Nomad Foods Ltd (NOMD) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Nomad Foods second-quarter 2025 question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Nomad Foods 2025 年第二季問答環節。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to your host, Jason English, Head of Investor Relations. Thank you. You may now begin.

現在我想將電話轉給主持人、投資者關係主管 Jason English。謝謝。現在你可以開始了。

Good morning, everyone, and thank you for joining us today. I hope everyone has had chance to read our press release and listen to our pre-recorded management remarks, both of which are available on our website. In addition, we have posted a transcript of the pre-recorded remarks and the accompanying presentation. At the conclusion of today's live Q&A session, we'll also post an audio replay of this call. Please note that during today's Q&A session, we may make forward-looking statements that are based on our view of the company's prospects, expectations and intentions at this time.

大家早安，感謝大家今天加入我們。我希望每個人都有機會閱讀我們的新聞稿並聆聽我們預先錄製的管理層講話，這兩者都可以在我們的網站上找到。此外，我們也發布了預先錄製的發言稿和隨附的簡報。在今天的現場問答環節結束時，我們也將發布本次通話的音訊回放。請注意，在今天的問答環節中，我們可能會根據我們對公司目前的前景、期望和意圖的看法做出前瞻性陳述。

Actual results may differ due to risks and uncertainties, which are discussed in our press release, our filings with the SEC and in our investor presentation, which includes cautionary language. We will also discuss non-IFRS financial measures during the call today. These non-IFRS financial measures should not be considered a replacement for and should be read together with IFRS results. Users can find the IFRS to non-IFRS reconciliations within our earnings release and the appendices at the end of the slide presentation available on our website. Please note that certain financial information within this presentation represents adjusted figures.

由於風險和不確定性，實際結果可能有所不同，這些風險和不確定性已在我們的新聞稿、向美國證券交易委員會提交的文件以及投資者介紹中進行了討論，其中包括警告性語言。我們也將在今天的電話會議中討論非國際財務報告準則的財務指標。這些非國際財務報告準則 (IFRS) 財務指標不應被視為替代 IFRS 結果，而應與 IFRS 結果一起解讀。使用者可以在我們的收益報告和我們網站上幻燈片演示末尾的附錄中找到 IFRS 與非 IFRS 的對帳。請注意，本簡報中的某些財務資訊代表調整後的數字。

All adjusted figures have been adjusted primarily for, when applicable, share-based payment expenses and related employer payroll taxes, exceptional items and foreign currency translation charges or gains. Unless otherwise noted, comments from here will refer to those adjusted numbers. Joining me today are Nomad Foods CEO, Stefan Descheemaeker; and CFO, Ruben Baldew.

所有調整後的數字主要根據適用的股份支付費用和相關雇主工資稅、特殊項目和外幣折算費用或收益進行了調整。除非另有說明，否則此處的評論將參考那些調整後的數字。今天與我一起出席的還有 Nomad Foods 執行長 Stefan Descheemaeker 和財務長 Ruben Baldew。

Now let's get started with our first question. Operator?

現在讓我們開始第一個問題。操作員？

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Great. And thanks again to you guys for putting out the published prepared remarks. That's actually very helpful to us in sort of getting through the results pretty quickly. Maybe, Stefan, just as a starting point, I guess what gives you the confidence and sort of the visibility that you finally called the full-year guidance low enough, given the pattern more recently of missing and guiding lower over the past year?

偉大的。再次感謝你們發表準備好的評論。這實際上對我們快速獲得結果非常有幫助。也許，史蒂芬，只是作為一個起點，我想是什麼讓你有信心和預見性，最終將全年指導價定得足夠低，考慮到最近一年未達標和指導價較低的模式？

Thanks, Andrew. It's a great question, and obviously, it's a very important question for us. And let me stand back for just a second. I've been with the company for 10 years since we started, and quite frankly, to your point, I don't think we've been accustomed to this. So it's really something that we need to take into consideration, the guidance.

謝謝，安德魯。這是一個很好的問題，顯然，這對我們來說也是一個非常重要的問題。請容許我稍事休息。自從我們成立以來，我已經在公司工作了 10 年，坦白說，正如你所說，我認為我們還沒有習慣這種情況。所以這確實是我們需要考慮的事情，指導。

The second point is, at the same time, over the last 10 years, with all the disruptions we've been through, I think we've been very good at learning from all these events. So let me first start with what I think is self-inflicted, and I'm really taking this on me. I think we were too optimistic with our ERP implementation. That's the first piece. And the second level, we also had an excess inventory in Q1 that, quite frankly, we did a poor job at anticipating it.

第二點是，同時，在過去的十年裡，儘管我們經歷了所有的動盪，但我認為我們非常善於從所有這些事件中學習。因此，首先讓我從我認為是自己造成的問題開始，我真的會承擔這一切。我認為我們對 ERP 實施過於樂觀了。這是第一部分。第二個層面是，我們在第一季也存在庫存過剩的情況，坦白說，我們對此的預測很差。

And quite frankly, I'm taking these 2 points with me. I think the lesson, though is in terms of our ERP, we're slowing down the program just to make sure that we're taking the right level in terms of risk digestion of all the things we're doing, which is absolutely fundamental. And I'm very pleased with what the team is doing at this stage. And in terms of excess inventory and all these things between sell-in and sellout, quite frankly, what I've seen is the team is doing a much, much, much better job at reading the visibility between both and let's say, the dynamics between both, especially during these volatile times. So that's the first piece, which is really, quite frankly, I would call self-inflicted.

坦白說，我堅持這兩點。我認為，就我們的 ERP 而言，教訓是，我們正在放慢計劃的速度，只是為了確保我們在所做的所有事情的風險消化方面採取正確的水平，這絕對是根本性的。我對團隊目前所取得的成績感到非常滿意。就庫存過剩以及賣進賣出之間的所有這些事情而言，坦白說，我看到的是團隊在解讀兩者之間的可見性以及兩者之間的動態方面做得非常非常好，尤其是在這些動蕩的時期。這是第一點，坦白說，我稱之為自己造成的。

The second piece is especially in Q2 is the weather. Well, for your information, June in Western Europe was the hottest June in record in the region. Some differences, obviously, let's say, Nordics was a bit milder, but you take countries like France, like UK, like Belgium, while the numbers, especially between, let's say, mid-June to mid-July, well, you have numbers around minus 5%, minus 6%, minus 7% for the market as such, where, quite frankly, we would have expected to be in the region of 1.5% to 2%. At the same time, we've been able to regain market, to gain market share, especially in volume, which is good. And despite the fact that our categories are especially fish and vegetables are undertrading, especially during the hot weather, but that's not -- obviously that's not enough.

第二部分，尤其是在第二季度，是天氣。嗯，供您參考，西歐的六月是該地區有史以來最熱的六月。顯然存在一些差異，例如北歐的情況稍微溫和一些，但以法國、英國、比利時等國家為例，尤其是在 6 月中旬到 7 月中旬之間的數據，市場規模大約為 -5%、-6%、-7%，而坦白說，我們預計市場規模會在 1.5% 到 2% 之間。同時，我們已經能夠重新奪回市場，獲得市場份額，特別是在數量上，這是一件好事。儘管我們的產品類別，尤其是魚類和蔬菜的交易量不足，尤其是在炎熱的天氣裡，但這顯然還不夠。

So for us, also the learning here is, okay, what can we do to make sure that we have a better summer assortment? Because basically, we don't know whether it's going to be a pattern for the future, but we need to be ready and to hedge our bets for the future for 2026 and beyond. And we have, the teams are preparing things in terms of potatoes in terms of, let's say, natural fish and other things that I will mention later. So as to make sure that basically we have either obviously an additional opportunity for the future, which we always did and obviously, also how to hedge our bet versus what can happen in the future. We don't know that piece.

所以對我們來說，這裡的學習也是，好吧，我們可以做些什麼來確保我們有更好的夏季產品？因為基本上，我們不知道這是否會成為未來的模式，但我們需要做好準備，為 2026 年及以後的未來做好風險防範。我們的團隊正在準備馬鈴薯、天然魚和其他東西，我稍後會提到。這可以確保我們基本上擁有一個顯然對未來有額外機會（我們一直都是這樣做的），而且顯然，還可以確保我們如何對沖未來可能發生的事情。我們不知道那件作品。

Now obviously, with all these things and with all this volatility, yes, we have decided to take a wider range, to take into account potential risk, obviously, mostly around additional continuing heat wave. We haven't seen it yet. Let's say, let's face it, when it's interesting to see that first part of July was very hot, and we've seen the numbers immediately in terms of sellout. And the second half was better, better from our standpoint, obviously, which means milder weather. And we've seen immediately the correlation between the two.

現在顯然，考慮到所有這些因素和波動性，是的，我們決定採取更廣泛的範圍，考慮潛在的風險，顯然，主要是圍繞持續的額外熱浪。我們還沒有看到它。讓我們面對現實吧，有趣的是，七月初的市場非常火爆，而且我們立即看到了售罄的數字。下半場的情況更好，從我們的角度來看顯然更好，這意味著天氣更加溫和。我們立即看到了兩者之間的關聯。

But this is why we're taking this range. Obviously, if there is no additional heat wave or something similar, obviously, we're not going to touch the lower end, but that's why we took a wider range, and I think it was not an easy decision. We understand that. But at the same time, I definitely believe it's the right decision.

但這就是我們選擇這個範圍的原因。顯然，如果沒有額外的熱浪或類似情況，我們顯然不會觸及低端，但這就是我們採取更廣泛範圍的原因，我認為這不是一個容易的決定。我們明白這一點。但同時，我絕對相信這是正確的決定。

Great. And then maybe as a follow-up, the midpoint of organic growth guidance for the year would point to about 50 basis points of organic sales growth in the second half. If 3Q ultimately returns to some growth, as I think you hope it does, that would suggest, I guess, not a whole lot of improvement between 3Q and 4Q. Am I thinking about that the right way? Or I would think maybe some of the sellout demand kind of build sequentially as you go through the year, but I'm just curious on your thoughts there.

偉大的。然後，也許作為後續行動，今年有機成長指引的中點將指向下半年有機銷售成長約 50 個基點。如果第三季最終恢復成長，我想正如您所希望的那樣，那麼我想這表明第三季和第四季之間不會有太大的改善。我這樣想對嗎？或者我認為也許隨著時間的流逝，一些售罄需求會逐漸增加，但我只是好奇你的想法。

Yes. Thanks, Andrew. Let me take that. So you're right. Let me also for the sake of the benefit for the whole group.

是的。謝謝，安德魯。讓我來接手。所以你是對的。我也是為了整個團體的利益著想。

So our range between 0 and minus 2% assumes in H2 between a plus 2.5% and a minus 1.5% and indeed the midpoint is plus 0.5%. You're right that normally speaking, we should see growth in quarter 3, but also to be clear on what Stefan just said, and I know the optics of the weather, but just some data points. We've seen the market in quarter 2 in volume minus 1%. With Easter, we expect that to be plus 1%, 1.5%, including the Easter effect. We don't have all the sellout data yet for all markets, but for the market for which we have it from mid-June to mid-July, we've seen market at minus 5.5%.

因此，我們的範圍在 0 到 -2% 之間，假設 H2 介於 +2.5% 和 -1.5% 之間，而中點實際上是 +0.5%。你說得對，通常來說，我們應該在第三季度看到成長，但也要清楚史蒂芬剛才說的話，我知道天氣的光學特性，但只是一些數據點。我們發現第二季的市場交易量下降了 1%。加上復活節的影響，我們預計這一數字將增長 1% 至 1.5%。我們還沒有掌握所有市場的全部銷售數據，但就 6 月中旬至 7 月中旬的市場而言，我們發現市場銷售量下降了 5.5%。

And we've seen that to Stefan's point, immediately reflected also in our sales, especially in Northwest Europe and big countries for us like the UK. That will have a drag on quarter three. So we're not committing to growth in quarter 3. It depends on what Stefan just said, what are we seeing through the course of the quarter. Yes, and if there's growth in quarter 3, your mathematics are right and the midpoint assumes a bit more of a prudent assumption for quarter 4.

正如史蒂芬所說，我們已經看到了這一點，這也立即反映在我們的銷售中，特別是在西北歐和英國等大國。這將對第三季造成拖累。因此，我們不承諾第三季將實現成長。這取決於史蒂芬剛才所說的，以及我們在本季看到了什麼。是的，如果第三季出現成長，那麼你的數學計算是正確的，中點對第四季的假設更為謹慎。

But we're also very conscious that we've now lowered the guidance 2 times, and we will avoid that happening again.

但我們也非常清楚，我們現在已經兩次下調了指導方針，我們將避免這種情況再次發生。

Steve Powers, Deutsche Bank.

德意志銀行的史蒂夫·鮑爾斯。

Ruben, just to confirm on your 3Q commentary, you are -- fully understand the marketplace trends into the quarter and the dynamics, but you are lapping the ERP supply disruption of a year ago. I think that was about a 2.5 point negative to last year's sales versus consumption. I just want to clarify that and make sure that, that comparison still factors into your outlook.

魯本，我只是想確認一下你對第三季的評論，你完全了解本季的市場趨勢和動態，但你正在處理一年前 ERP 供應中斷的問題。我認為這比去年的銷售額與消費量相比下降了約 2.5 個百分點。我只是想澄清這一點，並確保這種比較仍然會影響你的觀點。

Yes, that's correct. So we indeed have the ERP lag, which was last year in August and September, and that was 2.5%. So also the numbers I just quoted, the 2.5% on the top end of the range and the minus 1.5% on the bottom end of the range actually underlying are a bit worse. So you roughly talk about the top end is around 1.5% and the bottom end around minus 2.5%. So we'll have that favorable comparator.

是的，沒錯。因此，我們確實存在 ERP 滯後，即去年 8 月和 9 月的滯後率為 2.5%。因此，我剛才引用的數字，範圍的高端為 2.5%，範圍的低端為 -1.5%，實際上情況要糟糕一些。所以你粗略地說最高點在 1.5% 左右，最低點在 -2.5% 左右。因此我們將有一個有利的比較器。

Although again, I have to repeat that what we've seen in July so far was a weak start, especially in the UK.

不過，我必須再次重申，到目前為止，我們看到的 7 月開局並不強勁，尤其是在英國。

Okay. Understood. The broader question, maybe you could talk a little bit more about the inflationary pressures you've seen build of late and how those are likely to flow through '25 and then carry over into '26? And I know it's very early, but just any kind of round numbers in terms of the magnitude of pricing that you would be considering in '26 at this point, assuming the trends hold?

好的。明白了。更廣泛的問題是，也許您可以多談談您最近看到的通膨壓力，以及這些壓力將如何貫穿 25 年並延續到 26 年？我知道現在還為時過早，但假設趨勢保持不變，您現在考慮的 26 年定價幅度是多少？

Yes. Thank you for asking that question. It's an important question. So we started the year, and we said it also after quarter 1 remarks with an inflation assumption of around 2.5%, we saw that going into 4% last quarter, and this quarter, we're looking at a full year inflation of around 4.5%. The additional increase we've seen from 4% to 4.5% is again, and I know the upticks, but if you look at the weather, to Stefan's point, it has been the hottest summer in Western Europe since ever.

是的。謝謝你提出這個問題。這是一個重要的問題。因此，我們在年初，並且在第一季的演講中也表示，通膨率假設為 2.5% 左右，我們看到上個季度通膨率上升至 4%，而本季度，我們預計全年通膨率將在 4.5% 左右。我們再次看到從 4% 到 4.5% 的額外增長，我知道這是上漲，但如果你看看天氣，正如史蒂芬所說，這是西歐有史以來最熱的夏天。

The last one was 2003. It's not only the temperature, it's also the dry and the lack of rain, so UK has seen 70% more sunshine, which means we've had the worst crop for example, on peas. And that is the main reason why our inflation assumption has moved from 4% to 4.5%. That's also the main reason why you also see the gross margin drop in quarter 2.

最後一次是2003年。不僅是溫度問題，還有乾旱和缺雨的問題，因此英國的日照增加了 70%，這意味著我們的豌豆等作物的收成最差。這就是我們的通膨假設從 4% 上升到 4.5% 的主要原因。這也是第二季毛利率下降的主要原因。

Now going forward, and as we said last time, we will take some price where we are able to do that. So for example, we'll take some price in the UK. But if you take a step back, we have yearly negotiation cycles, which are mainly in quarter 1. And we don't see this as a reason to go up cycle. So a lot of the recovery of the inflation we have seen coming through in this year.

現在繼續前進，正如我們上次所說的那樣，我們將在力所能及的範圍內採取一些價格。例如，我們會在英國收取一些價格。但如果退一步來看，我們每年都有談判週期，主要在第一季。我們不認為這是上升週期的理由。因此，我們看到今年通膨已經大幅回升。

And as before, we talked about chicken, and now we see some of the crops, will have to be taken into pricing for next year. Then your question is, what then about next year? Let's be clear, our commitment now is and our focus now is making sure we deliver our commitments for 2025, and we set the right foundation and fundament for 2026. Yes, we will take pricing to recover in '26, but there are also some other puts and takes, like, for example, also some bonus releases, which we had this year, which will be a bit of a headwind next year.

和以前一樣，我們談論了雞肉，現在我們看到一些農作物必須計入明年的定價。那你的問題是，明年會怎麼樣？讓我們明確一點，我們現在的承諾和重點是確保我們兌現 2025 年的承諾，並為 2026 年奠定正確的基礎。是的，我們將在 26 年讓價格恢復，但也有一些其他的利弊，例如今年的一些獎金發放，這對明年來說會是一個小小的阻力。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

First thing I wanted to ask about, you made some comments in the prepared remarks just about some of the SG&A savings and targeted overhead expense reductions. Maybe just wondering if you can kind of share any more details around some of those initiatives and how we should be thinking about those for the remainder of this year and then into next year?

我想問的第一件事是，您在準備好的評論中對一些銷售、一般和行政費用節省以及有針對性的管理費用削減發表了一些評論。也許只是想知道您是否可以分享有關這些舉措的更多細節，以及我們應該如何考慮今年剩餘時間和明年的這些舉措？

Yes. Thank you. So we have indeed seen and you've seen it also in the presentation, reduction in SG&A. Let's also be clear, that is driven predominantly by overheads, so not by A&P, but by overheads. Yes, there is an impact of some bonus releases, and I don't want to go into detail of how much is what, but there's a substantial saving also because of our focus on cost competitiveness and our focus on bringing indirect down after inflation, so compensating for inflation.

是的。謝謝。因此，我們確實看到了，而且您也在演示中看到了，銷售、一般和行政費用的減少。我們還要明確一點，這主要是由間接費用所驅動的，所以不是由廣告和宣傳費用，而是由間接費用所驅動的。是的，一些獎金的發放確實會產生影響，我不想詳細說明具體數額，但由於我們注重成本競爭力，注重在通貨膨脹後降低間接成本，從而補償通貨膨脹，因此也節省了大量資金。

And it also links to the previous question in terms of pricing and recovery. Yes, we will be taking pricing, but we're also conscious that we need to be cost competitive and don't want to have an overprice index versus our competition. So some of the savings we have been driving like reductions in some of our support functions, some synergies we saw in some go-to-market organization will continue into '26 as well.

它也與定價和恢復方面的上一個問題有關。是的，我們會採取定價措施，但我們也意​​識到我們需要具有成本競爭力，並且不希望與競爭對手相比價格過高。因此，我們一直在推動的一些節約，例如減少一些支援功能，以及我們在一些上市組織中看到的一些協同效應也將持續到26年。

Understood. Next question I wanted to ask about is just around some of the innovations. There was some commentary around in 2024, I think you said about 10% of sales were from innovation and renovation. This year, that's expected to nearly double. Just wondering if you can kind of share some thoughts around the innovation pipeline and kind of how you see that shaping up for the rest of this year as well as next year.

明白了。我想問的下一個問題是關於一些創新。2024 年左右有一些評論，我認為您說過大約 10% 的銷售額來自創新和翻新。今年，這一數字預計將翻倍。我只是想知道您是否可以分享一些有關創新管道的想法，以及您如何看待今年剩餘時間和明年的創新管道發展。

Well, to your point, let me split it between the two pieces. This year, obviously, is going to be higher than that in combination of renovation and innovation. And both are equally important for us because renovation is absolutely fundamental in terms of making sure that we keep, we increase our superiority vis-a-vis our main competitors, i.e., private label. And that's a key piece, and we have a very, very aggressive program in terms of making sure that, obviously, in terms of we will be superior or equal, but definitely superior in terms of our Must Win Battles. That's the first piece, and that program is well engaged.

好吧，針對你的觀點，讓我把它分成兩個部分。顯然，今年的革新和創新力度將高於去年。兩者對我們來說都同樣重要，因為創新對於確保我們保持並增強相對於主要競爭對手（即自有品牌）的優勢至關重要。這是關鍵部分，我們有一個非常非常積極的計劃，以確保我們在「必須贏」的戰役中明顯處於優勢或平等地位，但絕對處於優勢地位。這是第一部分，而且該計劃已經很成功了。

More to come, obviously, in the coming quarters. In terms of innovation, yes, the number little by it is increasing. We're in the region of now 6.5%, which is a big difference compared to where we were in '22, '23, which has gone down big time, especially during that time where price was the only thing that mattered for the retailers and the consumers. And so in terms of innovation, well, you've seen the series of things that we're doing in terms of chicken, for example, in terms of fish, I mean, a lot of innovation in terms of snacking, which is a new area for us. So we were very much focused in terms of family mealtime.

顯然，未來幾季還會有更多。就創新而言，是的，數量正在一點點增加。我們現在處於 6.5% 左右，與 2022 年、2023 年相比有很大差異，當時價格大幅下降，尤其是在那個價格是零售商和消費者唯一關心的事情的時期。因此，就創新而言，嗯，您已經看到我們在雞肉、魚類方面所做的一系列事情，我的意思是，我們在零食方面有很多創新，這對我們來說是一個新的領域。所以我們非常注重家庭用餐時間。

I think there is a great opportunity for us in frozen food to go with snacking, and we're really starting this especially in Italy with fish strips and other things like that, the same way. So a lot of things, quite frankly, at this stage, protein bowl is great as well. It's something that we're going to launch now in the next few weeks in the UK, in Netherlands, in Belgium. The countries are very excited by that. And then it's successful, and we think it's going to be successful, obviously more to come in the coming years because obviously, also something we're doing well and better and better is the move from one country to another through a lift and launch.

我認為冷凍食品有很大機會與零食相結合，我們確實在義大利以同樣的方式開始了這一進程，推出了魚條和其他類似產品。坦白說，在這個階段，很多東西，蛋白質碗也很棒。我們將在未來幾週內在英國、荷蘭和比利時推出該產品。各國對此感到非常興奮。然後它就成功了，而且我們認為它會成功，顯然在未來幾年會取得更大的成功，因為顯然，我們做得很好而且越來越好的一件事是通過升降和發射從一個國家移動到另一個國家。

It's successful in one country, obviously, we can go to other countries. So that program, I mean, it took a bit of time. I think it was a bit of -- we were so focused on the Must Win Battles that basically the rigor was not probably great in terms of innovation, it has changed, it is changing. We have the Must Win Battles. We have the Growth Platforms in the new countries, and that it's making a difference.

如果在一個國家取得成功，顯然我們也可以去其他國家。所以，我的意思是，那個程式花了一些時間。我認為有點——我們太專注於必須贏的戰鬥，以至於在創新方面嚴謹性可能不是很好，它已經改變了，它正在改變。我們有必須贏的戰鬥。我們在新的國家擁有成長平台，並且正在發揮重要作用。

John Baumgartner, Mizuho.

瑞穗的約翰·鮑姆加特納。

First off, Ruben, just coming back to the comments on productivity. I'm wondering if you can discuss some of the newer initiatives. I think the supply chain optimization program and the facility closure in Sweden. Can you elaborate a bit on this plan? What else is involved in the program?

首先，魯本，回到關於生產力的評論。我想知道您是否可以討論一些較新的舉措。我認為是供應鏈優化計劃和瑞典的工廠關閉。能詳細說明一下這個計劃嗎？該計劃還涉及什麼？

And how should we think about the structural benefits?

那我們該如何看待結構性利益呢？

Yes. So thank you for asking that question. So what we need to announce is a closure in the smaller factory in the Nordics. We've discussed in some one-on-ones and in other discussion for our overall network, and we actually see a program on a couple of axis. One is procurement, where I think we've already made great steps, but there's more to come, which we can also drive in the future years.

是的。感謝您提出這個問題。因此，我們需要宣布關閉北歐較小的工廠。我們已經在一些一對一的討論和其他討論中討論了我們的整個網絡，我們實際上看到了幾個軸上的程序。一是採購，我認為我們已經取得了很大的進步，但未來還會有更多，我們也可以在未來幾年推動這些進步。

And the second bit is on network, where we have to look at our total complexity of our network, the number of sites as well within a site, what we can do to optimize there. I've now been personally a year in the role. And as you have also heard in our prepared remarks, together with Stefan, together with our other exec, with our Chief Supply Chain Officer, we're embarking on a program to drive more cost competitiveness out of those programs. And we're keen to share more with you in the second half of the year.

第二點是關於網路的，我們必須考慮我們網路的整體複雜性、站點的數量以及站點內的站點數量，以及我們可以採取哪些措施來優化它們。我個人擔任該職務至今已有一年了。正如您在我們的準備好的演講中所聽到的，我們與史蒂芬、我們的另一位高管以及我們的首席供應鏈官一起，正在著手實施一項計劃，以提高這些計劃的成本競爭力。我們期待在今年下半年與您分享更多資訊。

Okay. And then coming back to innovation, can you walk through the Future Foods Lab you've established? What categories are you focusing on there? Do you plan on taking ownership interest in any of the partners? Is it just more of a commercialization relationship?

好的。然後回到創新主題，可以介紹一下您建立的未來食品實驗室嗎？您關注的是哪些類別？您是否計劃對任何合作夥伴取得所有權？這是否只是一種商業化關係？

Just any more detail there would be helpful.

任何更多的細節都會有幫助。

Yes. It's very interesting. It's obviously early in the game for us. But indeed, we're learning how to partner with -- actually, I would put it that way. We were very much focused on ourselves for many years.

是的。這很有趣。顯然，對我們來說，比賽才剛開始。但事實上，我們正​​在學習如何與他人合作——實際上，我會這麼說。多年來，我們非常關注自己。

And I think we have evolved and we're learning how to deal with new guys in the -- as the start-ups. We have some more to come in food service, probably in the coming months. We have a first example. I will spare you the detail at this stage because it feels very highly confidential. But definitely, it's a kind of things we've learned a lot with the start-up, and we're going to start with them in some countries where food service is present for us.

我認為我們已經進化了，我們正在學習如何與新公司打交道——作為新創公司。我們也會推出更多餐飲服務，可能在未來幾個月內。我們有第一個例子。現階段我將不向您透露細節，因為這感覺非常機密。但毫無疑問，這是我們在創業過程中學到的許多東西，我們將在一些提供餐飲服務的國家開始推廣這些知識。

You know that food service is big for us in Southeastern Europe, in Switzerland, in the Nordics and also in Spain and Portugal. So we're going to start with that, but more to come in others. But again, I don't want to come with a name right now because it's not -- it's still confidential, but definitely it's going to come in the coming months. And more to come with others, we're also developing, by the way, pilot plants, which also is going to help us and our partners to move faster in terms of innovation. I think the speed at which innovation is taking place is absolutely critical.

您知道，餐飲服務在東南歐、瑞士、北歐以及西班牙和葡萄牙對我們來說非常重要。因此，我們將從這一點開始，但其他方面將進一步發展。但再說一次，我現在不想透露名字，因為它不是——它仍然是保密的，但它肯定會在未來幾個月內公佈。順便說一下，我們也正在開發試驗工廠，這也將幫助我們和我們的合作夥伴在創新方面更快前進。我認為創新的速度絕對至關重要。

And with this kind of steps, we also can move faster and then obviously be closer to the market. But there will be other things. It's -- this portal is very interesting. We've received a lot of attention from a lot of people and now we're in the process, obviously, of selecting the guys with whom we want to work. But it's very promising.

透過這樣的舉措，我們也可以更快地行動，顯然更接近市場。但還會有其他的事情。這個門戶網站非常有趣。我們受到了很多人的關注，現在我們顯然正在挑選我們想要合作的人。但它很有前景。

(Operator Instructions) John Tanwanteng, CJS Securities.

（操作員指示） John Tanwanteng，CJS Securities。

I was wondering if you could talk about the portfolio and maybe this is a longer-term question, just how you might be dealing with hotter weather on average structurally versus the true outliers like you saw in Q2. We've seen more heat waves in recent years and if that's something you need to prepare for either in the portfolio, I don't know if it's moving ice cream out of the Adriatic or doing something with your crops and supply chain to position for that. Just help us understand the long-term positioning and how you might be dealing with that, if at all.

我想知道您是否可以談談投資組合，也許這是一個長期問題，即您如何在結構上應對平均更熱的天氣，而不是像您在第二季度看到的那樣，出現真正的異常值。近年來，我們經歷了更多熱浪，如果這是你需要在投資組合中做好準備的事情，我不知道是將冰淇淋移出亞得里亞海，還是對你的農作物和供應鏈採取措施來應對這種情況。只要幫助我們了解長期定位以及您將如何處理這個問題（如果有的話）。

Jon, I think it's not only how to move up to vis-a-vis the challenge we expect to experience this year. It's also the fact that year in, year out, even with "the normal weather" structurally, frozen food is lower in the summer than in the spring or winter, obviously, or later in the year. And then I think this combination of lower plus obviously, the heat wave is something that we want to tackle, I mean, more seriously. The difference compared to many years ago when I think the team at the time tried something, we have -- I mean, our portfolio is so much wider that we have chicken. We didn't have chicken in the past.

喬恩，我認為這不僅僅是如何應對我們今年預計將遇到的挑戰。事實上，年復一年，即使在結構上“天氣正常”，夏季的冷凍食品產量也明顯低於春季或冬季，或低於一年中的晚些時候的產量。然後我認為，氣溫較低加上熱浪的這種組合顯然是我們想要更認真地解決的問題。與許多年前相比，我認為當時的團隊嘗試了一些事情，我們的產品組合更加廣泛，甚至包括雞肉。我們以前沒有吃雞。

And chicken does very well, obviously, with barbecues, marinated chicken, that kind of thing. That's one thing. We also still have red meat, by the way, that we also can experience, I mean, much further with our retailers. Let's say, something like natural fish. Natural fish exists in many -- is very well developed in countries like Italy, for example.

顯然，雞肉非常適合搭配燒烤、醃製雞肉等。這是一回事。順便說一下，我們還有紅肉，我們也可以透過零售商進行更進一步的體驗。比如說，像天然魚這樣的東西。天然魚類在許多國家都有存在——例如在義大利等國家就非常發達。

It's not developed at all or not enough in a country like UK, where it's mostly coated fish. Well, I can tell you when it's 30 degrees, you don't necessarily want to eat a fish finger or fish stick. Well, coated -- let's say, marinated fish or natural fish works very well. Potatoes in terms of together with barbecue is also something we've developed a lot. And I'm not even talking about the ice cream, which is something new for us.

在英國這樣的國家，這種魚根本沒有開發或開發得不夠，主要以塗層魚為主。好吧，我可以告訴你，當氣溫達到 30 度時，你不一定會想吃魚條或魚棒。嗯，塗層——比如說醃製魚或天然魚，效果很好。馬鈴薯與燒烤的結合也是我們大力發展的成果。我什至沒有談論冰淇淋，這對我們來說是新鮮事物。

We have obviously a very strong goal in the Adriatic with Serbia, Croatia and Bosnia. And well, a bit accidentally somehow, like we started to develop something in Austria, which is doing well because we had a very strong, let's say, strong people. I mean, in Vienna, we had a lot of people coming from Croatia and it did well. So we're starting to develop these kind of things. Does that mean that we're going to do with ice cream in others?

顯然，我們在亞得里亞海與塞爾維亞、克羅埃西亞和波斯尼亞的比賽有著非常強烈的目標。嗯，有點意外，就像我們開始在奧地利開發一些東西，而且做得很好，因為我們有非常強大的，可以說強大的人民。我的意思是，在維也納，我們有很多來自克羅埃西亞的人，而且做得很好。所以我們開始開發這類東西。這是否意味著我們也要和其他人一起吃冰淇淋？

Not necessarily, but at least we have the assortment today that is available. And the first thing we're doing now is we're talking to all the countries to see what they see. And also very importantly, we're also starting the conversation with the trade, because it has to be incremental, and it can be incremental, but it requires also agility how to move faster from one season to another. So a lot of things, a lot of opportunity, but definitely frozen food can do well with the hotter -- with the summer and more specifically in the heat waves.

不一定，但至少我們今天有可用的商品。我們現在要做的第一件事就是與所有國家進行交流，並了解他們的看法。而且非常重要的是，我們也開始討論交易，因為它必須是漸進的，它可以是漸進的，但它也需要靈活性，如何更快地從一個季節過渡到另一個季節。所以有很多東西，很多機會，但冷凍食品肯定可以在更炎熱的夏天，更具體地說是在熱浪中表現良好。

Great. That's very helpful, Stefan. And then second, just any update on the capital allocation priorities. With the stock indicating down, you've done repurchases or maybe there's a preference for debt repayment here. Any thoughts there?

偉大的。這非常有幫助，史蒂芬。其次，只是對資本配置優先順序的任何更新。隨著股票價格下跌，您已經進行了回購，或者可能傾向於償還債務。有什麼想法嗎？

Yes. So thank you for that. We have done quite a bit of share buybacks in H1, EUR100 million versus the year before less than EUR20 million. We just announced the dividend. So I think from kind of capital allocation, we've done a lot with buybacks and with the dividend.

是的。謝謝你。我們在上半年進行了相當多的股票回購，總額達 1 億歐元，而去年同期則不到 2,000 萬歐元。我們剛剛宣布了股息。所以我認為從資本配置的角度來看，我們在回購和股息方面做了很多工作。

We want to keep our flexibility. In the past, we've shown to be a good M&A and being able to acquire good companies. But at this moment, with our current valuation, also what's out there in the market, it's not that in the short term, there's an M&A pipeline. Whether we're now committing to buyback, that also depends a bit on our overall flexibility.

我們希望保持靈活性。過去，我們已經證明自己是個優秀的併購者，並且能夠收購優秀的公司。但目前，根據我們目前的估值以及市場狀況，短期內還不存在併購機會。我們現在是否承諾回購，這也取決於我們的整體靈活性。

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

我們的問答環節到此結束。我想將會議交還給 Stefan Descheemaeker 並請他做結束語。

Thank you, operator. So while I'm disappointed by our first-half performance, I remain nonetheless confident in the future that lies ahead of us. We have a great portfolio. We have a strategy that is working, and we have a talented team of people well equipped to deliver the plans we have in front of us. We have successfully stabilized our market share and have compelling plans to increase our competitiveness in the back half of the year.

謝謝您，接線生。因此，儘管我對我們上半年的表現感到失望，但我仍然對我們的未來充滿信心。我們擁有出色的產品組合。我們有一個行之有效的策略，我們擁有一支才華橫溢的團隊，有能力實現我們面前的計劃。我們已經成功穩定了我們的市場份額，並製定了強有力的計劃來在下半年提高我們的競爭力。

We are well positioned to delivering accelerating growth when the weather disruption subsides. I look forward to demonstrating that with results when we update you again next quarter. Thank you for your time and interest in Nomad Foods.

當天氣影響消退時，我們已準備好實現加速成長。我期待下個季度我們再次向您更新時能夠用結果來證明這一點。感謝您對 Nomad Foods 的時間和關注。

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。