Management remarks
Call period: 2026 Q4 · 2026-07-29
Guidance: Andre Schulten: Our bottom line outlook is broadly consistent with top-line, with core EPS growth of 0% to 3% versus 2026 core EPS of $6.89 this guidance equates to a range of $6.89 to $7.11 per share, $7 at the center of the range. This outlook includes a cost headwind of approximately $1 billion after tax, driven by higher raw materials, energy, transportation costs, and other premiums resulting from the conflict in The Middle East.Demand and orders: Shailesh Jejurikar: Pantene grew new users, resulting in value sales growth of 14% with value share up 50 basis points versus year ago.Margins: Andre Schulten: Core gross margin declined 40 basis points and core operating margin decreased 70 basis points.Analyst Q&A
Analyst Dara Mohsenian asked: Although we are not at outperformance yet with flat share in the quarter. So, just looking forward to fiscal 2027, what are the biggest areas or initiatives left to put in place versus what is already been implemented organizationally in your restructuring? Management Shailesh Jejurikar answered: But probably most exciting, 3 years back, less than 10% of that business was growing users. Today, over 55% of that business is growing users. Then even if I go to some of the markets in the Asia, Middle East, Africa region, which was pretty massively hit in the earlier Middle East crisis, Those have come back well. Last quarter, we closed at 3%. Ex exits closer to 6%. Even a market like Gulf, which has had a very tough 4-, 5-month period with disruptions, we are growing share across all time periods.管理层陈述
电话会期间：2026 Q4 · 2026-07-29
指引：安德烈·舒尔滕：我们的底线展望与营收前景大体一致，核心每股收益（EPS）同比增幅为0%至3%。以2026年核心每股收益6.89美元为基准，本次指引对应的区间为每股6.89美元至7.11美元，区间中点为7美元。该展望包含约10亿美元的税后成本逆风，该逆风由原材料、能源、运输成本上涨以及中东冲突引发的其他额外成本推动。需求与订单：沙伊莱什·杰朱卡尔：潘婷新增用户，带动价值销售额增长14%，价值份额较上年同期提升50个基点。利润率：安德烈·舒尔滕：核心毛利率下降40个基点，核心营业利润率下降70个基点。分析师问答
分析师达拉·莫赫塞尼安提问：尽管本季度份额持平尚未实现超额表现，请问展望2027财年，相对于已实施的组织架构重组，还有哪些最重要的领域或举措有待推进？管理层夏伊莱什·杰朱里卡尔回应称：最令人振奋的是，三年前仅有不到10%的业务实现用户增长，如今这一比例已超过55%。此前受中东危机严重冲击的亚非中东地区市场已恢复良好，上一季度增长率达3%，剔除退出市场后接近6%，即便在经历了4至5个月艰难动荡的海湾市场，我们也在各个时段实现了份额增长。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
