可口可樂 (KO) 2025 Q2 法說會逐字稿

At this time, I would like to welcome everyone to The Coca-Cola Company's second-quarter 2025 earnings results conference call. Today's call is being recorded. (Operator Instructions)

現在，我歡迎大家參加可口可樂公司2025年第二季獲利業績電話會議。今天的通話正在錄音。（操作員指示）

I would like to remind everyone that the purpose of this conference is to talk with investors, and therefore, questions from the media will not be addressed. Media participants should contact Coca-Cola's Media Relations department if they have any questions.

我想提醒大家，這次發表會的目的是與投資人對話，因此不會回答媒體的問題。媒體參與者如有任何疑問，請聯絡可口可樂媒體關係部。

I would now like to introduce Ms. Robin Halpern, Vice President and Head of Investor Relations. Ms. Halpern, you may now begin.

現在我想介紹副總裁兼投資者關係主管 Robin Halpern 女士。哈爾彭女士，現在可以開始了。

Good morning, and thank you for joining us. I'm here with James Quincey, our Chairman and Chief Executive Officer; and John Murphy, our President and Chief Financial Officer. We've posted schedules under financial information in the Investors section of our company website. These reconcile certain non-GAAP financial measures that may be referred to this morning to results as reported under generally accepted accounting principles. You can also find schedules in the same section of our website that provide an analysis of our growth and operating margins.

早安，感謝您加入我們。今天與我一起在場的還有我們的董事長兼執行長詹姆斯昆西 (James Quincey) 和總裁兼財務長約翰墨菲 (John Murphy)。我們已在公司網站的「投資者」部分的財務資訊下發布了時間表。這些將今天上午可能提及的某些非公認會計準則財務指標與根據公認會計原則報告的結果進行協調。您也可以在我們網站的同一部分找到提供我們成長和營業利潤率分析的時間表。

This call may contain forward-looking statements, including statements concerning long-term earnings objectives, which should be considered in conjunction with cautionary statements contained in our earnings release and in the company's periodic SEC report. Following prepared remarks, we will take your questions. Please limit yourself to one question. Reenter the queue to ask any follow-ups.

本次電話會議可能包含前瞻性陳述，包括有關長期盈利目標的陳述，這些陳述應與我們的盈利報告和公司定期向美國證券交易委員會提交的報告中包含的警示性陳述一起考慮。在準備好發言之後，我們將回答您的問題。請限制自己只問一個問題。重新進入隊列詢問任何後續問題。

Now, I will turn the call over to James.

現在，我將把電話轉給詹姆斯。

Thanks, Robin, and good morning, everyone. Throughout the first half of 2025, the external environment has continued to evolve. To adapt, we stay close to the consumer, managed our growth portfolio of brands and double down on our all-weather strategy.

謝謝，羅賓，大家早安。2025年上半年，外部環境持續變化。為了適應變化，我們貼近消費者，管理成長的品牌組合，並加倍實施全天候策略。

After the first half of this year, we're on track to deliver on both our top line and updated bottom line guidance. We're confident we can navigate varying local market dynamics during the remainder of 2025 to deliver on our updated guidance.

今年上半年之後，我們預計將實現我們的營業收入和更新後的利潤預期。我們有信心在 2025 年剩餘時間內應對不同的當地市場動態，實現我們最新的指導。

This morning, I'll provide details on the operating environment and our second quarter business performance. Then I'll explain how we're pivoting our plans and building new capabilities to deliver amidst the current realities. John will end by discussing our financial results and providing further commentary on the outlook for the rest of the year.

今天上午，我將詳細介紹經營環境和我們第二季的業務表現。然後我將解釋我們如何調整計劃並建立新的能力以適應當前的現實。最後，約翰將討論我們的財務表現並對今年剩餘時間的前景提供進一步的評論。

Coming into the quarter, we expected the operating landscape to be choppy. Volume declined 1% during the quarter as we cycled a difficult comparison versus the prior year. Two-year volume trends were on track in April and May but decelerated in June in the face of adverse weather in several key markets and pockets of consumer pressure.

進入本季度，我們預計經營狀況將會不穩定。與去年相比，本季銷量下降了 1%，因為我們進行了一次艱難的比較。4 月和 5 月的兩年銷售趨勢保持正常，但由於幾個主要市場出現惡劣天氣以及部分消費者壓力，6 月銷售趨勢有所放緩。

Several markets that were weaker in the first quarter improved volumes sequentially, including the US and Europe. In these markets, the plans we've implemented are working, providing further confidence we can influence the trajectory of our results. We also delivered 5% organic revenue growth and robust margin expansion, which led to 4% comparable earnings per share growth despite currency headwinds and the higher effective tax rate.

包括美國和歐洲在內的幾個第一季表現較弱的市場銷售量均較上季成長。在這些市場中，我們實施的計劃正在發揮作用，進一步增強了我們影響績效軌跡的信心。我們還實現了 5% 的有機收入成長和強勁的利潤率擴張，儘管面臨貨幣逆風和有效稅率上升的影響，但每股盈餘仍成長了 4%。

More broadly, our industry remains resilient. During the quarter, we gained value share, which represented our 17th consecutive quarter of value share gains. Across the world, we're navigating complex dynamics across many markets by leveraging our global scale while stepping up local execution.

更廣泛地說，我們的產業仍然具有韌性。本季度，我們的價值份額有所成長，這是我們連續第 17 個季度實現價值份額成長。在全球範圍內，我們利用全球規模並加強本地執行，應對眾多市場的複雜動態。

Starting in North America. While volume improved sequentially, it declined due to the continued uncertainty and pressure on some socioeconomic segments of consumers. We continue to invest behind our brands, which led to value share gains and revenue and profit growth. Our price/mix decelerated as growth in some of our premium stills brands moderated during the quarter.

從北美開始。儘管銷售量環比有所提高，但由於消費者某些社會經濟階層持續面臨的不確定性和壓力，銷售量有所下降。我們繼續對我們的品牌進行投資，這帶來了價值份額的提升以及收入和利潤的成長。由於本季部分高端靜態飲料品牌的成長放緩，我們的價格/產品組合成長放緩。

Our granular action plans to win back consumers with contextually relevant advertising more focused value and affordability initiatives and close customer partnerships are working. Several bright spots in our total beverage portfolio include Coca-Cola Zero Sugar, Diet Coke, Fanta, fairlife, BODYARMOR and Powerade, which each grew volume. We're continuing to get good traction with our foodservice customers on both renewals and category expansion and our system is stepping up execution and earning increased share of visible inventory.

我們制定了細緻的行動計劃，透過與上下文相關的廣告、更有針對性的價值和可負擔性舉措以及密切的客戶夥伴關係來贏回消費者，這些計劃正在發揮作用。我們整個飲料產品組合中的幾個亮點包括零度可口可樂、健怡可樂、芬達、fairlife、BODYARMOR 和 Powerade，它們的銷量均有所增長。我們在續約和品類擴展方面繼續與餐飲服務客戶保持良好的合作關係，我們的系統正在加強執行並增加可見庫存的份額。

In Latin America, volume declined, but we grew organic revenue and profit. We benefited from the improving economy in Argentina and Coca-Cola Zero Sugar had strong volume growth in Brazil and Mexico.

在拉丁美洲，銷量有所下降，但我們的有機收入和利潤有所增長。我們受惠於阿根廷經濟的改善，零度可口可樂在巴西和墨西哥的銷售量強勁成長。

In Mexico, despite cycling a difficult comparison versus the prior year and navigating a more difficult start to the year, two-year volume trends improved during the quarter until uncharacteristically cold weather and a major hurricane impacted the trajectory in June. To drive transactions, we're reprioritizing investments driving affordability with refillables and premiumization with single-serve offerings and scaling connected packaging and our systems digital customer platforms.

在墨西哥，儘管與上年相比經歷了一段艱難時期，並且年初的情況也更加艱難，但兩年來的銷量趨勢在本季度有所改善，直到 6 月份異常寒冷的天氣和一場大颶風影響了銷量走勢。為了推動交易，我們正在重新調整投資優先順序，透過可再填充產品推動價格實惠，透過單一產品推動高端化，並擴大連網包裝和我們的系統數位客戶平台。

In EMEA, all three of our operating units grew volume and we also had revenue and profit growth. In Europe, volume growth was driven by both Eastern and Western markets and was partially helped by cycling an easier comparison versus the prior year. Coca-Cola Zero Sugar Sprite and Fuze Tea each grew volume.

在歐洲、中東和非洲地區，我們三個營運部門的銷售量均有所成長，收入和利潤也都有所成長。在歐洲，銷售成長受到東方和西方市場的共同推動，並且部分得益於與前一年相比更容易進行循環比較。可口可樂零度糖雪碧和Fuze Tea的銷量皆有成長。

We activated our share campaign across 38 markets in Europe and included prominent musicians and influencers. The campaign leveraged our memory maker digital tool, which allowed drinkers in some markets to share personalized means and videos with friends and family. We also tapped into Sprite Spicy Meals and [oneafanna] campaigns.

我們在歐洲 38 個市場開展了分享活動，其中包括知名音樂家和有影響力的人物。該活動利用了我們的記憶製造器數位工具，使某些市場的飲酒者可以與朋友和家人分享個人化的方式和影片。我們也利用了雪碧辣味餐點和[oneafanna]活動。

In Eurasia and Middle East despite multiple conflicts in the region during the quarter, we grew volume and on value share. We're leveraging our learnings to emphasize the localness of our system, which includes local sourcing, production, employment and distribution. We're focusing on locally relevant sparkling flavors, innovations and affordability with attractive absolute price points, value packages and tailor promotions.

在歐亞大陸和中東地區，儘管本季度該地區發生了多起衝突，但我們的銷售和價值份額仍然實現了成長。我們正在利用我們的經驗來強調我們系統的本地性，其中包括本地採購、生產、就業和分銷。我們專注於當地相關的起泡口味、創新和實惠，並提供具有吸引力的絕對價格點、超值套餐和客製化促銷。

In Africa, despite a worsening macroeconomic growth outlook, we grew volume. Egypt, Morocco and Nigeria, each continued their strong momentum. Our systems actions are working. We've refined our pack price architecture executed fewer but bolder integrated marketing campaigns and accelerated cold drink equipment placement.

在非洲，儘管宏觀經濟成長前景惡化，但我們的銷量仍然成長。埃及、摩洛哥和奈及利亞均保持強勁勢頭。我們的系統行動正在發揮作用。我們改進了我們的包裝價格架構，執行了更少但更大膽的整合行銷活動，並加速了冷飲設備的投放。

Lastly, in Asia Pacific, after a strong first quarter, we had mixed performance across the region. Volume declined that we grew both revenue and comparable currency-neutral operating income. In ASEAN and South Pacific, volume declined as growth in Australia and the Philippines was more than offset by declines in Thailand, Indonesia and Vietnam. However, we won value share, and our system is taking action by scaling refillable offerings, increasing outlet coverage and accelerating crude placement.

最後，在亞太地區，繼第一季表現強勁之後，我們在整個地區的表現好壞參半。交易量下降，但我們的收入和可比較貨幣中性營業收入均有所成長。在東協和南太平洋地區，由於澳洲和菲律賓的成長被泰國、印尼和越南的下降所抵消，導致出口量下降。然而，我們贏得了價值份額，我們的系統正在採取行動，擴大可再填充產品的範圍，增加出口覆蓋範圍，並加速原油投放。

In China, we grew volume despite a cautious consumer environment, thanks to stronger performance from Trademark Coca-Cola and in the eating and drinking channel. Our system is developing more granular channel and customer-specific execution strategies, driving more tailored promotional campaigns and accelerating cooler placement.

在中國，儘管消費環境謹慎，但由於可口可樂品牌和餐飲通路的強勁表現，我們的銷量仍然成長。我們的系統正在開發更細粒度的管道和客戶特定的執行策略，推動更有針對性的促銷活動並加速更酷的投放。

In India, after a strong start to the year, volume declined as our business was impacted by early monsoons and geopolitical conflict early in the important summer season. In response, we're engaging consumers with integrated marketing campaigns like Coca-Cola and Meals supported by execution in the QSR channel, sums up with Biryani, Sprite with Spicy Meals and (inaudible) festivals and tailing these activations to regional and local needs. Also, our system is adding customer outlets and recently surpassed 1 million customers on its digital ordering platforms.

在印度，儘管年初表現強勁，但由於業務受到重要夏季早期季風和地緣政治衝突的影響，銷量有所下降。作為回應，我們正在透過整合行銷活動吸引消費者，例如可口可樂和餐食，並在 QSR 管道中執行，總結 Biryani，雪碧配辣餐和（聽不清楚）節日，並根據區域和當地需求追蹤這些活動。此外，我們的系統正在增加客戶網點，最近其數位訂購平台的客戶數量已超過 100 萬。

In Japan and South Korea, industry volume declined amid a challenging macro environment. Our volume was also down, reflecting industry dynamics and a strong prior year comparison. Nevertheless, two-year volume trends remained positive during the quarter. In response to the external environment, our system is refining channel and investment strategies to capture emerging growth opportunities.

在日本和韓國，由於宏觀環境充滿挑戰，產業規模出現下滑。我們的銷售量也有所下降，反映了行業動態和強勁的去年同期表現。儘管如此，本季的兩年銷售趨勢依然保持積極。針對外部環境，我們的系統正在完善通路和投資策略，以抓住新興的成長機會。

To sum everything up, while the external environment continues to evolve, we remain steadfastly focused on maintaining agility, and we're taking the appropriate actions to deliver on our updated 2025 guidance. Critically, to deliver amidst the current realities we're enhancing capabilities along each facet of our strategic growth flywheel by investing to drive transactions in the back half of the year.

總而言之，儘管外部環境不斷變化，但我們始終堅定不移地專注於保持敏捷性，並正在採取適當的行動來實現我們更新的 2025 年指導方針。至關重要的是，為了在當前現實中實現這一目標，我們正在透過投資推動下半年的交易，增強策略成長飛輪各個方面的能力。

Our marketing transformation allows us to more quickly test ideas, share learnings and scale successful campaigns. For example, to mitigate consumer pressure in Mexico stemming from geopolitical tensions, our teams implemented tactics similar to those developed last year in Turkey tailored to local needs.

我們的行銷轉型使我們能夠更快地測試想法、分享經驗並擴大成功的活動。例如，為了減輕地緣政治緊張局勢給墨西哥消費者帶來的壓力，我們的團隊也實施了與去年在土耳其製定的針對當地需求的策略類似的策略。

During the quarter, we launched the [Juntos Posen] Annuals campaign, which highlights our long-standing contribution to the Mexican economy. At the same time, we lean further into consumer passion points and pull forward our World Cup activation by giving away 1,000 tickets to next year's event. As a result of these initiatives, combined with strong local execution, monthly value share trends and consumer perception scores improved significantly in Mexico during the quarter.

本季度，我們啟動了 [Juntos Posen] 年刊活動，突顯了我們對墨西哥經濟的長期貢獻。同時，我們進一步關註消費者的興趣點，並透過贈送 1,000 張明年世界盃的門票來推動我們的世界盃活動。由於這些舉措，加上強大的本地執行力，本季度墨西哥的月度價值份額趨勢和消費者感知得分顯著改善。

While we're lifting and shifting learnings across markets, we're also revamping and creating new campaigns and leveraging passion points. In April, we launched the return of the iconic Share of Coat campaign across more than 120 countries with over 30,000 names on approximately 10 billion bottles and cans tailored to local markets.

在我們不斷提升和轉變各個市場學習成果的同時，我們也在改進和創建新的活動並利用熱情點。今年 4 月，我們在 120 多個國家重新發起了標誌性的「Share of Coat」活動，在大約 100 億個瓶子和罐子上印上了超過 30,000 個名字，以滿足當地市場的需要。

Also, in North America, we launched the bring the juice campaign during the quarter, which featured a collaboration between Minute Maid and World Wrestling Entertainment that includes digital experiences, limited time-only packaging and in-store activations. Our innovation agenda supports our overall growth strategy by focusing on understanding and anticipating consumer needs to make a greater impact and improved return on investment, we're leveraging our portfolio of $30 billion brands.

此外，在北美，我們在本季推出了「帶果汁」活動，該活動由美汁源和世界摔跤娛樂公司合作舉辦，包括數位體驗、限時包裝和店內活動。我們的創新議程支持我們的整體成長策略，重點是了解和預測消費者需求，以產生更大的影響並提高投資回報，我們正在利用我們價值 300 億美元的品牌組合。

For example, during the quarter, we launched Sprite plus Tea in North America, which contributed to increased share of visible inventory. This limited time-only innovation blends the refreshment of Sprite with the flavor of tea and as to the recent hit under the Sprite trademark, including Sprite Chill, Sprite Winter Spiced Cranberry and Sprite Lemonade. Sprite plus Tea started as an experimental project. We scaled the launch of seeing strong consumer demand and positive social media reaction as a result of on brand innovation, Sprite became the number three sparkling soft drink brand in the US as Beverage Digest announced in April.

例如，本季我們在北美推出了雪碧茶，這有助於增加可見庫存的份額。這項限時創新產品將雪碧的清爽與茶的味道融為一體，並推出了雪碧品牌的最新熱門產品，包括雪碧冰爽、雪碧冬季香料蔓越莓和雪碧檸檬水。雪碧加茶最初是一個實驗項目。由於品牌創新，我們擴大了產品發布規模，看到了強勁的消費者需求和積極的社交媒體反應，正如《飲料文摘》 4 月宣布的那樣，雪碧已成為美國第三大含氣軟性飲料品牌。

We are always exploring ways to meet evolving consumer preferences for great-tasting refreshment, including with our iconic Coca-Cola brand. As you may have seen last week, we appreciate the President's enthusiasm for our Coca-Cola brand. And as part of our ongoing innovation agenda, this fall in the United States, we plan to expand our trademark Coca-Cola product range with US cane sugar to reflect consumer interest in differentiated experiences.

我們一直在探索滿足消費者不斷變化的對美味飲料的偏好的方法，包括我們標誌性的可口可樂品牌。正如您上週可能看到的，我們感謝總統對我們可口可樂品牌的熱情。作為我們正在進行的創新計劃的一部分，今年秋天，我們計劃在美國擴大我們的商標可口可樂產品系列，使用美國蔗糖，以反映消費者對差異化體驗的興趣。

This addition is designed to complement our strong core portfolio and offer more choice across occasions and preferences. Revenue growth management is a critical tool to segment our consumers and channels, and we're increasingly integrating the capability with our marketing expertise to drive transaction growth.

此次新增產品旨在補充我們強大的核心產品組合，並為不同場合和偏好提供更多選擇。收入成長管理是細分消費者和管道的關鍵工具，我們正越來越多地將這項能力與我們的行銷專業知識相結合，以推動交易成長。

To step up our capabilities, we are leveraging learnings across our markets and marrying digital investments with clear compelling points of sale messaging in stores and on packs. While it takes patience and discipline to build our refillables franchise, we're tapping into learnings from our strong capabilities in Latin America to grow refillables over the long term in Africa, the Philippines, Thailand and parts of Eurasia and the Middle East.

為了增強我們的能力，我們正在利用我們在各個市場中的經驗，並將數位投資與商店和包裝上清晰、引人注目的銷售點資訊結合起來。雖然建立我們的可再填充產品特許經營權需要耐心和紀律，但我們正在利用我們在拉丁美洲的強大能力所獲得的經驗，在非洲、菲律賓、泰國以及歐亞大陸和中東部分地區長期發展可再填充產品。

On the premiumization side, we're leveraging our experience in North America to grow mini cans in Europe. And finally, last year, we piloted an AI-based pack price channel optimization tool in Mexico Results so far have shown this tool improves our offerings and speed to market. So far, we scaled this platform to eight markets across four operating units.

在高端化方面，我們利用在北美的經驗來在歐洲發展迷你罐裝飲料。最後，去年我們在墨西哥試用了基於人工智慧的包裝價格管道優化工具，迄今為止的結果表明，該工具改善了我們的產品並加快了上市速度。到目前為止，我們已將該平台擴展到四個營運部門的八個市場。

Lastly, robust local execution is key to ensuring the success of our top line initiatives. Our system is stronger than ever, which ultimately leads to commitments to further invest to drive growth. We've collectively ushered in a culture of learning from one another, and we aspire to improve every aspect of how we do business.

最後，強而有力的本地執行是確保我們頂級計劃成功的關鍵。我們的系統比以往任何時候都更加強大，這最終將促使我們承諾進一步投資以推動成長。我們共同開創了一種相互學習的文化，並渴望改善我們經營業務的各個方面。

To summarize, while the external environment continues to be dynamic, and there is no doubt that much uncertainty remains in the downhill, we remain growth orientated. We're continuing to pivot our plans as needed, and we are harnessing our all-weather strategy to deliver on our growth ambitions. Before I conclude, I'd like to recognize the efforts and unwavering dedication of our system employees around the world.

總而言之，儘管外部環境持續動態，毫無疑問下坡路仍存在許多不確定性，但我們仍然以成長為導向。我們正在根據需要繼續調整我們的計劃，並利用全天候策略來實現我們的成長目標。最後，我想對我們系統遍布全球的員工的努力和堅定不移的奉獻精神表示讚賞。

With that, I'll turn the call over to John.

說完這些，我會把電話轉給約翰。

Thank you, James, and good morning, everyone. In the first half of 2025, we delivered positive volume organic revenue growth at the high end of our long-term algorithm, robust margin expansion and continued earnings per share growth in a very dynamic operating landscape. During the second quarter, we invested with discipline to achieve our objectives.

謝謝你，詹姆斯，大家早安。2025 年上半年，我們在高度動態的營運環境中實現了正的有機收入成長，達到了長期演算法的高端，利潤率強勁增長，每股收益持續增長。在第二季度，我們嚴格進行投資以實現我們的目標。

We grew organic revenues 5%. Unit cases declined 1% and largely due to a weaker-than-expected June. Concentrate sales were even with unit cases. Our price/mix growth of 6% was primarily driven by approximately 5 points of pricing actions and 1 point of favorable mix. Pricing from intense inflationary markets contributed to approximately 1 point of price/mix growth down from approximately 5 points in full year 2024.

我們的有機收入成長了 5%。單位案件數量下降了 1%，這主要是由於 6 月表現弱於預期。精礦銷售量與單位箱數持平。我們的價格/組合成長 6% 主要得益於約 5 個點的定價行動和 1 個點的有利組合。劇烈通膨市場的定價導致價格/組合成長率從 2024 年全年的約 5 個點下降約 1 個點。

Comparable gross margin increased approximately 80 basis points and comparable operating margin increased approximately 190 basis points. Both were driven by underlying expansion, partially offset by currency headwinds. Approximately one-third of our underlying expansion was driven by faster realization of our productivity initiatives, while the rest was driven by timing of investments and favorable cycling versus the prior year.

可比毛利率增加約80個基點，可比營業利益增加約190個基點。兩者均受到潛在擴張的推動，但受到貨幣逆風的部分抵消。我們約三分之一的潛在擴張是由生產力計劃的更快實現所驅動，而其餘部分則是由投資時機和與前一年相比有利的周期所驅動。

Putting it all together, second quarter comparable EPS of $0.87 increased 4% year-over-year despite 5% currency headwinds, elevated net interest expense and an approximate 2-point increase in our effective tax rate. Free cash flow, excluding the fairlife contingent consideration payment was $3.9 billion, which is an increase of approximately $600 million versus the prior year. Growth was driven by underlying business performance and lower tax payments, partially offset by cycling working capital benefits in the prior year. During the quarter, we made our final $1.2 billion transition tax payment related to the 2017 Tax Cuts and Jobs Act.

綜合來看，儘管面臨 5% 的貨幣逆風、淨利息支出增加以及有效稅率增加約 2 個百分點，但第二季度可比每股收益仍為 0.87 美元，同比增長 4%。不包括公平生活或有對價支付的自由現金流為 39 億美元，比上年增加約 6 億美元。成長主要由基礎業務表現和較低的納稅額推動，但被上一年的循環營運資本收益部分抵銷。在本季度，我們支付了與 2017 年減稅與就業法案相關的最後一筆 12 億美元過渡稅。

Our balance sheet remains strong with our net debt leverage of 2 times EBITDA, which is at the low end of our target range of 2 times to 2.5 times. We're confident in our long-term free cash flow generation and have ample balance sheet capacity to pursue our capital allocation agenda, which prioritizes continuing to invest in our business and returning capital to our shareowners.

我們的資產負債表依然強勁，淨債務槓桿為 EBITDA 的 2 倍，處於我們 2 倍至 2.5 倍目標範圍的低端。我們對長期自由現金流的產生充滿信心，並擁有充足的資產負債表能力來執行我們的資本配置議程，該議程優先考慮繼續投資於我們的業務並向我們的股東返還資本。

Enabled by our all-weather strategy, we're updating our 2025 guidance, which takes into consideration our actions to drive growth in a dynamic context and what we know today about our external environment. We continue to expect organic revenue growth of 5% to 6% but now expect comparable currency-neutral earnings per share growth of approximately 8%, both of which reflect delivery in line with our long-term growth algorithm.

在我們的全天候策略的支持下，我們正在更新我們的 2025 年指導方針，該方針考慮到了我們在動態環境中推動成長的行動以及我們今天對外部環境的了解。我們繼續預期有機收入成長 5% 至 6%，但現在預計可比貨幣中性每股收益成長約 8%，這兩項都反映了與我們的長期成長演算法一致的交付。

Based on current rates and our hedge positions, we now anticipate an approximate 1- to 2-point currency headwind to comparable net revenues and an approximate 5-point currency headwind to comparable earnings per share for full year 2025. While we recognize there has recently been some favorable currency movements, we hedge much of our developed markets and some of our developing market exposure and will take time to see the full benefits. We will continue to utilize a disciplined hedging strategy that provides greater certainty for decision-making. Our underlying effective tax rate for 2025 is still expected to be 20.8%, which is more than a 2-point increase versus the prior year.

根據當前匯率和我們的對沖頭寸，我們現在預計 2025 年全年可比淨收入將受到約 1 至 2 個百分點的貨幣逆風，可比每股收益將受到約 5 個百分點的貨幣逆風。雖然我們意識到最近出現了一些有利的貨幣趨勢，但我們對沖了大部分已開發市場和部分發展中市場的風險，需要時間才能看到全部收益。我們將繼續採用嚴謹的避險策略，為決策提供更大的確定性。我們預計 2025 年的基本有效稅率仍為 20.8%，比前一年增加 2 個百分點以上。

All in, based on what we know today, we now expect 2025 comparable earnings per share growth of approximately 3% versus $2.88 in 2024. There are some considerations to keep in mind for the remainder of 2025. We continue to expect our external landscape to be dynamic and we expect recovery in some markets to take time. We are expecting concentrate sales to run slightly behind unit cases during the third quarter. Based on what we know today, we continue to believe the impact of global trade dynamics and our cost structure will be manageable. Given the strong margin expansion that came through earlier in the year, we no longer expect margins to be back half weighted in 2025.

總而言之，根據我們今天所掌握的信息，我們預計 2025 年每股收益將增長約 3%，而 2024 年為 2.88 美元。對於 2025 年剩餘時間，有一些注意事項需要牢記。我們繼續預期外部環境將保持動態，我們預計某些市場的復甦將需要時間。我們預計第三季精礦銷售量將略低於單位箱銷售量。根據我們目前所了解的情況，我們仍然相信全球貿易動態和我們的成本結構的影響將是可控的。鑑於今年稍早利潤率的強勁擴張，我們不再預期利潤率在 2025 年會回落至一半的權重。

Last, due to our reporting calendar, there will be one additional day in the fourth quarter. So in summary, while the external environment continues to evolve, we're successfully pivoting to continue to deliver top line growth, margin expansion and earnings per share growth. In the first half of the year, we've effectively tackled many challenges not anticipated at the outset, and we will continue to adapt to whatever lies ahead. Thanks to the proven strength of our system, we have great confidence we will deliver on our updated 2025 guidance and create enduring value for our stakeholders.

最後，由於我們的報告日曆，第四季將增加一天。總而言之，儘管外部環境不斷發展，但我們成功地實現了轉型，繼續實現營收成長、利潤率擴大和每股收益成長。上半年，我們有效地應對了許多一開始沒有預料到的挑戰，我們將繼續適應未來的一切。由於我們系統已得到證實的優勢，我們非常有信心能夠實現我們更新的 2025 年指導方針，並為我們的利害關係人創造持久的價值。

And with that, operator, we are ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Lauren Lieberman, Barclays.

（操作員指示）巴克萊銀行的勞倫·利伯曼。

I was struck by the use of the phrase word pivot, pivoting our plans, adjusting our plans a couple of times in both of your prepared remarks. And yet you had very solid, good, strong organic sales growth this quarter. Profitability was really striking. And the outlook for the second half feels comparably strong, frankly, with just a little bit less margin expansion.

我對你們準備好的發言中多次使用“樞紐”、“調整我們的計劃”和“調整我們的計劃”等短語感到震驚。但本季你們的有機銷售額成長非常穩健、良好、強勁。獲利能力確實驚人。坦白說，下半年的前景看起來相對強勁，只是利潤率擴張略有減少。

So maybe I can just really focus on that pivot plans piece to understand maybe more concisely what it is. Is your thinking about the back half of the year, does the environment feel that it's tougher? Does it mean that the sort of puts and takes of which markets you thought would go one way versus another is the key to what that pivot commentary means. But I could use a little clarification on all of that.

因此，也許我可以真正專注於那個樞紐計劃部分，以便更簡潔地理解它是什麼。您是否想過下半年的環境會變得更加艱難？這是否意味著，您認為哪些市場會朝某個方向發展，哪些市場會朝另一個方向發展，這就是關鍵評論的含義所在？但我可以對所有這些做一些澄清。

Sure. I think -- and thank you for noticing that we had a strong first half and a guidance that implies a strong second half, and we certainly are aiming to deliver that. I think how you should interpret the Pivot comment is really in the context of us pursuing growth under the all-weather strategy.

當然。我認為——感謝您注意到我們上半年表現強勁，並且預計下半年也會表現強勁，我們當然會努力實現這一目標。我認為您應該如何解讀「樞軸」評論，實際上是在我們全天候策略下追求成長的背景下。

This year has been, I think, characterized by rapid terms of events and twists and turns which has required us to respond with greater agility and speed. So if you just can't compare and contrast Q1 to Q2, in Q1, the US and Europe were slightly weaker, but we pivoted or we adapted with some agility and we got much better coming into Q2 in those developed markets.

我認為，今年的特點是事態發展迅速、曲折，需要我們更靈活、迅速地做出反應。因此，如果您無法將第一季度與第二季度進行比較和對比，那麼在第一季度，美國和歐洲的表現略弱，但我們進行了調整或進行了一定的靈活調整，並且在進入第二季度後，在這些發達市場中取得了更好的成績。

And yet, in Q2 in a couple of our big emerging markets, Mexico and India, for example, partly, they had strong comparisons to prior year, but we got hit by some early monsoon in India, which is the important selling season plus the India/Pakistan conflict brief as it was plus whether in Mexico, which required us to pivot to bring back growth in those parts of the world coming into the second half. So it's really, if you like, about the need for the all-weather strategy to be taken up another notch in terms of how fast you can pivot and execute to still deliver the results that we're delivering.

然而，在第二季度，我們的幾個大型新興市場，例如墨西哥和印度，與去年同期相比，它們的業績表現強勁，但我們受到了印度早期季風的影響，而這正是重要的銷售季節，再加上印度/巴基斯坦衝突，再加上墨西哥的情況，這要求我們轉向在下半年恢復這些地區的增長。因此，如果你願意的話，這實際上是關乎全天候戰略的需要，即在多快地轉變和執行以仍然提供我們正在提供的結果方面，需要更上一層樓。

Dara Mosenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mosenian)。

So on proteins a space that's on trying with the consumer. It's growing at very strong rates. You obviously have a clear competitive advantage with the fairlife brand. But given all those factors, you are running into capacity constraints. So just with that as a backdrop, I was hoping you could give us a sense of how much of an unlock the planned US capacity additions are starting in early '26 for fairlife both the total volume, but also how that will enable you to manage each of the three fairlife product areas differently?

因此，蛋白質是一個需要與消費者共同努力的空間。它正以非常強勁的速度成長。顯然，fairlife 品牌具有明顯的競爭優勢。但考慮到所有這些因素，您將面臨容量限制。因此，僅以此為背景，我希望您能讓我們了解一下，從 26 年初開始，計劃中的美國產能增加對 fairlife 的總量有多大影響，以及這將如何使您能夠以不同的方式管理三個 fairlife 產品領域？

And then also, can you discuss if there's any international fairlife plans on the horizon outside of North America over the next few years? I know replicating the North America dairy manufacturing footprint will be difficult. So just how realistic is international expansion at some point and then what time frame?

另外，您能否討論一下未來幾年在北美以外是否有任何國際博覽會計劃？我知道複製北美乳製品生產足跡將會很困難。那麼，國際擴張在某個時間點到底有多現實？在什麼時間範圍內？

Sure. Firstly, fairlife continued to have strong growth, double-digit volume growth in the second quarter. Clearly, that's moderating slightly from Q1 and prior year. But we still expect to get volume growth in the second half, again, although moderating as we wait for the capacity to come online.

當然。首先，fairlife持續保持強勁成長勢頭，第二季度銷量實現兩位數成長。顯然，與第一季和去年同期相比，這一數字略有下降。但我們仍預期下半年銷售將再次成長，儘管在等待產能上線時成長速度會有所放緩。

I think the team has done a great job of creating some space this year to keep growing. As you point out, the New York facility will come online at the beginning of 2026. Obviously, that doesn't all turn on with a flick of the switch on day one as much as one would wish it would so and that will ramp up over 2016, but it will steadily debottleneck our constraints on capacity across all the different fair life variants and package sizes. So we have that coming online in '26.

我認為團隊今年在創造空間以繼續成長方面做得很好。正如您所指出的，紐約工廠將於 2026 年初投入使用。顯然，這一切並不像人們希望的那樣，在第一天輕輕一按開關就能實現，而且這一進程將在 2016 年逐漸加快，但它將穩步消除我們在所有不同公平壽命變量和包裝尺寸方面的容量限制。因此我們將在 26 年將其上線。

We also have over the time going into the future options to expand capacity on some of the existing facilities. So I think the narrowing of the corridor is really the second half, maybe the first few months of next year, but we're basically going to get through that and doing really well with their life so far.

未來我們也會考慮擴大部分現有設施的產能。所以我認為，縮小封鎖範圍實際上是在下半年，也許是明年頭幾個月，但我們基本上會度過難關，到目前為止，他們的生活過得很好。

Secondly, as it relates to international, having made some investments in dairy, which were unhappy in small countries and with small investments -- it is worth pointing out that Santa Clara in Mexico also had a strong performance, is now the number one value-added dairy business in Mexico. So not under the fairlife brand, but actually a big market with a good position in value-added dairy there. And we continue to look at other international opportunities.

其次，就國際化而言，我們在乳製品方面進行了一些投資，這些投資在小國家和小投資方面並不順利——值得指出的是，墨西哥的聖克拉拉也有著強勁的表現，目前是墨西哥第一大增值乳製品企業。因此，它並不屬於 fairlife 品牌，而實際上它是一個在增值乳製品領域佔有良好地位的大市場。我們將繼續尋找其他國際機會。

As you rightly point out, the structure of the dairy industry in the US is differential relative to other parts of the world. But protein is very on trend. We know that Fairlife and CorePower are strongly differentiated and preferred as products and brands. And we are, of course, looking to see if we can deliver those sorts of consumer benefits in other parts of the world in ways that we feel would make us -- give us a competitive advantage versus whatever is in the marketplace at the time. More to come.

正如您正確指出的那樣，美國乳製品行業的結構與世界其他地區有所不同。但蛋白質非常流行。我們知道，Fairlife 和 CorePower 作為產品和品牌具有很強的差異化和受歡迎程度。當然，我們也在尋找是否能夠以我們認為能夠讓我們在與當時市場上的任何產品相比具有競爭優勢的方式，向世界其他地區提供此類消費者利益。未來還會有更多。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

One James, just going back to Mexico and India. Just given some of the pivots that you've made in those markets going into the back half. I guess the question is, how quickly do you expect a rebound in those markets? And if there are any other markets as you go into the back half that you would flag as kind of known kind of watch points going into 3Q.

一個詹姆斯，剛回到墨西哥和印度。只是給了您在下半年對這些市場做出的一些調整。我想問題是，您預計這些市場會多快反彈？如果您進入下半年，還有其他市場，您會將其標記為進入第三季的已知觀察點。

I'd also like to just because of the strong profit improvement or profit performance in the first half and in the quarter, we just saw it doesn't -- it seems to imply maybe a little bit more reinvestment in the back half. And if that's the case, just any color on where that incremental investment may be targeted would be helpful.

我還想，只是因為上半年和本季的利潤強勁增長或利潤表現，我們剛剛看到它 - 這似乎意味著下半年可能會有更多的再投資。如果情況確實如此，那麼任何有關增量投資目標的詳細資訊都會有所幫助。

Sure. Firstly, whilst being known to be calm, I'm not wildly known to be patient. So the sooner the volume bounces back, the better. I think in the case of Mexico, clearly, the Q2 last year was the strongest quarter. It's worth being upfront and saying Q3 was the weaker quarter. So I think we're going into a cycling that should help us. We've got some strong plans to take Mexico or one example, on affordability, doubling down on refillables and some of the value offerings.

當然。首先，雖然我以冷靜著稱，但我並不以耐心著稱。因此，交易量反彈得越快越好。我認為就墨西哥而言，去年第二季顯然是表現最強勁的季度。值得坦白說，第三季是表現較弱的一個季度。所以我認為我們進入騎行界應該會對我們有幫助。我們有一些強有力的計劃，以墨西哥為例，在可負擔性方面，加倍提供可再填充產品和一些有價值的產品。

We're also celebrating our 100th anniversary in Mexico with Juntos Pociananios, which is really about emphasizing the long-standing economic impact, which is going back to some of the Hispanic issues that bled across the board in the first half. And we're pulling together some of the marketing activation and execution activation with our bottling partners.

我們也與 Juntos Pociananios 一起慶祝我們在墨西哥成立 100 週年，這實際上是為了強調長期的經濟影響，這可以追溯到上半年全面蔓延的一些西班牙裔問題。我們正在與我們的裝瓶合作夥伴一起進行一些行銷活動和執行活動。

So we we're confident not just in the long term but also in our ability to get back to growth as we come into Q2 and get out of the some of the colder weather and the hurricane that was true in June. In the case of India, India, as we've talked or both John and I have said in previous calls, is never going to be a straight line. And indeed, Q2 was not -- but we're very bullish on India overall. The Q2 did decline, as I said, the conflict in the monsoon. But we have a lot of marketing campaigns focused on India. We have also just set up the first kind of refranchising piece with the Jubilant Group for the company-owned bottler that we're having, which is basically at the bottom half of India, and that's up and running with a new CEO.

因此，我們不僅有信心保持長期成長，而且在進入第二季並擺脫 6 月的寒冷天氣和颶風之後，我們也有信心恢復成長。就印度而言，正如我們之前談到的，或者約翰和我之前在通話中談到的，印度永遠不會是一條直線。確實，第二季並非如此——但我們總體上對印度非常看好。正如我所說，第二季度的季風衝突確實有所減少。但我們有很多行銷活動都集中在印度。我們也剛與 Jubilant Group 合作，為我們旗下的一家瓶裝企業建立了首個特許經營權再授權項目，這家企業主要位於印度的下半部分，目前已由新任首席執行官運營。

So we think that will bring some new energy and dynamism and focus and proactivity to the execution in the marketplace. So we think we've got a strong plan from a marketing and innovation point of view, the local franchise bottlers we're doing better than the CBO in the first half. and with some reenergized focus on this transition bottler, we're pretty confident on where we'll go in India. And then as it relates to the unauthorized second question, profit improvement yes, it does imply a little bit of reinvestment.

因此我們認為這將為市場執行帶來一些新的活力、動力、焦點和主動性。因此，我們認為從行銷和創新的角度來看，我們有一個強有力的計劃，上半年我們在當地特許瓶裝商的表現比 CBO 要好。並且透過重新關注這個轉型瓶裝商，我們對我們在印度的發展方向非常有信心。然後，就未經授權的第二個問題而言，利潤改善是的，它確實意味著一點點的再投資。

In the second half, there's a piece of timing in there. We had expected more of the productivity in the second half, and we've got some more -- some of it in the first half, which, of course, moves the money around. And so that's a piece of it. But we also are, as we've said in previous years, we continue to lean into growth. We've got a growth strategy. We're delivering growth, and we're going to continue to invest into that to drive momentum and assure momentum in the second half, but also set ourselves up for a good 2026.

在下半場，有一個時間問題。我們原本預計下半年的生產力會更高，而事實上我們也確實在上半年實現了一些成長，這當然會帶動資金的流動。這就是其中的一部分。但正如我們前幾年所說的那樣，我們也會繼續傾向於成長。我們有一個成長策略。我們正在實現成長，我們將繼續為此進行投資，以推動勢頭並確保下半年的成長勢頭，同時也為 2026 年的良好發展做好準備。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I wanted to ask about the North American market. We've seen a little bit of an improvement in the volume, in the unit case volume still negative. But just any thoughts on the outlook as you move forward in the back half, especially on 2 points. The QSR and away from home China more broadly, how are you seeing the trends evolving there. And then also the trend among the expanding consumer, which was the pressure in Q1 and it seems to have gotten better throughout Q2.

我想問一下北美市場的情況。我們看到交易量略有改善，但單位交易量仍為負。但對於後半段的前景有什麼想法，特別是關於 2 點。就中國快餐店和其他地方而言，您如何看待那裡的發展趨勢？然後還有不斷擴大的消費趨勢，這是第一季的壓力，並且似乎在第二季度有所改善。

Sure, firstly, overall, the US business did a very strong job in coming back from a slower start in Q1 and getting sequentially better in getting some good revenue growth, share was good and profit was good. So really getting better. And I think that's in the context of a pretty resilient overall consumer. The aggregate spend is holding up. Yes, there's some pressure in those with lower incomes, where we've targeted some affordability and some special focus on marketing and occasions.

當然，首先，總體而言，美國業務表現非常出色，擺脫了第一季度的緩慢開局，並且連續好轉，獲得了良好的收入增長，市場份額和利潤都很好。所以確實越來越好了。我認為這是在整體消費者相當有彈性的背景下發生的。總支出保持穩定。是的，低收入者確實面臨一些壓力，因此我們針對他們的承受能力進行了一定的改進，並在行銷和場合上進行了特別的關注。

So I think the overall outlook continues to be resilient, and we're investing for growth in that. Just on the Hispanic consumer, yes, we had a problem in the first half. If you take the end of June, by the end of June, we had basically got back to the share we started the year with. We got back to the brand equity scores we were looking back and we got back to the household penetration. But obviously, as that went down into the valley from January to March, it had to climb out of the valley from April to June. So it was still a headwind in the second quarter, but the issue is now largely resolved. We're back to where we were.

因此我認為整體前景仍然具有彈性，我們正在為此進行成長投資。就西班牙裔消費者而言，是的，我們在上半年遇到了問題。如果你算一下六月底，到六月底，我們基本上已經恢復到了年初的份額。我們回顧了我們之前所關注的品牌資產得分以及家庭滲透率。但顯然，由於 1 月至 3 月期間價格跌入低谷，因此 4 月至 6 月期間價格必須走出低谷。因此，第二季度這仍然是一個阻力，但現在問題已基本解決。我們又回到了原來的地方。

And there was a lot of good stuff on some very targeted contextual advertising against the basically the false video and a lot of focus on how local the Coke business is. It's made in the US It's made by US employees. It's distributed by US employees and US retailers. So I think we've kind of put that one behind us for now. And then the away-from-home channel. Obviously, depending on where you are on the way from one channel, you get slightly better or slightly worse footfall than traffic.

並且有很多關於一些非常有針對性的上下文廣告的好東西，可以對抗基本上是虛假的視頻，並且非常關注可口可樂業務的本地化程度。它是在美國製造的，由美國員工製造。它由美國員工和美國零售商分發。所以我認為我們現在已經把這個問題拋在腦後了。然後是客場頻道。顯然，根據您在某個通道上的行駛位置，客流量會比交通流量略好或略差。

But I think this is really not a different reflection of the overall economy, where you see some of the bits of the channels where you've got the lower income consumers a little more focused on affordability offers. So you definitely see that coming up. But the team has done a good job on customer renewals and bringing in new accounts like Costco and Carnival. So we're seeing some pretty good reaction there. But I don't think one should think about it as that different representation than the overall market.

但我認為這實際上並不是整體經濟的不同反映，你可以看到，在某些管道中，低收入消費者更加關注可負擔性優惠。所以你肯定會看到這種情況發生。但該團隊在客戶續約和引入 Costco 和 Carnival 等新客戶方面做得很好。所以我們在那裡看到了一些相當不錯的反應。但我不認為我們應該將其視為與整體市場不同的表現。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right. James, I wanted to drill down something. You mentioned that productivity came in better than expected in the first half. So just hoping you could just provide a little bit more color on sort of what drove that upside? And then how we should think about that in the back half in some of your -- the rest of your productivity initiatives planned for this year?

好的。詹姆斯，我想深入探討一些事情。您提到上半年生產力表現優於預期。所以只是希望您能提供更多細節來說明是什麼推動了這種上漲？那麼，我們該如何考慮您今年下半年計畫的其餘生產力措施？

Sure. Two basic sources of the productivity. One was the benefit of the marketing transformation. We've been on a journey for the last few years on the marketing transformation, which is not just about the effectiveness and the digitization of the advertising and the segmenting of the advertising, but also about the efficiency, both the producing it and buying the media where we use the advertising and we were able to capture some of those savings.

當然。生產力的兩個基本來源。一是行銷轉型帶來的好處。過去幾年，我們一直在進行行銷轉型，這不僅關乎廣告的有效性和數位化以及廣告的細分，還關乎效率，包括製作和購買廣告媒體，我們能夠節省一些成本。

And just from a timing perspective, there was just a little more of them in the first half and the second half, but those were always on the way and it's a product of the work we've been doing over the last couple of years. to really reform how we do the marketing to be not just more effective, but to also bring some efficiency to bear.

從時間角度來看，上半年和下半年的行銷活動略多一些，但這些活動一直在進行中，這是我們過去幾年所做工作的成果。真正改革我們的行銷方式，使其不僅更有效，而且提高效率。

And then the other piece of the productivity we're setting out to be as disciplined as possible on the operating expenses. And to be a little more frugal and to invest our money a little wiser as we went in, and we were able to just capture some of those benefits as we came into Q2, ahead of the second half. So mainly just getting things done a little quicker than anticipated, which is good news.

然後，我們設定生產力的另一個目標是盡可能嚴格控制營運費用。當我們進入第二季度時，我們會更加節儉，更加明智地投資，這樣我們就能獲得其中的一些好處，領先於下半年。因此，主要只是比預期更快完成任務，這是個好消息。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡。

This will be slightly connected, but a bit more specific. North America margins were incredibly strong in Q2, even with higher marketing on a year-on-year basis. I understand there are so many puts and takes. But I would love to get your take on how these margins have been evolving some of the key drivers between perhaps pricing or cost savings product mix, channel mix.

這會稍微相關，但更具體一些。儘管行銷費用年增，但第二季北美的利潤率仍然非常強勁。我知道這其中有很多得失。但我很想聽聽您對這些利潤率如何變化的看法，其中一些關鍵驅動因素可能是定價或成本節約產品組合、通路組合。

Again, I fully appreciate there are so many drivers every quarter, but the evolution here has been sequentially and directionally positive and moving in the right direction. So I'd love to get your broader thoughts on what you think is driving this and the durability.

再次強調，我完全理解每個季度都會有如此多的驅動因素，但這裡的演變一直是連續且方向積極的，並且朝著正確的方向發展。因此，我很想聽聽您對推動這一現象及其持久性的更廣泛的看法。

Sure. Firstly, I mean, I'll give you some factors relative to Q2. But as I've done, normally, the question comes on Asia Pacific on margins being strange movements intra-quarter I would encourage you to take a multi-quarter view of any bits of the business rather than one.

當然。首先，我會給你一些與第二季相關的因素。但正如我所做的那樣，通常情況下，問題出現在亞太地區的利潤率上，季度內出現了奇怪的變動，我鼓勵你對業務的任何部分採取多個季度而不是一個季度的視角。

Having said that, clearly, the margins got better in Q2 in North America. Clearly, part of that was coming from the productivity initiatives, as I just described them. Some of it comes a little bit from -- with the deceleration of some of the vertically integrated businesses, they're mixing in less operating expense, so that, that kind of makes a difference. The vertically integrated business is tending to have a slightly lower percent margin than the concentrate businesses -- so that's another driver of what's going on.

話雖如此，北美第二季的利潤率顯然有所提高。顯然，正如我剛才所描述的，其中一部分來自於生產力措施。部分原因是——隨著一些垂直整合業務的減速，它們的營運費用減少了，因此，這會產生一些影響。垂直整合業務的利潤率往往比精礦業務略低——這是造成這種情況的另一個驅動因素。

I think what's also important to understand is none of this is happening in the absence of continuing to invest behind our brands. we were still very strongly investing not just in innovation, but actually in absolute marketing terms in the US market to continue to drive growth. So -- it's not -- whilst the margin has been improving in the US marketplace over time. And then if you go back four years, it was not in a great place. So I think it's kind of more normalized. And what is the feature of is that normalization of productivity, but the most important story is continuing to invest heavily behind our portfolio, our innovation and our execution to drive growth and gain share.

我認為同樣重要的是要明白，如果不繼續投資我們的品牌，這一切都不會發生。我們仍然非常大力投資，不僅在創新方面，而且實際上在美國市場的絕對行銷方面，以繼續推動成長。因此，事實並非如此，儘管美國市場的利潤率一直在提高。如果你回顧四年前，你會發現情況並不好。所以我認為它更加正常化了。它的特點是生產力正常化，但最重要的故事是繼續大力投資我們的產品組合、創新和執行，以推動成長並獲得份額。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

I guess three questions in a row on margins, but this will be a bit different. Obviously, productivity coming in a little bit better, the margins look great. At the same time, the impact from foreign currency seems to be abating and if it continues in this way, might even move in a positive direction as we get into next year. Can you maybe just talk about the operating leverage across the P&L given how much has changed so far? And these really two factors sort of very much moving in your favor.

我猜在邊緣上連續有三個問題，但這會有點不同。顯然，生產力有所提高，利潤率看起來很棒。與此同時，外幣的影響似乎正在減弱，如果這種趨勢持續下去，到明年甚至可能朝著正面的方向發展。鑑於目前發生的巨大變化，能否談談損益表中的經營槓桿？這兩個因素確實對你非常有利。

Let me take that one, James. So yes, you've got two distinctive factors. I think James has covered well the drivers of operating leverage on both the gross and operating margin lines, which we continue to expect to deliver in the second half of the year, Albi is at a slightly lower rate than we had previously flagged.

讓我來接手這個，詹姆斯。是的，你有兩個獨特的因素。我認為詹姆斯已經很好地涵蓋了毛利率和營業利潤率上的經營槓桿驅動因素，我們仍然預計下半年將實現這一目標，而 Albi 的利率略低於我們先前預測的水平。

And then on the currency front, as you all know, we hedge to -- as a risk management tool to help us smooth fluctuations and provide greater certainty at the local market level. And in the year-to-date, the main influences year-to-date has been the performance of the G10 currencies, which we hedge on a consistent basis. And there, those hedges are somewhat offsetting the actual dollar weakness that we have seen in those -- against those currencies emerging on the emerging markets front, not as much.

然後在貨幣方面，眾所周知，我們採用對沖——作為一種風險管理工具，幫助我們平滑波動，並在當地市場層面提供更大的確定性。今年迄今為止，主要影響因素是 G10 貨幣的表現，我們對此進行了持續對沖。而且，這些對沖在某種程度上抵消了我們所看到的美元兌新興市場貨幣的實際疲軟，但幅度並不大。

And so as we look to the second half of the year, and we'll provide more color in October on our outlook for 2026. The updated guidance reflects a softening of the of the negative impact that we had been experiencing on the overall currency front. So net-net, slightly better environment. We continue to hedge, as I said, to smooth the fluctuations that we typically experience will provide an update for '26 on the October call.

因此，當我們展望今年下半年時，我們將在 10 月提供更多關於 2026 年展望的資訊。更新後的指引反映出我們在整個貨幣方面所經歷的負面影響有所減弱。所以整體來說，環境稍微好一點。正如我所說，我們將繼續進行對沖，以平滑我們通常會經歷的波動，並在 10 月的電話會議上提供 26 年的最新情況。

Robert Ottenstein, Evercore.

羅伯特‧奧滕斯坦 (Robert Ottenstein)，Evercore。

Great. James, can you talk a little bit about globally, what you're seeing in terms of consumer strength. The sense I got and maybe I misheard, but the sense I got was that you were a little bit surprised by some pockets of consumer weakness globally apart from the weather apart from geopolitical issues. So is that right? What are you seeing from the consumer globally? And if things did weaken a bit in June, how has that progressed into July?

偉大的。詹姆斯，您能否談談全球範圍內您所看到的消費者實力情況。我的感覺是，也許我聽錯了，但我的感覺是，除了天氣和地緣政治問題之外，你對全球一些消費疲軟的現象感到有點驚訝。那麼這是對的嗎？您看到了全球消費者的什麼表現？如果 6 月情況確實有所減弱，那麼 7 月的情況如何？

Yes. Thanks, Robert. Yes, I mean, let me just stand back again on the volume around the world. The second quarter, we had good performances and improving sequentially -- so North America improved sequentially. Europe was up, Middle East was up, Africa was up. China was up -- and apart from the two that I mentioned in terms of the weaker performance, India and Mexico. There was a little bit of weakness in Japan, but there was also some -- I think the one that's kind of was the most -- I don't know if it goes as far as surprising, but let's go with surprising just for the sake of the argument.

是的。謝謝，羅伯特。是的，我的意思是，讓我再回顧一下世界各地的音量。第二季度，我們的表現良好，並且季比有所改善—北美市場也較上季有所改善。歐洲上漲，中東上漲，非洲上漲。中國有所成長——除了我提到的兩個表現較弱的國家之外，還有印度和墨西哥。日本的表現有些疲軟，但也有一些——我認為這是最——我不知道這是否令人驚訝，但為了論證的目的，我們就說令人驚訝吧。

It was more Thailand, Indonesia, Vietnam, the ASEAN markets, we saw some weakness in Q2, which was perhaps a little more than we've been expecting. So I would say overall that the global economy and the global consumer remains resilient. There have been some swings in countries, a bit like I said at the beginning and answer one of the questions, things have come in and out at greater speed than perhaps historically.

更多的是泰國、印尼、越南和東協市場，我們看到第二季出現了一些疲軟，可能比我們預期的要嚴重一些。因此我認為總體而言，全球經濟和全球消費者仍然保持彈性。各國的情況都出現了一些波動，就像我在一開始所說的，回答其中一個問題，事情發生的速度可能比歷史上任何時候都要快。

And so something can get worse and then better again at a faster velocity than perhaps in the past. And there are obviously been some geopolitical events that happened in Q2, and they've come in and out quickly to some of them. So the rate of surprise is kind of speeded up. But I think you've got to stand back and see actually, overall, there was a pretty resilient consumer environment pluses and minuses by the countries.

因此，某些事情可能會變得更糟，然後又以比過去更快的速度好轉。顯然，第二季發生了一些地緣政治事件，其中一些事件來得快去得也快。因此，驚喜的速度似乎加快了。但我認為你必須退一步來看，實際上，整體而言，各國的消費環境都相當有彈性，有好有壞。

If I had to say, one, that was a little surprising it would be ASEAN, leaving aside weather and things like that. But we're confident we're investing in the right programs for the second half, marketing, innovation, RGM execution to make sure that as we drive our top line algorithm for the second half, that will come with a better volume component.

如果一定要我說的話，首先有點令人驚訝的就是東盟，撇開天氣等因素不談。但我們相信，我們正在為下半年投資正確的項目，包括行銷、創新、RGM 執行，以確保在我們推動下半年的頂線演算法時，能夠帶來更好的銷售成分。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

I wanted to ask on the potential innovation into pure sugarcane. And then if you can talk about it like in the context of consumer preference, and appetite to expanding to more fiber. You see like a competitor launch into prebiotic under their main trademark and how it is simply pop performing or thoughts on participating more in that segment?

我想問一下純甘蔗的潛在創新。然後，如果您可以從消費者偏好和對更多纖維的渴望的角度來談論它。您是否看到競爭對手以其主要商標推出益生元產品，以及它是如何簡單地進行流行表演或考慮更多地參與該領域？

Yes. Thanks. Look, we're always -- I don't think just us, but I think the industry, given its size, its attractiveness and its growth potential, we're always looking for opportunities to innovate and see whether there's an intersection of new ideas and where consumer preferences are evolving towards. Remembering that actually most innovations don't work in the long run. But I think it's a good sign that the industry, including ourselves, are trying lots of different things.

是的。謝謝。你看，我們總是——我不認為只是我們，而且我認為，考慮到這個行業的規模、吸引力和成長潛力，我們總是在尋找創新的機會，看看是否存在新想法的交集以及消費者偏好的演變方向。請記住，實際上大多數創新從長遠來看都是行不通的。但我認為這是一個好兆頭，包括我們自己在內的整個產業正在嘗試許多不同的事情。

As it relates to the cane sugar, yes, we're going to be bringing a Coke sweet with US cane sugar should go into the market this fall. And I think that will be an enduring option for consumers. Actually, we use cane sugar in a number of our other brands in the US portfolio from lemonades, teas, some of the coffee stuff, some of the vitamin water drinks.

至於蔗糖，是的，我們將在今年秋天推出一款添加美國蔗糖的可樂糖果，並推出市場。我認為這對消費者來說將是一個持久的選擇。實際上，我們在美國產品組合中的許多其他品牌中都使用蔗糖，包括檸檬水、茶、一些咖啡和一些維生素水飲料。

So that it's blended into some of our other products. And so we are definitely looking to use the whole toolbox, the whole toolkit of available sweetening options to some extent where there are consumer preferences. So we will continue to do that. And as we experiment, yes, with fiber, I think you're referring to the coke with fiber in Japan. And so that's been an interesting option, and we collected some valuable learnings for it. So we just continue to focus on trying things, understanding it takes a long time to build a new franchise with consumers, but you've got to try things, and we know our success rates substantially above the industry, but it's still a question of it takes time and commitment to build something new.

因此它與我們的其他一些產品混合在一起。因此，我們肯定會考慮使用整個工具箱，在滿足消費者偏好的範圍內使用整個可用的甜味劑工具包。因此我們將繼續這樣做。是的，我們用纖維進行實驗，我想您指的是日本的含纖維可樂。這是一個有趣的選擇，我們從中收集了一些寶貴的經驗。因此，我們只是繼續專注於嘗試，了解與消費者建立新的特許經營權需要很長時間，但你必須嘗試，我們知道我們的成功率遠高於行業，但問題仍然是建立新事物需要時間和承諾。

Peter Grom, UBS.

瑞銀的 Peter Grom。

Thanks, operator, and good morning, everyone. James, I wanted to ask a follow-up question on fairlife. And just in your response to Dara's question, you talked about how big that growth has kind of moderated sequentially and you expect it to moderate further in the back half of the year.

謝謝接線員，大家早安。詹姆斯，我想問一個關於 fairlife 的後續問題。您在回答 Dara 的問題時談到了這種增長在多大程度上環比放緩，並且您預計今年下半年增長將進一步放緩。

I'm assuming that's simply related to the capacity constraints you mentioned and that your outlook or expectations for category growth or the competitive environment haven't shifted. So maybe just confirming that.

我認為這僅與您提到的產能限制有關，您對類別成長或競爭環境的展望或期望並沒有改變。所以也許只是確認一下。

And then just on that last point, I think it will be helpful to get some perspective on the competitive environment and how you see that evolving in the back half of the year and into '26?

然後就最後一點而言，我認為了解競爭環境以及您如何看待今年下半年和 26 年的競爭環境變化將會很有幫助。

So, yes, I can confirm the moderation we're expecting is the law of big numbers and the capacity constraint rather than a weakening of the proposition relative to the competition. Now, we're still -- very excited about the opportunity for fairlife and core power and the fairlife nutrition plan.

所以，是的，我可以確認，我們所期待的緩和是大數定律和容量限制，而不是相對於競爭的主張的弱化。現在，我們仍然對 fairlife 和核心力量以及 fairlife 營養計劃的機會感到非常興奮。

I have no doubt in my mind that if we had more capacity, we could sell more product today, tomorrow and going into the rest of the year. So it really is a capacity, a narrowing of the bottleneck that we're experiencing. Of course, it gets bigger and bigger and bigger, the percentages will come down even if the absolutes continue to be big in growth terms.

我堅信，如果我們擁有更多的產能，我們今天、明天以及今年剩餘時間就能銷售更多的產品。所以這實際上是一種容量，一種我們正在經歷的瓶頸的縮小。當然，它會變得越來越大，即使絕對值繼續保持較大的成長，百分比也會下降。

And yes, it's not surprising that when our competitors and other people see the standout growth and success of a product like fairlife or Core Power, they will naturally seek to see if they can launch, and that's the nature of the industry, and it keeps us all on our toes to know the competition is always trying to catch us up. And so we'll be very focused on doing the best of Fair life, not just on the marketing, but on the execution. And of course, increasingly, as we have new capacity with new innovations and new thinking on where we can take the Fairlife brand and the core power brand, but exciting times ahead.

是的，當我們的競爭對手和其他人看到 fairlife 或 Core Power 等產品的突出增長和成功時，他們自然會尋求看看他們是否可以推出這些產品，這並不奇怪，這就是行業的本質，它讓我們所有人都保持警惕，知道競爭對手總是試圖趕上我們。因此，我們將非常專注於做好 Fair life，不僅在行銷上，而且在執行上。當然，隨著我們擁有新的能力、新的創新和新的思維，我們可以將 Fairlife 品牌和核心動力品牌帶到何方，但令人興奮的是，未來將會到來。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

It seems like we've gone the whole call without actually talking about Europe. So I wanted to ask there James, it seems like as we get into the back half, EMEA is probably going to be driving the bus a bit from a unit case perspective. So just wanted to get your perspective on how the consumer there is going to be held up better relative to other developed markets? And how you see the second half playing out across EMEA.

看起來我們整個通話實際上並沒有談論歐洲。所以我想問詹姆斯，似乎當我們進入後半段時，從單位案例的角度來看，EMEA 可能會稍微推動巴士的發展。所以只是想聽聽您對於那裡的消費者相對於其他已開發市場如何得到更好的支持的看法？以及您如何看待下半年整個 EMEA 地區的發展。

Yes, so you interchanged Europe and EMEA, so I'll kind of break that down. Europe certainly did better in the second quarter. It had positive volume growth that had price mix a pretty balanced growth across the different aspects and both East and West contributing to the growth.

是的，您交換了歐洲和 EMEA，所以我會將其分解一下。歐洲在第二季的表現確實較好。它的銷量呈正增長，價格組合在各個方面都實現了相當均衡的增長，東西方都對增長做出了貢獻。

And so I think it's still worth saying that Europe is a bit like the US in the sense that there's a pretty resilient consumer overall in aggregate. But at the lower end of the income spectrum, we do see a lot of value-seeking and affordability behavior. So we're having to double down on that. We have. And within that, we had a great quarter in terms of Coke Zero Sugar and Sprite and Fuze Tea. And I think there were some really good programs on Fanta as well. So Europe, overall, a great start.

因此，我認為仍然值得一提的是，歐洲有點像美國，因為總體而言，歐洲的消費者俱有相當強大的韌性。但在收入水平較低的人群中，我們確實看到了許多追求價值和負擔能力的行為。所以我們必須加倍努力。我們有。其中，零度可樂、雪碧和 Fuze Tea 的銷量在本季表現出色。我認為芬達上也有一些非常好的節目。因此，總體而言，歐洲是一個很好的開始。

As it relates to other bits of EMEA, overall, we gained value in EMEA, Africa grew volumes despite cycling some pretty tough comps, and obviously, the macros can be pretty dynamic in Africa, but good, strong performance across Africa. And then in Eurasia, we've been leaning into the localness of the business, and that part of the world was also able to grow volume. So actually, a good performance across the main components of the EMEA group. And I think in Africa, EMEA, it was driven by Coke and flavors and some great execution by the system.

與 EMEA 的其他部分相關，總體而言，我們在歐洲、中東和非洲地區獲得了價值，儘管經歷了一些相當艱難的時期，但非洲的銷量仍然增長，顯然，非洲的宏觀經濟可能相當活躍，但整個非洲的表現都很好、很強勁。在歐亞大陸，我們一直傾向於在地化業務，而該地區的業務量也能夠成長。因此實際上，EMEA 集團的主要組成部分錶現良好。我認為在非洲、歐洲、中東和非洲地區，這是由可口可樂和口味以及系統的出色執行所推動的。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Just wanted to switch maybe a little bit longer-term question on coffee. You've obviously got brands like Georgia and Costa that are strong in certain markets, but globally, it's a big, attractive category. I guess maybe just would love to hear some of what you're learning as you reflect on your strategy there and what it might take to win and how your participation in the category might evolve over time?

我只是想換一個關於咖啡的長期問題。顯然，像 Georgia 和 Costa 這樣的品牌在某些市場上表現強勁，但在全球範圍內，這是一個龐大且具吸引力的類別。我想也許只是想聽聽您在反思自己的策略時學到了什麼，以及如何才能獲勝，以及您在該類別中的參與度會如何隨著時間的推移而發展？

Yes. Thanks, Michael. Yes, Costa, I think that counts as -- if we're going to count Georgia is one attempt customer counters our fourth attempt in coffee because you've got Georgia Costa, we tried with an investment in Kurgan, there was something in the 6s called Dunkin' DU and CAA and coffee. So we totally recognize what you're pointing out, which is the coffee is a large fragmented, growing category in the total beverage industry. So it's clearly attractive if we and the bottling system can find ways to participate more deeply in that category.

是的。謝謝，麥可。是的，Costa，我認為這算——如果我們要算上 Georgia，那是一次嘗試，顧客反對我們在咖啡方面的第四次嘗試，因為你已經有 Georgia Costa 了，我們嘗試投資 Kurgan，6 年代有一種叫做 Dunkin' DU 和 CAA 和咖啡的東西。因此，我們完全理解您所指出的觀點，即咖啡是整個飲料行業中一個龐大、分散且不斷增長的類別。因此，如果我們和裝瓶系統能夠找到更深入參與該類別的方法，那顯然很有吸引力。

Now, having said that, our investment in Costa is not where we wanted it to be from an investment hypothesis point of view. I mean, the business is still a good business. But it's not quite delivered on the different verticals of growth that we were hoping to accelerate much quicker the ready-to-drink coffee, to express and that the at home and therefore, the business remains more weighted towards stores. and the stores we've been driving the affordability and actually doing a good job on refreshing the stores and driving the speed of service. But still, the investment hypothesis as originally intended has not played out despite the improvement in the store business.

現在，話雖如此，從投資假設的角度來看，我們對 Costa 的投資並沒有達到我們想要的水平。我的意思是，這個生意還是好生意。但它並沒有完全實現我們希望加速的不同垂直增長，即即飲咖啡、即溶咖啡和家用咖啡，因此，業務仍然更偏向商店。我們一直在推動商店的可負擔性，並且在更新商店和提高服務速度方面做得很好。但儘管門市業務有所改善，最初預期的投資假設並未實現。

So I think I would say we're in the mode of reflecting on what we've learned thinking about how we might want to find new avenues to grow in the coffee category while continuing to run the cost of business successfully because it's still a lot of money we put down and we want that money to work as hard as possible.

所以我想說，我們正在反思我們所學到的知識，思考如何找到在咖啡類別中發展的新途徑，同時繼續成功經營業務成本，因為我們仍然投入了大量資金，我們希望這些資金能夠盡可能地發揮作用。

Carlos Laboy, HSBC.

卡洛斯·拉博伊（Carlos Laboy），匯豐銀行。

Yes, this question may be perhaps for John. John, for years, we've heard you talk about wanting to refranchise for the purpose of focusing more on creating demand. With most of this refranchising done now, how is the focus and capability of creating demand of recruiting the consumers intensifying.

是的，這個問題也許是針對約翰的。約翰，多年來，我們一直聽到您談論想要重新特許經營，以便更加專注於創造需求。現在大部分的再特許經營都已經完成了，那麼創造消費者需求的重點和能力是如何加強的呢？

Thanks, Carlos. First, maybe just a comment on the refranchising. So we still got a couple of big chunks to go. And yet we are -- as we've discussed in the past, we're very focused on getting those over the line as quickly as is feasible. And adjacent to that, and it's -- I think it's been a feature of the last few years is this underlying emphasis on driving top line growth through an increasingly stronger growth portfolio of brands. We have $30 billion brands in our portfolio today. about half of them organic, dealer half inorganic.

謝謝，卡洛斯。首先，也許只是對重新特許經營發表評論。所以我們還有幾大塊工作要做。然而，正如我們過去所討論過的，我們非常專注於盡快完成這些任務。與此相關，我認為過去幾年的一個特點是，我們一直強調透過日益強大的品牌成長組合來推動營收成長。如今，我們的產品組合中擁有價值 300 億美元的品牌，其中大約一半是有機品牌，另一半是經銷商品牌。

There's a lot of runway left on those brands and the marketing and innovation transformation that we have also discussed in prior meetings, there's still a tremendous amount to do there. So we expect to double down even more on both the existing portfolio that we have. And then through the innovation lens to either continue to develop either organically or stay opportunistic on the inorganic front. That's part one.

這些品牌還有很大的發展空間，我們在之前的會議上也討論過行銷和創新轉型，還有很多工作要做。因此，我們預期會進一步加倍投資現有的投資組合。然後透過創新的視角，要麼繼續有機發展，要麼在無機方面保持機會主義。這是第一部分。

Part two is, I think, the relationship that we have with our bottling partners around the world is -- has evolved significantly in the past few years with even greater clarity on what we expect from each other. And as a result, stronger partnerships that leads to overall better execution. With a scale business, the daily execution piece requires both of us to be at our best and a sort of a net-net outcome of the refranchising that you just asked about is that it allows us to do so and it allows us to have the franchises in the hands of partners who are equally committed to raising the bar.

第二部分是，我認為，我們與世界各地的瓶裝夥伴的關係在過去幾年中有了顯著的發展，我們對彼此的期望也更加清晰。因此，更強大的合作關係將帶來整體更好的執行效果。對於規模化經營的企業來說，日常的執行工作要求我們雙方都盡最大努力，而您剛才提到的重新特許經營的最終結果是，它使我們能夠做到這一點，並且使我們能夠將特許經營權交到同樣致力於提高標準的合作夥伴手中。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

John, I just wanted to get a sense of your level of conviction that concentrate volume returns to positive territory in the back half of the year. there appeared to have been some transitory elements negatively impacting 2Q and also a tough comp?

約翰，我只是想了解您對精礦產量將在下半年恢復到正值的信心程度。似乎有一些暫時性因素對第二季產生了負面影響，而且競爭也很激烈？

And then secondly, just in terms of phasing, it would appear that fourth quarter has a tough comp in terms of concentrate volume. Am I looking at that correctly? And is there anything that you can add to that?

其次，僅從分階段來看，第四季在濃縮量方面似乎面臨嚴峻的競爭。我的看法正確嗎？您還有什麼要補充的嗎？

Sure. So yes, so we -- our guidance for the full year reflects a confidence that we will have positive volume growth in the second half of the year. I think you're up to two quarters Q3, we're certainly cycling a more modest prior year. I think rather than be overly focused on the prior year, I think our ability to influence the next six months is what's most important.

當然。是的，我們對全年的預期反映了我們對下半年銷售將實現正成長的信心。我認為你已經進入了第三季度的兩個季度，我們肯定會比去年同期更加溫和。我認為，與其過度關注前一年，不如關注我們影響未來六個月的能力才是最重要的。

And if you look at Q2 and you take away a couple of the I would call them anomalies in some of the key markets. There's still pretty good underlying momentum in the business. We have the opportunity on the back of a stronger-than-expected first half on the profit front to have more optionality on how we continue to invest some of the some of our efficiencies, which we plan to do so.

如果你看第二季度，你會發現，在一些關鍵市場中出現了一些異常現象。該業務的潛在發展勢頭仍然相當良好。鑑於上半年利潤表現強於預期，我們有機會在如何繼續投資提高部分效率方面擁有更多選擇，我們也計劃這樣做。

So we've got a robust second half on the investment front. Underlying trends for -- in general are good. And a couple of the outliers that have been a headwind in recent months, we are comfortable that they can get back on track.

因此，我們在下半年的投資方面表現強勁。整體而言，潛在趨勢是好的。對於最近幾個月遇到的幾個不利因素，我們相信它們能夠重回正軌。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the call back over to James Quincey for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將電話轉回給詹姆斯昆西，請他做最後發言。

Thank you, operator. So to summarize, we believe we're well positioned to deliver on our updated 2025 ambitions and guidance. We're continuing to build our systems to drive long-term growth and we're confident we will continue to create enduring value for our stakeholders. Thank you for your interest, your investment in our company and for joining us this morning. Thank you.

謝謝您，接線生。總而言之，我們相信我們已做好準備，以實現我們更新後的 2025 年目標和指導。我們正在繼續建立我們的系統以推動長期成長，我們相信我們將繼續為我們的利害關係人創造持久的價值。感謝您的關注、對我們公司的投資以及今天早上的加入我們。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。