億滋國際 (MDLZ) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Mondelez International second-quarter 2026 earnings question-and-Answer Session. (Operator Instructions)

下午好，歡迎參加億滋國際（Mondelez International）2026 年第二季財報問答環節。（接線員指示）

On today's call are Dirk Van de Put, Chairman and CEO; Luca Zaramella, COO; Amit Banati, CFO; and Shep Dunlap, SVP of Investor Relations. Earlier this afternoon, the company posted a press release and prepared remarks, both of which are available on its website. During this call, the company will make forward-looking statements about performance. These statements are based on how the company sees things today.

今天與會者包括董事長兼執行長 Dirk Van de Put；營運長 Luca Zaramella；財務長 Amit Banati；以及投資人關係資深副總裁 Shep Dunlap。今天下午稍早，公司已發布新聞稿與事先準備的講稿，兩者皆可於公司網站取得。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。

Actual results may differ materially due to risks and uncertainties. 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. As the company discusses results today, unless noted as reported, we will be referencing non-GAAP financial measures, which adjust for certain items included in the company's GAAP results.

由於風險與不確定性，實際結果可能出現重大差異。關於前瞻性陳述的更多資訊，請參閱公司 10-K、10-Q 與 8-K 申報文件中的警示性陳述與風險因素。公司今天討論業績時，除非特別註明為「依申報口徑（as reported）」，我們將引用非 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。

In addition, the company provides 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 the company's earnings release and at the back of the slide presentation.

此外，除非另有註明，公司提供的年對年成長係以固定匯率（constant currency）基礎計算。您可在公司的財報新聞稿以及簡報投影片末尾，找到可比的 GAAP 指標，以及 GAAP 與非 GAAP 之間的調節表。

Andrew Lazar, Barclays.

Andrew Lazar，巴克萊（Barclays）。

Welcome, Amit. Maybe to start off, Dirk, emerging markets, again, remarkably strong for the second-quarter in a row this year, a trend we've seen from some other multinationals recently as well. I was hoping you could talk briefly maybe about some of the key highlights that give you confidence in the second half outlook in those markets.

歡迎你，Amit。或許先從 Dirk 開始。今年新興市場連續第二季表現格外強勁，這也是我們最近在其他跨國公司身上看到的趨勢。我想請你簡要談談，在這些市場中有哪些關鍵亮點，讓你對下半年展望更有信心。

Yes. Thank you, Andrew. I would say, at this moment, what's really driving the strong top line that we have, which was 4.4% and then also strong volume in Q2, we feel that there's a very solid backdrop as it relates to snacking, which continues to perform well across the major emerging markets. Consumer confidence in the emerging markets, I would say, overall is stable and pretty good. India is very strong.

是的。謝謝你，Andrew。我會說，就目前而言，推動我們強勁營收表現（4.4%）以及第二季強勁銷量的主因，是零食需求的基本面非常穩健，且在主要新興市場持續表現良好。我認為新興市場的消費者信心整體而言穩定且相當不錯。印度非常強勁。

Mexico, Brazil, consumer is solid. And then in China, it's softer, but we feel overall that things will gradually improve. Value growth is holding up very well, particularly in biscuits and chocolate. And if you think about what is sort of driving this, there's, for sure, the expansion of our distribution. We added another 100,000 stores in India.

墨西哥、巴西的消費者也很穩健。至於中國較為疲弱，但我們整體感覺情況將逐步改善。價值成長（value growth）維持得非常好，特別是在餅乾與巧克力品類。若思考背後的驅動因素，當然包括我們通路覆蓋的擴張。我們在印度又新增了 10 萬家門店。

Brazil is now at 1 million stores. China keeps on building out its distribution. In Southeast Asia, we're expanding. The categories are still very underpenetrated. So we still have a long runway of more consumers consuming more every day. We have now multi-years of sustained reinvestment. I think the mixture between global brands and local jewels is working well for us in these markets.

巴西目前已達 100 萬家門店。中國也持續擴建其通路覆蓋。在東南亞，我們也在擴張。這些品類的滲透率仍然很低。因此，我們仍有很長的成長跑道，讓更多消費者每天消費更多。我們已連續多年持續再投資。我認為全球品牌與在地「明珠」品牌的組合，在這些市場對我們運作良好。

So we hit all the different price tiers. And then we have a very good buildup in our channels and RGM. So I think it's a very structural situation. It's not cyclical. And I think that we will continue to see some strong growth in emerging markets for us.

因此我們能覆蓋各個價格帶。同時，我們在通路與 RGM（營收成長管理）方面的建置也非常到位。所以我認為這是一個非常結構性的情況。不是景氣循環性的。我認為我們在新興市場將持續看到強勁成長。

Great. And then maybe a follow-up. I was hoping you could double-click a little bit on the improvement you're seeing in North America, really with an eye towards sort of the sustainability of performance in this region in the back half of the year.

很好。接著可能追問一下。我想請你更深入談談你在北美看到的改善，特別是著眼於今年下半年該區域表現的可持續性。

Yes. Well, I would say that consumer confidence in North America has rebounded from lows, but it remains very subdued. There is still inflation. There's energy prices that continue to put pressure. We see this K-shaped growth where you have consumers on one hand, going to value formats and channels where prices are lower.

是的。我會說北美的消費者信心已從低點回升，但仍然相當低迷。通膨仍在。能源價格也持續帶來壓力。我們看到所謂 K 型成長：一方面，部分消費者轉向價格較低的平價型態與通路。

But at the same time, better-for you and premium options are doing well. Purchasing power is up, but consumers remain very concerned about affordability, the economic outlook and job security. So we did well. We had, I would say, strong net revenue growth. We had a positive volume mix. Both are positive, and we're accelerating sequentially versus Q1, and we think that will continue in the second half.

但同時，更健康（better-for-you）與高端（premium）選項也表現良好。購買力有所提升，但消費者仍非常擔心可負擔性、經濟前景與就業安全。因此我們表現不錯。我會說我們的淨營收成長強勁。銷量/組合（volume mix）為正。兩者皆為正，且相較第一季呈現逐季加速，我們認為下半年將延續。

We gained share in all our categories in North America. Our ventures portfolio did well, Perfect Snacks, Tate's, Hu. We have very strong growth in the value channel, high single digits. We had mid-single-digit growth in away-from-home. We're gaining share in crackers, particularly Ritz is doing well. And so we -- and we have a good bottom line.

我們在北美所有品類都提升了市占。我們的 Ventures 產品組合表現良好，包括 Perfect Snacks、Tate's、Hu。我們在平價通路的成長非常強勁，達高個位數。外食通路（away-from-home）則有中個位數成長。我們在餅乾脆片（crackers）品類持續提升市占，尤其 Ritz 表現很好。因此我們——而且我們的獲利表現也不錯。

I would say the reason why that is happening is, first of all, we have a very disciplined promotional execution. Second, we have now innovation that's really working for us. I'm thinking about Ritz Drizzled or Sour Patch Kids Chews. Oreo is starting to do well. Like I said, Ritz with its innovation is doing well. Zbar is growing. Give & Go had a good quarter also.

我會說之所以會這樣，首先是我們在促銷執行上非常自律。第二，我們現在的創新確實對我們奏效。例如 Ritz Drizzled 或 Sour Patch Kids Chews。Oreo 開始表現得不錯。如我所說，Ritz 的創新帶動了良好表現。Zbar 也在成長。Give & Go 這一季也有不錯的表現。

I think another reason why we have these results is that these growth channels are really working for us. We have good price pack architecture with single-serve multipacks, variety packs, the club packs. And we grew our reinvestment on A&C double-digit. So I believe this is sustainable, all these reasons. Why? Because we will continue to reinvest, and in fact, we will accelerate that in the second half.

我認為我們能取得這些成果的另一個原因，是這些成長型通路確實對我們很有效。我們有良好的價格/包裝架構（price pack architecture），包括單份多入裝（single-serve multipacks）、綜合包（variety packs）、以及量販包（club packs）。我們在 A&C（廣告與商業投入）上的再投資也達到雙位數成長。因此基於上述原因，我相信這是可持續的。為什麼？因為我們會持續再投資，而且事實上，我們會在下半年加速。

We have a very good possibility to keep on growing in the value channels. We have the innovation pipeline that will continue. And I think that at this stage, the pricing is solid and the promotional execution that we have is working well for us. So we're expecting a very strong second half in North America.

我們在平價通路仍有很好的持續成長機會。我們的創新管線也會持續推出。而且我認為在目前階段，定價穩健，我們的促銷執行也運作良好。因此我們預期北美下半年將非常強勁。

Scott Marks, Jefferies.

Scott Marks，傑富瑞（Jefferies）。

I wanted to start off with Amit, first, welcome. I know it's your first call with the team here. Given that you're coming into the business with a fresh set of eyes, wondering if you could just share maybe some initial observations now that you're almost a month in about this business?

我想先從 Amit 開始，首先歡迎你。我知道這是你第一次與這個團隊一起參加電話會議。鑑於你以全新的視角加入這項業務，想請你分享一下：在你到任將近一個月後，對這項業務有哪些初步觀察？

Thanks, Scott. Early days, but my initial observations reinforce my thesis on Mondelez. It's only a few weeks into the role, but the strength of the portfolio, the strength of the team clearly stand out. We have a truly iconic brand portfolio, and I'm really encouraged by the strong innovation pipeline. And I think, as Dirk mentioned, the momentum that we are seeing behind the innovation around the world.

謝謝你，Scott。雖然還在初期，但我目前的初步觀察更強化了我對億滋（Mondelez）的投資論點。上任才幾週，但產品組合的實力、團隊的實力都非常突出。我們擁有真正具代表性的品牌組合，我也很受鼓舞於強勁的創新產品管線。而且我認為，正如Dirk提到的，我們看到全球各地的創新動能正在加速。

We also have a very advantaged emerging markets platform with plenty of runway for growth. It's also been great to see the level of commitment to reinvesting back into the business to drive sustained performance. And you saw that in this quarter, and we're going to continue to drive that in the rest of the year as well. I do believe we have compelling growth opportunities.

我們也擁有非常具優勢的新興市場平台，成長跑道很長。同時也很高興看到公司對於將資金再投入業務、以推動可持續績效的承諾程度。你們在本季已經看到了，我們也會在今年剩餘時間持續推動。我確實相信我們有很有吸引力的成長機會。

When I look at the penetration and the distribution opportunity in emerging markets, the new occasions that our brands can access through innovation, the channels that we under-index in. And again, we saw that in the quarter, the growth in the value channels in the US. So some compelling growth opportunities. We also see -- I also see opportunities on the productivity side, whether it's in the supply chain or in AI-enabled efficiency across the P&L.

當我看新興市場的滲透率與通路分銷機會、我們品牌可透過創新切入的新使用情境，以及我們佔比偏低的通路。而且同樣地，我們在本季也看到美國價值通路的成長。因此有一些相當具吸引力的成長機會。我們也看到——我也看到在生產力面向的機會，不論是在供應鏈，或是在損益表（P&L）各項目上透過AI賦能的效率提升。

And that's going to create the fuel for us to continue to reinvest behind growth. So it's been a busy few weeks. I've already been through a Board meeting, operating reviews and into my first earnings. Obviously, some things are new for me, but some things are familiar. I mean, I've been in CPG now for over three decades and in snacking and food categories for over two decades.

而這將為我們持續在成長上再投資提供燃料。所以這幾週非常忙碌。我已經參加過一次董事會會議、營運檢討，也迎來我的第一次財報電話會議。顯然有些事情對我來說是新的，但也有些是熟悉的。我的意思是，我在民生消費品（CPG）領域已超過三十年，在零食與食品品類也超過二十年。

So the categories, the brands, the underlying dynamics are very, very familiar. And I'm really looking forward in the coming weeks and months to diving deeper into the business, getting to know the teams and getting into the markets.

因此這些品類、品牌以及背後的基本動態都非常、非常熟悉。我也非常期待在接下來幾週與幾個月更深入了解業務、認識各團隊並走訪各市場。

Appreciate the thoughts there. And then maybe just as we think about the outlook for the remainder of the year, obviously, you took up the top line guide but held EPS. Wondering if you can help us understand any puts and takes as it relates to phasing for the back half of the year on the topline, inflation, brand reinvestment or anything else you might flag for us as we think about the rest of the year?

感謝分享這些看法。接著，當我們思考今年剩餘時間的展望時，顯然你們上調了營收指引但維持EPS不變。想請你協助我們理解，下半年在營收、通膨、品牌再投資或其他你認為需要提醒我們的事項上，有哪些拉抬與抵銷因素（puts and takes），以便我們評估今年剩餘時間？

Yes. So we feel good about the top line. And I think you've seen us take the top line to at least plus 2%. emerging markets, strong volume-led growth. We expect that to continue. North America improving execution. And again, despite a soft consumer, we expect to continue to grow both share and top line in North America.

是的。我們對營收表現感到樂觀。我想你們也看到我們把營收成長目標提高到至少+2%。新興市場以銷量帶動的強勁成長。我們預期這會持續。北美的執行力正在改善。而且再次強調，即便消費者偏弱，我們仍預期在北美同時提升市佔並帶動營收成長。

And then in Europe, we're seeing signs of improvement as the volume trajectory improves and as we start lapping some of the pricing from last year. I'd say the shape of the topline growth would be -- is balanced between the two quarters. So we'd expect to see similar levels of growth across both -- across the rest of the year, across the quarters.

至於歐洲，隨著銷量走勢改善，以及我們開始消化去年定價的比較基期，我們看到一些改善跡象。我會說營收成長的型態——在兩個季度之間是均衡的。因此我們預期今年剩餘時間、各季度之間會看到相近的成長水準。

From an EPS standpoint, we are maintaining our outlook. I think we've been consistent that we'll invest any upside back and reinvest back into the areas where we are seeing momentum. So emerging markets, some of the innovation like Biscoff, driving distribution. And we do have incremental costs from the Middle East conflict, which we've managed and which we are digesting. So that's included in the outlook as well.

從EPS角度來看，我們維持原先展望。我想我們一貫的說法是，任何超出預期的上行空間都會再投入、再投資到我們看到動能的領域。例如新興市場、像Biscoff這類創新，推動通路分銷。此外，中東衝突帶來一些額外成本，我們已經在管理並正在消化。這也已納入展望之中。

And then I think from a phasing standpoint between quarter 3 and quarter 4, it will be a little bit more quarter 4 back-weighted on the -- below the line on the earnings, but it will really be driven by some phasing on cocoa. We'll still see some phasing on cocoa in quarter 3, which will reverse out in quarter 4. And then we are lapping a couple of interest and tax items in quarter 3. So it will be back weighted in quarter 4, but that's largely mechanical.

另外，就第三季與第四季之間的時點分布而言，獲利在——損益表下方項目（below the line）會稍微更偏向第四季。這主要會由可可成本的一些時點因素所驅動：第三季仍會看到部分可可的時點影響，第四季會回轉。此外，我們在第三季也會面臨幾項利息與稅務項目的比較基期。因此會偏向第四季，但這在很大程度上是機械性的因素。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行（Bank of America）。

Amit, nice to speak with you again. Dirk, I was hoping to click in on Europe. Your prepared remarks talked about signs of progress there. And specifically, I think, mentioned volumes kind of turning positive come the second half. Just maybe you could kind of put that in context for us in terms of the timing and in particular, just given the heat wave that's kind of continued so far through Q3, how you see that volume improvement in Europe particularly evolving in the second half?

Amit，很高興再次和你交流。Dirk，我想聚焦談一下歐洲。你在事先準備的發言中提到那裡出現進展跡象。而且我記得你特別提到銷量在下半年會轉為正成長。能否請你幫我們把這點放到脈絡中，談談時間點；尤其考量到目前第三季仍持續的熱浪，你如何看待歐洲銷量改善在下半年、特別是接下來的演變？

Yes. We have three today. So I'm going to put Luca to work a little bit too, and let him answer the European question.

好的。我們今天有三位在場。所以我也要讓Luca稍微忙一下，請他來回答歐洲的問題。

Peter, thank you for your question. As we've said, the European chocolate business is on a positive volume mix trajectory. And that's really what you're going to see in the second part of the year. Volumes are improving, and we see that continuing through the second half, particularly as we start lapping prior year pricing. You might have seen a little bit of a negative pricing in Q2 in Europe.

Peter，謝謝你的提問。正如我們所說，歐洲巧克力業務在銷量/組合（volume mix）方面正走在正向軌跡上。而這正是你在今年下半年會看到的。銷量正在改善，我們也預期這會在下半年持續，特別是當我們開始消化去年定價的比較基期時。你可能也注意到，歐洲在第二季出現了一點負的價格因素。

That is the result of pricing adjustments that we made already in the second part of last year to adjust some specific price gaps, but really nothing to worry about. Share, particularly is -- has been moving in the right direction in the last several months, both in volume and value. And importantly, past the heat wave, I think you're going to see more execution and more activation, particularly around Biscoff.

那是因為我們在去年下半年已做過定價調整，以修正一些特定的價差，但其實無需擔心。市佔，特別是——在過去幾個月一直朝正確方向發展，不論是銷量或金額。而且很重要的是，等熱浪過去後，我認為你會看到更多執行與更多市場推廣活動，特別是圍繞Biscoff。

And we have another brand that is Milka Croissant that is doing very, very well. So we feel confident about the improved trajectory in Europe, the second part of the year. We are also leaning into new channel and pursuing incremental growth. And then clearly, we are investing much more A&C. So Q2 is a little bit below where we would have expected it to be, quite frankly, but it is mostly because we kept trade stock in control given the heat wave that came and impacted particularly chocolate consumption.

我們還有另一個品牌Milka Croissant，表現也非常、非常好。因此我們對歐洲在下半年改善的走勢感到有信心。我們也正加大投入新通路並追求額外成長。同時很明顯地，我們在A&C（廣告與商業投入）上的投資也大幅增加。坦白說，第二季略低於我們原本的預期，但主要是因為在熱浪來襲、特別影響巧克力消費的情況下，我們仍把通路庫存（trade stock）控制在合理範圍。

So I feel optimistic about the second part of the year in Europe. I think you're going to see much better top line. We are happy with the share numbers. And importantly, you are going to see a rebound in profitability as well. And that really sets the stage for continued growth top and bottom into 2027.

所以我對歐洲下半年的表現感到樂觀。我認為你會看到更好的營收表現。我們對市佔數據感到滿意。而且很重要的是，你也會看到獲利能力的回升。這也為一路延伸到2027年的營收與獲利（top and bottom）持續成長奠定基礎。

Great. And maybe as a follow-up, Luca, just your perspective with cocoa at these levels. Obviously, there's been a lot of movement in kind of the futures market over the past few months. Just how you're viewing the environment from an environmental discipline perspective among the players? Maybe any color on coverage into next year? And then just how you're thinking about Super El Nino, at least at this point as it relates to cocoa.

很好。另外也許作為追問，Luca，想請教你對目前這些水準的可可的看法。顯然，過去幾個月期貨市場出現了相當大的波動。從產業參與者在環境／永續紀律（environmental discipline）的角度，你如何看待目前的環境？能否補充一下對明年的覆蓋（coverage）情況？最後，至少就目前而言，你如何看待超級聖嬰（Super El Nino）與可可之間的關聯？

Yes. I think, look, on cocoa, despite the most recent run-ups in cocoa prices, the market fundamentally is in a very different place versus what drove the crisis, I would say, in 2024. So predominantly, I would say the current reaction in the market price of cocoa is due to three elements. It is the pod count that is a little bit below the average. But quite frankly, that is driven by what happened to the mid-crop that was exceptionally good.

是的。我想，關於可可，儘管最近可可價格又一波上漲，但市場的基本面其實已經處在一個非常不同的位置，相較於我認為在2024年引發危機的那些因素。因此，我會說目前市場對可可價格的反應主要來自三個因素。第一是果莢數（pod count）略低於平均。但坦白說，這其實是因為中期作（mid-crop）表現異常好所導致。

There is a short squeeze. So specs covering their positions, and that drove, again, support to the price and clearly, El Nino. Though from a fundamental standpoint, I think we all need to realize that the surplus in between demand and supply in cocoa is at historical high. I think for this year, we are going to have at least 0.5 million metric tons of surplus, and that is the equivalent of 10% of the total demand for cocoa, so not inconsequential.

第二是出現了轧空（short squeeze）。也就是投機資金回補部位，這再次對價格形成支撐，當然還有聖嬰現象（El Nino）。不過從基本面來看，我想我們都需要認清：可可供需之間的順差正處於歷史高位。我認為今年至少會有50萬公噸的順差，約相當於可可總需求的10%，這並非無足輕重。

The industry coverage is at 10 months, so very different place compared to what happened in '24 when the industry was covered just seven months. And then as I said, I think the early pod counts suggest that this is not going to be a great crop, but there is still opportunity for the crop to develop and catch up with the historical norms. Finally, the specs are now short only less than 200,000 metric tons.

產業覆蓋期（industry coverage）目前約為10個月，這與2024年發生的情況非常不同；當時產業覆蓋只有7個月。另外，如我所說，早期果莢數顯示這不會是一個很好的收成，但作物仍有機會繼續發育，追上歷史常態。最後，投機資金目前的淨空部位只剩不到20萬公噸。

And so the market is already pricing some downside risk. So I would say structurally, the market is in a very different position. To your question about '27, look, I don't want to make this necessarily how well or how bad are we covered into 2027. The reality is that, as we mentioned a few times, '27 earnings are expected to be strong. And quite frankly, earnings are insulated from commodity volatility for us at least.

因此市場其實已經在定價一些下行風險。所以我會說，從結構上看，市場所處的位置非常不同。至於你問到2027年（'27），我不想把重點放在我們到2027年的覆蓋做得多好或多差。現實是，如同我們提過幾次，2027年的獲利預期會很強。而且坦白說，至少對我們而言，獲利對大宗商品波動具有一定的隔離／緩衝。

We are using multiple levers into 2027. We still believe this company can deliver positive volume mix and differentiated volume mix compared to many others. As we said many times, we are full steam into delivering elevated productivities, particularly in supply chain in places like Europe and the US. We have interesting programs in terms of AI efficiencies that will drive overhead down and then even our portfolio strategy to become a less cocoa-reliant company and so pushing portfolio solutions that are less cocoa intense, I think continues to make strides.

我們在2027年前會運用多種槓桿。我們仍然相信公司能夠帶來正向的量／組合（volume mix），而且相較許多同業具備差異化的量／組合。如同我們多次提到，我們正全力推進生產力提升，尤其是在歐洲與美國等地的供應鏈。我們也有一些有意思的AI效率專案，將推動間接費用下降；此外，我們的產品組合策略也在讓公司降低對可可的依賴，推動可可含量較低的產品組合解決方案，我認為也持續取得進展。

So even acknowledging the uncertainty around cocoa for 2027, pod count El Nino, et cetera, I think the structural position in cocoa is much better than 2024. And our '27 earnings is around execution on levers that I just mentioned. So I feel quite good about 2027. And look, as we exit the year with momentum, we are going to see continuation into 2027 of top and bottom.

因此，即便承認2027年可可仍存在不確定性——果莢數、聖嬰等——我認為可可的結構性位置已經比2024年好得多。而我們2027年的獲利，取決於我剛才提到的那些槓桿的執行。所以我對2027年相當有信心。而且你看，當我們在年底帶著動能收官，我們將看到營收端與獲利端的延續，一路延伸到2027年。

Peter Grom, UBS.

UBS 的 Peter Grom。

I was hoping to get some perspective on gross margin performance and kind of the trajectory (technical difficulty) here. So the 34% in 2Q, it was a bit better than I think we and others have modeled. So just curious if you could unpack how that came in relative to your expectations. And then you mentioned some (technical difficulty) phasing impacting the back half earnings guidance. Can you maybe just frame how to think about gross margin in the back half relative to the 34% (technical difficulty)?

我想請教一下毛利率表現以及這裡的走勢（technical difficulty）。第二季的34%比我想以及其他人模型預估的要好一些。所以想請你拆解一下，實際結果相對於你們原先預期是如何。另外你提到一些（technical difficulty）時點／分期（phasing）會影響下半年獲利指引。你能否說明一下，下半年的毛利率相對於34%應該如何看待（technical difficulty）？

Yes. The line was quite disturbed, but I got the gist of your question, which I think is around gross margin. Look, I think we moved away from guiding to gross margin percentage. We were very happy with the plus 3% in gross profit dollar terms that we saw in Q2. You are going to see an acceleration of the gross profit dollar number, particularly in Q3, but also in Q4.

是的。線路干擾得很嚴重，但我理解你的問題核心應該是毛利率。你看，我們已經不再提供毛利率百分比的指引。我們對第二季毛利額（gross profit dollar）年增超過3%感到非常滿意。你會看到毛利額的增速加快，尤其在第三季，但第四季也會。

The EBIT in absolute dollar terms is going to be up in both Q3 and Q4, more in Q4, quite frankly, for a series of reasons. But we feel very good about the guidance we gave you for EPS for the full year, recognizing that there are a couple of items below the line in Q3 that are going to cause a little bit of a hiatus between EBIT and EPS. But really nothing structural, nothing to worry about. Top line is coming, volume mix is coming. Gross profit dollar is coming.

以絕對金額計，EBIT在第三季與第四季都會成長；坦白說第四季會更多，原因有好幾個。但我們對全年EPS指引非常有信心，同時也要認知到第三季有幾個損益表下方（below the line）的項目，會讓EBIT與EPS之間出現一點短暫的落差。但這真的不是結構性問題，無需擔心。營收端會上來，量／組合會上來。毛利額也會上來。

And so despite the material investments we are going to have in A&C, you are going to see EBIT growth in both Q3 and Q4. EPS, as I said, is a little bit pressured in Q3. So we are happy with the gross profit dollar. The outcome of the gross profit dollar is us holding prices in chocolate, given also the fact that the environment is fairly rational across the board. It is the result of volume mix leverage.

因此，即便我們在A&C（廣告與行銷）上會有實質投資，你仍會看到第三季與第四季的EBIT成長。如我所說，第三季EPS會稍微承壓。所以我們對毛利額表現感到滿意。毛利額的結果，來自於我們在巧克力品類維持價格，同時整體環境也相當理性。這也是量／組合槓桿的結果。

It is the result of the incredible amount of work, our supply chain, both procurement and manufacturing are doing in terms of productivities. And as I said, hopefully, we are going to see a continuation of this throughout 2027.

這也是我們供應鏈——包含採購與製造——在生產力方面投入大量工作的成果。而且如我所說，希望我們能一路延續到2027年。

Great. Hopefully, this is a little bit better. And then just a clarification -- all right. Well, sorry about that, guys. Just more -- one clarification. I think in reference to -- I think it was Andrew's question, you talked about positive volume mix in North America and how it improved sequentially versus 1Q and that you expect that to continue. So I just want to clarify, should we expect volume mix to accelerate relative to the 1.2% that you delivered in 2Q in the back half of the year?

很好。希望這次訊號好一點。然後再澄清一下——好。各位抱歉。再多一個澄清。我想是回到——我想是Andrew的問題——你談到北美的量／組合為正，且相較第一季呈現季比改善，並且你預期這會延續。所以我想確認一下：我們是否應該預期下半年量／組合會相較第二季你們交出的1.2%進一步加速？

I stay disciplined in not guiding too many variables. What I said is that we are happy with the volume mix momentum we see in emerging markets that we see in North America. Europe, I think, was pressured, but you're going to see a sequential improvement. Now I wouldn't guide you necessarily to volume mix for the second part of the year, but it will be positive. I think in terms of top line, what we said at least 2% reflects positive volume mix and a modest contribution from pricing.

我會保持紀律，不去指引太多變數。我說的是：我們對在新興市場與北美看到的量／組合動能感到滿意。歐洲我認為有壓力，但你會看到季比改善。至於下半年，我不會特別給你量／組合的指引，但它會是正的。就營收端而言，我們所說的至少2%反映了正向的量／組合，以及價格帶來的溫和貢獻。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Welcome, Amit. Just wanted to follow up on a comment from the prepared remarks, just talking about expecting strong 2027 EPS growth. Any key levers you're watching for how that unfolds? Or maybe any way you could maybe elaborate on how you define strong or put that in a little bit more context?

歡迎，Amit。我想跟進一下您在事先準備的發言中提到的一點，也就是談到預期 2027 年 EPS 將有強勁成長。您在觀察哪些關鍵槓桿，來看這件事會如何發展？或者您是否能再多說一點，您如何定義「強勁」，或把它放在更多脈絡中？

Look, I think it is really premature to give you more color than what we said consistently, I would say, in the last three earnings calls in terms of 2027. I said in -- for a previous question that, again, earnings are expected to be strong and insulated somewhat from commodity volatility. You are going to see into 2027 volume mix positive, continuous momentum in emerging markets.

坦白說，我認為現在要提供比我們一貫所說的更多細節還為時過早；我想在過去三次財報電話會議中，我們對 2027 年的說法都很一致。我在回答前一個問題時也提到，獲利預期會很強，而且在某種程度上能夠隔離大宗商品波動的影響。你會看到到 2027 年為止，量與組合（volume mix）呈正向，且新興市場動能持續。

I think we are going to see a European situation that is stabilized and North America continuing, particularly around us going after incremental opportunities, both in terms of channels, alternate channels, innovation and strength of our brand. I think Dirk mentioned a few times in one of the past calls that we are going to have a full relaunch for Oreo.

我認為歐洲的情勢會趨於穩定，而北美將持續成長，特別是我們會去爭取增量機會，包含通路、替代通路、創新，以及我們品牌的強勢。我想 Dirk 在過去某次電話會議中也提過幾次，我們將對 Oreo 進行一次全面重新上市（relaunch）。

And that, I believe, is going to make us flush into North America and volume mix. You are going to see accelerated productivity and cost savings. We mentioned a few times the supply chain program in the US, but there are cost opportunities that are meaningful in Europe, too. And then from an overhead standpoint, we are accelerating overhead savings and driving efficiencies, particularly through AI. So when you put all these things together, we feel quite confident in telling you today that earnings for 2027 is going to be strong.

而我相信這將讓我們在北美的量與組合上更具推進力。你也會看到生產力提升與成本節省加速。我們多次提到美國的供應鏈計畫，但在歐洲也同樣存在具意義的成本機會。此外在間接費用（overhead）方面，我們正在加速節省並推動效率提升，特別是透過 AI。因此把這些因素綜合起來，我們今天相當有信心告訴各位，2027 年的獲利將會很強。

That's great color. Very helpful. And just on innovation, could you elaborate there a little bit more and maybe point to some of what's really working or key focus areas? And maybe specifically, would love if you could elaborate on Biscoff in particular and how that's playing out. I know there's different layers to that.

這些補充很棒。非常有幫助。另外在創新方面，您能否再多展開一點，並指出哪些真的運作得很好或是關鍵聚焦領域？也希望您能特別談談 Biscoff，尤其是它目前的進展如何。我知道這裡面有不同層次。

Yes. So one of the things we're doing is reduce our innovation portfolio going for bigger and fewer bets and make sure that those are based on platforms that we can prove. Of course, sort of the breakthrough innovation, we have to combine that still with renovation, flavors, PPA, seasonals and so on. And so this year, we're seeing particularly good traction on some of those innovations, particularly in, for instance, in health and wellness and functional, our snack bar portfolio driven by the protein trends.

好的。我們正在做的一件事，是縮減創新組合，改為押注更大、但更少的專案，並確保這些是建立在我們能夠驗證的「平台」之上。當然，所謂突破性創新，我們仍需要與產品翻新（renovation）、口味、PPA、季節性產品等結合。因此今年我們看到其中一些創新有特別好的動能，尤其例如在健康與福祉（health and wellness）以及機能性（functional）領域；我們的能量棒/點心棒產品組合受蛋白質趨勢帶動。

Protein trends, of course, is doing well. Gluten-free is working well for us, zero sugar also. We see good traction in cakes and pastries with Give & Go and Evirth in China. And then we have -- particularly Ritz, as I mentioned, as an example, as it relates into salty. And then in premium and indulgent, we have Toblerone Pralines. We have the Cadbury &More range that we are launching around the world.

蛋白質趨勢當然表現很好。無麩質（gluten-free）對我們也運作得很好，零糖（zero sugar）亦然。在蛋糕與糕點方面，透過 Give & Go 以及中國的 Evirth，我們看到良好動能。另外，正如我提到的，以 Ritz 為例，在鹹食（salty）領域也有表現。而在高端與享受型（premium and indulgent）方面，我們有 Toblerone 夾心巧克力（Pralines）。我們也正在全球推出 Cadbury &More 系列。

And in the US, the Hu Bites are doing well. So very good in well-being, cakes and pastries, premium and indulgent chocolate. As it relates to Biscoff, there's three layers to the Biscoff collaboration. The first one is that we are launching in our chocolate range, a special Biscoff range. Basically, it is tablets in the first place filled with different forms of Biscoff, could be sprinkles of Biscoff or the Biscoff cream or even a full Biscoff cookie.

在美國，Hu Bites 的表現也很好。所以在健康福祉、蛋糕與糕點，以及高端與享受型巧克力方面都很不錯。至於 Biscoff，這個合作有三個層次。第一個層次是：我們在巧克力產品線推出一個特別的 Biscoff 系列。基本上首先是巧克力片（tablets），內餡填入不同形式的 Biscoff，可能是 Biscoff 碎粒、Biscoff 醬/奶油（cream），甚至是一整片 Biscoff 餅乾。

We then bring that into other formats like, for instance, the Cadbury eggs, and we go around the world. We just launched in Scandinavia, for instance, where this new range took 7% market share just in the first month that we launched it. In Australia, that chocolate range added 3% growth to the chocolate category on a year basis. So very, very strong reaction to this. And we step it up.

接著我們把它延伸到其他形式，例如 Cadbury 的巧克力蛋，並推向全球。例如我們剛在斯堪地那維亞上市，這個新系列在上市第一個月就拿下 7% 的市占。在澳洲，這個巧克力系列以年度基礎為巧克力品類帶來 3% 的成長貢獻。因此市場反應非常、非常強烈。而且我們會再加碼。

It's not like we launch once. We continue bringing new innovations every 6 months or so under this Biscoff range. And we think we have a runway for a number of years to keep on doing that. The second part is that we are starting to represent with license Biscoff in certain markets around the world. We launched in India with great success.

不是只上市一次就結束。我們會在這個 Biscoff 系列下，大約每 6 個月持續推出新的創新。我們認為未來好幾年都有很長的跑道可以持續這樣做。第二部分是：我們開始在全球某些市場以授權方式代理/經營 Biscoff。我們在印度上市且非常成功。

In fact, we built one line, and we sold out that line from the first month. So we are hurrying up the building of the second line, and we see Biscoff really becoming an important biscuit brand in India. We are preparing a launch in Brazil, where we're going to launch in the beginning of next year and so on. So it's largely going to be in emerging markets. But the idea is that we keep on adding emerging markets where we build up the Biscoff presence as a biscuit.

事實上，我們建了一條產線，而從上市第一個月起那條產線的產能就被賣光。因此我們正加快建置第二條產線，並且看到 Biscoff 在印度確實會成為一個重要的餅乾品牌。我們也在準備於巴西上市，預計明年年初推出，等等。因此這主要會發生在新興市場。但核心想法是：我們會持續新增新興市場，把 Biscoff 作為餅乾的市場能見度與存在感建立起來。

And then the third part of this collaboration is basically that we have developed a range of ice cream products for Biscoff, which we are also representing for them. We're starting to explore a fourth leg. We haven't done anything yet, but we are thinking about our other product categories, what can we do with Biscoff. To give you an idea, starting to think in the 7DAYS range, croissant with Biscoff filling it. We're thinking about a launch of an Oreo with a Biscoff cream inside and things like that.

第三部分的合作，基本上是我們為 Biscoff 開發了一系列冰淇淋產品，我們也為他們代理/經營這些產品。我們也開始探索第四個支柱。目前還沒有實際做任何事，但我們在思考其他產品品類能如何與 Biscoff 結合。舉例來說，我們開始思考在 7DAYS 系列推出內餡為 Biscoff 的可頌。我們也在考慮推出一款內含 Biscoff 奶油餡的 Oreo 等等。

So there's another leg that we are developing. So if you look at that, this will take a magnitude that is going to be in the several hundred millions of dollars. And I personally believe if you look at it also on their side because they are starting to do a number of innovations on their side, think about the Biscoff, which has a layer of Cadbury or a layer of Milka on top, but that's going to be sold by Lotus Bakeries. If you add that all up, I think this is a collaboration that in the coming years will be worth $500 million to about $1 billion.

所以我們正在開發另一個支柱。如果你從這個角度看，這將達到數億美元規模。而我個人也相信，如果你也從他們那一側來看，因為他們也開始做多項創新，例如在 Biscoff 上加一層 Cadbury 或一層 Milka，但那會由 Lotus Bakeries 來銷售。把這些全部加總起來，我認為這項合作在未來幾年將價值約 5 億美元到約 10 億美元。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

I'm just hearing all this talk about different growth stuff, innovation, your double-digit investment in A&C. Just wondering maybe sort of a big picture as you're thinking about this, A&C has been higher in the past. I wonder as we're skating through what we're going to see in terms of cocoa over the next couple of years, do you see A&C reaching past peak levels in the percent of sales?

我聽到很多關於不同成長動能的討論、創新，以及你們在 A&C 上的雙位數投資。我想從更宏觀的角度請教：A&C 過去曾經更高。當我們在接下來幾年面對可可走勢時，您是否認為 A&C 佔銷售額的比例會回到、甚至超過過去的高峰水準？

And then -- and certainly, that -- with that ability to spend, you're going to want to do that well. I'm wondering how are you spending that A&C if you're seeing how -- sometimes when you take things on and take things off, you're beginning to see what works and what doesn't, plus you've mentioned a lot of innovation. So I'm wondering how your priorities in terms of A&C are shifting as you're going through that ramp. And I'll have a quick follow-up.

然後——而且當然，憑藉那——有了那種支出能力，你會希望把它花得更有效率。我想了解的是，如果你看到——有時候當你把一些事情加上、又把一些事情拿掉時，你開始看出哪些有效、哪些無效，再加上你也提到很多創新。所以我想問的是，當你在經歷那段爬坡期時，你在 A&C 方面的優先順序是如何調整的。我還有一個簡短的追問。

Yes. Look, I think, again, we think in dollar terms in the company, and I can assure you that even despite the cuts that we made last year that were, for the most part, in the nonworking media, if you look consistently over the last few years, A&C is the line on the P&L that is really growing the most. So we have consistently invested. We are investing in our brands.

是的。你看，我想再說一次，我們公司是用金額的角度來思考的；我可以向你保證，即使去年我們做了削減——而且大多數是在非工作媒體（nonworking media）上——如果你回頭看過去幾年一貫的趨勢，A&C 是損益表上成長最明顯的一條線。所以我們一直在持續投資。我們正在投資於我們的品牌。

And we have the strong belief that reinvesting in our brands is really the best thing. I would also say that the quality of how we spend has improved dramatically. We give clear guidelines in terms of what we expect the A&C investments to be by main bucket. So we expect communication. We expect a certain amount of digital. We expect a certain amount of activation at point of sales through material that drives consumption and quality of execution and consumption of our brands and category consumption.

而且我們堅信，把資源再投入到品牌上確實是最好的做法。我也會說，我們在「如何花錢」的品質上已經大幅提升。我們針對 A&C 投資在各主要項目（bucket）上的配置，提供了明確的指引。所以我們會配置在傳播（communication）。我們會配置一定比例在數位（digital）。我們也會在銷售點的促動（activation）上投入，透過能帶動消費的物料，提升執行品質，並推動我們品牌的消費以及品類消費。

And so we have tightened up the screws quite a bit in terms of guidelines. I think there is now an important frontier, which is what AI can do, particularly to creative media. And I think there is going to be important steps in terms of how efficiently we are going to spend. Now I would be lying if I would say A&C and the amount of money we spend is consistently high across the board.

因此在指引方面，我們把螺絲鎖得更緊了不少。我認為現在有一個重要的前沿領域，就是 AI 能做什麼，特別是在創意媒體（creative media）上。我認為在我們支出效率方面，接下來會有重要的進展。不過如果我說 A&C 以及我們花的金額在各方面都一直維持在很高水準，那我就是在說謊。

We know there are situations where quality of media can improve and particularly targeting specific cohorts and going after incremental opportunities. And so tailoring communication to consumer cohorts is really something that we are trying to do more and more. And so expect better spending going forward, higher spending, but also expect better execution on how we spend A&C.

我們知道有些情況下媒體品質還可以提升，特別是針對特定族群做更精準的投放，並去抓取增量機會。因此，針對不同消費者族群量身打造溝通內容，是我們正越來越努力在做的事情。所以未來你可以期待更好的支出、更高的支出，同時也可以期待我們在 A&C 的花法上有更好的執行。

But having said that, I think we should be happy with the amount of work the marketing teams have done around the world to ensure that we spend and we spend well to support our brands.

但話說回來，我認為我們應該對全球各地行銷團隊所做的大量工作感到滿意，因為他們確保我們有花錢，而且花得好，以支持我們的品牌。

Yes. And just a quick follow-up on that. You've talked about some innovation. You mentioned some Biscoff innovation before. Is there any way to roll up the scale of innovation this year, percent of sales that you anticipate from new ideas? And then to what degree is that -- are you spending money advertising on some of your increases allocated to that?

是的。我就此再簡短追問一下。你談到了一些創新。你之前提到一些 Biscoff 的創新。今年是否有任何方式可以彙總創新的規模，例如你預期新點子帶來的銷售占比是多少？另外，在你提到的廣告支出增加中，有多大程度是分配到這些創新上？

And then if you had to isolate distribution gains, typically in a given year, it might be 2 points of distribution gains just as a typical amount of revenue lift from distribution. Like how would you characterize distribution as a lift? And then I'll pass it on.

然後如果要把通路（distribution）增長單獨拿出來看，通常在某一年，可能會有 2 個百分點的通路增長，作為通路帶來的營收提升的典型水準。你會如何描述通路對營收的拉抬？然後我就把問題交出去。

Go ahead.

你先說。

No, no, you go ahead.

不、不，你先說。

Yes. I think it's going a little bit too deep if we have to sort of separate out how much we are doing in innovation. But in a typical thinking about innovation, I think you're performing well as a company, and we are at that level, even slightly below is that 10% of your net revenue is coming from innovations that were launched in the last three years. And that we are there slightly above. So that's typically what we're aiming at.

是的。我覺得如果要把我們在創新上做了多少精確拆分，可能就有點太深入了。但以一般對創新的典型思考方式來看，我認為一家表現良好的公司——而我們就在那個水準，甚至略低一點——大約是淨營收的 10% 來自於過去三年推出的創新。而我們略高於那個水準。所以這通常是我們的目標。

We would like to see that go up going forward to potentially more like 15%. But that is sort of the benchmark that we have in mind. The way things are going this year, I feel that, that part that innovation represents in our net revenue will continue to go up. The second part of the question was about distribution. I'm -- difficult to put an exact number on our global distribution gains, how much that represents in our net revenue gains.

我們希望未來能把它提高，可能更接近 15%。但那就是我們心中的基準（benchmark）。以今年目前的進展來看，我覺得創新在我們淨營收中所占的比重會持續上升。第二部分的問題是關於通路。要為我們全球的通路增長給出一個精確數字、並量化它在淨營收增長中代表多少，確實很難。

But in a market like India or China, whatever our net revenue growth is, usually 50% is an increase in same-store sales and 50% of that revenue growth is extra stores that we open. We continue at the same rhythm. As I mentioned before, we are now in 1 million stores in Brazil. We've added 100,000 stores in India. We see a runway in most emerging markets to continue to do that.

但在像印度或中國這樣的市場，不管我們的淨營收成長是多少，通常其中 50% 來自同店銷售成長，另外 50% 的營收成長來自我們新增開設的門店。我們會以同樣的節奏持續推進。如我先前提到的，我們現在在巴西已進入 100 萬家門店。我們在印度新增了 10 萬家門店。我們看到在多數新興市場仍有很長的跑道可以繼續這麼做。

And at the same time, even in developed markets, like I was explaining in North America, the value chain, away-from-home, convenience, still are channels where we can gain significant distribution. And so that runway of distribution that we have almost in every market around the world is one of the reasons that we believe we can perform quite well in top line growth.

同時，即便在已開發市場——就像我在北美所解釋的——價值鏈（value chain）、外食（away-from-home）、便利（convenience）等仍然是我們可以顯著提升通路覆蓋的渠道。因此，我們幾乎在全球每個市場都擁有這樣的通路跑道，這也是我們相信我們能在營收端（top line）成長表現相當不錯的原因之一。

Chris Carey, Wells Fargo Securities.

Wells Fargo Securities 的 Chris Carey。

I wanted to follow up on this line of thinking actually around distribution with a focus on North America. Last quarter, you talked about growing under-indexed channels, mainly in the US. This quarter, you're flagging high single-digit growth in value channels and away-from-home is up, I think, mid-single digits. But can you expand on -- I don't know, the history, if you will, of what brought us to this point that such a scaled company still has such opportunity from a distribution standpoint in a market as seemingly developed and mature as North America? What are you doing specifically to accelerate your distribution in these channels?

我其實想沿著這個思路追問通路的議題，並聚焦在北美。上個季度你談到要在滲透率偏低的渠道成長，主要是在美國。這個季度，你指出價值渠道（value channels）有高個位數成長，而外食渠道我記得是中個位數成長。但你能否進一步說明——如果可以的話——是什麼樣的歷史脈絡讓我們走到今天：一家規模這麼大的公司，在像北美這樣看似高度開發且成熟的市場，從通路角度仍然有這麼大的機會？你們具體在做什麼來加速在這些渠道的通路拓展？

When do you think that inflection point in distribution came? Is it specifically this year versus perhaps consumers just seeking value? And then just maybe you've touched on it a bit, but just the concept of durability of expanding distribution. Again, all of this is specific to the North America business. I would just appreciate additional context there.

你認為通路的那個拐點是什麼時候出現的？是特別在今年，還是可能只是因為消費者在尋求更高性價比？另外你可能也稍微提到過，但我想再問一下：擴大通路覆蓋的「持久性／可持續性」這個概念。同樣，這些都特別針對北美業務。我會很感謝你能提供更多背景。

Yes. I would say that historically, these channels have not been a priority in the sense that usually, the growth that we could get in the food channel, for instance, was already quite substantial. And as a company, from a history perspective, that's the channels where we were always big in. I would say the value channel, yes, in theory, the value channel in the past was a channel that we didn't focus that much on because of margins. But now we see the consumer is really migrating there.

是的。我會說，從歷史上看，這些渠道並不是優先事項；因為通常我們在食品渠道（food channel）能取得的成長，例如，本來就相當可觀。而從公司的歷史角度來看，那些一直是我們很強勢的渠道。至於價值渠道，是的，理論上，過去價值渠道是我們沒有那麼聚焦的渠道，因為毛利的關係。但現在我們看到消費者確實正在往那裡移動。

So we are developing special pack and working on the margin structure in those channels. And so we feel that we can push much harder. I believe that still is going to be quite a runway for us. Convenience has always been a bit of an opportunity for us. It might seem very logic, but in convenience, you need to have the right product range.

因此我們正在開發特殊包裝，並在這些通路上調整毛利結構。所以我們覺得可以更大力推進。我相信這對我們而言仍會是一段相當長的跑道。便利通路一直以來對我們都是一個機會點。這看起來可能很合乎邏輯，但在便利通路，你需要有正確的產品組合。

And while Oreo and our biscuit range are, of course, very successful, they are a little bit more of a home consumption and consumers walking into a convenience store tend to go more for a drink or a coffee or cake and pastry, and it's not that obvious. Now with -- recently with things such as Clif and some of the other bars that we have, we believe that there's an opportunity.

而雖然 Oreo 以及我們的餅乾產品線當然非常成功，但它們更偏向居家消費；消費者走進便利商店時，往往更會選擇飲料、咖啡，或蛋糕與糕點，因此並不是那麼直覺。而最近，像是 Clif 以及我們其他一些能量棒產品，我們認為這裡存在機會。

We've also historically covered that channel through brokers. We've started to do more directly in a number of cities that we've seen some significant growth there. So we believe we still have a good growth rate for a few years in convenience. And then away-from-home, a bit the same story. It wasn't really something that we were focused on because we felt that we had to prioritize our growth in the other channels.

我們過去也一直透過經紀商來覆蓋這個通路。我們已開始在一些城市更直接地經營，並且看到那裡出現顯著成長。因此我們相信，便利通路在未來幾年仍會維持不錯的成長率。接著是外食通路（away-from-home），情況也有點類似。這原本並不是我們的重點，因為我們覺得必須優先推動其他通路的成長。

But now in the days that we see food not necessarily growing as fast, we're starting to focus more and more on away-from-home. And I believe that there is a big opportunity for us. Away-from-home is quite particular in the sense that you need to develop products and innovations together with the client. Often, I'm thinking about McDonald's here or some of the other QSRs or a range for company cafeterias and things like that.

但現在我們看到食品不一定像以前那樣快速成長，我們開始越來越聚焦外食通路。我相信這對我們而言是個很大的機會。外食通路相當特殊，因為你需要與客戶一起共同開發產品與創新。我想到的例子常常是麥當勞，或其他一些 QSR（快速服務餐廳），或是公司餐廳的產品組合等等。

So you need to really put in place an infrastructure to make that happen. We are now doing that on a global basis. And I think the opportunity for us there is going to be quite substantial in the years to come. So I would focus a little bit more on what it could represent for us than why we are not yet as developed as we should be.

因此你必須真正建立起一套基礎設施，才能讓這件事發生。我們現在正以全球規模在做這件事。我認為未來幾年我們在那裡的機會將會相當可觀。所以我會更著重談它對我們可能代表什麼，而不是為什麼我們目前還沒有發展到應有的程度。

I think at this stage, it really gives us a significant opportunity to grow more than you would expect with the normal channels.

我認為在這個階段，這確實給了我們一個顯著的機會，讓我們的成長幅度可能超過你對一般通路的預期。

Okay. Great context. And then just as a second question, the organic sales growth in the front half of the year is already tracking, well, I suppose, in line with at least 2% for the full year, obviously, a bit better than 2%. And into the back half of the year, I mostly see easier volume compares in most of your regions globally. I realize there will be some normalization of pricing.

好的。很好的背景說明。接著第二個問題，上半年有機銷售成長目前的走勢，嗯，我想至少與全年 2% 的目標一致，顯然也略優於 2%。而進入下半年，我看到你們在全球多數地區的量（volume）比較基期都更容易。我知道定價會有一些正常化。

But if you look into the back half of the year, just kind of sticking around that 2% range and not being a bit more forthright about a bit more upside. Is that just uncertainty in the global macros, which, by the way, makes total sense? Are you seeing things in the business that you would just flag for us maybe globally that would cause you some concern about potential deceleration? Just any context for what is now going to be a potentially wide range for back half top line outcomes?

但如果看下半年，你們大致維持在 2% 左右，而沒有更明確地表達可能有更多上行空間。這只是因為全球總體環境的不確定性嗎？順帶一提，這完全合理。你們是否在業務上看到一些情況，可能需要提醒我們、也許是全球層面，會讓你們對潛在的成長放緩有所擔憂？想請你提供一些背景，因為下半年營收端的結果現在可能會有一個相當寬的區間。

We don't see any major concerns. Clearly, we told you already that the Middle East crisis is causing us some headaches on top and bottom, more to the bottom line, quite frankly, but we still lost quite a bit of revenue in the first half. So that's factored into the first half and will be -- and it is in our guidance for the second part of the year. So other than that, I would say what we said about continuous momentum in emerging markets in North America and Europe rebound, particularly on the volume mix line, still stands valid.

我們沒有看到任何重大疑慮。很明顯地，我們已經告訴過各位，中東危機確實讓我們在營收與獲利端都遇到一些麻煩；坦白說對獲利端影響更大，但我們在上半年仍流失了相當多的營收。因此這已反映在上半年，並且也會——而且已經納入我們對下半年的指引之中。除此之外，我會說，我們先前提到的新興市場持續動能、北美與歐洲的回升，特別是在銷量/組合（volume mix）這一項，仍然成立。

But that's also why we say at least 2%. And look, we don't want to get ahead of ourselves. So let's see how Q3 pans out. In Q3, there is still an element in Europe that is related to the unprecedented heat wave, and we see some markets in chocolate specifically being quite impacted. And so look, I think there might be more upside than the 2%, but that's why we say at least 2%. And -- but I wouldn't get to a number that is necessarily much higher than 2%, 2.5% in the second part of the year.

但這也是為什麼我們說至少 2%。而且你看，我們不想操之過急。所以讓我們看看第三季的表現如何。在第三季，歐洲仍有一個因素與前所未有的熱浪有關，我們看到一些市場，特別是巧克力品類，受到相當大的影響。所以你看，我認為可能會有比 2% 更多的上行空間，但這就是為什麼我們說至少 2%。而且——但我不會把下半年預期拉到明顯高於 2%、2.5% 的數字。

I think that's it. That was the last question. So I want to thank you for connecting to the call. We are very satisfied with our results. We have a good view on the second half. We think it's going to be a strong second half for the company. And also, we'll see you during the next earnings call or hear you during the next earnings call. Thank you.

我想就這樣。那是最後一個問題。所以我要感謝各位連線參與本次電話會議。我們對我們的結果非常滿意。我們對下半年有良好的掌握。我們認為下半年對公司而言會是強勁的下半年。另外，我們會在下一次財報電話會議再見到各位，或在下一次財報電話會議再聽到各位的聲音。謝謝。

Thank you.

謝謝。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。各位現在可以斷線。