United Natural Foods Inc (UNFI) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the UNFI Third Quarter Fiscal 2026 Earnings Conference Call. (Operator Instructions)

各位女士、先生，感謝您稍候。我叫 Krista，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 UNFI 2026 會計年度第三季財報電話會議。(接線員指示)

Thank you. I would now like to turn the conference over to Kristyn Farahmand, Chief Strategy Officer. Please go ahead.

謝謝。接下來我想把會議交給策略長 Kristyn Farahmand。請開始。

Good morning, everyone. Thank you for joining us on UNFI's Third Quarter Fiscal 2026 Earnings Conference Call. As many of you may have heard, Steve Bloomquist, our Vice President of Investor Relations, and long-time leader within UNFI's finance team has moved to a part-time consulting role.

各位早安。感謝各位參加 UNFI 2026 會計年度第三季財報電話會議。如各位可能已聽聞，Steve Bloomquist——我們的投資人關係副總裁、也是 UNFI 財務團隊長期的領導者——已轉任為兼職顧問角色。

Given this, I'll be leading our earnings calls going forward. We invite you to continue to reach out to Steve or any other member of our Investor Relations team as needed going forward. By now, you should have received a copy of the earnings release from this morning.

因此，未來我將負責主持我們的財報電話會議。也歡迎各位日後視需要持續與 Steve 或我們投資人關係團隊的任何其他成員聯繫。截至目前，各位應已收到今天早上發布的財報新聞稿副本。

The press release and earnings presentation, which management will speak to, are available under the Investors section of the company's website at www.unfi.com on the Events tab. We've also included a supplemental disclosure file in Microsoft Excel with key financial information and our quarterly investor letter with more detail on our third quarter progress.

新聞稿與管理團隊將於會中說明的財報簡報，可於公司網站 www.unfi.com 的「投資人」專區下「活動」分頁取得。我們也提供一份 Microsoft Excel 的補充揭露檔，包含關鍵財務資訊，以及我們的季度投資人信函，進一步說明第三季的進展。

Our letter this quarter includes a video link detailing some of our recent supply chain improvements driving increasing effectiveness and efficiency. Joining me for today's call are Sandy Douglas, our Chief Executive Officer; and Matteo Tarditi, our President and Chief Financial Officer. Sandy and Matteo will provide a business update, after which we'll take your questions.

本季信函亦包含一段影片連結，說明我們近期在供應鏈方面的改善，正推動效能與效率持續提升。今天與我一同出席電話會議的有：執行長 Sandy Douglas，以及總裁兼財務長 Matteo Tarditi。Sandy 與 Matteo 將先提供業務更新，之後我們將進入問答。

Before we begin, I'd like to remind everyone that comments made by management during today's call may contain forward-looking statements. These forward-looking statements include plans, expectations, estimates and projections that might involve significant risks and uncertainties. These risks are discussed in the company's earnings release and SEC filings. Actual results may differ materially from these results discussed in these forward-looking statements.

在開始之前，我想提醒各位，管理團隊在今天會議中的發言可能包含前瞻性陳述。這些前瞻性陳述包括計畫、預期、估計與預測，可能涉及重大風險與不確定性。相關風險已於公司財報新聞稿與向 SEC 提交的文件中討論。實際結果可能與這些前瞻性陳述所討論的結果有重大差異。

I'd like to point out that during today's call, management will refer to certain non-GAAP financial measures. Definitions and reconciliations to the most comparable GAAP financial measures are included in our press release and at the end of our earnings presentation. I'd now ask you to turn to Slide 6 of our presentation as I turn the call over to Sandy.

我也要指出，今天會議中管理團隊將提及若干非 GAAP 財務衡量指標。其定義以及與最可比 GAAP 財務衡量指標的調節表，已收錄於我們的新聞稿以及財報簡報末尾。現在請各位翻到簡報第 6 頁，我將把電話會議交給 Sandy。

Thanks, Kristyn, and thank you, everyone, for joining us this morning. In the third quarter of fiscal 2026, UNFI continued to make steady progress on our value creation strategy that's focused on adding value for our customers and suppliers and becoming a more effective and efficient company. Through disciplined execution of our strategy, we generated strong profitability and free cash flow while continuing to strengthen our balance sheet and increase our financial flexibility.

謝謝你，Kristyn，也謝謝各位今天早上加入我們。在 2026 會計年度第三季，UNFI 持續在我們的價值創造策略上穩步推進；該策略聚焦於為客戶與供應商創造更多價值，並使公司更有效率、更具效能。透過對策略的紀律性執行，我們在持續強化資產負債表並提升財務彈性的同時，創造了強勁的獲利能力與自由現金流。

Throughout the quarter, we remain focused on helping our customers and suppliers execute their strategies in a dynamic operating environment. Our underlying top line performance reflects the continued strength and resilience of our customers, building on a long track record of consistent growth across our industry.

整個季度期間，我們始終專注於在多變的營運環境中，協助客戶與供應商落實其策略。我們的基礎營收表現反映出客戶持續展現的強勁與韌性，並延續本產業長期一致成長的紀錄。

As you'll see on Slide 6, over the past two decades, differentiated regional and independent grocers have steadily gained share, roughly doubling their position in the approximately $1 trillion U.S. grocery retail market, where each incremental share point is equal to $10 billion of retail sales. Natural and organic retailers have tripled their share over the same period.

如各位在簡報第 6 頁所見，過去二十年來，具差異化的區域型與獨立雜貨零售商穩步提升市占，在約 1 兆美元的美國雜貨零售市場中，其市占地位約翻倍；而每增加 1 個市占百分點，即相當於 100 億美元的零售銷售額。天然與有機零售商在同一期間的市占也成長至原來的三倍。

And beyond these groups, many multicultural and neighborhood grocers are also well positioned to deliver enduring growth by offering a unique value proposition to the communities they serve. Retailers pursuing differentiation are the basis for our value creation strategy and defined UNFI's growing $90 billion target addressable market.

此外，許多多元文化與社區型雜貨零售商也具備良好條件，透過向其服務社區提供獨特的價值主張，實現持續性的成長。追求差異化的零售商是我們價值創造策略的基礎，並界定了 UNFI 不斷擴大的 900 億美元目標可服務市場（TAM）。

What's notable is the consistency in growth across these food retailers. Differentiated formats have generally outperformed the broader market over time, reflecting a growing segment of consumers they prioritize high-quality, healthy assortments and differentiated experiences.

值得注意的是，這些食品零售商的成長一致性相當高。長期而言，差異化業態通常優於整體市場，反映出有一群日益擴大的消費者族群，將高品質、健康的商品組合與差異化體驗列為優先。

That trend continued in the third quarter with estimated growth for these segments in aggregate, tracking in the low single-digit range despite a highly dynamic operating environment. As we communicated at our Investor Day, our focus is on strengthening the capabilities that are supporting differentiation and growth in our industry.

這一趨勢在第三季仍然延續；儘管營運環境高度動態，這些細分市場合計的估計成長仍落在低個位數區間。正如我們在投資人日所傳達的，我們的重點在於強化支撐本產業差異化與成長的各項能力。

In the quarter, UNFI's underlying net sales performance, excluding the impact of accretive optimization was in line with the estimated low single-digit growth of our target addressable market. Since our founding 50 years ago, we have listened closely to our customers and develop solutions to help them respond to emerging trends and business needs from high-quality natural and organic products to unique private brands and scalable services.

本季 UNFI 的基礎淨銷售表現（排除增益性優化的影響）與我們目標可服務市場估計的低個位數成長一致。自 50 年前創立以來，我們始終密切傾聽客戶需求，並開發解決方案，協助客戶因應新興趨勢與業務需求——從高品質的天然與有機產品，到獨特的自有品牌，以及可擴展的服務。

The breadth of our product assortment, services offering and the scale of our distribution network, position us to play a meaningful role in supporting the long-term differentiation and growth within the food retail industry. Turning to Slide 7.

我們產品組合的廣度、服務內容，以及配送網路的規模，使我們能在支持食品零售產業的長期差異化與成長方面扮演重要角色。接著請看簡報第 7 頁。

We're building on this foundation by strengthening our capabilities in seven key areas: customer stewardship, merchandising and supplier support, professional and digital services, private brands, technology, next-generation supply chain and productivity.

我們在此基礎上，透過強化七大關鍵領域的能力持續精進：客戶經營、商品企劃與供應商支援、專業與數位服務、自有品牌、科技、次世代供應鏈，以及生產力。

During the third quarter, we continued building and executing our plans for these capabilities, informed by our customer and supplier feedback and through cross-functional collaboration across our teams. We also continue to invest in talent to accelerate our capabilities, including adding a new leader for our digital services business, which includes offerings designed to help our customers and suppliers operate more effectively and to strengthen shopper engagement.

在第三季，我們持續制定並執行這些能力建置計畫，並以客戶與供應商回饋為依據，同時透過跨部門協作推進。我們也持續投資人才以加速能力提升，包括為我們的數位服務事業新增一位領導者；該事業涵蓋的方案旨在協助客戶與供應商更有效率地營運，並強化消費者互動。

In merchandising and supplier support, we rolled out a new digital marketplace called Endless Aisle, that gives retailers an easier way to access innovative emerging brands while also helping suppliers expand their reach with less friction. While it's still early, we're hearing positive feedback from partners who value the ability to test new products with greater flexibility, and we expect to continue to develop and test new solutions like this to help further support our stakeholders.

在商品企劃與供應商支援方面，我們推出了一個名為 Endless Aisle 的新數位市集，讓零售商更容易取得創新新興品牌，同時也協助供應商以更低摩擦擴大觸及範圍。雖然仍在早期階段，但我們已聽到合作夥伴的正面回饋，他們重視能以更高彈性測試新產品；我們也預期將持續開發並測試此類新解決方案，以進一步支持我們的利害關係人。

We also continue to innovate within our private brands portfolio, introducing more than 30 new SKUs. These innovations aim to help our retailers differentiate their assortments and meet growing shopper demand for nutritious choices, which consumers are increasingly gravitating towards.

我們也持續在自有品牌產品組合中推動創新，推出超過 30 個新 SKU。這些創新旨在協助零售商打造差異化的商品組合，並滿足消費者對營養選擇日益增加的需求，而消費者正愈來愈傾向於此類選項。

As we continue taking steps to improve effectiveness and efficiency, we're beginning to see early benefits from the next-generation supply chain capabilities that we're building across our network. For example, we expanded our AI-powered supply chain and procurement planning platform to all DCs in our network and are focused on completing the supplier-facing portion of this deployment.

隨著我們持續採取措施提升效能與效率，我們開始看到正在全網路建置的次世代供應鏈能力所帶來的初步效益。例如，我們已將 AI 驅動的供應鏈與採購規劃平台擴展至網路內所有配送中心（DC），並專注於完成此部署中面向供應商的部分。

This platform is already helping to steadily improve fill rates and inventory management while also enhancing free cash flow conversion. We also expanded the use of our AI-powered fleet management platform, Samsara. We recently began using the platform's features, including driver coaching, to help strengthen drivers' safety processes, optimize routes and improve delivery execution.

該平台已在穩步改善補貨達成率與庫存管理的同時，也提升自由現金流轉換。我們也擴大導入 AI 驅動的車隊管理平台 Samsara。我們近期開始使用該平台的功能（包括駕駛教練），以強化駕駛安全流程、優化路線並改善配送執行。

Year-to-date, through the end of the third quarter, our on-time deliveries increased by over 4% compared to the prior year period, while average miles per delivery has declined by nearly 5%. Additionally, we've expanded our cloud-based warehouse management system to five additional distribution centers, further strengthening reliability and consistency across our network.

年初至今截至第三季末，我們的準時交付率較去年同期提升超過 4%，而每次配送的平均里程則下降近 5%。此外，我們已將雲端倉庫管理系統擴展至另外五個配送中心，進一步強化整體網路的可靠性與一致性。

Collectively, these investments aim to enhance service levels for our customers and suppliers over time, while strengthening effectiveness and efficiency across the UNFI network. We remain confident that our value creation strategy and disciplined execution position us well for long-term sustainable growth and shareholder returns.

整體而言，這些投資旨在隨時間推進提升我們對客戶與供應商的服務水準，同時強化 UNFI 網路的效能與效率。我們仍然有信心，我們的價值創造策略與嚴謹的執行力，使我們在長期可持續成長與股東報酬方面具備良好定位。

In addition, we are strengthening our financial flexibility as we look to reinvest in the capabilities to better serve our partners and achieve shared profitable growth with our stakeholders. And we see continued opportunities to invest in commercial and supply chain technologies that benefit our customers, our suppliers and UNFI.

此外，隨著我們著眼於再投資相關能力以更好地服務合作夥伴，並與利害關係人共同實現共享的獲利成長，我們也正在強化財務彈性。我們也看到持續的機會，投資於能讓客戶、供應商與 UNFI 受益的商業與供應鏈技術。

As UNFI marks our 50th anniversary, our team is working to build on and accelerate the company's legacy of helping retailers differentiate and grow in a dynamic marketplace. Together, we remain committed to delivering better every day as we work to become our industry's most valued partner.

在 UNFI 迎來 50 週年之際，我們的團隊正致力於在公司協助零售商於動態市場中實現差異化與成長的傳承基礎上，持續打造並加速前進。我們將一同堅守「每天做得更好」的承諾，努力成為本產業最受重視的合作夥伴。

With that, let me turn it over to Matteo to share more detail on our third quarter performance.

接下來，讓我把時間交給 Matteo，請他分享我們第三季表現的更多細節。

Thank you, Sandy, and good morning, everyone. Our third quarter results reflect disciplined execution of our strategy to create value for customers and suppliers which enabled us to deliver strong profitability and free cash flow generation while further reducing net leverage.

謝謝你，Sandy，各位早安。我們第三季的結果反映出我們以紀律執行為客戶與供應商創造價值的策略，使我們在進一步降低淨槓桿的同時，交出強勁的獲利能力與自由現金流創造。

Today, I will provide additional insight into our third quarter operating results, our financial position and capital structure in our fiscal 2026 outlook. With that, let's start with our Q3 results. Starting with Slide 9. Our third quarter sales came in at approximately $7.7 billion, a decline of 4.2% to last year, which includes an impact of approximately 450 basis points from our accretive optimization actions.

今天，我將就我們第三季的營運結果、財務狀況與資本結構，以及我們 2026 財年的展望提供更多洞見。那麼，我們先從第三季結果開始。先看投影片 9。我們第三季銷售額約為 77 億美元，較去年下降 4.2%，其中包含我們具增益性的最佳化行動帶來約 450 個基點的影響。

This is similar to the optimization impact we reported in our second quarter results and in line with our expectations. Our sales results also reflect an impact from the initial unwind of the short-term project work for a single customer that we have referenced before.

這與我們在第二季結果中所報告的最佳化影響相近，也符合我們的預期。我們的銷售結果也反映出先前提及的單一客戶短期專案工作初步回轉（unwind）所帶來的影響。

Excluding the impact of optimization in the short-term project work, our underlying business performed in line with our estimate for our target addressable market and outperformed the overall industry. Natural Product sales grew by over 4% which also reflected the impact from the unwind of the project-based work.

若排除最佳化與短期專案工作的影響，我們的核心業務表現與我們對目標可觸及市場（TAM）的估計一致，且優於整體產業。天然產品（Natural Product）銷售成長超過 4%，其中也反映了專案型工作回轉的影響。

We expect to fully cycle this project work in the third quarter of fiscal 2027. Underlying natural growth again outperformed the market, reflecting strong execution from our customers and continued shopper demand for natural, organic, fresh and specialty products. Conventional product sales declined nearly 14%, primarily driven by our strategic network optimization actions.

我們預期將在 2027 財年第三季完全消化（cycle）這項專案工作。天然品類的內生成長再次優於市場，反映出我們客戶的強勁執行力，以及消費者對天然、有機、生鮮與特色產品的持續需求。傳統產品（Conventional）銷售下滑近 14%，主要由我們的策略性網路最佳化行動所驅動。

Importantly, while we report our segments according to product types, approximately 90% of our customers spending our smallest and largest customers by both conventional and natural products to support their unique go-to-market strategies in the local markets they serve. The unique value and capabilities we're building to support differentiation and key growth segments of the retail industry are helping to support our growing diversified wholesale pipeline.

重要的是，雖然我們依產品類型來揭露分部，但約 90% 的客戶——無論是我們最小或最大的客戶——都同時採購傳統與天然產品，以支援其在所服務在地市場中的獨特上市策略。我們正在打造的獨特價值與能力，用以支援零售產業的差異化與關鍵成長區隔，正協助推動我們日益成長且多元化的批發業務商機管線。

As a result, as we cycle our larger optimization actions in Q1 2027, we expect that our broader wholesale business will return to sales growth next fiscal year. In retail, total sales declined by around 10%, largely due to the planned top line impact of strategic store closures as we optimize our footprint and strengthen the foundation of the business.

因此，當我們在 2027 財年第一季消化較大型的最佳化行動後，我們預期更廣泛的批發業務將在下一財年恢復銷售成長。在零售方面，總銷售約下降 10%，主要是因我們在最佳化據點布局並強化業務基礎時，策略性關店所帶來的既定營收（top line）影響。

Same-store sales declined by around 4%, reflecting a dynamic environment and a change in pharmacy backdrop. Underlying this performance, we did see some sequential improvement in Cub Foods-driven same-store sales. Our team remains focused on continuing to enhance Cub's value proposition, product assortment and shopping experience in the Minnesota market.

同店銷售約下降 4%，反映出多變的環境以及藥局業態背景的變化。在此表現之下，我們確實看到由 Cub Foods 帶動的同店銷售出現一些逐季改善。我們的團隊仍專注於持續提升 Cub 在明尼蘇達市場的價值主張、商品組合與購物體驗。

Moving to Slide 10. Let's review profitability drivers in the quarter. Our gross margin rate in the third quarter was 13.6%, up approximately 20 basis points year-over-year. This improvement includes the benefit from our network optimization work. We reduced operating expenses by nearly 7% compared to the prior year and operating expense rate by nearly 40 basis points to 12.4% of net sales.

接著看投影片 10。我們來回顧本季獲利能力的驅動因素。第三季毛利率為 13.6%，年增約 20 個基點。此改善包含我們網路最佳化工作的效益。我們將營業費用較去年降低近 7%，營業費用率也下降近 40 個基點至淨銷售的 12.4%。

Importantly, we increased DC productivity by over 7%. These results reflect the benefits of our effectiveness and efficiency initiatives, including network optimization, investments in our next-generation supply chain and incremental productivity gains from the expansion of lean practices across our network.

重要的是，我們將配送中心（DC）生產力提升超過 7%。這些成果反映出我們在效能與效率計畫上的效益，包括網路最佳化、對下一代供應鏈的投資，以及在全網路擴大精實（lean）實務所帶來的額外生產力提升。

Our disciplined execution, combined with a higher gross margin rate and reduced operating expenses, resulted in adjusted EBITDA growth of nearly 17% to $183 million. Our adjusted EBITDA margin was approximately 2.4% of net sales, up around 40 basis points year-over-year.

我們的紀律執行，加上較高的毛利率與降低的營業費用，使調整後 EBITDA 成長近 17% 至 1.83 億美元。調整後 EBITDA 利潤率約為淨銷售的 2.4%，年增約 40 個基點。

The strong growth in profitability along with lower net interest from reduced debt levels and lower depreciation expense resulted in adjusted EPS of $0.77, a meaningful increase compared to last year's $0.44. Flipping to Slide 11.

獲利能力的強勁成長，加上因負債水位下降而使淨利息費用降低，以及折舊費用下降，使調整後 EPS 達到 0.77 美元，較去年 0.44 美元顯著提升。翻到投影片 11。

During the third quarter, we continued improving our effectiveness and efficiency through consistent progress deploying new technology solutions and further embedding lean practices. As Sandy highlighted earlier, we continue to methodically deploy new technology solutions to enhance our network and supply chain.

在第三季，我們透過持續推進新技術解決方案的部署並進一步深化精實實務，持續提升效能與效率。如 Sandy 先前所強調，我們持續有系統地部署新技術解決方案，以強化我們的網路與供應鏈。

Additionally, we have now implemented lean daily management in 40 DCs as of the end of the third quarter, an increase of four facilities from the prior quarter. We believe that by coupling these deployments, we will be able to sustainably improve processes and deliver rising service levels and productivity over time.

此外，截至第三季末，我們已在 40 個配送中心導入精實日常管理（lean daily management），較前一季增加 4 個據點。我們相信，透過結合這些部署，我們將能夠持續性地改善流程，並隨時間推進帶來更高的服務水準與生產力。

We continue to make progress on this front with fee rates, on-time deliveries and throughput increasing compared to the prior year quarter. Turning to Slide 12. Our strategic and operational discipline delivered solid free cash flow of $54 million for the quarter, which brings our year-to-date total to $243 million, an increase of $90 million from the prior year.

在費率、準時交付與吞吐量方面，我們相較去年同期持續取得進展並有所提升。接著看投影片 12。我們的策略與營運紀律在本季帶來 5,400 萬美元的穩健自由現金流，使年初至今累計達 2.43 億美元，較去年增加 9,000 萬美元。

This free cash flow, coupled with higher adjusted EBITDA, enabled us to lower our net leverage ratio to 2.5 turns, a 0.8 turn improvement year-on-year with net debt of $1.63 billion, the lowest since fiscal 2018. This progress reinforces our confidence in achieving our longer-term deleveraging targets.

這些自由現金流，加上較高的調整後 EBITDA，使我們將淨槓桿比率降至 2.5 倍，較去年改善 0.8 倍；淨負債為 16.3 億美元，為 2018 財年以來最低。這項進展強化了我們達成較長期去槓桿目標的信心。

Year-to-date, through the end of May, we've also repurchased nearly 1 million shares of stock for approximately $38 million at an average price of $37.88, reflecting our conviction in the long-term value creation potential of our business and the strategy we are executing. We will continue to evaluate further opportunistic repurchases as we reinvest in our business and reduced leverage as part of our capital allocation process.

年初至今截至 5 月底，我們也以約 3,800 萬美元回購近 100 萬股股票，平均價格為 37.88 美元，反映出我們對公司長期價值創造潛力以及正在執行之策略的信念。在資本配置流程中，隨著我們再投資於業務並降低槓桿，我們將持續評估進一步的機會性回購。

We also improved our capital structure in the third quarter. As previously noted, we utilize free cash flow and made a voluntary $150 million prepayment on our senior notes at par, which reduced the outstanding amount of this 2028 maturity to $385 million. Additionally, we refinanced our $2.53 billion asset-based lending facility, which extended its maturity to April 2031, and reduce our overall annual borrowing cost by approximately $2 million.

我們在第三季也改善了資本結構。如先前所述，我們運用自由現金流，按面值自願提前償還 1.5 億美元的優先票據，使該筆 2028 年到期票據的未償餘額降至 3.85 億美元。此外，我們為 25.3 億美元的資產擔保融資（asset-based lending）額度進行再融資，將到期日延長至 2031 年 4 月，並使我們整體年度借款成本降低約 200 萬美元。

Looking at Slide 13. Based on our year-to-date performance and forecast for the balance of the year, we are reiterating outlook midpoints across all outlook metrics and narrowing expected ranges for net sales, net income, EPS, adjusted EBITDA and adjusted EPS.

看投影片 13。基於我們年初至今的表現以及對今年剩餘期間的預測，我們重申所有展望指標的中位數，並縮窄對淨銷售、淨利、EPS、調整後 EBITDA 與調整後 EPS 的預期區間。

This reflects our high confidence forecasting methodology, disciplined execution of our value creation strategy as well as an evolving operating backdrop. It also includes some acceleration of profitability benefits to the third quarter.

這反映了我們對預測方法論的高度信心、對價值創造策略的紀律性執行，以及不斷演變的營運環境。其中也包含將部分獲利改善效益加速至第三季。

Additionally, we continue to expect investment spend to ramp as we close out fiscal 2026 to support our ongoing investments to enhance our supply chain and deliver better servicing and value for our customers and suppliers. As highlighted on Slide 14, we have delivered another quarter of strong profitability, free cash flow generation and continued deleveraging.

此外，隨著我們接近2026會計年度結束，我們仍預期投資支出將逐步增加，以支持我們持續投入強化供應鏈，並為客戶與供應商提供更佳服務與價值。如第14頁投影片所示，我們再度交出一季強勁的獲利表現、自由現金流創造，並持續去槓桿。

We continue to develop strategic capabilities to support shared long-term profitable growth for our customers, suppliers and UNFI. And we continue to advance our technology journey that is designed to simplify processes, provide better near real-time insights into the business, and make us a more effective and efficient organization.

我們持續發展策略性能力，以支持客戶、供應商與UNFI共享的長期獲利成長。我們也持續推進科技轉型旅程，旨在簡化流程、提供更接近即時的業務洞察，並使我們成為更有效率、更具效能的組織。

As we move into the last quarter of our fiscal year, we are focused on delivering a strong finish to fiscal 2026, continuing to support our customers and suppliers as they execute their unique growth strategies in a dynamic operating backdrop.

隨著我們進入本會計年度最後一季，我們專注於在2026會計年度強勢收官，並在多變的營運環境下，持續支持客戶與供應商執行其各自獨特的成長策略。

We believe that there is a significant opportunity ahead of us as we expect to return to growth in fiscal 2027, while continuing to strengthen our capabilities and becoming even more effective and efficient partner. With that, operator, please open the line for questions.

我們相信前方有顯著機會，因為我們預期在2027會計年度恢復成長，同時持續強化能力，成為更有效率、更具效能的合作夥伴。接下來，接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Ed Kelly, Wells Fargo.

Ed Kelly，富國銀行。

This is John Parke on for Ed. I know you're starting to lap some of the project work you were doing. I guess, can we take a step back and talk about how the underlying natural organic segment is doing excluding that? And any additional color in terms of customer wins and confidence in that mid-single-digit category growth trajectory?

我是代替Ed的John Parke。我知道你們開始進入先前所做專案工作的比較基期。我想，能否退一步談談，若排除那部分，底層的天然與有機（natural organic）業務表現如何？另外，關於客戶贏單（customer wins）以及對該中個位數品類成長軌跡的信心，是否能再多分享一些細節？

John, it's Sandy. Thanks for the question. The way I'd impact our sales is starting with negative 4.2% report, we have about 450 basis points of optimization actions that we took over the past year to align our portfolio of customers with the addressable market and with win-win agreements. That was planned and understood.

John，我是Sandy。謝謝你的問題。我解讀我們的銷售表現方式是：從報告的-4.2%開始看起，我們在過去一年採取了約450個基點的最佳化行動，以使客戶組合與可服務市場（addressable market）對齊，並達成雙贏協議。這是事先規劃且已充分理解的。

We also have begun to fully cycle a piece of project work we did with a large customer that began, as Matteo said in his comments in the third quarter and will fully cycle that by the next year, third quarter. All that adds up to an underlying sales growth that's in line with our addressable market in the low single digits.

我們也開始完全進入先前與一位大型客戶所做的一部分專案工作的比較基期；如Matteo在第三季評論中所說，該專案當時開始，並將在明年第三季完全進入比較基期。綜合以上，底層銷售成長與我們可服務市場的低個位數成長一致。

From a pipeline standpoint, while we're not generally specific about that, our pipeline is very strong, and it's part of the sets of puts and takes that Matteo considered when he described next year as a return to growth in fiscal '27.

就商機管線（pipeline）而言，雖然我們通常不會具體說明，但我們的管線非常強勁；這也是Matteo在描述明年為2027會計年度恢復成長時，所考量的一系列利多與利空因素之一。

And John, on natural, the sequential step down from six and change percent to 4% and change, again, in the mid-single digit, is really driven by 200 basis points of unwind of the project-based work. More interesting, though, if you look at the two year stack, you see a consistent growth in the mid-teens over the last five quarters.

另外，John，關於天然與有機（natural），從約6%多逐季下滑到約4%多（仍在中個位數區間），主要是因為約200個基點的專案型工作回落（unwind）。不過更值得注意的是，如果看兩年堆疊（two-year stack），你會看到過去五個季度一直維持在十幾%的穩定成長。

So while, again, the project-based work could create a bit of ups and downs over the last five quarters, two years stack, the growth in natural has been really strong.

因此，雖然專案型工作在過去五個季度可能造成一些上下波動，但以兩年堆疊來看，天然與有機的成長其實非常強勁。

Got it. That makes sense. And then I guess, what are you guys seeing from conventional customers trying to lean more into natural organic products as well as private label? I guess anything you could share on the trajectory of those trends as they lean in more.

了解。這很合理。那接著想問，你們看到傳統（conventional）客戶也更傾向投入天然有機產品以及自有品牌（private label）嗎？關於他們加大投入後，這些趨勢的走向，有沒有什麼可以分享的？

Sure. I think the -- obviously, the strategies of retailers and the innovation across our customer base is significant, and there are many permutations. But if you were going to pull a general theme one of the main ways to differentiate is through product and assortment. And part of the work that we're doing with customers is to optimize the portfolio -- that full portfolio customers use to access their strategy and create value for their shoppers. A major lean endpoint is health and wellness and organic, which is on trend, and we expect will continue to be for a long time.

當然。我認為——很明顯地——零售商的策略以及我們客戶群的創新力道都很顯著，而且有很多不同的組合與做法。但若要歸納一個共通主題，主要的差異化方式之一是透過產品與品類組合（assortment）。我們與客戶合作的一部分工作，是最佳化其產品組合——也就是客戶用來落實策略並為其消費者創造價值的完整產品組合。其中一個重要的投入方向是健康與保健以及有機，這符合趨勢，我們預期將在很長一段時間內持續。

And so much of the conversation that we're having with our customers as they pursue differentiation strategies is around assortment and leveraging our extensive natural, organic and specialty assortment.

因此，我們與客戶在推動差異化策略時的許多對話，都圍繞在品類組合，以及如何運用我們廣泛的天然、有機與特色（specialty）品類。

John Heinbockel, Guggenheim Partners.

John Heinbockel，Guggenheim Partners。

Sandy, I want to start with that chart you showed on the industry breakdown, right? And obviously, differentiated regionals are, what, 3 times, 4 times the size of the natural and organic. How do you look at those two cohorts, right, that are growing your exposure to the two of those? And obviously, the one is much bigger than the other. Where do you think the greater growth opportunity is between those buckets?

Sandy，我想先從你展示的那張產業拆分圖表談起，對吧？很明顯地，差異化的區域型業者（differentiated regionals）規模大概是天然與有機的3倍、4倍，對嗎？你如何看待這兩個族群——也就是你們在這兩者上的曝險（exposure）成長？而且很明顯其中一個比另一個大很多。你認為在這兩個區塊之間，哪一個有更大的成長機會？

John, thanks for the question. Elevating a little bit. I think part of the reason for the slide is to break apart the industry, noting that three of the four segments are growing. And the $90 billion addressable market that we talk about that we have targeted is in the light green, light blue segments and that part of the blue -- the dark blue that's pursuing a differentiation strategy.

John，謝謝你的問題。我稍微拉高層次來看。我認為這張投影片的部分目的，是把產業拆開來看，並指出四個區隔中有三個正在成長。而我們所談、並鎖定的900億美元可服務市場，位於淺綠、淺藍區隔，以及那部分採取差異化策略的藍色——深藍區隔的一部分。

And we see consistent growth in the light green as the pure play natural. You see that in some of the public names. And of course, we serve a significant percentage of that, and we see strong growth there. The differentiated regionals continue to perform well at or above the industry.

我們在淺綠區隔（純天然業者，pure play natural）看到持續成長。你也能在一些上市公司名稱中看到這點。當然，我們服務其中相當高的比例，也看到那裡的強勁成長。差異化的區域型業者持續表現良好，達到或高於產業水準。

And we model this into some internal analysis that allows us to evaluate how the $90 billion addressable market is performing and how it has for many years and it's a very durable growth segment at or above industry growth rates. It was for the past 20 years.

我們把這些納入一些內部分析模型，使我們能評估這900億美元可服務市場的表現，以及多年來的走勢；這是一個非常具韌性的成長區隔，其成長率達到或高於產業成長率。過去20年一直如此。

It was last year in the first three quarters and continues to be strong. And so UNFI's focus is on serving the differentiated strategies. We'll participate heavily in the light green segment, the light blue and then a lot of our work is helping dark blue retailers who have strategies to push towards differentiation. And that's what makes up the growing target addressable market of $90 billion.

去年前三季如此，現在仍然強勁。因此，UNFI的重點是服務採取差異化策略的客戶。我們會大量參與淺綠區隔、淺藍區隔，同時我們許多工作是在協助深藍區隔的零售商，將其策略推向差異化。而這些共同構成了正在成長的、900億美元的目標可服務市場。

And then maybe the follow-up would be, you should grow faster than your TAM. I assume you agree with that. I don't know how much fast do you think you can grow than the TAM. But your thoughts on that? And then calling conventional, is that just going to be -- I know 14% is a big number this year, is that just always there's a couple of hundred basis points for the duration, whether it's warehouses being consolidated or accounts being eliminated?

那接著追問，你們應該要比你們的TAM（總可服務市場）成長更快。我想你應該同意這點。我不確定你們認為能比TAM快多少。但想聽聽你的看法？另外，談到傳統（conventional），那是否就是——我知道今年14%是個很大的數字——未來期間是否總會有幾百個基點的影響，無論是倉庫整併或是刪減客戶帳戶？

So John, multiple pieces of that. The first component is we expect to perform in line with our targeted addressable market. Now there are things that could drive above performance and things that could be a slight headwind. The above performance is if we do a great job supporting that strategy, we could potentially earn more market share of customers.

John，這裡有幾個部分。第一個部分是，我們預期表現會與我們鎖定的可服務市場一致。當然，有些因素可能帶來超越表現，也有些因素可能形成些許逆風。超越表現的部分在於，如果我們把策略支援做得非常好，我們可能有機會從客戶端取得更多市占。

On the other side, if we're working, and we are, with customers that have historically not grown with that TAM, and they're pursuing a new differentiation strategy that could pull us slightly backwards. But net-net, we believe we should perform in line with the addressable market as we've discussed it.

另一方面，如果我們正在合作——而且確實在合作——的客戶，歷來並未隨著該 TAM 一起成長，而他們正在推動一項新的差異化策略，可能會讓我們在某種程度上略微往回拉。但整體而言，我們相信我們的表現應會與我們所討論的可服務市場保持一致。

From a managing change perspective, ultimately, we sell the products that our customers want to buy. It happens that we have historically looked at them as natural organic on one side and conventional on the other.

從管理變革的角度來看，最終我們賣的是客戶想買的產品。剛好我們過去一直把它們看作一邊是天然有機，另一邊是傳統品類。

But ultimately, our product assortment will evolve with customer and consumer needs and the technology road map that we've articulated will allow us to do that more and more efficiently as we look to drive productivity in our $4 billion of spend. So think of it as an asset that will change, but one that we can manage given the breadth of our scale and the capabilities that we're building to serve customers in a changing product environment.

但歸根結底，我們的產品組合會隨著客戶與消費者需求而演進，而我們所闡述的技術路線圖將使我們能夠在推動 40 億美元支出之生產力的同時，更加高效率地做到這一點。因此，把它視為一項會改變的資產，但憑藉我們的規模廣度以及我們正在建立的能力，我們能在產品環境變動中為客戶提供服務並加以管理。

Mark Carden, UBS.

Mark Carden，瑞銀（UBS）。

Good morning. So to start, I just wanted to touch on the health of the consumer. Have you guys seen any changes since the start of 3Q just given higher energy costs? Has demand for trade down in general picked up much? And have you seen differences in behavior there between both natural organic and (inaudible) customers?

早安。首先我想先談一下消費者的健康狀況。自第三季初以來，考量到能源成本上升，你們有看到任何變化嗎？整體而言，對於「降級消費／轉向更便宜選項」的需求有明顯增加嗎？另外，在天然有機與（聽不清）客戶之間，你們有看到行為上的差異嗎？

I think what I would say is that we generally are finding incremental pressure across the consumer base. I would say, heavily impacting the lower end of the socioeconomic level, the reduction in SNAP funding is beginning to make an impact or continuing to make an impact. Consumers continue to seek value, whether it's value from a cost and price standpoint or value in terms of quality and experience.

我想我會說，我們普遍看到整體消費者族群的壓力在增加。我會說，對社經地位較低端的族群影響特別大，SNAP 補助資金的縮減開始產生影響，或說持續在產生影響。消費者仍在尋求價值，不論是成本與價格層面的價值，或是品質與體驗層面的價值。

And that's the result -- and the result of that -- if you go back to the slide that John and I were just talking about is you see growth above the industry in the discounters, and you see growth above the industry in the value-added players. But generally, the consumer continues to look for value, and there's certainly a lot of headwinds on them as they manage the different things that they have to deal with from higher energy prices to lower snap.

而這樣的結果——如果你回到 John 和我剛剛在談的那張投影片——你會看到折扣通路的成長高於產業平均，也會看到提供附加價值的業者成長高於產業平均。但整體而言，消費者仍在尋求價值，而且在他們要面對的各種因素上確實有很多逆風，從能源價格上升到 SNAP 減少。

I would also say that from a macro standpoint, challenging times often help food away from home because there's better value and the price splits between -- or as I should say, food at home, food away from home prices are still higher than food at home. And so our customers are continuing to seize opportunities there to create unique value for consumers.

我也會說，從總體面來看，艱難時期往往會讓「外食」更有利，因為其價值更好，而且——或者我應該說——目前外食相對於在家用餐的價格仍然更高。因此，我們的客戶也持續把握機會，為消費者創造獨特的價值。

Yes, Mark, it's Matteo. Maybe a couple of additional thoughts. So the first one just to reinforce the -- on the health of the customers. When you look at the natural customers, so deeply into the (inaudible) $90 billion market. The two-year stack points to a mid-teens’ growth for five consecutive quarters.

是的，Mark，我是 Matteo。我再補充幾點想法。第一點是再次強調——關於客戶的健康狀況。當你看天然品類客戶時，他們深耕於（聽不清）9,000 億美元市場。兩年期的疊加（two-year stack）顯示，連續五個季度都有約中十位數（mid-teens）的成長。

So when you combine that trend, the resilience of the $90 billion market, that's where we have the confidence in the return to low single-digit sales growth in 2027.

因此，當你把這個趨勢與 9,000 億美元市場的韌性結合起來看，這就是我們對於 2027 年回到低個位數營收成長的信心來源。

Got it. Appreciate all the color there guys. And then as a quick follow-up, you got some moving pieces in play, obviously, but as you think about 4Q and your guidance, are you assuming any underlying shifts in fuel prices? Or any benefit from tariff refunds?

了解。感謝各位提供這麼多細節。接著快速追問一下，你們目前有一些變動因素在發生，但當你們思考第四季與你們的指引時，你們是否假設油價會有任何基礎性的變動？或是會有任何關稅退稅的好處？

Mark, so the disciplined execution of our strategy to date helped us grow EBITDA 20%, more than $90 million year-over-year and 40 basis points on average of expansion. So pleased with the performance they are rooted into the natural growth, the network optimization benefits and then the productivity journey. When we thought about the fourth quarter, in high confidence mode.

Mark，到目前為止，我們策略的紀律性執行幫助我們讓 EBITDA 成長 20%，年增超過 9,000 萬美元，平均擴張 40 個基點。因此我們對表現感到滿意，這些成果來自天然品類成長、網路優化效益，以及生產力提升的旅程。當我們思考第四季時，我們處於高度信心模式。

We embedded the tailwinds from the natural growth, the benefits of the optimization and the continuous journey on productivity but we also embedded a couple of elements. First is the expected pressure from fuel and transportation in this dynamic operating backdrop and then also some incremental investments in technology, supply chain and commercial capabilities in light of the accelerated benefits that we generated in Q3 versus the second half as initially expected.

我們納入了天然成長的順風、優化帶來的效益，以及持續推進的生產力旅程，但我們也納入了幾個因素。第一，是在這個動態的營運背景下，燃料與運輸的預期壓力；第二，也包含一些在科技、供應鏈與商業能力上的額外投資，因為我們在第三季產生的加速效益高於原先對下半年所預期的水準。

So we are in high-confidence mode, multiple ways to get to the outcome, balancing the strength that we've seen year-to-date and also fuel pressure and incremental investment that we want to make to get into 2027 of stronger footing.

因此我們處於高度信心模式，有多種方式可以達成結果；同時在平衡我們年初至今看到的強勁表現，以及燃料壓力與我們希望進行的額外投資，讓我們在邁向 2027 年時有更穩固的基礎。

Scott Mushkin, R5 Capital.

Scott Mushkin，R5 Capital。

Short-term question. You guys -- you were touching on Matteo, obviously, diesel prices have gone way up. Are you already putting surcharges in on -- to your customers? And then are -- the impact seems to me could be pretty large on your margins and I'm thinking about 20 basis points this quarter and next. So I guess that's my first question.

短期問題。你們——你們剛剛提到 Matteo，顯然柴油價格大幅上升。你們是否已經開始對客戶加收附加費（surcharge）？另外，我看起來這對你們的毛利影響可能相當大，我在想本季與下季可能會有 20 個基點的影響。所以這是我的第一個問題。

So we're monitoring this very dynamic situation, as you can imagine, but continue to manage fuel prices through three important tools. The first one is that we hedge part of the fuel. The second one is that we have contractual protection to share some of the fuel pressures with our customers.

我們正在監控這個非常動態的情況，如你所想像，但我們仍透過三個重要工具來管理燃料價格。第一，我們對部分燃料進行避險。第二，我們有合約性的保障，能與客戶分攤部分燃料壓力。

Equally, if not even more importantly, we continue to optimize our transportation routes to reduce mileage so that we create the full wing-to-wing benefits in the industry. What we modeled in the fourth quarter, given the dynamic situation, is some incremental fuel costs and kind of broader kind of transportation impacts.

同樣重要——甚至可能更重要——的是，我們持續優化運輸路線以降低里程，從而在產業中創造完整的端到端（wing-to-wing）效益。在第四季的模型中，考量到這個動態情況，我們納入了一些額外的燃料成本，以及更廣泛的運輸影響。

But also, as I mentioned, some incremental investments that keep us into the control of what we can control. So we're balancing the tailwind from the year-to-date, the incremental fuel cost the desire to make some incremental investments, but of course, we control. And so that's really our focus while working the three levers that I mentioned at the opening.

但同時，如我所提到的，我們也納入了一些額外投資，讓我們把重點放在可控的事情上。因此我們在平衡年初至今的順風、額外燃料成本，以及想要進行一些額外投資的需求——當然，聚焦在我們能控制的部分。這就是我們的重點，同時運用我一開始提到的三個槓桿。

Is it safe to say that your adjusted EBITDA would have been at the high end of the range without fall -- without fuel or even over?

可以這麼說嗎：如果沒有燃料——沒有燃料的拖累，甚至不考慮燃料的話——你們的調整後 EBITDA 會落在區間的高端，甚至更高？

I think that the learnings in the last three months continues to keep us in high confidence mode, and it was the right thing to do to invest some higher fuel and transportation costs in light of the environment.

我認為過去三個月的學習讓我們仍維持在高度信心模式；而在目前環境下，把較高的燃料與運輸成本納入考量並進行投資，是正確的做法。

Okay. And then my second question is more longer term. I mean, obviously, you guys are growing your EBITDA very quickly. So -- and I know you have your long-term outlook out there. But as you think about some of these levers, are you able to kind of think that you're EBITDA margin and growth rate on EBITDA, adjusted EBITDA, can continue to kind of exceed your thought process?

好的。第二個問題偏長期。我的意思是，顯然你們的 EBITDA 成長非常快。我知道你們也已經提出長期展望。但當你們思考這些槓桿時，你們是否能認為你們的 EBITDA 利潤率與 EBITDA（調整後 EBITDA）的成長率，可能會持續超出你們原先的想法？

And then from a CapEx spending, I know this comes up a lot, how should we be thinking about CapEx as we go forward as maybe a percentage of sales or something like that?

另外關於資本支出（CapEx），我知道這常被問到，往後我們應該如何看待 CapEx——例如以營收百分比之類的方式？

Scott, thanks for the question. I think broadly speaking, and I'll let Matteo provide the detail here. But I think broadly speaking, we see the business as a growth business in line with the addressable market, focusing on helping customers differentiate.

Scott，謝謝你的問題。我想大方向來說——我會讓 Matteo 在這裡提供細節。但大方向而言，我們把這個業務視為一個與可服務市場同步成長的成長型業務，重點在於協助客戶做出差異化。

As the slide -- we talked about on Slide 6 describes earlier, there are multiple growth segments of the market. And the company is focused on serving the successful high-growth areas as well as those who are trying to get there. And we believe that market will grow in the low single digits consistently over time as it has all year this year and for the years prior.

如同投影片——我們先前在第 6 頁投影片所談到的——所描述，市場存在多個成長區隔。公司專注於服務那些成功的高成長領域，以及那些正努力達到該水準的客戶。我們相信，該市場將如同今年全年以及過去幾年一樣，隨時間推移持續以低個位數的速度成長。

That's embedded on top of a $4 billion cost base that we believe can be optimized through lean, through technology and very disciplined investments to drive a virtuous cycle between driving customer value and customer service metrics and at the same time, driving efficiency through process and technology.

這是建立在約 40 億美元成本基礎之上；我們相信可透過精實、科技以及非常嚴謹的投資來加以最佳化，從而在提升客戶價值與客戶服務指標之間，同時透過流程與科技提升效率，形成良性循環。

That algorithm ultimately creates the low single-digit sales growth and high single-digit EBITDA growth with reliable free cash flow generation and improved returns over time. And we are driving that and have lots of confidence in our ability to do that. Matteo, do you want to give some more detail?

該套方法最終將帶來低個位數的銷售成長與高個位數的 EBITDA 成長，並能可靠地產生自由現金流，且隨時間推移提升報酬率。我們正在推動這件事，並對我們達成的能力充滿信心。Matteo，你要不要補充更多細節？

Yes. I'll add on CapEx. So if you -- Scott, if you look at the last four years, including the '26 guidance, we would have spent about $1 billion in a quarter, which is roughly 1% of sales. And the number goes up and down depending on the timing of the automation investments and we also embedded in our operating mechanisms, usage-based maintenance versus calendar-based maintenance that obviously created a benefit as we look at the CapEx spending in '25, '26 versus '23 and '24.

好的。我補充一下資本支出（CapEx）。所以——Scott，如果你看過去四年（包含 2026 年指引），我們大約每一季會花 10 億美元，約為銷售額的 1%。這個數字會因自動化投資時點而上下波動；此外，我們也在營運機制中導入以使用量為基礎的維護、取代以日曆為基礎的維護，這顯然在我們比較 2025、2026 年相對於 2023、2024 年的 CapEx 支出時帶來了效益。

But broadly, when we think about the capital allocation and how we think about organic investments, we want to continue to invest in safety, maintenance, technology and then growth and supply chain modernization, which in a given year-over-quarter may imply some automation investments in other quarters could be more focused on technology or general modernization.

但整體而言，當我們思考資本配置以及有機投資時，我們希望持續投資於安全、維護、科技，接著是成長與供應鏈現代化；在某些年度或季度，這可能意味著部分季度會有一些自動化投資，而其他季度則可能更聚焦於科技或一般現代化。

If you think about the CapEx in the first nine months of '26 versus '25, basically, when you normalize for automation payments that we were making in '25 towards implementation in '25 and '26, we're actually spending more. So we're behind the kind of 1% of sales to kind of plan for the future.

如果你比較 2026 年前九個月的 CapEx 與 2025 年，基本上，當你把我們在 2025 年為 2025 與 2026 年導入所支付的自動化款項做正常化調整後，我們其實花得更多。因此，我們目前低於「約占銷售額 1%」的水準，作為面向未來的規劃。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO 資本市場。

Hi. Thanks for taking the question. Just wanted to clarify a little bit the expectations around Q3 and Q4 EBITDA, I think you had expected a roughly equal contribution in each quarter for EBITDA. And I think Matteo, you mentioned an acceleration of profitability drivers or benefits in the third quarter.

嗨。謝謝讓我提問。我想稍微釐清一下對第三季與第四季 EBITDA 的預期；我記得你們原本預期每一季對 EBITDA 的貢獻大致相當。而我想 Matteo 你提到第三季獲利驅動因素或效益有所加速。

And so I just wanted to understand what those were, and it sounds like some more investments in Q4, can you just help quantify exactly what those are and what the benefits will be?

所以我想了解那些是什麼；另外聽起來第四季會有更多投資，你們能否協助量化那些投資到底是什麼，以及效益會是什麼？

So three months ago, we shared that we were expecting about $350 million for the remainder of the year with equal contributions to your point in Q3 and Q4. What we saw is that through the productivity actions, the value delivery of lean, we were able to accelerate some of the productivity benefits into the third quarter. So in a way, we deliver a little bit over our equal contributions as initially expected.

三個月前，我們分享過我們預期今年剩餘期間約 3.5 億美元，且如你所說，第三季與第四季貢獻相當。我們看到，透過生產力行動與精實的價值交付，我們得以把部分生產力效益加速到第三季實現。因此某種程度上，我們交付的結果略高於原先預期的等額貢獻。

With that in mind, as we thought about the fourth quarter, we wanted to kind of balancing elements. The first one is the continued strength coming from natural product growth, network optimization and then the productivity journey.

基於此，當我們思考第四季時，我們希望在幾個要素之間取得平衡。第一個是來自自然成長、網路最佳化，以及生產力旅程的持續強勁動能。

But then on the other side, the fuel dynamics as well as an opportunity to accelerate certain investments in technology, supply chain and commercial capabilities to continue to support our strategy while still remaining at the midpoint of our guidance at $695 million of EBITDA.

但另一方面，燃料動態，以及加速在科技、供應鏈與商業能力上的某些投資的機會，能持續支持我們的策略，同時仍維持在我們指引中點、即 6.95 億美元 EBITDA 的水準。

Okay. So does that pull forward impact at all the way that you think about fiscal '27 EBITDA?

No, because when we think about -- first of all, we're in middle of building our high-confidence operating case that we're going to discuss in September. But in general, what we would expect to see into 2027 is the resilience of the $90 billion market growing at low single digit to get us back into low single-digit sales growth in fiscal 2027.

不會，因為當我們思考——首先，我們正在建立一個高信心的營運情境，並將在 9 月討論。但整體而言，我們預期 2027 年會看到 900 億美元市場以低個位數成長的韌性，讓我們在 2027 財年回到低個位數的銷售成長。

And then the expansion of the seven capabilities that we discussed at the Investor Day to continue to help and the continuous value delivery office lean productivity journey to contribute to the growth in 2027. So the framework is consistent with return to growth capabilities and productivity journey.

接著，我們在投資人日所討論的七項能力將持續擴張，並且持續的價值交付辦公室（continuous value delivery office）的精實生產力旅程也將在 2027 年對成長有所貢獻。因此，這個框架與「回到成長的能力」以及「生產力旅程」是一致的。

Okay. And Matteo, can you help me understand, I think you're characterizing it as that top line was kind of in line with that low single-digit growth rate that you're looking at for your core customers ex the optimization. But I guess, looking at it, it seems closer to flat. I was just wondering if you could help walk us through that math, maybe we're missing a piece. And just also on top of that, how the network optimization impact, how that played out relative to your expectations?

好的。另外 Matteo，你能幫我理解一下嗎？我想你把營收端描述為：若排除最佳化影響，你們核心客戶的營收大致符合你們所尋求的低個位數成長率。但我看起來更接近持平。我想請你帶我們走一遍這個計算，也許我們漏掉了某個部分。另外，網路最佳化的影響，相較於你們的預期，實際表現如何？

Yeah. So Kelly, if you start with the negative 4% and you add back first, the 450 basis points of network optimization, you get to slightly positive. And then there is an incremental headwind coming from the unwind of the project-based work in natural that we sort of quantify the 200 basis points sequential headwinds for natural.

是的。所以 Kelly，如果你從 -4% 開始，先加回網路最佳化的 450 個基點，你就會到略為正成長。然後還有一個額外逆風，來自自然品類中專案型工作（project-based work）的回落；我們將其量化為自然品類連續性的 200 個基點逆風。

So you basically get another tens of points getting to a low single-digit normalized growth, which is in line with the market and actually with the addressable market and actually faster than the overall grocery market. I think the piece that you may be missing was the unwind of the project-based work.

所以你基本上再加上幾十個基點，就會得到低個位數的正常化成長，這與市場一致，也與可服務市場一致，而且實際上比整體雜貨市場更快。我認為你可能漏掉的部分是專案型工作的回落。

Leah Jordan, Goldman Sachs.

Leah Jordan，高盛。

I am going to build off of one of Kelly's questions around FY27. I know it's a little early for formal guidance, but you've talked about the return of wholesale to low single-digit but maybe some more detail around the high-level puts and takes we should keep in mind around gross margin and SG&A heading into next year as we lap a lot of the optimization work and cost savings you've already done.

我想延伸 Kelly 關於 2027 財年的問題。我知道現在給正式指引還有點早，但你們談到批發業務回到低個位數；我想請你們提供一些更高層次的細節：在明年我們會經歷許多已完成的最佳化工作與成本節省的比較基期之下，毛利率與 SG&A 方面有哪些主要的正負因素需要留意？

It's probably a bit too early relative to the specific elements, but let me offer you a framework that I think will help. So first of all, with the $695 million as a jumping off point, we got a good solid foundation into 2027. And we really look at three elements of the growth into the EBITDA growth into 2027.

就具體要素而言，現在可能還稍早，但我提供一個我認為有幫助的框架。首先，以 6.95 億美元作為起點，我們進入 2027 年有一個良好且穩固的基礎。而我們主要看三個要素來推動 2027 年的 EBITDA 成長。

So first is the resilient $90 billion market will help us drive overall wholesale growth of low single-digit wholesale portfolio growth of low single digit restarting in 2027. The second area is that the four commercial capabilities of customers stewardship, merchandising, supplier management, professional services and brands at all growing inside our portfolio.

第一，具韌性的 900 億美元市場將幫助我們推動整體批發成長，讓批發組合在 2027 年重新開始以低個位數成長。第二個領域是我們在投資人日所談到的四項商業能力：客戶經營（customers stewardship）、商品陳列（merchandising）、供應商管理（supplier management）、專業服務與品牌，這些都在我們的組合內成長。

And then the third element is the process to become more effective and efficient. So think about technology, supply chain of the future and productivity, which as Sandy said, is rooted into the projects around the $2 billion indirect cost but overall into the $4 billion of total cost, where we continue to see large opportunities with throughput, better cost optimization, et cetera. So these are kind of the three big pieces into 2027.

第三個要素是讓流程更有效、更有效率。所以可以想像科技、未來供應鏈與生產力；如 Sandy 所說，這根植於約 20 億美元間接成本相關的專案，但也涵蓋整體約 40 億美元的總成本，我們仍持續看到在吞吐量、更佳成本最佳化等方面存在很大的機會。以上就是邁向 2027 年的三大重點。

Okay. That's helpful. And then maybe just switching gears over to inflation. Could you talk about what you're seeing in terms of food inflation today and how you think that evolves in 4Q and into FY27?

好的。這很有幫助。接著也許換個話題談通膨。你能談談你們目前看到的食品通膨情況，以及你認為它在第四季（4Q）以及進入FY27會如何演變嗎？

Yes. So we have seen a low single-digit inflation year-to-date. And our forecast through the end of our fiscal year ending in early August is as well low single digit. The backdrop, as you can imagine, Leah, is very, very dynamic. And our response is really to continue to work with our suppliers and our supply chain at large to keep prices low, stable and predictable to continue to help our customers succeed in the food marketplace.

是的。所以我們年初至今看到的是低個位數的通膨。而我們對於截至我們會計年度（財年）在8月初結束前的預測，也同樣是低個位數。如你所想像的，Leah，整體背景非常、非常動態。而我們的因應方式，確實是持續與供應商以及整體供應鏈合作，讓價格保持低、穩定且可預期，持續協助客戶在食品市場中取得成功。

I would say that going back to the '27 question, we continue to see the combination of return to growth, the capabilities and then the control of what we can control. So productivity and lean is our kind of response to what is happening in the industry and continue to remain very committed to help our customers stay competitive in the industry.

我會說，回到你關於'27的問題，我們持續看到「重回成長」、各項能力，以及把我們能控制的事情控制好，這三者的組合。因此，生產力提升與精實（lean）就是我們對產業現況的回應，同時也持續非常、非常堅定地致力於協助客戶在產業中保持競爭力。

(Operator Instructions)

(接線員指示)

Chuck Sarankowski, Northcoast Research.

Chuck Sarankowski，Northcoast Research。

Good morning, everyone. When you're looking at working capital, the last -- or actually the last three fiscal years, it was a source of cash and a significant source of two of the last three, what are sort of the dynamics in fiscal '26 as you're lapping these big numbers and what should we expect from working capital as either a source of cash or a use of cash going forward, especially with stabilization of sales and steady increases in efficiency?

各位早安。談到營運資金，過去——其實是過去三個財年——它都是現金來源，其中有兩年還是相當顯著的來源。當你們在財年'26面對這些大數字的比較基期時，背後的動態是什麼？往後我們應該如何看待營運資金：會是現金來源還是現金用途？尤其是在銷售趨於穩定、效率穩步提升的情況下。

Good morning, Chuck. As you can see in one of the appendix pages in the earnings materials, working capital has been a positive source of free cash flow year-to-date, and is really center on its sequence of activities. First of all, our focus has been on reducing this on hand of inventory.

早安，Chuck。如你在財報簡報資料的附錄頁面之一所看到的，年初至今營運資金一直是自由現金流的正向來源，而這主要取決於一連串的作為。首先，我們的重點一直是降低手上持有的庫存。

And it started in 2025 with the decentralization of the procurement organization. And then it expanded with the rollout of the relax planning tool, which is AI and cloud based and again, created decentralized AI-based kind of process to plan around our customers and suppliers. The second area of focus has been to optimize our payment terms.

這項工作在2025年隨著採購組織去中心化而開始。接著，隨著Relax規劃工具的導入而擴大；該工具以AI與雲端為基礎，同樣建立了去中心化、以AI為基礎的流程，用於圍繞我們的客戶與供應商進行規劃。第二個重點領域是優化我們的付款條件。

And this is still very much ongoing and an opportunity for '27 and beyond, together with improving our billing processes continuing to try and reduce the days of collection. So a lot of levers and a lot of different ways to continue to support working capital benefits.

而這仍在持續進行中，並且在'27及之後仍有機會；同時也包括改善我們的開立帳單流程，持續嘗試縮短收款天數。因此有很多槓桿、很多不同方式可以持續支持營運資金效益。

Again, we wouldn't expect the same magnitude of benefits year-over-year as we harvested quite some good dollars in '25 and 2026. But the focus is always there to reduce the levels and continue to be very, very disciplined in the way we manage it.

再次強調，我們不預期年對年會有同樣幅度的效益，因為我們在'25與2026已經收穫了相當可觀的成果。但我們始終把重點放在降低水位，並以非常、非常嚴謹的方式來管理。

Matteo, how do you feel, given economic conditions about receivables, any problem accounts out there?

Matteo，考量經濟狀況，你對應收帳款的看法如何？外面有沒有什麼問題帳戶？

We monitor them very, very closely, and we haven't seen any kind of out-of-pattern behavior. But (inaudible) monitor.

我們非常、非常密切地監控，目前沒有看到任何偏離常態的行為。但（聽不清）持續監控。

Bill Reuter, Bank of America.

Bill Reuter，美國銀行（Bank of America）。

I just have one. On the topic of inflation, Matteo, you mentioned still expecting low single digit for the remainder of the year. I can't imagine that's not going to accelerate next year given what we've heard from food companies. If it does, do you expect that there will be benefits from forward buys?

我只有一個問題。關於通膨這個主題，Matteo，你提到今年剩餘期間仍預期是低個位數。但根據我們從食品公司聽到的，我很難想像明年不會加速。如果真的加速，你是否預期提前採購（forward buys）會帶來一些好處？

And I guess, are you beginning to participate in some of those activities, which could, I guess, increase working capital in the short term?

另外我想問，你們是否已開始參與其中一些作法？這可能會在短期內提高營運資金占用。

Yes. Should inflation sustain at or above low single digit -- first of all, we have a 60- to 90-day advanced price notice. So we have time to work with our suppliers and customers on alternatives. As we said before, we may be seeing some secondary and temporary gains in the short term, but our focus is really going to be to work with suppliers in our broad supply chain to get prices low, stable and predictable to continue to help the industry.

是的。如果通膨維持在低個位數或高於低個位數——首先，我們有60到90天的提前調價通知期。因此我們有時間與供應商和客戶一起討論替代方案。如我們先前所說，短期內可能會看到一些次要且暫時性的收益，但我們的重點仍是與廣泛供應鏈中的供應商合作，讓價格保持低、穩定且可預期，以持續協助整個產業。

So we're going to closely monitor it. We are learning how to model it, and we'll see what happens in a couple of months.

所以我們會密切監控。我們正在學習如何建模，接下來幾個月看看會發生什麼。

I would now like to turn the conference over to Sandy Douglas, CEO, for closing comments.

接下來我想把電話會議交給執行長Sandy Douglas做結語。

Thank you, operator. As we close out fiscal 2026, we're continuing to focus on the disciplined execution of our value creation strategy focused on adding value for our customers and suppliers and becoming a more effective and efficient company.

謝謝你，接線員。在結束2026財年之際，我們將持續專注於嚴謹執行我們的價值創造策略，重點在於為客戶與供應商增加價值，並成為更有效率、更具效能的公司。

As we shared today, UNFI is uniquely positioned to support a growing $90 billion target addressable market that continues to demonstrate enduring growth in the food retail industry. Our team remains focused on strengthening capabilities to help food retailers differentiate, compete and profitably grow while helping suppliers build their brands within a diverse retail network.

如我們今天分享的，UNFI具備獨特的定位，可支援一個規模達900億美元、且在食品零售產業持續展現長期成長的目標可服務市場（TAM）。我們的團隊仍專注於強化各項能力，協助食品零售商實現差異化、競爭並獲利成長，同時也協助供應商在多元的零售網絡中打造其品牌。

Importantly, it's early in the strategy, and we believe there's a long runway for continued improvement and value creation ahead of us. To our customers and suppliers, we thank you for your continued partnership and collaboration, to the UNFI associates listening today our thanks for continuing to deliver better for our partners, our communities and each other.

重要的是，這項策略仍在早期階段，我們相信未來仍有很長的跑道可以持續改善並創造價值。對我們的客戶與供應商，感謝你們持續的夥伴關係與合作；對今天收聽的UNFI同仁，感謝你們持續為我們的合作夥伴、社區以及彼此帶來更好的成果。

And to our shareholders, we thank you for the trust you continue to place in us. Thanks again to all of you for joining us this morning. We look forward to updating everyone on our progress and our full year results in September.

也對我們的股東，感謝你們持續給予我們的信任。再次感謝各位今天早上加入我們。我們期待在9月向大家更新我們的進展以及全年業績。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。