The Magnum Ice Cream Company N.V. (MICC) 2026 Q2 法說會逐字稿

Good morning and welcome to the Magnum Ice Cream Company webcast for first-half 2026 results. My name is Rezia, and I will be your operator for today's call. Before we begin, please note that today's presentation is being recorded. (Operator Instructions)

早安，歡迎收看 Magnum 冰淇淋公司 2026 年上半年業績網路直播。我是 Rezia，將擔任今天電話會議的接線員。在開始之前，請注意今天的簡報將會錄音。（接線員指示）

With that, I'm pleased to turn the call over to Lloyd Midwinter, Head of Investor Relations. Lloyd, please go ahead.

接下來，我很高興把電話會議交給投資人關係主管 Lloyd Midwinter。Lloyd，請開始。

Hello, and welcome to the webcast for the H1 2026 results of the Magnum Ice Green Company. My name is Lloyd Midwinter, Head of Investor Relations. And I'm here with our CEO, Peter ter Kulve; and our CFO, Abhijit Bhattacharya. Our press release and this presentation are published on our Investor Relations website, where a replay and transcript to this webcast will also be made available.

各位好，歡迎收看 Magnum Ice Green Company 2026 年上半年業績網路直播。我是 Lloyd Midwinter，投資人關係主管。今天與我一同出席的有我們的執行長 Peter ter Kulve，以及財務長 Abhijit Bhattacharya。我們的新聞稿與本次簡報已發布於投資人關係網站；本次網路直播的重播與逐字稿也將於該網站提供。

Before we start, I would like to draw your attention to the cautionary statement regarding forward-looking statements and assumptions. This applies to the presentation and webcast, including the Q&A session.

在開始之前，我想提醒各位注意有關前瞻性陳述與假設的警示聲明。此聲明適用於本次簡報與網路直播內容，包括問答環節。

In a moment, Peter will share some key highlights on our business performance, showing how we are executing on our strategy. Abhijit will then run through our financial results and outlook. We will then be happy to address your questions. So, Peter, over to you.

稍後，Peter 將分享我們業務表現的幾項重點亮點，說明我們如何落實策略。接著 Abhijit 將帶各位回顧財務結果與展望。之後我們也很樂意回答各位的問題。那麼，Peter，交給你。

Good morning, everyone, and thank you for joining. Lloyd, it's nice to have you with us. Welcome to TMICC.

各位早安，感謝各位加入。Lloyd，很高興你與我們同在。歡迎來到 TMICC。

Let's start with the headline first. We delivered a solid first half. The ice cream category keeps growing and we outperformed it by achieving growth of 4.7%. Growth was balanced across volume and value, every region and each of our global brands. Importantly, our performance was driven by innovation and operational rigor, and this rigor meant we got off to a strong start for the summer season.

先從重點結論開始。我們交出穩健的上半年成績。冰淇淋品類持續成長，而我們以 4.7% 的成長率跑贏品類。成長在銷量與價值之間取得平衡，涵蓋各區域以及我們每一個全球品牌。重要的是，我們的表現由創新與營運紀律所驅動；而這份紀律也讓我們在夏季旺季一開始就有強勁的起步。

Disciplined execution of our productivity program delivered EUR90 million savings during the first half, helping us deliver underlying margin improvement and providing fuel for growth. Adjusted EBITDA increased to EUR880 million, 18.7% margin, and adjusted EBIT margin was 15.3%. 50 basis (technical difficulty).

我們以嚴謹的方式執行生產力計畫，上半年實現 9,000 萬歐元的節省，協助我們提升基礎利潤率，並為成長提供動能。調整後 EBITDA 提升至 8.8 億歐元，利潤率 18.7%，調整後 EBIT 利潤率為 15.3%。50 個基點（技術問題）。

Transformation remains on track for end of '27. Looking ahead, while we are clear-eyed on the wider external challenges, we are committed to our strategy. Confident in our ability to execute and reaffirm our full-year outlook.

轉型計畫仍按進度推進，目標於 2027 年底完成。展望未來，儘管我們對更廣泛的外部挑戰保持清醒認知，我們仍將堅定執行策略。我們對自身的執行能力充滿信心，並重申全年展望。

Before diving into the results of the first half, I want to take a step back and remind you of our vision and strategy. It's been almost a year since we presented this at our Capital Markets Day, and we're in the middle of our most important period of execution, when you can see impact in action.

在深入上半年業績之前，我想先退一步，提醒各位我們的願景與策略。距離我們在資本市場日提出這些內容已將近一年，而我們正處於最關鍵的執行期中，各位可以看到策略落地所帶來的實際影響。

Our vision for the Magnum Ice Cream Company 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. And we will do that by delivering our strategy to grow the ice cream market as category leader. We are executing against that strategy and today's results show that it is starting to work. I really do believe that life tastes better with ice cream.

Magnum 冰淇淋公司的願景很簡單。我們希望打造全球最受喜愛的冰淇淋，以擴大市場，並為股東與客戶建立高度具競爭力的零食事業。我們將透過落實策略，以品類領導者之姿推動冰淇淋市場成長。我們正依此策略執行，而今天的結果顯示它已開始奏效。我真心相信：有冰淇淋，人生更有滋味。

We have a simple but powerful value creation model that underpins our performance, strong brands and innovation that create desire and demand, execution rigor that converts demand into results, and the culture and structure that empowers our colleagues to act like owners.

我們有一個簡單但強而有力的價值創造模型作為績效基礎：以強勢品牌與創新創造渴望與需求；以嚴謹的執行把需求轉化為成果；並以文化與組織架構賦能同仁，讓大家以主人翁心態行事。

So on innovation, we will generate demand through building and activating our brands like the best in the beauty industry. Because, like beauty, ice cream is a marketing and innovation-led category, and we will leverage our unique capabilities and scale to create unmatched desire for our products.

在創新方面，我們將透過像美妝產業頂尖品牌那樣打造並啟動我們的品牌來創造需求。因為就像美妝一樣，冰淇淋是由行銷與創新驅動的品類；我們將運用獨特能力與規模，為產品創造無可匹敵的渴望。

Secondly, execution. Execution matters, especially in ice cream. We aim to have the rigor of our bottling and soft drink spears, getting the right product to the right place, at the right price, every time, at some length of desire.

第二是執行。執行很重要，尤其在冰淇淋業務更是如此。我們的目標是具備如同裝瓶與軟性飲料業務那樣的嚴謹度：每一次都能把對的產品，以對的價格，送到對的地方，在某種程度的渴望之下。

And lastly, an ownership culture. None of this is possible without the right culture. It is the hardest thing for people outside the company to see, but it is the most powerful change we have made in the past 24 months. We are creating a culture with clear accountability, a simple structure, and aligned incentives that empower, enables every colleague.

最後是主人翁文化。若沒有正確的文化，以上一切都不可能實現。這是公司外部人士最難看見的部分，但卻是我們在過去 24 個月所做出的最有力改變。我們正在打造一種文化：責任清晰、架構簡單、激勵一致，能夠賦權並使每一位同仁都能發揮。

Everyone at the Magnum Ice Cream Company is an owner, and everyone is here to sell ice cream. This model will enable us to deliver against our medium-term targets for growth and returns. We're off to a solid start.

在 Magnum 冰淇淋公司，每個人都是主人翁，每個人都在這裡賣冰淇淋。這個模型將使我們能夠達成中期的成長與報酬目標。我們已經有一個穩健的開局。

Now turning to our business performance during the first half. In the first half, we delivered EUR4.7 billion revenue, achieving organic sales growth of 4.7%. We balanced volume and value to outperform the global ice cream category with 2.5% volume and price up 2.2%.

接著談上半年的業務表現。上半年我們實現 47 億歐元營收，有機銷售成長 4.7%。我們在銷量與價值之間取得平衡，以 2.5% 的銷量成長與 2.2% 的價格提升，跑贏全球冰淇淋品類。

It's important to remember that this performance is against strong comparisons from the previous years. In the first half of 2025, we delivered organic sales growth of 5.8%. I'm proud of the team for delivering such a strong result. It shows our strategy is beginning to work.

需要記住的是，這項表現是在前幾年高基期比較下取得的。2025 年上半年，我們的有機銷售成長為 5.8%。我為團隊能交出如此強勁的成果感到自豪。這顯示我們的策略正開始奏效。

All three of our regions contributed to growth, with Europe and ANZ at 4.1%, America at 3.2%, and EMEA growing 7.6%. Our focus on operational rigor meant the key summer selling season got off to a strong start.

我們三大區域皆對成長有所貢獻：歐洲與 ANZ 成長 4.1%，美洲成長 3.2%，EMEA 成長 7.6%。我們對營運紀律的重視，讓關鍵的夏季銷售旺季有了強勁的起步。

We gained share in all regions, including the US, our biggest market, with EUR1.1 billion revenue for the first half. France and the UK were key growth drivers for Europe. EMEA was driven by double-digit growth for Turkey and Pakistan, as well as India, included from Q2.

我們在所有區域都提升了市占，包括我們最大的市場美國，上半年營收達 11 億歐元。法國與英國是歐洲成長的關鍵驅動力。EMEA 的成長則來自土耳其與巴基斯坦的雙位數成長，以及自第二季起納入的印度。

However, we also have some markets not yet achieving their full potential, which we see as future opportunity, and we are working with the local teams to get it right into the detail of the challenges and fix the issues. For example, in Italy, we are making progress with our sales and share stabilizing after taking action to address declines.

不過，我們也有一些市場尚未發揮全部潛力；我們將其視為未來機會，並正與當地團隊合作，深入釐清挑戰細節並修正問題。例如在義大利，我們在採取行動以因應下滑後，銷售與市占已逐步穩定，並取得進展。

We have also renewed our team in Brazil and are making structural changes to be ready for the next peak season. This deep market focus work will take time to show in our results, but we are focused on setting ourselves up for long-term success in those countries rather than quick fixes.

我們也更新了巴西的團隊，並進行結構性調整，以便為下一個旺季做好準備。這項深耕市場的工作需要時間才會反映在業績上，但我們更專注於在這些國家奠定長期成功的基礎，而非追求快速修補。

Our four leading brands, Magnum, Ben & Jerry's, Cornetto, and the Heartbrand continue to drive organic sales growth. Magnum delivered mid-single digit growth, driven by the successful launch of Magnum's Signature La Pistache, ranked as the top ice cream innovation in Europe, as well as La Peche Pombos in Europe, and ANZ, as well as Coles in multiple markets of Europe, ANZ, and EMEA.

我們四大領導品牌——Magnum、Ben & Jerry's、Cornetto 以及 Heartbrand——持續推動有機銷售成長。Magnum 交出中個位數成長，主要由 Magnum Signature La Pistache 的成功上市所帶動；該產品被評為歐洲第一名的冰淇淋創新；此外，La Peche Pombos 在歐洲與 ANZ 的表現，以及 Coles 在歐洲、ANZ 與 EMEA 多個市場的推進，也帶來助力。

Ben & Jerry's gained further momentum and grew mid-single-digits across the period, with performance accelerating to 9.2% in the second quarter for both the Americas and Europe ANZ, with the new sticks in the US and sandwich formats bringing new consumers to the brand.

Ben & Jerry's 在本期間進一步增強動能，整體實現中個位數成長；第二季在美洲與歐洲 ANZ 的表現加速至 9.2%，其中美國新推出的棒裝產品與三明治規格為品牌帶來了新消費者。

Stick and sandwich formats of Ben & Jerry are as popular as our other brands, maybe even more so. But it is an innovation for Ben and Jerry's, which customers are loving. It's allowing consumers on-the-go snacking with one of their favorite brands with their favorite flavors. And they are in sizes that resonate with consumers on GLP-1s.

Ben & Jerry 的棒裝與三明治規格和我們其他品牌一樣受歡迎，甚至可能更受歡迎。但對 Ben & Jerry's 而言，這是一項創新，顧客非常喜愛。它讓消費者能在外出時，以他們喜愛的品牌與口味進行零食式享用。而且其尺寸也符合使用 GLP-1 的消費者偏好。

Ben and Jerry's social reach and engagements continued to grow, and our Annual Free Cone Day was the most successful yet, with more than 1 million scoops shared with consumers. I also handed out scoops.

Ben & Jerry's 的社群觸及與互動持續成長，我們一年一度的免費甜筒日（Annual Free Cone Day）也創下歷來最成功紀錄，向消費者分享了超過 100 萬球冰淇淋。我也親自發了冰淇淋球。

Cornetto delivered low-single digit growth, following high-single digit growth last year, supported by the launch of Pistachio MAX in Europe and Turkey, and an improved windmill structure for its famous topping, as well as on-trend fruit sorbent variants in Europe, China, and selected Southeast Asian markets.

Cornetto 在去年高個位數成長之後，今年實現低個位數成長；成長動能來自歐洲與土耳其推出的 Pistachio MAX、其招牌配料所採用的改良風車結構，以及在歐洲、中國與部分東南亞市場推出、符合潮流的水果雪酪（sorbent）變體。

The Heartbrand delivered mid-single digit growth, driven by strong performance of Solero within the core range and newly introduced Solero Bonbons, as well as continued momentum of Volcanix in Europe and Turkey.

Heartbrand 實現中個位數成長，主要由核心產品線中 Solero 的強勁表現與新推出的 Solero Bonbons 帶動，此外 Volcanix 在歐洲與土耳其也延續成長動能。

Our core portfolio superiority was enhanced with the success of new range additions. New pint flavors for Ben & Jerry's included Strawberry Doughnut-eee and Churrifically Churros-y are within the top 10 of new ice cream products in the UK, Netherlands, and Germany.

隨著新系列的成功導入，我們核心產品組合的優勢進一步提升。Ben & Jerry's 的新款品脫口味包含 Strawberry Doughnut-eee 與 Churrifically Churros-y，已躋身英國、荷蘭與德國新冰淇淋產品前 10 名。

We're also taking our premium brands increasingly multi-format, expanding occasions. Magnum sandwiches and [bulk] counts launched strongly in Turkey. Ben & Jerry's sticks made up four of the top 10 super premium novelties in the US. And Ben & Jerry's sandwiches were the number one new impulse ice cream product in the UK.

我們也正讓高端品牌逐步走向多規格化，擴大消費情境。Magnum 三明治與[大包裝]數量裝在土耳其上市表現強勁。Ben & Jerry's 棒裝產品在美國超高端即食新品（super premium novelties）前 10 名中占了四席。而 Ben & Jerry's 三明治則是英國排名第一的新即食冰淇淋產品。

I have spent a significant part of my career in ice cream, and I cannot remember a time when this much innovation was successfully delivered into the market for Magnum and Ben & Jerry's.

我職涯中有相當長一段時間都在冰淇淋產業，我不記得曾有任何時期，Magnum 與 Ben & Jerry's 能如此成功地把這麼多創新推向市場。

We also continued to create our perfect portfolio with a clear offer across all price points. This included new launches for Popsicle in partnership with Hello Kitty and Bluey in the US, and reinventing quality walls to lead with a new improved dairy recipe in India. This is really important in India, the biggest dairy market in the world.

我們也持續打造完善的產品組合，在各個價位帶提供清晰的產品主張。這包括在美國與 Hello Kitty 與 Bluey 合作為 Popsicle 推出新品，以及在印度以改良的新乳製配方重新打造 Quality Walls、以品質領先。這在印度尤其重要，因為印度是全球最大的乳製品市場。

Our category expanding innovation continued with the launch of Yasso Pints in the US, delivering six quarters of double-digit growth and ice balls in Asia, or Hydro:ICE off to a good start in Iberia and the Benelux. Our increased speed and rhythm in innovation is delivering results. We can do more than just flavor renovations. Our frontline-first model and ownership culture is driving growth in all channels.

我們持續以擴大品類的創新推動成長，包括在美國推出 Yasso Pints，帶來連續六個季度的雙位數成長；在亞洲推出冰球（ice balls）；以及 Hydro:ICE 在伊比利亞與比荷盧地區（Benelux）有良好開局。我們加快且更有節奏的創新速度正在帶來成果。我們能做的不只是口味翻新。我們以前線優先（frontline-first）的模式與主人翁文化，正在推動所有通路的成長。

The at-home channel grew mid-single-digits, supported by improved service level, which enhanced availability. Growth was further supported by stronger in-store execution, driven by more frequent visits from our dedicated sales force and a greater focus on merchandising.

居家通路（at-home channel）實現中個位數成長，主要受惠於服務水準提升，進而改善供貨可得性。成長也進一步受惠於更強的店內執行力，這由我們專責銷售團隊更頻繁的拜訪與更聚焦於陳列（merchandising）所帶動。

In the US, we continue to rebuild our business in the value and club segments. Their away-from-home channel delivered mid-single digit growth, supported by continued expansion of our cabinet fleet in key markets, including India, Pakistan, China, and Mexico, sets us up for a better key summer season.

在美國，我們持續重建在平價與會員制量販（club）區隔的業務。其外出通路（away-from-home channel）實現中個位數成長，並在印度、巴基斯坦、中國與墨西哥等關鍵市場持續擴充我們的冷凍櫃（cabinet）機隊，為更好的關鍵夏季旺季做好準備。

Digital commerce maintained double-digit growth, driven by solid execution and supported by strong collaboration with key partners as well as improved digital assets.

數位商務維持雙位數成長，主要由穩健的執行力帶動，並受惠於與關鍵合作夥伴的緊密協作以及數位資產的改善。

Across regions, we see Decom driving category growth, and we are positioning ourselves as the category partner of choice for leading players in the space as we partner on marketing initiatives. It is one of the biggest long-term opportunities we see, with Decom changing consumption patterns in a way that can be structurally supportive to the ice cream category.

在各區域，我們看到 Decom 正在帶動品類成長；我們也透過共同推動行銷計畫，將自身定位為該領域領先業者首選的品類合作夥伴。這是我們所看到的最大長期機會之一，因為 Decom 正在改變消費型態，並可能在結構上對冰淇淋品類形成支撐。

I'm pleased with the disciplined execution driving our productivity program, which delivered EUR90 million of savings in the first half and remains on track to deliver the planned savings of EUR0.5 billion in the medium term. Savings in the first half included EUR70 million in the supply chain and EUR20 million from overhead.

我對以嚴謹執行推動的生產力計畫感到滿意；該計畫在上半年帶來 9,000 萬歐元的節省，並仍按計畫在中期達成 5 億歐元的既定節省目標。上半年的節省包括供應鏈 7,000 萬歐元，以及管理費用（overhead）2,000 萬歐元。

We continue to reduce waste, improve factory utilization, and de-bottleneck our supply chain, with a proportion of these savings being reinvested in growth. I was very pleased to see that we were able to increase market share during the last week in June when there was a heatwave. Only when you get operationally the thing really tight, you gain market share in heatwaves.

我們持續減少浪費、提升工廠稼動率，並為供應鏈去瓶頸，其中一部分節省將再投資於成長。我很高興看到，在 6 月最後一週出現熱浪時，我們仍能提升市占率。只有當營運真正做到非常緊密到位時，才能在熱浪期間取得市占。

Our acquisition in India and Portugal were completed on March 30, 2026, and April 1, respectively, and they are successfully integrated to our results.

我們在印度與葡萄牙的收購案分別於 2026 年 3 月 30 日與 4 月 1 日完成，並已成功納入我們的業績。

We have appointed six strategic partners as the backbone of our future technology stack, and we are building our systems, processes, and capabilities. We are now in the heavy lifting phase, and the team are doing a fantastic job. All TSA access planned for the first half of '26 were concluded on time, and we continue working to exit remaining TSAs by the end of '27.

我們已任命六家策略合作夥伴，作為未來技術堆疊（technology stack）的骨幹，並正在建置我們的系統、流程與能力。我們目前正處於繁重的落地階段（heavy lifting phase），團隊表現非常出色。所有原定於 26 年上半年取得的 TSA 存取權均按時完成，我們也持續推進，目標在 27 年底前退出剩餘的 TSA。

We'll now share more details on financial results, and I will hand over to Abhijit, our CFO, to take you through the numbers.

接下來我們將分享更多財務結果細節，我會把時間交給我們的 CFO Abhijit，帶各位看一下數字。

Thanks Peter and hello to everyone on the call. I'm pleased to share we delivered solid financial results for the first half of 2026, driven by organic sales growth of 4.7%, balance between volume and price.

謝謝 Peter，也向線上各位問好。我很高興分享，我們在 2026 年上半年交出穩健的財務成果，主要由 4.7% 的有機銷售成長所帶動，並在銷量與價格之間取得平衡。

Adjusted EBIT margin was 50 basis points higher than the same period last year and adjusted EBITDA increased from EUR853 million to EUR880 million, although adjusted EBITDA margin was impacted by TSAs and our acquisition in India. Free cash flow was EUR273 million, driven by working capital movements and higher EBIT.

調整後 EBIT 利潤率較去年同期高出 50 個基點，調整後 EBITDA 由 8.53 億歐元增至 8.80 億歐元；不過，調整後 EBITDA 利潤率受到 TSA 以及我們在印度的收購影響。自由現金流為 2.73 億歐元，主要由營運資金變動與較高的 EBIT 所帶動。

Based on this solid performance and looking ahead, we have reaffirmed our outlook for the full year. Revenue was EUR4.7 billion for the first half, up from EUR4.5 billion last year, with organic sales growth across all regions. This was achieved through a competitive balance of 2.5% volume growth and 2.2% price growth, building on a solid comparator of 5.8% from the first half of 2025.

基於這項穩健表現並展望未來，我們重申對全年展望不變。上半年營收為 47 億歐元，高於去年的 45 億歐元，且所有地區皆實現有機銷售成長。這是透過具競爭力的平衡所達成：銷量成長 2.5%、價格成長 2.2%，並建立在 2025 年上半年 5.8% 的穩健比較基期之上。

Reported revenue growth was 4.2%, including 2.3% favorable impact from acquisitions, and 2.7% adverse foreign currency translation effects. ForEx translation effects related mainly to the strengthening of the euro against key currencies, particularly the Turkish lira and the US dollar.

申報營收成長為 4.2%，其中包含收購帶來的 2.3% 正面影響，以及外幣換算帶來的 2.7% 負面影響。外匯換算影響主要與歐元兌主要貨幣走強有關，特別是兌土耳其里拉與美元。

Adjusted EBIT was EUR716 million, up from EUR666 million last year, and adjusted EBIT margin of 15.3% was 50 basis points higher than the first half of 2025, driven by improved gross margin resulting from productivity savings pricing, which was partly offset by cost inflation.

調整後 EBIT 為 7.16 億歐元，高於去年的 6.66 億歐元；調整後 EBIT 利潤率為 15.3%，較 2025 年上半年高出 50 個基點，主要由生產力節省與定價帶動的毛利率改善所驅動，但部分被成本通膨所抵銷。

Adjusted EBITDA was also up at EUR880 million, compared to EUR853 million in H1 2025. Adjusted EBITDA margin was 18.7% versus 19% last year, primarily impacted by TSAs of 70 basis points due to previously allocated depreciation charges, which are now charged as cash costs and minus 30 basis points due to the acquisition in India. We offset most of the headwinds, thanks to our productivity program and selected pricing actions.

經調整 EBITDA 亦上升至 8.80 億歐元，較 2025 年上半年之 8.53 億歐元增加。經調整 EBITDA 利潤率為 18.7%，相較去年 19%，主要受 TSAs 影響 70 個基點（因先前分攤之折舊費用現改以現金成本入帳），以及因印度收購案影響減少 30 個基點。我們透過生產力計畫與選擇性定價措施，抵銷了大部分逆風。

Now turning to our regions, Europe and ANZ delivered a solid performance with 4.1% organic sales growth and share gains in key markets. Growth was volume-driven, supported by innovation, better execution and favorable weather towards the end of the period.

接著看各區域表現，歐洲與澳紐（ANZ）表現穩健，有機銷售成長 4.1%，並在關鍵市場提升市占。成長主要由銷量帶動，並受創新、更佳執行力以及期末較有利的天候所支持。

France and the UK were the main growth drivers in the region, with France delivering double-digit growth and the UK posting mid-single digit growth. In Italy, we continued to execute our turnaround plan, stabilizing share and market share, following a prolonged period of decline.

法國與英國是該區主要成長動能，其中法國達到雙位數成長，英國則為中個位數成長。在義大利，我們持續推動轉型計畫，在經歷長期下滑後，已使份額與市占趨於穩定。

Magnum and Ben & Jerry's performed strongly, delivering high-single digit and mid-single digit growth, respectively, supported by new formats and flavors. According to Nielsen, our Magnum and Ben & Jerry's innovations, together with Volcanix, made-up six of the top 10 ice cream innovations in Europe for the first half of the year.

Magnum 與 Ben & Jerry's 表現強勁，分別實現高個位數與中個位數成長，受新包裝形式與新口味帶動。根據 Nielsen，我們的 Magnum 與 Ben & Jerry's 創新產品，加上 Volcanix，合計占據歐洲上半年十大冰淇淋創新中的六項。

Growth was also enabled by improved availability and on-shelf execution with key wins, including new listings. Adjusted EBIT margin improved by 100 basis points despite the 50 basis points headwind due to lower royalties from India. Strong gross margin delivery was partially offset by previously allocated depreciation charged as cash cost according to the TSAs, which adversely impacted adjusted EBITDA margin by 90 basis points.

成長亦受益於供貨可得性提升與貨架執行改善，並取得多項關鍵勝利，包括新增上架。儘管因印度權利金降低帶來 50 個基點逆風，經調整 EBIT 利潤率仍提升 100 個基點。強勁的毛利表現部分被 TSAs 下先前分攤之折舊改以現金成本入帳所抵銷，該因素使經調整 EBITDA 利潤率不利影響 90 個基點。

The Americas delivered organic sales growth of 3.2% and continued to gain market share in growth in the US and Mexico while executing our turnaround plan in Brazil, where the business remained in decline. Reported revenue was 1.1% lower than last year due to 4.1% adverse impact from ForEx translation.

美洲有機銷售成長 3.2%，並在美國與墨西哥持續提升市占；同時在巴西執行轉型計畫，但該業務仍處於下滑。由於外匯換算（ForEx translation）帶來 4.1% 的不利影響，申報營收較去年下降 1.1%。

In North America, growth was driven by our leading US brands, with Yasso and Popsicle continuing double-digit growth, and Ben & Jerry's outperforming the broader market, resulting in market share gains.

在北美，成長由我們領先的美國品牌帶動，Yasso 與 Popsicle 持續維持雙位數成長，而 Ben & Jerry's 表現優於整體市場，帶動市占提升。

Innovations continued to revitalize our US portfolio. Strategic partnerships, including with Hershey and Disney, supported growth across key brands, while Popsicle benefited from successful collaborations with Hello Kitty and Bluey.

創新持續為我們的美國產品組合注入新動能。與 Hershey、Disney 等策略夥伴的合作，支持關鍵品牌成長；同時 Popsicle 受惠於與 Hello Kitty 與 Bluey 的成功聯名合作。

Ben & Jerry's delivered strong growth, especially during the second quarter, supported by the launch of Stick and sandwich formats. These launches, plus Yasuo Pints, represented six of the top 10 ice cream innovations during the first half, according to Nielsen.

Ben & Jerry's 成長強勁，尤其在第二季，受 Stick 與三明治（sandwich）形式新品上市帶動。根據 Nielsen，這些上市加上 Yasuo Pints，合計占據上半年十大冰淇淋創新中的六項。

Adjusted EBIT margin improved 140 basis points due to carryover pricing effect from the second half of 2025, and savings from our productivity program, which more than offset increased distribution costs. Adjusted EBITDA margin improved 50 basis points driven by higher EBIT, partially offset by previously allocated depreciation, now charged as cash costs.

經調整 EBIT 利潤率提升 140 個基點，主要來自 2025 年下半年定價效應的延續，以及生產力計畫帶來的節省，且上述效益足以抵銷配送成本上升。經調整 EBITDA 利潤率提升 50 個基點，受較高 EBIT 帶動，但部分被先前分攤之折舊現改以現金成本入帳所抵銷。

AMEA continued to deliver strong growth with sales 7.6% higher.

AMEA 持續展現強勁成長，銷售提升 7.6%。

Turkey performed strongly with double-digit growth despite being impacted by measures imposed by the Turkish Competition Authority or TCA. These interim measures are focused on the use of cabinets in small retail outlets where no other freezer cabinet is directly accessible to consumers. 30% of our freezers need to be allocated to competing products or left empty. We are cooperating with the TCA to comply with the measures imposed.

土耳其表現強勁，儘管受到土耳其競爭管理局（TCA）所施行措施影響，仍達雙位數成長。這些臨時措施聚焦於小型零售通路的冰櫃使用情況，當消費者無法直接接觸其他冷凍櫃時，我們的冰櫃有 30% 必須分配給競品或保持空置。我們正與 TCA 合作，以遵循所施行的措施。

Elsewhere in the region, Pakistan continued double-digit momentum while Indonesia achieved mid-single-digit growth and significant share gains. India, which is included in the perimeter from the second quarter onwards, also delivered double-digit growth. Growth was moderated by China, which was impacted by unfavorable weather towards the end of the period.

該區其他市場方面，巴基斯坦延續雙位數動能；印尼達中個位數成長並顯著提升市占。自第二季起納入合併範圍的印度亦實現雙位數成長。中國因期末天候不利而拖累整體成長，使增速有所放緩。

The reported revenue increased 9%, including 6.8% favorable impact from our acquisition in India and 5.2% adverse ForEx translation effects. Growth was driven by innovations from our global brands, such as the Magnum Sandwich in Turkey and market-specific launches, including the Cornetto Multilayer Sticks.

申報營收成長 9%，其中包含印度收購案帶來 6.8% 的有利影響，以及外匯換算（ForEx translation）帶來 5.2% 的不利影響。成長由全球品牌創新帶動，例如土耳其的 Magnum Sandwich，以及因應各市場推出的產品，包括 Cornetto Multilayer Sticks。

This was underpinned by driving consumption occasions and expanding market penetration through festive activations, as well as joint business plans with retail partners, resulting in greater product availability and consumer reach.

此表現亦受推動更多消費情境、透過節慶活動擴大市場滲透，以及與零售夥伴共同制定商業計畫所支撐，進而提升產品可得性與消費者觸及。

Adjusted EBIT margin declined by 190 basis points due to significant external headwinds, including material cost inflation and measures imposed by the TCA as well as our acquisition in India. Material cost inflation had the most significant impact in AMEA during the first half, when compared to other regions due to the more lengthy supply chain, which means that cocoa consumption in the first half was done from purchases made at higher prices.

經調整 EBIT 利潤率下降 190 個基點，主因為顯著的外部逆風，包括原物料成本通膨、TCA 所施行措施，以及印度收購案影響。相較其他區域，AMEA 在上半年受原物料成本通膨影響最為顯著，原因在於供應鏈較長，導致上半年所消耗的可可係來自先前以較高價格採購的存貨。

These impacts were partly mitigated by selective pricing actions and disciplined execution of our cost management program. Adjusted EBITDA margin decreased by 270 basis points, also reflecting previously allocated depreciation charged as cash costs.

上述影響部分由選擇性定價措施與嚴謹執行成本管理計畫所緩解。經調整 EBITDA 利潤率下降 270 個基點，亦反映先前分攤之折舊改以現金成本入帳。

I'll now take you through the key margin developments compared to last year. Adjusted EBITDA margin increased 70 basis points for the first half, excluding the impact of 70 basis points related to TSAs with previously allocated depreciation now charged as cash cost and 30 basis points from our acquisition in India.

接下來我將說明相較去年之主要利潤率變動。若排除 TSAs 相關 70 個基點（先前分攤之折舊現改以現金成本入帳）以及印度收購案 30 個基點影響，經調整 EBITDA 利潤率於上半年提升 70 個基點。

Operationally, 190 basis points saving from our productivity program and 160 basis points from select pricing actions more than offset 200 basis points commodity and other supply chain cost inflation with 80 basis points in reinvestment and other costs, including advertising and promotion, TSA markup and double run costs.

在營運面，我們的生產力計畫帶來 190 個基點節省，加上選擇性定價措施貢獻 160 個基點，足以抵銷 200 個基點的大宗商品及其他供應鏈成本通膨，以及 80 個基點的再投資與其他成本（包括廣告與促銷、TSA 加成，以及雙重運行成本）。

Moving to cash flow, it's important to remember the company was a division of Unilever during the first half of 2025, and we are now a stand-alone company. Free cash flow was EUR273 million for the first half of 2026, up from EUR138 million last year, with a year-on-year increase primarily driven by favorable working capital movement and EBIT.

談到現金流時，需記得 2025 年上半年公司仍為聯合利華（Unilever）旗下事業部，而我們目前已成為獨立公司。2026 年上半年自由現金流為 2.73 億歐元，高於去年的 1.38 億歐元；年增主要由有利的營運資金變動與 EBIT 所帶動。

Interest cost was EUR80 million higher and tax charges EUR38 million lower, reflecting our standalone financing and operating structure for H1 2026 compared to operating as a division of Unilever with limited interest cost and allocated tax charges.

利息成本增加 8,000 萬歐元、稅費減少 3,800 萬歐元，反映我們在 2026 年上半年相較於作為聯合利華事業部（利息成本有限且稅費為分攤）時，已採用獨立的融資與營運架構。

Also, as already mentioned, previously allocated depreciation is now charged as cash cost, resulting in EUR24 million lower depreciation and amortization. Excluding the factors related to the separation from Unilever, comparable free cash flow for H1 2026 would have been EUR99 million, up from EUR72 million last year.

此外，如先前所述，先前分攤之折舊現改以現金成本入帳，導致折舊與攤銷減少 2,400 萬歐元。若排除與自聯合利華分拆相關因素，2026 年上半年可比自由現金流將為 9,900 萬歐元，高於去年的 7,200 萬歐元。

This was driven by higher EBIT, partly reinvested as additional CapEx with around 40% of CapEx for the first half related to freezer cabinets. The working capital movements were mainly related to the interim operating model with Unilever. Our net debt to adjusted EBITDA ratio was 2.5 times at the end of H1 in line with our capital allocation policy.

此表現由較高 EBIT 所帶動，部分以額外資本支出（CapEx）再投資，其中上半年約 40% 的 CapEx 與冷凍櫃（freezer cabinets）相關。營運資金變動主要與與聯合利華的過渡期營運模式有關。截至上半年末，我們的淨負債對經調整 EBITDA 比率為 2.5 倍，符合我們的資本配置政策。

We are mindful of continued uncertainty in the global environment and we are taking mitigating actions. Our focus is on executing our growth strategy and productivity program and we are reaffirming our full-year outlook. We expect organic sales growth to be between 3% and 5% and adjusted EBITDA margin to improve by 40 basis points to 60 basis points on a comparable perimeter basis with 2025.

我們留意到全球環境仍存在持續不確定性，並正採取緩解措施。我們的重點在於落實成長策略與生產力計畫，並重申我們對全年展望的看法。我們預期有機銷售成長介於3%至5%，且在以2025年為可比範圍（comparable perimeter）基礎下，調整後EBITDA利潤率將改善40至60個基點。

The reported improvement in adjusted EBITDA margin is expected to be between 0 basis point and 20 basis points, primarily due to the impact of our acquisition in India. For the full year, we expect adjusted items to be in line with previous estimates and the adjusted effective tax rate to be around 27%, excluding the impact of prior year tax settlements, which is at the upper end of our mid-term plan, while net finance cost is estimated to be around $160 million compared to the $180 million previously communicated.

按報告口徑，調整後EBITDA利潤率的改善預期介於0至20個基點，主要由於我們在印度的收購所帶來的影響。就全年而言，我們預期調整項目將與先前估計一致；調整後有效稅率約為27%（不含前一年度稅務和解的影響），位於我們中期計畫區間的上緣；同時，淨財務成本估計約為1.60億美元，較先前溝通的1.80億美元為低。

One housekeeping point. In Q3 2026, expected customer season-end returns will be accounted for in the same quarter as related sales rather than when the returns occurred. This mainly relates to Turkey and shifts a portion of revenue between the quarters, reducing Q3 and increasing Q4 by equal amounts.

有一點例行事項說明。自2026年第三季起，預期的客戶季末退貨將在與相關銷售同一季度入帳，而非在退貨實際發生時入帳。這主要與土耳其相關，會在季度間移轉部分營收，使第三季減少、第四季等額增加。

This has no impact on half-year, or full-year reported results. We have published comparable growth rates in the Appendix D of our press release to help with your modeling. And our capital allocation policy is unchanged. We will focus on delivering organic growth, productivity and cash.

這對半年度或全年已報告結果沒有影響。我們已在新聞稿的附錄D中公布可比成長率，以協助各位建模。我們的資本配置政策維持不變。我們將聚焦於實現有機成長、生產力與現金。

I will now hand back to Peter for a short summary before the Q&A session.

接下來我將把時間交回Peter，在問答環節前做一個簡短總結。

Thanks, Abhijit. Our solid performance for the first half of '26 was driven by innovation and operational rigor. We delivered 4.7% organic sales growth, balancing volume and value and EUR90 million productivity savings, resulting in underlying margin improvement.

謝謝你，Abhijit。我們在2026年上半年的穩健表現，來自創新與營運紀律。我們實現了4.7%的有機銷售成長，在銷量與價值之間取得平衡，並達成9,000萬歐元的生產力節省，帶動基礎利潤率改善。

Looking ahead, we are committed to our strategy, confident in our ability to execute and reaffirm our full-year outlook. Our key summer selling season got off to a strong start, and we look forward to sharing future updates.

展望未來，我們將堅定執行策略，對自身的執行能力充滿信心，並重申全年展望。我們關鍵的夏季銷售旺季開局強勁，並期待在未來與各位分享最新進展。

We'd now be happy to answer your questions. Please ask no more than two questions at one time so others can participate. And if you have further questions, please feel free to contact me and the Investor Relations team. The operator will now provide instructions and coordinate the Q&A session.

我們現在很樂意回答各位的問題。請每次最多提兩個問題，以便其他人也能參與。若您還有其他問題，也歡迎隨時聯繫我與投資人關係團隊。接下來由接線員提供指示並協調問答環節。

(Operator Instructions)

(接線員指示)

Warren Ackerman, Barclays.

Warren Ackerman，巴克萊。

So two for me. First one is just on the trading on the top line, obviously very strong in the quarter, but you do actually have a tougher comp in the third quarter on a two-year stack. I'm just wondering how much of that volume be we should move across to the third quarter. Maybe you can talk about the exit rate in July, given the heat wave. I assume it's being very strong. And maybe any updated market share how you're seeing, it looks like market share data what's happening on the 12-week data versus 52-week data just to really understand that piece would be helpful.

我有兩個問題。第一個是關於營收端的交易/銷售表現，本季顯然非常強勁，但第三季在兩年疊加（two-year stack）下的比較基期更具挑戰。我想了解其中有多少銷量可能會移轉到第三季。也許你們可以談談7月在熱浪影響下的期末走勢（exit rate）。我猜應該非常強勁。另外，若能更新一下你們看到的市占情況也會很有幫助；看起來市占數據在12週資料與52週資料之間的變化，想更清楚理解這一塊。

The second one actually is a little bit around emerging markets. So on this Turkey thing with the TCA, is there any risk that your super normal margins in Turkey actually need to come down now because you have to open up freezers to some of the competitors? And how do you feel about the margin dynamic between very high Turkey margins and very low margins in India and Brazil and the investment that you need to make?

第二個問題是關於新興市場。就土耳其這件事與TCA而言，你們在土耳其的超常態利潤率是否有風險需要下修，因為你們必須把冷凍櫃開放給部分競爭對手？以及你們如何看待土耳其非常高的利潤率，與印度、巴西非常低的利潤率之間的利潤動態，以及你們需要投入的投資？

Are we -- should we be expecting like a bit of a step down in rest of world margins and obviously, that's going to be offset by Europe and other places, but just -- is there an issue on Turkey and how do you feel about that versus India and Brazil?

我們是否——應該預期世界其他地區的利潤率會有些下滑？當然這會被歐洲與其他地區所抵消，但——土耳其是否有問題？以及相較於印度與巴西，你們對此有何看法？

The ice cream market is growing from strengths to strengths. We always expected that increased penetration and new occasions and increased distribution would drive emerging markets. We were not sure, but the trend towards portion control and calorie control is driving developed markets as well, most notable in the US. And all the hard work, stepping up execution and innovation is starting to pay off. We had share gains, nine out of 10 quarters over -- since we started, and we're innovation leader in the US and Europe.

冰淇淋市場正持續走強、愈來愈好。我們一直預期，新興市場將由更高的滲透率、新的消費情境以及更廣的鋪貨/通路覆蓋所驅動。我們原本不確定，但「份量控制」與「熱量控制」的趨勢也正在帶動已開發市場，最明顯的是美國。而所有的努力——提升執行力與創新——開始見到成效。自我們開始以來，我們在10個季度中有9個季度取得市占成長，並且在美國與歐洲是創新領導者。

Last year, we had a massive share tick-up, as you will remember. This year, we started a little bit weaker in a number of European countries, but we gained share in the US. We gained share in Europe overall, massive step-ups in some countries. And China still were a little bit weak, but we gained share. We gained massive shares in China. So all in all, we feel good about shares, but as expected, it's a competitive market, it's hard work, and it takes the best of us.

去年你也記得，我們的市占大幅跳升。今年在一些歐洲國家開局稍弱，但我們在美國取得市占成長。我們在歐洲整體也取得市占成長，部分國家有大幅提升。中國仍稍微偏弱，但我們也取得市占成長。我們在中國取得了大幅市占。總體而言，我們對市占表現感到良好；但如預期，這是競爭激烈的市場，需要辛勤努力，也需要我們拿出最佳表現。

When you look at -- the second question, one second. (multiple speakers)

至於——第二個問題，等一下。(多位講者)

Just on Turkey, it was just on the Turkey, this is on margins and what's going on.

就是關於土耳其——關於土耳其的利潤率以及目前的情況。

Yeah, good. A couple of years ago we had an investigation by the antitrust authorities, and we complied with all this investigation, but our shares kept on growing. We believe that one of the core strengths of the Turkish business is actually its innovation rates and the way they develop new brands and expand their portfolio. We now have to open up our cabinets in the small outlets. We fully comply with that, but we gained a little bit of share in hard discounters and e-commerce.

好的。幾年前我們曾遭反壟斷主管機關調查，我們全程配合該調查，但我們的市占仍持續成長。我們認為土耳其業務的核心優勢之一，在於其創新速度，以及他們開發新品牌並擴展產品組合的方式。現在我們必須在小型門店開放我們的冷凍櫃。我們會完全遵循規定，但我們在硬折扣通路與電商通路的市占略有提升。

Our Turkish business is extremely healthy. We believe it will go back over the full year to both volume and volume growth and continues at high value growth level. So we're in good space. Margins in Turkey indeed are very healthy. There is no reason why they should not stay healthy.

我們的土耳其業務非常健康。我們相信在全年層面，它將回到銷量與銷量成長，同時仍維持高價值成長的水準。所以我們處於良好狀態。土耳其的利潤率確實非常健康。沒有理由認為它不會維持健康。

We are very committed to our investments in India. Whilst we are building the business, the profitability will improve, but that's actually not the main thing. We need to build a stronger business. We need to grow very fast.

我們非常致力於在印度的投資。在我們打造業務的過程中，獲利能力會改善，但那其實不是最主要的重點。我們需要建立更強的業務。我們需要非常快速地成長。

In Brazil, we're in the middle of a turnaround. Yeah, it's going a little bit slower than I had hoped to, but these are all structural changes it will take. It's fine. Brazil is also not the largest country.

在巴西，我們正處於轉型的中段。是的，進度比我原本希望的稍慢一些，但這些都是結構性變革，需要時間。沒問題。巴西也不是最大的國家。

Did that sort of answer?

這樣算回答到嗎？

Yeah, it does. It does. I mean, on Brazil, are you able to tell us, Peter, how it did in the quarter just sequentially, just to understand that part as well?

有，有的。確實有。我的意思是，關於巴西，Peter，你能否告訴我們本季表現相較前一季（sequentially）如何？也想更了解那一部分。

Yeah, Brazil was still flattish. Slightly down, but we're now making structural changes to the portfolio packed price channel. Hopefully, next season the results will come through.

是的，巴西仍然相對持平。略有下滑，但我們現在正在對投資組合的包裝價格通路進行結構性調整。希望下個季節成果就會顯現。

Celine Pannuti, JP Morgan.

Celine Pannuti，摩根大通。

My first question is on the guidance. Obviously, right now on topline, H1 you came around the top end of your range. H2, as you said, you face slower, easier comp versus last year. And you mentioned that you are off to a strong start in the summer, and we can clearly see that the summer has been good so far in Europe. So first of all, am I right to expect you to be at the top end of the range? And why you don't want to qualify that in your outlook?

我的第一個問題是關於指引。顯然，就目前的營收而言，上半年你們落在區間的上緣附近。下半年，如你所說，將面臨較慢、較容易的同比基期。而你也提到夏季開局強勁，我們也清楚看到目前歐洲的夏季表現不錯。所以首先，我是否可以預期你們會落在區間上緣？以及為什麼你們不想在展望中對此作出更明確的說明？

And then my second question probably is related on the margin front, margin came better. I presume that better topline should translate as well in better operational profitability. And so, it looks to me that it's quite conservative now, the margin guidance of 0 basis point to 20 basis points. Could you take me through what are the incremental negative versus the [bips] in H1, and the potential upside from the operational benefit. Thank you.

第二個問題可能與毛利率相關，毛利率表現更好。我推測更好的營收也應該會轉化為更好的營運獲利能力。因此在我看來，目前0個基點到20個基點的毛利率指引似乎相當保守。你能否說明一下，相較於上半年（H1）的[bips]，有哪些新增的負面因素，以及來自營運效益的潛在上行空間？謝謝。

We have made good progress in H1. It's encouraging, but we still have half a year to go. Today, we affirmed our outlook to achieve 3% to 5%. We were in outlook in guidance in the first half, and we have said that we will improve EBITDA in line with guidance. We're committed to our strategy, and we're confident in our ability to execute.

我們在上半年取得了良好進展。這令人鼓舞，但我們仍有半年的時間要走。今天，我們重申達成3%到5%的展望。上半年我們的表現符合展望與指引，我們也表示將依照指引改善EBITDA。我們致力於我們的策略，並對自身的執行能力充滿信心。

Yeah, as we previously communicated, we expect improvement in H2. We still do. Yeah, we basically stay within the guidance.

是的，如我們先前所溝通，我們預期下半年會改善。我們仍然這麼認為。是的，我們基本上會維持在指引範圍內。

And maybe, Celine, just to add a bit on your question about the margin in the second half, it's important to know that we are 30 basis points behind at the end of the first half. So we have to actually -- to improve for the full year, we have to have a margin improvement in the second half. So that's why we still hold to our outlook for the year.

另外，Celine，補充你關於下半年毛利率的問題，重要的是要知道我們在上半年結束時落後30個基點。因此若要全年改善，我們必須在下半年實現毛利率改善。所以這就是我們仍維持全年展望的原因。

[Rolandov Guillermo, UBS].

[Rolandov Guillermo，瑞銀]。

Peter. Abhijit, and Lloyd, two questions for me as well. The first one is on your commodity cost outlook. I mean, to what extent it has changed since you last updated us at the end of April, since you know we've seen energy prices coming down? And looking at the back half, I mean, do you expect a net benefit, I mean, thanks to cocoa, or still like some headwinds? And if so, how will it compare to the 200 basis points adverse effect we saw in the first half? So that's my first question.

Peter。Abhijit，以及Lloyd，我也有兩個問題。第一個是關於你們的大宗商品成本展望。我的意思是，自從你們在4月底上次更新以來，這在多大程度上有所改變？因為我們看到能源價格正在下滑。再看下半年，你們是否預期會有淨利多，例如受惠於可可，還是仍然會有一些逆風？如果是逆風，那會如何與上半年我們看到的200個基點不利影響相比？這是我的第一個問題。

And then the second one, question on your Cornetto brand, out of the four leading brands, Cornetto is the one reporting a more muted organic sales question in that first half. Wondering what has been weighing on the brand's growth and what are your ambitions for Cornetto going forward? I would assume some nice acceleration. Thank you very much.

第二個問題是關於你們的Cornetto品牌。在四個領先品牌中，Cornetto是上半年有機銷售成長較為溫和的那一個。想請問是什麼因素拖累了該品牌的成長？以及你們對Cornetto未來的目標是什麼？我會假設會有不錯的加速成長。非常感謝。

As we have always -- also indicated at the beginning of the year, in the first half, we were basically still running with relatively high chocolate prices. They will be easing off in the second half of the year. We have TSAs in the first half of the year, which will reverse back in the second half of the year. Energy has gone up and down and then up again. Overall, we therefore stick with guidance and will deliver a modest profitability step-up in the second-half year.

正如我們一貫所說、也在年初指出，上半年我們基本上仍在承受相對較高的巧克力價格。下半年這些壓力將會緩解。我們在上半年有TSAs，將在下半年回轉。能源價格上上下下，然後又再上升。因此整體而言，我們維持指引，並將在下半年實現溫和的獲利能力提升。

Cornetto is very interesting. Cornetto is the leading cone brand in the world, whilst we not even sell cones in the US. The last two months in China were relatively weak. Weather was poor, shares were good, but that weighted all the Cornetto growth figures.

Cornetto很有意思。Cornetto是全球領先的甜筒品牌，儘管我們甚至沒有在美國銷售甜筒。中國最近兩個月相對疲弱。天氣不佳、市占表現不錯，但這些因素拖累了Cornetto的整體成長數據。

We actually have a really interesting innovation funneling code. We have premium cones, which we now do via Magnum, which is a massive 50% price up versus normal Cornetto cones. So we have now a good, better, best portfolio. We also branched out Cornetto into sandwiches and sticks, which helps drive the brand. It's all about creamy and crunchy. So yeah, it is a very successful global brand, but it's skewed towards Europe and Asia.

我們其實有一個非常有趣的創新管線。我們有高端甜筒，現在透過Magnum來做，相較一般Cornetto甜筒價格高出50%。因此我們現在有一個好、更好、最佳的產品組合。我們也把Cornetto延伸到三明治與棒狀產品，這有助於帶動品牌。核心就是濃郁與酥脆。所以，是的，這是一個非常成功的全球品牌，但銷售更偏向歐洲與亞洲。

Cornetto, by the way, is on fire in India, which is very good to see.

順帶一提，Cornetto在印度表現非常火熱，看到這點非常好。

Jeff Stent, BNP Paribas.

Jeff Stent，法國巴黎銀行。

Just a quick question. Could you just elaborate on what these changes to the treatment of customer returns? And also, that seems to impact pricing, which I can't quite get my mind around. If you could just help us understand that, that'd be great. Thank you.

我有個簡短問題。你能否再詳細說明一下，這些對客戶退貨處理方式的變更是什麼？另外，這似乎會影響定價，我有點難以理解。如果你能幫我們理解一下就太好了。謝謝。

Abhijit, can you take that?

Abhijit，你可以回答這個嗎？

Yeah, so typically what happens in Turkey is what we sell in partly in Q3 and in Q4, what remains unsold, we take back at the end of the year when we also redo our cabinets. Now in the past, those returns were all accounted for in Q4, and what we are doing now is we change that to account for it in Q3 partly and in Q4, so that the returns are accounted for matching with when the revenue is booked.

好的。通常在土耳其的情況是，我們在第三季與第四季賣出一部分產品，年底時對於未售出的部分，我們會在年底收回，同時也會重新整理我們的冰櫃。過去，這些退貨都在第四季入帳；現在我們改為部分在第三季、部分在第四季入帳，讓退貨的認列能與收入入帳的時間相匹配。

And then, of course, when you do that, it has a bit of effect on volume and a bit of effect on price. But for the half it has no impact at all, so it's just more to help you in modeling Q3 and Q4.

當然，這樣做會對銷量有一些影響，也會對價格有一些影響。但對上半年完全沒有影響，所以這主要是為了幫助你們在建模第三季與第四季時更好掌握。

So it's also the correct accounting treatment for this, exactly.

所以這也是正確的會計處理方式，沒錯。

Yeah, but how did you book a return when it's not been returned?

是的，但產品還沒被退回時，你們怎麼入帳退貨？

Sorry, I can't hear you, Jeff.

抱歉，Jeff，我聽不清楚。

I'm saying, how do you book a return when the product hasn't been returned? Are you making estimates of the returns in Q3?

我是說，產品尚未退回時，你們怎麼入帳退貨？你們是在第三季估計退貨金額嗎？

Yeah, it's a proficient.

是的，這是一項預提。

Yeah, exactly.

對，完全正確。

It's a proficient.

這是一項預提。

Robert Jan Vos, ABN AMRO and ODDO BHF.

Robert Jan Vos，荷蘭銀行（ABN AMRO）與ODDO BHF。

I have two questions as well. First one is on the Americas. Volumes were about flat in the second quarter, same as Q1. Can you provide some color on that? For example, in Q1, you said that volume growth was 1.8% in the US. I understand that Brazil is down still but maybe elaborate on how volumes developed in the US in the second quarter.

我也有兩個問題。第一個是關於美洲。第二季的銷量大致持平，與第一季相同。能否提供一些背景說明？例如，在第一季你提到美國的銷量成長為 1.8%。我理解巴西仍在下滑，但能否進一步說明第二季美國的銷量發展情況？

And my second question is on EMEA, and then particularly on China. You posted high single-digit organic sales growth in China in Q1, according to what you said at Q1. What was it in Q2, and was the direct purely weather, or did you also see some other impacts that held back growth in China? Those were my questions. Thank you.

第二個問題是關於 EMEA，特別是中國。根據你在第一季所說，你們在中國第一季錄得高個位數的有機銷售成長。那第二季是多少？下滑是否純粹因天氣因素，還是你們也看到其他影響，抑制了中國的成長？以上是我的問題。謝謝。

In the US, we see structural changes to the ice cream market. Historically, there's a lot of vanilla ice cream that is used as a topping on apple pie, they put it in soft drinks, they call it a float. That marketing market is declining and there is very strong growth in hand health, calorie control, portion control, and that is driving the American market.

在美國，我們看到冰淇淋市場出現結構性變化。過去有大量香草冰淇淋被用作蘋果派的配料，也會加到汽水裡，他們稱之為 float（冰淇淋汽水）。那個市場正在下滑，而手持式、健康、熱量控制、份量控制等方面則呈現非常強勁的成長，這正在帶動美國市場。

As you can imagine, this is really good for us because that is where we have the core strengths of our portfolio. And our 3.6% growth in the US is driven on the growth of handheld ice cream in America. So that is -- so you don't get a lot of volume, but you get a lot of pieces and pieces and price because handheld is more premium than buckets of ice cream.

如你所想，這對我們非常有利，因為那正是我們產品組合的核心優勢所在。我們在美國 3.6% 的成長，是由美國手持式冰淇淋的成長所驅動。所以就是——你不會看到很多「量」的增加，但你會看到很多「件數」以及價格的提升，因為手持式產品比桶裝冰淇淋更高端。

So the second question on China, I spent two weeks in China this year. Let me talk a little bit about what happened this year and the structural changes in China. We had a very good first quarter, and then the weather in May and June, especially in the East, where we are strong, was not very good, and that impacted sales.

至於第二個關於中國的問題，我今年在中國待了兩週。我先談談今年發生了什麼，以及中國的結構性變化。我們第一季表現非常好，但 5 月和 6 月的天氣，特別是在我們較強勢的東部地區，並不理想，這影響了銷售。

But structurally, you see something very interesting, that the growth in the convenience channel is leveling up, and there is a new channel called the snacking channel, which is growing like gangbusters, number of stores opened, growth of the channel. And we are pivoting our portfolio and sales approach to these channels.

但從結構面來看，你會看到一個很有意思的現象：便利通路的成長正在趨於平緩，同時出現了一個新通路，稱為「零食通路」，其成長非常迅猛，包含新開店數與通路成長。我們正在調整產品組合與銷售方式，以因應這些通路。

What you also see, which is very interesting, that the growth in tier one and tier two cities, the Chongqing, the Beijing, the Xi'an, is more muted and the growth in tier four, five cities is very strong and we're pivoting our machine more to lower-tier cities, and that's why we're still very confident and bullish on the potential of the Chinese market.

你也會看到另一個很有意思的現象：一線與二線城市（如重慶、北京、西安）的成長較為溫和，而四、五線城市的成長非常強勁。我們正把資源更多轉向低線城市；這也是為什麼我們對中國市場的潛力仍然非常有信心、也相當看多。

Maxim Stranatt, ING Bank.

Maxim Stranatt，ING 銀行。

Actually, one question on my side. So if we look at the improvement in the legislivity margin in H1, actually on a life-like basis, way above what you expect on the medium term. So could you elaborate on what actually went well in H1 and what do you believe are the challenges going forward?

其實我這邊有一個問題。如果我們看上半年利潤率的改善，實際上在可比基礎上，遠高於你們中期所預期的水準。能否說明一下上半年究竟哪些方面做得特別好？以及你認為未來面臨的挑戰是什麼？

Secondly, maybe moving on TSAs, could you maybe a bit elaborate on what has been done so far and what are the main building blocks that still need to be achieved. That would be all for me. Thank you.

第二個問題，關於 TSA（過渡服務協議），能否再多說一些目前已完成哪些工作，以及仍需達成的主要組成要素是什麼？我就這些。謝謝。

Yeah, if you look at the margin improvement in the first half, it's in line with what we had expected, primarily driven by the productivity program that is running a little bit from pricing, of course. So those are the two big drivers. We had some impact on energy prices, which are also in the first half. So it's not way above the midterm expectation. It's in line with what we had planned.

是的，如果你看上半年利潤率的改善，這與我們的預期一致，主要由生產力計畫所驅動，當然也有一點來自定價。所以這兩個是主要驅動因素。能源價格也帶來了一些影響，這也反映在上半年。所以並沒有遠高於中期預期。而是符合我們的規劃。

I think if you look at the TSAs, what we have exited so far has been most of the service TSAs, which Unilever was providing us. What is left to be done is to move out of the IT-related TSAs. So as we roll out our new IT stack from November and December onwards, we will then, on a country-by-country basis, start exiting from those TSAs as well, which will run until the end of next year.

至於 TSA，我們目前已退出的大多是由聯合利華為我們提供的服務類 TSA。剩下要做的是退出與 IT 相關的 TSA。因此，當我們從 11 月、12 月開始推出新的 IT 技術堆疊後，我們將按國家逐一開始退出這些 TSA；這些將持續到明年年底。

Bingqing Zhu, Rothschild & Co Redburn.

Bingqing Zhu，Rothschild & Co Redburn。

I have two. So the first one is about Indian. So you posted a double-digit growth in Indian in Q2. So that's the first period in the parameter. Can you unpack what drove that? I think your last quarter you mentioned some cabinet extension, quite a lot of cabinet extension in the market, shipped to dairy ice cream, price reset. And how sustainable is that pace? And what point do you think that Indian would become a meaningful contribution to the growth? That's my first question.

我有兩個問題。第一個是關於印度。你們在第二季於印度錄得雙位數成長。這是該期間的第一個數據點。能否拆解一下是什麼驅動了這個成長？我記得你們上季提到一些冰櫃（cabinet）擴張，市場上有相當多的冰櫃擴張、從植物脂肪轉為乳脂冰淇淋、以及價格重設。這樣的成長速度有多可持續？你認為印度何時會對整體成長做出有意義的貢獻？這是我的第一個問題。

And the second question, I want to ask about the US distribution. I think in the press release, you flagged reviewing the value in the club segments and also growing digital commerce. Can you give us an update on the progress in these channels? And again, when we might see a minimum contribution from these channels, channels, underrepresented channels in the US? So two questions there. Thank you.

第二個問題我想問美國的通路分銷。我看到你們在新聞稿中提到，正在檢視倉儲會員店（club）通路的價值，同時也在成長數位商務。能否更新一下這些通路的進展？以及我們何時可能看到這些通路——也就是在美國相對不足布局的通路——開始帶來至少最低限度的貢獻？以上兩個問題。謝謝。

Yeah, on India. We basically did the following thing. A, we built a new team. All the people now running the business are new, a new structure. We put more resources in it. So lots of work on organization. Then we changed pricing and we brought pricing more in line with core snacking price points. Our ice cream was a little bit overpriced.

好的，關於印度。我們基本上做了以下幾件事。第一，我們建立了一個新團隊。目前負責營運這個業務的人都是新的，組織架構也是新的。我們投入了更多資源。所以在組織面做了大量工作。接著我們調整了定價，讓價格更貼近核心零食的價格帶。我們的冰淇淋之前有點定價過高。

Then we moved from vegetable fat to dairy, which is very meaningful in an Indian context. We then doubled down on our premium brands, Cornetto, Magnum, and the Indian market is responding very well on that.

然後我們從植物脂肪改為乳脂，這在印度的情境下非常重要。接著我們加碼投入高端品牌 Cornetto、Magnum，而印度市場對此反應非常好。

And last but not least, we rebuilt our sales system. Historically, ice cream business was selling in industry cabinets at retailers, and we are turning it in a more turkey-like cabinet-driven model where we place cabinets, last year 50,000, this year 50,000. And we rebuilt our distributor base, put the sales reps in.

最後但同樣重要的是，我們重建了銷售系統。過去冰淇淋業務是在零售端銷售產業用冰櫃（industry cabinets），而我們正把它轉變為更像土耳其那樣、以冰櫃投放驅動的模式：我們投放冰櫃，去年 50,000 台，今年 50,000 台。同時我們重建了經銷商基礎，並配置了業務代表。

So wholesale chains of the Indian system, and it seems to be working. It's obviously also still a big investment. It's therefore a loss-making business, but that will improve as we get more scale and as we are building out our new factories in India.

也就是印度體系中的批發連鎖通路，而看起來確實奏效。當然這仍是一項重大投資。因此目前仍是虧損的業務，但隨著規模擴大，以及我們在印度建置新工廠的推進，情況將會改善。

What is the limit in India? I've said that earlier occasions we now have approximately 250,000 cabinets. I can imagine we have a million because ultimately, India will be the largest ice cream market in the world.

印度的上限是多少？我先前提過，我們目前大約有25萬台冰櫃。我可以想像我們會有100萬台，因為最終印度將成為全球最大的冰淇淋市場。

In the US, yeah, in Unilever, the business have pulled out largely out of club and rhe value channel. We are building value channel. We're building distribution. In certain accounts, we are back to our historic levels. Other accounts, we still have a little bit to go.

在美國，是的，在聯合利華，業務很大程度上已經退出了俱樂部通路和價值通路。我們正在建立價值通路。我們正在建立配送體系。在某些客戶上，我們已回到歷史水準。其他客戶方面，我們仍然還有一點路要走。

In clubs, we do a pretty decent job in Sam's. I would still like a broader portfolio in Costco, and we are working that with our account teams. Good progress, but we're not there yet. And over the coming years. That still is a good growth opportunity for us.

在俱樂部通路，我們在山姆會員店（Sam's）做得相當不錯。我仍希望在好市多（Costco）有更廣的產品組合，我們正與客戶團隊一起推進。進展良好，但我們還沒到位。而在未來幾年，這仍然是我們一個很好的成長機會。

Tom Sykes, Deutsche Bank.

Tom Sykes，德意志銀行。

I just had a couple of questions on pricing. So when do you start the pricing negotiations with major retailers for next year's selling, please?

我有幾個關於定價的問題。請問你們通常何時開始與主要零售商就明年銷售的價格進行談判？

And then on out-of-home, what's the difference in pricing power that you see in out of home versus large retailers? And do you see, I guess if cocoa falls, do you tend to hold on to that a little bit more in the product you sell to out of home versus the product that you sell to larger retailers? And I know it's early, but when we think about that selling for next year. I mean, are you expecting next year's grace to be a bit more volume-led than pricing-led, given what is likely at the moment to have happened to raw materials? Thank you.

另外，關於外食通路（out-of-home），你們看到外食通路相較大型零售商的定價能力有何差異？以及我想問，如果可可價格下跌，你們是否傾向於在外食通路銷售的產品上多保留一些（降價幅度較小），相較於賣給大型零售商的產品？我知道現在還早，但當我們思考明年的銷售時，我的意思是，考量目前原物料可能發生的變化，你們是否預期明年的成長會更偏向由銷量帶動，而非由價格帶動？謝謝。

Yeah, basically, we start discussing our full portfolio plans and marketing plans with retailers in September. So that is where we evaluate the season before, take the learnings. And these are also learnings on stocks and out of stocks, portfolio, what worked and not worked. And we mostly concluded at the beginning of the year after. I expect that it will be this year, the same as it was last year.

是的，基本上我們在9月就開始與零售商討論我們完整的產品組合規劃與行銷計畫。因此我們會在那時回顧上一季、汲取經驗。這些也包括庫存與缺貨、產品組合、哪些有效、哪些無效等方面的學習。而我們多半會在隔年年初完成（定案）。我預期今年會和去年一樣。

The pricing strategies in out-of-home and in-home are a little bit differently. In out-of-home, you mainly price versus broader snacking price points. So you want to be in line with the bottle of Coke, the bag of chips, the bar of chocolate, and that drives out-of-home pricing.

外食通路與居家通路（in-home）的定價策略有些不同。在外食通路，你主要是對標更廣泛的零食價格帶來定價。所以你希望與一瓶可樂、一包洋芋片、一條巧克力的價格保持一致，而這會驅動外食通路的定價。

Obviously a very fragmented channel where we have 3 million cabinets. The pricing power of the individual retailers is a little bit lower, but you still want to be in pants of consumer acceptance. And as you know, this business is volume-driven. We now have eight quarters of volume growth. This is also what we like because it drives the economics of the business. But that is the out-of-home pricing.

顯然這是一個非常分散的通路，我們有300萬台冰櫃。單一零售商的定價能力相對較低，但你仍希望價格落在消費者可接受的範圍內。而如你所知，這門生意是由銷量驅動的。我們現在已經連續八個季度實現銷量成長。這也是我們喜歡的，因為它能推動這門生意的經濟效益。但這就是外食通路的定價。

In-home pricing, we have strategic pricing brands versus competitive products versus retailer-owned brands, and we stay very disciplined to that.

在居家通路的定價上，我們會針對策略性定價品牌，對標競品以及零售商自有品牌，並且我們在這方面保持非常嚴謹的紀律。

Jeremy Kincaid, VLK.

Jeremy Kincaid，VLK。

I'll make it quick. Just with your organic growth, it was positive on the volume side and the price side for all of your regions except for organic price growth within Europe, which was negative. I was just hoping if you could talk to that a little bit more.

我簡短問一下。就你們的有機成長而言，除了歐洲的有機價格成長為負之外，你們所有地區在銷量面與價格面都是正成長。我希望你們能多談談這點。

And then my second question was on your innovation rate. It's clearly very high at the moment. I'm just wondering if you have any measure of how much growth those new products contributed to your bottom line or even your organic growth this quarter. And do you think this rate of innovation is required going forward?

第二個問題是關於你們的創新率。目前顯然非常高。我想知道你們是否有任何衡量方式，能看出這些新產品對你們的獲利（bottom line）或甚至本季的有機成長貢獻了多少。以及你們認為未來是否仍需要維持這樣的創新速度？

Yeah, clearly, innovation is one of our core growth drivers. We said that there is one -- the most important thing is that your core products are better than the same likewise products or competition. So there's always a lot of renovation to keep quality. Then we expand. We look country-by-country. What are the formats? What are the price points? Do we have a good portfolio fill in?

是的，顯然創新是我們核心的成長驅動因素之一。我們說過，有一件——最重要的事情是，你的核心產品要比同類產品或競品更好。因此我們總是會做很多產品翻新（renovation）以維持品質。接著我們再擴張。我們會逐國檢視。有哪些規格／形式（formats）？有哪些價格帶？我們的產品組合是否有良好的補齊？

Then we have this strategy of taking the core brands in different formats to address different occasions. And last but not least, we address new benefits. We believe this is 40% of our growth of the business is driven by innovation. So clearly very important and we have created an engine that we can deliver this year on year, hopefully every year a little bit better, but time will tell.

然後我們有一個策略：把核心品牌以不同形式推出，以滿足不同的消費情境。最後但同樣重要的是，我們會提供新的利益點（benefits）。我們相信，這門生意約40%的成長是由創新所驅動。所以這非常重要，而我們也打造了一個引擎，能夠年復一年地交付成果，希望每年都能更好一點，但時間會證明一切。

On pricing in Europe, we are a volume-led growth business, so we are very focused on getting our pricing right. It's a little bit up, it's a little bit down, it's dynamic. As you know, we were very proud that also last year we grow volume even in the chocolate segment. For me, it's a sign that we're quick on the wheel dealing with pricing issues. To keep the volume growing, we'll continue to do that.

關於歐洲的定價，我們是一個以銷量帶動成長的業務，所以我們非常專注把定價做對。有時略升、有時略降，是動態的。如你所知，我們也很自豪，去年即使在巧克力品類我們也實現了銷量成長。對我而言，這表示我們在處理定價議題時反應很快、掌握得當。為了維持銷量成長，我們會持續這麼做。

Okay, so that's it for the questions. Thank you very much to everyone for joining the call. If you do have follow-up questions, please get in touch with Investor Relations, and we'll be happy to help.

好的，以上就是所有問題。非常感謝各位參與本次電話會議。如果你們有後續問題，請聯繫投資人關係部門，我們很樂意協助。

This concludes today's conference call. Thank you all for participating. You may now disconnect your line. Thank you, and have a good rest of your day.

今天的電話會議到此結束。感謝各位的參與。你們現在可以掛斷電話。謝謝，祝各位今天剩餘時間愉快。