卡夫亨氏 (KHC) 2026 Q1 法說會逐字稿

Greetings, and welcome to The Kraft Heinz Company first-quarter 2026 earnings conference call.

各位好，歡迎參加卡夫亨氏公司 2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

I would now like to turn the conference over to your host, Anne-Marie Megela. Thank you. You may begin.

現在我想把會議交給主持人 Anne-Marie Megela。謝謝。您可以開始了。

Thank you and thank you all for joining us today. Welcome to the Q&A session for our first-quarter 2026 business update. During today's call, we may make forward-looking statements regarding our expectations for the future. 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 and our most recent SEC filings, for more information regarding these risks and uncertainties.

謝謝，也感謝各位今天加入我們。歡迎參加我們 2026 年第一季業務更新的問答環節。在今天的電話會議中，我們可能會就對未來的預期發表前瞻性陳述。這些陳述係基於我們目前的觀點，而實際結果可能因風險與不確定性而出現重大差異。關於這些風險與不確定性，請參閱今日財報新聞稿以及我們最近向美國證券交易委員會（SEC）提交文件中所載的警示性聲明與風險因素，以取得更多資訊。

Additionally, we may refer to non-GAAP financial measures. Please refer to today's earnings release and the non-GAAP information available on our website for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures.

此外，我們可能會提及非 GAAP 財務衡量指標。關於我們的非 GAAP 財務衡量指標，以及與可比 GAAP 財務衡量指標之調節，請參閱今日財報新聞稿及我們網站上提供的非 GAAP 資訊。

Joining me today to answer your questions is our Chief Executive Officer; Steve Cahillane and our Chief Financial Officer, Andre Maciel. Operator, please open the call for the first question.

今天與我一同回答各位問題的有：我們的執行長 Steve Cahillane，以及財務長 Andre Maciel。接線員，請開放第一個提問。

(Operator Instructions)

（接線員指示）

Peter Galbo, Bank of America.

美國銀行（Bank of America）的 Peter Galbo。

Thanks for the question. Steve, I was actually hoping to start with hold win and win big. Just comparing kind of what you said at CAGNY a few months ago to what you're presenting today, at least in the slides. I think there's been a few shifts of some of the platforms or sub-platforms between kind of the different categories. So I was hoping you could kind of touch on the decision to make some of those changes and then kind of as a part B to that question, just whether that signals anything in terms of how you're viewing potential asset sales of different platforms.

謝謝提問。Steve，我其實想先從「hold、win、win big」開始。把你幾個月前在 CAGNY 上說的，和你今天（至少在投影片上）呈現的做個比較，我覺得不同平台或子平台在不同類別之間似乎有一些調整。所以我想請你談談做出這些變更的決策原因；另外作為第二部分，也想請教這是否在某種程度上反映你們對不同平台潛在資產出售的看法。

Yes. Thanks for the question, Peter. As I said in the outset, we reserve the right to continue to get smarter. And that's what we've done, as we've made some of these changes. And a couple of examples. We did downgrade our frozen from win big to hold, and we think that's based on what the category is showing us what our real opportunities are and really confronting the facts as they stand and being realistic about them.

是的。謝謝你的問題，Peter。正如我在開場時所說，我們保留持續變得更聰明的權利。而我們做出這些變更，正是因為我們確實變得更聰明了。舉幾個例子：我們把冷凍品類從「win big」下調到「hold」，我們認為這是基於該品類所呈現的情況、我們真正的機會所在；也就是正視現況、面對事實，並對其保持務實。

Equally, if we look at hydration, we moved that from win to win big, we see strong category growth. We really like our brands in this space. We really like Capri-Sun its ability to go from following the cohort that's young and aging with them with our new hydration platform that's coming out now. So we see a real opportunity to win big there based on our brands and our place in the category. Equally, we've moved cheese from hole to win. We like the margins there. We like our brands. We like our opportunities.

同樣地，若看補水（hydration），我們把它從「win」調整為「win big」，因為我們看到品類成長強勁。我們非常喜歡我們在這個領域的品牌，也很看好 Capri-Sun 的能力：它可以跟隨年輕族群的世代（cohort），並隨著他們成長而延伸，搭配我們現在推出的全新補水平台。因此，基於我們的品牌與在品類中的位置，我們看到在那裡「win big」的真實機會。同時，我們也把起司從「hold」調整為「win」。我們喜歡那裡的毛利，我們喜歡我們的品牌，也喜歡我們的機會。

So those are some of the changes that we've made. I think they're all positive, and they point to the fact that we're continuing to look at our portfolio, challenge our portfolio, invest in our portfolio, and look for those areas where we can grow.

以上是我們做出的一些調整。我認為這些都是正向的，也顯示我們持續檢視我們的產品組合、挑戰我們的產品組合、投資我們的產品組合，並尋找能夠成長的領域。

Great. And Andre, maybe just as a follow-up, I know the guidance is largely unchanged after what was probably a better-than-expected Q1. You called out some timing factors. But maybe just you can expand a little bit on your prepared remarks from the commentary around Q2 and how you kind of view the evolving inflation outlook? I know you bumped that up a little bit today.

很好。Andre，或許追問一下：在第一季表現可能優於預期之後，你們的指引大致維持不變。你提到了一些時點因素。不過也許你可以再多延伸一下你在準備稿中對第二季的評論，以及你如何看待通膨展望的變化？我知道你今天把通膨假設稍微上調了一點。

Look, we expect second-quarter to have top line between minus 3%, minus 5%. This is a consequence of the Easter shift that we have -- a few times. Combined, we still anticipate and expect this NAP to be 100 bps headwind in the year, starting in the second-quarter. There's nothing that we have seen so far that indicates otherwise. We do expect -- continue to see the market share improving like we observed in Q1. But given softness in the category, we still expect this to be a headwind in the second-quarter.

你看，我們預期第二季營收（top line）會在 -3% 到 -5% 之間。這是因為復活節檔期移轉所致——我們之前也提過幾次。合併來看，我們仍然預期並相信，NAP 在全年將帶來 100 個基點（bps）的逆風，並從第二季開始體現。目前我們沒有看到任何跡象顯示情況會不同。我們確實預期——會持續看到市占率像第一季那樣改善。但考量品類需求偏弱，我們仍預期第二季會有逆風。

This will be all partially offset by continuous improvement in away-from-home business online and in emerging markets. When it comes to inflation, we initially guided the year to be approximately 4%. In fact, our number implied in the outlook was a little lower than that. We are now seeing -- mainly because of the conflict inflation around energy and resins spiking up, we are well hedged in energy for the year. Resins, we are hedged through mid-Q3.

這部分將會被外食（away-from-home）業務、線上以及新興市場的持續改善所部分抵銷。至於通膨，我們原先對全年指引約為 4%。事實上，我們在展望中隱含的數字還略低於此。現在我們看到——主要因衝突導致的通膨，使能源與樹脂（resins）價格飆升；我們在能源方面已為全年做好充分避險。樹脂方面，我們的避險可延續到第三季中段。

So we do expect the situation remains the same. There's still a lot of volatility out there, which can get better or even worse, but we do anticipate in the third-quarter to start to suffer the impact from that inflation.

因此我們確實預期情況大致維持不變。外部仍有很大的波動性，可能好轉也可能更糟；但我們預期從第三季開始，將開始承受該通膨的影響。

Steve Powers, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Steve Powers。

Great. Steve, if we just look at the improvement you've started to show through in exiting the first-quarter. I guess as you dig into it, are you able to parse out where there is more meaningful true underlying progress that you think can really -- this momentum that you can build on versus maybe some transitory impacts just areas where Easter timing or weather or what have you, flattered the quarter. Just is there a way to parse out what's most promising versus maybe where we should just kind of temper our thinking a bit.

很好。Steve，如果我們看你們在第一季末段開始展現的改善，我想更深入問一下：你們是否能拆解出哪些是更有意義、真正的基本面進展——也就是你認為可以在此基礎上持續累積的動能——相較之下，哪些可能只是短期因素，例如復活節時點、天氣等，使得本季看起來更好？是否有方法區分哪些最具前景、哪些地方我們應該稍微保守一些？

Yes, Steve. Definitely, we benefited from Easter shift. There's no question about that. And the winter storms caused some pantry loading, no doubt about that. But underlying that, we've seen real improvement in our share trajectory and performance.

是的，Steve。毫無疑問，我們確實受惠於復活節時點移轉。冬季風暴也確實帶來一些囤貨（pantry loading），這也毫無疑問。但在此之下，我們看到的是市占率走勢與表現的實質改善。

As we said in the prepared remarks, the total business last year held or gained share in only 21% in the first-quarter, that moved to 35%. And in March, that moved all the way up to 58%. And then if you look at our Taste Elevation, where we were investing earlier last year that moved from 24% holding or gaining share last year, all the way to 81% in the first-quarter of 26% and exited March at 87%.

如同我們在準備稿中所說，去年第一季整體業務只有 21% 的情況是持平或提升市占率，而今年第一季提升到 35%。到了 3 月，這個數字一路升到 58%。再看我們的 Taste Elevation（風味升級）業務：去年我們較早開始投資，去年持平或提升市占率的比例為 24%，到了 2026 年第一季提升到 81%，而 3 月底更達到 87%。

And that's really a function of the investments that we've made, the product improvements that we've made, the distribution that we've been able to hold or gain based on the activities that were put in place. And the totality of the business and the good start to the quarter, I think can also be attributed to the fact that for the last at least 60 days, this organization has been maniacally focused on growth and execution, pausing the split freed up lots of resources as we said it would, and we turned our attention and the attention of this entire organization to get off to a strong start, and that's exactly what we did.

這確實是我們所做投資、產品改善，以及我們透過既定措施得以維持或提升通路覆蓋（distribution）的結果。就整體業務而言，以及本季良好的開局，我認為也可歸因於：至少在過去 60 天，這個組織以近乎偏執的程度專注於成長與執行；暫停分拆（pausing the split）如我們所說釋放了大量資源，我們把注意力以及整個組織的注意力轉向要強勢開局，而我們確實做到了。

So we're being very realistic about what flattered the quarter, as you said, but we also see the underlying strength that's building. And that's important because that's where we're going to continue to invest. And the vast majority of our $600 million is still dry powder that is being deployed, as we speak from now through the rest of the year. So we're holding guidance, but we're very encouraged by the start to the year, and we plan on continuing our maniacal focus against our consumer and our customer and execution.

因此，對於哪些因素讓本季看起來更好，我們如你所說非常務實；但我們也看到正在累積的基本面強度。這很重要，因為那正是我們將持續投資的地方。而我們 6 億美元中的絕大部分仍是「乾火藥」（dry powder），正如各位所見，我們正在從現在起到今年剩餘時間持續投入。因此我們維持指引，但對今年的開局感到非常鼓舞，並計畫持續以近乎偏執的專注度，聚焦在消費者、客戶與執行。

And to complement a little very quick with the numbers, so last year, we started the year losing 90 bps of market share mix adjusted, which was with the bottom in the last 10 years. We -- as we started to step up investment in the second half, we were able to exit last year, losing 50 to 60 bps of market share. And now year-to-date, we are at 30 bps. So that is definitely a good improvement happening right now, led by deceleration, but also by hydration, as Steve mentioned, and desserts. These places where we have step-up investments in marketing, in renovating the product, starting to show some signs.

我再很快用數字補充一下：去年我們年初在「經組合調整（mix adjusted）」後的市占率下滑 90 個基點，這是過去 10 年的低點。隨著我們在下半年加大投資，我們在去年年底時，市占率下滑收斂到 50 到 60 個基點。而今年截至目前（year-to-date），我們是下滑 30 個基點。這顯然是正在發生的良好改善，主要由（市占下滑）減速所帶動，同時也來自 Steve 提到的補水，以及甜點等品類——這些是我們加大行銷投資、推動產品翻新（renovating the product）的領域，開始顯現一些跡象。

Great. And Andre, while I have you, just on free cash flow, obviously, a strong quarter, but some more capital and marketing accrual timing benefits. Just obviously, you called you've maintained the free cash flow outlook for the year. But as you think about the balance of year to Q3, Q4, anything to call out in terms of timing of year-to-go free cash flow?

很好。Andre，趁你在線再問一下自由現金流：顯然本季很強，但也有一些資本支出與行銷應計（accrual）時點帶來的助益。你也提到你們維持全年自由現金流展望。那麼當你看今年剩餘期間、尤其到第三季、第四季時，在自由現金流的時點分布上，有沒有什麼需要特別提醒的？

Look, our cash flow remains very strong. I think all the changes we have done to incentives a couple of years ago. We have another organization focused on really being disciplined in deploying CapEx and managing working capital better. So we are seeing that translated again in the first-quarter because of the step-up in investments happening in the second half, we should expect cash flow potentially to go down in the second half of the year, but I mean, that's anticipated.

你看，我們的現金流仍然非常強勁。我認為我們在幾年前對獎酬機制所做的所有調整，讓整個組織更專注於在資本支出（CapEx）投放上保持紀律，並更好地管理營運資金。因此我們再次在第一季看到這些成果的反映。由於下半年投資會加大，我們應該預期下半年現金流可能會下降，但我的意思是，這是我們已經預期到的。

Now we exited the year, exited the quarter with a very strong cash on hand. So you will see us now in the second-quarter paying down debt. The debt is maturing now in Q2, and we are strongly considering anticipating paying back part of the debt that is maturing next year, have $1.9 billion next year again. So we are considering anticipating a portion of that as well. And there are a couple of other things we are doing in terms of managing better our debt tower, which will allow us to reduce interest expense.

現在我們已經走出年度、走出季度，手上現金非常充裕。因此你會看到我們在第二季開始償還債務。這筆債務在第二季到期，而我們也在強烈考慮提前償還一部分明年到期的債務，明年同樣有19億美元到期。所以我們也在考慮提前處理其中一部分。此外，我們在更好地管理債務結構（debt tower）方面還有幾項措施，這將使我們能夠降低利息費用。

But I think is a good position to put ourselves in and not allow us even to invest $600 million in business and to generate strong cash flow.

但我認為，這是一個讓我們處於良好位置的做法，而且不會妨礙我們在業務上投資6億美元並產生強勁的現金流。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Thank you. Just curious how to think about the pricing environment. You've obviously started the year with plans that include price adjustments and it looks like there's early signs in this quarter that were they look like they're in place are that's working. But then there's, of course, shifts in the input cost environment. Does that do anything to change how you think about your plans or how kind of fluid and dynamic what your pricing expectations be?

謝謝。我只是好奇該如何看待定價環境。你們顯然在年初就制定了包含價格調整的計畫，而且本季看起來已有一些早期跡象顯示，這些措施似乎已到位並且正在發揮作用。但同時，投入成本環境也在變動。這會不會改變你們對計畫的看法？或者你們對定價預期會有多流動、動態？

Yes. Thanks, Michael. I'd say the pricing environment can be best characterized as very rational. We've come through this inflationary cycle, which was obviously unprecedented. The consumer is under a lot of pressure.

是的，謝謝你，Michael。我會說，定價環境最貼切的描述是非常理性。我們經歷了這一輪通膨循環，顯然是前所未有的。消費者承受很大壓力。

And so our focus is very much on value, creating value and affordability and we have looked at opportunities to adjust pricing where we think it's gone a little too far and you're seeing some results on that. But we'll always look at the input cost environment and say our first line of defense is productivity. And we're really looking to ramp up our productivity and have a top-notch productivity year this year because it's really needed because the consumer can only absorb so much price. And so we'll be looking at productivity.

因此，我們的重點非常放在價值——創造價值與可負擔性。我們也在尋找機會，在我們認為價格有點走得太遠的地方調整定價，而你也看到了一些成果。但我們也會持續關注投入成本環境，並認為我們的第一道防線是生產力。我們確實希望提升生產力，並在今年達成一個一流的生產力年度，因為這非常必要，因為消費者能承受的漲價幅度有限。因此我們會著重在生產力。

Ideally, a business like ours would take about half of input cost inflation in price and then the rest in productivity. And if we can do better than that, this is the year to do it because the consumer is under a tremendous amount of pressure. And we look at it as very much our goal to be affordable and be there for our consumers in an environment like this.

理想情況下，像我們這樣的企業，會把大約一半的投入成本通膨透過價格來反映，剩下的則透過生產力來吸收。如果我們能做得更好，今年就是該做到的年份，因為消費者承受著巨大的壓力。我們把保持可負擔性、在這樣的環境中陪伴消費者視為我們非常重要的目標。

And I think the comment -- as Steve said, in the guidance for the year, we have contemplated initially that would price only 20% of the inflation. Okay. So this was already anticipated. And I think to Steve's point, we are relying on another strong year of productivity. We started Q1 strong, again, above 4% of COGS, and we do expect to be able to maintain that pace.

而且我想補充——正如Steve所說，在今年的指引中，我們一開始就已經假設只會把通膨的20%反映到價格上。好嗎？所以這本來就已預先納入考量。我也同意Steve的觀點，我們仰賴另一個強勁的生產力年度。我們第一季開局強勁，再次達到超過COGS的4%，而且我們確實預期能維持這樣的步調。

That's really helpful. And related to that, I just wanted to follow up on -- I think it's slide 8, you flagged a simplified operating model as part of the turnaround for the US. And I guess, I want to make sure we understand kind of some of what that means. And it has the right of logo there. It could be referring to the Simplot, but how much opportunity is there to simplify the operating model?

這非常有幫助。相關地，我想追問一下——我想是第8頁，你們把「簡化營運模式」列為美國業務扭轉的一部分。我想確認我們是否理解這代表什麼。那裡有一個「right of logo」，可能是在指Simplot，但在簡化營運模式方面有多大的機會？

And I guess part of the question is through the lens of district knowing the cost cutting can obviously go too far. So how should we just think about what opportunities there are and maybe the risks and how you think about that approach?

我想這個問題的一部分是從「district」的角度來看，因為大家都知道削減成本可能會做過頭。所以我們應該如何看待有哪些機會、可能的風險，以及你們如何看待這種做法？

Yes. We made a terrific hire in bringing Nicolas Amaya to run our North American business, and he has been hard at work looking at the operating model as have we all, and we see real opportunities to have stronger accountabilities, stronger empowerment at the people who are running the business. We also see big opportunities to supplement our commercial activities, our commercial people, and we've been doing a lot of that hiring people in sales and marketing, but really with a focus on the consumer and the customer and very strong objectives that are aligned around our business objectives.

是的。我們做了一個非常出色的招募，延攬Nicolas Amaya來負責北美業務。他一直在努力檢視營運模式，我們所有人也都在做同樣的工作。我們看到很實質的機會：讓負責經營業務的人擁有更清晰的責任歸屬、更大的授權。我們也看到很大的機會來補強我們的商業活動與商業團隊；我們已經做了很多這方面的招募，包括銷售與行銷人員，但重點是以消費者與客戶為核心，並設定與我們業務目標一致、非常明確的目標。

The Chief 1 is growing organic sales and improving market share performance. And so simplifying everything that we do in service of the consumer and the customer and our goal to drive profitable volume-led value market share.

第一要務是提升有機銷售並改善市占表現。因此，我們要把所有事情都簡化，讓一切都能服務於消費者與客戶，以及我們推動「以獲利的量帶動價值」的市占成長目標。

Chris Carey, Wells Fargo.

Chris Carey，Wells Fargo。

Thank you, everybody, for the question. If you just think about the back half acceleration in top line that you're embedding for the year. Can you just unpack that a little bit across the most meaningful drivers as it pertains to the lapping of Indonesia, the step-up that you're expecting from investments, the improvement and the subsequent improvement in market share that you're expecting perhaps some of this acceleration in Western Europe post pricing.

謝謝各位讓我提問。若看你們在全年指引中所隱含的下半年營收加速成長，能否再拆解一下，從最重要的驅動因素來看：例如印尼的比較基期（lapping）、你們預期投資帶來的提升、你們預期市占改善以及隨後的進一步改善，或許還包括西歐在定價之後的某些加速？

Can you just give us a sense of how to think about the complexion of the major contributors to the back half improvement that you would expect in the top line?

能否請你們說明一下，該如何看待下半年營收改善的主要貢獻來源的組成？

Chris, I'll start and Andre can help with more details on the numbers. We're not really calling for an acceleration. We got off to a very good start, and we're being prudent about the way we think about the rest of the year. Of course, we'd always like to over-deliver on our top line goals, definitely would like to overdeliver on our market share objectives. But we're being prudent in the way we think about the rest of the year and not embedding the first-quarter over delivery into our guidance for the top line.

Chris，我先回答，Andre可以補充更多數字細節。我們其實沒有在預告加速。我們開局非常好，而我們對於今年剩餘時間的看法是審慎的。當然，我們總是希望在營收目標上超額達成，也確實希望在市占目標上超額達成。但我們對今年剩餘時間的思考方式是審慎的，並沒有把第一季的超預期表現納入我們對營收的指引之中。

In terms of the building blocks, you mentioned Indonesia, that's certainly a contributor. Like in the first-quarter, for example, Indonesia alone was a 70 bps headwind to top line growth and do expect that all to go away in the second half, as we lap all the adjustments we have made in the business. Market share in the US as we step up the investment, we should see an improvement versus where we are today.

就組成要素而言，你提到印尼，這確實是一個貢獻因素。以第一季為例，單是印尼就對營收成長造成70個基點（bps）的逆風，而我們預期在下半年，隨著我們完成對業務所做的所有調整的比較基期，這些影響都會消失。美國方面，隨著我們加大投資，市占應該會比目前有所改善。

Similarly, we feel good about our European brands, everything that we're doing behind Heinz, there is a lot of step-up investments as well as part of the $600 million that is going against Heinz in Europe, we're going to see that also helping improvement performance over that. And away from home, even though there is still overall softness in the category, we are now seeing a sign of market share improvement in the US, which is quite encouraging, especially in the sauces portfolio. So I think all of those factors should allow us to see the step up. So there will be a balanced contribution across those levels.

同樣地，我們對歐洲品牌也很有信心；我們在Heinz背後所做的一切，有大量的加碼投資，其中也包含那6億美元中投向歐洲Heinz的部分，我們也會看到這些投資有助於改善表現。至於外食通路（away from home），儘管整體品類仍偏疲弱，我們現在已在美國看到市占改善的跡象，這相當令人鼓舞，尤其是在醬料產品組合上。因此我認為，所有這些因素都應能讓我們看到提升。各層面都會有相對均衡的貢獻。

Okay. And it's been touched on a bit. But just as you think about the inflation exposure in Q4, obviously, this is going to imply bigger exit rates going between '27. Just -- and Michael kind of labour, you touched on this a bit, but what does the toolkit look like for you to work through a sustained higher inflation environment. Obviously, there's a pricing discussion, productivity sustaining relatively high levels.

好的。這點之前也稍微提到過。但當你們思考第四季的通膨曝險時，顯然這會意味著到『27年的更高期末（exit）水準。只是——Michael剛才也稍微談到——在一個持續較高通膨的環境下，你們的工具箱會是什麼？顯然會有定價的討論，以及維持相對高水準的生產力。

Would you look at maybe harvesting some of the investments that you've made in G&A to protect the bottom line going to '27. Obviously, this is a fluid environment and inflation can certainly change. But can you just give us a bit more insight on how you'd be planning from a cost offset perspective if we kind of look out 18 months.

你們是否會考慮收割（harvesting）一些已在G&A上做的投資，以在走向『27年時保護獲利底線？當然，這是個變動的環境，通膨也可能改變。但能否從成本抵銷的角度，提供更多你們在未來18個月規劃上的洞見？

Yes, Chris, so we wouldn't look at our investments, the $600 million and otherwise as a way to protect profit. In fact, we're looking at opportunities to even invest more as we see good returns against those investments and good outcomes in terms of the top line. So we'll protect that and in fact, even lean into it. As we said earlier, the first line of defense is always going to be productivity, but it's unknown what the fourth-quarter and 2027 will bring. It could be that the whole environment moves towards needing to take more price.

是的，Chris，我們不會把我們的投資——包括那6億美元以及其他投資——視為用來保護獲利的手段。事實上，當我們看到這些投資帶來良好回報、並在營收端帶來良好成果時，我們也在尋找甚至加碼投資的機會。所以我們會保護這些投資，甚至會更積極投入。正如我們先前所說，第一道防線永遠是生產力，但第四季以及2027年會發生什麼仍是未知。也可能整體環境會轉向需要採取更多的漲價。

I mean we can't predict what the outcome will be in the Middle East and how that will affect. But it's going to be something that affects the entire environment and we would be looking to go with that. But again, first line of defense is productivity, investing in our brands and driving a good top line outcome is what we'd be looking at.

我的意思是，我們無法預測中東局勢的結果以及它會如何影響。但這將是影響整體環境的因素，而我們會因應整體環境來調整。不過再次強調，第一道防線是生產力；我們會著重投資品牌並推動良好的營收成果。

Thomas Palmer, JPMorgan.

Thomas Palmer，JPMorgan。

Maybe I could just start on the marketing side, you noted the 37% increase in the first-quarter on a year-over-year basis, also the plans for 5.5% spend. But maybe any framing on where that level of increase in the first-quarter kind of takes you relative to that annualized percent of sales?

我想先從行銷面開始。你們提到第一季年增37%，也提到5.5%的支出計畫。但能否說明一下，第一季這樣的增幅，相對於全年年化後占銷售額百分比，大概會落在什麼位置？

And then when we think about the magnitude of the increase, are there any timing considerations such as kind of having that earlier Easter impacting how that marketing spend flowed through? And last detail on kind of where that spend has really been focused. And if you're seeing when we look at the share improvements disproportionate spend in kind of the areas that have inflected the most?

另外，當我們思考增幅的幅度時，是否有任何時點因素，例如復活節較早，影響行銷支出的投放節奏？最後一個細節是，這些支出主要聚焦在哪些地方？以及當我們看到市占改善時，你們是否在那些改善最明顯的領域投入了相對更高比例的支出？

Yes. So as we said in our prepared remarks, we do expect marketing for the year to be at least 5.5% of revenue. And Steve mentioned, we have been looking very closely on how our performance is shaping up and if things end up better than we anticipated, we will be -- will truly need more on the investments, marketing being one of the key drivers. The reason why we see 37% in the first-quarter. You might remember last year, we stepped up market investment in the second half of last year. So then you have this effect of now we have, in a certain way, easy comp on the marketing front.

是的。正如我們在事先準備的發言中所說，我們確實預期今年的行銷費用至少會達到營收的 5.5%。而 Steve 也提到，我們一直非常密切地觀察我們的表現走勢；如果最終結果比我們預期更好，我們就會——也確實會需要加大投資，而行銷是其中一個關鍵驅動因素。至於第一季看到 37% 的原因，你可能還記得去年我們在下半年加大了市場投資。因此現在在行銷面上，某種程度上就會出現比較基期較容易的效果。

So year-over-year, we're going to see that gradually reducing that impact because of the step up in the second half. But overall, in the year, we do expect at least 20% of increase. In terms of where this money is going, we have been prioritizing our win big category. So there is a proportionate amount started last year that went against sauces, cheese, Mac & Cheese hydration. But the reality is we do have the opportunity to step up marketing across the whole portfolio.

因此以年對年來看，因為下半年加碼的因素，我們會看到那個影響逐步減弱。但整體而言，就全年來說，我們確實預期至少會增加 20%。至於這筆錢會投向哪裡，我們一直優先投入我們的「致勝大品類」。所以從去年開始，有相當比例是投向醬料、起司、Mac & Cheese 補水（hydration）。但實際上，我們確實有機會在整個產品組合上加大行銷投入。

So we have been gradually stepping up the investments across different parts of the business to different extents, but we do believe that will be healthy to the whole portfolio.

因此我們已在業務的不同部分、以不同程度逐步加大投資，但我們相信這將有利於整體產品組合的健康發展。

Okay. On the Snap side, you've noticed expected headwinds, especially ramping this quarter. I know it's still early in the quarter. Are you already seeing signs of this incremental impact as we think about the second-quarter. And just to confirm, there was not really impact in the first-quarter. I know it wasn't a call out.

好的。關於 SNAP 方面，你們提到預期會有逆風，尤其在本季逐步加劇。我知道現在仍在季度初期。那麼在我們思考第二季時，你們是否已經看到這種增量影響的跡象？另外也請確認一下，第一季其實並沒有真正受到影響，對吧？我知道你們當時沒有特別點出來。

Yes. So we definitely see an impact from SNAP already happening in February and March. So if we look SNAP transactions, they are already down in line, if not even a little more than expected. On the other hand, we saw strength in the non-SNAP households, which helped to offset that in the first-quarter. But it's hard to predict at this point, if that strength that you saw in the non-SNAP households will hold into the remainder of the year.

是的。我們確實已經看到 SNAP 的影響在 2 月和 3 月就開始發生。所以如果我們看 SNAP 交易量，它們已經下降，幅度與預期一致，甚至可能略高於預期。另一方面，我們看到非 SNAP 家戶表現強勁，這有助於在第一季抵消那個影響。但目前很難預測，你在非 SNAP 家戶看到的那種強勁表現，是否能延續到今年剩餘期間。

So what we are anticipating is that we're going to start to see that more -- that SNAP household impact more producing to sell out a year to go. And that's why we have been calling for 100 bps headwind. Obviously, they're not sitting on the problem, right? So we do expect that have been space for a while. So that's why part of the price investments that we have deployed in the $600 million were put against opening price points because this part of the consumer base is definitely under a lot of pressure.

因此我們的預期是，我們將開始看到 SNAP 家戶的影響更——更明顯地反映在未來一段時間的終端銷售（sell-out）上。這也是為什麼我們一直提到會有 100 個基點（bps）的逆風。顯然，他們並不是坐等問題發生，對吧？所以我們確實預期這種情況已經存在一段時間了。也因此，我們在 6 億美元所部署的價格投資中，有一部分是用來支撐入門價位（opening price points），因為這一部分消費者族群確實承受很大的壓力。

Megan Clapp, Morgan Stanley.

Megan Clapp，Morgan Stanley。

Maybe to pick up on Tom's first question on the marketing investments. And Steve, some of the comments you've made, clearly, you're seeing some benefits from things that were done kind of prior to making this new plan? And Steve, I think you mentioned $600 million is still dry powder. So as you see the improvements you've made in the first-quarter and then some of the areas you highlighted meets in particular where there's still opportunity.

也許接續 Tom 第一個關於行銷投資的問題。Steve，從你的一些評論來看，很明顯你們正在看到一些效益，這些效益來自於在制定這個新計畫之前所做的一些事情？而且 Steve，我想你提到那 6 億美元仍然是「乾火藥」（dry powder，可動用資金）。所以當你看到第一季的改善，以及你提到的一些仍有機會的領域——特別是肉類（meats）——

Can you just talk about whether anything you've seen so far has changed how you're thinking about concentrating some of those investments particularly as we've talked about a lot, the macro continues to shift and perhaps the cost inflation outlook gets more challenging as we go into the back half.

你能否談談，到目前為止你所看到的任何情況，是否改變了你對於集中配置部分投資的想法？尤其是我們談了很多，宏觀環境仍在變化，而且當我們進入下半年時，成本通膨的展望可能會變得更具挑戰。

Yes, Megan, what we've seen is good returns on the investments that we've made, and that's where we're leaning in. I mean if you look at some of the exciting things that we have going on right now, you can follow our investment against those. So for example, Power Mac and Cheese, which just came out in April, too early to see any sell-out data, but the sell-in was outstanding, 35,000 accounts right now as we speak. And I think that's a function of the commitment that we made to increase our investments substantially led to better distribution, and we're going to be investing against it. And so we anticipate a good launch there.

是的，Megan，我們看到我們所做投資帶來了良好的回報，而這也是我們加碼投入的方向。我的意思是，如果你看看我們現在正在推進的一些令人振奮的事情，你可以看到我們的投資是如何對應到這些項目。例如，Power Mac and Cheese 在 4 月剛上市，現在看任何終端銷售（sell-out）數據都還太早，但鋪貨（sell-in）表現非常出色，截至目前我們已進入 35,000 個客戶帳戶。我認為這是因為我們承諾大幅增加投資，帶來了更好的通路覆蓋，而我們也會持續對它投入。因此我們預期這會是一個很好的上市表現。

We've got in -- business nice shapes innovation that we're investing in. The Capri Sun hydrate that we mentioned earlier, I think a big opportunity to continue the momentum that was built last year on Capri Sun and new distribution and new doors there. So investing against that. We've got a Lunchables renovation, which is coming next month. We'll be investing against that.

我們也有——在業務上有很不錯的造型（shapes）創新正在投資。先前提到的 Capri Sun hydrate，我認為是一個很大的機會，可以延續去年 Capri Sun 所建立的動能，以及新的通路覆蓋與新門店（new doors）。所以我們會針對那個投入。我們也有 Lunchables 的產品翻新（renovation），下個月就會推出，我們也會針對那個投入。

We've seen a good turnaround in Lunchables, which started at the end of last year. And we've got things in the back half of the year, like Philadelphia lactose free, which is, as we mentioned in the prepared remarks, we think a big opportunity given the number of people who suffer from lactose intolerance in the US and a great innovation there that we'll be investing against.

我們看到 Lunchables 有不錯的回升，這從去年底就開始了。而且我們在下半年還有一些項目，例如 Philadelphia 無乳糖（lactose free），正如我們在事先準備的發言中提到的，考量到美國有相當多的人有乳糖不耐症，我們認為這是一個很大的機會，也是很棒的創新，我們會針對它投入。

So the brands where we think we have a real right to win, we'll be investing in. And you mentioned meats, where we have things that we need to turn around. Clearly, we need to make some investments there. We don't like leaky buckets and we're going to look to plug those at the same time as we lean against our biggest and best opportunities.

因此，在我們認為真正具備「致勝權利」（right to win）的品牌上，我們會投入。你也提到肉類，那裡有一些我們需要扭轉的事情。很明顯，我們需要在那裡做一些投資。我們不喜歡「漏水的桶子」（leaky buckets），我們會在加碼我們最大、最好的機會的同時，也設法把那些漏洞補起來。

Great. And Andre, maybe just a quick follow-up on the gross margin performance. It was down in the quarter, but significantly better than I think what you were expecting, certainly what -- the Street was modelling, I understand there was probably some fixed cost leverage benefits there just on the top line. But anything else in the quarter just in terms of the upside maybe versus your expectations to call out?

很好。Andre，或許再快速追問一下毛利率表現。本季毛利率下滑，但明顯比我想你們原先預期的要好，當然也比——華爾街模型所預估的要好。我理解可能有一些固定成本槓桿的好處，主要來自營收端。但本季還有沒有其他相較你們預期的上行因素值得特別點出？

Sure. That is about 40 to 50 bps of gains in the quarter that are nonrecurring. A portion of that is selling excess by products so we don't expect that to be repeated a year to go. There is a small contribution from -- were expected to do a maintenance in a certain factory and then have to production to a copacker temporarily. We decided to move that to later in the summer. So that's like a phasing thing.

當然。本季大約有 40 到 50 個基點（bps）的改善屬於一次性（nonrecurring）。其中一部分來自出售過剩的副產品（by-products），所以我們不預期未來一年會重複發生。還有一小部分貢獻來自——原本我們預計在某個工廠進行維護，並暫時把產量轉到代工廠（copacker）。我們決定把那個安排延後到夏季稍晚，所以那比較像是時點（phasing）因素。

Cheese commodity came a little better than what anticipated. So we did see the peak in inflation that we expected across most of the commodities, including coffee and meats, but we had those other upsides that help in the quarter. But that's why we are maintaining also our expectation for the year of a headwind of 25 to 75 bps.

起司大宗商品價格表現比預期稍好。因此我們確實看到我們預期的通膨高峰已出現在多數大宗商品上，包括咖啡與肉類，但我們也有其他上行因素在本季提供幫助。這也是為什麼我們同時維持全年 25 到 75 個基點（bps）逆風的預期。

Operator, we have time for one more question.

接線員，我們還有時間再問最後一題。

Scott Marks, Jefferies.

Scott Marks，Jefferies。

In the interest of time, I'll just ask one. Wondering if you can give us a lay of the land in terms of the away-from-home environment. I know you called out some pressures in the US business have certainly some clear paths to growth there. Just wondering if you can kind of help us understand what's happening both in the US and abroad and how you think about the improvements within that part of the business.

為了節省時間，我只問一題。想請你們概述一下外食（away-from-home）環境的整體情況。我知道你們提到美國業務有一些壓力，但也確實有一些明確的成長路徑。想請你們幫我們理解一下，美國與海外目前各自發生了什麼，以及你們如何看待該業務板塊內部的改善。

Yes, Scott. So I'd say from a macro perspective, away from home is under a fair amount of pressure based on the macroeconomic environment, both in this country and around the world. Having said that, we see tremendous opportunities for us in away from home based on the strength of our brands and the opportunities in front of us. And this is one of the areas we're investing in. So we see away from home as a strategic outlets.

是的，Scott。從宏觀角度來看，外食（away from home）在目前的總體經濟環境下承受相當大的壓力，無論是在美國或全球各地。話雖如此，基於我們品牌的強勢以及我們面前的機會，我們在外食領域看到了非常可觀的機會。而這也是我們正在投資的領域之一。因此我們把外食視為一個策略性通路（strategic outlets）。

We see it as a strategic opportunity for us. We like the momentum that we're building early this year, and we see a lot of opportunities, both in this country and especially around the world to continue to gain share in away from home.

我們把它視為對我們而言的策略性機會。我們喜歡今年年初所建立的動能，而且我們看到很多機會，無論是在美國，尤其是在全球各地，都能在外食領域持續提升市占。

And we've got one of the greatest away-from-home brands in Heinz and we can do a lot more in leaning in to Heinz. And not just in catch-up. Heinz has been successful in mayonnaise and other spreads as well. So big opportunities for us to continue to leverage our brands, especially Heinz as we think about the away-from-home opportunity.

而且我們擁有最優秀的外食品牌之一——Heinz——我們可以在 Heinz 上做更多加碼。而且不只是番茄醬（ketchup）。Heinz 在美乃滋以及其他抹醬（spreads）也同樣成功。因此，當我們思考外食機會時，持續運用我們的品牌、尤其是 Heinz，對我們而言有很大的機會。

We've reached the end of the question-and-answer session, and this concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

我們已到達問答環節的結束，今天的電話會議到此結束。您現在可以掛斷電話線，感謝各位的參與。