聯合利華 (UL) 2026 Q2 法說會逐字稿

Good morning, and thank you for joining us for Unilever's Second Quarter and Half Year Results. In a moment, Srini will take you through the details of the results. But first, let me highlight the key elements of our performance over the first half as I see them and how desired at the scale is fundamental to our strong delivery.

早安，感謝各位參加聯合利華第二季及上半年業績發表會。稍後，Srini 將帶各位深入說明業績細節。但在此之前，我想先就我所見，重點說明我們上半年表現的關鍵要素，以及「規模化的渴望（desire at scale）」如何成為我們強勁交付的根本。

I have said consistently that volume growth is our overriding priority. It is a true measure of demand and even more important signal of progress during times like this of heightened volatility. It is particularly encouraging, therefore, to be able to present today a strong volume-led half for Unilever. And not just a strong performance, but an accelerating one, with underlying sales growth in the second quarter of 5.8%, with volume up 5.5% and. This is Unilever's best quarterly volume performance since 2010.

我一直強調，銷量成長是我們最優先的目標。它是真實需求的直接衡量指標，在像現在這種波動加劇的時期，更是衡量進展的重要訊號。因此，今天能夠呈現聯合利華一個由銷量帶動的強勁上半年，特別令人振奮。而且不只是強勁，更是加速成長：第二季基礎銷售成長 5.8%，其中銷量成長 5.5%。這是聯合利華自 2010 年以來最佳的單季銷量表現。

Our underlying volume growth over the last 4 quarters average 3%, a testament to the strength of our brands and our disciplined execution. This strong first half results reflect progress against our key strategic priorities, including most notably, the performance of our power brands, now sitting at 78% of our turnover. These brands continue to outperform, delivering underlying sales growth in the second quarter of 6.9%, with 6.8% coming from volume. A strong innovation program meant there were particularly great performances from Dove, Dirt is Good, Comfort, Sunsilk and Vaseline. Prioritizing these brands means focusing resources and investing competitively, which is why our brand and marketing investment is concentrated on our power brands.

過去 4 個季度，我們的基礎銷量成長平均為 3%，這證明了我們品牌的韌性與我們嚴謹的執行力。上半年這份強勁的成績，反映我們在關鍵策略優先事項上取得進展，尤其是我們「主力品牌（power brands）」的表現，目前已占我們營收的 78%。這些品牌持續跑贏大盤，第二季基礎銷售成長 6.9%，其中 6.8% 來自銷量。強勁的創新計畫帶動了 Dove、Dirt is Good、Comfort、Sunsilk 與 Vaseline 的特別亮眼表現。優先聚焦這些品牌，意味著集中資源並以具競爭力的力度投資，這也是為什麼我們的品牌與行銷投資主要集中在主力品牌上。

Significantly, today's results also reflect broad strength across our HPC business with underlying sales growth in the second quarter of 7.6% and with volume up 7.4%. It was also a good half for our emerging market businesses, which maintained the good momentum with 8.3% growth in the second quarter, with 7.4% coming from volume. India led the way with quarter 2 underlying sales up 10% and volume up 5%. This was a strong broad-based performance. It reflects the evolution of our emerging market portfolio to increasingly focus on high-growth segments, social first demand generation and go-to-market transformation alongside the benefits from corrective actions in fundamentals that we have taken over recent times in key markets.

值得注意的是，今天的結果也反映出我們家庭與個人護理（HPC）業務的全面強勁：第二季基礎銷售成長 7.6%，銷量成長 7.4%。新興市場業務上半年同樣表現良好，第二季維持良好動能，成長 8.3%，其中 7.4% 來自銷量。印度領先帶動，第二季基礎銷售成長 10%，銷量成長 5%。這是一個強勁且廣泛的表現。它反映了我們新興市場組合的演進：愈來愈聚焦高成長品類、以社群優先（social first）的需求生成，以及通路上市（go-to-market）轉型；同時也受益於我們近來在關鍵市場針對基本面所採取的矯正措施。

Our developed market business delivered a robust performance with volume growth in the second quarter of 2.8%. North America continues to outperform, led by personal care, beauty and prestige, while markets in Europe remain subdued. And in terms of profitability, we delivered 10 basis points of margin expansion and continue to invest competitively behind our brands while generating earnings growth of 2.4% in hard currency.

已開發市場業務也交出穩健成績，第二季銷量成長 2.8%。北美持續跑贏大盤，主要由個人護理、美容與高端（prestige）業務帶動，而歐洲市場仍相對低迷。在獲利方面，我們實現 10 個基點的利潤率擴張，並在持續以具競爭力的力度投資品牌的同時，以硬通貨計算的盈餘成長 2.4%。

This strong first half results are a direct consequence of bringing our mantra of desire at scale to life across the business. Desire at scale is a growth operating system, shaping how we build brands, how we innovate, how we activate them in markets and how we convert demand into sales, whether in elevating the quality, reach and relevance of our brands through the sassy framework combining science, standout aesthetics, superior product experience, social proof and contemporary execution or through embedding the concept of a frontline sales machine by taking our actuation programs and the quality of our execution to new better levels in every market.

上半年這份強勁成績，直接源自我們在全公司落實「規模化的渴望（desire at scale）」這一信念。「規模化的渴望」是一套成長作業系統，塑造我們如何打造品牌、如何創新、如何在市場中啟動品牌，以及如何把需求轉化為銷售——不論是透過 sassy 架構來提升品牌的品質、觸及與相關性（結合科學、突出的美學、卓越的產品體驗、社會認同與當代化執行），或是透過導入「前線銷售機器（frontline sales machine）」的概念，把我們的啟動計畫與執行品質在每個市場推升到更高、更好的水準。

Sassy brands and frontline machine are 2 sides of the same coin and at the heart of each is a focus on making our brands and our activations culturally relevant. Our progress on this was recently recognized at the annual Com Festival of ativ where we were the most awarded advertiser of any of the company's present. Our brands received 35 awards, a demonstration of Unilever's ability to rethink how we create demand in this world of infinite content and distribution through algorithms.

Sassy 品牌與前線機器是一體兩面，而其核心都在於讓我們的品牌與市場啟動在文化上更具相關性。我們在這方面的進展，近期也在年度 Com Festival of ativ 上獲得肯定，我們成為在場所有公司中獲獎最多的廣告主。我們的品牌共獲得 35 項獎項，展現聯合利華有能力在這個內容與分發無限、由演算法驅動的世界中，重新思考如何創造需求。

Here are local teams competed for the chance to play the final in the Emirates Stadium. Our 5 power video series has over 130 million views and 180,000 hours of work time, deepening almost cultural relevance in our second largest home care market with double-digit for cleaning growth in the second quarter. Dove won 6 can lions for its partnership with Revit during the launch of the intensive repair 101 serum hair mask. -- the publish and amplify customer reviews, whether positive or negative, real consumers, real feedback, real beauty. The campaign created more than EUR 1 billion impressions and help make our product the #1 here mark in the US during the campaign.

在這裡，各地團隊競逐在酋長球場（Emirates Stadium）踢決賽的機會。我們的 5 支主力影片系列累計超過 1.3 億次觀看與 18 萬小時的觀看時數，深化了我們在第二大居家清潔市場的文化相關性，並帶動第二季清潔品類雙位數成長。Dove 與 Revit 合作推出 intensive repair 101 精華髮膜時，獲得 6 座坎城創意獎（Cannes Lions）——發布並放大消費者評論，不論正面或負面；真實消費者、真實回饋、真實美。該活動創造超過 10 億歐元的曝光（impressions），並在活動期間協助我們的產品成為美國市場的 #1 髮膜。

Or take Liquid I.V., with its role in the Amazon Prime Videos hit series of campus is one of the most popular cities this year, reaching 56 million viewers worldwide over the first 12 days of release. Liquid I.V. is integrating to a series with the main character becoming a Liquid I.V. brand ambassador within the show in cell. These are creative executions, designed to travel, earn attention, strengthen brand equity and converting to growth.

再看 Liquid I.V.：它在 Amazon Prime Video 熱門影集中扮演關鍵角色，該影集是今年最受歡迎的作品之一，上線前 12 天即在全球觸及 5,600 萬名觀眾。Liquid I.V. 以整合方式融入劇情，主角在劇中成為 Liquid I.V. 的品牌大使。這些都是為了「可傳播」而設計的創意執行，旨在贏得注意力、強化品牌資產，並轉化為成長。

We know the mark for leadership continues to rise and we will ensure we stay a different tier of demand generation.

我們知道，對領導者的標準持續提高，而我們將確保自己維持在需求生成的不同層級。

Being a frontline machine means activating our brands within these big cultural moments and across the biggest cultural events. And they don't come much bigger than the FIFA World Cup, where Unilever Personal Care was an official sponsor. We have not approached the World Cup as a conventional corporate sponsorship or a one-off event. We have activated 35 runs across more than 120 markets by bringing creator content, social media production, retail distribution and local store conversion together on an unprecedented scale, involving more than 50,000 content creators with a combined audience of more than 600 million people and 180 limited edition products.

成為前線機器，意味著在這些大型文化時刻以及最重要的文化盛事中啟動我們的品牌。而沒有比 FIFA 世界盃更大的了，聯合利華個人護理是官方贊助商。我們並未把世界盃視為傳統的企業贊助或一次性的活動。我們在超過 120 個市場啟動了 35 項行動，將創作者內容、社群媒體製作、零售鋪貨與在地門店轉化以前所未有的規模整合在一起，動員超過 50,000 名內容創作者，合計受眾超過 6 億人，並推出 180 款限量版產品。

We have leveraged the event to further strengthen our creator first operating model. including through the House of Fresh, with in-person creator hubs in Mexico City, New York and Miami, enabling creators to build dedicated content from live events and boost the storytelling to a wider audience. We also develop our capabilities around AI-enabled content at scale using our AI studios. And we will go on capturing the learnings and deploying them in future sports marketing events that will continue to play a key role in building demand and on equity.

我們也藉此活動進一步強化「創作者優先（creator first）」的作業模式，包括透過 House of Fresh，在墨西哥城、紐約與邁阿密設立實體創作者據點，讓創作者能從現場活動製作專屬內容，並把敘事擴散到更廣泛的受眾。我們也透過 AI 工作室，發展以 AI 驅動的大規模內容能力。我們將持續汲取經驗並在未來的體育行銷活動中部署，這些活動將繼續在建立需求與品牌資產（equity）方面扮演關鍵角色。

The FIFA World Cup has been a pivotal moment for Unilever showing our ability to turn a global cultural moment into coordinated execution across creators, content, retail and shopper conversion at the scale, few companies can match.

FIFA 世界盃對聯合利華而言是一個關鍵時刻，展現我們能把全球文化時刻轉化為跨創作者、內容、零售與購物者轉化的協同執行；在這樣的規模上，能與我們匹敵的公司屈指可數。

Before Srini takes you to the results in more detail, let's roll the video.

在 Srini 更詳細帶各位看業績之前，我們先播放影片。

(video playing)

（影片播放中）

Thank you, Fernando. Let me start with our growth. The first half was characterized by strong high-quality growth. Underlying sales grew 4.8% with 4.2% from volume and 0.6% from price. Growth strengthened further in second quarter with underlying sales growth of 5.8% and volume growth of 5.5%.

謝謝你，Fernando。我先從成長談起。上半年呈現強勁且高品質的成長。基礎銷售成長 4.8%，其中 4.2% 來自銷量、0.6% 來自價格。第二季成長進一步加速，基礎銷售成長 5.8%，銷量成長 5.5%。

Importantly, growth was broad-based and supported by stronger execution across the business. On a 2-year basis, volume growth averaged 2.7% in the first half providing further evidence that the improvement we are seeing is becoming more consistent and sustainable.

重要的是，成長是廣泛分布的，並受惠於全業務更強的執行力。以兩年為基礎，上半年銷量成長平均為2.7%，進一步證明我們所看到的改善正變得更一致且更具可持續性。

The 3 HPC business groups led delivery, Beauty & Wellbeing, Personal Care and Home Care, all accelerated in the second quarter supported by strong power brand performance, premium innovations and improved executions, particularly in emerging markets in North America. Pricing in second quarter was 0.2% and 0.6% for the half. Lower price in quarter 2 was largely due to timing and some deliberate choices. For example, in Home Care, we continue to lap the corrective pricing actions in Brazil. And in Personal Care, we deliberately elevated promotional support behind FIFA World Cup activations.

三個HPC業務群帶動交付表現：美妝與健康（Beauty & Wellbeing）、個人護理（Personal Care）與家居護理（Home Care），在強勢主力品牌表現、高端創新與更佳執行力的支持下，第二季皆加速成長，尤其是在北美的新興市場。第二季定價為0.2%，上半年為0.6%。第二季較低的定價主要源於時點因素以及一些刻意的選擇。例如，在家居護理方面，我們仍在承接巴西先前的價格修正行動所形成的比較基期。而在個人護理方面，我們刻意提高了對FIFA世界盃活動的促銷支持。

These actions enabled us to drive quality volume growth.

這些行動使我們得以推動高品質的銷量成長。

As commodity-related pricing lands in the market and we normalize promotional spend post FIFA, we expect pricing to lead growth during the second half of the year. Our power brands continue to demonstrate the strength of the strategy and the quality of execution behind it. In the first half, Power Brands grew at 6% with 5.4% coming from volume. Momentum strengthened further in the second quarter with growth of 6.9% and volume of 6.8%. On a 2-year basis, power brand volume growth averaged 3.5% underlying the consistency of their outperformance.

隨著與大宗商品相關的定價在市場落地，且我們在FIFA之後使促銷支出回歸常態，我們預期下半年定價將引領成長。我們的主力品牌持續展現策略的強度以及其背後執行的品質。上半年，主力品牌成長6%，其中5.4%來自銷量。第二季動能進一步增強，成長6.9%，銷量6.8%。以兩年為基礎，主力品牌銷量成長平均為3.5%，凸顯其優於市場表現的一致性。

In the second quarter, 15 of our 30 power brands grew in double digits. Dove, Vaseline, K18, Hourglass and Comfort were particularly supported by innovation, premiumization and stronger execution. Nonpower brands returned to positive growth in the second quarter. We continue to optimize our tail brands and related investments while strongly supporting local jewels.

第二季，我們30個主力品牌中有15個呈現雙位數成長。Dove、Vaseline、K18、Hourglass與Comfort特別受惠於創新、高端化以及更強的執行力。非主力品牌在第二季恢復正成長。我們持續優化長尾品牌及相關投資，同時大力支持在地明珠品牌。

Beauty and well-being delivered high-quality first half with underlying sales growth of 5.9%, including 4.5% from volume. -- performance accelerated in the second quarter with growth increasing to 8.1% and volume growth to 6.9%. Growth was broad-based across categories and geographies. with emerging markets maintaining strong momentum and developed markets improving.

美妝與健康上半年交出高品質表現，基本銷售成長5.9%，其中4.5%來自銷量。-- 第二季表現加速，成長提升至8.1%，銷量成長至6.9%。成長在品類與地區間廣泛分布，新興市場維持強勁動能，已開發市場亦有所改善。

Hair Care led performance with 9% underlying sales growth in the first half. Dove, Sunsilk and K18 all delivered double-digit growth supported by innovation and premiumization. K18 continued to benefit from its bio technology-led innovations, while Dove was supported by premium innovations, including the fiber repair range.

護髮在上半年領先表現，基本銷售成長9%。Dove、Sunsilk與K18皆實現雙位數成長，受惠於創新與高端化。K18持續受益於其以生物科技為核心的創新，而Dove則受高端創新支持，包括纖維修護系列。

Skin Care grew low single digits led by volume. Vaseline continued to deliver double-digit growth, supported by premium innovations across Gluta-Hya and Proderma. We're also seeing the benefit of strong cultural relevance, including K-pop star Jennie being appointed as global brand ambassador. In the second quarter, our prestige beauty portfolio accelerated further with Paula's Choice, Hourglass and Tatcha all delivering double-digit growth. Overall skin growth was partially offset by the softer delivery of local brands in Asia Pacific and Africa.

護膚呈現低個位數成長，主要由銷量帶動。Vaseline持續實現雙位數成長，受惠於Gluta-Hya與Proderma等系列的高端創新。我們也看到強文化相關性帶來的效益，包括任命K-pop明星Jennie為全球品牌大使。第二季，我們的高端美妝（prestige beauty）產品組合進一步加速，Paula's Choice、Hourglass與Tatcha皆實現雙位數成長。整體護膚成長部分被亞太與非洲在地品牌較疲弱的表現所抵銷。

Well-being grew low single digit in the first half with an improved second quarter. Liquid I.V. grew high single digit in the first half supported by stronger activation, international expansion and the timing of shipments for Amazon Prime Day. We continue to focus on innovations and activations to drive market development. the category opportunity and the unit economics remain very attractive.

健康（Well-being）上半年呈現低個位數成長，第二季有所改善。Liquid I.V.上半年成長高個位數，受惠於更強的行銷啟動、國際擴張，以及Amazon Prime Day出貨時點因素。我們持續聚焦創新與行銷啟動以推動市場發展；該品類機會與單位經濟效益仍非常具吸引力。

Olly delivered double-digit growth driven by distribution gains, growth in the digital channels and emerging markets performance.

Olly實現雙位數成長，主要由通路鋪貨提升、數位通路成長以及新興市場表現所帶動。

Beauty and well-being underlying operating profit increased by 1% to EUR 1.3 billion. Underlying operating margin increased by 10 basis points to 19.5% as improved overhead efficiency more than offset gross margin headwinds and the increased investment behind Power Brands and premium innovations. Personal Care delivered strong first half with underlying sales growth of 4.8%, including 4.1% from volume. Growth strengthened in the second quarter with USG increasing to 5.9% and UVG of 6.8%. This reflected a broad-based momentum across deodorants and skin cleansing.

美妝與健康的基本營業利益增加1%至13億歐元。基本營業利益率提升10個基點至19.5%，因管理費用效率改善，足以抵銷毛利率逆風以及對主力品牌與高端創新的加大投資。個人護理上半年表現強勁，基本銷售成長4.8%，其中4.1%來自銷量。第二季成長動能增強，USG提升至5.9%，UVG為6.8%。這反映了止汗劑與肌膚清潔品類的廣泛動能。

Deodorants grew across both developed and emerging markets. In the U.S., we regained market leadership. It sustained high growth in Dove. In Latin America, Rexona supported a strong return to growth in Brazil following the actions taken to improve format mix and reset the shelf space. In cleansing grew mid-single digit led by volume.

止汗劑在已開發與新興市場皆成長。在美國，我們重新奪回市場領導地位。Dove維持高成長。在拉丁美洲，Rexona支持巴西強勁回復成長，這得益於我們採取的行動以改善規格組合並重整貨架陳列空間。清潔品類成長中個位數，主要由銷量帶動。

Dove delivered high single-digit growth, supported by premium innovations, while Lux grew mid-single digit behind fragrance led innovation in China. Growth in the U.S. and emerging markets was partially offset by a flat performance in Europe.

Dove實現高個位數成長，受惠於高端創新；Lux則在中國以香氛主導的創新帶動下成長中個位數。美國與新興市場的成長部分被歐洲持平的表現所抵銷。

Oral Care grew low single digit, with growth in Asia Pacific Africa offset by softer market conditions in Europe. The FIFA program amplified the Personal Care momentum in the second quarter. It brought together media, creators, customers and in-store execution behind brands, including Rexona and Dove. It's about a strong volume growth and helped us build new capabilities in creative-led content, AI-enabled asset creation and stronger perfect store execution. The activation also had some impact on price in the quarter, reflecting higher promotional support alongside strong prior year comparators.

口腔護理成長低個位數，亞太與非洲的成長被歐洲較疲弱的市場狀況所抵銷。FIFA專案在第二季放大了個人護理的動能。它整合了媒體、創作者、客戶以及門店執行，支持包括Rexona與Dove在內的品牌。這帶來強勁的銷量成長，並幫助我們建立新的能力，包括以創意為核心的內容、AI賦能的素材製作，以及更強的完美門店（perfect store）執行。該活動也對本季價格帶來一些影響，反映在較高的促銷支持以及去年同期較高比較基期之下。

We expect pricing to build in the second half as higher commodity costs are reflected in the market.

我們預期隨著較高的大宗商品成本在市場中反映，下半年定價將逐步走高。

Underlying operating profit increased by 4.8% to EUR 1.5 billion, while underlying operating margin improved by 10 basis points to 22.2% in as productivity and overhead efficiencies offset gross margin pressure. Home Care delivered an outstanding first half and was our fastest-growing business group. Underlying sales grew 7.6% with almost all of the growth coming from volume. So accelerated further in the second quarter to 9.1% with volume growth of 8.6%. Performance was broad-based across categories, brands and markets, with share gains across the 3 home care categories.

基本營業利益增加4.8%至15億歐元，而基本營業利益率提升10個基點至22.2%，因生產力提升與管理費用效率抵銷了毛利率壓力。家居護理上半年表現出色，為我們成長最快的業務群。基本銷售成長7.6%，幾乎全部成長來自銷量。第二季進一步加速至9.1%，銷量成長8.6%。表現橫跨品類、品牌與市場，並在三大家居護理品類均取得市占提升。

These gains reflected stronger execution, investment behind our power brands and improved competitiveness in key markets. Fabric Cleaning led the performance with strong growth delivery in India, Brazil and Indonesia. India delivered its strongest home care growth in 3 years, supported by innovations and continued share gains. Brazil delivered high single-digit growth as the corrective actions taken last year helped restore competitiveness. Fabric Enhancers maintained strong momentum, led by comfort and supported by premium formats and fragrance led innovation.

這些市占提升反映了更強的執行力、對主力品牌的投資，以及在關鍵市場競爭力的改善。衣物清潔領先表現，在印度、巴西與印尼交出強勁成長。印度創下近三年來最強的家居護理成長，受惠於創新與持續的市占提升。巴西實現高個位數成長，因去年採取的修正行動有助於恢復競爭力。衣物柔順/增效產品（Fabric Enhancers）維持強勁動能，由Comfort領軍，並受高端規格與香氛主導的創新支持。

Home and hygiene also performed well with Cif delivering double-digit growth and Domestos growing in high single digit.

家居與衛生品類亦表現良好，Cif實現雙位數成長，Domestos成長高個位數。

Home Care remains our business group with the highest exposure to commodity inflation and emerging market footprint. In the first half, we've executed our playbook well with calibrated pricing combined with formulation flexibility and channel-appropriate pack price offerings. In half 2, we expect the growth profile to shift more towards pricing.

家居護理仍是我們對大宗商品通膨曝險最高、且新興市場布局占比最高的業務群。上半年，我們良好執行了既定策略：採取經校準的定價，並結合配方彈性與符合通路特性的包裝/價格方案。在下半年，我們預期成長結構將更多轉向由定價驅動。

Underlying operating margin increased by 30 basis points to 15.8%, reflecting strong overhead discipline and productivity delivery despite commodity and currency headwinds. Underlying operating profit increased by 3.2% to EUR 0.9 billion. Foods grew 1.2% in the first half driven by volume. Growth slowed in the second quarter to 2% and as continued strength in the emerging markets was offset by weaker performance in North America and Europe.

基礎營業利潤率提高30個基點至15.8%，反映出在商品與匯率逆風下，仍具備強勁的間接費用紀律與生產力交付。基礎營業利潤成長3.2%至9億歐元。食品業務上半年在銷量帶動下成長1.2%。第二季成長放緩至2%，新興市場的持續強勁表現被北美與歐洲較弱的表現所抵銷。

Condiments grew low single digit, led by volume with good performance from Hellman in emerging markets. In U.S., condiments performance was below our expectations arising from increased competition in the faster-growing premium segments such as avocado oil mayonnaise. This issue is well understood and we have targeted innovation and execution plans in place to strengthen our competitiveness and improve the performance during the second half.

調味品業務呈現低個位數成長，主要由銷量帶動，Hellman 在新興市場表現良好。在美國，調味品表現低於我們預期，原因是成長較快的高端細分市場（如酪梨油美乃滋）競爭加劇。我們已充分掌握此問題，並已制定聚焦的創新與執行計畫，以強化競爭力並改善下半年表現。

Emerging markets remained resilient with strong performances from Helman's across Brazil and Asia Pacific, Africa. Cooking aids was flat, Knorr low single digit with good performance across emerging markets, offset by category softness in developed markets. Unilever Food Solutions also continued to grow, supported by good momentum in China and in the U.S. alongside strong performances across Middle East and Latin America and Southeast Asia. Underlying operating profit was EUR 1.5 billion, down 4.3%.

新興市場維持韌性，Helman's 在巴西以及亞太、非洲等地表現強勁。烹飪輔助品類持平，Knorr 呈低個位數成長，在新興市場表現良好，但被已開發市場品類疲弱所抵銷。聯合利華餐飲解決方案（Unilever Food Solutions）亦持續成長，受惠於中國與美國的良好動能，以及中東、拉丁美洲與東南亞的強勁表現。基礎營業利潤為15億歐元，下降4.3%。

Underlying operating margin was unchanged at 23.3% and as lower gross margin from commodity inflation and increased investments in the value propositions were offset by overhead efficiencies and continued cost discipline.

基礎營業利潤率維持不變於23.3%，因商品通膨導致的毛利率下降與對價值主張的投資增加，被間接費用效率提升與持續的成本紀律所抵銷。

Turning to regions. Emerging markets continue to be a strong growth engine with strong volume net growth in the first half. In North America, we continued our volume outperformance while Europe was subdued. Asia Pacific Africa delivered 7.3% underlying sales growth with 6.1% from volume. In the second quarter, India led the performance with growth accelerating to 10%.

接著談各地區。新興市場持續是強勁的成長引擎，上半年實現強勁的銷量淨成長。在北美，我們持續在銷量上跑贏市場，而歐洲則較為低迷。亞太非洲地區實現7.3%的基礎銷售成長，其中6.1%來自銷量。第二季由印度領軍，成長加速至10%。

Delivery was balanced between volume and price.

成長動能在銷量與價格之間保持均衡。

We had double-digit growth in Beauty & Wellbeing and Home Care, with Hair Care and Home Care, both reaching record share levels. China grew mid-single digit, led by beauty and well-being with all the business groups contributing. Our growing presence in the faster growing digital and e-commerce channels supported the improvement despite a soft market.

美妝與健康（Beauty & Wellbeing）及家居護理（Home Care）均實現雙位數成長，其中護髮與家居護理的市占率皆創下新高。中國呈中個位數成長，由美妝與健康帶動，且各事業群皆有貢獻。我們在成長更快的數位與電商通路的布局擴大，儘管市場疲弱，仍支撐了表現改善。

Indonesia grew 7%. Performance was broad-based across business groups, and led by double-digit growth in Home Care and Beauty & Wellbeing. This was also supported by a sharper focus on high-growth segments, social-first demand generation and the ongoing transformation of our go-to-market model. Africa also grew mid-single digit, led by volume.

印尼成長7%。各事業群表現全面，並由家居護理與美妝與健康的雙位數成長領軍。這也受惠於更聚焦高成長細分市場、以社群優先（social-first）的需求生成，以及我們持續推動的市場進入（go-to-market）模式轉型。非洲亦呈中個位數成長，主要由銷量帶動。

Latin America delivered 7.6% growth with 5.7% volume, accelerating in the second quarter to $0.089 growth and 8.8% volume. Brazil returned to strong volume-led growth as the corrective actions taken last year restored competitiveness led by fabric cleaning and improving momentum in deodorants. Looking ahead, Brazil tax reforms are expected to bring lower prices from the start of next year, which may lead to some temporary retail stock reductions in the fourth quarter.

拉丁美洲成長7.6%，其中銷量成長5.7%；第二季加速至0.089的成長與8.8%的銷量成長。巴西在去年採取的修正措施恢復競爭力後，重回由銷量帶動的強勁成長，主要由衣物清潔帶動，且止汗劑動能改善。展望未來，預期巴西稅制改革將自明年初起帶來較低價格，可能導致第四季零售端出現一些暫時性的去庫存。

In the second quarter, Argentina delivered high single-digit volume growth, while Mexico delivered mid-single-digit volume growth led by Personal Care. North America grew 2.7% with 3.2% from volume and continued to outperform the market. Growth strengthened in the second quarter to 3.6% with 4.4% volume led by deodorants, skin cleansing and our prestige beauty brands. Europe declined by 0.5% in the first half in softer market environment with the shortfall concentrated in food, beauty and well-being and Personal Care Group, while Home Care continued to gain share.

第二季，阿根廷實現高個位數銷量成長；墨西哥則實現中個位數銷量成長，主要由個人護理帶動。北美成長2.7%，其中3.2%來自銷量，並持續跑贏市場。第二季成長增強至3.6%，其中銷量成長4.4%，由止汗劑、肌膚清潔及我們的高端美妝品牌帶動。歐洲上半年下滑0.5%，在較疲弱的市場環境下，缺口主要集中於食品、美妝與健康以及個人護理事業群，而家居護理則持續提升市占。

Turning now to turnover. First half turnover was EUR 25.6 billion, up 0.5% on last year. This reflected strong operational delivery. Underlying sales growth was 4.8%, including 4.2% from volume. Acquisitions net of disposals added a further 0.7%.

接著談營收（turnover）。上半年營收為256億歐元，較去年成長0.5%。這反映出強勁的營運交付。基礎銷售成長為4.8%，其中4.2%來自銷量。併購扣除處分後，另貢獻0.7%。

The acquisition contribution was led by Dr. Squatch, Minimalist and Wild and with one month of [ Gruns ] following the completion in June. These businesses are all aligned to our strategy of increasing exposure to premium and higher growth spaces.

併購貢獻主要來自 Dr. Squatch、Minimalist 與 Wild，並在6月完成交易後納入一個月的 [ Gruns ]。這些業務皆符合我們提高對高端與更高成長領域曝險的策略。

The disposal impact reflected the continued reshaping of the portfolio as we concentrate investments behind fewer, bigger and more scalable brands. Currency reduced our first half turnover by 4.9%. Importantly, that impact eased materially to 2.4% in the quarter as the moments in the U.S. dollar and in most of the emerging market currencies became less adverse.

處分影響反映我們持續重塑產品組合，將投資集中於更少、規模更大且更具可擴展性的品牌。匯率使上半年營收減少4.9%。重要的是，該影響在本季明顯緩和至2.4%，因美元及多數新興市場貨幣的波動變得較不不利。

Based on July spot rates, we expect the full year impact to be around 3%, implying a meaningfully lower headwind in the second half. Underlying operating margins increased by 10 basis points to 20.3% in a materially tougher cost environment while we maintain competitive investments behind our brands. Our gross margins improved sequentially related to second half of 2025. However, on a year-on-year basis, gross margins declined by 70 basis points, given inflation headwinds arising from Middle East conflict and a calibrated approach to pricing.

以7月即期匯率計算，我們預期全年影響約為3%，意味著下半年逆風將明顯減輕。在成本環境顯著更具挑戰的情況下，且我們仍維持對品牌的具競爭力投資，基礎營業利潤率提高10個基點至20.3%。毛利率相較於2025年下半年呈現逐季改善。然而，以年對年比較，毛利率下降70個基點，主因為中東衝突帶來的通膨逆風，以及較為審慎的定價策略。

We responded decisively in the areas which are within our control through productivity, sourcing flexibility, reformulation, pricing architecture and better cross-functional execution across procurement, supply chain, R&D and the business groups. For the second half, we expect gross margins to remain at similar levels to the first half on an absolute basis despite higher inflationary impact. We will see benefits of higher pricing landing in the P&L.

我們在可控範圍內的領域果斷應對，包括生產力提升、採購彈性、配方再設計、定價架構，以及在採購、供應鏈、研發與各事業群之間更佳的跨職能執行。對於下半年，儘管通膨影響更高，我們預期毛利率在絕對值上將維持與上半年相近水準。我們將看到較高定價在損益表（P&L）中落地帶來的效益。

Brand and marketing investments remained competitive at 16.1% of turnover with incremental investment focused on our power brands. Overheads improved by approximately 70 basis points, reflecting the completion of our EUR 800 million productivity program ahead of the schedule and together with the continued simplification and cost discipline. Underlying operating profit was EUR 5.2 billion, up 0.9% versus the prior year with strong operational performance offset by currency headwinds. Underlying earnings per share increased 2.4% to EUR 1.61.

品牌與行銷投資維持具競爭力，占營收16.1%，新增投資聚焦於我們的主力品牌（power brands）。間接費用改善約70個基點，反映我們8億歐元生產力計畫提前完成，並結合持續的簡化與成本紀律。基礎營業利潤為52億歐元，較去年成長0.9%，強勁的營運表現被匯率逆風所抵銷。基礎每股盈餘成長2.4%至1.61歐元。

Operational performance contributed more than 7 percentage points of growth, reflecting strong volume-led sales growth, modest margin improvement and continued productivity delivery. Finance costs increased as a result of higher cost of debt, although they remain well controlled at 2.5% of average net debt. We continue to expect the full year finance cost to remain below 3%. Excluding the currency impact, tax was a modest positive contributor. The underlying effective tax rate increased slightly from 26% from 25.6% in the prior year, reflecting fewer benefits from tax settlements and other one-off items.

營運表現貢獻超過7個百分點的成長，反映出由銷量帶動的強勁銷售成長、溫和的利潤率改善，以及持續的生產力交付。由於債務成本上升，財務成本增加，但仍維持良好控制，為平均淨負債的2.5%。我們仍預期全年財務成本將維持在3%以下。扣除匯率影響後，稅負為小幅正向貢獻。基礎有效稅率由前一年的25.6%小幅上升至26%，反映稅務和解及其他一次性項目的利益減少。

Our full year expectation remains around 26%. Share buybacks contributed 0.7 percentage points to the EPS growth following the completion of the EUR 1.5 billion program in June. Minorities and other items added 1.3 percentage points. Currency reduced the underlying EPS growth by around 6 percentage points in the first half. We expect this headwind to moderate in the second half, consistent with improving currency impact turnover and profits.

我們對全年之預期仍約為 26%。在 6 月完成 15 億歐元計畫後，股份回購對 EPS 成長貢獻了 0.7 個百分點。少數股東權益及其他項目增加了 1.3 個百分點。上半年匯率使基礎 EPS 成長降低約 6 個百分點。我們預期此逆風將於下半年趨緩，與匯率對營收與獲利影響改善的趨勢一致。

Overall, this is a strong earnings performance delivered despite a significant currency headwind, while we continue to maintain competitive investments behind our brands.

整體而言，儘管面臨顯著的匯率逆風，我們仍交出強勁的獲利表現，同時持續在品牌背後維持具競爭力的投資。

Free cash flow was EUR 1.5 billion, an increase of EUR 0.5 billion versus the prior year. Improvement was driven primarily by operating profit and a strong working capital performance. Capital allocation remains disciplined and unchanged. We increased the second quarter dividend by 3% and completed the EUR 1.5 billion share buyback program Inc. As announced alongside the Foods transaction, we expect operational performance and transaction proceeds to support a EUR 6 billion of share buybacks between 2026 and 2029.

自由現金流為 15 億歐元，較去年增加 5 億歐元。改善主要由營業利益帶動，以及強勁的營運資金表現。資本配置仍維持審慎且不變。我們將第二季股利提高 3%，並完成 15 億歐元的股份回購計畫。正如在 Foods 交易同時所宣布，我們預期營運表現與交易所得將支持於 2026 至 2029 年間進行 60 億歐元的股份回購。

This reflects the strength of our cash generation and a disciplined approach of returning surplus capital to shareholders.

這反映了我們強勁的現金創造能力，以及將多餘資本回饋股東的審慎做法。

On portfolio development, we completed the acquisition of Gruns in June. Gruns is a fast-growing U.S. super green supplements brand. It's highly complementary to our existing well-being portfolio and increases our exposure to premium, high-growth and digitally led consumer spaces.

在投資組合發展方面，我們於 6 月完成對 Gruns 的收購。Gruns 是一家成長快速的美國超級綠色補充品品牌。它與我們既有的健康福祉投資組合高度互補，並提升我們在高端、高成長且由數位驅動的消費者領域之曝險。

Turning to the outlook. Based on the momentum we have built in the first half, we have upgraded our full year outlook. We expect underlying sales growth to be within a multiyear range of 4% to 6% and with around 3% UVG for the full year. Inflationary pressures are expected to continue in half 2 with heightened volatility. We are confident of managing this while maintaining supply resilience.

接著談展望。基於我們上半年建立的動能，我們上調了全年展望。我們預期基礎銷售成長將落在多年區間的 4% 至 6%，且全年 UVG 約為 3%。預期通膨壓力在下半年仍將持續，且波動性加劇。我們有信心在維持供應韌性的同時妥善管理。

As we land pricing, we do expect some volume sensitivities.

在我們落實定價之際，確實預期會出現一定的銷量敏感度。

For the second half, we expect growth of 4% to 5%, led by pricing. As shared earlier, currency in half 2 is expected to improve versus first half of 2026. We continue to expect a modest improvement in underlying operating margin versus 2025. While the external environment remains uncertain, we enter the second half with stronger fundamentals, improved pricing, disciplined cost management and healthy brand investments. Taken together, this gives us the confidence in telling another year of competitive growth, modest margin improvement and strong cash generation.

就下半年而言，我們預期成長 4% 至 5%，主要由定價帶動。如先前分享，2026 年下半年的匯率影響預期將較上半年改善。我們仍預期基礎營業利益率將較 2025 年小幅改善。儘管外部環境仍不確定，我們以更強的基本面、更佳的定價、嚴謹的成本管理以及健康的品牌投資進入下半年。綜合而言，這讓我們有信心再度實現具競爭力的成長、溫和的利潤率改善與強勁的現金創造。

And with that, back to you, Fernando.

以上，交還給你，Fernando。

Thank you, Srini. Let me sum up after what has been a very successful first half of the year. We have been consistent in our conviction that to truly succeed in this fast-changing environment, you have to simultaneously perform and transform. Our delivery in the second quarter and in the first half as a whole is further evidence that we are doing that. The transformation of our portfolio remains on track with the acquisition of Gruns in June and our progress on combining Foods with McCormick.

謝謝你，Srini。讓我在這個非常成功的上半年之後做個總結。我們一直堅信，要在這個快速變動的環境中真正成功，必須同時做到「績效交付」與「轉型變革」。我們第二季以及整個上半年的表現，進一步證明我們正在做到這一點。我們的投資組合轉型仍按計畫推進，包括 6 月收購 Gruns，以及我們在將 Foods 與 McCormick 結合方面的進展。

At the same time, we have delivered a strong volume-led first half with broad-based strength.

同時，我們交出由銷量帶動、且具廣泛動能的強勁上半年表現。

Our strategy built on desire at scale is working. We are creating a marketing and sales machines with brands that are embedded in culture and with innovation driving the outperformance of our power brands. This gives us confidence in our full year delivery, including volume growth of around 3% for the year with growth in the second half led by pricing.

我們以「規模化的渴望（desire at scale）」為核心的策略正在奏效。我們正在打造行銷與銷售機器，讓品牌深植於文化之中，並以創新驅動我們核心強勢品牌的超越表現。這讓我們對全年交付更具信心，包括全年約 3% 的銷量成長，且下半年成長由定價帶動。

Thank you for listening. And with that, Srini and I will now take your questions.

感謝各位收聽。接下來，Srini 和我將開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Good morning, everybody. Thank you so much for joining the call. Our first question comes from Celine at JPM. Go ahead, Celine.

各位早安。非常感謝各位加入本次電話會議。我們的第一個問題來自摩根大通（JPM）的 Celine。請說，Celine。

Yes. So my first question, obviously, a very strong volume-led performance this morning. I wanted to understand, first of all, if you can talk about sell-in, sell-out, if you've seen any difference. But more importantly, I want like to understand the resilience of the performance. You seem to imply that you have gain probably market share.

是的。所以我的第一個問題，顯然今天早上你們交出非常強勁、由銷量帶動的表現。我想先了解一下，你們能否談談 sell-in、sell-out，是否看到任何差異。但更重要的是，我想了解這個表現的韌性。你們似乎暗示你們可能取得了市占率。

But how resilient you're seeing the performance is going to be when you raise prices, you are giving us a guidance for the second half, which is reassuring. But can you talk about your confidence and the visibility you may have that the volume will effectively sustain are going to be 15-plus-percent level in the second half of the year?

但當你們提高價格時，你們認為這個表現會有多大的韌性？你們也給了我們下半年的指引，這令人安心。但你們能否談談你們的信心，以及你們可能掌握的能見度：下半年銷量是否能有效維持在 15% 以上的水準？

My second question is for the full year, you now raised the guidance on volume to 3% versus 2% prior. Can you talk about how the markets you are facing in terms of market growth has developed. It seems effectively that the emerging markets are doing very well. How confident are you about the emerging market performance? And do you think that is there anywhere where you -- if you could as well talk about where you gained market share specifically that brought you to 3% for the full year? Thank you.

我的第二個問題是，針對全年，你們現在把銷量指引從先前的 2% 上調到 3%。你們能否談談你們所面對的市場在市場成長方面的發展情況？看起來新興市場表現非常好。你們對新興市場的表現有多大信心？另外，你們是否也能談談你們具體在哪些地方取得市占，從而讓你們把全年銷量提高到 3%？謝謝。

Thank you, Celine. Well, we are really pleased with the first half performance, strong volume growth, strong support with our brands, disciplined management of our overheads and expansion of operating margin in the context of significant cost volatility and the return of commodity inflation. And this has been the best quarter in terms of volume growth in more than 15 years, 4.2% at company level power brands at 6%, Dove, our largest brand at 9%, with a strong acceleration in emerging markets, while U.S. continue outperforming is a readily soft market there.

謝謝你，Celine。我們對上半年的表現非常滿意：強勁的銷量成長、品牌的有力支撐、對間接費用的嚴謹管理，以及在顯著成本波動與大宗商品通膨回歸的背景下，營業利益率仍能擴張。而且，這是超過 15 年來在銷量成長方面表現最好的季度：公司層級 4.2%，核心強勢品牌 6%，我們最大的品牌 Dove 達 9%；新興市場明顯加速，同時美國在相對疲弱的市場中仍持續跑贏。

But it's not a strong quarter in isolation. We have delivered 2.7% underlying volume growth across the last 10 quarters. and we have accelerated in the last year to 3.1%. We believe this is a result of stronger brands. 60% of our revenue is now increasing what we call a miser brand superior course the metrics of brand.

但這並非單一季度的強勁表現。過去 10 個季度我們交出 2.7% 的基礎銷量成長，且在過去一年加速至 3.1%。我們相信這是品牌更強的結果。我們目前有 60% 的營收來自我們所稱的「miser brand superior course the metrics of brand」（原文如此）。

And we continue investing strongly behind our innovation. So we believe this -- the performance is resilient is broad-based.

而且我們持續在創新方面大力投資。因此我們相信，這樣的表現具韌性且動能廣泛。

Of course, Emerging Markets is a highlight. We have a portfolio that is diversified in terms of short office category segments, price points and this give us resilience against volatility. India that is, as you know, our second largest market has accelerated strongly. We have achieved record market share in both laundry and here that are our 2 biggest categories there. In the case of laundry, we are growing more than 5% above the average of the market.

當然，新興市場是一大亮點。我們的投資組合在品類區隔、價位帶等方面具多元化，這使我們能在波動中保持韌性。如你所知，印度是我們第二大市場，近期加速成長非常明顯。我們在當地兩大品類——洗衣與（此處原文為 here）——都創下歷史新高的市占率。以洗衣品類為例，我們的成長比市場平均高出超過 5%。

China is getting slowly better. We grew mid-single digit there. good acceleration in foodservice, but also our beauty business is really doing very well.

中國正在緩慢好轉。我們在那裡實現了中個位數成長。餐飲通路加速表現良好，同時我們的美妝業務也確實表現非常出色。

In Indonesia, we are happy with the improvement in fundamentals that we have seen there. we are operating there with probably the lowest level of stores that we have had in history. All the other Southeast Asian regions in Vietnam, Philippines, also South Asia, the Pakistan and Bangladesh, showing good growth. Of course, we have a strong contribution for LATAM. I have mentioned this previously, I have never seen 2 years -- 2 bad years, took bad consecutive years in LATAM.

在印尼，我們對所看到的基本面改善感到滿意。我們在那裡的門市數量可能處於歷史最低水準。東南亞其他地區如越南、菲律賓，以及南亞的巴基斯坦與孟加拉，也都呈現良好成長。當然，拉丁美洲（LATAM）對我們的貢獻很強。我之前提過，我從未見過拉丁美洲連續兩年——兩個糟糕的年度，連續兩年表現不佳。

The business is coming back strongly. We grew laundry double digit. The ore is coming back. The FIFA activation in LATAM has been excellent and our bitbusiness and food base continuing strong there.

業務正在強勁回升。我們的洗衣品類實現了雙位數成長。礦石正在回升。在拉丁美洲的 FIFA 行銷啟動表現非常出色，我們的 bitbusiness 與食品基礎業務在那裡也持續強勁。

So we see resilience. We see the turnover weighted market volume growth at around 1.5%, the growth at which Unilever is exposed. So if you look at our volume growth, really significantly above that means that we are gaining share in many of the categories. Of course, we have some issues, particularly condiments in U.S. that has been a red flag for us.

因此我們看到韌性。我們看到以營收加權的市場銷量成長約為 1.5%，這也是聯合利華所曝險的成長水準。因此若看我們的銷量成長，顯著高於該水準，代表我們在許多品類正在提升市占。當然，我們也有一些問題，特別是美國的調味品，這對我們而言是一個警訊。

We have been losing some share there, particularly in the premium segment, but we are addressing that in the short term. So we are confident. The markets remain relatively soft, as I mentioned, 1.5% volume growth, but our performance has been consistent. This is not a strong quarter in isolation.

我們在那裡流失了一些市占，尤其是在高端細分市場，但我們正以短期措施加以處理。因此我們有信心。如我所提，市場仍相對疲軟，銷量成長約 1.5%，但我們的表現一直很穩定。單看本季並不是一個特別強勁的季度。

Nicolai at Bank of America. Go ahead, Nicolai.

美國銀行的 Nicolai。請說，Nicolai。

Hi there. Good morning. I have two questions, please. The first one is on destocking from retailers in the U.S. You haven't mentioned that at all, and we hear many of your peers talk about it. Maybe could you tell us why you think that happens to your peers and not to you would be quite useful to understand. And the second question is on your oral care business.

你好。早安。我有兩個問題，謝謝。第一個是關於美國零售商去庫存（destocking）。你們完全沒有提到這點，但我們聽到你們許多同業都在談。也許你們可以說明為什麼你認為這件事發生在同業身上而不是你們身上，這會很有助於理解。第二個問題是關於你們的口腔護理業務。

performance is probably a bit weaker than the rest of the business. And I haven't heard you talk a lot about your old care business overall in recent quarters. We can see from some of your peers, there's huge growth in the category potentially. But if I look at the performance over the last few years, you seem to be in $1 of share overall. So do you think there's enough focus from the organization on this business? Thank you.

其表現可能比其他業務稍弱。而且近幾季我沒有聽到你們太多談到整體口腔護理業務。從一些同業來看，該品類可能有很大的成長潛力。但如果我看過去幾年的表現，你們整體似乎大約只有 1 美元的市占。所以你認為組織對這項業務的關注度足夠嗎？謝謝。

Thank you, Nicolas. Regarding talking in U.S. really, it's not -- we have seen something, but it's not material at company level, really. We have seen a bit more destocking in foods than in HPC. But really, we didn't wanted to call it out because it's not material, and these kind of things can go one way or the other.

謝謝你，Nicolas。關於美國的去庫存，其實——我們確實看到一些，但在公司層面並不重大。我們在食品看到的去庫存比在家用與個人護理（HPC）更多一些。但我們不想特別點出，因為它並不重大，而且這類情況可能往任何方向變化。

But we have not seen significant difference between selling and sellout. There is a bit of destocking, particularly in foods, but is, as I mentioned, not really material.

但我們沒有看到出貨（selling）與終端銷售（sellout）之間有顯著差異。確實有一些去庫存，特別是在食品，但如我所說，並不算重大。

I feel your second question is about Oral Care, if I'm wrong, we have been growing low single digits in Oral Care in the first half. We are not happy with the performance in that category. We come from -- we came from a couple of years that really we are very, very strong, particularly in Pepsodent and Close Up, particularly in Asia, where our --

我覺得你的第二個問題是關於口腔護理（Oral Care），如果我理解錯了請指正；我們在上半年口腔護理實現了低個位數成長。我們對該品類的表現並不滿意。我們來自——我們過去幾年其實非常、非常強勁，特別是 Pepsodent 和 Close Up，尤其在亞洲，我們的--

Please go ahead, Warren.

請繼續，Warren。

Warren here at Barclays. I've got 2 questions on the housekeeping. The housekeeping, Fernando, is there any update on where we are at on the McCormick deal? Anything to say on timing or any other comments about savings would be great. Then my 2 questions are, firstly, on the U.S., can you maybe dive a little bit deeper into what's happening category-by-category.

我是巴克萊的 Warren。我有兩個行政事項（housekeeping）問題。Fernando，關於 McCormick 交易目前進展到哪裡，有沒有更新？若能談談時程或任何關於節省的其他評論就太好了。接著我的兩個問題是：第一，關於美國，你能否更深入按品類逐一說明正在發生什麼？

It looks Liquid I.V.'s reaccelerated, but U.S. hairs also accelerating, of course, doing well. I often hear it's mainly Liquid I.V., but it does look quite broad based. So I love to hear your kind of view subcategory and outlook for the U.S. business specifically, how are shares trending and how you're thinking about the US consumer?

看起來 Liquid I.V. 重新加速成長，而美國的美髮品類也在加速，當然表現良好。我常聽到主要是 Liquid I.V. 在帶動，但看起來其實相當廣泛。所以我想聽聽你對各子品類的看法，以及對美國業務的展望：市占趨勢如何，以及你如何看待美國消費者？

And then the second one is on margins with Srini. Can you talk a little bit about the H2 moving part of any? I heard you saying the absolute gross margin will be the same in H2. But what do you expect for BMI and overheads in H2? And any updated view on NMI given the Middle East conflict?

第二個問題是關於 Srini 的利潤率。你能談談下半年（H2）有哪些變動因素嗎？我聽到你說下半年絕對毛利率會與上半年相同。但你對下半年 BMI 與管理費用（overheads）有何預期？以及考量中東衝突，對 NMI 有沒有更新看法？

Thank you, Warren, and I will take the U.S. question and Srini will talk about margins in the McCormick product, which is really good. In the U.S., as you know, we have delivered 4% volume growth in North America in the last 3 years and during the first half of 2026, despite some softening in Wellbeing. And I believe that this outperformance in the U.S. that has been a very consistent one, reflects the profound information we have done to our portfolio.

謝謝你，Warren。我會回答美國的問題，而 Srini 會談利潤率以及 McCormick 產品，這確實很好。在美國，如你所知，過去 3 年我們在北美實現了 4% 的銷量成長；而在 2026 年上半年，即使 Wellbeing 有所走弱，我們仍然做到。我認為我們在美國這種一貫的優於市場表現，反映了我們對產品組合所做的深度轉型。

and the huge focus that we have put in a strengthening relations with our key retailers showing them our ability to grow market.

以及我們投入大量心力去強化與關鍵零售商的關係，向他們展現我們推動市場成長的能力。

During the first half, the growth was broad based. We have a strong growth in the other and in skin cleansing in hair in prestige. Particularly in British, we delivered close to 12% growth in the first half. In Hair Care, more than 8% with Hair Care at global level more than 9%. So it has been a strong performance.

上半年成長是廣泛分布的。我們在除臭、肌膚清潔、護髮以及高端（prestige）都有強勁成長。特別是在 British，我們上半年交出接近 12% 的成長。在護髮方面，美國超過 8%，而全球護髮超過 9%。因此表現相當強勁。

Of course, the FIFA event, the World Cup has some impact in our detente and skin cleansing performance. I would like to highlight also that against often, we have regained market leadership in U.S. after 2 years. As you remember, we have some issues in the premium segment in the last couple of years, but we have been sorting out that and we are very pleased with regaining market leadership in that very important category in the biggest market globally.

當然，FIFA 賽事、世界盃對我們的 detente 與肌膚清潔表現有一些影響。我也想強調，針對 often，我們在美國在兩年後重新奪回市場領導地位。如你所記得，過去幾年我們在高端細分市場遇到一些問題，但我們已經在處理，並且對於在這個全球最大市場、極其重要的品類中重新取得市場領導地位感到非常滿意。

Liquid I.V. returned to double-digit growth in quarter 2 after lapping a very strong comparator in the first quarter. There were some benefits from shipment phasing given that Amazon Prime Day this year materialized in quarter 2 and last year was in quarter 3. But we continue to see solid market growth in the powder hydration market. We are back to competitive share gains in Amazon in Walmart in the grocery channel when it comes to powder hydration.

Liquid I.V. 在第二季回到雙位數成長，因為第一季面臨非常強的比較基期。由於今年 Amazon Prime Day 落在第二季、而去年在第三季，因此出貨節奏（shipment phasing）帶來了一些助益。但我們仍持續看到粉末補水市場的穩健成長。在粉末補水方面，我們在 Amazon、Walmart 以及雜貨通路重新回到具競爭力的市占提升。

We have some issues in the club channel that is around 30% of our revenue where we have lost some space to private label.

我們在俱樂部通路（約占我們營收的30%）遇到一些問題，我們在那裡有部分陳列空間被自有品牌（private label）搶走了。

And then I believe that the disappointing element of our performance in quarter 2 has been in foods, in which our Condiment business has suffered some share losses, particularly due to the development of the mayonnaise premium segment around alternative oil formulation, particularly of the oil ones, and also some poor return of our promotional program during the quarter. So there is a clear action plan now in place, including the launch of Hellmann's avocado line. It is hitting the market now. We are gaining significant points of distribution in the U.S. in Foods.

另外，我認為我們第二季表現中令人失望的部分出現在食品業務；其中我們的調味品業務出現了一些市占流失，特別是因為美乃滋高端細分市場的發展，圍繞替代油脂配方（尤其是油脂類配方），以及本季促銷方案的回報不佳。因此，目前已制定明確的行動計畫，包括推出 Hellmann's 酪梨系列。該產品目前正進入市場。我們在美國食品業務的鋪貨（distribution）點數正顯著增加。

This is already materializing some key retailers. And we're investing in new price architecture, particularly in the squeeze format that has been under a bit of pressure.

這已在一些關鍵零售商處開始具體落地。我們也正在投資新的定價架構（price architecture），特別是在擠壓瓶（squeeze）包裝形式上，該形式一直承受一些壓力。

So we see the quarter 2 performance in foods as an outlier in what has been a consistent outperformance in the sector, but we are very confident in the right deductions that we have put in place, and we expect the second half to be better. So in summary, very good performance in Care deranking in Prestige, improving in Wellbeing even if we expect some pressure in the short term. And in Foods, disappointing performance in but we see that as an allied we expect what the second half to be better. Srini?

因此，我們將第二季食品業務的表現視為異常值；在此之前我們在該產業一直維持穩定的超越表現。但我們對已採取的正確措施非常有信心，並預期下半年會更好。總結來說，個人護理在高端（Prestige）去層級（deranking）方面表現非常好；健康（Wellbeing）也在改善，儘管我們預期短期仍會有一些壓力。而在食品方面，表現令人失望，但我們將其視為一次性偏離，我們預期下半年會更好。Srini？

Yes. Warren. On the McCormick side, we continue to make good progress. As we have said, more than 100 people are actually working from either side towards integration. You've already seen that last week announced that the secondary listing is going to be based in U.K.

是的。Warren。在 McCormick 這邊，我們持續取得良好進展。如我們所說，實際上有超過100人正從雙方投入整合工作。你也已看到上週宣布，次級上市將設在英國。

You would have also seen the leadership announcements, which is actually important for us because we have 4 members from a Unilever side who are going to be on the top table of the combined company. both from the point of view of running the P&L also from key functional areas with again a strong or really being in Netherlands. Obviously, there are some good milestones coming up in terms of SEC filings, carve-out accounts. All of that is actually progressing on track.

你也會看到領導團隊的任命公告，這對我們很重要，因為合併後公司的最高管理層（top table）將有4位來自聯合利華的人員；不僅從損益（P&L）管理角度，也涵蓋關鍵職能領域，並且（再次）在荷蘭有很強的布局/據點。顯然，在 SEC 申報、分拆（carve-out）帳目等方面，接下來也會有一些重要里程碑。這些工作目前都按計畫推進。

We're also pleased that we're making good progress when it comes to some of the tax-related discussions and regulatory whatever has worked so far is broad on track, and therefore, that gives us the confidence to say that we are here on course really getting this merger finalized. Coming to commodity pricing and margins. I think good to start by anchoring is to voice at the end of first quarter. At that stage, we had indicated to the commodity inflation for the year. It was likely to be in the range of about $750 million to $900 million, and this was about 350 to 500 ml above an assumptions.

我們也很高興在稅務相關討論與監管等事項上取得良好進展；到目前為止的各項工作大致都在軌道上，因此這讓我們有信心表示，我們正按進度推動並完成這項合併。接著談大宗商品價格與利潤率。我認為先以第一季末我們所傳達的觀點作為基準是好的。當時我們指出，今年的大宗商品通膨可能落在約7.5億至9億美元區間，這比原先假設高出約3.5億至5億美元。

At that stage, we also said that the pricing in half 2 is likely to be higher than half 1 and 4x better in half 2. As we sit here today, the outlook remains broadly unchanged. In the first half, we had an inflation impact of about EUR 100 million, which is landed into the P&L. Also looking ahead, we expect about EUR 550 million impact. This is a total inflation on a like-for-like basis, which includes commodities, controlled costs, all elements to it.

當時我們也說過，下半年定價可能會高於上半年，且下半年的改善幅度會是上半年的4倍。以我們今天的情況來看，展望大致不變。上半年我們承受約1億歐元的通膨影響，已反映在損益表（P&L）中。往前看，我們預期約5.5億歐元的影響。這是以同類基礎（like-for-like）計算的總通膨，包含大宗商品、可控成本及所有相關要素。

So we expect about EUR 550 million 2nd half, which means that the full year outcome is approximately EUR 850 million. As you would appreciate, there's been a lot of movement in some of the commodities in the last few days. here for the ranges that we are working with is somewhere could be between 800 to 900, but a center point really being 850.

因此我們預期下半年約5.5億歐元，意味著全年結果約為8.5億歐元。如你所知，過去幾天部分大宗商品波動很大；我們目前採用的區間可能在8億到9億之間，但核心中位數仍是8.5億。

Important to again highlight here that a lot of the inflation is concentrated in home care, and 70% M&As from our emerging markets. And the basket that we talk about, it's crude, it's veg oils, palm, SBO packaging materials and parts of LAB and also parts of energy costs. Our approach has been always balanced and disciplined. In half 1, we also had some benefit of the covers. We have taken calibrated pricing, leveraging pack price architecture, formulation, flexibility, productivity programs and tight cost control.

也要再次強調，通膨主要集中在家用清潔（Home Care），且其中70%的 M&A（此處原文如此）來自我們的新興市場。我們所談的籃子包括原油、植物油（棕櫚油、SBO）、包材，以及部分 LAB，還有部分能源成本。我們的方法一向是平衡且有紀律。上半年我們也受惠於避險（covers）。我們採取經校準的定價，並運用包裝/價格架構、配方調整、彈性、效率提升計畫以及嚴格的成本控管。

India is also a good example with large home care footprint, where do you start to see that there's been a good balance between price and volume in the half. So from a logical perspective, the pricing at 0.6% was slightly -- Fernando already touched upon some of the elements and the press release also give some more color to it.

印度也是一個很好的例子，因其家用清潔版圖很大；你開始看到上半年在價格與銷量之間取得了良好平衡。因此從邏輯上看，0.6%的定價略微——Fernando 已經提到其中一些因素，新聞稿也提供了更多說明。

Importantly, if I come back to gross margins, therefore, how does it all add up. Important to highlight that on a sequential basis, our gross margins have actually improved. While on a year-on-year basis, they are lower. But if you were to actually compare half 2 of last year to half 1 of this year, we have made a step-up. It's also important to highlight that we did benefit from volume leverage because that, again, is a source of gross margin for us.

重要的是，回到毛利率來看，整體如何加總。需要強調的是，按季（sequential）來看，我們的毛利率其實有所改善。雖然按年（year-on-year）來看較低。但若比較去年下半年與今年上半年，我們已經上了一個台階。同樣重要的是，我們也受惠於量的槓桿（volume leverage），因為這也是我們毛利率的來源之一。

However, we had adverse mix. We had adverse mix because of higher contribution from home care. While Home Care makes it up on its own margin at a on percentage basis, but at a gross margin level, obviously, there are differentials will exist between the categories. It's also important to highlight that in half one. the highest inflation impact was in Home Care.

然而，我們的組合（mix）不利。組合不利是因為家用清潔的貢獻占比提高。雖然家用清潔本身的利潤率（以百分比計）可以自我支撐，但在毛利率層面，不同品類之間顯然存在差異。也要強調的是，在上半年，通膨影響最大的是家用清潔。

Pricing was calibrated, and therefore, the gross margin drag also came from home care. Pricing is now landing. It started to land in quarter 2, and you'll see more of that landing in second half. Along with that, we will pull all the drivers in the value chain. And therefore, the combination of what we had spoken about earlier, gives us the confidence to say that we'll have gross margins at similar levels.

定價是經過校準的，因此毛利率的拖累也來自家用清潔。定價現在正在落地。它在第二季開始反映，你會在下半年看到更多落地效果。同時，我們將在價值鏈上拉動所有驅動因素。因此，結合我們先前談到的各項措施，讓我們有信心表示，我們的毛利率將維持在相近水準。

of first half, which is we will take the 46.8% levels.

也就是維持在上半年的46.8%水準。

Our commitment to investing behind brands remains unchanged and we've said this multiple times to the days of underinvesting in the business are over for us. And the normative levels that we've called out on brand and marketing investment is 15% to 16%. In the half, it had it slightly higher at about 16.1%. That's also led from innovations and prefiled activations.

我們對品牌投資的承諾不變；我們已多次表示，過去對業務投資不足的日子對我們而言已經結束。我們所提出的品牌與行銷投資常態水準為15%到16%。上半年略高，約為16.1%。這也受到創新與前置（prefiled）市場啟動活動的帶動。

On overheads, you see that it's been a fundamental shift in philosophy. We have seen a big step-up in terms of productivity. We completely landed the productivity program in the first half, and we'll continue to maintain the discipline. So the combination of aging pricing, volumes, mix, healthy levels of investments actually gives us the confidence to really guide for a modest margin expansion for the full year.

在間接費用（overheads）方面，你會看到理念上出現了根本性的轉變。我們在生產力（productivity）方面有明顯的躍升。我們在上半年已完整落地生產力計畫，並將持續維持紀律。因此，定價逐步落地、銷量、組合，以及健康水準的投資等因素的組合，讓我們有信心在全年指引上給出溫和的利潤率擴張。

The next question comes from Olivier at Goldman Sachs.

下一個問題來自高盛的 Olivier。

Just two questions, please. First, in the U.S., Dove and Baseline are both growing very strongly. You mentioned the premium innovation. I was just wondering how much room do you think you have for -- to further premiumize those 2 brands, which historically have been operating in the mainstream segment. And secondly, you mentioned in the press release, I think, some tax reform in Brazil in which could first of all, thanks for flagging this ahead.

請問兩個問題就好。第一，在美國，Dove 和 Vaseline 都成長非常強勁。你提到高端創新。我想請教，你認為在多大程度上還有空間——進一步讓這兩個品牌走向高端化？這兩個品牌過去一直在大眾主流市場區隔運作。第二，你在新聞稿中提到，我想，是巴西的一些稅制改革；首先，謝謝你提前提示這件事。

Could you tell us if it will affect a specific category? And what's the magnitude of it? Is it a bit like GST in India and could it affect Q3 initially?

你能否告訴我們這會影響特定品類嗎？影響幅度有多大？它是否有點像印度的 GST，並且可能在一開始影響第三季？

Srini will take on the tax question in Brazil, Olivier. Let me talk a bit about an Vaseline in the U.S. And globally, I feel that battling some of our most important brands, growing double digit and other, Dove 9% and baseline growing double digit. Dove in the U.S., very, very strong performance. It's 40% of our personal car revenue is really growing very, very strongly in the U.S.

Olivier，巴西稅務的問題由 Srini 來回答。我先談一下美國的 Vaseline。整體而言，我覺得我們一些最重要的品牌表現很強勁，呈現雙位數成長；Dove 成長 9%，Vaseline 也是雙位數成長。Dove 在美國的表現非常、非常強。它占我們個人護理營收的 40%，在美國確實成長非常、非常強勁。

battling a strong performance in U.S., but also in emerging markets, with very solid performance in skin care. So these are 2 of our most important brands, really with a stellar performance. 2 of the 15 power brands that grew double digit in the second quarter of the year. So the growth is broad-based growth our portfolio.

在美國表現強勁，同時在新興市場也有很好的表現，尤其在護膚品類表現非常扎實。因此，這兩個都是我們最重要的品牌之一，表現確實非常亮眼。今年第二季成長雙位數的 15 個核心品牌（power brands）中，它們就占了兩個。因此，我們的成長是以整體產品組合為基礎的廣泛成長。

In terms of premiumization, there is a limit. We believe that, that probably has a limit in the kind of $20 territory, something similar for baseline probably a bit lower in the U.S. So we will not take the brands to places where we believe that the brands don't have the authority to play. But we continue to see mization opportunities in the eateries in which the brands compete. Tax?

就高端化而言，確實有其上限。我們認為大概在 20 美元左右的價位帶會有上限；Vaseline 在美國可能略低一些。因此，我們不會把品牌推到我們認為品牌沒有足夠權威去競爭的區域。但我們仍持續看到在品牌所競爭的品類中存在高端化機會。稅務？

See, the Brazil tax reform is actually -- it's really something which is reshaping the tax system and not changing what I would believe as the fundamental economics of the market. What is the key change. Brazil is actually moving into -- moving from about 5 existing spaces to a dual VAT system. It starts in 20 when we enter the first one where the federal taxes become common under something called CBS, which removes some of the elements such as called packages and the likes. The reform is also designed around the principle of revenue neutrality.

你看，巴西的稅制改革其實——它確實是在重塑稅制，而不是改變我所認為的市場基本經濟結構。關鍵變化是什麼？巴西正從大約 5 種既有稅制架構，轉向雙軌增值稅（VAT）制度。它從 20 年開始，我們會先進入第一階段，聯邦稅將在一個稱為 CBS 的制度下統一，這會移除一些要素，例如所謂的「packages」之類的項目。這項改革也以「稅收中性」為設計原則。

Therefore, over a period of time, there should not be a fundamental change to the economics of the business.

因此，隨著時間推進，企業經營的經濟性不應出現根本性的改變。

However, what could this mean? This could be some movements in the lines of the P&L? Higher VAT rates will mean that we have to -- that will be reduced or reported revenue realizations. However, we will get the benefit of taxes, input taxes, which earlier were not ratable. Now you can start to take credit of it, which basically reduces the cost.

不過，這可能意味著什麼？這可能會在損益表（P&L）的各行項目之間產生一些移動。較高的增值稅稅率意味著我們必須——這將降低或使已揭露的營收實現（revenue realizations）變少。然而，我們將能受益於稅額抵扣、進項稅（input taxes），過去這些無法抵扣。現在你可以開始抵扣，基本上會降低成本。

So as a consequence of this reported revenue will be lower. Cost will be lower, which means that there will be an adverse impact on USG, there will be a positive impact on margins. While the overall profitability of the business will remain unchanged.

因此，結果是已揭露的營收會較低。成本也會較低，這表示 USG 會受到不利影響，但毛利率會有正面影響。而整體業務的獲利能力將維持不變。

But again, this is subject to the final tax rates being notified by the Brazilian regulatory authorities, which is expected to happen in the next few months. The point that we are highlighting from a quarter 4, while all of this change will happen effective first January, this could actually potentially lead to some market disruptions in quarter 4. We don't expect anything from a quarter 3-point of view. And why is that likely to happen? Because it's really going to come from how customers are going to view this change in transition and classically over big tax reform agenda items, given that regulation sometimes tends to be nebulous, customers will reduce some of the stocking pattern.

但同樣地，這取決於巴西監管機關最終公告的稅率，預期會在未來幾個月內公布。我們特別提出第四季的原因是：雖然所有變更將自 1 月 1 日起生效，但它其實可能在第四季造成一些市場干擾。就第三季而言，我們不預期會有影響。為什麼可能會發生？因為這主要取決於客戶如何看待這項變更的過渡；而在大型稅改議題上，鑑於法規有時較為模糊，客戶往往會降低備貨模式。

There is also some lack of clarity or visibility as regards to the stock, which will be sitting with the customers, while when they sell, it will go at higher whether they will get some of the input credits or not. So there are a few of these moving parts because of which we expect there could be some bit of destocking in quarter 4. While we have factored some of that into our full year guide, we will get better clarity on this as the regulation emerges. Only the last point, because it's important to recognize that this is not like a GST kind of reform in India, where the overall incidence of the taxes came down and which gave more money into the hands of the consumers.

此外，對於客戶手上持有的庫存也存在一些不確定性或能見度不足：當他們以較高稅率售出時，是否能取得部分進項抵扣。因此，因為有這些變動因素，我們預期第四季可能會出現一些去庫存（destocking）。雖然我們已在全年指引中納入其中一部分影響，但隨著法規逐步明朗，我們會得到更清楚的判斷。最後一點也很重要：這不像印度的 GST 改革，那次是整體稅負下降，讓消費者手上可支配金額增加。

This is more a revenue-neutral mechanism by the government to simplify so we expect the unit economics and broadly to remain unchanged. And last part, there is likely to be impact on the HPC side of the business. Foods is relatively not impacted by these changes given the tax structure.

這更像是政府用稅收中性的方式來簡化制度，因此我們預期單位經濟性（unit economics）以及整體而言將大致維持不變。最後一部分，影響較可能出現在 HPC（家居與個人護理）業務端。由於稅制結構的關係，食品業務相對不受這些變更影響。

Next question comes from David Hayes at Jefferies. Go ahead, David.

下一個問題來自 Jefferies 的 David Hayes。David，請說。

Thanks, Gemma. Good morning, all. Two for me. Just firstly on LATAM steel. Pricing was obviously flat in the quarter despite the hyperinflation or contributions in the region. So clearly, some sort of price reset going on there, which I know you called out was going on since the beginning of the year. So the question is, is that done now?

謝謝，Gemma。各位早安。我有兩個問題。首先關於拉丁美洲（LATAM）的鋼材。儘管該地區存在惡性通膨或相關貢獻因素，本季定價顯然持平。所以很明顯那邊正在進行某種價格重置；我知道你提到自年初以來就一直在進行。所以問題是：現在已經完成了嗎？

Should we expect pricing to step up quite notably in the second half? And where you have reset prices, have you seen competition following down? Or is that something you're now watching as you go into the second half?

我們是否應該預期下半年定價會相當明顯地上調？以及在你們完成價格重置的地方，有看到競爭對手跟著往下調嗎？或者這是你們在進入下半年時正在觀察的事情？

And then secondly, just in terms of the second half volumes, I'm trying to get a gauge here between third and fourth quarter. So I guess, if I play back to your volumes are running at about 3% over a long period of time. if we took the average of the second quarter and the third quarter, so relatively flat volumes in the third quarter. average 3. Is that the sort of thing we should be thinking in terms of the pre-buy, the benefit of the World Cup, et cetera, on volumes in the second quarter ? Thank you.

第二，關於下半年銷量（volumes），我想在第三季與第四季之間抓一個尺度。所以我想，如果回放你說的：長期來看銷量大約以 3% 的速度運行；如果我們取第二季與第三季的平均，那第三季銷量相對持平，平均約 3%。這是否就是我們在思考第二季銷量時應該採用的框架——例如預先採購（pre-buy）、世界盃帶來的好處等等？謝謝。

Thank you, David. Well, let me start with the second question. We don't see any significant difference between selling and sell out. Of course, that means that there is no prebuy. Why would we allow retailers to prebuy at a lower price?

謝謝你，David。我先從第二個問題開始。我們沒有看到出貨（selling）與終端銷售（sell-out）之間有任何顯著差異。當然，這意味著沒有預先採購。我們為什麼要讓零售商以較低的價格預先採購呢？

That doesn't make a lot of sense. So basically, you don't -- you should really not consider that there is any significant one-off in the results we have had -- what is important is we are not carried away by a quarterly result. We look at long-term trends. The relevant trends of this business is that we have grown 2.7% UEG growth in the last 10 quarters and 3% in the last year. We will not give guidance in the quarter 3 and quarter 4, but Srini can give more color on the split of that.

那不太合理。所以基本上，你不應該——你真的不應該認為我們的業績結果中存在任何重大的單次因素——重要的是，我們不會被單一季度的結果沖昏頭。我們看的是長期趨勢。這項業務的相關趨勢是：過去10個季度我們的UEG成長2.7%，過去一年約3%。我們不會在第三季和第四季提供指引，但Srini可以就其拆分提供更多說明。

On Latin America, our performance in Latin America is really accelerating. We delivered close to 9% growth in the second quarter. And this took the up to close to 8% growth with 6% in volume. LATAM is one of our Unilever strongest business. And as I mentioned before, we have -- we have never had 2 weak years in a row.

關於拉丁美洲，我們在拉丁美洲的表現確實正在加速。我們在第二季實現了接近9%的成長。這使得成長提升至接近8%，其中銷量成長6%。拉丁美洲是聯合利華最強的業務之一。而且如我先前提到的，我們——我們從未連續兩年表現疲弱。

We have corrected some of the own goals that we scored last year, and we are very pleased with the on performance that we have had in the first half. We have seen the impact of the decisive actions that we have taken in both laundry and the rents to restore competitiveness, particularly in Brazil, and we continue keeping good momentum in Beauty and Food in laundry, in particular, we delivered our digit volume growth in Brazil.

我們修正了去年一些「自擺烏龍」的問題，並且對上半年所取得的表現感到非常滿意。我們已看到在洗衣與除臭劑（deos）方面所採取的果斷行動帶來的影響，以恢復競爭力，特別是在巴西；同時我們也持續在美容與食品方面保持良好動能。在洗衣方面尤其如此，我們在巴西實現了雙位數的銷量成長。

And there are 2 main reasons for that, a very successful introduction of our Wonder was innovation in the liquids segment, the 1 that in U.K., you see as parcel in the case of Brazil and romo and also the impact of the pricing correction actions that we took in the first half of last year to restore competitiveness in the Power segment. This is already lapping we expect a real acceleration of pricing in laundry in the second half.

主要有兩個原因：其一是在液體洗衣品類中非常成功地導入了我們的Wonder Wash創新——在英國你看到的是Persil，而在巴西則是Omo；其二是我們在去年上半年為了恢復在粉末（Power）品類的競爭力而採取的價格修正行動所帶來的影響。這些因素的基期效應已經開始消化，我們預期下半年洗衣品類的定價將明顯加速。

In deos, that is another very important category for Unilever in Brazil. We are seeing month after month recovery of the aerosol format that is crucial to boost market growth. The action that we have put in place in the category rebalancing our investment, increasing the one in aerosol relative to the one in contract applicator format is working. And of course, we also benefit from what has been an excellent activation around the World Cup. So we expect deos to gain further momentum in Latin America and being a solid contributor to growth in the second half of the year.

在除臭劑（deos）方面，這是聯合利華在巴西另一個非常重要的品類。我們看到噴霧（aerosol）劑型逐月復甦，而這對帶動市場成長至關重要。我們在該品類所採取的行動——重新平衡投資、相對於滾珠／膏狀（contract applicator）劑型提高對噴霧劑型的投入——正在奏效。當然，我們也受惠於圍繞世界盃所做的極佳行銷啟動。因此，我們預期除臭劑在拉丁美洲將進一步增強動能，並在下半年成為成長的穩健貢獻者。

Performance in the rest of Latin America is strong. Argentina grew volumes mid-single digit despite what is a tough market there, makes it also improve. And in other important markets like Chile and Central America, particularly our bid and personal care business has a lot of momentum. Second half, anything else, Srini?

拉丁美洲其他地區的表現也很強勁。儘管阿根廷市場艱難，銷量仍以中個位數成長，且組合也有所改善。在其他重要市場如智利與中美洲，特別是我們的美容與個人護理業務動能十足。下半年還有其他要補充的嗎，Srini？

There's a couple of elements just to get it out of the way. On a couple of times that's come on the first half performance. I think Fernando has made it very clear that most of it has really got to do with the underlying momentum rather than one-off factors. Having said that, Fernando also mentioned briefly in his comments that we did have a bit of a phasing benefit from an Amazon Prime event. We just thought we quantify it.

有幾個要點先把它說清楚。關於上半年表現被提到的幾次問題。我認為Fernando已非常清楚地說明，大部分確實與基本面動能有關，而非一次性因素。話雖如此，Fernando在評論中也簡要提到，我們確實因Amazon Prime活動而獲得了一點時點（phasing）上的好處。我們想把它量化一下。

It starts up between $25 million to $30 million, which at a group level will mean about 20 basis points for the quarter. So that's really something which is a phase in which has come in. Ideally, it would have been a prior have happened in quarter 3. Now it's come into quarter 2.

大約是2,500萬到3,000萬美元，換算到集團層面，對該季度約為20個基點。所以這確實只是時點移轉帶來的影響。理想情況下，它原本應該發生在第三季。但現在它落在第二季。

Now coming back to the questions related to volumes. Therefore, we've always said, listen, always anchor our business in terms of when you think about multiple years, 2 year CAGRs, MAT trends, that's more reflective of, let's say, the underlying strength of the business. And if you see in that context, Fernando has explained that even in half 1, we are 2.7%, if you look at the running rate it's 3. What changes in half 2? Obviously, we start with a base which is higher.

回到與銷量相關的問題。因此我們一直說，請把業務的觀察錨定在多年期的角度，例如兩年期CAGR、MAT趨勢，這更能反映業務的內在實力。在這個脈絡下，Fernando已解釋，即使在上半年我們是2.7%，若看目前的運行速度（running rate）則是3%。那下半年會有什麼變化？顯然，我們面對的是更高的比較基期。

In half 1 of last year, we had about 1% volume, which stands up to 2% in half 2. That's an important element a lot.

去年上半年我們的銷量約1%，而下半年約2%。這是一個非常重要的因素。

Second element is that we'll also have pricing, which is going to start landing. It's already started in quarter 2. We should expect some bit of volume sensitivities, and I think it's healthy. That's really the way we manage the business on its totality of volume price competitiveness. I think that's the second element.

第二個因素是，我們也會有定價開始落地。它在第二季就已經開始。我們應該預期會出現一些銷量敏感度，我認為這是健康的。這正是我們在整體上管理業務的方式：在銷量、價格與競爭力之間取得平衡。我認為這是第二個因素。

Third, it's also important to understand that some of the vectors of growth or some of the geographies of growth will change to actually see you will start to see a very strong base we had in U.S. and Indonesia. Equally, you'll start to see that some of the base that we have in India and Brazil will be actually soft.

第三，也很重要的是要理解，一些成長向量或成長地理區域會改變；你會開始看到我們在美國與印尼原本非常強的基期。同樣地，你也會開始看到我們在印度與巴西的一些基期實際上會偏軟。

So multiple moving parts. So rather than getting to a very specific quarter to quarter 3 elements to it. The best way to really start thinking about our business is on a running basis to CAGR. And therefore, the volume guide that we have given to the full year at 3%, I think, is more reflective of the performance.

所以有多個變動因素。因此與其把焦點放在非常具體的逐季、第三季的細節上，思考我們業務的最佳方式，是以運行基礎的CAGR來看。因此，我們對全年給出的3%銷量指引，我認為更能反映實際表現。

I feel just to highlight again, the diversification of our portfolio, particularly in HPC, in terms of geographic category segments, price points give us resilience. We see that as a significant competitive advantage and give us a lot of confidence to really deliver the numbers that we have given in the upgraded guidance.

我想再次強調，我們的產品組合多元化，特別是在HPC方面，就地理、品類區隔與價格帶而言，為我們帶來韌性。我們將其視為重要的競爭優勢，也讓我們對於在上調指引中所給出的數字能夠實現充滿信心。

The next question comes from Jeff Stent at BNP.

下一個問題來自BNP的Jeff Stent。

Good morning. Just one question. I think you said earlier there was no significant one-offs in the results. This is with FIFA, the biggest activation program in the history of the company. So and try to just ease that though. And I'm wondering if you could maybe give us a sense of what you think the FIFA activation added in terms of growth and I'm just kind of thinking forward to next year when at some point, we're going to talk about cycling and all of this.

早安。只有一個問題。我想你先前說過，業績中沒有重大的單次因素。但這次有FIFA，這是公司史上最大的行銷啟動計畫。所以我想釐清一下。我想知道你們是否可以讓我們了解一下，你們認為FIFA啟動在成長方面帶來了多少貢獻；我也在思考明年，某個時點我們會談到基期輪替（cycling）以及這些影響。

So any color or any quantification you can give on the FIFA activation in aggregate would be great. Thank you.

所以如果你能就FIFA啟動的整體影響提供一些說明或量化，將非常有幫助。謝謝。

Thank you, Jeff. Well, we are very pleased with the our GAP execution. We have activated more 35 runs across 120 markets, more than 50,000 creators doing content for Unilever brands simultaneously. And we believe that this is a proof of what nil creating in terms of a new social first model of reach an engagement for our brands at a scale that I personally believe very few companies can match. On top of that, we have had extraordinary execution in store across practically all the geographies of Unilever in unprecedented magnitude.

謝謝你，Jeff。嗯，我們對我們的GAP執行非常滿意。我們在120個市場啟動了超過35場活動（runs），同時有超過50,000位創作者為聯合利華品牌製作內容。我們相信，這證明了我們正在打造一種全新的「社群優先」（social first）觸及與互動模式，能以我個人認為極少數公司能匹敵的規模，為我們的品牌帶來觸及與互動。此外，我們在門店端也在幾乎所有聯合利華所覆蓋的地理區域，以前所未有的規模實現了卓越的執行。

So this should have some impact in our sellout, of course, the FIFA World Cup finished on the 19th of July. So we don't have yet the results to really validate what has happened there.

因此，這當然應該會對我們的終端銷售（sell-out）產生一些影響；FIFA 世界盃已於 7 月 19 日結束。所以我們目前還沒有結果來真正驗證那裡發生了什麼。

Even in some indication, for example, regaining market leadership in the rand U.S. gives a sense that this has been working. But of course, we don't do an event like FIFA for a 2 months we do this to increase the awareness and differentiation of our brands through the immersion of these brands in a massive cultural event like the World Cup. We believe that there will be a residual effect of this activity in terms of the strengthening of our brands. As I mentioned before, as I have mentioned before, we have close to 60% of our revenue, strengthening brand equity, what we call a misread superiority and we believe that we will see as a result of FIFA activation, particularly for Personal Care business, a significant ability in the image of our brands, and this should result in an improvement in competitiveness in the long run.

即使從一些指標來看，例如在美國重新奪回市場領導地位，也讓人感覺這些措施正在奏效。但當然，我們不會只為了 2 個月就做像 FIFA 這樣的活動；我們這麼做是為了透過讓品牌沉浸在像世界盃這樣的大型文化事件中，提升我們品牌的知名度與差異化。我們相信，這項活動在強化品牌方面會有殘餘效應。如我先前提到、也一再提到，我們接近 60% 的營收來自於強化品牌資產，也就是我們所稱的「被誤讀的優越性」（misread superiority）；我們相信，FIFA 的啟動活動（activation）將帶來成果，特別是對個人護理業務而言，會顯著提升我們品牌的形象，並在長期帶來競爭力的改善。

Maybe just to add color to 2 points on this. When you really look at the 2-year CAGR and the 3-year CAGRs, it actually then starts to reflect the momentum of our business in Personal Care, whether you see it from a deodorant point of view or when you see skin cleansing, that's also reflected in our gaming back leadership in the U.S. and retrans. And skin cleansing, Fernando has already spoken about the performance of Dove and how it's really strengthened.

也許我再補充兩點背景說明。當你真正去看 2 年 CAGR 與 3 年 CAGR 時，會開始反映我們個人護理業務的動能；不論從止汗劑的角度，或是看肌膚清潔，這也反映在我們在美國重新奪回領導地位以及在 retrans（轉售通路）上的表現。至於肌膚清潔，Fernando 已經談過多芬（Dove）的表現，以及它如何真正被強化。

The other angle to also see is when you really look at the first half of the performance. What we've really called off as a true one-off is really the Amazon Prime effect. Given our supply resilience, given the fact that we have the financial strength from a balance sheet given that we have the formulation flexibility R&D, it is quite possible that we have gained at the expense of some of the regionals and the locals in home care, notably in different parts of the world. But that's actually genuine demand and supply dynamics enabled by what I would really call as a very resilient and agile supply chain.

另一個角度是看上半年整體表現。我們真正稱之為一次性（one-off）的，其實是 Amazon Prime 的效應。考量到我們供應的韌性、資產負債表帶來的財務實力，以及我們在配方與研發（R&D）上的彈性，我們很可能是在家居護理領域、尤其在全球不同地區，以部分區域性與本地業者為代價而取得了市占。但那其實是真實的需求與供給動態，而這是由我所稱的一個非常具韌性且敏捷的供應鏈所促成的。

So that's where it also helps us because when you start gaining consumers in an era like this, we tend to really market development and the way we really run our business hold on to some of the consumers. So it's important to really distinguish between what is really a phasing impact versus fundamentally servicing the demand requirement, which actually then starts to enable us to grow well and grow competitively.

因此這也對我們有幫助，因為當你在這樣的時代開始獲得消費者時，透過我們的市場開發方式以及我們經營業務的方式，往往能留住其中一部分消費者。所以，重要的是要區分：哪些是真正的時點/分期（phasing）影響，哪些是從根本上滿足需求的要求；而後者其實會開始讓我們能夠良好成長並以具競爭力的方式成長。

Our next question comes from Jeremy at HSBC. Go ahead, Jeremy.

下一個問題來自匯豐（HSBC）的 Jeremy。請說，Jeremy。

Hi, thanks for taking questions. So a couple from me. First one is, would you be able to give us a bit more color on the volume performance, in particular, if you took the different divisions, how you distinguish between the kind of absolute units and tied and the mix that you're getting across the different divisions? And then secondly, perhaps you could elaborate on the point about some of the local competition the extent to which they were supply constrained. Is that something you see persisting over the balance of the year? Or do you think that some of those constraints are now kind of lifting and some of those peers are now coming back into the market a little bit more?

嗨，謝謝讓我提問。我有兩個問題。第一個是，能否請你們更詳細說明一下銷量（volume）的表現？特別是如果把不同事業部拆開，你們如何區分各事業部的絕對銷售單位（units）與（價格/產品）組合（mix）所帶來的影響？第二個問題，想請你們再闡述一下本地競爭對手的情況：他們在多大程度上受到供應限制？你們認為這種情況會在今年剩餘期間持續嗎？還是你們覺得這些限制現在正在逐步解除，部分同業正稍微回到市場？

Well, let me take on the local competition and Srini will give more color in the volume mix split. We have a very resilient supply chain. Our absolute priority has been supply security, given the developments in the Middle East. And we have done that in the first half. Probably this has promoted some kind of competitive advantage versus local players that have suffer in terms of customer service, particularly in Asia.

我先回答本地競爭的部分，Srini 會再補充銷量與組合拆分的更多背景。我們有非常具韌性的供應鏈。鑑於中東局勢的發展，我們的絕對優先事項一直是供應安全。而我們在上半年做到了。這可能在某種程度上帶來了相對於本地業者的競爭優勢；這些本地業者在客戶服務方面受到影響，特別是在亞洲。

We have no visibility in terms of security supply for the next 4 to 6 months, particularly in the category that is more affected. That is laundry power. So there has been some kind of advantages that we have benefited. But consumers that you take the propensity of them to stay in great brands like the 1 we have, we believe that there is a high probity of that. Volume and mix?

至於未來 4 到 6 個月的供應安全，我們沒有能見度，尤其是在受影響較大的品類。那就是洗衣粉（laundry power）。因此我們確實獲得了一些優勢。但就消費者而言，考量到他們留在像我們這樣優質品牌的傾向，我們相信其機率很高。銷量與組合？

So from an external perspective, Jeremy, you're conscious that we call it as UVG. UVG for spent always been a combination of volumes and mix. And it's our intention never to really split the 2. That's how we have really reported the results. But if I were to reflect half 1 performance, obviously, we've had volume growth, which have been ahead of mix.

Jeremy，從外部觀點來看，你也知道我們稱之為 UVG。UVG 一直是銷量（volumes）與組合（mix）的結合。我們的意圖是從來不真正把兩者拆開。這就是我們一貫的結果揭露方式。但如果回顧上半年表現，很明顯我們的銷量成長是高於組合的。

Normally, we'll get a UVG benefit, which is more than volumes. But just given the strong performance from home care across the markets, personal care and across various segments. In this half, if I were to really give a qualitative comment, it would be that our volume growth has been ahead of our UVG. That's also the mix comment that I made.

通常我們得到的 UVG 貢獻會高於單純的銷量。但由於家居護理在各市場表現強勁，以及個人護理在各個細分領域的強勁表現。在這個上半年，如果要我做一個定性的評論，那就是我們的銷量成長高於我們的 UVG。這也就是我剛才提到的組合（mix）評論。

Again, volumes in UVG have been fairly strong and consistent across the HPC categories. It reflects in terms of both of the growth or the volume-led growth over 7%. Obviously, our volumes have been lower in foods, and I think that's also fairly visible. And is really notably coming from a U.S. performance, which Fernando has clearly explained as to what is really driving it.

再者，HPC（家居與個人護理）各品類的銷量與 UVG 都相當強勁且一致。這反映在成長上，或是以銷量帶動的成長超過 7%。顯然，我們在食品（foods）的銷量較低，我想這也相當明顯。而這主要來自美國的表現；Fernando 已清楚解釋了真正的驅動因素。

Just putting a geography angle to it, volume growth have continued to be very strong in emerging markets. volume growth have also remained quite strong and above market when it comes to North America. The only other place where they have been tepid, again to reasons explain has been Europe.

從地理區域角度補充一下：新興市場的銷量成長持續非常強勁；在北美，銷量成長也維持相當強勁且高於市場。唯一另一個較為疲弱的地方，同樣基於已解釋的原因，是歐洲。

Our next question comes from Guillaume at UBS.

下一個問題來自瑞銀（UBS）的 Guillaume。

Thank you very much, Gemma, and good morning, Fernando and Srini. First question for me is on price elasticity. Because it seems that when you push promo activities, price corrective measures, it does really pay off, and we got some very strong evidence of that in the second quarter. And then looking at your guidance for the second half, I mean, it does suggest that volumes could very quickly normalize as you raise prices. So my question is, are elasticities increasing at the moment in your categories, I mean, maybe with a more price-conscious, less brand loyal consumer -- or are you simply being a bit conservative when it comes to your guidance for volume growth development in the back half? And I guess related to that, as you further premiumize your portfolio, should we see declining elasticities basically in your business?

非常感謝你，Gemma，早安 Fernando 與 Srini。我的第一個問題是關於價格彈性（price elasticity）。因為看起來當你們加大促銷活動、採取價格修正措施時，確實會有成效，而我們在第二季看到非常強的證據。接著看你們對下半年的指引，似乎暗示當你們提高價格時，銷量可能會很快回到常態。所以我的問題是：你們品類的彈性目前是否正在上升？也就是說，消費者可能更在意價格、品牌忠誠度更低——還是你們在下半年銷量成長發展的指引上只是比較保守？以及與此相關的，當你們進一步推動產品組合高端化（premiumize）時，我們是否應該看到你們業務的彈性基本上會下降？

And then my second question is very quickly if you could unpack your performance in skin care because the business grew low single digits, I think, in the first half despite baseline being very strong, continued momentum, acceleration in prestige wondering what is weighing on your growth in skin care at the moment? And do you anticipate you'll be able to address this drag in the coming quarters? Thank you very much.

第二個問題很快：能否拆解一下你們在護膚（skin care）方面的表現？因為我認為該業務在上半年僅低個位數成長，儘管基期非常強、動能持續，且高端（prestige）加速；想了解目前是什麼在拖累你們的護膚成長？你們是否預期在接下來幾季能夠解決這個拖累？非常感謝。

Thank you, Guillame. Let me start with Hiker and then I go into pricing and elasticity. We have very strong performance in Vaseline. We have very strong performance in prestige in the lives of Tatcha or Paula's Choice improving. So the issues in skincare for us is some decline in some of our Asian legacy brands, particularly Fair & Lovely in India and Ponds in Southeast Asia.

謝謝你，Guillame。我先從 Hiker 談起，接著再談定價與需求彈性。我們在凡士林（Vaseline）的表現非常強勁。我們在高端（prestige）業務也表現非常強勁，例如 Tatcha 或 Paula's Choice 的表現正在改善。因此，就我們的護膚品類而言，問題在於我們部分亞洲傳統品牌出現下滑，特別是印度的 Fair & Lovely，以及東南亞的旁氏（Ponds）。

We are working very hard to build a new portfolio of brands that are more future fit, and this is what we are doing with our prestige portfolio and with baselines care. But it's very clear that there are some brands that in a market that is premiumizing very fast, like the Asia market, brands like Fair & Lovely an ponds have some efficiencies that we need to fix.

我們正非常努力打造一個更符合未來趨勢的新品牌組合，這正是我們在高端產品組合與基礎護理（baselines care）上所做的事。但很明顯，在像亞洲這樣快速走向高端化（premiumizing）的市場中，Fair & Lovely 和旁氏（Ponds）這類品牌存在一些效率問題，我們需要加以修正。

In terms of pricing, well, in previous earnings calls, we have been very clear that we were going to manage the business in the context of a very volatile environment, focusing on volume growth, precompetitive and disciplined management of every single line of the P&L. And this is what we have done managing costs through formulation flexibility, promotional optimization, tighter management of overheads and being cautious on pricing until having more clarity in terms of supply security and commodity cost environment.

就定價而言，在先前的財報電話會議中，我們已非常清楚表示，將在高度波動的環境下管理業務，聚焦於銷量成長、採取不具競爭挑釁性（precompetitive）且有紀律地管理損益表（P&L）的每一個科目。而我們確實也這麼做了：透過配方彈性、促銷最佳化、更嚴格的間接費用管理來控管成本，並在供應安全與大宗商品成本環境更明朗之前，對定價保持審慎。

Pricing has been a bit soft in the first half at 0.6%, and this is the result of the levered actions that we have taken like India laundry liquid, and Brazil power relative price correction last year, some increase promotional activity in FIFA activation. And in the case of Foods, taking a bit longer in the negotiation of European retailers due to the need of calibrating the impact of the Middle East conflict in cost. In terms of elasticity, let me say first that we have now around 90% of our revenue in the relative pricing that we want to stay. That was not the case 3 or 2 years ago, in which that level was in the territory of 50% to 60%.

上半年定價表現偏弱，僅 0.6%，這是我們採取一系列槓桿式行動的結果，例如印度洗衣液，以及巴西洗衣粉（power 應為 powder）去年進行的相對價格修正；另外在 FIFA 活動帶動下，促銷活動也有所增加。而在食品業務方面，由於需要校準中東衝突對成本的影響，與歐洲零售商的談判花了更長時間。就需求彈性而言，我先說明：目前約 90% 的營收已處於我們希望維持的相對定價水準。這在 2 到 3 年前並非如此，當時該比例大約在 50% 到 60% 的區間。

Today, we have 90% of our revenue in the relative pricing versus competition that we want our brands to be. The other 10% is evenly split during areas in which we are a bit above strategic pricing and areas where there is -- we are slightly below strategic pricing. Regarding elasticity, at this stage, it's difficult to predict elasticity in the future when you have had so much cumulative inflation since covet. So the reaction we have seen in our pricing corrections in places like India under liquids or laundry powers in Brazil has been strong. The same in some particular corrections that we have done in Hair Care.

今天，我們有 90% 的營收，其相對於競品的定價已達到我們希望品牌所處的位置。其餘 10% 平均分布在兩類區域：一類是略高於策略定價的區域，另一類則是略低於策略定價的區域。關於需求彈性，在自疫情（covet 應為 COVID）以來累積通膨如此之高的情況下，現階段很難預測未來的彈性。因此，我們在印度洗衣液或巴西洗衣粉等地所做的定價修正，市場反應相當強烈。我們在護髮品類所做的一些特定修正也是如此。

So it's true that elasticity seems to be significant when we adjust the pricing to what it should be in terms of a strategic price index.

所以確實，當我們把定價調整到策略性價格指數（strategic price index）所應有的水準時，需求彈性看起來會相當顯著。

Going forward, our portfolio is premiumizing. We tend to see lower elasticity in the most premium areas of our portfolio. And real in second half, I don't want to really, at this stage, comment a lot. We have taken a cautious approach here, ensuring that in our guidance, we consider a logical volume slowdown when we put pricing up. Remember also that our sequential inflation in second half will be in the territory of EUR 500 million or so.

展望未來，我們的產品組合正在高端化。我們通常在產品組合中最高端的領域看到較低的需求彈性。至於下半年，我目前不想做太多評論。我們採取了審慎做法，確保在指引中，當我們提高價格時，會納入合理的銷量放緩假設。也請記得，我們下半年的序列通膨（sequential inflation）大約會在 5 億歐元左右。

This gives you an idea of what is the kind of pricing that we need to keep our margin sequentially improving as we have done in the first half versus the second half next year, you will do your months, I will not do it for you, but you can model that easily.

這可以讓你大致了解，為了讓我們的利潤率如同上半年那樣持續逐季改善（相較於明年下半年），我們需要採取何種程度的定價；你自己算一算，我就不替你算了，但你可以很容易建模。

Our next question comes from Tom Sykes at Deutsche Bank. Go ahead, Tom.

下一個問題來自德意志銀行（Deutsche Bank）的 Tom Sykes。請說，Tom。

Yes. Just firstly, on India, is there at all a risk that margins need to be adjusted downwards a bit in order to stimulate longer-term higher growth in India. Are you at all in emerging markets seeing competition from Chinese producers. Chinese exports of Beauty & Personal Care very strong? Is that something at all across your emerging markets you're seeing?

好的。首先，關於印度，是否存在為了刺激印度長期更高成長，而需要把利潤率稍微下調的風險？另外，在新興市場，你們是否看到來自中國製造商的競爭？中國在美容與個人護理（Beauty & Personal Care）的出口非常強勁。這是否是你們在各個新興市場普遍看到的現象？

And then finally, on gross margin and the A&P. Have you got a benefit on search costs from the switch to LLMs? And is that something that is likely to continue, but we see that in higher trade spend rather than coming through the A&P line, please?

最後，關於毛利率與 A&P（廣告與促銷）。你們是否因為轉向使用 LLM 而在搜尋成本上獲得好處？而這種好處是否可能持續，但我們會在更高的通路投入（trade spend）中看到，而不是反映在 A&P 科目上，請問是這樣嗎？

Thank you, Tom. Let me start by the LLM. I mentioned this in our previous earnings call. I feel the development of search and LLM play in favor of big brands. We are now activating LLM rankings in more than 20 markets for more than 20 brands.

謝謝你，Tom。我先從 LLM 談起。我在上一次財報電話會議中提過這點。我認為搜尋的演進以及 LLM 的發展，對大型品牌是有利的。我們目前已在超過 20 個市場、針對超過 20 個品牌啟動 LLM 排名（rankings）的相關工作。

This is something which we are putting a lot of focus to ensure that we are at the forefront of how people discover brands in the future. Not significant changes in the cost of media at this stage, but this is something that is changing very, very fast. So I cannot predict the future in terms of that.

我們在這方面投入很多心力，以確保我們站在未來消費者如何發現品牌的最前沿。就目前而言，媒體成本沒有顯著變化，但這個領域變化非常、非常快。因此我無法預測未來會如何發展。

I will -- let me cover also in emerging markets, Chinese exports in Home Care. We have not seen significant Chinese exports in Home Care. We have seen the development of some Chinese players where some new channels emerge, like TikTok Shop, particularly in Southeast Asia. In skin care, we have seen a couple of brands really making some inroads in Southeast Asian markets like Indonesia but particularly in face care, not in our segments of our portfolio. India?

我也補充談一下新興市場中，家用清潔（Home Care）領域的中國出口。我們尚未看到家用清潔品類有顯著的中國出口。但我們確實看到一些中國業者在新通路出現時有所發展，例如 TikTok Shop，特別是在東南亞。在護膚方面，我們看到有一兩個品牌在東南亞市場（如印尼）取得一些進展，但主要是在臉部護理（face care），並不在我們產品組合所聚焦的細分領域。至於印度呢？

So the India model is really one which is related to growth, volume, premiumization and through that really, really driving the profit expansion. Even if you really look at the guide, which comes from Hindustan Unilever Limited, they have said that they want to keep the EBITDA margins at the current level, and that's the right approach. Classically, if you see, India benefits from really having a portfolio which straddles the pyramid, whether it's across the price points, benefit segments, channels and therefore, that gives them the levers to manage this.

印度的模式，核心其實是圍繞成長、銷量、高端化，並藉此真正推動利潤擴張。即使你看一下印度斯坦聯合利華（Hindustan Unilever Limited）給出的指引，他們也表示希望將 EBITDA 利潤率維持在目前水準，這是正確的做法。傳統上來看，印度的優勢在於其產品組合能夠覆蓋金字塔各層級，無論是不同價格帶、功效細分、通路等，因此也就提供了管理的槓桿。

So fundamentally coming back, it's not a question of not being price competitive. So it's really a question of getting the right volume mix premiumization through that, really generating the profits and investing back into the business. From our perspective, we ideally want to see India as a high single-digit growth market. And if we can have bottom line growth slightly ahead of top line, I think that it's really a virtuous circle, which then serves the business in India as well as the group very well.

所以回到根本，這不是價格競爭力不足的問題。而是要取得正確的銷量組合與高端化，並藉此創造利潤，再把投資回灌到業務中。從我們的角度，我們理想上希望印度是一個高個位數成長的市場。如果我們能讓淨利成長略快於營收成長，我認為這將形成一個良性循環，對印度業務以及集團都非常有利。

Yes. Let me highlight again, we will invest in India to protect the leadership position we have. We really believe that the next decade is a decade of India. We enjoy a privileged position there, and we believe that it will be a key contributor to the growth history of India.

是的。我再強調一次，我們會在印度投資，以捍衛我們的領導地位。我們確信未來十年將是印度的十年。我們在那裡享有得天獨厚的地位，也相信印度將成為印度成長故事中的關鍵貢獻者。

Our final question comes from Ed Lewis at Rothschild. Go ahead, Ed.

我們最後一個問題來自 Rothschild 的 Ed Lewis。請說，Ed。

Thanks. Good morning, everyone. A couple of ones from me. Just one, the Unilever markets, you've been pretty positive about the change there. And I just sort of as we look at this quarter, just to understand how much having that structure in place now that helps you navigate the volatile environment. And then just also related to that, just looking at the sales channels. How much is that a function of improved performance we're seeing?

謝謝。各位早安。我這邊有幾個問題。第一個，關於聯合利華市場（Unilever markets），你們對那裡的變化一直相當正面。就本季來看，我想了解的是：現在這套架構已經到位，對你們在波動環境中應對的幫助有多大。另外也相關地，從銷售通路來看，這在多大程度上是我們看到的績效改善所帶來的結果？

Is that -- are you much more relevant now sort of in the right channels than where you were before? And is that really what we're seeing in places like Asia and especially China in the Beauty business with the improvement you're seeing there?

也就是說——你們現在在合適的通路上是否比以前更具相關性？而這是否就是我們在亞洲、尤其是中國的美妝業務中看到改善的原因？

Thank you, Ed. Well, very solid performance in 1-year liver market once again. We are running a very clear strategy in these markets, simplifying our portfolio. driving very, very strongly beauty and personal care, particularly that basin our U.S. portfolio, solidifying what are strong loan deposition and diverting the ones in which we believe that there is not sustainable position in the future as we have done recently with Colombia and Ecuador.

謝謝你，Ed。嗯，所謂「1-year liver market」今年再次展現非常穩健的表現。我們在這些市場執行非常清晰的策略：精簡產品組合；非常、非常強力地推動美妝與個人護理，特別是作為我們美國產品組合的基礎；鞏固我們具備強勢的在地布局，並退出我們認為未來不具可持續競爭地位的業務——正如我們近期在哥倫比亞與厄瓜多所做的。

The reasons has been running with a lot of discipline with a strong overhead discipline. This is a part of the business that was dilutive to our profitability, and it has become last year accretive. So we are very happy with the development of UL, the 1-year Unilever markets, and we continue seeing presence in these markets with a much more focused portfolio than in the past, a key contributor to a growth history of Unilever in the future.

這些作法一直以高度紀律推進，並且在間接費用（overhead）上有很強的控管紀律。這一塊業務過去對我們的獲利能力具有稀釋效應，而去年已轉為增厚（accretive）。因此，我們對 UL（聯合利華）、「1-year Unilever markets」的發展非常滿意；我們也持續在這些市場經營，但產品組合比過去更聚焦，將成為聯合利華未來成長軌跡的重要貢獻者。

In terms of channel exposure, of course, there is a significant change in our portfolio with the growth of Wellbeing, with the growth of Prestige with the premiumization that we have achieved also in our core. This gives us much more exposure to premium channels like online. We have had mid-teens growth in e-commerce last year in the most important market of U.S. and we continue delivering in line with that. So there is always some issues that you have to sort out.

就通路曝險而言，當然，隨著 Wellbeing 的成長、Prestige 的成長，以及我們在核心業務也達成的高端化（premiumization），我們的產品組合出現了顯著變化。這讓我們在如線上等高端通路的曝險更高。去年在最重要的美國市場，我們的電商成長達到十幾個百分點（mid-teens），而我們也持續交出與此一致的表現。所以總是會有一些需要梳理的問題。

As I mentioned before, we have some issues in the club channel in U.S., particularly in the Wellbeing. But overall, we see that our portfolio has given us a good exposure.

如我先前提到的，我們在美國的會員制賣場（club channel）有一些問題，特別是在 Wellbeing。但整體而言，我們看到我們的產品組合讓我們獲得了良好的通路曝險。

And you know there is growth in every single channel. One of the key drivers of the growth that we are seeing in India, our improvement in general train now. So this is a challenge that was not growing for us, but now is growing in the mid- to high single digit. That basically shows that if you look, if you hand for the growth, you will find the growth in different channels, in different segments of the market.

而且你知道，每一個通路都有成長。我們在印度看到的成長，其中一個關鍵驅動因素，是我們在一般貿易（general trade）通路的改善。這原本是我們沒有成長的一個挑戰領域，但現在已在中到高個位數（mid- to high single digit）成長。這基本上顯示：如果你去尋找成長，你會在不同通路、不同市場區隔中找到成長。

I believe that's the last question, Jemma. And with that, let me close with a couple of thoughts. We have delivered a strong volume-led first half and an accelerating 1 with the best volume quarter at Unilever in over 15 years. Importantly, this performance is not a one-off. It reflects, as I mentioned before, good sustained performance with an average 3% volume growth over the last 4 quarters or if you go longer, 2.7% over the last 10 quarters.

我相信這是最後一個問題了，Jemma。接下來我用幾點想法作結。我們交出由銷量帶動的強勁上半年表現，並且在第二季加速，創下聯合利華超過 15 年來最佳的單季銷量表現。重要的是，這樣的表現不是一次性的。它反映了——如我先前提到——良好且可持續的表現：過去 4 個季度平均銷量成長 3%；若拉長來看，過去 10 個季度平均為 2.7%。

As we move into the second half, the price growth will accelerate. We will keep managing the business with discipline, protecting the competitiveness of both our pricing and our brand investment, and emphasizing the drivers of demand with a higher return in niche market. This is what we call desire scale working in practice. Alongside strong performance, we continue to transform our portfolio with the combination of food and McCormick progressing well. And we are really on track to make deliver a focused pure-play HPC company.

進入下半年後，價格成長將會加速。我們將持續以紀律管理業務，兼顧保護我們在定價與品牌投資上的競爭力，並強調在利基市場中具更高回報的需求驅動因素。這就是我們所稱的「desire scale」在實務中的運作。在強勁表現的同時，我們也持續轉型產品組合，食品與 McCormick 的組合進展良好。我們確實正按計畫推進，打造一家聚焦的純粹 HPC 公司。

The environment remains uncertain, but the strength of this first half give us confidence in our updated outlook. We will deliver USG of 4% to 6% for the year with around 3% in volume. Second half growth of 4% to 5%, led by pricing and the most improvement in underlying operating margin versus the 20% that we delivered last year. With that, thank you for your time. Thank you very much.

環境仍然不確定，但上半年的強勁表現讓我們對更新後的展望更有信心。我們將實現全年 USG 4% 至 6%，其中約 3% 來自銷量。下半年成長 4% 至 5%，由定價帶動，且基礎營業利益率（underlying operating margin）的改善幅度將高於我們去年達成的 20%。最後，感謝各位撥冗。非常感謝。

Bye-bye.

再見。