怪物飲料 (MNST) 2025 Q1 法說會逐字稿

Good day, and welcome to the Monster Beverage Corporation first-quarter 2025 financial Results conference call. (Operator Instructions) Please note this event is being recorded. I would like now to turn the conference over to Mr. Rodney Sacks and Mr. Hilton Schlosberg, Co-CEOs. Please go ahead.

大家好，歡迎參加 Monster Beverage Corporation 2025 年第一季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給聯合執行長羅德尼·薩克斯先生和希爾頓·施洛斯伯格先生。請繼續。

Good afternoon, ladies and gentlemen. Thank you for attending this call. I'm Rodney Sacks. Hilton Schlosberg, our Vice Chairman and Co-Chief Executive Officer, is on the call. as is Tom Kelly, our Chief Financial Officer, Tom Kelly will now read our cautionary statement.

女士們、先生們，午安。感謝您參加本次電話會議。我是羅德尼·薩克斯。我們的副董事長兼聯合首席執行官希爾頓·施洛斯伯格 (Hilton Schlosberg) 正在通話中。我們的財務長湯姆凱利 (Tom Kelly) 也將會宣讀我們的警告聲明。

Before we begin, I would like to remind listeners that certain statements made during this call may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. And are based on currently available information regarding the expectations of management with respect to revenues, profitability, future business, future events, financial performance and trends.

在我們開始之前，我想提醒聽眾，本次電話會議中所作的某些陳述可能構成經修訂的 1933 年證券法第 27A 節和經修訂的 1934 年證券交易法第 21E 節所定義的前瞻性陳述。並基於有關管理層對收入、盈利能力、未來業務、未來事件、財務業績和趨勢的期望的當前可用資訊。

Management cautions that these statements are based on our current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside the control of the company that may cause actual results to differ materially from the forward-looking statements made during this call. Please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K filed on February 28, 2025, including the sections contained therein entitled Risk Factors and forward-looking statements for a discussion on specific risks and uncertainties that may affect our performance. The company assumes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.

管理層提醒稱，這些聲明基於我們目前的知識和預期，並受某些風險和不確定性的影響，其中許多風險和不確定性超出了公司的控制範圍，可能導致實際結果與本次電話會議期間做出的前瞻性聲明存在重大差異。請參閱我們向美國證券交易委員會提交的文件，包括我們於 2025 年 2 月 28 日提交的最新 10-K 表年度報告，其中包括題為“風險因素”和“前瞻性陳述”的部分，以討論可能影響我們業績的具體風險和不確定性。無論是由於新資訊、未來事件或其他原因，本公司均不承擔更新任何前瞻性陳述的義務。

I would also like to note that an explanation of the non-GAAP measures, which may be mentioned during the course of this call, is provided in the notes and the condensed consolidated statements of income and other information attached to the earnings release dated May 8, 2025. The A copy of this information is also available on our website, www.monsterbeveragecorp.com in the Financial Information section. I would now like to hand the call over to Rodney Sacks.

我還想指出，在本次電話會議中可能提到的非公認會計準則指標的解釋已在 2025 年 5 月 8 日收益報告附帶的註釋和簡明合併損益表及其他資訊中提供。資訊的副本也可在我們的網站 www.monsterbeveragecorp.com 的財務資訊部分找到。現在我想把電話交給羅德尼·薩克斯。

Thanks, Tom. Trends in our Nielsen measured categories have been accelerating since early 2025, consumer purchases in our non-Nielsen measured categories are following the same trend. Growth opportunities in household penetration and per capita consumption along with consumers' growing need for energy or positive trends for the category.

謝謝，湯姆。自 2025 年初以來，我們尼爾森測量類別的趨勢一直在加速，我們非尼爾森測量類別的消費者購買也遵循同樣的趨勢。家庭普及率和人均消費量的成長機會，以及消費者對能源日益增長的需求或該類別的正面趨勢。

In the United States, the energy category, according to Nielsen, for the recently reported 13 weeks through April 26, 2025, grew at 10% versus the same period last year. In EMEA, the energy drink category according to Nielsen, for our tracked markets for the recently reported 13-week period, which differs from country-to-country, grew at approximately 13.7% versus the same period last year on an FX-neutral basis.

在美國，根據尼爾森的最新報告，截至 2025 年 4 月 26 日的 13 週內，能源類別比去年同期成長了 10%。在歐洲、中東和非洲地區，根據尼爾森的調查，在我們最近報告的 13 週追蹤市場中（各國情況有所不同），剔除匯率因素，能量飲料類別較去年同期成長了約 13.7%。

In APAC, the energy drink category according to Nielsen and in (inaudible) for the recently reported 13-week period, which differ from country-to-country, grew at approximately 13.6% versus the same period last year also on an FX-neutral basis. In Lat Am, the energy drink category according to Nielsen for our tracked markets for the recently reported 13-week period, which differs from country-to-country, grew at approximately 15.7% versus the same period last year, FX neutral. This does not include Argentina and Chile.

在亞太地區，根據尼爾森 (聽不清楚) 最近報告的 13 週期間（各國情況有所不同），能量飲料類別與去年同期相比增長了約 13.6%，同樣是基於外匯中性基礎。在拉丁美洲，根據尼爾森最近報告的 13 週追蹤數據（各國情況有所不同），能量飲料類別較去年同期增長了約 15.7%，匯率中立。這還不包括阿根廷和智利。

Net sales for the 2025, 1 quarter were negatively impacted by bottler distributor ordering patterns, specifically in the United States and EMEA. Adverse changes in foreign currency exchange rates decreased sales in the Alcohol Brand segment, adverse weather, 1 less selling day in the 2025 first quarter as well as uncertain economic conditions.

2025 年第一季的淨銷售額受到瓶裝經銷商訂購模式的負面影響，尤其是在美國和歐洲、中東和非洲地區。外匯匯率的不利變化導致酒類品牌部門的銷售額下降、惡劣天氣、2025 年第一季銷售日減少 1 天以及不確定的經濟狀況。

Net changes in foreign currency exchange rates had an unfavorable impact on net sales for the 2025 first quarter of $57.3 million. On a foreign currency adjusted basis, net sales for the 2025 first quarter increased 0.7% or 1.9%, excluding the Alcohol segment. Reported net sales were $1.85 billion for the -- in the 2025 first quarter or 2.3% lower than net sales of $1.9 billion in the comparable 2024 first quarter. Gross profit as a percentage of net sales for the 2025 first quarter was 56.5% compared with 54.1% in the 2024 first quarter. The increase in gross profit as a percentage of net sales for the 2025 first quarter was primarily the result of pricing actions as well as supply chain optimization in the quarter.

外匯匯率的淨變動對 2025 年第一季 5,730 萬美元的淨銷售額產生了不利影響。經外匯調整後，2025 年第一季的淨銷售額（不包括酒精部門）成長了 0.7% 或 1.9%。2025 年第一季的淨銷售額為 18.5 億美元，比 2024 年第一季的淨銷售額 19 億美元低 2.3%。2025 年第一季毛利佔淨銷售額的百分比為 56.5%，而 2024 年第一季為 54.1%。2025 年第一季毛利佔淨銷售百分比的成長主要是由於本季的定價行動以及供應鏈優化。

Operating expenses for the 2025 first quarter were $478.2 million compared with $485.1 million in the 2024 first quarter. As a percentage of net sales, operating expenses for the 2025 first quarter were 25.8% compared with 25.5% in the 2024 first quarter. Distribution and warehouse expenses for the 2025 first quarter was $77.6 million or 4.2% of net sales compared to $94.4 million or 5% of net sales in the 2024 first quarter. Operating income for the 2025 first quarter increased 5.1% to $569.7 million from $542 million in the 2024 comparative quarter. Operating income for the 2025 first quarter, exclusive of the Alcohol Brands segment increased 7.9% to $591.2 million from $548 million in the 2024 first quarter.

2025 年第一季的營運費用為 4.782 億美元，而 2024 年第一季的營運費用為 4.851 億美元。以淨銷售額的百分比計算，2025 年第一季的營運費用為 25.8%，而 2024 年第一季為 25.5%。2025 年第一季的分銷和倉儲費用為 7,760 萬美元，佔淨銷售額的 4.2%，而 2024 年第一季的分銷和倉儲費用為 9,440 萬美元，佔淨銷售額的 5%。2025 年第一季的營業收入從 2024 年同期的 5.42 億美元成長 5.1% 至 5.697 億美元。2025 年第一季不包括酒類品牌部門的營業收入從 2024 年第一季的 5.48 億美元成長 7.9% 至 5.912 億美元。

The effective tax rate for the 2025 first quarter was 23.4% compared with 23.5% in the 2024 first quarter. Net income in the 2025 first quarter was $443 million as compared to $442 million in the 2024 comparable quarter. Diluted earnings per share for the 2025 first quarter increased 7.4% to $0.45 from $0.42 in the first quarter of 2024. Diluted earnings per share for the 2025 first quarter, exclusive of the alcohol brands segment increased 10.2% to $0.47 from $0.42 in the first quarter of 2024.

2025 年第一季的有效稅率為 23.4%，而 2024 年第一季的有效稅率為 23.5%。2025 年第一季淨收入為 4.43 億美元，而 2024 年同期淨收入為 4.42 億美元。2025 年第一季每股攤薄收益從 2024 年第一季的 0.42 美元成長 7.4% 至 0.45 美元。2025 年第一季不包括酒類品牌部門的稀釋每股收益從 2024 年第一季的 0.42 美元成長 10.2% 至 0.47 美元。

During the first quarter of 2025, the impact of tariffs on our operating results was immaterial. In general, while our concentrates are manufactured both in the US and Ireland at the present time, production of our finished products takes place locally in our respective markets. The tariff landscape is complicated and dynamic. We import some raw materials into the United States, export certain raw materials for local markets and export limited quantities of finished products.

2025 年第一季度，關稅對我們經營業績的影響並不大。總體而言，雖然我們的濃縮物目前在美國和愛爾蘭生產，但我們的成品生產則在我們各自的市場中本地進行。關稅情勢複雜且動態。我們向美國進口一些原料，向當地市場出口某些原料，並出口有限數量的成品。

We do not believe, based on our business model that the current tariffs will have a material impact on the company's operating results. We will recognize tariffs on aluminum through the higher Midwest premium and are reviewing mitigation strategies across the business. For instance, AAF, our flavor and concentrate subsidiary is planning to establish a facility in Brazil, which should be operational later in 2026.

根據我們的商業模式，我們認為目前的關稅不會對公司的經營業績產生重大影響。我們將透過更高的中西部溢價來承認鋁關稅，並正在審查整個業務的緩解策略。例如，我們的調味品和濃縮物子公司 AAF 計劃在巴西建立一個工廠，預計將於 2026 年下半年投入營運。

According to the Nielsen reports for the 13 weeks ended April 26, 2025, for all outlets combined, excluding convenience and gas, sales in dollars in the energy drink category, including energy shots, increased by 13.8% versus the same period a year ago. According to the new reports for the 13 weeks ended April 26, 2025, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, sales in dollars in the energy drink category, including energy shots, increased by 10% versus the same period a year ago.

根據尼爾森截至 2025 年 4 月 26 日的 13 週報告，除便利商店和加油站外，所有門市的能量飲料（包括能量飲料）的美元銷售額比去年同期增長了 13.8%。根據截至 2025 年 4 月 26 日的 13 週的新報告，所有商店（包括便利商店、雜貨店、藥局、大眾零售商）的能量飲料類別（包括能量飲料）的銷售額比去年同期增長了 10%。

Sales of the company's energy drink brands including (inaudible), were up 6.9% in the 13-week period. Sales of Monster increased 8.7%. Sales of Rain were down 9.9%, Sales of NOS increased 0.8% and sales of Full Throttle decreased 1.5%. Sales of Red Bull increased 15.6%. According to Nielsen, for the 4 weeks ended April 26, 2025, and sales in dollars in the energy drink category in the convenience and gas channel, including energy shots, increased 8.9% over the same period the previous year.

該公司包括（聽不清楚）在內的能量飲料品牌的銷量在 13 週內增長了 6.9%。Monster的銷量成長了8.7%。Rain 的銷量下降了 9.9%，NOS 的銷量增加了 0.8%，Full Throttle 的銷量下降了 1.5%。紅牛銷量成長15.6%。尼爾森的數據顯示，截至 2025 年 4 月 26 日的四周內，便利商店和加油站通路的能量飲料類別（包括能量飲料）的美元銷售額比去年同期增長了 8.9%。

Sales of the company's energy drink brands including Bang were up 6.8% in the latest 4-week period in the convenience and gas channel. Sales of Monster increased by 8.2% over the same period versus the previous year. Rains sales decreased 6%, NOS was up 1.9% and Full Throttle was down 1.7%. Sales of Red Bull were up 15.2%.

該公司旗下包括 Bang 在內的能量飲料品牌在便利商店和加油站的銷售量在最近四周成長了 6.8%。Monster的銷售量與去年同期相比成長了8.2%。Rains 銷售量下降 6%，NOS 銷售量上漲 1.9%，Full Throttle 銷售量下降 1.7%。紅牛銷量成長了15.2%。

According to Nielsen, for the 4 weeks ended April 26, 2025, the company's market share of the energy drink category in the convenience and gas channel, including energy shots in dollars, decreased from 37.1% to 36.4%, including Bang. Monster share decreased from 29.2% to 29%. Rains shares -- share decreased 0.4 points to 2.6%. NOS share decreased 0.1 of a share point to 2.5% and Full Throttle share decreased from 0.7% to 0.6%, Bang's share was 1.7%. Redbull share increased 2 share points to 36.8%.

根據尼爾森的數據，截至 2025 年 4 月 26 日的 4 週內，該公司在便利商店和加油站能量飲料類別（包括能量飲料，以美元計算）的市場份額從 37.1% 下降到 36.4%，其中包括 Bang。Monster 的市佔率從 29.2% 下降至 29%。Rains 股票－份額下降 0.4 個百分點至 2.6%。NOS 份額下降 0.1 個百分點至 2.5%，Full Throttle 份額從 0.7% 下降至 0.6%，Bang 的份額為 1.7%。紅牛市佔率增加2個百分點至36.8%。

Market share of certain competitors were as follows: Celsius, 7.8% (inaudible) 43.5%, (inaudible) 2.9%, 5-hour 2.8%, aligning new 2.7% and Rockstar 2.4%. According to Nielsen, for the 4 weeks ended April 26, 2025, sales in dollars of the coffee plus energy drink category, which includes our Java Monster and Killer Brew lines in the convenience and gas channel decreased 1.2% over the same period the previous year. Sales of Java Monster, including Killebrew, were 4.4% higher in the same period versus the previous year. Sales of Starbucks Energy Coffee were 11.7% lower. Monster Coffee's share of the coffee plus energy drink category for the 4 weeks ended April 26, 2025, was 62.1%, up 3.4 points, while Starbucks Energy coffee share was 36.6%, down 4.4 points.

某些競爭對手的市佔率如下：Celsius 7.8%（聽不清楚）43.5%，（聽不清楚）2.9%，5-hour 2.8%，Aligning new 2.7% 和 Rockstar 2.4%。根據尼爾森的調查，截至 2025 年 4 月 26 日的四周，包括便利商店和加油站通路的 Java Monster 和 Killer Brew 系列在內的咖啡加能量飲料類別的美元銷售額比去年同期下降了 1.2%。包括 Killebrew 在內的 Java Monster 的銷售量與去年同期相比增長了 4.4%。星巴克能量咖啡的銷售量下降了11.7%。截至 2025 年 4 月 26 日的四周內，怪獸咖啡在咖啡加能量飲料類別中的份額為 62.1%，上漲 3.4 個百分點，而星巴克能量咖啡的份額為 36.6%，下跌 4.4 個百分點。

According to Nielsen, in all measured channels in Canada, for the 12 weeks ended March 22, 2025, the energy drink category increased 9.4% in dollars. Sales of the company's energy drink brands increased 11.4% versus a year ago. The market share of the company's energy drink brands increased 0.7 of a point to 40.9%. Monster sales increased 8.5% and its market share decreased 0.3 of a share point to 36.1%. (inaudible) sales increased 12.4% and its market share increased 0.1 point to 1.2%.

尼爾森的數據顯示，在加拿大所有測量管道中，截至 2025 年 3 月 22 日的 12 週內，能量飲料類別的銷售額成長了 9.4%。該公司能量飲料品牌的銷售額較去年同期成長了 11.4%。該公司能量飲料品牌的市佔率增加了0.7個百分點，達到40.9%。Monster 銷售成長 8.5%，市佔率下降 0.3 個百分點至 36.1%。 （聽不清楚）銷售額成長了 12.4%，市佔率增加了 0.1 個百分點，達到 1.2%。

Full Throttle sales increased 6.2% and its market share remained at 0.5% of 8%. (inaudible) for all outlets combined in Mexico, the energy drink category increased 9% for the month of March 2025. Monster sales increased 15.3%. Monster's market share in value increased 1.7 points to 31.3% against the comparable period the previous year. Sales of Predator increased 22.2% and its market share increased 0.7 of a share point to 6.4%.

Full Throttle 銷量成長了 6.2%，市佔率維持在 8% 的 0.5%。 （聽不清楚）就墨西哥所有門市而言，2025 年 3 月能量飲料類別成長了 9%。Monster 銷量成長了 15.3%。Monster 的市佔率與去年同期相比增加了 1.7 個百分點，達到 31.3%。Predator的銷量成長了22.2%，市佔率增加了0.7個百分點，達到6.4%。

The Nielsen statistics for Mexico cover single months, which is a short period that may often be materially influenced positively and/or negatively by sales in the OXXO convenience chain, which dominates the market. Sales in the OXXO convenience chain in turn can be materially influenced by promotions that may be undertaken in that chain by one or more energy drink brands during a particular month. Consequently, such activities could have a significant impact on the monthly Nielsen statistics for Mexico. According to Nielsen, for all outlets combined in Brazil, the energy drink category increased 33.7% for the month of March 2025. Monster's sales increased 26.5%.

尼爾森對墨西哥的統計數據只涵蓋單一月份，這是一個短暫的時期，通常會受到佔據市場主導地位的 OXXO 便利連鎖店的銷售情況的正面和/或負面影響。反過來，OXXO 便利連鎖店的銷售額可能會受到該連鎖店中一個或多個能量飲料品牌在特定月份開展的促銷活動的重大影響。因此，此類活動可能會對墨西哥的月度尼爾森統計數據產生重大影響。根據尼爾森的數據，2025 年 3 月，巴西所有門市的能量飲料類別增加了 33.7%。Monster的銷售額成長了26.5%。

Monster's market share in value decreased 2.6 points to 45.2% compared to March 2024. According to Nielsen, for all outlets combined in Chile, the energy drink category increased 1.6% for the month of March 2025. Monster sales decreased 3.5%, Monster's market share in value decreased 2.2 points to 40.7% compared to March 2024. According to Nielsen, for all outlets combined in Argentina, in March 2025, Monster's market share in value decreased 6.5 points to 52% compared to March 2024. We are the market share leader in Brazil, Chile and Argentina.

與 2024 年 3 月相比，Monster 的市佔率下降了 2.6 個百分點，至 45.2%。根據尼爾森的數據，2025 年 3 月，智利所有門市的能量飲料類別增加了 1.6%。與 2024 年 3 月相比，Monster 的銷量下降了 3.5%，Monster 的市佔率下降了 2.2 個百分點，至 40.7%。尼爾森的數據顯示，2025 年 3 月，Monster 在阿根廷所有門市的市佔率與 2024 年 3 月相比下降了 6.5 個百分點，至 52%。我們是巴西、智利和阿根廷的市佔率領導者。

I would like to point out that the Nielsen numbers in EMEA should only be used as a guide because the channels read by Nielsen in EMEA vary from country-to-country. and are reported on varying dates within the month referred to from country-to-country. According to Nielsen, in the 13-week period ending March 30, 2025, Monster's retail market share in value as compared to the same period the previous year grew from 16.2% to 18% in Belgium from 22.6% to 24.4% in the Czech Republic from 26.9% to 27.7% in Denmark, from 32.1% to 33.2% in Great Britain, from 15.8% to 18.1% in Germany, from 6.6% to 11.1% in the Netherlands, from 32.8% to 36.9% in Norway, from 18.6% to 21.3% in Poland and from 30.2% to 33.4% in the Republic of Ireland.

我想指出的是，尼爾森在 EMEA 地區的數據僅應作為指導，因為尼爾森在 EMEA 地區讀取的管道因國家而異。並且各國報告的月份日期有所不同。根據尼爾森的調查，在截至 2025 年 3 月 30 日的 13 週內，Monster 在比利時的零售市場份額與去年同期相比從 16.2% 增長到 18%，在捷克共和國從 22.6% 增長到 24.4%，在丹麥從 26.9% 增長到 27.3%，從德國增長 3.7% 15.8% 成長到 18.1%，在荷蘭從 6.6% 成長到 11.1%，在挪威從 32.8% 成長到 36.9%，在波蘭從 18.6% 成長到 21.3%，在愛爾蘭共和國從 30.2% 成長到 33.4%。

According to Nielsen, in the 13-week period ending March 30, 2025, Monster's retail market share in value as compared to the same period the previous quarter remained flat at 40.7% in Spain, and 14.7% in Sweden. According to Nielsen, in the 13-week period ending March 30, 2025, Monster's retail market share in value as compared to the same period from the previous year declined from 32.2% to 27.4% in France and from 19.9% to 18.2% in South Africa.

根據尼爾森的數據顯示，在截至 2025 年 3 月 30 日的 13 週內，Monster 的零售市佔率與上一季同期相比持平，在西班牙為 40.7%，在瑞典為 14.7%。根據尼爾森統計，截至 2025 年 3 月 30 日的 13 週內，Monster 在法國的零售市佔率與去年同期相比從 32.2% 下降到 27.4%，南非的零售市場佔有率從 19.9% 下降到 18.2%。

According to Nielsen, in the 13-week period ending February 28, 2025, Monster's retail market share in value as compared to the same period the previous year grew from 34.9% to 35.9% in Greece and from 30.3% to 31.1% in Italy. According to Nielsen, in the 13-week period ending February 28, 2025, the retail market share in value of Predator, also branded Fury in certain markets as compared to the same period the previous year grew from 9.8% to 11.9% in Egypt, from 34.3% to 42.1% in Kenya, and from 20.8% to 23.9% in Nigeria.

根據尼爾森的調查，在截至 2025 年 2 月 28 日的 13 週內，Monster 在希臘的零售市場份額與去年同期相比從 34.9% 增長至 35.9%，在義大利的零售市場份額從 30.3% 增長至 31.1%。根據尼爾森的調查，在截至 2025 年 2 月 28 日的 13 週內，Predator（也稱為 Fury 品牌）在某些市場的零售市場份額與去年同期相比在埃及從 9.8% 增長至 11.9%，在肯尼亞從 34.3% 增長至 42.1%，在尼日利亞從 34.3% 增長到 42.1%，在尼日利亞從 20.20% 增長到 22.1%。

We are pleased that in the 2025 first quarter, Monster gained market share in Belgium, the Czech Republic, Denmark, Great Britain, Germany, Greece, Italy, the Netherlands, Norway, Poland and the Republic of Ireland. According to (inaudible) for all outlets combined in Australia, the energy drink category increased 8.1% for the 4 weeks ending April 20, 2025. Monster sales increased 22.2%, Monster's market share in value increased 2.8 points to 24.7%, against the comparable period the previous year. Sales of (inaudible) decreased 11.2% and its market share decreased 2 share points to 9.2%.

我們很高興看到，2025 年第一季度，Monster 在比利時、捷克共和國、丹麥、英國、德國、希臘、義大利、荷蘭、挪威、波蘭和愛爾蘭共和國的市佔率有所成長。根據澳洲所有門市的綜合數據（聽不清楚），截至 2025 年 4 月 20 日的四周內，能量飲料類別增加了 8.1%。與去年同期相比，Monster 的銷售額成長了 22.2%，Monster 的市佔率增加了 2.8 個百分點，達到 24.7%。(聽不清楚)的銷售額下降了 11.2%，市佔率下降了 2 個百分點，至 9.2%。

According to Nielsen for all outlets combined in New Zealand, the energy drink category increased 17.1% for the 4 weeks ending April 27, 2025. Monster sales increased 23.9%, Monster's market share in value increased 0.8 of a share point to 15.5% against the comparable period the previous year. Sales of Mother decreased 9.3% and its market share decreased 1.6 share points to 5.3%. Sales of (inaudible) decreased 4.5% and its market share decreased 1 share point to 4.4%. According to Intag, in the convenience channel in Japan, the energy drink category increased 6.6% for the month of March 2025.

根據尼爾森對紐西蘭所有門市的調查，截至 2025 年 4 月 27 日的四周內，能量飲料類別增加了 17.1%。與去年同期相比，Monster 的銷售額成長了 23.9%，Monster 的市佔率增加了 0.8 個百分點，達到 15.5%。Mother的銷售量下降了9.3%，市佔率下降了1.6個百分點，至5.3%。(聽不清楚)的銷售額下降了 4.5%，市佔率下降了 1 個百分點，至 4.4%。據Intag稱，在日本便利商店通路，2025年3月能量飲料類別成長了6.6%。

Monster's sales increased 0.6% of 8%. Monster's market share in value decreased 3.4 points to 56.1%, against the comparable period the previous year. According to Nielsen, for all outlets combined in South Korea, the energy drink category increased 18.3% for the month of March 2025. Monster's sales increased 24.8%, Monster's market share in value increased 2.8 points to 54.7% against the comparable period the previous year. Monster remains the market leader in Japan and South Korea.

Monster的銷售額成長了8%中的0.6%。與去年同期相比，Monster 的市佔率下降了 3.4 個百分點，至 56.1%。根據尼爾森的調查，2025 年 3 月，韓國所有門市的能量飲料類別增加了 18.3%。與去年同期相比，Monster 的銷售額成長了 24.8%，Monster 的市佔率增加了 2.8 個百分點，達到 54.7%。Monster 仍然是日本和韓國市場的領導者。

We again point out that certain market statistics that cover single months or 4-week periods may often be materially influenced positively and/or negatively by promotions or other trading factors during those periods. Net sales to customers outside the United States on a foreign currency adjusted basis increased 6.2% to $790.5 million in the 2025 first quarter. Reported net sales to customers outside the US was $733.2 million, 35.9% of total net sales in the 2025 first quarter compared to $744.1 million or 39.2% of total net sales in the corresponding quarter in 2024.

我們再次指出，某些涵蓋單一月份或四周的市場統計數據通常會受到這些期間的促銷或其他交易因素的重大正面和/或負面影響。2025 年第一季度，以外匯調整後計算，對美國以外客戶的淨銷售額成長 6.2%，達到 7.905 億美元。報告顯示，美國以外客戶的淨銷售額為 7.332 億美元，佔 2025 年第一季總淨銷售額的 35.9%，而 2024 年同期為 7.441 億美元，佔總淨銷售額的 39.2%。

Foreign currency exchange rates had a negative impact on net sales in US dollars by approximately $57.3 million in the 2025 first quarter. In EMEA, net sales for the 2025 first quarter decreased by 2.6% in dollars but increased 2.1% on a currency-neutral basis over the same period in 2024. Gross profit in this region as a percentage of net sales for the 2025 first quarter was 35.1% versus 34% in the same period in 2024. In Asia Pacific, net sales in the 2025 first quarter increased 10.4% in dollars and increased 16% on a currency-neutral basis over the same period in 2024. Gross profit in this region as a percentage of net sales for the 2025 first quarter was 42.4% and versus 42.6% in the same period in 2024.

2025 年第一季度，外匯匯率對美元淨銷售額產生負面影響約 5,730 萬美元。在歐洲、中東和非洲地區，2025 年第一季的淨銷售額以美元計算下降了 2.6%，但以貨幣中性計算則比 2024 年同期成長了 2.1%。2025 年第一季該地區毛利潤佔淨銷售額的百分比為 35.1%，而 2024 年同期為 34%。在亞太地區，2025 年第一季的淨銷售額以美元計算成長了 10.4%，以貨幣中性計算則比 2024 年同期成長了 16%。2025 年第一季該地區毛利潤佔淨銷售額的百分比為 42.4%，而 2024 年同期為 42.6%。

Net sales in Japan in the 2025 first quarter decreased 3.5% in dollars, but increased 1.3% on a currency-neutral basis. In South Korea, net sales in the 2025 first quarter decreased 2.5% in dollars and increased 6.8% on a currency-neutral basis, as compared to the same quarter in 2024. In China, net sales in the 2025 first quarter increased 40.1% in dollars and increased 43.2% on a currency-neutral basis as compared to the same quarter in 2024. We remain optimistic about the long-term prospects for the Monster brand in China and are excited about Predator, which is being rolled out to additional markets in China. In Oceana, which includes Australia, New Zealand, Tahiti, French Polynesia, New Caledonia, Papua New Guinea and Guam.

2025 年第一季日本的淨銷售額以美元計算下降了 3.5%，但以貨幣中性計算則增加了 1.3%。在韓國，2025 年第一季的淨銷售額與 2024 年同期相比，以美元計算下降 2.5%，以貨幣中性計算成長 6.8%。在中國，2025 年第一季的淨銷售額與 2024 年同期相比以美元計算成長 40.1%，以貨幣中性計算成長 43.2%。我們對 Monster 品牌在中國的長期前景保持樂觀，並對即將在中國其他市場推出的 Predator 感到興奮。大洋洲包括澳洲、紐西蘭、大溪地、法屬玻里尼西亞、新喀裡多尼亞、巴布亞紐幾內亞和關島。

Net sales increased 21.6% in dollars and increased 28.8% on a currency-neutral basis. In Latin America, including Mexico and the Caribbean, net sales in the 2025 first quarter decreased 3.1% in dollars, but increased 14.4% on a currency-neutral basis over the same period in 2024. Gross profit in this region as a percentage of net sales was 44.6% for the 2025 first quarter versus 42.8% in the 2024 first quarter.

淨銷售額以美元計算成長 21.6%，以貨幣中性計算成長 28.8%。在包括墨西哥和加勒比地區在內的拉丁美洲，2025 年第一季的淨銷售額以美元計算下降了 3.1%，但以貨幣中性計算則比 2024 年同期增長了 14.4%。2025 年第一季該地區毛利潤佔淨銷售額的百分比為 44.6%，而 2024 年第一季為 42.8%。

In Brazil, net sales in the 2025 first quarter decreased 5.3% in dollars and increased 13.4% on a currency-neutral basis. Net sales in Mexico decreased 4.7% in dollars and increased 14.1% on a currency-neutral basis in the 2025 first quarter. Net sales in Chile decreased 24.2% in dollars and decreased 18.5% on a currency-neutral basis in the 2025 first quarter. Net sales in Argentina increased 20.7% in dollars and increased 65.7% on a currency neutral basis in the 2025 first quarter. Monster Brewing continued to face challenges in the first quarter.

在巴西，2025 年第一季的淨銷售額以美元計算下降 5.3%，以貨幣中性計算成長 13.4%。2025 年第一季度，墨西哥的淨銷售額以美元計算下降 4.7%，以貨幣中性計算成長 14.1%。2025 年第一季度，智利的淨銷售額以美元計算下降了 24.2%，以貨幣中性計算下降了 18.5%。2025 年第一季度，阿根廷的淨銷售額以美元計算成長了 20.7%，以貨幣中立計算成長了 65.7%。Monster Brewing 在第一季繼續面臨挑戰。

We remain focused on optimizing our personnel and facilities to support the current demand for our Monster Brewing portfolio and innovation pipeline. Net sales for the Alcohol Brands segment was $34.7 million in the 2025 first quarter, a decrease of approximately $21.4 million or 38.1% lower than the 2024 comparable quarter, largely as a result of the launch of Nasty Beast Heart Tea in the first quarter of 2024. As planned, (inaudible) our newest flavored beer innovation is being shipped to distributors and retailers and is in the process of a national launch in 224-ounce flavors, Michi Lime Chelada and Mike Tomato Mikolada. We are planning to launch the Beast in certain international markets, subject to regulatory approvals. We are planning for further innovation in Monster Brewing in the coming months.

我們將繼續致力於優化我們的人員和設施，以滿足我們對 Monster Brewing 產品組合和創新管道的當前需求。2025 年第一季度，酒類品牌部門的淨銷售額為 3,470 萬美元，比 2024 年同期減少約 2,140 萬美元或 38.1%，這主要是由於 2024 年第一季推出了 Nasty Beast Heart Tea。按照計劃，（聽不清楚）我們最新的風味啤酒創新正在運往分銷商和零售商，並正在全國推出 224 盎司的口味，Michi Lime Chelada 和 Mike Tomato Mikolada。我們計劃在某些國際市場推出 Beast，但需獲得監管部門的批准。我們計劃在未來幾個月對 Monster Brewing 進行進一步創新。

In the United States in January, we launched Rainstrom Tropical, Bang (inaudible) and Monster Ultra Blue Hawaiian at retail. In February, we launched Juicemonster Viking Berry, Killer Brew Bean Killebrew, Locamoka and rain total body fuel whites. In March, we launched (inaudible). In Canada, during the first quarter of 2025, we launched Monster Energy Ultra Fantasy Ruby Red, Monster Rio Punch, Monster Java Irish Cream, Rain Total Body Fuel, Sour Gummy Worm, Monster Reserve Peaches and Cream, Monster Rehab Green Tea, Rainstorm Gave Strawberry and Citrus est and Bang cotton candy. In Latin America, during the first quarter of 2025, we launched a series of innovations within the Ultra family.

今年 1 月，我們在美國零售店推出了 Rainstrom Tropical、Bang（聽不清楚）和 Monster Ultra Blue Hawaiian。二月，我們推出了 Juicemonster Viking Berry、Killer Brew Bean Killebrew、Locamoka 和 rain total body fuel whites。今年三月，我們推出了（聽不清楚）。在加拿大，2025 年第一季度，我們推出了 Monster Energy Ultra Fantasy Ruby Red、Monster Rio Punch、Monster Java Irish Cream、Rain Total Body Fuel、Sour Gummy Worm、Monster Reserve Peaches and Cream、Monster Rehab Green Tea、Rainstorm Gave Strawberry and Citrus estandy 和 Bang cottonrus。在拉丁美洲，2025 年第一季度，我們在 Ultra 系列中推出了一系列創新。

In January, we launched Ultra Pitkin in Chile. This was followed in March by the launch of Ultra Fiesta in Brazil. In Puerto Rico, we launched Rain Tropical Storm, Rain Sour Gummy and Cafe Java Cafe Latte. Lastly, we launched Pipeline Punch in Peru. In EMEA, in the first quarter of 2025, we launched Monster Green Ultra sugar, juiced bad apple, juiced Rio Punch, Ultra fantasy Ruby Red, Ultra (inaudible), Ultra Strawberry Cream, Burn Guava and Burn Orange Fire in certain countries in EMEA.

一月份，我們在智利推出了 Ultra Pitkin。隨後，Ultra Fiesta 於 3 月在巴西上市。在波多黎各，我們推出了 Rain Tropical Storm、Rain Sour Gummy 和 Cafe Java Cafe Latte。最後，我們在秘魯推出了 Pipeline Punch。在 EMEA 地區，2025 年第一季度，我們在 EMEA 地區的某些國家推出了 Monster Green Ultra sugar、juiced bad apple、juiced Rio Punch、Ultra fantasy Ruby Red、Ultra（聽不清楚）、Ultra Strawberry Cream、Burn Guava 和 Burn Orange Fire。

Additional launches are planned throughout EMEA in 2025 of various products in different countries. In Australia, during the month of March, we launched Monster Ultra Fantasy Ruby Red. During the first quarter of 2025, we launched Monster Ultra Fantasy RubiRedin in Japan, Monster Ultra strawberry Creams in South Korea, Monster (inaudible) Lemonade in Hong Kong and Taiwan and Monster Priceline punch in Vietnam. Additionally, we remain optimistic about the long-term prospects for the Monster brand in China and India and are excited about the incremental expansion of the Predator brand in these 2 countries. Notably, in China, we implemented the national rollout of creditor brand in all provinces.

計劃於 2025 年在歐洲、中東和非洲地區不同國家推出更多產品。在澳大利亞，我們三月推出了 Monster Ultra Fantasy Ruby Red。2025 年第一季度，我們在日本推出了 Monster Ultra Fantasy RubiRedin，在韓國推出了 Monster Ultra strawberry Creams，在香港和台灣推出了 Monster (聽不清楚) Lemonade，在越南推出了 Monster Priceline Punch。此外，我們仍然對 Monster 品牌在中國和印度的長期前景持樂觀態度，並對 Predator 品牌在這兩個國家的逐步擴張感到興奮。值得注意的是，在中國，我們在所有省份實施了債權人品牌的全國推廣。

During the 2025 first quarter, no shares of the company's common stock were repurchased. As of May 8, approximately $500 million remained available for repurchase under the previously authorized repurchase program. We estimate that on a foreign currency-adjusted basis, April 2025 sales were approximately 16.7% higher than the comparable April 2024 sales, and 17.6% higher on a foreign currency adjusted basis, excluding the Alcohol Brands segment. We estimate that April 2025 sales on a non-foreign currency adjusted basis were approximately 15.3% higher than the comparable April 22 sales and 16.1% higher on a non-foreign currency adjusted basis, excluding the Alcohol Brand segment. April 2025 had the same number of selling days as April 2024.

2025 年第一季度，本公司未回購任何普通股。截至 5 月 8 日，根據先前授權的回購計劃，仍有約 5 億美元可供回購。我們估計，以外匯調整後計算，2025 年 4 月的銷售額比 2024 年 4 月的銷售額高出約 16.7%，按外匯調整後計算（不包括酒精品牌部門），高出 17.6%。我們估計，2025 年 4 月的非外幣調整銷售額比 4 月 22 日的可比銷售額高出約 15.3%，不包括酒精品牌部門的非外幣調整銷售額則高出 16.1%。2025 年 4 月的銷售天數與 2024 年 4 月相同。

We estimate that year-to-date sales through April 30, 2025, on a foreign currency adjusted basis, excluding the alcohol brands, were approximately 6.9% higher than the comparable period in 2024 and 5.8% higher on a foreign currency adjusted basis, including the Alcohol Brand segment. We estimate that year-to-date sales through April 30, 2025 on a non-foreign currency-adjusted basis were approximately 3.3% higher than the comparable period in 2024 and 4.3% higher on a non-foreign currency adjusted basis, excluding the Alcohol Brand segment.

我們估計，截至 2025 年 4 月 30 日的年初至今銷售額（按外匯調整後計算，不包括酒類品牌）比 2024 年同期高出約 6.9%，按外匯調整後計算（包括酒類品牌部門）高出 5.8%。我們估計，截至 2025 年 4 月 30 日的年初至今銷售額按非外幣調整後計算比 2024 年同期高出約 3.3%，按非外幣調整後計算（不包括酒精品牌部門）高出 4.3%。

In this regard, we caution again that sales over a short period are often disproportionately impacted by various factors such as, for example, selling days, days of the week in which holidays fall, timing of new product launches, the timing of price increases, the promotions in retail stores, distributor incentives as well as shifts in the timing of production. In some instances, our bottlers are responsible for production and determine their own production schedules. This affects the dates in which we invoice such bottlers.

在這方面，我們再次提醒，短期銷售通常會受到各種因素的不成比例的影響，例如銷售日、節假日、新產品發佈時間、價格上漲時間、零售店促銷、分銷商激勵以及生產時間的變化。在某些情況下，我們的裝瓶工人負責生產並確定自己的生產計劃。這會影響我們向這些瓶裝商開立發票的日期。

Furthermore, our bottling and distribution partners maintain inventory levels according to their own internal requirements, which they may alter from time to time for their own business reasons. We reiterate that sales over a short period such as a single month should not necessarily be in future to or regarded as indicative of results for a full quarter or any future period. In conclusion, I'd like to summarize some recent positive points. The energy category continues to grow globally. We believe that household penetration continues to increase in the energy drink category.

此外，我們的裝瓶和分銷合作夥伴根據自己的內部要求維持庫存水平，並且他們可能會因自身業務原因不時改變庫存水平。我們重申，單個月等短期內的銷售額不一定會反映未來的業績，也不應被視為整個季度或任何未來時期業績的指標。最後，我想總結一下最近的一些積極點。全球範圍內能源類別持續成長。我們相信，能量飲料類別的家庭普及率將持續提高。

Growth opportunities in household penetration for capital consumption, along with consumers' need for energy or positive factors for the category. We continue to expand ourselves in non-Nielsen-measured channels. Globally, as measured by our scanner track (inaudible) consumer demand remains strong. In the United States, the energy category, as measured by Nielsen, accelerated through the quarter and remained strong in April. Similarly, Monster sales at retail as measured by Nielsen accelerated through the quarter and remained strong in April.

資本消費的家庭滲透率出現成長機會，以及消費者對能源的需求或該類別的正面因素。我們繼續在非尼爾森衡量的管道中拓展業務。從全球來看，根據我們的掃描器追蹤（聽不清楚）測量，消費者需求依然強勁。在美國，尼爾森測量的能源類別在本季加速成長，並在 4 月保持強勁。同樣，尼爾森測量的 Monster 零售銷售額在整個季度加速成長，並在 4 月保持強勁。

We continue to review opportunities for price increases domestically and internationally. Our AFF flavor facility in Ireland is now providing a large number of flavors to our EMEA region, enabling better service levels and lower landed costs to our EMEA region. The juice plant at our AFF facility in Ireland has now been completed. After trials, we expect the juice plant to be in production by midyear. We're excited for our 2025 innovation pipeline globally.

我們將繼續審查國內和國際價格上漲的機會。我們位於愛爾蘭的 AFF 調味品工廠目前正在為我們的 EMEA 地區提供大量調味品，從而為我們的 EMEA 地區提供更好的服務水平並降低到岸成本。我們位於愛爾蘭的 AFF 工廠的果汁廠現已完工。經過試驗，我們預計果汁廠將於年中投入生產。我們對 2025 年全球創新管道感到興奮。

We are currently exploring opportunities for our alcohol products in certain international jurisdictions. We are pleased with the rollout of Predator and Fury, our affordable energy drink portfolio in a number of markets internationally. We are proceeding with plans for further launches of our affordable energy brands. I would now like to open the floor to questions about the quarter. Thank you.

我們目前正在探索在某些國際司法管轄區內銷售我們的酒精產品的機會。我們很高興看到我們的平價能量飲料產品組合 Predator 和 Fury 在國際多個市場推出。我們正在製定進一步推出經濟實惠的能源品牌的計劃。現在我想回答有關本季的問題。謝謝。

(Operator Instructions) Kaumil Gajrawala, Jefferies.

（操作員指示）Kaumil Gajrawala，Jefferies。

A couple of questions on timing. You mentioned a bit about supply chain optimization and maybe some purchase timing from bottlers having an impact on the Q1 number. Can you maybe provide some details on how much that was? Or maybe what's behind those comments?

關於時間的幾個問題。您提到了供應鏈優化，也許瓶裝商的一些採購時機對第一季的數據有影響。您能否提供一些有關金額的詳細資訊？還是這些評論背後隱藏著什麼？

I think, Kaumil, if I can take this question that we mentioned that the first quarter was impacted by bottler distributor ordering patterns in the United States and EMEA. We cannot control how our bottlers order, they order according to their needs. And remember that in the early part of the quarter, there were significant closure days of distribution centers by a number of major bottlers. So you had an interesting situation in the quarter. where the numbers were impacted by partner distribution -- distributor ordering patterns.

考米爾，我想如果我可以回答這個問題的話，我們提到第一季受到了美國和歐洲、中東和非洲地區瓶裝經銷商訂購模式的影響。我們無法控制裝瓶商如何訂購，他們根據自己的需求訂購。請記住，在本季度初期，許多大型瓶裝商都關閉了配送中心很長一段時間。所以本季的情況很有趣。這些數字受到合作夥伴分銷—經銷商訂購模式的影響。

We had adverse changes in ForEx, as you know, decreased sales in the Alcohol Brand segment and the weather, which I mentioned earlier, there was 1 less selling day. And against this whole backdrop, you have these very difficult uncertain economic conditions. So that was a tale of the quarter. but then we turned you to April, where April was a really robust month. And we showed what the results would have been, were the numbers cumulative -- the sales numbers cumulative to April.

如您所知，我們的外匯業務出現了不利變化，酒類品牌部門的銷售額下降，而且我之前提到過，天氣原因導致銷售天數減少了 1 天。在這樣的背景下，你們面臨著非常困難且不確定的經濟狀況。這就是本季的故事。然後我們來看看四月，四月確實是強勁的一個月。我們也展示了累計到四月的銷售數字會是什麼結果。

So that's a picture of the quarter. April very strong, very robust as we would have expected given what had happened in the quarter. You've got the cumulative numbers to April. And then with regard to supply chain optimization, that really impacted gross profit. And that, together with the benefits in selling prices and really benefited the gross profit line.

這就是本季的圖片。四月份表現非常強勁，正如我們根據本季發生的情況所預期的那樣。您已經獲得了截至四月的累積數字。就供應鏈優化而言，這確實影響了毛利。而且，再加上銷售價格的優惠，確實讓毛利線受益。

Dara Mohsenian, Morgan Stanley.

摩根士丹利的達拉‧莫森尼安 (Dara Mohsenian)。

So moving beyond the shipments, Rodney, you sounded pretty enthusiastic about the underlying trends we're seeing in retail takeaway in the Nielsen numbers. So just given the broader macro situation, just wanted to get any perspective on if you think we're seeing any macro impact on the category, either in the US or internationally, again, looking at retail sales. And then also maybe just in the US, given we've seen the category rebound, while a number of other consumer CPG segments have dropped off, and we've seen category weakness elsewhere. Just curious for your perspective on some of the drivers of the energy category rebound and how sustainable they might be going forward?

因此，羅德尼，除了出貨量之外，你對我們在尼爾森數據中看到的零售外賣的潛在趨勢非常感興趣。因此，考慮到更廣泛的宏觀形勢，只是想了解您是否認為我們看到了對該類別的任何宏觀影響，無論是在美國還是在國際上，再次看一下零售額。然後也許只是在美國，因為我們已經看到該類別反彈，而其他一些消費品 CPG 領域已經下滑，而且我們看到其他類別的疲軟。我只是好奇您對能源類別反彈的一些驅動因素的看法以及它們未來的可持續性如何？

I mean, I think Hilton will give you his view on it. I think that the important thing is that you've just got to look at the depletions, you look at the Nielsens. At the end of the day, they are a much more accurate and a more balanced reflection of the health of the brands that we have, the health of our sales and health of the category. And I think those have shown increases. And you've just got to -- and that's why we pointed to this mismatching.

我的意思是，我認為希爾頓會就此給出他的看法。我認為重要的是你必須關注損耗情況，關注尼爾森數據。最終，它們更準確、更平衡地反映了我們旗下品牌的健康狀況、銷售健康狀況以及產品類別的健康狀況。我認為這些已經呈現成長趨勢。你必須——這就是我們指出這種不匹配的原因。

And ultimately, though, it's the consumer demand that tells ultimately where things are going to be headed. And those are -- continue to improve through the quarter and continue to improve through April. And that's why did. And as Hilton mentioned, we've really given you the numbers for 4 months, which shows that continuing trend. And it's similar even in overseas markets as well.

但最終，消費者需求才是決定事態發展方向的關鍵。這些情況將在本季持續改善，並將在四月持續改善。這就是我這麼做的原因。正如希爾頓所提到的，我們確實已經提供了 4 個月的數據，這表明這種趨勢仍在持續。海外市場也是如此。

You've seen some of the Nielsen numbers. You've seen some of the reported numbers of the bottlers. Again, I think look to the end demand, which is more better represented by the Nielsens and depletions even from our bottlers that our numbers, which are a little more choppy, and -- but we can't really give you any more color on it than that. But other than to say the category is healthy. We had some slowdown a little bit last year.

您已經看到了一些尼爾森數據。您已經看到了一些瓶裝企業報告的數字。再次，我認為看看最終需求，尼爾森的數據更能體現這一點，甚至來自我們的瓶裝廠的消耗量也更能體現這一點，而我們的數字則有點不穩定，而且 - 但我們無法給你更多關於它的細節。但除此之外，該類別是健康的。去年我們的發展速度略有放緩。

We also are seeing some improved numbers, and it's an affordable luxury at the end of the day. And the numbers continue to be strong. And we are -- for that reason, we are very, very positive about our prospects going forward during the rest of the year.

我們也看到了一些改善的數字，最終這是一種可以負擔的奢侈。而且這一數字持續保持強勁。因此，我們對今年剩餘時間的前景非常非常樂觀。

Yes, I think that's right. I mean if you look at, for example, the bottlers that have reported and do report energy sales, CCP showed an increase of 12%, Hellenic in the quarter showed an increase of 26%. And then just of Leftfield, we had a situation in Korea, where LG reported an increase of 45.8%. So we've seen a lot of positive trends of bottlers, we had these closures of distribution centers. And from that perspective, if you analyze the quarter, and you take into account the direct business that we do, and we do a fair amount of direct business, but the majority, of course, is done through the distributors.

是的，我認為是這樣。我的意思是，例如，如果你看一下已經報告並正在報告能源銷售的瓶裝企業，CCP 顯示增長了 12%，Hellenic 本季度顯示增長了 26%。然後就在 Leftfield，我們在韓國遇到了這種情況，LG 報告稱其增長了 45.8%。因此，我們看到瓶裝企業的許多積極趨勢，我們關閉了這些配送中心。從這個角度來看，如果你分析這個季度，並考慮到我們所做的直接業務，我們做了相當多的直接業務，但當然，大多數是透過經銷商完成的。

You'll see that the trend in the direct business was in line with what we would have expected. And if you look at the sales through the sales to not sell through, but the sales to the bottler distributors, there was a bit of choppiness in those numbers.

您會發現直接業務的趨勢符合我們的預期。如果你看一下銷售額，不是透過銷售而是透過瓶裝經銷商的銷售額，你會發現這些數字有點不穩定。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

I wanted to ask on gross margin. Clearly, very solid performance in Q1. You mentioned the drivers really being pricing and supply chain optimization. How should we think about those contribution going forward? And then on the aluminum side, clearly, the Midwest premium has gone up quite a bit as a result of the tariff. So last quarter, you mentioned you were pretty well hedged in 2025. Can you give us an update on your hedging and potential mitigation action for the Midwest premium?

我想問一下毛利率。顯然，第一季的表現非常穩健。您提到真正的驅動因素是定價和供應鏈優化。我們該如何看待這些未來的貢獻？就鋁而言，顯然，由於關稅的影響，中西部地區的溢價已經上漲了不少。上個季度，您提到您在 2025 年的對沖做得相當好。您能否向我們介紹一下針對中西部溢價的對沖和潛在緩解措施的最新情況？

Yes. So we use a latter approach for hedging. And it's very difficult, and it's somewhat expensive to hedge the Midwest premium. So to a limited degree, we are hedged with certain volumes in the Midwest premium. But we're nicely hedged on metal.

是的。因此我們採用後一種方法進行對沖。對沖中西部溢價非常困難，成本也有點高。因此，在有限的程度上，我們利用中西部溢價的一定數量進行對沖。但我們對金屬進行了很好的對沖。

But as all things happen, metals come down. So what we're happy about is the fact that we try and mitigate our risks. That's the objective of our hedging program. We don't always win, but we mitigate our risk, and that is very important. We don't leave ourselves exposed.

但隨著一切事情的發生，金屬價格下跌。因此，我們很高興看到我們努力降低了風險。這就是我們的對沖計劃的目標。我們並不總是勝利，但我們可以降低風險，這一點非常重要。我們不會讓自己暴露。

So talking about gross margins, looking forward, and you actually answered the question yourself because yes, we are seeing an impact in the Midwest premium. Yes, we are seeing certain materials going up. So I wouldn't expect that the second quarter margin will be as high as the first quarter margin. And let me leave it as that because we don't give guidance. But I think you can read into what I'm saying.

因此，談到毛利率，展望未來，您實際上自己回答了這個問題，因為是的，我們看到了中西部溢價的影響。是的，我們看到某些材料的價格正在上漲。所以我預計第二季的利潤率不會像第一季的利潤率那麼高。我就不多說了，因為我們不提供指導。但我想你能理解我的意思。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格。

All right.

好的。

Bonnie, we never thought you'd get on what's going on.

邦妮，我們從來沒想過你會知道發生了什麼事。

(inaudible) earlier. I'm here waiting patiently, but I just have a couple of follow-up questions on your top line. You did give a lot of color. But first, I'd be curious to hear how much lower were you reported sales during the quarter versus maybe your internal expectations? And then second, curious about your innovation pipeline.

（聽不清楚）早些時候。我在這裡耐心等待，但我對您的第一個問題還有幾個後續問題。你確實賦予了很多色彩。但首先，我很好奇，想知道您報告的本季銷售額與內部預期相比低了多少？其次，我對您的創新管​​道感到好奇。

Are there any shipment timing impacts on innovation to consider in Q1 maybe versus Q2? I mean, you called out a lot. You highlighted a lot of innovation. So should we assume you have more innovation rolling out during the first half of this year versus the second half? Or is there a lot more planned for later this year?

與第二季相比，第一季的出貨時間對創新有何影響？我的意思是，你叫了很多次。您強調了很多創新。那麼，我們是否可以假設今年上半年會比下半年推出更多的創新？或者今年晚些時候還有更多計劃嗎？

There was more innovation rolling out in Q1 than in Q2. But it does take time. One of the great successes we've been able to achieve with Alta Girion and with (inaudible) was we were able to get product on the shelves a lot quicker than ordinarily we would have. So you will see that there will continue to be an acceleration in distribution, but Q1, we'd see more innovation in sales in Q2. And of course, there is some loading that happens as the distributors get ready for the innovation that's coming in the quarter.

第一季推出的創新比第二季更多。但這確實需要時間。我們與 Alta Girion 和（聽不清楚）合作的一大成功是，我們能夠比平常更快地將產品上架。因此，您會看到分銷將繼續加速，但在第一季度，我們將看到第二季的銷售出現更多創新。當然，當分銷商為本季即將到來的創新做好準備時，就會出現一些負荷。

Just to add -- just on the second half of the year, we do have some innovation planned for before. So there will be also some innovation in the second half as well.

補充一下——光是今年下半年，我們之前就已經規劃了一些創新。所以下半年也會有一些創新。

Correct.

正確的。

Kevin Grundy, BNP Paribas.

法國巴黎銀行的凱文‧格蘭迪。

Two-part question for me and they're related. I'd like to get your thoughts on pricing dynamics in the category. Your key competitor has not followed at this point. And I wonder how concerning that is for you competitively. And then related to that, just how you think about your overall level of satisfaction from a market share perspective.

對我來說，這個問題分為兩部分，而且它們是相關的。我想了解您對該類別定價動態的看法。您的主要競爭對手目前尚未跟進。我想知道這對你的競爭力有多大影響。然後與此相關的是，您如何從市場份額的角度看待您的整體滿意度。

And I guess that in the context that your value share has leveled off here sequentially. I know that's been encouraging to the market. The flip side is your volume share is off, and that's declining. You're just not seeing the volume uplift and actually, there's some demand elasticity with the pricing that you've taken. So 2-part question, sort of overarching views on the pricing dynamics in the category. And then secondarily, your overall level of satisfaction with what you're seeing in the US from a market share perspective?

我猜想，在這種情況下，您的價值份額已經逐漸趨於平穩。我知道這對市場來說是鼓舞人心的。而另一方面，你的銷售份額卻下降了，而且不斷下降。您只是沒有看到銷售量的成長，實際上，您所採取的定價有一定的需求彈性。所以問題分為兩部分，關於該類別定價動態的整體看法。其次，從市場佔有率的角度來看，您對美國市場的整體滿意度如何？

Yes, Kevin, if I could address that. Firstly, with regard to pricing, we are always looking at opportunities in the market based on various factors. We have and run our own play. So with what the competitors do and what they don't do really doesn't impact our decision. And if you look at energy today, there's a huge value proposition on energy versus carbonated soft drinks because traditionally, you saw there was a big divide between carbonated and soft drinks and energy.

是的，凱文，如果我可以解決這個問題的話。首先，關於定價，我們始終根據各種因素尋找市場機會。我們有自己的劇本並且正在上演。因此，競爭對手做什麼和不做什麼實際上不會影響我們的決定。如果你看看今天的能量，你會發現能量與碳酸軟性飲料相比具有巨大的價值主張，因為傳統上，你會看到碳酸飲料和軟性飲料與能量之間存在很大差距。

And now with the increases in carbonated soft drinks and the single-serve carbonated soft drinks you'll see that, that gap has dramatically reduced. So there are opportunities, we'll consider them. And we'll evaluate them as time comes. We've said that in Europe, we'll -- in other parts of the world, we'll continue to evaluate pricing as we will in the United States. And then regarding share, obviously, it's something that we're very proud people here.

現在，隨著碳酸軟性飲料和單份碳酸軟性飲料的增加，你會發現，這一差距已大幅縮小。所以有機會，我們會考慮。我們會及時對其進行評估。我們已經說過，在歐洲，我們將在世界其他地區繼續評估定價，就像在美國一樣。至於分享，顯然這是我們非常自豪的事。

And our objective is to increase and regain share. I mean we just had a huge sales really in -- for our sales organization, and that was one of the major factors on the agenda -- was -- and Rod Gearing has that very proud of place in his mind is to regain market share. We're very aware of it. And we believe we've got good plans to be able to accommodate it. We've got a great innovation in the pipeline.

我們的目標是增加並重新獲得份額。我的意思是，對於我們的銷售組織來說，我們剛剛實現了巨大的銷售成長，這是議程上的主要因素之一，而 Rod Gearing 心中非常自豪的一點就是重新獲得市場份額。我們非常清楚這一點。我們相信我們已經制定了良好的計劃來應對這種情況。我們正籌備一項偉大的創新。

And we've also got to understand that encouraging -- accelerating sales and volume trends in the United States are really encouraging, despite the price increase that we took. So all in all, I think that we'll do it what we can and move forward.

我們也必須明白，儘管我們提高了價格，但美國銷售和銷售趨勢的加速確實令人鼓舞。總而言之，我認為我們會盡力而為，繼續前進。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Rodney Sacks for any closing remarks.

我們的問答環節到此結束。我想將會議交還給羅德尼·薩克斯先生，請他作最後發言。

On behalf of Monster, I would like to thank everyone for their continued interest in the company. I would like to just pin -- mention that in my remarks on the April sales, I may have Mr. (inaudible) referred to the comparable April 22 as opposed to April 24, just so that you just to clarify that.

我謹代表 Monster 感謝大家對公司的持續關注。我想強調一下——在我對 4 月份銷售額的評論中，我可能讓（聽不清楚）先生提到了 4 月 22 日而不是 4 月 24 日，只是為了讓您澄清這一點。

We continue to believe in the company and in our growth strategy and remain committed to continuing to innovate, develop and differentiate our brands and to expand the company both at home and abroad and in particular, capitalizing on our relationship with the Coca-Cola bottler system. We believe that we are well positioned in the beverage industry and continue to be optimistic about the future of our company.

我們繼續相信公司和我們的成長策略，並繼續致力於繼續創新、發展和差異化我們的品牌，擴大公司在國內外的業務，特別是利用我們與可口可樂瓶裝系統的關係。我們相信，我們在飲料行業處於有利地位，並繼續對公司的未來感到樂觀。

One thing I would just like to perhaps just spend a minute on is to just say to you that as most of you are aware, I have decided to step back from our position as Co-CEO and that will happen on -- after the shareholder meeting on the 12th of June. And so this will probably be my last meeting in which I will take in my capacity as Co-CEO. But that's been 30 years, and I wanted to thank everybody has been really a great privilege to be in this position to have dealt with you guys have taken these meetings and been involved in every aspect.

我想花一點時間告訴你們一件事，正如你們大多數人所知，我已決定辭去聯合執行長的職務，這將在 6 月 12 日的股東大會之後發生。因此，這可能是我以聯席執行長身分參加的最後一次會議。但已經 30 年了，我想感謝大家，能夠擔任這個職位與你們打交道、參加這些會議並參與其中的各個方面，我感到非常榮幸。

And I want to thank you, the analysts and the investors for the support and confidence you've had in us, in me and the whole executive team. And I will still be involved as Chairman but won't be involved as in my current position. And we look forward to continuing to have a relationship with everybody. But things -- everything in life moves on, and I just want to thank you all for that. Thank you very much for your attendance, and I will probably speak to you guys at the Annual Shareholders Meeting in June, and then we'll move forward from there.

我要感謝各位分析師和投資人對我們、對我以及整個執行團隊的支持與信任。我仍將以主席的身份參與其中，但不會像現在這樣參與。我們期待與大家繼續保持關係。但生活中的一切都還在繼續，我只想為此感謝你們所有人。非常感謝大家的出席，我可能會在六月的年度股東大會上與大家交談，然後我們會繼續前進。

Thanks very much.

非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。