卡夫亨氏 (KHC) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Kraft Heinz Company second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加卡夫亨氏公司 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Anne-Marie Megela, Global Head of IR.

現在我很高興介紹 IR 全球主管 Anne-Marie Megela。

Thank you, and hello, everyone. Welcome to the Q&A session for our second quarter 2025 business update. During today's call, we may make forward-looking statements regarding our expectations for the future, including items related to our business plans and expectations, strategy, efforts and investments and related timing and expected impacts.

謝謝大家，大家好。歡迎參加我們 2025 年第二季業務更新的問答環節。在今天的電話會議中，我們可能會對未來的預期做出前瞻性陳述，包括與我們的業務計劃和預期、策略、努力和投資以及相關時間和預期影響有關的項目。

These statements are based on how we see things today, and actual results may differ materially due to risks and uncertainties. Please see the cautionary statements and risk factors contained in today's earnings release, which accompanies this call as well as our most recent 10-K, 10-Q and 8-K filings for more information regarding these risks and uncertainties.

這些陳述基於我們今天對事物的看法，實際結果可能因風險和不確定性而存在重大差異。有關這些風險和不確定性的更多信息，請參閱本次電話會議附帶的今天的收益報告以及我們最近的 10-K、10-Q 和 8-K 文件中包含的警告聲明和風險因素。

Additionally, we may refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP. Please refer to today's earnings release and the non-GAAP information available on our website at ir.kraftheinzcompany.com.

此外，我們可能會參考非公認會計準則財務指標，這些指標從我們根據公認會計準則報告的財務結果中排除某些項目。請參閱今天的收益報告和我們網站 ir.kraftheinzcompany.com 上提供的非 GAAP 資訊。

under News and Events for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures.

在「新聞與活動」下討論我們的非 GAAP 財務指標以及與可比較 GAAP 財務指標的對帳。

I will now hand it over to our Chief Executive Officer, Carlos Abrams-Rivera, for opening comments.

現在我將把發言權交給我們的執行長卡洛斯·艾布拉姆斯·裡維拉 (Carlos Abrams-Rivera)，請他發表開場評論。

Well, thank you, Anne-Marie, and thank you, everyone, for joining us today. Listen, I'm pleased to report that our second quarter results came in line with our expectations, with an improvement in year-over-year top line performance. Our investments in product superiority, manufacturing capabilities and key areas of our business are starting to pay off.

好吧，謝謝你，安妮瑪麗，也謝謝大家今天加入我們。聽著，我很高興地報告，我們的第二季業績符合我們的預期，並且與去年同期相比，營收表現有所提升。我們對產品優勢、製造能力和業務關鍵領域的投資開始獲得回報。

It's driving momentum and giving us confidence to reiterate our 2025 full year outlook. And while we don't have any new news to report today in our consideration of information transactions, I do want to assure you that we are actively progressing on our evaluation, with a focus on unlocking long-term shareholder value.

它正在推動發展勢頭，並讓我們有信心重申我們對 2025 年全年的展望。雖然我們今天在考慮資訊交易方面沒有任何新消息可以報告，但我要向你們保證，我們正在積極推進評估，重點是釋放長期股東價值。

With that, I have Andre joining me, so let's open the call for Q&A.

現在，安德烈也加入進來，讓我們開始問答環節。

(Operator Instructions)

（操作員指示）

Andrew Lazar, Barclays.

巴克萊銀行的安德魯·拉扎爾。

Great, thanks so much. Good morning, Carlos, during the quarter, Kraft Heinz put out a release that the company was considering various strategic transactions to create value. As there's nothing specific from the company yet, perhaps maybe we can talk a little bit more in generalities.

太好了，非常感謝。早安，卡洛斯，本季度，卡夫亨氏發布新聞稿稱，公司正在考慮各種策略交易以創造價值。由於公司尚未透露任何具體消息，或許我們可以泛泛地談談。

There is obviously a report from the Wall Street Journal about potential business separation. I know you can't comment on specifics. But I guess, how would you respond to investors that would say, such actions oftentimes can be nothing more than financial engineering moves that come with higher costs and dis-synergies rather than sort of unlocking value. I'm really just trying to provide maybe a form where you can talk a little bit about these sorts of things maybe more in general as Kraft looks at a lot of different possibilities, right, to try and unlock value.

《華爾街日報》顯然有一篇關於潛在業務分離的報導。我知道你無法對具體細節發表評論。但我想，您會如何回應那些認為此類行動往往只不過是金融工程手段，會帶來更高的成本和不協同效應，而不是某種程度上釋放價值的投資者呢？我實際上只是想提供一種形式，讓您可以更籠統地談論這些事情，因為卡夫正在研究很多不同的可能性，試圖釋放價值。

Well, thank you, Andrew. Always great to hear from you. As I said, our Board is working with urgency on an evaluation of those strategic options to unlock, as you said, long-term strategic value creation. And what I will say also is, and I'll remind our investors, is that we will operate with the same financial discipline you have come to expect from us. And so any actions, if any, will be consistent with that goal of unlocking that long-term shareholder value.

好吧，謝謝你，安德魯。很高興收到您的來信。正如我所說，我們的董事會正在緊急評估這些戰略選擇，以便像您所說的那樣，實現長期戰略價值創造。我還要說的是，並且我要提醒我們的投資者，我們將按照你們期望的同樣的財務紀律來運作。因此，任何行動（如果有）都將與釋放長期股東價值的目標一致。

And that's essentially all I can say at this time. But thank you for your question.

這就是我現在能說的全部。但感謝您的提問。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey guys, good morning. Thanks for taking the question. Andre, maybe a bit more of a technical one. But there was a pretty sizable impairment that was taken in the quarter. And I was just hoping to get a little bit more detail. It seemed like it was maybe more at the enterprise level, but I didn't know if that flow down to any of the brands in particular or if it's at all tied to -- as you contemplate kind of strategic transactions and you think about moving different pieces like that the reporting change triggered the impairment. And again, it's relatively sizable.

大家好，早安。感謝您回答這個問題。安德烈，也許更偏向技術性一點。但本季出現了相當大的減損。我只是希望獲得更詳細的資訊。看起來它可能更多地發生在企業層面，但我不知道這是否會流向任何特定的品牌，或者是否與之相關——當你考慮某種戰略交易並考慮移動不同的部分時，報告變更會引發損害。而且，它的規模相對較大。

So just hoping to get some more detail there.

所以只是希望能獲得更多細節。

Thanks very much.

非常感謝。

Thanks for the question, Peter. So look, we recorded a $9.3 billion non-cash impairment charge. And the trigger for that was only the fact that we have a sustained decline in the stock price, and that has reduced the carrying value of our intangible assets. We have been monitoring this for some time. We disclosed in our previously filed 10-Q the risk that this could happen.

謝謝你的提問，彼得。所以，我們記錄了 93 億美元的非現金減損費用。而導致這結果的根本原因就是我們的股價持續下跌，這降低了我們無形資產的帳面價值。我們已經監視此情況一段時間了。我們在先前提交的 10-Q 報告中揭露了可能發生這種情況的風險。

So it's not really -- not even nothing beyond that. This does not change (inaudible) basic value of the company, including the confidence and direction we have in the strategy.

所以實際上並不是這樣——甚至沒有其他事情。這不會改變（聽不清楚）公司的基本價值，包括我們對策略的信心和方向。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Thanks. I am just wondering how you're thinking about your pricing and promotion levels currently. Where do you see perhaps an opportunity to -- or challenge to ramp up promotions or narrow price gaps? And where do you feel like you've taken the steps already that you're comfortable where you are versus you're nearing competition, even if that's private label? And then I have a follow-up.

謝謝。我只是想知道您目前如何考慮您的定價和促銷水平。您認為在加強促銷力道或縮小價格差距方面可能存在哪些機會或挑戰？您覺得您已經採取了哪些措施，讓您對現狀感到滿意，而不是面對競爭對手，即使是自有品牌？然後我有一個後續問題。

Thank you, David. Let me start, and then I'll hand it off to Andre, if you want to give additional commentary. But I guess I would just say as context, we are a consumer-centric brand, first of all, which means that we are making sure that our brands are brands that are going to continue to build for the long term. And what you see from us is that we continue to invest -- make investments across the board. And that -- some of that investment is actually pricing.

謝謝你，大衛。讓我先開始，然後我會把它交給安德烈，如果你想提供更多的評論的話。但我想我只是想說，首先，我們是一個以消費者為中心的品牌，這意味著我們要確保我們的品牌是能夠長期持續建立的品牌。而您從我們這裡看到的是，我們將繼續投資—全面投資。而且 — — 部分投資實際上正在定價。

We including about 100 bps in pricing year-over-year. And we also are, on top of that, investing another 30 bps in marketing so that we can reach about 4.8% of marketing as a percent of net sales by 2025 -- by the end of 2025, which will be the highest level in nearly a decade.

我們的定價年增了約 100 個基點。此外，我們還將在行銷方面再投資 30 個基點，以便到 2025 年（即 2025 年底），行銷佔淨銷售額的比例能夠達到 4.8% 左右，這將是近十年來的最高水準。

So -- and in terms of pricing, I guess one clarification that I will make is that if you look at pricing in North America, when you exclude the cost inflation, it's actually negative. So that gives you a sense that we're also being thoughtful about how to think about pricing.

所以 - 就定價而言，我想我要做的澄清是，如果你看看北美的定價，當你排除成本通膨時，它實際上是負數。所以這讓你感覺到我們也在認真考慮如何定價。

Andre, anything else you would add?

安德烈，您還有什麼要補充的嗎？

Well, as we said before, we have built into the initial plan, about $300 million of investments. We have added a little more towards the second half. We have been concentrating the investments mainly on the key windows.

嗯，正如我們之前所說，我們已經在初步計劃中投入了約 3 億美元的投資。我們在下半場又增加了一些。我們的投資主要集中在關鍵窗口。

You see more activity now in the third quarter, as we are now at the peak of this summer. There is some investments that you have saved for this moment as we have a lot of product renovations hit in the market and some core innovation hitting right now.

由於現在正處於夏季高峰期，所以在第三季你會看到更多的活動。由於我們現在在市場上推出了許多產品革新，並且推出了一些核心創新，因此您為此刻節省了一些投資。

So we concentrated the efforts on that. So we can have the new product, the extra marketing and those investments are hitting at the same time to improve the chance of success. So I mean, beyond that, there is nothing to say.

因此，我們集中精力於此。因此，我們可以同時推出新產品、進行額外的行銷和投資，以提高成功的機會。所以我的意思是，除此之外，沒有什麼好說的。

Carlos, what do you want to say?

卡洛斯，你想說什麼？

The only thing I would add, David, here is that it's important to note that we are pricing well below inflation. In fact, we expect the inflation to be about 5% to 7% this year. And we're only passing around 1% of the pricing. So we are, in fact, keeping the consumer in mind that we're taking these actions on pricing.

大衛，我唯一要補充的是，需要注意的是，我們的定價遠低於通貨膨脹率。事實上，我們預計今年的通膨率將在 5% 至 7% 左右。我們僅傳遞約 1% 的定價。因此，我們在採取這些定價措施時實際上考慮了消費者的利益。

I think you had another question, David?

我想你還有其他問題，大衛？

Yeah. No, thank you for that. Just one thing I'm thinking about with regard to Kraft Heinz, particularly as you think about strategic actions and presumably, there's parts of the business that might garner a higher multiple than the others is this problem we see across food right now where legacy parts of businesses that might be growthier are not doing as well as they might have done over the long term.

是的。不，謝謝你。關於卡夫亨氏，我只考慮一件事，特別是當你考慮戰略行動時，大概有些業務部分可能比其他部分獲得更高的倍數，這就是我們目前在食品行業看到的一個問題，即可能增長更快的業務遺留部分錶現不如長期表現那麼好。

And I'm wondering how you're thinking about that with regard to whether it's [accelerate protect] or balance, we're seeing on average declines continuing in those businesses. What is your prospects, I guess, to make your growth parts growthy in the near term, particularly if you want to shine a good light on those parts of the business as you think about strategic actions.

我想知道您是如何看待這個問題的，無論是（加速保護）還是平衡，我們都看到這些業務的平均下滑趨勢持續存在。我想，您有什麼前景可以使您的成長部分在短期內實現成長，特別是如果您在考慮策略行動時希望對業務的這些部分有一個很好的認識。

Thank you. I guess -- let me go back to the -- our strategy that we have been consistent following for the last 18-months or so, which is we are making investments to make sure that we're growing across an emerging markets North America retail and away from home. And in fact, we are continuing to make investments to drive that growth and return capital to our shareholders.

謝謝。我想——讓我回到——我們在過去 18 個月左右一直遵循的策略，那就是我們正在進行投資，以確保我們在北美零售和海外新興市場實現成長。事實上，我們正在繼續投資以推動這一成長並向股東返還資本。

And when you look at our pillars, in fact, in emerging markets, you saw, we grew our top line by around 8% through both price and volume, at the same time expanding margins substantially. In fact, we now in emerging markets have the highest OI margin ever. If you look at North America retail and accelerate platforms, we're actually investing also to power by the brand growth system, and we are executing through agile ways of working.

事實上，當你觀察我們的支柱業務時，你會發現，在新興市場，我們透過價格和銷售量實現了約 8% 的營收成長，同時利潤率也大幅提高。事實上，我們現在在新興市場擁有有史以來最高的未平倉部位保證金。如果你看看北美零售和加速平台，你會發現我們實際上也在投資，以推動品牌成長系統，並且我們正在透過敏捷的工作方式來執行。

And let me just say that if you look at the Nielsen data IRI data over the last 4-weeks, in fact, when you exclude cold cuts and bacon that drove about 40% of the decline, the rest of the portfolio in total North America retail actually is improving substantially. In fact, in the latest 4-week ex cold cuts and bacon, we are down 2.7%, year-to-date was down 4%.

我只想說，如果你看一下尼爾森過去四周的 IRI 數據，事實上，當你排除導致約 40% 跌幅的冷盤和培根時，北美零售業的其餘部分實際上正在大幅改善。事實上，在最近的 4 週內，除冷盤和培根外，我們的銷量下降了 2.7%，年初至今下降了 4%。

So you are seeing that the actions we're taking in North America retail are also helping us drive the kind of improvements that we wanted to see in the business. And finally, in away from home, we're also expanding into footprint, to distribution and driving new innovation into the marketplace.

因此，您可以看到，我們在北美零售業採取的行動也有助於我們推動我們希望在業務中看到的那種改進。最後，在海外，我們也正在擴大業務範圍、拓展通路，推動市場創新。

The last thing I would say is that we're not done. We're going to continue to invest in the business, because we are confident in this strategy. We are making sure we spend -- continue to invest in marketing, like I said earlier. We continue to step our investment in e-commerce, which is helping us also drive our improvements in North America. And frankly, we also have a solid balance sheet that allows and instruct cash flow that allows us to continue to make these investments.

我最後要說的是，我們還沒完成。我們將繼續投資該業務，因為我們對這項策略充滿信心。我們正在確保繼續投資於行銷，就像我之前說的。我們持續增加對電子商務的投資，這也有助於我們推動北美地區的進步。坦白說，我們還擁有穩健的資產負債表，可以允許和指導現金流，使我們能夠繼續進行這些投資。

So we feel very good that when you look deeply into our growth pillars, all those actions are investments we're making are in fact taking shape in order for us to be able to continue to drive the company towards long-term success.

因此，當你深入了解我們的成長支柱時，我們會感到非常高興，所有這些行動都是我們正在進行的投資，實際上正在成形，以便我們可以繼續推動公司走向長期成功。

And I think beyond that, we have -- as we said before, we have a lot of product renovation hitting the market right now behind Mac & Cheese, Lunchables, mayo, just to name those three. We have 20% market increase year-over-year expected to the second half. So the vast majority of all the [meat] increases are all happening now in the second semester.

而且我認為除此之外，正如我們之前所說，我們目前有很多產品創新進入市場，例如 Mac & Cheese、Lunchables、mayo 等等。我們預計下半年市場將年增 20%。因此，絕大多數肉類價格上漲都發生在第二學期。

We have, as we said, step up some investments on price towards the key windows that are still to come. So there is a lot more happening that we should -- and we should continue to see accelerate part of the portfolio in North America improving gradually throughout the remaining quarters.

正如我們所說，我們已經針對未來的關鍵窗口加大了價格投資。因此，我們應該做更多的事情——我們應該繼續看到北美投資組合的一部分在剩餘的幾個季度中逐漸改善。

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Thank you. Good morning. Just seeing if you could provide more detail on your sales trends across emerging markets I know there's a big opportunity for distribution gains away from home in the region. So just curious how those gains have tracked versus your expectations so far this year?

謝謝。早安.我只是想知道您是否可以提供更多關於新興市場銷售趨勢的細節，我知道該地區在海外分銷方面有很大的收益機會。所以我只是好奇今年到目前為止這些收益與您的預期相比如何？

And how should we think about the pace of those gains in the back half versus the front half? And really what's giving you the confidence in that double-digit exit rate for this year?

我們該如何看待後半段相對於前半段的成長速度？那麼，究竟是什麼讓您對今年的兩位數退出率有信心呢？

Great question. Thank you, Leah. Listen, I mean I mentioned that we, in fact, were very pleased to see that the top line now grew about 8%. I think what -- behind those numbers, though, is the fact that the growth coming from both volume and price.

好問題。謝謝你，利亞。聽著，我的意思是，我提到過，事實上，我們很高興地看到營業額現在成長了約 8%。我認為這些數字背後的事實是增長來自數量和價格。

And the fact that we are doing that, we're actually increasing our margins at the same time, give us quite a bit of confidence that as we look at the end of this year, we should be able to be hitting a long-term algorithm of double-digit growth. And for us, we continue to see investment in our business and it's not going to stop. Today already, it represents about $2.5 billion business of our business overall.

事實上，我們正在這樣做，同時實際上也在提高我們的利潤率，這給了我們很大的信心，到今年年底，我們應該能夠實現兩位數成長的長期演算法。對我們來說，我們繼續看到對我們業務的投資，而且這種投資不會停止。如今，它已經佔據了我們整體業務的約 25 億美元。

And I think what other things that gives me confidence is the fact that when you look and step back and you look at emerging market, it's really a more simple portfolio. If you focus on taste elevation, in particular in our Heinz brand, and we have a strong go-to-market model. So when you look at the double click of Heinz in emerging markets, we actually grew about 18% year-over-year.

我認為其他讓我充滿信心的事情是，當你回顧並觀察新興市場時，你會發現它實際上是一個更簡單的投資組合。如果您注重口味提升，特別是我們的亨氏品牌，我們就有強大的行銷模式。因此，當您查看亨氏在新興市場的雙擊時，我們實際上比去年同期增長了約 18％。

So it is building on the strength of our key brand in a business that we know how to operate with a model that we now have been able to replicate across markets. So it's something that now we have been building on the success that we have in the past historically. And now we're expanding to make sure that we're growing in LatAm, we're growing in our Middle East, Asia and Middle East, Africa and Asia. And I think for us, we continue to believe that this is a place where we have tremendous opportunity for now and for the long term.

因此，我們在一個業務領域中，憑藉我們的核心品牌實力，建立了一個我們知道如何運作的模式，並且我們已經能夠在各個市場中複製這種模式。所以我們現在一直在鞏固我們過去所取得的成功。現在我們正在擴張，以確保我們在拉丁美洲、中東、亞洲以及中東、非洲和亞洲的成長。我認為，對我們來說，我們仍然相信，無論是現在還是長遠來看，這裡都是一個擁有巨大機會的地方。

Thank you and Inflation and promotions that were pushed into the third quarter. Any color on the magnitude of that impact and what drove the timing shift and how you view kind of those cost pressures around inflation today?

謝謝，通貨膨脹和促銷活動被推遲到了第三季。您能具體說明一下這種影響的程度以及是什麼導致了時間的轉變，您如何看待當今通貨膨脹帶來的成本壓力？

Sorry, Leah, you got cut off at the beginning of the question. If you can repeat it?

抱歉，Leah，你的問題一開始就被打斷了。可以再重覆嗎？

Sure. You had called out incremental inflation and promotions that were pushed from 2Q into 3Q. Just any color on the magnitude of that impact we should think about on a quarterly cadence basis? And then what was the driver of that timing shift for those two items? And how are you thinking about inflationary cost pressures today?

當然。您曾呼籲將增量通膨和促銷活動從第二季推遲到第三季。我們應該按季度考慮這種影響的程度嗎？那麼，導致這兩項事項的時間轉變的原因是什麼呢？您如何看待當今的通膨成本壓力？

Look, magnitude is in the range of 30 bps, 40 bps -- 30 bps, 40 bps. It's nothing special. It's mostly the recognition like the -- based on the inventory positions and the throughput, that's how this inventories got recognized in the P&L. So that's why it shift to Q2, Q3. So that nothing really beyond that.

看，幅度在 30 bps、40 bps 範圍內——30 bps、40 bps。沒什麼特別的。這主要是根據庫存狀況和吞吐量進行確認，這就是這些庫存在損益表中得到確認的方式。這就是它轉向 Q2、Q3 的原因。所以除此之外真的沒有什麼了。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, good morning. Thanks so much. I wanted maybe a follow-up just on the organic sales growth in North America retail. There was a comment in the prepared remarks that you expect gradual long-term improvement in top line trends.

嗨，早安。非常感謝。我可能只是想跟進一下北美零售業的有機銷售成長。準備好的評論中有一個評論說，您預計收入趨勢將長期逐步改善。

And clearly, it seems like just based on your comment around exit freight on emerging markets and food service that the gating factor here continues to be North America retail. So maybe you can just update us on how you're thinking about timing of getting back to just maybe stabilization first and foremost, in North America retail.

顯然，僅根據您對新興市場和食品服務出口貨運的評論來看，這裡的限制因素仍然是北美零售業。因此，也許您可以向我們介紹一下，您如何考慮在北美零售業首先恢復穩定的時機。

Thank you. For me, what I would say is, and if you go back to kind of the strategy, what's fueling our growth and the improvements in North America performance, it is all the fact that we have now invested through our brand growth system back in our products. So we're investing in our growth superiority. We're investing in better marketing, investing in better tool with e-commerce investments that we have made over the last 6-months, and that is giving us the confidence that we continue to see that now play into the marketplace.

謝謝。對我來說，我想說的是，如果你回顧一下我們的策略，是什麼推動了我們的成長和北美業績的改善，那就是我們現在透過我們的品牌成長系統對我們的產品進行了投資。因此，我們正在投資我們的成長優勢。我們正在投資更好的行銷，投資更好的工具，並在過去六個月中對電子商務進行了投資，這給了我們信心，我們將繼續看到這些投資在市場上發揮作用。

We ended last year with brand growth system impacting about 10% of our business. But at the end of this year, it will be about 40% of our business is proportionally focused in North America accelerated platforms. And you can see how when we are applying that methodology, that actually is driving our improvement in performance.

去年年底，品牌成長系統對我們約 10% 的業務產生了影響。但到今年年底，我們的業務中約有40%將集中在北美加速平台上。您可以看到，當我們應用該方法時，它實際上正在推動我們績效的提高。

In fact, let me give an example of Capri Sun, which is a business that we renovated. We invested back in the business. We improved the marketing. We improved the products. We make sure that we highlighted the benefit that you have with parents and kids that has no artificial flavors, that we have superior taste, that we have better qualities in terms of things that kids love to have, that we have better promotions, partnering with places like Nintendo, that we bring in new ideas into marketplace like Capri Sun with new promotional limited edition products, whether that is we bring in new -- into new channels, whether it's club, it is convenient.

事實上，讓我舉一個 Capri Sun 的例子，這是我們翻新的企業。我們重新投資了該業務。我們改進了行銷。我們改進了產品。我們確保向父母和孩子強調產品的好處，即不含人工香料，我們擁有上乘的口味，孩子們喜歡的品質更好，我們有更好的促銷活動，與任天堂等公司合作，我們透過新的促銷限量版產品將新理念引入市場，例如 Capri Sun，無論是引入新管道，還是俱樂部，它都很方便。

So you see how when we apply the brand growth system on a brand like Capri Sun that is comprehensive investments we make, the improvement that it yields in our business. So that, along with the fact that we continue to step up our marketing, and as I mentioned earlier, about 30 bps to get us about 4.8% by the end of the year, that combination of the way we are investing, the fact that we're investing more and that we're using agile way to working to then take those learnings and apply it to the portfolio is a combination that we believe is the right tools in order to drive complete continued improvements in our North America retail business.

所以你可以看到，當我們將品牌成長系統應用於像 Capri Sun 這樣的品牌時，我們所做的全面投資以及它對我們的業務帶來的改善。因此，除了我們繼續加強行銷之外，正如我之前提到的，到年底，我們的投資方式、投資增加的事實以及我們使用敏捷的工作方式，然後將這些經驗教訓應用到投資組合中，我們相信這些組合是推動北美零售業務全面持續改進的正確工具。

Thank you. And then -- and maybe just a quick follow-up for Andre, on the gross margin outlook. Inflation, I think, overall looks to be unchanged for the year, that 5% to 7%, obviously, a wide range. But would you be able to just update us on what base input cost inflation is versus tariffs, if that's changed at all? And then how should we be thinking about what carries into 2026, just what looks to be given a kind of lower exit rate on gross margin in the back half relative to the first half.

謝謝。然後——也許只是對安德烈的快速跟進，關於毛利率前景。我認為，今年的通貨膨脹率總體上看起來保持不變，在 5% 至 7% 之間，顯然這是一個很大的區間。但是，如果有任何變化的話，您能否向我們更新一下基本投入成本通膨與關稅的關係？那麼，我們該如何考慮 2026 年的情況呢？考慮到下半年相對於上半年的毛利率退出率較低，情況看起來會是如何？

Yeah. So in terms of inflation before tariffs, we have the peak of the commodities hitting in Q2, but some of that -- in terms of P&L recognition got pushed into Q3, and we should expect that some sort of relief started in Q4. So if you start to reach the inflection point. We still have markets of high commodity inflation, particularly on coffee.

是的。因此，就關稅前的通膨而言，大宗商品價格在第二季度達到峰值，但就損益確認而言，部分通膨被推遲到了第三季度，我們預計第四季度會出現某種緩解。所以如果你開始達到拐點。我們的商品市場通膨率仍然較高，尤其是咖啡市場。

Regarding the tariffs, the current expectation based on the latest is an impact of approximately 100 bps this year linked to the tariffs. And if the tariffs remain as they are right now, it will create a full year annualized impact of approximately 180 bps. So there will be some carryover into that effect in 2026.

關於關稅，根據最新情況，目前預計今年關稅的影響將達到約 100 個基點。如果關稅維持在目前的水平，那麼全年年化影響將達到約 180 個基點。因此，這種影響在 2026 年仍會有一定的延續。

As I said before, there are a lot of actions in place with our procurement teams and also our commercial teams to mitigate as much as we can, being mindful about the current consumer situation. But some pricing is required, and that's what we are doing.

正如我之前所說，我們的採購團隊和商業團隊已經採取了許多措施，盡可能地減輕影響，同時專注於當前的消費者狀況。但需要一些定價，這就是我們正在做的。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯‧甘波特。

Hey, thanks for the question. Center store peers that have recently established their off-calendar FY '26 outlooks have embedded some pretty meaningful margin pressure over the coming quarters from substantial reinvestment.

嘿，謝謝你的提問。近期已製定 26 財年非日曆年度展望的中心商店同行已因大量再投資而在未來幾個季度中嵌入了相當大的利潤壓力。

I recognize, with your marketing going to at least 4.8% of sales and media spending going up at least 20% year-over-year, you are also reinvesting, but it still feels a bit less sizable than what we are seeing from some of these peers. So particularly in light of the continued volume declines, just want to get a better sense for what's giving you the confidence that your investment plans for this year are appropriate.

我承認，你們的行銷支出至少佔銷售額的 4.8%，媒體支出同比增長至少 20%，你們也在進行再投資，但感覺與一些同行相比，規模還是小了一點。因此，特別是考慮到交易量持續下降，只是想更了解是什麼讓您有信心相信今年的投資計畫是合適的。

Thanks for the question. Look, we -- everything we do, we are always very disciplined in our investments, and we like to test investments before scaling them up. So we feel good about the actions that we are doing for this year. I think those are the right ones and the magnitude are appropriate as well.

謝謝你的提問。你看，我們所做的每一件事，我們在投資方面總是非常自律，我們喜歡在擴大投資規模之前對其進行測試。因此，我們對今年採取的行動感到滿意。我認為這些都是正確的，而且幅度也是適當的。

And as we said in the last earnings, if we see the results we expect from them, we will not hesitate to step up. Keep in mind as well that we are actively expanding the brand growth system to more brands as we speak. So -- this is part of the reason as well we have decided to step up investments a little more beyond what we initially said last quarter. And as opportunities show up, as part of this assessment, we will continue to step up investments.

正如我們在上次收益報告中所說的那樣，如果我們看到了我們期望的結果，我們將毫不猶豫地加強。還要記住，我們正在積極將品牌成長系統擴展到更多品牌。所以——這也是我們決定在上個季度的基礎上進一步加大投資的部分原因。隨著機會的出現，作為評估的一部分，我們將繼續增加投資。

At this point, we're really trying to grow the business in a way that we think is the healthy like not through price, but through various stronger products and stronger attributes, stronger marketing, which takes more time, but what's the right thing to do. But we are going to step up investments if we deem appropriate. That's for sure.

此時，我們確實在嘗試以我們認為健康的方式發展業務，不是透過價格，而是透過各種更強大的產品和更強大的屬性、更強大的行銷，這需要更多時間，但這是正確的做法。但如果我們認為合適，我們將加大投資。這是肯定的。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

Alexia Howard, Bernstein Research.

伯恩斯坦研究公司的 Alexia Howard。

Good morning everyone. Can I ask about the pace of innovation? If I remember correctly, you were pretty low on the innovation front for much of the pandemic and the global supply chain disruptions. But it sounded as though you exited 2024 at a somewhat higher rate, but probably still quite a lot lower than peers.

大家早安。可以問一下創新的速度嗎？如果我沒記錯的話，在疫情和全球供應鏈中斷的大部分時間裡，你們的創新能力相當低。但聽起來好像您在 2024 年退出的速度要高一些，但可能仍然比同行低很多。

Can you talk about where you're at today as a percentage of sales? Where you'd like to get to over time and how quickly you could get there, just so we can get a sense for how quickly that might be ramping up.

您能談談您目前的銷售額佔比是多少嗎？您希望隨著時間的推移達到什麼目標以及多快可以達到目標，這樣我們就可以了解這個目標可能會以多快的速度成長。

Thank you and I'll pass it on.

謝謝，我會傳達的。

Thank you, Alexia, for your question. I guess, let me just give you a little bit of context, which is -- for us, it's important that when we define innovation, we're also thinking through what are the places that we can, in fact, renovate many of our key products. So when we talk about our brand growth system and the fact that it allows us to focus on us, making sure we bring the attributes to consumers they care about in our core business, that is actually a key part of also thinking through how do we maintain innovation within our business.

謝謝 Alexia 提出的問題。我想，讓我給你一點背景信息，對我們來說，重要的是，當我們定義創新時，我們也在思考我們可以在哪些地方實際上革新我們的許多關鍵產品。因此，當我們談論我們的品牌成長系統以及它使我們能夠專注於我們自己時，確保我們在核心業務中將他們關心的屬性帶給他們，這實際上也是思考如何在業務中保持創新的關鍵部分。

And I have to say, as you pointed out, I think that if we go back to 2022, I think the number on innovation was around 1.6% of our sales. By the end of the last year, it was about 3% of our sales. So we're going to continue to drive from that investment on innovation to contribute a larger part of our business we go forward.

我必須說，正如您所指出的，我認為如果我們回顧 2022 年，創新數字約占我們銷售額的 1.6%。截至去年年底，它約占我們銷售額的3％。因此，我們將繼續推動對創新的投資，為我們未來的業務做出更大的貢獻。

But I would say it also is already paying off. So if you think about the innovation that we have brought in, like the experience of bringing the Taco Bell restaurant experience to home, it is now the second year in which we're growing the business double digit, and now we're expanding to Canada. I mentioned earlier, Capri Sun bottle that we are now bringing into club. We bring it into a single serve. And now it's achieving high levels of velocities to whatever we have taken that product outside of the pouch.

但我想說的是，它也已經獲得了回報。因此，如果你想想我們帶來的創新，例如將塔可鐘餐廳體驗帶到國內，現在已經是第二年我們的業務實現兩位數成長，現在我們正在向加拿大擴張。我之前提到過，我們現在將 Capri Sun 瓶帶入俱樂部。我們將其整合為一份單獨的服務。現在，無論我們將產品從包裝袋中取出，它都能達到很高的速度。

And we're also making sure that we continue to drive innovation in our Heinz business, I mean, whether that is looking at how do we take it into pasta sauce, which is happening across many of our businesses across both Europe and Latin America, but it's also making sure that we continue to expand on the importance of our Heinz Mayo business across our international portfolio and continue to expand into new countries as we go into 2026.

我們也要確保繼續推動亨氏業務的創新，無論是研究如何將其融入義大利麵醬中（這在我們歐洲和拉丁美洲的許多業務中都在發生），還是確保我們繼續擴大亨氏蛋黃醬業務在我們國際產品組合中的重要性，並在 2026 年繼續擴展到新的國家。

So while you're right that we continue to see opportunities for innovation, our focus continues to be making sure we have the right core products with the right renovation in those businesses, and at the same time, being thoughtful about how we are actually bringing innovation to market that has the long-term opportunity to be here for many, many years. And I'm pleased to what I'm seeing. I also think that there's more for us to do.

因此，雖然您說得對，我們繼續看到創新的機會，但我們的重點仍然是確保我們擁有正確的核心產品，並在這些業務中進行正確的革新，同時，認真考慮如何將創新真正推向市場，以便這些創新能夠長期存在很多年。我對我所看到的一切感到非常高興。我還認為我們還有很多事情要做。

The last thing I would say, yes, is important to recognize. And when we talk about the brand growth system, it also creates and highlights opportunity for us to go after new innovation. So you're going to continue to see us go to marketplace, whether that is, with the kind of focus on not only line extension and new exciting flavors, the ways in which we can actually continue to make sure our brands are relevant for now and for the future. More to come. Thank you, Alexia.

我想說的最後一件事是，認識到這一點很重要。當我們談論品牌成長系統時，它也為我們追求新的創新創造和突出機會。因此，您將繼續看到我們進入市場，無論是那種不僅關注產品線擴展和令人興奮的新口味，還是我們實際上可以繼續確保我們的品牌現在和未來都具有相關性的方式。未來還會有更多。謝謝你，亞歷克西亞。

Thank you. This concludes today's conference call. We thank you for your participation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。