怪物飲料 (MNST) 2026 Q2 法說會逐字稿

Good day, and welcome to the Monster Beverage Corporation second quarter 2026 financial results conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Hilton Schlosberg, CEO. Please go ahead.

各位好，歡迎參加怪獸飲料公司（Monster Beverage Corporation）2026 年第二季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給執行長 Hilton Schlosberg。請開始。

Good afternoon, ladies and gentlemen. Thank you for attending this call. I'm Hilton Schlosberg, Vice Chairman and Chief Executive Officer; also on the call are Tom Kelly, our Chief Financial Officer; Rob Gehring, our CEO of the Americas; Guy Carling, our CEO of EMEA and OSP; Mike Rodriguez, our COO; and Emelie Tirre, our Chief Strategy Officer.

各位女士、先生，下午好。感謝各位參加本次電話會議。我是 Hilton Schlosberg，副董事長兼執行長；同時在線的還有我們的財務長 Tom Kelly；美洲區執行長 Rob Gehring；EMEA 與 OSP 區執行長 Guy Carling；營運長 Mike Rodriguez；以及策略長 Emelie Tirre。

Mark Astrachan, our SVP of Investor Relations and Corporate Development, will now read our cautionary statement.

接下來將由我們的投資人關係與企業發展資深副總裁 Mark Astrachan 宣讀我們的警示聲明。

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, 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 forward-looking statements made during the call.

在開始之前，我想提醒各位聽眾，本次電話會議中所作的某些陳述，可能構成《1933 年證券法》（修訂後）第 27A 條及《1934 年證券交易法》（修訂後）第 21E 條所定義的前瞻性陳述，並係基於目前可得資訊以及管理層對於營收、獲利能力、未來業務、未來事件、財務表現與趨勢之預期。管理層提醒，這些陳述係基於我們目前的認知與預期，並受制於若干風險與不確定性，其中許多超出公司控制範圍，可能導致實際結果與本次電話會議中所作的前瞻性陳述存在重大差異。

Please refer to our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K filed February 27, 2026, 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.

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 2026 年 2 月 27 日提交的最新 Form 10-K 年度報告，其中包含「風險因素」及「前瞻性陳述」等章節，討論可能影響我們表現的特定風險與不確定性。公司不承擔更新任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。

I would also like to note that an explanation of the non-GAAP measures, which we refer to as adjusted where applicable, mentioned during the course of this call is provided in the notes in the condensed consolidated statements of income and other information attached to the earnings release dated August 6, 2026. A copy of this information is also available on our website, www.monsterbevcorp.com in the Financial Information section. Please note, regional scanner data is included in an exhibit filed with our 8-K. We point out that certain market statistics that cover single months or four-week periods may often be materially influenced positively or negatively by promotions or other trading factors during those periods.

我也想指出，本次電話會議中提及的非 GAAP 衡量指標（在適用情況下我們稱之為調整後指標）的說明，已載於 2026 年 8 月 6 日發布之盈餘新聞稿所附的簡明合併損益表及其他資訊之附註中。該資訊亦可於我們網站 www.monsterbevcorp.com 的「財務資訊」專區取得。請注意，區域掃描器數據已包含於我們提交之 8-K 所附的附件中。我們提醒，涵蓋單月或四週期間的某些市場統計數據，往往可能因該期間的促銷或其他交易因素而受到正面或負面之重大影響。

I would now like to hand the call over to Hilton Schlosberg.

現在我想把電話會議交回給 Hilton Schlosberg。

Good afternoon, and thank you for joining us. We are pleased to report another quarter of strong financial results and cash generation with net sales crossing the $2.5 billion threshold for the first time in the company's history in a single quarter. Sales increased by double digits compared to the prior year in all geographic regions, and we gained share in many of our global markets, including the Monster brand in the United States in the second quarter, reflecting the strength of our core offerings as well as our product innovations.

各位下午好，感謝各位加入我們。我們很高興報告本季再度取得強勁的財務成果與現金創造能力，單季淨銷售額在公司歷史上首次突破 25 億美元門檻。相較去年同期，所有地理區域的銷售均呈現雙位數成長；我們在多個全球市場的市占率亦有所提升，包括第二季在美國的 Monster 品牌，反映出我們核心產品的實力以及產品創新。

Now turning to the energy drink category, specifically, the global energy drink category remains healthy with continued robust growth. We believe household penetration continues to increase in the energy drink category, driven by functionality and lifestyle positioning, diverse offerings that appeal to an increasingly broad and loyal consumer base and affordable value offerings in addition to premium offerings.

接著談到能量飲料品類。具體而言，全球能量飲料品類仍維持健康狀態，並持續強勁成長。我們認為，能量飲料品類的家庭滲透率持續提升，主要受功能性與生活風格定位所帶動；多元化產品組合吸引日益廣泛且忠誠的消費者基礎；此外，除高端產品外，亦有具可負擔性的價值型產品供應。

We believe our portfolio of existing recently launched and planned energy drink offerings is well positioned to participate in the growing global energy drink category, appealing to a broad range of consumers across geographies, price points, need states and dayparts. Our business continues to be supported by strong marketing programs, impactful retail engagement and our solid partnership with the Coca-Cola Company and its global bottling partners.

我們認為，我們既有、近期推出以及規劃中的能量飲料產品組合，已具備良好定位，可參與全球能量飲料品類的成長，並能在不同地理區域、價格帶、需求情境與一天中的不同時段，吸引廣泛的消費者。我們的業務持續受惠於強而有力的行銷方案、具影響力的零售端互動，以及我們與可口可樂公司及其全球裝瓶合作夥伴的穩固合作關係。

In the United States, according to Nielsen, for the recently reported 13-week period through July 25, 2026, sales in dollars in the energy drink category, including energy shots, for all outlets combined, namely convenience, grocery, drug, mass merchandisers, increased by 7.1% versus the same period a year ago.

在美國，根據 Nielsen 的資料，截至 2026 年 7 月 25 日的最近 13 週期間，能量飲料品類（包含能量飲料小瓶 shots）在所有通路合計（即便利商店、雜貨、藥妝、量販通路）之美元銷售額，較去年同期成長 7.1%。

In EMEA, the energy drink category according to Nielsen for our tracked markets for the recently reported 13-week period, which differ from country to country, grew 10.4% versus the same period last year, FX neutral. In APAC, the energy drink category according to Nielsen, Circana and INTAGE for our tracked channels for the recently reported 13-week period, which differ from country to country, grew 11.7% versus the same period last year, FX neutral. In LATAM, the energy drink category according to Nielsen, for our tracked markets for the three months ended June 30, 2026, grew 23.8% versus the same period last year, FX neutral.

在 EMEA，根據 Nielsen 針對我們追蹤市場（各國期間不盡相同）之最近 13 週期間資料，能量飲料品類較去年同期成長 10.4%，以固定匯率（FX neutral）計。在 APAC，根據 Nielsen、Circana 與 INTAGE 針對我們追蹤通路（各國期間不盡相同）之最近 13 週期間資料，能量飲料品類較去年同期成長 11.7%，以固定匯率（FX neutral）計。在 LATAM，根據 Nielsen 針對我們追蹤市場截至 2026 年 6 月 30 日止三個月期間資料，能量飲料品類較去年同期成長 23.8%，以固定匯率（FX neutral）計。

Turning to marketing. Monster maintained strong momentum in the second quarter, with efforts focused on growing our core business, attracting new consumers and increasing household penetration. Monster Energy participated in America 250 celebrations via our sponsorship of UFC and the introduction of limited time offering products across the Ultra Juice Monster Reign and Bang brand families celebrating this milestone. Monster athletes were also successful in competition in the US throughout the quarter with notable victories in Supercross 250, NHRA, Motocross, NASCAR and X-Games, Sacramento.

接著談行銷。Monster 在第二季維持強勁動能，相關工作聚焦於擴大核心業務、吸引新消費者並提升家庭滲透率。Monster Energy 透過贊助 UFC 並在 Ultra、Juice、Monster、Reign 與 Bang 品牌家族推出限時產品，參與 America 250 慶祝活動，以紀念此一里程碑。Monster 運動員在本季於美國各項賽事亦表現亮眼，在 Supercross 250、NHRA、Motocross、NASCAR 以及 X-Games（沙加緬度）等賽事中取得重要勝利。

Monster Energy-based riders in Motor GP won four races in the second quarter, including the Monster Energy Grand Prix of Catalonia. Monster Energy's long-standing presenting partnership of the Isle of Man TT was once again dominated by Michael Dunlop, who extended his outright record number of wins to 36 with 3 more victories to his name.

以 Monster Energy 為基礎贊助的 Motor GP 車手在第二季贏得四場比賽，包括 Monster Energy 加泰隆尼亞大獎賽。Monster Energy 長期擔任曼島 TT（Isle of Man TT）冠名呈現合作夥伴；本屆賽事再度由 Michael Dunlop 主宰，他再添 3 場勝利，將個人累計勝場紀錄推升至 36 場，持續刷新史上最多勝紀錄。

With 2026 TT event, including Monster Energy's participation, also played host a Hollywood production that will be based around the world's famous race. The Monster Energy music program kicked off summer by sponsoring Morgan Wallen Still The Problem Tour. It also brought the tour to life at retail, allowing Monster Energy consumers to earn points redeemable for free merchandise and concert tickets connecting the brand directly to the tour experience.

2026 年 TT 賽事（包含 Monster Energy 的參與）亦成為一部以這項世界知名賽事為主題的好萊塢製作之拍攝場景。Monster Energy 音樂計畫透過贊助 Morgan Wallen「Still The Problem」巡演，為夏季揭開序幕。該計畫也在零售端讓巡演體驗更具體，讓 Monster Energy 消費者可累積點數兌換免費周邊商品與演唱會門票，將品牌與巡演體驗直接連結。

Monster Energy also had significant consumer activation at the Stagecoach Country Music Festival. Increased selling expenses in the second quarter were largely driven by our marketing efforts aimed at maintaining sales momentum as we execute our marketing strategy, recruiting new energy drink consumers and expanding household penetration.

Monster Energy 也在 Stagecoach 鄉村音樂節進行了大規模的消費者互動活動。第二季銷售費用增加，主要係由我們的行銷投入所驅動，目的在於在執行行銷策略的同時維持銷售動能、招募新的能量飲料消費者並擴大家庭滲透率。

Our 2026 marketing strategy includes increased marketing investments across a variety of new platforms and partnerships including social and digital media to support both existing product offerings and innovation to include new energy drink consumers, increased household penetration and reach a broadening consumer base for the company.

我們 2026 年的行銷策略包括在多種新平台與合作夥伴關係上增加行銷投資（包含社群與數位媒體），以同時支持既有產品供應與創新，納入新的能量飲料消費者、提升家庭滲透率，並觸及公司日益擴大的消費者族群。

An example of this is the recently announced partnership with the Big 12 conference that includes naming rights for Monster Energy for the conferences football and basketball regular seasons and a co-branded Monster Energy and Big 12 conference logo that will appear on jersey's, courts and fields with additional integration across the Big 12 conference digital and social media channels.

其中一個例子是近期宣布與 Big 12 聯盟的合作，內容包括 Monster Energy 取得該聯盟美式足球與籃球例行賽的冠名權，並推出 Monster Energy 與 Big 12 聯盟的聯名標誌，將出現在球衣、球場與場地上，並在 Big 12 聯盟的數位與社群媒體渠道進行更深度的整合。

Now turning to tariffs. During the second quarter 2026, the impact of tariffs and the increase in the price of aluminum on our operating results was modest. Despite the modest impact on our business in the second quarter, the tariff landscape continues to be complicated and dynamic.

接著談關稅。在 2026 年第二季，關稅以及鋁價上漲對我們營運結果的影響不大。儘管第二季對我們業務的影響有限，關稅環境仍然複雜且變動快速。

For instance, tariffs significantly impacted the Midwest premium for aluminum, which increased the cost of our aluminum cans. We also import some raw materials into the United States, export certain raw materials for local markets and export limited quantities of finished goods. We do not believe, based on our business model that the current tariffs will have a material impact on the company's operating results.

例如，關稅對鋁材的中西部溢價（Midwest premium）造成顯著影響，進而提高了我們鋁罐的成本。我們也將部分原物料進口至美國，並為當地市場出口某些原物料，以及出口少量成品。基於我們的商業模式，我們不認為目前的關稅將對公司的營運結果造成重大影響。

However, based on current aluminum pricing and the Midwest premium, we expect a continued modest sequential increase in our aluminum costs through at least the end of 2026. We will continue to recognize tariffs on aluminum through the higher Midwest premium and continue to implement hedging strategies across the business where possible.

然而，根據目前的鋁價以及中西部溢價，我們預期至少到2026年底，我們的鋁成本仍將持續出現溫和的連續性上升。我們將持續透過較高的中西部溢價反映鋁材關稅，並在可行情況下於全公司持續推行避險策略。

Turning to second quarter financial results. Net sales were $2.54 billion for the 2026 second quarter or 20.2% higher than net sales of $2.11 billion in the 2025 second quarter. Net sales, excluding the Alcohol Brands segment, increased 20.8% in the 2026 second quarter. The changes in foreign currency exchange rates had a favorable impact on net sales for the 2026 second quarter of $48.5 million. Net sales on a foreign currency adjusted basis increased 17.9% in the 2026 second quarter.

接著說明第二季財務結果。2026年第二季淨銷售額為25.4億美元，較2025年第二季的21.1億美元淨銷售額增加20.2%。若排除酒精品牌事業部，2026年第二季淨銷售額增加20.8%。外匯匯率變動對2026年第二季淨銷售額帶來4,850萬美元的正面影響。以外幣調整後基礎計算，2026年第二季淨銷售額增加17.9%。

Net sales, excluding the Alcohol Brands segment on a foreign currency adjusted basis, increased 18.5% in the 2026 second quarter. Excluding the Alcohol Brands segment from our reported results, is purely illustrative as it remains part of our ongoing operations.

以外幣調整後基礎計算，排除酒精品牌事業部的淨銷售額於2026年第二季增加18.5%。將酒精品牌事業部自我們已報告的結果中排除僅為示意用途，因其仍屬於我們的持續營運的一部分。

Net sales for the company's Monster Energy Drinks segment increased 21.6% to $2.36 billion for the 2026 second quarter from $1.94 billion for the 2025 second quarter. Net sales on a foreign currency adjusted basis for the Monster Energy drink segment increased 19.3% in the 2026 second quarter. Net sales for the company's Strategic Brand segment increased 10.6% to $143.7 million for the 2026 second quarter from $129.9 million in the 2025 second quarter.

公司Monster能量飲料事業部的淨銷售額於2026年第二季增加21.6%，由2025年第二季的19.4億美元增至23.6億美元。以外幣調整後基礎計算，Monster能量飲料事業部於2026年第二季淨銷售額增加19.3%。公司策略品牌事業部的淨銷售額於2026年第二季增加10.6%，由2025年第二季的1.299億美元增至1.437億美元。

Net sales on a foreign currency adjusted basis for the Strategic Brands segment increased 8.1% in the 2026 second quarter. Net sales for the Alcohol Brands segment decreased 15.2% to $32.2 million for the 2026 second quarter from $38 million in the 2025 second quarter. Gross profit as a percentage of net sales for the 2026 second quarter was 55.9% compared with 55.7% in the 2025 second quarter. Adjusted gross profit as a percentage of net sales, excluding the Alcohol Brands segment for the 2026 second quarter was 56.3% compared to 56.2% in the 2025 second quarter.

以外幣調整後基礎計算，策略品牌事業部於2026年第二季淨銷售額增加8.1%。酒精品牌事業部的淨銷售額於2026年第二季下降15.2%，由2025年第二季的3,800萬美元降至3,220萬美元。2026年第二季毛利占淨銷售額比率為55.9%，相較2025年第二季為55.7%。2026年第二季調整後毛利占淨銷售額比率（排除酒精品牌事業部）為56.3%，相較2025年第二季為56.2%。

The increase in gross profit as a percentage of net sales for the 2026 second quarter was primarily the result of pricing actions and product sales mix partially offset by increased aluminum can costs, geographical sales mix and increased freight-in costs. Distribution expenses for the 2026 second quarter was $118.8 million or 4.7% of net sales compared with $82 million or 3.9% of net sales in the 2025 second quarter, largely reflecting higher freight and fuel costs.

2026年第二季毛利占淨銷售額比率上升，主要係因定價措施與產品銷售組合所致，但部分被鋁罐成本上升、地理銷售組合以及進貨運費增加所抵銷。2026年第二季配送費用為1.188億美元，占淨銷售額4.7%；相較之下，2025年第二季為8,200萬美元，占淨銷售額3.9%，主要反映較高的運費與燃料成本。

Selling expenses for the 2026 second quarter were $269.2 million or 10.6% of net sales compared with $196.9 million or 9.3% of net sales in the 2025 second quarter. The increase in selling expenses for the 2026 second quarter was primarily due to increased social, digital media and other marketing expenses, including sponsorships and endorsements aimed at maintaining strong sales momentum as we execute our marketing strategy to recruit new energy drink consumers and expand household penetration.

2026年第二季銷售費用為2.692億美元，占淨銷售額10.6%；相較之下，2025年第二季為1.969億美元，占淨銷售額9.3%。2026年第二季銷售費用增加，主要由於社群、數位媒體及其他行銷費用增加（包括贊助與代言），以在我們執行行銷策略、招募新的能量飲料消費者並提升家庭滲透率之際，維持強勁的銷售動能。

General and administrative expenses for the 2026 second quarter were $291.2 million or 11.5% of net sales compared with $265.9 million or 12.6% of net sales for the 2025 second quarter. Stock-based compensation was $35.7 million for the 2026 second quarter compared with $33.2 million in the 2025 second quarter. General and administrative expenses in the 2026 second quarter included $6.5 million of expenses related to our digital transformation initiatives. Operating expenses for the 2026 second quarter was $679.2 million compared with $544.8 million in the 2025 second quarter. Adjusted operating expenses for the 2026 second quarter were $662.7 million compared with $505.6 million in the 2025 second quarter.

2026年第二季一般及行政費用為2.912億美元，占淨銷售額11.5%；相較之下，2025年第二季為2.659億美元，占淨銷售額12.6%。2026年第二季以股份為基礎之酬勞為3,570萬美元，相較2025年第二季為3,320萬美元。2026年第二季一般及行政費用包含與我們數位轉型計畫相關的650萬美元費用。2026年第二季營業費用為6.792億美元，相較2025年第二季為5.448億美元。2026年第二季調整後營業費用為6.627億美元，相較2025年第二季為5.056億美元。

Operating income for the 2026 second quarter increased 17.2% to $740.4 million from $631.6 million in the 2025 comparative quarter. Adjusted operating income for the 2026 second quarter increased 13.3% to $748.1 million from $660.1 million in the 2025 second quarter. Effective tax rate for the 2026 second quarter was 23.9% compared to 24.4% in the 2025 second quarter. Net income per diluted share for the 2026 second quarter increased 19% to $0.59 from $0.50 in the second quarter of 2025. Adjusted net income per diluted share for the 2026 second quarter increased 15.2% to $0.60 from $0.52 in the second quarter of 2025.

2026年第二季營業利益增加17.2%至7.404億美元，較2025年同期的6.316億美元為高。2026年第二季調整後營業利益增加13.3%至7.481億美元，較2025年第二季的6.601億美元為高。2026年第二季有效稅率為23.9%，相較2025年第二季為24.4%。2026年第二季稀釋後每股淨利增加19%至0.59美元，較2025年第二季的0.50美元為高。2026年第二季調整後稀釋後每股淨利增加15.2%至0.60美元，較2025年第二季的0.52美元為高。

Moving to geographic results. We are pleased with our performance in the US and Canada with net sales increasing 11.5% in the 2026 second quarter compared to the 2025 second quarter. According to Nielsen, the Monster brand family also gained 70 basis points of value market share in the 2026 second quarter compared to the prior year period. Our sales performance reflected healthy category growth with solid overall contribution from our core brand families complemented by innovation and disciplined execution across our organization and bottling partners. Our portfolio of zero sugar or sugar-free energy drinks remained a significant contributor to US growth.

接著說明各地區表現。我們對美國與加拿大的表現感到滿意，2026年第二季淨銷售額較2025年第二季增加11.5%。根據Nielsen資料，Monster品牌家族於2026年第二季相較去年同期，價值市占率亦提升70個基點。我們的銷售表現反映品類健康成長，核心品牌家族提供穩健的整體貢獻，並透過創新以及在我們組織與裝瓶合作夥伴間的紀律性執行相互補強。我們的零糖或無糖能量飲料產品組合仍是美國成長的重要貢獻來源。

According to Nielsen, the Ultra brand family grew 19% in the 2026 second quarter compared to the 2025 second quarter. We view the Ultra family as a core contributor to growth within our portfolio, and we are complementing core SKUs with innovation, enabling us to reach new consumers. We are also sharpening our executional focus to include enhanced distribution and display presence. This includes prioritizing availability of the highest performing flavors and complementary package offerings to satisfy more usage occasions.

根據Nielsen資料，Ultra品牌家族於2026年第二季較2025年第二季成長19%。我們將Ultra家族視為我們產品組合中成長的核心貢獻者，並以創新補強核心SKU，使我們得以觸及新消費者。我們也正強化執行面的聚焦，包括提升鋪貨與陳列能見度。這包括優先確保表現最佳口味的供應，以及提供互補的包裝選項，以滿足更多使用情境。

Monster's Full sugar portfolio also continued to contribute to sales growth and was led by the Juice Monster family, which increased 26% compared to the prior year. Innovation was meaningfully additive to second quarter sales growth with products launched in fall 2025 and spring 2026, complemented by special limited time product offerings celebrating America's 250th anniversary across our Ultra Juice Monster Reign and Bang brand families.

Monster的全糖產品組合亦持續貢獻銷售成長，其中以Juice Monster家族領軍，較去年同期增加26%。創新對第二季銷售成長有顯著增益；2025年秋季與2026年春季推出的產品，並搭配限時特別產品，以慶祝美國250週年，涵蓋我們的Ultra、Juice Monster、Reign與Bang等品牌家族。

During the quarter, we also accelerated our sampling and marketing efforts for Storm and FLRT. Additionally, we continue to gain traction in FSOP, which is food service on-premise. This includes a recently announced partnership between Marriott and the Coca-Cola Company, which we believe will open significant distribution opportunities for Monster. Looking ahead, we believe we have a robust innovation pipeline that we will share at the upcoming next show as we have done in prior years. Lastly, in the United States, we have initiated discussions with our partners and customers to implement selective pricing actions effective during the 2026 fourth quarter.

本季期間，我們也加速對Storm與FLRT的試飲與行銷投入。此外，我們在FSOP（即餐飲通路店內銷售）亦持續取得進展。其中包括近期宣布的萬豪與可口可樂公司之合作夥伴關係，我們相信這將為Monster帶來重大的通路分銷機會。展望未來，我們認為我們擁有強健的創新產品管線，將如同往年在即將到來的下一場展會中分享。最後，在美國，我們已開始與合作夥伴及客戶討論，於2026年第四季起實施選擇性的定價措施。

Now turning to sales international. Net sales to customers outside the United States increased 34.6% to $1.16 billion or approximately 46% of total net sales in the 2026 second quarter compared to $864.2 million or approximately 41% of total net sales in 2025 second quarter. Net sales to customers outside the United States on a foreign currency adjusted basis increased 29% to $1.11 billion in the 2026 second quarter.

接著說明國際銷售。2026年第二季對美國以外客戶的淨銷售額增加34.6%至11.6億美元，約占總淨銷售額的46%；相較之下，2025年第二季為8.642億美元，約占總淨銷售額的41%。以外幣調整後基礎計算，2026年第二季對美國以外客戶的淨銷售額增加29%至11.1億美元。

Turning to EMEA. Our net sales in the region in the 2026 second quarter increased by 27.2% in dollars and increased 22.2% on a currency-neutral basis over the same period in 2025. Gross profit in this region as a percentage of net sales for the 2026 second quarter was 38.8% versus 36.1% in the same period in 2025. We implemented a price increase in certain markets in EMEA in the 2026 second quarter and are proposing price increases in certain other EMEA markets later in the year. According to Nielsen, the MEC portfolio brands gained 220 basis points of value market share across the region in the 2026 second quarter compared to the prior year quarter.

接著談 EMEA。我們在該地區 2026 年第二季的淨銷售額以美元計較 2025 年同期成長 27.2%，以中性匯率基礎計成長 22.2%。2026 年第二季該地區毛利占淨銷售額比率為 38.8%，相較 2025 年同期為 36.1%。我們於 2026 年第二季在 EMEA 的部分市場實施了提價，並提議於今年稍晚在 EMEA 其他部分市場進行提價。根據 Nielsen，MEC 產品組合品牌於 2026 年第二季在該地區的價值市占率較去年同期提升 220 個基點。

According to Nielsen, the energy drink category continues to grow double digits in EMEA with our Monster brands growing at approximately twice the rate of the category. Also according to Nielsen for the last reported 13-week period, which vary by country, our portfolio delivered 46% of the value sales growth of the energy drink category in EMEA with contributions from both our core offerings and innovation across brand families. This growth reflects strong execution across markets, accelerated cooler placements and space gains enabled by a strong partnership with our Coca-Cola bottling partners.

根據 Nielsen，EMEA 的能量飲料品類持續以雙位數成長，而我們的 Monster 品牌成長速度約為該品類的兩倍。同樣根據 Nielsen 針對最近一次報告的 13 週期間（各國期間不一），我們的產品組合貢獻了 EMEA 能量飲料品類價值銷售成長的 46%，此成長同時來自核心產品與跨品牌家族的創新。此成長反映我們在各市場的強勁執行力、冷藏櫃陳列加速擴張，以及在與可口可樂裝瓶合作夥伴的強大合作關係支持下所取得的陳列空間提升。

The Zero Sugar segment continues to grow ahead of the energy drink category in Europe. We are the market leader in the Zero Sugar segment of the category with a 44.5% value share according to Nielsen. Also according to Nielsen for the last 13-week period, Monster Zero Sugar products represented 38% of the value sales growth of the energy drink category in Europe.

零糖（Zero Sugar）區隔在歐洲持續領先能量飲料品類成長。根據 Nielsen，我們以 44.5% 的價值市占率成為該品類零糖區隔的市場領導者。同樣根據 Nielsen 針對最近 13 週期間，Monster Zero Sugar 產品占歐洲能量飲料品類價值銷售成長的 38%。

We also focused on expanding visibility for the Ultra family with retailers, which is key to bringing new consumers into the category and are continuing with the rollout of new Monster Ultra SKUs. During the quarter, we continued to expand Juice Monster Viking Berry across EMEA, accelerating the growth of the Juice Monster brand family.

我們亦著重與零售商合作提升 Ultra 系列的能見度，這是為品類帶入新消費者的關鍵，並持續推進新的 Monster Ultra SKU 上市。本季期間，我們持續在 EMEA 擴大 Juice Monster Viking Berry 的鋪貨，帶動 Juice Monster 品牌家族加速成長。

We launched special limited edition offerings of Oscar Piastri in both Monster Energy and Zero Sugar variants. The Gold limited edition, Monster Energy Lando Norris Zero Sugar celebrating its 2025 Formula 1 World Championship began rolling out into certain EMEA markets in July. Our affordable portfolio continued to gain momentum. And according to Nielsen, we increased share in the affordable energy drink category in Egypt, Kenya, Morocco and Nigeria. We extended the rollout of Bang Energy as an affordable offering increased in the second quarter following its launch in Spain in the 2026 first quarter.

我們推出 Oscar Piastri 特別限量版產品，涵蓋 Monster Energy 與 Zero Sugar 兩種版本。金色限量版「Monster Energy Lando Norris Zero Sugar」為慶祝其 2025 年一級方程式（Formula 1）世界冠軍，已於 7 月開始在 EMEA 部分市場陸續上市。我們的平價產品組合持續累積動能。且根據 Nielsen，我們在埃及、肯亞、摩洛哥與奈及利亞的平價能量飲料品類市占率有所提升。在 2026 年第一季於西班牙上市後，第二季我們延伸推進 Bang Energy 作為平價產品的鋪貨，並帶動成長。

Turning to Asia Pacific. Net sales in Asia Pacific in the 2026 second quarter increased 35.7% in dollars and 36.7% on a currency-neutral basis over the same period in 2025. Gross profit in this region as a percentage of net sales for the 2026 second quarter was 41.4% versus 41% in the same period in 2025. Net sales in Japan in the 2026 second quarter increased 14.5% in dollars and increased 24.5% on a local currency basis. Our Japan results benefited from the previously announced agreement to sell Monster Energy Green in vending machines owned by Coca-Cola Bottles Japan Inc. sales commenced in June and are off to a good start.

接著談亞太地區。亞太地區 2026 年第二季淨銷售額以美元計較 2025 年同期成長 35.7%，以中性匯率基礎計成長 36.7%。2026 年第二季該地區毛利占淨銷售額比率為 41.4%，相較 2025 年同期為 41%。日本 2026 年第二季淨銷售額以美元計成長 14.5%，以當地貨幣基礎計成長 24.5%。我們在日本的表現受惠於先前公告之協議：在 Coca-Cola Bottles Japan Inc. 所擁有的自動販賣機販售 Monster Energy Green；銷售於 6 月開始，開局良好。

Net sales in South Korea in the 2026 second quarter decreased 3.6% in dollars and increased 0.6% on a local currency basis as compared to the same quarter in 2025. Results were impacted by bottler inventory fluctuations as depletions far exceeded our shipments in the quarter. We remain the market leader in Korea. Net sales in China in the 2026 second quarter increased 62.5% in dollars and increased 54% on a local currency basis as compared to the same quarter in 2025. Net sales in India in the 2026 second quarter increased 84% in dollars and increased 100.3% on a local currency basis as compared to the same quarter in 2025.

南韓 2026 年第二季淨銷售額以美元計較 2025 年同季下降 3.6%，以當地貨幣基礎計則成長 0.6%。本季結果受到裝瓶商庫存波動影響，因為去化量（depletions）遠高於我們本季出貨量。我們仍為韓國市場領導者。中國 2026 年第二季淨銷售額以美元計較 2025 年同季成長 62.5%，以當地貨幣基礎計成長 54%。印度 2026 年第二季淨銷售額以美元計較 2025 年同季成長 84%，以當地貨幣基礎計成長 100.3%。

We began selling Predator in Pakistan and Azerbaijan in the second quarter. We remain optimistic about the long-term prospects for our brands in Asia Pacific and the expansion of our affordable brands in China and India. In Oceania, net sales in the 2026 second quarter increased 57.8% in dollars and increased 44.9% on a currency-neutral basis as compared to the same quarter in 2025. Turning now to Latin America and the Caribbean. Net sales in Latin America, including Mexico and the Caribbean in the 2026 second quarter increased 56.1% in dollars and increased 40.4% on a currency-neutral basis over the same period in 2025. Gross profit in this region as a percentage of net sales was 46.2% for the 2026 second quarter versus 45.2% in the 2025 second quarter.

我們於第二季開始在巴基斯坦與亞塞拜然銷售 Predator。我們對亞太地區品牌的長期前景，以及在中國與印度擴張平價品牌，仍保持樂觀。在大洋洲，2026 年第二季淨銷售額以美元計較 2025 年同季成長 57.8%，以中性匯率基礎計成長 44.9%。接著談拉丁美洲與加勒比地區。拉丁美洲（含墨西哥與加勒比地區）2026 年第二季淨銷售額以美元計較 2025 年同期成長 56.1%，以中性匯率基礎計成長 40.4%。該地區毛利占淨銷售額比率於 2026 年第二季為 46.2%，相較 2025 年第二季為 45.2%。

Net sales in Brazil in the second quarter increased 82% in dollars and increased 61.6% on a local currency basis. Net sales in Mexico increased 29.5% in dollars and increased 20.5% on a local currency basis in the 2026 second quarter. Net sales in Chile in the 2026 second quarter increased 26.3% in dollars and increased 21% on a local currency basis. Net sales in Argentina in the 2026 second quarter decreased 25.6% in dollars and decreased 5.7% on a local currency basis. As discussed on previous calls, we have changed our operating model in Argentina to better manage our foreign exchange exposure. Shipment volume increased in the quarter, and we remain the market share leader in Argentina.

巴西第二季淨銷售額以美元計成長 82%，以當地貨幣基礎計成長 61.6%。墨西哥 2026 年第二季淨銷售額以美元計成長 29.5%，以當地貨幣基礎計成長 20.5%。智利 2026 年第二季淨銷售額以美元計成長 26.3%，以當地貨幣基礎計成長 21%。阿根廷 2026 年第二季淨銷售額以美元計下降 25.6%，以當地貨幣基礎計下降 5.7%。如同先前電話會議所述，我們已在阿根廷調整營運模式，以更妥善管理外匯曝險。本季出貨量增加，且我們仍為阿根廷市占率領導者。

Turning to Monster Brewing. On Alcohol Brands, net sales for the segment were $32.2 million in the 2026 second quarter, 15.2% lower than the 2025 comparable quarter. During this 2026 second quarter, no shares of the company's common stock were repurchased. As of August 5, 2026, approximately $900 million remained available for repurchase under the previously authorized repurchase program. Turning to our stock split.

接著談 Monster Brewing。就酒精飲料品牌（Alcohol Brands）而言，該分部 2026 年第二季淨銷售額為 3,220 萬美元，較 2025 年可比較季度低 15.2%。在 2026 年第二季期間，公司未回購任何普通股股份。截至 2026 年 8 月 5 日，先前已核准的回購計畫下仍約有 9 億美元可供回購。接著談我們的股票分割。

As previously announced, the company's Board of Directors has approved and declared a 2-for-1 split of its common stock. The company anticipates its shares will begin trading at the split adjusted price on August 11, 2026.

如先前公告，公司董事會已核准並宣告普通股 2 比 1 的股票分割。公司預期其股票將於 2026 年 8 月 11 日起以分割後調整價格開始交易。

Turning to July 2026 sales, we estimate that July 2026 sales, on a non-foreign currency adjusted business, excluding the Alcohol Brands segment were approximately 14.3% higher than the comparable July 2025 sales and 13.9% higher on a non-foreign currency adjusted basis, including the Alcohol Brands segment. We estimate that on a foreign currency adjusted basis, excluding the Alcohol Brands segment. July 2026 sales with approximately 13.9% higher than the comparable July 2025 sales and 13.5% higher on a foreign currency adjusted basis, including the Alcohol Brands segment. July 2026 had the same number of selling days as July 2025.

接著談 2026 年 7 月銷售額，我們估計在未進行外幣調整的口徑下（不含酒精飲料品牌分部），2026 年 7 月銷售額約較 2025 年 7 月可比較銷售額高 14.3%；而在未進行外幣調整的口徑下（含酒精飲料品牌分部）則高 13.9%。我們估計在外幣調整後口徑下（不含酒精飲料品牌分部）。2026 年 7 月銷售額約較 2025 年 7 月可比較銷售額高 13.9%；而在外幣調整後口徑下（含酒精飲料品牌分部）則高 13.5%。2026 年 7 月的銷售天數與 2025 年 7 月相同。

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 and promotions in retail stores, distributing centers as well as shifts in the timing of production.

就此，我們再次提醒，短期間的銷售額往往會受到各種因素不成比例的影響，例如銷售天數、假期落在星期幾、新產品上市時點、零售店提價與促銷時點、配送中心，以及生產時程的變動等。

In some instances, our bottlers are responsible for production and determine their own production schedules. This affects the dates on which we invoice such bottlers. 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 imputed to or regarded as indicative results for the full quarter or any future period.

在某些情況下，我們的裝瓶商負責生產並自行決定其生產排程。這會影響我們向該等裝瓶商開立發票的日期。此外，我們的裝瓶與配送合作夥伴會依其自身內部需求維持庫存水位，並可能基於其自身業務原因不時調整。我們再次強調，短期間（例如單一月份）的銷售，不應必然被推定或視為代表整個季度或任何未來期間的指標性結果。

In conclusion, I'd like to summarize some recent positive points. We had a strong second quarter with double-digit sales growth across all of our geographic regions. We gained share in many markets globally in the second quarter, including for the Monster brand in the US. We remain focused on the growth of our existing core offerings as well as the continued introduction of product innovations which remains central to our long-term growth strategy. We continue to expand our sales in non-Nielsen track channels with an objective to expand our FSOP business.

最後，我想總結近期的一些正面重點。我們第二季表現強勁，所有地理區域的銷售均實現雙位數成長。第二季我們在全球多個市場提升市占率，包括Monster品牌在美國的市占提升。我們仍專注於既有核心產品的成長，同時持續推出產品創新，而這仍是我們長期成長策略的核心。我們持續擴大在非尼爾森追蹤通路的銷售，目標是擴展我們的FSOP業務。

Energy drink category continues to grow globally and consumer demand, as measured by scanner data remains strong. We believe that household penetration continues to increase in the energy drink category due to product functionality and affordable value proposition and lifestyle positioning. We are also seeing increases in purchase frequencies as well as usage occasions expanding across dayparts.

能量飲料品類在全球持續成長，且以掃描器數據衡量的消費者需求仍然強勁。我們認為，由於產品功能性、可負擔的價值主張以及生活型態定位，能量飲料品類的家庭滲透率持續提升。我們也看到購買頻率上升，且使用情境在一天中的各時段持續擴展。

We continue to review opportunities for price increases, both domestically and internationally. We are continuing our digital transformation in order to modernize our enterprise platforms and strengthen end-to-end business capabilities across commercial, operations and supply chain, including our upgrade to SAP S/4HANA with a planned go-live date of January 1, 2028. Lastly, we are planning to host an investor meeting in New York City on December 1, 2026, and look forward to seeing many of you there.

我們持續評估調漲價格的機會，涵蓋國內與國際市場。我們正持續推進數位轉型，以現代化企業平台並強化商務、營運與供應鏈等端到端業務能力，包括升級至SAP S/4HANA，並規劃於2028年1月1日正式上線。最後，我們計畫於2026年12月1日在紐約市舉辦投資人會議，期待在那裡見到各位中的許多人。

I would now like to open the floor to questions about the quarter. Thank you.

接下來我想開放大家就本季表現提問。謝謝。

(Operator Instructions)

（接線員指示）

Kaumil Gajrawala, Jefferies.

Kaumil Gajrawala，Jefferies。

Congratulations. I believe we're the end of earnings season for most of us. Great results. I would like to dig into the commentary around the pricing. It sounds like it's some global decisions. It sounds like it's maybe piece by piece. Can you just maybe give us a little more detail on where, how much? Anything you're able to provide, I think, would be helpful.

恭喜。我想對我們大多數人而言，這應該是財報季的尾聲了。成績非常出色。我想深入了解你們對定價的評論。聽起來這是一些全球性的決策。也聽起來可能是逐項、分段推進。能否請你們提供更多細節：在哪些地區、幅度大概多少？任何你們能提供的資訊，我想都會很有幫助。

Sure, Kaumil. We're fortunate we have Rob Gehring with us, and we have Guy Carling with us here today. So Rob, I'm going to ask Rob to talk about the US piece, and then Guy will talk about the EMEA piece.

當然，Kaumil。我們很幸運今天Rob Gehring也在場，Guy Carling也在場。所以我先請Rob談談美國的部分，接著由Guy談談EMEA的部分。

You bet. Thanks for the question, and appreciate the compliment. We're proud of the results on behalf of all of our employees, our bottling partners and our retail partners. We have consistently moved over the past few quarters and years to consistent pricing year upon year, and we believe that our pricing model continues to drive volume growth. Our goal is to drive revenue ahead of volume and profit ahead of revenue, and we believe it's working for us and our retail business partners. And we also believe that modest inflation is good for the retail landscape. So we're quite pleased with our results thus far, and we will continue to do so.

沒問題。謝謝你的提問，也感謝你的稱讚。我們為這些成果感到自豪，這要歸功於我們所有員工、裝瓶合作夥伴以及零售合作夥伴。過去幾個季度與幾年，我們持續推動逐年一致的定價策略，我們相信我們的定價模式仍在帶動銷量成長。我們的目標是讓營收成長快於銷量、讓利潤成長快於營收；我們相信這對我們以及我們的零售業務合作夥伴都有效。我們也認為溫和的通膨對零售環境是有利的。因此，我們對目前的成果相當滿意，並將持續這麼做。

And I'll turn it over to Guy.

接下來交給Guy。

Thanks, Rob. Look, I think the approach is consistent around the world. In EMEA, we've taken aggregate low single-digits pricing. As part of an ongoing strategy, we take price on an opportunistic periodic basis in the context of the category and competitive dynamics in each country, and we'll continue to do so.

謝謝，Rob。我認為我們在全球的做法是一致的。在EMEA，我們採取了合計低個位數的提價。作為持續策略的一部分，我們會在各國依品類與競爭動態的脈絡下，以機會性、定期的方式調整價格，並將持續如此。

Kevin Grundy, BNB Paribas.

Kevin Grundy，BNB Paribas。

Wonderful. So first, just to kind of echo, I mean, fantastic results internationally. It's a couple of years ago, in the second and third quarter, we were kind of talking about a bit of a slowdown ex-Argentina pricing, and I mean the results really could not have come back more strongly, up 29% in the quarter. You seem to be in most regions, growing kind of 2 times the category growth rate, and it's really broad-based. So a couple of questions here.

太好了。首先，我也想呼應一下：國際市場的表現真的非常出色。幾年前在第二、第三季，我們還在談論扣除阿根廷定價因素後的些許放緩，但這次的結果強勢回升，單季成長29%。你們在多數地區的成長似乎約為品類成長率的2倍，而且相當全面。所以我有幾個問題。

Number one, maybe just comment on what you think is different about the business operational changes, better coordination with the Coke bottlers, anything you can comment there that you think is really driving sustainably stronger results internationally. And then I know you don't like to guide, but maybe just talk a little bit about how you see the sustainability of this growth, what the runway is based on your market share, et cetera. So any color there, I think, would be helpful.

第一，能否談談你們認為業務上有哪些不同之處：營運面的變革、與可口可樂裝瓶商更好的協同等；任何你們能分享、且你們認為正在推動國際市場可持續更強勁成果的因素。另外我知道你們不喜歡提供指引，但能否稍微談談你們如何看待這波成長的可持續性、基於市占等因素的成長跑道有多長。任何補充說明我想都會很有幫助。

Okay. I think let's start with EMEA, and then I can pick up with the rest of the world.

好的。我想我們先從EMEA開始，然後我再接著談世界其他地區。

Thank you, Hilton, and thank you for the question. I think as with US and around the world, the strong category growth in double digit is driven by an overall strong value proposition combined with brand image and category functionality, which are making the energy drink category all day, multi-occasion beverages with a wide appeal across age groups. Our portfolio is over-indexing the category across these drivers and across these occasions, which, as per the script, is leading us to be 46% of category growth across EMEA.

謝謝你，Hilton，也謝謝你的提問。我認為如同美國以及全球其他地區，品類的雙位數強勁成長，主要由整體強勁的價值主張、品牌形象與品類功能性共同驅動，這些因素使能量飲料品類成為全天候、多情境的飲品，並對各年齡層具有廣泛吸引力。我們的產品組合在這些驅動因素與使用情境上都高於品類平均；依照講稿所述，這使我們在EMEA貢獻了品類成長的46%。

Structurally, we're outperforming the category with growth delivered both by existing SKUs and products, which are 42% of our growth as well as innovation, which is 58% of our growth versus the category, which is reliant predominantly on innovation. I think also you mentioned our increasingly strong partnership with the Coca-Cola bottling partners across the region. It continues to contribute and drive growth, increasing our availability and our average SKU assortment. It allows scaled innovation launches. We're expanding Monster led energy zones with key retailers, and we're accelerating our branded cooler footprint, and this is contributing to higher rate of sale and consistent share gains across multiple markets.

從結構面來看，我們的成長同時來自既有SKU與產品（占我們成長的42%），以及創新（占我們成長的58%）；相較之下，品類成長主要依賴創新。另外你也提到我們與區域內可口可樂裝瓶合作夥伴日益強化的合作關係。這種合作持續貢獻並推動成長，提升我們的鋪貨可得性與平均SKU組合數。也讓創新產品得以規模化上市。我們正與關鍵零售商擴大以Monster為主導的能量飲料專區，同時加速擴張品牌冷藏櫃的覆蓋，這些都促成更高的銷售速度，並在多個市場帶來持續的市占提升。

And I think then another key factor is the Zero Sugar segment that continues to accelerate. It's growing 23% in Europe, for example, versus 5% for full sugar, and it's 63% of category growth. The Monster portfolio is responsible for 61% of Zero Sugar growth, and we lead the segment as per the script with [44.5%] share. The overall portfolio is balanced. We're offering consumers choice.

我認為另一個關鍵因素是無糖（Zero Sugar）細分市場持續加速。例如在歐洲，無糖成長23%，相較之下全糖為5%，而無糖貢獻了品類成長的63%。Monster產品組合貢獻了無糖成長的61%，且如講稿所述，我們以[44.5%]的市占領先該細分市場。整體產品組合相當均衡。我們為消費者提供選擇。

Our full sugar range is growing at 10%, which is twice the rate of the category segment. But ultimately, the portfolio is offering, and specifically with Ultra, recruiting younger adults and females into the category and those that have a heavier drinking profile. And I think it's a combination of ingredients that's contributing to the growth story.

我們的全糖產品線成長10%，是該細分品類成長率的兩倍。但歸根結底，產品組合所提供的選擇，特別是Ultra系列，正在把更年輕的成年人與女性族群，以及飲用頻率更高的消費者帶入品類。我認為這些要素的組合共同促成了這段成長故事。

Thanks, Guy. Turning to LatAm. We've had very strong growth in a number of countries in LatAm. You'll see the increase in sales that we spoke about earlier and the gross profit, which has come up nicely as well. So we -- in particular, I've got to call out Brazil, we've got incredibly strong growth in Brazil.

謝謝，Guy。接著談拉丁美洲。我們在拉丁美洲多個國家都有非常強勁的成長。你會看到我們先前提到的銷售成長，以及毛利也同樣有不錯的提升。因此我們——特別要點名巴西，我們在巴西的成長極為強勁。

And Brazil is soon to become one of our very top countries in terms of sales. We've got great teams that are operating well and working well with the Coca-Cola bottlers. And we have major investments going forward with coolers. Innovation is playing a very big role and we're excited about the future in LatAm.

而巴西很快就會成為我們按銷售額計算的最重要國家之一。我們有很棒的團隊，營運表現出色，並且與可口可樂裝瓶商合作順暢。此外，我們未來也會在冷藏櫃方面進行重大投資。創新扮演非常重要的角色，我們對拉丁美洲的未來感到振奮。

Turning to Asia very quickly. That's -- most of the world's population lives in emerging and developing markets. So that's -- again, that's a big opportunity for us. We're opening a number of markets in Asia Pacific and working very closely with the Coca-Cola bottlers in that area as well. In India and China, I know there were a lot of stresses, I think, both on our side and on your side, over the years. And the achievements in India and China are also very respectable.

很快轉到亞洲。也就是——全球大多數人口居住在新興與發展中市場。因此——這對我們而言同樣是很大的機會。我們正在亞太地區開拓多個市場，也與該地區的可口可樂裝瓶商密切合作。在印度與中國，我知道多年來雙方——我想不論我們這邊或你們那邊——都承受了不少壓力。而我們在印度與中國的成果也相當可觀。

Filippo Falorni, Citi.

Filippo Falorni，花旗。

I wanted to ask about the innovation pipeline for this year. Obviously, a lot of different launches that you had. Can you give us a context of how this year compared to prior years? And in particular, I wanted to ask about the limited time offerings that you had around America's 250. What were the learnings around LTOs?

我想請教今年的創新產品管線。顯然你們推出了許多不同的新品。你能否提供一些背景，說明今年與過去幾年相比如何？另外我特別想問你們圍繞「美國250」所推出的限時產品（LTO）。關於LTO，你們有哪些學習與收穫？

I know this is a bit of a different innovation approach versus your prior and could we see more of this? And then the second part on the FLRT and the female-oriented energy, can you give us an update there? What are your expectation for the brand?

我知道這是一種與你們以往不同的創新方式，未來是否可能看到更多這類做法？第二部分，關於FLRT以及以女性為導向的能量飲料，你能否更新一下進展？你們對這個品牌的預期是什麼？

So just this year, we had staggered launches of our innovation versus onetime launches that we had historically. So we were staggered this year, and we were able to achieve better execution, I think, this year than in past years. Also the LTO, the LTOs were really successful, as you guys no doubt will see through your own Nielsen numbers. But we've been really pleased about our LTOs and in particular, Ultra Red, White and Blue accounted for 5% of sales in Circana since the national launch in May. So that all worked incredibly well.

就今年而言，我們採取了分階段推出創新產品，而不是過去歷來那種一次性集中上市。因此今年是分批推出，我認為相較以往，我們今年的執行表現更好。另外，LTO——這些LTO非常成功，你們無疑也會從你們自己的尼爾森數據中看到。但我們對LTO的表現非常滿意，尤其是Ultra Red、White與Blue自5月全國上市以來，在Circana的銷售占比達到5%。所以整體運作得非常好。

For 2026, we have some innovation coming in the fall. And then in '27, we have a full innovation calendar that we will be presenting and looking forward to sharing with you at NACS in October. And then turning to FLRT. So we still think FLRT is early as marketing efforts and really the spend only started in June. We feel we are reaching the right target audience.

展望2026年，我們在秋季會有一些創新推出。而在2027年，我們會有完整的創新行事曆，並期待在10月的NACS上向各位展示並分享。接著談FLRT。我們仍然認為FLRT還在早期階段，因為行銷推廣與實際投入的費用直到6月才開始。我們覺得我們正在觸及正確的目標受眾。

We're working on repeat, but building a base. We have an exciting LTO plan for the brand as well later this year and NPD for next year as well, which you'll see at NACS. Overall, we really do think it's too early to tell, but we remain committed to the brand.

我們正在推動回購，但同時也在建立基礎客群。今年稍晚我們也為該品牌規劃了令人期待的LTO方案，明年也會有新品開發（NPD），你們會在NACS上看到。整體而言，我們確實認為現在下結論還太早，但我們仍會持續投入並支持這個品牌。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，摩根士丹利。

So we've been in a period of much higher growth for the energy category in Monster for 1.5 years now. The category has really brought in new customers with innovations, zero sugar products, et cetera, in recent years. I'd also argue that there's been a ramp-up in permissibility in the energy category in general from a consumer standpoint.

所以，能量飲料品類以及Monster在過去1.5年一直處於更高成長的階段。近年來，該品類透過創新、零糖產品等，確實吸引了新客群。我也會認為，從消費者角度來看，整體能量飲料品類的「可接受度」也在提升。

So I'd just love to hear post that greater permissibility with this expanded consumer base, are there incremental areas from here where you think about incremental penetration where perhaps you haven't had as much success or traction before now enabled by this recent success you've had that might be food service or vending from a channel standpoint where partners are even more excited to carry your products, maybe smaller can sizes with more female or health-oriented consumer penetration. I'd just love any thoughts on sort of underpenetrated areas and plans you have going forward and what might be enabled by this recent success you've had?

因此我很想了解，在可接受度提升、消費者基礎擴大之後，接下來是否還有增量滲透的空間——也許是你們過去較少成功或較難取得進展的領域，但現在因為近期的成功而變得可行；例如從通路角度看，可能是餐飲服務或自動販賣機，合作夥伴更願意上架你們的產品；或是更小罐型，以提高女性或健康導向消費者的滲透。我想聽聽你們對於這些滲透不足領域的看法、未來計畫，以及近期成功可能帶來哪些助力？

So Dara, I think that's a really good question. We spoke earlier on the call about FSOP, and we feel that's a big opportunity for us. You've read about the Marriott opportunity, which we worked together on with Coke and looking forward to success there. We've launched 12-ounce to appeal to a broader audience. And we -- you saw in the quarter that we accelerated some of our marketing to address the new consumer and expand household penetration. And these -- the new entrants into the category differ from the traditional category drinkers.

Dara，我覺得這是個非常好的問題。我們先前在電話會議中談到FSOP，我們認為那對我們是很大的機會。你也讀到我們與可口可樂合作、共同推進的萬豪（Marriott）機會，我們也期待在那裡取得成功。我們推出了12盎司規格，以吸引更廣泛的受眾。而且——你在本季也看到，我們加速了部分行銷投入，以因應新消費者並擴大家戶滲透率。而這些——新進入品類的消費者，與傳統的品類飲用者有所不同。

You've got Gen Z over-indexing versus other generations and women driving incremental growth. And notably, as Rob mentioned earlier, I think Guy mentioned earlier as well, zero sugar accounts for more than 75% of category growth. And the category is still bringing in new consumers. So household penetration hasn't reached its peak, I believe. And we have a lot of opportunities there.

你會看到Z世代相較其他世代更為突出，而女性則帶動了增量成長。值得注意的是，如Rob先前提到——我想Guy也提過——零糖占了品類成長的75%以上。而該品類仍在吸引新消費者。因此我認為家戶滲透率尚未達到高峰。我們在這方面還有很多機會。

I think Rob wanted to make a point. Rob?

我想Rob想補充一點。Rob？

Yes. Dara, if I could just make a quick point. Great question. We constantly try to use innovation as a recruiting tool. And based on our last cut of household panel, we're bringing in consumers at twice the rate of the category.

是的。Dara，如果我可以快速補充一點。這是個很好的問題。我們一直嘗試把創新當作招募新消費者的工具。根據我們最近一次的家戶面板資料，我們吸引新消費者的速度是品類的兩倍。

So the new entrants category is about 19%. We're bringing almost twice that rate. So the goal of using innovation to, one, drive our core business and always feel our core growth, but also recruitment. We believe recruitment is critical to our success.

品類的新進入者比例大約是19%。而我們帶入的速度幾乎是其兩倍。因此，運用創新一方面推動我們的核心業務、持續帶動核心成長，同時也用於招募新客。我們相信招募新客對我們的成功至關重要。

Robert Ottenstein, Evercore.

Robert Ottenstein，Evercore。

Great. I just wanted to touch -- if you could touch on the Marriott win. I know you're not going to tell us how big it is. What I'm really interested in is kind of how it came about working with the Coca-Cola system. My sense is it's the first or one of the first major contracts that you've done hand-in-hand with the Coca-Cola system.

很好。我想稍微談一下——如果你能談談拿下萬豪這個案子。我知道你不會告訴我們規模有多大。我真正感興趣的是，這個案子是如何在與可口可樂系統合作下促成的。我的感覺是，這是你們與可口可樂系統手牽手合作完成的第一個、或是最早期之一的重大合約。

And perhaps if you can talk about how you and the Coca-Cola system may be executing differently on these global accounts or large customers, anything along those lines because it does seem to be a significant change and improvement over a few years ago.

另外，如果你能談談你們與可口可樂系統在這些全球性客戶或大型客戶上的執行方式是否有所不同，或任何相關內容；因為這看起來相較幾年前確實是一個重大的改變與提升。

I think that's a good question. And I think we've spoken in the past about the relationship that we have with the new C-suite at Coke and looking forward to working very closely with them in the future. We are doing a lot of work with them. I think our business is complementary to the business that they offer, and a lot of FSOP customers now are requiring energy drinks as part of their product offerings. So I think we'll -- my belief is that we'll continue to work very closely with the company and the bottlers to create a really good business in FSOP.

我認為這是個好問題。而且我想我們過去也談過，我們與可口可樂新管理團隊（C-suite）的關係，並期待未來與他們更緊密合作。我們正在與他們進行大量合作。我認為我們的業務與他們提供的業務是互補的，而現在許多FSOP客戶也要求在其產品組合中納入能量飲料。因此我相信，我們將持續與該公司及裝瓶商非常緊密合作，在FSOP打造一個非常好的業務。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

I just had a question on -- a question on your operating expenses, including both distribution and selling expenses, which stepped up on a per case basis in Q2. So just trying to understand if there is something unique in the quarter and then maybe color on the drivers of the higher expenses. And then ultimately, should we think about per case operating expenses in Q2 as a good run rate? Or could this move lower moving forward?

我想就——關於你們的營運費用問一個問題，包括配送與銷售費用，這些在第二季以每箱（per case）計算的基礎上有所上升。所以我想了解本季是否有什麼特殊因素，以及推動費用上升的原因。另外，最終我們是否應將第二季每箱營運費用視為一個合理的常態水準（run rate）？還是未來有可能下降？

So the quarter was marked by increases in distribution expenses, largely freight and fuel. And that's something I'm sure that you've seen across a broad base of companies. So that's something that we hope will come down in terms of political settlements. But right now, we have to deal with that. Secondly, our 2026 marketing strategy, we built that to capture the evolving consumer.

本季的特徵是配送費用上升，主要是運費與燃料。我相信你也在許多公司身上看到這種情況。因此我們希望這部分能隨著政治層面的和解而回落。但目前我們必須面對它。第二，我們的2026年行銷策略是為了掌握不斷演變的消費者而制定的。

We expanded our portfolio and our communications to better align with the new lifestyles that I spoke about earlier and the need states. So to connect with a broad and younger audience, there were a lot of additions that we did this year that we hadn't done historically. For example, we launched Lando Norris in the US in Miami as a full SKU this year. That was Formula One.

我們擴充了產品組合與溝通方式，以更好地貼合我先前提到的新生活型態與需求情境（need states）。因此，為了與更廣泛且更年輕的受眾建立連結，我們今年做了許多過去並未做過的新增投入。例如，我們今年在邁阿密於美國推出了Lando Norris作為完整SKU。那是F1（一級方程式）。

We had the Morgan Wallen Tour that we spoke about earlier. We had the UFC fight at the White House and the additional expenses of that. And in May, we started our largest campaign of the year, which we called Unleash the Beast for the next generation. And there, we had connected TV, programmatic, social and retail media and the campaign enforced Monster as the badge of those who want an energy drink that's got image, culture, style and featured Gen Z athletes such as Lando Norris, Rayssa Leal and Haiden Deegan. And that was a conscious -- all of these were conscious attempts to address the new consumer and to keep ourselves culturally together and reinforce the properties and the benefits of the brand.

我們有先前提到的Morgan Wallen巡演。我們有在白宮舉辦的UFC賽事以及由此帶來的額外費用。此外在5月，我們啟動了今年最大的一個活動，我們稱之為「為下一代釋放野獸（Unleash the Beast）」。在那個活動中，我們運用了連網電視（Connected TV）、程式化投放（programmatic）、社群與零售媒體，並將Monster塑造成那些想要兼具形象、文化與風格的能量飲料消費者的標誌，並邀請了Z世代運動員如Lando Norris、Rayssa Leal與Haiden Deegan。而這些——所有這些——都是有意識地嘗試去面向新消費者、讓我們在文化上保持一致，並強化品牌的特質與利益點。

Chris Carey, Wells Fargo Securities.

Chris Carey，富國銀行證券。

Hilton, I just wanted to go back to the comment around pricing, but maybe bring in the inflation angle as well. I think in your prepared remarks, you said something to the extent that aluminum inflation will increase a bit into the back half of the year relative to where you just were. But it seems like you had kind of made a point to say through 2026. And just conscious that Q2 gross margins feel like they came in a bit better than expectation. When you spoke about pricing, it was more in the context of additional potential actions in EMEA as opposed to global pricing.

Hilton，我想回到你關於定價的評論，但也把通膨因素一起納入。我記得你在事先準備的發言中提到，鋁的通膨在今年下半年相較於剛過去的水準會略有上升。但你似乎也特別強調「一直到2026年」。另外也注意到，第二季毛利率看起來比預期好一些。你談到定價時，更多是在EMEA可能採取的額外行動脈絡下，而不是全球性定價。

And so the question, I suppose, is, is your confidence around your ability to protect gross margins, say, without a major global pricing round getting a bit better, perhaps that's because of easing inflation relative to where it had been at peak. Maybe that's because of the strength of the low sugar or zero sugar offerings helping your mix. But I just can't help but think that the gross margins are coming in a bit better and you feel maybe a bit less need to take as much pricing with a changing evolution of the macro or maybe the business model. So I'd be curious how you'd entertain anything there.

所以我想問的是：你們對於在不進行一輪大規模全球漲價的情況下仍能守住毛利率的信心，是否正在提升？也許是因為通膨相較於高峰時期有所緩解。也許是因為低糖或零糖產品的強勁表現改善了產品組合。但我不禁覺得毛利率表現更好，而你們可能覺得在宏觀環境或商業模式演變下，漲價的必要性降低了一些。所以我想聽聽你會如何看待這點。

Yes. We have inflation across the board. We spoke a little bit about distribution expenses earlier. And that was a big chunk of change. We look at aluminum. We hedge a portion of our aluminum as everybody knows, and we use a ladder approach, which means that we don't buy everything on the same day. We structure a ladder for our aluminum hedges.

是的。我們面臨全面性的通膨。我們先前也稍微談到配送費用。那是一大筆增幅。我們再看鋁。如大家所知，我們對部分鋁材進行避險，並採用階梯式（ladder）方法，也就是不會在同一天把所有部位都買齊。我們會為鋁的避險建立一個階梯結構。

And of course, we've had this huge increase from the Midwest premium, which is a very limited market that we have hedged, but probably not sufficiently as if we've known today what we knew when the hedges were being placed. So we are looking at additional aluminum costs going forward, and that's something that we're dealing with. We believe that the addition is going to be modest, but it's something that we still have to deal with.

當然，我們也遇到中西部溢價（Midwest premium）的大幅上升；那是一個我們避險覆蓋範圍非常有限的市場，而且如果在建立避險時就知道今天所知道的情況，我們可能會做得更充分。因此我們正面臨未來額外的鋁材成本，這是我們正在處理的事情。我們認為增加幅度會是溫和的，但仍然必須面對。

So in terms of inflation, we live in a world with other consumer goods companies that are subject to inflation and all sorts of things and all sorts of purchasing of raw materials and other materials that they need in their business. So we will continue to see increases in -- through inflation in our business. We will continue to see increases in aluminum and in freight and in fuel until such time as things regularize. And we continue to review opportunities for price increases, both domestically and internationally. You heard from Guy, you heard from Rob about the price increases that had been implemented historically and where we're looking to head going forward.

就通膨而言，我們所處的世界裡，其他民生消費品公司同樣受到通膨、各種因素，以及其業務所需原物料與其他材料採購的影響。因此，我們將持續看到——在我們的業務中受到通膨帶來的成本上升。在情況回歸正常之前，我們將持續看到鋁材、運費與燃料的上升。同時，我們也會持續檢視漲價機會，無論在國內或國際市場。你也聽到Guy與Rob談到過去已實施的漲價，以及我們未來的方向。

So on the gross margin, obviously, we would like as high a gross margin as possible. But remember what happens. It's great having these significant international sales, but they come at a gross margin percentage cost. We don't make the same gross margins as we do in the US from our international markets, and that's something that we've spoken about many times on the calls before.

至於毛利率，顯然我們希望毛利率越高越好。但請記得會發生什麼。擁有顯著的國際銷售固然很好，但會在毛利率百分比上付出代價。我們在國際市場的毛利率不如在美國市場，這點我們在過去多次電話會議中都談過。

I've always said we bank dollars, we don't bank percentages. So overall, I think we are pleased with where we are, and we're going to continue to do the very best we can in delivering gross margins that the best we can achieve.

我一直說，我們存的是美元，不是百分比。所以整體而言，我們對目前的狀況感到滿意，並會持續盡最大努力，交付我們所能達到的最佳毛利率表現。

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

問答環節到此結束。我想把電話會議交回給Hilton Schlosberg，請他做結語。

Thank you. On behalf of Monster, I'd like to thank everyone for their interest in the company. We're confident in the strength of our brands and the talent of our entire Monster family throughout the world and I'm excited to be working with them and thank them all for their contributions. We believe in the company and our growth strategy and are committed to innovating, developing and differentiating our brands and expanding the company both at home and abroad.

謝謝。我謹代表Monster，感謝各位對本公司的關注。我們對品牌的實力以及遍布全球的Monster大家庭全體同仁的才華充滿信心；我很高興能與他們一起工作，也感謝大家的貢獻。我們相信公司與我們的成長策略，並致力於創新、發展並差異化我們的品牌，並在國內外擴展公司業務。

We are proud of our relationship with the Coca-Cola system and the opportunities this presents to us. We believe that we are well positioned in the beverage industry and are optimistic about the future of our company. Thank you so much for your attendance.

我們以與可口可樂系統的合作關係為榮，以及這為我們帶來的機會。我們相信我們在飲料產業中具備良好定位，並對公司的未來保持樂觀。非常感謝各位的出席。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。