Keurig Dr Pepper Inc (KDP) 2026 Q2 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 second 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 年第二季財報電話會議。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 second quarter 2026 results, which we will discuss on today's call. and 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 年第二季業績，我們將在今天的電話會議中討論。並且，隨附的簡報已提供，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 in the coming days.

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有重大差異。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，以及我們最近一期 Form 10-K 與最新 10-Q 中所討論的風險因素；該 10-Q 將於未來幾天向美國證券交易委員會（SEC）提交。

Consistent with previous quarters, we will be discussing our Q2 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 的調整後基礎討論第二季表現；其中反映固定匯率成長率，並排除影響可比性的項目。與最直接可比的 GAAP 指標之定義與調節表，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。接下來把時間交給 Tim。

Thanks, Chethan, and good morning, everyone. In Q2, we delivered another quarter of strong results. We demonstrated healthy momentum across the majority of our business, led by US refreshment beverages, and our performance exceeded our expectations. Halfway through the year, we remain on track to achieve the goals we set at the beginning of 2026, delivering our low dull digit EPS growth guidance, integrating and activating JDE Peet's and hitting key separation milestones.

謝謝你，Chethan，各位早安。第二季我們再度交出強勁的成績。在美國即飲飲料（refreshment beverages）的帶動下，我們在大多數業務展現健康動能，整體表現超出預期。今年已過半，我們仍按計畫達成 2026 年初設定的目標：實現我們所提供的低個位數 EPS 成長指引、整合並啟動 JDE Peet's，並達成關鍵分拆里程碑。

While we expect the external environment to remain dynamic in the back half, our plans, executional discipline and year-to-date performance reinforce our confidence in delivering our 2026 guidance while setting up for a successful separation in early 2027.

雖然我們預期下半年外部環境仍將持續變動，但我們的計畫、執行紀律與年初至今的表現，強化了我們對達成 2026 年指引的信心，同時也為 2027 年初成功分拆奠定基礎。

Before turning to our results, let me begin with an update of our transformation work. We successfully closed the acquisition of JDE Peet's in early April and on day one, stood up an interim operating model that is purpose built to support both near-term delivery and separation readiness. The model embeds distinct responsibilities and clear accountability across our KDP enterprise, beverage operating unit and coffee operating unit leadership teams, all of which are functioning well as we advance our integration and separation priorities.

在進入業績之前，我先更新我們的轉型工作進展。我們已於 4 月初順利完成對 JDE Peet's 的收購，並在第一天即建立一套臨時營運模式，專為同時支援短期交付與分拆準備而設計。該模式在 KDP 集團、美國飲料營運單位與咖啡營運單位的領導團隊之間，嵌入明確分工與清楚問責；隨著我們推進整合與分拆優先事項，各團隊運作良好。

Let me share some key highlights from our work. We've quickly begun to capture coffee co cost synergies with initial savings flowing through in the second quarter and have also commenced work to offset anticipated beverage co dissynergies. We've now consolidated our US customers to an integrated sales force and single invoice for the joint Keurig and Peet's portfolio with the transition completed on schedule and without disruption. We've largely finalized our post-separation organizational structures, including the cross critical operational, commercial and finance functions.

我分享幾項工作重點。我們已迅速開始取得 Coffee Co 的成本綜效，初步節省已在第二季反映；同時也已啟動工作，以抵銷預期的 Beverage Co 反綜效（dissynergies）。我們已將美國客戶整合至一支整合型銷售團隊，並針對 Keurig 與 Peet's 的聯合產品組合採用單一發票；轉換如期完成且未造成任何干擾。我們也大致完成分拆後的組織架構設計，包括關鍵的營運、商務與財務等跨職能部門。

We've made significant progress establishing IT and financial reporting readiness for each future company. And we've begun deleveraging our balance sheet following the JDE Peet's close, reducing pro forma management leverage to 4.4 times at quarter end. This was slightly better than our expectations, and we remain on track to end the year with leverage of 4.1 times.

我們在為兩家未來公司建立 IT 與財務報導就緒度方面取得重大進展。此外，JDE Peet's 交易完成後，我們已開始降低資產負債表槓桿，季度末按備考口徑的管理槓桿降至 4.4 倍。這略優於我們的預期，我們仍按計畫在年底將槓桿降至 4.1 倍。

In addition, our search for the future CEO of Global Coffee Co is well underway. The Nominating and Governance Committee of our Board of Directors is leading the process and has engaged a top-tier executive search firm to help identify and evaluate candidates. The role has already attracted considerable interest and we're confident we will recruit the right CEO to shape and execute Global Coffee Co's value creation strategy.

另外，我們尋找未來 Global Coffee Co 執行長的工作也在積極推進中。董事會提名與公司治理委員會正主導此流程，並已聘請一流的高階主管獵才公司協助辨識與評估候選人。該職位已吸引相當多的關注，我們有信心能招募到合適的執行長，來塑造並推動 Global Coffee Co 的價值創造策略。

Let's now turn to our second quarter results. Total net sales grew 75%, inclusive of the JDE Peet's acquisition impact. Net sales for legacy KDP increased at a high single-digit rate with both net price realization and volume mix contributing. We translated our top line improvement into significant profit growth with consolidated operating income up over 40% and EPS increasing 16% to $0.57. Overall, our second quarter was ahead of our expectations, primarily driven by upside in our JDE Peet's and US.

接著我們來看第二季業績。總淨銷售額成長 75%，其中包含 JDE Peet's 收購的影響。傳統 KDP 的淨銷售額以高個位數成長，淨價格實現與銷量/組合皆有貢獻。我們將營收端的改善轉化為顯著的獲利成長：合併營業利益成長超過 40%，EPS 成長 16% 至 0.57 美元。整體而言，第二季表現優於預期，主要由 JDE Peet's 與美國業務的上行所帶動。

refreshment beverages segments including some timing benefits that Anthony will discuss. We also delivered solid results in KDP International, partly offset by subdued trends in US coffee.

即飲飲料（refreshment beverages）事業部亦包含一些時點性利多，Anthony 稍後會說明。我們在 KDP International 也交出穩健成果，部分被美國咖啡較為疲弱的趨勢所抵銷。

Now let me walk through each segment in more detail. I'll start with US refreshment beverages. Segment net sales and operating income each grew at a double-digit rate in the second quarter, reflecting strength across both our core portfolio and newer growth platforms. Our largest business, carbonated soft drinks continued to grow nicely.

接下來我將更詳細說明各事業部。先從美國即飲飲料開始。第二季該事業部的淨銷售額與營業利益皆以雙位數成長，反映我們核心產品組合與較新的成長平台均展現強勁表現。我們最大的業務—碳酸飲料—持續穩健成長。

Category trends were healthy with consumers responding to the compelling value proposition and significant commercial activity from major players. We gained market share in the quarter, led by Dr Pepper.

品類趨勢健康，消費者對具吸引力的價值主張以及主要業者的大量商業活動反應良好。本季我們的市占率提升，由 Dr Pepper 領軍。

The brand's Zero Sugar platform sustained its momentum, growing retail sales nearly 30% and gaining more share than any other trademark in the Zero Sugar space. driven by increasing household penetration. This reflected the benefits of marketing support, increased distribution and greater display activity, and we will continue to deploy these levers to drive further expansion. Dr Pepper franchise trends were also fueled by our creamy coconut limited time offering, which launched in April. The response to the innovation has been positive, with the distribution build, display support and most importantly, consumer sell-through, all tracking well ahead of creamy coconuts prior market run.

該品牌的零糖（Zero Sugar）平台延續動能，零售銷售成長近 30%，在零糖領域的市占增幅也高於任何其他商標，主要由家庭滲透率提升所帶動。這反映行銷支援、通路覆蓋提升與更高的陳列活動所帶來的效益；我們將持續運用這些槓桿以推動進一步擴張。Dr Pepper 系列的趨勢也受到我們 4 月推出的奶油椰子限時口味所帶動。市場對此創新反應正面；無論是通路鋪貨、陳列支援，最重要的是消費者端的銷售速度（sell-through），皆明顯優於奶油椰子先前的市場試跑表現。

Canada Dry also had a robust quarter, with retail sales increasing at a double-digit rate. Our Fruit Splash platform continued to serve as a sustainable growth driver, with this year's highly incremental strawberry launch performing well. The brand was further supported by our impactful marketing investments, including the recent dry time is my time campaign. And Bloom Pop also contributed to our CSD growth. The brand is scaling rapidly, driven by distribution expansion and compelling innovation and with a leading market share gainer in prebiotic CSDs in the second quarter.

Canada Dry 本季同樣表現強勁，零售銷售以雙位數成長。我們的 Fruit Splash 平台持續作為可持續的成長動能來源，今年高度增量的草莓新品上市表現良好。該品牌亦受惠於我們具影響力的行銷投資，包括近期的「dry time is my time」活動。Bloom Pop 也對我們的碳酸飲料成長有所貢獻。在通路擴張與具吸引力的創新帶動下，該品牌快速擴張，並在第二季成為益生元碳酸飲料（prebiotic CSDs）中市占提升幅度領先的品牌之一。

Moving to energy drinks. Our portfolio achieved a key milestone, crossing the 9% market share threshold in the quarter. Bloom and GHOST were two of the top-performing trademarks in the category, underscoring their meaningful consumer resonance and reflecting each brand's great tasting products, authentic positioning and social media savvy. Growth also came from high-quality frontline execution to expand distribution points and cooler penetration as well as compelling innovation, such as Bloom Crisp Apple and Summer Splash and the GHOST 7UP limited time offering.

接著談能量飲料。我們的產品組合在本季達成一項關鍵里程碑，市占率突破 9% 門檻。Bloom 與 GHOST 是該品類表現最突出的兩個商標品牌之一，凸顯其對消費者具有實質共鳴，並反映各品牌在產品風味、真實定位以及社群媒體操作上的優勢。成長亦來自高品質的一線執行，擴大配銷據點與冷藏櫃滲透率，以及具吸引力的創新，例如 Bloom Crisp Apple 與 Summer Splash，以及 GHOST 7UP 限時產品。

C4 recently introduced updated packaging across its performance and ultimate lineups with clearer caffeine and benefit communication, bolder flavor cues and a simplified visual system. This refresh is designed to improve shelf presence and make the portfolio easier to shop and early results are encouraging, with a double-digit sales lift and significant velocity increases in geographies where it's present. We expect brand momentum to build as the new packaging rolls out more broadly. Overall, we continue to view our energy portfolio as advantaged with a long runway for each of our brands and good visibility to our double-digit market share goal.

C4 近期在其 performance 與 ultimate 產品線全面導入更新包裝，讓咖啡因含量與效益訴求的溝通更清楚、口味線索更鮮明，並採用更簡化的視覺系統。此一更新旨在提升貨架能見度並讓消費者更容易選購；初步結果令人鼓舞，在已導入的地區，銷售提升達雙位數，且動銷速度顯著增加。我們預期隨著新包裝更廣泛鋪貨，品牌動能將持續累積。整體而言，我們仍認為能量飲料產品組合具備優勢，各品牌皆有長期成長跑道，且對達成雙位數市占率目標具有良好可見度。

Beyond energy, we also experienced meaningful traction in other high-growth areas of this segment, like sports hydration, coconut water and seltzer water. All in, our US refreshment beverages business continues to enjoy strong momentum and we expect this segment will remain a key growth engine for KDP over the balance of 2026 and beyond. Moving to coffee. We delivered solid results at the enterprise level, but experienced differing dynamics between our US coffee and JDE Peet's segments.

除能量飲料外，我們在本分部其他高成長領域亦取得顯著進展，例如運動補水、椰子水與氣泡水。總體來看，我們的美國清涼飲料業務持續展現強勁動能，我們預期該分部在 2026 年剩餘期間及其後仍將是 KDP 的關鍵成長引擎。接著談咖啡。我們在企業整體層面交出穩健成果，但美國咖啡與 JDE Peet's 分部的動態有所不同。

Turning first to US coffee. Second quarter performance was relatively consistent with our first quarter as net sales declined in the low single digits operating income declined 25%. Year-over-year profit pressure was primarily driven by the impact of significantly higher input costs. As we signaled last quarter, this was due to our hedging approach and inventory positioning, which caused elevated green coffee costs and tariffs to flow through our second quarter P&L.

先談美國咖啡。第二季表現與第一季大致一致，淨銷售額小幅（低個位數）下滑，營業利益下滑 25%。年對年獲利壓力主要來自投入成本大幅上升的影響。如同我們上季所提示，這與我們的避險策略與庫存配置有關，導致較高的生豆咖啡成本與關稅在第二季損益表中反映。

While we always anticipated subdued segment performance in the quarter, the magnitude was larger than we initially estimated. Top and bottom line results were impacted by single-serve category volume declines and unfavorable portfolio mix, which reflected increased consumer caution and value-seeking behavior. Despite these dynamics, we made progress across the business. Notably, brewer shipments returned to growth. supported by our great coffee without the grind curing marketing campaign, and we expect further improvements over the balance of the year.

雖然我們原本就預期本季分部表現偏弱，但幅度比我們最初估計更大。營收與獲利同時受到單杯品類銷量下滑與不利的產品組合影響，反映消費者更為謹慎並尋求更高性價比。儘管如此，我們在業務各面向仍取得進展。值得一提的是，咖啡機出貨量恢復成長，受惠於「great coffee without the grind」的行銷活動，我們預期今年剩餘期間將進一步改善。

In coffee products, our licensed MIC Cafe K-Cups grew retail sales at a mid-single-digit rate and expanded market share, reflecting high-quality commercial execution and effective marketing. Our cold coffee, La Colombe ready-to-drink platform also drove outsized momentum, growing retail sales over 50% and gaining more than 1 point of market share, driven by distribution gains, increased display activity and strong velocity. Importantly, we continue to have line of sight to improving segment trends over the balance of the year. Our cost envelope will become more favorable as lower cost inventory and improving tariff impacts flow through the P&L.

在咖啡產品方面，我們授權的 MIC Cafe K-Cups 零售銷售以中個位數成長並擴大市占，反映高品質的商業執行與有效的行銷。我們的冷萃咖啡 La Colombe 即飲平台亦帶動更強勁動能，零售銷售成長超過 50%，市占提升逾 1 個百分點，主要由配銷增加、陳列活動提升與強勁動銷所驅動。重要的是，我們仍能清楚掌握今年剩餘期間分部趨勢改善的可見度。隨著較低成本庫存與關稅影響改善逐步反映至損益表，我們的成本環境將更為有利。

Our brewer business has started to inflect and should benefit from our commercial activity, and we're actioning plans to strengthen trends in pods and other coffee products. Ultimately, we believe our US coffee segment is beginning to turn a corner as we enter the back half, and we remain confident in its long-term growth potential. Moving to the JDE Peet's segment. Quarterly net sales were approximately $2.8 billion, and operating income was $414 million.

我們的咖啡機業務已開始出現轉折，並可望受惠於我們的商業活動；同時，我們也正推動計畫以強化膠囊與其他咖啡產品的趨勢。最終，我們相信美國咖啡分部在進入下半年之際正開始走出低谷，我們對其長期成長潛力仍具信心。接著談 JDE Peet's 分部。本季淨銷售額約為 28 億美元，營業利益為 4.14 億美元。

We delivered profitability ahead of our expectations, driven by a couple of factors. First, our teams executed well, particularly in navigating commodity volatility. We maintain pricing discipline as inflationary pressures began to ease, protecting profitability and preserving reinvestment flexibility.

我們的獲利表現優於預期，主要由幾項因素帶動。首先，我們的團隊執行到位，尤其在應對大宗商品波動方面表現出色。在通膨壓力開始緩解之際，我們維持定價紀律，以保護獲利並保留再投資的彈性。

In addition, we generated healthy productivity savings through our reignite amazing program, further enhancing operating income in the quarter. And second, this segment also benefited from favorable timing, which added to the profit upside. By brand, LOR maintained its robust momentum growing retail sales at a high single-digit rate. Brand performance was broad-based, with particular strength in capsules and beans, and was supported by our successful destinations innovation platform and awake in the Sensus brand marketing campaign. Peet's was another contributor with retail sales increasing through a combination of pricing and distribution growth.

此外，我們透過 reignite amazing 計畫創造了健康的生產力節省，進一步提升本季營業利益。第二，該分部亦受惠於有利的時點因素，增加了獲利上行空間。就品牌而言，LOR 維持強勁動能，零售銷售以高個位數成長。品牌表現全面，膠囊與咖啡豆尤為強勁，並受惠於成功的 destinations 創新平台與「awake in the Sensus」品牌行銷活動。Peet's 亦是另一項貢獻者，零售銷售透過提價與配銷成長的組合而提升。

The brand's innovation activity also resonated with consumers, including the launch of Peet's middle ground, a half caffeinated medium roast designed for the afternoon pick me application, which achieved healthy on-shelf velocities.

該品牌的創新活動也引起消費者共鳴，包括推出 Peet's middle ground——一款半咖啡因的中度烘焙，設計用於午後提神情境，並在貨架上達成健康的動銷速度。

Another coffee segment highlight in the second quarter was the successful integration of JDE Peet's and our legacy Keurig business. The newly created coffee operating unit team has collaborated well establishing integrated business plans, executing unified commercial programs and beginning to generate initial cost synergies, which are set to build over the balance of the year. In summary, we're pleased with JDE Peet's second quarter results and expect this business will be a significant contributor to our performance in 2026 and over the long term.

第二季咖啡分部的另一項亮點，是 JDE Peet's 與我們既有 Keurig 業務的成功整合。新成立的咖啡營運單位團隊協作良好，建立整合的業務計畫、執行統一的商業方案，並開始產生初步成本綜效，預期在今年剩餘期間將持續擴大。總結而言，我們對 JDE Peet's 第二季成果感到滿意，並預期該業務將在 2026 年及長期對我們的表現做出重要貢獻。

And finally, our KDP International segment strengthened from the first quarter as we expected, with net sales growing at a double-digit rate and operating income flat versus the prior year. Segment performance was balanced across our two key markets. In Mexico, pricing was a key driver. But our business also returned to volume growth and the impact of the beverage tax eased. Penafiel's Ades and Twist platforms each grew retail sales at robust double-digit rates driven by distribution expansion and in-store execution.

最後，我們的 KDP International 分部如預期較第一季轉強，淨銷售額以雙位數成長，營業利益與去年同期持平。分部表現於兩個主要市場之間相對均衡。在墨西哥，定價是關鍵驅動因素。但我們的業務也恢復了銷量成長，且飲料稅的影響有所緩解。Penafiel 的 Ades 與 Twist 平台零售銷售皆以強勁的雙位數成長，受惠於配銷擴張與店內執行。

Our teams also capitalized on sports enthusiasm through creative marketing activations, featuring squirt Penafiel mineral water and Clamato as the green, white and red of the Mexican flag. This activity contributed to healthy second quarter trends for each of these brands.

我們的團隊也透過創意行銷活動把握運動熱潮，將 Squirt Penafiel 礦泉水與 Clamato 打造成墨西哥國旗的綠、白、紅三色。此活動促成這些品牌在第二季呈現健康的趨勢。

Canada growth was similarly broad-based. Our cold beverage performance was driven by a combination of pricing and volume mix with robust trends across CSDs and alcohol alternatives and newer categories like energy and ready-to-drink tea. In coffee, growth was led by price, though both pod and brewer shipments were also positive, underscoring the health of the Keurig ecosystem in Canada. Overall, we have momentum in our KDP International segment and expect the business to deliver solid results over the balance of the year.

加拿大的成長同樣呈現全面性。我們的冷飲表現由定價與銷量組合共同驅動，在碳酸飲料（CSDs）、酒精替代品，以及能量飲料與即飲茶等較新類別均呈現強勁趨勢。在咖啡方面，成長主要由價格帶動，但膠囊與咖啡機出貨也皆為正成長，凸顯 Keurig 生態系在加拿大的健康度。整體而言，我們的 KDP International 分部具備動能，並預期該業務在今年剩餘期間將交出穩健成果。

In closing, our second quarter results capped a successful first half of 2026. We exceeded our EPS expectations for the quarter, reinforcing visibility to our full year guidance. We closed the JDE Peet's acquisition and quickly advanced integration activities, including synergy work streams, and we made important progress on key separation milestones. While there is still meaningful work ahead in the back half, we are confident in our ability to deliver on our 2026 commitments while advancing preparations to establish two world-class stand-alone companies.

最後總結，我們第二季的成果為 2026 年上半年畫下成功句點。本季 EPS 優於我們的預期，強化了我們對全年指引的可見度。我們完成 JDE Peet's 收購並迅速推進整合活動，包括綜效工作流程，同時在關鍵分拆里程碑上取得重要進展。儘管下半年仍有大量工作要完成，我們有信心能履行 2026 年承諾，同時推進籌備工作，以建立兩家世界級的獨立公司。

And with that, I'll turn the call over to Anthony to walk through our financial results and outlook in more detail.

接下來，我把電話交給 Anthony，請他更詳細地說明我們的財務結果與展望。

Thanks, Tim, and good morning, everyone. Our second quarter results were driven by strong execution and a dynamic operating environment and the incremental contribution from JDE Peet's. Consolidated net sales grew 74.6% in the quarter, reflecting the JDE Peet's acquisition, which closed on April 1. Excluding the JDE Peet's contribution, legacy KDP net sales grew 7.3%. Growth for legacy KDP was balanced with net price realization contributing 4.2 percentage points and volume mix adding 3.1 points.

謝謝你，Tim，各位早安。我們第二季的結果來自強勁的執行力、充滿變化的營運環境，以及 JDE Peet's 的增量貢獻。本季合併淨銷售額成長 74.6%，反映了於 4 月 1 日完成交割的 JDE Peet's 收購案。若排除 JDE Peet's 的貢獻，KDP 既有業務的淨銷售額成長 7.3%。KDP 既有業務的成長相對均衡，其中淨價格實現貢獻 4.2 個百分點，銷量/組合增加 3.1 個百分點。

By segment, legacy KDP's top line, was led by double-digit increases in US refreshment beverages and KDP International, partly offset by a low single-digit decline in US coffee. Consolidated gross margin was 46.5%, 860 basis points below the prior year, primarily due to the mix impact of adding JDE Peet's to the portfolio. Excluding the acquisition impact, gross margin contracted 210 basis points as elevated cost pressures more than offset the benefits of pricing and productivity. While gross margin for legacy KDP declined as a percent of sales, on an absolute basis, gross profit dollars increased 3.2%.

按事業部來看，KDP 既有業務的營收主要由美國即飲飲料與 KDP 國際業務的雙位數成長帶動，部分被美國咖啡的低個位數下滑所抵銷。合併毛利率為 46.5%，較去年同期低 860 個基點，主要因將 JDE Peet's 納入產品組合所造成的組合影響。若排除收購影響，毛利率收縮 210 個基點，因高企的成本壓力超過了定價與生產力提升帶來的效益。雖然 KDP 既有業務毛利率占銷售比重下降，但以絕對金額計，毛利美元增加 3.2%。

SG&A as a percent of sales declined 400 basis points. Excluding the mix impact from JDE Peet's, SG&A leveraged 100 basis points, driven primarily by productivity savings and disciplined cost management. In total, Q2 operating income increased 42.9% and including the below-the-line impact from acquisition financing, EPS increased 16.3% to $0.57.

銷售、一般及行政費用（SG&A）占銷售比重下降 400 個基點。若排除 JDE Peet's 的組合影響，SG&A 槓桿改善 100 個基點，主要由生產力節省與嚴謹的成本管理所帶動。整體而言，第二季營業利益成長 42.9%；若包含收購融資所帶來的業外影響，每股盈餘（EPS）成長 16.3% 至 0.57 美元。

Turning now to our segment results. US. Refreshment Beverages net sales increased 10%, driven by 6.5 percentage points of volume/mix growth and 3.5 points of net price realization. Growth was broad-based, led by energy, CSDs, water and sports hydration. Segment operating income grew 11.9% as net sales growth and productivity savings more than offset cost inflation.

接著看各事業部表現。美國。即飲飲料淨銷售額成長 10%，其中 6.5 個百分點來自銷量/組合成長，3.5 個百分點來自淨價格實現。成長動能廣泛，主要由能量飲料、碳酸軟性飲料（CSDs）、瓶裝水與運動補水品類帶動。事業部營業利益成長 11.9%，因淨銷售成長與生產力節省超過成本通膨的影響。

Moving to coffee. Our performance in aggregate was solid but varied across the segments with pressure in US coffee counterbalanced by strong results or JDE Peet's. The divergence was primarily driven by operating factors, which I'll discuss shortly. However, I'd also like to highlight a reporting dynamic that affected segment comparisons in the quarter.

接著談咖啡。整體表現穩健，但各事業部之間有所差異：美國咖啡承壓，並由 JDE Peet's 的強勁結果所抵銷。這種分歧主要由營運因素所驅動，我稍後會說明。不過，我也想強調一項影響本季事業部比較的報表呈現動態。

With the closing of the acquisition at the beginning of April, the partner economics for Peet's K-Cups, previously reported in US coffee shifted to the JDE Peet's segment. We have since integrated distribution and transitioned to Peet's to a unified Keurig invoice. And as a result, the full sales and profit recognition for Peet's K-Cups will reside in US coffee going forward.

由於收購案於 4 月初完成交割，原先在美國咖啡中揭露的 Peet's K-Cups 合作夥伴經濟（partner economics）轉移至 JDE Peet's 事業部。我們其後已整合配送，並將 Peet's 轉換為統一的 Keurig 發票。因此，未來 Peet's K-Cups 的完整銷售與利潤認列將歸屬於美國咖啡事業部。

These reporting shifts had an unfavorable impact on US coffee in Q2 and will be a benefit in the back half with the opposite effect on our JDE Peet's segment. Importantly, these changes are neutral at the KDP enterprise level.

這些報表呈現的轉移在第二季對美國咖啡造成不利影響，並將在下半年帶來助益；對我們的 JDE Peet's 事業部則會出現相反效果。重要的是，這些變動在 KDP 企業整體層級上為中性影響。

With that background, let's now discuss the specific trends in each of our coffee segments. Starting with US coffee, second quarter net sales declined 3.2%, with volume mix driving an 8.2 percentage point decline. Pod shipments declined 11.6% on an as-reported basis and 8.3% excluding the impact of the Peet's reporting shift. The decrease primarily reflected subdued category trends in the quarter.

有了上述背景，接下來我們討論各咖啡事業部的具體趨勢。先從美國咖啡開始，第二季淨銷售額下滑 3.2%，其中銷量/組合帶來 8.2 個百分點的下滑。膠囊（Pod）出貨量在申報口徑下下降 11.6%；若排除 Peet's 報表轉移的影響，下降 8.3%。下滑主要反映本季品類趨勢偏疲弱。

Brewer shipments increased 2.1%, returning to growth through impactful marketing and commercial activity as well as the benefit from lapping prior year retailer destocking. Net price realization contributed 5 percentage points to growth, driven by carryover pricing actions from 2025.

咖啡機（Brewer）出貨量成長 2.1%，在有效的行銷與商業活動帶動下重回成長，同時也受惠於去年同期零售商去庫存的比較基期效應。淨價格實現對成長貢獻 5 個百分點，主要來自 2025 年定價措施的延續效應。

Turning to profit. Segment operating income declined 24.7%, driven by continued cost pressure from green coffee inflation and tariff impacts. The volume mix decrease and increased marketing spending also played a role, partially offset by net price realization and productivity savings. While we continue to expect subdued segment results for the full year, our cost profile should improve in the coming quarters and we have good line of sight to improving profit trends in the back half. Our JDE Peet's segment generated $2.8 billion in net sales and $414 million in operating income in the second quarter, exceeding our expectations.

接著看獲利。事業部營業利益下滑 24.7%，主因為生豆咖啡通膨與關稅影響帶來的持續成本壓力。銷量/組合下滑與行銷支出增加亦有影響，部分被淨價格實現與生產力節省所抵銷。雖然我們仍預期該事業部全年表現偏疲弱，但未來幾季成本結構應會改善，我們也對下半年獲利趨勢改善有相當清晰的能見度。我們的 JDE Peet's 事業部第二季創造 28 億美元淨銷售額與 4.14 億美元營業利益，優於我們的預期。

Segment profitability was primarily driven by favorable pricing net of cost inflation, along with robust productivity savings. The business also benefited from timing factors, including related to the recognition of derivative gains as well as some marketing phasing.

事業部獲利能力主要由有利的定價（扣除成本通膨後）以及強勁的生產力節省所驅動。該業務亦受惠於時點因素，包括衍生性商品收益的認列時點，以及部分行銷費用的時程配置。

Looking ahead, we expect continued healthy results for JDE Peet's over the balance of the year, particularly as synergies built in the second half. That said, we now believe our second quarter operating profit likely represents the high watermark for JDE Peet's quarterly earnings contribution in 2026. Based on the timing benefits I just discussed as well as the impact of the Peet's K-Cup transition to US.

展望未來，我們預期 JDE Peet's 在今年剩餘期間將持續維持健康表現，特別是下半年協同效益逐步建立之際。不過，我們目前認為 2026 年第二季的營業利益很可能代表 JDE Peet's 在 2026 年各季盈餘貢獻的高點。原因在於我剛提到的時點性利多，以及 Peet's K-Cup 轉移至美國

coffee in the back half.

咖啡事業部在下半年的影響。

In our ADP International segment, both revenue and profit trends improved sequentially from the first quarter, consistent with our expectations. Net sales grew 12.4%, driven by 6.5 percentage points from volume mix gains and 5.9 points from net price realization. Segment operating income was flat versus the prior year. Benefits from net sales growth and productivity savings were offset by higher costs, including green coffee inflation and the Mexico beverage tax as well as increased marketing investments.

在我們的 ADP 國際事業部，營收與獲利趨勢較第一季呈現逐季改善，符合我們的預期。淨銷售額成長 12.4%，其中 6.5 個百分點來自銷量/組合提升，5.9 個百分點來自淨價格實現。事業部營業利益與去年同期持平。淨銷售成長與生產力節省的效益，被較高成本所抵銷，包括生豆咖啡通膨與墨西哥飲料稅，以及增加的行銷投資。

Turning to the balance sheet and cash flow. We generated healthy free cash flow of $714 million in the second quarter, driven by strong EBITDA and good cash conversion, including improved working capital trends, particularly in inventory. We continue to target approximately $2.5 billion in free cash flow for the full year. Our cash generation supported our deleveraging goals with pro forma management leverage of 4.4 times at quarter end, slightly better than our expectations. We continue to expect to end the year with management leverage of approximately 4.1 times.

接著談資產負債表與現金流。第二季我們產生 7.14 億美元的健康自由現金流，主要由強勁的 EBITDA 與良好的現金轉換所帶動，其中包含營運資金趨勢改善，尤其是庫存。我們仍以全年約 25 億美元自由現金流為目標。我們的現金創造支持去槓桿目標，季度末按備考口徑的管理槓桿倍數為 4.4 倍，略優於我們的預期。我們仍預期年底管理槓桿倍數約為 4.1 倍。

Our capital allocation priorities remain unchanged. In the near term, we are focused on three areas: investing in our business, maintaining our current dividend and paying down debt, consistent with our commitment to investment grade credit ratings for KDP Beverage Co. and Global Coffee Co. Looking ahead, we expect each business to deleverage quickly, which will provide greater capital deployment optionality over the medium to long term.

我們的資本配置優先順序維持不變。短期內，我們聚焦三個面向：投資於業務、維持目前股利，以及償還債務；這與我們對 KDP Beverage Co. 與 Global Coffee Co. 維持投資等級信用評等的承諾一致。展望未來，我們預期各業務將快速去槓桿，這將在中長期提供更大的資本運用彈性。

With that, let me close with our full year guidance, which we are reaffirming. For the total company, we expect net sales in a range of $25.9 billion to $26.4 billion, including an $8.5 billion to $8.7 billion contribution from JDE Peet's. We continue to expect legacy KDP to grow 4% to 6% in constant currency, but now see the high end of the range as most likely. On the bottom line, we are reaffirming our outlook for low double-digit constant currency EPS growth. This consists of an anticipated 6 to 7 percentage points contribution from the JDE Peet's acquisition and 4% to 6% constant currency growth for legacy KDP.

基於此，讓我以我們正在重申的全年指引作結。就整體公司而言，我們預期淨銷售額介於259億美元至264億美元之間，其中包含來自JDE Peet's的85億至87億美元貢獻。我們仍預期傳統KDP以固定匯率計將成長4%至6%，但目前認為更可能落在區間高端。在獲利端，我們重申以固定匯率計低雙位數的EPS成長展望。其中包含預期JDE Peet's收購帶來的6至7個百分點貢獻，以及傳統KDP以固定匯率計4%至6%的成長。

Based on current rates, we continue to expect an approximately 1 percentage point FX tailwind to total company net sales and EPS growth for the full year. While our EPS outlook is unchanged, there are two new elements to highlight. First, during the second quarter, we completed the initial JDE Peet's purchase price allocation.

以目前匯率計，我們仍預期全年外匯將為整體公司淨銷售額與EPS成長帶來約1個百分點的順風。雖然我們的EPS展望不變，但有兩個新的要點需要強調。第一，在第二季期間，我們完成了JDE Peet's初始購買價格分攤。

This resulted in higher fixed asset depreciation expense for the acquired entity than we previously anticipated, and our guidance now incorporates an incremental 2% noncash expense headwind to 2026 EPS versus our prior view. Second, our outlook also now includes an anticipated onetime cash benefit from tariff refunds. On a net basis, we expect these two factors to largely offset resulting in a neutral impact to our full year EPS outlook.

這使得被收購實體的固定資產折舊費用高於我們先前預期，因此我們的指引現已納入相較先前觀點，對2026年EPS增加2%的非現金費用逆風。第二，我們的展望現在也包含預期來自關稅退稅的一次性現金利益。以淨額計，我們預期這兩項因素大致互相抵銷，對全年EPS展望的影響為中性。

Moving to below-the-line metrics. We are now assuming the following: interest expense of approximately $1.12 billion to $1.14 billion and effective tax rate of approximately 22% to 23%, approximately 1.37 billion diluted weighted average shares outstanding, approximately $190 million in pretax coffee JV costs, and convertible preferred P&L costs based on the securities approximately 8% proportionate share of earnings.

接著談到線下（below-the-line）指標。我們目前假設如下：利息費用約11.2億至11.4億美元；有效稅率約22%至23%；稀釋加權平均流通股數約13.7億股；咖啡合資企業（JV）稅前成本約1.9億美元；以及可轉換優先股損益成本，係以該等證券約8%的按比例應占盈餘計算。

In closing, we delivered a strong second quarter. Exiting the first half, we are well positioned to meet our full year commitments while also preparing KDP for its exciting next chapter. With that, I will turn the call back to Tim for closing remarks.

最後，我們交出強勁的第二季表現。在上半年結束之際，我們已具備良好條件以達成全年承諾，同時也在為KDP令人振奮的下一篇章做準備。接下來我把電話交回Tim作結語。

Thanks, Anthony. As said, we're pleased with our strong second quarter results, which are a testament to the capabilities and hard work of our global team. I want to recognize and thank our more than 50,000 colleagues from around the world for their contributions to our inaugural quarter as a newly combined organization. Spending time with our teams in Amsterdam and Boston has reinforced my passion, enthusiasm and confidence in the future Global Coffee Co. And I'm equally energized by future Beverage Co.

謝謝你，Anthony。如同所說，我們對強勁的第二季成果感到滿意，這證明了我們全球團隊的能力與辛勤付出。我想表揚並感謝來自世界各地超過50,000位同仁，為我們作為新合併組織的首個季度所做出的貢獻。與阿姆斯特丹與波士頓的團隊共事，讓我對Global Coffee Co.的未來更加充滿熱情、期待與信心。我對未來的Beverage Co.也同樣充滿幹勁。

business, which continues to deliver outsized performance and is well positioned for stand-alone success. . Indeed, our teams are executing with discipline across both coffee and beverages enabling KDP to deliver on our near-term objectives while making meaningful progress on integration and separation work streams. We have good momentum and well-calibrated plans for the balance of the year and look forward to a strong finish to 2026 while laying the groundwork for our separation in early 2027.

飲料業務持續交出超越同業的表現，且具備獨立成功的良好定位。.確實，我們的團隊在咖啡與飲料兩大領域皆以紀律執行，使KDP得以達成短期目標，同時在整合與分拆工作流上取得實質進展。我們動能良好，且對今年剩餘期間有經過妥善校準的計畫；我們期待在2026年強勁收官，同時為2027年初的分拆奠定基礎。

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

那麼，接下來我們很樂意回答各位的提問。

(Operator Instructions)

（接線員指示）

Chris Carey, Wells Fargo.

Chris Carey，富國銀行（Wells Fargo）。

Hi. Good morning, everyone. I wanted to ask about the strength that you're seeing in the US refreshment business. Certainly, it continues to come in very strong. Can you help us understand the contributions of your underlying owned business, how partners are contributing to the business and expectations going into the back half of the year, I'm mindful that the outlook for the higher end of the net sales ex currency excluding JDE Peet's does imply a deceleration into the back half. US.

嗨。各位早安。我想詢問你們在美國即飲（refreshment）業務所看到的強勁表現。顯然它持續非常強勁。能否協助我們理解你們自有基礎業務的貢獻、合作夥伴如何為業務帶來貢獻，以及對下半年展望的預期？我注意到，若以固定匯率並排除JDE Peet's，你們淨銷售額展望偏向區間高端，確實暗示下半年增速會放緩。美國。

refreshment is obviously a key enabler of your total company growth. So I would just love to get a bit more sense of what's driving Q2, how you see the segment performing into the back half of the year, perhaps some construct for volume mix versus pricing? Thank you.

即飲業務顯然是推動整體公司成長的關鍵動能。因此我很希望更了解第二季的驅動因素、你們如何看待該部門在下半年的表現，也許能提供一些關於銷量/組合相對於定價的架構？謝謝。

Good morning, Chris. Yes, we feel very good about the performance of US. Refreshment beverages. Again, here this quarter, you saw the double-digit top and bottom line performance. And that was led by a 6.5% increase in volume mix. When you look at the drivers of the strength of that volume mix performance, you start with CSDs, carbonated soft drinks, reflecting healthy category, MSD type performance.

早安，Chris。是的，我們對美國即飲飲料的表現感到非常滿意。同樣在本季，你看到營收與獲利端皆呈現雙位數表現。而這主要由銷量/組合成長6.5%所帶動。當你檢視這項銷量/組合強勁表現的驅動因素，首先是CSDs（碳酸軟性飲料），反映出健康的品類表現，呈現類似MSD（中單位數）的走勢。

And then on top of that, market share gains in our portfolio. I talked in the prepared remarks about continued strength of Dr Pepper, Zero Sugar where we saw about a 30% growth on that platform, the Creamy Coconut LTL as well as Canada Dry and our Bloom Pop offering within prebiotic CSDs, so really strong performance there. Outsized growth in energy would be the second driver driven by the momentum we have, in particular, in both Bloom and GHOST and good early traction from the brand refresh of C4.

此外，我們產品組合的市占率也有所提升。我在事先準備的發言中提到Dr Pepper持續強勁，Zero Sugar平台約成長30%，以及Creamy Coconut限時上市（LTL），還有Canada Dry與我們在益生元碳酸飲料中的Bloom Pop產品，因此表現非常亮眼。第二個驅動因素是能量飲料的超額成長，來自我們目前的動能，特別是Bloom與GHOST，以及C4品牌更新帶來的良好初期反應。

Then you go to sports hydration, you see continued strong trends with our Electrolit offering. And finally, I'd point to improving still beverage performance led by Waters. So then to your question, that was the Q2 drivers. What about the balance of the year? We expect, quite honestly, these same drivers to support continued segment momentum.

接著是運動補水，你會看到我們的Electrolit產品持續呈現強勁趨勢。最後，我要指出非碳酸飲料（still beverage）表現持續改善，主要由瓶裝水帶動。以上就是第二季的驅動因素。那麼下半年呢？坦白說，我們預期同樣的驅動因素將支撐該部門動能延續。

However, we will lap some tougher comps in the back half. And so we expect the magnitude of the growth, which was double digits so far this year to moderate a bit relative to H1. It will be another strong year of performance in '26 and sustain the momentum into the separation.

不過，下半年我們將面臨較具挑戰性的比較基期。因此，我們預期今年迄今的雙位數成長幅度，將相較上半年略為趨緩。2026年仍將是表現強勁的一年，並在分拆前持續延續動能。

The second part of your question was around partners. And on that, I'd just say, look, you've heard us say, we have a very flexible build by partner model. It's been a core element of KDP's refreshment beverage strategy for years. It gives us the ability to meet evolving consumer needs while driving growth and profitability across our portfolio. And the benefits of this model were evident in our first half performance.

你問題的第二部分是關於合作夥伴。就此我想說，你們聽過我們提到，我們有一個非常彈性的「由合作夥伴建構」（build by partner）模式。多年來這一直是KDP即飲飲料策略的核心要素。它讓我們能夠因應不斷演變的消費者需求，同時推動我們產品組合的成長與獲利能力。而這個模式的效益在我們上半年的表現中已相當明顯。

And when you look at the contribution, both owned and partner brands each meaningfully contributed to the top in the bottom line. And I think you should expect the same going forward, owned and partner brands will continue to play that important and complementary roles for KDP, and you'll see us remain committed to investing in both as part of our balanced growth strategy.

當你看其貢獻時，自有品牌與合作夥伴品牌都對營收與獲利端做出了顯著貢獻。我認為你未來也應預期同樣情況：自有與合作夥伴品牌將持續扮演對KDP重要且互補的角色；作為我們均衡成長策略的一部分，你也會看到我們持續承諾投資於兩者。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Hey, good morning. Thanks for taking the question. Tim, I wanted to go back to your comments around the CEO search for Global Coffee Co. Obviously, a bit of a restart on the process. It seems like your making good progress there, but maybe you could help us put a few more guardrails around timing of when we might expect an announcement. I don't know if it's by Q3. I think there's just a bit of concern in the market that any sort of further delay could potentially delay the spin.

嗨，早安。謝謝讓我提問。Tim，我想回到你先前關於 Global Coffee Co. 執行長（CEO）遴選的評論。顯然，流程有點重新啟動。看起來你們進展不錯，但也許你可以幫我們在時程上提供更明確的界線，讓我們知道大概何時可能會有公告。我不確定是否會在第三季（Q3）。市場上有些擔憂，任何進一步的延遲都可能會拖延分拆。

And so maybe you can just help to quell some of those concerns with a bit more finite time line. Thanks very much.

所以也許你可以用更明確的時間表來協助消除這些疑慮。非常感謝。

Thanks, Peter. Yes. As said, the search for our future Global Coffee Co. CEO is well underway. And I would tell you, it's progressing nicely.

謝謝你，Peter。是的。如同我所說，我們未來 Global Coffee Co. 的 CEO 遴選正在積極進行中。我可以告訴你，進展相當順利。

What are we looking for? It's a world-class executive with significant and relevant experience to this platform. prior proven success, leading scale global businesses, a strong consumer orientation, a track record of navigating complex market conditions and leading through change. Finally, we're looking for a leader that can build culture, a winning culture and really generate a lot of followership. I can tell you this role has attracted considerable interest from highly qualified candidates.

我們在找什麼樣的人選？我們要的是世界級的高階主管，具備與此平台高度相關且重要的經驗；過去有經驗證的成功，能領導具規模的全球性業務；強烈的消費者導向；有在複雜市場環境中航行、並在變革中帶領組織前進的實績。最後，我們也在尋找能建立文化、打造勝利文化，並真正凝聚追隨者的領導者。我可以告訴你，這個職位吸引了相當多高度合格候選人的濃厚興趣。

And we're well on our way through the interview and assessment process. So we remain confident we'll have a CEO in place with sufficient time to engage with the business, shape the strategy ahead of our targeted 2027 separation.

我們也正順利推進面試與評估流程。因此，我們仍然有信心能在我們目標的 2027 年分拆之前，及時讓 CEO 到位，並有充足時間與業務互動、形塑策略。

I'd say the last thing is we will prioritize finding the right CEO. It's critical that we've got the right CEO to really unlock the full potential as a stand-alone company, and we're not going to compromise on quality and service of speed, but we're confident we can do all of this on the time line we've shared.

我想最後一點是，我們會以找到合適的 CEO 為優先。確保有正確的 CEO 來真正釋放作為獨立公司時的全部潛力至關重要；我們不會為了速度而在品質上妥協，但我們也有信心能在我們已分享的時間表內完成這一切。

Lauren Lieberman, Barclays.

Lauren Lieberman，巴克萊。

Great. Given the green coffee volatility and the prior pricing actions in '25, just like where do you believe you are in the pricing recovery cycle? Just want to know how we should think about the balance between protecting margins and then restoring volume trends over the next several quarters in coffee. And in the prepared remarks, Tim, I know you specifically mentioned plans to strengthen pause and coffee products the second half. In this context, I want to hear a little bit more about that.

很好。考量到生豆價格波動，以及 2025 年先前的定價行動，你認為目前處於定價回復循環的哪個階段？我想了解，未來幾個季度在咖啡業務上，我們應如何看待「保護毛利」與「恢復銷量趨勢」之間的平衡。另外在事先準備的講稿中，Tim，我知道你特別提到下半年將強化 pause 與咖啡產品的計畫。在這個脈絡下，我想再多聽一些細節。

Should we talk first a little about green coffee costs, Anthony, and then I can speak a little bit to pricing?

我們要不要先談一下生豆成本，Anthony，然後我再談談定價？

Sure, absolutely. As you know, green coffee costs have been highly volatile in recent years, inflationary in '24 and early '25, turning deflationary as we got into the latter part of '25 and early '26. And as you've seen inflationary again in the recent weeks. And just as a reminder, we've talked about this before. There is a lag between those green coffee price movements and when we see it come through the P&L.

當然，沒問題。如你所知，近年來生豆成本波動非常大：在 2024 年與 2025 年初呈現通膨；進入 2025 年後段與 2026 年初則轉為通縮。而你也看到最近幾週又再度呈現通膨。再提醒一下，我們之前談過。生豆價格變動與其反映到損益表（P&L）之間存在時間落差。

In terms of the most recent upward move, it's primarily related to speculation about El Nino's potential impact on supply. And because of that, we think it's likely a seat price could remain volatile until that situation evolves. And I'd say from a KDP perspective, our priority is to solve for the operational visibility, and we're not sitting here trying to predict future see price movements. And as a result, we typically forward hedge our commodity purchases.

就最近這一波上漲而言，主要與市場對聖嬰現象（El Nino）可能影響供給的投機預期有關。因此，我們認為在情勢更明朗之前，生豆價格可能仍會維持波動。我想從 KDP 的角度，我們的優先事項是確保營運可視性，而不是坐在這裡試圖預測未來生豆價格走勢。因此，我們通常會對大宗商品採購進行遠期避險。

And there is that lag between coffee prices and when it hits the P&L and performance.

而咖啡價格與其反映到損益表與業績之間，確實存在那個時間落差。

In terms of looking ahead, I'd say in the second half, we have really good line of sight to improving hockey costs that will move into lower cost inventory as well as tariff impacts easing, so the cost position for us in the second half will become more favorable as we look ahead.

就往前看而言，我會說在下半年，我們對成本改善有非常清晰的能見度：這會反映在較低成本的庫存上，同時關稅影響也會緩解；因此我們下半年的成本態勢會更有利。

And then I'll just pick up broadly on your pricing question. I guess, obviously, first, recognize pricing is a topic of high interest across CPG, given the overall inflationary envelope we've all had to manage through. Our goal over time at KDP and Bev Co. and Coffee Co.

接著我來更廣泛地回應你的定價問題。我想，首先很明顯地，鑑於我們都必須因應的整體通膨環境，定價是整個民生消費品（CPG）領域高度關注的議題。我們在 KDP、Bev Co. 與 Coffee Co. 長期的目標，

is to grow sales through a sustainable balance. So price mix and volume. And I think if you look at our Q2 print and it's a testament to this objective, KDP, if you look at a legacy KDP, you see a growing volume mix of 3% and a price of 4%. So pretty well balanced supporting that total sales of 7%.

是透過可持續的平衡來推動銷售成長。也就是價格/組合（price mix）與銷量（volume）。我認為如果你看我們第二季（Q2）的表現，這也印證了這個目標：KDP——如果看傳統 KDP——銷量/組合成長 3%，價格成長 4%。因此相當均衡，支撐了總銷售成長 7%。

You jump into coffee more specifically, no doubt the first half benefited from carryover pricing, but that will be increasingly anniversaried in the back half. And so in addition, with the coffee cost basket easing, JDE Peet's has already implemented some pass-through of lower coffee prices in certain formats and regions. US coffee, Keurig and K-Cups model is less pass-through in nature and have some different cost phasing that Anthony and I talked about in the prepared remarks. But we'll also look for opportunities to invest in value for our consumers in the balance of the year.

更聚焦到咖啡，毫無疑問，上半年受惠於先前定價的延續效應，但下半年這個效應會愈來愈多被「同比」掉。此外，隨著咖啡成本籃子走緩，JDE Peet's 已在某些包裝形式與地區，實施了部分較低咖啡價格的轉嫁（pass-through）。美國咖啡方面，Keurig 與 K-Cups 的模式本質上較不屬於轉嫁型，且成本時點也有所不同，Anthony 和我在事先準備的講稿中有提到。但我們也會在今年剩餘時間，尋找機會為消費者投入更多價值。

Overall, as you take these factors together, we expect enterprise pricing will probably be less of a net sales contributor in H2 versus H1, primarily due to the coffee dynamics that I discussed.

整體而言，把這些因素綜合起來看，我們預期下半年（H2）企業整體的定價，對淨銷售的貢獻可能會低於上半年（H1），主要是因為我剛才提到的咖啡動態。

Peter Grom, UBS.

Peter Grom，瑞銀（UBS）。

Great. Thank you. Good morning, everyone. So I kind of wanted to follow up a little bit on Lauren's question and stick with coffee, but maybe just more from like a US coffee standpoint. And I know coming into the quarter, it was expected to be under some pressure, but I think it still came in a bit below your expectations. So can you maybe unpack the weakness, why you think performance fell short. And as we look out to the balance of the year, I think you mentioned that you'd expect to do top line with some improvement on profitability.

很好。謝謝。各位早安。我想延續一下 Lauren 的問題，繼續談咖啡，但可能更從美國咖啡的角度來看。我知道在本季開始前，市場預期會有一些壓力，但我認為實際結果仍比你們的預期略弱一些。你能否拆解一下疲弱的原因、以及你認為表現為何不如預期？另外展望今年剩餘時間，我想你提到營收端會有所改善，同時獲利能力也會改善。

Can you maybe just unpack what that looks like relative to what we saw here in the second quarter?

你能否說明一下，這相較於我們在第二季看到的情況，具體會是什麼樣子？

Sure, Peter. So if you elevate up to our new total coffee business, I think, solid results, but different trends across JDE Peet's and US coffee and US coffee is definitely under a bit of pressure. So the Q2 performance for US.

當然可以，Peter。如果把視角拉高到我們新的整體咖啡業務，我認為結果是穩健的，但 JDE Peet's 與美國咖啡之間的趨勢不同，而美國咖啡確實承受一些壓力。所以第二季美國業務的表現……

coffee was similar to Q1. We knew the first half would be challenging given the elevated fee price impacting our P&L, and it was. And in addition, and I think more specifically to your question, that the Q2 trends were further impacted by a coffee category slowdown and a bit of unfavorable mix shift to private label, along with some continued trade inventory headwinds on pods.

咖啡的表現與第一季相近。我們知道在費用價格偏高、影響我們損益表（P&L）的情況下，上半年會很具挑戰性，而事實確實如此。此外，而且我想更直接回應你的問題，第二季的趨勢也進一步受到咖啡品類放緩，以及產品組合略微不利地轉向自有品牌的影響，同時膠囊（pods）仍持續面臨通路庫存方面的逆風。

Importantly, I'd say as we look to the back half, we do remain confident that we'll see better trends for US coffee in the second half and certainly over the longer term. In the near term, the input cost envelope is set to become more favorable in the back half reflecting the timing of cost flow-throughs due to our hedging and inventory position, and we believe volume mix will start to improve as trade inventory dynamics and pods begin to normalize.

重要的是，我想說，展望下半年，我們仍然有信心美國咖啡在下半年、以及更長期都會看到更好的趨勢。就短期而言，受惠於我們避險與庫存部位所帶來的成本傳導時點，下半年的投入成本區間將轉為更有利；同時我們也相信，隨著通路庫存動態與膠囊（pods）開始正常化，銷量組合將開始改善。

And then in addition to that, we think we'll benefit from some good ROI to support our sustainable long-term growth initiatives around pod and brewer innovation that we've got loaded for the back half, our precision marketing campaign, specifically driving curing brewer sales and incremental household penetration.

此外，我們也認為，為了支持我們在膠囊與咖啡機創新方面、已排定於下半年推出的可持續長期成長計畫，我們將受惠於一些具良好投資報酬率（ROI）的投入，以及我們的精準行銷活動，特別是推動咖啡機銷售與提升家庭滲透率的增量。

And we believe we will be growing household penetration in the back half on Keurig brewers. So I think these initiatives will support both a category growth improvement and KDP share improvement as we go to the back half. So in aggregate, I do anticipate a subdued full year 2026 for US coffee, but a significantly improved second half.

我們相信下半年 Keurig 咖啡機的家庭滲透率會成長。因此我認為，這些舉措將在下半年同時支持品類成長改善與 KDP 市占提升。總體而言，我確實預期 2026 全年美國咖啡表現偏溫和，但下半年將顯著改善。

Robert Ottenstein, Evercore.

Robert Ottenstein，Evercore。

Great. Thank you very much. I was just wondering if you could remind us about the Bloom brand. It really looks like a phenomenal brand that has broad shoulders. So can you remind us what your ownership stake is, how it hits your income statement? I know you do distribution, do you do manufacturing what is the long-term plan for the brand? Is there any possibility of buying it and gain control, all those sorts of questions, again, really in the context of what an attractive brand this is? Thank you.

很好。非常感謝。我只是想請教你能否提醒我們關於 Bloom 品牌的情況。它看起來真的是一個非常出色、具備很強延展性的品牌。所以你能否提醒我們你們的持股比例是多少、它如何反映在你們的損益表上？我知道你們負責通路配送，你們也負責製造嗎？這個品牌的長期規劃是什麼？是否有可能收購它並取得控制權，諸如此類的問題——同樣是在這個品牌如此具吸引力的背景下提出。謝謝。

We certainly share your view, Robert, on the attractiveness of the Bloom brand. And we have a tremendous relationship with Nutrabolt and the founders of Bloom. In fact, just last week, we had a meeting here in Dallas with both Nutrabolt founder and Bloom founder. And we've got exciting plans for the back half and for '27 to continue to grow this brand. This brand, as you know, is what we call a bit of a female-forward brand has done a tremendous job in both active nutrition powers, in energy and in prebiotic sodas of attracting quite a following.

Robert，我們確實同意你對 Bloom 品牌吸引力的看法。而且我們與 Nutrabolt 以及 Bloom 的創辦人有非常緊密的合作關係。事實上，就在上週，我們在達拉斯與 Nutrabolt 的創辦人以及 Bloom 的創辦人都進行了會議。我們對下半年以及 2027 年都有令人振奮的計畫，將持續推動這個品牌成長。如你所知，這個品牌我們稱之為偏向女性導向（female-forward）的品牌，在活力營養粉（active nutrition powders）、能量飲品以及益生元汽水方面都做得非常出色，吸引了相當多的追隨者。

There's a tremendous amount of social savvy there, excellent capabilities in developing winning flavors and our customer partners are giving us appropriate focus and attention in terms of distribution and through our DSD capability and a lot of incremental displays. So love the brand and see continued robust growth potential going forward.

它在社群操作上非常有一套，在開發受歡迎口味方面也具備優秀能力；我們的客戶合作夥伴也在通路鋪貨、透過我們的 DSD（直送配送）能力，以及大量新增陳列方面，給予我們適當的重點與資源。因此我們很喜歡這個品牌，也看好未來持續強勁的成長潛力。

From an ownership standpoint, Bloom is part of the Nutrabolt organization where there's a strong ownership there. And we have a long-term partnership with Nutrabolt, for -- that obviously covers both C4 and Bloom. And we own a 36% stake in Nutrabolt and actually have multiple board seats. So that is that's the ownership stake that you had asked about. And overall, I'd say we're just excited to continue to work very closely with [indiscernible], the Founder of Nutrabolt, with Blooms Founder and we're quite bullish on our ability to drive mutual value creation in the years to come.

就持股而言，Bloom 隸屬於 Nutrabolt 組織，而該組織有強而有力的股權結構。我們與 Nutrabolt 有長期合作夥伴關係——當然涵蓋 C4 與 Bloom。我們持有 Nutrabolt 36% 的股權，並且實際上在董事會擁有多個席次。所以這就是你所詢問的持股比例。整體而言，我想說我們很期待能持續與 [indiscernible]（Nutrabolt 創辦人）、以及 Bloom 的創辦人密切合作；我們對未來幾年推動雙方共同創造價值的能力相當樂觀。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Thank you for the question. I was intrigued by your comment about the joint business plans that are now -- have been taking place between Keurig and JDE Peet's. Can you give a little more detail on what they're able to do on a joint basis? I think the perception out there is that these are still 2 very separate geographic businesses. And then maybe drill in a little bit on the synergies. Originally, the expectation is that you could get some synergies in coffee procurement I wanted to know, in this very volatile environment, is it still possible to get those synergies?

謝謝讓我提問。我對你提到 Keurig 與 JDE Peet's 之間目前正在進行的聯合業務計畫（joint business plans）很感興趣。你能否更詳細說明他們能以聯合方式做到哪些事？外界的觀感是，這仍然是兩個在地理上非常分開的業務。另外也想再深入問一下協同效益（synergies）。最初的預期是咖啡採購上可以取得一些協同效益；我想了解在這種高度波動的環境下，是否仍有可能取得那些協同效益？

Or are there any complexities that happen when coffee gets more volatile?

或者當咖啡價格波動更大時，是否會出現任何複雜性？

Good. I think I'll start, Anthony, on kind of the Keurig and Peet's combination benefits and then kick it over to you to talk more specifically on synergies. So we are already well underway and begin to capture the benefits of bringing these two companies together. I'll let Anthony, as I said, talk more specifically on the cost synergy side. On the, if you will, revenue synergy side, the biggest opportunity is here in the United States.

好的。Anthony，我先從 Keurig 與 Peet's 結合所帶來的效益談起，接著再交給你更具體談協同效益。我們已經在順利推進，並開始取得把這兩家公司整合在一起的效益。如我所說，我會讓 Anthony 更具體談成本協同的部分。就你所謂的營收協同而言，最大的機會在美國。

This is the geography where you've got the biggest overlap between legacy Keurig Green Mountain and legacy Peet's brand. And the opportunities we've already got organizationally, we've moved to one team, right, under one leadership team. We've actually transitioned Keurig and Peet's to a single invoice and an integrated sales force and that really will help us unlock these opportunities.

在這個地區，傳統的 Keurig Green Mountain 與傳統的 Peet's 品牌之間的重疊度最高。而我們在組織面已經有了機會——我們已經整合為一個團隊，對吧，在同一個領導團隊之下。我們也已經把 Keurig 與 Peet's 轉為單一發票與整合的銷售團隊，這將真正幫助我們解鎖這些機會。

We see opportunities for commercial investment, reinvesting some of the synergies that Anthony will talk to you about to fund high ROI marketing and promotions. We see coordinated programming opportunities for cross-portfolio marketing, promotions, it packs.

我們看到商業投資的機會——把 Anthony 將要談到的一部分協同效益再投資，用於高投資報酬率（ROI）的行銷與促銷。我們也看到協同規劃的機會，可進行跨產品組合的行銷、促銷與組合包（it packs）等。

We see new formats when you think about the Peet's legacy Peet's business, and the way that they participate across all formats and segments of coffee, there's opportunities for us to leverage that in our system. There's opportunities in cold coffee as you bring these two together. And then there's even opportunities to think about next-generation brewer.

當你想到 Peet's 傳統業務，以及他們在咖啡各種形式與各細分市場的參與方式時，我們有機會把這些能力運用到我們的系統中。把兩者結合後，在冷咖啡方面也有機會。甚至還有機會去思考下一代咖啡機。

We've talked about Keurig Alta, and we have announced now that as part of the Keurig Alta, when we first go to market with that. here in the coming months, we will offer both Keurig and Peet's alto rounds as the consumable. So I can tell you, our teams in Boston, legacy Keurig and Emeryville, legacy Peet's are already working together quite well. They're presenting joint plans to the customer, and we think that can be an important unlock on the growth side. You want to talk costs?

我們談過 Keurig Alta，而我們現在也已宣布，作為 Keurig Alta 的一部分，當我們在接下來幾個月首次在市場推出時，將同時提供 Keurig 與 Peet's 的 alto rounds 作為耗材。所以我可以告訴你，我們波士頓的團隊（原 Keurig）與 Emeryville 的團隊（原 Peet's）已經合作得相當順暢。他們正在向客戶提出聯合計畫，我們認為這可能是在成長面的一個重要解鎖點。你要談談成本嗎？

Sure. To add to Tim's comments, we remain very confident in the $400 million cost synergy program. In fact, the deal closed April 1, but we had teams across KDP, JDE Peet's and third-party consultants working on this well ahead of the acquisition close in terms of identifying, planning and assigning ownership for a number of work streams and network has only accelerated since the deal closed. The financial contribution in Q2 fairly modest. We certainly have line of sight to a building benefit in the second half and certainly as we move beyond 2026.

當然。補充 Tim 的評論，我們對 4 億美元的成本協同計畫仍然非常有信心。事實上，交易在 4 月 1 日完成交割，但在收購完成之前，我們就已經有來自 KDP、JDE Peet's 以及第三方顧問的團隊提前投入，針對多個工作流程進行辨識、規劃並指派負責人；而且自交易完成後，相關工作網絡只會加速推進。第二季的財務貢獻相對有限。我們確實能清楚看到下半年效益將逐步累積，並且在 2026 年之後更為明顯。

In terms of breaking down the $400 million, there are a number of areas, Rob, one area you mentioned was procurement. And I would say that we see a sizable opportunity in procurement even with the current coffee volatility. And I would say even more so, given what's happening in the marketplace. IT and SG&A is another significant area in terms of simplifying the organization, rationalizing some of the applications and systems and eliminating duplication.

就如何拆解這4億美元而言，Rob，有幾個領域；你提到的一個領域是採購。我會說，即使在目前咖啡價格波動的情況下，我們在採購方面仍看到相當可觀的機會。而且我會說，鑑於市場上正在發生的事情，這個機會更大。IT 與 SG&A 也是另一個重要領域，包含簡化組織、精簡部分應用與系統並消除重複。

And then on the manufacturing and logistics, Tim referenced integration in North America that, in fact, has already happened in terms of bring in the distribution of pods together. We're on a single invoice at -- out of Keurig already. So we're well underway and are confident in achieving the $400 million.

接著在製造與物流方面，Tim 提到北美的整合；事實上，就把膠囊的配送整合在一起而言，這已經發生了。我們已經在 Keurig 那邊採用單一發票——所以我們進展順利，並且有信心達成這4億美元。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

You can get a little bit more color on the energy drink category and your expectations there? You had a previous target of getting to double-digit market share, maybe where you stand versus the target? And then bigger picture, how are you thinking the growth in the categories impacting coffee? You've obviously seen a lot of younger consumer shift in the caffeine intake into energy drinks a replacement for coffee. So maybe if you can talk about the interaction between those categories and your perspective there will be great.

你能否就能量飲料品類以及你們對該品類的預期，提供更多細節？你們先前的目標是達到兩位數的市占率，或許可以談談目前相對於該目標的進度？另外從更宏觀的角度，你們如何看待各品類的成長對咖啡的影響？你們顯然看到許多年輕消費者把咖啡因攝取轉向能量飲料，作為咖啡的替代。所以如果你能談談這些品類之間的互動，以及你們的觀點，那就太好了。

Sure, Filippo. So energy, we're big believers in energy. This is a fantastic category, a large category. $30 billion and one of the fastest-growing spaces in liquid refreshment beverage. I think there are multiple structural growth drivers that suggest that this growth won't end anytime soon.

當然，Filippo。就能量飲料而言，我們非常看好。這是一個很棒的品類、規模很大：300億美元，也是液態清涼飲料（LRB）中成長最快的領域之一。我認為有多個結構性成長驅動因素，顯示這樣的成長短期內不會結束。

There are continued distribution point, expanding opportunities. There's household penetration upside when you look at household penetration on energy relative to other LRB more developed categories there are occasions that have yet to be fully fleshed out. There are cohorts. But certainly, these days, the female consumer who has not only entered the category, but really a growing affinity and usage there.

持續有配銷據點擴張的機會。從家庭滲透率來看，能量飲料相較於其他更成熟的 LRB 品類仍有提升空間，還有一些飲用情境尚未被充分開發。也有不同的族群（cohorts）。但可以確定的是，近年女性消費者不僅進入了這個品類，而且對其的偏好與使用度都在提升。

And there's channel diversity yet to be fully exploited. Obviously, the category was foreign and raised in C-store and continues to feature prominently there. But there's a lot of upside in other channels and opportunities across large format and others. So bullish on the category. Then our position, confident in our position.

而且通路多元性也尚未被完全發揮。顯然，這個品類是在便利商店（C-store）起家並成長，且目前仍在該通路占有重要地位。但在其他通路仍有很大的上行空間，包括大賣場等多種機會。所以我們對這個品類持樂觀態度。至於我們的定位，我們對自身的定位有信心。

We like our portfolio. We've really curated this over the last many years. We're gaining market share. We've got real scale now. Right now, on a run rate basis, Filippo, we're looking at a $1.5 billion net revenue net sales business.

我們喜歡我們的產品組合。過去多年我們確實精心打造了這個組合。我們正在提升市占率。我們現在已具備真正的規模。以目前的年化運行率來看，Filippo，我們的淨營收／淨銷售額業務規模約為15億美元。

If you look at what's driving our performance, I think this portfolio with authentic and distinctly positioned brands. When you think about C4, Bloom, GHOST, Black Rifle, great tasting products great innovation, strong commercial programming and then overlay the DSD capability that KDP brings to the party strong frontline execution, driving distribution, driving display activity. I think the other thing to point out is we focus on the most attractive part of the energy category, which is Zero Sugar. That's our whole portfolio, and Zero Sugar is the outside contributor to category growth. So really proud of what we've done.

如果看推動我們表現的因素，我認為這個產品組合擁有真實且定位鮮明的品牌。像是 C4、Bloom、GHOST、Black Rifle——口感出色的產品、很強的創新能力、扎實的商業推廣方案，再加上 KDP 所帶來的 DSD（直送配送）能力：強大的第一線執行力，推動配銷、推動陳列活動。我認為另一個值得指出的是，我們聚焦在能量飲料品類中最具吸引力的部分，也就是零糖（Zero Sugar）。我們整個產品組合都是零糖，而零糖是推動品類成長的外部主要貢獻者。所以我們對所做的一切感到非常自豪。

I would remind you that just about four years ago, we have less than a 1% market share and as I mentioned in the prepared remarks here in Q2, we're at 9% share, just crossed the 9% share a few years later. And that puts us well on our way to my goal of a double-digit market share. And in fact, I would tell you in 15 major customers across the US., we've already crossed that double-digit threshold. The other part of your question was are we seeing any sort of interaction between energy and coffee. And what I'd tell you is we monitor that potential shifting behavior very closely.

我提醒各位，大約四年前，我們的市占率還不到1%；而如同我在事先準備的發言中提到的，在今年第二季，我們的市占率已達9%，幾年後剛剛跨過9%。這讓我們朝著我設定的兩位數市占率目標邁進得很順利。事實上，我可以告訴你，在美國15個主要客戶中，我們已經跨過兩位數的門檻。你問題的另一部分是：我們是否看到能量飲料與咖啡之間有任何互動。我想說的是，我們非常密切地監控這種可能的行為轉移。

And we have not seen any sustained share movement between coffee and energy.

而我們尚未看到咖啡與能量飲料之間有任何持續性的市占移動。

Now in any given year, the share shift from a, say, a panel beta standpoint, can lean one way or another. But if you look at it over the last three to four years, I would tell you the impact is roughly neutral. There are some years where energy is in that gainer, there are other years where coffee is a net gainer. And when you look at it in aggregate over the last many years, you see it broadly neutral. So we continue to like in our current portfolio that we've got leading and winning solutions to serve that energy and alertness need that consumers have, whether that's through energy drinks or through pope.

當然，在任何特定年度，從例如消費者面板（panel）數據的角度來看，市占變化可能會偏向某一方。但如果看過去三到四年，我會說其影響大致上是中性的。有些年份能量飲料是淨受益者，也有其他年份咖啡是淨受益者。而把過去多年合併來看，你會看到整體而言大致中性。因此，我們仍然看好我們目前的產品組合，因為我們擁有領先且勝出的解決方案，能滿足消費者對能量與提神的需求，不論是透過能量飲料，或是透過 pope。

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。

Thank you for the time and the attention this morning. I know it's a busy earnings day, and the IR team is around if you have any follow-ups. Have a great day.

感謝各位今天早上的時間與關注。我知道今天是忙碌的財報日，如果你們有任何後續問題，投資人關係（IR）團隊都在。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。感謝各位參加今天的簡報。您現在可以斷線。