Magnum Ice Cream Company NV (MICC) 2025 Q4 法說會逐字稿

Good morning, everyone. Welcome to the Magnum Ice Cream Company's first full year 2025 results webcast. My name is Michele Negen, Head of Investor Relations, and I'm here today with our CEO, Peter ter Kulve; and our CFO, Abhijit Bhattacharya.

各位早安。歡迎收看夢龍冰淇淋公司2025年全年業績網路直播。我是投資人關係主管 Michele Negen，今天和我一起的還有我們的執行長 Peter ter Kulve 和財務長 Abhijit Bhattacharya。

The press release and investor presentation were published on our investor relations website this morning. The replay and full transcripts of this webcast will be made available after the call as well. Before we start, I want to draw your attention to our cautionary statements on the screen. You will also find this statement in the presentation published on the website.

新聞稿和投資者簡報已於今天上午發佈在我們的投資者關係網站上。本次網路直播的錄影和完整文字稿將在通話結束後提供。開始之前，我想提醒大家注意螢幕上的警示訊息。您也可以在網站上發布的簡報中找到此聲明。

In a moment, Peter will talk you through the key elements of our performance in 2025 and how we are executing on our strategy. Abhijit will then look at the financial performance in further detail by talking you through revenue, profitability, cash flow, and looking at the financial outlook for 2026, before Peter closes. After that, we will open the floor for questions.

稍後，Peter 將向大家詳細介紹我們 2025 年業績的關鍵要素以及我們如何執行我們的策略。接下來，Abhijit 將更詳細地分析財務業績，包括收入、獲利能力、現金流，並展望 2026 年的財務前景，之後 Peter 將作總結發言。之後，我們將開放提問環節。

So Peter, over to you.

彼得，現在輪到你了。

Good morning, everyone, and thank you for joining us today. I'm pleased to welcome you to the Magnum Ice Cream Company's first full-year resource call as a separate publicly listed company. This is an important moment for our business as we present our performance as a focused global ice cream company and outline what we're going to do to position TMICC for sustainable, profitable and competitive growth.

各位早安，感謝大家今天收看我們的節目。我很高興歡迎各位參加 Magnum 冰淇淋公司作為獨立的上市公司的首次全年資源電話會議。對於我們的業務而言，這是一個重要的時刻，我們將展示我們作為一家專注於全球冰淇淋公司的業績，並概述我們將採取哪些措施來使 TMICC 實現可持續、盈利和具有競爭力的增長。

2025 was a foundational year [for me]. It was a year of operational and strategic progress and delivery against a challenging macroeconomic climate and serious headwinds from commodity inflation at an unprecedented level of 380 basis points.

2025年是奠基之年。[為我]。在充滿挑戰的宏觀經濟環境和前所未有的 380 個基點的大宗商品通膨帶來的嚴重不利因素的影響下，我們在這一年中取得了營運和戰略上的進展和成果。

At the same time, we completed the demerger and set up the business with the right structure, governance, and most importantly, talent and culture to drive accountability and profitable growth. In headline terms, we delivered a solid performance in 2025 with full-year organic sales growth of 4.2%. And I was particularly pleased that volume grew by 1.5%. Every region contributed to growth with market share gains across most markets. This was supported by improved availability, innovation, strategic pricing and operational rigor.

同時，我們完成了分拆，並為公司建立了正確的結構、治理，最重要的是，建立了人才和文化，以推動問責制和獲利成長。從整體來看，我們在 2025 年取得了穩健的業績，全年有機銷售額成長了 4.2%。我尤其高興的是，銷量成長了 1.5%。每個地區都為成長做出了貢獻，並在大多數市場中獲得了市場份額成長。這得益於供應能力的提高、創新、策略定價和營運的嚴格性。

To build on the volume growth in 2024, we made the decision to price competitively across brands and geographies to enable volume growth despite this intense cost inflation. In the year, we also right price our portfolio in several geographies and corrected trade margins in China and Southeast Asia.

為了在 2024 年實現銷售成長，我們決定在各個品牌和地區採取具有競爭力的價格策略，以在成本大幅上漲的情況下實現銷售成長。今年，我們也對多個地區的投資組合進行了合理定價，並修正了中國和東南亞的貿易利潤率。

These actions were geared towards getting our business fundamentals in the right shape, and it worked. ForEx movements and TSA-related cash costs affected adjusted EBITDA margin, but excluding these impacts, adjusted EBIT at constant exchange rates was up by EUR48 million. As disciplined execution of our productivity program supported by select pricing actions partially offset the impact of commodity price inflation.

這些措施旨在使我們的業務基本面步入正軌，而且奏效了。外匯波動和 TSA 相關現金成本影響了調整後的 EBITDA 利潤率，但排除這些影響後，以固定匯率計算的調整後 EBIT 增加了 4,800 萬歐元。我們嚴格執行生產力提升計劃，並輔以精選的價格措施，部分抵消了商品價格上漲的影響。

The strength of the Magnum brand was evident as we maintained volumes despite price increases to mitigate cocoa inflation. Before I talk about our strategy and performance in more detail, a word on quarter 4.

即使為了緩解可可價格上漲而提高價格，我們仍然保持了銷量，這充分證明了 Magnum 品牌的強大實力。在更詳細地討論我們的策略和業績之前，先簡單談談第四季度的情況。

The final quarter of the year is our smallest quarter, representing around 15% of full year sales. Many of our typical faster growing away from home markets such as Turkey and China have a limited contribution in this period.

每年的最後一個季度是我們銷售額最低的季度，約佔全年銷售額的 15%。我們許多典型的成長迅速的海外市場，如土耳其和中國，在此期間的貢獻有限。

In these markets, we use this time of the year to take back cabinets and trade stock to get the cabinet fleet ready for next year's season. As a result, in Q4, the Americas drive over 50% of Q4's revenue compared to around a third for the full year.

在這些市場中，我們利用每年的這個時候回收櫥櫃並進行庫存交易，以便為下一年的銷售旺季做好準備。因此，在第四季度，美洲地區貢獻了第四季度超過 50% 的收入，而全年這一比例約為三分之一。

This year, disruption in food stamps in the US and a late start to the Brazilian season impacted the fourth quarter. While we continued to outpace the category, both in the Americas and globally, it was more challenging, which led to a decline of less than 1% OSD in the quarter.

今年，美國食品券發放中斷以及巴西賽季開始較晚對第四季度造成了影響。雖然我們在美洲和全球範圍內都繼續領先同類產品，但挑戰更大，導致本季度 OSD 下降不到 1%。

Yes, this is our first resources call since the separation from Unilever. I want to take a step back and remind you of the market opportunity and strategy we outlined at the Capital Markets Day in September. The ice cream market is resilient. In many ways, we are the lipstick of foods. I just returned from Brazil, and it was interesting to hear direct from consumers that even economically challenged families make space for ice cream in their family budget.

是的，這是我們自與聯合利華分道揚鑣以來的第一次資源呼籲。我想回顧一下我們在九月資本市場日上概述的市場機會和策略。冰淇淋市場具有很強的韌性。從很多方面來說，我們就像食物界的口紅。我剛從巴西回來，直接從消費者那裡了解到，即使是經濟困難的家庭也會在家庭預算中留出購買冰淇淋的空間，這很有趣。

In 2025, the market continued to grow by 3% to 4% in line with the last 10 years. This growth was again driven by penetration and distribution built in emerging markets. In more developed markets by the trend from larger to smaller and more premium handheld portions and increasingly better for you, high protein, low cal, real fruit products.

2025年，市場持續維持3%至4%的成長速度，與過去10年的成長速度持平。這一成長再次得益於新興市場滲透率和分銷管道的建立。在較發達的市場中，消費趨勢是從大份量轉向小份量，轉向更優質的手持式食品，並且越來越注重健康，提供高蛋白、低卡路里、真正的水果產品。

Our thinking on GLP-1 has evolved even since the capital markets Day in September, based on the premium treat substitution effect. When people eat less overall, the question is, which treat is the winner, and the data is telling an increasingly clear story. When on GLP-1, people still treat themselves, and ice cream is a very competitive treat. The category premiumizes as people choose smaller portions, better quality, and when on offer, more real fruit and protein.

自 9 月的資本市場日以來，我們對 GLP-1 的看法已經發生了變化，這是基於高級治療替代效應。當人們整體減少進食量時，問題是，哪種零食才是贏家，而數據正在講述一個越來越清晰的故事。即使使用 GLP-1 治療，人們仍然會犒賞自己，而冰淇淋就是一種極具吸引力的零食。隨著人們選擇份量更小、品質更好，以及在有優惠時選擇更多真正水果和蛋白質的產品，該品類逐漸走向高端化。

We believe that GLP-1s will accelerate the premiumization of the category, which is good for magnum. Further, as consumer using GLP-1s are eliminating low-quality munching categories. First, categories like premium chocolate, premium ice cream, and protein snacks could gain share in the overall snacking market.

我們相信 GLP-1 類藥物將加速該品類的優質化進程，這對 Magnum 來說是件好事。此外，使用 GLP-1 的消費者正在淘汰低品質零食類別。首先，高檔巧克力、高檔冰淇淋和蛋白質零食等類別可能會在整個零食市場中獲得份額。

Increasingly, these trends are guiding our innovation and portfolio strategy, and you will see that come through today. Our vision for TMICC in this market is simple. We want to make the most loved ice cream in the world to grow the market and build a highly competitive snacking business for our shareholders and customers. Because life tastes better with ice cream.

這些趨勢正日益引導著我們的創新和產品組合策略，今天您將會看到這一點。我們對TMICC在這個市場的願景很簡單。我們希望打造世界上最受歡迎的冰淇淋，從而擴大市場，並為我們的股東和客戶建立極具競爭力的零食業務。因為有了冰淇淋，生活更美好。

And we're going to do that by delivering our strategy to grow the ice cream market as category leader. Our plan is built on three pillars growth, productivity and reinvestment. As its course, that means combining the strengths of our brands with a business system designed specifically for ice cream, enabling faster decision making, sharper execution, and disciplined capital allocation to maintain an investment-grade balance sheet.

我們將透過實施我們的策略來實現這一目標，成為冰淇淋市場的領導者。我們的計劃建立在成長、生產力和再投資這三大支柱之上。這意味著將我們品牌的優勢與專為冰淇淋設計的業務系統相結合，從而實現更快的決策、更精準的執行和更嚴格的資本配置，以維持投資等級的資產負債表。

Our growth strategy is built around growing consumption occasions with market-making innovation, pricing competitively across all snacking and refreshment price points, rolling out premium brands internationally and take the multi-format, driving digitally-led demand creation, and massive out of home visibility. Increasing our availability across channels, especially e-commerce and in emerging markets away from home.

我們的成長策略圍繞著不斷增長的消費場景、引領市場的創新、在所有零食和飲料價格點上具有競爭力的定價、在國際上推出高端品牌並採取多形式、推動數位化驅動的需求創造以及大規模的戶外曝光而構建。提高我們在各個管道的可用性，尤其是在電子商務和新興市場（遠離家鄉的地區）。

Importantly, this growth is enabled by a EUR500 million productivity program that resets our supply chain and structural cost base. This gives us the fuel to reinvest behind our brands, capability, and leadership through disruptive innovation, increased demand creation, and best in class digitized execution.

重要的是，這一增長得益於一項 5 億歐元的生產力提升計劃，該計劃重塑了我們的供應鏈和結構性成本基礎。這為我們提供了動力，讓我們能夠透過顛覆性創新、增加需求創造和一流的數位化執行，對我們的品牌、能力和領導力進行再投資。

The strengths of our portfolio, channel management, and global footprint give me confidence in our strategy and our ability to win in the market. We own some of the most iconic brands Magnum, Ben & Jerry, Cornetto, and then, of course, what we call the Heartbrand, which encompasses brand names like Good Humor, Ola, Algida, Walls, and sub-brands like Solero, Calippo, [Cathodor] and Twister.

我們強大的產品組合、通路管理和全球佈局讓我對我們的策略和市場獲勝的能力充滿信心。我們擁有一些最具代表性的品牌，例如 Magnum、Ben & Jerry's、Cornetto，當然還有我們稱為「核心品牌」的品牌，其中包括 Good Humor、Ola、Algida、Walls 等品牌，以及 Solero、Calippo、[Cathodor] 和 Twister 等子品牌。

The strengths of our brands has translated into leading market share positions across most channels in our core markets and critically in the fast-growing digital channel which is growing double-digit. So we have a well-balanced portfolio, world-class brands that grow ahead of market, clear growth opportunities through our presence in fast-growing emerging markets and in established markets like the US, our biggest, China, the UK, Germany. And next to that, a very strong [channel] footprint.

我們品牌的優勢已轉化為在核心市場的大多數通路中領先的市場份額地位，尤其是在快速成長的數位管道中，該通路正以兩位數的速度成長。因此，我們擁有均衡的產品組合，世界一流的品牌，其成長速度超過市場平均水平，我們在快速成長的新興市場和成熟市場（如美國（我們最大的市場）、中國、英國、德國）的業務佈局帶來了明顯的成長機會。此外，還有非常強大的通路影響力。

Our performance in 2025 reflects the success of our strategy and the choices we made. A core pillar of that strategy is winning through skill innovation and premiumization, not as one-off launches, but as a repeatable growth engine.

我們在 2025 年的表現反映了我們策略的成功以及我們所做的選擇。該策略的核心支柱是透過技能創新和高端化贏得市場，而不是透過一次性的推出，而是將其作為可重複增長的引擎。

In 2025, that engine delivered across our leading brands, combining premium formats and stronger execution to drive growth and share gains across the vast majority of our key markets, including the USA, our biggest. Magnum outperformed with the launch of Utopia and Bombos. Ben & Jerry gained share in the US and Europe across the at-home and away of home channels. With its unique socially-led digital model sustaining strong relevance.

2025 年，這具引擎在我們領先的品牌中發揮了作用，結合了高端形式和更強有力的執行，推動了我們在絕大多數主要市場（包括我們最大的市場——美國）的成長和市場份額提升。Magnum憑藉Utopia和Bombos的上市取得了優異的成績。Ben & Jerry's 在美國和歐洲的家庭和外出管道都獲得了市場份額。憑藉其獨特的社交驅動數位模式，保持了強大的相關性。

Cornetto grew ahead across its top 10 markets supported by the Cornetto Max and a new stick format in China. And the Heartbrand grew through socially first excavations with a multi-layer stick architecture now scaling from Asia into Europe to secure a first mover advantage.

憑藉 Cornetto Max 和在中國推出的新型棒狀產品，Cornetto 在其前 10 個市場均實現了成長。Heartbrand 透過社會先發制人的挖掘而發展壯大，其多層棍狀結構如今正從亞洲擴展到歐洲，以確保先發優勢。

We are also extending this engine into the formats shaping the category, better for you and portion control. YASO grew over 30% in 2025 as we expanded into the new formats in the US. While Breyer CarbSmart continued to grow. We also moved Magnum and Ben & Jerry into bytes, and we are extending this to other brands, including Solero and Cornetto.

我們也將此引擎擴展到塑造該類別的各種格式中，以便更好地為您提供營養和控制份量。隨著我們拓展到美國的新市場，YASO 在 2025 年成長了 30% 以上。與此同時，Breyer CarbSmart 繼續發展壯大。我們還把 Magnum 和 Ben & Jerry's 搬到了字節中，並且正在將此擴展到其他品牌，包括 Solero 和 Cornetto。

Finally, we are getting faster from idea to launch. Magnum Dubai chocolate in Turkey was delivered in six months from concept to shelf. But as all of us know, it's not just about innovation, it's about execution in market.

最後，我們從構思到產品發表的速度越來越快了。Magnum Dubai巧克力從概念到上架，僅花了六個月就成功登陸土耳其市場。但我們都知道，重要的不僅是創新，還有市場執行。

Most markets are seeing meaningful channel shifts with growth moving to digital, convenience and value-led formats. Our strategy is to win where the mix is shifting and availability expansion across-channels progressed significantly in 2025.

大多數市場都出現了通路的重大轉變，成長正在轉向數位化、便利性和價值導向模式。我們的策略是贏得市場，因為 2025 年各通路的供應範圍大幅擴大，而產品組合也正在改變。

We were an early mover into digital commerce and it remained our fastest growing channel, delivering double-digit growth. In China, it is already more than 20% of our sales. Click and collect is going from strength to strength in the United States and many European markets.

我們是最早進入數位商務領域的公司之一，數位商務也一直是我們成長最快的管道，實現了兩位數的成長。在中國，這部分銷售額已經占到我們總銷售額的20%以上。在美國和許多歐洲市場，線上訂購線下取貨服務越來越受歡迎。

In at home, we grew mid-single-digit by stepping up customer execution with a new fully dedicated TMCC sales force, which enabled us to gain better shelf positions and promo effectiveness whilst executing improved customer growth plans across markets.

在國內，我們透過加強客戶執行力，組建了一支全新的、完全專業的 TMCC 銷售團隊，實現了個位數中段的成長，這使我們能夠獲得更好的貨架位置和促銷效果，同時在各個市場執行改進的客戶成長計劃。

Away from home, achieved mid-single-digit growth. This was supported by the second year of cabinet fleet expansion in relevant markets, progress on route to market digitalization and a stronger frontline organization.

客場方面，實現了中等個位數的成長。這得歸功於相關市場第二年的機櫃設備擴容、市場通路數位化取得進展以及更強大的前線組織。

Alongside delivering growth, we continue to successfully execute our productivity program across supply chain transformation, overhead reduction, and tech-enabled productivity, delivering EUR180 million further savings this year. This is on top of the EUR70 million savings delivered in the second half of 2024, bringing cumulative saving to EUR250 million.

在實現成長的同時，我們繼續成功執行供應鏈轉型、降低管理費用和技術賦能的生產力提升計劃，今年將進一步節省 1.8 億歐元。加上 2024 年下半年節省的 7,000 萬歐元，累計節省金額達 2.5 億歐元。

Key actions included, reducing SKU complexity and focusing resources on our most productive innovations. We freed up capacity for our global brands in local markets and invested in our factories to remove capacity constraints and hasten innovation speed to market. We are also making significant progress in reducing under the skin complexity.

關鍵措施包括降低 SKU 複雜性，並將資源集中用於我們最俱生產力的創新。我們釋放了全球品牌在本地市場的產能，並投資於我們的工廠，以消除產能限制，並加快創新產品上市速度。我們在降低皮下複雜性方面也取得了顯著進展。

Strengthening demand forecasting and seasonal planning using advanced weather forecasting models which are being integrated into our planning systems. Driving end to end cost discipline across procurement, logistics, and overhead. This was evident across the regions, but particularly in the Americas. The US end to end supply chain reset enabled growth and realized efficiencies and cost savings from factory modernization, distribution optimalization and improved procurement.

加強需求預測和季節性規劃，將先進的天氣預報模式整合到我們的規劃系統中。在採購、物流和管理費用方面推行端到端的成本控制。這一點在各個地區都很明顯，尤其是在美洲。美國端到端供應鏈的重塑促進了成長，並透過工廠現代化、分銷優化和採購改進實現了效率提升和成本節約。

Continuing the process of exiting RTSA as planned with an expectation to be complete by the end of 2027. These actions are not one-off. They are structural improvements that will continue to benefit TMICC in the years ahead and fuel or reinvestment strategy to power the flywheel of long-term growth and profit improvement.

繼續按計劃推進退出 RTSA 的進程，預計將於 2027 年底完成。這些行為並非一次性的。這些結構性改進將在未來幾年繼續使 TMICC 受益，並為長期成長和利潤提升的飛輪提供動力或再投資策略。

We are reinvesting for growth and productivity. Cabinets are a key part of this as a critical enabler of growth and sometimes overlooked or misunderstood mode in our business. Our cabinets are like soft drinks chillers. They provide unique advantages that help us to maintain and grow market leadership.

我們正在進行再投資，以促進成長和提高生產力。櫥櫃是其中的關鍵組成部分，是成長的重要推動因素，也是我們業務中有時會被忽視或誤解的模式。我們的櫃子就像飲料冷藏櫃一樣。它們提供了獨特的優勢，幫助我們保持和擴大市場領先地位。

In 2025, we increased cabinet CapEx by around 10% to grow our market leading fleet of 3 million cabinets and we began deploying new technology to better forecast out of stock and to spot trends. The impact of our growth strategy combined with improved execution was proved out in each of our regions.

2025 年，我們將櫥櫃資本支出增加了約 10%，以擴大我們市場領先的 300 萬個櫥櫃的規模，並開始部署新技術，以便更好地預測缺貨和發現趨勢。我們的成長策略加上執行力的提升，其影響已在我們各個地區得到驗證。

In the US, our biggest market, we gained share for the second consecutive year, 24 basis points, and we are solid number 1. We delivered organic sales growth of 1.7% and volume growth of 1.8%, which is high in the US snacking industry.

在美國這個我們最大的市場，我們連續第二年擴大了市場份額，成長了 24 個基點，穩居第一。我們實現了1.7%的有機銷售額成長和1.8%的銷量成長，這在美國零食產業中屬於較高水準。

2025 was a year of significant operational progress in the US. We finalized our organization with a dedicated ice cream sales force. Disciplined execution of our productivity program helped us to become cost competitive and re-enter the club and value channel with good progress, but we have more to do.

2025 年是美國在營運方面取得重大進展的一年。我們最後組建了一支專門的冰淇淋銷售團隊。我們嚴格執行生產力提升計劃，使我們在成本上更具競爭力，並重新進入俱樂部和價值管道，取得了良好的進展，但我們還有更多工作要做。

Joint customer plans with key omni-channel partners like Walmart and Target delivered strong results across store and digital channels. Ben & Jerry and YASO grew double-digits in e-commerce on year. And our performance on Amazon went from strength to strength.

與沃爾瑪和塔吉特等主要全通路合作夥伴共同製定的客戶計畫在實體店和數位通路都取得了顯著成效。Ben & Jerry's 和 YASO 的電子商務銷售額較去年同期成長兩位數。我們在亞馬遜上的表現也越來越好。

In Europe, Australia, and New Zealand, strong performance in the UK, France, and Spain led to an OSG of 3.3% and market share gains for the second year in a row with 37 basis points in 2025. Growth was driven by strong innovation and brand performance, but critically was enabled by operational rigor, improved physical availability, new value channel listings, and strengthened partnerships with key retail customers.

在歐洲、澳洲和紐西蘭，英國、法國和西班牙的強勁表現使得 OSG 達到 3.3%，市佔率連續第二年成長，到 2025 年將成長 37 個基點。成長主要得益於強大的創新能力和品牌表現，但更重要的是，營運的嚴格性、實體供應的改善、新的價值管道上架以及與主要零售客戶加強的合作關係，才使得成長得以實現。

Our performance in Italy is still a work in progress, but our performance in the UK was truly outstanding. We did not only drove strong sales, held by favorable weather, but also took share. Overall, it may not have felt like that in London but the weather index in Europe [ANZ] was close to the long-term average.

我們在義大利的表現還有待提高，但我們在英國的表現確實非常出色。不僅在有利天氣的推動下實現了強勁的銷售，而且還搶佔了市場份額。總體而言，雖然倫敦可能沒有這種感覺，但歐洲（澳新地區）的天氣指數接近長期平均值。

EMEA delivered double-digit growth of 10.9% with [4%, 5%] volume growth and share gains. Turkey and Pakistan delivered double-digit growth. In Turkey, premium innovation and better distribution in the ORECA Channel drove volume growth.

歐洲、中東和非洲地區實現了兩位數成長，達到 10.9%，其中銷量成長 4%，市佔率成長 5%。土耳其和巴基斯坦實現了兩位數的成長。在土耳其，ORECA 通路的高端創新和更好的分銷推動了銷售成長。

In Pakistan, growth was driven by an expansion of cabinets, seasonal packs, and snacking formats. As mentioned before, in China and Indonesia, we delivered high single-digit growth and share gains by improved channel and customer execution, including right-setting trade terms and the strong innovation program. It was a first that a Chinese concept, the multi-layer stick has become a global innovation.

在巴基斯坦，成長是由櫥櫃、季節性包裝和零食形式的擴張所推動的。如前所述，在中國和印尼，我們透過改善管道和客戶執行，包括制定正確的貿易條款和強有力的創新計劃，實現了高個位數的成長和市場份額的提升。這是中國首創的多層棒狀結構，並成為全球創新。

Looking ahead, while the external environment remains uncertain, the ice cream market has good momentum, and we have a strategy that continues to deliver. We also have an exciting pipeline of innovation landing in 2026.

展望未來，儘管外部環境仍不明朗，但冰淇淋市場發展勢頭良好，我們的策略也持續奏效。我們還有許多令人興奮的創新產品將於 2026 年上市。

As I said during the capital markets day, the ice cream category had gotten a little bit stuck in nostalgia, and creamy indulgence, and we are clear on the opportunity of bringing modern snacking and refreshment benefits to the ice cream category. There are four distinct pillars to our innovation strategy, which I will talk you through. And on the slides, you will see some of the fantastic new products we are bringing to market in the year ahead.

正如我在資本市場日上所說，冰淇淋品類有點沉迷於懷舊和奶油般的享受，我們清楚地看到了將現代零食和清涼益處帶入冰淇淋品類的機會。我們的創新策略由四大支柱構成，接下來我將逐一介紹。在幻燈片中，您將看到我們明年將推向市場的一些非常棒的新產品。

Firstly, is core superiority. We carefully benchmark every single core product versus the competition and continuously improve where appropriate. Over the last 18 months, we have relaunched 80% of our core products and have invested in better ingredients and formulations.

首先是核心優勢。我們對每一款核心產品都進行嚴格的基準測試，並與競爭對手進行對比，在適當的情況下不斷改進。在過去的18個月裡，我們重新推出了80%的核心產品，並投資更好的原料和配方。

Secondly, we perfect the portfolio by sharpening the right mix of format, flavor, pack, and price to match occasions and channels. Especially in the US and Europe, the teams have made great progress in optimizing our portfolio.

其次，我們透過調整產品規格、口味、包裝和價格的組合，使其與各種場合和管道相匹配，從而完善產品組合。尤其是在美國和歐洲，團隊在優化投資組合方面取得了巨大進展。

Third is the global rollout of our premium brands and a deliberate strategy to take their core brand promise into new formats to unlock incremental penetration and usage. The last pillar is category expanding innovation, taking ice cream into new benefit areas such as better for you. For example, we are launching a hydration ice cream, scaling protein propositions, introducing new high fruit content ices, and investing in nascent sugar replacement technology.

第三，我們將在全球推廣我們的高端品牌，並制定策略，將其核心品牌承諾融入新的形式，以釋放不斷增長的滲透率和使用率。最後一個支柱是拓展品類創新，將冰淇淋帶入新的益處領域，例如對你更有益。例如，我們正在推出補水冰淇淋，擴大蛋白質產品線，推出新的高果含量冰淇淋，並投資新興的糖替代技術。

In regards to outlook, the ice cream market is expected to grow between 3 %to 4%. We expect organic sales growth for 2026 to be between 3% to 5%, with underlying margin improvement. Now, I will hand over to Abhijit, our Chief Financial Officer, who will take you through the financial performance in more detail. Thank you.

展望未來，冰淇淋市場預計將成長 3% 至 4%。我們預計 2026 年有機銷售成長將在 3% 至 5% 之間，同時利潤率也將有所提高。現在，我將把發言權交給我們的財務長阿比吉特，他將更詳細地為大家介紹財務表現。謝謝。

Thank you, Peter, and good morning, everyone. I'll walk you through our financial performance for 2025, focusing on revenue, profitability, cash flow, capital allocation, and our financial outlook for 2026. Starting with revenue, for the full year, TMICC reported revenue of EUR7.9 billion with an organic growth of 4.2%. Price contributed approximately 2.6% points, reflecting discipline revenue management, and selective price increases to partially combat material price inflation.

謝謝你，彼得，大家早安。我將帶您了解我們 2025 年的財務業績，重點在於收入、獲利能力、現金流量、資本配置以及我們對 2026 年的財務展望。首先來看營收，TMICC全年營收為79億歐元，有機成長率為4.2%。價格因素貢獻了約 2.6 個百分點，這反映了嚴格的收入管理，以及為部分應對原物料價格上漲而採取的選擇性提價措施。

Most encouragingly, volume and mix was up by a healthy and competitive 1.5% despite cautious consumer sentiment in some markets, primarily the Americas. Innovation contributed meaningfully to growth in our premier brands, as Peter just highlighted with several super examples.

最令人鼓舞的是，儘管一些市場（主要是美洲）的消費者情緒謹慎，但銷量和產品組合仍健康且具有競爭力地增長了 1.5%。正如 Peter 剛才舉出的幾個絕佳例子所強調的那樣，創新對我們一流品牌的成長做出了重要貢獻。

Geographically, all three regions contributed to growth for the year. Europe, Australia, and New Zealand delivered a solid growth of 3.3%, led by strong innovations, a disciplined and strategic approach to pricing, and improved execution in core markets, including stronger customer relationships and new value channel listings.

從地理位置上看，這三個地區都對當年的成長做出了貢獻。歐洲、澳洲和紐西蘭實現了 3.3% 的穩健成長，這得益於強勁的創新、嚴謹的策略定價方法以及核心市場執行力的提升，包括更牢固的客戶關係和新的價值通路產品線。

Our productivity program delivered EUR72 million of savings as planned. The adjusted EBIT margin in the region declined operationally by 70 basis points and an additional 30 basis points due to lower royalties. Operational profitability in the region was impacted primarily due to raw material price increases, mainly cocoa.

我們的生產力提升計畫按計畫節省了7,200萬歐元。該地區的調整後 EBIT 利潤率因營運原因下降了 70 個基點，又因特許權使用費降低而額外下降了 30 個基點。該地區的營運獲利能力受到主要原物料價格上漲的影響，尤其是可可價格上漲。

In addition to these factors, previously allocated depreciation costs, which are charged as cash costs from the second half of 2025 due to the transitional service agreements, impacted the adjusted EBITA margin by 50 basis points.

除了上述因素外，由於過渡性服務協議，先前分配的折舊成本從 2025 年下半年起作為現金成本計提，使調整後的 EBITA 利潤率下降了 50 個基點。

Now let me move to AMEA, which is Asia, Middle East and Africa. AMEA grew by double-digits, with strong momentum in many of our markets, notably Turkey, Pakistan, China and Indonesia. Across markets, we have expanded availability with more cabinets, met key snacking price points and continued to land premium innovations, including volcanics, our first premium multi-layered stick in Asia and Turkey.

現在讓我轉到 AMEA，即亞洲、中東和非洲地區。AMEA地區實現了兩位數的成長，其中許多市場成長勢頭強勁，特別是土耳其、巴基斯坦、中國和印尼。在各個市場，我們透過增加貨架數量擴大了供應範圍，滿足了關鍵的零食價格點，並不斷推出高端創新產品，包括火山岩棒，這是我們在亞洲和土耳其推出的第一款高端多層棒棒糖。

Profitability was impacted by rising cocoa price and hyperinflation in Turkey. The Americas was resilient with continued market share gains and distribution expansion. In the US, we expanded availability with new value channel listings and more cabinets and helped to grow the market with premium ranges in higher growth segments.

土耳其可可價格上漲和惡性通貨膨脹影響了獲利能力。美洲市場展現強大的韌性，市場佔有率持續成長，通路不斷擴張。在美國，我們透過新的價值通路產品線和更多櫥櫃擴大了供應範圍，並透過在高成長細分市場推出高端產品系列，幫助市場實現了成長。

This led to strong volume growth in the US of 1.7%. In Brazil we have reset the team, our promotional and pricing strategy, and invested in cabinets, and we are seeing early signs that this is working. On an adjusted EBIT basis, margin was up 10 basis points for the region, and the productivity program more than offset the inflationary impact of raw material prices.

這導緻美國銷量強勁增長 1.7%。在巴西，我們重組了團隊，調整了促銷和定價策略，並投資了櫥櫃，我們已經看到了初步的成效。以調整後的息稅前利潤計算，該地區的利潤率提高了 10 個基點，生產力提升計劃抵消了原物料價格上漲帶來的通膨影響。

On an adjusted EBITDA level, the reduction of 60 basis points was primarily due to the impact of depreciation becoming a cash charge due to the start of the transitional service agreements in the second half of the year.

以調整後的 EBITDA 水準計算，下降 60 個基點主要是由於下半年過渡服務協議的開始，折舊變成了現金支出。

Now turning to profitability, year on year on a reported currency basis, adjusted EBITDA declined by 100 basis points, of which 50 basis points was due to the translation effect of currency and 50 basis points due to the commencement of the transitional service agreements with Unilever in the second half of 2025, where depreciation charges will be charged as a cash cost during the period of the TSAs.

現在來看獲利能力，按報告貨幣計算，調整後的 EBITDA 同比下降了 100 個基點，其中 50 個基點是由於貨幣換算的影響，另外 50 個基點是由於與聯合利華在 2025 年下半年開始實施過渡服務協議，根據該協議，折舊費用將在過渡服務協議期間作為現金成本計入。

To give you a bit more color, let me start with gross margin, which was resilient but impacted by commodity and other supply chain cost inflation in 2025 of 380 basis points, primarily due to significant cocoa inflation. Selective pricing actions had an impact of 230 basis points, which helped offset part of the commodity headwinds of 380 basis points.

為了讓您更清楚地了解情況，我先從毛利率說起。毛利率雖然具有韌性，但到 2025 年，由於可可價格大幅上漲，大宗商品和其他供應鏈成本上漲了 380 個基點，對毛利率產生了影響。選擇性定價措施產生了 230 個基點的影響，這有助於抵消部分大宗商品價格上漲帶來的 380 個基點的不利影響。

Supply chain productivity savings of 170 basis points together with the pricing actions that I just mentioned more than offset the massive commodity headwinds. In addition, there was a negative 50 basis points impact from FX translation. Therefore, operationally, excluding FX, we were able to improve gross margin by 20 basis points, while the reported gross margin was down by 30 basis points.

供應鏈生產力提高 170 個基點，再加上我剛才提到的定價措施，足以抵銷大宗商品價格上漲的巨大不利因素。此外，匯率折算也造成了 50 個基點的負面影響。因此，在營運層面，不計外匯因素，我們能夠將毛利率提高 20 個基點，而報告的毛利率卻下降了 30 個基點。

Secondly, our SG&A cost increased by 20 basis points, primarily due to double running cost as we ramped up our group functions, reinvested in our front line with more dedicated sales representatives and other strategic investments, for example, resetting the route to market in Italy.

其次，我們的銷售、一般及行政費用增加了 20 個基點，主要是由於我們擴大了集團職能部門，營運成本翻了一番，同時我們還對一線進行了再投資，增加了更多專職銷售代表，並進行了其他戰略投資，例如，重新調整了在意大利的市場渠道。

Our overall productivity program delivered savings of EUR40 million which offset inflation for the year. These savings were driven by organizational simplification, tight control of discretionary spend, productivity initiatives across the functions.

我們的整體生產力提升計畫節省了 4000 萬歐元，抵消了當年的通貨膨脹。這些節省主要得益於組織結構簡化、嚴格控制可自由支配支出以及各職能部門的生產力提升措施。

Importantly, we achieve this while continuing to invest behind our brands, particularly in marketing and innovation. So to conclude, although the adjusted EBITDA declined in the year due to the factors just mentioned, our underlying performance was resilient as adjusted EBIT at constant currency increased by EUR48 million as the significant raw material headwinds were more than offset with productivity savings, pricing, premiumization and operating leverage.

重要的是，我們在實現這一目標的同時，也持續投資於我們的品牌，尤其是在行銷和創新方面。綜上所述，儘管由於上述因素，本年度調整後的 EBITDA 有所下降，但我們的基本業績依然穩健，按固定匯率計算的調整後 EBIT 增加了 4800 萬歐元，這得益於生產效率的提高、價格的上漲、產品的高端化以及運營槓桿作用，從而抵消了原材料價格上漲帶來的不利影響。原材料上漲帶來的不利影響。

I'd like to spend a bit of time to help interpret the cash flow for the year, given that we are operating on an interim operating model till 2027. Let me draw your attention to the next slide of the deck. The first thing is to make the free cash flow of 2024 and 2025 comparable.

鑑於我們目前採用的是過渡性營運模式，直到 2027 年，我想花點時間幫助大家解讀今年的現金流狀況。請容許我把注意力轉移到下一張投影片。首先要確保 2024 年和 2025 年的自由現金流具有可比性。

Since we were part of Unilever in 2024, we had very low interest costs, as the interest costs for 2024 only covered entities dedicated to the ice cream business. Further, due to the operation of the transitional service agreement with Unilever, depreciation costs are now part of cash costs charged to TMICC. Hence, the so-called comparable free cash flow for 2024 is EUR660 million.

由於我們在 2024 年成為聯合利華的一部分，我們的利息成本非常低，因為 2024 年的利息成本僅涵蓋專門從事冰淇淋業務的實體。此外，由於與聯合利華的過渡服務協議的實施，折舊成本現在已計入TMICC的現金成本。因此，2024 年所謂的可比較自由現金流為 6.6 億歐元。

The comparable number for 2025, excluding separation-related costs is EUR602 million. The difference of the EUR58 million comprises of two items. Higher CapEx of EUR31 million of which around 1/3 is for additional cabinets and the rest for capacity and productivity, and number 2, the negative translation effect of foreign exchange of EUR27 million.

2025 年的相應數字（不包括分離相關成本）為 6.02 億歐元。5800萬歐元的差額由兩部分組成。增加的資本支出為 3,100 萬歐元，其中約 1/3 用於增加機櫃，其餘用於提高產能和生產力；第二，外匯匯率的負面影響為 2,700 萬歐元。

Our cash flow further had the effects of the demerger costs and the transitioning to the interim operating model, which amounted to EUR564 million leading to a net free cash flow of EUR38 million. We ended the year with a net debt to adjusted EBITDA ratio of 2.4 times in line with our stated capital allocation policy.

我們的現金流也受到分拆成本和過渡到臨時營運模式的影響，總計達 5.64 億歐元，導致淨自由現金流為 3,800 萬歐元。我們年底的淨負債與調整後 EBITDA 比率為 2.4 倍，符合我們既定的資本配置政策。

A brief word on the effective tax rate. The effective tax rate as reported is 31.3%. Excluding the impact of adjusting items such as hyperinflation, which is non-cash, and non-deductible VAT arising from the separation, the adjusted tax rate for the year was 26%, which is in line with our medium term plan of 25% to 27%. For the year 2026, we expect the adjusted effective tax rate to be around 27% at the upper end of our midterm plan.

簡單說明一下實際稅率。報告顯示，實際稅率為 31.3%。在剔除惡性通貨膨脹等非現金調整項目以及因分拆而產生的不可抵扣增值稅的影響後，本年度調整後的稅率為 26%，符合我們 25% 至 27% 的中期計劃。我們預計，到 2026 年，調整後的實際稅率將達到中期計畫上限的 27% 左右。

I would like to provide some clarity on our perimeter. We had three entities that didn't transfer to us on December 6, 2025, the demerger date. Subsequent to that date, we've had the Indonesia business transferred to our company.

我想就我們的邊界做一些說明。2025 年 12 月 6 日分拆日，我們有三個實體沒有轉移到我們這裡。此後，我們將印尼業務轉移到了我們公司名下。

We have secured the necessary permissions for the listing of the Indian business, and it will be listed in the stock exchange in India by around the middle of this month, which is earlier than planned. We then expect to acquire the Indian business in the first half of this year, subject to regulatory approvals.

我們已經獲得了印度業務上市所需的必要許可，該業務將於本月中旬左右在印度證券交易所上市，比原計劃提前。我們預計今年上半年收購印度業務，但需獲得監管部門的批准。

The last business that will move to us will be the Portugal business, which is expected to be acquired by us in the first half of this year. So our plans are now firmly on track. We issued our debut bond on the November 19, 2025 and received a good response. Our offer was oversubscribed by over 7 times, and we were able to secure our financing needs as a stand-alone company at very competitive interest rates.

最後轉移到我們這裡的業務是葡萄牙業務，預計今年上半年被我們收購。所以，我們的計劃目前進展順利。我們於 2025 年 11 月 19 日發行了首筆債券，並獲得了良好的迴響。我們的融資方案獲得了超過預期7倍的超額認購，我們作為一家獨立公司，以極具競爭力的利率獲得了所需的資金。

In order to help you with your modeling in the initial years of us being a standalone company, I would like to give you some estimates for the years. We expect net finance cost to be around EUR180 million for the year. We expect adjusting items for the year to be in the region of EUR425 million to EUR450 million primarily for cost to build our new IT stack, as well as separation and restructuring expenses.

為了幫助您在我們作為獨立公司成立初期進行建模，我想給您一些年份的估價。我們預計今年的淨融資成本約為1.8億歐元。我們預計本年度的調整項目將在 4.25 億歐元至 4.5 億歐元之間，主要包括建構新 IT 架構的成本，以及分離和重組費用。

Going forward, we will publish on our website a company compiled consensus on a half year and full year basis. We will also publish the exchange rate impact based on actual movements in FX rates expected for the next half year after this call and publish an update just before the end of the half year and the full year.

今後，我們將按半年和全年週期，在公司網站上發佈公司匯總的共識報告。我們也將在本次電話會議後，根據未來半年預期的外匯匯率實際走勢，發布匯率影響評估報告，並在半年末和全年結束前發布更新報告。

Let me finish by giving you the outlook for the year. Looking ahead, while we are mindful of macro uncertainty, our expectations are as follows. We expect organic sales growth for the full year 2026 to be between 3% to 5%, with the ice cream market expected to grow between 3% to 4%.

最後，讓我給大家展望一下今年的狀況。展望未來，儘管我們意識到宏觀經濟的不確定性，但我們的預期如下。我們預計 2026 年全年有機銷售成長率將在 3% 至 5% 之間，其中冰淇淋市場預計將成長 3% 至 4%。

For the full year 2026, we expect adjusted EBITDA margin improvement of 40 basis points to 60 basis points on a comparable perimeter basis. The reported improvement in adjusted EBITDA margin is expected to be 0 basis points to 20 basis points, primarily due to the impact of the anticipated acquisition of the India business in the first half of 2026. We expect the improvements in the year to be weighted more in the second half of 2026 due to the phasing of TSAs and commodity prices.

我們預計 2026 年全年調整後 EBITDA 利潤率在可比較範圍內將提高 40 至 60 個基點。據報道，調整後的 EBITDA 利潤率預計將提高 0 至 20 個基點，這主要是由於預計在 2026 年上半年收購印度業務的影響。我們預計，由於運輸供應協議 (TSA) 的分階段實施和商品價格上漲，2026 年下半年的改善將更為顯著。

Peter, back to you.

彼得，把鏡頭交還給你。

Thank you, Abhijit. To close before we go to the Q&A, we operate in a market that is large, is growing ahead of core foods, is highly resilient, and has attractive returns. We are the largest ice cream company in the world with 160 years of expertise and heritage.

謝謝你，阿比吉特。在進入問答環節之前，我想總結一下：我們所處的市場規模龐大，成長速度超過核心食品，具有很強的韌性，並且回報豐厚。我們是世界上最大的冰淇淋公司，擁有160年的專業經驗和悠久歷史。

We have a portfolio that is well positioned for growth with world-class innovation and strong brands, channel positions, and geographic footprint. As a new stand-alone company, our governance is in place and operating effectively. We are building a strong frontline focused organization with the capabilities and culture to capture the market and value opportunity.

我們擁有良好的產品組合，具備世界級的創新能力、強大的品牌、通路地位和地理覆蓋範圍，並具備良好的成長潛力。作為一家全新的獨立公司，我們的治理結構已經到位並有效運作。我們正在打造一支以第一線員工為中心的強大團隊，具備抓住市場和價值機會的能力和文化。

We have a clear strategy to deliver growth and improve productivity, and we are delivering on it with a solid fully operational performance that has proven that we can cope with even extreme input cost shocks. The day we listed, in many ways was the end of the beginning. Now the hard work begins, but we are ready as an energized, as a one magnum team to deliver. We will now take your questions.

我們制定了明確的策略來實現成長並提高生產力，並且我們正在透過穩健的全面營運績效來實現這一目標，這證明我們即使面對極端的投入成本衝擊也能應對自如。我們列出清單的那天，在很多方面來說，既是結束也是開始。現在真正的挑戰開始了，但我們已經做好準備，作為一個充滿活力、團結一心的團隊，我們將全力以赴。現在開始回答各位的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Warren Ackerman, Barclays.

沃倫·阿克曼，巴克萊銀行。

Yeah, good morning, everybody. Hopefully you can hear me okay. It's, Warren Ackerman here at Barclays. So I've got one question and one follow-up. So my main question is around the just to get a bit more clear on this [EBITDA] margin guidance because I think, sell side, is quite a wide range of estimates. So you're saying. 0 bps to 20 bps kind of all in on a kind of comparable basis.

是的，大家早安。希望你能聽清楚我說話。我是巴克萊銀行的華倫‧阿克曼。我有一個問題和一個後續問題。所以我的主要問題是想更清楚地了解[EBITDA]利潤率指引，因為我認為賣方給出的估計範圍相當廣泛。所以你的意思是，0 到 20 個基點，基本上都是在可比較的基礎上進行的。

Can you maybe say, what India will be? I think we know that India was [EUR200 million] last year with zero EBITDA, but what's your expectation for India, when you buy out? Is the, so any color on India, and then what happens around the India, royalty because I thought that was also a [20 bps] headwind on EBITDA in '26.

您能否預測一下，印度未來會是什麼樣子？我想我們都知道印度去年的營業額為 2 億歐元，EBITDA 為零，但當你收購印度業務時，你對印度的預期是什麼？所以，印度會有什麼顏色？然後印度週邊會發生什麼事？特許權使用費，因為我認為這對 2026 年的 EBITDA 也是 [20 個基點] 的不利因素。

And just trying to understand this TSA phasing and commodity to try and sort of, give us some, a bit more color on those kind of moving pieces on the perimeter but also a little bit on the phasing and the commodities it's still a bit unclear to me on that.

我只是想了解 TSA 的分階段實施和商品，希望能更清楚地了解這些外圍的變動因素，以及分階段實施和商品本身，這方面我仍然有些不清楚。

And then the follow-up is really on the outlook for pricing I guess maybe one for Peter. I mean, Peter, obviously you've seen snacking prices are coming down big time in the US from some of the US food peers. Your commodity costs are coming down, particularly cocoa, and you've got a depremiumization strategy as you go after massive value.

接下來，我想彼得可能會對定價前景發表一些看法。我的意思是，彼得，很明顯你已經看到，在美國，零食價格比一些美國食品同行的價格大幅下降了。你們的商品成本正在下降，尤其是可可，你們正在採取折舊策略來追求巨大的價值。

So there's lots of sort of factors that would seem to suggest that pricing should be kind of going down, strategy plus commodity. Is there a scenario where you think pricing in aggregates for Magnum could be negative in 2026 and so yeah if you can maybe sort of address that pricing piece and how to think about the price volume equation within the organic sales growth guide of 3 to 5. Thank you.

因此，有許多因素似乎表明價格應該會下降，包括策略因素和商品因素。您認為在 2026 年 Magnum 的骨材價格是否有可能出現負成長？所以，如果您能談談定價問題以及如何在 3 到 5 年的有機銷售成長指南中考慮價格與銷售之間的關係，那就太好了。謝謝。

Good morning, Warren, or good afternoon. Yeah, good questions. I will start with the pricing question, make a couple of remarks from India, and then we'll let, Abhijit explain the parameter. This year, our raw material costs went up with 380 bps. And we decided not to fully price them and reinvest at 230 bps structural productivity savings to stay competitive and it worked because this year we grew volume and we grew value.

早安，沃倫，或者下午好。嗯，問得好。我將先從定價問題入手，從印度的角度談幾點看法，然後讓 Abhijit 來解釋參數。今年，我們的原料成本上漲了 380 個基點。我們決定不以原價出售，而是以 230 個基點的結構性生產力節省進行再投資，以保持競爭力。這項策略奏效了，因為今年我們的銷售和價值都成長了。

And particularly when you look at the US where we grew. Volume with 1.8% actually in value 1.7%, so we hardly priced in the US and did that very deliberately. In the US, we have less chocolate in our portfolio and I expect that our pricing will stay stable and that we will have mainly mixed and volume-led growth, but in general, I feel actually really good about our American pricing and the tough choices and painful choices that we made this year.

尤其是當我們審視我們成長的美國時。成交量佔 1.8%，成交量佔比 1.7%，因此我們幾乎沒有在美國進行定價，這是我們刻意為之的。在美國，我們的產品組合中巧克力產品較少，我預計我們的定價將保持穩定，成長將主要依靠銷售驅動，但總的來說，我對我們在美國市場的定價以及我們今年做出的艱難抉擇感到非常滿意。

In Europe, we price Magnum but not in full. We're partially covered, so I expect in the chocolate segment actually stable prices and overall an environment of more volume than value-led growth. In emerging markets. I still see a combination of good pricing and on top of the underlying volume growth that we always see.

在歐洲，我們以 Magnum 的價格定價，但不是全價。我們已經部分涵蓋了市場，所以我預期巧克力市場的價格實際上會保持穩定，整體而言，成長將以銷售為主，而不是以價值為主。在新興市場。我仍然認為，良好的定價策略加上我們一直以來所看到的銷售成長，將會帶來正面的影響。

So I think our pricing environment will be relatively stable because we never made the enormous increases that some of other people in the industry did. Before I head over to Abhijit, a little bit of China. As I worked in China in the 90s. And when I look at the Indian market, it is actually like China in the early 90s or Turkey in the last 80s. Very low per capita consumption, but with a booming economy, you see consumption going up rapidly in the cities and increasingly also in the -- in secondary and tertiary cities. It is the biggest growth opportunity in the industry.

所以我認為我們的定價環境會相對穩定，因為我們從未像業內其他一些公司那樣大幅漲價。在前往阿比吉特之前，先來了解中國。我曾在90年代在中國工作。當我審視印度市場時，它實際上就像上世紀90年代初的中國或80年代末的土耳其。人均消費水準很低，但隨著經濟蓬勃發展，城市消費水準迅速上升，二、三線城市的消費水準也日益上升。這是業界最大的成長機會。

At this moment in time. India is already the largest dairy market in the world. It would not surprise me that in 20 years' time, India is the largest ice cream market in the world, surpassing the US. We are lucky that we have a very good position in India from which to build, but it was not a very successful business over the last 20 years. Basically it lost a lot of share.

此時此刻。印度已經是世界上最大的乳製品市場。如果20年後印度成為全世界最大的冰淇淋市場，超過美國，我一點也不會感到驚訝。我們很幸運在印度擁有非常好的發展基礎，但過去 20 年的業務並不成功。基本上，它的市場份額下降了很多。

The profitability was flat this year. Last year it was in decline. So we're in a turnaround mode, but we're extremely lucky to have this business in our portfolio because we can use it as a base to build up a leading business.

今年的獲利能力與去年持平。去年它處於衰退期。所以我們現在處於轉型期，但我們非常幸運能將這家企業納入我們的投資組合，因為我們可以以此為基礎打造領先的企業。

Abhijit, over to you on parameter.

Abhijit，接下來由你來談談參數。

Thanks, Peter. Hi, Warren. Good morning. Let me explain the guidance a little bit. So what we have said is for the existing perimeter, right, so that is for the Magnum Ice Cream Company. Before the acquisition of India and Portugal, we expect profit to go up in the 40 basis points to 60 basis points range.

謝謝你，彼得。你好，華倫。早安.讓我稍微解釋一下指導原則。所以我們剛才所說的是針對現有邊界的，對吧，也就是針對 Magnum 冰淇淋公司的邊界。在收購印度和葡萄牙之前，我們預計利潤將增加 40 至 60 個基點。

Now as you mentioned, the Indian businesses around the EUR200 million turnover, but, because we are making investments there, it will come with a loss making P&L, and that causes the headwind, on one side and then -- because the India business was not part of the perimeter. It was paying the Magnum Ice Cream Company a certain amount of royalty, so because they were using our brands.

正如您所提到的，印度業務的營業額約為 2 億歐元，但是，由於我們在那裡進行投資，損益表將出現虧損，這造成了一方面的不利影響，另一方面——因為印度業務不在我們的業務範圍之內。因為 Magnum 冰淇淋公司使用了我們的品牌，所以公司需要向 Magnum 冰淇淋公司支付一定的專利費。

Once it becomes part of our perimeter, that royalty will stop as well, and that's why we said that that will cause a headwind in total, both because of the negative profitability of India and the stopping of royalties. Will have an impact such that the reported numbers that you see in 2026 in a perimeter that is including India and Portugal will be in the 0 basis points to 20 basis points. Does that clarify, on the EBIT, then I take your question on the TSA phasing and commodities, Warren, because --

一旦它成為我們領土的一部分，特許權使用費也會停止，這就是為什麼我們說這將造成整體上的不利影響，既因為印度的負盈利能力，也因為特許權使用費的停止。這將產生影響，使得 2026 年在包括印度和葡萄牙在內的範圍內所報告的數字將在 0 到 20 個基點之間。這樣解釋清楚了嗎？關於息稅前利潤（EBIT），沃倫，接下來我回答你關於運輸安全管理局（TSA）分階段實施和商品的問題，因為--

Yes, and sorry, just on the final piece on the technicals and the and the non-cash cash depreciation, is that still 20 bps headwind in '26 as well just on the --

是的，抱歉，關於技術分析的最後一部分，以及非現金現金折舊，2026年是否仍會有20個基點的不利影響？--

Yes. Yes.

是的。是的。

It's 80 bps of technicals, 40 bps India, 20 bps royalty, 20 bps appreciation.

其中技術因素影響 80 個基點，印度因素影響 40 個基點，特許權使用費影響 20 個基點，升值影響 20 個基點。

Exactly, and that is what I had explained in the earlier call that we did together with the sell side. Then on TSA phasing and commodities, so the way it works is, of course we have started with TSAs from the July 1, last year. It phases out over time, because as we build up our own organization we stop services from Unilever that is done in a proper schedule that we have agreed between the two companies.

沒錯，這正是我在之前與賣方進行的電話會議中解釋的內容。然後是關於 TSA 分階段實施和商品運輸，其運作方式當然是，我們從去年 7 月 1 日開始實施 TSA。隨著時間的推移，這項服務會逐步取消，因為隨著我們自身組織的壯大，我們將停止聯合利華按照我們兩家公司事先商定的時間表提供的服務。

So as we go through 2026, our TSAs during the year will come down, and then in 2027, they will come down further and then we will exit all TSAs by the end of 2027. The phasing of commodity prices, we expect some benefit, but it will come in the second half of the year because as you've also heard from many other companies, all the cocoa prices have now come down. A lot of us are hedged already at higher prices and that's why we've said that the improvement in our performance would be more second half rated.

因此，到 2026 年，我們的 TSA 數量將逐年減少，然後在 2027 年，數量將進一步減少，到 2027 年底，我們將退出所有 TSA。大宗商品價格的階段性波動，我們預計會帶來一些好處，但這要到下半年才會顯現，因為正如你從許多其他公司那裡也聽到的那樣，所有可可的價格現在都下降了。我們很多人已經以更高的價格進行了對沖，所以我們才說業績的改善更多要等到下半年才能實現。

Okay, thank you.

好的，謝謝。

Thanks.

謝謝。

Celine Putti, JP Morgan.

Celine Putti，摩根大通。

Thank you. Good morning, everyone. So my first question is on, trying to understand the TSA again for '25 because there was a 50 basis points extra that we did not expect. So can you -- because you had a TSA impact, if I look at your bridge, you had a minus 20 basis points net negative on the SG&A when you had TSA, and then you had the non-cash.

謝謝。各位早安。所以我的第一個問題是，我想再次了解 2025 年的 TSA 規定，因為有 50 個基點的額外費用是我們意料之外的。所以你可以——因為你受到了 TSA 的影響，如果我看一下你的過渡期，當你有 TSA 時，你的 SG&A 淨虧損為 -20 個基點，然後你還有非現金收入。

So if you could explain that because I think that was, new news, this morning. And then, putting all together on what you said for the top-line and the sorry, the margin expectation, your effects, your tax, guidance and your net income, how should we look at EPS for the year, on a year on year basis? We're expecting a decline. If you could help us framing that.

所以，如果你能解釋一下就太好了，因為我認為這是今天早上剛聽到的新消息。然後，綜合您所說的營收、利潤率預期、影響、稅收、指引和淨收入等信息，我們該如何看待本年度的每股盈餘（EPS），也就是同比來看？我們預計會出現下滑。如果您能幫我們把這個問題組織成一個框架就太好了。

My second question is on the overall environment. Peter, I heard you saying that, you think that pricing should remain positive. If I look at Europe, you, it seems that the volume was still negative in the fourth quarter. I appreciate it's a small quarter. And then you mentioned as well that the USA, it was a tougher market environment. So I am a bit struggling about what you're saying, on the market growth of three to four, and yet it seems that the exit rate, in at least in developed markets as we can into the fourth quarter. So if you could help on that. Thank you.

我的第二個問題是關於整體環境的。彼得，我聽到你這麼說了，你認為價格應該要維持上漲。如果我看一下歐洲，你會發現第四季的交易量仍然是負值。我知道這只是很小的一部分。然後您也提到，美國的市場環境更加艱難。所以，我對您所說的市場成長三到四倍有點困惑，然而，至少在已開發市場，我們似乎在第四季度看到了退出率上升的趨勢。如果你能在這方面幫忙就太好了。謝謝。

Let me answer, Q4 for first and then, give the difficult questions to Abhijit. The overall year we grew ahead of our expectations at 4.2% with 1.5% volume, share growth everywhere, with especially a very good third quarter. I don't know whether everybody appreciates that, but in '24 we grew more than 9% and we did 4% on top of Q3. So actually not Q2, but Q3 was the remarkable quarter for us.

讓我先回答第四題，然後把難題交給阿比吉特。全年成長率超出預期，達到 4.2%，銷量成長 1.5%，市佔率全面成長，尤其第三季表現非常出色。我不知道大家是否都意識到了這一點，但在 2024 年，我們的成長率超過了 9%，而且在第三季的基礎上又成長了 4%。所以實際上，對我們來說，表現出色的季度不是第二季度，而是第三季。

Let me give some context on Q4. In our seasonal out of home channel-driven businesses, we use Q4 to optimize the system, take cabinets back, replace them, optimize distributors, and did this in a very disciplined way to have a really good start in 2026.

讓我先介紹一下第四季的情況。在我們以季節性戶外通路為主導的業務中，我們利用第四季度來優化系統，回收機櫃，更換機櫃，優化分銷商，並以非常嚴謹的方式完成這項工作，以便在 2026 年有一個非常好的開端。

In the southern hemisphere, we had a particularly good performance in Indonesia and ANZ. China is like Europe, and that's the same seasonality. But Indonesia and ANZ did a really good job. Philippines was a little bit soft because there were a lot of typhoons this year, unseasonal. And in Brazil, we had a slow start of the season. You see that also with the beer companies, and it only started in December in earnest, and Brazil was weak last year, so we were really happy with this December pickup.

在南半球，我們在印尼和澳洲及紐西蘭的表現尤其出色。中國和歐洲一樣，季節性也相同。但印尼和澳新銀行做得非常出色。菲律賓受災比較嚴重，因為今年颱風很多，而且是異常的。在巴西，我們的賽季開局比較慢。啤酒公司的情況也是如此，而且這種情況直到 12 月才真正開始，去年巴西市場疲軟，所以我們對 12 月的復甦感到非常高興。

In Europe, we shifted the promo strategy last year and we did the promo pressure more towards Q2 and Q3 as it gives higher returns as the market is larger. And this has proven to be a really good strategy with solid volume and value growth in Europe and 3.3% overall growth is not bad. And actually 1.2% growth in Europe was a really good year.

去年，我們在歐洲調整了促銷策略，將促銷力度加大在第二季和第三季度，因為這兩個季度的市場更大，回報也更高。事實證明，這是一個非常好的策略，在歐洲實現了穩健的銷售和價值成長，3.3% 的整體成長率也相當不錯。事實上，歐洲1.2%的成長率已經是非常好的一年了。

The US started well early October, but then became soft. End-October, November, and especially November with the government shutdown, slip of the tongue, and food stamp challenges. It only picked up in the last weeks of December, when the momentum came back in the market. So having said all of this, there was nothing structural in Q4 that makes me worried about '26 and the predictions that we have for the market.

美國股市10月初開局良好，但隨後走軟。十月底、十一月，尤其是十一月，因為政府停擺、口誤和食品券問題。直到 12 月最後幾週，市場動能恢復後，情況才開始好轉。綜上所述，第四季沒有任何結構性問題讓我擔心 2026 年以及我們對市場的預測。

I hope this answers, Celine, and then, I'll, -- whether it is okay, I will hand over to Abhijit.

席琳，我希望這個答案能解答你的疑惑，然後，如果可以的話，我會把麥克風交給阿比吉特。

Are you okay?

你還好嗎？

Thank you,

謝謝你，

I assume, yes. Abigail.

我想應該是的。阿比蓋爾。

So let me clarify on the margin expectation and the tax guidance, or maybe first let me start with the extra depreciation.

那麼，讓我來澄清一下利潤率預期和稅務指導，或者先讓我從額外的折舊開始說起。

So what I've said is on the SG&A bridge we increased our SG&A in the second half of this year, right. There were two big factors there. One was the double run cost. So basically, we were building up our organization as we were trying to take over functions, from Unilever that just brings additional cost.

所以，我剛才說的是，關於銷售、一般及行政費用，我們在今年下半年增加了銷售、一般及行政費用，對吧。這裡有兩個主要因素。一是雙倍運行成本。所以基本上，我們在努力接管聯合利華的職能的同時，也在建立我們自己的組織，這只會帶來額外的成本。

And the second one is the temporary service agreements which comes with a certain tax markup. So that those are the two factors that increased our overheads by 20 basis points. The 50 basis points which you said was not expected actually that is what in the earlier call I had mentioned that depreciation which was allocated to us from Unilever used to come before separation as a non-cash cost. So therefore in the EBITDA that used to be a depreciation that was deducted.

第二種是臨時服務協議，這類協議會附帶一定的稅收加成。因此，這兩個因素導致我們的營運成本增加了 20 個基點。您所說的 50 個基點出乎意料，實際上我在之前的電話會議中提到過，聯合利華分配給我們的折舊費用以前是在分拆之前作為非現金成本產生的。因此，以前在 EBITDA 中扣除的就是折舊。

When you go onto a TSA, Unilever charges us that depreciation as a cash cost, and that's simply a technical impact, why it impacts the EBITDA because what was earlier a non-cash cost will become or has become a cash cost for the period of the TSA.

當您簽訂 TSA 協議時，聯合利華會將該折舊作為現金成本向我們收取，這僅僅是技術上的影響，它之所以會影響 EBITDA，是因為以前是非現金成本的折舊在 TSA 協議期間將變成或已經變成現金成本。

Then, regarding the EPS, given all the moving parts we are not guiding because of -- also the separation cost and all of that. But if you look at an adjusted, EPS for the year taking out effects, yeah, we will see a little bit growth in earnings as we have said. And that should help the EPS to be around flattish or a little bit up, for the year -- on an adjusted basis.

然後，關於 EPS，考慮到所有變動因素，我們無法進行指導——還有分離成本等等。但如果你看一下調整後的年度每股收益（剔除各種因素的影響），是的，正如我們所說，我們會看到利潤略有增長。這樣一來，經過調整後，今年的每股盈餘應該會保持穩定或略有成長。

All right, and that includes the tax rates being higher and the net financial cost as well?

好的，這其中也包括更高的稅率和淨財務成本嗎？

Yes.

是的。

Jeff Stent, BNP Paribas.

Jeff Stent，法國巴黎銀行。

Two questions if I may. Both very simple. The first one, could you just clarify whether or not 2025 profits, i.e. EBITDA, were actually in line with your expectation?

請問我有兩個問題。都很簡單。第一個問題，您能否澄清一下，2025 年的利潤（即 EBITDA）是否符合您的預期？

And the second one, just to clarify the last point you said taking out FX, you expected the EPS would be flattish. What do you expect based on current FX? what the sort of adjusted earnings will do just as current FX stands? Thank you.

第二點，為了澄清你剛才提到的最後一點，剔除外匯因素後，你預期每股盈餘會比較平穩。根據目前的匯率，您預期會如何？在目前匯率水準下，調整後的收益會產生怎樣的影響？謝謝。

Thanks, Jeff. On the first question, yes, because we knew the massive cost inflation that we had at the beginning of our years and our plans had built this in, and we more or less ended where we ended. Help because the productivity plan came through in full. Otherwise, we would not have been able to price as we did and basically have slightly profitable, a slightly positive EBIT.

謝謝你，傑夫。關於第一個問題，是的，因為我們知道公司成立初期成本大幅上漲，我們的計畫也考慮到了這一點，所以我們最終的結果也基本上符合預期。感謝幫助，因為生產力提升計劃已全面實施。否則，我們就無法像現在這樣定價，也無法實現略微獲利、略微為正的息稅前利潤。

On the second one, or on the first one, Abhijit over to you.

第二個問題，或第一個問題，阿比吉特，輪到你了。

So, maybe also on the 2025 EBITDA, if you remember for the first half we were already minus-30 down. And at that time we had also said that we don't expect an improvement, maybe a slight decline, so that's where you see that the minus 30 only became minus 50, and then the additional 50 basis points was simply the whole depreciation thing that I just explained.

所以，或許也可以看看 2025 年的 EBITDA，如果你還記得的話，上半年我們已經下降了 30%。當時我們也說過，我們預計不會有所改善，可能會略有下降，所以你會看到 -30 變成了 -50，而額外的 50 個基點就是我剛才解釋的整個折舊情況。

The EPS look is very difficult to predict FX rates. In next week or so we will publish what is our FX expectation for the year. Now that will change, of course, because if we could predict it accurately, then we would be in a different business. But I will give you that, outlook next week, when we say around flattish EPS, it could be a bit up or a bit down depending on where, we end the year, but that is kind of, it's not that there is a big decline in adjusted EPS and the effects impact we will give you some idea next week.

每股盈餘 (EPS) 的走勢很難預測匯率。接下來一週左右，我們將公佈我們對今年外匯市場的預期。當然，這種情況將會改變，因為如果我們能夠準確預測未來，那麼我們就會從事另一種行業了。但我可以告訴你，下週的展望是，我們說每股盈餘 (EPS) 將基本持平，可能會略有上升或下降，具體取決於我們年底的業績，但調整後的每股收益不會大幅下降，其影響我們下週會給出一些看法。

David Rowe, Morgan Stanley.

大衛‧羅，摩根士丹利。

It's two questions from my side. If -- firstly on the margin if we take a step back and we look at the two main components of your medium term margin expansion ambitions. You've got the cost savings and you've got the reinvestment, right?

我有兩個問題。首先，如果我們退後一步，請看看您中期利潤擴張目標的兩個主要組成部分。你既節省了成本，又進行了再投資，對吧？

By the end of 2025, it looks like you've hit about 50% of your cost savings targets on a cumulative basis. Just out of interest by comparison, how much of your reinvestment spend have you done by the end of '25? Thank you. And then I'll follow-up with the next one.

到 2025 年底，您累積似乎已經實現了約 50% 的成本節約目標。出於比較的好奇，截至 2025 年底，您的再投資支出是多少？謝謝。然後我會跟進下一個問題。

I will hand over to him. But let me say a little bit, -- what we did this year. We basically want to run the business on long-term fundamentals for the long run and aim for volume and competitive growth with the 380 bps inflation, which was truly unprecedented last year. Mainly dairy and chocolate, we decided to invest our 230 bps productivity savings to keep pricing competitive.

我會把工作交給他。但我想簡單說說我們今年做了些什麼。我們基本上希望以長期基本面為基礎來經營業務，並力爭在去年 380 個基點的通膨環境下實現銷量和競爭性增長，這在去年是前所未有的。我們主要經營乳製品和巧克力，決定將節省的 230 個基點用於提高生產效率，以保持價格競爭力。

That was a choice. We discussed it internally a lot. Shall we do more profit and have less volume growth and less share? But we took the decision to invest behind the competitiveness of the business and as discussed with all of you, get this volume engine going for the second year. That was the big thing that impacted profitability this year.

那是一種選擇。我們內部對此進行了多次討論。我們是否應該追求更高的利潤，但降低銷售成長和市場佔有率？但我們決定投資提升業務競爭力，正如我們和大家討論的那樣，讓這台銷售引擎連續第二年運轉。這是今年影響獲利能力的最大因素。

Over to you, Abhijit, to further build.

接下來就交給你了，阿比吉特，繼續推進吧。

So on the reinvestment part there were two parts as you will, recall, David. One was the, step up in CapEx, so that we have moved up, we are now, I think last year we ended around the 4.5. We were coming from 3.5 to 4. We ended at 4.5. So that is going as planned.

所以，正如你所記得的，大衛，再投資部分分為兩部分。一是資本支出增加，所以我們已經上升了，現在，我想去年我們結束時大約是 4.5。我們是從 3.5 上升到 4。我們最終得分是4.5分。所以一切都在按計劃進行。

The second part, we said was to, or actually there were three parts we said we will, invest in our sales force by adding, dedicated sales force that has also been done -- 1,000 people. And then the last thing we had said was we will step up [ENP], but we had said we will do that in two ways.

第二部分，我們說，或者實際上我們說了三部分，我們將投資於我們的銷售團隊，增加專門的銷售團隊，這也已經完成了——1000人。最後我們說的是，我們將加大力度[ENP]，但我們說我們將透過兩種方式做到這一點。

We said first we will make the 12.5% that we spend more efficient and then if necessary we will take that up and you would have seen we have announced our new collaboration or partnership with publicist which gives us despite being a separate standalone company, quite some leverage and efficiency in the spend that we do and once we have captured that and we feel the need to do more, we have enough room to do that in the coming years.

我們首先表示，我們將提高12.5%支出的效率，如有必要，我們將採取進一步措施。你們也已經看到，我們宣布了與公關公司的新合作或夥伴關係，這使我們儘管是一家獨立的公司，但在支出方面卻擁有相當大的優勢和效率。一旦我們利用了這些優勢，並且覺得有必要做得更多，我們在未來幾年還有足夠的空間來實現這一目標。

Okay. That's clear. So just to clarify, so on the salesforce as a percentage of revenue, the cost for the Salesforce will come down a bit from 2025 given those double costs you spoke about.

好的。這一點很清楚。所以為了澄清一下，Salesforce 佔收入的百分比，考慮到你提到的雙重成本，Salesforce 的成本從 2025 年開始會略有下降。

Yeah, the double cost is not for the Salesforce. So the -- Salesforce is the Salesforce. The double cost is more for the support functions. So for example, if you have, I take a number 50 people doing payables from Unilever, we have to build up an organization of 50 people. They have to learn the work from Unilever and then Unilever winds down their people. That's the double cost.

是的，雙倍成本不是指 Salesforce。所以，Salesforce 是 Salesforce。雙倍成本更多用於支援功能。例如，假設聯合利華有 50 名員工負責應付帳款，我們就必須組成一個由 50 人組成的組織。他們需要向聯合利華學習工作方法，然後聯合利華就會逐步裁員。這就是雙重成本。

(multiple speakers) Okay, so your headcount on the sales force is at steady states by the end of 2025, right?

（多人發言）好的，所以到 2025 年底，你們的銷售人員數量將達到穩定狀態，對嗎？

Steady state, and when possible, I will add. Our business is very demand creation driven. When we see that more demand support works to drive. Growth, we'll do it when more salespeople would lead to more sales, we would invest. We're actually pretty, we try to keep head offices and regional offices and back offices as lean as possible, central teams as lean as possible, and push the resources to the front line where they drive, turnover growth.

穩定狀態，如果可能的話，我會補充。我們的業務非常注重創造需求。當我們看到更多需求支援能夠推動成長時。成長方面，我們會在增加銷售人員能夠帶來更多銷售的時候進行投資。我們其實做得相當不錯，我們努力保持總部、區域辦事處和後台部門盡可能精簡，中心團隊盡可能精簡，並將資源推向一線，因為一線才是真正推動營業額成長的地方。

Okay. That makes sense. And then just briefly on my follow-up question, you mentioned taking out some cabinets in Q4. Can you quantify the impact of this on OSG in Q4? And then how should we think about the phase in on the 2% growth in cabinets -- ?

好的。這很有道理。然後，關於我的後續問題，您提到在第四季度拆除了一些櫥櫃。你能量化一下這對第四季 OSG 的影響嗎？那麼，我們該如何考慮逐步實施櫥櫃2%的成長計畫呢？——？

Basically what we do, there are certain markets where, like a convenience store, a 7-1. The cabinet will stay in the outlet and in the low season just sells not a lot. There are also markets where a lot of the other outlets, small stores, leisure, we pull back at the end of the season. We take them with stock. And we basically restack them, put the stock in really cold warehouses, and make everything ready to start the season again.

基本上，我們所做的，在某些市場，例如便利商店，7-1。這個櫃子會一直放在折扣店裡，淡季的時候賣得併不好。還有一些市場，其他很多門市、小商店、休閒場所，我們在季末都會撤離。我們帶著庫存接收它們。我們基本上會把它們重新堆疊好，把庫存放到非常冷的倉庫裡，做好一切準備，迎接新季節的到來。

Same for regional distributors, we optimize their stock levels and we make sure that the whole system is ready to basically, -- we are like farmers to put the cabinets on the ground again when the season starts in February, March, and April. This is a yearly process, so there was nothing new last year.

對於區域分銷商也是如此，我們會優化他們的庫存水平，並確保整個系統做好準備，就像農民一樣，在二月、三月和四月旺季開始時，將櫃子重新擺放到地上。這是一個年度流程，所以去年沒有什麼新內容。

But as you can imagine, we basically said, this is one of the fundamental, issues. You need to do this with very big discipline because you can postpone it and have a little bit of extra sales, but we said best practice is to manage the whole out of whole net network with a lot of discipline, both at distributor level as well as outlet level.

但正如你所想，我們基本上是說，這是最根本的問題之一。你需要非常自律地去做這件事，因為你可以推遲它並獲得一些額外的銷售額，但我們說過，最佳實踐是以高度的自律來管理整個網絡，無論是在分銷商層面還是在銷售點層面。

So that is, basically it. I think in general of the 3 million outlets, but I'm now making it up a little bit, but I think somewhere between the 5 and 700,000 cabinets come back every season. -- And we have 2000 distributors, and you can imagine. It's very important that you manage that with a lot of discipline, that you don't have a lot of stock at the end of the season, because it would destroy your Q1. And you want the cash back. So, this is a very nice, this is operationally intense activity system where discipline is really important and we applied a lot of discipline this year.

基本上就是這樣。我認為，在300萬個銷售點中，雖然我現在稍微誇大了一下，但我認為每季大約有50萬到70萬個櫃子會重新上架。 ——我們有2000家經銷商，你可以想像。管理好這一點非常重要，你要非常自律，賽季末不要囤積太多庫存，因為這會毀了你第一季的表現。你想拿回現金。所以，這是一個非常好的、運作強度很高的活動系統，紀律非常重要，我們今年也確實貫徹了許多紀律。

Karel Zoete, Kepler Cheuvreux.

卡雷爾·佐伊特，開普勒·舍弗勒。

I want to start with a question on cash flow and working capital because it has this year's been some negative outflows on the working capital side of about EUR200 million. You already provided more insights in cash flows, but how should we think about working capital going forward? The guide is minus 4.5% of revenues. What are your expectations on cash flow in '26.

我想先問一個關於現金流和營運資本的問題，因為今年營運資本方面出現了約 2 億歐元的負流出。您已經對現金流方面提供了更多見解，但接下來我們該如何看待營運資本呢？該指南導致收入下降 4.5%。您對2026年的現金流量有何預期？

And then the other question is much more about Latin America. Historically I think Brazil used to be a good business and what are you doing to get the Brazilian business back on track as well as what you're seeing in Mexico. What are some of the interventions you've made in that market? Thank you.

而另一個問題則更與拉丁美洲有關。從歷史上看，我認為巴西曾經是一個不錯的投資市場，你們正在採取哪些措施來使巴西的商業重回正軌，以及你們在墨西哥看到了什麼？你針對該市場採取了哪些幹預措施？謝謝。

This is, a really, good question. I'm just back from Brazil and I went there the week before Carnival, so it was strictly business. I'm brilliant, Brazil is a really interesting country because the Brazilian ice cream market is on fire. But our key bone business, which used to be a star 10 years ago, had sort of deteriorated. And why, what was the problem?

這真是一個好問題。我剛從巴西回來，去的時候是狂歡節前一周，所以純粹是公事。我真是太棒了，巴西真是一個很有趣的國家，因為巴西的冰淇淋市場非常熱門。但是我們最重要的骨骼業務，10 年前曾是明星業務，現在已經有所衰退。為什麼？到底出了什麼問題？

A; the market has grown mainly more premium and more cheaper, more affordable, and we got stuck in the middle, and we actually over a 10-year period, had lost a lot of share. Now, what did we do? We first last year replaced the full management team and all managers in the business. So we put a new team in place.

A；市場主要朝著高端和低價、實惠的方向發展，而我們卻陷入了中間地帶，實際上，在過去的 10 年裡，我們失去了很多市場份額。那麼，我們做了什麼？去年我們首次更換了整個管理團隊和公司所有經理。所以我們組了一支新團隊。

Then secondly, our factories ran on very high waste levels and bad operational efficiencies, and I'm very pleased that we are making now really good steps to improve that. And over the coming years, we'll need to evolve the portfolio in Brazil. And become more affordable and more premium at the same time and that will take a little bit more time.

其次，我們的工廠過去浪費嚴重，營運效率低下，我很高興我們現在正在採取實際有效的措施來改善這種情況。未來幾年，我們需要對在巴西的業務組合進行調整。同時也要兼顧價格親民和高端品質，這需要一些時間。

As I said, we luckily -- it was really a horrible year. It was a horrible year before and this year was not very good. But in December, we actually made really good progress as we hit the new season with good growth and actually the beginning of this year. I can't say anything about it, I just here. But I was just there, and, we're in much better shape.

正如我所說，我們很幸運——那真是糟糕的一年。前一年糟透了，今年也不太好。但到了 12 月，隨著新賽季的到來，我們取得了非常好的進展，實現了良好的成長，也為今年的開局開了個好頭。我對此無可奉告，我只是在這裡。但我剛才在那裡，而且，我們現在的情況好多了。

Let me, Karel take your question of the cash flow. Let the -- interim operating model creates a bit of difficulty, because it's a very complicated process where on an average basis, we get, we have a subsidy from Unilever, and then they manage our receivables and payables, as part of the interim operating model. So it's not really a cash outflow, it's a temporary cash outflow which will unwind. When we get off the TSAs.

讓我，卡雷爾，來回答你關於現金流的問題。臨時營運模式帶來了一些困難，因為這是一個非常複雜的過程，平均而言，我們會從聯合利華獲得補貼，然後他們作為臨時營運模式的一部分來管理我們的應收帳款和應付帳款。所以這並不是真正的現金流出，而只是暫時的現金流出，這種情況會逐漸消失。當我們離​​開安檢的時候。

So the way to understand it is a couple of things. One is, if you look at our working capital as a company in terms of number of days between 25 and 24, there is no change. So we have actually managed it well. We have a little bit of increase in terms of number of days on receivable and we had a two day improvement in inventory. The payables have remained the same.

所以理解它的方法有兩點。一是，如果你從公司營運資金的天數來看，在 25 天到 24 天之間，沒有任何變化。所以，我們實際上處理得很好。應收帳款週轉天數略有增加，庫存週轉天數減少了兩天。應付帳款維持不變。

So if you look at the operational working capital and therefore if you look at the bridge on the operational or comparable cash flow as I presented, you will see that there is no impact on working capital because we have managed that roughly flat year-on-year.

因此，如果您查看營運營運資本，進而查看我所展示的營運或可比較現金流的過渡情況，您會發現營運資本沒有受到影響，因為我們已經實現了大致持平的同比水平。

So that is also the reason why in the Capital Markets Day we didn't give a separate guidance on cash flow for '26 and '27 because it's just very difficult to do. So therefore we've said from '28 and '29 we will the guidance we have given or the outlook we've given for cash flow will remain. As we go through the year we will probably give some clarity, but this year and next year just because of the interim operating model it's difficult to give an outlook on that.

所以這也是為什麼我們在資本市場日沒有單獨給出 2026 年和 2027 年現金流指引的原因，因為這很難做到。因此，我們已經說過，從 2028 年和 2029 年起，我們給予的現金流指引或展望將保持不變。隨著時間推移，我們可能會給出一些更清晰的答案，但今年和明年由於採用了過渡性營運模式，很難給出展望。

Thank you. But stock creditors, debtors is all fully in control and we're as tight as we ever were.

謝謝。但是，股票債權人和債務人都完全在掌控之中，我們和以往一樣控制得非常嚴格。

Robert Jan Vos, ABN AMRO Oddo BHF.

羅伯特‧揚‧沃斯 (Robert Jan Vos)，荷蘭銀行奧多 BHF。

I have one left in the meantime. Your guidance for adjusting items, it implies a cumulative, roughly EUR750 million to EUR770 million in 2025 and 2026 combined. If I recall correctly, your guidance was EUR800 million, for the years 2025 to 2028. So I was wondering, are you ahead of schedule timing wise or should we anticipate. That the EUR800 million cumulatively will be exceeded?

我目前還剩一個。根據您對調整項目的指導，這意味著 2025 年和 2026 年累計金額合計約為 7.5 億歐元至 7.7 億歐元。如果我沒記錯的話，你們對 2025 年至 2028 年的業績預期是 8 億歐元。所以我想知道，你們的進度是提前了還是我們需要提前預估？累計金額會超過8億歐元嗎？

Let me clarify. So when we, if you look again at the Capital Markets Day, we guided to EUR800 million of separation cost including the IT stack, and then we said we would have, 80 basis points if I'm not wrong on restructuring. And basically this EUR425 million to EUR450 million, that I'm guiding for next year is including both.

讓我解釋一下。所以，如果你再看看資本市場日，我們當時預計分離成本為 8 億歐元，其中包括 IT 堆棧，然後我們說，如果我沒記錯的話，重組成本將達到 80 個基點。基本上，我預計明年的 4.25 億歐元至 4.5 億歐元就包括了這兩方面。

So therefore it doesn't, it's not a big shift in timing, it's pretty much, give or take a few million is in line with what we had said.

所以，時間上並沒有發生很大的變化，上下浮動幾百萬美元，這和我們之前說的差不多。

Bingqing Zhu, Rothschild & Co Redburn.

朱冰清，羅斯柴爾德公司雷德本。

I want to shift gear a little bit. I have a couple of question about AMEA. So you had a solid growth there, but it seems like from the presentation you've maintained or gained market share slightly in that region. Can you touch on the market share performance in AMEA and how the competitive landscape is evolving in some markets with some local, strong local player?

我想稍微換個檔位。我有一些關於AMEA的問題。所以你們在那裡取得了穩健的成長，但從演示來看，你們似乎在該地區的市場份額保持穩定或略有增長。您能否談談AMEA地區的市佔率表現，以及在一些出現實力雄厚的本土企業的市場中，競爭格局是如何演變的？

And tied to that, at the Capital Market Day, you highlight the cabinet penetration in markets like Philippines, China, and Indonesia still lacked others. Can you give us an update on the progress you've made this year in order to prepare for the high season next year? And then I have a follow-up, please. Thank you.

與此相關的是，在資本市場日上，您重點介紹了菲律賓、中國和印尼等市場的櫥櫃滲透率，但其他市場仍然缺乏櫥櫃。能否向我們介紹今年為迎接明年旺季所取得的進展？我還有一個後續問題。謝謝。

As Asia is not a homogeneous, sort of territory. So I'll need to go in a little bit of country detail. We won share in China, and I'm very proud of that because it follows a long trajectory of share growth. We gain share versus most of the players a menu and are a solid number two. New organization, new sales approach. We reset trade margins and had a really good innovation program.

因為亞洲並不是一個同質化的地區。所以我需要詳細介紹一下這個國家的情況。我們在中國市場贏得了市場份額，我為此感到非常自豪，因為這延續了我們長期以來的市場份額成長勢頭。我們憑藉著菜單上的產品，在與大多數競爭對手的較量中佔據了市場份額，穩居第二。新組織架構，新銷售模式。我們調整了貿易利潤率，並制定了一項非常成功的創新計畫。

In Indonesia for many years we were under the share pressure because the Chinese ice, which is related to menu, had moved into Indonesia. And with new management and a new strategy, we basically were able to grow share and the leader of China of Southeast Asia is the boss of China. So we apply all our China knowledge to compete.

多年來，我們在印尼一直面臨著市場份額的壓力，因為與餐飲相關的中國冰淇淋已經進入了印尼市場。憑藉新的管理階層和新的策略，我們基本上實現了市場份額的成長，而東南亞的中國區領導者就是中國的領導者。因此，我們運用所有對中國的了解來參與競爭。

We also gain share in the Thailand after a long period of weakness and massive share gains in Pakistan. I can't comment on India, of course. In Turkey we lost a little bit of share, but that is planned because we don't always want to compete in the value segment versus [DOBs]. But it is sort of planned environment. Overall we gained share in the region.

在經歷了長期的疲軟之後，我們在泰國也獲得了市場份額，並在巴基斯坦獲得了巨大的市場份額成長。我當然無法對印度的情況發表評論。在土耳其，我們的市佔率略有下降，但這在我們的計劃之內，因為我們並不總是想在價值型產品領域競爭。[出生日期]。但這其實是一種人為規劃的環境。總體而言，我們在該地區的市場份額有所增長。

Now talking about cabinets. China is actually less of a cabinet business because it's more e-commerce, more convenience stores who run their own cabinets. In the Philippines, we increased distribution. In Pakistan, we massively increased distribution. And in Indonesia a little bit because the main part of the year was to get the distributors, their margin and the portfolio in good order.

現在來說說櫥櫃。中國的櫥櫃產業其實並不發達，因為電子商務和便利商店等擁有自己櫥櫃的商家更多。在菲律賓，我們擴大了分銷範圍。在巴基斯坦，我們大幅增加了分銷管道。在印度尼西亞，由於一年中的主要任務是理順分銷商、利潤率和產品組合，所以工作量略有增加。

So that is, approximately, where we were with distribution and share gains in the region. I love the region. I lived so long in Singapore and in China, but it is still an area of really good growth for us. But it's not hyper growth like Asia. It's very solid, high single-digit growth, but not hyper growth, but very very good still.

以上大致就是我們在該地區的分銷和市佔率成長。我喜歡這個地區。我在新加坡和中國生活了很長一段時間，但對我們來說，那裡仍然是一個成長潛力巨大的地區。但它不像亞洲那樣是超高速成長。這是非常穩健的個位數成長，雖然不是超高速成長，但仍然非常非常好。

Thank you, that's really helpful. Then my follow-up question is, still on AMEA that is your highest margin region. Understand that's helped by the channel mix. But how much further room do you see to improve productivity in the margin, especially it seems like a lot of focus is on driving top-line and with the Indian consolidation being margin diluted and you mentioned continue to invest in [AMEA] being high, Indian being high growth, how should we think about the kind of medium term margin in the region?

謝謝，這真的很有幫助。那麼我的後續問題是，AMEA地區仍然是你們利潤最高的地區嗎？要知道，頻道混合有助於實現這一點。但是，您認為在利潤率方面還有多少提升空間？尤其是在目前看來，很多精力都放在了推動營收成長上，而印度市場的整合又稀釋了利潤率，您還提到要繼續在[AMEA]地區進行高額投資，而印度市場又是高成長地區，那麼我們應該如何看待該地區的中期利潤率呢？

There are the main opportunity to improve margin in our business is Europe and the US. We have pretty solid businesses in Asia, but like everywhere else, we can still improve the supply chain, by further automation of the factories, improving layouts, robotization, but a real focus in Asia and AMEA is growth and growth. Margin is for Europe and the US.

我們業務提高利潤率的主要機會在於歐洲和美國。我們在亞洲的業務相當穩健，但與其他地方一樣，我們仍然可以透過進一步實現工廠自動化、改進佈局、機器人化來改善供應鏈，但亞洲和中東、非洲地區的真正重點是成長和成長。利潤率適用於歐洲和美國。

David Hayes, Jefferies.

David Hayes，傑富瑞集團。

So two for me or two areas for me. I guess, just on the food voucher flag that you made in terms of the US, I wonder if you can quantify that at all, for the fourth quarter. And then should we think about that as a sort of three, four year dynamic that we take account of because I, as I understand it, there's kind of a fading of, these food vouchers over a longer period of time.

所以對我來說是兩個，或者兩個地區。我想，就你在美國製作的食品券旗幟而言，我想知道你是否可以量化第四季度的情況。那麼我們是否應該將此視為一種三到四年的動態變化，並將其考慮在內呢？因為據我了解，隨著時間的推移，這些食品券會逐漸減少。

And just in terms of the dynamics of it, is this certain states taking out ice cream products from what is eligible for the vouchers or is it just an indirect effect that people have got less spend generally in grocery channels and that's kind of knocking on to their purchase of ice cream.

就其動態而言，是某些州將冰淇淋產品從代金券適用範圍中移除，還是僅僅是人們在食品雜貨管道的整體支出減少，從而間接影響了他們購買冰淇淋？

And then the second area is on the freezer rollout. I wonder if you can quantify to what the freezer number went from and to, from the beginning to the end of the year. And it looks like when you look at the quality of the Indian subsidiary slides that's almost half of the extra freezers are going to be, based in India. Is that right? Or is that an additional number of freezers that we should look at once it's consolidated?

第二個方面是冷凍櫃的推廣。我想知道您能否量化一下，從年初到年末，冰箱裡的食物數量發生了怎樣的變化。從印度子公司的幻燈片品質來看，似乎新增的冷凍櫃將有近一半產自印度。是這樣嗎？或者，這是否意味著在整合完成後，我們應該再考慮增加一些冷凍櫃的數量？

And then just a point of clarification, still on freezers, just what you were saying before about the fourth quarter freezer review, it sounded like there's almost a sale and return dynamic in the fourth quarter which you see in other seasonal businesses that if you don't sell sun cream in certain retailers then they basically give the money back. It's a negative sales dynamic in the fourth quarter. Is that what goes on? Is that what you're saying happened a little bit, and then that just varies year by year in terms of the season, success?

還有一點需要澄清，還是關於冷凍櫃，就像你之前提到的第四季度冷凍櫃回顧一樣，聽起來第四季度似乎存在一種銷售和退貨的動態，就像其他季節性行業一樣，如果你在某些零售商那裡賣不出防曬霜，他們基本上就會把錢退給你。第四季銷售情勢不佳。事情就是這樣嗎？你的意思是說，這種情況偶爾會發生，然後每年都會根據賽季和成績而有所不同嗎？

Thanks so much.

非常感謝。

The most of the stuff last year went totally in line with what we had planned for and what we had worked to. This government shutdown, the main impact was not the delay of the listing, but was basically government employees not getting paid and food stamps, which basically fell out in November, which had an impact. On our business, but it actually came back in, at the end of December as I already mentioned. And, we got further momentum.

去年大部分事情都完全符合我們的計劃和努力方向。這次政府停擺，主要影響不是推遲了上市，而是政府僱員領不到工資，食品券也基本在 11 月停止發放，這造成了影響。關於我們的業務，但正如我之前提到的，它在 12 月底又恢復了。而且，我們獲得了更大的發展動力。

Approximately 6% to 8% of our turnover in the US, it comes from food stamps. It's, by the way, in every food category in the US, so this is an important channel for us, but it was temporary.

在美國，我們營業額的約 6% 到 8% 來自食品券。順便說一句，它在美國的每個食品類別中都有，所以這對我們來說是一個重要的管道，但這只是暫時的。

Then, when you look at the freezers, yes, indeed, India will be a core investment area, and we actually saw last year a couple of things. We were able to negotiate freezes better than we did in the past because we put a lot of focus on it, so we got more bang for our freezer back and invested more money behind freezers, and a large part of our new freezers, as we optimize them, go to the areas with higher returns.

然後，當你看到冷凍櫃時，是的，印度確實將是一個核心投資地區，而我們去年也確實看到了一些這樣的例子。由於我們非常重視冷凍設備，所以我們比以前更能有效地進行冷凍設備談判，從而獲得了更高的回報。我們在冷凍設備方面投入了更多資金，並且隨著我們對新冷凍設備的優化，很大一部分都投入了回報更高的領域。

And this is also logic, there are not that many new swimming pools in Germany, but there are many new outlets and regions in India, in Pakistan, still in Turkey that we can develop. But as in -- because you've seen it. In India, we have a sort of a cabinet for every 2 to 3,000 inhabitants, in Turkey for every 250.

這也是合乎邏輯的，德國沒有那麼多新的游泳池，但在印度、巴基斯坦，甚至土耳其，都有很多新的游泳池和地區可以開發。但就像——因為你已經看到了。在印度，平均每 2000 到 3000 人就有一個內閣；在土耳其，平均每 250 人就有一個內閣。

So as the market develops, these massive growth opportunities will take a large part of our cabinet. On your last question on these cabinets, actually, As I already said during one of the other questions, there are many geographies where we put cabinets in certain channels and pull them back. There's nothing new, but that is the sort of dynamic how we run these categories.

隨著市場的發展，這些巨大的成長機會將佔據我們內閣的很大一部分。關於你最後一個關於這些櫃子的問題，實際上，正如我在其他問題中已經說過的那樣，在很多地區，我們會把櫃子放在特定的通道裡，然後再把它們拉回來。沒有什麼新鮮事，但這正是我們管理這些類別的方式。

And I think some, indeed sunscreen businesses do that as well. You put your whole rack with all your sunscreens in, and at the end of the season, you take it out, and then you bring it back again in the season. You have to see it like that, but it's not all of our freezers, but it is a part of our freezers, and you want to do that because you want to start the year with a bang again.

而且我認為，有些防曬公司確實也會這樣做。你把所有防曬乳都放進架子裡，到了季末，你把它拿出來，然後在新季節再放回去。你必須這樣看待這個問題，但這不是我們所有的冷凍櫃，而是我們冷凍櫃的一部分，你想這樣做是因為你想在新的一年裡再次取得開門紅。

[Anton Predock from Bank of America].

[美國銀行的安東‧普雷多克]

One quick question for me. So on pricing for Europe in '26, please, I think you said you expected broadly flat price environment, but I mean we've got deflation into it that you pointed out, I mean what makes you confident you will not need some price fallback or reinvestments to remain competitive as you target volume growth there and ultimately Europe remains quite a competitive market on price. Thank you.

我有個問題想問一下。那麼關於 2026 年歐洲的定價，我想您說過您預計價格環境總體上會保持平穩，但我的意思是，正如您指出的，我們這裡存在通貨緊縮，我的意思是，是什麼讓您確信在以銷量增長為目標的情況下，不需要一些價格調整或再投資來保持競爭力，畢竟歐洲最終仍然是一個價格競爭相當激烈的市場。謝謝。

As I said before, this is a business where we believe in [volume-lab] competitive growth, and we have priced accordingly. At this moment in time, we feel that we are well placed in the European context, also analyzing the covers everybody has in the industry. And we do believe that we will still get a little bit of mixed growth in Europe as consumers everywhere.

正如我之前所說，我們相信[批量實驗室]競爭性成長，因此我們制定了相應的價格。目前，我們認為我們在歐洲市場中處於有利地位，同時也在分析業內各方所採取的策略。我們相信，隨著各地消費者的需求增加，歐洲市場仍將出現一些喜憂參半的成長。

I didn't get the [GLP] question yet, but as the consumers everywhere are going to more handheld juniors, more portion control, more premium products. So you get mixed, but we are price competitive and we do expect because the European market is actually quite a healthy market that there will also still be volume growth in the market. So a little bit of price, a little bit of mixed and continued volume growth.

我還沒收到關於 [GLP] 的問題，但隨著各地消費者越來越傾向於使用手持式兒童食品、注重份量控制、追求更高端的產品。所以情況比較複雜，但我們的價格具有競爭力，而且我們預計，由於歐洲市場實際上是一個非常健康的市場，因此市場銷售仍將保持成長。所以價格略有上漲，市場波動較大，但銷售量持續成長。

(Operator Instructions)

（操作說明）

Jeremy Kincaid, Van Lanschot Kempen.

傑里米·金凱德，範·蘭肖特·肯彭。

I'll have one, remaining one. Obviously, you closed, the deal with Indonesia and transferred that business, into your business clearly. However, I don't see any entry on the cash flow statement, there for an acquisition. Can you help me understand the dynamics, please? Thanks.

我還要一個，就剩下最後一個了。顯然，你已經完成了與印尼的交易，並將該業務轉移到了你的公司。然而，我在現金流量表中沒有看到任何收購相關的條目。你能幫我理解一下其中的原理嗎？謝謝。

No. This was just part of the overall demerger dividend that it does not go out from the cash flow. It was just a delayed transfer which happened for technical reasons one day after we became a listed company. So you will not also see in our cash flow the price -- or whatever we have paid for all the other markets, so you should look at Indonesia as just any other market just that the technical date of transfer was a day after we listed.

不。這只是整體分拆股息的一部分，不會從現金流中支出。這只是由於技術原因導致的延遲轉賬，發生在我們公司上市後的第二天。所以，您也不會在我們的現金流中看到價格——或者說我們為所有其他市場支付的價格，所以您應該把印尼市場看作是任何其他市場，只是技術上的轉讓日期是我們上市後的第二天。

Yeah. It's different than India and Portugal.

是的。這和印度、葡萄牙的情況不一樣。

Guillaume Delmas, UBS.

Guillaume Delmas，瑞銀集團。

Thank you very much. Good morning all. Main question is in the market growth because you anticipate another year of 3% to 4%. But would it be fair to assume that category growth this year should be more driven by volume mix rather than pricing, given what's happening on the, commodity cost front.

非常感謝。各位早安。主要問題在於市場成長，因為您預計未來一年成長率將達到 3% 至 4%。但考慮到大宗商品成本方面的情況，假設今年品類成長較多是由銷售組合而非價格驅動是否合理？

And therefore by extension, does it mean that for Magnum to comfortably reach the 3% to 5% organic sales growth in 2026, your volume growth would have to further improve compared to the 1.5% you've just achieved in 2025.

因此，由此推斷，Magnum要想在2026年輕鬆實現3%至5%的有機銷售成長，其銷量成長是否必須比2025年剛實現的1.5%進一步提高？

And then my second question, I mean just a quick point of clarification. Commodity cost wise, so you've signalled that we should have a contrasted picture between the first and the second half of '26. Just wondering if for the year as a whole you anticipate commodities to be a headwind or a tailwind? Thank you very much.

我的第二個問題，其實只是想快速澄清一下。從商品成本的角度來看，你已經表明我們應該看到 2026 年上半年和下半年截然不同的情況。想問一下，您預計今年大宗商品價格走勢對市場整體而言是利好還是不利？非常感謝。

On the growth, as a global business, we believe that the American market will have low volume, still good mix, as the glips drive also the or underlying premiumization trend further. A little bit of price, Europe will be still volume based on the historic trends and mix, and Asia and the rest of the world will be a combination of price and volume.

關於成長，作為一家全球性企業，我們認為美國市場銷售將較低，但產品組合仍然良好，因為小幅波動也會進一步推動潛在的高端化趨勢。價格方面會有一些影響，歐洲市場仍將以銷售為主，並遵循歷史趨勢和產品組合；而亞洲和世界其他地區則會是價格和銷售量共同作用的結果。

And actually we expect that the overall global mix, although built up a little bit differently than three years ago, will still be into the 3% to 4% growth. What you also get is that certain really fast growing markets. Like Brazil and like India, become a larger part of the global pie. So this 3% to 4% is pretty robust and we feel good about our 3% to 5%.

實際上，我們預計全球整體經濟結構雖然與三年前略有不同，但仍將維持 3% 至 4% 的成長。你還能從中看到一些成長速度非常快的市場。像巴西和印度一樣，在全球經濟蛋糕中佔據更大的份額。所以 3% 到 4% 這個數字相當穩健，我們對 3% 到 5% 的目標感到滿意。

And why do we feel good about that? Because we have a good geographic mix. Our portfolio is more premium and most of the accelerated growth is in premium segment of the market, handheld portion control premium. And, so in this way, we believe that again, it will be a three to five years. And that is the year and, our volume growth of 1.5%. It will be 1.5%, 2% this year, and we will think with a little bit of mixing pricing, we'll end up between the 3% and 5% again.

我們為什麼會對此感到高興呢？因為我們擁有良好的地域分佈。我們的產品組合更偏向高端，大部分加速成長都來自高端市場，即手持式定量控制高端產品。因此，我們認為，這種情況還需要三到五年。這就是我們這一年的發展歷程，我們的銷量成長了1.5%。今年利率將達到 1.5% 到 2%，我們認為透過一些混合定價策略，最終利率將再次回到 3% 到 5% 之間。

On commodities, maybe, good to clarify that, 2025 was just a very specific year where we had close to 9%, inflation on commodities. We expect that to be significantly lower, maybe in the low single-digit range this year. So there will be a little bit of headwind but not, anything near as much as we saw last year.

關於大宗商品，或許需要澄清一下，2025 年只是一個非常特殊的年份，那一年大宗商品通膨率接近 9%。我們預計今年的降幅會顯著降低，可能在個位數範圍內。所以會有一點逆風，但遠不及去年那麼大。

This concludes today's question-and-answer session. I'll now hand the call back to Peter ter Kulve for closing remarks.

今天的問答環節到此結束。現在我將把電話交還給彼得·特·庫爾夫，請他作總結發言。

Let me leave you with three messages. One, the ice cream market is healthy and resilient. It's partly the lipstick effect, but also increasingly GLP-1s that will help to premiumize the category, further premiumize the category.

最後，我想留給你們三句話。第一，冰淇淋市場健康且具韌性。部分原因是口紅效應，但越來越多的 GLP-1 類藥物也將有助於提升該品類的品質，進一步提升此品類的品質。

Two, over the last two years, we took EUR8 billion turnover out of Unilever and created a company with a hungry team, solid fundamentals, and good governance. Performance was in line with plan and strengthening. Market shares are really good. We had positive volumes everywhere and have a good grip on profitability, as shown this year, how we effectively dealt with this 380 bps cost spike. But in our thinking, it's still very much day one and I will keep it that way.

第二，在過去的兩年裡，我們從聯合利華手中奪取了 80 億歐元的營業額，並創建了一家擁有充滿幹勁的團隊、堅實的基礎和良好的公司治理的公司。業績符合計畫並有所提升。市場佔有率非常好。我們各方面的銷售都實現了正增長，並且盈利能力也得到了很好的控制，正如今年我們所展現的那樣，我們有效地應對了這 380 個基點的成本飆升。但在我們看來，現在仍然只是第一天，我也會一直這麼認為。

Thank you very much for being here today and look forward to catching up with many of you over the coming weeks and months. Bye-bye.

非常感謝各位今天能來，期待在接下來的幾週和幾個月裡與大家見面交流。再見。