卡夫亨氏 (KHC) 2026 Q2 法說會逐字稿

Greetings and welcome to the Kraft Heinz company Q2 2026 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 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Anne-Marie Megela. Thank you. You may begin.

現在我很榮幸為各位介紹本次會議主持人 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 second quarter 2026 business update. During today's call, we may make forward-looking statements regarding our expectations for the future.

謝謝，也感謝各位今天加入我們。歡迎來到我們 2026 年第二季業務更新的問答環節。在今天的電話會議中，我們可能會就對未來的預期發表前瞻性陳述。

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.

這些陳述係基於我們目前的觀點，實際結果可能因風險與不確定性而出現重大差異。有關這些風險與不確定性的更多資訊，請參閱今日的財報新聞稿以及我們最近向 SEC 提交文件中所載的警示性聲明與風險因素。

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。請參閱今日的財報新聞稿以及我們網站上提供的非 GAAP 資訊，以了解我們的非 GAAP 財務衡量指標，以及與可比較 GAAP 財務衡量指標之間的調節。

Joining me today to answer your questions is our Chief Executive Officer, Steve Cahillane, and our Chief Financial Officer, Andre Maciel.

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。

Operator, please open the call for the first question.

接線員，請開放第一個提問。

And as we conduct the question-and-answer session. (Operator Instructions)

在我們進行問答環節時。(接線員指示)

Andrew Lazar, Barclays.

Andrew Lazar，巴克萊。

Great. Thanks so much. It's encouraging to see some of the incremental investments starting to pay off. I know much can still change by the time we get to 2027. In the prepared remarks, you mentioned expected inflation next year in a 4% to 5% range and that Kraft will try and offset as much as possible through incremental productivity.

太好了。非常感謝。看到一些增量投資開始帶來成效，令人鼓舞。我知道到 2027 年之前仍可能有很多變化。在事先準備的發言中，你們提到明年預期通膨約在 4% 到 5% 的區間，且卡夫將嘗試透過額外的生產力提升來盡可能抵消。

I know you had mentioned previously that '26 would also be the margin trough year. So I'm trying to get a sense of whether we should read that inflation commentary for next year, maybe is implying that perhaps this year won't be the margin trough.

我知道你們之前也提過 2026 年會是毛利率的谷底年。所以我想了解，對明年通膨的評論是否暗示今年可能不會是毛利率的谷底。

And I guess some of the incremental investment now planned for next -- for the second half of this year will also have to wrap in the first half of next year, too. So I'm just trying to get a sense of how we should sort of read the commentary about next year in the prepared remarks?

另外，我想目前規劃在今年下半年進行的一些增量投資，也會延續到明年上半年。所以我想請教，我們應該如何解讀事先準備發言中關於明年的評論？

Andrew, this is Steve. Thanks for the question. I think what we were trying to get across in those comments was that despite the macroeconomic uncertainty, despite all the challenges that we're facing, that the inflation outlook for next year is not anything that we're fearful of. In fact, we can absolutely manage it.

Andrew，我是 Steve。謝謝你的問題。我想我們在那些評論中想傳達的是：儘管宏觀經濟存在不確定性、儘管我們面臨各種挑戰，但對於明年的通膨展望，我們並不感到擔憂。事實上，我們絕對有能力加以管理。

But as always, our first line of defense is productivity. If we could cover all of the inflation with productivity, we would do that. But we are looking to maintain and strengthen our margins over time.

但一如往常，我們的第一道防線是生產力。如果我們能用生產力完全覆蓋所有通膨，我們就會這麼做。不過，我們也希望隨時間維持並強化我們的利潤率。

So that's the way we're looking at it. It's a manageable year next year despite all of that. We like the way we've set ourselves up. It's more than halfway through the year with this incremental investment coming in. We like the setup. We like the momentum, and we like the way we're setting ourselves up for 2027, including on the COGS line.

所以我們是這樣看待的。即便有上述因素，明年仍是可控的一年。我們很喜歡目前的布局。今年已過半，這些增量投資也正在到位。我們喜歡這樣的布局。我們喜歡這股動能，也喜歡我們為 2027 年所做的準備，包括在 COGS（銷貨成本）項目上。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Hey, good morning, Steve. Andre, thanks for the question. I wanted to ask a little bit about just the consumption rates. I know there's a bit of noise with the inventory pull forward in Q2 that's also kind of disrupting Q3.

嗨，早安，Steve。Andre，謝謝讓我提問。我想問一下關於消費（出貨/終端需求）速度的情況。我知道第二季有一些因庫存提前拉貨而產生的雜訊，也在某種程度上干擾了第三季。

But I think if I back all that out, your consumption was something like down 2% in the second quarter. I think the 3Q guidance implies it improves to something like down 1% in 3Q. So I just want to make sure I understand that cadence correctly.

但如果我把這些因素都剔除，你們第二季的消費大概是下滑 2% 左右。我認為第三季指引暗示會改善到大約下滑 1% 左右。所以我想確認我對這個節奏的理解是否正確。

And then maybe just as a follow-up, like what that says about how you feel about the exit rate on the year from consumption? So are we going from this down 2% to down 1% to something improved in Q4? I know there's comparables to think about. So there's a lot in there, but maybe you can just speak to the consumption more broadly and the cadence over the balance of the year.

另外作為追問，這對你們看待全年消費的年末退出速度有何意涵？也就是說，我們是否會從下滑 2% 到下滑 1%，然後在第四季進一步改善？我知道還要考慮可比基期。裡面因素很多，但也許你們可以更廣泛地談談消費，以及今年剩餘期間的節奏。

Yeah, thanks for the question, Pete. I'll start and Andre can certainly fill in. But you're reading it right. We had obviously first quarter that was flattered by Easter, second quarter that reversed. We had snowstorms that we tried to adjust for in the first quarter as well. But by and large, the consumption rate is improving.

好的，謝謝你的問題，Pete。我先回答，Andre 也可以補充。你的解讀是對的。第一季顯然受到復活節因素而被抬高，第二季則出現反轉。第一季我們也有暴風雪影響，並嘗試做了調整。但整體而言，消費速度正在改善。

And the amount of our business that is maintaining or holding share is also improving. And we're seeing real green shoots in part of our Taste Elevation portfolio, certainly in Capri Sun, even in Mac & Cheese in terms of consumption rates.

而且我們業務中維持或守住市占的比例也在提升。我們在 Taste Elevation 產品組合的部分品類也看到真正的回暖跡象，尤其是 Capri Sun，甚至是 Mac & Cheese 在消費速度方面也是如此。

And so we hope to exit the year with the best consumption rates in the fourth quarter and enter 2027 with real momentum. Now it's too early to give guidance, obviously, and talk about 2027, but you're reading the consumption puts and takes exactly right.

因此，我們希望在第四季以全年最佳的消費速度作結，並帶著真正的動能進入 2027 年。當然現在還太早提供指引並談 2027 年，但你對消費的增減因素解讀得完全正確。

And the momentum is growing. Nobody is doing a victory lap that we're declining less than we anticipated, but it is moving in the right direction, and that's what gives us the confidence to invest even more to double down on improving consumption and improve on our share performance.

而且動能正在增強。沒有人會因為我們的下滑幅度小於預期就自滿，但方向確實在改善，這也讓我們更有信心加大投資、加碼推動消費改善，並提升我們的市占表現。

I think just to complement, Peter, I think directionally, you are right in Q2, with about 2.5% decline on the consumption. As we are ramping up -- starting to ramp up investments at the end of Q2 and now we're going to be a lot more intense in the second half. We do expect a gradual step-up.

我想補充一下，Peter，就方向而言，你對第二季的判讀是正確的，消費約下滑 2.5%。隨著我們在第二季末開始逐步加大投資，而下半年會更為強力。我們確實預期會逐步回升。

I don't want to set up an expectation about the specific sellout we're going to be in Q3 and Q4, but we should expect an improvement in Q3 and then a further sequential improvement in Q4. July, just to put in perspective, we were about minus 1%. So there is already an improvement that we observed in July and the market share, even more important.

我不想對我們在第三季與第四季的具體銷售出貨（sellout）表現設定預期，但我們應該預期第三季會有所改善，然後第四季會再進一步呈現連續改善。以7月來說，僅供參考，我們大約是負1%。所以我們在7月已經觀察到改善，而更重要的是市占率。

We were in the first half, we lost 30 bps, which is, in a way, is good because we go back to the historical levels. Remember that in 2025, at some point, we're losing 90 bps of market share at the beginning of the year. So it's a very significant improvement. Look at the most recent weeks, we are now 20 bps, even a little bit better. So it's good to see that things are moving in the right direction.

我們在上半年市占下滑30個基點（bps），某種程度上這是好事，因為我們回到歷史水準。請記得在2025年，年初某個時點我們市占下滑了90個基點。所以這是非常顯著的改善。看最近幾週，我們現在是20個基點，甚至還更好一點。所以很高興看到事情正朝正確方向發展。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

Great. Actually, I want to kind of follow up on that and just get a better sense of how you're thinking about the market share progression? Because as you say, Andre, down 30 bps in the first half, certainly improved versus where we were in '25. But if I compare kind of where you were coming out of the first quarter, it looks like there wasn't a whole lot of progress made in the second quarter. And certainly, percentage of WIN BIG gaining or holding share went down, especially versus the March exit rates that you shared coming out of 1Q.

很好。其實我想就此追問一下，更清楚了解你們如何看待市占率的走勢？因為如你所說，Andre，上半年下滑30個基點，確實比我們在2025年的情況有所改善。但如果我比較你們第一季結束時的狀況，看起來第二季並沒有取得太多進展。而且，WIN BIG（大贏）中市占增加或持平的比例下降了，特別是相較於你們在第一季財報電話會議後分享的3月退出（exit）水準。

So just maybe a little bit more perspective on how you're seeing progression. And then as we look to the back half, if there are specific pockets of the business where you expect to see the most traction that we should look for as specific proof points, that would be helpful to be able to highlight.

所以也許請再多提供一些你們如何看待走勢演進的觀點。另外，展望下半年，如果有特定業務板塊你們預期會看到最明顯的拉動（traction），我們可以把它當作具體的佐證點來觀察並加以強調，那會很有幫助。

And you are correct. The share trend Q2 and Q1 is similar. And if you remember the last earnings call, we already anticipated that. We said that we do not expect in part because, as we said, we built into the year 100 bps headwind from SNAP and part of that would be a share pressure. So in a way, it's good that we were able to offset that share pressure coming out of SNAP because we are seeing the SNAP headwinds, and we were able to protect the share as we anticipated.

你說得沒錯。第二季與第一季的市占趨勢相近。而且如果你記得上次的財報電話會議，我們其實已經預期會是如此。我們說過，我們不預期（市占）會改善，部分原因是如我們所說，我們在年度規劃中納入了來自SNAP的100個基點逆風，其中一部分會形成市占壓力。所以某種程度上，從SNAP帶來的市占壓力中我們能夠抵消，這是好事，因為我們確實看到了SNAP的逆風，而我們也如預期般守住了市占。

Now as the investments ramp up and have all the innovations that we put in market getting traction, you saw in prepared remarks, I think there is very encouraging early signs coming out of Capri Sun Hydrate, out of the PowerMac & Cheese, out of Ore-Ida Shapes. So there's good momentum there. And I think that's also contributing for the share improvement we are seeing.

現在隨著投資加速、以及我們投放到市場的各項創新開始取得拉動，你在準備好的發言中也看到，我認為有一些非常令人鼓舞的早期訊號，來自Capri Sun Hydrate、PowerMac & Cheese，以及Ore-Ida Shapes。所以那裡有不錯的動能。我認為這也在促成我們看到的市占改善。

So you should expect Mac & Cheese to continue to improve. We should expect Taste Elevation in general to continue to improve from where we are right now. We should expect momentum on the desserts business. We should expect cold cuts to start to improve the trends given now that we're going to lap the decline that started in July last year. So all those things would be signs of progress.

因此你應該預期Mac & Cheese會持續改善。你也應該預期整體的Taste Elevation會從目前水準持續改善。你應該預期甜點業務的動能。你應該預期冷切肉（cold cuts）的趨勢會開始改善，因為我們即將跨過（lap）去年7月開始的下滑基期。所以這些都會是進展的訊號。

And if I just build on that, and Andre mentioned this, if you look at the last four weeks, we are seeing proof of that. So we're seeing that. And only a third of our incremental first $600 million has been spent. So we still have a lot in market to go, including the additional $100 million that we announced this morning.

再補充一下，Andre也提到，如果你看最近四週，我們正在看到這些的佐證。所以我們確實看到了。而且我們新增的第一筆6億美元中，只花了三分之一。所以我們還有很多市場端的動作要推進，包括我們今天早上宣布的額外1億美元。

Yeah. Okay. Very good. Thanks for that context. Appreciate it.

是的。好的。非常好。謝謝這些背景說明。感謝。

Scott Marks, Jefferies.

Scott Marks，Jefferies。

I wanted to just dive in a little bit on the meats and meals side of the business. That's one area where you specifically called out plenty of work to do, talked about the targeted actions. Just wondering if you can kind of help us understand how you're approaching those actions and what we can expect in terms of timing for the improvements beyond just the lapping dynamic that you mentioned. Thanks very much.

我想稍微深入談一下肉品與餐食（meats and meals）這一塊業務。這是你們特別點名還有很多工作要做的領域，也談到一些有針對性的行動。我想請問你們能否幫助我們理解你們如何推進這些行動，以及除了你提到的跨基期（lapping）因素之外，我們在改善的時點上可以期待什麼？非常感謝。

So I'll start, and again, Andre can build on it. One of the biggest issues that we've had are with our Oscar Mayer brand and specifically in Deli Fresh. We have new packaging, which is almost now completely in the market, and we're seeing better performance based on that. And some of that has to do with lapping the big declines that we saw.

我先開始，然後Andre也可以補充。我們遇到的最大問題之一是在Oscar Mayer品牌，特別是在Deli Fresh。我們推出了新包裝，現在幾乎已經全面鋪到市場，我們也看到基於此帶來更好的表現。其中一部分也與我們跨過之前看到的大幅下滑基期有關。

So we know we have work to do clearly on the Oscar Mayer front, but the new packaging is in place and early signs are encouraging. And we want to plug that leaky bucket for sure.

所以我們知道在Oscar Mayer方面顯然還有工作要做，但新包裝已經到位，早期訊號令人鼓舞。我們當然希望把這個漏水的桶補起來。

On bacon and hotdogs, better performances, better -- much better than Deli Fresh. So it's really isolated around Deli Fresh. Lunchables, we've also had some innovations coming in the market, Lunchables Snackables. We made some product improvements in Lunchables as well, which is showing early encouraging signs as well.

在培根與熱狗方面，表現更好——比Deli Fresh好很多。所以問題其實主要集中在Deli Fresh。Lunchables方面，我們也有一些創新產品進入市場，例如Lunchables Snackables。我們也對Lunchables做了一些產品改良，目前也顯示出令人鼓舞的早期訊號。

And you mentioned meals. So Mac & Cheese, obviously, we already mentioned, is showing improved consumption -- significant improved consumption. And PowerMac is -- continues to be off to a good start. I think we mentioned on the last call, terrific distribution, 35,000 stores out there with PowerMac and its consumption is in the first quartile of innovation. So feeling very good about that.

你也提到餐食（meals）。所以Mac & Cheese，顯然我們已經提過，消費量（consumption）正在改善——而且是顯著改善。而PowerMac——持續有一個很好的開局。我想我們在上次電話會議提到，通路鋪貨非常出色，PowerMac已進入3.5萬家門市，其消費表現位於創新產品的第一四分位（top quartile）。所以我們對此感覺非常好。

And the early read is it is very, very incremental to us and to the category. So retailers have been quite pleased with that. So all in, work to do, but progress being made.

而早期讀數顯示，這對我們以及對整個品類都是非常、非常增量的。所以零售商對此相當滿意。總體而言，仍有工作要做，但正在取得進展。

Appreciate it.

感謝。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Just was wondering if you could help us understand a little bit of what's working and between some of the product investments, the price investments, the marketing, what are you seeing the most effective that's running ahead of your expectations? How much can you transfer it across brands and categories? And how does it inform how you deploy the incremental $100 million?

我想請問你們是否能幫助我們更了解哪些做法正在奏效：在產品投資、價格投資、行銷之間，你們看到最有效、且超出你們預期的是哪些？你們能在多大程度上把這些做法移植到不同品牌與品類？以及這如何影響你們部署新增的1億美元？

Yes, I see it's working virtually everywhere we're putting it. And so condiments is probably the first area where we've seen really marked improvement. Heinz is back to growth as it should be, strong growth -- strong consumption growth, which is terrific. So across the board in the US, we're seeing better performance.

是的，我看到我們幾乎在所有投放的地方都在發揮作用。因此，調味品大概是我們看到最明顯改善的第一個領域。亨氏已如其應有地重回成長，成長強勁——消費量成長強勁，這非常棒。所以在美國各地，我們都看到表現更好。

We haven't even mentioned though, emerging markets and what's happening there. Emerging markets had a terrific quarter. Heinz is up 12% in the quarter in emerging markets, driven by distribution and consumption. And so if you look at the totality of our portfolio, we've said the investment is largely in the U.S. to turn around the US business. We're seeing early green shoots on that.

不過我們甚至還沒提到新興市場以及那裡正在發生的事。新興市場本季表現非常出色。亨氏在新興市場本季成長12%，由通路鋪貨與消費帶動。因此，如果你看我們整體的產品組合，我們一直說投資主要是在美國，用來扭轉美國業務。我們在那方面已看到初步的正向跡象。

But the rest of the portfolio is performing well in emerging markets, as I already mentioned, and global Away From Home is back to growth as well. That's a very strategic channel for us, one that we were not performing well in last year, and we're performing well now. And so we're investing there in product, in customer and in distribution, and it's paying off.

但如我先前提到的，產品組合的其他部分在新興市場表現良好，而全球的 Away From Home（外食/餐飲通路）也重新回到成長。那對我們而言是非常具策略性的通路；去年我們在那裡表現不佳，但現在表現良好。因此我們在產品、客戶與通路上加大投資，而且正在見到成效。

And just a couple of quick complements. Heinz is really having a very strong year. Worldwide, we grew 3% year-to-date and with the expectation to accelerate from where we are right now. Condiments in the US, which last year was flat, and that's one of the places where we started the step-up investments in the second half of last year. Condiments in total in the US is also growing 3% year-to-date, which is very good. And again, with prospects to continue to improve.

再補充幾點。亨氏今年的確非常強勁。在全球範圍內，我們年初至今成長3%，並預期會在目前基礎上加速。美國的調味品去年持平，而那也是我們在去年下半年開始加碼投資的領域之一。美國調味品整體年初至今也成長3%，這非常好。而且同樣地，未來仍有持續改善的前景。

Okay, great. Thanks so much.

好的，很棒。非常感謝。

Tom Palmer, JP Morgan.

JP Morgan 的 Tom Palmer。

Good morning, and thanks for the question. I wanted to follow up a little bit on Andrew's question on 2027 and maybe focus it a bit more on the investment side. You noted earlier in the call that only around a third of the spend had kind of stepped up in the first half of the year. So I think that would imply like a $200 million step-up, $500 million then comes in the back half of the year. One, any help on kind of how much of that step-up comes in 3Q versus 4Q?

早安，謝謝讓我提問。我想延續一下 Andrew 關於 2027 年的問題，並把焦點更放在投資面。你們先前在電話會議中提到，今年上半年大約只有三分之一的支出算是已經加碼。所以我理解這可能意味著上半年約加碼 2 億美元，而下半年會有 5 億美元在後半年度投入。第一個問題是：這些加碼在第三季與第四季之間，大概各占多少？

And then when we start thinking about next year, is a reasonable starting point looking at kind of the 4Q run rate and then extrapolating what that would imply for kind of the step-up next year? Or are there more meaningful considerations on top of that?

另外，當我們開始思考明年時，一個合理的起點是否是看第四季的 run rate（運行水準），再外推明年加碼幅度會是什麼樣子？還是說在此之上還有更重要的考量？

Yeah. Again, I'll start. I think you should think about the third quarter and the fourth quarter being broadly even in terms of how we spend that money. And then as you think about 2027, again, too early to give guidance, but you should think about not necessarily a fourth quarter run rate, but think about 2026 being the base year in terms of getting the investment level right.

是的。我再先回答。我認為你可以把第三季與第四季在資金支出節奏上視為大致相當。至於你在思考 2027 年時，同樣地，現在還太早提供指引；但你不應該只看第四季的 run rate，而是把 2026 年視為把投資水準調整到位的基準年度。

And we mentioned this in the prepared remarks, but I would like to underscore that we're spending the additional $100 million because we can from a position of strength. And if you're a shareowner, would you rather we spend too much or too little? And it's not an exactly precise science, but we felt $600 million was the right number, a very good number and a strong number.

我們在事先準備的講稿中提過，但我想再次強調：我們之所以額外多花 1 億美元，是因為我們有能力、而且是站在強勢的基礎上這麼做。如果你是股東，你會希望我們花太多，還是花太少？這並不是一門完全精準的科學，但我們認為 6 億美元是正確的數字，是非常好的數字，也是很有力的數字。

The fact that we can add $100 million to it really helps us think about 2027 being the year that we've got it really right with a very strong marketing spend in order to drive our volume-led sustainable share type growth.

而我們能在此基礎上再加 1 億美元，確實有助於我們把 2027 年視為真正把事情做對的一年——以非常強的行銷支出，來推動以銷量帶動、可持續的市占成長。

And so we like the way we're setting ourselves up for 2027. When we get to the fourth quarter results, we'll obviously give guidance against that. But I like where we are, and I think we're in a differentiated position versus some of our peers in terms of the investments that we're making and the momentum that we're starting to build.

因此我們喜歡目前為 2027 年所做的布局。等到我們公布第四季結果時，當然會就此提供指引。但我喜歡我們現在的位置；而且就我們正在進行的投資與開始建立的動能而言，我認為相較部分同業，我們處於一個差異化的位置。

And just to be crystal clear, like we do not expect any wraparound of investments into next year. So this '26 is the base.

另外要非常清楚地說：我們不預期今年的投資會有任何結轉到明年。所以 2026 年就是基準。

Thank you.

謝謝。

David Palmer, Evercore ISI.

Evercore ISI 的 David Palmer。

From a category and brand perspective, I wonder, is the best ROI on spending the brands you highlighted in the slides, Capri Sun, Heinz, Ore-Ida, Mac & Cheese and Philly, those are getting the majority of incremental gross spending. If those are the highest ROI, why do you think that is?

從品類與品牌的角度來看，我想問：在你們投放支出上，最佳的投資報酬率（ROI）是否來自你們投影片中強調的那些品牌——Capri Sun、Heinz、Ore-Ida、Mac & Cheese 和 Philly——而它們拿到了大部分的新增毛額支出？如果它們的 ROI 最高，你認為原因是什麼？

I can imagine some of it is the category responsiveness from a top line perspective and some of it's the incremental margins of the category.

我可以想像其中一部分來自品類在營收端的反應度，另一部分則來自該品類的增量毛利。

But also, I would imagine a lot of this comes down to your own readiness with ideas and innovation and the marketing messages. So any color on why those guys -- those particular brands are getting the incremental spend would be interesting to hear.

但我也想像，很多也取決於你們自身在點子與創新、以及行銷訊息上的準備程度。所以，能否多分享一些為什麼是這些——這些特定品牌獲得新增投放，會很有意思。

Thanks for the question, and I think you already answered. So it is a combination of all of that, right? Those categories that were highlighted, they do have very strong brand equity. They do typically have very high gross margins, pretty much all of them. We did start earlier. Last year, if you remember, the first place where we started to step up investments in headcount, innovation, marketing was Taste Elevation. That's why you see those plans already coming to fruition in a stronger way.

謝謝你的問題，我想你其實已經回答了。所以確實是以上因素的綜合，對吧？那些被點名的品類，品牌資產非常強。而且它們通常都有很高的毛利率，幾乎全部都是。我們也更早開始布局。如果你記得，去年我們最先開始在員額、創新與行銷上加碼投資的領域是 Taste Elevation。這也是為什麼你現在看到那些計畫以更強的方式開始開花結果。

And we said in the earnings call, I believe, in February that some of these other categories, we were catching up. And that's part of where the incremental headcount investments and marketing and R&D were for us to be able to build bolder plans. And that's why we're starting to see some of those starting right now, but even more strongly towards the end of the year and into next year. So you're right.

我記得我們在二月的法說會上提到，其他一些品類我們正在追趕進度。而這也是我們新增員額投資、行銷與研發投入的一部分目的，讓我們能夠打造更大膽的計畫。因此我們現在開始看到其中一些正在啟動，但在今年年底以及明年會更為明顯。所以你說得沒錯。

Yes. And I guess if I had to have a follow-up, it's really a follow-up not just on that one, but some of the other questions as well because I think your -- the incremental spend is $500 million or so versus $200 million so far or a third of the $600 million. So if you're going to be doing that sort of spending and that $0.5 billion works, I wonder how much you would try to keep the flywheel going into next year and make that $1 billion or more if you just keep that run rate. How should we think about how you're thinking about that and those decisions on incremental spend in '27?

是的。我想如果我需要再追問一下，這其實不只是針對那一題，而是也關於其他一些問題，因為我認為你們——增量支出大約是5億美元，相較於目前約2億美元，或是6億美元的三分之一。所以如果你們要做這種程度的支出，而且這0.5十億美元奏效，我想知道你們會在多大程度上試圖在明年延續這個飛輪效應；如果只是維持這個支出速度，是否會做到10億美元或更多。我們應該如何理解你們對此的思考，以及在'27年對增量支出的這些決策？

Yes, you should think about 2026 being the year where we got our base right. And the incremental $100 million just gives us that much more confidence that we've got the right amount of investment behind our brands, and we'll continue to turn our attention to getting the maximum ROI from those investments.

是的，你應該把2026年視為我們把基礎打對的一年。而額外的1億美元增量，只是讓我們更有信心：我們在品牌背後投入了適當的投資規模，並且我們會持續把注意力放在從這些投資中取得最大的投資報酬率（ROI）。

And we'll always be dynamic in the way we think about allocating that investment as we go forward. But we feel like this has given us a great opportunity being ahead of plan to put the incremental $100 million in to just bolster our confidence that we've got the right amount of investment behind our brands to win in 2027.

而且在往前走的過程中，我們在思考如何配置這些投資時，會一直保持動態調整。但我們覺得，因為進度超前於計畫，投入額外的1億美元，確實給了我們一個很好的機會，來強化我們的信心：我們在品牌背後有適當的投資規模，能在2027年勝出。

I think having all these investments in the base now in '26 gives the optionality next year. If you need to dial up marketing and do a little less in price or if you need to do more product and less marketing, I think we have the flexibility, but I think we're going to have a very solid base to invest. And I don't want it to go unnoticed. We show in prepared remarks that at the same time, we continue to work on ROI. So we saw progress in both marketing and promotional ROIs year-to-date, which is also good.

我認為在'26年把這些投資都放進基礎裡，讓明年有更多選擇性。如果你需要加大行銷、在價格上少做一點；或如果你需要多做產品、少做行銷，我認為我們有這樣的彈性，但我覺得我們會有一個非常扎實的投資基礎。而且我不希望這點被忽略。我們在事先準備的發言中也提到，同時我們持續在ROI上努力。所以截至目前為止，我們在行銷與促銷的ROI都看到進展，這也很好。

Chris Carey, Wells Fargo.

Chris Carey，富國銀行（Wells Fargo）。

Hi, everyone. I certainly don't want to belabor the investment point, but maybe just one final follow-up here. It's -- there's like this dynamic where you've made the decision to increase investment because you're running ahead of plan, which is certainly a great thing. As we mature in this strategy, ultimately, you're going to want to get back to organic sales growth, I would imagine.

大家好。我當然不想在投資這點上反覆著墨，但也許最後再追問一次。這裡有一種動態：你們因為進度超前於計畫而決定增加投資，這當然是件好事。隨著我們在這個策略上逐漸成熟，我想你們最終會希望回到有機銷售成長。

And so what if organic sales trails for longer than expected? Would you lean in more? Or is this more about making sure that your market shares are back to healthy levels? And then, of course, the categories will always do what they do. So just that context between top line evolution versus getting your market shares back to a good place, which I think was a core premise of the initial investment.

那如果有機銷售比預期更久都落後呢？你們會更積極加碼嗎？或者這更像是要確保你們的市占率回到健康水準？當然，各個品類總會有它們自己的表現。所以想請你談談：營收（top line）的演進，與把市占率拉回到良好位置之間的脈絡；我認為這也是最初投資的一個核心前提。

And then just as a kind of second question, that would be more of a follow-up. You've got better momentum in the business, Steve. You've been there for a bit now, getting your arms wrapped around the business. Does a bit better underlying momentum give you more ability to consider portfolio reshaping?

然後作為第二個問題，也算是延伸追問。Steve，你們的業務動能更好了。你到任也有一段時間了，逐步掌握整個業務。更好的基本面動能，是否讓你更有能力去考慮調整投資組合（portfolio reshaping）？

Clearly, there's been headlines in recent quarters and years about potential avenues for portfolio reshaping. Does this better trend line give you a line of sight into maybe being a bit more proactive about making those decisions that are going to put you in a good place for the longer term? Thanks.

很明顯，近幾季與近幾年都有一些關於可能進行投資組合調整途徑的新聞標題。這條更好的趨勢線，是否讓你能看得更清楚，或許可以更主動地做出那些能讓你們在長期處於良好位置的決策？謝謝。

Yes. So on the first one, I'd just reiterate that we have increasing confidence that we're doing the right thing to drive better share performance and better organic sales growth. I feel very confident about that, that we're doing the right things. And with the investment announced today, again, just bolsters our confidence.

是的。關於第一點，我只想重申：我們越來越有信心，我們正在做正確的事，以推動更好的市占表現與更好的有機銷售成長。我對此非常有信心，我們正在做正確的事情。而今天宣布的投資，再次強化了我們的信心。

In terms of the second question, I think you're always wanting to operate from a position of momentum and strength, and we'll always continue to look at what's right for our shareowners as we think about our portfolio. So we're very comfortable in looking at the portfolio. And if the right opportunities come to make moves that add shareowner value, we'll absolutely be in a place to do that.

至於第二個問題，我認為你總是希望在有動能與強勢的狀態下營運；而在思考我們的投資組合時，我們也會持續檢視什麼對股東最合適。所以我們非常樂於檢視投資組合。如果出現合適的機會、能採取行動以提升股東價值，我們絕對會處於可以這麼做的位置。

And I just want to add a comment that's not directly linked to your question, but I think it's worth mentioning as well. You might -- you have noticed that at the same time that we are stepping up the investments, we also protected the cash flow. So we increased cash conversion expectation for the year.

我還想補充一點，雖然不直接連結到你的問題，但我覺得也值得一提。你可能——你已經注意到，在我們加大投資的同時，我們也保護了現金流。因此我們提高了今年的現金轉換（cash conversion）預期。

So free cash flow is the same dollar amount essentially that we have committed at the beginning of the year. That's -- we keep a close eye on the free cash flow. Our balance sheet remains very strong. You have seen that we have paid down $1.9 billion of debt in the quarter.

所以自由現金流基本上仍是我們在年初承諾的同一個金額。也就是——我們會密切關注自由現金流。我們的資產負債表依然非常強健。你也看到我們在本季償還了19億美元的債務。

After the quarter closed, we also paid another $1 billion in 2027. We did a very successful refinancing of an expensive debt maturity that we have also that was very successful. So it is great for us to be in a position to step up the investments, get those returns, position the company for growth while at the same time, preserving a very strong balance sheet and cash flow.

在季度結束後，我們也在2027年又償還了另外10億美元。我們也針對一筆成本較高、即將到期的債務做了非常成功的再融資，結果非常理想。因此，對我們而言，能在加大投資、取得回報、為公司成長定位的同時，也維持非常強健的資產負債表與現金流，這是很棒的。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Thanks for the question.

謝謝你的提問。

Andre, I just want to make sure I understand the guidance range, like what's in the low end and what's in the high end, because it sounds from the tone here that you're pretty confident that things will keep accelerating from a sales perspective in third and fourth quarter.

Andre，我只是想確認我理解你們的指引區間：低端包含了什麼、高端包含了什麼。因為從你們這裡的語氣聽起來，你們對第三季與第四季在銷售面持續加速相當有信心。

But if I just go to the midpoint of the guidance, the total organization would have weaker sales growth in the second half than the first half just at the midpoint. So just to be consistent with the tone, it sounds like you have more confidence in the high end than the low end. So just -- do I interpret that correctly?

但如果我只看指引的中點，整個組織在下半年的銷售成長會比上半年更弱——至少在中點是這樣。所以為了與語氣一致，聽起來你們對高端的信心比對低端更高。所以——我這樣解讀正確嗎？

So first, on the tone, yes, I think you are hearing confidence, and I think we are stepping up investments because we are seeing early signs of traction. We do feel good about emerging markets, and we believe our ability to continue to accelerate the growth from where we are, Away From Home back to growth, we believe this might be sustainable.

首先，關於語氣，是的，我想你聽到的是信心；而我們之所以加大投資，是因為我們看到了一些早期的進展跡象。我們對新興市場感覺良好，而且我們相信我們有能力在目前的基礎上持續加速成長；「外食/外出通路」（Away From Home）回到成長，我們相信這可能是可持續的。

And on the US Retail, we already talked about the places that we still have work to do in the places of strength. Industry is still a bit volatile, right? So the industry, if you normalize by cost inflation and tariff-related inflation, the industry is still soft. So that's always a point of pause for us. So that's why what we've been focusing a lot in the US in particular is the share improvement. And the industry, we believe over time, will go back to where it was.

至於美國零售端，我們已經談過，在我們的優勢領域裡，仍有一些地方需要再努力。產業仍然有點波動，對吧？所以就產業而言，如果把成本通膨與關稅相關通膨的影響正常化，產業仍然偏疲弱。所以這一直是我們會暫停觀望的一點。因此，我們在美國特別著重的，是市占率的提升。而我們相信，隨著時間推移，產業會回到原本的水準。

Now in terms of the guidance, you are totally correct. At the midpoint, the second half implies worse performance than the first half. However, remember that we did have in Q1 a relevant benefit related to snowstorms that in the first half represents about 0.7 percentage-points, and we did have 0.8 in the second quarter that is shipment phasing into Q3.

至於指引方面，你完全正確。以中位數來看，下半年意味著表現會比上半年更差。不過請記得，我們在第一季確實有一項與暴風雪相關的顯著利多，折算到上半年約為0.7個百分點；而第二季也有0.8個百分點，是出貨時點遞延到第三季。

So if you normalize those two effects, we're actually improving the performance -- the underlying performance in the second half compared to the first half, approximately 70, 80 bps, but you are right.

所以如果把這兩個效應正常化，其實我們下半年的表現——也就是基本面表現——相較上半年是在改善的，大約70到80個基點，但你說得沒錯。

Okay, thanks for the math, appreciate it.

好的，謝謝你幫忙算數，感謝。

Leah Jordan, Goldman Sachs.

Leah Jordan，高盛。

Hi, good morning. Thank you for taking our question. So I understand that more of your investments are still expected to ramp from here. But curious where you've already made investments on the pricing side so far. How do you view your price gaps?

嗨，早安。謝謝你們回答我們的問題。我理解你們預期接下來還會有更多投資逐步加速。但我想了解的是，到目前為止你們在定價面已經做了哪些投資？你們如何看待你們的價差？

What are you seeing in terms of any competitive response? And then ultimately, how are you thinking about maintaining the right gaps in the back half as we're also hearing retailers have recently stepped up price investments in their own private label and have plans to do even more in the back half? So risk that those gaps could widen.

你們看到競爭對手有任何回應嗎？最後，當我們也聽到零售商最近加大了對自有品牌的價格投資，並計畫在下半年做得更多時，你們如何思考在下半年維持適當的價差？因此存在價差可能擴大的風險。

And that's really incremental versus what you initially -- versus when you initially laid out your plan. So how are you thinking about maintaining that with that change in the marketplace? Thank you.

而這相較於你們最初——相較於你們一開始提出計畫時——確實是新增的變數。所以面對市場環境的這個變化，你們如何思考維持價差？謝謝。

Yes. So, I'll start, and Andre can certainly fill in. We feel very good about the investments in price that we've made, and we've been very surgical. So it hasn't been just base price adjustments. It's been maintaining distribution. It's been opening price points. It's been price package architecture. It's been making sure that our gaps to private label and competitors are appropriate. And so we've done all that, and I think we've done it effectively.

是的。我先回答，Andre 也可以再補充。我們對目前已做的價格投資感到非常有信心，而且我們做得非常精準、很有針對性。所以不只是單純調整基本售價。也包括維持鋪貨/通路覆蓋。也包括開出入門價位帶。也包括價格與包裝架構（price package architecture）。也包括確保我們相對於自有品牌與競品的價差是適當的。因此這些我們都做了，而且我認為我們做得很有效。

The incremental $100 million that we announced this morning is going to be almost entirely in marketing because we feel like we've done the right thing on price, even given some of the commentary that you just made about what the future may hold.

我們今天早上宣布新增的1億美元，幾乎會全部投入行銷，因為我們覺得在價格上已經做了正確的事，即便如你剛才所說，未來可能還會有一些變化。

So we feel like we've made the right investments in terms of that surgical pricing that we've done, and it gives us the confidence to spend the $100 million in incremental marketing against our brands in the back half of the year.

所以我們認為，就我們所做的那種精準定價投資而言，我們已經投資到位，這也讓我們有信心在今年下半年，針對我們的品牌再額外投入1億美元的行銷。

Very helpful. Thank you.

非常有幫助。謝謝。

Operator, we have time for one more question.

接線員，我們還有時間再問最後一題。

Rob Dickerson, US Bancorp, BTIG.

Rob Dickerson，美國合眾銀行（US Bancorp），BTIG。

Great. Thanks a lot. I think all my questions have been answered. So I'll ask maybe a fun one. Could you just talk a little bit about the Disney partnership, just kind of the magnitude of that? Is that partnership such that maybe even as soon as Q4, I would assume in '27 that we should be seeing some co-branding? And if so, where would we expect to see that?

太好了。非常感謝。我想我的問題都已經被回答了。所以我來問一個可能比較有趣的。你們能不能稍微談一下與迪士尼的合作夥伴關係，大概規模會是怎樣？這個合作是否可能最快在第四季——我猜是在2027年——我們就能看到一些聯名（co-branding）？如果是的話，我們預期會在哪些地方看到？

Yes. So we're very excited about the Disney partnership. And you think about all the things that we can do with the Walt Disney Company, the iconic characters that they have and the things that we can do in co-branding and merchandising and licensing, things that we can do to activate in their parks and their cruise lines in their hotels.

是的。我們對與迪士尼的合作非常興奮。你想想看，我們可以和華特迪士尼公司一起做的事情非常多：他們擁有的經典角色，以及我們能在聯名、商品化與授權方面做的事；還有我們能在他們的樂園、郵輪航線與飯店中進行的各種行銷啟動。

And so there is a multitude of really exciting things that we can do with Disney. They're great partners. They're brilliant marketers, and they just -- they mean so much to consumers in such a meaningful emotional way.

因此，我們能與迪士尼合作的、真正令人振奮的事情有很多。他們是很棒的合作夥伴。他們是非常出色的行銷人，而且他們——他們以非常有意義、情感連結很深的方式，對消費者而言意義重大。

So making that emotional connection with Disney in partnership is something we're really excited about. We're also really excited about the NFL partnership. So I think we're showing up in a very different way with consumers and with our retailers, and we're going to use both of those properties to really drive consumer emotional connections and something we're very excited about. So thanks for the question.

所以，透過與迪士尼的合作來建立那種情感連結，是我們非常期待的事情。我們也對與NFL的合作夥伴關係感到非常興奮。所以我認為，我們正以非常不同的方式出現在消費者與零售商面前，而我們會運用這兩項資產，真正去推動消費者的情感連結，這也是我們非常期待的。謝謝你的提問。

Thank you.

謝謝。

Thank you. And we have reached the end of the question-and-answer session. Therefore, I'll turn it back over to management for closing remarks.

謝謝。問答環節到此結束。因此，我將把時間交回管理層做結語。

Thank you, and thank you, everyone, for joining us.

謝謝，也謝謝各位今天加入我們。

Thank you. And this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation. Have a great day.

謝謝。今天的電話會議到此結束，您現在可以掛線。感謝各位的參與。祝各位有美好的一天。