Keurig Dr Pepper Inc (KDP) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Keurig Dr Pepper's earnings call for the first quarter of 2026. This conference call is being recorded (Operator Instructions)

各位女士、先生，早安，感謝各位撥冗等候。歡迎參加Keurig Dr Pepper 2026年第一季財報電話會議。本次電話會議將被錄音(接線員指示)

I would now like to introduce Chethan Mallela, Vice President of Investor Relations at Keurig Dr Pepper. Please go ahead.

現在我想介紹Keurig Dr Pepper投資人關係副總裁Chethan Mallela。請開始。

Thank you, and hello, everyone. Earlier this morning, we issued a press release detailing our first quarter 2026 results, which we will discuss on today's call. An accompanying slide presentation is available and can be viewed in real time on the webcast.

謝謝，大家好。今天稍早，我們發布新聞稿，詳述2026年第一季業績，我們將在今天的電話會議中進行討論。同時也提供隨附的簡報投影片，可在網路直播中即時觀看。

Before we get started, I'd like to remind you that our remarks will include forward-looking statements, which reflects KDP's judgment, assumptions and analysis only as of today. Our actual results may differ materially from current expectations based on a number of factors affecting KDP's business. Except as required by law, we do not undertake any obligation to update any forward-looking statements discussed today. For more information, please refer to our earnings release and the risk factors discussed in our most recent Form 10-K and our latest 10-Q, which will be filed with the SEC later today.

在開始之前，我想提醒各位，我們的發言將包含前瞻性陳述，僅反映KDP截至今日的判斷、假設與分析。由於多項影響KDP業務的因素，我們的實際結果可能與目前預期存在重大差異。除法律要求外，我們不承擔更新今日所討論任何前瞻性陳述的義務。更多資訊請參閱我們的財報新聞稿，以及我們最新的Form 10-K與最新的10-Q中所討論的風險因素；該10-Q將於今日稍晚向美國證券交易委員會（SEC）提交。

Consistent with previous quarters, we will be discussing our Q1 performance on a non-GAAP adjusted basis, which reflects constant currency growth rates and excludes items affecting comparability. Definitions and reconciliations to the most directly comparable GAAP metrics are included in our earnings materials.

與前幾季一致，我們將以非GAAP調整後基礎來討論第一季表現，其中反映固定匯率成長率，並排除影響可比性的項目。相關定義以及與最直接可比GAAP指標的調節表，已包含在我們的財報資料中。

Here with us today to discuss our results are Keurig Dr Pepper's Chief Executive Officer, Tim Cofer; and Chief Financial Officer, Anthony DiSilvestro. I'll now turn it over to Tim.

今天與我們一同討論業績的有Keurig Dr Pepper執行長Tim Cofer，以及財務長Anthony DiSilvestro。接下來我把時間交給Tim。

Thanks, Chethan, and good morning, everyone. We are pleased with our start to the year. We closed the JDE Peet's acquisition and made steady progress on our transformation initiatives, while continuing to drive our base business, with first quarter results that tracked slightly ahead of our expectations.

謝謝你，Chethan，各位早安。我們對今年的開局感到滿意。我們完成了對JDE Peet's的收購，並在轉型計畫上穩步推進，同時持續推動核心業務；第一季業績略優於我們的預期。

In a dynamic operating environment, our teams remain focused on balancing longer-term foundational work with near-term execution. Looking ahead, our top priorities for 2026 remain unchanged: delivering our low double-digit EPS growth guidance in a high-quality way, seamlessly integrating JDE Peet's and beginning to unlock combination benefits, and achieving key milestones to set up a successful separation. While there's plenty of work ahead, our well-constructed plans and year-to-date progress reinforce our confidence in delivering on these commitments.

在多變的營運環境中，我們的團隊仍專注於在長期基礎建設工作與短期執行之間取得平衡。展望未來，我們2026年的首要任務維持不變：以高品質方式達成我們對每股盈餘（EPS）低雙位數成長的指引；順利整合JDE Peet's並開始釋放合併效益；以及達成關鍵里程碑，為成功分拆做好準備。雖然前方仍有大量工作，但我們周延的計畫與年初至今的進展，強化了我們對履行這些承諾的信心。

Before discussing our quarterly results, let me briefly touch on our transformation work. On April 1, we closed the acquisition of JDE Peet's, welcoming over 20,000 new colleagues to KDP and bringing our complementary portfolios and capabilities together, united by a shared passion for great brands and exceptional coffee experiences.

在討論本季業績之前，我先簡要談談我們的轉型工作。4月1日，我們完成對JDE Peet's的收購，迎接超過20,000位新同仁加入KDP，並將我們互補的產品組合與能力整合在一起，因共同熱愛卓越品牌與優質咖啡體驗而凝聚。

With the transaction now closed, we have begun to operationalize our integration plans, led by a dedicated transformation management office and guided by clear work streams and accountability. At the same time, we're also advancing our work to separate into 2 advantaged pure-play public companies which will be well positioned to create value through increased focus and organizational clarity with fit-for-purpose strategies and capital allocation policies.

交易完成後，我們已開始將整合計畫落地執行，由專責的轉型管理辦公室領導，並以清晰的工作流與責任歸屬作為指引。同時，我們也在推進分拆為兩家具有優勢的純粹型上市公司的工作；透過更聚焦與更清晰的組織架構，並搭配適切的策略與資本配置政策，兩家公司都將具備良好條件以創造價值。

Beverage Co. will be a growth-oriented challenger in the large and attractive $300 billion North American refreshment beverages market. With iconic brands, differentiated go-to-market capabilities and a proven track record of white space expansion, the stand-alone beverage business should deliver compelling financial results while also possessing strategic optionality over time.

Beverage Co.將成為規模龐大且具吸引力的北美即飲飲料市場（3,000億美元）中，以成長為導向的挑戰者。憑藉具代表性的品牌、差異化的上市路徑能力，以及在開拓白地市場方面的成熟實績，獨立的飲料業務可望交出具吸引力的財務成果，並隨時間推進保有策略選擇性。

Global Coffee Co. will be a scaled leader in the $400 billion global coffee market with an enhanced set of capabilities to meet consumer needs across formats, channels and geographies. Supported by a portfolio of leading global and regional brands, deep expertise in sourcing, blending and appliances and strong synergy potential, the coffee business will also have a compelling value creation model.

Global Coffee Co.將成為4,000億美元全球咖啡市場中的規模化領導者，並具備更強化的能力，以滿足消費者在不同形式、通路與地理市場的需求。在領先的全球與區域品牌組合支持下，結合在採購、調配與咖啡機具方面的深厚專業，以及強勁的協同效應潛力，咖啡業務也將擁有具吸引力的價值創造模式。

As we balance near-term performance with our transformation agenda, we have put in place an operating model designed to maintain enterprise focus while preparing each business unit to operate independently at separation. Under this structure, the centralized KDP leadership team is responsible for strategic oversight, total company commitments and transaction execution. While our dedicated beverage and coffee operating units are accountable for delivering their 2026 business plans and shaping the strategic direction for each business.

在兼顧短期表現與轉型議程之際，我們已建立一套營運模式，旨在維持企業層級的專注，同時讓各事業單位在分拆時能夠獨立運作。在此架構下，集中的KDP領導團隊負責策略監督、全公司承諾事項以及交易執行。而我們專責的飲料與咖啡營運單位，則負責交付各自的2026年營運計畫，並塑造各業務的策略方向。

As CEO of KDP and the future CEO of Beverage Co., I am overseeing both the KDP leadership team and the beverage operating unit. As we recently announced, JDE Peet's CEO, Rafa Oliveira, has been selected by the Board to lead the coffee operating unit and become the future CEO of Global Coffee Co. upon separation. Rafa has meaningful CPG experience, a track record of navigating complex global markets and is the architect of JDE Peet's brand-led strategy. He's the natural choice to lead our coffee business today and in the future, and I look forward to advancing our partnership as we prepare to stand up two winning companies.

作為KDP的執行長以及未來Beverage Co.的執行長，我將同時督導KDP領導團隊與飲料營運單位。如我們近期所宣布，JDE Peet's執行長Rafa Oliveira已由董事會選定，領導咖啡營運單位，並在分拆後出任Global Coffee Co.的未來執行長。Rafa具備深厚的民生消費品（CPG）經驗，擁有駕馭複雜全球市場的實績，並且是JDE Peet's以品牌為核心策略的設計者。他是領導我們咖啡業務現階段與未來發展的最佳人選；在我們籌備打造兩家致勝公司之際，我也期待深化我們的合作。

Overall, our transformation work is progressing well, and we continue to target operational readiness to separate by the end of 2026, with the official separation likely to occur in early 2027, subject to market conditions.

整體而言，我們的轉型工作進展良好；我們仍以在2026年底前達成分拆所需的營運就緒為目標，而正式分拆可能在2027年初進行，視市場狀況而定。

Turning now to our first quarter results. Net sales grew 8%, with positive contributions from both net price, realization and volume mix. Top line performance was led by continued strong momentum in US Refreshment Beverages and International, partly offset by previously discussed temporary pressures in US Coffee.

接著談第一季業績。淨銷售額成長8%，淨價格、實現（realization）與銷量組合皆帶來正向貢獻。營收表現主要由美國即飲飲料與國際業務的強勁動能帶動，但部分被先前提及的美國咖啡業務短期壓力所抵銷。

Our EPS of $0.39 declined from last year, reflecting the phasing of cost and tariff impacts and lapping a below-the-line gain in the year ago period. Importantly, as Anthony will discuss, we have visibility to healthy EPS growth beginning in the second quarter with further acceleration in the back half.

我們的每股盈餘（EPS）為0.39美元，較去年下滑，反映成本與關稅影響的時點分布，以及去年同期有一筆業外收益（below-the-line gain）形成的比較基期。重要的是，如Anthony將說明，我們已能掌握自第二季起EPS將健康成長的能見度，且下半年將進一步加速。

Let me now discuss our Q1 segment performance. I'll start with US Refreshment Beverages, which delivered another robust growth quarter. Net sales and operating income each grew at a double-digit rate, driven by favorable trends in our core carbonated soft drink business and continued momentum in our portfolio's emerging growth areas.

接下來我說明第一季各事業部門表現。先從美國即飲飲料（US Refreshment Beverages）開始，本季再度交出強勁成長。淨銷售額與營業利益皆以雙位數成長，主要受惠於核心碳酸軟性飲料業務的有利趨勢，以及我們產品組合中新興成長領域的持續動能。

Within CSDs, the category remained healthy, with Q1 retail sales dollars growing at a mid-single-digit rate and accelerating from Q4. While Dr Pepper faced a difficult innovation comparison versus the Blackberry launch last year, our underlying trends were strong, with the brand's 3 primary lines, regular, diet and zero sugar collectively gaining share during the quarter, supported by demand generation activity and point-of-sale execution.

在碳酸軟性飲料（CSD）方面，品類維持健康，第一季零售銷售額以中個位數成長，且較第四季加速。雖然Dr Pepper相較去年Blackberry新品上市面臨較高的創新比較基期，但我們的基本面趨勢依然強勁；在需求創造活動與終端陳列執行的支持下，該品牌三大主力產品線（原味、低糖與零糖）在本季合計提升市占。

CSD Innovation will play an important role in our plans for the rest of the year. Canada Dry Fruit Splash Strawberry launch nationally in February and has driven healthy consumer trial, strong on-shelf velocities and incrementality to the franchise. The launch contributed to Canada Dry's Q1 share gains and should provide a further tailwind in coming quarters. In addition, the fan favorite, Dr Pepper Creamy Coconut limited time offering relaunched earlier this month, and we're confident it will build on its successful initial run during 2024 as it taps into ongoing consumer interest in dirty sodas.

CSD創新將在我們今年其餘時間的計畫中扮演重要角色。Canada Dry Fruit Splash Strawberry於2月在全國上市，帶動健康的消費者試用、強勁的貨架銷售速度（on-shelf velocities），並為該品牌系列帶來增量（incrementality）。此次上市推動Canada Dry在第一季的市占提升，並可望在未來幾季提供進一步的順風。此外，深受粉絲喜愛的Dr Pepper Creamy Coconut限時產品於本月稍早重新上市；我們有信心它將延續2024年首次上市的成功表現，並把握消費者對「dirty sodas」持續升溫的興趣。

Our performance in 2026 will also benefit from our continued focus on aligning our CSD portfolio with consumer needs around both value and wellness. With consumers seeking affordability in the current environment, we have refined our promotional strategies to offer compelling price points in key channels, while maintaining discipline to ensure net price realization continues to offset inflationary pressures. We're also leaning into the better few areas of our portfolio with Bloom Pop prebiotic CSDs expanding rapidly off a small base and our zero sugar CSD offerings growing at a double-digit rate in Q1.

我們在 2026 年的表現也將受惠於我們持續聚焦，讓我們的 CSD 產品組合更貼近消費者在「價值」與「健康」兩方面的需求。在目前環境下，消費者追求更可負擔的選擇，我們已精進促銷策略，在關鍵通路提供具吸引力的價格帶，同時維持紀律，確保淨價格實現持續抵銷通膨壓力。我們也更聚焦於產品組合中表現較佳的少數領域：Bloom Pop 益生元 CSD 以小基期快速擴張，而我們的零糖 CSD 產品在第一季以雙位數成長。

Beyond CSDs, we continue to build our presence in emerging growth areas. In energy, we once again expanded market share during the first quarter, led by Bloom and GHOST, which were 2 of the top 3 fastest-growing major trademarks in the category. Our performance reflected strong innovation, incremental distribution wins and high-quality DSD execution. We believe our portfolio approach to the category remains a clear advantage, and continue to see meaningful growth potential across C4, GHOST, Bloom and Black Rifle.

除 CSD 之外，我們也持續在新興成長領域擴大布局。在能量飲料方面，我們在第一季再次擴大市占，主要由 Bloom 與 GHOST 帶動，兩者為該品類前三大成長最快的主要商標中的其中兩個。我們的表現反映出強勁的創新、增量的通路鋪貨勝利，以及高品質的 DSD 執行。我們相信以產品組合方式經營該品類仍具明顯優勢，並持續看見 C4、GHOST、Bloom 與 Black Rifle 具備可觀的成長潛力。

Our sports hydration partnership with Electrolit is also delivering healthy results, with the brand gaining significant share in Q1 through distribution expansion and strong velocities. Overall, US Refreshment Beverages continues to represent an outsized growth driver for KDP, and we expect this segment to remain a key contributor in 2026.

我們與 Electrolit 的運動補水合作夥伴關係也持續交出健康的成果；該品牌透過通路擴張與強勁的銷售速度，在第一季取得顯著的市占提升。整體而言，美國即飲飲料（US Refreshment Beverages）仍是 KDP 超比例的重要成長驅動力，我們預期該事業在 2026 年仍將是關鍵貢獻者。

Turning now to US Coffee. While both net sales and operating income declined, the quarter largely played out as we expected, and we have conviction in both the category and our business. I'd highlight a few key points.

接著談美國咖啡（US Coffee）。雖然淨銷售與營業利益皆下滑，但本季的走勢大致符合我們的預期，我們對該品類以及我們的業務仍具信心。我想強調幾個重點。

First, the coffee category is healthy, with continued growth and manageable elasticities. The Keurig compatible subsegment grew retail sales at a nearly 4% rate, with our owned and licensed brands keeping pace. Our licensed Lavazza brand was a standout performer, growing K-Cup sales more than 50% in the quarter through brand strength, successful innovation and increased distribution breadth and quality.

第一，咖啡品類維持健康，持續成長且需求彈性可控。Keurig 相容子品類的零售銷售以接近 4% 的速度成長，我們自有與授權品牌的表現亦同步。我們授權的 Lavazza 品牌表現突出，憑藉品牌力、成功的創新以及更廣且更高品質的通路覆蓋，使本季 K-Cup 銷售成長超過 50%。

Second, as expected, our reported results were impacted by some meaningful but temporary headwinds. Peak year-over-year cost pressures constrained Q1 segment profitability, reflecting the timing of higher cost green coffee hedges and tariffs. And as previewed last quarter, trade inventory adjustments pressured pod shipments, which declined 7% and lagged point-of-sale trends, weighing on operating income. Importantly, these headwinds should ease slightly in Q2 and moderate more meaningfully in the back half, providing visibility to improve top and bottom-line trends over the balance of the year.

第二，如同預期，我們的揭露結果受到一些顯著但暫時性的逆風影響。年對年成本壓力在高峰期限制了第一季部門獲利能力，反映較高成本的生豆避險合約與關稅的時點影響。此外，如同上季所預告，通路庫存調整壓抑了膠囊出貨量，出貨下滑 7%，落後於 POS（銷售點）趨勢，進而拖累營業利益。重要的是，這些逆風在第二季應會略為緩解，並在下半年更明顯趨於溫和，讓我們對今年剩餘期間營收與獲利趨勢改善具備能見度。

Third, despite the near-term profit pressure, we're thoughtfully investing in the long-term growth initiatives. Let me provide a few examples. We're enhancing our premium owned and licensed segment through the well-supported Keurig coffee collective innovation launch, which is off to an encouraging start with strong retailer enthusiasm and early consumer trial.

第三，儘管短期獲利承壓，我們仍審慎投資於長期成長計畫。我舉幾個例子。我們透過獲得充分支持的 Keurig coffee collective 創新上市，強化我們自有與授權的高端產品組合；目前開局令人鼓舞，零售商反應熱烈，且早期消費者試用表現強勁。

We are continuing to execute our coffee partnership strategy as evidenced by the recent renewal and expansion of our K-Cup agreement with Nestle USA. This agreement deepens and extends a highly successful relationship and will enable us to expand distribution and innovation for the Starbucks brand in the Keurig ecosystem.

我們也持續執行咖啡合作夥伴策略，近期與 Nestle USA 續約並擴大 K-Cup 協議即為明證。此協議深化並延伸一段高度成功的合作關係，並將使我們得以在 Keurig 生態系中，擴大 Starbucks 品牌的通路覆蓋與創新。

And we continue to prepare the Keurig Alta system for its initial targeted direct-to-consumer launch planned for later this year. This disruptive next-generation coffee system will feature our Keurig brand, the newly acquired premium Peet's Coffee brand and over time, the likely participation of partner brands as well. Putting it all together, combining constructive category trends with our investments to support long-term growth initiatives, we remain confident in the prospects for our Coffee business.

同時，我們也持續為 Keurig Alta 系統做準備，預計於今年稍晚進行初期、鎖定目標的 DTC（直面消費者）上市。這套具顛覆性的次世代咖啡系統將搭載 Keurig 品牌、近期收購的高端 Peet's Coffee 品牌，並隨時間推進，也可能納入合作夥伴品牌的參與。綜合而言，結合具建設性的品類趨勢與我們支持長期成長計畫的投資，我們對咖啡業務的前景仍充滿信心。

In International, Q1 net sales grew at a high single-digit rate, driven by net price realization. While volume/mix declined modestly due to some short-term impacts related to the Mexico beverage tax, we're encouraged by the resilience of underlying consumer demand and our share trends across key categories. Despite the top line strength, operating income declined, reflecting cost pressures and higher investment spending in a seasonally smaller profit quarter. Looking ahead, we expect profitability trends to improve as inflationary pressures ease, volume/mix strengthens and we execute our commercial plans for the year, including summertime activations to drive engagement and celebrate soccer fandom.

在國際市場方面，第一季淨銷售以高個位數成長，主要由淨價格實現帶動。雖然受墨西哥飲料稅相關的短期影響，銷量/組合小幅下滑，但我們對基礎消費需求的韌性，以及我們在關鍵品類的市占趨勢感到鼓舞。儘管營收表現強勁，營業利益仍下滑，反映成本壓力以及在季節性獲利較小的季度中投資支出較高。展望未來，隨著通膨壓力緩解、銷量/組合轉強，以及我們執行年度商業計畫（包括夏季行銷活動以提升互動並慶祝足球迷文化），我們預期獲利趨勢將改善。

Overall, we continue to expect our International segment will remain a meaningful growth contributor over time, given our strong local share positions in attractive categories as well as portfolio and distribution expansion opportunities in both Canada and Mexico. We will also be disciplined and opportunistic in targeting other geographies. For example, we recently evolved our Suntory partnership in Europe to a more collaborative concentrate supply model that will provide access to incremental consumers through a capital-light, low-risk model.

整體而言，鑑於我們在具吸引力品類中的強勢在地市占地位，以及在加拿大與墨西哥的產品組合與通路擴張機會，我們仍預期國際事業將隨時間推進持續成為重要的成長貢獻者。我們也將以紀律且把握機會的方式，鎖定其他地理市場。例如，我們近期將在歐洲與 Suntory 的合作夥伴關係調整為更具協作性的濃縮液供應模式，透過資本輕、低風險的模式，觸及更多增量消費者。

To close, we're starting the year on solid footing. We completed the JDE Peet's acquisition. We're making steady progress advancing our transformation agenda, and we remain on track to achieve our full year outlook. As we look ahead to the rest of the year, we're focused on sustaining base business momentum, integrating JDE Peet's with excellence and laying the groundwork for two strong standalone companies.

最後總結，我們以穩健的態勢展開新的一年。我們完成了 JDE Peet's 的收購。我們在推進轉型議程方面持續取得穩定進展，並仍按計畫達成全年展望。展望今年剩餘時間，我們將聚焦於維持核心業務動能、以卓越方式整合 JDE Peet's，並為兩家強而有力的獨立公司奠定基礎。

With that, I'll turn the call over to Anthony to discuss the financials in more detail.

接下來，我將把電話會議交給 Anthony，請他更詳細說明財務表現。

Thanks, Tim, and good morning, everyone. We delivered solid first quarter results that were modestly ahead of our expectations, reflecting strong momentum, particularly in cold beverages. Net sales increased 8.1% in the quarter, led by strong gains in US Refreshment Beverages and International, partly offset by a decline in US Coffee, as expected. Net price realization was the primary top line driver, contributing 5.5 percentage points to growth, while volume mix added 2.6 points.

謝謝 Tim，各位早安。我們交出穩健的第一季成果，略優於我們的預期，反映出強勁動能，尤其是在冷飲方面。本季淨銷售成長 8.1%，主要由美國即飲飲料與國際市場的強勁成長帶動，並如預期部分被美國咖啡的下滑所抵銷。淨價格實現是營收成長的主要驅動因素，對成長貢獻 5.5 個百分點，而銷量/組合貢獻 2.6 個百分點。

Gross margin contracted 220 basis points as elevated cost pressures were only partly offset by net price realization and productivity savings. We expect Q1 to represent the most significant year-over-year gross margin decline for our legacy KDP business, with trends improving as inflation and tariff impacts ease, particularly in the back half.

毛利率下滑 220 個基點，因為偏高的成本壓力僅部分被淨價格實現與生產力節省所抵銷。我們預期第一季將是我們既有 KDP 業務年對年毛利率下滑最顯著的一季；隨著通膨與關稅影響緩解，趨勢將改善，尤其是在下半年。

SG&A was flat as a percent of sales, with transportation and warehousing efficiencies offsetting increased marketing spending across all three segments to support our key brand equities and compelling innovation slate. All in, Q1 operating income declined 1.9%. Including the below-the-line impact of lapping last year's $0.02 gain on the sale of our Vita Coco state, EPS decreased 7.1% to $0.39.

SG&A 佔銷售比重持平，運輸與倉儲效率提升抵銷了三個事業部門為支持關鍵品牌資產與具吸引力的創新產品陣容而增加的行銷支出。整體而言，第一季營業利益下滑 1.9%。若納入損益表下方項目中，去年出售我們 Vita Coco 持股所帶來的 0.02 美元收益之比較基期影響，EPS 下滑 7.1% 至 0.39 美元。

Moving on to our segments. US Refreshment Beverages net sales grew 11.9%, with volume/mix contributing 7.2 points. Net price realization added another 4.7 points, reflecting inflation-driven price increases taken early in the year. On the bottom line, segment operating income was strong, increasing 9.8%, with net sales growth and productivity savings more than offsetting inflation and a higher marketing spending.

接著看各事業部門。美國即飲飲料淨銷售成長 11.9%，其中銷量/組合貢獻 7.2 個百分點。淨價格實現再貢獻 4.7 個百分點，反映我們在年初因應通膨所採取的漲價。在獲利端，部門營業利益表現強勁，成長 9.8%；淨銷售成長與生產力節省，足以抵銷通膨以及較高的行銷支出。

Overall, US Refreshment Beverages has strong momentum, led by healthy trends in carbonated soft drinks, energy and sports hydration. We have robust innovation and commercial plans in place for the balance of 2026, and expect another strong year for this segment.

整體而言，美國即飲飲料業務動能強勁，主要受碳酸軟性飲料、能量飲料與運動補水品類的健康化趨勢帶動。我們已為2026年剩餘期間制定強勁的創新與商業計畫，並預期該事業部將再迎來一個強勁年度。

In US Coffee, our Q1 performance was largely as anticipated. Net sales declined 2.3%, with volume mix driving an 8.2 percentage point decline. Odd shipments declined 7%, reflecting trade inventory adjustments along with manageable price elasticities. Brewer shipments also declined at a high single-digit rate, primarily driven by elasticity. Net price realization added 5.9 points to net sales, driven primarily by carryover pricing in both pods and brewers.

在美國咖啡業務方面，我們第一季表現大致符合預期。淨銷售額下滑2.3%，其中銷量/組合因素帶來8.2個百分點的下滑。出貨量（Odd shipments）下降7%，反映通路庫存調整，同時價格彈性仍在可控範圍。咖啡機出貨亦以高個位數幅度下滑，主要由價格彈性所致。淨價格實現為淨銷售額貢獻5.9個百分點，主要由膠囊與咖啡機兩者的延續性定價所驅動。

Turning to profit. Segment operating income declined 21.3%. This was primarily driven by meaningful cost pressures as higher green coffee costs and tariffs flow through our results in the quarter. Profitability was also impacted by the pod shipment decline and increased marketing spending. Collectively, these factors more than offset benefits from net price realization and productivity savings.

接著談獲利。事業部營業利益下滑21.3%。主要原因是顯著的成本壓力，因較高的生豆成本與關稅在本季反映於我們的業績中。獲利能力亦受到膠囊出貨下滑與行銷支出增加的影響。綜合而言，這些因素的影響超過了淨價格實現與生產力節省所帶來的效益。

Ultimately, our US Coffee segment is tracking with our plans. While we continue to expect subdued profit for the full year, we have visibility to progressive improvement, particularly in the second half when our costs improve and short-term trade inventory dynamics normalize.

總體來看，我們的美國咖啡事業部正按計畫推進。雖然我們仍預期全年獲利偏弱，但我們可見逐步改善的趨勢，特別是在下半年，屆時成本改善且短期通路庫存動態將趨於正常化。

In our International segment, constant currency net sales increased 8.5%. Net price realization contributed 9.2 percentage points, driven by pricing actions taken in response to cost pressures in both Mexico and Canada. Volume/mix provided a partial offset, declining 0.7 percentage points. International segment operating income declined 15.1% on a constant currency basis, primarily due to cost pressures, including the Mexico beverage tax and increased marketing spending. As we previewed last quarter, we planned for a softer start to the year in this segment, and we continue to expect profit trends to improve as 2026 progresses.

在國際事業部方面，以固定匯率計算的淨銷售額成長8.5%。淨價格實現貢獻9.2個百分點，主要來自因應墨西哥與加拿大成本壓力所採取的定價措施。銷量/組合提供部分抵銷，下降0.7個百分點。以固定匯率計算，國際事業部營業利益下滑15.1%，主要因成本壓力所致，包括墨西哥飲料稅以及行銷支出增加。如同我們上季所預告，我們原本就規劃該事業部年初表現較為疲弱；隨著2026年推進，我們仍預期獲利趨勢將改善。

Turning to the balance sheet and cash flow. During the first quarter, we closed the financing for the JDE Peet's acquisition with an optimized structure comprised of a $4.5 billion beverage company convertible preferred equity investment, a $4 billion coffee company pod manufacturing JV minority investment, approximately $6 billion in newly issued long-term senior debt and an additional term loan borrowings. Based on this financing mix, we continue to expect net leverage of approximately 4.5x at midyear.

接著談資產負債表與現金流。第一季期間，我們以最佳化結構完成JDE Peet's收購案的融資，包含：45億美元飲料公司可轉換特別股權投資、40億美元咖啡公司膠囊製造合資企業（JV）少數股權投資、約60億美元新發行的長期優先無擔保債，以及額外的定期貸款借款。基於此融資組合，我們仍預期年中淨槓桿約為4.5倍。

We remain committed to investment-grade ratings for KDP and our two future companies and will prioritize debt paydown in the near term. Our plan is for free cash flow generation to serve as the primary deleveraging source, though we will also continue to assess noncore asset divestitures.

我們仍致力於維持KDP及未來兩家公司的投資等級評等，並將在短期內優先償還債務。我們的計畫是以自由現金流作為去槓桿的主要來源，同時也將持續評估出售非核心資產。

We generated $184 million of free cash flow in the first quarter and continue to expect legacy KDP will generate approximately $2 billion for the full year. Incorporating the net cash flow contribution from JDE Peet's this year, including the impact of incremental financing costs and onetime deal and transformation-related expenses, we expect approximately $2.5 billion of aggregate company free cash flow in 2026. Cash generation should increase beyond this year, enabling us to further optimize Beverage Co. and Global Coffee Co's. capital structures and over time, providing optionality for value-enhancing capital allocation.

我們第一季產生1.84億美元自由現金流，並仍預期傳統KDP全年將產生約20億美元。納入今年JDE Peet's的淨現金流貢獻（包含新增融資成本以及一次性交易與轉型相關費用的影響）後，我們預期2026年合併公司自由現金流約為25億美元。現金創造能力預期在今年之後進一步提升，使我們得以進一步最佳化飲料公司（Beverage Co.）與全球咖啡公司（Global Coffee Co.）的資本結構，並隨時間推進，為提升價值的資本配置提供更多選擇空間。

Let me now turn to guidance. We are reaffirming our 2026 outlook, which uses current FX rates and includes the anticipated contribution from JDE Peet's as of the April 1 deal close date. We plan to report JDE Peet's as a separate segment until separation.

接著我談指引。我們重申2026年展望，該展望採用目前匯率，並納入JDE Peet's自4月1日交易完成日起的預期貢獻。在分拆前，我們計畫將JDE Peet's作為獨立事業部揭露。

For the total company, we expect net sales in a range of $25.9 billion to $26.4 billion, reflecting 4% to 6% constant currency growth for legacy KDP and an $8.5 billion to $8.7 billion contribution from JDE Peet's. On the bottom line, we expect low double-digit EPS growth in constant currency, which includes an anticipated 6 to 7 percentage points contribution from the JDE Peet's acquisition and 4% to 6% growth for legacy KDP. Based on current rates, we anticipate that FX will represent an approximately 1 percentage point tailwind to total company net sales and EPS growth for the full year.

就整體公司而言，我們預期淨銷售額介於259億至264億美元，反映傳統KDP以固定匯率計算成長4%至6%，以及JDE Peet's貢獻85億至87億美元。在每股盈餘方面，我們預期以固定匯率計算將呈現低雙位數成長，其中包含JDE Peet's收購案預期貢獻6至7個百分點，以及傳統KDP成長4%至6%。以目前匯率計算，我們預期匯率將為全年整體公司淨銷售額與EPS成長帶來約1個百分點的順風。

Below the line, we are assuming the following: interest expense of approximately $1.13 billion to $1.16 billion; an effective tax rate of approximately 22%; and approximately 1.37 billion diluted weighted average shares outstanding. As a reminder, beginning with the second quarter, our P&L will also have two new impacts to reflect the pod manufacturing JV and the convertible preferred security.

在損益表線下項目方面，我們假設如下：利息費用約11.3億至11.6億美元；有效稅率約22%；以及稀釋後加權平均流通股數約13.7億股。提醒一下，自第二季起，我們的損益表也將新增兩項影響，以反映膠囊製造合資企業以及可轉換特別股證券。

For the balance of 2026, we expect the following: approximately $190 million in pretax coffee JV costs, which will flow through the noncontrolling interest line, and convertible preferred costs that will flow through below net income to KDP and will be calculated each quarter as the greater of the roughly $53 million quarterly preferred dividend or the securities approximately 8% proportionate share of earnings. For 2026, we expect the calculation to default to the proportionate share of earnings. From a phasing perspective, we expect high single-digit EPS growth in Q2, with further acceleration in the back half as costs improve and synergies built.

就2026年剩餘期間，我們預期如下：咖啡合資企業稅前成本約1.90億美元，將列於非控制權益項下；以及可轉換特別股成本，將在KDP淨利之下反映，並將於每季按以下兩者取其大者計算：每季約5,300萬美元的特別股股利，或該證券約8%的按比例分攤盈餘。就2026年而言，我們預期計算將以按比例分攤盈餘為準。就時點分布而言，我們預期第二季EPS將呈現高個位數成長，並在下半年隨著成本改善與協同效益建立而進一步加速。

In closing, we delivered solid Q1 results. Our teams executed well in a highly dynamic environment and made important progress preparing the company for its next chapter. We remain on track to deliver our full year commitments, while also building the foundation for our two future stand-alone public companies.

最後總結，我們第一季交出穩健的業績。在高度動態的環境中，我們的團隊執行到位，並在為公司邁向下一階段的準備上取得重要進展。我們仍按計畫達成全年承諾，同時也在為未來兩家獨立上市公司奠定基礎。

With that, I will turn the call back to Tim for closing remarks.

接下來，我把電話交回Tim作結語。

Thanks, Anthony. Overall, we're pleased with our start to the year. With clear priorities and well-crafted plans, we're striking a healthy balance between near-term fundamental delivery and our longer-term transformation initiatives. We will remain focused on disciplined execution to achieve our 2026 commitments and capitalize on the value creation opportunity we see ahead.

謝謝，Anthony。整體而言，我們對今年的開局感到滿意。在明確的優先事項與周延的計畫下，我們在短期基本面交付與較長期的轉型計畫之間取得了良好平衡。我們將持續專注於紀律性的執行，以達成2026年的承諾，並把握我們所看到的價值創造機會。

With that, we're now happy to take your questions.

接下來，我們很樂意回答各位的提問。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

（接線員指示）Dara Mohsenian，摩根士丹利。

Good morning. So first, on US Refreshment, clearly, strong sales growth on an underlying basis even adjusting for incremental gross distribution, et cetera. Can you just give us a bit more detail under the hood on what's driving the momentum in a segment and brand level and how sustainable you think those growth drivers are going forward? And any thoughts on the impact from SNAP changes so far?

早安。首先，關於美國即飲飲料業務，顯然即使在調整新增的總配銷等因素後，基礎面銷售成長仍然強勁。能否請你更詳細說明一下，從更細部來看，是哪些因素在事業部與品牌層級推動這股動能？以及你認為這些成長動能未來的可持續性如何？另外，對於SNAP變動迄今的影響，你們有何看法？

And then if I can just slip one in on Coffee. There's obviously a lot of dynamic factors impacting profitability at this point. You have the higher commodity pressure, particularly with the hedgings and the inventory timing. But at the same time, obviously, green coffee prices have come off, the tariff situations improve. So just -- can you give us an update, on a quarterly basis going forward, how you see profitability in that segment playing out given those factors? And also how pricing ties into the cost dynamics, both in terms of what you're seeing in the marketplace and your own potential actions? Thanks.

接著如果我可以順帶問一下咖啡業務。顯然目前有許多動態因素正在影響獲利能力。你們面臨較高的原物料壓力，特別是與避險操作以及庫存時點有關。但同時，顯然生豆價格已經回落，關稅情勢也有所改善。所以想請你們更新一下：展望未來按季度來看，在這些因素影響下，你們如何看待該部門的獲利走勢？另外，定價如何與成本動態連動——不論是你們在市場上看到的情況，或你們自身可能採取的行動？謝謝。

I'll tackle the first two, and I'll take it over to Anthony to talk about coffee profitability. Look, on US Refreshment Beverage, we're very pleased with our start to the year. You saw the print, double-digit growth both on the top line and the bottom line. And in terms of your question on sustainability, we expect this segment will continue to deliver strong results in the balance of the year, both top and bottom.

我先回答前兩個問題，然後交給Anthony談咖啡獲利。你看，在美國即飲飲料（US Refreshment Beverage）方面，我們對今年開局非常滿意。你也看到數據，營收與獲利都呈現雙位數成長。至於你問到可持續性，我們預期該部門在今年剩餘期間仍將持續交出強勁表現，無論是營收端或獲利端。

As you think about the top line, we've got a great innovation slate lined up. You've already seen the impact on our second largest CSD brand, Canada Dry, with the Fruit Splash innovation and news there, that drove share gains. Literally, in the last days a week, we've launched Dr Pepper Creamy Coconut. We expect that to be a big hit this year, capitalizing on dirty sodas. Feel very good about our CSD route to market execution and the ability to continue to drive distribution gains for key brands, both owned brands that are showing strong growth continued momentum like our zero sugar lineup and a lot of partner brands, think energy, rapid hydration, prebiotic CSDs.

談到營收端，我們有一系列很棒的創新產品排程。你已經看到我們第二大碳酸飲料（CSD）品牌Canada Dry，透過Fruit Splash創新與相關新品消息所帶來的影響，推動市占提升。就在最近幾天到一週內，我們推出了Dr Pepper Creamy Coconut。我們預期它今年會大受歡迎，抓住「dirty sodas」的趨勢。我們對碳酸飲料的通路執行非常有信心，也有能力持續為關鍵品牌帶來配銷增長——不論是自有品牌（例如零糖產品線持續強勁成長、動能延續），或是許多合作夥伴品牌，例如能量飲、快速補水、益生元碳酸飲等。

Last thing I'd say on the top line driver is stepped up brand support. We are planning to increase marketing this year. We did it in the first quarter. You'll see it on a full year basis, and really dialing up our precision marketing capabilities and our digital agenda.

最後一個我想提到的營收驅動因素，是加大品牌支持。我們計畫今年提高行銷投入。我們在第一季已經這麼做了。你會在全年層面看到這點，並且我們會大幅強化精準行銷能力與數位策略。

Having said that, I will say net sales will likely moderate relative to the Q1 elevated levels. The quarter, as you mentioned, Dara, did benefit from some incremental GHOST distribution year-over-year on a comparison basis and some outsized growth in some partner brands. Having said that, top line growth will remain strong for the remainder of the year, healthy volume trends, positive net price realization and US Ref Bev will be an outsized contributor relative to our MSD net sales growth guide for legacy KDP, and I expect this top line growth momentum will also translate into continued operating income as well.

話雖如此，我也要說，淨銷售額相較於第一季偏高的水準，可能會有所放緩。如你提到的，Dara，本季在同比比較下，受惠於GHOST額外的配銷增量，以及部分合作夥伴品牌的超常成長。不過，今年剩餘期間的營收成長仍將維持強勁：健康的銷量趨勢、正向的淨價格實現；美國即飲飲料相較於我們對傳統KDP的MSD淨銷售成長指引，將是更突出的貢獻者，而我也預期這股營收成長動能同樣會轉化為持續的營業利益。

You then referenced SNAP. I would tell you this, we're seeing healthy trends across our categories. Even with the pricing actions to offset inflation, the volume we're seeing in CSCs at a category level and broader LRB have been positive this year. And I think this underscores the value that our categories provide to our consumers and what we're doing around affordable pack sizes and some of the work on price pack architecture and RGM. The innovation is still ringing true to consumers and providing continued appeal.

你接著提到SNAP。我會這麼說：我們在各品類都看到健康的趨勢。即使採取了抵消通膨的定價行動，我們今年在CSC（冷飲系統）品類層級以及更廣泛的LRB（液態即飲飲料）所看到的銷量仍為正成長。我認為這凸顯了我們品類為消費者提供的價值，以及我們在可負擔包裝規格、價格/包裝架構與RGM（收益成長管理）方面所做的工作。創新仍然能引起消費者共鳴，並持續帶來吸引力。

So the SNAP impacts to date have been manageable and largely consistent with our expectations and our plans. We know and we monitor closely state-by-state, how these waivers roll out, and you'll expect us to continue to monitor that and adjust in our RGM capabilities to ensure that we deliver on our guide.

因此，截至目前SNAP的影響是可控的，且大致符合我們的預期與計畫。我們了解並會按州密切監控這些豁免措施的推行狀況；你也可以預期我們會持續監測，並在RGM能力上做出調整，以確保達成我們的指引。

On the Coffee phasing question, let me start by saying on a full year basis for 2026, we do expect a modest year-over-year profit decline for US Coffee with the cost pressures continuing to exceed pricing and productivity, particularly in the first half, and you saw it in our first quarter. Our results will also reflect our decision to prioritize investment spending as we set up the business for separation despite the inflationary backdrop.

關於咖啡的分期（phasing）問題，我先說明：以2026全年來看，我們預期美國咖啡（US Coffee）利潤將出現小幅同比下滑，因為成本壓力仍將高於定價與生產力改善，尤其在上半年；你在第一季也已看到這點。我們的結果也會反映出：儘管面臨通膨環境，我們仍決定在為業務分拆做準備之際，優先投入投資支出。

From a phasing perspective, we would expect the Q1 decline will be the most significant for the year as the inflation cost pressures peaked on a year-over-year basis, and you're seeing the green coffee cost inflation come through the P&L. And as we've talked about in the past, it does lag market prices by about six to nine months, given our hedging programs and our inventory cycle.

從分期角度來看，我們預期第一季的下滑將是全年最顯著的，因為通膨成本壓力在同比基礎上達到高峰，而且你正看到生豆成本通膨反映在損益表（P&L）中。如我們過去所談，基於避險計畫與庫存週期，這通常會比市場價格落後約六到九個月。

I would also say in the first quarter, a little bit of extra drag, top and bottom line from some adjustments and reductions in trade inventory levels, particularly in pod. And also, as I said, our higher marketing spend behind initiatives like Keurig Coffee Collective and the Keurig Anthem campaign. This pressure should begin to moderate a bit in Q2, but the larger improvement will be in the back half.

我也想補充，第一季在營收與獲利端還有一些額外拖累，來自於對通路庫存水位的調整與降低，特別是在膠囊（pod）品類。另外，如我所說，我們也提高了行銷投入，支持像Keurig Coffee Collective以及Keurig Anthem活動等計畫。這些壓力在第二季應會開始稍微緩和，但更大的改善會出現在下半年。

Cost inflation will meaningfully ease in the second half and our innovation and commercial [programming] will begin to kick in and we should see some top line improvement. And I would end by saying, look, based on current coffee prices, this could be a tailwind for us going into 2027.

下半年成本通膨將明顯緩解，而我們的創新與商業[規劃]也會開始發揮作用，我們應該會看到營收端有所改善。最後我想說，根據目前的咖啡價格，這可能會成為我們邁入2027年的一項順風。

Chris Carey, Wells Fargo.

Chris Carey，富國銀行。

Good morning, everyone. So I wanted to follow up on this line of thinking. Just two. Number one, you stress test confidence a bit more. I look at consensus estimates for coffee margins specifically and see roughly 1,000 basis points of margin improvement into the back half of the year. Certainly, you're not talking about guiding to segment margins, but there's clearly some nice improvement in margins if you're going to see modest profit declines in the full year.

各位早安。我想延續這個思路追問一下。兩個問題。第一，想更進一步壓力測試一下你們的信心。我看市場對咖啡毛利的共識預估，顯示下半年毛利率大約會改善1,000個基點。當然你們不會針對部門毛利率提供指引，但如果全年只是小幅利潤下滑，那顯然意味著毛利會有不錯的改善。

There's also roughly high teens or 20% earnings growth in the back half if you're delivering high single digits in Q2. So I just wanted to maybe dig in a bit deeper on the cost front. How much visibility do you have in your coffee costs at this point of the year, I assume, high? And secondly, how much visibility do you have that your stronger consumption trends in coffee will be reflected in stronger shipment trends so as to avoid some of the volume mix deleverage into the back half of the year?

另外，如果你們在第二季交出高個位數成長，下半年大約會有高十幾到20%的獲利成長。所以我想在成本面再深入一點。就今年目前這個時間點，你們對咖啡成本的可見度有多高？我猜應該很高。第二，你們對咖啡較強的消費趨勢，能否反映為更強的出貨趨勢有多大把握，以避免下半年出現因銷量/組合而造成的槓桿不利（deleverage）？

And just one quick follow-up as well on US Refreshment. From the Creamy Coconut launch, are you expecting any uplift into Q2? Because I would imagine that would offset some of the drop-off in GHOST. Thank you.

另外也快速追問一個關於美國即飲飲料的問題。針對Creamy Coconut的上市，你們是否預期第二季會有任何拉抬？因為我想這應該能抵消GHOST的一些下滑。謝謝。

Okay. Let me start broadly with talking about US Coffee and how we're seeing the various puts and takes on the year. And then, Anthony, maybe you can talk more specifically on green coffee cost and how we're seeing that flow through the P&L on a quarterly basis.

好的。我先從更宏觀的角度談談美國咖啡，以及我們如何看待今年各項利多與利空因素的拉鋸。然後Anthony，也許你可以更具體談談生豆成本，以及我們如何看待它按季度流入損益表（P&L）的節奏。

I think our focus in 2026 in US Coffee is to navigate these near-term headwinds while really positioning our business for long-term success. So as we anticipated and as we shared at the guide at the beginning of the year, the first half of the year features headwinds from real peaking cost pressures and some trade inventory adjustments. And so, you've seen that flow through, impacting both our top and our bottom-line performance in the first quarter, but this is tracking right on to our expectations.

我認為我們在2026年美國咖啡業務的重點，是在因應這些短期逆風的同時，真正讓我們的業務為長期成功做好布局。因此，正如我們所預期、也如同我們在年初指引中所分享的，上半年將面臨來自實質達峰的成本壓力，以及部分通路庫存調整所帶來的逆風。所以你已經看到這些因素傳導出來，在第一季影響了我們的營收端與獲利端表現，但整體走勢完全符合我們的預期。

Anthony mentioned this a minute ago, we're also deliberately stepping up our investment behind long-term growth initiatives even as we manage through these higher cost peak inflationary environment in Q1 from a P&L standpoint. So we've meaningfully increased our Q1 marketing. Anthony said it earlier, on both pods and brewers and against our fairly robust active innovation slate on both the pod and the brewer side, Keurig coffee collective new brewers and then preparing for Alta.

Anthony剛才也提到，我們也在刻意加大對長期成長計畫的投資，即便從損益表角度來看，我們在第一季仍需在較高成本、通膨達峰的環境中進行管理。因此，我們在第一季大幅提高了行銷投入。Anthony先前也說過，這涵蓋膠囊與咖啡機兩端，並配合我們相當強勁的創新產品規劃（無論是膠囊端或咖啡機端），包括Keurig Coffee Collective的新咖啡機，並為Alta做準備。

All of these gives us good line of sight to an improving top and bottom-line trend as the year progresses. Net sales will improve as our innovation, our marketing, our commercial investment will build through the quarters, and operating income will also benefit from the improving coffee cost envelope, particularly starting in the second half.

這些都讓我們能清楚看到，隨著年度推進，營收與獲利趨勢將會改善。隨著我們的創新、行銷與商業投資在各季逐步加碼，淨銷售額將會改善；而營業利益也將受惠於咖啡成本區間的改善，尤其是從下半年開始。

Anthony, do you want to talk a little more on coffee cost, green...

Anthony，你要不要再多談一點咖啡成本、綠咖啡……

Sure. Let me step back a bit. We are guiding and we have a high degree of confidence to our low double-digit EPS guide. And as Tim mentioned, that's going to accelerate as we go through the year here for a number of reasons. The most significant one would be green coffee cost, and we have very good visibility to how this will flow through balance of the year, given our current hedging program as well as our inventory cycle. I would add to that, we are mostly hedged on other commodities, including those that have been impacted by the recent conflicts in the Middle East.

當然。我先稍微退一步說明。我們對於低雙位數的每股盈餘（EPS）指引有很高的信心。如Tim提到的，基於多項原因，這個趨勢會在今年推進過程中加速。最重要的因素會是綠咖啡成本；考量我們目前的避險計畫以及庫存週期，我們對其在今年剩餘期間如何反映有非常好的能見度。另外補充，我們對其他大多數原物料也已大致完成避險，其中包括近期受中東衝突影響的品項。

We are also bringing on board, obviously, JDE Peet's. And JDE Peet's profile will follow a one that's similar to our US Coffee segment, right? As coffee prices improve, their quarterly performance will improve as well. And also, again, we have good visibility to that.

我們也正在把JDE Peet's納入體系。而JDE Peet's的輪廓將會與我們的美國咖啡事業部相似，對吧？隨著咖啡價格改善，他們的季度表現也會隨之改善。同樣地，我們對此也有良好的能見度。

Now as they bring JDE Peet's into the fold, we will build synergies throughout the year, and that will obviously have a building impact on our performance as we go through the quarters. So sitting here today, good visibility to the rest of the quarters and -- which gives us a high level of confidence in our guide.

接著，當我們把JDE Peet's納入整體後，我們會在全年逐步建立綜效，而這顯然會在各季推進時對我們的表現帶來逐步增強的影響。因此，以目前來看，我們對接下來各季有良好的能見度——這也讓我們對指引具備高度信心。

And then, Chris, your last question back on Dr Pepper and Creamy Coconut. As you think about Q1 on Dr Pepper, it did reflect a bit of innovation timing shift. So Blackberry a year ago launched early in the year, and we lapped that. So we saw a little bit of pressure there. But as I mentioned in my prepared remarks, our 3 core Dr Pepper lines, regular, zero, and diet Dr Pepper collectively grew share. So overall, I feel great about Pepper momentum, now layer in Creamy Coconut.

然後，Chris，你最後一個問題回到Dr Pepper與Creamy Coconut。談到第一季的Dr Pepper，其實反映了一些創新產品上市時點的移動。例如去年的Blackberry是在年初較早推出，而今年我們已經度過了那個比較基期。因此我們看到了一點壓力。但如我在事先準備的發言中提到，我們Dr Pepper三大核心品項：原味、零糖與健怡Dr Pepper，合計市占都有成長。所以整體而言，我對Dr Pepper的動能感到非常樂觀，接著再加上Creamy Coconut。

And we've got a lot of confidence. Creamy Coconut is going to be a big success this year. Already in the first few weeks, we've seen a ton on social and in-store activity. There's a lot of excitement building as we roll into summer on Creamy Coconut, and I do think that will be an important contributor year to go for brand Dr Pepper.

我們也非常有信心。Creamy Coconut今年會是一個很大的成功。在上市的前幾週，我們已經在社群與店內看到大量的活動。隨著進入夏季，Creamy Coconut的熱度正在持續升溫，我確實認為這將會是Dr Pepper品牌今年的重要貢獻來源。

On top of that, I would tell you, we still have -- we're going after some unique occasions and consumers. There's still distribution gaps we can close. Dr Pepper Zero Sugar continues to grow at a double-digit rate and has upside. And we're layering on our enhanced precision and personalized marketing capabilities. So Dr Pepper will be a great growth standout. We expect another year of share growth and a meaningful contributor to outsized growth in US Refreshment Beverage.

除此之外，我想說，我們仍然——正在鎖定一些獨特的飲用情境與消費者族群。我們仍有一些通路鋪貨缺口可以補上。Dr Pepper Zero Sugar持續以雙位數速度成長，且仍有上行空間。同時我們也在叠加強化後的精準化與個人化行銷能力。因此，Dr Pepper將會是非常突出的成長亮點。我們預期今年市占會再度成長，並對美國即飲飲料（US Refreshment Beverage）的超額成長做出顯著貢獻。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Thank you. Good morning. You touched on each of the segments and just unpacked how some of the year unfolds. Helpful color. But could you walk us through the JDE Peet's piece of that and just considerations on what's left for the rest of the year and how to think about just moving parts and what's going on there?

謝謝。各位早安。你們談到了各個事業部，並拆解了今年部分進程如何展開。這些補充說明很有幫助。但你們能否帶我們更深入了解JDE Peet's這一塊，以及今年剩餘期間還有哪些考量、以及該如何看待其中的變動因素與目前的進展？

Sure. Let me start by saying, overall, we closed the deal April 1. And I think, overall, I'd tell you, what we've learned in the last few weeks confirms everything we saw in our planning process and the deal close period. This is a business that has a healthy foundation, strong brands, strong capabilities and a talented team.

當然。我先說整體情況：我們在4月1日完成交易交割。我想整體而言，我會告訴你，我們在過去幾週所學到的，印證了我們在規劃流程與交割期間所看到的一切。這是一個基礎健康的業務，擁有強勢品牌、強大能力，以及一支有才華的團隊。

I'm seeing already the energy and the opportunity behind both their, what they called reignite the amazing strategy, which is in its early stages but has lots of runway, and now the combination benefits of combining legacy Keurig Green Mountain with JDE Peet's. We've announced and we can confirm confidence in the $400 million in synergies as well as some incremental revenue opportunities, in particular here in North America between the Peet's brands and the Keurig brands. So feel very good broadly about what we've seen since the close.

我已經看到他們所稱的「reignite the amazing」策略背後的能量與機會；該策略仍在早期階段，但有很大的發展空間；同時也看到將既有的Keurig Green Mountain與JDE Peet's結合所帶來的綜效。我們已經宣布，並且可以確認，我們對4億美元的綜效以及一些額外的營收機會充滿信心，特別是在北美市場，Peet's品牌與Keurig品牌之間的機會。因此，整體而言，我們對交割後所看到的情況感到非常樂觀。

In terms of performance of the business, obviously, we just took ownership of the business, so I'll speak at a high level on what we've seen year-to-date. I would say the trends are consistent with our expectations. Even back to when we announced the deal, obviously, back in '25, they delivered a solid year, managing through the very unfavorable see price inflation. And we are on track for another good year here in 2026.

就業務表現而言，顯然我們才剛接手這項業務，所以我會以較高層次來談我們截至目前所看到的狀況。我會說，趨勢與我們的預期一致。即便回到我們在25年宣布交易時，他們在面對非常不利的生豆價格通膨下，仍交出穩健的一年。而我們也正朝著在2026年再度交出不錯的一年前進。

I would say the phasing of the results will be influenced by commodity cost timing just like we're seeing in the KDP Coffee business. And the profit will be more constrained in this inflationary first half. We saw that in Q1. We expect that to continue into Q2. But at the same time, we have good visibility to accelerating trends in the second half as green coffee becomes more favorable.

我會說，結果的節奏將會受到原物料成本時點的影響，就像我們在KDP咖啡業務所看到的一樣。在這個通膨壓力較大的上半年，獲利會更受限。我們在第一季已經看到這點。我們預期第二季也會延續。但同時，隨著綠咖啡成本變得更有利，我們對下半年趨勢加速也有良好的能見度。

Andrea Teixeira, JPMorgan.

Andrea Teixeira，JPMorgan。

Thanks. Good morning, everyone. I was hoping to see if you can talk about like as the green cost prices improve. Are you planning to roll back some of the pricing you had for [coffee] parts to just reignite volumes and improve operating leverage? And just as a clarification, as we decompose US Refreshment Beverages volume mix, in particular because of cost, can you comment on how it behaves on a more organic basis? Thank you.

謝謝。各位早安。我想請教，隨著綠咖啡成本價格改善，你們是否計畫回調先前在[咖啡]部分所做的某些定價，以重新帶動銷量並提升營運槓桿？另外想釐清一下，當我們拆解美國即飲飲料（US Refreshment Beverages）的銷量組合，特別是因成本因素所致時，你們能否評論一下在更有機（organic）的基礎上它的表現如何？謝謝。

Sure. I'll start on the coffee pricing question. So in coffee, our pricing in 2026 that you're seeing in the sales bridge is primarily the carryover from 2025 actions that we took to offset inflation. And as we talked about the inflation, it's persisting in the first and second quarter of this year as we see it come through the P&L. And as we move into the second half, that the current coffee price pullback should ease pressure on our P&L. So we should see a moderating impact of year-over-year pricing as that happens and that moderation come through in the second half, and we lapped some of those prior year increases.

當然。我先回答咖啡定價的問題。就咖啡而言，你在銷售橋表中看到的我們 2026 年定價，主要是延續我們在 2025 年為抵銷通膨而採取的行動所帶來的影響。而且如同我們談到通膨時所說，當我們看到它反映在損益表上時，今年第一季與第二季通膨仍在持續。隨著我們進入下半年，目前咖啡價格的回落應會減輕我們損益表的壓力。因此，隨著上述情況發生，我們應會看到年對年定價的影響趨於溫和，這種溫和效應會在下半年反映出來，因為我們也會跨越（lapped）前一年部分的漲價基期。

Beyond that, it's probably not appropriate for us to speculate on future pricing actions. We'll certainly continue to monitor the inflationary environment. We keep an eye on the elasticities. We are mindful of any price gaps and certainly prioritize providing value to our consumers as we consider these longer-term pricing actions.

除此之外，我們可能不適合去推測未來的定價行動。我們當然會持續監測通膨環境。我們也會關注需求彈性。我們會留意任何價差，並且在考量這些較長期的定價行動時，確實會把為消費者提供價值放在優先順序。

Good. And then Andrea, you asked a question related to GHOST, and I think I mentioned that in response to Dara's question. Q1 did benefit from some incremental year-over-year GHOST distribution benefits. And if I had to dimensionalize that, that's worth a couple of points in terms of that onetime impact as we lap that a couple of points to the US RB growth performance.

好的。接著 Andrea，你問了一個與 GHOST 相關的問題，我想我在回覆 Dara 的問題時有提到。第一季確實受惠於一些額外的年對年 GHOST 配銷（distribution）效益。如果要量化的話，這個一次性影響大約相當於幾個百分點，當我們跨越這個基期時，對美國 RB 成長表現大概貢獻了兩個百分點左右。

Now we've cycled that kind of onetime benefit. And now we're just in core KDP DSD growth, which we expect will continue to be outsized, right? There's still distribution growth opportunities feature and display, cold cooler presence as well as a robust innovation slate for GHOST. So GHOST will continue to be an outsized growth driver, but Q1, in particular, benefited from a couple of months of outsized performance.

現在我們已經走過那種一次性效益的循環。目前我們就是核心的 KDP DSD 成長，我們預期它會持續表現突出，對吧？在配銷成長方面仍有機會，包括主打與陳列（feature and display）、冷藏冰櫃能見度（cold cooler presence），以及 GHOST 強勁的創新產品規劃。因此，GHOST 仍將持續成為一個突出的成長驅動力，但第一季特別受惠於其中幾個月的超常表現。

Peter Galbo, Bank of America.

美國銀行（Bank of America）的 Peter Galbo。

Good morning. Thanks for the question. Anthony, I wanted to go back to a comment that you made around kind of being hedged on input costs that may be tied to the Middle East, at least for the remainder of this year. I think maybe it would just be helpful to sensitize or help us sensitize some of the exposures to things like aluminum and PET, if we do get a prolonged kind of rally here in resins and aluminum costs that lasts into '27. So just any additional color you can help us with there as we start to contemplate maybe what the margin implication could be going forward. Thank you very much.

早安。謝謝讓我提問。Anthony，我想回到你提到的評論：就至少今年剩餘期間而言，你們在某些可能與中東相關的投入成本上已做了避險。我想如果樹脂與鋁成本出現一波持續性的上漲並延續到 2027 年，能否請你協助我們更了解像鋁與 PET 這類項目的曝險程度。也就是說，當我們開始思考未來可能的毛利影響時，你能否提供一些額外的說明。非常感謝。

Sure, sure. Look, as with many CPG companies, we have both direct and indirect exposure to commodities that have been impacted by the Middle East conflict. And this includes a number of inputs tied to the packaging and energy areas such as aluminum, resins, diesel, that's in our DSD network, freight costs. And I would say that no single one of those inputs has an outsized impact on our cost structure, but they're all important. And as we've seen the recent inflationary moves, we have a very systematic and comprehensive hedging program, and those hedges and forward cover are in place to help insulate us in the near term from that volatility.

當然，當然。你看，和許多民生消費品（CPG）公司一樣，我們對於受中東衝突影響的大宗商品同時存在直接與間接曝險。這包括多項與包材與能源相關的投入，例如鋁、樹脂、柴油（用於我們的 DSD 網路）、運輸成本等。我會說，這些投入項目中沒有任何單一項對我們的成本結構造成不成比例的影響，但它們都很重要。而就近期通膨走勢而言，我們有一套非常系統化且全面的避險計畫，這些避險與遠期覆蓋已到位，可在短期內幫助我們隔離這些波動的影響。

For 2026, we are largely hedged and wouldn't expect to see the recent movement impact our P&L in 2026. But I would say, to the extent those higher prices sustain, we would develop mitigating action plans that we would execute longer term to protect our margins.

就 2026 年而言，我們大致上已完成避險，因此不預期近期的變動會在 2026 年影響我們的損益表。但我會說，如果較高的價格持續下去，我們會制定可緩解的行動方案，並在較長期執行，以保護我們的利潤率。

Robert Moskow, TD Cowen.

TD Cowen 的 Robert Moskow。

Thank you for the question. You may have mentioned it before, but you said in your prepared remarks that after the split, you'll have optionality for value-enhancing capital actions. I want to know if you could give any more color on what those actions might entail? And would they have anything to do with the convertible you have and the minority investments?

謝謝讓我提問。你可能之前提過，但你在事先準備的發言中說，分拆之後你們將有可選擇的、可提升價值的資本行動空間。我想知道你是否能再多提供一些細節，這些行動可能包含哪些內容？以及它們是否會與你們的可轉換債（convertible）以及少數股權投資有關？

I'll take that. And I did make that comment as it relates BevCo. I think specifically, obviously, both companies on the other side of this separation will have the independent optionality to make the best choices for their business and their shareholders.

我來回答。而我確實是在談到 BevCo 時做了那個評論。我想具體而言，顯然在這次分拆完成後的兩家公司，都將擁有獨立的選擇權，為其業務與股東做出最佳決策。

As I think about BevCo, let me start by saying that I love this portfolio, the leadership positions we have across the LRB categories, the advantaged capabilities that we've built and really this very entrepreneurial challenger culture that runs through our company. And I'm confident that with these set of characteristics and advantages, we can deliver consistent top-tier results and we can create a lot of value.

談到 BevCo，我先說我很喜歡這個產品組合：我們在 LRB 各品類的領導地位、我們建立起來的優勢能力，以及貫穿公司的一種非常具創業家精神的挑戰者文化。我有信心，憑藉這些特質與優勢，我們能交出持續的頂尖表現，並創造大量價值。

As an independent company, we -- I do believe we'll have some additional strategic optionality that perhaps was less actionable under a combined KDP umbrella. And what could those look like? I mean, one is around route to market. I'm a big believer in the power of DSD. It's a source of competitive advantage.

作為一家獨立公司，我——我確實相信我們將擁有一些額外的策略選擇權，而這些在 KDP 合併架構之下可能較難落地。那會是哪些呢？其中之一是通路到市場（route to market）。我非常相信 DSD 的力量。它是競爭優勢的來源。

And I do think today, it is optimal for us to own DSD in most markets. We take a very local decision case by case and we let the scale and the economics and what's best for our brands dictate that ultimate route to market. But as a stand-alone, BevCo will be incentivized to continue to test the optimal model as it relates route to market. And I think as a stand-alone company, we've got that optionality.

而且我確實認為，就目前而言，在大多數市場由我們自有 DSD 是最優的。我們會以非常在地化的方式逐案決策，並讓規模、經濟效益以及對我們品牌最有利的因素，來決定最終的通路到市場模式。但作為一家獨立公司，BevCo 會有動機持續測試在通路到市場方面的最佳模型。我認為作為一家獨立公司，我們具備這樣的選擇權。

The other area is just around portfolio and continuing to future-proof this portfolio, ensure this portfolio is structurally advantaged, pursuing white space expansion has always been a priority for KDP. And I think BevCo will be even more agile and even more proactive in this area. We can consider earlier-stage partnerships, new geographies, more creative structures. So overall, we've got a lot of conviction in the future of BevCo and our ability to drive healthy top and bottom-line growth in our current portfolio and with enhanced optionality.

另一個領域是產品組合本身，以及持續為這個組合做未來防護（future-proof），確保這個組合在結構上具備優勢；追求白地（white space）擴張一直是 KDP 的優先事項。我認為 BevCo 在這方面會更敏捷、也更主動。我們可以考慮更早期階段的合作夥伴關係、新的地理市場，以及更具創意的架構。總體而言，我們對 BevCo 的未來以及我們在現有產品組合中、並透過更強的選擇權來推動健康的營收與獲利成長的能力，抱持高度信心。

Kaumil Gajrawala, Jefferies.

Jefferies 的 Kaumil Gajrawala。

Good morning. I guess one quick just clarification on the guidance for Q2. Is that total company guidance? Or is it, I guess, legacy KDP?

早安。我想先快速釐清一下第二季指引。那是整個公司的指引嗎？還是說，是指原本的 KDP（legacy KDP）？

And then sort of drafting off of Robert's question on the portfolio. Maybe just to add to that, what Anthony had mentioned on the potential sale of noncore assets, what types of things would that be? And is the intention just to maybe have a tighter portfolio there? And -- or is it more in the spirit of bringing down leverage?

另外，延伸 Robert 關於產品組合的問題。也許再補充一下 Anthony 提到的可能出售非核心資產，會是哪些類型的資產？意圖是讓產品組合更聚焦嗎？還是——或是更偏向於降低槓桿？

Yes, in answer to your first question, the high single digit is total company outlook for the second quarter.

是的，回答您的第一個問題，高個位數指的是公司第二季的整體展望。

In terms of your other question, just stepping back a little bit, we are very focused on committed to investment-grade ratings, not only for KDP, but for the two future companies. And our ability to deleverage is primarily driven by our ability to generate significant free cash flow. And you heard it in our prepared remarks, we are expecting $2.5 billion of free cash flow, which includes nine months of JDE Peet's and all the related costs of the debt financing.

至於您的另一個問題，稍微退一步來看，我們非常專注於並致力於維持投資級評等，不僅是對KDP而言，也包括未來的兩家新公司。而我們去槓桿的能力主要取決於我們產生可觀自由現金流的能力。您在我們事先準備的發言中也聽到了，我們預期自由現金流為25億美元，其中包含JDE Peet's的九個月貢獻以及債務融資的所有相關成本。

We also said that free cash flow obviously will support our dividend and enable us to deleverage by about a half a turn per year. And that will get us to our stated leverage target that separation, which is 3.5 to 4x for BevCo, 3.75 to 4.25 for Global Coffee Co., but we also said we'll look for additional opportunities to accelerate deleveraging. Not appropriate to getting any specific details, but there are a number of things that we're looking at across non-core assets and minority investments to help us along.

我們也提到，自由現金流顯然將支持我們的股利，並使我們每年大約去槓桿0.5倍。這將使我們達到分拆時所述的槓桿目標，即BevCo為3.5至4倍、Global Coffee Co.為3.75至4.25倍；但我們也表示會尋找額外機會以加速去槓桿。目前不適合提供任何具體細節，但我們正在評估多項事項，涵蓋非核心資產與少數股權投資，以協助我們推進。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

Good morning, everyone. I wanted to ask on your energy drink portfolio. We continue to see very solid growth for both GHOST and Bloom in track channel data. Can you comment a bit on the shelf space gains that you're realizing in the spring resets? Like how much room do you see in terms of further distribution for both brands?

各位早安。我想請教你們的能量飲料產品組合。我們在追蹤通路數據中持續看到GHOST與Bloom都有非常穩健的成長。能否談談你們在春季貨架重置中實現的貨架空間增加？就兩個品牌而言，你們認為在進一步鋪貨/通路分銷方面還有多大空間？

And then on the other side, C4 has been a little bit softer. Do you see any cannibalization from GHOST? Or what are the plans to reaccelerate that brand? Thank you.

另外，C4的表現稍微疲弱一些。你們是否看到GHOST對C4有任何蚕食效應？或者你們有哪些計畫來讓該品牌重新加速？謝謝。

Sure. Thanks, Filippo. You've heard me say this many times, big believer in energy as a category. It's $29 billion. It's growing mid-teens. And there are structural growth drivers in place that suggests this is a category that continues to have a long runway for growth. I think there's distribution expansion, particularly when you think about channels outside of C-store. There's household penetration upside. There's occasions to go after. There's cohorts, obviously, female forward brands are experiencing tremendous growth right now, and we have one of those in our portfolio in Bloom. So it's a great category, strong growth, and we see continued runway.

當然。謝謝你，Filippo。你已經聽我說過很多次了，我非常看好能量飲料這個品類。它的規模是290億美元。成長率在十幾個百分點的中段。而且有結構性的成長驅動因素，顯示這個品類仍有很長的成長跑道。我認為分銷擴張是一個方向，特別是當你想到便利商店（C-store）以外的通路。家庭滲透率還有提升空間。也有更多消費情境可以開拓。還有不同族群——顯然，偏向女性的品牌目前正經歷驚人的成長，而我們的產品組合中就有Bloom這樣的品牌。所以這是一個很棒的品類、成長強勁，我們也看到持續的成長空間。

We like the approach we've taken. We've taken a portfolio approach. We have 4 brands of scale that we go to market with. GHOST, a great lifestyle brand; C4 in performance; Bloom, female forward; and Black Rifle in mainstream, and feel good about that position. And you saw continued market share growth here in the first quarter, and we expect that to continue on the year. Our portfolio is well over $1 billion now, and we see continued upside.

我們喜歡我們採取的做法。我們採用的是組合式策略。我們有4個具規模的品牌推向市場。GHOST，是很棒的生活風格品牌；C4主打運動表現；Bloom偏向女性；Black Rifle則走主流市場；我們對這樣的布局感到滿意。你也看到第一季市占率持續成長，我們預期全年也會延續。我們的產品組合目前已遠超過10億美元，我們仍看到持續上行空間。

As it relates to your other two kind of sub-questions on one on shelf space and one on C4. On shelf space, we had a successful sell-in cycle for our energy portfolio this year. And we are beginning to see and would expect on the year meaningful distribution gains, incremental PDPs or total distribution points, including in the critical convenience retail channel expanded space as well in kind of up and down the street. And you're seeing that particularly with GHOST and with Bloom.

至於你另外兩個子問題，一個是貨架空間，一個是C4。在貨架空間方面，我們今年能量飲料產品組合的鋪貨/進貨（sell-in）週期很成功。我們已開始看到，並預期全年將有顯著的分銷增長、增加的PDP（或總分銷點，total distribution points），其中也包括在關鍵的便利零售通路中擴大陳列空間，以及在各類街邊通路的擴張。你特別會在GHOST與Bloom上看到這點。

On C4, we feel great about our partnership with Nutrabolt, and what we're building together on C4, we've created a lot of value for both parties. Since we first took distribution back in 2023, C4 has more than doubled its retail sales, added more than 1 point of market share.

至於C4，我們對與Nutrabolt的合作關係以及我們共同打造的C4非常有信心，我們為雙方創造了大量價值。自從我們在2023年重新接手分銷以來，C4的零售銷售額已超過翻倍，市占率也增加了超過1個百分點。

And as it relates near in performance, it is fair to say we made some decisions together with our Nutrabolt partners to rationalize some elements of the portfolio. So there was a smart subline that we're no longer distributing through CSD, and the ultimate line has been repositioned for even stronger performance, and that's in the high stimulation 300 mg type of caffeine segment. So when you adjust for those factors, we feel good about the underlying trends and kind of the core yellow can performance line, excited about the innovation that we're bringing to market with our Nutrabolt partners and confident in C4's long runway ahead to drive brand momentum.

而就近期表現而言，可以說我們與Nutrabolt合作夥伴一起做出了一些決策，對產品組合的部分元素進行精簡。因此，有一個smart子系列我們已不再透過CSD分銷，而ultimate系列也已重新定位以追求更強的表現，聚焦在高刺激、約300毫克咖啡因的細分市場。所以在把這些因素調整後，我們對基本趨勢以及核心的黃色罐裝performance系列表現感到滿意；也對我們與Nutrabolt夥伴共同推出的創新產品感到興奮，並相信C4未來仍有很長的成長跑道，可持續推動品牌動能。

This concludes our question-and-answer session. I would like to turn the conference back over to Chethan Mallela for any closing remarks.

問答環節到此結束。我想把電話會議交回給Chethan Mallela，請他做任何結語。

Thanks, [Betsy], and thanks, everyone, for joining us today and for your interest in KDP. The IR team is available if you have any follow-ups. Thanks so much, and have a great day.

謝謝，[Betsy]，也謝謝各位今天加入我們並關注KDP。若您有任何後續問題，投資人關係（IR）團隊隨時可提供協助。非常感謝，祝各位有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議已結束。感謝您參加今天的簡報。您現在可以中斷連線。