惠而浦 (WHR) 2025 Q4 法說會逐字稿

Good morning, and welcome to Whirlpool Corporation's Fourth Quarter 2025 Earnings Call. Today's call is being recorded. Joining me today are Marc Bitzer, our Chairman and Chief Executive Officer; Roxanne Warner, our Chief Financial Officer; Juan Carlos Wente, our Executive President of North America and Global Strategic Sourcing; and Ludovic Beaufils, our Executive President of KitchenAid Small Appliances in Latin America.

早安，歡迎參加惠而浦公司2025年第四季財報電話會議。今天的通話將會被錄音。今天與我一同出席的有：董事長兼執行長馬克‧比澤爾；財務長羅克珊‧華納；北美及全球策略採購執行總裁胡安‧卡洛斯‧溫特；以及拉丁美洲 KitchenAid 小家電執行總裁盧多維克‧博菲爾斯。

Our remarks today track with a presentation available on the Investors section of our website at whirlpoolcorp.com.

我們今天的演講內容與我們網站 whirlpoolcorp.com 投資者關係欄位中的簡報一致。

Before we begin, I want to remind you that as we conduct this call, we will be making forward-looking statements to assist you in better understanding Warwood Corporation's future expectations. Our actual results could differ materially from the statements due to many factors discussed in our latest 10-K, 10-Q and other periodic reports.

在開始之前，我想提醒各位，在本次電話會議中，我們將發表一些前瞻性聲明，以幫助您更好地了解華伍德公司未來的預期。由於我們在最新的 10-K、10-Q 和其他定期報告中討論的許多因素，我們的實際結果可能與聲明有重大差異。

We also want to remind you that today's presentation includes non-GAAP measures outlined in further detail at the beginning of our presentation. We believe these measures are important indicators of our operations as they exclude items that may not be indicative of results from our ongoing business operations. We also think the adjusted measures will provide you with a better baseline for analysing trends in our ongoing business operations.

我們也要提醒各位，今天的簡報包含非GAAP指標，這些指標在簡報的開頭部分有更詳細的概述。我們認為這些措施是衡量我們營運狀況的重要指標，因為它們排除了可能無法反映我們持續業務營運結果的項目。我們也認為，調整後的指標將為您提供更好的基準，以便分析我們持續業務營運的趨勢。

Listeners are directed to the supplemental information package posted on the Investor Relations section of our website for the reconciliation of non-GAAP items to the most directly comparable GAAP measures. (Operator Instructions) With that, I'll turn the call over to Mark.

聽眾可參閱我們網站投資者關係部分發布的補充資訊包，以了解非GAAP專案與最直接可比較的GAAP指標的調節情況。（操作員指示）那麼，我將把電話轉給馬克。

Thanks, Scott, and good morning, everyone. Today, we're going to discuss our 2025 results and share our expectations for 2026.

謝謝你，斯科特，大家早安。今天，我們將討論我們 2025 年的業績，並分享我們對 2026 年的期望。

Before we dive in, I would like to acknowledge three leadership promotions we have recently made. new faces or rather new voices on this call may together represent over 70 years of experience within Whirlpool. Each one of them brings deep operational, strategic and financial experience to a new role. So let me start by handing it over to Roxanne to introduce yourself.

在深入探討之前，我想先介紹一下我們最近進行的三項領導階層晉升。這次電話會議上出現的新面孔，或者更確切地說是新的聲音，加起來可能代表了惠而浦公司超過70年的經驗。他們每個人都為新的職位帶來了深厚的營運、策略和財務經驗。那麼，就先交給羅克珊，讓她來做個自我介紹吧。

Thanks, Marc, and good morning, everyone. I am honored to step into the role of Chief Financial Officer of Whirlpool Corporation. Having spent the last 18 years at Whirlpool, I have a deep appreciation for our operations and our firm commitment to driving long-term shareholder value. Prior to my current role, I served as Executive Vice President, Finance and Corporate Controller.

謝謝你，馬克，大家早安。我很榮幸能夠擔任惠而浦公司財務長一職。在惠而浦工作的這 18 年裡，我對我們的營運以及我們致力於為股東創造長期價值的堅定承諾有著深刻的理解。在擔任現職之前，我曾擔任執行副總裁、財務總監和公司財務主管。

In 2021, I was the Chief Financial Officer of our European segment, where I led both finance and integrated supply chain operations. and supported the organization through our European divestiture. Joining Whirlpool in 2008, I have had the privilege of holding numerous roles across cost management, commercial and corporate finance including leading the finance functions of our US laundry and US sales organization in North America.

2021年，我擔任歐洲業務部門的財務官，負責財務和一體化供應鏈運營，並支援公司完成歐洲業務剝離。我於 2008 年加入惠而浦公司，有幸在成本管理、商業和企業財務等領域擔任過多個職位，包括領導我們在北美的美國洗衣和美國銷售組織的財務職能。

In 2019, I had the honour of leading Investor Relations, who connected with both our investors and analysts. I look forward to reestablishing those connections and creating new ones. I'm excited to work alongside the leadership team and our employees to deliver our next chapter of growth.

2019 年，我有幸領導投資人關係部門，負責與我們的投資人和分析師溝通。我期待著重建這些聯繫並建立新的聯繫。我很高興能與領導團隊和員工們一起努力，開啟公司下一個成長篇章。

Now I will turn it over to Juan Carlos.

現在我將把麥克風交給胡安·卡洛斯。

Thanks, Roxanne, and good morning, everybody, it's a privilege to be speaking with you today as I start my new role leading MDA North America and global strategic sourcing. I joined Whirlpool as an intern in 1996 and I have spent the last 30 years in almost all functions and regions of the corporation.

謝謝羅克珊，大家早安，今天能在這裡和大家交流，我感到非常榮幸。我將開始擔任領導 MDA 北美和全球策略採購的新職位。我於 1996 年以實習生的身份加入惠而浦公司，在過去的 30 年裡，我幾乎在公司的所有職能部門和地區都工作過。

While my recent years were spent abroad, I have been in North America before, where I previously led our laundry business unit, the core of our product portfolio as well as serve as General Manager for our business with Home Depot. Having held this role before, I know that winning in North America requires continuing to strengthen our brand and product portfolio, enhance our customer relationships as well as our world-class supply chain to fulfil our purpose of improving life at home. I'm very excited to return to the MDA North America business. I'm looking forward to building on our powerful foundation and creating value for our stakeholders. Now I'll hand the call to Ludovic.

雖然我最近幾年都在國外度過，但我之前曾在北美工作過，在那裡我曾領導過我們的洗衣業務部門，這是我們產品組合的核心，我還曾擔任我們與家得寶業務的總經理。我曾擔任過這個職位，我知道要在北美取得成功，需要不斷加強我們的品牌和產品組合，提升客戶關係，並完善我們世界一流的供應鏈，以實現我們改善居家生活的宗旨。我非常高興能夠重返MDA北美業務。我期待在我們強大的基礎上繼續發展，並為我們的利害關係人創造價值。現在我把電話交給盧多維克。

Thanks, Juan Carlos, and good morning, everyone. Expanding my role beyond KitchenAid small appliances to our MDA Lat America business is an exciting opportunity. It's an opportunity to drive growth for both an iconic global premium brand and now iconic local brands such as in one of our most dynamic high-growth segments. I have spent the better part of my 20-year career with Whirlpool, developing our products and brands from inception to industrialization and to commercialization.

謝謝你，胡安卡洛斯，大家早安。將我的職責範圍從 KitchenAid 小家電擴展到我們的 MDA 拉丁美洲業務，對我來說是一個令人興奮的機會。這是一個推動全球標誌性高端品牌和本土標誌性品牌（例如我們最具活力的高成長細分市場之一）成長的機會。在我20年的職業生涯中，大部分時間都在惠而浦公司度過，從產品和品牌的構思、工業化到商業化，全程參與了開發過程。

I went from leading critical categories in EMEA and in the US to driving our product marketing organization in North America. These roles, combined with my more recent position in the global product organization and my current responsibilities with KitchenAid, have given me a unique vantage point on how to drive innovation and cost competitiveness to win in every channel and every market. I look forward to this tremendous opportunity to accelerate growth for our company.

我之前負責歐洲、中東和非洲地區以及美國的關鍵品類，後來轉而負責北美地區的產品行銷組織。這些經歷，加上我最近在全球產品組織中的職位以及目前在 KitchenAid 的職責，讓我對如何推動創新和成本競爭力以在每個管道和每個市場中取得成功有了獨特的見解。我期待著這個絕佳的機會，加速公司的發展。

Now I'll turn the call back over to Mark to provide an overview of our 2025 results.

現在我將把電話交還給馬克，讓他概述我們 2025 年的表現。

Thanks, Ludo. I'm very excited about these leadership appointments and have every confidence that we have the right team in place to continue to execute on our strategic priorities. As you're well aware, 2025 marked a difficult year with unforeseen challenges, in particular for our North American business. There are 2 particular challenges that our business faced: one, tariffs. As domestic producers, we will ultimately benefit from the tariffs that were put in place.

謝謝你，盧多。我對這些領導層任命感到非常興奮，並且完全相信我們已經組建了合適的團隊，能夠繼續執行我們的策略重點。如你所知，2025 年是充滿挑戰的一年，面臨許多意想不到的困難，尤其是對於我們的北美業務而言。我們的業務面臨兩個特別的挑戰：一是關稅。作為國內生產商，我們最終將從實施的關稅中受益。

There's no question in my mind. However, in 2025, we absorbed roughly $300 million of tariffs, largely for components and some finished products, while the industry did not yet move on pricing.

我對此毫不懷疑。然而，到 2025 年，我們承擔了約 3 億美元的關稅，主要針對零件和一些成品，而該產業在定價方面還沒有取得進展。

This might be surprising given that our competitors are 2times to 4times more exposure to tariffs than we are, but with significant amount of inventory preloading ahead of the tariffs and the uncertainty of a tariff framework might explain the delay of industry price moves.

考慮到我們的競爭對手受關稅影響的程度是我們的 2 到 4 倍，這可能令人驚訝，但大量庫存提前進入關稅環境以及關稅框架的不確定性或許可以解釋行業價格變動的延遲。

The good news is that we observed a meaningful change of industry pricing and promotions after mid-December into the MLK holiday and the upcoming President's Day.

好消息是，我們觀察到，從 12 月中旬到馬丁路德金紀念日和即將到來的總統日，行業定價和促銷活動發生了顯著變化。

Two, housing. As we discussed in prior calls, existing home sales are the most important driver for appliance demand and, in particular, for discretionary demand, which inherently is more margin-attractive.

第二，住房。正如我們在先前的電話會議中所討論的那樣，現有房屋銷售是家電需求的最重要驅動因素，尤其是可自由支配的需求，而這種需求本身就具有更高的利潤吸引力。

However, the mortgage lock-in effect, coupled with lower consumer confidence, has led to a 30-year low of existing home sales.

然而，抵押貸款鎖定效應，加上消費者信心下降，導致二手房銷售量降至 30 年來的最低點。

While there is no doubt about an eventual multiyear housing recovery, 2025 did not yet unlock the housing sector. With these macro challenges in mind, we delivered results largely in line with prior year.

儘管毫無疑問房屋市場最終會在未來幾年內復甦，但2025年尚未真正開啟房屋市場。考慮到這些宏觀挑戰，我們的業績與上年基本持平。

Our global organic revenues were essentially flat, and we're pleased with the MDA North America market share gains during the second half of 2025. Our operating margins were slightly below 5%, largely driven by the intense promotional environment in North America during Q3 and in particular Q4.

我們的全球有機收入基本上持平，我們對 2025 年下半年 MDA 北美市場份額的成長感到滿意。我們的營業利潤率略低於 5%，這主要是由於第三季和第四季北美地區激烈的促銷活動所致。

We delivered cost takeout actions of $200 million, but with the absence of industry pricing, they were not enough to mitigate the cost of tariffs. Lastly, our Latin America business had yet another strong year while our KitchenAid SDA business delivered outstanding double-digit growth rates with mid-teen operating margins.

我們採取了 2 億美元的成本削減措施，但由於缺乏行業定價，這些措施不足以緩解關稅成本。最後，我們的拉丁美洲業務又迎來了一個強勁的年份，而我們的 KitchenAid SDA 業務也實現了兩位數的出色增長率，營業利潤率達到十幾個百分點。

With 2025 number rear mirror and despite the extreme macro volatility we experienced, we're confident about 2026. First of all, we believe we will be able to sustain the strong trajectory of our KitchenAid SDA and our Latin America business. For North America, there are a number of catalysts to drive margin improvements.

2025 年的情況已經過去，儘管我們經歷了極端的宏觀經濟波動，但我們對 2026 年充滿信心。首先，我們相信我們能夠保持 KitchenAid SDA 和拉丁美洲業務的強勁發展勢頭。對於北美市場而言，有許多因素可以推動利潤率的提高。

First, we already identified more than $150 million of cost actions primarily focused on North America. This will allow us to largely offset the remainder for tariff headwinds. Second, we launched a record number of new products last year. These new product launches have been hugely successful with expanded floor space and incremental share gains.

首先，我們已經確定了超過 1.5 億美元的成本控制措施，主要集中在北美地區。這將使我們能夠基本抵銷關稅不利因素帶來的剩餘影響。其次，我們去年推出了創紀錄數量的新產品。這些新產品的推出取得了巨大的成功，擴大了銷售面積，並逐步提高了市場份額。

Third, the industry's promotion intensity has clearly normalized over the past six weeks. We have already announced and implemented promotional pricing changes as well. Lastly, while the new housing starts will likely still be slow, we do see a potential fast improvement of existing home sales on the back of lower mortgage rates.

第三，過去六週，該行業的促銷強度已經明顯趨於正常化。我們已經宣布並實施了促銷價格調整。最後，雖然新房開工量可能仍然緩慢，但我們確實看到，在抵押貸款利率降低的背景下，現有房屋銷售可能會迅速改善。

However, as you will hear later during our guidance discussion, we have not yet factored in any discretionary demand upside. With this, let me hand it over to Roxanne who will discuss the 2025 results in more detail.

但是，正如您稍後將在我們關於業績指引的討論中聽到的那樣，我們尚未將任何可自由支配的需求增長考慮在內。接下來，我將把發言權交給羅克珊，她將更詳細地討論2025年的結果。

Thanks, Marc. Turning to Slide 6, I will provide an overview of our full year results. As Matt mentioned, our global organic revenue was flat to prior year, and we delivered significant cost takeout to help mitigate the incremental cost of tariffs.

謝謝你，馬克。接下來請看第 6 張投影片，我將概述我們全年的業績。正如 Matt 所提到的，我們的全球有機收入與前一年持平，我們大幅削減了成本，以幫助減輕關稅帶來的額外成本。

We did not see the industry pricing adjustments to offset these incremental tariff costs in 2025 and the prolonged intense promotional environment and favourably impacted our margins.

2025 年，我們沒有看到行業價格調整來抵消這些新增關稅成本，而且持續的激烈促銷環境對我們的利潤率產生了有利影響。

Ultimately, we delivered a full year ongoing EBIT margin of 4.7% and our full year ongoing earnings per share of $6.23. Given the challenging operational environment in 2025, these results are proof of our resilience and commitment to focus on what we control.

最終，我們實現了全年持續經營息稅前利潤率4.7%，全年持續經營每股收益6.23美元。鑑於2025年充滿挑戰的經營環境，這些業績證明了我們的韌性和專注於我們可控領域的決心。

We generated $78 million of free cash flow, which was unfavourably impacted by the timing of tariff payments and higher inventory necessary to support our new products.

我們產生了 7800 萬美元的自由現金流，但關稅支付的時間以及為支持我們的新產品而需要的較高庫存對此產生了不利影響。

In November, we executed the previously announced India share sale transaction, which resulted in a reduction of our majority stake from 51% to a minority stake of 40%. The proceeds were utilized to pay down debt in line with our capital allocation priorities. We are pleased with the results of this transaction and our routine position.

11 月，我們執行了先前宣布的印度股份出售交易，導致我們的多數股權從 51% 減少到 40% 的少數股權。所得款項用於償還債務，符合我們的資本配置優先事項。我們對此交易的結果以及我們目前的日常營運狀況感到滿意。

We will continue to evaluate all options to further reduce our debt throughout 2026, in line with our guidance and capital allocation priorities. We continue to fund a healthy dividend, returning approximately $300 million to shareholders in 2025.

我們將繼續評估所有方案，以在 2026 年進一步減少債務，這符合我們的指導方針和資本配置優先事項。我們將繼續提供充足的股息，預計到 2025 年將向股東返還約 3 億美元。

Turning to Slide 7. I will provide an overview of our fourth quarter and full year results for our business segments, starting with MDA North America.

翻到第7張投影片。我將概述我們各業務部門的第四季和全年業績，首先是 MDA 北美地區。

On a full year basis, net sales, excluding currency, was largely flat year-over-year. We saw continued strong share gains throughout the fourth quarter, driven by the momentum of our new product launches. Promotional activity remained intense as industry pricing did not reflect the cost of tariffs, which impacted margins.

從全年來看，不計匯率影響，淨銷售額與上年度基本持平。在新產品上市的強勁勢頭推動下，我們在第四季度繼續保持強勁的市場份額成長。由於業界定價未能反映關稅成本，影響了利潤率，促銷活動依然十分活躍。

As a result, the segment delivered an EBIT margin of 2.8% in the fourth quarter and a full year EBIT margin of approximately 5%. Looking ahead, given the industry's pricing changes over the last 6 weeks, we expect a less promotional environment.

因此，該業務部門第四季的息稅前利潤率為 2.8%，全年息稅前利潤率約為 5%。展望未來，鑑於過去 6 週行業價格的變化，我們預計促銷環境將有所減少。

In December, we saw a shortening of the Post Black Friday promotional period; and in January, we saw a decrease in the depth of the promotional pricing for the MLK holiday.

12 月，我們看到「黑色星期五」促銷活動結束後的促銷期縮短了；1 月，我們看到馬丁路德金紀念日促銷價格的幅度有所下降。

Based on these data points, we expect a less promotional environment during President's Day. We have already announced and implemented promotional pricing changes that went into effect in early January. We expect these actions to put MDA North America back on track for margin expansion in 2026, which we will discuss in detail shortly.

根據這些數據點，我們預計總統日期間促銷活動會減少。我們已經宣布並實施了促銷價格調整，這些調整已於1月初生效。我們預計這些舉措將使 MDA 北美公司在 2026 年重返利潤率擴張的軌道，我們稍後將詳細討論這一點。

Moving to our MDA Latin America business. On a full year basis, net sales, excluding currency, declined approximately 2% year-over-year due to volume decline. In the fourth quarter, we continue to see economic instability in Argentina and an aggressive promotional environment in Brazil, which negatively impacted revenue and margins. These unfavourable results were offset by a favourable operational tax benefit related to the legal ruling. As a result, the segment delivered a full year EBIT margin of 6.2%.

接下來介紹我們的MDA拉丁美洲業務。以全年計算，不計匯率因素，由於銷量下降，淨銷售額年減約 2%。第四季度，阿根廷的經濟不穩定以及巴西激烈的促銷環境持續對收入和利潤率產生負面影響。這些不利結果被與該法律裁決相關的有利的營運稅收優惠所抵消。因此，該業務板塊全年息稅前利潤率為 6.2%。

Next, I will review the results for our MDA Asia business. On a full year basis, excluding the impacts of the India transaction and currency, net sales increased approximately 1% year-over-year.

接下來，我將回顧我們MDA亞洲業務的業績。不計印度交易和匯率的影響，全年淨銷售額年增約 1%。

The segment delivered a full year EBIT margin of approximately 5% with 120 basis points of expansion year-over-year. The India transaction resulted in margin accretion of approximately 40 basis points, while the remaining benefit was driven by a favourable cost takeout. As a result of the deconsolidation of India, we will not report Asia as a stand-alone segment moving forward.

該業務板塊全年息稅前利潤率約為 5%，較去年同期成長 120 個基點。印度交易使利潤率提高了約 40 個基點，其餘收益則得益於有利的成本削減。由於印度業務被剝離，今後我們將不再把亞洲作為單獨的業務板塊進行報告。

Turning to our SDA global business. SDA Global continues to perform very well, achieving impressive net sales growth of approximately 10% year-over-year in the fourth quarter and approximately 9% on a full year basis, driven by new product launches and strong direct-to-consumer business.

接下來談談我們的SDA全球業務。SDA Global 持續保持良好的業績，第四季淨銷售額年增約 10%，全年年增約 9%，這主要得益於新產品的推出和強勁的直接面向消費者業務。

Fourth quarter EBIT margins expanded 130 basis points year-over-year as a result of favourable price/mix. For the full year, the segment delivered a strong EBIT margin of 16% with 170 basis points of margin expansion year-over-year.

由於價格/產品組合有利，第四季息稅前利潤率年增 130 個基點。全年來看，該業務類股實現了強勁的息稅前利潤率，達到 16%，較去年同期成長 170 個基點。

Now I will turn the call over to Juan Carlos and Ludo to review how Whirlpool's investment thesis is as strong as ever.

現在我將把電話交給胡安·卡洛斯和盧多，讓他們來回顧一下惠而浦的投資邏輯為何依然強勁。

Thanks, Roxanne. Turning to Slide 9. I will cover how our MDA North America is well positioned to further organic growth and margin expansion. Our structural drivers for value creation in North America are stronger than ever. The first driver is our strong lineup of new products.

謝謝你，羅克珊。翻到第9張投影片。我將介紹我們的MDA北美公司如何做好充分準備，進一步實現內生成長和利潤率擴張。我們在北美創造價值的結構性驅動因素比以往任何時候都更加強大。首要驅動因素是我們強大的新產品陣容。

As Mark mentioned earlier, in 2025, we transitioned over 30% of our product portfolio to new products, and we're seeing a very strong response from both our trade customers and consumers. These new products gain significant more floor space and their predecessors within the key retailers, resulting in share gains as we exit the year, and we have more innovation coming in 2026.

正如馬克之前提到的，到 2025 年，我們將超過 30% 的產品組合過渡到新產品，我們看到來自貿易客戶和消費者的反應非常強烈。這些新產品在主要零售商中獲得了比其前身產品更多的銷售空間，從而在年底前實現了市場份額的成長，而且我們在 2026 年還將推出更多創新產品。

Second driver is our unique position as a domestic manufacturer in the tariff environment. Our US manufacturing legacy started over 110 years ago and we never left. We produce more of our appliances in the US than any of our industry peers who in contrast, only produce approximately 25% of what they sell in the US, in the US.

第二個驅動因素是我們作為國內製造商在關稅環境下的獨特地位。我們在美國的製造業傳承始於110多年前，我們從未離開過美國。我們在美國生產的家電數量比任何業內同行都多，而我們的同行在美國銷售的產品中，只有大約 25% 是在美國生產的。

Our US factories use approximately 96% American steel and work with thousands of US suppliers. We operate some of the largest appliance plants in the world, and we continue to make investments to strengthen our domestic position. The tariffs imposed by the current administration aim to support US.

我們的美國工廠使用約 96% 的美國鋼材，並與數千家美國供應商合作。我們經營著全球一些最大的家電工廠，我們將繼續投資以鞏固我們在國內的地位。現任政府徵收的關稅旨在支持美國。

manufacturers like Whirlpool, and we're starting to see positive signs suggesting that the tariffs will become a tailwind.

像惠而浦這樣的製造商，我們開始看到一些積極的跡象表明，關稅將成為一種順風。

As Roxanne mentioned, we have also observed a less promotional MDA industry throughout January in comparison to the same period in previous years. This suggests that the tariff costs for importers are beginning to impact their business, and therefore, the elevated promotions we saw last year are proving to be unsustainable in the long term. The last driver is the state of the US housing market, which I will cover in the following slide.

正如羅克珊所提到的那樣，我們也觀察到，與往年同期相比，1 月份 MDA 行業的促銷活動有所減少。這表明進口商的關稅成本開始影響他們的業務，因此，我們去年看到的促銷力度加大，長遠來看是不可持續的。最後一個驅動因素是美國房地產市場的狀況，我將在下一張投影片中介紹。

Turning to Slide 10. The historical data both for existing and new home sales clearly signals a multiyear recovery is on the horizon. Looking at existing homes over the last 40 years, whenever we observe a multiyear sales through, like the one we saw since 2022, a recovery has followed. The lack of recovery has created pent-up demand in the market.

翻到第10張投影片。無論是現有房屋銷售還是新房銷售的歷史數據都清楚地表明，多年的復甦即將到來。回顧過去 40 年的現有房屋，每當我們觀察到像 2022 年以來那樣持續多年的銷售低迷期時，之後都會出現復甦。經濟復甦乏力導致市場需求積壓。

Existing home sales are highly correlated with the discretionary demand in home appliances, which as a result, has also been suppressed.

現有房屋銷售與家用電器等非必需品的需求高度相關，因此，家用電器的需求也受到了抑制。

On new home construction, the fundamentals are also favourable and include decades of long undersupply of new homes since the great financial crisis, coupled with the highest aging stock of existing homes in the US, which now has a medium age over 40 years old.

在新建住宅方面，基本面也十分有利，包括自金融危機以來數十年來新房供應不足，以及美國現有住宅存量老化程度最高，目前平均房齡已超過 40 年。

Finally, while affordability concerns remain, the US government has made housing affordability a clear priority to address, which only strengthens our prospects of a recovery. In this context and given our strong competitive advantage in the builder's segment, there is simply no company better positioned to benefit from the multiyear housing recovery.

最後，儘管住房負擔能力問題依然存在，但美國政府已將住房負擔能力問題明確列為優先事項，這只會增強我們經濟復甦的前景。在此背景下，鑑於我們在建築商領域擁有強大的競爭優勢，沒有任何一家公司比我們更有能力從多年的房地產市場復甦中獲益。

Turning to Slide 11. Let me highlight one of the many new products we are launching this quarter that will continue to support our product leadership.

翻到第11張幻燈片。讓我重點介紹一下我們本季推出的眾多新產品之一，這些產品將繼續鞏固我們的產品領先地位。

Our new Whirlpool laundry tower allows the consumer to save space while having easy access controls. Featuring the new fresh flow bend system and an industry-first UB clean technology, this product reduces bacteria in the wash without requiring high temperatures that compromise your fabrics. Now let me turn it over to Ludo to review the MDA Latin America and SEA global business.

我們新推出的惠而浦洗衣塔讓消費者在節省空間的同時，也能輕鬆操控洗衣機。本產品採用全新的清新水流彎曲系統和業界首創的 UB 清潔技術，可在洗滌過程中減少細菌，而無需高溫，從而保護您的織物。現在，讓我把麥克風交給 Ludo，讓他來回顧一下 MDA 拉丁美洲和東南亞的全球業務。

Thanks, Juan Carlos. Turning to Slide 12. Let me explain why we believe the MDA Latin America business is uniquely positioned to grow. MDA Latin America has enormous growth potential given the low market penetration of appliances in the industry's compound annual growth rate projections of approximately 4% to 5%. Our MDA business in Latin America has a sustained track record of value creation rooted in the strength of our products and brands and is ideally positioned to take advantage of this industry growth.

謝謝你，胡安卡洛斯。翻到第12張投影片。讓我解釋一下為什麼我們認為MDA拉丁美洲業務具有獨特的成長優勢。鑑於家電市場滲透率較低，且該產業的複合年增長率預計約為 4% 至 5%，MDA 拉丁美洲市場具有巨大的成長潛力。我們在拉丁美洲的MDA業務憑藉我們強大的產品和品牌，持續創造價值，並佔據了理想的地位，能夠充分利用這一行業的成長。

We hold the number one share position in the region, supported by our strong historical presence in Brazil with the and brands. These are leading brands in consumer preference that have held this position for decades and as a result, they're present in more than half our Brazilian homes. Whirlpool brand also holds the number one

我們憑藉在巴西強大的歷史影響力以及旗下品牌，在該地區佔據了市場份額第一的位置。這些都是消費者偏好的領先品牌，幾十年來一直保持著這一地位，因此，它們的產品已經進入了超過一半的巴西家庭。惠而浦品牌也位居榜首。

position in terms of preference in the second largest market in Latin America, Mexico, and in many other smaller markets around the region.

在拉丁美洲第二大市場墨西哥以及該地區許多其他較小市場中，該產品在偏好度方面佔據領先地位。

We have built an exceptionally strong infrastructure across the region. We have a well-established supply base, some of the largest plants in the world, great distribution and service network in a direct-to-consumer channel representing approximately 20% of our sales. We are, therefore, incredibly well positioned to continue to grow profitably in this very large region.

我們已在該地區建立了極其強大的基礎設施。我們擁有完善的供應基礎、一些世界上最大的工廠、強大的分銷和服務網絡，並透過直接面向消費者的管道實現了約 20% 的銷售額。因此，我們擁有得天獨厚的優勢，能夠在這個幅員遼闊的地區繼續獲利成長。

Turning to Slide 13. Let me introduce one of the tools to drive that growth in 2026, a new lineup of refrigerators coming to the Brazilian market this quarter. Bra Stemp, our premium home appliance brand in Brazil, is launching a new portfolio of products in two of the most critical categories in the market, top mount and bottom mount refrigerators.

翻到第13張幻燈片。讓我來介紹一下推動2026年成長的工具之一，即本季即將進入巴西市場的一系列新型冰箱。Bra Stemp 是我們在巴西的高端家電品牌，即將推出市場上兩個最關鍵類別的新產品系列：上置式和下置式冰箱。

These new refrigerators offer increased capacity, improved energy efficiency and bring a refreshed aesthetic to consumers' kitchen. They are poised to do very, very well in the market starting this quarter.

這些新型冰箱容量更大，能源效率更高，並為消費者的廚房帶來煥然一新的美感。從本季開始，他們有望在市場上取得非常非常好的成績。

Turning to Slide 14. I will review how well positioned the SDA global businesses for continued profitable growth. As you already know, KitchenAid is an iconic brand known for its high-quality, craftsmanship and performance as well as superior design. It is the number one mixer brand in the world and with over 75% of the products we sell in the US being produced in the US, it holds a strong competitive advantage in an industry that is almost entirely reliant on imports.

翻到第14張投影片。我將評估SDA全球業務在持續獲利成長方面所處的良好地位。如您所知，KitchenAid 是一個標誌性品牌，以其高品質、精湛工藝、卓越性能和出色設計而聞名。它是全球排名第一的攪拌機品牌，而且我們在美國銷售的產品中有超過 75% 是在美國生產的，這在幾乎完全依賴進口的行業中擁有強大的競爭優勢。

Across the globe, we have successfully developed strong trade relationships and more recently, have significantly expanded our online presence which now represents over 20% of our sales and continues to grow at an accelerated pace. Outside of the stand mixer, we're starting to drive tremendous growth in adjacent categories such as espresso, blenders, cordless appliances and other food preparation segments.

在全球範圍內，我們已成功建立了牢固的貿易關係，並且最近大幅擴展了我們的線上業務，目前線上業務占我們銷售額的 20% 以上，並且仍在加速成長。除了立式攪拌機之外，我們在濃縮咖啡機、攪拌機、無線家電和其他食品製備領域等相鄰類別也開始實現巨大的成長。

We are leveraging KitchenAid's strong brand preference, our industry expertise and our established infrastructure to drive profitable growth in these categories, and we're successfully reinvesting the proceeds of that growth into further growth acceleration, while maintaining highly accretive margins.

我們正在利用 KitchenAid 強大的品牌偏好、我們的行業專業知識和我們成熟的基礎設施來推動這些類別的盈利增長，並且我們正在成功地將增長所得再投資於進一步加速增長，同時保持高增長利潤率。

Turning to Slide 15, let me preview the exciting innovation coming to the SDA Global business this quarter. First, our KitchenAid compact grain and rice cooker. This tankless version of our popular grain and rice cooker now features precise technology, which automatically measures liquid as it is added based on your preferred texture and rice and all kinds of grains to perfection.

接下來請看第 15 張投影片，讓我預覽本季 SDA Global 業務即將推出的令人興奮的創新。首先是我們的 KitchenAid 小型穀物和米飯電飯煲。這款廣受歡迎的無水箱式穀物和米飯電飯煲現在採用了精準技術，可根據您喜歡的口感自動計量添加的液體，完美烹製米飯和各種穀物。

Next, our KitchenAid Artisan Plus stand mixer. This new stand maker will bring the biggest advancements to the KitchenAid tilt head mixer since 1955. This product is sure to be a hit to enthusiasts around the world, so stay tuned for the big reveal coming this March.

接下來是我們的 KitchenAid Artisan Plus 立式攪拌機。這款新型支架製造商將為 KitchenAid 傾斜式攪拌機帶來自 1955 年以來最大的進步。這款產品一定會受到世界各地愛好者的追捧，敬請期待今年三月的盛大發布。

Now I will turn the call back over to Marc to review our expectations for 2026.

現在我將把電話交還給馬克，讓他回顧我們對 2026 年的預期。

Thanks, Ludo. Turning to Slide 17, I will review our guidance for 2026. Given the recently executed transaction to reduce our majority stake in India, we have provided a reset baseline for our long-term targets in 2025 results.

謝謝你，盧多。接下來請看第 17 張投影片，我將回顧我們 2026 年的指導方針。鑑於最近完成的交易，我們減少了在印度的多數股權，我們在 2025 年的業績中為長期目標設定了新的基準。

These targets reflect our business performance expectations during a mid-cycle, which will be after housing recovery has started, but before it reaches the peak. .

這些目標反映了我們對週期中期業務績效的預期，屆時房地產市場已經開始復甦，但尚未達到頂峰。。

On a like-for-like basis, we expect revenue growth of approximately 5% in 2026. Our new product launches are expected to deliver growth in MDA North America, and we expect continued strength in our SDA global and international businesses.

以同等條件計算，我們預期 2026 年營收成長約為 5%。我們預期新產品的推出將推動 MDA 北美業務的成長，同時我們也期待 SDA 全球和國際業務能夠持續保持強勁勢頭。

On a like-for-like basis, we expect 80 to 110 basis points of ongoing EBIT margin expansion to 2026, EBIT margin of approximately 5.5% to 5.8%. Free cash flow is expected to deliver $400 million to $500 million or approximately 3% of net sales driven by improved earnings and significant inventory optimization.

以可比口徑計算，我們預計到 2026 年，息稅前利潤率將持續成長 80 至 110 個基點，息稅前利潤率約為 5.5% 至 5.8%。預計自由現金流將達到 4 億至 5 億美元，約佔淨銷售額的 3%，主要得益於獲利能力的提高和庫存的顯著優化。

We expect full year ongoing earnings per share of approximately $7. This includes an adjusted effective tax rate of approximately 25%, which is an increase compared to 2025 and impacts 2026 ongoing earnings per share by approximately $2.

我們預計全年每股持續經營收益約為 7 美元。這包括調整後的有效稅率約為 25%，與 2025 年相比有所提高，這將對 2026 年的持續每股收益產生約 2 美元的影響。

Turning to Slide 18. We show the assumptions supporting our 2026 ongoing EBIT margin guidance. We expect a positive price mix impact of 175 basis points from our recent and future new product launches and benefit from our previously announced pricing actions in a reduced promotional environment.

翻到第18張幻燈片。我們展示了支持我們 2026 年持續 EBIT 利潤率指引的假設。我們預計，近期和未來新產品的推出將帶來 175 個基點的正面價格組合影響，並在促銷活動減少的環境下受益於我們先前宣布的價格措施。

While we have seen interest rates beginning to ease, we do not expect a material catalyst for new home sales in early 2026.

雖然我們看到利率開始下降，但我們預計 2026 年初不會出現推動新房銷售的實質催化劑。

As mentioned before, we do see the potential for a faster recovery of existing home sales discretionary demand, but at this point, we're not factoring this into our guidance. We will drive further actions to optimize our cost structure and expect 100 basis points of net cost benefit from more than $150 million of cost takeout actions.

如前所述，我們確實看到了現有房屋銷售的非必要需求可能更快復甦，但目前我們還沒有將此因素納入我們的預期。我們將採取進一步措施優化成本結構，預計透過超過 1.5 億美元的成本削減措施，可實現 100 個基點的淨成本效益。

Based on having long-term steel agreements in place, we expect minimal to no impact on EBIT margin from raw materials this year. We expect approximately 125 basis points of negative impact from the tariffs announced in 2025, that will be concentrated in the first half of 2026.

由於我們已簽訂長期鋼鐵供應協議，預計今年原物料成本對息稅前利潤率的影響微乎其微甚至沒有影響。我們預計 2025 年宣布的關稅將帶來約 125 個基點的負面影響，這些負面影響將集中在 2026 年上半年。

It is important to note that these impacts represent currently announced tariffs and do not factor in any future potential changes in trade policy.

值得注意的是，這些影響僅代表目前已公佈的關稅，並未考慮未來貿易政策的任何潛在變化。

With approximately 100 new product launching this year, we plan to increase investments in marketing technology which will impact margin by approximately 50 basis points. Currency and transaction impacts are both expected to have minimal impact to EBIT margin this year.

今年我們將推出約 100 款新產品，因此我們計劃增加對行銷技術的投資，這將使利潤率下降約 50 個基點。預計今年匯率和交易的影響對息稅前利潤率的影響都將微乎其微。

Turning to Slide 19. I will review our segment guidance. Starting with industry demand, we expect the global industry to be approximately flat in 2025. In the US, we expect similar demand trends to what we saw throughout 2025 with an emphasis on replacement demand.

翻到第19張幻燈片。我將重新審視我們的業務板塊業績指引。從產業需求來看，我們預計到 2025 年全球產業需求將基本持平。在美國，我們預計 2025 年的需求趨勢將與先前類似，重點是替換需求。

Strong replacement demand creates a solid foundation for industry volumes while consumer discretionary demand is still significantly below long-term averages.

強勁的替換需求為產業銷售奠定了堅實的基礎，而非必需消費品需求仍遠低於長期平均。

Again, this might change as a result of faster growth of existing home sales, whilst providing upside to our demand forecast. We expect the MDA Latin America industry to be up slightly between 0% and 3%.

同樣，隨著現有房屋銷售速度加快，這種情況可能會發生變化，同時也為我們的需求預測帶來上行空間。我們預計 MDA 拉丁美洲產業將略微成長 0% 至 3%。

Finally, we expect the SDA Global industry to be approximately flat with our growth driven by new products and continued investments in our direct-to-consumer business. For MDA North America, we expect to deliver a full year EBIT margin of approximately 6%. Previously announced pricing actions were expected to positively impact the full year margin and additional cost actions are expected to be delivered throughout the year.

最後，我們預期 SDA Global 產業將基本保持平穩，我們的成長將由新產品和對直接面向消費者業務的持續投資所推動。對於 MDA 北美地區，我們預計全年 EBIT 利潤率約為 6%。先前宣布的價格措施預計將對全年利潤率產生積極影響，預計全年還將推出其他成本控制措施。

For MDA Latin America, we expect a solid EBIT margin of approximately 7%, driven by new product launches and continued cost takeout. And for SDA Global, we expect a strong EBIT margin of approximately 15.5%, driven by sustained momentum from new products.

對於 MDA 拉丁美洲，我們預計其息稅前利潤率將達到約 7%，這主要得益於新產品的推出和持續的成本削減。對於 SDA Global，我們預計其息稅前利潤率將達到約 15.5%，這主要得益於新產品持續成長的動能。

Turning to Slide 20. Let me review the actions we are taking to deliver price/mix expansion. Firstly, as mentioned, we've seen a less promotional environment in MLK and President's Day. This is an encouraging indicator that our competitors are not experiencing the full cost of tariffs. We first saw positive signs with the end of a Black Friday promotion period.

翻到第20張投影片。讓我回顧一下我們為實現價格/產品組合擴張所採取的措施。首先，正如前面提到的，我們在馬丁路德金紀念日和總統日期間看到的宣傳氛圍有所減弱。這是一個令人鼓舞的跡象，表明我們的競爭對手並沒有感受到關稅帶來的全部成本。黑色星期五促銷活動結束後，我們首先看到了積極的跡象。

While in prior years, retailers and competitors extended Black Friday prices well into January, we observed meaningful pricing moves immediately after Black Friday, probably an indication of preloaded inventories finally being sold through.

雖然往年零售商和競爭對手會將「黑色星期五」的促銷活動延續到一月份，但我們觀察到「黑色星期五」過後價格立即出現顯著波動，這可能表明預先囤積的庫存終於被售罄了。

Given these broader industry dynamics, we're confident in the 2026 pricing actions we previously announced. Secondly, the incremental flooring gain by the new products launched in 2025 is largely installed. The flooring costs are behind us, and we should start to experience the full benefit of these new products. As a reminder, the new products that we launched in North America gained over 30% incremental flooring on a like-for-like basis.

鑑於這些更廣泛的行業動態，我們對先前宣布的 2026 年定價措施充滿信心。其次，2025 年推出的新產品帶來的地板增量成長主要體現在安裝方面。地板鋪設的費用已經過去，我們應該開始享受這些新產品的全部好處了。需要提醒的是，我們在北美推出的新產品，在同類產品的基礎上，地板銷量成長了 30% 以上。

Lastly, we're focused on continuing to expand our mass premium and premium product offering where we see consumer preference for our brands and the opportunity to drive differentiation. Our KitchenAid MDA launch in late 2025 is a perfect example of how we see an opportunity to elevate and position our brands for growth.

最後，我們專注於繼續擴大我們的大眾高端和高端產品供應，因為我們看到消費者對我們的品牌有偏好，並且有機會實現差異化。我們計劃於 2025 年底推出 KitchenAid MDA，這完美地體現了我們如何看待提升和定位品牌以實現成長的機會。

Turning to Slide 21. You will see the actions we're taking to support our cost position and deliver over $150 million of cost reduction in 2026. We are accelerating vertical integration and automation in our factories, leveraging some of our core competencies to improve quality and efficiency in manufacturing. In particular, the vertical integration will not only bring us cost savings but will further strengthen the resilience of our supply chain.

翻到第21張幻燈片。您將看到我們為支持成本控制並實現 2026 年超過 1.5 億美元的成本削減而採取的行動。我們正在加快工廠的垂直整合和自動化進程，利用我們的一些核心競爭力來提高製造品質和效率。特別是，垂直整合不僅可以為我們節省成本，而且還將進一步增強我們供應鏈的韌性。

We're taking steps to optimize our manufacturing and logistics footprint. And lastly, we're launching a strategic sourcing initiative to deliver the best landing costs for our components. We have had significant success in the past with activating the sourcing initiative and are excited to renew its effort in 2026.

我們正在採取措施優化我們的生產和物流佈局。最後，我們將啟動一項策略採購計劃，以實現零件最優的到岸成本。我們過去在啟動採購計畫方面取得了顯著成功，並很高興能在 2026 年繼續推進這項工作。

Turning to Slide 22. I will provide the drivers of our free cash flow guidance. I'm confident that we will improve free cash flow in 2026 and this is a key priority for us. We expect cash earnings of approximately $800 million, driven by an improvement in our earnings. We expect approximately $400 million of capital expenditures, as we continue to invest in our products and fund organic growth.

翻到第22張投影片。我將提供我們自由現金流指引的驅動因素。我相信我們將在 2026 年改善自由現金流，這是我們的首要任務。我們預計現金收益約為 8 億美元，這主要得益於我們獲利能力的提升。我們預計將投入約 4 億美元的資本支出，用於持續投資我們的產品和為內生成長提供資金。

We plan to optimize our inventory and improve our working capital by approximately $100 million to support cash generation in 2026. And we expect approximately $50 million of restructuring cash outlays related to our manufacturing and logistics footprint optimization efforts. Overall, we expect to deliver free cash flow of $400 million to $500 million or approximately 3% of net sales.

我們計劃優化庫存，並將營運資金提高約 1 億美元，以支持 2026 年的現金流。我們預計將有約 5000 萬美元的重組現金支出，用於優化我們的製造和物流佈局。整體而言，我們預期自由現金流將達到 4 億至 5 億美元，約佔淨銷售額的 3%。

Now I will turn the call back over to Roxanne to review our capital allocation priorities for 2026.

現在我將把電話轉回給羅克珊，讓她回顧一下我們 2026 年的資本配置重點。

Thanks, Marc. Turning to Slide 23. I will review our capital allocation priorities, which are consistent with what we shared in 2025. Funding our organic growth is critical to delivering innovative products that meet our consumers' needs. We will continue to invest in product innovation, digital transformation and cost efficiency projects with approximately $400 million of capital expenditure expected this year.

謝謝你，馬克。翻到第23張幻燈片。我將重新審視我們的資本配置優先事項，這些事項與我們在 2025 年分享的內容一致。為我們的有機成長提供資金對於推出滿足消費者需求的創新產品至關重要。我們將繼續投資於產品創新、數位轉型和成本效益項目，預計今年的資本支出約為 4 億美元。

Secondly, we are committed to reducing our debt levels. We expect to pay down at least $400 million of debt in 2026, continuing our commitment to deleverage.

其次，我們致力於降低債務水準。我們預計在 2026 年至少償還 4 億美元的債務，繼續履行我們去槓桿化的承諾。

Thirdly, we are committed to returning cash to shareholders through funding a healthy dividend. We will continue to evaluate our dividend funding and ensure it aligns with our progress toward our long-term goals. As a reminder, the dividend is approved quarterly by the Board of Directors.

第三，我們致力於透過派發健康的股利來向股東返還現金。我們將繼續評估股利支付情況，並確保其與我們實現長期目標的進展保持一致。再次提醒，股利由董事會按季度批准。

Turning to Slide 24. Let me summarize what you heard today. Despite navigating a year of significant external shocks led by the substantial cost increase of tariffs, our 2025 results were largely in line with the prior year. We maintained our track record of cost takeout and delivered substantial cost reduction of $200 million to help offset the impact of tariff costs. We introduced a record number of new products, proving their early success through flooring expansion and share gains in the second half of 2025.

翻到第24張投影片。讓我來總結一下你今天聽到的內容。儘管經歷了關稅大幅上漲帶來的重大外部衝擊，我們的 2025 年業績與前一年基本持平。我們保持了降低成本的良好記錄，並實現了 2 億美元的大幅成本削減，以幫助抵消關稅成本的影響。我們推出了創紀錄數量的新產品，並透過地板業務的擴張和2025年下半年的市佔率成長證明了這些產品的早期成功。

As we look forward into 2026, we have another strong pipeline of new products coming. With industry pricing expected to normalize and structural cost takeout actions yielding results, we expect margins and free cash flow to strengthen. We expect the SDA Global business to continue to be a bright spot with sustained momentum from new products resulting in significant year-over-year growth.

展望2026年，我們還有一系列強大的新產品即將推出。隨著產業定價有望恢復正常，結構性成本削減措施也將取得成效，我們預期利潤率和自由現金流將有所改善。我們預計 SDA Global 業務將持續保持強勁勢頭，新產品帶來的持續成長將帶來顯著的年成長。

Lastly, we continue to be extremely well positioned to fully capture the benefits of the housing market recovery as it begins to turn in a favourable direction. I'm confident in our strategy and that our path forward will create shareholder value.

最後，隨著房地產市場開始朝著有利的方向發展，我們仍然處於非常有利的地位，能夠充分掌握房地產市場復甦帶來的益處。我對我們的策略充滿信心，相信我們前進的道路將為股東創造價值。

Now we will end our formal remarks and open it up for questions.

現在我們將結束正式發言，並開放提問環節。

(Operator Instructions) David MacGregor, Longbow Research, LLC.

（操作說明）David MacGregor，Longbow Research, LLC。

Yes, good morning, everyone, and, Roxanne.

是的，大家早安，還有羅克珊。

Nice to be speaking with you again.

很高興再次與您交談。

Good morning. I guess, Marc, I wanted to start by just unpacking the '26 flat industry units number. And you referenced no expectations for increase in discretionary or builder, which would, I guess, imply a flat replacement demand outlook, but you also, at the same time, talked about seeing strength in replacement demand.

早安.馬克，我想先從解讀一下「26 平板產業單位」這個數字開始。您沒有提到對可自由支配支出或建築支出成長的預期，我猜這意味著更換需求前景平穩，但同時，您也談到了更換需求的強勁表現。

So I guess I just wanted to better understand that? And maybe within the context of that answer, you could just talk about the extent to which you're seeing pent-up demand as you had referenced. And then I have a follow-up.

所以我想我只是想更好地理解這一點？或許你可以在回答這個問題時，談談你之前提到的被壓抑的需求程度。然後我還有一個後續問題。

Yeah, so David, again, as you well know, there's two main components of replacement demand, discretionary demand. The replacement demand, what we base that is continues to stay on a very, very healthy structure level and that is still on the tail end of post-COVID, we saw a significant higher use of appliance, and that just drives a lot of healthy ongoing replacement demand.

是的，David，如你所知，替換需求和可自由支配需求主要由兩部分組成。我們認為，替換需求仍然保持在非常非常健康的水平，而且這仍然是新冠疫情後的尾聲，我們看到家用電器的使用量顯著增加，這推動了大量持續健康的替換需求。

As a reminder, as everybody knows, while we like that part of the business, it's not necessarily the most margin accretive part of the business.

需要提醒的是，正如大家所知，雖然我們喜歡這部分業務，但它並不一定是利潤成長最快的業務部分。

The discretionary side and just to be also very clear on the guidance, we have not factored in upside on the discretionary side. The discretionary side would have to largely come from increased remodelling activities and a particular faster or an uptick of existing home sales.

關於自由裁量權方面，需要非常明確的是，我們沒有將自由裁量權的上行空間納入考量。可自由支配的資金主要來自房屋改造活動的增加以及現有房屋銷售的加速或成長。

So that is not factored in, even though I think there is a certain chance that depending on what the mortgage rate environment will do that we will start a slow unfreezing of existing home sales. But again, as a reminder, it's not factored in, in our numbers, in our guidance, and as such, could potentially provide an upside. But again, let's just see how that evolves. So far, as you look in rear mirror in '25 existing home sales were just on a very low level, and that's stuck by pretty much.

所以這一點還沒有被考慮在內，儘管我認為，根據抵押貸款利率環境的發展情況，我們很有可能開始緩慢地解凍現有房屋銷售。但再次提醒大家，這並未計入我們的數據和預測中，因此，它可能帶來上漲空間。但是，我們還是看看事情會如何發展。回顧 2025 年，二手房銷售一直處於非常低的水平，而且這種情況基本上一直持續至今。

And you had mentioned pent-up demand. I guess just what your assessment is at this point where that stands? And then I have a follow-up.

你之前也提到過被壓抑的需求。我想問您目前對此事的評估是什麼？然後我還有一個後續問題。

I mean I think, David, there's a very significant pent-up demand tied towards the housing. And I'm not going to repeat. But I think everybody knows. I mean the entire housing market is -- in terms of new home sales is undersupplied in the tune of 3 million homes. Now that will not happen overnight, but it just means just the new homes will spell a multiyear uptick on demand.

我的意思是，大衛，我認為，住房方面存在著非常大的潛在需求。我不會再重複了。但我認為大家都知道。我的意思是，就新房銷售而言，整個房屋市場供應不足，缺口高達 300 萬套。這不會在一夜之間發生，但這只意味著新建房屋將在未來幾年內帶動需求成長。

. The other side is, and this is -- and again, that could potentially materialize earlier, the discretionary side, which comes with remodelling our existing home sales, I think, could accelerate faster than the new homes. And there is significant potential out there, as you know, but the consumer has equity, equity in particular in the form of housing stock.

。另一方面，而且——而且，這種情況可能會更早出現——可自由支配的一面，即現有房屋的改造銷售，我認為，其增速可能會比新房更快。如你所知，市場潛力巨大，但消費者擁有資產，特別是住房資產。

So the perceived equity the consumer has is there. It will take an uptick or in consumer sentiment to unleash that. That, in my view, could happen faster than the new home sites. But again, it's right now we're -- as you all know, we're in a very uncertain global environment, and I would say if consumer sentiment changes, I think you could see an uptick already this year on the discretionary side, but certainly, it's just -- it's only a question of when it's not if, there is a multiyear pent-up demand still waiting out there.

所以消費者所感受到的權益是存在的。消費者信心的提振是釋放這種潛力的必要條件。在我看來，這種情況發生的速度可能比新建住宅用地更快。但話說回來，正如大家所知，我們現在正處於一個非常不確定的全球環境。我認為，如果消費者信心發生變化，今年非必需消費品方面可能會出現回升，但當然，這只是時間問題，而不是會不會發生的問題，多年來積壓的需求仍然存在。

Okay. Great. And then second, as a follow-up, I guess, you've had a very substantial product refresh in 2025 and along with that, of course, comes elevated flooring costs. What's the benefit in '26 from the relief on the flooring costs?

好的。偉大的。其次，作為後續，我想，你們在 2025 年進行了一次非常大的產品更新，隨之而來的當然是地板成本的上漲。2026 年，地板成本減免政策能帶來什麼好處？

Yeah, I think David, you're highlighting a very important point. Just as a recap, and I have many of you listening understand but know that when you have a lot of new product introductions, and we -- as we added, in particular, in North America, we had the highest amount of product introductions in more than a decade, and it's been massive. We have, of course, factories, you have phase in and phase out costs because, of course, you don't run most efficient way if you 1 point take down production and you ramp it up, you have inefficiencies in there.

是的，我覺得大衛，你強調的這一點非常重要。簡單回顧一下，我知道你們很多人可能不理解，但要知道，當有很多新產品推出時，我們——正如我們補充的，尤其是在北美，我們推出了十多年來最多的新產品，而且數量非常龐大。當然，我們有工廠，你會遇到生產初期和後期投入階段的成本，因為如果你先降低產量再提高產量，你肯定無法以最高效的方式運營，這其中必然存在效率低下的問題。

You have inefficiencies in warehousing inventory because for some period, and you saw that also in Q4, you hold inventory pretty much on phase out and phase in. And then lastly, you have very significant flooring costs, which just come with flooring with products. Now ultimately, it's like a return on investment, you get your return on the flooring costs, but it all hit our P&L large in '25. So -- and in particular, in the back half, and I'm not trying to take about infuse, it's just there, and it was -- it's an investment against the future.

你們的倉儲庫存效率低下，因為在一段時間內（你們在第四季度也看到了這一點），你們的庫存基本上都是在逐步淘汰和逐步入庫的情況下持有的。最後，還有非常可觀的地板鋪設成本，這是地板產品本身就包含的成本。最終，這就像投資回報一樣，你會收回地板成本，但這在 2025 年對我們的損益表造成了巨大影響。所以——尤其是在後半部分，我不是想談論注入，它就在那裡，而且它曾經是——這是對未來的投資。

So as we turn the patient to '26, first of all, you have the absence of these introduction costs, which is an uplift. The second one, now have a full benefit of a higher flooring. We know because, of course, we get weekly sell-out numbers. We know when new products are not just floored, they're selling. So we're very pleased with the sell-out.

所以，當我們把病人轉為「26」時，首先，這些引入成本就不存在了，這是一個優點。第二間房子現在可以充分利用更高的地板了。我們知道這一點，因為我們每週都有售罄數據。我們知道，當新產品不僅引起轟動，而且還在熱銷時，它們就會暢銷。我們對售罄情況非常滿意。

And so not only do you have the absence of a cost, but you also have tailwinds in the form of a demand of new products.

因此，不僅可以避免成本，還可以享受新產品需求帶來的順風。

So I don't want to give a precise number how much that means, but of course, that is a very beyond normalization promotion environment, that's a key driver of where we see the improvement in North America.

所以我不想給出一個確切的數字來說明這意味著什麼，但當然，這是一個遠超正常水平的推廣環境，這是我們在北美看到進步的關鍵驅動因素。

Michael Rehaut, JPMorgan.

Michael Rehaut，摩根大通。

Great, thanks very much. Good morning, everyone. My first question is for Roxanne and Juan Carlos. Congratulations, obviously, stepping into your new rules, our expanded roles and Roxanne, it's a pleasure working with you again. Wanted each of your perspectives on if there's any kind of how you're going to approach the jobs over the next couple of years? Obviously, the business has had a number of challenges, particularly in the North America margin, challenges through various macro, tariffs, promotional, et cetera.

太好了，非常感謝。各位早安。我的第一個問題是問羅克珊和胡安·卡洛斯的。當然，恭喜你適應了新的規則，也祝賀我們各自承擔了更廣泛的角色。羅克珊，很高興能再次與你共事。我想聽聽你們每個人對未來幾年如何開展工作的看法？顯然，該業務面臨諸多挑戰，尤其是在北美利潤率方面，面臨各種宏觀經濟、關稅、促銷等方面的挑戰。

. What's the road back from a margin perspective over the next few years? I mean, obviously, you continue to look at your kind of tried and true playbook of cost savings, better mix, et cetera. I know a lot of this is also macro led with the challenges in the existing home repair remodel market. But I'm wondering if you're looking at anything maybe a little bit bigger picture structural or kind of changing strategy then that might kind of jump start the pathway back or is it going to be more of the initiatives that you've done already and expanding on that?

。從利潤率的角度來看，未來幾年內如何實現復甦？我的意思是，很顯然，你會繼續沿用你那套行之有效的節省成本、優化產品組合等策略。我知道這很大程度上也是由宏觀因素驅動的，也就是現有房屋維修改造市場面臨的挑戰。但我很好奇，您是否在考慮一些更宏觀的結構性或策略性的變化，以期推動復甦之路，還是會繼續推進您已經實施的舉措並加以擴展？

Thanks, Michael. I will answer from a global perspective, and then I will move it over to Juan Carlos. First of all, thanks, it's great working with you again as well. The #1 priority for us continues to be, one, debt paydown and I will continue to have that focus, driving that is our continued focus on cash and working capital. You see in 2026, we have a guidance of $400 million to $500 million of free cash flow, and that is imperative that we drive our inventory down.

謝謝你，麥可。我將從全球視角回答這個問題，然後我會把這個問題轉給胡安·卡洛斯。首先，謝謝，很高興再次與您合作。我們目前的首要任務仍然是償還債務，我將繼續把重點放在這方面，而推動這一目標實現的動力來自於我們對現金和營運資金的持續關注。您可以看到，到 2026 年，我們的自由現金流目標為 4 億至 5 億美元，因此我們必須降低庫存。

And so that is going to be a number one focus for us. And then overall, we will continue to deliver on cost takeout, as we've done over the years and absolutely in 2026, price/mix is going to be absolutely a huge focus, one, on seeing the pricing from an overall industry, but then secondly, delivering on the benefits that Marc just touched on as it relates to our new product launches.

所以這將是我們工作的重中之重。總的來說，我們將繼續降低成本，就像我們多年來所做的那樣。 2026 年，價格/組合絕對會成為我們關注的重點，首先要從整個行業的角度看待定價，其次要兌現馬克剛才提到的與我們的新產品發布相關的益處。

With that, I'll turn it over to Juan.

這樣，我就把話筒交給胡安了。

Yeah, So thank you very much for the congratulations. I am super happy and excited to be in this new role. Like I mentioned at the beginning, I've been in North America before, and I was part on the, I would say, in the global financial crisis in 2008. We moved in 2008, and then obviously, that happened.

是的，非常感謝您的祝賀。我非常高興和興奮能夠擔任這個新職位。正如我開頭所提到的，我以前來過北美，可以說，我參與了 2008 年的全球金融危機。我們在 2008 年搬家，然後，很顯然，就發生了那件事。

So I was together with Marc in that turnaround in 2009-2010. And not that those tools will be working moving forward. But I think like Roxanne mentioned and we mentioned before, with the new products that we're putting in place with aggressive cost take actions that we have, and obviously, with our manufacturing footprint that is extremely strong in North America, we believe that focusing -- lasering focusing on that, we could turn the business around.

所以在 2009-2010 年的那次轉型中，我和馬克一起並肩作戰。而且，這並不代表這些工具在未來就能發揮作用。但我認為，就像羅克珊提到的，也是我們之前提到的，憑藉我們正在推出的新產品和積極的成本控制措施，以及我們在北美極其強大的製造實力，我們相信，集中精力——精準地集中精力——我們可以扭轉業務局面。

Great. No, I appreciate that. I guess, secondly, the sales growth like-for-like of 5%, and it looks like that's against a volume outlook of flat, if I'm understanding the segment -- regional segment guidance, by and large. I guess, that results in a balance of price and mix driving the growth. I wanted to make sure I'm understanding that right.

偉大的。不，我很感激。其次，銷售額年增 5%，如果我對這個細分市場（總體而言是區域細分市場指引）的理解沒錯的話，銷量預期似乎持平。我想，這最終導致了價格和產品組合之間的平衡，從而推動了成長。我想確認一下我的理解是否正確。

And how much exactly you're anticipating to come from price versus mix? And lastly, if that 5% also, I would assume, applies broadly to the North American segment as well.

您預期價格與產品組合之間究竟能產生多大的影響？最後，如果這 5% 也同樣適用於北美市場，我推測也是如此。

Michael, it's Marc. First of all, the 5% in North America or globally, the direction is also reflective of what we have in mind in North America. Also on a global level, we showed 1.75 percentage points coming from price/mix. There is a healthy mix portion because we have a lot of new products and premium products, but there is also pricing which comes with a more normalized environment.

邁克爾，我是馬克。首先，無論是在北美還是全球範圍內，5% 的目標也反映了我們在北美地區的想法。此外，從全球層面來看，價格/產品組合也帶來了 1.75 個百分點的成長。產品種類豐富，既有新產品也有高端產品，但價格也相對合理，反映了市場環境的正常化。

So what we showed on a global level is also true on a North America level. So yes, there is also in organic in North America, call it, 2 points to 3 points of unit growth in there because we know the new products have been picking up market share, and we expect some carryover into next year. So short answer is, there is a portion of price/mix. And the price mix also has a good element of mix in there, but there is also some unit growth into our North America assumptions.

因此，我們在全球所展示的，在北美地區也同樣適用。所以，是的，北美有機食品市場也有大約 2 到 3 個百分點的成長，因為我們知道新產品一直在搶佔市場份額，我們預計這種成長勢頭會延續到明年。簡而言之，價格/組合因素佔一部分。價格組合中也包含一些合理的組合因素，但我們對北美地區的單位成長預期也包含一些成長。

Michael Dahl, RBC Capital Markets.

Michael Dahl，加拿大皇家銀行資本市場。

your promotional pricing plans. Can you be more specific or quantitative about what you've seen in recent weeks and how that gives you the better confidence ahead of President's Day? I think quantification would help, if you can.

您的促銷定價方案。您能否更具體地說明或量化地說明您最近幾週的觀察結果，以及這些結果如何讓您在總統日到來之際更有信心？如果可以的話，我認為量化分析會有幫助。

So Michael, so let me maybe give you a lot more color on what we've seen in North America up until President's Day. Obviously, I can't comment on the go forward. So first of all, in Q4, in some ways, we've seen two parts of a market in Q4. One was the non-promotional period where we had the new product in there where we actually like what we saw, and we picked up market share.

邁克爾，那麼讓我更詳細地向你介紹一下我們在北美地區，直到總統日所看到的情況。顯然，我無法對未來的發展發表評論。首先，在第四季度，從某種程度上說，我們看到了市場的兩個部分。其中一段是非促銷期，當時我們推出了新產品，我們對產品的表現非常滿意，並獲得了市場份額。

The promotional period itself was intense by any definition. And I think once the competitors announce their numbers, you would see it was intense. We made a conscious decision to hold our ground during this promotion periods. We did not pick up share during the promotion period. But frankly, it was a very costly investment.

無論從哪個角度來看，促銷期本身就非常密集。我認為一旦參賽者公佈他們的排名，你會發現比賽非常激烈。我們經過慎重考慮，決定在促銷期間堅守陣地。促銷期間我們沒有獲得市場佔有率。但坦白說，這是一筆非常昂貴的投資。

I mean there's no denial and you've seen that in our number. What difference we saw after particular Black Friday and is -- well, the meaningful difference is post Black Friday, the prices, the promotion prices immediately recovered pretty much exactly what a week after.

我的意思是，這一點毋庸置疑，你們也從我們的數據中看到了。我們在黑色星期五之後看到的差異是——嗯，真正有意義的區別是，黑色星期五過後，促銷價格幾乎在一周後就完全恢復了。

And that is, for those of you who follow industry lipidosis, is different from prior years. Very often, you saw that either retailer or competitors did not sell all the products Black Friday, prices were extended well in some cases into January, we did not see that last year. So as intense as the promotion period was, it also ended pretty abruptly. And these higher prices help now for pretty much 6 weeks.

對於關注產業脂質沉積症的人來說，這與往年有所不同。很多時候，你會發現零售商或競爭對手並沒有在黑色星期五售出所有產品，價格甚至在某些情況下一直延續到一月份，而去年我們並沒有看到這種情況。所以，儘管宣傳期非常緊張，但結束得也相當突然。而這些更高的價格在接下來的六週內都能起到一定的作用。

Now we all know in six weeks, it's not 52 weeks, but it's six weeks. I mean that is very different from prior year. We saw a meaningful price change already on MLK. We have, of course, already announced our prices to trade towards President's Day. And what we see is the, call it, this normalized promotional environment certainly helps for President's Day.

我們都知道，六週不是52週，而是六週。我的意思是，這和往年很不一樣。我們在馬丁路德金紀念日當天已經看到了顯著的價格變化。當然，我們已經公佈了總統日之前的交易價格。我們看到的是，這種所謂的正常化宣傳環境，無疑對總統日大有裨益。

So we saw a big difference in the last six weeks. Again, is that a full extrapolation for full year?

因此，在過去的六週裡，我們看到了很大的變化。那是不是對全年情況的完整推論？

No, we all don't know this is a competitive environment. But at least we saw over the last six weeks that the industry is finally starting to reflect the full cost of tariff in the prices.

不，我們並非都知道這是一個競爭激烈的環境。但至少在過去六週裡，我們看到該行業終於開始將關稅的全部成本反映到價格中。

Okay. Got it. And just to dovetail on that, can you give us a sense then within your margin guidance, and I'm thinking specifically the 6% for North America, how you envision the cadence between first half and second half?

好的。知道了。為了進一步說明這一點，您能否簡要介紹一下您的利潤率預期（我指的是北美地區 6% 的利潤率），您設想上半年和下半年之間的節奏如何？

Yes. I mean there are several elements coming in that cadence. First of all, you will not see the 6% throughout the full year. And there is Q1, in particular, will be still impacted by a number of factors. First of all, we just see other pricing or more positive pricing coming through, so it's starting to build and that is still a good guide.

是的。我的意思是，這種節奏包含著幾個要素。首先，你不可能全年都看到 6% 的收益率。尤其是第一季度，仍將受到多種因素的影響。首先，我們看到其他定價或更積極的定價方案正在出台，所以市場開始形成趨勢，這仍然是一個很好的參考指標。

On negative side, we will curtail production. We said we will control inventories, and we correct that we had too much of inventories. That will be a burden on our Q1 numbers in North America because we will adjust inventory. As highlighted before, cash is a key priority, and we take that very seriously.

不利的一面是，我們將削減產量。我們說過要控制庫存，現在我們修正了庫存過剩的問題。這將對我們在北美的第一季業績造成影響，因為我們將調整庫存。如前所述，現金流是重中之重，我們對此非常重視。

So you will have the inventory reduction going against us in Q1, but pricing starts moving in our favour. And on top of that, you have now in Q1 compared to last year, you have the full cost of tariff in there. So there's a number of factors. So Q1 will still be clearly below that 6%. And as of Q2, we expect the slow and gradual buildup.

因此，第一季庫存減少對我們不利，但價格開始朝著我們有利的方向發展。此外，與去年同期相比，現在第一季已經包含了全部關稅成本。所以有很多因素。所以第一季仍將明顯低於6%。從第二季開始，我們預計成長將緩慢而漸進。

Thank you.

謝謝。

Rafe Jadrosich, Bank of America.

Rafe Jadrosich，美國銀行。

Hi, good morning. Thanks for taking my questions. I wanted to ask on the capital allocation for the year. This free cash flow guidance of $400 million to $500 million, the $200 million dividend and then, I think, $400 million of debt pay down, there is a bit of a funding gap there. So can you just help us understand how we get to the full like debt paydown and dividend relative to the free cash flow guidance?

您好，早安。謝謝您回答我的問題。我想詢問一下今年的資金分配狀況。自由現金流預期為 4 億至 5 億美元，股息為 2 億美元，然後我認為還要償還 4 億美元的債務，這其中存在一些資金缺口。那麼，您能否幫我們理解一下，我們如何在自由現金流預期的基礎上，實現債務償還和股利等目標？

Rafe, good morning. One of the things that we touched on in the script earlier as well is that we are pleased with the India transaction that we have executed, which turned our majority stake from 51% to 40%. As of this time, we will retain that position, but we will continue to evaluate all options to further reduce our debt in line with the debt pay down guidance of $400 million.

拉夫，早安。我們在先前的腳本中也提到過，我們對已完成的印度交易感到滿意，該交易使我們的多數股權從 51% 變為 40%。目前，我們將維持這一立場，但我們將繼續評估所有方案，以進一步減少債務，以實現 4 億美元的債務償還目標。

Got it. So, is, are there additional India sales likely competitive in the guidance, or is that just an option that's sort of on the table? Are there other things outside of India that that could be done to generate cash?

知道了。那麼，業績指引中是否可能包含更多來自印度的銷售成長，還是這只是一個擺在桌面上的選項？除了印度以外，還有其他方法可以賺錢嗎？

Yeah, so Rave, it's Mark, as Roxanne said right now we feel very comfortable where we are in India, so we're not going to make a statement about what if. But as first of all, we have a number of minority stakes throughout the world and India is now one of these but we continue to evaluate all the time where we are. We also still have some smaller assets sale opportunity.

是的，Rave，我是Mark，正如Roxanne所說，我們現在在印度感覺很舒服，所以我們不會就「如果…會怎樣」發表任何聲明。但首先，我們在世界各地擁有許多少數股權，印度現在是其中之一，但我們會持續評估我們所處的位置。我們還有一些規模較小的資產出售機會。

They're smaller and we, which could be part of closing that element and so we're, with the ideas which we have in mind, we're pretty confident that we can close that GAAP, or I mean or specify it very soon, but we feel right now with that pay down as we can point out before, we will get going.

它們規模較小，而我們，這可能是關閉該要素的一部分，因此，憑藉我們心中的想法，我們相當有信心能夠關閉該 GAAP，或者我的意思是，或者很快就能明確它，但我們覺得，正如我們之前指出的那樣，隨著這筆款項的支付，我們將開始行動。

Okay, that's really helpful, and then on the, promotional cadence that you're seeing from competitors, it's encouraging to see sort of the improvement at the end of 4Q and into one queue. Are you seeing, like actual price announcements from, competitors on either on resale or, wholesale or retail or wholesale, or do you think they've sort of just worked through that inventory? What, what's driving this improvement in the promotional cadence that's out there?

好的，這真的很有幫助。另外，關於競爭對手的促銷節奏，令人鼓舞的是，在第四季末，促銷活動有所改善，並逐漸趨於統一。你有沒有看到競爭對手在轉售、批發或零售通路發布實際的價格公告？還是你認為他們只是把庫存清空了？是什麼因素推動了當前促銷節奏的改善？

Yeah, so Rafe, so first of all, from our perspective, it's pure outside incumbent on competitors. We don't know what's going through ahead or whatever. So what we observe just more from a data set is we have a fairly sophisticated price scraping tool where every week, we see -- we get thousands of pricing for every competitor, every product, every SKU. So we have a fairly sophisticated in-house tool that we pretty much weekly observed everything which was going on in the marketplace.

是的，Rafe，首先，從我們的角度來看，這完全是外部現有競爭對手的問題。我們不知道接下來會發生什麼，或是其他什麼。因此，我們從資料集中觀察到的是，我們有一個相當複雜的價格抓取工具，每週我們都能看到——我們獲得每個競爭對手、每個產品、每個 SKU 的數千個價格。因此，我們擁有一個相當複雜的內部工具，我們幾乎每週都會觀察市場上發生的一切。

So our comments in terms of promotion debt from what we see is basically with pricing scrapping to, which, I would say, is very accurate. And also my comment on recovery afterwards is based with price driving tool. The actual mechanism which competitors use, it's their decision. I would say it's partially that we also do, sometimes it's a like-for-like price change and sometimes it's just a reduction of promotional But we don't know Ultimately, what matters to us what consumer prices are basically in the cards, and that's what we look at, but I would assume every competitor chooses slightly different tools.

所以，就我們所看到的促銷債務而言，我們的評論基本上是價格戰，我認為這非常準確。此外，我對後續復甦的評論也是基於價格驅動工具的。競爭對手實際採用的機制，是他們自己的決定。我認為部分原因是我們也會這樣做，有時是同類產品的價格變動，有時只是減少促銷活動。但我們最終並不清楚，對我們來說重要的是消費者價格的走向，這也是我們關注的重點，但我認為每個競爭對手都會選擇略有不同的工具。

Andrew Carter, Stifel.

Andrew Carter，Stifel。

Hey, thank you. Good morning. I wanted to ask about the negative price/mix variance in 4Q and how it changed so much from kind of the 3Q guidance? I wanted to ask is that number one, did -- I think you said at one point that you didn't participate in promotion, but it's obviously a more promotional environment. Was there anything to this about clearing activity, i.e., you had a lot of innovation. You also had a weaker market. Therefore, the old analogy didn't move as quick. So anything you can help us on that big delta and kind of the speed at which improves through '26?

嘿，謝謝。早安.我想問一下第四季價格/產品組合的負偏差，以及為什麼它與第三季的預期相比發生瞭如此大的變化？我想問的是，第一點，——我想你曾經說過你沒有參與推廣活動，但很明顯，這是一個更注重推廣的環境。這其中是否包含一些清算活動的內容，例如，你們有許多創新。你們當時的市場也比較疲軟。因此，舊的類比方法並沒有迅速奏效。所以，您能否幫助我們解決這個巨大的差距問題，以及在 2026 年改善的速度？

Yeah, so, Andrew, I think what has changed versus what we had in mind Q3; coming into Q4, we knew there's still some preloaded inventory in the market. Obviously, because we don't have exact competitor data, I think what we may have underestimated how much fertility is out there. So the promotion that there will be an aggressive promotion environment we anticipated, but it was deeper than we expected in all transparency. .

是的，安德魯，我認為與我們第三季度設想的情況相比，第四季度發生了變化；我們知道市場上仍然有一些預售庫存。顯然，由於我們沒有確切的競爭對手數據，我認為我們可能低估了市場上的生育能力。因此，我們預料到會有激烈的晉升環境，但坦白說，實際情況比我們預期的還要激烈。。

And now at the same time, and I made that comment in the script already is the fact that the price is corrected pretty immediately after Black Friday, I would read as an indication that this preloaded inventory is out of the system. Because if it would still be there, we would have seen Black Friday pricing continuing longer.

同時，正如我在腳本中已經提到的，黑色星期五過後價格很快就得到了修正，我認為這表明預先載入的庫存已經從系統中移除。因為如果它還在的話，我們就會看到黑色星期五的降價促銷活動持續更長時間。

So I think the big change is probably there was more inventory out there than we assumed. And right now, we assume that is normalized, and we kind of -- that is behind us. And again, what I said before, the last 6 weeks would indicate we're now in a more, what I would consider, normal competitive environment.

所以我認為最大的變化可能是庫存比我們預想的要多。而現在，我們假設這種情況已經正常化，而且我們已經把這件事拋在腦後了。正如我之前所說，過去六週的情況表明，我們現在處於一個更正常的競爭環境。

Thank you for that. And I think at one point, you mentioned you get the sell-out data on a weekly basis. We can obviously see the AHAM data. I guess it gets cut monthly but released quarterly. We can see how far below the discretionary units are relative to '19. Are you seeing a quicker reversion in sellout?

謝謝。我記得你曾經提到過，你會每週獲取售罄數據。我們顯然可以看到AHAM數據。我猜它是按月削減，但按季度發行。我們可以看到，與 2019 年相比，可自由支配的單位數量下降了多少。你觀察到售罄情況有更快的逆轉嗎？

And I guess where I'm going with this is like could there be a massive catch-up in discretionary unit shipments relative to nondiscretionary there higher mix, if the turn has happened quicker about what I'm asking, and I know, just to be clear, your guidance is pretty much for 2026, more of the same on the discretionary, nondiscretionary mix? Thanks.

我想問的是，如果轉變發生得更快，那麼非必需品的出貨量相對於非必需品的出貨量是否會大幅追趕，從而導致非必需品出貨量佔比更高？我知道，為了明確起見，你們的預測基本上是針對 2026 年的，非必需品和非必需品的出貨量佔比將與之前基本持平？謝謝。

Yeah, So Andrew, I mean, first of all, to your question, we get sellout data, register data for about 70% of our trade partners. So we have a pretty good sense about how we are doing from a sell-out and coupled with that, we typically also get comparable house sales, i.e., we know how we're doing in the store in terms of picking up balance or not. So we have a very good sense, and that is, of course, critical in particular when we're trying to assess the success of our new product launches.

是的，安德魯，我的意思是，首先，回答你的問題，我們獲得了大約 70% 的貿易夥伴的售罄數據和註冊數據。因此，我們可以透過售罄情況來很好地了解我們的經營狀況，再加上通常我們也可以進行類似的房屋銷售，也就是說，我們知道我們在商店的銷售情況如何，是否能夠補足庫存。因此，我們有非常敏銳的感知，這當然至關重要，尤其是在我們試圖評估新產品發布是否成功的時候。

A lot of confidence you heard before comes exactly from looking at the sell-out data on a weekly basis. To your question about the discretionary demand, again, reemphasizing it's not baked in the guidance. Is there a certain chance? Yes. But you also -- we've been waiting for this uptick in discretionary demand for a long time and that's why we're a little bit cautious at this point.

你之前聽到的很多自信都來自於每週查看售罄數據。關於您提出的可自由支配需求的問題，我再次強調，這並未包含在指導方針中。是否存在一定的可能性？是的。但你也知道──我們已經等待非必需消費需求回升很久了，所以我們目前還是有點謹慎。

What really -- and again, it's -- the big driver will be ultimately consumer sentiment and the broader perception.

真正起決定性作用的因素——而且再次強調——最終將是消費者情緒和更廣泛的認知。

Consumer sentiment, and we've seen that before, changes a lot faster than other indicators. And right now, it's low. And if you just take January, consumer sentiment is low by any definition, so reading that, you wouldn't have a lot of confidence. But again, we have seen this coming around faster. And to your point, yes, that could unlock quite a bit of pent-up discretionary demand, but it's not factored in.

消費者情緒的變化速度比其他指標快得多，這一點我們以前也看過。而現在，這個數字很低。如果你只看一月的數據，無論從哪個角度來看，消費者信心都很低，所以讀了之後，你不會有太大的信心。但我們再次看到這種情況發生得更快。你說得對，這確實可以釋放相當多的潛在消費需求，但這並沒有被考慮。

Eric Bosshard, Cleveland Research.

埃里克·博沙德，克利夫蘭研究公司。

Good morning. Thank you.

早安.謝謝。

Morning, Eric.

早安，埃里克。

Question for, yeah, thanks. Just two housekeeping questions for Roxanne. just two housekeeping questions for Roxanne. First of all, a lot of talk about the last 6 weeks on price mix. Is price mix being positive in this 1.5%, 2% range over the six weeks, is that what you've seen in your business?

有個問題，嗯，謝謝。羅克珊，我只有兩個家務事上的問題要問她。羅克珊，我只有兩個家務事上的問題要問她。首先，過去六週的價格組合引起了許多討論。在過去六週裡，價格組合是否在 1.5% 到 2% 的範圍內保持積極態勢？您在業務中是否也觀察到了這種情況？

Hi, good morning, Eric. A couple of things to keep into consideration. One of the time periods where we saw the improvement is Black Friday. And so as you'd expect, during the Black Friday period, we are paying out for the depth of the Black Friday holiday.

你好，早上好，艾瑞克。有幾點要考慮。我們看到改善的時期之一是黑色星期五。因此，正如你所預料的那樣，在黑色星期五期間，我們要為黑色星期五購物節的規模付出代價。

So the majority of the benefit as it relates to price/mix for the 6 weeks would really come in 2026. As Marc mentioned, from a Q1 perspective, though, keep in mind that there are other items that we will be doing, such as reducing production, which would therefore impact the Q1 results, and so we expect price mix to build up as we go throughout the year.

因此，與價格/組合相關的 6 週的大部分收益實際上將在 2026 年實現。正如馬克所提到的，從第一季的角度來看，請記住我們還會做其他事情，例如減少產量，這將影響第一季的業績，因此我們預計價格組合會隨著時間的推移而逐步調整。

Eric, maybe -- and again, keep in mind, we largely pay our sales incentives to a trade partner on sell out basis. So there's a delay effect when you pay out pretty much a lot of these costs. What we look at as an early indicator, but now we're getting to operation probably is also across ASVs, i.e., what is really the gross sales value which we have and that is favourable in the last 6 weeks. So that is an early indicator that we see the pricing coming through.

艾瑞克，也許吧——再次提醒，我們主要以銷售業績為基礎向貿易夥伴支付銷售激勵金。所以，在支付這些費用時，會產生一定的延遲效應。我們將其視為早期指標，但現在我們正在進行運營，這可能也與 ASV 有關，即我們實際的總銷售額是多少，而過去 6 週的銷售額是有利的。所以這預示著價格即將到來。

Okay, and then the second is, the assumption in '26 on outgrowing the flat market by 2points or 3 points. Similar question, Roxanne, is that what you're seeing now that your business is outgrowing the industry by 2 points or 3 points? Is that what's happening now or is that a ramp in '26?

好的，第二個假設是，26 年的經濟成長將超過平穩市場 2 到 3 個百分點。羅克珊，我也想問類似的問題，你現在是不是也看到了這種情況：你的企業成長速度比行業平均高出 2 到 3 個百分點？那是現在正在發生的事情，還是那是 26 年的坡道？

So Eric, I can comment on this one. That is almost entirely built on the success of new products. And that is not just the last 6 weeks. As I mentioned before, ever since -- again, they didn't all launch at the same time. There was a big KitchenAid launch end of Q3, but we have other products -- and but we will continue to have new products also in '26.

所以艾瑞克，我可以就此發表一些看法。這幾乎完全建立在新產品的成功之上。而且這不僅僅是最近六週的情況。正如我之前提到的，從那時起——再說一遍，它們並不是同時推出的。第三季末，KitchenAid 進行了大規模的新品發布，但我們還有其他產品——而且我們將在 2026 年繼續推出新產品。

So we see from these new products, the flooring gains and we also see the sellout gains. So that pickup in volume is, I would say, almost entirely driven by what we see from the new products.

從這些新產品中，我們可以看到地板銷售的成長，也可以看到銷售成長。因此，我認為銷售量的成長幾乎完全是由新產品帶來的。

Sam Darkatsh, Raymond James.

Sam Darkatsh，Raymond James。

Good morning, everyone, and, Roxanne, JC, Ludo, again, congratulations, and Roxanne in particular, I know you well, very well deserved, and I think it made us all smile when we saw your, the announcement. .

大家早安，Roxanne、JC、Ludo，再次祝​​你們，特別是Roxanne，我很了解你，你實至名歸，當我們看到你的消息時，我們都露出了笑容。。

Thank you

謝謝

A couple of quick questions. I know we've been dancing around the pricing question quite a bit this morning. The 1.75 guide for the year, what's the inherent assumption for industry like-for-like net pricing in order for you to achieve the 1.75.

幾個簡單的問題。我知道今天早上我們一直在迴避定價問題。1.75 年度指導價，為了達到 1.75 的目標，業界同類淨定價的固有假設是什麼？

So Sam, again, we're not publishing what we assume as an industry pricing and a lot depends on what competitors will do. Having said that, you saw earlier and that's why we added this slide with the three components of pricing. It's a better promotional environment and its new products and mix overall. So yes, in the 1.75, there is a component about what we just think from a less promotional environment. Again, we typically but assume it's roughly one third probably of that overall assumption or maybe half of a less promotional environment.

所以薩姆，再說一遍，我們不會公佈我們認為的行業定價，很多因素取決於競爭對手的行動。話雖如此，正如您之前所看到的，這也是我們添加這張包含定價三個組成部分的幻燈片的原因。整體而言，這是一個更好的促銷環境，而且它的新產品和產品組合也更好。所以，是的，在 1.75 中，確實包含了一些我們從一個不太注重宣傳的環境中思考的內容。同樣，我們通常假設它大約是總體假設的三分之一，或者在促銷力度較小的環境下可能是一半。

But in all transparency, yes, we like what we saw over the last 6 weeks, but of course, we're just cautious in terms of extrapolating the last six weeks of the full year. And I think right now, this is something it's kind of a little bit of middle ground.

但坦白說，是的，我們對過去 6 週的表現感到滿意，但當然，我們對於將過去 6 週的表現推斷到全年的情況持謹慎態度。我認為目前這種情況處於一種折衷狀態。

So to paraphrase, if there is announced increased industry pricing from competitors that would be additive to your price guide theoretically? I've got a follow-up, but I just wanted to clarify that.

換句話說，如果競爭對手宣布提高行業價格，理論上這會增加到你的價格指南嗎？我還有一個後續問題，但我想先澄清一下。

And then there's obviously a lot of ifs and when's and forward-looking statements, but let's, if the promotion environment which we've seen in the last six weeks holds on a full year, we would like the outcome.

當然，還有很多不確定因素和前瞻性陳述，但是，如果我們在過去六週看到的這種促進環境能夠持續一整年，我們就會期待這樣的結果。

Okay, my follow-up question, I noticed that the RMI guide remains flat for '26. We recognize that steel is set, but there have been moves of late in things like resins and base metals. Since the October call, I'm guessing the resins are getting offset by lower oil prices, so I think that's, pretty, understandable.

好的，我的後續問題是，我注意到 RMI 指南對 2026 年的預測保持不變。我們知道鋼鐵業已經定型，但最近在樹脂和賤金屬等領域出現了一些變化。自從 10 月的電話會議以來，我猜測樹脂需求受到油價下跌的影響，所以我認為這是可以理解的。

But on the base metal side, can you help us as to how the hedges work from a timing standpoint as to when that might flow through or if you are exposed to higher copper, aluminium, nickel, zinc, that kind of stuff in '26 potentially.

但是就基本金屬方面，您能否從時間角度幫助我們了解對沖交易是如何運作的，例如何時可能會出現這種情況，或者您是否可能在 2026 年面臨更高的銅、鋁、鎳、鋅等金屬價格。

Sam, you know our business very well, and you pretty much already gave the answer. So steel, because we have multiyear contracts, it's flat in our assumption. There's still a couple of moving pieces. On resins, it's directionally a good driver is our assumption. But as you point out, aluminium and copper, in particular, a little bit a bad guy.

山姆，你非常了解我們的業務，你其實已經給了答案。所以，由於我們簽訂的是多年期合約，因此鋼鐵價格在我們看來是持平的。還有一些環節要調整。我們假設，在樹脂上，它是一種方向性良好的驅動器。但正如你所指出的，鋁和銅尤其有點「壞傢伙」。

A little bit buffered because, as you know, we go out the edges and with certain hedging corridors. And that's why we're saying right now, but some of it all is -- would basically assume a flat or not a major surprise. And again, it's a wash of ins and outs, but we feel pretty comfortable about that RMI assumption.

因為你知道，我們會在邊緣地帶設置一些緩衝帶，並留出一定的綠籬走廊。所以我們現在才會這麼說，但其中一些事情——基本上可以假設是平局或不會是重大意外。再次強調，情況瞬息萬變，但我們對RMI假設感到相當有信心。

Susan Maklari, Goldman Sachs.

蘇珊‧馬克拉里，高盛集團。

Hi, good morning, everyone. This is [Charles Brown] in first season. Thanks for taking my question. First, I just want to go back. Good morning. First I just want to go back on the cost action, the 150 plus tailwind for 2026. Can you talk about some of the, what is the new actions, that are going to be implemented this year versus the carryover impact from 2025 action, can you elaborate on some of these measures put in place in terms of automation, strategic sourcing, and footprint of rationalization? And what factors are you considering before determining whether additional actions would be necessary?

大家早安。這是查爾斯布朗在第一季時的照片。謝謝您回答我的問題。首先，我只想回去。早安.首先我想回顧一下成本走勢，2026 年將迎來 150 以上的利多因素。您能否談談今年將要實施的一些新措施，以及與 2025 年措施的延續影響相比，有哪些新措施？您能否詳細說明在自動化、策略採購和合理化規模方面採取的一些措施？在決定是否需要採取進一步措施之前，您會考慮哪些因素？

Yeah, so Charles, it's Marc. First of all, there is some carryover, but frankly, it's not that much. It's carryover. This $150 million plus, it's probably less than one third is carryover.

是的，查爾斯，我是馬克。首先，會有一些延續性影響，但坦白說，影響並不大。這是延續效應。這1.5億美元加上其他款項，可能不到三分之一是結轉資金。

And that largely comes from the actions, which we initiated about the cost they got last year, but just carried through and the additional actions, the vertical integration is actually a new angle which we're pursuing. We've made good experience with vertically integrating some components actually in our Mexico factories. And we will aggressively go after that also in North America, where we expect quite a sizable saving on respective components and frankly, also just more stability in our supply chain. That's one element.

這主要源自於我們去年針對他們所遭受的成本問題所採取的行動，但我們一直堅持執行這些行動，而垂直整合實際上是我們正在追求的一個新方向。我們在墨西哥工廠垂直整合一些零件方面累積了良好的經驗。我們也將在北美積極推進這一目標，我們預計在相關零件方面可以節省相當可觀的成本，坦白說，還能使我們的供應鏈更加穩定。這是其中一個因素。

Automation is an ongoing effort and will accelerate. That will also drive benefits what we refer to as strategic sourcing initiative, it's a fairly elaborate and sophisticated process, which we don't do every year because it's way too complex. The last time we've done that six years ago, and we got a lot of savings out of this one. It basically goes down to you take apart every single component, you weigh it, you do a global completely clean sheet assessment, what should cost be, we're putting it out for bidding across the world.

自動化是一個持續發展的過程，並將加速推進。這也將推動我們所謂的策略採購計畫的實施，這是一個相當複雜精細的過程，我們並非每年都進行，因為它太複雜了。我們上次這樣做是六年前，這次我們省了很多錢。基本上就是把每個部件都拆開，稱重，進行一次全面的、從零開始的評估，確定成本，然後向全世界招標。

It's a very elaborate thorough process. And again, just for complex, you can't do that every year. But given that it's six years ago, I think it's right. And we know the tool, we've done it before and we expect probably in the overall context, almost one third of cost savings coming out of this one.

這是一個非常複雜、細緻的過程。再說一遍，就複雜情況而言，你不可能每年都這樣做。但考慮到這是六年前的事了，我認為這個說法是正確的。我們了解這個工具，我們以前也用過，我們預期從整體來看，這次可以節省近三分之一的成本。

Got it. That's super helpful, caller, Mark. And then second, I just want to ask on the continued progress you're seeing in, small domestic appliances. It's good to see, the 10% sales growth this quarter. When considering the business, how do you balance the growth momentum that you're seeing here versus holding to your 16% EBIT margin as you look to maximize your returns over time?

知道了。真是太有幫助了，馬克，打電話的人。其次，我想問您在小型家用電器領域看到的持續進展。很高興看到本季銷售額成長了10%。在考慮業務發展時，您如何平衡目前所看到的成長動能與維持 16% 的息稅前利潤率，以期隨著時間的推移而最大化收益？

Yeah, Charles, this is Ludos. I'll take this one. So as you said, we're very happy with the performance of the SDA business. We grew at, 10% in Q3 and again in Q4, and we have similar projections for, 2026 and going forward.

是的，查爾斯，這裡是盧多斯。我選這個。正如您所說，我們對SDA業務的表現非常滿意。我們在第三季和第四季都實現了 10% 的成長，我們對 2026 年及以後的發展也有類似的預測。

From margin standpoint, what we believe is most of the highest value we can create, frankly, is through growth, given the level of creativeness we have from the margins already. So we're very focused on delivering that growth. We were effectively reinvesting. The margin that we created in excess of this 15 to 16% margin range into further acceleration.

從利潤的角度來看，坦白說，我們認為我們能夠創造的最高價值主要來自於成長，因為我們從利潤中已經擁有了相當高的創造力。因此，我們非常注重實現這一成長目標。我們實際上是在進行再投資。我們創造的超過 15% 至 16% 利潤率範圍的利潤空間，進一步加速了成長。

Jeffrey Stevenson, Loop Capital.

Jeffrey Stevenson，Loop Capital。

Hi, thanks for taking my questions today. You reported healthy share gains in the third quarter from your new product introductions, which offset your first half share losses. But I was wondering if you could comment on your fourth quarter share gains and whether heavier competitor discounting and a soft underlying R&R demand environment prevented similar levels of share gains during the quarter?

您好，感謝您今天回答我的問題。第三季度，由於新產品的推出，你們的市佔率實現了穩健成長，抵銷了上半年的市佔率損失。但我很想知道您能否就第四季度的市場份額增長發表一下看法，以及競爭對手更強勁的折扣和疲軟的研發需求環境是否阻礙了該季度類似水平的市場份額增長？

So Jeffrey, based what we reported in Q3, we picked up quite a bit of share with the new product, and that offset what we lost in the entire first half. In Q4, the positive momentum when new products continued. So we continue to gain share with the new product. But of course, by definition, the overall promotion period in Q4 is just a bigger portion of a quarter than in our prior quarter. During the promotional period, and that's what I indicated before, we did not pick up share.

所以傑弗裡，根據我們在第三季報告的數據，我們的新產品獲得了相當多的市場份額，這抵消了我們在整個上半年所失去的份額。第四季度，新產品持續推行，維持了積極的發展動能。因此，我們的新產品將繼續擴大市場份額。當然，根據定義，第四季的整體促銷期比上一季所佔的季度比例要大。在促銷期間（正如我之前提到的），我們沒有獲得市場份額。

We just decided to hold our ground, and that's what we've done. So you have continued gains of share with the new products, but a promotion period, we didn't pick up a lot more. So overall, it ended with the full year, but we have a small market share gain for the entire year in North America and almost entirely driven by the back half and almost entirely driven by new products.

我們決定堅守陣地，我們也確實這麼做了。因此，新產品的市佔率持續成長，但在促銷期內，我們並沒有獲得更多份額。所以總的來說，雖然全年都保持穩定，但我們在北美全年的市場份額略有增長，這幾乎完全是由下半年的新產品推動的。

Understood. And then I wanted to go back to comments earlier on the replacement demand. And this was tracking to roughly two third of North America MDA sales last year, which is well above normalized levels. And just so I'm clear in your guidance, are you not expecting any moderation in the percentage of replacement demand in 2026, unless we see some improvement in existing housing turnover? And then over the midterm, do you believe the percentage of replacement sales could move closer to 50% once the industry returns to a more normalized repair and remodel demand environment?

明白了。然後我想回到之前關於替換需求的評論。這相當於去年北美MDA銷售額的三分之二左右，遠高於正常水準。為了確保我理解您的指導意見，除非現有住房週轉率有所改善，否則您是否預計 2026 年住房更換需求百分比不會有所緩和？那麼，在中期，您認為隨著產業恢復到更正常的維修和改造需求環境，更換銷售的比例是否會接近 50%？

So Jeffrey, there's two components. The absolute number of replacement volume we get, we expect to stay stable. And we see that pretty stable now for an extended time period. And then again, it just comes a simple math. It's installed base and we know that.

傑弗裡，這裡有兩個組成部分。我們預計更換產品的絕對數量將保持穩定。而且我們看到這種情況在相當長的時間內都相當穩定。然後，這其實只是簡單的數學題目。它擁有龐大的用戶群，這一點我們很清楚。

And the overall usage in terms of has come down a little bit because people are more using it more intensively. That has now been stable for, I would say, two -- almost on a pure replacement side. So the volume will stay the same. But of course, when by definition, finally, the discretionary demand picks up, the percentage of a total market replacement will come down. Right now, it's well above 60%.

整體使用量略有下降，因為人們使用得更頻繁和密集。這種情況現在已經穩定了兩年左右——幾乎完全是靠替換來實現的。所以音量會保持不變。當然，根據定義，當可自由支配的需求最終回升時，市場整體更新換代的比例就會下降。目前，這一比例遠高於 60%。

And I would -- I wouldn't even call it peak cycle, I'd call it earlier mid-cycle, the discretionary side would easily cover 50%. Not easy.

而且我甚至不會稱之為週期高峰，我會稱之為週期中期早期，可自由支配的方面很容易就能覆蓋 50%。不容易。

But we had years where the discretionary side was up to 60%. So it's -- so percentage is all driven by how much we would see on the discretionary demand going forward.

但有些年份，可自由支配的支出佔比高達 60%。所以，這個百分比完全取決於我們未來會看到多少可自由支配的需求。

So with that, I think that was the last question. Sorry, we went a little bit over time today, but there's new faces and voices and then I think a lot of good questions. Again, as you heard before from 2025 is behind us. It's in a rear view. We right now look just forward to '26.

那麼，我想這就是最後一個問題了。抱歉，我們今天稍微超時了一點，但是有新面孔和新聲音，而且我認為也有很多好問題。正如你之前聽到的，2025 年已經過去了。在後視鏡裡。我們現在只期待2026年。

There are some encouraging signs already happening now in '26. And I think we laid out a catalyst why we believe we are confident and it's in our execution control to deliver on them, and that gives us the confidence behind '26. So thanks for joining me today and looking forward to talk to you again next quarter.

2026年已經出現了一些令人鼓舞的跡象。我認為我們已經闡明了我們為何充滿信心的原因，而實現這些目標的關鍵在於我們的執行控制，這給了我們2026年的信心。感謝您今天參加我的節目，期待下個季度再次與您交流。

Ladies and gentlemen, that concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。