億滋國際 (MDLZ) 2026 Q1 法說會逐字稿

Good afternoon and welcome to the Mondelēz International first-quarter 2026 earnings question-and-answer session.

下午好，歡迎參加億滋國際（Mondelēz International）2026 年第一季財報問答環節。

(Operator Instructions)

（接線員指示）

On today's call are Dirk Van De Put, Chairman and CEO; Luca Zaramella, COO and CFO; and Shep Dunlap, SVP of Investor Relations.

今天與會者包括董事長兼執行長 Dirk Van De Put；營運長兼財務長 Luca Zaramella；以及投資人關係資深副總裁 Shep Dunlap。

Earlier this afternoon, the company posted a press release and prepared remarks, both of which are available on its website.

今天下午稍早，公司已發布新聞稿與事先準備的發言稿，兩者皆可於公司網站查閱。

During this call, the company will make forward-looking statements about performance. These statements are based on how the company sees things today. Actual results may differ materially due to risks and uncertainties.

在本次電話會議中，公司將就業績發表前瞻性陳述。這些陳述係基於公司目前對情勢的看法。由於風險與不確定性，實際結果可能與前述陳述存在重大差異。

Please refer to the cautionary statements and risk factors contained in the company's 10-K, 10-Q, and 8-K filings for more details on forward-looking statements.

有關前瞻性陳述的更多資訊，請參閱公司 10-K、10-Q 與 8-K 申報文件中所載之警示性聲明與風險因素。

As the company discusses results today, unless noted as reported, it will be referencing non-GAAP financial measures, which adjust for certain items included in the company's GAAP results. In addition, the company provides year-over-year growth on a constant-currency basis, unless otherwise noted.

公司今日討論業績時，除非特別註明為「依申報口徑（as reported）」，將引用非 GAAP 財務衡量指標，該等指標會就公司 GAAP 結果中包含的特定項目進行調整。此外，除非另有說明，公司提供的年對年成長係以固定匯率（constant-currency）基礎呈現。

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

您可在公司的財報新聞稿以及簡報投影片末頁，找到可比的 GAAP 指標與 GAAP 轉非 GAAP 的調節表。

We will now move to our first question.

現在我們進入第一個提問。

Andrew Lazar, Barclays.

Barclays 的 Andrew Lazar。

Dirk, I was hoping you could walk us through a bit more around the key drivers and climate in emerging markets, as well as where you're seeing improvement in some of the key developed markets.

Dirk，我想請你更詳細說明一下新興市場的主要驅動因素與市場氛圍，以及你在一些主要成熟市場看到哪些改善跡象。

I think, in the prepared remarks, you mentioned returning to volume share growth in European Chocolate. On US Biscuits, I think there was a positive inflection in March. Both of these are areas where there's been more pressure -- and, in large part, why some flexibility was built into guidance to start the year for fiscal '26.

我記得在事先準備的發言中，你提到歐洲巧克力回到量的市占成長；美國餅乾方面，我想 3 月出現了正向拐點。這兩個領域先前壓力較大——也在很大程度上解釋了為何在 2026 財年年初的指引中納入了一些彈性。

Thanks.

謝謝。

Hi, Andrew. Yeah. Let me maybe start with developed markets.

嗨，Andrew。好的。我先從成熟市場談起。

We're pleased with our improving performance in the developed markets. It's in line; maybe even slightly better than our expectations.

我們對成熟市場表現的改善感到滿意。整體符合、甚至可能略優於我們的預期。

If I first look at Europe, consumer confidence there is stable. But it's fragile, as you would expect from the Middle East conflict.

先看歐洲，當地消費者信心維持穩定，但仍然脆弱——如你所料，這與中東衝突有關。

Snacking value growth is holding up quite well. The penetration of Biscuits and Chocolate categories, for instance, is holding up, also.

零食的價值成長（value growth）維持得相當不錯。例如餅乾與巧克力品類的滲透率也都維持穩健。

We had a good start of the year. The retailer negotiations are generally complete. They are in line with our planning.

我們今年開局良好。與零售商的談判大致已完成，結果與我們的規劃一致。

We had a very robust Easter season, which share improvements in several of our markets. Our Biscoff partnership continues to do really well so happy with the European performance.

復活節檔期表現非常強勁，帶動我們在多個市場的市占提升。我們與 Biscoff 的合作夥伴關係持續表現出色，因此我們對歐洲的表現很滿意。

Linked to that, Chocolate in Australia and New Zealand had very strong growth; again, driven by strong Easter. Biscoff there is on to an incredible start. We have some very strong share gains.

與此相關，澳洲與紐西蘭的巧克力也有非常強勁的成長，同樣由強勁的復活節帶動。Biscoff 在那裡的開局令人驚艷，我們取得了非常顯著的市占成長。

The US. The consumer confidence there remains quite low. We expect it to further deteriorate, as the Middle East conflict continues.

美國方面，消費者信心仍然偏低。我們預期隨著中東衝突持續，信心可能進一步惡化。

Purchasing power is up. But the consumer remains very concerned about affordability, economic outlook, and job security.

購買力有所提升，但消費者仍非常擔憂可負擔性、經濟前景與就業安全。

Our main category, Biscuits, the value is flattish. Where there is growth, that's usually in the [value-club channels]; and in [better-for-you] and premium.

我們的主要品類餅乾，其價值表現大致持平。若有成長，通常出現在[value-club channels]，以及[better-for-you]與高端（premium）領域。

We feel that we had a good first quarter, with slightly positive net revenue growth in North America, driven by that momentum in the growth channels that I was saying.

我們認為第一季表現不錯，北美淨營收成長略為正向，主要由我剛提到的成長通路動能所帶動。

We gained some share in crackers, led by strong performance of RITZ. Also, our Candy business is doing quite well; as well as our North American ventures, particularly Perfect Bar and [You] -- they continue to grow well.

我們在薄脆餅（crackers）取得一些市占提升，主要由 RITZ 的強勁表現帶動。此外，我們的糖果（Candy）業務表現也相當不錯；北美合資事業亦然，特別是 Perfect Bar 與[You]——它們持續維持良好成長。

Oreo was a little bit less. But we had a limited time offer this year that didn't perform as well as last year's. But we have strong plans in place to improve Oreo in the year to go.

Oreo 的表現稍弱一些。不過今年我們的限時產品（limited time offer）不如去年表現好。但我們已制定強而有力的計畫，將在接下來的一年改善 Oreo 的表現。

I think we will continue to see a gradual improvement of our North American business because we are increasing our brand reinvestments. We're trying to sharpen our PPA and hit the right price points; as well as in Europe, of course.

我認為北美業務將持續逐步改善，因為我們正在提高品牌再投資。我們也在嘗試更精準地調整 PPA，並命中正確的價格帶；歐洲當然也是如此。

We have the growth channels and the new [occasions]. We've got some strong good, innovations that are in flight. On developed markets, I would say, a good performance.

我們擁有成長通路與新的[occasions]。我們也有一些很強、很好的創新正在推進中。就成熟市場而言，我會說表現良好。

Then, emerging markets, we're very pleased with our performance in emerging markets. It remains very strong. It's about 40% of our business, as you know. We grew 6.3% in Q1.

接著談新興市場，我們對新興市場的表現非常滿意，依然非常強勁。如你所知，新興市場約占我們業務的 40%。我們在第一季成長 6.3%。

If I first go to the consumers of our four key markets, the only place where the consumer is softer is in China, although it improved versus the last quarter -- the confidence. We remain positive that that consumer confidence in China will continue to improve.

若先看我們四個關鍵市場的消費者狀況，唯一較疲弱的是中國，雖然相較上一季——信心——已有所改善。我們仍正向看待中國消費者信心將持續回升。

We see a very positive confidence in India. Also, Mexico and Brazil, we feel the consumer is in a good place. Of course, everywhere, the consumer is quite cautious, as it relates to the conflict and what that could mean for inflation and their energy costs.

我們看到印度的信心非常正向。墨西哥與巴西方面，我們也認為消費者狀況良好。當然，在各地，消費者對於衝突及其可能對通膨與能源成本造成的影響都相當謹慎。

Snacking categories remain quite resilient across all those emerging markets; also, in other geographies, except on top of the top 4. Value growth is holding up really well. Particularly, Biscuits and Chocolates are doing quite well.

在所有這些新興市場（以及其他地區，除了前四大市場之外），零食品類仍相當具韌性。價值成長維持得很好，尤其餅乾與巧克力表現相當不錯。

If I look at the results of our business, they were all driven by strong Easter so, overall, a 6.3% growth. Volume mix in emerging markets was up 0.5%. If I take Argentina out, it's almost 1% volume growth.

若看我們業務的結果，整體都受到強勁復活節帶動，因此總體成長 6.3%。新興市場的量/組合（volume mix）成長 0.5%。若排除阿根廷，量的成長接近 1%。

China was mid-single-digit. We had a strong Chinese New Year. Evirth, the acquisition there in cakes and pastries, high-single-digit growth. We continue to increase our distribution.

中國為中個位數成長。我們的農曆新年表現強勁。蛋糕與糕點領域的收購案 Evirth 也有高個位數成長。我們持續擴大通路覆蓋。

India, with a strong double-digit growth in Q1 in Chocolate and in Biscuits. There, we launched Biscoffee Biscuits. Our line is already sold out so very strong launch there, too. And then, of course, there was the GST change in India that is helping consumption in quite a way.

印度方面，第一季巧克力與餅乾皆呈現強勁的雙位數成長。我們在當地推出 Biscoffee 餅乾，產線已經售罄，因此上市表現也非常強勁。此外，印度的 GST 變更也在相當程度上促進了消費。

Brazil, we have high single-digit in Q1, a very strong execution across Biscuits; Chocolate; and Gum & Candy.

巴西方面，第一季為高個位數成長，在餅乾、巧克力以及口香糖與糖果（Gum & Candy）上皆有非常強的執行力。

Mexico was flat in Q1. But, overall, we feel good about our Gum, Biscuits, Chocolate, and meals business. But we had some softness in our Candy and powdered beverages there.

墨西哥第一季持平。但整體而言，我們對口香糖、餅乾、巧克力與餐食（meals）業務感到樂觀。不過糖果與粉末飲品在當地略有疲弱。

We continue to see emerging markets as a sustainable-growth engine. We are quite optimistic for the long-term. Our categories are still underpenetrated.

我們仍將新興市場視為可持續的成長引擎。對長期而言，我們相當樂觀。我們的品類滲透率仍偏低。

We are reinvesting quite strongly this year. We have a long runway on distribution. We continue to build our global brands. We can start doing some [RGM] in these markets.

今年我們正大幅再投資。我們在通路拓展上仍有很長的跑道。我們持續打造全球品牌。我們也可以開始在這些市場推動一些[RGM]。

We feel very good about the start in the emerging markets. That would be it, Andrew.

我們對新興市場的開局感到非常滿意。Andrew，大概就是這些。

Great. Good. I'll pass it on. Thanks so much for that color.

很好，了解。我把問題交給下一位。非常感謝你提供的補充說明。

Peter Galbo, Bank of America.

美國銀行（Bank of America）的 Peter Galbo。

Hey. Good afternoon, Dirk and Luca. Thanks for the questions.

嗨，下午好，Dirk 和 Luca。謝謝讓我提問。

Dirk, there was a -- in the prepared remarks, you talked a lot about reinvestment. Obviously, a strong start to the year here. But there was a decision made to reaffirm the guidance.

Dirk，在事先準備的發言中，你談了很多再投資。顯然今年開局很強，但公司仍決定重申指引。

Obviously, you mentioned some of the parameters around consumer confidence, globally. But maybe you can just expand a little bit on, given the strong start to Q1, the decision to only reaffirm EPS; a little bit more around the reinvestment.

你也提到全球消費者信心的一些變數。不過能否再多談一點：在第一季開局強勁的情況下，為何僅重申 EPS 指引；以及再投資方面的更多細節。

And then, I believe there's a line in the slides about strong earnings growth for 2027, off the back of that. I know it's probably too early but if there's any parameters you can put around that, as well.

另外，我記得投影片上有一行提到 2027 年將有強勁的獲利成長，並以此為基礎。我知道可能還太早，但若你能提供任何可參考的範圍或參數，也請一併說明。

Thank you, Peter. I'll take the question, given it is on EPS and overall broader outlook, I presume.

謝謝你，Peter。我來回答這題，因為我想這主要是關於 EPS 與整體更廣泛的展望。

Look, we feel quite good about the start of the year. I think you saw the emerging market numbers. They are performing well.

我們對今年的開局感到相當不錯。我想你也看到新興市場的數字，表現良好。

I would add maybe a little bit of color, saying that the growth is really broad-based across categories and across geographies. Clearly encouraged by developed markets, where having addressed some Chocolate price gaps in Europe and having fine-tuned the promo strategy in the US is yielding good results.

我再補充一些背景：成長其實在品類與地理區域上都相當廣泛。成熟市場的表現也令人鼓舞——我們在歐洲縮小了一些巧克力的價格差距，並在美國微調促銷策略，正帶來不錯的成果。

Importantly, I think we have some new product launches that are performing well, above all. We mentioned Biscoff.

更重要的是，我們有一些新產品上市表現良好，尤其是我們提到的 Biscoff。

Look, I think. It's fair to say we are ahead of expectation in Q1. But, on the reminder of the year, while we continue to be cautiously optimistic, we need, also, to address some headwinds that we didn't have in our original forecast, particularly as they stem out of the Middle East crisis.

我想可以公平地說，我們第一季確實超出預期。不過對於今年剩餘時間，雖然我們仍保持審慎樂觀，但也需要因應一些在原始預測中未納入的逆風，特別是源自中東危機的影響。

The team is managing that situation quite well; finding alternative routes to produce our brands and to deliver our brands. But that is coming at an extra cost. Clearly, the oil cost -- albeit we are covered for the year -- is having a little bit of an impact on the profitability.

團隊正在相當妥善地管理那個情況；尋找替代路線來生產我們的品牌並交付我們的品牌。但這會帶來額外成本。顯然，石油成本——儘管我們今年已做了避險／覆蓋——仍對獲利能力造成了一點影響。

Look, we were ahead. We are ahead. We are optimistic about the remainder of the year.

你看，我們之前領先。我們現在也仍然領先。我們對今年剩餘時間保持樂觀。

We have the Middle East situation, in terms of extra costs, under control. But, at this point in time, to be able to swallow it, we have to confirm guidance on the bottom line.

就額外成本而言，我們已將中東局勢控制住。但在目前這個時間點，為了能夠消化它，我們必須確認對最終盈餘的指引。

Clearly, we are confident. But, as I said, also, quite a few times, given there is quite a bit of momentum -- particularly in emerging markets and in some brands, both in Europe and in the US -- if EPS upsides materializes, we would like, most likely, to invest it back in the business and really continue momentum, ahead of clearly what we committed to, which is a strong 2027 EPS growth.

顯然，我們很有信心。但正如我也說過很多次，鑑於目前動能相當強——特別是在新興市場以及一些品牌上，無論在歐洲或美國——如果每股盈餘（EPS）的上行空間實現了，我們很可能會希望把它再投回業務中，真正延續動能，並且走在我們明確承諾之前，也就是 2027 年強勁的 EPS 成長。

Hopefully that makes sense.

希望這樣說得通。

Yeah. No. Thank you for that.

是的。不是。謝謝你的說明。

Luca, maybe just as a follow-up: You said you're through most of the European negotiations at this point, in line with expectations.

Luca，或許再追問一下：你說到目前為止，你們已完成大部分歐洲的談判，符合預期。

Just, maybe, you can give us a little bit more color. Like, where are you still left to go? Are there certain geographies that are wrapping up still, just as we think about goalposts getting through 2Q and wrapping up negotiations in Europe?

只是，也許你可以再多給我們一些細節。比如說，你們還剩下哪些地方要談？是否有某些地區仍在收尾？因為我們在思考 2Q 走完、以及歐洲談判收尾的時間點。

Thanks very much.

非常感謝。

No. We are almost entirely done. We are talking about a couple of small customers here and there but nothing really material.

不。我們幾乎全部都完成了。我們談的是零星幾個小客戶，但沒有任何真正重大的。

Importantly, we executed well in Easter. We have promotions lined up for the remainder of the year. We feel quite good that relationship with retailers in Europe is in good terms and in good territory in terms of the remainder of the year.

重要的是，我們在復活節檔期執行得很好。我們也已為今年剩餘時間安排好促銷。我們覺得，與歐洲零售商的關係在今年剩餘時間會維持在良好狀態、也在良好區間。

Great. I'll pass it on. Thank you.

很好。我把問題交給下一位。謝謝。

Thank you, Peter.

謝謝你，Peter。

Megan Clapp, Morgan Stanley.

Morgan Stanley 的 Megan Clapp。

Hi. Good afternoon. Thanks for taking our questions.

嗨，午安。謝謝讓我們提問。

Maybe we could pick up there on Europe. Luca or Dirk, maybe you could just talk a little bit about what you're seeing in the competitive environment today. Clearly, it's been a big focus.

也許我們可以從歐洲接著談。Luca 或 Dirk，也許你們可以談談目前看到的競爭環境。顯然，這一直是很大的焦點。

You talked about, when we were sitting here two months ago, some questions as to how the competitive environment could evolve, given the volatility in cocoa. Just, maybe, you could give us an update on what you're seeing in the competitive environment and how you're thinking about the rest of the year.

你們提到，兩個月前我們坐在這裡時，大家還在問競爭環境會如何演變，因為可可價格波動很大。也許你們可以更新一下目前看到的競爭環境，以及你們如何看待今年剩餘時間。

Yes. Yes. Thank you, Megan.

是的。是的。謝謝你，Megan。

Like I said, overall, so far, things are going well in Europe. There were some questions, as we entered the year, how the customer negotiations would go.

如我所說，整體而言，到目前為止歐洲進展良好。年初時確實有一些疑問，客戶談判會怎麼走。

I think, at this stage, yes, cocoa has improved. But most of the industry is still covered (inaudible) for the year. We still have to see what the main crop is going to bring us in cocoa.

我想在這個階段，是的，可可價格已改善。但大多數產業仍然（聽不清）已覆蓋今年。我們仍需觀察可可主產季會帶來什麼結果。

At this stage, customer negotiations have gone, as we said, quite well.

在這個階段，客戶談判如我們所說，進行得相當順利。

We had a very strong Easter campaign, which includes the UK. We have that success with Biscoff I was talking about. We have Toblerone. Praline is doing well.

我們有非常強勁的復活節活動，其中也包含英國。我們也有我提到的 Biscoff 的成功。我們有 Toblerone。Praline 的表現也很好。

Overall, I would say our business and the Chocolate category is off to a good start in Europe. That, I think, has calmed down the situation a little bit. We don't see any movements in price happening, at the moment.

整體而言，我會說我們的業務以及巧克力品類在歐洲有個良好的開局。我想這也讓情勢稍微平靜了一些。我們目前沒有看到任何價格變動。

I believe that everybody understands that we have to wait and see what's going to happen here to cocoa in the second half of the year; and, that, at this stage, since the Chocolate market is doing quite well, that everybody is quite pleased with what's going on.

我相信大家都理解，我們必須等到下半年看看可可會發生什麼事；而且在這個階段，由於巧克力市場表現相當不錯，大家對目前的狀況都相當滿意。

For our business itself, like I said, very strong Easter. Our share trends are improving.

就我們自身業務而言，如我所說，復活節非常強勁。我們的市占趨勢正在改善。

Our base business, if I take Easter [out-turn] from a share loss into slightly positive over the last month, our volume trends are improving sequentially. That was originally driven -- the volume trends were influenced by, of course, elasticities, which still continued in this year.

如果把復活節的[結果]拿掉，我們的基礎業務市占在過去一個月從流失轉為略為正向；我們的銷量趨勢也在逐步改善。這最初是由——銷量趨勢當然受到價格彈性的影響，而這種影響今年仍在持續。

We also did a lot of downsizing. We had a plant outage last year so we're starting to lap that. We are focused on execution for the rest of the year. But we feel good about '26 and, particularly, about '27.

我們也做了很多規格縮小（downsizing）。去年我們有工廠停工，所以現在開始進入比較基期。我們專注於今年剩餘時間的執行。但我們對 2026 年感覺良好，尤其對 2027 年。

We will continue to do strong activations. We are significantly stepping up investment in working media and our brands. We're doing PPA.

我們會持續做強力的行銷啟動活動。我們正大幅提高在付費媒體與品牌上的投資。我們在做 PPA。

We have reset the number of price points, which were off in certain markets. We're starting to see a positive effect from that. We continue to make sure that we do strong activations to draw consumers in the category.

我們已重新調整某些市場中偏離的價格點數量，開始看到正面效果。我們也會持續確保做強力的行銷啟動活動，把消費者吸引回到這個品類。

Overall, I would say we feel good about where the Chocolate market is; where the reaction of the clients and the competition has been. We expect that the year will continue quite strongly.

整體而言，我會說我們對巧克力市場的狀況、客戶與競爭對手的反應都感覺良好。我們預期今年將會持續相當強勁。

Great. That's really helpful. And then, maybe, just a related follow-up.

很好，這非常有幫助。然後也許再追問一個相關問題。

You said we have to wait and see what's going to happen for cocoa in the second half of the year. Prices, obviously, fell pretty quickly at the beginning of the year but seemed to have stabilized and arranged.

你說我們必須等到下半年看看可可會怎麼走。價格顯然在年初下跌得很快，但似乎已經穩定並在區間內波動。

As you look at the cocoa market and the dynamics, what's your assessment of cocoa, as we sit here today?

以你們今天所看到的可可市場與其動態，你對可可的評估是什麼？

Yeah. I think that nothing has really fundamentally changed. The meat crop was quite positive.

是的。我認為從根本上看，並沒有真正改變什麼。中期作物（mid crop）相當正面。

We are encouraged by what we see, as it relates to next-year crop, as well. I think you know that supply, particularly out of Latin America and other places that are not the Ivory Coast of Ghana, is quite positive.

我們也對與明年作物相關的情況感到鼓舞。我想你也知道，供給面，特別是來自拉丁美洲以及其他非象牙海岸或迦納的地區，表現相當正面。

I feel that, from a fundamental standpoint, nothing has really changed.

我覺得從基本面來看，並沒有真正改變。

There is a fact that has happened over the last few months, I would say, since cocoa hit one of the lowest levels in two, three years, and it is the fact that the industry, overall, has gone a little bit longer. In fact, if we look at the average coverage of the industry at this point in time, it exceeds around about 10 months, which is the highest we have seen in a while.

但過去幾個月確實發生了一件事：我會說自從可可跌到兩三年來的低點之一之後，整個產業的覆蓋期（hedge/coverage）拉得更長了。事實上，如果我們看目前產業的平均覆蓋期，大約超過 10 個月，這是我們一段時間以來看到的最高水準。

And so to say that what you saw, in terms of price increases in the cocoa market, compared to the lowest levels that we saw earlier this year, it has been due to the fact that the industry has been going longer. Fundamentally, nothing has changed.

因此可以說，你看到的可可市場價格上漲——相較於今年稍早看到的低點——是因為產業把覆蓋期拉長了。基本面並沒有改變。

We believe [2,500], which is the level we see at this moment, is a much better representation of what supply and demand would say. Look, I think, most likely, we will be headed for another year of surplus in terms of supply and demand.

我們認為目前看到的 [2,500] 這個水準，更能反映供需所指向的狀況。你看，我想很可能我們將迎來供需意義上的又一年供給過剩。

You saw the grinding numbers. They were a little bit better than anticipated but still negative. Particularly in Europe, demand of cocoa is quite subdued.

你也看到研磨（grinding）數據。它比預期稍好，但仍是負成長。尤其在歐洲，可可需求相當疲弱。

I feel, overall, 2,500 is a fair representation. Potentially, there might be a little bit of a lower level lying ahead.

我覺得整體而言，2,500 是一個合理的反映。未來可能還會有略低一些的水準。

Awesome. Thank you.

太好了。謝謝。

Thank you, Megan.

謝謝你，Megan。

David Palmer, Evercore ISI.

Evercore ISI 的 David Palmer。

Great. Just wanted to follow-up on Europe but more on the consumer and what you're seeing by market out there. Organic sales, down only 0.5% or so.

很好。我想追問歐洲，但更聚焦在消費者以及你們在各市場看到的情況。有機銷售只下滑約 0.5% 左右。

You talked, in your prepared remarks, about how volume would improve -- volume trends would improve -- through the year. Some of that makes sense, given the comparisons. But it sounds pretty constructive.

你在事先準備的發言中提到，銷量會在今年逐步改善——銷量趨勢會改善——其中一部分在比較基期下是合理的。但聽起來相當建設性。

What are you seeing, from a price elasticity standpoint, out there? You talked about a fragile consumer. But, at the same time, it doesn't seem like you're seeing much slippage, so far.

從價格彈性的角度，你們在市場上看到什麼？你提到消費者很脆弱。但同時，看起來到目前為止你們並沒有看到太多下滑。

Anything you're really watching out there, from a market perspective, where maybe you're seeing a little bit more trade down here or there; anything you're watching?

從市場角度，有沒有什麼你們特別在觀察的地方？例如你們是否在某些地方看到更多降級消費（trade down）之類；有沒有任何你們正在留意的？

I have a quick follow-up.

我還有一個快速追問。

Yeah. At this stage, I would say we don't see anything in the consumer that would be something that preoccupies us in their sales or in their buying patterns. But we know from the fact that the Middle East conflict will affect energy prices, which are very sensitive in Europe, that's the one thing to watch.

是的。在這個階段，我會說我們沒有在消費者端看到任何會讓我們對其銷售或購買模式感到擔憂的事情。但我們知道，中東衝突會影響能源價格，而能源價格在歐洲非常敏感，這是需要觀察的一件事。

I think the after effects of the Middle Eastern conflict, if it continues, is going to show in many areas, like fertilizers, packaging, oil prices, and so on. The consumer will start to feel that, probably, with increased inflation.

我認為中東衝突的後續影響，如果持續下去，會在許多領域顯現，例如肥料、包材、油價等等。消費者可能會因為通膨上升而開始感受到影響。

They're aware of that. They've seen these situations. That's what I meant when I said it's very fragile, in the sense that they are vigilant.

他們也意識到這點。他們見過這些情況。這就是我所說的「非常脆弱」的意思，也就是他們保持警覺。

But, so far, I would say, from a categories perspective, there's nothing there that we feel is starting to show that there's a slowdown or something like that.

但是，到目前為止，我會說，從品類的角度來看，沒有任何跡象讓我們覺得開始出現放緩或類似情況。

No. Like I said, we feel pretty good about how, particularly, Chocolate has been behaving in the first quarter of the year.

沒有。就像我說的，我們對今年第一季巧克力的表現感到相當有信心。

Thanks for that. And then, gross margins were better than what we had thought. We were thinking there might be something like $350 million in inventory phasing dragged to the quarter. Gross margins were down only 270 basis points.

謝謝說明。接著，毛利率比我們原先想的更好。我們原本以為可能會有大約3.5億美元的庫存時點（phasing）影響拖累到本季。毛利率只下滑了270個基點。

I don't know if we were thinking about that inventory phasing right, correctly, in the quarter. But how should we be thinking about gross margins, going forward?

我不確定我們對本季那個庫存時點的判斷是否正確。但往後我們應該如何看待毛利率？

Yeah. The headwind for the quarter is around about $350 million; a little bit more than that. We got it right. We guided you to the right number.

是的。本季的逆風大約是3.5億美元，甚至略高一些。我們判斷是對的。我們給你們的指引數字是正確的。

As we said, excluding downsizing, volume mix was slightly positive. There was leverage into the P&L.

如我們所說，排除縮減規模（downsizing）後，銷量組合（volume mix）略為正向。損益表（P&L）上也出現了槓桿效益。

We had some upsides in specific countries that are quite profitable. China, in the quarter, for instance, grew 5%. That's a quite profitable business. And so there was a little bit of additional leverage coming into the P&L.

我們在一些獲利能力相當高的特定國家有一些上行表現。例如中國本季成長5%。那是一個相當高獲利的業務。因此，損益表上也多了一點額外的槓桿效益。

The supply chain folks are doing quite an amazing job between procurement and manufacturing. We are delivering year-on-year benefits to the P&L. Whether it was the usual high-performance supply chains of Latin America and EMEA, we added quite a bit of upside, even in places like North America, this quarter.

供應鏈團隊在採購與製造之間做得非常出色。我們為損益表帶來了年對年的效益。不論是拉丁美洲與EMEA一向高效能的供應鏈，我們都增加了不少上行；甚至在北美這樣的市場，本季也帶來了相當多的正面貢獻。

All in all, I think, between the volume mix, us pricing, in line with expectations, costs coming a little bit better due to productivity, all of that resulted in the upside.

整體而言，我認為在銷量組合、我們的定價符合預期、以及因生產力提升使成本表現略優等因素共同作用下，帶來了這個上行。

Now, that upside would have resulted in a benefit to the year, quite frankly. But, at this point in time, as I said, there is a little bit of cost headwind coming out of the Middle East situation.

坦白說，這個上行本來會對全年帶來助益。但就目前而言，如我所說，中東局勢帶來了一些成本逆風。

We are well covered for oil and packaging costs for the remainder of the year and, quite frankly, also into 2027. But some regulated markets do not allow us to do anything in terms of protecting ourselves.

我們在今年剩餘期間的油品與包材成本方面都有充分避險，坦白說也延伸到2027年。不過，有些受管制市場不允許我們採取任何自我保護措施。

That's the cost headwind that will materialize in the remainder of the year, for which we have to account. That's where we decided to guide for clear EPS, in line with what we said the last time.

這就是會在今年剩餘期間逐步顯現、我們必須納入考量的成本逆風。因此我們決定對經調整EPS（clear EPS）給出指引，與我們上次所說一致。

We have also unlocked additional investments in a couple of places. As we look around, we see that there are things that work extremely well that are gaining momentum. We still believe there is upside in there. That's where we decided to invest more in A&C and other things.

我們也在幾個地方釋放出額外投資。放眼各地，我們看到有些做法效果非常好、動能正在增強。我們仍相信其中還有上行空間。因此我們決定在A&C（廣告與消費者行銷）及其他項目上加大投資。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Thank you. Thanks for the question.

謝謝。謝謝提問。

Could you just maybe elaborate a little bit on your innovation strategy? It seems like, now, with COVID in the rear view and the supply disruptions that changed some of the thinking of that for a few years, it's a focus again.

能否請你再多談一點你們的創新策略？看起來現在COVID已成過去式，加上供應中斷在過去幾年改變了一些思維，如今又重新聚焦在創新上。

Can you maybe point to where you've got particular focus or maybe key consumer insights that are considerations; and just how you're thinking about that?

你能否指出你們特別聚焦的方向，或是一些關鍵的消費者洞察作為考量；以及你們是如何思考這件事的？

Yes. Yes. Yeah. After COVID, where there was a lot of in-home consumption; and then, the beginning of the higher inflationary period, where the consumer was still sitting on a lot of savings, we are now into a situation, as we all know, where the consumer is a lot more anxious about how and where they are spending their money. Their basket is not going up.

是的。是的。COVID之後，居家消費增加；接著進入高通膨初期，消費者手上仍有不少儲蓄。如今我們都知道，消費者對於如何以及在哪裡花錢變得更焦慮。他們的購物籃（basket）並沒有增加。

We believe that the way to approach that is, in the first place, you need to hit the right price points on your core range. That has become quite important. Be it with Chocolate in Europe or with Biscuits in the US, you need to make sure that you are where the consumer really can afford you so that's a big focus that we have at the moment.

我們認為應對方式首先是：你的核心產品線必須打到正確的價格帶。這變得相當重要。不論是歐洲的巧克力或美國的餅乾，你都必須確保你的定價落在消費者真正負擔得起的區間，這是我們目前的一大重點。

Then, in-store activations. Big activations around teams that consumers really are interested in are also very important.

接著是店內促銷活動（in-store activations）。圍繞消費者真正感興趣的團隊所做的大型活動也非常重要。

And then, the third one is to present them with innovations that stand out and that are really breaking through the normal mold. We've been doing this for a while. But I would say we're seeing some of the traction coming from that.

第三是提供能夠脫穎而出、真正打破既有框架的創新。我們做這件事已經一段時間了，但我會說我們正看到由此帶來的一些動能。

We've been focused on doing a lot of bigger and fewer [beds]; particularly, improvement platforms. If you think about innovation in the company, there is what I would call the base renovation of our products, like improving the normal mass of Chocolate or the Biscuits; launching new flavors; doing PPA; getting the seasonals right.

我們一直專注於做更大、但更少的（[beds]）；特別是改善平台。如果你思考公司內的創新，有我所稱的產品基礎翻新（base renovation），例如提升巧克力或餅乾的基本配方與品質；推出新口味；做PPA；把季節性產品做對。

But, on top of that, we're trying to come with some new news in the different categories. At this stage, we feel that we have a number of launches that are starting to do really well for us.

但除此之外，我們也嘗試在不同品類帶來一些新的亮點。就目前而言，我們覺得有多個上市新品開始為我們帶來非常好的表現。

If I go through the big subjects that we have there, of course, there's, first, the well-being acceleration that we're seeing. That's really on two fronts, for us:

如果我把我們的幾個大主題梳理一下，當然，第一個是我們看到的健康福祉（well-being）加速。對我們而言主要有兩個面向：

First of all, there is the whole protein fiber, which we are working on. We got Perfect Bar; really doing well with the protein range. BUILDERS Bar in the Clif range, doing quite well. We are now also having a BUILDERS Bar with low sugar and a Perfect Bar with 20 grams of protein. That's an important part of our innovation.

首先是蛋白質與纖維這一整塊，我們正在推進。我們收購的Perfect Bar在蛋白產品線上表現非常好。Clif系列中的BUILDERS Bar也做得相當不錯。我們現在也推出低糖的BUILDERS Bar，以及含20克蛋白質的Perfect Bar。這是我們創新的一個重要部分。

At the same time, we're launching a number of products within our global brands, like Oreo, that go into of added benefits, like gluten-free or zero-added sugar, which is -- gluten-free is doing well in the US. Zero-added sugar is doing well in China. It's been launched in the US. That's what I would call the well-being acceleration.

同時，我們也在全球品牌（例如Oreo）之下推出多款帶有額外功能訴求的產品，例如無麩質或零添加糖——無麩質在美國表現不錯；零添加糖在中國表現不錯，也已在美國上市。這就是我所說的健康福祉加速。

Then, there is, of course, cakes and pastries, where we have done a number of acquisitions. But we are also launching products under our brands in cakes and pastries.

接著，當然是蛋糕與糕點（cakes and pastries），我們做了多起併購。同時我們也在蛋糕與糕點品類下，以我們的品牌推出新品。

In Europe, the Milka Croissant is really off to a very strong start. We're expanding that, geographically. We've taken seven days, the acquisition with it, in Europe. We launched it in Brazil.

在歐洲，Milka可頌（Milka Croissant）一開始就有非常強勁的表現。我們正在擴大其地理覆蓋。我們在歐洲也把「seven days」這項併購納入其中。我們也在巴西推出了。

And then, we've launched cakes, under Oreo, in China and in the US. That is doing -- both are doing quite well for us.

此外，我們也在中國與美國以Oreo品牌推出蛋糕產品。這些表現——兩者對我們而言都相當不錯。

The third big area where we are trying to innovate is in premium and indulgent Chocolate, our to-go through -- or we have three axes there:

第三個我們嘗試創新的大領域，是高端與享受型巧克力（premium and indulgent Chocolate），我們在這裡有三個主軸：

One is Toblerone. We are really developing Toblerone into our premium brands around the world. We are upgrading with unique innovations and very hard-to-get innovations on the main range. But, also, the pralines are really starting to take off for us -- the Toblerone pralines.

第一是Toblerone。我們正把Toblerone發展成全球的高端品牌。我們透過獨特且非常稀缺的創新來升級主力產品線。同時，夾心巧克力（pralines）也開始為我們起飛——Toblerone pralines。

Then second big axe there is, in premium, under our normal brands, we're launching this range called Cadbury &MORE, which is an indulgent range, under Cadbury, in the UK and in Australia.

第二個主軸是在我們既有品牌之下做高端化：我們在英國與澳洲以Cadbury推出名為Cadbury &MORE的系列，這是一個更偏享受型的產品線。

And then, we've got that, also, under Milka called Milka MMMAX in Europe, which has been in the market for a while and is doing quite well.

另外，在歐洲我們也在Milka之下推出Milka MMMAX，這個產品已在市場上一段時間，表現相當不錯。

And then, in the US, we have a vegan brand, You; also a premium chocolate brand. That is starting to show some real traction for us and growing quite fast at this stage.

然後在美國，我們有一個純素品牌You；同時也是一個高端巧克力品牌。它目前開始展現出對我們而言相當明顯的動能，成長速度也很快。

Those are the three initiatives in premium Chocolate for us.

以上就是我們在高端巧克力的三項倡議。

And then, I would say the last one that we really are very happy with is the whole partnership that we have with Biscoff. I've explained this a few times. This will be really quite big for them and for us in the coming years. We are off to a very strong start.

最後一個我想說、我們非常滿意的，是我們與Biscoff的整體合作夥伴關係。我之前解釋過幾次。未來幾年這對他們與我們都會非常大。我們一開始就有非常強勁的表現。

As you know, we launched Biscoff Biscuits in certain emerging markets. We launched, also, our Chocolate range, which has Biscoff Cream or Biscoff Crumbs into our Chocolate.

如你所知，我們已在某些新興市場推出Biscoff餅乾。我們也推出巧克力系列，把Biscoff奶油（Biscoff Cream）或Biscoff碎屑（Biscoff Crumbs）加入我們的巧克力中。

And so that collaboration will keep on expanding over the years. I expect that we will come up with a few more in the coming years.

因此，這項合作會在未來幾年持續擴大。我預期未來幾年我們還會推出更多產品。

Those are the four areas that I would highlight as our main innovation focus, at the moment.

以上就是我目前會強調的四個主要創新重點領域。

We're also doing a lot in munching and on-the-go. We launched RITZ Drizzled. RITZ [Bite] is doing quite well, also. We think that's also an interesting innovation acts for us.

我們在零食與隨行（munching and on-the-go）方面也做了很多。我們推出了RITZ Drizzled。RITZ [Bite] 的表現也相當不錯。我們認為這對我們而言也是一個有趣的創新方向。

Those would be the ones I mentioned. But we're very pleased with how these innovations are behaving, at the moment.

大致就是我提到的這些。不過，我們對這些創新目前的表現感到非常滿意。

That's great. Thanks. I'll pass it on.

太好了。謝謝。我會轉達。

Okay.

好的。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Hey. Thanks for the question.

嗨。謝謝你的提問。

Dirk, I was hoping you could reconcile for me your comment about the consumer in the US. I think you said you expect consumer spending to weaken or confidence to weaken because of the impact of the Middle East more.

Dirk，我希望你能幫我釐清你對美國消費者的評論。我想你說你預期消費支出會轉弱，或信心會轉弱，因為中東局勢的影響更大。

But I think you also said that you expect your own North American business to continue to improve during the year. I think consensus has North America flat for the year.

但我想你也說，你預期你們自己的北美業務在今年會持續改善。我想市場共識是北美全年持平。

Do you think North America can get back to, like, a normal low-single-digit growth this year? Thanks.

你認為北美今年能回到像是正常的低個位數成長嗎？謝謝。

Yeah. Let me talk a little bit about the consumer and then, let Luca talk a little bit about our business within that consumer context.

是的。我先談一下消費者，然後讓 Luca 在這個消費者脈絡下談談我們的業務。

I think consumption in the US, for a number of reasons, will remain subdued, in general. I think the consumer is quite concerned about their financial situation. Food categories and snacking categories remain soft, in general, I would say.

我認為美國的消費，基於多種原因，整體將維持偏弱。我覺得消費者對自身財務狀況相當擔憂。食品類別與零食類別整體仍偏疲弱。

We can look at the basket -- the shopping basket -- which has not increased in dollar value for three years now. But, at the same time, the items in that basket have gone quite up in price. And so consumers need to take more conscious decisions.

我們可以看購物籃——購物籃的美元價值三年來都沒有增加。但同時，籃子裡的品項價格卻上漲不少。因此消費者必須做出更有意識的決策。

We see shifts where higher-income consumers, yes, buy premium products as the [K-shape] economy. But then, we also see lower-income consumers really focused on lower-unit prices and being very selective when and what exactly they buy.

我們看到一些轉移：在所謂的「K 型」經濟下，高收入消費者會購買高端產品；但同時，我們也看到低收入消費者非常聚焦於較低的單位價格，並且在何時、買什麼上非常挑選。

We see the channel shifts that we talked about from food and mass to value club and online. For instance, Walmart, the value channel, and Costco saw Biscuits grow over 4% versus the total US biscuit market, which was only 0.3% up.

我們也看到我們提到的通路轉移，從食品與大眾量販轉向平價俱樂部與線上。例如，Walmart（平價通路）與 Costco 的餅乾（Biscuits）成長超過 4%，而美國整體餅乾市場僅成長 0.3%。

I would say, yes, the consumer, to my opinion, will remain quite anxious. I think, as the conflict continues and they see the effect of oil prices -- and they will start to see it in some of the other things they buy -- I believe that that is not going to help with the overall consumer confidence.

我會說，是的，以我看法，消費者將持續相當焦慮。我認為隨著衝突持續、他們看到油價的影響——而且他們也會開始在其他購買的商品上感受到——我相信這不會有助於整體消費者信心。

But that doesn't mean that our business is not going to continue to improve. But I'll let Luca talk about that.

但這不代表我們的業務不會持續改善。不過我讓 Luca 來談。

Yes. Look, I think the comments of Dirk, they are mostly related, I would say, to category dynamics in some of the snacking categories.

是的。你看，我認為 Dirk 的評論主要是與某些零食類別的品類動態有關。

Quite frankly, we haven't projected, for the remainder of the year, a better category number. Having said that, you're going to see a volume and revenue inflection, as we go into the second part of the year in the US.

坦白說，我們並沒有預期今年剩餘期間品類數據會更好。話雖如此，當我們進入今年下半年時，你會看到美國的銷量與營收出現轉折。

There are already quite a few things that are working well. We are very pleased with the share of [Savory]. We are gaining quite a bit of share, remarkably, through REITS and some of the platforms that Dirk was referring to, namely Bits and Drizzled. But, not only that, it is really fresh stack and some propositions in RITZ that are delivering a quite nice share of growth.

目前已經有不少事情進展良好。我們對 [Savory] 的市占表現非常滿意。我們透過 REITS 以及 Dirk 提到的一些平台（也就是 Bits 和 Drizzled）顯著提升市占。不僅如此，Fresh Stack 以及 RITZ 的一些產品主張也帶來相當不錯的市占成長。

We are extremely pleased with the performance of Sour Patch Kids. It is a brand that, most likely, for the year, is going to go double-digit. We have, still, plenty of opportunities. [Choose] has been an amazing innovation that is incremental.

我們對 Sour Patch Kids 的表現非常滿意。這個品牌今年很可能會達到雙位數成長。我們仍有很多機會。[Choose] 是一項非常出色、具增量效果的創新。

Importantly, the sales team is executing very well in channels that are growing fast, namely club; but, also, I would say value. And so you are going to see a sequential improvement of the US market, specifically, particularly as we continue to execute well in the areas I've talked about.

重要的是，銷售團隊在成長快速的通路執行得非常好，尤其是俱樂部通路；同時我也會說是平價通路。因此你會看到美國市場逐季改善，特別是當我們持續在我提到的領域執行到位。

It is certainly a share game plan because, at this point in time, we don't see, really, the category improving much.

這當然是一個以市占為核心的計畫，因為就目前而言，我們並不認為品類會有太大改善。

I would also say that the ventures are delivering material growth. Besides the examples they gave you, we are very pleased with [taste], which is gaining share.

我也會說，合資事業正在帶來實質成長。除了他們給你的例子之外，我們對 [taste] 也非常滿意，它正在提升市占。

And then, as we said, the bars, including Clif, are really delivering share growth. For instance, Zbar continues to grow close to double digits.

然後如我們所說，能量棒（bars），包括 Clif，確實正在帶來市占成長。例如，Zbar 持續以接近雙位數的速度成長。

There are quite a few things that we feel are working well. We are investing in those. You're going to see volume and revenue turning around positively for the remainder of year in the North American business.

我們覺得有相當多事情運作良好。我們正在加大投資。你會看到北美業務在今年剩餘期間的銷量與營收轉為正向回升。

I omitted to talk about Canada, which, in the big scheme of things, maybe is not the biggest. But they had a terrific Q1, as well. Hopeful that Canada will continue growing, as well.

我剛才漏談了加拿大；從整體來看也許不是最大，但他們第一季表現也非常出色。我們也希望加拿大能持續成長。

Thank you.

謝謝。

John Baumgartner, Mizuho Securities.

John Baumgartner，瑞穗證券（Mizuho Securities）。

Good afternoon. Thanks for the question. Good afternoon.

下午好。謝謝你的提問。下午好。

I'm wondering if you could elaborate a little bit on the supply-chain program in North America - Biscuits that was touched on in CAGNY.

我想請你再多談一點在 CAGNY 提到的北美—餅乾（Biscuits）供應鏈計畫。

I'm curious, over the past 10, 15 years, you've already consolidated manufacturing. You had the big modernization at the time of the spin-off from Kraft.

我很好奇，過去 10 到 15 年，你們已經整併過製造；在從 Kraft 分拆時也做過大型現代化升級。

What does this new modernization entail, resulting growth opportunities, route-to-market changes, from here? How do we think about the opportunities there?

這次新的現代化升級包含哪些內容？從這裡開始，會帶來哪些成長機會、上市路徑（route-to-market）變化？我們該如何看待其中的機會？

Yeah. No. Thank you for the question.

是的。不。謝謝你的提問。

I would start by saying that around about 60% of the network we have in the US is really state-of-the-art. The overwhelming majority of the network is in good shape. It is a competitive advantage.

我先說，大約我們在美國的網路中有約 60% 真的是最先進的。絕大多數的網路狀況良好。這是一項競爭優勢。

I think you know, most likely, the amount of profit we generate in the US and the cash that we generate in the US. I believe the competitive advantage we have, besides DSD, is really part of the network. We feel quite good about that.

我想你大概也知道我們在美國創造的利潤規模，以及我們在美國產生的現金。我相信我們的競爭優勢，除了 DSD 之外，網路本身也是其中一部分。我們對此相當有信心。

Having said that, some plants in the US still run on high waste; still run on the level of productivity that is below expectations. And so we will have to bring this network up to speed.

話雖如此，美國仍有一些工廠浪費率偏高；生產力水準仍低於預期。因此我們必須讓這個網路跟上進度。

We have come to terms that some of the plants will have to deal with much simpler lines, as opposed to having complex state-of-the-art lines. And so we will play to the strengths of the plant.

我們已經接受有些工廠必須採用更簡化的產線，而不是複雜的最先進產線。因此我們會發揮各工廠的強項。

Importantly, we have proven lines of business that are, at the moment, manufactured through co-manufacturers. We want to bring those in-house. Those are proven volume platform; things that really work well, from a consumer standpoint. Reality is, by bringing them in-house, we will save quite a bit of money.

重要的是，我們有一些已被驗證的業務線，目前是透過代工廠（co-manufacturers）生產。我們希望把這些移回自有產能。這些是已被驗證的量能平台；從消費者角度看，確實運作得很好。現實是，把它們移回自製後，我們將節省相當多成本。

We will invest in some packaging capabilities. One of the things that we are realizing is that consumers are shifting through channels to different pack-sizes.

我們也會投資一些包裝能力。我們正在意識到的一點是，消費者在不同通路之間轉移時，也會轉向不同的包裝規格（pack-sizes）。

If you want to compete in clubs, you need to have specific format-types. If you want to have an appeal to certain consumers, you need to invest in what we call multi-packs, which are mixed packs of our cookies and crackers.

如果你想在俱樂部通路競爭，就需要特定的規格型態。如果你想吸引某些消費者，就需要投資我們所謂的多入裝（multi-packs），也就是把我們的餅乾與薄脆餅（crackers）混合在一起的綜合包。

Some of these, we don't have in-house, at the moment. The supply chain is fairly inefficient and quite rigid. And so we will invest in flexibility; bringing, in-house, some of these propositions.

其中有些我們目前並沒有自有產能。供應鏈相當低效率且很僵化。因此我們會投資彈性，把其中一些產品主張移回自製。

Finally, one of the things that we are going to touch is the DSD network, which, at this point in time, relies upon, I would say, four, five distribution centers but 55 branches that allow us to reach the point of sales that we service, in general, I would say two, three times a week, at least.

最後，我們也會著手 DSD 網路。目前它大致依賴四、五個配送中心，但有 55 個分支據點，使我們能觸及我們所服務的銷售點；一般而言，我們至少每週服務兩到三次。

By automating those centers; and by creating automation and AI fulfillment centers, we'll be able to achieve the point of sales in a much faster way -- and, importantly, to reduce our stock and reduce cost in those branches. That's really the idea.

透過將這些中心自動化，並建立自動化與 AI 履約中心，我們將能更快觸及銷售點——更重要的是，降低我們的庫存，並降低這些分支的成本。這就是核心想法。

Thank you (inaudible).

謝謝（聽不清楚）。

I think we can leave it at this, for the time being. Thank you, again, for connecting.

我想我們暫時就先到這裡。再次感謝各位連線參與。

I hope we explained that the quarter was pretty good. We're looking forward to the rest of the year.

希望我們已說明本季表現相當不錯。我們也期待今年剩餘時間的表現。

If you have any other questions, our IR team is available to help you out.

如果你還有其他問題，我們的投資人關係（IR）團隊可協助你。

Thank you, everyone.

謝謝各位。

Thank you. This brings us to the end of today's meeting.

謝謝。今天的會議到此結束。

We appreciate your time and participation. You may now disconnect.

感謝各位撥冗與會並參與。你現在可以中斷連線。