WD-40 Co (WDFC) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的耐心等待。

Good day and welcome to the WD-40 Company fourth quarter and full fiscal year 2025 earnings conference call.

大家好，歡迎參加 WD-40 公司 2025 財年第四季及全年財報電話會議。

(Operator Instructions)

（操作說明）

I would like to turn the presentation over to our host for today's call, Wendy Kelly, Vice President stakeholder, and investor engagement. Please proceed.

我謹將今天的演講交給本次電話會議的主持人，負責利害關係人和投資者關係的副總裁溫蒂凱利。請繼續。

Thank you. Good afternoon and thanks to everyone for joining us today. On our call today, our WD-40 Company's President and Chief Executive Officer, Steve Brass; and Vice President and Chief Financial Officer, Sara Hyzer.

謝謝。下午好，感謝各位今天蒞臨。今天參加我們電話會議的有 WD-40 公司的總裁兼執行長 Steve Brass；以及副總裁兼財務長 Sara Hyzer。

In addition to the financial information presented on today's call, we encourage investors to review our earnings presentation, earnings press release, and Form 10K for the period ending August 31, 2025. These documents will be made available on our investor relations website at investor.wd40company.com.

除了今天電話會議上提供的財務資訊外，我們還鼓勵投資者查閱我們截至 2025 年 8 月 31 日的獲利簡報、獲利新聞稿和 10-K 表格。這些文件將在我們投資者關係網站 investor.wd40company.com 上提供。

A replay and transcript of today's call will also be made available shortly after this call.

本次電話會議的錄音和文字記錄將在會議結束後不久提供。

On today's call, we will discuss certain non-GAAP measures. The descriptions and reconciliations of these non-GAAP measures are available in our SEC filings as well as the earnings documents posted on our investor relations website.

在今天的電話會議上，我們將討論一些非GAAP指標。這些非GAAP指標的描述和調整說明可在我們提交給美國證券交易委員會的文件以及我們投資者關係網站上發布的收益文件中找到。

As a reminder, today's call includes forward-looking statements about our expectations for the company's future performance.

再次提醒，今天的電話會議包含有關我們對公司未來業績預期的一些前瞻性陳述。

Actual results could differ materially.

實際結果可能與此有重大差異。

The company's expectations, beliefs, and projections are expressed in good faith that there can be no assurance that they will be achieved or accomplished.

本公司所表達的期望、信念和預測均出於善意，但不能保證這些期望、信念和預測能夠實現。

Please refer to the risk factors detailed in our SEC filings for further discussion.

有關風險因素的更多討論，請參閱我們向美國證券交易委員會提交的文件中詳細列出的風險因素。

Finally, for anyone listening to a webcast replay or reviewing a written transcript of this call, please note that all information presented is current only as of today's date, October 22, 2025. The company disclaims any duty or obligation to update any forward-looking information as a result of new information, future events, or otherwise.

最後，對於任何收聽網路直播回放或查看本次通話文字記錄的人，請注意，所提供的所有資訊僅截至 2025 年 10 月 22 日。本公司聲明，對於因新資訊、未來事件或其他原因而更新任何前瞻性訊息，本公司不承擔任何義務或責任。

With that, I'd now like to turn the call over to Steve.

那麼，我現在想把電話交給史蒂夫。

Thank you Wendy, and thanks to all of you for joining us this afternoon.

謝謝溫迪，也謝謝各位今天下午的到來。

The year 2025 was marked by complexity and resilience, a tale of navigating global headwinds while making strategic progress.

2025 年的特點是複雜性和韌性，這是一個在應對全球逆風的同時取得策略進展的故事。

Despite challenges ranging from geopolitical tensions to shifting economic policies, WD-40 companies seized opportunities and continued to build on a strong foundation that has supported our success for more than 72 years.

儘管面臨從地緣政治緊張局勢到不斷變化的經濟政策等諸多挑戰，WD-40 公司仍抓住機遇，並繼續鞏固我們過去 72 年來取得成功的堅實基礎。

Today I'll start with an overview of our sales results for the fourth quarter and full fiscal year 2025 and then provide an update on the progress we've made against our 4x4 strategic framework.

今天，我將首先概述我們 2025 財年第四季和全年的銷售業績，然後介紹我們在 4x4 策略框架方面的進展。

Then Sarah will dive deeper into our financial performance, review our business model, give an update on the divestiture of our home care and cleaning businesses, and share our outlook for fiscal year 2026. After that, we'll open the floor for your questions.

接下來，Sarah 將深入探討我們的財務業績，回顧我們的商業模式，介紹我們剝離家庭護理和清潔業務的最新進展，並分享我們對 2026 財年的展望。之後，我們將開放提問環節。

Today we reported consolidated net sales of $163 million for the fourth quarter and $620 million for the full fiscal year, each reflecting approximately 5% growth compared to the prior year.

今天我們公佈了第四季度合併淨銷售額為 1.63 億美元，全年合併淨銷售額為 6.2 億美元，均比上年同期增長約 5%。

This performance represented a record quarter for the company and underscored the continued strength of our brand and the resilience of our business.

這項業績代表了公司創紀錄的一個季度，凸顯了我們品牌的持續實力和業務的韌性。

As maintenance products remain our primary strategic focus, accounting for approximately 95% of total net sales in both the fourth quarter and the full fiscal year.

維護產品仍然是我們的主要策略重點，在第四季度和整個財年中約佔總淨銷售額的 95%。

Net sales of these products reached $156 million in Q4 and $591 million for the year, each reflecting a 6% year over year increase.

這些產品第四季的淨銷售額達到 1.56 億美元，全年淨銷售額達到 5.91 億美元，均較去年同期成長 6%。

This performance is consistent with our long-term growth target of mid to high single-digits and reinforces the strength of our core business.

這項業績符合我們中高個位數的長期成長目標，並鞏固了我們核心業務的實力。

In addition, I'm pleased to report that our gross margin continues to improve and has now surpassed our target of 55%.

此外，我很高興地報告，我們的毛利率持續提高，現在已經超過了我們設定的 55% 的目標。

For the full fiscal year we delivered a gross margin of 55.1%. Gross margin would have been 55.6% if we removed the financial impact of the assets held for sale.

本財年毛利率為 55.1%。如果剔除待售資產的財務影響，毛利率將達到 55.6%。

For the fourth quarter, we delivered a gross margin of 54.7%, an impressive 730 basis point improvement from the fourth quarter of fiscal year 2021 when we hit our inflection point and our long-term gross margin recovery plan began to take hold.

第四季度，我們的毛利率為 54.7%，比 2021 財年第四季度提高了 730 個基點，當時我們達到了轉折點，長期毛利率恢復計劃開始生效。

Sarah will share more details about gross margin in just a few minutes.

Sarah 將在幾分鐘後分享更多關於毛利率的細節。

Now let's talk about fourth quarter sales results in dollars by segment starting with the Americas.

現在我們來談談第四季各細分市場的銷售業績（以美元計），首先從美洲地區開始。

Unless otherwise noted, I will discuss net sales on a reported basis compared to the fourth quarter of last fiscal year.

除非另有說明，我將按報告數據討論淨銷售額，並與上個財政年度第四季度進行比較。

Sales in the Americas, which includes the United States, Latin America, and Canada, decreased 2% or $1.7 million to $77 million compared to last year.

美洲地區（包括美國、拉丁美洲和加拿大）的銷售額比去年下降了 2%，即 170 萬美元，至 7,700 萬美元。

The reported currency sales of maintenance products decreased 2% or $1.2 million to $74 million compared to last year.

據報道，維護產品的貨幣銷售額比去年減少了 2%，即 120 萬美元，至 7,400 萬美元。

The decline was primarily driven by lower sales in Latin America, influenced by the impacts of foreign currency exchange fluctuations, the timing of customer orders, and broader macroeconomic challenges, especially in Mexico.

此次下滑主要是由於拉丁美洲的銷售額下降，而拉丁美洲的銷售額下降又受到外匯匯率波動、客戶訂單時間以及更廣泛的宏觀經濟挑戰（尤其是在墨西哥）的影響。

Sales of maintenance products in the United States and Canada were also down slightly, primarily due to the timing of customer orders and in Canada, broader macroeconomic challenges.

美國和加拿大的維修產品銷售量也略有下降，主要原因是客戶訂單的時間安排，而在加拿大，也受到更廣泛的宏觀經濟挑戰的影響。

In the Americas, Solvability for specialists remain constant the same period last year.

在美洲，專家的可解性與去年同期相比保持不變。

Home care and cleaning product sales declined $600,000 compared to last year, reflecting our strategic shift toward higher margin maintenance products in alignment with our 4x4 strategic framework.

與去年相比，家庭護理和清潔產品銷售額下降了 60 萬美元，這反映了我們根據 4x4 策略框架，向利潤率更高的維護產品進行策略性轉變。

In total, our America's segment made up 47% of our global business in the fourth quarter.

第四季度，我們美洲地區的業務佔全球業務的 47%。

For the full fiscal year, maintenance product sales in the Americas total $277 million, reflecting a 4% increase compared to the prior year. Although this growth was slightly below our long-term target of 5% to 8% annual growth for the region, we remain confident in the trade bloc's long-term growth potential.

在整個財政年度，美洲地區的維護產品銷售額總計 2.77 億美元，比前一年成長 4%。儘管這一增長略低於我們為該地區設定的 5% 至 8% 的年增長率長期目標，但我們仍然對該貿易集團的長期成長潛力充滿信心。

Now let's take a look at sales in EBITDA which includes Europe, India, the Middle East, and Africa.

現在讓我們來看看 EBITDA 中的銷售額，其中包括歐洲、印度、中東和非洲。

Total sales grew 7% or $4.1 million to $63 million compared to last year. After adjusting for the impact of foreign currency translation, and a sales were unchanged in the same quarter last year.

與去年相比，總銷售額成長了7%，即410萬美元，達到6,300萬美元。經調整外幣折算的影響後，銷售額與去年同期持平。

In reported currency, sales of maintenance products increased 8% or $4.6 million to $60.7 million compared to last year.

以報告貨幣計算，維護產品的銷售額比去年增長了 8%，即 460 萬美元，達到 6,070 萬美元。

The strong growth is driven most significantly by higher sales volumes of WD-40 multi-use products in our direct markets.

強勁成長主要得益於 WD-40 多用途產品在我們直接市場銷售的大幅成長。

Sales increased most significantly in DACH, France, and Benelux, which were up 20%, 19%, and 23% respectively.

銷售額在德語區、法國和比荷盧經濟聯盟地區增幅最為顯著，分別成長了 20%、19% 和 23%。

Strong sales in our direct markets were offset by softer performance in EIMEA distributor markets, driven by the timing of customer orders and ongoing instability in certain regions.

我們在直接市場上的強勁銷售被 EIMEA 經銷商市場表現疲軟所抵消，這主要是由於客戶訂單的時間表以及某些地區持續的不穩定因素造成的。

You may be fully specialist, increased 18% compared to last year, driven primarily by increased demand and higher volumes across several direct markets, especially in DACH and France, where targeted promotional activity with key customers proved highly effective.

您可能是一位完全專業的專家，與去年相比增長了 18%，這主要是由於多個直接市場（尤其是 DACH 和法國）的需求增加和銷量提高所致，在這些市場中，針對主要客戶的有針對性的促銷活動被證明非常有效。

Home care and cleaning product sales declined approximately 500,000 compared to the same period last year.

與去年同期相比，居家護理和清潔產品銷售量下降了約 50 萬件。

In the fourth quarter, we completed the divestiture of our UK home care and cleaning product businesses, the Supreme Imports Limited.

第四季度，我們完成了對英國家庭護理和清潔產品業務——Supreme Imports Limited 的剝離。

The strategic move allows us to sharpen our focus on higher growth, higher margin maintenance products, and reinforces our commitment to grow in the blue and yellow brand with a little red top.

這項策略性舉措使我們能夠更加專注於高成長、高利潤的維持性產品，並強化我們對藍黃相間、紅色小帽品牌發展的承諾。

In total, EIMEA segment made up 38% of our global business in the fourth quarter.

第四季度，EIMEA 業務部門占我們全球業務的 38%。

For the full fiscal year, maintenance product sales, and I may add, total $230 million, and 9% increase compared to the prior year. This growth aligns with our long-term target of 8% to 11% annual growth.

整個財政年度，維護產品銷售額總計 2.3 億美元，比前一年成長 9%。這一增長符合我們8%至11%的年增長率長期目標。

Now turning to Asia Pacific, South in Asia Pacific, which includes Australia, China, and other countries in the Asia region, grew 28% or $5.1 million to $23 million compared to last year.

現在來看看亞太地區，包括澳洲、中國和亞洲其他國家在內的亞太南部地區，與去年相比成長了 28%，即 510 萬美元，達到 2,300 萬美元。

Foreign currency translation had no material impact on our fourth quarter results.

外幣折算對我們第四季的業績並沒有造成實質影響。

Sales and maintenance products increased 30% or $4.8 million to $21 million compared to last year. This growth was primarily driven by a 44% increase in sales on the 40 multi-use products in our Asia distributor markets, where we saw strong demand across nearly all countries, particularly in Indonesia, Malaysia, Singapore, and the Philippines, fueled by geographic expansion, broader distribution, and the timing of customer orders.

與去年相比，銷售和維護產品成長了 30%，即 480 萬美元，達到 2,100 萬美元。這一成長主要得益於我們在亞洲分銷商市場的 40 種多用途產品的銷售額增長了 44%，我們在幾乎所有國家都看到了強勁的需求，尤其是在印尼、馬來西亞、新加坡和菲律賓，這得益於地域擴張、更廣泛的分銷以及客戶訂單的時機。

Sales of maintenance products also grew in Australia and China, increasing by 12% and 6% respectively, compared to the same period last year.

與去年同期相比，澳洲和中國的維修產品銷售額也分別成長了 12% 和 6%。

In Asia Pacific, sales of WD-40 specialists increased 38% compared to last year due to higher sales volume from successful promotions and marketing efforts in our Asia distributor markets in China.

在亞太地區，由於我們在中國等亞洲經銷商市場開展了成功的促銷和行銷活動，WD-40 專業產品的銷售量比去年增長了 38%。

Sales of home care and cleaning products on no vac carpet cleaners and sold on hand cleaners sold in Australia increased 15% or approximately $300,000 compared to the same period last year.

與去年同期相比，澳洲銷售的家用護理和清潔產品（包括免吸塵地毯清潔器和手持清潔劑）的銷售額增長了 15%，約合 30 萬美元。

Our home care portfolio in Australia benefits and strong brand recognition, a solid competitive position, and meaningful growth opportunities.

我們在澳洲的家庭護理業務組合擁有強大的品牌知名度、穩固的競爭地位和顯著的成長機會。

In total, our Asia Pacific segment made up 15% of our global business in the fourth quarter.

第四季度，亞太地區業務占我們全球業務的15%。

For the full fiscal year, maintenance product sales in Asia Pacific total to $84 million, a 6% increase compared to the prior year. While this growth falls short of our long-term target of 10% to 13% annual growth in the region, we remain confident in the strong fundamentals of this high growth trade bloc.

整個財年，亞太地區維護產品銷售額總計 8,400 萬美元，比上年增長 6%。儘管這一增長未能達到我們設定的該地區年均增長 10% 至 13% 的長期目標，但我們仍然對這一高增長貿易集團的強勁基本面充滿信心。

Now let's take a look at the strategic progress we made in fiscal year 2025 against our 4 by 4 strategic framework. As you recall, this framework was designed to drive profitable growth and sustainable value creation, and it's built around our four Muslim battles and four strategic enablers. Our Muslim battles focus on what we do to increase sales and profitability, since these are long-term growth drivers will focus on full year results.

現在讓我們來看看我們在 2025 財年根據我們的 4x4 策略框架所取得的策略進展。如您所知，該框架旨在推動盈利增長和可持續價值創造，它是圍繞我們的四場穆斯林戰役和四大戰略推動因素構建的。我們針對穆斯林的鬥爭主要集中在如何提高銷售額和獲利能力上，因為這些是長期的成長驅動因素，我們將專注於全年業績。

Starting with Muslim battle number one, the geographic expansion, global sales of WD-40 multi-use products in fiscal year '25 were $478 million, representing growth of 6% over the prior year.

從穆斯林的第一場戰役——地域擴張開始，2025 財年 WD-40 多用途產品的全球銷售額為 4.78 億美元，比上一年增長了 6%。

We experience solid sales of our signature multi-use product brand in all three trade blogs with 8% growth in EBITDA, 4% growth in the Americas, and 6% growth in Asia Pacific.

我們在三大貿易部落格中都實現了我們標誌性多用途產品品牌的穩健銷售，EBITDA 成長了 8%，美洲成長了 4%，亞太地區成長了 6%。

We saw solid sales growth this year, 12% in Latin America, 10% in China, 14% in France, and 20% in India. What's most important to emphasize is that we still have significant room to grow. Geographic expansion is our most significant long-term growth opportunity.

今年我們的銷售額實現了穩健成長，拉丁美洲成長了 12%，中國成長了 10%，法國成長了 14%，印度成長了 20%。最重要的是要強調，我們還有很大的發展空間。地域擴張是我們最重要的長期成長機會。

Over the last five years we've achieved a compound annual growth rate for net sales of WD-40 multi-use products at 9.4%. Our path forward is clear. We're expanding availability across more channels and geographies while deepening product penetration by increasing brand awareness through sampling and putting more cans in the hands of end users around the world.

過去五年，WD-40 多用途產品的淨銷售額實現了 9.4% 的複合年增長率。我們前進的方向很明確。我們正在擴大產品在更多通路和地區的供應範圍，同時透過樣品派發提高品牌知名度，並將更多產品送到世界各地終端用戶手中，從而加深產品滲透率。

We estimate the global attainable market for WD-40 multi-use products to be approximately $1.9 billion based on our updated benchmark sales potential, and to date we've achieved only 25% of our benchmark growth potential, leaving a growth opportunity of approximately $1.4 billion.

根據我們更新的基準銷售潛力，我們估計 WD-40 多用途產品的全球可實現市場規模約為 19 億美元，而迄今為止，我們僅實現了基準成長潛力的 25%，這意味著仍有約 14 億美元的成長機會。

A second Muslim battle is accelerating premiumization. Innovation is at the core of this strategy. We develop products like Smart Straw and Easy Reach with our end users at the center of every decision. Their needs drive our product development efforts, enabling us to deliver high performance solutions that solve real world problems.

第二場穆斯林戰爭正在加速高端化進程。創新是這項策略的核心。當我們開發智慧吸管和便利取物器等產品時，我們始終將最終用戶放在每個決策的中心。他們的需求驅動著我們的產品開發工作，使我們能夠提供解決現實世界問題的高效能解決方案。

This end user focused innovation, fosters brand loyalty, and contributes to gross margin expansion and differentiated offerings. In fiscal year 25, global sales of smart straw and easy reach when combined were up 7% over the prior year.

這種以終端用戶為中心的創新，能夠培養品牌忠誠度，並有助於提高毛利率和提供差異化產品。在第 25 財年，智慧吸管和易取產品的全球銷售額合計比上一年增長了 7%。

Preimmunized products currently account for approximately 50% of the 40 multi-use product sales and 40% of units sold, leaving considerable room for continued growth.

目前，預免疫產品約佔 40 種多用途產品銷售額的 50% 和銷售量的 40%，仍有相當大的成長空間。

Over the last 5 years we've achieved a compound annual growth rate for net sales of premium rice products of 9.4%. On a go forward basis, we'll be targeting a compound annual growth rate for net sales of premium format products of greater than 10%.

過去 5 年，我們優質米產品淨銷售額的複合年增長率達到了 9.4%。展望未來，我們將力爭使高端產品淨銷售額的複合年增長率超過 10%。

A third Muslim battle is to drive growth into WD-40 specialists. This product line is a strategic extension of our trusted core brand designed to meet the evolving needs of professionals and industrial users.

穆斯林的第三場戰役是推動 WD-40 專業領域的成長。該產品線是我們值得信賴的核心品牌的策略性延伸，旨在滿足專業人士和工業用戶不斷變化的需求。

When we introduced the WD-40 specialist alongside the WD-40 multi-use products, we're not just adding variety, we're strengthening our brand, capturing new segments, and offering end users more choice without diluting what makes our core brand iconic.

當我們推出 WD-40 專業版以及 WD-40 多用途產品時，我們不僅增加了產品種類，我們還在加強我們的品牌，開拓新的細分市場，並為終端用戶提供更多選擇，同時又不稀釋我們核心品牌標誌性的特質。

By leveraging the strength of the WD-40 brand, we're driving category leadership and expanding market share in adjacent segments.

透過發揮 WD-40 品牌的優勢，我們正在引領品類發展，並在鄰近細分市場中擴大市場份額。

In fiscal year '25, global sales of the WD-40 specialist products were $82 million, up 11% over the prior year.

2025 財年，WD-40 專業產品的全球銷售額為 8,200 萬美元，比上一年增長了 11%。

Once again, we saw growth of WD-40 specialist products across all three trade blocs with growth of 6% in the Americas, 15% in EBITDA, and 12% in Asia Pacific.

我們再次看到 WD-40 專業產品在所有三個貿易集團中均實現了成長，其中美洲成長了 6%，EBITDA 成長了 15%，亞太地區成長了 12%。

Over the last 5 years we've achieved a compound annual growth rate for net sales of the WD-40 specialists to 14.4%. On a go forward basis, we'll be targeting your compound and your growth rate for net sales to be specialist of greater than 10%.

過去 5 年，WD-40 專業產品的淨銷售額複合年增長率達到了 14.4%。展望未來，我們將以您的複合成長率和淨銷售額成長率為目標，力爭使之達到 10% 以上。

The WD-40 specialist has matured, and its market base has expanded. We've recalibrated our long-term growth expectations to reflect the product line's evolution within its life cycle.

WD-40 專業產品市場已成熟，市場佔有率也已擴大。我們已重新調整了長期成長預期，以反映產品線在其生命週期中的演變。

We estimate the global attainable market for WD-40 specialists, will be approximately $665 million based on our updated benchmark sales potential, and to date we've achieved only 12% of our benchmark growth potential, leaving a growth opportunity of approximately $583 million.

根據我們更新的基準銷售潛力，我們估計 WD-40 專業產品的全球可實現市場規模約為 6.65 億美元，而迄今為止，我們僅實現了基準成長潛力的 12%，這意味著還有約 5.83 億美元的成長機會。

Our fourth and final Muslim battle is to accelerate digital commerce. Our digital commerce strategy is a catalyst for growth across the business, not merely a channel for online sales. It plays a vital role in advancing each of our Muslim battles by increasing brand visibility, improving accessibility, and driving deeper engagement with end users across global markets.

我們與穆斯林的第四場也是最後一場戰鬥，是加速數位商務的發展。我們的數位商務策略是推動整個業務成長的催化劑，而不僅僅是線上銷售的管道。它在推進我們每一場穆斯林鬥爭中都發揮著至關重要的作用，它提高了品牌知名度，改善了可及性，並推動了與全球市場終端用戶的更深入互動。

In fiscal year '25, e-commerce sales increased 10%, reflecting strong momentum in our digital strategy. So digital is more than a transactional platform, it's a powerful engine for brand building and education. For example, the digital space serves as a dynamic environment for product discovery.

2025 財年，電子商務銷售額成長了 10%，反映出我們數位化策略的強勁勢頭。因此，數位化不僅僅是一個交易平台，它還是一個強大的品牌建立和教育引擎。例如，數位空間為產品發現提供了一個動態環境。

It allows us to showcase new applications for our products of fostering peer to peer learning. Many of these insights originate from our end users themselves who continually uncover innovative ways to use our products, often in ways we hadn't imagined.

它使我們能夠展示我們的產品在促進同儕學習方面的新應用。這些見解大多來自我們的最終用戶，他們不斷發現使用我們產品的創新方法，這些方法往往是我們之前沒有想到的。

By leveraging digital touch points, we're deepening engagement, enhancing product understanding, and strengthening brand affinity across the globe.

透過利用數位化觸點，我們正在加深互動、增強產品理解，並在全球範圍內加強品牌親和力。

Turning to the second element of our 4x4 strategic framework, our strategic enablers.

接下來，我們來看 4x4 策略架構的第二個要素，也就是我們的策略推動因素。

Our strategic enablers focus on operational excellence, and they collectively underpin and drive the success of our Muslim battles.

我們的策略推動因素專注於卓越運營，它們共同支撐並推動了我們在穆斯林戰爭中的成功。

Strategic enable number one is ensuring a people first mindset.

策略賦能的第一要素是確保以人為本的理念。

At WD-40 company, our most powerful competitive advantage is the commitment of our 714 employees. We've long said we're a purpose-driven values guided organization, and that's not just a tagline. Our values are the foundation of our culture. They shape how we lead, how we collaborate, and how we make decisions every day.

WD-40 公司最強大的競爭優勢在於我們 714 名員工的敬業精神。我們一直聲稱我們是一個以目標為導向、以價值觀為指導的組織，這不僅僅是一句口號。我們的價值觀是我們文化的基礎。它們塑造了我們每天的領導方式、協作方式和決策方式。

In February 2025 global engagement survey, 94% of our people reported being engaged in their work, more than 4 times Gallup's global average of 21%.

在 2025 年 2 月的全球員工敬業度調查中，94% 的員工表示對工作充滿熱情，是蓋洛普全球平均 21% 的 4 倍多。

90% said they feel a strong sense of belonging, and 95% expressed pride in our purpose, mission, and values.

90% 的人表示他們有強烈的歸屬感，95% 的人對我們的宗旨、使命和價值觀感到自豪。

This deep connection to who we are and what we stand for translates directly into growth and opportunity. Nearly 40% of our people experience career progression within their first 5 years at the company. To our employees, thank you for consistently showing what it means to live our purpose, to create positive lasting memories in everything you do.

這種與我們自身以及我們所代表的價值觀的深刻聯繫，直接轉化為成長和機會。近 40% 的員工在入職公司的前 5 年內獲得了職業晉升。致我們的員工：感謝你們始終如一地實踐我們的宗旨，在所做的每一件事中創造積極而持久的回憶。

What our investors and stakeholders see in our performance is a direct reflection of your commitment to doing meaningful work the right way.

投資者和利害關係人從我們的績效中看到的，直接反映了您致力於以正確的方式做有意義的工作的承諾。

Strategic enable #2 is to build an enduring business for the future.

策略賦能之二是打造面向未來的永續發展業務。

A WD-40 company long-term value creation means operating with a clear commitment to balancing economic growth, environmental responsibility, and social impact. One of our primary objectives under this strategic enabler is to lead our category with high performing products designed for environmental sustainability.

WD-40 公司長期價值創造意味著在營運中明確致力於平衡經濟成長、環境責任和社會影響。在這項策略推動下，我們的主要目標之一是憑藉專為環境永續性設計的高性能產品引領我們的品類。

I'm excited to share that in the upcoming fiscal year we'll introduce a new innovation under the WD-40 specialist product line which will be our first bio-based format of our multi-use product.

我很高興地宣布，在即將到來的財政年度，我們將推出 WD-40 專業產品線的一項創新，這將是我們多用途產品的第一個生物基形式。

Our latest maintenance product is designed to reduce our environmental impact and to have a reduced carbon footprint utilizing either standard 14,067 while still delivering the trusted performance expected from WD-40 brand products. The product will launch in select European markets later this fiscal year, and we look forward to sharing updates with you in the quarters ahead.

我們最新的維護產品旨在減少對環境的影響，並減少碳足跡，採用標準的 14,067，同時仍提供 WD-40 品牌產品所期望的可靠性能。該產品將於本財年稍後在歐洲部分市場上市，我們期待在接下來的幾季與您分享最新進展。

Strategic enabler number 3 is achieving operational excellence in our supply chain. Profitable growth at the WD-40 Company depends on the supply chain that is optimized, high performing, and resilient. In fiscal year 25, the strategic enabler played a vital role in protecting gross margins. We delivered several million dollars in economic value through cost reduction initiatives such as packaging enhancements, logistics efficiencies, and strategic sourcing.

策略推動因素之三是實現供應鏈的卓越營運。WD-40 公司的獲利成長取決於其供應鏈的最佳化、高效和韌性。在 25 財年，策略推動者在保護毛利率方面發揮了至關重要的作用。我們透過包裝改善、物流效率提升和策略採購等成本削減措施，創造了數百萬美元的經濟價值。

These efforts helped to offset the financial impact of tariffs, underscoring the importance of this enabler.

這些努力有助於抵銷關稅帶來的經濟影響，凸顯了這項推動因素的重要性。

Operationally, in fiscal year 2025, we achieved global on-time delivery of 96.4% above our current target, and also inventory levels of 99 days on hand, coming closer to our target of 90 days.

在營運方面，2025 財年，我們的全球準時交付率比目前目標高出 96.4%，庫存水準為 99 天，更接近 90 天的目標。

Strategic enablement 4 is to drive productivity through enhanced systems. At WD-40 company, technology is a key enabler of productivity and resilience. We're building a scalable digital infrastructure designed to support global growth and enhance operational agility, accelerating our strategic execution. By partnering with leading technology companies, we're investing in proven AI enabled systems such as D 365 and Salesforce that we believe will drive future gains in productivity.

策略賦能 4 是透過改進系統來提高生產力。在 WD-40 公司，科技是提高生產力和增強韌性的關鍵推動因素。我們正在建立可擴展的數位基礎設施，旨在支援全球成長並增強營運靈活性，從而加速我們的策略執行。透過與領先的科技公司合作，我們正在投資成熟的人工智慧系統，例如 D 365 和 Salesforce，我們相信這些系統將推動未來生產力的提升。

While we're taking a pragmatic approach to adopting AI across our organization, we've already identified several promising use cases that will help us to boost employee productivity, build our brand more effectively around the world, and accelerate learning and improve collaboration within our global community.

雖然我們在整個組織中採取務實的態度來採用人工智慧，但我們已經確定了一些有前景的應用案例，這些案例將幫助我們提高員工生產力，在全球範圍內更有效地打造我們的品牌，並加速學習和改善我們全球社區內的協作。

With that, I'll now turn the call over to Sara.

接下來，我將把電話交給薩拉。

Thanks, Steve, for that overview of our sales results and strategic framework. I'm pleased to share that we delivered a strong fourth quarter performance, culminating in an excellent bottom line finish to fiscal year 2025.

謝謝史蒂夫，你對我們的銷售業績和策略框架做了概述。我很高興地宣布，我們在第四季度業績表現強勁，最終為 2025 財年取得了優異的盈利。

Today I'll walk through how we performed against our fiscal year 2025 guidance.

今天我將詳細介紹我們2025財年的業績與預期目標的差距。

Share insights into our business model and highlight key takeaways from our fourth quarter financial results.

分享我們商業模式的見解，並重點介紹我們第四季度財務表現的主要結論。

I'll also provide an update on the divestiture of our home care and cleaning business in the UK and close with our outlook for fiscal year 2026.

我也會介紹我們在英國剝離家庭護理和清潔業務的最新進展，最後展望一下我們對 2026 財年的展望。

Let's start with a discussion about how we performed against our fiscal year 2025 guidance.

讓我們先來討論一下我們2025財年的業績與預期目標的差距。

As a reminder, we issued our guidance in fiscal year 2025 on a pro forma basis.

再次提醒，我們發布的 2025 財年業績指引是基於預測數據。

I encourage investors to review our earnings presentation, which includes a pro forma view.

我鼓勵投資者查看我們的獲利報告，其中包含預測性財務報表。

Since we issued our fiscal year 2025 guidance on a pro forma basis, I will provide the following summary on the non-GAAP pro forma basis.

由於我們發布的 2025 財年業績指引是基於備考數據，因此我將提供以下基於非 GAAP 備考數據的摘要。

We expected net sales growth adjusted for currency to be between 6% and 9%, with net sales of between $600million and $620 million over our pro forma 2024 results.

我們預計，經匯率調整後的淨銷售額成長率將在 6% 至 9% 之間，2024 年的淨銷售額預計將在 6 億美元至 6.2 億美元之間。

Today we reported pro forma net sales adjusted for currency of $603 million.

今天我們公佈了經匯率調整後的備考淨銷售額為 6.03 億美元。

A 6% increase over the 2024 pro forma results.

比 2024 年的預測結果增加 6%。

If we include the assets held for sales, consolidated net sales adjusted for currency for $622 million in fiscal year 2025.

若將持有待售資產計入，則 2025 財年經匯率調整後的合併淨銷售額為 6.22 億美元。

We expected full year growth margins to be in the range of 55% to 56%.

我們預計全年成長率將在 55% 至 56% 之間。

Today, we've reported gross margin of 55.6% in line with our expectations.

今天，我們公佈的毛利率為 55.6%，符合預期。

We expected our advertising and promotion investment to be around 6% of net sales.

我們預計廣告和促銷投入將佔淨銷售額的 6% 左右。

Today we reported an A&P investment of 6%.

今天我們公佈了A&P投資額為6%。

We expected operating income to be between $96 million and $101 million.

我們預計營業收入將在9,600萬美元至1.01億美元之間。

Today we reported operating income of $98.1 million in line with our expectations.

今天我們公佈的營業收入為9,810萬美元，符合預期。

We expected diluted EPS of between 530 and 560.

我們預計稀釋後每股收益在 530 至 560 之間。

Today we've reported diluted EPS of 550 in line with our expectations.

今天我們公佈的稀釋後每股收益為 550，符合我們的預期。

I'm pleased with the resilience and performance of our business in what has been a volatile and uncertain environment.

我對我們公司在如此動盪和不確定的環境下所展現的韌性和業績感到滿意。

Throughout fiscal year 2025, we navigated a range of challenges, from tariffs and macroeconomic instability to geopolitical tensions and shifting policy landscapes.

在 2025 財年，我們應對了一系列挑戰，從關稅和宏觀經濟不穩定到地緣政治緊張局勢和不斷變化的政策環境。

Despite these headwinds, we grew our top-line, expanded margins, and delivered solid bottom line growth.

儘管面臨這些不利因素，我們仍然實現了營收成長、利潤率擴大和淨利潤穩健成長。

Thank you to all our employees for their focus, adaptability, and commitment to delivering meaningful results for our stakeholders.

感謝全體員工的專注、適應能力和敬業精神，為我們的利害關係人帶來了有意義的成果。

Let's start with a look at our business model. Our business model is a strategic tool we use to guide our business.

讓我們先來看看我們的商業模式。我們的商業模式是我們用來指導業務發展的策略工具。

The model is built around 3 core areas gross margin, cost of doing business, and adjusted EBITDA.

該模型圍繞毛利率、營運成本和調整後 EBITDA 這三個核心領域建構。

Let's look at our forth quarter gross margin performance.

讓我們來看看第四季的毛利率表現。

In the fourth quarter, our gross margin was 54.7% compared to 54.1% last year, which represents an improvement of 60 basis points and was most significantly impacted by the following favorable factors.

第四季度，我們的毛利率為 54.7%，而去年同期為 54.1%，提高了 60 個基點，這主要得益於以下有利因素。

110 basis points from lower specialty chemical costs.

特種化學品成本降低 110 個基點。

110 basis points from higher average selling prices, including the impact of premiumization.

平均售價上漲 110 個基點，其中包括溢價的影響。

And 60 basis points from lower input costs.

投入成本降低 60 個基點。

Offsetting those benefits to gross margin were a few unfavorable factors. 140 basis points from unfavorable sales mix and other miscellaneous mix impacts. And 60 basis points from higher warehousing, distribution, and freight costs, primarily in the Americas.

一些不利因素抵消了這些對毛利率的提升。不利的銷售組合和其他一些雜項組合影響導致毛利率下降了140個基點。倉儲、配送和貨運成本上漲，主要發生在美洲，導致股價下跌 60 個基點。

I'm happy to share that gross margin performance this quarter was strong across all three trade blocks, with results either exceeding our stated target or showing year over year improvements.

我很高興地告訴大家，本季所有三個貿易部門的毛利率表現都很強勁，業績要么超過了我們既定的目標，要么實現了同比改善。

In the Americas, gross margin increased by 70 basis points compared to the prior year fourth quarter, reaching 53.2%. EIMEA help study at 55.5% remaining above our target.

在美洲，毛利率較上年同期成長70個基點，達到53.2%。EIMEA 幫助研究顯示，仍比我們的目標高出 55.5%。

And in Asia Pacific, gross margin increased by 110 basis points compared to the prior year fourth quarter, reaching 57.5%. For the full fiscal year, gross margin was 55.1% compared to 53.4% last year, which represents an improvement of 170 basis points.

在亞太地區，毛利率較上年同期成長 110 個基點，達到 57.5%。整個財年毛利率為 55.1%，去年同期為 53.4%，提高了 170 個基點。

As Steve mentioned earlier, we're very encouraged by the consistent improvement to gross margin we've seen over the past 3 years.

正如史蒂夫之前提到的，在過去三年裡，我們的毛利率持續改善，這讓我們非常鼓舞。

Today we're proud to report full fiscal year growth margin over the high end of our targeted range of 50% to 55%, recovering our growth margin a year ahead of schedule and marking a significant milestone in our recovery journey.

今天，我們很自豪地宣布，本財年整體成長利潤率超過了我們設定的 50% 至 55% 的目標範圍的高端，比原計劃提前一年恢復了成長利潤率，這標誌著我們在復甦之路上的一個重要里程碑。

It's important for stakeholders to understand that while certain external risks such as cost volatility, tariff uncertainty, and inflationary pressures will always be part of the operating environment, we're actively pursuing a range of initiatives designed to help us mitigate those risks and strengthen growth margin over time.

利害關係人需要了解，雖然成本波動、關稅不確定性和通膨壓力等某些外部風險始終是經營環境的一部分，但我們正在積極推行一系列旨在幫助我們減輕這些風險並隨著時間的推移提高成長利潤率的舉措。

These include supply chain cost reduction projects, cost optimization efforts, progress on asset divestitures, new product introduction, premiumization strategies, and geographic expansion. Each of these levers contributes positively to gross margins and reinforces our confidence in its long-term potential.

這些措施包括供應鏈成本削減專案、成本優化工作、資產剝離進度、新產品推出、高端化策略和地理擴張。這些槓桿中的每一個都對毛利率做出了積極貢獻，並增強了我們對公司長期潛力的信心。

Backed by our current performance and strategic initiatives, we're confident in our ability to sustain gross margin above 55% in fiscal year 2026.

憑藉我們目前的業績和策略性舉措，我們有信心在 2026 財年維持 55% 以上的毛利率。

In addition, growth margin enhancement remains a key priority for senior leaders who continue to be incentivized to drive further improvement.

此外，提高利潤率仍然是高層領導的首要任務，他們不斷受到激勵以推動進一步改進。

Now turning to our cost of doing business, which we define as total operating expenses plus adjustments for certain non-cash expenses.

現在來看我們的營運成本，我們將其定義為總營運費用加上某些非現金費用的調整。

Our cost of doing business is primarily driven by 3 key areas strategic investments in our people, global brand building efforts, and freight expenses associated with delivering products to our customers.

我們的營運成本主要受三個關鍵領域的驅動：對員工的策略性投資、全球品牌建立工作以及與向客戶交付產品相關的貨運費用。

In the fourth quarter, our cost of doing business is 36% compared to 38% in the prior year quarter. In dollar terms, our cost of doing business remains relatively stable period over period.

第四季度，我們的營運成本佔比為 36%，而上年同期為 38%。以美元計，我們的營運成本在各個時期都保持相對穩定。

For the full fiscal year, cost of doing business was 37% compared to 36% last year. In dollar terms, our cost of doing business increased $19 million or 9% period over period.

整個財政年度的營運成本佔比為 37%，而去年為 36%。以美元計算，我們的營運成本較去年同期增加了 1,900 萬美元，增幅為 9%。

In the fourth quarter, advertising and promotion expenses increased $1.6 million or 15% period over period.

第四季度，廣告和促銷費用較上季增加 160 萬美元，增幅達 15%。

As a percentage of net sales, A&P investment was 7.6% this quarter compared to 7% in the same period last year.

本季廣告和促銷投資佔淨銷售額的7.6%，去年同期為7%。

The phasing of our A&P investment are not evenly distributed over the course of a year, and in recent years our brand building activities have been more heavily weighted in the second half of the year.

我們的廣告和促銷投資並非均勻分佈在一年中，近年來，我們的品牌建立活動更集中在下半年。

For the full fiscal year, our A&P investment remains within our annual expectations.

在整個財政年度，我們的廣告和促銷投資仍符合年度預期。

While our long-term goal is to manage cost of doing business within the 30% to 35% range, we continue to make thoughtful strategic investments to support long-term growth.

雖然我們的長期目標是將業務成本控制在 30% 到 35% 的範圍內，但我們仍會繼續進行深思熟慮的策略投資，以支持長期成長。

WD40 Company has long been committed to operating with discipline and efficiency, a commitment reflected in our ability to manage the business with just 714 employees, each generating approximately $860,000 in revenue.

WD40 公司一直致力於以嚴謹高效的方式運營，這項承諾體現在我們僅用 714 名員工管理公司，每位員工創造約 86 萬美元收入的能力。

This level of productivity speaks volumes about the strength of our culture, the effectiveness of our operating model, the awareness of our brand, and the value we deliver across our global footprint.

這種生產力水平充分體現了我們企業文化的強大、我們營運模式的有效性、我們品牌的知名度以及我們在全球範圍內創造的價值。

What continues to evolve is our need to operate as a global business and increasingly complex and uncertain environment.

不斷變化的是我們需要在全球性環境下運營，而這種環境日益複雜和不確定。

To reduce risk and drive top-line growth, we've implemented a number of structural changes in recent years to strengthen and sustain our business for the future.

為了降低風險並推動營收成長，近年來我們實施了一系列結構性變革，以加強和維持我們未來的業務發展。

We're investing with discipline across technology, sustainability, innovation, research and development, legal risk management, brand building to strengthen our foundation, build brand awareness, and ensure long-term resilience and growth.

我們正有條不紊地在技術、永續發展、創新、研發、法律風險管理、品牌建立等領域進行投資，以鞏固我們的基礎，提升品牌知名度，並確保長期的韌性和成長。

We also need time to absorb the loss of revenues associated with the home care and cleaning divestitures.

我們也需要時間來消化因剝離家庭護理和清潔業務而造成的收入損失。

These investments have pushed our cost of doing business above our target range. However, we believe they've strengthened the business, enhanced its resilience, and positioned us to deliver sustainable long-term value to our stakeholders.

這些投資使我們的營運成本超過了目標範圍。但是，我們相信這些措施增強了公司的實力，提高了公司的韌性，並使我們能夠為利害關係人創造可持續的長期價值。

Turning now to adjust the even a margin.

現在開始調整邊距。

We believe adjusted EBITDA as a percentage of sales is a valuable metric for assessing both profitability and operational efficiency.

我們認為，調整後的 EBITDA 佔銷售額的百分比是評估獲利能力和營運效率的重要指標。

It reflects our operating performance and cash generating ability, providing the clearest view of our company's underlying financial health.

它反映了我們的經營業績和現金創造能力，最清楚地展現了我們公司的基本財務狀況。

Our 25% target for adjusted even a margin is a long-term aspiration.

我們調整後的利潤率目標為 25%，這是一個長期目標。

However, we continue to believe we can move adjusted e a margin back to our mid-term target range of 20% to 22%, once we have absorbed the loss of revenues associated with the home care and cleaning divestitures.

然而，我們仍然相信，一旦我們消化了與家庭護理和清潔業務剝離相關的收入損失，我們可以將調整後的利潤率恢復到 20% 至 22% 的中期目標範圍。

In the fourth quarter, our adjusted EBITDA was $30.5 million, up 16% from the same period last year.

第四季度，我們調整後的 EBITDA 為 3,050 萬美元，比去年同期成長 16%。

I adjusted even a margin this quarter was 18% compared to 17% in the same period last year.

我調整後發現，本季利潤率為 18%，去年同期為 17%。

For the full fiscal year, our adjusted EBITDA was $114.4 million, up 8% from the same period last year.

整個財年，我們調整後的 EBITDA 為 1.144 億美元，比去年同期成長 8%。

Adjusted even a margin this year was 18%, which is the same as last year.

經調整後，今年的利潤率為 18%，與去年相同。

Now let's turn to other key measures of our financial performance, operating income, net income, and earnings per share in the fourth quarter.

現在讓我們來看看第四季的其他關鍵財務指標，包括營業收入、淨收入和每股盈餘。

Operating income improved to $28 million in the fourth quarter, an increase of 17% over the prior period.

第四季營業收入增至 2,800 萬美元，較上一季成長 17%。

Net income improved to $21.2 million in the fourth quarter, an increase of 27% compared to the prior period.

第四季淨利潤增至 2,120 萬美元，較上一季成長 27%。

Diluted earnings per common share for the quarter were $1.56 compared to $1.23 in the prior period, reflecting an increase of 27% over the prior period.

本季稀釋後每股普通股收益為 1.56 美元，而上一季為 1.23 美元，較上一季成長 27%。

Our diluted EPS reflects $13.6 million weighted average shares outstanding.

我們的稀釋後每股盈餘反映了 1,360 萬股加權平均流通股數。

Now let's review our balance sheet and capital allocation strategy.

現在讓我們來回顧一下我們的資產負債表和資本配置策略。

We maintain a strong financial position and healthy liquidity, enabling a disciplined capital allocation approach that both fuels long-term growth and generates significant value for our stockholders.

我們保持著穩健的財務狀況和健康的流動性，從而能夠採取嚴謹的資本配置方式，既能促進長期成長，又能為股東創造巨大價值。

Maintaining a disciplined and balanced capital allocation approach remains a priority for us.

維持嚴謹均衡的資本配置方式仍是我們的首要任務。

For the foreseeable future, we expect CapEx of between 1% and 2% of sales per fiscal year, which is in line with our asset light strategy.

在可預見的未來，我們預期資本支出將佔每個財政年度銷售額的 1% 至 2%，符合我們的輕資產策略。

Our cash flow from operations this quarter was $30 million and we elected to use approximately $9.5 million of that cash to pay down a portion of our short-term higher interest rate borrowing.

本季我們的經營活動現金流為 3,000 萬美元，我們選擇使用其中約 950 萬美元現金來償還部分短期高利率借款。

Although our usual target for debt to adjusted EBITDA is 1 to 2 times, we are currently slightly below that range. This provides us with strategic flexibility as we explore opportunities to return capital to stockholders and drive long-term growth.

雖然我們通常的債務與調整後 EBITDA 比率目標是 1 到 2 倍，但我們目前略低於該範圍。這為我們提供了策略靈活性，使我們能夠探索向股東返還資本和推動長期成長的機會。

We continue to return capital to our stockholders through regular dividends and buybacks.

我們透過定期發放股利和股票回購，持續向股東返還資本。

Annual dividends will continue to be our priority and are targeted at greater than 50% of earnings.

年度分紅仍將是我們的首要任務，目標是達到獲利的 50% 以上。

On October 9th, our board of directors approved a quarterly cash dividend of $0.94 per share.

10月9日，董事會批准派發每股0.94美元的季度現金股利。

During fiscal year 2025, we repurchased approximately 50,000 shares of stock at a total cost of $12.3 million under our share repurchase plan.

在 2025 財年，我們根據股票回購計劃，以 1,230 萬美元的總成本回購了約 50,000 股股票。

We have approximately $30 million remaining under our current repurchase plan, which is set to expire at the end of this fiscal year.

根據我們目前的股票回購計劃，我們還有大約 3000 萬美元的資金剩餘，該計劃將於本財政年度結束時到期。

Looking ahead, we intend to accelerate our buyback activity and fully utilize the remaining authorization, underscoring our strong conviction in the long-term fundamentals of the business.

展望未來，我們計劃加快股票回購步伐，充分利用剩餘的授權，體現了我們對公司長期基本面的堅定信心。

We're focused on accretive capital returns that reflect our confidence in the long-term value of our stock.

我們專注於增值資本回報，這反映了我們對公司股票長期價值的信心。

In fiscal year 2025, excluding the positive impact of the one-time non-cash income tax adjustment, our return on invested capital was 26.9%, improving from 25.5% last fiscal year and ahead of our target of 25%.

2025 財年，不計一次性非現金所得稅調整的正面影響，我們的投資資本回報率為 26.9%，比上一財年的 25.5% 有所提高，並超過了我們 25% 的目標。

In September, we announced the sale of our 1001 and 1001 Carpet Fresh brands in the UK to Supreme Imports Limited, a Manchester-based consumer products company.

9 月，我們宣布將我們在英國的 1001 和 1001 Carpet Fresh 品牌出售給總部位於曼徹斯特的消費品公司 Supreme Imports Limited。

The all cash transaction valued at up to $7.5 million was completed in the 4th quarter of fiscal year 2025.

這筆價值高達 750 萬美元的全現金交易已於 2025 財年第四季完成。

WD-40 Company is providing limited transition services for up to 3 months.

WD-40 公司提供最長 3 個月的限量過渡服務。

This divestiture reflects our continued focus on optimizing our portfolio and directing resources toward areas that drive long-term value.

此次資產剝離反映了我們持續專注於優化投資組合，並將資源投入能夠創造長期價值的領域。

We continue to make progress on the sale of our America's home care and cleaning product brand. Our investment bank continues active discussions with multiple potential buyers. Although there's no certainty on the deal, we remain optimistic, and I will provide further updates as appropriate.

我們在銷售美國家居護理和清潔產品品牌方面持續取得進展。我們的投資銀行正與多家潛在買家積極洽談。雖然交易尚未有定論，但我們仍然保持樂觀，我將在適當的時候提供進一步的最新消息。

Now moving to FY26 guidance.

現在開始發布2026財年業績指引。

Given the anticipated divestiture of our America's home care and cleaning brands, we are continuing to present this year's guidance on a pro forma basis, excluding the financial impact of the assets held for sale.

鑑於我們預計將剝離美國家庭護理和清潔品牌，我們將繼續以備考為基礎發布今年的業績指引，不包括待售資產的財務影響。

We're also providing a pro forma view of fiscal year 2025, excluding the brands we divested in the UK in the fourth quarter.

我們也提供 2025 財年的預測數據，其中不包括我們在第四季從英國剝離的品牌。

The brands currently held for sale and the impact of the one-time tax benefit recorded in the second quarter to help with modeling and period over period comparisons.

目前持有待售品牌以及第二季度記錄的一次性稅收優惠的影響，有助於建模和進行期間比較。

Please refer to our 4th quarter and full year earnings presentation on our investor relations website for those details.

有關這些詳細信息，請參閱我們投資者關係網站上的第四季度和全年收益報告。

Now with that backdrop, let's take a closer look at our guidance for fiscal year 2026.

現在有了這些背景資訊，讓我們仔細看看我們對 2026 財年的業績預期。

We're excited about what lies ahead in fiscal year 2026. By balancing strong performance today with thoughtful investments for tomorrow. We're building a foundation for lasting growth and long-term value creation.

我們對2026財年充滿期待。透過兼顧當下強勁的業績和對未來的深思熟慮的投資。我們正在為持續成長和長期價值創造奠定基礎。

For fiscal year 2026, we expect net sales growth from the pro forma 2025 results is projected to be between 5% and 9%, with net sales between $630 million and $655 million after adjusting for foreign currency impacts.

我們預計，2026 財年淨銷售額將比 2025 年的備考業績成長 5% 至 9%，經調整外匯影響後，淨銷售額將在 6.3 億美元至 6.55 億美元之間。

Gross margin is expected to be between 55.5% and 56.5%. Advertising and promotion investment is projected to be around 6% of net sales.

預計毛利率將在 55.5% 至 56.5% 之間。預計廣告和促銷投入將佔淨銷售額的 6% 左右。

Operating income is expected to be between $103 million and $110 million, representing growth of between 5% and 12% from the pro forma 2025 results.

預計營業收入將在 1.03 億美元至 1.1 億美元之間，比 2025 年的預期業績成長 5% 至 12%。

The provision for income tax is expected to be between 22.5% and 23.5%. And diluted earnings per share is expected to be between 575 and 615, which is based on an estimated $13.4 million weighted average shares outstanding.

預計所得稅準備金將在 22.5% 至 23.5% 之間。稀釋後每股盈餘預計在 575 至 615 之間，這是基於估計的 1,340 萬美元加權平均流通股數計算得出的。

This range represents growth of between 5% and 12% over the pro forma 2025 results.

這一範圍代表著比 2025 年的預期業績成長 5% 至 12%。

This guidance assumes no major changes to the current economic environment.

本指南假設當前的經濟環境不會發生重大變化。

Unanticipated inflationary headwinds and other unforeseen events may affect our view of fiscal year 2026.

意料之外的通膨逆風和其他不可預見的事件可能會影響我們對 2026 財年的看法。

In the event we are unsuccessful in the divestiture of the America's Home care and cleaning brands, our guidance would be positively impacted by approximately $12.5 million in net sales, $3.6 million in operating income, and $0.20 in diluted EPS on a full year basis.

如果我們未能成功剝離美洲家庭護理和清潔品牌，我們的業績預期將受到正面影響，全年淨銷售額將增加約 1,250 萬美元，營業收入將增加約 360 萬美元，稀釋後每股收益將增加約 0.20 美元。

That completes the financial overview. Now, I would like to turn the call back to Steve.

財務概覽到此結束。現在，我想把電話轉回給史蒂夫。

Thank you, Sara, for that update. As we close another fiscal year at WD-40 company, I'm reminded how fortunate we are to lead such a remarkable business.

謝謝薩拉提供的最新資訊。隨著 WD-40 公司又一個財政年度的結束，我更加意識到我們能夠領導這樣一個卓越的企業是多麼幸運。

We have a world class brand with a sustainable competitive advantage, a highly diversified global footprint, and a long runway for growth.

我們擁有世界一流的品牌，具備可持續的競爭優勢、高度多元化的全球佈局以及廣闊的成長空間。

Our capital li efficient business model generates significant cash, providing a strong financial foundation that allows us to invest in growing our brands and accelerate the development of our future leaders while continuing to prioritize returning capital to our investors.

我們高效的資本流動商業模式能夠產生大量現金，為我們提供強大的財務基礎，使我們能夠投資發展我們的品牌，加速培養我們的未來領導者，同時繼續優先向投資者返還資本。

And if that's not enough, what did you hear from us on this call?

如果這還不夠，那麼在這通通話中，你們聽到了我們說了什麼？

You heard that we reported currency adjusted pro forma net sales of $603 million a 6% increase over FY24 results, and right in line with our expectations.

您已經聽說，我們公佈的經匯率調整後的備考淨銷售額為 6.03 億美元，比 2024 財年業績增長了 6%，完全符合我們的預期。

You heard that sales of our maintenance products were up 6% in both the fourth quarter and fiscal year and that this performance aligns with our long-term growth targets.

您聽說我們維護產品的銷售額在第四季和本財年均成長了 6%，這一業績符合我們的長期成長目標。

You heard that we estimate the benchmark sales opportunity for WD-40 multi-use product to be approximately $1.9 billion and that we've achieved only 25% of that benchmark opportunity.

您聽說我們估計 WD-40 多用途產品的基準銷售機會約為 19 億美元，而我們只實現了該基準機會的 25%。

You heard that we estimate the benchmark sales opportunity for WD40 specialists would be approximately $665 million. Now we've achieved only 12% of that benchmark opportunity.

您聽說過我們估計 WD40 專業產品的基準銷售機會約為 6.65 億美元嗎？現在我們只達成了預期目標的12%。

You heard that we sold our UK home care and cleaning product brands.

您聽說我們出售了我們在英國的家居護理和清潔產品品牌。

You heard that the full fiscal year we delivered a gross margin of 55.1% or 55.6% if we remove the financial impact of the assets held for sale.

您聽說，我們整個財年的毛利率為 55.1%，如果剔除待售資產的財務影響，則毛利率為 55.6%。

You heard that for the fourth quarter we delivered a gross margin of 54.7%, an impressive 730 basis point improvement from the fourth quarter of fiscal year 2021.

您已經聽說，我們第四季的毛利率為 54.7%，比 2021 財年第四季提高了 730 個基點，成績斐然。

You heard it supported by current performance and our strategic initiatives, we believe we're well positioned to target a gross margin of above 55% in FY26.

正如您所聽到的，在當前業績和我們的策略舉措的支持下，我們相信我們有能力在 2026 財年實現 55% 以上的毛利率目標。

You heard that by looking ahead to fiscal year 26, we intend to accelerate our buyback activity and fully utilize the remaining authorization, underscoring our strong conviction and the long-term fundamentals of the business.

你們都聽到了，展望 2026 財年，我們打算加快股票回購活動，並充分利用剩餘的授權，這凸顯了我們對公司業務長期基本面的堅定信念。

And you heard that we're issuing guidance for fiscal year '26 on a pro forma basis excluding the brands we expect to divest this year.

你們也聽說了，我們將以備考為基礎發布 2026 財年的業績指引，其中不包括我們預計今年將剝離的品牌。

Thank you for joining our call today. We'd now be pleased to answer your questions.

感謝您今天參加我們的電話會議。現在我們很樂意回答您的問題。

Ladies and gentlemen, if you'd like to register a question, please press R, then the number one on your telephone keypad.

女士們、先生們，如果您想登記一個問題，請按 R，然後按電話鍵盤上的數字 1。

(Operator Instructions)

（操作說明）

Daniel Rizzo, Jefferies

Daniel Rizzo，傑富瑞集團

Hey guys, thank, thanks for taking my question. I just need a clarification. So when you guys gave, your initial guidance last year, that excluded the home care sales, same thing as this year, but when you reported throughout the year, you reported including the home care care sales. Is that correct?

嘿，各位，謝謝你們回答我的問題。我需要一個澄清。所以，去年你們給出的初步指導意見不包括家庭護理銷售額，今年也是如此，但是你們在全年的報告中卻包含了家庭護理銷售額。是這樣嗎？

Hi Daniel. Yes, so in the press release and in the 10Q you'll see those include them obviously because those are reported on a GAAP basis or USAP basis. In the investor deck on every quarter we showed a pro forma view so that you could back out. Those sales, although you can easily see those sales in our footnotes because we do break out the HCCP sales in both the Americas and the IAA regions, but the performer view went a step further to take you all the way down in the P&L so you could actually see the impact down to EPS.

你好，丹尼爾。是的，所以在新聞稿和 10-Q 文件中你會看到這些信息，顯然是因為這些信息是按照 GAAP 或 USAP 準則報告的。在每季的投資人簡報中，我們都展示了預測財務報表，以便您可以隨時退出。雖然您可以在我們的腳註中輕鬆看到這些銷售額，因為我們確實將 HCCP 在美洲和 IAA 地區的銷售額分開列出，但業績視圖更進一步，帶您一路向下查看損益表，以便您實際上可以看到對每股收益的影響。

Okay, so I'm looking at it now, so the pro forma is 550 in EPS in 25.

好的，我現在正在查看，所以預計 25 年每股收益為 550 美元。

Right?

正確的？

Okay. That's correct.

好的。沒錯。

All right, sorry, I I just wanted clarification on that.

好的，不好意思，我只是想確認一下。

Thanks For that.

謝謝。

So then you mentioned that I said kind of a mixed headwind. I was wondering if you could provide color on that. I mean, I've assumed the premiumization is kind of a mixed tailwind, but I was wondering what's kind of countering that that you pointed out in the gross margin.

所以你剛才提到我說的有點複雜的逆風。我想知道您能否對此進行一些補充說明。我的意思是，我一直認為高端化是一個有利有弊的因素，但我想知道你指出的毛利率中有哪些因素在抵消這種利好。

Oh, on the gross margin from a tailwind for the year. Well.

哦，這要歸功於全年順風帶來的毛利率。出色地。

You said there was a mixed headwind and other things. I was wondering what that what that what you're referring to.

你說當時有混合逆風和其他一些情況。我想知道你指的是什麼。

Oh, I think the mix, what I, so maybe it wasn't clear. The mix is a sales mix and other miscellaneous sales or other miscellaneous mix impacts. So yeah, so the, premiumization, if you look at it for the full year, actually it's more for the quarter, the impacts for the quarter, the sales mix and other miscellaneous mix impacts had a headwind of above of about 140 basis points.

哦，我覺得是混合在一起的，我，所以也許不太清楚。此組合包括銷售組合和其他雜項銷售或其他雜項組合影響。所以，是的，高端化，如果你從全年來看，實際上更多的是從季度來看，季度影響、銷售組合和其他雜項組合影響都受到了大約 140 個基點以上的不利影響。

I'm sorry, I was just looking what what exactly that is. Is that like, is that, I mean just going distributor versus direct or.

抱歉，我只是想看看那到底是什麼。那是不是，我的意思是，只是走分銷管道而不是直接銷售之類的？

Or? It's a mix, so yes, it's a mix of both, how the markets play out, so direct and distributors, but then there is also a mix of products. So, communization's into that, but also bulk and specialist and M, it's just a general product sales mix in addition to the market mix.

或者？這是混合的，所以是的，它是市場運作方式的混合體，包括直接銷售和分銷商銷售，但產品本身也是混合的。所以，共產化融入其中，但也融入了散裝、專業和 M，這只是市場組合之外的一般產品銷售組合。

Okay, and then my final question, with premiumization, that's doing fairly well with the multi-use product. I wonder if like premiumization like an E reach draw or or something like that would be applied to like the specialist product line. Is that something that's being considered or are we kind of far from that or how we should think about it?

好的，那麼我的最後一個問題，關於高端化，它在多用途產品方面做得相當不錯。我想知道，像 E 型抽屜之類的高端化措施是否會應用於專業產品線。這是我們正在考慮的事情嗎？還是我們離那一步還很遠？或者我們應該如何看待這件事？

Hey Daniel Steve and so specialists, the specialist, the whole specialist line, sells at a higher gross margin as well. So effectively that is a premium every can of W40 specialist we sell is margin accreted, and so that is a separate form. Premiumization. Having said that, we already, in several countries around the world, we've also launched particularly Eyre and delivery system on things like our penetran product which you have in the US, one or two other countries around the world, and so and certainly smart straw we leverage as part of our specialist premiumization strategy. So yes it applies to both the core product and to specialists as well, thank you very much.

嘿，丹尼爾、史蒂夫，還有其他專家，專家，整個專家系列，毛利率也更高。因此，實際上，我們銷售的每一罐 W40 專業護理產品都包含溢價，這部分利潤是單獨計算的。高端化。話雖如此，我們已經在世界各地的幾個國家推出了 Eyre 和輸送系統，例如我們在美國、世界其他一兩個國家銷售的滲透劑產品，當然還有智慧吸管，這是我們專業高端化策略的一部分。是的，這既適用於核心產品，也適用於專家，非常感謝。

Thank you.

謝謝。

Keegan Cox, DA Davidson.

Keegan Cox，DA Davidson。

Hi guys, Keegan on for Mike Baker today. I just wanted to ask if you could, give any color or thoughts on potential gross margin headwinds and tailwinds that you're expecting within your, 2026 guidance.

大家好，今天由基根代替麥克貝克為大家帶來節目。我想請問您能否就您預計在 2026 年業績指引中可能出現的毛利率逆風和順風給出一些看法或見解。

Hi Keegan, this is Sarah. So, yes, I would say in our guidance we have built in both headwinds and tailwinds. We are We are seeing stability from a cost input standpoint, and when you look at what we've built into our gross margin guidance, if oil stays at the levels that they're at right now, that could be a small tailwind for us as we've tried to be a little bit conservative in what we've built in for an oil assumption because you just never really know which direction that is going to go.

你好基根，我是莎拉。所以，是的，我認為我們的指導方針既考慮到了逆風，也考慮到了順風。從成本投入的角度來看，我們看到了穩定性。考慮到我們已納入毛利率預期，如果油價保持在目前的水平，這可能會給我們帶來一些利好，因為我們在油價假設方面一直比較保守，因為你永遠無法真正知道油價會朝著哪個方向發展。

But there are a number of cost saving initiatives that we have in the pipeline based on actions that we've taken in FY25 that will feed into FY26 along with new actions that we've built around cost supply chain optimization and continuation. Of the efforts that we've had in FY25 on the sourcing side, we had a lot of success this year from a global sourcing standpoint and exceeded our cost savings expectations that we had this year. Some of those will then benefit our margin going into FY26.

但是，根據我們在 2025 財年採取的行動，我們正在籌劃一系列節約成本的舉措，這些舉措將與我們在 2026 財年圍繞成本供應鏈優化和延續而製定的新舉措一起發揮作用。在 2025 財年，我們在採購方面做出了許多努力，從全球採購的角度來看，我們今年取得了巨大的成功，並且超出了我們今年的成本節約預期。其中一些因素將有助於提升我們2026財年的利潤率。

Got it. And then, as I looked at kind of the sales results in Asia Asia Pacific specifically, say that 5 times, it looks like the distributors accounted for, most of the growth there. What is kind of the runway left for, I guess the, that distributor market?

知道了。然後，當我查看亞太地區的銷售業績時，比如說，大約 5 倍，看起來分銷商貢獻了那裡的大部分成長。那麼，經銷商市場還剩下多大的發展空間呢？

It's a very long runway and so yeah, China also had a good, well, all three areas were up right so Australia I believe was up 6% for the year. China was up in double-digits and then yes, for the fourth quarter in particular, we had a very strong comeback in distributor markets and so you know as we look at all of those markets, there's a very long runway for growth. I mean places like Indonesia where we've introduced our new kind of hybrid business model, has been growing at a cake of around. 20% over the past few years, many of those other key markets across the Asia region have a very long runway for growth. And so yeah, improved performance in the back half in Asia and there may be some kind of impact in terms of cost of the distributors are a little more lumpy, right? And so going into the first quarter you may see some kind of pullback that's just really kind of inventory management in Asia for Q1, but beyond that we see a really strong rebound in Asia Pacific later in the fiscal year.

跑道很長，所以，是的，中國也表現不錯，嗯，這三個地區都發展得很好，所以我相信澳洲今年成長了 6%。中國市場實現了兩位數的成長，而且，尤其是在第四季度，我們在分銷商市場實現了非常強勁的復甦，所以你知道，當我們審視所有這些市場時，就會發現它們還有很長的成長空間。我的意思是，像印尼這樣我們引進了新型混合商業模式的地方，過去幾年一直保持著約20%的成長率，亞洲其他許多主要市場也還有很大的成長空間。所以，是的，亞洲下半年的業績有所改善，但分銷商的成本可能會受到一些影響，因為成本波動會更大一些，對吧？因此，進入第一季度，你可能會看到一些回調，這實際上只是亞洲地區第一季度的庫存管理，但除此之外，我們預計亞太地區將在本財年晚些時候出現強勁反彈。

Got it. Thank you.

知道了。謝謝。

Ladies and gentlemen, that does conclude our allotted time for questions. We thank you for your participation on today's conference call and ask that you please disconnect your line.

女士們、先生們，我們的提問時間到此結束。感謝您參加今天的電話會議，請您掛斷電話。