Zevia PBC (ZVIA) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Zevia PBC second quarter 2026 earnings conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Jean Fontana of Investor Relations. Thank you, Jean.

大家好。歡迎參加 Zevia PBC 2026 年第二季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我將把會議交給投資人關係部的 Jean Fontana。謝謝你，Jean。

Thank you. Welcome to Zevia's second quarter of 2026 earnings conference call. On today's call are Alexandre Ruberti, President and Chief Executive Officer, and Girish Satya, Chief Financial Officer and Principal Accounting Officer. By now, everyone should have access to the company's second quarter 2026 earnings press release and investor presentation made available this afternoon.

謝謝。歡迎參加 Zevia 2026 年第二季財報電話會議。今天與會者包括總裁兼執行長 Alexandre Ruberti，以及財務長兼首席會計主管 Girish Satya。截至目前，大家應該都已取得公司今天下午發布的 2026 年第二季財報新聞稿與投資人簡報。

This information is available on the investor relations section of Zevia's website at investors.zevia.com. Before we begin, please note that all financial information presented on today's call is unaudited. Certain comments made on this call include forward-looking statements which are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs concerning future events, are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

相關資訊可在 Zevia 官網的投資人關係專區 investors.zevia.com 查閱。在開始之前，請注意，今天電話會議中呈現的所有財務資訊均未經審計。本次電話會議中的部分評論包含前瞻性陳述，並受 1995 年《私人證券訴訟改革法案》安全港條款之規範。這些前瞻性陳述係基於管理層對未來事件的目前預期與信念，並受多項風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所描述者存在重大差異。

Please refer to today's press release and other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. During the call, we will reference certain non-GAAP financial measures as we describe business performance. The SEC filings as well as the earnings press release, presentation slides that accompany today's comments and reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are all available on our website at investors.zevia.com. Now I'd like to turn the call over to Alexandre.

請參閱今日新聞稿及向美國證券交易委員會（SEC）提交的其他文件，以了解可能導致實際結果與今日任何前瞻性陳述所明示或暗示者存在重大差異之風險的詳細討論。在本次電話會議中，我們將在描述業務表現時引用若干非 GAAP 財務衡量指標。SEC 申報文件、財報新聞稿、配合今日評論的簡報投影片，以及非 GAAP 財務衡量指標與最直接可比 GAAP 財務衡量指標之調節表，皆可於我們的網站 investors.zevia.com 取得。現在我想把電話會議交給 Alexandre。

Good afternoon, everyone. Thank you for joining us today. It's a privilege to speak with you on my first earnings call as CEO. Before I begin, I would like to thank Amy Taylor for her leadership and her support during this transition. I am excited to lead Zevia as I believe that we have a truly distinct product within the better-for-you beverage category.

各位下午好。感謝各位今天加入我們。能在我擔任執行長後的首次財報電話會議與各位對話，我深感榮幸。在開始之前，我想感謝 Amy Taylor 在此過渡期間的領導與支持。我很期待帶領 Zevia，因為我相信我們在「更健康」飲料品類中擁有真正獨特的產品。

As a member of the board of directors, I have gained valuable insights into the transformation that has taken place over the last two years, I'm grateful for the opportunity to lead the company into the next chapter. My objective is to build on the work that has strengthened the foundation of our business, drawing from my beverage industry experience to accelerate growth and drive profitability while reinvesting in the future.

作為董事會成員，我對過去兩年所發生的轉型獲得了寶貴洞見，也很感謝有機會帶領公司邁入下一個篇章。我的目標是在既有強化業務基礎的工作之上再接再厲，結合我在飲料產業的經驗，加速成長並推動獲利，同時再投資於未來。

We believe that Zevia's truly distinct market position presents a tremendous opportunity that we have yet to capture. We are working aggressively to build a strategic plan that we believe will deliver breakthrough growth, sustainable performance for the business, and drive long-term value for all stakeholders. Before sharing my initial observations, let me briefly highlight our results, which Girish will speak to in more details.

我們相信，Zevia 真正獨特的市場定位帶來了龐大機會，而我們尚未完全掌握。我們正積極制定一套策略計畫，我們相信該計畫將帶來突破性的成長、為業務帶來可持續的表現，並為所有利害關係人創造長期價值。在分享我初步觀察之前，先簡要說明我們的業績表現，Girish 稍後會更詳細說明。

For the second quarter, we delivered net sales of $45 million at the high end of our guidance and adjusted EBITDA of a half million dollar above our expectations. We are encouraged by our progress year-to-date and the momentum going into the third quarter. We're continuing to make progress in driving awareness and trial through distribution and completed the rollout of our new packaging and flavors.

第二季，我們實現淨銷售額 4,500 萬美元，位於指引區間的高端；調整後 EBITDA 也比我們預期高出 50 萬美元。我們對今年迄今的進展以及進入第三季的動能感到鼓舞。我們持續透過通路鋪貨推動品牌認知與試飲，並完成新包裝與新口味的全面上市。

That said, we have a significant opportunity to drive improvement in our go-to-market execution, which I will speak to shortly. Turning to marketing, we launched the anticipated 360 campaign of Refreshingly Real, starring Cardi B as our real talk interpreter. The campaign generated tremendous engagement with nearly 29.5 billion social campaign video views.

不過，我們在市場進入（go-to-market）執行方面仍有顯著的改善空間，我稍後會談到。在行銷方面，我們推出了備受期待的「Refreshingly Real」360 度整合行銷活動，由 Cardi B 擔任我們的「真心話翻譯官」。該活動帶來極高互動，社群活動影片觀看次數接近 295 億次。

Over 1.7 million engagements on Cardi and Zevia posts, 1.8 billion PR earned media impressions, and 473 media placements. We plan to build on this momentum with additional campaigns, including upcoming Refreshingly Real contests. I look forward to keeping you posted on more upcoming events with Zevia and Cardi B. Now, turning to my observations and priorities. For the last month and a half, I have spent much of my time meeting with our executive team and employees, as well as our customers, suppliers, and investors.

Cardi 與 Zevia 貼文互動超過 170 萬次，公關贏得媒體曝光（PR earned media）達 18 億次，並獲得 473 則媒體報導。我們計畫透過更多活動延續這股動能，包括即將推出的 Refreshingly Real 競賽。我也期待持續向各位更新 Zevia 與 Cardi B 接下來的更多活動。現在談談我的觀察與優先事項。在過去一個半月，我把大部分時間用於與我們的高階團隊與員工會面，也與客戶、供應商及投資人交流。

Following my listening tour and a deep dive into the business, my belief in Zevia's potential is greater than ever. I also recognize that there are measures that need to be taken to convert our strengths into sustained momentum in our business. To accomplish this, we need to make Zevia easier to find with a targeted strategic distribution expansion, easier to buy through enhanced in-store execution, and easier to choose by amplifying awareness and brand relevance, and we shall do so with urgency.

在完成傾聽之旅並深入檢視業務後，我對 Zevia 的潛力比以往更有信心。我也認知到，我們需要採取一些措施，才能把優勢轉化為業務的持續動能。為此，我們必須透過聚焦且具策略性的通路擴張，讓 Zevia 更容易被找到；透過強化店內執行，讓 Zevia 更容易被購買；並透過放大品牌認知與相關性，讓 Zevia 更容易被選擇——而我們將以緊迫感推動這些工作。

As we develop a strategic plan for our path forward and drawing from my broad experience, I will be focused on four key areas. First, evolving our go-to-market strategy. Second, sharpening and scaling our brand identity. Third, maintain strong financial discipline and operational efficiency to support our sustainable growth initiatives. And fourth, establishing a performance-driven culture.

在我們制定未來發展的策略計畫、並結合我廣泛經驗的同時，我將聚焦四個關鍵領域。第一，演進我們的市場進入（go-to-market）策略。第二，強化並擴大我們的品牌識別。第三，維持嚴謹的財務紀律與營運效率，以支持我們的可持續成長計畫。第四，建立以績效為導向的企業文化。

I'd like to expand on each of these areas and provide some additional context. Starting with evolving our go-to-market strategy. We see a significant opportunity to expand the reach and productivity of the Zevia brand through three verticals: optimizing our singles platform, expanding distribution, and improving in-store execution. The first and most meaningful value creation opportunity is unlocking the full potential of the singles in-store.

我想就這四個領域逐一展開，並提供一些補充背景。先從演進我們的市場進入（go-to-market）策略談起。我們看到透過三個垂直面向擴大 Zevia 品牌觸及與生產力的重大機會：優化單罐（singles）平台、擴大通路分銷，以及改善店內執行。第一個、也是最具意義的價值創造機會，是釋放店內單罐（singles）的全部潛力。

We view singles as the most effective vehicle for driving consumer discovery, trial, and ultimately household penetration. Over the past year, we have a focus on refining the product format, optimizing our flavor assorting with the right balance of classic favorites and emerging trends, and improving taste. As consumers increasingly seek healthier beverage alternatives without sacrificing taste, singles represent a powerful entry point into the brand and a catalyst for driving trial and long-term customer acquisition.

我們認為，單罐（singles）是推動消費者發現、試飲，並最終提升家庭滲透率的最有效載體。過去一年，我們專注於精進產品形式、以經典熱銷與新興趨勢之間的適當平衡來優化口味組合，並改善口感。隨著消費者愈來愈尋求在不犧牲口感的前提下更健康的飲料替代選項，單罐（singles）代表進入品牌的強力入口，也是推動試飲與長期客戶獲取的催化劑。

Second, with improved product portfolio, we see substantial opportunities to expand distribution and increase brand availability. Despite our good position within the zero-sugar soda category, Zevia remains under-penetrated across several attractive channels, including mass, club, food service, value chain, retail, and e-commerce. We believe our enhanced singles platform improves our ability to secure new distribution gains while increasing visibility and accessibility for consumers.

第二，隨著產品組合改善，我們看到在擴大通路覆蓋與提升品牌可得性方面存在可觀機會。儘管我們在零糖汽水品類中具備良好定位，Zevia 在多個具吸引力的通路仍屬滲透不足，包括大眾零售、倉儲會員店、餐飲服務、平價通路、零售以及電商。我們相信，強化後的單罐（單品）平台可提升我們爭取新增通路的能力，同時提高消費者的能見度與可及性。

Expanding our presence where consumers shop remains a critical lever for driving both awareness and trial. The third component of our go-to-market strategy is improving productivity within existing doors through a stronger approach to in-store execution, merchandising, and category management. To be frank, we need to do a better job of activating Zevia in store. We believe improved execution can increase velocity, support retailer economics, and strengthen our position as a key growth driver within the beverage category.

擴大我們在消費者購物場域的能見度，仍是推動品牌認知與試用的關鍵槓桿。我們市場進入策略的第三個組成部分，是透過更強的店內執行、陳列與品類管理方法，提升既有門店的生產力。坦白說，我們需要在店內啟動（activate）Zevia 方面做得更好。我們相信，更佳的執行可提升銷售速度（velocity）、支持零售商的經濟效益，並強化我們作為飲料品類關鍵成長驅動者的地位。

This leads to our second strategic focus area, sharpening and scaling our brand identity. Over the past several years, we have made meaningful progress in defining what Zevia stands for, but we believe there is opportunity to further increase the precision and relevance of our positioning. We are moving beyond the broad concept of the health-involved consumer and developing a more focused understanding of our core customer.

這引出我們第二個策略重點領域：精準化並擴大我們的品牌識別。過去幾年，我們在界定 Zevia 代表什麼方面取得了實質進展，但我們認為仍有機會進一步提升定位的精準度與相關性。我們正從「重視健康的消費者」這一廣泛概念，轉向建立對核心客群更聚焦的理解。

We see our target consumer as wellness aspirational, younger, digitally engaged families who enjoy beverages and flavors they love, but are increasingly unwilling to compromise on ingredient quality or health considerations. They want the enjoyment of soda without the trade-offs. As we continue to refine our positioning around this consumer, we intend to support it with a disciplined ROI-driven marketing strategy designed to increase awareness, strengthen brand affinity, and improve customer acquisition efficiency.

我們將目標消費者視為追求健康生活、較年輕、數位參與度高的家庭；他們喜愛自己喜歡的飲料與口味，但也愈來愈不願在成分品質或健康考量上妥協。他們想要汽水的享受，而不必付出取捨代價。隨著我們持續圍繞這類消費者精煉定位，我們將以嚴謹、以投資報酬率（ROI）驅動的行銷策略加以支持，旨在提升知名度、強化品牌好感度，並改善獲客效率。

By pairing a more clearly defined brand identity with a broader distribution and stronger execution, we believe we can meaningfully expand Zevia's addressable market and accelerate sustainable, profitable growth over time. Our third area of focus, financial discipline and operational efficiency. We aim to build on the success of our positive financial momentum and drive profitable innovation across functions.

我們相信，將更清晰的品牌識別與更廣的通路覆蓋及更強的執行力相結合，能夠實質擴大 Zevia 的可觸及市場，並隨時間推進加速可持續且具獲利性的成長。我們第三個重點領域是財務紀律與營運效率。我們的目標是在正向財務動能的成功基礎上再接再厲，並在各職能推動具獲利性的創新。

This will be achieved through maximizing or redirecting resources to align with strategic priorities as we reinvest savings from continuing efficiency gains. Our final area of focus is to establish a performance-driven culture within the organization. Delivering results not just for today, but over the mid and long term. We will challenge each other to improve, take ownership, make confident decisions, and learn quickly from setbacks so we can keep raising the bar together without losing the essentials of trust, empowerment, and accountability.

我們將透過最大化或重新配置資源以對齊策略優先事項來達成，並把持續效率提升所節省的成本再投資回去。我們最後一個重點領域，是在組織內建立以績效驅動的文化。交付的不僅是今天的成果，也涵蓋中長期的成果。我們將彼此督促持續改進、勇於承擔、做出有信心的決策，並從挫折中快速學習，讓我們在不失去信任、賦權與問責等核心要素的前提下，一起不斷提高標準。

Before I turn it over to Girish, I want to thank everyone for the warm welcome I have received since stepping into this role. I believe we are operating from a better financial position, as shown by improved cash flow and positive EBITDA over the last few quarters. I will share our strategic plan in the coming months with further details on our four key focus areas. As part of this plan, we will outline clear, measurable milestones and provide regular updates on our progress. I look forward to working with our talented team as we realize Zevia's great potential. We have an exciting future in front of us. With that, I will turn it over to Girish.

在我把時間交給 Girish 之前，我想感謝大家自我接任此職以來給予我的熱情歡迎。從近幾季現金流改善與 EBITDA 轉正可見，我相信我們目前的財務狀況更為穩健。未來幾個月我將分享我們的策略計畫，並就四個關鍵重點領域提供更多細節。作為該計畫的一部分，我們將提出清晰、可衡量的里程碑，並定期更新進度。我期待與我們才華洋溢的團隊合作，實現 Zevia 的巨大潛力。我們面前有令人振奮的未來。接下來，我把時間交給 Girish。

Thank you, Alexandre. Good afternoon, everyone, and thanks for joining our call today. Before we get into the quarter, I'd just like to take a moment to welcome Alexandre to the Zevia team. It's been a pleasure working more closely with him since he transitioned into the CEO role, and I look forward to the partnership. Echoing his remarks with our vastly improved financial profile, coupled with our increased supply chain efficiencies and cost disciplines, we have a strong foundation from which to build the next phase of growth for the brand. Now turning to our results. For the second quarter, net sales increased 1.1% to $45 million, primarily driven by successful pricing actions.

謝謝你，Alexandre。各位下午好，感謝大家今天參加我們的電話會議。在進入本季表現之前，我想先花點時間歡迎 Alexandre 加入 Zevia 團隊。自他轉任執行長（CEO）以來，能與他更密切合作是一件愉快的事，我也期待未來的合作夥伴關係。呼應他剛才的談話，隨著我們財務體質大幅改善，再加上供應鏈效率提升與成本紀律，我們已具備堅實基礎，可用以打造品牌下一階段的成長。接著談我們的業績。第二季淨銷售額成長 1.1% 至 4,500 萬美元，主要由成功的定價措施所帶動。

Our results also reflect the lapping of load-ins to Walgreens and Albertsons in the second quarter of last year, as well as the shift in cadence, with higher volumes anticipated in the first and third quarters versus last year. Notably, net sales in the first half of 2026 increased 10.4% to $91.1 million, including the discontinuation of our tea offering, which began in Q2. Gross margin was 48.9%, a 20-basis point increase from 48.7% in the prior year quarter.

我們的結果也反映了去年第二季對 Walgreens 與 Albertsons 的鋪貨（load-ins）所形成的比較基期影響，以及出貨節奏的變化——相較去年，預期第一季與第三季的出貨量更高。值得注意的是，2026 年上半年淨銷售額成長 10.4% 至 9,110 萬美元，其中包含自第二季開始停止供應我們的茶品。毛利率為 48.9%，較去年同期的 48.7% 提升 20 個基點。

The improvement reflects strong price realization, partially offset by increases in aluminum costs, from which we expect to see a bigger impact in the back half of the year. Selling and marketing expenses were $13.1 million, or 29% of net sales in the second quarter of 2026, compared to $13.4 million, or 30% of net sales in the second quarter of 2025.

毛利率改善反映了強勁的價格實現（price realization），但部分被鋁材成本上升所抵銷；我們預期鋁材成本在下半年將帶來更大的影響。2026 年第二季銷售與行銷費用為 1,310 萬美元，占淨銷售額 29%；相較之下，2025 年第二季為 1,340 萬美元，占淨銷售額 30%。

Breaking it down, selling expense was $8.1 million, or 17.9% of net sales in the second quarter of 2026, compared to $8.7 million, or 19.4% of net sales in the second quarter of 2025. The 150 basis point improvement reflects savings in warehousing and repackaging costs, partially offset by increased fuel costs.

拆分來看，2026 年第二季銷售費用為 810 萬美元，占淨銷售額 17.9%；相較之下，2025 年第二季為 870 萬美元，占淨銷售額 19.4%。改善 150 個基點主要反映倉儲與重新包裝成本的節省，但部分被燃料成本上升所抵銷。

Marketing expense was $5 million, or 11.1% of net sales in the second quarter of 2026, compared to $4.7 million, or 10.6% of net sales in the second quarter of 2025. The increase in marketing expense as a percentage of sales as compared to last year was due to higher planned investments in the second quarter to support our new product rollout, package redesign, and Cardi B partnership.

2026 年第二季行銷費用為 500 萬美元，占淨銷售額 11.1%；相較之下，2025 年第二季為 470 萬美元，占淨銷售額 10.6%。行銷費用占比相較去年上升，係因第二季為支持新品上市、包裝重新設計以及與 Cardi B 的合作而進行較高的計畫性投入。

General and administrative expenses were $8.6 million, or 19% of net sales in the second quarter of 2026, compared to $8.1 million, or 18.2% of net sales in the second quarter of 2025. The increase was primarily due to higher personnel-related costs and outside services expenses, partially offset by lower accrued variable compensation. For the second quarter, adjusted EBITDA was approximately $0.5 million, compared to an adjusted EBITDA of $0.2 million in the prior year period.

2026 年第二季一般及行政費用為 860 萬美元，占淨銷售額 19%；相較之下，2025 年第二季為 810 萬美元，占淨銷售額 18.2%。增加主要由人員相關成本與外部服務費用上升所致，但部分被應計變動薪酬下降所抵銷。第二季調整後 EBITDA 約為 50 萬美元，較去年同期調整後 EBITDA 的 20 萬美元增加。

Year to date, adjusted EBITDA increased $4.5 million versus the prior year period, despite significant cost pressures. Turning to our balance sheet, we end the quarter with approximately $28.5 million in cash and cash equivalents and have an undrawn revolving credit line of $20 million. Now turning to our outlook.

年初至今，儘管面臨顯著的成本壓力，調整後 EBITDA 較去年同期增加了 450 萬美元。談到資產負債表，我們在本季末持有約 2,850 萬美元的現金及約當現金，並擁有一筆 2,000 萬美元尚未動用的循環信用額度。接著談談我們的展望。

Starting with the third quarter of 2026, we expect net sales of between $44 million to $46 million, reflecting 10% growth at the midpoint of the range. This guidance incorporates increased club distribution, ongoing strength in digital, and the benefit of incremental promotional support for the national rollout of our packaging refresh, partially offset by the discontinuation of our tea offering.

先從 2026 年第三季開始，我們預期淨銷售額介於 4,400 萬至 4,600 萬美元，按區間中點計算反映 10% 的成長。此指引納入了俱樂部通路分銷增加、數位通路持續強勁，以及為全國推動包裝更新所提供的額外促銷支援所帶來的效益；但部分被我們停止茶品供應所抵銷。

We expect third quarter adjusted EBITDA loss to be between negative $3 million and negative $3.5 million. This assumes a reduction in gross margin to approximately 46%, due primarily to the impact of elevated aluminum costs and higher promotions and channel mix. Additionally, this reflects pressure on selling expense related to higher fuel costs, as well as higher marketing investment associated with the Cardi B campaign launch and the rollout of the new product packaging nationwide.

我們預期第三季調整後 EBITDA 虧損介於負 300 萬至負 350 萬美元。此假設毛利率降至約 46%，主要因鋁材成本居高不下，以及促銷增加與通路組合變化的影響。此外，亦反映因燃料成本上升而對銷售費用造成的壓力，以及與 Cardi B 行銷活動啟動及全國推廣新產品包裝相關的更高行銷投資。

Looking at the full year, we are maintaining our 2026 net sales guidance of $170 million to $175 million, reflecting 7% growth at the midpoint of the range. In addition, this incorporates an approximately 1.5 percentage point impact from the discontinuation of tea. As Alexandre outlined in his discussion, we are amplifying efforts to drive materially accelerated growth across our business, but predominantly through an improved go-to-market strategy.

就全年而言，我們維持 2026 年淨銷售額指引為 1.70 億至 1.75 億美元，按區間中點計算反映 7% 的成長。此外，該指引亦納入停止茶品供應約 1.5 個百分點的影響。如 Alexandre 在其說明中所概述，我們正加大力度，推動整體業務實現顯著加速的成長，但主要將透過更佳的市場進入（go-to-market）策略來達成。

We have identified a number of opportunities across our distribution channels, however, realize that it will take time to bear fruit. Turning to profitability, we are maintaining our full-year 2026 adjusted EBITDA range of negative $2 million to negative $4 million. As a reminder, due to ongoing macro volatility, this range continues to incorporate approximately $11 million related to the surge in fuel prices and higher aluminum-related costs.

我們已在各分銷通路中辨識出多項機會，但也明白需要時間才能開花結果。談到獲利能力，我們維持 2026 年全年調整後 EBITDA 區間為負 200 萬至負 400 萬美元。提醒一下，由於總體環境持續波動，該區間仍包含約 1,100 萬美元，與燃料價格飆升及鋁材相關成本上升有關。

While we expect these elevated costs to come down over time, we are on track to achieve $3 million to $5 million in additional cost savings beginning in Q1 of 2027. In closing, we believe that we have a distinct market position, which presents a tremendous opportunity that we have yet to capture. We remain confident in our path forward and our focus on executing a strategic plan to improve profitability through enhanced commercial execution, financial discipline, and targeted investments to strengthen our capabilities and create sustainable long-term value for all shareholders.

雖然我們預期這些高企成本將隨時間下降，但我們正按計畫自 2027 年第一季起實現額外 300 萬至 500 萬美元的成本節省。最後，我們相信我們擁有獨特的市場定位，帶來龐大的機會，而我們尚未完全掌握。我們對前進的道路仍具信心，並專注於執行策略計畫，透過強化商業執行、財務紀律，以及有針對性的投資來提升能力，為所有股東創造可持續的長期價值，以改善獲利能力。

I'll now turn it over to the operator to begin Q&A. Operator?

我現在把時間交給主持人，開始問答環節。主持人？

(Operator Instructions) Andrew Strelzik, BMO Capital Markets.

(主持人指示) Andrew Strelzik，BMO 資本市場。

Hey, good afternoon. Thanks for taking the questions. I appreciate all the detail on some of the opportunities that you discussed already. You mentioned that it's going to take some time for that to play out, but I'm just curious how you think about which of the priorities you think we could see the benefits from the fastest or maybe takes the longest, how we should think about the cadence of those opportunities flowing through to performance.

嗨，下午好。謝謝讓我提問。我很感謝你們就先前提到的一些機會提供了很多細節。你們提到這些需要一些時間才能發酵，但我想了解你們如何看待各項優先事項：哪些你們認為我們能最快看到效益、哪些可能需要最久；以及我們應如何看待這些機會逐步反映到業績上的節奏。

Sure. Hey, Andrew. Good to talk to you again. I think if you try to prioritize priorities in here, prioritize priorities is good, but prioritize priorities in here, it is, first of all, everything to do with the singles. I think this is a bit urgent and more meaningful priority that we have, because if you want to measure that, nowadays, we have a 10% of share, and we have a zero share in singles. In singles opportunity for us in our, if we keep the same multi-pack share that we have on our day, it will be around $880 million, right?

當然。嗨，Andrew。很高興再次和你交流。我想如果要在這裡為各項優先事項排出優先順序——為優先事項排優先順序很好——但在這裡要排優先順序的話，首先是所有與單罐（singles）相關的事情。我認為這是我們一項相當緊迫且更有意義的優先事項，因為如果你要衡量的話，目前我們在多入裝（multi-pack）的市占約 10%，而在單罐的市占是零。對我們而言，若在單罐機會上能維持我們目前的多入裝市占，那規模大約會是 8.8 億美元，對吧？

Our business nowadays is based on multi-packs and we don't have singles. I think everything that we are doing in terms of activating singles, we are on the streets now in the selling season, talking to the customers in order to prioritize this ahead of any other. This one is the main opportunity for us.

我們目前的業務是以多入裝為主，而我們沒有單罐。我認為我們在啟動單罐方面所做的一切——我們現在正值銷售旺季，走上街頭與客戶溝通——都是為了把這件事排在其他任何事項之前。這是我們最主要的機會。

Okay. That's helpful. If I could just ask about the guidance. The second quarter came in at the higher end of the revenue guidance above on EBITDA. The 3Q guidance is at least ahead of consensus. I know that's not your internal expectation, but I guess in holding the year, it implies a weaker 4Q, kind of flat to down, which is not entirely inconsistent with what you had communicated previously, but it's maybe a little weaker than I would've thought. I guess, just in the context of the 2Q performance, just holding the annual guidance and is there anything in the fourth quarter that we should be aware of incrementally as a potential headwind?

好的。這很有幫助。我還想問一下指引。第二季營收落在指引區間的高端，EBITDA 也優於預期。第三季指引至少也高於市場共識。我知道那不是你們內部的預期，但如果全年指引維持不變，就意味著第四季會比較弱，可能持平到下滑；這與你們先前的溝通並非完全不一致，但可能比我原先想的還要弱一些。所以在第二季表現的背景下，全年指引維持不變之下，第四季是否有任何我們需要額外留意、可能形成逆風的因素？

Yeah. No, thanks, Andrew. Look, you're right. We said earlier in the year that Q1 and Q3 would be the biggest quarters. Our Q4 growth is consistent with what we had outlined earlier in the year. I think this is largely a reflection of the timing shift in marketing spend and innovation launches. Separately, it's also a remnant of our club business.

是的。不，謝謝你，Andrew。你說得沒錯。我們在年初就說過第一季和第三季會是最大的季度。我們第四季的成長與我們年初所概述的情況一致。我認為這主要反映行銷支出與創新產品上市時點的移轉。另外，這也部分是我們俱樂部通路業務的延續影響。

As club becomes a more consistent channel, we should see less fluctuations in growth rates going forward. I'd say that generally speaking, at this point, we're in the really early days of our marketing and innovation initiatives, which we recently launched as we alluded to with Cardi B just a couple of weeks ago.

隨著俱樂部通路成為更穩定一致的通路，我們未來應會看到成長率的波動變小。我會說，一般而言，就目前而言，我們的行銷與創新計畫仍處於非常早期的階段；正如我們提到的，我們在幾週前才剛與 Cardi B 推出相關活動。

We're encouraged by the early reads and think that this could be an opportunity for us, but there isn't necessarily any headwind that we're calling out for Q4. As Alexandre noted, we do believe we have a lot of opportunities to accelerate growth, but those initiatives are going to take a little bit of time.

我們對早期的回饋感到鼓舞，並認為這可能是我們的一個機會，但我們並沒有特別點出第四季有任何逆風因素。如 Alexandre 所說，我們確實相信有許多機會可以加速成長，但這些措施需要一點時間。

Jim Salera, Stephens Inc.

Jim Salera，Stephens Inc.

Alexandre, I wanted to ask a little bit around kind of why now for singles and if you could maybe walk through some of the operational infrastructure that gives you the confidence that you can execute on that, such that it'll be incremental. I know the West Coast DSD expansion has kind of been key, but is singles going to be something we see kind of nationwide, is this going to be more of a regional rollout? Can you kind of walk us through the cadence there, and how quickly we should expect to see that business ramp?

Alexandre，我想稍微問一下，為什麼現在要推單罐（singles），以及你是否可以帶我們了解一下，哪些營運基礎設施讓你有信心能夠執行到位，並且讓它成為增量貢獻。我知道西岸 DSD 擴張一直是關鍵，但單罐會是我們看到全國性推進的項目嗎？還是會比較偏向區域性鋪貨？你能否談談推進節奏，以及我們應該預期這塊業務多快會開始放量？

Yeah, sure. Let me get to you some kind of high level view. Imagine that the go-to market will have the most expensive way how to go or more effective ways, right? We are evaluating a couple of options, but the main objective for us, it is to make sure that we guarantee distribution across the nation as well as in-store execution, both.

好的，當然。我先給你一個比較高層次的觀點。想像一下，市場進入（go-to-market）會有最昂貴的做法，也會有更有效率的做法，對吧？我們正在評估幾個選項，但對我們而言最主要的目標，是確保全國性的鋪貨（distribution）以及店內執行（in-store execution）兩者都能到位。

We can go DSD network, we can go brokers, broadliners to sales, merchandisers, agencies, this kind of stuff. At the end of the day, the mix of those ways to go to market will be the secret. We are creating this plan right now. We are aiming to start execution in the beginning of 2027.

我們可以走 DSD 網路，也可以走經紀商（brokers）、廣配商（broadliners）到銷售、陳列人員（merchandisers）、代理商（agencies）這類模式。歸根結底，這些市場進入方式的組合會是關鍵。我們正在制定這個計畫。我們的目標是在 2027 年初開始執行。

This is one way to support singles. When talking about singles, the idea here was very rational concept because nowadays we have a 10% of share. If you just segment modern soda that within the multi-pack, we have a 20% of share. If we have the same 20% of share within singles, we are talking about $80 million opportunity. At the end of the day, why now?

這是支持單罐的一種方式。談到單罐，這個想法其實非常理性，因為目前我們的市占大約是 10%。如果你只把現代汽水（modern soda）在多入裝（multi-pack）裡做分項，我們的市占是 20%。如果我們在單罐也能拿到同樣 20% 的市占，那就是 8,000 萬美元的機會。所以，為什麼是現在？

Because I think that now we have the right products because we improved taste. Second, the right size of the can, not sleek can anymore, it's going to be the regular can. Third, we're going to have the right price and value equation. I think this combination of power of execution and the right format of the product will be a huge difference moving forward. As you said, we need to have a structure in place in order to execute that. That's why I think it's going to take some time after implementing the new go-to market.

因為我認為現在我們有對的產品，因為我們改善了口味。第二，是對的罐型尺寸，不再是細長罐（sleek can），而會是一般標準罐。第三，我們會有正確的定價與價值（value）組合。我認為，執行力加上正確的產品形式，未來會帶來很大的差異。如你所說，我們需要先把架構建好，才能執行。這也是為什麼我認為，在導入新的 go-to-market 之後，還需要一些時間。

Okay, great. Girish, if I could ask a follow-up on, you talked about aluminum pricing and I know that's been a headwind across the industry for the year. Recently we've heard folks talking about stepped up transport costs, freight and diesel.

好的，很棒。Girish，我想追問一下：你提到鋁價，我知道這今年一直是整個產業的逆風。最近我們也聽到一些人談到運輸成本上升、運費以及柴油成本。

Can you just walk us through how that flows through on your gross margin and maybe just any thoughts around price offset? I think you guys are just shy of 5% price, if I did the math right, in the quarter. Is that a fair kind of cadence to carry forward to the end of the year? Is there an opportunity for any incremental price?

你能否帶我們了解一下，這些因素如何反映到你們的毛利率上，以及你對以漲價來抵消成本有什麼看法？如果我算得沒錯，你們本季的價格大概接近 5% 的漲幅。這樣的節奏延續到年底算合理嗎？是否還有任何額外（incremental）的漲價空間？

No, thanks, Jim. Yes, as you alluded to, everybody has been facing these increased aluminum costs and fuel costs. As a reminder, we've taken $20 million out of the business. We've identified an incremental $3 million to $5 million that we're currently working on taking out of the business, which will primarily impact COGS and selling expenses, beginning in Q1 of 2027.

不，謝謝你，Jim。是的，如你所提，大家都在面對鋁成本與燃料成本上升。提醒一下，我們已經從業務中削減了 2,000 萬美元的成本。我們也另外找到了 300 萬到 500 萬美元的增量節省，目前正在推進，主要會影響銷貨成本（COGS）與銷售費用，並將從 2027 年第一季開始反映。

As you alluded to, we recently took a price increase, which in some ways was preemptive, knowing that we were going to be seeing or continuing to see these aluminum costs. Given the broader macroeconomic outlook, and consumers' flight to value, it's unlikely that we're going to pull the pricing lever again this year. We do believe that we will continue to find opportunities to drive efficiencies through the P&L.

如你所提，我們最近做了一次提價，某種程度上是預先因應，因為我們知道鋁成本將會出現或持續出現。考量更廣泛的總體經濟展望，以及消費者轉向高性價比（flight to value）的趨勢，今年我們不太可能再度動用漲價槓桿。我們確實相信，仍會持續找到機會，透過損益表（P&L）推動效率提升。

Although we highlighted a bit of a dip in Q3 with regard to gross margin, some of that will be recovered in Q4, partly because we are going a little bit deeper from a promotional price perspective in Q3 to support not only the new packaging and new flavors, but also the Cardi B brand awareness campaign as well. That will kind of reverse itself out in Q4 a little bit.

雖然我們提到第三季毛利率會有些下滑，但其中一部分會在第四季回補；部分原因是第三季在促銷價格上會更積極一些，以支持不僅是新包裝與新口味，也包括 Cardi B 的品牌知名度行銷活動。這在第四季會在某種程度上回轉。

Long-winded way of saying we're managing it as closely as we can and continue to find opportunities to maintain our margins. As you saw from our first half performance, we continue to sort of balance the two between reinvesting in the business and dropping dollars to the bottom line.

簡單說就是：我們會盡可能緊密地管理，並持續尋找維持毛利率的機會。如你從我們上半年表現所見，我們持續在「再投資於業務」與「把獲利落到最終盈餘」之間取得平衡。

Eric Des Lauriers, Craig-Hallum.

Eric Des Lauriers，Craig-Hallum。

Great. Thanks for taking my questions. It seems like we've touched a good amount on singles and some of the expanded distribution opportunities. I wonder if we could just focus a little bit on some of the opportunities kind of right in front of us, starting with the new packaging and new flavors.

很好。謝謝讓我提問。看起來我們已經談了不少關於單罐以及一些擴大鋪貨的機會。我想我們是否可以把焦點放在一些眼前的機會上，先從新包裝與新口味開始。

Just any sort of early insight into how that national rollout is proceeding. Are you guys continuing to see any velocity pickups from this new packaging or new flavors? Just any sort of commentary on the early performance would be great.

想請教一下，這次全國性鋪貨的推進目前進展如何？你們是否仍看到新包裝或新口味帶來的動銷速度（velocity）提升？如果能分享一些早期表現的評論就太好了。

Sure, Eric. Thanks for the question, because I still think it's very early to make any kind of comments on that, because just one month. We still don't have 100% rollout, but I would say 90%. It's going to take a couple of months in order to be able to evaluate and as well as to segment the effects of sales in terms of the new packaging and flavors.

當然，Eric。謝謝你的問題。不過我仍認為現在要做任何評論都還太早，因為才一個月。我們目前還沒有做到 100% 鋪貨，但我會說大概 90%。還需要幾個月，才能評估並且把新包裝與新口味對銷售的影響做出拆分分析。

The first readings, we have some weeks, of course. The first readings, mainly in terms of the natural channel, the velocities are higher. Still, everything is due too early. We are looking for in the next month to understand how solid we'll be. We are very excited because the first readings are positive so far.

第一波讀數，我們當然有一些週度數據。初步讀數顯示，主要是在天然通路（natural channel）方面，動銷速度更高。但一切仍然太早。我們希望在接下來一個月了解表現會有多穩健。我們非常興奮，因為目前為止初步讀數是正面的。

That's great to hear. Just switching to the Cardi B marketing campaign. You guys gave a lot of detail on just how viral this went. Certainly, caught me by surprise. I know this is obviously even earlier than this new packaging rollout. Are you seeing any sort of increased web traffic or any higher engagement with the Zevia brand as a result of this? Anything to call out just initially from this?

很高興聽到這個消息。接著切換到 Cardi B 的行銷活動。你們對這次如何爆紅提供了很多細節。確實讓我很意外。我知道這顯然甚至比這次新包裝上架還要更早。因此，你們是否看到網站流量有所增加，或是 Zevia 品牌的互動度有所提升？就目前初步來看，有沒有什麼值得特別提出的？

No question on that. I think the first numbers that we showed during the conversation was huge, right? In the last two weeks, we had almost 30 million social video views. We had 1.8 billion in earned media impressions. It's huge. Went viral just because who she is and how we are engaging with her and the brand. Said that, in the end of the day, what we are looking for until end of the year is going to be a track from the top of the funnel to the bottom of the funnel, the marketing funnel, right? We're going to have one more ad coming in the next few weeks. We're going to have one consumer context. That consumer is going to submit some stories. Then she's going to perform a new ad in real life to them.

毫無疑問有。我想我們在對話中展示的第一批數據非常驚人，對吧？在過去兩週，我們的社群影片觀看次數接近 3,000 萬。我們獲得了 18 億次的贏得媒體曝光（earned media impressions）。這非常巨大。之所以爆紅，是因為她是誰，以及我們如何與她和品牌互動。話雖如此，歸根結底，我們今年年底前要看的，是從漏斗頂端到漏斗底端的追蹤，也就是行銷漏斗，對吧？接下來幾週我們還會再推出一支廣告。我們會有一個面向消費者的情境。那位消費者會提交一些故事。然後她會在真實生活中為他們演出一支新的廣告。

We are planning to have a launch of a new product, a signature product with Cardi B in the beginning of January. In the end of the daily strategy here, the full funnel. We're talking about awareness, we're talking about consideration with the consumer in terms of the contest of the better story, and then we're going to make available a product with a flavor that was developed together with her in the beginning of January. I think that's what we are focused in this campaign.

我們計畫在一月初推出一款新產品，一款與 Cardi B 合作的招牌產品。就這裡的日常策略而言，是全漏斗策略。我們談的是知名度（awareness），也談的是消費者的考慮度（consideration），例如「更好的故事」這個競賽情境，然後我們會在一月初推出一款口味產品，該口味是與她共同開發的。我想這就是我們在這個活動中聚焦的重點。

Eric Serotta, Morgan Stanley.

Eric Serotta，摩根士丹利。

Hi, good afternoon. I'm hoping you could give a little bit of color in terms of the sort of the priorities that you laid out, Sandro. Do you see these as involving sort of meaningful levels of increased investment or step up of investment in order to kind of achieve your ambitions across these initiatives? Do you think you could sort of do it within the existing P&L cost envelope that you have?

嗨，午安。我希望你能就你提出的優先事項提供一些補充說明，Sandro。你是否認為，為了在這些計畫上達成你們的目標，需要投入顯著增加的投資或提高投資力度？你覺得能否在現有的損益表（P&L）成本框架內完成？

Thanks, Eric. From my side, still it's very early to say. Of course, we're going to make the dollars working harder for us moving forward. I believe that when we're talking about first, in terms of improving the go-to market, there's many ways how to go.

謝謝，Eric。就我這邊來看，現在仍然很早，還很難下定論。當然，接下來我們會讓每一塊行銷預算為我們更有效地發揮作用。我相信，當我們談到第一點，也就是改善 go-to-market（上市/通路推進）時，有很多不同的做法。

As I said, the most expensive and the more efficient way. We are going after the most efficient and are making the mix of that. I think that's the one point. The second point, when we say in terms of the how to better shape the brand is much more a conceptual shape and how to communicate and when to communicate. I think that's going to be a part.

如我所說，有最昂貴的方式，也有更有效率的方式。我們會採取最有效率的方式，並在其中做出組合配置。我想這是第一點。第二點，當我們談到如何更好地塑造品牌時，更多是概念層面的塑造，以及如何溝通、何時溝通。我想這會是其中一部分。

The third one, in general, it is, as I said, the high level is how to make Zevia easier to find in terms of expanding distribution and be more available and how to make Zevia easier to buy in terms of execution, right? This one's going to take some investment because we have to have foot on the street.

第三點，整體而言，如我所說，高層次來看是：如何讓 Zevia 更容易被找到，也就是擴大通路、提高可得性；以及如何讓 Zevia 更容易被買到，也就是執行面，對吧？這部分會需要一些投資，因為我們必須要有外勤人員（foot on the street）。

The third one, how to make Zevia easier to choose in terms of market awareness and brand relevance. This is the first test that we are doing with Cardi B, which is working. This is a combination of, we don't have precisely the amount of investment yet, but we are planning as we speak.

第三點，如何讓 Zevia 更容易被選擇，也就是提升市場認知與品牌關聯性。這是我們與 Cardi B 進行的第一個測試，而且效果不錯。這是一種組合；我們目前還沒有精確的投資金額，但我們正在同步規劃中。

Great. Just in terms of the modern soda category, we've seen some of the brands of the past few years on the probiotic and functional side slow a bit lately. I'm wondering, how you look at that. Is that headwind in terms of broader, less interest in modern soda? Is that opportunity to make Zevia more relevant when some of these other broader competitors have sort of gotten a lot of mind share and kind of free airtime over the past few years?

很好。就現代汽水（modern soda）品類而言，我們看到過去幾年一些主打益生菌與機能性的品牌，最近成長放緩了一些。我想知道你怎麼看這件事。這是否代表更廣泛層面對現代汽水的興趣下降，形成逆風？還是說，當其他更廣泛的競爭者在過去幾年獲得了大量心佔率、也得到某種「免費曝光」時，這反而是讓 Zevia 更具關聯性的機會？

Yes, sure. In terms of making Zevia more relevant, this is what we call in terms of sharpening the brand a little bit, and for sure. The modern soda category, the cake or the size of the prize is growing as a whole. We have a couple of new entrants coming and exchanging share among them.

是的，當然。就讓 Zevia 更具關聯性而言，這就是我們所說把品牌再「銳化」一些，毫無疑問。現代汽水品類的整體「蛋糕」或獎賞規模正在成長。我們也看到有一些新進者加入，彼此之間在交換市占。

If you take a look in Zevia, we are holding very steady our share independently on what's happening with the functional ones. I think that this is the future because consumers are still looking for a more healthy way in how to consume soda and are going to be ready to fulfill this need.

如果你看 Zevia，我們的市占表現非常穩定，不受那些機能性品牌發生什麼影響。我認為這是未來的方向，因為消費者仍在尋找更健康的方式來飲用汽水，並且會準備好滿足這個需求。

We have reached the end of the question and answer session. I would like to turn the floor back over to Alexandre Ruberti for closing comments.

問答環節到此結束。我想把時間交回給 Alexandre Ruberti 做結語。

Thank you. Thanks, you all for joining our call today, and for sure, we look forward to update you in the progress we are making in our four key main areas, and sharing our strategic plan and accelerate growth, improving profitability, and build long-term shareholder value in the coming months. Thanks a lot

謝謝。感謝各位今天參加我們的電話會議；我們也期待在接下來幾個月向各位更新我們在四個關鍵領域所取得的進展，並分享我們的策略計畫，以加速成長、提升獲利能力，並建立長期股東價值。非常感謝

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。您現在可以掛線。

Thank you for your participation.

感謝您的參與。