聯合利華 (UL) 2025 Q2 法說會逐字稿

Good morning, and welcome to Unilever's second quarter trading statement for 2025. Thank you for joining us. I am joined today by Srini Phatak, our Acting Chief Financial Officer. In a moment, Srini will take you through the details of the second quarter and first half results. I will then come back to talk more broadly about the continuing transformation of the business and how we see the remainder of this year and beyond.

早安，歡迎閱讀聯合利華 2025 年第二季交易報表。感謝您加入我們。今天與我一同出席的還有我們的代理財務長 Srini Phatak。稍後，Srini 將帶您了解第二季和上半年業績的詳細資訊。然後，我將回來更廣泛地談論業務的持續轉型以及我們如何看待今年剩餘時間及以後的發展。

First of all, let me set out what I see to be the key elements of our solid performance in the first half and, importantly, why these give us real confidence when it comes to delivery in the full year. There are five elements in particular that I would like to highlight.

首先，讓我先闡述一下我認為我們上半年表現穩健的關鍵因素，以及為什麼這些因素讓我們對全年交付充滿信心。我特別想強調五個要素。

First, the balance of our growth. We delivered underlying sales growth for the half of 3.4% and we did it with a good balance of volume and price. Volumes improved sequentially over the course of the half despite subdued markets with first half market volume growth at around 1.3%. Importantly, volume growth was broad-based and positive across all business groups.

第一，成長的平衡。我們實現了上半年 3.4% 的基礎銷售額成長，並且實現了銷售和價格的良好平衡。儘管市場低迷，但上半年銷售仍較上季成長，上半年市場銷售成長約 1.3%。重要的是，所有業務集團的銷售量都呈現廣泛且積極的成長。

Second, the continued structural strengthening of our gross margin that allowed further increase in the support of our brands with brand marketing investment highly competitive in the first half at 15.5% of turnover.

其次，我們的毛利率持續結構性加強，使得我們對品牌的支持進一步增加，上半年品牌行銷投資極具競爭力，佔營業額的 15.5%。

Third, we continue to outperform markets in the developed economies. In North America, we delivered underlying sales growth for the half of 5.4% with volumes up 3.7%, while Europe remains strong, up 3.4% for the half.

第三，我們的表現持續優於已開發經濟體的市場。在北美，我們上半年基本銷售額成長 5.4%，銷售成長 3.7%，而歐洲依然保持強勁，上半年成長 3.4%。

Fourth, at the same time as outperforming in developed markets, we are also seeing a steadily improving picture when it comes to performance in emerging markets. This has been driven by our largest region, Asia Pacific Africa, which was up 3.5% in the first half and accelerated to over 5% growth in the second quarter.

第四，在已開發市場表現優異的同時，新興市場的表現也穩定改善。這得益於我們最大的地區——亞太非洲地區，該地區上半年增長了 3.5%，第二季度增長加速至 5% 以上。

India, our second largest market, improved sequentially during the half. And as a direct consequence of the operational interventions made, we see improvements in both China and Indonesia and confidently expect both markets to accelerate further in the second half of the year.

印度是我們的第二大市場，上半年業績較上季成長。作為營運幹預的直接結果，我們看到中國和印尼的情況都有所改善，並有信心預計這兩個市場將在下半年進一步加速發展。

Volume performance in Latin America was poor in the second quarter with the slowing markets and the need to increase prices to cover currency appreciation, but we are confident in the strength of our portfolio and operations in the region, and we expect recovery later in the year.

由於市場放緩以及需要提高價格以彌補貨幣升值的影響，拉丁美洲第二季的銷售表現不佳，但我們對該地區的產品組合和營運實力充滿信心，並預計今年稍後將出現復甦。

And fifth, it was a good half for Ice Cream both in terms of a strong competitive performance, but also in terms of getting the business ready for demerger later in the year. Srini will cover the final stages towards demerger a little later. Our first half results with a sustained strong developed market performance and emerging markets starting to improve give us real grounds for confidence for the second half of the year and beyond.

第五，對於 Ice Cream 來說，這是一個不錯的半年，不僅因為它擁有強勁的競爭表現，還因為它為今年稍後的業務拆分做好了準備。Srini 稍後將介紹分拆的最後階段。我們上半年的業績顯示，已開發市場持續強勁表現，新興市場也開始好轉，這讓我們對下半年及以後充滿信心。

With that, let me hand over to Srini to take you through the detail of the results. Srini?

接下來，請容許我把時間交給 Srini，讓他向您介紹結果的細節。斯里尼？

Thank you, Fernando. Underlying sales growth in the second quarter was 3.8%, a sequential improvement versus the first quarter. USG was balanced across volume and price with volume growth contributing 1.8%, a 50 basis point step-up versus quarter one and price growth of 2%. As a result, underlying sales growth for the first half was 3.4% with volumes of 1.5% and price 1.9%. Price growth continued to step up as we responded to ongoing input cost inflation and currency movements.

謝謝你，費爾南多。第二季基本銷售額成長率為 3.8%，較第一季有所改善。USG 在銷售和價格上保持平衡，銷售成長貢獻了 1.8%，較第一季上升了 50 個基點，價格成長了 2%。因此，上半年基本銷售額成長 3.4%，銷售成長 1.5%，價格成長 1.9%。隨著我們應對持續的投入成本通膨和貨幣波動，價格成長持續加快。

All our business groups delivered positive volume growth on a two-year CAGR basis, we delivered our multiyear objective of volumes of at least 2%. Our Power Brands, which contribute over 75% of the group turnover, grew 3.8% in the first half, including 1.6% from volume. Growth improved in the second quarter up to 4.4% with volumes above 2%. Strong performances included double-digit growth from Vaseline, Liquid IV, Nutrafol and Magnum and high single-digit growth from Dove and Comfort.

我們所有的業務集團的銷量在兩年複合年增長率的基礎上都實現了正增長，我們實現了至少 2% 的多年銷售目標。我們的強勢品牌貢獻了集團 75% 以上的營業額，上半年成長了 3.8%，其中銷量成長了 1.6%。第二季成長率提高至 4.4%，銷量超過 2%。強勁表現包括凡士林、Liquid IV、Nutrafol 和 Magnum 的兩位數成長，以及多芬和 Comfort 的高個位數成長。

Before turning to the business groups, let me first provide some color on our performance across different geographies. Developed markets, which represented 44% of group turnover continued to perform strongly with first half USG of 4.3%, driven by 3.4% volume and 0.9% price. We have now delivered four consecutive quarters of growth of about 4% in developed markets.

在談到業務集團之前，讓我先介紹一下我們在不同地區的表現。佔集團營業額 44% 的已開發市場持續表現強勁，上半年 USG 為 4.3%，受 3.4% 的銷售量和 0.9% 的價格推動。目前，我們在已開發市場已連續四個季度實現約 4% 的成長。

North America underlying sales grew 5.4% with 3.7% from volume. This reflects the ongoing impact of our multiyear portfolio transformation with standout performances from our Wellbeing brands and Personal Care, which is back to competitive growth. Share gains across key categories were supported by premium innovations, such as the ongoing success of sugar-free Liquid IV, whole body deodorants, and Hellmann's flavored mayonnaise and underpinned by a continued step-up to brand investment.

北美地區基本銷售額成長 5.4%，銷量成長 3.7%。這反映了我們多年產品組合轉型的持續影響，我們的健康品牌和個人護理產品表現出色，恢復了競爭性成長。主要類別的市佔率成長得益於高端創新，例如無糖液體 IV、全身除臭劑和 Hellmann's 風味蛋黃醬的持續成功，以及品牌投資持續增加。

Europe grew underlying sales by 3.4% with 2.8% from volume. Growth was broad-based across markets, and we are winning share across the geography, including share gain in all of our top five markets. Performance was driven by Home Care, where the rollout of Wonder Wash and Cif Infinite Clean showcased the strength of our multiyear premium innovation strategy. And Ice Cream, which saw standout results from the new Magnum Utopia range. Personal Care delivered solid results with the successful launch of whole body deodorants.

歐洲基本銷售額成長 3.4%，銷量成長 2.8%。各個市場都實現了廣泛增長，我們在整個地區的市場份額都在增加，包括前五大市場的份額均有所增長。業績由家庭護理產品推動，其中 Wonder Wash 和 Cif Infinite Clean 的推出展示了我們多年優質創新策略的實力。冰淇淋方面，新款 Magnum Utopia 系列產品取得了優異的成績。個人護理業務部成功推出全身除臭劑，並取得了豐厚的表現。

Asia Pacific Africa, which represents 43% of group turnover, delivered underlying first half sales growth of 3.5% with 1.9% from volume and 1.6% from price. Growth strengthened in the second quarter, reflecting a step-up in performance across key markets. India performed well with 5% USG in second quarter largely driven by volume and continued share gains in a gradually improving market. Growth was led by our premium portfolio in Beauty & Wellbeing and Personal Care, while Home Care continued to deliver strong volume growth.

亞太非洲地區佔集團營業額的 43%，上半年銷售額成長 3.5%，其中銷量成長 1.9%，價格成長 1.6%。第二季成長增強，反映出主要市場績效的提升。印度表現良好，第二季 USG 成長 5%，這主要得益於銷售量和在逐步改善的市場中持續的份額成長。成長主要由我們的美容與健康和個人護理領域的高端產品組合所帶動，而家庭護理則繼續實現強勁的銷售成長。

In Indonesia, which declined by around 5%, and China, we saw a low single-digit decline. We are seeing improvements to run rates as a result of our significant interventions in our key brand innovation plans, in channel distribution and in pricing execution. We expect further acceleration in Asia Pacific and Africa in the second half.

印尼的銷售額下降了約 5%，而中國則出現了個位數的低幅下降。由於我們對主要品牌創新計劃、通路分銷和定價執行進行了大力幹預，我們的運行率有所提高。我們預計下半年亞太地區和非洲地區的成長將進一步加速。

Latin America, which represents 13% of the group turnover, grew 0.5% with a 4.6% decline in volume. There are three important points to note here. First, pricing actions to offset currency movements weighed on volumes. While Argentina delivered growth, this was offset by a single-digit decline in Brazil and Mexico.

拉丁美洲佔集團營業額的 13%，成長了 0.5%，但銷量下降了 4.6%。這裡有三個要點要注意。首先，抵銷貨幣波動的定價行動對交易量造成壓力。雖然阿根廷實現了成長，但巴西和墨西哥的個位數下降卻抵消了這一成長。

Market growth across the region remains subdued significantly below the prior year levels, reflecting a challenging macroeconomic environment. We are also lapping a high base as Latin America delivered high single-digit growth in the same period last year. However, it is important to highlight that our growth in Latin America remains competitive with continued share gains across the region.

該地區的市場成長仍遠低於上年水平，反映出宏觀經濟環境充滿挑戰。由於拉丁美洲去年同期實現了高個位數成長，我們也正在取得較高的基數。然而，值得強調的是，我們在拉丁美洲的成長仍然具有競爭力，並且該地區的份額持續成長。

Let me now turn to our business groups. Beauty & Wellbeing underlying sales growth was 3.7% in the first half, driven by 1.7% volume and 2% price. Volume growth remains resilient with a two-year CAGR of 3.2%. Sustained strong momentum in our Wellbeing business led the growth. Core Skin Care delivered low single-digit growth and Hair Care and Prestige Beauty were flat. Beauty & Wellbeing volumes were also impacted by our ongoing corrective actions in Indonesia and China. We remain confident in delivering sequential volume improvements in the second half.

現在讓我轉向我們的業務組。美容與健康產品上半年基本銷售額成長 3.7%，其中銷售成長 1.7%，價格成長 2%。銷量成長依然強勁，兩年複合年增長率為 3.2%。我們健康業務持續強勁的成長勢頭推動了成長。核心護膚品實現了低個位數成長，而護髮品和高端美容品則持平。我們在印尼和中國正在採取的糾正措施也影響了美容與健康產品的銷售。我們仍有信心在下半年實現銷售量的連續成長。

Wellbeing has now delivered strong double-digit growth for 21 consecutive quarters. Power Brands, Liquid IV and Nutrafol continue to deliver exceptional performances fueled by a strong pipeline of innovations, high levels of brand investment and expansion of their global presence.

目前，Wellbeing 已連續 21 個季度實現強勁的兩位數成長。Power Brands、Liquid IV 和 Nutrafol 則持續取得卓越的業績，這得益於強大的創新管道、高水準的品牌投資以及全球影響力的擴大。

Hair Care was flat. Dove grew mid-single digits, supported by a significant relaunch featuring cutting-edge fiber repair technology and a complete packaging redesign. This was partially offset by a decline in Clear, which was impacted by market conditions in China and by a volume decline in TRESemme, where pricing actions are being implemented to restore desired price relativity.

護髮產品表現平平。多芬的銷售額實現了中位數個位數成長，這得益於其採用尖端纖維修復技術和全新包裝設計的重大改版。這部分抵消了 Clear 銷售的下降，因為 Clear 受到中國市場狀況的影響，並且受到 TRESemme 銷售下降的影響，TRESemme 正在實施定價措施以恢復所需的價格相對性。

Core Skin Care delivered low single-digit growth. Dove and Vaseline grew double digit led by premium innovations and a strong modern reach and persuasion programs, such as Vaseline's social-first Verified campaign where our scientists test and verify viral Vaseline hacks.

核心護膚品實現了低個位數成長。多芬和凡士林的銷售額實現了兩位數增長，這得益於高端創新和強大的現代影響力和說服計劃，例如凡士林的社交優先驗證活動，我們的科學家在該活動中測試並驗證了病毒式傳播的凡士林黑客攻擊。

Prestige Beauty was flat in the first half. Our most premium brands, Hourglass in color cosmetics, Tatcha, a luxury Japanese skincare brand, and K18, our biotech haircare brand continued to grow double digit. While the continued softness in the US market weighed on the performance of brands like Dermalogica and Paula's Choice. Underlying operating margin was 19.4%, down 60 basis points versus the prior year as we increased our brand in marketing investment behind key innovations and market development.

Prestige Beauty 上半年表現平平。我們最高端的品牌，彩妝品牌 Hourglass、日本奢侈護膚品牌 Tatcha 和生物技術護髮品牌 K18 繼續實現兩位數成長。而美國市場的持續疲軟則對 Dermalogica 和 Paula's Choice 等品牌的表現造成了壓力。由於我們加大了對關鍵創新和市場開發的品牌行銷投入，基礎營業利潤率為 19.4%，較上年下降 60 個基點。

Personal Care delivered a good first half with 4.8% underlying sales growth driven by 1.4% volume and 3.3% price. Our two-year volume CAGR was 2.3% despite a softening of volumes in the second quarter, which reflected subdued macro conditions in Latin America and recent pricing actions to offset currency movements.

個人護理類別上半年表現良好，基本銷售額成長 4.8%，其中銷售成長 1.4%，價格成長 3.3%。儘管第二季銷售量有所下降，但我們的兩年銷售複合年增長率仍為 2.3%，這反映了拉丁美洲宏觀環境的低迷以及近期為抵消貨幣波動而採取的定價行動。

Dove, our largest brand, grew high single digit as premium innovations continued to perform strongly, driving both growth and consumer engagement. Deodorants grew low single digit. Dove and Dove Men+Care grew double digits, supported by the continued success of whole body deodorants, while Rexona was impacted by a weaker Latin America market despite significant share gains in the region.

我們最大的品牌多芬實現了高個位數成長，高端創新持續表現強勁，推動了成長和消費者參與。除臭劑的成長率低於個位數。多芬和多芬男士護理產品實現了兩位數增長，這得益於全身除臭劑的持續成功，而舒耐雖然在拉丁美洲市場的份額大幅增長，但還是受到了該地區疲軟市場的影響。

Skin Cleansing grew low single digit with strong contributions from North America and India offsetting declines in Indonesia and China. Dove led our growth with a further rollout of its premium body wash, including new variants and new markets. The relaunch of Lifebuoy in India has slowed its decline, though further work is required to be done to return the brand to growth.

皮膚清潔業務實現了低個位數成長，北美和印度的強勁貢獻抵消了印尼和中國的下滑。多芬透過進一步推出其高端沐浴露（包括新品種和新市場）引領了我們的成長。Lifebuoy 在印度的重新上市減緩了其下滑趨勢，但仍需進一步努力才能恢復成長。

Oral Care delivered a mid-single-digit growth with growth in both Close-Up and Pepsodent, our two power brands in the category. Underlying operating margin was 22.1%, down 90 basis points as gross margin improvement was offset by a step-up in brand investment focused on the US and in the premium segments.

口腔護理實現了中等個位數成長，該類別的兩個強勢品牌 Close-Up 和 Pepsodent 均實現了成長。基礎營業利潤率為 22.1%，下降 90 個基點，因為毛利率的提高被專注於美國和高端市場的品牌投資的增加所抵消。

In the first half of the year, we announced a further strengthening of our Personal Care portfolio through bolt-on acquisitions. We acquired Wild, the refillable deodorant brand, and we signed an agreement to acquire Dr. Squatch, a high-performing male grooming brand with a loyal following and a standout digital engagement, particularly in North America. Both brands are highly complementary to our existing portfolio, filling gaps in the natural space and in the super premium segments.

今年上半年，我們宣布透過附加收購進一步加強我們的個人護理產品組合。我們收購了可再填充除臭劑品牌 Wild，並簽署了收購 Dr. Squatch 的協議，Dr. Squatch 是一個高性能男士美容品牌，擁有忠實的追隨者和出色的數位互動，尤其是在北美。這兩個品牌與我們現有的產品組合高度互補，填補了天然領域和超高端領域的空白。

Home Care underlying sales grew 1.3% with 1.1% from volume and 0.2% from price. Underlying sales growth stepped up to 1.8% in quarter two driven by a sequential improvement in Asia and continued momentum of our premium innovations in Europe. This was partially offset by a decline in Latin America.

家庭護理基本銷售額成長 1.3%，其中銷量成長 1.1%，價格成長 0.2%。受亞洲市場季增和歐洲高端創新持續推動，第二季基本銷售額增幅升至 1.8%。這被拉丁美洲的下滑部分抵消。

Fabric Cleaning declined low single digit with modest decreases in both volume and price. Performance was impacted by a high single-digit decline in Brazil, Home Care's second largest market, where we suffered some competitive pressures in the laundry powders following pricing actions.

織物清潔銷售量和價格均出現小幅下降，降幅低於個位數。業績受到家庭護理第二大市場巴西高個位數下滑的影響，在巴西，我們因採取定價行動而在洗衣粉方面面臨一些競爭壓力。

Despite these headwinds, innovation continues to drive momentum. Our short-cycle Wonder Wash laundry liquid continues to perform strongly and has now been rolled out to 22 markets and recently launched two new variants, Sensitive and Dazzling White.

儘管面臨這些不利因素，創新仍持續推動發展動能。我們的短週期 Wonder Wash 洗衣液持續表現強勁，目前已推廣到 22 個市場，最近又推出了兩個新產品：Sensitive 和 Dazzling White。

Home & Hygiene performed well with Cif and Domestos both delivering strong growth driven by continued innovation in formats such as sprays and power foams. Fabric enhancers grew high single digits, supported by the success of Comfort crystal fresh technology, which contributed to the brand's high single-digit volume growth.

家庭和衛生用品表現良好，Cif 和 Domestos 均實現了強勁增長，這得益於噴霧和強力泡沫等形式的持續創新。織物增強劑的銷售量實現了高個位數成長，這得益於 Comfort 晶瑩清新技術的成功，也推動了該品牌銷售的高個位數成長。

Underlying operating margin was 15.5%, a decline of 80 basis points, due to a lower gross margin as we lapped a particularly strong prior year comparator, which benefited from carryover pricing and easing commodity costs.

基礎營業利潤率為 15.5%，下降了 80 個基點，原因是毛利率較低，因為我們與去年同期的業績表現特別強勁，受益於結轉定價和商品成本下降。

Foods delivered competitive sales of 2.2% with 0.3% from volume and 1.9% from price. Growth improved in the second quarter led by continued momentum in Hellmann's, where the flavored mayonnaise ranges remain a key growth driver. Cooking aids grew low single digit driven by price. Volumes turned positive in the second quarter led by the largest brand, Knorr, which continues to lead in bouillon and seasonings.

食品的競爭性銷售額為 2.2%，其中 0.3% 來自銷量，1.9% 來自價格。第二季度的成長有所改善，這主要得益於 Hellmann's 持續的成長勢頭，其中調味蛋黃醬系列仍然是主要的成長動力。烹飪輔助品受價格推動，實現了低個位數成長。第二季度，銷售量出現正成長，主要受最大品牌家樂 (Knorr) 的帶動，家樂在肉湯和調味品領域持續保持領先地位。

Unilever Food Solutions was flat with positive volume offset by negative price. Growth in North America was partially offset by a decline in China. In China, out-of-home eating showed some improvement in the second quarter, but the overall market remains soft. Underlying operating margins improved by 100 basis points to 23.3%, reflecting disciplined execution of pricing, mix management and productivity.

聯合利華食品解決方案表現平穩，銷量上漲但價格下跌。北美的成長被中國的下滑部分抵銷。在中國，第二季外食有所改善，但整體市場依然疲軟。基礎營業利潤率提高了 100 個基點，達到 23.3%，這反映了定價、組合管理和生產力的嚴格執行。

Ice Cream underlying sales grew 5.9%, driven by a 3.8% increase in volume and 2% price growth. This was supported by the actions we have taken over the last 18 months to enhance our innovations of pricing and promotions and our operations. Both In-home and Out-of-home Ice Cream segments grew mid-single digits with positive contributions from both volume and price. Double-digit growth in Magnum led the performance, supported by the successful launch of its Utopia range and the continued momentum of snacking format, Bon Bons. Cornetto also performed well, growing high single digits.

冰淇淋基本銷售額成長 5.9%，主要得益於銷售成長 3.8% 和價格上漲 2%。這得歸功於我們在過去 18 個月中採取的行動，以加強我們的定價、促銷和營運創新。家庭和家庭外冰淇淋市場均實現了中等個位數成長，銷量和價格均做出了積極貢獻。由於 Utopia 系列的成功推出以及零食形式 Bon Bons 的持續成長，夢龍實現了兩位數的成長，引領了業績成長。Cornetto 的表現同樣出色，實現了高個位數的成長。

Underlying operating margin declined by 40 basis points due to a gross margin decline, however, our operational improvements and pricing have offset most of the continued cost inflation of key commodities, particularly cocoa.

由於毛利率下降，基礎營業利潤率下降了 40 個基點，然而，我們的營運改善和定價抵消了主要商品（特別是可可）持續的成本上漲的大部分影響。

Over the past 18 months, we have been laying the foundations for the Ice Cream's future success as an independent company. The complex process of separation has progressed well, and today, we are pleased to confirm that, as of the first of July, Ice Cream began operating as a stand-alone business. The demerger of the Ice Cream will take place in mid-November.

在過去的 18 個月裡，我們一直在為 Ice Cream 作為獨立公司的未來成功奠定基礎。複雜的分離過程進展順利，今天，我們很高興地確認，自 7 月 1 日起，冰淇淋業務開始作為獨立業務運作。Ice Cream 的拆分將於 11 月中旬進行。

Ahead of the demerger, on the 9 of September in London, The Magnum Ice Cream Company will be holding a Capital Markets Day presenting the strategy and the value creation plan for the business. In October, shareholders can expect to receive Unilever's circular, which will set out further information on the demerger and the prospectuses will then be available around a week before the demerger.

在拆分之前，Magnum 冰淇淋公司將於 9 月 9 日在倫敦舉辦資本市場日，展示公司策略和價值創造計劃。10 月份，股東將收到聯合利華的通函，其中將列出有關拆分的更多信息，招股說明書將在拆分前一周左右提供。

We continue to believe that this business has an exciting future as a pure-play global Ice Cream business, and which brings me to the next steps by Unilever. We are announcing today our intention to retain a stake of just below 20% in The Magnum Ice Cream Company for a period of up to five years subject to necessary regulatory approval. Over time, the retained stake will be sold in an orderly and considered manner to pay for the separation costs and maintain capital flexibility through a reduction in net debt.

我們仍然相信，作為一個純粹的全球冰淇淋企業，這項業務有著令人興奮的未來，這也讓我開始關注聯合利華的下一步。我們今天宣布，我們打算在獲得必要的監管部門批准後，保留 Magnum 冰淇淋公司略低於 20% 的股份，期限最長為五年。隨著時間的推移，保留的股份將以有序和審慎的方式出售，以支付分離成本，並透過減少淨債務來保持資本靈活性。

The retained stake demonstrates our support and belief in the future of The Magnum Ice Cream Company. As a part of the demerger process, we will be allocating debt between Unilever and The Magnum Ice Cream company. This is expected to result in a net debt-to-EBITDA ratio of approximately 2x for Unilever and a solid investment-grade profile of around 2.4x for The Magnum Ice Cream Company.

保留的股份表明了我們對 Magnum 冰淇淋公司未來的支持和信心。作為分拆過程的一部分，我們將在聯合利華和夢龍冰淇淋公司之間分配債務。預計這將使聯合利華的淨債務與 EBITDA 比率達到約 2 倍，而夢龍冰淇淋公司的穩健投資等級狀況將達到約 2.4 倍。

Subject to shareholder approval, Unilever intends to consolidate its share capital post the demerger of the Ice Cream company. This will be a technical adjustment and in line with market practice following similar situations to preserve the comparability of our share price, EPS and DPS before and after the demerger. We will share further details in early October.

在獲得股東批准的情況下，聯合利華打算在冰淇淋公司分拆後合併其股本。這將是技術調整，並符合類似情況後的市場慣例，以保持拆分前後股價、每股盈餘和每股股息的可比性。我們將在十月初分享更多細節。

Let me now return to Unilever's performance at the group level. Turnover for the first half was EUR30.1 billion, down 3.2% year-on-year. Underlying sales growth of 3.4% was more than offset by a negative currency impact of 4%. If currencies remain where they were on 28 of July, the currency impact on full year turnover would be between 5% and 6% and around 20 basis points on underlying operating margin.

現在讓我回到聯合利華集團層面的表現。上半年營業額為301億歐元，較去年同期下降3.2%。3.4% 的基本銷售成長被 4% 的負面貨幣影響所抵銷。如果貨幣匯率維持在 7 月 28 日的水平，那麼貨幣對全年營業額的影響將在 5% 至 6% 之間，對基礎營業利潤率的影響將在 20 個基點左右。

While several currencies contribute to this outlook, it is worth noting that in quarter two, the currency impact increased primarily due to the depreciation of the US dollar versus the euro. We expect this euro-dollar dynamic to remain the largest contributor in the second half. We will continue to update you on this as the year unfolds.

雖然有幾種貨幣導致了這種前景，但值得注意的是，在第二季度，貨幣影響的增加主要是由於美元兌歐元貶值。我們預計歐元兌美元的走勢仍將是下半年最大的貢獻者。隨著時間的推移，我們將繼續向您通報這種情況。

Portfolio changes also reduced reported turnover with an impact of 2.5% from net disposals. Acquisitions contributed 0.2%, led by strong double-digit growth from K18 and the addition of Wild. This was more than offset by a 2.7% impact from disposals, including the sale of Elida Beauty completed in June 2024 and the exits of Unilever Russia and our water purification business both completed in October 2024.

投資組合變化也降低了報告的營業額，淨處置的影響為 2.5%。收購貢獻了 0.2%，其中 K18 的強勁兩位數成長和 Wild 的加入功不可沒。但資產處置帶來的 2.7% 的影響遠遠抵消了這一影響，其中包括 2024 年 6 月完成的 Elida Beauty 出售，以及 2024 年 10 月完成的聯合利華俄羅斯和我們的淨水業務的退出。

In first half of 2025, we faced inflationary pressures from both commodities and currency, most notably in Ice Cream, Personal Care, and in Latin America. This stands in sharp contrast to the same period in 2024, where we experienced deflation and we benefited from carryover pricing. As indicated earlier, we have implemented calibrated price increases across our portfolio in response.

2025年上半年，我們面臨來自大宗商品和貨幣的通膨壓力，特別明顯的是冰淇淋、個人護理和拉丁美洲。這與 2024 年同期形成了鮮明對比，當時我們經歷了通貨緊縮，並受益於結轉定價。如前所述，我們已針對此情況對整個投資組合實施了有針對性的價格上調。

Our continued margin progression reflects the impact of several levers, volume leverage as we scale efficiently across categories. Superior mix driven by brand portfolio and channel optimization. Significant buying efficiencies unlocked through our advanced net productivity models and targeted value chain interventions across the supply chain. Cost-to-serve optimization underpinned by disciplined cost control and consistent execution across our supply chain and commercial operations.

隨著我們在各個類別中有效擴展，我們的利潤率持續成長反映了多種槓桿和數量槓桿的影響。由品牌組合和通路優化所推動的卓越組合。透過我們先進的淨生產力模型和整個供應鏈中的有針對性的價值鏈幹預，顯著提高了採購效率。服務成本優化以嚴格的成本控制和整個供應鏈和商業營運的一致執行為基礎。

We have maintained a sharp focus on allocating at least 55% of our capital expenditure towards margin-accretive initiatives, and we are seeing the benefits in both production and logistics costs. This positions us well for continued margin resilience and supports our ambition to deliver quality growth over the medium term.

我們一直高度重視將至少 55% 的資本支出分配給提高利潤的舉措，並且我們都看到了生產和物流成本方面的好處。這為我們持續保持利潤率彈性奠定了良好的基礎，並支持我們在中期實現高品質成長的雄心。

Underlying operating margin was 19.3%, down 30 basis points, reflecting a step-up in brand and marketing investments. We have leveraged our strong gross margins and productivity gains to reinvest behind our brands. Brand and marketing investment increased by 40 basis points to 15.5% of turnover, reflecting our continued commitment to competitive brand and innovation support.

基礎營業利益率為 19.3%，下降 30 個基點，反映品牌和行銷投資的增加。我們利用強勁的毛利率和生產力成長來對我們的品牌進行再投資。品牌和行銷投資增加了 40 個基點，達到營業額的 15.5%，這反映了我們對競爭品牌和創新支援的持續承諾。

Notably, 100% of the incremental BMI as a percentage of turnover was directed towards our power brands with over 80% of that increase focused on Beauty and Personal Care. Overheads improved by 10 basis points as productivity gains and tighter cost control more than offset inflationary pressures and the costs associated with the setting up and running Ice Cream as a stand-alone business.

值得注意的是，BMI 增量佔營業額的 100% 都來自我們的強勢品牌，其中超過 80% 的成長集中在美容和個人護理領域。由於生產率的提高和成本控制的加強，抵消了通膨壓力以及建立和運營冰淇淋作為獨立業務所產生的成本，管理費用提高了 10 個基點。

Our productivity program is significantly ahead of expectations, and we now expect to realize approximately EUR650 million in cumulative savings by year-end. This is EUR100 million above the guidance we shared with our quarter one results. Underlying operating profit was EUR5.8 billion, a decline of 4.8% versus the prior year. Underlying earnings per share was EUR1.59, a decline of 2.1%. Lower year-on-year net finance costs were driven by reduced cost of debt and increased pension income.

我們的生產力計劃大大超出了預期，我們預計到年底將實現累積節省約 6.5 億歐元。這比我們第一季業績預期高出 1 億歐元。基礎營業利潤為58億歐元，較上年下降4.8%。每股基本收益為1.59歐元，下降2.1%。淨財務成本年減是由於債務成本降低和退休金收入增加。

Net finance cost as a percentage of average net debt was 2.5%, and we continue to expect this to be around 3% for the full year. Tax contributed 1.4%. The underlying effective tax rate for the first half decreased to 25.2% from 26% in the prior year. This was primarily due to lower unrecognized losses and other one-off items. Our full year guidance remains unchanged at around 26%.

淨融資成本占平均淨債務的百分比為 2.5%，我們預計全年這一比例將在 3% 左右。稅收貢獻了1.4%。上半年基本有效稅率從去年同期的26%下降至25.2%。這主要是由於未確認損失和其他一次性項目的減少。我們的全年預期保持不變，仍為 26% 左右。

We completed our latest round of share buyback of EUR1.5 billion at the end of May. Share buybacks contributed 1.5% to the earnings in the first half. Lower tax and finance costs and the benefit of share buyback was more than offset by a 5.1% adverse impact from currency movement.

我們在五月底完成了最新一輪15億歐元的股票回購。股票回購為上半年獲利貢獻了1.5%。較低的稅收和財務成本以及股票回購的好處被貨幣波動帶來的 5.1% 的不利影響所抵消。

Free cash flow for the first half of 2025 was EUR1.1 billion compared to EUR2.2 billion in the prior year due to lower operating profit, Ice Cream separation costs and higher working capital to support supply chain resilience during the period of tariffs uncertainty. Capital expenditure and income tax remained broadly flat. We are confident in our full year free cash flow delivery and continue to expect free cash flow conversion of around 100%. With more certainty about tariffs, the increases in the stockholding in the first half will be reversed during the second half.

2025 年上半年的自由現金流為 11 億歐元，而前一年為 22 億歐元，原因是營業利潤下降、冰淇淋分離成本增加，以及在關稅不確定期間支持供應鏈彈性的營運資本增加。資本支出和所得稅基本上保持穩定。我們對全年自由現金流交付充滿信心，並繼續預計自由現金流轉換率將達到 100% 左右。隨著關稅更加確定，上半年庫存增加的趨勢將在下半年逆轉。

As a part of our capital allocation priorities, we continue to pursue targeted acquisitions to sharpen our portfolio focus and capture growth opportunities in attractive segments. In April, we completed the acquisition of Minimalist, a premium actives-led beauty brand that supports the evolution of our Beauty & Wellbeing portfolio in India.

作為我們資本配置重點的一部分，我們將繼續進行有針對性的收購，以加強我們的投資組合重點並抓住有吸引力的領域的成長機會。今年 4 月，我們完成了對 Minimalist 的收購，這是一個以活性成分為主的高端美容品牌，支持了我們在印度的美容與健康產品組合的發展。

As mentioned earlier, we also acquired Wild in April and signed an agreement in June to acquire Dr. Squatch, both aligned with our strategy to strengthen our presence in high-growth premium segments and channels. In March, we also announced the sale of nonstrategic asset, The Vegetarian Butcher, reflecting our focus on businesses with potential to be scaled.

如前所述，我們也在 4 月收購了 Wild，並在 6 月簽署了收購 Dr. Squatch 的協議，這兩筆交易都符合我們加強在高成長高端市場和通路中影響力的策略。今年 3 月，我們也宣佈出售非策略性資產 The Vegetarian Butcher，這反映了我們對具有擴大規模潛力的業務的關注。

And finally, we continue to deliver capital returns to our shareholders, both through dividends and share buybacks. The quarterly interim dividend for second quarter is up 3% versus quarter two 2024 and in line with quarter one 2025 dividend. And as I mentioned earlier, we've completed our EUR1.5 billion share buyback program announced in February at the end of May.

最後，我們繼續透過股利和股票回購向股東提供資本回報。第二季的季度中期股息較 2024 年第二季成長 3%，與 2025 年第一季的股息持平。正如我之前提到的，我們已經在五月底完成了二月宣布的15億歐元股票回購計畫。

With that, over to you, Fernando.

現在，費南多，輪到你了。

Thank you, Srini. As I said at the outset, this results put us on track to deliver our full year outlook for 2025 on both the top and bottom line. On growth, we expect underlying sales growth to be within the range of 3% to 5%. Our growth in the second half will outpace the first, despite subdued market conditions, supported by continued outperformance in developed markets and already a stronger momentum in emerging markets, particularly Asia.

謝謝你，Srini。正如我在一開始所說的，這一結果使我們有望實現 2025 年全年營收和利潤的展望。在成長方面，我們預計基礎銷售額成長將在 3% 至 5% 之間。儘管市場狀況低迷，但得益於已開發市場繼續表現出色以及新興市場（尤其是亞洲）勢頭強勁，我們下半年的成長速度將超過上半年。

On the bottom line, we anticipate an improvement in underlying operating margin for the full year with second half margins of at least 18.5%, a significant improvement versus the second half of 2024, which can be explained by volume growth leverage, higher productivity and interventions in the value chain of key materials.

總體而言，我們預計全年基本營業利潤率將有所提高，下半年利潤率將至少達到 18.5%，與 2024 年下半年相比有顯著改善，這可以透過產量成長槓桿、更高的生產力和對關鍵材料價值鏈的干預來解釋。

Of course, we remain agile as we expect that the macro and currency environment will remain uncertain. However, we are confident in the outlook we are sharing today. First, because our performance in the developed markets is built on increasingly strong foundations and is being sustained. We have just delivered our fourth consecutive quarter of underlying sales growth in excess of 4%. This outperformance is not happening by chance. It is a direct consequence of the focus in our Power Brands and the investments we have made.

當然，我們仍保持靈活，因為我們預期宏觀和貨幣環境仍將不確定。然而，我們對今天分享的觀點充滿信心。首先，我們在已開發市場的表現建立在日益穩固的基礎上，並且能夠持續下去。我們剛剛連續第四個季度實現了超過 4% 的基礎銷售成長。這種優異表現並非偶然。這是我們對強勢品牌的關注和所做的投資的直接結果。

In North America, for example, our performance is driven by the continuous transformation of the portfolio with Beauty & Wellbeing and Personal Care representing more than 75% of our US business after the demerger of Ice Cream. The pruning of nonstrategic brands or brands in the value segment of our portfolio has supported our growing presence in premium, high-growth spaces with a strong digital commerce footprint. And in Europe, we are seeing the benefits of our increased focus with our performance led by premium innovations from Persil Wonder Wash to Cif Infinite Clean to whole body deodorants.

例如在北美，我們的表現受到產品組合持續轉型的推動，在冰淇淋業務分拆後，美容與健康和個人護理業務占我們美國業務的 75% 以上。我們投資組合中非策略性品牌或價值部分品牌的精簡支持了我們在具有強大數位商務足跡的高端、高成長領域的不斷成長。在歐洲，我們看到了我們更加重視業績所帶來的好處，這些業績由 Persil Wonder Wash、Cif Infinite Clean 和全身性除臭劑等高端創新引領。

Second, at the same time, as we have momentum in the developed markets, we see clear signs of pickup in the emerging markets. This has been led by our biggest region, Asia Pacific Africa. The actions we have taken in both China and Indonesia are yielding improvements, which we expect to accelerate further in the second half.

第二，在已開發市場維持強勁成長動能的同時，新興市場也出現明顯回暖跡象。這由我們最大的地區——亞太非洲地區主導。我們在中國和印尼採取的行動正在取得成效，預計下半年這一進程將進一步加快。

And momentum is building in India, where we have recently appointed a new head of the business, Priya Nair, who takes over on 1 of August after having successfully led our global Beauty & Wellbeing business. Priya combines a deep understanding of our Home and Personal Care business in India that she successfully ran for many years with the knowledge of international markets that is necessary to keep our portfolio in tune with a significant consumer needs and channel shifts already visible in the market.

印度市場的發展勢頭強勁，我們最近任命了新的業務主管 Priya Nair，她將於 8 月 1 日上任，此前她成功領導了我們的全球美容與健康業務。Priya 對我們在印度的家庭和個人護理業務有著深刻的理解，她多年來一直成功經營該業務，她對國際市場有著深入的了解，這對於使我們的產品組合與市場上已經出現的重要消費者需求和管道轉變保持一致是必要的。

Weakening economic conditions are impacting our business in Latin America and, in particular in our two biggest markets, Brazil and Mexico. While conditions will remain challenging, we expect to see some improvement during the second half.

經濟情勢的疲軟正在影響我們在拉丁美洲的業務，尤其是我們最大的兩個市場巴西和墨西哥。儘管情況仍充滿挑戰，但我們預計下半年情況會有所改善。

Taken overall, however, the momentum in the developed markets and the improvement we are seeing in emerging markets give us confidence that growth will accelerate in the second half of the year. This acceleration is part of the work we are doing for 2025, but also to set the foundations as we look further ahead.

但整體而言，已開發市場的動能和新興市場的改善讓我們有信心，下半年經濟成長將會加速。這項加速是我們為2025年所做工作的一部分，同時也為我們展望未來奠定了基礎。

And as we do that, we are very clear of the two overriding objectives, namely that we run the company for multiyear volume growth of at least 2% and to consistently expand our gross margin. The delivery of these two objectives translate into expected mid-single-digit underlying sales growth and modest margin improvement that we believe will provide top third returns to our shareholders.

在這樣做的同時，我們非常清楚兩個首要目標，即公司多年來銷量至少成長 2%，並持續提高毛利率。實現這兩個目標意味著預期的中等個位數基礎銷售額成長和適度的利潤率提升，我們相信這將為我們的股東帶來前三分之一的回報。

And as we pursue these metrics, we will do so as a simpler, more focused company, one with stronger fundamentals and a clearer strategic direction. Post demerger with Ice Cream, Unilever will be a EUR52 billion business with a structurally higher margin profile, improved returns and strong cash generation.

在追求這些指標的過程中，我們將成為一個更簡單、更專注的公司，一個擁有更強大基礎、更清晰策略方向的公司。與冰淇淋業務分拆後，聯合利華將成為價值 520 億歐元的企業，擁有結構性更高的利潤率、更高的回報率和強勁的現金產生能力。

On 2024 financials, our gross margin will be 46.7%, up 160 basis points, underlying operating margins of 19.4%, up 100 basis points, and return on invested capital, 19.1%, up 100 basis points with cash conversion of around 100%. In half one 2025, Unilever, excluding Ice Cream, sustained this growth momentum with a two-year compound annual volume growth of over 2%, 3% in the case of Power Brands. The strategic shift that we are making position us very well to deliver consistent high-quality growth with greater agility and sharper execution.

2024 年財務數據：我們的毛利率將達到 46.7%，上漲 160 個基點；基礎營業利潤率將達到 19.4%，上漲 100 個基點；投資資本回報率將達到 19.1%，上漲 100 個基點；現金轉換率將達到 100% 左右。到 2025 年上半年，聯合利華（不包括冰淇淋）保持了這一成長勢頭，兩年複合年增長率超過 2%，強勢品牌則達到 3%。我們正在進行的策略轉變使我們能夠以更高的靈活性和更敏銳的執行力實現持續的高品質成長。

Let me now share a bit on the transformation journey I am leading to turn Unilever into a consistently high-performing business. It is a transformation founded on six principles. First, continuing to shift the portfolio towards Beauty & Wellbeing and Personal Care. And in that context, you have Srini in talk about the recent acquisitions of Minimalist, Wild and Dr. Squatch.

現在，讓我分享一下我所領導的將聯合利華轉變為持續高績效企業的轉型歷程。這是基於六項原則的轉變。首先，繼續將產品組合轉向美容與健康和個人護理。在這種背景下，Srini 談到了最近對 Minimalist、Wild 和 Dr. Squatch 的收購。

Second, we are increasingly set up for success in our two biggest markets, the United States and India. We will invest disproportionately to ensure we get the full benefits of Unilever's scale and advantaged portfolio footprint in these markets, delivering above group average volume growth.

其次，我們越來越準備好在我們最大的兩個市場——美國和印度——取得成功。我們將進行不成比例的投資，以確保充分利用聯合利華在這些市場的規模和優勢產品組合，以實現高於集團平均的銷售成長。

Third, we are shifting resources decisively in the direction of premium science-based innovation, responding to the consumers' increasingly insatiable desire for brands that are premium, whether in the experience they provide, the indulgence they grant or the convenience they offer.

第三，我們正在果斷地將資源轉向高端科學創新，以滿足消費者對高端品牌日益增長的渴望，無論是在提供的體驗、給予的享受還是提供的便利方面。

Fourth, the concept of desire at scale is so core now to the way we think about elevating our brands and innovations that we intend to make it central to every brand in every geography, all part of putting our brands to the service of making new markets, new segments, new benefits, new formats.

第四，規模化需求的概念如今已成為我們提升品牌和創新的核心，我們打算將其作為每個地區每個品牌的核心，讓我們的品牌為開拓新市場、新細分市場、新優勢和新模式服務。

Fifth, we are bringing operational excellence back to the heart of the business in our determination to make Unilever a marketing and sales machine both online and offline.

第五，我們決心將聯合利華打造成一個線上線下行銷和銷售機器，讓卓越營運重新成為業務的核心。

And sixth, under this transformation, we will play to win because winning is habit forming. We will invest in the development of our people to help make this happen while, at the same time, being uncompromising when it comes to appointing the best talent and ensuring accountability for performance.

第六，在這種轉變下，我們將為了勝利而戰，因為勝利會養成習慣。我們將投資於員工的發展，以幫助實現這一目標，同時在任命最優秀的人才和確保績效問責方面毫不妥協。

These are the principles that are guiding our transformation, and the benefits are already evident in our first half performance. We look forward to sharing further details with you in the months ahead. In the meantime, let me just set out briefly today how many of these principles come together in the features and performance of one particular brand, Vaseline, as it really does encapsulate how we see the future.

這些是指導我們轉型的原則，其效益已在我們上半年的業績中顯現出來。我們期待在未來幾個月與您分享更多細節。同時，今天讓我簡單介紹一下這些原則是如何在凡士林這個特定品牌的特點和性能中體現出來的，因為它確實概括了我們對未來的看法。

No brand is more emblematic of our core than Vaseline. After all, it has been around for 155 years. Yet in recent years, it has been on a remarkable journey, pioneering the kind of desire at scale thinking we want now to replicate across all our brands. And you see the results of this journey on the screen here. 11% compounded annual growth rate over the last four years, growing volumes over 10% both in 2024 and in the first half of 2025. Its biggest market, the US. Its biggest expansion plan, India.

沒有哪個品牌比凡士林更能像徵我們的核心。畢竟它已經存在了155年。然而近年來，它經歷了一段非凡的旅程，開創了我們現在想要在所有品牌中複製的那種大規模思維願望。您可以在螢幕上看到這趟旅程的成果：過去四年的複合年增長率為 11%，2024 年和 2025 年上半年的成長率均超過 10%。其最大的市場是美國。其最大的擴張計劃是印度。

From a tired and dated-looking brand just 10 years ago, it is becoming a true global power brand. This journey has been highly instructive when we talk about desire at scale. First, it has put breakthrough science at the heart of its proposition. As for example, with the use of cutting-edge serum technologies and invisible sun protection factor in products like Gluta-Hya.

十年前，它還是一個看起來陳舊而乏味的品牌，如今，它已成長為一個真正的全球實力品牌。當我們談論大規模的慾望時，這趟旅程非常具有啟發性。首先，它將突破性科學置於其主張的核心。例如，Gluta-Hya 等產品中採用了尖端精華技術和隱形防曬因子。

Second, the aesthetics of the brand have been significantly stepped up, from the packaging to the performance to advertising, everything screams premium. And it scores equally high on another dimension that today's increasingly discerning consumers regard as key sensorials, which are evident in the brand's light instantly absorbable lotions.

其次，品牌的美學得到了顯著提升，從包裝到性能到廣告，無不彰顯著高端。而在另一個維度上，它得分也同樣高，當今越來越挑剔的消費者認為這是關鍵的感官，這在該品牌的輕盈瞬間吸收乳液中得到了體現。

From a tired and fragmented design platform a few years back, the brand now has a cohesive and distinctive health and beauty look across all platforms. And we are also using a modern approach to scale the brand with more focus on content at scale in what others say and influencers. Whether it is Vaseline Verified social-first hacks campaign, which won recently nine awards at Cannes or culturally relevant tie-ups such as with the hit series, The White Lotus, Vaseline is leading the way when it comes to new models of reach and persuasion.

該品牌幾年前的設計平台還比較單薄和零散，而現在，它在所有平台上都擁有了統一而獨特的健康和美容形象。我們也採用了一種現代化的方法來擴大品牌規模，更加重視其他人的言論和有影響力的人的言論內容。無論是最近在坎城獲得九項大獎的「凡士林驗證」社交優先行銷活動，還是與熱門電視劇《白蓮花》等文化相關的合作，凡士林在新的影響力和說服力模式方面一直處於領先地位。

More on this to come as we are steadily bring desire at scale to every brand in every geography. But from what I have shared today, I hope you can see that. The principles guiding our transformation are clear and so too are our objectives, to deliver multiyear volume growth of at least 2% and consistent gross margin expansion. Our financial profile post demerger is well placed to support this ambition with improvements anticipated in profitability and returns.

隨著我們不斷將規模化需求帶給各個地區的每個品牌，我們將對此進行更多介紹。但從我今天分享的內容中，我希望你們能夠明白這一點。指導我們轉型的原則很明確，我們的目標也很明確，即實現多年至少 2% 的銷售成長和持續的毛利率成長。拆分後我們的財務狀況將很好地支持這一目標，預計盈利能力和回報將有所改善。

With that, let me briefly recap before taking questions. We delivered a resilient performance in the first half of this year. Moreover, we are confident that growth will accelerate in the second half. The building blocks are in place to ensure this happens. As a result, we are on track for our full year outlook for 2025. We are confirming today that the demerger of Ice Cream will take place in the middle of November as well as our intention to retain a stake of just below 20% in the business.

在回答問題之前，請容許我簡單回顧一下。我們在今年上半年表現出色。此外，我們有信心下半年經濟成長將會加速。我們已經做好了基礎準備來確保這一目標的實現。因此，我們對 2025 年全年的展望已步入正軌。我們今天確認，Ice Cream 的拆分將於 11 月中旬進行，同時我們打算保留該業務略低於 20% 的股份。

And finally, the transformation of Unilever is not just on track, it is accelerating. We are very clear on the desire at scale principles that underpin this journey, and we are equally clear on what we must deliver, sustained volume growth and consistent gross margin expansion. The next phase is about execution in the front line, sharpening our focus on becoming a true marketing and sales machine.

最後，聯合利華的轉型不僅步入正軌，而且正在加速。我們非常清楚這一歷程所基於的規模化原則，我們也同樣清楚我們必須實現什麼，即持續的銷售成長和持續的毛利率擴張。下一階段是關於前線執行，我們將更專注於成為真正的行銷和銷售機器。

And with that, we look forward to taking your questions. Thank you.

我們期待回答您的問題。謝謝。

(Operator Instructions)

（操作員指示）

Good morning, everyone, and thank you for being with us today. I'm here with Srini. We have delivered a solid set of results in the first half and would like to reinforce our confidence in delivering our 3% to 5% top line growth outlook for 2025. We take good balance between volume and price and operating margin for the second half of at least 18.5%, more than 100 basis points up versus the operating margin of second half last year.

大家早安，感謝大家今天的來訪。我和 Srini 在一起。我們在上半年取得了一系列穩健的業績，並希望增強我們對 2025 年實現 3% 至 5% 營收成長前景的信心。我們在量價之間取得了良好的平衡，下半年的營業利潤率至少為 18.5%，比去年下半年的營業利潤率高出 100 個基點以上。

Just as a reminder, our full year outlook includes Ice Cream, however, I would like to highlight that the top line outlook holds also for the remaining company excluding Ice Cream, and that both our gross margin and operating margin will be higher and will increase more in the remaining company when excluding Ice Cream.

提醒一下，我們的全年展望包括冰淇淋，但是，我想強調的是，營收展望也適用於不包括冰淇淋的剩餘公司，並且當不包括冰淇淋時，我們的毛利率和營業利潤率都會更高，並且在剩餘公司中會增加更多。

With that, Jemma, we can take questions.

傑瑪，這樣我們就可以回答問題了。

Celine, JP Morgan.

席琳，摩根大通。

All right, good morning. Thank you for taking my question. Well, Fernando, since you mentioned the ex Ice Cream performance, so ex Ice Cream H1 was growing at 3% with 1% volume. Do you expect to see the ex Ice Cream acceleration -- the acceleration you mentioned in volume showing into the ex Ice Cream portfolio in the second half of the year, i.e., could we be in the 4% to 6% range? And if you could talk about the H2 volume acceleration that you are -- that you flagged in the presentation on both Personal Care and Health and Wellbeing division. That would be my first question.

好的，早安。感謝您回答我的問題。好吧，費爾南多，既然您提到了冰淇淋的表現，那麼冰淇淋 H1 的增長率為 3%，銷量為 1%。您是否預計會看到除冰淇淋以外的產品加速增長——您提到的交易量加速增長會在下半年體現在除冰淇淋以外的產品組合中，即我們能否達到 4% 到 6% 的範圍內？如果您可以談談您在個人護理和健康與保健部門的演示中提到的 H2 銷售加速情況，那該怎麼辦？這是我的第一個問題。

Yes. We run the business with the intention of delivering volume growth about 2% for our remaining company, and we are very confident that we will achieve that in the second half. Our intention is to do that. There are several factors that give us confidence to acceleration of growth in the second half. The market volume growth has slightly improved from quarter one to quarter two. It was 1.2% in quarter one, went to 1.4%. We don't expect a reversal of a trend. All the regions with the exception of China and Latin America show higher market volume growth in the quarter two versus quarter one.

是的。我們經營業務的目標是為剩餘的公司實現約 2% 的銷售成長，我們非常有信心在下半年實現這一目標。我們的意圖就是這麼做。有幾個因素讓我們對下半年經濟成長加速充滿信心。第一季至第二季度，市場銷售成長略有改善。第一季為 1.2%，目前為 1.4%。我們並不期望趨勢會發生逆轉。除中國和拉丁美洲外，所有地區第二季的市場容量成長率均高於第一季。

I feel the second point is our UBS, our unmissable brand superiority scores are improving. We have close to 60% of our portfolio strengthening brand power. We are outperforming in developed markets. We see an acceleration of markets in India, where we're also gaining shares and growing extremely fast in the fast-growing channels like quick commerce.

我覺得第二點是我們的 UBS，我們不可錯過的品牌優勢分數正在提高。我們的產品組合中近 60% 的產品都在增強品牌力。我們在已開發市場的表現優異。我們看到印度市場正在加速發展，我們在快速成長的通路（如快速商務）中的份額也在不斷增加，並且成長速度極快。

We have increased investments in our brands, and we will sustain highly competitive BMI levels between 15%, 16% of our revenue at the time in which we have seen some of our competitors slashing investment down. As you could see in the quarter two SGA of many competitors. We have a strong progress in gross margin that allow us to increase the delivery -- to increase fuel for increase the BMI.

我們增加了對品牌的投資，我們將維持極具競爭力的 BMI 水平，保持在收入的 15% 至 16% 之間，而與此同時，我們看到一些競爭對手正在削減投資。正如您在許多競爭對手的第二季 SGA 中所看到的。我們的毛利率取得了顯著增長，這使我們能夠增加交付量——增加燃料以增加 BMI。

And finally, we have a very, very strong innovation plan, one of the best in many years. It's hitting markets between April and September in most of our regions, I can call, whole body deodorants, the geographical expansion of Wonder Wash in laundry, Cif Infinite Clean, Dove hair relaunch between many, many others. So I would like to highlight also that our run rates today, our sales run rates, the current run rates could allow us to deliver this acceleration of growth in the second half. We expect significant contributions to growth from Indonesia, China that have been significant drags in the past.

最後，我們有一個非常非常強大的創新計劃，這是多年來最好的計劃之一。4 月到 9 月期間，該產品將進入我們大部分地區的市場，我可以說，該產品包括全身除臭劑、Wonder Wash 在洗衣領域的地理擴展、Cif Infinite Clean、Dove 護髮產品的重新推出等等。因此，我還想強調的是，我們今天的運行率、銷售運行率、目前的運行率可以讓我們在下半年加速成長。我們預期印尼和中國將對經濟成長做出重大貢獻，而這兩個國家過去曾對經濟成長造成重大拖累。

So we are confident in this higher volume growth in the second half, particularly in the remaining company. We are not complacent about it. We will remain agile. We will adjust our plans if necessary. But we believe really that we have the right place -- the right tools in place to perform.

因此，我們對下半年銷售成長充滿信心，特別是對公司剩餘部分而言。我們對此並不自滿。我們將保持敏捷。如果有必要，我們會調整計劃。但我們確實相信，我們擁有正確的位置和正確的工具來執行任務。

Thank you, Celine. Did you mention. (multiple speakers).

謝謝你，席琳。你有提到嗎？（多位發言者）

Could you allow me a second question?

您能允許我問第二個問題嗎？

Yes, please go ahead.

是的，請繼續。

Yes. So I will leave -- I just wanted to go on M&A. You did a few deals, including Dr. Squatch. So if you could explain to us what you saw in that brand and what you think is the resilience of that brand in the long run. And then we know whether now that the -- you feel that you have enough on your plate in terms of the acquisition you've made? Or you think that with the disposal of Ice Cream, you are willing to step up the M&A agenda?

是的。所以我會離開——我只是想從事併購業務。你做了一些交易，包括 Dr. Squatch。因此，如果您可以向我們解釋一下您對品牌的看法以及您認為該品牌的長期彈性如何。那麼我們現在知道——就您所做的收購而言，您是否覺得您已經承擔了足夠的任務？或者您認為，透過出售 Ice Cream，您願意加快併購進程？

We are convinced of our strategy of bolt-on M&A. We continue piling assets in the Beauty and Personal Care space and the Wellbeing space, particularly in the US with the intention of really building a portfolio of American brands with great potential to travel internationally. We have very clear criteria of what type of brands we look for. We look at digitally native brands, alternative brands with superior functionality, with strong clinicals, with a strong presence in digital commerce.

我們對我們的附加併購策略充滿信心。我們繼續在美容和個人護理領域以及健康領域累積資產，特別是在美國，目的是真正打造一個具有巨大國際潛力的美國品牌組合。我們對尋找的品牌類型有非常明確的標準。我們專注於數位原生品牌、具有卓越功能、強大臨床表現、在數位商務中佔有重要地位的替代品牌。

And Dr. Squatch fits all these kind of criteria. It's a brand that is growing fast. It will fill a gap that we had in our portfolio in the premium segment in deos in the US and in skin cleansing in the US, despite the fact that we have made significant progress and we are back to share gain both in skin cleansing and deos in the US and also in the premium segment.

而 Squatch 博士符合所有這些標準。這是一個快速成長的品牌。儘管我們已經取得了重大進展，並且在美國皮膚清潔和除臭劑以及高端市場中都重新獲得了市場份額，但它將填補我們在美國高端除臭劑和美國皮膚清潔產品領域的產品組合空白。

But we believe that this brand really provides us with a significant weapon in the male grooming space. And we are very happy in the announcement of acquisition that, as you know, is subject to regulatory approval. We have also acquired Wild in the natural space, a refillable deodorant. That brand is based in UK, but making a strong entry in US also. And it's another way of really protecting our portfolio in categories in which we have global leadership and leadership in the US also.

但我們相信，這個品牌確實為我們在男性美容領域提供了重要的武器。我們對此次收購公告感到非常高興，如您所知，該收購需獲得監管部門的批准。我們也收購了 Wild in the natural space，一種可再填充的除臭劑。該品牌總部位於英國，但在美國也表現強勁。這也是真正保護我們的投資組合的另一種方式，在我們擁有全球領先地位以及在美國也擁有領先地位的領域。

Warren, Barclays.

華倫，巴克萊。

Yeah, good morning, everybody. Good morning, Fernando, Srini, Jemma. So yes, two for me. First one is, Fernando, can you dive a bit more into emerging markets? Clearly, what we've got here today, Latin America a bit worse, Asia a bit better. So on Latin America, volume is down 6%. But what's happening in Mexico and Brazil?

是的，大家早安。早安，費南多、斯里尼、傑瑪。是的，對我來說是兩個。首先，費爾南多，您能否更深入地談談新興市場？顯然，就我們今天所看到的情況來看，拉丁美洲的情況稍差一些，亞洲的情況稍差一些。因此，拉丁美洲的交易量下降了 6%。但墨西哥和巴西發生了什麼事？

It looks like you're taking pricing ahead of competition. Previously, you talked about destocking in Brazil. How should we think about the outlook for Latin America in the second half of the year? What's happening on the whole powders liquids transition? Just to understand a bit on the ground, what you're seeing.

看起來您的定價領先於競爭對手。之前您談到了巴西的去庫存問題。我們該如何看待下半年拉美地區的前景？整個粉末液體轉變過程中發生了什麼事？只是為了稍微了解一下實際情況，看看你看到了什麼。

And then the second one is really on the Asia recovery. It's good to see India picking up in the second quarter versus the first quarter. Can you maybe do a little tour of India, Indonesia and China? I mean, would you expect, for example, India to continue to step up growth in the second half compared to the second quarter, which is already a step-up compared to the first quarter? So a little bit on the kind of EM piece LatAm versus Asia.

第二個問題其實是關於亞洲復甦。很高興看到印度第二季的經濟較第一季有所回升。您能去印度、印尼和中國進行一次短途旅行嗎？我的意思是，您是否預期印度下半年的經濟成長會比第二季持續加速？相較於第一季度，印度的經濟成長已經加速。因此，我對拉丁美洲和亞洲的新興市場進行了一點探討。

And then the second one, I guess, is just on the performance of the US. There's obviously a lot of moving pieces in the US with channel shift, consumers, some destocking. I mean I'm quite interested to know what you're seeing particularly in Personal Care. Are we seeing -- we're clearly seeing a slowdown in prestige in the US. Do you expect that to continue into the second half? What's happening to kind of the market share competitiveness in the US? Thank you.

我想，第二個問題只是關於美國的表現。顯然，美國有很多變化因素，包括通路轉移、消費者和一些去庫存。我的意思是，我很有興趣知道您在個人護理方面看到了什麼。我們是否看到——我們明顯看到美國聲望的下降。您預計這種情況會持續到下半年嗎？美國的市佔率競爭力如何？謝謝。

Good. Let me start, Warren, with LatAm, and then I will give the word to Srini that will cover Asia in detail. It has been a weak quarter in LatAm for us. We have been lapping very, very strong comparators and markets are under pressure at the time in which we had to increase prices to cope with a sizable devaluation of currencies.

好的。華倫，我先從拉丁美洲開始講起，然後我會把話交給斯里尼，他會詳細介紹亞洲。對我們來說，這是拉丁美洲的疲軟季度。我們一直在與非常非常強大的比較對象競爭，而當時市場正面臨壓力，我們不得不提高價格以應對貨幣大幅貶值。

The Brazilian and Mexico economies are experiencing a significant slowdown, extremely high interest rates in Brazil, remittances into Mexico down after 11 years of growth, tariffs uncertainty in both countries that -- all these have not been helping.

巴西和墨西哥經濟正經歷顯著放緩，巴西的利率極高，匯入墨西哥的匯款在連續11年增長後出現下降，兩國的關稅都存在不確定性——所有這些都無濟於事。

As a result of all this, the market volume growth to which Unilever is exposed in the region, our turnover-weighted market volume growth moved from 7% growth in half one 2024, 3% in half one 2024 to flat in half one '25 and negative in the quarter two.

所有這些因素導致聯合利華在該地區面臨的市場容量成長，我們的營業額加權市場容量成長率從 2024 年上半年的 7% 成長、2024 年上半年的 3% 變為 2025 年上半年的持平和第二季的負值。

I feel important point to highlight that as our shares are strong in the region. We have had gains in shares in LatAm in the last six quarters at an aggregated level. There is only one significant exception in the short term, is Laundry Brazil. I have to recognize that we have scored some own goals there. We went too far with our pricing in the powder format. We lost competitiveness.

我認為需要強調的是，我們的股票在該地區表現強勁。過去六個季度，我們在拉丁美洲的股票總體上有所上漲。短期內只有一個顯著的例外，那就是 Laundry Brazil。我必須承認我們在那裡確實進了一些烏龍球。我們的粉末定價太過分了。我們失去了競爭力。

This has led to some share loss and to some excess of stock in the trade. We have already corrected our pricing in powders. And in a market where there is a fast transition from powders to liquids, we are rolling out our very successful European Wonder Wash mix in quarter three. So we expect a quick return to competitiveness in Laundry in Brazil and overall a significant improvement in South America.

這導致了一些份額損失和貿易庫存過剩。我們已經修正了粉末的定價。在從粉末到液體的快速轉變市場中，我們將在第三季推出非常成功的歐洲神奇洗滌劑混合物。因此，我們預期巴西洗衣業的競爭力將迅速恢復，南美整體產業也將顯著改善。

I would like to highlight also probably the other two largest business in the regions that are Deodorants and Foods. In Deodorants and Foods, our shares has been extremely strong part in deos across the whole region. In Foods, particularly in condiments Brazil, where Hellmann's is going from strength to strength, but we have seen a sharp deceleration of the deos market growth. And we have seen also some slowdown of the Cooking Aids market in Mexico, where, as you know, Knorr has close to 75% share.

我還想強調該地區另外兩個最大的業務，即除臭劑和食品。在除臭劑和食品領域，我們在整個地區的除臭劑市場佔有極其重要的地位。在食品領域，特別是在巴西調味品領域，Hellmann's 的實力不斷增強，但我們看到除臭劑市場的成長急劇放緩。我們也看到墨西哥烹飪輔助品市場有所放緩，如您所知，家樂在該市場的份額接近 75%。

So in aggregate, this is not something we have not seen in LatAm before. Markets in LatAm, given the volatility of the economy there, tend to operate outside the long-term potential growth range, sometimes above, sometimes below.

所以總的來說，這並不是我們以前在拉丁美洲沒有見過的事情。鑑於拉丁美洲經濟的波動性，拉丁美洲市場往往運行在長期潛在成長範圍之外，有時高於，有時低於。

We will do what we have done always, that is focus on protecting our leadership positions. We will restore our strategic pricing relativity where necessary, like the case of laundry powder, and we will keep innovating in our brands. So the markets will turn.

我們將繼續做我們一直在做的事情，那就是專注於捍衛我們的領導地位。我們將在必要時恢復我們的策略定價相對性，例如洗衣粉的情況，並且我們將繼續創新我們的品牌。因此市場將會發生轉變。

Our expectation is that markets will get better by the end of the year. But let's see. Srini, India, Indonesia and China?

我們預計到今年年底市場將會好轉。但讓我們看看。斯里尼、印度、印尼和中國？

Look, Thanks, Warren. I think it's -- we've been calling about our emerging markets being a strength for us, notably the Asia Pac. And we've also told you earlier that we will see positive growth coming up in half two. Actually, quarter two is a good proof point of it, where our growth rates are actually in excess of 5% in the Asia Pac region. And that starts to give us a good flavor in terms of the trajectory that we are on.

瞧，謝謝你，沃倫。我認為——我們一直在呼籲新興市場成為我們的優勢，尤其是亞太地區。我們之前也告訴過您，我們將在下半年看到正成長。事實上，第二季度就是一個很好的證明，我們在亞太地區的成長率實際上超過了 5%。這讓我們對我們所走的軌跡有了很好的認識。

If I pick up India. In our last call, we had told you that, look, we don't see any more additional headwinds. There is tailwinds coming through given the macros, disposable income, various measures taken by the government, that has really started to play. On a MAT basis, we see volume stability. And if you've actually seen the market growth in the last 12 weeks, we see an improvement. There has also been a big work, which has happened in terms of the portfolio transformation, where we are actually investing behind the market makers, beyond the core portfolio.

如果我選擇印度。在我們上次通話中，我們告訴過您，我們沒有看到其他不利因素。考慮到宏觀因素、可支配收入以及政府採取的各種措施，順風已開始真正發揮作用。從 MAT 來看，我們看到了成交量穩定性。如果你確實看到過去 12 週的市場成長，你會看到一種改善。我們在投資組合轉型方面也做了大量工作，實際上我們在核心投資組合之外，對做市商進行投資。

When we add up all of this, we've started to see a step-up in volume. We are also investing behind both core and in the future formats. And then now you start to see that India has actually got into volumes of upwards of four. It's broad-based. The important element is that we see good performance in Home Care, where we see high single-digit volumes. We have seen the headline growth rates pick up both in Beauty and in Personal Care, and some of the drag in Foods is sequentially actually getting better.

當我們把所有這些加起來時，我們開始看到數量的增加。我們也對核心格式和未來格式進行了投資。現在你開始看到印度實際上已經達到了四倍以上的數量。它具有廣泛的基礎。重要的是，我們看到家庭護理業務表現良好，其銷售量達到較高的個位數。我們看到，美容和個人護理產品的整體成長率都在上升，而食品業的部分拖累實際上也逐漸改善。

From a channel perspective, very strong plans, not just on the general trade, but on quick commerce and e-commerce. In e-commerce, we are sales are growing in double digit. In quick commerce, we have actually doubled our business, and that's becoming a larger contribution. That again starts to become a tailwind for us as we look at this growth opportunity. So at an aggregate, we feel quite confident and comfortable with the India growth trajectory, and we will expect this to do well. So we will gain shares, we are gaining shares. So there's a lot of confidence in India.

從通路角度來看，我們的計劃非常強大，不僅針對一般貿易，還針對快速商務和電子商務。在電子商務方面，我們的銷售額正以兩位數的速度成長。在快速貿易中，我們的業務實際上已經翻了一番，而且貢獻也越來越大。當我們看到這個成長機會時，這再次成為我們的順風。因此，總體而言，我們對印度的成長軌跡非常有信心和信心，我們預計它會表現良好。因此我們將獲得份額，我們正在獲得份額。因此人們對印度充滿信心。

If I come to Indonesia, you have also seen that today they published their results. Again, this is where we said we are making good progress on fundamentals as well as on the brand measures. On the fundamentals, if you really see, we made all the stock corrections. Our service levels are up by about 26%. We have price stability, which is enabling us to increase actually direct coverage in general trade and improving assortment. We've also reset our cost base through multiple programs, which is actually giving us the fuel to start to invest behind these businesses. You start to see that the sequential trajectory of volumes is getting better.

如果我來到印度尼西亞，你也會看到今天他們公佈了他們的結果。再次，我們說我們在基本面和品牌措施方面都取得了良好進展。從基本面來看，如果你真的看到，我們已經進行了所有的股票調整。我們的服務水準提高了約26%。我們的價格穩定，這使我們能夠增加一般貿易的直接覆蓋範圍並改善產品種類。我們也透過多個專案重置了成本基礎，這實際上為我們開始投資這些業務提供了動力。您開始看到交易量的連續軌跡變得越來越好。

Our volumes are slightly negative in quarter two better than half -- quarter one. And we are confident that in half two, we will come into positive trajectory just by holding our run rates. But more important, there is reason for us to be excited. When you look at some of the future formats such as Beauty & Wellbeing, there is 11% of that business, which is all about future formats, skin, serums.

我們第二季的銷售量略為負，比第一季的一半好。我們有信心，只要保持我們的運行率，我們在第二季度就會進入積極的軌道。但更重要的是，我們有理由感到興奮。當你觀察一些未來的形式，例如美容與健康時，你會發現其中 11% 的業務都與未來的形式、皮膚、精華液有關。

And business is actually growing 36%. So this is just not a fundamental reset of the operational metrics, but we have now started to see some green shoots in terms of real brand measures coming through and brand growth coming through.

而業務實際上成長了36%。因此，這不僅僅是對營運指標的根本重置，而且我們現在已經開始看到實際品牌衡量標準和品牌成長的一些復甦跡象。

And a quick one on China. We've always said that in the sequence, we will start to see Indonesia go much faster and better than China. We are comfortable with how China is progressing. On a RemainCo basis, we are close to flat volumes in quarter two. A lot of fundamental work in terms of go-to-market has already been done, and we are getting good confidence in terms of run rates and, therefore, growth in China.

簡單談談中國。我們一直說，在這個過程中，我們將開始看到印尼的發展速度比中國快得多、好得多。我們對中國的發展感到滿意。以 RemainCo 為基礎，第二季的交易量接近持平。在市場進入方面，我們已經完成了很多基礎工作，我們對運作率以及在中國的成長充滿信心。

We have to admit that the China market is slightly challenging. And I think, Fernando will touch upon it. If there are two places where the market growths are a little under pressure, it's Latin America and China. Notwithstanding that, given the fundamentals and given the run rates, we are confident of China also returning to growth in half two.

我們不得不承認，中國市場確實有些挑戰。我認為費爾南多會談及這一點。如果有兩個地方的市場成長面臨一定壓力，那就是拉丁美洲和中國。儘管如此，考慮到基本面和運行率，我們相信中國經濟也將在第二季恢復成長。

Good. And regarding US, Warren, I feel the performance we have been having in North America, we have already four consecutive quarters of volume growth above 4% at a time in which markets have been visibly tougher. I believe it's a reflection of the profound transformation we have done in our portfolio. The setup of what we call a US for US innovation model and a huge focus in strengthening relations with the retailers, showing them our ability to grow markets.

好的。至於美國，沃倫，我認為我們在北美的表現已經連續四個季度實現了 4% 以上的銷售成長，儘管當時的市場顯然更加艱難。我相信這是我們投資組合深刻轉型的體現。我們建立了所謂的「美國為美國」創新模式，並高度重視加強與零售商的關係，向他們展示我們拓展市場的能力。

After the separation of Ice Cream, our Beauty & Wellbeing, our Personal Care business will represent more than 75% of our revenue in the US. It is an advantaged growth footprint. And as I mentioned to Celine before, we will keep investing organically and through M&A to go deeper in that direction.

冰淇淋、美容及健康業務分開後，我們的個人護理業務將占我們在美國收入的 75% 以上。這是一個得天獨厚的成長足跡。正如我之前向席琳提到的，我們將繼續進行有機投資，並透過併購在該方向上進行更深入的投資。

In the first half of the year, Beauty & Wellbeing, we have had some exceptional performance in Wellbeing. Double-digit growth in both Liquid IV and Nutrafol. Both brands are approaching the $1 billion revenue mark for the year. In Personal Care, as I mentioned before, we have regained market share. We are gaining share again in skin cleansing and in deos.

上半年，美容與健康領域，我們在健康領域取得了一些出色的表現。Liquid IV 和 Nutrafol 均達到兩位數成長。這兩個品牌今年的營收都接近 10 億美元。在個人護理領域，正如我之前提到的，我們已經重新獲得了市場份額。我們在皮膚清潔和除臭劑領域的份額再次增加。

And very importantly, we have had a significant improvement in our position in the super premium segment that, as you know, has been a long-standing issue. There are issues also in the US. We have a weak quarter in Hair Care.

非常重要的是，我們在超高端市場的地位有了顯著提高，正如你所知，這是一個長期存在的問題。美國也存在問題。我們的護髮產品本季表現不佳。

We made an unsuccessful attempt to reposition pricing TRESemme shampoos in the US. This has already been corrected. And we also take the decision, a conscious decision to focus our portfolio behind our Power Brands, Dove, TRESemme, Nexxus and Shea Moisture. And this has basically triggered the delisting -- the initiation of a listing of some unprofitable Dove Hair Care brands in the US like Axe Hair or Love Beauty and Planet.

我們嘗試在美國重新定位 TRESemme 洗髮精的定價，但沒有成功。此問題已修正。我們也做出了決定，有意識地將我們的投資組合集中在強勢品牌 Dove、TRESemme、Nexxus 和 Shea Moisture 上。這基本上引發了退市——一些在美國不盈利的多芬護髮品牌，如 Axe Hair 或 Love Beauty and Planet，開始在美國上市。

I would like to highlight also the impact of our focus in partnership with customers. We have just received the results of the most popular annual retailer survey, it's called Advantage Survey. We are run number one supplier in Personal Care, number one in Foods, number three in Beauty. We have never achieved that before. This is a very different US business to the one we used to have years ago, and we are very confident in our prospects there.

我還想強調一下我們與客戶合作的重點所產生的影響。我們剛剛收到了最受歡迎的年度零售商調查的結果，該調查名為 Advantage Survey。我們是個人護理領域第一大供應商、食品領域第一大供應商、美容領域第三大供應商。我們以前從未實現過這一目標。這與我們多年前在美國的業務截然不同，我們對在那裡的前景非常有信心。

Callum, Bernstein.

卡勒姆，伯恩斯坦。

Perfect. Thank you very much for the questions. Firstly, I wanted to talk to you about the organizational kind of redesign that you announced last November with the sort of segmentation of the business into top 24 markets and One Unilever markets. I don't think you spoke about that at all today on the presentation. So my question is, how is that process progressing? Is the new structure now fully in place? Or are you still implementing that? And have you started to see any of the benefits yet? Just hoping you can give us a little bit of an update there.

完美的。非常感謝您的提問。首先，我想和您談談您去年 11 月宣布的組織架構調整，即將業務細分為前 24 個市場和「一個聯合利華」市場。我認為你今天的演講中根本沒有談到這一點。所以我的問題是，這個過程進展如何？新的架構現在是否已經完全到位？或者你仍在實施該措施嗎？您是否已經開始看到任何好處了？只是希望您能向我們提供一些最新消息。

And then my second question, if that's okay. I just wanted to build on Celine's question about M&A. I guess, more broadly, my question, rather than being specific to Dr. Squatch or Wild, et cetera, is there's obviously a huge amount going on in the business today from new leadership, organizational redesign, the Ice Cream spin, food divestitures and now these new acquisitions as well. So my question here is, what would you say, Fernando, to investors who are concerned that there's a risk of too many plates spinning, I guess, in the business today? Thank you.

然後是我的第二個問題，可以嗎？我只是想進一步回答 Celine 關於併購的問題。我想，更廣泛地說，我的問題不是針對 Dr. Squatch 或 Wild 等公司，而是當今該行業顯然發生了很多變化，包括新領導層、組織重組、冰淇淋旋轉、食品剝離以及現在的這些新收購。所以我的問題是，費南多，對於那些擔心當今業務中存在過多業務風險的投資者，您想說些什麼呢？謝謝。

Thank you. Let me start by organization. It's true. We have organized ourselves in top 24 markets, and from market 25 onwards. We run it in a One Unilever basis. We believe that the biggest markets deserve the focus and a specialization of a category-led organization.

謝謝。讓我先從組織開始。這是真的。我們已經在前 24 個市場以及第 25 個市場進行了組織。我們以「一個聯合利華」為基礎來運作它。我們相信，最大的市場值得類別主導型組織的關注與專業化。

And for market 25 onwards, we don't have enough critical mass to make that happen. We have landed the divisionalization of our sales force in the top 24 markets. We have 63 different sales force now. This is a key, key priority in the business. We initiated that in January 1. It is completed.

對於第 25 個及以後的市場，我們沒有足夠的臨界質量來實現這一目標。我們已在前 24 個市場實現了銷售團隊的分工。我們現在有 63 位不同的銷售人員。這是業務中的一個關鍵、關鍵的優先事項。我們從 1 月 1 日就開始這麼做了。已完成。

I cannot say that I'm absolutely happy with that. There is significant progress that have to be made. I believe that in the last three years, we have made significant, significant improvement in our product development and in the management of our category strategies and our brands' innovation plan. But execution has to improve in the markets, and this is the reason that we have decided on this divisionalization.

我不能說我對此絕對滿意。我們必須取得重大進展。我相信在過去三年中，我們在產品開發、品類策略管理和品牌創新計畫方面取得了顯著的進步。但市場執行力必須提高，這就是我們決定進行分部化的原因。

In the One Unilever markets, it's going very, very well. We have grown both in quarter two and in half one in this market close to 5%, more precisely, 4.9% with 3.2% under -- sorry, with 1.6% underlying volume growth and 3.2% pricing. We are running these markets now with an organization that is 35% smaller. So this business has become accretive in profit to Unilever also and it's a taker of innovation from the category-led organization that runs our top 24 markets.

在「一個聯合利華」市場中，一切進展非常順利。我們在第二季和上半年在這個市場上都實現了接近 5% 的成長，更準確地說是 4.9%，其中基礎銷量成長 1.6%，定價成長 3.2%。我們現在用一個規模縮小了 35% 的組織來經營這些市場。因此，這項業務也為聯合利華帶來了利潤成長，並且它也從負責我們前 24 個市場的品類主導型組織中吸收了創新。

Regarding M&A, our responsibility is to keep doing a rotation in our portfolio that fundamentally expose us to higher growth. I believe the most important metric of any business is a turnover weighted market volume growth, the market volume growth at which business is exposed. We want to consolidate our market volume growth exposure in the US.

關於併購，我們的責任是不斷輪換我們的投資組合，從根本上讓我們獲得更高的成長。我認為任何企業最重要的指標是營業額加權市場容量成長，也就是企業所處的市場容量成長。我們希望鞏固我們在美國市場銷售的成長。

And also, I believe that one of the fundamental strategic issues of Unilever is the fact that we are in certain way a federation of local and regional brands. And building a strong portfolio in the US give us the possibility of building a portfolio that is more cohesive and more consistent globally with American brands that travel internationally into the premium segment, into the digital commerce channel. So in fast-moving consumer goods, you have to do many things and you have to do all them fast. So we are taking on that challenge and we are confident that we can manage that.

而且，我相信聯合利華的基本策略問題之一是，我們在某種程度上是一個地方和區域品牌的聯盟。在美國建立強大的產品組合使我們能夠建立一個更具凝聚力、更符合全球趨勢的產品組合，與那些進入國際高端市場和數位商務通路的美國品牌保持一致。因此，在快速消費品領域，你必須做很多事情，而且你必須快速完成所有事情。因此，我們接受這項挑戰，並且我們有信心能夠應對。

Thank you.

謝謝。

Olivier, Goldman Sachs.

奧利維爾，高盛。

Hi, good morning, Fernando, Srinivas and Jemma. Just two questions first. First one, going back to the margin guidance, and the implied a strong progression that you are going to have in H2. Is there any particular divisions or regions where it's going to be more pronounced?

嗨，早上好，Fernando、Srinivas 和 Jemma。首先只問兩個問題。首先，回到利潤率指導，這意味著下半年將強勁成長。是否存在某些特定的部門或地區會更明顯？

And then secondly, on -- just coming back on Ice Cream and on the demerger, the fact that you will retain a 20% stake, which you will sell over time, will the proceeds be helping essentially to reduce Unilever debt? Or is there any tax liabilities arising from the spin-off that you will have to pay?

其次，回到冰淇淋和分割的問題上，事實上您將保留 20% 的股份，並隨著時間的推移出售這些股份，這些收益是否有助於減少聯合利華的債務？或分拆後您是否需要支付任何稅務責任？

Srini?

斯里尼？

Olivier, I think first, it's important to highlight the quality of margins and quality of profitability. I think that's the more important element for me. This is coming through from the right levers that we exercise, which is really volume, superior mix, absolute world-class savings coming through from our procurement organization and a cost discipline end-to-end and cost to serve, and really our repositioning of our capital expenditure, which has happened towards savings.

奧利維爾，我認為首先，強調利潤率和獲利能力的品質非常重要。我認為這對我來說是更重要的因素。這是透過我們運用的正確手段實現的，即真正的數量、卓越的組合、來自我們採購組織的世界級絕對節約、端到端的成本控制和服務成本，以及我們對資本支出的重新定位，這都是為了節約。

Along with that, there has been an enhanced focus around productivity. We are actually now cumulatively talking about our organization productivity savings at EUR650 million, which is EUR100 million over and above what we achieved or what we told you earlier. This is actually giving us, and most important element for us is that we are investing competitively behind our businesses, between 15% and 16%. And we will keep this going into half two.

除此之外，人們也更重視生產力。實際上，我們現在累積談論的組織生產力節省額為 6.5 億歐元，比我們所實現的或我們之前告訴您的數字高出 1 億歐元。這實際上給了我們最重要的因素，即我們對我們的業務進行了有競爭力的投資，投資額在 15% 到 16% 之間。我們將持續這一進程直至下半年。

What gives us confidence into half two to at least from the reason for us calling out an 18.5%? The levers and drivers that I spoke about remain intact. Commodity outlook is relatively stable notwithstanding some variations to ForEx. We have good covers, physical as well as financial instruments. Having said that, there is a bit of an uptick when it comes to the cost in half two versus half one.

是什麼讓我們對一半的預測充滿信心，至少從我們預測 18.5% 的原因來看？我所說的槓桿和驅動因素仍然完好無損。儘管外匯市場存在一些變化，但商品前景相對穩定。我們有良好的保險，包括實體保險和金融保險。話雖如此，二分之一的成本相對於一分之一還是略有上漲。

So when we take both of these and continue to invest behind our business, we will improve margins. We should also say that our half two guidance actually includes Ice Cream's. And therefore, there is a mix effect, which has played out slightly adverse.

因此，當我們採取這兩項措施並繼續投資於我們的業務時，我們就會提高利潤率。我們還應該說，我們的一半指導實際上包括了冰淇淋。因此，就產生了混合效應，其結果略微不利。

Coming back to your question, so therefore, there is enough ammunition for us to do the right things for the business, invest behind the business, invest behind our growth and enhance margins. Will this play out very differently across the business groups? Nothing material that we would like to call because the profile of the margins is different in each of the business groups.

回到你的問題，因此，我們有足夠的彈藥為業務做正確的事情，投資業務，投資我們的成長並提高利潤率。這在各個業務集團會呈現截然不同的結果嗎？我們不想稱之為重要的事情，因為每個業務組的利潤率狀況都不同。

There are some dynamics which are slightly different, investments levels which are different, and we will do that with agility. At this stage, I don't believe we need to make the distinction between business groups, but appropriate to say that we are adequately invested behind each of them and delivering the expansion.

有些動態略有不同，投資水準也不同，我們會靈活地做到這一點。在這個階段，我認為我們不需要區分各個業務集團，但可以說，我們在每個業務集團背後都進行了充分的投資，並實現了擴張。

On the second part, there is a strategic element to the stake, which Fernando can touch upon. As far as we are concerned on the stake, this will be a little below 20%. We will have to hold this at a maximum period of five years as per the US IRS guidelines, and we will stick to that. We have said that we will look to reducing the stake in an orderly fashion.

第二部分，股權涉及策略因素，費爾南多可以談及這一點。就我們的股權而言，這個比例將略低於 20%。根據美國國稅局的指導方針，我們必須將此期限最多保留五年，我們將堅持這一點。我們曾表示，我們將尋求有序地減少股份。

The purpose for the reduction of the stake is clear. The costs which are coming or the on costs which are coming from the demerger, that will be first element. There will be on cost, which is separation, some tax costs or the second element would be really to pay down our debt. These are the two objectives, and that is what we intend to do with the proceeds.

減持的目的很明確。即將產生的成本或分拆而產生的成本將是首要因素。其中會涉及成本，即分離、一些稅收成本，或第二個要素實際上是償還我們的債務。這就是兩個目標，也是我們打算用收益來實現的目標。

Yeah. And just to say that the retention of our stake just below 20% shows the confidence we have in the potential of the Ice Cream company as an independent business. That was exactly what we said in March last year when we decided the demerger of the company that we saw that the Ice Cream company could thrive as an independent company with a tailor-made business model to develop.

是的。並且，我們保留略低於 20% 的股份表明了我們對冰淇淋公司作為獨立企業的潛力充滿信心。這正是我們去年 3 月決定拆分公司時所說的，我們認為冰淇淋公司可以作為一家獨立公司蓬勃發展，並擁有量身定制的商業模式。

And we believe that, that will happen and the results that we are having in the first half of the year show that we are increasing competitiveness that the business has made significant progress in terms of innovation and execution.

我們相信，這將會發生，我們在上半年取得的結果表明，我們正在提高競爭力，業務在創新和執行方面取得了重大進展。

Coming back to the margin, I would just like to highlight something. The times of Unilever trading off lower and competitive investment in our brands to deliver some more profit are gone. We will protect the investment behind our brands, and we consider gross margin expansion, consistent gross margin expansion the backbone of our financial plan to provide us with the fuel to allow us for that competitive investment. We will keep investing competitively. We believe that the levers that we have achieved now of around 15% to 16% are the right one. But we will not compromise on that.

回到邊緣，我只想強調一些事情。聯合利華透過降低品牌競爭力來獲取更多利潤的時代已經一去不復返了。我們將保護品牌背後的投資，我們認為毛利率擴張、持續的毛利率擴張是我們財務計畫的支柱，為我們提供動力，讓我們能夠進行有競爭力的投資。我們將繼續進行有競爭力的投資。我們相信，我們現在實現的約 15% 至 16% 的槓桿是正確的。但我們不會就此妥協。

Guillaume, UBS.

瑞銀的 Guillaume。

Thank you very much and good morning all. I mean, for my first question, maybe to follow up on what you've just said, Fernando. Your BMI levels, because they increased again in the first half, 15.5%, more than 200 basis points above the levels of 2022. So do you think you currently have the right share of voice and that the current level of BMI gives you a material competitive advantage? Or maybe given how competitive the environment is, and also your ambition to drive desire at scale, should BMI continue to grow ahead of sales and continuing in the second half of 2025 in particular?

非常感謝，大家早安。我的意思是，對於我的第一個問題，也許是為了跟進你剛才所說的內容，費爾南多。您的 BMI 水平，因為在上半年再次上升了 15.5%，比 2022 年的水平高出 200 多個基點。那麼，您是否認為您目前擁有正確的話語權，而目前的 BMI 水準為您帶來了實質的競爭優勢？或者考慮到競爭環境有多激烈，以及您大規模推動需求的雄心，BMI 是否應該繼續保持領先於銷售額的成長，尤其是在 2025 年下半年繼續保持這種成長？

And maybe related to that, I mean, we hear a lot of your competitors talk about an increase in the number of new product launches this year, particularly in the second half. Is it something that you will also do? Or are you still more focused on fewer but bigger and better innovations?

也許與此相關的是，我們聽到許多競爭對手談論今年新產品推出的數量有所增加，特別是在下半年。您也會這麼做嗎？還是您仍然更關注數量更少但規模更大、品質更好的創新？

And then my second question is on the Foods division. Because of your five global business units in the first half, Foods was the only one to achieve some improvement in underlying operating margin, and it was quite significant. I think it was around 100 basis points. So can you maybe touch on the main drivers behind this strong uptick?

我的第二個問題是關於食品部門的。由於你們上半年有五個全球業務部門，所以食品部門是唯一一個基礎營業利潤率有所提升的部門，而且提高幅度相當大。我認為大約是 100 個基點。那麼，您能否談談這種強勁上漲背後的主要驅動因素？

And maybe whether going forward, we should view Foods as a key margin improvement engine for Unilever because you've got strong productivity programs there trying to simplify the portfolio and maybe less of a need of a step-up in BMI in that business? Thank you very much.

也許，展望未來，我們是否應該將食品視為聯合利華提高利潤率的關鍵引擎，因為你們在那裡制定了強大的生產力計劃，試圖簡化產品組合，也許不太需要提高該業務的 BMI？非常感謝。

Cool. Thank you, Guillaume. Let me start with the Foods question. It's true. We have had a significant acceleration of volume growth and of margin in Foods. And I believe when you look with the prints of most food companies, I believe that is a very, very competitive performance. I believe that our Food business has an advantaged growth footprint. It's a very concentrated business.

涼爽的。謝謝你，紀堯姆。讓我先從食品問題開始。這是真的。我們的食品銷量成長和利潤率均顯著加快。我相信，當你查看大多數食品公司的表現時，你會發現這是一個非常非常有競爭力的表現。我相信我們的食品業務具有優勢的成長足跡。這是一項高度集中的業務。

Hellmann's and Knorr represents 60% of our business in Foods, two very big brands. And foodservice is a very strong business even if this year, we are having a more flattish performance in foodservice, particularly because it is a business that has close to 30% exposure to China and the market there has been a bit softer.

亨氏和家樂這兩個大品牌佔了我們食品業務的 60%。儘管今年我們在餐飲服務方面的表現比較平淡，但餐飲服務仍然是一個非常強勁的業務，特別是因為這項業務有近 30% 的業務來自中國，而那裡的市場略顯疲軟。

So it's a good performance in Foods. We are happy with that. Hellmann's is going from strength to strength. We mentioned significant, very significant share gains in Brazil and in the US. We have very, very strong leading positions there.

所以它在食品方面表現良好。我們對此感到高興。亨氏公司 (Hellmann's) 的實力日益增強。我們提到了巴西和美國的市場份額顯著增長。我們在那裡擁有非常非常強大的領先地位。

These are the two biggest markets of Hellmann's. And in Knorr, we are really -- we have more work to do in Knorr. I believe the brand doesn't have the level of coherence and consistency that we need. But we are making significant improvements there. So it's a business that provides accretive margin to Unilever, significant cash has very, very high return on invested capital. So it's the reasons that we are very happy, and we believe it's one of the best Food business in the world even if it's not one of the largest.

這是 Hellmann's 最大的兩個市場。而在 Knorr，我們確實——我們在 Knorr 還有很多工作要做。我認為該品牌不具備我們所需的連貫性和一致性。但我們正在那裡取得重大進展。因此，這是一項為聯合利華提供增值利潤的業務，大量現金的投資資本回報率非常高。所以這是我們非常高興的原因，我們相信它是世界上最好的食品企業之一，即使它不是最大的食品企業之一。

In the case of your first question regarding the BMI levels, the level of investment. We have really increased our investment level significantly from 2022 onwards. There is an implicit recognition that the levels at which we were investing three years ago were absolutely uncompetitive. We feel much more comfortable now with the level of investment between 15% and 16%. Of course, part of that increase is mix related.

關於您第一個問題，關於 BMI 水平，即投資水平。從 2022 年開始，我們確實大幅提高了投資水準。我們隱約認識到，三年前我們的投資水準絕對沒有競爭力。我們現在對 15% 至 16% 之間的投資水準感到更加滿意。當然，這種增長有一部分是與混合有關的。

Our Beauty & Wellbeing and our Personal Care business has been growing faster than the rest of the portfolio, and they are more demanding in terms of the level of investment behind the brands that you need. Measuring share of voice now is very difficult, particularly in the context of explosion of digital media. But I believe that the most important metric for us is the strengthening of our UBS, our unmissable brand superiority scores. We have now 60% of our revenue, improving UBS.

我們的美容與健康和個人護理業務的成長速度快於其他業務，而且它們對所需品牌背後的投資水準的要求更高。現在衡量聲音份額非常困難，特別是在數位媒體爆炸式增長的背景下。但我相信，對我們來說最重要的指標是加強我們的 UBS，這是我們不可錯過的品牌優勢分數。我們現在有 60% 的收入用於改善瑞銀。

In terms of product launches, we continue focus in doing stuff with impact. So we prefer to really focus in our Power Brands that you have seen grown above the average of the group in the quarter two. We are doing big, big initiatives and, fundamentally, we are rolling it out faster. The best example probably is Wonder Wash in Home Care, in which we will be in close to 50 countries by the end of this year after initiating the process in Europe with a lot of success. So that's basically what I can say about BMI levels, good levels of support.

在產品發布方面，我們繼續專注於做有影響力的事情。因此，我們更願意真正關注我們的強勢品牌，正如您所見，這些品牌在第二季度的成長超過了集團的平均水平。我們正在進行重大舉措，而且從根本上來說，我們正在更快地推出這些舉措。最好的例子可能是家庭護理領域的 Wonder Wash，我們在歐洲啟動該業務並取得巨大成功，到今年年底，該業務將覆蓋近 50 個國家。這就是我所說的關於 BMI 水準、良好支持水準的基本情況。

We feel comfortable with that, somewhere between 15% and 16%. As a result of that kind of increased investment and more quality in the innovation and in the brand management that we are having, we see our brands strengthening, we see our shares improving.

我們對此感到滿意，大約在 15% 到 16% 之間。由於我們在創新和品牌管理方面增加了投資並提高了質量，我們的品牌得到了加強，我們的市場份額也得到了提高。

Jeremy, HSBC.

傑瑞米，匯豐銀行。

Hi, morning, thanks for taking the question. So two from me. The first one is, could you just give us a bit more of a kind of a wrap up of your market shares across the business and where you think you are relative to your end markets, something on the -- sort of percent gaining and then just where you are relative to end markets?

大家好，早安，謝謝您回答這個問題。我有兩個。第一個問題是，您能否向我們詳細介紹一下貴公司的整個業務的市場份額，以及您認為貴公司相對於終端市場的狀況，百分比增長情況，以及貴公司相對於終端市場的狀況？

And then the second one is, could you go to a bit more detail on the volume performance in Personal Care? So obviously, it was quite robust growth for the division in the quarter, but pretty much all of that gain came from pricing. So what was it that led to the volume slowdown in PC, so kind of all LatAm? Or was there some slowdown in other elements of the business and what you'd expect for the second half there? Thanks.

第二個問題是，您能否更詳細地介紹一下個人護理產品的銷售表現？顯然，該部門本季實現了相當強勁的成長，但幾乎所有的成長都來自定價。那麼，是什麼原因導致 PC 市場以及整個拉丁美洲地區的交易量下降呢？或者業務的其他要素出現了一些放緩？您對下半年的情況有何預期？謝謝。

Thank you, Jeremy. Market shares, the picture I can give you is that we are gaining -- I feel you look at the same numbers I look at. I feel many of you publish Nielsen data. And I believe it's very clear that our performance in US and Europe is significantly above the market, so we are gaining shares in US . We are gaining shares in Europe and we are gaining shares in India. So these are three of our most important markets, and we are with a positive trajectory in share there.

謝謝你，傑瑞米。市場份額，我可以給你的圖像是我們正在獲得——我覺得你看到的數字和我看到的是一樣的。我覺得你們中有很多人都發布了尼爾森數據。我相信，我們在美國和歐洲的表現明顯高於市場，因此我們在美國的份額正在成長。我們在歐洲的市佔率正在擴大，在印度的市佔率也在擴大。這是我們最重要的三個市場，我們在這些市場的份額呈現正面的成長趨勢。

I would highlight again the fact that we came back to share gain in deos and in skin cleansing in US. This has been a long-standing issue. We have put a lot of focus there in developing our presence in the premium segment, and we are very pleased with the development that we are having with our business there.

我想再次強調的是，我們在美國除臭劑和皮膚清潔產品的市場份額再次獲得成長。這是一個長期存在的問題。我們非常重視發展我們在高端市場的份額，我們對我們在那裡的業務發展感到非常滿意。

In Latin America, as I mentioned before, we have in the short term some decline in laundry powders, but in the rest of the categories we are in a positive momentum. And aggregated shares has been positive in Latin America for six quarters now. Of course, we have been losing share in Indonesia. We have been losing some share in China. And Southeast Asia is relatively flat, slightly down in a category like Hair Care, but nothing significant.

在拉丁美洲，正如我之前提到的，短期內我們的洗衣粉銷量有所下滑，但其他類別的銷量勢頭良好。拉丁美洲的總體份額已連續六個季度為正。當然，我們在印尼的市佔率一直在下降。我們在中國已經失去了一些市場份額。東南亞則相對平穩，在護髮等類別中略有下降，但並不顯著。

Regarding the volume performance in Personal Care. Again, our sales in Personal Care are very, very strong. We have significant grades growth across most markets. Dove performance that you know is close to 40% of our Personal Care business is very, very robust, 8% growth. I think we have now close to seven, eight quarters with more than 8% growth in that. However, I believe Personal Care is very exposed to Latin America, and there was a sharp deceleration of the deos market in the last few quarters.

關於個人護理的銷售表現。再次強調，我們的個人護理產品銷售非常強勁。我們在大多數市場的成績都有顯著的成長。您知道，多芬的業績占我們個人護理業務的近 40%，成長非常強勁，達到 8%。我認為現在已有接近七、八個季度的成長率超過 8%。然而，我認為個人護理產品在拉丁美洲的銷售量非常可觀，而且過去幾季除臭劑市場的成長速度急劇放緩。

The last quarter was something like minus 5% in volume. That is completely an outlier. We expect that to recover. And also, I would say that the price increases that we put both in Latin America and in skin cleanse in India, in the case of Latin America to deal with significant depreciation of currency, and in the case of skin cleanse in India, to deal with a significant palm oil inflation, put some kind of a break in our volumes.

上一季的銷量大約下降了 5%。這完全是個異常現象。我們預計這一數字將會恢復。另外，我想說的是，我們在拉丁美洲和印度的皮膚清潔劑方面都提高了價格，在拉丁美洲是為了應對貨幣的大幅貶值，在印度是為了應對棕櫚油的大幅通膨，這在一定程度上抑制了我們的銷售。

But we believe this is a short-term thing. We are confident in the power of our portfolio in Personal Care, and we expect Latin America in Personal care, the markets to really come back, if not in the quarter three, probably in quarter four. So that's basically the picture we have in performance in Personal Care.

但我們相信這只是短期現象。我們對個人護理產品組合的實力充滿信心，我們預計拉丁美洲的個人護理市場將真正復甦，如果不是在第三季度，也可能是在第四季度。這就是我們在個人護理領域的基本表現。

Jeff, BNP.

傑夫，英國國家銀行。

Hi, thank you, Jemma. Just one question, if I may. On retaining the 20% stake, I'm just a little bit confused as to why you're doing this. You talk about costs, et cetera, but I can't see the RemainCo would have any great issue shouldering any cost. So could you just kind of flesh out a little bit why exactly you're going to retain this 20% stake? Thank you.

嗨，謝謝你，傑瑪。如果可以的話，我只想問一個問題。關於保留 20% 的股份，我只是有點困惑你為什麼要這樣做。你談到了成本等等，但我認為留歐派不會在承擔任何成本方面遇到什麼大問題。那麼，您能否稍微解釋一下為什麼要保留這 20% 的股份？謝謝。

Jeff, we are very, very confident in the trajectory of the Ice Cream business as an independent company. We wanted to provide some stability also for the business in the beginning. We have decided net debt levels for both Ice Cream and the remaining company, and this will be communicated in the Capital Markets Day later in the year. And the retention of the stake is fundamentally related with that.

傑夫，我們對冰淇淋業務作為獨立公司的發展軌跡非常有信心。我們一開始也想為業務提供一些穩定性。我們已經決定了 Ice Cream 和剩餘公司的淨債務水平，並將在今年稍後的資本市場日上公佈。而股權的保留從根本上與此相關。

And as Srini said before, we will dispose that before five years, this regulatory constraint we have, and we will do it in an orderly manner to fundamentally pay for some of the separation costs, some of the tax leakage and, of course, to reduce debt also. So that's everything we can say. But as I mentioned before, very, very confident in the potential of the Ice Cream company, significant growth opportunity and also a significant expansion of EBITDA possible in that business. I will definitely keep my shares.

正如斯里尼之前所說，我們將在五年內解除這項監管限制，並將有序地進行，從根本上支付部分分離成本、部分稅收流失，當然，還可以減少債務。這就是我們能說的全部了。但正如我之前提到的，我們對冰淇淋公司的潛力非常有信心，該業務具有巨大的成長機會，並且 EBITDA 也可能大幅擴張。我一定會保留我的股份。

Sarah, Morgan Stanley.

莎拉，摩根士丹利。

Thanks for taking my questions. I've got two. The first one was on tariffs. You highlighted some inventory builds for supply chain management and tariffs and so on at the half year stage. Can you just give us an update on how you think you're going to be affected by tariffs and whether -- what impact that's having on your second half margin guide?

感謝您回答我的問題。我有兩個。第一個是關於關稅的問題。您強調了半年階段供應鏈管理和關稅等方面的一些庫存建設。您能否向我們介紹一下您認為關稅將如何影響您，以及這會對您的下半年利潤率指南產生什麼影響？

And the second one, Fernando, struck by your comments about wanting to shift more into Beauty & Personal Care and so on. And obviously, you've been doing M&A to sort of further that and the organic growth (inaudible). I guess the question would be, to what extent are you considering more disposals to kind of further accelerate that shift? Thanks.

第二位，費爾南多，我對您關於想要更多地轉向美容和個人護理等業務的評論印象深刻。顯然，你一直在進行併購，以進一步實現有機成長（聽不清楚）。我想問題是，您在多大程度上考慮進行更多處置以進一步加速這種轉變？謝謝。

So on the tariffs part, it's good to clarify that most of our supply chain is actually localized. But we did have items of packaging material and some critical raw material coming out of various markets, which are subject to tariff.

因此，就關稅部分而言，有必要澄清的是，我們的大部分供應鏈實際上都是本地化的。但我們確實有一些來自各個市場的包裝材料和一些關鍵原材料，這些都需要繳納關稅。

While at an overall aggregate level, tariffs was absolutely a manageable number for us and still is and, therefore, we don't have to specifically call it out. It's in the realms of what we manage is inflation. The important element for us was to really ensure supply resilience.

從整體總量來看，關稅對我們來說絕對是一個可控的數字，現在仍然如此，因此，我們不必特別指出這一點。我們所管理的範圍就是通貨膨脹。對我們來說，重要的是真正確保供應彈性。

When we had this lot of macroeconomic uncertainty coming from tariffs, where we wanted to protect ourselves was really supply security so that we could have enough stocks to produce and sell and distribute. So our stocking up was predominantly led by having that stock flexibility and not so much from a cost angle. That's the reason we took upon inventory.

當我們面臨來自關稅的許多宏觀經濟不確定性時，我們真正想要保護的是供應安全，以便我們能夠有足夠的庫存來生產、銷售和分銷。因此，我們的庫存主要取決於庫存彈性，而不是成本角度。這就是我們進行庫存盤點的原因。

Now having experienced this volatile world for a few months, we're reasonably confident to really bring down and optimize the inventory, and we'll do that. But on the tariffs question, yeah, it's not something which is really material for us at an aggregate and well within our margin guidance for half two.

現在，在經歷了幾個月的動盪世界之後，我們有信心真正降低和優化庫存，我們會做到這一點。但關於關稅問題，是的，從總體上來說，這對我們來說並不是一個真正重要的事情，而且完全在我們下半年的利潤預期之內。

And regarding M&A and disposals, I have been very clear about our priorities, I call it more Beauty, more Personal Care, more US, more India, more premium, more e-commerce. That's the way we want to shift our portfolio. And disposals play a role in accelerating that shift. We have a plan of around EUR1.5 billion to EUR2 billion of disposals.

關於併購和處置，我非常明確我們的優先事項，我稱之為更多美容、更多個人護理、更多美國、更多印度、更多高端、更多電子商務。這就是我們想要轉變投資組合的方式。而處置在加速這一轉變方面發揮作用。我們計劃出售約15億歐元至20億歐元的資產。

It's a combination of fundamentally local brands in Europe Foods and around EUR0.5 billion of laundry and sustainable competitive positions in One Unilever markets, small markets in which we don't have leading positions in laundry. We have already announced several disposals in the last year or so, Unox, Zwan, Conimex, The Vegetarian Butcher, and we have many, many process in play now. But we will dispose this business, protecting value for our shareholders. And they are not in a fire sale and we will ensure that we get enough value for that.

它是歐洲食品的本土品牌和價值約 5 億歐元的洗衣品牌以及在聯合利華一體化市場（我們在洗衣領域尚未佔據領先地位的小型市場）的可持續競爭地位的組合。在過去一年左右的時間裡，我們已經宣布了幾項處置計劃，包括 Unox、Zwan、Conimex、The Vegetarian Butcher，現在我們正在進行許多處置計劃。但我們將處置這項業務，保護股東的利益。而且它們並不是進行賤賣，我們會確保獲得足夠的價值。

David, Jefferies.

大衛·傑弗里斯。

Thanks, Jemma. Good morning all. Two from us. One more broader, one more detailed, I guess. Just the broad one, just on pricing levels, are there any categories or markets where you feel that prices are too high? And I'm just thinking that a lot of competitors in the US are talking about consumer revolt on pricing levels given the rise in the last couple of years.

謝謝，傑瑪。大家早安。我們有兩個。我想，一個更廣泛，一個更詳細。就價格水平而言，您是否認為某些類別或市場的價格過高？我只是在想，鑑於過去幾年價格上漲，美國的許多競爭對手都在談論消費者對定價水準的反抗。

India, you seem to be taking pricing down a little bit to stimulate volumes. Indonesia, you're resetting as well. So with margin now looking like over 20% ex Ice Cream, that's a pretty high level versus the past. Is there any way where you feel like there is a risk that, that margin needs to come down and, or pricing needs to come down to be more competitive and restimulate volumes?

印度，你們似乎正在稍微降低價格以刺激銷售量。印度尼西亞，你也正在重置。因此，現在的利潤率看起來已經超過 20%（不包括冰淇淋），與過去相比，這是一個相當高的水平。您是否認為有這樣的風險：利潤率需要降低，或者價格需要降低，以更具競爭力並重新刺激銷售？

And then the more detailed question was just on the spin again. The tax leakage, I think you talked before about there is a tax leakage even with a spin setup. Can you quantify that today what the actual tax payment will be? Thank you.

然後更詳細的問題又出現。稅收流失，我想您之前談過，即使有旋轉設置，也存在稅收流失。您能量化一下今天的實際納稅額是多少嗎？謝謝。

Hey, David, thank you. Good morning. On pricing, I have mentioned before, there are a couple of, I would say, category country sales in which we probably have gone too far. In the case of Laundry Brazil, we increased pricing. We have close to 65% share there in laundry powders. When there is significant cost and significant currency devaluation, we usually lead with pricing in the market.

嘿，大衛，謝謝你。早安.關於定價，我之前提到過，我想說，在幾個類別的國家銷售中，我們可能做得太過頭了。就 Laundry Brazil 的案例而言，我們提高了價格。我們的洗衣粉市佔率接近 65%。當成本大幅增加且貨幣大幅貶值時，我們通常會以市場定價為主導。

It usually takes 8, 12 weeks for competition to follow. That's a kind of historic norm. It has not been the case. And when competition don't follow, we reset the strategy in pricing to this higher level because we will never allow people to take volume on pricing from us. In the case of US, we have two different situations.

比賽通常需要8至12週的時間才能結束。這是一種歷史規範。但事實並非如此。當競爭對手不再跟進時，我們會將定價策略重新調整到更高的水平，因為我們絕對不會允許別人從我們這裡搶佔定價份額。就美國而言，我們有兩種不同的情況。

One, we've tried to reposition pricing in Dove Hair and in TRESemme with significant relaunches. In the case of Dove Hair, has been very, very successful, a significant uplift in our pricing, elevation of the quality of our brand.

首先，我們嘗試透過重大的重新推出來重新定位 Dove Hair 和 TRESemme 的定價。就多芬護髮產品而言，它取得了非常大的成功，顯著提高了我們的定價和品牌品質。

In the case of TRESemme where we have done that with success in styling. In the case of shampoo and conditioner, we have not been so successful and we have rolled back our pricing to ensure competitiveness and protect our volumes. So these are the places in which, I would say, there has been correction in pricing down.

在 TRESemme 的案例中，我們在造型上成功地做到了這一點。就洗髮精和護髮素而言，我們的業績並不理想，因此我們降低了價格以確保競爭力並保護我們的銷售。所以我想說，這些地方的價格已經出現下調調整。

In the case of India also, not triggered by us, but triggered by a competitor, there was a decrease of liquids of around 17% that we already commented in the quarter one. Volume reaction to that has been very, very significant. We landed that pricing even before our competition and we have seen a significant increase in our volumes in Home Care in India.

在印度，液體量也下降了約 17%，這並不是由我們引發的，而是由競爭對手引發的，我們在第一季就已經對此進行了評論。對此的成交量反應非常非常顯著。我們甚至在競爭對手之前就確定了這項定價，我們在印度家庭護理領域的銷售也顯著成長。

Regarding the spin and the tax leakage, we will not give details at this stage. I feel we have given all the information that is necessary. And of course, there will be more information coming along the year, particularly in the Capital Markets Day of Ice Cream on September 9.

關於分拆和稅收流失，我們現階段不會透露細節。我認為我們已經提供了所有必要的資訊。當然，今年還會有更多資訊公佈，特別是 9 月 9 日的資本市場冰淇淋日。

Vika, Bank of America.

維卡，美國銀行。

Thank you very much. I'll be quick. First of all, are you still targeting hard currency EPS growth in 2025? And could you help us think about your return on invested capital improvement? You are talking about 100 basis points coming from Ice Cream. At the same time, in Ice Cream presentation, if I recall correctly, management was talking about 23% return on invested capital for Ice Cream itself. How should we add up those two numbers, please? Thank you so much.

非常感謝。我會很快的。首先，您是否仍以 2025 年硬通貨 EPS 成長為目標？您能幫助我們考慮一下您對投資資本改善的回報嗎？你說的是來自 Ice Cream 的 100 個基點。同時，如果我沒記錯的話，在 Ice Cream 的演示中，管理層談到了 Ice Cream 本身的 23% 投資資本回報率。請問我們應該怎麼把這兩個數字加起來？太感謝了。

Hi, Vika, thank you for that. Listen, the commitment to hard currency earnings for us is a multiyear priority. It's a strategic priority, and we are absolutely committed to that. There should be no debate on that. From a 2025 perspective, look, we said in quarter two, 60% of the impact of currency is coming from a translation effect.

你好，Vika，謝謝你。聽著，對我們來說，致力於賺取硬通貨是我們多年的首要任務。這是一項策略重點，我們絕對致力於此。對此不應有任何爭論。從 2025 年的角度來看，我們在第二季說過，60% 的貨幣影響來自翻譯效應。

It's really how euro-dollars is playing out. If we were a dollar reporting company, it wouldn't have been there. But we do know that, that will get also higher into half two. Having said that, you've heard us talk about our margins. You've talked about the gross margins, the investments, the overheads.

這其實就是歐元兌美元的走勢。如果我們是一家美元報告公司，它就不會存在。但我們確實知道，第二季的業績還會更高。話雖如此，您已經聽到我們談論我們的利潤。您已經談到了毛利率、投資和管理費用。

We've also spoken about growth. And growth is actually a big leverage to really drive the right financial shape. When we look at all of these elements, if we don't see a further deterioration in the translation effects of euro-dollar, our intention is to aim and deliver positive hard currency earnings even in 2025. But we will not do anything which is going to jeopardize our business model. We will not under-invest just to hit a number, but we will do the right things. But our intention and aim will be to really look at hard currency earnings.

我們也談到了成長。而成長實際上是推動正確財務狀況的巨大槓桿。當我們考慮所有這些因素時，如果我們沒有看到歐元兌美元的轉換效應進一步惡化，我們的目標是在 2025 年實現正的硬通貨收益。但我們不會做任何危害我們商業模式的事情。我們不會為了達到某個數字而減少投資，但我們會做正確的事。但我們的意圖和目標是真正專注於硬通貨收益。

On the return on invested capital, this is what I will call, it's either an accountant's delight or a nightmare. It really comes down to how we are really looking at some of the intangibles treatment when it comes to Unilever and when it comes to the Ice Cream company. The accounting standards dictate for us to have goodwill or intangibles looked at between Ice Cream and Foods because that was a combined segment for us. So when we did that, the ROIC, you see what you see. Therefore, when we carve out Ice Cream, our ROIC improves.

關於投資資本的回報，這就是我所說的，它要不是會計師的喜悅，就是一場惡夢。這實際上取決於我們如何看待聯合利華和冰淇淋公司的一些無形資產處理。會計準則要求我們考慮冰淇淋和食品之間的商譽或無形資產，因為這是我們的合併部門。因此，當我們這樣做時，您就會看到 ROIC。因此，當我們切出冰淇淋時，我們的投資資本回報率就會提高。

Ice Cream has the flexibility to go back historically and actually start to look at only those acquisitions, which were pure-play. They have taken that flexibility. And as a consequence of that, they are reporting a higher number. If you see net addition, and this is the accounting work, but both views are right. But from an economic perspective, if we look forward, I don't think it really materially makes a difference.

Ice Cream 可以靈活地回顧歷史，並真正開始關注那些純粹的收購。他們已經採取了這種彈性。因此，他們報告的數字更高。如果你看到淨增加價值，這就是會計工作，但兩種觀點都是正確的。但從經濟角度來看，如果我們展望未來，我認為這並不會帶來實質的改變。

Unilever ROIC goes up by about 100 basis points. Ice Cream will start their story with a revised asset base, and they have, therefore, indicated somewhere around 21%, 22%. We're very happy to do a follow-up because it's slightly technical, but be rest assured, economically it's absolutely fine.

聯合利華的 ROIC 上升了約 100 個基點。Ice Cream 將以修改後的資產基礎開始他們的故事，因此他們指出資產基礎大約在 21%、22% 左右。我們非常樂意進行後續跟進，因為這有點技術性，但請放心，從經濟角度來說這絕對沒問題。

Tom, Deutsche.

湯姆，德國。

Yeah, thanks. Good morning everybody, and Fernando, I hope, the knee is feeling better. Just on the channel shifts in the US, I mean, Amazon is, by far and away, the fastest-growing channel for you, for most people. How are you allocating A&P differently to grow on Amazon versus growing on Walmart? What's the sort of lineage or linkage between your A&P and growing on Amazon?

是的，謝謝。大家早安，我希望費南多的膝蓋感覺好些了。就美國的通路轉變而言，我的意思是，對於大多數人來說，亞馬遜是迄今為止成長最快的管道。您如何以不同的方式分配 A&P 以實現在亞馬遜和沃爾瑪上的成長？您的 A&P 業務與亞馬遜業務的成長之間有什麼樣的關聯？

And then just on the productivity side, sorry if I missed it earlier, but are you in a position now that you are actually getting the 100 basis points productivity benefit over COGS this year and going forward, is that something to rely on now, please? Thank you.

然後就生產力方面而言，如果我之前錯過了，我很抱歉，但是您現在是否真的獲得了比今年和未來 COGS 更高的 100 個基點的生產力收益，這是現在可以依賴的嗎？謝謝。

Clear. Thank you, Tom. Regarding channel shifts, there is a big evolution in how to reach consumers. And I talk a lot about the new models of reach and persuasion. And retail media plays a very important role. Amazon today is not only an important channel of sales for us, but it's also an important channel of discovery for our brands. The same with Walmart and the same with our retailers in the US. We are having a good run in Amazon, in Walmart. We are investing heavily in key retailers in the US. And our performance in US is showing that also the model of deploying our investment is really working well.

清除。謝謝你，湯姆。關於通路轉變，如何接觸消費者發生了很大的變化。我經常談論影響力和說服力的新模式。零售媒體發揮著非常重要的作用。如今，亞馬遜不僅是我們重要的銷售管道，也是我們品牌的重要發現管道。沃爾瑪和我們在美國零售商的情況也是一樣。我們在亞馬遜和沃爾瑪的經營狀況良好。我們正在對美國的主要零售商進行大量投資。我們在美國的表現也顯示我們的投資部署模式確實運作良好。

We -- our exposure to e-commerce in the US is very high because close to 50% of our prestige Wellbeing business in the US is e-commerce, a combination of direct-to-consumer like Nutrafol, a significant presence in Amazon or in Walmart.com or in the other sites of the retailer. So we see the platforms of a retailer a significant source of awareness, a significant source of recommendation in which your exposure to ratings and reviews has to be very, very strong. And that requires a good exposure of your brands. And when we talk about perfect execution, we talk about perfect execution online and offline.

我們在美國電子商務的曝光率非常高，因為我們在美國享有盛譽的健康業務中近 50% 都是電子商務，包括直接面向消費者的 Nutrafol 業務，在亞馬遜、沃爾瑪或其他零售商網站上佔有重要地位。因此，我們認為零售商的平台是重要的知名度來源、重要的推薦來源，其中您的評分和評論的曝光率必須非常非常高。而這需要您的品牌得到良好的曝光。當我們談論完美執行時，我們談論的是線上和線下的完美執行。

Regarding productivity, Srini, do you want to cover that?

關於生產力，Srini，你想談談這個嗎？

So there are two elements, Tom, if we understood the question correct. In one way, we had always said that from a buying and a procurement perspective, our intention and our teams are really trying to beat the market by at least 100 basis points when it comes to buying efficiencies. That is something which is absolutely going on track, and we are delivering to that. And that's also, therefore, becoming a good source of gross margin expansion for us.

所以湯姆，如果我們正確理解這個問題的話，就有兩個要素。在某種程度上，我們一直說，從購買和採購的角度來看，我們的意圖和我們的團隊確實試圖在購買效率方面至少比市場高出 100 個基點。這件事絕對在按計劃進行，我們正在努力實現這一目標。因此，這也成為我們毛利率擴張的好來源。

When you look at it from an angle of some of our fixed cost in the supply chain, there, we have a mindset of really having an absolute cost budget, volume leverage, and we aim and intend to really drive 2% to 3% reduction in absolute cost that gives us leverage.

當你從供應鏈中的一些固定成本的角度來看時，我們確實有絕對成本預算和數量槓桿的思維方式，我們的目標是真正推動絕對成本降低 2% 到 3%，從而為我們帶來槓桿作用。

When you talked about overheads line, because productivity is an end-to-end phenomenon, there we have already spoken to you about how we are increasing our savings from about EUR550 million to EUR650 million. Suffice to say, between all the three levers progressing very well, and that actually is giving us the right margin structures and, therefore, our financial shape.

當您談到間接費用時，由於生產力是一個端到端的現象，我們已經與您討論過如何將節省金額從約 5.5 億歐元增加到 6.5 億歐元。可以說，所有三個槓桿都進展順利，這實際上為我們提供了正確的利潤結構，從而改善了我們的財務狀況。

I would like to add, Srini, on this, that I believe that the improvement we are having -- a structural improvement in gross margin with a significant focus in our, what we call supply chain, controlled costs, manufacturing and logistics and the progress we have done in delivering our productivity savings at overheads level after announcing the separation of Ice Cream is fundamentally showing a different culture in the company. So it's just -- this is a new Unilever when it comes to cost discipline. We have a real, real discipline in place, and we are very pleased with the development of our cost control both at product level and overhead level.

斯里尼，我想補充一點，我相信我們正在取得的進步——毛利率的結構性改善，重點是我們所謂的供應鏈、控製成本、製造和物流，以及我們在宣布分離冰淇淋業務後在降低管理費用方面實現生產力節約方面所取得的進展，從根本上展示了公司不同的文化。所以，就成本控製而言，這是一個全新的聯合利華。我們已經建立了真正的紀律，並且對產品層面和管理層面的成本控制發展感到非常滿意。

Jemma, I probably can wrap with a few messages. We delivered a solid first half, good levels of growth, balance between volume and price, all which is in positive volume growth. Our gross margin is structurally improving. It give us fuel to keep increasing investment in our brands. And as a result of that, our Power Brands are strengthening, and we are outperforming markets in regions like US and Europe with the most demanding retailers and the most demanding consumers.

傑瑪，我大概可以用幾個資訊來總結一下。我們上半年業績表現穩健，成長水準良好，銷售量和價格保持平衡，全部為正成長。我們的毛利率正在結構性改善。它為我們提供了動力，讓我們繼續增加對品牌的投資。因此，我們的強勢品牌不斷增強，我們的表現優於美國和歐洲等地區市場，因為這些地區的零售商和消費者對我們的服務要求最高。

We see an acceleration of growth in the second half with sustained performance in developed markets and improvement in emerging markets, particularly in India, Indonesia and China. I want to highlight again what Srini mentioned, we will not take operational decisions in a rush based on big currency swings. But if the euro-dollar exchange rate remains at current levels, our intention is to deliver earnings growth in (inaudible) currency for the year.

我們預計下半年成長將加速，已開發市場將維持良好表現，新興市場（尤其是印度、印尼和中國）也將有所改善。我想再次強調斯里尼提到的內容，我們不會根據匯率的大幅波動而倉促做出營運決策。但如果歐元兌美元匯率維持在當前水平，我們的目標是實現今年（聽不清楚）貨幣的獲利成長。

With that, thank you very much. I'm looking forward to seeing you soon.

非常感謝。我期待很快見到你。

Thank you.

謝謝。