Diageo PLC (DEO) 2025 Q2 法說會逐字稿

Good morning, and welcome to Diageo's Half '25 Interim Results Q&A Conference Call. (Operator Instructions).

早安，歡迎參加帝亞吉歐 2025 年上半年中期業績問答電話會議。（操作員指令）。

This conference is being recorded. We're now ready to start the call. Sonya, please go ahead.

本次會議正在錄製中。我們現在準備開始通話。索尼婭，請繼續。

Thanks very much. Good morning, everyone, and welcome to Diageo's First Half Fiscal '25 Results Q&A. I am Sonya Ghobrial, Head of Investor Relations. And I am joined this morning by Debra Crew, CEO, and Nik Jhangiani, CFO.

非常感謝。大家早安，歡迎參加帝亞吉歐 25 財年上半年業績問答會。我是 Sonya Ghobrial，投資人關係主管。今天早上與我一起參加會議的還有執行長 Debra Crew 和財務長 Nik Jhangiani。

Just to remind listeners on the call that in the discussions today, the company may make certain forward-looking statements, including those that refer to our estimates, plans and expectations. Please refer to this morning's announcement and the company's UK and US filings for more details, including factors that could lead to actual results to differ materially from those expressed in, or implied by any such forward-looking statements.

只是提醒電話會議上的聽眾，在今天的討論中，公司可能會做出某些前瞻性的陳述，包括涉及我們的估計、計劃和期望的陳述。請參閱今天上午的公告和該公司在英國和美國的文件以了解更多詳情，包括可能導致實際結果與此類前瞻性陳述中表達或暗示的結果存在重大差異的因素。

Hopefully, you have all seen this morning's press release and presentation. For those listening to our webcast, who would like to ask a question, please use the dial-in details included in today's press release.

希望大家已經看到了今天早上的新聞稿和演講。對於那些收聽我們的網路廣播並想要提問的人，請使用今天新聞稿中包含的撥入詳細資訊。

With that, I will hand the call back to the operator for your questions.

說完這些，我會將電話轉回給接線生以回答您的問題。

(Operator Instructions) Simon Hales from Citi.

(操作員指示) 花旗銀行的 Simon Hales。

Thank you. Good morning, Debra and Nik and Sonya. Two questions for me, really. Firstly, I could just ask a little bit about the organic sales outlook into the second half. Clearly, you are still talking about sequential improvement. How broad based are your expectations of that sequential improvement at the regional level?

謝謝。早上好，黛布拉、尼克和索妮亞。事實上，對我來說有兩個問題。首先，我可以問一下下半年的自然銷售前景。顯然，您仍在談論連續改進。您對區域層面的連續改善的預期有多廣泛？

And in particular, do you still expect to be able to deliver positive organic sales growth in the US in the second half, even as you begin to lap up against the successful launch of Crown Royal BlackBerry? And perhaps associated with that, and if you can talk a little bit about any innovation plans that you have specifically for the US market in the second half?

尤其是，當您開始為 Crown Royal BlackBerry 的成功上市而欣喜之時，您是否仍預計下半年能夠在美國實現正的有機銷售增長？也許與此相關，您能否談談您下半年針對美國市場制定的創新計畫？

And then my second question was just around the H2 organic margin and EBIT growth outlook. You have clearly flagged, and this is, Nik, in your presentation remarks, the ongoing investment in digital route to market, higher staff costs, et cetera are weighing on profitability in the second half.

我的第二個問題是關於下半年有機利潤率和息稅前利潤成長前景。尼克，您在演講中已經明確指出，對數位化市場途徑的持續投資、更高的員工成本等正在影響下半年的獲利能力。

But we are seeing hopefully that improvement in organic sales growth coming through. And we should be seeing more productivity savings dropping through in the second half of the year. So, I am just trying to square the circle really as to why that H2 profit growth forecast is a little bit lower than we might have expected?

但我們滿懷希望地看到有機銷售成長將有所改善。我們應該會看到今年下半年生產力節約的進一步下降。所以，我只是想真正解釋為什麼下半年的利潤成長預測會比我們預期的略低一些？

Good morning, Simon. This is Debra. Yes, I will take this. And then Nik may want to add in, particularly on the second question. First on organic kind of sales outlook. Look, we are very pleased to be back into growth.

早安，西蒙。這是黛布拉。是的，我會接受這個。然後尼克可能想補充一下，特別是第二個問題。首先是有機銷售前景。瞧，我們很高興能夠恢復成長。

And I would say when you look at that at a regional level, in four out of the five regions, I think APAC is still an area and China specifically driving that, where I would say we continue to expect an outlook that is tougher just from a macroeconomic condition.

我想說，從區域層級來看，在五個區域中的四個中，我認為亞太地區仍然是一個主要地區，而中國是其中的主導者，我想說，從宏觀經濟狀況來看，我們仍然預期前景會更加嚴峻。

That being said, I would say, everywhere else, we are seeing momentum. We are seeing that resilient growth in Europe, and we are expecting that also to continue. I mean, Guinness is really doing very well, even though we are lapping now.

話雖如此，我想說，在其他地方，我們都看到了發展勢頭。我們看到歐洲正在呈現強勁成長勢頭，並且預計這種勢頭還將持續下去。我的意思是，儘管我們現在正在努力，但吉尼斯確實表現得非常好。

This is the eighth consecutive quarter of double-digit growth. But we are really seeing some good strong growth behind Guinness, as well as look in Eastern Europe, we are also seeing Johnnie Walker as well.

這是連續第八個季度實現兩位數增長。但我們確實看到吉尼斯啤酒（Guinness）背後有著一些強勁的成長勢頭，同時在東歐，我們也看到了尊尼獲加（Johnnie Walker）的身影。

And then when you tick through Africa despite the macro economy there, also seen really good growth. That is one where, I would say, once again momentum, they are navigating a lot. But we are still feeling really good about our ability to deliver there.

當你觀察非洲時，儘管那裡的宏觀經濟狀況不佳，但也看到了非常好的成長。我想說，這就是他們再次獲得動力並取得巨大進步的地方。但我們對於我們在那裡提供服務的能力仍然感到非常滿意。

And things like the asset light strategy really paying off for us, when you look at how we are doing, in particular, if you remember, we just did Nigeria. Sales in Nigeria are really quite strong right away off the back of the improved distribution system that we are now part of there.

如果你看看我們的表現，你會發現輕資產策略確實為我們帶來了回報，特別是如果你還記得的話，我們剛剛在尼日利亞開展業務。由於我們目前已加入尼日利亞的分銷體系，因此該國的銷售情況非常強勁。

When you go in then to North America. I mean, North America, we expect to continue to show improvement. Yes, we are lapping BlackBerry. But of course, BlackBerry did not come in until about halfway through the half last year, and it came in under limited edition, where we are looking at making that a permanent SKU.

當你進入北美。我的意思是，我們預期北美將繼續呈現改善趨勢。是的，我們正在研磨黑莓。當然，黑莓直到去年上半年才上市，而且是限量版，我們正在考慮將其打造成永久 SKU。

So that will certainly help us, as well as we do have strong innovation pipeline. So, we are feeling very good about the positive US momentum. That is putting things like the tariff announcement aside, which of course now has been paused for 30 days.

所以這肯定會對我們有幫助，而且我們確實擁有強大的創新管道。因此，我們對美國的積極勢頭感到非常高興。這就把關稅公告之類的事情放在一邊了，當然現在關稅公告已經暫停了 30 天。

So I would say that that is helping us feel better about that outlook as well. This is why before the tariff announcement, we were saying we expected sequential improvement from the first half into the second half. I would describe that as fairly broad based. As far as half two profit, yes, we expect those investments to continue. As far as the benefit from those, so things like supply agility, which is one of the main things.

所以我想說這也有助於我們對這個觀點感到更好。這就是為什麼在關稅公告之前，我們說預計上半年和下半年會有所改善。我認為這是有相當廣泛的基礎。就半數利潤而言，是的，我們預計這些投資將持續下去。就這些帶來的好處而言，供應敏捷性是主要因素之一。

You would have seen our announcement on North America that just came through on Alabama. That's an investment in the second half. That is not going to start seeing benefits really until fiscal '26. This is why once again pre the tariffs we were guiding in fiscal '26 and beyond to start to really see operating leverage with organic operating profit outgrowing organic net sales. I do not know, Nik, if you wanted to add?

您可能已經看到我們剛剛在北美發布的有關阿拉巴馬州的公告。這是對下半年的投資。直到 26 財年才會真正開始看到效益。這就是為什麼在關稅之前，我們在26財年及以後再次引導，開始真正看到營業槓桿，即有機營業利潤超過有機淨銷售額。我不知道，尼克，你是否想補充？

Yes. No, I think that is the critical point there, right? I think we truly look at the future from an angle of being able to drive true leverage through the P&L. And that is what Debra said pre the tariff announcement, which obviously brings a little bit of uncertainty. But we are going to find ways to navigate through that, and I am sure we will talk about that.

是的。不，我認為那裡是關鍵點，對嗎？我認為我們確實從能夠透過損益表推動真正槓桿的角度來看待未來。這就是黛布拉在關稅公告之前所說的，這顯然帶來了一些不確定性。但我們會找到解決這個問題的方法，我相信我們會討論這個問題。

I think '25 those investments. And remember, first keep in mind there is the investments that Debra has talked about that will start paying out. But we did also call out clearly now, if you look at the first half, we are lapping this incentive piece that will also come through in the second half.

我認為這些投資有 25 項。請記住，首先要記住黛布拉談到的投資將會開始產生回報。但我們現在也明確指出，如果你看一下上半年，我們正在製定這項激勵措施，而這也將在下半年落實。

Actually, when you pull that out, which is largely a one-off, half one was slightly ahead. And I would say to you, looking at the puts and takes, if you excluded that in half two as well, that would probably be a similar piece. You have got to keep that in context, which clearly are one-offs.

實際上，當你把它拿出來時，這在很大程度上是一次性的，一半略微領先。我想對你說，看看投入和產出，如果你在第二部分也排除這一點，那可能就會是類似的結果。你必須結合具體情況，這顯然都是一次性事件。

And I would say to you, that is not the way we would look at it going forward. We would clearly look to offset that in year with efficiencies, with productivity and/or areas that we might actually pull back a little bit till we get back there.

我想告訴你們，這不是我們看待未來問題的方式。我們顯然希望在年內透過提高效率、提高生產力和/或我們實際上可能會稍微退縮的領域來抵消這一損失，直到我們回到原來的水平。

So for us, it is really much more about phasing through what is some of the investments that have been made and those incentives. But clearly looking forward, looking for growth at a higher level than our top line growth. And that is clear, and that will continue on through '26 and beyond.

因此對我們來說，這實際上更重要的是逐步實施一些已經進行的投資和激勵措施。但顯然展望未來，我們尋求比營收成長更高水準的成長。這是顯而易見的，而且這種狀況將持續到26年及以後。

By the way, Simon, I just realized I left out Latin America. And Latin America definitely has clearly an easier lap from last year as we were destocking. So I would not forget about that. Also, another benefit, speaking of destocking, that we would have on the North America front is also there was some retailer destocking, if you remember, from last year too.

順便說一句，西蒙，我剛剛意識到我忽略了拉丁美洲。由於我們減少了庫存，拉丁美洲的情況顯然比去年好得多。所以我不會忘記這件事。另外，說到去庫存，我們在北美市場獲得的另一個好處是，如果您還記得的話，去年也有一些零售商去庫存了。

So, there are some of those things in the background as well that just mechanically also help us. But we are feeling good about that, the kind of broader based momentum ex-China that we are seeing across the various regions.

所以，後台也存在一些東西，它們在機械上也能幫助我們。但我們對此感到高興，我們看到中國以外各個地區都出現了更廣泛的發展勢頭。

That's very helpful. Thank you to both.

這非常有幫助。謝謝你們兩位。

Sanjeet Aujla from UBS.

瑞銀的 Sanjeet Aujla。

Hi, Debra and Nik, three questions for me, please. Firstly, coming back to the US can you just talk a little bit about what you see in the cross shipments to free shipments sell out? It feels like your sell out is running ahead of depletion.

你好，黛布拉和尼克，請問我三個問題。首先，回到美國，您能否談談您對交叉出貨到免費出貨的銷售情況的看法？感覺就像您的出賣已經領先於消耗。

So, are you still seeing retailer destocking in the first half of the year? Secondly, for you, Nik. Can you just help us quantify the annualized impact on profitability pre-mitigation of the tariff news, if it does come through and is permanent?

那麼，您是否也看到零售商在上半年去庫存？其次，對你來說，尼克。如果關稅確實生效並且是永久性的，您能否幫助我們量化關稅消息對盈利能力在緩解之前的年度影響？

And thirdly, in your prepared remarks, Nik, you talk quite a bit about stepped-up focus on operating leverage in the business. I think Diageo's margins peaked around 32%. Is that a reasonable kind of benchmark to think the business can get back to in the fullness of time? Thank you.

第三，尼克，在您準備好的發言中，您多次談到加強對業務營運槓桿的關注。我認為帝亞吉歐的利潤率最高達到了 32% 左右。這是否是認為企業能夠隨著時間的推移而恢復的合理基準？謝謝。

Yes. So, I will take the first one on the US So destocking, there was I think possibly in the appendix, I think we have put in the one chart that showed the Nielsen, NABCA data, which remember does only track, it is not a perfect, 40% roughly of the US And then our depletions and NSV and we kind of brought that back by popular demand.

是的。因此，我將首先談談美國，因此去庫存化，我認為可能在附錄中，我認為我們已經放入了一張顯示尼爾森、NABCA 數據的圖表，記住它只是跟踪，它並不完美，大約占美國的 40％，然後是我們的消耗和 NSV，我們根據大眾需求將其帶回來。

What I would say is that now we are seeing clean depletions NSV and NSV running within a point of each other. So, they are very close. And our depletions are generally running pretty close now when you look on a brand-by-brand basis to Nielsen, NABCA. The difference there, quite honestly, especially this time of year is it depends upon how much the retailers bought in kind of prior to the holidays and then how the holidays actually do.

我想說的是，現在我們看到 NSV 和 NSV 的明顯耗盡，並且它們在彼此的某個點內運行。所以，他們非常親密。如果您根據尼爾森 (Nielsen) 和 NABCA 等品牌的數據來看，我們的消耗情況總體來說已經非常接近了。坦白說，尤其是在每年的這個時候，差異在於零售商在假期前購買了多少商品，以及假期期間的實際購買量。

And remember, also there is kind of the weird thing in Nielsen, NABCA this year where New Year's Eve is not in December. New Year's Eve is actually in January data. So that really makes a difference a bit in sell out. So there are just some moving pieces in there.

請記住，今年尼爾森、NABCA 也出現了一些奇怪的情況，除夕不在 12 月。跨年其實是1月的數據。所以這確實對銷售情況有一點影響。所以那裡只是一些移動的部件。

But I would say talking to the team on the ground, they would say retailers were a little more cautious in their buy in, but they would not call it a destock or anything. It was more about just cautiousness going into the holidays.

但我在與實地團隊交談時會說，零售商在購買時要更加謹慎一些，但他們不會稱之為去庫存或其他什麼。這更多只是關於假期前的謹慎。

So, we really feel like that is behind us. And certainly, I will just remind, our inventories are at levels we are very comfortable, very appropriate for the environment that we are in. And then Nik, if you want to talk a little bit about tariffs?

所以，我們確實感覺到這一切已經過去了。當然，我要提醒的是，我們的庫存處於非常舒適的水平，非常適合我們所處的環境。然後尼克，你想談談關稅問題嗎？

Yes. So listen, it is a pretty fluid situation as we all know, just given how the last 48, 72 hours has played out. But if you look at the US about 45% of our net sales of products sold are made in either Canada or Mexico, just given the geographic origin requirements. But when you also break that down further, the vast majority of that is tequila. Let me just give you some color on what we see today is kind of the gross exposure on an operating profit level.

是的。所以聽著，我們都知道，根據過去 48 到 72 小時的情況來看，這是一個相當不穩定的情況。但如果你看看美國，我們銷售的產品淨銷售額中約有 45% 是在加拿大或墨西哥生產的，這只是考慮到地理原產地的要求。但如果你進一步細分，你會發現其中絕大多數都是龍舌蘭酒。讓我給你介紹一下我們今天看到的營業利潤水平的整體風險敞口。

If you look forward now planning for March 1, so four months, we are talking about circa $200 million of gross exposure on operating profit, with 85% of that being largely on tequila, which is an industry-wide issue, right? So, keep that in mind. Now when we look at the fact that this is not something that we were sitting back and waiting on, we were anticipating a scenario planning.

如果您現在計劃 3 月 1 日，也就是四個月後，我們談論的是營業利潤的總風險敞口約為 2 億美元，其中 85% 主要來自龍舌蘭酒，這是整個行業的問題，對嗎？所以，請記住這一點。現在，當我們意識到這不是我們坐等發生的事情時，我們正在預期一個情境規劃。

And so we feel today we have good line of sight of being able to mitigate approximately 40% of that, but some of that would come in more immediately, and that is inventory management. I will come back and talk about that in a moment. Some will take a little more time. And that 40% is pre any pricing decisions that we might make, right. I will come back on that as well.

因此，我們今天認為，我們完全有能力減輕約 40% 的影響，但有些影響會更直接地顯現，那就是庫存管理。我稍後會回來談論這個問題。有些會花多一點時間。這 40% 是我們可能做出的任何定價決策之前的數據，對吧。我也會再談這個問題。

So on the inventory management piece, building on Debra's point, there is no stock billed in our half one numbers. In fact, particularly on tequila when you look at it, the outflows and the sales have been so strong.

因此，在庫存管理方面，根據黛布拉的觀點，我們的半個數字中沒有庫存。事實上，尤其是龍舌蘭酒，當你看到它的時候，它的流出量和銷售量都非常強勁。

I would say back to Debra's point, I mean, yes, some of the distributors with a three-tier system, knowing that it is such strong growth would probably be looking at their levels, but nothing unusual when you look at our overall NSV and depletions.

我想回到黛布拉的觀點，我的意思是，是的，一些擁有三層系統的分銷商知道它如此強勁的增長，可能會關注他們的水平，但當你看看我們的整體 NSV 和消耗時，這並不罕見。

So all good there. What we did do was make a concerted effort as we went into the beginning of the year to bring in some inventory, and that is going to help us as we look forward. The other piece that we are looking at is clearly some supply chain optimization with the US team.

一切都很好。我們所做的是在年初就做出了一致的努力來引進一些庫存，這將對我們今後的發展有所幫助。我們正在關注的另一個問題顯然是與美國團隊一起進行的一些供應鏈優化。

More to come on that over time. But the other piece also is we have already been looking at our overheads and what might be re-allocate in terms of spend across various buckets and/or savings to be able to offset some of this.

隨著時間的推移，還會有更多內容。但另一方面，我們已經在研究我們的管理費用，並考慮如何在各個方面重新分配支出和/或儲蓄，以抵消其中的部分費用。

And then the last piece, as I said is the pricing dynamic. That 40% mitigation does not include anything on pricing. The last time around, Debra, correct me if I am right. I think when the tariffs were put in, we actually pushed through all of that on pricing.

然後最後一部分，正如我所說的，是定價動態。40% 的減免並不包括任何定價費用。最後一次，黛布拉，如果我說對了，請糾正我。我認為，當徵收關稅時，我們實際上已經將所有這些都推到了定價上。

I was going to say last time when we navigated tariffs, I mean, we actually pushed it through 100% on pricing. So, it is good to see that we have got mitigation this time before we even have to consider that. And I think particularly in this more cautious environment.

我上次要說的是，當我們討論關稅時，我們實際上在定價上將其推行了 100%。所以，很高興看到，在我們考慮這個問題之前，這次我們已經得到了緩解。我認為特別是在這種更謹慎的環境下。

Right, but that is not to say pricing is not off the table, but it is just not the first thing that we would go for, given that we already have some mitigations. And we'll look at the consumer environment, what competition is doing. But also, I think gauge the timelines of which these tariffs might stay or not. Let us look at that too. So I think we are going to come back on that. So hopefully that is clear in terms of the impact.

是的，但這並不是說定價是可以考慮的，但考慮到我們已經採取了一些緩解措施，這不是我們首先要考慮的事情。我們將關註消費者環境和競爭情況。但同時，我認為要評估這些關稅可能維持或取消的時間表。我們也來看看這個。所以我認為我們會重新討論這個問題。因此希望其影響是明確的。

To your last question around what we want to do and what we want to drive in terms of operating profit and leverage and the margin number, I am not going to comment on a specific margin target other than saying I do not think there is any structural changes in the business that would preclude that.

對於您最後一個問題，關於我們想要做什麼以及我們想要在營業利潤、槓桿率和利潤率數字方面實現什麼目標，我不會對具體的利潤率目標發表評論，我只能說，我認為公司業務中不會有任何結構性變化會妨礙這一目標的實現。

But having said that, I think Debra and I are fully aligned around how do we grow our absolute dollar gross profit and dollar operating margin as opposed to just percentages, right. Because I think there are choices and decisions that are right for the business that we should be looking at, that bring us incremental top line and incremental dollars that we are not playing in today.

但話雖如此，我認為黛布拉和我完全一致，我們如何增加絕對美元毛利和美元營業利潤率，而不是僅僅增加百分比，對吧。因為我認為我們應該專注於一些適合業務的選擇和決定，這些選擇和決定會為我們帶來目前尚未涉及的增量營業額和增量收入。

And that is ultimately what we take to the bank, and that's what we are committed to doing as we look forward. Hopefully, that's clear, Sanjeet.

這最終是我們所能承擔的，也是我們未來致力於做的事情。希望這很清楚，Sanjeet。

Great. Thank you both.

偉大的。謝謝你們兩位。

Andrea Pistacchi from Bank of America.

美國銀行的 Andrea Pistacchi。

Thank you. Good morning, Debra, Nik, and Sonya. So two questions, please. Probably a bit more for Nik than Debra here. So in the prepared remarks, you spoke about how you intend to improve the performance by applying more rigor in revenue management, in cost savings, in how you are assessing the returns on marketing spend, working capital.

謝謝。早上好，黛布拉、尼克和索妮亞。請問我有兩個問題。這可能對 Nik 來說比對 Debra 來說多一點。因此，在準備好的演講中，您談到如何透過更嚴格地進行收入管理、節省成本、評估行銷支出和營運資本的回報來提高績效。

So basically, sharper execution in a lot of areas. How are you going to ensure that this really filters down through the organization? Do you need to change any processes, incentive schemes, appraisal process? And when do you expect to start to see some of these benefits?

因此從根本上來說，很多領域的執行都更加精準。您將如何確保這項措施能在整個組織內深入實施？您是否需要改變任何流程、激勵方案、評估流程？您預計何時能夠開始看到這些好處？

And then definitely for Nik here. If we dig a little bit deeper on what you would like to do on working capital or cost savings, can you talk about where you see the main opportunities here for extracting efficiencies?

當然，這也是 Nik 的功勞。如果我們更深入探討您想在營運資金或成本節約方面做些什麼，您能否談談您認為提高效率的主要機會在哪裡？

The point here is that Diageo has had some strong CFOs over the years, going back to Deirdre, Kathryn Mikells. And they have already done a lot on cost savings and working capital. So where is the incremental opportunity?

這裡的重點是，帝亞吉歐多年來有幾個強大的財務官，例如黛爾德麗·凱瑟琳·麥克斯 (Kathryn Mikells)。他們已經在節約成本和營運資金方面做了很多工作。那麼增量機會在哪裡？

Yes. So actually, Andrea, I am going to answer the first one on our operations. So look, I think there are so many opportunities, and I think from the -- I've said this many times to several investors who've asked me. I think one of the reasons I was excited when I met Nik is I felt like he would be perfect for Diageo in this moment. And as he has gone out and looked at the business independently at times and then has come back, we've been super aligned on where we see opportunities.

是的。實際上，安德里亞，我將回答有關我們運營的第一個問題。所以看，我認為有很多機會，我認為從——我已經多次對問過我的幾位投資者說過這一點。我想，當我遇到尼克時我感到興奮的原因之一是，我覺得他此時此刻非常適合帝亞吉歐。由於他有時會出去獨立考察業務，然後又回來，因此我們對所看到的機會的看法非常一致。

Because to your point, look, we have had a lot of programs, but I will also say that there is so much more opportunity here. I mean, revenue growth management is a good place to start. It's the top of the P&L. Beyond pricing, we've got so many opportunities in pack price, our architecture. I mean, one of the things driving our great momentum in the US are things like small sizes.

因為正如你所說，我們已經有很多項目，但我還要說，這裡有更多的機會。我的意思是，收入成長管理是一個很好的起點。這是損益表的頂部。除了定價之外，我們在包裝價格和架構方面還有很多機會。我的意思是，推動我們在美國取得巨大發展勢頭的因素之一就是小尺寸。

So, the 375 sizes that we've launched in Don Julio and Reposado, and 1942, these have incredible momentum and that is helping us with that consumer that is cash strapped right now be able to afford our premium brands for the amount from their wallet that they want to spend on alcohol.

因此，我們在 Don Julio、Reposado 和 1942 中推出的 375 尺寸的啤酒有著令人難以置信的發展勢頭，這有助於我們讓目前資金緊張的消費者能夠以他們在酒水上想要花的錢購買到我們的高端品牌。

And so I think things like pack price architecture quite honestly in this industry, it's just -- it's nascent compared to what it could be. Promo optimization, we've got a lot of opportunities across the world there as well as even in trade terms, in certain markets. When we look at COGS, our COGS are still higher than pre-COVID levels. And so we do see -- our supply team has a big productivity agenda.

因此我認為，坦白說，在這個行業中，諸如包裝價格架構之類的東西，與其可能的規模相比，還處於起步階段。促銷優化，我們在世界各地有很多機會，甚至在貿易方面，在某些市場也有很多機會。當我們查看銷貨成本時，我們的銷貨成本仍然高於 COVID 之前的水平。我們確實看到——我們的供應團隊有一個重大的生產力議程。

And many of those things, are starting -- we're starting to see particularly around, remember, we've made investments in supply agility. Those benefits really start hitting the P&L in fiscal '26 and beyond. That will be a big part of that productivity agenda.

其中許多事情都已開始——我們開始看到，特別是在供應敏捷性方面進行了投資。這些好處實際上在 26 財年及以後開始影響損益表。這將成為生產力議程的重要組成部分。

We also have made investments in digital, things like the Scotch intelligence platform that is helping us optimize inventory. When you look at the amount of digital investments that we've made into marketing, and we already see everywhere we are putting these systems in, it is helping us everything from AI, helping us do biddable media.

我們也在數位領域進行了投資，例如幫助我們優化庫存的蘇格蘭智慧平台。當你看到我們在行銷方面投入的數位投資金額時，你會看到這些系統已經應用到各個地方，從人工智慧到競價媒體，它都在幫助我們。

Helping us -- we have CreativeX that's helping us now reduce our non-working costs as we create -- we create 1000s of creative assets around the world, and to be able to test these -- in some cases before you even put them on the digital platforms.

幫助我們——我們有 CreativeX，它可以幫助我們在創作時降低非工作成本——我們在世界各地創造了數千種創意資產，並且能夠對其進行測試——在某些情況下，甚至在將它們放到數位平台上之前。

So a lot of opportunity in our creative development process and reducing non-working. I think Nik mentioned it in his script. We actually have restructured. You ask about what do you need to do and incentives and structure, et cetera?

因此，我們的創意開發過程有很多機會，並且可以減少非工作量。我認為尼克在他的劇本中提到過這一點。我們實際上已經進行了重組。您詢問您需要做什麼、激勵措施、結構等等？

Our marketing team has actually moved into more of these agile brand communities as we are calling them, and conscious create teams helping us to more effectively produce creative that will be customized and appropriate for various markets. But we can do it faster, we can do it cheaper, and we've already started that.

我們的行銷團隊實際上已經進入了更多我們所謂的敏捷品牌社區，並且有意識的創建團隊幫助我們更有效地製作客製化的、適合各種市場的創意。但我們可以做得更快、更便宜，而且我們已經開始這麼做了。

Certainly, the team is very well incented around not only investing for growth, but also to increase the resilience of both our financial P&L as well as our balance sheet. And I think look, Nik's helped us in really taking a look and stepping back on, you mentioned working capital, but also just in our choices and pacing of some of our other investments in CapEx.

當然，團隊不僅致力於投資成長，而且還致力於提高我們的財務損益表和資產負債表的彈性。而且我認為，尼克幫助我們真正審視和回顧您提到的營運資金，同時也幫助我們選擇和安排我們在資本支出中的其他一些投資的節奏。

And so the team is really behind that as well, which will also help us with just agility and resilience during this uncertain time, making sure we make the right investments for the long-term, but also paying careful attention to what we are seeing in the P&L. Nik?

因此，團隊也確實支持這一點，這也將幫助我們在這個不確定的時期保持敏捷性和彈性，確保我們做出正確的長期投資，同時也密切關注我們在損益表中看到的情況。尼克？

Absolutely. Well, I am just going to build on a few of Debra's points. The great thing is, firstly, I would echo what Debra said. When I came in, I started going out. And every time I would say something to her, she is like, yes, that is what we need to do. Margin percentage was a perfect example of it.

絕對地。好吧，我只是想基於黛布拉的幾個觀點來闡述。最棒的事情是，首先，我同意黛布拉所說的話。我進來後就開始出去。每當我對她說些什麼時，她都會說，是的，這就是我們需要做的。保證金百分比就是一個很好的例子。

When I said to her, literally after four weeks of being here, I said great margin business, but it's almost in some way a margin percent obsessed business. And Debra immediately was like, yes. I said, I want to focus on cash and cash margins, right? And absolute dollars. And she is like, that's the way we've got to go. So there is a lot of alignment as we've gone through this, right.

我來這裡才四周，就對她說，這是一項利潤豐厚的生意，但在某種程度上，這幾乎是一項痴迷於利潤率的生意。黛布拉立刻答應了，是的。我說，我想關注現金和現金利潤，對嗎？以及絕對美元。她說，這就是我們要走的路。因此，當我們經歷這一過程時，有很多一致之處，對吧。

RGM is a great example, right. Debra has talked about it. But I think what we are trying to do is now bring it together in a more, for lack of a better word, codified and structured way with sharing of these best practices that we can move on quickly, right, and build more central capabilities, marrying up with the local capabilities, right. So I think that is one of the things that we've kicked off right away.

RGM 就是一個很好的例子，對吧。黛布拉已經談論過這個問題。但我認為，我們現在正在嘗試做的是，以一種更加（缺乏更好的詞彙來表達）規範化和結構化的方式將它們整合在一起，分享這些最佳實踐，以便我們能夠快速前進，對吧，並構建更多中心能力，與本地能力相結合，對吧。所以我認為這是我們立即開始做的事情之一。

I think when you look at it from an angle of commercial excellence, right. We both come from a consumer goods environment, where I think we have a lot of opportunity to look at what we're doing in store, but also on premise, right. I was looking at some data points.

我認為，當你從商業卓越的角度來看這一點時，是的。我們都來自消費品產業，我認為我們有很多機會去觀察我們在商店裡做的事情，同時也觀察我們在現場做的事情，對吧。我正在看一些數據點。

We've got now data for on-premise in 40% of our markets based on NSV. And clearly, with just that data and the focus in seven of those 10 markets, we've actually been able to drive much better metrics in terms of displays on menus, back bars, cocktails, et cetera. So, it comes back to when you have the data and you have got the focus, you go do it, right. And there is going to be a lot more that we are doing in that space.

現在，我們已經獲得了基於 NSV 的 40% 市場的內部部署資料。顯然，僅憑這些數據以及對這 10 個市場中的 7 個市場的關注，我們實際上能夠在菜單、後吧台、雞尾酒等方面的展示方面獲得更好的指標。所以，回到當你有了數據並且有了焦點的時候，你就去做吧。我們還會在該領域做更多的事情。

I'll actually look at our A&P spend. I think Debra's talked a lot about the A side and everything that we are doing on media, the conscious create teams which are really bringing global and local teams together. That gets a lot more buy in, right at the top. Efficiencies, AI, et cetera.

我實際上會關注我們的廣告和銷售支出。我認為黛布拉談了很多關於 A 面以及我們在媒體上所做的一切，有意識地創建團隊真正將全球和本地團隊聚集在一起。這得到了更多高層的支持。效率、人工智慧等等。

But I actually think we have a big opportunity as we also look at the promotional spend piece. And all these getting truly the best returns on those dollars? Are we investing them in the areas that are going to give us the best returns in a shorter period of time, right? So, I think there is opportunity there as we look forward.

但實際上我認為，當我們考慮促銷支出部分時，我們也有很大的機會。所有這些真的能從這些資金中獲得最佳的回報嗎？我們是否將資金投資於那些能在較短時間內為我們帶來最佳回報的領域，對嗎？因此，我認為，展望未來，我們還有機會。

I think to your point around. Clearly, listen, I am not coming in and seeing that we have got a huge amount of space in overheads. When you look at overheads as a percentage of NSV, actually, Diageo is in a great place, but that does not necessarily mean we're doing things as effectively and efficiently and leveraging what we have.

我同意你的觀點。顯然，聽著，我進來時並沒有看到我們在開銷方面有大量的空間。如果將管理費用佔 NSV 的百分比來考慮，實際上，帝亞吉歐的處境很好，但這並不一定意味著我們做事有效、高效，並能充分利用我們所擁有的資源。

For instance, in terms of all our integrated shared service centers that are out there in Bangalore, in Delhi, in Manila, in Budapest, in an integrated way to really leverage on where we want to have best-in-class capabilities that differentiate us and how we might think, for instance, around things that are normal to the business that do we really need to have in-house, but how do we automate that quickly before we start thinking about the ability to potentially think about what we do in-house versus outsource and actually use the capabilities that we have to have something to build up more differentiated capabilities over time.

例如，就我們在班加羅爾、德里、馬尼拉、布達佩斯的所有綜合共享服務中心而言，我們以綜合的方式真正利用我們希望擁有的一流能力，使我們與眾不同，以及我們如何思考，例如，圍繞業務中正常的事情，我們確實需要在內部進行，但是在我們開始考慮潛在地思考我們在內部做什麼與外包什麼，並實際使用我們如何實現自動化的時間。

I do think on working capital, there are some opportunities. I think Debra touched a little bit on inventory. I think as we look at our investments in maturing liquid, as we look forward, we have to leverage what we have. We have the best aged liquid for sure, right.

我確實認為在營運資金方面存在一些機會。我認為黛布拉稍微談到了庫存問題。我認為，當我們審視對成熟流動性的投資時，當我們展望未來時，我們必須利用我們所擁有的資源。我們肯定有最好的陳釀液，對吧。

And we've got to look at that from a positive in terms of what we can do on pricing to differentiate ourselves. We've got to bring broader pricing discipline into how we think about what we do each year, but also on the elements of how we think about the investments of laying down further and how we deplete and how we bottle, et cetera, and what we are holding in terms of what was, let us be honest, built on much higher growth forecasts.

我們必須從正面的角度看待這個問題，並考慮如何在定價上使自己脫穎而出。我們必須將更廣泛的定價原則融入我們每年所做的事情的思考中，同時也要考慮我們如何考慮進一步的投資、我們如何消耗、如何裝瓶等等，以及我們持有什麼，老實說，這些都建立在更高的成長預測之上。

We have an opportunity to look at that. I think AR is an opportunity we need to look at. I think the procurement teams have done a phenomenal job on AP, right? But I do think we have an opportunity on AR that I am working with the commercial team on in terms of how do we actually build that in.

我們有機會研究這一點。我認為 AR 是我們需要關注的機會。我認為採購團隊在 AP 方面做得非常出色，對嗎？但我確實認為我們在 AR 方面有機會，我正在與商業團隊合作研究如何真正實現這一點。

So there is going to be pockets of stuff in each of these areas that we are going to go after hard, because ultimately it is about what are the things that we can do that are self-help with urgency and speed to help us build operating leverage, build more resilience into our P&L, and ultimately drive stronger cash flows to help us deleverage and get a more flexible balance sheet.

因此，我們將在每個領域中努力爭取一些突破口，因為歸根結底，這關係到我們能夠採取哪些緊急而快速的自救措施，以幫助我們建立經營槓桿，增強我們的損益表的彈性，並最終推動更強勁的現金流，幫助我們去槓桿，獲得更靈活的資產負債表。

Mitch Collett from Deutsche Bank.

德意志銀行的米奇‧科萊特 (Mitch Collett)。

Thanks. Good morning, Debra. Good morning, Nik. Good morning, Sonya.

謝謝。早上好，黛布拉。早安，尼克。早上好，索妮亞。

Good morning.

早安.

And I guess the -- hi, the US consumer appears pretty healthy in some other categories. So I would love to get your perspectives on why spirits overall remain soft. I appreciate you've done better than the market in recent months, but what do you think is holding spirits back? Is this still a post-COVID unwind, or is there something else happening?

我想——嗨，美國消費者在其他一些類別中看起來相當健康。所以我很想聽聽您對為什麼烈酒總體上保持低迷的看法。我很欣賞你們近幾個月來的表現好於市場，但你們認為是什麼阻礙了你們的士氣呢？這仍然是新冠疫情後的放鬆嗎，還是有其他事情發生？

Which I guess leads on to my second question, which is, I would love to get your latest thoughts on some of the perceived structural headwinds for the category. So ready-to-drink, GLP-1, Gen Z and cannabis? And I guess what seems to be a growing narrative around alcohol moderation due to health. Do you think those are real risks? And if so, what are your plans to offset those potential challenges? Thank you.

我想這會引出我的第二個問題，那就是，我很想聽聽您對該類別的一些結構性阻力的最新看法。那麼即飲、GLP-1、Z 世代和大麻？我想，為了健康而適量飲酒的說法似乎日益流行。您認為這些是真正的風險嗎？如果是，您有什麼計劃來應對這些潛在挑戰？謝謝。

Perfect. Thanks, Mitch. Look, I think -- let's talk a little bit about, because you are absolutely right. If you look at North America and particularly the headline macro numbers, they are certainly improving and I think give us a lot of I guess cautious optimism on wages are growing faster than inflation and have been for some time now. You are seeing jobs. I know in the latest jobs report, actually restaurants and hospitality were the ones where the most jobs were gained. So that is certainly good.

完美的。謝謝，米奇。看，我想——讓我們稍微討論一下，因為你完全正確。如果你看看北美，特別是整體宏觀數據，它們肯定在改善，我認為這給我們帶來了很多謹慎樂觀的看法，因為工資增長速度快於通貨膨脹，而且這種情況已經持續了一段時間。您正在查看工作。我知道在最新的就業報告中，實際上餐飲和酒店業是增加就業機會最多的行業。這當然是好的。

We are continuing to see and have continued to see for a while now and just gradual improvements on sentiment. We've gotten beyond the election with a clear result. So all of these things are quite positive at a headline level. I will say, what is holding us back, I do think you have to tick down to the household level. And that's really where -- and it's not just us. We're seeing this broadly across the consumer kind of industry in the sense that, remember, we are still looking at.

我們持續看到並且已經看到一段時間了，情緒正在逐漸改善。我們的選舉已經取得明確的結果。因此，從總體來看，所有這些事情都是相當積極的。我想說，到底是什麼阻礙了我們前進，我確實認為必須深入家庭層面。這確實是—而且不僅僅是我們。我們在整個消費產業廣泛地看到了這種現象，請記住，我們仍在關注。

If you are a household, you are still looking at grocery basket prices that are at 30-year highs. Consumer prices. If you look across all consumer goods, they are about 25% higher than what it was in 2019. Credit card debt levels are increasing and have increased really since 2022, I think they are up something like 30%. You've got borrowing costs, because we are not seeing rates come down -- interest rates come down. So that means these are highest interest rates in 20 years.

如果你是一個家庭，你仍然會看到食品籃價格處於30年來的最高水平。消費價格。如果你看一下所有消費品，它們的價格比 2019 年高出約 25%。信用卡債務水準正在增加，自 2022 年以來確實有所增加，我認為增加了 30% 左右。你存在藉貸成本，因為我們沒有看到利率下降——利率下降。這意味著這是20年來的最高利率。

It is just taking a while for consumers to dig out of that. So I think it's less about post-COVID at this point but more about that, call it, the inflationary. As inflation has dug in and persisted over a good amount of time here, people have acquired debt that now is just going to take a while to come out of.

只是消費者需要花些時間擺脫這種困境。因此，我認為目前與後疫情時代關係不大，而與通貨膨脹關係較大。由於通貨膨脹已經根深蒂固並且持續了相當長一段時間，人們已經欠下了債務，需要一段時間才能還清。

So I will say though, from an industry standpoint, we are seeing improvements. So you are seeing across consumer goods; you are seeing volumes start to improve a little bit. Certainly, they are not as negative as what they were.

所以我想說，從行業角度來看，我們正在看到進步。所以你看到的是消費品；你會看到銷售量開始略有改善。當然，他們不再像以前那麼消極了。

When you look at the industry, I know I was saying six months ago when I reported on our fiscal '24, I said the industry was growing in low-single digits. Volumes were down 2%. Actually, in the last half, volumes now are starting to recover. They are down like a 0.5 point versus being down the 2%. So, volumes are starting to recover.

當你觀察這個產業時，我知道我在六個月前報告我們的24財年時就說過，這個產業正以低個位數成長。交易量下降了 2%。實際上，下半年銷售已經開始回升。它們下降了 0.5 個百分點，而不是下降了 2%。因此，交易量開始恢復。

Now the total industry value has suffered because price-mix has come down and help buttress up that volume recovery. This is where we cut differently. We are outperforming here. We are doing something different. Our volumes are also recovering. You can see in Nielsen, NABCA on a 12-month basis, our volumes were down 2% in the last three months. They have been down about 1%.

現在，由於價格結構下降並有助於支撐銷售復甦，因此整個行業價值已遭受損失。這是我們切法不同的地方。我們在這方面表現出色。我們正在做一些不同的事情。我們的銷量也正在恢復。您可以根據尼爾森、NABCA 的 12 個月數據查看，過去三個月我們的銷量下降了 2%。它們已經下跌了約 1%。

However, at the same time, our price mix is holding. So our price mix across this time period has helped us to grow, and that is because of the strong mix and premiumization of what we are selling. So if I think that, that is kind of -- when you take a look at what we are seeing in the industry, we still look at this and say, this is really largely more cyclical than it really is structural.

但同時，我們的價格組合保持不變。因此，我們這段時間內的價格組合幫助我們實現了成長，這是因為我們銷售的產品組合強大且高端化。所以，如果我這麼想，那就是——當你看看我們在這個行業看到的情況時，我們仍然會看著它並說，這實際上在很大程度上是週期性的，而不是結構性的。

The other thing I will point out is the success of the small sizes, because I think this really points to, I keep coming back to this, because it just shows you, if you look at the category once again, in what is recovering in volumes right now in total industry is at the higher end and it is because of these small sizes.

我要指出的另一件事是小尺寸的成功，因為我認為這確實表明，我一直在重複這一點，因為它只是向您顯示，如果您再次查看該類別，就會發現目前整個行業的產量正在復蘇，並且處於較高水平，這是因為這些小尺寸。

So it is the 3.75 and the 50 ml of 1942, which is quite an interesting phenomenon really, because you are still spending a fair amount of money for that bottle, but it just shows you that people are still little cash strapped. And so that is what is helping buttress up that part.

因此，1942 年的 3.75 毫升和 50 毫升酒確實是一個非常有趣的現象，因為你仍然要為那瓶酒花費相當多的錢，但這表示人們仍然缺錢。這就是幫助鞏固這一部分的原因。

That is RGM, right, at work.

這就是 RGM 在工作，對吧。

Gen Cross at BNP Paribas.

法國巴黎銀行的 Gen Cross。

Good morning. Thanks for the questions. Hi, Debra, Nik and Sonya. A couple from me. Just reading some of the presentation slides, it seems that you are pointing to more of a focus on cash generation, returns, and operating leverage things like more rigorous review of CapEx plans and investments in maturing liquids. When I compare that to the messaging before, would it be fair to say this reflects a lower mid-term sales growth opportunity in some of your categories?

早安.感謝您的提問。你好，黛布拉、尼克和索妮亞。這是我的兩個孩子。只要閱讀一些簡報投影片，您似乎就更專注於現金產生、回報和經營槓桿，例如更嚴格地審查資本支出計劃和對到期流動資金的投資。當我將此與先前的資訊進行比較時，是否可以公平地說，這反映了某些類別的中期銷售成長機會較低？

And linked to this, I know you talked about some of the structural versus cyclical arguments a second ago to the last question. But could you just say or affirm confidence in the US spirits market returning to its historical 4% to 5% value growth algorithm has changed at all? Finally, if I could just ask a quick one on the dividend.

與此相關，我知道您在上一個問題中談到了一些結構性與週期性的論點。但是，您能否說或確認對美國烈酒市場恢復其歷史 4% 至 5% 價值成長演算法的信心發生了變化？最後，我可以快速問一個關於股利的問題嗎？

Consensus estimates are pointing to dividend cover being below your 1.8 times to 2.2 times target range for the foreseeable future. This is obviously before any potential impact from tariffs. So I guess my question is, to what extent does the dividend target cover really matter at Diageo? Thank you.

一致預期是，在可預見的未來，股利覆蓋率將低於 1.8 倍至 2.2 倍的目標範圍。這顯然是在關稅產生任何潛在影響之前。所以我想我的問題是，股利目標涵蓋對帝亞吉歐來說到底有多重要？謝謝。

Yes, I will take the first couple of questions, and then Nik, you can talk about the dividend. I think look on maturing liquids, remember that there is a couple of things that has happened within that that we have had to invest incremental money, if you remember.

是的，我將回答前幾個問題，然後 Nik，您可以談談股息。我認為看看成熟的液體，記住其中發生了幾件事，我們不得不投資增量資金，如果你還記得的話。

First is, coming out of the COVID super cycle, we had depleted a lot of, call it, the reserves kind of within that. And so, I think particularly on the Scotch side, there was a bit of a catch up. There was also we had shut down some distilleries at the early part of COVID as well. There was a bit of a recovery of that Scotch maturing liquid that is, call it, a bit of a one timer in the sense that it is making up for that Supercycle.

首先，在走出新冠疫情超級週期後，我們已經耗盡了大量所謂的儲備。因此，我認為特別是在蘇格蘭威士忌方面，已經有點迎頭趕上。在新冠疫情初期，我們也關閉了一些釀酒廠。蘇格蘭威士忌陳年液略有復甦，可以說成是一次性現象，因為它正在彌補超級週期的不足。

There was also at that same moment, there has also been the acceleration of tequila, and particularly the acceleration of aged liquids. So, guys, I mean, within tequila, things like Reposado is now 30% of the category.

同時，龍舌蘭酒的銷售量也在加速成長，尤其是陳年龍舌蘭。各位，我的意思是，在龍舌蘭酒中，像 Reposado 這樣的酒現在佔據了 30% 的份額。

So of course, these things are not aged as long, but certainly it goes into our maturing stock numbers. And that build up, particularly as we were bringing in-house a lot of these distilling and building up our capabilities down in Jalisco, that also had a massive impact on that maturing liquid growth.

因此，當然，這些東西的存量不會那麼長，但肯定會計入我們的成熟庫存數量。這種積累，特別是當我們將大量蒸餾過程引入公司內部並在哈利斯科州增強我們的能力時，也對液體的成熟增長產生了巨大的影響。

And then, of course, also even things like rum, we’re aging rum as well. It is not just Scotch. And then also bringing in and up the distilleries for Bourbon for Bulleit. So, there was quite a bit going on in the maturing inventory space.

當然，甚至還有蘭姆酒，我們也在陳釀蘭姆酒。這不僅僅是蘇格蘭威士忌。然後也引入並建造 Bulleit 的 Bourbon 釀酒廠。因此，成熟庫存領域發生了相當多的事情。

I think what Nik is talking about is he has really brought a nice kind of scenario planning around some of this, because not all of this liquid is 10-year plus Scotch. Some of this is, of course, and in fact, a lot of these other categories, none of them are really as long. And so, there is a bit more flexibility around that.

我認為尼克所說的是，他確實為其中一些問題帶來了一個很好的情境規劃，因為並非所有這些酒都是 10 年以上的蘇格蘭威士忌。當然，其中一些是這樣的，事實上，很多其他類別，都沒有這麼長。因此，在這方面有更大的靈活性。

And also, with the softness in volume over the last probably 18 months or so, it does present opportunities. So that's the type of thing we are looking at. It does not necessarily point to lower growth. What it points to though is just optimizing that for the right time.

而且，由於過去 18 個月左右交易量的疲軟，這確實帶來了機會。這就是我們正在關注的事情。這並不一定意味著成長放緩。但它所指向的只是在正確的時間進行最佳化。

What hopefully this assures you on is that we continue to look at that and make sure that we have got the optimal investment in that area. On to your question about North America and kind of getting back to a mid-single-digit growth for spirits. What I would say is remember the things that underpin historically that mid-single-digit growth.

希望這能向您保證，我們將繼續關注這一點，並確保在該領域獲得最佳投資。關於你提到的北美問題以及烈酒銷量恢復到中等個位數成長的情況。我想說的是，要記住歷史上支撐這一中位數個位數成長的因素。

So first on volumes, it is really about total beverage alcohol and the LDA-plus population that ages into that. That is a pretty steady trend for decades. And there is nothing that has changed in that. We're actually not seeing, Gen Z is a big generation, it's not a smaller generation.

因此，首先從數量上講，這實際上是關於飲料酒精總量以及年齡在 LDA 以上的人口。幾十年來，這是一個相當穩定的趨勢。這一點仍未發生任何改變。我們實際上並沒有看到，Z 世代是一個龐大的一代，而不是規模較小的一代。

So we're actually seeing from a population growth coming in, there is nothing that would undermine that. Spirits gaining share from beer and wine. What I would say is most recently it is probably been a bit more wine versus beer. It is not sourcing quite as fast. Some of this is just the law of large numbers. Household penetration now for spirits is about 70% versus beer at 77%. There is still an opportunity.

因此，我們實際上從人口成長的情況來看，沒有什麼可以破壞這一點。烈酒的市場份額正在從啤酒和葡萄酒中奪取。我想說的是，最近，葡萄酒的銷量可能比啤酒的銷量高。它的採購速度並沒有那麼快。其中一些只是大數定律。目前烈酒的家庭普及率約為 70%，而啤酒的普及率則為 77%。還有機會。

But I would say it is -- we're still gaining from beer and wine, albeit it is a little bit slower. But once again, that is only ever accounted for about a 0.5 point to a point. So you have kind of on volumes, I would say, there is nothing structurally there going on that would prevent you from getting there.

但我想說的是——我們仍然從啤酒和葡萄酒中獲益，儘管速度有點慢。但再次強調，這僅佔約 0.5 個點到一個點的比例。因此，我想說，您已經在某種程度上達到了一定的規模，從結構上來說，沒有什麼可以阻止您達到這一目標。

And then you're already seeing like you can look at our price mix for the half at 3%. I mean, that is a pretty good price mix for history. And I would expect that for the rest of the industry as the volumes start to recover, you will also see that price mix comes back. Anytime people are buying more whiskey and tequila, like they are in our portfolio, it does help overall price mix in the category.

然後您已經看到，您可以看到我們上半年的價格組合為 3%。我的意思是，從歷史上看，這是一個相當不錯的價格組合。而且我預計，對於其他產業來說，隨著銷售開始恢復，你也會看到價格組合的回升。任何時候人們購買更多的威士忌和龍舌蘭酒（就像我們產品組合中的一樣）確實有助於該類別的整體價格組合。

I will also point out things for us like Ketel One Vodka is doing well and that is certainly a super-premium vodka. So there is nothing there that I am seeing that says it cannot get back there. I do think the caution is just in the broader consumer kind of macro environment. It is a tough environment. Look, I think there is a lot of things that are going to improve there, but it is just a matter of time. And then you want to take dividends?

我也會指出一些事情，例如坎特一號伏特加 (Ketel One Vodka) 的銷量很好，這無疑是一種超高檔伏特加。因此，我所看到的一切都表明它無法回到那裡。我確實認為謹慎只是存在於更廣泛的消費者宏觀環境中。這是一個艱苦的環境。看，我認為那裡有很多事情會得到改善，但這只是時間問題。然後你想獲得股息嗎？

Yes. in some ways, I think it builds a lot from what you said, right. I don't think, firstly anything that we are doing to drive better cash generation means that we don't see growth, right? Just to be very clear. We would expect to see growth and we would expect to see growth coming back.

是的。從某種程度上來說，我認為這與你所說的話有很大關係，對吧。我認為，首先，我們為推動更好的現金創造而採取的任何事情並不意味著我們沒有看到成長，對嗎？只是為了非常清楚。我們期望看到成長，也期望看到成長回歸。

To Debra's point, it is more just about the shorter-term visibility issue that we're focused in on, and what can we do. And the big things that we should be doing are focused on cash generation, improving our leverage, making choices and decisions on where we allocate and spend money, being a lot more focused on returns.

正如黛布拉所說，我們關注的更多的只是短期可見性問題，以及我們能做什麼。我們應該做的大事是專注於現金創造，提高我們的槓桿率，選擇和決定如何分配和花錢，並更加關注回報。

I mean, those are all great things from a financial discipline perspective, which doesn't in any way mean that even as growth comes back, we wouldn't keep that focus, right? So I actually want to make sure that that is clearly understood. I think it is a highly cash-generative business, but we can do more.

我的意思是，從財務紀律的角度來看，這些都是偉大的事情，但這並不意味著即使經濟成長恢復，我們也不會保持這種關注，對嗎？所以我實際上想確保這一點得到清楚的理解。我認為這是一份現金流十分充裕的業務，但我們可以做得更多。

And that's one of the things that we are focused in on. We reviewed at length and then made that active decision to keep that dividend flat. I think it is a prudent thing to do in this current environment.

這是我們關注的重點之一。我們經過了長時間的審查，然後做出了積極的決定，以保持股息不變。我認為在當前環境下這是明智之舉。

But having said that, over time we want to remain committed to growing our dividend in a sustainable manner. And we will also look to maximize total shareholder returns, which I think is a key priority for us, right. I think you asked about the dividend cover.

但話雖如此，隨著時間的推移，我們希望繼續致力於以可持續的方式增加我們的股息。我們還將尋求最大化股東總回報，我認為這對我們來說是一個首要任務，對吧。我想您問的是股息保障率。

It's a fair point in terms of what it looks like, but I think for us it is much more around how do we grow that over time sustainably but get the balance right as well with total focus on maximizing shareholder returns. So I think that's all I would say for now on that piece.

從表面上看，這是一個合理的觀點，但我認為，對我們來說，更重要的是如何隨著時間的推移實現永續發展，同時又能保持平衡，並完全專注於最大化股東回報。所以我想這就是我現在對這篇文章要說的全部。

Thank you.

謝謝。

All clear. Thank you very much.

一切清楚。非常感謝。

Edward Mundy from Jefferies.

傑富瑞 (Jefferies) 的 Edward Mundy。

Good morning. Thanks for taking the questions. I have got three, please. When you read the presentation, it's pretty clear that you are seeing broad-based recovery. And there is an awful lot cooking below the surface to drive consistency, operating leverage, improving cash, improving returns.

早安.感謝您回答這些問題。我有三張。當您閱讀簡報時，您會很清楚地看到廣泛的復甦。此外，為了提高一致性、經營槓桿、改善現金、提高回報，還有很多暗藏玄機。

But your hands are slightly tied given this tariff overhang. That is something very, very dynamic. I guess tariffs were to disappear, and how do you think about a reasonable framework in the very broadest of terms? Then perhaps relative to CPG, I mean, do you think you can grow at that sort of top quartile end of CPG, is the first question, with operating leverage.

但考慮到關稅壓力，你的能力就稍微受到限制了。這是非常、非常有活力的事情。我認為關稅將會消失，您認為從最廣泛的角度來看，合理的框架是怎樣的？那麼也許相對於 CPG，我的意思是，您是否認為您可以在 CPG 的上四分位數處實現增長，這是第一個問題，即經營槓桿。

And the second is on RGM. It's quite clear that people don't really want to compromise and trade down, but they are buying smaller packs, given it is quite a big out of pocket. If people are buying a little bit less volume, how do you ensure you get that volume throughput that is so important for operating leverage for the model to work?

第二個是關於 RGM。很明顯，人們並不真的想妥協和降低價格，但考慮到需要支付相當大的一筆錢，他們還是會購買較小包裝的煙。如果人們的購買量稍微少一些，你如何確保獲得對於模型運作的經營槓桿至關重要的大量生產能力？

And then finally on the US Clearly, you are outperforming the industry. But the growth is quite concentrated in two brands. Can you talk about some of the plans into next year about diversifying your growth streams, having more winners maybe cutting some of the losers. How do you think about diversifying your growth streams into the second half and beyond?

最後，在美國，顯然你們的表現優於業界。但成長主要集中在兩個品牌。您能否談談明年的一些計劃，關於如何實現成長管道多元化，增加盈利，減少虧損？您如何考慮在下半年及以後實現成長來源多元化？

Yes. perfect. Look I mean, the tariffs. Certainly, the announcement over the weekend did create a little uncertainty about what that is. And we certainly welcome the pause that then was announced in the last 24 hours on that. That being said, ex the tariffs, I think we said this quite clearly in the presentation. If that goes away altogether, we were very prepared to talk about sequential improvement in the second half, with strong market share, we were prepared to talk about fiscal '26 and outperforming TBA with a modest sequential improvement versus fiscal '25, with operating profit ahead of organic sales growth.

是的。完美的。我的意思是關稅。當然，週末宣布的消息確實引發了一些不確定性。我們當然歡迎過去 24 小時內宣布的暫停。話雖如此，除了關稅之外，我認為我們在演示中已經說得很清楚了。如果這種情況完全消失，我們非常準備好談論下半年的連續改善，憑藉強大的市場份額，我們準備談論26財年，並且表現優於TBA，與25財年相比有適度的連續改善，營業利潤領先於有機銷售增長。

So that is what we were very much prepared to do. And so have talked about it in that sense. And then also we have also committed, I think this is important and maybe people have -- they have forgotten this or lost it in the presentation because I know we put out a lot of information. But in the interim, until we can come back and give you more definitive medium-term guidance, we are committed to coming back to you with more frequent updates to make sure that in this uncertain environment, we are giving you as much help and transparency as we can to help kind of bridge this gap of uncertainty. So I think that's all I can really say about that.

所以這就是我們所做好的準備。我們從這個意義上來談論它。然後我們也承諾，我認為這很重要，也許人們已經 - 他們已經忘記了這一點或在演示中丟失了它，因為我知道我們發布了大量的信息。但在此期間，直到我們能夠回來給您更明確的中期指導之前，我們致力於向您提供更頻繁的更新，以確保在這個不確定的環境中，我們盡可能地為您提供幫助和透明度，以幫助彌合這種不確定性的差距。所以我想這就是我能說的全部。

On the RGM point and small sizes, actually, we are not overly dependent upon volume. So, we feel very good about these small sizes. These are great margins for us. They are great cash for us. I mean a 3.75 bottle of 1942 is still $100. So, this is a good business for us, and we feel good about it. I think on the US and look, I'm very pleased in that aside from, I mean first of all, Crown, our largest brand being back into growth is tremendous and we're gaining share of both the category and spirits.

關於 RGM 點和小尺寸，實際上，我們並不過度依賴體積。所以，我們對這些小尺寸感到非常滿意。對我們來說這是巨大的利潤。對我們來說，它們是巨大的現金。我的意思是一瓶 3.75 美元的 1942 年份酒仍然要 100 美元。所以，這對我們來說是一筆好生意，我們對此感到很滿意。我認為就美國而言，我對此感到非常高興，首先，我們最大的品牌皇冠重新恢復成長，這是巨大的進步，我們在該品類和烈酒中的份額都在增加。

Blackberry has certainly more runway to go as well as, look it is really stabilizing the rest of Crown as well. It's been quite incremental. One in every five kind of buyers is actually new to whiskey and this. So this is a -- this has done great things for Crown.

黑莓肯定還有很長的路要走，而且看起來它也確實穩定了皇冠的其他部分。它已經取得了相當大的進步。每五種買家中就有一種實際上是第一次接觸威士忌。所以這是一件——這對 Crown 來說是一件偉大的事情。

Also, I would say that Don Julio and Casamigos, we are not done with those. I mean, Don Julio, it only has a household penetration of 5%. So there is a lot of runway for growth there. Household penetration of tequila is 33%. So, lots of opportunity to build. Reposado has doubled, 1942 has done incredibly well. But we still have opportunities in the rest of the portfolio, and kind of more to come there.

另外，我想說，我們還沒有完成 Don Julio 和 Casamigos 的工作。我的意思是，Don Julio，它的家庭普及率只有 5%。因此，那裡有很大的成長空間。龍舌蘭酒的家庭普及率為33%。因此，有許多建設機會。雷波薩多 (Reposado) 的產量翻了一番，1942 年的表現令人難以置信地好。但我們在其餘投資組合中仍有機會，未來將有更多機會。

Casamigos, this is one that we brought in. If you remember, at the end of the year, we announced we're bringing it into our dedicated division in stores. This is -- it's a turnaround. So this is a process. But in stores where we've actually implemented the right pricing strategy, we are seeing improvements. We also have distributed the 375 and 175 ml sizes. Those SKUs are growing as well and helping us stem some of the losses on Casamigos.

Casamigos，這是我們引進的一個。如果您還記得的話，我們在年底宣布將其納入我們商店的專門部門。這—是一個轉捩點。這是一個過程。但在我們實際實施了正確定價策略的商店中，我們看到了改善。我們也分銷了 375 毫升和 175 毫升規格。這些 SKU 也在增長，並幫助我們遏制 Casamigos 的一些損失。

So, we are feeling good. We are launching a new campaign, on Casamigos. So this is one also that if we can turn the tide on that would be an opportunity. I mentioned Ketel One is doing really well. Certainly, Smirnoff in the second half, we've got some incremental innovation coming in.

因此，我們感覺很好。我們正在 Casamigos 發起一項新的活動。因此，如果我們能夠扭轉局勢，這將是一個機會。我之前提到過，Ketel One 的表現非常好。當然，在斯米諾夫 (Smirnoff) 的下半場，我們有一些漸進式的創新。

We are gaining share of Scotch, even though Scotch is a category, it's challenged right now, but most of that challenge is actually in the single malt area versus Johnnie Walker, which is actually gaining share and doing well, particularly in black and red. So this comes back to the brilliance kind of Johnnie Walker is that we do spend a very gross price -- across various price tiers.

我們的蘇格蘭威士忌市場份額正在增加，儘管蘇格蘭威士忌作為一個類別現在面臨著挑戰​​，但大部分挑戰實際上來自於單一麥芽威士忌領域，而尊尼獲加的市場份額實際上正在增​​加，而且表現良好，尤其是黑威士忌和紅威士忌。所以這又回到了尊尼獲加的出色之處，我們確實花了非常多的錢——跨越了不同的價格層級。

And Black in particular is doing very well for us. We are also gaining share of gin category, and we are also gaining share in liqueurs with Baileys. So we are seeing from a share standpoint, very broad based. But what you are, of course, seeing is still an industry that is under some pressure.

尤其是黑色，對我們來說表現非常出色。我們在杜松子酒類別的份額也在增加，我們在百利甜酒類別的份額也在增加。因此，從股票的角度來看，其基礎非常廣泛。但你當然看到的是這個行業仍然承受著一定的壓力。

So, versus spirits, that tequila growth has to go somewhere. But we are -- we do look at how we are doing versus categories, Ed, and we're feeling good that we are diversifying. And the team is certainly has strong plans across our key trademarks.

因此，與烈酒相比，龍舌蘭酒的成長必須有所作為。但是我們—我們確實在關注我們在各個類別中的表現，埃德，我們對自己的多元化感到很高興。而且團隊確實針對我們的主要商標制定了強而有力的計劃。

I'm just going to build on a couple of comments that Debra made. So I think you asked a question specifically around can we be in the top quartile of CPG growth? And I would say categorically and absolutely, yes. All right.

我只是想根據黛布拉提出的幾點評論進行補充。所以我認為你問的問題是，我們能否處於 CPG 成長的前四分之一？我可以肯定地告訴你，是的。好的。

So there is clearly focus on getting back there. And I think what I would read today's announcement back to withdrawing the medium-term guidance is more just around what Debra said. It's just the pace of recovery. And this was just exacerbated by the tariff announcements, which clearly is very fluid as we've talked about, right.

因此，我們顯然把重點放在重返那裡。我認為今天關於撤回中期指導的公告更多的是圍繞著黛布拉所說的內容。這只是復甦的速度。而這一情況因關稅公告而進一步惡化，正如我們之前所討論的，關稅公告顯然非常不穩定。

But do we see favorable long-term trends in the US and beyond? Do we see anything structural? No. It's just a question of timing. And to build on Debra's point then, what did we think was best now was to be focused more on the near term, particularly on things that we can manage and control, right? And that goes back a little bit to the stuff that we've talked about on driving better operating leverage and focus there. What we are doing in terms of cash generation, et cetera, and more frequent communication, as Debra said as well, right.

但我們是否看到美國及其他國家有利的長期趨勢？我們看到任何結構性的東西了嗎？不。這只是一個時間問題。那麼，基於黛布拉的觀點，我們認為現在最好的做法是更專注於短期目標，特別是我們能夠管理和控制的事情，對嗎？這又回到了我們之前討論過的關於提高經營槓桿率和重點的內容。我們在現金創造等方面所做的工作以及更頻繁的溝通，正如黛布拉所說的那樣，對吧。

So, we'll be putting out a Q3 trading update on May 19th in advance of that mini-investor event that we are doing in Dublin to showcase Guinness, which is actually where I'm going to be trying my first Guinness with you guys.

因此，我們將在 5 月 19 日發布第三季度交易更新，以便在都柏林舉辦的展示吉尼斯的小型投資者活動之前，實際上我將在那裡與你們一起嘗試我的第一杯吉尼斯。

So, I'm excited about that. Full year, we're going to be out with you August 5. And then we are already planning for a Q1 trading update, probably in early November. So there is going to be several touch points, where you might actually get sick of seeing Debra, me and Sonya, but you're going to have to deal with us, right. We're going to be telling you more.

我對此感到很興奮。全年，我們將於8月5日與您一起出去。然後我們已經在計劃第一季的交易更新，可能在 11 月初。所以會有幾個接觸點，你可能真的會厭倦看到黛布拉、我和索妮婭，但你必須和我們打交道，對吧。我們將會告訴你更多。

So, I just think we have the ability to help shape the narrative as we go along and hopefully continue to provide you good proof points of what we are doing to be able to take and manage what we can control.

所以，我只是認為我們有能力在前進的過程中幫助塑造敘事，並希望繼續為您提供良好證據，證明我們正在做什麼，以便能夠掌握和管理我們能夠控制的事情。

Great. Thank you.

偉大的。謝謝。

Celine Pannuti from JPMorgan.

摩根大通的 Celine Pannuti。

Thank you. And good morning, everyone. My first question is on tequila. Barring the discussion on tariff, I mean, clearly you have -- what I would call an explosive growth on Don Julio. And you mentioned the smaller pack as help. How do you look at the sustainability of that growth? And why is it that maybe Casamigos has not done as well?

謝謝。大家早安。我的第一個問題是關於龍舌蘭酒的。除關稅討論外，我的意思是，顯然你有——我稱之為唐胡里奧的爆炸式增長。您提到較小的包裝可以提供幫助。您如何看待這種成長的可持續性？那麼為什麼卡薩米戈斯的表現可能沒那麼好呢？

And then as it pertains with tequila, still, given the high -- low price of agave and high inventory of tequila, how do you see the pricing environment across different price tiers involving in the US? And sorry, just on that point too, what you mentioned earlier, Nik, on tariffs, given that the Mexican peso has weakened, do you need at all to raise prices at this stage if tariffs were to be implemented? So that's my first question.

然後就龍舌蘭酒而言，鑑於龍舌蘭酒的高價和高庫存，您如何看待美國不同價格層級的定價環境？抱歉，就這一點而言，尼克，您之前提到的關稅問題，鑑於墨西哥比索已經貶值，如果要實施關稅，現階段是否需要提高價格？這是我的第一個問題。

My second question. Could you talk a bit about Europe, excluding Guinness? It seems that it does decelerated. And yes, I would like to hear your thoughts on what's going on in terms of pricing and volume in that region? Thank you.

我的第二個問題。除了吉尼斯之外，您能談談歐洲嗎？看來它確實減速了。是的，我想聽聽您對該地區價格和銷量狀況的看法？謝謝。

Yes. So I'll start with your tequila question. So, yes, we really have seen explosive growth on Don Julio. That being said, there is huge opportunity. So fiscal year-to-date, and if you look at the category, it's growing about 6%. Don Julio within that, and I'm going to just use Nielsen, NABCA so that way you have even comparison there growing 48%.

是的。因此，我先從您的龍舌蘭酒問題開始。所以，是的，我們確實看到了 Don Julio 的爆炸性增長。話雖如此，但仍存在巨大的機會。因此，從財政年度迄今為止的情況來看，如果你看一下該類別，它的成長率約為 6%。其中，Don Julio 和我將使用尼爾森、NABCA，這樣就可以進行比較，成長率為 48%。

Vast majority of that, 80% of our portfolio now with Don Julio is in aged variants. So really where we're seeing a lot of the promotional aspects, some of the things that you mentioned about promotional intensity, a lot of the promotions are actually happening on Blanco.

其中絕大部分，現在我們與 Don Julio 合作的 80% 的投資組合都是陳年品種。因此，我們確實看到了很多促銷方面的內容，您提到的關於促銷強度的一些內容，許多促銷活動實際上都是在 Blanco 上進行的。

And that's -- what I would say is that we've got quite a different now portfolio than a lot of other competition and particularly within Don Julio, the aged variance now is like 80% of the portfolio. You can look at that on Nielsen and see that.

這就是 — — 我想說的是，我們現在的投資組合與許多其他競爭對手有很大不同，特別是在 Don Julio 內部，現在的年限差異已佔投資組合的 80%。您可以在尼爾森網站上查看並看到這一點。

So look, I think we've got a lot of room to grow. I mentioned the household penetration is only at 5%. If you actually dig into Don Julio state-by-state, which is what we start to look at, and there is opportunities where we are still not number one in certain space and in big tequila drinking space. So we still feel like we've got a lot of room to grow there, even though it has been quite a good run for Don Julio.

所以，我認為我們還有很大的成長空間。我提到過家庭普及率僅 5%。如果你真正對 Don Julio 進行逐州研究，這​​就是我們開始關注的，你會發現我們在某些​​領域和龍舌蘭酒消費大國中仍未成為第一。因此，儘管 Don Julio 已經取得了相當不錯的成績，但我們仍然覺得我們還有很大的成長空間。

For Casamigos, I will say a couple of years ago we were extolling the amazing things about Casamigos. It was growing at a 70% CAGR, I think between fiscal '19 and fiscal '23. And one of the fastest growing spirits, not just in tequila, but one of the fastest growing spirits kind of brands ever. So absolutely also exploded. What I would say that within Casamigos, it was more of Blanco. It was more of a 50-50 between aged variants and Blanco.

對於卡薩米戈斯 (Casamigos)，我想說幾年前我們就在讚美卡薩米戈斯 (Casamigos) 的奇妙之處。我認為在 19 財年到 23 財年之間它的複合年增長率為 70%。它是發展最快的烈酒品牌之一，不僅是龍舌蘭酒，也是有史以來發展最快的烈酒品牌之一。所以絕對也爆炸了。我想說的是，在 Casamigos 內部，Blanco 更為常見。陳年款和 Blanco 款的比例大概是 50-50。

And I would also say because of its success, I think competitors targeted it. It's a newer brand. And then also we did not have the pricing strategy, because of various out-of-stocks and other things that happened during COVID. Those out of stocks meant that a lot of retailers were taking margin. And frankly, our pricing strategy at shelf for consumer got quite out of whack from where it needed to be, particularly on certain sizes.

而且我想說，由於它的成功，我認為競爭對手已經將其作為目標。這是一個較新的品牌。而且我們也沒有定價策略，因為疫情期間發生了各種缺貨和其他事情。缺貨意味著許多零售商正在賺取利潤。坦白說，我們的消費者貨架定價策略與應有的定價策略完全不符，特別是某些尺寸的商品。

And certainly, we've felt the impact of that. It was also one that we had theft and lock up issues, and we did not have great visibility at shelf grew as that was managed. So this is the opportunity as we brought it in-house and have really been able to get.

當然，我們已經感受到了其影響。我們也存在盜竊和鎖定問題，並且在管理過程中我們對貨架的成長沒有很好的可視性。所以這是我們將其帶入公司內部並真正獲得的機會。

When you are in the general division of some of these distributors, they are distributing 100s of tequilas. Now in our dedicated division, it's getting the loving care along with Don Julio and our other three tequilas. So it is definitely getting a lot more focus and attention.

當您身處某些分銷商的整體部門時，他們正在分銷數百種龍舌蘭酒。現在，在我們的專門部門，它與 Don Julio 和我們的其他三種龍舌蘭酒一起得到了精心的呵護。因此它肯定會受到更多的關注和重視。

We're seeing more execution, getting back on the menus again. And so early days, but I would say we're feeling good about that. And then look on the Mexican peso. I mean, this is one of the reasons why I think Nik gave you the mitigation strategies before pricing.

我們看到了更多的執行，再次回到菜單上。雖然還處於早期階段，但我想說我們對此感覺很好。然後看看墨西哥比索。我的意思是，這就是我認為 Nik 在定價之前給你緩解策略的原因之一。

Clearly, pricing is something you would want to do, we do quite strategically. And so, there is a lot of factors that we would look at and really trying to understand what exactly we need to mitigate, particularly in this consumer environment. But that being said, we do feel like we have invested heavily on the brand as well. We do think it's a strong brand, and it's a brand that can take pricing, if it needed to.

顯然，定價是您想要做的事情，我們做得相當有策略。因此，我們會考慮很多因素，並真正試圖了解我們到底需要緩解什麼，特別是在這種消費環境中。但話雖如此，我們確實覺得我們也對該品牌投入了巨額資金。我們確實認為它是一個強大的品牌，如果需要的話，它是一個可以定價的品牌。

Moving on to Europe. On Europe, what I would say is a couple of things. So Guinness is really the driver along with actually Eastern Europe and Johnnie Walker. We are seeing a premiumization kind of slowdown, particularly in northern Europe and in southern Europe.

繼續前往歐洲。關於歐洲，我想說幾件事。因此，吉尼斯 (Guinness) 實際上是與東歐和尊尼獲加 (Johnnie Walker) 一起推動的。我們看到了高端化的放緩，特別是在北歐和南歐。

Remember, our portfolio in Europe is quite a standard priced portfolio. Actually, our long-term opportunity is still to get more premiumization into Europe. But actually in this environment, it stands up quite well.

請記住，我們在歐洲的投資組合是相當標準價格的投資組合。實際上，我們的長期機會仍然是將更多高端產品推向歐洲。但實際上，在這種環境下，它表現得相當好。

That being said, we have taken some pricing that we needed to take in Northern Europe in particular that has held us back. I mentioned non-alcohol earlier. Our non-alcoholic portfolio in Europe is plus 56%.

話雖如此，我們採取了一些特別針對北歐的定價措施，這阻礙了我們的發展。我之前提到過不含酒精。我們在歐洲的非酒精飲料產品組合成長了 56%。

So we've launched in GB and in Northern Europe we've got Captain Morgan 0.0. We've got Tanqueray 0.0 that's broadly across Europe. Of course, our Guinness 0.0 in GB is playing into these numbers as well. But we are absolutely the leader in non-alc, and that's been a huge driver for us for Europe.

因此，我們在英國推出了《摩根船長 0.0》，並在北歐推出了遊戲。我們有廣泛銷往歐洲的 Tanqueray 0.0。當然，我們英國的吉尼斯 0.0 也考慮了這些數字。但我們絕對是無酒精飲料領域的領導者，這對我們進入歐洲市場來說是一個巨大的推動力。

Yes, and I would just add to that because it is anecdotal, but when I came into Diageo, it actually did surprise me around the fact that we did not have a stronger premium business, as Debra just called out in Europe, right.

是的，我只是想補充一點，因為這只是軼事，但當我加入帝亞吉歐時，我的確對我們在歐洲沒有更強大的高端業務感到驚訝，就像黛布拉剛才所說的那樣。

Yes. Our business is more premium in Latin America then it is.

是的。我們的業務在拉丁美洲更為高端。

Correct. Than it is in Europe. That really surprised me, right. And I think, as Debra said, that's going to be a strong focus on the two vectors of premiumization, as well as the non-alc trends that are continuing to grow. But I honestly think when you look at the spirits category here, that will normalize.

正確的。比歐洲的情況更是如此。這確實讓我很驚訝，對吧。我認為，正如黛布拉所說，我們將重點放在高端化的兩個方面，以及持續增長的非酒精趨勢。但我確實認為，當你看到這裡的烈酒類別時，這將正常化。

And I think to Debra's point around southern Europe, remember, we are also just going into France now, you've seen the announcement around the back pack. We've come out of that JV. We have just set up an IMC there.

我認為黛布拉提到的南歐，記住，我們現在也剛進入法國，你已經看到了有關背包的公告。我們已經退出該合資企業。我們剛剛在那裡設立了一個IMC。

I think with the dedicated focus, I was in Italy and the team and what they are doing there, I think we're going to see a much different trajectory as we look forward in Europe and that premiumization play in spirits in particular.

我認為，憑藉專注的專注，以及我在義大利的團隊和他們在那裡所做的事情，當我們展望歐洲時，我們將看到一條截然不同的軌跡，尤其是在烈酒領域的高端化發展。

Yes, France is a great whiskey market, and we are well under-developed where we should be. So big opportunity there.

是的，法國是一個龐大的威士忌市場，而我們的開發程度還遠遠不夠。所以那裡有很大的機會。

James Ed Jones from RBC.

來自 RBC 的詹姆斯·埃德·瓊斯 (James Ed Jones)。

Thank you. A couple of quick ones, please. You've told us, Nik, that 45% of your US business is tequila and Canadian whiskey. Just to round things off, can you tell us how much the US business is scotch as well? And secondly, I do not know if you have already said this, and I missed it. But you talked about working capital. What about capital expenditure? What do you think is the steady state level of capital expenditure that Diageo requires?

謝謝。請簡單問幾個問題。尼克，你告訴我們，你在美國 45% 的業務是龍舌蘭酒和加拿大威士忌。最後，您能告訴我們美國業務中蘇格蘭威士忌的份額是多少嗎？其次，我不知道您是否已經說過這​​一點，而我錯過了。但您談到了營運資金。資本支出怎麼樣？您認為帝亞吉歐所需的穩定資本支出水準是多少？

I'm sorry, can you repeat the second question?

抱歉，您能重複第二個問題嗎？

What you say what's CapEx steady

你說什麼資本支出穩定

CapEx steady state. Okay. On your first question, you asked about scotch. Yes, so 45% of the portfolio we talked about, there is tequila and Canadian whiskey. How we've -- we'll break this out in actually more of Europe, because I am assuming your question is really around tariffs and if tariffs were to come to Europe and/or UK remembering those.

資本支出穩定狀態。好的。關於第一個問題，您問的是蘇格蘭威士忌。是的，我們談到的投資組合中有 45% 是龍舌蘭酒和加拿大威士忌。我們如何——實際上我們將在更多的歐洲地區討論這個問題，因為我假設你的問題實際上是關於關稅的，以及關稅是否會來到歐洲和/或英國。

Yes, exactly. Just it would be helpful to know if 45% tequila and Canadian whisky, just how much is scotch?

是的，確實如此。只是，如果知道 45% 的龍舌蘭酒和加拿大威士忌的價格是多少，那蘇格蘭威士忌到底多少錢呢？

I would say just looking at the numbers broadly to Debra point, I mean, we are looking at scotch and single malts as a percentage of US business being another 9%, right. So the bulk really of where we would see the hit or the impact is on tequila.

我想說，從黛布拉的觀點來看，從廣泛的數字來看，蘇格蘭威士忌和單一麥芽威士忌占美國業務的百分比是 9%，對吧。因此，我們真正看到受到衝擊或影響最大的是龍舌蘭酒。

Yes. Mexico was our biggest hit quite honestly. Yes, so scotch. And then do you have -- look we have things like Tanqueray. We've got Ketel One and other things that come from Europe and Baileys. There are other things going on. We've scenario planned around all of them though, I think just reassuring everyone. We've kind of -- we're also talking to people on all sides of this. But hopefully that answers that question. Then CapEx steady state?

是的。坦白說，墨西哥是我們遭受的最大打擊。是的，蘇格蘭威士忌。然後你有——看，我們有像 Tanqueray 這樣的東西。我們有坎特一號（Ketel One）和其他來自歐洲的酒，還有百利甜酒。還有其他事情正在發生。我們已經針對所有情況制定了情境計劃，我想這只是為了讓大家放心。我們也正在與各方人士進行交談。但希望這能回答這個問題。那麼資本支出是否處於穩定狀態？

Yes. Just to give that point on Debra, as she talked about the broader piece, when we've talked about that 45% being tequila and Canadian whiskey, you are talking about roughly 60% to 65% in total when you think about non-US So you are not talking about a big piece. Remember, as I just said, scotch and single malts is roughly half of that total, right.

是的。只是為了說明黛布拉的觀點，當她談論更廣泛的部分時，當我們談論 45％ 是龍舌蘭酒和加拿大威士忌時，當你想到非美國時，你談論的是總共大約 60％ 到 65％，所以你並不是在談論很大一部分。記住，正如我剛才所說，蘇格蘭威士忌和單一麥芽威士忌大約佔總量的一半，對吧。

On steady state CapEx, I mean, I'm ready to take this Debra.

在穩定狀態資本支出方面，我的意思是，我已經準備好接受這個黛布拉了。

That's great. Thank you, guys.

那太棒了。謝謝你們。

Perfect. Thanks. Yes, sure.

完美的。謝謝。是的，當然。

We'll now hand the call back to Debra for some closing remarks.

現在我們將電話交還給黛布拉，請她做一些結束語。

So thanks everyone for joining today. Our performance reported today demonstrates that we're making meaningful progress, even though the environment remains challenging and will likely continue to be volatile given the recent tariff announcements.

感謝大家今天的參加。今天報告的業績表明，儘管環境仍然充滿挑戰，而且考慮到最近的關稅公告，環境可能仍會繼續不穩定，但我們正在取得有意義的進展。

As I said in the webcast this morning, we are firmly focused on what we can control. We remain confident in favorable long-term industry fundamentals and more importantly, in our ability to outperform the market. And we've shared today some of the actions we are taking to drive sustainable performance.

正如我今天早上在網路廣播中所說，我們堅定地專注於我們能夠控制的事情。我們對長期良好的產業基本面仍然充滿信心，更重要的是，我們有能力超越市場。今天我們分享了我們為推動永續績效所採取的一些行動。

This is an exciting time for Diageo, and we look forward to updating you in our more frequent communication as we move through the year. And I also look forward to meeting with many of you over the coming weeks and at CAGNY at the end of the month. If you have any other questions, do let Sonya and the IR team know. Thank you.

對於帝亞吉歐來說，這是一個令人興奮的時刻，我們期待在新的一年透過更頻繁的溝通向您通報最新情況。我也期待在接下來的幾週以及月底在 CAGNY 與你們中的許多人會面。如果您有任何其他問題，請告知 Sonya 和 IR 團隊。謝謝。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。