億滋國際 (MDLZ) 2024 Q4 法說會逐字稿

Good day and welcome to the Mondelez International fourth-quarter 2024 and full-year earnings conference call.

大家好，歡迎參加億滋國際 2024 年第四季和全年財報電話會議。

Today's call is scheduled to last about one hour including remarks by Mondelez's management and the question-and-answer session. (Operator Instructions)

今天的電話會議預計持續約一小時，包括億滋管理階層的發言和問答環節。（操作員指令）

I now like to turn the call over to Mr. Shep Dunlap, Senior Vice President, Investor Relations for Mondelez. Please go ahead, sir.

現在，我想將電話轉給億滋國際投資者關係資深副總裁 Shep Dunlap 先生。先生，請繼續。

Good afternoon and thank you for joining us. With me today are Dirk Van de Put, our Chairman and CEO; and Luca Zaramella, our CFO. Earlier today, we sent out our press release and presentation slides which are available on our website.

下午好，感謝您加入我們。今天與我在一起的有我們的董事長兼執行長 Dirk Van de Put；以及我們的財務長 Luca Zaramella。今天早些時候，我們發送了新聞稿和簡報幻燈片，可在我們的網站上查閱。

During this call, we'll make forward-looking statements about the company's performance. These statements are based on how we see things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in our 10-K, 10-Q, and 8-K filings for more details on our forward-looking statements.

在本次電話會議中，我們將對公司績效做出前瞻性陳述。這些表述是基於我們今天對事物的看法。由於風險和不確定性，實際結果可能存在重大差異。有關我們的前瞻性陳述的更多詳細信息，請參閱我們的 10-K、10-Q 和 8-K 文件中包含的警告聲明和風險因素。

As we discuss our results today, unless noted as reported, we'll be referencing our non-GAAP financial measures, which adjust for certain items included in our GAAP results. In addition, we provide year-over-year growth on a constant currency basis unless otherwise noted.

當我們今天討論我們的結果時，除非另有說明，否則我們將參考我們的非 GAAP 財務指標，這些指標會根據 GAAP 結果中包含的某些項目進行調整。此外，除非另有說明，我們提供以固定匯率計算的年成長率。

You can find the comparable GAAP measures and GAAP to non-GAAP reconciliations within our earnings release and at the back of the slide presentation.

您可以在我們的收益報告和幻燈片簡報的背面找到可比較的 GAAP 指標以及 GAAP 與非 GAAP 的對帳表。

Today, Dirk will provide a business strategy update, followed by a review of our financial results and outlook by Luca. We will close with Q&A. I'll now turn the call over to Dirk.

今天，Dirk 將提供業務策略更新，隨後 Luca 將回顧我們的財務表現和展望。我們將以問答環節結束。現在我將電話轉給德克。

Thank you, Shep, and thanks to everyone for joining the call today. I will start on slide 4. I'm pleased to share that 2024 was another strong year for Mondelez. We delivered balanced top-line growth, strong earnings, and robust free cash flow generation while returning significant capital back to shareholders.

謝謝你，謝普，也謝謝大家今天參加電話會議。我將從第 4 張投影片開始。我很高興地告訴大家，2024 年對億滋來說又是強勁的一年。我們實現了均衡的營收成長、強勁的獲利和強勁的自由現金流，同時向股東返還了大量資本。

Our top-line grew mid-single digit with balanced performance across both developed and emerging markets, and we delivered positive volume mix in the second half of the year with improved shared performance.

我們的營收實現了中等個位數成長，在已開發市場和新興市場均實現了均衡的表現，並且我們在下半年實現了積極的銷售組合，共享業績也有所改善。

Despite continuing input cost inflation, we achieved gross profit dollar growth in the mid-single digits, driven by ongoing cost discipline and sound pricing. This allows us to continue to increase our investments in brands, distribution, and organizational capabilities.

儘管投入成本持續上漲，但在持續的成本控制和合理定價的推動下，我們仍實現了中等個位數的毛利成長。這使我們能夠繼續增加對品牌、分銷和組織能力的投資。

We also continued our track record of strong free cash flow, generating $3.5 billion, which includes our settlement with the EU commission. We also continue to prioritize capital return, delivering $4.7 billion to shareholders through buybacks and dividends.

我們也延續了強勁的自由現金流記錄，產生了 35 億美元，其中包括與歐盟委員會的和解協議。我們也繼續優先考慮資本回報，透過回購和股息向股東提供 47 億美元。

And as we transition into 2025, we remain focused on executing with excellence against our long-term growth strategy. We are confident that our chocolate playbook will enable us to successfully navigate unprecedented cocoa cost inflation, and we'll share additional color later in today's call.

隨著我們邁入 2025 年，我們將繼續專注於卓越地執行我們的長期成長策略。我們相信，我們的巧克力劇本將使我們成功應對前所未有的可可成本上漲，我們將在今天晚些時候的電話會議上分享更多細節。

Perhaps most importantly, I remain convinced that Team Mondelez represents the very best people in the consumer packaged goods business, and I'm proud of our team for staying focused and agile in a challenging operating environment. With the right strategy, the right brands, the right geographic footprint, and the right people, I'm confident that we continue to be solidly positioned for attractive long-term growth.

或許最重要的是，我仍然堅信億滋團隊代表了消費品產業最優秀的人才，我為我們的團隊在充滿挑戰的營運環境中保持專注和敏捷而感到自豪。我相信，憑藉正確的策略、正確的品牌、正確的地理覆蓋範圍和正確的人才，我們將繼續穩固地實現有吸引力的長期成長。

Turning to slide 5, you can see that 2024 was a strong year on both the top and bottom lines, despite the impact of cocoa cost facing in the fourth quarter. Luca will provide some additional perspectives on our cocoa cost strategy in a few minutes.

翻到投影片 5，您可以看到，儘管第四季面臨可可成本的影響，但 2024 年在營收和利潤方面都是強勁的一年。幾分鐘後，盧卡將對我們的可可成本策略提供一些額外的觀點。

We delivered organic net revenue growth of 4.3% and adjusted gross profit dollar growth of 5.1% for the year. Our volume mixed results demonstrate that consumers continue to prioritize our brands and our categories.

我們全年實現了有機淨收入成長 4.3%，調整後毛利成長 5.1%。我們的銷售結果好壞參半，顯示消費者仍然優先考慮我們的品牌和產品類別。

It is important to underscore that we continue reinvesting in our brands to drive faster growth. Our high-single digit investment increase in A&C continues to strengthen consumer and customer loyalty to our brands.

需要強調的是，我們將繼續對我們的品牌進行再投資，以推動更快的成長。我們對 A&C 領域的高個位數投資成長持續增強了消費者和客戶對我們品牌的忠誠度。

Adjusted EPS grew 13% on top of strong growth in the past several years, and we delivered free cash flow of $3.5 billion. We remain confident that our commitment to executing with excellence while reinvesting in our strong brands, capabilities, and talent will enable us to continue delivering attractive, long-term value for our stakeholders.

調整後每股收益在過去幾年強勁增長的基礎上增長了 13%，並且我們實現了 35 億美元的自由現金流。我們堅信，我們致力於卓越執行，同時對強大的品牌、能力和人才進行再投資，這將使我們能夠繼續為利害關係人提供有吸引力的長期價值。

On slide 6, you can see that our continued confidence is grounded in evidence of consumers' enduring preference for snacking. All over the world, snacks remain an important part of people's lives: at home, at work, or school, and on-the-go. We're proud that consumers continue to prioritize our strong brands even in challenging times.

在第 6 張投影片上，您可以看到，我們持續的信心是基於消費者對零食的持久偏好的證據。在世界各地，零食仍然是人們生活中的重要部分：無論是在家裡、在工作中、在學校或旅途中。我們很自豪，即使在困難時期，消費者仍然優先考慮我們強大的品牌。

In North America, consumer confidence has improved slightly following the US election, despite continuing concern about the economic outlook. While biscuit category volume remained relatively flat over the last three months, private label continues to decline, demonstrating that consumers remain loyal to their favorite brands and that our price-packed architecture initiatives are showing promising signs. As a result, Oreo, Chips Ahoy, and Ritz all are regaining share.

在北美，儘管對經濟前景的擔憂持續，但美國大選後消費者信心略有改善。儘管過去三個月餅乾類別的銷量保持相對平穩，但自有品牌的銷量持續下降，這表明消費者仍然忠於他們最喜歡的品牌，並且我們價格豐富的架構計劃正顯示出令人鼓舞的跡象。結果，奧利奧、Chips Ahoy 和 Ritz 的市佔率均有所回升。

Meanwhile, in Europe, consumer confidence and also price elasticity remain stable despite ongoing uncertainty in the economic and political environment. We continue to see solid category value growth in both biscuits and chocolates, and our brands are steadily gaining share following disruption during the first half of the year.

同時，在歐洲，儘管經濟和政治環境持續不確定，但消費者信心和價格彈性仍保持穩定。我們繼續看到餅乾和巧克力兩個品類的價值穩步增長，而且我們的品牌在經歷了上半年的動盪之後，份額也在穩步增長。

Elasticity also remains stable in emerging markets, with solid consumer confidence in India, Brazil and Mexico amid continued softness in China. Overall, we're seeing solid category growth in both volume and value across our combined emerging markets, among the least share is improving in both biscuits and chocolate.

新興市場的彈性也保持穩定，儘管中國經濟持續疲軟，但印度、巴西和墨西哥的消費者信心仍然強勁。整體而言，我們看到，在我們合併的新興市場中，各品類的銷售和價值都呈現穩定成長，其中餅乾和巧克力的份額增長最少。

Turning to slide 7, we are continuing to make progress against our strategic growth agenda, reinvesting in our brands, expanding distribution, strengthening our capabilities, and continuing to transform our portfolio.

第 7 頁，我們將繼續推進我們的策略成長議程，對我們的品牌進行再投資，擴大分銷，增強我們的能力，並繼續轉變我們的產品組合。

Here are just a few highlights of our strategy in action. Our iconic global brands, including Oreo and Cadbury Dairy Milk, executed award-winning activations that resonated strongly with consumers, driving incremental lift. For example, Oreo's Space Dunk campaign and our innovative global collaboration with Coca-Cola helped strengthen partnerships with key retailers around the world.

以下僅是我們實施策略的幾個亮點。我們標誌性的全球品牌，包括奧利奧和吉百利牛奶巧克力，開展了屢獲殊榮的激活活動，引起了消費者的強烈共鳴，推動了增量。例如，奧利奧的太空扣籃活動以及我們與可口可樂的創新全球合作有助於加強與全球主要零售商的合作夥伴關係。

Similarly, Cadbury's year-long celebration of its 200th anniversary delivered groundbreaking creative and strong return on investment. Looking ahead, we're excited about the potential of our just announced Oreo partnership with Post Malone, which will hit US store shelves later this week. Capturing the current cultural vibe, this limited edition features our first-ever twisted cream.

同樣，吉百利為期一年的 200 週年慶典也帶來了突破性的創意和豐厚的投資回報。展望未來，我們對剛剛宣布的奧利奧與 Post Malone 合作的潛力感到非常興奮，該產品將於本週晚些時候在美國商店上架。這款限量版產品捕捉了當前的文化氛圍，並推出了我們首款扭曲奶油。

Along with these creative brand reinvestments, we continue to expand distribution around the world, which includes a special focus on accelerating digital channels. Our e-commerce business grew double digits in 2024, and we continue investing in new capabilities to accelerate our leadership in digital snacking.

隨著這些創意品牌的再投資，我們也將繼續擴大全球分銷，其中特別著重加速數位管道的發展。我們的電子商務業務在 2024 年實現了兩位數成長，我們將繼續投資於新功能，以加速我們在數位零食領域的領導地位。

In fact, our next year markets grew approximately 35% in 2024 as a result of our continued investments. We're also making significant progress on growing our revenue growth management capabilities. We launched new fresh stacks during Q4 across our largest US brands including Oreo, Ritz, and Chips Ahoy.

事實上，由於我們持續的投資，我們的明年市場在 2024 年將成長約 35%。我們在提高收入成長管理能力方面也取得了重大進展。我們在第四季度向奧利奧、Ritz 和 Chips Ahoy 等美國最大品牌推出了全新產品。

These new offerings provide products our consumers love in smaller hold fresh packs at an attractive everyday price. And in chocolate, we are launching an array of pack sizes at several new price points around the world.

這些新產品以極具吸引力的日常價格，提供消費者喜愛的小包裝新鮮產品。在巧克力方面，我們正在全球推出多種包裝尺寸和幾個新的價位。

Additionally, we continue to advance our portfolio reshaping strategy. In 2024, we purchased a majority stake in Evirth, the leader in China's fast-growing frozen-to-chilled baked snacks category. We have worked with Evirth for several years to develop, manufacture, market, and sell cakes and pastries featuring some of our iconic brands including Oreo and Philadelphia. Our expanded partnerships enables us to further accelerate growth through continuous innovation, leveraging the combination of our high value brands with Evirth's advanced R&D and technical expertise.

此外，我們繼續推動我們的投資組合重塑策略。2024年，我們收購了中國快速成長的冷凍冷藏烘焙零食類別的領導者Evirth的多數股權。我們與 Evirth 合作多年，共同開發、製造、行銷和銷售以奧利奧和費城等我們的一些標誌性品牌為特色的蛋糕和糕點。我們擴大的合作夥伴關係使我們能夠透過持續創新進一步加速成長，利用我們高價值品牌與 Evirth 先進的研發和技術專長的結合。

We also liquidated our investment in JDE Peet's, providing another important source of funding for reinvestment that can be used to buy our stock, as well as further advancing our brands, talents, and capabilities.

我們也清算了對 JDE Peet's 的投資，為再投資提供了另一個重要的資金來源，這些資金可用於購買我們的股票，以及進一步提升我們的品牌、人才和能力。

On slide 8, along with our financial performance and strategic growth priorities, I'm pleased to share that we made significant progress toward our sustainability objectives in 2024. First, we continue to advance our leadership in more sustainably sourcing critical ingredients. About 90% of the cocoa volume used in our chocolate brands now is sourced through Cocoa Life, our signature cocoa sourcing program, which works to lift up the people and restore landscapes where cocoa is grown.

在第 8 張投影片上，除了我們的財務表現和策略成長重點之外，我很高興地分享我們在 2024 年實現永續發展目標方面取得了重大進展。首先，我們持續提昇在更永續採購關鍵原料方面的領導地位。目前，我們巧克力品牌中使用的約 90% 可可透過我們的標誌性可可採購計劃 Cocoa Life 採購，該計劃致力於提升人們的生活水平並恢復可可種植地的景觀。

We also made continued progress in helping to combat climate change. We reduced carbon emissions across our manufacturing operations by about 38% versus our baseline in 2018. Additionally, we continued advancing our light and dry packaging strategy. Approximately 96% of our packaging is recyclable.

我們在幫助應對氣候變遷方面也不斷取得進展。與 2018 年基準相比，我們整個製造業務的碳排放量減少了約 38%。此外，我們也持續推動輕量化、乾燥的包裝策略。我們的包裝約有 96% 是可回收的。

We also continue investing in ways to empower consumers to make more mindful snacking choices that fit into their healthy, active lifestyles. Approximately 80% of our snacks revenue comes from mindful portion snacks; that is snacks that are packaged in individually wrapped mindful portion serving sizes or with clear mindful portion recommendations on the pack. These are just a few preliminary highlights of our continuing progress towards building a more sustainable snacking company.

我們也將繼續投資於各種方法，使消費者能夠更明智地選擇適合其健康、積極的生活方式的零食。我們的零食收入約 80% 來自正念分量零食；即採用單包裝、明確份量大小或包裝上有清晰的份量建議的零食。這些只是我們朝著打造更永續的零食公司的目標不斷前進的一些初步亮點。

We continue to believe that helping to drive positive change at scale is an integral part of value creation with positive returns for our stakeholders. We encourage you to watch our annual Snacking Made Right report, which will be published in April to view our full-year sustainability data.

我們始終相信，幫助推動大規模積極變革是創造價值的重要部分，能為我們的利害關係人帶來正面的回報。我們鼓勵您關注我們將於 4 月發布的年度《Snacking Made Right》報告，以查看我們的全年永續發展數據。

Turning to slide 9, I'd like to reinforce our conviction that Mondelez remains well positioned to navigate through a very dynamic operating environment. Like many other companies, we are closely tracking and planning around several near-term themes, including variations in consumer confidence, foreign exchange volatility, potential changes in trade policy, and pricing negotiations, all against the backdrop of record cocoa prices.

轉到第 9 張投影片，我想重申我們的信念，那就是億滋國際仍然有能力在非常動態的營運環境中前進。與許多其他公司一樣，我們正在密切追蹤和規劃幾個近期主題，包括消費者信心的變化、外匯波動、貿易政策的潛在變化以及定價談判，所有這些都是在可可價格創紀錄的背景下進行的。

By focusing on our strengths and controlling our controllables, we're confident that we have the right strategy, the right execution, and the right people to effectively navigate these headwinds. Our teams have undertaken extensive planning since last spring for the challenges created by record cocoa input costs.

透過專注於我們的優勢並控制我們的可控因素，我們相信我們擁有正確的策略、正確的執行和合適的人才來有效地應對這些不利因素。自去年春天以來，我們的團隊已經針對創紀錄的可可投入成本所帶來的挑戰進行了廣泛的規劃。

We have a clear and sound strategy to navigate these conditions, which Luca will describe in more detail in a few minutes. At the same time, our categories remain resilient, and consumers continue to prioritize our iconic snacking brands. We remain committed to reinvesting in our brands and capabilities to continue accelerating this momentum.

我們有一個明確而完善的策略來應對這些情況，Luca 將在幾分鐘內更詳細地描述。同時，我們的產品類別依然保持彈性，消費者繼續優先考慮我們的標誌性零食品牌。我們將繼續致力於對我們的品牌和能力進行再投資，以繼續加速這一勢頭。

We also continue to focus on expanding distribution opportunities in both developed and emerging markets, and our disciplined approach to capital allocation gives us confidence that we will continue to generate strong free cash flow.

我們也繼續致力於擴大已開發市場和新興市場的分銷機會，我們嚴謹的資本配置方法使我們相信我們將繼續產生強勁的自由現金流。

In conclusion, I'm pleased to reiterate that 2024 was another strong year and that we are well positioned to continue driving attractive growth. While the road ahead will not be without challenges, our team is at its best when we are united and clear about what we need to do.

最後，我很高興地重申，2024 年是另一個強勁的一年，我們已準備好繼續推動可觀的成長。儘管前進的道路並非沒有挑戰，但當我們團結一致並明確我們需要做什麼時，我們的團隊就會處於最佳狀態。

By continuing to double down our attractive core categories of chocolate, biscuits, and baked snacks, investing in our widely loved brands, focusing on operational execution and cost discipline, and empowering our great people, I am confident that we can deliver strong performance for years to come.

透過持續加倍投入我們具有吸引力的巧克力、餅乾和烘焙零食等核心類別，投資於我們廣受喜愛的品牌，專注於營運執行和成本紀律，並賦予我們優秀員工權力，我相信我們能夠在未來幾年取得強勁的業績。

With that, I'll turn it over to Luca to share additional insights on our financial.

接下來，我將把話題轉到 Luca 身上，讓他分享更多關於我們財務的見解。

Thank you, Dirk, and good afternoon. In 2024, we delivered strong results from top to bottom. We posted balanced growth across developed and emerging markets. We grew gross profit dollars by mid-single digits. Adjusted EPS growth was double digits and free cash flow was once again quite good. This was a continuation of our virtual cycle, which enables us to maintain strong growth, important reinvestments, and strong return of capital back to shareholders.

謝謝你，德克，下午好。2024年，我們從上到下都取得了強勁的業績。我們在已開發市場和新興市場均實現了均衡成長。我們的毛利成長了中等個位數。調整後的每股盈餘成長率達到兩位數，自由現金流再次相當良好。這是我們虛擬週期的延續，使我們能夠保持強勁的成長、重要的再投資以及向股東的強勁資本回報。

Revenue growth was 4.3% in the year with volume mix down 1 point. For the quarter, growth was more than 5%, with a slight increase in volume mix. Emerging markets grew by 6.2% for the year and 6.7% for the quarter, with trends coming from a substantial number of key countries including China, Brazil, South Africa, the Western Andean, and Central and Eastern Europe. Development markets grew 3.2% for the year and 4.3% for the quarter, including strong growth from Europe and solid results from the US.

全年營收成長 4.3%，銷量結構下降 1 個百分點。本季度，成長率超過 5%，銷量結構略有增加。新興市場全年成長 6.2%，本季成長 6.7%，主要來自中國、巴西、南非、西安地斯山脈以及中歐和東歐等大量主要國家。發展市場全年成長 3.2%，本季成長 4.3%，其中歐洲成長強勁，美國業績穩健。

Moving to portfolio performance on slide 12. Our chocolate and biscuit businesses both deliver good growth for the year. Also gum and candy continue to perform well. Biscuits grew 1.7% for the year and 2.1% for the quarter. Several brands delivered attractive growth for 2024, including Oreo, Ritz, Belvita, Tate, 7Days, Club Social, and Perfect Snacks.

前往投影片 12 上的投資組合表現。我們的巧克力和餅乾業務今年都實現了良好的成長。口香糖和糖果也繼續表現良好。餅乾銷量全年成長 1.7%，本季成長 2.1%。2024 年，多個品牌實現了可觀的成長，其中包括奧利奧、Ritz、Belvita、Tate、7Days、Club Social 和 Perfect Snacks。

Chocolate grew 7.4% for the year and 8.9% for the quarter, with significant growth across both developed and emerging markets. Volume makes declined 2% for the year and 2.3% in the quarter.

巧克力全年成長 7.4%，本季成長 8.9%，已開發市場和新興市場均顯著成長。全年銷量下降 2%，本季下降 2.3%。

Our two flagship global brands, Cadbury Dairy Milk and Milka, deliver outstanding growth while we also deliver strong growth with our local jewels portfolio, including Lacta, Côte d'Or, Freia, and Marabou.

我們的兩個旗艦全球品牌，吉百利牛奶巧克力和妙卡巧克力，都實現了出色的增長，同時我們的本地精品品牌組合也實現了強勁增長，包括 Lacta、Côte d'Or、Freia 和 Marabou。

Gum and candy grew more than 7% for the year and nearly 9% for the quarter. Key markets including China, Brazil, and Western India, all perform well.

口香糖和糖果銷量全年成長逾 7%，本季成長近 9%。包括中國、巴西和印度西部在內的主要市場均表現良好。

Let's review market share performance on slide 13. We had or gained sharing 50% of our revenue base with strong results in both chocolate and biscuits. Although there is more work to do, we made some progress in the back half of the year, including the last three months, as approximately 17% of revenue had or gained share due to improvements in North America.

讓我們回顧一下第 13 張投影片上的市佔率表現。我們已經或正在分享50%的收入基礎，巧克力和餅乾方面都取得了豐厚的表現。儘管還有更多工作要做，但我們在下半年（包括過去三個月）取得了一些進展，因為由於北美業務的改善，大約 17% 的收入份額有所增加。

Strong brand re-investment, revenue growth management initiatives and solid execution had tried recent improvements.

強大的品牌再投資、營收成長管理措施和穩健的執行力都推動了近期的改善。

Moving to regional performance on slide 14. Europe grew 5.7% for the year and 7.4% for the quarter. Strong execution, including pricing, led to attractive growth despite significant customer disruption in F1. While dollars in '24 were up 8.8% for the year and down more than 40% in Q4, the sharp decline in European Q4 profit was driven by the dramatic ramp in our cocoa cost pipeline without the benefit of additional pricing and cost measures that are expected in 2025.

轉到投影片 14 上的區域表現。歐洲全年成長 5.7%，本季成長 7.4%。儘管 F1 賽事對客戶造成了嚴重干擾，但強勁的執行力（包括定價）仍帶來了可觀的成長。儘管 2024 年美元匯率全年上漲了 8.8%，而第四季則下跌了 40% 以上，但歐洲第四季利潤的大幅下降是由於我們的可可成本管道急劇上升，而沒有受到預計在 2025 年採取的額外定價和成本措施的影響。

North America grew 1.5% for the full year while Q4 grew 0.4%. Full-year growth was driven by solid performance across a number of brands and growth channels. In Q4, volume mix grew 1.3% points, driven by growth in our new fresh stock price packs, as well as trends from Tate and Perfect Snacks.

北美全年成長 1.5%，第四季成長 0.4%。全年成長得益於多個品牌和成長管道的穩健表現。第四季度，銷售組合成長了 1.3%，這得益於我們新的新鮮庫存價格包的成長，以及 Tate 和 Perfect Snacks 的趨勢。

Overall, we saw a good start with the rollout of the new price packs in Oreo, Chips Ahoy, and Ritz. We enter '25 encouraged by our new price packs, expectations for category growth, and initiatives around growth channel, trade programs, and new distribution growth.

總體而言，Oreo、Chips Ahoy 和 Ritz 推出的新價格套餐取得了良好的開端。在新的價格套餐、品類成長預期以及圍繞成長管道、貿易計劃和新分銷增長的舉措的鼓舞下，我們進入了25年。

North America OI increased 0.4% for the year. For the quarter, OI decreased 11.5%. This decline was a result of higher trade spend. Some cost pressure, particularly as we ramp up production of the newly launched price point SKU and a set settlement of a legal case.

北美 OI 全年上漲了 0.4%。本季度，OI 下降了 11.5%。這一下降是由於貿易支出增加所致。一些成本壓力，特別是當我們增加新推出的價格點 SKU 的產量和解決法律案件時。

AMEA grew 6.2% for the year and 8.6% for the quarter with solid volume mixed growth to finish the year. China grew high single digits for the year and quarter. Australia posted strong growth for both the year and quarter as well as Southeast Asia returned to growth in Q4.

AMEA 全年成長 6.2%，本季成長 8.6%，全年銷量穩定成長。中國全年和本季的經濟均實現了高個位數成長。澳洲今年和今年第一季均實現強勁成長，東南亞也在第四季恢復成長。

India delivered low-single digit growth for the year and quarter as strength in chocolate was offset by soft biscuits results. We are encouraged by work being done in India and in the biscuit business, specifically around smaller packs and lower price points as we head into 2025.

由於巧克力的強勁表現被軟餅乾的業績所抵消，印度本年度和本季的銷售額均實現了低個位數成長。我們對印度和餅乾產業正在進行的工作感到鼓舞，特別是在我們邁向 2025 年時圍繞更小的包裝和更低的價格點所做的工作。

AMEA increased OI dollars by 13.4% for the year, while OI declined 28% in Q4, resulting from unfavorable cocoa facing.

AMEA 全年 OI 金額增加了 13.4%，而受可可市場不利影響，第四季 OI 金額下降了 28%。

Latin America grew 4.6% for the year and 4.9% for the quarter behind solid performance from Brazil and the Western Andean group of countries. Latin America delivered another strong year of profitability. OI grew 10.7% for the year while declining 5.7% for Q4. Profitability was lower in the quarter driven by cocoa.

拉丁美洲今年成長 4.6%，本季成長 4.9%，得益於巴西和安第斯山脈國家的強勁表現。拉丁美洲又度過了獲利強勁的一年。OI 全年成長 10.7%，但第四季下降 5.7%。受可可影響，本季獲利能力下降。

Turning to page 15. For the year, we deliver strong high-single-digit OI dollar growth. This growth enables a significant level of reinvestment in our brands and capabilities for '25 and beyond. In Q4, we saw a notable decline in white dollar's growth. This decline was primarily a result of unfavorable cocoa pipeline that we noted in our Q3 call. This cost headwinds came without additional offsetting pricing or overheads reduction, which we expect to initiate in 2025.

翻到第 15 頁。今年，我們實現了強勁的個位數 OI 美元成長。這種成長使我們能夠在2025年及以後對品牌和能力進行大量再投資。在第四季度，我們看到白色美元的成長明顯下降。這種下降主要是由於我們在第三季電話會議上指出的可可管道不利所致。這種成本逆風並沒有帶來額外的抵銷定價或管理費用削減，我們預計將在 2025 年開始實施這些措施。

Next, to EPS on slide 16. Full-year EPS grew 13% in constant currency. The significant majority of this growth was driven by operating gains. And despite currency headwinds, we grew adjusted EPS that reported ForEx by more than 9%. Q4 EPS growth declined due to previously mentioned spike in the cocoa cost pipeline.

接下來是投影片 16 上的 EPS。以固定匯率計算，全年每股收益成長 13%。這一增長絕大部分是由營業利潤推動的。儘管面臨貨幣逆風，我們的調整後每股盈餘（以外匯計算）仍成長了 9% 以上。由於先前提到的可可成本飆升，第四季每股收益成長下降。

Turning to slide 17, we delivered $3.5 billion of free cash flow for the full year, including the settlement of the EU Commission matter of nearly $400 million. We returned $4.7 billion in cash to shareholders through dividends and share repurchases where nearly half of our shared purchase coming in Q4.

第 17 頁，我們全年實現了 35 億美元的自由現金流，其中包括近 4 億美元的歐盟委員會事宜的解決方案。我們透過股利和股票回購向股東返還了 47 億美元現金，其中近一半的股票回購發生在第四季。

Consistent with our capital allocation priorities, we announced a new $9 billion share repurchase authorization in December, which runs from '25 to '27. We continue to be opportunistic buyers of our stock at depressed levels given our view of the intrinsic value.

根據我們的資本配置重點，我們在 12 月宣布了新的 90 億美元股票回購授權，有效期從 25 年到 27 年。鑑於我們對內在價值的看法，我們將繼續在低迷的股價水準上投機取巧地購買我們的股票。

Before we get into the details of our outlook, let me provide additional thoughts on cocoa. The market continues to show signs of volatility and has reverted to elevated levels during much of the past three months.

在我們詳細討論我們的觀點之前，讓我先對可可發表一些額外的看法。市場繼續表現出波動跡象，並在過去三個月的大部分時間裡回升至高位。

Despite a good main crop, several factors have contributed to this situation, including concerns about the meat crop in the Ivory Coast, ongoing low liquidity, and low industry coverage. This backdrop has created more pressure on our P&L for '25 as it relates to the portion that was still unhatched or protected through flexible structures at the time we spoke to you back in the Q3 call.

儘管主要作物收成良好，但造成這種情況的因素有很多，包括對科特迪瓦肉類作物的擔憂、持續的流動性低以及行業覆蓋率低。這種背景給我們 25 年的損益帶來了更大壓力，因為這與我們在第三季電話會議中與您交談時尚未孵化或透過靈活結構保護的部分有關。

Although we cannot predict specific timing, we continue to believe that the inverted nature of the market, combined with lower demand levels due to higher pricing and elasticity, will eventually bring cocoa to a more sustainable price level.

雖然我們無法預測具體的時間，但我們仍然相信，市場的反轉性質，加上由於價格上漲和彈性增加而導致的需求水平降低，最終將使可可的價格達到更可持續的水平。

As we mentioned, we have been planning our '25 business for some time now in advance on of elevated levels of cocoa. And we have developed a clear and comprehensive chocolate strategy. This includes leveraging a robust RGM playbook, strong marketing and sales execution, remaining agile, with the right incentives and targeted cost savings.

正如我們所提到的，我們一直在提前規劃我們的25年業務，以提高可可的產量。我們已經制定了清晰、全面的巧克力策略。這包括利用強大的 RGM 劇本、強大的行銷和銷售執行、保持敏捷、提供正確的激勵措施和有針對性的成本節約。

A few words on 2025 and key planning assumptions on slide 20. For the current year, we expect to deliver on our long-term algorithm for revenue. We currently expect top line to be approximately 5%. We have planned for higher levels of elasticity in chocolate, but we need to remain agile and assess the situation as new prices get implemented.

第 20 張投影片介紹了 2025 年和關鍵規劃假設。今年，我們期望實現我們的長期收入演算法。我們目前預計營收成長率約為 5%。我們已經計劃提高巧克力的彈性，但我們需要保持靈活，並在實施新價格時評估情況。

We expect an adjusted EPS decline this year given the unprecedented levels of cocoa costs in our chocolate P&L. This decline is expected to be approximately 10% versus the base of [3.36%] in 2024. That excludes JDE Peet's from the equity income. This outlook does not include the impact of the potentially significant new executive orders, imposing 25% tariffs on US imports from Mexico and Canada.

鑑於我們的巧克力損益表中可可成本達到前所未有的水平，我們預計今年調整後的每股盈餘將下降。預計 2024 年的降幅將達到約 10%，而基數為 [3.36%]。這將 JDE Peet's 排除在股權收入之外。這一前景不包括可能具有重大意義的新行政命令的影響，即對美國從墨西哥和加拿大進口的產品徵收 25% 的關稅。

This would create an additional headwind to the business. But given the fluid and rapidly changing nature of timing, it is difficult to provide a reliable estimate of impact for the full year at this time.

這將為業務帶來額外的阻力。但鑑於時間的流動性和快速變化性，目前很難對全年影響提供可靠的估計。

Overall, we believe this outlook is a prudent planning stance based on our visibility to cocoa cost in 2025, which is substantially protected and hedged at this point. This assumption is based on the principles I just discussed.

總體而言，我們認為這種前景是一種審慎的規劃立場，基於我們對 2025 年可可成本的預見性，目前可可成本得到了充分的保護和對沖。這個假設是基於我剛才討論的原則。

Based on our view of earnings, we are planning for free cash flow of $3 billion-plus. In terms of other key assumptions, for inflation, we expect a double-digit increase for 2025 versus 2024, driven almost entirely by cocoa, as well as some labor costs.

根據我們的獲利觀點，我們計劃實現 30 億美元以上的自由現金流。在其他關鍵假設方面，對於通貨膨脹，我們預計 2025 年將比 2024 年出現兩位數成長，幾乎完全受到可可以及一些勞動成本的推動。

In terms of interest expense, we expect approximately $350 million. We expect an adjusted effective tax rate in the mid-20s. Note that our cash tax rate is expected to run approximately 2 points lower than this rate. And for share repurchase, we are expecting at least $3 billion with the flexibility to go higher depending on stock price. We are expecting approximately $0.12 of EPS headwind related to ForEx for the year.

在利息支出方面，我們預計約為 3.5 億美元。我們預計調整後的有效稅率在 25% 左右。請注意，我們的現金稅率預計將比該稅率低約 2 個百分點。對於股票回購，我們預計至少有 30 億美元，並且可以根據股價靈活增加。我們預計今年與 ForEx 相關的 EPS 阻力約為 0.12 美元。

Before opening up for Q&A, a few comments on 2026. In 2025, we are trying to strike the right balance by running a reasonable P&L while taking a responsible and thoughtful approach to maintaining the health of the chocolate category.

在開始問答之前，我想對 2026 發表一些評論。2025 年，我們正努力透過實現合理的損益和採取負責任且深思熟慮的方式維護巧克力類別的健康來取得適當的平衡。

In that context, we continue to scrutinize every dollar we spend, including ANC where we'll continue to prioritize brand investments and properly support brands as long as we believe the return is sufficient. We do expect EPS growth in 2026 based on cocoa levels, staying elevated but stable.

在這種背景下，我們將繼續仔細審查我們花費的每一美元，包括 ANC，只要我們認為回報足夠，我們就會繼續優先考慮品牌投資並適當支持品牌。我們確實預計，基於可可水平，2026 年的每股收益將增長，並保持較高但穩定的水平。

Cocoa futures might come down, but we're not there yet. So we will continue to plan various scenarios with the base case for a continuation of elevated levels. If cocoa stays high, we would expect to gradually price more. If cocoa starts to come down, then we would expect earnings delivery to be higher. Regardless, we expect EPS growth in 2026.

可可期貨價格可能會下跌，但目前還沒有到達那個程度。因此，我們將繼續規劃各種情景，以確保水準持續上升。如果可可價格維持高位，我們預期價格將逐步上漲。如果可可價格開始下降，那麼我們預計獲利將會更高。無論如何，我們預計 2026 年每股收益將實現成長。

With that, let's open the line for questions.

現在，讓我們開始回答問題。

(Operator Instructions)

（操作員指令）

Andrew Lazar, Barclays.

巴克萊銀行的安德魯·拉扎爾。

Great. Thanks so much. Appreciate it. Dirk, maybe to start, given where cocoa has gone in the past few months, maybe you can talk about how that, if at all, sort of changes your approach and chocolate strategy?

偉大的。非常感謝。非常感謝。德克，首先，考慮到過去幾個月可可的發展情況，您能否談談這是否會改變您的方法和巧克力策略？

And with that, the state of the European business, given that's your largest chocolate market and it seems like even more price will likely be necessary even into '26.

鑑於歐洲是最大的巧克力市場，因此，歐洲的業務狀況似乎甚至到26年仍可能需要更高的價格。

Yes, yes. Well, hello Andrew, and thanks for the question. Well, as it relates to cocoa and chocolate, the first thing I would say is that in our eyes, chocolate remains a great snacking category, which so far has been remarkably durable. It's been quite robust in '24 already with some significant pricing but still healthy volumes. That's driven by the fact that there is iconic brands that we have and that are of the nation, high brand loyalty.

是的，是的。嗯，你好，安德魯，謝謝你的提問。好吧，既然涉及可可和巧克力，我首先要說的是，在我們眼中，巧克力仍然是一種很好的零食類別，而且到目前為止，它的持久力非常強。2024年，其表現已相當強勁，定價頗為重要，但銷售仍可觀。這是因為我們擁有標誌性品牌，而這些品牌是全國性的，具有很高的品牌忠誠度。

There's very little private label. Consumers quote chocolate as one of their indulgences that they cannot live without. So we continue to feel that this is a great snacking category.

自有品牌非常少。消費者表示，巧克力是他們生活中不可或缺的享受之一。所以我們仍然認為這是一個很棒的零食類別。

Our view is that despite the short-term volatility that our approach needs to be to protect the category health, to protect our share in the category, and to protect our brand investment, we are seeing some structural change to the cocoa pricing and the cocoa market. But we don't think that will continue to the current magnitude. For sure, cocoa prices will remain higher than they've been in the past, but they will come down eventually from the current high, to our opinion.

我們的觀點是，儘管短期波動，我們需要採取的方法是保護品類健康，保護我們在該品類中的份額，保護我們的品牌投資，但我們看到可可定價和可可市場發生了一些結構性變化。但我們認為，這種情況不會持續到現在。可以肯定的是，我們認為可可價格仍將維持在比過去更高的水平，但最終將從目前的高點回落。

The other thing I would say is that from our view, we need to protect key price points and thresholds so that consumers can continue to enjoy their chocolate. So that means in emerging markets, we continue to hold the price points of our low unit pricing. And in the developed markets, we try to make sure that we have the right entry level.

我想說的另一件事是，從我們的角度來看，我們需要保護關鍵的價格點和門檻，以便消費者可以繼續享受巧克力。這意味著在新興市場，我們將繼續保持低單位定價的價格點。在已開發市場，我們盡力確保擁有正確的入門水準。

We accompany that in '25 with very strong revenue growth management plans and PPA plans to make sure that consumers can have consumption at all different price points. We are going to continue to invest in the category.

我們在25年推出了非常強勁的營收成長管理計劃和PPA計劃，以確保消費者能夠在不同價位進行消費。我們將繼續對該類別進行投資。

We are optimizing that investment, but we will continue to support our brand strongly. Of course, we will do some additional cost measures to protect the bottom line. So as I said, we're trying to optimize our A&C investment. We're looking at zero overhead or negative overhead growth. And we have the highest supply chain productivity program in the history of the company for 2025.

我們正在優化這項投資，但我們將繼續大力支持我們的品牌。當然，我們會採取一些額外的成本措施來保護底線。正如我所說，我們正在努力優化我們的 A&C 投資。我們正在考慮零間接費用或負間接費用成長。我們擁有公司史上最高的2025年供應鏈生產力計畫。

And we will continue to hedge our chocolate. We don't see a reason to change our strategy there. So for '25, we have a very strong agenda. We have an enormous revenue growth management program. We have changed the price pack architecture on more than $5 billion of our net revenue.

我們將繼續對沖我們的巧克力。我們認為沒有理由改變我們的策略。因此，對於25年，我們有一個非常強大的議程。我們有一個巨大的收入成長管理計劃。我們已經改變了超過50億美元淨收入的價格包架構。

We have to do significant line pricing, which we are implementing as we speak. If cocoa prices remain elevated where they are today, that might require more pricing in the second half of this year and in '26. But as I said, we think eventually cocoa prices will start to come down. There already has been some significant pricing around the world in chocolate. And I'm happy to report that the elasticity sales have held up well so we're looking at a 0.4% elasticity.

我們必須實行重大線路定價，我們現在正在實施。如果可可價格維持目前的高位，那麼今年下半年和26年可能需要進一步定價。但正如我所說，我們認為可可價格最終將開始下降。全球範圍內的巧克力定價已經出現了一些顯著的變化。我很高興地報告，彈性銷售保持良好，因此我們看到彈性為 0.4%。

And so far, what we've seen even in the places where we've had 10%, 15% price increase, that holds. We are also, of course, looking at optimizing our promotions. We're doing active portfolio management. Elasticities, we have estimated around 0.4%, I was mentioning. We will need to remain agile and adapt to the circumstances.

到目前為止，我們看到，即使在價格上漲 10%、15% 的地方，情況也是如此。當然，我們也在考慮優化我們的促銷活動。我們正在進行積極的投資組合管理。彈性，我們估計在 0.4% 左右，我有提到。我們需要保持敏捷並適應環境。

But overall, we do believe that we have the right strategy. We have very strong activations and innovations also planned. We're launching new flavors, new experiences. We have the biggest seasonal agenda in chocolate. We are starting and launching products in our Biscoff partnership so that also, we think, will drive consumer interest.

但總體而言，我們確實相信我們的策略是正確的。我們還計劃了非常強大的激活和創新。我們正在推出新口味、新體驗。我們在巧克力方面有最大的季節性議程。我們正在與 Biscoff 合作啟動並推出產品，我們認為這也將激發消費者的興趣。

We are monitoring consumers very closely and that gives us reason for optimism. So far, we don't see any major shifts. And if you then look at the P&L of chocolate for '25, our main objective is to protect the category, protect our share. And we think we can do that with a reasonable P&L.

我們正在密切關註消費者，這讓我們有理由感到樂觀。到目前為止，我們還沒有看到任何重大轉變。如果你看一下25年的巧克力損益表，你會發現我們的主要目標是保護這個類別，保護我們的份額。我們認為我們可以透過合理的損益來做到這一點。

And I'm sure that Luca will talk a little bit more about that, which includes significant investments and robust activations. And we are not taking any shortcuts for short-term gains. So that's a little bit the way we look at chocolate.

我相信盧卡會更多地談論這一點，其中包括大量投資和強勁的激活。我們不會為了短期利益而走任何捷徑。這就是我們看待巧克力的方式。

If I translate that to Europe, at this stage, consumer confidence in Europe is pretty stable. It's subdued but it's stable. The purchasing power is soft. There is ongoing economic and political uncertainty, of course.

如果我將其轉化為歐洲，那麼現階段歐洲的消費者信心相當穩定。它雖然低調，但卻穩定。購買力較弱。當然，經濟和政治不確定性仍然存在。

But overall, we feel that the consumer is in a good place, probably in a better place as the consumer is in the US. The category consumption in chocolate is pretty good. We have very solid value growth. We have good volume growth. We're seeing a little bit of deceleration in the last three months but that's because pricing is starting to come.

但整體而言，我們認為消費者的狀況良好，可能比美國消費者的狀況更好。巧克力品類的消費相當不錯。我們的價值成長非常穩健。我們的銷售成長良好。我們在過去三個月中看到了一些減速，但這是因為定價開始下降。

And as I said, elasticities are as expected. For instance, in the UK, we're looking at a 0.37% elasticity so far, and we've already increased prices by about 15%. So I think after we had client disruption in the beginning of the year, we saw a very good business continuation in Europe. We had broad-based growth across the region. Chocolate was growing 8% in value over the last three months for us.

正如我所說，彈性符合預期。例如，在英國，到目前為止我們看到的彈性為 0.37%，而我們已經將價格提高了約 15%。因此，我認為，在年初遇到客戶中斷之後，我們在歐洲的業務延續性非常好。我們在整個地區都實現了廣泛的成長。在過去三個月裡，巧克力的價值增加了 8%。

We had the highest Christmas net revenue in chocolate, double-digit growth. We're seeing very nice growth across channels from discounters to world travel retail, and we had a great share performance. So everything so far in Europe is good. And as you can see from the numbers, the quarter and the year looks pretty good, except, of course, for the cocoa effect. But that, over time, will start to go down as our pricing takes hold.

我們的聖誕巧克力淨收入最高，實現了兩位數的成長。我們看到，從折扣店到全球旅遊零售等各個管道都出現了非常好的成長，而且我們的市場份額也很高。到目前為止，歐洲的一切都很好。從數字上可以看出，本季和全年的表現都相當不錯，當然，可可效應除外。但隨著時間的推移，隨著我們的定價逐漸穩定，這個數字將會開始下降。

So for '25, we have this big RGM agenda. We have the activations and promotions. We do assume in our estimates at the moment our client disruption. The chocolate P&L will gradually improve as pricing takes hold, and we still have some significant pricing and PPA to do.

因此，對於 25 年，我們有這個宏偉的 RGM 議程。我們有激活和促銷活動。我們確實在目前的估算中假設了客戶中斷。隨著定價的穩定，巧克力的損益將逐漸改善，而且我們還有一些重要的定價和 PPA 工作要做。

But we do believe that we have the right estimates in our forecast. So pretty optimistic about the chocolate category, and we do feel that our European business is well prepared to deal with this.

但我們確實相信我們的預測是正確的。因此，我們對巧克力類別非常樂觀，並且我們確實認為我們的歐洲業務已做好充分準備來應對這一問題。

That's awesome. Thanks so much for that very fulsome answer. And then Luca, just quickly, can you walk us through some of the puts and takes for the '25 outlook in terms of like phasing around EPS and margins? And a little early, just how do we think about the key considerations for '26 that you kind of got into briefly in the prepared remarks?

太棒了。非常感謝您如此詳盡的回答。然後盧卡，您能否快速地向我們介紹一下 25 年展望中的一些利弊，例如每股盈餘和利潤率的分階段變化？現在問得有點早，您在準備好的發言中簡要提到了 26 年的關鍵考慮因素，您認為我們是如何看待這些關鍵考慮因素的？

Yes. Thank you, Andrew. As far as the 2025 guidance goals, I think we have to start by saying that we feel good about how we ended the year in terms of revenue and growth momentum. As we just said, we feel quite good with the benign elasticities in chocolate. Total growth of the categories where we compete was good and importantly, I think we were happy to see share momentum picking up.

是的。謝謝你，安德魯。就 2025 年指導目標而言，我認為我們首先要說的是，我們對今年的收入和成長動能感到滿意。正如我們剛才所說，我們對巧克力中的良性彈性感到非常滿意。我們所競爭的類別的整體成長良好，重要的是，我認為我們很高興看到份額勢頭回升。

So this is good news, given that 70% of the business is non-chocolate, and we expect a normal year in terms of biscuit, baked goods, and other categories. Chocolate profitability is clearly the main concern of the plan. And as I said in the prepared remarks, the chocolate spikes in the last few months has given us a little bit of a headwind compared to what we told you and we anticipated back in October.

因此，這是個好消息，因為 70% 的業務都與巧克力無關，而且我們預計今年的餅乾、烘焙食品和其他類別的業務將保持正常。巧克力的盈利能力顯然是該計劃主要關注點。正如我在準備好的發言中所說的那樣，與我們 10 月告訴大家的和預期的情況相比，過去幾個月巧克力價格的飆升給我們帶來了一點阻力。

So we have beefed up the plan in terms of pricing actions and RGM. And as we just said, we need to continue to strike a good balance, especially in emerging markets between price and volume.

因此，我們在定價行動和 RGM 方面加強了計劃。正如我們剛才所說，我們需要繼續保持良好的平衡，特別是在新興市場中價格和數量之間的平衡。

To offset some of the profit pressure, we have unprecedented cost measures, I would say, particularly in the productivity area of our manufacturing network, but we also have reduced overheads and the nonworking media spending. So our goal is to deliver a plan that is executing well in all non-chocolate category.

為了抵​​銷部分利潤壓力，我們採取了前所未有的成本措施，特別是在製造網路的生產力領域，但我們也減少了管理費用和非工作媒體支出。因此，我們的目標是製定一項在所有非巧克力類別中執行良好的計劃。

And for chocolate, I think the key will be to minimize the volume implications, together with ensuring that we exit 2025 with a reasonable profit per kilo as a key measure for us to monitor. The profit gating throughout 2025 will be more pressured in Q1, given the fact that we are in the midst of negotiations with customers. And we haven't implemented the price yet but we feel quite good at this point, given the progress we have made.

對於巧克力而言，我認為關鍵在於盡量減少產量影響，同時確保在 2025 年結束時每公斤實現合理的利潤，這也是我們需要監控的關鍵指標。鑑於我們正處於與客戶的談判之中，2025 年第一季的利潤門檻將面臨更大壓力。我們還沒有實施價格，但考慮到我們已經取得的進展，我們目前感覺相當良好。

And I think you will start seeing profit improvement in terms of sequential improvement versus Q1 and Q4 as we progress throughout the year. And again, the clear goal for us is to end 2025 in a place where we are well positioned to deliver EPS growth in 2026.

我認為，隨著全年的進展，您將看到利潤相對於第一季和第四季的連續改善。再說一次，我們的明確目標是到 2025 年底，我們能夠很好地實現 2026 年的每股盈餘成長。

Clearly, it is quite premature to talk about 2026, but we wanted you to hear very clearly that our goal is to grow EPS for 2026. At this point in time, we see a bifurcation of scenarios into 2026. I believe the most likely scenario is that cocoa prices will come down, in which case we will have higher earnings upside potential.

顯然，談論 2026 年還為時過早，但我們希望您清楚地聽到，我們的目標是實現 2026 年每股收益成長。此時，我們預計 2026 年會出現兩種情況。我認為最有可能的情況是可可價格下降，在這種情況下我們的獲利潛力將會更高。

But if cocoa stays elevated, we will have to take a little bit more pricing. And our approach over the last few years and in '24 as well is to take multiple pricing actions and to allow consumers to get accustomed to higher levels of pricing. And so we believe that in either case, whether cocoa comes down or stays high, we have a path to delivering EPS growth into 2026.

但如果可可價格持續走高，我們將不得不稍微提高價格。我們過去幾年以及2024年的方法是採取多種定價措施，讓消費者適應更高的定價水準。因此，我們相信，無論可可價格下降還是保持高位，我們都有能力在 2026 年實現每股收益成長。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

Dirk, in North America, both price and volume/mix came in below the Street in the fourth quarter. I'm curious, can you maybe expand on how you view the general health of the biscuit category here in the US? And also your expectations roughly for both volume and price in 2025 in North America in light of how you think about that category and your share within.

德克，在北美，第四季的價格和銷售/組合都低於華爾街。我很好奇，您能否詳細談談您如何看待美國餅乾類別的整體健康狀況？您還根據對該類別和您在其中的份額的看法，對 2025 年北美的銷售和價格進行了大致預測。

Yes, yes. Hi, Ken. Well, the consumer in the US is still quite concerned, the economy, the political situation, and of course, inflation. And as we've talked in the past, the value definition has clearly changed in most categories, I would say, but also in the biscuit category.

是的，是的。你好，肯。嗯，美國消費者仍然非常關注經濟、政治局勢，當然還有通貨膨脹。正如我們過去所談到的，我想說，大多數類別的價值定義已經發生了明顯變化，餅乾類別也是如此。

Basically, higher-income consumers are trying to buy bigger packs while lower-income consumers are focused on lower unit prices, and also the channel shopping behavior has significantly changed. I would say at this stage, the US biscuit category is softer. The elasticities are increasing to a certain degree. The category growth in the last three months was 0.6%.

整體來看，高收入消費者追求更大包裝，低收入消費者則注重更低的單價，通路購物行為也發生了較大變化。我想說，現階段，美國餅乾類別比較軟。彈性正在增加到一定程度。過去三個月該類別的成長率為0.6%。

We did improve our shares during that period. But overall, I would call that soft. The good news is that the penetration and the volume per trip is holding up. There's a number of reasons for that. First of all, prices have stopped rising. In fact, prices have probably come down, and that's part of what you see in Q4 because we launched a number of packs at lower price points and the promo intensity is also increasing.

在此期間我們確實提高了我們的股價。但總體而言，我認為它很軟。好消息是，滲透率和單次出行量仍在保持穩定。造成這種情況的原因有很多。首先，物價已經停止上漲。事實上，價格可能已經下降了，這是您在第四季度看到的部分情況，因為我們以較低的價格推出了許多套裝，促銷力度也在加大。

I would say within the category, cookies are performing in line with broader snacking while crackers are softer. Q4, while maybe below the market estimates was, to our opinion, a solid quarter. We had net revenue growth of 0.4%. Volume mix was 1.3%.

我想說，在這個類別中，餅乾的表現與更廣泛的零食一致，而薄脆餅乾則更軟。儘管第四季可能低於市場預期，但我們認為這是一個穩健的季度。我們的淨收入成長了0.4%。成交量佔比為 1.3%。

OI was lower. The reason for that was, first of all, we were lapping a lower trade spend the last three years, and we were also lapping some SG&A one-timers. But the good news for us was that we grew biscuit share with more than 30 basis points in Q4. We did a number of innovations.

OI 較低。原因首先是，過去三年我們的貿易支出較低，我們也承擔了一些一次性的銷售、一般及行政開支。但對我們來說好消息是，第四季我們的餅乾份額增加了30個基點以上。我們做了許多創新。

As I mentioned, fresh packs and launched, for instance, the Chips Ahoy Chewy Cookie, and we had very good channel results also. The one that was a bit of a decliner was Give and Go, that had to see with the fact that our kids' business declined to pre-COVID levels.

正如我所提到的，我們推出了新鮮包裝，例如 Chips Ahoy Chewy Cookie，並且我們也取得了非常好的通路表現。業績略有下滑的是 Give and Go，這與我們兒童業務下滑至疫情之前的水平有關。

If I look at '25 for the category, I would say -- sorry, the pricing possibilities are limited. We'll have a little bit. We will continue to do PPA for lower price points. We will have some very strong activations. You'll see the first one with Post Malone on Oreo as is currently going on. I do think that we will have a good volume growth next year because of those lower price points and the fact that we have underdeveloped channels.

如果我看一下『25』類別，我會說 - 抱歉，定價可能性有限。我們會吃一點。我們將繼續以更低的價格開展 PPA。我們將會有一些非常強大的激活。您將看到第一張 Post Malone 和 Oreo 一起的照片，目前正在進行中。我確實認為，由於價格較低，且通路尚未開發，我們明年的銷售量將大幅成長。

Plus, we can drive more penetration of some of our brands. So I think we will combine a good volume growth with lower pricing. So maybe our percentage gross profit will come down, but we do think that the dollars that we will generate will be quite strong. So I'm expecting a solid P&L in North America in '25.

此外，我們可以提高一些品牌的滲透率。因此我認為我們將把良好的銷售成長與較低的價格結合起來。因此，也許我們的毛利率會下降，但我們確實認為，我們創造的收入將相當可觀。因此我預計25年北美的獲利情況會比較穩健。

That's helpful. And then quickly, Luca, just on cocoa, I think you and Dirk have been using the word eventually more than usual today. It may be fair, maybe not, but it seems like you're incrementally less confident today that cocoa is bound to fall in the near term.

這很有幫助。然後很快，盧卡，就可可而言，我認為你和德克今天使用“最終”這個詞的次數比平時更多。這或許公平，或許不公平，但今天你似乎對可可價格在短期內必然下跌的信心逐漸減弱了。

So I'm curious, has anything structurally changed in your view of supply and demand? Or is this just a situation where you have to sort of at least partially just kind of accept the current reality, whether it's justified or not?

所以我很好奇，您對供需的看法有什麼結構性改變嗎？或者這只是一種情況，你必須至少部分地接受當前的現實，不管它是否合理？

Look, I think it is tough for us, quite frankly, to make sense of the current elevated prices. Yes, it is through the mid-crop, which I remind you account for 30% of the total year production of cocoa, is subdued. And there was a little bit of a drier weather than was anticipated. The reality is, as of today, the port arrivals are up almost 25%.

聽著，坦白說，我認為我們很難理解當前價格上漲的原因。是的，中期作物產量較低，我要提醒大家的是，中期作物產量佔可可年總產量的 30%。天氣比預期的要乾燥一些。事實是，截至今天，港口抵達人數已增加近 25%。

And I believe even in the worst-case scenario of the mid-crop being subpar, we foresee most likely a supply increase compared to last year that is around about 10%. The latest grinding numbers have been quite good, and so demand doesn't factor yet major changes.

我相信，即使在最壞的情況下，即中期作物產量低於標準，我們也預計供應量與去年相比很可能會增加 10% 左右。最新的研磨數據相當不錯，因此需求尚未發生重大變化。

But we start seeing signs, particularly in parts of the world like North America where cocoa consumption is coming down. And so that should provide, I believe, on a longer-term perspective, a little bit of a relief in terms of also demand.

但我們開始看到一些跡象，特別是在北美等可可消費量正在下降的地區。因此，我相信，從長遠來看，這也將在需求方面帶來一定程度的緩解。

I think the market is very thin. If you look at the industry, it is covered by If you look at volumes that get traded daily, it is very, very small. And obviously, in this environment, we see particularly speculators to drive cost prices that are elevated.

我認為市場非常疲軟。如果你看一下這個行業，你會發現它被覆蓋了，如果你看一下每日的交易量，它非常非常小。顯然，在這種環境下，我們看到投機者推動成本價格上漲。

So look, I think I was really hoping that by now, with the main crop behind us and the good numbers, cocoa would be more benign, but it isn't. And so we have assumed a cocoa price that stays elevated for '25.

所以看，我想我真的希望到現在，隨著主要作物的成熟和良好的產量，可可的產量會更加溫和，但事實並非如此。因此我們預計可可價格在25年將保持在高位。

And in our plans, it is elevated for 2026 as well in the sense that we prefer planning that way rather than assuming and having an assumption that drives EPS growth simply because of cocoa coming down. We are committing to you that EPS in 2026 will grow either way. And we want to be ready for the worst.

在我們的計畫中，2026 年的 EPS 目標也被提升了，因為我們更喜歡這樣規劃，而不是僅僅因為可可價格下降就假設 EPS 會成長。我們向您承諾，無論如何，2026 年的每股盈餘都將成長。我們希望做好最壞的準備。

But quite frankly, given that I believe there would be a surplus between supply and demand in 2025, I believe eventually cocoa will have to come down.

但坦白說，鑑於我相信 2025 年供需將出現過剩，我認為可可價格最終將不得不下降。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Just a theoretical follow-up on that. You mentioned that you believe that cocoa prices would return to a more sustainable price level. I'm wondering whatever that level is, it might not be the $3,000 where we were not that long ago. And it might not be the $10,000 where we're at now.

這只是對此的一個理論上的跟進。您提到您相信可可價格將回到更永續的價格水平。我想知道無論這個水平是多少，它可能都不會達到不久前的 3,000 美元。而且它可能還不是我們現在的 10,000 美元。

But let's say, $5,000, $6,000, whatever it is, and we get to that place in the next one or two years, is it your belief that you will have the ability and that you will ultimately get to a point where you're pricing away the dollar input inflation and that you essentially, over a multiyear period, your algorithm will normalize? Is that still your belief?

但是，假設是 5,000 美元、6,000 美元或無論它是多少，並且我們在未來一兩年內達到這個水平，您是否相信您有能力並且最終能夠達到通過定價消除美元投入通脹的程度，並且從本質上講，在多年的時間裡，您的演算法將會正常化？這仍然是你的信念嗎？

Yes. I think what you have to assume is that just picking the numbers that you have quoted, $3,000, and I don't know if you were talking about dollars or GBP but call it GBP, we will be priced at the level that is higher than that. And so I think the question becomes, at that level of cocoa, how quickly are we going to adjust, if any, adjustment is made, price is down?

是的。我認為你必須假設的是，只要選擇你引用的數字，3,000 美元，我不知道你指的是美元還是英鎊，但稱之為英鎊，我們的定價將高於該水平。因此，我認為問題變成了，在可可的價格水平上，我們將以多快的速度進行調整（如果有的話），價格是否會下降？

And I think as much as there is friction going up and as much as we are never priced throughout, I would say, the next couple of quarters at the right level of cocoa, it is fine to assume that as cocoa starts coming down, our price too will be better than the $3,000 you quoted. And so in that context, our profitability will be quite good and would allow us to have a P&L that makes more than sense.

我認為，儘管存在不斷上升的摩擦，而且我們的定價始終沒有達到預期，但我想說，在接下來的幾個季度裡，可可的價格將達到正確的水平，可以假設，隨著可可價格開始下降，我們的價格也將比你報價的 3,000 美元更好。因此，在這種情況下，我們的獲利能力將相當不錯，並且將使我們的損益表更加合理。

And so I think if cocoa comes down, earnings power is there. If cocoa stays high, which again we don't control, we will have to price a little bit more in 2026. And as I said in a previous question, this approach of multiple pricing waves is the best in terms of getting consumers accustomed to new price levels and minimizing elasticity and volume losses.

所以我認為，如果可可價格下降，獲利能力就存在。如果可可價格持續走高（這也不是我們能控制的），我們將不得不在 2026 年稍微提高價格。正如我在先前的問題中所說，這種多次定價波動的方式對於讓消費者適應新的價格水平、最大限度地減少彈性和銷售損失而言是最好的。

And then just as you're sort of reviewing cocoa prices, I would imagine that the visibility on the past crop is behind us. I'm wondering what are you going to be watching? And when will you make up your mind about the need for additional pricing?

然後，正如你在回顧可可價格時一樣，我想過去收成的可見性已經過去了。我想知道您要看什麼？什麼時候才會決定是否需要額外定價？

Like what sort of time frames are you kind of under -- are we under review here? Is this something that you're going to make a decision to pivot by the time we get to the second half of this year? How will that work?

例如，您所處的時間框架是什麼樣的－我們是否正在接受審查？到今年下半年時，您是否會決定改變這個方向？這將如何實現？

So I think for '25, we are pretty much done in terms of coverage. And what we have assumed at this point is that we will have to take multiple price waves. And there are situations where we have two other situations where we're going to take three price increases. As Dirk said, we have unprecedented amount of RGM, which has come to fruition throughout the year. And so we are planning for the current levels of cocoa, a series of actions that we will take throughout 2025.

所以我認為，對於 25 年來說，我們的覆蓋範圍基本上已經完成。我們現在的假設是，我們將必須經歷多輪價格波動。還有另外兩種情況，我們將進行三次價格上漲。正如德克所說，我們的 RGM 數量是前所未有的，並且全年都取得了成果。因此，我們針對目前的可可水平，規劃了在2025年期間將採取的一系列行動。

Now if we realize that the main crop numbers, which we're going to start getting a sense towards September, October, if we realize that demand of cocoa in general is coming down and the number of -- will be coming out throughout the year. But the first half will give us an indication of how much global demand is subdued.

現在，如果我們了解主要作物的數量，我們將在九月和十月份開始對此有所了解，如果我們意識到可可的整體需求正在下降，那麼全年的產量數量都會有所下降。但上半年將讓我們看到全球需求的低迷程度。

And in -- and we'll try to understand the price implication on cocoa. We will decide as we go what is best to do for the second part of the year in light of a plausible cocoa level for 2026. And so quite frankly, we have to remain quite open to understanding what cocoa is going to do in 2026.

我們將嘗試了解其對可可價格的影響。我們將根據 2026 年的可可產量預測，決定下半年的最佳應對措施。因此坦白說，我們必須保持開放的態度來了解可可在 2026 年將會如何發展。

And as a consequence, we will act accordingly, particularly in the second part of the year. The first pricing waves, according to the level of cocoa that we have today, had been taken between October and December in a few cases.

因此，我們將採取相應的行動，特別是在今年下半年。根據今天的可可水平，第一波定價浪潮在少數情況下發生在 10 月至 12 月之間。

We are under European negotiations literally as we speak. There might be other pricing waves that we'll take in the second part of the year depending on our view on 2026 cocoa levels.

我們現在就在進行歐洲談判。根據我們對 2026 年可可價格的看法，今年下半年我們可能還會經歷其他定價浪潮。

Tom Palmer, Citi.

花旗銀行的湯姆·帕爾默。

I wanted to ask a little more on the expected cadence of both earnings and COGS inflation. And specifically on COGS inflation, it looks like 4Q '24, we saw a bigger step-up. Will we then, I guess thinking through 1Q to 3Q, see a more normal rate and then inflation starts to ease based on current futures?

我想要進一步詢問有關收益和銷貨成本通膨的預期節奏的問題。具體到 COGS 通膨方面，看起來 24 年第四季我們看到了更大的成長。那麼，我想，透過考慮第一季到第三季的情況，我們是否會看到一個更正常的利率，然後通貨膨脹會根據目前的未來情況開始緩解？

And then just given kind of the outsized earnings pressure in 1Q, might you then the main offset the 4Q? I just want to make sure we're kind of taking through those moving pieces between cost and pricing over the course of the year.

那麼，考慮到第一季巨大的獲利壓力，您是否能將主要抵銷力道轉移到第四季？我只是想確保我們能夠在一年內解決成本和定價之間的變動問題。

Yes. So the pressure that you saw on profitability in Q4, it is the fact that cocoa was fairly high into our in Q4. Your assumption should be that, that level of cocoa keeps until -- for the full 2025 at this level -- at this point in time. That's our assumption. So I think you should assume that that level of cocoa is equally spread throughout the remaining quarters of 2025.

是的。因此，您在第四季度看到的獲利壓力是因為可可的價格在第四季度相當高。你的假設應該是，可可的這一水準將維持到 2025 年全年。這是我們的假設。因此我認為你應該假設可可的產量將在 2025 年剩餘的幾個季度中均勻分佈。

Now the differential in terms of gating for profitability of 2025 is that we will have more pricing coming into the P&L. So the elevated inflation is going to keep on hitting Q1, Q2, Q3. Obviously, Q4 will be different because there is already elevated level of cocoa in the baseline.

現在，2025 年獲利能力門檻的差異在於，我們將有更多的定價進入損益表。因此，高企的通膨將會持續影響第一季、第二季、第三季。顯然，Q4 將會有所不同，因為基線中的可可含量已經升高。

The difference is you're going to see sequential price improvement throughout the year, particularly as of Q2, Q3, and Q4, and that will provide benefits to the profitability of the company.

不同之處在於，您將看到全年價格連續改善，特別是第二季、第三季和第四季度，這將有利於公司的獲利能力。

And on elasticity, you mentioned so far that elasticity was 0.4%. Just any color on what's embedded in guidance at this point?

關於彈性，您到目前為止提到彈性是 0.4%。目前指導中嵌入了什麼內容？

That is the guidance number. We have seen elasticities that are a little bit lower than that. We monitor elasticities very closely. I can tell you that in Q3 and Q4, the elasticities for chocolate that we saw was a little bit lower.

這是指導數字。我們看到彈性略低於這個數字。我們密切監測彈性。我可以告訴你，在第三和第四季度，我們看到的巧克力彈性略低一些。

The current planning assumption for 2025 is that elasticity, on average, is 0.4%, 0.5% at times. And that number is higher than what we have seen in 2024.

目前2025年的規劃假設是，彈性平均為0.4%，有時為0.5%。這個數字高於我們在 2024 年看到的數字。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯·甘波特（Max Gumport）。

You mentioned a number of times in this call that you have one of the highest supply chain productivity programs in your history coming up in '25. I was hoping you could just give a finer point on just how big that program might be.

您在這次電話會議中多次提到，您將在25年推出史上最高的供應鏈生產力計畫之一。我希望您能更詳細地說明這個程序到底有多大。

Yes, the typical targets that we have is about a 4% gross productivity on our supply chain. And then depending on inflation rates and some other investments we might do, we try to translate that into a net productivity.

是的，我們的典型目標是供應鏈的總生產力達到 4% 左右。然後根據通貨膨脹率和我們可能進行的一些其他投資，我們嘗試將其轉化為淨生產力。

In the past three, four years, it has been very difficult to reach that 4%, but we are planning to reach that in '25. So that gives you an idea.

在過去的三、四年裡，要達到這個 4% 非常困難，但我們計劃在 2025 年實現這一目標。這給了你一個想法。

Great. And then turning back to North America and what you're seeing within your biscuit and cracker categories, and I understand your share performance is improving. Consumers still feeling some financial pressure in the US.

偉大的。然後回到北美以及您在餅乾和薄脆餅乾類別中看到的情況，我了解到您的份額表現正在提高。美國消費者仍然感受到一些財務壓力。

I didn't hear you speak much to whether or not you think there is a shift away from snacking that's going on due to a consumer that's more focused on health and wellness or a consumer that's more and more likely to be on a GLP-1 drug.

我並沒有聽到您過多地談論您是否認為由於消費者更加註重健康和保健或越來越可能服用 GLP-1 藥物而導致人們不再吃零食。

So just curious on your view on the broader stacking category in the US, and whether or not there is some headwinds you need to consider because of the shift to health and wellness.

所以我只是好奇您對美國更廣泛的堆疊類別的看法，以及是否由於向健康和保健的轉變而需要考慮一些阻力。

Yes, thank you. I would say to our view at the moment, no, we do not necessarily see snacking diminishing because there is a shift to health and wellness or there is a decreased consumption in snacking because of GLP-1s.

是的，謝謝。我想說，就我們目前的觀點而言，不，我們不一定會因為人們更加重視健康和保健而看到零食消費的減少，也不會因為 GLP-1 而導致零食消費的減少。

We've monitored that very carefully, and so far, there is really no effect that we can tell. Within snacking, there might be a shift to more healthier products but that has been going on for years. And I wouldn't say that in recent years, there has been a shift there.

我們對此進行了非常仔細的監控，到目前為止，我們確實沒有發現任何影響。在零食方面，人們可能正在轉向更健康的產品，但這種情況已經持續了好幾年。我不認為近年來發生了轉變。

In fact, since COVID, the indulgent part in snacking is growing just as fast as the healthy part. So that was different before COVID. So if anything, the indulgent part remains as it was before.

事實上，自疫情爆發以來，零食中的放縱部分的增長速度與健康部分一樣快。因此，在 COVID 之前情況有所不同。所以，如果有的話，放縱的部分仍然和以前一樣。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

I'll keep it relatively shorter to one question but maybe with two parts. So Luca, if I can just kind of hone in on the earnings per share, the actual guidance, roughly $2.90 for 2025. And with the clean numbers without JDE, you were $3.08 in '23 and $3.36 in '24.

我會將其縮短為一個問題，但可能分為兩部分。所以盧卡，如果我可以精確地了解每股收益，那麼實際指引是，2025 年大約是 2.90 美元。如果按照沒有 JDE 的乾淨數字來算，那麼 23 年的收入為 3.08 美元，24 年的收入為 3.36 美元。

I guess the question, a, is 2023 probably the right high watermark to use from an earnings per share perspective, just given this past year, you had some cost favorability at least through the first nine months relative to price relative to cocoa? And so as we're thinking about growing off that $2.90 base over whatever timeframe, right, '23 is maybe a better high watermark.

我想問題是，a，從每股盈餘的角度來看，2023 年可能是正確的高水位，考慮到過去的一年，至少在前九個月相對於可可的價格，你有一定的成本優勢？因此，當我們考慮以 2.90 美元為基礎在任何時間範圍內實現增長時，對的，'23 可能是更好的高水位。

And then the second part of that is just like what is the path back to that? Can you get to that high watermark with cocoa where it is? Currently, does that need to come down, obviously, to hit the number? And not looking to put a time frame around it, but just if you can kind of unpack what the path back to that is would be helpful.

那麼第二部分就是回到那個路徑是什麼呢？您能用可可達到那個高水位嗎？目前，是否需要降低這個數字才能達到這個數字？並不是想為此設定一個時間框架，但是如果你能闡明回到那個方向的路徑，那將會很有幫助。

So just to be clear, it is not that cocoa in '24 is lower than 2023. It is that cocoa was higher and we priced somewhat replacement cost in the first part of the year, and we have been taking advantage of the favorable pipeline compared to market, not compared to 2023.

因此需要明確的是，並不是說 2024 年的可可產量低於 2023 年。這是因為可可價格較高，我們在今年上半年定價了一些重置成本，與市場相比，我們一直在利用有利的管道，而不是與 2023 年相比。

So arguably, the EPS might be what you saw in the first three quarters of the year, provided that cocoa comes down to the levels of the first three years and that we hold on to the pricing that we have implemented. So if you're trying to understand by when we can be back on track with a reasonable level of EPS, I think the question really becomes, at what level of pricing are we going to be priced, particularly in 2026? And what level of cocoa are we going to head into the base P&L of 2026?

因此可以說，只要可可價格降至前三年的水平，且我們堅持已實施的定價，每股盈餘可能就是今年前三個季度的水平。因此，如果你想了解我們何時才能回到合理的每股盈餘水平，我認為真正的問題是，我們將以什麼樣的價格水平定價，特別是在 2026 年？那麼，2026 年基準損益表中的可可價格將達到什麼水準呢？

What I wanted to say particularly in the previous answers and in the prepared remarks is that either way, we are committing to an EPS growth in 2026. If cocoa comes down in 2027 or in 2026, the earning upside potential that we have will put us back to levels that most likely you saw in the first few quarters of 2024.

我在先前的回答和準備好的演講中特別想說的是，無論如何，我們都致力於在 2026 年實現每股收益成長。如果可可價格在 2027 年或 2026 年下降，我們的獲利上行潛力將使我們回到 2024 年前幾季最有可能看到的水平。

Again, I don't know if cocoa will come down at all. And that's where our commitment to you is that EPS will grow in 2026, and that's why we are telling you that regardless of the level of cocoa, there are 2 options here. Either we price more and we will get there, or if cocoa retrenches and comes down, the earnings power is within our P&L.

再說了，我不知道可可的價格是否會下降。這就是我們對您的承諾，每股收益將在 2026 年增長，這就是為什麼我們告訴您，無論可可水平如何，這裡都有 2 個選擇。要嘛我們提高價格並達到目標，要嘛如果可可價格下跌，獲利能力也在我們的損益範圍內。

I will now turn the conference back to Mr. Dirk Van de Put for any additional or closing remarks.

現在我將會議交還給 Dirk Van de Put 先生，請他發表補充意見或結束語。

Yes. Well, thank you very much. Thank you for attending this call. Looking forward to update you at the end of the first quarter when I assume that we will have a much clearer look already at how cocoa is evolving and how the pricing is landing in the markets. And until then, obviously, we are always available to answer any of your questions. Thank you.

是的。好吧，非常感謝。感謝您參加本次電話會議。我希望在第一季末向您更新情況，屆時我們將更清楚地了解可可的發展以及其市場定價。在此之前，我們顯然隨時可以回答您的任何問題。謝謝。

Thank you, everyone.

謝謝大家。

Thank you. Ladies and gentlemen, this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。女士們、先生們，今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。