J M Smucker Co (SJM) 2026 Q2 法說會逐字稿

Good morning, and welcome to the J.M. Smucker Company's fiscal 2026 second quarter earnings question-and-answer session. This conference call is being recorded. (Operator Instructions) I will now turn the call over to the Crystal Beiting, Vice President, Investor Relations and Financial Planning and Analysis. Thank you. You may begin.

早安，歡迎參加 J.M. Smucker 公司 2026 財年第二季財報問答環節。本次電話會議正在錄音。（操作員指示）我現在將電話轉交給投資者關係和財務規劃與分析副總裁 Crystal Beiting。謝謝。你可以開始了。

Good morning, and thank you for joining our fiscal 2026 second quarter earnings question-and-answer session. I hope everyone had a chance to review our results as detailed in this morning's press release and management's prepared remarks, which are available on our corporate website at jmsmucker.com. We will also post an audio replay of this call at the conclusion of this morning's Q&A session.

早安，感謝各位參加我們2026財年第二季財報問答環節。我希望大家都有機會查看今天早上新聞稿和管理層準備的講話稿中詳細介紹的業績情況，這些文件都可以在我們的公司網站 jmsmucker.com 上找到。我們也將在今天上午問答環節結束後發布本次電話會議的錄音回放。

During today's call, we may make forward-looking statements that reflect our current expectations about future plans and performance. These statements rely on assumptions and estimates, and actual results may differ materially due to risks and uncertainties. Additionally, we use non-GAAP results to evaluate performance internally. I encourage you to read the full disclosure concerning forward-looking statements and details on our non-GAAP measures in this morning's press release.

在今天的電話會議中，我們可能會發表一些前瞻性聲明，這些聲明反映了我們目前對未來計劃和業績的預期。這些陳述依賴假設和估計，實際結果可能由於風險和不確定性而與假設和估計有重大差異。此外，我們也使用非GAAP財務結果來評估內部績效。我建議您閱讀今天早上新聞稿中關於前瞻性聲明的完整披露內容以及我們非GAAP指標的詳細資訊。

Participating on this call are Mark Smucker, Chief Executive Officer and Chair of the Board; and Tucker Marshall, Chief Financial Officer. We will now open the call for questions. Operator, queue up the first question.

參加本次電話會議的有執行長兼董事會主席馬克·斯穆克，以及財務長塔克·馬歇爾。現在開始接受提問。操作員，請將第一個問題排入佇列。

Thank you. The question-and-answer session will begin at this time. (Operator Instructions)

謝謝。問答環節將於此時開始。（操作說明）

Andrew Lazar, Barclays.

安德魯·拉扎爾，巴克萊銀行。

Great, thanks so much for the question, and good morning, everybody. Maybe I wanted to start off with a question on Sweet Baked goods if I could. Organic sales in that segment came in better than I think most street expectations. Trying to get a sense from you is, how much of this do you see as sort of sustainable improvement versus maybe just easier year ago compares or any transitory benefits.

太好了，非常感謝你的提問，大家早安。如果可以的話，我想先問一個關於甜點烘焙食品的問題。該細分市場的有機銷售額優於大多數市場預期。我想了解的是，您認為其中有多少是可持續的進步，又有多少只是比一年前更容易一些，或者只是暫時的好處。

Good morning, Andrew. It's Mark.

早安，安德魯。是馬克。

Good morning.

早安.

Thanks for the question. First, we are very pleased with the progress that we're making on Sweet Baked Snacks and the Hostess brand. As you noted, we are seeing sequential improvement. Notably, we're seeing improved performance in c-store. Our volume shares are improving.

謝謝你的提問。首先，我們對甜味烘焙零食和Hostess品牌的進展感到非常滿意。正如您所指出的，我們看到情況正在逐步改善。值得注意的是，我們看到便利商店的業績有所提升。我們的銷售份額正在提升。

We've had -- our focus on a more focused portfolio has been helping. You'll recall that we had a three-pronged plan where we're strengthening our portfolio by actually eliminating 25% of the skews and we've seen really strong flowback into our core brands, notably the number one brands of donuts -- donuts, and [cupcakes], which each of those are the number 1 in their respective segments. And so that has been great.

我們一直專注於更集中的投資組合，這對我們很有幫助。您可能還記得，我們​​制定了一項三管齊下的計劃，透過消除 25% 的偏差來加強我們的產品組合，並且我們已經看到這給我們的核心品牌帶來了非常強勁的回流，特別是排名第一的甜甜圈品牌——甜甜圈和[紙杯蛋糕]，它們在各自的細分市場中都是排名第一的。所以，這真是太好了。

We recently re-launched Suzy Q's after they've been out of the market for many years and that has been off to a pretty good start. And then just, elevating our execution around sales, we're streamlining our operations, the Indianapolis closure should be complete by the fourth quarter and then continuing to invest in the brand.

我們最近重新推出了 Suzy Q's，此前它已經退出市場多年，而且開局相當不錯。然後，我們將提升銷售執行力，精簡運營，印第安納波利斯門市的關閉工作應該會在第四季度完成，之後我們將繼續投資品牌建設。

So long and short of it is, the plan we put in place, decisive actions are working and we just need to continue to do what we're doing over subsequent quarters and we do expect to see acceleration over the next couple quarters as well.

總之，我們所製定的計畫和採取的果斷行動正在奏效，我們只需要在接下來的幾個季度繼續這樣做，我們也預計在接下來的幾個季度裡會看到加速成長。

Got it. Thanks for that. And then maybe Tucker, how much of the $0.50 tariff impact this year is specifically coffee related such that if tariff policy remains sort of unchanged from here going forward, how much of a benefit we could or should expect this to be to fiscal '27. Thanks so much.

知道了。謝謝。然後，塔克，今年 0.50 美元的關稅影響有多少是專門與咖啡相關的？如果關稅政策從現在開始保持不變，我們能或應該預期這對 2027 財年有多大好處？非常感謝。

Andrew, good morning. The predominance of the $0.50, if not all, is related to green coffee tariffs. And so therefore stepping into FY27, it should be viewed as a tailwind while in FY26, it continues to be a headwind.

安德魯，早安。0.50 美元的價格占主導地位（如果不是全部的話），這與生咖啡關稅有關。因此，進入 2027 財年，這應該被視為順風，而進入 2026 財年，這仍然是逆風。

Tom Palmer, JP Morgan.

湯姆‧帕爾默，摩根大通。

Good morning. Thanks for the question.

早安.謝謝你的提問。

Good morning.

早安.

I wanted to follow-up on coffee as well. You noted not taking the third round of pricing as an incremental earnings overhang in the prepared remarks for this year. You've provided some really helpful bridges in terms of other items such as the tariff impact. I was wondering if you could maybe quantify how much that might have impacted your outlook, the decision not to take pricing, and then just given the tariff guidance was kind of unchanged, is should we think about tariffs flow through your P&L throughout fiscal '26 or is there a point where we start to see relief this year? Thanks.

我還想就咖啡方面做些補充說明。在今年的準備發言稿中，您提到不會將第三輪定價視為額外的獲利壓力。您在關稅影響等其他方面提供了一些非常有幫助的橋樑。我想知道您能否量化一下不進行定價的決定對您的前景產生了多大影響，而且鑑於關稅指導意見基本沒有變化，我們是否應該考慮關稅對您 2026 財年損益表的影響，或者我們是否會在今年某個時候開始看到緩解？謝謝。

Good morning. As you think about this fiscal year as we came out of our first quarter earnings call, we called out a net $0.50 impact as a result of tariffs, and that net $0.50 impact was receiving the benefit of recovering dollar for dollar cost inflation due to tariffs through an early winter pricing action.

早安.回顧本財年，在我們結束第一季財報電話會議時，我們指出關稅造成了 0.50 美元的淨影響，而這 0.50 美元的淨影響是透過冬季早期定價措施，收回了因關稅造成的美元成本通膨帶來的好處。

And then ultimately making an assumption around a price elasticity of demand factor. That was all embedded in the $0.50 as we came out of the first quarter earnings call. We have essentially added that back as a result of being in a tariff-off environment moving forward.

然後最終對需求價格彈性因素做出假設。所有這些都已包含在我們第一季財報電話會議結束時公佈的 0.50 美元中了。由於未來將處於關稅減免環境，我們基本上已經把這部分重新加回去了。

However, we have made the decision not to take pricing through US retail coffee in early winter. So we will be absorbing about $75 million of tariff-related costs incurred to date that we will realize, as I've noted in our third quarter, which coincidentally is $0.50, which is why we're calling it out. Therefore, an impact to this fiscal year but a tailwind to next fiscal year.

但是，我們決定在初冬時節不透過美國零售咖啡市場進行定價。因此，我們將承擔迄今為止產生的約 7,500 萬美元關稅相關成本，正如我在第三季報告中所指出的，這筆成本恰好是 0.50 美元，這也是我們特別指出的原因。因此，這對本財年會造成影響，但對下一財年則有利。

Understood. Thank you. On the SG&A side, there was the guidance reduction now flat year-over-year, a couple pieces. One is there a segment where that's going to be most evident and then any update on marketing plans, maybe I missed it. I think they were previously expected to be up around $40 million year-over-year, any change there. Thank you.

明白了。謝謝。在銷售、管理及行政費用方面，目前預期與去年同期持平，還有幾項內容。一是是否存在某個環節會最明顯體現這一點？二是行銷計畫方面是否有任何更新，或許我錯過了。我認為他們之前預計將同比增長約 4000 萬美元，這方面有任何變化嗎？謝謝。

So Tom, let's begin with marketing. We remain committed to investing in the long-term health of our brands, and so marketing absolute dollars will be up year-over-year and we're projecting that to be about 5.5% of net sales, which is pretty consistent throughout the year.

湯姆，那我們先從行銷開始吧。我們仍然致力於投資於我們品牌的長期健康發展，因此行銷絕對金額將逐年增長，我們預計這將佔淨銷售額的 5.5% 左右，這在全年都相當穩定。

We have sharpened the pencil as it relates to SG&A spend not only throughout the entire network but also as we think about discretionary spend. And we've also sharpened the pencil in certain areas as it relates to marketing, but we're still committed behind our growth brands and you will see an increase year-over-year.

我們已經嚴格控制了銷售、一般及行政費用支出，不僅在整個網路中如此，而且在考慮可自由支配支出時也是如此。我們也在行銷方面的某些領域加大了投入，但我們仍然致力於發展我們的成長型品牌，你會看到逐年成長。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Hi, I want to know, Tucker, about the profit results and sweet baked snacks. Was that also in line with your expectations because sequentially it's a step down, and it generally, when you have these SKU rationalizations, it improves the profitability of the business because you get rid of some waste. Is there a reason why that's not happening in 2Q?

嗨，塔克，我想知道關於利潤結果和甜點烘焙食品的情況。這是否也符合您的預期？因為從順序上看，這是一個倒退，而且通常情況下，當您進行這些 SKU 合理化時，它會提高企業的盈利能力，因為您可以消除一些浪費。為什麼第二季沒有出現這種情況？

Rob, good morning. So the second quarter top-line for Sweet Baked Snacks did exceed our expectations. The bottom line did not meet our expectations. We had anticipated sort of in line with Q1 to maybe slightly better in our second quarter. And as you've noted, we were just over $20 million. We do expect both the third and fourth quarters to get better. So that we get back toward our outlook for the full fiscal year with respect to segment profit.

羅布，早安。所以，第二季甜烘焙零食的營收確實超出了我們的預期。最終結果未達到我們的預期。我們原本預期第二季業績將與第一季基本持平，可能會略好一些。正如你所指出的，我們的資金剛剛超過 2000 萬美元。我們預計第三季和第四季的情況都會有所改善。這樣我們就能回到我們對整個財年分部利潤的展望。

And I would say that the second quarter shortfall to expectations really had much to do with the transition of our bakery network or environment and just more cost that we absorb through our supply chain, whether that be absorption, overhead, just the timing of transition. So we do expect benefit as we step into the third and fourth quarters.

我認為，第二季業績未達預期，很大程度上是由於我們的烘焙網絡或環境轉型，以及我們透過供應鏈吸收的更多成本，無論是吸收成本、管理費用，還是轉型的時間安排。因此，我們預計進入第三季和第四季後將會受益。

And I would also remind you in our fourth quarter we should benefit about $10 million from the closure of the Indianapolis facility, which is estimated to be a $30 million annual run rate impact, of which $10 million effects or benefits our fourth quarter of this fiscal year.

我還要提醒各位，在第四季度，我們將從印第安納波利斯工廠的關閉中受益約 1000 萬美元，預計這將帶來 3000 萬美元的年度運行率影響，其中 1000 萬美元將影響或惠及我們本財年的第四季度。

Okay, and maybe a follow-up on pet treats. In the commentary, you described the category, dog treats is getting better, your business is still down. What should we expect in the back half? I know there's some very easy -- I think some easy comparisons to some disruption last year. But are there marketing plans also to improve market share and what -- I guess is an improving category overall?

好的，或許可以後續談談寵物零食。在評論中，你描述了狗零食這個類別正在好轉，但你的生意仍然下滑。下半程我們該期待些什麼？我知道有一些很容易的——我認為有一些很容易與去年的一些混亂情況進行比較的情況。但是，是否有旨在提高市場份額以及——我猜是整個品類整體提升的營銷計劃呢？

Robert, It's Mark, and you actually are correct. You stated it, we are expecting a really strong lap, particularly as we get into this third quarter. So you will see milk bone getting back to growth, which is great news and it's not only the lab, but I would just highlight it's all the work that we've been doing and it is marketing.

羅伯特，我是馬克，你說得沒錯。正如你所說，我們預計會有非常強勁的單圈表現，尤其是在進入第三節的時候。所以你會看到乳骨恢復成長，這是個好消息，這不僅是實驗室的成果，我還要強調，這是我們一直在做的所有工作以及行銷的成果。

We have continued to push on our campaign which is called More Dog and so you've probably seen that in various media channels that's been helping, just the, again, what we always remind you guys is just the spectrum from value-based biscuits all the way to premiumization was the consumers are looking for different things from their dog treats, the Milk-Bone brand is definitely there delivering.

我們一直在推動名為「更多狗狗零食」的活動，您可能已經在各種媒體管道上看到了，這確實起到了幫助作用。我們一直提醒大家的是，從經濟實惠的餅乾到高端產品，消費者對狗狗零食的需求各不相同，而Milk-Bone品牌絕對能夠滿足他們的需求。

And then just the innovation on peanut buttery bites has been very successful and as we referenced in the prepared remarks, we are going to be launching another innovation after the beginning of the calendar year, which is also standing on another collaboration between the Jif brand and the Milk-Bone brand.

花生醬口味的創新產品非常成功，正如我們在準備好的演講稿中提到的，我們將在新年伊始推出另一項創新產品，這也是 Jif 品牌和 Milk-Bone 品牌之間的又一次合作。

So that including seasonal items which we referenced as well. There's a lot of really strong innovation and that category depends a lot on news for growth. So feeling really good about Milk-Bone and the trajectory of the brand and then just overall our pet business, and the growth that's going to be driven by Meow Mix, we expect to continue as well.

因此，也包括我們提到的季節性商品。這個領域有許多非常強勁的創新，而這一領域的成長很大程度上依賴新聞報道。所以，我對 Milk-Bone 和該品牌的未來發展軌跡感到非常滿意，也對我們整個寵物業務以及 Meow Mix 將帶來的成長感到滿意，我們預計這種成長勢頭也將繼續下去。

Rob, in support of your question, we are anticipating low single-digit growth for our pet portfolio in the third and fourth quarters behind the momentum of Milk-Bone and Meow Mix.

Rob，針對你的問題，我們預計在Milk-Bone和Meow Mix的推動下，我們的寵物產品組合在第三季和第四季將實現個位數低成長。

Yasmine Deswandhy, Bank of America.

Yasmine Deswandhy，美國銀行。

Hey, guys, thanks so much for the question. Just on the reduced net sales expectation for a frozen handheld and spreads, I know that spreads, particularly peanut butter was challenged in the second quarter, and the expectation is for that to continue for the balance of the year. So I'm asking around the reduced net sales expectation, is that simply flowing through the week or 2Q, or is that also -- spreads being enough of an offset that Uncrustables accelerating to double-digit growth won't be enough to offset the unforeseen weakness.

嘿，各位，非常感謝你們的提問。僅就冷凍手持食品和塗抹醬的淨銷售預期下調而言，我知道塗抹醬，特別是花生醬，在第二季度面臨挑戰，預計這種情況將在今年剩餘時間內持續下去。所以我想問大家，淨銷售額預期下調是僅持續到本週還是第二季度，或者也因為價差足以抵消，即使 Uncrustables 加速增長到兩位數，也無法彌補意料之外的疲軟。

Yeah, yes, good morning. As it relates to frozen handheld and spreads, we're really calling down that business a little over $80 million on a full year basis. You're kind of seeing half of that come through the second quarter and the balance will come through the back half of the year.

是的，早安。至於冷凍手持食品和塗抹醬，我們估計業務全年收入略高於 8,000 萬美元。其中大約一半將在第二季度實現，其餘部分將在下半年實現。

Much of that is driven by the spreads portfolio, and we really haven't taken up the outlook on the Uncrustables brand. But I can tell you that it still demonstrates growth and it is demonstrating a path or trajectory to being $1 billion brand by the end of this fiscal year.

這主要受塗抹醬產品組合的影響，我們還沒有真正考慮 Uncrustables 品牌的前景。但我可以告訴你，它仍然展現出成長勢頭，並且正在朝著本財年末成為價值 10 億美元的品牌的目標邁進。

And yeah, if I may, just add a little bit of color on a couple of these items. So on Uncrustables, Tucker just highlighted, still going to be $1 billion brand. The reason, overall we saw 7% for the total company away from home has been extremely strong. We did see growth in retail as well, maybe not as much as we would have expected because we were lapping a very strong Q2 last year with really strong merchandizing and promo.

是的，如果可以的話，我想為其中幾件物品添加一些顏色。所以，塔克剛才強調的Uncrustables品牌，還是會是價值10億美元的品牌。整體而言，我們看到公司員工離家辦公總比例為 7%，這一比例非常強勁。零售業也出現了成長，但可能沒有我們預期的那麼大，因為我們去年第二季業績非常強勁，商品銷售和促銷活動也非常成功。

But we do expect Uncrustables to get back to double-digit growth in the back half of the year, obviously supporting that billion dollars ambition and innovation is playing a key role, right? So where -- a couple of years ago when we had been capacity constrained, we weren't able to innovate.

但我們預計 Uncrustables 將在下半年恢復兩位數成長，這顯然支持了其十億美元的雄心壯志，而創新在其中發揮了關鍵作用，對吧？所以，幾年前，當我們產能受限時，我們無法進行創新。

Now we're launching seasonal flavors. The new one that just came out is this peanut butter and chocolate. It's called PB Choco Craze, and then we've got two new higher protein items that are meant to target sort of a morning depart or breakfast depart, and the uptake on those from our retail customers has been great as well.

現在我們推出季節限定口味。最新推出的口味是花生醬巧克力口味。它叫做 PB Choco Craze，然後我們推出了兩款新的高蛋白產品，旨在瞄準早晨或早餐市場，我們的零售客戶對這些產品的接受度也很高。

And then just on spreads because we were expecting the question, I might just highlight peanut butter. Again, there is a very big lap against last Q2 we had multiple tropical storms in the Caribbean and that drove a lot of stock up.

然後，因為我們預料到有人會問到塗抹醬的問題，所以我可能會重點介紹一下花生醬。同樣，與去年第二季相比，情況大不相同。當時加勒比海地區遭遇了多場熱帶風暴，導致股市大幅上漲。

And so we are seeing, the Jif, the peanut butter business being down in the quarter, but regardless, it's generally holding share. So overall, still feel good about spreads, making sure that we're getting our execution right, but that is obviously supportive of the Uncrustables business.

因此我們看到，Jif花生醬業務在本季度有所下滑，但無論如何，它總體上仍保持著市場份額。所以總的來說，我對銷售情況仍然感到滿意，確保我們的執行到位，這顯然對 Uncrustables 業務有利。

Okay, great. And if I could just squeeze another one in, I think the previous expectation was for in Sweet Baked Snacks for SKU rationalization to be isolated to the second quarter. And with now that extending into the third quarter is the expectation still for top-line stabilization in the second half, and I guess as another way, given the expectation for sequential improvement, could 3Q be flattished and 4Q grow or is there still a possibility for 3Q to be down?

好的，太好了。如果我能再擠出一點時間，我認為之前對甜味烘焙零食的 SKU 合理化預期僅限於第二季。鑑於目前已進入第三季度，預計下半年營收將趨於穩定。換句話說，考慮到預期業績將較上季改善，第三季業績是否會持平，第四季業績是否會成長，或第三季業績仍有可能下降？

I would say that -- one of the SKU rationalization really won't be (inaudible) back to sort of growth -- single-digits, slightly flat in the second -- third quarter or [snacks] on a comparable basis and then you should see a lot of (technical difficulty)

我想說的是——其中一項SKU精簡措施實際上不會（聽不清）恢復到之前的增長水平——個位數增長，第二季度到第三季度略微持平，或者（零食）在可比基礎上增長，然後你應該會看到很多（技術難題）

Your microphone is off.

您的麥克風已關閉。

Sorry, ye, I'm sorry, we had a technical difficulty here, but to your question, I just want to acknowledge that the Q3 will be the completion of the SKU rationalization associated with the closure of the Indianapolis bakery.

抱歉，是的，很抱歉，我們在這裡遇到了技術問題，但關於您的問題，我只想確認一下，第三季將完成與關閉印第安納波利斯麵包店相關的 SKU 合理化工作。

And then with respect to your question on growth, we should be flat to slightly down in the third quarter on a comparable basis and then demonstrating a level of growth on a low single-digit basis in our fourth quarter for Sweet Baked Snacks.

至於您提出的成長問題，以可比口徑計算，我們第三季的業績應該持平或略有下降，然後在第四季度，我們的甜味烘焙零食業務將實現個位數低成長。

(Operator Instructions)

（操作說明）

Megan Clapp, Morgan Stanley.

梅根克拉普，摩根士丹利。

Hi, good morning, Mark, Tucker. Thank you. Maybe another question, Tucker, on coffee. Can you talk a little bit about how you're thinking about the pacing of coffee margins in 3Q and 4Q? The 3Q EPS outlook in the prepared remarks a little bit softer than where the street is, I assume most of that is just that you still have tariff coffee and flowing through the P&L that's sitting on the balance sheet today without the pricing. So is that the right way to think about it? And then do you still expect to get to mid-20% margins in coffee in 4Q, or will there be a lingering kind of tariff impact there as well? Thank you.

嗨，早上好，馬克，塔克。謝謝。塔克，或許我們可以再問一個關於咖啡的問題。您能否談談您對第三季和第四季咖啡利潤率成長速度的考量？準備好的發言稿中對第三季每股收益的預期比市場預期略低，我估計這主要是因為關稅咖啡仍在影響損益表，而目前資產負債表上還沒有定價。這種思考方式正確嗎？那麼，您是否仍預期第四季咖啡的利潤率能達到 20% 左右，還是說關稅的影響也會持續存在？謝謝。

Megan, good morning. So we demonstrated an 18.2% second quarter segment profit margin in coffee. We would anticipate a slight improvement to that in our third quarter, but it will not surpass 20%. And then as you step into our fourth quarter, we should move beyond 20%.

梅根，早安。因此，我們實現了第二季咖啡業務18.2%的利潤率。我們預計第三季情況會略有改善，但不會超過 20%。然後，當我們進入第四季度時，我們應該能夠超過 20%。

I don't think that we'll get all the way to 25% just as we continue to digest a lot of cost and cost inflation, but just acknowledging not taking pricing in early winter in our US retail coffee portfolio and absorbing the incurred coffee tariffs to date. So the -- that will be approximately $75 million. In our third quarter, some of that may go into our fourth quarter, but the predominance is in the third to your question.

我認為我們無法完全達到 25% 的目標，因為我們仍在消化大量的成本和成本上漲，但我們承認，在初冬時節，我們沒有對美國零售咖啡產品組合進行定價，並且承擔了迄今為止產生的咖啡關稅。所以——那大約是7500萬美元。第三季的部分營收可能會延續到第四季，但主要部分還是在第三季。回答你的問題。

Okay, that's helpful, thank you and then maybe just putting together all of your comments on pet and Sweet Baked Snacks and frozen handhelds, as you think about moving through the third quarter and the fourth quarter, you laid out for all segments, an expectation for an acceleration and growth. So as you think about the 4Q exit rate, I guess how are you feeling about outside of coffee kind of the rest of the US retail portfolio contributing to or getting back to [Algo], OSG as we finish the year. Thanks.

好的，這很有幫助，謝謝。那麼，或許可以把您關於寵物食品、甜烘焙零食和冷凍手持食品的所有評論匯總起來，考慮到您展望第三季度和第四季度，您為所有細分市場都設定了加速增長的預期。所以，在考慮第四季度退出率時，我想問您，除了咖啡業務之外，您如何看待美國零售業務組合的其他部分對[Algo]和OSG的貢獻，或者在年底前重新回到[Algo]和OSG的軌道上。謝謝。

Megan, I would say that when you think of the midpoint of our guidance range today at the top-line, it's 4% on a reported basis. Then you affect or isolate on a comparable basis divestitures and foreign exchange, and it's aligning to about 5.5% comparable growth year-over-year.

梅根，我想說，如果你考慮我們今天給出的營收指引範圍的中點，按報告數據計算是 4%。然後，你以可比較的方式影響或隔離資產剝離和外匯，這與每年約 5.5% 的可比較成長率相符。

And then underpinning that we've got about $38 million worth of co-manufacturing sales that we're lapping. So all else equal, we're at 6% on a comparable basis adjusted for the co-manufacturing sales for our outlook for this year.

此外，我們還有價值約 3,800 萬美元的合作生產銷售額，我們正在超越這些銷售額。因此，在其他條件相同的情況下，根據可比較基礎，並根據代工銷售情況進行調整，我們今年的展望是 6%。

And yes, much of that is driven by, our coffee portfolio, but when you think about the balance of our portfolio, we're seeing tremendous momentum in the away from home aspect. We're seeing resilience and strength in our pet portfolio. We're seeing stabilization and Sweet Baked Snacks.

是的，這很大程度上是由我們的咖啡產品組合推動的，但當你考慮到我們產品組合的平衡時，我們看到外出用餐方面有著巨大的發展勢頭。我們看到寵物業務組合展現了韌性和實力。我們看到市場趨於穩定，甜點烘焙零食也開始爆紅。

We obviously great growth and momentum on Uncrustables, and we're addressing things within our spreads portfolio. And so while I don't want to promise sort of what the exit rate is, what we're acknowledging is that we do have great organic sales growth on a comparable basis. Our strategy is working. Our execution is focused and we'll continue to drive the growth brands and we'll continue to support the balance of the portfolio.

很明顯，Uncrustables 取得了巨大的成長和勢頭，我們正在解決產品組合中的問題。因此，雖然我不想承諾具體的退出率，但我們承認的是，在可比基礎上，我們的有機銷售成長非常強勁。我們的策略奏效了。我們的執行重點明確，我們將繼續推動成長型品牌的發展，並將繼續支持產品組合的其餘部分。

Peter Grom, UBS.

Peter Grom，瑞銀集團。

Great, thank you. Good morning, everyone. I wanted to just ask a follow-up on the tariff commentary in '27, and I know you noted to both Andrew and Tom that this will be a tail end to earnings, but I guess specifically, are you expecting those benefits to largely drop to the bottom line or would you look to maybe reinvest some of that upside?

太好了，謝謝。各位早安。我想就 2027 年的關稅評論再問一個後續問題，我知道您曾向 Andrew 和 Tom 指出，這將對收益產生影響，但我想具體問的是，您預計這些收益會主要體現在利潤上，還是您會考慮將部分收益再投資？

As it relates to tariff-based inflation and in a tariff-off environment, and not taking pricing for tariffs and in turn not experiencing tariffs in our next fiscal year, that should benefit our bottom line, which is why we're effectively saying it should be a tailwind to our coffee portfolio next fiscal year. So hopefully it helps provide a little bit of context about how we're thinking about tariffs stepping into next year.

就關稅通膨而言，在關稅取消的環境下，由於不考慮關稅定價，因此在下一個財政年度也不會受到關稅的影響，這應該有利於我們的利潤，所以我們實際上認為這應該會成為我們咖啡業務在下一個財政年度的順風。希望這能幫助大家更了解我們明年將如何考慮關稅問題。

Okay, no that's helpful. And then maybe just on coffee, can you maybe walk us through what you're now expecting in terms of elasticity and I guess just as we think about modeling top-line growth through the balance of the year, can you maybe just understand how you see price versus volume at this stage, especially considering that you're not going to take that additional price increase for the winter. Thanks.

好的，這很有幫助。然後，就喝杯咖啡吧，您可否為我們講解一下您目前對彈性的預期？我想，當我們考慮對今年剩餘時間的營收成長進行建模時，您能否解釋一下您目前對價格與銷量的看法，特別是考慮到您不會在冬季進行額外的提價。謝謝。

Sure. So our current outlook for the coffee portfolio is 16% year-over-year growth. And what's embedded in that is 22% pricing offset by 6% down volume mix. That's an improvement to when we stepped into this fiscal year where we thought growth would be 11% against 22% pricing offset by 11% of volume mix.

當然。因此，我們目前對咖啡產品組合的預期是年增 16%。其中蘊含的因素是 22% 的價格上漲，但銷量卻下降了 6%。這比我們進入本財年時的情況有所改善，當時我們認為成長率將為 11%，而定價將為 22%，但銷量佔比將下降 11%。

And so what you can see is our elasticity assumptions have improved from 0.5 stepping into this fiscal year to around 0.3% where we stand. And again, that's on average over the year. So hopefully that provides additional context as to the strength and resilience of our coffee portfolio.

因此，我們可以看到，我們的彈性假設已從本財年開始時的 0.5 提高到目前的 0.3% 左右。而且，這是全年的平均水準。希望這能進一步說明我們咖啡產品組合的實力和韌性。

Matt Smith, Stifle.

馬特史密斯，防守。

Hey, good morning. Wanted to dig in a bit on the Uncrustables sequential acceleration in the second half. Can you talk about some of the underpinnings to that acceleration, whether there's also unique comparisons there and how we should be considering pricing in frozen handheld and spreads in the second half. Is there potentially increased promotional support behind the Uncrustables to support that sequential acceleration. Thank you.

嘿，早安。想深入探討一下 Uncrustables 在下半場的連續加速表現。您能否談談這種加速成長的一些根本原因，是否存在一些獨特的比較，以及我們應該如何考慮下半年冷凍手持設備和產品價格的定價？Uncrustables 是否有可能獲得更多的推廣支持，以支持其銷售的持續成長？謝謝。

Yes. So we demonstrated 7% growth in our second quarter, which is really good momentum as we continue to advance to the billion dollar ambition. As we think about our third and fourth quarters, we would anticipate low double-digit growth on the way to that journey of being $1 billion dollar brand by the end of this year.

是的。因此，我們在第二季度實現了 7% 的成長，這是一個非常好的勢頭，我們將繼續朝著十億美元的目標邁進。展望第三季和第四季度，我們預計在實現今年年底成為價值 10 億美元的品牌這一目標的過程中，將實現兩位數的低成長。

We will continue to ensure that we're supporting with marketing. We continue to support our recent innovation launch around protein. We continue to round out distribution and also making sure that we have the right placement and promotion.

我們將繼續確保在行銷方面提供支援。我們將持續支持近期圍繞蛋白質領域推出的創新產品。我們將繼續完善分銷管道，並確保正確的投放和推廣。

I would also acknowledge that about 80% of sales run through our US retail portfolio and the balance of 20% flow through our away from home portfolio and we are seeing great momentum and away from home on our Uncrustables. And one example is the acceleration of growth in the convenience channel, not only due to our innovation behind the sandwich, but also due to the capabilities that we acquired through the Hostess acquisition.

我還要指出，我們約 80% 的銷售額來自美國零售通路，其餘 20% 來自我們的非家庭消費通路，我們看到 Uncrustables 在非家庭消費通路的銷售勢頭強勁。例如，便利通路的成長加速，不僅是因為我們在三明治方面的創新，還因為我們透過收購 Hostess 獲得了相應的能力。

Thank you. And Mark, as a follow-up to some of the coffee commentary, elasticities are better than expected on average but the performance by brand in the measure channel data that we see has varied for specifically for the Dunkin brand, elasticities have been softer than Folgers or Bustelo. Was that expected as you went into a more price intensive environment? Has the performance of Dunkin been different than what you anticipated coming into the year? Thank you.

謝謝。馬克，作為一些咖啡評論的補充，平均而言，彈性比預期要好，但我們看到的衡量管道數據中各品牌的表現各不相同，特別是對於 Dunkin 品牌而言，彈性比 Folgers 或 Bustelo 要軟。隨著市場進入價格競爭更加激烈的環境中，這種情況是否在預料之中？Dunkin' 的表現是否與您年初的預期有所不同？謝謝。

Hey, Matt. A couple of things. So first of all, you're right that that we have seen obviously very strong performance on Bustelo and Folgers. And so the resilience of the category overall gives us optimism, right, in terms of just how we -- consumers still consuming coffee, our brands are resonating with consumers, the investments we're making behind these brands is working, notably Bustelo just had a phenomenal quarter.

嘿，馬特。有幾件事。首先，你說得對，Bustelo 和 Folgers 的確表現出了非常強勁的勢頭。因此，整個品類的韌性讓我們感到樂觀，對吧？因為消費者仍然在消費咖啡，我們的品牌引起了消費者的共鳴，我們對這些品牌的投資也正在發揮作用，尤其是 Bustelo 剛剛經歷了一個非常出色的季度。

And then Dunkin did grow in the quarter, so we did see a bit of improvement in Dunkin, but as we've highlighted in previous quarters, we've seen some competitive pricing pressure that we have not overcome, but we are continuing to actually make surgical balancing, some surgical pricing investments as well as supporting innovation in terms of seasonals and so forth.

Dunkin在本季度確實實現了成長，所以我們確實看到了Dunkin的一些改善，但正如我們在前幾個季度強調的那樣，我們看到了一些尚未克服的競爭性定價壓力，但我們正在繼續進行精準的平衡，一些精準的定價投資，以及在季節性產品等方面支持創新。

So -- I think the long-term story on Dunkin is that it's a great brand. We love the brand and I -- we still think it has plenty of runway, but over time, as we would expect pricing to moderate competitively, that will support the brand overall.

所以——我認為從長遠來看，Dunkin' 是一個很棒的品牌。我們很喜歡這個品牌，而且我們仍然認為它還有很大的發展空間，但隨著時間的推移，我們預計價格會趨於合理，這將對整個品牌起到支撐作用。

Max Gumport, BNP Paribas.

馬克斯·古姆波特，法國巴黎銀行。

Hey, thanks for the question. With regard to Uncrustables and the volume decline that we saw this quarter in the frozen handheld and spread segment, it sounds like you have plenty of confidence in the business. Distribution is gaining, innovation is working, and you still see long-term opportunities.

嘿，謝謝你的提問。關於 Uncrustables 以及我們本季在冷凍手持食品和塗抹食品領域看到的銷量下滑，聽起來您對這項業務充滿信心。分銷管道正在拓展，創新正在發揮作用，你仍然可以看到長期的機會。

So I'm curious. Is the volume decline we saw in the quarter really just due to any lapsing items that you saw with the strong 2Q, a year ago, and then also could you comment on anything you're seeing from some of the new entrants in the space who have gotten distribution pretty quickly? Thank you.

我很好奇。本季銷售下滑是否真的僅僅是因為去年第二季強勁成長的某些滯銷產品所致？另外，您能否就一些迅速獲得分銷管道的新進業者發表一下看法？謝謝。

Yeah, Max, it's Mark. It is largely the lab. So again that strong merchandizing and promo in the last Q2 last year, is what we're lapping. And as you highlighted both the innovations, Tucker in his previous answer talked a bit about the support that -- will be not out of the ordinary but solid merchandizing support coming into the back half is going to continue to support the acceleration of that brand.

是的，Max，我是Mark。主要是實驗室。所以，我們再次超越了去年第二季強勁的商品銷售和促銷活動。正如你強調的這兩項創新一樣，塔克在先前的回答中也談到了一些支持措施——這些支持措施雖然不尋常，但下半年將提供可靠的商品銷售支持，這將繼續支持品牌的加速發展。

And in broad strokes, we have seen some competition come into the category. I would say that's largely been supportive, over the longer-term, seeing a couple other brands, whether that might be private label and some of the variety that you're seeing in the category in terms of, and then pricing, should continue to support the brand. But I think overall, if you just think about the household penetration we've gained and the continued marketing investments, that's -- and the innovation will continue to drive growth.

總的來說，我們已經看到一些競爭進入了這個領域。我認為從長遠來看，這在很大程度上是有利的。看到其他一些品牌，無論是自有品牌還是該類別中的一些多樣性，以及定價，都應該會繼續支持該品牌。但我認為總體而言，如果你看看我們已經獲得的家庭滲透率和持續的營銷投入，那就是——而且創新將繼續推動成長。

Great, thanks. And then just to wrap it up with regards to the tariff impact, I just want to confirm the $75 million in tariff expense that you're referring to, is that the total amount you expect to see in an FY26 and it is essentially entirely due to copy tariffs?

太好了，謝謝。最後，關於關稅的影響，我想確認您提到的 7500 萬美元關稅支出，這是您預計在 2026 財年看到的總額嗎？這基本上完全是由於複製關稅造成的嗎？

Correct.

正確的。

Alexia Howard, Bernstein.

Alexia Howard，Bernstein。

Good morning, everyone. Can I start with the innovation and the pace of innovation. Are you able to quantify whether that's been accelerating? It sounds as though the pace has been picking up. Not sure whether you can give us numbers on percentage of sales from new products. And is that pace of innovation now where you want it to be across the portfolio, or are there pockets where you would like to increase that still?

各位早安。我可以先談談創新以及創新的速度嗎？你能量化一下這種趨勢是否在加速嗎？聽起來節奏似乎加快了。不確定您是否能提供新產品銷售佔比的具體數據。目前整個產品組合的創新速度是否達到您的預期？或者在某些領域，您是否還希望加快創新步伐？

Alexia, thanks. It's, Mark. Yes, is the short answer. Our pace of innovation has accelerated. I would say I'm very proud, both of, well, actually, across the Board, if you look at innovation on Hostess, innovation on Pet, notably pet snacks, and more recently, the innovation on Uncrustables has all accelerated.

Alexia，謝謝。是馬克。簡而言之，答案是肯定的。我們的創新步伐加快了。我會說我非常自豪，實際上，從整體上看，Hostess 的創新、Pet 的創新（特別是寵物零食），以及最近 Uncrustables 的創新都加速發展。

The speed to which our teams have been able to get to market is as fast as we've ever done that. And so I think we're very proud of the work we've done. I mean the Uncrustables innovations have been notable. And then I think we expect a little bit of a faster turn out of both pet snacks and human snacks which we've continued to deliver again. So thank you for the call out.

我們的團隊將產品推向市場的速度是我們有史以來最快的。所以我覺得我們為自己所做的工作感到非常自豪。我的意思是，Uncrustables 的創新之處確實值得關注。然後，我認為我們預計寵物零食和人類零食的出貨速度都會更快一些，我們將繼續繼續供貨。謝謝你的提醒。

And then question for Tucker on leverage. You've been hovering a little above 4 times net debt to EBITDA for the last couple of quarters, and you're talking about getting it down to 3 times by the end of '27. How quickly does that start coming down? Should we expect it to start coming down more substantially in the near term?

然後向塔克提問有關槓桿作用的問題。過去幾個季度，你們的淨債務與 EBITDA 的比率一直徘徊在 4 倍以上，你們的目標是在 2027 年底前將其降至 3 倍。它多久開始下降？我們是否應該預期它在短期內會大幅下降？

Alexia, so we are committed to $975 million of free cash flow generation this fiscal year, which will support a $0.5 billion of debt paid down this fiscal year, and we anticipate the ability to pay down an additional $500 million in FY27.

Alexia，因此我們致力於在本財年產生 9.75 億美元的自由現金流，這將支持在本財年償還 5 億美元的債務，我們預計在 2027 財年還能再償還 5 億美元。

If you think about the leverage profile this year, we'll probably hover around 4 times through the balance of fiscal year '26, and then as we step into '27, we should begin to see the step down to that 3 times amount in fiscal year 2027.

如果考慮今年的槓桿率情況，我們可能會在 2026 財年剩餘時間內維持在 4 倍左右，然後進入 2027 財年，我們應該會看到槓桿率開始下降到 2027 財年的 3 倍左右。

Scott Marks, Jeffrey.

史考特馬克斯，傑弗裡。

Hey, good morning. Thanks so much for taking our questions. The first thing I wanted to ask you about, we've heard some of your competitors, speak to the need to reduce prices to offer value for the consumer, and we obviously haven't heard your team talk about that much. So just wondering if you can share any thoughts around that and whether you see any opportunities with the portfolio where you think that might be required.

嘿，早安。非常感謝您回答我們的問題。我想問您的第一個問題是，我們聽到您的一些競爭對手談到需要降低價格以向消費者提供價值，但顯然我們還沒有聽到您的團隊過多地談論這一點。所以，我想知道您是否可以分享您對此的看法，以及您是否認為投資組合中存在任何可能需要這樣做的機會。

Scott, thanks. It's Mark. I would say first and foremost, our portfolio is very broad and so as we look at each category, our -- the fact that we play across the value spectrum actually allows us to deliver varying degrees of value to the consumer.

斯科特，謝謝。是馬克。首先，我想說的是，我們的產品組合非常廣泛，因此當我們審視每個類別時，我們——我們能夠涵蓋整個價值範圍，這實際上使我們能夠為消費者提供不同程度的價值。

So you think about Meow Mix is a mainstream brand that that provides affordability for cat parents. Our Milk-Bone brand, similarly from base biscuits to more premium offerings like the peanut buttery bites also has a range and obviously provides affordability to the consumer. It goes without saying in coffee as well, despite the fact that we've seen significant inflation.

所以你會覺得妙鮮包是一個主流品牌，為貓主人提供了價格實惠的選擇。同樣，我們的 Milk-Bone 品牌也提供從基礎餅乾到花生醬小餅乾等更高端的產品系列，並且顯然為消費者提供了價格實惠的選擇。咖啡價格也同樣如此，儘管我們已經看到了明顯的通貨膨脹。

We're glad, of course, that the tariffs are off and that affords us the ability to do the right thing for consumers, frankly, and our retail customers and holding our price. I would say on coffee more broadly, history would show that over time coffee costs would moderate.

當然，我們很高興關稅取消了，這使我們能夠為消費者和零售客戶做正確的事情，坦白說，並維持我們的價格。就咖啡這個大類而言，歷史表明，隨著時間的推移，咖啡價格會趨於穩定。

And so although we don't have a clear view onto if and when that takes place as we get into a new coffee season, to the extent that we do see some meaningful deflation on the commodity, we would certainly pass that along to consumers as well. So I think the headline is the portfolio itself offers a tremendous amount of options for consumers and notably value all the way to more premium offerings.

因此，雖然我們無法清楚地看到隨著新咖啡季的到來，這種情況是否以及何時發生，但如果我們確實看到這種商品出現一些實質性的通貨緊縮，我們當然也會將其傳遞給消費者。所以我認為，重點在於該產品組合本身為消費者提供了大量的選擇，尤其值得一提的是，它涵蓋了從經濟實惠到高端產品的各種選擇。

Appreciate that. Thanks. And the second question for me would be, you've made comments again today just about fiscal '27 in terms of EPS growth expectations for on Algo or better. Obviously, the tariff relief provides a significant tailwind. So just wondering maybe how we should be thinking about based business expectations for '27 if you're willing to comment on it. Thanks.

謝謝。謝謝。第二個問題是，您今天再次就 2027 財年 Algo 或更佳產品的 EPS 成長預期發表了評論。顯然，關稅減免帶來了顯著的利多。所以，我想知道，如果您願意的話，我們應該如何看待 2027 年的商業預期。謝謝。

Yes, Scott, it's probably early to provide the FY27 outlook, but the essence that we're trying to communicate is that with the stabilizing commodity environment and an off-tariff environment as we continue to generate cash and pay down debt and we deliver a level of business momentum. There could be a path to that, and that's what we were trying to just lay out as you think about a $9 midpoint at this fiscal year and all of the puts and calls that we've had to deal with in this fiscal year as we consider the future. So hopefully that provides a little context again as we get to our fourth quarter earnings call, we'll be able to lay out our outlook for FY27.

是的，斯科特，現在提供 2027 財年的展望可能還為時過早，但我們想要傳達的要點是，隨著大宗商品環境趨於穩定，關稅環境不再苛刻，我們將繼續創造現金流並償還債務，從而實現業務增長勢頭。或許有一條通往目標的路，而這正是我們試圖闡明的，正如你在本財年考慮 9 美元的中點以及我們在本財年不得不處理的所有看跌期權和看漲期權時所考慮的那樣。希望這能為即將到來的第四季度財報電話會議提供一些背景信息，屆時我們將能夠闡述我們對 2027 財年的展望。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.

謝謝。我們的問答環節結束了。我想把發言權交還給各位，請大家再做總結發言。

First of all, I'd just like to thank all of you for joining our call this morning. Our second quarter results demonstrate that our strategy is working. We delivered sequential acceleration in comparable net sales growth, which we anticipate will continue into next quarter. Our bottom line results reflect increased investments in our brands, discipline and cost management and strong execution.

首先，我要感謝各位今天上午參加我們的電話會議。第二季業績顯示我們的策略正在奏效。我們實現了可比淨銷售額環比加速成長，預計這一趨勢將持續到下一季。我們的最終業績反映了我們對品牌投入的增加、嚴格的成本控制和強而有力的執行。

Our business continues to build positive momentum and we are confident in our ability to deliver our financial outlook for this fiscal year while advancing our long-term objectives to increase shareholder value. As always, I would like to thank our outstanding employees for their continued hard work and dedication to our company. We wish all of you a very happy thanks giving and a great holiday week. Have a great day.

我們的業務持續保持積極發展勢頭，我們有信心實現本財年的財務預期，同時推進長期目標，提高股東價值。一如既往，我要感謝我們優秀的員工們為公司持續付出的辛勤努力和奉獻精神。祝大家感恩節快樂，假期愉快！祝你有美好的一天。

Everyone, this concludes our conference call for today. Thank you all for participating and have a nice day. All parties may now disconnect.

各位，今天的電話會議到此結束。感謝大家的參與，祝福大家有個美好的一天。所有參與者現在可以斷開連接。