better in our learnings over the past 12 months on what is the right mix of spending across these different investment is to get the biggest lift on the business.

因此，我們在該國家、該品牌的投資去向上非常、非常審慎且自律，以取得最大的拉升效果——過去 12 個月，我們在學習上進步很多，已更清楚在這些不同投資之間，什麼樣的支出組合才是正確的，才能對業務帶來最大的拉升。

So in some businesses, it may be just fundamentally increasing media because of their brand building plans. In some, it may be strengthening the product investment. And so we have built a much better understanding over the past 12 months of where that balance and mix needs to be.

所以在某些業務上，可能就是因為品牌建設計畫而需要從根本上增加媒體投放。在另一些業務上，可能是要強化產品投資。因此，過去 12 個月我們對於這個平衡與組合應該如何配置，已建立起更好的理解。

Peter Grom, UBS.

UBS 的 Peter Grom。

Great. I guess I wanted to ask just on the 1% to 3% organic sales outlook. And Andre, you mentioned what the low end versus the high end. But on the high end, you mentioned you assume some acceleration in category growth and partner share performance. But I think historically, category growth alone would already put you towards the higher end of that range.

很好。我想問一下關於 1% 到 3% 的有機銷售展望。Andre，你提到低端與高端的差異。但在高端，你提到你們假設品類成長與合作夥伴端的市占表現會加速。不過我認為從歷史來看，單靠品類成長本身就會把你們推向該區間的高端。

So can you maybe just unpack what's embedded from a category growth standpoint in the outlook? And then I guess just related, there's a big disconnect between consumption and shipments this quarter. Is this dynamic now in the rearview? Or said another way, should organic growth and consumption be more aligned moving forward.

所以你能否拆解一下，在展望中從品類成長角度到底內含了什麼假設？另外相關地，本季消費端與出貨端之間有很大的落差。這個動態現在是否已經過去？或者換句話說，未來有機成長與消費是否會更一致？

Thanks, Peter. So if I dissect the guidance on the top line range, the base assumption is category growth at the current levels we're seeing in the market, which is that's a global number. So 2% value growth is the center line. To deliver 2% organic sales growth within that would require us to grow about 2.5 points because we have about a 40, 50 basis points headwind from the market restructuring on the top line that is still carrying into this year.

謝謝你，Peter。如果我拆解一下營收端指引區間的假設，基準假設是品類成長維持在我們目前在市場上看到的水準——這是一個全球數字。因此，以價值計算的 2% 成長是中線。在這樣的情況下，要做到 2% 的有機銷售成長，我們需要實際成長約 2.5 個百分點，因為市場重組對營收端仍帶來約 40 到 50 個基點的逆風，並會延續到今年。

So this would mean if the categories grow at 2%, and we have underlying growth of 2.5% that would require share growth but would leave us at the midpoint of the range from an organic sales growth standpoint.

所以這表示：如果品類成長是 2%，而我們的底層成長是 2.5%，那就需要市占成長，但從有機銷售成長角度看，會落在區間的中點。

Our objective, as you can tell from the commentary, both Shailesh and I are making is to remain fully acted in the business. and to drive share growth and drive market growth. So we're building business plans that shift us obviously more significantly above market. But the construct assumes 2 points, which means in the middle, 2.5 points of growth for us, net of 50 basis points of headwind from restructuring would mean share growth at a minimum, okay?

從我們的評論你也看得出來，Shailesh 和我所表達的目標，是持續對業務保持全面投入，並推動市占成長、推動市場成長。因此，我們正在建立的業務計畫，會讓我們明顯更大幅度地跑贏市場。但這個架構假設的是 2 個百分點，也就是在中間情境下，我們成長 2.5 個百分點，扣除重組帶來的 50 個基點逆風，至少就意味著需要市占成長，對吧？

On the shipment versus consumption, listen, it's the dynamic happens in Europe and the dynamic happens in the US. And the simple answer is we need to get to stronger growth in both regions. So those dynamics don't impact us as much. That's the macro answer that we would give our teams. We have to deliver stronger growth and that's what they are working on.

至於出貨與消費的差異，聽著，這個動態在歐洲會發生，在美國也會發生。簡單的答案是：我們需要在兩個地區都回到更強的成長。這樣這些動態對我們的影響就不會那麼大。這是我們會給團隊的宏觀答案。我們必須交出更強的成長，而這正是他們正在努力的方向。

The dynamics are slightly different in the US. It is truly pull forward of inventory quarter-to-quarter, which sometimes happens very late in the quarter like in quarter three and then shift of big events like Prime Day, which changes the way we have to recognize the trade investment that's what happened in Q4. I think the combination of the two was unusual. Therefore, the effect was bigger than we would typically see.

在美國，動態略有不同。這確實是通路庫存跨季度的提前拉貨，有時會在季度很後段才發生，例如第三季；再加上像 Prime Day 這類大型活動的時間移動，會改變我們必須如何認列通路投資——這就是第四季發生的事。我認為兩者的組合是不尋常的。因此，影響比我們通常看到的更大。

But I fully expect there's going to be always has been some level of trade inventory volatility quarter-over-quarter. We just need to get back to 3%-plus growth, so it's less visible. In Europe, the effect is more linked to trade dynamics and negotiations. There are different negotiation windows with retailers and fewer retail will apply some pressure in the negotiation period, which then shifts inventories. We generally catch up also that dynamic will sustain.

但我完全預期，通路庫存的季度間波動總是會存在、也一直都存在某種程度。我們只需要回到 3% 以上的成長，這樣它就不那麼顯眼。在歐洲，影響更多與通路動態與談判相關。與零售商的談判窗口不同，而且較少數的零售商會在談判期間施加一些壓力，進而改變庫存配置。我們通常也會追趕回來；這種動態也會持續存在。

So how do we make that go away? We have to accelerate growth in Europe.

那要怎麼讓它消失？我們必須加速歐洲的成長。

Filippo Falorni, Citi.

Citi 的 Filippo Falorni。

I wanted to ask about the price and promotional environment in your categories. It seems like you have two opposite forces on one hand. You talked about the price intervention to trade to improve market share.

我想問一下你們品類中的定價與促銷環境。看起來你們同時面臨兩股相反的力量：一方面，你們談到對通路進行價格介入以提升市占。

On the other side, you have cost inflation, which typically will result in higher pricing. So can you help us understand how you balance the two? And one of your European competitors talked about second half of calendar year being a little bit more price driven. So maybe can you help us understand within your organic guidance the contribution from volume, price and mix in '27.

另一方面，你們又面臨成本通膨，而這通常會導致更高的定價。所以你能否幫我們理解你們如何在兩者之間取得平衡？另外，你們一位歐洲競爭對手提到，日曆年下半年可能會更偏向價格驅動。所以也請你幫我們理解，在你們對 27 年的有機指引中，量、價與組合（mix）的貢獻各是如何？

I don't see a fundamental change in our growth algorithm. But you're right, we see promotion increasing back to pre-COVID levels. Europe volume on promotion has increased by about 5 points in the most recent read. There's a little bit of seasonal dynamic in there. There's a little bit of FIFA-related promo activation in there, which you would have heard.

我不認為我們的成長演算法有根本性的改變。但你說得對，我們看到促銷正在回升到疫情前的水準。在最新一次的讀數中，歐洲促銷下的銷量占比提高了約 5 個百分點。其中有一些季節性因素。也有一些與 FIFA 相關的促銷啟動因素，你們應該也聽說過。

So we would expect both the US and Europe to over time return to pre-COVID promotion levels. We're almost there. So I don't think that's a dramatic shift, but promotion will continue to drive some level of growth. Our plan assumes that we continue to price with innovation.

因此，我們預期美國與歐洲會隨時間推移回到 COVID 之前的促銷水準。我們幾乎已經到了。所以我不認為那是劇烈的轉變，但促銷仍將在某種程度上帶動成長。我們的計畫假設我們會持續以創新來支撐定價。

We mainly use promotion to drive trial. We use innovation to drive a regimen from high penetration categories into low penetration categories by co-promoting.

我們主要用促銷來推動試用。我們用創新透過聯合促銷，將高滲透品類的使用習慣（regimen）導入到低滲透品類。

When we talk about the customer plans, in the US, there is a very careful construction of the business plan that includes promotion as it comes to those objectives. But we don't believe that promotion in any way, shape or form is a way to build the business or to acquire users on a sustainable basis. So we'll use it where it makes sense. It's not part of our desired business building strategies. We expect the return to pre-COVID level.

當我們談到客戶計畫時，在美國，會非常謹慎地建構商業計畫，並將促銷納入以達成那些目標。但我們不認為促銷以任何方式、任何形式能夠建立業務，或以可持續的方式獲取使用者。因此我們會在合理之處使用它。它不是我們期望的業務建設策略的一部分。我們預期會回到 COVID 之前的水準。

We're cognizant of that, and we have built that into our assumptions. But we will continue to drive price/mix in this year like we've done in 20 out of 21 previous years.

我們對此有所警覺，並已將其納入我們的假設之中。但我們今年仍會像過去 21 年中有 20 年那樣，持續推動價格/組合（price/mix）。

I think just to add to what Andre said. Specifically, we think with innovation, there will be -- we believe we will be able to have a consistent price mix and a more balanced volume price and mix growth composition of sales. If costs remain elevated, we typically do see promotion levels go up or down. So if costs tend to be high, we will see promotions ease off a bit.

我想補充一下 Andre 所說的。具體而言，我們認為透過創新——我們相信我們將能夠維持一致的價格組合，並讓銷售成長的構成在銷量、價格與組合之間更為均衡。如果成本仍然居高不下，我們通常會看到促銷水準上升或下降。因此若成本偏高，我們會看到促銷稍微收斂一些。

But as Andre said, it's generally trending towards the pre-COVID levels. But at a fundamental level, we have an innovation plan that will allow us to price but still deliver great value to the consumer.

但如 Andre 所說，整體而言正朝向 COVID 之前的水準回歸。不過從根本上，我們有一個創新計畫，能讓我們在定價的同時仍為消費者提供很高的價值。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

I just had a high-level question on China. I was hoping for a little more color on your business. in the market and then your expectations for category growth in the region and maybe expected improvements to your share this year?

我有一個關於中國的高層次問題。我希望能更了解你們在該市場的業務情況，以及你們對該地區品類成長的預期，還有今年你們市占率可能改善的預期？

And then I guess, finally, are there any changes you're making to your innovation and our strategy in light of the consumer and macro?

最後，我想問的是，鑑於消費者與總體環境，你們在創新與我們的策略上是否會做出任何調整？

Yes. I would say given where the consumer is, we are definitely raising the bar on innovation. We are making sure that the performance is very noticeable. That's important not just from where the consumer is today and becoming much more discerning. But also as we see the future of brand building and we see the environment there, real difference in product performance shows up in authenticity and plays positively when you look at path to purchase through social media or e-com or other such tools.

是的。我會說，考量到消費者目前的狀況，我們確實在提高創新的門檻。我們確保產品表現非常明顯、可感知。這不僅重要於消費者當下的狀態、變得更挑剔。同時，當我們看到未來的品牌建設以及那裡的環境時，產品性能的真實差異會體現在真實性（authenticity）上，並在你透過社群媒體、電商或其他工具觀察購買路徑時，產生正向效果。

So we continue to raise the bar on what is expected out of innovation because not only is the consumer more discerning on value, and that's been a critical piece of it. But moving forward, we also think it's a multiplier to the brand-building efforts.

因此，我們持續提高對創新成果的期待，因為消費者不僅在價值上更為挑剔，而這一直是其中的關鍵。但展望未來，我們也認為這會放大品牌建設的努力成效。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Maybe if I could actually follow up on Greater China. Andre, I think 4% organic sales for the quarter, 4% for the year. So really a nice improvement or rebound in that business, and that's even with maybe some headwinds in some of the categories that you called out in the press release.

或許我可以就大中華區再追問一下。Andre，我想本季有機銷售成長 4%，全年也是 4%。所以那項業務確實有不錯的改善或反彈，而且即便你在新聞稿中提到某些品類可能仍有一些逆風。

So maybe just if you could help us unpack a little bit more on the China side, like Baby Care seems to be driving the bus, but presumably, the interventions if you can make in some of the other categories would help that total China number tick up from where it is? And just what's being done in those categories outside of maybe Baby Care to help improve going forward?

所以也許你能幫我們更進一步拆解中國的情況，例如嬰兒護理似乎是主要驅動力，但推測若你能在其他一些品類採取介入措施，應該能讓中國整體數字在目前基礎上再往上走？另外，除了可能的嬰兒護理之外，在其他品類方面做了哪些事情，以協助未來改善？

Sure. China market continues to be challenged. So it's not a tailwind that we're getting. The market in aggregate is still down about 2% in the most recent reading that we have. The share breakthrough, the most encouraging part of the share breakthrough for me is the work the team has done to win across channels.

當然。中國市場仍持續面臨挑戰。所以我們並沒有從中獲得順風。就我們最近一次掌握的數據來看，整體市場仍約下滑 2%。就市占突破而言，對我來說最令人鼓舞的是團隊在跨通路取勝方面所做的工作。

We historically, as you know, were more centered around offline, more centered around brick-and-mortar and the team has been able to win in both. So we're winning in the physical store, and we're winning online, both on pure plays as well as social platforms. So it's really broad-based from a channel perspective, which I think is the first encouraging sign because that means no matter where the consumer goes, we have a better position we're winning with that consumer.

如你所知，我們過去更偏重線下、更偏重實體零售，而團隊已能在兩者都取得勝利。因此我們在實體店取勝，也在線上取勝，既包括純電商平台（pure plays），也包括社交平台。所以從通路角度來看，這是非常廣泛的勝利；我認為這是第一個令人鼓舞的訊號，因為這意味著無論消費者走向哪裡，我們都處於更有利的位置，並能贏得該消費者。

From a category lens, SKI continues to shine. 8% growth, excluding travel retail in China. We continue to lead from a share perspective and the activation, the team is driving across the core but also the super premium LXP proposition drives continued share growth, continued growth in the SK two business. Making progress in hair care on the core propositions Head & Shoulders and Pantene. There is a lower tier rejoice that we're still working through, but the core of the proposition is growing.

從品類角度看，SKI 仍持續亮眼。在中國剔除旅遊零售後成長 8%。我們在市占方面仍保持領先，而團隊在核心產品上的市場推動（activation），以及超高端 LXP 產品主張，帶動 SK-II 業務持續提升市占、持續成長。在護髮方面，核心主張海飛絲（Head & Shoulders）與潘婷（Pantene）正在取得進展。較低價位的 Rejoice 我們仍在調整中，但核心主張正在成長。

Great progress on Fabric Care, progress on Femcare and Baby Care, the shining star with the growth rates you see and now back to number one position in the market. So we are the number one Baby Care brand in China, which is an amazing accomplishment by the team.

在衣物護理方面進展很大，女性護理與嬰兒護理也有進展；嬰兒護理是最耀眼的明星，成長率如你所見，且如今已回到市場第一的位置。因此我們是中國第一的嬰兒護理品牌，這是團隊非常了不起的成就。

So broad-based opportunity still in a couple of areas. I mentioned the low tier of Hair Care, work to be done. There is still work to be done on Oral Care. On the paste side. We are actively deciding what we want to do in that space.

因此在幾個領域仍有廣泛的機會。我提到護髮的低價位帶仍有工作要做。口腔護理仍有工作要做。在牙膏（paste）這一端。我們正在積極決定在那個領域我們想要怎麼做。

And the third component, where we still have work to do with mass skin. Mass skin is a market dynamic more than a brand dynamic. The Olay brand is a very strong brand in China but we have to find a way to grow that category and grow within that the Olay mass brand. So that will be the more detailed view of China.

第三個部分是大眾護膚（mass skin），我們仍有工作要做。大眾護膚更多是市場動態，而非品牌動態。Olay 在中國是一個非常強勢的品牌，但我們必須找到方法讓該品類成長，並在其中推動 Olay 的大眾品牌成長。以上就是對中國更細緻的看法。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

Just a couple of follow-ups. I just want to go back to start with -- go back to the gap between the shipments and consumption. And I was just wondering, this has been going on for a while now, right? And I'm just wondering if there's anything that is more distinct with Procter's business compared to your competitors? Because it does seem to be a little bit more of an issue for you guys.

再追問幾點。我想先回到出貨與消費之間的落差。我只是想知道，這種情況已經持續一段時間了，對吧？我想知道，寶僑的業務相較於你們的競爭對手，是否有任何更為明顯的不同？因為看起來這對你們而言似乎更像是一個問題。

And I'm wondering if that is a function of where either your strategy, your brands or just your retailer concentration. So I would love to understand that a little better.

我想知道這是否與你們的策略、你們的品牌，或只是你們的零售商集中度有關。所以我很希望能更好地理解這一點。

And then second, going back taking a look at the US consumer, did you -- are you -- did you see a distinct impact from higher gasoline prices, when it went up, when it went down? How much of a driver is that? And then any comments on July would be helpful.

然後第二個問題，回到美國消費者這邊，您是否——您有沒有——您是否看到汽油價格上漲時、下跌時，對消費者造成明顯影響？這在多大程度上是驅動因素？另外，若能評論一下 7 月的情況也會很有幫助。

Robert, let me take the first part, Shailesh can jump in on the consumer side. I believe the very simple answer to your question is there something specific about P&G and P&G strategy that creates more volatility on the inventory side. I don't believe so. I think it's a very simple answer. We're bigger than everybody else, and we have higher velocity than everybody else.

Robert，我先回答第一部分，Shailesh 可以再補充消費者那一端。我認為對你問題最簡單的答案是：P&G 或 P&G 的策略是否有什麼特別之處，會讓庫存端的波動更大。我不這麼認為。我覺得答案很簡單。我們比其他所有人都大，而且我們的周轉速度也比其他所有人都快。

So if you need to reduce your inventory quickly, you focus on the biggest brand on the shelf that has the highest velocity because that's how you can get your inventory dollars down. So I think that's the very simple logic of unstocking P&G and restocking P&G is easier. You can do it with a few decisions, plus we have the supply chain capability that we can deal with those swings. So I think that's the answer. I don't think there's anything that I can think of that would make P&G a specific element of that conversation.

所以如果你需要快速降低庫存，你會把重點放在貨架上最大、周轉最快的品牌，因為那樣才能把庫存資金占用降下來。因此我認為，去庫存（unstocking）P&G 以及再補庫（restocking）P&G 更容易，邏輯就是這麼簡單。你只要做幾個決策就能做到，而且我們的供應鏈能力也足以應對這些波動。所以我想這就是答案。我想不出有任何因素會讓 P&G 成為那段討論中特別的一個元素。

And I would just add to that, Andre, Robert, to your question that we see that even within P&G categories, there's a variation. So it's not like every category would have had a sell and sell out. On our grooming category, we had a reverse dynamic where actually the sell-out was less than the sell-in.

我再補充一點，Andre、Robert，針對你的問題，我們看到即使在 P&G 的各個品類內部也存在差異。所以並不是每個品類都同時出現「進貨（sell-in）」與「終端銷售（sell-out）」的變化。在我們的個人理容（grooming）品類，反而出現相反的動態：實際上 sell-out 低於 sell-in。

So that goes to Andre's point that depending on velocity, depending on other dynamics, even within our categories, we see a mix difference. And what the other point I would make is that fundamentally, over a large number of years, we are pretty sure that the consumption data in any of these is good over any rolling period of time.

這也呼應 Andre 的觀點：取決於周轉速度以及其他動態，即便在我們的品類之內，也會看到不同的組合差異。另外我想強調的是，從多年長期來看，我們相當確信，這些消費數據在任何一段滾動期間內都是可靠的。

So when we take a rolling six months basis or a rolling three-month basis, the disconnect goes away. So what we are focused on and when we work the teams is get focused on growing consumption, that's what Andre was saying earlier, get it high enough that the variations don't make a difference firstly, and grow it high enough because whatever you grow at eventually for the fiscal, it will balance out. So we know that on a fiscal basis or even on a 6 monthly basis, we get it fairly evened out.

所以當我們用滾動六個月或滾動三個月來看時，這種落差就會消失。因此我們關注的重點，以及我們帶領團隊時強調的是：專注於提升消費端（consumption）的成長——這也是 Andre 先前提到的——先把它拉高到足以讓短期波動不再重要；同時也要把它拉高，因為你在某段期間所達成的成長，最終在整個會計年度都會平衡回來。所以我們知道，以年度基礎，甚至以每六個月為基礎來看，整體會相當均衡。

On the consumer, I can't point or we can't point to gas as a specific impact. I think it's a general impact where you see the consumers that are well off, continue to behave as they've behaved before, larger pack sizes to find value the more pressured consumer that will be more impacted by gas prices or incremental $100 of gas cost per week. They continue to look for smaller pack sizes. They continue to be very affected by promotion patterns. So none of that has changed.

至於消費者端，我無法、或我們無法把汽油視為某個特定的影響因素。我認為它是一種普遍性的影響：你會看到較富裕的消費者，仍然延續以往的行為——買更大包裝以取得更高的性價比；而壓力較大的消費者，會更受油價或每週額外 100 美元油費的影響。他們仍然會尋找較小包裝。他們仍然非常受促銷節奏影響。所以這些都沒有改變。

What I'll tell you, Robert, our consideration also in the guide is longer term, if the Middle East conflict sustains and oil goes up and gas prices stay high and inflation increases. So that impacts consumer sentiment, we believe in the longer term, I don't think we're there yet. So there's kind of a multiplier effect here. If the Middle East sustains oil prices keep high. We expect somewhat of an impact on the top line as well as the cost impact that you see.

我想告訴你，Robert，我們在指引（guide）中的考量也包含較長期的情境：如果中東衝突持續、油價上升、汽油價格維持高檔，且通膨再度升溫。我們認為這會在較長期影響消費者信心，但我不覺得我們現在已經到那一步。所以這裡有一種乘數效應。如果中東局勢持續、油價維持高位，我們預期會對營收端（top line）以及你所看到的成本端都帶來一定影響。

That's why we have the range as wide as we have it. Because of that connection between both elements.

這也是為什麼我們把區間設得這麼寬。因為這兩個面向之間存在連動。

I'll just add one point maybe to this, that our portfolio points on the portfolio within that. One is that we do have a good vertical portfolio. So when we look at grooming, which is beginning to, for example, show very strong results, I think a lot of those results are driven by activating vertically and horizontally the portfolio. And we're seeing some of the best results we've seen in grooming in a long time as they've activated that portfolio.

我可能再補充一點，關於我們在其中的產品組合（portfolio）觀點。第一，我們確實有一個很好的垂直型產品組合。所以當我們看個人理容（grooming）時，例如它開始展現非常強勁的成果，我認為其中很多成果是來自於在垂直與水平兩個方向啟動（activating）產品組合。而且當他們啟動這個產品組合後，我們在理容品類看到的是很長一段時間以來最好的表現之一。

So having a portfolio that is vertically strong like ours and also horizontally to the -- one of our best-performing grooming items is the arimolaser headroom device which is one of the hottest selling items and one of the big growth drivers. I believe that's at $300 in most places.

因此，擁有像我們這樣垂直向很強、同時也具備水平向延伸的產品組合——我們表現最好的理容產品之一是 arimolaser headroom 裝置，它是最熱賣的產品之一，也是主要成長驅動之一。我相信在大多數地方它的售價約為 300 美元。

So you see kind of the leverage of the full vertical portfolio from IPL down to the disposable blades. The second part is our portfolio is a little more skewed to the $100,000-plus than it is to the less than $50,000. So our user base is a little skewed that way. So what we see is a little more of discernment by consumers, not an inability to buy.

所以你可以看到，從 IPL 一直到拋棄式刀片，完整垂直產品組合所帶來的槓桿效益。第二點是，我們的產品組合相對更偏向年收入 10 萬美元以上的族群，而不是年收入低於 5 萬美元的族群。所以我們的使用者基礎在這方面有些偏向。因此我們看到的是消費者更有選擇性（discernment），而不是買不起。

Kevin Grundy, BNP Paribas.

Kevin Grundy，法國巴黎銀行（BNP Paribas）。

I actually wanted to pick up Shailesh on the comment you just made a moment ago. But really with respect to longer-term outlook, in the portfolio. So specifically, I really have two questions. One, is there anything that you see structurally -- so longer term and much more lasting in nature, particularly around the areas of consumer behavior, competition, value orientation, which you touched on. Is it possible this is more lasting than something that's more transitory?

我其實想接續你剛才那段話，Shailesh。但主要是關於產品組合的長期展望。具體來說，我有兩個問題。第一，你是否看到任何結構性的——也就是更長期、且更持久的——變化，特別是在消費者行為、競爭、價值取向（你剛才也提到）等方面？有沒有可能這些變化比短暫性的因素更持久？

Or even pricing power as we look at the commodity cost inflation embedded in your guidance, is there anything there that leads you to believe that the company can't return sustainably to 3% to 4% organic sales growth kind of coming off a couple of years of kind of more disappointing low single digit, 1% kind of growth.

或者從定價能力來看，當我們看你們指引中所隱含的大宗商品成本通膨時，有沒有任何因素讓你認為公司無法可持續地回到 3% 到 4% 的有機銷售成長——尤其是在過去幾年表現較令人失望、僅低個位數、約 1% 成長之後？

And then two, related to that, if you indulge me, sort of as part of the strategy, is there anything that gives you pause now about the current portfolio or sort of relative attractiveness of these categories that should potentially be reconsidered by you and by the Board.

第二個問題也與此相關，如果你願意多談一些：作為策略的一部分，現在是否有任何事情讓你對目前的產品組合、或這些品類的相對吸引力感到猶豫，因而可能需要你們以及董事會重新考量？

It's a great question. I'll try and break it into a couple of different pieces. So we do see some demographic shifts and behavior shifts, which will create certain higher-growth segments than not. And we've always said we do expect probably higher growth rates in segments like beauty and health, and we expect to be accelerating that part of the portfolio even more. So we definitely do see some trends that are driving some parts of our portfolio at much higher category growth rates than others.

這是一個很好的問題。我會嘗試把它拆成幾個不同部分來回答。我們確實看到一些人口結構與行為的轉變，這會讓某些細分市場的成長更高、而另一些則不然。我們一直都說，我們預期像美容（beauty）與健康（health）這類細分市場可能會有更高的成長率，而我們也預期會更進一步加速這部分的產品組合。所以我們確實看到一些趨勢，正在推動我們產品組合中的某些部分，其品類成長率明顯高於其他部分。

We see much higher growth rates on e-com growth, for example. We expect to leverage that much more in some cases where we have a share gap, we catch up on the e-com there.

例如，我們看到電商（e-com）的成長率高得多。我們預期在某些情況下會更大幅度地運用這一點；在我們電商市占存在缺口的地方，我們會在電商端加速追趕。

So I think we are seeing certain segments that will grow faster, and we are adjusting and making the required choices on portfolio to address this. There is a second piece, which I think has been the key for growth for all of us, no matter what the situation is.

所以我認為我們看到某些細分領域將會更快成長，而我們正在調整並在產品組合上做出必要的取捨來因應。第二個部分，我認為不論情勢如何，這一直是我們所有人實現成長的關鍵。

So let me just give -- it's what I would call growth in adjacencies where we have expandable consumption. Probably one of the best examples we have on that is Fabric Care, where you can see growth rates over 5% over a decade and when you look at that and break it down, you will find probably laundry having a decent growth rate but double-digit growth rate on fabric enhancers. That is true almost in every single category we operate.

我先舉個例子——我稱之為在相鄰領域（adjacencies）中、具備可擴張消費（expandable consumption）的成長。其中最好的例子之一是衣物護理（Fabric Care）：你可以看到在十年間成長率超過5%；而當你進一步拆解，會發現洗衣本身可能有不錯的成長率，但衣物增效產品（fabric enhancers）則是雙位數成長。這幾乎適用於我們經營的每一個品類。

I mentioned earlier the Power Oral Care example. Fees should have a decent growth in the years to come driven by innovation. But there's a question in my mind in a market like US, the power brush, for example, will be a much higher growth rate part of the business. And so on what we are doing on each of the categories is we are getting very disciplined on what is the adjacency with expandable consumption -- it is not something new, but we know when we do it well, we are able to get well past market growth rates that are current. And in fact, they drive much more future growth from a category standpoint because it just lifts the total number.

我先前提到電動口腔護理（Power Oral Care）的例子。在創新帶動下，未來幾年應該會有不錯的成長。但在像美國這樣的市場，我心中有個問題：例如電動牙刷，將會是業務中成長率更高的部分。因此，我們在各個品類所做的，就是非常自律地界定哪些相鄰領域具備可擴張消費——這不是新概念，但我們知道只要做得好，就能明顯超越目前的市場成長率。事實上，從品類角度看，它們也會帶來更多未來成長，因為它會把總量往上抬升。

The final point I would make on this one is that the -- our in the base propositions we have, which are already at premiums to the market, when we get those activated like we're doing with Tide liquid and have those growing mid-to-high single digits, that too lifts the category growth rate.

我在這點上最後想補充的是——我們既有的基礎價值主張（base propositions）本來就相對市場屬於溢價定位；當我們把它們像Tide洗衣精那樣啟動起來，並讓其以中到高個位數成長時，也同樣會拉升品類的成長率。

And which is why if I pull it all together, Kevin, I think with a deliberate strategy that we have. We do see sequential improvement, and we are not acting it to be incremental, to be clear. There are a bunch of innovations and initiatives we are working on, which completely step change the out-year growth rates because of the interventions we make.

因此，如果把這些整合起來，Kevin，我認為在我們刻意為之的策略之下，我們確實看到逐季改善，而且我要說清楚：我們不是把它當作小幅增量。我們正在推進一系列創新與計畫，因為我們所做的介入（interventions），將會讓未來幾年的成長率出現明顯的躍升式變化。

I'll give you another example on that one is Zevo, which we launched. Zevo been driving a really stagnant category by addressing a totally new needs. So we feel there is plenty of growth opportunity. We don't feel we are constrained by the current consumer environment. We know when we innovate well against the right growth opportunity areas, we can get back to high growth rates.

我再舉一個例子：我們推出的Zevo。Zevo透過滿足全新的需求，正在帶動一個原本非常停滯的品類。所以我們認為成長機會非常充足。我們不覺得目前的消費者環境限制了我們。我們知道，只要在正確的成長機會領域把創新做好，就能回到高成長率。

Andre, do you want to add?

Andre，你要補充嗎？

No.

不用。

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

Very I want to build on some of the earlier questions with so much focus on market share. It can be implied maybe wrongly so that you're a victim of whatever happens to the categories. But I think you mentioned in some of your answers to questions that market share growth will drive category growth. And I want to make sure just mathematically, that is correct. And what will it take to get to that stage?

我想延伸前面一些問題，因為大家非常聚焦在市占率。這可能（也許是錯誤地）暗示你們只是品類變化的受害者。但我認為你在一些回答中提到，市占率成長會帶動品類成長。我想確認，從數學上來看，這是正確的。以及要達到那個階段需要什麼條件？

Are we in a first stage where share growth without category growth and category growth comes later? Or in the past, we've heard so many of the initiatives of Procter & Gamble have made or things that grow the category. But it feels a little bit like with the growth rates you're providing or some of the messages that you're sending related to whether it's macro or consumer or whatever it is, is that the category is going to do what it has to do and then you're taking the appropriate intervention.

我們是否處於第一階段：先有市占率成長但品類不成長，而品類成長會在之後才出現？或者過去我們聽到很多寶僑（Procter & Gamble）的舉措是讓品類成長的。但現在感覺有點像：依照你們提供的成長率或你們傳遞的訊息——不論是宏觀、消費者或其他因素——品類會做它必須做的事，而你們再採取適當的介入。

So just trying to understand what were you seeing in these categories and the category growth, are those real run rates? Or do you feel like you can pick them up? And what would be the path of what we would observe if that was going to be the case.

所以我想理解的是：你們在這些品類中看到的品類成長，那些是真實的運行速度（run rates）嗎？還是你們覺得可以把它們拉升？如果真是如此，我們會觀察到的路徑會是什麼？

Let me start, Kaumil. I think the base assumption here is a relatively stable environment, which is what we've been seeing for the last three, six, nine months. And pending any change to that, which we don't see a driver of at the moment other than major inflation shock to the consumer base. But our job, we view as we need to drive innovation in our categories. We need to drive interest in our categories.

Kaumil，我先開始。我認為這裡的基本假設是環境相對穩定，而這也是我們過去三、六、九個月所看到的。除非出現變化——目前我們看不到驅動因素，除了對消費者基礎造成重大衝擊的通膨震盪。但我們的工作，我們的看法是：我們必須在我們的品類中推動創新。我們必須提升消費者對我們品類的興趣。

We need to drive traffic to the category. And I think the point we made earlier, when we do that, successfully, that generally grows the category because we are somewhat premium versus the category average, and it drives new users into the category. And with doing that, we drive share.

我們必須為品類帶來人流（traffic）。而我認為我們先前提到的重點是：當我們成功做到這些時，通常會帶動品類成長，因為我們相對於品類平均是偏溢價定位，並且會把新使用者帶進品類。在做到這些的同時，我們也會推動市占率。

Now is that going to happen every time in that sequence? No. So for example, on Baby Care, when we react to a value component in the market that we need to address, we grow share because we need to return to value competitiveness. But from there, we will continue to innovate. We will continue to do exactly what I just said.

那是否每次都會以那樣的順序發生？不會。例如在嬰兒護理（Baby Care），當我們回應市場中需要處理的價值（value）要素時，我們會先提升市占率，因為我們需要回到具競爭力的價值定位。但在那之後，我們仍會持續創新。我們會持續做我剛剛說的那些事。

So the playbook hasn't changed. Our intention to grow and get back to algorithm, and that's why we take longer because we want to take it that way, not via heavy promotion and volume and value share gains that are not sustainable or require continued fueling of promotion. We want to do it with innovation. We want to do it by driving traffic into the category. If we do that well, we grow share.

所以我們的作戰手冊（playbook）沒有改變。我們的意圖是成長並回到我們的演算法（algorithm），這也是為什麼我們會花更長時間，因為我們想用這種方式達成，而不是透過大量促銷、衝量，以及那些不可持續、或需要持續加碼促銷才能維持的量與價值市占率提升。我們希望用創新來做到。我們希望透過把人流帶進品類來做到。如果我們做得好，就會提升市占率。

I would just add, building off your point, Andre, that where we are clear what is the shorter-term interventions, and we are very clear on what the innovation interventions are. And we know that when some of those innovations go in, they will lift the category. So the sequence of some of these could be different, like on Baby Care, if you have a value gap and you fix it immediately, you may not immediately see the market impact.

我補充一下，延續你的觀點，Andre：我們很清楚哪些是短期介入措施，也很清楚哪些是創新介入措施。我們也知道，當其中一些創新落地時，會拉升品類。因此，有些事情的發生順序可能不同；例如在嬰兒護理，如果你有價值缺口並立即修補，你可能不會立刻看到市場層面的影響。

But in parallel, we are working innovations that will lift the category. And we do that across every single category from Hair care to Skin care. We look at doing it. So it won't always happen in tandem. But generally, if we are growing the category should be growing because of our portfolio.

但同時，我們也在推進能拉升品類的創新。而我們在每一個品類都這麼做，從護髮到護膚。我們都在尋求這樣的做法。所以不一定會同步發生。但一般而言，如果我們在成長，品類也應該因為我們的產品組合而成長。

And second is we do focus on innovations that can step change category growth. I think if you take EVO and beads that are excellent examples of that. I mean, EVO is completely incremental to the category.

第二點是，我們確實聚焦於能讓品類成長出現躍升式變化的創新。我認為如果你看EVO和香氛珠（beads），那就是很好的例子。我的意思是，EVO對品類而言是完全新增的增量。

And the message to our organization is very consistent with that. So grow the market that will allow you to grow share sustainably will allow you to get to a balanced top line and bottom line construct. So it's all four components at the same time.

而我們對組織傳遞的訊息也非常一致：擴大市場，才能讓你以可持續的方式提升市占率，並讓你達到營收端與獲利端的平衡架構。所以是四個要素同時並進。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

I kind of wanted to drill down on one category in the US, and that's like home care, paper towels, paper tissues, doesn't get a lot of talk on these calls, but it's a big percentage of your sales that strikes me that it's kind of like the best example of a category where you really do need that premiumization to justify a gap to private label. And private label has been a problem in this category. So is it possible to delve a little bit into in light of your talk about premiumizing to justify pricing, is this a category where you can do this successfully? And is it a priority even for fiscal '27?

我想更深入聚焦美國的一個品類，也就是家用護理（home care），像是紙巾、廚房紙巾、面紙等。這些在這類電話會議上不太常被討論，但它在你們銷售中占比很大。在我看來，這幾乎是最能代表「你確實需要推動高端化（premiumization），才能合理化相對自有品牌（private label）的價差」的品類。而自有品牌在這個品類一直是個問題。所以，結合你們剛才談到透過高端化來支撐定價，你們能否更深入談談：這是否是一個你們可以成功做到的品類？而且這是否甚至會是到 2027 財年（fiscal '27）的優先事項？

Yes. Let me start on that one, Robert. On -- I presume you're are seeing fundamentally family care. On Family Care, we -- now the -- I would rate it as the category where we have probably the biggest technological advantage of all the categories we play in. So we have true ability to deliver superiority on that category.

是的。Robert，我先回答這題。關於——我猜你指的是家庭護理（Family Care）。在家庭護理方面——我會把它評為我們所涉足的所有品類中，可能擁有最大技術優勢的品類。因此，我們確實有能力在這個品類提供明顯的優越性。

We have innovations like when we did software that lifts the category, that lifts us. We have a program for this fiscal, focused on doing the same -- the one area to COVID that we probably did not have as strong on family care or because of the high demand had to depriorize a bit was the vertical portfolio. And I think that was the reason we had a vertical portfolio on Family Care was to be able to leverage the full scale and also defend against private label.

我們有一些創新，例如我們曾推出能帶動整個品類成長的技術，而那也會帶動我們自身成長。本財年我們有一個計畫，聚焦做同樣的事——在 COVID 期間，有一個領域我們在家庭護理上可能沒有那麼強，或因需求過高而不得不稍微降低優先順序，那就是「垂直產品組合」（vertical portfolio）。我認為我們之所以在家庭護理建立垂直產品組合，是為了能夠運用完整規模，同時也用來防禦自有品牌。

One of the things that we are doing is reactivating the vertical portfolio on both Charmin and Bounty while we continue to innovate on the base Charmin and Bounty. So what you will see is a better activation of the vertical portfolio there. and strong innovation on both Bounty and Charmin to continue to have that pricing in.

我們正在做的一件事，是在持續對 Charmin 與 Bounty 的核心產品創新的同時，重新啟動 Charmin 與 Bounty 的垂直產品組合。因此你們會看到那裡的垂直產品組合有更好的啟動與推進，同時 Bounty 與 Charmin 也會有強勁創新，以持續支撐我們的定價。

And the only thing I would add is -- this is a category where price points matter a lot versus private label. And with the commodity-based pricing, we have gotten too away from a price point perspective in some channels. So that correction is happening. And one encouraging sign to leave you with is we have grown users for the first time in family care in the most recent period. And that's before some of the intervent that Shailesh was talking about have even been activated.

我唯一想補充的是——這是一個相較自有品牌而言，價格帶（price points）非常重要的品類。在以大宗商品為基礎的定價影響下，我們在某些通路的價格帶角度已經偏離得太遠。所以目前正在進行修正。另外一個令人鼓舞的訊號是：在最近一期，我們在家庭護理品類的使用者數（users）首次出現成長。而這還是在 Shailesh 剛才提到的一些介入措施（intervent）甚至尚未啟動之前。

So I look at that category and say, we probably have a very clear path forward. But as you rightfully point out, that needs to be done the right way because this category only grows if Charman and Bounty grow.

所以我看這個品類，會說我們其實有一條非常清晰的前進路徑。但正如你所指出的，這必須以正確方式來做，因為這個品類只有在 Charmin 和 Bounty 成長時才會成長。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Shailesh and Andre, we've talked a lot on this call and in the past about how important is for P&G to control its own destiny and create your own tailwinds. And as the line between retail and demand generation continue to blur. Can you talk about some of the actions you are taking and investments you're making to specifically improve that? Because your size likely still benefit to you, but perhaps not to the same extent as it does in other areas like promotion and category growth. So can you talk about what's been done?

Shailesh 和 Andre，我們在這通電話會議以及過去都談了很多：對 P&G 來說，掌握自身命運、創造自己的順風（tailwinds）有多重要。而隨著零售與需求創造（demand generation）之間的界線持續模糊，你們能否談談你們正在採取哪些行動、以及正在進行哪些投資，以具體改善這一點？因為你們的規模可能仍然對你們有利，但也許不像在其他領域（例如促銷與品類成長）那樣有利。所以能否談談目前已經做了哪些？

And looking back at this year, where do you need to enact further change going forward? And what you expect to achieve in fiscal '27 by year-end?

回顧今年，未來你們還需要在哪些方面推動進一步的改變？以及你們預期在 2027 財年（fiscal '27）年底前要達成什麼？

Thanks. I think the biggest one we are trying to do is really change the way we work with our retail partners. Fundamentally driven by the fact that the landscape has changed both in terms of a sharper differentiation in performance amongst the retail set -- but secondly, amongst what it offers beyond the classical merchant partnership. We have tremendous synergies on media and tremendous mutual gains to be made on demand creation and category growth by leveraging that. There's tremendous benefits on supply chain collaboration.

謝謝。我認為我們最主要想做的一件事，是徹底改變我們與零售合作夥伴的合作方式。這根本上是由於市場環境已經改變：一方面，零售商之間的績效分化更為明顯——另一方面，他們所能提供的也不再僅限於傳統的商業合作關係。我們在媒體方面有巨大的協同效應，透過運用這些資源，在需求創造與品類成長上也有很大的雙贏空間。在供應鏈協作方面也有很大的效益。

And generally, where we have been focused on is getting a much better demand signal generation to marketing content to closing the loop and having a short path to purchase with each of these big retail partners. I feel very, very happy with the progress we are making and the partnerships we are building.

整體而言，我們一直聚焦於：更好地產生需求訊號（demand signal generation），把它連結到行銷內容，並完成閉環（closing the loop），讓每一個大型零售合作夥伴都能有一條更短的購買路徑（short path to purchase）。我對我們正在取得的進展，以及我們正在建立的合作關係感到非常、非常滿意。

So that is probably the biggest area, and it is one where actually size does help. It kind of helps to be the largest media spender in this environment because for a lot of them, their big market growth opportunity is becoming a media platform.

所以那大概是最大的領域，而且確實是一個規模會帶來幫助的地方。在這樣的環境下，成為最大的媒體投放者其實很有利，因為對很多零售商而言，他們最大的市場成長機會就是成為一個媒體平台。

And so naturally, we become a good customer for that -- so we see a lot of opportunity, and we see a lot of progress in partnership on brand building and demand creation with retail partners leveraging our joint assets and that will continue to be the case moving forward. So I actually think that is a trend that will continue to favor us longer term.

因此，我們自然就成為他們很好的客戶——所以我們看到很多機會，也看到與零售合作夥伴在品牌建設與需求創造方面、透過運用雙方資產所帶來的合作進展，而這在未來也會持續。所以我其實認為，這個趨勢長期而言會持續對我們有利。

Edward Lewis, Rothschild & Co Redburn.

Edward Lewis，Rothschild & Co Redburn。

Just wanted to return to Tide. Clearly, Shailesh brand you know very well from your long association with it. Obviously, a lot of interest in evo but clearly early days. And I just wondered that was a return to the Tide liquids and the relaunch there. I think you referenced high single-digit growth.

我想回到 Tide。很明顯，Shailesh，這個品牌你因為長期參與而非常熟悉。顯然大家對 evo 很感興趣，但也確實還在早期階段。我想問的是，回到 Tide 液體洗衣精（Tide liquids）以及那次重新上市（relaunch）。我記得你提到有高個位數成長（high single-digit growth）。

Now is that in line or better than you would have expected? And how much is what I would think some with the apparent success of that move, how much will that make you consider such approach in other areas? So does that then -- would it be then logical to assume within the algorithm that we're going to get more volume than price going forward and that would be a market success of the changes you're making?

那這樣的表現是符合、還是優於你原本的預期？另外，基於這項舉措看起來的成功，你會在多大程度上考慮把這種做法複製到其他領域？所以——是否可以在你們的演算法（algorithm）中合理推論：未來我們會看到更多來自銷量（volume）而非價格（price）的貢獻，而這也會是你們正在推動變革所帶來的市場成功？

I would -- let me go back to the tide as the basis and then build from there. So we -- the EBITDA expectations is a simple answer. When you put such a massive investment in product performance on such a large part of the business, it's very difficult to estimate a number like high single-digit growth. What did we do? We said price is the same give a much better performance.

我會——讓我先以 Tide 作為基礎再往外延伸。所以——關於 EBITDA 的預期，簡單回答是：當你在業務中如此大的一部分上，投入如此巨大的產品性能投資時，要去估算像「高個位數成長」這樣的數字其實非常困難。當你在業務中如此大的一部分上，投入如此巨大的產品性能投資時，要去估算像「高個位數成長」這樣的數字其實非常困難。我們做了什麼？我們說：價格不變，但提供更好的性能表現。

Intuitively, you know it's going to work, but you can't really say is it going to grow 3%, 5%, 7%. And so I really commend the team there for having the courage of their conviction to say, no, if I really step change the performance of Tide, the users will reward us. And what we have seen is a reward higher than what we had anticipated. It is absolutely the basis on which we will continue to drive more of this across the company. It is what -- when we refer to it as a stronger core, that's what we mean.

直覺上你知道這會奏效，但你很難真的說它會成長 3%、5% 或 7%。因此我非常肯定那個團隊，他們有信念也有勇氣去說：不，如果我真的讓 Tide 的性能表現產生階躍式提升（step change），使用者就會回報我們。而我們看到的回報高於我們原先的預期。這絕對是我們接下來會在全公司持續推動更多此類作法的基礎。這也就是——當我們提到「更強的核心」（a stronger core）時，我們指的就是這件事。

You can take any of our brands, take Head & Shoulders, 85% of our user base is on the base Head & Shoulders. So -- on each of these areas, we are looking to see, are we absolutely delighting the consumers on our base while, of course, innovating and doing new things. So it gives us clear proof of concept, improving our base proposition while having the right value by balancing price and product performance is what we need to do.

你可以拿我們任何一個品牌來看，例如 Head & Shoulders，我們 85% 的使用者基礎都在基礎款 Head & Shoulders 上。所以——在每一個領域，我們都在檢視：我們是否真的讓消費者在我們的基礎款上感到非常滿意，同時當然也持續創新、做新的事情。因此這給了我們非常清楚的概念驗證（proof of concept）：在改善我們的基礎價值主張（base proposition）的同時，透過平衡價格與產品性能來提供正確的價值，這就是我們需要做的事。

So when we say -- we're really focused on user growth. User growth is about value and value is about do we have the right product for the price and the marketing inputs we give it. So I think Tide was a great example for us and it's always good when you get a success on the largest part of your business, they become more believers than that. Andre?

所以當我們說——我們其實非常聚焦於使用者成長。使用者成長關乎價值，而價值在於：我們是否以合適的價格提供了正確的產品，以及我們投入的行銷資源是否到位。所以我認為 Tide 對我們來說是一個很好的例子，而且當你在業務中最大的一塊取得成功時，總是很棒的——他們會變得更相信這一點。Andre？

In a broader sense, we've had the post-COVID period, 100% of growth driven by price. We will return, and you see that in the construct to a more balanced model where we see both price and volume being drivers of our time growth. And that needs to be the model to return to algorithm.

從更廣泛的角度來看，我們經歷了後疫情時期，成長有 100% 是由價格所驅動。我們將回到——你也可以從架構上看到——一個更平衡的模型，在那裡價格與銷量都會成為我們成長的驅動因素。而這需要成為回到長期演算法（algorithm）的模式。

So as sales that innovation on the core, if we're catching up on value might not come with pricing but innovation in a broader sense will come with pricing to continue to drive trade up and price mix as part of the growth model.

因此，就核心業務的創新而言，如果我們是在補回價值，可能不一定透過定價；但更廣義的創新將會伴隨定價，以持續推動消費升級（trade up）以及價格/組合（price mix），作為成長模型的一部分。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Just obviously, a lot has been covered already. I wanted to come back just to some timing considerations. And I think you were really clear about the cost pressure skewing to the first half. And on some of the interventions, at least once you've already identified, those should seem like they're in place by the end of the first half. But for some things like the scaling the 4 key capability areas and some of the other kind of transformation elements.

很明顯，前面已經涵蓋了很多內容。我想回到一些時點（timing）的考量。我認為你們對成本壓力偏向上半年這點講得很清楚。而在一些干預措施上，至少是你們已經辨識出的那些，看起來應該會在上半年末之前到位。但對於像是擴大四個關鍵能力領域的規模，以及其他一些轉型要素。

Is it right to think that the fiscal second half starts to be when -- at least where you sit now, you should be hitting your stride? Or is some of that a longer process?

是否可以這樣理解：在你們目前的判斷下，財政年度下半年會開始——至少在你們現在的位置——進入發力期？還是其中有些會是更長期的過程？

I guess, maybe how do we think about how different the first and second halves could look? And just in one sense, kind of what inning we're in for some of the plans that you've identified already?

我想，或許我們該如何看待上、下半年可能呈現多大的差異？另外，從某種意義上說，對於你們已經辨識出的部分計畫，我們現在大概處於第幾局（inning）？

Yes. Let me answer part of it, and then Andre, feel free to add. But I would say, for sure, you will see greater momentum in the back half on these capabilities being scaled up. And we will be much more in the implementation and application stage of many of these capabilities. Now there's no big bang date on this.

是的。我先回答其中一部分，然後 Andre 也可以補充。但我會說，毫無疑問，到了下半年，當這些能力擴大規模後，你會看到更大的動能。而我們也會更進入許多這些能力的落地與應用階段。不過，這並沒有一個所謂的「大爆發」日期。

So some of it is already beginning to play out, and that actually continues to give us confidence to move faster on many of these. Some still need some capabilities in place, but it is -- for sure, we are looking at this as something that progressively gets applied. And by the back half, we'll definitely be in a much further along the journey of the application of that -- so that's one part of it.

所以其中一些其實已經開始展現效果，而這也確實讓我們更有信心在許多方面加快速度。有些仍需要先把某些能力建置到位，但可以肯定的是——我們把這視為一個逐步推進、逐步應用的過程。到了下半年，我們肯定會在這些應用的旅程上走得更遠——所以這是其中一部分。

And second, a lot of our interventions do on the business itself, along some of the points we've talked about going in the front half. And so we do expect to have the cost anniversaried as we go into the back half as well as have continued sequential improvements in our top line as we move forward.

第二，我們針對業務本身所做的許多干預措施，會在上半年落地，呼應我們談到的一些重點。因此，我們確實預期，隨著進入下半年，成本會完成同比基期（anniversaried），同時我們的營收端也會在往前推進的過程中持續出現環比改善。

Okay. With that, I would just close it out by saying, listen, we are pleased with the fact that we are growing consumption. We are stabilizing our value share which puts us on a good foundation to get back to better growth.

好的。那麼我最後總結一下：我們對於消費量正在成長感到滿意。我們正在穩定我們的價值市占（value share），這讓我們有良好的基礎回到更好的成長。

We continue to drive a robust productivity plan so that we can continue to invest in the business and continue to make sequential improvement as we have said. And as Michael, to your last question as well, we believe that we will continue to see improvement semester to semester. That's something that Andre mentioned in his comments. We generally feel good about the state of where we are and how it puts us for achieving our future growth and getting back to long-term algorithm.

我們持續推動一項強健的生產力計畫，讓我們能夠持續投資於業務，並如我們所說，持續帶來逐步改善。而且 Michael，回到你最後的問題，我們相信我們將會持續看到一學期到下一學期（semester to semester）的改善。這也是 Andre 在他的評論中提到的。整體而言，我們對目前所處的狀態以及它如何幫助我們實現未來成長、回到長期演算法（algorithm）感到相當有信心。

Just one last piece before we sign off, I want to remind you that our Investor Day will be on Thursday, November 19 here in Cincinnati. We'll be sending out invitations tomorrow morning. We're excited to have you all here. Thanks for joining the call today, and have a wonderful day.

在我們結束之前最後補充一點，我想提醒各位，我們的投資人日將於 11 月 19 日（週四）在辛辛那提舉行。我們明天早上會寄出邀請函。我們很期待各位到場。感謝今天加入電話會議，祝各位有美好的一天。

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

今天的會議到此結束。感謝各位的參與。您現在可以掛線，祝您有美好的一天。