Coca-Cola Europacific Partners PLC (CCEP) 2026 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 2026 results conference call. (Operator Instructions) I must advise you that this conference call is being recorded today.

各位好，感謝您耐心等候，歡迎參加今日可口可樂歐洲太平洋合作夥伴（Coca-Cola Europacific Partners）2026年上半年業績電話會議。(接線員指示) 我必須提醒各位，本次電話會議將於今日錄音。

I would now like to hand the conference over to Vice President of Investor Relations and Corporate Strategy, Sarah Willett. Please go ahead, Sarah.

現在我想把會議交給投資人關係與企業策略副總裁 Sarah Willett。Sarah，請開始。

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

感謝各位今天加入我們。我與我們的執行長 Damian Gammell，以及我們的財務長 Ed Walker 一同出席。

First, a reminder of our cautionary statements. This call will contain 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. A copy of this information is available on our website at www.cocacolaep.com. Prepared remarks will be made by Damian. We will then turn the call over to your questions.

首先，提醒各位注意我們的警示性聲明。本次電話會議將包含管理層對未來的前瞻性評論及其他反映我們展望的陳述。這些評論應與今日新聞稿中的警示用語，以及提交給英國、美國、荷蘭與西班牙主管機關之報告中所載的詳細警示性聲明一併閱讀。相關資訊副本可於我們網站 www.cocacolaep.com 取得。Damian 將先發表準備好的講稿。之後我們將開放各位提問。

Unless otherwise stated, metrics presented today will be on a comparable and FX-neutral basis throughout. Volume movements, unless otherwise stated, adjust for the impact of six more consumption days in the half when compared to the same period last year.

除非另有說明，今日呈現的各項指標皆以可比口徑並以排除匯率影響（FX-neutral）的基礎呈現。銷量變動除非另有說明，已就本期較去年同期多出六個消費日的影響進行調整。

Following the call, a full transcript will be made available as soon as possible on our website. You will see on the first slide of the presentation a picture of one of the limited editions, 2 million CAMPEONES champion gold can to celebrate our Spanish market winning the World Cup.

會議結束後，我們將盡快在網站上提供完整逐字稿。您會在簡報第一張投影片看到其中一款限量版的照片：為慶祝西班牙市場贏得世界盃而推出的 200萬罐 CAMPEONES 冠軍金罐。

So on that note, I will now turn the call over to our CEO, Damian, who found one of these cans selling online for EUR20.

那麼在此，我把電話交給我們的執行長 Damian；他在網路上看到有人以 20 歐元販售其中一罐。

Thank you, Sarah. I didn't buy it but thank you and thank you all for joining. We delivered a strong first half and I really want to start by thanking our colleagues for their focus, hard work, and continued dedication to CCEP and most importantly to our customers. Our people and our strong brand partnerships continue to drive us forward.

謝謝你，Sarah。我沒有買，但謝謝你，也謝謝各位加入。我們上半年交出強勁表現，我想先感謝同仁們的專注、辛勤付出，以及對 CCEP 的持續投入，更重要的是對我們客戶的投入。我們的團隊與強大的品牌合作夥伴關係持續推動我們向前。

We've seen broad-based growth across markets and categories, continued share gains, robust profit delivery and strong cash generation. Our value creation strategy is working. We are creating value for our customers, we are consistent top and bottom line compounder, we are generating significant cash, which is supporting record investment behind future growth and we are increasing our returns to shareholders.

我們看到各市場與各品類的廣泛成長、市占持續提升、獲利表現穩健，以及強勁的現金創造能力。我們的價值創造策略正在發揮作用。我們正在為客戶創造價值；我們在營收與獲利（top and bottom line）上持續穩定複利成長；我們產生可觀現金，支持創紀錄的投資以推動未來成長；同時也提高對股東的回饋。

Looking back over the past three years, we've generated EUR4.4 billion of value for our retail customers and returned EUR4.3 billion to shareholders through dividends and buybacks. We operate in large, attractive, and a growing beverage market. NARTD is a EUR180 billion category globally and is expected to grow 3% to 4% annually through to 2030. We are well positioned in the fast-growing categories and across a diverse channel and geographic footprint, including particularly attractive long-term opportunities in Southeast Asia.

回顧過去三年，我們為零售客戶創造了 44 億歐元的價值，並透過股利與庫藏股回購向股東回饋了 43 億歐元。我們所處的是規模大、具吸引力且持續成長的飲料市場。全球非酒精即飲飲料（NARTD）品類規模約 1,800 億歐元，預期至 2030 年每年成長 3% 至 4%。我們在快速成長的品類中具備良好布局，並擁有多元的通路與地理版圖，尤其在東南亞具備特別具吸引力的長期機會。

Looking now at our results, the business continues to perform well. We're pleased to have delivered a strong first half with balanced top-line growth across our markets, continued share gains, and robust profit delivery. We're executing well and innovating at pace, focusing on the categories where consumers are most engaged, including zero sugar, energy, sports, and hydration. As a result, we continue to lead value creation for our customers.

現在來看我們的業績，業務持續表現良好。我們很高興上半年交出強勁成績：各市場營收端成長均衡、市占持續提升，且獲利表現穩健。我們執行到位並以快速節奏推動創新，聚焦於消費者參與度最高的品類，包括零糖、能量飲料、運動飲料與補水。因此，我們持續在為客戶創造價值方面保持領先。

We're staying disciplined on costs with our productivity mindset and efficiency programs continuing to support profit expansion, strong free cash flow, and investment in our brands, supply chain, technology and our people, also enabling us to grow our shareholder returns. We have laid strong foundations through our commercial plans, our innovation pipeline, our in-market execution, and the ongoing development of our strategic capabilities. We are confident in reaffirming our guidance for this year and in the longer-term opportunity ahead.

我們以生產力思維與效率計畫持續支持獲利擴張、強勁自由現金流，以及對品牌、供應鏈、科技與人才的投資，同時也使我們得以提升股東回饋。我們透過商業計畫、創新管線、在地市場執行，以及策略能力的持續發展，奠定了堅實基礎。我們有信心重申今年的財測指引，並看好更長期的成長機會。

Turning now to the key metrics, you can see a well-balanced performance across the business. Revenue grew strongly with great execution across our markets, positive revenue per case and strong growth in volumes, particularly in Q2 despite Easter falling into Q1 this year. June was actually our biggest volume month ever. We also grew value share by 20 basis points driven by gains in Europe.

接著看關鍵指標，您可以看到整體業務表現相當均衡。在各市場執行出色的帶動下，營收強勁成長；每箱營收（revenue per case）為正向，且銷量強勁成長，尤其是第二季，儘管今年復活節落在第一季。6 月其實是我們史上銷量最高的月份。我們的價值市占也提升 20 個基點，主要由歐洲的成長所帶動。

Our customer relationships remain a real source of competitive advantage. We continue to maintain high service levels and we're proud to remain the number one retail value creator, which is important because creating value for our customers is central to how we will grow sustainably.

我們與客戶的關係仍是重要的競爭優勢來源。我們持續維持高水準的服務表現，也很自豪能持續成為零售端價值創造第一名；這點很重要，因為為客戶創造價值是我們實現永續成長的核心。

Operating profit reflects the quality of our topline as we benefited from stronger volumes as well as disciplined cost management and our ongoing productivity agenda. Cash generation remains a core strength of CCEP. We delivered strong comparable free cash flow in the first half and continue to invest behind future growth, while also returning cash to shareholders to our dividend and our share buyback program.

營業利益反映了我們營收端的品質：我們受惠於更強勁的銷量、嚴謹的成本管理，以及持續推進的生產力計畫。現金創造能力仍是 CCEP 的核心優勢。我們上半年交出強勁的可比自由現金流，並持續投資以支持未來成長；同時也透過股利與股票回購計畫向股東返還現金。

So overall, the first half demonstrates the strength of our model. We are growing, investing, improving productivity and growing shareholder returns, all within a disciplined framework. We delivered revenue of EUR10.7 billion, an increase of 6.1% with volumes growing 5.6% or 2.2% on a days-adjusted basis, with volume growth in both Europe and APS.

總體而言，上半年展現了我們商業模式的強韌性。我們在嚴謹的框架下實現成長、投資、提升生產力並提高股東回饋。我們實現營收 107 億歐元，成長 6.1%；銷量成長 5.6%，若以天數調整後為 2.2%，歐洲與 APS 兩個區域皆有銷量成長。

Revenue per case grew 0.4% against a strong comparative of almost 4% growth in the first half of last year. Headline price increases, promotional optimization, and positive mix benefits from the growth of energy and more coolers were partially offset by the growth of larger volume formats in Europe. In addition, we also faced a headwind from the Suntory alcohol exit in APS, and this is worth just over 1% of total revenue during the first half. In fact, in Australia Pacific, revenue excluding alcohol grew a really healthy 10%.

每箱營收成長 0.4%，相較於去年上半年接近 4% 的強勁比較基期。名目價格上調、促銷最佳化，以及能量飲料成長與冷藏設備（coolers）增加所帶來的正向組合效益，部分被歐洲較大容量包裝成長所抵銷。此外，我們在 APS 也面臨退出三得利（Suntory）酒精業務的逆風，這在上半年約占總營收略高於 1%。事實上，在澳洲太平洋地區，若排除酒精，營收成長達到非常健康的 10%。

Cost of sales per unit case increased by 0.6%, lower than our full-year down 1.5% and this largely reflects both the higher half one comparable of 3.6% last year and with much of the absorption of the ongoing uncertain situation in the Middle East still to land in half two. OpEx as a percentage of revenue was 21.4%, an improvement of around 40 basis points supported by savings on discretionary spend and continued productivity gains. The combination of these factors drove operating profit of EUR1.5 billion, up 8.1%, with an operating margin of 13.8%, up around 30 basis points on last year.

每單位箱銷貨成本（cost of sales per unit case）上升 0.6%，低於我們全年 -1.5% 的水準；這主要反映去年上半年 3.6% 的較高比較基期，以及中東持續不確定情勢所帶來的部分吸收影響多數仍將在下半年落地。營運費用（OpEx）占營收比重為 21.4%，改善約 40 個基點，主要受惠於非必要支出節省與持續的生產力提升。上述因素共同推動營業利益達 15 億歐元，成長 8.1%；營業利益率為 13.8%，較去年提升約 30 個基點。

Diluted earnings per share of EUR2.20 was up 10.6%, supported by the share buyback with around EUR600 million of the full year EUR1 billion now completed. And finally, free cash flow of EUR435 million was slightly ahead of last year. This was after investing in key projects, including more coolers, a new warm fill line for power in Australia, new can fillers in Sweden, and the development of our exciting greenfield site in Manila, which is on schedule to begin production next year. We do remain on track to deliver comparable free cash flow of at least EUR1.7 billion for the year.

稀釋後每股盈餘（Diluted EPS）為 2.20 歐元，成長 10.6%，主要受惠於股票回購；全年 10 億歐元回購計畫目前已完成約 6 億歐元。最後，自由現金流為 4.35 億歐元，略高於去年。此數字已反映我們對關鍵專案的投資，包括增加冷藏設備、在澳洲為 Power（運動飲料）新增溫充填產線、在瑞典新增罐裝充填設備，以及我們在馬尼拉令人振奮的綠地新廠開發；該專案進度如期，預計明年開始投產。我們仍按計畫在今年達成至少 17 億歐元的可比自由現金流。

Our performance in the first half and a solid start to the second reinforces our confidence in the outlook for the full year, notwithstanding six fewer trading days in the second half. So today, we're reaffirming all elements of our full year '26 guidance. And our '26 guidance is in line with our midterm objectives with a quick reminder of those here.

我們上半年表現強勁，且下半年開局穩健，進一步強化我們對全年展望的信心，儘管下半年將少六個交易日。因此今天，我們重申我們對'26全年指引的所有要素。而我們的'26指引與我們的中期目標一致，這裡先快速提醒一下。

Our performance and the continued delivery of these midterm objectives come back to the execution of our focused and consistent strategy captured in these core priorities. Firstly, we're broadening our total portfolio, investing behind faster growing categories, and driving innovation across both established and emerging brands. We bring these brands to life in market with great execution. Whether that's through impactful on-shelf, differentiated points of interruption, cooler placements or recent major activations such as the FIFA World Cup to differentiate ourselves in the marketplace.

我們的表現以及持續達成這些中期目標，歸功於我們對聚焦且一致策略的執行，而這些策略體現在以下核心優先事項中。首先，我們正在擴大整體產品組合，加大對成長更快品類的投資，並推動既有與新興品牌的創新。我們以卓越的執行力，讓這些品牌在市場上鮮活呈現。無論是透過具影響力的貨架陳列、差異化的「中斷點」呈現、冷藏櫃擺放，或是近期如FIFA世界盃等大型行銷活動，來在市場中建立差異化。

Enhancement of our revenue and margin growth management, investment in commercial capabilities, and productivity improvements ensure we remain competitive. Our investments in the Philippines and Indonesia represent significant long-term opportunities to accelerate growth, and we're encouraged by the progress we're making in both markets.

強化我們的營收與毛利成長管理、投資商業能力，以及提升生產力，確保我們保持競爭力。我們在菲律賓與印尼的投資代表重大的長期機會，可加速成長；我們也對兩個市場的進展感到鼓舞。

And we're unlocking growth through technology and AI. These investments are helping us to generate new growth opportunities across the business, improve decision-making, enhance customer service, and increase our manufacturing efficiency. Our focus on these priorities is strengthening our business today and creating the foundations for growth and value creation for many years to come, and of course, all done sustainably.

同時，我們正透過科技與AI釋放成長。這些投資正協助我們在全公司創造新的成長機會、改善決策、提升客戶服務，並提高製造效率。我們對這些優先事項的聚焦，正在強化當下的業務，並為未來多年成長與價值創造奠定基礎，當然，一切都以永續方式進行。

Briefly on that, we recently updated our sustainability goals to include the Philippines, something we explored in our recent ESG webinar and available for replay on our website. So how are we getting on more broadly against these priorities? Our portfolio strategy is working. We're continuing to invest in the core whilst broadening our participation across faster growing categories and occasions, including sports, energies and zeros, where we're seeing strong momentum, which I'll come back to shortly.

簡要補充一下，我們最近更新了永續目標，將菲律賓納入其中；我們在近期的ESG網路研討會中也有探討，並可在我們網站上回放。那麼，更廣泛而言，我們在這些優先事項上的進展如何？我們的產品組合策略正在奏效。我們持續投資核心業務，同時擴大在成長更快的品類與消費情境中的參與度，包括運動、能量飲與零糖等；我們看到強勁動能，稍後我會再回到這點。

We've seen a meaningful contribution to our growth from some great innovation in the first half. On our Coke trademark, across original tastes and zeros, our new cherry variants, including cherry float and GB, perform well. We continue to make good progress with small and more premium packs, and the new 500ml supercans are proving to be a great success, especially with younger consumers. So watch this space for more to come.

上半年，一些出色的創新對我們的成長做出了顯著貢獻。在可口可樂商標品牌方面，涵蓋原味與零糖，我們新的櫻桃口味系列（包括Cherry Float與GB）表現良好。我們在小容量與更高端包裝上持續取得良好進展，而新的500ml超罐（supercans）證明非常成功，尤其受到年輕消費者青睞。因此，敬請期待後續更多動作。

And we welcome the return to growth for Diet Coke in GB supported by the addition of Cherry and the collaboration with The Devil Wears Prada. Our flavors family has seen lots of exciting new introductions from Royal Grape and Lychee in the Philippines, the fantastic Nippy's Mint in Indonesia, and the fun new visual identity for Fanta with Xbox gaming graphics. We're strengthening our presence in sports and hydration with volumes up 12%.

我們也樂見健怡可樂（Diet Coke）在GB重回成長，並受惠於新增櫻桃口味以及與《穿著Prada的惡魔》（The Devil Wears Prada）的合作。我們的風味家族也推出許多令人興奮的新產品：菲律賓的Royal Grape與Lychee、印尼極佳的Nippy's Mint，以及Fanta搭配Xbox遊戲圖像的全新視覺識別。我們在運動與補水領域的布局持續強化，銷量成長12%。

Aquarius continues to drive strong growth in Iberia, while Powerade grew double-digit supported by the FIFA activation. This brand has also been recently introduced to Indonesia where the sports category is already half the size of sparkling.

Aquarius在伊比利亞持續帶動強勁成長，而Powerade在FIFA活動帶動下實現雙位數成長。該品牌近期也導入印尼市場，而當地運動飲料品類規模已達碳酸飲料的一半。

Energy continues to outperform with volumes up an incredible 19%. Monster growth is running at roughly twice the category rate. Our share was up 230 basis points, supported by innovations such as Viking Berry and strong activation around our motorsport partnerships with Oscar Piastri now featuring on the cans of Monster Green.

能量飲持續跑贏市場，銷量大幅成長19%。Monster的成長速度約為品類成長率的兩倍。在Viking Berry等創新，以及我們與賽車運動夥伴合作的強力行銷帶動下（Oscar Piastri如今也出現在Monster Green罐身上），我們的市占率提升了230個基點。

Water is growing well, particularly in GB with Smartwater and in the Philippines with Wilkins. And we've made fantastic progress in coffee in Australia where Grinders is now the number one coffee bean brand in retail with sales of over AUD100 million. The common theme here is choice, more brands, more packs, more flavors, and more occasions focused on faster growing categories. That's helping us recruit consumers, increase frequency, and capture a greater share of the beverage spend.

瓶裝水成長良好，尤其是GB的Smartwater，以及菲律賓的Wilkins。此外，我們在澳洲的咖啡業務也取得極佳進展：Grinders如今已成為零售通路第一的咖啡豆品牌，銷售額超過1億澳幣。這裡的共同主題是「選擇」：更多品牌、更多包裝、更多口味，以及更多消費情境，聚焦於成長更快的品類。這有助於我們吸引新消費者、提高購買頻率，並在飲料支出中取得更高份額。

As I mentioned earlier, we've seen great momentum in the growth of Zeros everywhere, whether in Coke trademark, flavors with Sprite and Fanta, in hydration or in energy. Both Coke Zero Caffeine in its eye-catching caffeine-free in its eye-catching new black and gold packaging and Zero Chill Sprite with its refreshing glass of mint have delivered beyond our expectations with Sprite overall grown by 6%, supported by the fantastic Sprite and Spicy campaign.

如我先前提到，我們在各地都看到零糖產品成長的強勁動能，無論是在可口可樂商標品牌、Sprite與Fanta等風味飲品、補水品類或能量飲。無咖啡因的Coke Zero（採用醒目的黑金新包裝）以及Zero Chill Sprite（以清爽薄荷感為主打）表現均超出預期；在精彩的Sprite and Spicy活動支持下，Sprite整體成長6%。

We've extended our range of zero flavors and Fanta and are seeing good growth in both zero sugar sports through Powerade and Aquarius and in Energy where the Monster Ultra range was up over 50%. Overall, zero sugar volumes increased by 10% and we expect strong growth going forward with innovation offering more choice for consumers as they increasingly seek out healthier but exciting and great tasting options.

我們也擴展了Fanta的零糖風味系列，並看到零糖運動飲（Powerade與Aquarius）以及能量飲領域的良好成長，其中Monster Ultra系列成長超過50%。整體而言，零糖產品銷量增加10%；隨著消費者日益尋求更健康、但同樣令人興奮且口感出色的選擇，我們預期未來將持續強勁成長，而創新將提供更多選擇。

Execution is one of our most durable competitive advantages and in half one, we turn brand strength and innovation into visible measurable marketplace impact. One example is our cooler rollout plan, which is running well ahead. We've added more than 80,000 coolers this year, an increase of 5%, more than 10% since last year when we began our accelerated program to expand cold availability and grow instant consumption, which supports mix.

執行力是我們最持久的競爭優勢之一；在上半年，我們把品牌力與創新轉化為在市場上可見、可衡量的影響。其中一個例子是我們的冷藏櫃（cooler）鋪設計畫，進度大幅超前。今年我們新增超過80,000台冷藏櫃，增加5%；自去年啟動加速計畫以擴大冷飲可得性、提升即時飲用（有助於產品組合）以來，累計增幅已超過10%。

We're continuing to win with customers and listings across markets, including Smartwater infused in McDonald's in selected markets, Domino's was a significant recent win in Australia, with the GB team winning Parkdean Resorts, Papa John's and Leeds United. This expands our coverage of English Premiership grants to 80% and makes Ed, our CFO, a proud Yorkshire man, very happy. And we've seen a terrific win for the whole system with Marriott International, including over 600 hotels and air markets, and that will start rolling out during half two.

我們持續在各市場贏得客戶合作與上架機會，包括在部分市場於麥當勞導入Smartwater infused；Domino's是我們近期在澳洲的重要斬獲；而GB團隊則拿下Parkdean Resorts、Papa John's與Leeds United。這使我們對英格蘭超級聯賽（English Premiership）的覆蓋率提升至80%，也讓我們的財務長Ed——一位自豪的約克郡人——非常開心。此外，我們也在整個系統層面取得與Marriott International的重大勝利，涵蓋超過600家飯店與航空市場，並將於下半年開始逐步推行。

Beyond that, execution on our packaging collection progress continued. DRS has landed well in Portugal. We continue to prepare for GB next year, and we launched a cross-border recycling program across the Pacific Islands, all contributing to our decarbonization journey. And finally, we're bringing our brands to life to stronger activation, as you can see here on the Fanta and Xbox, and of course, through FIFA World Cup, which I'm keen to touch on next.

除此之外，我們在包裝回收（collection）方面的執行進展也持續推進。DRS在葡萄牙落地成效良好。我們持續為明年GB的推行做準備，並在太平洋島國推出跨境回收計畫，這些都在為我們的減碳旅程做出貢獻。最後，我們也透過更強的行銷活動讓品牌更具生命力，如你在此看到的Fanta與Xbox合作，當然也包括FIFA世界盃；接下來我也想談談這一點。

World Cup 2026 has been our biggest activation program ever, providing a great example of how we work with the Coca-Cola Company combining world-class assets with exceptional local execution at scale to create value for our customers and excitement for our consumers. We delivered more than 500,000 displays with our field teams continuing to build momentum as the tournament progressed.

2026世界盃是我們史上規模最大的行銷啟動（activation）計畫，充分展現我們如何與可口可樂公司合作：結合世界級資產與卓越的在地大規模執行，為客戶創造價值並讓消費者感到興奮。我們交付了超過500,000個陳列展示；隨著賽事推進，我們的外勤團隊持續累積動能。

All of our top European home customers executed the campaign, covering more than 47,000 outlets. We activated exclusive Panini sticker unpacked promotions with 163 million packs and produced more than 135 million team and player cans. Importantly, it just wasn't about brand awareness. The activation supported transactions with more than 1.3 million FIFA items awarded to shoppers through the purchase of our brands.

我們所有歐洲主要本土客戶都執行了該活動，覆蓋超過47,000個據點。我們推出獨家Panini貼紙拆包（unpacked）促銷，涵蓋1.63億包，並生產超過1.35億罐的球隊與球員主題罐。重要的是，這不僅僅是品牌知名度。該活動也帶動交易：消費者透過購買我們的品牌，獲得超過130萬件FIFA獎項商品。

On to competitiveness, sharpening competitiveness is not simply a cost agenda, it is about building a fast business, one that is more efficient and more effective in serving our customers and consumers and one that can (inaudible) something and growing profitably. One important lever is revenue and margin growth management.

接著談競爭力：強化競爭力不只是成本議題，而是要打造一個快速運作的企業——更有效率、更有效能地服務客戶與消費者，並且能夠（聽不清）某些事情，同時實現獲利性成長。其中一個重要槓桿是營收與毛利成長管理。

We are continuing to use sharper insights, better promotional mechanics, and stronger pricing tools to balance value for consumers with profitable growth for our customers in CCEP. That is particularly important in an environment where many consumers remain focused on value. Promotions are a good example, they are not only about headline price. But as the examples here demonstrate about great promotional mechanics helping to drive higher incidents, whether that's through free meals in QSR, gifts with purchase, or prize-led campaigns for Fuze Tea and Coke Zero, Zero.

我們持續運用更敏銳的洞察、更好的促銷機制，以及更強的定價工具，在CCEP中為消費者平衡價值，同時為我們的客戶帶來獲利性成長。在許多消費者仍然聚焦於性價比的環境下，這點尤其重要。促銷就是一個很好的例子，它不僅僅是看表面上的價格。但正如這裡的例子所示，出色的促銷機制有助於帶動更高的發生次數（incidents），無論是透過QSR的免費餐點、購買贈禮，或是針對Fuze Tea與Coke Zero, Zero的獎品導向活動。

At the same time, we are building more scalable capabilities across the business, expanding integrated shared services with more than 1,500 colleagues, including now over 250 in Manila. This is all part of our broader productivity mindset. We are improving how we work, simplifying processes as we leverage AI, reducing OpEx, and reinvesting behind the capabilities that matter most across both commercial and our supply chain.

同時，我們也在全公司建立更具規模化的能力，擴大整合式共享服務，已有超過1,500位同仁參與，其中包括目前在馬尼拉的250多位同仁。這些都是我們更廣泛的生產力思維的一部分。我們正在改善工作方式，在運用AI的同時簡化流程、降低營運費用（OpEx），並將資源再投資於商業端與供應鏈中最重要的能力。

Our markets in Southeast Asia are our fastest growing within CCEP, as you saw earlier. In Indonesia, we made solid progress during the first half of this year, with sparkling continuing to grow ahead of the total category. Our new launches like Sprite Nippy's Mint, Coke Zero Vanilla, and Powerade are performing well and have contributed significantly to growth in Q2 following a great festive period. This has been supported by a new Route to Mark model, which is helping us strengthen execution and improve category participation with our distribution partners.

如同你先前所見，東南亞市場是CCEP內成長最快的市場。在印尼，我們在今年上半年取得穩健進展，氣泡飲品（sparkling）持續領先整體品類成長。我們的新上市產品，如Sprite Nippy's Mint、Coke Zero Vanilla與Powerade表現良好，並在一個很棒的節慶檔期之後，於第二季對成長做出顯著貢獻。這也受惠於新的Route to Mark模式，協助我們與經銷夥伴強化執行力並提升品類參與度。

In the Philippines, we've continued to see strong momentum. Our Coke Zero campaign focused around all-out syrup or all-out deliciousness supported double-digit volume growth, and we've continued to see good momentum at Wilkins, our water brand, which is benefiting from new listings. We're also investing for future demand. Construction of our new facility remains on track for 2027 and this will provide additional capacity to support long-term profitable growth in the Philippines, with margins now approaching our 10% target.

在菲律賓，我們持續看到強勁動能。我們以「全力糖漿（all-out syrup）」或「全力美味（all-out deliciousness）」為主軸的Coke Zero活動，帶動了雙位數的銷量成長；同時，我們也持續看到旗下瓶裝水品牌Wilkins維持良好動能，並受惠於新的上架（listings）。我們也在為未來需求進行投資。我們新廠的建設仍按計畫推進，預計於2027年完成，將提供額外產能以支持菲律賓長期的獲利性成長，而目前利潤率也正逐步接近我們10%的目標。

Taken together, Indonesia and the Philippines are becoming a scalable Southeast Asia growth engine for CCEP, combining strong category growth, improving execution, innovation momentum, and growing profitability.

綜合來看，印尼與菲律賓正逐步成為CCEP可規模化的東南亞成長引擎，結合強勁的品類成長、持續改善的執行力、創新動能，以及不斷提升的獲利能力。

Now just to talk a little bit to AI and tech. Our approach to AI is clear. We are focused on a key number of strategic opportunities across the business, but we are deliberately centered around growth. By way of few examples, it is providing enhanced analytics to optimize promotional pricing levels, is supporting our insights team to analyze data to drive swifter commercial decisions.

接著我簡單談一下AI與科技。我們對AI的做法很清楚。我們聚焦於公司內若干關鍵的策略機會，但我們刻意以成長為核心。舉幾個例子，它提供更強化的分析能力以最佳化促銷定價水準，也支援我們的洞察團隊分析數據，以更快速做出商業決策。

It's cleaning millions of pieces of manufacturing data in days rather than years. And it's helping key account managers provide more effectively -- prepare more effectively for customer conversations and is starting to enhance productivity as we leverage digital twins in our supply chain.

它能在幾天內清理數百萬筆製造數據，而不是花上數年。它也在協助關鍵客戶經理更有效地——更充分地為客戶對話做準備，並且當我們在供應鏈中運用數位分身（digital twins）時，也開始提升生產力。

So what gives me confidence is that what we're seeing while we're seeing good progress against all our strategic priorities, we will keep coming back to demonstrate how we are strengthening our business today and creating foundations for tomorrow.

因此，讓我有信心的是：在我們看到各項策略優先事項都取得良好進展的同時，我們也會持續回到這裡，展示我們如何在今天強化業務，並為明天奠定基礎。

We know, however, that we've got more to do. We continue to broaden our portfolio, especially in Zeros, bringing even more magic to Coke original taste and driving more innovation with new and exciting options coming from our brand partners. In Southeast Asia, we are encouraged by the early progress in Indonesia and the continued strength of the Philippines. Our focus is now to sustain that momentum and scale it into a long-term growth engine for CCEP. All of this is why continue to execute across our markets each and every day whilst adapting even faster, leverage that and tech across our business.

不過我們也知道，還有更多工作要做。我們將持續擴大產品組合，特別是在Zero系列上，為可口可樂原味帶來更多魔力，並透過品牌夥伴推出令人興奮的新選擇，推動更多創新。在東南亞，我們對印尼的早期進展以及菲律賓持續的強勁表現感到鼓舞。我們現在的重點是維持這股動能，並將其擴大為CCEP的長期成長引擎。這些都是為什麼我們每天持續在各市場落實執行，同時更快地調整，並在全公司運用數據與科技。

So as you've seen today, we're continuing to build on the consistent track record of delivery over the past 10 years. We've created significant value for customers, consumers and shareholders, and we believe the opportunity ahead remains just as compelling. We are growing across attractive categories and markets, broadening our portfolio, winning through execution, sharpening our competitiveness, scaling Southeast Asia, and unlocking new growth through data, technology and AI.

因此，如同你今天所看到的，我們持續在過去10年一貫的交付紀錄上再接再厲。我們為客戶、消費者與股東創造了顯著價值，而我們相信前方的機會依然同樣引人注目。我們在具吸引力的品類與市場中成長、擴大產品組合、以執行取勝、提升競爭力、擴大東南亞規模，並透過數據、科技與AI解鎖新的成長。

The strength of our first half performance demonstrates the resilience of our business and the consistency of our growth model. While we have several key months to go and six less trading days in Q4, the second half has started well, giving us confidence in our full year outlook and our ability to deliver on our medium-term objectives. We are winning today and we are creating an even stronger platform for tomorrow.

我們上半年表現的強勁，展現了業務的韌性以及成長模式的一致性。儘管我們還有幾個關鍵月份要走，且第四季少了六個交易日，下半年仍有良好開局，讓我們對全年展望以及達成中期目標的能力更有信心。我們今天正在取勝，也正在為明天打造更強的平台。

Thank you, everybody. And Ed and I would now be very happy to take your questions as I hand the call back over to you, Mel.

謝謝各位。接下來我把電話交回給你，Mel；我和Ed也很樂意回答各位的提問。

(Operator Instructions)

（接線員指示）

Edward Mundy, Jefferies.

Edward Mundy，Jefferies。

Afternoon, Damian, Ed and Sarah. Look, I appreciate it's a little bit too early to talk about 2027 guidance, but I'd love to pick your brains as to how you're thinking philosophically about growth in next year. Now, on the one hand, you're going to be lapping two really good summers. You've got FIFA, you've got this very strong innovation cycle that we've just been through.

下午好，Damian、Ed和Sarah。我知道現在談2027年的指引可能還稍早，但我很想請教你們對明年成長的理念性思考。一方面，你們將會面對兩個非常好的夏季基期。你們有FIFA，也剛經歷了一個非常強勁的創新週期。

But on the other hand, you're broadening your portfolio, taking share. Southeast Asia seems you're waking up and AI is moving from a productivity tool to a great engine. What are the two or three things that you're really excited about, Damian, as you go into 2027?

但另一方面，你們正在擴大產品組合、提升市占。東南亞看起來正在甦醒，而AI也正從生產力工具轉變為強大的引擎。Damian，當你展望2027年時，最讓你感到興奮的兩到三件事是什麼？

Yeah, thanks, Ed. I mean, we'll talk later in the year with more specificity around '27. But clearly, we're excited about the second half of this year, just to maybe bring it back to '26. As I said, the second half of this year started well. We've continued to see good weather across most of our markets. And we've got a lot of good campaigns coming, whether that's around the Bundesliga, EPL, our new icon look and feel for Coke Zero.

好的，謝謝你，Ed。我們會在今年稍晚更具體地談到’27。但很明顯地，我們對今年下半年感到興奮；或許先把焦點拉回到’26。如我所說，今年下半年開局良好。我們在大多數市場持續看到不錯的天氣。而且我們也有許多很好的活動即將推出，無論是德甲（Bundesliga）、英超（EPL），或是Coke Zero全新的icon視覺風格。

We're only at the beginning with Coke Zero, Zero. Supercans are new, so a lot of the innovation that we've brought to market in '26 really will see the full year benefit of that in '27, so that definitely gives me some excitement and confidence.

我們在Coke Zero, Zero上才剛開始。Supercans是新的，因此我們在’26帶到市場的許多創新，將在’27完整年度中看到其效益，這確實讓我感到興奮並更有信心。

I think the second point I'd make, Ed, is that clearly when we were preparing for FIFA, we were working very closely with the Coca-Cola Company to have a really exciting asset for the same period next year, and I'm really excited about that. Obviously, for various reasons, I can't get into more detail with it, but as you'd appreciate, we have been working hard to make sure we bring a similar level of excitement on store inventory to our consumers for 2027.

我想我會提出的第二點，Ed，是當我們為FIFA做準備時，我們一直與可口可樂公司非常緊密合作，為明年同一期間打造一個非常令人興奮的資產，而我對此非常期待。當然，基於各種原因，我無法透露更多細節，但如你所理解，我們一直努力確保在2027年為消費者帶來同等程度的興奮感，並在店內陳列與庫存上呈現出來。

You're right about Asia. I think we start to see that being a material player in our growth algorithm. It's great to see Indonesia performing. And again, a lot of the innovation we've brought this year will continue into 2027.

你說得對，關於亞洲。我認為我們開始看到它成為我們成長算法中的一個重要角色。很高興看到印尼表現良好。而且，我們今年帶來的許多創新也將延續到2027年。

Yeah, and to your point around AI and tech, certainly we will see net revenue per case playing a bigger part of our story in the second half of this year. We'll clearly continue to look at pricing opportunities as we exit '26, which again will give us a bit of momentum into 2027. So excited about the second half of this year and looking forward to an even more exciting 2027.

是的，而且就你提到的 AI 與科技而言，當然我們會看到每箱淨營收在今年下半年於我們的故事中扮演更重要的角色。隨著我們走出 '26 年，我們也會明確持續尋找定價機會，這同樣會讓我們在 2027 年獲得一些動能。所以對今年下半年感到非常振奮，也期待 2027 年會更加令人興奮。

Also, some of the foundational work we've been doing around cooler placements, some of those customer wins, I mean, they remain in our base into '27, and that also supports our growth objective.

另外，我們在冷藏設備投放方面所做的一些基礎性工作、以及部分客戶贏單——我的意思是——它們會持續留在我們的基礎盤中直到 '27 年，這也支持我們的成長目標。

Matthew Ford, BNP Paribas.

Matthew Ford，法國巴黎銀行（BNP Paribas）。

Afternoon all, thanks for the question. The first one is just to pick up on something you just mentioned there, Damian, on the revenue per case kind of evolution. Particularly, if we focus just on the Europe performance, Q2 I think plus 1.3% revenue per unit case kind of in line with what we score in Q1. And obviously, Q1 was impacted to a degree by the earlier time of Easter. How much of the sort of slightly softer revenue per case is reflecting sort of the tougher consumer environment and the focus on affordability and large packs?

各位下午好，謝謝讓我提問。第一個問題是延續你剛才提到的內容，Damian，關於每箱營收的演變。特別是如果只聚焦歐洲表現，第二季我記得每標準箱單位營收約成長 1.3%，大致與第一季相當。而且顯然第一季在某種程度上受到復活節較早的影響。這種每箱營收略偏疲弱，有多少是反映較嚴峻的消費環境、以及對可負擔性與大包裝的重視？

Or is there something else in there? And should we expect the kind of European revenue per unit case to also sequentially improve? Clearly, in APS, we will fully cycle the impact there, but specifically on Europe, what's your thoughts into the second half?

還是其中還有其他因素？以及我們是否應該預期歐洲每標準箱單位營收也會逐季改善？顯然在 APS，我們會完全消化那邊的影響，但就歐洲而言，你對下半年的看法是什麼？

And then very quickly, if I can follow-up on the Philippines. We're cycling, I think, as we go into Q3, the quite devastating typhoons you saw in July and August last year. So any update on how July and potentially the first couple of days of August have trended in the Philippines? Thank you.

然後很快追問一下菲律賓。我想我們進入第三季時，會開始對比去年 7、8 月你們遭遇的相當嚴重的颱風影響。所以能否更新一下菲律賓 7 月、以及可能 8 月前幾天的趨勢如何？謝謝。

Yes, thanks, Matt. Maybe I'll deal with the second part of your question and then hand back to Ed for your questions running in us all for case. Yeah, as I said, we're pleased with the way half two started across CCEP, including the Philippines. So far, we haven't seen similar weather that we had to deal with last year. So that will definitely help as we look at Q3. But generally, the momentum we saw in June is continuing across our business. So that gives us a lot of excitement for a solid Q3. And I'll hand back to Ed on the NSL per case question.

好的，謝謝，Matt。也許我先回答你問題的第二部分，然後再交給 Ed 回答你關於每箱的問題。是的，如我所說，我們對 CCEP 下半年第二季初（half two）的開局感到滿意，包括菲律賓在內。到目前為止，我們沒有看到像去年那樣需要應對的類似天氣狀況。因此，這在我們展望第三季時肯定會有所幫助。但整體而言，我們在 6 月看到的動能正在我們的業務中持續延續。所以這讓我們對第三季穩健表現感到非常振奮。我把每箱 NSL 的問題交回給 Ed。

Yes, thanks, Matt. So on the revenue per case and looking specifically at Europe, so yes, absolutely, as you said, we grew 1.4% per case in the quarter and that was quite nicely balanced between rate and mix. I think one thing we need to remember is that last year for the same time period, so Q2 2025, we grew 4.2% per case. So we're cycling a very strong revenue per case growth from the previous year.

好的，謝謝，Matt。關於每箱營收，並特別看歐洲，是的，正如你所說，我們本季每箱成長 1.4%，而且在價格（rate）與組合（mix）之間的貢獻相當均衡。我想有一點需要記住的是，去年同一期間，也就是 2025 年第二季，我們每箱成長 4.2%。所以我們正在對比前一年非常強勁的每箱營收成長基期。

And as we look at the year as a whole, I think evening out the impact between different quarters, we still expect a good balance between volume growth and revenue per case growth. I think in Europe specifically, if you look at Q2, so we continue to see healthy brand mix coming through. We did have a bit more adversity in pack mix, but that's really as a result of the success of a lot of the activation we did with promotions and particularly around FIFA. So that's probably Q2 specifically.

而從全年來看，我認為在不同季度之間把影響攤平後，我們仍預期銷量成長與每箱營收成長之間會有良好的平衡。我想就歐洲而言，如果看第二季，我們仍持續看到健康的品牌組合表現。包裝組合方面確實遇到一些逆風，但那其實是因為我們做了很多促銷活動的成功帶動，尤其是圍繞 FIFA 的活動。所以那可能是第二季特有的情況。

And then when we look at the rate, as I said, when we look at the year as a whole, we think that will be fairly balanced. We don't see any reduction in our ability to take price in our markets. And as always, as we've talked about before, these pricing decisions within quarter are quite dynamic and are always influenced by the period that we're typing.

然後在價格（rate）方面，如我所說，從全年來看，我們認為會相當均衡。我們不認為我們在各市場的提價能力有任何下降。而且一如既往、也如我們之前談過的，季度內的定價決策相當動態，並且總是會受到我們所處期間的影響。

We continue to focus on affordability as we talked about last year and making sure we have the right packs at the right price for all of our consumers, but also that we give consumers great experiences through either our packs, through our innovation or some of the great activation we saw around FIFA like Panini, as Damian mentioned earlier.

我們會持續聚焦可負擔性，如同去年所談到的，確保我們為所有消費者提供在正確價格帶上的正確包裝；同時也透過包裝、創新，或是我們在 FIFA 期間看到的一些很棒的行銷推廣（例如 Damian 先前提到的 Panini），為消費者帶來很好的體驗。

Yeah, and I just think to build on that, I mean, on our last call, we've been very explicit about trying to balance pricing with value adds because we think obviously the brands that we have bring a different level of excitement to our consumers. So what you'll see in Q2 and into Q3, a lot of our on-floor activation, particularly in retail, is to win, to collect, to get access to tickets.

是的，我想再補充一下：在我們上一次電話會議中，我們非常明確地談到要在定價與加值之間取得平衡，因為我們認為我們的品牌顯然能為消費者帶來不同層次的興奮感。所以你會在第二季以及進入第三季看到，我們很多的店內陳列活動，特別是在零售端，是以「贏取」、「蒐集」、以及「取得門票資格」為主。

And we think that's important. While it offers value, it also brings excitement. And we think with the brands that we have, that's what consumers and indeed customers are looking for. So we'll continue to look at a balance of affordability to price value. We've got a lot of premium plays out there. A lot of our innovation is more in the premium space, Supercans, Coke Zero Zero, and then we'll shift some more of those promotional forms back into value add.

我們認為這很重要。它在提供價值的同時，也帶來興奮感。而我們認為，憑藉我們擁有的品牌，這正是消費者、乃至客戶所期待的。因此我們會持續在可負擔性與價格價值之間尋求平衡。我們也有很多高端策略在推進。我們的許多創新更偏向高端領域，例如 Supercans、Coke Zero Zero，然後我們會把更多這類促銷形式轉回到加值上。

We see that responding really well and no surprise, the goldcan for the Spanish team has been a huge hit in Iberia. So elements like that we think are something that brands like Coke can do better than anybody else and we'll keep leveraging them.

我們看到這些反應非常好；也不意外，為西班牙隊推出的金罐在伊比利亞市場大受歡迎。所以我們認為這類元素是像可口可樂這樣的品牌比任何人都更能做到的，我們也會持續加以運用。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛（Goldman Sachs）。

Thank you. Hi, everyone. I had a question on your volumes. I guess I was hoping to get a little more color on your volumes in the quarter and maybe how they trended relative to your internal expectations. Damian, you mentioned both the World Cup and favorable weather were two drivers of strength. So hoping maybe you could give us a sense of the lift you saw from this and maybe any other call-off that surprised you from your perspective.

謝謝。大家好。我有一個關於你們銷量的問題。我想更了解本季銷量的細節，以及相對於你們內部預期的走勢如何。Damian，你提到世界盃與有利的天氣是兩個帶動強勁表現的因素。所以希望你能讓我們了解這些因素帶來的拉動幅度，以及是否還有任何其他出貨/拉貨（call-off）表現讓你們感到意外。

Also, your guidance implies a decent deceleration of growth in the back half, so I guess I'm trying to understand how much was possibly pulled forward into Q2 versus conservatism on your part and finally maybe just expected phasing of growth between Q3 and Q4?

另外，你們的指引暗示下半年成長會明顯放緩，所以我想了解有多少可能是第二季提前拉動（pulled forward），或是你們在指引上較為保守；最後也想請教一下第三季與第四季之間的成長節奏預期？

Thanks, Bonnie. I can say there was zero pull forward or impact on Q3. So really healthy volume growth across the quarter. I would say it was a quarter where we delivered growth from a geographic perspective, very balanced. From a channel perspective, we were pleased and also, as Ed mentioned, from a pack perspective. So it was broad across brands and packages. We came in with a lot of momentum into the third quarter. As I said, it started off well for us. So zero impact on the growth from Q2 into Q3, which is great.

謝謝，Bonnie。我可以說完全沒有提前拉動，也沒有對第三季造成任何影響。所以本季的銷量成長非常健康。我會說這是一個從地理區域角度來看成長非常均衡的季度。從通路角度來看，我們也很滿意；同時如 Ed 所提到的，從包裝角度也是如此。所以在品牌與包裝上都相當全面。我們帶著很強的動能進入第三季。如我所說，對我們而言第三季開局良好。因此，從第二季到第三季的成長完全沒有受到影響，這很好。

In fact, probably some of the people who are working the hardest at CCEP are our supply chain colleagues as we continue to meet that increased demand coming out of the second half and rebuild inventories. So overall, very pleased. I would say, obviously, FIFA is a call out just in terms of its scale and impact. I would say some of the new innovations are doing better than we expected, so Coke Zero, Zero, I think the Supercan has surprised us, really connecting with a different user and I think that's working really well.

事實上，CCEP 裡面可能有一些最努力工作的人就是我們的供應鏈同仁，因為我們持續因應下半年需求增加並重建庫存。所以整體而言，我們非常滿意。我會說，顯然，FIFA 就其規模與影響而言是一個特別值得一提的因素。我也會說，一些新創新產品的表現優於我們預期，例如 Coke Zero、Zero，我認為 Supercan 讓我們感到驚喜，確實與不同的使用者族群產生連結，而且我認為這運作得非常好。

And obviously, we talked to some of the innovation in Asia, but particularly Powerade in Indonesia surprised us to the upside. So that's great. So quite broad, which is exciting, quite sustainable into Q3, Q4 and as I mentioned to Ed's point into next year.

而且顯然，我們談到了一些在亞洲的創新，但尤其是印尼的 Powerade 表現超出預期。所以這很棒。因此覆蓋面相當廣，這令人振奮，而且在第三季、第四季具有相當可持續性；正如我提到的，呼應 Ed 的觀點，也會延續到明年。

You could call us conservative. I mean, Ed and I looked at our numbers for the first half of the year reflected on year to go. There's still five months to go. And clearly, we'll be able to update everybody in November and how we see the full year. But at this stage, given the volatility that we've seen, particularly on the cost side, it's great to be able to reaffirm what was pretty good guidance anyway. And that gives us a lot of excitement for the second half.

你可以說我們比較保守。我的意思是，Ed 和我看了我們上半年數字，並回顧全年剩餘期間。距離年底還有五個月。而且很明顯，我們會在 11 月向大家更新我們對全年情況的看法。但在這個階段，鑑於我們看到的波動性，尤其是在成本端，能夠重申原本就相當不錯的指引是很好的。這也讓我們對下半年充滿期待。

Simon Hales, Citi.

Simon Hales，花旗。

Thanks. Hi, Damian. Hi, Ed. Hi, Sarah. Damian, I wonder if we could just sort of pick your brains a little bit further on your comments around the H2 guidance and potentially some of perhaps the prudence you're building in there. I'm just still trying to square the circle because from everything you've said today, clearly Q3 has started strongly. Momentum was very good. It's obviously through June. That's continued into July and perhaps early August.

謝謝。嗨，Damian。嗨，Ed。嗨，Sarah。Damian，我想我們能否就你對下半年指引的評論，以及你可能在其中納入的一些審慎因素，再多請教你一些。我仍在試著把整件事理順，因為從你今天所說的一切來看，第三季顯然開局強勁。動能非常好。這顯然延續到 6 月。而且這也延續到 7 月，或許到 8 月初也是如此。

We've got perhaps lower promo coming into Europe in H2. Generally, as you said, higher revenue per case, further cost efficiencies coming through. And yet, overall, comparable EBIT growth is expected to slow to probably around 6% and change in H2 to meet your guidance. You just flagged there your worries perhaps around some of the cost volatility we're seeing.

我們在下半年進入歐洲時，促銷可能會更少。整體而言，如你所說，每箱收入更高，進一步的成本效率也會逐步顯現。然而，為了符合你們的指引，下半年可比 EBIT 成長預期將放緩至大約 6% 左右。你剛才也提到，你可能擔心我們看到的一些成本波動。

Are you really sort of being pretty conservative because of the higher COGS per case we're seeing in the second half? And is that really driven by what you're seeing out of the Middle East in particular? I'm just trying to get a bit more of a flavor as to what's driving that potential current services on your part.

你們是否真的是因為下半年每箱 COGS（銷貨成本）較高而採取相當保守的態度？而這是否主要是由你們在中東所看到的情況所驅動？我只是想更了解一下，是什麼在推動你們這邊可能的審慎作法。

Yeah, I mean, we look at the year in total, Simon. I mean, I know everybody gets excited by quarters and, the half year outlook, when you take the first half and you deduct it from our guidance. I mean, you guys do the numbers as well as if not better than us. I suppose really it just comes down to, we still have five big months. We still got to get through what is a really good summer first in Europe.

是的，我們是從全年總體來看，Simon。我的意思是，我知道大家都會對季度、以及半年展望感到興奮；當你把上半年從我們的指引中扣除時，我的意思是，你們算數也不比我們差，甚至可能更好。我想歸根結底就是，我們還有五個重要的月份。我們仍需要先度過歐洲一個非常好的夏季。

And we're excited about that, then we move into spring, summer in our Australia, New Zealand businesses, so it more reflects a kind of time frame that we still have five what we hope will be great months to go and that was it really. I mean there's nothing specific when we look at our hedging, we're in a good place, we look at our pricing. We're in a good place. We would like to see a little bit more NSR per case progression in half two. We're clearly working on that with our commercial teams.

我們對此很興奮，接著我們會進入澳洲、紐西蘭業務的春季、夏季，所以這更多反映的是時間框架：我們還有五個月——我們希望會是很棒的五個月——要走完，僅此而已。我的意思是，當我們看避險時，我們處於良好狀態；看定價，我們也處於良好狀態。我們在各方面都在一個不錯的位置。我們希望在下半年看到每箱 NSR（淨銷售收入）有更多進展。我們顯然正與商務團隊一起努力推動。

From a listings perspective, we're in good shape. So there's a lot to be positive about. We just felt with five months to go, sticking to our guidance is probably the best decision at the moment. And then obviously, should that change, we'll update it as we go through the year anyway as normal. So nothing specific, more really that we felt were just halfway through the game. Maybe we are a little bit conservative, but maybe that's our way a little bit.

從上架（listings）的角度來看，我們狀況良好。所以有很多正面的因素。我們只是覺得在還有五個月的情況下，維持我們的指引可能是目前最好的決定。然後顯然，如果情況有變，我們也會像往常一樣在年度進行過程中更新。所以沒有什麼特定因素，更多只是我們覺得比賽才進行到一半。也許我們確實有點保守，但這可能就是我們一貫的作風。

I don't know, Ed, do you want to come on?

我不知道，Ed，你要補充嗎？

Well, maybe just one point to add. We have to remember, of course, that there were more selling days in the first half and the second half. So when we look at our reported revenue and our reported profit, they reflect that. So obviously that means a few less selling days in the second half, but that's all as per our plan and how we anticipated the year would roll out at the beginning of the year.

嗯，也許只補充一點。我們當然必須記得，上半年與下半年的銷售天數不同，上半年有更多的銷售天數。因此當我們看已報告的營收與已報告的利潤時，它們會反映這一點。所以很明顯，下半年銷售天數會少一些，但這都符合我們的計畫，也符合我們在年初對全年節奏的預期。

I think on the Middle East, as you mentioned that, I mean, we're in a good place in terms of our coverage for the year, but the majority of the costs will fall in the second half. That's all built into our guidance. But obviously, given the timing of that and given we're always a little bit more hedged in the near term than the mid-term, we will see more of that cost in the second half. And of course, the Middle East itself is still an open eye to in terms of how it really affects all of us the rest of the year. So just a couple of points there that might help, Simon.

至於中東，既然你提到它，我的意思是，就我們今年的覆蓋（coverage）而言，我們處於良好狀態，但大部分成本會落在下半年。這些都已納入我們的指引。但顯然，考量到其發生時點，以及我們在短期的避險程度通常高於中期，我們會在下半年看到更多這些成本。當然，中東本身在今年剩餘時間將如何真正影響我們所有人，仍需要持續關注。所以就這幾點補充，或許能對你有所幫助，Simon。

Andrea Pistacchi, Bank of America.

Andrea Pistacchi，美國銀行。

Yes, thank you. I have a question on Indonesia, please, which delivered a strong quarter, albeit against a pretty easy comparison base. Is there anything in sort of the performance of this quarter and the previous ones that really is maybe increasing in your confidence that the turnaround is gaining traction beyond the comp FX? And do you think now Indonesia is in a situation where it can start sustaining positive volume growth?

是的，謝謝。我想請教一個關於印尼的問題：該市場本季表現強勁，儘管比較基期相對容易。在本季以及前幾季的表現中，是否有任何因素真正提升了你們對於轉型（turnaround）正在取得進展的信心，而不僅僅是可比匯率（comp FX）的影響？你們是否認為印尼現在已處於可以開始維持正向銷量成長的狀態？

Yeah, great question. We're really excited about Indonesia for the near and long-term, obviously, just given some of the macros that we all know about. I think when we look at our business, we started the year off with a great festive, that's continued into Q2. A couple of drivers of that, one is structural. I mean, we've spent some time reorganizing our route to market and moving to a more efficient distributor model.

是的，很好的問題。我們對印尼在短期與長期都非常興奮，顯然是基於大家都知道的一些總體環境因素。我想當我們看我們的業務時，我們以一個很棒的節慶檔期開局，並且延續到第二季。其中有幾個驅動因素，其中一個是結構性的。我的意思是，我們花了一些時間重新組織我們的市場通路（route to market），並轉向更有效率的經銷商模式。

We firmly believe that's a driver of growth for the long-term. We've brought more innovation, whether it's on the mint side with Sprite or on Powerade, that's definitely driving growth. Our underlying performance on sparkling is actually better. So when you look at the consolidated number, within that, there's still a little bit of weakness on tea and that's something that we need to deal with as we get through the second half of this year.

我們堅信這是長期成長的驅動因素。我們帶來了更多創新，不論是雪碧的薄荷口味（mint）方向，或是 Powerade，這些確實在推動成長。我們在碳酸品類（sparkling）的基本面表現其實更好。所以當你看合併數字時，其中茶品仍有一些疲弱，這是我們在今年下半年推進過程中需要處理的部分。

But what that really shows is where we've been focused, which is on our sparkling portfolio that's continued to go from strength to strength by quarter. So yes, a lot of moving parts in Indo, so I think while we're super excited, we're very happy with the route to market change, I'm particularly pleased for our team in Indo, I mean they've been working through a lot of change. It's great for them to see the positives, particularly on sparkling month after month, quarter after quarter. So we expect that to continue through half two and then into 2027.

但這真正反映的是我們的聚焦所在，也就是我們的氣泡飲產品組合；它在每一季都持續愈來愈強。所以是的，印尼那邊有很多變動因素；我想雖然我們非常興奮、也對通路到市場（route to market）的變革感到非常滿意，但我特別替我們在印尼的團隊感到高興，因為他們一路走來經歷了很多變革。對他們來說，能看到正面的成果很棒，尤其是氣泡飲月復一月、季復一季的表現。因此我們預期這樣的趨勢會延續到下半年，並一路延伸到2027年。

So obviously our objective for that business that it does become a consistent driver of revenue volume for CCEP. We're starting to see that this year. And clearly, we can update as we get into next year, yes, but definitely too early to talk about success. I would say it's great to talk about progress and that's where we are at the moment.

所以很明顯，我們對那項業務的目標，是讓它成為CCEP營收量的穩定驅動力。我們今年開始看到這點。而且當然，等進入明年我們可以再更新，是的，但現在談成功仍然太早。我會說，談進展是很好的，而這就是我們目前所處的位置。

Thanks. Can I squeeze in, please, a very quick follow-up on how the supply chain has coped with maybe the increased rain because of the incremental demand because of the weather? Has there been any pressure on the cost base, maybe logistics or production, or have you coped with that normally? Thank you.

謝謝。我可以再追問一個很快的問題嗎：供應鏈如何因應可能因天氣帶來的額外需求、以及可能增加的降雨？成本基礎是否有任何壓力，例如物流或生產方面，還是你們都能如常應對？謝謝。

Yeah, I'd say the team, I mentioned it earlier. And a big call out to all our colleagues in customer service and supply chain. We've managed it really well. I mean, we've had to make some, I would say, short-term tactical decisions about prioritizing certain SKUs. We came into the summer with reasonably good inventories. Our customers usually have good inventories. So that buffer certainly helps us to manage the uplift we've seen, particularly in June and into July.

是的，我會說團隊——我先前也提過。也要特別表揚我們所有在客戶服務與供應鏈的同仁。我們處理得非常好。我的意思是，我們確實必須做出一些短期的戰術性決策，例如優先供應某些SKU。我們在進入夏季時，庫存水位相當不錯。我們的客戶通常也有不錯的庫存。因此這個緩衝確實幫助我們管理所看到的需求提升，特別是在6月以及進入7月。

So not without pressure and I would say a lot of hard work, but nothing significantly impacting our cost base or anything like that. It's been really good to see that the team and our factories can respond to that uplift.

所以並非沒有壓力，我會說需要非常多的努力，但沒有任何對我們成本基礎造成顯著影響之類的情況。很高興看到團隊與我們的工廠能夠回應這波需求提升。

Chris Carey, Wells Fargo Securities.

Chris Carey，Wells Fargo Securities。

Hi, everybody. Thank you for the question. I wanted to follow-up on confidence levels around using pricing as a lever. Clearly, coming into 2026, there was a key strategy across the Coca-Cola system to drive improved or more balanced top-line growth with volume. You've talked about in this call providing consumers with the appropriate value and price points. But as we look at 2027, it certainly does seem like inflation will be higher than it is in 2026 based on what we can see today with acceleration in the back half. So how does this strategy in 2026 evolve into 2027?

大家好。謝謝讓我提問。我想追問一下，關於把定價作為槓桿的信心程度。很明顯，在進入2026年時，可口可樂體系有一項關鍵策略，是在以銷量帶動的同時，推動更佳或更均衡的營收成長。你們在這通電話中談到，為消費者提供適當的價值與價格帶。但展望2027年，依我們目前所見，通膨似乎會高於2026年，且在下半年有加速的跡象。那麼，2026年的這項策略在2027年會如何演進？

Can the pricing line continue to be as robust for you when you need it most, when inflation is rising? Or is there a step change in the thought process about how to manage these inflationary backdrops, say, relative to 2022 and 2023? And I just wonder if you could maybe one level down and talk about how you would view this in your Europe versus APS businesses as well. Thanks so much.

當通膨上升、你們最需要的時候，定價這條線還能持續對你們如此強勁嗎？或者在面對這類通膨背景時，你們的思維方式是否會出現一個階段性的轉變，例如相較於2022與2023年？另外我也想請你們再往下一層談談：在歐洲業務與APS業務之間，你們會如何看待這件事？非常感謝。

(technical difficulty) Yeah, thanks. We're very fortunate when we look at now. 5% of the revenues are retail. So like those replacements, give us access to a much more elastic consumer environment on pricing. So I think it's quite different to a lot of businesses in CPG.

(技術問題) 是的，謝謝。我們現在回頭看，算是非常幸運：5%的營收來自零售。所以像這些替代方案，讓我們能接觸到在定價上更具彈性的消費者環境。因此我認為這與許多消費性包裝品（CPG）企業相當不同。

We're also more diversified than ever across categories and packs. So again, when we look at pricing, it's a very, very segmented strategy and I think that gives us confidence that pricing will remain part of our mix story through '26 and into 2027. It's a similar environment in APS, albeit I would say we're focused on affordability as you'd expect more in markets like Indonesia and Philippines, where we just know out-of-pocket spend is under more pressure.

我們在品類與包裝上的多元化也比以往任何時候都更高。所以再看定價時，這是一個非常、非常分眾的策略；我認為這讓我們有信心，定價在2026年以及進入2027年仍會是我們組合故事的一部分。APS的環境也類似，不過我會說，在印尼與菲律賓這類市場，我們更聚焦在可負擔性，這也符合預期，因為我們知道自掏腰包的支出承受更大壓力。

But ultimately, we feel with that diversity and a segmented approach, we're in good shape for this year and next year. I don't know, Ed, do you want to?

但最終，我們認為憑藉這種多元化與分眾方法，我們今年與明年的狀態都很好。我不知道，Ed，你要補充嗎？

Yes, I think you're absolutely right. I mean, if you look back over our history, we've managed successfully, I think, periods of low inflation and periods of high inflation. It will be a balanced approach, as you said, Chris, we're very conscious of the need for volume growth across the business and revenue per case growth.

是的，我認為你說得完全正確。我的意思是，如果回顧我們的歷史，我們在低通膨與高通膨時期都成功地管理過。我們會採取一個平衡的做法；如你所說，Chris，我們非常清楚整體業務需要銷量成長，以及每箱營收（revenue per case）的成長。

I think one of the strong things about CCEP is we have many levers to that pricing, whether it's the headline price, a lot of opportunity always to make our promotions work harder and be more efficient. And then as you look across the portfolio, many different packs and brands, which really lends ourselves to being able to take that very segmented approach.

我認為CCEP的一個強項是，我們在定價上有很多槓桿，不論是表面上的標價（headline price），也一直有很多機會讓促銷更有效率、發揮更大效益。再者，放眼整個產品組合，有許多不同的包裝與品牌，這也讓我們能採取非常分眾的做法。

And I think '27 will be no different from any of the other years. It will be a very carefully considered approach and we'll look at what's the right thing from a consumer pricing perspective from affordability, what's the right thing for the category from a customer perspective, and of course, what do we need to do to cover cost in our business, but also to invest in the future.

而我認為2027年也不會與其他年份有什麼不同。我們會採取非常審慎、周全的做法，並評估：從消費者定價角度、從可負擔性角度，什麼是正確的；從客戶角度、對品類而言什麼是正確的；當然也包括我們需要做什麼來覆蓋業務成本，同時也要投資未來。

So I think we will see the same type of trends and the same type of activities as we've seen in previous years of maybe slightly higher inflation.

所以我認為，我們會看到與過去幾年（可能通膨略高）相同類型的趨勢與活動。

I think we're also leveraging innovation as well. I think a lot of the innovation you'll see coming through smaller pack sizes, generating a higher revenue per case, commanding a bit more of a premium. And there's more of that to come as we look at brands like BodyArmor, what we do with Powerade, I talked about earlier. Obviously, energy is mainly single-serve, drives a nice revenue per case.

我想我們也在運用創新。我認為你們會看到不少創新會透過更小的包裝規格推出，帶來更高的每箱營收，並能收取略高的溢價。隨著我們觀察像BodyArmor這類品牌、以及我們對Powerade的作法（我先前也提到），未來還會有更多。很明顯，能量飲主要是單瓶即飲（single-serve），能帶來不錯的每箱營收。

So to Ed's point, I think we have a lot of different levers beyond that kind of headline price element, but there will be some headline price as well. But the combination of all of those gives us confidence that we can maintain a quality top-line growth, which for us is really a little bit of price, mix and volume and also sustained margin expansion on the P&L, which we're obviously very focused on.

所以呼應Ed的觀點，我認為除了那種表面標價的元素之外，我們還有很多不同的槓桿，但也會有一些表面標價的調整。而這些因素的組合讓我們有信心，能維持高品質的營收成長；對我們而言，這其實就是一點點價格、組合與銷量，同時也在損益表上持續擴大利潤率，這也是我們顯然非常聚焦的。

Sanjeet Aujla, UBS.

Sanjeet Aujla，UBS。

Hey, Damian, Ed. I just wanted to dig into your share trends across Europe. I think we started the year with some weaker momentum, particularly in Germany and France. How have you seen your competitiveness develop through the course of the half year period?

嗨，Damian、Ed。我想深入了解你們在歐洲各地的市占趨勢。我想今年一開始動能較弱，特別是在德國與法國。在這半年的期間，你們看到競爭力如何發展？

And specifically on the away from home channel, I think volumes were only up 0.5%. Are there any parts of Europe where performance is lagging? I think there was a bit of momentum build last year, but has that faded a little bit this year, or how would you assess your away-from-home performance in Q2? Thanks.

另外特別針對外出飲用通路（away from home），我想銷量只成長了0.5%。歐洲是否有任何地區的表現落後？我想去年動能有些建立，但今年是否稍微消退了，或者你會如何評估你們在第二季的外出飲用表現？謝謝。

Thanks, Sanjeet. So our share has improved, particularly in Europe as the year has progressed. We're actually seeing a slightly better volume share than value share, and that comes back to some of the points Ed talked about. We've seen some of our large PET initiatives pay off, particularly on Diet Coke, so I'm a Diet Coke fan, so I want to call it Diet Coke, where we've seen that brand return to growth in GD. So our volume share is improving and sold value share in Europe, and as you see overall in NARTD, we gained share.

謝謝你，Sanjeet。因此，隨著今年進展，我們的市占率有所提升，尤其是在歐洲。我們實際上看到銷量市占略優於價值市占，這也呼應了 Ed 談到的一些重點。我們看到一些大型 PET 專案已見成效，特別是在健怡可樂（Diet Coke）上；我本人是健怡可樂的粉絲，所以我想稱它為健怡可樂；我們看到該品牌在 GD 通路恢復成長。因此，我們在歐洲的銷量市占與銷售價值市占都在改善；而如你所見，在整體 NARTD 類別中，我們也提升了市占。

In terms of away from home, I would say it's pretty consistent with last year. Obviously, revenue is doing a little bit better than volume. Across all of our markets, it's pretty consistent. Obviously, it's picked up a bit as the weather kicked in, particularly in June and into July. Yes, so nothing structural there. Obviously, it continues to be a channel where we've got to drive more availability, so our coolers are a big part of our away from home strategy.

至於外出通路（away from home），我會說與去年相當一致。顯然，營收表現略優於銷量。在我們所有市場中，情況都相當一致。當然，隨著天氣轉熱，特別是在 6 月以及進入 7 月後，表現有些回升。是的，所以那裡沒有什麼結構性的變化。很明顯，這仍是一個我們必須提升可得性的通路，因此我們的冷藏櫃是外出通路策略的重要一環。

And we've got to manage clearly, particularly down the trade, you'll see a bit more meal deals, you've seen that from some of our big customers, a bit more value from McDonald's and I think that just reflects what Ed talked to that while we see the business being very resilient, we are conscious that some consumers still respond more to value and that's also true and away from home. Yeah, but, two years now when we've seen growth away from home and we're really happy with that.

而且我們也必須清楚地管理，特別是在傳統通路（down the trade），你會看到更多的套餐優惠（meal deals）；你也從一些大型客戶那裡看到這點，例如麥當勞提供更多的價值方案。我認為這反映了 Ed 所說的：雖然我們看到業務非常具韌性，但我們也意識到部分消費者仍更在意性價比，而外出通路同樣如此。是的，不過，這已是連續兩年看到外出通路成長，我們對此非常滿意。

Richard Withagen, Kepler Cheuvreux.

Richard Withagen，Kepler Cheuvreux。

Yeah, good afternoon, Damian and Sarah. Thanks for the question. You mentioned promotions and promo spending a few times on the call today, and I think also on previous calls you mentioned it. Can you perhaps quantify promo spending? Is there more optimization potential and what else in revenue and margin growth management are you focusing on to optimize?

是的，下午好，Damian 和 Sarah。謝謝讓我提問。你們在今天的電話會議中多次提到促銷與促銷支出，我想在之前的電話會議中你們也提過。你們是否可以量化一下促銷支出？是否還有更多優化空間？另外，在營收與毛利成長管理（revenue and margin growth management）方面，你們還聚焦哪些重點來進行優化？

There's always opportunity when I speak to my key account and commercial team. It's a big pot of money. So I do think optimization has really improved. I mean, we've done some good work using technology. We clearly understand what promos don't create value for us or our customers, what promos drive better household penetration. So we will continue with that.

每次我和關鍵客戶與商務團隊交流時，都會發現總是有機會。那是一大筆預算。所以我確實認為優化已經有很大改善。我的意思是，我們運用科技做了一些很好的工作。我們清楚了解哪些促銷不會為我們或客戶創造價值，哪些促銷能帶來更好的家庭滲透率。因此我們會持續推進。

I think beyond promo optimization, and you'll probably see that a little bit in some of our markets -- some of the promo depth is increasing. So we see similar promos, but at a slightly higher promotional price. Clearly, to Ed's point earlier, that will support some of that NSR growth through to the second half of the year.

我認為除了促銷優化之外——你可能也會在我們某些市場看到——部分促銷折扣深度正在增加。也就是說，我們看到類似的促銷，但促銷價位略高一些。很明顯，如同 Ed 先前提到的，這將支持部分 NSR（淨銷售收入）成長延續到下半年。

Beyond that, I mean, I think as I talked to earlier, our innovation plays a good role. It's mainly single-serve. It's mainly more premium compared to large PET. And a lot of it's on the go, which commands a higher price. And then within retail, we see an opportunity, particularly I'm just back from a visit to the US with Ed.

除此之外，我的意思是，正如我先前提到的，我們的創新也扮演很好的角色。主要是單人份（single-serve）。相較於大型 PET，主要更偏高端。而且很多是即飲（on the go）情境，因此能支撐更高的價格。接著在零售端，我們也看到機會，尤其是我剛和 Ed 一起從美國拜訪回來。

You can really see how they've taken minicans, small PET, even further than we have in Europe. I mean, that's been a good part of our story. But when you visit markets like that, you can see how that can be even a bigger part of our story in Europe and in Australia. So I think packaging, pack mix, pack innovation will be a bigger part of our OuR and MGM story going forward and then clearly categories. So when we look at sports, particularly Powerade and Aquarius, they drive a much better mix for us.

你可以清楚看到，他們把迷你罐（minicans）、小 PET 的推進做得比我們在歐洲更深入。我的意思是，這一直是我們故事中很重要的一部分。但當你造訪那樣的市場時，你會看到在歐洲以及澳洲，這可以成為我們故事中更大的一部分。所以我認為包裝、包裝組合（pack mix）、包裝創新，未來將在我們的 OuR 與 MGM 故事中扮演更重要的角色，然後當然還有品類。因此當我們看運動飲料時，特別是 Powerade 和 Aquarius，它們能為我們帶來更好的組合（mix）。

And again, just referencing my North American trip, when you stand in front of a fixture in the US, and also I would say in Australia, to our team's credit in Australia, they've just done a much bigger job on making Powerade and that whole sports category relevant. We see the growth in that in Europe, but there's a long way to go.

同樣再引用我這次北美之行，當你站在美國的貨架陳列前——我也會說在澳洲也是——要稱讚我們澳洲團隊，他們在讓 Powerade 以及整個運動品類更具相關性方面做得更到位、規模也更大。我們在歐洲也看到該品類的成長，但仍有很長的路要走。

So it's a combination of that price promo optimization, pack mix optimization, and better category leverage, and I think that gives us confidence, not just for 2027, but over the next number of years in Europe and in Australia and New Zealand.

所以這是價格與促銷優化、包裝組合優化，以及更好的品類槓桿運用的綜合結果；我認為這讓我們不僅對 2027 年有信心，也對未來數年在歐洲、澳洲與紐西蘭的表現有信心。

Nadine Sarwat, Bernstein.

Nadine Sarwat，Bernstein。

Hi, thank you guys for taking my question. One for me, please. That 20,000 new coolers added is a pretty incredible number, and you referenced it quite a lot in a helpful manner in your prepared remarks. Can you give us a sense of how this incremental cooler capacity is distributed across your geographies or channels. And just help us understand the ROI or incremental sales or positive mix generated by an investment like that in whatever way in terms of quantifying that that you can. Thank you.

嗨，謝謝你們回答我的問題。我這邊一題就好。新增 20,000 台冷藏櫃是一個相當驚人的數字，而且你們在事先準備的發言中也多次以很有幫助的方式提到。你們能否說明一下，這些新增的冷藏櫃容量在各地區或各通路之間是如何分配的？另外，也請協助我們理解這類投資的 ROI（投資報酬率），或所帶來的增量銷售、正向組合改善；就你們能量化的方式來說明即可。謝謝。

Thanks, Nadine. Great question. So actually, it's 80,000 coolers that we've done this year, and that was building on a significant increase as well last year. So yes, we're very pleased with our progress on cooler placements. I would say it's fairly evenly balanced across our markets and actually pretty evenly balanced across channels, both in the home channel and away from home. We found lots more opportunities to place coolers, both Coke coolers and Monster coolers.

謝謝你，Nadine。問得很好。其實，我們今年做的是 80,000 台冷藏櫃，這也是在去年已大幅增加的基礎上再往上加。所以是的，我們對冷藏櫃鋪設的進展非常滿意。我會說在各市場之間相當平均分配，而且在通路之間也相當平均，包含居家通路（in the home）與外出通路（away from home）。我們找到更多擺放冷藏櫃的機會，包括可口可樂冷藏櫃與 Monster 冷藏櫃。

From a finance perspective, that's some of the best investments we like to make. Every cooler is different depending on where you place it, but you can be looking at returns of certainly within a couple of years for a well-placed cooler. We give quite specific guidance to our sales teams in terms of what type of throughput we need to be seeing in order to generate the return and then if that throughput is delivered, then you can be very comfortable with the return.

從財務角度來看，這是我們最喜歡做的一類投資。每一台冷藏櫃會因擺放位置不同而有所差異，但若擺放得當，你看到的回收期通常肯定在幾年之內。我們會給銷售團隊相當明確的指引，說明為了產生投資回報需要達到何種吞吐量（throughput）；只要達到該吞吐量，你就可以對回報非常有把握。

And of course, we're starting to see more and more the use of connected coolers and that gives us great feedback on the number of purchases, what's the right distribution of products and brands, the right rates of sale that we should be seeing through those coolers. So again, another area where technology and AI is really giving us fantastic insight to make sure we put the right coolers at the right size in the right locations. But certainly, from a finance perspective, very happy with the returns we receive from our cold drink placements.

當然，我們也越來越常看到連網冷藏櫃（connected coolers）的使用，這能給我們很好的回饋，包括購買次數、產品與品牌的最佳配置，以及透過這些冷藏櫃應該達到的正確銷售速度（rates of sale）。因此，這也是另一個科技與 AI 真正帶來極佳洞察的領域，確保我們在正確地點放置正確尺寸的冷藏櫃。但就財務角度而言，我們對冷飲鋪貨（cold drink placements）所帶來的回報非常滿意。

Understood. Thank you. And one follow-up on that actually, it clearly is meeting the consumer at a place where they want something cold, they want something convenient. What does that say about underlying consumer dynamics today, single-serve versus multi-packs? And how are you expecting that to evolve over the coming years?

了解。謝謝。另外就此追問一下，這顯然是在消費者想要喝到冰的、想要便利的地方與他們相遇。這對當前消費者的底層動態意味著什麼——單人份（single-serve）相對於多入裝（multi-packs）？而你們預期未來幾年這會如何演變？

Yeah, I mean, I think our single-serve business, particularly as we bring more flavor and innovation, is really robust and it's something that -- we know that our category is an impulse category, right? So it's a huge benefit that if you put it in the right place and it's cold, it gets sold, and that's been true for a long, long time in our business.

是的，我的意思是，我認為我們的單次飲用（single-serve）業務，特別是當我們帶來更多口味與創新時，真的非常強勁，而且這也是——我們知道我們的品類屬於衝動型消費品類，對吧？所以一個很大的好處是，只要把它放在對的位置而且是冰的，就會賣得出去，而這在我們的業務中長期以來一直如此。

It's also an area where you can get price elasticity. So I think people realize and accept that for that convenience and for that immediate cold product, they'll pay a little bit more, which is good for us and for our customer. And typically, when you look at our beverages across our markets, while we have taken pricing, I mean, you can get a cold Coke in most of our markets for around €1, $1.50. So while we do talk about pricing, the absolute spend to enjoy one of our products, I would argue, is always still very reasonable, let's put it that way.

這也是一個可以取得價格彈性的領域。所以我認為人們意識到並接受，為了那份便利以及即時可得的冰涼產品，他們會願意多付一點，這對我們以及對我們的客戶都有利。而且通常，當你看我們在各個市場的飲料時，雖然我們確實做了定價調整，但在我們大多數市場，你大約用€1、$1.50就能買到一瓶冰的可樂。因此，雖然我們會談到定價，但我會主張，享用我們一項產品的絕對花費一直都仍然非常合理，就這麼說吧。

And then on top of that, you've got categories like energy and sports that command a premium. And candidly, our distribution, particularly on sports in away from home and cold, is very low. So that's something we've got to find a better way to unlock that opportunity.

此外，還有像能量飲料與運動飲料這類能夠收取溢價的品類。坦白說，我們的鋪貨（distribution），特別是在外出通路（away from home）與冷飲（cold）的運動飲料方面，非常低。所以這是我們必須找到更好的方式來解鎖那個機會的地方。

I think it also says quite a bit about the customer and the customer sees the value in the category overall and that it's a great value creator from them from an outlet perspective. So we see increasing signs of the customer wanting to place more and more equipment and then give more and more space for soft drinks, which I think is a great thing for us obviously.

我認為這也相當程度反映了客戶端的情況：客戶看到了整體品類的價值，並且從通路端（outlet）的角度來看，這是一個很好的價值創造者。因此，我們看到越來越多跡象顯示，客戶希望擺放越來越多設備，並且給軟性飲料（soft drinks）越來越多的陳列空間，我認為這對我們顯然是件很棒的事。

Mitch Collett, Deutsche Bank.

Mitch Collett，德意志銀行。

Hi, Damian. Hi, Ed. Hi, Sarah. I enjoyed your third slide, the new one, so thank you for that. And there was a bullet on there about Kira, your agentic AI application. You say that it gave you deeper brand insights and faster market decisions. So I just wondered if you could give us any examples of those insights and decisions and how do you expect that tool to develop and contribute to the business going forward? Thank you.

嗨，Damian。嗨，Ed。嗨，Sarah。我很喜歡你們第三張投影片，那張新的，所以謝謝你們。上面有一個重點提到Kira，你們的代理式AI（agentic AI）應用。你們說它讓你們獲得更深入的品牌洞察以及更快的市場決策。所以我想請問，你們能否舉一些這些洞察與決策的例子？以及你們預期這個工具未來會如何發展並持續為業務做出貢獻？謝謝。

Yeah, thanks, Mitch. I mean, we have got a wealth of information as a system. I think that's a starting point, whether it's from our customers, from our own structured research with the Coca-Cola Company and Monster, EPOS data. I mean, we really have a lot of information. Our challenge was trying to put that in a place where we could access it and use different sources to make better decisions. And this is, I think, a challenge of many companies.

是的，謝謝你，Mitch。我的意思是，作為一個系統，我們擁有大量資訊。我認為這是起點，不論是來自我們的客戶、我們與可口可樂公司（Coca-Cola Company）以及Monster一起做的結構化研究、或是EPOS數據。我的意思是，我們確實有很多資訊。我們的挑戰在於，如何把這些資訊放到一個我們能夠存取的位置，並且能用不同來源來做出更好的決策。而我認為，這也是許多公司的共同挑戰。

So Kira really is our first big attempt to have an AI agent that sits above a lot of those sources, whether it's Nielsen, Kantar, EPOS information, brand information from the Coca-Cola Company. And it is giving us a better understanding of how consumers respond to some of our initiatives, whether that's promo or new pack innovation. And clearly then that steers the next decision about where we prioritize resource.

所以Kira其實是我們第一次重大嘗試：建立一個AI代理（AI agent），位於許多資料來源之上，不論是Nielsen、Kantar、EPOS資訊，或是來自可口可樂公司的品牌資訊。它讓我們更了解消費者對我們某些舉措的反應，不論是促銷（promo）或是新包裝創新。而很明顯地，這會引導下一個決策：我們要把資源優先投入在哪裡。

So it's really allowing our commercial teams to ask the right question, get a very quick answer, and then bring that to our customers to shape whether it's space in a cooler, better promo pricing or better innovation as we go forward.

所以它確實讓我們的商務團隊能提出正確的問題、很快得到答案，然後把這些帶給我們的客戶，來塑造未來的方向——不論是冷藏櫃（cooler）裡的陳列空間、更好的促銷定價，或是我們持續推進的更好創新。

So I think we're at the beginning of that. I mean, we've also done some work with McKinsey on trying to look at how AI can sit above even more information and really consolidating a great data set from the Coca-Cola Company with what we have and I think that's where Kira kind of sits in the middle of that. So early days but it's certainly amazing to see how what took weeks to try and get some correlation between Nielsen, Shopper Panel or customer data is now happening a lot quicker, so super exciting.

所以我認為我們才剛開始。我的意思是，我們也和麥肯錫（McKinsey）做了一些工作，嘗試看看AI如何能覆蓋更多資訊，並且把可口可樂公司的優質資料集與我們所擁有的資料整合起來，而我認為Kira某種程度上就位於其中的中間層。所以還在早期，但看到原本需要好幾週才能在Nielsen、購物者面板（Shopper Panel）或客戶數據之間找出一些關聯，現在能快很多發生，確實非常令人振奮。

Eric Serotta, Morgan Stanley.

Eric Serotta，摩根士丹利。

Great. Good afternoon, everyone. Two quick ones. First, Damian, back in Manila, you talked about the potential for the potential upside for improving kind of core sparkling volumes in Europe. Looks like you made some progress in terms of Diet Coke and light in a couple of markets. Original tasting a little on the soft side, but even taking sort of a step back from the quarter-to-quarter volatility, could you talk about your progress and your confidence in achieving that core sparkling volume improvement in Europe since we heard from this a little over a year ago?

很好。各位下午好。兩個簡短問題。第一個，Damian，之前在馬尼拉時，你談到在歐洲提升核心碳酸（core sparkling）銷量的潛在上行空間。看起來你們在幾個市場的健怡可樂（Diet Coke）和light方面取得了一些進展。原味（Original）口味看起來稍微偏弱一些，但即便先退一步、不看季度之間的波動，你能否談談自從我們在一年多前聽到這個議題以來，你們在歐洲推動核心碳酸銷量改善的進展，以及你對達成該改善的信心？

And then a quick one for Ed, usually around this time, around mid-year, you're typically about 50% hedged on commodities for the following year. Where do you guys stand today? Are you a little bit less because of maybe elevated prices earlier in the year or were there some opportunities given the forward curves on commodities?

然後給Ed一個簡短問題：通常在這個時間點、也就是年中左右，你們一般會對下一年的大宗商品做大約50%的避險（hedged）。你們目前的狀況如何？你們是否因為年初價格偏高而做得少一些，或者因為大宗商品遠期曲線（forward curves）而出現了一些機會？

Yes, thanks, Eric. Good memory back to our Manila meeting. Yes, so we have seen sparkling volumes grow in Europe and I think that's been great. It's been led by Zeros, which are up over 10%. You're absolutely right, the brand that hasn't grown volume has really been Coke Classic and we've talked about that and I think there's a couple of factors at play.

是的，謝謝你，Eric。你還記得我們馬尼拉會議的內容，記性很好。是的，所以我們確實看到歐洲的碳酸飲料（sparkling）銷量成長，我認為這很棒。成長主要由Zero系列帶動，增幅超過10%。你說得完全正確，沒有實現銷量成長的品牌其實是可口可樂經典（Coke Classic），我們也談過這點，我認為有幾個因素在起作用。

Obviously, people are enjoying great tasting zero sugar options, particularly Coke Zero, but now Diet Coke, which is great. So on a consolidated level, we can grow our Coke trademark franchise and volume and that for us is really important. Coke Classic is still the best tasting brand, so we still see that performing and it's still growing revenue. So while on a volume level, it's off a little bit, it is growing revenue.

很明顯地，人們正在享用口感很好的零糖選項，特別是Coke Zero，但現在也包括健怡可樂（Diet Coke），這很棒。因此在合併層面，我們能夠推動可口可樂商標（Coke trademark）系列的成長與銷量，這對我們非常重要。Coke Classic仍然是最好喝的品牌，所以我們仍然看到它有表現，而且它的營收仍在成長。所以雖然在銷量層面略有下滑，但它的營收在成長。

And I think that will continue as we have, as I mentioned earlier, minicans, probably smaller portions around our classic variants, both Coke and Fanta, and clearly a better zero proposition. So the category is growing. It will be led by zeros. We see that gaining momentum both in energy and in soft drinks. And as we've reformulated, we're now really in a solid position to take that forward.

而且我認為這將會持續，因為如我先前提到的，我們會推出迷你罐（minicans），可能是針對我們的經典口味變體（classic variants）提供更小的份量，包括可樂與芬達（Fanta），並且很明顯地提供更好的Zero主張。所以品類在成長。它將由Zero系列帶動。我們看到這股動能在能量飲料與軟性飲料中都在增強。而隨著我們完成重新配方（reformulated），我們現在確實處於一個很穩固的位置，可以把這件事往前推進。

Also fair to say to Coke Classic, when you look at in a shorter period, we did have the sugar tax increase in France and clearly that was mainly on Classic and that obviously impacts volume in the short-term, but we generally cycle out of that through the year. But overall, great to see the category, sparkling category in growth and great to see it led by Zeros. I'll just pass the call to Ed on your second question.

另外，談到Coke Classic也公平地說，當你看較短期的期間，我們確實遇到法國糖稅（sugar tax）上調，而很明顯主要影響的是Classic，這在短期內確實會影響銷量，但我們通常會在一年內逐步消化這個影響。但整體而言，很高興看到碳酸品類（sparkling category）在成長，也很高興看到成長由Zero系列帶動。我把電話交給Ed來回答你的第二個問題。

Thank you, Eric. So yes, as you say, we aim to be 80% covered by the time we start in the coming year. We don't give specific guidance at this stage in terms of the year coming at where we are at the half-year point, but we aim to build it up fairly evenly over the year. So as you say, 50% is probably a reasonable approximation.

謝謝你，Eric。所以是的，如你所說，我們的目標是在進入下一年度時做到80%的覆蓋（covered）。在這個階段，關於即將到來年度、在年中時點我們目前處於什麼水位，我們不提供具體指引。但我們的目標是在一年中相對均衡地逐步建立避險部位。因此如你所說，50%大概是一個合理的近似值。

We haven't delayed any of our hedging activity this year despite the Middle East because obviously we try to avoid or we do avoid speculation and we do the hedging to give us certainty in terms of as far as possible on costs for the coming year. Although the forwards are higher, I think what we have seen through the Middle East crisis is quite a lot more volatility on individual commodity prices. So we have locked in what I think is some good competitive rates for next year already, but we haven't overall delayed our hedging program just as a result of the Middle East.

儘管中東局勢影響，我們今年並未延後任何避險活動，因為很明顯我們會盡量避免、或說我們確實避免投機；我們進行避險是為了在可行範圍內，讓來年成本更具確定性。雖然遠期價格較高，但我認為我們從這次中東危機中看到的是，單一商品價格出現了更大的波動。因此，我們已經為明年鎖定了一些我認為相當不錯、具競爭力的價格，但我們並未因中東局勢而整體延後避險計畫。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

Great, thanks. Good morning. I wanted to just talk for a second about the more customers element of your strategic priorities. There were a couple calls out in the release, but it's interesting to think about the range of large customers that would be directly linked to KO level conversations like Marriott versus things that are more specific to your markets.

很好，謝謝。早安。我想花一點時間談談你們策略優先事項中「更多客戶」這個要素。新聞稿裡有提到幾點，但有趣的是去思考大型客戶的範圍：有些會直接連結到像萬豪這類、在 KO 層級的對話；也有些則更偏向你們各市場的特定客戶。

So I was curious if you could talk a little bit about that process, maybe how much of this more customers do you think of as being CCEP specific things that are driven by your ability to cover more accounts with the productivity you're finding in your sales force versus big global strategic partnerships? Thanks.

所以我想請你談談這個流程：你們認為「更多客戶」有多少是 CCEP 特有、由你們銷售團隊在提升生產力後、能覆蓋更多客戶帳戶所驅動的；又有多少是大型的全球策略合作夥伴關係？謝謝。

Hi, Lauren. It's mainly within CCEP's control and mandate. We won a lot of new business, both small and large. We won businesses in the event space. I talked about football. We won the biggest local chain in Spain in terms of pizza and food to go, Domino's in Australia. Clearly, we leverage any global relationship we can get with the Coca-Cola Company, but the majority of the outlets are very local and we're very focused on that.

嗨，Lauren。主要是在 CCEP 的掌控與職責範圍內。我們贏得了很多新業務，不論是小型或大型。我們也在活動場域贏得了業務。我提過足球。我們拿下了西班牙最大的在地連鎖（就披薩與外帶餐食而言），以及澳洲的 Domino's。當然，我們會善用任何能透過可口可樂公司取得的全球關係，但大多數通路都非常在地，我們也非常專注於此。

You see a lot of multiple buying groups, particularly in Europe and Australia, where they have 10- to 12 outlets and they're exciting. Obviously, a win like Marriott lifts all boats. So when the Coca-Cola Company shared that news, it was fantastic for us, 600 hotels.

你會看到很多多店型的採購集團，特別是在歐洲與澳洲，他們有 10 到 12 家門店，而且很有活力。很明顯，像萬豪這樣的勝利會帶動整體。所以當可口可樂公司分享那個消息時，對我們來說非常棒，涵蓋 600 家飯店。

And I think globally when you look at our global franchise partners through the Coca-Cola Company are very strong already. So I would say the upside for us, we'd always welcome a gift from Atlanta if they can land one of the big global ones, but really for us it's in our control and it's mainly local chains. Our sharing away from home is quite high relative to retail. But that doesn't mean we don't have opportunities, and we'll keep picking up new customers and new business as we go through this year.

而且我認為，從全球角度來看，透過可口可樂公司，我們的全球特許裝瓶夥伴本來就已經非常強。所以我會說，對我們而言的上行空間是：如果亞特蘭大那邊能拿下一些大型全球客戶，我們當然永遠歡迎這份「禮物」；但對我們來說，主要仍在我們可控範圍內，而且以在地連鎖為主。我們在外飲（away from home）的市占相對零售端來得高。但這不代表我們沒有機會；我們會在今年持續拿下新客戶與新業務。

Charlie Higgs, Rothschild and Co Redburn.

Charlie Higgs，Rothschild and Co Redburn。

Yeah. Hi, Damian, Ed. Hope you're well. Also want to say happy birthday to CCEP for 10 years in the quarter, and I hope it was a good party. And on that note, I was wondering, if we look back over the last 10 years in Europe specifically, there's been a lot of volatility at the macro level, sugar taxes and whatnot, and yet CCEP Europe has still delivered very resilient 4% or so organic sales growth per annum.

是的。嗨，Damian、Ed。希望你們都好。也想祝 CCEP 在本季滿 10 週年生日快樂，希望派對辦得很成功。順著這個話題，我想問：如果回顧過去 10 年，特別是在歐洲，宏觀層面波動很大，像糖稅等等，但 CCEP 歐洲仍然交出了每年約 4% 的、非常具韌性的有機銷售成長。

And then it seems like a lot of the themes in the presentation today is about really dialing up the execution at the local level with KO, more cooler placements, more customers, bigger, stronger innovations. So how should we think about the growth setup for Europe going forwards? And I guess where I'm coming from is why isn't the European guidance more like 3% to 4% over the medium term rather than the 2% to 3%?

而且今天簡報裡很多主題看起來都是在強化在地層面的執行：與 KO 更緊密合作、更多冰櫃投放、更多客戶、更大且更強的創新。那我們應該如何看待歐洲未來的成長布局？我想問的核心是：為什麼歐洲的指引在中期不是更接近 3% 到 4%，而是 2% 到 3%？

Thanks, Charlie. Well, thank you for the birthday wishes. We're all very busy during the summer. We had a little bit of a party. Yeah, I mean, Europe, since we created CCEP, has been a massive value creator compounding year-on-year, and we see that continuing. I mean, obviously, we look at guidance on the midterm. And as we look at the group guidance around that 4% revenue, to your point, that implies Europe around 2% to 3%. Yes, and we think on a steady state, that's a good number. If we can do better than that, obviously, we will.

謝謝，Charlie。也謝謝你的生日祝福。我們夏天都非常忙。我們有小小慶祝一下。是的，我的意思是，自從我們成立 CCEP 以來，歐洲一直是巨大的價值創造者，年復一年複利成長，我們也看到這會持續。當然，我們看的是中期指引。就你提到的，集團指引約 4% 的營收成長，意味著歐洲大約是 2% 到 3%。是的，我們認為在穩態下，這是個不錯的數字。如果我們能做得更好，當然我們會。

Within that, we have factored in that transition from classic to more zero, that's accelerating and we see that we're benefiting from that this year. Yes, we'll review guidance as we get more visibility on innovation with the Coca-Cola Company and Monster for Europe as we go into 2027. But I think overall, that range of 2% to 3% is a good number, leads to the 4% for the group.

在這之中，我們已把從經典款轉向更多零糖的轉換納入考量；這個趨勢正在加速，我們也看到今年正從中受益。是的，隨著我們在 2027 年前對歐洲市場、與可口可樂公司及 Monster 的創新有更高能見度，我們會再檢視指引。但我認為整體而言，2% 到 3% 這個區間是個好數字，也能帶動集團的 4%。

Obviously, your next question would be, if we did change Europe, would we change the group? And clearly, we want to manage all that within our current framework. But yes, happy to stick to the 2% to 3% for Europe.

很顯然，你下一個問題會是：如果我們調整歐洲，是否也會調整集團？而且很清楚，我們希望在現有框架內管理這一切。但是的，我們很樂意維持歐洲 2% 到 3% 的看法。

Robert Ottenstein, Evercore ISI.

Robert Ottenstein，Evercore ISI。

Great. Thank you very much. Damian, at this point, you've managed through a number of the FIFA World Cups. And so I was wondering if you could reflect on how the execution, the stuff that we don't see, but the kind of the nuts and bolts that goes into success has changed over prior World Cups, whether it's coordination with the Coca-Cola company, dealing with more social media now, more agility, changing things on the run, just some of the things underneath the hood that we just can't see. I'd love you to reflect on that.

很好。非常感謝。Damian，到目前為止你已經經歷過好幾屆 FIFA 世界盃。所以我想請你回顧一下：相較於過往世界盃，執行層面（那些我們看不到的事情、成功背後的細節與基本功）有哪些改變？例如與可口可樂公司的協調、現在更多社群媒體、需要更敏捷、在進行中即時調整等等；也就是一些我們看不到的「引擎蓋下」的事情。我很希望你能談談。

And then just one small question, just sort of coming into work today. So a headline about possible tax changes in Philippines on CSDs. Maybe give some context. I don't know if that's a special thing or something that was expected. Thanks.

另外一個小問題：今天來上班路上看到一則標題，提到菲律賓可能對 CSD（碳酸飲料）進行稅制調整。

Robert. I mean, I think and obviously, you listened in obviously on the KO side. I mean, it was the biggest thief activation globally. Certainly, CCEP played the big part on that. It's always been a big event for us, but I think there was something very special about this year and I think it was mainly in the space of digital and being able to drive more transactions with FIFA. I think Manolo and the team, both in Atlanta and locally in Europe, really focused on making FIFA transaction events.

Robert。我的意思是，而且很明顯你也有聽 KO 那邊的說法。這是全球規模最大的「thief activation」。當然，CCEP 在其中扮演了很重要的角色。這一直是我們的重要活動，但我認為今年有些非常特別之處，主要是在數位領域，以及能夠透過 FIFA 帶動更多交易。我認為 Manolo 和團隊，不論在亞特蘭大或歐洲在地，都非常專注於把 FIFA 做成「交易型活動」。

We obviously had the Panini initiative, which was huge in Europe. We had a lot of opportunities for our consumers to engage on PAC, that was quite different to previous FIFA's. And I think overall, that led us to be able to activate more cases on the floor, etc.

我們當然有 Panini 的活動，在歐洲規模非常大。我們也讓消費者有很多機會在 PAC 上互動，這和以往的 FIFA 很不一樣。而我認為整體而言，這讓我們能在現場等方面啟動更多箱數（cases）。

Also, you mentioned speed. I mean, I think the goldcan coming out so quick for Spain, I think again, that just shows how as a system and as a business, we're able to move fast, make fast decisions and be prepared. We had a number of goldcans ready, just in case. I won't name the ones that didn't make it, but, clearly, we're happy Spain given it's one of our key markets made it. So probably the digital tech and social engagement, Robert, would be what I call out as being at a very high level compared to previous FIFAs.

另外，你提到速度。我的意思是，我認為西班牙的金罐能這麼快推出，我想這再次顯示，作為一個系統與一門生意，我們能夠快速行動、快速決策並做好準備。我們事先準備了不少金罐，以備不時之需。我不會點名那些沒能趕上的，但很明顯，我們很高興西班牙——鑑於它是我們的關鍵市場之一——成功入選。所以，相較於過去的 FIFA，我會特別指出數位科技與社群互動，Robert，這兩方面的水準非常高。

I mean, on the sugar tax, I mean, there is some stuff in the media today. I think we need a bit of time to go through that. I think if you take a step back though. We're well used to dealing with tax changes across all of our markets.

至於糖稅，我的意思是，今天媒體上有一些報導。我想我們需要一點時間來仔細研讀。不過如果你退一步看。我們早就習慣在所有市場應對稅制變動。

If you look last year, we had the France sugar tax, which had some impact within the year, but as a good example, in quarter two, we were back into volume growth in France. I think when you look across our portfolio with the number of packs and brands that we have, and our OuR and MGM capability, we're in a good position to be able to manage the impact of those types of tax changes as they come. So we'll do a bit more digging on what's actually proposed for the Philippines and reflect on that for our plans for 2022.

如果你看去年，我們遇到法國糖稅，當年確實有一些影響；但作為一個很好的例子，在第二季，我們在法國又回到銷量成長。我想，當你看我們的產品組合——我們擁有的包裝型態與品牌數量，以及我們的 OuR 與 MGM 能力——我們處於有利位置，能夠在這類稅制變動出現時管理其影響。因此，我們會再深入研究菲律賓實際提出的方案，並把它納入我們 2022 年計畫的考量。

We already have a tax in the Philippines. It's an excise tax, so it's across all beverages, sugar and sweeteners. That's already in place, Robert. So let's see what changes they propose to that as well.

我們在菲律賓已經有一項稅。那是消費稅，因此涵蓋所有飲料，包括糖與甜味劑。Robert，這項稅已經在實施。所以我們也看看他們打算對此提出哪些變更。

Carlos Laboy, HSBC.

Carlos Laboy，匯豐。

Yes. Hello, everyone. Thank you. Damian, I was hoping you could follow-up a little bit on Lauren's question. What has changed that is helping you drive recruitment of more customers better? Is it an internal mindset? Is it that you have new tools that allow you to crack the code on these opportunities better? And is this something that you think can continue to drive growth in your client base going forward?

是的。大家好。謝謝。Damian，我希望你能就 Lauren 的問題再補充說明一下。有哪些改變正在幫助你更有效地推動招募更多客戶？是內部心態的改變嗎？還是你們有新工具，讓你們能更好地破解這些機會的關鍵？而你認為這是否能在未來持續推動你們客戶基礎的成長？

Thanks, Carlos. I mean, it's something that's been a consistent part of our story at CCEP. I mean, I think probably a couple of years ago, we talked about having a bolder view on the away from home market. I mean, that market has been in decline for a while. And we talked about not being passive about that and actually working across a number of areas to drive growth in away from home, including customer wins. So one pillar was customer wins.

謝謝你，Carlos。我的意思是，這一直是我們在 CCEP 故事中一個持續一致的部分。我想大概在幾年前，我們談到要對「外出飲用」市場採取更大膽的觀點。那個市場已經下滑一段時間了。我們也談到不要對此被動，而是要在多個面向共同努力，推動外出飲用的成長，包括贏得客戶。所以其中一個支柱就是客戶贏單。

The second pillar, which we talked about was cooler placements, so to drive more availability in that space. And the third element was leveraging our consumer assets better to drive transactions, and I talked to FIFA doing that as well. Clearly, as we broaden our portfolio, we become a very compelling partner for customers, we bring to all of them a hydration platform, a leading energy platform, clearly the leading CSD portfolio, and then obviously, we're looking at bringing more innovation in sports and hydration.

第二個支柱，我們談到的是冷藏櫃（cooler）擺放，以提升該場域的可得性。第三個要素是更好地運用我們的消費者資產來帶動交易量，我也提到 FIFA 也是在做這件事。很明顯，隨著我們擴大產品組合，我們成為客戶非常有吸引力的合作夥伴；我們為所有客戶帶來一個補水（hydration）平台、一個領先的能量飲料平台、顯然是領先的 CSD 產品組合，然後當然，我們也在尋求在運動與補水領域帶來更多創新。

So when you look at NARTD, there's no one really with the breadth of portfolio that we can bring. There's a lot of companies with individual strength in different segments. I think that's definitely compelling, Carlos. And I think the more we talk to that total portfolio and the category opportunity, the more it plays into customers' needs for profit and growth. And typically, they earn good margin on our products, particularly out of home. And obviously, as businesses become tougher with rates or with inflation around labor, selling a category that generates good margin definitely makes life a little bit easier for a sales force.

所以當你看 NARTD，真正能提供像我們這樣廣度產品組合的，幾乎沒有。有很多公司在不同細分領域各自有單點強項。我認為這確實很有吸引力，Carlos。而且我認為，我們越是去溝通整體產品組合與品類機會，就越能貼近客戶對獲利與成長的需求。而且他們通常在我們的產品上能賺到不錯的毛利，尤其是在外出飲用通路。顯然，當企業在利率上升或勞動成本通膨下經營變得更艱難時，銷售一個能帶來良好毛利的品類，確實能讓業務團隊的日子稍微好過一些。

So yes, probably a combination of all those elements. It's always been part of our story. It's always been a passionate part of our business that we want to onboard a lot more customers. That's definitely true in the Philippines, Indonesia. We're having a lot of customer wins in Australia and also in Europe. So happy to be able to talk to you today.

所以是的，可能是上述所有要素的組合。這一直是我們故事的一部分。我們一直非常熱衷於讓更多客戶加入我們。這在菲律賓、印尼尤其如此。我們在澳洲以及歐洲也拿下了很多客戶贏單。所以很高興今天能和你交流。

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

謝謝。現在我想把電話會議交回給 Damian Gammell，請他做結語。Damian，請開始。

Thanks, Mel. A big, big thank you to everybody who joined us this morning or this afternoon. So as Ed and I talked to, strong first half. I'm very happy that today we're reaffirming our full-year guidance. We are very pleased with the progress against our strategic priorities as we've outlined today. Also pleased with the start of half two, and I think the strength of our business demonstrates resilience and the consistency of our growth model.

謝謝你，Mel。非常、非常感謝今天上午或下午加入我們的每一位。正如 Ed 和我所談到的，上半年表現強勁。我很高興今天我們重申全年指引。我們對於今天所概述的策略優先事項之推進進展感到非常滿意。也對下半年開局感到滿意；我認為我們業務的強勁表現展現了韌性，以及我們成長模式的一致性。

We do look forward to speaking to you again at Q3. In the meantime, I hope everybody can get a break and enjoy a great summer, ideally in one of our markets and obviously enjoy a nice cold beverage from one of our new coolers. So thank you very much and have a great rest of the day. Thank you.

我們期待在第三季再與各位交流。在此之前，希望大家都能休息一下、享受美好的夏天——最好是在我們的某個市場——當然也能從我們的新冷藏櫃裡享用一瓶冰涼飲料。非常感謝，祝大家今天剩下的時間愉快。謝謝。

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

今天的電話會議到此結束。感謝各位參與。各位現在可以斷線。