Management remarks
Call period: 2026 Q2 · 2026-08-04
Guidance: Damian Gammell: So today, we're reaffirming all elements of our full year '26 guidance.Demand and orders: Damian Gammell: We delivered revenue of EUR 10.7 billion, an increase of 6.1%, with volumes growing 5.6% or 2.2% on a days adjusted basis, with volume growth in both Europe and APS.Margins: Damian Gammell: The combination of these factors drove operating profit of EUR 1.5 billion, up 8.1% with an operating margin of 13.8%, up around 30 basis points on last year.Analyst Q&A
Analyst Bonnie Herzog asked: So hoping maybe you could give us a sense of the lift you saw from this and maybe any other call-outs that surprised you from your perspective. Also, your guidance implies a decent deceleration of growth in the back half. So I guess I'm trying to understand how much was possibly pull forward into Q2 versus conservatism on your part? Management Damian Gammell answered: I can say there was zero pull forward or impact on Q3. So really healthy volume growth across the quarter. I would say it was a quarter where we delivered growth from a geographic perspective, very balanced. From a channel perspective, we were pleased. And also, as Ed mentioned, from a pack perspective. So it was broad across brands and packages. We came in with a lot of momentum into the third quarter. As I said, it started off well for us. So 0 impact on the growth from Q2 into Q3, which is great.管理层陈述
电话会期间：2026 Q2 · 2026-08-04
指引：达米安·甘梅尔：因此，我们今日重申2026财年的所有指引要素。需求与订单：达米安·甘梅尔：我们实现营收107亿欧元，同比增长6.1%；销量同比增长5.6%，经交易日调整后增长2.2%，欧洲及APS市场均实现销量增长。利润率：达米安·甘梅尔：上述因素共同推动营业利润达15亿欧元，同比增长8.1%；营业利润率为13.8%，较去年上升约30个基点。分析师问答
分析师邦妮·赫佐格提问，希望了解相关举措的增长提振及其他意外亮点，同时公司指引显示下半年增长明显放缓，想知道有多少增长被提前至第二季度，或是源于公司的保守预期。管理层达米安·甘梅尔回应称，没有任何增长被提前至第二季度或影响第三季度，本季度实现健康销量增长，地域、渠道与包装品类的增长均较为均衡，第三季度开局良好，Q2增长未对Q3造成任何影响。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
