McCormick & Company Inc (MKC) 2025 Q2 法說會逐字稿

Good morning. This is Faten Freiha, VP of Investor Relations. Thank you for joining today's second quarter earnings call. To accompany this call, we've posted a set of slides on our IR website, ir.mccormick.com. With me this morning are Brendan Foley, Chairman, President, and CEO; and Marcus Gabriel, Executive Vice President and CFO.

早安.我是法登‧弗雷哈 (Faten Freiha)，投資者關係副總裁。感謝您參加今天的第二季財報電話會議。為了配合此次電話會議，我們在投資者關係網站 ir.mccormick.com 上發布了一系列幻燈片。今天上午，與我一同出席會議的還有董事長、總裁兼執行長 Brendan Foley 和執行副總裁兼財務長 Marcus Gabriel。

During this call, we will refer to certain non-GAAP financial measures. The nature of those non-GAAP financial measures and the related reconciliations to the GAAP results are included in this morning's press release and slides. In our comments, certain percentages are rounded. Please refer to our presentation for complete information. Today's presentation contains projections and other forward-looking statements.

在本次電話會議中，我們將參考某些非公認會計準則財務指標。這些非公認會計準則財務指標的性質以及與公認會計準則結果的相關對帳已包含在今天早上的新聞稿和幻燈片中。在我們的評論中，某些百分比是四捨五入的。請參閱我們的簡報以獲取完整資訊。今天的簡報包含預測和其他前瞻性陳述。

Actual results could differ materially from those projected. The company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or other factors. Please refer to our forward-looking statements on slide 2 for more information.

實際結果可能與預測結果有重大差異。無論是由於新資訊、未來事件或其他因素，本公司均不承擔更新或公開修改任何前瞻性聲明的義務。請參閱投影片 2 上的前瞻性陳述以了解更多資訊。

I will now turn the discussion over to Brendan.

現在我將討論交給布倫丹。

Good morning, everyone, and thank you for joining us. We are pleased with our second-quarter performance and the progress we made year-to-date to continue to advance our leadership and differentiation. By focusing on the levers within our control, we are delivering profitable volume-led growth by investing in our brands, expanding distribution, driving innovation, and increasing operational efficiencies. McCormick remains a growth-oriented company with robust plans that leverage the demand for flavor and the strength of our brands. As consumer preferences evolve, we continue to execute on our proven strategies in alignment with consumer trends and with speed and agility to capture the demand for flavor and value across all occasions and channels.

大家早安，感謝大家的收看。我們對第二季的業績以及今年迄今的進展感到滿意，這將繼續提升我們的領導地位和差異化優勢。透過專注於我們控制範圍內的槓桿，我們透過投資我們的品牌、擴大分銷、推動創新和提高營運效率實現了盈利性的成長。McCormick 仍然是一家以成長為導向的公司，擁有強大的計劃，可以利用市場對口味的需求和我們品牌的優勢。隨著消費者偏好的演變，我們將繼續根據消費者趨勢執行行之有效的策略，以速度和靈活性滿足所有場合和管道對口味和價值的需求。

Our results continue to demonstrate the success of our prioritized investments in the areas that we believe will continue to drive the most value and sustain our momentum for the remainder of 2025 and beyond. This morning, I will begin my remarks with an overview of our second-quarter results, focusing mostly on top-line drivers. Next, I will review how McCormick is positioned relative to an evolving consumer landscape, including our view on tariffs. Then I will highlight some areas of success and the areas we continue to work on as well as our growth plans.

我們的業績繼續證明，我們在那些我們認為將繼續創造最大價值並在 2025 年剩餘時間及以後保持發展勢頭的領域的優先投資取得了成功。今天上午，我將首先概述我們的第二季業績，主要關注營收驅動因素。接下來，我將回顧 McCormick 在不斷變化的消費者格局中的定位，包括我們對關稅的看法。然後我將重點介紹一些成功的領域和我們繼續努力的領域以及我們的成長計劃。

Marcos will then go into more depth on the second-quarter results as well as review our 2025 outlook, including a discussion of our tariff exposure and mitigation plans. And finally, before your questions, I will have some closing comments.

隨後，馬可斯將更深入地介紹第二季的業績，並回顧我們的 2025 年展望，包括討論我們的關稅風險和緩解計劃。最後，在你們提問之前，我想說幾句結束語。

Turning now to our results on slide 4. In the second quarter, total organic sales increased by 2%, primarily driven by volume growth, in line with our expectations. Volume growth of more than 3% in the Consumer segment was partially offset by declines in Flavor Solutions as expected. This was primarily driven by overall softness in customer volumes in packaged food and EMEA quick service restaurants, or QSRs. Although customer demand in parts of our flavor Solutions business remains pressured, we are performing better than the trends as we continue to benefit from pockets of growth, from emerging brands, and health-driven categories, which are expected to continue to moderate these declines.

現在就來看看投影片 4 上的結果。第二季度，總有機銷售額成長 2%，主要受銷售成長推動，符合我們的預期。如預期，消費品部門的銷售成長超過 3%，但被調味品解決方案部門的銷售下滑部分抵銷。這主要是由於包裝食品和 EMEA 快餐店（QSR）的顧客數量整體疲軟所致。儘管我們部分風味解決方案業務的客戶需求仍然面臨壓力，但我們的表現優於趨勢，因為我們繼續受益於成長領域、新興品牌和健康驅動類別，預計這些成長將繼續緩和這些下滑趨勢。

In Global Consumer, organic sales growth was volume led across all three regions, demonstrating continued momentum across key markets. This sustained volume growth is supported by investments across our core categories, including innovative brand marketing, accelerated innovation aligned with consumer trends, expanded distribution, and robust category management initiatives. In the Americas, we drove volume growth and share gains across core categories.

在全球消費品領域，三個地區的有機銷售額成長均由銷售主導，顯示主要市場持續保持成長動能。這項持續的銷售成長得益於我們對核心類別的投資，包括創新品牌行銷、順應消費者趨勢的加速創新、擴大分銷以及強有力的類別管理舉措。在美洲，我們推動了核心類別的銷售成長和份額成長。

In EMEA, our results reflect select pricing actions to cover rising commodity costs and continued solid volume momentum. In Asia Pacific, our business in China continues to gradually recover, in line with our expectations.

在歐洲、中東和非洲地區，我們的業績反映了選擇性定價行動以彌補不斷上漲的商品成本和持續強勁的銷售勢頭。在亞太地區，我們在中國的業務持續逐步復甦，符合我們的預期。

Let me now share our current view on the state of the consumer and provide our perspective on where tariffs currently stand. Although the environment remains challenged, consumers continue to show resilience across our key markets. They are adapting to economic pressures by adjusting how they shop, making more frequent trips with fewer units per basket, choosing larger pack sizes to stretch their budgets, and increasingly using leftovers.

現在，讓我分享一下我們對消費者狀況的當前看法，並提供我們對當前關稅狀況的看法。儘管環境依然充滿挑戰，但我們主要市場的消費者仍然表現出韌性。他們透過調整購物方式來適應經濟壓力，增加購物次數，減少每次購物的商品數量，選擇更大包裝以節省預算，並更多地利用剩餘商品。

Importantly, they continue to spend and not compromise on flavor. What's most notable is the continued conversions of two enduring trends, value-seeking behavior and a heightened focus on health and wellness. Consumers are cooking at home more. 86% of meal occasions are sourced at home, which remains above pre-pandemic levels. This shift supports demand for flavorful, fresh, and healthy meals that offer both value and health benefits. This is where McCormick plays a critical role. We're not competing for calories. We're flavoring them.

重要的是，他們繼續花錢，並且不會在口味上妥協。最值得注意的是兩種持久趨勢的持續轉變，即追求價值的行為和對健康和保健的高度關注。消費者在家煮飯的現象增多，86%的用餐時間都在家中，這一比例仍高於疫情前的水準。這種轉變滿足了人們對既有價值又有益於健康的美味、新鮮和健康食品的需求。這正是麥考密克發揮關鍵作用的地方。我們不是在爭奪卡路里。我們正在給它們調味。

Our portfolio helps consumers bring creativity and enjoyment to the meals they're already preparing and aligned with how people are eating today, whether it's spices and seasonings, sauces or condiments. We enable better, more flavorful meals without adding complexity or cost. With our broad global reach, strong local brands, ongoing innovation and strategic pricing, we're confident that we are well positioned to meet the needs of consumers and continue to deliver value through flavor.

我們的產品組合可幫助消費者為他們正在準備的餐點帶來創造力和樂趣，並與人們當今的飲食方式保持一致，無論是香料和調味品、醬汁還是調味品。我們可以提供更好、更美味的飯菜，而無需增加複雜性或成本。憑藉我們廣泛的全球影響力、強大的本地品牌、持續的創新和策略定價，我們相信我們完全有能力滿足消費者的需求，並繼續透過風味提供價值。

Before I discuss highlights for the quarter, I'd like to provide a high-level perspective on the current global trade environment and the actions we're taking to manage our business. The global trade environment is increasing the cost of agricultural ingredients we source from outside the United States, which is impacting our cost of sales. We have numerous levers to manage this impact, which is enabling us to maintain our volume-led top-line growth and operating profit outlook for 2025, inclusive of tariffs.

在討論本季的亮點之前，我想先從高層次的角度介紹一下當前的全球貿易環境以及我們為管理業務而採取的行動。全球貿易環境正在增加我們從美國以外購買的農業原料的成本，這影響了我們的銷售成本。我們有許多手段來應對這種影響，這使我們能夠保持以銷量為主導的營收成長和 2025 年營業利潤前景（包括關稅）。

First, it's important to recognize that we have a global manufacturing footprint designed so that products sold within a region are made locally within that region. Therefore, our tariff exposure is primarily through importing agricultural raw materials, many of which can't be grown or are not commercially available in the United States.

首先，重要的是要認識到我們擁有全球製造足跡，因此在某個地區銷售的產品是在該地區本地生產的。因此，我們的關稅風險主要來自進口農業原料，其中許多原材料在美國無法種植或無法商業化取得。

Our competitors are facing similar challenges. Earlier this year, we formed a cross-functional team dedicated to monitoring trade policy developments and implementing mitigating actions that position us well for both the short term and long term. As a result, we are executing on plans to offset these costs through sourcing plans supported by advanced analytics, including alternative sourcing locations for certain raw materials and cost savings and operational efficiencies across the P&L.

我們的競爭對手也面臨類似的挑戰。今年早些時候，我們成立了一個跨職能團隊，致力於監控貿易政策發展並實施緩解措施，為我們在短期和長期內做好準備。因此，我們正在執行計劃，透過高級分析支援的採購計劃來抵消這些成本，包括某些原材料的替代採購地點以及整個損益表的成本節約和營運效率。

Additionally, we are collaborating with our customers to implement surgical and strategic pricing while also maintaining our volume momentum. Overall, our manufacturing location strategy, resilient supply chain, global sourcing capabilities collaborative efforts across the organization, and the strength of our brands continue to be a competitive advantage, enabling us to mitigate our costs and maintain our business momentum.

此外，我們正在與客戶合作實施外科手術和策略定價，同時保持我們的銷售成長動能。總體而言，我們的製造地點策略、有彈性的供應鏈、全球採購能力、整個組織的協作努力以及我們品牌的實力繼續成為我們的競爭優勢，使我們能夠降低成本並保持業務發展勢頭。

Let's move to slide 5, and let me highlight for the quarter, some of the key areas of success. Across our Global Consumer segment, we continue to successfully execute on our plans and have driven share gains across our core categories in key markets for the last three quarters. Globally, McCormick branded unit consumption continues to outpace edible categories, center store and (inaudible) growth in the US as well as fast-moving consumer goods growth in EMEA and Asia Pacific.

讓我們轉到第 5 張投影片，讓我重點介紹本季的一些關鍵成功領域。在我們的全球消費者部門，我們繼續成功執行我們的計劃，並在過去三個季度中推動了主要市場核心類別的份額成長。在全球範圍內，McCormick 品牌的單位消費量持續超過美國的食品類別、中心商店和（聽不清楚）的成長以及 EMEA 和亞太地區的快速消費品的成長。

Let me provide some color on the categories globally, starting with spices and seasonings. We drove strong volume growth across all regions, leading to volume share across the Americas and EMEA. In the US, volume growth continues to outpace private label for the fourth consecutive quarter. In Canada, we continue to grow overall share. And in Poland, share gains in spices and seasonings are contributing meaningfully to EMEA's gains. In recipe mixes, we continue to drive unit volume and dollar growth in the Americas. In Canada, with the strength of our local brands and continued investments, we drove dollar unit and volume share gains.

讓我對全球的類別進行一些介紹，首先從香料和調味品開始。我們推動了所有地區的銷售強勁成長，從而提高了美洲和歐洲、中東和非洲地區的銷售份額。在美國，銷售成長連續第四個季度超過自有品牌。在加拿大，我們的整體份額持續成長。在波蘭，香料和調味品的市場份額成長對歐洲、中東和非洲地區的成長做出了重大貢獻。在配方混合物方面，我們繼續推動美洲的單位銷售和美元成長。在加拿大，憑藉本土品牌的實力和持續的投資，我們推動了美元單位和銷售份額的成長。

We have plans in place to continue to drive category growth across all of our regions, most notably in the UK as we continue to expand distribution.

我們已製定計劃，繼續推動所有地區的品類成長，尤其是在英國，我們將繼續擴大分銷。

In Mustard, we are pleased to see that our plans are continuing to drive great results. In the second quarter, similar to the first quarter, we drove dollar unit and volume share gains in the Americas. In EMEA, we drove unit and dollar share gains in Mustard. In hot sauce, we are achieving strong results. In the US, we drove unit and volume share gains, reflecting significant progress. Continued distribution gains as well as investments in differentiated brand marketing and innovation continue to fuel our performance.

在 Mustard，我們很高興地看到我們的計劃正在繼續取得巨大的成果。第二季度，與第一季類似，我們推動了美洲地區美元單位和銷售份額的成長。在歐洲、中東和非洲地區，我們推動了芥末醬的單位銷售和美元份額的成長。在辣醬方面，我們取得了顯著的成績。在美國，我們推動了單位和銷售份額的成長，反映出顯著的進步。持續的分銷成長以及對差異化品牌行銷和創新的投資持續推動我們的績效成長。

Outside of the US, we are building distribution in new markets within EMEA. We continue to make progress on total distribution points or TDPs. In the Americas, we significantly expanded TDPs across spices and seasonings, recipe mixes, and hot sauce. In EMEA, we are gaining distribution in high-growth channels like e-commerce. In Asia Pacific, our business in China is recovering gradually relative to the prior year as expected. We delivered strong performance growth in our categories, including spices and seasoning and condiments continues to outpace the market.

除美國以外，我們也在 EMEA 地區的新市場建立分銷管道。我們在總分佈點或 TDP 方面繼續取得進展。在美洲，我們大幅擴展了香料、調味料、配方混合物和辣醬的 TDP。在歐洲、中東和非洲地區，我們正在電子商務等高成長通路中獲得分銷。在亞太地區，我們在中國的業務相對於去年正在逐步復甦，正如預期的那樣。我們的產品類別均實現了強勁的業績成長，其中香料和調味品繼續領先於市場。

Moving to Flavor Solutions. We continue to see strength in our technically insulated high-margin product category, Flavors. In Flavors, in the Americas, we remain focused on being the partner of choice across four taste competencies: savory, heat, naturally sweet, and citrus and fruit. As a result of this continued focus, we are winning new customers and gaining share. We outperformed the industry across many end categories, including alcoholic beverages as well as salty snacks and bars.

轉向風味解決方案。我們繼續看到我們的技術絕緣高利潤產品類別—調味品的實力。在美洲的風味方面，我們始終致力於成為四種口味的首選合作夥伴：鹹味、辣味、天然甜味、柑橘和水果味。由於持續關注這一點，我們贏得了新客戶並獲得了市場份額。我們在許多終端類別中的表現都優於行業，包括酒精飲料以及鹹味小吃和酒吧。

We continue to win business across beverage flavors and snack seasonings, and we are working through product reformulations with some of our customers to meet regulatory and consumer needs. QSR performance remains strong in both the Americas and Asia Pacific. In the Americas, performance was driven by innovation, customer growth, and continued share gains. In China and Southeast Asia, our customers' new products and promotions continue to drive strong volume growth. Let me now touch on some areas where we are seeing pressure.

我們繼續在飲料口味和零食調味料領域贏得業務，我們正在與一些客戶合作重新配製產品，以滿足監管和消費者的需求。美洲和亞太地區的 QSR 表現依然強勁。在美洲，業績的推動力來自於創新、客戶成長和持續的市場份額成長。在中國和東南亞，我們客戶的新產品和促銷活動持續推動銷售強勁成長。現在讓我談談我們面臨壓力的一些領域。

In the Americas and in EMEA within Flavors, some of our large CPG customers continue to experience softness in volumes within their own businesses. We continue to work on offsetting these trends through innovation and collaboration with our customers and by winning new customers. While our food-away-from-home performance continues to outpace the industry, we are seeing flat performance in branded foodservice in the Americas as some of our customers are seeing softness in their volumes due to continued slowdown in foot traffic.

在美洲和歐洲、中東和非洲地區的調味品業務中，我們的一些大型 CPG 客戶繼續經歷自身業務銷售疲軟的情況。我們將繼續致力於透過創新和與客戶的合作以及贏得新客戶來抵消這些趨勢。雖然我們的外出用餐業績持續領先業界，但我們發現美洲品牌餐飲服務的表現卻持平，因為我們的一些客戶因客流量持續放緩而出現業務量疲軟的情況。

QSR traffic remains soft in EMEA. We have seen this pressure impact our results for several quarters, and it is difficult to predict QSR traffic, particularly as some of our customers were impacted by geopolitical boy cuts related to the conflict in the Middle East. We continue to collaborate with customers as they focus on improving their volumes through innovation and value and align with consumer trends.

歐洲、中東和非洲地區的 QSR 客流量依然疲軟。我們已經看到這種壓力影響了我們幾季的業績，而且很難預測 QSR 流量，特別是因為我們的一些客戶受到與中東衝突有關的地緣政治影響。我們繼續與客戶合作，因為他們專注於透過創新和價值來提高銷售並順應消費者趨勢。

As outlined on slide 6, our growth plans remain consistent to drive growth through category management, brand marketing, new products, proprietary technologies and our differentiated customer engagement. Our growth levers are supported and enhanced through data and analytics as we continue to accelerate our digital transformation. Our base business is strengthening across major markets and core categories. And we have a number of initiatives in flight that will continue to support our differentiated performance for the second half of the year.

正如投影片 6 中所概述的那樣，我們的成長計畫保持一致，透過品類管理、品牌行銷、新產品、專有技術和差異化客戶參與來推動成長。隨著我們不斷加速數位轉型，我們的成長槓桿透過數據和分析得到支持和增強。我們的基礎業務正在各主要市場和核心類別中不斷加強。我們正在實施一系列舉措，將繼續支持我們下半年的差異化業績。

In the Consumer segment, our investments to drive volume growth remain in place, including increased brand marketing, innovation and revenue management initiatives. They have driven our strong and differentiated performance over the last five quarters. While we are starting to lap this performance, we continue to see strong consumption trends and expect continued volume growth.

在消費領域，我們持續進行推動銷售成長的投資，包括強化品牌行銷、創新和收入管理措施。它們推動了我們過去五個季度強勁而差異化的業績。當我們開始實現這一業績時，我們繼續看到強勁的消費趨勢，並預計銷售將繼續成長。

In the back half of the year, we expect our distribution growth, accelerated innovation and renovation across the portfolio to drive increased purchase interest and velocity and support our strong volume performance. Let me provide a couple of examples. This quarter, we started to roll out our preferred consumer packaging across our drilling portfolio in time for the grilling season. We are energized for the grilling season and expect our newly launched flavor is calling marketing campaign to drive incremental consumer demand.

今年下半年，我們預計分銷的成長、整個產品組合的加速創新和革新將推動購買興趣和速度的提高，並支持我們強勁的銷售表現。讓我舉幾個例子。本季度，我們開始在燒烤季節之前在我們的鑽井產品組合中推出我們首選的消費者包裝。我們為燒烤季節注入了活力，並希望我們新推出的口味行銷活動能推動消費者需求的成長。

Later this fiscal year, in alignment with consumer preferences, we are relaunching the gourmet line with countertop worthy new packaging, including a vibrant gold calf that seals in freshness, provides a modern look, and highlights that we only use the best raw materials. In terms of new products, we are expanding our (inaudible) line into (inaudible) and cooking sauces. We are launching new limited time offer, finishing salts, this summer and new finishing sugars for the holiday season, which build on last year's successful finishing sugars offer.

本財年晚些時候，為了迎合消費者的喜好，我們將重新推出美食系列，採用適合檯面的新包裝，包括鮮豔的金色小牛皮，可以鎖住新鮮度，提供現代外觀，並強調我們只使用最好的原材料。在新產品方面，我們正在將我們的（聽不清楚）產品線擴展到（聽不清楚）和烹飪醬料。我們將於今年夏天推出新的限時優惠、精製鹽，並在假期季節推出新的精製糖，這些優惠是在去年成功的精製糖優惠的基礎上推出的。

In EMEA, we are expanding across multiple markets with our air fryer seasonings, which continue to be successful in the UK by addressing consumers' increased appetite for air fryer focused seasonings. In addition, in EMEA, we are launching our new all-rounder seasonings. This innovation addresses the desire from younger consumers for enhanced flavor without being specific to one type of meal.

在歐洲、中東和非洲地區，我們正在透過氣炸鍋調味料向多個市場擴張，透過滿足消費者對氣炸鍋調味料日益增長的需求，我們的產品在英國繼續取得成功。此外，在歐洲、中東和非洲地區，我們正在推出新的全能調味品。這項創新滿足了年輕消費者對增強口味的渴望，而不限於某一類型的餐點。

Moving now to our Flavor Solutions segment, starting with branded foodservice, where we leverage the equity of our iconic brands that consumers love in the away-from-home channel. We continue to fuel growth with operator relevant and on trend innovation. For example, we are beginning to see on menus, the 2025 flavor of the year, Aji Amarillo seasoning. In addition, we continue to focus on reaching consumers and operators through increased branded menu placements and with our new online shop called McCormick For Chefs, which launched early this quarter.

現在轉到我們的風味解決方案部門，從品牌食品服務開始，我們利用消費者在戶外管道喜愛的標誌性品牌的資產。我們繼續透過與營運商相關且符合潮流的創新來推動成長。例如，我們開始在菜單上看到 2025 年的年度風味——Aji Amarillo 調味料。此外，我們繼續致力於透過增加品牌菜單展示以及本季初推出的名為 McCormick For Chefs 的新網上商店來吸引消費者和營運商。

Shifting to flavors. We are leveraging our culinary heritage and deep expertise in natural flavors and ingredients to support innovation with existing customers to ensure their products meet regulatory changes and preferences of health-conscious consumers. And we are winning new high-growth customers, which will help offset the softness we are seeing from center store CPG customers. We are collaborating with large and emerging brands to flavor energy, hydration, protein-based beverages and zero sugar drinks.

轉向口味。我們利用我們的烹飪傳統和在天然香料和配料方面的深厚專業知識來支持現有客戶的創新，以確保他們的產品符合監管變化和注重健康的消費者的偏好。我們正在贏得新的高成長客戶，這將有助於抵消我們從中心商店 CPG 客戶那裡看到的疲軟。我們正在與大型和新興品牌合作，為能量、補水、蛋白質飲料和零糖飲料增添風味。

In addition, we are leveraging our expertise in functional ingredients and our technologies to help our customers mask off notes or enhance flavors as they add protein across categories like protein-based snacks. Our win rate with health and wellness-related briefs is strong across our regions, and we continue to dedicate resources to where we have the right to win. To wrap up our growth plans and specifically our view on the second half, we remain confident in the long-term health of our business, our fundamentals, and delivering on our plans to continue to drive industry-leading differentiated performance.

此外，我們還利用我們在功能性成分和技術方面的專業知識，幫助我們的客戶在蛋白質零食等類別中添加蛋白質時掩蓋異味或增強風味。我們在各個地區與健康和保健相關的案件的勝訴率都很高，而且我們將繼續把資源投入到我們有能力獲勝的領域。總結我們的成長計劃，特別是對下半年的展望，我們仍然對我們業務的長期健康、我們的基本面以及繼續推動行業領先的差異化業績的計劃充滿信心。

Now over to Marcos.

現在輪到馬科斯了。

Thank you, Brendan, and good morning, everyone. Let's start on slide 8. Total organic sales grew 2% for the quarter, driven by volume and mix. This reflects total volume-led growth for the last four quarters and underscores our differentiation.

謝謝你，布倫丹，大家早安。我們從第 8 張投影片開始。受銷量和產品組合的推動，本季有機總銷售額成長了 2%。這反映了過去四個季度的總量驅動的成長，並凸顯了我們的差異化。

Moving to our Consumer segment on slide 9. Organic sales increased 3%, driven by volume and mix. Consumer organic sales in the Americas grew 3% with 4% volume growth, partially offset by a 1% decrease in price related to targeted incremental promotions. The volume growth was strong across our core categories and was driving our investments in brand marketing, innovation, and category management. In EMEA, we grew consumer organic sales 3%, driven by a 2% increase in volume and a 1% increase in price, related to targeted actions taken as a result of increased commodity costs.

前往投影片 9 上的消費者部分。受銷量和產品組合的推動，有機銷售額增長了 3%。美洲的消費者有機銷售額成長了 3%，銷量成長了 4%，但有針對性的增量促銷導致價格下降了 1%，部分抵消了這一增長。我們的核心產品類別的銷售成長強勁，並推動了我們在品牌行銷、創新和產品類別管理方面的投資。在歐洲、中東和非洲地區，我們的消費者有機銷售額成長了 3%，這得益於銷量成長 2% 和價格上漲 1%，這與針對商品成本上漲而採取的有針對性的措施有關。

We're pleased with the strong sustained volume growth in EMEA. Consumer organic sales in the Asia Pacific region increased by 4% driven by volume. This growth reflects the gradual recovery we expected in China. We're pleased with our performance and expect these trends to continue in the second half of 2025.

我們對歐洲、中東和非洲地區持續強勁的銷售成長感到滿意。受銷售量推動，亞太地區消費者有機產品銷售額成長了 4%。這一增長反映了我們預期中國經濟將逐步復甦。我們對我們的表現感到滿意，並預計這些趨勢將在 2025 年下半年繼續保持。

Turning to our Flavor Solutions segment on slide 10. Second-quarter organic sales were flat with a 1% contribution from price, offset by 1% decline in volume and mix. In the Americas, Flavor Solutions organic sales increased 1%, reflecting a 2% price contribution, partially offset by a 1% decline in volume.

前往幻燈片 10 上的風味解決方案部分。第二季有機銷售額持平，價格貢獻了 1%，但銷售量和產品組合下降了 1%。在美洲，風味解決方案有機銷售額成長 1%，反映出 2% 的價格貢獻，但被 1% 的銷量下降部分抵消。

Our results reflect a strong performance with faster growing flavor customers and continued QSR growth, offset by softness in CPG customers volumes. The price contribution is primarily related to currency in Latin America. In EMEA, organic sales decreased by 7%, including a 5% impact of lower volume and a 2% decline from price, reflecting the impact of soft CPG and QSR customers volumes, which were impacted by geopolitical boycotts related to the Middle East concept.

我們的業績反映出強勁的表現，風味客戶成長較快，QSR 持續成長，但被 CPG 客戶數量的疲軟所抵消。價格貢獻主要與拉丁美洲的貨幣有關。在歐洲、中東和非洲地區，有機銷售額下降了 7%，其中包括銷量下降 5% 和價格下降 2%，這反映了 CPG 和 QSR 客戶量疲軟的影響，這些客戶量受到與中東概念相關的地緣政治抵制的影響。

In the Asia Pacific region, Flavor Solutions organic sales increased 3% with volume growth of 5%, driven by QSR customer promotions and limited time offers, partially offset by price of 2%.

在亞太地區，風味解決方案有機銷售額成長 3%，銷量成長 5%，這得益於 QSR 客戶促銷和限時優惠，但價格上漲 2% 部分抵消了這一增長。

Moving to slide 11. Gross profit margin was flat in the second quarter versus the year ago period, driven by costs to support increased capacity for future growth and higher commodity costs, partially offset by savings from our comprehensive continuous improvement program, or CCI. While we would have expected gross margins to improve relative to the prior year, we're seeing increased cost pressure caused primarily by the global trade uncertainty.

移至投影片 11。第二季的毛利率與去年同期相比持平，原因是支持未來成長產能增加的成本和商品成本上升，但被我們全面持續改善計畫（CCI）的節省部分抵銷。雖然我們預計毛利率會比去年有所提高，但我們看到成本壓力正在增加，這主要是由於全球貿易不確定性造成的。

Selling, general, and administrative expenses, or SG&A, decreased relative to the second quarter of last year driven by the shift in timing of our stock-based compensation expense as well as savings from CCI, including our SG&A streamlining initiatives. For the quarter, adjusted operating income increased by 10%. Excluding the impact of currency, adjusted operating income increased by 11%. This increase was driven by CCI savings, including our SG&A streamlining initiatives, partially offset by gross margin and increased investments to drive growth, most notably in digital as well as our sustained investments in brand marketing.

銷售、一般及行政開支（SG&A）較去年第二季度有所下降，這歸因於我們股票薪酬開支時間的變化以及 CCI 帶來的節省，包括我們的 SG&A 精簡舉措。本季度，調整後的營業收入成長了 10%。排除貨幣影響，調整後營業收入成長11%。這一增長是由 CCI 節省（包括我們的銷售、一般及行政費用精簡舉措）推動的，但被毛利率和為推動增長而增加的投資（最顯著的是數位領域以及我們對品牌營銷的持續投資）部分抵消。

Our second-quarter adjusted effective tax rate was 24% compared to 14% in the year ago period. Our tax rate in the prior year benefited from a higher level of favorable discrete tax items relative to the current year. Our income from unconsolidated operations in the second quarter increased 17%, primarily due to strong operational performance from our largest joint venture, McCormick de Mexico, partially offset by the strengthening of the US dollar against the Mexican peso.

我們第二季的調整後有效稅率為 24%，而去年同期為 14%。與今年相比，我們上一年的稅率受益於更高水準的優惠單項稅項目。我們第二季的非合併業務收入成長了 17%，這主要得益於我們最大的合資企業 McCormick de Mexico 的強勁營運業績，但美元兌墨西哥比索的走強部分抵消了這一增長。

Turning to our segment operational results on slide 12. Adjusted operating income in the Consumer segment increased 10% with minimal impact from currency. The increase was primarily driven by improved SG&A expenses. In Flavor Solutions, adjusted operating income increased 10% or 13% in constant currency, driven by product mix, pricing, and improved SG&A expenses. We continue to make progress in expanding our operating margins in line with our objectives.

轉向第 12 張投影片上的分部營運結果。消費者部門的調整後營業收入成長了 10%，且受貨幣影響很小。成長主要得益於銷售、一般及行政費用的改善。在風味解決方案方面，受產品組合、定價和銷售、一般及行政費用改善的推動，調整後的營業收入增長了 10%，按固定匯率計算增長了 13%。我們將繼續按照我們的目標，不斷提高營業利潤率。

At the bottom line, as shown on slide 13, second quarter 2025 adjusted earnings per share was $0.69 and comparable with the year ago period. The benefits from operating profit and unconsolidated income growth were offset by lower gross margin and a less favorable tax rate relative to the prior year.

底線是，如幻燈片 13 所示，2025 年第二季調整後每股收益為 0.69 美元，與去年同期相當。營業利潤和非合併收入成長帶來的好處被相對於上一年較低的毛利率和不太優惠的稅率所抵消。

On slide 14, we'll summarize highlights for cash flow and balance sheet. Our cash flow from operations through the second quarter of 2025 was $161 million compared to $302 million in 2024. The decrease was driven by higher cash used due to the timing of working capital. We returned $242 million of cash to shareholders through dividends and used $85 million for capital expenditures. Note that the timing of capital expenditures fluctuates on a quarterly basis dependent on the phasing of initiatives, including projects to increase capacity and capabilities to meet growing demand, advance our digital transformation, and optimize our cost structure.

在投影片 14 上，我們將總結現金流和資產負債表的亮點。截至 2025 年第二季度，我們的營運現金流為 1.61 億美元，而 2024 年為 3.02 億美元。下降的原因是營運資金的時間安排導致現金使用量增加。我們透過股息向股東返還了 2.42 億美元現金，並使用 8,500 萬美元用於資本支出。請注意，資本支出的時間每季都會波動，取決於計劃的分階段實施，包括增加產能和能力以滿足不斷增長的需求、推進數位轉型和優化成本結構的專案。

Our priority remains to have a balanced use of cash. This means funding investments to drive growth, returning a significant portion of cash to shareholders through dividends, and maintaining a strong balance sheet. We remain committed to a strong investment-grade rating and expect to continue to deliver strong cash flow in 2025 and driven by profit and working capital initiatives.

我們的首要任務仍然是平衡使用現金。這意味著透過投資來推動成長，透過股息向股東返還大量現金，並維持強勁的資產負債表。我們仍然致力於保持強勁的投資等級評級，並預計在 2025 年繼續實現強勁的現金流，並受到利潤和營運資本計畫的推動。

Before turning to our outlook, let me provide some details on our tariff exposure and mitigation plans on slide 15. First, it's important to reiterate that our views reflect tariffs as they currently stand. It is also worth calling out that we purchased over 17,000 unique materials from over 90 countries and, no single commodity has a disproportional material impact on our cost of goods sold. Importantly, we have also focused over the last number of years on decreasing our reliance on any one geography.

在談到我們的展望之前，請允許我在第 15 張投影片上提供有關我們的關稅風險和緩解計劃的一些詳細資訊。首先，必須重申的是，我們的觀點反映了當前的關稅狀況​​。另外值得一提的是，我們從 90 多個國家購買了超過 17,000 種獨特材料，並且沒有任何一種商品對我們的銷售成本產生不成比例的重大影響。重要的是，過去幾年我們也一直致力於減少對任何一個地區的依賴。

Across the US, Canada, China, and our largest markets in Europe, more than 85% of what we sell in those countries is made in those countries, specifically in the US, it's more than 90%. As you can see on the slide, we expect to fully offset the impact of current tariff costs for 2025. In addition, our plants will not have a significant impact on our sales volume outlook for the year. Our total gross annualized tariff exposure is approximately $90 million. And in terms of 2025, in-year exposure, it's about $50 million.

在美國、加拿大、中國以及我們在歐洲最大的市場，我們在這些國家銷售的產品 85% 以上都是在這些國家生產的，特別是在美國，這一比例超過 90%。正如您在幻燈片上看到的，我們預計到 2025 年將完全抵消當前關稅成本的影響。此外，我們的工廠不會對我們今年的銷售量前景產生重大影響。我們的年度總關稅風險約為 9000 萬美元。就 2025 年而言，年內曝光額約為 5,000 萬美元。

We are offsetting a significant portion of this impact with sourcing plans, supported by advanced analytics and CCI savings. The remainder will be offset through revenue management initiatives.

我們正在透過採購計劃來抵消很大一部分影響，並得到高級分析和 CCI 節省的支持。其餘部分將透過收入管理措施來抵銷。

As we said, we're taking a very targeted and surgical approach to pricing and leveraging robust analytics and planning tools to ensure we maintain volume momentum and continue to meet consumers and customers' needs for both value and flavor. In addition to the direct costs from tariffs, we're seeing elevated pressure on cost of certain commodities due to the global trade environment. We have seen this impact our second quarter, and we expect it to continue for the remainder of the year. We plan to mitigate this impact primarily through SG&A savings.

正如我們所說，我們採取了非常有針對性和精準的定價方法，並利用強大的分析和規劃工具來確保我們保持銷售成長勢頭，並繼續滿足消費者和客戶對價值和口味的需求。除了關稅的直接成本外，我們還看到全球貿易環境對某些商品的成本構成了越來越大的壓力。我們已經看到這對我們第二季的影響，我們預計這種影響將持續到今年剩餘時間。我們計劃主要透過節省銷售、一般及行政費用來減輕這種影響。

Now let's turn to our 2025 financial outlook on slide 16. We are maintaining our net sales, adjusted operating profit, and adjusted earnings per share guidance for the year. Our outlook continues to reflect our prioritized investments in key categories to strengthen volume trends and drive long-term profitable growth while appreciating the current level of uncertainty in the consumer and macro environment.

現在讓我們來看看第 16 張投影片上的 2025 年財務展望。我們維持今年的淨銷售額、調整後營業利潤和調整後每股收益指引。我們的前景繼續反映出我們對關鍵類別的優先投資，以加強銷售趨勢並推動長期獲利成長，同時認識到當前消費者和宏觀環境的不確定性水平。

Overall, in terms of currency, our assumptions remain the same. At the top line, we continue to expect organic net sales growth to range between 1% and 3% and for our growth to be volume-led and primarily driven by our Consumer segment. Flavor Solutions volumes are now expected to be flat for the year. In terms of price, we expect a slightly higher contribution primarily through the Flavor Solutions segment and some tariff-related pricing will come through in the fourth quarter. For China, our outlook continues to assume a gradual recovery, and we expect China's consumer sales to improve slightly year over year.

總體而言，就貨幣而言，我們的假設保持不變。在營收方面，我們繼續預期有機淨銷售額成長率將在 1% 至 3% 之間，我們的成長將以銷售量為主導，主要由我們的消費者部門推動。預計今年調味解決方案的銷售將持平。在價格方面，我們預計主要透過風味解決方案部門的貢獻會略高，並且一些與關稅相關的定價將在第四季度實現。對於中國，我們的前景繼續假設經濟將逐步復甦，我們預計中國的消費品銷售額將比去年同期略有改善。

We saw this come through in the past two quarters and we expect it to continue for the rest of the year. Our 2025 gross margin is now projected to range between flat to up 50 basis points for the year compared to prior guidance of 50 to 100 basis points. This reflects elevated cost of certain commodities coming higher than we had planned, as I mentioned earlier.

我們在過去兩個季度看到了這種情況，我們預計這種情況將在今年剩餘時間內持續下去。我們目前預計 2025 年毛利率將在持平至上漲 50 個基點之間，而先前預測為 50 至 100 個基點。正如我之前提到的，這反映出某些商品的成本高於我們的計劃。

As we look ahead to the second half, we expect year-over-year gross margin expansion to be weighted towards the fourth quarter, driven by the timing of certain mitigation efforts. On SG&A, we expect CCI savings, inclusive of our streamline initiatives to be partially offset by investments in technology as well as brand marketing to drive volume growth. We continue to invest in brand marketing, and we're driving more efficiencies through the use of technology as well as our CCI program. As a result, our adjusted operating income growth expectations remains 4% to 6% in constant currency.

展望下半年，我們預期毛利率年增將集中在第四季度，這得益於某些緩解措施的時機。在銷售、一般和行政費用方面，我們預計包括精簡舉措在內的 CCI 節省將部分被技術投資和品牌行銷所抵消，從而推動銷售成長。我們繼續投資於品牌行銷，並透過使用技術和 CCI 計劃來提高效率。因此，我們調整後的營業收入成長預期以固定匯率計算仍為 4% 至 6%。

Year-to-date, our adjusted operating income grew 4% on a constant currency basis, in line with our expectations and implies higher level of growth for the second half compared to the first half. We want to maintain a balanced outlook that gives us the flexibility to continue to invest in the business while expanding margins. In terms of tax, we expect our tax rate to be between 22% and 23% for the year compared to 20.5% in 2024, where we benefited from a number of discrete tax items that are not expected to repeat in 2025.

年初至今，我們的調整後營業收入以固定匯率計算成長了 4%，符合我們的預期，這意味著下半年的成長水準將高於上半年。我們希望保持平衡的前景，使我們能夠靈活地繼續投資業務，同時擴大利潤率。在稅收方面，我們預計今年的稅率將在 22% 至 23% 之間，而 2024 年的稅率為 20.5%，我們受益於一些預計在 2025 年不會重複的單獨稅項。

Our tax rate is slightly higher than our prior guide due to changes in the benefit from discrete tax items. We expect our income from unconsolidated operations to decline in the high single-digit range in 2025, reflecting the strengthening of the dollar against the Mexican peso, which is impacting the strong operational results of our largest joint venture, McCormick de Mexico. The business continues to perform well and is contributing to our net income and operating cash flow results.

由於單項稅項收益的變化，我們的稅率略高於先前的指引。我們預計，到 2025 年，非合併業務收入將出現高個位數下降，這反映了美元兌墨西哥比索的走強，這將影響我們最大的合資企業 McCormick de Mexico 的強勁營運業績。該業務繼續表現良好，並為我們的淨收入和經營現金流做出貢獻。

In summary, our 2025 adjusted earnings per share projection of $3.03 to $3.08 on a reported dollar basis reflects currency headwinds and impact of the increased tax rate relative to the prior year. On a constant currency basis, adjusted EPS is still expected to grow between 5% and 7%. In closing, the strength of our performance underscores that our plans are yielding results and sustaining our differentiation. We're pleased that we're maintaining our volume-led momentum and expanding operating margins in 2025. They certainly work ahead for 2026 to offset the continued headwinds and sustain our strong business momentum.

總之，我們對 2025 年每股收益的預測為 3.03 美元至 3.08 美元（以報告的美元計算），這反映了貨幣逆風和相對於上一年稅率增加的影響。以固定匯率計算，調整後的每股盈餘預計仍將成長 5% 至 7%。最後，我們業績的強勁表現凸顯了我們的計劃正在取得成果並保持我們的差異化。我們很高興能夠在 2025 年保持以銷量為主導的勢頭並擴大營業利潤率。他們肯定會為 2026 年而努力，以抵消持續的逆風並保持我們強勁的業務勢頭。

We believe we have the right plans and capabilities in place, and we remain confident in the underlying fundamentals of our business and in delivering on our 2025 financial outlook and long-term objectives.

我們相信我們已經制定了正確的計劃和能力，我們對我們業務的基本面以及實現 2025 年財務前景和長期目標仍然充滿信心。

Thank you, Marcos. Before moving to Q&A, I would like to close with our key takeaways on slide 17. We expect to continue to execute on our proven strategies in alignment with consumer trends and with speed and agility. The long-term trends that fuel our attractive categories, consumer interest in healthy, flavorful cooking, flavor exploration and trusted brands are enduring trends. We continue to drive differentiated volume-led top line growth and driving share gains across our core categories.

謝謝你，馬科斯。在進入問答環節之前，我想以投影片 17 上的要點作為結束。我們希望繼續按照消費者趨勢快速、靈活地執行我們已證實的策略。推動我們吸引人的類別的長期趨勢、消費者對健康、美味烹飪、風味探索和值得信賴的品牌的興趣是持久的趨勢。我們將繼續推動差異化銷售帶動的營收成長，並推動核心產品類別的份額成長。

Our results demonstrate that we are investing in the areas that drive the most value, and we expect to maintain this momentum. Additionally, we are well positioned with our robust CCI and cost savings plans to mitigate tariff-related costs in 2025, fuel growth investments, and expand operating margins. Our performance historically and over the last few quarters, coupled with our growth plans give us confidence in achieving our near- and long-term objectives. Ultimately, we believe the execution of our growth plans will be a win for consumers, customers, our categories, and McCormick, which will continue to differentiate and strengthen our leadership.

我們的結果表明，我們正在投資那些能夠帶來最大價值的領域，並且我們期望保持這種勢頭。此外，我們憑藉強大的 CCI 和成本節約計劃，在 2025 年降低關稅相關成本、推動成長投資並擴大營業利潤率。我們的歷史業績和過去幾季的業績，加上我們的成長計劃，使我們對實現近期和長期目標充滿信心。最終，我們相信，我們成長計畫的實施將為消費者、客戶、我們的產品類別和 McCormick 帶來雙贏，這將繼續使我們脫穎而出並加強我們的領導地位。

Finally, I want to recognize all McCormick employees for their dedication and contributions and reiterate my confidence that together, we will continue to drive differentiated results and shareholder value. Now for your questions.

最後，我要感謝所有 McCormick 員工的奉獻和貢獻，並重申我的信心，我們將共同努力，繼續推動差異化績效和股東價值。現在回答您的問題。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Great. Thanks so much. Appreciate it. I guess, Brendan, recently, you're heading into second-quarter results, McCormick had been kind of reminding investors that EBIT growth would likely be more weighted towards the second half. But second-quarter EBIT actually came in far stronger, right, than expected across both segments. So what's either surprised you or came in differently in terms of the outcome versus maybe what you had been messaging before the quarter?

偉大的。非常感謝。非常感謝。我想，布倫丹，最近，你即將公佈第二季度業績，麥考密克一直在提醒投資者，息稅前利潤增長可能會更多地集中在下半年。但第二季的息稅前利潤實際上比兩個部門的預期要強勁得多。那麼，與您在本季之前所傳達的訊息相比，結果中哪些讓您感到驚訝或不同？

Well, thank you for the question, Andrew. Let me just make a couple of -- open up with a couple of thoughts on that and then turn it over to Marcos. We did have a good quarter, and I think about the things that we thought would happen -- broadly happen. Our consumer business continues to perform well, driven by volume across our core categories, and we're building share.

好吧，謝謝你的提問，安德魯。讓我就此談幾點想法，然後交給馬可斯。我們確實度過了一個不錯的季度，我想到我們認為會發生的事情——大致都會發生。我們的消費者業務持續表現良好，這得益於我們核心類別的銷售量，而且我們正在擴大市場份額。

In the Flavor Solutions, I think we're working through the tough conditions that our customer base is facing, and I think we've performed better than most. So that was relatively pretty close to expectations. And I'm really proud of how our team has really worked through a very dynamic period. I mean there's just certainly a lot of things going on, and they've done terrifically well. And probably with consumers, the trends that we've been speaking about, about this convergence between the seeking for value and seeking for health and wellness, those tend to still benefit our categories and our business and that's both from a short-term and a long-term outlook perspective.

在風味解決方案方面，我認為我們正在努力解決客戶群所面臨的嚴峻形勢，而且我認為我們的表現比大多數公司都要好。因此，這與預期相對接近。我為我們的團隊在這段充滿挑戰的時期所做的努力感到非常自豪。我的意思是，確實有很多事情正在發生，而且他們做得非常好。對於消費者來說，我們一直在談論的趨勢，即追求價值和追求健康和保健之間的融合，這些趨勢往往仍然有利於我們的產品類別和業務，無論是從短期還是長期來看。

So all of this enables us to maintain positive momentum, and you saw that play through in the second quarter. Marcos, do you want to make a comment on specifically --

因此，所有這一切使我們能夠保持積極的勢頭，並且您在第二季度看到了這一點。馬科斯，你想具體評論一下--

Yes, sure. Yes, sure. So I mean, in addition to the top-line performance that we had in this quarter, which was very strong, particularly in the Consumer segment, volume-led top-line growth. We also had a very strong operating profit delivery of about 11% on constant currency. And that was primarily driven by SG&A, if you look at the P&L.

是的，當然。是的，當然。所以我的意思是，除了本季我們取得的非常強勁的營收表現之外，特別是在消費者領域，銷量帶動了營收成長。我們的營業利潤也非常強勁，以固定匯率計算約 11%。如果你看一下損益表，你會發現這主要是由銷售、一般及行政費用 (SG&A) 推動的。

And the SG&A, year-on-year, we have two elements that is impacting that strong performance. One is half of the variance that we saw year-on-year is related to the stock-based compensation that (technical difficulty) talked about in Q1, which was a headwind in Q1 and now it was a tailwind in Q2. That's half of it.

與去年同期相比，銷售、一般及行政費用 (SG&A) 有兩個因素影響了這一強勁表現。一是我們看到同比變化的一半與第一季談到的股票薪酬（技術難度）有關，這在第一季是一個阻力，而在第二季度則是一個順風。這還只是一半。

The other hand is essentially CCI program and our streamline initiatives, particularly within SG&A. We have been working very hard and diligent in terms of streamlining the costs of all lines of the P&L. As you'll recall, CCI touches all lines of the P&L. This quarter, we went a little bit further in terms of streamlining the cost within SG&A. And that is like things like discretionary indirect spend, professional fees, travel and entertainment, and things like that.

另一方面主要是 CCI 計劃和我們的精簡舉措，特別是在銷售、一般和行政費用 (SG&A) 方面。我們一直非常努力且勤奮地精簡損益表各行的成本。您可能還記得，CCI 觸及損益表的所有行。本季度，我們在精簡銷售、一般及行政費用方面取得了一些進展。這包括可自由支配的間接支出、專業費用、旅行和娛樂等。

Also, we made some organizational changes that had an impact in Q2. Those changes will continue for the balance of the year.

此外，我們也進行了一些對第二季產生影響的組織變革。這些變化將在今年餘下時間繼續下去。

So that is essentially the biggest element that drove the performance in Q2. But if you think about it on a normalized basis, and if you think about half one and half two together in this moment in the year, and you think about half one, if you normalize half one, operating profit grew by 4% constant currency, which implies a higher growth in the second half of the year for us to hit our objectives that we laid out.

所以這其實是推動第二季業績的最大因素。但是，如果你以正常化的方式考慮這個問題，如果你將今年的上半年和下半年放在一起考慮，如果你將上半年正常化，那麼營業利潤按固定匯率計算增長了 4%，這意味著下半年的增長會更高，這樣我們就能實現既定的目標。

And then if you think about the second half of the year, I would just add that you're going to see more of a fourth-quarter weighted results due to the mitigation efforts that were put in place and actions we've put in place will be -- they are implementing right now, but they're going to be fully implemented by Q4. So you should see a gross margin more towards Q4 as well as operating profit hit in Q4. So that's kind of the overall picture of the quarter and [a half] for perspective.

然後，如果您考慮下半年，我只想補充一點，您將看到更多的第四季度加權結果，這是由於我們實施的緩解措施和行動 - 它們現在正在實施，但它們將在第四季度全面實施。因此，您應該會看到第四季度的毛利率和營業利潤都會下降。這就是對本季和上半年整體情況的展望。

All right. Thanks for that. And then maybe just quickly, can you talk a little more specifically about the tariff mitigation actions? Maybe how much is the cost work versus the sort of strategic pricing that you're planning? And I guess, how do you go about determining where it's more appropriate to be able to take some pricing actions without impeding obviously the really strong volume momentum that you've been developing over the last couple of quarters?

好的。謝謝。然後也許只是快速地，您能否更具體地談談關稅減免措施？也許成本工作與您計劃的策略定價相比是多少？我想，您如何確定在哪裡採取一些定價行動更為合適，而又不明顯阻礙過去幾季以來您一直在發展的強勁銷售勢頭？

Yes, that's a good question, Andrew. I mean, we have been very mindful in terms of all the levers that we're pulling in terms of mitigation actions to offset tariffs $50 million in year. And the team has done a fantastic job putting a lot of scenarios for us to assess. And at the end, we came with the majority of the mitigation actions are driven by sourcing as well as CCI. We have a very robust sourcing organization with a lot of experience.

是的，這是個好問題，安德魯。我的意思是，我們非常謹慎地採取各種緩解措施，以抵消每年 5000 萬美元的關稅。團隊做得非常出色，提出了很多方案供我們評估。最後，我們得出的結論是，大部分的緩解措施都是由採購和 CCI 推動的。我們擁有非常強大的採購組織，並且擁有豐富的經驗。

But then on top of it, we have a lot of data and analytics that help us make decisions in terms of buying decisions and procuring and sourcing locations and things like that as well as CCI. So that is the majority of it that we're taking on.

但除此之外，我們擁有大量數據和分析數據，可以幫助我們做出購買決策、採購和採購地點等方面的決策，以及 CCI。這就是我們要承擔的大部分工作。

And then in terms of pricing, it is the residual, right? The residual is pricing that we're taking, we're being very targeted and surgical in the way that we do that. We have also analytics that help us take pricing where we see the elasticity elements of it. And so therefore, it's a very surgical approach to it that we want to continue to balance, as you said, the top-line momentum that we have, but also protecting OP. I don't know, Brendan, if you want to add any comments on that.

那麼就定價而言，它是殘差，對嗎？剩餘部分就是我們採取的定價方式，我們的做法非常有針對性，而且很有針對性。我們也可以進行分析，幫助我們根據價格的彈性因素進行定價。因此，正如您所說，我們希望採取一種非常精準的方法，繼續平衡我們現有的營收勢頭，同時保護 OP。布倫丹，我不知道你是否想對此發表任何評論。

Yes. I'll just build on what Marcos said, Andrew. The price cap investment -- price gap management investments that we talked about previously remain in our base and we don't expect surgical pricing that we talked about to slow down that overall momentum as we overlap right now that price gap management investment, we start to overlap that in the second half. And we still see actually pretty good performance from it even as we overlap it. So I think that needs to be put into context.

是的。我只是根據馬科斯所說的話，安德魯。價格上限投資——我們之前談到的價格差距管理投資仍然在我們的基礎中，我們預計我們談到的手術定價不會減緩整體勢頭，因為我們現在重疊了價格差距管理投資，我們將在下半年開始重疊。即使重疊，我們仍然看到它實際上相當不錯的表現。所以我認為這需要結合具體情況來看。

But that price gap management efforts aren't necessarily going to be on the same SKUs that where we might apply some of the surgical pricing. So back to the point about data analytics that Marcos mentioned, we are leveraging that all the time and looking at it in a quite disciplined way. And our revenue management team has really been quite strong on this. We have a deep team doing that work. We do expect some elasticity impact me.

但價格差距管理工作不一定會在我們可能應用部分手術定價的相同 SKU 上進行。回到馬可斯提到的數據分析問題，我們一直在利用這一點，並以相當嚴謹的方式看待它。我們的收入管理團隊在這方面確實表現得非常出色。我們有一個強大的團隊在做這項工作。我們確實預期一些彈性會對我產生影響。

That's to be expected, but we still expect to drive solid volume as we go through the back half of the year.

這是意料之中的，但我們仍然預計下半年銷售將保持穩健。

Thanks so much.

非常感謝。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Brendan, I was hoping maybe to get a little bit more detail if you can frame up kind of the gross tariff exposure of the $90 million, expanding a little bit about just kind of how you arrived at that number. And I believe, just to clarify, you also made some comments around cost of goods being impacted just by global trade environment, which I think is separate from the tariffs. So maybe just to start some additional detail around those two items, please.

布倫丹，我希望能夠獲得更詳細的信息，如果您能概括出 9000 萬美元的總關稅風險，並稍微解釋一下您是如何得出這個數字的。我相信，只是為了澄清一下，您也對商品成本受到全球貿易環境的影響發表了一些評論，我認為這與關稅無關。因此，請就這兩項內容開始提供一些額外的細節。

Yes. I think just on your last point there, we are distinguishing one from the other, to your point. Let me ask Marcos to kind of provide a little bit more context.

是的。我認為，就你的最後一點而言，我們正在區分兩者，以達到你的觀點。我想請馬科斯提供更多背景資訊。

Yes, framing, Peter, the $90 million. I mean it's essentially. I would start from our supply chain footprint. We have -- we're very well positioned in terms of manufacturing footprint as well as our sourcing strategies. And as I said on the call, I mean, we are producing most of the things that we sell in the biggest market.

是的，彼得，9000 萬美元。我的意思是它本質上是。我將從我們的供應鏈足跡開始。我們在製造足跡和採購策略方面都處於非常有利的地位。正如我在電話中所說的那樣，我們正在生產在最大市場上銷售的大部分產品。

So in the US, for reference, is about 90% of what we sell in the US is made in the US. So it's essentially our exposure is really related to raw materials in ingredients that we cannot grow in the US. We have 17,000 ingredients across 90 markets. There's no one single material that represents a significant portion of our COGS, and we continue to minimize the reliance on any one geography. So that work continues to be done by our sourcing organization.

因此，以美國為例，我們在美國銷售的產品約有 90% 是在美國製造的。因此，我們接觸到的基本上是那些我們無法在美國種植的原料。我們在 90 個市場擁有 17,000 種原料。沒有任何單一材料能夠佔據我們銷貨成本的很大一部分，而且我們將繼續盡量減少對任何一個地區的依賴。因此這項工作將繼續由我們的採購組織完成。

So when you get to the raw materials line, which is a sizable portion of our COGS, but not all raw materials are subject to tariffs. So when you think about the materials are subject to tariffs, then we use the 30% China -- tariffs on China, which is currently in place, 10% on rest of the world as well as USMC compliance for Canada and Mexico imports that are close to 0. So you get to a blended rate between 30%, 10%, and 0, you get to a blended rate, which lead us to about 2% of COGS globally. So that's kind of the framing. It differs by region.

因此，當你談到原材料時，它佔據了我們銷貨成本的很大一部分，但並非所有原材料都要徵收關稅。因此，當您考慮材料需要繳納關稅時，我們會使用目前對中國徵收的 30% 關稅，對世界其他地區徵收的 10% 關稅，以及對加拿大和墨西哥進口的接近 0 的美國海軍陸戰隊合規關稅。因此，您可以獲得 30%、10% 和 0 之間的混合利率，這將導致我們在全球範圍內的 COGS 達到約 2%。這就是一種框架。根據地區不同而有所差異。

Some of the regions, particularly in the America has a higher percentage than the 2% COGS, but that's kind of the framing. But more importantly, we are pulling all the levers that we can to mitigate the impact in 2025, the $50 million through the actions that I mentioned before.

某些地區，特別是美國，其銷售成本百分比高於 2%，但這只是一種框架。但更重要的是，我們正在盡一切努力，透過我之前提到的行動，在 2025 年減輕 5000 萬美元的影響。

Got it. No, that's helpful. And Brendan, just going back to your prepared remarks, I think in Flavor Solutions in the Americas, in particular, on slide 5. You kind of had a couple of headwinds and a couple of tailwinds in the quarter and maybe more on the go forward. But maybe you can unpack each of those four or five that you talked about and how we should think about those specifically more in the second half. Thanks very much.

知道了。不，這很有幫助。布倫丹，回到你準備好的發言，我認為特別是在第 5 張幻燈片上的“美洲風味解決方案”部分。本季度，我們遇到了一些逆風和順風，未來可能還會遇到更多。但也許您可以詳細闡述您談到的這四、五個問題，以及我們應該如何在下半部更具體地思考這些問題。非常感謝。

Yes, Peter, I'd be happy to. From a Flavor Solutions segment perspective, if I were just to break down maybe first talk about our Flavor business and what we're seeing there and then also then talk about food-away-from-home and what we're seeing there. And maybe I'll throw them in some regional perspective as I pull it all together for you.

是的，彼得，我很樂意。從風味解決方案部門的角度來看，如果我只是分解一下，也許首先談談我們的風味業務以及我們在那裡看到的情況，然後再談談外出就餐以及我們在那裡看到的情況。也許我會從某些區域角度來為您整理這些資訊。

First of all, on Flavor, I mean, we're definitely seeing the impact of slower volumes and just volume pressure in the grocery marketplace, particularly with some of our larger CPG customers. And I would say this is happening broadly at the global level. So it isn't specifically related to one region. But we definitely are seeing that slowdown in the center store volume. And that's been widely reported by our peers and customers, and it doesn't appear to be incrementally softer than the first quarter overall. On the other hand, though, we continue to see benefits with what we've framed as high-growth innovators.

首先，就風味而言，我的意思是，我們確實看到了食品雜貨市場銷量放緩和銷售壓力的影響，特別是對於我們的一些較大的 CPG 客戶而言。我想說，這種情況在全球範圍內廣泛發生。所以它並不具體地與某個地區有關。但我們確實看到中心商店銷售的放緩。我們的同業和客戶都廣泛報導了這一點，而且看起來並沒有比第一季整體情況有所減弱。但另一方面，我們繼續看到我們所定義的高成長創新者帶來的好處。

Those are those maybe smaller customers compared to a larger global manufacturer, and we typically see them operating in some of these health and wellness-oriented categories. We see that in sort of hydration, as an example, or energy beverages. Many are trying to add protein to the products that they have, or they're going with zero sugar, or it could even be -- frankly, we're seeing even more recently, opportunities in areas like with collagen and sleep supplements and digestive health.

與大型全球製造商相比，這些客戶可能規模較小，我們通常看到他們在一些以健康和保健為導向的類別中開展業務。例如，我們在補水或能量飲料中就可以看到這一點。許多人試圖在現有產品中添加蛋白質，或嘗試零糖，甚至可能——坦白說，我們最近在膠原蛋白、睡眠補充劑和消化健康等領域看到了機會。

All of this needs flavor. And this is where we're also seeing some higher growth rates. And so that's tended to offset somewhat a little bit of that softness that we're seeing and not all of it, clearly, but those are areas where we tend to see a little bit more growth right now. And those categories, those product lines, it also need flavor, and we're doing quite well there.

所有這些都需要風味。我們也看到了一些更高的成長率。因此，這往往會在一定程度上抵消我們所看到的疲軟，但顯然不是全部，但這些領域目前往往會出現更多成長。這些類別、這些產品線也需要特色，我們在這方面做得很好。

And our competitive advantages seem to work out well with that customer base, too, because we're working with functional ingredients, our technologies to mask are really strong there. And in terms of enhancing flavors, we're also very -- we're very fast and we're very accurate in terms of how we operate in that marketplace. And there's a strong coordination with this high innovative customers that we've got.

而且我們的競爭優勢似乎也對該客戶群產生了良好的影響，因為我們正在研究功能性成分，我們的面膜技術在那裡非常強大。在增強風味方面，我們也非常——我們在該市場的運作速度非常快，而且非常準確。我們與這些高度創新的客戶保持著密切的協調。

So that's our kind of our picture, if you will, if you think about our Flavor business overall. And when I go next to food-away-from-home, I'll first talk to what is broadly what we call QSRs, quick-serve restaurants. In the Americas, we're seeing some strength there, even if maybe overall traffic trends are not necessarily as strong. But where we're intending to do well is on their promotional activity and their limited time offers. We're participating in a fair amount in that activity, and that tends to drive sort of accelerated improvement in those customers' performance, but it also includes our brands. And in many cases, that can really drive a lot of excitement, I think, to some of these promotions.

如果您願意的話，如果您從整體上考慮我們的風味業務，這就是我們的圖景。當我下次談論外出用餐時，我首先會談談我們所說的 QSR，即快餐店。在美洲，我們看到了一些實力，即使整體交通趨勢可能不一定那麼強勁。但我們想要做得好的是他們的促銷活動和限時優惠。我們大量參與了這項活動，這往往會加速這些客戶績效的改善，但也包括我們的品牌。我認為，在很多情況下，這確實可以為一些促銷活動帶來很大的興奮。

And so we see some upside there in the Americas, and we're also seeing it in Asia Pacific region. Now in that region, quick-serve restaurants have been actually quite strong for the last several quarters. And so we see continued strength in their performance. And again, it's driven by strong promotional activity and driving traffic. But that's been true for some time, obviously, in those markets, and they're broadly performing well. If I also think, though, about food-away-from-home and you look at beyond quick-serve restaurants, areas like fast casual are actually growing in traffic, and they're performing well.

因此，我們看到美洲存在一些上升趨勢，亞太地區也存在類似情況。現在，在該地區，快餐店在過去幾個季度實際上表現相當強勁。因此，我們看到他們的表​​現持續強勁。再次強調，這是由強大的促銷活動和推動流量所推動的。但顯然，這些市場的情況已經持續了一段時間，而且整體表現良好。不過，如果我也考慮一下外出用餐，並且看看快餐店以外的領域，快餐休閒場所的客流量實際上正在增​​長，而且表現良好。

In our brands, we're growing tabletop market share. And we're seeing our brands get even more presence in locations like that. And so that tends to drive consumer excitement, particularly when they're thinking about where they can find value, those are things that really strengthen, I think, the value proposition when you're eating away from home. And so we're seeing strength there, particularly in the Americas region.

在我們的品牌中，我們正在擴大桌面市場的份額。我們看到我們的品牌在這樣的地點獲得了更大的影響力。因此，這往往會激發消費者的興奮，特別是當他們思考在哪裡可以找到價值時，我認為，這些都是真正強化外出用餐時的價值主張的東西。因此我們看到那裡的實力，特別是在美洲地區。

Having said all that, in EMEA, we're definitely seeing continued softness in quick-serve restaurants, I would say, it's a little bit softer than what we expected, but most of that, we think, is driven really by what has been framed as geopolitical boycotts due to the conflict in the Middle East. And so that is an area that I probably don't think we had expected to see as much softness coming from that.

話雖如此，在歐洲、中東和非洲地區，我們確實看到快餐店的持續疲軟，我想說，它比我們預期的要弱一些，但我們認為，其中大部分實際上是由於中東衝突導致的地緣政治抵制所致。因此，我認為我們可能沒有預料到該領域會出現如此大的疲軟。

But as we look forward to the rest of the year, especially in a market like EMEA, we believe that will tend to stabilize because we're also comparing against some pretty low numbers from the prior year. I'll stop there because it's obviously a lot of individual different -- diverse segments. And I'll see if that addresses what you're looking to get.

但展望今年剩餘時間，特別是在 EMEA 這樣的市場，我們相信情況將趨於穩定，因為我們也在與去年的一些相當低的數字進行比較。我就講到這裡，因為很明顯，它包含很多不同的、不同的片段。我會看看這是否能解決您所希望得到的問題。

Yes. Thanks very much, guys.

是的。非常感謝，大家。

Robert Moskow, TD Cowen.

羅伯特·莫斯科（Robert Moskow），TD Cowen。

Thanks for the question. A couple, Marcos. When you say that you found sourcing opportunities, I imagine that means you're finding less expensive options. But I know that you make a point to buy higher-quality ingredients than your peers. So how do you go about doing both of those things at the same time? Is there any risk of sacrificing quality?

謝謝你的提問。一對，馬科斯。當您說您找到了採購機會時，我想這意味著您正在尋找更便宜的選擇。但我知道，你會堅持購買比同行更高品質的原料。那麼如何才能同時完成這兩件事呢？是否存在犧牲品質的風險？

And then secondly, you also mentioned elevated pressure on certain commodities due to the global trade environment. Can you be more specific on what that is? And why do you choose to mitigate it through SG&A? Thanks.

其次，您也提到由於全球貿易環境，某些商品的壓力加大。你能更具體地說明那是什麼嗎？為什麼您選擇透過銷售、一般和行政費用來緩解這個問題？謝謝。

Rob, let me just take the first part of your question, and then I'll hand it over to Marcos for additional context. There is no trade-off in our business with regard to quality. So I think that's really an important thing to say immediately because yes, it's a fair assumption that if we're mitigating this, we're finding a lower cost to offset what might have been a higher cost. But quality remains a top priority for our company, and we're still able to procure items that meet our quality requirements, which tend to be higher than anyone else in the industry. So I would just start off with that.

羅布，我先回答你問題的第一部分，然後我會把時間交給馬科斯來補充背景資訊。在我們的業務中，品質是不容妥協的。所以我認為這確實是一件需要立即說出來的重要的事情，因為是的，這是一個合理的假設，如果我們減輕這種情況，我們就會找到一個較低的成本來抵消可能較高的成本。但品質仍然是我們公司的首要任務，我們仍然能夠採購符合我們品質要求的產品，而我們的品質要求往往比業內任何其他公司都要高。所以我將從此開始。

But Marcos, would you like to add any other?

但是馬科斯，您還想補充其他內容嗎？

I think that's -- I mean you hit the first one. I mean we're not going to make any between quality and price, and we'll continue to -- and that's the really the advantage that we have in our sourcing organization that we do both. It's an and, not an or, really.

我認為那是——我的意思是你擊中了第一個。我的意思是，我們不會在品質和價格之間做出任何讓步，而且我們會繼續這樣做——這正是我們的採購組織的優勢，我們同時進行這兩項工作。實際上，這是一個“並且”，而不是“或”。

In terms of the second question, Rob, in terms of the pressure, I mean, when I said the global trade environment, I mean, what I meant was really the fact that suppliers and customers are in somewhat of a standstill right now. And if you think about it, I mean, the supply-demand dynamics that we expected to see drive that dynamic driving lower costs, and that didn't materialize. So that is what is really impacting our gross margin, and that's essentially why we called down our gross margin for the year to 0 to flat and 50 basis points.

關於第二個問題，羅布，就壓力而言，我的意思是，當我說全球貿易環境時，我的意思是，我的意思實際上是供應商和客戶現在處於某種停滯狀態。如果你仔細想想，我們預期看到的供需動態將推動成本降低，但這並沒有實現。所以這才是真正影響我們毛利率的因素，這也是為什麼我們將今年的毛利率下調至 0 至持平和 50 個基點。

And we're taking a very surgical approach to pricing, as I said, because we want to make sure that we maintain the momentum that we have in the business, the volume momentum, but also protecting OP. So we're pulling all the levers that we can through the P&L, and one big lever that we're pulling is SG&A. So if you go towards the back half of the year, you're going to see gross margin expansion in the second half compared to the first half. We're going to offset that by SG&A initiatives. Although we're going to continue to invest in SG&A in terms of A&P, brand marketing, and technology, but that's going to be offset by the CCI program that we have in place, including the SG&A streamlining initiatives that we implemented in Q2.

正如我所說，我們對定價採取了非常精準的方法，因為我們希望確保保持業務發展勢頭、銷售勢頭，同時保護 OP。因此，我們透過損益表來利用所有可能的槓桿，其中一個重要槓桿就是銷售、一般和行政費用。因此，如果你關注下半年，你會看到下半年的毛利率相對於上半年有所擴大。我們將透過銷售、一般及行政費用 (SG&A) 措施來抵銷這項成本。儘管我們將繼續在廣告宣傳、品牌行銷和技術方面對銷售、一般和行政費用進行投資，但這將被我們現有的 CCI 計劃所抵消，包括我們在第二季度實施的銷售、一般和行政費用精簡舉措。

So it's really playing with all the levers to minimize volume impact, but yet deliver margin expansion.

因此，它實際上正在利用所有槓桿來最大限度地減少銷售影響，但同時實現利潤率的擴大。

Okay. Thank you.

好的。謝謝。

Alexia Howard, Bernstein.

亞歷克西亞·霍華德，伯恩斯坦。

A couple of questions here. First of all, what do you make of the expanded list of over 40 additives that Texas is planning to require unpack labels saying that they've been banned in other countries like Canada and the EU? This list of over 40 additive seems broader than the just the artificial dyes that the Federal level has covered so far. It seems to include antioxidants and conservatives that may be harder for food companies to find replacements for without reducing shelf life. It's obviously very early days this only happened in the last few days. But do you anticipate another step-up in reformulation efforts as a result of that?

這裡有幾個問題。首先，您如何看待德州計畫要求拆開標籤，要求列出超過 40 種添加劑的擴大清單，這些添加劑在加拿大和歐盟等其他國家已被禁止？這份超過 40 種添加劑的清單似乎比聯邦層級迄今僅涵蓋的人工染料更為廣泛。它似乎含有抗氧化劑和防腐劑，食品公司可能很難在不縮短保質期的情況下找到替代品。顯然，這還為時過早，這只是最近幾天發生的事情。但是，您是否預計這將進一步加大重新制定力度？

Alexia, I think with regard to the activities that are going on a state-by-state level, we're working hand in hand with the Consumer Brands Association and other industry peers and partners just certainly work through what we believe can be a very -- when you think about things on a state-by-state level, that can get really disruptive at a national level. And so the first thing that we would advocate along with other of our other business partners out there is whatever the consumer needs, let's address it at a national level because when it goes state by state, that's just incredibly disruptive, overall. Now specifically, though, with regard to additives. And I think each and every one of those just needs its own its own conversation.

亞歷克西亞，我認為，就各州正在進行的活動而言，我們正在與消費者品牌協會和其他行業同行和合作夥伴攜手合作，解決我們認為可能非常棘手的問題——當你從各州的角度考慮問題時，這可能會在國家層面造成嚴重破壞。因此，我們和其他商業夥伴首先要提倡的是，無論消費者需要什麼，我們都要在國家層面上加以解決，因為當這個問題逐個州地解決時，總體而言，這將造成極大的破壞。現在具體來說一下添加劑。我認為每一個問題都需要有自己的討論。

So it's hard to address, like you said, a list of 40 things. So today, I don't think I could address it directly with you just because it's almost it's certainly a significant amount. And I think that we have to get this down to a manageable level of conversation. That's about the most I can say right now on this because it is early days.

所以，就像你說的，很難解決 40 件事的清單。所以今天，我認為我無法直接與您討論這個問題，因為這幾乎肯定是一個相當大的數字。我認為我們必須將這個問題降低到可控的對話水平。這是我現在能說的最多的話了，因為現在還處於早期階段。

Perfect. Thank you. And then just as a follow-up, I know that back in 2020, you were planning to do your big SAP transition as a big event that year, and then obviously, the pandemic put it off. I believe that you're still in the process of executing that. Is that going to be a meaningful step-up in investment? Or is it a similar level of investment next year as maybe you've seen this year? Just wondering about the path for the investment on the IT side over the next couple of years. Thank you, and I'll pass it on.

完美的。謝謝。然後作為後續問題，我知道早在 2020 年，您就計劃將 SAP 的重大轉型作為當年的一件大事，但顯然，疫情推遲了。我相信你仍處於執行該目標的過程中。這是否會對投資產生重大影響？或者明年的投資水準是否與今年的投資水準相似？我只是想知道未來幾年 IT 方面的投資路徑。謝謝，我會傳達的。

Sure, Alexia. I'll take that one. We've pivoted our implementation plan to be -- to really derisk the ERP implementation. That's the first thing that I want to say. Instead of a big band, we've pivoted to a functional deployment approach, which takes a little longer, but it takes the risk off the table. So that was the first thing that we wanted to do.

當然，亞歷克西亞。我要那個。我們已經調整了實施計劃，以真正降低 ERP 實施的風險。這是我想說的第一件事。我們沒有採用大型樂隊，而是轉向了功能性部署方法，雖然這需要更長的時間，但卻消除了風險。這是我們想要做的第一件事。

So that's angulated a little bit of the implementation of the ERP system. But at the same time, it's smoothed the spends and investments. So you should not see a peak of investments regarding the ERP implementation going into next year. You should see something that is more normalized to what we've seen this year.

這對 ERP 系統的實施有一點影響。但同時，它也平滑了支出和投資。因此，您不應該看到明年 ERP 實施的投資出現高峰。您應該會看到一些與我們今年所見相比更加正常的事情。

But obviously, around technology more broadly, we'll continue to invest in digital in AI and things like that. But the ERP, specifically for the ERP, you should not see an increase in spend. It's pretty much going to be in line with what we've seen this year.

但顯然，從更廣泛的技術角度來看，我們將繼續投資人工智慧、數位技術等領域。但對於 ERP，特別是 ERP，你不應該看到支出的增加。這與我們今年看到的情況基本一致。

Perfect. Thank you very much. I'll pass it on.

完美的。非常感謝。我會傳達的。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

So I wanted to ask about the brand marketing tweaks that you've made in your outlook. I think you've been pretty clear and your intent to drive higher brand marketing investments to underscore the top-line momentum that you've talked about. So I guess in that context, the decision to step down brand marketing, by my math, it looks like maybe a $5 million to $10 million reduction versus your prior planning. So I guess my question is, why not reinvest those efficiencies to provide further top-line insurance in an uncertain world, even if it were to cost you a couple of pennies in near-term EPS?

所以我想問一下您在品牌行銷展望中所做的調整。我認為您已經表達得非常清楚，您打算增加品牌行銷投資，以強調您所談到的營收成長動能。因此，我想在這種背景下，根據我的計算，放棄品牌行銷的決定可能會比你之前的計劃減少 500 萬到 1000 萬美元。所以我想我的問題是，為什麼不重新投資這些效率來為不確定的世界提供進一步的頂線保險，即使這會讓你在短期每股收益上損失幾美分？

Well, thanks for the question, Steve. I think when we looked at overall A&P, what you're seeing right there is just really a reflection. I think you even said this in our prepared remarks, just our efforts around productivity and CCI, we're constantly looking at ways to just buy (inaudible) more cheaply and do things more effectively. And I think we continue to find ways to do that when we think about A&P.

嗯，謝謝你的提問，史蒂夫。我認為，當我們看整體 A&P 時，您所看到的只是一種反映。我想你甚至在我們準備好的發言中也說過這一點，只是我們在生產力和 CCI 方面的努力，我們一直在尋找更便宜地購買（聽不清）和更有效地做事的方法。我認為，當我們考慮 A&P 時，我們會繼續尋找方法來做到這一點。

And honestly, technology has been an enabler there for us. So I think that's one point of context, I think it's worth sharing. When we look at the rest of the year, we still have quite a bit of increased investment to happen for the balance of the year and the second half. So this is one of not pulling back on anything and not reducing sort of the amount of intensity and focus that we put around that. So we have quite still a bit of A&P growth that's going to support the business over and above the prior year as we look at the back half.

說實話，科技對我們來說是一個推動力。所以我認為這是背景的一個點，我認為值得分享。展望今年剩餘時間，我們仍需要在今年餘下時間和下半年增加相當多的投資。因此，我們不會放棄任何事情，也不會減少我們在這方面的投入和關注。因此，展望下半年，我們的 A&P 業務仍有相當大的成長空間，這將支持我們的業務超越上年。

So we're very pretty comfortable, I think, right now that we continue to invest at higher levels year over year, but it's not an indication of any adjustment in strategy or trying to pull away investment for the business. We were simply just reflecting.

因此，我認為，我們現在非常放心，因為我們繼續逐年進行更高水準的投資，但這並不表示我們在策略上進行任何調整，也不表示我們試圖撤回業務投資。我們只是在反思。

Now to the point about having the opportunity to reinvest things. I will tell you that we're doing that every quarter. And so we've done it in the first quarter. You heard our commentary around, I think, recipe mix. We also did it again in the second quarter around hot sauce, and we're really starting to see strong results behind that right now, too. And I'm sure we may look at other opportunities in the second half where we can also continue to reinvest. So that's kind of the perspective around that, Steve.

現在來談談重新投資的機會。我可以告訴你，我們每季都會這樣做。我們在第一季就做到了這一點。我想，您已經聽到我們對配方組合的評論了。我們在第二季也再次圍繞辣醬做了同樣的嘗試，現在也確實開始看到了強勁的成果。我相信我們下半年還會尋找其他機會繼續再投資。這就是我對此的看法，史蒂夫。

Okay. Very helpful. And if I could, Brendan, you alluded to a good deal of innovation and distribution advances in your prepared remarks. I know you have a lot of activity ongoing and more coming. As we think about the back half, does that -- the incrementality of those distribution innovation pushes skew at all for 3Q versus 4Q? Or is it a fairly even contribution as the year progresses?

好的。非常有幫助。布倫丹，如果可以的話，您在準備好的發言中提到了大量創新和分銷方面的進步。我知道你正在進行很多活動，而且還會有更多活動。當我們考慮後半部分時，分銷創新的增量是否會對第三季和第四季造成偏差？或者隨著時間的推移，貢獻會變得相當均衡嗎？

I would think about it as even contribution as the year progresses, what is incremental if you think about what was already in place and then what's incremental. We have continued growth in A&P support and spend on the business. We're going to see more new items hit the shelf in the second half versus the first half or even last year.

我會認為隨著時間的推移，貢獻是均勻的，如果你考慮已經存在的東西，那麼什麼是增量，什麼是增量。我們的廣告和宣傳支援以及業務支出持續成長。與上半年甚至去年相比，我們將在下半年看到更多新品上市。

We're also going to see even stronger distribution. I think it's already starting to come through in the data. And so that will be incremental to what we had in the prior year or in the first half of the year. And it's kind of going to hit, I think, both quarters evenly. What won't, I don't think, is as some of the surgical pricing that we talked about, that's probably likely to show up more in the fourth quarter.

我們也將看到更強大的分銷能力。我認為數據已經開始體現這一點了。因此，這將比去年​​或今年上半年的水平有所提高。我認為，這將對兩個季度產生同等影響。我認為，我們討論過的一些手術定價可能不會在第四季度出現更多變化。

And so therefore, you might see a slightly different composition. But broadly, the pressure that we have in the back half, I would say, is it's going to be consistent from quarter three to quarter four. Does that help?

因此，您可能會看到略有不同的構圖。但總的來說，我想說，我們在後半段面臨的壓力將從第三季持續到第四季。這樣有幫助嗎？

Yes. Perfect. Thank you very much. Appreciate it.

是的。完美的。非常感謝。非常感謝。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯‧甘波特。

Thanks for the question. First, Brendan, you mentioned your continued confidence in your long-term objectives. I just wanted to confirm that even with the inclusion of tariffs now in your outlook, the long-term targets you gave at the Investor Day last year from FY23 to FY28, do those still stand?

謝謝你的提問。首先，布倫丹，您提到您對自己的長期目標仍然充滿信心。我只是想確認一下，即使現在您的展望中已經包含了關稅，您在去年投資者日給出的從 23 財年到 28 財年的長期目標是否仍然有效？

Yes, we still feel like I'm confident and comfortable with those. Obviously, as things change, we have to modify our plans at times like if you think about sort of first half of this year, but it hasn't taken us off our game plan from a long-term perspective.

是的，我們仍然覺得我對此充滿信心和舒適。顯然，隨著情況的變化，我們必須修改我們的計劃，例如今年上半年的情況，但從長遠來看，這並沒有改變我們的計劃。

Great. And then you talked about seeing an uptick in innovation activity from the large CPG customers, particularly in the US who are also seeing some volume softness right now. You mentioned that they are doing things like putting more protein in their products. But could you talk more broadly about the level to which you're seeing this uptick take hold? Is it one of the higher levels you've seen in the past several years? And then give a bit more detail about the types of actions you're seeing from these large CPG customers with regard to innovation and how you think your business might be able to benefit from this activity. Thanks very much, and I'll leave it there.

偉大的。然後您談到看到大型 CPG 客戶的創新活動有所增加，特別是在美國，他們目前也看到了一些銷售疲軟。您提到他們正在採取一些措施，例如在產品中添加更多蛋白質。但是，您能否更廣泛地談談您所看到的這種上升趨勢的水平？這是您在過去幾年中見過的較高水平之一嗎？然後，請更詳細地介紹您從這些大型 CPG 客戶那裡看到的有關創新的行動類型，以及您認為您的企業如何從這些活動中受益。非常感謝，我就不多說了。

Okay. Thank you, Max. Well, from an activity perspective, we always have had activity in terms of reformulations, matching, helping to roll out innovation and new products for our customers. When you look at the mix of activity, we're definitely seeing an acceleration in reformulation activity and even matching activity. And so those are areas that are on top of what would be a normal level of innovation activity.

好的。謝謝你，馬克斯。嗯，從活動的角度來看，我們一直在進行重新配方、配對、幫助為客戶推出創新和新產品的活動。當您查看活動組合時，我們肯定會看到重新配方活動甚至匹配活動的加速。因此，這些領域處於正常創新活動水準之上。

So it is net incremental in my view in terms of sort of the activity that we're seeing and what's happening. And we do -- we believe over time, that will result in just increased overall performance, and we'll see that benefit come through our business. I just can't necessarily predict exactly when that will happen. Everything is on a different time schedule at times.

因此，就我們所看到的活動和正在發生的事情而言，我認為它是淨增量。我們確實如此——我們相信，隨著時間的推移，這將提高整體績效，並且我們將看到這種利益透過我們的業務實現。我只是無法準確預測什麼時候會發生這種情況。有時所有事情都會按照不同的時間表進行。

But the other thing we look at is, frankly, our ability, our win rate and how we're performing overall in terms of when those opportunities come up, and we tend to do pretty well. I don't have any percentages I'm going to share right now on a call or anything like that. But we're pleased with our (inaudible) rate and the type of performance that we're getting when we engage with customers or new customers in terms of winning those briefs, winning that activity.

但坦白說，我們關注的另一件事是我們的能力、我們的勝率以及當這些機會出現時我們的整體表現如何，而我們往往做得相當不錯。我現在還沒有任何可以在電話或類似場合分享的百分比數據。但是，我們對我們的（聽不清楚）速度以及我們在與客戶或新客戶接觸、贏得這些簡報、贏得這項活動時所取得的績效類型感到滿意。

But the activity is definitely taken up, Max. And I think that's maybe the spirit of your question overall. And we're seeing it large customers, small customers, just -- it's really overall quite active, I think, in the marketplace, and we see that as being a lot of health and wellness driven activity.

但這項活動肯定已經開展起來了，馬克斯。我認為這也許就是你的問題的整體精神。我們看到，無論是大客戶還是小客戶，總體來說，我認為，市場確實非常活躍，而且我們看到很多健康和保健驅動的活動。

Great. Thanks very much.

偉大的。非常感謝。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

Thanks so much for taking our questions. Two questions from me. First, I think previously, you had spoken to maybe some more volatile growth trends within the Flavor Solutions business, just given the timing of wins and other things. And you also made some comments earlier about expecting the EMEA side of that business to stabilize. So just wanted to confirm maybe how you're thinking about cadence of growth for the second half of the year within the Flavor Solutions segment.

非常感謝您回答我們的問題。我有兩個問題。首先，我認為您之前曾談到風味解決方案業務中可能存在一些更不穩定的成長趨勢，只是考慮到獲勝時機和其他因素。您之前也曾表示希望歐洲、中東和非洲地區的業務能夠穩定下來。所以只是想確認一下，您如何看待風味解決方案部門下半年的成長節奏。

Well, within Flavor Solutions, I think that we don't really provide a guide by quarter. So when I think about it, though, and trying to think about what is the context that we can provide. I think the -- in the Americas region, we expect that the trends that we've seen so far to be sustained. And I don't know that I would expect to see -- by the way, this business is typically lumpy as we've used that description before. So that always applies.

嗯，在 Flavor Solutions 中，我認為我們實際上並沒有按季度提供指南。因此，當我思考這個問題並試圖思考我們可以提供什麼樣的背景時。我認為——在美洲地區，我們預計迄今為止看到的趨勢將會持續下去。我不知道我是否期望看到——順便說一句，這個行業通常很不穩定，正如我們以前使用過的那樣。所以這始終適用。

But when you think about beyond sort of the traditional element of lumpiness, if you just look at our first quarter and second quarter and then out of the first half, you'll see what I mean with regard to sometimes we see some lumpiness and trends. But in the Americas, we expect mostly those trends to sustain. Obviously, if we see a tick up in traffic, that would even improve that.

但是當你考慮超越傳統的不均勻性因素時，如果你只看我們的第一季和第二季度，然後看看上半年，你就會明白我的意思，有時我們會看到一些不均勻性和趨勢。但在美洲，我們預期這些趨勢大多將持續下去。顯然，如果我們看到流量增加，情況就會改善。

And although QSRs are probably a smaller piece of our business in the Americas region, we expect that to continue to perform well. In EMEA, I think we're comparing against weaker performance in the prior year, and that is sort of the same in both quarters. And we would hope that that would start to flatten out and begin to stabilize based on what we're seeing.

儘管快餐店可能只占我們美洲地區業務的一小部分，但我們預計將繼續表現良好。在歐洲、中東和非洲地區，我認為我們正在與去年較弱的表現進行比較，並且兩個季度的情況大致相同。根據我們所看到的情況，我們希望這種情況能夠開始趨於平穩並開始穩定下來。

And the one thing that we just cannot predict is just what maybe happened geopolitically and that might have an impact. That seems to have had more of a volatile effect over the last 1.5 years. And so those are things that we will not try to predict, but that has been one element in the first half of the year.

我們無法預測的是地緣政治上可能發生的事件以及可能的影響。在過去的一年半裡，這似乎產生了更大的波動影響。因此，我們不會試圖預測這些事情，但這是今年上半年的因素。

When I look at Asia Pacific, I would give you the same reply as I did in the Americas region. We expect those trends to really be consistent in the second half as in the first.

當我看亞太地區時，我會給出與美洲地區相同的答案。我們預計這些趨勢在下半年將與上半年保持一致。

And just to be on that, Brendan, I would say, Scott, I mean, you would see in that part of the portfolio, a little bit more pricing actions taking now as we go towards the second half of the year. And that is due to the commodities that I talked to before, but also some FX impact, primarily in Latin America. So we're taking some surgical again, pricing in those markets just to make sure that we are in protecting our operating margin. And for the full year, the operating margin will expand in Flavor Solutions in line with our objectives to get back to a level of operating margin that we had before.

就此而言，布倫丹，我想說，斯科特，我的意思是，你會看到，在投資組合的這一部分，隨著我們進入下半年，現在採取了更多的定價行動。這是由於我之前談到的商品，但也有一些外匯影響，主要是在拉丁美洲。因此，我們再次對這些市場的定價進行一些調整，以確保我們能夠保護我們的營業利潤率。就全年而言，風味解決方案的營業利潤率將按照我們的目標擴大，恢復到先前的營業利潤率水準。

Got it. And then just as it relates to the consumer business, obviously, given the strength of some of your categories, rumor of store relative to some more center store areas right now. Wondering just what are discussions like with retailers right now? Are they kind of more receptive to innovation, are they more receptive to surgical price increases than maybe some of your peers right now? Just trying to gauge what the conversations are like relative to history.

知道了。然後，正如它與消費者業務相關一樣，顯然，考慮到某些類別的實力，目前有關商店的傳言是相對於一些更中心的商店區域而言的。想知道現在與零售商的討論情況如何嗎？他們是否比現在的一些同行更容易接受創新，更容易接受手術價格上漲？只是想判斷這些對話相對於歷史而言是什麼樣的。

I think broadly, we are -- we feel like we have a very positive, productive conversations with all of our customers. We take a customer-led framework and position in everything that we do because we're there to grow their categories in their stores and their banners. And so we certainly take very much a very strong category view and what's going to be healthiest for the category. And that includes the performance of our brands as well as the performance of their private label and the category in general.

我認為，總體而言，我們感覺與所有客戶進行了非常積極、富有成效的對話。我們在所做的每一件事中都採取以客戶為主導的框架和立場，因為我們的目的是擴大他們在商店和橫幅中的類別。因此，我們當然會採取非常強烈的類別觀點，並了解什麼對該類別最有利。這包括我們品牌的表現以及其自有品牌和整個類別的表現。

And so we believe that we've done really quite well, especially in the last two years and really bringing for just a more aggressive agenda and driving the categories and seizing opportunity to drive growth with consumers. And right now, I think we're seeing the strength of that even if you look at distribution growth, that is a byproduct of great conversations, great relationships in terms of deciding what's right for the consumer.

因此，我們相信我們做得非常好，特別是在過去兩年裡，我們真正制定了更積極的議程，推動了產品類別的發展，抓住了機遇，推動了消費者的成長。現在，我認為我們看到了這種趨勢的力量，即使你看一下分銷成長，這也是在決定什麼對消費者有利方面進行良好對話和建立良好關係的副產品。

And so that is, we believe, an area of strength of ours, whether it's category management, revenue management, innovation, and also just our high levels of brand marketing support, all really are there to drive the categories for our retailer customers. And so that's all going, I think, quite strongly. And I would say our conversation has really been quite productive, quite collaborative.

因此，我們相信，這是我們的優勢領域，無論是品類管理、收入管理、創新，還是我們高水準的品牌行銷支持，都能夠真正推動我們零售商客戶的品類發展。所以我認為，這一切都進展得相當順利。我想說我們的談話確實非常富有成效，非常有合作性。

Bryan Adams, UBS.

瑞銀的布萊恩亞當斯。

Thanks for taking the question. Just a housekeeping one. As we think about the -- I think it's mid to high single digits or so operating income growth for the second half of the year, total company, could we expect that to be more concentrated in Consumer or Flavor Solutions? Because on the one hand, based on some of the responses so far, it sounds like top line is probably going to be a bit stronger in Consumer than in Flavors. But I know Flavors is also the area where you see more room for margin expansion longer term.

感謝您回答這個問題。只是一個家務事。當我們思考時——我認為下半年整個公司的營業收入成長率將在中高個位數左右，我們是否可以預期這將更多地集中在消費者或風味解決方案上？因為一方面，根據迄今為止的一些回應，聽起來消費品業務的營收可能會比口味業務的營收更強勁一些。但我知道，從長遠來看，調味品也是利潤成長空間更大的領域。

And I know, Marcos, you just mentioned some pricing coming in there, too. So just trying to balance those two things, if you could give any color there.

我知道，馬科斯，你剛才也提到了一些定價問題。所以只是嘗試平衡這兩件事，如果你能給出任何顏色的話。

Yes. So on a quarterly basis, this may fluctuate. It does fluctuate between segments, as you know. And so in the second half of the year, you're going to see contributions from both segments in terms of operating margin.

是的。因此，按季度來看，這可能會有所波動。如您所知，它在不同部分之間確實存在波動。因此，在下半年，您將看到這兩個部門對營業利潤率的貢獻。

And then on a full-year basis, you would see that Flavor Solutions will have a driver will be the biggest driver as we want to continue to invest back in the business in the consumer to drive the volume momentum that we have. So that's kind of our philosophy. It's really on a full-year basis. You should look at the segments on a full year basis more than on a quarterly basis.

然後，從全年來看，你會看到，風味解決方案將擁有最大的驅動力，因為我們希望繼續投資於消費者業務，以推動我們擁有的銷售勢頭。這就是我們的理念。這確實是按全年計算的。您應該以全年而不是季度為基礎來看待這些細分市場。

And in the consumer, this spirit is really to invest back the gross margin gains back into brand marketing and as well as technology to continue to drive the volume line -- the top-line momentum through volume.

對消費者來說，這種精神實際上是將毛利率收益重新投入到品牌行銷和技術中，以繼續推動銷售——透過銷售實現營收成長。

And then on the Flavor Solutions, it's really about expanding margins and recovering our profitability there, but also growing, obviously, right? But that's kind of a -- so on a full-year basis, you should see more of a Flavor Solutions as a driver.

然後，就風味解決方案而言，這實際上是為了擴大利潤率並恢復我們的盈利能力，但顯然也在增長，對吧？但這是一種——所以從全年來看，你應該看到更多的風味解決方案作為驅動力。

(inaudible) thanks, guys.

（聽不清楚）謝謝大家。

Thank you. I'll now turn the call back to management for closing remarks.

謝謝。現在我將把電話轉回給管理階層，請他們作最後發言。

Okay. Thank you, everybody, for joining us this morning. If you have any questions following this call, please reach out. Thank you, and have a great day.

好的。感謝大家今天上午加入我們。如果您在本次通話後還有任何疑問，請與我們聯絡。謝謝您，祝您有愉快的一天。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。