Oatly Group AB (publ) (OTLY) 2025 Q1 法說會逐字稿

Good day and welcome to the Oatly first quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Brian Kearney, VP of Investor Relations. Please go ahead.

大家好，歡迎參加 Oatly 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁 Brian Kearney。請繼續。

Good morning and thank you for joining us today. On today's call are our Chief Executive Officer, Jean-Christophe Flatin; our Global President and Chief Operating Officer, Daniel Ordonez; and our Chief Financial Officer, Marie-José David.

早安，感謝您今天加入我們。參加今天電話會議的有我們的執行長 Jean-Christophe Flatin；我們的全球總裁兼營運長 Daniel Ordonez；以及我們的財務長 Marie-José David。

Before we begin, please review the cautionary statement regarding forward-looking statements and other disclaimers on slide 3, which are integrated into this presentation and includes the Q&A that follows. Please also refer to the documents we have filed with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

在我們開始之前，請先閱讀投影片 3 上有關前瞻性陳述和其他免責聲明的警示聲明，這些聲明已整合到本簡報中，並包括隨後的問答。另請參閱我們向美國證券交易委員會提交的文件，以詳細了解可能導致實際結果與今天做出的任何前瞻性陳述中明示或暗示的結果存在重大差異的風險。

Also please note on today's call, management will refer to certain non-IFRS financial measures including adjusted EBITDA, constant currency revenue, and free cash flow. Please refer to today's release for reconciliation of non-IFRS financial measures to the most comparable measures prepared in accordance with IFRS. In addition, Oatly has posted a supplemental presentation on its website for reference. With that, I'd now like to turn the call over to Jean-Christophe.

另請注意，在今天的電話會議上，管理層將參考某些非國際財務報告準則的財務指標，包括調整後的 EBITDA、固定貨幣收入和自由現金流。請參閱今日發布的非國際財務報告準則財務指標與依照國際財務報告準則編製的最具可比性的指標之間的對帳情況。此外，Oatly在其網站上發布了補充介紹，以供參考。說完這些，我現在想把電話轉給 Jean-Christophe。

Thank you, Brian, and good morning everyone. Slide 4 as the key messages I want you to take away from today's presentation. You will hear us use the word progress a lot today, as I believe the biggest takeaway from today is that we are making progress toward our North Star of structural consistent profitable goals.

謝謝你，布萊恩，大家早安。投影片 4 是我希望您從今天的簡報中獲得的關鍵資訊。今天你會聽到我們經常使用「進步」這個詞，因為我相信今天最大的收穫是我們正在朝著結構性一致盈利目標的北極星邁進。

As we discussed last quarter, we have driven a significant transformation over the past two years, and we all further progress in the first quarter of 2025. In the first quarter, our financial results came in largely as we expected and we made progress on our top line, our cost structure, and our cash flow.

正如我們上個季度所討論的那樣，我們在過去兩年中推動了重大轉型，並且我們都將在 2025 年第一季取得進一步進展。第一季度，我們的財務表現基本上符合預期，並且在營業收入、成本結構和現金流方面取得了進展。

Today you will hear both from Daniel and Marie-José about how we are executing on our 2025 priorities. These 2025 priorities all have the overarching theme of disciplined allocation of resources in order to create value. And we believe that is exactly what you should see in our results.

今天，您將聽到 Daniel 和 Marie-José 講述我們如何執行 2025 年優先事項。這些 2025 年優先事項的總體主題都是規範地分配資源以創造價值。我們相信這正是您在我們的結果中應該看到的。

We have been allocating resources with the goal of igniting positive momentum in our business. These resources have been time, people, and capital to engage with customers and consumers in the unique way that only Oatly can, and we are starting to see results.

我們一直在分配資源，目標是激發業務的積極勢頭。這些資源包括時間、人力和資本，以便以只有 Oatly 才能做到的獨特方式與客戶和消費者互動，我們開始看到成果。

We are being disciplined in this resource allocation and we are generating the fuel for these investments by aggressively continuing to drive efficiencies throughout the company. In the quarter, we continued to make progress in driving efficiencies in both our supply chain and SG&A and we redeployed a portion of those savings to our goals-focused investments.

我們在資源配置方面非常嚴格，我們正在透過積極地繼續提高整個公司的效率來為這些投資提供動力。本季度，我們繼續在提高供應鏈和銷售、一般及行政費用效率方面取得進展，並將部分節省下來的資金重新部署到以目標為中心的投資中。

We believe this progress keeps us on track to deliver our first full year of profitable goals as a public company. Therefore, with one quarter of results behind us and with strong plans for the rest of the year, our full year guidance remains unchanged.

我們相信，這項進展將使我們有望實現作為上市公司的第一個全年獲利目標。因此，鑑於我們已經取得了一個季度的業績，並且對今年剩餘時間制定了強有力的計劃，我們的全年預期保持不變。

Slide 5 shows a summary of our quarterly performance. I am proud to report that we have made progress on many of our key financial metrics. It is a big recognition for the team's efforts over the past two years to see that our first quarter results for gross profit, gross margin, adjusted EBITDA, and free cash flow, were all the best they have been since our IPO.

投影片 5 顯示了我們季度業績的摘要。我很自豪地報告，我們在許多關鍵財務指標上都取得了進展。這是對團隊過去兩年努力的巨大認可，我們第一季的毛利、毛利率、調整後 EBITDA 和自由現金流均創下自 IPO 以來的最佳業績。

Our top line performance was a bit mixed. So while we grew volume a solid 9.2% in the quarter, with notably strong volume growth in our greater China segment and solid volume growth in Europe and international, our constant currency revenue growth was 0.7% in the quarter.

我們的營收表現有點參差不齊。因此，雖然本季我們的銷量穩定成長了 9.2%，其中大中華區銷量成長尤為強勁，歐洲和國際銷量成長穩健，但本季我們的固定匯率營收成長率僅為 0.7%。

As we entered 2025, we planned for our first quarter top line rules to be below the full year guidance level. While we made good progress and even outperformed our expectations in several markets, we continued to face some challenging dynamics in North America, where we have not yet fully deployed the resources to ignite positive momentum.

進入 2025 年，我們計劃將第一季的營收規則設定為低於全年指引水準。雖然我們在多個市場取得了良好進展，甚至超出了預期，但我們在北美仍然面臨一些挑戰，我們尚未充分部署資源來激發積極勢頭。

We believe the investments we are making combined with our action plans to drive positive momentum will enable us to accelerate total company goals later this year. Now, I will turn the call over to Daniel to give you a more detailed update on how we are progressing on our 2025 priorities.

我們相信，我們正在進行的投資與推動積極勢頭的行動計劃相結合，將使我們能夠在今年稍後加速實現公司的整體目標。現在，我將把電話交給丹尼爾，讓他更詳細地介紹我們在 2025 年優先事項方面的進展。

Thank you, JC, and good morning everyone. As a reminder, our 2025 priorities are to ignite positive momentum globally, aggressively pursue cost efficiencies to simplify and generate fuel for additional demand driving investments, and to deliver our first full year of profitable growth as a public company.

謝謝你，JC，大家早安。提醒一下，我們 2025 年的首要任務是在全球範圍內激發積極勢頭，積極追求成本效率以簡化並為推動額外需求的投資創造動力，並實現作為上市公司的第一個全年盈利增長。

First, to ignite positive momentum globally, we're executing against three pillars, increasing our relevance to customers and consumers, attacking barriers to conversion, most notably preconceptions on taste and misinformation on health, increasing the availability of our products to consumers.

首先，為了在全球範圍內激發積極的勢頭，我們正在執行三大支柱，提高我們與客戶和消費者的相關性，消除轉化障礙，最明顯的是口味上的先入之見和對健康的錯誤信息，增加我們產品對消費者的可用性。

The first pillar is relevance, rooted in our fantastic portfolio of products that consumers love. Our Barista family is second to none, as demonstrated by its velocities and continued growth. It has changed the game. And as it grows into occupying more usage occasions, channels, and price points, it is best-placed to leverage the growing momentum in the coffee and beverages space.

第一個支柱是相關性，其根源在於我們深受消費者喜愛的優質產品組合。我們的 Barista 家族是首屈一指的，其速度和持續成長證明了這一點。它改變了遊戲規則。隨著它佔據更多的使用場合、管道和價格點，它最有能力利用咖啡和飲料領域的成長勢頭。

You should expect us to continue to expand into the coffee and beverage space, further driving cultural relevance and conversion into oat milk. But relevance does not start and stop with the products. Oatly is a generational brands that maintains its cultural edge with millennials and Gen Z. As you can see in the examples on slide 9.

您應該期待我們繼續擴展到咖啡和飲料領域，進一步推動文化相關性和燕麥奶的轉化。但相關性並不始於產品，也不止於產品。Oatly 是一個世代品牌，在千禧世代和 Z 世代中保持著文化優勢。如您在投影片 9 中看到的範例。

A good example of how we're activating the brand at global scale is our collaboration with Nespresso, with whom we developed an oddly branded pod for the perfect latte or flat white experience. Nespresso boutiques across most cities of the world will experience this collaboration over the course of this year with stunning visibility.

我們與 Nespresso 的合作就是我們如何在全球範圍內激活品牌的一個很好的例子，我們與他們共同開發了一款奇特品牌的膠囊，以獲得完美的拿鐵或馥芮白體驗。今年，全球大多數城市的 Nespresso 精品店都將以驚人的曝光體驗此次合作。

At local level, we continue to execute relevant brand activations like it works in tea in the UK reminding Brits that our products work just as well in tea as they do in coffee. This result of these high impact activations have been outstanding in terms of awareness, and you should expect us to continue executing this in the future.

在地方層面，我們繼續進行相關的品牌活動，就像在英國的茶葉中一樣，提醒英國人我們的產品在茶中和在咖啡中一樣有效。這些高影響力的活化活動在認知度方面取得了出色的成果，您應該期待我們將來繼續執行這項活動。

And we're not stopping there. Slide 10 shows you some examples of how we're attacking one of the primary barriers to conversion, which is the preconception on taste.

我們不會就此止步。投影片 10 向您展示了一些範例，說明我們如何攻克轉變的主要障礙之一，即對口味的先入為主。

Those of you who have followed us for a while, know that our current model is to drive experience in the food service channel and then to ensure that consumers can find us in retail so that they can repeat the experience at home and other occasions again and again.

那些關注我們有一段時間的人知道，我們目前的模式是在食品服務管道中推動體驗，然後確保消費者可以在零售中找到我們，以便他們可以在家里和其他場合一次又一次地重複這種體驗。

We're taking the exact model and dialing it up, owning the growing momentum there is in the coffee and the beverages space.

我們採用精確的模型並進行撥號，擁有咖啡和飲料領域的不斷增長的勢頭。

There is a taste bonanza and a flavor bonanza going on in coffee around the world, and our teams are intimately woven into this community. So whether in a coffee shop in Shanghai, Brussels, Mexico, Dubai, or Boston, Oatly is uniquely positioned to bring the hottest emerging global taste trends to their menus.

世界各地的咖啡都呈現出一種味覺盛宴和風味盛宴，我們的團隊與這個群體緊密相連。因此，無論是在上海、布魯塞爾、墨西哥、杜拜或波士頓的咖啡店，Oatly 都能夠以獨特的方式將最熱門的新興全球口味趨勢帶入菜單。

We're working with most of our food service customers to revitalize their menus and bring the most exciting new news to the category. They want us to help them better understand the market, better understand Gen Z, and therefore better anticipate what is next and help them to become more competitive.

我們正在與大多數餐飲服務客戶合作，重振他們的菜單，並為該類別帶來最令人興奮的新消息。他們希望我們幫助他們更了解市場，更了解 Z 世代，以便更好地預測下一步的發展，並幫助他們提高競爭力。

On the left, you can see just a few examples of what we have been developing with them among thousands of signature drinks that we are creating with and for our customers all around the world. Expect these examples on the slide just to be the tip of the iceberg.

在左側，您可以看到我們與他們共同開發的數千種招牌飲品中的幾個例子，這些飲品是我們與世界各地的客戶共同創造的。幻燈片上的這些例子只是冰山一角。

And we're supporting these efforts with provocative, integrated brand activations across digital and in real life platforms that encourage consumers to try converting from dairy to Oatly. An example is our ongoing brand taste test activation. We have been executing taste tests across many markets, and the results are remarkably consistent, showing that roughly half of the sample refers Oatly to Dairy Milk.

我們透過在數位和現實生活中的平台上進行啟發性的綜合品牌活動來支持這些努力，鼓勵消費者嘗試從乳製品轉向 Oatly。一個例子是我們正在進行的品牌口味測試活動。我們已在多個市場進行了口味測試，結果非常一致，表明大約一半的樣本將 Oatly 稱為 Dairy Milk。

Since our household penetration has not yet reached that 50% level, that potentially means that millions and millions of people are having a suboptimal coffee drinking experience.

由於我們的家庭普及率尚未達到 50% 的水平，這可能意味著數百萬人的咖啡飲用體驗不佳。

Finally, we closed the loop with impactful in-store retail executions. I'm happy to say that our in-store execution is ever so strong and has become one of the key reasons behind the sustained commercial traction that is reflected in market share gains and velocities that remain well above our competitors.

最後，我們透過有影響力的店內零售執行完成了整個循環。我很高興地說，我們的店內執行力非常強，並成為持續商業吸引力的關鍵原因之一，這反映在市場份額的成長和速度仍然遠高於我們的競爭對手。

Slide 11 shows what we have been doing to attack another large barrier to conversion, which is misinformation on health. Instead of creating more noise, we have been systematically engaging with registered and renowned dieticians, nutritionists, and key opinion leaders, arming them with science-based facts about our category and our products so they can be advocates for the truth.

投影片 11 展示了我們為解決轉變的另一個主要障礙（即有關健康的錯誤訊息）所做的努力。我們沒有製造更多的噪音，而是有系統地與註冊的知名營養師、營養學家和關鍵意見領袖接觸，向他們提供有關我們的類別和產品的科學事實，以便他們能夠倡導真理。

The science behind the product is unequivocal. 45 plant-based meals like Oatly are recommended in dietary guidelines all around the world.

該產品背後的科學原理是明確的。世界各地的飲食指南都建議了 45 種像 Oatly 這樣的植物性飲食。

And while there's plenty more to do to ensure that the public is not being misled, our tracking data shows that negative media coverage has declined very significantly compared to last year. So we're making progress on ensuring that discussion on a category is balanced and honest. Now, let's talk results starting on slide 12.

儘管我們還有很多工作要做，以確保公眾不被誤導，但我們的追蹤數據顯示，與去年相比，負面媒體報導已大幅減少。因此，我們在確保某一類別的討論平衡且誠實方面取得了進展。現在，讓我們從第 12 張投影片開始討論結果。

We have started to roll out this strategy in Europe, and this slide shows the retail takeaway data for our European markets. You can see that we have started to accelerate our volume growth, and we have persistently highlighted what continues to outperform both the plant-based milk category as well as the oat milk category.

我們已經開始在歐洲推行這項策略，這張投影片展示了我們歐洲市場的零售外送數據。您可以看到，我們已經開始加速銷售成長，並且我們一直在強調哪些產品的表現持續優於植物奶類別和燕麥奶類別。

Slide 13 is even more interesting though, as the data gives us the confidence to say that we're on the right track.

不過，第 13 張投影片更有趣，因為數據讓我們有信心說我們走在正確的軌道上。

Our two largest markets in Europe are the UK and Germany, and they are precisely what we started to roll out. On the left, you can see that our German business has accelerated growth to nearly 8% in the last 12 weeks. On the right, you can see the UK data. If you recall from several quarters ago, we mentioned how the UK market was seized on sluggishness.

我們在歐洲最大的兩個市場是英國和德國，它們正是我們開始推廣的市場。在左側，您可以看到我們的德國業務在過去 12 週內加速成長至近 8%。在右側，您可以看到英國的數據。如果您還記得幾個季度前的情況，我們提到過英國市場是如何陷入低迷的。

Well, we believe the actions that we have taken has started to revitalize our UK business, moving from decline to incipient growth. So, good progress and plenty more to do.

我們相信，我們所採取的行動已經開始振興我們的英國業務，從衰退走向初期成長。所以，進展良好，還有很多事情要做。

It is important to know though, that we have not yet fully deployed this playbook across all our markets, but we will do so throughout the course of this year and consistently as we move forward.

但需要知道的是，我們尚未在所有市場全面部署這項策略，但我們將在今年全年並在未來的前進中持續這樣做。

Igniting category momentum will not happen by snap of a finger, but by consistently focused on breaking down the barriers that exist with culturally relevant execution and surgical resource allocation.

點燃類別動力並非彈指一揮間就能實現，而是需要持續專注於打破文化相關執行和手術資源分配方面存在的障礙。

North America is the largest market, where we have not yet rolled out this playbook, but the strategic direction will be identical, and so is the external context and the relevance of the brands and the portfolio. So let's then discuss North America. Last quarter, we mentioned some discrete headwinds within this segment.

北美是最大的市場，我們尚未推出這項策略，但策略方向將是相同的，外部環境以及品牌和產品組合的相關性也是如此。那我們來討論一下北美。上個季度，我們提到了該領域內的一些離散阻力。

First, we're navigating a change in sourcing strategy at our largest customer. And second, we're going through an SKU rationalization on certain frozen items. In the first, over 100% of the segments year-on-year sales decline came from the impact of our largest customer and the decline in the frozen business.

首先，我們正在改變我們最大客戶的採購策略。其次，我們正在對某些冷凍商品進行 SKU 合理化。第一，各分部銷售額較去年同期下降超過100%來自於我們最大客戶的影響以及冷凍業務的下滑。

While we expect these headwinds to continue to impact our year-on-year growth rates for the rest of the year, we view them as temporary. We were able to offset some of these headwinds, most notably with distribution gains on the core portfolio. However, the gains were not enough to offset the declines from the largest customer and frozen.

雖然我們預計這些不利因素將繼續影響我們今年剩餘時間的同比增長率，但我們認為這些不利因素只是暫時的。我們能夠抵消其中的一些不利因素，最顯著的是透過核心投資組合的分銷收益。然而，這些收益不足以抵消最大客戶和凍結帶來的損失。

Slide 15 goes a level deeper. In the quarter, we continue to outperform both the plant-based milk category and the oat milk category, even when including the impact of the frozen business decline. But if we remove the impact of the frozen products, our retail scanner data would have showed only a 1% decline in the quarter.

投影片 15 更深入地介紹了這一點。本季度，即使計入冷凍業務下滑的影響，我們的植物奶品類和燕麥奶品類的表現仍然優於其他產品。但如果我們消除冷凍產品的影響，我們的零售掃描器數據顯示本季僅下降了 1%。

This outperformance relative to the category was driven by share gains in each of our drinks subcategories, which outlined the core beverage portfolio strategy that I referred at the beginning of my discussion. This is clear evidence that we continue to execute well despite category headwinds.

相對於同類產品的優異表現是由我們每個飲料子類別的份額增長推動的，這概述了我在討論開始時提到的核心飲料組合策略。這清楚地表明，儘管面臨類別阻力，我們仍繼續表現良好。

Retailers are seeing the strong execution and allocating us more shelf space, as shown on slide 16. We see these distribution gains are evidence that our customers continue to see a bright future for our category. And these distribution gains are an important building block as we prepare for the North America segment to execute the brand playbook in a similar fashion to Europe.

零售商看到了強大的執行力並為我們分配了更多的貨架空間，如幻燈片 16 所示。我們看到這些分銷收益證明我們的客戶繼續看到我們產品類別的光明前景。當我們準備讓北美地區以與歐洲類似的方式執行品牌策略時，這些分銷收益是重要的基石。

Additionally, a lineup of creamers and other coffee compliments, which include a variety of flavors and tax assets, has been performing well with solid velocities. We continue to pursue additional distribution opportunities in both measured and not measured channels, and you should expect us to report steady progress on these fronts.

此外，一系列奶精和其他咖啡輔料（包括各種口味和稅收資產）一直表現良好且成長迅速。我們將繼續在衡量和非衡量管道中尋求更多的分銷機會，您應該期待我們在這些方面報告穩步進展。

Slide 17 shows that the Greater China segment is performing well. As many of you know the category here is not as developed as it is in the other two segments. So the application of our strategy is still focused on strong execution with the food service channel and it's just now starting to rebuild our retail presence in a disciplined manner.

投影片 17 顯示大中華區業務表現良好。你們許多人都知道，這裡的類別並不像其他兩個部分那麼發達。因此，我們的策略應用仍然著重於食品服務通路的強力執行，現在我們才開始以規範的方式重建我們的零售業務。

The food service business continues to perform well in the quarter, and it is now larger than it was before we executed the strategic reset, as you will remember, we initiated mid-2023.

餐飲服務業務在本季繼續表現良好，現在的規模比我們執行策略重置之前的規模要大，正如你們所記得的，我們是在 2023 年中期啟動的。

On the right side of the page, you can see that the retail side of the business is starting to gain traction now that we have entered the club channel. Well, it is early days, we continue to believe that the retail channel is a very large opportunity for this segment, and we're making good steady progress.

在頁面的右側，您可以看到，自從我們進入俱樂部管道以來，零售業務開始獲得關注。嗯，現在還處於早期階段，我們仍然相信零售通路對於這個領域來說是一個非常大的機會，而且我們正在取得穩步進展。

Now, I want to turn the discussion to our second priority, which is to aggressively pursue cost efficiencies that generate the fuel for demand-driving investments.

現在，我想討論我們的第二個優先事項，即積極追求成本效率，為需求驅動型投資提供動力。

Slide 19 shows some of the progress we have been making. In the first quarter, we reduced our cost of goods sold per liter by 15% year on year and 6% compared to last quarter. Our teams have done a stellar job, leveraging our fixed assets with volume growth, finding additional efficiencies, renegotiating contracts, as well as right-sizing our network, including plant closures. I am pleased to say that this translates into a year-on-year total cost of goods reduction of $10 million.

幻燈片 19 展示了我們取得的一些進展。第一季度，我們每公升銷售成本較去年同期下降15%，較上季下降6%。我們的團隊做得非常出色，利用我們的固定資產實現產量增長，提高效率，重新談判合同，並調整我們的網路規模，包括關閉工廠。我很高興地說，這意味著商品總成本比去年同期減少了 1000 萬美元。

Slide 20 shows the progress we have been making on SG&A efficiencies. As we discussed last quarter, we have driven a significant reduction in our total SG&A over the past two years, and we continue to make progress in quarter one. It has been driven primarily by a reduction in overhead spend.

投影片 20 展示了我們在銷售、一般和行政費用效率方面取得的進展。正如我們上個季度所討論的那樣，過去兩年來，我們大幅降低了銷售、一般及行政費用總額，並且我們在第一季繼續取得進展。這主要是由於管理費用的減少。

We have taken a portion of the savings from the supply chain and SG&A and strategically redeployed part of these savings into the brand investment I mentioned previously.

我們從供應鏈和銷售、一般及行政費用中拿出了一部分節省下來的資金，並將其中一部分策略性地重新部署到我之前提到的品牌投資中。

Turning now to slide 21. As we look forward, we intend to continue to drive productivity and efficiency savings in our supply chain and SG&A and then redeploying a portion of those savings into demand-driving brand activation to ignite positive momentum.

現在翻到第 21 張投影片。展望未來，我們打算繼續提高供應鏈和銷售、一般及行政費用的生產力和效率，然後將部分節省下來的資金重新部署到需求驅動的品牌激活中，以激發積極的勢頭。

We will start to roll out the strategy to more European markets and North America in quarter two. And given the size of the market, we expect that our investments will be tilted towards the North America segment. While we have confidence in our strategy, we know that it will take time for it to generate its full impact, especially in North America where the category remains soft.

我們將在第二季開始向更多歐洲市場和北美推廣該策略。考慮到市場的規模，我們預計我們的投資將傾向於北美市場。雖然我們對我們的策略充滿信心，但我們知道它需要時間才能產生全部影響，特別是在該類別仍然疲軟的北美。

And as we roll out the strategy, we will continue to pursue additional distribution opportunities across all channels. I would now like to turn the call over to MJ.

隨著我們推出該策略，我們將繼續在所有管道尋求更多的分銷機會。現在我想把電話轉給 MJ。

Thank you, Daniel, and good morning everyone. Slide 23 shows an overview of the quarterly [P&L]. In the first quarter, we reported a revenue decline of 0.8% and constant currency revenue growth of 0.7%.

謝謝你，丹尼爾，大家早安。幻燈片 23 展示了季度概覽[損益表]。第一季度，我們報告營收下降 0.8%，以固定匯率計算營收成長 0.7%。

We continue to drive strong gross margin expansion with our first quarter growth margin expanding 450 business points year over year to 31.6%. I just said the data was a loss of $3.7 million in the quarter, which is a $9.5 million improvement compared to last year's first quarter. Our gross margin and adjusted the data are our best quarterly results as a public company.

我們持續推動強勁的毛利率擴張，第一季的成長利潤率年增 450 個業務點，達到 31.6%。我剛才說的數據是本季虧損370萬美元，跟去年第一季相比，虧損950萬美元，改善比較大。我們的毛利率和調整後的數據是我們作為上市公司最好的季度表現。

Slide 24 shows the (inaudible) items of our total company revenue growth. We grew volume by 9.2% in the quarter, which was partially offset by an 8.5% decline in price mix. Foreign exchange was a 1.5% headwind.

投影片 24 展示了我們公司整體收入成長的（聽不清楚）項目。本季我們的銷量成長了 9.2%，但價格組合下降了 8.5%，部分抵消了這一增長。外匯交易面臨 1.5% 的阻力。

As mentioned on our last earning call, our 2025 revenue growth will be impacted by a change in sourcing strategy at our largest food service customer in North America.

正如我們在上次財報電話會議上提到的那樣，我們 2025 年的營收成長將受到北美最大食品服務客戶採購策略變化的影響。

The impact of that headwind in the first quarter was approximately 270 basis point headwind to revenue growth.

第一季這種不利因素的影響對收入成長造成了約 270 個基點的不利影響。

Slide 25 shows the drivers of our strong year-over-year growth margin expansion. The benefits of absorption and supply chain improvement improved margin by 490 basis points. This reflects the benefit of right-sizing our supply chain for 2024, including the closure of our Singapore manufacturing facility in December, which drove approximately 240 basis points, or just under half of the supply chain driven margin expansion. The remainder comes from volume absorption, production efficiency, as well as improved sourcing.

幻燈片 25 展示了我們強勁的同比增長利潤率擴張的驅動因素。吸收和供應鏈改善的效益使利潤率提高了 490 個基點。這反映了我們為 2024 年調整供應鏈規模所帶來的好處，包括 12 月關閉新加坡製造工廠，這推動了約 240 個基點，或略低於供應鏈驅動的利潤率擴張的一半。其餘部分來自體積吸收、生產效率以及改進的採購。

Pricing and product mix added 30 basis points to our gross margin in the quarter. While our revenue bridge that I discussed on the fire slide showed a headwind from price mix, we drove the mixed benefits in the quarter as we reduce sales in lower margin products and increase sales in higher margin products.

定價和產品組合使我們本季的毛利率增加了 30 個基點。雖然我在幻燈片中討論的收入橋顯示出價格組合帶來的阻力，但透過減少低利潤產品的銷售額並增加高利潤產品的銷售額，我們在本季度實現了混合收益。

We experienced 60 basis point headwinds from inflation in the quarter. Finally, the impact of foreign exchange movement was a 10 basis point headwind to gross margin.

本季度，我們遭遇了 60 個基點的通膨阻力。最後，外匯波動的影響使毛利率下降了 10 個基點。

Slide 26 shows the year over year improvement in our adjusted EBITDA. The $9.5 million improvement compared to last year's first quarter was mainly driven by an $8.4 million increase in gross profit.

投影片 26 顯示了我們調整後的 EBITDA 年成長的情況。與去年第一季相比，利潤成長 950 萬美元，主要由於毛利增加 840 萬美元。

The $1.1 million year-over-year improvement in SG&A and other reflects our ongoing efficiencies programs, which were partially offset by increase in branding and advertising.

銷售、一般及行政費用及其他費用較上年同期增加 110 萬美元，反映了我們正在進行的效率計劃，但品牌和廣告費用的增加部分抵消了這一變化。

Slide 27 show segment level details. On the top line, our 0.7% constant currency revenue growth was slightly below our expectations as the European and international and greater finance segments both outperform our expectations while the North America segment underperformed.

投影片 27 顯示細分等級的詳細資訊。從營收來看，我們的 0.7% 固定匯率營收成長率略低於我們的預期，因為歐洲和國際及更大的金融部門都超出我們的預期，而北美部門的表現不佳。

On adjusted EBITDA, our $3.7 million loss in the quarter was slightly better than we expected, primarily driven by the Europe and international segment.

調整後的 EBITDA 為 370 萬美元，本季的虧損略優於我們的預期，主要受歐洲和國際部門的影響。

Turning to our balance sheet and cash flow on July 28. First, our business plan remains fully funded. As of the end of the quarter, we have $74 million of cash and $211 million of our credit facilities.

回顧我們 7 月 28 日的資產負債表和現金流量。首先，我們的商業計劃仍然資金充足。截至本季末，我們擁有 7,400 萬美元現金和 2.11 億美元的信貸額度。

The middle of the slide shows our free cash flow improvement. In the first quarter, free cash flow was $21 million use of cash, which was our best quarterly performance as a public company and a $25 million improvement compared to last year's first quarter.

幻燈片中間展示了我們的自由現金流的改善。第一季度，自由現金流為 2,100 萬美元，這是我們作為上市公司的最佳季度業績，與去年第一季相比增加了 2,500 萬美元。

Within that $21 million, $5.5 million was for payments related to restructuring and severance, as well as $7.6 million for annual incentive plan payments. We expect the majority of these payments will not occur again this year.

在這 2,100 萬美元中，550 萬美元用於重組和遣散費相關支付，760 萬美元用於年度激勵計劃支付。我們預計今年大部分此類付款將不會再次發生。

On the right side you can see our progress on working capital. In the quarter, we reduced our trade working capital by another $2 million. In the quarter, our trade receivables were below $100 million for the first time since Q1 2024.

在右側，您可以看到我們的營運資金進度。本季度，我們又減少了 200 萬美元的貿易營運資金。本季度，我們的貿易應收帳款自 2024 年第一季以來首次低於 1 億美元。

When our sales base was much lower, we have created a cash mindset into the entire organization, and this is generating results.

當我們的銷售基礎較低時，我們在整個組織中建立了現金思維模式，並且正在產生成果。

In summary, we are making solid progress on improving our cash flow, and we expect continued improvement as our second half adjusted EBITDA is expected to be higher than the first half. And [most CMS] cash flow drivers are expected to improve through the year. Our first priority for 2025 is to deliver our first full year of profitable growth as a public company.

總而言之，我們在改善現金流方面取得了紮實的進展，我們預計現金流將繼續改善，因為預計下半年調整後的 EBITDA 將高於上半年。而 [大多數 CMS] 的現金流驅動因素預計將全年改善。2025 年我們的首要任務是實現作為上市公司的第一個全年獲利成長。

Slide 30 shows our outlook. We continue to expect constant currency growth in the range of 2% to 4%. The improvement from the first quarter's growth rate is expected to be largely driven by the benefits of executing the playbook, Daniel discussed more broadly.

幻燈片 30 展示了我們的展望。我們繼續預期貨幣成長率將在 2% 至 4% 之間。丹尼爾更廣泛地討論了第一季成長率的提高，預計主要得益於執行劇本帶來的好處。

For adjusted EBITDA, we continue to expect to report in the range of [positive $5 million to $15 million]. We continue to expect the improvements to be primarily driven by gross profit as the benefits of stronger net sales, as well as our ongoing supply chain efficiency program flow through.

對於調整後的 EBITDA，我們仍然預期報告範圍在[正 500 萬美元至 1500 萬美元]。我們仍然預計，隨著淨銷售額增加以及我們正在進行的供應鏈效率計劃的實施，毛利潤將主要推動。

As Daniel mentioned earlier, the North America segment and several European countries are expected to launch integrated brand activation in the second quarter. And we intend to support the launches from an increased in activation.

正如丹尼爾之前提到的，北美分部和幾個歐洲國家預計將在第二季啟動綜合品牌活化。我們打算透過增加激活來支持發布。

As such, second quarter adjusted the beta is likely to be comparable to Q1 level. We are not currently including any significant direct impact of tariffs into our guidance since we believe the majority of the products we import from Canada are US and CA compliant.

因此，第二季調整後的貝塔值可能與第一季的水平相當。由於我們相信從加拿大進口的大多數產品都符合美國和加拿大的規定，因此我們目前沒有將關稅的任何重大直接影響納入我們的指導範圍。

We do, however, assume that the current economic conditions and consumer behaviors remain largely consistent for the rest of the year. Finally, we continue to expect CapEx to be in the range of $30 million to $35 million for the full year. This concludes our preferred remarks. Operator, we are now prepared to take questions.

然而，我們確實假設當前的經濟狀況和消費者行為在今年剩餘時間內基本上保持一致。最後，我們繼續預期全年資本支出將在 3,000 萬美元至 3,500 萬美元之間。這就是我們想要表達的評論。接線員，我們現在準備回答問題。

(Operator Instructions)

（操作員指示）

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯‧甘波特。

Hey, thanks for the question, and it was great to get color on some of the initiatives you're rolling out in Europe in particular to increase the relevance of oat milk and attach some of these barriers to conversion and also to see the results that that's already having in terms of improving your own performance.

嘿，謝謝你的提問，很高興了解你們在歐洲推出的一些舉措，特別是提高燕麥奶的相關性、消除一些轉化障礙，同時也看到這些舉措在提高你們自身業績方面已經取得的成果。

It looks like though on the slides that you presented that it's so far at least really just driving improvement in Oatly's own performance and it's not lifting category growth trends for oat milk. So I'm just curious as you start to roll this out in the US. What's giving you the confidence that this will also let Oatly steal a very soft oat milk category in the US? Thanks very much.

不過，從您展示的幻燈片來看，到目前為止，它似乎只是推動了 Oatly 自身表現的改善，並沒有提升燕麥奶類別的成長趨勢。所以我很好奇你們何時開始在美國推出這項服務。您有什麼信心相信這也會讓 Oatly 在美國搶佔非常軟的燕麥奶市場呢？非常感謝。

Thanks, Max, Daniel here. Good morning to you. Yes if you allow me a couple of minutes, I will speak up about Europe first to provide you more color about what we're seeing there. It's clearly a business that is outperforming markets and competitors, right? And I would like to start there, as you can see in market shares, across the different markets. So that's number one, you see that in the established in more mature markets.

謝謝，馬克斯，我是丹尼爾。早安.是的，如果您允許我花幾分鐘時間，我將首先談論歐洲，以便為您提供更多關於我們在那裡看到的情況。這顯然是一家表現優於市場和競爭對手的企業，對嗎？我想從這裡開始，正如你所看到的，不同市場的市場份額。所以這是第一點，你可以在更成熟的市場中看到這一點。

I wouldn't like you to forget as well that the expansion markets in Europe are giving us also a signal of increased traction of the Oatly brand across Europe, countries like France, Spain, Belgium, Mexico, or UAE, which are in these reporting segments, are really, increasing relevance and contributing to our total company growth in a meaningful manner.

我也不想讓你們忘記，歐洲市場的擴張也向我們發出了一個信號，即 Oatly 品牌在歐洲各地的吸引力正在增強，這些報告分部中的法國、西班牙、比利時、墨西哥或阿聯酋等國家確實在提高相關性，並以有意義的方式為我們整個公司的增長做出貢獻。

So that's something that we don't normally take into account, but they start building onto the critical mass. The initiatives you referred to, I would, we would like to be as conservative as we can possibly be, although the numbers are giving us confidence, that this will gain traction. The reason why you hear me being conservative is because we know that turning around category momentum will not happen overnight, right?

這是我們通常不會考慮到的事情，但他們卻開始達到臨界質量。對於您提到的舉措，我希望我們盡可能保持保守，儘管數據讓我們有信心，這些舉措將獲得支持。您之所以聽到我持保守態度，是因為我們知道扭轉類別動能不會在一夜之間發生，對嗎？

And -- but the first signals are quite interesting, right, what we see in these two -- the two most important markets. Then it's a matter of allocation of resources to the different segments. The context we see it's a bit softer in the US as but the dynamics are similar and we expect, the relevance of the brand and of the playbook to be equally applicable.

而且 — — 但第一個訊號相當有趣，對吧，我們在這兩個 — — 兩個最重要的市場中看到的。接下來就是分配資源給不同部分的問題。我們看到，美國的情況稍微溫和一些，但動態是相似的，我們預期品牌和劇本的相關性同樣適用。

Now, when it comes to the US, I would also like to draw your attention back to what you know very well. The ocean of opportunity we have in distribution in all channels, measured and not measured, be it retail, be it clothes, and be it food service, it's enormous. So this is what we plan for a softer, quarter one, yeah, first half of the year in North America, and we expect those things to be improving as well as we start deploying.

現在，談到美國，我還想提請大家回顧一下你們所熟知的事情。我們在所有分銷管道中都擁有龐大的商機，無論是經過衡量的還是未經衡量的，無論是零售、服裝或食品服務。因此，這就是我們對北美第一季（是的，上半年）較為疲軟的計劃，我們預計隨著我們開始部署，這些情況也會得到改善。

Now, going back to your question of category and playbook deployment, we will do so according to a North Star, which is profitable, steady, profitable, growth, which means that reporting segment, which has reported, consistent now, EBITDA -- positive EBITDA, we will allocate resources, according to this tempo that we set for ourselves moving forward, more in the second part of the year than in the first part of the year, but again, with the clear North Star that JC set up in this call again and again, which is first year of profitable growth as a public company.

現在，回到您關於類別和劇本部署的問題，我們將根據北極星來進行，北極星是盈利的、穩定的、盈利的、增長，這意味著報告部門已經報告，目前是一致的，EBITDA - 正的 EBITDA，我們將根據我們為自己設定的節奏分配資源，下半年的資源分配將比上半年更多，但同樣，正如 JC 在第一年上市的第一年。

Great, thanks very much. And then as a follow up, the progress you're making on gross margin is very clear, setting a new record and improving sequentially and year over year by meaningful amounts and it looks like it's primarily driven by supply chain improvement and absorption, which largely is within your control. So I'm just trying to get a better sense for any sort of update on how you're thinking about your gross margin for the full year and beyond given this marked progress that you are making. Thanks very much.

太好了，非常感謝。然後作為後續，您在毛利率方面取得的進展非常明顯，創下了新紀錄，並且逐年環比大幅提高，看起來這主要是由供應鏈的改善和吸收推動的，這在很大程度上是在您的控制範圍內的。因此，鑑於你們所取得的顯著進展，我只是想更了解你們對全年及以後的毛利率的看法。非常感謝。

Yes, no, sure, let me take this question, Max. So you know we are not guiding to a specific number, and we expect an improvement in our gross profit in dollars, right, to be, as you, as we mentioned already, the biggest driver being the -- the biggest drivers in gross margin being the improvement in our adjusted EBITDA.

是的，不，當然，讓我來回答這個問題，馬克斯。所以你知道我們並沒有給出一個具體的數字，我們預計我們的毛利會有所提高，正如我們已經提到的，最大的驅動力是——毛利率的最大驅動力是我們調整後的 EBITDA 的提高。

So the gross margin is expected to increase compared to the 28.7% we reported in 2024. As you mentioned, as we continue to optimize the production footprint, as we continue to drive efficiency through the supply chain, we also mentioned a few times already that we're negotiating, right, and we are managing our product mix.

因此，預計毛利率將比我們報告的 2024 年的 28.7% 增加。正如您所提到的，隨著我們繼續優化生產足跡，隨著我們繼續透過供應鏈提高效率，我們也已經多次提到我們正在進行談判，並且我們正在管理我們的產品組合。

Of course, what we also know is obviously few variables could influence where we will exactly land. That could be our self-guidance branch, that could be our customer mix, that could be potentially foreign exchange, and potentially further development on the tariffs situation as we know.

當然，我們也知道，顯然很少有變數能夠影響我們確切的著陸地點。這可能是我們的自我指導分支，可能是我們的客戶組合，可能是外匯，也可能是我們所知的關稅情況的進一步發展。

So our plan is to continue to make this progress on our path towards our long term gross margin target, which is a 35% to 40% as we have already mentioned.

因此，我們的計劃是繼續朝著我們的長期毛利率目標前進，正如我們已經提到的，這個目標就是 35% 到 40%。

Great. Thanks very much. I'll pass it on.

偉大的。非常感謝。我會傳達的。

Andrew Lazar, Barclays.

巴克萊銀行的安德魯·拉扎爾。

Great, thanks so much. Nice to see early signs of volume consumption improvement for plant-based milks and specifically in Europe. Price mix was a larger drag in Europe in the quarter than we'd modeled, I think, down 4% or so. I was hoping to get a little more clarity on what drove that and what your expectation around price mix would be in Europe as we move through the rest of the year.

太好了，非常感謝。很高興看到植物奶的消費量（特別是在歐洲）出現增長的早期跡象。本季歐洲的價格組合拖累比我們預測的要大，我認為下降了 4% 左右。我希望能夠更清楚地了解推動這一趨勢的原因，以及您對今年剩餘時間內歐洲價格組合的預期。

Hi, Andrew, how are you doing? Daniel here. Yes, exactly, largely expected. You obviously see just a 4% growth in volume, which is offset by price mix.

嗨，安德魯，你好嗎？這裡是丹尼爾。是的，確實如此，這在很大程度上是意料之中的。你顯然會看到銷量只成長了 4%，但這被價格組合所抵消。

Start of the year, quarter one, some customer renegotiations, some of them got a bit funny, but most of them are behind us. So I wouldn't do this, I wouldn't give this a lot of importance as we move forward. Of course, the context is tight, but super manageable and within the guidance we have provided. So I should guide you not to read anything else as we move forward for the rest of the year.

今年年初，第一季度，我們與一些客戶重新談判，其中一些有點奇怪，但大多數都已經過去了。所以我不會這樣做，在我們前進的過程中我不會太重視這一點。當然，背景很緊湊，但非常易於管理，並且在我們提供的指導範圍內。因此，我應該指導你在今年剩餘的時間裡不要閱讀任何其他內容。

Got it. And then in North America, obviously with the loss of some food service business and discontinued certain frozen items, I assume there's likely some flex in the North America supply network now.

知道了。然後在北美，顯然由於一些食品服務業務的損失和某些冷凍食品的停產，我認為現在北美供應網絡可能會出現一些變化。

You called out in the slides. You're obviously pursuing additional distribution opportunities in the region. I guess I'd be interested in hearing where you think the biggest opportunities are from a distribution standpoint in North America and how you think about balancing sort of improving sales trends with, the improving profitability that you're seeing in the region as well. How do you balance those? Thank you.

您在幻燈片中喊道。您顯然正在該地區尋求更多的分銷機會。我想我很想聽聽您認為從北美分銷的角度來看最大的機會在哪裡，以及您如何看待平衡不斷改善的銷售趨勢和您在該地區看到的不斷提高的盈利能力。你如何平衡這些？謝謝。

Very good, very good questions. Well, I try to stress it. We have opportunities everywhere I see. So it's our ability to execute them, that is the gap. And you, I would say that perhaps 2025 should be, this kind of last part of the cleaning exercise of some part of the portfolio, which is strategic and has to do with, as we said, always balancing growth and margin.

非常好，非常好的問題。好吧，我嘗試強調這一點。我所看到的到處都有機會。所以，我們的差距就在於執行這些目標的能力。我想說，2025 年或許應該是清理投資組合中某些部分的最後一部分，這是策略性的，正如我們所說，與始終平衡成長和利潤有關。

As we move forward, you see the new portfolio, there are items that I'm sure you can pick up in scan data like the new Barista 64 ounces chilled with very promising velocities, the new creamers with very promising velocities. The ACVs of those items range around 5%, right? So as you can imagine, there is an ample opportunity within the new core portfolio drinks.

隨著我們繼續前進，您會看到新的產品組合，我相信您可以在掃描資料中發現一些產品，例如新的 Barista 64 盎司以非常有希望的速度冷卻，新的奶精也以非常有希望的速度冷卻。這些商品的 ACV 大約在 5% 左右，對嗎？因此你可以想像，新的核心產品組合飲料中蘊藏著充足的機會。

I underline drinks because the opportunities is very significant in the new growing beverage space, that, this category is evolving following how beverages are evolving, and we believe we're well poised for that. So significant growth opportunity of the portfolio you see on the picture, in retail, all customers.

我強調飲料，是因為新興飲料領域的機會非常重要，這個類別正在隨著飲料的發展而發展，我們相信我們已經準備好了。因此，您在圖片中看到的投資組合在零售業、所有客戶中都存在著巨大的成長機會。

Then I would like to underline clubs, and then I should expect to come to you in the following quarters with some news on these fronts, number two. And number three, food service outside the largest customer and even within the largest customer, we see ample opportunity to continue to grow. So I would say pretty much everywhere, Andrew.

然後我想強調一下俱樂部，然後我應該會在接下來的幾個季度向你們通報這些方面的一些消息，這是第二點。第三，無論是在最大客戶之外的餐飲服務，或是最大客戶內部的餐飲服務，我們都看到了持續成長的充足機會。所以我想說幾乎無處不在，安德魯。

Thank you.

謝謝。

Michael Lavery, Piper Sandler.

麥可拉弗里、派珀桑德勒。

Thank you. Good morning. I just wanted to get a little more color on the US consumer. You've pointed to some outperformance for yourselves in the category, especially. Excluding the SKU cuts, but the retail sales momentum for the category and for always been decelerating the last few months, is it just a stretched consumer trading down, can you help us maybe give some sense of what you're seeing and what you expect looking ahead over the rest of the year?

謝謝。早安.我只是想進一步了解美國消費者的情況。你們已經指出了自己在該類別中的一些出色表現。不考慮 SKU 削減，但該類別的零售銷售勢頭在過去幾個月一直在減速，這是否只是消費者交易量下降造成的，您能否幫助我們了解一下您所看到的情況以及您對今年剩餘時間的預期？

Thank you. I would like -- I would try not to repeat myself, Michael, what else I can say here in this front, I would say if I look at velocities, units per sales per week in both dollars and units, I don't see an erosion there. On the contrary, I see a slight upside. When I look at dollars, shares and unit shares, I don't see loss of traction on the contrary.

謝謝。我想——我盡量不重複自己，邁克爾，在這方面我還能說什麼呢，我想說，如果我看一下速度，每週每筆銷售的單位數（以美元和單位計算），我沒有看到那裡出現侵蝕。相反，我看到了輕微的上漲空間。當我觀察美元、股票和單位股份時，我並沒有看到相反的牽引力喪失。

It's this category that as you know very well, is pivoting, around the final price. Now when you remove these one-off items, we're talking about the total different performance. So now, going back to the way in which we will eventually ignite a new category momentum that it will not take a snap of a finger, but it will be the adoption of the playbook that that we have been starting to deploy in Europe and seeing positive signs now.

如您所知，這個類別是圍繞最終價格而變化的。現在，當您刪除這些一次性項目時，我們討論的是整體不同的表現。所以現在，回到我們最終將如何點燃新的類別動力，這不會是彈指一揮間的事情，而是將採用我們已經開始在歐洲部署並現在看到積極跡象的劇本。

The headline was the US, but I would like to go, a step back a bit and see how we're looking at the category in general because we have, if you allow me a couple of minutes here, we have some great momentum, this proportionate momentum of this category for many years. Now this is, there's a paradigm shift going on and growth in this paradigm shift category is never ever link.

標題是美國，但我想稍微退一步，看看我們總體上是如何看待這一類別的，因為如果您允許我花幾分鐘時間，您會發現我們擁有巨大的發展勢頭，這一類別多年來一直保持著這種比例勢頭。現在，範式轉移正在發生，而這種範式轉移類別的成長永遠不會發生。

So we are creating this new wave. We are starting to create the fundamentals, new wave, and fundamentals like health, taste, climate impact are so strong that we believe the future is absolutely irreversible. So what we're working on creating that [inflection] for us.

所以我們正在創造這股新浪潮。我們正在開始創造基本面、新浪潮，健康、口味、氣候影響等基本面如此強大，以至於我們相信未來絕對不可逆轉。所以我們正在努力為我們自己創造這種[變化]。

[Now 70% of consumers, 82% in the US, haven't tried oat milk]. That's our new obsession, and we add that to the list of controllable.

[目前 70% 的消費者（美國為 82%）還沒有嘗試過燕麥奶]。這是我們新的痴迷，我們將其添加到可控列表中。

So why do we believe that, those things go in our favor is not just because of the two points, we start seeing in Germany and the UK. And in the UK, we are uniquely placed to serve the new wave of coffee and beverages. We have the great Gen Z.

那麼，為什麼我們相信這些事情對我們有利，不僅僅是因為我們在德國和英國看到的兩點。在英國，我們擁有獨特的優勢來服務新一波咖啡和飲料。我們擁有偉大的 Z 世代。

I see very, very few brands around the world. So all hands on deck, it will not happen overnight, but really looking forward to report progress in how we're adopting this new strategy in the US very soon.

我在世界各地看到的品牌非常少。因此，大家齊心協力，這不會在一夜之間發生，但我們真的很期待很快能報告我們在美國採用這項新策略的進展。

That's helpful elaboration and just to follow-up on that, the outperformance only has ex-frozen versus oat milk and broadly and all plant-based milk is pretty meaningful. Are you saying that helped drive rationalization of competitors at retail or distribution gains for yourself? How is that playing out on the shelf?

這是很有幫助的闡述，只是為了跟進這一點，只有冷凍奶與燕麥奶相比表現優異，而廣義上所有植物奶的表現都非常有意義。您是說這有助於推動零售競爭對手的合理化或為自己帶來分銷收益嗎？貨架上的效果怎麼樣？

Sorry, do you mind repeating the question, Michael? It's a bit croaky signal, so if you don't mind.

抱歉，邁克爾，你介意重複這個問題嗎？這是一個有點嘶啞的信號，所以如果你不介意的話。

Yeah, no problem. But so as you outperform both oat milk and all of plant-based milk, are you seeing that drives a better distribution, for yourselves, just, how's the shelf space evolving?

是的，沒問題。但是，當你們的表現優於燕麥奶和所有植物奶時，你們是否看到這會推動更好的分銷，對於你們自己來說，貨架空間是如何發展的？

No, it's accompanying that. It relates to the question I answered before, the more robust and solid all drinks portfolio that accompanies coffee and accompanies beverages is starting to grow and expand on shelf. Of course, we're not walking away from the adjacent categories.

不，它是伴隨那個的。這與我之前回答的問題有關，與咖啡和飲料搭配的更強大、更可靠的所有飲料組合開始在貨架上增長和擴大。當然，我們不會放棄相鄰的類別。

As you saw on frozen, we're adapting and recalibrating, but you should expect definitely that was your question, Michael, expect us to grow in share of shelf for your drinks both in chilled and in ambience. If you go into the double click of the scan data, you will see some disproportionate growth in the ambient shelf, which, and needs new life as well across the ocean.

正如您在《冰雪奇緣》中看到的，我們正在進行調整和重新校準，但您肯定應該預料到，這是您的問題，邁克爾，預計我們的飲品在冷藏和氛圍飲料的貨架份額都會增加。如果你雙擊掃描數據，你會看到周圍的架子上出現了一些不成比例的增長，而且這些架子也需要海洋對面的新生命。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Ken Goldman, JPMorgan.

摩根大通的肯‧戈德曼。

Hey, this is Ailsa on for Ken. So you mentioned that some of the brand investments being made in the US will take time to generate full impact. Can you elaborate on the timeline for some of those investments to start making an impact? Should we start to expect the majority of those benefits to be seen later in the year, or is that more of a 2026 story?

嘿，我是 Ailsa，為 Ken 代言。所以您提到，在美國進行的一些品牌投資需要時間才能產生全面影響。您能否詳細說明其中一些投資開始產生影響的時間表？我們是否應該開始期待大部分好處在今年稍後顯現，還是說這更像是 2026 年的故事？

Are you referring specifically to the US or it's a general question?

您是專門針對美國還是一般性問題？

Yeah, the brands being made in the US.

是的，這些品牌都是在美國製造的。

Yeah, in the US, so I think, thank you for the clarification. It has to do with the way we're managing the business as a whole. You see, we present a very solid, according to ourselves, a solid track record on eta progression and margin progression. So as you can see, we're all the time balancing growth with margin and with profit.

是的，在美國，所以我想，謝謝你的澄清。這與我們管理整個業務的方式有關。您瞧，根據我們自己的說法，我們在 eta 進展和保證金進展方面有著非常可靠的記錄。所以正如您所看到的，我們一直在平衡成長、利潤和利潤。

When it comes to a game of resource allocation, expect us to start fully deploying or starting to deploy more, strongly the new playbook in North America in the second part of the year, okay? So that's, hopefully, as much as I can share with you at the moment. I would like to stress that as much as we provided color into how this new strategy is panning out in Europe with promising signs, I would like to underline that we don't expect the full category turn around overnight. These things take time.

當談到資源分配遊戲時，預計我們將在今年下半年開始全面部署或開始在北美大力部署新的劇本，好嗎？希望這就是我目前能與你們分享的全部內容。我想強調的是，儘管我們為這項新策略在歐洲的實施提供了許多令人鼓舞的跡象，但我還是想強調，我們並不指望整個產業能在一夜之間發生翻天覆地的變化。這些事情需要時間。

Great, thanks. I'll pass it on.

太好了，謝謝。我會傳達的。

John Baumgartner, Mizuho.

瑞穗的約翰·鮑姆加特納。

Good morning. Thanks for the question. Maybe first off, coming back to food service, I'm curious of the feedback that you're hearing from operators where you're seeing momentum, from those operators who haven't adopted plant-based and are doing so now or maybe those who dial back on plant based and now want to return. Are there any common themes you're hearing?

早安.謝謝你的提問。首先，回到食品服務，我很好奇您從那些看到植物性飲食發展勢頭的運營商那裡聽到的反饋，那些運營商還沒有採用植物性飲食但現在正在這樣做，或者那些曾經減少使用植物性飲食但現在想要回歸的運營商那裡聽到的反饋。您聽過哪些共同的主題？

Is it primarily that plant-based needs to be offered as a creamer to keep up with competitors? Is it that plant base is recognized more as a significant product innovation driver itself as the main ingredient in beverages? And that's being seen as a traffic driver. Just, how are you seeing some of these newer customers utilizing plant-based on the menu?

是否主要需要提供植物性奶精才能跟上競爭對手的腳步？植物基作為飲料的主要成分，是否更被認可為重要的產品創新驅動力？這被視為一種交通驅動因素。只是，您如何看待這些新顧客在菜單上使用植物性菜餚？

Thank you. Good to speak to you, John. Listen, very good question, because I think this paints the color we are observing the macro picture of the market. And there are two big dynamics going on here that affects not just the plant-based milk category, but affects food service in general, which is how coffee is massively drastically evolving from hot latte art a few years ago only when millennials were driving the world of coffee into Gen Z, who are driving beverages and cold beverages.

謝謝。很高興和你談話，約翰。聽著，這個問題問得非常好，因為我認為這描繪了我們觀察市場的宏觀圖像。這裡有兩個重大動態，它們不僅影響植物奶類別，還影響整個食品服務，那就是咖啡如何從幾年前的熱拿鐵藝術發生了巨大的變化，當時千禧一代正在推動咖啡世界進入 Z 世代，而 Z 世代則推動著飲料和冷飲的發展。

In some cases, I'm sure you hear a lot of statistics, but we're talking about very significant amounts. In some cases, cold beverages have overtaken hot coffee, and I'm sure you've read about the matcha phenomenon. There's no coffee on matcha, and yet it's the same space. So you've asked me a general question about food service.

在某些情況下，我相信您會聽到很多統計數據，但我們討論的是非常重要的金額。在某些情況下，冷飲已經超過了熱咖啡，我相信你已經讀過有關抹茶現象的文章。抹茶上沒有咖啡，但空間是一樣的。您問了我一個關於食品服務的一般性問題。

Food service is evolving and we see many of our -- most of our very large customers trying to evolve/ catch-up with that trend. What I'm observing and you can see what JC and I post normally on this topic is that small to medium and medium large food service customers are adapting faster to this trend and are adopting faster our playbook, and they're seeing very disproportionate growth serving Gen Z with this type of offering.

食品服務正在不斷發展，我們看到我們的許多人——大多數大客戶都在努力跟上這一趨勢。我觀察到，並且你可以看到 JC 和我通常在這個主題上發布的內容，中小型和中大型食品服務客戶正在更快地適應這一趨勢，並更快地採用我們的策略，他們看到透過這種類型的服務為 Z 世代提供非常不成比例的增長。

Now, I don't expect this to be simply an ingredient story for us, John, as we have discussed many times before. Of course, A, we believe we have the absolute relevance of our full service package to be the ones winning in this space and service package is end to end. It's the brand, it's the product, but is our amazing army of Barista market developers around the world who have intimacy with this space. And then, this eventually, as it happened a decade ago with oat milk, will travel into the retail space.

現在，約翰，我不認為這對我們來說只是一個成分故事，正如我們之前多次討論過的那樣。當然，A，我們相信我們的全套服務絕對能夠成為這個領域的贏家，而且服務包是端到端的。它是品牌，它是產品，也是我們在世界各地與這個領域有著密切聯繫的令人驚嘆的咖啡師市場開發者大軍。然後，就像十年前燕麥奶一樣，它最終將進入零售領域。

So watch the space for some of us, if you look at the Nordics, at the moment, we are offering with great initial success, flavored offerings, so cold beverage drinks, oat milk-based, with Espresso House, one of our key customers in the Nordics market.

因此，請關注我們中的一些人所關注的領域，如果你看看北歐，目前，我們正在提供口味豐富的產品，例如以燕麥奶為基礎的冷飲，並取得了巨大的初步成功，我們的合作夥伴是 Espresso House，它是我們在北歐市場的主要客戶之一。

So be on the look for more stuff like that. So not just an ingredient, but certainly surfing the way from hot coffee into cold beverages with our distinctive grand uniqueness and service package. That's what we see. Hopefully, I'm painting a picture of both the market and how are we trying -- continue to be at the leading edge of that?

因此請留意更多類似的東西。因此，它不僅僅是一種原料，而且憑藉我們獨特的獨特之處和服務包，它還從熱咖啡變成了冷飲。這就是我們所看到的。我希望能夠描繪出市場的情況，以及我們如何努力繼續保持領先地位？

Yes, thanks, Daniel. And I guess maybe to follow up coming back to the mention in the presentation of the significant reduction in negative media that you're seeing for the category. And presumably, the work you're doing is good, but your resources alone, I don't think are sufficient to effect that kind of a shift in isolation.

是的，謝謝，丹尼爾。我想也許可以回顧一下在演示中提到的有關該類別的負面媒體大幅減少的情況。想必你所做的工作很好，但我認為單憑你的資源不足以單獨實現這種轉變。

Are there any other sources or contributors that you're seeing out there that are sort of adding support to the debate in favor of plant-based and right now? And then I guess moving forward thinking about that support and plant-based meat, we've seen some endorsements or positive recognitions for products.

您是否看到其他來源或貢獻者正在為支持植物性飲食的辯論提供支持？然後我想，繼續考慮這種支持和植物肉，我們已經看到了一些對產品的認可或積極認可。

From the American Diabetes Association, the Heart Association, I know from a product claim perspective, it's very difficult to make claims yourself on products, but I mean, do you see an opportunity for plant-based beverage to kind of pick up some of these endorsements or support from, I guess recognizing the third party medical or health organizations?

從美國糖尿病協會、心臟協會的角度來看，我知道從產品聲明的角度來看，自己對產品做出聲明非常困難，但我的意思是，您是否認為植物性飲料有機會獲得一些認可或支持，我想是獲得第三方醫療或健康組織的認可？

The answer to that is definitely yes, John. But we are not under any illusion that our size is enough to do what you just suggested. But allow me to provide a couple of data points or sentiments. We see we were quite conservative as to what we shared on the prepared remarks on the evolution we see on this point of disinformation on health.

答案肯定是肯定的，約翰。但我們並不幻想我們的規模足以實現您剛才建議的事情。但請容許我提供一些數據點或觀點。我們看到，我們在準備好的評論中就健康方面的虛假資訊演變所發表的內容相當保守。

In the two key markets who generate and bounce off of each other on the noise front, which are the UK and the US, right? They operate as one market. What we now see is that just by simply by consumers getting tired of this noise, and see how many pimples you will get by drinking oat milk or the depression you will get after Blue Monday in the UK, thanks to oat milk, which is, of course, that doesn't make a lot of sense.

在噪音方面，兩個相互產生和反彈的關鍵市場是英國和美國，對嗎？它們作為一個市場來運作。我們現在看到的是，消費者只是厭倦了這種噪音，看看喝了燕麥奶會長多少粉刺，或者在英國，由於燕麥奶，憂鬱星期一之後會有多少抑鬱，這當然沒有多大意義。

To this work, a lot of science and data provided by the key opinion leaders, nutritionists, and, dieticians that have worked with us, that, we see our tracking shows us that, that science-based data is already starting to spread.

對於這項工作，與我們合作的關鍵意見領袖、營養師和營養師提供了大量的科學和數據，我們看到我們的追蹤表明，基於科學的數據已經開始傳播。

And so is, for instance, some positive signs about fibers and get help, which we have not heard for a while. So we don't believe those things are just pure coincidence, right? So people getting tired and some of the good information coming across. We are indeed, building alliances, be it, in Brussels or on the hill, be it, with some, think alike, partners of ours, and why not public education?

例如，關於纖維和獲得幫助的一些積極跡像也是我們很久沒有聽到的了。所以我們不相信那些事情只是純粹的巧合，對嗎？因此人們會感到疲倦，而一些好的信息也會隨之而來。我們確實正在建立聯盟，無論是在布魯塞爾還是在國會山，與一些與我們想法相同的伙伴建立聯盟，為什麼不建立公共教育聯盟呢？

This is something that was discussed in the past. And we're active with schools, you will see us starting to do that, some efforts in the US this year with schools, John. So all of that to say, absolutely yes, it will take time, but we've decided to go there.

這是過去討論過的事情。我們積極與學校合作，你會看到我們開始這樣做，今年我們在美國與學校一起做了一些努力，約翰。所以，總而言之，這絕對是需要時間的，但我們決定要這樣做。

Great. Thanks, Daniel.

偉大的。謝謝，丹尼爾。

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

我們的問答環節到此結束。我想將會議交還給 Brian Kearney 並請他做最後發言。

Thanks everyone for joining us today. Thank you for your interest in Oatly. If you have any follow-up questions, please feel free to reach out to me.

感謝大家今天的參與。感謝您對 Oatly 的關注。如果您有任何後續問題，請隨時與我聯絡。

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。