Coca-Cola Europacific Partners PLC (CCEP) 2025 Q2 法說會逐字稿

Hello and thank you for standing by, and welcome to today's Coca-Cola Europacific Partners half-year 2025 results conference call.

您好，感謝您的收看，歡迎參加今天的可口可樂歐洲太平洋合作夥伴 2025 年上半年業績電話會議。

(Operator Instructions) I must advise you that this conference call is being recorded today. I would now like to hand the conference over to Vice President of Investor Relations and Corporate Strategy, Sarah Willett.

（操作員指示）我必須通知您，今天的電話會議將會被錄音。現在，我想將會議交給投資人關係和企業策略副總裁 Sarah Willett。

Please go ahead, Sarah.

請繼續，莎拉。

Thank you, all, for joining us today. I'm here with Damian Gammell, our CEO; and our CFO, Ed Walker.

謝謝大家今天參加我們的活動。我和我們的執行長 Damian Gammell 以及我們的財務長 Ed Walker 一起來到這裡。

Before I hand over to Damian, a reminder of our cautionary statement. This call contains forward-looking management comments and other statements reflecting our outlook. These comments should be considered in conjunction with the cautionary language contained in today's release as well as the detailed cautionary statements found in reports filed with the UK, US, Dutch, and Spanish authorities. Copy of this information is available on our website at www.cocacolaep.com.

在我把麥克風交給達米安之前，我想提醒一下我們的警告聲明。本次電話會議包含前瞻性的管理評論和其他反映我們前景的聲明。這些評論應與今天發布的警告性語言以及提交給英國、美國、荷蘭和西班牙當局的報告中詳細的警告性聲明一起考慮。您可在我們的網站 www.cocacolaep.com 上找到此資訊的副本。

Prepared remarks will be made by Damian. We will then turn the call over to your questions.

達米安將發表準備好的發言。然後我們會將電話轉交給您回答問題。

Unless otherwise stated, metrics presented today will be on a comparable FX-neutral basis. Throughout, this will also be presented on an adjusted comparable basis, thus reflecting the results of CCP and our Australia Pacific and Southeast Asia Business Unit, APS, as if the Coca-Cola Philippines transaction had occurred at the beginning of last year, rather than in February when the acquisition completed. Following the call, a full transcript will be made available as soon as possible on our website.

除非另有說明，今天呈現的指標將以可比較的外匯中性為基礎。自始至終，這也將以調整後的可比較基礎呈現，從而反映 CCP 和我們的澳洲太平洋和東南亞業務部門 APS 的業績，就好像可口可樂菲律賓交易發生在去年年初，而不是收購完成時的二月份。通話結束後，完整的記錄將盡快發佈在我們的網站上。

I will now turn the call over to our CEO, Damian.

現在我將電話轉給我們的執行長達米安 (Damian)。

Thank you, Sarah, and many thanks to everyone for joining us today.

謝謝你，莎拉，也非常感謝大家今天加入我們。

I'm really pleased that we continue to execute on our growth strategy, and I'd like to start today by thanking all of my great colleagues for their energy, hard work, and continued dedication to our customers and to our business. As always, this is supported by our strong aligned relationships with the Coca-Cola Company, Monster, and our other brand partners.

我很高興我們能夠繼續執行我們的成長策略，今天我首先要感謝我所有優秀的同事，感謝他們的活力、辛勤工作以及對我們的客戶和業務的持續奉獻。像往常一樣，這要歸功於我們與可口可樂公司、Monster 和其他品牌合作夥伴之間緊密的合作關係。

In short, our value creation is clearly evidenced by our impressive TSO of around 235% since 2016. We continue to deliver solid top and bottom-line growth. Our cash returns are accelerating, having now completed around EUR460 million of share buybacks this year, alongside paying a dividend in line with our annualized payout policy of around 50%, both within our disciplined capital allocation framework.

簡而言之，自 2016 年以來，我們令人印象深刻的 TSO 成長了約 235%，這清楚地證明了我們的價值創造。我們持續實現穩健的營收和利潤成長。我們的現金回報正在加速，今年已完成約 4.6 億歐元的股票回購，同時按照我們約 50% 的年度派息政策支付股息，這兩項均在我們嚴格的資本配置框架內進行。

Beyond today's results, we will also circle back to a few of the areas we covered in detail at our recent (technical difficulty) event in Manila to provide an update on the progress made since then with a little bit more detail on what is coming around the corner. At that investor event, we talked in detail about our resilient categories, so a brief reminder of one of the key slides we shared.

除了今天的結果之外，我們還將回顧最近在馬尼拉舉行的（技術難題）活動中詳細涉及的幾個領域，以提供自那時以來取得的進展的最新信息，並更詳細地介紹即將發生的事情。在那次投資人活動中，我們詳細討論了我們的彈性類別，因此請簡單回顧一下我們分享的其中一張關鍵幻燈片。

Simply put, we are in the right categories, including ARTD and Hot Coffee that are structurally growing, are profitable and diverse. We've got relevant share in our core NARTD category, which grew by more than 5% in the last 12 months. We have a matchable scale and localist in our supply chain and in our frontline sales force and we're investing more than ever before in our key capabilities while accelerating productivity through technology and digital.

簡而言之，我們處於正確的類別，包括結構性成長、獲利和多樣化的 ARTD 和 Hot Coffee。我們的核心 NARTD 類別佔有相關份額，在過去 12 個月中成長了 5% 以上。我們的供應鏈和第一線銷售團隊擁有相應的規模和本地化優勢，我們在關鍵能力方面的投資比以往任何時候都多，同時透過技術和數位化提高生產力。

We are well positioned from both a portfolio and a geographical perspective, with a material presence now across our 31 markets. In short, the fundamentals of our business remain strong, and we operate in a resilient and innovative consumer categories, which are healthy and growing.

無論從投資組合或地理角度來看，我們都佔據有利地位，目前已在 31 個市場中佔有重要地位。簡而言之，我們業務的基本面依然強勁，我們經營的消費類別富有彈性且富有創新性，這些類別健康且不斷成長。

I'd now like to turn to our performance. We're pleased to have delivered a solid first half. We continue to grow share ahead of the market and create value for our customers. Given our year-to-date performance, strong commercial plans for the balance of the year, full year '25 pricing in place, continued focus on productivity and a good start to the second half we are pleased to be reaffirming our full-year profit and cash guidance.

現在我想談談我們的表現。我們很高興上半年取得了優異的成績。我們繼續擴大市場份額並為客戶創造價值。鑑於我們今年迄今為止的業績、今年剩餘時間的強勁商業計劃、25 年全年定價、對生產力的持續關注以及下半年的良好開端，我們很高興重申我們的全年利潤和現金指導。

We have updated by providing a range on full-year revenue growth of 3% to 4% rather than approximately 4%. This is driven by a slower-than-expected trajection in Indonesia, which in Q2 alone impacted group volumes by around 1%. But of course, we will update as the year progresses.

我們已更新全年營收成長範圍，為 3% 至 4%，而不是約 4%。這是由於印尼的成長速度低於預期，僅在第二季就對集團銷量產生了約 1% 的影響。但當然，我們會隨著時間的推移而更新。

Our first-half interim dividend and ongoing share buybacks demonstrate the strength of our business and our ability to deliver continued shareholder value. So we are winning today, but we're also focused on creating tomorrow. Strong cash generation is supporting record investment in future growth with multiyear plans in place, and we are really starting to look more value from tech and AI, where we have been investing for many years, so we're confident we have the right strategy, all done sustainably to deliver on our midterm growth objectives.

我們上半年的中期股利和持續的股票回購證明了我們業務的實力以及我們持續為股東創造價值的能力。因此，我們今天正在贏得勝利，但我們也專注於創造明天。強勁的現金產生能力正在支持我們為未來成長進行創紀錄的投資，並且我們已製定了多年計劃，而且我們真正開始從技術和人工智慧中尋找更多價值，我們已經在這些領域投資多年，因此我們相信我們擁有正確的戰略，所有這些都是可持續的，以實現我們的中期增長目標。

I'd now like to turn to some key performance highlights. Our solid top-line performance reflects underlying volume growth, best-in-class execution and solid gains in revenue per unit case. This was driven by sustainable revenue and margin growth management, including our continued focus on price and promotional strategies.

現在我想談談一些關鍵的業績亮點。我們穩健的營收表現反映了基礎銷售的成長、一流的執行力以及每單位收入的穩定成長。這是由可持續的收入和利潤成長管理所推動的，包括我們對價格和促銷策略的持續關注。

In Europe, Easter timing and better weather supported return to volume growth in Q2, crucially with a better performance in our away-from-home business. Total first half volumes were, however, impacted by a weaker consumer backdrop in Indonesia, though we continue to remain excited about the long-term opportunity and continue to focus on our transformation journey. We will touch on that a bit more later.

在歐洲，復活節的到來和更好的天氣支持了第二季度銷售的恢復成長，至關重要的是我們的戶外業務表現更好。然而，上半年總銷量受到印尼消費環境疲軟的影響，儘管我們仍然對長期機會感到興奮，並繼續專注於我們的轉型之旅。我們稍後會進一步討論這一點。

Our other APS markets performed really well, including the Philippines, despite cycling strong comparables of nearly 20% last year. We grew our overall value share by 10 basis points year to date in a category which grew in volume and value both in Europe and APS.

我們的其他 APS 市場（包括菲律賓）表現非常出色，儘管去年同期可比價格上漲了近 20%。今年迄今為止，我們在歐洲和亞太地區的銷售和價值均實現成長的類別中，整體價值份額成長了 10 個基點。

The market remains as competitive as ever. As we said before, we continue to take a multiyear view on our promotional and pricing strategies. We remain focused on driving profitable revenue growth and creating value for the category, whilst recognizing that remaining affordable and relevant is important for our consumers.

市場競爭依然激烈。正如我們之前所說，我們將繼續以多年的眼光看待我們的促銷和定價策略。我們仍然專注於推動獲利收入成長並為該類別創造價值，同時認識到保持價格實惠和相關性對我們的消費者來說很重要。

Our strong top-line performance, together with the delivery of our efficiency programs drove solid operating profit growth of 7.2%, with operating margin expansion both in Europe and in APS. We generated solid comparable free cash flow after investing in capacity, more coolers, technology and digital, and we delivered cash returns to shareholders of over EUR800 million. Ed will go into more detail on our financials shortly. As ever, our business performance reflects our great people, great brands, great execution, all done sustainably.

我們強勁的營收表現，加上我們實施的效率計劃，推動了 7.2% 的穩健營業利潤成長，歐洲和亞太地區的營業利潤率均有所提高。在投資產能、更多冷卻器、技術和數位技術後，我們產生了可比擬的穩定自由現金流，並為股東帶來了超過 8 億歐元的現金回報。艾德很快就會詳細介紹我們的財務狀況。與以往一樣，我們的業務表現體現了我們優秀的員工、優秀的品牌、出色的執行力，所有這些都是可持續的。

A few brief highlights on our first half, starting with people. We continue to build the capabilities of our teams. For example, our partnership with the London Business School has upskilled over 500 of our top leaders and has now been extended to another 3,500 colleagues. We continue to be recognized internally and externally.

我們先從人物開始，簡單介紹一下上半場的一些亮點。我們不斷增強團隊的能力。例如，我們與倫敦商學院的合作提升了我們 500 多名高層領導的技能，現在已擴展到另外 3,500 名同事。我們繼續獲得內部和外部的認可。

In 2025, the Top Employers Institute recognized CCEP across all of our major markets. And we're really excited to welcome around 60 new colleagues into our new integrated shared service center in Manila, which Ed will also touch on a bit later.

2025 年，傑出雇主研究機構在我們所有主要市場都認可了 CCEP。我們非常高興地歡迎約 60 位新同事加入我們位於馬尼拉的新綜合共享服務中心，Ed 稍後也會談到這一點。

On to our brands. We are extremely privileged to make, move and sell the world's most loved brands, in which we continue to invest and drive appeal to even more consumers. Category highlights are included in today's release. The return of the global iconic Share a Coke campaign was well executed and well received by customers and consumers. And the launch of This is My Taste campaign for Diet Coke is gaining traction by providing a fresh look and identity.

談談我們的品牌。我們非常榮幸能夠製造、運輸和銷售世界上最受歡迎的品牌，我們將繼續投資並吸引更多的消費者。今天的發布中包含了類別亮點。全球標誌性的「分享可樂」活動的回歸執行得非常順利，並受到了顧客和消費者的一致好評。健怡可樂推出的「這就是我的口味」活動透過提供全新的外觀和形象獲得了關注。

Overall, it is fantastic that in Europe, for example, Coca-Cola trademark remains the biggest FMCG brand. Monster had a phenomenal first half, with volumes up nearly 15%, fueled by great innovation, this is especially the case with Ultra and Zero variants where volumes were up over 20%, alongside ongoing distribution gains. We grew retail value share in energy by around 140 basis points during the period.

總體而言，在歐洲，可口可樂品牌仍然是最大的快速消費品品牌，這真是太棒了。Monster 上半年表現亮眼，銷售量上漲近 15%，這得益於龐大的創新，尤其是 Ultra 和 Zero 兩款產品的銷售量上漲超過 20%，同時通路也持續成長。在此期間，我們的能源零售價值份額增加了約 140 個基點。

In Flavors, as we highlighted at our investor event, we are increasingly focusing on winning with flavor extensions and Zeros across Fanta, including Rawsbury and Apple and of course, in Sprite. Excluding Indonesia, these brands are a bigger part of the mix. Fanta Zero volumes grew by around 7% and Sprite Zero by around 13%.

在口味方面，正如我們在投資者活動中所強調的那樣，我們越來越注重透過口味擴展和芬達零度飲料的勝利，包括羅斯伯里和蘋果，當然還有雪碧。除印尼外，這些品牌佔更大。芬達零度銷量成長約 7%，雪碧零度銷量成長約 13%。

The transition from Nestea to Fuze Niberia is ahead of plan. And we continue to expand in the exciting ARTD category with total volumes up around 9%, supported by new flavor variants for absolute Sprite alongside the launch of BACARDÍ and Coke.

從 Nestea 到 Fuze Niberia 的轉變正在提前進行。我們繼續在令人興奮的 ARTD 類別中擴張，總銷量增長了約 9%，這得益於絕對雪碧新口味的推出以及百加得和可口可樂的推出。

And finally, the sports category continues to perform well, supported by the new Red peach Aquarius, variant in Spain as well as larger pack sizes, including 1 liter parlay alongside our cans. So as you can see, we delivered innovation across the board through packaging, flavor extensions, special collaborations and more. A bit later, I will share with you some of the brand plans in place for this year and beyond. We have said this before, but at CCEP, we're fanatical about delivering best-in-class execution and activation, whether that's in store, online or in outlet. All done locally to drive distribution and visibility every day.

最後，運動類別繼續表現良好，由西班牙的新款紅桃水瓶座 (Red peach Aquarius) 以及更大的包裝尺寸（包括與我們的罐裝一起的 1 公升裝）提供支援。正如您所看到的，我們透過包裝、口味擴展、特殊合作等方式全面實現創新。稍後，我將與大家分享今年及以後的一些品牌計劃。我們之前就說過，但在 CCEP，我們熱衷於提供一流的執行和激活，無論是在商店、線上還是在門市。所有工作均在本地進行，以推動每天的分銷和知名度。

We continue to create leading value for our category, adding nearly EUR450 million of value to our retail customers. And here, I'm anchoring back to what we shared with you at our investor event and our 4 more strategy. We love creating engaging displays, especially around key holiday events with the cornerstone in half one being a Share a Coke campaign, I referred to earlier. This is all driven by the largest sales force in FMCG, over 12,000 total powered by technology. And when our customers are buying more often, what we want is more volume.

我們繼續為我們的類別創造領先的價值，為我們的零售客戶增加近4.5億歐元的價值。在這裡，我回顧我們在投資者活動和我們的另外 4 個策略上與大家分享的內容。我們喜歡創造引人入勝的展示，特別是在重要的節日活動周圍，其中第一部分的基礎是我之前提到的「分享可樂」活動。這一切都是由快速消費品行業最大的銷售團隊推動的，總共有超過 12,000 名銷售人員，由技術驅動。當我們的客戶購買頻率增加時，我們想要的是更多的銷售量。

And when you get more volume, we leverage our revenue management capability to drive more value sustainably. These examples show how we're bringing this to life.

當您獲得更多交易量時，我們會利用我們的收入管理能力來持續地創造更多價值。這些例子顯示了我們如何將其變為現實。

We've launched an 50 ml PET for smaller households in Germany, one of our biggest markets. In markets like GB, Spain and others, Extra-Free an Extra-fill is a great way to manage affordability given ongoing cost of living challenges. We continue to focus on premiumization, whether it be with more multipack mini cans in France, multipack mini PET in Australia, or more returnable glass.

我們已針對德國（我們最大的市場之一）的小家庭推出了 50 毫升 PET 瓶。在英國、西班牙等市場，考慮到持續存在的生活成本挑戰，額外免費和額外填充是管理負擔能力的好方法。我們將繼續專注於高端化，無論是在法國推出更多多包裝迷你罐，在澳洲推出更多多包裝迷你 PET，或是在澳洲推出更多可回收玻璃。

We're increasing our share of cold drink space by investing in more coolers across Coke trademark and Monster. We have new customer wins, including Kinopolis in Spain, and Costco Wholesale in Australia, all helping our brands reach more households. And we continue to accelerate our digital capabilities to reach more people, like working even more with the Coca-Cola Company on social media campaigns and by adding even better functionality to our B2B portal, myccep.com. Having delivered a record EUR2.3 billion in revenue in Europe last year, we've grown again by almost 10% in half one.

我們正在透過投資更多可口可樂和 Monster 品牌的冷飲機來增加我們在冷飲領域的份額。我們贏得了新的客戶，包括西班牙的 Kinopolis 和澳洲的 Costco Wholesale，這些都幫助我們的品牌進入更多家庭。我們持續提升數位化能力，觸及更多受眾，例如與可口可樂公司在社群媒體活動上展開更深入的合作，並進一步優化了我們的B2B入口網站myccep.com的功能。去年，我們在歐洲實現了創紀錄的23億歐元營收，上半年又實現了近10%的成長。

And now on to our sustainability highlights before handing over to Ed. We continue to be recognized externally, including retaining our inclusion on CDP's A-List for Climate now for the ninth year. Ongoing progress in the area of packaging collection remains a core focus, including new recycling partnerships in our Pacific region. And we continue to invest sustainably in sustainability-focused technology through our venture arms across ingredients, manufacturing and packaging to support our decarbonization journey.

在將時間交給Ed之前，讓我們來談談我們在永續發展方面的亮點。我們持續獲得外界的認可，包括連續第九年被列入CDP氣候A級名單。包裝收集領域的持續進展仍然是我們關注的核心，包括我們在太平洋地區建立新的回收夥伴關係。我們將繼續透過原料、製造和包裝領域的創投部門對永續發展技術進行永續投資，以支持我們的脫碳之旅。

For example, we've invested in a climate tech company that convert wastewater into a source of renewable electricity. We're currently trialing this technology at one of our sites in GB. Just one example of how we're making CCEP a more sustainable and a better business.

例如，我們投資了一家將廢水轉化為再生電力的氣候科技公司。我們目前正在英國的一個站點試用這項技術。這只是我們如何使 CCEP 成為更永續、更好的企業的一個例子。

I'd now like to hand over to Ed to talk about the financials in more detail. Ed.

現在我想讓 Ed 更詳細地談論財務問題。編輯

Thanks, Damian, and thank you all for joining us today.

謝謝，達米安，也謝謝大家今天加入我們。

So for H1, we delivered revenue of EUR10.3 billion, which is up 2.5%. Comparable volumes, selling days adjusted were marginally ahead, up 0.3% despite the challenging backdrop in Indonesia. Excluding Indonesia, volumes were up around 1%, supported by Europe returning to volume growth in Q2.

因此，上半年我們的營收為 103 億歐元，成長 2.5%。儘管印尼市場充滿挑戰，但可比交易量和調整後的銷售天數仍略有成長，上漲了 0.3%。除印尼外，受歐洲第二季銷量恢復成長的推動，銷量成長了約 1%。

Our Q2 revenue was up 5.4% in total. We delivered strong revenue per unit case growth of 3.8%, reflecting positive headline pricing and promotional optimization with a continued focus on consumer price relevance, all built on data and insights. We benefited from slightly earlier headline pricing in GB and and we had favorable pack mix, supported by the growth of Monster, favorable pack mix, driven by the growth of smaller formats such as mini cans unfavorable geographic mix as a result of the volume decline in Indonesia, which is a lower revenue per case.

我們第二季的營收整體成長了5.4%。我們實現了每單位箱收入 3.8% 的強勁增長，這反映了積極的標題定價和促銷優化，並繼續關註消費者價格相關性，所有這些都建立在數據和洞察之上。我們受益於英國稍早的整體定價，我們擁有有利的包裝組合，這得益於 Monster 的成長；有利的包裝組合，這得益於迷你罐等較小規格的增長；不利的地理組合，這是由於印尼的銷量下降導致的，即每箱收入較低。

Cost of sales per unit case increased by 3.6%. This reflects our increased revenue per unit case, driving higher concentrate costs through the incidence pricing model and the increase in soft drinks taxes. While a little higher than our guidance for the full year, this is mostly phasing related given our exit from the Beam Suntory relationship in Australia, which will generate a mix benefit during H2.

每單位箱銷售成本增加3.6%。這反映了我們每單位收入的增加，透過事件定價模型和軟性飲料稅的增加推動了濃縮物成本的上升。雖然這一數字略高於我們對全年的預期，但考慮到我們退出了與澳洲 Beam Suntory 的合作關係，這一數字主要與分階段有關，這將在下半年產生多種效益。

OpEx, as a percentage of revenue was 21.8%, an improvement of 50 basis points, and I will touch more on that later in the coming slides. These elements combined to drive operating profit of EUR1.4 billion, up 7.2% and an operating margin of 13.5%, an expansion of around 60 basis points, including a modest basis point improvement in our gross margin percentage. We delivered comparable diluted earnings per share of EUR2.02, up 3.1% on an FX-neutral basis, lower than the 7.2% growth in operating profit driven by our previously guided increase in our effective tax rate to 26%. This impact is most significant for H1 than it will be for the full year due to the phasing of last year's tax expense.

營運支出佔收入的百分比為 21.8%，提高了 50 個基點，我將在後面的幻燈片中詳細討論這一點。這些因素共同推動營業利潤達到 14 億歐元，成長 7.2%，營業利潤率達到 13.5%，擴大了約 60 個基點，其中包括毛利率百分比的小幅提高。我們實現了每股可比攤薄收益 2.02 歐元，按外匯中性計算增長 3.1%，低於我們先前預期的有效稅率上調至 26% 所推動的 7.2% 的營業利潤增幅。由於去年稅費的分階段徵收，此影響對上半年的影響比對全年的影響更為顯著。

Comparable free cash flow generation continues to be a core priority for CCEP and we delivered EUR425 million in H1. This was after investing in key projects such as the addition of new aseptic lines in France and Australia, expanded ARTD capacity with Jack Daniels and Coke and of course, more coolers, which Damian referenced earlier. We remain on track to deliver comparable free cash flow of at least EUR1.7 billion for the year. And finally, on shareholder returns, our first-half dividend was EUR0.79 per share with around EUR460 million of our EUR1 billion share buyback now completed.

可比較自由現金流的產生仍然是 CCEP 的核心優先事項，我們在上半年實現了 4.25 億歐元的自由現金流。這是在投資了一些關鍵項目之後，例如在法國和澳大利亞增加新的無菌生產線，擴大 ARTD 與傑克丹尼和可口可樂的產能，當然還有更多的冷卻器，正如 Damian 之前提到的。我們仍有望在今年實現至少 17 億歐元的可比自由現金流。最後，關於股東回報，我們上半年的股息為每股 0.79 歐元，我們 10 億歐元的股票回購中約有 4.6 億歐元現已完成。

Now on to efficiency and productivity, where, as you know, we have a proven track record of delivery. Our current program aims to deliver between EUR350 million and EUR400 million of savings by 2028 and is firmly on track, delivering slightly earlier than our original plan.

現在談談效率和生產力，正如您所知，我們擁有良好的交付記錄。我們目前的計劃旨在到 2028 年實現 3.5 億歐元至 4 億歐元的節省，並且正在穩步推進，比我們最初的計劃略早一些。

We continue to optimize our network in market to strengthen our local operating model, such as the rationalization of distribution sites in Germany, the consolidation of production into fewer, bigger, more efficient plants, like at Greene in Paris, which will end up serving nearly half of the French market. And in Indonesia, we recently announced the closure of three single line production sites.

我們將繼續優化市場網絡，以加強我們的本地營運模式，例如對德國分銷點進行合理化，將生產整合到更少、更大、更有效率的工廠中，例如位於巴黎的 Greene 工廠，該工廠最終將服務於法國近一半的市場。在印度尼西亞，我們最近宣布關閉三個單線生產基地。

In May, I spoke in detail about the development of our leading shared service capabilities, which until now a focus on Bulgaria. In July, as Damien mentioned earlier, I attended the opening of our new integrated shared service center Manila, which will continue to ramp up as the year progresses. And I know having also visited Bulgaria only last week that the growing capabilities of our shared services will continue to be a significant source of value creation and competitive advantage, all enabled by technology.

五月份，我詳細介紹了我們領先的共享服務能力的發展，到目前為止，我們的重點是保加利亞。正如 Damien 之前提到的，7 月份，我參加了我們新的馬尼拉綜合共享服務中心的開幕典禮，隨著時間的推移，該中心將繼續擴大規模。我知道，就在上週訪問保加利亞時，我們共享服務不斷增長的能力將繼續成為價值創造和競爭優勢的重要來源，而這一切都歸功於科技。

Before I hand back to Damian, let me update you on our full-year '25 guidance, which reflects our current view of market conditions. Our profit and cash flow guidance remain unchanged. From a revenue perspective, we're pleased to have delivered a solid first half performance, driven by consistent revenue per unit case growth and supported by a return to volume growth in Europe in Q2. We've had a strong start to the second half and are encouraged to have seen European volume growth continue more than offsetting a slowdown in Indonesia and the recent impact of flooding in the Philippines.

在我將麥克風交還給 Damian 之前，讓我先向您介紹一下我們對 25 年全年的預期，這反映了我們對當前市場狀況的看法。我們的利潤和現金流指導保持不變。從營收角度來看，我們很高興看到上半年業績表現穩健，這得益於每單位箱收入的持續增長以及第二季度歐洲銷量恢復增長的支持。我們下半年開局強勁，並很高興看到歐洲的銷售持續成長，足以抵銷印尼經濟放緩和菲律賓近期洪災的影響。

With five months of the year still to go, including the key European summer, we're now indicating a range on revenue for the full year of 3% to 4%, with the upper end remaining in line with our previous guidance, supported by our very strong commercial plans. We expect to see volume growth for the full year, with growth in Europe and in APS despite the weakness in Indonesia.

今年還剩五個月，包括關鍵的歐洲夏季，我們現在預計全年營收將成長 3% 至 4%，上限與我們先前的預期一致，這得益於我們非常強勁的商業計畫。我們預計全年銷量將實現成長，儘管印尼市場表現疲軟，但歐洲和 APS 市場仍將實現成長。

On cost of sales per case, as I mentioned earlier, we still expect this to grow by around 2% for the year, with the second half benefiting from the exit of Beam Suntory relationship in Australia. While our guidance for full-year operating profit remains at around 7% on an FX-neutral basis, we are impacted by a higher effective tax rate at 26% versus 25% last year. Growth in noncontrolling interest, given the positive outlook in the Philippines and a slightly higher finance cost. And then finally, on FX, although our guidance is provided on an FX-neutral basis based on current spot rates, we do anticipate a full-year FX headwind of around 150 basis points to revenue and almost 200 basis points to operating profit.

關於每箱銷售成本，正如我之前提到的，我們仍然預計今年的每箱銷售成本將成長 2% 左右，下半年將受益於 Beam Suntory 在澳洲的合作關係的終止。雖然我們對全年營業利潤的預期在外匯中性基礎上仍保持在 7% 左右，但我們受到了較高有效稅率的影響，今年有效稅率為 26%，而去年為 25%。鑑於菲律賓的樂觀前景和略高的融資成本，非控制權益將會成長。最後，關於外匯，儘管我們的指引是基於當前現貨匯率的中性外匯基礎，但我們預計全年外匯逆風將對收入造成約 150 個基點的影響，對營業利潤造成近 200 個基點的影響。

Thank you. And now back to Damian.

謝謝。現在回到達米安。

Thanks, Ed.

謝謝，艾德。

Just a reminder now of our midterm objectives, which we reaffirmed in May. This was a slide that we also talked in May, covering our focus areas that you can expect us to keep revisiting as we look to our next phase of growth. So I'd like to touch on a few of these now.

現在提醒我們的中期目標，我們在五月重申了這些目標。這是我們五月討論過的幻燈片，涵蓋了我們的重點領域，您可以期待我們在展望下一階段的成長時不斷重新審視這些領域。所以現在我想談談其中的幾個。

I've already mentioned the fantastic execution we've seen both the Share a Coke campaign and on This is My Taste, our campaign to reinvigorate Diet Coke, which has supported an improved performance in both GB and Australia during the half. But there's much more to come across regional taste and lights, starting with the terrific Star Wars collaboration, a favorite of mine, on a limited edition cans, a new Time for Coke campaign and another favorite mine, the exciting new tie-up with the English Premier League, which we'll see packs in your team's colors during the upcoming season.

我已經提到過，我們看到“分享可樂”活動和“這是我的口味”活動的出色執行，“這是我的口味”活動旨在重振健怡可樂，支持了上半年英國和澳大利亞市場業績的提升。但是，還有更多可以感受到區域品味和燈光的東西，首先是與《星際大戰》的精彩合作，這是我最喜歡的，在限量版罐子上，新的“可口可樂時代”活動，以及我最喜歡的另一個，與英超聯賽令人興奮的新合作，我們將在即將到來的賽季中看到你們球隊顏色的包裝。

I also referenced earlier the phenomenal performance in energy during the half with strong share gains and volume growth. There remains plenty of headroom for growth in this category. Given lower per caps relative to the US, as we highlighted in May, our step-up in cooler placements is supporting wider distribution away from home, helping to close the gap relative to Coke and it's working with Monster growth in Away-from-Home of 20% during half one.

我之前也提到過，上半年能源產業的出色表現，包括強勁的市場份額和銷售成長。這一類別仍有很大的成長空間。正如我們在五月強調的那樣，鑑於相對於美國而言人均銷量較低，我們在冷藏產品投放方面的提升將支持我們在海外更廣泛的分銷，有助於縮小與可口可樂的差距，並且與 Monster 合作，上半年海外銷售增長了 20%。

Early days in our exciting journey in the fast-growing alcohol ready-to-drink category. In Australia, however, we're already a solid number two with around a 20% share in a category that's over 15% of total alcohol. Now it's the time to further leverage that expertise we've built up over nearly 20 years in the market by aligning our portfolio with the Coca-Cola Company. With that in mind and as previously discussed, the relationship with Beam Suntory came to an end at the end of June. While this creates a near-term headwind reflecting its higher revenue per unit case, as you will see detailed on the slide, this is the right decision for the long term.

我們在快速成長的即飲酒精飲料領域中令人興奮的旅程的早期階段。然而在澳大利亞，我們已經穩居第二，在佔酒精總量 15% 以上的類別中佔有約 20% 的份額。現在是時候透過將我們的產品組合與可口可樂公司結合起來，進一步利用我們在市場上近 20 年累積的專業知識了。考慮到這一點並且正如之前所討論的，與 Beam Suntory 的合作關係於 6 月底結束。雖然這會在短期內造成不利影響，反映出其單位收入較高，但正如您將在幻燈片上看到的詳細信息，從長遠來看，這是正確的決定。

We are now able to build an even stronger brand platform, starting with Bilson's and the launch of BACARDÍ and Coca-Cola, which comes to the Australian market in the next few months. Another area of alignment has been in Spain in ready-to-drink tea, where we are transitioning away from Nestea to the stronger Fuze Tea platform. Brilliant execution and marketing are delivering both distribution and performance ahead of plan, demonstrated by our number one year-to-date category value share with Fuze Tea.

現在，我們能夠建立更強大的品牌平台，從 Bilson's 開始，再到 BACARDÃ 和可口可樂的推出，這些品牌將在未來幾個月進入澳洲市場。另一個合作領域是西班牙的即飲茶，我們正在從雀巢轉向更強大的 Fuze Tea 平台。出色的執行和行銷提前實現了分銷和業績，Fuze Tea 今年迄今為止的品類價值份額第一就證明了這一點。

We've also recently reformulated and relaunched our ready-to-drink teen Indonesia, Prestea. This will be rolling out in a variety of new flavors, including passion fruit and apple with lemongrass and with a new look over the coming months.

我們最近也重新配製並重新推出了印尼即飲青少年飲料 Prestea。未來幾個月內，該公司將推出多種新口味，包括百香果和檸檬草蘋果口味，並將推出新外觀。

Touching now on Indonesia. As highlighted at our investor event, the macroeconomic slowdown is impacting household consumption, which has affected local, regional and international brands alike. As Ed said earlier, excluding Indonesia, volumes were up around 1% in the first half. Putting aside the near-term headwinds, we remain excited about the long-term and significant opportunity in a market of close to 300 million people, half of whom are under 30, very few drink alcohol. So we are pushing on a pace, particularly with the transformation of our network and route to market, Ed mentioned earlier and the closure of 3 single-line plants to make us even more efficient.

現在談談印尼。正如我們在投資者活動中所強調的那樣，宏觀經濟放緩正在影響家庭消費，這對本地、區域和國際品牌都產生了影響。正如 Ed 之前所說，除印尼外，上半年的銷量成長了約 1%。撇開短期阻力，我們仍然對這個擁有近 3 億人口的市場中的長期重大機會感到興奮，其中一半人口未滿 30 歲，很少有人喝酒。因此，我們正在加快步伐，特別是轉變我們的網路和市場路線（Ed 之前提到過），以及關閉 3 家單線工廠，以使我們更有效率。

We've also taken a further step toward completing our move away from the direct delivery to a partner distributor model with Bali now underway and Java set to complete during half two. This will give us the ability to effectively grow distribution and availability as we continue to develop the Sparkling category and the reach of our brands supported by the Coca-Cola Company to what we see as a very exciting consumer landscape of the future.

我們也朝著從直接交付到合作夥伴分銷商模式的轉變邁出了進一步的一步，巴厘島之旅目前正在進行中，爪哇之旅預計將於下半年完成。這將使我們能夠有效地擴大分銷和供應，因為我們將繼續開發氣泡飲料類別，並在可口可樂公司的支持下擴大我們品牌的影響力，以適應我們所看到的未來非常令人興奮的消費格局。

The last area I wanted to touch on ahead of taking your questions and arguably one of the most important is around digital and technology. We've talked before about operating from multiple platforms, our legacy as a business of mergers. The alignment of those systems as we move to our new technology platform, S/4HANA is progressing to plan with our first market, Germany starting to go live in H2.

在回答你們的問題之前，我想先談的最後一個領域，可以說是最重要的領域之一，就是數位和科技。我們之前曾討論過在多個平台上運營，這是我們作為合併業務的傳統。隨著我們轉向新的技術平台 S/4HANA，這些系統的協調正在按計劃進行，我們的第一個市場德國將於下半年開始上線。

Whilst nobody could ever describe SAP transitions as exciting, the unification of our data on the one platform and the simplification of process is enabling us to start to unlock more value through our multiyear investments in tech and AI, leveraging solutions and insights to drive top line growth and productivity, and that is exciting.

雖然沒有人會將 SAP 轉型描述為令人興奮的事情，但我們在一個平台上的數據統一以及流程的簡化使我們能夠透過多年對技術和人工智慧的投資開始釋放更多價值，利用解決方案和洞察力來推動營收成長和生產力，這是令人興奮的。

We continue to evolve and improve Red 1, our proprietary data-driven field sales tool, which gives every rep all of the information and analytics they need to help optimize roots, prioritize visits, review performance and tailor our actions to each specific customer. We recently introduced an AI-based tool, which through image recognition, enables them to dynamically track and record key store measurements like share of visible inventory.

我們不斷發展和改進我們的專有數據驅動現場銷售工具 Red 1，它為每位銷售代表提供他們所需的所有資訊和分析，以幫助優化根源、確定訪問優先級、審查績效並根據每位特定客戶定制我們的行動。我們最近推出了一款基於人工智慧的工具，透過圖像識別，他們可以動態追蹤和記錄關鍵的商店測量數據，例如可見庫存份額。

CAM 360 is now used by our 850 key account managers to effectively partner with their customers, enabling the creation of joint plans and effective trade investments. It supports areas such as pack price and promo simulations, price elasticity modeling, all of which are a critical part of leading revenue and margin growth management capabilities. And we've recently begun piloting a new E B2B platform in Spain, up we go, which greatly simplifies the ordering process and strengthens our relationship with partner distributors in what remains a fragmented market. A lot more to come in this space.

目前，我們的 850 名大客戶經理使用 CAM 360 與客戶建立有效合作關係，從而製定聯合計劃並進行有效的貿易投資。它支援包裝價格和促銷模擬、價格彈性建模等領域，所有這些都是領先的收入和利潤成長管理能力的關鍵部分。我們最近開始在西班牙試行一個新的 E B2B 平台，該平台極大地簡化了訂購流程，並加強了我們與仍然分散的市場中的合作分銷商的關係。這個領域還有更多內容。

So back to where I started. We're pleased to have delivered a solid first half performance. Given our year-to-date performance, strong commercial plans for the balance of the year, full year 2025 pricing in place, continued focus on productivity and a good start to the second half, we are pleased to be reaffirming our full year profit and cash guidance. It's an honor to lead a great business with strong fundamentals in place and operating in categories that remain healthy and growing.

所以回到我開始的地方。我們很高興上半年取得了優異的成績。鑑於我們今年迄今的業績、今年剩餘時間的強勁商業計劃、2025 年全年定價、對生產力的持續關注以及下半年的良好開端，我們很高興重申我們的全年利潤和現金指導。我很榮幸能夠領導一家擁有強大基本面、業務保持健康成長的偉大企業。

So finally, to a quick reminder of our investment story on a page as we shared in May. We're confident we have the right strategy, done sustainably to deliver on our midterm growth objectives. We are winning today, but we're also focusing on creating tomorrow. Thank you all for joining us, and I'll now hand back to the operator to facilitate your questions.

最後，讓我們快速回顧一下我們在五月分享的投資故事。我們相信，我們擁有正確的策略，並可持續地實現我們的中期成長目標。我們今天正在贏得勝利，但我們也致力於創造明天。感謝大家的參與，現在我將把麥克風交還給接線員，以便大家提問。

Operator.

操作員。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（操作員指示）高盛的邦妮·赫爾佐格。

I had a question on your guidance. I mean you touched on this. You did lower the top line slightly, but it does still imply an acceleration of growth on the top line in the back half, but essentially stable growth on the bottom line in 2H versus 1H, I guess, suggesting higher expected OpEx. So hoping to get a little bit more color on the drivers of this and maybe a sense of the drivers in terms of contribution you're expecting from price/mix versus volume growth in the second half?

我對您的指導有一個疑問。我的意思是你提到了這一點。你確實稍微降低了營業收入，但這仍然意味著下半年營業收入的成長會加速，但下半年與上半年相比，利潤的成長基本上保持穩定，我想，這意味著預期的營運支出會更高。因此，希望能夠更詳細地了解這一問題的驅動因素，並了解您預計下半年價格/產品組合與銷售成長的貢獻程度？

Bonnie, I'll take the first part and then hand to Ed. So we have seen our business accelerate coming out of Q1. We had a very strong Q2, both in Europe and APS and we see that continuing. So you're absolutely correct. Even with the slight change on the revenue top line, we do see acceleration because we're through the second half of the year. And then obviously, our focus will turn into 2026.

Bonnie，我先講第一部分，然後交給Ed。我們看到我們的業務在第一季開始加速發展。我們在歐洲和 APS 都取得了非常強勁的第二季業績，我們認為這種勢頭將持續下去。所以你完全正確。即使收入頂線略有變化，我們確實看到了加速，因為我們已經度過了下半年。顯然，我們的重點將轉向 2026 年。

As I mentioned in the comments, a big part of that is obviously mean volume growth coming back in our business in Q2, we see that continuing. It's also a reflection of the price/mix. Our price/mix per case, I think, was excellent in the first half of the year. And again, that reflects pricing being in place right the way through to the end of the year. So that gives us confidence in our top-line number.

正如我在評論中提到的，其中很大一部分顯然是我們第二季業務的平均銷售成長回升，我們認為這種情況將繼續下去。這也是價格/組合的反映。我認為，我們上半年的每箱價格/組合都非常出色。再次，這反映出定價將持續到年底。這讓我們對我們的營收數字充滿信心。

And then I'll pass on to Ed just to kind of talk to the bottom line changes between half one and half two.

然後我會把話題轉到 Ed，討論第一部分和第二部分之間的底線變化。

Yes. Thanks, Damian, and thanks, Bonnie. So yes, I mean, we're very pleased with H1. 2.5% revenue, very well leveraged to a 7.2% profit. For H2, although the volume is greater, we see more of that coming from volume itself and a bit less from revenue per case.

是的。謝謝，達米安，謝謝，邦妮。是的，我的意思是，我們對上半年非常滿意。 2.5% 的收入，很好地利用了 7.2% 的利潤。對於 H2，儘管銷售量較大，但我們發現其中大部分來自銷售本身，而來自每箱收入的貢獻則較少。

And as Damian mentioned, the geographical mix will not be as much of a benefit in the second half. And we -- as I said, we expect more from volume. We also have some OpEx phasing between the half. So that's why we're assuming a similar 7% profit delivery for the second half.

正如達米安所提到的，地理組合在下半年不會帶來太大的好處。正如我所說，我們對銷量有更高的期望。我們在上半年也進行了一些營運支出分階段調整。這就是為什麼我們假設下半年的利潤率也將達到 7%。

Simon Hales, Citi.

花旗銀行的西蒙‧黑爾斯 (Simon Hales)。

So, Damian, I wonder if you could just sort of touch a little bit more on your comments around the stronger Q3 trading or the good Q3 trading you've seen to date. What have you been seeing a little bit more regionally, particularly perhaps in Europe as the better weather through July and hopefully into early August, been helping? Maybe a little bit of color as to the continuation perhaps you're seeing of a wait on home growth in Europe and the drivers around that, how broadly spread is that across different markets?

所以，達米安，我想知道您是否可以稍微談談您對迄今為止看到的更強勁的第三季交易或良好的第三季交易的評論。您在地區層面看到了哪些變化，特別是歐洲，因為整個 7 月以及 8 月初的天氣都變得更好了，這對歐洲有什麼幫助？您可能對歐洲住房成長的持續性以及其驅動因素有一些了解，但這種現像在不同市場的分佈如何？

And then associated with the APS performance into Q3 given the flooding you called out in the Philippines. How should we think about the scale of the impact that may have on the Philippines business to the rates for the second half?

然後，考慮到您所提到的菲律賓洪水，這與 APS 在第三季的表現有關。我們該如何看待菲律賓業務對下半年利率可能產生的影響規模？

Thanks, Simon. So maybe I'll touch on the second part and then come back to the more European summer question. So obviously, we've reflected in our guidance some of the tougher weather comps in the Philippines. So that's obviously reflected on what we shared today. I'm also pleased that we've seen a stabilization in Indonesia particularly in July and through August.

謝謝，西蒙。所以也許我會談談第二部分，然後再回到更歐洲的夏季問題。顯然，我們在指導中反映了菲律賓一些較為嚴峻的天氣狀況。這顯然反映在我們今天分享的內容中。我也很高興看到印尼的局勢趨於穩定，特別是在七月和八月。

So I think that's great for our teams to start seeing some reward for a lot of efforts. So that's certainly something we're looking to continue into the second half and more importantly, into 2026.

所以我認為這對我們的團隊來說是一件好事，因為他們開始看到自己付出的努力得到了一些回報。因此，我們當然希望在下半年，更重要的是，在 2026 年繼續保持這種勢頭。

So, all of that's reflected in the outlook for APS. And just to call it out, again, our business is in Australia, New Zealand and the Pacific Islands also had a really, really strong performance as well year-to-date. In Europe, you're quite right. As we sit in London today, I'm happy looking at the window to see the sun shining, we have had some really good weather across Europe. That really came in end of June, definitely had a big impact on our July business, which was great.

因此，所有這些都反映在 APS 的前景中。再次強調，今年迄今為止，我們在澳洲、紐西蘭和太平洋島嶼的業務也表現得非常強勁。在歐洲，你說得很對。今天我們坐在倫敦，我很高興地看著窗外陽光燦爛，整個歐洲的天氣都很好。這確實發生在六月底，肯定對我們七月的業務產生了很大的影響，這很好。

And clearly, we're looking forward to seeing that continue through August it's pretty broad across all of our markets.

顯然，我們期待看到這種趨勢持續到 8 月份，並將涵蓋我們所有的市場。

I'd say if you look at the first half numbers, GB is a standout. And again, obviously, that reflected the strong performance to June. But then also, we've seen the benefit of that warmer weather in July in GB as well. So yes, long it may continue. It's great for the category, and it's something that we're definitely enjoying and it's definitely helping.

我想說，如果你看上半年的數據，英國的表現會非常突出。顯然，這再次反映了 6 月的強勁表現。但同時，我們也看到了英國七月天氣轉暖的好處。是的，這種情況可能會持續很長時間。這對於該類別來說非常棒，我們非常享受它，它確實有幫助。

Edward Mundy, Jefferies.

愛德華蒙迪，傑富瑞集團。

So just coming back to Europe and the volume inflection you've seen, I think it was pretty important to get volume growth back into Europe this year after the difficult year last year. And I did take a step back on what you've seen year-to-date within Europe, I think it's fair to say the revenue per case has probably been quite a bit stronger than what would be modeling medium term as part of that model. But does this give you confidence putting weather to one side and the ability of the business to grow volumes within Europe over the medium term in terms of what you're seeing there?

所以回到歐洲以及您所看到的銷售變化，我認為在經歷了去年的艱難時期之後，今年恢復歐洲的銷售成長非常重要。我確實回顧了今年迄今為止歐洲的情況，我認為可以公平地說，每箱的收入可能比該模型中期建模的收入要高得多。但是，就您所看到的情況而言，這是否能讓您有信心將天氣因素放在一邊，並相信公司在中期內有能力擴大歐洲的銷售？

Yes, absolutely, Ed. I mean I think volume growth is a key focus for us in Europe but across all of our markets. But as you rightly pointed out, particularly in Europe. We've seen that in Q2. We'll see that in the second half of the year as well.

是的，艾德，絕對是如此。我認為銷售成長是我們在歐洲乃至所有市場的重點。但正如您正確指出的那樣，尤其是在歐洲。我們在第二季度已經看到了這一點。我們也將在下半年看到這一點。

Clearly, our priority is to try and get that volume accelerated. I think some of the campaigns that we have coming, whether it's Star Wars, whether it's EPL in the UK, whether it's some of the innovation around Fanta and Sprite. And a lot of this will roll into 2026, certainly provides us with the consumer excitement to drive volume.

顯然，我們的首要任務是盡力提高產量。我認為我們即將開展的一些活動，無論是星際大戰、英國的英超聯賽，還是芬達和雪碧的一些創新。其中許多將延續到 2026 年，無疑會激發消費者的熱情，從而推動銷售的成長。

We have seen volume growth in Q2. As I said, we'd like to see that accelerate as we go through the year. Our price mix has over-delivered. And we've made some, I think, sensible choices around price promo in some of our markets and that's reflected in certainly a higher price mix in the P&L. So as I look midterm to kind of come back to your question, I see volume growth in Europe.

我們看到第二季的銷量有所成長。正如我所說，我們希望看到這一進程隨著時間的推移而加速。我們的價格組合已超額完成。我認為，我們在某些市場針對價格促銷做出了一些明智的選擇，這無疑反映在損益表中更高的價格組合上。因此，當我回顧中期並回到你的問題時，我看到歐洲的銷量正在成長。

I see away-from-home growing again. That's a different narrative than we've had for quite a while. That's exciting. We're committed to driving away-from-home. We're taking a very active role in that through cooler placements, Share a Coke was a great example of trying to excite consumers in the away-from-home.

我看到離家出走的現象再次興起。這與我們長期以來所聽到的敘述不同。這太令人興奮了。我們致力於駕駛出門在外。我們透過更酷的展示位置發揮著非常積極的作用，分享可樂就是試圖在外出時激發消費者興趣的一個很好的例子。

Also Monster and away-from-home is becoming a bigger part of our narrative as we place coolers, but also secure listings of our energy portfolio in probably not your typical energy outlets like QSR and FSR but obviously, that works. And then if I move beyond that, you kind of get into some probably more medium-term initiatives around ARTD, which certainly on the revenue side, contribute obviously a bit less on volume. But putting all that together, I think, to me gives us a lot of confidence in midterm volume growth.

此外，隨著我們放置冷卻器，Monster 和戶外用品正在成為我們敘述中更重要的一部分，而且我們的能源組合的安全清單可能不是典型的能源銷售點，例如 QSR 和 FSR，但顯然，這是有效的。然後，如果我超越這一點，您可能會了解到一些圍繞 ARTD 的中期計劃，這些計劃在收入方面肯定在數量上的貢獻要小一些。但我認為，綜合考慮所有這些因素，我們對中期銷售成長充滿信心。

A couple of passion points that I think are worth calling out. Certainly Coke Classic, we're launching a 0.5 liter can in some of our markets. We're bringing more innovation around Coke Classic. And then for all of us who live in the UK, I think it's fantastic to see Diet Coke back as a focus for the system. This is My Taste campaign that's starting to work.

我認為有幾個熱情點值得一提。當然是經典可樂，我們正在一些市場推出 0.5 公升罐裝。我們正在為經典可樂帶來更多創新。對於我們所有生活在英國的人來說，我認為看到健怡可樂重新成為系統的焦點是一件非常棒的事情。這就是正在開始發揮作用的「我的品味」活動。

And clearly, again, that's another initiative that would support volume growth in what is the most competitive segment of soft drinks, but also the fastest growing.

顯然，這是另一項舉措，將支持軟性飲料領域（競爭最激烈但成長最快的領域）的銷售成長。

Yes. So all of that together gives us confidence in midterm volume growth. That starts in Q2. It's going to continue in Q3 and into Q4, and that gives us confidence for the full year.

是的。所有這些讓我們對中期銷量成長充滿信心。從第二季開始。這種趨勢將在第三季和第四季持續下去，這讓我們對全年充滿信心。

Lauren Lieberman, Barclays.

巴克萊銀行的勞倫·利伯曼。

First, I have to comment on the Q&A slide in the deck, very cute guys. I like it. If anyone hasn't noticed you got to check it out. Question is, Damian, I felt like you had gave pretty pointed commentary on the competitiveness in the market and emphasizing that you take a multiyear view on the approach. So just kind of wondering what beneath that?

首先，我必須對簡報中的問答投影片進行評論，非常可愛的傢伙。我喜歡它。如果有人還沒注意到，你一定要檢查一下。問題是，達米安，我覺得你對市場競爭力給了非常尖銳的評論，並強調你對這種方法採取了多年的眼光。所以我只是有點好奇這下面是什麼？

Are you seeing particular flare-ups in given markets, given categories that feels a bit different than maybe what we would have been talking about a couple of months back?

您是否看到特定市場、特定類別出現的特殊爆發，與我們幾個月前談論的情況有些不同？

Thanks, Lauren.

謝謝，勞倫。

Not significantly different, I would say, to what's been really part of our story in Europe. I mean it's a very exciting high-growth, profitable category. So it always remains competitive, whether you look at soft drinks or energy. I don't see a massive change in that space.

我想說，這與我們在歐洲的故事實際上並沒有太大的不同。我的意思是這是一個非常令人興奮的高成長、高利潤的類別。因此，無論是軟性飲料還是能量飲料，它始終保持競爭力。我沒有看到該領域發生巨大的變化。

I do see in some of our markets, we have had maybe a little bit less promo intensity as we haven't quite landed some of our commercial agreements with some of our bigger customers hasn't got to the point of a lot of delistings, as you may have seen in other industries. But clearly, that's something that we continue to manage. And when that comes back to Ed's point in terms of really managing the category for sustainable value creation. So we'll continue to make decisions beyond the calendar year to make sure that we maintain solid profitable growth for us and our customers, and we continue to do that.

我確實看到，在我們的一些市場中，我們的促銷力度可能稍微弱一些，因為我們還沒有與一些大客戶達成一些商業協議，也沒有達到大量退市的程度，正如你可能在其他行業看到的那樣。但顯然，我們會繼續管理這件事。回到 Ed 的觀點，即真正管理類別以創造永續價值。因此，我們將繼續在日曆年之外做出決策，以確保我們和我們的客戶保持穩健的獲利成長，並且我們將繼續這樣做。

So it's not, I would say, more challenging than other years. It just remains part of the ongoing doing business in Europe. We have seen some aggressive promo pricing from some of our competitors, particularly in GB. Again, that's not a new dynamic, and it's something that we're responding to. But again, we've got a very profitable business in Away-from-home.

所以我想說，今年並不比其他年份更具挑戰性。它只是歐洲正在進行的商業活動的一部分。我們看到一些競爭對手推出了激進的促銷價格，尤其是在英國。再說一遍，這並不是什麼新現象，而是我們正在做出的反應。但話說回來，我們在客場業務方面利潤非常豐厚。

And as we've talked about before, we look at our pricing and promo decisions through that lens to make sure we continue to protect and grow that Away-from-home business. So Yes, it's a good competition, I'd say, particularly in energy. Yes, but I wouldn't say it's much different than previous years, Lauren.

正如我們之前所討論的，我們會從這個角度審視我們的定價和促銷決策，以確保我們繼續保護和發展戶外業務。是的，我認為這是一場很好的競爭，特別是在能源領域。是的，但我不會說這與前幾年有很大不同，勞倫。

Richard Withagen, Kepler Cheuvreux.

理查德·威薩根 (Richard Withagen)，Kepler Cheuvreux。

One question on the Share a Coke campaign. It's been launched earlier this year and Damian, you mentioned it has been well received. So what are some of the metrics that you track to analyze the success of the Share a Coke campaign? And what are the pros and cons of a global campaign compared to a more local oriented campaign?

關於「分享可樂」活動的一個問題。它是在今年早些時候推出的，達米安，你提到它受到了好評。那麼，您會追蹤哪些指標來分析「分享可樂」活動的成功呢？與更注重在地化的活動相比，全球性活動的優點和缺點是什麼？

Thanks, Richard.

謝謝，理查。

Well, I mean, I think with our brand portfolio and with a full calendar, we will continue to have global and local and both of them, I think, play a great role in our growth story. I think Share a Coke was particularly impactful because it's a great example, I think, of going above the line, whether that's on social media all the way through to packaging in store. It's obviously something that excites consumers. So we've seen that on our customers.

嗯，我的意思是，我認為憑藉我們的品牌組合和完整的日程安排，我們將繼續保持全球化和在地化，我認為它們都將在我們的成長故事中發揮重要作用。我認為「分享可樂」項目影響特別大，因為我認為它是一個很好的例子，它超越了界限，無論是在社交媒體上還是在商店包裝上。這顯然是讓消費者興奮的事情。我們在客戶身上也看到了這一點。

So when we think about metrics that we would look at, we clearly look at our way to display share of shelf distribution and obviously, campaigns like that allow us to drive more of that. We'd look at weekly and monthly drinking consumption, and we see that improving. And then obviously, over time, it will reflect in brand health metrics that we look at with the Coke Company. But it's clearly innovative across our Cola portfolio.

因此，當我們考慮要關注的指標時，我們清楚地考慮了展示貨架分佈份額的方式，顯然，這樣的活動使我們能夠推動更多這樣的方式。我們關注每周和每月的飲酒量，發現情況正在改善。顯然，隨著時間的推移，它將反映在我們對可口可樂公司的品牌健康指標中。但它顯然是整個可樂產品組合的創新。

A lot of focus on single-serve, that really helps our price mix, as you've seen in our results. So we were particularly happy and it kind of goes back to what I talked about in terms of getting behind that away-from-home growth. We talked about it in Q1, that Share a coke would be more skewed towards single-serve, and that would definitely help support growth in Away-from-home, and we're seeing that. So still early days in some of the metrics, but overall, really positive. And very well received.

我們非常注重單份服務，這確實有助於我們的價格組合，正如您在我們的結果中所看到的那樣。所以我們特別高興，這有點回到我之前談到的關於支持戶外成長的問題。我們在第一季討論過這個問題，分享可樂將更偏向單份，這肯定有助於支持外出消費的成長，我們也看到了這一點。雖然某些指標仍處於早期階段，但總體而言，情況確實積極。並深受好評。

I think it was eight years since we last did it. So a lot of people were really happy to see it come back. And certainly, we're happy to see it coming through in our volume and price mix numbers.

我想我們上次這樣做已經是八年前了。因此，很多人看到它的回歸都很高興。當然，我們很高興看到它在我們的銷量和價格組合數字中得到體現。

Eric Serotta, Morgan Stanley.

摩根士丹利的 Eric Serotta。

Can you talk a bit about the acceleration that you've seen in away from home this year? And any read into the state of the consumer from that? And then, Damian, you talked in Manila about the -- I think your your language was sparkling growth in Europe represents one of the biggest midterm opportunities for CCEP, just when you look at the scale of that business. So maybe you could revisit or talk about some recent initiatives to reinvigorate that Sparkling growth in Europe?

能談談今年客場比賽的加速情況嗎？由此可以了解消費者的狀況嗎？然後，達米安，您在馬尼拉談到了——我認為您所說的歐洲的閃亮增長代表著 CCEP 最大的中期機會之一，只要看看該業務的規模就知道了。那麼，您能否重新討論或談談最近為重振歐洲經濟閃亮增長而採取的一些舉措？

Yes. Thanks, Eric. I mean sparkling has been grown in Europe, pretty consistently in revenue. I think where we've been more focused on is driving, as we mentioned earlier, more volume within that revenue price mix. We're definitely seeing that in Q2.

是的。謝謝，埃里克。我的意思是，歐洲的氣泡酒產量一直很高，收入也相當穩定。我認為，正如我們之前提到的，我們更加關注的是推動收入價格組合中的銷售成長。我們肯定會在第二季度看到這一點。

So as a category in Europe, it's very healthy. It's quite dynamic. There's a lot of innovation, both from us from others. And that's really been a consistent theme in revenue growth.

因此，作為歐洲的一個類別，它非常健康。它非常有活力。我們和其他人都有很多創新。這確實是收入成長的一個不變的主題。

I think what we've recognized is that as volume becomes part of that, it's a more sustainable outlook, and that's really what we're focused on. So we've seen that in Q2. Obviously, we benefited from Easter. So that definitely helped our Q2 number, but we expect to see it in Q3 and Q4.

我認為我們已經認識到，隨著數量成為其中的一部分，這將是一個更永續的前景，而這正是我們真正關注的重點。我們在第二季度看到了這一點。顯然，我們從復活節受益。所以這肯定對我們的第二季業績有幫助，但我們預計在第三季和第四季也會看到這一點。

So overall, it's really maintaining that revenue growth but bringing volume as a bigger part of the mix. And that's our priority for the rest of this year. It's our priority for '26 and I think into '27. So we certainly see that opportunity. And then for CCEP, particularly, we see that in the like Colas on the back of particularly a stronger Zero platform and Diet Coke.

因此總體而言，它確實保持了收入成長，但銷售在收入結構中佔據了更大的比重。這是我們今年剩餘時間的首要任務。這是我們 26 年的首要任務，我想這也是 27 年的首要任務。所以我們當然看到了這個機會。然後對於 CCEP 來說，特別是，我們看到像可樂這樣的飲料，尤其是在更強大的零度平台和健怡可樂的支持下。

And as we talk to Manila, we under-index in our flavor share. And I think we see the opportunity to grow volume and flavors to support that revenue growth.

當我們與馬尼拉交談時，我們低估了我們的風味份額。我認為我們看到了增加產量和口味以支持收入成長的機會。

Just coming back to Away-from-Home, we do see more people out and about. Obviously, weather helps. So clearly, terraces are full, people are out enjoying what has been a good period of weather in Europe. We are seeing more people returning to the office. So that has been a drag, particularly in our large cities.

剛剛回到離家，我們確實看到更多的人外出。顯然，天氣有幫助。顯然，露台上擠滿了人，人們正在享受歐洲這段時間的好天氣。我們看到越來越多的人重返辦公室。所以這一直是個拖累，特別是在我們的大城市。

So I think companies and employees are back in the office more than they ever were. That certainly helps our away-from-home business. And then I think our sales on a number of orders have been supporting that part of the market over a number of quarters. Whether that's cooler placements, consumer innovation, investment in signage menus.

因此我認為公司和員工重返辦公室的次數比以往任何時候都多。這無疑對我們的戶外業務有幫助。然後我認為我們的多個訂單的銷售在多個季度內一直支持該部分市場。無論是更酷的展示位置、消費者創新，還是對標牌菜單的投資。

And ultimately, it takes a bit of time, but that starts to feed through into footfall and incidents, and we're definitely seeing that. And then also some of our bigger customers like McDonald's are also pivoting their menu offerings and that seems to also be driving a bit more traffic.

最終，這需要一些時間，但它會開始影響人流量和事件，我們確實看到了這一點。而且我們的一些大客戶，像是麥當勞，也在調整菜單，這似乎也帶來了更多的客流量。

So yes, it's great to see it returning to growth. It's obviously something we want to see on a multiyear basis. As I talked about in Manila, we've got to be a key contributor and driver of that. So I come back to those elements that we can control, so better consumer engagement like Share a Coke, better cold drink availability and presence in store with more coolers, better execution on menus and incidents through better price mix but also common meals and activation.

所以，是的，很高興看到它恢復成長。這顯然是我們多年來希望看到的事情。正如我在馬尼拉所說的那樣，我們必須成為這一進程的主要貢獻者和推動者。因此，我回到我們可以控制的那些因素，例如更好的消費者參與度（例如分享可樂）、更好的冷飲供應和店內更多冷卻器的存在、通過更好的價格組合以及常見的餐食和激活來更好地執行菜單和事件。

So, again, that will continue through the summer and then into next year. But all of that gives us confidence that the consumer is in a slightly better position away from home in Europe than we've seen previously. Having said that, we're (technical difficulty) that in retail, maintaining that affordability offering at the lower end is going to be a key part of our offering.

所以，這種情況將持續整個夏天，然後持續到明年。但所有這些都讓我們相信，歐洲消費者的境況比我們以前看到的要好一些。話雖如此，我們（技術難題）認為，在零售業中，保持低端產品的可負擔性將是我們產品的關鍵部分。

And as we've talked to before, I think it's important that, that also goes hand in hand with that premiumization that we've done a good job on over a number of years. So whether it's mini cans, glass, small PET because all consumers are not equal, and we see an opportunity to drive an offering across all of those price points, and that's what we're doing.

正如我們之前談到的，我認為這很重要，這也與我們多年來做得很好的高端化相輔相成。因此，無論是迷你罐、玻璃罐還是小型 PET 罐，因為所有消費者都是不一樣的，我們看到了在所有這些價格點上提供產品的機會，這就是我們正在做的事情。

Nadine Sarwat, Bernstein.

納丁·薩瓦特，伯恩斯坦。

One question from me coming back to the medium-term guidance. So I hear you a lot Sarah, on Indonesia being a headwind that was large enough to -- at least you have the full-year guidance now is a range versus a previous more specific number. But if we turn our attention to the medium-term growth algo, does Indonesia impact your view? I get that you've reiterated that algo, but are you assuming that Indonesia then subsequently accelerates or do you feel like you have enough levers elsewhere to offset the weakness?

我有一個問題，關於中期指導。所以我經常聽到你說莎拉，印尼是一個足夠大的逆風——至少你現在給出的全年指導是一個範圍，而不是之前更具體的數字。但如果我們將注意力轉向中期成長演算法，印尼是否會影響您的觀點？我知道您重申了這項演算法，但您是否假設印尼隨後會加速發展，或者您是否覺得您在其他地方擁有足夠的槓桿來抵消其弱點？

I think, Nadine, when we look at Indonesia, so we're not assuming that there's a significant turnaround in the medium term that drives our 4% on the top line. We've talked before about high single digit, which I still think is the right longer-term plan for Indonesia.

納丁，我認為，當我們考察印尼時，我們並沒有假設中期會出現顯著的轉變，從而推動我們的營收成長 4%。我們之前討論過高個位數，我仍然認為這對印尼來說是正確的長期計劃。

Whilst it's disappointing that the changes that have been made haven't had more of an impact and the macro effect is clearly playing on the numbers, we should keep in mind as well, though, it's a relatively small part of our business. So it's a big opportunity going forward, but it doesn't have a very material effect on our numbers year in, year out. So the long-term opportunity still remains, but no, we're not dependent on a very significant turnaround to deliver our midterm objectives.

雖然令人失望的是，所做的改變並沒有產生更大的影響，而且宏觀效應顯然對數字產生了影響，但我們也應該記住，這只是我們業務中相對較小的一部分。所以，這對未來來說是一個巨大的機遇，但它不會對我們年復一年的數字產生實質的影響。因此，長期機會仍然存在，但我們並不依賴重大轉變來實現我們的中期目標。

Yes. And just to build on what Ed said, Nadine and to give some credit to our team in Indonesia. We have seen a slight improvement in our performance coming out of July and into August. And again, we believe in the long-term opportunity of that market. But to Ed's point, has more of an impact on revenue and cases but less on the bottom line, which is really reflected in our guidance today.

是的。為了進一步闡述 Ed 所說的話，Nadine，我們要對我們在印尼的團隊表示感謝。我們看到，從七月到八月，我們的業績略有改善。我們再次相信該市場的長期機會。但正如 Ed 所說，這對收入和案件的影響更大，但對底線的影響較小，這在我們今天的指導中確實有所反映。

Matt Ford, BNP.

英國國家黨馬特福特 (Matt Ford)。

Just a question on COGS actually, just if you can update us on the situation for '25. Where are you in terms of hedging? And then I suppose, more interestingly, in '26, if you can comment at all on any of the major moving parts that you're expecting for '26 without perhaps committing to a number, but an update on where you are hedging wise for that year as well?

實際上這只是一個關於 COGS 的問題，您能否向我們介紹 25 年的情況？就對沖而言，您處於什麼位置？然後我想，更有趣的是，在 26 年，您是否可以對 26 年預計會出現的任何主要變化部分進行評論，也許不需要確定一個數字，但可以更新一下您對那一年的對沖情況？

Yes. Thanks, Matt.

是的。謝謝，馬特。

So yes, we continue to be very pleased with the cost evolution and COGS in general. So we've been enjoying basically flat commodities for this year and we anticipate that will roll into 2026. As you'd expect, at this point, we're very well hedged now for this year.

所以是的，我們對成本變化和整體銷貨成本感到非常滿意。因此，今年我們的大宗商品價格基本上持平，我們預計這種局面將持續到 2026 年。正如您所期望的，目前，我們對今年的對沖已經非常充分。

So in all the main commodity types were over 90% hedged. We're around 60% at this stage for 2026, which is roughly where we would like to be at this stage of the year. So leaving some room still to take advantage of any favorable movements in the market.

因此，所有主要商品類型的避險率均超過 90%。目前，我們已實現 2026 年目標的 60% 左右，這大致是我們希望在今年這個階段實現的目標。因此仍留有一些空間來利用市場中的任何有利走勢。

And actually, some of the volatility that we've seen on the forward rates during 2025 has actually worked to our advantage. So we've actually secured some nice forward prices on a number of our commodities. So the outlook is still good with relatively flat commodities in '26, which certainly makes life a bit easier in some parts of the P&L as we look forward.

事實上，我們在 2025 年看到的遠期利率波動實際上對我們有利。因此，我們實際上已經為多種商品獲得了不錯的遠期價格。因此，26 年大宗商品價格相對平穩，前景仍然看好，這無疑會使我們展望未來損益表中某些部分的生活變得更加輕鬆。

Charlie Higgs, Rothschild & Co, Redburn.

查理希格斯 (Charlie Higgs)，羅斯柴爾德公司，雷德伯恩。

My question is on Australia, where Q2 marked the four-year anniversary of the Amatil Deal. And if you go back in time, that Australia business earned a very healthy margin, but perhaps it wasn't being run quite effectively as it could have been. You then came in and trimmed the promotions, trimmed bulk water, realigned cuts, et cetera. And as Ed was saying, we still got the Manila shared service center potentially in the background. So, can you just provide a bit of an update on where we are on the Australian margin turnaround story and whether you think it could perhaps get back to the very high teens, low 20s level that it previously earned?

我的問題是關於澳洲的，第二季是阿馬蒂爾協議簽署四週年。如果你回顧過去，你會發現澳洲的業務獲得了非常可觀的利潤，但其營運效率可能並未達到應有的水準。然後你進來並削減了促銷活動、削減了散裝水、重新調整了削減幅度等等。正如 Ed 所說，我們仍然可能在後台擁有馬尼拉共享服務中心。那麼，您能否簡單介紹一下澳洲利潤率扭轉的情況，以及您是否認為它有可能回到之前的十幾二十幾的水平？

Thanks, Charlie.

謝謝，查理。

Yes, obviously, we're really pleased with our Australian business and the changes that have been made over a number of years. It's far from over in terms of the opportunity from our perspective. We're going through quite a big change and probably from a structural portfolio realignment, the last big one, which has there been some to change. That's going to allow us to become a bit more efficient, but also align our brand portfolio more to our global footprint.

是的，顯然，我們對我們的澳洲業務以及多年來所做的改變感到非常滿意。從我們的角度來看，機會還遠遠沒有結束。我們正在經歷相當大的變化，可能是由於上次的結構性投資組合調整，其中有一些需要改變。這將使我們變得更加高效，同時也使我們的品牌組合更加符合我們的全球足跡。

And I think that's a positive. And in some ways, that was a bit of the unlocked with the Kirk deal as well was to just line up with the Coca-Cola Company, and we've seen the benefits of that. And we will see that also on alcohol.

我認為這是積極的。從某種程度上來說，這與柯克交易的某種程度上解鎖了，即與可口可樂公司保持一致，我們已經看到了這樣做的好處。我們在酒精上也會看到這一點。

It will probably take a bit more time but we're excited about that change. That will allow us also to look at our cost base. We have invested some good capital into Australia to become more efficient. So all of that will support margin expansion. We're not guiding to a target on a market-specific number.

這可能需要更多時間，但我們對這一變化感到興奮。這也能讓我們了解我們的成本基礎。我們向澳洲投入了一些優質資本，以提高效率。因此，所有這些都將支持利潤率的擴大。我們不會針對特定市場設定目標數字。

But if I look at the macros in Australia, whether it's GDP, population growth, some of the great commercial work that we're leading down there, obviously, margin expansion due to the top line is definitely something we're excited about.

但如果我看一下澳洲的宏觀數據，無論是 GDP、人口成長，還是我們在那裡開展的一些偉大的商業工作，顯然，由於營收成長而帶來的利潤率擴張絕對是讓我們興奮的事情。

And maybe I'll pass to Ed, who will talk a little bit more about the shared services opportunity as well that we see coming to play.

也許我會把話題交給 Ed，他也會進一步談論我們看到的即將出現的共享服務機會。

Yes. Thanks, Damian.

是的。謝謝，達米安。

Yes, Charles, I mean, we're very pleased with the progress. I mean we don't give a specific Australia profit numbers. But what I can tell you is that our revenue from '21 has grown at a CAGR if you look until the end of '24 by 8% per year, so a fantastic revenue performance. And we've done better than that on the bottom line. So we have had operating profit margin accretion over that time period.

是的，查爾斯，我的意思是，我們對進展非常滿意。我的意思是我們沒有給出具體的澳洲利潤數字。但我可以告訴你的是，如果你看 24 年底，我們從 21 年開始的收入以每年 8% 的複合年增長率增長，所以收入表現非常出色。就最終結果而言，我們做得更好。因此，我們的營業利潤率在那段時間內有所成長。

And as you called out, I think it's due to the investments we've made in capacity, which have helped reduce the cost to serve. Promo, RGM capabilities that we've leveraged in the market and then some portfolio rationalization, both in terms of focusing on the core parts of the portfolio that add value, but also to work with the Coke Company in terms of aligning the roles to different brands within the portfolio.

正如您所說，我認為這是由於我們在產能方面的投資，這有助於降低服務成本。我們在市場上利用的促銷、RGM 功能以及一些投資組合合理化，不僅關注投資組合中增加價值的核心部分，還與可口可樂公司合作，將角色與投資組合內的不同品牌進行協調。

And last but certainly not least, we've taken advantage of our shared services capabilities. Some activities out of Australia already moved to Bulgaria, and we're looking forward to moving more stuff to Manila with the opening of our new centers. So great progress, really pleased and more to come there.

最後但同樣重要的一點是，我們利用了共享服務功能。澳洲的一些活動已經轉移到保加利亞，我們期待隨著新中心的開放，將更多的活動轉移到馬尼拉。取得瞭如此巨大的進步，真的很高興，並且還會取得更多進步。

Robert Ottenstein, Evercore.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，Evercore。

Damian, it's been about two years, I think, since you rolled out Jack and Coke in Europe. I was just wondering if you could maybe stand back and give an assessment of how that and other ARTD initiatives have gone? Any surprises disappointments? What have you had to change and how you see that developing over time?

達米安，我想，自從你在歐洲推出傑克可樂以來已經有兩年了。我只是想知道您是否可以退一步來評估這項計劃以及其他 ARTD 計劃的進展？有任何驚喜或失望嗎？您必須做出哪些改變？您認為隨著時間的推移，這些改變會如何發展？

Thanks, Robert.

謝謝，羅伯特。

I mean, overall, really pleased with where we are, particularly in a big market like I think some of the learnings that we've taken on board from our experience in Australia is it's got to be a portfolio play. So I talked about the BACARDÍ and Coke, I talked about Sprite and Absolute. So we certainly see a stronger performance across all of those brands, including Jack and Coke when we go to the market with a category play. And that takes a bit of time.

我的意思是，總的來說，我們對目前的狀況感到非常滿意，特別是在一個大市場，我認為我們從澳洲的經驗中學到的一些教訓是，這必須是一種投資組合遊戲。所以我談到了百加得和可口可樂，談到了雪碧和絕對威士忌。因此，當我們以品類策略進入市場時，我們肯定會看到包括傑克丹尼和可口可樂在內的所有這些品牌都表現得更為強勁。這需要一點時間。

But clearly, we're seeing the benefits of that quarter by quarter and year on year. So along with Energy in terms of Absolute volume growth, versus prior year. It's up there in revenue growth, it's even higher just given that it's all single-serve. And it's something that we're looking to expand across all of our markets in Europe. So yes, it's been a quick two years. But I think the capability and the brand offering that we have now sets us up for many more years of exciting growth.

但顯然，我們逐季、逐年看到了帶來的好處。因此，與去年相比，能源的絕對量有所成長。它的收入成長很高，考慮到它都是單份的，收入成長甚至更高。我們希望將其擴展到歐洲所有市場。是的，很快兩年就過去了。但我認為，我們現在擁有的能力和品牌將為我們未來多年的令人興奮的成長奠定基礎。

And obviously, when you talk about Europe, the changes that I referenced in Australia are also very exciting because acquiring a brand like Bilson's, I think, demonstrates that we will be opportunistic with the Coke Company in a category like this where maybe having local brands from time to time plays a bigger role. But the bulk of the growth will come from those global brand partnerships. Yes, overall, really good, Robert. And yes, more to come.

顯然，當你談到歐洲時，我提到的澳洲的變化也非常令人興奮，因為收購像比爾森這樣的品牌，我認為，表明我們將與可口可樂公司一起在這樣的類別中抓住機會，在這個類別中，也許擁有本地品牌有時會發揮更大的作用。但大部分成長將來自於全球品牌合作。是的，總的來說，非常好，羅伯特。是的，接下來還會有更多。

I think what's particularly pleasing as well is we're really gaining momentum. So these things don't happen overnight. So it takes a while to get to know the category. So the retail to better understand the category, but we've certainly seen an acceleration in the last six months to a year in ARTD, particularly in Europe.

我認為特別令人高興的是，我們確實正在獲得發展動力。所以這些事情不會在一夜之間發生。因此需要花一些時間來了解該類別。因此，零售商可以更好地了解這個類別，但我們確實看到 ARTD 在過去六個月到一年內出現了加速成長，尤其是在歐洲。

Mitch Collett, Deutsche Bank.

德意志銀行的米奇·科萊特。

I think the tagline from the CMD was 4% and more. Clearly, fiscal '25 has been impacted by a few factors outside of your control. But, how do you feel about that ambition for 4% or more beyond fiscal '25? Do you think fiscal '26 is getting to be at that range or above [4%]? I appreciate you're probably not that likely to guide now, but can you talk about how you think about fiscal '26 and the steps that are going to take you there? Perhaps it's what you put on slide 15, but I'd be interested to know what you're expecting to do to be able to accelerate to 4% or more?

我認為 CMD 的標語是 4% 及以上。顯然，25財年受到了一些您無法控制的因素的影響。但是，您對 25 財年之後實現 4% 或更高的成長率有何看法？你認為 26 財年會達到這個範圍還是更高？[4%]？我知道您現在可能不太可能給出指導，但您能談談您對 26 財年的看法以及將採取哪些措施來實現這一目標嗎？也許這就是您在第 15 張投影片上所寫的內容，但我感興趣的是知道您希望做什麼才能加速到 4% 或更高？

Yes. Thanks, Mitch.

是的。謝謝，米奇。

I mean, there's no change in our conviction around top-line growth at CCP. I think Q2 was a solid quarter, demonstrated that. And I think if you look at what we've guided for the full year, you'll see that growth continuing in Q3 and Q4.

我的意思是，我們對 CCP 營收成長的信念並沒有改變。我認為第二季度是一個穩健的季度，證明了這一點。我認為，如果你看看我們對全年的預期，你會看到這種成長在第三季和第四季將繼續。

We have had a couple of drags on revenue, certainly in the first half of this year. Some of that may continue into the second half, which is why we've updated today as we have. We've had the Tea transition in Spain. Obviously, we've got Suntori out of Australia. We've had Indonesia, although as I said, that is starting to show signs of improvement.

我們的收入確實受到了一些拖累，尤其是在今年上半年。其中一些可能會持續到下半年，這就是我們今天更新的原因。西班牙已經經歷了茶的轉型。顯然，我們已經將 Suntori 趕出了澳洲。我們已經有了印度尼西亞，儘管正如我所說，它已經開始顯示出改善的跡象。

So some of those are 2025 events. So 2026 and beyond, I think you'll expect us to stick with our 4% revenue guidance as we continue to build out our portfolio and get smarter at some of the things that we're doing, -- our ambition for growth is only, in my view, is only going to get higher. But I think a 4% guidance is a pretty good number, particularly with a 7% bottom line and that free cash flow. So, yes, to answer your question, no change from Manila.

其中一些是 2025 年的事件。因此，到 2026 年及以後，我想您會期望我們堅持 4% 的收入預期，因為我們會繼續擴大我們的投資組合，並在我們正在做的一些事情上變得更加聰明——在我看來，我們的成長雄心只會越來越高。但我認為 4% 的指導是一個相當不錯的數字，特別是在 7% 的底線和自由現金流的情況下。是的，回答你的問題，與馬尼拉相比沒有變化。

It doesn't feel that long ago. And certainly, a good Q2 and a good start to Q3, continues to support that midterm outlook on growth.

感覺好像不是很久以前。當然，第二季的良好表現和第三季的良好開局將繼續支持中期成長前景。

Sanjeet Aujla, UBS.

瑞銀的 Sanjeet Aujla。

Most mine been asked already. But just a point of clarification on some of the commercial agreements you missed out in Europe. Is that something that's impacting through the course of the rest of the year or some of that been resolved? And on which markets in particular were impacted, please?

我的大部分問題都已經被問過了。但我只是想澄清一下您錯過的一些歐洲商業協議。這是否會對今年剩餘時間產生影響，或者部分問題已經解決？請問哪些市場受到了特別的影響？

Yes. No. So I mean these are quite typical, Sanjeet. As you know, as we try and land pricing and commercial terms for a year. We don't always land them in the time frame that we'd like to.

是的。不。所以我的意思是這些都很典型，Sanjeet。如您所知，我們嘗試制定一年的土地定價和商業條款。我們並不總是能在我們希望的時間內完成它們。

But again, nothing out of the ordinary. The result was mainly in Q2, mainly a little bit in Germany and a little bit in Sweden were the two markets that I think were most impacted, but now in a good place for certainly the rest of this year. So no lingering effects from those as we go into the second half of the year.

但同樣，沒有什麼異常。結果主要出現在第二季度，主要是德國和瑞典這兩個市場受到的影響最大，但今年剩餘時間的情況肯定良好。因此，當我們進入下半年時，這些影響不會持續。

Got it.

知道了。

And just a quick follow-up on Indonesia, Damian, uou're talking about some sequential improvement and stabilization. I'm assuming that means stabilization in the rate of decline, as opposed to getting back to growth.

達米安，我來快速跟進印度尼西亞的情況，您正在談論一些連續的改善和穩定。我認為這意味著下降速度趨於穩定，而不是恢復成長。

Depends on what period you pick to compare to.

取決於您選擇比較的時期。

I'd say, genuinely on our Sparkling portfolio, we start to see stabilization which is really encouraging. I think on Tea, we're probably a bit off that. We're launching a new Tea format and a new Tea pack and vis. That's only going to come in, in Q3. So I'd say I'm Sparkling, yes, Tea, we have a bit of a way to go. But on a combined level, it certainly feels better than it has been feeling, which is great.

我想說，我們 Sparkling 投資組合確實開始呈現穩定跡象，這確實令人鼓舞。我認為，就茶而言，我們可能有點偏離了這一點。我們正在推出一種新的茶格式和新的茶包和視覺效果。這只會在第三季實現。所以我想說我很閃亮，是的，茶，我們還有一段路要走。但從綜合來看，感覺肯定比以前好，這很好。

On a consolidated level, it's important for us, but it's really important for the team locally to start to see some early wins and also for our customers as well because it's still a very valuable category for them in Indonesia. So yes, more to come on that as we go through the second half of the year. But yes, Sparkling, leading Tea still to come, Sanjeet would be the way I think about it.

從總體上看，這對我們來說很重要，但對於當地團隊來說，開始看到一些早期的勝利也非常重要，對於我們的客戶來說也是如此，因為這對印尼的他們來說仍然是一個非常有價值的類別。是的，隨著我們進入下半年，我們還將有更多相關內容。但是的，Sparkling，領先的茶仍然會來，Sanjeet 就是我對此的看法。

Carlos Laboy, HSBC.

卡洛斯·拉博伊（Carlos Laboy），匯豐銀行。

Damien, can you expand on your -- give us a view on your trade management outlook in Europe given where you are on your digital capabilities and the implementation of your digital capabilities. There's usually a low-hanging fruit there. Have you captured most of that already, you think or is there a little bit more to go there?

達米安，您能否詳細說明一下—考慮到您的數位能力以及數位能力的實施情況，請您談談您對歐洲貿易管理的展望。那裡通常有一個唾手可得的果實。您認為您已經掌握了大部分內容了嗎，還是還有更多內容需要掌握？

Thanks, Carlos.

謝謝，卡洛斯。

It's certainly an area that we're very passionate and excited about, and we've invested quite a bit in terms of our tech capabilities. I kind of look at it through two lenses. So in the more organized segment of -- particularly in Europe, Australia and New Zealand, our myccep.com platform is managing and capturing a lot of value in terms of information revenue and also driving good customer engagement. So we're on our way to a EUR3 billion revenue through that platform.

這無疑是一個令我們充滿熱情和興奮的領域，我們在技術能力方面投入了相當多的資金。我從兩個角度來看這個問題。因此，在更有組織的領域——特別是在歐洲、澳洲和紐西蘭，我們的 myccep.com 平台在資訊收入方面管理和獲取了大量價值，同時也推動了良好的客戶參與度。因此，我們有望透過該平台實現 30 億歐元的收入。

So I think on a consolidated trade level, always more to do but a great foundation. I think where we've been making the most progress is in fragmented. So as you know, a lot of our markets in Europe, a lot of the away-from-home is fragmented goes through wholesale. It goes through a more diverse route to market, let's put it that way. So currently, we're at 70% plus of the revenue in that part of the trade that we get visibility on at an outlet level, so that's a big improvement from a few years ago.

因此，我認為在綜合貿易層面上，總是有很多事情要做，但基礎很好。我認為我們在碎片化領域取得了最大的進展。如你所知，我們在歐洲的許多市場，許多非本土市場都是分散的，都是透過批發進行的。可以這麼說，它透過更多樣化的途徑進入市場。因此，目前，我們在門市層面上可看到的部分貿易收入佔比超過 70%，比幾年前有了很大的進步。

And then we're overlaying that with our broader eB2B play in Spain, which mirrors some of the work you would have seen in Latin America and from Hellenic around a broader category platform for our distributors, which will allow them to digitize their route to market and allow us to get access to information. And as you know, typically, the size of our partners in that part of the market, they don't have the balance sheet capability to build these platforms.

然後，我們將其與在西班牙的更廣泛的 eB2B 業務相結合，這反映了您在拉丁美洲和希臘看到的一些工作，這些工作圍繞著我們的分銷商提供的更廣泛的類別平台，這將使他們能夠數位化他們的市場路線並使我們能夠獲取資訊。而且如你所知，通常情況下，我們在該市場領域的合作夥伴的規模並不大，他們沒有足夠的資產負債能力來建立這些平台。

So I think we're bringing tool that they need. It gives us transparency and it will allow us, I think, to accelerate some of that market development capability in the fragmented trade, particularly in Europe. Clearly, it could have a bigger role in Philippines and Indonesia, and that's certainly where we're going next.

所以我認為我們帶來了他們需要的工具。它為我們提供了透明度，我認為它將使我們能夠加速分散貿易中的一些市場開發能力，特別是在歐洲。顯然，它可以在菲律賓和印尼發揮更大的作用，而這肯定是我們下一步要去的地方。

So we'll continue the journey in Europe. We are already rolling out our myccep.com platform, and then the next one will be that more fragmented trade tool. But yes. So a lot of has happened, but it's a super exciting part of the business.

因此我們將繼續歐洲之旅。我們已經推出了 myccep.com 平台，下一個平台將會是更分散的交易工具。但確實如此。所以發生了很多事情，但這是業務中非常令人興奮的一部分。

We'll continue to invest in it, and we'll continue to learn from other bottlers. I think one of the benefits of where we are now as part of the Coke system is there's a lot of sharing going on particularly in this space. So we're definitely moving a bit faster, thanks to kind of lifting and shifting some capabilities from elsewhere.

我們將繼續對其進行投資，並將繼續向其他瓶裝企業學習。我認為，作為可口可樂系統的一部分，我們現在的一個好處是，特別是在這個領域，有很多共享的事情發生。因此，由於從其他地方引進了一些功能，我們的進展速度肯定會更快一些。

Usama Tarik, ABN AMRO - ODDO BHF.

烏薩馬·塔里克 (Usama Tarik)，荷蘭銀行 - ODDO BHF。

I just have a quick question with regards to the comparable free cash flows. So correct me if I'm wrong, they're down year on year. Am I correct in to assume that this is more working capital related? And then going into H2, I do understand that H2 is very stronger on a comparable basis. But do you see some risk there with regards to your comparable free cash flow guidance, especially if Indonesia remains weak?

我只是想問一個關於可比較自由現金流的簡單問題。如果我錯了，請糾正我，它們的數量是逐年下降的。我是否可以正確地假設這與營運資金有關？然後進入 H2，我確實明白 H2 在可比基礎上非常強大。但是，您是否認為您的可比較自由現金流指導存在一些風險，特別是在印尼經濟依然疲軟的情況下？

Thank you for the question. So yes, I mean, our comparable free cash flow at the first half is slightly below last year, but that is really working capital related and is purely phasing. So actually, when you look at the calendar, the half ended a little bit earlier than last year ended on the June 27, I believe. So it's purely a phasing item.

謝謝你的提問。是的，我的意思是，我們上半年的可比自由現金流略低於去年，但這確實與營運資本有關，而且純粹是分階段的。因此，實際上，當你查看日曆時，我相信今年的上半場比去年 6 月 27 日結束的時間要早一些。所以這純粹是一個分階段的項目。

If you look at previous years, we always do more free cash flow in the second half of the year than the first half of the year given the big summer selling period in Europe. And as we sit here today, no, we're confident to reaffirm the guidance for the year. Indonesia is, as I said earlier, a small part of our business and not a heavy drain from a free cash flow perspective. So we're confident in delivering at least EUR1.7 billion for 2025.

如果你回顧前幾年，你會發現由於歐洲夏季銷售旺季，我們下半年的自由現金流總是比上半年多。今天我們坐在這裡，我們有信心重申今年的指導方針。正如我之前所說，印尼只是我們業務的一小部分，從自由現金流的角度來看，它不會造成太大的負擔。因此，我們有信心在 2025 年實現至少 17 億歐元的收入。

I would now like to hand the conference back over to Damian Gammell for his closing remarks. Damian, please go ahead.

現在，我想將會議交還給 Damian Gammell，請他致閉幕詞。達米安，請繼續。

Thank you, operator. And again, a big thank you to everybody for joining us today. So we're really happy. We continue to execute on our growth strategy and are excited about the midterm outlook for CCEP. Very solid first half.

謝謝您，接線生。再次感謝大家今天的參與。所以我們真的很高興。我們繼續執行我們的成長策略，並對 CCEP 的中期前景感到興奮。上半場非常穩健。

I'm pleased that we reaffirmed our full year profit and free cash flow guidance today. Europe's returned to growth in Q2, and we see a better performance in away-from-home.

我很高興我們今天重申了全年利潤和自由現金流指引。歐洲在第二季度恢復了成長，我們看到客場表現更好。

Indonesia is a bit slower. However, we continue to be excited and make the changes necessary to unlock what we believe is a great longer-term opportunity for the group. Full year, we expect volume growth in Europe and in APS despite Indonesia. And fundamentally, we continue to generate a lot of value for our customers on the back of being a great business with very strong brands, solid route to market and a very exciting commercial calendar between now and the end of the year. So again, thank you for joining us.

印尼稍微慢一點。然而，我們仍然感到興奮，並做出必要的改變來解鎖我們認為對集團來說是一個偉大的長期機會。儘管印尼市場仍有成長，但我們預計全年歐洲和亞太地區的銷售仍將實現成長。從根本上來說，作為一家擁有強大品牌、穩固市場管道和從現在到年底非常令人興奮的商業日程的優秀企業，我們將繼續為客戶創造大量價值。再次感謝您的參與。

We look forward to updating you on our Q3 in November. Thank you.

我們期待在 11 月向您報告我們的第三季進度。謝謝。

That concludes our conference for today. Thank you for participating. You may all disconnect.

今天的會議到此結束。感謝您的參與。你們都可以斷開連線。