億滋國際 (MDLZ) 2025 Q1 法說會逐字稿

Good day, and welcome to the Mondelez International first quarter 2025 earnings conference call. Today's conference is scheduled to last about one hour, including remarks by Mondelez management and the question-and-answer session. (Operator Instructions)

大家好，歡迎參加億滋國際 2025 年第一季財報電話會議。今天的會議預計持續約一小時，包括億滋管理層的演講和問答環節。（操作員指示）

I would 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。今天和我一起的還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，我們發出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, Q and 8-K filings for more details on our forward-looking statements.

在本次電話會議中，我們將對公司的績效做出前瞻性陳述。這些陳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、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 our year-over-year growth on a constant currency basis, unless otherwise noted. 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.

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，這些指標會根據我們的 GAAP 結果中包含的某些項目進行調整。此外，除非另有說明，我們均以固定匯率計算年增率。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。

Today, Dirk will provide a business and strategy update followed by a review of our financial results and outlook by Luca. We will close with Q&A.

今天，德克將提供業務和策略更新，隨後盧卡將回顧我們的財務表現和前景。我們將以問答形式結束。

I'll now turn the call over to Dirk.

現在我將把電話轉給德克。

Thanks, Shep, and thanks to everyone for joining the call today. I will start on Slide 4. I'm pleased to share that we delivered solid results for the first quarter driven by sound execution despite significant external volatility. Our top line grew 3.1% behind strong pricing execution across our chocolate business due to unprecedented input cost for cocoa. We also delivered strong profit dollar generation and free cash flow.

謝謝，謝普，也謝謝大家今天參加電話會議。我將從幻燈片 4 開始。我很高興地告訴大家，儘管外部波動很大，但我們在良好的執行力推動下，第一季取得了穩健的業績。由於可可的投入成本空前高漲，我們的巧克力業務的定價執行力強勁，營業收入成長了 3.1%。我們也實現了強勁的利潤創造和自由現金流。

These results, along with solid category growth reinforce our continued confidence in our full year outlook. We remain committed to delivering against our strategic agenda, focusing on the controllables and staying agile in this challenging macro environment. We are continuing to execute with excellence against our chocolate strategy and our cost savings program. Both of these initiatives are on track and will provide additional color throughout today's call.

這些結果以及穩健的類別成長增強了我們對全年前景的持續信心。我們將繼續致力於實現我們的策略議程，專注於可控因素，並在充滿挑戰的宏觀環境中保持敏捷。我們將繼續出色地執行我們的巧克力策略和成本節約計劃。這兩項舉措均進展順利，並將為今天的電話會議增添更多亮點。

Turning to Slide 5. You can see that organic net revenue grew 3.1%. Volume mix was down 3.5 points due to elasticity consistent with our expectations. We also implemented plant activities in our chocolate business. And a few onetime factors also affected volume mix which included Easter phasing and retailer inventory destocking, which Luca will describe in more detail later.

翻到幻燈片 5。您可以看到有機淨收入成長了 3.1%。由於彈性與我們的預期一致，交易量組合下降了 3.5 點。我們也在巧克力業務中實施了工廠活動。一些一次性因素也影響了銷售組合，包括復活節分階段和零售商庫存減少，Luca 稍後將對此進行更詳細的描述。

Pricing execution related to cocoa inflation was strong. We have now implemented planned pricing across many key markets with minimal disruption. We also saw a successful start to the Easter season. As expected, adjusted gross profit was significantly impacted by record cocoa costs and consequently, this also affected our EPS. We also generated $800 million in free cash flow in the quarter.

與可可通膨相關的定價執行強勁。我們目前已在許多主要市場實施了計劃定價，且影響最小。我們也見證了復活節季節的成功開始。正如預期的那樣，調整後的毛利受到創紀錄的可可成本的顯著影響，因此也影響了我們的每股盈餘。本季我們也產生了 8 億美元的自由現金流。

On Slide 6, you can see that consumers enduring preference for our snacking categories remains solid despite continuing economic and political concerns in many markets. In North America, continued frustration with day-to-day pricing and cost of living challenges continues to drive value-seeking behavior. As a result, growth in the biscuit category is soft, but it continues to hold up better than many other snacking categories.

在第 6 張投影片上，您可以看到，儘管許多市場持續存在經濟和政治擔憂，但消費者對我們的零食類別的持久偏好依然堅定。在北美，對日常定價和生活成本挑戰的持續不滿繼續推動著人們尋求價值的行為。因此，餅乾類別的成長雖然疲軟，但仍然比許多其他零食類別表現更好。

Despite overall declining consumer confidence, loyalty to our strong brands like Oreo, Chips Ahoy and Ritz remains solid and our investment in price pack architecture are helping to drive continued share gains. Meanwhile, in Europe, consumer confidence and price elasticities remain stable. We continue to see solid category value growth in both biscuits and chocolate, and our brands continue to resonate with consumers.

儘管消費者信心整體下降，但奧利奧、Chips Ahoy 和 Ritz 等強勢品牌的忠誠度依然穩固，而且我們在價格包架構方面的投資有助於推動市場份額持續成長。同時，在歐洲，消費者信心和價格彈性保持穩定。我們繼續看到餅乾和巧克力類別價值的穩健成長，我們的品牌繼續引起消費者的共鳴。

Elasticity also remained stable in emerging markets. However, consumer confidence is soft in Brazil, Mexico and China from economic uncertainty, while confidence in India remains solid. Overall, we're seeing solid category growth in both volume and value across our combined emerging markets. And Mondelez share is improving in both biscuits and chocolate.

新興市場的彈性也保持穩定。然而，由於經濟不確定性，巴西、墨西哥和中國的消費者信心疲軟，而印度的消費者信心仍堅挺。總體而言，我們看到合併後的新興市場在銷售和價值方面均實現了穩健成長。億滋國際在餅乾和巧克力領域的份額都在提高。

Turning to Slide 7. It is important to reinforce that we are continuing to make progress against our strategic growth agenda, reinvesting in our brands, expanding distribution strengthening our marketing and sales capabilities and scaling our long-standing commitment to sustainability. Here are just a few highlights of our strategy in action.

翻到幻燈片 7。值得強調的是，我們將繼續推動我們的策略成長議程，對我們的品牌進行再投資，擴大分銷，加強我們的行銷和銷售能力，並擴大我們對永續發展的長期承諾。以下僅是我們實施策略的幾個亮點。

Our iconic global brands, including Oreo and Cadbury Dairy Milk continue to drive creative on-trend activations that resonate strongly with consumers and help strengthen our strategic partnerships with retailers. For example, Oreo's collaboration with (inaudible) marked the first time a pop culture figure was personally involved in building a recipe for audio nearly from scratch, resulting in our first ever Twisted Crème.

我們標誌性的全球品牌，包括奧利奧和吉百利牛奶巧克力，繼續推動富有創意的潮流活動，與消費者產生強烈共鳴，並有助於加強我們與零售商的策略合作夥伴關係。例如，奧利奧與（聽不清楚）的合作標誌著流行文化人物首次親自參與從頭開始製作音頻配方，從而誕生了我們的第一款 Twisted Crème。

Meanwhile, in the UK we rolled out our first of many chocolate collaborations resulting from the partnership with Lotus Bakeries. The Cadbury Dairy Milk Biscoff bar featuring the signature Biscoff taste and crunch is only the beginning of our innovation platform with our other chocolate brands rolling out similar Biscoff crumbles and flavors across Europe in the coming months.

同時，在英國，我們與 Lotus Bakeries 合作推出了第一個巧克力合作計畫。吉百利牛奶巧克力焦糖餅乾具有標誌性的焦糖餅乾口味和酥脆口感，這只是我們創新平台的開始，未來幾個月我們的其他巧克力品牌將在歐洲各地推出類似的焦糖餅乾碎和口味。

Along with these creative three investments, we continue to expand distribution around the world. We added more than 100,000 stores in emerging markets in Q1. We also are making significant progress in strengthening our partnership with retailers around the world. For the first time in our history, we achieved a top tier ranking on the Global Advantage survey.

隨著這三項富有創意的投資，我們將繼續擴大全球分銷。我們第一季在新興市場新增了10萬多家門市。我們在加強與世界各地零售商的合作方面也取得了重大進展。在我們的歷史上第一次，我們在全球優勢調查中取得了頂級排名。

Additionally, we continue to make strong progress towards building a more sustainable snacking company and delivered on all our '24 sustainability targets. Earlier this month, we published our annual Snacking Made Right report, providing stakeholders an in-depth view of our sustainability strategy, goals and performance data. Among other highlights, we expanded Cocoa Life, our signature sustainability program to source 91% of cocoa volume for our chocolate business.

此外，我們在打造更永續的零食公司方面繼續取得長足進步，並實現了所有「24 個永續發展目標」。本月初，我們發布了年度《Snacking Made Right》報告，為利害關係人提供了對我們的永續發展策略、目標和績效數據的深入了解。除其他亮點外，我們還擴大了標誌性的可持續發展計劃“Cocoa Life”，為我們的巧克力業務採購 91% 的可可量。

We also made meaningful strides in combating climate chains reducing end-to-end carbon emissions by 12% versus our 2018 baseline. We continue to believe that helping to drive positive change at scale across the communities our business touches is an integral part of value creation. Simply put, we believe that more sustainable businesses and always will be is good business. I encourage you to take a few minutes to review our report in more detail.

我們也在應對氣候鏈方面取得了有意義的進展，與 2018 年基線相比，端到端碳排放量減少了 12%。我們始終相信，幫助推動我們業務所涉及的社區大規模積極變革是價值創造不可或缺的一部分。簡而言之，我們相信更永續的企業永遠都是好企業。我鼓勵您花幾分鐘時間更詳細地閱讀我們的報告。

Before I turn the microphone over to Luca, I'd like to reinforce that our chocolate strategy remains on track and performance to date is broadly in line with our expectations. Our teams started planning for the challenges created by a record cocoa input cost inflation more than a year ago.

在我將麥克風交給盧卡之前，我想強調一下，我們的巧克力策略仍在按計劃進行，迄今為止的表現基本上符合我們的預期。一年多前，我們的團隊就開始為創紀錄的可可投入成本通膨所帶來的挑戰做準備。

And we're confident that the robust clear strategy we built to navigate these conditions is paying off. We have reconfigured our chocolate portfolio to offer consumers an array of pack sizes appropriate for each snacking occasion from bite side streets, offering a delicious taste of Me time to family sizes designed for sharing with family and friends.

我們相信，我們為應對這些情況而製定的強而有力且明確的策略正在取得成效。我們重新配置了我們的巧克力產品組合，為消費者提供一系列適合各種零食場合的包裝尺寸，從街頭小吃到適合與家人和朋友分享的家庭服裝。

At the same time, we continue to maintain entry-level pricing to drive consumption. We also have successfully implemented most of our planned pricing in Europe with minimal customer disruption. As a result, elasticity is in line with expectations. We're also growing share in chocolate across markets, up 0.4 points year-to-date. We continue to innovate with new flavors, formats and brand activations.

同時，我們繼續維持入門級定價來推動消費。我們也在歐洲成功實施了大部分計畫定價，並且最大程度地減少了對客戶的干擾。因此，彈性符合預期。我們的巧克力市佔率也不斷成長，今年迄今已成長了 0.4 個百分點。我們不斷創新，推出新口味、新形式和新品牌。

Year in and year out, consumers around the world show us that our iconic chocolates are an essential part of their seasonable celebrations like Valentine's Day and Easter. We are continuing to stay a step ahead of their changing taste with exciting new products, including the delicious co-branded tablets I mentioned before, featuring the unique caramelized Biscoff flavor and crutch.

年復一年，世界各地的消費者向我們表明，我們標誌性的巧克力是情人節和復活節等節日慶祝活動的重要組成部分。我們將繼續透過令人興奮的新產品，在口味變化方面保持領先一步，包括我之前提到的美味聯名平板電腦，具有獨特的焦糖 Biscoff 風味和拐杖。

In short, we remain confident that our strong chocolate franchise is positioned for long-term success. Our robust playbook is working and we remain convinced that it will enable us to not only navigate the current cocoa cost challenge, but more importantly, to drive category health for the long term.

簡而言之，我們仍然相信我們強大的巧克力特許經營權將獲得長期成功。我們的強大策略正在發揮作用，我們堅信，它不僅能讓我們應對當前的可可成本挑戰，更重要的是，推動該類別的長期健康發展。

And with that, I'll turn it over to Luca to share additional insights on our financials.

接下來，我將把時間交給 Luca，讓他分享更多關於我們財務狀況的見解。

Thank you, Dirk, and good afternoon. Q1 marked another quarter of top line growth for our business despite some external challenges and lower consumer confidence. For Q1, we delivered solid revenue growth, while profit dollar generation was better than expected. Free cash flow continued to be strong. Revenue grew 3.1% behind strong pricing execution across our chocolate business.

謝謝你，德克，下午好。儘管面臨一些外部挑戰且消費者信心下降，但第一季我們的業務仍實現了另一個收入成長。第一季度，我們的營收實現了穩健成長，利潤成長也好於預期。自由現金流持續強勁。由於我們巧克力業務的強勁定價執行，營收成長了 3.1%。

Volume mix was down 3.5% due to elasticity from chocolate pricing, transitory trade destocking with plant consumption in the US, planned outsizing activities in chocolate to protect price points as well as some Easter phasing. Developed markets grew 2.6% primarily due to strong pricing execution, with a volume mix decline of 3.3% on the back of retailer destocking and some chocolate elasticity.

由於巧克力定價的彈性、美國植物消費導致的暫時貿易去庫存、為保護價格點而計劃的巧克力超大規模活動以及復活節的分階段影響，銷售組合下降了 3.5%。已開發市場成長 2.6%，主要由於強勁的定價執行，由於零售商去庫存和一些巧克力彈性，銷售組合下降 3.3%。

Total revenue for emerging markets grew 3.9%, with a volume mix decline of 3.7%. YUM! results were driven by strength in Brazil, China and the majority of the Middle East and Africa businesses. We experienced some softness in India and Southeast Asia.

新興市場總營收成長 3.9%，銷售組合下降 3.7%。好吃！業績成長主要得益於巴西、中國以及大部分中東和非洲業務的強勁表現。我們在印度和東南亞經歷了一些疲軟。

Moving to portfolio performance on Slide 11. Biscuits and baked snacks grew 0.3% for the quarter. Brands delivering growth included 7Days, Club Social, Perfect Snacks and However, we saw softer-than-expected results in our US biscuits business driven by retailer destocking, which resulted in approximately 60 basis points volume headwind to the total company and 250 basis points for total North American volumes. Additionally, our US biscuit business experienced lower consumption, driven by ongoing consumer confidence declines, resulting in lower frequency and value-seeking behavior.

轉到投影片 11 上的投資組合表現。本季餅乾和烘焙零食增加了 0.3%。實現成長的品牌包括 7Days、Club Social、Perfect Snacks 等，然而，受零售商去庫存的影響，美國餅乾業務的業績低於預期，導致公司整體銷量下降約 60 個基點，北美總銷量下降 250 個基點。此外，由於消費者信心持續下降，我們的美國餅乾業務消費量下降，導致購買頻率和價值追求行為降低。

Chocolate grew by 10.1%, with significant growth across both developed and emerging markets. Volume mix was down 5.7%, driven by elasticities that were in line with our expectations. Along with RGM and product outsizing activities across the chocolate portfolio that accounted for almost 3 points of decline. Rent growth was broad-based across global and local brands with Cadbury Dairy Milk (inaudible) posting strong results.

巧克力成長了10.1%，已開發市場和新興市場均出現了顯著成長。受彈性影響，交易量組合下降了 5.7%，符合我們的預期。加上整個巧克力產品組合中的 RGM 和產品超大化活動，導致下降幅度接近 3 個百分點。全球和本地品牌的租金普遍上漲，其中吉百利牛奶巧克力（聽不清楚）業績強勁。

Gum & Candy grew 1%, driven by gum in China and Mexico as well as both government candy in Western India. Volume mix was challenged because of trade destocking in the US as well as some issues in Mexico.

口香糖和糖果銷量增加了 1%，這主要得益於中國和墨西哥的口香糖以及印度西部的政府糖果銷售。由於美國貿易去庫存以及墨西哥的一些問題，產量組合受到挑戰。

Let's review market share performance on Slide 12. We held or gained share in approximately 7% of our revenue base with strength in both chocolate and biscuits. Category growth numbers are clearly underestimated because of chocolate Easter facing versus last year. A more normalized number would put total category growth at around 3%. Category growth is due to accelerate as more pricing for chocolate kicks in.

讓我們回顧一下幻燈片 12 上的市佔率表現。憑藉巧克力和餅乾的強勁表現，我們佔據或增加了約 7% 的收入份額。由於巧克力復活節面臨的困難與去年相比明顯被低估。更標準化的數字將使總體類別成長率達到 3% 左右。隨著巧克力定價的提高，類別成長將會加速。

Turning to regional performance on Slide 13. Europe grew 8.9% in Q1. Execution and growth were excellent in the quarter and several key countries, including the UK, France and Germany delivered robust growth. Pricing execution related to cocoa inflation was strong. coupled with the successful start to the Easter season and share gains.

轉向幻燈片 13 上的區域表現。歐洲第一季成長8.9%。本季的執行和成長都非常出色，包括英國、法國和德國在內的幾個主要國家都實現了強勁成長。與可可通膨相關的定價執行強勁。加上復活節假期的成功開局和市場份額的上漲。

Volume declines were driven by elasticity levels, consistent with our expectation and NGM activities associated with our chocolate strategy. We have successfully landed chocolate pricing for the key alliances in line with our expectation. We can now focus on driving demand and expect positive developments in Europe for the remainder of the year.

銷售下降是由彈性水準驅動的，這與我們的預期以及與我們的巧克力策略相關的 NGM 活動一致。我們已成功為主要聯盟確定了符合我們預期的巧克力定價。我們現在可以集中精力推動需求，並期待今年剩餘時間內歐洲出現積極的發展。

OI dollars were down approximately 26% due to unprecedented levels of coke inflation. North America declined 3.6%, due primarily to retailer destocking in the US as well as softer consumer demand, most notably within the food and mass channel.

由於焦炭價格上漲至前所未有的水平，OI 美元下跌了約 26%。北美下降了 3.6%，主要原因是美國零售商減少庫存以及消費者需求疲軟，尤其是在食品和大眾通路。

This dynamic remains consistent with the overall market and is driven primarily by less frequency from lower income households. Given we gained share, our total consumption was pretty much flat. We are continuing to sharpen our offers, such as recently introduced fresh stack which have shown good momentum, along with improved in-store execution and increased distribution to drive improved results as we move through the year.

這種動態與整體市場保持一致，主要原因是低收入家庭的使用頻率較低。由於我們的市佔率增加，我們的總消費量基本上持平。我們正在繼續完善我們的服務，例如最近推出的新鮮堆棧，它表現出良好的發展勢頭，同時改進了店內執行並增加了分銷，以推動我們在今年取得更好的業績。

North America decreased by 18% due to lower volume and cocoa inflation from our Canadian chocolate business, but also for the US biscuits. AMEA grew 1.8% for the quarter. China delivered another strong quarter with mid-single-digit volume-led growth driven by focused initiatives around Oreo, Club Social and (inaudible) India declined high single digits lapping a strong prior year as overall consumption was challenged by inflationary pressures and wage growth.

北美地區的銷售額下降了 18%，因為加拿大巧克力業務的銷量下降和可可價格上漲，美國餅乾的銷售額也下降了 18%。本季 AMEA 成長了 1.8%。中國在本季度再創佳績，在奧利奧、Club Social 等重點舉措的推動下，實現了中等個位數的銷量增長，而（聽不清）印度的銷售額則因通脹壓力和工資增長的挑戰而比上年同期下降了高個位數。

We do expect to improve the trajectory of the India business beginning in Q2 through targeted activation, distribution gains and an improving macro backdrop resulting from income tax relief and recently enacted interest rate cuts.

我們確實希望從第二季開始透過有針對性的活化、分銷收益以及所得稅減免和最近實施的降息帶來的宏觀環境改善來改善印度業務的發展軌跡。

Australia and New Zealand and Japan delivered another strong quarter with mid-single-digit top line growth due to strong Easter execution and pricing. EMEA OI dollars declined 8.3% due to materially higher copper prices that were partially offset by pricing and cost discipline.

由於復活節期間的強勁執行和定價，澳洲、紐西蘭和日本在本季再次表現強勁，實現了中等個位數的營收成長。由於銅價大幅上漲，但被定價和成本控制部分抵消，EMEA OI 美元下跌 8.3%。

Latin America grew 3.9% with solid pricing execution and a volume mix decline of 2.5%. Brazil posted mid-single-digit growth with strong chocolate and biscuit that was partially offset by weaker powder beverage results.

拉丁美洲成長了 3.9%，定價執行穩健，銷售組合下降了 2.5%。巴西的巧克力和餅乾銷量強勁增長，但粉末飲料的銷量疲軟在一定程度上抵消了這一增長。

Mexico grew low single digits with growth in biscuits, chocolate and gum while candy was down. The Mexican economy is showing signs of slowing, which we are continuing to monitor and factor into our plans. Latin America, OI declined 12.4% due largely to increased coal inflation.

墨西哥的餅乾、巧克力和口香糖銷量呈低個位數增長，而糖果銷量則出現下滑。墨西哥經濟正出現放緩跡象，我們將繼續關注這一情況並將其納入我們的計劃中。拉丁美洲，OI下降了12.4％，主要原因是煤炭價格上漲。

Turning to Page 14 and a few notes on volume mix dynamics in Q1. Although overall volume mix was down 3.5%. It is important to separate what is onetime or plan versus underlying. US trade destocking and seasonal phasing around Easter account for roughly 1.3 percentage points or roughly 40% of that decline while package downsizing accounted for another point of lower volume.

翻到第 14 頁，查看有關第一季成交量組合動態的一些註解。儘管整體銷量下降了 3.5%。區分一次性或計劃性內容與潛在內容非常重要。美國貿易去庫存和復活節前後的季節性變化約佔下降的 1.3 個百分點，約 40%，而包裹減少也是導致數量下降的另一個原因。

On the flip side, EU customer disruption was lower than planned and last year bringing us closer to an underlying decline of approximately 2%. We expect the US destocking dynamic to partially continue into Q2, while Easter phasing will be favorable next quarter.

另一方面，歐盟客戶的中斷情況低於計劃，去年我們的潛在降幅接近約 2%。我們預計美國去庫存的勢頭將部分延續到第二季​​度，而下個季度的復活節階段將帶來有利影響。

Turning to Page 15. In Q1, we saw a decline of 12% in gross profit dollar terms. Solid top line growth and cost efficiency partially offset significant coco inflation. Our view of cocoa inflation is a change for the remainder of the year and is embedded into our full year outlook.

翻到第 15 頁。第一季度，我們的毛利（美元）下降了 12%。穩健的營收成長和成本效率部分抵消了可可價格的大幅上漲。我們對今年剩餘時間內可可通膨的看法有所變化，並已融入我們的全年展望中。

Next to EPS on Slide 16. Q1 NPS declined 18% in constant currency. Turning to Slide 17 and cash flow and capital return. We delivered $800 million of free cash flow for the quarter. We repurchased $1.5 billion in stock at an average price of $57.91.

位於投影片 16 上的 EPS 旁。以固定匯率計算，第一季 NPS 下降了 18%。轉到幻燈片 17 和現金流和資本回報。本季我們實現了 8 億美元的自由現金流。我們以平均 57.91 美元的價格回購了價值 15 億美元的股票。

Before moving to our outlook, let me provide a few thoughts on cocoa. Although cocoa prices remain quite elevated relative to historical averages, both spot rates and future curves have declined since our Q4 call. We continue to expect a small surplus for the year.

在談到我們的展望之前，讓我先談談一些關於可可的想法。儘管可可價格相對於歷史平均水平仍然較高，但自我們第四季度電話會議以來，現貨價格和期貨曲線均有所下降。我們仍預計今年將出現小幅盈餘。

In addition, we continue to see volume declines from an industry perspective, due to elasticities associated with inflation-driven pricing and downsizing activities. While non-chocolate players who traditionally use Cocos and ingredients continue to reformulate with alternative components at a fraction of the cost.

此外，從行業角度來看，由於通貨膨脹驅動的定價和裁員活動帶來的彈性，我們繼續看到銷售下降。而傳統上使用椰子油和配料的非巧克力生產商則繼續使用替代成分來重新配製配方，而成本只是其中的一小部分。

We believe at these levels, meaningful demand declines are expectable and will accelerate, and that eventually will reflect from cocoa prices. Having said that, we remain confident in our pricing and NCM strategy and will continue to stay agile as the situation demands.

我們相信，在這樣的水平上，需求將出現大幅下降，並且下降速度將加快，最終將反映在可可價格上。話雖如此，我們仍然對我們的定價和 NCM 策略充滿信心，並將根據情況需要繼續保持靈活。

Turning to our outlook on Slide 20. Our outlook for '25 remains unchanged for organic revenue, earnings per share and free cash flow. This includes approximately 5% revenue growth. which reflects successful customer negotiation and pricing in Europe as well as a softer demand environment in the US. Most of our key assumptions remain consistent with what we shared with you on our last call.

轉向幻燈片 20 上的展望。我們對 25 年有機收入、每股盈餘和自由現金流的展望保持不變。其中包括約5%的收入成長。這反映了歐洲客戶談判和定價的成功以及美國需求環境的疲軟。我們的大部分關鍵假設與我們上次電話會議中與您分享的內容保持一致。

We are affirming inflation levels, interest and tax costs as well as share repurchases. Translation ForEx impacts have changed and we are now expecting no impact to net revenue and EPS from foreign currency for the year. This reflects the dollar weakening against several currencies since our last call, including the euro and sterling. However, given dollar volatility, this could rapidly change.

我們確認通膨水準、利息和稅收成本以及股票回購。外匯翻譯的影響已經發生了變化，我們目前預計今年外幣不會對淨收入和每股盈餘產生影響。這反映出自我們上次預測以來美元兌多種貨幣（包括歐元和英鎊）走弱。然而，鑑於美元的波動，這種情況可能會迅速改變。

With respect to tariffs, the vast majority of US production is sourced from the US or is USMCA compliance. However, there is some sourcing of finished goods and ingredients that are subject to tariffs, as things stand today, although not particularly large, these are incremental to our last call, and have been factored into our current earning outlook.

就關稅而言，美國絕大多數生產都來自美國或符合 USMCA。然而，就目前情況而言，有些成品和原料的採購需要繳納關稅，儘管數量不是特別大，但這些關稅是我們上次預測的增量，並且已經計入我們目前的盈利前景中。

Before Q&A, a few words on '26. We remain focused on running a balanced P&L for '25 while continuing to maintain a sound chocolate business and capital for the long term. The early results have been positive as it relates to our chocolate strategy, we continue to invest behind our business while cost-saving initiatives remain on target. It is early to provide specifics on 2026, but we still expect EPS growth for next year.

在問答之前，我想先談談 26 年的情況。我們將繼續致力於實現 25 年損益平衡，同時繼續長期維持穩健的巧克力業務和資本。與我們的巧克力策略相關的早期結果是積極的，我們將繼續對我們的業務進行投資，同時成本節約舉措仍保持目標。現在提供 2026 年的具體數據還為時過早，但我們仍然預計明年的每股盈餘將實現成長。

Although cocoa prices have come down recently, they remain elevated. It is also important to note that if we do see further improvement in cocoa, we will likely invest a portion of that saving impact into the business.

儘管最近可可價格有所下降，但仍處於高位。值得注意的是，如果我們確實看到可可的進一步改善，我們可能會將節省的部分收益投資到業務中。

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

現在，讓我們開始提問。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Great. Appreciate it. Maybe, Dirk, just to start it off, it'd be great to get maybe a bit more detail on sort of trends in some key regions as we think about sort of a year to go from here?

偉大的。非常感謝。德克，也許只是為了開始，當我們考慮從現在開始的一年時，最好能更詳細地了解一些關鍵地區的趨勢？

Yeah. Thanks, Andrew. Well, I would say that, first of all, despite the changes that we see in the external environment that we feel pretty good about the start of the year and our results. I would note a few positives, which will impact the rest of the year that happened during Q1.

是的。謝謝，安德魯。嗯，我想說，首先，儘管我們看到外部環境發生了變化，但我們對今年的開局和業績感覺相當滿意。我想指出一些積極因素，這些因素將對第一季發生的剩餘時間產生影響。

First of all, we had some major negotiations to do in Europe to announce the price increases and get approval for the price increases on our chocolate business -- and they passed virtually all of them with minimal disruption this year. Then if you look at how our chocolate business is doing, particularly in Europe, -- we -- the pricing is on track. As I just said, we have some very good activations. We've implemented a number of RGM activities. Easter came through quite well.

首先，我們在歐洲進行了一些重大談判，以宣布漲價並獲得巧克力業務漲價的批准——今年，幾乎所有談判都以最小的干擾通過了。如果你看看我們的巧克力業務表現如何，特別是在歐洲，我們的定價是正常的。正如我剛才所說，我們有一些非常好的激活。我們已經實施了許多 RGM 活動。復活節過得非常順利。

So Easter, we will see more in the Q2 results, but -- and Q1 was affected because of the Easter phasing, which was late this year. But we can already see that Easter will be very good for us. And -- for instance, now that we had some strong share gains in the UK.

因此，我們將在第二季度的業績中看到更多與復活節相關的信息，但是，由於今年復活節的分階段實施較晚，第一季度受到了影響。但我們已經看到復活節對我們來說非常有益。例如，現在我們在英國的市佔率已經大幅成長。

Our emerging markets continue to perform well, particularly I would mention here, China and Brazil and in times like this, where the North American market is probably the most affected market. It's good to have this geographical diversification.

我們的新興市場持續表現良好，特別是中國和巴西，在這樣的時期，北美市場可能是受影響最嚴重的市場。這種地理多樣化是件好事。

And on top, we're gaining share in many markets around the world. Having said all that, I think the 1 thing that you've seen probably from many companies is that North America was clearly softer than what we would have expected.

最重要的是，我們在全球許多市場的份額都在不斷擴大。話雖如此，我想你可能從許多公司看到的一件事是，北美的表現明顯比我們預期的要疲軟。

I think many people have thought about the retail destocking, and we expect that, that will be less in Q2. The biscuit category is soft. We see consumers switching to more essentials in grocery and snacking categories are suffering as a consequence of that.

我想很多人都考慮過零售業去庫存的問題，我們預期第二季去庫存的情況會減少。餅乾類別是軟的。我們看到消費者轉向購買更多食品雜貨和零食類必需品，這導致他們遭受損失。

But biscuit overall compared to other snacking categories is doing better and on top of gaining share in the category. So we've got a number of good put an age in the quarter. We feel very good about our full year outlook. If I look a little bit what's going on around the world, I would say the consumer sentiment is quite mixed.

但與其他零食類別相比，餅乾整體表現更好，並且在該類別中的份額也在增加。因此，我們在本季度取得了一些不錯的成績。我們對全年前景非常樂觀。如果我稍微觀察一下世界各地發生的事情，我會發現消費者情緒相當複雜。

And that's driven by overall global macroeconomic uncertainty, probably where we saw the biggest effect on the consumer was in the US where the consumer confidence declined sharply in Q1, and it declined another 11% in April. That's all driven by inflation fears. People see their income slowing -- we see the pressure -- or the prioritizing of Essentials, which is pressurizing snacking.

這是由全球宏觀經濟的不確定性所致，對消費者影響最大的可能是美國，其消費者信心在第一季急劇下降，4 月又下降了 11%。這一切都是通貨膨脹擔憂所致。人們的收入正在減少——我們看到了壓力——或者說對必需品的優先考慮，這給零食帶來了壓力。

We see a shift to value club and e-comm channels -- we're seeing more promotional pressure and largely lower income consumers are shifting to smaller packs, while hiring from consumers are shifting to larger packs for value in the middle of all that, the biscuit category declined 1.5% in value, but it's outperformed other snack categories, I said.

我們看到了一種向價值俱樂部和電子商務管道的轉變——我們看到了更多的促銷壓力，而且大部分低收入消費者正在轉向小包裝，而僱傭消費者則為了價值而轉向大包裝，在這一切之中，餅乾類別的價值下降了 1.5%，但它的表現優於其他零食類別，我說。

Cookies is doing better than crackers. Private label grew a little bit -- we gained about 0.3 points of share. I think that was driven largely by the fact that we launched a number of affordable formats, which we call fresh stacks, which are under $3.

曲奇餅乾比薄脆餅乾賣得好。自有品牌略有成長——我們的市佔率增加了約 0.3 個百分點。我認為這主要是因為我們推出了一系列價格實惠的格式，我們稱之為新鮮堆棧，價格低於 3 美元。

And we -- I think we are seeing that offering compelling value to consumers really matters at this stage. I have to say that I really do not expect to see a significant improvement in the consumers' confidence in the nearest term in the US that is.

我認為，在現階段，向消費者提供引人注目的價值確實非常重要。我必須說，我真的不期望近期美國消費者信心會顯著改善。

In Europe, I would say consumer confidence is, in general, stable. They are aware of the global trade volatility and it's impacting their purchasing behavior. They're probably switching to more frugal spending and also prioritizing Essentials. We see a bit more shopping frequency going to smaller pack sizes and also a shift in channels in Europe that is more to discounters and e-commerce, and we see an increase in promotions.

在歐洲，我認為消費者信心大致上是穩定的。他們意識到全球貿易波動正在影響他們的購買行為。他們可能正在轉向更節儉的消費，並且優先考慮必需品。我們發現，消費者購買小包裝產品的頻率增加，而且歐洲的銷售管道也更多地轉向折扣店和電子商務，促銷活動也在增加。

In the middle of all that, with the price increases we're implementing chocolate is performing in line to expectations, i.e., the elasticity that we're seeing are in line, around 0.5 -- there was -- Easter was later this year. So if you include that in Q2, I think we see -- we will see a nice Q2. And biscuit is performing well, particularly in France for us. So we feel pretty confident about our European business. We see a resilient consumers.

在這一切之中，隨著我們實施的價格上漲，巧克力的表現符合預期，即我們看到的彈性符合預期，約為 0.5 - 今年的復活節較晚。因此，如果將其納入第二季度，我認為我們會看到——我們將看到一個不錯的第二季度。餅乾的銷量很好，特別是在法國。因此我們對我們的歐洲業務非常有信心。我們看到了具有韌性的消費者。

We landed the negotiations. We had a good Easter, biscuits are doing well. So we expect our European business to continue to do well. And on the emerging markets, I would say the consumer is softer because they are suffering from inflation. They see the trade volatility. The Chinese consumer remains quite subdued, a 20-year low, I would say, but our business is doing well. The Indian consumer is stable. There is more optimism this year people see income growth jobs.

我們成功了談判。我們度過了一個愉快的復活節，餅乾賣得很好。因此我們預計我們的歐洲業務將繼續表現良好。而在新興市場，我認為消費者的消費能力較弱，因為它們正遭受通貨膨脹的影響。他們看到了貿易波動。我想說，中國消費者的消費熱情仍然相當低迷，處於20年來的最低水平，但我們的業務表現良好。印度消費者穩定。今年人們對收入成長和就業更加樂觀。

And then Brazil and Mexico, clearly, in both places, the consumer is softer, more outspoken in Mexico than in Brazil. Of course, because of the economic uncertainty and the persistent inflation. I would say our categories in emerging markets are stable.

然後是巴西和墨西哥，顯然，在這兩個地方，墨西哥的消費者比巴西的消費者更溫和，更直言不諱。當然，這是由於經濟的不確定性和持續的通貨膨脹。我想說我們在新興市場的類別是穩定的。

We have gained share -- but we have to remain agile in all regions of the world. I would say so far, so good, but it's still a long year, and we will need to stay very vigilant about shifts that we see at the level of the consumer.

我們的市場份額已經擴大——但我們必須在世界所有地區保持敏捷。我想說，到目前為止一切都很好，但這仍然是漫長的一年，我們需要對消費者層面的變化保持高度警覺。

Great. That's really helpful detail. And then maybe, Luca, just briefly, just key puts and takes to keep in mind for the year to go, particularly around North America and pricing in Europe.

偉大的。這確實是很有幫助的細節。然後，盧卡，也許只是簡單地說一下未來一年需要記住的關鍵點，特別是北美和歐洲的定價。

Yeah. Andrew. So I think as far as '25 guidance goals, I think for us, it's a great thing that we are affirming our plan. We feel quite good at this point in time. But as you said, there are puts and takes. I think if already mentioned among the positives the customer negotiation, which I would say is a pure upside versus last year because last year, we had some disruption this year, we don't.

是的。安德魯。因此，我認為就『25 個指導目標』而言，對我們來說，肯定我們的計劃是一件很棒的事情。我們現在感覺很好。但正如你所說，有利有弊。我認為，如果已經提到了積極的方面，那就是客戶談判，我想說，與去年相比，這是一個純粹的好處，因為去年我們遇到了一些中斷，而今年沒有。

But in general, I would also say that pricing across the Board, whether it is chocolate in developed and emerging market or biscuits in emerging markets, specifically, it is absolutely on track. And our RGM agenda is clearly improving the situation on elasticity in both chocolate and in biscuit.

但總的來說，我還要說，無論是已開發市場和新興市場的巧克力，還是新興市場的餅乾，整體定價都是絕對正常的。我們的 RGM 議程顯然正在改善巧克力和餅乾的彈性狀況。

As we said, elasticities are quite good at this point in time. And so that's an assumption that is key for us. to be able to deliver on and potentially over-deliver on the top line in the year to go. Importantly, the Easter season was quite strong. Dirk mentioned Europe, but I'm happy to report that we gained meaningful share in Brazil and in Australia.

正如我們所說，目前的彈性相當好。所以這對我們來說是一個關鍵的假設。能夠在未來一年內實現並可能超額完成營業收入。重要的是，復活節假期的客流量相當大。德克提到了歐洲，但我很高興地報告，我們在巴西和澳洲獲得了有意義的份額。

And so we are very happy there. Biscuits is holding up well outside of North America. We have positive volume mix in the category. And clearly, there are some cost upside versus our original plan.

所以我們在那裡非常高興。餅乾在北美以外的地區銷售良好。我們在該類別中擁有正面的數量組合。顯然，與我們最初的計劃相比，成本上存在一些上漲。

And as we mentioned, the overall tariffs is causing a small and manageable impact. So those are, I would say, the positives that we see continuing into the second part of the year in Q2 as well. And among the things that didn't play out as we planned, it is clearly the consumer sentiment in the US impacting our categories. But biscuits as a category, despite being soft, is faring better than other snacks.

正如我們所提到的，整體關稅造成的影響很小且可控。所以我想說，這些都是正面因素，而這些正面因素也將持續到今年下半年的第二季。而那些沒有按照我們計畫進行的事情中，美國消費者情緒顯然影響了我們的產品類別。但作為一個類別，餅乾儘管質地較軟，但表現卻優於其他零食。

And we are winning share. When you put both the market dynamics and the share. Actually, our consumption in Q1 is slightly down. So I think that given some of the numbers we have seen published by others, I think it is every speaking terms is a good thing.

我們正在贏得份額。當你同時考慮市場動態和份額時。實際上，我們第一季的消費略有下降。因此，我認為，根據我們看到的其他人發布的一些數字，我認為從各個方面來說這都是一件好事。

Trade destocking is a onetime impact. You saw that it is meaningful. It is 2.5 points, 3 points volume mix in the US. And we assume that it is nonrecoverable in the years to go. I think particularly as we enter into Q2, you will see an acceleration of top line and volume mix.

貿易去庫存是一次性影響。你看到了，這是有意義的。在美國，這是 2.5 分、3 分的成交量組合。我們假設在未來的幾年內它是無法恢復的。我認為，特別是當我們進入第二季時，你會看到收入和銷售組合的加速成長。

And I think that's clearly to the testament of what the teams are doing. All considered you might not expect anything differently at this point in time, but we are retaining some flexibility within the plant. So shopping worsen in the US.

我認為這清楚地證明了團隊所做的事情。考慮到所有因素，您可能不會在此時期待任何不同的事情，但我們在工廠內部保留了一些靈活性。因此美國的購物狀況惡化。

I think we have what it takes to deliver both top and bottom line. But also bear in mind that if we have earnings upside, we will be reinvesting in the business as we are trying to enter a 26% from a stronger position -- we remain disciplined on capital allocation.

我認為我們有能力實現營收和利潤雙豐收。但也請記住，如果我們的獲利有上升空間，我們將對業務進行再投資，因為我們正試圖從更強勁的地位進入 26%——我們在資本配置方面保持紀律。

We will continue to buy back stock in a sensible manner. As you might have seen, we were active buyers in Q1, what I believe are very compelling prices. So very happy on that one, too.

我們將繼續以合理的方式回購股票。正如您可能已經看到的，我們在第一季是活躍的買家，我認為價格非常有吸引力。我對此也非常高興。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

Just wanted to ask about your strategy to mitigate cocoa inflation. It's obviously multifaceted, right, with productivity and RGM and, of course, pricing. And you touched on your success in these elements during your prepared remarks. But -- what I really wanted to dig in a little bit on is the balance between them ahead?

只是想問您緩解可可通膨的策略。它顯然是多方面的，包括生產力、RGM，當然還有定價。您在準備好的發言中談到了您在這些方面取得的成功。但是──我真正想深入探討的是它們之間的平衡？

And I guess the question in particular is, with pricing having gone -- I don't want to say better than expected, but it sure seems like an elasticity in line is there a possibility you can maybe be a little bit less aggressive on RGM or maybe some other actions than you were planning?

我想特別的問題是，隨著定價的上漲——我不想說比預期更好，但它確實看起來像是一種彈性，是否有可能你可能在 RGM 上稍微不那麼積極，或者採取一些與計劃不同的其他行動？

Or is really the message just, hey, our overall mitigation efforts are going quite well, and it's full steam ahead in all areas. Just wanted to get a better sense of all of those.

或者真正的訊息只是，嘿，我們的整體緩解努力進展順利，並且在所有領域都全速前進。只是想更好地理解所有這些。

Yeah. Good question, Ken. So yeah, you phrased it right. So our strategy basically was, of course, first of all, have a great execution of what we designed, but we designed at the core, a very aggressive RGM strategy, and that doesn't necessarily all mean all downsizing.

是的。問得好，肯。是的，您說得對。因此，我們的策略基本上是，首先，當然，要很好地執行我們設計的內容，但我們設計的核心是一種非常積極的 RGM 策略，而這並不一定意味著全部裁員。

It means that we will offer a whole range of pack sizes to the consumers -- and so the consumer certainly has many more options as it relates to price points they would like to buy our products.

這意味著我們將為消費者提供各種包裝尺寸——因此消費者在購買我們產品的價格方面肯定有更多選擇。

And then we are trying to get some very strong activation. So Easter was the first step, but there's -- there's a number of others to come during the year, Easter, I would say, it was a success. That's the second leg of our chocolate strategy. And the third leg is to come up with new products, new and unique products that rather consumer into the category. And the launch in this first quarter was the Cadbury Biscoff product.

然後我們嘗試獲得一些非常強大的激活。復活節是第一步，但今年還會有許多其他節日，我想說復活節是成功的。這是我們的巧克力策略的第二步。第三步是推出新產品，推出更吸引消費者的新穎、獨特的產品。今年第一季推出的是吉百利餅乾 (Cadbury Biscoff) 產品。

That is at the moment, our number 1 selling SKU in the UK more is to come in that front. So we will launch in several more markets in the coming months, that Biscoff varietal. And then later in the year, we will have a number of new innovations under that Cadbury Biscoff or Biscoff franchise. The other thing we're doing as part of that strategy is protect key price points.

目前，我們在英國的銷售量第一的 SKU 還遠不止於此。因此，我們將在未來幾個月內在更多市場推出 Biscoff 品種。今年晚些時候，我們將在吉百利 Biscoff 或 Biscoff 特許經營權下推出一系列新創新。作為該策略的一部分，我們正在做的另一件事是保護關鍵價格點。

So if there is a low unit price point in India, for instance, we are maintaining that at INR5 and INR10. We are also very carefully making sure that we don't break any thresholds in developed markets. So the big question is what's going to happen once that all hits the market.

因此，如果印度的單價較低，我們將維持在 5 印度盧比和 10 印度盧比。我們也非常謹慎地確保我們不會突破已開發市場的任何門檻。因此，最大的問題是，一旦所有產品進入市場，將會發生什麼。

Pricing has gone well in the sense that we finished the negotiations with our clients. And we have implemented pricing, i.e., the consumer is seeing the pricing in a number of markets, but it's very early days. We see a little bit more in Scandinavia, for instance, or in the U.K., where we went ahead earlier with the pricing, but countries like Germany or France is now hitting the market.

從我們與客戶的談判結束的意義上來說，定價進展順利。我們已經實施了定價，也就是說，消費者在多個市場上看到了定價，但這還處於早期階段。例如，我們在斯堪的納維亞半島或英國看到了更多的銷售，我們早些時候在這些國家確定了定價，但德國或法國等國家現在也開始進入市場。

Australia did some at the end of last year, but is doing more in May. So still to be seen what the reaction is going to be -- what I can say so far from a consumer perspective is that the elasticity is around 0.5%, which is exactly in line with what we would have expected.

澳洲去年年底就採取了一些行動，但五月的行動更加積極。因此，仍有待觀察反應如何——從消費者的角度來看，目前我可以說的是彈性約為 0.5%，這與我們的預期完全一致。

But we want to continue to monitor very closely, and we don't want to start saying, okay, this works great. We will have to see how the consumer is reacting. The good news of all of this is that we gained share in volume and value share overall.

但我們希望繼續密切監測，我們不想開始說，好吧，這很有效。我們必須觀察消費者的反應。所有這一切的好消息是，我們總體上在數量和價值份額上都有所增長。

Our tablets are up, of course, double digit, as you can imagine, with some of the pricing.

當然，正如您所想像的，我們的平板電腦的銷量上漲了兩位數，部分價格也有所上漲。

And Easter, as I said, is very good. So the word that I would use is so far so good, but we are not done yet. We have a long road ahead. The macro conditions are very volatile -- as I said, the European consumer is stable at the moment, but that could change. And we still have to very carefully monitor the consumer reactions, which, by the way, are very different from country to country and we need to sort of direct our reactions depending on what we see happening.

正如我所說，復活節非常好。所以我想用的字是「到目前為止一切都很好，但我們還沒完成」。我們還有很長的路要走。宏觀條件非常不穩定——正如我所說，歐洲消費者目前是穩定的，但這種情況可能會改變。我們仍然必須非常仔細地監控消費者的反應，順便說一句，不同國家的消費者反應非常不同，我們需要根據我們看到的情況來調整我們的反應。

On the long term, I think we're seeing the signs that we had -- that we believe in the chocolate market, which is that -- in the end, consumers love chocolate. They will probably grapple a little bit with the current price increases. But over the long term, I think the high penetration of chocolate will continue. I think we will continue to see very strong brand loyalty. We have the taste of the nation brands in many markets.

從長遠來看，我認為我們看到了我們曾經有過的跡象——我們相信巧克力市場，那就是——最終，消費者會喜歡巧克力。他們可能會對當前的價格上漲做出一些努力。但從長遠來看，我認為巧克力的高滲透率仍將持續下去。我認為我們將繼續看到非常強大的品牌忠誠度。我們在許多市場上都有民族品牌的品味。

I don't think consumers will walk away from that. And there is very low cross-substitution happening. If you don't have your chocolate, there is not really that many other products you can go to that give you the same satisfaction and indulgence, I would say.

我認為消費者不會拒絕這一點。且交叉替代的發生率非常低。我想說，如果你沒有巧克力，那麼實際上沒有太多其他產品可以給你同樣的滿足感和享受。

We also, as Luca mentioned, we want to take a long-term approach here. So if we have any upside, we want to reinvest in -- particularly in our chocolate business. We don't want to take any shortcuts for short-term gains. We are very focused on the long-term health of the category as well as our business. And it's all going to depend where cocoa goes in the rest of the year and where cocoa will be next year.

正如盧卡所提到的，我們也想採取長期措施。因此，如果我們有任何優勢，我們就想重新投資——特別是我們的巧克力業務。我們不想為了短期利益而走任何捷徑。我們非常關注該類別以及我們業務的長期健康。這一切都取決於今年剩餘時間可可的去向以及明年可可的去向。

But if it stays at a high level it currently is, we might need to implement more RGM in the second half of the year or the beginning of next year. So agility is going to be key going forward. But so far, so good, as I said.

但如果保持在目前的高水平，我們可能需要在今年下半年或明年年初實施更多的 RGM。因此敏捷性將成為未來發展的關鍵。但正如我所說，到目前為止一切都很好。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Luca, thanks for the clarity on tariffs. I think one of the wire services maybe picked up your commentary wrong. So I appreciate the clarification there. Luca, maybe just to start, I wanted to ask the slides you gave, I believe it's 11 and 12 that kind of show the Easter timing shift in chocolate. I guess if we had accounted for that, it would even imply that maybe elasticity was a bit better than you even planned for just taking into account that shift.

盧卡，感謝您對關稅的澄清。我認為某個通訊社可能錯誤地理解了你的評論。我很感謝你的澄清。盧卡，也許只是開始，我想問一下你提供的幻燈片，我相信是 11 和 12 顯示了巧克力的復活節時間變化。我想，如果我們考慮到這一點，它甚至意味著彈性可能比你計劃的要好一點，即使只是考慮到這種轉變。

So I just wanted to understand if that's a fair way to think about it, given you had kind of a volume push out with the pricing you put in maybe versus first glance that the elasticity and chocolate might actually be more favorable than you had planned.

所以我只是想知道這是否是一種公平的思考方式，考慮到你可能透過定價來增加銷量，而乍一看，彈性和巧克力實際上可能比你計劃的更有利。

I think in Q1, it has been a little bit more favorable. Having said that, pricing that is getting into effect in Europe, Brazil, India is kicking in as of April, May, June. And that is the moment I think the -- we'll be able to tell you for sure that elasticities are in line with our expectations. So Easter was priced up compared to last year, but there is more pricing coming into effect into the P&L in Q2.

我認為第一季的情況會稍微好一點。話雖如此，歐洲、巴西、印度的定價將於 4 月、5 月和 6 月開始生效。我認為那一刻——我們可以肯定地告訴你，彈性符合我們的預期。因此，與去年相比，復活節的價格有所上漲，但第二季計入損益表的價格將會增加。

And so you will see an acceleration of the revenue growth in Q2. I can tell you that Easter year-on-year is a meaningful driver of growth for us. As I mentioned, we were quite happy despite the price increases that Easter volume held up well in three major countries, namely or in cycle countries, namely Europe, with the UK, a clear standout in terms of share. but also Brazil and Australia.

因此，您會看到第二季營收成長加速。我可以告訴你們，復活節對我們來說是一個重要的成長動力。正如我所提到的，儘管價格上漲，我們仍然很高興，因為復活節期間的銷量在三個主要國家（即歐洲）保持良好，其中英國在份額方面表現突出。還有巴西和澳洲。

So so far, so good, I would say, hopefully, we get positively surprised. It's important to say that in both big countries like Brazil and India, we are protecting key price points and hopefully the elasticity will be minimal also going forward.

到目前為止，一切都很好，我想說，希望我們能得到正面的驚喜。值得一提的是，在巴西和印度這兩個大國，我們都在保護關鍵的價格點，希望未來的彈性也能保持最小。

Got it. Okay. That's helpful. And Dirk, maybe just as a follow-up, one question we got on the North America destocking, just given that you do operate a DSD system in the US it would be, I guess, less common than we would expect that to happen.

知道了。好的。這很有幫助。德克，也許只是作為後續問題，我們有一個關於北美去庫存的問題，考慮到你們在美國確實運營著 DSD 系統，我猜這種情況不會像我們預期的那樣普遍。

So just curious if you can give more color either whether it's by channel? Was it club where you're maybe in more of a warehouse model where the destocking is happening? Just -- any additional thoughts on kind of what the real driver is just relative to what we would maybe see historically?

所以我只是好奇您是否可以提供更多顏色，無論是透過管道嗎？是俱樂部裡可能比較像倉庫模式，正在進行去庫存化？只是——相對於我們歷史上可能看到的情況，您對真正的驅動因素還有什麼其他想法嗎？

Yes. I would say we see it mostly in food and mass. Even if we have DSD there, the retailers still work with some stock in the back of the store, and they have an influence on how the -- what the level is and they've managed that through their orders. So we have a benefit in the execution that we do DSD, but the ordering still is quite directed by the centralized approach.

是的。我想說我們主要在食品和大眾中看到它。即使我們在那裡有 DSD，零售商仍然需要處理商店後面的一些庫存，並且他們會影響庫存水平，並透過訂單來管理庫存。因此，我們在執行 DSD 時有好處，但排序仍然受到集中式方法的指導。

So I would say it's more pronounced in fruit and mass and DSD really doesn't help us because of the reasons that I just gave you.

所以我想說，它在水果和品質方面更為明顯，而 DSD 確實對我們沒有幫助，因為我剛剛給出了原因。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

First question, Luca, I think you mentioned in your prepared remarks the profit dollar generation in the quarter was a bit better than you expected. So Part A, I just wondered if you could expand a bit on what drove that.

第一個問題，盧卡，我想您在準備好的發言中提到，本季的利潤金額比您預期的要好一些。因此，在 A 部分中，我只是想知道您是否可以稍微詳細說明一下推動這一現象的原因。

And Part B, a bit related last time on your fourth quarter call, I think you mentioned profit would be more pressured in 1Q with sequential improvement. Just wanted to clarify, is that still the case? It does seem like there's some incremental tariff costs.

B 部分，與您上次在第四季度電話會議上提到的有點相關，我認為您提到過，隨著連續改善，第一季的利潤將面臨更大壓力。只是想澄清一下，情況還是如此嗎？看起來確實存在一些增量關稅成本。

And while you mentioned not large. Just want to see if it changes how we should think about the cadence of the rest of the year.

雖然您提到了不大。只是想看看它是否會改變我們對今年剩餘時間節奏的看法。

Yeah. Thank you for your question. The upside came essentially through three lines, I would say. There was a little bit of better pricing excluding the US, where we -- you saw that pricing was slightly negative. We had to reinvest some trade deals.

是的。感謝您的提問。我想說，好處主要來自三條線。除美國以外，其他地區的定價略有改善，而我們發現，美國的價格略有下跌。我們不得不重新投資一些貿易協定。

But in general, pricing is a little bit better than what we had planned. So not an impact, I would say, in the quarters to come, but a little bit of an upside in Q1.

但總體來說，定價比我們計劃的要好一點。因此，我想說，這不會對未來幾季產生影響，但會為第一季帶來一點好處。

The second element is productivities. We are delivering on our productivity, and we are ahead of schedule. There was a comprehensive pipeline, specifically around procurement related productivities. And I think the team has done a very good job in delivering those productivities ahead of schedule. Again, not a material upside in the quarters to come, but certainly a timing upside as we have accelerated the delivery.

第二個要素是生產力。我們正在實現生產力，並且已經提前完成了計劃。有一個全面的管道，特別是圍繞採購相關的生產力。我認為團隊在提前交付這些成果方面做得非常出色。再次強調，未來幾季不會出現實質的上漲，但由於我們加快了交付速度，時間上肯定會出現上漲。

And the third element is a little bit on the commodity side. We were able to obtain some commodities at favorable prices, and that has resulted in some margin upside. So in terms of cadence, we are clearly happy where we are at this point in time. I can't rule out the fact that there will be maybe a little bit more pressure going forward from tariffs.

第三個要素有點偏向商品方面。我們能夠以優惠的價格獲得一些商品，這導致利潤率上升。因此，就節奏而言，我們對目前的狀況顯然感到滿意。我不能排除未來關稅可能會帶來更多壓力的可能性。

The direct impact to Mondelez is really minimal and manageable. And you can imagine that we are at this point in time, not only (inaudible) stop to most likely go through Q2 and Q3 in terms of those ingredients that are impacted.

對億滋國際的直接影響確實很小且可控。你可以想像，我們此時此刻，不僅（聽不清楚）停止，就受影響的成分而言，最有可能經歷 Q2 和 Q3。

But importantly, we are sitting down with suppliers and trying to negotiate a more benign impact than we see. That impact is going to into the P&L in Q4, specifically in North America as a driver. But in the big scheme of things, I would say, not a major deal and something that most likely will be able to manage through several things that we are working on.

但重要的是，我們正在與供應商坐下來，試圖協商一個比我們看到的更良性的影響。這種影響將對第四季的損益產生影響，特別是對北美地區的影響。但從總體上看，我想說，這不是什麼大問題，而且很可能透過我們正在進行的幾項工作就能解決。

Cadence wise, I remind you that percentage margins in this context is quite misleading. I think you saw that pricing in chocolate is up meaningfully. Total revenue was up 10%. So percentage margins as we price away absolute dollars will get diluted -- but importantly, as we mentioned many, many times, we will be looking at chocolate margin per kilo as we exit 2025, and if we have done a good job in managing elasticities, I think we will have a very good situation in terms of profitability at the end of the year in terms of GP dollars and that will put us in a good position to grow earnings into 2026.

就節奏而言，我提醒您，在這種情況下百分比利潤率很容易產生誤導。我想您已經看到巧克力的價格大幅上漲。總收入成長了10%。因此，當我們以絕對美元定價時，百分比利潤率將會被稀釋——但重要的是，正如我們多次提到的那樣，我們將在 2025 年結束時關注每公斤巧克力的利潤率，如果我們在管理彈性方面做得很好，我認為我們在年底的盈利能力方面將處於非常好的狀況（以 GP 美元計算），這將使我們在 2026 年實現盈利增長的有利位置。

Great. That's really helpful. And maybe just a follow-up for you, Dirk, on biscuits in the US clearly probably a theme that we've heard, and we'll continue to hear throughout the earnings season as it relates to softness in the US. But you did -- you have made a lot of progress over the last couple of quarters on your share -- but at the same time, you're a category leader.

偉大的。這真的很有幫助。德克，也許我只是想跟進一下你關於美國餅乾的問題，這顯然是我們聽到的一個主題，而且在整個收益季節，我們都會繼續聽到這個主題，因為它與美國的疲軟有關。但你確實做到了——過去幾個季度，你在市場份額上取得了很大進步——但同時，你還是一個類別的領導者。

So just wondering if you could expand a bit about how you saw the quarter play out in the US, maybe what you've seen as we've moved through Easter and whether you think there's further things you need to do to address just the category softness in particular?

所以我只是想知道您是否可以稍微詳細說明一下您對美國本季表現的看法，也許您在復活節期間看到了什麼，以及您是否認為需要採取進一步的措施來解決特定類別的疲軟問題？

Yes. So I think what's going on is that the consumer feels very uncertain about the future. And as a consequence, they're trying to prioritize essential items. And in food, those are essential food items like meat, vegetables, eggs and so on.

是的。所以我認為現在的情況是消費者對未來感到非常不確定。因此，他們試圖優先考慮必需品。在食物方面，這些都是必需的食物，如肉類、蔬菜、雞蛋等。

And the more indulgent categories or the less essential categories that would include personal care items that would include alcohol beverages that would include snacking categories are generating less interest at the moment.

而那些較放縱的類別或較不重要的類別（包括個人護理用品、酒精飲料和零食類別）目前引起人們的興趣較少。

So we saw that certainly play out in the first quarter. And you -- if you look at the snacking categories, I think almost all of them except for yogurt, are down versus last year in volume. Within those, however, biscuits is doing relatively speaking, better. It's not down as much as we saw.

所以我們在第一季就看到了這一點。如果你看一下零食類別，我認為除了優格之外，幾乎所有零食的銷量都比去年有所下降。然而，其中餅乾的表現相對更好。它並沒有像我們看到的那樣下降。

And as Luca explained for us as a company, if you exclude the destocking effect, we were slightly down in consumption, but almost flat in consumption. The way we are thinking about it is that, first of all, we need to hit the right price points and while two, three years ago, consumers would easily pay above $4 for a pack of biscuits, we're now seeing that we need to be below $4 and ideally below $3.

正如盧卡為我們公司解釋的那樣，如果排除去庫存的影響，我們的消費量會略有下降，但幾乎持平。我們的想法是，首先，我們需要達到正確的價格點，兩三年前，消費者很容易花 4 美元以上的價格買一包餅乾，但現在我們發現價格需要低於 4 美元，理想情況下低於 3 美元。

And so we've launched a number of facts that hit that $3 price point below $3 price point. That certainly is having an effect for us I think the other one that we see is that if we can run good activations and get extra displace, that also makes a difference. And so we -- going forward, we are planning on things like July 4, Labor Day really drive activation.

因此，我們推出了一系列事實，將 3 美元的價格降至 3 美元以下。這肯定會對我們產生影響，我認為我們看到的另一個影響是，如果我們能夠運行良好的激活並獲得額外的位移，那也會有所不同。因此，展望未來，我們計劃在 7 月 4 日、勞動節等活動上真正推動活化工作。

We've got some interesting Oreo activations coming up. For instance, we will launch a global promotion in the coming months, and we think that will also make a difference. We did at the beginning of the year, and that worked very well for us.

我們即將推出一些有趣的奧利奧活動。例如，我們將在未來幾個月推出一項全球促銷活動，我們認為這也會有所作為。我們在年初就這麼做了，而且效果非常好。

The third thing I would say that we're trying to do in biscuits is push our multipacks harder. That is for the consumer that tries to buy bigger packs to get a better value and that is working also quite well for us.

我想說的第三件事是，我們在餅乾領域嘗試做的是大力推廣多包裝產品。這是針對那些試圖購買更大包裝以獲得更高價值的消費者而言的，對我們來說這也是非常有效的。

The destocking dynamic will subside. So that will help. And I think we have a bit of a chance that in the second half of the year, we will probably see more positive volume growth environment in the biscuits category and for our business. So focusing on the execution of the factors that I said and make sure we control the controllables. And I think we will see a gradually improving trajectory in the US.

去庫存的勢頭將會減弱。這會有幫助的。我認為，我們有機會在下半年看到餅乾類別和我們的業務出現更積極的銷售成長環境。因此，重點關注我所說的因素的執行，並確保我們控制可控因素。我認為我們將看到美國經濟逐漸改善的軌跡。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡。

Hi, everyone. Thanks so much. Luca, you made a comment around for curing commodities at a slightly more favorable rates than what you thought. That struck me in the context of the commodity or the input inflation number in the quarter, coming in a bit better than I expected per your filings.

大家好。非常感謝。盧卡，你對商品加工價格做出了評論，其價格比你想像的要稍微優惠一些。就本季的商品或投入通膨數據而言，這讓我感到震驚，比我根據您的文件所預期的要好一些。

Do you think you're tracking better than you're going inflation expectations? Are there more opportunities to procure commodity a bit better than what you thought? I wonder if you could just expand a bit more on that.

您是否認為您所追蹤的通膨情況比預期的要好？是否有比你想像的更多一點的採購商品的機會？我想知道您是否可以對此進行進一步闡述。

I think you saw overall the mark-to-market being negative, and there have been adjustments not only for cocoa but for other commodities. I would say we have been opportunistic particularly in the way we have been locking in some minor commodities, I would say. At this point in time, though, we are pretty much done with coverage for the year.

我認為您看到整體市價為負值，並且不僅對可可進行了調整，而且對其他商品也進行了調整。我想說，我們一直都是機會主義者，特別是在我們鎖定一些小商品的方式上。不過，目前為止，我們今年的報道已經基本完成。

So the prices are not in -- you might also imagine that given the exposure we have to currencies, given the euro and the GBP material changes, we have been operating even in the exchange -- ForEx exchange market and taken advantage, particularly as there is a positive carry into 2026 and beyond with some of these currencies.

因此價格還沒有——你可能還會想像，考慮到我們對貨幣的敞口，考慮到歐元和英鎊的重大變化，我們甚至在外匯交易市場中運營並佔據優勢，特別是因為其中一些貨幣在 2026 年及以後有正向的收益。

So we have not only operated for some minor commodities taking advantages but also extended coverage of some of the ForEx payers into 2026. So I think when there is volatility, we are usually very good at grabbing some of the opportunities.

因此，我們不僅利用優勢來運作一些小商品，還將一些外匯付款人的覆蓋範圍擴大到 2026 年。因此我認為，當出現波動時，我們通常很善於抓住一些機會。

Perfect. And then just one follow-up would be, you did mention that you would look to reinvest perhaps some back into your chocolate business. I don't know if that was a comment on pricing or other such investment if cocoa were to come down, Dirk talked about more RGM.

完美的。然後只有一個後續問題是，您確實提到您會考慮將一部分資金重新投資到您的巧克力業務中。我不知道如果可可價格下降，這是否是對定價或其他類似投資的評論，德克談到了更多的 RGM。

I guess -- this is -- cocoa probably stays very volatile, and it's not sort of the core driver of your underlying business. But as this trends over time, what are kind of the key watch out, say, if cocoa were to go down and that's going to help your margins a lot, would you give some of that back in pricing?

我想——這是——可可的價格可能會保持非常不穩定，而且它不是你們基礎業務的核心驅動力。但隨著時間的推移，這種趨勢會逐漸顯現，那麼需要注意的關鍵點是什麼呢？例如，如果可可價格下跌，對你的利潤率會有很大幫助，你會在定價中回吐部分損失嗎？

Or you mentioned this concept of gross profit for kilo -- and if it doesn't, do you continue to kind of lean in on RGM and perhaps reformulation. So I know this is a topic I guess, discussed quite a bit, but I would just love your latest thoughts in the context of kind of where we are in this in this cycle?

或者您提到了每公斤毛利的概念——如果沒有，您是否會繼續傾向於 RGM 和可能的重新配方。所以我知道這是一個已經被討論過很多次的話題，但我只是想了解一下您最近的想法，看看我們目前處於這個週期的哪個階段？

Thank you, Chris. So I will start by talking a little bit about the cocoa market and maybe on some of the fundamentals I think we'll end this year with a total supply increase compared to last year that it is in the tune of 10%. I think on the flip side, though, demand, if you look at the total grindings, which is a proxy for consumption, I think Q1 guidance were down 3% to 4%, but I think the market is a little bit underestimating the true impact that is going to happen to the demand side of things, particularly as the biggest chocolate market, which is the US, is facing higher elasticity, I took a look couple of days ago to the evolution of the market in the states, including Easter, I think there is a little bit of volume pressure.

謝謝你，克里斯。因此，我首先會談一談可可市場，也許就一些基本面而言，我認為今年的總供應量將比去年增加 10%。但我認為另一方面，如果你看一下總研磨量（這是消費的代理指標），我認為第一季度的預期下降了 3% 到 4%，但我認為市場有點低估了這將對需求方面產生的真正影響，特別是因為最大的巧克力市場美國正面臨更高的彈性，幾天前我觀察了美國市場的發展，包括復活節期間，我認為有一點銷量壓力。

And importantly, what we are seeing, we travel to a few countries, and we see that those categories that utilize chocolate as a secondary ingredient are formulating and downsizing heavily. I think you saw the impact that RGM had on our top line. So I expect really the demand side to impact positively the future cost of cocoa.

重要的是，我們訪問了一些國家，發現那些使用巧克力作為次要成分的類別正在大幅調整配方和縮減規模。我想您已經看到了 RGM 對我們營收的影響。因此我預期需求方確實會對可可的未來成本產生正面影響。

Our goal is to exit the year with minimal elasticity or elasticities in line with what we expected and with the GP dollar that makes sense because we truly believe that even if cocoa comes down, that will allow us, a, to expand gross profit dollar in absolute terms and be to reinvest materially back in the category.

我們的目標是在今年結束時，以符合我們預期的最小彈性和合理的毛利率結束這一年，因為我們堅信，即使可可價格下跌，我們也能夠以絕對值擴大毛利潤，並能夠對該類別進行實質性的再投資。

So if cocoa comes down, I think quite frankly, it is Nirvana for us because the level we will be priced too and the ability that cocoa lower prices will give us to reinvest in the business, considering that our share is up and that we are holding the line in terms of price points, particularly in emerging markets, I think, will position us well for the years to come.

因此，如果可可價格下跌，坦白說，我認為這對我們來說是天堂，因為我們的定價水平以及可可價格下跌將使我們能夠對業務進行再投資，考慮到我們的份額上升，並且我們在價格點方面保持領先，特別是在新興市場，我認為，這將使我們在未來幾年處於有利地位。

If cocoa stays high, quite frankly, I would say, we don't expect at this point in time a material headwind into 2026. We talked to you about cocoa prices. But if I look, for instance, at cocoa butter, which is what we buy the most as opposed to cocoa powder, cocoa battle prices are already coming down for 2026, and so I think the market is anticipating some pressure on the volume side.

如果可可價格保持高位，坦白說，我們目前預計到 2026 年不會出現重大阻力。我們與您討論了可可價格。但是，如果我看一下可可脂（與可可粉相比，我們購買最多的是可可脂），那麼到 2026 年，可可價格已經下降，因此我認為市場預計在產量方面將面臨一些壓力。

And so a long answer to say that -- in either case, the plan is nonregrettable actions into 2025 and very well positioned at the end of 2025 to expand top and bottom line into 2026 for the chocolate category.

所以，長話短說——無論如何，該計劃都是在 2025 年採取的無可挽回的行動，並且在 2025 年底處於非常有利的位置，可以在 2026 年擴大巧克力類別的頂線和底線。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

The underperformance of snacks in the US just even broader than your biscuits business and what you're involved in. It seems like it's a pretty large underperformance of the US market versus other markets around the world. And even in the US today versus past choppy economic environment.

美國零食市場表現不佳的問題比您的餅乾業務和您所涉足的業務更為廣泛。與世界其他市場相比，美國市場的表現似乎差得很遠。甚至與過去動盪的美國經濟環境相比，今天的美國經濟環境也是如此。

Do you think there's anything else failing the US snacking market today other than consumer confidence in the low-income consumer? And I have a quick follow-up.

您認為，除了低收入消費者信心不足之外，還有什麼因素導致當今美國零食市場表現不佳嗎？我有一個快速的後續行動。

No, I don't necessarily think that. The reason being for -- well, yeah, the reason being that it's across all categories in snacking, and there's many categories, there's ice cream, there is biscuits, there is packets, bakery, the salted snacks, not since on, you go on and on. There's about -- there's a chocolate. There's about 12, 13 categories in there. Except for yogurt, they're all down.

不，我不一定這麼認為。原因是——嗯，是的，原因是它涵蓋了零食的所有類別，而且有很多類別，有冰淇淋、有餅乾、有包裝、有烘焙食品、有鹹味零食，等等，不一而足。那裡有——有一塊巧克力。其中大約有 12、13 個類別。除了優格以外，其他都下降了。

And I think that's largely driven by the overall consumer uncertainty about the future and the fact that they feel that you really need to focus on the key things at this moment until we feel better about the future. I think we will see similar moves in less eating out of home less entertainment, less travel. You can see the consumer not only in food, but across the board really being very, very frugal and very careful.

我認為這主要是由於消費者對未來的整體不確定性，以及他們認為在我們對未來有更好感覺之前，你真的需要專注於此刻的關鍵事項。我認為我們將會看到類似的舉措，減少外食、減少娛樂、減少旅行。你可以看到，消費者不僅在食品方面，而且在各方面都非常節儉和謹慎。

As things improve, hopefully, I think we will see that change. Maybe the other thing I would say is that it is true that there is a bit more of a pronounced health and wellness approach. I would say the categories that are health and wellness within snacking, there could be things like yogurt or protein bars, for instance, or within the normal categories, gluten-free or less sugar, things like that those are doing better than the rest of the category. So that would be on top of consumer confidence, the only other trend that I see at the moment that is reflective of the snacking category.

隨著情況的改善，我希望我們能看到這種變化。我想說的另一件事是，確實存在著更明顯的健康和保健方法。我想說的是，零食中的健康和保健類別可能有優格或蛋白質棒之類的東西，或者在正常類別中，無麩質或低糖的東西，這些東西比其他類別做得更好。因此，這將是消費者信心之上的趨勢，也是我目前看到的唯一反映零食類別的趨勢。

And I just want to ask you a follow-up on emerging markets. There was a bit of a slowdown in this quarter to 4%. I'm wondering how you're thinking about emerging markets broadly for the rest of the year? Could we return to high single-digit growth? And what markets would you highlight that are maybe getting your attention more than others?

我只是想問您有關新興市場的一個後續問題。本季略有放緩，降至 4%。我想知道您對今年剩餘時間新興市場的整體看法是什麼？我們能否恢復高個位數成長？您會重點介紹哪些市場比其他市場更能引起您的注意？

Yeah. So I would say the -- if you look quickly where we are in our four main emerging markets, so China is up high single digits India is down high single digit in Q1 because of a number of reasons, we expect a strong -- we had a strong prior year base.

是的。所以我想說——如果你快速看一下我們四個主要新興市場的狀況，你會發現中國在第一季度的銷售額增長了高個位數，而印度由於多種原因在第一季的銷售額下降了高個位數，我們預計會有強勁的——我們去年同期的銷售額基礎強勁。

We have some -- we did some pricing in chocolate, we have some elasticity impacts there. And we do have a bit of a muted biscuit consumption where we play in the premium segment of the market and the consumer is switching -- we expect India in the remainder of the year to start to grow faster.

我們對巧克力做了一些定價，我們在那裡有一些彈性影響。而且，我們在高端市場的餅乾消費確實有些低迷，而且消費者正在轉變——我們預計印度在今年剩餘時間內將開始更快成長。

We expect China, which I mentioned, first, to remain at high single digits for the rest of the year. In both countries, we have a large distribution runway so we can complement what happens in the same-store sales with extra stores, and that makes a difference for us. Brazil was mid-single-digit growth in Q1. We will be doing more pricing in chocolate. We are doing a number of new activities in our biscuit business and in our candy and gum business.

我們預計，我首先提到的中國在今年剩餘時間內的經濟成長將維持在較高的個位數。在這兩個國家，我們都擁有龐大的分銷管道，因此我們可以透過增加門市來補充同店銷售額，這對我們來說意義重大。巴西第一季實現了中等個位數成長。我們將對巧克力進行更多定價。我們在餅乾業務、糖果和口香糖業務中開展了許多新活動。

So I'm expecting that Brazil will remain there, maybe accelerate a little bit. And then Mexico is gradually getting better. You have to keep in mind that we lap there a bit of a difficulty with the integration of Ricolino last year. We were low single digit in Q1, but we see good movement on Oreo, Ricolino in Philadelphia in Mexico. So I think there, we will also see an acceleration.

所以我預計巴西將保持這一水平，甚至可能略有加速。然後墨西哥就逐漸好起來了。你必須記住，去年我們在整合里科利諾 (Ricolino) 時遇到了一些困難。我們在第一季的銷售額僅為個位數低位，但我們看到奧利奧、費城和墨西哥的 Ricolino 銷售表現良好。所以我認為，我們也會看到加速。

I wouldn't say that our total of emerging markets will get to double digit. But certainly, we see -- we will see an acceleration in the second half from where we are today. That concludes the call for today. Q1 down. So far so good, and we'll see you for Q2.

我不會說我們的新興市場總量會達到兩位數。但可以肯定的是，我們看到下半年的成長速度將比現在更快。今天的通話到此結束。Q1 下降。到目前為止一切順利，我們將在第二季與您見面。

Thank you, everyone.

謝謝大家。

Thank you. Ladies and gentlemen, that will conclude today's program. We thank you for your participation. You may disconnect at this time.

謝謝。女士們、先生們，今天的節目到此結束。我們感謝您的參與。您現在可以斷開連線。