Mattel Inc (MAT) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Mattel, Inc. Second-Quarter 2026 earnings conference call. (Operator Instructions)

感謝您耐心等候，歡迎參加美泰公司（Mattel, Inc.）2026 年第二季財報電話會議。（接線員指示）

I would now like to turn the call over to Katina Metzidakis, Mattel's Head of Investor Relations. Katina, please go ahead.

現在我想把電話交給美泰投資人關係主管 Katina Metzidakis。Katina，請開始。

Thank you, operator, and good afternoon, everyone. Joining me today are Ynon Kreiz, Mattel's Chairman and Chief Executive Officer; Paul Ruh, Mattel's Chief Financial Officer; and Roberto Stanichi, Mattel's President, Chief Marketing and Global Brand Officer.

謝謝，接線員，各位下午好。今天與我一同出席的有：美泰董事長兼執行長 Ynon Kreiz；美泰財務長 Paul Ruh；以及美泰總裁、行銷長暨全球品牌長 Roberto Stanichi。

This afternoon, we reported Mattel's Second Quarter 2026 financial results. We will begin today's call with Ynon and Paul providing commentary on our results, after which, we will provide some time for questions. Please note that during the question-and-answer session, we respectfully ask that you limit to one question and one follow-up so that we can get to as many analysts and questions as possible today.

今天下午，我們已公布美泰 2026 年第二季財務結果。今天的電話會議將先由 Ynon 與 Paul 就我們的業績發表評論，之後我們將保留時間進行提問。請注意，在問答環節中，我們敬請各位每人限制一個問題及一個追問，以便今天能讓更多分析師提問並涵蓋更多問題。

Today's discussion, earnings release and slide presentation may reference certain non-GAAP financial measures and key performance indicators, which are defined in the slide presentation and earnings release appendices. Please note that Gross Billings figures referenced on this call will be stated in Constant Currency unless otherwise stated.

今天的討論、新聞稿與簡報可能會提及若干非 GAAP 財務衡量指標與關鍵績效指標，其定義載於簡報與財報新聞稿附錄。另請注意，除非另有說明，本次電話會議提及的總開票額（Gross Billings）將以固定匯率（Constant Currency）表達。

Our earnings release, slide presentation and supplemental non-GAAP information can be accessed through the Investors section of our corporate website, corporate.mattel.com and the information required by Regulation G regarding non-GAAP financial measures as well as information regarding our key performance indicators is included in those documents. The financial results included in the earnings release and slide presentation are preliminary until Mattel's Form 10-Q is filed with the SEC and actual results when disclosed in the Form 10-Q may differ from these preliminary results.

我們的財報新聞稿、簡報以及補充的非 GAAP 資訊，可於公司網站 corporate.mattel.com 的投資人專區取得；依據 Regulation G 對非 GAAP 財務衡量指標所要求的資訊，以及關於我們關鍵績效指標的資訊，也包含於上述文件中。財報新聞稿與簡報所載之財務結果在美泰向美國證券交易委員會（SEC）提交 Form 10-Q 之前均屬初步結果；於 Form 10-Q 中揭露的實際結果可能與這些初步結果不同。

Before we begin, I'd like to remind you that certain statements made during the call may include forward-looking statements related to the future performance of our business, brands, categories and product lines. Any statements we make about the future are, by their nature, uncertain. These statements are based on currently available information and assumptions, and they are subject to a number of significant risks and uncertainties that could cause our actual results to differ from those projected in the forward-looking statements.

在開始之前，我想提醒各位，本次電話會議中所作的某些陳述可能包含前瞻性陳述，涉及我們業務、品牌、品類與產品線未來表現。我們對未來所作的任何陳述，依其本質皆具有不確定性。這些陳述係基於目前可得資訊與假設，並受多項重大風險與不確定因素影響，可能導致實際結果與前瞻性陳述所預期者有所差異。

We described some of these uncertainties in the Risk Factors section of our latest Form 10-K annual report, our Form 10-Q quarterly reports, our most recent earnings release and slide presentation, and other filings we make with the SEC from time to time as well as in other public statements. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.

我們已在最新的 Form 10-K 年報之風險因素（Risk Factors）章節、Form 10-Q 季報、最近一期財報新聞稿與簡報，以及我們不時向 SEC 提交的其他文件與其他公開聲明中，說明其中部分不確定性。除法律要求外，美泰不會更新前瞻性陳述，並明確聲明不負有任何更新義務。

Now I'd like to turn the call over to Ynon.

現在我想把電話交給 Ynon。

Good afternoon, and thank you for joining our second quarter 2026 earnings call. We continue to execute our strategy to grow our IP-driven play and family entertainment business with multiple proof points across toys, digital and film. Mattel achieved strong growth in Net Sales of 10% as reported and 9% in Constant Currency with a double-digit increase in North America.

各位下午好，感謝各位參加我們 2026 年第二季財報電話會議。我們持續執行策略，透過玩具、數位與電影等多項驗證成果，擴大以 IP 驅動的玩樂與家庭娛樂業務。美泰淨銷售額（Net Sales）表現強勁：按報告口徑成長 10%，按固定匯率成長 9%，北美更實現雙位數成長。

Growth was driven by both owned and partner IP and digital games following the full acquisition of Mattel163. Mattel was number one globally in its leader categories, Dolls, Vehicles, Infant, Toddler, and Preschool and gained share in Vehicles and Action Figures, per Circana. We continue to execute our capital allocation priorities, including investing in organic growth and buying back our shares, all while maintaining a strong balance sheet.

成長動能來自自有與合作夥伴 IP，以及在完成對 Mattel163 的全面收購後所帶動的數位遊戲。依 Circana 數據，美泰在其領先品類——娃娃、車輛、嬰幼兒（Infant）、學步幼兒（Toddler）與學齡前（Preschool）——全球排名第一，並在車輛與動作人偶（Action Figures）品類提升市占。我們持續落實資本配置優先事項，包括投資有機成長與回購股票，同時維持強健的資產負債表。

As we have discussed, the investments in organic growth are designed to accelerate top and bottom-line and capture even more value from our IP faster. Examples include self-published mobile games, building sets, trading cards, DTC, first-party data, and technology and infrastructure. These investments are progressing well and we continue to expect that in aggregate, they will have high ROI with a net positive contribution to the bottom line in 2027 and beyond.

如我們先前所討論，對有機成長的投資旨在加速營收與獲利成長，並更快從我們的 IP 中擷取更多價值。例子包括自發行手機遊戲、積木拼搭產品、集換式卡牌、DTC、第一方數據，以及技術與基礎設施。這些投資進展良好，我們仍預期整體而言將具備高投資報酬率（ROI），並在 2027 年及之後對淨利端帶來淨正向貢獻。

Top-line growth has continued in the third quarter to date with positive POS year-to-date. We believe we are well positioned for the back half of 2026 and are reiterating our full year 2026 guidance. As it relates to the global toy industry, it grew strongly in the first half, and we expect it to grow for the full year with a toyetic theatrical slate and continued expansion of adult consumers.

截至目前，第三季營收成長仍在延續，且年初至今 POS 表現為正。我們認為我們已為 2026 年下半年做好充分準備，並重申 2026 全年財測指引。就全球玩具產業而言，上半年成長強勁；我們預期全年仍將成長，受惠於具玩具帶動效應（toyetic）的院線片檔期，以及成人消費者持續擴張。

Looking at our category performance, we are seeing the benefit of our diverse portfolio and a complementary combination of owned and partner brands, which are managed as part of our brand-centric operating model.

從我們的品類表現來看，我們正受惠於多元化產品組合，以及自有與合作夥伴品牌的互補組合；這些品牌皆在我們以品牌為核心的營運模式下進行管理。

Growth was driven by Vehicles and Challenger categories collectively. Within Vehicles, Hot Wheels had another outstanding quarter, growing 12%, supported by continued strength across both kids and adult collectors. Our collectible die-cast business continues to perform exceptionally well, demonstrating the expanding appeal of the brand. Within the Challenger categories, growth was driven by Games led by UNO, including the contribution of Mattel163 as well as Action Figures, including Toy Story 5 and Masters of the Universe.

成長主要由車輛（Vehicles）與挑戰者（Challenger）品類合計帶動。在車輛品類中，Hot Wheels 再度交出亮眼一季，成長 12%，並在兒童與成人收藏族群兩端持續展現強勁動能。我們的可收藏壓鑄模型（die-cast）業務持續表現卓越，展現品牌吸引力正在擴大。在挑戰者品類中，成長由遊戲（Games）帶動，UNO 領軍，包含 Mattel163 的貢獻；以及動作人偶（Action Figures），包括《玩具總動員 5》與《宇宙的巨人》（Masters of the Universe）。

Dolls declined primarily due to lower revenue from streaming content for Barbie as well as Polly Pocket, partially offset by growth in K-Pop Demon Hunters and Disney Princess and Frozen. We continue to expect Barbie trends to improve in the back half of 2026 driven by new content, including the Barbie Nutcracker animated special, along with product launches such as the new Barbie Dreamhouse. We continue to expect Barbie to return to growth in 2027.

娃娃（Dolls）下滑主要因 Barbie 串流內容收入較低，以及 Polly Pocket 表現所致，部分被《K-Pop Demon Hunters》與 Disney Princess 及 Frozen 的成長所抵銷。我們仍預期 2026 年下半年 Barbie 趨勢將改善，動能來自新內容（包括 Barbie《胡桃鉗》動畫特別篇），以及新品上市（例如全新 Barbie 夢幻屋）。我們仍預期 Barbie 將在 2027 年恢復成長。

Infant, Toddler, and Preschool declined primarily due to Fisher-Price. Within Fisher-Price, Little People continued its strong momentum, growing high double-digits, supported by new partnerships, including Nintendo and continued strength in its core offerings. Little People is demonstrating potential to become an increasingly meaningful growth driver.

嬰幼兒、學步幼兒與學齡前（Infant, Toddler, and Preschool）下滑主要來自 Fisher-Price。在 Fisher-Price 之中，Little People 延續強勁動能，實現高雙位數成長，受惠於包括任天堂（Nintendo）在內的新合作夥伴關係，以及核心產品持續強勢。Little People 正展現出成為更具實質意義之成長驅動引擎的潛力。

As we shared before, we're actively assessing our Infant, Toddler, and Preschool business to ensure it is best positioned to achieve its full potential. At the same time, we continue to focus on profitability and optimize the product lines. We are also making strong progress in digital games and film. In digital games, the integration of Mattel163, which we fully acquired in the first quarter, is progressing well, and we are leveraging our combined capabilities as we look to expand our pipeline of future games.

如我們先前分享，我們正積極評估嬰幼兒、學步幼兒與學齡前業務，以確保其處於最有利位置，充分發揮其全部潛力。同時，我們持續聚焦獲利能力並優化產品線。我們在數位遊戲與電影方面也取得強勁進展。在數位遊戲方面，我們於第一季完成全面收購的 Mattel163，其整合進展順利；我們正運用雙方整合後的能力，擴充未來遊戲的產品管線。

In addition, we launched our first self-published mobile game based on Masters of the Universe, establishing our publishing and digital customer acquisition capabilities. Our second self-published mobile game, UNO Wild, is in soft launch. The game has hit all its production milestones to date, and we are encouraged with the early progress. We are gearing up for a full global commercial launch in early 2027.

此外，我們推出首款以《宇宙的巨人》（Masters of the Universe）為基礎的自發行手機遊戲，建立我們的發行能力與數位客戶獲取（customer acquisition）能力。我們第二款自發行手機遊戲 UNO Wild 目前正進行軟啟動（soft launch）。該遊戲迄今已達成所有製作里程碑，我們對早期進展感到鼓舞。我們正為 2027 年初的全球全面商業上市做準備。

As the number one traditional card game in the world, we have a unique opportunity to extend UNO's resonance beyond the physical format and deepen consumer engagement through mobile games. UNO Wild will expand the universe of UNO mobile games currently offered by Mattel163.

作為全球第一的傳統紙牌遊戲，我們擁有獨特機會，將 UNO 的共鳴延伸至實體形式之外，並透過手機遊戲深化消費者互動。UNO Wild 將擴展目前由 Mattel163 提供的 UNO 手機遊戲宇宙。

We also recently announced two new licensed PC and console titles based on Hot Wheels and Barbie which are scheduled for release later this year. In film, Masters of the Universe was released in theaters globally and just recently launched on Amazon's Prime video streaming service. It is now available to hundreds of millions of Amazon subscribers. In its first week, Masters of the Universe was both the number one film on Prime Video globally as well as the number one most watched movie across all streaming platforms in the US.

我們也在近期宣布兩款新的授權 PC 與主機遊戲，分別以 Hot Wheels 與 Barbie 為主題，預計於今年稍晚推出。在電影方面，《宇宙的巨人》（Masters of the Universe）已於全球院線上映，並於近期在亞馬遜 Prime Video 串流服務上線。目前已可供數以億計的亞馬遜訂閱用戶觀看。在上線首週，《宇宙的巨人》不僅是 Prime Video 全球排名第一的電影，同時也是美國所有串流平台中觀看次數最高的電影。

The movie has brought excitement to this iconic franchise, introducing the mythology to a new generation and deepening engagement with long-time fans. The full product line across toys, adult collectibles, apparel, publishing, and digital continues to expand. Gross Billings for Masters of the Universe has more than tripled year-to-date, and we expect significant growth this year as a result of the movie, and for the brand to be an important Action Figure franchise for Mattel into the future. Our next movie, Matchbox, which we produced with Apple and Paramount Skydance, is set for release on October 9th on Apple TV, along with a strong product offering in the fourth quarter.

這部電影為這個經典系列注入了令人振奮的動能，將其神話世界介紹給新一代觀眾，並加深與長期粉絲的互動參與。涵蓋玩具、成人收藏品、服飾、出版與數位等的完整產品線持續擴張。《宇宙的巨人》（Masters of the Universe）的總開票額（Gross Billings）年初至今已超過三倍成長；我們預期在電影帶動下今年將實現顯著成長，並使該品牌在未來持續成為美泰（Mattel）重要的動作人偶系列。我們的下一部電影《火柴盒》（Matchbox），由我們與 Apple 及 Paramount Skydance 共同製作，預計於 10 月 9 日在 Apple TV 上線，同時在第四季也將推出強勁的產品組合。

With that, Paul will cover the financials in more detail.

接下來，Paul 將更詳細說明財務表現。

Thanks, Ynon. As you just heard, we achieved strong growth in Net Sales with toys and entertainment each contributing meaningfully in the quarter. Consumer demand in the first half of the year was up low single digits and remains positive through Q3 year-to-date. The acquisition of Mattel163 contributed nearly $49 million in Revenue and approximately $14 million in Adjusted Operating Income during the quarter. Now that Mattel163 has been fully integrated, going forward, we will not separately report these stand-alone results.

謝謝你，Ynon。如各位剛才所聽到的，我們本季淨銷售（Net Sales）實現強勁成長，玩具與娛樂業務均對本季作出重要貢獻。今年上半年消費者需求小幅個位數成長，且第三季年初至今仍維持正向。收購 Mattel163 在本季貢獻了近 4,900 萬美元營收（Revenue）以及約 1,400 萬美元調整後營業利益（Adjusted Operating Income）。由於 Mattel163 已完成全面整合，未來我們將不再單獨揭露其獨立業績。

Looking at Gross Billings by region, three of our four regions grew, with North America up 12%, EMEA up 7%,Asia Pacific up 4%, while Latin America was comparable. We believe the shift in retailer ordering patterns in the US, which impacted US Gross Billings for four quarters in a row, has now largely stabilized.

按地區來看總開票額（Gross Billings），四大區域中有三個成長：北美成長 12%、EMEA 成長 7%、亞太成長 4%，拉丁美洲則大致持平。我們認為，美國零售商訂貨模式的轉變曾連續四個季度影響美國總開票額，如今已大致趨於穩定。

Moving down the P&L. Adjusted Gross Margin was 48.6%. The decline was primarily due to the negative impact of, 170 basis points from the gross incremental cost of tariffs, 120 basis points from inflation, 110 basis points from higher royalties, as well as 60 basis points of unfavorable foreign exchange. Going the other way, 120 basis points from the addition of Mattel163, and 80 basis points from Other, including tariff mitigation actions and Optimizing for Profitable Growth savings.

接著看損益表（P&L）。調整後毛利率（Adjusted Gross Margin）為 48.6%。下滑主要來自以下負面影響：關稅帶來的毛利增量成本影響 170 個基點、通膨影響 120 個基點、權利金上升影響 110 個基點，以及不利匯率影響 60 個基點。相對地，正向因素包括：併入 Mattel163 帶來 120 個基點，以及「其他」帶來 80 個基點（包含關稅緩解措施與「優化獲利成長」（Optimizing for Profitable Growth）計畫的節省）。

Advertising increased $45 million to $124 million, including expenses associated with Mattel163 and brand, marketing, and consumer engagement activities and theatrical releases in the quarter. Adjusted SG&A increased $38 million to $384 million, primarily due to the strategic investments, as well as expenses associated with Mattel163.

廣告費用增加 4,500 萬美元至 1.24 億美元，包含與 Mattel163 相關的費用，以及本季品牌、行銷、消費者互動活動與院線上映相關支出。調整後銷售、一般及行政費用（Adjusted SG&A）增加 3,800 萬美元至 3.84 億美元，主要由策略性投資以及與 Mattel163 相關費用所致。

Adjusted Operating Income was $39 million, as compared to $96 million in the prior year period, primarily due to higher Advertising and Adjusted SG&A expenses, as well as lower Gross Margin, partly offset by higher Net Sales. Adjusted EBITDA was $95 million as compared to $170 million, and Adjusted Earnings per Share was $0.01 as compared to $0.21, both mostly due to the same factors that impacted Adjusted Operating Income.

調整後營業利益（Adjusted Operating Income）為 3,900 萬美元，較去年同期的 9,600 萬美元下降，主要因廣告與調整後 SG&A 費用增加，以及毛利率下降；部分被淨銷售成長所抵銷。調整後 EBITDA 為 9,500 萬美元（去年同期為 1.70 億美元），調整後每股盈餘（Adjusted Earnings per Share）為 0.01 美元（去年同期為 0.21 美元），兩者主要同樣受影響調整後營業利益的因素所致。

Free Cash Flow generation on a trailing twelve-month basis was $435 million, as compared to $530 million in the prior year period. The difference was primarily due to lower Net Income excluding the impact of non-cash items, and higher capital expenditures. We repurchased $100 million of shares in the quarter, bringing repurchases to $300 million year-to-date, and we are on track to reach our target of $400 million for the full year. By now, we have acquired a total of $1.5 billion since resuming repurchases in 2023, representing a reduction in shares outstanding of approximately 23%.

以過去十二個月（TTM）計，自由現金流（Free Cash Flow）為 4.35 億美元，較去年同期的 5.30 億美元下降。差異主要來自：剔除非現金項目影響後的淨利較低，以及資本支出較高。本季我們回購股票 1 億美元，使年初至今回購金額達 3 億美元，並正按計畫達成全年 4 億美元的目標。自 2023 年恢復回購以來，我們累計已回購總額 15 億美元，流通在外股數約減少 23%。

Turning to the balance sheet, cash at quarter end was $524 million as compared to $870 million a year ago. The decrease was primarily due to share repurchases over the last twelve months, capital expenditures, and cash used for the acquisition of the remaining 50% interest in Mattel163, partially offset by operating cash flows. Total debt was comparable with the prior year. Our Leverage Ratio was 3 times, and we remain committed to maintaining an investment grade rating, in line with our capital allocation priorities.

再看資產負債表，季末現金為 5.24 億美元，較一年前的 8.70 億美元下降。下降主要因過去十二個月的股票回購、資本支出，以及用於收購 Mattel163 剩餘 50% 權益的現金支出；部分由營運現金流所抵銷。總負債與去年同期大致相當。我們的槓桿比率（Leverage Ratio）為 3 倍，並將持續致力於維持投資等級評等，符合我們的資本配置優先順序。

Owned inventory at quarter end was $830 million, a slight decrease versus prior year. Retailer inventories declined low double-digits compared to the prior year, and we believe we are well positioned overall for the second half of the year. As part of our Optimizing for Profitable Growth program, we achieved savings of $15 million in the quarter, bringing the cumulative total savings since launching the program in 2024 to $205 million. We continue to target approximately $50 million of efficiencies this year, for a program total of $225 million between 2024 and 2026.

季末自有庫存為 8.30 億美元，較去年同期小幅下降。零售商庫存較去年同期下降低雙位數百分比，我們認為整體而言已為下半年做好良好準備。作為「優化獲利成長」（Optimizing for Profitable Growth）計畫的一部分，我們本季實現 1,500 萬美元節省，使自 2024 年啟動該計畫以來的累計節省達 2.05 億美元。我們今年仍以約 5,000 萬美元效率提升為目標，使 2024 至 2026 年計畫總節省達 2.25 億美元。

As Ynon said, we are reiterating our full year guidance for 2026, which includes, Net Sales growth of 3% to 6% in Constant Currency, Adjusted Gross Margin of approximately 50%, Adjusted Operating Income of $580 million to $630 million, and Adjusted EPS in the range of $1.27 and $1.39.

如 Ynon 所說，我們重申 2026 全年指引，包括：以固定匯率（Constant Currency）計，淨銷售成長 3% 至 6%；調整後毛利率約 50%；調整後營業利益 5.80 億至 6.30 億美元；以及調整後每股盈餘（Adjusted EPS）介於 1.27 至 1.39 美元。

In terms of 2026 Gross Billings performance by category, we continue to expect Vehicles as well as Challenger categories combined to grow strongly, Dolls to be comparable, and ITPS to decline. This includes the following drivers: momentum in key brands, including Hot Wheels, Mattel Brick Shop, UNO, Little People and Masters of the Universe, the Matchbox film, product for major theatrical releases including Disney and Pixar's Toy Story 5, significant partnerships including K-Pop Demon Hunters and DC, and the contribution of digital games following the full acquisition and consolidation of Mattel163.

就 2026 年按品類的總開票額（Gross Billings）表現而言，我們仍預期「車輛」（Vehicles）以及「挑戰者」（Challenger）品類合計將強勁成長；「娃娃」（Dolls）大致持平；而 ITPS 將下滑。這包含以下驅動因素：關鍵品牌動能（包括 Hot Wheels、Mattel Brick Shop、UNO、Little People 與 Masters of the Universe）、《Matchbox》電影、配合主要院線大片的產品（包括迪士尼與皮克斯的《玩具總動員 5》）、重要合作夥伴關係（包括 K-Pop Demon Hunters 與 DC），以及在完成對 Mattel163 的全面收購與合併後，數位遊戲的貢獻。

FX is expected to have an approximate 1% benefit on full year Net Sales based on current spot rates. Gross Margin is expected to improve in the second half. We do not expect a repeat of the heavy promotional activities that occurred at the end of 2025 and, while we are seeing some moderate inflationary pressures associated with events in the Middle East, we expect to mitigate them and achieve our full year guidance.

基於目前即期匯率（spot rates），預期外匯（FX）對全年淨銷售約有 1% 的正面助益。預期毛利率將在下半年改善。我們不預期 2025 年底出現的高強度促銷活動會再度重演；此外，儘管我們看到與中東事件相關的一些溫和通膨壓力，我們預期可加以緩解並達成全年 2026 指引。

The strategic investments of $110 million this year to accelerate growth and capture even more value from our IP faster are progressing well. We now plan to deploy the majority of the $40 million of digital performance marketing investments to coincide with the commercial launch of UNO Wild in 2027. This is not expected to impact our full year guidance for 2026. Our guidance always includes a range of assumptions and scenarios.

今年用以加速成長並更快從我們的 IP 中擷取更多價值的 1.10 億美元策略性投資，進展良好。我們目前規劃將 4,000 萬美元的數位成效行銷（digital performance marketing）投資之大部分，配合 2027 年 UNO Wild 的商業上市時程進行投放。預期這不會影響我們 2026 全年指引。我們的指引一向包含一系列假設與情境。

As a reminder, interest expense this year is higher as compared to 2025, following our debt refinancing last year, while interest income is lower due to the lower cash on the balance sheet. As we have shared previously, given the uncertainty around tariff refunds, our guidance does not currently include any material related benefit.

提醒一下，由於我們去年進行債務再融資，今年的利息費用較 2025 年更高；同時因資產負債表上的現金較少，利息收入也較低。如先前所分享，鑑於關稅退稅（tariff refunds）存在不確定性，我們目前的指引並未納入任何重大相關利益。

I will now turn it back to Ynon for some concluding remarks.

接下來我把時間交還給 Ynon，做一些結語。

Thanks, Paul. In summary, this quarter, we made important strides in our strategy to grow our IP-driven play and family entertainment business and achieved strong growth in top-line. Growth has continued in the third quarter, and we expect to achieve our full year 2026 guidance. Our world-class brand portfolio and product offering driven by our brand-centric operating model and global capabilities, position us well for the second half of the year.

謝謝你，Paul。總結來說，本季我們在推動以 IP 驅動的遊戲與家庭娛樂業務成長策略上取得重要進展，並在營收端（top-line）實現強勁成長。第三季成長仍在延續，我們預期將達成 2026 全年指引。在以品牌為核心的營運模式與全球能力驅動下，我們世界級的品牌組合與產品供給，使我們在下半年具備良好定位。

Before we begin Q&A, I'd like to congratulate Roberto Stanichi who has been promoted to President, Chief Marketing and Brand Officer of Mattel. As the leader of our Global Brand Team, Roberto will be joining our earnings calls to provide additional perspective on our brand-centric strategy, portfolio, and performance across categories. I'll now pass it back to the operator.

在開始問答（Q&A）之前，我想恭喜 Roberto Stanichi 晉升為美泰（Mattel）總裁、行銷長暨品牌長（President, Chief Marketing and Brand Officer）。作為全球品牌團隊（Global Brand Team）的領導者，Roberto 將加入我們的法說會（earnings calls），就我們以品牌為核心的策略、品牌組合，以及各品類表現提供更多觀點。接下來我把時間交回給主持人（operator）。

(Operator Instructions) Arpine Kocharyan, UBS.

(接線員指示) Arpine Kocharyan，瑞銀。

I wanted to start with your full year guide, Revenue may be slightly better for the quarter, understandable why full year guide is unchanged, given so much of volume is still ahead of you. But then on margin, mostly, again, consistent with what you said you will do in Q1 for Q2 that does imply back half needs to be up above 50% in margin -- in Gross Margin. Is that pretty much unchanged as you look for the back half, there's been so much volatility in crude and investors are just really focused on input costs and what that means for the back half? And then I have a quick follow-up.

我想先從你們的全年指引談起，本季營收可能略優一些；考量到仍有很大一部分銷量在後面，能理解為何全年指引維持不變。但在毛利率方面，基本上也如同你們所說，Q1 對 Q2 會採取的作法一致，這確實意味著下半年毛利率需要提升到 50%以上——也就是毛利率。就你們對下半年的看法而言，這點大致上是否沒有改變？近期原油波動很大，投資人非常關注投入成本以及這對下半年意味著什麼。另外我還有一個簡短的追問。

Good. Thank you for the question, Arpine. Good to talk to you. As you well say, we just reiterated guidance, and let me start with the top-line. We achieved a strong quarter and also a first half that was broadly in line with our expectations. And there remains a full half of the year ahead, where we typically sell two-thirds of the normal volume for the full year. It's important to note that our guidance continues to reflect a range of scenarios and assumptions around consumer, macro and inflation. So that's what is related to the top-line.

好的。謝謝你的提問，Arpine。很高興和你交流。如你所說，我們只是重申了指引，我先從營收端開始。我們本季表現強勁，上半年整體也大致符合我們的預期。而今年還有整整半年的時間，通常我們在下半年會賣出全年正常銷量的三分之二。需要強調的是，我們的指引仍反映了多種情境與假設，涵蓋消費者、總體環境與通膨。以上是與營收端相關的部分。

In terms of margin assumptions, which is the second part, we are also confirming our guidance of approximately 50% in terms of Gross Margin. For the balance of the year, we are expecting to improve sequentially for the second half and we do not foresee the heavy promotional activities that we saw at the end of 2025, and also the inclusion of Mattel163. So those are the factors that will allow us to deliver on the margin guidance. There's also puts and takes in the bottom line but they are all within the guidance range and opportunities that we have. We are monitoring clearly the events of the Middle East, and we have a set of plans and assumptions to be able to mitigate those impacts and achieve our full year guidance.

就毛利率假設（第二部分）而言，我們也確認毛利率約 50% 的指引。就今年剩餘期間，我們預期下半年將逐季改善，且我們不預期會出現 2025 年底那種強度的促銷活動，另外也包含 Mattel163 的納入影響。這些因素將使我們能夠達成毛利率指引。損益表下方也有一些正負因素，但都在指引區間以及我們可掌握的機會範圍內。我們也密切關注中東事件，並已準備一套計畫與假設，以便緩解相關影響並達成全年指引。

Looking forward, our expectation is that the full benefit of the incremental investments, remember, 2026 is an investment year that will deliver benefits and fruits in 2027 with an accelerated top and bottom-line and those expectations for 2027 and beyond remain.

展望未來，我們的預期是，增量投資的完整效益將會顯現；請記得，2026 年是投資年，這些投資將在 2027 年結出成果，帶來營收與獲利的加速成長，而我們對 2027 年及之後的預期仍維持不變。

Great. That's very helpful. And then I don't know if Roberto is on the call today or if he's willing to take questions. But just wondering if we can hear a little bit more on his recent promotion to President and Chief Brand Officer, we all know how good his leadership has been on brands like Hot Wheels. But what does this management change mean for brands like Barbie, how he thinks about sort of the strategy there, and kind of your overall view on where the most profitable brand you have in the portfolio’s headed for the back half and for next year.

太好了。這非常有幫助。另外我不確定 Roberto 今天是否在線上，或他是否願意回答問題。但我想多聽一些他最近升任總裁兼首席品牌長的情況；我們都知道他在 Hot Wheels 等品牌上的領導表現非常出色。但這項管理層變動對 Barbie 這類品牌意味著什麼？他如何思考那裡的策略？以及你們對於投資組合中最賺錢的品牌在下半年與明年的走向，有什麼整體看法？

Thanks, Arpine. I'll take it first just to talk about Roberto's promotion, and then he will answer your question on Barbie. So first of all, Roberto's promotion is really about implementing our brand-centric operating model. This is about bringing together two concepts. First is to manage our brands holistically, to capture the full value of our IP and create closer alignment between toys and entertainment, including content, digital, consumer products, and experiences.

謝謝你，Arpine。我先回答 Roberto 升遷的部分，接著他會回答你關於 Barbie 的問題。首先，Roberto 的升遷主要是為了落實我們以品牌為核心的營運模式。這是要把兩個概念結合起來。第一，是以整體方式管理我們的品牌，以捕捉我們 IP 的全部價值，並在玩具與娛樂之間建立更緊密的對齊，包括內容、數位、消費性產品與體驗。

The second is to orient demand creation around fans and fandom and to nurture deeper emotional connections with our brands across multiple touch points. The promotion reflects the importance of our global brand organization to Mattel's business and recognizes the significant progress Roberto's been establishing and driving to implement the model. He's been instrumental in leading Mattel through this evolution, and the promotion is indicative of the Board's confidence in Roberto's leadership and support’s his continued development as the company continues to execute its long-term strategy. So, a lot on Roberto's plate, and I'll let him take the question on Barbie.

第二，是以粉絲與粉絲文化為核心來導向需求創造，並在多個接觸點上培養與我們品牌更深的情感連結。這次升遷反映了我們全球品牌組織對 Mattel 業務的重要性，也肯定 Roberto 在建立並推動落實該模式方面所取得的重大進展。他在帶領 Mattel 完成這次轉型中扮演了關鍵角色；這次升遷也顯示董事會對 Roberto 領導力的信心，並支持他在公司持續執行長期策略的過程中，持續成長與發展。所以 Roberto 肩上的任務很多，我把 Barbie 的問題交給他回答。

Thank you, Ynon, and thank you, Arpine, for the question and everyone for welcoming me into the call. I'm looking forward to working more closely with you all. So yes, absolutely, let's talk about Barbie because this is one of our key priorities, and we want to take a few minutes because it really deserves a fulsome answer, and I want to put it into the context of our brand-centric operating model. So Barbie is obviously an icon and the number one doll in the industry and has been for the past five years. And we have a new operating model, a new organization and a clear plan that is going to define this new chapter for Barbie.

謝謝你，Ynon，也謝謝你，Arpine，提出這個問題，並謝謝大家歡迎我加入這通電話會議。我期待能與各位更緊密合作。是的，當然，我們來談 Barbie，因為這是我們的關鍵優先事項之一；我們想花幾分鐘時間，因為這確實值得更完整的回答，而且我也想把它放在我們以品牌為核心的營運模式脈絡下來說明。Barbie 顯然是經典標誌，也是業界第一的娃娃品牌，且在過去五年一直如此。我們有新的營運模式、新的組織，以及一個清晰的計畫，將定義 Barbie 的新篇章。

And giving you a little bit more detail. If you look at the back half of 2026, we do expect the trends to improve, and that's driven essentially by three main tenets. First one is that we're significantly increasing our investment in content. So we're going to be doubling the amount of YouTube content that we're launching. We're re-releasing seven of classic full-length Barbie animated specials in the platform and we're launching a brand new Barbie and the Nut Cracker animated special that is going to be tied to the holidays. So put it all together, we're significantly increasing the amount of content that is going to be available for Barbie and our core fans in the back half of the year.

再提供你一些更具體的細節。如果看 2026 年下半年，我們確實預期趨勢會改善，主要由三大支柱所驅動。第一，我們將大幅增加在內容上的投資。因此，我們將把推出的 YouTube 內容量加倍。我們會在該平台重新上架 7 部經典的 Barbie 長篇動畫特輯，並推出全新的《Barbie 與胡桃鉗》動畫特輯，並與假期檔期連動。綜合來看，我們將大幅增加下半年提供給 Barbie 及核心粉絲的內容量。

On the product side, we do have some exciting new launches. The most important one being the new Barbie Dreamhouse. And what's exciting is that with our brand-centric methodology, this is not going to be simply a product launch, but a whole brand campaign that we're calling Barbie is moving and will come to life, not just in toys, but with brand partnerships, retail executions, and even consumer products.

在產品端，我們也有一些令人興奮的新上市。其中最重要的是全新的 Barbie 夢幻屋（Barbie Dreamhouse）。令人期待的是，透過我們以品牌為核心的方法論，這不會只是單純的產品上市，而是一個完整的品牌行銷活動，我們稱之為「Barbie is moving」，並將不只在玩具上呈現，還會透過品牌合作、零售端執行，甚至消費性產品一同落地。

And the last thing to highlight is new packaging. So in the second half of 2026, we're rolling out a new packaging segmentation that was going to make Barbie products a lot easier to shop and increase the appeal on shelf. So when you put all those things together and many more other initiatives, we do expect those trends to start to improve. And then for Barbie to return to growth in 2027. When we look at that year, we believe that, that will be driven by even more content. We have another animated special coming in 2027, and we're going to be relaunching six more classic Barbie animated movies.

最後要強調的是新包裝。在 2026 年下半年，我們將推出新的包裝分級（segmentation），讓消費者更容易選購 Barbie 產品，並提升貨架上的吸引力。因此，當你把上述各項以及更多其他計畫合在一起，我們確實預期這些趨勢將開始改善。並讓 Barbie 在 2027 年恢復成長。當我們看 2027 年時，我們相信這將由更多內容所驅動。我們在 2027 年還會推出另一部動畫特輯，並將再重新推出 6 部經典 Barbie 動畫電影。

From a product line standpoint, we're looking to solidify Barbie's place as a fashion icon. So you're going to see enhanced product value with more detailed fashion, accessories, better style that we believe is going to increase appeal on shelf.

從產品線角度來看，我們希望鞏固 Barbie 作為時尚指標的地位。因此你會看到更高的產品價值：更精緻的服裝細節、配件、更好的造型風格；我們相信這將提升貨架吸引力。

And then last but not least, we're looking to accelerate our growth with our adult fan audience, and that's going to come to life through new partnerships and collections. As a company, we do know how to tap into our adult fans. You look at Hot Wheels, you look at UNO, Monster High, these are all brands that have significant business driven by adult fans and even Barbie herself. So we're just looking to accelerate that even more.

最後但同樣重要的是，我們希望透過成人粉絲族群來加速成長，這將透過新的合作夥伴關係與系列收藏來實現。作為一家公司，我們確實知道如何觸及成人粉絲。你看看 Hot Wheels、UNO、Monster High，這些品牌都有相當可觀的業務是由成人粉絲所驅動，甚至 Barbie 本身也是如此。所以我們只是希望把這部分再進一步加速。

If you take a step back, much of this Barbie approach is based on the Hot Wheels methodology that we've been applying for many years. And you know that Hot Wheels has been an absolute runner for us in the past few years. It's been our largest brand since 2024. That business is approaching $2 billion for Mattel, and we believe that we can keep that momentum going for many years to come. So overall, it's an exciting time for Barbie as we see our brand-centric model being applied, and we're confident she will return to grow in '27.

如果你退一步來看，這套芭比（Barbie）的方法在很大程度上是建立在我們多年來一直在運用的風火輪（Hot Wheels）方法論之上。而你也知道，風火輪在過去幾年一直是我們的絕對主力。自 2024 年以來，它一直是我們最大的品牌。這項業務對美泰（Mattel）而言正接近 20 億美元，我們相信未來很多年都能延續這股動能。因此整體而言，隨著我們將以品牌為核心的模式加以落地，我們看到芭比正處於令人振奮的時刻，我們也有信心她將在 2027 年恢復成長。

Anthony Bonadio, Wells Fargo.

Anthony Bonadio，富國銀行（Wells Fargo）。

I guess to start, just a clarification. Can you just talk a little bit more about the shift of that $40 million in user acquisition spend into 2027? Just what drove that decision as it pertains to guidance, if that expense is shifting, does that imply your core is actually coming down by that much? Just any additional color there would be helpful.

我想先從釐清一點開始。你能否再多談一些，將那 4,000 萬美元的用戶獲取（user acquisition）支出移到 2027 年的調整？就指引而言，是什麼因素促成這個決定？如果這筆費用在移轉，是否意味著你們的核心（core）其實會因此下降同等幅度？任何額外的說明都會很有幫助。

Yes. Thanks for the question, Anthony. We now plan to deploy the majority of the $40 million of digital performance marketing investments to coincide with the commercial launch of UNO Wild in 2027. This is not expected to impact our full year guidance for 2026 because our guidance always includes a range of assumptions and scenarios. And when we launch UNO with the full user acquisition investment it’s because we have a high confidence and expect a high return on our investments. As we said several times before, the investments can be modulated and it's a very process-driven data-driven process with clear metrics that we're tying the investments to. So that's how we are modulating the investments and making sure they get the highest return. And we do believe that it will not impact our guidance in '26, and we continue to stand by a '27 guidance or outlook.

是的。謝謝你的問題，Anthony。我們現在計畫將 4,000 萬美元數位成效行銷（digital performance marketing）投資中的大部分，配合 UNO Wild 在 2027 年的商業上市時點來投放。這預期不會影響我們 2026 年全年的指引，因為我們的指引一向包含一系列假設與情境。而當我們在推出 UNO 時投入完整的用戶獲取投資，是因為我們對投資回報有高度信心並預期會有很高的回報。如同我們之前多次提到的，這些投資可以調節，而且這是一個非常以流程與數據驅動的流程，並有明確的指標來將投資與成效綁定。因此，我們就是以這種方式來調節投資並確保取得最高回報。我們確實認為這不會影響我們 2026 年的指引，而我們也持續維持對 2027 年指引或展望的看法。

Got it. That's helpful. And just on the Action Figures and Building Sets line item, it seems like that was a lot stronger than people had modeled even for accounting for the Mattel163 benefit. So can you just talk a little bit more about what's driving the growth there? And just anything about how to think about momentum in the back half?

了解。這很有幫助。另外關於「動作人偶與積木套組（Action Figures and Building Sets）」這個項目，看起來即使把 Mattel163 的效益考慮進去，表現也比市場模型預期強很多。你能否再多談一些，這部分成長的驅動因素是什麼？以及下半年動能該如何看待？

Yes. Thank you, Anthony. So from an Action Figures, it was really a highlight in the quarter, and we benefited from the theatrical from Toy Story 5 and Masters of the Universe, as well as really strong WWE performance and early shipments for our new DC partnerships. And we have one of the best Action Figure portfolios in the industry. We have multiple IP that are performing across different consumer and fan demographics.

是的。謝謝你，Anthony。就動作人偶而言，這一季確實是亮點；我們受惠於《玩具總動員 5》（Toy Story 5）與《宇宙的巨人》（Masters of the Universe）的院線帶動效應，也受惠於 WWE 的強勁表現，以及我們與 DC 新合作夥伴關係的新品提前出貨。而我們擁有業界最強的動作人偶產品組合之一。我們有多個 IP，能在不同的消費者與粉絲族群中持續表現。

Normally, we refer to Action Figures as part of our Challenger categories, but Mattel is really becoming a market leader. And I think we had a great proof point in this quarter. Mattel was actually the number one manufacturer for Action Figures for the month of June, according to Circana. And this is a very attractive category for us because it caters to that adult audience, and we feel that there's significant opportunity for Mattel.

通常我們會把動作人偶歸類在我們的「挑戰者（Challenger）」品類中，但美泰其實正在成為市場領導者。我認為本季就是一個很好的佐證。根據 Circana 的資料，美泰在 6 月份其實是動作人偶品類的第一大製造商。這對我們而言是非常有吸引力的品類，因為它能觸及成人受眾，而我們也認為美泰在這裡有相當大的機會。

I also want to highlight that the quality of our products is really unmatched, and it delivers incredible price value. And this is one of the key reasons why we have the privilege of working with some of the best licenses in the business. And it has allowed us to continue to position Mattel as a partner of choice for major theatrical releases, so we can leverage our scale, our capabilities and strong retail partnerships.

我也想強調，我們產品的品質確實無可匹敵，同時提供極高的性價比。這也是我們能有幸與業界一些最頂尖授權合作的重要原因之一。而這也讓我們能持續把美泰定位為大型院線發行作品的首選合作夥伴，進而運用我們的規模、能力以及強大的零售合作關係。

For 2026, obviously, Masters of the Universe, and that theatrical brought a ton of excitement to this iconic franchise. It helped us to introduce the mythology to a whole new generation and deepening the engagement with longtime fans. And we've seen Gross Billings for Masters of the Universe more than tripling year-to-date, and we expect significant growth as a result of the movie and the entire ecosystem that it generated.

就 2026 年而言，顯然《宇宙的巨人》以及其院線上映為這個經典系列帶來了大量的熱度。它幫助我們把其世界觀介紹給全新的一代，同時也加深了與長期粉絲的互動。我們看到《宇宙的巨人》的總開單額（Gross Billings）年初至今已超過三倍成長，而我們預期在電影以及其所帶動的整體生態系之下，將帶來顯著成長。

When it comes to Building Sets. We're also very, very excited about that category. It's one of the fastest-growing drivers for the toy industry right now. We have Mattel Brick Shop Hot Wheels launching, that launched last year. It performed really well, and we look forward to continuing to expand it through 2027. And it's been an incredible hit for us. It's an incredibly unique product line because it shows the commitment to automotive authenticity and innovation in the use of materials and fans are absolutely loving that. So again, as I said, successful introduction it's yet another proof point of the strength of Hot Wheels, but really opening up opportunities for us in a new category that is very attractive.

至於積木套組（Building Sets）。我們對這個品類也非常、非常興奮。它是目前玩具產業成長最快的驅動因素之一。我們的 Mattel Brick Shop Hot Wheels 已推出上市，並於去年推出。表現非常好，我們也期待一路擴展到 2027 年。它對我們而言是一個非常驚人的成功。這是一條非常獨特的產品線，因為它展現了我們對汽車真實性（automotive authenticity）的承諾，以及在材料運用上的創新，而粉絲非常買單。所以再次強調，成功的導入不僅再次證明風火輪的強大，也為我們在一個非常有吸引力的新類別中打開了機會。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

Yes. Ynon, I wonder if you could talk about -- a little bit about the Masters of the Universe franchise and brand. Unfortunately, the movie didn't perform as well as hoped for in theaters, maybe has better success in home entertainment. But now that this is passed, like how are you thinking about the next couple of years for Masters of the Universe?

是的。Ynon，我想請你談談——關於《宇宙的巨人》這個系列與品牌的一些看法。不幸的是，這部電影在院線的表現沒有如預期理想，或許在家用娛樂（home entertainment）會更成功。但既然這段已經過去，你們接下來幾年會如何看待《宇宙的巨人》？

Thank you, Eric. As you said, the movie was released in theories globally. And as you know, it just recently launched on Amazon Prime video streaming service. So it is now available to hundreds of millions of Amazon subscribers. In the first week, the movie was both number one-- the number one film on Amazon Prime Video globally, as well as the number one most watched movie across all streaming platforms in the US. So very strong reception. As Roberto noted, the Masters of the Universe brand overall has more than tripled year-to-date. And for the most part, this is driven by the movie halo and energy and excitement and drive that the movie brought to the brand.

謝謝你，Eric。如你所說，這部電影已在全球院線上映。而你也知道，它最近剛在 Amazon Prime Video 串流服務上線。因此現在數以億計的 Amazon 訂閱用戶都能觀看。在第一週，這部電影不僅是 Amazon Prime Video 全球第一名的電影，同時也是美國所有串流平台中觀看次數最高的第一名電影。因此反響非常強勁。如 Roberto 所提到的，《宇宙的巨人》品牌整體年初至今已超過三倍成長。而在很大程度上，這是由電影所帶來的光環效應（halo）、能量、熱度與推動力所驅動。

So when we look at the success of the movie, box office is just one aspect. We're looking at it in terms of the overall impact on the franchise and what the movie did for Masters of the Universe overall. And as a result of the movie, we expect Masters of the Universe to become an important Action Figure franchise for Mattel into the future. And when you take a step back and you look at what happened to this brand that has been, for the most part, not commercialized for more than 40 years and how we brought it back into current culture with all of the awareness and excitement and new generation of fans. We're very happy with where it is, and this will be an important driver for the company in 2026 and beyond.

因此當我們評估這部電影的成功時，票房只是其中一個面向。我們會從它對整個系列的整體影響來看，以及這部電影對《宇宙的巨人》整體帶來了什麼。而基於電影的帶動，我們預期《宇宙的巨人》未來將成為美泰一個重要的動作人偶系列。當你退一步來看，這個品牌在過去大多數時間裡已超過 40 年沒有被商業化運作，而我們如何把它帶回當代文化，帶來所有的關注度、熱度，以及新一代粉絲。我們對目前的狀態非常滿意，而它將在 2026 年及之後成為公司重要的成長驅動因素。

And this is part of the flywheel. We've always said that not every movie will be the next Barbie. But we also said that you don't need a movie to be that successful as Barbie to have real economic impact on the company because we own the IP, we own the underlying rights to -- in all categories for the IP and all we need is to ignite and delight fans and then we capture value across multiple verticals. And this is exactly the flywheel and the brand-centric operating model that we've been implementing.

而這也是飛輪效應（flywheel）的一部分。我們一直說，不是每一部電影都會成為下一個《芭比》。但我們也說過，你不需要一部電影像《芭比》那樣成功，才能對公司帶來實質的經濟影響，因為我們擁有 IP，我們擁有該 IP 在所有品類的底層權利——我們所需要的只是點燃並取悅粉絲，然後我們就能在多個垂直領域捕捉價值。而這正是我們一直在推動的飛輪效應與以品牌為核心的營運模式。

That's helpful. And secondly, we could talk a little bit about Hot Wheels. The last three quarters, it's been up mid- to high teens, a little bit 20% in the fourth quarter. What is it specifically? I don't believe that Brick Shop is part of the Hot Wheels segment line. Where is it that you continue just to see incremental growth of Hot Wheels?

這很有幫助。第二點，我們可以稍微談一下 Hot Wheels。過去三個季度，它的成長在中高十幾個百分點，第四季大約 20%。具體是什麼原因？我不認為 Brick Shop 是 Hot Wheels 產品線的一部分。你們持續看到 Hot Wheels 還有哪些增量成長的來源？

Yes. The Brick shop number is not part of the Hot Wheels line. So that's even more upside. But to your point, Hot Wheels was up double digits again, and it continues to show that widespread strength in the portfolio. It was the number one Vehicle property globally, and continued to gain market share in the first half. And it's the clearest example of our brand-centric strategy, right? We had clear audience segmentation and the success has really driven more than toys because Hot Wheels has evolved to become about car culture and lifestyle.

是的。Brick Shop 的數字不包含在 Hot Wheels 產品線裡。所以那還有更多上行空間。但如你所說，Hot Wheels 再次實現雙位數成長，並持續展現出整個產品組合的廣泛強勁動能。它是全球第一的 Vehicle（車輛）IP，並在上半年持續提升市占率。而且它是我們以品牌為中心策略最清楚的例子，對吧？我們做了清晰的受眾分眾，而這樣的成功確實帶動的不只是玩具，因為 Hot Wheels 已經演進成關於汽車文化與生活風格。

And as I mentioned before, it's our biggest brand since 2024, and it's approaching $2 billion. We do see still a lot of headroom in the category. We see strength with adult fans, which is a growing audience, and the expansion of that fan ecosystem beyond traditional Vehicles categories and into Building Sets and consumer products, experiences, digital gaming and content.

如我先前提到的，自 2024 年起它就是我們最大的品牌，規模正逼近 20 億美元。我們仍然看到這個品類還有很大的成長空間。我們看到成人粉絲的動能很強，而這是一個正在成長的受眾；同時，粉絲生態系也正從傳統的 Vehicles（車輛）品類，擴展到積木組、消費性產品、體驗、數位遊戲與內容。

We still see that there is a ton of headroom in Vehicles itself. And we believe that if we can establish Hot Wheels as the defining player in Vehicles as a play pattern that we can believe -- we can continue to gain significant share. So Hot Wheels is a brand that we're continuing to invest in, and we expect to grow for years to come.

我們仍然認為 Vehicles（車輛）本身還有非常大的成長空間。我們相信，如果我們能把 Hot Wheels 建立為 Vehicles 這種玩法模式中的定義性玩家，我們就能持續取得顯著的市占提升。因此 Hot Wheels 是我們會持續投資的品牌，我們預期它未來多年都會成長。

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通。

My question is, I wanted to get an update on the outlook for tariffs. There have been a number of other companies across US consumer that have given an outlook for expected tariff refunds, how they might account for it, and sort of what a use of proceeds is going to be. So just want to get your thoughts there, how do you think about including it in Operating Income, do you think there's a need to perhaps invest in price and lean in as we get into the holiday season or I guess, alternatively, do you think any prior period numbers do you think you might back out. So I want to get your current thoughts around that.

我的問題是，我想了解一下關於關稅的最新展望。美國消費領域有不少其他公司已經給出對預期關稅退稅的展望、他們可能如何入帳，以及資金用途大概會是什麼。所以想聽聽你們的看法：你們會如何考慮把它納入營業利益（Operating Income）？在進入假期旺季時，是否需要在價格上做投資、加大投入？或者，是否會把某些前期期間的數字剔除回溯調整？我想聽聽你們目前對這件事的想法。

Yes. Thanks, Chris. We're, of course, actively engaged in the refund process, and we're working through the system. And as you know, the overall framework continues to evolve. And accordingly, the timing and the amount of such potential refunds remains uncertain.

是的。謝謝你，Chris。我們當然正積極參與退稅流程，並在系統內推進相關作業。而如你所知，整體框架仍在演變。因此，這類潛在退稅的時間點與金額仍不確定。

I want to stress the point that our guidance does not include any potential impact of tariff refunds. So we're not projecting a specific refund amount, and we will continue to evaluate and consider the use of the refunds when they are received. I'm sure we're already thinking about it. So if and when we receive those we will communicate such uses of the tariff refunds.

我想強調一點：我們的財測指引不包含任何關稅退稅的潛在影響。因此我們沒有預估特定的退稅金額；在實際收到退稅後，我們會持續評估並考量其用途。我相信我們已經在思考這件事了。所以如果、以及當我們收到這些款項時，我們會就關稅退稅的用途進行溝通。

Understood. And then as you think about the lift that you're seeing in Gross Margin from Mattel163, I guess, how is that coming in relative to your expectations when you made the acquisition? And perhaps was there any upside there relative to your plan in light of how you're thinking about offsetting some of that oil and resin pressure potentially in the back half. Is that one of those sources of funds?

了解。另外，談到你們從 Mattel163 帶來的毛利率提升，我想問：相較於你們收購時的預期，目前表現如何？以及，考量你們在下半年可能要抵消部分油價與樹脂成本壓力，這部分是否有超出原先計畫的上行空間？這會是資金來源之一嗎？

Yes. The acquisition of Mattel163 is performing in line with our expectations, both in terms of the top-line and the bottom-line. So the contribution to our margin enhancement is exactly what we expected it to do. And we continue to foresee that, that's going to be it for the balance of the year. We are counting on it for margin enhancements, not only as we saw in Q2, but also in the second half of the year as well.

是的。Mattel163 的收購案表現符合我們的預期，無論是營收端或獲利端。因此，它對我們毛利率提升的貢獻正如我們原先預期。而且我們仍然預期，這樣的表現會延續到今年剩餘期間。我們仰賴它帶來毛利率提升，不僅如同我們在第二季看到的，也包括今年下半年。

Remember that Mattel163 is one of the factors, but we will also have additional ones like Optimizing for Profitable Growth savings and other factors, including, for example, lower discounts that gives us confidence to reiterate our margin guidance and Mattel163 is one of the contributors.

請記得，Mattel163 只是其中一個因素；我們還有其他因素，例如「優化以實現獲利成長」（Optimizing for Profitable Growth）的節省，以及其他因素，包括例如折扣降低。這些都讓我們有信心重申我們的毛利率指引，而 Mattel163 是其中一個貢獻者。

Jim Chartier, Monness, Crespi, Hardt.

Jim Chartier，Monness、Crespi、Hardt。

Earlier, you said Little People could be positioned to become a more meaningful growth driver for the company. Could you just talk more about that, what your plans are for Little People? And what gives you the confidence that, that could be a much more meaningful brand for you.

先前你提到 Little People 可能有機會成為公司更重要的成長驅動力。能否多談談你們對 Little People 的規劃？以及是什麼讓你們有信心，它能成為對你們更具意義的品牌？

Jim, yes. So Little People has been really a standout within the Fisher-Price category. And we believe that the form factor and the styling is so unique and the brand has that cross-generational appeal. So when you put those two things together, you can really create a special product that has, again, broad appeal. And it's been a runner for us in 2026. We're seeing strong double-digit POS results year-to-date, and that's driven by strong partnerships like our Nintendo Super Mario execution, Toy Story execution, Disney Princess, Frozen, Mickey Mouse, and also some of our core offerings. So we believe that this is a brand that shows a tremendous growth opportunity in the future.

Jim，是的。Little People 在 Fisher-Price 品類中一直是非常突出的表現者。我們認為它的外形比例與造型風格非常獨特，而且這個品牌具有跨世代的吸引力。把這兩點結合起來，你就能打造出一個特別的產品，同樣具備廣泛吸引力。而且它在 2026 年對我們來說一直是表現很強的產品線。我們看到年初至今 POS（銷售點）呈現強勁的雙位數成長，這主要由強力的合作夥伴帶動，例如我們與任天堂《超級瑪利歐》的合作、玩具總動員、迪士尼公主、冰雪奇緣、米奇，以及我們的一些核心產品。因此我們相信，這個品牌未來具備巨大的成長機會。

And if you take a step back in terms of our ITPS portfolio, I think this is also in Pre-School, another brand worth calling out, which is Thomas & Friends that we will be relaunching in the second half of this year. It's a new interpretation of that classic character. We're going to anchor that relaunch with premium animated content, new product lines and branding. So those two initiatives within the Pre-School side of the house are very exciting for us to see.

另外，如果從我們的 ITPS 產品組合拉遠來看，我認為在學齡前（Pre-School）領域還有另一個值得一提的品牌，就是 Thomas & Friends（湯瑪士小火車），我們將在今年下半年重新推出。這會是對這個經典角色的全新詮釋。我們會以高品質的動畫內容、新的產品線與品牌識別來作為這次重啟的核心。因此，在學齡前這一塊，這兩項計畫都讓我們非常期待。

Great. I guess just on Thomas & Friends, the brand has been relaunched multiple times. What gives you the confidence that this time could lead to more durable growth for the business?

很好。我想就 Thomas & Friends 而言，這個品牌已經重啟過多次。是什麼讓你們有信心，這次能為業務帶來更持久的成長？

Absolutely. I think the team has done a tremendous job in finding the right line between keeping the classic elements of the character. So it continues to have multi-generational appeal. But updating it to today's moment. And also embedding some of the storylines on realities that the parents are dealing with right now. There's a whole aspect about deaccelerating a little bit, that parents are concerned about in terms of their kids being overstimulated. So we feel that there's a very unique positioning for the brand and maintaining, again, that classic with a modern twist approach to it, which is very different than some of the relaunches that were attempted in the past where they were bigger departures.

當然。我認為團隊在拿捏分寸上做得非常出色：一方面保留角色的經典元素，讓它仍然具有跨世代吸引力；另一方面也把它更新到符合當下。同時也把一些故事線嵌入到父母目前正在面對的現實議題。其中有一整個面向是關於「稍微放慢節奏」，因為父母擔心孩子受到過度刺激。因此我們認為這個品牌有非常獨特的定位：維持經典、加入現代轉折的做法；這與過去一些重啟嘗試不同，過去的版本偏離原作更大。

Then there is something else, which is we're anchoring the line on a very successful formula of die-cast that we know from Hot Wheels, and we have incredible know-how in terms of managing the appeal of collectible lines like that. So it's a completely new approach, and we believe that it gives us a very good chance of re-establishing this franchise for the future.

另外還有一點：我們會以壓鑄金屬（die-cast）這個非常成功的公式作為產品線核心，而這正是我們從 Hot Wheels 已經驗證過的模式；在經營這類可收藏產品線的吸引力方面，我們也具備深厚的專業能力。所以這是一個完全新的做法，我們相信這讓我們很有機會在未來重新建立這個系列的地位。

Kylie Cohu, Jefferies.

Kylie Cohu，Jefferies。

You mentioned that US retail ordering patterns have largely stabilized after four quarters of disruption and the inventory is down. So I guess I was just kind of curious, does that mean that we have kind of more normalized seasonality? Or is there still a little bit of distortions that investors should keep in mind as we head into the back half?

你提到美國零售端的下單模式在經歷四個季度的擾動後已大致穩定，且庫存也下降了。所以我想問的是，這是否意味著季節性已經比較正常化？或者在我們進入下半年之際，投資人仍需要留意一些扭曲因素？

Yes. Kylie, let me specify exactly what we mean with the stabilization. We believe that the shift in ordering patterns in the US that began last year, that shifted the mix more towards domestic versus DI has stabilized at the current levels. It does not mean that it will go back to what it was pre the tariff disruption. What we believe is, going forward, that mix that I referred to will approximately remain the same. So that's one factor.

是的。Kylie，讓我更精確地說明我們所指的「穩定」是什麼。我們認為，美國自去年開始出現的下單模式轉變——使產品組合更偏向國內（domestic）而非 DI——已在目前水準上穩定下來。這並不代表它會回到關稅擾動之前的狀態。我們相信，往後我剛才提到的那個組合大致會維持不變。這是一個因素。

The second one is related to this is what we are seeing in terms of the time frame for the fall resets. Traditionally, the fall resets happened in August. Last year, there were some delays. Now we are seeing the return to the normal time frame of August. So both of those elements are either going back to the traditional ways of doing things or stabilized. That means that there is less degree of uncertainty. And in addition, of course, as you mentioned, the retailer levels of inventory, as well as ours, are at lower levels compared to last year. So that's a good signal for replenishment as we move into the second half of the year.

第二個相關因素，是我們在秋季重置（fall resets）的時程上所看到的情況。傳統上，秋季重置發生在 8 月。去年出現了一些延遲。現在我們看到時程回到 8 月這個正常時間點。因此，這兩個要素要嘛回到傳統做法，要嘛已經穩定。這代表不確定性降低。此外，正如你提到的，零售商的庫存水位以及我們自身的庫存水位，相較去年都更低。因此，隨著我們進入下半年，這對補貨（replenishment）而言是個良好訊號。

Gerrick Johnson, Seaport Research Partners.

Gerrick Johnson，Seaport Research Partners。

Paul, can you just go over the add expense in the quarter, maybe break it out, how much of that was 163, how much may be for Skeletor and how much for toys?

Paul，你能否說明一下本季新增的廣告費用，或許拆分一下，其中有多少是 163 的、有多少可能是 Skeletor 的、以及有多少是玩具的？

Yes, Gerrick. The increase in advertising was $45 million more than last year, so up to $124 million. And that included expenses, as you will say, associated with Mattel163, but also increased brand, marketing, and consumer engagement as you also say, associated with the theatrical releases that happened in the quarter, but not only. We do not necessarily guide for advertising. We just reiterated our guidance overall with the expectations for Adjusted OI. So that's the reason for the increase. And it's part of our holistic investment in our brands and the acceleration that we expect for 2027 and beyond.

好的，Gerrick。廣告費用較去年增加了 4,500 萬美元，達到 1.24 億美元。其中包含你提到的與 Mattel163 相關的費用，也包含你提到的、與本季上映的院線作品相關、但不僅限於此的品牌行銷與消費者互動投入增加。我們不一定會對廣告費用提供指引。我們只是重申整體指引，並以調整後營業利益（Adjusted OI）的預期為主。因此這就是增加的原因。這也是我們對品牌進行全方位投資的一部分，並支撐我們對 2027 年及之後加速成長的期待。

James Hardiman, Citi.

James Hardiman，Citi。

Hey, good afternoon. Maybe sort of, I guess, math question. Obviously, we can all do sort of the first half, second half math surrounding what you've done year-to-date and what your full year guidance is. Any color you can give us on the phasing between 3Q and 4Q, particularly on the Gross Margin side. I think you just made the point that 3Q should have an easy comparison as sort of the reset return to August versus later in the year last year.

嗨，午安。我想這可能算是個數學題。顯然，我們都可以根據你們年初至今的表現以及全年指引，去做上半年、下半年的推算。你能否就 3Q 與 4Q 之間的節奏（phasing）提供一些說明，特別是在毛利率方面？我想你剛才提到，3Q 的比較基期會比較容易，因為重置回到 8 月，而去年是更晚才發生。

And then, I guess, also a related question, the $40 million shift, I'm still struggling with that a little bit from Anthony's question from earlier. Is it easier to hit that Gross Margin number now that, that $40 million is I think, mostly moving into next year? And if so, I'm assuming that would come from 4Q and go into next year, but any help with how to think about that would be great.

另外我想問一個相關問題：那 4,000 萬美元的移轉，我對先前 Anthony 的問題仍有點困惑。既然那 4,000 萬美元我理解大多會移到明年，現在要達成那個毛利率數字是否更容易？如果是的話，我猜那應該是從 4Q 移到明年，但希望你能協助我們理解該如何看待這件事。

Yes. Let me give you a more holistic answer on the cadence. Of course, starting with the fact that we don't necessarily guide by quarter, and we manage on a full year basis. But there's a few standouts that and puts and takes that happened last year, and we also need to consider for the balance of the year. When it comes to Net Sales growth, and also when it comes to margin, and those points are related. Remember that last year towards year-end, we had a heavy promotional activity. So that's one element that we do not expect to happen this year.

是的。我用更全面的方式回答你關於節奏的問題。當然，先從我們不一定按季度提供指引、而是以全年為基礎來管理這點說起。但去年確實有幾個突出的因素與正負向變動（puts and takes），我們在今年剩餘期間也需要納入考量。無論是淨銷售成長，或是利潤率，這些點彼此相關。請記得，去年接近年底時，我們有大量促銷活動。這是我們預期今年不會發生的一個因素。

To your second point, as we are now doing the full commercial launch of our UNO Wild game, Remember, that we always expected it to have the full P&L impact in 2027. And in 2026, it was a combination of some top-line, but also partially offset or mostly offset by incremental investments in user acquisition. So that's why you don't necessarily see an impact to our guidance this year and we continue to see the full impact in 2027.

至於你第二點，因為我們現在正在進行 UNO Wild 遊戲的完整商業化上市（full commercial launch）。請記得，我們一直預期它在 2027 年才會對損益表（P&L）產生完整影響。而在 2026 年，它會帶來部分營收（top-line），但同時也會被新增的用戶獲取（user acquisition）投資部分抵銷，或大多數被抵銷。因此你不一定會看到它對我們今年指引的影響，而我們仍預期在 2027 年看到完整影響。

So both of those elements substantiate both our top-line. Remember, Mattel163 is another factor that drives both margin enhancement and incremental top-line. So all of that combined confirms and substantiates our 2026 guidance and our outlook for '27.

所以這兩個要素都支撐了我們的營收端。請記得，Mattel163 也是另一個同時推動毛利率提升與帶來額外營收增量的因素。綜合以上，這些都確認並支撐我們對 2026 年的指引，以及對 2027 年的展望。

Okay. And then going back to some previous comments that were made on the portfolio, I'm hoping to maybe piece together a couple of these, but it seems like a big deal if you're confident that Barbie is ultimately going to grow next year I don't know if that extends to sort of the broader doll segment.

好的。另外回到先前關於產品組合（portfolio）的評論，我希望把幾個點串起來理解；但如果你們有信心 Barbie 明年最終會恢復成長，這似乎是件大事——我不確定這是否也延伸到更廣泛的娃娃（doll）品類。

But clearly, what's happened in the last couple of years is that dolls would be down and vehicles would be up, then those two things would cancel each other out in a lot of ways. It doesn't sound like you're any less bullish on the growth of Hot Wheels, in particular, I don't know if it can continue to be a double-digit grower. But as we sort of stitch some of these things together, obviously, you've got some of the digital acquisitions that should begin to pay off, UNO obviously, a big one of them. But any initial thoughts on how to think about the top-line opportunity for 2027, just given what sounds like a number of tailwinds heading into next year?

但很明顯，過去幾年發生的情況是：娃娃下滑、車輛上升，然後這兩者在很多方面彼此抵銷。聽起來你們對 Hot Wheels 的成長仍然很樂觀，尤其是我不確定它是否還能持續維持雙位數成長。但當我們把這些因素拼在一起時，顯然你們有一些數位收購案應該開始帶來回報，UNO 顯然是其中很重要的一個。那麼，考量到明年似乎有不少順風因素，你們對 2027 年營收端（top-line）機會的初步看法是什麼？

Yes, James, thank you for the question. And as we've said before, 2027 is shaping up to be a big year for the company. If 2026 is an investment year, where we still expect to grow top-line, but clearly, bottom-line is impacted by the investments, 2027 is going to be a big year. We expect to see growth -- continued growth in Vehicles, Barbie returning to growth will be an important driver. Infant, Toddler, and Preschool will be a much lesser drag. We still need to do some work there, but it's not going to be a much lesser drag.

是的，James，謝謝你的問題。正如我們之前所說，2027 年正逐漸成為公司非常重要的一年。如果 2026 年是投資年——我們仍預期營收端會成長，但很明顯獲利端（bottom-line）會受到投資影響——那麼 2027 年將會是大年。我們預期車輛品類將持續成長，而 Barbie 回到成長軌道將是重要驅動力。嬰幼兒與學齡前（Infant, Toddler, and Preschool）將成為小得多的拖累。我們仍需要在那裡做一些工作，但它不會再是那麼大的拖累。

And then the Challenger categories between Action Figures, Building Sets driven by Mattel Brick Shop, and Games driven by UNO, all going to be important drivers.

此外，挑戰者（Challenger）品類方面，包含動作人偶（Action Figures）、由 Mattel Brick Shop 帶動的積木組（Building Sets），以及由 UNO 帶動的遊戲（Games），都將成為重要驅動力。

Now take all of that and add on top of our organic growth with our own brands two important additions to the -- to our offering between Teenage Mutant Ninja Turtles and Frozen 3 coming on top of our own IP, then add by next year where we would have four self-published mobile games in the market, K-Pop Demon Hunters will be in full year of great product in the marketplace. And the investments that we are making this year, which are impacting profitability, not just becoming neutral but actually driving significant growth for the company. And I forgot to mention DC as well, full year of execution next year.

再把以上這些，加上我們自有品牌的有機成長（organic growth），以及兩項對我們產品供給（offering）的重要新增：忍者龜（Teenage Mutant Ninja Turtles）與《冰雪奇緣 3》（Frozen 3），在我們自有 IP 之上再加碼；接著再加上明年我們將有四款自研自發（self-published）的手機遊戲在市場上，K-Pop Demon Hunters 也將在市場上以優秀產品完整貢獻一整年。而我們今年所做、正在影響獲利能力的投資，到了那時不僅會轉為中性（neutral），更會實際驅動公司顯著成長。我也忘了提到 DC，明年也會是完整一年的執行。

So '27 is expected to be a big year. We have said already that we expect to see mid to high single-digit growth in top-line and strong double-digit growth in bottom-line. But of course, we'll give much more detail when we give you guidance for the full year. But we, siting here today, expect a big year in 2027. And beyond, to be clear, we're not stopping there. This is really important to say. This is the beginning of what we believe will be a strong growth period for the company.

因此，我們預期 2027 年將會是非常重要的一年。我們先前已經提到，我們預期營收端將有中到高個位數的成長，而獲利端將有強勁的雙位數成長。當然，等我們提供全年財測指引時，會給各位更多細節。但就我們今天坐在這裡的觀點，我們預期 2027 年會是大年。而且更清楚地說，往後我們也不會就此止步。這點非常重要，必須說清楚。這是我們相信公司將進入一段強勁成長期的開端。

Xian Siew, BNP Paribas.

Xian Siew，法國巴黎銀行（BNP Paribas）。

Thanks for the question. You recently launched your new app, your mobile app, the Skeletor mobile game. Maybe could you just share a little bit about maybe initial learnings from the game and how maybe it can kind of influence or inform you for future launches?

謝謝讓我提問。你們最近推出了新的 App，也就是 Skeletor 的手機遊戲。能否請你們分享一下這款遊戲初期的學習與觀察，以及它可能如何影響或提供你們未來產品推出的參考？

Yes, sure. This was, as you know, the first mobile game, self-published mobile game that we put out in the market. It was a low-risk, low single-digit investment and was mostly about establishing our capabilities, testing the technology stack, the publishing capabilities that we're putting together, in advance of the bigger releases that are coming. So we achieved exactly what we wanted, and it's been part, as it relates to Masters of the Universe, it was part of our franchise approach that was meant to support and be released in tandem with the movie, and it did exactly that on time and as planned.

好的，當然可以。如你所知，這是我們首次在市場上推出、由我們自行發行的手機遊戲。這是一項低風險、低個位數的投資，主要目的是建立我們的能力、測試技術堆疊，以及我們正在建置的發行能力，為接下來更大型的發行做準備。因此我們達成了完全符合預期的目標；而就《宇宙的巨人》（Masters of the Universe）而言，這也是我們特許經營策略的一部分，原本就規劃要與電影同步推出並提供支援，而它也確實如期、按計畫完成。

What is exciting is to see how UNO Wild is shaping up. The game currently is in soft launch. It hit all of its production milestones to date, and we are encouraged with the early progress. The plan, as we've said, is to release the game commercially, globally at the start of '27. We know that UNO is a strong brand that has a huge following. People are proactively looking for opportunities to engage with this brand. So we will -- we're making a great game. We feel very good about it. We’ll put it out. We'll promote it. We'll do all of the required user acquisition investment and activities to support the brand.

令人振奮的是看到 UNO Wild 的進展。這款遊戲目前正處於軟啟動階段。截至目前它已達成所有製作里程碑，我們也對早期進展感到鼓舞。如同我們先前所說，計畫是在 2027 年初於全球正式商業發行。我們知道 UNO 是一個強勢品牌，擁有龐大的粉絲群。人們會主動尋找與這個品牌互動的機會。因此我們會——我們正在打造一款很棒的遊戲。我們對此感到非常有信心。我們會把它推出市場。我們會推廣它。我們會投入所有必要的使用者獲取（user acquisition）投資與相關活動來支持這個品牌。

And we're optimistic, but it's still early to tell, of course. We'll have to put the game out and see how it performs. But we're doing all the right things and we're tracking to plan and seeing everything we want to see at this stage for our second game that we put in, in the market.

我們抱持樂觀態度，但當然現在仍言之過早。我們必須把遊戲推出去，看看實際表現如何。但我們正在做所有正確的事情，進度也符合計畫；就我們第二款投入市場的遊戲而言，在這個階段我們看到的各項指標都符合我們想看到的狀況。

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛。

For Ynon and Paul, you called out the momentum in the broader box office this year. I just wanted to see if maybe you could speak to the benefits you're seeing in the toyetic film slate. What partner brands you're seeing the most benefit from? And then if there's any way to size perhaps the magnitude of the uplift to revenue you expect to see from the theatrical lineup stepping up this year?

這題給 Ynon 和 Paul：你們提到今年整體票房市場的動能。我想請你們談談你們在「玩具化」（toyetic）的電影片單上看到的效益。你們看到哪些合作夥伴品牌受益最大？另外，是否有任何方式可以量化今年院線片陣容轉強後，對營收帶來的提升幅度？

Yes. Happy to take that question, Stephen. So in Action Figures, we are seeing a lot of benefit from theatrical releases. This year, Toy Story 5, Masters of the Universe, our own IP, as well as WWE and the early shipments of our new DC partnership are clearly boosting the sales of the Action Figures. And we continue to see and we expect to continue to see that not only in the balance of the year, but with the amazing slate of movie tie-ups that we have in 2027 and beyond.

是的。很樂意回答這個問題，Stephen。在動作人偶（Action Figures）方面，我們確實從院線電影上映中看到很多助益。今年《玩具總動員 5》、我們自有 IP《宇宙的巨人》（Masters of the Universe），以及 WWE，還有我們與 DC 新合作的早期出貨，都明顯帶動了動作人偶的銷售。而且我們持續看到、也預期會持續看到這樣的效益，不僅在今年剩餘期間，還包括 2027 年及之後我們擁有的精彩電影聯動片單。

Difficult to provide very specific numbers. Those are big properties. That I can tell you and with both from our own IP and also from third-party IP’s and we treat them as our own, and we reap the benefits and see that to contribute to both our top-line and bottom-line.

要提供非常精確的數字並不容易。但我可以告訴你，這些都是大型資產。無論是我們自有 IP，或是第三方 IP——我們也把它們視同自家品牌經營——我們都能獲得效益，並看到它們同時對營收端與獲利端做出貢獻。

And Stephen, I would add that this is really about establishing Mattel as a partner of choice to partner with the major IP owners. We treat these brands as our own. We look for brands that move the market that have cultural impact. And then we bring to bear incredible capabilities, design, supply chain, commercial, all at the level that are unmatched in the industry. And all of this is part of a holistic brand management strategy as part of our portfolio strategy, organized by brands and managed by the best people in the industry per category.

Stephen，我也想補充，這其實是在建立美泰（Mattel）成為主要 IP 持有者的首選合作夥伴。我們把這些品牌當作自己的品牌來經營。我們尋找能夠帶動市場、具有文化影響力的品牌。接著我們投入卓越的能力——設計、供應鏈、商業化——各方面都達到業界無可匹敵的水準。而這一切都是整體品牌管理策略的一部分，納入我們的產品組合策略之中；我們以品牌為單位來組織，並由各品類中業界最優秀的人才來管理。

So we feel very good about these partnerships. We know that when we bring our capabilities to the market, we win. And the results are pretty much in every partnership that we've been discussing today and more coming. So we're in a good place there and see it as a key part of, another key growth engine part of the strategy.

因此我們對這些合作關係感到非常有信心。我們知道，當我們把自身能力帶到市場上時，我們就能勝出。而成果幾乎體現在我們今天討論的每一項合作上，且後續還會有更多。所以我們在這方面處於很好的位置，也把它視為策略中的關鍵部分——另一個重要的成長引擎。

And I guess just on the back of that point, I was curious how long the pipeline is of IP that potentially is out there for you to bring under Mattel. Is there IP that's coming up over the next couple of years that you would consider bringing in house along those lines?

延續這點，我也好奇你們可望納入美泰體系的 IP 管線大概有多長？未來幾年是否有你們會考慮以類似方式引進、納入內部的 IP？

We haven't announced anything yet, and we'll continue to post you on any new developments. But the key takeaway is that we continue to strengthen our position as a partner of choice. This is incremental in addition to everything we do with our own IP, and the strength and capabilities and resources that we can offer to big IP owners are very compelling. And ultimately, it's about the results, and that is what we continue to achieve.

我們目前尚未宣布任何消息，若有新的進展也會持續向各位更新。但關鍵重點是，我們持續強化作為首選合作夥伴的地位。這是在我們自有 IP 既有作為之外的增量機會；而我們能提供給大型 IP 持有者的實力、能力與資源非常具吸引力。最終還是要看成果，而這正是我們持續達成的。

That concludes our question-and-answer session. I will now turn the call back over to Ynon Kreiz for closing remarks.

問答環節到此結束。接下來我將把電話交回給 Ynon Kreiz 作結語。

Well, thank you. Thank you, operator, and thank you, everyone, for joining the call today. As you heard today, Mattel's Second Quarter performance was strong and continued to demonstrate the successful execution of our strategy, with growth driven by both our owned, as well as partner brands, our own IP and partner brands and also digital games, which is becoming an important part of our growth algorithm. It is good to see the top-line growth continued into the third quarter to date with positive consumer demand for our product year-to-date. And we are very well positioned as we are heading into the second half of the year.

好的，謝謝。謝謝主持人，也謝謝各位今天參與電話會議。如各位今天所聽到的，美泰第二季表現強勁，並持續展現我們策略的成功執行；成長動能來自我們自有品牌與合作夥伴品牌、我們自有 IP 與合作夥伴品牌，以及數位遊戲——數位遊戲正逐漸成為我們成長方程式中的重要一環。很高興看到營收端的成長延續到目前為止的第三季，且年初至今消費者對我們產品的需求保持正向。在邁入下半年之際，我們也處於非常有利的位置。

I also, just want to welcome our new Head of Investor Relations, Katina Metzidakis. Thank you for joining us, Katina, on your first earnings call. Katina has already hit the ground running, and we are glad to have her perspective and leadership with us at Mattel, so welcome.

我也想歡迎我們新任投資人關係主管（Head of Investor Relations）Katina Metzidakis。Katina，謝謝你在第一次法說電話會議就加入我們。Katina 已經迅速上手，我們很高興她能在美泰帶來她的觀點與領導力，歡迎加入。

Thank you, everyone, for your time. Thank you for joining the call, and we'll continue the talking. Thank you.

謝謝各位撥冗。謝謝各位參與電話會議，我們會持續保持溝通。謝謝。

Ladies and gentlemen, this concludes Mattel's Second Quarter 2026 earnings call. Thank you all for joining. You may now disconnect.

各位女士、先生，美泰 2026 年第二季財報電話會議到此結束。感謝各位參與。您現在可以掛線。