孩之寶 (HAS) 2026 Q2 法說會逐字稿

Good morning and welcome to the Hasbro's second quarter 2026 earnings conference call.

早安，歡迎參加孩之寶（Hasbro）2026 年第二季財報電話會議。

(Operator Instructions)

（接線員指示）

At this time, I'd like to turn the call over to Fred Wightman, Vice President Hasbro Investor Relations, please go ahead.

此刻，我想把電話交給孩之寶投資人關係副總裁 Fred Wightman。請開始。

Thank you, and good morning, everyone. Joining me today are Chris Cocks, Hasbro's Chief Executive Officer; and Gina Goetter, Hasbro's Chief Financial Officer and Chief Operating Officer.

謝謝，各位早安。今天與我一同出席的有：孩之寶執行長 Chris Cocks，以及孩之寶財務長兼營運長 Gina Goetter。

We'll begin today's call with Chris and Gina providing commentary on the company's performance before taking your questions.

今天的電話會議將先由 Chris 與 Gina 就公司表現發表評論，之後再回答各位的提問。

Our earnings release and presentation slides for today's call are posted on our investor website. The press release and presentation include information regarding non-GAAP adjustments and non-GAAP financial measures.

今日電話會議的新聞稿與簡報投影片已發布於我們的投資人網站。新聞稿與簡報包含與非 GAAP 調整項目及非 GAAP 財務衡量指標相關的資訊。

Our call today will discuss certain adjusted measures, which exclude these non-GAAP adjustments. A reconciliation of GAAP to non-GAAP measures is included in the press release and presentation. Please note that whenever we discuss earnings per share, or EPS, we are referring to earnings per diluted share.

今天的電話會議將討論若干調整後指標，這些指標排除上述非 GAAP 調整項目。GAAP 與非 GAAP 指標之間的調節表已收錄於新聞稿與簡報中。請注意，當我們討論每股盈餘（EPS）時，指的是稀釋後每股盈餘。

Before we begin, I would like to remind you that during this call and the question-and-answer session that follows, members of Hasbro management may make forward-looking statements concerning management's expectations, goals, objectives and similar matters.

在開始之前，我想提醒各位，在本次電話會議及隨後的問答環節中，孩之寶管理團隊成員可能會就管理層的預期、目標、宗旨及類似事項作出前瞻性陳述。

There are many factors that could cause actual results or events to differ materially from the anticipated results or other expectations expressed in these forward-looking statements.

有許多因素可能導致實際結果或事件與這些前瞻性陳述中所表達的預期結果或其他預期出現重大差異。

These factors include those set forth in our annual report on Form 10-K, our most recent 10-Q, in today's press release and in our other public disclosures.

這些因素包括我們在 Form 10-K 年報、最新的 10-Q、今日新聞稿以及其他公開揭露文件中所列示者。

We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call.

我們不承擔更新今日所作任何前瞻性陳述的義務，以反映本次電話會議日期之後發生的事件或情況。

I would now like to introduce Chris Cocks. Chris?

現在我想介紹 Chris Cocks。Chris？

Thanks, Fred and good morning, everyone. Hasbro delivered another strong quarter, capping off a remarkable first half of 2026. Despite headwinds from oil and trade policy, the business delivered 15% growth for the first half, with profits up appreciably. Wizards continues to grow at a strong clip.

謝謝 Fred，各位早安。孩之寶再度交出強勁的一季表現，為 2026 年上半年畫下亮眼句點。儘管面臨油價與貿易政策帶來的逆風，上半年業務仍實現 15% 成長，獲利也顯著提升。Wizards 仍以強勁速度持續成長。

The toy business posted another quarter of growth, and our momentum is broad-based with Magic, D&D, Hasbro Gaming, Peppa Pig, Star Wars, and Marvel all showing solid year-over-year performance.

玩具業務再度繳出成長的一季，我們的動能涵蓋面廣，Magic、D&D、Hasbro Gaming、Peppa Pig、Star Wars 與 Marvel 均呈現穩健的年增表現。

Magic is off to a ripping start, up over 32% in Q2 and over 34% in the first half. On that strength, we're raising our full year Wizards outlook, which Gina will size in her section.

Magic 開局火熱，第二季成長超過 32%，上半年成長超過 34%。基於這股強勢，我們上調 Wizards 全年展望，Gina 會在她的段落中說明幅度。

Marvel Super Heroes set a record for day one and month one revenue and became the fastest set to reach $300 million in revenue with solid reorders and sell-through. The Hobbit is also tracking like a fan favorite.

Marvel Super Heroes 創下首日與首月營收紀錄，並成為最快達到 3 億美元營收的系列，補貨訂單與終端銷售表現穩健。《哈比人》也呈現出粉絲最愛作品的走勢。

The growth is broad-based. Expanded distribution, real player growth, and Universes Beyond continuing to pull new fans in through IP they already love. I'm not surprised by the level of interest and questions we get about Magic.

成長是全面性的。通路擴張、實際玩家人數成長，以及 Universes Beyond 透過粉絲原本就喜愛的 IP 持續吸引新粉絲加入。我對大家對 Magic 的高度關注與提問一點也不意外。

While it's by far our biggest brand, in many ways, it's also the least understood. Let's define it. While Magic's roots are based in the thousands of local game stores around the world, Magic is not a niche hobby business. It is a mega franchise. Magic the Gathering belongs in the same company as Pokémon, EA Sports, World of Warcraft, and Minecraft.

雖然它無疑是我們最大的品牌，但在許多方面，它也是最不被理解的。讓我們先定義它。儘管 Magic 的根基來自全球數以千計的在地遊戲店，但 Magic 並不是小眾嗜好型生意。它是一個超級特許經營（mega franchise）。《Magic: The Gathering》應與寶可夢（Pokémon）、EA Sports、《魔獸世界》（World of Warcraft）與《Minecraft》並列。

Profitable, durable franchises built to compound for decades. What sets Magic apart is longevity. Magic has been compounding for more than 30 years. It's also a deep game, and that depth and complexity is precisely what our players love.

這些都是高獲利、具韌性的特許經營，能在數十年間持續複利成長。讓 Magic 與眾不同的是其長壽性。Magic 的複利成長已持續超過 30 年。它同時也是一款深度遊戲，而這種深度與複雜性正是玩家所熱愛的。

Magic fans play and collect for years because mastery never ends, and that retention is what powers a robust secondary market and a passionate community of tens of millions of fans who treat the game as a lifelong pursuit rather than a passing trend. The numbers bear it out.

Magic 粉絲多年來持續遊玩與收藏，因為精通永無止境；而這種留存率支撐了強健的二級市場，以及由數千萬名粉絲組成的熱情社群，他們把這款遊戲視為終身追求，而非一時潮流。數據也證明了這一點。

Since 2009, our tabletop and digital Magic businesses compounded revenue at over 17% a year and grew in 15 of the last 17 years. Those two years it didn't grow? Each were declines of less than 3%.

自 2009 年以來，我們的桌上遊戲與數位 Magic 業務營收年複合成長率超過 17%，並在過去 17 年中的 15 年實現成長。那兩年沒有成長？每一年跌幅都不到 3%。

Step back and look at Magic over any real horizon, and you see one of the most consistent compounding franchises in entertainment, a genuine peer to the biggest names in gaming.

退一步，以任何合理的時間跨度來看 Magic，你會看到它是娛樂產業中最穩定的複利成長型特許經營之一，足以與遊戲界最大品牌真正並肩。

It is a leader in one of the biggest categories in toys, collectibles, and games. With Universes Beyond, it is bigger than just a game. It is a platform with platform-level economics and potential.

它在玩具、收藏品與遊戲中最大的類別之一居於領導地位。透過 Universes Beyond，它的規模已不僅僅是一款遊戲。它是一個平台，具備平台級的經濟模型與潛力。

Turning to consumer products.

接著談消費性產品。

Revenue grew 5% in the quarter, and our toy and game business delivered its third consecutive quarter of growth.

本季營收成長 5%，我們的玩具與遊戲業務也連續第三季實現成長。

We're continuing to see benefits from our focus on Games categories, those parts of the toy industry that are gamified, entertainment-driven, multi-purchase, and multi-generational, which continue to outperform the broader industry.

我們持續看到聚焦「遊戲」品類所帶來的效益——也就是玩具產業中那些遊戲化、娛樂驅動、可多次購買且跨世代的部分——其表現持續優於整體產業。

We're continuing to expand the reach of our brands through product innovation and partnerships. We recently launched Blooms, our new aged-up product for Play-Doh.

我們持續透過產品創新與合作夥伴關係擴大品牌觸及。我們近期推出 Blooms，這是 Play-Doh 的全新高齡化（aged-up）產品。

Response from consumers, creators, and retail partners has been strong, with the initial launch selling out at major retailers in less than 24 hours.

消費者、創作者與零售合作夥伴的反應都很強勁，首波上市在不到 24 小時內即於主要零售商售罄。

Late last week, we announced a multi-year licensing agreement with Nintendo to develop products inspired by The Legend of Zelda franchise.

上週稍晚，我們宣布與任天堂（Nintendo）簽署多年期授權協議，開發以《薩爾達傳說》（The Legend of Zelda）系列為靈感的產品。

You'll begin to see that collaboration come to life in 2027, starting with product reveals at San Diego Comic-Con later this week.

你將從 2027 年開始看到這項合作落地，並將於本週稍晚在聖地牙哥動漫展（San Diego Comic-Con）率先揭露產品。

Our licensing team continues to extend Hasbro's brands through great partners and new categories. Tonies launched the first Hasbro Gaming for Toniebox 2, delivering the strongest pre-orders in Tonies history.

我們的授權團隊持續透過優秀合作夥伴與新類別，延伸孩之寶品牌的觸及。Tonies 推出首款 Hasbro Gaming 的 Toniebox 2 內容，創下 Tonies 史上最強預購表現。

Kayou brought My Little Pony trading cards to the US, and Monopoly Big Board Bucks became one of the top new premium slot titles in the industry from our partners at Aristocrat.

Kayou 將《My Little Pony》集換式卡牌帶到美國，而 Monopoly Big Board Bucks 也在我們合作夥伴 Aristocrat 的推動下，成為業界最受歡迎的新高端老虎機遊戲之一。

Taken together, our second quarter results reinforce what makes Hasbro different. Magic continues to lead the category for product innovation and fan engagement.

綜合來看，我們第二季的結果再次凸顯孩之寶的差異化優勢。Magic 持續在產品創新與粉絲互動方面引領品類。

Licensing is expanding the reach of our brands across categories and channels. In toys and games, better execution and stronger innovation are driving growth. That's a balanced portfolio built for durable long-term value.

授權正在跨品類與通路擴大我們品牌的觸及。在玩具與遊戲方面，更佳的執行力與更強的創新正推動成長。這是一個均衡的投資組合，旨在創造持久的長期價值。

Before I turn things over to Gina, I want to spend a few minutes on digital. Over the last several quarters, we have reviewed our portfolio and updated our plans for Hasbro's digital future.

在我把時間交給 Gina 之前，我想花幾分鐘談談數位業務。過去幾個季度，我們已檢視投資組合，並更新了孩之寶數位未來的規劃。

That work included cancelling several games scheduled for release in 2028 and beyond and recording a $56 million non-cash write-down this quarter for related capitalized costs.

該項工作包括取消數款原定於2028年及之後推出的遊戲，並於本季就相關資本化成本認列5,600萬美元的非現金減損。

The write-down reflects the standard we are applying to the portfolio. We are focusing our digital investment behind the franchises, platforms and partners, where we see the clearest upside and where Hasbro has the strongest right to win.

該減損反映了我們對產品組合所採用的標準。我們將數位投資聚焦於我們看見最明確上行空間、且孩之寶最具勝出權利的特許經營、平台與合作夥伴。

Four priorities will guide our digital strategy focus, cost discipline, ownable platforms, and partnership. First, focus.

四項優先事項將引導我們的數位策略：聚焦、成本紀律、自有平台，以及合作夥伴關係。第一，聚焦。

Our digital investment will center on trading card games and role-playing games with brands that can become a significant digital franchise and expand across media over time. We already have strong proof points.

我們的數位投資將以集換式卡牌遊戲與角色扮演遊戲為核心，聚焦於能成為重要數位特許經營、並可隨時間跨媒體擴展的品牌。我們已經有強而有力的驗證案例。

Magic The Gathering Arena is one of the most successful digital TCGs of all time. Baldur's Gate 3 is one of the biggest and most awarded role-playing games of the last decade.

《魔法風雲會：競技場》是史上最成功的數位TCG之一。《柏德之門3》是過去十年規模最大且獲獎最多的角色扮演遊戲之一。

Exodus and Warlock are our next two significant owned game offerings, both planned for 2027. Exodus extends our role-playing strength into science fiction.

《Exodus》和《Warlock》是我們接下來兩款重要的自有遊戲作品，皆計畫於2027年推出。《Exodus》將我們在角色扮演領域的優勢延伸至科幻題材。

Warlock expands on one of the most popular classes in D&D. Both meet the bar we are setting for owned publishing big audience potential, strong genre fit, franchise potential, and meaningful opportunities beyond the initial game.

《Warlock》則在《龍與地下城》（D&D）中最受歡迎的職業之一上進一步擴展。兩者皆符合我們為自有發行所設定的門檻：具備吸引大眾受眾的潛力、強烈的類型契合度、特許經營潛力，以及在首款遊戲之外的實質延伸機會。

Second, cost discipline 2026 should be our peak year for digital investment as Exodus and Warlock enter their finishing phases.

第二，成本紀律。2026年應是我們數位投資的高峰年，因《Exodus》和《Warlock》將進入收尾階段。

As we move into the next generation of games, our model becomes more efficient. We are past the startup phase. We now have more mature tools, teams, and production processes.

隨著我們邁向下一代遊戲，我們的模式將更有效率。我們已經度過新創期。我們現在擁有更成熟的工具、團隊與製作流程。

We are shifting more development to lower cost regions with strong talent, with Montreal as our base for digital games. We are increasingly co-developing and co-publishing with partners who bring genre expertise, operating discipline, and cost advantages.

我們正將更多開發轉移至具備優秀人才且成本較低的地區，並以蒙特婁作為我們數位遊戲的基地。我們也愈來愈多與具備類型專長、營運紀律與成本優勢的合作夥伴共同開發與共同發行。

As a result, we expect our total digital spend to decrease at least 25% annually by 2028. Third, ownable platforms.

因此，我們預期至2028年，我們的數位總支出每年將至少下降25%。第三，自有平台。

Hasbro already controls two of the more valuable platforms in TCGs and tabletop role-playing games. Magic The Gathering Arena has generated nearly $1 billion since its introduction in 2019.

孩之寶已掌控TCG與桌上型角色扮演遊戲中兩個更具價值的平台。《魔法風雲會：競技場》自2019年推出以來已創造近10億美元收入。

D&D Beyond has more than 30 million registered accounts and reaches more than three in four hobby role-playing gamers each year. We also recently announced CharacterOS, our new behavioural licensing platform.

D&D Beyond擁有超過3,000萬個註冊帳戶，每年觸及超過四分之三的嗜好型角色扮演玩家。我們近期也宣布了CharacterOS——我們全新的行為授權平台。

It is a comparatively modest and scalable B2B investment that can bring Hasbro characters into new digital contexts, from location-based entertainment to customer support to interactive avatars.

這是一項相對精簡且可擴展的B2B投資，可將孩之寶角色帶入新的數位情境，從地點型娛樂到客服支援，再到互動式虛擬化身。

A dozen Hasbro characters are already available for licensing pilots through our Sixth Wall AI studio and our close partner Eleven Labs' Iconic Marketplace. Arena, D&D Beyond, and CharacterOS are uniquely Hasbro opportunities with attractive underlying economics and meaningful upside.

目前已有十多個孩之寶角色可透過我們的Sixth Wall AI工作室，以及我們的緊密合作夥伴Eleven Labs的Iconic Marketplace，進行授權試點。Arena、D&D Beyond與CharacterOS是孩之寶獨有的機會，具備具吸引力的基礎經濟性與可觀的上行空間。

Fourth, partnership. As Scopely previously shared, Monopoly Go! is on track to exceed $8 billion in lifetime revenue this summer.

第四，合作夥伴關係。如Scopely先前分享，《Monopoly Go!》預計將於今年夏天使其累計終身營收突破80億美元。

It proves that Hasbro can create major digital economics without carrying all the costs and risk ourselves. Going forward, Hasbro will lean into a focused set of platforms and genres to create community hubs and major franchise moments for our brands.

這證明孩之寶能在不必自行承擔所有成本與風險的情況下，創造重大的數位經濟效益。展望未來，孩之寶將更深入聚焦於一組精選的平台與類型，為我們的品牌打造社群樞紐與重大的特許經營時刻。

Our partners will help us scale with more than 200 projects that are active or in development across mobile, casino gaming, console, and PC. That includes work with Scopely, Aristocrat, Tripledot, Marmalade, Gameberry Labs, Ubisoft, and Gameloft.

我們的合作夥伴將協助我們擴大規模，目前在行動、博弈、主機與PC等領域，有超過200個專案正在進行或開發中。其中包括與Scopely、Aristocrat、Tripledot、Marmalade、Gameberry Labs、Ubisoft以及Gameloft的合作。

The digital strategy is straightforward. We are taking lower conviction projects out of the portfolio, reducing our annual spend base, and concentrating investment behind the places where Hasbro has the best chance to build durable digital franchises, Magic, D&D, owned platforms, partner-led economics, and a concentrated number of high-conviction owned titles.

數位策略很明確。我們正將信心較低的專案自產品組合中移除，降低年度支出基礎，並把投資集中在孩之寶最有機會打造長青數位特許經營的領域：Magic、D&D、自有平台、由合作夥伴主導的經濟模式，以及少數高信心的自有作品。

Hasbro is already the number one digital licensor in the world. Between our internal teams and a robust partner roadmap, our plan is to press that advantage for more upside for our brands and our investors.

孩之寶已是全球第一的數位授權商。憑藉我們的內部團隊與強健的合作夥伴產品路線圖，我們的計畫是加大運用這項優勢，為我們的品牌與投資人帶來更多上行空間。

I'll pass it over to Gina to share more about the numbers and the growth we delivered across our brands and segments. Gina?

接下來我把時間交給Gina，請她分享更多數字，以及我們在各品牌與各事業部所交出的成長表現。Gina？

Thanks, Chris. Good morning, everyone. We delivered another strong quarter with continued revenue momentum across both Wizards and Consumer Products and focused operations as we fully recovered from the cyber incident.

謝謝你，Chris。各位早安。在我們從網路事件中完全恢復之後，我們以更聚焦的營運，並在Wizards與消費品兩大業務上持續展現營收動能，交出另一個強勁季度。

In the second quarter, net revenue was $1.14 billion, up 16% year-over-year, with growth across both Wizards and Consumer Products.

第二季淨營收為11.4億美元，年增16%，Wizards與消費品兩大業務皆成長。

Adjusted operating profit was $282 million, up 14% versus last year, with an adjusted operating margin of 24.8%, down about 40 basis points, driven by incremental operating expenses and a non-cash impairment as we tighten the scope of our digital gaming efforts initially planned for release in 2028 and beyond. Adjusted earnings per diluted share were $1.28, down 2% as a result of the write-off.

調整後營業利益為2.82億美元，較去年成長14%；調整後營業利益率為24.8%，約下降40個基點，主要受增量營運費用以及一項非現金減損影響，因我們收緊原先規劃於2028年及之後推出的數位遊戲投入範圍。調整後稀釋每股盈餘為1.28美元，因沖銷影響而下降2%。

Through the first half of the year, net revenue of $2.1 billion grew 15%, adjusted operating profit of $569 million grew 21%, and adjusted operating margin expanded by 150 basis points, largely driven by the outperformance in Magic.

今年上半年，淨營收21億美元成長15%，調整後營業利益5.69億美元成長21%，調整後營業利益率擴張150個基點，主要由Magic的優於預期表現所帶動。

Total Hasbro adjusted EBITDA was $330 million in the quarter, up 9%, and $670 million for the first half, up 16%. The savings across supply chain, product development, and operating expense continue to support margin even as we absorb higher input costs, royalties, and ongoing investment behind our upcoming digital game launches in 2027.

本季孩之寶調整後EBITDA合計為3.30億美元，成長9%；上半年為6.70億美元，成長16%。供應鏈、產品開發與營運費用的節省持續支撐利潤率，即使我們吸收更高的投入成本、權利金，以及為2027年即將推出的數位遊戲持續投入。

Through the first half, our cost transformation program remains on track, contributing $70 million against our full year commitment of $150 million.

截至上半年，我們的成本轉型計畫仍按進度推進，已貢獻7,000萬美元，對應我們全年承諾的1.5億美元。

Turning to the segments.

接著看各事業部。

Wizards delivered another stellar quarter. Segment revenue grew 27% to $664 million, powered by Magic, which was up 32% behind the release slate of Strixhaven and Marvel Super Heroes.

Wizards再度交出亮眼的一季。事業部營收成長27%至6.64億美元，主要由Magic帶動；在《Strixhaven》與《Marvel Super Heroes》的發行檔期推動下，Magic成長32%。

Operating profit grew 12% to $270 million, and margin came in at 40.7%, down 560 basis points from a year ago due to the impairment. Entering the year, we made a deliberate decision to increase initial print and distribution runs for Magic releases.

營業利益成長12%至2.70億美元，利潤率為40.7%，因減損影響較去年同期下降560個基點。在年初，我們有意決定提高Magic新品的初始印刷與配送批量。

That reflected our confidence in the strength of the brand while also improving operational efficiency and positioning us to better meet demand at launch. We saw the benefits of that strategy in the second quarter.

這反映了我們對品牌實力的信心，同時也提升營運效率，並讓我們在上市時能更好地滿足需求。我們在第二季看到了該策略的效益。

Our operations teams, together with our print partners, successfully executed the largest Magic premiere release in the brand's history with Secrets of Strixhaven, followed by our largest day one release with Marvel Super Heroes.

我們的營運團隊與印刷合作夥伴攜手，成功完成品牌史上規模最大的Magic首發上市——《Secrets of Strixhaven》，隨後又推出我們史上最大規模的首日發行《Marvel Super Heroes》。

Delivering both milestones in a single quarter speaks to the progress we've made in scaling our supply chain and manufacturing capabilities.

在單一季度內同時達成這兩項里程碑，展現了我們在擴大供應鏈與製造能力方面所取得的進展。

We're continuing to invest in those capabilities across products, regions, and formats, from Secret Lair drops to Commander Decks.

我們持續在各產品、各地區與各種形式上投資這些能力，從 Secret Lair 限定投放到 Commander Decks。

We're expanding production capacity to better serve players while supporting the long-term growth of the Magic franchise. Consumer products revenue grew 5% to $463 million, with the North America business up 17% as we lap the impact from last year's later shelf set timing.

我們正在擴充產能，以在支持《Magic》品牌長期成長的同時，更好地服務玩家。消費性產品營收成長 5% 至 4.63 億美元，其中北美業務成長 17%，因我們已度過去年較晚上架的貨架陳列時點所帶來的影響。

The revenue impact from the cyber event was less than we forecasted, with our operations being fully restored ahead of schedule.

網路事件對營收的影響低於我們的預測，且我們的營運已在時程前全面恢復。

In total, approximately $25 million of revenue was lost in the quarter compared to our previous assumption of $40 million to $60 million.

整體而言，本季約損失 2,500 萬美元營收，低於我們先前假設的 4,000 萬至 6,000 萬美元。

Adjusted operating loss was $7.5 million due to higher input costs, royalties, and timing within our operating expenses.

由於投入成本、權利金上升，以及營運費用中的時點因素，調整後營業損失為 750 萬美元。

Entertainment segment revenue was $12.8 million, down 20% against a difficult prior year compare. An adjusted operating profit of $8.6 million contributed at a 67.2% margin, up more than 400 basis points on favourable mix within Family Brands and film and TV.

娛樂事業部營收為 1,280 萬美元，較去年同期在高基期下下降 20%。調整後營業利益為 860 萬美元，貢獻毛利率（利潤率）為 67.2%，受惠於 Family Brands 以及影視業務的有利組合，較去年提升超過 400 個基點。

From a balance sheet and cash flow perspective, through the first half of the year, we generated $604 million in operating cash flow, contributed $147 million towards debt reduction, and returned $239 million to shareholders via dividends and share repurchases.

從資產負債表與現金流角度來看，今年上半年我們創造了 6.04 億美元的營運現金流，投入 1.47 億美元用於減債，並透過股利與庫藏股回購向股東返還 2.39 億美元。

Regarding the cyber incident, operations are back to normal. Cash flow remained healthy throughout the quarter, and outstanding receivables are in line with historical averages.

關於網路事件，營運已恢復正常。本季現金流維持健康，未收帳款餘額亦與歷史平均水準一致。

A huge thank you to the technology, finance, and operations teams who successfully navigated the challenge. Our performance through the first half of the year puts us on pace to exceed our initial expectations.

非常感謝技術、財務與營運團隊成功應對這項挑戰。我們上半年的表現使我們有望超越最初的預期。

In the second quarter, we accomplished several milestones, including exceeding expectations on our Marvel Super Heroes launch, resuming normal business operations, and executing the playbook to offset rising oil costs.

在第二季，我們達成了多項里程碑，包括 Marvel Super Heroes 上市表現超出預期、恢復正常營運，以及執行既定策略以抵銷油價上漲帶來的影響。

Turning to our full year outlook, we are increasing our guidance for the year.

接著談全年展望，我們正在上調今年的財測指引。

We now expect consolidated revenue to grow 5% to 7% year-over-year on a constant currency basis, with growth across each segment. We are raising adjusted operating margins to 25% to 26% and adjusted EBITDA in the range of $1.45 billion to $1.5 billion.

我們目前預期合併營收在固定匯率基礎下將年增 5% 至 7%，且各事業部皆有成長。我們將調整後營業利益率上調至 25% 至 26%，並將調整後 EBITDA 提升至 14.5 億至 15 億美元區間。

At the segment level, Wizards is now expected to grow revenue in the low double-digit range, with operating margins continuing in the low 40% range as volume growth more than offsets the impact of higher royalties, the digital game impairments, and operating expense.

在事業部層級，Wizards 目前預期營收將以低雙位數成長，營業利益率可望持續維持在 40% 出頭的水準，因銷量成長足以抵銷較高的權利金、數位遊戲減損以及營運費用的影響。

On operating margin, the back half includes a step-up in royalties as well as operating expense, including approximately $20 million of marketing spend associated with the video game launches.

就營業利益率而言，下半年將包含權利金的上升以及營運費用增加，其中包括約 2,000 萬美元與電玩遊戲上市相關的行銷支出。

For consumer products, we continue to expect revenue to grow low single digits for the year, with adjusted operating margin in the 6% to 8% range.

就消費性產品而言，我們仍預期全年營收將以低個位數成長，調整後營業利益率落在 6% 至 8% 區間。

Overall volume growth and cost productivity will offset higher royalties and inflation. The lost revenue in Q2 is expected to be recouped in the back half behind the entertainment slate and as we accelerate innovation for the holidays.

整體銷量成長與成本生產力將抵銷較高的權利金與通膨。第二季流失的營收預期將在下半年回補，動能來自娛樂內容檔期，以及我們為假期旺季加速創新。

Back half operating margin will be buoyed by cost productivity across the P&L, including distribution, advertising and promotion, and operating expenses.

下半年營業利益率將受惠於損益表各項目的成本生產力提升，包括配送、廣告與促銷，以及營運費用。

Entertainment segment revenue is expected to be slightly positive year-over-year, with operating margins of approximately 50%.

娛樂事業部營收預期將較去年同期略為正成長，營業利益率約為 50%。

As we look forward into 2027, we continue to expect that Wizards operating margins will remain in the high 30% to 40% range, inclusive of the video game releases and amortization expense.

展望 2027 年，我們仍預期 Wizards 的營業利益率將維持在 30% 高段至 40% 區間，並已包含電玩遊戲發行與攤銷費用。

As Chris mentioned, we believe 2026 is the peak investment year for digital games, we expect total digital spend to decline by at least 25% in 2028.

如 Chris 所提，我們認為 2026 年是數位遊戲投資的高峰年，並預期 2028 年整體數位支出將至少下降 25%。

For 2026, we are making a slight change to our capital allocation priorities for the year. We will continue to invest in the business, specifically behind our highest return growth opportunities led by Wizards, digital gaming, and licensing.

針對 2026 年，我們將對年度資本配置優先順序做出小幅調整。我們將持續投資於業務，特別是投入在由 Wizards、數位遊戲與授權所帶動、報酬率最高的成長機會。

Second, we remain focused on paying down debt and maintaining a healthy balance sheet. Based on the underlying strength in our cash flow, we are increasing our share repurchase target for the year from $100 million to a minimum of $200 million, we remain committed to our dividend.

第二，我們仍專注於償還債務並維持健康的資產負債表。基於我們現金流的基本面強勁，我們將今年的庫藏股回購目標由 1 億美元提高至至少 2 億美元；我們也仍致力於維持股利政策。

As part of today's release, the board has authorized the third-quarter dividend. As we wrap up, Q2 was an important milestone, putting us on track for another year of growing both the top and bottom line. Wizards continues to be our biggest driver of growth.

作為今日公告的一部分，董事會已核准第三季股利。總結而言，第二季是一個重要里程碑，使我們有望再度實現營收與獲利（上、下線）同步成長的一年。Wizards 仍是我們最大的成長驅動力。

Consumer products is navigating near-term cost pressure while continuing to grow the top line. Our cost discipline is giving us room to invest behind the business.

消費性產品在因應短期成本壓力的同時，仍持續推動營收成長。我們的成本紀律讓我們有空間持續投入業務。

We are raising our full-year outlook with confidence, we remain focused on translating this momentum into results for the balance of the year.

我們有信心上調全年展望，並將持續專注於把這股動能轉化為今年剩餘期間的成果。

With that, I'll turn it back to the operator for questions.

接下來我把時間交回接線員，進行提問。

(Operator Instructions) Stephen Laszcayk, Goldman Sachs.

(接線員指示) Stephen Laszcayk，高盛。

Hey guys, thanks for taking the questions, maybe first for Chris, one of the biggest debates around the stock at the moment is around the durability of growth for Magic, both as you look out into the second half of this year, but then as you look out into 2027 and beyond, you called out the Magic flywheel firing on all cylinders.

各位好，謝謝接受提問。也許先問 Chris：目前市場對這檔股票最大的討論之一，是《Magic》的成長耐久性——不論是展望今年下半年，或是展望 2027 年及之後。你提到《Magic》的飛輪正全速運轉。

I was hoping, Chris, you could maybe unpack that a bit more for us, what gives you confidence that Magic can grow off the higher base that we've seen over the last 12 months for the franchise, and then what levers come into focus.

我想請你，Chris，能否再多拆解一下：是什麼讓你有信心《Magic》能在過去 12 個月我們看到的較高基期之上持續成長？接著有哪些槓桿會更值得關注？

Beyond 2026 that you believe will drive continued growth for the business.

以及你認為在 2026 年之後，哪些因素將推動業務持續成長。

Hey Stephen, good morning, thanks for the question. So first off. Magic’s player base is growing, new players are growing, we're reacquiring, lapsed players. I think that fundamentally it all kind of comes down to the math of how many people are playing the game and, purchasing cards.

嗨 Stephen，早安，謝謝你的問題。首先。《Magic》的玩家基礎正在成長，新玩家在增加，我們也正在重新吸引回流的流失玩家。我認為從根本上說，一切都可歸結為有多少人在玩這個遊戲、以及在購買卡牌的數學關係。

Second, our distribution is growing double-digits, it's roughly keeping on pace with overall revenue growth, and there's pretty high correlation with that, we're growing the size of WPN, we're growing the number of mass market accounts, and it's just easier to be able to buy the product and experience the product, which also helps a lot.

第二，我們的通路分銷正以雙位數成長，整體上大致與總營收成長同步，兩者之間的相關性相當高；我們正在擴大 WPN 的規模、增加大眾市場通路的客戶數量，讓消費者更容易購買並體驗產品，這也帶來很大幫助。

And then third, I think we have some really exciting partnerships and new initiatives planned as well.

第三，我認為我們也規劃了一些非常令人振奮的合作夥伴關係與新計畫。

We had a fantastic lineup of first party sets this year at the MagicCon Amsterdam last week, we announced what our first party lineup looks like for next year, we have some really strong.

我們上週在 MagicCon Amsterdam 展示了今年精彩的自有系列產品陣容，也公布了明年自有系列的規劃，我們有一些非常強勁的。

I think, fantasy adjacent, universes beyond IPs coming up in 2027 and beyond that I think our fans are going to be thrilled by, and I continue to believe there's a lot of upside in digital.

我認為，在奇幻相鄰領域、超越既有 IP 的宇宙將在 2027 年及之後陸續推出，我想我們的粉絲會非常興奮；同時我也持續相信數位領域仍有很大的上行空間。

As we invest in new digital initiatives to expand the game beyond what we have for Arena now, those digital investments, I don't think will really manifest in 2027. I think those would be more 2028 and beyond.

當我們投資新的數位計畫，把遊戲擴展到超越目前 Arena 的範圍時，我認為這些數位投資不會在 2027 年真正顯現成果。我認為會更偏向 2028 年及之後。

But I think when you just look at a healthy growing player base, re-engaging lapsed fans, a highly engaged existing player base and really strong underlying growth and distribution. I think it gives a bold case for underlying fundamentals for the brand and for continued growth.

但我認為，當你看到健康成長的玩家基礎、重新喚回流失的粉絲、既有玩家高度投入，以及非常強勁的底層成長與通路分銷。我認為這為品牌的基本面與持續成長提供了非常有力的論據。

Great, that's helpful, and then maybe a second one for Gina just on the outlook, we've now seen strong beats for both the first and the second quarters, it seems like Magic has a lot of momentum at its back.

很好，這很有幫助。接著也許第二個問題想請教 Gina，關於展望：我們已經看到第一季與第二季都大幅優於預期，看起來《Magic》正乘著很強的動能。

I was hoping maybe you could walk us through the puts and takes of the updated guidance for today, the thought process behind the raise, and then to the extent there is upside or downside risk relative to the ranges that you put out today where those would lie in the back half of the year.

我希望你能帶我們梳理一下今天更新指引的利多與利空因素、上調的思考脈絡，以及在你今天給出的區間之下，若存在上行或下行風險，這些風險可能會落在下半年哪些地方。

Good morning, Stephen. Look, we feel really good about our year, and what the implied guidance now is saying is that the front half were basically passing through the front half upside, that we delivered.

早安，Stephen。你看，我們對今年的表現感覺非常好；而目前隱含的指引所傳達的是：上半年我們基本上把已實現的上行表現反映進去了。

I'll break it down by each of the pieces, so if we look at, the wizard segment and what this means for the back half, our guidance is really unchanged on Wizards in the back half of the year, it really factors in that in total, Magic is going to be call it up, kind of low single-digits, which is comprised of a Q3 that is at mid single-digits and a Q4 that is down low single-digits again, that Q4 being down is unchanged.

我會把各個部分拆開來說。先看 Wizards 部門，以及這對下半年的意義：我們對下半年 Wizards 的指引基本上沒有改變。整體而言，我們把《Magic》視為大約低個位數成長，其中 Q3 為中個位數成長、Q4 則再度為低個位數下滑；Q4 下滑的假設並未改變。

we've had that assumption all year, year and it’s a factor of two things, one is that we're competing just a really ginormous Q4 in 2025, plus if you look at the release schedule now that was made public at the Last Magicon in Amsterdam, you can see that our Q1 release in 2027 is going to be in early February.

我們整年一直都有這個假設，而這主要由兩個因素造成：第一，我們要面對 2025 年一個非常龐大的 Q4 基期；第二，如果你看目前已在阿姆斯特丹上一屆 Magicon 公開的發行時程，你會看到我們 2027 年 Q1 的發行會落在 2 月初。

This compares to Lorwyn, which we launched this year, which was in the middle, to call it late January, that difference in launch timing for our Q1.

這與我們今年推出的 Lorwyn 相比，後者是在 1 月中旬到偏晚的時間推出；這就是我們 Q1 發行時點的差異。

It's the difference of $40 million or so falling into a Q4 versus within that Q1 timing can sway how our Q4 finishes, and that's what we've embedded, in our guide, so, as Chris just said, we have a lot of momentum, we believe that there's a lot of durability in the brand itself, so what you're seeing in the back half, is really a mass problem, and we feel good about us stepping into 2027.

這樣的發行時點差異，可能會造成約 4,000 萬美元左右落在 Q4 或落在 Q1 的差別，而這會左右我們 Q4 的收尾表現；這就是我們在指引中所納入的假設。因此，如 Chris 剛才所說，我們有很強的動能，也相信品牌本身具有很高的韌性；所以你在下半年看到的，其實更多是數學上的基期問題，而我們對邁入 2027 年感到很有信心。

Now on the CP business, the pivot that we're making here is that we are moving into growth, a continued growth in Q3, Q4, each of those quarters is kind of size the same way.

再看 CP 業務，我們在這裡的轉向是：我們正在回到成長軌道，Q3、Q4 都會持續成長，兩個季度的規模大致相近。

Call it up, low single-digits, behind the strengths in both, I would say the innovation that is coming in in time for the holidays, as well as we're in this normal pattern with our retailers in terms of shelf reset timing, so there's not, as much volatility in consumer products compared to what I just walk through on Magic.

大約是低個位數成長，背後的動能我會說來自兩點：一是趕在假期檔期推出的創新產品；二是我們與零售商在貨架重置時點上回到正常節奏，因此相較於我剛才談到《Magic》的情況，消費性產品的波動性沒有那麼大。

That's helpful, thank you both.

很有幫助，謝謝你們兩位。

Xian Siew, BNP Barraba.

下一位，Xian Siew，BNP Barraba。

Hi guys, thanks for the question, can you talk a little bit more about the supply, and ability to print Magic, cards. I think, last time you had mentioned about reprints taking a bit longer, but then you also mentioned, the initial prints are maybe bigger.

嗨，各位，謝謝讓我提問。你們能否再多談一點供應面，以及《Magic》卡牌的印製能力？我記得上次你們提到再版（reprints）需要更久，但你們也提到首批印量可能更大。

Given kind of the increase in confidence and demand, maybe you can you talk about the puts and takes of how you're thinking about supply and then longer-term, ability to deliver on demand, especially as distribution is growing.

在信心與需求提升的情況下，你們能否談談你們如何權衡供應的利多與利空，以及長期而言，特別是在通路分銷持續擴張之際，你們滿足需求的交付能力？

Got it. I'll, I guess I'll end with the punch line is we feel very confident in our ability to supply Magic. And to your point,

了解。我想先講結論：我們對供應《Magic》的能力非常有信心。而且如你所說，

how you worded the question, the strategy that we took at the beginning of the year was to go in with larger initial print runs so that we could supply that that first distribution push as well as then, supply, and lean into the backlist or lean into to reorders, and that, that's very different than where we were

就你提問的方式來看，我們年初採取的策略是：以更大的首批印量進場，這樣我們既能支撐第一波的通路鋪貨推進，也能供應後續需求，並加大對既有品項（backlist）或追加訂單（reorders）的支援；而這與我們當時的狀況非常不同。

Last year where we felt like we were chasing demand, and in 2025, I think for some of our sets we would absolutely say that we left some demand on the table.

去年我們覺得自己是在追著需求跑；而在 2025 年，我想對於部分系列我們可以很坦白地說，我們確實讓一部分需求沒有被滿足。

So we made a pivot as we were entering into '26, and you could see that strategy really playing through, with our Q2 results, so it is true that our reruns are taking longer, but it, it's not as an issue per se because we went in with higher production, from the get go, and then alongside of that, looking at not only

因此在進入 2026 年時我們做了轉向，你也可以看到這個策略在 Q2 的結果中充分反映。確實，我們的再版加印（reruns）所需時間變長了，但這本身不算是問題，因為我們一開始就以更高的產量進場；同時，我們也不只是看

On the demand forecast for '26, but looking at it for '27 and '28, that gave us confidence to work with all of our print partners to start increasing kind of fundamental capacity within their facilities. So by the time we get to next year and the year after that, we feel really confident about our ability to supply.

2026 年的需求預測，也把 2027 與 2028 年一併納入評估，這讓我們有信心與所有印刷合作夥伴合作，開始提升其廠房內的基礎產能。因此到了明年與後年，我們對供應能力非常有信心。

Great, thanks, and then maybe can you talk a little bit more about the $56 million of impairment charge and kind of decision to maybe not adjust that out of results.

很好，謝謝。接著你們能否再多談談 5,600 萬美元的減損費用，以及為什麼決定不把它從結果中調整剔除？

I mean, I understand, it's probably also related to the capitalized cost you want to show it somewhere, but I guess, underlying, wizard can be even stronger, if we kind of think of that impairment charge.

我的意思是，我理解這可能也與資本化成本有關，你們希望在某個地方反映出來；但我想從基本面來看，如果我們把那筆減損費用考慮進去，Wizards 其實可能還能更強。

Maybe it's a bit of a one-time or transitory cost, I mean, is that kind of fair, and then I guess maybe higher level, it's kind of reiterating your point of focusing on the profitability of digital games.

也許那有點像一次性或短期性的成本，這樣理解是否合理？另外更高層次來說，這也像是在重申你們聚焦數位遊戲獲利能力的觀點。

Yeah, correct, and we've been pretty clear within our digital strategies that we're not going to adjust out like all of the amortization is going to hit the P&L, and it's not going to be adjusted out of EBITDA, so this impairment took that same treatment.

對，沒錯。我們在數位策略上一直講得很清楚：我們不會把這些項目調整剔除——所有攤銷都會進入損益表（P&L），也不會從 EBITDA 中調整剔除；這次的減損也採取相同處理方式。

As Chris said, it was really a matter of us honing in on our digital strategy and reassessing the portfolio and figuring out which piece fit, or pieces fit, which pieces didn't fit, and it's a it's as simple as that, so it is one time in nature, but it is going to continue to stay, as part of, it was an investment that we made that we now, are undoing.

如 Chris 所說，這主要是我們聚焦數位策略、重新檢視產品組合，並判斷哪些部分適配、哪些不適配；事情就是這麼單純。因此它本質上是一次性的，但它會持續保留在報表中，因為那是我們先前做出的投資，而現在我們正在把它撤回。

Makes sense, thank you, good luck.

了解，謝謝，祝順利。

James Hardiman, Citi.

下一位，James Hardiman，Citi。

Hey, good morning, thanks for taking my call, so, I think a lot's been made, fair or unfair about sort of this Marvel superheroes versus Final Fantasy comparison.

嗨，早安，謝謝你接我的電話。所以，我覺得外界對於這種「漫威超級英雄」對比「最終幻想」的比較，無論公不公平，都已經有很多討論了。

Anything to give us on 2Q year over year. At this point, I don't think anybody expects that we'll see anywhere near the same. Fell in in the second half from superheroes as Final Fantasy. You guys have made a comment about record day one and month one revenue.

關於第二季年對年，有沒有什麼可以提供的？就目前來看，我想沒有人會預期我們會看到接近同樣的表現。超級英雄在下半年相較於最終幻想的表現有所回落。你們也提到首日與首月營收創下紀錄。

I'm assuming that's all wholesale and that, and the retail, might look a little bit different, but anything, any color you could give us there in any way to think about sort of, to you as a portion of sort of the full year contribution of those two sort of massive titles that that'll obviously move the needle.

我猜那應該都是批發端的數字，而零售端可能看起來會有點不一樣；但你們能否就此提供一些補充說明，或是讓我們理解一下，這兩個顯然會帶動整體表現的重量級作品，對全年貢獻占比大概該怎麼思考？

James, I'll take this, and I'll turn it over to Gina when and if I, say anything amiss. I would say Marvel superheroes is off to a really strong start, we're super pleased, but likewise, we were very pleased by final fantasy.

James，我來回答這題；如果我有哪裡講得不對，之後再交給 Gina 補充或糾正。我會說《漫威超級英雄》開局非常強勁，我們非常滿意；同樣地，我們對《最終幻想》也非常滿意。

I think if you can connect the dots with kind of what Gina was talking about our approach to supply chain and our approach to supplying the channel, we have bigger allocations to sell in initially, and that certainly has benefited Marvel versus where we were maybe a year ago with Final Fantasy, but the reorders and all of the sell through that we can track have also been quite strong for Marvel superheroes.

我想如果你把 Gina 剛才談到的、我們在供應鏈以及供貨給通路的做法串起來看，我們在一開始就有更大的配貨量（allocations）用於 sell-in；這確實讓《漫威超級英雄》相較於一年前《最終幻想》時的狀況更受益。不過，我們能追蹤到的再訂貨（reorders）以及 sell-through 也都相當強勁。

So, it's not just a matter of, pushing a bunch of things into the channel and letting them sit on inventory, the inventory is at quite reasonable levels, the sell through is quite brisk, and we've been seeing consistent reorders from across our channel partners for it, that said, who's going to be, who's ultimately going to take the title as the biggest Magic set of all time.

所以這不只是把大量產品推進通路、讓它們躺在庫存裡而已；目前庫存水位相當合理，sell-through 也很快，而且我們看到各通路夥伴持續穩定地下再訂單。話雖如此，究竟哪一個會成為史上最大的 Magic 系列套裝（set）呢？

Currently it's Final Fantasy, final fantasy is fantastic, it continues to get reordered today. I would say Final Fantasy probably had a bit stronger of a set of follow-up kind of ancillary products that came up after the launch, but we're pretty pleased with both.

目前是《最終幻想》；《最終幻想》非常出色，直到今天仍持續有再訂貨。我會說《最終幻想》在上市後推出的一系列後續周邊／延伸產品（ancillary products）可能更強一些，但我們對兩者都很滿意。

Got it, and then, obvious, obviously sorry, did you have anything to add to that, Gina, or?

了解。那，呃，抱歉，Gina，你還有什麼要補充的嗎？或是？

no, my only point, James is going to be that superheroes is our second largest UB set, so to the point of it's, not quite as big as Final Fantasy yet with an asterisk, it's still a pretty darn good set.

沒有，我唯一想補充的是，James，《超級英雄》是我們第二大的 UB 系列；所以就「還沒大到跟《最終幻想》一樣」這點（帶個註記）而言，它仍然是一個相當、相當不錯的系列。

I think you're also going to have a tough time getting us to compare third-party IPs against each other, that's, probably something we're loath to do.

我想你也很難讓我們去把第三方 IP 彼此拿來比較；那大概是我們不太願意做的事。

Makes sense. And then obviously with another really strong quarter out of Magic. I think that Bear case has sort of been asked and answered, at least for now.

合理。然後顯然 Magic 又交出一個非常強勁的季度。我想至少就目前而言，熊市論點（Bear case）算是被問過也被回答了。

I guess the one hesitation that I think a lot of investors have, at this point, is just getting out in front of this video game launch next year, anything you could tell us at this point that would help us sort of size.

我猜很多投資人此刻唯一的顧慮，是在明年那款電玩上市之前先把預期打出去；你們現在能否提供一些資訊，幫助我們大致估算——

How to think about, the impact of that game, obviously really early, you don't know how many it's going to sell, but if I just think about sort of the low 40s and 30s to low 40s next year is the biggest gap, sort of what you're assuming for the impact of the video games and I apologize, just one point of clarification.

該如何看待那款遊戲的影響？當然現在還很早，你們也不知道會賣多少；但如果我看明年大約 30 多到低 40 多（high 30s to low 40s）這個區間，最大的落差大概就在於你們對電玩影響的假設。另外抱歉，我想確認一點——

The impairment that low 40s would have gone a little higher this year, is that right?

那個減損（impairment）使得今年的低 40 多本來會再高一些，是這樣嗎？

Correct, yes.

對，沒錯。

Yeah, and I think the way you should think about wizards is we continue to believe fundamentally in the business broadly inclusive of digital and what we do on tabletop, so.

是的。我認為你應該這樣看 Wizards：我們在根本上仍然看好這門生意，包含數位業務以及我們在桌上遊戲（tabletop）所做的一切，所以——

Our guidance of high 30s to low 40s is the same guidance we've been given for the segment for since we initiated our midterm guidance 2 years ago, and that remains unchanged, the KPI that we have on the new game releases, each are meeting our expectations, if not above our expectations.

我們給出的 30 多到低 40 多的指引，和我們在兩年前提出中期指引（midterm guidance）以來對該事業部一直給出的指引相同，而且至今沒有改變。我們針對新遊戲發行所追蹤的各項 KPI，都符合我們的預期，甚至高於預期。

We feel like the games will be quality releases.

我們覺得這些遊戲會是高品質的發行。

They’re new, newer franchises, they're improving genres where we've seen success either through ourselves or through our partners.

它們是新的、較新的系列（franchises），也在我們自己或合作夥伴曾經成功的類型（genres）上做出改進。

But there is going to be, a range of outcomes, but I think as we've thought about the overall strength of the portfolio and the balance of the portfolio and the fundamentals associated with it.

但結果會有一個區間（range of outcomes）。不過，當我們看整體產品組合的強度、組合的平衡，以及相關的基本面時——

We continue to remain bullish on both the short and the long-term for wizards.

我們對 Wizards 的短期與長期仍然維持樂觀。

Got it

了解。

That math with the I think the math I would add to there's really no difference in assumptions, so the development cost for both games continues to be in the range which we've talked about, that range where we said that, call it $100 million to $250 million.

我想我可以補充一下數字面：其實假設沒有任何不同。兩款遊戲的開發成本仍落在我們先前談過的區間，也就是大約 1 億到 2.5 億美元。

Exodus is at one end, I would say that, warlock is that another, so that is no different, our assumption on how the amortization itself is going to work, with, kind of two-third of it flushing through within the first, three months of launch, and then if you think about that high 30s to low 40snumber, you'll have the amortization expense, but then you also have additional marketing, and for all of wizards inclusive of Magic, so the entirety of Wizards next year, there's anywhere from call it $50 million to $75 million of incremental marketing expense that we're going to put into the segment to support all of the growth levers, both the video games as well as Magic itself.

Exodus 在其中一端；我會說 Warlock 在另一端，所以這點沒有不同。我們對攤銷（amortization）如何反映的假設也一樣：大約三分之二會在上市後前三個月內認列（flushing through），然後如果你再看那個 30 多到低 40 多的數字，你會有攤銷費用，但同時也會有額外的行銷投入。而且對整個 Wizards（包含 Magic）而言——也就是明年整個 Wizards——我們會在該事業部額外增加大約 5,000 萬到 7,500 萬美元的行銷費用，用來支持所有成長槓桿，包含電玩以及 Magic 本身。

So I think those pieces, the amortization and the incremental marketing is what probably takes that number, that creates that range in that number.

所以我認為，攤銷與增量行銷這兩塊，大概就是讓那個數字形成區間、並造成那個區間的原因。

That's really good color. Thank you both.

這些補充非常有幫助。謝謝你們兩位。

Thanks.

謝謝。

Arpine Kocharyan, UBS.

UBS 的 Arpine Kocharyan。

Thanks, thank you and good morning. Just to briefly go back to, back of guidance, if I take your unchanged guidance for wizard of low single-digits in the back half after, really strong first step and seems like consumer product outlook that's unchanged.

謝謝，謝謝你們，早安。我想簡單回到指引的後半段：如果我看你們對 Wizards 在下半年維持不變的指引——在上半年非常強勁之後，下半年是低個位數（low single-digits）——而且看起來消費性產品（consumer product）的展望也沒有改變。

You're already pretty comfortable in that 7% range of top-line for the year, so I'm wondering what does the midpoint or the low end of guidance range sort of factor in what type of scenario is more kind of the uncertainty with the holiday season in the back half.

你們對全年營收成長大約 7% 這個區間應該已經相當有把握；所以我想問的是，指引區間的中位數或低端，究竟納入了什麼樣的情境？不確定性比較偏向下半年假期季（holiday season）的哪一種狀況？

Within consumer product?orYyou still have obviously a massive comp in Q4 you have to offset, just trying to see how you get to, remotely close to 5%, for the year and then I have a quick follow-up.

是在消費性產品這邊嗎？或者你——你們在第四季顯然還有一個很大的比較基期（massive comp）需要抵消；我只是想了解，你們要怎麼讓全年接近 5%（成長），然後我有一個簡短的追問。

Yeah, good morning, yes, it's very simply on the holiday, I mean, we've, I think, learned our lesson over the years that a lot can change between September and December, so it just allows us a little bit of a protection.

是的，早安。沒錯，主要就是假期季的因素。我是說，我們這些年來算是學到教訓：9 月到 12 月之間可能會有很多變化，所以這只是讓我們多一點保護空間。

Now, that said, we feel really good about how we're forecasting the back half of the year, Wizards, is a little bit easier in the sense because it's not as holiday and consumer macro consumer dependent.

話雖如此，我們對於下半年（後半年度）的預測感覺非常良好；Wizards 在某種程度上相對容易一些，因為它不像假期與消費者宏觀環境那樣高度依賴消費者需求。

But again, the retail side of the business always creates, a question mark as we head in, but again, feeling good about the guidance we put out.

但再說一次，業務中的零售端在我們進入下半年時總是會帶來一些不確定性；不過，我們對於我們所發布的指引仍然感覺良好。

Great, that makes a lot of sense. Just quickly, looking into 2027 for Magic, I was wondering if you could, give a more detail on, should we expect a similar split of universes beyond such releases into 2027 versus 2026.

很好，這很有道理。我想快速問一下，展望 2027 年的《Magic》，想請你更詳細說明：相較於 2026 年，2027 年我們是否應該預期「Universes Beyond」這類發行在組合上會有類似的占比？

Just percentage wise, or are you still sort of working through, that maybe the timing and cadence of those releases, anything you could share to bring us closer to, kind of what growth rate. For wizards could look like, looking out beyond 2026 would be very helpful.

就百分比而言，或者你們仍在推敲這些發行的時點與節奏？任何你能分享、讓我們更接近理解 Wizards 在 2026 年之後的成長率可能長什麼樣的資訊，會非常有幫助。展望 2026 年之後，對 Wizards 可能的表現會很有幫助。

So for Magic, we announced three of our first party sets last week, at Magicon in Amsterdam and so those will be spread pretty evenly out throughout the year. We haven't announced what the universe's beyond sets will be, but there will be three of them as well.

就《Magic》而言，我們上週在阿姆斯特丹的 Magicon 公布了三個自有 IP（第一方）的系列，這些會在全年相當平均地分布推出。我們尚未公布「Universes Beyond」系列會是哪些，但同樣也會有三個。

So this year, I think the simple math is this year we did seven sets, but assume a pretty good hunk of the first set was sold in the prior year, so call it 6.5 year.

所以今年，我想簡單算一下：今年我們做了七個系列，但假設第一個系列有相當一部分是在前一年就已售出，因此可視為大約 6.5 個系列的年度貢獻。

Next year we will formally announce six sets, three universes beyond, and three first party IP, but likely there will be a bit of 2028 at the end of 2027.

明年我們會正式宣布六個系列：三個「Universes Beyond」以及三個第一方 IP；但很可能在 2027 年底會有一點點 2028 年的內容。

So on a like for like basis, there'll be roughly the same number sets year over year, I would anticipate that the percentage of first party versus third-party, would actually, increase a bit, just because we had a few more universes Beyond releases this year than we did first party releases this year.

因此在可比基礎上，年對年大致會是差不多的系列數量。我預期第一方相對於第三方的占比其實會略為提高，因為今年我們推出的「Universes Beyond」發行數比第一方發行數多一些。

That's super helpful, thank you, Chris, thanks.

這非常有幫助，謝謝你，Chris，謝謝。

Thank you.

謝謝。

Anthony Bonadio, Wells Fargo.

Wells Fargo 的 Anthony Bonadio。

hey guys, thanks for taking my question. So just on Marvel, I wanted to follow-up given the strength you've seen there so far, can you just talk a little bit more about the contour of those sales?

嗨各位，謝謝讓我提問。關於 Marvel，鑑於你們目前看到的強勁表現，我想追問一下：能否再多談談這些銷售的輪廓與結構？

As we think about the mass channel versus your typical independent hobby stores and just how that performed, with your legacy player base versus newer players to the extent you have visibility?

當我們思考大眾通路（mass channel）相較於你們典型的獨立嗜好店（independent hobby stores）的表現，以及在你們既有玩家族群與新玩家之間的表現差異（在你們可見的範圍內）？

I would say that Marvel has done well across every channel, and is particularly excelled with new players, and in less traditional channels, so which is what you'd expect when IP of that caliber. So mass selling it in, Disney theme parks, game stores that maybe don't have as much organized play like a GameStop, it's really done quite well there.

我會說 Marvel 在每個通路都表現良好，且在新玩家以及較不傳統的通路特別出色；這也符合你對那種等級 IP 的預期。例如在大眾通路鋪貨、迪士尼主題樂園、以及可能沒有那麼多組織賽事的遊戲通路（像 GameStop）銷售，都表現得非常好。

Got it, thank you, and then, maybe one for Gina, just on the, $56 million impairment charge on digital games, I guess does that at all change how you're thinking about the spending outlook for '27, or maybe put another way, does the fact that we're writing that off today but incrementally well for how we should be modelling '27 expense?

了解，謝謝。接著可能問 Gina 一題：關於數位遊戲的 5,600 萬美元減損費用，這是否會改變你們對 2027 年支出展望的看法？或者換個方式問：今天把它沖銷掉，是否會對我們建模 2027 年費用的方式帶來任何增量影響？

Well, that $56 million was related to game releases in '28 and beyond, so it doesn't really change the economics for 2027 and if you go back to our prepared marks, '26 will really be the peak year for spend on digital, and then we'll start to step it down. That's how I think about it.

嗯，那 5,600 萬美元是與 2028 年及之後的遊戲發行相關，所以它不太會改變 2027 年的經濟性。如果你回頭看我們事先準備的講稿，2026 年將會是數位支出達到高峰的一年，之後我們會開始逐步下調。我就是這樣看待的。

Thanks guys.

謝謝各位。

Thank you.

謝謝。

Kylie Cohu, Jefferies.

Jefferies 的 Kylie Cohu。

Hey, good morning, you guys, I was just wondering if we could maybe dimensionalize the largest sources of potential upside in the back half of the year, I really appreciate all the color you gave on what's baked in, but just kind of curious what could go right and where you would expect to see that potentially.

嗨，早安，各位。我想問的是：我們是否可以更具體地量化一下今年下半年潛在上行空間的最大來源？我很感謝你們提供了很多已納入預期的細節，但我也好奇有哪些事情可能會比預期更順利，以及你們可能會在哪些地方看到這些上行。

Hi Kylie, like, well, always I think there's potentially some upside and Magic. So, we've certainly experienced that for the last 19 years.

嗨 Kylie，就像一直以來，我認為《Magic》可能仍有一些上行空間。我們過去 19 年確實也經歷過這種情況。

We can't count them out.

我們不能把它排除在外。

yeah, so, certainly Magic is a strong underlying franchise. D&D is actually performing quite well as well, particularly D&D Beyond, we've been retuning that business, and, that's been performing well, it's kind of a little, overshadowed by how large and how important Magic is, but D&D has some nice upside, and then inside of our toys business.

是的，所以《Magic》當然是一個基本面很強的旗艦品牌。《D&D》其實也表現得相當不錯，尤其是 D&D Beyond；我們一直在重新調整那個業務，而它的表現也很好。只是因為《Magic》規模很大、重要性很高，所以《D&D》有點被掩蓋了，但《D&D》也有不錯的上行空間。再來是在我們的玩具業務裡。

We have a number of releases related to our GEM-squared theme, really kind of going after older, maybe less traditional collectors and players and crafters, Blooms by Play-Doh is one of the first examples of that.

我們有多項與 GEM-squared 主題相關的新品發行，主要是鎖定年齡較大、可能較不傳統的收藏者、玩家與手作族群；Play-Doh 的 Blooms 就是其中最早的例子之一。

It's a basically being able to craft beautiful flower bouquets, with Play-Doh and a very innovative set of new tools that are very simple and easy to use, and I think you'll see a number of those kinds of product releases from us that will lean into that.

它基本上是讓你能用 Play-Doh 製作漂亮的花束，並搭配一套非常創新的新工具，操作非常簡單、容易上手。我想你會看到我們推出更多這類產品發行，並朝這個方向加碼。

And then last but not least, our partners at Disney have a just fantastic lineup of films, this year, we saw some nice benefits from Toy Story with Potato Head so far, Star Wars has been doing well, particularly with the collector segment and the new Spider-Man and new Avengers, we're already seeing Spider-Man pop off the shelves, and we expected vendors to be no different in the holiday period.

最後但同樣重要的是，我們在迪士尼的合作夥伴今年有非常精彩的電影檔期；今年到目前為止，我們已從《玩具總動員》搭配 Potato Head 看到一些不錯的效益。《星際大戰》也表現良好，特別是在收藏族群；而新的《蜘蛛人》與新的《復仇者聯盟》方面，我們已經看到《蜘蛛人》在貨架上賣得很快，我們也預期《復仇者聯盟》在假期檔期的表現不會例外。

Awesome, super. Well I guess just to follow-up on that with Magic being so strong, obviously Marvel doing well. I think you also mentioned the upcoming Hobbit release, anything that kind of contextualize there, about what's kind of going to contribute to the back half growth for Magic.

太棒了，很好。那我想追問一下：既然《Magic》非常強、Marvel 也表現很好，我想你們也提到即將推出《哈比人》發行；有沒有什麼可以補充脈絡的資訊，說明《Magic》下半年成長主要會由哪些因素貢獻？

Well, the one thing I'd, just counts people as you model Magic is not every set has the same composition of skews or card density or complexity. So Marvel is a quite large release, very consistent with what we would have done, several years ago with Lord of the Rings, or what we did last year with Final Fantasy.

我想提醒大家在建模《Magic》時要注意一點：不是每個系列在 SKU 組成、卡牌密度或複雜度上都相同。Marvel 是一個相當大型的發行，與我們幾年前做《魔戒》，或我們去年做《Final Fantasy》的規模非常一致。

The Hobbit will be, still a big release, but it'll be comparatively smaller in terms of the number of SKUs and number of cards that we released associated with that. So you should scale those correlate quite closely with overall sales potential.

《哈比人》仍會是一個大型發行，但相較之下，在我們推出的 SKU 數量與相關卡牌數量方面會比較小。因此你應該把這些因素與整體銷售潛力相當緊密地對應起來看。

So, and that's just a factor is how we think about quarter over quarter for Magic, not every release is going to be exactly the same, not every release, even year over year, is going to comp the same because we just move things around, based on its readiness, based on, anniversaries for IPs, slicing and making sure themes stay fresh and we don't kind of over, overindulge in any one kind of trope. So, I think you need to kind of think about that as you go through.

所以，這也是我們看《Magic》季對季變化時的一個因素：不是每次發行都會完全一樣；即使年對年也不一定能同樣可比，因為我們會依據準備就緒程度、IP 的周年節點、以及切分安排來調整，確保主題保持新鮮，不會在任何單一類型的套路上過度投入。所以我認為你在推演時需要把這點納入考量。

Got it, super helpful color, thank you guys.

了解了，這些補充說明非常有幫助，謝謝各位。

Gerrick Johnson, Research Partners.

Gerrick Johnson，Research Partners。

Good morning, thank you, hey, I was curious a little bit, about distribution of Magic if we get more detail on how much of Magic goes through the mass channel these days, how much through hobby shops, and specialty, and then also International versus North America?

早安，謝謝。嗨，我有點好奇，關於《魔法風雲會》的通路分布，能否更詳細說明目前有多少是走大眾通路、多少走嗜好店與專門店？另外，國際市場相較於北美的占比如何？

the bulk of our distribution continues to flow through hobby, so call it 70ish percent is flowing through hobby, mass is about 20% and direct-to-consumer is about 10%, and frankly, ALL3 of those tranches are continuing to grow.

我們的配銷大宗仍然是透過嗜好通路，約可說有 70% 左右走嗜好通路；大眾通路約 20%；直達消費者（DTC）約 10%。坦白說，這三個區塊都在持續成長。

Okay, and then on toys, all the retailers on the April quarter had nice comps up mid single-digits and all called out toys, all of them, Target, Walmart, five Below, GameStop, so are these retailers reacting? Are they placing larger orders for the fall sets, are they getting less cautious than they have been before?

好的。那再談玩具，4 月季度各家零售商的同店比較都不錯、約中個位數成長，而且每一家都特別提到玩具——Target、Walmart、Five Below、GameStop 都是。這些零售商是在做出反應嗎？他們是否在秋季套裝上加大下單，是否比以前沒那麼保守？

No, I don't see a material change in the retailers, remember last year Q2, it was crazy because of what was happening in the tariff environment, so we're copying a pretty atypical Q2, and what I would characterize '26 is we're back to kind of historical patterns within toy, where the shelf set timing is where you typically would expect it right after kind of that back to holiday, and so the order books themselves are reverting back to where we would in '24 and '23.

沒有，我沒有看到零售商有實質性的改變。記得去年第二季很瘋狂，因為關稅環境發生的事情，所以我們是在跟一個相當不典型的第二季做比較。我會形容 2026 年是回到玩具品類的歷史常態：上架（shelf set）的時點大致回到你通常會預期的節奏，也就是在返校到假期那段之後。因此，訂單簿本身也正在回到我們在 2024、2023 年會看到的水準。

So, I think that the momentum on the category itself has remained strong, that's allowing retailers to have confidence in their shelf set, I think order books are building as expected or as historically we've seen, I don't, I don't see anything materially different.

所以，我認為品類本身的動能仍然強勁，讓零售商對他們的上架配置更有信心。我認為訂單簿如預期、或如我們歷史上所見在累積；我沒有看到任何實質不同。

Gerrick, the only color I'd add is I Retailers are traditionally pretty conservative, I think, we've improved our ability to be able to provide them real-time product, so, that's kind of changed the mix about how much inventory they want to have on shelf, where they are leaning in though, and are pretty eager for more product.

Gerrick，我唯一想補充的是：零售商傳統上相當保守。我認為我們提升了即時供貨的能力，因此也改變了他們希望在貨架上持有多少庫存的組合。不過他們確實更願意投入，而且很渴望更多產品。

And frankly, consumers are giving them these tells is in those GEM-squared categories, the gamified, entertainment-driven, multi-purchase, multi-generational, basically the stuff for kid adults, and that's why we're seeing such a great response with Magic, that's why we're seeing such a great response with Blooms, that's why we're seeing such a great response with things like Star Wars fan products, anything that has Spider-Man on the box, and then we anticipate that anything that will have Doctor Doom on the box as well.

坦白說，消費者也在給他們一些訊號：在那些 GEM-squared 類別——也就是遊戲化、娛樂驅動、多次購買、跨世代的品類，基本上就是「大孩子」的產品——需求很強。這也是為什麼《魔法風雲會》反應這麼好、Blooms 反應這麼好、像《星際大戰》粉絲產品反應這麼好，任何盒子上有蜘蛛人的產品都很受歡迎；我們也預期任何盒子上有末日博士（Doctor Doom）的產品也會如此。

Okay, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Eric Handler, Roth Capital.

Eric Handler，Roth Capital。

Good morning. Thanks for the question. Chris, I wonder if you could talk a little bit about, your video game development, you've now had a couple games cancelled this year, which quite frankly is no different than any other video game studio, but what does that leave you in terms of the number of games you have in development, sort of, how are you thinking about the potential for an annual cadence of releases, and if anything changes in terms of what you are looking to do internally versus licensing out?

早安。謝謝讓我提問。Chris，我想請你談談你們的電玩開發。今年你們已經有幾款遊戲取消了，坦白說這跟其他電玩工作室並沒有不同；但這會讓你們目前在開發中的遊戲數量變成怎樣？你們如何看待每年推出作品的節奏？以及在內部自製與對外授權之間，你們的策略是否會有任何改變？

Eric, yeah, thanks for the question. Yeah, I would say prior, we've been saying, from 2027 on, we'd have one to two significant game releases per year.

Eric，好的，謝謝你的問題。我會說，先前我們一直在講，從 2027 年開始，我們每年會有 1 到 2 款重要的大型遊戲發行。

I don't think that changes, but I think the composition of the types of games, and the level of spending on those games and maybe how we go to market with them will change. So we will still do some big games.

我不認為這點會改變，但我認為遊戲類型的組合、在這些遊戲上的投入水準，以及我們可能如何推向市場，會有所改變。所以我們仍然會做一些大型遊戲。

I think those won't be, every year, but I think we'll have a combination of big games and then more service oriented games and potentially some, smaller, more focused content that's inside of games as well.

我認為那不會是每一年都有，但我們會把大型遊戲與更多偏服務型（service-oriented）的遊戲做搭配，並且也可能會有一些更小型、更聚焦、嵌在遊戲內的內容。

I think a lot more of our games are going to be us working with the co-publisher, and, leveraging their expertise and leveraging their capital, while they leverage our brands and kind of our fandom.

我認為我們會有更多遊戲是與共同發行商（co-publisher）合作，運用他們的專業與資本，同時他們也運用我們的品牌與粉絲社群。

And so I think that will kind of lower the downside risk associated with it, and I definitely think you're going to see a shifting more and more to those lower cost partners and evolving our studio infrastructure such that, more and more of our people sit in very high, talent density, but much lower man month, markets.

因此，我認為這會降低相關的下行風險。我也確實認為你會看到我們越來越轉向那些成本較低的合作夥伴，並調整我們的工作室基礎設施，使得我們更多人員配置在人才密度很高、但人月成本更低的市場。

And I think just the combination of that inclusive of marketing and inclusive of our total development spend is you're going to see a pretty meaningful step down in the amount of investment that it will take for us to build the business, but we still are bullish about what that future of the business looks like, I think it's probably just going to be more focused and more profitable.

我認為把這些因素加總起來——包含行銷、也包含我們的總開發支出——你會看到我們為了打造這個業務所需的投資金額會相當明顯地下調；但我們仍然看好這個業務的未來樣貌，我想它可能只是會更聚焦、也更有獲利能力。

Very helpful. And then now that regarding Magic, now they sort of, you've come out with your, at least announced what the first party, Magic sets are going to be in 2027. I wondered if you could sort of qualitatively. Discuss, how it compares with '26 in terms of is there, are there new series that are coming out, are there more sequels with the with the first party sets?

非常有幫助。接著談《魔法風雲會》，你們現在也已經公布、至少宣布了 2027 年第一方（first party）的系列會有哪些。我想請你從質性角度談談：相較於 2026 年，整體上有什麼不同？例如是否會有新的系列推出？第一方系列是否會有更多續作？

Well, certainly Kamigawa is a sequel to, so when the last Kamigawa came out, it became the best selling first party set of all time, but then, basically every other first party set that came out after that kind of took the crown.

當然，神河（Kamigawa）是一個續作。上一次神河推出時，成為史上最暢銷的第一方系列，但之後推出的幾乎每一個第一方系列又都把那個紀錄刷新了。

I would anticipate that, the new Kamigawa will do likewise. It should be pretty fun the other two sets are more original, settings for us and then in terms of the Universes Beyond that we have next year. I don't want to give away too much on those, each of them I think will be pretty cool.

我預期新的神河也會有類似表現。應該會很有趣；另外兩個系列對我們而言是更原創的世界觀設定。至於我們明年會有的 Universes Beyond（跨界宇宙）系列，我不想透露太多，但我認為每一個都會很酷。

I think we have a different kind of announced strategy, which is more IP specific around some significant dates and significant, events associated with those I think the one thing I'll say on the Universes Beyond partners that we have next year is, they'll probably be a bit more fantasy adjacent.

我認為我們公布了一個不同類型的策略，也就是更以 IP 為核心，圍繞一些重要日期與重要事件來規劃。我想我能說的是：我們明年的 Universes Beyond 合作夥伴，可能會更偏奇幻相鄰（fantasy adjacent）。

So, and, I don't think any of them will take place in New York City because we definitely have gotten that feedback from some fans.

所以，而且我想其中任何一個都不會發生在紐約市，因為我們確實從一些粉絲那裡收到這樣的回饋。

Thank you very much.

非常感謝。

Thank you. Ladies and gentlemen, this, thank you for your participation. This does conclude today's teleconference. Let me disconnect your lines at this time and have a wonderful day.

謝謝。各位女士先生，感謝各位的參與。今天的電話會議到此結束。我現在將為各位斷線，祝各位有美好的一天。